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_X 3ITH;J[;1KNIGK;*HGKNGVNT;QVJTT^VP[PVVPN;IK;HSIT;*PQHIJK;SGT;\PPK;MZNGHPN]
/SP; VPYITPN; *PQHIJK; `ILL; PKSGKQP; HSP; QJK[INPKQP; J[; NPTIOKPVT<; PKOIKPPVT<; QJKHVGQHJVT<; HPQSKIQGL; IKTHIHMHIJKT<
ZVJ[PTTIJKGL;\JNIPT;GKN;HSP;IKNMTHV_;GKN;`ILL;JZPK;G;KP`;PVG;IK;TG[P;GKN;PQJKJRIQ;QJKTHVMQHIJK;IK;THPPL]
1K;HSP;PGVLIPV;YPVTIJKT;J[;HSIT;+JNP<;HSP;ZVJYITIJKT;VPLGHIKO;HJ;HSP;MTP;J[;THPPL;HM\PT;IK;OPKPVGL;\MILNIKO;QJKTHVMQHIJK
`GT;\GTPN;JK;1*;AD>;b;)B>A;c+JNP;J[;ZVGQHIQP;[JV;MTP;J[;THPPL;HM\PT;IK;OPKPVGL;\MILNIKO;QJKTHVMQHIJKd<;`SIQS;`GT
QJRZLPRPKHGV_;HJ;1*;ADD];/SP;NPTIOK;MTIKO;HM\MLGV;THPPL;IK;THVMQHMVGL;GZZLIQGHIJKT;RG_;\P;QGVVIPN;MTIKO;HSP;LIRIH
THGHP;NPTIOK;ZVJYITIJKT;IK;HSIT;*PQHIJK;MKHIL;1*;AD>;IT;VPYITPN;GT;ZPV;LIRIH;THGHP;NPTIOK;RPHSJN]
/SP;NPTIOK;J[;QJLN^[JVRPN;THPPL;RPR\PVT;IT;\GTPN;JK;HSP;ZVJYITIJKT;J[;1*;AD);b;)B-(;c+JNP;J[;ZVGQHIQP;[JV;MTP;J[
QJLN;[JVRPN;LIOSH;OGMOP;THPPL;THVMQHMVGL;RPR\PVT;IK;OPKPVGL;\MILNIKO;QJKTHVMQHIJKd];/SP;THGKNGVN;IT;QMVVPKHL_
MKNPV;VPYITIJK;HJ;\P;\GTPN;JK;HSP;LIRIH;THGHP;NPTIOK;ZVGQHIQP];9KHIL;HSP;VPYITPN;1*;AD);IT;ZM\LITSPN<;HSP;QJLN;[JVRPN
THPPL;RPR\PVT;RG_;\P;NPTIOKPN;MTIKO;HSP;QMVVPKH;1*;AD)<;\GTPN;JK;HSP;`JVaIKO;THVPTT;RPHSJN]
:LL;THGKNGVNT<;`SPHSPV;OIYPK;SPVPIK;G\JYP;JV;QVJTT^VP[PVVPN;HJ;IK;HSP;RGIK;HPiH;J[;HSIT;*PQHIJK<;GVP;TM\fPQH;HJ
VPYITIJK];/SP;ZGVHIPT;HJ;GOVPPRPKH;\GTPN;JK;HSIT;*PQHIJK;GVP;PKQJMVGOPN;HJ;IKYPTHIOGHP;HSP;ZJTTI\ILIH_;J[;GZZL_IKO
HSP;RJTH;VPQPKH;PNIHIJKT;J[;HSP;THGKNGVNT]
!JV;HSP;ZMVZJTP;J[;NPQINIKO;`SPHSPV;G;ZGVHIQMLGV;VPeMIVPRPKH;J[;HSIT;*PQHIJK;IT;QJRZLIPN;`IHS<;HSP;[IKGL;YGLMP<
J\TPVYPN;JV;QGLQMLGHPN<;PiZVPTTIKO;HSP;VPTMLH;J[;G;HPTH;JV;GKGL_TIT<;TSGLL;\P;VJMKNPN;J[[;IK;GQQJVNGKQP;`IHS;1* . b )B>D
c#MLPT;[JV;VJMKNIKO;J[[;KMRPVIQGL;YGLMPT;U$'(#)'%Xd];/SP;KMR\PV;J[;TIOKI[IQGKH;ZLGQPT;VPHGIKPN;IK;HSP;VJMKNPN;J[[
YGLMP;TSJMLN;\P;HSP;TGRP;GT;HSGH;J[;HSP;TZPQI[IPN;YGLMP;IK;HSIT;*PQHIJK]

2 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#
3#4$(2(5$4*-$*4#'(+.5%,"
';3LMNG")"'L;;O

'&!%(#$")*+,"-&$&./0 !:8( #?DOEF('BCLDP&j;/SP;LPKOHS;\PH`PPK;QPKHVP^HJ^

QPKHVP;J[;IKHPVTPQHIJK;ZJIKHT<;`IHS;TMZZJVHIKO;RPR\PVT
1( 5-&3. JV;HSP;QGKHILPYPV;LPKOHS;IK;HSP;QGTP;J[;G;[VPP;THGKNIKO
1:1 ;/SIT;+JNP;U,GVH;>W*PQHIJK;>X;QJYPVT;HSP;THVMQHMVGL RPR\PV]
NPTIOK; GTZPQHT; J[; THPPL; THVMQHMVPT; IK; \MILNIKOT]; /SIT !:2( )BEI&j;:;RPR\PV;TM\fPQHPN;ZVPNJRIKGKHL_;HJ
*PQHIJK;GZZLIPT;HJ;OPKPVGL;QJKTHVMQHIJK;MTIKO;SJH;VJLLPN \PKNIKO]
THPPL;TPQHIJKT;GKN;THPPL;HM\PT;fJIKPN;MTIKO;VIYPHIKO<;\JLHIKO
GKN;`PLNIKO];+JLN;[JVRPN;LIOSH;OGMOP;THPPL;TPQHIJKT<;PHQ< !:;( )BEN@CL($KJB(-GCCB?D@GC&j;:;QJKKPQHIJK;RGNP
GVP;QJYPVPN;IK;TPZGVGHP;THGKNGVNT];/SIT;*PQHIJK;QJYPVT MTIKO;\JLHT;IK;cTKMO^HIOSHd;QJKNIHIJK<;JV;VIYPHT;`SPVP
HSP;NPTIOK;\_;LIRIH;THGHP;RPHSJN;GKN;ZLGTHIQ;HSPJV_<;GKN HSP; LJGN; IT; HVGKT[PVVPN; \_; \PGVIKO; J[; \JLHT; JV; VIYPHT
GLTJ;PKG\LPT;NPTIOK;\_;`JVaIKO;THVPTT;RPHSJN] GOGIKTH;ZLGHP;IKTINP;HSP;\JLH;SJLP]

1:!( /SIT;*PQHIJK;OIYPT;JKL_;OPKPVGL;OMINGKQP;GT;VPOGVNT !:Q( )NE?BA( =BIRBN& j; :; RPR\PV; IK; `SIQS; HSP

HJ;HSP;YGVIJMT;LJGNT;HJ;\P;QJKTINPVPN;IK;NPTIOK];!JV;HSP VPLGHIYP;HVGKTYPVTP;NITZLGQPRPKH;IT;P[[PQHIYPL_;ZVPYPKHPN
GQHMGL; LJGNT<; TMQS; GT; NPGN<; LIYP<; TKJ`<; `IKN; GKN \_;\VGQIKO]
PGVHSeMGaP; LJGNT; GKN; LJGN; QJR\IKGHIJKT; HJ; \P; MTPN< !:9( )N@DDFB(-FEAA@CL&j;+LGNNIKOT<;TMQS;GT;GT\PTHJT
VP[PVPKQP;RG_;\P;RGNP;HJ;,GVH;>;c*HVMQHMVGL;&PTIOK< QPRPKH;TSPPHT;`SIQS;OPH;NGRGOPN;\P[JVP;MKNPVOJIKO
*PQHIJK;);3JGNT<;!JVQPT;GKN;$[[PQHTd;J[;HSP;+JNP] QJKTINPVG\LP;NP[JVRGHIJK]
1:7( !G\VIQGHIJK;GKN;PVPQHIJK;VPeMIVPRPKHT;QJYPVPN;IK !:10( )O?SF@CL('GEA&j;/SP;LJGN;GH;`SIQS;GK;PLPRPKH<
HSIT;*PQHIJK;GVP;OPKPVGL;GKN;HSP;RIKIRMR;KPQPTTGV_ G;RPR\PV;JV;G;THVMQHMVP;GT;G;`SJLP<;PIHSPV;QJLLGZTPT
eMGLIH_;J[;RGHPVIGL;GKN;`JVaRGKTSIZ;QJKTITHPKH;`IHS IK; TPVYIQP; JV; \MQaLPT; IK; G; LJGN; HPTH; GKN; NPYPLJZT
GTTMRZHIJKT; IK; HSP; NPTIOK; VMLPT]; /SP; GQHMGL PiQPTTIYP; LGHPVGL; UJMH; J[; ZLGKPX; NP[JVRGHIJK; JV
VPeMIVPRPKHT; RG_; \P; [MVHSPV; NPYPLJZPN; GT; ZPV; JHSPV IKTHG\ILIH_]
THGKNGVNT; JV; HSP; ZVJfPQH; TZPQI[IQGHIJK<; HSP; H_ZP; J[
THVMQHMVP;GKN;HSP;RPHSJN;J[;QJKTHVMQHIJK] !:11( )O?SF@CL(5DNBCLDP(GN(4BH@HDEC?B& j;!JVQP;JV
RJRPKH<; `SIQS; G; RPR\PV; QGK; `IHSTHGKN; `IHSJMH
1:<( !JV;TPITRIQ;NPTIOK<;VPQJRRPKNGHIJKT;ZPVHGIKIKO \MQaLIKO]
HJ; THPPL; [VGRPT; JKL_; GVP; QJYPVPN; IK; HSIT; TPQHIJK]; !JV
RJVP;NPHGILPN;IK[JVRGHIJK;JK;TPITRIQ;NPTIOK;J[;JHSPV !:1!( )O@FDT*J( 5B?D@GC& j; :; RPR\PV; [G\VIQGHPN; \_
THVMQHMVGL; GKN; KJK^THVMQHMVGL; QJRZJKPKHT<; VP[PVPKQP IKHPVQJKKPQHIKO; RJVP; HSGK; JKP; PLPRPKH; HJ; [JVR; G
RG_;\P;RGNP;HJ;8;J[;,GVH;>;c*HVMQHMVGL;&PTIOK<;*PQHIJK;) QJRZJMKN;TPQHIJK;GQHIKO;GT;G;TIKOLP;RPR\PV]
3JGNT<;!JVQPT;GKN;$[[PQHTd;J[;HSP;+JNP;GKN;JHSPV;TZPQIGL !:17( -EIRBN&j;1KHPKHIJKGLL_;IKHVJNMQPN;ZVP^QMVYIKO
ZM\LIQGHIJKT;JK;HSP;TM\fPQH] UMTMGLL_;MZ`GVNTX;IK;G;T_THPR<;RPR\PV;JV;GK_;ZJVHIJK
J[; G; RPR\PV; `IHS; VPTZPQH; HJ; IHT; QSJVN]; !VPeMPKHL_<
!($.4=%"&'&,>
QGR\PV;IT;IKHVJNMQPN;HJ;QJRZPKTGHP;[JV;NP[LPQHIJKT;GH
!JV;HSP;ZMVZJTP;J[;HSIT;*PQHIJK<;HSP;NP[IKIHIJKT;OIYPK G;TZPQI[IQ;LPYPL;J[;LJGNT]
\PLJ`;TSGLL;GZZL_]
!:1<( -PENE?DBN@HD@?( 'GEA( U#?D@GCV& j; /SP; YGLMP
!:1& #??@ABCDEF( 'GEAH; j; 3JGNT; NMP; HJ; PiZLJTIJK< J[;TZPQI[IPN;LJGN;UGQHIJKX<;G\JYP;`SIQS;KJH;RJVP;HSGK
IRZGQH;J[;YPSIQLPT<;JV;JHSPV;VGVP;LJGNT;[JV;`SIQS;HSP G;TZPQI[IPN;ZPVQPKHGOP;UMTMGLL_;(;ZPVQPKHX;J[;TGRZLPT
THVMQHMVP;IT;QJKTINPVPN;HJ;\P;YMLKPVG\LP;GT;ZPV;HSP;MTPV] J[; QJVVPTZJKNIKO; LJGN; GVP; PiZPQHPN; HJ; \P
PKQJMKHPVPN]
!:!; #??GIJECK@CL( 'GEA& j; 3IYP; UIRZJTPNX; LJGN
GQHIKO; GLJKO; `IHS; LPGNIKO; IRZJTPN; LJGN; \MH; QGMTIKO !:18( -PENE?DBN@HD@?( >@BFAW*FD@IEDB( 5DNBHH& j; /SP
LJ`PV;GQHIJKT;GKNWJV;NP[LPQHIJKT] RIKIRMR;YGLMP;J[;THVPTT<;\PLJ`;`SIQS;KJH;RJVP;HSGK;G
TZPQI[IPN; ZPVQPKHGOP; UMTMGLL_; (; ZPVQPKHX; J[
!:7; #?D@GC( .MMB?D( GN( 'GEA( .MMB?D& j; /SP; IKHPVKGL
QJVVPTZJKNIKO;THVPTTPT;J[;TGRZLPT;HPTHPN;GVP;PiZPQHPN
[JVQP<;GiIGL<;TSPGV<;\PKNIKO;JV;H`ITHIKO;RJRPKH<;NMP;HJ
HJ;JQQMV]
PiHPVKGL;GQHIJKT;GKN;HPRZPVGHMVP;LJGNT]
!:12( -GFOIC& j; :; RPR\PV; IK; MZVIOSH; UYPVHIQGLX
!:<( #?D@GC& j; /SP; ZVIRGV_; QGMTP; [JV; THVPTT; JV
ZJTIHIJK; `SIQS; TMZZJVHT; G; VJJ[; JV; [LJJV; T_THPR; GKN
NP[JVRGHIJKT;IK;G;THVMQHMVP;TMQS;GT;NPGN<;LIYP<;`IKN<
ZVPNJRIKGKHL_;TM\fPQHPN;HJ;QJRZVPTTIJK]
TPITRIQ;JV;HPRZPVGHMVP;LJGNT]

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' ;
!:1;( -GIJE?D(5B?D@GC;j;:;QVJTT^TPQHIJK<;`SIQS;QGK !:77( .ALB(+@HDEC?B&j;&ITHGKQP;[VJR;HSP;QPKHVP;J[;G
NPYPLJZ; ZLGTHIQ; RJRPKH<; \MH; SGT; IKGNPeMGHP; ZLGTHIQ [GTHPKPV;SJLP;HJ;HSP;KPGVPTH;PNOP;J[;GK;PLPRPKH;RPGTMVPN
VJHGHIJK; QGZGQIH_; KPPNPN; [JV; [JVRGHIJK; J[; G; ZLGTHIQ ZPVZPKNIQMLGV;HJ;HSP;NIVPQHIJK;J[;LJGN;HVGKT[PV]
QJLLGZTP;RPQSGKITR;J[;HSP;RPR\PV;JV;THVMQHMVP]
!:7<( .MMB?D@XB( 'EDBNEF( 4BHDNE@CD& j; #PTHVGIKH; HSGH
!:1Q( -GCHDECD(5DNBHH(4ECLB&j;/SP;GRZLIHMNP;\PH`PPK ZVJNMQPT;TM[[IQIPKH;VPTITHGKQP;HJ;ZVPYPKH;NP[JVRGHIJK
`SIQS;HSP;THVPTT;VGKOPT;MKNPV;Q_QLIQ;LJGNIKO;IT;QJKTHGKH IK;HSP;LGHPVGL;NIVPQHIJK]
NMVIKO;HSP;LI[P;J[;HSP;THVMQHMVP;JV;G;THVMQHMVGL;PLPRPKH]
!:78( .MMB?D@XB('BCLDP&j;:QHMGL;LPKOHS;J[;G;RPR\PV
!:19( -GNNGH@GC(/;:K;PLPQHVJQSPRIQGL;ZVJQPTT;JYPV \PH`PPK; ZJIKHT; J[; P[[PQHIYP; VPTHVGIKHT; JV; P[[PQHIYP
HSP;TMV[GQP;J[;THPPL<;LPGNIKO;HJ;JiINGHIJK;J[;HSP;RPHGL] VPTHVGIKH; GKN; [VPP; PKN<; RMLHIZLIPN; \_; G; [GQHJV; HJ; HGaP
GQQJMKH; J[; HSP; PKN; QJKNIHIJKT; IK; \MQaLIKO; THVPKOHS
!:!0( -NECB( 'GEA& /; =JVIgJKHGL; GKN; YPVHIQGL; LJGNT
QGLQMLGHIJKT]
[VJR;QVGKPT]
!:72( .FEHD@?(-FEAA@CL& j;+LGNNIKOT<;TMQS;GT;RPHGL
!:!1( -OIOFED@XB( /ED@LOB; j; /JHGL; NGRGOP; NMP; HJ
TSPPHT; HSGH; QGK; MKNPVOJ; QJKTINPVG\LP; NP[JVRGHIJK
[GHIOMP;LJGNIKO;J[;YGV_IKO;THVPTT;VGKOPT]
`IHSJMH;NGRGOP]
!:!!( -ODT&MM('@I@D&j;/SP;THVPTT;VGKOP<;QJVVPTZJKNIKO
!:7;& .FEHD@?(-N@D@?EF(=GIBCD&j;/SP;PLGTHIQ;RJRPKH<
HJ;HSP;ZGVHIQMLGV;NPHGIL<;\PLJ`;`SIQS;Q_QLIQ;LJGNIKO;KPPN
`SIQS;IKIHIGHPT;LGHPVGL^HJVTIJKGL;\MQaLIKO;J[;G;LGHPVGLL_
KJH; \P; QJKTINPVPN; IK; QMRMLGHIYP; [GHIOMP; NGRGOP
MKTMZZJVHPN;\PGR]
PYGLMGHIJK;UQJVVPTZJKNT;HJ;)DA;KMR\PV;J[;Q_QLPT;IK;RJTH
QGTPTX] !:7Q( .FEHD@?(+BH@LC&j;&PTIOK<;`SIQS;GTTMRPT;PLGTHIQ
\PSGYIJMV; J[; RGHPVIGLT; HSVJMOSJMH; HSP; TPVYIQP; LJGN
!:!7( +BEA('GEAH&j;/SP;TPL[^`PIOSHT;J[;GLL;ZPVRGKPKH
VGKOP]
QJKTHVMQHIJKT;GKN;IKTHGLLGHIJKT;IKQLMNIKO;HSP;TPL[^`PIOSH
J[; GLL; `GLLT<; ZGVHIHIJKT<; [LJJVT<; VJJ[T<; GKN; JHSPV !:79( .FEHD@?('@I@D&j;1H;IT;HSP;THVPTT;\PLJ`;`SIQS;HSP
ZPVRGKPKH;[IiHMVPT;GQHIKO;JK;G;RPR\PV] RGHPVIGL;VPOGIKT;IHT;JVIOIKGL;TIgP;GKN;TSGZP;`SPK;HSP;LJGN
IT;VPRJYPN];1K;THPPL;NPTIOK<;IH;IT;HGaPK;GT;HSP;_IPLN;THVPTT]
!:!<( +BMFB?D@GC&j;1H;IT;HSP;NPYIGHIJK;[VJR;HSP;THGKNGVN
ZJTIHIJK;J[;G;RPR\PV;JV;THVMQHMVP] !:<0& .CA(+@HDEC?B&/;&ITHGKQP;[VJR;HSP;QPKHVP;J[;G
[GTHPKPV; SJLP; HJ; HSP; PNOP; J[; GK; PLPRPKH; RPGTMVPN
!:!8( +BH@LC('@MB&j;/IRP;ZPVIJN;[JV;`SIQS;G;THVMQHMVP
ZGVGLLPL;HJ;HSP;NIVPQHIJK;J[;LJGN;HVGKT[PV]
JV; G; THVMQHMVGL; PLPRPKH; IT; VPeMIVPN; HJ; ZPV[JVR; IHT
[MKQHIJK;`IHSJMH;NGRGOP] !:<1( .NB?D@GC( 'GEAH& /; /SP; GQHIJKT; ULJGNT; GKN
NP[JVRGHIJKTX;PiZPVIPKQPN;\_;HSP;THVMQHMVP;PiQLMTIYPL_
!:!2( +BH@LC('GEAW/E?DGNBA('GEA&j;:;LJGN;YGLMP
NMVIKO;PVPQHIJK]
J\HGIKPN;\_;RMLHIZL_IKO;HSP;QSGVGQHPVITHIQ;LJGN;`IHS;HSP
ZGVHIGL;TG[PH_;[GQHJV;[JV;LJGNT] !:<!( .NB?D@GC( $GFBNEC?B& j; :RJMKH; J[; NPYIGHIJK
VPLGHPN;HJ;HSP;ZLMR\KPTT<;GLIOKRPKH<;GKN;LPYPL;J[;HSP
!:!;( +BH@LC(5JB?DNOI;j;!VPeMPKQ_;NITHVI\MHIJK;J[
PLPRPKH; GT; G; `SJLP; IK; HSP; PVPQHPN; ZJTIHIJK]; /SP
HSP;THVPTT;VGKOPT;[VJR;GLL;HSP;KJRIKGL;LJGNIKO;PYPKHT
NPYIGHIJKT;GVP;NPHPVRIKPN;\_;QJKTINPVIKO;HSP;LJQGHIJKT
NMVIKO;HSP;NPTIOK;LI[P;UTHVPTT;TZPQHVMRX]
J[;HSP;PKNT;J[;HSP;PLPRPKH]
!:!Q( +BDE@F( -EDBLGNK; j; &PTIOKGHIJK; OIYPK; HJ; G
!:<7( .ZJGHBA(5ONME?B(#NBE(DG(=EHH(4ED@G&j;/SP
ZGVHIQMLGV;NPHGIL;HJ;IKNIQGHP;HSP;*^2;QMVYP;HJ;\P;MTPN;IK
VGHIJ;J[;HSP;TMV[GQP;GVPG;PiZJTPN;HJ;HSP;[IVP;UIK;RR.X;HJ
[GHIOMP;GTTPTTRPKH]
HSP;RGTT;J[;THPPL;UIK;aOX]
!:!9( +@H?GCD@CO@DK& j; :; TMNNPK; QSGKOP; IK; QVJTT^ 2"/$;j;1K;HSP;QGTP;J[;RPR\PVT;`IHS;[IVP;ZVJHPQHIJK;RGHPVIGL
TPQHIJK; J[; G; LJGNPN; RPR\PV<; QGMTIKO; G; THVPTT GZZLIPN<;HSP;PiZJTPN;TMV[GQP;GVPG;IT;HJ;\P;HGaPK;GT;HSP;IKHPVKGL
QJKQPKHVGHIJK;GH;HSP;LJQGHIJK] TMV[GQP;GVPG;J[;HSP;[IVP;ZVJHPQHIJK;RGHPVIGL]

!:70 (+O?D@F@DK(j;1H;IT;HSP;ZVJZPVH_;J[;HSP;RGHPVIGL;JV;G !:<<( /ERN@?ED@GC($GFBNEC?B&j;:RJMKH;J[;NPYIGHIJK

THVMQHMVP;IKNIQGHIKO;HSP;PiHPKH;HJ;`SIQS;IH;QGK;NP[JVR GLLJ`PN; IK; HSP; KJRIKGL; NIRPKTIJKT; GKN; OPJRPHV_; IK
\P_JKN;HSP;LIRIH;J[;_IPLN;NP[JVRGHIJK;\P[JVP;[GILMVP;JV [G\VIQGHIJK;GQHIYIHIPT<;TMQS;GT;QMHHIKO;HJ;LPKOHS<;[IKITSIKO
[VGQHMVP];/SP;VGHIJ;J[;MLHIRGHP;HJ;_IPLN;NP[JVRGHIJK;IT J[;PKNT<;QMHHIKO;J[;\PYPL;GKOLPT<;PHQ]
MTMGLL_;HPVRPN;GT;NMQHILIH_] !:<8( /E?DGN(GM(5EMBDK&j;/SP;[GQHJV;\_;`SIQS;HSP;_IPLN
!:71( +ONER@F@DK& j; 1H; IT; HSP; G\ILIH_; J[; G; RGHPVIGL; HJ THVPTT;J[;HSP;RGHPVIGL;J[;G;RPR\PV;IT;NIYINPN;HJ;GVVIYP
VPTITH;NPHPVIJVGHIJK;JYPV;LJKO;ZPVIJNT;J[;HIRP] GH;HSP;ZPVRITTI\LP;THVPTT;IK;HSP;RGHPVIGL]
!:7!( .ENDPYOESB( 'GEAH& j; /SP; IKPVHIG; [JVQPT !:<2( /ED@LOB& j; &GRGOP; QGMTPN; \_; VPZPGHPN
ZVJNMQPN;IK;G;THVMQHMVP;NMP;HJ;HSP;OVJMKN;RJYPRPKH [LMQHMGHIJKT;J[;THVPTT<;LPGNIKO;HJ;ZVJOVPTTIYP;QVGQaIKO
NMVIKO;GK;PGVHSeMGaP] J[;G;THVMQHMVGL;PLPRPKH]
Q "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
!:<;( /ED@LOB( 'GEA@CL& j; *PH; J[; KJRIKGL; LJGNIKO !:8;( ,OHHBD(3FEDB&j;/SP;ZLGHP;HJ;`SIQS;HSP;RPR\PVT
PYPKHT<;Q_QLIQ;IK;KGHMVP<;NPTQVI\PN;\_;HSP;NITHVI\MHIJK IKHPVTPQHIKO;GH;G;fJIKH;GVP;QJKKPQHPN]
J[; HSP; LJGNT<; HSPIV; RGOKIHMNPT; GKN; HSP; KMR\PVT; J[
!:8Q( [@LP(5PBEN;j;=IOS;TSPGV;QJKNIHIJK;IT;QGMTPN
GZZLIQGHIJKT;IK;PGQS;KJRIKGL;LJGNIKO;PYPKH]
`SPK;HSP;GQHMGL;TSPGV;NMP;HJ;[GQHJVPN;LJGN;IT;OVPGHPV
!:<Q( /ED@LOB( 5DNBCLDP& j; /SP; THVPTT; VGKOP; [JV; G HSGK; G; QPVHGIK; [VGQHIJK; J[; NPTIOK; TSPGV; VPTITHGKQP
QGHPOJV_;J[;NPHGIL<;NPZPKNIKO;MZJK;HSP;KMR\PV;J[;Q_QLPT U)'' 18:!:!X]
IH;IT;VPeMIVPN;HJ;`IHSTHGKN;NMVIKO;NPTIOK;LI[P]
!:89( %IJGHBA(U'@XBV('GEA;j;/SP;LJGN;GTTMRPN;HJ
!:<9( /@NB(.ZJGHONB(-GCA@D@GC \P;ZVJNMQPN;\_;HSP;IKHPKNPN;MTP;JV;JQQMZGKQ_;IKQLMNIKO
NITHVI\MHPN<;QJKQPKHVGHPN<;IRZGQH<;YI\VGHIJK;GKN;TKJ`
GX 0"$''1)#%'%&,#$'&'23*).$'&-*+%#!#*+;j;*HPPL LJGNT;\MH;PiQLMNIKO<;`IKN<;PGVHSeMGaP;GKN;HPRZPVGHMVP
RPR\PV;IKQJVZJVGHPN;IK;JV;IK;QJKHGQH;`IHS;G LJGNT]
QJKQVPHP; JV; RGTJKV_; [LJJV; JV; `GLL; UGH; LPGTH
GOGIKTH;JK;TMV[GQPX] !:20 (%CHDER@F@DK&j;/SP;ZSPKJRPKJK;`SIQS;NITG\LPT
GK;PLPRPKH<;RPR\PV;JV;G;THVMQHMVP;HJ;QGVV_;[MVHSPV;LJGN
2"/$*
NMP;HJ;PiQPTTIYP;NP[LPQHIJK;LGHPVGL;HJ;HSP;NIVPQHIJK;J[
1(/SVPP^TINPN;[IVP;PiZJTMVP;QJKNIHIJK;IT;HJ;\P;QJKTINPVPN
TPZGVGHPL_;MKLPTT;JHSPV`ITP;TZPQI[IPN;U)'';!!:10X]
LJGNIKO;GKN;YGKITSIKO;THI[[KPTT]
!(0PR\PVT;`IHS;RJVP;HSGK;JKP;[GQP;IK;QJKHGQH;`IHS;G !:21( 'EDBNEF(4BHDNE@CD(MGN(E()BEI&j;5'';!:7<]
QJKQVPHP;JV;RGTJKV_;[LJJV;JV;`GLL;RG_;\P;HVPGHPN;GT;HSVPP^
TINPN;[IVP;PiZJTMVP] !:2!( 'BEA@CL(%IJGHBA('GEA&j;1RZJTPN;LJGN;QGMTIKO
\X 4*.$1)#%'%&,#$'&'23*).$'&-*+%#!#*+& j;*HPPL SIOSPV;GQHIJK;GKNWJV;NP[LPQHIJK]
RPR\PV<;`SIQS;RG_;\P;PiZJTPN;HJ;[IVP;JK;GLL
!:27( '@I@D(5DEDB&j;:K_;LIRIHIKO;QJKNIHIJK;\P_JKN
TINPT]
`SIQS;HSP;THVMQHMVP;QPGTPT;HJ;[ML[ILL;IHT;IKHPKNPN;[MKQHIJK
!:80( /@NB(3NGDB?D@GC(5KHDBI&j;/SP;[IVP;ZVJHPQHIJK U)''&67)*;!:Q2X]
RGHPVIGL; GKN; IHT; RPHSJN; J[; GHHGQSRPKH; HJ; HSP; THPPL
!:2<( '@XB('GEA;j;5'';!:898
RPR\PV]
!:28( 'GEA( j;:K;PiHPVKGLL_;GZZLIPN;[JVQP;JV;GQHIJK
!:81& /@NB( 4BH@HDEC?B; j; /SP; G\ILIH_; J[; GK; PLPRPKH<
U)''&67)*;!:<X]
QJRZJKPKH;JV;THVMQHMVP<;HJ;[ML[IL;[JV;G;THGHPN;ZPVIJN;J[
HIRP<;HSP;VPeMIVPN;THG\ILIH_<;IKHPOVIH_<;HSPVRGL;IKTMLGHIJK !:22( =E@C(=BIRBN;j;:;THVMQHMVGL;RPR\PV<;`SIQS;IT
GKNWJV; JHSPV; PiZPQHPN; ZPV[JVRGKQP; TZPQI[IPN; IK; G ZVIRGVIL_;VPTZJKTI\LP;[JV;QGVV_IKO;GKN;NITHVI\MHIKO;HSP
THGKNGVN;[IVP;HPTH] GZZLIPN;LJGN;JV;GQHIJK]
!:8! & /@NB( 4BH@HDEC?B( 'BXBF& j; /SP; [IVP; VPTITHGKQP !:2;( =@FF($GFBNEC?B&j;:RJMKH;J[;YGVIGHIJK;GLLJ`PN
OVGNIKO;ZPVIJN;[JV;G;THVMQHMVGL;PLPRPKH;JV;T_THPR<;IK [VJR; HSP; KJRIKGL; NIRPKTIJKT; GKN; OPJRPHV_<; `IHS
RIKMHPT<;`SIQS;IT;VPeMIVPN;HJ;\P;GHHGIKPN;IK;HSP;THGKNGVN VPTZPQH; HJ; QVJTT^TPQHIJKGL; GVPG<; KJK^ZGVGLLPLITR; J[
[IVP;HPTH] [LGKOPT<; GKN; JMH; J[; THVGIOSHKPTT; TMQS; GT; T`PPZ; JV
QGR\PV<;IK;G;ZVJNMQH<;GT;RGKM[GQHMVPN;IK;G;THPPL;RILL]
!:87 ( /FBZONEF( 5D@MMCBHH& j; *HI[[KPTT; J[; G; RPR\PV
GOGIKTH;VJHGHIJK;GT;PYGLMGHPN;\_;HSP;YGLMP;J[;\PKNIKO !:2Q( "GNIEF( 5DNBHH& j; *HVPTT; QJRZJKPKH; GQHIKO
NP[JVRGHIJK;RJRPKH;VPeMIVPN;HJ;QGMTP;G;MKIH;VJHGHIJK KJVRGL;HJ;HSP;[GQP<;ZLGKP;JV;TPQHIJK]
`SILP;GLL;JHSPV;NPOVPPT;J[;[VPPNJR;J[;HSP;fJIKHT;J[;HSP
!:29 ( 3END@EF( 5EMBDK( /E?DGN& j; /SP; [GQHJV; KJVRGLL_
RPR\PV; PiQPZH; HSP; VJHGHPN; JKP; GVP; GTTMRPN; HJ; \P
OVPGHPV;HSGK;MKIH_;\_;`SIQS;PIHSPV;HSP;LJGNT;UGQHIJKTX
VPTHVGIKPN]
GVP;RMLHIZLIPN;JV;HSP;VPTITHGKQPT;GVP;NIYINPN;HJ;J\HGIK
!:8<( /N@?D@GC( $KJB( -GCCB?D@GC& j; +JKKPQHIJK HSP;NPTIOK;YGLMPT]
P[[PQHPN; \_; MTIKO; ZVP^HPKTIJKPN; SIOS; THVPKOHS; \JLHT
!:;0( 3BN@GA(GM(5DNO?DONEF(#ABYOE?K(OCABN(/@NB&j
`SPVP; TSPGV; [JVQP; HVGKT[PV; IT; NMP; HJ; RJ\ILIgGHIJK; J[
/SP;HIRP;U!X<;IK;RIKMHPT<;[JV;HSP;RPR\PV;HJ;VPGQS;HSP
[VIQHIJK;\PH`PPK;HSP;QJKKPQHPN;ZLGHPT;NMP;HJ;QLGRZIKO
LIRIH;THGHP;J[;THVMQHMVGL;IKGNPeMGQ_;IK;G;THGKNGVN;[IVP;HPTH]
[JVQP;NPYPLJZPN;GH;HSP;IKHPV[GQP;J[;QJKKPQHPN;ZLGHPT;\_
HSP;\JLH;ZVP^HPKTIJK] !:;1( 3BNI@HH@RFB(5DNBHH&j;%SPK;G;THVMQHMVP;IT;\PIKO
NPTIOKPN;\_;HSP;`JVaIKO;THVPTT;RPHSJN<;HSP;RGiIRMR
!:88( ,EOLB&j;/SP;TZGQIKO;\PH`PPK;GNfGQPKH;ZGVGLLPL
THVPTT;HSGH;IT;ZPVRIHHPN;HJ;\P;PiZPVIPKQPN;IK;PLPRPKHT<
LIKPT;J[;[GTHPKPVT<;HVGKTYPVTP;HJ;HSP;NIVPQHIJK;J[;LJGNW
RPR\PVT;JV;THVMQHMVPT;MKNPV;HSP;KJRIKGLWTPVYIQP;LJGN
THVPTT]
UGQHIJKX]
!:82( ,NEX@DK( 'GEA& j; 3JGNT; GVITIKO; NMP; HJ
!:;!& 3@D?P; j; /SP; QPKHVP^HJ^QPKHVP; NITHGKQP; \PH`PPK
OVGYIHGHIJKGL;P[[PQHT]
IKNIYINMGL;[GTHPKPVT;IK;G;LIKP<;IK;HSP;NIVPQHIJK;J[;LJGNWTHVPTT]

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 9
!:;7( 3FEHD@?(-GFFEJHB&j;/SP;[GILMVP;THGOP;GH;`SIQS !:QQ( 5PBEN('EL&j; /SP; IK; ZLGKP; TSPGV; NP[JVRGHIJK
TM[[IQIPKH;KMR\PV;J[;ZLGTHIQ;SIKOPT;SGYP;[JVRPN;NMP;HJ P[[PQH;\_;`SIQS;QJKQPKHVGHPN;[JVQPT;HGKOPKHIGL;HJ;HSP
HSP;LJGNT;UGQHIJKTX;IK;G;THVMQHMVP;LPGNIKO;HJ;G;[GILMVP TMV[GQP;J[;G;ZLGHP;OPHT;NITHVI\MHPN;JYPV;HSP;PKHIVP;TPQHIJK
RPQSGKITR] ZPVZPKNIQMLGV; HJ; HSP; LJGN; JYPV; G; [IKIHP; LPKOHS; J[; HSP
ZLGHP;GLJKO;HSP;NIVPQHIJK;J[;HSP;LJGN]
!:;<( 3FEHD@?(+BH@LC&/;&PTIOK;GOGIKTH;HSP;LIRIH;THGHP
J[;ZLGTHIQ;QJLLGZTP] !:Q9 ( 5PBEN( 5DNBHH& j; /SP; THVPTT; QJRZJKPKH; GQHIKO
ZGVGLLPL;HJ;G;[GQP<;ZLGKP;JV;QVJTT^TPQHIJK]
!:;8( 3FEHD@?([@CLB&j;:;_IPLNIKO;gJKP;`IHS;TIOKI[IQGKH
IKPLGTHIQ;VJHGHIJK<;`SIQS;[JVRT;IK;G;RPR\PV<;`SPK;HSP !:90 (5FBCABN(5B?D@GC&j;+VJTT^TPQHIJK;IK;`SIQS;HSP
ZLGTHIQ;RJRPKH;IT;VPGQSPN;GH;G;TPQHIJK] PLPRPKHT;\MQaLP;LJQGLL_;\P[JVP;VPGQSIKO;_IPLN;RJRPKH]
!:;2( 3FEHD@?(=GIBCD&j;0JRPKH;QGZGQIH_;J[;G;QVJTT^ !:91( 5FBCABNCBHH(4ED@G&j;/SP;VGHIJ;J[;HSP;P[[PQHIYP
TPQHIJK;`SPK;HSP;PKHIVP;QVJTT^TPQHIJK;SGT;_IPLNPN;NMP LPKOHS; J[; G; RPR\PV; HJ; HSP; VGNIMT; J[; O_VGHIJK; J[; HSP
HJ;\PKNIKO;RJRPKH] +VJTT^TPQHIJK;G\JMH;HSP;GiIT;MKNPV;QJKTINPVGHIJK]
!:;;( 3FEHD@?( 5B?D@GC& j; +VJTT^TPQHIJK<; `SIQS; QGK !:9!( 5F@J(4BH@HDEC?B&j;3IRIH;TSPGV;HSGH;QGK;\P;GZZLIPN
NPYPLJZ;G;ZLGTHIQ;SIKOP;GKN;TMTHGIK;ZLGTHIQ;RJRPKH;JYPV IK;G;[VIQHIJK;OVIZ;QJKKPQHIJK;\P[JVP;TLIZ;JQQMVT]
TM[[IQIPKH; ZLGTHIQ; VJHGHIJK; VPeMIVPN; [JV; [JVRGHIJK; J[
!:97&5T"(-ONXB&j;/SP;QMVYP;NP[IKIKO;HSP;VPLGHIJKTSIZ
ZLGTHIQ;[GILMVP;RPQSGKITR;J[;HSP;RPR\PV;JV;THVMQHMVP]
\PH`PPK;HSP;KMR\PV;J[;THVPTT;Q_QLPT;HJ;[GILMVP;U9TQX&GH
!:;Q( 3G@HHGC\H(4ED@G&j;1H;IT;HSP;G\TJLMHP;YGLMP;J[;HSP G;QJKTHGKH;THVPTT;VGKOP;U5QX:;NMVIKO;[GHIOMP;LJGNIKO;J[;G
VGHIJ; J[; LGHPVGL; THVGIK; HJ; LJKOIHMNIKGL; THVGIK; MKNPV THVMQHMVP]
MKIGiIGL;LJGNIKO]
!:9< (5CG]('GEA&j;3JGN;JK;G;THVMQHMVP;NMP;HJ;HSP
!:;9& 3NGGM(5DNBHH&j;/SP;THVPTT;HJ;`SIQS;SIOS;THVPKOHS GQQMRMLGHIJK;J[;TKJ`;GKN;IQP;JK;TMV[GQPT;TMQS;GT;VJJ[8
[VIQHIJK;OVIZ;U=*!4X;\JLHT;GVP;ZVP^HPKTIJKPN]
!:98 (5COL($@LPD&j;/SP;HIOSHKPTT;J[;G;\JLH;GQSIPYPN
!:Q0( 3NGGM($BHD@CL&j;/SP;GZZLIQGHIJK;J[;HPTH;LJGNT;HJ \_;G;[P`;IRZGQHT;J[;GK;IRZGQH;`VPKQS;JV;\_;HSP;[MLL
G; THVMQHMVP<; TM\^THVMQHMVP<; RPR\PV; JV; QJKKPQHIJK; HJ P[[JVH;J[;G;ZPVTJK;MTIKO;G;THGKNGVN;TZGKKPV]
GTQPVHGIK; HSP; THVMQHMVGL; QSGVGQHPVITHIQT; J[; JKL_; HSGH
!:92( 5DER@F@DK( '@I@D( 5DEDB& /; :; LIRIH; THGHP
TZPQI[IQ;MKIH]
QJVVPTZJKNIKO; HJ; HSP; LJTT; J[; THGHIQ; PeMILI\VIMR; J[; G
!:Q1( 3NGDGDKJB($BHD@CL&j;/PTHIKO;J[;THVMQHMVP<;TM\^ THVMQHMVP; \_; PiQPTTIYP; NP[LPQHIJK; HVGKTYPVTP; HJ; HSP
THVMQHMVP<; RPR\PVT; JV; QJKKPQHIJKT; HJ; GTQPVHGIK; HSP NIVPQHIJK;J[;ZVPNJRIKGKH;LJGNT]
THVMQHMVGL;QSGVGQHPVITHIQT;J[;HSGH;QLGTT;J[;THVMQHMVPT<;TM\^
!:9;( 5D@?SER@F@DK&/;/SP;G\ILIH_;J[;HSP;[IVP;ZVJHPQHIJK
THVMQHMVPT<;RPR\PVT;JV;QJKKPQHIJKT;HSGH;GVP;KJRIKGLL_
T_THPR;HJ;VPRGIK;IK;ZLGQP;GT;HSP;RPR\PV;NP[LPQHT;MKNPV
INPKHIQGL;U[MLL;TQGLPX;HJ;HSP;MKIHT;HPTHPN]
LJGN;NMVIKO;G;[IVP;HPTH]
!:Q!( 3NK@CL( /GN?B& j; :NNIHIJKGL; HPKTILP; [JVQP
!:9Q( 5D@MMBCBN&j;:K;PLPRPKH;MTPN;HJ;VPHGIK;JV;ZVPYPKH
NPYPLJZPN; IK; G; \JLH; GT; G; VPTMLH; J[; HSP; [LPiIKO; J[; G
HSP;JMH^J[^ZLGKP;NP[JVRGHIJKT;J[;ZLGHPT]
QJKKPQHIJK;QJRZJKPKH;TMQS;GT;G;\PGR;PKN;ZLGHP;JV;LPO
J[;GK;GKOLP] !:99( 5DNE@C&j;&P[JVRGHIJK;ZPV;MKIH;LPKOHS;JV;MKIH;GKOLP]
!:Q7 ( 4GDED@GC& j; /SP; QSGKOP; IK; GKOLP; GH; G; fJIKH !:100& 5DNE@C( [ENABC@CL& j; /SP; ZSPKJRPKJK; J[
\PH`PPK;HSP;JVIOIKGL;JVIPKHGHIJK;J[;H`J;LIKPGV;RPR\PV IKQVPGTP;IK;THVPTT;`IHS;IKQVPGTP;IK;THVGIK;\P_JKN;_IPLNIKO]
GKN;HSPIV;[IKGL;ZJTIHIJK;MKNPV;LJGNIKO]
!:101& 5DNBCLDP(j;#PTITHGKQP;HJ;[GILMVP;\_;_IPLNIKO;JV
!:Q<( 5B?GCAENK( =BIRBN& j; 0PR\PV; `SIQS; IT \MQaLIKO]
ZVJYINPN;[JV;JYPVGLL;THG\ILIH_;GKN;JV;[JV;VPTHVGIKIKO;HSP
!:10!& 5DNBCLDP('@I@D(5DEDB&j;:;LIRIH;THGHP;J[;QJLLGZTP
RGIK;RPR\PVT;[VJR;\MQaLIKO;JV;TIRILGV;RJNPT;J[;[GILMVP]
JV;LJTT;J[;THVMQHMVGL;IKHPOVIH_]
!:Q8( 5BI@T-GIJE?D(5B?D@GC;j;+VJTT^TPQHIJK<;`SIQS
!:107& 5DNBHH&/;/SP;IKHPVKGL;[JVQP;ZPV;MKIH;GVPG;J[;HSP
QGK;GHHGIK;HSP;_IPLN;RJRPKH<;\MH;KJH;HSP;ZLGTHIQ;RJRPKH
JVIOIKGL;QVJTT^TPQHIJK]
\P[JVP;[GILMVP;\_;ZLGHP;\MQaLIKO]
!:10<( 5DNBHH(#CEFKH@H&j;/SP;GKGL_TIT;J[;HSP;IKHPVKGL
!:Q2( 5BNX@?BER@F@DK('@I@D(5DEDB& j; :; LIRIH; THGHP; J[
[JVQP;GKN;THVPTT;QJKNIHIJK;IK;GK;PLPRPKH<;RPR\PV;JV
GQQPZHG\LP; TPVYIQP; QJKNIHIJK; PiQPPNGKQP; J[; `SIQS
THVMQHMVP]
QGMTPT;TPVYIQPG\ILIH_;[GILMVP]
!:108( 5DNBHH(-K?FB(-GOCD@CL;j;*MR;J[;IKNIYINMGL
!:Q; ( 5PBEN( /GN?B& j; /SP; IK^ZLGKP; [JVQP; GH; GK_
THVPTT;Q_QLPT;[VJR;THVPTT;SITHJV_;GVVIYPN;GH;MTIKO;GK_
HVGKTYPVTP; QVJTT^TPQHIJK; J[; G; THVGIOSH; RPR\PV; J[; G
VGHIJKGL;RPHSJN]
QJLMRK;JV;\PGR]

10 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
!:102 (5DNBHH(4ECLB;j;:LOP\VGIQ;NI[[PVPKQP;\PH`PPK ;O[ j 4VJTT;QVJTT^TPQHIJKGL;GVPG;J[;[LGKOP
H`J;PiHVPRPT;J[;THVPTTPT;IK;G;Q_QLP;J[;LJGNIKO] ;OJ j 4VJTT; QVJTT^TPQHIJKGL; GVPG; J[
!:10; (5DNBHH(5JB?DNOI&j;=ITHJOVGR;J[;THVPTT;Q_QLPT JMHTHGKNIKO;UKJH;QJKKPQHPNX;LPO;J[;G
ZVJNMQPN;\_;G;KJRIKGL;LJGNIKO;PYPKH;NPTIOK;TZPQHVMR< RPR\PV
NMVIKO;NPTIOK;LI[P] ;K j 2PH;GVPG;J[;HSP;HJHGL;QVJTT^TPQHIJK
!:10Q& 5DNO?DONEF(#ABYOE?K(MGN(/@NB;j;/SP;G\ILIH_ ;K\ j 2PH;HPKTILP;QVJTT^TPQHIJKGL;GVPG;J[;\JLH
J[; HSP; RPR\PV; HJ; QGVV_; HSP; HPTH; LJGN; PiZJTPN; HJ; HSP ;KQ j 2PH; QVJTT^TPQHIJKGL; GVPG; J[; HSP
THGKNGVN;[IVP;HPTH] QJKKPQHPN;LPO;J[;G;RPR\PV
;K[ j 2PH; QVJTT^TPQHIJKGL; GVPG; J[; PGQS
!:109 (5DNO?DONEF(#CEFKH@H&j;/SP;GKGL_TIT;J[;THVPTT<
[LGKOP
THVGIK<;GKN;NP[LPQHIJK;QSGVGQHPVITHIQT;J[;G;THVMQHMVP]
;KJ j 2PH; QVJTT^TPQHIJKGL; GVPG; J[
!:110( 5DNOD(j;:;QJRZVPTTIJK;RPR\PV<;`SIQS;RG_;\P JMHTHGKNIKO;UKJH;QJKKPQHPNX;LPO;J[;G
JVIPKHPN;IK;GK_;NIVPQHIJK] RPR\PV
!:111 &5]EK&j;/SP;LGHPVGL;NP[LPQHIJK;J[;G;[VGRP] ;Z\ j 2JRIKGL;\PGVIKO;GVPG;J[;\JLH;JK;GK_
ZLGHP
!:11!& 5]EK( =BIRBN& j; :; RPR\PV; IK; `SIQS; HSP
HVGKTYPVTP;NITZLGQPRPKH;J[;JKP;PKN<;VPLGHIYP;HJ;HSP;JHSPV ;e j +VJTT^TPQHIJKGL; GVPG; J[; G; \PGVIKO
IT;KJH;P[[PQHIYPL_;ZVPYPKHPN] ULJGN; QGVV_IKOX; THI[[PKPV; IK; QJKHGQH
`IHS;;HSP;[LGKOP
!:117 ( $BCH@FB( 5DNBHH& j; /SP; QSGVGQHPVITHIQ; THVPTT :T j /PKTILP;THVPTT;GVPG
QJVVPTZJKNIKO;HJ;VMZHMVP;IK;HPKTIJK<;TZPQI[IPN;[JV;HSP
;T\ j 4VJTT; QVJTT^TPQHIJKGL; GVPG; J[; G; \JLH
OVGNP; J[; THPPL; IK; HSP; GZZVJZVIGHP; 1KNIGK; *HGKNGVN<; GT
GH;HSP;TSGKa
LITHPN;IK;/G\LP;)]
;HO j 4VJTT;TPQHIJKGL;GVPG;IK;HPKTIJK;[VJR
!:11<( $BHD('GEA&j;/SP;[GQHJVPN;LJGN<;PeMIYGLPKH;HJ;G HSP;QPKHVP;J[;HSP;SJLP;HJ;HSP;HJP;J[;;HSP
TZPQI[IPN;LJGN;QJR\IKGHIJK;GZZVJZVIGHP;[JV;HSP;H_ZP;J[ GKOLP; TPQHIJKWQSGKKPL; TPQHIJK<; PHQ
HPTH;\PIKO;ZPV[JVRPN] U7LJQa; TSPGV; [GILMVP<; )''; 1!:<X
!:118( $NECHXBNHB&j;&IVPQHIJK;GLJKO;HSP;THVJKOPV;GiPT ZPVZPKNIQMLGV;HJ;HSP;LIKP;J[;[JVQP
J[;HSP;QVJTT^TPQHIJK;J[;HSP;RPR\PV] ;HK j 2PH;TPQHIJKGL;GVPG;IK;HPKTIJK;[VJR;HSP
QPKHVP;J[;HSP;SJLP;HJ;HSP;HJP;J[;;HSP
!:112( *FD@IEDB( '@I@D( 5DEDB& j; /SP; THGHP; `SIQS<; I[
GKOLP; ZPVZPKNIQMLGV; HJ; HSP; LIKP; J[
PiQPPNPN;QGK;QGMTP;QJLLGZTP;J[;G;ZGVH;JV;HSP;`SJLP;J[
[JVQP;7LJQa;TSPGV;[GILMVP;U)'';;1!:<X
HSP;THVMQHMVP]
;Y j *SPGV;GVPG
!:11;( *FD@IEDB(5DNBHH&j;5''&!:117]
;YO j 4VJTT; QVJTT^TPQHIJKGL; GVPG; IK; TSPGV
!:11Q( ^@CA('GEAH;/;3JGN;PiZPVIPKQPN;\_;RPR\PV GLJKO; HSP; LIKP; J[; HVGKTRIHHPN; [JVQP
JV;THVMQHMVP;NMP;HJ;`IKN;ZVPTTMVP;GQHIKO;JK;HSP;TMV[GQPT] U)'';1!:<X
!:119( >@BFA(5DNBHH&j;/SP;QSGVGQHPVITHIQ;THVPTT;J[;HSP ;YK j 2PH; QVJTT^TPQHIJKGL; GVPG; IK; TSPGV
RGHPVIGL;IK;HPKTIJK;\P[JVP;HSP;PLGTHIQ;LIRIH;J[;HSP;RGHPVIGL GLJKO; HSP; LIKP; J[; HVGKTRIHHPN; [JVQP
IT; PiQPPNPN<; GT; TZPQI[IPN; IK; HSP; GZZVJZVIGHP; 1KNIGK U)'';1!:<X
*HGKNGVN<;GT;LITHPN;IK;/G\LP;)] 6:&< j 3GVOPV;GKN;TRGLLPV;ZVJfPQHIJK;J[;HSP
TLG\; \GTP; \P_JKN; HSP; VPQHGKOLP
7( 5>=)&'5 QIVQMRTQVI\IKO; HSP; QJLMRK<
VPTZPQHIYPL_;U)''&17:<X
*_R\JLT;MTPN;IK;HSIT;TPQHIJK;TSGLL;SGYP;HSP;[JLLJ`IKO
RPGKIKOT;`IHS;VPTZPQH;HJ;HSP;THVMQHMVP;JV;RPR\PV;JV 6J j ,PGa;GQQPLPVGHIJK
QJKNIHIJK<;MKLPTT;JHSPV`ITP;NP[IKPN;PLTP`SPVP;IK;HSIT 6) j 9KTMZZJVHPN; LPKOHS; J[; IKNIYINMGL
*PQHIJKb PLPRPKHT;\PIKO;LGQPN;\PH`PPK;LGQIKO
ZJIKHT
; j :VPG;J[;QVJTT^TPQHIJK
= j 3PKOHS;J[;TINP;J[;QGZ;JV;\GTP;ZLGHP;J[
;Q j :VPG;GH;VJJH;J[;HSVPGNT
G;QJLMRK
;P j $[[PQHIYP;QVJTT^TPQHIJKGL;GVPG
< j "MHTHGKNW`INHS;J[;HSP;PLPRPKH
;P[ j #PNMQPN;P[[PQHIYP;[LGKOP;GVPG <) j *HI[[;\PGVIKO;LPKOHS
;[ j /JHGL;[LGKOP;GVPG <P j $[[PQHIYP;`INHS;J[;[LGKOP;\PH`PPK;ZGIV
;O j 4VJTT;QVJTT^TPQHIJKGL;GVPG J[;\JLHT

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 11
<[ j %INHS;J[;HSP;[LGKOP 4HPTH<;0IK j 0IKIRMR; HPTH; LJGN; [VJR; HSP; HPTH; HJ
<I j %INHS;J[;[LGKOP;GT;GK;IKHPVKGL;PLPRPKH [GILMVP
<J j %INHS;J[;[LGKOP;JMHTHGKN 4HPTH<;# j /PTH;LJGN;VPTITHGKQP
<Z j ,GKPL; gJKP; `INHS; \PH`PPK; QJLMRK 4HPTH<;* j *HVPKOHS;HPTH;LJGN
[LGKOPT;GH;\PGR^QJLMRK;fMKQHIJK 4` j &PTIOK;QGZGQIH_;J[;HSP;`P\;IK;\PGVIKO
<T j *SPGV;LGO;NITHGKQP 4i j $iHPVKGL;LJGN<;[JVQP;JV;VPGQHIJK
<H j %INHS;J[;HPKTIJK;[IPLN 4iN j 7MQaLIKO;VPTITHGKQP;J[;LJGN;QGVV_IKO
<` j %INHS;J[;JMHTHGKNIKO;LPO `P\;THI[[PKPV
> j +PKHVP^HJ^QPKHVP;LJKOIHMNIKGL;NITHGKQP , j :QHMGL; KJVRGL; THVPTT; VGKOP; [JV; HSP
J[;\GHHPKT NPHGIL;QGHPOJV_
>R j +JP[[IQIPKH;J[;HSPVRGL;PiZGKTIJK ,) j !VPeMPKQ_;[JV;G;TIRZL_;TMZZJVHPN;JKP
`G_;T_THPR
- j *ZGQIKO;J[;HVGKTYPVTP;THI[[PKPV
,. j !VPeMPKQ_;J[;[LJJV;TMZZJVHPN;JK;THPPL
-\ j 0JRPKH; GRZLI[IQGHIJK; [GQHJV; [JV
OIVNPV;ZPVZPKNIQMLGV;HJ;HSP;fJITH
\VGQPN;RPR\PV
,G j +GLQMLGHPN; THVPTT; NMP; HJ; GiIGL; [JVQP
-R j 0JRPKH; VPNMQHIJK; [GQHJV; [JV; LGHPVGL
GH;TPVYIQP;LJGN
HJVTIJKGL; \MQaLIKO; THVPKOHS
QGLQMLGHIJK ,G\Q j ,PVRITTI\LP; \PKNIKO; THVPTT; IK
QJRZVPTTIJK;GH;TPVYIQP;LJGN
-) j 0JRPKH;GRZLI[IQGHIJK;[GQHJV;[JV;T`G_
[VGRP ,GQ j ,PVRITTI\LP; QJRZVPTTIYP; THVPTT; GH
TPVYIQP;LJGN
? j "YPVGLL;NPZHSWNIGRPHPV;J[;HSP;QVJTT^
TPQHIJK ,G\H j ,PVRITTI\LP;\PKNIKO;THVPTT;IK;HPKTIJK
GH;TPVYIQP;LJGN
% j &PZHS;J[;`P\<;KJRIKGL;NIGRPHPV
,GZ\ j ,PVRITTI\LP;\PGVIKO;THVPTT;J[;HSP;\JLH
%. j /`IQP; HSP; QLPGV; NITHGKQP; [VJR; HSP
GH;TPVYIQP;LJGN
QJRZVPTTIJK;[LGKOP;GKOLPT<;ZLGHPT;JV
HJKOMP;ZLGHPT;HJ;HSP;KPMHVGL;GiIT ,GT\ j ,PVRITTI\LP;THVPTT;J[;HSP;\JLH;IK;TSPGV
GH;TPVYIQP;LJGN
%S j &IGRPHPV;J[;G;\JLHW;VIYPH;SJLP
,GH j ,PVRITTI\LP; HPKTILP; THVPTT; GH; TPVYIQP
%J j 2JRIKGL;NIGRPHPV;J[;HSP;ZIZP;QJLMRK
LJGN
JV; HSP; NIRPKTIJKT; J[; HSP; QJLMRK; IK
HSP;NPZHS;NIVPQHIJK;J[;HSP;\GTP;ZLGHP ,GH\ j ,PVRITTI\LP;HPKTILP;THVPTT;J[;HSP;\JLH
GH;TPVYIQP;LJGN
%Z j ,GKPL;gJKP;NPZHS;IK;HSP;\PGR^QJLMRK
fMKQHIJK ,G` j ,PVRITTI\LP; THVPTT; J[; HSP; `PLN; GH
TPVYIQP;LJGN
@ j 0JNMLMT;J[;PLGTHIQIH_;[JV;THPPL
,\ j :QHMGL;\PKNIKO;THVPTT;GH;TPVYIQP;LJGN
@&U0X j 0JNMLMT;J[;PLGTHIQIH_;J[;THPPL;GH;0k+
,\Q j :QHMGL;\PKNIKO;THVPTT;IK;QJRZVPTTIJK
@&U.DX j 0JNMLMT;J[;PLGTHIQIH_;J[;THPPL;GH;.Dk+
GH;TPVYIQP;LJGN
@Z j 0JNMLMT; J[; PLGTHIQIH_; J[; HSP; ZGKPL
,\N j &PTIOK; \PKNIKO; QJRZVPTTIYP; THVPTT
RGHPVIGL
QJVVPTZJKNIKO;HJ;LGHPVGL;\MQaLIKO
4QN` j 7MQaLIKO; THVPKOHS; J[; MK^THI[[PKPN
,\V j :QHMGL;\PGVIKO;THVPTT;NMP;HJ;\PKNIKO
\PGR;`P\;MKNPV;QJKQPKHVGHPN;LJGN
GH;TPVYIQP;LJGN
4N j !GQHJVPN;NPTIOK;LJGN
,\H j :QHMGL; \PKNIKO; THVPTT; IK; HPKTIJK; GH
4K j 2JVRGL;[JVQP TPVYIQP;LJGN
4J j 0IKIRMR; ZVJJ[; ZVPHPKTIJK; IK; SIOS ,\T j ,PVRITTI\LP;\PKNIKO;THVPTT;IK;QJLMRK
THVPKOHS;[VIQHIJK;OVIZ;\JLHT \GTP;GH;TPVYIQP;LJGN
4ZTN j 7PGVIKO; QGZGQIH_; J[; LJGN; QGVV_IKO ,Q j :QHMGL; GiIGL; QJRZVPTTIYP; THVPTT; GH
THI[[PKPV TPVYIQP;LJGN
4e j *HI[[PKPV;[JVQP ,QQ j $LGTHIQ;\MQaLIKO;THVPTT;J[;G;QJLMRK<
4eN j *HI[[PKPV;\MQaLIKO;VPTITHGKQP $MLPV;\MQaLIKO;THVPTT
4!')H j /PTH;LJGN ,QN j &PTIOK;QJRZVPTTIYP;THVPTT
4HPTH<G j 3JGN;[JV;GQQPZHGKQP;HPTH ,QV<\ j $iHVPRP; [I\VP; QJRZVPTTIYP; THVPTT

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 TPQHIJK; G\JMH; HSP; RIKJV; GiIT; J[; HSP D j 7PKNIKO;RJRPKH
TPQHIJK DG j :ZZLIPN;\PKNIKO;RJRPKH
ABW$g j $[[PQHIYP; TLPKNPVKPTT; VGHIJ; J[; HSP DQV j $LGTHIQ;QVIHIQGL;RJRPKH;QJVVPTZJKNIKO
TPQHIJK; G\JMH; HSP; RGfJV; GiIT& J[; HSP HJ; LGHPVGL; HJVTIJKGL; \MQaLIKO; J[; HSP
TPQHIJK \PGR
⎛ !" ⎞ DN j &PTIOK;[LPiMVGL;THVPKOHS
⎜ ⎟ j :QHMGL; RGiIRMR; P[[PQHIYP
⎝ # ⎠! DNY j 0JRPKH;QGZGQIH_;J[;HSP;TPQHIJK;MKNPV
TLPKNPVKPTT;VGHIJ;J[;HSP;LGQPN;QJLMRK SIOS;TSPGV
⎛ !" ⎞ DN_ j &PTIOK; \PKNIKO; THVPKOHS; G\JMH; HSP
⎜ ⎟ j $[[PQHIYP; TLPKNPVKPTT; VGHIJ; J[; HSP RIKJV;GiIT;J[;HSP;QVJTT^TPQHIJK
⎝ # ⎠"
LGQPN; QJLMRK; GQQJMKHIKO; [JV; TSPGV DNg j &PTIOK; \PKNIKO; THVPKOHS; G\JMH; HSP
NP[JVRGHIJK RGfJV;GiIT&J[;HSP;QVJTT^TPQHIJK
AY j *SPGV;\MQaLIKO;QJP[[IQIPKH DP[[ j #PNMQPN;P[[PQHIYP;RJRPKH
A` j %GVZIKO;VPTHVGIKH;[GQHJV D[V j #PNMQPN;ZLGTHIQ;RJRPKH;QGZGQIH_;J[
C j #POVPTTIJK;QJP[[IQIPKH HSP;[LGKOP;ZLGHP
CTR j $iZJTPN;TMV[GQP;GVPG;HJ;RGTT;VGHIJ D[N j &PTIOK;ZLGTHIQ;VPTITHGKQP;J[;HSP;[LGKOP
GLJKP
A_<&Ag< j 0JRPKH; GRZLI[IQGHIJK; [GQHJVT
A3/ U)'' 10:<:!<; 10:<:7:1<; 10:<:7:7; GKN DKN j &PTIOK; \PKNIKO; THVPKOHS; MKNPV
18:7:!:!X QJR\IKPN; GiIGL; [JVQP; GKN; MKIGiIGL
RJRPKH
B j :QHMGL; LPKOHS<; MKTMZZJVHPN; LPKOHS<
LPKOHS;QPKHVP^HJ^QPKHVP;NITHGKQP;J[;HSP DKN_: j &PTIOK; \PKNIKO; THVPKOHS; MKNPV
IKHPVTPQHIKO; RPR\PVT<; QGKHILPYPV DKNg QJR\IKPN; GiIGL; [JVQP; GKN; HSP
LPKOHS VPTZPQHIYP& MKIGiIGL; RJRPKH; GQHIKO
GLJKP
BQ j 3PKOHS; J[; PKN; QJKKPQHIJK; IK; \JLHPN
GKN; `PLNPN; RPR\PVT<; HGaPK; GT; HSP DZ j ,LGTHIQ; RJRPKH; QGZGQIH_; J[; HSP
NITHGKQP;\PH`PPK;JMHPVRJTH;[GTHPKPVT TPQHIJK
IK;HSP;PKN;QJKKPQHIJK<;JV;HSP;;LPKOHS DZ\ j 0JRPKH; IK; HSP; \PGR; GH; HSP
J[;HSP;PKN;`PLN<;RPGTMVPN;GLJKO;HSP IKHPVTPQHIJK;J[;HSP;\PGR;GKN;QJLMRK
LPKOHS;J[;HSP;RPR\PV QPKHVP;LIKPT
B3/ j $[[PQHIYP;LPKOHS;[JV;LGHPVGL;HJVTIJKGL DZQ j 0JRPKHT; IK; HSP; QJLMRK; G\JYP; GKN
\MQaLIKO \PLJ`;HSP;\PGR;TMV[GQPT
BR j 0GiIRMR;NITHGKQP;[VJR;HSP;VPTHVGIKH DZN j ,LGTHIQ;NPTIOK;THVPKOHS
HJ; HSP; QJRZVPTTIJK; [LGKOP; GH; HSP DZN[ j ,LGTHIQ;NPTIOK;THVPKOHS;J[;[LGKOPT;JKL_
ZLGTHIQ;SIKOP;HJ;GK;GNfGQPKH;VPTHVGIKH
De j :ZZLIPN;RJRPKH;JK;HSP;THI[[PKPV
ULIRIHIKO;NITHGKQPX
DT j 0JRPKH;GH;TPVYIQP;U`JVaIKOX;LJGN
BJ j 3PKOHS; \PH`PPK; ZJIKHT; J[; gPVJ
RJRPKH;UIK[LPQHIJKX;IK;HSP;TZGK DH[ j 0JRPKH;VPTITHGKQP;J[;HPKTIJK;[LGKOP
7 j +PKHVP^HJ^QPKHVP; LPKOHS; J[; HSP D_ j !GQHJVPN; GZZLIPN; RJRPKH; G\JMH; HSP
TMZZJVHIKO;RPR\PV RIKJV;GiIT;J[;HSP;QVJTT^TPQHIJK
7P j &ITHGKQP; \PH`PPK; ZV_IKO; [JVQP; GKN D_e j 0JRPKH; QGZGQIH_; J[; HSP; THI[[PKPV
\JLH;QPKHVP;LIKP \GTPN;JK;IHT;PLGTHIQ;RJNMLMT
7O j 4VIZ;LPKOHS;J[;\JLHT;IK;G;QJKKPQHIJK Dg j !GQHJVPN; GZZLIPN; RJRPKH; G\JMH; HSP
RGfJV;GiIT;J[;HSP;QVJTT^TPQHIJK
7f j 3PKOHS;J[;HSP;fJIKH
9 j 2MR\PV;J[;ZGVGLLPL;ZLGKPT;J[;\GHHPKT
7) j 3PKOHS; \PH`PPK; ZJIKHT; J[; LGHPVGL
TMZZJVH;HJ;HSP;QJRZVPTTIJK;[LGKOP;IK 9N j &PTIOK; THVPKOHS; IK; HPKTIJK; JV; IK
G;\PGR] QJRZVPTTIJK
7Y j &ITHGKQP;[VJR;\JLH;QPKHVP;LIKP;HJ;HSP 9[ j :iIGL;[JVQP;IK;HSP;[LGKOP
HJP;J[;[ILLPH;`PLN;JV;HJ;SGL[;HSP;VJJH 9*+ j 2MR\PV;J[;THVPTT;Q_QLPT
VGNIMT;[JV;G;VJLLPN;TPQHIJK + j 2MR\PV; J[; \JLHT; IK; HSP; \JLH; OVJMZW
7` j 3PKOHS;J[;`PLN QVIHIQGL;TPQHIJK

1< "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
+P j 2MR\PV; J[; P[[PQHIYP; IKHPV[GQPT $[ j #GHIJ; J[; HSP; NPTIOK; GQHIJK; JK; HSP
J[[PVIKO;[VIQHIJKGL;VPTITHGKQP;HJ;TLIZ RPR\PV; MKNPV; [IVP; HJ; HSP; NPTIOK
+K j 2MR\PV; J[; TSPGV; ZLGKPT; `IHS; HSP QGZGQIH_
HSVPGNT; IKHPVQPZHIKO; HSP; TSPGV; ZLGKP $YY j #GNIMT; J[; O_VGHIJK; G\JMH; HSP; RIKJV
IK;HSP;\JLHPN;QJKKPQHIJK GiIT;U(1(X;J[;GKOLP;TPQHIJK]
+T j 2MR\PV; J[; TSPGV; ZLGKPT; `IHSJMH $_ j #GNIMT; J[; O_VGHIJK; G\JMH; HSP; RIKJV
HSVPGNT; IKHPVQPZHIKO; HSP; TSPGV; ZLGKP GiIT
IK;;HSP;\JLHPN;QJKKPQHIJK
$g j #GNIMT; J[; O_VGHIJK; G\JMH; HSP; RGfJV
E j !GQHJVPN;GZZLIPN;GiIGL;[JVQP GiIT
EQQ j $LGTHIQ;\MQaLIKO;LJGN 5 j 0IKIRMR; HVGKTYPVTP; NITHGKQP
EN j &PTIOK;GiIGL;QJRZVPTTIYP;THVPKOHS \PH`PPK;HSP;QPKHVJIN;J[;HSP;VIYPH;JV
\JLH;OVJMZ;JV;`PLN;OVJMZ
EN_<&ENg j &PTIOK; QJRZVPTTIJK; THVPKOHS; GT
OJYPVKPN;\_;[LPiMVGL;\MQaLIKO;G\JMH 5Q j +JKTHGKH;THVPTT;VGKOP
HSP;VPTZPQHIYP;GiIT 5N j &PTIOK;THVPKOHS
EP j $LGTHIQ;$MLPV;\MQaLIKO;LJGN 5J j "VIOIKGL; QVJTT^TPQHIJKGL; GVPG; J[; HSP
HPTH;TZPQIRPK
ERIK j 0IKIRMR;VPeMIVPN;THVPKOHS;[JV;PGQS
[LGKOP;TZLIQP 5Z j *ZVIKO;THI[[KPTT
EV j #PeMIVPN;QJRZVPTTIYP;THVPKOHS 5M j 9LHIRGHP;THVPKOHS
ET j :QHMGL;QJRZVPTTIJK;GH;TPVYIQP;LJGN )Q j :KQSJVGOP; LPKOHS; J[; HPKTIJK; [IPLN
GLJKO;HSP;QJRZVPTTIJK;[LGKOP
E_ j 5IPLN; THVPKOHS; J[; HSP; QVJTT^TPQHIJK
MKNPV;GiIGL;QJRZVPTTIJK )H j :KQSJVGOP; LPKOHS; J[; HPKTIJK; [IPLN
GLJKO;HSP;HPKTIJK;[LGKOP
3 j ,IHQS;LPKOHS;\PH`PPK;QPKHVPT;J[;SJLPT
ZGVGLLPL;HJ;HSP;NIVPQHIJK;J[;HSP;;LJGN )G j :QHMGL;THI[[PKPV;TZGQIKO
0 j /PRZPVGHMVP<; IK; NPOVPP; +PLTIMTl
3T j *HGOOPVPN; ZIHQS; LPKOHS; GLJKO; HSP
!GQHJVPN;HPKTIJK
NIVPQHIJK;J[;HSP;LJGN;\PH`PPK;LIKPT;J[
HSP;\JLH;SJLPT;U)''&!IO];(X 0\ j :ZZLIPN;HPKTIJK;IK;\JLH
F j ,V_IKO;[JVQP 0Q[ j /SIQaKPTT;J[;QJRZVPTTIJK;[LGKOP
FG j :QQINPKHGL;LJGN;U:QHIJKX 0N j &PTIOK;THVPKOHS;MKNPV;GiIGL;HPKTIJK
FQ j +SGVGQHPVITHIQ;LJGNT;U:QHIJKX 0NO j 5IPLNIKO; THVPKOHS; J[; OVJTT; TPQHIJK
MKNPV;GiIGL;HPKTIJK
FN j &PTIOK;LJGN;U:QHIJKX
0NK j #MZHMVP;THVPKOHS;J[;KPH;TPQHIJK;MKNPV
FZ j ,PVRGKPKH;LJGNT;U:QHIJKX GiIGL;HPKTIJK
FY j ?GVIG\LP;LJGNT;U:QHIJKX 0N\ j &PTIOK; THVPKOHS; J[; \JLH; MKNPV; GiIGL
G j *SPGV;THVPTT;GH;TPVYIQP;LJGN HPKTIJK<;\LJQa;TSPGV;THVPKOHS;GH;PKN
QJKKPQHIJK
H j #GHIJ;J[;HSP;RPGK;QJRZVPTTIYP;THVPTT
IK; HSP; `P\; UPeMGL; HJ; THVPTT; GH; ; RIN 0P j $iHPVKGLL_;GZZLIPN;HPKTIJK
NPZHSX; HJ; _IPLN; THVPTT; J[; HSP; `P\l 0[ / !GQHJVPN;HPKTIJK;[JVQP;J[;[VIQHIJK;H_ZP
VPGQHIJK;J[;HSP;\PGR;GH;TMZZJVH \JLH
HN j &PTIOK; THVPKOHS; J[; HSP; RPR\PV; GH 0L j 3IRIHIKO;HPRZPVGHMVP;J[;HSP;THPPL
VJJR;HPRZPVGHMVP 0K\ j 2JRIKGL;THVPKOHS;J[;\JLH;MKNPV;GiIGL
HI j 2PH;TSPGV;IK;\JLH;OVJMZ;GH;\JLH;cId HPKTIJK
HV j #PTZJKTP;VPNMQHIJK;[GQHJV 0KN j &PTIOK;HPKTIJK;QGZGQIH_
HH[ j !LGKOP;TSPGV;VPTITHGKQP 0KN[ j &PTIOK; HPKTIJK; QGZGQIH_; J[; [VIQHIJK
H_ZP;\JLH
HM j 9LHIRGHP; THVPKOHS; J[; HSP; RPR\PV; GH
VJJR;HPRZPVGHMVP 0K[ j 2JRIKGL; HPKTILP; THVPKOHS; J[; [VIQHIJK
H_ZP;\JLH
$ j :ZZVJZVIGHP;VGNIMT;J[;O_VGHIJK
0T j :QHMGL;HPKTIJK;MKNPV;TPVYIQP;LJGN
$) j 0IKIRMR; VGNIMT; J[; O_VGHIJK; J[; HSP
IKNIYINMGL; PLPRPKH; \PIKO; LGQPN ! j /SIQaKPTT;J[;PLPRPKHWGKOLP<;HIRP;IK
HJOPHSPV RIKMHPT

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 18
![ j /SIQaKPTT;J[;[LGKOP LZ j ,LGTHIQ;TPQHIJK;RJNMLMT
!Z j /SIQaKPTT;J[;ZLGHP LY j +JKHVI\MHIJK; HJ; HSP; ZLGTHIQ; TPQHIJK
!Za j /SIQaKPTT;J[;ZGQaIKO RJNMLMT;J[;HSP;HJHGL;TSPGV;GVPG;J[;HSP
QVJTT^TPQHIJK
!e j /SIQaKPTT;J[;THI[[PKPV
MO j &ITHGKQP;\PH`PPK;ZJIKH;J[;GZZLIQGHIJK
!T j /SIQaKPTT;J[;\GTP;TLG\
J[;HSP;LJGN;GKN;TSPGV;QPKHVP;J[;;HSP
!H j $[[PQHIYP;HSVJGH;HSIQaKPTT;J[;`PLNT QVJTT^TPQHIJK
!` j /SIQaKPTT;J[;`P\< MT j +JJVNIKGHP; J[; HSP; TSPGV; QPKHVP; IK
I j !GQHJVPN;GZZLIPN;TSPGV;[JVQP VPTZPQH;HJ;QPKHVJIN
I\ j *SPGV;IK;\GHHPK;ZLGHP α j 1RZPV[PQHIJK; [GQHJV; [JV; \MQaLIKO
I\[ j !GQHJVPN; [VIQHIJKGL; TSPGV; [JVQP; IK THVPKOHS;IK;QJLMRKT;GKN;\PGRT
[VIQHIJK;H_ZP;QJKKPQHIJK αH j +JP[[IQIPKH;J[;HSPVRGL;PiZGKTIJK
IQV j +VIHIQGL;TSPGV;THVPKOHS;QJVVPTZJKNIKO β0 j #GHIJ;J[;TRGLLPV;HJ;HSP;LGVOPV;\PKNIKO
HJ;`P\;\MQaLIKO RJRPKH;GH;HSP;PKNT;J[;G;\PGR;;QJLMRK
IN j &PTIOK;TSPGV;THVPKOHS β0_< β0g j $eMIYGLPKH;MKI[JVR;RJRPKH;[GQHJV;[JV
IN\ j 7LJQa;TSPGV;THVPKOHS [LPiMVGL;\MQaLIKO;[JV;_^_;GKN;g^g;;GiPT<
VPTZPQHIYPL_
IK\ j 2JRIKGL;TSPGV;THVPKOHS;J[;\JLH
β03/ j $eMIYGLPKH;MKI[JVR;RJRPKH;[GQHJV;[JV
IK\[ j 7PGVIKO;QGZGQIH_;J[;\JLH;[JV;[VIQHIJK
LGHPVGL;HJVTIJKGL;\MQaLIKO
H_ZP;QJKKPQHIJK
χ j *HVPKOHS;VPNMQHIJK;[GQHJV;HJ;GQQJMKH
IZ j ,LGTHIQ; TSPGV; VPTITHGKQP; MKNPV; ZMVP
[JV;\MQaLIKO;MKNPV;QJRZVPTTIJK
TSPGV
χR j *HVPKOHS;VPNMQHIJK;[GQHJV<&χ<;GH;,_R
IK j 2JRIKGL;TSPGV;THVPKOHS
χ3/ j *HVPKOHS;VPNMQHIJK;[GQHJV;HJ;GQQJMKH
IKZ\ j 2JRIKGL;\PGVIKO;THVPKOHS;J[;\JLH
[JV; LGHPVGL; HJVTIJKGL; \MQaLIKO; J[
IKT\ j 2JRIKGL;TSPGV;QGZGQIH_;J[;G;\JLH \PGRT
IKT[ j 2JRIKGL; TSPGV; QGZGQIH_; J[; \JLH; GT δ j *HJVP_;NP[LPQHIJK
OJYPVKPN; \_; TLIZ; IK; [VIQHIJK; H_ZP
δ3 j =JVIgJKHGL; NP[LPQHIJK; J[; HSP; \JHHJR
QJKKPQHIJK
J[;THJVP_;NMP;HJ;QJR\IKPN;OVGYIH_;;GKN
IT j /VGKTYPVTP;TSPGV;GH;TPVYIQP;LJGN KJHIJKGL;LJGN
IT\ j !GQHJVPN;TSPGV;[JVQP;IK;HSP;\JLH δZ j 3JGN;GRZLI[IQGHIJK;[GQHJV
ITN j &PTIOK;TSPGV;QGZGQIH_ δM j =JVIgJKHGL; NP[LPQHIJK; J[; HSP; HJZ; J[
ITN[ j &PTIOK;TSPGV;THVPKOHS;IK;[VIQHIJK;H_ZP THJVP_;NMP;HJ;QJR\IKPN;OVGYIH_;GKN
\JLH KJHIJKGL;LJGN
IT[ j !GQHJVPN;NPTIOK;TSPGV;[JVQP;J[;[VIQHIJK φ j 1KQLIKGHIJK;J[;HSP;HPKTIJK;[IPLN;THVPTT
\JLHT IK;`P\
IH j :ZZLIPN;HVGKTYPVTP;TSPGV γ j 9KIH;`PIOSH;J[;THPPL
IH[ j *SPGV;VPTITHGKQP;IK;HPKTIJK;[IPLN γ[ j ,GVHIGL;TG[PH_;[GQHJV;[JV;LJGN
J j /JHGL;LJGN γR j ,GVHIGL;TG[PH_;[GQHJV;[JV;RGHPVIGL
K j 9KI[JVR;ZVPTTMVP;[VJR;\PLJ`;JK;HSP γRD j ,GVHIGL; TG[PH_; [GQHJV; GOGIKTH; _IPLN
TLG\;\GTP;NMP;HJ;GiIGL;;QJRZVPTTIJK THVPTT;GKN;\MQaLIKO
MKNPV;HSP;[GQHJVPN;LJGN γR) j ,GVHIGL;TG[PH_;[GQHJV;GOGIKTH;MLHIRGHP
KH[ j %INHS;J[;HPKTIJK;[IPLN THVPTT
2H j /JVTIJKGL;IKNPi γR\ j ,GVHIGL; TG[PH_; [GQHJV; [JV; \JLHPN
LP j $LGTHIQ;TPQHIJK;RJNMLMT QJKKPQHIJK;`IHS;\PGVIKO;H_ZP;\JLHT
LPQ j $LGTHIQ; TPQHIJK; RJNMLMT; J[; HSP γR[ ;j ,GVHIGL; TG[PH_; [GQHJV; [JV; \JLHPN
RPR\PV; `IHS; VPTZPQH; HJ; PiHVPRP QJKKPQHIJK;`IHS;SIOS;THVPKOHS;[VIQHIJK
QJRZVPTTIJK;[I\VP OVIZ;\JLHT
LPH j $LGTHIQ; TPQHIJK; RJNMLMT; J[; HSP γ[[H j ,GVHIGL;TG[PH_;[GQHJV;[JV;[GHIOMP;LJGN
RPR\PV; `IHS; VPTZPQH; HJ; PiHVPRP γR[H j ,GVHIGL; TG[PH_; [GQHJV; [JV; [GHIOMP
HPKTIJK;[I\VP THVPKOHS

12 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
γRY j ,GVHIGL; TG[PH_; [GQHJV; GOGIKTH; TSPGV \X 9KIH;RGTT<;IK;aOWR6l
[GILMVP QX 9KIH;`PIOSH<;IK;a2WR6l
γR` j ,GVHIGL; TG[PH_; [GQHJV; [JV; THVPKOHS; J[ NX *HVPTTPT;GKN;THVPKOHST<;IK;2WRR.;U02WR.;JV
`PLN 0,GXl;GKN
ε j 5IPLN;THVPTT;VGHIJ;U.(D;W;,_X;)W. PX 0JRPKHT;U\PKNIKO<;PHQX<;IK;a2R]
λ j 2JK;NIRPKTIJKGL;TLPKNPVKPTT;VGHIJ !JV; QJKYPVTIJK; J[; JKP; T_THPR; J[; MKIHT; HJ; GKJHSPV
m; # #
$ $ & !"'# ( 'π $ = % $ '% %% T_THPR<;GQQPZHPN;THGKNGVN;o>^>U)Xp;RG_;\P;VP[PVVPN]

8( 5$#"+#4+( +%=."5%&"5_( /&4=( #"+

= &$ ' &%%
^.%,[$
λQV j $LGTHIQ;\MQaLIKO;LJGN;[GQHJV
/SP;NIRPKTIJKT<;[JVR<;`PIOSH<;HJLPVGKQPT;J[;GLL;VJLLPN
λP j $eMIYGLPKH;TLPKNPVKPTT;VGHIJ TSGZPT<; GLL; VIYPHT<; \JLHT<; KMHT<; THMNT<; GKN; `PLNT; GKN
λ3/ j 2JK^NIRPKTIJKGL;TLPKNPVKPTT;VGHIJ;IK JHSPV; RPR\PVT; MTPN; IK; GK_; THPPL; THVMQHMVP; TSGLL
LGHPVGL;\PKNIKO QJK[JVR; HJ; GQQPZHPN; THGKNGVNT; o>^>U.Xp<; `SPVPYPV
λTQV j $LGTHIQ;\MQaLIKO;LJGN;[GQHJV;J[;PGQS GZZLIQG\LP]
THJVP_
2( 3'#"5(#"+(+4#^%",5
n j ,JITTJKdT;VGHIJ
2:1( ,LGKT<;NVG`IKOT;GKN;THVPTT;TSPPH;TSGLL;\P;ZVPZGVPN
nQ j +JVVPQHIJK;[GQHJV
GQQJVNIKO;HJ;GQQPZHPN;THGKNGVNT;o>^>U6Xp]
n[ j +JP[[IQIPKH;J[;[VIQHIJK;UTLIZ;[GQHJVX
nV j +GZGQIH_;VPNMQHIJK;[GQHJV 2:1:1( E76+)
θ j #GHIJ;J[;HSP;VJHGHIJK;GH;HSP;SIKOP;ZJIKH /SP; ZLGKT; UNPTIOK; NVG`IKOTX; TSGLL; TSJ`; HSP; TIgPT<
HJ;HSP;VPLGHIYP;PLGTHIQ;VJHGHIJK;J[;;HSP TPQHIJKT<; GKN; HSP; VPLGHIYP; LJQGHIJKT; J[; HSP; YGVIJMT
[GV; PKN; J[; HSP; \PGR; TPORPKH RPR\PVT]; !LJJV; LPYPLT<; QJLMRK; QPKHVPT<; GKN; J[[TPHT
QJKHGIKIKO;ZLGTHIQ;SIKOP TSGLL;\P;NIRPKTIJKPN];,LGKT;TSGLL;\P;NVG`K;HJ;G;TQGLP
ρ j 9KIH;RGTT;J[;THPPL LGVOP;PKJMOS;HJ;QJKYP_;HSP;IK[JVRGHIJK;GNPeMGHPL_]
,LGKT; TSGLL; IKNIQGHP; HSP; H_ZP; J[; QJKTHVMQHIJK; HJ; \P
τ j :QHMGL;TSPGV;THVPTT;VGKOP;[JV;HSP;NPHGIL
PRZLJ_PNl; GKN; TSGLL; \P; TMZZLPRPKHPN; \_; TMQS; NGHG
QGHPOJV_
JK; HSP; GTTMRPN; LJGNT<; TSPGVT<; RJRPKHT; GKN; GiIGL
τ\ j 7MQaLIKO;TSPGV;THVPTT [JVQPT; HJ; \P; VPTITHPN; \_; GLL; RPR\PVT; GKN; HSPIV
τG\ j ,PVRITTI\LP;TSPGV;THVPTT;GH;HSP;TPVYIQP QJKKPQHIJKT<; GT; RG_; \P; VPeMIVPN; [JV; HSP; ZVJZPV
LJGN ZVPZGVGHIJK;J[;TSJZ;NVG`IKOT];:K_;TZPQIGL;ZVPQGMHIJK
τQV<P j $LGTHIQ;QVIHIQGL;TSPGV;THVPTT HJ;\P;HGaPK;IK;HSP;PVPQHIJK;J[;THVMQHMVP<;[VJR;HSP;NPTIOK
τ[ j !GHIOMP;TSPGV;THVPTT;VGKOP QJKTINPVGHIJK;TSGLL;GLTJ;\P;IKNIQGHPN;IK;HSP;NVG`IKO]
τ[<;0Gi j =IOSPTH;TSPGV;THVPTT;VGKOP 2:1:!( 5"*3&?$6K#+N)
τ[N j &PTIOK;TSPGV;[GHIOMP;THVPKOHS *SJZ; NVG`IKOT<; OIYIKO; QJRZLPHP; IK[JVRGHIJK
τ[K j !GHIOMP;TSPGV;THVPTT;VGKOP;GH;9*+;Q_QLP KPQPTTGV_;[JV;HSP;[G\VIQGHIJK;J[;HSP;QJRZJKPKH;ZGVHT
[JV;HSP;NPHGIL;QGHPOJV_ J[; HSP; THVMQHMVP; IKQLMNIKO; HSP; LJQGHIJK<; H_ZP<; TIgP<
τY j :QHMGL;TSPGV;THVPTT;GH;TPVYIQP;LJGN LPKOHS;GKN;NPHGIL;J[;GLL;`PLNT;GKN;[GTHPKPVT;TSGLL;\P
ψ j #GHIJ;J[;HSP;RJRPKHT;GH;HSP;PKNT;J[ ZVPZGVPN;IK;GNYGKQP;J[;HSP;GQHMGL;[G\VIQGHIJK];/SP_
HSP;LGHPVGLL_;MKTMZZJVHPN;LPKOHS;J[;;G TSGLL;QLPGVL_;NITHIKOMITS;\PH`PPK;TSJZ;GKN;[IPLN;VIYPHT<
\PGR \JLHT; GKN; `PLNT]; !JV; GNNIHIJKGL; IK[JVRGHIJK; HJ; \P
IKQLMNPN;JK;NVG`IKOT;[JV;NPTIOKT;\GTPN;JK;HSP;MTP;J[
Γ j !VGRP;\MQaLIKO;LJGN;[GQHJV
`PLNIKO<;VP[PVPKQP;TSGLL;\P;RGNP;HJ;GZZVJZVIGHP;1KNIGK
2"/$;j;/SP;TM\TQVIZHT;_<;g;NPKJHP;HSP;_^_;GKN;g^g;GiPT;J[;HSP
*HGKNGVNT];*SJZ;NVG`IKOT;TSGLL;\P;RGNP;IK;QJK[JVRIH_
TPQHIJK<;VPTZPQHIYPL_];!JV;T_RRPHVIQGL;TPQHIJKT<;_^_;NPKJHPT;HSP
RIKJV;ZVIKQIZGL;GiIT;`SILTH;g^g;NPKJHPT;HSP;RGfJV;ZVIKQIZGL;GiIT `IHS;GQQPZHPN;THGKNGVN;o>^>U8Xp](:;RGVaIKO;NIGOVGR
U)'';;X] GLLJHHIKO;NITHIKQH;INPKHI[IQGHIJK;RGVaT;HJ;PGQS;TPZGVGHP
<( *"%$5 ZGVH;J[;THPPL;`JVa;TSGLL;\P;ZVPZGVPN];/SP;NIGOVGR;TSGLL
\P; TM[[IQIPKH; HJ; PKTMVP; QJKYPKIPKH; GTTPR\L_; GKN
!JV;HSP;ZMVZJTP;J[;NPTIOK;QGLQMLGHIJKT;HSP;[JLLJ`IKO PVPQHIJK;GH;TIHP]
MKIHT;GVP;VPQJRRPKNPNb
2:!( *_R\JLT; MTPN; [JV; `PLNIKO; JK; ZLGKT; GKN; TSJZ
GX !JVQPT;GKN;LJGNT<;IK;a2<;a2WR<;a2WR.l NVG`IKOT;TSGLL;\P;GQQJVNIKO;HJ;OJJN;ZVGQHIQP;o>^>U(Xp]

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 1;
;( -&"`."$%&"(/&4(=.=).4(#a.5 Q:!:7:1 (*HPPL;HSGH;IT;KJH;TMZZJVHPN;\_;RILL;HPTH;VPTMLH
RG_;\P;MTPN;JKL_;IK;MKIRZJVHGKH;RPR\PVT;GKN;NPHGILT<
9KLPTT;JHSPV`ITP;TZPQI[IPN;QJKYPKHIJK;MTPN;[JV;RPR\PV
`SPVP;HSPIV;ZVJZPVHIPT;TMQS;GT;NMQHILIH_;GKN;`PLNG\ILIH_
GiPT;IT;GT;[JLLJ`T;U)'';!IO];)Xb
`JMLN;KJH;G[[PQH;HSP;ZPV[JVRGKQP;VPeMIVPRPKHT;J[;HSP
GX 212;GLJKO;HSP;RPR\PV] RPR\PVT;GKN;HSP;THVMQHMVP;GT;G;`SJLP]
\X M1M&GK;GiIT;J[;HSP;QVJTT^TPQHIJK< =J`PYPV<;TMQS;THPPLT;RG_;\P;MTPN;IK;THVMQHMVGL;T_THPR
)X ZPVZPKNIQMLGV;HJ;HSP;[LGKOPT<;GKN G[HPV; QJK[IVRIKO; HSPIV; eMGLIH_; \_; QGVV_IKO; JMH
.X ZPVZPKNIQMLGV; HJ; HSP; TRGLLPV; LPO; IK; GK GZZVJZVIGHP; HPTHT; IK; GQQJVNGKQP; `IHS; HSP; RPHSJN
GKOLP;TPQHIJK] TZPQI[IPN;IK;GQQPZHPN;THGKNGVN;o>^>U-Xp]
QX O1O;GK;GiIT;J[;HSP;QVJTT^TPQHIJK Q:!:<( E$*3'$!#')
)X GiIT;ZGVGLLPL;HJ;[LGKOPT<;GKN
/SP;ZVJZPVHIPT;J[;THVMQHMVGL;THPPL;[JV;MTP;IK;NPTIOK;RG_
.X GiIT; ZGVGLLPL; HJ; TRGLLPV; LPO; IK; GKOLP
\P;HGaPK;GT;OIYPK;IK;Q:!:<:1;GKN;Q:!:<:!]
TPQHIJK]
NX .1.&RGfJV;GiIT;U`SPK;IH;NJPT;KJH;QJIKQINP;`IHS Q:!:<:1( ,S_TIQGL; ZVJZPVHIPT; J[; THVMQHMVGL; THPPL
O1O;GiITX] IVVPTZPQHIYP;J[;IHT;OVGNP;RG_;\P;HGaPK;GTb
PX (1(&RIKJV;GiIT;U`SPK;IH;NJPT;KJH;QJIKQINP;`IHS GX 9KIH;RGTT;J[;THPPL<;ρ;m;-;A(D;aOWR6
M1M;GiITX] \X 0JNMLMT;J[;PLGTHIQIH_<;$;m;.]D;q;)D(;2WRR.
U0,GX
QX ,JITTJK;VGHIJ<;n;m;D]6
NX 0JNMLMT;J[;VIOINIH_<;4;m;D]->B;q;)D(;2WRR.
U0,GX
PX +JP[[IQIPKH; J[; HSPVRGL; PiZGKTIJK
αH&m;).;q;)Dh>Wk+
Q:!:<:!( D'-"6+#-67&3$*3'$!#')&*,&)!$.-!.$67&)!''7
/SP;ZVIKQIZGL;RPQSGKIQGL;ZVJZPVHIPT;J[;HSP;THVMQHMVGL
THPPL; IRZJVHGKH; IK; NPTIOK; GVP; HSP; _IPLN; THVPTT<; ,_l; HSP
HPKTILP; JV; MLHIRGHP; THVPTT<; ,Ml; HSP; RGiIRMR; ZPVQPKH
PLJKOGHIJK; JK; G; THGKNGVN; OGMOP; LPKOHS; GKN; KJHQS
HJMOSKPTT]; $iQPZH; [JV; KJHQS; HJMOSKPTT<; HSP; JHSPV
!14];);:@$*;"!;0$07$#* ZVJZPVHIPT;GVP;NPHPVRIKPN;\_;QJKNMQHIKO;HPKTILP;HPTHT
JK; TGRZLPT; QMH; [VJR; HSP; ZLGHPT<; TPQHIJKT<; PHQ<; IK
'&!%(#$")*1,"2/%&.(/0' GQQJVNGKQP;`IHS;GQQPZHPN;THGKNGVN;o>^>U-Xp];+JRRJKL_
MTPN; ZVJZPVHIPT; [JV; HSP; QJRRJK; THPPL; ZVJNMQHT; J[
Q( ,.".4#' NI[[PVPKH;TZPQI[IQGHIJKT;GVP;TMRRGVIgPN;IK;/G\LP;)]
Q:1( /SP;RGHPVIGL;ZVJZPVHIPT;OIYPK;IK;HSIT;*PQHIJK;GVP Q:!:<:!:1; 5!''7&!.<')
KJRIKGL;YGLMPT<;HJ;\P;GQQPZHPN;GT;QSGVGQHPVITHIQ;YGLMPT
IK;NPTIOK;QGLQMLGHIJKT] *HPPL;HM\PT;MTPN;IK;\MILNIKO;QJKTHVMQHIJK;TSGLL;\P;SJH
[IKITSPN;HM\PT;QJK[JVRIKO;HJ;HSP;VPeMIVPRPKHT;TZPQI[IPN
Q:!(5DNO?DONEF(5DBBF IK;GQQPZHPN;THGKNGVN;o>^>UAXp]
Q:!:1( /SP;ZVJYITIJKT;IK;HSIT;*PQHIJK;GVP;GZZLIQG\LP;HJ Q:!:<:!:!; /M\PT; RGNP; \_; JHSPV; HSGK; SJH; [IKITSIKO
HSP;THPPLT;QJRRJKL_;MTPN;IK;THPPL;QJKTHVMQHIJK;KGRPL_< ZVJQPTTPT<; JV; `SIQS; SGYP; \PPK; TM\fPQHPN; HJ; QJLN
THVMQHMVGL;RILN;THPPL;GKN;SIOS;HPKTILP;THVMQHMVGL;THPPL] `JVaIKO<;TSGLL;\P;VPOGVNPN;GT;SJH;[IKITSPN;I[;HSP_;SGYP
TM\TPeMPKHL_;\PPK;SPGH^HVPGHPN;GKN;GVP;TMZZLIPN;IK;HSP
Q:!:! ( :LL; HSP; THVMQHMVGL; THPPL; MTPN; IK; OPKPVGL KJVRGLIgPN;QJKNIHIJKT]
QJKTHVMQHIJK<;QJRIKO;MKNPV;HSP;ZMVYIP`;J[;HSIT;THGKNGVN
TSGLL;\P[JVP;[G\VIQGHIJK;QJK[JVR;HJ;GQQPZHPN;THGKNGVN 2"/$; j; 4VGNP; $#%; 5*H; ..; HM\PT; TZPQI[IPN; IK; GQQPZHPN
THGKNGVN;o>^>UAXp;`IHS;G;QGV\JK;QJKHPKH;LPTT;HSGK;D]6D;ZPVQPKH<
o>^>U>Xp] RG_;\P;QJKTINPVPN;GT;SJH;[IKITSPN;[JV;HSP;ZMVZJTP;J[;Q:!:<:!:!]
Q:!:7( *HVMQHMVGL;THPPL;JHSPV;HSGK;HSJTP;TZPQI[IPN;IK;Q:!:! Q:!:<:!:7;@7'-!$*%')
RG_;GLTJ;\P;MTPN;ZVJYINPN;HSGH;HSP;ZPVRITTI\LP;THVPTTPT
GKN;JHSPV;NPTIOK;ZVJYITIJKT;GVP;TMIHG\L_;RJNI[IPN;GKN /SP; PLPQHVJNPT; MTPN; [JV; `PLNIKO; THPPL; HM\PT; TSGLL
HSP; THPPL; IT; GLTJ; TMIHG\LP; [JV; HSP; H_ZP; J[; [G\VIQGHIJK QJK[JVR; HJ; HSP; VPeMIVPRPKHT; J[; GQQPZHPN; THGKNGVN
GNJZHPN] o>^>UBXp]

1Q "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
Q:7( 4@XBDH TGHIT[GQHJVIL_;[JV;HSP;IKHPKNPN;ZMVZJTP;NMVIKO;HSP;NPTIOK
LI[P];%IHS;GK;GZZVJZVIGHP;NPOVPP;J[;TG[PH_<;HSP_;TSJMLN
Q:7:1( #IYPHT; TSGLL; \P; RGKM[GQHMVPN; [VJR; THPPL
TMTHGIK; GLL; HSP; LJGNT; GKN; NP[JVRGHIJKT<; NMVIKO
QJK[JVRIKO;HJ;GQQPZHPN;THGKNGVN;o>^>U)DXp];/SP_;RG_
QJKTHVMQHIJK;GKN;MTP;GKN;SGYP;GNPeMGHP;VPTITHGKQP;HJ
GLTJ;\P;RGKM[GQHMVPN;[VJR;THPPL;QJK[JVRIKO;HJ;GQQPZHPN
QPVHGIK; PiZPQHPN; GQQINPKHGL; LJGNT; GKN; [IVP]; *HVMQHMVP
THGKNGVN; o>^>U>Xp; ZVJYINPN; HSGH; HSP; THPPL; RPPHT; HSP
TSJMLN;\P;THG\LP;GKN;SGYP;GLHPVKGHP;LJGN;ZGHST;HJ;ZVPYPKH
VPeMIVPRPKHT;OIYPK;IK;GQQPZHPN;THGKNGVN;o>^>U))Xp]
NITZVJZJVHIJKGHP; JYPVGLL; QJLLGZTP; MKNPV; GQQINPKHGL
Q:7:!( #IYPHT; TSGLL; QJK[JVR; HJ; GQQPZHPN; THGKNGVNT LJGNIKO]
o>^>U).Xp;GT;GZZVJZVIGHP]
9:1:!(D'!"*%)&*,&?')#N+
Q:7:7( P#N"&0'+)#7'&5!''7&H#('!)
9:1:!:1; *HVMQHMVP; GKN; IHT; PLPRPKHT; TSGLL; KJVRGLL_<; \P
=IOS;HPKTILP;THPPL;VIYPHT<;TSGLL;\P;RGKM[GQHMVPN;[VJR NPTIOKPN;\_;HSP;LIRIH;THGHP;RPHSJN];:QQJMKH;TSJMLN;\P
THPPL;QJK[JVRIKO;HJ;GQQPZHPN;THGKNGVN;o>^>U)6Xp] HGaPK;J[;GQQPZHPN;HSPJVIPT<;PiZPVIRPKHGL;IK[JVRGHIJK
GKN;PiZPVIPKQP;GKN;HSP;KPPN;HJ;NPTIOK;[JV;NMVG\ILIH_]
Q:<( )GFDH_("ODH(ECA(^EHPBNH +GLQMLGHIJKT;GLJKP;RG_;KJH;ZVJNMQP;TG[P<;TPVYIQPG\LP
7JLHT<;KMHT;GKN;`GTSPVT;TSGLL;QJK[JVR;GT;GZZVJZVIGHP< GKN; NMVG\LP; THVMQHMVPT]; *MIHG\LP; RGHPVIGLT<; eMGLIH_
HJ;GQQPZHPN;THGKNGVNT;o>^>U)8Xp];/SP;VPQJRRPKNGHIJKT QJKHVJL<;GNPeMGHP;NPHGILIKO;GKN;OJJN;TMZPVYITIJK;GVP
IK;OJJN;ZVGQHIQP;o>^>U)(Xp;TSGLL;\P;[JLLJ`PN] PeMGLL_;IRZJVHGKH]
9:1:!:!( %SPVP; HSP; LIRIH; THGHPT; RPHSJN; QGKKJH; \P
Q:8( 5DBBF(-EHD@CL
QJKYPKIPKHL_;GNJZHPNl;HSP;`JVaIKO;THVPTT;NPTIOK;o)''
*HPPL; QGTHIKO; TSGLL; QJK[JVR; HJ; GQQPZHPN; THGKNGVN *PQHIJK;>URXp;RG_;\P;MTPN]
o>^>U)>Xp;JV;GQQPZHPN;THGKNGVN;o>^>U)-Xp]
9:1:7(?')#N+&E$*-'))
Q:2( ^BFA@CL(-GCHOIERFB *HVMQHMVGL; NPTIOK<; IKQLMNIKO; NPTIOK; [JV; NMVG\ILIH_<
Q:2:1( +JYPVPN; PLPQHVJNPT; TSGLL; QJK[JVR; HJ; GQQPZHPN QJKTHVMQHIJK;GKN;MTP;TSJMLN;\P;QJKTINPVPN;GT;G;`SJLP]
THGKNGVNT;o>^>U)AXp;JV;o>^>U)BXp<;GT;GZZVJZVIGHP] /SP; VPGLIgGHIJK; J[; NPTIOK; J\fPQHIYPT; VPeMIVPT
QJRZLIGKQP;`IHS;QLPGVL_;NP[IKPN;THGKNGVNT;[JV;RGHPVIGLT<
Q:2:!( !ILLPV; VJNT; GKN; `IVPT; [JV; OGT; `PLNIKO; TSGLL [G\VIQGHIJK<;PVPQHIJK;GKN;IK^TPVYIQP;RGIKHPKGKQP]
QJK[JVR;HJ;GQQPZHPN;THGKNGVN;o>^>U.DXp]
9:!( 'GEAH(ECA(/GN?BH
Q:2:7;/SP;TMZZL_;J[;TJLIN;[ILLPV;`IVPT;[JV;TM\RPVOPN
GVQ; `PLNIKO; J[; THVMQHMVGL; THPPLT; TSGLL; QJK[JVR; HJ 9:!:1;!JV;HSP;ZMVZJTP;J[;NPTIOKIKO;GK_;PLPRPKH<;RPR\PV
GQQPZHPN;THGKNGVN;o>^>U.)Xp] JV;G;THVMQHMVP<;HSP;[JLLJ`IKO;LJGNT;UGQHIJKTX;GKN;HSPIV
P[[PQHT;TSGLL;\P;HGaPK;IKHJ;GQQJMKH<;`SPVP;GZZLIQG\LP<
Q:2:<( /SP; \GVP; `IVP; PLPQHVJNPT; [JV; TM\RPVOPN; GVQ
`IHS; ZGVHIGL; TG[PH_; [GQHJVT; GKN; QJR\IKGHIJKT
`PLNIKO;TSGLL;QJK[JVR;HJ;GQQPZHPN;THGKNGVN;o>^>U..Xp]
U)'';11:7:7X]
/SP; QJR\IKGHIJK; J[; `IVP; GKN; [LMi; TSGLL; TGHIT[_; HSP
VPeMIVPRPKHT;J[;GQQPZHPN;THGKNGVN;o>^>U..Xp] GX &PGN;LJGNTl
Q:2:8( !ILLPV;VJNT;GKN;\GVP;PLPQHVJNPT;[JV;OGT;TSIPLNPN \X 1RZJTPN; LJGNT; ULIYP; LJGN<; QVGKP; LJGN<; TKJ`
RPHGL;GVQ;`PLNIKO;TSGLL;QJK[JVR;HJ;GQQPZHPN;THGKNGVNT LJGN<; NMTH; LJGN<; `GYP; LJGN<; PGVHS; ZVPTTMVPT<
o>^>U.6Xp<;GT;GZZVJZVIGHP] PHQXl
QX %IKN;LJGNTl
Q:;( &DPBN(=EDBN@EFH NX $GVHSeMGaP;LJGNTl
"HSPV;RGHPVIGLT;MTPN;IK;GTTJQIGHIJK;`IHS;THVMQHMVGL;THPPL PX $VPQHIJK;LJGNTl
`JVa;TSGLL;QJK[JVR;HJ;GZZVJZVIGHP;1KNIGK;THGKNGVNT] [X :QQINPKHGL;LJGNT;TMQS;GT;HSJTP;NMP;HJ;\LGTH<
IRZGQH;J[;YPSIQLPT<;PHQl;GKN
'&!%(#$")*3,"-&$&./0"4&'(-$
OX *PQJKNGV_; P[[PQHT; NMP; HJ; QJKHVGQHIJK; JV
.&56(.&2&$%'
PiZGKTIJK; VPTMLHIKO; [VJR; HPRZPVGHMVP
9( ,.".4#'(+.5%,"(4.b*%4.=."$5 QSGKOPT<; NI[[PVPKHIGL; TPHHLPRPKHT; J[; HSP
THVMQHMVP; GT; G; `SJLP; JV; J[; IHT; QJRZJKPKHT<
9:1( )EH@H(MGN(+BH@LC PQQPKHVIQ; QJKKPQHIJKT<; VIOINIH_; J[; fJIKHT
NI[[PVIKO;[VJR;NPTIOK;GTTMRZHIJKT]
9:1:1; ?')#N+&Q<R'-!#('
9:!:1:1; &PGN; LJGNT; TSJMLN; \P; GTTMRPN; IK; NPTIOK; GT
/SP; J\fPQHIYP; J[; NPTIOK; IT; HSP; GQSIPYPRPKH; J[; GK
TZPQI[IPN;IK;!;J[;,GVH;>;c*HVMQHMVGL;&PTIOK<;*PQHIJK;)
GQQPZHG\LP; ZVJ\G\ILIH_; HSGH; THVMQHMVPT; `ILL; ZPV[JVR
3JGNT<;!JVQPT;GKN;$[[PQHTd;J[;HSP;+JNP]

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 19
 $ERFB(1($BCH@FB(3NGJBND@BH(GM(5DNO?DONEF(5DBBF(3NGAO?DH
U>76.)')&.]))6<;.]))B;6+%;A].]8].X

)*(+#,( -..%$&%/(( 2"0/%(3(4*0(('5'.0&'#1( !"#$%"&'%(&

)&01/0"/( (
)*!"#;$%&!''; ;+"%,-*%!;.!/',"!;$%&!'';; 0"1/2*%,1/;;
()*; ()*;; )!&3!/%;;
'(); '(); '();
456; 476; 486; 496;; 4:6; 4;6;
?; A; A; A;
;
@; 7BC; 7DC=95C; 7B;
,6; <;=;4796>;
@@; 7:C; 7DC=8DC; 87;
;
0@@; 77C; 7DC=8:C; 8:;
0E9CEE; 88C; 95C=:9C; 5;;
0E95EE; 88C; 95C=:9C; 7C;
0E97EE; 88C; 95C=:9C; 77;
0E98EE; 88C; 95C=:9C; 79;
0E99EE; 88C; 95C=:9C; 79;
0E:CEE; 8;C; :5C=;5C; 5;;
,,6; <;=;45B6>;
0E:5EE; 8;C; :5C=;5C; 5B;
0E:7EE; 8;C; :5C=;5C; 5B;
0E:8EE; 8;C; :5C=;5C; 7C;
0E:9EE; 8;C; :5C=;5C; 7C;
0E::EE; 8;C; :5C=;5C; 7C;
0E:;EE; 8;C; :5C=;5C; 7C;
?; A; A; A;
@; A; 79C=9CC; 7:;
,,,6; <;=;47:6>;
@@; A; 7;C=8FC; 7B;
0@@; A; 7;C=8BC; 87;
;
8H;; 5BC; 88C; 7:;
9H;; 79C; 9CC; 77;
9HB; 87C; 97C;; A;
:H;; 8CC; :CC; 7C;
; :HB; 9CC; :7C;; A;
,G6; <;=;47;6>; ;HB; 9BC; ;CC; A;
; BHB;4*;!5;--6; ;9C;56; BCC; 57;
BHB;4*&r5;--6; ;;C;56; B8C; 57;
FHB; D7C;56; FCC; 5C;
5CHF; F9C;56; 5;C9C;; F;
57HF; 5;5CC;56; 5;77C; B;
5; 7CC; 8DC; 7;;
5I; 77C; 95C; 7:;
7; 78C; 98C; 79;
; 7I; 7:C; 9;C; 77;
G6; <;=;47D6>; 8; 7DC; 9FC; 75;
; 8I; 7BC; :9C; 7C;
9; 87C; ;7C; 5:;
:; 8:C; D5C; 58;
;; 8DC; D9C; 5C;
; ; ; *&1&&+; ; ;
; ; ; ; ; ;
; ; ; !;7C& S;7C& ; ;
$+;8D; 77C; 7CC; 8;C=99C; 7;;
G,6; <;=;47B6>;
$+;97; 7:C; 79C& 95C=:CC& 78;
; &+&& &+&; &+&&
;
; ; ; !5;; r5;; r9C; r;C; r5CC; !;C; r;C;*/#;; r5CC;; !;C; r;C;
; */#; */#; */#; */#; !5CC; */#; */#;
; !9C; !;C; !5CC; !8:C; !8:C; !8:C;
5; 78:; 77:; 75:; 7CC; 5B:; 8;C=9BC; 8;C=9BC; 8:C=9BC; 79; 78;
G,,6; <;=;47F6>; 7; 7;:; 7::; 79:; 75:; 7CC; 95C=:8C; 95C=:8C; 9CC=:8C; 77; 75;
8; 7FC; 7B:; 7BC; 7::; 78C; 9;C=:BC; 9:C=:DC; 99C=:DC; 75; 7C;

!0 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
 $ERFB(1((j;U>*+-7.%'%X
!"#; !$#; !%#; !&#; !'#; !(#;
( ( ; %&)*&&&; ; ;
; ; ; ;
; ; ; ,$+& $+,&+; -;&+; &"+; $%;
2$'+;!34;564;5+4;7#; $'+; $&+; $%+; &%+; $$;
2$8';!34;564;5+4;7#; $8'; $('; $''; &&+; $$;
2%++;!34;564;5+4;7#; %++; $9+; $:+; &9+; $$;
.///#( 0(,(!(#1(
2%'+;!34;564;5+4;7#; %'+; %%+; %$+; '&+; $+;
2&"+;!34;564;5+4;7#; &"+; %9+; %:+; '8+; $+;
2&'+;!34;56#; &'+; &%+; &$+;
;
; ; ;; %;)*;&&; ; ;
; ; ; ;
; ; ; !;$'& -;$';;<=;!;'+; ; ;
?; $%+; $$+; &++,&9+; $$;
/>#; 0(,(!%+#1; ??; $%'; $%'; &++,&9+; $$;
???; $%'; $%'; &++,&9+; $$;
@*;=A;"; $&+; %'+,&'+; $';
>#; 0(,(!%"#1; ; ; ; ;
@*;=A;$; $&'; %(+,&'+; %&;
3<<A;BA=; "(+; %%+;,;&"+; %+;
7)<=/C/)<; ; ; ;
>/#; 0(,(!"+#1; ; ; ; ;
3D,E*;F<; "9+; &"+;,;&9+; $+;
7)<=/C/)<;
GHJ;75CIJ@J; 75C; 88C; 7C;
75CI0KK75C; ; ; ;
; ; ; ;
GHJ;79CIJ@J; 79C; 95C; 5B;
E,,6; <;=;4876>(
79CI0KK79C; ; ; ;
; ; ; ;
GHJ;85CIJ@J; 85C( 9:C; 5:;
85CI0KK85C;
5; 5DC; 7FC; 8C;
7; 75C; 88C; 7B;
E,,,6; <;=;4886>; 8; 79C; 95C; 7:;
9; 7D:; 98C; 7C;
:; 85C; 9FC; 5:;
2"/$*

1; ,PVQPKHGOP; J[; PLJKOGHIJK; TSGLL; \P; HGaPK; JYPV; HSP; OGMOP; LPKOHS; J[; (]>( - , L ; `SPVP; 5D; m; JVIOIKGL; QVJTT^TPQHIJKGL; GVPG; J[; HSP; HPTH
TZPQIRPK]
!(:\\VPYIGHIJKTb;";m;"VNIKGV_<;&;m;&VG`IKO<;&&;m;&PPZ;&VG`IKO<;$&&;m;$iHVG;&PPZ;&VG`IKO]
)X;*HVPTT;GH;D].;ZPVQPKH;KJK^ZVJZJVHIJKGL;PLJKOGHIJK<;D#+8

9:!:1:!; 1RZJTPN;LJGNT;[JV;NI[[PVPKH;H_ZPT;J[;JQQMZGKQ_ TSGLL;\P;HGaPK;GT;D]>;HIRPT;HSP;ZVJfPQHPN;GVPG;J[;HSP

GKN; [MKQHIJK; J[; THVMQHMVPT; TSGLL; \P; HGaPK; GT RPR\PV;U)'';<;J[;,GVH;>;c*HVMQHMVGL;&PTIOK<;*PQHIJK;)
VPQJRRPKNPN; IK; 7; J[; ,GVH; >; c*HVMQHMVGL; &PTIOK< 3JGNT<;!JVQPT;GKN;$[[PQHTdX]
*PQHIJK ); 3JGNT<; !JVQPT; GKN; $[[PQHTd; J[; HSP; +JNP]
9:!:1:<( $GVHSeMGaP;LJGNT;TSGLL;\P;GTTMRPN;GT;ZPV;HSP
1RZJTPN;LJGNT;GVITIKO;[VJR;PeMIZRPKH<;TMQS;GT;QVGKPT
VPQJRRPKNGHIJKT; J[; 8; J[; ,GVH; >; c*HVMQHMVGL; &PTIOK<
GKN; RGQSIKPT; TSJMLN; \P; GTTMRPN; IK; NPTIOK; GT; ZPV
*PQHIJK;);3JGNT<;!JVQPT;GKN;$[[PQHTd;J[;HSP;+JNP]
RGKM[GQHMVPVTWTMZZLIPVT; NGHG; U)''& 9:8:<X]; *KJ`; LJGN
TSGLL;\P;HGaPK;GT;ZPV;IK;2;J[;,GVH;>;c*HVMQHMVGL;&PTIOK< 9:!:1:8; /SP;PVPQHIJK;LJGNT;GKN;HPRZPVGHMVP;P[[PQHT;TSGLL
*PQHIJK;);3JGNT<;!JVQPT;GKN;$[[PQHTd;J[;HSP;+JNP] \P;QJKTINPVPN;GT;TZPQI[IPN;IK;9:7;GKN;9:<_(VPTZPQHIYPL_]
9:!:1:7( %IKN;LJGNT;JK;THVMQHMVPT;TSGLL;\P;HGaPK;GT;ZPV 9:7( .NB?D@GC('GEAH
HSP;ZVJYITIJKT;J[;<;J[;,GVH;>;c*HVMQHMVGL;&PTIOK<;*PQHIJK
:LL;LJGNT;VPeMIVPN;HJ;\P;QGVVIPN;\_;HSP;THVMQHMVP;JV;GK_
);3JGNT<;!JVQPT;GKN;$[[PQHTd;J[;HSP;+JNP]
ZGVH;J[;IH;NMP;HJ;THJVGOP;JV;ZJTIHIJKIKO;J[;QJKTHVMQHIJK
9:!:1:7:1 (J#+%&3$')).$' RGHPVIGL;GKN;PVPQHIJK;PeMIZRPKH<;IKQLMNIKO;GLL;LJGNT
NMP;HJ;JZPVGHIJK;J[;TMQS;PeMIZRPKH;TSGLL;\P;QJKTINPVPN
1K;QGLQMLGHIKO;HSP;P[[PQHIYP;`IKN;ZVPTTMVP;JK;PiZJTPN
GT; PVPQHIJK; LJGNT]; ,VJZPV; ZVJYITIJK; TSGLL; \P; RGNP<
QIVQMLGV;HM\P;RPR\PVT;J[;G;THVMQHMVP<;HSP;P[[PQHIYP;GVPG

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' !1
IKQLMNIKO;HPRZJVGV_;\VGQIKOT<;HJ;HGaP;QGVP;J[;GLL;THVPTTPT LJGNT;TSGLL;IKQLMNP;HSP;YPVHIQGL;LJGNT<;PQQPKHVIQIH_;P[[PQHT
NPYPLJZPN;NMVIKO;PVPQHIJK];&PGN;LJGN<;`IKN;LJGN;GKN IKNMQPN; \_; HSP; YPVHIQGL; LJGNT<; IRZGQH; [GQHJVT<; LGHPVGL
GLTJ;TMQS;ZGVHT;J[;HSP;IRZJTPN;LJGN;GT;`JMLN;\P;IRZJTPN UTMVOPX;GKN;HSP;LJKOIHMNIKGL;USJVIgJKHGLX;HSVMTHT<;KJH;GQHIKO
JK;HSP;THVMQHMVP;NMVIKO;HSP;ZPVIJN;J[;PVPQHIJK;TSGLL;\P TIRMLHGKPJMTL_<; GQVJTT; GKN; GLJKO; HSP; QVGKP; VGIL<
HGaPK;GT;GQHIKO;HJOPHSPV;`IHS;HSP;PVPQHIJK;LJGNT];/SP VPTZPQHIYPL_;o)'';7;J[;,GVH;>;c*HVMQHMVGL;&PTIOK<;*PQHIJK )
THVMQHMVP; GT; G; `SJLP; GKN; GLL; ZGVHT; J[; HSP; THVMQHMVP; IK 3JGNT<;!JVQPT;GKN;$[[PQHTd;J[;HSP;+JNPp]
QJKfMKQHIJK; `IHS; HSP; HPRZJVGV_; \VGQIKOT; TSGLL; \P 9:8:< ( /SP; QVGKP; LJGNT; GKN; HSPIV; QJR\IKGHIJKT; HJ; \P
QGZG\LP;J[;TMTHGIKIKO;HSPTP;LJGNT;NMVIKO;PVPQHIJK]
QJKTINPVPN; TSGLL; \P; GT; IKNIQGHPN; \_; HSP; QMTHJRPV]; 1K
9:<( $BIJBNEDONB(.MMB?DH HSP; G\TPKQP; J[; GK_; TZPQI[IQ; IKNIQGHIJKT<; HSP; LJGN
9:<:1( $iZGKTIJK; GKN; QJKHVGQHIJK; NMP; HJ; QSGKOPT; IK QJR\IKGHIJKT;TSGLL;\P;IK;GQQJVNGKQP;`IHS;HSP;ZVJYITIJKT
HPRZPVGHMVP;J[;HSP;RPR\PVT;GKN;PLPRPKHT;J[;G;THVMQHMVP IK; 7; J[; ,GVH; >; c*HVMQHMVGL; &PTIOK<; *PQHIJK; ); 3JGNT<
TSGLL;\P;QJKTINPVPN;GKN;GNPeMGHP;ZVJYITIJK;RGNP;[JV !JVQPT;GKN;$[[PQHTd;J[;HSP;+JNP;JV;GT;OIYPK;\PLJ`b
TMQS;P[[PQH] GX ?PVHIQGL; LJGNT; `IHS; [MLL; IRZGQH; [VJR; JKP
9:<:!( /SP;HPRZPVGHMVP;VGKOP;YGVIPT;[JV;NI[[PVPKH;LJQGLIHIPT LJGNPN;QVGKP;JV;H`J;QVGKPT;IK;QGTP;J[;HGKNPR
GKN;MKNPV;NI[[PVPKH;NIMVKGL;GKN;TPGTJKGL;QJKNIHIJKT];/SP JZPVGHIJK<;HJOPHSPV;`IHS;YPVHIQGL;LJGNT;`IHSJMH
G\TJLMHP;RGiIRMR;GKN;RIKIRMR;HPRZPVGHMVPT<;`SIQS IRZGQH;[VJR;GT;RGK_;LJGNPN;QVGKPT;GT;RG_
RG_;\P;PiZPQHPN;IK;NI[[PVPKH;LJQGLIHIPT;J[;HSP;QJMKHV_< \P;ZJTIHIJKPN;[JV;RGiIRMR;P[[PQH<;GLJKO;`IHS
RG_; \P; J\HGIKPN; [VJR; HSP; 1KNIG; 0PHPJVJLJOIQGL RGiIRMR; SJVIgJKHGL; HSVMTH; [VJR; JKP; QVGKP
&PZGVHRPKH; GKN; MTPN; IK; GTTPTTIKO; HSP; RGiIRMR JKL_;JV;H`J;IK;QGTP;J[;HGKNPR;JZPVGHIJKl
YGVIGHIJKT; J[; HPRZPVGHMVP; [JV; `SIQS; ZVJYITIJK; [JV \X 3JGNT; GT; TZPQI[IPN; IK; 9:8:<( UGX<; TM\fPQH; HJ
PiZGKTIJK;GKN;QJKHVGQHIJK;SGT;HJ;\P;RGNP;IK;HSP;THVMQHMVP] QVGKPT; IK; RGiIRMR; J[; GK_; H`J; \G_T; J[; HSP
9:<:7( /SP; VGKOP; J[; YGVIGHIJK; IK; HPRZPVGHMVP; J[; HSP \MILNIKO;QVJTT^TPQHIJK;TSGLL;\P;QJKTINPVPN;[JV
\MILNIKO;RGHPVIGLT;RG_;\P;GZZVPQIG\L_;OVPGHPV;JV;LPTTPV RMLHI^\G_;RMLHI^QVGKP;OGKHVIPTl
HSGK;HSP;YGVIGHIJK;J[;GIV;HPRZPVGHMVP;GKN;IT;IK[LMPKQPN QX /SP;LJKOIHMNIKGL;HSVMTH;JK;G;QVGKP;HVGQa;VGIL
\_;HSP;QJKNIHIJK;J[;PiZJTMVP;GKN;HSP;VGHP;GH;`SIQS;HSP TSGLL; \P; QJKTINPVPN; [JV; G; RGiIRMR; J[; H`J
RGHPVIGLT; QJRZJTIKO; HSP; THVMQHMVP; G\TJV\; JV; VGNIGHP LJGNPN;QVGKPT;JK;HSP;HVGQal;GKN
SPGH];/SIT;NI[[PVPKQP;IK;HPRZPVGHMVP;YGVIGHIJKT;J[;HSP
NX 3GHPVGL;HSVMTH;UTMVOPX;GKN;LJKOIHMNIKGL;HSVMTH
RGHPVIGL;GKN;GIV;TSGLL;\P;OIYPK;NMP;QJKTINPVGHIJK];/SP
GQHIKO; GQVJTT; GKN; GLJKO; HSP; QVGKP; VGIL<
P[[PQH;J[;NI[[PVPKHIGL;HPRZPVGHMVP;`IHSIK;GK;PLPRPKH;JV
VPTZPQHIYPL_; TSGLL; \P; GTTMRPN; KJH; HJ; GQH
RPR\PV<;NMP;HJ;ZGVH;PiZJTMVP;HJ;NIVPQH;TMKLIOSH;TSGLL
TIRMLHGKPJMTL_];/SP;P[[PQH;J[;PGQS;[JVQP<;TSGLL
GLTJ;\P;QJKTINPVPN]
SJ`PYPV;\P;IKYPTHIOGHPN;TPZGVGHPL_]
9:<:<( /SP;QJP[[IQIPKH;J[;HSPVRGL;PiZGKTIJK;[JV;THPPL;IT
9:8:8( %SILP; IKYPTHIOGHIKO; HSP; P[[PQH; J[; PGVHSeMGaP
GT;OIYPK;IK;Q:!:<:1UPX]
[JVQPT<;HSP;VPTMLHIKO;P[[PQH;[VJR;NPGN;LJGNT;J[;GLL;QVGKPT
9:8( 'GEA(-GIR@CED@GCH ZGVaPN;IK;PGQS;\G_<;ZJTIHIJKPN;HJ;QGMTP;RGiIRMR;P[[PQH
9:8:1( 3JGN;QJR\IKGHIJKT;[JV;NPTIOK;ZMVZJTPT;TSGLL;\P TSGLL;\P;QJKTINPVPN]
HSJTP; HSGH; ZVJNMQP; RGiIRMR; [JVQPT; GKN; P[[PQHT; GKN 9:8:2( /SP;QVGKP;VMK`G_;OIVNPVT;TMZZJVHIKO;\MRZPVT
QJKTPeMPKHL_;RGiIRMR;THVPTTPT;GKN;NP[JVRGHIJKT];/SP TSGLL; \P; QSPQaPN; [JV; \MRZPV; IRZGQH; LJGNT; GLTJ<; GT
[JLLJ`IKO;QJR\IKGHIJK;J[;LJGNT;`IHS;GZZVJZVIGHP;ZGVHIGL TZPQI[IPN;\_;HSP;RGKM[GQHMVPVT]
TG[PH_;[GQHJVT;U)'';/G\LP;8X;RG_;\P;QJKTINPVPNb
9:8:;( *HVPTTPT;NPYPLJZPN;NMP;HJ;TPQJKNGV_;P[[PQHT;TMQS
GX &PGN;LJGN;s;1RZJTPN;LJGN< GT; SGKNLIKOl; PVPQHIJK<; HPRZPVGHMVP; GKN; TPHHLPRPKH; J[
\X &PGN; LJGN; s; 1RZJTPN; LJGN; s; %IKN; JV [JMKNGHIJKT<;I[;GK_<;TSGLL;\P;GZZVJZVIGHPL_;GNNPN;HJ;HSP
$GVHSeMGaP;LJGN< THVPTTPT;QGLQMLGHPN;[VJR;HSP;QJR\IKGHIJK;J[;LJGNT;THGHPN
QX &PGN;LJGN;s;%IKN;JV;$GVHSeMGaP;LJGN<;GKN IK;9:8:1<;`IHS;GZZVJZVIGHP;ZGVHIGL;TG[PH_;[GQHJVT]
NX &PGN;LJGN;s;$VPQHIJK;LJGN] 9:2 (,BGIBDN@?EF(3NGJBND@BH
2"/$;j;1K;HSP;QGTP;J[;THVMQHMVPT;TMZZJVHIKO;QVGKPT<;IRZJTPN 9:2:1(T'+'$67
LJGNT;TSGLL;IKQLMNP;HSP;QVGKP;P[[PQHT;GT;OIYPK;IK;9:8:<]
/SP;OPJRPHVIQGL;ZVJZPVHIPT;J[;HSP;OVJTT;GKN;HSP;P[[PQHIYP
9:8:!( %IKN; LJGN; GKN; PGVHSeMGaP; LJGNT; TSGLL; KJH; \P QVJTT^TPQHIJKT; J[; G; RPR\PV; JV; ZGVH; HSPVPJ[<; TSGLL; \P
GTTMRPN;HJ;GQH;TIRMLHGKPJMTL_];/SP;P[[PQH;J[;PGQS;TSGLL QGLQMLGHPN;JK;HSP;[JLLJ`IKO;\GTITb
\P;QJKTINPVPN;TPZGVGHPL_]
GX /SP;ZVJZPVHIPT;J[;HSP;OVJTT;QVJTT^TPQHIJK;TSGLL
9:8:7( /SP;P[[PQH;J[;QVGKPT;HJ;\P;QJKTINPVPN;MKNPV;IRZJTPN \P; QGLQMLGHPN; [VJR; HSP; TZPQI[IPN; TIgP; J[; HSP

!! "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
 RPR\PV; JV; ZGVH; HSPVPJ[; JV; VPGN; [VJR NX >76))&[&X57'+%'$V&/;+VJTT^TPQHIJKT;IK;`SIQS
GZZVJZVIGHP;HG\LP] HSP; PLPRPKHT; \MQaLP; LJQGLL_; PYPK; \P[JVP
\X /SP;ZVJZPVHIPT;J[;HSP;P[[PQHIYP;QVJTT^TPQHIJK VPGQSIKO;_IPLN;THVPTT];/SP;`INHS;HJ;HSIQaKPTT
TSGLL;\P;QGLQMLGHPN;\_;NPNMQHIKO;[VJR;HSP;GVPG VGHIJ;J[;ZLGHP;PLPRPKHT;TSGLL;\P;OVPGHPV;HSGK
J[;HSP;OVJTT;QVJTT^TPQHIJK<;HSP;[JLLJ`IKOb HSGH;TZPQI[IPN;MKNPV;+LGTT;6;U*PRI^QJRZGQHX<
IK;/G\LP;.];1K;TMQS;QGTPT<;HSP;P[[PQHIYP;TPQHIJKT
)X /SP;TPQHIJKGL;GVPG;IK;PiQPTT;J[;P[[PQHIYP
[JV; NPTIOK; TSGLL; \P; QGLQMLGHPN; PIHSPV; \_
ZLGHP; `INHS<; IK; QGTP; J[; TLPKNPV; TPQHIJKT
[JLLJ`IKO; HSP; ZVJYITIJKT; J[; OJJN; ZVGQHIQP
U)'';9:;:!X]
o>^>U68Xp; HJ; GQQJMKH; [JV; HSP; ZJTH^LJQGL^
.X /SP;TPQHIJKGL;GVPGT;J[;GLL;SJLPT;IK;HSP;TPQHIJK \MQaLIKO; THVPKOHS; JV; \_; QJKTPVYGHIYPL_
PiQPZH;[JV;ZGVHT;IK;QJRZVPTTIJK];1K;QGTP;J[ NPNMQHIKO; `INHS; J[; HSP; QJRZVPTTIJK; ZLGHP
ZMKQSPN;SJLPT<;SJLP;TIgP;.;RR;IK;PiQPTT;J[ PLPRPKH;IK;PiQPTT;J[;HSP;TPRI^QJRZGQH;TPQHIJK
HSP;GQHMGL;NIGRPHPV;RG_;\P;NPNMQHPN] LIRIH;U)'';!IO];.7;GKN;!IO];.+X]
9:;(-FEHH@M@?ED@GC(GM(-NGHHT5B?D@GCH /SP;NPTIOK;J[;TLPKNPV;`P\;PLPRPKHT;IK;[LPiMVGL
9:;:1( ,LGHP; PLPRPKHT; J[; G; QVJTT^TPQHIJK; RG_; \MQaLP RPR\PVT; RG_; \P; NJKP; GT; OIYPK; IK; 1<:!:1:1
LJQGLL_;NMP;HJ;QJRZVPTTIYP;THVPTTPT];/SP;LJQGL;\MQaLIKO [JV;[LPiMVP;GKN;1<:<:!:!;[JV;TSPGV]
QGK; \P; GYJINPN; \P[JVP; HSP; LIRIH; THGHP; IT; GQSIPYPN; \_ %SPK;NI[[PVPKH;PLPRPKHT;J[;G;QVJTT^TPQHIJK;[GLL;MKNPV
LIRIHIKO;HSP;`INHS;HJ;HSIQaKPTT;VGHIJ;J[;PGQS;PLPRPKH;J[ NI[[PVPKH; QLGTTPT<; HSP; TPQHIJK; TSGLL; \P; QLGTTI[IPN; GT
G;QVJTT^TPQHIJK;TM\fPQHPN;HJ;QJRZVPTTIJK;NMP;HJ;GiIGL OJYPVKPN;\_;HSP;RJTH;QVIHIQGL;PLPRPKH]
[JVQP<;RJRPKH;JV;TSPGV]
/SP;RGiIRMR;YGLMP;J[;LIRIHIKO;`INHS;HJ;HSIQaKPTT;VGHIJT
9:;:1:1( %SPK; ZLGTHIQ; GKGL_TIT; IT; MTPN<; HSP; RPR\PVT J[;PLPRPKHT;[JV;NI[[PVPKH;QLGTTI[IQGHIJKT;J[;TPQHIJKT;GVP
TSGLL;\P;QGZG\LP;J[;[JVRIKO;ZLGTHIQ;SIKOPT;`IHS;TM[[IQIPKH OIYPK;IK;!IO];.:];/SP;P[[PQHIYP;TPQHIJK;IK;QGTP;J[;QLGTT
VJHGHIJK;QGZGQIH_;UNMQHILIH_X;`IHSJMH;LJQGL;\MQaLIKO<;HJ 8;UTLPKNPV;PLPRPKHTX;RG_;\P;QJKTPVYGHIYPL_;HGaPK;GT
PKG\LP;HSP;VPNITHVI\MHIJK;J[;\PKNIKO;RJRPKH;VPeMIVPN TSJ`K;IK;!IO];.7;GKN;!IO];.+]
\P[JVP;[JVRGHIJK;J[;HSP;[GILMVP;RPQSGKITR]
9:;:7(0M3')&*,&@7'Y'+!)
9:;:1:!( %SPK;PLGTHIQ;GKGL_TIT;IT;MTPN<;HSP;RPR\PV;TSGLL
\P; QGZG\LP; J[; NPYPLJZIKO; HSP; _IPLN; THVPTT; MKNPV GX \+!'$+67& '7'Y'+!)& /; /SPTP; GVP; PLPRPKHT
QJRZVPTTIJK;`IHSJMH;LJQGL;\MQaLIKO] GHHGQSPN;GLJKO;\JHS;LJKOIHMNIKGL;PNOPT;HJ;JHSPV
PLPRPKHT; JV; HJ; LJKOIHMNIKGL; THI[[PKPVT
9:;:!("K;\GTIT;J[;HSP;G\JYP<;[JMV;QLGTTPT;J[;TPQHIJKT QJKKPQHPN;GH;TMIHG\LP;IKHPVYGLT;HJ;HVGKTYPVTP
GVP;NP[IKPN;GT;[JLLJ`Tb THI[[PKPVTl;[JV;PiGRZLP;`P\;J[;1^TPQHIJK;GKN
GX >76))&U&UE76)!#-V&/;+VJTT^TPQHIJKT<;`SIQS;QGK [LGKOPT;GKN;`P\;J[;\Ji;TPQHIJK]
NPYPLJZ;ZLGTHIQ;SIKOPT;GKN;SGYP;HSP;VJHGHIJK \X Q.!)#%'&'7'Y'+!)&*$&*.!)!6+%)&/&/SPTP;GVP
QGZGQIH_;VPeMIVPN;[JV;[GILMVP;J[;HSP;THVMQHMVP PLPRPKHT; GHHGQSPN; GLJKO; JKL_; JKP; J[; HSP
\_;[JVRGHIJK;J[;ZLGTHIQ;RPQSGKITR];/SP;`INHS LJKOIHMNIKGL; PNOPT; HJ; GK; GNfGQPKH; PLPRPKH<
HJ;HSIQaKPTT;VGHIJ;J[;ZLGHP;PLPRPKHT;TSGLL;\P HSP;JHSPV;PNOP;\PIKO;[VPP;HJ;NITZLGQP;JMH;J[
LPTT;HSGK;HSGH;TZPQI[IPN;MKNPV;+LGTT;);U,LGTHIQX< ZLGKP<;[JV;PiGRZLP;[LGKOP;JYPVSGKO;J[;GK;1^
IK;/G\LP;.] TPQHIJK<; THPR; J[; /^TPQHIJK; GKN; LPOT; J[; GK
\X >76))& W& X>*Y36-!V& /& +VJTT^TPQHIJKT<; `SIQS GKOLP;TPQHIJK]
QGK;NPYPLJZ;ZLGTHIQ;RJRPKH;J[;VPTITHGKQP<;\MH QX 063'$'%&'7'Y'+!)&/&/SPTP;RG_;\P;HVPGHPN;GT
SGYP;IKGNPeMGHP;ZLGTHIQ;SIKOP;VJHGHIJK;QGZGQIH_ [LGH; PLPRPKHT; SGYIKO; GYPVGOP; HSIQaKPTT; GT
[JV;[JVRGHIJK;J[;ZLGTHIQ;RPQSGKITR<;NMP;HJ;LJQGL NP[IKPN;IK;GQQPZHPN;THGKNGVN;o>^>U6(Xp]
\MQaLIKO];/SP;`INHS;HJ;HSIQaKPTT;VGHIJ;J[;ZLGHP /SP;NPTIOK;J[;TLPKNPV;QJRZVPTTIJK;PLPRPKH;U+LGTT;8X
PLPRPKHT;TSGLL;\P;LPTT;HSGK;HSGH;TZPQI[IPN;MKNPV QJKTINPVIKO;HSP;THVPKOHS;\P_JKN;PLGTHIQ;LJQGL;\MQaLIKO
+LGTT; .; U+JRZGQHX<; \MH; OVPGHPV; HSGK; HSGH J[;PLPRPKH;IT;JMHTINP;HSP;TQJZP;J[;HSIT;TPQHIJK];#P[PVPKQP
TZPQI[IPN;MKNPV;+LGTT;);U,LGTHIQX<;IK;/G\LP;.] RG_; \P; RGNP; HJ; IK; OJJN; ZVGQHIQP; o>^>U68Xp; [JV; TMQS
QX >76))&Z;U5'Y#1-*Y36-!V&/;+VJTT^TPQHIJKT<;IK NPTIOK;ZVJYITIJKT];/SP;NPTIOK;J[;TLPKNPV;`P\;PLPRPKHT
`SIQS; HSP; PiHVPRP; [I\PV; IK; QJRZVPTTIJK; QGK RG_; \P; RGNP; GT; OIYPK; IK; 1<:!:1:1( [JV; [LPiMVP
VPGQS;_IPLN;THVPTT<;\MH;QGKKJH;NPYPLJZ;HSP;ZLGTHIQ GKN 1<:<:!:!([JV;TSPGV]
RJRPKH;J[;VPTITHGKQP<;NMP;HJ;LJQGL;\MQaLIKO]
/SP;`INHS;HJ;HSIQaKPTT;VGHIJ;J[;ZLGHP;PLPRPKHT 9:;:<( >*Y3*.+%& @7'Y'+!)& #+& =.#7!1.3& 5'-!#*+
TSGLL;\P;LPTT;HSGK;HSGH;TZPQI[IPN;MKNPV;+LGTT;6 U)'' !IO] .X
U*PRI^QJRZGQHX<;\MH;OVPGHPV;HSGK;HSGH;TZPQI[IPN 1K;QGTP;J[;QJRZJMKN;PLPRPKHT;QJKTITHIKO;J[;H`J;JV;RJVP
MKNPV;+LGTT;.;U+JRZGQHX<;IK;/G\LP;.] PLPRPKHT;\JLHPN;JV;`PLNPN;HJOPHSPV<;HSP;LIRIHIKO;`INHS

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' !7
HJ;HSIQaKPTT;VGHIJT;GT;IK;/G\LP;.;TSJMLN;\P;QJKTINPVPN QX :K_;JMHTHGKN;J[;HSP;GNNPN;ZLGHPT;\P_JKN;HSP
JK;\GTIT;J[;HSP;[JLLJ`IKOb LIKP; J[; `PLNT; JV; [GTHPKPVT; QJKKPQHIKO; IH; HJ
JVIOIKGL;TPQHIJK;HJ;IHT;J`K;HSIQaKPTT]
GX "MHTHGKNIKO;`INHS;J[;QJRZJMKN;PLPRPKH;U<PX
HJ;IHT;J`K;HSIQaKPTT] 9:Q( =EZ@IOI(.MMB?D@XB(5FBCABNCBHH(4ED@G
\X /SP; IKHPVKGL; `INHS; J[; PGQS; GNNPN; ZLGHP
\PH`PPK; HSP; LIKPT; J[; `PLNT; JV; [GTHPKPVT 9:Q:1(/SP;RGiIRMR;P[[PQHIYP;TLPKNPVKPTT;VGHIJ<;()*'+
QJKKPQHIKO;IH;HJ;HSP;JVIOIKGL;TPQHIJK;HJ;IHT;J`K YGLMPT; J[; G; \PGR<; THVMH; JV; HPKTIJK; RPR\PV; TSGLL; KJH
HSIQaKPTT] PiQPPN; HSJTP; OIYPK; IK; /G\LP; 6]; c()d; IT; HSP; P[[PQHIYP
LPKOHS;J[;HSP;RPR\PV;GKN;c'`;IT;GZZVJZVIGHP;VGNIMT;J[

$ERFB(!('@I@D@CL(^@ADP(DG($P@?SCBHH(4ED@G
U>76.)')&B]-].;6+%;B]-]8X

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7B;DD;"; 7B;DD;$; 7B;DD;%;
LB;DC/M; 7)NO;MC; -AN/,7)NO;MC;
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/#; RSCDC;<=/<T;ABANA<C;)P; 6)BBA=;DAMC/)<; .]&P& 9Q&"; "+Q'"; "'Q8";
M)NO*ADD/)<;PB;<TA;; MAB=A=;DAMC/)<; .]&P& :Q&"; 9Q&"; "%Q(";
//#; ?<CA*<;B;ABANA<C;)P;M)NO*ADD/)<; 7)NO*ADD/)<;=SA;C);UA<=/<T; .]&P& $9Q%"; %%Q'"; &$";
PB;<TA; 3>/;B;M)NO*ADD/)<; .]&P& &$"; &$";
///#; MAU;)P;;<;?4;O;)*; VASC*;B;;>/D;;C;N/=,=AOCW; %]&N& :&"; "+'"; "$(";
U)>;DAMC/)<;; :&" "+'Q+^ "$(Q+"
?P;*";/D;<AT;C/.A; %]&N& ; ; ;
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!5)CW;M*/CA*/;;DW)SB=;UA;D;C/DP/A=#; "]#& 9Q&;"; "+Q'"; "'Q8";
./#; -/<TBA;;<TBA4;)*;=)SUBA;;<TBAD; N/CW;CWA;M)NO)<A<CD;DAO;*;CA=4; $]#& "'Q8"; "'Q8"; "'Q8";
;>/;B;M)NO*ADD/)<;!3BB;CW*AA;M*/CA*/;;DW)SB=;UA;D;C/DP/A=#; "]#& "'Q8"; "'Q8"; "'Q8";
!$_"#]#& $'"; $'"; $'";
.//#; RSCDC;<=/<T;BAT;)P;;<;;<TBA;/<;M)<C;MC;U;MY,C),U;MY;/<;;;=)SUBA; "]#& 9Q&"; "+Q'"; "'Q8";
;<TBA;NANUA*;
.///#; RSCDC;<=/<T;BAT;)P;;<;;<TBA;N/CW;/CD;U;MY;/<;M)<C/<S)SD;M)<C;MC; "]#; 9Q&"; "+Q'"; "'Q8";
N/CW;;<)CWA*;M)NO)<A<C;
/>#; -CAN;)P;;;Z,DAMC/)<4;*)BBA=;)*;MSC;P*)N;;;*)BBA=;?,)*;O,DAMC/)<; "]#; :Q&"; 9Q&"; ":Q9";
>#; 7/*MSB;*;W)BB)N;CSUA4;/<MBS=/<T;NAB=A=;CSUA;DSU[AMCA=;C)\; & ; ; ;
;#;N)NA<C;; %]#& &$"$; '$"$; "&("$;
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1($LPRPKHT;`SIQS;PiQPPN;TPRI^QJRZGQH;LIRIHT;GVP;HJ;\P;HGaPK;GT;J[;TLPKNPV;+VJTT^TPQHIJK
!!ε&m;U.(D;W;'_;X)W.
7(%P\T;TSGLL;\P;QSPQaPN;[JV;TSPGV;\MQaLIKO;IK;GQQJVNGKQP;`IHS;1<:<:!;`SPK;!W"&P;>-ε];%SPVP<;#;IT;HSP;`INHS;J[;HSP;PLPRPKH;RG_;\P
HGaPK;GT;QLPGV;NITHGKQP;\PH`PPK;LGHPVGL;TMZZJVHT;JV;\PH`PPK;LGHPVGL;TMZZJVH;GKN;[VPP;PNOP<;GT;GZZVJZVIGHP<;H;IT;HSP;HSIQaKPTT;J[;PLPRPKH<
N;IT;HSP;NPZHS;J[;HSP;`P\<;$;IT;HSP;JMHPV;NIGRPHPV;J[;HSP;PLPRPKH;U%&&;!IO;.<;9:;:7;GKN;9:;:<X]
<(&I[[PVPKH;PLPRPKHT;J[;G;QVJTT^TPQHIJK;QGK;\P;IK;NI[[PVPKH;QLGTTPT];1K;TMQS;QGTPT;HSP;TPQHIJK;IT;QLGTTI[IPN;\GTPN;JK;HSP;LPGTH;[GYJMVG\LP
QLGTTI[IQGHIJK]
8(/SP;THVPTT;VGHIJ;');GKN;'.;GVP;NP[IKPN;GTb
I3%Q*";*G!&*2!;*E,*";'%&!'';4/!2*%,G!L;,R;%!/',"!6
');m;
@!',2/;31-S&!'',G!;'%&!'';1R;.!T;*"1/!
I3%Q*";*G!&*2!;*E,*";'%&!'';4/!2*%,G!L;,R;%!/',"!6
'.;m;
@!',2/;31-S&!'',G!;'%&!'';1R;1G!&*"";'!3%,1/

!< "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
 !14 ];.;+3:**1!1+:/1"2;"!;*$+/1"2* ;j;U,-."/.0&!X

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' !8
 !14 ];.;+3:**1!1+:/1"2;"!;* $+/1"2*

O_VGHIJK; \GTPN; JK; HSP; P[[PQHIYP; TPQHIJK; GT; NP[IKPN /J; VPTITH; HJVTIJKGL; P[[PQHT; J[; `IKN; GKN; PGVHSeMGaP
IK 9:2:1] [JVQPT<; \VGQIKOT; IK; ZLGK; TSJMLN; \P; ZVJYINPN; GKN
IKHPOVGLL_; QJKKPQHPN; `IHS; HSP; LJKOIHMNIKGL; GKN
9:9( 4BH@HDEC?B(DG([GN@cGCDEF(/GN?BH HVGKTYPVTP; \VGQIKOT<; HJ; IRZGVH; GNPeMGHP; HJVTIJKGL
9:9:1(1K;NPTIOKIKO;HSP;THPPL;[VGRP;`JVa;J[;G;\MILNIKO< VPTITHGKQP;HJ;HSP;THVMQHMVP]
ZVJYITIJK; TSGLL; \P; RGNP; U\_; GNPeMGHP; RJRPKH 9:9:7:1; 1K; TSPN; H_ZP; THPPL; RILL; \MILNIKOT<; GNPeMGHP
QJKKPQHIJKT;JV;\_;G;T_THPR;J[;\VGQIKOX;HJ;P[[PQHIYPL_ \VGQIKOT; TSGLL; \P; ZVJYINPN; HJ; HVGKT[PV; HSP; `IKN; JV
HVGKTRIH; HJ; HSP; [JMKNGHIJKT; GLL; HSP; SJVIgJKHGL; [JVQPT< PGVHSeMGaP; LJGNT; [VJR; HSPIV; ZJIKHT; J[; GQHIJK; HJ; HSP
OIYIKO; NMP; GLLJ`GKQP; [JV; HSP; THI[[PKIKO; P[[PQH; J[; HSP GZZVJZVIGHP; TMZZJVHIKO; RPR\PVT]; %SPVP; HSP
`GLLT;GKN;[LJJVT<;`SPVP;GZZLIQG\LP] QJKKPQHIJKT; HJ; HSP; IKHPVIJV; QJLMRKT; JV; [VGRPT; GVP
9:9:! %SPK;HSP;`GLLT<;JV;`GLLT;GKN;[LJJVT;GKNWJV;VJJ[T NPTIOKPN;TMQS;HSGH;HSP;`IKN;JV;PGVHSeMGaP;LJGNT;`ILL
GVP;QGZG\LP;J[;P[[PQHIYPL_;HVGKTRIHHIKO;GLL;HSP;SJVIgJKHGL KJH;\P;HVGKT[PVVPN;HJ;HSP;IKHPVIJV;QJLMRKT<;HSP;PiHPVIJV
[JVQPT;NIVPQHL_;HJ;HSP;[JMKNGHIJKT<;HSP;THVMQHMVGL;THPPL QJLMRKT;JV;[VGRPT;TSGLL;\P;NPTIOKPN;HJ;VPTITH;HSP;HJHGL
[VGRP`JVa;RG_;\P;NPTIOKPN;`IHSJMH;QJKTINPVIKO;HSP `IKN;JV;PGVHSeMGaP;LJGNT];%SPVP;HSP;QJKKPQHIJKT;HJ
P[[PQH;J[;`IKN;JV;PGVHSeMGaP] HSP;IKHPVIJV;QJLMRKT;GKN;[VGRPT;GVP;NPTIOKPN;TMQS;HSGH
HSP; `IKN; JV; PGVHSeMGaP; P[[PQHT; GVP; HVGKT[PVVPN; HJ; HSP
9:9:7( %IKN;GKN;PGVHSeMGaP;[JVQPT;GVP;VPYPVTI\LP;GKN IKHPVIJV; QJLMRKT; GLTJ<; GKN; `SPVP; GNPeMGHP; VIOIN
HSPVP[JVP; QGLL; [JV; VIOINIH_; GKN; THVPKOHS; MKNPV; [JVQP NIGZSVGOR;GQHIJK;QGK;\P;RJ\ILIgPN;GT;IK;HSP;QGTP;J[
VPYPVTGL;IK;\JHS;LJKOIHMNIKGL;GKN;HVGKTYPVTP;NIVPQHIJKT] HSP; QGTH^IK; ZLGQP; #+; TLG\<; \JHS; PiHPVIJV; GKN; IKHPVIJV

!2 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
 $ERFB(7(=EZ@IOI(`EFOBH(GM(.MMB?D@XB 9:9:8( 122&."'/23445&6432&!&)-3!%
5FBCABNCBHH(4ED@GH %SPVP; G; `GLL<; JV; JHSPV; OVGYIH_; LJGN<; IT; ZLGQPN
U,430%&&B]A])X PQQPKHVIQGLL_;MZJK;HSP;[LGKOP;J[;G;TMZZJVHIKO;THPPL;\PGR<
HSP; \PGR; GKN; IHT; QJKKPQHIJKT; TSGLL; \P; NPTIOKPN; [JV
'"( 4(/5(1( 4#6+/7/( HJVTIJK<;MKLPTT;HSP;\PGR;IT;VPTHVGIKPN;LGHPVGLL_;IK;TMQS
-%.( 2&&()*+8((
'"(,9(1,($$((
G;`G_;GT;HJ;ZVPYPKH;HSP;H`ITHIKO;J[;HSP;\PGR]
3#*+%(
()]!( 9:10( .ZJECH@GC(dG@CDH
!"#; !$#; !%#;
$iZGKTIJK; fJIKHT; IK; QGTP; J[; LJ`^VITP; \MILNIKOT; TSGLL
/#; 3; NANUA*; M;**X/<T; M)NO*ADD/.A; B);=D; ":+;
*ADSBC/<T; /*)N; =A;=; B);=D; ;<=; /NO)DA=; QJRZL_; `IHS; 9:10:1( HJ( 9:10:<]; !JV; VPeMIVPRPKH; J[
B);=D; PiZGKTIJK; fJIKHT; IK; SIOS^VITP; \MILNIKOT<; TZPQIGLITH
//#; 3; CA<D/)<; NANUA*; /<; FW/MW; ;; *A.A*D;B; )/; ":+; LIHPVGHMVP;TSGLL;\P;VP[PVVPN;HJ]
=/*AMC;DC*ADD;)MMS*D;=SA;C);B);=D;)CWA*;CW;<;
F/<=;)*;DA/DN/M;/)*MAD; 9:10:1(1K;YIP`;J[;HSP;LGVOP;KMR\PV;J[;[GQHJVT;IKYJLYPN
///#; 3;NANUA*;DSU[AMCA=;C);M)NO*ADD/)<;/)*MAD; $'+;
*ADSBC/<T; )<BX; /*)N; M)NU/<;C/)<; F/CW;
IK; NPQINIKO; HSP; LJQGHIJK<; TZGQIKO; GKN; KGHMVP; J[
F/<=UA;*CW]S;YA; ;MC/)<D4; O*)./=A=; CWA; PiZGKTIJK;fJIKHT<;HSP;NPQITIJK;VPOGVNIKO;ZVJYITIJK;J[
=A/)*N;C/)<; )/; DSMW; NANUA*; =)AD; <)C; PiZGKTIJK;fJIKHT;TSGLL;\P;LP[H;HJ;HSP;NITQVPHIJK;J[;HSP
;=.A*DABX;;//AMC;CWA;DC*ADD;/<;;<X;O;*C;)/;CWA; NPTIOKPV]
DC*SMCS*A;
/.#; 7)NO*ADD/)<; /B;<TA; )/; ;; UA;N; ;T;/<DC; %++; 9:10:!( *HVMQHMVPT; IK; `SIQS; RGVaPN; QSGKOPT; IK; ZLGK
B;CA*;B;C)*D/)<;B;USMYB/<T;;
.#; 3;NANUA*;<)*N;BBX;;MC/<T;;D;;;C/A;/<;;;*))/; %'+; NIRPKTIJKT;HGaP;ZLGQP;G\VMZHL_<;TSGLL;\P;ZVJYINPN;`IHS
C*SDD; )*; ;; U*;M/<T; DXDCAN; <)C; M)<D/=A*A=; PiZGKTIJK; fJIKHT; GH; HSP; TPQHIJK; `SPVP; TMQS; QSGKOPT
A//AMC/.A; FWA<; DSU[AMC; C); O)DD/UBA; *A.A*D;B; JQQMV];$iZGKTIJK;fJIKHT;TSGLL;\P;TJ;ZVJYINPN;HSGH;HSP
)/; DC*ADD; /<C); M)NO*ADD/)<; *ADSBC/<T; /*)N;
CWA;;MC/)<;)/;F/<=;)*;A;*CW]S;YA;/)*MAD"#; KPQPTTGV_;RJYPRPKH;JQQMVT;`IHS;RIKIRMR;VPTITHGKQP
./#; ^ANUA*D; ;BF;XD; S<=A*; CA<D/)<"#; !)CWA*; &++; GH;HSP;fJIKH];/SP;OGZ;GH;HSP;PiZGKTIJK;fJIKH;TSJMLN;\P
CW;<;O*A,CA<D/)<A=;NANUA*D#; TMQS;HSGH<
)X(/PKTIJK;RPR\PVT<;TMQS;GT;\VGQIKOT<;ZVP^HPKTIJKPN;HJ;GYJIN;TGO< GX IH; GQQJRRJNGHPT; HSP; PiZPQHPN; PiZGKTIJKW
KPPN;KJH;TGHIT[_;HSP;RGiIRMR;TLPKNPVKPTT;VGHIJ;LIRIHT] QJKHVGQHIJK; NMP; HJ; TPGTJKGL; GKN; NIMVKGL
YGVIGHIJK;J[;HPRZPVGHMVPl;GKN
QJLMRKT;GKN;[VGRPT;RG_;\P;NPTIOKPN;JK;HSP;GTTMRZHIJK
HSGH;HSP;`IKN;JV;PGVHSeMGaP;LJGN;IT;NIYINPN;GRJKO;HSPR \X IH; GYJINT; ZJMKNIKO; J[; GNfGQPKH; MKIHT; MKNPV
IK;ZVJZJVHIJK;HJ;HSPIV;VPLGHIYP;THI[[KPTT];+JLMRKT;GLTJ PGVHSeMGaP];/SP;THVMQHMVP;;;GNfGQPKH;HJ;HSP;fJIKH
TSJMLN;\P;NPTIOKPN;HJ;`IHSTHGKN;HSP;KPH;MZLI[HIKO;P[[PQH TSJMLN; ZVP[PVG\L_; \P; TMZZJVHPN; JK; TPZGVGHP
QGMTPN; \_; PiQPTTIYP; `IKN; JV; PGVHSeMGaP]; :NNIHIJKGL QJLMRKT; ; ; \MH; KJH; KPQPTTGVIL_; JK; TPZGVGHP
GiIGL; [JVQPT; GVITIKO; IK; GNfGQPKH; QJLMRKT; NMP; HJ; HSP [JMKNGHIJKT]
YPVHIQGL;QJRZJKPKH;J[;\VGQIKOT;JV;NMP;HJ;[VGRP;GQHIJK 9:10:7( /SP;NPHGILT;GT;HJ;HSP;LPKOHS;J[;G;THVMQHMVP;`SPVP
TSGLL;GLTJ;\P;GQQJMKHPN;[JV]
PiZGKTIJK;fJIKHT;SGYP;HJ;\P;ZVJYINPN;RG_;\P;NPHPVRIKPN
9:9:7:!; $GVHSeMGaP; [JVQPT; GVP; ZVJZJVHIJKGL; HJ; HSP G[HPV;HGaIKO;IKHJ;QJKTINPVGHIJK;YGVIJMT;[GQHJVT;TMQS;GT
TPITRIQ; RGTT; GT; NP[IKPN; IK; 8; J[; ,GVH; >; c*HVMQHMVGL HPRZPVGHMVP<;PiZJTMVP;HJ;`PGHSPV;GKN;THVMQHMVGL;NPTIOK]
&PTIOK<; *PQHIJK; ); 3JGNT<; !JVQPT; GKN; $[[PQHTd; J[; HSP /SP; ZVJYITIJKT; IK; 9:10:7:1; HJ; 9:10:7:7; GVP; OIYPK; GT
+JNP];$GVHSeMGaP;[JVQPT;TSJMLN;\P;GZZLIPN;GH;HSP;QPKHVP OPKPVGL;OMINGKQP]
J[; OVGYIH_; J[; GLL; TMQS; QJRZJKPKHT; J[; RGTT; GKN; HSPIV
9:10:7:1 ;1[;JKP;\G_;J[;LJKOIHMNIKGL;\VGQIKO;IT;ZVJYINPN
HVGKT[PV; HJ; HSP; [JMKNGHIJK; TSJMLN; \P; PKTMVPN]; "HSPV
QJKTHVMQHIJK; NPHGILT<; THIZMLGHPN; IK; OJJN; ZVGQHIQP GH; HSP; QPKHVP; J[; HSP; \MILNIKO; JV; \MILNIKO; TPQHIJK<; HSP
o>^>U6>Xp;TSJMLN;GLTJ;\P;[JLLJ`PN] LPKOHS;J[;HSP;\MILNIKO;TPQHIJK;RG_;\P;VPTHVIQHPN;HJ;)AD;R
IK;QGTP;J[;QJYPVPN;\MILNIKOT;GKN;).D;R;IK;QGTP;J[;JZPK
9:9:7:7 ;1K;\MILNIKOT;`SPVP;SIOS^TZPPN;HVGYPLLIKO;QVGKPT OGKHVIPT;U%&&&!IO];6X]
GVP; TMZZJVHPN; JV; `SPVP; G; \MILNIKO; JV; THVMQHMVP; IT
JHSPV`ITP;TM\fPQHPN;HJ;YI\VGHIJK;JV;T`G_<;HVIGKOMLGHPN 9:10:7:!;1[;RJVP;HSGK;JKP;\G_;J[;LJKOIHMNIKGL;\VGQIKO
\VGQIKO; JV; VIOIN; ZJVHGL; T_THPRT; TSGLL; \P; ZVJYINPN; HJ IT;ZVJYINPN;KPGV;HSP;QPKHVP;J[;HSP;\MILNIKOWTPQHIJK<;HSP
VPNMQP;HSP;YI\VGHIJK;JV;T`G_;HJ;GK;GQQPZHG\LP;RIKIRMR] RGiIRMR;QPKHVP;LIKP;NITHGKQP;\PH`PPK;HSP;H`J;LIKPT;J[
\VGQIKO;RG_;\P;VPTHVIQHPN;HJ;(D;R;[JV;QJYPVPN;\MILNIKOT
9:9:<( 7-0.!3"/-.% UGKN;6D;R;[JV;JZPK;OGKHVIPTX;GKN;HSP;RGiIRMR;NITHGKQP
/SP;[JMKNGHIJKT;J[;G;\MILNIKO;JV;JHSPV;THVMQHMVPT;TSGLL \PH`PPK; HSP; QPKHVP; J[; HSP; \VGQIKO; HJ; HSP; KPGVPTH
\P;NPTIOKPN;HJ;ZVJYINP;HSP;VIOINIH_;GKN;THVPKOHS;HSGH PiZGKTIJK; fJIKHWPKN; J[; \MILNIKO; JV; TPQHIJK; RG_; \P
SGT; \PPK; GTTMRPN; IK; HSP; GKGL_TIT; GKN; NPTIOK; J[; HSP VPTHVIQHPN;HJ;BD;R;U>D;R;IK;QGTP;J[;JZPK;OGKHVIPTX];/SP
TMZPVTHVMQHMVP] RGiIRMR;LPKOHS;J[;HSP;\MILNIKO;TPQHIJK;HSMT;RG_;\P

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' !;
 J[;10:!(GKN;10:7;GKN;JKP;J[;HSP;[JLLJ`IKO;RPHSJNT;J[
GKGL_TITb
GX $LGTHIQ;GKGL_TIT;IK;GQQJVNGKQP;`IHS;10:<<
\X ,LGTHIQ;GKGL_TIT;IK;GQQJVNGKQP;`IHS;10:8<
QX :NYGKQPN; GKGL_TIT; IK; GQQJVNGKQP; `IHS
:KKPi(:<;JV
NX &_KGRIQ;GKGL_TIT;IK;GQQJVNGKQP;`IHS;8;J[;,GVH
>;c*HVMQHMVGL;&PTIOK<;*PQHIJK;);3JGNT<;!JVQPT
GKN;$[[PQHTd;J[;HSP;+JNP]
/SP;NPTIOK;GQHIJK;P[[PQHT;[JV;NPTIOK;\GTIT;PGVHSeMGaP
! 14];6;0:@1090;3$24/=;"!;7913&124;%1/=;"2$ LJGNT;TSGLL;\P;J\HGIKPN;JKL_;\_;GK;PLGTHIQ;GKGL_TIT];/SP
7 :5;"!;7#:+124 RGiIRMR;QVPNI\LP;PGVHSeMGaP;LJGNT(TSGLL;\P;GTTMRPN
HJ;QJVVPTZJKN;HJ;HSP;LJGN;GH;`SIQS;TIOKI[IQGKH;ZLGTHIQ
VPTHVIQHPN;HJ;.6D;R;[JV;QJYPVPN;\MILNIKOT;U)(D;R;[JV SIKOPT;GVP;[JVRPN;IK;HSP;THVMQHMVP;GKN;HSP;QJVVPTZJKNIKO
JZPK;OGKHVIPTX];7P_JKN;HSIT<;TMIHG\LP;PiZGKTIJK;fJIKHT P[[PQHT;TSGLL;\P;J\HGIKPN;\_;ZLGTHIQ;JV;GNYGKQPN;GKGL_TIT]
TSGLL;\P;ZVJYINPN;U%&&&!IO];8X] 0JVP; IK[JVRGHIJK; JK; GKGL_TIT; GKN; NPTIOK; HJ; VPTITH
9:10:7:7; /SP;RGiIRMR;`INHS;J[;HSP;QJYPVPN;\MILNIKO PGVHSeMGaP; IT; OIYPK; IK; *PQHIJK; >UKX; GKN; 8; J[; ,GVH; >
TPQHIJK;TSJMLN;ZVP[PVG\L_;\P;VPTHVIQHPN;HJ;)(D;R;\P_JKN c*HVMQHMVGL;&PTIOK<;*PQHIJK;);3JGNT<;!JVQPT;GKN;$[[PQHTd
`SIQS;TMIHG\LP;ZVJYITIJKT;[JV;HSP;PiZGKTIJK;fJIKH;RG_ J[;HSP;+JNP]
\P;RGNP] 10:1:!& 9-.:;<35&3.!&;<35&7'3=&%
9:10:<( %SPK;HSP;ZVJYITIJKT;J[;HSPTP;TPQHIJKT;GVP;RPH;[JV !JV;HSP;ZMVZJTP;J[;GKGL_TIT;GKN;NPTIOK<;HSP;THVMQHMVGL
G;\MILNIKO;JV;JZPK;THVMQHMVP;RGNP;JKL_;J[;THPPL;[VGRP [VGRPT;GVP;QLGTTI[IPN;GT;KJK^T`G_;GKN;T`G_;[VGRPT;GT
`IHS; PLGTHIQ; THPPL; QLGNNIKOT<; HSP; THVPTT; GKGL_TIT; NMP; HJ OIYPK;\PLJ`b
HPRZPVGHMVP;IT;KJH;VPeMIVPN];=J`PYPV<;[JV;\MILNIKOT;`IHS
THPPL;QJKQVPHP;QJRZJTIHP;QJKTHVMQHIJK<;TZPQIGLITH;LIHPVGHMVP GX 9-.:%<35& >'3=&& j; "KP; IK; `SIQS; HSP
RG_;\P;VP[PVVPN;HJ;NPQINP;JK;HSPVRGL;THVPTT;NPTIOK] HVGKTYPVTP; NITZLGQPRPKH; J[; JKP; PKN; J[; HSP
RPR\PV;VPLGHIYP;HJ;HSP;JHSPV;PKN;IT;P[[PQHIYPL_
'&!%(#$")*7,"2&%8#4'"#9 ZVPYPKHPN];/SIT;GZZLIPT;HJ;HVIGKOMLGHPN;[VGRPT
'%.6!%6./0"/$/0:'(' GKN; HVMTTPT; JV; HJ; [VGRPT; `SPVP; IK^ZLGKP
THI[[KPTT;IT;ZVJYINPN;\_;\VGQIKOT<;JV;\_;TSPGV
10(=.$[&+5(&/(5$4*-$*4#'(#"#'>5%5 `GLLT<;JV;\_;[LJJV;TLG\T;GKN;VJJ[;NPQaT;TPQMVPN
SJVIgJKHGLL_; HJ; `GLLT; JV; HJ; \VGQIKO; T_THPRT
10:1( =BDPGAH(GM(+BDBNI@C@CL(#?D@GC(.MMB?DH
ZGVGLLPL;HJ;HSP;ZLGKP;J[;LJGNIKO;GKN;\PKNIKO
10:1:1(8&.&'34 J[;HSP;[VGRP]
!JV;HSP;ZMVZJTP;J[;QJRZL_IKO;`IHS;HSP;VPeMIVPRPKHT;J[ \X ;<35&>'3=&&j;"KP;IK;`SIQS;HSP;HVGKTYPVTP
HSP;LIRIH;THGHPT;J[;THG\ILIH_<;THVPKOHS;GKN;TPVYIQPG\ILIH_ NITZLGQPRPKH; J[; JKP; PKN; J[; HSP; RPR\PV
TZPQI[IPN;IK;*PQHIJK;>UPX_;P[[PQHT;J[;NPTIOK;GQHIJKT;JK;G VPLGHIYP; HJ; HSP; JHSPV; PKN; IT; KJH; P[[PQHIYPL_
THVMQHMVP; GKN; IHT; RPR\PVT; GKN; QJKKPQHIJKT<; TSGLL; \P ZVPYPKHPN];*MQS;RPR\PVT;GKN;[VGRPT;JQQMV
NPHPVRIKPN;\_;THVMQHMVGL;GKGL_TIT;MTIKO;HSP;GTTMRZHIJKT IK;THVMQHMVPT;`SIQS;NPZPKN;JK;[LPiMVGL;GQHIJK

! 14];8;0 :@1090;3$24/=;"!;+"?$#$& ;7913&124W*$+/1"2;%1/=;/%";7:5*;"!;7#:+124*

!Q "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
 J[;RPR\PVT;HJ;VPTITH;LGHPVGL;LJGNT;GKN;T`G_< RPR\PVT;U\PGR;GKN;QJLMRKX;GH;HSPIV;fMKQHIJK;`ILL;KJH
GT;IK;RJRPKH;VPTITHIKO;[VGRPT] VPTITH;GK_;GZZVPQIG\LP;RJRPKH;GKN;TSGLL;\P;GTTMRPN;HJ
QX :; VIOIN; fJIKHPN; RMLHI^THJVP_; [VGRP; RG_; \P \P;SIKOPN]
QJKTINPVPN;GT;G;KJK^T`G_;[VGRP;I[;IK;PYPV_ 10:!:!( $&%/A.&->&2-..&2"/-.%
IKNIYINMGL; THJVP_<; HSP; NP[LPQHIJK; !<; JYPV; G
THJVP_;SPIOSH;?T;NMP;HJ;HSP;KJHIJKGL;SJVIgJKHGL /SP;NPTIOK;J[;GLL;QJKKPQHIJKT;TSGLL;\P;QJKTITHPKH;`IHS
LJGNIKO;OIYPK;IK;10:7:2;TGHIT[IPT;HSP;[JLLJ`IKO HSP; [JVR; J[; QJKTHVMQHIJK<; GKN; HSP; \PSGYIJMV; J[; HSP
QVIHPVIGb QJKKPQHIJKT;TSGLL;KJH;GNYPVTPL_;G[[PQH;GK_;JHSPV;ZGVH;J[
HSP; THVMQHMVP; \P_JKN; `SGH; IT; GLLJ`PN; [JV; IK; NPTIOK]
)X !JV;QLGN;[VGRPT<;`SPK;HSP;THI[[PKIKO;P[[PQH
+JKKPQHIJKT; TSGLL; \P; NPTIOKPN; IK; GQQJVNGKQP; `IHS
J[;HSP;QLGNNIKO;IT;KJH;HGaPK;IKHJ;GQQJMKH
*PQHIJK;>UaX]
IK;HSP;NP[LPQHIJK;QGLQMLGHIJKTb
*0 10:7( #HHOIJD@GCH(@C(#CEFKH@H
δ ≤
7 CCC
10:7:1(/SP;THVMQHMVP;TSGLL;\P;GKGL_TPN;IK;IHT;PKHIVPH_
.X !JV;MKQLGN;[VGRP;JV;QLGN;[VGRPT<;`SPK PiQPZH;GT;[JLLJ`Tb
HSP; THI[[PKIKO; P[[PQH; J[; HSP; QLGNNIKO; IT GX #POMLGV;\MILNIKO;THVMQHMVPT<;`IHS;JVHSJOJKGL
HGaPK; IKHJ; GQQJMKH; IK; HSP; NP[LPQHIJK [VGRPT;IK;ZLGK<;RG_;\P;GKGL_TPN;GT;G;TPVIPT;J[
QGLQMLGHIJKTb ZGVGLLPL;H`J^NIRPKTIJKGL;TM\^THVMQHMVPT;UZGVH
δ ≤
*0 J[;G;THVMQHMVPX<;HSP;GKGL_TIT;\PIKO;QGVVIPN;JMH
9 CCC IK;PGQS;J[;HSP;H`J;NIVPQHIJKT<;GH;VIOSH;GKOLPT
6X :; [VGRP<; `SIQS; `SPK; GKGL_TPN HJ;PGQS;JHSPV<;PiQPZH;`SPK;HSPVP;IT;TIOKI[IQGKH
QJKTINPVIKO; GLL; HSP; LGHPVGL; TMZZJVHIKO LJGN;VPNITHVI\MHIJK;\PH`PPK;HSP;TM\^THVMQHMVPT
T_THPR;NJPT;KJH;QJRZL_;`IHS;HSP;G\JYP UZGVH;J[;G;THVMQHMVPX];!JV;PGVHSeMGaP;LJGNIKO
QVIHPVIG<; TSJMLN; \P; QLGTTI[IPN; GT; G; T`G_ HSVPP;NIRPKTIJKGL;GKGL_TIT;RG_;\P;KPQPTTGV_
[VGRP<;PYPK;I[;IH;IT;\VGQPN;JV;JHSPV`ITP HJ;GQQJMKH;[JV;P[[PQHT;J[;HJVTIJK;GKN;GLTJ;[JV
LGHPVGLL_;THI[[PKPN] RMLHI^QJRZJKPKH;PGVHSeMGaP;[JVQPT;U%&&&8&J[
,GVH; >; c*HVMQHMVGL; &PTIOK<; *PQHIJK; ); 3JGNT<
10:!( /GNIH(GM(-GCHDNO?D@GC(#HHOIBA(MGN(5DNO?DONEF !JVQPT;GKN;$[[PQHTd;J[;HSP;+JNPX]
#CEFKH@H
\X !JV;YPVHIQGL;LJGNIKO;IK;G;RMLHI^THJVP_;\MILNIKO
10:!:1( /SP; P[[PQHT; J[; NPTIOK; GQHIJK; IK; HSP; RPR\PVT THVMQHMVP<;ZVJYINPN;`IHS;\VGQIKO;JV;TSPGV;`GLLT
GKN;QJKKPQHIJKT;J[;G;THVMQHMVP;TSGLL;\P;NPHPVRIKPN;\_ HJ;VPTITH;GLL;LGHPVGL;[JVQPT<;PGQS;LPYPL;HSPVPJ[<
GTTMRIKO; TIKOL_; JV; IK; QJR\IKGHIJK; J[; HSP; [JLLJ`IKO HJOPHSPV;`IHS;HSP;QJLMRKT;IRRPNIGHPL_;G\JYP
[JVRT;J[;QJKTHVMQHIJK;U%&&&12:2:1X] GKN; \PLJ`<; RG_; \P; QJKTINPVPN; GT; G
TM\THVMQHMVP<;HSP;QJLMRKT;\PIKO;GTTMRPN;[IiPN
10:!:1:1( @/A/!&2-.%"'02"/-.
GH; HSP; PKNT; VPRJHP; [VJR; HSP; LPYPL; MKNPV
1K;VIOIN;QJKTHVMQHIJK<;HSP;QJKKPQHIJKT;\PH`PPK;RPR\PVT QJKTINPVGHIJK]
U\PGR;GKN;QJLMRKX;GH;HSPIV;fMKQHIJK;TSGLL;\P;GTTMRPN QX %SPVP;\PGRT;GH;G;[LJJV;LPYPL;IK;G;RMLHI^\G_
HJ;SGYP;TM[[IQIPKH;VIOINIH_;HJ;SJLN;HSP;JVIOIKGL;GKOLPT \MILNIKO; THVMQHMVP; GVP; QJKTINPVPN; GT; G
\PH`PPK;HSP;RPR\PVT;QJKKPQHPN;GH;G;fJIKH;MKQSGKOPN TM\THVMQHMVP;UZGVH;J[;G;THVMQHMVPX<;HSP;\PKNIKO
MKNPV;LJGNIKO] RJRPKH; GH; HSP; TMZZJVH; J[; HSP; \PGR; NMP; HJ
10:!:1:!( ;&=/:'/A/!&2-.%"'02"/-. OVGYIH_;LJGNT;RG_;\P;NPHPVRIKPN;\GTPN;JK;HSP
GTTMRZHIJK;HSGH;HSP;\PGR;IT;[IiPN;GH;HSP;[GV
1K;TPRI^VIOIN;QJKTHVMQHIJK<;HSP;QJKKPQHIJKT;\PH`PPK PKN; TMZZJVH<; JKP; TZGK; G`G_; [VJR; HSP; TZGK
RPR\PVT; U\PGR; GKN; QJLMRKX; GH; HSPIV; fMKQHIJK; RG_ MKNPV;QJKTINPVGHIJK<;ZVJYINPN;HSGH;HSP;[LJJV
KJH;SGYP;TM[[IQIPKH;VIOINIH_;HJ;SJLN;HSP;JVIOIKGL;GKOLPT \PGR;IT;QJKHIKMJMT;\P_JKN;HSGH;TMZZJVH;ZJIKH]
\PH`PPK;HSP;RPR\PVT;GH;G;fJIKH;MKQSGKOPN<;\MH;TSGLL
\P; GTTMRPN; HJ; SGYP; HSP; QGZGQIH_; HJ; [MVKITS; G 10:7:!( ;B3.&)&.A"?
NPZPKNG\LP; GKN; aKJ`K; NPOVPP; J[; [LPiMVGL; VPTHVGIKH] /SP;TZGK;LPKOHS;J[;G;[LPiMVGL;RPR\PV;IK;G;QJKHIKMJMT
/SP; VPLGHIJKTSIZ; \PH`PPK; HSP; NPOVPP; J[; [LPiMVGL [VGRP; T_THPR; TSGLL; \P; HGaPK; GT; HSP; QPKHVP^HJ^QPKHVP
VPTHVGIKH; GKN; HSP; LPYPL; J[; HSP; LJGN; P[[PQHT; TSGLL; \P NITHGKQP;\PH`PPK;HSP;TMZZJVHT]
PTHG\LITSPN;\_;GK_;VGHIJKGL;RPHSJN;JV;\GTPN;JK;HPTH
VPTMLHT;U%&&;:KKPi;$X] 10:7:7( C''3.A&=&."%&->&D=B-%&!&)-3!%&/.&E0/4!/.A%
!JV; \MILNIKO; THVMQHMVPT<; HSP; YGVIJMT; GVVGKOPRPKHT; J[
10:!:1:7( ;/=B4&&2-.%"'02"/-.
IRZJTPN;LJGNT;QJKTINPVPN;[JV;HSP;GKGL_TIT<;TSGLL;IKQLMNP
1K; TIRZLP; QJKTHVMQHIJK<; HSP; QJKKPQHIJKT; \PH`PPK GH;LPGTH;HSP;[JLLJ`IKOb

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' !9
 GX %SPVP; HSP; LJGNIKO; ZGHHPVK; IT; [IiPN<; HSP \_;TJIL;ZVJYINIKO;ZGTTIYP;VPTITHGKQP<;HSP
GVVGKOPRPKH;QJKQPVKPN] ZILP; TSGLL; \P; GTTMRPN; HJ; \P; [IiPN; GH; G
\X %SPVP;HSP;IRZJTPN;LJGN;IT;YGVIG\LP;GKN;KJH NPZHS;J[;(;HIRPT;HSP;NIGRPHPV;J[;HSP;ZILP
OVPGHPV;HSGK;HSVPP^eMGVHPVT;J[;HSP;NPGN;LJGN< \PLJ`;HSP;OVJMKN;LPYPL;IK;QGTP;J[;QJRZGQH
HSP;IRZJTPN;LJGN;RG_;\P;HGaPK;HJ;\P;GQHIKO OVJMKN;JV;HSP;HJZ;LPYPL;J[;QJRZGQH;TJIL;IK
JK;GLL;TZGKT] QGTP;J[;ZJJV;TJIL;JYPVL_IKO;QJRZGQH;TJIL]
QX %SPVP; HSP; IRZJTPN; LJGN; IT; YGVIG\LP; GKN 8X %SPK;HSP;QJLMRK;IT;[JMKNPN;IKHJ;VJQa<;IH
PiQPPNT; HSVPP^eMGVHPVT; J[; HSP; NPGN; LJGN< RG_; \P; GTTMRPN; HJ; \P; [IiPN; GH; HSP
GVVGKOPRPKHT;J[;IRZJTPN;LJGN;GQHIKO;JK;HSP IKHPV[GQP;J[;HSP;QJLMRK;GKN;VJQa]
[LJJV; MKNPV; QJKTINPVGHIJK; TSGLL; IKQLMNP; HSP 10:7:8( ;/=B4&&,-.%"'02"/-.
[JLLJ`IKO;QGTPTb
)X 1RZJTPN;LJGN;JK;GLHPVKGHP;TZGKT< 7PKNIKO;RPR\PVT;RG_;\P;GTTMRPN;HJ;SGYP;HSPIV;PKNT
QJKKPQHPN;[JV;TSPGV;JKL_;GKN;HJ;\P;[VPP;HJ;VJHGHP];1K
.X 1RZJTPN;LJGN;JK;H`J;GNfGQPKH;TZGKT<;GKN
HVIGKOMLGHPN;THVMQHMVPT<;GiIGL;[JVQPT;RG_;\P;NPHPVRIKPN
6X 1RZJTPN;LJGN;JK;GLL;HSP;TZGKT] \_;GTTMRIKO;HSGH;GLL;RPR\PVT;GVP;ZIK;QJKKPQHPN];/SP
10:7:<& E3%&&;"/>>.&%% PQQPKHVIQIH_;[JV;THGKQSIJK;GKN;QJLMRK;TSGLL;\P;GTTMRPN
IK;GQQJVNGKQP;`IHS;17:7:7]
1K; HSP; GKGL_TIT; J[; GLL; THVMQHMVPT; HSP; GZZVJZVIGHP; \GTP
THI[[KPTT; G\JMH; HSP; GiIT; MKNPV; QJKTINPVGHIJK; TSGLL; \P 10:7:2& 9-"/-.34&F-'/G-."34&)-3!%
MTPN];1K;HSP;G\TPKQP;J[;HSP;aKJ`LPNOP;J[;HSP;ZPNPTHGL /J; GKGL_TP; G; [VGRP; TM\fPQHPN; HJ; OVGYIH_; LJGNT<
GKN;[JMKNGHIJK;THI[[KPTT<;HSP;[JLLJ`IKO;RG_;\P;GTTMRPNb QJKTINPVIKO;HSP;T`G_;THG\ILIH_;J[;HSP;[VGRP<;KJHIJKGL
GX %SPK; HSP; QJLMRK; IT; VIOINL_; QJKKPQHPN; HJ; G SJVIgJKHGL; [JVQPT; TSJMLN; \P; GZZLIPN]; /SPTP; KJHIJKGL
TMIHG\LP; [JMKNGHIJK<; HSP; THI[[KPTT; J[; HSP SJVIgJKHGL; [JVQPT; GQQJMKH; [JV; ZVGQHIQGL; IRZPV[PQHIJKT
ZPNPTHGL;TSGLL;\P;HGaPK;GT;HSP;THI[[KPTT;J[;HSP GKN;TSJMLN;\P;HGaPK;GH;PGQS;LPYPL;GT;\PIKO;PeMGL;HJ;D](
QJLMRK; G\JYP; \GTP; ZLGHP]; =J`PYPV<; IK; QGTP ZPVQPKH; J[; [GQHJVPN; NPGN; LJGN; ZLMT; YPVHIQGL; IRZJTPN
J[; YPV_; THI[[; ZPNPTHGLT; GKN; [JMKNGHIJKT; HSP LJGNT;GZZLIPN;GH;HSGH;LPYPL];/SP;KJHIJKGL;LJGN;TSJMLN
QJLMRK;RG_;\P;GTTMRPN;GT;[IiPN;GH;\GTP] KJH;\P;GZZLIPN;GLJKO;`IHS;JHSPV;LGHPVGL;LJGNT;TMQS;GT
`IKN;GKN;PGVHSeMGaP;LJGNT;IK;HSP;GKGL_TIT]
\X %SPK;HSP;QJLMRK;IT;KJRIKGLL_;QJKKPQHPN;HJ
HSP; [JMKNGHIJK<; G; ZPNPTHGL; THI[[KPTT; J[; )D 10:7:2:1 /SP;KJHIJKGL;[JVQPT;TSJMLN;\P;GZZLIPN;JK;HSP
ZPVQPKH; J[; HSP; QJLMRK; THI[[KPTT; RG_; \P `SJLP;THVMQHMVP<;IK;\JHS;JVHSJOJKGL;NIVPQHIJKT<;IK;JKP
GTTMRPN] NIVPQHIJK;GH;G;HIRP<;GH;VJJ[;GKN;GLL;[LJJV;LPYPLT;JV;HSPIV
QX %SPK;GK;GQHMGL;ZIK;JV;VJQaPV;IT;ZVJYINPN;IK PeMIYGLPKH]; /SP_; TSJMLN; \P; HGaPK; GT; GQHIKO
HSP;QJKKPQHIJK;\PH`PPK;HSP;THPPL;QJLMRK;GKN TIRMLHGKPJMTL_;`IHS;[GQHJVPN;OVGYIH_;LJGNT]
ZPNPTHGL<;HSP;QJLMRK;IT;GTTMRPN;GT;SIKOPN;GH 10:7:2:!( /SP;KJHIJKGL;[JVQP;TSJMLN;KJH;\P<
\GTP;GKN;HSP;ZPNPTHGL;GKN;[JMKNGHIJK;RG_;\P
GZZVJZVIGHPL_;NPTIOKPN;[JV;HSP;VPGQHIJKT;[VJR GX GZZLIPN; `SPK; QJKTINPVIKO; JYPVHMVKIKO; JV
HSP;QJLMRK] JYPVGLL;IKTHG\ILIH_l
\X QJR\IKPN;`IHS;JHSPV;SJVIgJKHGL;ULGHPVGLX;LJGNTl
NX 1K; QGTP; J[; UGX; GKN; U\X<; HSP; \JHHJR; J[; HSP
QX QJR\IKPN;`IHS;HPRZPVGHMVP;P[[PQHT<;GKN
ZPNPTHGL; TSGLL; \P; GTTMRPN; HJ; SGYP; HSP
NX HGaPK; HJ; QJKHVI\MHP; HJ; HSP; KPH; TSPGV; JK; HSP
[JLLJ`IKO;\JMKNGV_;QJKNIHIJK;IK;HSP;G\TPKQP
[JMKNGHIJK]
J[;GK_;NPHGILPN;ZVJQPNMVP;\GTPN;JK;HSPJV_;JV
HPTHTb 10:7:2:7( /SP; T`G_; P[[PQH; MTIKO; KJHIJKGL; LJGN; MKNPV
)X %SPK;HSP;[JMKNGHIJK;QJKTITH;J[;G;OVJMZ OGKHV_;LJGN;QGTP;KPPN;KJH;\P;QJKTINPVPN;I[;HSP;VGHIJ;J[
J[;ZILPT;`IHS;G;ZILP;QGZ<;VG[H;[JMKNGHIJK SPIOSH;HJ;LGHPVGL;`INHS;J[;HSP;\MILNIKO;IT;LPTT;HSGK;MKIH_]
JV;GK;ITJLGHPN;[JJHIKO;VPTHIKO;JK;VJQa;JV
10:<( .FEHD@?(#CEFKH@H
YPV_; SGVN; TJIL<; HSP; ZPNPTHGL; TSGLL; \P
GTTMRPN; HJ; \P; [IiPN; GH; HSP; LPYPL; J[; HSP 10:<:1( C%%0=B"/-.%
\JHHJR;J[;[JJHIKO;JV;GH;HSP;HJZ;J[;ZILP;QGZ] 1KNIYINMGL;RPR\PVT;TSGLL;\P;GTTMRPN;HJ;VPRGIK;PLGTHIQ
.X %SPK; HSP; [JMKNGHIJK; QJKTITHT; J[; GK MKNPV; HSP; GQHIJK; J[; HSP; [GQHJVPN; NPTIOK; LJGNT; [JV; GLL
ITJLGHPN; [JJHIKO; VPTHIKO; JK; JHSPV; TJILT< LIRIH;THGHPT]
ZPNPTHGL;TSGLL;\P;GTTMRPN;HJ;\P;SIKOPN;GH
HSP;LPYPL;J[;HSP;\JHHJR;J[;[JJHIKO] /SP;P[[PQH;J[;SGMKQSIKO;JV;GK_;YGVIGHIJK;J[;HSP;QVJTT^
TPQHIJK;GLJKO;HSP;GiIT;J[;G;RPR\PV;TSGLL;\P;QJKTINPVPN<
6X %SPK; HSP; ZPNPTHGL; IT; TMZZJVHPN; \_; G
GKN;`SPVP;TIOKI[IQGKH<;TSGLL;\P;HGaPK;IKHJ;GQQJMKH;IK
TIKOLP;ZILP<;`SIQS;IT;LGHPVGLL_;TMVVJMKNPN
HSP;NPHPVRIKGHIJK;J[;HSP;RPR\PV;THI[[KPTT]
70 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
10:<:!( 7/'%":H'!&'&143%"/2&C.345%/% \X GLL; HSP; RPR\PVT; IK; `SIQS; HSP; RJRPKHT; GVP
VPNMQPN; TSGLL; \PLJKO; HJ; ZLGTHIQ; JV; QJRZGQH
10:<:!:1( 1K;G;[IVTH^JVNPV;PLGTHIQ;GKGL_TIT<;HSP;PeMILI\VIMR
TPQHIJK;QLGTTI[IQGHIJK;U)'';9:;X]
J[;HSP;[VGRP;IK;HSP;MKNP[JVRPN;OPJRPHV_;IT;QJKTINPVPN<
HSP;QSGKOPT;IK;HSP;OPJRPHV_;J[;HSP;[VGRP;NMP;HJ;HSP 10:8( 3FEHD@?(#CEFKH@H
LJGNIKO; GVP; KJH; GQQJMKHPN; [JV<; GKN; QSGKOPT; IK; HSP
P[[PQHIYP;THI[[KPTT;J[;HSP;RPR\PVT;NMP;HJ;GiIGL;[JVQP 10:8:1 (;337#-6!#*+
GVP; KPOLPQHPN];/SP;P[[PQHT;J[;HSPTP;JK;HSP;[IVTH^JVNPV /SP;P[[PQHT;J[;NPTIOK;GQHIJK;HSVJMOSJMH;JV;JK;ZGVH;J[;G
\PKNIKO;RJRPKHT;TSGLL;\P;GLLJ`PN;[JV;\_;MTIKO;JKP;J[ THVMQHMVP; RG_; \P; NPHPVRIKPN; \_; G; ZLGTHIQ; GKGL_TIT<
HSP; RPHSJNT; J[; RJRPKH; GRZLI[IQGHIJK; J[; 10:<:7:! ZVJYINPN;HSGH;HSP;VPeMIVPRPKHT;J[;10:8:!;GVP;RPH];/SP
JV; 10:<:7:7; GT; GZZVJZVIGHP]; %SPVP; HSP; RJRPKH NITHVI\MHIJK; J[; NPTIOK; GQHIJK; P[[PQHT; TSGLL; TGHIT[_
GRZLI[IQGHIJK;[GQHJV;(_<;(g<;QGLQMLGHPN;IK;GQQJVNGKQP PeMILI\VIMR;GKN;HSP;\JMKNGV_;QJKNIHIJKT]
`IHS;10:<:7:!;JV;10:<:7:7;GT;GZZVJZVIGHP<;IT;OVPGHPV;HSGK
)]8<;G;TPQJKN^JVNPV;PLGTHIQ;GKGL_TIT;IK;GQQJVNGKQP;`IHS 10:8:!( H'G.#$'Y'+!)
:KKPi;:;TSGLL;\P;QGVVIPN;JMH] %SPK;G;ZLGTHIQ;RPHSJN;J[;GKGL_TIT;IT;MTPN<;GLL;J[;HSP
10:<:7( ;&2-.!:H'!&'&143%"/2&C.345%/% [JLLJ`IKO;QJKNIHIJKT;TSGLL;\P;TGHIT[IPN<;MKLPTT;GNPeMGHP
NMQHILIH_;J[;HSP;THVMQHMVP;GKN;ZLGTHIQ;VJHGHIJK;QGZGQIH_
10"<:7:1; /SP;GKGL_TIT;TSGLL;GLLJ`;[JV;HSP;P[[PQHT;J[;HSP
J[;IHT;RPR\PVT;GKN;QJKKPQHIJKT;GVP;PTHG\LITSPN;[JV;HSP
NPTIOK;LJGNT;GQHIKO;JK;HSP;THVMQHMVP;GKN;IHT;RPR\PVT;IK
NPTIOK;LJGNIKO;QJKNIHIJKT;\_;JHSPV;RPGKT;J[;PYGLMGHIJKb
HSPIV; NITZLGQPN; GKN; NP[JVRPN; QJK[IOMVGHIJK]; /SPTP
TPQJKN^JVNPV; P[[PQHT; TSGLL; \P; HGaPK; IKHJ; GQQJMKH; \_ GX /SP;_IPLN;THVPTT;J[;HSP;OVGNP;J[;HSP;THPPL;MTPN
MTIKO;PIHSPVb TSGLL;KJH;PiQPPN;8(D;0,G]
GX :; [IVTH^JVNPV; PLGTHIQ; GKGL_TIT; `IHS; RJRPKH \X /SP; THVPTT^THVGIK; QSGVGQHPVITHIQT; J[; HSP; THPPL
GRZLI[IQGHIJK; IK; GQQJVNGKQP; `IHS; 10:<:!< TSGLL;KJH;\P;TIOKI[IQGKHL_;NI[[PVPKH;[VJR;HSJTP
ZVJYINPN;HSP;RJRPKH;GRZLI[IQGHIJK;[GQHJVT<;A_ J\HGIKPN; [JV; THPPLT; QJRZL_IKO; `IHS; HSP
GKN;Ag;GVP;KJH;OVPGHPV;HSGK;)]8l;JV GQQPZHPN;THGKNGVN;o>^>U>Xp;JV;PeMIYGLPKH;GKN
\X :;TPQJKN^JVNPV;PLGTHIQ;GKGL_TIT;IK;GQQJVNGKQP TSGLL; \P; TMQS; GT; HJ; PKTMVP; QJRZLPHP; ZLGTHIQ
`IHS;:KKPi;:] RJRPKH; VPNITHVI\MHIJK]; /SP; THVPTT^THVGIK
NIGOVGR;TSGLL;SGYP;G;ZLGHPGM;GH;HSP;_IPLN;THVPTT<
10:<:7:!( D*Y'+!&6Y37#,#-6!#*+&,*$&Y'Y<'$)&#+&+*+1 PiHPKNIKO;[JV;GH;LPGTH;TIi;HIRPT;HSP;_IPLN;THVGIK]
)K6M&,$6Y') /SP;VGHIJ;J[;HSP;HPKTILP;THVPKOHS;HJ;HSP;_IPLN
!JV;G;RPR\PV;`IHS;gPVJ;GiIGL;QJRZVPTTIJK;JV;G;RPR\PV THVPTT;TZPQI[IPN;[JV;HSP;OVGNP;J[;HSP;THPPL;TSGLL
TM\fPQH;HJ;GiIGL;HPKTIJK<;HSP;NPTIOK;\PKNIKO;RJRPKH;IT KJH;\P;LPTT;HSGK;)].];/SP;PLJKOGHIJK;JK;G;OGMOP
HSGH;J\HGIKPN;[VJR;HSP;[IVTH^JVNPV;GKGL_TIT;[JV;[GQHJVPN LPKOHS;QJRZL_IKO;`IHS;HSP;GQQPZHPN;THGKNGVN
LJGNT<;`IHSJMH;GK_;GRZLI[IQGHIJK] o>^>U>Xp;TSGLL;KJH;\P;LPTT;HSGK;)(;ZPVQPKHl;GKN
HSP; THPPL; TSGLL; PiSI\IH; THVGIK^SGVNPKIKO
!JV;G;\VGQPN;RPR\PV;`IHS;G;NPTIOK;GiIGL;QJRZVPTTIYP QGZG\ILIH_];*HPPLT;QJK[JVRIKO;HJ;HSP;GQQPZHPN
[JVQP;EN;GT;NPHPVRIKPN;\_;HSP;[IVTH^JVNPV;GKGL_TIT<;HSP THGKNGVN;o>^>U>Xp;TSGLL;\P;NPPRPN;HJ;TGHIT[_
NPTIOK;\PKNIKO;RJRPKH;TSGLL;\P;QGLQMLGHPN;QJKTINPVIKO HSP;G\JYP;VPeMIVPRPKHT]
RJRPKH;GRZLI[IQGHIJK;GT;IK;18]7:!:!] QX /SP; RPR\PVT; MTPN; TSGLL; \P; SJH^VJLLPN; JV
10:<:7:7( D*Y'+!&6Y37#,#-6!#*+&,*$&Y'Y<'$)&#+&)K6M [G\VIQGHPN;MTIKO;SJH^VJLLPN;ZLGHPT;GKN;TPQHIJKT]
,$6Y') NX /SP;QVJTT^TPQHIJK;J[;RPR\PVT;KJH;QJKHGIKIKO
ZLGTHIQ; SIKOPT; TSJMLN; \P; GH; LPGTH; HSGH; J[
/SP;NPTIOK;\PKNIKO;RJRPKH;TSGLL;\P;QGLQMLGHPN;GT;HSP
QJRZGQH; TPQHIJK; U)''; 9:;:!X<; MKLPTT; HSP
ZVJNMQH;J[;RJRPKH;GRZLI[IQGHIJK;[GQHJV;o)'';18:7:!:!
RPR\PVT;RPPH;HSP;THVPKOHS;VPeMIVPRPKHT;[VJR
UA_:&AgXp;GKN;HSP;RJRPKH;J\HGIKPN;[VJR;HSP;[IVTH^JVNPV
PLGTHIQ;GKGL_TIT]
GKGL_TIT;J[;HSP;T`G_;[VGRP<;MKLPTT;GKGL_TIT;QJKTINPVIKO
TPQJKN;JVNPV;P[[PQHT;IT;QGVVIPN;JMH;U)'';10:<:7X] PX %SPVP;ZLGTHIQ;SIKOPT;JQQMV;IK;G;RPR\PV<;HSP
ZVJZJVHIJKT; J[; IHT; +VJTT^TPQHIJK; TSJMLN; KJH
10:<:7:<( /SP;QGLQMLGHPN;\PKNIKO;RJRPKHT;[VJR;HSP;[IVTH PiQPPN;HSP;LIRIHIKO;YGLMPT;[JV;ZLGTHIQ;TPQHIJK
JVNPV;PLGTHIQ;GKGL_TIT;RG_;\P;RJNI[IPN;\_;VPNITHVI\MHIJK OIYPK;IK;9:;:!]
MZ;HJ;)(;ZPVQPKH;J[;HSP;ZPGa;QGLQMLGHPN;RJRPKH;J[;HSP [X /SP; QVJTT^TPQHIJK; TSJMLN; \P; T_RRPHVIQGL
RPR\PV;MKNPV;[GQHJVPN;LJGN<;ZVJYINPN;HSGH< G\JMH;IHT;GiIT;ZPVZPKNIQMLGV;HJ;HSP;GiIT;J[;HSP
GX HSP; IKHPVKGL; [JVQPT; GKN; RJRPKHT; IK; HSP ZLGTHIQ;SIKOP;VJHGHIJK]
RPR\PVT;J[;HSP;[VGRP;GVP;IK;PeMILI\VIMR;`IHS OX /SP;RPR\PVT;TSGLL;KJH;\P;TM\fPQH;HJ;IRZGQH
GZZLIPN;LJGNT] LJGNIKO<; VPeMIVIKO; [VGQHMVP; GTTPTTRPKH; JV

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 71
 [LMQHMGHIKO; LJGNIKO<; VPeMIVIKO; G; [GHIOMP LJQGHIJK<; U)''; 1<:!:1:!X]; /SP; THI[[PKPV; TSJMLN; \P
GTTPTTRPKH;o)'';*PQHIJK;>UZXp] ZVJYINPN; `IHSIK; G; NITHGKQP; J[; SGL[; HSP; NPZHS; J[; HSP
RPR\PV; JK; PIHSPV; TINP; J[; HSP; SIKOP; LJQGHIJK; GKN; \P
10:8:!:1 (H')!$6#+!)
NPTIOKPN;HJ;QGVV_;HSP;GZZLIPN;LJGN;IK;GQQJVNGKQP;`IHS
1[; ZVGQHIQG\LP<; HJVTIJKGL; VPTHVGIKH; UGOGIKTH; LGHPVGL 1<:;:<];1[;HSP;THI[[PKPVT;GVP;[LGH;ZLGHPT<;HSP;JMHTHGKN;`INHS
\MQaLIKOX; TSJMLN; \P; ZVJYINPN; GH; GLL; ZLGTHIQ; SIKOP HJ;HSP;HSIQaKPTT;VGHIJ<;<%!<;TSJMLN;KJH;PiQPPN;HSP;YGLMPT
LJQGHIJKT];%SPVP;KJH;[PGTI\LP<;HSP;VPTHVGIKH;TSJMLN;\P OIYPK;IK;HSP;ZLGTHIQ;TPQHIJK;U)'';9:;;GKN;/G\LP;.X];%SPVP
ZVJYINPN;`IHSIK;G;NITHGKQP;J[;?+.;J[;HSP;ZLGTHIQ;SIKOP !"#
⎛& ⎞
LJQGHIJK<;`SPVP;?;IT;HSP;HJHGL;NPZHS;J[;TPQHIJK] JHSPV;TPQHIJKT;GVP;MTPN<;HSP;VGHIJ; ⎜ & $% ⎟ <;TSJMLN;KJH
⎝ & ⎠
/SP;HJVTIJKGL;VPTHVGIKH;VPeMIVPRPKH;GH;G;TPQHIJK;GT;G\JYP< PiQPPN;HSP;YGLMPT;OIYPK;[JV;ZLGTHIQ;TPQHIJK;U[JV;TIRZLP
KPPN; KJH; \P; RPH; GH; HSP; LGTH; ZLGTHIQ; SIKOP; HJ; [JVR< JMHTHGKN<;GT;IK;9:;Xl
ZVJYINPN;IH;QGK;\P;QLPGVL_;INPKHI[IPN]
`SPVP
%IHSIK; G; RPR\PV; QJKHGIKIKO; G; ZLGTHIQ; SIKOP<; HSP
\TJ m TPQJKN;RJRPKH;J[;GVPG;J[;HSP;THI[[PKPV;G\JMH
RGiIRMR;NITHGKQP&BR;[VJR;HSP;VPTHVGIKH;GH;HSP;ZLGTHIQ
HSP;[GQP;J[;HSP;PLPRPKH;ZPVZPKNIQMLGV;HJ;HSP
SIKOP;HJ;GK;GNfGQPKH;VPTHVGIKH;TSJMLN;\P;QGLQMLGHPN;\_
`P\l;GKN
GK_;VGHIJKGL;RPHSJN;JV;HSP;QJKTPVYGHIYP;RPHSJN;OIYPK
\PLJ`<;TJ;GT;HJ;ZVPYPKH;LGHPVGL;\MQaLIKO] \H m *H];?PKGKHdT;HJVTIJK;QJKTHGKH;J[;HSP;THI[[PKPV]

+JKTPVYGHIYPL_;BR;UIK;RRX;RG_;\P;HGaPK;GTb 10:8:!:7( /SP; [VGRP; TSGLL; \P; GNPeMGHPL_; TMZZJVHPN

GOGIKTH;T`G_;GKN;JMH^J[^ZLGKP;\MQaLIKO<;\_;\VGQIKOT<
&' !V RJRPKH;VPTITHIKO;[VGRP;JV;GK;IKNPZPKNPKH;T_THPR;TMQS
"1 ≤ ; 2!"
"
⎡ # ⎛ # ⎞ ⎛$ ⎞ ⎤
"
GT;TSPGV;`GLL]
⎢ $ +⎜ # ⎟ ⎜ % ⎟ ⎥
⎢⎣(&) ⎝ "*) ⎠ ⎝ +) ⎠ ⎥⎦ 10:8:!:<( 46<$#-6!#*+&$')!$#-!#*+
`SPVP %IHSIK;G;LPKOHS;PeMGL;HJ;HSP;RPR\PV;NPZHS<;JK;PIHSPV
,Q m GQHMGL; QJRZVPTTIYP; THVPTT; JK; HSP; QVJTT^ TINP; J[; G; ZLGTHIQ; SIKOP; LJQGHIJK<; HSP; [JLLJ`IKO
TPQHIJK;NMP;HJ;GiIGL;LJGN<;IK;;;2WRR.< VPTHVIQHIJKT;TSJMLN;\P;GZZLIPN;HJ;HSP;HPKTIJK;[LGKOP;GKN
KJHPN;IK;HSP;NPTIOK;NVG`IKOT];=JLPT<;I[;VPeMIVPN<;TSJMLN
,_ a _IPLN;THVPTT<;IK;2WRR.l \P;NVILLPN;JV;PLTP;ZMKQSPN;.;RR;MKNPVTIgP;GKN;VPGRPN]
$_ m VGNIMT;J[;O_VGHIJK;G\JMH;HSP;RIKJV;GiIT<;IK :LL;TSPGVPN;JV;SGKN;[LGRP;QMH;PNOPT;TSJMLN;\P;[IKITSPN
RRl TRJJHS;\_;OVIKNIKO<;QSIZZIKO;JV;ZLGKKIKO]
2H m HJVTIJKGL;IKNPi<;2H;m;)])6.;U;\`W\_\HXD](l 10:8:7( ;)).Y3!#*+)&#+&;+67M)#)
; a GVPG;J[;QVJTT^TPQHIJKl;GKN
/SP;NPTIOK;GQHIJK;P[[PQHT;TSGLL;\P;NPHPVRIKPN;MTIKO;G
\`:&\_: m `GVZIKO; QJKTHGKH<; TPQJKN; RJRPKH; J[; HSP VIOIN^ZLGTHIQ;GKGL_TIT]
\H QVJTT^TPQHIJK; G\JMH; HSP; RIKJV; GiPT; GKN
*H] ?PKGKHdT;HJVTIJK;QJKTHGKH<;VPTZPQHIYPL_] 1H;TSGLL;\P;ZPVRITTI\LP;HJ;GTTMRP;[MLL;THVPKOHS;JV;ZGVHIGL
THVPKOHS;QJKKPQHIJKT<;ZVJYINPN;HSP;QGZGQIHIPT;J[;HSPTP
%SPVP;HSP;RPR\PV;SGT;MKPeMGL;[LGKOPT<;$_;TSJMLN;\P GVP;MTPN;IK;HSP;GKGL_TIT<;GKN;ZVJYINPN;HSGH<
HGaPK; GT; HSP; LPTTPV; J[; HSP; YGLMPT; J[; HSP; QJRZVPTTIJK
[LGKOP;JKL_;JV;HSP;`SJLP;TPQHIJK] GX 1K; G; [MLL; THVPKOHS; QJKKPQHIJK<; HSP; RJRPKH
QGZGQIH_; J[; HSP; QJKKPQHIJK; TSGLL; \P; KJH; LPTT
%SPVP;HSP;QVJTT^TPQHIJK;J[;HSP;RPR\PV;YGVIPT;`IHSIK HSGK;HSGH;J[;HSP;RPR\PV;\PIKO;QJKKPQHPNl
HSP; LPKOHS; BR <; HSP; RGiIRMR; YGLMP; J[; $ _; GKN; HSP
\X 1K;G;ZGVHIGL;THVPKOHS;QJKKPQHIJK<;HSP;RJRPKH
RIKIRMR;YGLMP;J[;2H;TSJMLN;\P;MTPN]
QGZGQIH_;J[;HSP;QJKKPQHIJK;RG_;\P;LPTT;HSGK
/SP; TZGQIKO; J[; VPTHVGIKHT; HJ; RPR\PV; LPKOHST; KJH HSGH;J[;HSP;RPR\PV;\PIKO;QJKKPQHPNl;GKN
QJKHGIKIKO; G; ZLGTHIQ; SIKOP; TSJMLN; TGHIT[_; HSP QX 1K;\JHS;QGTPT;HSP;\PSGYIJV;J[;HSP;QJKKPQHIJK
VPQJRRPKNGHIJKT;J[;TPQHIJK;JK;LGHPVGL;\MQaLIKO;THVPKOHS TSGLL; \P; TMQS; GT; HJ; GLLJ`; GLL; ZLGTHIQ; SIKOPT
J[;\PGRT;U)'';1<:!:!X];%SPVP;HSP;VPTHVGIKHT;GVP;ZLGQPN KPQPTTGV_; [JV; HSP; QJLLGZTP; RPQSGKITR; HJ
GH; HSP; LIRIHIKO; NITHGKQP& BR :; KJ; [MVHSPV; QSPQaT; GVP NPYPLJZ<;GKN;TSGLL;\P;TMQS;HSGH;HSP;VPeMIVPN
VPeMIVPN] ZLGTHIQ; SIKOP; VJHGHIJK; NJPT; KJH; PiQPPN; HSP
10:8:!:!( 5!#,,'+'$)&6!&376)!#-&"#+N'&7*-6!#*+) VJHGHIJK;QGZGQIH_;GH;GK_;J[;HSP;ZLGTHIQ;SIKOPT
IK;HSP;QJLLGZTP;RPQSGKITR]
%P\;THI[[PKPVT;TSJMLN;\P;ZVJYINPN;`SPVP;G;QJKQPKHVGHPN
LJGN<;`SIQS;PiQPPNT;)D;ZPVQPKH;J[;HSP;TSPGV;QGZGQIH_ 1K; HSP; QGTP; J[; \MILNIKO; THVMQHMVPT<; IH; IT; KJH; KJVRGLL_
J[;HSP;RPR\PV<;IT;GZZLIPN;`IHSIK&?%W;J[;G;ZLGTHIQ;SIKOP KPQPTTGV_;HJ;QJKTINPV;HSP;P[[PQH;J[;GLHPVKGHIKO;ZLGTHIQIH_]

7! "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
10:8:<( 5'-*+%1Q$%'$&@76)!#-!;+67M)#) 10:2:!:!(H'N.76$&)K6M&,$6Y')
:K_; TPQJKN^JVNPV; P[[PQHT; J[; HSP; LJGNT; GQHIKO; JK; HSP 1K;G;VPQHGKOMLGV;T`G_;[VGRP;`IHS;VPOMLGV;LJGNIKO;GKN
THVMQHMVP; IK; IHT; NP[JVRPN; QJK[IOMVGHIJK; RG_; \P KPOLIOI\LP;GiIGL;[JVQPT;IK;HSP;\PGRT<;HSP;\MQaLIKO;LJGN<
KPOLPQHPN<;ZVJYINPN;HSP;[JLLJ`IKO;GVP;TGHIT[IPNb EQQ:;[JV;PGQS;QJLMRK;TSGLL;\P;NPHPVRIKPN;GT;EQQ&a&;&,QQ
`SPVP;,QQ;IT;HSP;PLGTHIQ;\MQaLIKO;THVPTT;J[;HSP;QJLMRK;IK
GX !JV;QLGN;[VGRPT<;ZVJYINPN;HSP;THI[[PKIKO;P[[PQHT
HSP; ZLGKP; J[; [VGRP<; J\HGIKPN; IK; GQQJVNGKQP; `IHS
J[;RGTJKV_;IK[ILL;`GLL;ZGKPLT;JV;NIGZSVGORT
17:1:!:1];/SP;PLGTHIQ;\MQaLIKO;LJGN;[GQHJV;λQV<;[JV;HSP
J[;ZVJ[ILPN;`GLL;ZGKPL;IT;KJH;HGaPK;IKHJ;GQQJMKH<
`SJLP;[VGRP;TSGLL;\P;HGaPK;GT;HSP;LJ`PTH;J[;GLL;HSP;VGHIJT<
GKN; `SPVP; PLGTHIQ; \MQaLIKO; LJGN; [GQHJV<& λQV
λTQV:&QGLQMLGHPN;[JV;PGQS;THJVP_;J[;HSP;\MILNIKO<;GT;OIYPK
U)'';10:2X;TGHIT[IPT;λQVWλZ;≥;)D]
\PLJ`b
1[;)D;'&λQVWλZ& ≥; 8]>; HSP; TPQJKN1JVNPV; P[[PQHT
RG_;\P;QJKTINPVPN;\_;GRZLI[_IKO;HSP;NPTIOK
LJGN;P[[PQHT;J\HGIKPN;[VJR;ZLGTHIQ;GKGL_TIT;\_ λ $() =
∑(( ' ")
((

G;[GQHJV;δZ;m;tD]B&λQV;WU&λQVh)Xu] ∑(( ' ")

1[; λQVWλZ& '& 8]><; TPQJKN1JVNPV; PLGTHJ^ZLGTHIQ `SPVP
GKGL_TIT& JV; TPQJKN; JVNPV; PLGTHIQ; GKGL_TIT E a RPR\PV;GiIGL;[JVQP;[VJR;HSP;[GQHJVPN;LJGN
U)'';10:<:7X;IT;HJ;\P;QGVVIPN;JMH] GKGL_TIT<;`IHS;HPKTIJK;HGaPK;GT;KPOGHIYP<;GKN
\X [JV; MKQLGN; [VGRPT; JV; [JV; QLGN; [VGRPT; `SPVP B m QJLMRK;LPKOHS;GKN;HSP;TMRRGHIJK;IKQLMNPT
HSP; THI[[PKIKO; P[[PQHT; J[; RGTJKV_; IK[ILL; JV GLL; QJLMRKT; IK; HSP; ZLGKP; ; ; [VGRP; `IHSIK; G
NIGZSVGORT;J[;ZVJ[ILPN;`GLL;ZGKPL;IT;HGaPK;IKHJ THJVP_]
GQQJMKH<; `SPVP; PLGTHIQ; \MQaLIKO; LJGN; [GQHJV<
λQV&U)'';10:2X;TGHIT[IPT;λQVWλZ&≥;.D] '&!%(#$")*;,"0(2(%"'%/%&"4&'(-$
1[;.D;'&λQVWλZ&≥;(]-(;HSP;TPQJKN1JVNPV;P[[PQHT
RG_;\P;QJKTINPVPN;\_;GRZLI[_IKO;HSP;NPTIOK 11( '%=%$(5$#$.(+.5%,"
LJGN;P[[PQHT;J\HGIKPN;[VJR;ZLGTHIQ;GKGL_TIT;\_
11:1( )EH@H(MGN(+BH@LC
G;[GQHJV;δZ;m;tD]B&λQV;WU&λQV;h)Xu]
1[; λQVWλZ; v& (]-(<; TPQJKN1JVNPV; PLGTHJ^ZLGTHIQ 11:1:1 (1K;HSP;LIRIH;THGHP;NPTIOK;RPHSJN<;HSP;THVMQHMVP
GKGL_TIT& JV; TPQJKN1JVNPV; PLGTHIQ; GKGL_TIT TSGLL;\P;NPTIOKPN;HJ;`IHSTHGKN;TG[PL_;GLL;LJGNT;LIaPL_;HJ
U)'';10:<:7X;TSGLL;\P;QGVVIPN;JMH] GQH; JK; IH; HSVJMOSJMH; IHT; LI[P]; 1H; TSGLL; KJH; TM[[PV; HJHGL
QJLLGZTP;MKNPV;GQQINPKHGL;LJGNT;TMQS;GT;[VJR;PiZLJTIJKT
10:2 (/NEIB()O?SF@CL(#CEFKH@H JV;IRZGQH;JV;NMP;HJ;QJKTPeMPKQPT;J[;SMRGK;PVVJV;HJ;GK
10:2:1( /SP;PLGTHIQ;\MQaLIKO;LJGN;[GQHJV;UλQVX;TSGLL;\P PiHPKH;\P_JKN;HSP;LJQGL;NGRGOPT];/SP;J\fPQHIYP;J[;HSP
HSP;VGHIJ;J[;HSP;PLGTHIQ;\MQaLIKO;LJGN;TPH;J[;HSP;[VGRP;HJ NPTIOK;IT;HJ;GQSIPYP;G;THVMQHMVP;HSGH;`ILL;VPRGIK;[IH;[JV
HSP; NPTIOK; LJGN; TPH; [JV; HSP; [VGRP<; GKN; TSGLL; \P MTP;NMVIKO;IHT;LI[P;`IHS;GQQPZHG\LP;HGVOPH;VPLIG\ILIH_];1K
NPHPVRIKPN;IK;GQQJVNGKQP;`IHS;10:2:!] JHSPV; `JVNT<; HSP; ZVJ\G\ILIH_; J[; G; LIRIH; THGHP; \PIKO
VPGQSPN; NMVIKO; IHT; LI[PHIRP; TSJMLN; \P; YPV_; LJ`]; /SP
2"/$;j;/SP;YGLMP;J[;λQV;NPZPKNT;JK;HSP;LJGN;TPH;GKN;SGT;HJ;\P
PYGLMGHPN;[JV;PGQS;ZJTTI\LP;TPH;J[;LJGN;QJR\IKGHIJK] GQQPZHG\LP; LIRIH; [JV; HSP; TG[PH_; GKN; TPVYIQPG\ILIH_
VPeMIVPRPKHT;\P[JVP;[GILMVP;JQQMVT;IT;QGLLPN;G;LIRIH;THGHP]
10:2:!( \+1E76+'&,$6Y'&<.-C7#+N 1K;OPKPVGL<;HSP;THVMQHMVP;TSGLL;\P;NPTIOKPN;JK;HSP;\GTIT
/SP;PLGTHIQ;\MQaLIKO;LJGN;[GQHJV;UλQVX;J[;G;VIOIN^fJIKHPN J[;HSP;RJTH;QVIHIQGL;LIRIH;THGHP;GKN;TSGLL;\P;QSPQaPN;[JV
[VGRP;TSGLL;\P;NPHPVRIKPN;\_;MTIKOb JHSPV;LIRIH;THGHPT]

GX "KP;J[;HSP;GZZVJiIRGHP;RPHSJNT;J[;10:2:!:1 11:1:!( *HPPL; THVMQHMVPT; GVP; HJ; \P; NPTIOKPN; GKN

GKN;10:2:!:!<;JV QJKTHVMQHPN; HJ; TGHIT[_; HSP; NPTIOK; VPeMIVPRPKHT; `IHS
\X :; VGHIJKGL; PLGTHIQ; \MQaLIKO; GKGL_TIT; J[; HSP VPOGVN; HJ; THG\ILIH_<; THVPKOHS<; TPVYIQPG\ILIH_<; \VIHHLP
`SJLP;[VGRP] [VGQHMVP<;[GHIOMP<;[IVP<;GKN;NMVG\ILIH_;TMQS;HSGH;HSP_;RPPH
HSP;[JLLJ`IKOb
10:2:!:1( H'N.76$&+*+1)K6M&,$6Y');U)'';10:1:!X
GX #PRGIK; [IH; `IHS; GNPeMGHP; VPLIG\ILIH_; GKN; \P
1K;G;VPQHGKOMLGV;KJK^T`G_;[VGRP;`IHS;VPOMLGV;LJGNIKO G\LP; HJ; TMTHGIK; GLL; GQHIJKT; ULJGNTX; GKN; JHSPV
GKN; KPOLIOI\LP; GiIGL; [JVQPT; IK; HSP; \PGRT<; HSP; $MLPV IK[LMPKQPT; PiZPVIPKQPN; NMVIKO; QJKTHVMQHIJK
\MQaLIKO;THVPTT;,QQ:;[JV;PGQS;QJLMRK;TSGLL;\P;NPHPVRIKPN GKN;MTPl
IK;GQQJVNGKQP;`IHS;17:1:!:1](/SP;PLGTHIQ;\MQaLIKO;LJGN \X =GYP; GNPeMGHP; NMVG\ILIH_; MKNPV; KJVRGL
[GQHJV;UλQVX;[JV;HSP;`SJLP;[VGRP;TSGLL;\P;HGaPK;GT;HSP RGIKHPKGKQPl
LJ`PTH;J[;HSP;VGHIJ;J[;U,QQ%,QNX;[JV;GLL;HSP;QJLMRKT<;`SPVP
QX &J; KJH; TM[[PV; JYPVGLL; NGRGOP; JV; QJLLGZTP
,QN;IT;HSP;GiIGL;QJRZVPTTIYP;THVPTT;IK;HSP;QJLMRK;[VJR
NITZVJZJVHIJKGHPL_; MKNPV; GQQINPKHGL; PYPKHT
HSP;[GQHJVPN;LJGN;GKGL_TIT]
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 77
 LIaP; PiZLJTIJKT<; YPSIQLP; IRZGQH; JV; NMP; HJ HSVJMOSJMH;HSP;\MILNIKO;IK;KPGVL_;JVHSJOJKGL
QJKTPeMPKQPT; J[; SMRGK; PVVJV; HJ; GK; PiHPKH NIVPQHIJKT; TJ; HSGH; KJ; TM\THGKHIGL; ZJVHIJKT; IT
\P_JKN; LJQGL; NGRGOP]; /SP; ZJHPKHIGL; [JV QJKKPQHPN;GH;JKL_;JKP;ZJIKH;HJ;TMQS;G;T_THPR]
QGHGTHVJZSIQ; NGRGOP; TSGLL; \P; LIRIHPN; JV ,VPQGTH;QJKQVPHP;JV;JHSPV;SPGY_;[LJJV;JV;VJJ[
GYJINPN;\_;GZZVJZVIGHP;QSJIQP;J[;JKP;JV;RJVP MKIHT; TSJMLN; \P; P[[PQHIYPL_; GKQSJVPN; IK; HSP
J[;HSP;[JLLJ`IKOb NIVPQHIJK;J[;HSPIV;TZGK;PIHSPV;HJ;PGQS;JHSPV;JYPV
HSP;TMZZJVH;JV;NIVPQHL_;HJ;HSP;TMZZJVH]
)X :YJINIKO<; PLIRIKGHIKO; JV; VPNMQIKO
PiZJTMVP;HJ;SGgGVNT<;`SIQS;HSP;THVMQHMVP \X %SPVP;HSP;G\JYP;QJKNIHIJKT;HJ;HIP;HSP;QJLMRKT
IT;LIaPL_;HJ;TMTHGIK] HJ;HSP;[LJJV;GNPeMGHPL_;GVP;KJH;TGHIT[IPN;PGQS
THJVP_;J[;HSP;\MILNIKO;TSJMLN;\P;QSPQaPN;HJ
.X +SJJTIKO; THVMQHMVGL; [JVRT<; LG_JMHT; GKN
PKTMVP; HSGH; NITZVJZJVHIJKGHP; QJLLGZTP; `JMLN
NPHGILT;GKN;NPTIOKIKO;TMQS;HSGH<
KJH;ZVPQIZIHGHP;\_;HSP;KJHIJKGL;VPRJYGL<;JKP
IX HSP; THVMQHMVP; SGT; LJ`; TPKTIHIYIH_; HJ GH;G;HIRP<;J[;PGQS;QJLMRK]
SGgGVNJMT;QJKNIHIJKTl;GKN
QX %SPVP;PGQS;[LJJV;IT;KJH;LGHPVGLL_;TMZZJVHPN
IIX HSP;THVMQHMVP;TMVYIYPT;`IHS;JKL_;LJQGL \_;RJVP;HSGK;JKP;T_THPR<;QSPQa;TSJMLN;\P
NGRGOP;PYPK;G[HPV;TPVIJMT;NGRGOP;HJ RGNP;GH;PGQS;THJVP_;\_;VPRJYIKO;JKP;TMQS
GK_; JKP; IKNIYINMGL; PLPRPKH; \_; HSP LGHPVGL;TMZZJVH;T_THPR;GH;G;HIRP;HJ;PKTMVP;HSGH
SGgGVNl NITZVJZJVHIJKGHP; QJLLGZTP; `JMLN; KJH; JQQMV]
6X +SJJTIKO; TMIHG\LP; RGHPVIGL<; NPTIOK; GKN /SP;QJLLGZTP;IT;QJKTINPVPN;NITZVJZJVHIJKGHP<
NPHGILIKO; ZVJQPNMVP<; QJKTHVMQHIJK I[;RJVP;HSGK;)(;ZPVQPKH;J[;HSP;[LJJV;JV;VJJ[
TZPQI[IQGHIJKT<;GKN;QJKHVJL;ZVJQPNMVPT;[JV GVPG;J[;-D;R .;QJLLGZTP;GH;HSGH;LPYPL;GKN;GH;JKP
TSJZ;[G\VIQGHIJK;GKN;[IPLN;QJKTHVMQHIJK;GT GNfJIKIKO; LPYPL; PIHSPV; G\JYP; JV; \PLJ`; IH<
VPLPYGKH;HJ;HSP;ZGVHIQMLGV;THVMQHMVP] MKNPV;G;LJGN;PeMGL;HJ;)]D(;JV;D]B;HIRPT;HSP
/SP;[JLLJ`IKO;QJKNIHIJKT;RG_;\P;TGHIT[IPN;HJ;GYJIN;G NPGN; LJGN<; D]66; HIRPT; HPRZJVGV_; JV; [MLL
NITZVJZJVHIJKGHP;QJLLGZTPb IRZJTPN; LJGN; J[; ZPVRGKPKH; KGHMVP; UGT; IK
THJVGOP;\MILNIKOTX;GKN;D]66;HIRPT;`IKN;LJGN
GX /SP; \MILNIKO; TSJMLN; \P; P[[PQHIYPL_; HIPN
GQHIKO;HJOPHSPV]
HJOPHSPV;GH;PGQS;ZVIKQIZGL;[LJJV;LPYPL;GKN;PGQS
QJLMRK;TSJMLN;\P;P[[PQHIYPL_;SPLN;IK;ZJTIHIJK 11:1:7 ( *HVMQHMVPT; NPTIOKPN; [JV; MKMTMGL; JV; TZPQIGL
\_;RPGKT;J[;QJKHIKMJMT;HIPT;U\PGRTX;KPGVL_ [MKQHIJKT; TSGLL; QJRZL_; `IHS; GK_; JHSPV; VPLPYGKH
JVHSJOJKGL<; PiQPZH; `SPVP; HSP; THPPL; `JVa GNNIHIJKGL; LIRIH; THGHP; QJKTINPVPN; GZZVJZVIGHP; HJ; HSGH
TMZZJVHT;JKL_;QLGNNIKO;`PIOSIKO;KJH;RJVP;HSGK THVMQHMVP]
D]-;a2WR.;GLJKO;`IHS;IRZJTPN;GKN;`IKN;LJGNT] 11:1:<( 4PKPVGLL_; THVMQHMVPT; GKN; PLPRPKHT; TSGLL; \P
/SPTP; HIPT; TSGLL; \P; THPPL; RPR\PVT; TMQS; GT NPTIOKPN; \_; LIRIH; THGHP; RPHSJN]; %SPVP; LIRIH; THGHP
\PGRT<; `SIQS; RG_; \P; NPTIOKPN; [JV; JHSPV RPHSJN;QGKKJH;\P;QJKYPKIPKHL_;GNJZHPN<;`JVaIKO;THVPTT
ZMVZJTPT<;THPPL;\GV;VPIK[JVQPRPKH;GKQSJVIKO NPTIOK;o)'';*PQHIJK;>URXp;RG_;\P;MTPN]
HSP;THPPL;[VGRP;HJ;QJKQVPHP;[LJJV;JV;THPPL;RPTS
VPIK[JVQPRPKH; IK; QJRZJTIHP; TLG\; `IHS; THPPL 11:!( '@I@D(5DEDB(+BH@LC
ZVJ[ILPN;TSPPHIKO;NIVPQHL_;QJKKPQHPN;HJ;\PGR
11:!:1 ( !JV; GQSIPYIKO; HSP; NPTIOK; J\fPQHIYPT<; HSP
`IHS; TSPGV; QJKKPQHJVT]; /SPTP; THPPL; HIPT; GKN
NPTIOK; TSGLL; \P; \GTPN; JK; QSGVGQHPVITHIQ; YGLMPT; [JV
HSPIV; PKN; QJKKPQHIJKT; TSJMLN; \P; QGZG\LP; J[
RGHPVIGL;THVPKOHST;GKN;GZZLIPN;LJGNT;UGQHIJKTX<;`SIQS
VPTITHIKO;[GQHJVPN;HPKTILP;[JVQP;KJH;LPTT;HSGK
HGaP;IKHJ;GQQJMKH;HSP;ZVJ\G\ILIH_;J[;YGVIGHIJKT;IK;HSP
HSP; [GQHJVPN; NPGN; GKN; IRZJTPN; LJGNT; GQHIKO
RGHPVIGL;THVPKOHST;GKN;IK;HSP;LJGNT;HJ;\P;TMZZJVHPN]
JK;HSP;[LJJV;GVPG;HVI\MHGV_;HJ;HSP;HIP;KJV;LPTT
/SP;QSGVGQHPVITHIQ;YGLMPT;TSGLL;\P;\GTPN;JK;THGHITHIQGL
HSGK;-(;a2];*MQS;QJKKPQHIJK;J[;HIPT;HJ;PNOP
NGHG<;I[;GYGILG\LP];%SPVP;TMQS;NGHG;IT;KJH;GYGILG\LP<
QJLMRK;TSJMLN;GLTJ;\P;QGZG\LP;J[;VPTITHIKO;)
HSPTP;TSGLL;\P;\GTPN;JK;PiZPVIPKQP];/SP;NPTIOK;YGLMPT
ZPVQPKH;J[;HSP;RGiIRMR;GiIGL;QJRZVPTTIJK;IK
GVP; NPVIYPN; [VJR; HSP; QSGVGQHPVITHIQ; YGLMPT; HSVJMOS
HSP;QJLMRK;GH;HSP;LPYPL;NMP;HJ;[GQHJVPN;NPGN
HSP; MTP; J[; ZGVHIGL; TG[PH_; [GQHJVT<; \JHS; [JV; RGHPVIGL
GKN;IRZJTPN;LJGNT];:LL;QJLMRK;TZLIQPT;TSJMLN
THVPKOHST; GKN; [JV; LJGNT]; 1K; HSP; G\TPKQP; J[; TZPQIGL
\P;QGZG\LP;J[;VPTITHIKO;G;HPKTILP;[JVQP;PeMGL;HJ
QJKTINPVGHIJKT<; HSPTP; [GQHJVT; TSGLL; SGYP; HSP; YGLMPT
HSP;LGVOPTH;J[;G;[GQHJVPN;NPGN;GKN;IRZJTPN;LJGN
OIYPK;IK;HSIT;*PQHIJK;GQQJVNIKO;HJ;HSP;RGHPVIGL<;HSP
VPGQHIJK; [VJR; G; TIKOLP; [LJJV; LPYPL; LJQGHPN
H_ZP; J[; LJGN; GKN; HSP; LIRIH; THGHP; \PIKO; QJKTINPVPN]
\PH`PPK; HSGH; QJLMRK; TZLIQP; GKN; HSP; KPiH
/SP;VPLIG\ILIH_;J[;NPTIOK;IT;PKTMVPN;\_;TGHIT[_IKO;HSP
QJLMRK;TZLIQP;\PLJ`;HSGH;TZLIQP];3GHPVGL;LJGN
VPeMIVPRPKHb
T_THPR; HJ; VPTITH; KJHIJKGL; SJVIgJKHGL; LJGNT
ZVPTQVI\PN; IK; 10:7:2; TSJMLN; \P; NITHVI\MHPN &PTIOK;GQHIJK;≤;&PTIOK;THVPKOHS

7< "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
11:!:!(3IRIH;THGHPT;GVP;HSP;THGHPT;\P_JKN;`SIQS;HSP;THVMQHMVP QJRZJKPKHT<; [IHHIKOT<; GKQILLGVIPT<; GKN; [IiPN
KJ;LJKOPV;TGHIT[IPT;HSP;ZPV[JVRGKQP;VPeMIVPRPKHT;TZPQI[IPN] PeMIZRPKH<;PHQ]
/SP;LIRIH;THGHPT;GVP;QLGTTI[IPN;GTb \X I6$#6<7'& 6-!#*+); UF YX; j; :QHIJKT; NMP; HJ
GX 3IRIH;THGHP;J[;THVPKOHSl;GKN QJKTHVMQHIJK;GKN;TPVYIQP;THGOP;LJGNT;TMQS;GT
\X 3IRIH;THGHP;J[;TPVYIQPG\ILIH_] IRZJTPN;ULIYPX;LJGNT;UQVGKP;LJGNT<;TKJ`;LJGNT<
PHQ]X<;`IKN;LJGNT<;GKN;PGVHSeMGaP;LJGNT<;PHQ]
11:!:!:1( /SP;LIRIH;THGHPT;J[;THVPKOHS;GVP;HSJTP;GTTJQIGHPN
`IHS;[GILMVPT;UJV;IRRIKPKH;[GILMVPX<;MKNPV;HSP;GQHIJK;J[ QX ;--#%'+!67&6-!#*+)&UFGX;j;:QHIJKT;PiZPQHPN
ZVJ\G\LP;GKN;RJTH;MK[GYJMVG\LP;QJR\IKGHIJK;J[;LJGNT NMP;HJ;PiZLJTIJKT<;GKN;IRZGQH;J[;YPSIQLPT<;PHQ]
JK; HSP; THVMQHMVP; MTIKO; HSP; GZZVJZVIGHP; ZGVHIGL; TG[PH_ 11:7:!( >"6$6-!'$#)!#-&;-!#*+)&UB*6%)X
[GQHJVT<; `SIQS; RG_; PKNGKOPV; HSP; TG[PH_; J[; LI[P; GKN 11:7:!:1( /SP;QSGVGQHPVITHIQ;GQHIJKT<;FQ<;GVP;HSP;YGLMPT
ZVJZPVH_];/SP;LIRIH;THGHP;J[;THVPKOHS;IKQLMNPT< J[; HSP; NI[[PVPKH; GQHIJKT; HSGH; GVP; KJH; PiZPQHPN; HJ; \P
GX LJTT;J[;PeMILI\VIMR;J[;HSP;THVMQHMVP;GT;G;`SJLP PiQPPNPN;`IHS;RJVP;HSGK;(;ZPVQPKH;ZVJ\G\ILIH_<;NMVIKO
JV;GK_;J[;IHT;ZGVHT;JV;QJRZJKPKHT] HSP;LI[P;J[;HSP;THVMQHMVP;GKN;HSP_;GVP;HGaPK;GT<
\X LJTT;J[;THG\ILIH_;J[;HSP;THVMQHMVP;UIKQLMNIKO;HSP GX HSP;TPL[^`PIOSH<;IK;RJTH;QGTPT;QGLQMLGHPN;JK
P[[PQH; J[; T`G_; `SPVP; GZZVJZVIGHP; GKN HSP; \GTIT; J[; KJRIKGL; NIRPKTIJKT; GKN; MKIH
JYPVHMVKIKOX; JV; GK_; J[; IHT; ZGVHT; IKQLMNIKO `PIOSHT;U)'';!;J[;,GVH;>;c*HVMQHMVGL;&PTIOK<
TMZZJVHT;GKN;[JMKNGHIJKT] *PQHIJK;);3JGNT<;!JVQPT;GKN;$[[PQHTd;J[;HSP
QX [GILMVP;\_;PiQPTTIYP;NP[JVRGHIJK<;VMZHMVP;J[ +JNPX]
HSP;THVMQHMVP;JV;GK_;J[;IHT;ZGVHT;JV;QJRZJKPKHT] \X HSP; YGVIG\LP; LJGNT<; YGLMPT; J[; `SIQS; GVP
NX [VGQHMVP;NMP;HJ;[GHIOMP] TZPQI[IPN; IK; VPLPYGKH; THGKNGVN; U)''; ,GVH; >
c*HVMQHMVGL;&PTIOK<;*PQHIJK;);3JGNT<;!JVQPT
PX \VIHHLP;[VGQHMVP]
GKN;$[[PQHTd;J[;HSP;+JNPX]
11:!:!:!( /SP;LIRIH;THGHP;J[;TPVYIQPG\ILIH_;IKQLMNPT<
QX HSP; MZZPV; LIRIH; `IHS; G; TZPQI[IPN; ZVJ\G\ILIH_
GX NP[JVRGHIJK; GKN; NP[LPQHIJKT<; `SIQS; RG_ UMTMGLL_;(;ZPVQPKHX;KJH;PiQPPNIKO;NMVIKO;TJRP
GNYPVTPL_; G[[PQH; HSP; GZZPGVGKQP; JV; P[[PQHIYP VP[PVPKQP;ZPVIJN;UNPTIOK;LI[PX]
MTP; J[; HSP; THVMQHMVP; JV; RG_; QGMTP; IRZVJZPV NX TZPQI[IPN; \_; QLIPKH<; JV; \_; NPTIOKPV; IK
[MKQHIJKIKO;J[;PeMIZRPKH;JV;TPVYIQPT;JV;RG_ QJKTMLHGHIJK;`IHS;QLIPKH<;ZVJYINPN;HSP_;TGHIT[_
QGMTP;NGRGOPT;HJ;[IKITSPT;GKN;KJK^THVMQHMVGL HSP; RIKIRMR; ZVJYITIJKT; J[; HSP; VPLPYGKH
RPR\PVT] LJGNIKO;THGKNGVN]
\X YI\VGHIJKT; IK; HSP; THVMQHMVP; JV; GK_; J[; IHT
11:7:!:!( /SP;QSGVGQHPVITHIQ;YGLMPT;J[;GQQINPKHGL;LJGNT
QJRZJKPKHT; QGMTIKO; NITQJR[JVH; HJ; ZPJZLP<
OPKPVGLL_;QJVVPTZJKN;HJ;HSP;YGLMP;TZPQI[IPN;\_;VPLPYGKH
NGRGOPT;HJ;HSP;THVMQHMVP<;IHT;QJKHPKHT;JV;`SIQS
QJNP<;THGKNGVN;JV;QLIPKH];/SP;NPTIOK;[JV;GQQINPKHGL;LJGN
RG_;LIRIH;IHT;[MKQHIJKGL;P[[PQHIYPKPTT];*ZPQIGL
IT;OPKPVGLL_;KJH;VPeMIVPN;IK;\MILNIKO;MKLPTT;IH;IT;VPeMIVPN
QJKTINPVGHIJK; TSGLL; \P; OIYPK; HJ; T_THPRT
\_;QLIPKH;JV;GZZVJYIKO;GMHSJVIH_;IK;`SIQS;QGTP<;OPKPVGLL_
TMTQPZHI\LP; HJ; YI\VGHIJK<; TMQS; GT; LGVOP; JZPK
VPQJRRPKNGHIJK; IK; 11:1:!( UQX; JV; TZPQIGLITH; LIHPVGHMVP
[LJJV;GVPGT;[VPP;J[;ZGVHIHIJKT;HJ;PKTMVP;HSGH;TMQS
TSGLL;\P;[JLLJ`PN]
YI\VGHIJKT;GVP;GQQPZHG\LP;[JV;HSP;IKHPKNPN;MTP
GKN;JQQMZGKQ_;U)''&:KKPi;7X] 11:7:7 (?')#N+&;-!#*+)
QX VPZGIVG\LP;NGRGOP;JV;QVGQa;NMP;HJ;[GHIOMP] /SP;NPTIOK;GQHIJK<;FN<;IT;PiZVPTTPN;GT; )* = ∑γ +, )!"
NX QJVVJTIJK<;NMVG\ILIH_<;GKN "

PX [IVP] `SPVP
11:7( #?D@GCH λ[a m ZGVHIGL; TG[PH_; [GQHJV; [JV; NI[[PVPKH; LJGNT; a<
/SP;GQHIJKT;ULJGNTX;HJ;\P;QJKTINPVPN;IK;NPTIOK;IKQLMNP;NIVPQH OIYPK;IK;/G\LP;8;HJ;GQQJMKH;[JV<
GQHIJKT;ULJGNTX;PiZPVIPKQPN;\_;HSP;THVMQHMVP;NMP;HJ;TPL[ GX ZJTTI\ILIH_; J[; MK[GYJMVG\LP; NPYIGHIJK; J[; HSP
`PIOSH<;PiHPVKGL;GQHIJKT<;PHQ<;GKN;IRZJTPN;NP[JVRGHIJKT LJGN;[VJR;HSP;QSGVGQHPVITHIQ;YGLMP<
TMQS;GT;HSGH;NMP;HJ;HPRZPVGHMVP;GKN;TPHHLPRPKHT] \X ZJTTI\ILIH_; J[; IKGQQMVGHP; GTTPTTRPKH; J[; HSP
11:7:1 (>76))#,#-6!#*+&*,&;-!#*+) LJGN<
:QHIJKT;GVP;QLGTTI[IPN;\_;HSPIV;YGVIGHIJK;`IHS;HIRP;GT QX MKQPVHGIKH_;IK;HSP;GTTPTTRPKH;J[;P[[PQHT;J[;HSP
OIYPK;\PLJ`b LJGN<;GKN
NX MKQPVHGIKH_;IK;HSP;GTTPTTRPKH;J[;HSP;LIRIH;THGHPT
GX E'$Y6+'+!&6-!#*+)&UFZX;j;:QHIJKT;NMP;HJ;TPL[^
\PIKO;QJKTINPVPN]
`PIOSH; J[; THVMQHMVGL; GKN; KJK^THVMQHMVGL

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 78
 $ERFB(<(3END@EF(5EMBDK(/E?DGNH(MGN('GEAH_(γγM_
MGN('@I@D(5DEDBH
U>76.)');B](]);6+%;))]6]6X

)*(( 4#68'10&'#1( :'6'&()&0&%(#5()&"%1;&<( :'6'&()&0&%(#5()%"7'.%08'*'&=(

+#,(
( '$; #$;%&; 3$4; .$; '$; #$(%&( 3$4;
5$; 5$;
( $()*+,-; .33/01),2+,-; $()*+,-; .33/01),2+,-;
6%&; 67&; 68&; 69&; 6:&; 6;&; 6<&; 6=&; 6>&; 6%?&; 6%%&;
+&; '$@#$@A$; %B:; %B:; %B?:; &; &; %B?; %B?; %B?; &;
++&; '$@#$@A$@; %B7; %B7; %B?:; ?B;; &; %B?; ?B=; ?B=; ?B=;
3$>5$; %B7; %B7; ?B:8; %B7;
+++&; '$@3$>5$; %B:;6?B>&; 7&; &; &; %B:; &; %B?; &; &; %B?;
+C&; '$@5D; %B7;6?B>&;7&; %B7; &; &; &; &; &; &; &;
C&; '$@#$@.$; %B?; ?B8:; ?B8:; &; %B?; &; &; &; &;

)X;%SPK;GQHIJK;J[;NI[[PVPKH;IRZJTPN;LJGNT;IT;TIRMLHGKPJMTL_;QJKTINPVPN<;HSP;LPGNIKO;IRZJTPN;LJGN;TSGLL;\P;QJKTINPVPN;HJ;\P;HSP;JKP;QGMTIKO

HSP;SIOSPV;LJGN;P[[PQHT;IK;HSP;RPR\PVWTPQHIJK]
.X;/SIT;YGLMP;IT;HJ;\P;QJKTINPVPN;`SPK;HSP;NPGN;LJGN;QJKHVI\MHPT;HJ;THG\ILIH_;GOGIKTH;JYPVHMVKIKO;IT;QVIHIQGL;JV;HSP;NPGN;LJGN;QGMTPT;VPNMQHIJK

IK;THVPTT;NMP;HJ;JHSPV;LJGNT]
;<<$'(#6!#*+)b
&3 m;&PGN;LJGN<;13 m;1RZJTPN;LJGN;U3IYP;LJGNX<;%3 m;%IKN;LJGN<;+3 m;+VGKP;LJGN;U?PVHIQGLW=JVIgJKHGLX<;:3 m :QQINPKHGL;LJGN<;$# m;$VPQHIJK
LJGN<;$3 m;$GVHSeMGaP;LJGN]
2"/$;j;/SP;P[[PQHT;J[;GQHIJKT;ULJGNTX;IK;HPVRT;J[;THVPTTPT;JV;THVPTT;VPTMLHGKHT;RG_;\P;J\HGIKPN;[VJR;GK;GZZVJZVIGHP;RPHSJN;J[;GKGL_TIT
GT;IK;10]

/SP; LJGNT; JV; LJGN; P[[PQHT; TSGLL; \P; RMLHIZLIPN; \_; HSP $ERFB(8(3END@EF(5EMBDK(/E?DGN(MGN(=EDBN@EFH_(γγ I
VPLPYGKH;γ[;[GQHJVT<;OIYPK;IK;/G\LP;8<;HJ;OPH;HSP;NPTIOK U>76.)';))]8])X
LJGNT;JV;NPTIOK;LJGN;P[[PQHT]
)*( ?%5'1'&'#1( @0"&'0*()05%&=(A0.&#"(
11:<(5DNBCLDP +#,(
65-; 67-; 68-;
/SP; MLHIRGHP; THVPKOHS; QGLQMLGHIJK; RG_; VPeMIVP +-; D(E+EF),3(G;-/C(H,(*;I2; 5B5/;
QJKTINPVGHIJK;J[;HSP;[JLLJ`IKOb 2+(J*+,-G;'./;
++-; D(E+EF),3(;/K;.(.I(H;F/; 5B5/;
GX 3JTT;J[;PeMILI\VIMR;J[;HSP;THVMQHMVP;JV;GK_;ZGVH IL3,J+,-G;'./;
J[;IH<;QJKTINPVPN;GT;G;VIOIN;\JN_<;GKN +++-; D(E+EF),3(G;-/C(H,(*;I2; 5B7:;
LJF+.)F(;EFH(EEG;'.5;
\X !GILMVP;\_;PiQPTTIYP;NP[JVRGHIJK<;VMZHMVP;JV
+C-; D(E+EF),3(;/K;3/,,(3F+/,M;; *+,-& .1678&
LJTT;J[;THG\ILIH_;J[;HSP;THVMQHMVP;JV;GK_;ZGVH;J[ ; ./0!12/31,45& ./0!12/31,45&
IH;IKQLMNIKO;TMZZJVH;GKN;[JMKNGHIJK] )-;N/JFEOPH+3F+/,;Q21(G;'.K; 5B7:; 5B7:;
I-;N/JFEON()H+,-;Q21(G;'.I; 5B7:; 5B7:;
11:<:1( ?')#N+&5!$'+N!" 3-;D+C(FEG;'.H ; 5B7:; 5B7:;
*-;3(J*EG;'.R; 5B7:; 5B:/;
/SP;NPTIOK;THVPKOHS<;5N<;IT;J\HGIKPN;GT;OIYPK;\PLJ`;[VJR
MLHIRGHP; THVPKOHS<; 5M; GKN; ZGVHIGL; TG[PH_; [GQHJVT; [JV
11:8( /E?DGNH(,GXBNC@CL(DPB(*FD@IEDB(5DNBCLDP
RGHPVIGLT<(γR;OIYPK;IK;/G\LP;(]
11:8:1( 5!6<#7#!M
5N;m;5M;W;γR
*HG\ILIH_;TSGLL;\P;PKTMVPN;[JV;HSP;THVMQHMVP;GT;G;`SJLP
`SPVP;ZGVHIGL;TG[PH_;[GQHJV;[JV;RGHPVIGLT<;γR;GQQJMKH;[JV< GKN;[JV;PGQS;J[;IHT;PLPRPKHT];/SIT;TSJMLN;IKQLMNP<;JYPVGLL
GX ZJTTI\ILIH_; J[; MK[GYJMVG\LP; NPYIGHIJK; J[ [VGRP;THG\ILIH_;GOGIKTH;JYPVHMVKIKO;GKN;T`G_<;GT;OIYPK
RGHPVIGL;THVPKOHS;[VJR;HSP;QSGVGQHPVITHIQ;YGLMPl IK;11:8:1:1(GKN;11:8:1:!]
\X ZJTTI\ILIH_; J[; MK[GYJMVG\LP; YGVIGHIJK; J[ 11:8:1:1( 5!6<#7#!M&6N6#+)!&*('$!.$+#+N
RPR\PV;TIgPTl /SP; THVMQHMVP; GT; G; `SJLP; JV; GK_; ZGVH; J[; IH; TSGLL; \P
QX ZJTTI\ILIH_; J[; MK[GYJMVG\LP; VPNMQHIJK; IK NPTIOKPN;HJ;ZVPYPKH;IKTHG\ILIH_;NMP;HJ;JYPVHMVKIKO<;MZLI[H
RPR\PV; THVPKOHS; NMP; HJ; [G\VIQGHIJK; GKN JV;TLINIKO;MKNPV;[GQHJVPN;LJGN;GT;OIYPK;\PLJ`b
HJLPVGKQPTl;GKN GX /SP;GQHIJKT;TSGLL;\P;NIYINPN;IKHJ;QJRZJKPKHT
NX MKQPVHGIKH_;IK;HSP;QGLQMLGHIJK;J[;THVPKOHS;J[ GINIKO; IKTHG\ILIH_; GKN; QJRZJKPKHT; VPTITHIKO
HSP;RPR\PVT] IKTHG\ILIH_]

72 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
 \X /SP;ZPVRGKPKH;GKN;YGVIG\LP;GQHIJKT;GKN;HSPIV 11:2:1( ?',7'-!#*+
P[[PQHT;QGMTIKO;IKTHG\ILIH_;TSGLL;\P;QJR\IKPN
/SP;NP[LPQHIJK;MKNPV;TPVYIQPG\ILIH_;LJGNT;J[;G;\MILNIKO
MTIKO; GZZVJZVIGHP; ZGVHIGL; TG[PH_; [GQHJVT; [JV
JV;G;\MILNIKO;QJRZJKPKH;TSJMLN;KJH;IRZGIV;HSP;THVPKOHS
LJGNT; GT; ZPV; HSP; LIRIH; THGHP; VPeMIVPRPKHT<; HJ
J[; HSP; THVMQHMVP; JV; QJRZJKPKHT; JV; QGMTP; NGRGOP; HJ
J\HGIK;RGiIRMR;NPTHG\ILIgIKO;P[[PQH]
[IKITSIKO];&P[LPQHIJKT;GVP;HJ;\P;QSPQaPN;[JV;HSP;RJTH
QX /SP; ZPVRGKPKH; GQHIJKT; ULJGNTX; GKN; P[[PQHT GNYPVTP;\MH;VPGLITHIQ;QJR\IKGHIJK;J[;TPVYIQP;LJGNT;GKN
QJKHVI\MHIKO;HJ;VPTITHGKQP;TSGLL;\P;RMLHIZLIPN HSPIV; GVVGKOPRPKH<; \_; PLGTHIQ; GKGL_TIT<; MTIKO; ZGVHIGL
`IHS; G; ZGVHIGL; TG[PH_; [GQHJV; D]B; GKN; GNNPN TG[PH_;[GQHJVT;IK;/G\LP;8;[JV;LJGNT<;GT;VPeMIVPN<;IK;/G\LP
HJOPHSPV; `IHS; NPTIOK; VPTITHGKQP; UG[HPV >];/G\LP;>;OIYPT;VPQJRRPKNPN;LIRIHT;J[;NP[LPQHIJKT;[JV
RMLHIZL_IKO; `IHS; GZZVJZVIGHP; ZGVHIGL; TG[PH_ QPVHGIK; THVMQHMVGL; RPR\PVT; GKN; T_THPRT]; 1K; /G\LP; ><
[GQHJVX]; ?GVIG\LP; GQHIJKT; GKN; HSPIV; P[[PQHT IRZJTPN;LJGN;TSJMLN;IKQLMNP;GLL;ZJTH;QJKTHVMQHIJK;LJGNT
QJKHVI\MHIKO;HJ;VPTITHGKQP;TSGLL;\P;NITVPOGVNPN] IKQLMNIKO;TMZPVIRZJTPN;NPGN;LJGNT];+IVQMRTHGKQPT;RG_
NX /SP;VPTITHGKQP;P[[PQH;TSGLL;\P;OVPGHPV;HSGK;JV GVITP; `SPVP; OVPGHPV; JV; LPTTPV; YGLMPT; `JMLN; \P; RJVP
PeMGL;HJ;HSP;NPTHG\ILIgIKO;P[[PQH];+JR\IKGHIJK GZZVJZVIGHP<;NPZPKNIKO;MZJK;HSP;KGHMVP;J[;RGHPVIGL;IK
J[;IRZJTPN;GKN;NPGN;LJGNT;TSJMLN;\P;TMQS;GT PLPRPKH;HJ;\P;TMZZJVHPN;UYMLKPVG\LP;HJ;QVGQaIKO;JV;KJHX
HJ;QGMTP;RJTH;TPYPVP;P[[PQH;JK;JYPVGLL;THG\ILIH_] GKN;IKHPKNPN;MTP;J[;HSP;THVMQHMVP<;GT;VPeMIVPN;\_;QLIPKH]
11:8:1:!( 5K6M&)!6<#7#!M 11:2:1:1(%SPVP;HSP;NP[LPQHIJK;NMP;HJ;HSP;QJR\IKGHIJK
/SP; `SJLP; THVMQHMVP<; IKQLMNIKO; ZJVHIJKT; \PH`PPK J[;NPGN;LJGN;GKN;IRZJTPN;LJGN;IT;LIaPL_;HJ;\P;PiQPTTIYP<
PiZGKTIJK;fJIKHT<;TSGLL;\P;GNPeMGHPL_;THI[[;GOGIKTH;T`G_] QJKTINPVGHIJK;TSJMLN;\P;OIYPK;HJ;ZVP^QGR\PV;HSP;\PGRT<
/J; PKTMVP; HSIT<; IK; GNNIHIJK; HJ; NPTIOKIKO; [JV; GZZLIPN HVMTTPT;GKN;OIVNPVT];/SP;YGLMP;J[;NPTIVPN;QGR\PV;TSGLL
SJVIgJKHGL; LJGNT<; G; TPZGVGHP; QSPQa; TSJMLN; \P; QGVVIPN \P; TZPQI[IPN; IK; NPTIOK; NVG`IKO]; 4PKPVGLL_<; [JV; TZGKT
JMH;[JV;KJHIJKGL;SJVIgJKHGL;LJGNT;TMQS;GT;OIYPK;IK;10:7:2 OVPGHPV; HSGK; .(; R<; G; QGR\PV; GZZVJiIRGHPL_; PeMGL; HJ
HJ;PYGLMGHP;HSP;T`G_;MKNPV;OVGYIH_;LJGNT] HSP;NP[LPQHIJK;NMP;HJ;NPGN;LJGNT;ZLMT;SGL[;HSP;IRZJTPN
LJGN;RG_;\P;MTPN];/SP;NP[LPQHIJK;J[;G;RPR\PV;TSGLL;\P
11:8:!( 46!#N.' QGLQMLGHPN; `IHSJMH; QJKTINPVIKO; HSP; IRZGQH; [GQHJV; JV
4PKPVGLL_; [GHIOMP; KPPN; KJH; \P; QJKTINPVPN; MKLPTT; G N_KGRIQ;P[[PQH;J[;HSP;LJGNT;JK;NP[LPQHIJK];#JJ[T<;`SIQS
THVMQHMVP;JV;PLPRPKH;IT;TM\fPQHPN;HJ;KMRPVJMT;TIOKI[IQGKH GVP;YPV_;[LPiI\LP<;TSGLL;\P;NPTIOKPN;HJ;`IHSTHGKN;GK_
[LMQHMGHIJKT;J[;THVPTT];*HVPTT;QSGKOPT;NMP;HJ;[LMQHMGHIJKT GNNIHIJKGL; LJGN; HSGH; IT; LIaPL_; HJ; JQQMV; GT; G; VPTMLH; J[
IK; `IKN; LJGNIKO; KJVRGLL_; KPPN; KJH; \P; QJKTINPVPN] ZJKNIKO;J[;`GHPV;JV;GQQMRMLGHIJK;J[;TKJ`;JV;IQP]
!GHIOMP;NPTIOK;TSGLL;\P;IK;GQQJVNGKQP;`IHS;*PQHIJK;>UZX] 11:2:! (I#<$6!#*+
%SPK; NPTIOKIKO; [JV; [GHIOMP<; HSP; ZGVHIGL; TG[PH_; [GQHJV
[JV;LJGN<;γ[<; PeMGL;HJ;MKIH_;TSGLL;\P;MTPN;[JV;HSP;LJGN *MIHG\LP;ZVJYITIJKT;IK;HSP;NPTIOK;TSGLL;\P;RGNP;[JV;HSP
QGMTIKO;THVPTT;[LMQHMGHIJK;GKN;THVPTT;VGKOP] N_KGRIQ; P[[PQHT; J[; IRZJTPN; LJGNT<; IRZGQH; LJGNT; GKN
YI\VGHIJK;NMP;HJ;RGQSIKPV_;JZPVGHIKO;LJGNT];1K;TPYPVP
11:8:7( E76)!#-&>*7763)' QGTPT;ZJTTI\ILIH_;J[;VPTJKGKQP<;[GHIOMP;JV;MKGQQPZHG\LP
,LGTHIQ; GKGL_TIT; GKN; NPTIOK; RG_; \P; MTPN<; I[; HSP YI\VGHIJKT; TSGLL; \P; IKYPTHIOGHPN]; 9KMTMGLL_; [LPiI\LP
VPeMIVPRPKH; TZPQI[IPN; MKNPV; HSP; ZLGTHIQ; RPHSJN; J[ THVMQHMVPT;UOPKPVGLL_;HSP;SPIOSH;HJ;P[[PQHIYP;`INHS;J[
GKGL_TIT;U)'';10:8X;GVP;TGHIT[IPN] LGHPVGL;LJGN;VPTITHGKQP;T_THPR;PiQPPNIKO;(b)X;TSGLL;\P
IKYPTHIOGHPN;[JV;LGHPVGL;YI\VGHIJK;MKNPV;N_KGRIQ;`IKN
11:2( '@I@D(5DEDB(GM(5BNX@?BER@F@DK LJGNT];*HVMQHMVPT;TM\fPQHPN;HJ;LGVOP;KMR\PV;J[;Q_QLPT
J[;LJGNIKO;TSGLL;\P;NPTIOKPN;GOGIKTH;[GHIOMP;[GILMVP<;GT
*PVYIQPG\ILIH_; LIRIH; THGHP; IT; VPLGHPN; HJ; HSP; QVIHPVIG
TZPQI[IPN;IK;*PQHIJK;>UZX];!LJJV;YI\VGHIJK;P[[PQH;TSGLL
OJYPVKIKO;KJVRGL;MTP];*PVYIQPG\ILIH_;LIRIH;THGHP;IT;LIRIH
\P;QJKTINPVPN;MTIKO;TZPQIGLITH;LIHPVGHMVP;U)'';:KKPi;7X]
THGHP;\P_JKN;`SIQS;HSP;TPVYIQP;QVIHPVIG;TZPQI[IPN;\PLJ`<
GVP;KJ;LJKOPV;RPHb 11:2:7( ?.$6<#7#!M
GX &P[LPQHIJK;LIRIH< !GQHJVT;HSGH;G[[PQH;HSP;NMVG\ILIH_;J[;HSP;\MILNIKOT<;MKNPV
\X ?I\VGHIJK;LIRIH< QJKNIHIJKT; VPLPYGKH; HJ; HSPIV; IKHPKNPN; LI[P<; GVP; LITHPN
\PLJ`b
QX &MVG\ILIH_;QJKTINPVGHIJK<;GKN
NX !IVP;VPTITHGKQP] GX $KYIVJKRPKH<
\X &POVPP;J[;PiZJTMVP<
9KLPTT;TZPQI[IPN;JHSPV`ITP;U)''&/G\LP;8X<;ZGVHIGL;TG[PH_
[GQHJV;[JV;LJGNT<;γ[<;J[;YGLMP;PeMGL;HJ;MKIH_;TSGLL;\P;MTPN QX *SGZP;J[;HSP;RPR\PV;GKN;HSP;THVMQHMVGL;NPHGIL<
[JV; GLL; LJGNT; LPGNIKO; HJ; TPVYIQPG\ILIH_; LIRIH; THGHPT; HJ NX ,VJHPQHIYP;RPGTMVP<;GKN
QSPQa;HSP;GNPeMGQ_;J[;HSP;THVMQHMVP;MKNPV;TPVYIQPG\ILIH_ PX $GTP;J[;RGIKHPKGKQP]
LIRIH;THGHPT]

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 7;
 $ERFB(2(+BMFB?D@GC('@I@DH
U>76.)';))]>])X

B90((%&( ;(&"()*+%,( ;($+:,(<%#9( 4(/5(1( '700%1*+,:( 4#6+/7/(

C7+"9+,:( ;(&"()*+%,(
0"-; 0$-; 01-; 02-; 03-; 04-;
; 567.C8M;M67//89:; U<79;U;"3+;
;0<1.=/;617/;79/;>89/;617/;; S?2689.;79/;T82C.;
; @28CC6=;M67//89:; U<79;U;"A+;
; ;0<1.=/;617/; 567.C8M;M67//89:; U<79;U;$2+;
U80<6=;.<79;
; ; @28CC6=;M67//89:; U<79;U;1++;
; ;0<1.=/;617/; 567.C8M;M67//89:; U<79;U;"$+;
B79C86=C=2;.<79;
; ; @28CC6=;M67//89:; U<79;U;"3+;
; ;0<1.=/;617/D;>89/;617/;79/; S21386=/;0=C76;.V==C89:; U<79;U;"A+;
E73C=2;.?<<12C89:;
; X=2C8M76; M279=;617/; S67.C=2=/;.V==C89:; U<79;U;$2+;
; B279=;617/;0W79?76; T79C2F; GV==6.;13;M279=; U<79;U;3++;
;9/?.C2876; 1<=27C819-;
I?86/89:.; B279=;617/; T79C2F; GV==6.;13;M279=; U<79;U;H3+;
056=MC28M;1<=27C819;?<;C1;3+;C-;
B279=;617/; U<79;U;";+++;
T79C2F; GV==6.;13;M279=;
056=MC28M;1<=27C819;1C=2;3+;C-;
567.C8M;M67//89:; Y=8:VC;U;"3+;
Z1;M279=.;0/?=;C1;>89/-; B16?09;
W7.192FU@28CC6=;M67//89:; Y=8:VC;U;$2+;
B279=;07I.16?C=-; U<79;U;2++;
B279=;617/;79/;>89/;617/; T79C2F;067C=276-; E=67C8C=;/8.<67M=0=9C;I=C>==9;2786.; "+;00;
J7C=276;
.?<<12C89:;>V==6.;13;M279=;;
T79C2F;0567.C8M;M67//89:-; Y=8:VC;U;$++(
B279=;617/;79/;>89/;617/; B16?09U3270=;
T79C2F;0@28CC6=;M67//89:[;M7I;1<=27C=/-; Y=8:VC;U;2++;
56=0=9C.;91C;.?.M=<C8I6=;C1;M27MY89:; U<79;U;1++;
;0<1.=/;617/; K6112;79/;2113;
\CV=2; 56=0=9C.;.?.M=<C8I6=;C1;M27MY89:; U<79;U;14+;
X=2C8M76;
I?86/89:.; 56=0=9C.;91C;.?.M=<C8I6=;C1;M27MY89:; U<79;U;"3+;
;0<1.=/;617/; B79C86=C=2;
; 56=0=9C.;.?.M=<C8I6=;C1;M27MY89:; U<79;U;"A+;
; G89/;617/; 567.C8M;M67//89:; Y=8:VC;U;1++;
@?86/89:;
; J7C=276; ; @7CC6=;M67//89:; Y=8:VC;U;3++;
G89/;617/; ;9C=2L.C12=F;/283C; ]; UC12=F;V=8:VCU1++;

11:2:7:1( /SP; NMVG\ILIH_; J[; THPPL; THVMQHMVPT; TSGLL; \P PiQPTTIYP;PLJKOGHIJK];,LGHPT;GKN;JHSPV;VJLLPN;TPQHIJKT

PKTMVPN;\_;[JLLJ`IKO;VPQJRRPKNGHIJKT;IK;*PQHIJK;>UVX] IK;HPKTIJK;RG_;GLTJ;[GIL;\_;\LJQa;TSPGV;J[;PKN;\JLHPN
*ZPQIGLITH;LIHPVGHMVP;RG_;\P;VP[PVVPN;HJ;[JV;RJVP;NPHGILPN VPOIJKT;U)'';1!:<:1X]
GKN;GNNIHIJKGL;IK[JVRGHIJK;IK;NPTIOK;[JV;NMVG\ILIH_]
/SP;[GQHJVPN;NPTIOK;HPKTIJK; 0<;IK;HSP;RPR\PVT;TSGLL
11:2:<( 4#$'&H')#)!6+-' TGHIT[_;HSP;[JLLJ`IKO;VPeMIVPRPKHb
!IVP;VPTITHGKQP;J[;G;THPPL;RPR\PV;IT;G;[MKQHIJK;J[;IHT 0&'&0N
RGTT<; IHT; OPJRPHV_<; GKN; HSP; GQHIJKT; HJ; `SIQS; IH; IT
`SPVP
TM\fPQHPN<; IHT; THVMQHMVGL; TMZZJVH; QJKNIHIJK<; [IVP
ZVJHPQHIJK;RPGTMVPT;GNJZHPN;GKN;HSP;[IVP;HJ;`SIQS;IH;IT 0N a NPTIOK;THVPKOHS;J[;HSP;RPR\PV]
PiZJTPN]; &PTIOK; ZVJYITIJKT; HJ; VPTITH; [IVP; GVP; \VIP[L_
NITQMTTPN;IK;*PQHIJK;>UTX];*ZPQIGLITH;LIHPVGHMVP;RG_;\P /SP;NPTIOK;THVPKOHS;J[;G;RPR\PV;MKNPV;GiIGL;HPKTIJK<
VP[PVVPN;HJ;[JV;RJVP;NPHGILPN;IK[JVRGHIJK;IK;NPTIOK;J[ 0N<;IT;HSP;LJ`PTH;J[;HSP;NPTIOK;THVPKOHS;NMP;HJ;_IPLNIKO
[IVP;VPTITHGKQP;J[;THPPL;THVMQHMVPT] J[;OVJTT;TPQHIJK<;0NOl;VMZHMVP;THVPKOHS;J[;QVIHIQGL;TPQHIJK<
0NKl&GKN;\LJQa;TSPGV;0N\:&OIYPK;IK;1!:!<(1!:7(GKN(1!:<<
'&!%(#$")*<,"4&'(-$"#9"%&$'(#$ VPTZPQHIYPL_]
2&2=&.'
1!:!( +BH@LC( 5DNBCLDP( +OB( DG( >@BFA@CL( GM( ,NGHH
1! (+.5%,"(&/($."5%&"(=.=).45 5B?D@GC

1!:1( $BCH@GC(=BIRBNH /SP;NPTIOK;THVPKOHS;J[;RPR\PVT;MKNPV;GiIGL;HPKTIJK<;0NO:

GT;OJYPVKPN;\_;_IPLNIKO;J[;OVJTT;TPQHIJK<;IT;OIYPK;\_b
/PKTIJK;RPR\PVT;GVP;LIKPGV;RPR\PVT;IK;`SIQS;GiIGL
[JVQPT;GQH;HJ;QGMTP;PLJKOGHIJK;UTHVPHQSX];*MQS;RPR\PVT 0NO&a&;O&,_&%γRD
QGK;TMTHGIK;LJGNT;MZ;HJ;HSP;MLHIRGHP;LJGN<;GH;`SIQS;THGOP `SPVP
HSP_;RG_;[GIL;\_;VMZHMVP;GH;G;QVIHIQGL;TPQHIJK];=J`PYPV<
I[; HSP; OVJTT; GVPG; J[; HSP; RPR\PV; _IPLNT; JYPV; G; RGfJV ,_ m _IPLN;THVPTT;J[;HSP;RGHPVIGL<
ZJVHIJK;J[;IHT;LPKOHS;\P[JVP;HSP;VMZHMVP;LJGN;IT;VPGQSPN< ;O m OVJTT;GVPG;J[;+VJTT^TPQHIJK<;GKN
HSP; RPR\PV; RG_; \PQJRP; KJK^[MKQHIJKGL; NMP; HJ

7Q "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
 γRD m ZGVHIGL;TG[PH_;[GQHJV;[JV;[GILMVP;IK;HPKTIJK;\_ 0NK;a&D]B&;K&,M;%γR)
_IPLNIKO;U)''&/G\LP;(X] `SPVP
1!:7( +BH@LC( 5DNBCLDP( +OB( DG( 4OJDONB( GM( -N@D@?EF ;K m KPH;VJJH;GVPG;GH;HSP;HSVPGNPN;TPQHIJK]
5B?D@GC 1!:7:7; 5#+N7';;+N7')
1!:7:1 (E76!') /SP;VMZHMVP;THVPKOHS;J[;GK;GKOLP;QJKKPQHPN;HSVJMOS;JKP
LPO;IT;G[[PQHPN;\_;TSPGV;LGO];/SP;NPTIOK;THVPKOHS<;0NK:;GT
/SP; NPTIOK; THVPKOHS; IK; HPKTIJK; J[; G; ZLGHP<; 0 NK: ; GT OJYPVKPN;\_;VMZHMVP;GH;KPH;TPQHIJK;IT;OIYPK;\_b
OJYPVKPN;\_;VMZHMVP;J[;KPH;QVJTT^TPQHIJKGL;GVPG<;;K:;GH
HSP;SJLPT;IT;OIYPK;\_b 0NK&a&D]B&;KQ;,M%γR)&:&β&;OJ&,_&%γRD
`SPVP
0NK&a&D]B&;K&,M&%&γR)
β;a&)]8;h;D]D->&UK%!X&U,_%,MX&U<T%BQX ≤;UD]B,MγRD%,MγR)X
`SPVP ≥ D]-
γR) m ZGVHIGL; TG[PH_; [GQHJV; [JV; [GILMVP; GH; MLHIRGHP `SPVP
THVPTT;U)'';/G\LP;(X<
K a JMHTHGKN;LPO;`INHS<
,M m MLHIRGHP;THVPTT;J[;HSP;RGHPVIGL<;GKN <T a TSPGV;LGO;`INHS<;GT;TSJ`K;IK;!IO];><;GKN
&;K m KPH;P[[PQHIYP;GVPG;J[;HSP;RPR\PV;OIYPK;\_] BQ m LPKOHS; J[; HSP; PKN; QJKKPQHIJK<; HSGH; IT; HSP
NITHGKQP;\PH`PPK;HSP;;JMHPVRJTH;\JLHT;IK;HSP
⎡ B$4# ⎤ PKN;fJIKH;RPGTMVPN;GLJKO;HSP;LJGN;&NIVPQHIJK
;K&a& ⎢# − .! M +
⎣
∑ 394 ⎦
⎥ " JV;LPKOHS;J[;HSP;`PLN;GLJKO;HSP;LJGN;NIVPQHIJK]
!JV; ZVPLIRIKGV_; TIgIKO<; HSP; VMZHMVP; THVPKOHS; J[; KPH
`SPVP TPQHIJK;RG_;\P;GZZVJiIRGHPL_;HGaPK;GTb
<:&! m `INHS;GKN;HSIQaKPTT;J[;HSP;ZLGHP<;VPTZPQHIYPL_< 0NK&a&α&;K&,M&%γR)
%S m NIGRPHPV;J[;HSP;\JLH;SJLP;U.;RR;IK;GNNIHIJK `SPVP
HJ;HSP;NIGRPHPV;J[;HSP;SJLP<;IK;QGTP;J[;NIVPQHL_ α a D]>;[JV;JKP;JV;H`J;\JLHT<;D]-;[JV;HSVPP;\JLHT
ZMKQSPN;SJLPTX< GKN; D]A& [JV; [JMV; JV; RJVP; \JLHT; GLJKO; HSP
N m OGMOP; LPKOHS; \PH`PPK; HSP; \JLH; SJLPT<; GT LPKOHS;IK;HSP;PKN;QJKKPQHIJK;JV;PeMIYGLPKH
TSJ`K;IK;!IO];(< `PLN;;;LPKOHS<

3T m THGOOPVPN;ZIHQS;LPKOHS;\PH`PPK;LIKP;J[;\JLH ;K m KPH;GVPG;J[;HSP;HJHGL;QVJTT^TPQHIJK<
SJLPT<;GT;TSJ`K;IK;!IO];(< ;KQ m KPH;GVPG;J[;HSP;QJKKPQHPN;LPO<
+ m KMR\PV;J[;\JLH;SJLPT;IK;HSP;QVIHIQGL;TPQHIJK< ;OJ a OVJTT;GVPG;J[;HSP;JMHTHGKNIKO;LPO<;GKN
GKN ! a HSIQaKPTT;J[;HSP;LPO]
# m TM\TQVIZH;[JV;TMRRGHIJK;J[;GLL;HSP;IKQLIKPN
LPOT]

!14];>;:243$*;%1/=;*1243$;3$4;+"22$+/1"2*

1!:7:<; Q!"'$&5'-!#*+
/SP;VMZHMVP;THVPKOHS<;0NK:;J[;HSP;NJM\LP;GKOLPT<;QSGKKPLT<
1^TPQHIJKT;GKN;JHSPV;VJLLPN;THPPL;TPQHIJKT<;QJKKPQHPN;\_
!14 ];(;,3:/$*;%1/=;7 "3/*;="3$*;12 ;/$2*1"2 JKP;JV;RJVP;PLPRPKHT;HJ;GK;PKN;OMTTPH;IT;GLTJ;OJYPVKPN
\_;TSPGV;LGO;P[[PQHT];/SP;NPTIOK;HPKTILP;THVPKOHS;J[;TMQS
1!:7:!;0"$'6%'%&H*%) TPQHIJKT;GT;OJYPVKPN;\_;HPGVIKO;J[;KPH;TPQHIJK;RG_;GLTJ
/SP;NPTIOK;THVPKOHS;J[;HSVPGNPN;VJNT;IK;HPKTIJK<;0NK<;GT \P; QGLQMLGHPN; MTIKO; PeMGHIJK; IK; 1!:7:7<; `SPVP; <; IT
OJYPVKPN;\_;VMZHMVP;IT;OIYPK;\_b QGLQMLGHPN; \GTPN; JK; HSP; TSPGV; LGO; NITHGKQP<; <T:& HGaPK

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 79
[VJR; HSP; [GVHSPTH; PNOP; J[; HSP; JMHTHGKNIKO; LPO; HJ; HSP [LPiMVGL; \MQaLIKO]; /SP; \MQaLIKO; THVPKOHS; J[; HSPTP
KPGVPTH; \JLHW`PLN; LIKP; IK; HSP; QJKKPQHPN; LPO; J[; HSP RPR\PVT;IT;G[[PQHPN;\_;VPTINMGL;THVPTTPT<;IKIHIGL;\J`
QVJTT^TPQHIJK] GKN; GQQINPKHGL; PQQPKHVIQIHIPT; J[; LJGN]; /J; GQQJMKH; [JV
GLL;HSPTP;[GQHJVT<;HSP;THVPKOHS;J[;RPR\PVT;TM\fPQHPN;HJ
1!:<( +BH@LC(5DNBCLDP(+OB(DG()FG?S(5PBEN
GiIGL;QJRZVPTTIJK;IT;NP[IKPN;\_;\MQaLIKO;QLGTT;G<;\<;Q<
/SP; THVPKOHS; GT; OJYPVKPN; \_; \LJQa; TSPGV; GH; GK; PKN JV;N;GT;OIYPK;/G\LP;-]
QJKKPQHIJK;J[;ZLGHPT;GKN;GKOLPT;IT;QGLQMLGHPN;GT;OIYPK
17:1:! (/SP;[GQHJVPN;NPTIOK;QJRZVPTTIJK<;E&IK;RPR\PVT
IK;1!:<:1]
TSGLL;TGHIT[_;HSP;[JLLJ`IKO;VPeMIVPRPKHb
1!:<:1 (=*7!'%&>*++'-!#*+)
E;'&EN
/SP;\LJQa;TSPGV;THVPKOHS<;0N\;J[;QJKKPQHIJK;TSGLL;\P `SPVP
HGaPK;GT;HSP;TRGLLPV;J[<
EN a ;P&,QN
0N\&a&o;;YO&,_&%U 4 γRDX&:;D]B;HK&,M;%γR);p `SPVP
JV
;P m P[[PQHIYP;TPQHIJKGL;GVPG;GT;NP[IKPN;IK;17:7:!<
0N\&a&oD]B;YK;,M&%U 4 γR)X;:&;HO;,_&%γRDp GKN
`SPVP ,QN m NPTIOK;QJRZVPTTIYP;THVPTT<;J\HGIKPN;GT;ZPV
17:1:!:1]
;YO&<&;YK m RIKIRMR;OVJTT;GKN;KPH;GVPG;IK;TSPGV;GLJKO
\JLH; LIKP; ZGVGLLPL; HJ; PiHPVKGL; [JVQP< 17:1:!:1(;/SP;NPTIOK;QJRZVPTTIYP;THVPKOHS<;,QN<;J[;GiIGLL_
LJGNPN;QJRZVPTTIJK;RPR\PVT;TSGLL;\P;QGLQMLGHPN;MTIKO
VPTZPQHIYPL_;U)^.;GKN;6^8;GT;TSJ`K;IK;!IO];-:
HSP;[JLLJ`IKO;PeMGHIJKb
GKN;)^.;GT;TSJ`K;IK;!IO];-7X<
;HO;<&;HK a RIKIRMR;OVJTT;GKN;KPH;GVPG;IK;HPKTIJK;[VJR > $ ) γ !"
> #$ = "&'
= χ > % ) γ !" ≤ > % ) γ !"
HSP;\JLH;SJLP;HJ;HSP;HJP;J[;HSP;GKOLP<;PKN;\JLH φ + ⎡⎣ φ( − λ ( ⎤⎦
LIKP<; ZPVZPKNIQMLGV; HJ; HSP; LIKP; J[; [JVQP<
VPTZPQHIYPL_;U.^6;GT;TSJ`K;IK;!IO];-7X<;GKN `SPVP
,M;:&,_ m MLHIRGHP; GKN; _IPLN; THVPTT; J[; HSP; RGHPVIGL< φ m D](o);s&α&Uλ&c&D].X;s;λ.p
VPTZPQHIYPL_] λ m KJK^NIRPKTIJKGL;P[[PQHIYP;TLPKNPVKPTT;VGHIJ
(
m % % % ## = %% ( ;" # ) π( <

π( 1
,QQ m $MLPV;\MQaLIKO;THVPTT;m;
( () ) ' )(
`SPVP
!14];-;73"+F;*=$:#;! :139#$ &AB%$ m P[[PQHIYP; TLPKNPVKPTT; VGHIJ; JV; VGHIJ; J[
P[[PQHIYP;LPKOHS<;AB;HJ;GZZVJZVIGHP;VGNIMT;J[
1!:<:!(J'7%'%&>*++'-!#*+ O_VGHIJK<;$l
/SP; \LJQa; TSPGV; THVPKOHS<; 0N\; TSGLL; \P; QSPQaPN; [JV α m IRZPV[PQHIJK;[GQHJV;OIYPK;IK;/G\LP;-l
`PLNPN; PKN; QJKKPQHIJKT; \_; HGaIKO; GK; GZZVJZVIGHP χ m; THVPTT; VPNMQHIJK; [GQHJV; U)''; /G\LP; AX; [JV
TPQHIJK;IK;HSP;RPR\PV;GVJMKN;HSP;PKN;`PLN<;`SIQS;QGK NI[[PVPKH; \MQaLIKO; QLGTT<; TLPKNPVKPTT; VGHIJ
TSPGV;J[[;GT;G;\LJQa] GKN;_IPLN;THVPTT

'&!%(#$")*>,"4&'(-$"#9"!#2?.&''(#$ *
m "&' ⎤
⎡ φ + φ( − λ (
2&2=&.'
⎣⎢
( ) ⎦⎥
17( +.5%,"(&/(-&=34.55%&"(=.=).45
γRD m ZGVHIGL;TG[PH_;[GQHJV;[JV;RGHPVIGL;THVPKOHS]
17:1 (+BH@LC(5DNBCLDP 2"/$; j; +GLQMLGHPN; YGLMPT; J[; NPTIOK; QJRZVPTTIYP; THVPTT<; ,QN
[JV;NI[[PVPKH;\MQaLIKO;QLGTTPT;GVP;OIYPK;IK;/G\LP;B]
17:1:1( +JRRJK;SJH;VJLLPN;GKN;\MILH^MZ;THPPL;RPR\PVT 17:1:!:!; /SP;QLGTTI[IQGHIJK;J[;NI[[PVPKH;TPQHIJKT;MKNPV
MTPN; [JV; QGVV_IKO; GiIGL; QJRZVPTTIJK<; MTMGLL_; [GIL; \_ NI[[PVPKH;\MQaLIKO;QLGTT;G<;\<;Q;JV;N<;IT;OIYPK;IK;/G\LP;)D]

<0 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
/SP; THVPTT; VPNMQHIJK; [GQHJV; χ<& GKN; HSP; NPTIOK JV; GNYGKQPN; GKGL_TITX<; HSP; P[[PQHIYP; LPKOHS; J[
QJRZVPTTIYP;THVPTT;,QN<;[JV;NI[[PVPKH;\MQaLIKO;QLGTT<;_IPLN QJRZVPTTIJK;RPR\PVT;IK;TMQS;QGTPT;QGK;\P;QGLQMLGHPN
THVPTT<;GKN;P[[PQHIYP;TLPKNPVKPTT;VGHIJ;IT;OIYPK;IK;/G\LP;A MTIKO;HSP;ZVJQPNMVP;OIYPK;IK;-T1];/SP;P[[PQHIYP;LPKOHS
[JV;QJKYPKIPKQP];/SP;QMVYPT;QJVVPTZJKNIKO;HJ;NI[[PVPKH J[; THPZZPN; QJLMRK; IK; TIKOLP; THJVP_; \MILNIKOT; QGK; \P
\MQaLIKO;QLGTT;GVP;ZVPTPKHPN;IK;KJK^NIRPKTIJKGL;[JVR< QGLQMLGHPN;MTIKO;HSP;ZVJQPNMVP;OIYPK;IK;-T!]
IK;!IO];A] 17:!:7( @--'+!$#-&='6Y&>*++'-!#*+

$ERFB(;(%IJBNMB?D@GC(/E?DGN_(αα 1K;QGTPT;`SPVP;HSP;\PGR;QJKKPQHIJKT;GVP;PQQPKHVIQ;IK
ZLGK;`IHS;VPTZPQH;HJ;HSP;GiPT;J[;HSP;QJLMRK<;HSP;TGRP
U>76.)')&)6])]);6+%;)6])].])X
QJKNIHIJKT;J[;VPTHVGIKH;GT;IK;QJKQPKHVIQ;QJKKPQHIJK;TSGLL
C7)D"+,:(!"#$$( #( 5( )( 9( \P; NPPRPN; HJ; GZZL_<; ZVJYINPN; HSP; QJKKPQHIJKT; GVP
+",; +$,; +-,; +.,; +3,;
QGVVIPN;GQVJTT;HSP;[LGKOP;JV;`P\;J[;HSP;QJLMRKT;GT;HSP
QGTP;RG_;\P<;GKN;HSP;`P\;J[;HSP;\PGR;LIPT;`IHSIK<;JV;IK
(; +N$"; +N-.; +N./; +N01; NIVPQH;QJKHGQH;`IHS;HSP;QJLMRK;TPQHIJK];%SPVP;ZVGQHIQGL
NI[[IQMLHIPT;ZVPYPKH;HSIT<;HSP;P[[PQHIYP;LPKOHS;TSGLL;\P
HGaPK; GT; PeMGL; HJ; HSP; NITHGKQP; \PH`PPK; ZJIKHT; J[
17:!( .MMB?D@XB('BCLDP(GM(-GIJNBHH@GC(=BIRBNH VPTHVGIKH<;IK;KJK^T`G_;[VGRPT]
17:!:1( /SP;P[[PQHIYP;LPKOHS;AB:;IT;QGLQMLGHPN;[VJR;HSP 17:!:<& >*Y3$'))#*+;D'Y<'$)&#+&0$.))')
GQHMGL;LPKOHS;B<;J[;HSP;RPR\PV<;QJKTINPVIKO;HSP;VJHGHIJKGL
GKN;VPLGHIYP;HVGKTLGHIJKGL;\JMKNGV_;QJKNIHIJKT;GH;HSP;PKNT] 1K; HSP; QGTP; J[; \JLHPN<; VIYPHPN; JV; `PLNPN; HVMTTPT; GKN
/SP;GQHMGL;LPKOHS;TSGLL;\P;HGaPK;GT;HSP;LPKOHS;[VJR;QPKHVP^ \VGQPN; [VGRPT<; HSP; P[[PQHIYP; LPKOHS<; AB<; J[; HSP
HJ^QPKHVP;J[;IHT;IKHPVTPQHIJKT;`IHS;HSP;TMZZJVHIKO;RPR\PVT QJRZVPTTIJK;RPR\PVT;TSGLL;\P;HGaPK;GT;D]-;HJ;)]D;HIRPT
IK;HSP;ZLGKP;J[;HSP;\MQaLIKO;NP[JVRGHIJK];1K;HSP;QGTP;J[;G HSP;NITHGKQP;\PH`PPK;QPKHVPT;J[;QJKKPQHIJKT<;NPZPKNIKO
RPR\PV;`IHS;G;[VPP;PKN<;HSP;[VPP;THGKNIKO;LPKOHS;[VJR JK;HSP;NPOVPP;J[;PKN;VPTHVGIKH;ZVJYINPN];1K;HSP;QGTP;J[
RPR\PVT;J[;HVMTTPT<;\MQaLIKO;IK;HSP;ZLGKP;ZPVZPKNIQMLGV
HSP;QPKHVP;J[;HSP;IKHPVTPQHIKO;RPR\PV;GH;HSP;TMZZJVHPN
HJ;HSP;ZLGKP;J[;HSP;HVMTT<;HSP;P[[PQHIYP;LPKOHS<;AB;TSGLL
PKN<;TSGLL;\P;HGaPK;GT;HSP;GQHMGL;LPKOHS]
\P; HGaPK; GT; HSP; NITHGKQP; \PH`PPK; HSP; QPKHPVT; J[
17:!:!( @,,'-!#('&B'+N!" IKHPVTPQHIJK]; /SP; NPTIOK; J[; GKOLP; THVMHT; TSGLL; \P; GT
TZPQI[IPN;IK;17]8]
%SPVP;HSP;\JMKNGV_;QJKNIHIJKT;IK;HSP;ZLGKP;J[;\MQaLIKO
QGK; \P; GTTPTTPN<; HSP; P[[PQHIYP; LPKOHS<; AB; QGK; \P 17:7( +BH@LC(+BDE@FH
QGLQMLGHPN; JK; HSP; \GTIT; J[; /G\LP; ))]; %SPVP; [VGRP
17:7:1(0"#-C+'))&*,&E76!'&@7'Y'+!)
GKGL_TIT;NJPT;KJH;QJKTINPV;HSP;PeMILI\VIMR;J[;G;[VGRPN
THVMQHMVP;IK;HSP;NP[JVRPN;TSGZP;UTPQJKN^JVNPV;GKGL_TIT +LGTTI[IQGHIJK;J[;RPR\PVT;JK;HSP;\GTIT;J[;HSIQaKPTT;J[

!14];A;+ "3902;79+F3124 ;+9#?$*

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' <1
 $ERFB(Q(UEV(5DNBHH(4BAO?D@GC(/E?DGN_(χ!MGN(-GFOIC()O?SF@CL(-FEHH(E
U>76.)')&)6])].]);6+%;)6])].].X

#$W% >@BFA(5DNBHH_(&K!U0,GX

↓ .DD .)D ..D .6D .8D .(D .>D .AD 6DD 6.D 68D 6>D 6AD 8DD 8.D 8(D 8AD ()D (8D
)D )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD
.D )]DDD D]BBB D]BBA D]BB- D]BB( D]BB8 D]BB6 D]BB6 D]BBD D]BAA D]BA> D]BA8 D]BA6 D]BA) D]B-B D]B-- D]B-( D]B-. D]B-D
6D D]B-- D]B-( D]B-8 D]B-. D]B-D D]B>B D]B>- D]B>( D]B>) D]B(- D]B(8 D]B() D]B8A D]B8> D]B86 D]B6A D]B68 D]B6D D]B.(
8D D]B(. D]B8B D]B8- D]B88 D]B8. D]B6B D]B6- D]B68 D]B.> D]B.) D]B)> D]B)) D]BD> D]BD) D]AB> D]AAA D]AA) D]A-6 D]A>(
(D D]B.6 D]B)B D]B)( D]B)) D]BDA D]BD8 D]BDD D]AB> D]AA8 D]A-> D]A>- D]A(B D]A() D]A8. D]A68 D]A.D D]AD- D]-B8 D]-AD
>D D]AAA D]AA6 D]A-- D]A-) D]A>( D]A(B D]A(6 D]A8- D]A.A D]A)> D]AD6 D]-BD D]--- D]->6 D]-(D D]-6D D]-)D D]>BD D]>-)
-D D]A8> D]A6- D]A.B D]A.D D]A)) D]AD6 D]-B8 D]-A( D]-(A D]-8D D]-.. D]-D6 D]>A> D]>>A D]>() D]>.> D]>D. D](-B D]((-
AD D]-B6 D]-A) D]->B D]-(- D]-8> D]-68 D]-.. D]-)D D]>-( D]>(6 D]>6) D]>)D D](AB D](-D D](() D](.( D](D) D]8-A D]8(A
BD D]-6D D]-)( D]-DD D]>A( D]>-) D]>(- D]>86 D]>.A D](BD D](>( D](8. D](.D D](DD D]8A) D]8>6 D]86B D]8)> D]6B> D]6--
)DD D]>>) D]>88 D]>.- D]>)D D](B8 D](-B D](>8 D](8B D]()D D]8A> D]8>6 D]886 D]8.8 D]8D- D]6BD D]6>A D]68A D]66) D]6)8
))D D](B) D](-6 D]((( D](6A D](.. D](D- D]8B. D]8-A D]88D D]8)A D]6B- D]6-B D]6>. D]68> D]66. D]6). D].B( D].-B D].>(
).D D](.( D](D- D]8AB D]8-6 D]8(A D]886 D]8.B D]8)> D]6A) D]6>) D]686 D]6.> D]6)) D].B- D].A8 D].>- D].(. D].6A D]..>
)6D D]8>> D]88A D]86. D]8)> D]8D. D]6AA D]6-> D]6>8 D]66. D]6)8 D].BA D].A6 D].>B D].(- D].8> D].6) D].)- D].D> D])B(
)8D D]8)6 D]6B- D]6A. D]6>A D]6(( D]68. D]66) D]6.D D].B) D].-( D].>D D].8- D].6( D]..8 D].)8 D].D) D])AB D])-B D])-D
)(D D]6>A D]6(6 D]66B D]6.> D]6)8 D]6D6 D].B6 D].A6 D].(- D].86 D]..B D].)A D].D- D])B- D])AB D])-- D])>> D])(- D])8B
)>D D]6.B D]6)> D]6D6 D].B) D].AD D].-D D].>) D].(. D]..B D].)( D].D8 D])B6 D])A8 D])-( D])>- D])(- D])8- D])6B D])6.
)-D D].B> D].A6 D].-. D].>) D].() D].8. D].66 D]..( D].D8 D])B. D])A. D])-. D])>8 D])(> D])8B D])8D D])6) D]).8 D]))-
)AD D].>- D].(( D].8( D].6( D]..> D].)A D].)D D].D6 D])A8 D])-6 D])>6 D])(( D])8- D])8D D])68 D]).( D]))A D]))) D])D(
)BD D].8. D].6) D]... D].)6 D].D( D])B- D])BD D])A6 D])>> D])(> D])8- D])8D D])66 D]).> D]).) D]))6 D])D> D])DD D]DB(
.DD D]..D D].)D D].D. D])B6 D])A> D])-B D])-. D])>> D])() D])8. D])68 D]).- D]).D D]))( D])DB D])D. D]DB> D]DB) D]DA>
.)D D].D) D])B. D])A8 D])-- D])-D D])>6 D])(- D])(. D])6- D]).B D]).. D]))( D]))D D])D8 D]DBB D]DB6 D]DA- D]DA6 D]D-A
..D D])A8 D])-> D])>B D])>. D])(( D])8B D])88 D])6B D]).> D]))A D]))) D])D> D])DD D]DB( D]DB) D]DA( D]DAD D]D-( D]D-)
.6D D])-D D])>. D])(( D])8B D])86 D])6- D])6. D]).A D]))( D])DA D])D. D]DB- D]DB. D]DAA D]DA6 D]D-A D]D-6 D]D>B D]D>(
.8D D])(- D])8B D])86 D])6- D])6. D]).- D]).. D]))A D])D> D])DD D]DB8 D]DAB D]DA( D]DA) D]D-- D]D-. D]D>A D]D>8 D]D>D
.(D D])8( D])6A D])6. D]).- D]).. D]))- D]))6 D])DB D]DBA D]DB. D]DA- D]DA. D]D-A D]D-8 D]D-) D]D>> D]D>. D]D(B D]D(>

$ERFB(Q(URV(5DNBHH(4BAO?D@GC(/E?DGN_(χ!MGN(-GFOIC()O?SF@CL(-FEHH(R
U>76.)')&)6])].]);6+%&)6])].].X

#$WN >@BFA(5DNBHH_(&K!U0,GX

↓ .DD .)D ..D .6D .8D .(D .>D .AD 6DD 6.D 68D 6>D 6AD 8DD 8.D 8(D 8AD ()D (8D
)D )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD
.D )]DDD D]BBA D]BB> D]BB8 D]BB6 D]BB) D]BBD D]BA> D]BA6 D]BA) D]B-A D]B-( D]B-. D]B-D D]B>- D]B>6 D]B>D D]B(> D]B(6
6D D]B>6 D]B>) D]B(A D]B(( D]B(6 D]B(D D]B8A D]B86 D]B6A D]B66 D]B.B D]B.8 D]B.D D]B)( D]B)) D]BD8 D]ABA D]AB. D]AA>
8D D]B.( D]B.) D]B)- D]B)6 D]BDB D]BD> D]BD. D]AB( D]AA- D]AAD D]A-6 D]A>> D]A(B D]A(. D]A8( D]A6( D]A.( D]A)( D]AD(
(D D]AA6 D]A-- D]A-. D]A>> D]A>) D]A(( D]A(D D]A6B D]A.B D]A)A D]ADA D]-BA D]-A- D]--- D]->- D]-(. D]-6- D]-.. D]-DA
>D D]A6( D]A.- D]A.D D]A). D]AD( D]-BA D]-BD D]--( D]->) D]-8> D]-6. D]-)A D]-D8 D]>B) D]>-- D]>(- D]>6A D]>.D D]>D.
-D D]-A) D]--) D]->) D]-() D]-8. D]-6. D]-.. D]-D6 D]>A( D]>>- D]>8B D]>6. D]>)( D](BB D](A8 D](>) D](8D D](.D D](D.
AD D]-.) D]-DB D]>B- D]>A( D]>-6 D]>>) D]>(D D]>.- D]>D> D](A( D](>> D](8- D](.B D](). D]8B> D]8-8 D]8(6 D]868 D]8)>
BD D]>(- D]>86 D]>.B D]>)( D]>D. D](AB D](-> D]((. D](6D D](DA D]8AA D]8-D D]8(. D]86> D]8.) D]8DD D]6AD D]6>6 D]68>
)DD D](B6 D](-- D](>. D](8A D](68 D](.D D](D- D]8A6 D]8>) D]88D D]8.) D]8D6 D]6A- D]6-. D]6(A D]66B D]6.) D]6D> D].B)
))D D](6) D]()( D](DD D]8A( D]8-) D]8(A D]88( D]8.. D]8D) D]6A) D]6>8 D]68A D]666 D]6)B D]6D> D].AB D].-8 D].>D D].8-
).D D]8-8 D]8(A D]886 D]8.B D]8)> D]8D6 D]6B) D]6-D D]6(D D]66. D]6)> D]6D) D].AA D].-> D].>( D].8B D].6> D]..6 D].).
)6D D]8.6 D]8DA D]6B8 D]6AD D]6>A D]6(> D]68( D]6.( D]6D- D].B) D].-> D].>6 D].() D].8D D].6D D].)- D].D8 D])B8 D])A8
)8D D]6-A D]6>8 D]6(D D]66A D]6.- D]6)> D]6D> D].A- D].-) D].(> D].86 D].6) D]..) D].)) D].D. D])BD D])-B D])>B D])>)
)(D D]66B D]6.( D]6)6 D]6D. D].B) D].A) D].-. D].(( D].8) D]..- D].)( D].D( D])B( D])A> D])-A D])>- D])(A D])8B D])8.
)>D D]6D( D].B. D].A) D].-) D].>) D].(. D].86 D]..A D].)( D].D6 D])B. D])A. D])-8 D])>> D])(A D])8B D])8D D])66 D]).>
)-D D].-( D].>8 D].(6 D].88 D].6( D]..- D].)B D].D( D])B6 D])A. D])-. D])>6 D])(( D])8A D])8. D])66 D]).( D]))A D])).
)AD D].8B D].6B D]..B D]..D D].). D].D( D])BA D])A( D])-8 D])>8 D])(( D])8- D])8D D])66 D]).A D]).D D]))6 D])D> D])D)
)BD D]..- D].)- D].DA D].DD D])B6 D])A> D])-B D])>A D])(- D])8A D])8D D])66 D]).- D]).) D]))( D])DA D])D. D]DB> D]DB)
.DD D].D- D])BA D])BD D])A6 D])-> D])>B D])>6 D])(6 D])86 D])6( D]).A D]).) D]))( D]))D D])D( D]DBA D]DB. D]DA- D]DA6
.)D D])BD D])A. D])-8 D])>- D])>) D])(( D])8B D])8D D])6) D]).6 D]))- D]))D D])D( D])DD D]DB> D]DBD D]DA8 D]DAD D]D-(
..D D])-8 D])>- D])>D D])(8 D])8A D])8. D])6- D]).A D]).D D]))6 D])D- D])D) D]DB> D]DB. D]DAA D]DA. D]D-- D]D-6 D]D>B
.6D D])>) D])(8 D])8- D])8) D])6> D])6) D]).> D]))A D]))) D])D8 D]DBA D]DB6 D]DAA D]DA8 D]DAD D]D-( D]D-) D]D>- D]D>6
.8D D])8B D])8. D])6> D])6) D]).> D]).) D]))- D])DB D])D. D]DB> D]DB) D]DA> D]DA. D]D-A D]D-8 D]D-D D]D>( D]D>. D]D(A
.(D D])6A D])6. D]).> D]).) D]))- D])). D])DA D])D) D]DB( D]DAB D]DA8 D]DAD D]D-> D]D-. D]D>B D]D>8 D]D>D D]D(- D]D(8

<! "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
 $ERFB(Q(U?V(5DNBHH(4BAO?D@GC(/E?DGN_(χ(MGN(-GFOIC()O?SF@CL(-FEHH(?
U>76.)')&)6])].]);6+%;)6])].].X

!"WN >@BFA(5DNBHH_(#K! U0,GX

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6D D]B8A D]B88 D]B8) D]B6- D]B66 D]B6D D]B.> D]B.D D]B)6 D]BD- D]BD) D]AB( D]AAB D]AA6 D]A-- D]A>B D]A>) D]A(6 D]A8(
8D D]AB> D]AB) D]AA( D]AAD D]A-( D]A-D D]A>> D]A(> D]A8- D]A6A D]A.B D]A.D D]A). D]AD6 D]-B( D]-A6 D]--) D]->D D]-8A
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>D D]-A6 D]--8 D]->( D]-(- D]-8A D]-8D D]-6. D]-)> D]-DD D]>A( D]>-D D]>(> D]>8. D]>.A D]>)( D](B> D](-A D](>) D](88
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))D D]8AD D]8>> D]8(6 D]88D D]8.A D]8)> D]8D( D]6A( D]6>> D]68B D]666 D]6)B D]6D> D].B8 D].A6 D].>A D].(8 D].8. D].6D
).D D]86D D]8)> D]8D6 D]6B) D]6-B D]6>A D]6(A D]66B D]6.) D]6D> D].B) D].-A D].>- D].(> D].8> D].6. D]..D D].DB D])BB
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6D D]B.. D]B)> D]B)) D]BD> D]BD) D]AB> D]AB) D]AA) D]A-. D]A>6 D]A(( D]A8- D]A6B D]A6) D]A.6 D]A)6 D]AD. D]-B. D]-A.
8D D]A8A D]A8) D]A68 D]A.A D]A.) D]A)( D]ADA D]-B> D]-A8 D]--6 D]->. D]-() D]-8) D]-6) D]-.) D]-D- D]>B8 D]>A) D]>>A
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)DD B-]( )DD )D. )D8 )D( )D- )DB )). ))8 ))> ))B ).D ).. ).8 ).( ).- ).B )6) )6.
))D A-]6 AB]D BD]( B.]D B6]6 B8]> B(]- B-]B )DD )D. )D6 )D8 )D> )D- )DA ))D ))) )). ))6
).D -A]. -B]8 AD]> A)]- A.]- A6]- A8]> A>]. A-]> AA]B BD]) B)]) B.]) B6]D B6]A B8]B B(]B B>]A B-]>
)6D -D]D -)]D -)]B -.]A -6]( -8]6 -(]D ->]. --]6 -A]6 -B]. AD]D AD]- A)]8 A.]D A.]B A6]> A8]6 A8]B
)8D >.]B >6]> >8]8 >(]D >(]> >>]. >>]- >-]- >A]> >B]6 -D]D -D]- -)]. -)]A -.]6 -.]B -6]( -8]) -8]>
)(D (>]> (-]. (-]A (A]6 (A]A (B]. (B]- >D]8 >)]) >)]- >.]6 >.]A >6]6 >6]- >8]) >8]> >(]) >(]( >(]B
)>D ()]) ()]> (.]) (.]( (.]B (6]6 (6]> (8]. (8]A ((]6 ((]- (>]) (>]( (>]B (-]. (-]> (A]D (A]8 (A]-
)-D 8>]8 8>]A 8-]) 8-]( 8-]A 8A]) 8A]8 8A]B 8B]6 8B]A (D]) (D]( (D]A ()]) ()]6 ()]- (.]D (.]6 (.]>
)AD 8.]. 8.]( 8.]A 86]) 86]8 86]> 86]B 88]6 88]- 8(]D 8(]6 8(]> 8(]A 8>]) 8>]6 8>]> 8>]B 8-]) 8-]6
)BD 6A]( 6A]A 6B]D 6B]6 6B]( 6B]- 6B]B 8D]6 8D]> 8D]B 8)]) 8)]8 8)]> 8)]A 8.]D 8.]. 8.]( 8.]- 8.]B
.DD 6(]6 6(]( 6(]- 6(]B 6>]) 6>]6 6>]( 6>]A 6-]D 6-]6 6-]( 6-]- 6-]B 6A]) 6A]. 6A]8 6A]> 6A]A 6B]D
.)D 6.]8 6.]> 6.]A 66]D 66]) 66]6 66]8 66]- 66]B 68]) 68]6 68]( 68]- 68]A 68]B 6(]) 6(]6 6(]8 6(]>
..D .B]B 6D]) 6D]. 6D]8 6D]( 6D]> 6D]A 6)]D 6)]. 6)]8 6)]( 6)]- 6)]A 6)]B 6.]) 6.]. 6.]8 6.]( 6.]>
.6D .-]> .-]A .-]B .A]D .A]. .A]6 .A]8 .A]> .A]A .A]B .B]) .B]. .B]6 .B]8 .B]( .B]- .B]A .B]B 6D]D
.8D .(]> .(]- .(]B .>]D .>]) .>]. .>]6 .>]8 .>]> .>]- .>]B .-]D .-]) .-]. .-]6 .-]8 .-]( .-]> .-]-
.(D .6]A .6]B .8]D .8]) .8]. .8]6 .8]8 .8]( .8]- .8]A .8]B .(]D .(]) .(]. .(]6 .(]8 .(]( .(]> .(]-

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U>76.)'&)6])].])X

!"WN >@BFA(5DNBHH_(#K!U0,GX

(↓ .DD .)D ..D .6D .8D .(D .>D .AD 6DD 6.D 68D 6>D 6AD 8DD 8.D 8(D 8AD ()D (8D
)D )A. )B) .DD .DB .)A ..- .6> .(( .-6 .B) 6DB 6.- 68( 6>8 6A. 8DB 86> 8>8 8B)
.D )A. )BD )BA .D> .)( ..6 .6) .8- .>6 .-B .B8 6)D 6.( 68D 6(( 6-- 6BB 8.) 88.
6D )>A )-( )A. )AB )B- .D8 .)) ..8 .6A .() .>8 .-- .BD 6D. 6)8 66. 6(D 6>- 6A8
8D )(8 )>) )>- )-6 )-B )A( )B) .D6 .)8 ..( .6( .8> .(> .>> .-( .AB 6D6 6)> 6.A
(D )8) )8- )(. )(- )>. )>- )-. )A. )B) )BB .DA .)> ..8 .6) .6A .8B .(A .>A .--
>D ).B )66 )6- )8. )8> )(D )(8 )>) )>A )-( )A. )AA )B6 )BB .D8 .). .)B ..( .6)
-D ))> ).D ).8 ).- )6D )66 )6- )8. )8A )(6 )(A )>. )>- )-) )-8 )AD )A8 )AB )B6
AD )D( )DA ))) ))6 ))> ))A ).) ).( ).B )66 )6- )8D )86 )8> )8B )(6 )(> )(B )>.
BD B8]) B>]8 BA]> )D) )D6 )D( )D- ))D ))6 ))> ))B ).) ).6 ).> ).A )6D )66 )6( )6-
)DD A8]6 A>]. A-]B AB]> B)]) B.]> B8]D B>]- BB]) )D) )D6 )D( )D- )DA ))D )). ))8 ))> ))-
))D -(]> --]D -A]8 -B]- A)]D A.]) A6]. A(]6 A-]) AA]A BD]8 B)]A B6]) B8]8 B(]( B-]) BA]( )DD )D)
).D >-]A >B]D -D]) -)]) -.]) -6]D -6]B -(]( --]D -A]6 -B]( AD]> A)]- A.]> A6]( A8]- A(]A A>]B A-]A
)6D >)]D >.]D >.]A >6]- >8]( >(]. >(]B >-]. >A]6 >B]8 -D]8 -)]. -.]) -.]A -6]( -8]( -(]8 ->]. ->]B
)8D ((]D ((]A (>]( (-]. (-]A (A]8 (B]D >D]D >)]D >)]A >.]> >6]6 >8]D >8]> >(]. >>]D >>]- >-]6 >-]B
)(D 8B]A (D]8 ()]D ()]> (.]) (.]> (6]) (6]B (8]- ((]8 (>]D (>]> (-]. (-]- (A]) (A]A (B]6 (B]B >D]8
)>D 8(]. 8(]- 8>]. 8>]- 8-]) 8-]( 8-]B 8A]> 8B]6 8B]B (D]8 (D]B ()]6 ()]- (.]) (.]- (6]) (6]> (8]D
)-D 8)]. 8)]> 8.]) 8.]8 8.]A 86]) 86]( 88]) 88]> 8(]) 8(]( 8(]B 8>]6 8>]- 8-]D 8-]8 8-]A 8A]. 8A]>
)AD 6-]- 6A]D 6A]8 6A]- 6B]D 6B]6 6B]> 8D]) 8D]( 8)]D 8)]6 8)]- 8.]D 8.]6 8.]> 86]D 86]6 86]> 86]B
)BD 68]( 68]B 6(]. 6(]8 6(]- 6(]B 6>]. 6>]> 6-]D 6-]8 6-]- 6A]D 6A]. 6A]( 6A]- 6B]) 6B]8 6B]> 6B]B
.DD 6)]A 6.]D 6.]6 6.]( 6.]A 66]D 66]. 66]> 66]B 68]. 68]( 68]- 6(]D 6(]. 6(]8 6(]- 6(]B 6>]. 6>]8
.)D .B]6 .B]> .B]A 6D]D 6D]. 6D]8 6D]( 6D]B 6)]. 6)]8 6)]- 6)]B 6.]) 6.]6 6.]( 6.]- 6.]B 66]) 66]6
..D .-]) .-]6 .-]( .-]- .-]B .A]D .A]. .A]( .A]- .B]D .B]. .B]8 .B]> .B]- .B]B 6D]) 6D]6 6D]( 6D]>
.6D .(]. .(]6 .(]( .(]- .(]A .>]D .>]) .>]8 .>]> .>]A .-]D .-]) .-]6 .-]( .-]> .-]A .-]B .A]) .A].
.8D .6]8 .6]> .6]- .6]B .8]D .8]) .8]. .8]( .8]- .8]A .(]D .(]. .(]6 .(]8 .(]( .(]- .(]B .>]D .>])
.(D .)]A ..]D ..]) ..]. ..]6 ..]( ..]> ..]A ..]B .6]) .6]. .6]8 .6]( .6]> .6]- .6]B .8]D .8]) .8].

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' <8
 $ERFB(10()O?SF@CL(-FEHH(GM(-NGHHT5B?D@GCH
U>76.)'&)6])].].X

4"#((E)%.&'#1( :'6'&(( =>.?*'1;(F8#>&(F@'(! =>.?*'1;(4*0((

65-; 67-; 68-; 69-;

7899:*;;<=:3>?8@A; +/02;r;5B7;3;; & ;

3 2;!;9?;00; =>=& 5;
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; & ;
9?;00;4;3 2&!5??;00;; =>=& 6;
?>?& 3;
+/02;4;5B7;3;; & ;
3 2;!;5??;00; =>=& 6;
& ?>?& 3;
& & ;
3 2;r5??;00; =>=& *;
?>?& *;
B:9*:*;;<=:3>?8@; 3 2;!9?;00; =>=& 6;
; ; ?>?& 3;
; && & ;
; && & ;
; 3 2;r9?;00& =>=& 3;
; ; ?>?& *;
;
;
;
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C8998F;=:3>?8@; C8>;D899:*; E@2; 5;
;
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; 6:I3:J>;5A;6:98F-;
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; &0/32&d&8?; =>=& 3;
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;
;
GM5@@:9O;E@P9:O;L;5@*;=89?*;=:3>?8@A; ; ;
; ; ;
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;
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<2 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
 $ERFB(11(.MMB?D@XB('BCLDP(GM(3N@HIED@?(-GIJNBHH@GC(=BIRBNH
U>76.)';)6].].X
C%7,9#19(!%,9+*+%,$( ')A(/#*+)(3(01($(,*#*+%,( 2&&()*+8((<(,:*A(
( ;
OC;S9=;T9/; OC;CV=;SCV=2;T9/;
; ;
P279.67C819; E1C7C819; P279.67C819; E1C7C819;
+",; +$,; +-,; +.,; +3,; +1,;

;
E=.C2789=/; E=.C2789=/; U2==; U2==;
;;

$N+);
;
;
;
E=.C2789=/;; U2==; U2==; E=.C2789=/;; ;
;
;
;

;
; ; &
; ; &
E=.C2789=/; U2==; E=.C2789=/; U2==; ; "N+)&
; ; &
; ; ;
;

&
&
E=.C2789=/; E=.C2789=/; U2==; E=.C2789=/; "N$)&
&
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&
&
E=.C2789=/; E=.C2789=/; E=.C2789=/; U2==; +NV)&
&
;

; ;
;
;
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E=.C2789=/; E=.C2789=/; E=.C2789=/; E=.C2789=/; +N13)&
;
;
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;

2"/$;j;B;IT;HSP;MKTMZZJVHPN;LPKOHS;J[;HSP;QJRZVPTTIJK;RPR\PV;U)''&17:!:1X]

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' <;
QJKTHIHMPKH; ZLGHP; PLPRPKHT; TSGLL; TGHIT[_; HSP; `INHS^ HJ;GYJIN;PQQPKHVIQIH_l;\MH;`SPVP;PQQPKHVIQIH_;IT;ZVPTPKH
HSIQaKPTT;VGHIJ;VPeMIVPRPKHT;TZPQI[IPN;IK;/G\LP;.] IK;HSP;fJIKH<;HSP;VPTMLHIKO;THVPTT;TSGLL;\P;GQQJMKHPN;[JV]
17:7:!( @,,'-!#('&5'-!#*+67&;$'6:&;P 17:<( -GFOIC()EHBH
$iQPZH; GT; RJNI[IPN; IK; 9:;:!; U+LGTT; 8X<; HSP; OVJTT 17:<:1( T'+'$67
TPQHIJKGL;GVPG;TSGLL;\P;HGaPK;GT;HSP;P[[PQHIYP;TPQHIJKGL
+JLMRK; \GTPT; TSJMLN; SGYP; TM[[IQIPKH; THI[[KPTT; GKN
GVPG; [JV; GLL; QJRZVPTTIJK; RPR\PVT; [G\VIQGHPN; \_
THVPKOHS;HJ;HVGKTRIH;GiIGL;[JVQP<;\PKNIKO;RJRPKHT;GKN
`PLNIKO<;\JLHIKO;GKN;VIYPHIKO;TJ;LJKO;GT;HSP;TPQHIJK;IT
TSPGV; [JVQPT; GH; HSP; \GTP; J[; HSP; QJLMRKT; HJ; HSPIV
TPRI^QJRZGQH; JV; \PHHPV]; =JLPT; KJH; [IHHPN; `IHS; VIYPHT<
[JMKNGHIJK; `IHSJMH; PiQPPNIKO; HSP; LJGN; QGVV_IKO
\JLHT; JV; ZIKT; TSGLL; \P; NPNMQHPN; [VJR; OVJTT; GVPG; HJ
QGZGQIH_;J[;HSP;TMZZJVHT];:KQSJV;\JLHT;GKN;TSPGV;aP_T
QGLQMLGHP;P[[PQHIYP;TPQHIJKGL;GVPG]
TSJMLN; \P; ZVJYINPN; `SPVPYPV; KPQPTTGV_]; *SPGV
17:7:7( @--'+!$#-#!M&,*$&5!6+-"#*+)&6+%&>*7.Y+) VPTITHGKQP;GH;HSP;ZVJZPV;QJKHGQH;TMV[GQP;\PH`PPK;THPPL
17:7:7:1( !JV;HSP;ZMVZJTP;J[;NPHPVRIKIKO;HSP;THVPTT;IK;G \GTP; GKN; QJKQVPHPWOVJMH; RG_; \P; QGLQMLGHPN; MTIKO; G
THGKQSIJK;JV;QJLMRK;TPQHIJK<;HSP;\PGR;VPGQHIJKT;JV;TIRILGV [VIQHIJK;QJP[[IQIPKH;J[;D]8(]
LJGNT;TSGLL;\P;GTTMRPN;HJ;\P;GZZLIPN;GH;GK;PQQPKHVIQIH_;J[ /SP; KJRIKGL; \PGVIKO; ZVPTTMVP; \PH`PPK; HSP; \GTP; ZLGHP
)DD;RR;[VJR;HSP;[GQP;J[;HSP;TPQHIJK;JV;GH;HSP;QPKHPV;J[ GKN;HSP;TMZZJVH;\PLJ`;RG_;\P;NPHPVRIKPN;JK;HSP;\GTIT
\PGVIKO;`SIQSPYPV;NIRPKTIJK;OIYPT;HSP;OVPGHPV;PQQPKHVIQIH_< J[; LIKPGVL_; YGV_IKO; NITHVI\MHIJK; J[; ZVPTTMVP]; /SP
GKN;`IHS;HSP;PiQPZHIJK;J[;HSP;[JLLJ`IKO;H`J;QGTPTb RGiIRMR;\PGVIKO;ZVPTTMVP;JK;QJKQVPHP;MKNPV;HSP;LIRIH
GX 1K;HSP;QGTP;J[;QGZ;QJKKPQHIJK<;HSP;LJGN;TSGLL THGHPT;NPTIOK;LJGN;TSJMLN;KJH;PiQPPN;HSP;\PGVIKO;THVPKOHS
\P; GTTMRPN; HJ; \P; GZZLIPN; GH; HSP; [GQP; J[; HSP
QJLMRK;JV;THGKQSIJK;TPQHIJK;JV;GH;HSP;PNOP;J[ PeMGL;HJ;D]8(,Qa; ⎡⎣ ( @! ' @( ) ⎤⎦ ;GKN;D]B,Qa:&`SIQSPYPV;IT
ZGQaIKO<;I[;MTPN;HJ`GVNT;HSP;TZGK;J[;HSP;\PGR] TRGLLPV<;`SPVP;,Qa; IT;HSP;TRGLLPV;J[;QSGVGQHPVITHIQ;QM\P
\X 1K;HSP;QGTP;J[;G;VJJ[;HVMTT;\PGVIKO;JK;G;QGZ<;KJ THVPKOHS;J[;QJKQVPHP;JV;\PNNIKO;RGHPVIGL<;;);IT;HSP;GVPG
PQQPKHVIQIH_; \P; HGaPK; [JV; TIRZLP; \PGVIKOT J[;QJKQVPHP;ZPNPTHGL;JK;`SIQS;HSP;\GTP;ZLGHP;IT;TIHHIKO<
`IHSJMH; QJKKPQHIJKT; QGZG\LP; J[; NPYPLJZIKO GKN; ; .; IT; HSP; TMV[GQP; GVPG; J[; HSP; THPPL; \GTP; ZLGHP
GK_; GZZVPQIG\LP; RJRPKH]; 1K; QGTP; J[; `P\ HVGKT[PVVIKO;HSP;LJGN;HJ;HSP;QJKQVPHP;ZPNPTHGL]
RPR\PV; QJKKPQHIJK; `IHS; [GQP<; GQHMGL 17:<:1:1(1[;HSP;TIgP;J[;HSP;\GTP;ZLGHP;IT;LGVOPV;HSGK;HSGH
PQQPKHVIQIH_;IT;HJ;\P;QJKTINPVPN] VPeMIVPN; HJ; LIRIH; HSP; \PGVIKO; ZVPTTMVP; JK; HSP; \GTP
17:7:7:!( 1K;QJKHIKMJMT;QJLMRKT<;HSP;\PKNIKO;RJRPKHT TMZZJVH<;GK;PeMGL;ZVJfPQHIJK;-&J[;HSP;\GTP;ZLGHP;\P_JKN
NMP;HJ;PQQPKHVIQIHIPT;J[;LJGNIKO;JK;HSP;QJLMRKT;GH;GK_ HSP; [GQP; J[; HSP; QJLMRK; GKN; OMTTPH; RG_; \P; HGaPK; GT
[LJJV; RG_; \P; NIYINPN; PeMGLL_; \PH`PPK; HSP; QJLMRKT P[[PQHIYP;IK;HVGKT[PVVIKO;HSP;QJLMRK;LJGN;GT;OIYPK;IK
G\JYP; GKN; \PLJ`; HSGH; [LJJV; LPYPL<; ZVJYINPN; HSGH; HSP !IO];B<;TMQS;HSGH;\PGVIKO;ZVPTTMVP;JK;HSP;P[[PQHIYP;GVPG
RJRPKH;J[;IKPVHIG;J[;JKP;QJLMRK;TPQHIJK<;NIYINPN;\_ NJPT;KJH;PiQPPN;\PGVIKO;QGZGQIH_;J[;QJKQVPHP;\GTP]
IHT; P[[PQHIYP; LPKOHS; NJPT; KJH; PiQPPN; )](; HIRPT; HSP 17:<:!( T.))'!'%&=6)')
QJVVPTZJKNIKO;YGLMP;J[;HSP;JHSPV;QJLMRK];%SPVP;HSIT
VGHIJ;IT;PiQPPNPN<;HSP;\PKNIKO;RJRPKH;TSGLL;\P;NIYINPN !JV;THGKQSIJK;`IHS;OMTTPHPN;\GTPT<;HSP;OMTTPH;ZLGHPT<;GKOLP
IK;ZVJZJVHIJK;HJ;HSP;RJRPKH;J[;IKPVHIG;J[;HSP;QJLMRK QLPGHT<;THI[[PKPVT<;[GTHPKIKOT<;PHQ<;IK;QJR\IKGHIJK;`IHS;HSP
TPQHIJKT;NIYINPN;\_;HSPIV;VPTZPQHIYP;P[[PQHIYP;LPKOHST] \PGVIKO;GVPG;J[;HSP;TSG[H<;TSGLL;\P;TM[[IQIPKH;HJ;HGaP;HSP
LJGNT<;\PKNIKO;RJRPKHT;GKN;VPGQHIJKT;HJ;HSP;\GTP;ZLGHP
17:7:<& 537#-') `IHSJMH; PiQPPNIKO; TZPQI[IPN; THVPKOHS]; :LL; HSP; \PGVIKO
17:7:<:1( %SPVP;HSP;PKNT;J[;QJRZVPTTIJK;RPR\PVT;GVP TMV[GQPT;TSGLL;\P;RGQSIKPN;HJ;PKTMVP;ZPV[PQH;QJKHGQH]
ZVPZGVPN;[JV;\PGVIKO;JYPV;HSP;`SJLP;GVPG<;HSP_;TSGLL;\P 17:<:!:1( %SPVP;HSP;PKNT;J[;HSP;QJLMRK;TSG[H;GKN;HSP
TZLIQPN;HJ;SJLN;HSP;QJKKPQHPN;RPR\PVT;GQQMVGHPL_;IK OMTTPH;ZLGHPT;GVP;KJH;[GQPN;[JV;QJRZLPHP;\PGVIKO<;HSP
ZJTIHIJK<;GKN;HJ;VPTITH;\PKNIKO;JV;HPKTIJK<;I[;ZVPTPKH] `PLNT<;[GTHPKIKOT;QJKKPQHIKO;HSPR;HJ;HSP;\GTP;ZLGHP;TSGLL
*MQS; TZLIQPT; TSJMLN; RGIKHGIK; HSP; IKHPKNPN; RPR\PV \P;TM[[IQIPKH;HJ;HVGKTRIH;GLL;HSP;[JVQPT;HJ;`SIQS;HSP;\GTP
THI[[KPTT;G\JMH;PGQS;GiIT];*ZLIQPT;TSJMLN;\P;LJQGHPN;GT IT;TM\fPQHPN]
QLJTP;HJ;HSP;ZJIKH;J[;IK[LPQHIJK;GT;ZJTTI\LP];"HSPV`ITP
HSPIV;QGZGQIH_;TSJMLN;\P;GNPeMGHP;HJ;QGVV_;RGOKI[IPN 17:<:!:!( >*7.Y+&6+%&<6)'&376!'&-*++'-!#*+)
RJRPKH; U)''; 18:7:!:!X]; /SP; PKNT; J[; QJRZVPTTIJK %SPVP;HSP;PKN;J[;HSP;QJLMRK;IT;QJKKPQHPN;NIVPQHL_;HJ;HSP
RPR\PVT;[GQPN;[JV;\PGVIKO;TSGLL;IKYGVIG\L_;\P;RGQSIKPN \GTP;ZLGHP;\_;RPGKT;J[;[MLL;ZPKPHVGHIJK;\MHH;`PLNT<;HSP
HJ;PKTMVP;ZPV[PQH;QJKHGQH;J[;TMV[GQPT;IK;\PGVIKO] QJKKPQHIJK;TSGLL;\P;NPPRPN;HJ;HVGKTRIH;HJ;HSP;\GTP;GLL;HSP
17:7:<:!(%SPVP;TMQS;RPR\PVT;GVP;KJH;[GQPN;[JV;QJRZLPHP [JVQPT;GKN;RJRPKHT;HJ;`SIQS;HSP;QJLMRK;IT;TM\fPQHPN]
\PGVIKO<;HSP;TZLIQPT;TSGLL;\P;NPTIOKPN;HJ;HVGKTRIH;GLL;HSP 17:<:7( 576<&=6)')
[JVQPT;HJ;`SIQS;HSP;RPR\PVT;GVP;TM\fPQHPN] +JLMRKT; `IHS; TLG\; \GTPT; KPPN; KJH; \P; ZVJYINPN; `IHS
17:7:<:7; %SPVPYPV; ZJTTI\LP<; TZLIQPT; TSGLL; \P OMTTPHT<; \MH; TM[[IQIPKH; [GTHPKIKOT; TSGLL; \P; ZVJYINPN; HJ
ZVJZJVHIJKPN;GKN;GVVGKOPN;TJ;HSGH;HSP;QPKHVJINGL;GiIT VPHGIK;HSP;ZGVHT;TPQMVPL_;IK;ZLGQP;GKN;HJ;VPTITH;GLL;RJRPKHT
J[;HSP;TZLIQP;QJIKQINPT;GT;KPGVL_;GT;ZJTTI\LP;`IHS;HSP GKN;[JVQPT<;JHSPV;HSGK;NIVPQH;QJRZVPTTIJK<;IKQLMNIKO;HSJTP
QPKHVJINGL;GiPT;J[;HSP;RPR\PVT;\PIKO;fJIKHPN<;IK;JVNPV GVITIKO;NMVIKO;HVGKTIH<;MKLJGNIKO;GKN;PVPQHIJK]
<Q "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
17:<:7:1( /SP;RIKIRMR;HSIQaKPTT<;!T:;J[;VPQHGKOMLGV;TLG\ PIHSPV; QJKQPKHVIQGLL_; HJ; IHT; QPKHVJIN; HSVJMOS; HSP; PKN
\GTPT<; TMZZJVHIKO; QJLMRKT; MKNPV; GiIGL; QJRZVPTTIJK QJKKPQHIJKT;JV;PQQPKHVIQGLL_;\_;QJKKPQHIKO;JKP;J[;IHT
TSGLL;\Pb LPOT;HJ;G;OMTTPH;JV;GNfGQPKH;RPR\PV]
17:8:1:1( >*+-'+!$#-&7*6%#+N
!$ = "#$" %# ( − &#'$ ( (γ !" ) % % > !! %SPK; G; TIKOLP; GKOLP; IT; QJKQPKHVIQGLL_; LJGNPN; IK
`SPVP QJRZVPTTIJK<; HSP; NPTIOK; THVPKOHS; RG_; \P; PYGLMGHPN
K m MKI[JVR; ZVPTTMVP; [VJR; \PLJ`; JK; HSP; TLG\ MTIKO; 17:1:!<; \_; QGLQMLGHIKO; HSP; KJK^NIRPKTIJKGL
\GTP; MKNPV; HSP; [GQHJVPN; LJGN; GiIGL TLPKNPVKPTT;VGHIJ<;λYY<;[JV;\MQaLIKO;G\JMH;HSP;RIKJV;GiIT<
QJRZVPTTIJKl (1(<;GT;OIYPK;\_b
6:&< m LGVOPV; GKN; TRGLLPV; ZVJfPQHIJK<; VPTZPQHIYPL_ ⎛ &** ⎞
J[; HSP; TLG\; \GTP; \P_JKN; HSP; VPQHGKOLP ⎜ ⎟
'
QIVQMRTQVI\IKO;HSP;QJLMRKl;GKN e** = ⎝ ** ⎠
&![ m [LGKOP;HSIQaKPTT;J[;QJRZVPTTIJK;RPR\PV] π" (
)
%SPK;JKL_;HSP;P[[PQHIYP;GVPG;J[;HSP;\GTP;ZLGHP;IT;MTPN "5!
GT;IK;17:<:1:1<(-.;RG_;\P;MTPN;IK;HSP;G\JYP;PeMGHIJK
7YY m 3GHPVGLL_; MKTMZZJVHPN; LPKOHS; ZVPYPKHIKO
U)'';!IO];BX;IKTHPGN;J[;U6.;h;D]6<.X]
HVGKTLGHIJK;KJVRGL;HJ;HSP;RIKJV;GiIT
17:<:7:!( %SPK;HSP;TLG\;NJPT;KJH;NITHVI\MHP;HSP;QJLMRK
$YY m VGNIMT;J[;O_VGHIJK;J[;HSP;GKOLP;TPQHIJK;G\JMH
LJGN; MKI[JVRL_<; NMP; HJ; PQQPKHVIQIH_; J[; HSP; LJGN; PHQ<
TZPQIGL;QGLQMLGHIJK;TSGLL;\P;RGNP;HJ;TSJ`;HSGH;HSP;\GTP HSP;RIKJV;GiIT
IT;GNPeMGHP;HJ;VPTITH;HSP;RJRPKH;NMP;HJ;HSP;KJK^MKI[JVR 17:8:1:!(B*6%'%&!"$*.N"&*+'&7'N
ZVPTTMVP;[VJR;\PLJ`] /SP;NPTIOK;THVPKOHS;J[;TIKOLP;GKOLP;RPR\PVT;LJGNPN;IK
17:<:7:7( 7GTPT;[JV;\PGVIKO;MZJK;QJKQVPHP;JV;RGTJKV_ QJRZVPTTIJK; HSVJMOS; JKP; J[; IHT; LPOT; IT; G[[PQHPN; \_
KPPN;KJH;\P;RGQSIKPN;JK;HSP;MKNPVTINP] [LPiMVGL; HJVTIJKGL; \MQaLIKO; GKN; \PKNIKO]; /SP; NPTIOK
17:<:7:<( 1K;QGTPT;`SPVP;HSP;QGZ;JV;\GTP;IT;[ILLPH;`PLNPN QJRZVPTTIYP;THVPKOHS;J[;TMQS;PQQPKHVIQGLL_;LJGNPN;GKOLP
NIVPQHL_;HJ;HSP;PKN;J[;HSP;QJLMRK;`IHSJMH;\JVIKO;GKN RPR\PVT<;#+&7#'.&*,;G;RJVP;PiGQH;TPQJKN;JVNPV;NPTIOK
TSJMLNPVIKO<;HSP;QJKHGQH;TMV[GQPT;TSGLL;\P;RGQSIKPN;HJ MKNPV; QJR\IKPN; \PKNIKO; GiIGL; QJRZVPTTIJK<; RG_; \P
OIYP;G;ZPV[PQH;\PGVIKO;GKN;HSP;`PLNIKO;TSGLL;\P;TM[[IQIPKH PYGLMGHPN;GZZVJiIRGHPL_;GT;OIYPK;\PLJ`]
HJ;HVGKTRIH;HSP;[JVQPT;GT;VPeMIVPN;IK;17:<:7];%SPVP;[MLL /SP; NPTIOK; QJRZVPTTIYP; THVPKOHS<; J[; TIKOLP; GKOLPT
THVPKOHS;\MHH;`PLNT;GVP;ZVJYINPN<;RGQSIKIKO;J[;QJKHGQH LJGNPN;HSVJMOS;OMTTPH;QJKKPQHIJK;HJ;JKP;LPO;ZGVGLLPL;HJ
TMV[GQPT;IT;KJH;VPeMIVPN] HSP; 616; GiIT; U616; GiIT; \PIKO; PIHSPV; HSP;O1O; JV; HSP; M1M
17:8( #CLFB(5DNODH GiIT<;NPZPKNIKO;JK;`SIQS;LPO;IT;QJKKPQHPN;HJ;HSP;OMTTPHX
J[;HSP;RPR\PV;RG_;\P;QGLQMLGHPN;GTb
17:8:1 (5#+N7'&;+N7'&5!$.!)
/SP;QJRZVPTTIJK;IK;TIKOLP;GKOLPT;RG_;\P;HVGKT[PVVPN ,QNP&a&A[;χGG&,_WγRD

!14 ];B;$!!$+/1?$;:#$:;"!;7:*$;,3:/$

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' <9
`SPVP 17:8:!(?*.<7'&;+N7'&5!$.!)
χGG m *HVPTT; VPNMQHIJK; [GQHJV; U)''; /G\LP; AX; [JV 17:8:!:1( !JV; NJM\LP; GKOLP; NITQJKHIKMJMT; THVMHT<
\MQaLIKO; QLGTT; c\d<; QGLQMLGHPN; GT; ZPV QJKKPQHPN;\GQa;HJ;\GQa<;JK;JZZJTIHP;TINPT;J[;HSP;OMTTPH
17:1:1!:1_( MTIKO; HSP; KJK^NIRPKTIJKGL JV;G;TPQHIJK<;\_;KJH;LPTT;HSGK;H`J;\JLHT;JV;VIYPHT;IK;LIKP
TLPKNPVKPTT;VGHIJ<;λGG] GLJKO;HSP;GKOLPT;GH;PGQS;PKN<;JV;\_;HSP;PeMIYGLPKH;IK
A[;a&C)&*&C.λGG&*&C6λ[< `PLNIKO<;HSP;LJGN;RG_;\P;VPOGVNPN;GT;GZZLIPN;GiIGLL_]
/SP; P[[PQHIYP; LPKOHS<;AB<; IK; HSP; ZLGKP; J[; PKN; OMTTPH
`SPVP
TSGLL;\P;HGaPK;GT;\PH`PPK;D]-;GKN;D]A(;HIRPT;HSP;NITHGKQP
A[ m RJNI[IQGHIJK;[GQHJV;HJ;GQQJMKH;[JV;PQQPKHVIQ \PH`PPK;IKHPVTPQHIJKT<;NPZPKNIKO;JK;HSP;NPOVPP;J[;HSP
PKN;QJKKPQHIJK VPTHVGIKH;ZVJYINPN];/SP;P[[PQHIYP;LPKOHS<;AB:;IK;HSP;ZLGKP
C):&C.:&C6 m QJKTHGKHT; NPZPKNIKO; MZJK; HSP; PKN ZPVZPKNIQMLGV;HJ;HSGH;J[;HSP;PKN;OMTTPH<;TSGLL;\P;HGaPK
QJKNIHIJK<;GT;OIYPK;IK;/G\LP;).< GT;PeMGL;HJ;HSP;NITHGKQP;\PH`PPK;QPKHPVT;J[;IKHPVTPQHIJKT]
/SP; QGLQMLGHPN; GYPVGOP; QJRZVPTTIYP; THVPTT; TSGLL; KJH
⎛ &"" ⎞ PiQPPN;HSP;YGLMPT;\GTPN;JK;17:1:!];/SP;GKOLPT;TSGLL;\P
⎜ ⎟ QJKKPQHPN;HJOPHSPV;JYPV;HSPIV;LPKOHST;TJ;GT;HJ;TGHIT[_
λGG m
⎝ '"" ⎠ HSP;VPeMIVPRPKHT;J[;17:Q;GKN;12:!:8]
π# ( 17:8:!:!( &JM\LP; GKOLP; NITQJKHIKMJMT; THVMHT; QJKKPQHPN
)
#$! \GQa^HJ^\GQa<;HJ;JKP;TINP;J[;G;OMTTPH;JV;TPQHIJK;\_;JKP;JV
RJVP;\JLHT;JV;VIYPHT;IK;PGQS;GKOLP<;JV;\_;HSP;PeMIYGLPKH;IK
(#% + ## ) & #" `PLNIKO<;TSGLL;\P;NPTIOKPN;IK;GQQJVNGKQP;`IHS;17:8:1;GKN
λϕ m HSP;GKOLPT;TSGLL;\P;QJKKPQHPN;HJOPHSPV;JYPV;HSPIV;LPKOHST
π# ( TJ;GT;HJ;TGHIT[_;HSP;VPeMIVPRPKHT;J[ 17:Q;GKN;12:!:8]
ε
#$! 17:8:7( >*+!#+.*.)&D'Y<'$)
7GG m QPKHVP^HJ^QPKHVP;LPKOHS;J[;HSP;LGHPVGL;TMZZJVH &JM\LP;GKOLP;QJKHIKMJMT;THVMHT;TMQS;GT;HSJTP;[JVRIKO
ZVPYPKHIKO; HVGKTLGHIJK; J[; HSP; RPR\PV HSP;[LGKOPT<;QSJVNT;JV;HIPT;J[;HVMTTPT;JV;HVMTTPN;OIVNPVT<
ZPVZPKNIQMLGV; HJ; 616; GiIT; U616; GiIT; \PIKO JV;HSP;LPOT;J[;HJ`PVT;TSGLL;\P;NPTIOKPN;GT;GiIGLL_;LJGNPN
PIHSPV;HSP;O1O;JV;HSP;M1M;GiIT<;NPZPKNIKO;JK QJRZVPTTIJK;RPR\PVT<;GKN;HSP;P[[PQHIYP;LPKOHS;TSGLL
`SIQS;LPO;IT;QJKKPQHPN;HJ;HSP;OMTTPHX< \P;HGaPK;IK;GQQJVNGKQP;`IHS;17:!:<]
$GG m VGNIMT; J[; O_VGHIJK; J[; HSP; GKOLP; RPR\PV 17:8:<( >*Y<#+'%&5!$'))')
G\JMH; HSP; 616; GiIT; U616; GiIT; \PIKO; PIHSPV 1K;GNNIHIJK;HJ;GiIGL;LJGNT<;I[;HSP;THVMHT;QGVV_;LJGNT;`SIQS
HSP;O1O;JV;HSP;M1M;GiIT<;NPZPKNIKO;JK;`SIQS QGMTP;HVGKTYPVTP;\PKNIKO<;HSP;QJR\IKPN;\PKNIKO;GKN
LPO;IT;QJKKPQHPN;HJ;HSP;OMTTPHX<;ZGVGLLPL;HJ GiIGL;THVPTTPT;TSGLL;\P;QSPQaPN;IK;GQQJVNGKQP;`IHS;1<:7]
HSP;ZLGKP;J[;HSP;PKN;OMTTPH;ZLGHPT< !JV; NPHPVRIKIKO; HSP; ZPVRITTI\LP; GiIGL; GKN; \PKNIKO
<):&<. m `INHS;J[;HSP;QJKKPQHPN;GKN;JMHTHGKNIKO;LPOT THVPTTPT<; HSP; P[[PQHIYP; LPKOHS; TSGLL; \P; HGaPK; IK
J[;HSP;GKOLP<;VPTZPQHIYPL_] GQQJVNGKQP;`IHS;HSP;17:!(GKN(1<:7]
! m HSIQaKPTT;J[;HSP;LPO<;GKN
17:2( 'E?BA(-GFOICH
!"# 17:2:1( T'+'$67
ε m _IPLN;THVPTT;VGHIJ<; <;;,_;\PIKO;IK;0,G
%+ 17:2:1:1;0PR\PVT;QJRZVITIKO;H`J;RGIK;QJRZJKPKHT
LGQPN;GKN;HIPN<;TSJMLN;`SPVP;ZVGQHIQG\LP<;SGYP;G;VGNIMT
$ERFB(1!(-GCHDECDH((1_!(!_(ECA((7 J[;O_VGHIJK;G\JMH;HSP;GiIT;ZPVZPKNIQMLGV;HJ;HSP;ZLGKP;J[
U>76.)'&)6](])].X LGQIKO; KJH; LPTT; HSGK; HSP; VGNIMT; J[; O_VGHIJK; G\JMH; HSP
GiIT; ZGVGLLPL; HJ; HSP; ZLGKP; J[; LGQIKO; o)''; !IO])D:
'"( 2,9( G7$$(*!( (1 ( (!( (7( GKN;!IO];)D7p]
-%.( !%,,()*+%,( "#$$%&'($)(
*%+,%-(.(/('0$%; 17:2:1:!( :T;[GV;GT;ZVGQHIQG\LP<;HSP;LGQIKO;T_THPR;TSGLL
&$%; &$%; &'%; &(%; &3%; &)%; \P;MKI[JVR;HSVJMOSJMH;HSP;LPKOHS;J[;HSP;QJLMRK]
+%; *4556;7-5.-.; *+,-.; +/012; +/3)'; 3$/+0$; 17:2:1:7( $iQPZH; [JV; HIP; ZLGHPT; GT; TZPQI[IPN; IK; 17:;<
89;:8;;-:<-.; A+;B-.; +/(+$; +/($+; 3$/+(+; NJM\LP;LGQPN;T_THPRT;o)'';!IO];)D7p;GKN;TIKOLP;LGQPN
7+<=;<78;89;
>89-;?85<@;
T_THPRT;o)'';!IO];)D:p;JK;JZZJTIHP;TINPT;J[;HSP;RGIK
++%; C+;B5-;?85<; *+,-.; +/($2; +/3(0; 3$/(++; QJRZJKPKHT; TSGLL; KJH; \P; QJR\IKPN; `IHS; QVJTT
A+;B-.; +/'0(; +/($3; 3$/+0$; RPR\PVT;UHIPTX;ZPVZPKNIQMLGV;HJ;HSP;LJKOIHMNIKGL;GiIT
J[;HSP;THVMH;o)'';!IO];)D+p<;MKLPTT;GLL;[JVQPT;VPTMLHIKO
1V ; 1K^ZLGKP; VJHGHIJKGL; VPTHVGIKH; ZVJYINPN; HJ; HSP; OMTTPH; \_; HSP
[VJR;NP[JVRGHIJK;J[;HSP;THVMH;RPR\PVT;GVP;QGLQMLGHPN
TMZZJVHIKO; RPR\PV]; !JV; ZGVHIGL; VPTHVGIKH<; C[ ; QGK; \P; IKHPVZJLGHPN
GKN; ZVJYINPN; [JV; IK; HSP; NPTIOK; J[; LGQIKO; GKN; IHT
\PH`PPK;HSP;VPTMLHT;[JV;[IiPN;GKN;SIKOPN;QGTPT]
[GTHPKIKOT]

80 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
17:2:1:<( *IKOLP;LGQPN;T_THPRT<;JK;JZZJTIHP;[GQPT;J[;HSP 17:2:2:7( /SP;TLPKNPVKPTT;VGHIJ<;AB,$<;J[;HSP;LGQIKO;\GVT
QJRZJKPKHT;\PIKO;LGQPN;HJOPHSPV;TSGLL;ZVP[PVG\L_;\P;IK TSGLL; KJH; PiQPPN; )8(]; 1K; \JLHPNWVIYPHPN; QJKTHVMQHIJK<
HSP;TGRP;NIVPQHIJK;TJ;HSGH;JKP;IT;HSP;TSGNJ`;J[;HSP;JHSPV< HSP;P[[PQHIYP;LPKOHS;J[;LGQIKO;\GVT;[JV;HSP;NPHPVRIKGHIJK
IKTHPGN;J[;\PIKO;RMHMGLL_;JZZJTPN;IK;NIVPQHIJK] J[; HSP; NPTIOK; THVPKOHS; TSGLL; \P; HGaPK; GT; HSP; LPKOHS
\PH`PPK;HSP;IKKPV;PKN;[GTHPKPV;J[;HSP;\GVT;[JV;TIKOLP
17:2:1:8( /SP; P[[PQHIYP; TLPKNPVKPTT; VGHIJ<; UAB,$XP<; J[
LGQIKO<; GKN; GT; D]-; J[; HSIT; LPKOHS; [JV; NJM\LP; LGQIKOT
LGQPN;QJLMRKT;TSGLL;\P;HGaPK;GT;)]D(;HIRPT;HSP;UAB,$XD<
P[[PQHIYPL_; QJKKPQHPN; GH; IKHPVTPQHIJKT]; 1K; `PLNPN
HSP; GQHMGL; RGiIRMR; TLPKNPVKPTT; VGHIJ<; IK; JVNPV; HJ
QJKTHVMQHIJK<;HSP;P[[PQHIYP;LPKOHST;TSGLL;\P;HGaPK;GT;D]-
GQQJMKH;[JV;TSPGV;NP[JVRGHIJK;P[[PQHT]
HIRPT; HSP; NITHGKQP; \PH`PPK; HSP; IKKPV; PKNT; J[; `PLNT
17:2:!( J#%!"&*,&B6-#+N&=6$) QJKKPQHIKO;HSP;TIKOLP;LGQIKO;\GVT;HJ;HSP;RPR\PVT]
1K;\JLHPNWVIYPHPN;QJKTHVMQHIJK<;HSP;RIKIRMR;`INHS;J[ 2"/$;j;/SP;VPeMIVPN;TPQHIJK;[JV;LGQIKO;\GVT;GT;QJRZVPTTIJKW
HPKTIJK;RPR\PVT;TSGLL;\P;NPHPVRIKPN;\_;MTIKO;HSP;GZZVJZVIGHP
LGQIKO;\GVT;TSGLL;\P;HSVPP;HIRPT;HSP;KJRIKGL;NIGRPHPV
NPTIOK; THVPTTPT< ,QN; TM\fPQH; HJ; HSP; VPeMIVPRPKHT; IK; 17:2:7
J[;HSP;PKN;\JLHWVIYPH] HJ 17:2:2;GKN;0N;IK;1!:1]
17:2:7( 0"#-C+'))&*,&B6-#+N&=6$) 17:2:;( ;!!6-"Y'+!&!*&D6#+&D'Y<'$)
/SP;HSIQaKPTT;J[;[LGH;LGQIKO;\GVT;TSGLL;KJH;\P;LPTT;HSGK /SP;\JLHIKO<;VIYPHIKO;JV;`PLNIKO;J[;LGQIKO;\GVT;HJ;HSP
JKP^[JVHIPHS; J[; IHT; P[[PQHIYP; LPKOHS; [JV; TIKOLP; LGQIKOT RGIK;RPR\PVT;TSGLL;\P;TM[[IQIPKH;HJ;HVGKTRIH;HSP;[JVQP
GKN; JKP^TIiHIPHS; J[; HSP; P[[PQHIYP; LPKOHS; [JV; NJM\LP QGLQMLGHPN;IK;HSP;\GVT];%SPVP;`PLNPN;LGQIKO;\GVT;JYPVLGZ
LGQIKOT] HSP;RGIK;RPR\PVT<;HSP;GRJMKH;J[;LGZ;RPGTMVPN;GLJKO
17:2:7:1( #JLLPN;TPQHIJKT;JV;HM\PT;J[;PeMIYGLPKH;THVPKOHS PIHSPV;PNOP;J[;HSP;LGQIKO;\GV;TSGLL;\P;KJH;LPTT;HSGK;[JMV
RG_;\P;ZPVRIHHPN;IKTHPGN;J[;[LGHT<;[JV;LGQIKOT] HIRPT;HSP;HSIQaKPTT;J[;HSP;\GV;JV;HSP;HSIQaKPTT;J[;HSP
PLPRPKH; J[; HSP; RPR\PVT; HJ; `SIQS; IH; IT; QJKKPQHPN<
17:2:<( ;+N7'&*,&\+-7#+6!#*+
3GQIKO;\GVT<;`SPHSPV;IK;NJM\LP;JV;TIKOLP;T_THPRT<;TSGLL
\P;IKQLIKPN;GH;GK;GKOLP;KJH;LPTT;HSGK;8Dw;KJV;RJVP;HSGK
-Dw;HJ;HSP;GiIT;J[;HSP;\MILH^MZ;RPR\PV]
17:2:8( 536-#+N
17:2:8:1( /SP;RGiIRMR;TZGQIKO;J[;LGQIKO;\GVT<;`SPHSPV
QJKKPQHPN;\_;\JLHIKO<;VIYPHIKO;JV;`PLNIKO<;TSGLL;GLTJ
\P; TMQS; HSGH; HSP; RGiIRMR; TLPKNPVKPTT; VGHIJ; J[; HSP
QJRZJKPKHT; J[; HSP; RGIK; RPR\PV; U6) ,$) X<; \PH`PPK
QJKTPQMHIYP;LGQIKO;QJKKPQHIJKT;IT;KJH;OVPGHPV;HSGK;(D JV
D]-;HIRPT;HSP;RJTH;MK[GYJMVG\LP;TLPKNPVKPTT;VGHIJ;J[
HSP;RPR\PV;GT;G;`SJLP<;`SIQSPYPV;IT;LPTT<;`SPVP;6);IT
HSP; MKTMZZJVHPN; LPKOHS; J[; HSP; IKNIYINMGL; RPR\PV
\PH`PPK;LGQIKO;ZJIKHT<;GKN;$);IT;HSP;RIKIRMR;VGNIMT;J[
O_VGHIJK;J[;HSP;IKNIYINMGL;RPR\PV;\PIKO;LGQPN;HJOPHSPV]
17:2:8:!; %SPVP;LGQIKO;\GVT;GVP;KJH;LGZZPN;HJ;[JVR;HSP
QJKKPQHIJK; HJ; HSP; QJRZJKPKHT; J[; HSP; RPR\PVT<; HSP_
TSGLL; \P; TJ; QJKKPQHPN; HSGH; HSPVP; IT; KJ; GZZVPQIG\LP
IKHPVVMZHIJK;IK;HSP;HVIGKOMLGHIJK;J[;HSP;T_THPR]
17:2:2( ?')#N+&*,&B6-#+N)
17:2:2:1 (/SP;LGQIKO;TSGLL;\P;ZVJZJVHIJKPN;HJ;VPTITH;G
HJHGL;HVGKTYPVTP;TSPGV<;IH<;GH;GK_;ZJIKH;IK;HSP;RPR\PV<
PeMGL;HJ;GH;LPGTH;.](;ZPVQPKH;J[;HSP;GiIGL;[JVQP;IK;HSP
RPR\PV; GKN; TSGLL; \P; NIYINPN; PeMGLL_; GRJKO; GLL
HVGKTYPVTP^LGQIKO;T_THPRT;IK;ZGVGLLPL;ZLGKPT]
17:2:2:!( !JV; RPR\PVT; QGVV_IKO; QGLQMLGHPN; \PKNIKO
THVPTT; NMP; HJ; PQQPKHVIQIH_; J[; LJGNIKO<; GZZLIPN; PKN
RJRPKHT; GKNWJV; LGHPVGL; LJGNIKO<; HSP; LGQIKO; TSGLL; \P
ZVJZJVHIJKPN;HJ;VPTITH;HSP;GQHMGL;TSPGV;NMP;HJ;\PKNIKO<
IK;GNNIHIJK;HJ;HSGH;TZPQI[IPN;IK;17:2:2:1] !14 ];)D;/",;#$*/#:12/;+"2&1/1"2*

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 81
`SIQSPYPV;IT;LPTT];/SP;`PLNIKO;TSJMLN;\P;TM[[IQIPKH;HJ 17:;:1:!; 7GHHPKPN; QJRZVPTTIJK; RPR\PVT<; KJH
HVGKTRIH;HSP;LJGN;IK;HSP;\GV;GKN;TSGLL<;IK;GK_;QGTP<;\P QJRZL_IKO; `IHS; HSP; VPeMIVPRPKHT; TZPQI[IPN; IK; HSIT
ZVJYINPN;GLJKO;PGQS;TINP;J[;HSP;\GV;[JV;HSP;[MLL;LPKOHS *PQHIJK;JV;HSJTP;TM\fPQHPN;HJ;PQQPKHVIQIH_;J[;LJGNIKO<
J[;LGZ] GZZLIPN;RJRPKHT;JV;LGHPVGL;[JVQPT;IK;HSP;ZLGKP;J[;HSP
\GHHPKT;U)'';!IO];))X<;TSGLL;\P;NPTIOKPN;GQQJVNIKO;HJ
17:2:Q( @+%&0#'&E76!')
HSP;PiGQH;HSPJV_;J[;PLGTHIQ;THG\ILIH_;JV;PRZIVIQGLL_<;\GTPN
3GQPN; QJRZVPTTIJK; RPR\PVT; TSGLL; \P; ZVJYINPN; `IHS JK;YPVI[IQGHIJK;\_;HPTHT]
HIP;ZLGHPT;GT;ZPV;17:;(GH;HSP;PKNT;J[;LGQIKO;T_THPRT;GKN 2"/$;j;1[;HSP;QJLMRK;TPQHIJK;IT;TM\fPQHPN;HJ;PQQPKHVIQIH_;JV
GH;IKHPVTPQHIJK;`IHS;JHSPV;RPR\PVTWTHG_T;GKN;GH;ZJIKHT JHSPV; RJRPKHT; G\JMH; GK; GiIT; ZPVZPKNIQMLGV; HJ; \GHHPKT<; HSP
`SPVP;HSP;LGQIKO;T_THPRT;GVP;IKHPVVMZHPN] \GHHPKT; GKN; HSP; QJLMRK; TPQHIJK; TSJMLN; \P; TZPQIGLL_; NPTIOKPN
[JV;TMQS;RJRPKHT;GKN;TSPGVT]
17:;( )EDDBCBA(-GFOICH
17:;:1:7( /SP;\GHHPKT;TSGLL;\P;ZLGQPN;JZZJTIHP;HJ;PGQS
17:;:1( T'+'$67 JHSPV;GH;PGQS;PKN;J[;HSP;RPR\PV;GKN;GH;ZJIKHT;`SPVP;HSP
RPR\PV;IT;THG_PN;IK;IHT;LPKOHS;GKN;GT;[GV;GT;ZVGQHIQG\LP<
17:;:1:1( +JRZVPTTIJK;RPR\PVT;QJRZJTPN;J[;H`J;RGIK
\P;TZGQPN;GKN;ZVJZJVHIJKPN;MKI[JVRL_;HSVJMOSJMH];/SP
QJRZJKPKHT; \GHHPKPN; TSJMLN; ZVP[PVG\L_; SGYP; HSP
KMR\PV; J[; \GHHPKT; TSGLL; \P; TMQS; HSGH; HSP; RPR\PV; IT
IKNIYINMGL; RPR\PVT; J[; HSP; TGRP; QVJTT^TPQHIJK; GKN
NIYINPN;IKHJ;KJH;LPTT;HSGK;HSVPP;\G_T;`IHSIK;IHT;GQHMGL
T_RRPHVIQGLL_;NITZJTPN;G\JMH;HSPIV;RGfJV;GiIT];%SPVP
LPKOHS;[VJR;QPKHVP^HJ^QPKHVP;J[;PKN;QJKKPQHIJKT]
ZVGQHIQG\LP<; HSP; QJRZVPTTIJK; RPR\PVT; TSJMLN; SGYP; G
VGNIMT;J[;O_VGHIJK;G\JMH;HSP;GiIT;ZPVZPKNIQMLGV;HJ;HSP;ZLGKP 17:;:1:<( /SP; P[[PQHIYP; TLPKNPVKPTT; VGHIJ; UAB,$XP; J[
J[;HSP;\GHHPK;KJH;LPTT;HSGK;HSP;VGNIMT;J[;O_VGHIJK;G\JMH;HSP \GHHPKPN; QJLMRKT<; TSGLL; \P; HGaPK; GT; )]); HIRPT; HSP
GiIT;ZGVGLLPL;HJ;HSP;ZLGKP;J[;HSP;\GHHPK;U)'';!IO];))X] UABW$XD<;HSP;RGiIRMR;GQHMGL;TLPKNPVKPTT;VGHIJ;J[;HSP
QJLMRK<;HJ;GQQJMKH;[JV;TSPGV;NP[JVRGHIJK;P[[PQHT]
17:;:!( ?')#N+&*,&=6!!'+)
17:;:!:1( =6!!'+)
7GHHPKT;TSGLL;\P;NPTIOKPN;HJ;QGVV_;HSP;\PKNIKO;RJRPKHT
GKN;TSPGV;[JVQPT;GVITIKO;[VJR;HVGKTYPVTP;TSPGV;[JVQP;IH
PeMGL;HJ;.](;ZPVQPKH;J[;HSP;HJHGL;GiIGL;[JVQP;JK;HSP;`SJLP
QJRZVPTTIJK;RPR\PV<;GH;GK_;ZJIKH;IK;HSP;LPKOHS;J[;HSP
RPR\PV<; NIYINPN; PeMGLL_; \PH`PPK; ZGVGLLPL; ZLGKPT; J[
\GHHPKT];7GHHPKPN;RPR\PV;QGVV_IKO;QGLQMLGHPN;\PKNIKO
RJRPKH;NMP;HJ;PQQPKHVIQIH_;J[;GiIGL;LJGNIKO<;QGLQMLGHPN
PKN;RJRPKHT;JV;LGHPVGL;LJGNT;ZGVGLLPL;HJ;HSP;ZLGKP;J[
\GHHPKT<; TSGLL; \P; NPTIOKPN; HJ; QGVV_; GQHMGL; TSPGV; IK
GNNIHIJK;HJ;HSP;G\JYP;TSPGV];/SP;RGIK;RPR\PVT;TSGLL
GLTJ;\P;QSPQaPN;[JV;HSP;TGRP;TSPGV;[JVQP;GKN;\PKNIKO
RJRPKHT;GT;[JV;HSP;\GHHPKT]
7GHHPKT;TSGLL;\P;J[;ZLGHPT<;GKOLPT<;QSGKKPLT<;JV;1^TPQHIJKT
GKN;GH;HSPIV;PKNT;TSGLL;\P;VIYPHPN<;\JLHPN;JV;`PLNPN;HJ
HSP;RGIK;QJRZJKPKHT;TJ;GT;HJ;VPTITH;TIRMLHGKPJMTL_;G
TSPGV;I\&a&IH;>W95;GLJKO;HSP;QJLMRK;GiIT;GKN;G;RJRPKH
D&a;IH>W.9&GH;PGQS;QJKKPQHIJK<
`SPVP
IH m HVGKTYPVTP;TSPGV;[JVQP;GT;NP[IKPN;G\JYPl
> m NITHGKQP;\PH`PPK;QPKHVP^HJ^QPKHVP;J[;\GHHPKT<
LJKOIHMNIKGLL_l
9 m KMR\PV;J[;ZGVGLLPL;ZLGKPT;J[;\GHHPKTl;GKN
5 m; RIKIRMR; HVGKTYPVTP; NITHGKQP; \PH`PPK; HSP
QPKHVJIN; J[; HSP& VIYPHW\JLH; OVJMZW`PLNIKO
QJKKPQHIKO;HSP;\GHHPK;HJ;HSP;RGIK;RPR\PV]
17:;:!:! (0#'&376!')
! 14];));7://$2;+ "3902;*$+/1"2 /IP;ZLGHPT;GVP;RPR\PVT;ZVJYINPN;GH;HSP;PKNT;J[;\GHHPKPN
8! "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
GKN;LGQPN;RPR\PVT<;GKN;TSGLL;\P;NPTIOKPN;\_;HSP;TGRP 17:Q( -GIJNBHH@GC( =BIRBNH( -GIJGHBA( GM( $]G
RPHSJN;GT;\GHHPKT];1K;KJ;QGTP;TSGLL;G;HIP;ZLGHP;GKN;IHT -GIJGCBCDH()E?STDGT)E?S
[GTHPKIKOT;\P;IKQGZG\LP;J[;QGVV_IKO;HSP;[JVQPT;[JV;`SIQS 17:Q:1( +JRZVPTTIJK;RPR\PVT;QJRZJTPN;J[;H`J;GKOLPT<
HSP;LGQIKO;JV;\GHHPK;SGT;\PPK;NPTIOKPN] QSGKKPLT<;JV;HPPT;\GQa^HJ^\GQa;IK;QJKHGQH;JV;TPZGVGHPN
17:;:!:7( 5#O' \_; G; TRGLL; NITHGKQP<; TSGLL; \P; QJKKPQHPN; HJOPHSPV; \_
VIYPHIKO<;\JLHIKO;JV;`PLNIKO;TJ;HSGH;HSP;VGHIJ;J[;RJTH
%SPK;ZLGHPT;GVP;MTPN;[JV;\GHHPKT<;HSP;PKN;\GHHPKT;GKN MK[GYJVG\LP;TLPKNPVKPTT;J[;PGQS;RPR\PV;\PH`PPK;HSP
HSJTP;GH;ZJIKHT;`SPVP;HSP;RPR\PV;IT;THG_PN;IK;IHT;LPKOHS IKHPVRPNIGHP;QJKKPQHIJKT;IT;KJH;OVPGHPV;HSGK;8D;JV;D]>
TSGLL;SGYP;GK;P[[PQHIYP;NPZHS<;LJKOIHMNIKGLL_<;KJH;LPTT HIRPT;HSP;RJTH;MK[GYJMVG\LP;VGHIJ;J[;TLPKNPVKPTT;J[;HSP
HSGK;HSP;ZPVZPKNIQMLGV;NITHGKQP;\PH`PPK;HSP;QPKHVJINT THVMH;GT;G;`SJLP<;`SIQSPYPV;IT;LPTT;o)'';*PQHIJK;>UaXp]
J[;HSP;RGIK;RPR\PVT];/SP;IKHPVRPNIGHP;\GHHPKT;TSGLL
17:Q:!( 1K;KJ;QGTP;TSGLL;HSP;PKNT;J[;HSP;THVMH;\P;QJKKPQHPN
SGYP;GK;P[[PQHIYP;NPZHS;J[;KJH;LPTT;HSGK;HSVPP;eMGVHPVT HJOPHSPV; `IHS; LPTT; HSGK; H`J; VIYPHT; JV; \JLHT; JV; HSPIV
J[;HSIT;NITHGKQP<;\MH;IK;KJ;QGTP;TSGLL;HSP;P[[PQHIYP;NPZHS PeMIYGLPKH;IK;`PLNIKO<;GKN;HSPVP;TSGLL;\P;KJH;LPTT;HSGK
J[; GK_; \GHHPK; \P; LPTT; HSGK; H`IQP; HSP; `INHS; J[; JKP H`J; GNNIHIJKGL; QJKKPQHIJKT; IK; \PH`PPK<; TZGQPN
RPR\PV<;IK;HSP;ZLGKP;J[;HSP;\GHHPKT];/SP;P[[PQHIYP;NPZHS PeMINITHGKH; GLJKO; HSP; LPKOHS; J[; HSP; THVMH]; %SPVP; HSP
J[;G;\GHHPK;TSGLL;\P;HGaPK;GT;HSP;LJKOIHMNIKGL;NITHGKQP RPR\PVT;GVP;TPZGVGHPN;\GQa^HJ^\GQa<;HSP;VIYPHT;JV;\JLHT
\PH`PPK;JMHPVRJTH;\JLHT<;VIYPHT;JV;`PLNT;GH;HSP;PKNT] HSVJMOS; HSPTP; QJKKPQHIJKT; TSGLL; ZGTT; HSVJMOS; TJLIN
/SP;HSIQaKPTT;J[;\GHHPK;JV;HSP;HIP;ZLGHPT;TSGLL;\P;KJH `GTSPVT;JV;ZGQaIKO;IK;\PH`PPK];%SPVP;HSP;LPOT;J[;HSP
LPTT; HSGK; JKP; [I[HIPHS; J[; HSP; NITHGKQP; \PH`PPK; HSP QJKKPQHPN;GKOLPT;JV;HSP;QJKKPQHPN;HPPT;GVP;).(;RR;`INP
IKKPVRJTH; QJKKPQHIKO; LIKPT; J[; VIYPHT<; \JLHT; JV; `PLNT< JV;RJVP<;JV;`SPVP;`P\T;J[;QSGKKPLT;GVP;)(D;RR;`INP;JV
ZPVZPKNIQMLGV;HJ;HSP;RGIK;RPR\PV] JYPV<;KJH;LPTT;HSGK;H`J;VIYPHT;JV;\JLHT;TSGLL;\P;MTPN;IK
17:;:!:<; /SP;VPeMIVPRPKH;J[;\JLH;TIgP;GKN;HSIQaKPTT;J[ PGQS;QJKKPQHIJK<;JKP;JK;LIKP;J[;PGQS;OGMOP;RGVa]
\GHHPK; TZPQI[IPN; G\JYP; NJPT; KJH; GZZL_; `SPK; GKOLPT< 17:Q:7( %SPVP;HSPTP;QJKKPQHIJKT;GVP;RGNP;\_;`PLNIKO<
QSGKKPLT;JV;1^TPQHIJKT;GVP;MTPN;[JV;\GHHPKT;`IHS;HSPIV TJLIN;ZGQaIKO;TSGLL;\P;MTPN;HJ;P[[PQH;HSP;fJIKHIKO;MKLPTT
LPOT; JV; [LGKOPT; ZPVZPKNIQMLGV; HJ; HSP; RGIK; RPR\PV] HSP;RPR\PVT;GVP;TM[[IQIPKHL_;QLJTP;HJOPHSPV;HJ;ZPVRIH
=J`PYPV<; IH; TSJMLN; \P; PKTMVPN; HSGH; HSP; PKNT; J[; HSP NIVPQH;`PLNIKO<;GKN;HSP;RPR\PVT;TSGLL;\P;QJKKPQHPN;\_
QJRZVPTTIJK; RPR\PVT; GVP; HIPN; HJ; GQSIPYP; GNPeMGHP `PLNIKO; GLJKO; \JHS; ZGIVT; J[; PNOPT; J[; HSP; RGIK
VIOINIH_] QJRZJKPKHT]

17:;:7( 536-#+N&*,&=6!!'+) 17:Q:<( /SP;VIYPHT<;\JLHT;JV;`PLNT;IK;HSPTP;QJKKPQHIJKT

TSGLL;\P;TM[[IQIPKH;HJ;QGVV_;HSP;TSPGV;[JVQP;GKN;RJRPKHT<
17:;:7:1 ;1K;\GHHPKPN;QJRZVPTTIJK;RPR\PVT;`SPVP;HSP I[;GK_<;TZPQI[IPN;[JV;\GHHPKPN;THVMHT;U)'';17:;:7X<;GKN;IK
IKNIYINMGL; RPR\PVT; GVP; KJH; TZPQI[IQGLL_; QSPQaPN; [JV KJ; QGTP; TSGLL; HSP; VIYPHT; JV; \JLHT; \P; LPTT; HSGK; )>; RR
TSPGV; THVPTT; GKN; \PKNIKO; RJRPKHT<; HSP; TZGQIKO; J[ NIGRPHPV;[JV;RPR\PVT;MZ;HJ;GKN;IKQLMNIKO;)D;RR;HSIQal
\GHHPKT<;QPKHVP^HJ^QPKHVP;J[;IHT;PKN;[GTHPKIKOT<;TSGLL;\P .D; RR; NIGRPHPV; [JV; RPR\PVT; MZ; HJ; GKN; IKQLMNIKO
TMQS;HSGH;HSP;TLPKNPVKPTT;VGHIJ;UAB,$X;J[;GK_;QJRZJKPKH )> RR;HSIQal;GKN;..;RR;NIGRPHPV;[JV;RPR\PVT;JYPV
JYPV;HSGH;NITHGKQP;TSGLL;\P;KJH;OVPGHPV;HSGK;(D;KJV;OVPGHPV )>;RR;HSIQa]
HSGK;D]-;HIRPT;HSP;TLPKNPVKPTT;VGHIJ;J[;HSP;RPR\PV;GT;G 17:Q:<:1( +JRZVPTTIJK; RPR\PVT; QJKKPQHPN; \_; TMQS
`SJLP;G\JMH;IHT;O1O&GiIT;UZGVGLLPL;HJ;HSP;\GHHPKTX] VIYPHIKO<;\JLHIKO;JV;`PLNIKO;TSGLL;KJH;\P;TM\fPQHPN;HJ
17:;:<( ;!!6-"Y'+!&!*&D6#+&D'Y<'$) HVGKTYPVTP; LJGNIKO; IK; G; ZLGKP; ZPVZPKNIQMLGV; HJ; HSP
VIYPHPN<;\JLHPN;JV;`PLNPN;TMV[GQPT]
17:;:<:1 (J'7%'%&-*++'-!#*+)
17:Q:8( %SPVP;HSP;QJRZJKPKHT;GVP;IK;QJKHGQH;\GQa^HJ^
%SPVP;HIP;JV;\GHHPK;ZLGHPT;JYPVLGZ;HSP;RGIK;RPR\PVT< \GQa<; HSP; TZGQIKO; J[; HSP; VIYPHT<; \JLHT; JV; IKHPVRIHHPKH
HSP;GRJMKH;J[;LGZ;TSGLL;\P;KJH;LPTT;HSGK;[JMV;HIRPT;HSP `PLNT; TSGLL; KJH; PiQPPN; HSP; RGiIRMR; TZGQIKO; [JV
HSIQaKPTT;J[;HSP;ZLGHP];/SP;LPKOHS;J[;`PLN;QJKKPQHIKO QJRZVPTTIJK;RPR\PVT;GT;OIYPK;IK;*PQHIJK;>URX]
PGQS;PNOP;J[;HSP;\GHHPK;ZLGHP;HJ;HSP;RPR\PV;TSGLL<;IK
'&!%(#$")*@,""4&'(-$"#9"2&2=&.'
GOOVPOGHP<;\P;KJH;LPTT;HSGK;SGL[;HSP;NPZHS;J[;HSP;\GHHPK
'6=A&!%&4"%#"=&$4($-
ZLGHP];:H;LPGTH;JKP^HSIVN;J[;HSP;`PLN;TSGLL;\P;ZLGQPN;GH
PGQS;PKN;J[;HSIT;PNOP];/SP;LPKOHS;J[;`PLN;GKN;NPZHS;J[ 1< +.5%,"(&/(=.=).45(5*)d.-$.+($&
\GHHPK;ZLGHP;TSGLL;\P;RPGTMVPN;GLJKO;HSP;LJKOIHMNIKGL )."+%",
GiIT;J[;HSP;RGIK;RPR\PV]
1<:1( ,BCBNEF
1K; GNNIHIJK<; HSP; `PLNIKO; TSGLL; \P; VPHMVKPN; GLJKO; HSP 0PR\PVT;TM\fPQHPN;HJ;ZVPNJRIKGKH;\PKNIKO;TSGLL;SGYP
JHSPV;H`J;PNOPT;J[;HSP;ZLGHPT;HVGKTYPVTPL_;HJ;HSP;GiIT;J[ GNPeMGHP; NPTIOK; THVPKOHS; HJ; VPTITH; \PKNIKO; RJRPKH<
HSP;RGIK;RPR\PV;[JV;G;LPKOHS;KJH;LPTT;HSGK;HSP;RIKIRMR TSPGV;[JVQP<;GKN;QJKQPKHVGHPN;[JVQPT;IRZJTPN;MZJK;GKN
LGZ;TZPQI[IPN;G\JYP] HSPIV;QJR\IKGHIJKT];!MVHSPV<;HSP;RPR\PVT;TSGLL;TGHIT[_
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 87
HSP;NP[LPQHIJK;LIRIHGHIJK;ZVPTPKHPN;IK;*PQHIJK;>UPX<;GT _IPLNIKO; U)''& 1<:<:!:1X<& HSP; NPTIOK; \PKNIKO; THVPKOHS
TPVYIQPG\ILIH_;QVIHPVIG];0PR\PV;TM\fPQHPN;HJ;JHSPV;[JVQPT TSGLL;\P;QGLQMLGHPN;MTIKO;JKP;J[;HSP;[JLLJ`IKO;RPHSJNTb
IK; GNNIHIJK; HJ; \PKNIKO; JV; \IGiIGL; \PKNIKO; TSGLL; \P
GX /SP;\PKNIKO;RJRPKH;GKN;GiIGL;[JVQP;GQHIKO
NPTIOKPN;IK;GQQJVNGKQP;`IHS;*PQHIJK;>UfX]
JK;HSP;TPQHIJK;RG_;\P;GTTMRPN;HJ;\P;VPTITHPN
1<:1:1(@,,'-!#('&536+&*,&='6Y) \_;[LGKOPT;JKL_;GKN;HSP;`P\;IT;NPTIOKPN;JKL_
HJ;VPTITH;TSPGV;U)'';1<:<X]
/SP; P[[PQHIYP; TZGK; J[; G; \PGR; TSGLL; \P; HGaPK; GT; HSP
NITHGKQP; \PH`PPK; HSP; QPKHVPT; J[; HSP; TMZZJVHT<; PiQPZH \X /SP;\PKNIKO;RJRPKH;GKN;GiIGL;[JVQP;GQHIKO
`SPVP;HSP;ZJIKH;J[;GZZLIQGHIJK;J[;HSP;VPGQHIJK;IT;HGaPK JK;HSP;TPQHIJK;RG_;\P;GTTMRPN;HJ;\P;VPTITHPN
GT;PQQPKHVIQ;GH;HSP;TMZZJVH<;`SPK;IH;TSGLL;\P;ZPVRITTI\LP \_;HSP;`SJLP;TPQHIJK];1K;TMQS;G;QGTP<;HSP;`P\
HJ; HGaP; HSP; P[[PQHIYP; TZGK; GT; HSP; LPKOHS; \PH`PPK; HSP TSGLL; \P; NPTIOKPN; [JV; QJR\IKPN; TSPGV; GKN
GTTMRPN;LIKPT;J[;HSP;VPGQHIJKT] KJVRGL;THVPTTPT;MTIKO;TIRZLP;PLGTHIQ;HSPJV_;IK
QGTP;J[;TPRI^QJRZGQH;`P\T;GKN;TIRZLP;ZLGTHIQ
1<:!( +BH@LC(5DNBCLDP(@C()BCA@CL(U/FBZONBV HSPJV_;IK;HSP;QGTP;J[;QJRZGQH;GKN;ZLGTHIQ;`P\T]
/SP; NPTIOK; \PKNIKO; THVPKOHS; J[; \PGR<; GNPeMGHPL_ 1<:!:1:!( %SPK; HSP; [GQHJVPN; NPTIOK; TSPGV; [JVQP; NJPT
TMZZJVHPN;GOGIKTH;LGHPVGL;HJVTIJKGL;\MQaLIKO;ULGHPVGLL_ KJH;PiQPPN;D]>&IN<;`SPVP;IN;IT;HSP;NPTIOK;TSPGV;THVPKOHS
TMZZJVHPN; \PGRX; IT; OJYPVKPN; \_; HSP; _IPLN; THVPTT J[; HSP; QVJTT^TPQHIJK; U)''; 1<:<X<; HSP; NPTIOK; \PKNIKO
U)'';1<:!:1X];%SPK;G;\PGR;IT;KJH;GNPeMGHPL_;TMZZJVHPN THVPKOHS<;DN;TSGLL;\P;HGaPK;GTb
GOGIKTH;LGHPVGL;\MQaLIKO;ULGHPVGLL_;MK^TMZZJVHPN;\PGRTX
DN;m;β\;L;Z;,_;WγRD
HSP;NPTIOK;\PKNIKO;THVPKOHS;RG_;\P;OJYPVKPN;\_;LGHPVGL
HJVTIJKGL;\MQaLIKO;THVPKOHS;U)'';1<:!:!X] /J;GYJIN;IVVPYPVTI\LP;NP[JVRGHIJK;MKNPV;TPVYIQPG\ILIH_
LJGNT<; DN; TSGLL; \P; LPTT; HSGK; )].; LP; ,_; WγRD; IK; QGTP; J[
/SP; [GQHJVPN; NPTIOK; RJRPKH<; D&GH; GK_; TPQHIJK<; IK; G
TIRZL_;TMZZJVHPN;GKN;)](;LP;,_;WγRD;IK;QGTP;J[;QGKHILPYPV
\PGR;NMP;HJ;PiHPVKGL;GQHIJKT<;TSGLL;TGHIT[_
\PGRTl
D;≤;DN
`SPVP
`SPVP
β\ a )]D;[JV;ZLGTHIQ;GKN;QJRZGQH;TPQHIJKTl
DN a NPTIOK; \PKNIKO; THVPKOHS; J[; HSP; TPQHIJK< a LP,&LZ&[JV&TPRI^QJRZGQH;TPQHIJKTl
QGLQMLGHPN;GT;OIYPK;IK;;1<:!:1:!]
LZ:&LP m ZLGTHIQ; GKN; PLGTHIQ; TPQHIJK; RJNMLI; J[; HSP
1<:!:1( B6!'$677M&5.33*$!'%&='6Y QVJTT^TPQHIJK<;VPTZPQHIYPL_l
:;\PGR;RG_;\P;GTTMRPN;HJ;\P;GNPeMGHPL_;TMZZJVHPN;GH &,_ m _IPLN;THVPTT;J[;HSP;RGHPVIGLl;GKN
HSP;TMZZJVHT<;ZVJYINPN;HSP;QJRZVPTTIJK;[LGKOP;SGT;[MLL γRD m ZGVHIGL;TG[PH_;[GQHJV;U)'';11:<:1X]
LGHPVGL; VPTHVGIKH; GKN; KJRIKGL; HJVTIJKGL; VPTHVGIKH; GH
TMZZJVHT; TMZZLIPN; \_; `P\; QLPGHT<; ZGVHIGL; NPZHS; PKN 1<:!:1:7( %SPK; HSP; NPTIOK; TSPGV; [JVQP; U[GQHJVPNX<; I
ZLGHPT<;[IK;ZLGHPT;JV;QJKHIKMIH_;`IHS;HSP;GNfGQPKH;TZGK] PiQPPNT;D]>IN<(`SPVP;IN;IT;HSP;NPTIOK;TSPGV;THVPKOHS;J[
!MLL; LGHPVGL; VPTHVGIKH; HJ; QJRZVPTTIJK; [LGKOP; RG_; \P HSP;QVJTT^TPQHIJK;U)'';1<:<X;HSP;NPTIOK;\PKNIKO;THVPKOHS<
GTTMRPN; HJ; PiITH; I[; HSP; [VIQHIJKGL; JV; JHSPV; ZJTIHIYP DN;TSGLL;\P;HGaPK;GTb
VPTHVGIKH;J[;G;[LJJV;QJKKPQHIJK;HJ;HSP;QJRZVPTTIJK;[LGKOP DN& m;DNY
J[;HSP;RPR\PV;IT;QGZG\LP;J[;VPTITHIKO;G;LGHPVGL;[JVQP;KJH
LPTT; HSGK; .](; ZPVQPKH; J[; HSP; RGiIRMR; [JVQP; IK; HSP `SPVP
QJRZVPTTIJK; [LGKOP; J[; HSP; RPR\PV]; /SIT; RG_; \P DNY m NPTIOK;\PKNIKO;THVPKOHS;MKNPV;SIOS;TSPGV;GT
QJKTINPVPN;HJ;\P;MKI[JVRL_;NITHVI\MHPN;GLJKO;HSP;[LGKOP< NP[IKPN;IK;18:!]
ZVJYINPN;OVGYIH_;LJGNT;QJKTHIHMHP;HSP;NJRIKGKH;LJGNIKO
1<:!:1:<( P*7')&#+&!"'&!'+)#*+&O*+'
JK;HSP;RPR\PV;GKN;HSP;[LJJV;QJKTHVMQHIJK;IT;QGZG\LP;J[
VPTITHIKO;HSIT;LGHPVGL;[JVQP] GX /SP;P[[PQH;J[;SJLPT;IK;HSP;HPKTIJK;[LGKOP<;JK
HSP; NPTIOK; \PKNIKO; THVPKOHS; KPPN; KJH; \P
/SP;NPTIOK;\PKNIKO;THVPKOHS;J[;G;TPQHIJK;`SIQS;GVP;KJH
QJKTINPVPN;I[
TMTQPZHI\LP;HJ;`P\;\MQaLIKO;MKNPV;TSPGV;\P[JVP;_IPLNIKO
U;K[&,&;O[X&≥&U,_,,MX&UγR)&,γRD&XWD]B
U`SPVP; %,!`; ≤; >-'X& TSGLL; \P; NPHPVRIKPN; GQQJVNIKO
HJ 1<:!:1:!] `SPVP
;K[;,;O[ m VGHIJ; J[; KPH; HJ; OVJTT; GVPG; J[; HSP
1<:!:1:1( 5'-!#*+& K#!"& K'<)& ).)-'3!#<7'& !*& )"'6$
[LGKOP;IK;HPKTIJKl
<.-C7#+N&<',*$'&M#'7%#+N
&,_,,M m VGHIJ;J[;_IPLN;GKN;MLHIRGHP;THVPTT
%SPK;HSP;[LGKOPT;GVP;ZLGTHIQ<;QJRZGQH;JV;TPRI^QJRZGQH J[;HSP;RGHPVIGLl;GKN
\MH; HSP; `P\; IT; TMTQPZHI\LP; HJ; TSPGV; \MQaLIKO; \P[JVP γR),γRD m VGHIJ; J[; ZGVHIGL; TG[PH_; [GQHJVT

8< "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
 GOGIKTH; MLHIRGHP; HJ; _IPLN; THVPTT `SPVP
U)'';11:<:1X]
β\ m )]D;[JV;ZLGTHIQ;GKN;QJRZGQH;TPQHIJKTl
%SPK;HSP;;K[& ,;O[;NJPT;KJH;TGHIT[_;HSP;G\JYP m LP,LZ;[JV;TPRI^QJRZGQH;TPQHIJKTl
VPeMIVPRPKH<;HSP;VPNMQPN;P[[PQHIYP;[LGKOP;GVPG< LZ:&LP a ZLGTHIQ; TPQHIJK; RJNMLMT; GKN; PLGTHIQ
;P[&;TGHIT[_IKO;HSP;G\JYP;PeMGHIJK;RG_;\P;HGaPK TPQHIJK; RJNMLMT; `IHS; VPTZPQH; HJ
GT;HSP;P[[PQHIYP;[LGKOP;GVPG;IK;HPKTIJK<;IKTHPGN PiHVPRP;QJRZVPTTIJK;[I\VPl
J[;;O[]
&,\N a NPTIOK;\PKNIKO;QJRZVPTTIYP;THVPTT<
\X /SP; P[[PQH; J[; SJLPT; IK; HSP; HPKTIJK; VPOIJK; J[ J\HGIKPN; GT; OIYPK; \PLJ`; o)''
HSP;`P\;JK;HSP;NPTIOK;[LPiMVGL;THVPKOHS;KPPN /G\LPT )6UGX;GKN;)6U\Xpl
KJH; \P; QJKTINPVPN<; I[; HSP; LIRIH; OIYPK; IK
&,\N a -3/&,_;,γRDl;GKN
1<:!:1:<UGX;G\JYP;IT;TGHIT[IPN;[JV;HSP;QJRZLPHP
HPKTIJK;gJKP;J[;HSP;QVJTT^TPQHIJK<;QJRZVITIKO &χ3/ m \PKNIKO; THVPTT; VPNMQHIJK; [GQHJV; HJ
HSP;HPKTIJK;[LGKOP;GKN;HPKTIJK;VPOIJK;J[;HSP GQQJMKH;[JV;LGHPVGL;HJVTIJKGL;\MQaLIKO<
`P\] OIYPK;\_b
QX !GTHPKPV;SJLPT;IK;HSP;QJRZVPTTIJK;gJKP;J[;HSP +
QVJTT^TPQHIJK;KPPN;KJH;\P;QJKTINPVPN;IK;NPTIOK χDE = ≤ +'&
\PKNIKO; THVPKOHS; QGLQMLGHIJK<; PiQPZH; [JV
JYPVTIgP;GKN;TLJHHPN;SJLPT;JV;SJLPT;`IHSJMH;GK_
{ #
φDE + ⎡⎣φDE # ⎤
− λ DE ⎦
&''
}
[GTHPKPV] !
φ"# = $%& ⎡' + α "# (λ "# − $%! ) + λ "# ⎤
1<:!:1:8( 5"'6$&76N&',,'-!) ⎣ ⎦
α3/<;HSP;IRZPV[PQHIJK;ZGVGRPHPV;IT;OIYPK;\_b
/SP; TSPGV; LGO; P[[PQHT; IK; [LGKOPT; RG_; \P; NITVPOGVNPN
ZVJYINPNb α3/&a&D].);[JV;VJLLPN;THPPL;TPQHIJK
GX !JV;JMHTHGKN;PLPRPKHT;UTMZZJVHPN;GLJKO;JKP α3/ m D]8B;[JV;`PLNPN;THPPL;TPQHIJK
PNOPX<;<J&≤&BJ;,.Dl;GKN /SP;KJK^NIRPKTIJKGL;TLPKNPVKPTT;VGHIJ<;73/<;IT;OIYPK;\_b
\X !JV; IKHPVKGL; PLPRPKHT; UTMZZJVHPN; GLJKO; H`J
PNOPTX<;<I;≤&BJ&,&)D] λ DE = β( - ) > * . . +, ≤ '%! - - > * " . +,
;`SPVP
;BJ m LPKOHS; \PH`PPK; ZJIKHT; J[; gPVJ %#
m;
% $%&'
RJRPKH;UIK[LPQHIJKX;IK;HSP;TZGK<
<J a `INHS&J[&HSP;[LGKOP;`IHS;JMHTHGKN<;GKN `SPVP
&<I a `INHS; J[; HSP; [LGKOP; GT; GK; IKHPVKGL DQV a PLGTHIQ; QVIHIQGL; RJRPKH; QGLQMLGHPN; IK
PLPRPKH GQQJVNGKQP;`IHS;1<:!:!:1<;GKN
%SPVP;HSPTP;LIRIHT;GVP;PiQPPNPN<;HSP;P[[PQHIYP;`INHS
(,QV<\ a& PiHVPRP; [I\VP; \PKNIKO; QJRZVPTTIYP; THVPTT
J[;[LGKOP;[JV;NPTIOK;THVPKOHS;RG_;\P;QGLQMLGHPN;MTIKO
QJVVPTZJKNIKO; HJ; PLGTHIQ; LGHPVGL; \MQaLIKO
TZPQIGLITH;LIHPVGHMVP<;JV;QJKTPVYGHIYPL_;HGaPK;GT;HSP;YGLMP
RJRPKH;U)'';1<:!:!:1(GKN;/G\LP;)8X]
TGHIT[_IKO;HSP;LIRIH;OIYPK;G\JYP]
1<:!:!:1( @76)!#-&76!'$67&!*$)#*+67&<.-C7#+N&Y*Y'+!
1<:!:!( B6!'$677M&f+).33*$!'%&='6Y)
1K;QGTP;J[;TIRZL_;TMZZJVHPN<;ZVITRGHIQ;RPR\PVT;`IHS
#PTITHGKQP; HJ; LGHPVGL; HJVTIJKGL; \MQaLIKO; KPPN; KJH; \P T_RRPHVIQ; QVJTT^TPQHIJK<; HSP; PLGTHIQ; LGHPVGL; \MQaLIKO
QSPQaPN;TPZGVGHPL_;URPR\PV;RG_;\P;HVPGHPN;GT;LGHPVGLL_ RJRPKH<;DQV:&QGK&\P;NPHPVRIKPN;[VJRb
TMZZJVHPN<;)'';1<:!:1X;IK;HSP;[JLLJ`IKO;QGTPTb
GX 7PKNIKO;IT;G\JMH;HSP;RIKJV;GiIT;J[;HSP;TPQHIJK< ⎧⎛ π # </ ⎞ ⎡ π# </ ( ⎤ ⎫
⎪ # ⎪
A $% = ⎨⎜ #
⎟ ⎢0/ ) + #
⎥ ⎬ ;m;β\LZ&,QV<\
\X *PQHIJK; IT; SJLLJ`; UVPQHGKOMLGVW; HM\MLGVX; JV ⎜ ( ) ⎟ ( 1*+ ) ⎦⎥
⎩⎪⎝ *+ 1 ⎠ ⎣⎢ ⎭⎪
TJLIN;\GVT<;GKN
QX 1K;QGTP;J[;RGfJV;GiIT;\PKNIKO<;λ3/;UGT;NP[IKPN ,QV<\&J[; KJK^TLPKNPV; VJLLPN; THPPL; TPQHIJKT; IK; HSP; G\JYP
SPVPIKX;IT;LPTT;HSGK;D]8] PeMGHIJK; RG_; \P; GZZVJiIRGHPL_; QGLQMLGHPN; [VJR; HSP
YGLMPT;OIYPK;IK;HSP;/G\LP;)8<;`SIQS;SGT;\PPK;ZVPZGVPN
/SP;NPTIOK;\PKNIKO;THVPKOHS;J[;LGHPVGLL_;MKTMZZJVHPN MTIKO;HSP;[JLLJ`IKO;PeMGHIJKb
\PGR;GT;OJYPVKPN;\_;LGHPVGL;HJVTIJKGL;\MQaLIKO;IT;OIYPK
\_b # ,-.
0-0π# ( ⎡ 0 ⎛ ) "' ⎞ ⎤
DN;a&β\&xZ&,\N > $%&' = ⎢0 + ⎜ *+ # ⎟ ⎥
1 )*+ " '# 2# ⎢ #, ⎝ 2/ " "/ ⎠ ⎥
⎣ ⎦

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 88
 $ERFB(17UEV(+BH@LC()BCA@CL(-GIJNBHH@XB(5DNBHH(-GNNBHJGCA@CL(DG('EDBNEF()O?SF@CL_
α '$(e(0:!1V
&RA_(α
U>76.)'&)8].].X

M?N_R MK

.DD .)D ..D .6D .8D .(D .>D .AD 6DD 6.D 68D 6>D 6AD 8DD 8.D 8(D 8AD ()D (8D

)D;DDD )A)]A )BD]B .DD .DB]) .)A]. ..-]6 .6>]8 .(8]( .-.]- .BD]B 6DB]) 6.-]6 68(]( 6>6]> 6A)]A 8DB]) 86>]8 8>6]> 8BD]B
A;DDD )A)]A )BD]B .DD .DB]) .)A]. ..-]6 .6>]8 .(8]( .-.]- .BD]B 6DB]) 6.-]6 68(]( 6>6]> 6A)]A 8DB]) 86>]8 8>6]> 8BD]B
>;DDD )A)]A )BD]B .DD .DB]) .)A]. ..-]6 .6>]8 .(8]( .-.]- .BD]B 6DB]) 6.-]6 68(]( 6>6]> 6A)]A 8DB]) 86>]8 8>6]> 8BD]B
8;DDD )A)]A )BD]B .DD .DB]) .)A]. ..-]6 .6>]8 .(8]( .-.]- .BD]B 6DB]) 6.-]6 68(]( 6>6]> 6A)]A 8DB]) 86>]8 8>6]> 8BD]B
.;DDD )A)]A )BD]B .DD .DB]) .)A]. ..-]6 .6>]8 .(8]( .-.]- .BD]B 6DB]) 6.-]6 68(]( 6>6]> 6A)]A 8DB]) 86>]8 8>6]> 8BD]B
);DDD )>B]) )-B]( )A> )B>]( .D.]B .DB]) .)B]A ..B]) .8(]( .>)]A .-(]) .B)]6 6DD]( 6.6]> 66.]. 6((]B 6-D]B 6A8]A 8).]8
BDD )>B]) )-B]( )A> )B8]( .DD]- .D8]( .)(]) .6)]> .8.]- .(A]B .-. .B)]6 6DD]( 6)>]8 6.A]8 66B]( 6>>]( 6AD]. 6B.]-
ADD )>-]6 )--]( )A8 )BD]6 )B>]8 .D>]A .).]- ..8 .8D .(A]B .>A]B .A8]- .B6]> 6D)]A 6.8]( 66(]( 68B]) 6-D]B 6A-]A
-DD )>6]> )-)]A )A. )AA]. )B. .D.]6 .DA ..>]( .6-]6 .(D]. .(B]> .-A]. .A>]- .B8]( 6D(]( 6.-]6 68D]8 6(.]8 6>6]6
>DD )>)]A )>A )-> )A)]B )B8]. )B-]- .D6]6 .)A]B ..>]8 .88]8 .(6]( .>)]A .->]8 .A-]6 .B8 6D>]A 6..]B 666]A 686]>
(DD )>)]A )>>]) )-. )-B]A )A(]( )AA]> .DD]B .DA]- .)A]. .6.]- .88]. .8A]- .(B]) .>B]) .-8]B .A>]8 .B>]- 6D)]8 6)8].
8(D )(A]. )>8]. )>A )-6]( )A6]6 )A>]8 )B)]( .D>]. .)(]( ..8 .6)]A .8.]. .8A]- .(A]. .>6]( .-8]) .-B]6 .B.]) .B8](
8DD )(D]B )>.]6 )>> )>B]8 )-8]( )A8]) )A>]- )B> .D8]( .)(]6 ...]( ..B]) .6A]8 .86]> .8A]. .(-]- .>)]A .>8]6 .-8]B
6(D )8-]6 )(.]- )>. )>(]. )-D]. )-.]- )-B]> )AA]8 )B6]> .DD]- .)D]. .).]- ..)]) ..(]( ..B]) .66]. .8D .8)]) .8(](
6DD )86]> )8- )(. )(8]- )>)]( )>6]> )>-]A )-(]> )A.]- )A>]. )B8]- )B>]8 )B>]B .D6]> .D>]. .).]- .)6]A .)-]B ..D]B
.(D )68]( )6-]( )8. )88]6 )8A]8 )(.]6 )(6]> )>D]8 )>6]> )>(]A )-D )-6]( )-B]> )-A]. )-B]( )A8]) )A6]6 )A(]( )B)](
.DD ).)]A ).8]) ).> ).B]> )6D]B )68]) )68]- )6-]( )8)]A )8.]( )8(]6 )8-]6 )8A]( )8B]) )(.]- )()]8 )(.]- )(6 )(-])
)(D )D)]A )D6]) )D8 )D8]( )D>]B )D>]A )DA]- )DB]( )))]A ))6]( ))8]8 ))8]( ))-]( ))>]8 ))A]8 ))A]> ))-]A ).D]( )..]-
)DD -8]( ->]8 -> --]8 ->]8 --]6 -A -A]B -B]) -A]( AD]8 A)]A -B]( AD AD]. A)]A A.]B A6]( A6](
BD >-]6 >A]- -D >B >B]A -D]( -D]B -)]6 -D]B -.]- -8]. -. -.]( -.]- -.]( -6]> -8]. -8]. -6]>
AD >)]A >6 >. >.]- >6]6 >6]> >6]A >6]> >(]( >8 >8]B >(]( >(]> >(]( >8]B >(]( >(]( >8]B >A]-
-D (8]( ((]8 (> (>]( (>]- (>]A (>]- (> (-]6 (A]. (A]- (A]B (A]- (A]. (-]6 (-]6 (>]- >D]6 (A]B
>D 8-]6 8-]- 8A 8A]) 8A (D 8B]> 8A]8 8B]) 8B]( 8B]( 8B]) 8A]8 (D]B 8B]> 8B]) (.]8 () 8B])
(D 8D 8D]) 8D 8)]A 8)]( 8D]B 8D]. 8D]- 8D]B 8D]- 86]6 8.]( 8)]( 86]> 8. 8D]B 86]> 8)]- 88].
8D 6.]- 6.]( 6. 66]( 6.]- 68]) 66]) 66]) 6.]- 68]B 68 6.]- 68]( 6.]- 68]8 6.]- 68]B 6.]( 68]8
6D .(]( .8]A .> .(]) .>]. .( .> .(]( .8]( .>]. .8]- .>]. .8]. .(]( .>]- .8]( .>]. .-]A .8](
.D )>]8 )-]. )A )>]- )-]( )A]. )>]( )-]A )>]8 )-]( )A]( )>]8 )-]6 )A]. )B]) )>]8 )-]( )A]( )B]>
)D B]) B]( A A]8 A]- B]) B]( -]> A]. A]- B]6 B]A )D]8 -]6 -]> A]. A]- B]6 B]A

α '$!)!0:<9V
$ERFB(17URV(+BH@LC()BCA@CL(-GIJNBHH@XB(5DNBHH(-GNNBHJGCA@CL(DG('EDBNEF()O?SF@CL_(&RA_(α
U>76.)'&)8].].X
M?N_R MK

.DD .)D ..D .6D .8D .(D .>D .AD 6DD 6.D 68D 6>D 6AD 8DD 8.D 8(D 8AD ()D (8D

)D;DDD )A)]A )BD]B .DD]D .DB]) .)A]. ..-]6 .6>]8 .(8]( .-.]- .BD]B 6DB]) 6.-]6 68(]( 6>6]> 6A)]A 8DB]) 86>]8 8>6]> 8BD]B
A;DDD )A)]A )BD]B .DD]D .DB]) .)A]. ..-]6 .6>]8 .(8]( .-.]- .BD]B 6DB]) 6.-]6 68(]( 6>6]> 6A)]A 8DB]) 86>]8 8>6]> 8BD]B
>;DDD )A)]A )BD]B .DD]D .DB]) .)A]. ..-]6 .6>]8 .(8]( .-.]- .BD]B 6DB]) 6.-]6 68(]( 6>6]> 6A)]A 8DB]) 86>]8 8>6]> 8BD]B
8;DDD )A)]A )BD]B .DD]D .DB]) .)A]. ..-]6 .6>]8 .(8]( .-.]- .BD]B 6DB]) 6.-]6 68(]( 6>6]> 6A)]A 8DB]) 86>]8 8>6]> 8BD]B
.;DDD )A)]A )BD]B .DD]D .DB]) .)A]. ..-]6 .6>]8 .(8]( .-.]- .BD]B 6DB]) 6.-]6 68(]( 6>6]> 6A)]A 8DB]) 86>]8 8>6]> 8BD]B
);DDD )>D]D )>8]. )-D]D )-B]A )A(]( )BD]B )B>]. .))]6 ..D]B .6(]> .8-]6 .((]6 .>>]D .AD .BD]. 6D.]- 6)A]( 6.B]. 686]>
BDD )(8]( )>8]. )-D]D )-6]( )A6]6 )AA]> )B6]A .D6]> .)A]. ..>]B .6A]D .(.]D .>.]( .>B]) .A.]( .BD]( 6D(]( 6)B]B 666]A
ADD )(.]- )(A]( )>A]D )-)]( )->]- )A)]A )B)]( .D)]) .)D]D ..8]D .68]B .8.]. .(.]. .(A]. .-)]) .A.]6 .B>]- 6D> 6)B])
-DD )(D]B )(8]> )>D]D )>B]8 )-.]8 )--]6 )A.]D )B> .D-]6 .)(]6 ...]( .6.]8 .6A]8 .8-]6 .(B]> .-D .-B]6 .B.]) 6D8]8
>DD )8(]( )(D]A )(8]D )>)]D )>A]D )-.]- )--]6 )AA]8 )B6]> .D6]> .)6]6 ...]( ..A .6>]8 .88]8 .(6]> .>)]A .-6]( .-8]B
(DD )8D]D )8(]) )(D]D )(8]- )(B]6 )>)]8 )>-]A )-(]> )A(]( )B. .DD]B .D>]. .)8]. .)A]. ..(]6 ..B]) .8D .8(]- .(D]8
8(D )68]( )8)]6 )88]D )8A]( )(.]- )(>]A )>D]- )>A )--]6 )A>]. )B)]> )B>]8 .D6]A .)D]B .)6]A ..D]B .6)]6 .6>]( .6(]>
8DD ).B]) )6(]( )6A]D )8.]. )8A]8 )(D )(6]> )>.]B )>B]) )-8]( )A.]8 )A6]6 )B6]( )B>]8 .D.]8 .DA]> .DB]( .)-]B ..D]B
6(D ).6]> ).B]A )6.]D )6(]B )6B]> )86]. )8A]B )(.]- )(A]. )>.]B )-D )-6]( )->]. )A)]A )A6]6 )B.]6 )B>]8 )BB]8 .D>].
6DD ))A]. )..]. ).>]D ).B]> )6D]B )68]) )6-]) )8.]( )8-]6 )(8]. )(-]> )(-]) )>.]8 )>-]6 )>A )-(]B )-A]B )AD]A )A)]>
.(D )DB]) )).]> ))>]D ))-]) ).D]D )..]- ).(]6 ).B]A )6D]B )6>]- )6B]) )8D]- )8(]) )8B]) )8A]B )()]8 )(.]- )(-]> )(-])
.DD BA]. )D)]. )D.]D )D8]( )D8]- )DB]) )DA]- )). ))-]6 ))B]6 ).D]( ).)]) ).8]8 ).-]6 ).> )6D]B )6D]B ).B]A )6.](
)(D A6]> A8]D A>]D A-]A AB]( AA]> AB]A B)]> B(]( B>]D B(]A BA]. )DD]. )D)]A )D6]) )D.]6 )D8]- )D>]> )D6])
)DD >6]> >6]D >8]D >8]A >(]( >(]B >>]. >A]- >A]. >B]A -)]) >A]- >B]) -.]- -.]( -6]> -8]. -8]. -6]>
BD (A]. (-]6 >D]D (A]( >)]) >)]8 >)]( >)]) >.]- >8]D >8]B >(]( >(]> >(]( >8]B >(]( >(]( >8]B >A]-
AD (.]- (6]( (8]D (8]8 (8]( (8]( (8]8 (> (-]6 (A]. (A]- (A]B (A]- (A]. >)]) >)]8 >)]) >D]6 (A]B
-D 8-]6 8-]- 8A]D 8A]) 8A]D (D]D 8B]> (D]B 8B]) 8B]( (.]( (.]8 ()]A (D]B (6]( (6]. (.]8 ((]> (8]D
>D 8)]A 8.]D 8.]D 8)]A 86]> 86]. 8.]( 86]6 86]> 86]> 86]6 8(]A 88]B 8-]6 8(]A 8(]D 8A]D 8>]8 8B])
(D 6>]8 6>]6 6>]D 6(]( 6-]) 6>]8 6-]A 6A]. 6A]. 6-]A 6-]) 6B]6 6A]D 8D]D 6A]. 8D]B 6B]6 6-]) 6B]6
8D .B]) 6D]( 6D]D .B]6 6D]( .B]( 6D]- 6D]( 6D]D 6.]D 6D]B 6.]- 6)]) 6.]- 6D]( 6.]- 6D]( 6.]( 68]8
6D .6]> ..]B ..]D .6]D .8]D ..]- .6]> ..]B .8]( .6]6 .8]- ..]B .8]. .(]( ..]B .8]( .>]. .6]. .8](
.D )>]8 )(]6 )>]D )>]- )(]6 )(]B )>]( )(]6 )>]8 )-]( )(]( )>]8 )-]6 )A]. )(]6 )>]8 )-]( )A]( )8]-
)D B]) -]> A]D A]8 A]- B]) B]( -]> A]. A]- B]6 B]A >]B -]6 -]> A]. A]- B]6 B]A

82 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
 $ERFB(1<(-N@D@?EF(5DNBHH_(&?N_ R
U>76.)'& )8].].])X
''$WNK PMWDM

A )D ). )8 )> )A .D .( 6D 6( 8D (D >D AD )DD

)D ..(()]. ...((]) ..DB.]> .)BB8]) .)B.B]A .)AA(]- .)A(8]D .)AD(]8 .)--B]D .)->6]) .)-(.]- .)-8D]( .)-66]A .)-.-]. .)-.8].
.D >..D]( (B8-]B (-B8]( (-DD]D (>6-]A ((B8]- ((>6]A (()(]A (8AB]- (8-6]A (8>6]( (8()]8 (888]A (86A]. (86(])
6D 6)8B]6 .BD(]B .->8]> .>->]D .>)>]- .(-(]6 .(8(]6 .8BA]( .8-.]A .8(-]) .88-]D .868]B .8.A]6 .8.)]- .8)A]>
8D .D6>]) )A.)]. )>B6]D )>)D]A )(((]) )()(]A )8A-]D )88)]- )8)>]( )8D)]) )6B)]D )6-B]D )6-.]( )6>(]B )6>.]A
(D )8B.]B )6D6]. ))A-]6 ))))]A )D(B]B )D..]- BB(]6 B()]- B.-]) B).]D BD.]D ABD]. AA6]- A--]) A-8].
>D ))-A]D )DDB]( BD(]D A6(]> -A-]8 -(.]8 -.>]8 >A8]> >>D]B >8>]) >6>]8 >.8]- >)A]. >))]- >DA]-
-D B-6]B A.6]. -.A]( >>8]A >.D]) (A-]8 (>.]B (..]B (DD]D 8A(]( 8->]D 8>8]8 8(A]D 8()]- 88A]-
AD A6)]6 >B(]8 >DB]. ((D]- (DB]) 8-A]8 8((]6 8)-]. 6B(]) 6A)]. 6-)]A 6>D]( 6(8]) 68-]- 688]-
BD -.(]B >D.]> (.6]> 8>B]( 86D]B 8D.]. 6AD]8 688]. 6..]B 6DB]6 6DD]. .AB]) .A.]A .->]( .-6](
)DD >88]- (6.]D 8(B]6 8DB]6 6-6]. 68>]8 6.(]A .B)]8 .-D]B .(-]- .8A]A .6-]B .6)]A ..(]( ...](
))D (AD]8 8->]> 8DB]6 6>.]B 6.B]. 6D6]B .A8]( .()]A .6.]) .)B]6 .)D]A .DD]) )B8]D )A-]A )A8]A
).D (.-]B 86)]B 6>B]( 6.>]D .B8]( .-D]- .(.]6 ..)]. .D.]8 )BD]) )A)]> )-)]. )>(]. )(B]) )(>].
)6D 8A8]6 6B(]D 66>]A .B>]) .>>]( .88]) ..>]- )B-]) )-B]D )>-]) )(A]A )8A]> )8.]A )6>]- )66]B
)8D 88-]> 6>8]. 6DB]( .-)]( .86]8 ...]6 .D(]A )--]( )>D]. )8A]- )8D]- )6D]A ).(]D ))B]D ))>].
)(D 8)>]D 66-]A .A>]> .(D]> ..8]. .D8]. )AA]8 )>)]( )88]A )66]- ).>]D ))>]6 ))D]> )D8]- )D)]B
)>D 6AA]- 6)(]. .>>]A .6.]A .D-]A )AA]A )-6]B )8A]. )6.]D ).)]6 ))6]B )D8]6 BA]A B6]D BD])
)-D 6>8]B .B(]8 .8B]> .)-]( )B6]- )-(]> )>)]8 )6>]- ).)]6 )))]D )D6]> B8]8 AB]D A6]. AD]8
)AD 686]B .-A]D .68]> .D8]) )A)]( )>8]. )(D]> ).-]) )).]. )D.]. B(]. A>]D AD]- -(]D -.]6
)BD 6.(]. .>.]> ..)]6 )B.]6 )-D]- )(8]. )8)]. ))A]> )D8]6 B8]> A-]A -B]D -6]- >A]) >(]6
.DD 6DA]6 .8A]A .DB]> )A)]- )>)]. )8(]8 )66]D )))]6 B-]( AA]) A)]8 -.]A >-]A >.]. (B](
.)D .B6]6 .6>]( )BA]B )-.]8 )(.]- )6-]> ).(]- )D8]A B)]( A.]8 -(]B >-]( >.]> (-]) (8](
..D .-B]( ..(]6 )AB]6 )>6]B )8(]) )6D]> ))B]) BB]D A>]. --]8 -)]. >.]B (A]) (.]- (D])
.6D .>-]) .)(]. )AD]- )(>]6 )6A]. ).8]6 ))6]6 B6]B A)]( -.]B >>]B (A]B (8]) 8A]A 8>].
.8D .((]A .D(]A )-.]A )8B]8 )6.]D ))A]> )DA]D AB]6 --]. >B]D >6]) ((]6 (D]> 8(]8 8.]A
.(D .8(]6 )B-]6 )>(]> )86]D ).>]6 ))6]8 )D6]. A(]) -6]( >(]( (B]- (.]) 8-]( 8.]8 6B]A
.>D .6(]- )AB]( )(B]D )6-]6 ).)]) )DA]- BA]A A)]6 -D]) >.]6 (>]- 8B]6 88]A 6B]- 6-].
.-D ..>]A )A.]6 )(.]A )6)]B ))>]6 )D8]6 B8]- --]B >-]D (B]8 (6]B 8>]A 8.]. 6-]6 68]A
.AD .)A]> )-(]- )8-]. ).>]B )))]B )DD]. B)]) -8]- >8]) (>]A ()]( 88]8 8D]D 6(]. 6.]-
.BD .)D]B )>B]8 )8)]B )..]6 )D-]A B>]> A-]- -)]A >)]( (8]6 8B]. 8.]. 6A]) 66]. 6D]A
6DD .D6]A )>6]- )6-]) ))A]) )D8]) B6]. A8]( >B]) (B]) (.]) 8-]) 8D]8 6>]. 6)]( .B]D

/SP;[JLLJ`IKO;TIRZLI[IPN;PeMGHIJK;RG_;\P;MTPN;IK;HSP 1<:7(.MMB?D@XB('BCLDP(MGN('EDBNEF($GNH@GCEF()O?SF@CL
QGTP; J[; ZVITRGHIQ; RPR\PVT; RGNP; J[; THGKNGVN; VJLLPN
1<:7:1;!JV;TIRZL_;TMZZJVHPN;\PGRT;GKN;OIVNPVT;J[;TZGK
1^TPQHIJKT;GKN;`PLNPN;NJM\L_;T_RRPHVIQ;1^TPQHIJKT<;[JV
LPKOHS<;B:;`SPVP;KJ;LGHPVGL;VPTHVGIKH;HJ;HSP;QJRZVPTTIJK
QGLQMLGHIKO; HSP; PLGTHIQ; LGHPVGL; \MQaLIKO; RJRPKH<; DQV
[LGKOPT;IT;ZVJYINPN<;\MH;`SPVP;PGQS;PKN;J[;HSP;\PGR;IT
U)'';/G\LP;)8X]
VPTHVGIKPN;GOGIKTH;HJVTIJK<;HSP;P[[PQHIYP;LPKOHS;B3/;J[
# ,-. HSP;LGHPVGL;\MQaLIKO;HJ;\P;MTPN;IK;1<:!:!:1;TSGLL;\P;HGaPK
π# (& # 2/ ⎡ 0 ⎛ ) "' ⎞ ⎤ GT;IK;/G\LP;)(]
. $% = ⎢0 + ⎜ *+ # ⎟ ⎥
#)#*+ ⎢ #, ⎝ 2/ " " / ⎠ ⎥ 1K; TIRZL_; TMZZJVHPN; \PGRT; `IHS; IKHPVRPNIGHP; LGHPVGL
⎣ ⎦
VPTHVGIKHT;GOGIKTH;LGHPVGL;HJVTIJKGL;\MQaLIKO<;HSP;P[[PQHIYP
`SPVP
LPKOHS;[JV;LGHPVGL;HJVTIJKGL;\MQaLIKO<;B3/;HJ;\P;MTPN;IK
&\H a HJVTIJKGL;QJKTHGKH;∑;<I!I6W6;[JV;JZPK;TPQHIJKl 1<:!:!:1<; TSGLL; \P; HGaPK; GT; HSP; LPKOHS; J[; HSP; VPLPYGKH
&\` a `GVZIKO;QJKTHGKHl TPORPKH;IK;\PH`PPK;HSP;LGHPVGL;VPTHVGIKHT:(1K;HSP;QGTP;J[
IKHPVRPNIGHP;ZGVHIGL;LGHPVGL;VPTHVGIKHT<;HSP;P[[PQHIYP;LPKOHS<
&\_::$_ a RJRPKH; J[; IKPVHIG; GKN; VGNIMT; J[; O_VGHIJK<
B3/;TSGLL;\P;HGaPK;GT;PeMGL;HJ;)].;HIRPT;HSP;LPKOHS;J[;HSP
VPTZPQHIYPL_;G\JMH;HSP;`PGaPV;GiITl
VPLPYGKH;TPORPKH;IK;\PH`PPK;HSP;ZGVHIGL;LGHPVGL;VPTHVGIKHT]
;B3/ m P[[PQHIYP;LPKOHS;[JV;LGHPVGL;HJVTIJKGL;\MQaLIKO
U)'';1<:7Xl #PTHVGIKH;GOGIKTH;HJVTIJKGL;VJHGHIJK;GH;TMZZJVHT;IK;HSPTP
\PGRT;RG_;\P;ZVJYINPN;\_<
"[ m QPKHVP^HJ^QPKHVP; NITHGKQP; \PH`PPK; [LGKOPTl
GKN GX `P\;JV;[LGKOP;QLPGHT<;JV
![ m HSIQaKPTT;J[;HSP;[LGKOP] \X \PGVIKO;THI[[PKPVT;GQHIKO;IK;QJKfMKQHIJK;`IHS
DQV![JV;NI[[PVPKH;\PGR;TPQHIJKT<;QJKTINPVIKO;LJGNIKO< HSP;\PGVIKO;J[;HSP;\PGR<;JV
TMZZJVH; QJKNIHIJK<; GKN; GT_RRPHVIQ; TPQHIJK<; TSGLL; \P QX LGHPVGL; PKN; [VGRPT; JV; PiHPVKGL; TMZZJVHT
RJVP;GQQMVGHPL_;QGLQMLGHPN;MTIKO;HSP;RPHSJN;OIYPK;IK ZVJYINIKO;LGHPVGL;VPTHVGIKH;HJ;HSP;QJRZVPTTIJK
:KKPi;&];/SP;G\JYP;PeMGHIJKT;[JV;QGLQMLGHIKO;D-$&RG_ [LGKOPT;GH;HSP;PKNT<;JV
\P;QJKTPVYGHIYPL_;MTPN;[JV;QSGKKPL;TPQHIJKT] NX HSPIV;\PIKO;\MILH;IKHJ;`GLLT]

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 8;
 $ERFB(18(.MMB?D@XB('BCLDP(MGN(5@IJFK TMZZJVHT];/SP;IKHPVRPNIGHP;LGHPVGL;VPTHVGIKHT;TSJMLN;\P
5OJJGNDBA()BEIH_($'$ PIHSPV; QJKKPQHPN; HJ; GK; GZZVJZVIGHP; \VGQIKO; T_THPR
U>76.)';)8]6])X QGZG\LP;J[;HVGKT[PVVIKO;HSP;VPTHVGIKH;[JVQP;HJ;HSP;P[[PQHIYP
LGHPVGL;TMZZJVH;GH;HSP;PKNT;J[;HSP;RPR\PV<;JV;TSJMLN;\P
6:( 4#11'&'#12(#3(4%2&"5'1&(5&( 9#51'1;(4#11'&'#1( QJKKPQHPN;HJ;GK;IKNPZPKNPKH;VJ\MTH;ZGVH;J[;HSP;THVMQHMVP
;#<( 6788#"&2( QGZG\LP;J[;HVGKT[PVVIKO;HSP;VPTHVGIKH;[JVQP];/`J;JV;RJVP
(3)453678; :7);56<; >3)?78; @94/7*585A56<; ZGVGLLPL;RPR\PV;VPeMIVIKO;TMQS;LGHPVGL;VPTHVGIKH;TSGLL
)94/)756/; =94/)756/; KJH; \P; TIRZL_; QJKKPQHPN; HJOPHSPV; GTTMRIKO; RMHMGL
051; 071; 0B1; 0C1; 0:1; NPZPKNPKQP;[JV;HSP;LGHPVGL;VPTHVGIKH]
51; DE88+;)94/)7569F; G3/H;2876<94; ?BI?;"; ?BJ:;"; /SP;IKHPVRPNIGHP;LGHPVGL;VPTHVGIKHT;TSJMLN;\P;QJKKPQHPN
2E88+;)94/)7569F;
551; DE88+;)94/)7569F; K68+; ?BI:;"; ?BL?;"; HJ;HSP;RPR\PV;GT;QLJTP;HJ;HSP;QJRZVPTTIJK;[LGKOP;GT
,3?;)944536; ZVGQHIQG\LP];*MQS;VPTHVGIKHT;TSJMLN;\P;QLJTPV;HJ;HSP;TSPGV
2876<9;2E88+; QPKHVP;J[;HSP;QJRZVPTTIJK;[LGKOP;HSGK;HJ;HSP;TSPGV;QPKHVP
)94/)7569F;
5551; DE88+;)94/)7569F; G3/H;2876<94; ?BJ?;"; ?BL:;-; J[;HSP;TPQHIJK];=J`PYPV<;I[;HJVTIJKGL;VPTHVGIKH;ZVPYPKHIKO
;7)/5788+; VPLGHIYP;VJHGHIJK;\PH`PPK;HSP;H`J;[LGKOPT;IT;ZVJYINPN<
)94/)7569F; HSP;IKHPVRPNIGHP;LGHPVGL;VPTHVGIKH;RG_;\P;QJKKPQHPN;GH
5M1; DE88+;)94/)7569F; K68+; ?BJ:;"; 5B??;";
,3?;)944536;
GK_;GZZVJZVIGHP;LPYPL]
2876<9;;7)/5788+;
)94/)7569F;
!JV;\PGRT;`SIQS;GVP;ZVJYINPN;`IHS;RPR\PVT;OIYIKO
M1; DE88+;)94/)7569F; >3;)94/)756/;56; 5B??&"; 5B7?;"; P[[PQHIYP; LGHPVGL; VPTHVGIKH; GH; IKHPVYGLT; GLJKO; HSP; TZGK<
*3/H;2876<94; HSP;P[[PQHIYP;LGHPVGL;VPTHVGIKH;TSGLL;\P;QGZG\LP;J[;VPTITHIKO
M51; N7)/5788+; >3;)94/)756/;56; 5B?;"O; 5B7;"O73; G; [JVQP; J[; .](; ZPVQPKH; J[; HSP; RGiIRMR; [JVQP; IK; HSP
)94/)7569F;*+; *3/H;2876<94; 73;
*3//3?;2876<9; QJRZVPTTIJK;[LGKOP;HGaPK;GT;NIYINPN;PeMGLL_;\PH`PPK
4E;;3)/; HSP;ZJIKHT;GH;`SIQS;HSP;VPTHVGIKH;RPR\PVT;GVP;ZVJYINPN]
,3669,/536; !MVHSPV<; PGQS; VPTHVGIKH; ZJIKH; TSJMLN; \P; QGZG\LP; J[
M551; N7)/5788+; >3;)94/)756/;56; 5B7;"O; 5BC;"O73;
)94/)7569F;*+; *3/H;2876<94; VPTITHIKO; ); ZPVQPKH; J[; HSP; RGiIRMR; [JVQP; IK; HSP
73;
*3//3?;2876<9; QJRZVPTTIJK;[LGKOP]
*97)56<;4E;;3)/;
2"/$* 1<:7:<:1( 1K;G;TPVIPT;J[;TMQS;\PGRT<;`IHS;TJLIN;`P\T<
1; /JVTIJKGL; VPTHVGIKH; ZVPYPKHT; VJHGHIJK; G\JMH; HSP; LJKOIHMNIKGL `SIQS;GVP;QJKKPQHPN;HJOPHSPV;\_;HSP;TGRP;T_THPR;J[
GiIT] VPTHVGIKH; RPR\PVT<; HSP; TMR; J[; HSP; VPTHVGIKIKO; [JVQPT
!;%GVZIKO;VPTHVGIKH;ZVPYPKHT;VJHGHIJK;J[;HSP;[LGKOP;IK;IHT;ZLGKP] VPeMIVPN;TSGLL;\P;HGaPK;GT;.](;ZPVQPKH;J[;HSP;RGiIRMR
7(?;IT;HSP;JYPVGLL;NPZHS;J[;HSP;\PGR] [LGKOP;[JVQP;IK;JKP;\PGR;JKL_]
<;1K;QGTP;J[;QJKHIKMJMT;\PGRT<;B;TSGLL;\P;HGaPK;GT;HSP;NITHGKQP
\PH`PPK;ZJIKHT;J[;IK[LPQHIJK<;GKN;HSP;VPTHVGIKH;QJKNIHIJKT;GH;HSP 1<:7:<:! (1K;HSP;QGTP;J[;G;TPVIPT;J[;LGHHIQPN;\PGRT<;OIVNPVT
ZJIKHT;J[;IK[LPQHIJK;TSJMLN;\P;QJKTINPVPN] JV;VJJ[;HVMTTPT;`SIQS;GVP;QJKKPQHPN;HJOPHSPV;\_;HSP;TGRP
T_THPR;J[;VPTHVGIKH;RPR\PVT<;HSP;TMR;J[;HSP;VPTHVGIKIKO
1<:7:!( !JV;\PGRT<;`SIQS;GVP;ZVJYINPN;`IHS;RPR\PVT [JVQPT; VPeMIVPN; TSGLL; \P; HGaPK; GT; .](; ZPVQPKH; J[; HSP
OIYIKO; P[[PQHIYP; LGHPVGL; VPTHVGIKH; HJ; HSP; QJRZVPTTIJK RGiIRMR;[JVQP;IK;HSP;QJRZVPTTIJK;[LGKOP;ZLMT;)].(
[LGKOP; GH; IKHPVYGLT; GLJKO; HSP; TZGK<; IK; GNNIHIJK; HJ; HSP ZPVQPKH; J[; HSIT; [JVQP; [JV; PYPV_; RPR\PV; J[; HSP; TPVIPT
PKN;HJVTIJKGL;VPTHVGIKH;VPeMIVPN;IK;1<:7:1<;HSP;P[[PQHIYP JHSPV; HSGK; HSP; [IVTH<; MZ; HJ; G; RGiIRMR; HJHGL; J[; -](
LPKOHS;[JV;LGHPVGL;HJVTIJKGL;\MQaLIKO;TSGLL;\P;HGaPK;GT ZPVQPKH]
HSP;NITHGKQP<;QPKHVP^HJ^QPKHVP;J[;HSP;VPTHVGIKH;RPR\PVT 1<:7:8 ;,MVLIKT;GNPeMGHPL_;VPTHVGIKPN;\_;TSPPHIKO;KPPN
IK;HSP;VPLPYGKH;TPORPKH;MKNPV;KJVRGL;LJGNIKO;QJKNIHIJK KJH; \P; KJVRGLL_; QSPQaPN; [JV; HSP; VPTHVGIKIKO; [JVQPT
GKN;)].;HIRPT;HSIT;NITHGKQP<;`SPVP;HSP;LJGN;IT;KJH;GQHIKO VPeMIVPN;\_;VG[HPVT<;VJJ[;HVMTTPT;JV;ZJVHGL;[VGRPT;HSGH
JK;HSP;\PGR;GH;JV;G\JYP;HSP;TSPGV;QPKHVP;GKN;HJ`GVNT QGVV_; ZVPNJRIKGHPL_; VJJ[; LJGNT; ZVJYINPN; HSPVP; IT
HSP;TSPGV;QPKHVP<;TJ;GT;HJ;SGYP;NPTHG\ILIgIKO;P[[PQH;NMVIKO \VGQIKO;J[;GNPeMGHP;THI[[KPTT;IK;HSP;ZLGKP;J[;VG[HPVT;JV
LGHPVGL;HJVTIJKGL;\MQaLIKO;NP[JVRGHIJK8 VJJ[;TSPPHIKO;`SIQS;IT;QGZG\LP;J[;GQHIKO;GT;G;THVPTTPN
1<:7:7; !JV; QGKHILPYPV; \PGRT; J[; ZVJfPQHIKO; LPKOHS; B< TaIK;NIGZSVGOR]
HSP;P[[PQHIYP;LPKOHS;B3/;HJ;\P;MTPN;IK;1<:!:!:1;TSGLL;\P 1<:7:2; 1K;QGTP;J[;\PGRT;`IHS;NJM\LP;QMVYGHMVP;\PKNIKO<
HGaPK;GT;IK;/G\LP;)>;[JV;NI[[PVPKH;TMZZJVH;QJKNIHIJKT] GNPeMGHP; NIVPQH; LGHPVGL; TMZZJVH; HJ; HSP; QJRZVPTTIJK
1<:7:<( %SPVP; G; RPR\PV; IT; ZVJYINPN; IKHPVRPNIGHP [LGKOP;IK;HSP;SJOOIKO;RJRPKH;VPOIJK;RG_;\P;ZVJYINPN
LGHPVGL;TMZZJVHT;HJ;IRZVJYP;HSP;LGHPVGL;\MQaLIKO;THVPKOHS< GT;OIYPK;G\JYP;[JV;TIRZL_;TMZZJVHPN;\PGR];/SP;P[[PQH
HSPTP; VPTHVGIKHT; TSJMLN; SGYP; TM[[IQIPKH; THVPKOHS; GKN J[;TMZZJVH;HJ;HSP;HPKTIJK;UHJZX;[LGKOP;IK;HSP;SJOOIKO
THI[[KPTT; HJ; ZVPYPKH; LGHPVGL; RJYPRPKH; J[; HSP RJRPKH;VPOIJK;JK;LGHPVGL;VPTHVGIKH;HJ;HSP;QJRZVPTTIJK
QJRZVPTTIJK; [LGKOP; GH; HSGH; ZJIKH<; VPLGHIYP; HJ; HSP; PKN [LGKOP;RG_;\P;QJKTINPVPN;GT;ZPV;TZPQIGLITH;LIHPVGHMVP]

8Q "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
1<:<!!5PBEN 2"/$;j;!GTHPKPV;SJLPT;KPPN;KJH;\P;GQQJMKHPN;[JV;IK
ZLGTHIQ;NPTIOK;TSPGV;THVPKOHS;QGLQMLGHIJK;ZVJYINPN;HSGHb
/SP;[GQHJVPN;NPTIOK;TSPGV;[JVQP<;I<;IK;G;\PGR;NMP;HJ
;YK;≥;U>_;W;>MXUγR)WγRDX;4YWD]B
PiHPVKGL;GQHIJKT;TSGLL;TGHIT[_
1[;4YK;NJPT;KJH;TGHIT[_;HSP;G\JYP;QJKNIHIJK<;HSP;P[[PQHIYP
I&≤;IN TSPGV;GVPG;RG_;\P;HGaPK;GT;HSGH;TGHIT[_IKO;HSP;G\JYP
LIRIH];7LJQa;TSPGV;[GILMVP;QVIHPVIG;RG_;\P;YPVI[IPN;GH
`SPVP HSP;PKN;QJKKPQHIJKT];*PQHIJK;>UfX(RG_;\P;VP[PVVPN;HJ
[JV; NPTIOK; THVPKOHS; MKNPV; QJR\IKPN; SIOS; TSPGV; GKN
IN m NPTIOK;THVPKOHS \PKNIKO]
a IKWγRD
1<:<:!; 67898"3:;7&"<&=273'&>?;@&9:A
`SPVP
1<:<:!:1 ;#PTITHGKQP;HJ;TSPGV;\MQaLIKO;TSGLL;\P;YPVI[IPN
γRD m ZGVHIGL; TG[PH_; [GQHJV; GOGIKTH; TSPGV; [GILMVP GT;TZPQI[IPN<;`SPK
U)'';11:<:1X]
BW"`;P;>-ε`;[JV;G;`P\;`IHSJMH;THI[[PKPVT<;GKN
/SP;KJRIKGL;TSPGV;THVPKOHS;J[;G;QVJTT^TPQHIJK<;IK:;RG_
\P;OJYPVKPN;\_;ZLGTHIQ;TSPGV;VPTITHGKQP;U)'';1<:<:1X;JV CG
THVPKOHS; J[; HSP; `P\; GT; OJYPVKPN; \_; TSPGV; \MQaLIKO > Q6ε ( ;[JV;G;`P\;`IHS;THI[[PKPVT
&%5&
U)'';1<:<:!X]
`SPVP
1<:<:1( /SP;KJRIKGL;ZLGTHIQ;TSPGV;VPTITHGKQP;MKNPV;ZMVP
TSPGV;IT;OIYPK;\_b AY m TSPGV;\MQaLIKO;QJP[[IQIPKH;U)'';1<:<:!:!X<;GKN

IK;m;IZ ε( = !"# H % #(
`SPVP 1<:<:!:!( 5"'6$&<.-C7#+N&%')#N+&Y'!"*%)
43 > ,4 /SP;KJRIKGL;TSPGV;THVPKOHS<;IK<;J[;`P\T;`IHS;JV;`IHSJMH
5F = IKHPVRPNIGHP;THI[[PKPVT;GT;OJYPVKPN;\_;\MQaLIKO;RG_
5
\P;PYGLMGHPN;MTIKO;JKP;J[;HSP;[JLLJ`IKO;RPHSJNTb
;Y m TSPGV;GVPGl;GKN
GX 5#Y37'& 3*)!1-$#!#-67& Y'!"*%; j; /SP; TIRZLP
;,_` m _IPLN;THVPKOHS;J[;HSP;`P\] ZJTH; QVIHIQGL; RPHSJN<; \GTPN; JK; HSP; TSPGV
1<:<:1:1; /SP; TSPGV; GVPG; RG_; \P; QGLQMLGHPN; GT; OIYPK \MQaLIKO; THVPKOHS; QGK; \P; MTPN; [JV; `P\T; J[
\PLJ`b 1^TPQHIJK;OIVNPVT<;`IHS;JV;`IHSJMH;IKHPVRPNIGHP
HVGKTYPVTP;THI[[PKPV<;ZVJYINPN;HSGH;HSP;`P\;SGT
GX
1^GKN;QSGKKPL;TPQHIJKTb HVGKTYPVTP; THI[[PKPVT; GH; HSP; TMZZJVHT]; /SP
D6R*$&;2#)&='+%#+Nb KJRIKGL;TSPGV;THVPKOHS;IT;OIYPK;\_b
;=JH^VJLLPN b "&!` IK;m;IQV
;%PLNPN b %&!` `SPVP
;D#+*$&;2#)&='+%#+Nb IQV m TSPGV;[JVQP;QJVVPTZJKNIKO;HJ;`P\
=JH^VJLLPN;JV;`PLNPN b .<;![ \MQaLIKO
\X #PQHGKOMLGV; SJLLJ`; TPQHIJKT; J[; MKI[JVR m ;Yτ\
HSIQaKPTTb `SPVP
3JGNPN;ZGVGLLPL;HJ;NPZHS;USX b ;;"WU<s"X τ\ m TSPGV;THVPTT;QJVVPTZJKNIKO;HJ;`P\;\MQaLIKO<
3JGNPN;ZGVGLLPL;HJ;`INHS;U<X b ;&<WU<s"X NPHPVRIKPN;GT;[JLLJ`Tb
QX +IVQMLGV;SJLLJ`;HM\PT;J[;MKI[JVR b;.;,π
HSIQaKPTT ;)X `SPK;λ`;≤;D]A<; τ' = % #( H .
NX ,LGHPT;GKN;TJLIN;\GVT b ; ;.X `SPK;;;;;;;;;D]A;v λ`;v;)].<
`SPVP
(
τ' = ⎡⎣0 − $%7 ( λ ( − $%7)⎤⎦ > #( " 5 )
; m QVJTT^TPQHIJK;GVPG<
< m JYPVGLL; \VPGNHS; J[; HM\MLGV; TPQHIJK<; \VPGNHS 6X `SPK;λ`;≥;)].<;τ\;m;,_`W ( 5 λ4
!
)
J[;1^TPQHIJK;[LGKOPT< `SPVP
% m QLPGV;NPZHS;J[;HSP;`P\;\PH`PPK;[LGKOPT< λ` m 2JK^NIRPKTIJKGL;`P\;TLPKNPVKPTT;VGHIJ;[JV
" m JYPVGLL;NPZHS;J[;HSP;TPQHIJK< TSPGV;\MQaLIKO;THVPTT<;OIYPK;\_b
![ m HSIQaKPTT;J[;HSP;[LGKOP<;GKN
λ( = % #( / . τ$%&- 0
!` m HSIQaKPTT;J[;HSP;`P\]

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 89
 ;!QV<P m PLGTHIQ; QVIHIQGL; TSPGV; THVPTT; J[; HSP; `P\ ,-.
! ⎡ ( /2 ⎤
; G π# < )= ⎢ ⎥ ≤'
m +,- φ ⎣⎢ & /( " B ⎥⎦
(
!" ! − µ #
)[ ! #" (
#
]
`SPVP
`SPVP
&D[V m VPNMQPN; ZLGTHIQ; RJRPKH; QGZGQIH_; J[; HSP
µ m ,JITTJKdT;VGHIJ<;GKN VPTZPQHIYP; [LGKOP; ZLGHP; UNITVPOGVNIKO; GK_
AY m (]6(;`SPK;HVGKTYPVTP;THI[[PKPVT;GVP;ZVJYINPN PNOP;THI[[PKPVX;G[HPV;GQQJMKHIKO;[JV;HSP;GiIGL
JKL_;GH;TMZZJVHT [JVQP<;9[;IK;HSP;[LGKOP<;NMP;HJ;JYPVGLL;\PKNIKO
m 8]D;s;(]6(;WU-W%X.; [JV;-W%;v;)]D GKN; GK_; PiHPVKGL; GiIGL; [JVQP; IK; HSP
QVJTT^TPQHIJK<;GKN;IT;QGLQMLGHPN;GT;b
m (]6(;s;8]D;WU-W%X.;[JV;-W%;≥;)]D
"
( /2 = ,*"&+/ "/ & // ⎡⎢0 − , / " (+/ "/ & // " γ * , ) ⎤⎥
`SPVP;-<;%&GVP;HSP;TZGQIKO;J[;HVGKTYPVTP;THI[[PKPVT;GKN
NPZHS;J[;HSP;`P\<;VPTZPQHIYPL_]
"
⎣
{ } ⎦
\X 0'+)#*+& ,#'7%& Y'!"*%; j; /SP; HPKTIJK; [IPLN `SPVP
RPHSJN<; \GTPN; JK; HSP; ZJTH^TSPGV; \MQaLIKO
THVPKOHS<; RG_; \P; MTPN; [JV; `P\T; `IHS <[;<;![ m `INHS;GKN;HSIQaKPTT;J[;HSP;VPLPYGKH;[LGKOP<
IKHPVRPNIGHP;HVGKTYPVTP;THI[[PKPVT<;IK;GNNIHIJK VPTZPQHIYPL_l;GKN
HJ; HSP; HVGKTYPVTP; THI[[PKPVT; GH; TMZZJVHT< &,_[ m _IPLN;THVPTT;J[;HSP;[LGKOP]
ZVJYINPN; HSP; ZGKPLT; GNfGQPKH; HJ; HSP; ZGKPL
MKNPV; HPKTIJK; [IPLN; GQHIJK<; JV; HSP; PKN; ZJTHT 1<:8(5D@MMBCBA(^BR(3ECBFH
ZVJYINP;GKQSJVGOP;[JV;HSP;HPKTIJK;[IPLNT;GKN 1<:8:1(@+%&E6+'7)&?')#N+&U)'';4#N8UWX
I[; -W%; ≥)]D<; `SPVP; -<; %; GVP; HSP; TZGQIKO; J[
HVGKTYPVTP; THI[[PKPVT; GKN; NPZHS; J[; HSP; `P\< /SP; OIVNPVT; IK; `SIQS; HSP; IKHPVIJV; ZGKPL; UZGKPL; :X; IT
VPTZPQHIYPL_] NPTIOKPN;MTIKO;HPKTIJK;[IPLN;GQHIJK<;HSP;PKN;ZGKPLT;TSGLL
\P; NPTIOKPN; MTIKO; JKL_; TIRZLP; ZJTH; QVIHIQGL; RPHSJN<
1K;HSP;HPKTIJK;[IPLN;RPHSJN<;HSP;KJRIKGL;TSPGV
GQQJVNIKO;HJ;1<:<:!:!UGX]
VPTITHGKQP<;IK<;IT;OIYPK;\_b
IK;m&IH[ :NNIHIJKGLL_<;HSP;PKN;ZGKPL;GLJKO;`IHS;HSP;THI[[PKPVT
TSJMLN; \P; QSPQaPN; GT; G; \PGR; TZGKKIKO; \PH`PPK; HSP
`SPVP [LGKOPT;HJ;VPTITH;G;TSPGV;[JVQP<;HH[<;GKN;G;RJRPKH<;DH[<
NMP;HJ;HPKTIJK;[IPLN;[JVQPT;GT;OIYPK;IK;1<:8:7];!MVHSPV<
#$% = [ $& τ' + )*B %$% " ( & & +,- φ] ≤;IZ
PKN;THI[[PKPV;TSJMLN;\P;QGZG\LP;J[;VPTITHIKO;HSP;VPGQHIJK
`SPVP ZLMT;G;QJRZVPTTIYP;[JVQP;NMP;HJ;HSP;RJRPKH<;PeMGL;HJ
DH[;o)'';!IO];U).Xp]
τ\ m TSPGV; THVPTT; QJVVPTZJKNIKO; HJ; \MQaLIKO; J[
`P\;1<:<:!:!UGXl 1<:8:!( @+%& E6+'7)& ?')#N+'%& f)#+N& 0'+)#*+& 4#'7%
;-!#*+&U)''&4#N8&UZ&6+%&4#N8&U[X
,Y m _IPLN;THVPKOHS;J[;HSP;HPKTIJK;[IPLN;J\HGIKPN
,-. /SP;PKN;ZGKPL;U,GKPL;:X;TSGLL;\P;NPTIOKPN;GQQJVNIKO
[VJR; ⎡ % /( " − 0τ' " + ψ " ⎤ − ψ l
⎣ ⎦ HJ;1<:<:!:!U\X]
ψ m )](;τ\;TIK;.φl :NNIHIJKGLL_; IH; TSJMLN; \P; ZVJYINPN; `IHS; GK; PKN; ZJTH
;φ m IKQLIKGHIJK; J[; HSP; HPKTIJK; [IPLN; KPGVL_ QJKTITHIKO;J[;G;TIKOLP;JV;NJM\LP;THI[[PKPV;U)'';!IO];)6
⎛B ⎞ GKN;!IO];)8X<;TGHIT[_IKO;HSP;[JLLJ`IKO]
⎜ ⎟
−% ⎝ ' ⎠ GX 5#+N7'& )!#,,'+'$& U)''; 4#N8& UZX(6; /SP; HJZ; J[
= 11- l
%*& HSP;PKN;ZJTH;TSJMLN;\P;VIOINL_;QJKKPQHPN;HJ
KH[ m `INHS;J[;HSP;HPKTIJK;[IPLN<;OIYPK;\_b HSP;[LGKOP;MTIKO;[MLL;THVPKOHS;`PLNT]
m %;QJT;φ;h;U-&h;)Q;h;THX;TIK;φg /SP;PKN;ZJTH;TSJMLN;\P;QGZG\LP;J[;VPTITHIKO
&,_` m _IPLN;THVPTT;J[;HSP;`P\l HSP;VPGQHIJK;ZLMT;G;RJRPKH;[VJR;HSP;GKQSJV
[JVQPT; PeMGL; HJ; .W6; DH[; NMP; HJ; HPKTIJK; [IPLN
% m NPZHS;J[;HSP;`P\l
[JVQPT<;`SPVP;DH[;IT;J\HGIKPN;[VJR;1<:8:7];/SP
- m TZGQIKO;J[;HVGKTYPVTP;THI[[PKPVT;IK;HSP;`P\l `INHS;GKN;HSIQaKPTT;J[;HSP;PKN;ZJTH;GVP;KJH;HJ
GKN PiQPPN;HSP;`INHS;GKN;HSIQaKPTT;J[;HSP;[LGKOP]
)Q<;)Hm GKQSJVGOP;LPKOHST;J[;HPKTIJK;[IPLN;GLJKO;HSP \X ?*.<7'&)!#,,'+'$;U)'';4#N8&U[X(6 /SP;PKN;ZJTH
QJRZVPTTIJK; GKN; HPKTIJK; [LGKOP< TSJMLN; \P; QSPQaPN; GT; G; \PGR; TZGKKIKO
VPTZPQHIYPL_<;J\HGIKPN;[VJRb \PH`PPK;HSP;[LGKOPT;J[;HSP;OIVNPV;GKN;QGZG\LP
20 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
 $ERFB(12(.MMB?D@XB('BCLDP_($'$(MGN(-ECD@FBXBN(GM('BCLDP_($
U>76.)'&)8]6]6X

3%$'-#($'("#$9('(#$( <##9($)("#$9('(#$$(
( (
3<;456679<; 3<;<76; 87998:; ;<9<8?:::=:;>;
;
?$@; ?'@; ?A@; ?3@;
8@; B7;<:;5759C;7:<D;:8<<98:; :@; E9<<; '/+-; I/3-;
9<9<98:;<;<7;<76;I:8;><; ::@; F8<<98:;9<9<98:;<;<7;<76;I:8;><; $/I-; I/3-;
; :::@; G799:7;8:;9<9<98:;<; $/A-; A/3-&
:2@; F8<<98:;8;H;<799:7;8:;9<9<98:;<;; $/"-; '/J-;
;
;
;
;
;
;
?@; B7;<:;5759C;7:<D;689<:8:; :@; E9<<; $/+-; 3/+-;
<799:7;8:;9<9<98:;<;; ::@; F8<<98:;9<9<98:;<;<7;<76;I:8;><; "/K-; 3/+-;
; :::@; G799:7;8:;9<9<98:;<; "/J-; '/+-;
:2@; F8<<98:;8;H;<799:7;8:;9<9<98:;<;; "/A-; $/A-;
;

L@; B7;<:;5759C;7:<D;:8<<98:;8;H; :@; E9<<; "/+-& $/3-&

<799:7;8:;9<9<98:;<;; ::@; F8<<98:;9<9<98:;<;<7;<76;I:8;><; +/M-; $/3-;
; :::@; G799:7;8:;9<9<98:;<; +/K-; "/3-&
:2@; F8<<98:;8;H;<799:7;8:;9<9<98:;<;; +/I-; "/$-;

H@; N<9<98:;<H;:8<<98::6C;<799:7;8::6; :@; E9<<; +/K-; "/A-;

8;H;8>8:;9<;97<8<:7;;7;;6:8;;; ::@; F8<<98:;9<9<98:;<;<7;<76;I:8;><; +/I-; "/A-;
; :::@; G799:7;8:;9<9<98:;<; +/J-; +/J-;
:2@; F8<<98:;8;H;<799:7;8:;9<9<98:;<; +/3-; +/3-;

=#0(-%$'-#($'(&#$9('(#$$(
;:@; E9<<; ::@; F8<<98:; 9<9<98:;<; <7; <76; :::@; G799:7;8:;9<9<98:;<; :2@; F8<<98:;8;H;;<799:7;8:;;
; I:8;><; ; ;9<9<98:;<;
; ; ;

;
;

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 21
 J[; VPTITHIKO; G; TSPGV; [JVQP;HH[; GKN; G; RJRPKH<
DH[;NMP;HJ;HSP;HPKTIJK;[IPLN;[JVQPT;GT;OIYPK;IK
1<:8:7]
1<:8:7; ;+-"*$&4*$-')
/SP;VPTMLHGKH;LJKOIHMNIKGL;TSPGV<;HH[<;GKN;G;RJRPKH;DH[
[VJR;HSP;GKQSJV;J[;HPKTIJK;[IPLN;[JVQPT;GVP;PYGLMGHPN
GT;OIYPK;\PLJ`b 2"/$*
1( ,GKPL;:;IT;NPTIOKPN;MHILIgIKO;HPKTIJK;[IPLN;GQHIJK;GT;OIYPK;IK
.O DOB 1<:<:!:!U\X]
/)/ = ;GKN; ( )/ = !( 7PGVIKO;THI[[PKPV;GKN;PKN;ZJTH;IT;NPTIOKPN;[JV;QJR\IKGHIJK
! 0) J[; QJRZVPTTIYP; LJGNT; NMP; HJ; \PGVIKO; GKN; G; RJRPKH; PeMGL; HJ
.W6;ΜH[;GT;OIYPK;IK;1<:8:7]
`SPVP !14];)6;$ 2&;,:2$3 ;&$*142$&;9*124 ;/$2*1"2;!1$3&
:+/1"2;U*1243$;*/1!!$2$#X
%" "
⎛ # ⎞
Pe m %*"&#) ⎜ % − $2 ⎟
⎜ #) ⎟⎠
⎝

B"& /
IZ m
5 ;
;% m `P\;NPZHS<
1[;HSP;GQHMGL;[GQHJVPN;TSPGV;[JVQP<;I;IK;HSP;ZGKPL;NPTIOKPN
2"/$*
MTIKO; HPKTIJK; [IPLN; GZZVJGQS; IT; LPTT; HSGK; HSP; TSPGV
1;,GKPL;:;IT;NPTIOKPN;MHILIgIKO;HPKTIJK;[IPLN;GQHIJK;GT;OIYPK;IK
THVPKOHS<;IH[;GT;OIYPK;IK;1<:<:!:!U\X<;HSPK;HSP;YGLMPT;J[ 1<:<:!:!U\X]
# − #$2 !; 7PGVIKO; THI[[PKPV; IT; NPTIOKPN; [JV; QJRZVPTTIYP; [JVQP; NMP; HJ
Pe;RG_;\P;VPNMQPN;\_;HSP;VGHIJ; \PGVIKO;GT;OIYPK;IK;1<:<:!:!UGX]
#)/ − #$2
7;$KN;ZJTH;IT;NPTIOKPN;[JV;SJVIgJKHGL;TSPGV;6H[;GKN;RJRPKH;(H[
`SPVP GT;OIYPK;IK; 1<:8:7:

;IH[ m \GTIQ;TSPGV;THVPKOHS;[JV;HSP;ZGKPL;MHILIgIKO !14];)8;$ 2&;,:2$3 ;&$*142$&;9*124 ;/$2*1"2;!1$3&

HPKTIJK;[IPLN;GQHIJK;GT;OIYPK;IK;1<:<:!:!U\X< :+/1"2 ;U&"973$;*/1!!$2$# X
GKN
IQV m QVIHIQGL;TSPGV;THVPKOHS;[JV;HSP;ZGKPL;NPTIOKPN 1<:8:<(01234)&%5"6&7832529)
MHILIgIKO; HPKTIJK; [IPLN; GQHIJK; GT; OIYPK; IK ,GKPLT;`IHS;JZPKIKO;J[;NIRPKTIJK;OVPGHPV;HSGK;)D;ZPVQPKH
1<:<:!:!UGX] J[;HSP;RIKIRMR;ZGKPL;NIRPKTIJK;TSJMLN;\P;NPTIOKPN
`IHSJMH;MTIKO;HPKTIJK;[IPLN;GQHIJK;GT;OIYPK;IK;1<:<:!:!U\X]
/SP;GNfGQPKH;ZGKPLT;TSJMLN;\P;NPTIOKPN;GT;GK;PKN;ZGKPL
GT;OIYPK;IK;1<:8:1;JV;1<:8:!<;GT;GZZVJZVIGHP]
1<:2( +BH@LC(GM()BEIH(ECA(3FEDB(,@NABNH(]@DP(5GF@A
^BRH
1<:2:1 ;(525E:E&;3+&<65'=23))
/SP;HSIQaKPTT;J[;HSP;`P\;IK;G;TPQHIJK;TSGLL;TGHIT[_;HSP
[JLLJ`IKO;VPeMIVPRPKHTb
1<:2:1:1 (>3?@5'31+545"A&?3B:5?3E32"
2"/$*
GX `SPK;HVGKTYPVTP;THI[[PKPVT;GVP;KJH;ZVJYINPN<
1(,GKPL;:;IT;NPTIOKPN;MHILIgIKO;HPKTIJK;[IPLN;GQHIJK;GT;OIYPK;IK
1<:<:!:!U\X]
B
!;,GKPL;7;IT;NPTIOKPN;MTIKO;TIRZLP;ZJTH;QVIHIQGL;RPHSJN;GT;OIYPK )X ≤ !)) ε ( ;U`P\;QJKKPQHPN;HJ;[LGKOPT
IK; 1<:<:!:!UGX] "(
7(7PGVIKO;THI[[PKPV;IT;NPTIOKPN;[JV;HSP;QJRZVPTTIYP;[JVQP;NMP
GLJKO;\JHS;LJKOIHMNIKGL;PNOPTX
HJ; \PGVIKO; ZLMT; QJRZVPTTIYP; [JVQP; NMP; HJ; HSP; RJRPKH; (H[; GT
OIYPK;IK;1<:8:7]
!14 ];).;$2&;,:2$3;&$*142$&;2"/;9*124 ;/$2*1"2 B
.X ≤ B)ε ( ; U`P\; QJKKPQHPN; HJ; [LGKOPT
!1$3&;:+/1"2 "(
GLJKO;JKP;LJKOIHMNIKGL;PNOP;JKL_X<
2! "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
 \X `SPK;JKL_;HVGKTYPVTP;THI[[PKPVT;GVP;ZVJYINPN GX %SPK;HVGKTYPVTP;THI[[PKPVT;GVP;KJH;ZVJYINPN<
UIK; `P\T; QJKKPQHPN; HJ; [LGKOPT; GLJKO; \JHS B
LJKOIHMNIKGL;PNOPTX< ≤ 5<& ε "/
"(
)X `SPK;6B;≥;-;≥;%
\X %SPK;HVGKTYPVTP;THI[[PKPVT;GVP;ZVJYINPN<;GKN
B
≤ !))ε( IX `SPK;-;≥)](;%
"(
B
.X `SPK;D]-8;%;≥;-;v&% ≤ 5<& ε "/
"(
' ;IIX `SPK;-;v;)](%
≤ !))ε(
"(
B
;6X `SPK;-;v;D]-8% ≤ 5<&ε /
"(
B `SPVP
≤ !6)ε(
"(
% m NPZHS;J[;HSP;`P\<
8X `SPK;-;P;6%<;HSP;`P\;TSGLL;\P;QJKTINPVPN
!` m HSIQaKPTT;J[;HSP;`P\<
GT;MKTHI[[PKPN<
Q m TZGQIKO;J[;HVGKTYPVTP;THI[[PKPV;U)''&!IO];).
QX `SPK; HVGKTYPVTP; THI[[PKPVT; GKN; LJKOIHMNIKGL
GKN;!IO];)6X<
THI[[PKPVT;GH;JKP;LPYPL;JKL_;GVP;ZVJYINPN;UD].;%
[VJR; QJRZVPTTIJK; [LGKOPX; GQQJVNIKO; HJ
ε[ m _IPLN;THVPTT;VGHIJ;J[;[LGKOP;m; !"# <;GKN
1<:;:17UGX< % //
)X `SPK;.]8%;≥;-;≥;%
,_[ m _IPLN;THVPTT;J[;QJRZVPTTIJK;[LGKOP]
B
≤ !&)ε( 1<:2:!( 5'-!#*+67&E$*3'$!#')
"(
1<:2:!:1( /SP;P[[PQHIYP;TPQHIJKGL;GVPG;J[;QJRZVPTTIJK
.X `SPK;D]-8;%;≤;-;≤;%
[LGKOPT; TSGLL; \P; HSP; OVJTT; GVPG; `IHS; NPNMQHIJKT; [JV
' PiQPTTIYP;`INHS;J[;ZLGHPT;GT;TZPQI[IPN;[JV;QJRZVPTTIJK
≤ !&)ε( RPR\PVT; o)''& *PQHIJK; >UOXp; GKN; [JV; JZPK; SJLPT
"(
JQQMVVIKO;IK;G;ZLGKP;ZPVZPKNIQMLGV;HJ;HSP;NIVPQHIJK;J[
6X `SPK;-;v;D]-8;% THVPTT;GH;HSP;TPQHIJK;\PIKO;QJKTINPVPN;U)'';1<:!:1:<X]
B
≤ 5<)ε ( /SP;P[[PQHIYP;TPQHIJKGL;GVPG;J[;HPKTIJK;[LGKOPT;TSGLL;\P
"( HSP;OVJTT;TPQHIJKGL;GVPG;`IHS;NPNMQHIJKT;[JV;SJLPT;GT
NX `SPK;G;TPQJKN;LJKOIHMNIKGL;THI[[PKPV;ULJQGHPN TZPQI[IPN;IK;1<:!:1:<]
GH;KPMHVGL;GiIT;IT;ZVJYINPNX /SP;P[[PQHIYP;TPQHIJKGL;GVPG;[JV;ZGVHT;IK;TSPGV;TSGLL;\P
B HGaPK;GT;TZPQI[IPN;IK;1<:<:1:1]
≤ <))ε(
"( 1<:2:7( 476+N')
`SPVP
1<:2:7:1 (1K;VIYPHPN;JV;\JLHPN;QJKTHVMQHIJK<;[LGKOP;GKOLPT
% m NPZHS;J[;HSP;`P\< TSGLL;[JVR;GT;LGVOP;G;ZGVH;J[;HSP;GVPG;J[;HSP;[LGKOP;GT
!` m HSIQaKPTT;J[;HSP;`P\< ZVGQHIQG\LP;UZVP[PVG\L_;KJH;LPTT;HSGK;JKP^HSIVNX;GKN;HSP
- m TZGQIKO; J[; HVGKTYPVTP; THI[[PKPV; U)'' KMR\PV;J[;[LGKOP;ZLGHPT;TSGLL;\P;aPZH;HJ;G;RIKIRMR]
!IO];).;GKN;!IO];)6X< 1K;PiZJTPN;TIHMGHIJKT<;`SPVP;[LGKOP;GKOLPT;GVP;MTPN<;GH
LPGTH;JKP;ZLGHP;J[;HSP;HJZ;[LGKOP;TSGLL;PiHPKN;JYPV;HSP
ε` m _IPLN;THVPTT;VGHIJ;J[;`P\;m; !"# < [MLL;LPKOHS;J[;HSP;OIVNPV<;MKLPTT;HSP;HJZ;PNOP;J[;HSP;`P\
% /(
IT;RGQSIKPN;[LMTS;`IHS;HSP;[LGKOP;GKOLPT];%SPVP;H`J;JV
GKN RJVP; [LGKOP; ZLGHPT; GVP; MTPN<; HGQaIKO; VIYPHT; TSGLL; \P
;,_` m _IPLN;THVPTT;J[;HSP;`P\] ZVJYINPN<;I[;KPQPTTGV_;HJ;QJRZL_;`IHS;HSP;VPeMIVPRPKHT
J[;*PQHIJK;>UaX]
1<:2:1:! (>*Y3$'))#*+&,76+N'&<.-C7#+N&$'G.#$'Y'+!
$GQS;[LGKOP;ZLGHP;TSGLL;PiHPKN;\P_JKN;IHT;HSPJVPHIQGL
1K;JVNPV;HJ;GYJIN;\MQaLIKO;J[;HSP;QJRZVPTTIJK;[LGKOP QMH^J[[;ZJIKH<;GKN;HSP;PiHPKTIJK;TSGLL;QJKHGIK;TM[[IQIPKH
IKHJ; HSP; `P\<; HSP; `P\; HSIQaKPTT; TSGLL; TGHIT[_; HSP VIYPHT<;\JLHT;JV;`PLNT;HJ;NPYPLJZ;IK;HSP;ZLGHP<;HSP;LJGN
[JLLJ`IKOb QGLQMLGHPN;[JV;HSP;\PKNIKO;RJRPKH;JK;HSP;OIVNPV;TPQHIJK

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 27
UHGaPK;HJ;IKQLMNP;HSP;QMVHGILPN;ZLGHPX;GH;HSP;HSPJVPHIQGL 2"/$;j;%SPVP;`P\T;GVP;YGVIPN;IK;HSIQaKPTT;IK;HSP;NPZHS;J[
HSP;TPQHIJK;\_;HSP;MTP;J[;HJKOMP;ZLGHPT;JV;HSP;LIaP<;JV;`SPVP;HSP
QMH^J[[;ZJIKH]
ZVJZJVHIJK;J[;HSP;`P\;IKQLMNPN;IK;HSP;[LGKOP;GVPG;IT;.(;ZPVQPKH
/SP; JMHTHGKN; J[; [LGKOP; ZLGHPT<; HSGH; IT; HSP; ZVJfPQHIJK JV;RJVP;J[;HSP;JYPVGLL;NPZHS<;HSP;G\JYP;GZZVJiIRGHIJK;IT;KJH
ZPVRITTI\LP;GKN;HSP;RGiIRMR;TSPGV;THVPTT;TSGLL;\P;QJRZMHPN
\P_JKN;HSP;JMHPV;LIKP;J[;QJKKPQHIJKT;HJ;[LGKOP;GKOLPT< JK;HSPJV_]
QSGKKPL; JV; fJITH; [LGKOPT; JV; IK; HSP; QGTP; J[; `PLNPN
QJKTHVMQHIJKT;HSPIV;ZVJfPQHIJK;\P_JKN;HSP;[GQP;J[;HSP 1<:2:<:!( 537#-')&#+&K'<)
`P\;JV;HJKOMP;ZLGHP<;TSGLL;KJH;PiQPPN;HSP;YGLMPT;OIYPK *ZLIQPT;GKN;QMHJMHT;[JV;TPVYIQP;NMQHT;IK;HSP;`P\T;TSJMLN
IK;9:;:!;U)'';/G\LP;.X] ZVP[PVG\L_;KJH;\P;LJQGHPN;GH;ZJIKHT;J[;RGiIRMR;TSPGV
1K;HSP;QGTP;J[;\Ji;OIVNPVT<;HSP;HSIQaKPTT;J[;GK_;ZLGHP< [JVQP;GKN;SPGY_;QJKQPKHVGHPN;LJGNT]
JV;HSP;GOOVPOGHP;HSIQaKPTT;J[;H`J;JV;RJVP;ZLGHPT<;`SPK *ZLIQPT; IK; HSP; `P\T; J[; HSP; ZLGHP; OIVNPVT; GKN; VJLLPN
HSPTP;ZLGHPT;GVP;HGQaPN;HJOPHSPV;HJ;[JVR;HSP;[LGKOP<;TSGLL TPQHIJKT; TSGLL; \P; NPTIOKPN; HJ; VPTITH; HSP; TSPGVT; GKN
TGHIT[_;HSP;VPeMIVPRPKHT;OIYPK;IK;9:;:!;U)'';/G\LP;.X] RJRPKHT;GH;HSP;TZLIQPN;TPQHIJK;U)'';:KKPi;$X]
1<:2:7:!( 476+N'&)37#-') 1K;VIYPHPN;JV;\JLHPN;QJKTHVMQHIJK<;TZLIQP;ZLGHPT;TSGLL;\P
!LGKOP; TZLIQPT; TSJMLN; ZVP[PVG\L_<; KJH; \P; LJQGHPN; GH ZVJYINPN; JK; PGQS; TINP; J[; HSP; `P\]; 1K; `PLNPN
ZJIKHT;J[;RGiIRMR;THVPTT];%SPVP;TZLIQP;ZLGHPT;GVP;MTPN< QJKTHVMQHIJK<;`P\;TZLIQPT;TSGLL;ZVP[PVG\L_;\P;RGNP;`IHS
HSPIV;GVPG;TSGLL;\P;KJH;LPTT;HSGK;(;ZPVQPKH;IK;PiQPTT;J[ QJRZLPHP;ZPKPHVGHIJK;\MHH;`PLNT]
HSP;GVPG;J[;HSP;[LGKOP;PLPRPKH;TZLIQPNl;HSPIV;QPKHVP;J[ 1<:2:<:7( %SPVP;GNNIHIJKGL;ZLGHPT;GVP;VPeMIVPN;HJ;GMORPKH
OVGYIH_;TSGLL;QJIKQINP<;GT;KPGVL_;GT;ZJTTI\LP<;`IHS;HSGH HSP;THVPKOHS;J[;HSP;`P\<;HSP_;TSGLL;\P;ZLGQPN;JK;PGQS
J[; HSP; PLPRPKH; TZLIQPN]; /SPVP; TSGLL; \P; PKJMOS; \JLHT< TINP; J[; HSP; `P\; GKN; TSGLL; \P; PeMGL; IK; HSIQaKPTT]; /SP
VIYPHT;JV;`PLNT;JK;PGQS;TINP;J[;HSP;TZLIQP;HJ;NPYPLJZ ZVJZJVHIJK;J[;TSPGV;[JVQP;GTTMRPN;HJ;\P;VPTITHPN;\_;HSPTP
HSP;LJGN;IK;HSP;PLPRPKH;TZLIQPN;ZLMT;(;ZPVQPKH;\MH;IK;KJ ZLGHPT;TSGLL;\P;LIRIHPN;\_;HSP;GRJMKH;J[;SJVIgJKHGL;TSPGV
QGTP; TSJMLN; HSP; THVPKOHS; NPYPLJZPN; \P; LPTT; HSGK `SIQS; HSP_; QGK; HVGKTRIH; HJ; HSP; [LGKOPT; HSVJMOS; HSPIV
(D; ZPVQPKH; J[; HSP; P[[PQHIYP; THVPKOHS; J[; HSP; RGHPVIGL [GTHPKIKOT<; GKN; TMQS; VPIK[JVQIKO; ZLGHPT; GKN; HSPIV
TZLIQPN];1K;`PLNPN;QJKTHVMQHIJK<;[LGKOP;ZLGHPT;TSGLL;\P [GTHPKIKOT;TSGLL;\P;QGVVIPN;MZ;HJ;HSP;ZJIKHT;GH;`SIQS;HSP
fJIKPN;\_;QJRZLPHP;ZPKPHVGHIJK;\MHH;`PLNT<;`SPVPYPV [LGKOP;`IHSJMH;HSP;GNNIHIJKGL;ZLGHPT;IT;GNPeMGHP]
ZJTTI\LP]; /SPTP; \MHH; `PLNT; TSGLL; NPYPLJZ; HSP; [MLL
THVPKOHS;J[;HSP;ZLGHPT] 1<:;( 5D@MMBCBN(+BH@LC
1<:2:7:7( >*++'-!#*+&*,&,76+N')&!*&K'< 1<:;:1( T'+'$67
/SP;[LGKOPT;J[;ZLGHP;OIVNPVT;TSGLL;\P;QJKKPQHPN;HJ;HSP 1<:;:1:1 ;%SPK;HSP;`P\;J[;G;RPR\PV;GQHIKO;GLJKP;UHSGH
`P\;\_;TM[[IQIPKH;VIYPHT<;\JLHT;JV;`PLNT;HJ;HVGKTRIH;HSP IT<;`IHSJMH;THI[[PKPVTX;ZVJYPT;IKGNPeMGHP<;THI[[PKPVT;[JV
RGiIRMR; SJVIgJKHGL; TSPGV; [JVQP; VPTMLHIKO; [VJR; HSP RPPHIKO;HSP;[JLLJ`IKO;VPeMIVPRPKHT;TSJMLN;\P;ZVJYINPNb
\PKNIKO;RJRPKH;OVGNIPKH;IK;HSP;OIVNPV<;QJR\IKPN;`IHS
GX \+!'$Y'%#6!'& !$6+)('$)'& K'<& )!#,,'+'V;j;/J
GK_; YPVHIQGL; LJGNT; `SIQS; GVP; NIVPQHL_; GZZLIPN; HJ; HSP
IRZVJYP;HSP;\MQaLIKO;THVPKOHS;J[;G;TLPKNPV;`P\
[LGKOP];1[;HSP;`P\;IT;NPTIOKPN;MTIKO;HPKTIJK;[IPLN;RPHSJN
NMP;HJ;TSPGV;U)'';1<:;:!X]
GT; OIYPK; IK; 1<:<:!:!( \X<; HSP; `PLN; TSJMLN; \P; G\LP; HJ
HVGKT[PV;HSP;HPKTIJK;[IPLN;THVPTT<;,_`;GQHIKO;JK;HSP;`P\] \X B*6%& -6$$M#+N& )!#,,'+'$; j; /J; ZVPYPKH; LJQGL
\MQaLIKO; J[; HSP; `P\; NMP; HJ; QJKQPKHVGHPN
1<:2:7:<( =*7!'%WH#('!'%&-*+)!$.-!#*+ LJGNIKO;U)'';1<:;:7;GKN;1<:;:8X]
!JV;OIVNPVT;IK;PiZJTPN;TIHMGHIJKT;GKN;`SIQS;NJ;KJH;SGYP QX ='6$#+N&)!#,,'+'$;j;/J;ZVPYPKH;LJQGL;QVMTSIKO
[LGKOP;ZLGHPT;[JV;HSPIV;PKHIVP;LPKOHS<;HSP;HJZ;PNOP;J[;HSP J[; HSP; `P\; NMP; HJ; QJKQPKHVGHPN; LJGNIKO
`P\;ZLGHP;TSGLL;\P;[LMTS;`IHS;JV;G\JYP;HSP;GKOLPT<;GKN U)'';1<:;:<;GKN;1<:;:2X]
HSP;\JHHJR;PNOP;J[;HSP;`P\;ZLGHP;TSGLL;\P;[LMTS;`IHS;JV NX 0*$)#*+& )!#,,'+'V; j; /J; ZVJYINP; HJVTIJKGL
TPH;\GQa;[VJR;HSP;GKOLPT] VPTHVGIKH; HJ; \PGRT; GKN; OIVNPVT; GH; TMZZJVHT
U)'';1<:;:9X]
1<:2:7:8( J'7%'%&-*+)!$.-!#*+
PX ?#6N*+67& )!#,,'+'$& j; /J; ZVJYINP; LJQGL
/SP;OGZ;\PH`PPK;HSP;`P\;ZLGHPT;GKN;[LGKOP;ZLGHPT;TSGLL VPIK[JVQPRPKH; HJ; G; `P\; MKNPV; TSPGV; GKN
\P; aPZH; HJ; G; RIKIRMR; GKN; [JV; [ILLPH; `PLNT; TSGLL; KJH \PGVIKO;U)'';1<:;:;X]
PiQPPN;);RR;GH;GK_;ZJIKH;\P[JVP;`PLNIKO] [X 0'+)#*+&)!#,,'+'$;j;/J;HVGKTRIH;HPKTILP;[JVQPT
1<:2:<( J'<) GZZLIPN;HJ;G;`P\;HSVJMOS;G;[LGKOP;U)'';1<:;:QX]
1<:2:<:1(@,,'-!#('&)'-!#*+67&6$'6&*,&K'<&*,&376!'&N#$%'$ /SP; TGRP; THI[[PKPVT; RG_; ZPV[JVR; RJVP; HSGK; JKP
[MKQHIJK; GKN; HSPIV; NPTIOK; TSJMLN; QJRZL_; `IHS; HSP
/SP;P[[PQHIYP;QVJTT^TPQHIJKGL;GVPG;TSGLL;\P;HGaPK;GT;HSP VPeMIVPRPKHT;J[;GLL;HSP;[MKQHIJKT;[JV;`SIQS;NPTIOKPN]
[MLL;NPZHS;J[;HSP;`P\;ZLGHP;RMLHIZLIPN;\_;HSP;HSIQaKPTT]
2< "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
1<:;:1:! (Q.!)!6+%&*,&K'<&)!#,,'+'$) 4eN<;TSJMLN;\P;HGaPK;GT;D]-;HIRPT;HSP;LPKOHS<;B;J[;HSP
THI[[PKPV]
9KLPTT; HSP; JMHPV; PNOP; IT; QJKHIKMJMTL_; THI[[PKPN<; HSP
JMHTHGKN;[VJR;HSP;[GQP;J[;HSP;`P\;TSJMLN;KJH;PiQPPN /SP;P[[PQHIYP;LPKOHS;[JV;LJGN;QGVV_IKO;`P\;THI[[PKPVT
.D!eε(] MTPN;IK;QGLQMLGHIKO;HSP;\MQaLIKO;VPTITHGKQP<;4iN<;GTTMRPT
HSGH;HSP;[LGKOP;HSVJMOS;`SIQS;HSP;LJGN;JV;VPGQHIJK;IT
%SPK;HSP;JMHTHGKN;J[;`P\;THI[[PKPV;IT;\PH`PPK;)8!eε
GZZLIPN; IT; P[[PQHIYPL_; VPTHVGIKPN; GOGIKTH; LGHPVGL
GKN;.D!eε<(HSPK;HSP;THI[[PKPV;NPTIOK;TSJMLN;\P;JK;HSP RJYPRPKH; VPLGHIYP; HJ; HSP; JHSPV; [LGKOP<; HSP; P[[PQHIYP
\GTIT;J[;G;QJVP;TPQHIJK;`IHS;GK;JMHTHGKN;J[;JKL_;)8!eε: LPKOHS;TSJMLN;\P;HGaPK;GTb
`SPVP;!e;IT;HSP;HSIQaKPTT;J[;HSP;THI[[PKPV]
GX AB;m;D]-B<;`SPK;[LGKOP;IT;VPTHVGIKPN;GOGIKTH
1<:;:1:7 (5!#,,&<'6$#+N&7'+N!" VJHGHIJK;IK;HSP;ZLGKP;J[;HSP;THI[[PKPV;U\_;JHSPV
/SP;THI[[;\PGVIKO;LPKOHS;J[;GK_;PLPRPKH<;<)<;IT;HSGH;LPKOHS THVMQHMVGL;PLPRPKHTX<;GKN
`SIQS; QGKKJH; NP[JVR; GZZVPQIG\L_; IK; \PKNIKO]; /J \X AB;m;B<;`SPK;[LGKOP;IT;KJH;TJ;VPTHVGIKPN
NPHPVRIKP; <)<; HSP; NITZPVTIJK; J[; LJGN; HSVJMOS; G; THPPL `SPVP
\PGVIKO;PLPRPKH;TSJMLN;\P;HGaPK;GT;8(k;HSVJMOS;TJLIN ;B m LPKOHS;J[;HSP;THI[[PKPV]
RGHPVIGL<; TMQS; GT; \PGVIKO; ZLGHPT<; [LGKOP; ZLGHPT<; PHQ
1[; HSP; LJGN; JV; VPGQHIJK; IT; GZZLIPN; HJ; HSP; [LGKOP; \_; G
U)'';!IO])(X]
QJRZVPTTIJK; RPR\PV<; HSPK; MKLPTT; P[[PQHIYP; LGHPVGL
1<:;:1:< (@--'+!$#-#!M VPTHVGIKH;IT;ZVJYINPN;GH;HSGH;ZJIKH<;HSP;THI[[PKPV;TSJMLN
\P; NPTIOKPN; GT; ZGVH; J[; HSP; QJRZVPTTIJK; RPR\PV
%SPVP; G; LJGN; JV; VPGQHIJK; IT; GZZLIPN; PQQPKHVIQ; HJ; HSP
GZZL_IKO; HSP; LJGN<; GKN; HSP; QJKKPQHIJK; \PH`PPK; HSP
QPKHPVLIKP; J[; HSP; `P\; JV; `SPVP; HSP; QPKHVJIN; J[; HSP
QJLMRK;GKN;\PGR;[LGKOP;TSGLL;\P;QSPQaPN;[JV;HSP;P[[PQHT
THI[[PKPV;NJPT;KJH;LIP;JK;HSP;QPKHPVLIKP;J[;HSP;`P\<;HSP
J[;HSP;THVMH;GQHIJK]
VPTMLHIKO;PQQPKHVIQIH_;J[;LJGNIKO;TSJMLN;\P;GQQJMKHPN
[JV;IK;HSP;NPTIOK;J[;HSP;THI[[PKPV] 1<:;:!( ?')#N+& *,& \+!'$Y'%#6!'& 0$6+)('$)'& J'<
5!#,,'+'$)
1<:;:1:8( =.-C7#+N&$')#)!6+-'&*,&)!#,,'+'$)
1<:;:!:1( T'+'$67
/SP; \MQaLIKO; VPTITHGKQP; 4eN; TSJMLN; \P; \GTPN; JK; HSP
NPTIOK;QJRZVPTTIYP;THVPTT;,QN;U)'';17:1:!:1X;J[;G;THVMH 1KHPVRPNIGHP;HVGKTYPVTP;THI[[PKPVT;RG_;\P;ZVJYINPN;JK
UQMVYP;QX<;HSP;VGNIMT;J[;O_VGHIJK;\PIKO;HGaPK;G\JMH;HSP JKP;JV;\JHS;TINPT;J[;HSP;`P\]
GiIT; ZGVGLLPL; HJ; HSP; `P\]; /SP; P[[PQHIYP; TPQHIJK; IT; HSP 1<:;:!:!( 536-#+N
[MLL; GVPG; JV; QJVP; GVPG; J[; HSP; THI[[PKPV; U)''; 1<:;:1:!X
HJOPHSPV;`IHS;GK;P[[PQHIYP;LPKOHS;J[;`P\;JK;PGQS;TINP *ZGQIKO; J[; IKHPVRPNIGHP; THI[[PKPVT<; `SPVP; ZVJYINPN<
J[;HSP;QPKHPVLIKP;J[;HSP;THI[[PKPVT<;LIRIHPN;HJ;.D;HIRPT TSGLL;QJRZL_;`IHS;1<:2:1;NPZPKNIKO;JK;HSP;HSIQaKPTT
HSP;`P\;HSIQaKPTT];/SP;NPTIOK;THVPKOHS;MTPN;TSJMLN;\P J[;HSP;`P\]
HSP;RIKIRMR;YGLMP;J\HGIKPN;[JV;\MQaLIKO;G\JMH;HSP;`P\ 1<:;:!:7( Q.!)!6+%&*,&)!#,,'+'$)
JV;HSP;THI[[PKPV]
/SP; JMHTHGKN; J[; HSP; THI[[PKPVT; TSJMLN; QJRZL_; `IHS
/SP; P[[PQHIYP; LPKOHS; [JV; IKHPVRPNIGHP; HVGKTYPVTP 1<:;:1:!]
THI[[PKPVT;MTPN;IK;QGLQMLGHIKO;HSP;\MQaLIKO;VPTITHGKQP<

!14 ];)(;*/1!!;7 $:#124;3$24/=<;< )

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 28
1<:;:!:<( D#+#Y.Y&)!#,,'+'$) D_e m _IPLN;RJRPKH;QGZGQIH_;J[;HSP;THI[[PKPV;\GTPN
JK; IHT; PLGTHIQ; RJNMLMT; G\JMH; IHT; QPKHVJINGL
/VGKTYPVTP;`P\;THI[[PKPVT;KJH;TM\fPQH;HJ;PiHPVKGL;LJGNT
GiIT;ZGVGLLPL;HJ;HSP;`P\]
JV;RJRPKHT;TSJMLN;SGYP;G;TPQJKN;RJRPKH;J[;GVPG<;\T
G\JMH;HSP;QPKHVPLIKP;J[;HSP;`P\<;I[;THI[[PKPVT;GVP;JK;\JHS 1[;4e;v;4i;<;HSPK;U4e;h;4iX;TSJMLN;\P;HGaPK;GT;gPVJl
TINPT;J[;HSP;`P\;GKN;G\JMH;HSP;[GQP;J[;HSP;`P\;<;I[;TIKOLP 1<:;:!:2( >*++'-!#*+&*,&#+!'$Y'%#6!'&)!#,,'+'$)&!*&K'<
THI[[PKPV;JK;JKL_;JKP;TINP;J[;HSP;`P\;IT;MTPN;TMQS;HSGHb
1KHPVRPNIGHP;HVGKTYPVTP;THI[[PKPVT;KJH;TM\fPQH;HJ;PiHPVKGL
I[; ' ≥ ! <;; C , ≥ #$%& B" "! <;GKN LJGNIKO; TSJMLN; \P; QJKKPQHPN; HJ; HSP; `P\; TJ; GT; HJ
B `IHSTHGKN; G; TSPGV; \PH`PPK; PGQS; QJRZJKPKH; J[; HSP
)$& B !" "! THI[[PKPV;GKN;HSP;`P\;UIK;a2WRRX;J[;KJH;LPTT;HSGKb
I[; - ! < ' <; C( ≥
'" " )( $ (++* )
`SPVP
`SPVP
% m NPZHS;J[;HSP;`P\l
!` m `P\;HSIQaKPTT<;IK;RRl;GKN
!` m RIKIRMR;VPeMIVPN;`P\;HSIQaKPTT;[JV;TZGQIKO
<T m JMHTHGKN;`INHS;J[;HSP;THI[[PKPV<;IK;RR]
MTIKO; HPKTIJK; [IPLN; GQHIJK<; GT; OIYPK; IK
1<:<:!:1l;GKN !JV; THI[[PKPVT; TM\fPQH; HJ; PiHPVKGL; LJGNIKO<; HSP; TSPGV
\PH`PPK;HSP;`P\;GKN;HSP;THI[[PKPV;NMP;HJ;TMQS;LJGNIKO
- m GQHMGL;THI[[PKPV;TZGQIKO]
SGT;HJ;\P;GNNPN;HJ;HSP;G\JYP;YGLMP]
1<:;:!:8 ( =.-C7#+N& -"'-C& *+& #+!'$Y'%#6!'& !$6+)('$)'
K'<&)!#,,'+'$) *HI[[PKPVT;KJH;TM\fPQH;HJ;PiHPVKGL;LJGNT;JV;RJRPKHT;RG_
HPVRIKGHP; QLPGV; J[; HSP; HPKTIJK; [LGKOP; GKN; IK; TMQS; G
*HI[[PKPVT;KJH;TM\fPQHPN;HJ;PiHPVKGL;LJGNT;JV;RJRPKHT TIHMGHIJK;HSP;NITHGKQP;QMH;TSJVH;[VJR;HSP;LIKP;J[;HSP;`PLN
TSJMLN;\P;QSPQaPN;[JV;G;THI[[PKPV;[JVQPb TSJMLN;KJH;\P;RJVP;HSGK;8!`]
D* = # − #+, $ γ -! ≤ D"# 1<:;:7( B*6%&>6$$M#+N&5!#,,'+'$)

`SPVP 1<:;:7:1 (J'<&-"'-C

4eN m NPTIOK; VPTITHGKQP; J[; HSP; IKHPVRPNIGHP 3JGN;QGVV_IKO;`P\;THI[[PKPVT;TSJMLN;\P;ZVJYINPN;`SPVP

THI[[PKPVTl QJRZVPTTIYP;[JVQPT;GZZLIPN;HSVJMOS;G;[LGKOP;\_;LJGNT
JV;VPGQHIJKT;PiQPPN;HSP;\MQaLIKO;THVPKOHS<;4QN`<;J[;HSP
I m [GQHJVPN;TSPGV;[JVQP;GNfGQPKH;HJ;HSP;THI[[PKPVl
MKTHI[[PKPN;`P\<;QGLQMLGHPN;MTIKO;HSP;[JLLJ`IKOb
GKN
IQV m TSPGV;\MQaLIKO;VPTITHGKQP;J[;HSP;`P\;ZGKPL /SP; P[[PQHIYP; LPKOHS; J[; HSP; `P\; [JV; PYGLMGHIKO; HSP
NPTIOKPN;`IHSJMH;MTIKO;HPKTIJK;[IPLN;GQHIJK TLPKNPVKPTT;VGHIJ;IT;QGLQMLGHPN;GT;IK;1<:;:1:8](/SP;GVPG
GT;OIYPK;IK;1<:<:!:!(GX] J[;QVJTT^TPQHIJK;IT;HGaPK;GT;U<)s+)X&!`]
*HI[[PKPVT;TM\fPQH;HJ;PiHPVKGL;LJGNT;GKN;RJRPKHT;TSJMLN `SPVP
RPPH; HSP; QJKNIHIJKT; [JV; LJGN; QGVV_IKO; `P\; THI[[PKPVT
<) m `INHS; J[; THI[[; \PGVIKO; JK; HSP; [LGKOP
IK;1<:;:7];1K;GNNIHIJK;HSP_;TSJMLN;TGHIT[_;HSP;[JLLJ`IKO
U)''&1<:;:1:7X<;GKN
IKHPVGQHIJK;PiZVPTTIJKb
+) m NITZPVTIJK;J[;HSP;LJGN;HSVJMOS;HSP;`P\;GH;8(k<
D" − D% D (" HJ; HSP; LPYPL; J[; SGL[; HSP; NPZHS; J[; HSP
+ % + ≤'
D"# D%# ( &" QVJTT^TPQHIJK]
/SP;\MQaLIKO;THVPKOHS;J[;HSIT;`P\;G\JMH;GiIT;ZGVGLLPL;HJ
`SPVP HSP;`P\;IT;QGLQMLGHPN;GT;OIYPK;IK;17:1:!:1<;MTIKO;QMVYP;cQd]
4e m THI[[PKPV;[JVQP;OIYPK;G\JYPl 1<:;:<( ='6$#+N&5!#,,'+'$)
4eN m NPTIOK; VPTITHGKQP; J[; GK; IKHPVRPNIGHP; `P\
THI[[PKPV;QJVVPTZJKNIKO;HJ;\MQaLIKO;G\JMH;GK 7PGVIKO;THI[[PKPVT;TSJMLN;\P;ZVJYINPN;[JV;`P\T;`SPVP
GiIT;ZGVGLLPL;HJ;HSP;`P\;U)'';1<:;:1:8Xl [JVQPT;GZZLIPN;HSVJMOS;G;[LGKOP;\_;LJGNT;JV;VPGQHIJKT
PiQPPNIKO;HSP;LJQGL;QGZGQIH_;J[;HSP;`P\;GH;IHT;QJKKPQHIJK
4i m PiHPVKGL;LJGN;JV;VPGQHIJK;GH;HSP;THI[[PKPVl HJ;HSP;[LGKOP<;4`<;OIYPK;\_b
4iN m NPTIOK;VPTITHGKQP;J[;G;LJGN;QGVV_IKO;THI[[PKPV
QJVVPTZJKNIKO;HJ;\MQaLIKO;G\JMH;GiIT;ZGVGLLPL D) = (+% + 2( ) ") & .) $ γ ,,
HJ;HSP;`P\;U)'';1<:;:1:8Xl
`SPVP
De m RJRPKH;JK;HSP;THI[[PKPV;NMP;HJ;PQQPKHVIQGLL_
GZZLIPN;LJGN;GKN;HVGKTYPVTP;LJGN<;I[;GK_l;GKN <) m THI[[;\PGVIKO;LPKOHS;U)'';1<:;:1:7X<

22 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
 !! " #$%&'() *+',-%$.) +/) .-01$20-*%) '(2*3&() '($ 345259% :*/&'*!,6)1"'##%!%/&
4#,%&$)'*)'($)5$+)63%7'-*%),'),)0#*1$)*4)89!:; A($2$) +$,2-%&) 0'-44$%$20) ,2$) 2$E3-2$.) '*) 12*@-.$
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 GX G;LJGN;IT;GZZLIPN;NIVPQHL_;JYPV;G;TMZZJVHl;JV 1<:9( 3ONF@CH(ECA(5PBBD@CL(4E@FH(U,@NDHV
\X IH;[JVRT;HSP;PKN;THI[[PKPV;J[;G;THI[[PKPN;`P\l :LL;ZMVLIKT;TSGLL;\P;NPTIOKPN;IK;GQQJVNGKQP;`IHS;HSP
JV VPeMIVPRPKHT; [JV; \PGRT; GT; TZPQI[IPN; IK; 1<:!:1
QX IH;GQHT;GT;G;HJVTIJK;THI[[PKPV] GKN 1<:!:!];/SP;LIRIHGHIJKT;J[;\PKNIKO;THVPTT;\GTPN;JK
1<:;:1!( P*77*K&5'-!#*+) LGHPVGL; IKTHG\ILIH_; J[; HSP; QJRZVPTTIJK; [LGKOP; TSGLL; \P
QJKTINPVPN; I[; HSP; ZMVLIK; NJPT; KJH; VPQPIYP; GNPeMGHP
%SPVP; QJKQPKHVGHPN; LJGNT; GVP; GZZLIPN; HJ; SJLLJ` TMZZJVH;[VJR;\VGQIKOT;GKN;TSPGHSIKOT;IK;HSP;ZLGKP;J[
TPQHIJKT;QJKTINPVGHIJK;TSJMLN;\P;OIYPK;HJ;LJQGL;THVPTTPT QJRZVPTTIJK;[LGKOP];1K;GK_;QGTP;HSP;RGiIRMR;\PKNIKO
GKN; NP[JVRGHIJKT; GKN; HSP; TPQHIJK; VPIK[JVQPN; GT RJRPKH;TSGLL;KJH;PiQPPN;HSP;YGLMPT;TZPQI[IPN;IK;1<:!:1]
KPQPTTGV_] /SP; QGLQMLGHPN; NP[LPQHIJKT; TSJMLN; KJH; PiQPPN; HSJTP
1<:;:17( P*$#O*+!67&5!#,,'+'$) ZPVRIHHPN;[JV;HSP;H_ZP;J[;VJJ[;QLGNNIKO;MTPN<;GT;TZPQI[IPN
IK;11:2:1];1K;QGLQMLGHIKO;HSP;\PKNIKO;RJRPKH<;GNYGKHGOP
%SPVP; SJVIgJKHGL; THI[[PKPVT; GVP; MTPN; IK; GNNIHIJK; HJ RG_; \P; HGaPK; J[; HSP; QJKHIKMIH_; J[; HSP; ZMVLIK; JYPV
YPVHIQGL;THI[[PKPVT<;HSP_;TSGLL;\P;GT;[JLLJ`Tb TMZZJVHT]; /SP; \PKNIKO; G\JMH; HSP; H`J; GiPT; TSGLL; \P
GX "KP;SJVIgJKHGL;THI[[PKPV;TSGLL;\P;ZLGQPN;JK;HSP NPHPVRIKPN; TPZGVGHPL_; GKN; QSPQaPN; GQQJVNIKO; HJ; HSP
`P\;GH;G;NITHGKQP;[VJR;HSP;QJRZVPTTIJK;[LGKOP \IGiIGL;\PKNIKO;VPeMIVPRPKHT;TZPQI[IPN;IK;*PQHIJK;>UfX]
PeMGL; HJ; )W(; J[; HSP; NITHGKQP; [VJR; HSP
1<:10( )BCA@CL(@C(E("GCTJN@C?@JEF(3FECB
QJRZVPTTIJK; [LGKOP; GKOLP<; ZLGHP; JV; HJKOMP
ZLGHP;HJ;HSP;KPMHVGL;GiIT;`SPK;HSP;HSIQaKPTT;J[ 1<:10:1( %SPK;HSP;[LPiMVGL;NP[LPQHIJK;J[;G;RPR\PV;IT
HSP; `P\; IT; LPTT; HSGK; HSP; LIRIHT; TZPQI[IPN; IK QJKTHVGIKPN;HJ;G;KJK^ZVIKQIZGL;ZLGKP;\_;LGHPVGL;VPTHVGIKHT
1<:2:1];/SP;THI[[PKPV;TSGLL;\P;NPTIOKPN;TJ;HSGH ZVPYPKHIKO;LGHPVGL;NP[LPQHIJK<;HSPK;HSP;[JVQP;PiPVHPN;\_
\T;IT;KJH;LPTT;HSGK;8-!`6;`SPVP;\T;GKN;!`;GVP;GT HSP;VPTHVGIKHT;TSGLL;\P;NPHPVRIKPN<;GKN;HSP;ZVIKQIZGL;GiPT
NP[IKPN;IK;1<];:!:<(GKN;-;IT;HSP;GQHMGL;NITHGKQP \PKNIKO; RJRPKHT; GQHIKO; JK; HSP; RPR\PV; TSGLL; \P
\PH`PPK;HSP;YPVHIQGL;THI[[PKPVTl QGLQMLGHPN;[VJR;HSPTP;[JVQPT;GKN;GZZLIPN;[JVQPT<;\_;G
\X :; TPQJKN; SJVIgJKHGL; THI[[PKPV; UTIKOLP; JV VGHIJKGL;GKGL_TIT];/SP;QJR\IKPN;P[[PQH;J[;\PKNIKO;G\JMH
NJM\LPX;TSGLL;\P;ZLGQPN;GH;HSP;KPMHVGL;GiIT;J[ HSP; ZVIKQIZGL; GiPT; TSGLL; TGHIT[_; HSP; VPeMIVPRPKHT; J[
HSP;OIVNPV;`SPK;HSP;HSIQaKPTT;J[;HSP;`P\;IT *PQHIJK;>UfX]
LPTT; HSGK; HSP; LIRIH; TZPQI[IPN; IK; 1<:2:1]( /SIT 1<:10:!( %SPK;HSP;NP[LPQHIJKT;J[;G;RPR\PV;LJGNPN;IK;G
THI[[PKPV;TSGLL;\P;NPTIOKPN;TJ;HSGH;\T;IT;KJH;LPTT KJK^ZVIKQIZGL; ZLGKP; GVP; MKQJKTHVGIKPNl; HSP; ZVIKQIZGL
HSGK; %.; !`6; `SPVP; \T; GKN; !`; GVP; GT; NP[IKPN; IK GiPT;\PKNIKO;RJRPKHT;TSGLL;\P;QGLQMLGHPN;\_;G;VGHIJKGL
1<:;:!:<(GKN;%.;IT;H`IQP;HSP;QLPGV;NITHGKQP;[VJR GKGL_TIT]; /SP; QJR\IKPN; P[[PQH; J[; \PKNIKO; G\JMH; HSP
HSP; QJRZVPTTIJK; [LGKOP; GKOLPT<; ZLGHPT; JV ZVIKQIZGL; GiPT; TSGLL; TGHIT[_; HSP; VPeMIVPRPKHT; J[
HJKOMP;ZLGHPT;HJ;HSP;KPMHVGL;GiITl *PQHIJK >UfX]
QX =JVIgJKHGL;`P\;THI[[PKPVT;TSGLL;PiHPKN;\PH`PPK
YPVHIQGL;THI[[PKPVT<;\MH;KPPN;KJH;\P;QJKHIKMJMT '&!%(#$")*B,"2&2=&."'6=A&!%&4"%#
JYPV;HSPRl;GKN !#2=($&4"9#.!&'
NX =JVIgJKHGL;THI[[PKPVT;RG_;\P;IK;ZGIVT;GVVGKOPN
18( =.=).4( 5*)d.-$.+( $&( -&=)%".+
JK;PGQS;TINP;J[;HSP;`P\<;JV;TIKOLP;LJQGHPN;JK
/&4-.5
JKP;TINP;J[;HSP;`P\]
18:1( ,BCBNEF
1<:Q( )GZ(,@NABNH
/SIT;*PQHIJK;OJYPVKT;HSP;NPTIOK;J[;RPR\PVT;TM\fPQHPN
/SP;NPTIOK;GKN;NPHGILIKO;J[;\Ji;OIVNPVT;TSGLL;\P;TMQS
HJ;QJR\IKPN;[JVQPT<;TMQS;GT;TSPGV;[JVQP;GKN;\PKNIKO<
GT; HJ; OIYP; [MLL; GNYGKHGOP; J[; IHT; SIOSPV; LJGN; QGVV_IKO
GiIGL;[JVQP;GKN;\PKNIKO<;JV;TSPGV;[JVQP<;GiIGL;[JVQP;GKN
QGZGQIH_];7Ji;OIVNPV;TSGLL;\P;NPTIOKPN;IK;GQQJVNGKQP
\PKNIKO]
`IHS; TZPQIGLITH; LIHPVGHMVP]; /SP; NIGZSVGORT; GKN
SJVIgJKHGL; THI[[PKPVT; TSJMLN; QJK[JVR; HJ; 1<:;:1! 18:!( -GIR@CBA(5PBEN(ECA()BCA@CL
GKN 1<:;:17]
18:!:1 (2J;VPNMQHIJK;IK;RJRPKH;QGZGQIH_;J[;HSP;TPQHIJK
1<:Q:1; :LL; NIGZSVGORT; TSGLL; \P; QJKKPQHPN; TJ; GT; HJ IT;KPQPTTGV_;GT;LJKO;GT;HSP;QVJTT^TPQHIJK;IT;KJH;TM\fPQHPN
HVGKT[PV;HSP;VPTMLHGKH;TSPGVT;HJ;HSP;`P\;GKN;[LGKOPT] HJ; SIOS; TSPGV; [JVQP; U[GQHJVPN; YGLMP; J[; GZZLIPN; TSPGV
1<:Q:!; %SPVP;HSP;QJKQPKHVGHPN;JV;RJYIKO;LJGN;NJPT [JVQP;IT;LPTT;HSGK;JV;PeMGL;HJ;>D;ZPVQPKH;J[;HSP;TSPGV
KJH;GQH;NIVPQHL_;JK;HJZ;J[;HSP;`P\<;HSP;LJQGL;P[[PQH;TSGLL THVPKOHS;J[;HSP;TPQHIJK;GT;OIYPK;IK;1<:<X];/SP;RJRPKH
\P; QJKTINPVPN; IK; HSP; NPTIOK; J[; [LGKOPT; GKN; HSP QGZGQIH_;RG_;\P;HGaPK;GT<;DN& U)'';1<:!X(`IHSJMH;GK_
NIGZSVGORT] VPNMQHIJK]

2Q "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
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[JVQP; IT; SIOS; UPiQPPNT; HSP; LIRIH; TZPQI[IPN; IK( 18:!:1X< TPQHIJK<;VPTZPQHIYPL_l
HSP;[GQHJVPN;RJRPKH;J[;HSP;TPQHIJK;TSJMLN;\P;LPTT;HSGK DKN_:&DKNg m NPTIOK;VPNMQPN;[LPiMVGL;THVPKOHS;MKNPV
HSP;RJRPKH;QGZGQIH_;J[;HSP;TPQHIJK&MKNPV;SIOSPV;TSPGV QJR\IKPN; GiIGL; [JVQP; GKN; HSP
[JVQP<;DNY<;QGLQMLGHPN;GT;OIYPK;\PLJ`b VPTZPQHIYP; MKIGiIGL; RJRPKH; GQHIKO
GX E76)!#-&*$&-*Y36-!&)'-!#*+ GLJKP;U)'';18:7:1:!Xl
&9 m [GQHJVPN;GZZLIPN;GiIGL;[JVQP;U/PKTIJK<
( /- = ( / − β ( ( / − ( ./ ) ≤ '0! E / & . γ ,,
0;JV;+JRZVPTTIJK<;,Xl
`SPVP
9N a NPTIOK; THVPKOHS; IK; HPKTIJK<; 0 N ; GT
β m U.IWIN h )X.<
J\HGIKPN; [VJR; 1!( JV; IK; QJRZVPTTIJK
DN a ZLGTHIQ; NPTIOK; RJRPKH; J[; HSP; `SJLP NMP;HJ;_IPLNIKO;OIYPK;\_;9N;m;;O,_WγRDl
TPQHIJK;NITVPOGVNIKO;SIOS;TSPGV;[JVQP
DN_:;DNg m NPTIOK; THVPKOHS; MKNPV; QJVVPTZJKNIKO
P[[PQH;U)''&1<:!:1:!X;QJKTINPVIKO;`P\
RJRPKH;GQHIKO;GLJKP;U)'';1<:!Xl
\MQaLIKO;P[[PQHT;U)'';1<:!:1:1X<
;O a OVJTT;GVPG;J[;HSP;QVJTT^TPQHIJKl
I a [GQHJVPN; GZZLIPN; TSPGV; [JVQP; GT
OJYPVKPN; \_; `P\; _IPLNIKO; JV; `P\ α)<;α. m QJKTHGKHT;GT;OIYPK;IK;/G\LP;)-l;GKN
\MQaLIKO< γRD m ZGVHIGL;[GQHJV;J[;TG[PH_;IK;_IPLNIKO]
IN a NPTIOK;TSPGV;THVPKOHS;GT;OJYPVKPN;\_
18:7:1:!; !JV;ZLGTHIQ;GKN;QJRZGQH;TPQHIJKT;`IHSJMH;\JLHT
`P\; _IPLNIKO; JV; `P\; \MQaLIKO; U)''
SJLPT<;HSP;[JLLJ`IKO;GZZVJiIRGHIJKT;RG_;\P;MTPN;[JV
1<:<:1(JV(1<:<:!X<
PYGLMGHIKO;DKN_;GKN&DKNgb
D[N m ZLGTHIQ;NPTIOK;THVPKOHS;J[;HSP;GVPG;J[
HSP;QVJTT^TPQHIJK;PiQLMNIKO;HSP;TSPGV ;GX E76!')
GVPG<;QJKTINPVIKO;ZGVHIGL;TG[PH_;[GQHJV DKN;a&DN&U)&c&+.X
γRD<;GKN
\X J'7%'%&\&*$&P1)'-!#*+)
LP m PLGTHIQ;TPQHIJK;RJNMLMT;J[;HSP;`SJLP
TPQHIJK]
\X 5'Y#1-*Y36-!&)'-!#*+ ⎡ ⎛ + − 6 ⎞! ⎤
DNY;m;LP , _WγRD D "#$ = D #$ ⎢% − ⎜ ⎟ ⎥ ≤ D #. &'()*);+ ≥ 6
⎢⎣ ⎝ % − 6 ⎠ ⎥⎦
18:7( -GIR@CBA(#Z@EF(/GN?B(ECA()BCA@CL(=GIBCD
9KNPV; QJR\IKPN; GiIGL; [JVQP; GKN; \PKNIKO; RJRPKH< &DKNg&a&DNg&U);c&+X;F&U);c&D](6X&≤;DNg
TPQHIJK; THVPKOHS; GT; OJYPVKPN; \_; RGHPVIGL; [GILMVP; GKN `SPVP
RPR\PV;THVPKOHS;GT;OJYPVKPN;\_;\MQaLIKO;[GILMVP;TSGLL
\P; QSPQaPN; IK; GQQJVNGKQP; `IHS; 18:7:1( GKN( 18:7:! +;m;9&F&9N(GKN;6&a;U;&c&.;<&![X;F&;&≤;D](
VPTZPQHIYPL_] QX 4*$&)!6+%6$%&\&*$&P&)'-!#*+)
18:7:1( 5'-!#*+&5!$'+N!" DKNg&a&)]));DNg&U);c&+X;≤;DNg
[JV;+&≤&D].< DKN_&a&DN_
18:7:1:1( E76)!#-&6+%&-*Y36-!&)'-!#*+)
[JV;+&+&D].< DKN_;a&)](>&DN_&U);c&+X&U+&G&D]>X
1K;HSP;NPTIOK;J[;RPR\PVT;TM\fPQHPN;HJ;QJR\IKPN;GiIGL DKNg&a&)]))&DNg;U);h;+X;≤;DNg
[JVQP;UHPKTIJK;JV;QJRZVPTTIJKX;GKN;\PKNIKO;RJRPKH<
HSP;[JLLJ`IKO;TSJMLN;\P;TGHIT[IPNb ;NX 4*$&$'-!6+N.76$&"*77*K&)'-!#*+)&6+%&K'7%'%
<*2&)'-!#*+)
α$ α!
⎛ (" ⎞ ⎛ ( ⎞ %SPK;HSP;TPQHIJK;IT;T_RRPHVIQ;G\JMH;\JHS;GiPT
⎜ ⎟ + ⎜ # ⎟ ≤ &'(
⎜ ( $%" ⎟ ⎝ ( $%# ⎠ GKN;`IHSJMH;\JLH;SJLPT
⎝ ⎠
DKN_&a&DN_;U);c&+X;F&U);c&D](6[X&≤;DN_
+JKTPVYGHIYPL_<;HSP;[JLLJ`IKO;PeMGHIJK;RG_;GLTJ;\P;MTPN
MKNPV;QJR\IKPN;GiIGL;[JVQP;GKN;\PKNIKO;RJRPKHb DKNg&a&DNg&U);c&+X;F&U);c&D](6`X&≤;DNg
`SPVP
, (" (#
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,% ( %" ( %#
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`SPVP
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DKN;a&)]D8&DN&U);c&+)]-X&≤;DN

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!JV;RPR\PVT;`IHS;T`G_;\MQaLIKO;RJNP<;HSP;PeMIYGLPKH;MKI[JVR;RJRPKH;[GQHJV;>R_&a&>Rg;m;D]B]
>R_<;>Rg:&>R03/;TSGLL;\P;J\HGIKPN;GQQJVNIKO;HJ;HSP;\PKNIKO;RJRPKH;NIGOVGR;\PH`PPK;HSP;VPLPYGKH;\VGQPN;ZJIKHT

0JRPKH;[GQHJV 7PKNIKO;GiIT ,JIKHT;\VGQPN;IK;NIVPQHIJK

+R_ g^g _^_ D_ [JV;+
R_

+Rg _^_ g^g +Rg

Dg [JV;+R3/
+R3/ g^g &O1O

TPQHIJK];+JKKPQHIJKT;TSGLL;\P;QGZG\LP;J[;HVGKTRIHHIKO TSPGV;LJGN;JV;`SPK;`PLNIKO;GKN;[GTHPKPVT;GVP;QJR\IKPN<
HSP;QGLQMLGHPN;NPTIOK;GQHIJKT] HSPK;JKP;[JVR;J[;[GTHPKPV;TSGLL;\P;KJVRGLL_;NPTIOKPN
HJ; QGVV_; HSP; HJHGL; LJGN]; 2PYPVHSPLPTT<; [MLL_; HPKTIJKPN
12:1:!( %SPVP;RPR\PVT;GVP;QJKKPQHPN;HJ;HSP;TMV[GQP
[VIQHIJK;OVIZ;\JLHT;RG_;\P;NPTIOKPN;HJ;TSGVP;HSP;LJGN
J[;G;`P\;JV;HSP;[LGKOP;J[;G;TPQHIJK<;HSP;G\ILIH_;J[;HSP
`IHS;`PLNIKO<;ZVJYINPN;HSP;\JLHT;GVP;[MLL_;HIOSHPKPN;HJ
`P\;JV;HSP;[LGKOP;HJ;HVGKT[PV;HSP;GZZLIPN;[JVQPT;LJQGLL_
NPYPLJZ;KPQPTTGV_;ZVPHPKTIJK;G[HPV;`PLNIKO]
TSJMLN;\P;QSPQaPN;GKN;`SPVP;KPQPTTGV_<;LJQGL;THI[[PKIKO
ZVJYINPN] 12:1:2( /SP; ZGVHIGL; TG[PH_; [GQHJV; IK; HSP; PYGLMGHIJK; J[
NPTIOK;THVPKOHS;J[;QJKKPQHIJKT;TSGLL;\P;HGaPK;GT;OIYPK
12:1:7( $GTP; J[; [G\VIQGHIJK; GKN; PVPQHIJK; TSJMLN; \P
IK;/G\LP;(]
QJKTINPVPN; IK; HSP; NPTIOK; J[; QJKKPQHIJKT]; :HHPKHIJK
TSJMLN; \P; ZGIN; HJ; QLPGVGKQPT; KPQPTTGV_; [JV; [IPLN 12:!( 'G?ED@GC(+BDE@FH(GM(/EHDBCBNH
PVPQHIJK<; HJLPVGKQPT<; HIOSHPKIKO; J[; [GTHPKPVT<; `PLNIKO
ZVJQPNMVPT<;TM\TPeMPKH;IKTZPQHIJK<;TMV[GQP;HVPGHRPKH 12:!:1( >7'6$6+-')&,*$&P*7')&,*$&46)!'+'$)
GKN;RGIKHPKGKQP] 7JLHT;RG_;\P;LJQGHPN;IK;THGKNGVN;TIgP<;JYPV;TIgP<;TSJVH
12:1:<( /SP;NMQHILIH_;J[;THPPL;GTTITHT;HSP;NITHVI\MHIJK;J[ TLJHHPN;JV;LJKO;TLJHHPN;SJLP<;GT;[JLLJ`T]
[JVQPT; OPKPVGHPN; `IHSIK; G; fJIKH]; $[[PQHT; J[; VPTINMGL GX 5!6+%6$%& -7'6$6+-'& "*7'& /& $iQPZH; `SPVP
THVPTTPT;GKN;THVPTTPT;NMP;HJ;HIOSHPKIKO;J[;[GTHPKPVT;GKN [IHHPN;\JLHT<;\JLHT;IK;LJ`^QLPGVGKQP;JV;JYPVTIgP
KJVRGL; HJLPVGKQPT; J[; [IH^MZ; KPPN; KJH; HSPVP[JVP; \P SJLPT;GVP;TZPQI[IPN<;HSP;NIGRPHPV;J[;THGKNGVN
QJKTINPVPN; IK; QJKKPQHIJK; NPTIOK<; ZVJYINPN; NMQHILP QLPGVGKQP;SJLPT;[JV;[GTHPKPVT;TSGLL;\P;GT;OIYPK
\PSGYIJMV;IT;PKTMVPN] IK;/G\LP;)B]
12:1:8( 1K;OPKPVGL<;MTP;J[;NI[[PVPKH;[JVRT;J[;[GTHPKPVT \X Q('$)#O'&"*7'&/&=JLPT;J[;TIgP;LGVOPV;HSGK;HSP
HJ;HVGKT[PV;HSP;TGRP;[JVQP;TSGLL;\P;GYJINPN];=J`PYPV< THGKNGVN;QLPGVGKQP;SJLPT<;GT;OIYPK;IK;/G\LP;)B
`SPK;NI[[PVPKH;[JVRT;J[;[GTHPKPVT;GVP;MTPN;HJ;QGVV_;G RG_;\P;MTPN;IK;TLIZ;VPTITHGKH;QJKKPQHIJKT;GKN

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' ;1
 SJLN; NJ`K; \JLHPN; QJKKPQHIJKT<; JKL_; `SPVP 12:!:7:7( /SP;NITHGKQP;\PH`PPK;HSP;QPKHVPT;J[;GK_;H`J
TZPQI[IPN<;ZVJYINPN;HSP;JYPVTIgP QJKTPQMHIYP;[GTHPKPVT;IK;G;LIKP;GNfGQPKH;GKN;ZGVGLLPL;HJ
QX =JLPT;IK;HSP;JMHPV;ZL_;IT;QJYPVPN;\_;G;QJYPV GK;PNOP;J[;GK;JMHTINP;ZLGHP;TSGLL;KJH;PiQPPN;)DD;RR
ZLGHP;J[;TM[[IQIPKHL_;LGVOP;TIgP;GKN;HSIQaKPTT ZLMT;8!;JV;.DD;RR<;`SIQSPYPV;IT;LPTT<;IK;QJRZVPTTIJK
GKN;SGYIKO;G;SJLP;KJH;LGVOPV;HSGK;HSP;THGKNGVN GKN;HPKTIJK;RPR\PVTl;`SPVP;!;IT;HSP;HSIQaKPTT;J[;HSP
QLPGVGKQP;SJLP;UGKN;SGVNPKPN;`GTSPV;IK;TLIZ HSIKKPV;JMHTINP;ZLGHP]
VPTITHGKH;QJKKPQHIJKTX] 12:!:7:<( %SPK; [GTHPKPVT; GVP; THGOOPVPN; GH; PeMGL
NX 5"*$!&6+%&7*+N&)7*!)&/;*LJHHPN;SJLPT;J[;TIgP IKHPVYGLT;GKN;HSP;OGMOP;NJPT;KJH;PiQPPN;-(;RR<;HSP
LGVOPV; HSGK; HSP; THGKNGVN; QLPGVGKQP; SJLP<; GT TZGQIKO; TZPQI[IPN; IK; 12:!:7:!; GKN; 12:!:7:7; \PH`PPK
OIYPK;IK;/G\LP;)B;RG_;\P;MTPN;IK;TLIZ;VPTITHGKH QPKHVPT;J[;[GTHPKPVT;RG_;\P;IKQVPGTPN;\_;(D;ZPVQPKH<
QJKKPQHIJKT; GKN; SJLN; NJ`K; \JLHPN TM\fPQH;HJ;HSP;RGiIRMR;TZGQIKO;TZPQI[IPN;IK;12:!:7:1]
QJKKPQHIJKT<;JKL_;`SPVP;TZPQI[IPN<;ZVJYINPN
HSP;JYPVTIgP;SJLPT;IK;HSP;JMHPV;ZL_;IT;QJYPVPN 12:!:<! @%N'&6+%&@+%&?#)!6+-')
\_;G;QJYPV;ZLGHP;J[;TM[[IQIPKHL_;LGVOP;TIgP;GKN 12:!:<:1( /SP; PNOP; NITHGKQP; IT; HSP; NITHGKQP; GH; VIOSH
HSIQaKPTT;GKN;SGYIKO;G;SJLP;J[;TIgP;KJH;LGVOPV GKOLPT;HJ;HSP;NIVPQHIJK;J[;THVPTT;[VJR;HSP;QPKHVP;J[;G
HSGK;HSP;THGKNGVN;QLPGVGKQP;SJLP;UGKN;SGVNPKPN SJLP; HJ; HSP; GNfGQPKH; PNOP]; /SP; PKN; NITHGKQP; IT; HSP
`GTSPV;IK;TLIZ;VPTITHGKH;QJKKPQHIJKX] NITHGKQP;IK;HSP;NIVPQHIJK;J[;THVPTT;[VJR;HSP;QPKHVP;J[;G
$ERFB(19(-FBENEC?BH(MGN(/EHDBCBN([GFBH SJLP;HJ;HSP;PKN;J[;HSP;PLPRPKH]
U>76.)'&)>].])X 1K;TLJHHPN;SJLPT<;HSP;PNOP;GKN;PKN;NITHGKQPT;TSJMLN;\P
RPGTMVPN;[VJR;HSP;PNOP;JV;PKN;J[;HSP;RGHPVIGL;HJ;HSP
'"( -#+($#"( '(A%(#&('B%(C#"%(D(-#+($#"(;(#+%'%-(#&( QPKHVP;J[;IHT;PKN;VGNIMT;JV;HSP;QPKHVP;LIKP;J[;HSP;TLJH<
-#.( '(A%(#&( 'B%(.#$'%$%-(f(""%#-#$&%$((
.#$'%$%-;;+; ;99;
`SIQSPYPV;IT;TRGLLPV];1K;JYPVTIgP;SJLPT<;HSP;PNOP;GKN
99; PKN;NITHGKQPT;TSJMLN;\P;HGaPK;GT;HSP;NITHGKQP;[VJR;HSP
!
7414H19H; :;89;7338; /08191428;34; VPLPYGKH;PNOPWPKN;ZLMT;SGL[;HSP;NIGRPHPV;J[;HSP;THGKNGVN
/08191428;34; /08191428;34; 4:8;58454:;62; QLPGVGKQP;SJLP;QJVVPTZJKNIKO;HJ;HSP;[GTHPKPV<;LPTT;HSP
83198489;14H; 83198489! 4:8;7064;; KJRIKGL;NIGRPHPV;J[;HSP;JYPVTIgP;SJLP]
93H4:;62;7064! !
7:694; 5645; 12:!:<:!( /SP;RIKIRMR;PNOP;GKN;PKN;NITHGKQPT;[VJR
7064! 7064!
<"=; <$=; <>=; <?=; <<=; <==; HSP; QPKHVP; J[; GK_; SJLP; HJ; HSP; KPGVPTH; PNOP; J[; G; ZLGHP
TSGLL; KJH; \P; LPTT; HSGK; )]-; HIRPT; HSP; SJLP; NIGRPHPV;IK
3=! "$@"?; "/+! >/+! ?/+! $/<;"!
33=! "=@$$; $/+! ?/+! =/+! $/<;"!
QGTP;J[;TSPGVPN;JV;SGKN^[LGRP;QMH;PNOPTl;GKN;)](;HIRPT
333=! $?; $/+! =/+! A/+! $/<;"! HSP;SJLP;NIGRPHPV;IK;QGTP;J[;VJLLPN<;RGQSIKP^[LGRP;QMH<
3;=! 519589; 4:14; >/+! A/+! "+/+! $/<;"; TG`K;GKN;ZLGKPN;PNOPT]
$?;
12:!:<:7( /SP;RGiIRMR;PNOP;NITHGKQP;HJ;HSP;KPGVPTH
LIKP;J[;[GTHPKPVT;[VJR;GK;PNOP;J[;GK_;MK^THI[[PKPN;ZGVH
12:!:!( D#+#Y.Y&536-#+N
TSJMLN;KJH;PiQPPN;).!ε<;`SPVP;ε;m;U.(DW,_X)W.;GKN;!;IT
/SP;NITHGKQP;\PH`PPK;QPKHVPT;J[;[GTHPKPVT;TSGLL;KJH;\P HSP;HSIQaKPTT;J[;HSP;HSIKKPV;JMHPV;ZLGHP];/SIT;`JMLN;KJH
LPTT;HSGK;.](;HIRPT;HSP;KJRIKGL;NIGRPHPV;J[;HSP;[GTHPKPV] GZZL_;HJ;[GTHPKPVT;IKHPVQJKKPQHIKO;HSP;QJRZJKPKHT;J[
\GQa; HJ; \GQa; HPKTIJK; RPR\PVT]; %SPVP; HSP; RPR\PVT
12:!:7& D62#Y.Y&536-#+N
GVP;PiZJTPN;HJ;QJVVJTIYP;IK[LMPKQPT<;HSP;RGiIRMR;PNOP
12:!:7:1; /SP;NITHGKQP;\PH`PPK;HSP;QPKHVPT;J[;GK_;H`J NITHGKQP;TSGLL;KJH;PiQPPN;8D;RR;ZLMT;8!<;`SPVP;!;IT;HSP
GNfGQPKH; [GTHPKPVT; TSGLL; KJH; PiQPPN; 6.!; JV; 6DD; RR< HSIQaKPTT;J[;HSIKKPV;QJKKPQHPN;ZLGHP]
`SIQSPYPV;IT;LPTT<;`SPVP;!;IT;HSP;HSIQaKPTT;J[;HSP;HSIKKPV
12:!:8( 06-C#+N&46)!'+'$)
ZLGHP]
12:!:8:1(1K;QGTP;J[;RPR\PVT;QJYPVPN;MKNPV;12:!:<:7<
12:!:7:!( /SP; NITHGKQP; \PH`PPK; HSP; QPKHVPT; J[; H`J
`SPK;HSP;RGiIRMR;NITHGKQP;\PH`PPK;QPKHVPT;J[;H`J
GNfGQPKH;[GTHPKPVT;UZIHQSX;IK;G;LIKP;L_IKO;IK;HSP;NIVPQHIJK
GNfGQPKH;[GTHPKPVT;GT;TZPQI[IPN;IK;12:!:<:7(IT;PiQPPNPN<
J[;THVPTT<;TSGLL;KJH;PiQPPN;)>!;JV;.DD;RR<;`SIQSPYPV;IT
HGQaIKO;[GTHPKPVT;KJH;TM\fPQHPN;HJ;QGLQMLGHPN;THVPTT;TSGLL
LPTT<;IK;HPKTIJK;RPR\PVT;GKN;).!;JV;.DD;RR<;`SIQSPYPV
\P;MTPN]
IT;LPTT<;IK;QJRZVPTTIJK;RPR\PVTl;`SPVP;!;IT;HSP;HSIQaKPTT
J[;HSP;HSIKKPV;ZLGHP];1K;HSP;QGTP;J[;QJRZVPTTIJK;RPR\PVT 12:!:8:!( /GQaIKO;[GTHPKPVT;TSGLL;SGYP;TZGQIKO;IK;G;LIKP
`SPVPIK;[JVQPT;GVP;HVGKT[PVVPN;HSVJMOS;\MHHIKO;[GQPT< KJH; PiQPPNIKO; 6.; HIRPT; HSP; HSIQaKPTT; J[; HSP; HSIKKPV
HSIT;NITHGKQP;TSGLL;KJH;PiQPPN;8](;HIRPT;HSP;NIGRPHPV;J[ JMHTINP;ZLGHP;JV;6DD;RR<;`SIQSPYPV;IT;LPTT];%SPVP;HSP
HSP;[GTHPKPVT;[JV;G;NITHGKQP;PeMGL;HJ;)](;HIRPT;HSP;`INHS ZLGHPT;GVP;PiZJTPN;HJ;HSP;`PGHSPV<;HSP;TZGQIKO;IK;LIKP
J[;HSP;RPR\PV;[VJR;HSP;\MHHIKO;[GQPT] TSGLL;KJH;PiQPPN;)>;HIRPT;HSP;HSIQaKPTT;J[;HSP;HSIKKPV

;! "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
JMHTINP; ZLGHP; JV; .DD; RR<; `SIQSPYPV; IT; LPTT]; 1K; \JHS `SPVP
QGTPT<;HSP;NITHGKQP;\PH`PPK;HSP;LIKPT;J[;[GTHPKPVT;TSGLL
IKT\ m KJRIKGL;TSPGV;QGZGQIH_;J[;G;\JLH<;QGLQMLGHPN
KJH;\P;OVPGHPV;HSGK;HSP;VPTZPQHIYP;ZIHQSPT]
GT;[JLLJ`Tb
12:!:8:7( :LL;HSP;VPeMIVPRPKHT;TZPQI[IPN;IK;12:!:8:!(TSGLL
&>
OPKPVGLL_; GZZL_; HJ; QJRZVPTTIJK; RPR\PVT<; TM\fPQH; HJ #$*? = (2$ $$? + 2* $*? ) ;
HSP;THIZMLGHIJKT;IK;*PQHIJK;>UOX;G[[PQHIKO;HSP;NPTIOK;GKN 5
QJKTHVMQHIJK;J[;QJRZVPTTIJK;RPR\PVT] `SPVP
12:!:8:<( 1K; HPKTIJK; RPR\PVT; o)''; *PQHIJK; >U[Xp &,M m MLHIRGHP;HPKTILP;THVPKOHS;J[;G;\JLHl
QJRZJTPN; J[; H`J; [LGHT<; GKOLPT<; QSGKKPLT; JV; HPPT; IK
+K m KMR\PV; J[; TSPGV; ZLGKPT; `IHS; HSVPGNT
QJKHGQH;\GQa;HJ;\GQa;JV;TPZGVGHPN;\GQa;HJ;\GQa;\_;G
IKHPVQPZHIKO;HSP;TSPGV;ZLGKPl
NITHGKQP;KJH;PiQPPNIKO;HSP;GOOVPOGHP;HSIQaKPTT;J[;HSP
QJKKPQHPN;ZGVHT<;HGQaIKO;[GTHPKPVT;`IHS;TJLIN;NITHGKQP +T m KMR\PV; J[; TSPGV; ZLGKPT; `IHSJMH; HSVPGNT
ZIPQPT; TSGLL; \P; ZVJYINPN; GH; G; TZGQIKO; IK; LIKP; KJH IKHPVQPZHIKO;HSP;TSPGV;ZLGKPl
PiQPPNIKO;);DDD;RR] ;T\ m KJRIKGL;ZLGIK;TSGKa;GVPG;J[;HSP;\JLHl;GKN
12:!:8:8( !JV; QJRZVPTTIJK; RPR\PVT; QJYPVPN; IK ;K\ m KPH;TSPGV;GVPG;J[;HSP;\JLH;GH;HSVPGNT<;RG_;\P
*PQHIJK;>UOX<;HGQaIKO;[GTHPKPVT;IK;G;LIKP;TSGLL;\P;TZGQPN HGaPK; GT; HSP; GVPG; QJVVPTZJKNIKO; HJ; VJJH
GH;G;NITHGKQP;KJH;PiQPPNIKO;>DD;RR] NIGRPHPV;GH;HSP;HSVPGN]
12:7:7:1( B*+N&R*#+!)
12:!:2(&>*.+!'$).+C&P'6%)
%SPK; HSP; LPKOHS; J[; HSP; fJIKH<; 7f; J[; G; TZLIQP; JV; PKN
!JV; QJMKHPVTMKa; SPGNT<; JKP^SGL[; J[; HSP; NPZHS; J[; HSP
QJKKPQHIJK; IK; G; QJRZVPTTIJK; JV; HPKTIJK; PLPRPKH
QJMKHPVTIKaIKO; TSGLL; \P; KPOLPQHPN; IK; QGLQMLGHIKO; HSP
QJKHGIKIKO;RJVP;HSGK;H`J;\JLHT;UHSGH;IT<;HSP;NITHGKQP
LPKOHS; J[; HSP; [GTHPKPV; IK; \PGVIKO; IK; GQQJVNGKQP
\PH`PPK; HSP; [IVTH; GKN; LGTH; VJ`T; J[; \JLHT; IK; HSP; fJIKH<
`IHS;12:7:7];!JV;[GTHPKPVT;IK;HPKTIJK;SGYIKO;QJMKHPVTMKa
RPGTMVPN;IK;HSP;NIVPQHIJK;J[;HSP;LJGN;HVGKT[PVX;PiQPPNT
SPGNT<; HSP; HPKTILP; THVPKOHS; TSGLL; \P; VPNMQPN; \_; 66]6
)(%;IK;HSP;NIVPQHIJK;J[;LJGN<;HSP;KJRIKGL;TSPGV;QGZGQIH_
ZPVQPKH];2J;VPNMQHIJK;IT;VPeMIVPN;HJ;\P;RGNP;IK;TSPGV
U)'';12:7:!X<;IN\;TSGLL;\P;VPNMQPN;\_;HSP;[GQHJV;βLf<;OIYPK
THVPKOHS;QGLQMLGHIJKT]
\_b
12:7 ()BEN@CL($KJB()GFDH βLf a )]D-(&c&7f&F&U.DD;%X \MH;D]-(;≤;βLf;≤;)]D
12:7:1 @,,'-!#('&;$'6)&*,&=*7!) m )]D-(;c&D]DD(U7f&F%X
12:7:1:1( *IKQP;HSVPGNT;QGK;JQQMV;IK;HSP;TSPGV;ZLGKP< `SPVP
HSP;GVPG;;P;[JV;VPTITHIKO;TSPGV;TSJMLN;KJVRGLL_;\P;HGaPK % m 2JRIKGL;NIGRPHPV;J[;HSP;[GTHPKPV]
GT;HSP;KPH;HPKTILP;THVPTT;GVPG<;;K;J[;HSP;\JLHT];!JV;\JLHT 2"/$;j;/SIT;ZVJYITIJK;NJPT;KJH;GZZL_;`SPK;HSP;NITHVI\MHIJK
`SPVP;HSP;KPH;HPKTILP;THVPTT;GVPG;IT;KJH;NP[IKPN<;;K;TSGLL J[;TSPGV;JYPV;HSP;LPKOHS;J[;fJIKH;IT;MKI[JVR<;GT;IK;HSP;QJKKPQHIJK
\P;HGaPK;GT;HSP;GVPG;GH;HSP;VJJH;J[;HSP;HSVPGNT] J[;`P\;J[;G;TPQHIJK;HJ;HSP;[LGKOPT]

12:7:1:!( %SPVP; IH; QGK; \P; TSJ`K; HSGH; HSP; HSVPGNT; NJ 12:7:7:!( B6$N'&N$#3&7'+N!")
KJH;JQQMV;IK;HSP;TSPGV;ZLGKP<; ;P; RG_;\P;HGaPK;GT;HSP %SPK;HSP;OVIZ;LPKOHS<;7O;UPeMGL;HJ;HSP;HJHGL;HSIQaKPTT;J[
QVJTT^TPQHIJK;GVPG<;;T;GH;HSP;TSGKa] HSP;QJKKPQHPN;ZLGHPTX;PiQPPNT;(;HIRPT;HSP;NIGRPHPV<;%
12:7:1:7( 1K;HSP;QGLQMLGHIJK;J[;HSVPGN;LPKOHS<;GLLJ`GKQP J[;HSP;\JLHT<;HSP;NPTIOK;TSPGV;QGZGQIH_;TSGLL;\P;VPNMQPN
TSJMLN;\P;RGNP;[JV;HJLPVGKQP;GKN;HSVPGN;VMK;J[[] \_;G;[GQHJV;<LO<;OIYPK;\_b
12:7:!; :;\JLH;TM\fPQHPN;HJ;G;[GQHJVPN;TSPGV;[JVQP;UIT\X βLO&m&A%;WU6% G&7OX;m;AWU6 s 7OF%X
TSGLL;TGHIT[_;HSP;QJKNIHIJK βLO& TSGLL;KJH;\P;RJVP;HSGK;βLf& OIYPK;IK;12:7:7:1];/SP
IT\&≤&IN\ OVIZ;LPKOHS<;7O;TSGLL;IK;KJ;QGTP;\P;OVPGHPV;HSGK;A%]
`SPVP;IN\;IT;HSP;NPTIOK;THVPKOHS;J[;HSP;\JLH<;HGaPK;GT 12:7:7:7( E6-C#+N&376!')
HSP; TRGLLPV; J[; HSP; YGLMP; GT; OJYPVKPN; \_; TSPGV<; INT\ /SP; NPTIOK; TSPGV; QGZGQIH_; J[; \JLHT; QGVV_IKO; TSPGV
U)''&12:7:7X;GKN;\PGVIKO<;INZ\&U)'';12:7:<X] HSVJMOS; G; ZGQaIKO; ZLGHP; IK; PiQPTT; J[; >; RR; TSGLL; \P
12:7:7& 5"'6$&>636-#!M&*,&=*7! NPQVPGTPN;\_;G;[GQHJV<;βZa;OIYPK;\_b
/SP;NPTIOK;THVPKOHS;J[;HSP;\JLH<;INT\;GT;OJYPVKPN;\_ βZa;a&U);h;D]D).;(!ZaX
TSPGV;THVPKOHS;IT;OIYPK;\_b `SPVP
INT\;a&IKT\;F&γR\ !Za m HSIQaKPTT;J[;HSP;HSIQaPV;ZGQaIKO<;IK;RR]

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!" #$%&'#$()*+&(,&#-).',/)'0)&#,&$)1234
 +P a KMR\PV; J[; P[[PQHIYP; IKHPV[GQPT; J[[PVIKO RG_; \P; QGLQMLGHPN; GT; ZPV; \PGVIKO; H_ZP; QJKKPQHIJK
[VIQHIJKGL;VPTITHGKQP;HJ;TLIZl U)'';12:7:!(GKN(12:7:7V:
AS m )]D;[JV;[GTHPKPVT;IK;QLPGVGKQP;SJLPT< 2"/$;j;/SP;\LJQa;TSPGV;VPTITHGKQP;J[;HSP;PNOP;NITHGKQP;NMP
HJ;\PGVIKO;[JVQP;RG_;\P;QSPQaPN;GT;OIYPK;IK;1!:<]
m D]A(; [JV; [GTHPKPVT; IK; JYPVTIgPN; GKN; TSJVH
TLJHHPN;SJLPT;GKN;[JV;[GTHPKPVT;IK;LJKO;TLJHHPN 12:<:8( 0'+)#*+&H')#)!6+-'
SJLPT;LJGNPN;ZPVZPKNIQMLGV;HJ;HSP;TLJH<
:; [VIQHIJK; \JLH; TM\fPQHPN; HJ; G; [GQHJVPN; HPKTIJK; [JVQP
m D]-;[JV;[GTHPKPVT;IK;LJKO;TLJHHPN;SJLPT;LJGNPN U0[X;TSGLL;TGHIT[_b
ZGVGLLPL;HJ;HSP;TLJHl
0[&≤;0N[
γR[ m )])D;UI[;TLIZ;VPTITHGKQP;IT;NPTIOKPN;GH;TPVYIQP
LJGNX< `SPVP
m )].(;UI[;TLIZ;VPTITHGKQP;IT;NPTIOKPN;GH;MLHIRGHP 0N[ m 0K[;F&γR[
LJGNXl
0K[ m KJRIKGL;HPKTILP;THVPKOHS;J[;HSP;[VIQHIJK;\JLH<
4J m RIKIRMR; \JLH; HPKTIJK; UZVJJ[; LJGNX; GH QGLQMLGHPN;GTb
IKTHGLLGHIJK;GKN;RG_;\P;HGaPK;GT;;K\&,J<
0K[;m&D]B&,M\&;K;≤;,_\;;T\UγR)F&γRDX
;K\ m KPH;GVPG;J[;HSP;\JLH;GH;HSVPGNT<;GKN
`SPVP
&,J m ZVJJ[;THVPTT;Um;D]-D;,M\X]
;,M\ m MLHIRGHP;HPKTILP;THVPTT;J[;HSP;\JLHl
2"/$;j;IKT[;RG_;\P;PYGLMGHPN;GH;G;TPVYIQP;LJGN;JV;MLHIRGHP
LJGN; MTIKO; GZZVJZVIGHP; ZGVHIGL; TG[PH_; [GQHJVT<; NPZPKNIKO; MZJK ;K m KPH;HPKTILP;THVPTT;GVPG;GT;TZPQI[IPN;IK;YGVIJMT
`SPHSPV;TLIZ;VPTITHGKQP;IT;VPeMIVPN;GH;TPVYIQP;LJGN;JV;MLHIRGHP ZGVHT;J[;HSP;GQQPZHPN;THGKNGVN;o>^>U6AXp;U[JV
LJGN]
\JLHT; `SPVP; HSP; HPKTILP; THVPTT; GVPG; IT; KJH
NP[IKPN<;;K;TSGLL;\P;HGaPK;GT;HSP;GVPG;GH;HSP
$ERFB(!0($KJ@?EF(#XBNELB(`EFOBH(MGN
VJJH;J[;HSP;HSVPGNTXl
-GBMM@?@BCD(GM(/N@?D@GC(U ,MX
;T\ m TSGKa;GVPG;J[;HSP;\JLHl;GKN
U>76.)'&)>]8]6X
γR[ m ZGVHIGL;[GQHJV;J[;TG[PH_]
'"( =-%#'+%$'(#&('7-&#&%; "#%&&(&(%$'(
-#.; #&(.-(&'(#$( 12:<:2& >*Y<#+'%&5"'6$&6+%&0'+)#*+
B3;
<"=; <$=; <>=; 7JLHT;IK;G;QJKKPQHIJK;[JV;`SIQS;TLIZ;IK;HSP;TPVYIQPG\ILIH_
LIRIH; THGHP; TSGLL; \P; LIRIHPN<; `SIQS; GVP; TM\fPQHPN; HJ; G
3=; 7C93128D;464;498148H; +/$+;
HPKTIJK;[JVQP<;0:;GKN;TSPGV;[JVQP<;I<;TSGLL;TGHIT[_b
33=; 7C93128D; E01D48H; @34:; D:694; 69; 5934; @34:; 146; +/<+;
066D8;9CD4;9896;8H;;46;F344345; ( (
333=; 7C93128D; E01D48H; @34:; D:64; 69; 5934; 14H; :64@H3F; +/"+; ⎛ #*K ⎞ ⎛ <K ⎞
510;14338H; ⎜ ⎟ + ⎜ ⎟ ≤ 'LM
3;=; 7C93128D; E01D48H; @34:; D:64; 69; 5934; 14H; DF916@ +/$<; ⎝ #%K ⎠ ⎝ <%K ⎠
984100338H;@34:;3342;<4:32G48DD;<+@H+;+9=;
;=; 7C93128D; E01D48H; @34:; D:64; 69; 5934; 14H; F13448H; +/>+; `SPVP
@34:; 84:60; 3342; D3032148; 2614; <4:32G48DD;
>+@=+;+9=; IT[ a GZZLIPN;[GQHJVPN;TSPGV;GH;NPTIOK;LJGNl
;3=; 714H;E01D48H;DC93128;;13489;035:4;9CD4345; +/<$; IN[ a NPTIOK;TSPGV;THVPKOHSl
;33=; 7C93128D; E01D48H; @34:; D:64; 69; 5934; 14H; F13448H; +/>+;
@34:; 84:60; 3342; D3032148; 2614; <4:32G48DD; 0[ a PiHPVKGLL_;GZZLIPN;[GQHJVPN;HPKTIJK;GH;NPTIOK
=+@A+;+9=; LJGNl;GKN
;333=; 7C93128D; E01D48H; @34:; D:64; 69; 5934; 14H; F13448H; +/>+;
@34:; 10G103; 3342; D3032148; 2614; <4:32G48DD; ; 0N[ a NPTIOK;HPKTIJK;THVPKOHS]
=+@A+;+9=;
3I=; 7C93128; E01D48H; @34:; D:64; 69; 5934; 14H; DF916; +/<+; 12:<:; %SPVP;ZV_IKO;[JVQP<;F&GT;ILLMTHVGHPN;IK;!IO];)>
984100338H;@34:;10C9343C9;<4:32G48DD;A;<+;+9=; TSGLL; \P; QGLQMLGHPN; GT; OIYPK; \PLJ`; GKN; GNNPN; HJ; HSP
I=; /0814;9300;D2108; +/>>; HPKTIJK;IK;HSP;\JLHb
I3=; 714H;E01D48H;DC93128; +/?A;
I33=; J8H;081H;F13448H;DC93128; +/";
/B ⎡ β y % 6 $/ " 4 ⎤
H= ⎢F/ − ⎥
12:<:7:1( B*+N;R*#+!) (// ⎢
⎣ (C // /B( ⎦⎥

/SP;ZVJYITIJK;[JV;HSP;LJKO;fJIKHT;IK;12:7:7:1(TSGLL;GZZL_ `SPVP
HJ;[VIQHIJK;OVIZ;QJKKPQHIJKT;GLTJ]
7Y m NITHGKQP;[VJR;HSP;\JLH;QPKHVPLIKP;HJ;HSP;HJP
12:<:<( >636-#!M&6,!'$&57#33#+N J[;HSP;[ILLPH;`PLN;JV;HJ;SGL[;HSP;VJJH;VGNIMT
[JV;G;VJLLPN;TPQHIJK<;GKN
%SPK;[VIQHIJK;H_ZP;\JLHT;GVP;NPTIOKPN;KJH;HJ;TLIZ;JKL_
MKNPV;TPVYIQP;LJGNT<;HSP;NPTIOK;QGZGQIH_;GH;MLHIRGHP;LJGN 7P m NITHGKQP; \PH`PPK; ZV_IKO; [JVQP; GKN; \JLH

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 QPKHVPLIKP;GKN;IT;HSP;RIKIRMR;J[;PIHSPV;HSP 12:8:1:7( :;TIKOLP;[ILLPH;`PLN;TSJMLN;KJH;\P;TM\fPQHPN
PKN;NITHGKQP;JV;HSP;YGLMP;OIYPK;\_b HJ;RJRPKH;G\JMH;HSP;LJKOIHMNIKGL;GiIT;J[;HSP;`PLN]

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// = !#! "
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HSP;RIKIRMR;`PLN;LPO;TIgP];!JV;NPPZ;ZPKPHVGHIJK;`PLNT<
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β m .<;[JV;KJK;ZVP^HPKTIJKPN;\JLH;GKN;)<;[JV;ZVP^ RIKIRMR;J[;.]8;RR<;HSP;TIgP;J[;HSP;[ILLPH;TSJMLN;\P
HPKTIJKPN;\JLHl HGaPK;GT;HSP;RIKIRMR;LPO;TIgP;ZLMT;.]8;RR]
η m )](l 12:8:!:!( !JV;[ILLPH;`PLNT;RGNP;\_;TPRI^GMHJRGHIQ;JV
<P m P[[PQHIYP;`INHS;J[;[LGKOP;ZPV;ZGIV;J[;\JLHTl GMHJRGHIQ;ZVJQPTTPT<;`SPVP;HSP;NPZHS;J[;ZPKPHVGHIJK;IT
,J m ZVJJ[;THVPTT;IK;QJKTITHPKH;MKIHTl;GKN QJKTINPVG\L_;IK;PiQPTT;J[;.]8;RR<;HSP;TIgP;TSGLL;\P;HGaPK
QJKTINPVIKO; GQHMGL; NPZHS; J[; ZPKPHVGHIJK; TM\fPQH; HJ
&! m HSIQaKPTT;J[;HSP;PKN;ZLGHP] GOVPPRPKH;\PH`PPK;HSP;ZMVQSGTPV;GKN;HSP;QJKHVGQHJV]
12:8:!:7 (/SP;TIgP;J[;[ILLPH;`PLNT;TSGLL;KJH;\P;LPTT;HSGK
6;RR];/SP;RIKIRMR;TIgP;J[;HSP;[IVTH;VMK;JV;J[;G;TIKOLP
VMK;[ILLPH;`PLN;TSGLL;\P;GT;OIYPK;IK;/G\LP;.)<;HJ;GYJIN
HSP;VITa;J[;QVGQaIKO;IK;HSP;G\TPKQP;J[;ZVPSPGHIKO]
12:8:!:<; /SP;TIgP;J[;\MHH;`PLN;TSGLL;\P;TZPQI[IPN;\_
HSP;P[[PQHIYP;HSVJGH;HSIQaKPTT]
12:8:7( @,,'-!#('&0"$*6!&0"#-C+'))
12:8:7:1( /SP;P[[PQHIYP;HSVJGH;HSIQaKPTT;J[;G;[ILLPH;`PLN
TSGLL; KJH; \P; LPTT; HSGK; 6; RR; GKN; TSGLL; OPKPVGLL_; KJH
PiQPPN;D]-!:;JV;)]D!;MKNPV;TZPQIGL;QIVQMRTHGKQPT<;`SPVP
!&IT;HSP;HSIQaKPTT;J[;HSP;HSIKKPV;ZLGHP;J[;PLPRPKHT;\PIKO
`PLNPN]
12:8:7:! (!JV;HSP;ZMVZJTP;J[;THVPTT;QGLQMLGHIJK;IK;[ILLPH
`PLNT;fJIKIKO;[GQPT;IKQLIKPN;HJ;PGQS;JHSPV<;HSP;P[[PQHIYP
!14];)>;+"0712$&;, #5124;! "#+$;:2&;/$2*1"2 HSVJGH;HSIQaKPTT;TSGLL;\P;HGaPK;GT;A;HIRPT;HSP;[ILLPH;TIgP<
`SPVP; A; IT; G; QJKTHGKH<; NPZPKNIKO; MZJK; HSP; GKOLP
\PH`PPK;[MTIJK;[GQPT<;GT;OIYPK;IK;/G\LP;..]
12:8( ^BFAH(ECA(^BFA@CL
12:8:1 ;T'+'$67 $ERFB(!1(=@C@IOI(5@cB(GM(/@NHD(4OC(GN(GM(E
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#PeMIVPRPKHT;J[;`PLNT;GKN;`PLNIKO;TSGLL;QJK[JVR;HJ
HSP;GQQPZHPN;THGKNGVNT;o>^>U6BXp<;GT;GZZVJZVIGHP] U>76.)';)>](].]6X

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:;89; DF;46;14H;
TSJMLN;\P;VPHMVKPN;QJKHIKMJMTL_;GVJMKN;HSP;QJVKPVT;[JV N420CH345;
G;NITHGKQP;J[;KJH;LPTT;HSGK;H`IQP;HSP;TIgP;J[;HSP;`PLN< <"=; <$=; <>=; <?=;
MKLPTT; IH; IT; IRZVGQHIQGL; HJ; NJ; TJ]; /SIT; IT; ZGVHIQMLGVL_
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33=; "+; $+; <;
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3;=; >$; <+; A;62;239D4;9C4;
12:8:1:!( B63&R*#+! "+;269;93439C9;D338;62;@80H;
1K;HSP;QGTP;J[;LGZ;fJIKHT<;HSP;RIKIRMR;LGZ;TSJMLN;KJH 2"/$*
\P;LPTT;HSGK;[JMV;HIRPT;HSP;HSIQaKPTT;J[;HSP;HSIKKPV;ZGVH 1;%SPK;HSP;RIKIRMR;TIgP;J[;HSP;[ILLPH;`PLN;OIYPK;IK;HSP;HG\LP
IT;OVPGHPV;HSGK;HSP;HSIQaKPTT;J[;HSP;HSIKKPV;ZGVH<;HSP;RIKIRMR
fJIKPN;JV;8D;RR<;`SIQSPYPV;IT;RJVP];*IKOLP;PKN;[ILLPH TIgP;J[;HSP;`PLN;TSJMLN;\P;PeMGL;HJ;HSP;HSIQaKPTT;J[;HSP;HSIKKPV
TSJMLN;\P;MTPN;JKL_;`SPK;LGZZPN;ZGVHT;GVP;VPTHVGIKPN ZGVH];/SP;HSIQaPV;ZGVH;TSGLL;\P;GNPeMGHPL_;ZVPSPGHPN;HJ;ZVPYPKH
[VJR;JZPKIKOT];%SPK;PKN;J[;GK;PLPRPKH;IT;QJKKPQHPN QVGQaIKO;J[;HSP;`PLN]
JKL_;\_;ZGVGLLPL;LJKOIHMNIKGL;[ILLPH;`PLNT<;HSP;LPKOHS;J[ !; %SPVP; HSP; HSIQaPV; ZGVH; IT; RJVP; HSGK; (D; RR; HSIQa<; TZPQIGL
ZVPQGMHIJKT;LIaP;ZVPSPGHIKO;TSJMLN;\P;HGaPK]
HSP;`PLN;GLJKO;PIHSPV;PNOP;TSJMLN;KJH;\P;LPTT;HSGK;HSP
HVGKTYPVTP;TZGQIKO;\PH`PPK;LJKOIHMNIKGL;`PLNT]
;2 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
 $ERFB(!!(`EFOBH(GM(#(MGN(+@MMBNBCD(#CLFBH 12:8:2&J'7%&0M3')&6+%&F.67#!M
)BD]BBC(/OH@GC(/E?BH
!JV; HSP; ZMVZJTP; J[; HSIT; QJNP<; `PLN; TSGLL; \P; [ILLPH<
U>76.)'&)>](]6].X \MHH<; TLJH; JV; ZLMO; JV; QJRZJMKN; `PLNT]; %PLNIKO
PLPQHVJNPT; TSGLL; QJK[JVR; HJ; HSP; GQQPZHPN; THGKNGVN
G$)"%( =+P@E+P! E"P@"++P! "+"P@"+=P!"+HP@"">P! ""?P@"$+P!
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12:8:7:7( /SP;P[[PQHIYP;HSVJGH;HSIQaKPTT;J[;G;QJRZLPHP 12:8:;:1:1(4#77'!&K'7%)

ZPKPHVGHIJK;\MHH;`PLN;TSGLL;\P;HGaPK;GT;HSP;HSIQaKPTT;J[ &PTIOK;THVPKOHS;J[;G;[ILLPH;`PLN<;,`N;TSGLL;\P;\GTPN;JK
HSP; HSIKKPV; ZGVH; fJIKPN<; GKN; HSGH; J[; GK; IKQJRZLPHP IHT;HSVJGH;GVPG;GKN;TSGLL;\P;OIYPK;\_b
ZPKPHVGHIJK;\MHH;`PLN;TSGLL;\P;HGaPK;GT;HSP;RIKIRMR
HSIQaKPTT;J[;HSP;`PLN;RPHGL;QJRRJK;HJ;HSP;ZGVHT;fJIKPN< ,`N;m;,`K&W;γR`
PiQLMNIKO;VPIK[JVQPRPKHT] ;`SPVP
12:8:<( @,,'-!#('&B'+N!"&*$&;$'6&*,&J'7%
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12:8:<:1( /SP; P[[PQHIYP; LPKOHS; J[; [ILLPH; `PLN; TSGLL; \P
&,M m TRGLLPV;J[;HSP;MLHIRGHP;THVPTT;J[;HSP;`PLN;JV
HGaPK;GT;JKL_;HSGH;LPKOHS;`SIQS;IT;J[;HSP;TZPQI[IPN;TIgP
J[;HSP;ZGVPKH;RPHGL<;GKN
GKN; VPeMIVPN; HSVJGH; HSIQaKPTT]; 1K; ZVGQHIQP; HSP; GQHMGL
LPKOHS;J[;`PLN;IT;RGNP;J[;HSP;P[[PQHIYP;LPKOHS;TSJ`K;IK &γR` m ZGVHIGL;TG[PH_;[GQHJV;U)'';/G\LP;(X]
NVG`IKO;ZLMT;H`J;HIRPT;HSP;`PLN;TIgP<;\MH;KJH;LPTT;HSGK 12:8:;:1:!( =.!!&K'7%)
[JMV;HIRPT;HSP;TIgP;J[;HSP;`PLN]
7MHH; `PLNT; TSGLL; \P; HVPGHPN; GT; ZGVPKH; RPHGL; `IHS; G
12:8:<:!( /SP;P[[PQHIYP;LPKOHS;J[;\MHH;`PLN;TSGLL;\P;HGaPK HSIQaKPTT;PeMGL;HJ;HSP;HSVJGH;HSIQaKPTT<;GKN;HSP;THVPTTPT
GT;HSP;LPKOHS;J[;HSP;QJKHIKMJMT;[MLL;TIgP;`PLN<;\MH;KJH TSGLL;KJH;PiQPPN;HSJTP;ZPVRIHHPN;IK;HSP;ZGVPKH;RPHGL]
LPTT;HSGK;[JMV;HIRPT;HSP;TIgP;J[;HSP;`PLN]
12:8:;:1:7( 57*!&*$&37.N&K'7%)
12:8:<:7( /SP; P[[PQHIYP; GVPG; J[; G; ZLMO; `PLN; TSGLL; \P
QJKTINPVPN;GT;HSP;KJRIKGL;GVPG;J[;HSP;SJLP;IK;HSP;ZLGKP /SP;NPTIOK;TSPGV;THVPTT;JK;TLJH;JV;ZLMO;`PLNT;TSGLL;\P
J[;HSP;[G_IKO;TMV[GQP];/SPTP;`PLNT;TSGLL;KJH;\P;NPTIOKPN GT;ZPV;12:8:;:1:1]
HJ;QGVV_;THVPTTPT] 12:8:;:!( 5#!'&K'7%)
12:8:<:<( 1[( HSP( RGiIRMR( LPKOHS; 7f! J[; HSP; TINP; `PLNT /SP;NPTIOK;THVPKOHS;IK;TSPGV;GKN;HPKTIJK;[JV;TIHP;`PLNT
HVGKT[PVVIKO;TSPGV;GLJKO;IHT;LPKOHS;PiQPPNT;)(D;HIRPT;HSP RGNP;NMVIKO;PVPQHIJK;J[;THVMQHMVGL;RPR\PVT;TSGLL;\P
HSVJGH;TIgP;J[;HSP;`PLN<;!H:&HSP;VPNMQHIJK;IK;`PLN;THVPKOHS QGLQMLGHPN; GQQJVNIKO; HJ; 12:8:;:1; \MH; MTIKO; G; ZGVHIGL
GT;ZPV;HSP;LJKO;fJIKH;U)'';12:8:;:7X;TSJMLN;\P;QJKTINPVPN] TG[PH_;[GQHJV;γR`;J[;)](]
!JV;[LGKOP;HJ;`P\;QJKKPQHIJK<;`SPVP;HSP;`PLNT;GVP;LJGNPN
12:8:;:7 ;B*+N&R*#+!)
[JV;HSP;[MLL;LPKOHS<;HSP;G\JYP;LIRIHGHIJK;`JMLN;KJH;GZZL_]
%SPK;HSP;LPKOHS;J[;HSP;`PLNPN;fJIKH<;7f&J[;G;TZLIQP;JV
12:8:8& \+!'$Y#!!'+!&J'7%)
PKN;QJKKPQHIJK;IK;G;QJRZVPTTIJK;JV;HPKTIJK;PLPRPKH;IT
12:8:8:1& 9KLPTT; JHSPV`ITP; TZPQI[IPN<; HSP; IKHPVRIHHPKH OVPGHPV; HSGK; )(D; ! H<; HSP; NPTIOK; QGZGQIH_; J[; `PLN
[ILLPH;`PLNIKO;TSGLL;SGYP;GK;P[[PQHIYP;LPKOHS;J[;KJH;LPTT U)'';12:8:;:1:1X<;,`N&TSGLL;\P;VPNMQPN;\_;HSP;[GQHJVb
HSGK;[JMV;HIRPT;HSP;`PLN;TIgP<;`IHS;G;RIKIRMR;J[;8D RR]
##'/ Q
12:8:8:!( /SP; QLPGV; TZGQIKO; \PH`PPK; HSP; P[[PQHIYP βF) = !#' − &≤&)]D
!"#" 7
LPKOHST;J[;IKHPVRIHHPKH;[ILLPH;`PLN;TSGLL;KJH;PiQPPN;).
GKN;)>;HIRPT;HSP;HSIQaKPTT;J[;HSIKKPV;ZLGHP;fJIKPN<;[JV `SPVP
QJRZVPTTIJK;GKN;HPKTIJK;fJIKH<;VPTZPQHIYPL_<;GKN;IK;KJ
7f m LPKOHS;J[;HSP;fJIKH;IK;HSP;NIVPQHIJK;J[;HSP;[JVQP
QGTP;\P;RJVP;HSGK;.DD;RR]
HVGKT[PV<;GKN
12:8:8:7! 9KLPTT; JHSPV`ITP; TZPQI[IPN<; HSP; IKHPVRIHHPKH !H a HSVJGH;TIgP;J[;HSP;`PLN]
\MHH;`PLN;TSGLL;SGYP;GK;P[[PQHIYP;LPKOHS;J[;KJH;LPTT;HSGK
12:8:Q( 4#77'!&J'7%&;337#'%&!*&!"'&@%N'&*,&6&E76!'&*$
[JMV; HIRPT; HSP; `PLN; TIgP; GKN; HSP; LJKOIHMNIKGL; TZGQP
5'-!#*+
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HSGK;)>;HIRPT;HSP;HSIQaKPTT;J[;HSP;HSIKKPV;ZGVH;fJIKPN] 12:8:Q:1( %SPVP;G;[ILLPH;`PLN;IT;GZZLIPN;HJ;HSP;TeMGVP
/SP;IKHPVRIHHPKH;`PLNT;TSGLL;KJH;\P;MTPN;IK;ZJTIHIJKT PNOP;J[;G;ZGVH<;HSP;TZPQI[IPN;TIgP;J[;HSP;`PLN;TSJMLN
TM\fPQH;HJ;N_KGRIQ<;VPZPHIHIYP;GKN;GLHPVKGHIKO;THVPTTPT] OPKPVGLL_;\P;GH;LPGTH;)](;RR;LPTT;HSGK;HSP;PNOP;HSIQaKPTT

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!" #$%&'#$()*+&(,&#-).',/)'0)&#,&$)1234
 GX &PTIOK; GQHIJK; P[[PQHT; NITHVI\MHPN; HJ; YGVIJMT
PLPRPKHT; TSGLL; \P; IK; PeMILI\VIMR; `IHS; HSP
NPTIOK;GQHIJK;P[[PQHT;JK;HSP;QJKKPQHIJK<
\X #PeMIVPN;NP[JVRGHIJKT;IK;HSP;PLPRPKHT;J[;HSP
QJKKPQHIJKT; GVP; `IHSIK; HSPIV; NP[JVRGHIJKT
QGZGQIHIPT<
QX :LL; PLPRPKHT; IK; HSP; QJKKPQHIJKT; GKN; HSP
GNfGQPKH; GVPGT; J[; RPR\PVT; TSGLL; \P; QGZG\LP
J[;VPTITHIKO;HSP;NPTIOK;GQHIJK;P[[PQHT;GQHIKO;JK
HSPR<;GKN
NX +JKKPQHIJK;PLPRPKHT;TSGLL;VPRGIK;THG\LP;MKNPV
HSP;NPTIOK;GQHIJK;P[[PQHT;GKN;NP[JVRGHIJKT]
12:2:1; +JKKPQHIJKT;QGK;\P;QLGTTI[IPN;GT;VIOIN<;TPRI^
VIOIN;GKN;[LPiI\LP;[JV;HSP;ZMVZJTP;J[;GKGL_TIT;GKN;NPTIOK
GT;ZPV;HSP;VPQJRRPKNGHIJK;IK;:KKPi;$];+JKKPQHIJKT
`IHS;TM[[IQIPKH;VJHGHIJKGL;THI[[KPTT;RG_;\P;QJKTINPVPN
!14];)B;$2&;!133$/ ;%$3&;2"#0:3;/"
GT;VIOIN];$iGRZLPT;J[;VIOIN;QJKKPQHIJKT;IKQLMNP;[LMTS
&1#$+/1"2; "#;! "#+$
PKN^ZLGHP; QJKKPQHIJK; GKN; PiHPKNPN; PKN^ZLGHP
QJKKPQHIJKT]; +JKKPQHIJKT; `IHS; KPOLIOI\LP; VJHGHIJKGL
12:8:10:!:! (>*Y<#+'%&<'6$#+N:&<'+%#+N&6+%&)"'6$
THI[[KPTT; RG_; \P; QJKTINPVPN; GT; [LPiI\LP; UZIKKPNX]
%SPVP; \PGVIKO; THVPTT<; ,\V& IT; QJR\IKPN; `IHS; \PKNIKO $iGRZLPT;J[;[LPiI\LP;QJKKPQHIJKT;IKQLMNP;TIKOLP;GKN
UHPKTILP;JV;QJRZVPTTIYPX<;,\;GKN;TSPGV;THVPTTPT<;G;MKNPV NJM\LP; `P\; GKOLP; QJKKPQHIJKT; GKN; SPGNPV; ZLGHP
HSP; RJTH; MK[GYJVG\LP; QJKNIHIJKT; J[; LJGNIKO; IK; \MHH QJKKPQHIJKT];%SPVP;G;QJKKPQHIJK;QGKKJH;\P;QLGTTI[IPN
`PLNT<; HSP; PeMIYGLPKH; THVPTT<; ,P; GT; J\HGIKPN; [VJR; HSP GT; PIHSPV; VIOIN; JV; [LPiI\LP<; IH; TSGLL; \P; GTTMRPN; HJ; \P
[JLLJ`IKO;[JVRMLG<;TSGLL;KJH;PiQPPN;HSP;YGLMPT;GLLJ`PN TPRI^VIOIN];$iGRZLPT;J[;TPRI^VIOIN;QJKKPQHIJKT;IKQLMNP
[JV;HSP;ZGVPKH;RPHGLb HJZ;GKN;TPGH;GKOLP;QJKKPQHIJK;GKN;HJZ;GKN;TPGH;GKOLP
`IHS;TIKOLPWNJM\LP;`P\;GKOLPT]
&/ = & ?( + & ?2( + &? & ?2 + 5B ( 12:2:!; &PTIOK;TSGLL;\P;JK;HSP;\GTIT;J[;GK_;VGHIJKGL;RPHSJN
`SPVP TMZZJVHPN;\_;PiZPVIRPKHGL;PYINPKQP];#PTINMGL;THVPTTPT;NMP
HJ;IKTHGLLGHIJK;J[;\JLHT;JV;`PLNIKO;KJVRGLL_;KPPN;KJH;\P
,P a PeMIYGLPKH;THVPTTl QJKTINPVPN;IK;THGHIQGLL_;LJGNPN;THVMQHMVPT];+JKKPQHIJKT;IK
,\ a QGLQMLGHPN;THVPTT;NMP;HJ;\PKNIKO<;IK;2WRR.l Q_QLIQGLL_;LJGNPN;THVMQHMVPT;TSGLL;\P;NPTIOKPN;QJKTINPVIKO
,\V a QGLQMLGHPN;THVPTT;NMP;HJ;\PGVIKO<;IK;2WRR.l [GHIOMP; GT; OIYPK; IK; *PQHIJK; >UZX]; !JV; PGVHSeMGaP; LJGN
GKN QJR\IKGHIJKT<; HSP; QJKKPQHIJKT; TSGLL; \P; NPTIOKPN; HJ
`IHSTHGKN;HSP;QGLQMLGHPN;NPTIOK;GQHIJK;P[[PQHT;GKN;PiSI\IH
G a TSPGV;THVPTT<;IK;2WRR.]
VPeMIVPN;NMQHILIH_;GT;TZPQI[IPN;IK;*PQHIJK;>UKX]
12:8:11; %SPVP; G; ZGQaIKO; IT; `PLNPN; \PH`PPK; H`J
12:2:7( 7PGR;GKN;QJLMRK;TZLIQP;TSGLL;\P;NPTIOKPN;IK
RPR\PVT;GKN;IT;LPTT;HSGK;>;RR;HSIQa<;JV;IT;HJJ;HSIK;HJ
GQQJVNGKQP; `IHS; HSP; VPQJRRPKNGHIJK; OIYPK; IK; /T!
GLLJ`; ZVJYITIJK; J[; GNPeMGHP; `PLNT; JV; HJ; ZVPYPKH
GKN;/T7]
\MQaLIKO<;HSP;ZGQaIKO;TSGLL;\P;HVIRRPN;[LMTS;`IHS;HSP
PNOPT;J[;HSP;PLPRPKH;TM\fPQH;HJ;HSP;NPTIOK;GQHIJK;GKN 12:;( =@C@IOI(+BH@LC(#?D@GC(GC(-GCCB?D@GC
HSP;TIgP;J[;HSP;`PLNT;GLJKO;HSP;PNOPT;TSGLL;\P;IKQVPGTPN
JYPV; HSP; VPeMIVPN; TIgP; \_; GK; GRJMKH; PeMGL; HJ; HSP +JKKPQHIJKT;QGVV_IKO;NPTIOK;GQHIJK;P[[PQHT<;PiQPZH;[JV
HSIQaKPTT;J[;HSP;ZGQaIKO];"HSPV`ITP<;HSP;ZGQaIKO;TSGLL LGQIKO;QJKKPQHIJKT<;QJKKPQHIJKT;J[;TGO;VJNT<;ZMVLIKT;GKN
PiHPKN;\P_JKN;HSP;PNOPT;GKN;TSGLL;\P;[ILLPH;`PLNPN;HJ OIVHT<;TSGLL;\P;NPTIOKPN;HJ;HVGKTRIH;HSP;OVPGHPV;J[<
HSP;ZIPQPT;\PH`PPK;`SIQS;IH;IT;[IHHPN] GX HSP;NPTIOK;GQHIJK;IK;HSP;RPR\PVl;GKN
12:2( +BH@LC(GM(-GCCB?D@GCH \X HSP;RIKIRMR;NPTIOK;GQHIJK;P[[PQHT;PiZVPTTPN
PIHSPV; GT; HSP; YGLMP; JV; HSP; [GQHJV; HIRPT; HSP
$GQS;PLPRPKH;IK;G;QJKKPQHIJK;TSGLL;\P;NPTIOKPN;TJ;HSGH RPR\PV;NPTIOK;QGZGQIH_;[JV;HSP;RIKIRMR;TIgP
HSP;THVMQHMVP;IT;QGZG\LP;J[;VPTITHIKO;HSP;NPTIOK;GQHIJKT] J[;RPR\PV;VPeMIVPN;\_;HSP;THVPKOHS;LIRIH;THGHP<
+JKKPQHIJKT;GKN;GNfGQPKH;VPOIJKT;J[;HSP;RPR\PVT;TSGLL TZPQI[IPN;GT;[JLLJ`Tb
\P;NPTIOKPN;\_;NITHVI\MHIKO;HSP;NPTIOK;GQHIJK;P[[PQHT )X >*++'-!#*+)&#+&$#N#%&-*+)!$.-!#*+;j;:
TMQS;HSGH;HSP;[JLLJ`IKO;VPeMIVPRPKHT;GVP;TGHIT[IPNb \PKNIKO;RJRPKH;J[;GH;LPGTH;D](;HIRPT;HSP
RPR\PV;NPTIOK;RJRPKH;QGZGQIH_]

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' ;9
 .X >*++'-!#*+)& !*& <'6Y& #+& )#Y37' VPeMIVPRPKHT; IK; U8X<; U(X; GKN; U>X<
-*+)!$.-!#*+&j(:;TSPGV;[JVQP;J[;GH;LPGTH TIRMLHGKPJMTL_]
D])(; HIRPT; HSP; RPR\PV; NPTIOK; TSPGV !JV;PGVHSeMGaP;LJGN;QJR\IKGHIJKT<;HSP;NPTIOK;GQHIJK
QGZGQIH_;JV;8D;a2<;`SIQSPYPV;IT;LPTTPV] P[[PQHT;TZPQI[IPN;IK;HSIT;TPQHIJK;RG_;KPPN;HJ;\P;IKQVPGTPN
6X >*++'-!#*+)& 6!& !"'& '+%)& *,& !'+)#7'& *$ HJ;RPPH;HSP;VPeMIVPN;\PSGYIJMV;J[;HSP;THPPL;[VGRP;GKN
-*Y3$'))#*+& Y'Y<'$; j; :; [JVQP; J[; GH TSGLL;QJRZL_;`IHS;*PQHIJK;>UKX]
LPGTH; D]6; HIRPT; HSP; RPR\PV; NPTIOK
QGZGQIH_] 12:Q(%CDBNHB?D@GCH
8X 537#-')& #+& Y'Y<'$)& ).<R'-!'%& !*& 62#67 0PR\PVT; JV; QJRZJKPKHT; RPPHIKO; GH; G; fJIKH; TSGLL; \P
!'+)#*+;j;:;[JVQP;J[;GH;LPGTH;D]6;HIRPT GVVGKOPN; HJ; HVGKT[PV; HSP; NPTIOK; GQHIJKT; \PH`PPK; HSP
HSP;RPR\PV;NPTIOK;QGZGQIH_;IK;HPKTIJK] ZGVHT<;`SPVPYPV;ZVGQHIQG\LP<;`IHS;HSPIV;QPKHVJINGL;GiPT
(X 537#-')& #+& Y'Y<'$)& ).<R'-!'%& !*& 62#67 RPPHIKO;GH;G;ZJIKH];%SPVP;HSPVP;IT;PQQPKHVIQIH_;GH;fJIKHT<
-*Y3$'))#*+;j;!JV;PKNT;ZVPZGVPN;[JV;[MLL HSP;RPR\PVT;GKN;QJRZJKPKHT;TSGLL;\P;NPTIOKPN;[JV;HSP
QJKHGQH;IK;GQQJVNGKQP;`IHS;!7:;:1<;IH;TSGLL NPTIOK; \PKNIKO; RJRPKHT; `SIQS; VPTMLH; NMP; HJ
\P; ZPVRITTI\LP; HJ; QGVV_; QJRZVPTTIYP PQQPKHVIQIH_]
GQHIJKT; \_; \PGVIKO; JK; QJKHGQH; TMV[GQPT]
/SP;NITZJTIHIJK;J[;[ILLPH;`PLNT;HJ;\GLGKQP;HSP;NPTIOK
%SPK; RPR\PVT; GVP; ZVPZGVPN; [JV; [MLL
GQHIJKT; G\JMH; HSP; QPKHVJINGL; GiIT; JV; GiPT; [JV; PKN
QJKHGQH;HJ;\PGV;GH;TZLIQPT<;HSPVP;TSGLL;\P
QJKKPQHIJKT;J[;TIKOLP;GKOLP<;NJM\LP;GKOLP;GKN;TIRILGV
TM[[IQIPKH; [GTHPKPVT; HJ; SJLN; GLL; ZGVHT
H_ZP; RPR\PVT; IT; KJH; VPeMIVPN; [JV; THGHIQGLL_; LJGNPN
TPQMVPL_;IK;ZLGQP];/SP;[GTHPKPVT;TSGLL;\P
RPR\PVT; \MH; IT; VPeMIVPN; [JV; RPR\PVT<; QJKKPQHIJK
TM[[IQIPKH;HJ;HVGKTRIH;G;[JVQP;J[;GH;LPGTH
QJRZJKPKHT;TM\fPQH;HJ;[GHIOMP;LJGNIKO]
D])(;HIRPT;HSP;RPR\PV;NPTIOK;QGZGQIH_
IK;GiIGL;QJRZVPTTIJK] $QQPKHVIQIH_; \PH`PPK; HSP; QPKHVJINGL; GiPT; J[; GKOLP
%SPK;RPR\PVT;GVP;KJH;ZVPZGVPN;[JV;[MLL RPR\PVT; GKN; HSP; OGMOP; LIKPT; [JV; HSPIV; \JLHPN; PKN
QJKHGQH<; HSP; TZLIQP; RGHPVIGL; GKN; IHT QJKKPQHIJKT; RG_; \P; KPOLPQHPN; IK; THGHIQGLL_; LJGNPN
[GTHPKPVT; TSGLL; \P; GVVGKOPN; HJ; SJLN; GLL RPR\PVT<; \MH; TSGLL; \P; QJKTINPVPN; IK; RPR\PVT; GKN
ZGVHT; IK; LIKP; GKN; TSGLL; \P; NPTIOKPN; HJ QJKKPQHIJK;QJRZJKPKHT;TM\fPQH;HJ;[GHIOMP;LJGNIKO]
HVGKTRIH;G;[JVQP;J[;GH;LPGTH;D]6;HIRPT;HSP
12:9( -PG@?B(GM(/EHDBCBNH
RPR\PV; NPTIOK; QGZGQIH_; IK; GiIGL
QJRZVPTTIJK] %SPVP; TLIZ; IK; HSP; TPVYIQPG\ILIH_; LIRIH; THGHP; IT; HJ; \P
1K; GNNIHIJK<; TZLIQPT; LJQGHPN; \PH`PPK GYJINPN; IK; G; QJKKPQHIJK<; SIOS^THVPKOHS; \JLHT; IK; G
ZJIKHT;J[;P[[PQHIYP;LGHPVGL;TMZZJVH;TSGLL;\P [VIQHIJK^H_ZP;fJIKH<;[IHHPN;\JLHT;JV;`PLNT;TSGLL;\P;MTPN]
NPTIOKPN; [JV; HSP; NPTIOK; GiIGL; [JVQP<; EN %SPVP;G;fJIKH;IT;TM\fPQHPN;HJ;IRZGQH;JV;YI\VGHIJK<;PIHSPV
ZLMT;G;NPTIOK;\PKNIKO;RJRPKH<;KJH;LPTT SIOS;THVPKOHS;\JLHT;IK;G;[VIQHIJK;H_ZP;fJIKH;JV;JVNIKGV_
HSGK; HSP; NPTIOK; \PKNIKO; RJRPKH \JLHT;`IHS;LJQaIKO;NPYIQPT;JV;`PLNT;TSGLL;\P;MTPN]
DN&a&EN 7TW);DDD&`SPVP<&7T;IT;HSP;NITHGKQP
\PH`PPK; ZJIKHT; J[; P[[PQHIYP; LGHPVGL 12:10(-GCCB?D@GC(-GIJGCBCDH
TMZZJVH]
+JKKPQHIJK;QJRZJKPKHT;UQLPGHT<;OMTTPH;ZLGHPT<;\VGQaPHT
>X 537#-')&#+&,7'2.$67&Y'Y<'$);j;:;\PKNIKO
GKN; HSP; LIaPX; JHSPV; HSGK; QJKKPQHJVT<; TSGLL; SGYP; HSPIV
RJRPKH;J[;D]6;HIRPT;HSP;RPR\PV;NPTIOK
QGZGQIHIPT; GTTPTTPN; MTIKO; HSP; ZVJYITIJKT; J[; *PQHIJKT
QGZGQIH_;IK;\PKNIKO];/SIT;ZVJYITIJK;TSGLL
>UPX<;>U[X<;>UOX<;>USX;GKN;>UIX<;GT;GZZLIQG\LP]
KJH;GZZL_;HJ;TZLIQPT;NPTIOKPN;HJ;HVGKTRIH
TSPGV;[JVQP;JKL_] 12:11( #CEFKH@H(GM(E()GFDW^BFA(,NGOJ
:;TZLIQP;TM\fPQHPN;HJ;G;TSPGV;[JVQP;JKL_
12:11:1( =*7!FJ'7%&T$*.3&5.<R'-!&!*&\+1376+'&B*6%#+N
TSGLL;\P;NPTIOKPN;HJ;HVGKTRIH;HSP;NPTIOK
TSPGV; [JVQP; HJOPHSPV; `IHS; GK_; \PKNIKO 12:11:1:1; T'+'$67&Y'!"*%&*,&6+67M)#)
RJRPKH;VPTMLHIKO;[VJR;HSP;PQQPKHVIQIH_;J[
/SP;NPTIOK;[JVQP;IK;G;\JLHW`PLN;JV;NPTIOK;[JVQP;ZPV;MKIH
HSP;[JVQP;`IHS;VPTZPQH;HJ;HSP;QPKHVJIN;J[
LPKOHS;IK;G;\JLHW`PLN;OVJMZ;TM\fPQH;HJ;IK^ZLGKP;LJGNIKO
HSP;OVJMZ]
TSGLL;\P;NPHPVRIKPN;IK;GQQJVNGKQP;`IHS;HSP;[JLLJ`IKOb
-X 537#-')&#+&Y'Y<'$)&).<R'-!&!*&-*Y<#+'%
6-!#*+);h;:;TZLIQP;IK;G;RPR\PV;TM\fPQH;HJ GX /SP;QJKKPQHIJK;ZLGHPT;TSGLL;\P;QJKTINPVPN;HJ
G;QJR\IKGHIJK;J[;NPTIOK;GiIGL;HPKTIJK;JV \P; VIOIN; GKN; HJ; VJHGHP; VPLGHIYP; HJ; PGQS; JHSPV
NPTIOK; GiIGL; QJRZVPTTIJK; GKN; NPTIOK G\JMH; G; ZJIKH; aKJ`K; GT; HSP; IKTHGKHGKPJMT
\PKNIKO; RJRPKH; TSGLL; TGHIT[_ QPKHVP;J[;VJHGHIJK;J[;HSP;OVJMZ]

Q0 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
 \X 1K;HSP;QGTP;J[;G;OVJMZ;TM\fPQH;HJ;G;ZMVP;QJMZLP RPR\PV;GKN;NITHVI\MHIKO;HSP;NPTIOK;[JVQPT;GRJKO;HSP
JKL_<; HSP; IKTHGKHGKPJMT; QPKHVP; J[; VJHGHIJK `PLNT;J[;HSP;[ILLPH;`PLN;OVJMZ;TJ;GT;HJ;TGHIT[_;PeMILI\VIMR
QJIKQINPT;`IHS;HSP;OVJMZ;QPKHVJIN];1K;HSP;QGTP \PH`PPK;HSP;[ILLPH;`PLN;OVJMZ;GKN;HSP;PLPRPKHT;J[;HSP
J[;IK^ZLGKP;TSPGV;[JVQP;GZZLIPN;GH;HSP;OVJMZ QJKKPQHPN;RPR\PV]
QPKHVJIN<; HSP; IKTHGKHGKPJMT; QPKHVP; J[; HSP
12:11:7; =*7!FJ'7%&T$*.3&5.<R'-!&!*&\+1E76+'&6+%&Q.!1
VJHGHIJK;IT;GH;IK[IKIH_;GKN;HSP;NPTIOK;[JVQP;IT
*,1E76+'&B*6%#+N
MKI[JVRL_;NITHVI\MHPN;HSVJMOSJMH;HSP;OVJMZ]
1K; GLL; JHSPV; QGTPT<; PIHSPV; HSP; VPTMLHT; J[ 12:11:7:1; T'+'$67&Y'!"*%&*,&6+67M)#)
IKNPZPKNPKH;GKGL_TPT;[JV;G;ZMVP;QJMZLP;GLJKP
/SP;NPTIOK;[JVQP;IK;G;\JLH;JV;ZPV;MKIH;LPKOHS;J[;HSP;`PLN
GKN;[JV;GK;IK^ZLGKP;TSPGV;[JVQP;GZZLIPN;GH;HSP
TSGLL;\P;NPHPVRIKPN;\_;HSP;TMZPVZJTIHIJK;J[;GKGL_TIT
OVJMZ; QPKHVJIN; TSGLL; \P; TMZPVZJTPN<; JV; G
[JV;IK^ZLGKP;GKN;JMH^J[^ZLGKP;QGTPT;NITQMTTPN;IK;12:11:1
VPQJOKIgPN;RPHSJN;J[;GKGL_TIT;TSGLL;\P;MTPN]
GKN;12:11:!]
QX /SP;NPTIOK;[JVQP;IK;G;\JLH;JV;NPTIOK;[JVQP;ZPV
MKIH;LPKOHS;GH;GK_;ZJIKH;IK;HSP;OVJMZ;TSGLL;\P 12:11:7:!( ;7!'$+6!#('&6+67M)#)
GTTMRPN; HJ; GQH; GH; VIOSH; GKOLPT; HJ; HSP; VGNIMT /SP;NPTIOK;[JVQP;IK;G;\JLH;JV;ZPV;MKIH;LPKOHS;IK;HSP;[ILLPH
[VJR; HSGH; ZJIKH; HJ; HSP; IKTHGKHGKPJMT; QPKHVP< `PLN; OVJMZ; RG_; GLHPVKGHIYPL_; \P; NPHPVRIKPN; \_
GKN; TSGLL; \P; HGaPK; GT; ZVJZJVHIJKGL; HJ; HSGH QJKTINPVIKO;HSP;[ILLPH;`PLN;OVJMZ;GT;GK;PiHPKTIJK;J[;HSP
VGNIMT] QJKKPQHPN;RPR\PV;GKN;ZVJZJVHIJKIKO;HSP;NPTIOK;[JVQP
12:11:! ; =*7!FJ'7%& T$*.3& 5.<R'-!& !*& Q.!1*,1E76+' ZPV; \JLH; JV; MKIH; LPKOHS; IK; HSP; `PLN; OVJMZ; HJ; TGHIT[_
B*6%#+N PeMILI\VIMR; \PH`PPK; HSP; \JLHW`PLN; OVJMZ; GKN; HSP
PLPRPKHT;J[;HSP;QJKKPQHPN;RPR\PV]
12:11:!:1& T'+'$67&Y'!"*%&*,&6+67M)#)
!JVQP;QGLQMLGHPN;IK;HSP;RJTH;THVPTTPN;\JLH;JV;SIOSPTH
/SP;NPTIOK;[JVQP;J[;G;\JLH;IK;\JLH;OVJMZ;JV;NPTIOK;[JVQP [JVQP;ZPV;MKIH;LPKOHS;J[;HSP;`PLN;TSGLL;TGHIT[_;HSP;THVPKOHS
ZPV;MKIH;LPKOHS;IK;HSP;[ILLPH;`PLN;OVJMZ;TM\fPQH;HJ;JMH^ VPeMIVPRPKHT;J[;12:7<(12:<(JV;12:8<(GT;GZZVJZVIGHP]
J[^ZLGKP;LJGNIKO;TSGLL;\P;NPHPVRIKPN;IK;GQQJVNGKQP;`IHS
HSP;[JLLJ`IKOb 12:1!( 'OL(#CLFBH
GX &PTIOK;[JVQP;IK;HSP;\JLHT;JV;ZPV;MKIH;LPKOHS;IK 12:1!:1( 3MO; GKOLPT; QJKKPQHIKO; JMHTHGKNIKO; LPO; J[; G
HSP;[ILLPH;`PLN;OVJMZ;VPTMLHIKO;[VJR;GK_;TSPGV QSGKKPL^TSGZPN; RPR\PV; TSGLL<; GT; [GV; GT; ZJTTI\LP<; \P
[JVQP;JV;GiIGL;[JVQP;TSGLL;\P;QJKTINPVPN;HJ;\P NITZJTPN;T_RRPHVIQGLL_;`IHS;VPTZPQH;HJ;HSP;TPQHIJK;J[
PeMGLL_; TSGVPN; \_; GLL; \JLHT; IK; HSP; OVJMZ; JV HSP;RPR\PV]
MKI[JVRL_;NITHVI\MHPN;JYPV;HSP;LPKOHS;J[;HSP
12:1!:!( 1K;HSP;QGTP;J[;GKOLP;RPR\PVT<;HSP;LMO;GKOLPT
[ILLPH;`PLN;OVJMZ]
GKN;HSPIV;QJKKPQHIJKT;HJ;HSP;OMTTPH;JV;JHSPV;TMZZJVHIKO
\X &PTIOK;[JVQP;VPTMLHIKO;[VJR;G;NPTIOK;\PKNIKO
RPR\PV;TSGLL;\P;QGZG\LP;J[;NPYPLJZIKO;G;THVPKOHS;KJH
RJRPKH;TSGLL;\P;QJKTINPVPN;HJ;YGV_;LIKPGVL_
LPTT; HSGK; .D; ZPVQPKH; IK; PiQPTT; J[; HSP; [JVQP; IK; HSP
`IHS; NITHGKQP; [VJR; HSP; VPLPYGKH; QPKHVJINGL
JMHTHGKNIKO;LPO;J[;HSP;RPR\PV<;GKN;HSP;GHHGQSRPKH;J[
GiPT];/SP;[JLLJ`IKO;TSGLL;GLTJ;\P;QJKTINPVPNb
HSP; LMO; GKOLP; HJ; HSP; RGIK; GKOLP; TSGLL; \P; QGZG\LP; J[
)X 1K;\PGVIKO;H_ZP;J[;\JLH;OVJMZ;ZLGHPT;IK;HSP NPYPLJZIKO;G;THVPKOHS;KJH;LPTT;HSGK;8D;ZPVQPKH;IK;PiQPTT
QJRZVPTTIJK;TINP;J[;HSP;KPMHVGL;GiIT;GKN J[;HSP;[JVQP;IK;HSP;JMHTHGKNIKO;LPO;J[;HSP;GKOLP]
JKL_;\JLHT;IK;HSP;HPKTIJK;TINP;J[;HSP;KPMHVGL
GiIT;RG_;\P;QJKTINPVPN;[JV;QGLQMLGHIKO;HSP 12:1!:7( 1K;HSP;QGTP;J[;QSGKKPL;RPR\PVT;GKN;HSP;LIaP<
KPMHVGL;GiIT;GKN;TPQJKN;RJRPKH;J[;GVPG] HSP;LMO;GKOLPT;GKN;HSPIV;QJKKPQHIJK;HJ;HSP;OMTTPH;JV;JHSPV
TMZZJVHIKO;RPR\PV;TSGLL;\P;QGZG\LP;J[;NPYPLJZIKO;G
.X 1K;HSP;[VIQHIJK;OVIZ;\JLH;OVJMZ<;JKL_;HSP
THVPKOHS; J[; KJH; LPTT; HSGK; )D; ZPVQPKH; IK; PiQPTT; J[; HSP
\JLHT; TSGLL; \P; QJKTINPVPN; IK; HSP
[JVQP;KJH;GQQJMKHPN;[JV;\_;HSP;NIVPQH;QJKKPQHIJK;J[;HSP
QGLQMLGHIJK; J[; KPMHVGL; GiIT; GKN; TPQJKN
RPR\PV<;GKN;HSP;GHHGQSRPKH;J[;HSP;LMO;GKOLPT;HJ;HSP
RJRPKH;J[;GVPG]
RPR\PV;TSGLL;\P;QGZG\LP;J[;NPYPLJZIKO;.D;ZPVQPKH;IK
6X /SP;[ILLPH;`PLN;OVJMZ;TSGLL;\P;QJKTINPVPN
PiQPTT;J[;HSGH;[JVQP]
IK;ITJLGHIJK;[VJR;HSP;QJKKPQHPN;PLPRPKHl
[JV;HSP;QGLQMLGHIJK;J[;QPKHVJIN;GKN;TPQJKN 12:1!:<( 1K;KJ;QGTP;TSGLL;[P`PV;HSGK;H`J;\JLHT<;VIYPHT;JV
RJRPKH;J[;HSP;`PLN;LPKOHS] PeMIYGLPKH;`PLNT;\P;MTPN;[JV;GHHGQSIKO;HSP;LMO;GKOLP;HJ
HSP;OMTTPH;JV;JHSPV;TMZZJVHIKO;RPR\PV]
12:11:!:!; ;7!'$+6!#('&6+67M)#)
12:1!:8( /SP;P[[PQHIYP;QJKKPQHIJK;J[;HSP;LMO;GKOLP;TSGLL<
/SP;NPTIOK;[JVQP;ZPV;MKIH;LPKOHS;IK;G;[ILLPH;`PLNW\JLH
GT;[GV;GT;ZJTTI\LP;HPVRIKGHP;GH;HSP;PKN;J[;HSP;RPR\PV
OVJMZ;RG_;GLHPVKGHIYPL_;\P;NPHPVRIKPN;\_;QJKTINPVIKO
QJKKPQHPN<; GKN; HSP; [GTHPKIKO; J[; HSP; LMO; GKOLP; HJ; HSP
HSP;[ILLPH;`PLN;OVJMZ;GT;GK;PiHPKTIJK;J[;HSP;QJKKPQHPN
RGIK;RPR\PV;TSGLL;ZVP[PVG\L_;THGVH;IK;GNYGKQP;J[;HSP

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' Q1
NIVPQH;QJKKPQHIJK;J[;HSP;RPR\PV;HJ;HSP;OMTTPH;JV;JHSPV ;O m OVJTT;GVPG<
TMZZJVHIKO;RPR\PV] 0NK m NPTIOK;THVPKOHS;IK;HPKTIJK;J[;VPTZPQHIYP
12:1!:2 (%SPVP;LMO;GKOLPT;GVP;MTPN;HJ;QJKKPQH;GK;GKOLP ZLGHPWGKOLP; QGLQMLGHPN; IK; GQQJVNGKQP
RPR\PV<;HSP;`SJLP;GVPG;J[;HSP;RPR\PV;TSGLL;\P;HGaPK `IHS;1!:7<;GKN
GT; P[[PQHIYP; KJH`IHSTHGKNIKO; HSP; VPeMIVPRPKHT; J[ 0N\ m NPTIOK;\LJQa;TSPGV;THVPKOHS;IK;HPKTIJK
*PQHIJK >U[X] J[;VPTZPQHIYP;ZLGHPWGKOLP;QGLQMLGHPN;IK
GQQJVNGKQP;`IHS;1!:<]
'&!%(#$")*D,"E#.F($-"'%.&''"4&'(-$
1;:7( -GIJNBHH@GC(=BIRBNH
1;(^&4g%",(5$4.55(+.5%,"
1;:7:1 ( ;-!.67&>*Y3$'))#('&5!$'))
1;:1(,BCBNEF /SP;GQHMGL;QJRZVPTTIYP;THVPTT<;,Q;GH;`JVaIKO;UTPVYIQPX;LJGN<
1;:1:1( 4PKPVGL; NPTIOK; VPeMIVPRPKHT; J[; *PQHIJK; >UQX ET;J[;G;QJRZVPTTIJK;RPR\PV;TSGLL;\P;LPTT;HSGK;JV;PeMGL;HJ
TSGLL;GZZL_;IK;HSIT;TPQHIJK] HSP;ZPVRITTI\LP;QJRZVPTTIYP;THVPTT<;,GQ;GT;OIYPK;\PLJ`b
1;:1:!( 0PHSJNT;J[;THVMQHMVGL;GKGL_TIT;J[;*PQHIJK;>UNX :QHMGL;QJRZVPTTIYP;THVPTT<;,Q;m;ET;W;;P
TSGLL; GLTJ; GZZL_; HJ; HSIT; TPQHIJK]; /SP; PLGTHIQ; GKGL_TIT /SP;ZPVRITTI\LP;QJRZVPTTIYP;THVPTT<;,GQ&a;D]>D;,QN
RPHSJN;TSGLL;\P;MTPN;IK;HSP;`JVaIKO;THVPTT;NPTIOK]
`SPVP
1;:1:7( /SP;`JVaIKO;THVPTT;TSGLL;\P;QGLQMLGHPN;GZZL_IKO
VPTZPQHIYP;ZGVHIGL;TG[PH_;[GQHJVT;[JV;LJGNT<;TZPQI[IPN;IK &;P m P[[PQHIYP;TPQHIJKGL;GVPG;GT;NP[IKPN;IK;17:7:!<
/G\LP;8;[JV;HSP;LIRIH;THGHPT;J[;TPVYIQPG\ILIH_] GKN
,QN m NPTIOK; QJRZVPTTIYP; THVPTT; GT; NP[IKPN; IK
1;:1:<( 1K;LJGN;QJR\IKGHIJKT;IKYJLYIKO;`IKN;JV;TPITRIQ
17:1:!:1(U[JV;GKOLPT<;)'';17:8:1:!X<;QGLQMLGHPN
LJGNT<; HSP; ZPVRITTI\LP; THVPTTPT; IK; THPPL; THVMQHMVGL
`IHSJMH;HSP;ZGVHIGL;TG[PH_;[GQHJV<;γRD8
RPR\PVT;RG_;\P;IKQVPGTPN;\_;66;ZPVQPKH];!JV;GKQSJV
\JLHT; GKN; QJKTHVMQHIJK; LJGNT; HSIT; IKQVPGTP; TSGLL; \P 1;:7:!( ?')#N+&?'!6#7)
LIRIHPN;HJ;.(;ZPVQPKH];*MQS;GK;IKQVPGTP;IK;GLLJ`G\LP &PTIOK; J[; HSP; QJRZVPTTIJK; RPR\PVT; TSGLL; QJK[JVR
THVPTTPT;TSJMLN;KJH;\P;QJKTINPVPN;I[;HSP;`IKN;JV;TPITRIQ HJ 17:7]
LJGN;IT;HSP;RGfJV;LJGN;IK;HSP;LJGN;QJR\IKGHIJK;UTMQS;GT
GQHIKO;GLJKO;`IHS;NPGN;LJGN;GLJKPX] 1;:7:7( >*7.Y+&=6)')
/SP;ZVJYITIJKT;J[;17:<;TSGLL;\P;[JLLJ`PN;[JV;HSP;NPTIOK
1;:!( $BCH@GC(=BIRBNH
J[;QJLMRK;\GTPT<;PiQPZH;HSGH;HSP;HSIQaKPTT;J[;G;TIRZLP
1;:!:1( ;-!.67&0'+)#7'&5!$')) QJLMRK;\GTP<;!T;TSGLL;\P;QGLQMLGHPN;GTb
/SP;GQHMGL;HPKTILP;THVPTT:&,H;JK;HSP;OVJTT;GVPG;J[;QVJTT^
TPQHIJK<;;O;J[;ZLGHPT<;GKOLPT;GKN;JHSPV;HPKTIJK;RPR\PVT ( )
"* = 5% 1 ( − ML5+ ( $ & ?*
TSGLL; \P; LPTT; HSGK; JV; PeMGL; HJ; HSP; TRGLLPV; YGLMP; J[
`SPVP
ZPVRITTI\LP;HPKTILP;THVPTTPT<&,GH:;GT;OIYPK;\PLJ`b
K a MKI[JVR; ZVPTTMVP; [VJR; \PLJ`; JK; HSP; TLG\
:QHMGL;HPKTILP;THVPTT< ;,H;a&0T&F&;O
\GTP;NMP;HJ;GiIGL;QJRZVPTTIJKl
/SP;ZPVRITTI\LP;THVPTT<;,GH;IT;TRGLLPTH;J[;HSP;YGLMPT;GT 6:< m LGVOPV;GKN;TRGLLPV;ZVJfPQHIJK;J[;HSP;TLG\;\GTP
J\HGIKPN;\PLJ`b \P_JKN; HSP; VPQHGKOLP; QIVQMRTQVI\IKO; HSP
GX ;:T;OJYPVKPN;\_;_IPLNIKO;J[;OVJTT;TPQHIJKb QJLMRK<;VPTZPQHIYPL_l;GKN
,GH;m;D]>;,_ &,\T a ZPVRITTI\LP;\PKNIKO;THVPTT;IK;QJLMRK;\GTP
\X :T;OJYPVKPN;\_;VMZHMVP;J[;KPH;TPQHIJK PeMGL;HJ;D]-(;,_]
)X E76!')&.+%'$&!'+)#*+b 1;:7:< ;+N7'&5!$.!)
,GH&a;D]>B;0NKW;O
,VJYITIJKT; J[; 17:8; TSGLL; \P; MTPN; [JV; NPTIOK; J[; GKOLP
.X ;+N7')&.+%'$&!'+)#*+b THVMHT<;PiQPZH;HSGH;HSP;LIRIHIKO;GQHMGL;THVPTTPT;TSGLL;\P
,GH;a;D]>B;0NKW;O QGLQMLGHPN;IK;GQQJVNGKQP;`IHS;1;:7:1]
QX :T;OJYPVKPN;\_;\LJQa;TSPGVb
1;:7:8( B6-'%&6+%&=6!!'+'%&>*7.Y+)
,GH&a;D]>B;0N\;W;;O
/SP;LGQPN;GKN;\GHHPKPN;QJLMRKT;TSGLL;\P;NPTIOKPN;IK
`SPVP GQQJVNGKQP;`IHS;17:2;GKN;17:;<;PiQPZH;HSGH;HSP;GQHMGL
0T m GQHMGL;HPKTIJK;MKNPV;`JVaIKO;UTPVYIQPX THVPTTPT;TSGLL;\P;LPTT;HSGK;HSP;ZPVRITTI\LP;THVPTTPT;OIYPK
LJGN< IK;1;:7:1]

Q! "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
1;:<( =BIRBNH(5ORhB?DBA(DG()BCA@CL ;Y m TSPGV;GVPG;J[;HSP;QVJTT^TPQHIJK;GT;OIYPK;IK
1<:<:1]
1;:<:1( ='+%#+N&5!$'))')
1;:<:7! E76!'&T#$%'$
/SP;GQHMGL;\PKNIKO;HPKTILP;GKN;QJRZVPTTIYP;THVPTTPT<;,\H<
,\Q;GH;`JVaIKO;UTPVYIQPX;LJGN;RJRPKH<;DT;J[;G;\PKNIKO ,VJYITIJKT;J[;1<:7<(1<:<<;1<:8<(1<:2;GKN;1<:;;TSGLL;GZZL_<
RPR\PV;TSGLL;\P;LPTT;HSGK;JV;PeMGL;HJ;HSP;ZPVRITTI\LP [JV;HSP;NPTIOK;J[;ZLGHP;OIVNPV<;PiQPZH;HSGH;HSP;GLLJ`G\LP
\PKNIKO;THVPTTPT<;,G\H<;,G\Q<;VPTZPQHIYPL_<;GT;OIYPK;SPVPIK] THVPTTPT&TSGLL;QJK[JVR;HJ;1;:<:1;GKN;1;:<:!:
/SP;GQHMGL;\PKNIKO;THVPTTPT;TSGLL;\P;QGLQMLGHPN;GTb 1;:<:<( =*2&T#$%'$
,\Q;a&DT&F&LPQ GKN ,\H&a&DT&F&LPH 1K; NPTIOK; J[; \Ji; OIVNPV; HSP; ZVJYITIJKT; J[; 1<:Q; TSGLL
/SP; ZPVRITTI\LP; \PKNIKO; THVPTTPT<;,G\Q& JV&,G\H; TSGLL; \P GZZL_<;PiQPZH;HSGH;HSP;GLLJ`G\LP;\PKNIKO;THVPTTPT;TSGLL
HSP;TRGLLPV;J[;HSP;YGLMPT;J\HGIKPN;[VJR;HSP;[JLLJ`IKOb QJK[JVR;HJ;1;:<:1]

GX B6!'$677M& ).33*$!'%& <'6Y)& 6+%& <'6Y) 1;:8( -GIR@CBA(5DNBHHBH

<'+%#+N&6<*.!&!"'&Y#+*$&62#)b
1;:8:1( >*Y<#+'%&='+%#+N&6+%&5"'6$
IX ,LGTHIQ;GKN;QJRZGQH;TPQHIJKTb
,G\Q&JV&,G\H;m;D]>>;,_ #PNMQHIJK;IK;GLLJ`G\LP;RJRPKH;KPPN;KJH;\P;QJKTINPVPN
MKNPV;QJR\IKPN;\PKNIKO;GKN;TSPGV]
IIX *PRI^QJRZGQH;TPQHIJKTb
,G\Q;JV&,G\H;m;D]>D;,_ 1;:8:!(>*Y<#+'%&='+%#+N&6+%&;2#67&4*$-'
\X B6!'$677M& .+).33*$!'%& <'6Y)& ).<R'-!'%& !* 0PR\PVT;TM\fPQHPN;HJ;QJR\IKPN;GiIGL;QJRZVPTTIJK;GKN
Y6R*$&62#)&<'+%#+Nb \PKNIKO;TSGLL;\P;TJ;ZVJZJVHIJKPN;HJ;TGHIT[_;HSP;[JLLJ`IKO
,G\Q&m;D]>D;DN;W;LPQ VPeMIVPRPKHTb
,G\H&m;D]>D;DN;W;LPH ;GX D'Y<'$&)!6<#7#!M&$'G.#$'Y'+!b
QX E76!')& 6+%& )*7#%& $'-!6+N7')& <'+%#+N& 6<*.!
&G IR" & ?G" & ?GS
Y#+*$&62#)b + MLV J " + J TU ≤ 'LMW
,G\Q&a&,G\H;a&D]-(,_ & 8G" & 8?G" &8?GS
;`SPVP
&G IR" & ?G" IRS & ?GS
&LPQ<;LPH m PLGTHIQ; TPQHIJK; RJNMLMT; [JV; HSP + MLV J " + JS ≤ 'LM
QVJTT^TPQHIJK; `IHS; VPTZPQH; HJ & 8GS & 8?G" &8?GS
PiHVPRP; QJRZVPTTIJK; GKN; HPKTIJK `SPVP
[I\VPT<;VPTZPQHIYPL_l
,_ m _IPLN;THVPTT;J[;HSP;RGHPVIGLl;GKN >R_<;>Rg m PeMIYGLPKH;MKI[JVR;RJRPKH;[GQHJV;GT;ZPV
/G\LP;)A<
DN m NPTIOK; \PKNIKO; THVPKOHS; J[; G
LGHPVGLL_; MKTMZZJVHPN; \PGR; \PKH &,Q m GZZLIPN; GiIGL; QJRZVPTTIYP; THVPTT; MKNPV
G\JMH; RGfJV; GiIT<; QGLQMLGHPN; IK TPVYIQP;LJGN<
GQQJVNGKQP;`IHS;1<:!:!] &,\Q_<;,\Qg m GZZLIPN; QJRZVPTTIYP; THVPTTPT; NMP; HJ
\PKNIKO;G\JMH;HSP;RGfJV;UMX;GKN;RIKJV
1;:<:!( 5"'6$&5!$'))&#+&='+%#+N&D'Y<'$)
UOX&GiIT;J[;HSP;RPR\PV<;VPTZPQHIYPL_<
/SP; GQHMGL; TSPGV; THVPTT<; τ\; GH; `JVaIKO; LJGN<; IT; J[; G ,GQ_<;,GQg m GLLJ`G\LP; GiIGL; QJRZVPTTIYP; THVPTT; GT
\PKNIKO; RPR\PV; TSGLL; \P; LPTT; HSGK; JV; PeMGL; HJ; HSP OJYPVKPN; \_; \MQaLIKO; G\JMH; RIKJV; U_X
ZPVRITTI\LP;TSPGV;THVPTT<;τG\&OIYPK;\PLJ`b GKN;RGfJV;UgX;GiIT<;VPTZPQHIYPL_<
:QHMGL;TSPGV;THVPTT<;τ<;m;IT;W;;Y &,G\Q_:&,G\Qg m GLLJ`G\LP;\PKNIKO;QJRZVPTTIYP;THVPTTPT
NMP;HJ;\PKNIKO;G\JMH;RIKJV;UMX;GKN;RGfJV
/SP;ZPVRITTI\LP;TSPGV;THVPTT;IT;OIYPK;\_b
UOX;GiPT;J[;HSP;QVJTT^TPQHIJK;U)'';1;:<X<
;GX %SPK;TM\fPQHPN;HJ;ZMVP;TSPGVb &A_ a );s;Uλ_;h;D].X+_;≤;);s;D]A&+_<
τG\;m;D]8D;,_ &Ag a );s;Uλg;h;D].X+g;≤;);s;D]A;+g<
&\X %SPK; TM\fPQHPN; HJ; TSPGV; \MQaLIKO& U)''
1<:<:!:1Xb ML'λ TU 2"
A3/ a ' − ≥
τG\;m;D]-D;IK&W&;Y (IRTU − ML!X )
`SPVP ML'2"
&IK m NPPTIOK;TSPGV;THVPKOHS;GT;OIYPK;IK;1<:<:!:! '−
UGX<;GKN
(IRTU − ML!X ) <

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' Q7
&`SPVP 1;:2:!( ;-!.67&5!$'))')&#+&46)!'+'$)
+_<&+g a VGHIJ; J[; GQHMGL; GZZLIPN; GiIGL; THVPTT; HJ; HSP 1;:2:!:1; :QHMGL; THVPTT; IK; \JLH; IK; TSPGV<; ,T\; TSJMLN; \P
GLLJ`G\LP;GiIGL;THVPTT;[JV;\MQaLIKO;G\JMH;HSP LPTT;HSGK;JV;PeMGL;HJ;ZPVRITTI\LP;THVPTT;J[;HSP;\JLH<;,GT\
_;GKN;g;GiIT<;VPTZPQHIYPL_< GT;OIYPK;\PLJ`b
>R3/ m PeMIYGLPKH;MKI[JVR;RJRPKH;[GQHJVl;GKN /SP;GQHMGL;THVPTT;IK;\JLH;IK;TSPGV<;,T\&m;IT\;F&;T\
λ3/ m KJK^NIRPKTIJKGL; TLPKNPVKPTT; VGHIJ
/SP; ZPVRITTI\LP; THVPTT; IK; \JLH; IK; TSPGV<
U)'';1<:!:!X]
,GT\;m;D]>D;IKT\&F&;T\
\X; D'Y<'$&)!$'+N!"&$'G.#$'Y'+!b
`SPVP
:H;G;TMZZJVH;HSP;YGLMPT;,G\Q_&GKN;,G\Qg&TSGLL;\P;QGLQMLGHPN
IT\ m GQHMGL;TSPGV;[JVQP;MKNPV;`JVaIKO;UTPVYIQPX
MTIKO;LGHPVGLL_;TMZZJVHPN;RPR\PV;GKN;TSGLL;TGHIT[_b
LJGN<
&G & ?G" & IKT\ m KJRIKGL;TSPGV;QGZGQIH_;J[;HSP;\JLH;GT;OIYPK
+ + ?GS ≤ 'LM IK;12:7:7<;GKN
MLV & " &8?G" &8?GS
;T\ m KJRIKGL;ZLGIK;TSGKa;GVPG;J[;HSP;\JLH]
1;:8:7( >*Y<#+'%&='+%#+N&6+%&;2#67&0'+)#*+
1;:2:!:!; :QHMGL;THVPTT;J[;\JLH;IK;\PGVIKO;JK;GK_;ZLGHP<
0PR\PVT;TM\fPQHPN;HJ;\JHS;GiIGL;HPKTIJK;GKN;\PKNIKO , Z\; TSJMLN; \P; LPTT; HSGK; JV; PeMGL; HJ; HSP; ZPVRITTI\LP
TSGLL;\P;ZVJZJVHIJKPN;TJ;HSGH;HSP;[JLLJ`IKO;QJKNIHIJK \PGVIKO;THVPTT;J[;HSP;\JLHWZLGHP<;,GZ\;GT;OIYPK;\PLJ`b
IT;TGHIT[IPNb
:QHMGL; THVPTT; J[; \JLH; IK; \PGVIKO; JK; GK_
&5 & 95& & ZLGHP<;,Z\;m;IT\W;;Z\
+ + 95: ≤ 'LM
& 65 & 695& &695: /SP; ZPVRITTI\LP; \PGVIKO; THVPTT; J[; HSP; \JLHWZLGHP<
`SPVP ,GZ\&a&D]>D;IKZ\;W;;Z\

&,G\H_<;,G\Hg m ZPVRITTI\LP;HPKTILP;THVPTTPT;MKNPV;\PKNIKO `SPVP

G\JMH;RIKJV;U_X;GKN;RGfJV;UgX;GiIT;`SPK IKZ\ m KJRIKGL;\PGVIKO;QGZGQIH_;J[;G;\JLH;JK;GK_
\PKNIKO; GLJKP; IT; GQHIKO<; GT; OIYPK; IK ZLGHP;GT;OIYPK;IK;12:7:<<;GKN
1;:<:1] &;Z\ m KJRIKGL;\PGVIKO;GVPG;J[;HSP;\JLH;JK;GK_;ZLGHP]
1;:8:<( >*Y<#+'%&='6$#+N:&='+%#+N&6+%&5"'6$&5!$'))')
1;:2:!:7( :QHMGL;HPKTILP;THVPTT;J[;HSP;\JLH<;,H\;TSJMLN;\P
%SPVP; G; \PGVIKO; THVPTT; IT; QJR\IKPN; `IHS; HPKTILP; JV LPTT;HSGK;JV;PeMGL;HJ;ZPVRITTI\LP;HPKTILP;THVPTT;J[;HSP
QJRZVPTTIYP;THVPTT<;\PKNIKO;GKN;TSPGV;THVPTTPT;MKNPV \JLH<;,GH\;GT;OIYPK;\PLJ`b
HSP; RJTH; MK[GYJMVG\LP; QJKNIHIJKT; J[; LJGNIKO<; HSP
PeMIYGLPKH; THVPTT<; , P& J\HGIKPN; [VJR; HSP; [JLLJ`IKO :QHMGL;HPKTILP;THVPTT;J[;HSP;\JLH<;,H\;m;0T;W;;T\
[JVRMLG<;TSGLL;KJH;PiQPPN;D]B,_ /SP; ZPVRITTI\LP; HPKTILP; THVPTT; J[; HSP; \JLH<
,GH\;m;D]>D;0K\;F;T\
%/ = % ?( + % H( + % ? % H + 0τ (?
`SPVP
`SPVP &0T m HPKTIJK;IK;\JLH;MKNPV;`JVaIKO;UTPVYIQPX;LJGN<
τ\ m GQHMGL;TSPGV;THVPTT< &0K\ m NPTIOK;HPKTILP;QGZGQIH_;J[;G;\JLH;GT;OIYPK;IK
&,H m GQHMGL;HPKTILP;THVPTT< 12:7:8<;GKN
&,\ a GQHMGL;\PKNIKO;THVPTT< &;T\ m KJRIKGL;ZLGIK;TSGKa;GVPG;J[;HSP;\JLH]
&,_ m _IPLN;THVPTT<;GKN 1;:2:!:<(:QHMGL;QJRZVPTTIYP;JV;HPKTILP;JV;TSPGV;THVPTT
J[;G;`PLN<;,`&TSJMLN;\P;LPTT;HSGK;JV;PeMGL;HJ;ZPVRITTI\LP
&,Z m GQHMGL;\PGVIKO;THVPTT]
THVPTT;J[;HSP;`PLN<&,G`&GT;OIYPK;\PLJ`b
/SP;YGLMP;J[;ZPVRITTI\LP;\PKNIKO;THVPTTPT;,\Q_&GKN;,\Qg
HJ;\P;MTPN;IK;HSP;G\JYP;[JVRMLG;TSGLL;PGQS;\P;LPTTPV;J[ /SP;ZPVRITTI\LP;THVPTT;J[;HSP;`PLN<&,G`;m;D]>&,`K
HSP;YGLMPT;J[;HSP;RGiIRMR;GLLJ`G\LP;THVPTTPT;,G\Q&GKN `SPVP
,G\H&IK;\PKNIKO;G\JMH;GZZVJZVIGHP;GiIT]
,`K m KJRIKGL; TSPGV; QGZGQIH_; J[; HSP; `PLN; GT
1;:2( -GCCB?D@GCH QGLQMLGHPN;IK;12:8:;:1:1]
1;:2:1 :LL; NPTIOK; ZVJYITIJKT; J[; *PQHIJK; >UaX<; PiQPZH 1;:2:!:8( 1[;HSP;\JLH;IT;TM\fPQHPN;HJ;QJR\IKPN;TSPGV;GKN
[JV;HSP;GQHMGL;GKN;ZPVRITTI\LP;THVPTT;QGLQMLGHIJKT<;TSGLL HPKTIJK<;HSP;GQHMGL;TSPGV;GKN;GiIGL;THVPTTPT;QGLQMLGHPN
GZZL_] IK;GQQJVNGKQP;`IHS;1;:2:!:1(GKN;1;:2:!:7;NJ;KJH;PiQPPN

Q< "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
HSP;VPTZPQHIYP;ZPVRITTI\LP;THVPTTPT;,GT\;GKN&,GH\&GKN;HSP GX )].;&PGN;3JGN;U&3Xs;D](;1RZJTPN;3JGN;U13X
PiZVPTTIJK;OIYPK;\PLJ`;TSJMLN;TGHIT[_b z;.](;$GVHSeMGaP;3JGN;U$3Xl;GKN
( (
\X D]B;&PGN;3JGN;U&3X;z;.](;$GVHSeMGaP;3JGN
⎡ &*? ⎤ ⎡ &7? ⎤ U$3X]
⎢ ⎥ +⎢ ⎥ ≤ 'LM
⎣ & 8*? ⎦ ⎣ &87? ⎦ 2"/$;j;/SP;G\JYP;QJR\IKGHIJKT;KPPN;HJ;\P;QJKTINPVPN;[JV
JKL_;HSP;NPTIOK;GiIGL;[JVQPT;J[;RPR\PVT<;IOKJVIKO;TIRMLHGKPJMT
`SPVP \PKNIKO; RJRPKHT]

&,T\<;,H\ m GQHMGL; TSPGV; GKN; HPKTILP; THVPTTPT< 1Q:7( 4BHJGCHB(4BAO?D@GC(/E?DGN

VPTZPQHIYPL_l;GKN
!JV;THVMQHMVPT;NPTIOKPN;GKN;NPHGILPN;GT;ZPV;HSP;ZVJYITIJK
, GT\ <& ,GH\ ; m; ZPVRITTI\LP; TSPGV; GKN; HPKTILP; THVPTTPT J[;HSIT;TPQHIJK<;HSP;VPTZJKTP;VPNMQHIJK;[GQHJVT;TZPQI[IPN
VPTZPQHIYPL_] IK; /G\LP; .6; RG_; \P; MTPN; IK; QJKfMKQHIJK; `IHS; HSP
1;:2:7( 5!$'))')&#+&J'7%) ZVJYITIJK;IK;8;J[;,GVH;>;c*HVMQHMVGL;&PTIOK<;*PQHIJK;)
3JGNT<;!JVQPT;GKN;$[[PQHTd;J[;HSP;+JNP;[JV;QGLQMLGHIKO
1;:2:7:1( :QHMGL;THVPTTPT;IK;HSP;HSVJGH;GVPG;J[;[ILLPH;`PLNT HSP;NPTIOK;PGVHSeMGaP;[JVQPT]
TSGLL;\P;LPTT;HSGK;JV;PeMGL;HJ;ZPVRITTI\LP;THVPTTPT<;,G`<
GT;OIYPK;\PLJ`b $ERFB(!7(4BHJGCHB(4BAO?D@GC(/E?DGN_(-_(MGN
,G`;m;D]8;,_ )O@FA@CL(5KHDBI
U>76.)'&)A]6X
1;:2:7:!; :QHMGL;THVPTTPT;IK;HSP;\MHH;`PLNT;TSGLL;\P;LPTT
HSGK;HSP;ZPVRITTI\LP;THVPTT;GT;OJYPVKPN;\_;HSP;ZGVPKH '"(-#.( <#'%-#"(<##9(3%$($'($)('0$'%+(( -(
RPHGL;`PLNPN;HJOPHSPV] <"=; <$=; <>=;
3=; Y9128H;29198;D6D489DZ; ;
'&!%(#$")*G,"4&'(-$"/$4"4&%/(0($-"9#. ; 1=! :9H34196;26428449321006;E9128H;29198;<:/Y[=; ?/+;
&/.%856/F&"0#/4' ; E=! 7F82310;26428449321006;E9128H;29198;<7/Y[=; ?/<;
; 2=! :9H34196;8228449321006;E9128H;29198;<:\Y[=; ?/<;
1Q +.5%,"( #"+( +.$#%'%",( /&4 ; H=! 7F82310;8228449321006;E9128H;29198;<7\Y[=; </+;
.#4$[b*#g.('&#+5 33=; ]69844;29198;D6D489Z; ;;
; 1=! :9H34196;969844;98D3D4345;29198;<:]J[=; ?/+;
; E=! 7F82310;969844;98D3D4345;29198;<7]J[=; </+;
1Q:1( ,BCBNEF 333=; ^64@HC24308;29198D; "/<;
*HPPL; [VGRPT; TSGLL; \P; TJ; NPTIOKPN; GKN; NPHGILPN; GT; HJ
OIYP;HSPR;GNPeMGHP;THVPKOHS<;THG\ILIH_;GKN;NMQHILIH_;HJ /SP; \VGQPN; GKN; RJRPKH; VPTITHIKO; [VGRPT; QGK; \P
VPTITH;TPYPVP;PGVHSeMGaPT;IK;GLL;gJKPT;QLGTTI[IPN;IK;8;J[ NPTIOKPN;GT;KJK^NMQHILP;[VGRPT<;I[;HSPIV;JYPVGLL;SPIOSH
,GVH;>;c*HVMQHMVGL;&PTIOK<;*PQHIJK;);3JGNT<;!JVQPT;GKN HJ;JYPVGLL;`INHS;VGHIJ;NJPT;KJH;PiQPPN;)]D<;TMQS;GT;IK
$[[PQHTd; J[; HSP; +JNP; `IHSJMH; QJLLGZTP]; &MQHILIH_ IKNMTHVIGL; \MILNIKOT]; *MQS; [VGRPT; KPPN; KJH; RPPH; HSP
VPeMIVPRPKHT;IK;1Q:<;HJ;1Q:11;GKN;1Q:17;KPPN;KJH;\P NMQHILIH_; VPeMIVPRPKHT; J[; JHSPV; H_ZPT; J[; [VGRPT; GT
TGHIT[IPN; IK; QGTP; J[; KJK^NMQHILP; [VGRPT; GT; NP[IKPN TZPQI[IPN;IK;1Q:<;HJ;1Q:11;GKN;1Q:17]
IK;1Q:1!];!VGRPT<;`SIQS;[JVR;G;ZGVH;J[;HSP;OVGYIH_;LJGN
VPTITHIKO;T_THPR;\MH;GVP;KJH;IKHPKNPN;HJ;VPTITH;HSP;LGHPVGL 1Q:<( -GCCB?D@GCH_(dG@CDH(ECA(/EHDBCBNH
PGVHSeMGaP;LJGNT<;KPPN;KJH;TGHIT[_;HSP;VPeMIVPRPKHT;J[
1Q:<:1 ( :LL; \JLHT; MTPN; IK; QVIHIQGL; gJKPT; J[; [VGRPT
HSIT; TPQHIJK<; ZVJYINPN; HSP_; QGK; GQQJRRJNGHP; HSP
NPTIOKPN; HJ; VPTITH; PGVHSeMGaP; LJGNT; TSGLL; \P; [MLL_
VPTMLHIKO;NP[JVRGHIJK;`IHSJMH;ZVPRGHMVP;[GILMVP]
HPKTIJKPN;=IOS;*HVPKOHS;!VIQHIJK;4VIZ;U=*!4X;\JLHT
1Q:!( 'GEA(ECA('GEA(-GIR@CED@GCH JV;HMVKPN;GKN;[IHHPN;\JLHT];+VIHIQGL;gJKPT;J[;[VGRPT;GVP
gJKPT;J[;ZLGTHIQ;SIKOPT;J[;RJRPKH;VPTITHIKO;[VGRPT;GKN
1Q:!:1($GVHSeMGaP;LJGNT;TSGLL;\P;QGLQMLGHPN;GT;ZPV;8;J[ \PGR;HJ;QJLMRK;GT;`PLL;GT;\VGQIKO;PKN;QJKKPQHIJKT;J[
,GVH;>;c*HVMQHMVGL;&PTIOK<;*PQHIJK;);3JGNT<;!JVQPT;GKN \VGQPN;[VGRPT];/SP;ZLGTHIQ;SIKOP;gJKPT;TSGLL;\P;HGaPK
$[[PQHTd;J[;HSP;+JNP<;PiQPZH;HSGH;HSP;VPNMQHIJK;[GQHJVT GT;G;NITHGKQP;PeMGL;HJ;.;HIRPT;HSP;NPZHS;J[;HSP;RPR\PV
VPQJRRPKNPN;IK;1Q:7(RG_;\P;MTPN] [VJR;HSP;TPQHIJK;J[;RGiIRMR;\PKNIKO;RJRPKH]
1Q:!:! ( 1K; HSP; LIRIH; THGHP; NPTIOK; J[; [VGRPT; VPTITHIKO 1Q:<:!; :LL;`PLN;QJKKPQHIJKT;MTPN;IK;HSP;QVIHIQGL;gJKPT
PGVHSeMGaP;LJGNT<;HSP;LJGN;QJR\IKGHIJKT;TSGLL;QJK[JVR J[;[VGRPT;NPTIOKPN;HJ;VPTITH;PGVHSeMGaP;LJGNT;TSGLL;\P
HJ;/G\LP;8] QJRZLPHP; ZPKPHVGHIJK; \MHH; `PLNT<; PiQPZH; IK; QJLMRK
1Q:!:7( 1K;GNNIHIJK;HSP;[JLLJ`IKO;LJGN;QJR\IKGHIJK;TSGLL TZLIQPT<;`SIQS;TSGLL;QJK[JVR;HJ;1Q:8:!]
\P; QJKTINPVPN; GT; VPeMIVPN; IK; 1Q:8:1:1<( 1Q:;:7:1 1Q:<:7( 7JLHPN;fJIKHT;TSGLL;\P;NPTIOKPN;KJH;HJ;TSGVP;LJGN
GKN;1Q:11:!:!b IK;QJR\IKGHIJK;`IHS;`PLNT;JK;HSP;TGRP;[G_IKO;TMV[GQP]

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' Q8
1Q:8( -GFOICH QJK[JVR;HJ; 8;J[;,GVH;>;c*HVMQHMVGL;&PTIOK<;*PQHIJK )
3JGNT<;!JVQPT;GKN;$[[PQHTd;J[;HSP;+JNP]
1Q:8:1 >*7.Y+&5!$'+N!"
%SPK; EVWEN; IT; OVPGHPV; HSGK; D]8<; HSP; VPeMIVPRPKHT; IK 1Q:;( &NA@CENK( -GC?BCDN@?EFFK( )NE?BA( /NEIBH
1Q:8:1:1;GKN;1Q:8:1:!(TSGLL;\P;RPH< U&-)/V

`SPVP 1Q:;:1( "VNIKGV_;QJKQPKHVIQGLL_;\VGQPN;[VGRPT;U"+7!X

TSJMLN; \P; TSJ`K; HJ; `IHSTHGKN; IKPLGTHIQ; NP[JVRGHIJK
&EV m VPeMIVPN;QJRZVPTTIYP;THVPKOHS;J[;HSP;RPR\PV QJVVPTZJKNIKO;HJ;G;fJIKH;VJHGHIJK;J[;GH;LPGTH;D]D.;VGNIGKT
GT;PYGLMGHPN;[JV;LJGN;QJR\IKGHIJK;IK;/G\LP;8< `IHSJMH;NPOVGNGHIJK;IK;THVPKOHS;GKN;THI[[KPTT;\PLJ`;HSP
GKN [MLL;_IPLN;YGLMP];"VNIKGV_;QJKQPKHVIQGLL_;\VGQPN;[VGRPT
EN m NPTIOK; THVPKOHS; IK; GiIGL; QJRZVPTTIJK; GT RPPHIKO; HSP; VPeMIVPRPKHT; J[; HSIT; TPQHIJK; TSGLL; \P
J\HGIKPN;[VJR;17:1:!] NPPRPN;HJ;TGHIT[_;HSP;VPeMIVPN;IKPLGTHIQ;NP[JVRGHIJK]
1Q:8:1:1( /SP; VPeMIVPN; GiIGL; QJRZVPTTIYP; GKN; GiIGL 1Q:;:1:1; "VNIKGV_;QJKQPKHVIQGLL_;\VGQPN;[VGRPT;TSGLL
HPKTILP; THVPKOHS<; TSGLL; \P; NPHPVRIKPN; [VJR; HSP; LJGN KJH;\P;MTPN;IK;TPITRIQ;gJKPT;1?;GKN;?;GKN;[JV;\MILNIKOT
QJR\IKGHIJK; IK; 1Q:!:7<; `IHSJMH; QJKTINPVIKO; HSP `IHS;IRZJVHGKQP;[GQHJV;OVPGHPV;HSGK;MKIH_;U\;+)]DX;IK
TIRMLHGKPJMT;RJRPKHT;GT;J\HGIKPN;[VJR;HSP;GKGL_TIT] *PITRIQ;xJKP;111]
1Q:8:1:!; /SP; VPeMIVPN; GiIGL; THVPKOHS; NPHPVRIKPN 1Q:;:1:!; /SP; ZVJYITIJK; IK; HSIT; *PQHIJK; GZZL_; [JV
IK; 1Q:8:1:1( KPPN; KJH; PiQPPN; HSP; RGiIRMR; LJGN NIGOJKGL;GKN;@^\VGQIKO;JKL_];*ZPQIGLITH;LIHPVGHMVP;RG_
HVGKT[PVVPN; HJ; HSP; QJLMRK; QJKTINPVIKO; )].; HIRPT; HSP \P; QJKTMLHPN; [JV; ?; GKN; IKYPVHPN; ?^H_ZP; \VGQIKO]; F^
NPTIOK; THVPKOHS; J[; HSP; QJKKPQHIKO; \PGR; JV; \VGQP \VGQIKO; TSGLL; KJH; \P; ZPVRIHHPN; IK; T_THPRT; HJ; VPTITH
PLPRPKH<;JV;HSP;VPTITHGKQP;J[;HSP;[JMKNGHIJK;HJ;MZLI[H] PGVHSeMGaP]
1Q:8:!(537#-') 1Q:;:!; =$6-#+N&D'Y<'$)
1Q:8:!:1(:;ZGVHIGL^fJIKH;ZPKPHVGHIJK;OVJJYP;`PLN;RG_ 1Q:;:!:1; /SP;TLPKNPVKPTT;J[;\VGQIKO;RPR\PVT<;QJLMRKT
\P;ZVJYINPN;IK;GiIGLL_;LJGNPN;RPR\PV;TZLIQP<;TMQS;HSGH GKN;\PGRT;TSGLL;KJH;PiQPPN;).D]
HSP;NPTIOK;THVPKOHS;J[;HSP;fJIKHT;TSGLL;\P;GH;LPGTH;PeMGL
HJ;.DD;ZPVQPKH;J[;HSP;VPeMIVPN;THVPKOHS] 1Q:;:!:! ;/SP;VPeMIVPN;QJRZVPTTIYP;THVPKOHS;J[;\VGQIKO
RPR\PV;TSGLL;KJH;PiQPPN;D]A;HIRPT;EN<;`SPVP;EN&IT;HSP
1Q:8:!:!(/SP;RIKIRMR;VPeMIVPN;THVPKOHS;[JV;PGQS;[LGKOP NPTIOK;THVPKOHS;IK;GiIGL;QJRZVPTTIJK;U)'';17:1:!X
TZLIQP;TSGLL;\P;)].;HIRPT;,_;[;GT;TSJ`K;IK;!IO];.D<;`SPVP
;[; IT; HSP; TRGLLPV; J[; HSP; GVPG; J[; PGQS; [LGKOP; IK; HSP 1Q:;:!:7; :LJKO;GK_;LIKP;J[;\VGQIKO<;\VGQPT;GH;GLL;LPYPLT
QJKKPQHPN; QJLMRKT<; GKN; )].; HIRPT; ,_;`;GT; RIKIRMR TSGLL;\P;ZVJYINPN;TMQS;HSGH;[JV;LGHPVGL;LJGNIKO;IK;PIHSPV
VPeMIVPN; THVPKOHS; IK; QGTPT; `SPVP; `P\; TZLIQPT; GVP NIVPQHIJK<;HSP;HPKTIJK;\VGQPT;`ILL;SGYP;HJ;VPTITH;\PH`PPK
ZVJYINPN] 6D;GKN;-D;ZPVQPKH;J[;HSP;HJHGL;[LJJV;TSPGV;GH;HSGH;LPYPL]

1Q:8:!:7( /SP; \JLHPN; QJLMRK; TZLIQP; TSGLL; RPPH; HSP 1Q:;:!:<; 7VGQIKO;QVJTT^TPQHIJK;QGK;\P;ZLGTHIQ<;QJRZGQH
VPeMIVPRPKHT;J[;1Q:<(ECA(1Q:8:1] JV;TPRI^QJRZGQH<;\MH;KJH;TLPKNPV<;GT;NP[IKPN;IK;9:;:!]
1Q:;:!:8 ; !JV; GLL; \MILH^MZ; \VGQPT<; HSP; TZGQIKO; J[; HGQa
1Q:2( 5DGNBK(+N@MD
[GTHPKPVT;TSGLL;\P;TMQS;HSGH;HSP;MK[GYJMVG\LP;TLPKNPVKPTT
/SP; THJVP_; NVI[H; LIRIHT; TSGLL; QJK[JVR; HJ; 8; J[; ,GVH; > VGHIJ; J[; IKNIYINMGL; PLPRPKH<; \PH`PPK; TMQS; [GTHPKPVT<
c*HVMQHMVGL;&PTIOK<;*PQHIJK;);3JGNT<;!JVQPT;GKN;$[[PQHTd TSGLL;KJH;PiQPPN;D]8;HIRPT;HSP;OJYPVKIKO;TLPKNPVKPTT
J[;HSP;+JNP];/SP;NP[JVRGHIJK;QJRZGHI\ILIH_;J[;RPR\PVT VGHIJ; J[; HSP; \VGQP; IHTPL[]; 7JLHPN; QJKKPQHIJKT; TSGLL; \P
KJH; NPTIOKPN; HJ; VPTITH; TPITRIQ; LGHPVGL; LJGN; TSGLL; GLTJ GYJINPN;`IHSIK;HSP;RINNLP;JKP^[JMVHS;J[;HSP;QLPGV;\VGQP
LPKOHS; UD].(; HIRPT; HSP; LPKOHS; IK; HSP; RINNLPX; IK; TMQS
\MILH^MZ;\VGQPT]
1Q:;:!:2( /SP; \VGQIKO; RPR\PVT; TSGLL; \P; NPTIOKPN; TJ
HSGH;OVJTT;GVPG;_IPLNIKO;U)'';1!:!V;GKN;KJH;HSP;KPH;GVPG
VMZHMVP; U)''; 1!:7V( `JMLN; OJYPVK; HSP; NPTIOK; HPKTILP
THVPKOHS]
1Q:;:7; =$6-#+N&>*++'-!#*+)
1Q:;:7:1; $KN;QJKKPQHIJKT;IK;\VGQIKOT;TSGLL;\P;NPTIOKPN
HJ;`IHSTHGKN;HSP;RIKIRMR;J[;HSP;[JLLJ`IKOb
!14];.D;,:#/1:3;,$2$/#:/1"2;4#""?$;%$3&;12 GX :;HPKTILP;[JVQP;IK;HSP;\VGQIKO;PeMGL;HJ;)].&,_;;Ol
+ "3902;*,31+$

Q2 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
 \X !JVQP;IK;HSP;\VGQP;NMP;HJ;LJGN;QJR\IKGHIJKT IKNIYINMGL;PLPRPKH;\PH`PPK;TMQS;QJKKPQHIJKT;TSGLL;KJH
IK;1Q:!:7l;GKN PiQPPN;D]8;HIRPT;HSP;OJYPVKIKO;TLPKNPVKPTT;VGHIJ;J[;HSP
QX 0GiIRMR;[JVQP;HSGH;IT;HVGKT[PVVPN;HJ;HSP;\VGQP \VGQP;IHTPL[];7JLHPN;QJKKPQHIJK;TSGLL;\P;GYJINPN;`IHSIK
\_;HSP;T_THPR<;\GTPN;JK;GKGL_TIT] HSP;RINNLP;JKP^[JMVHS;J[;HSP;QLPGV;\VGQP;LPKOHS;UD].(
HIRPT;HSP;LPKOHS;IK;HSP;RINNLPX]
1Q:;:7:!; /SP;QJKKPQHIJK;TSJMLN;\P;QSPQaPN;[JV;HPKTIJK
VMZHMVP; GKN; \LJQa; TSPGV; MKNPV; HSP; LJGN; NPHPVRIKPN 1Q:Q:!:;( /SP; \VGQIKO; RPR\PVT; TSGLL; \P; NPTIOKPN; TJ
IK 1Q:;:7:1] HSGH;OVJTT;GVPG;_IPLNIKO;U)'';1!:!X;GKN;KJH;HSP;KPH;GVPG
VMZHMVP; U)''; 1!:7X( `JMLN; OJYPVK; HSP; NPTIOK; HPKTILP
1Q:;:7:7; /SP;QJKKPQHIJK;TSGLL;\P;NPTIOKPN;HJ;`IHSTHGKN THVPKOHS]
G;RJRPKH;J[;)].;HIRPT;HSP;[MLL;ZLGTHIQ;RJRPKH;J[;HSP
\VGQPN;TPQHIJK;G\JMH;HSP;\MQaLIKO;GiIT] 1Q:Q:7; =$6-#+N&>*++'-!#*+)
1Q:;:7:<; 4MTTPH;ZLGHPT;TSGLL;\P;QSPQaPN;[JV;\MQaLIKO 1Q:Q:7:1; 7VGQIKO;PKN;QJKKPQHIJKT;TSGLL;\P;NPTIOKPN;HJ
JMH;J[;HSPIV;ZLGKP] `IHSTHGKN;HSP;RIKIRMR;J[;HSP;[JLLJ`IKOb
GX :;HPKTILP;[JVQP;IK;HSP;\VGQIKO;PeMGL;HJ;)])&,_;Ol
1Q:Q( 5JB?@EF(-GC?BCDN@?EFFK()NE?BA(/NEIBH(U5-)/V
GKN
1Q:Q:1( *ZPQIGL;QJKQPKHVIQGLL_;\VGQPN;[VGRPT;U*+7!X \X 0GiIRMR;[JVQP;HSGH;QGK;\P;HVGKT[PVVPN;HJ;HSP
TSJMLN; \P; TSJ`K; HJ; `IHSTHGKN; IKPLGTHIQ; NP[JVRGHIJK \VGQP;\_;HSP;T_THPR]
QJVVPTZJKNIKO;HJ;G;fJIKH;VJHGHIJK;J[;GH;LPGTH;D]D8;VGNIGKT
`IHSJMH;NPOVGNGHIJK;IK;THVPKOHS;GKN;THI[[KPTT;\PLJ`;HSP 1Q:Q:7:!; /SP;QJKKPQHIJK;TSJMLN;\P;QSPQaPN;[JV;HPKTIJK
[MLL;_IPLN;YGLMP];*ZPQIGL;QJKQPKHVIQGLL_;\VGQPN;[VGRPT VMZHMVP; GKN; \LJQa; TSPGV; MKNPV; HSP; LJGN; NPHPVRIKPN
RPPHIKO; HSP; VPeMIVPRPKHT; J[; HSIT; *PQHIJK; TSGLL; \P IK 1Q:Q:7:1]
NPPRPN;HJ;TGHIT[_;HSP;VPeMIVPN;IKPLGTHIQ;NP[JVRGHIJK] 1Q:Q:7:7; /SP;QJKKPQHIJK;TSGLL;\P;NPTIOKPN;HJ;`IHSTHGKN
1Q:Q:1:1 (*ZPQIGL;QJKQPKHVIQGLL_;\VGQPN;[VGRPT;U*+7!X G;RJRPKH;J[;)].;HIRPT;HSP;[MLL;ZLGTHIQ;RJRPKH;J[;HSP
RG_; \P; MTPN; IK; GK_; TPITRIQ; gJKP; U)''; 8; J[; ,GVH; > \VGQPN;TPQHIJK;G\JMH;HSP;QVIHIQGL;\MQaLIKO;GiIT]
c*HVMQHMVGL;&PTIOK<;*PQHIJK;);3JGNT<;!JVQPT;GKN;$[[PQHTd 1Q:Q:7:<; 4MTTPH;ZLGHPT;TSGLL;\P;QSPQaPN;[JV;\MQaLIKO
J[;HSP;+JNPX;GKN;[JV;GK_;\MILNIKO;UIRZJVHGKQP^[GQHJV JMH;J[;HSPIV;ZLGKP]
YGLMPX]
1Q:Q:<; >*7.Y+
1Q:Q:1:! ; /SP; ZVJYITIJK; IK; HSIT; *PQHIJK; GZZL_; [JV
NIGOJKGL;GKN;@^\VGQIKO;JKL_];*ZPQIGLITH;LIHPVGHMVP;RG_ 1Q:Q:<:1( /SP; QJLMRK; TPQHIJKT; MTPN; IK; TZPQIGL
\P; QJKTMLHPN; [JV; ?; GKN; IKYPVHPN^?; H_ZP; \VGQIKO]; F QJKQPKHVIQGLL_;\VGQPN;[VGRPT;U*+7!X;TSGLL;\P;ZLGTHIQ
\VGQIKO; TSGLL; KJH; \P; ZPVRIHHPN; IK; T_THPR; HJ; VPTITH GT;NP[IKPN;IK;9:;:!]
PGVHSeMGaP] 1Q:Q:<:!; *ZLIQPT;TSGLL;\P;LJQGHPN;`IHSIK;HSP;RINNLP;JKP^
1Q:Q:!; =$6-#+N&D'Y<'$) HSIVN; J[; HSP; QJLMRK; QLPGV; SPIOSH]; *ZLIQPT; TSGLL; \P
NPTIOKPN;[JV;HSP;[JVQPT;HSGH;QGK;\P;HVGKT[PVVPN;HJ;IH];1K
1Q:Q:!:1 ( 7VGQIKO; RPR\PVT; TSGLL; \P; RGNP; J[; $.(D7 GNNIHIJK<; TZLIQPT; IK; QJLMRKT; TSGLL; \P; NPTIOKPN; HJ
THPPL;J[;HSP;GQQPZHPN;THGKNGVN;o>^>U>Xp;JV;J[;THPPL;SGYIKO NPYPLJZ; GH; LPGTH; HSP; KJRIKGL; TSPGV; THVPKOHS; J[; HSP
+SGVZ_; ?^KJHQS; PKPVO_; KJH; LPTT; HSGK; .-; E; GH; HSP TRGLLPV; QJKKPQHPN; RPR\PV; GKN; (D; ZPVQPKH; J[; HSP
RIKIRMR;NPTIOK;HPRZPVGHMVP] KJRIKGL; [LPiMVGL; THVPKOHS; J[; HSP; TRGLLPV; QJKKPQHPN
1Q:Q:!:!( /SP;TLPKNPVKPTT;J[;\VGQIKO;RPR\PVT;TSGLL;KJH TPQHIJK]
PiQPPN;)>D;UPiQPZH;[JV;SGKOPV;PLPRPKHT<;`SIQS;TMZZJVH
1Q:9(.??BCDN@?EFFK()NE?BA(/NEIBH(U.)/V
JKL_;OVGYIH_;LJGNX]
$QQPKHVIQGLL_;\VGQPN;[VGRPT;U$7!X;TSGLL;\P;NPTIOKPN
1Q:Q:!:7; /SP;VPeMIVPN;QJRZVPTTIYP;THVPKOHS;J[;\VGQIKO
IK;GQQJVNGKQP;`IHS;TZPQIGLITH;LIHPVGHMVP]
RPR\PV;TSGLL;KJH;PiQPPN;HSP;NPTIOK;THVPKOHS;IK;GiIGL
QJRZVPTTIJK;EN;U)'';17:1:!X] 1Q:10( &NA@CENK(=GIBCD(4BH@HD@CL(/NEIBH(U&=4/V
1Q:Q:!:<; :LJKO; GK_; LIKP; J[; \VGQIKO<; \VGQPT; TSGLL; \P 1Q:10:1& "VNIKGV_;RJRPKH;VPTITHIKO;[VGRPT;U"0#!X
ZVJYINPN;TMQS;HSGH;[JV;LGHPVGL;LJGNIKO;IK;PIHSPV;NIVPQHIJK< TSJMLN; \P; TSJ`K; HJ; `IHSTHGKN; IKPLGTHIQ; NP[JVRGHIJK
HSP;HPKTIJK;\VGQPT;`ILL;VPTITH;\PH`PPK;6D;GKN;-D;ZPVQPKH QJVVPTZJKNIKO;HJ;G;fJIKH;VJHGHIJK;J[;D]D.;VGNIGKT;`IHSJMH
J[;HSP;LJGN] NPOVGNGHIJK;IK;THVPKOHS;GKN;THI[[KPTT;\PLJ`;HSP;[MLL;_IPLN
1Q:Q:!:8( 7VGQPN; QVJTT^TPQHIJK; TSGLL; \P; ZLGTHIQ; GT YGLMP;UDZX];"VNIKGV_;RJRPKH;VPTITHIKO;[VGRPT;RPPHIKO
NP[IKPN;IK;9:;:!] HSP; VPeMIVPRPKHT; J[; HSIT; TPQHIJK; TSGLL; \P; NPPRPN; HJ
TGHIT[_;HSP;VPeMIVPN;IKPLGTHIQ;NP[JVRGHIJK]
1Q:Q:!:2; 1K; \MILH^MZ; \VGQPT<; HSP; TZGQIKO; J[; HGQa
QJKKPQHIJKT;TSGLL;\P;TMQS;HSGH;HSP;TLPKNPVKPTT;VGHIJ;J[ 1Q:10:1:1; "VNIKGV_;RJRPKH;VPTITHIKO;[VGRPT;U"0#!X

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' Q;
TSGLL;KJH;\P;MTPN;IK;*PITRIQ;xJKPT;1?;GKN;?;GKN;[JV VIOIN;U)'';:KKPi;$X;GKN;NPTIOKPN;HJ;`IHSTHGKN;G;RJRPKH
\MILNIKOT; `IHS; IRZJVHGKQP; [GQHJV; OVPGHPV; HSGK; MKIH_ J[; GH; LPGTH; )].; HIRPT; HSP; [MLL; ZLGTHIQ; RJRPKH; J[; HSP
U\&+)]DX;IK;*PITRIQ;xJKP;111] QJKKPQHPN;\PGR];%SPK;G;VPNMQPN;\PGR;TPQHIJK;IT;MTPN
IK;HSP;ZLGTHIQ;SIKOP;gJKP<;IHT;RIKIRMR;[LPiMVGL;THVPKOHS
1Q:10:!( ='6Y1!*1>*7.Y+&h*#+!)&6+%&>*++'-!#*+)
TSGLL; \P; GH; LPGTH; PeMGL; HJ; D]A; HIRPT; HSP; [MLL; ZLGTHIQ
+JKKPQHIJKT; GVP; ZPVRIHHPN; HJ; \P; VIOIN; JV; TPRI^VIOIN RJRPKH;J[;HSP;MKVPNMQPN;TPQHIJK]
RJRPKH; QJKKPQHIJKT; GKN; TSJMLN; TGHIT[_; HSP; QVIHPVIG
1Q:11:!:!; /SP; QJKKPQHIJK; TSGLL; \P; NPTIOKPN; HJ
IK 1Q:10:!:1;HJ(1Q:10:!:8]
`IHSTHGKN;G;TSPGV;VPTMLHIKO;[VJR;HSP;LJGN;QJR\IKGHIJK
1Q:10:!:1; #IOIN; RJRPKH; QJKKPQHIJKT; TSJMLN; \P )].&3; s; D](13; ZLMT; HSP; TSPGV; VPTMLHIKO; [VJR; HSP
NPTIOKPN;HJ;`IHSTHGKN;G;RJRPKH;J[;GH;LPGTH;)].;HIRPT;J[ GZZLIQGHIJK;J[;)].DZ;IK;HSP;TGRP;NIVPQHIJK<;GH;PGQS;PKN
PIHSPV;HSP;[MLL;ZLGTHIQ;RJRPKH;J[;HSP;QJKKPQHPN;\PGR J[;HSP;\PGR;UQGMTIKO;NJM\LP;QMVYGHMVP;\PKNIKOX];/SP
JV;HSP;RGiIRMR;RJRPKH;HSGH;QGK;\P;NPLIYPVPN;\_;HSP TSPGV; THVPKOHS; KPPN; KJH; PiQPPN; HSP; VPeMIVPN; YGLMP
\PGR;HJ;HSP;fJIKH;NMP;HJ;HSP;IKNMQPN;`PGaKPTT;GH;HSP QJVVPTZJKNIKO;HJ;HSP;LJGN;QJR\IKGHIJK;IK;1Q:!:7]
PKNT;J[;HSP;\PGR<;`SIQSPYPV;IT;LPTT]
1Q:11:!:7( 1K;QJLMRK;THVJKO;GiIT;QJKKPQHIJKT;U\PGR;GKN
1Q:10:!:!; *PRI^VIOIN;QJKKPQHIJKT;TSJMLN;\P;NPTIOKPN QJLMRK;`P\;IK;HSP;TGRP;ZLGKPX<;HSP;ZGKPL;gJKP;TSGLL;\P
HJ;`IHSTHGKN;PIHSPV;G;RJRPKH;J[;GH;LPGTH;D](;HIRPT;HSP QSPQaPN;[JV;TSPGV;\MQaLIKO;IK;GQQJVNGKQP;`IHS;1<:<:!
[MLL; ZLGTHIQ; RJRPKH; J[; HSP; QJKKPQHPN; \PGR; JV; HSP GH;HSP;NPTIOK;TSPGV;NP[IKPN;IK;1Q:11:!:!];+JLMRK;`P\
RGiIRMR;RJRPKH;HSGH;QGK;\P;NPLIYPVPN;\_;HSP;T_THPR< NJM\LPV; ZLGHPT; JV; NIGOJKGL; THI[[PKPVT; RG_; \P; MTPN; HJ
`SIQSPYPV;IT;LPTT];/SP;NPTIOK;RJRPKH;TSGLL;\P;GQSIPYPN THVPKOHSPK;HSP;`P\;GOGIKTH;TSPGV;\MQaLIKO]
`IHSIK;G;VJHGHIJK;J[;D]D);VGNIGKT];/SP;IK[JVRGHIJK;OIYPK
1Q:11:!:<; /SP;IKNIYINMGL;HSIQaKPTT;J[;HSP;QJLMRK;`P\T
IK;:KKPi;$;RG_;\P;MTPN;[JV;QSPQaIKO]
GKN;NJM\LPV;ZLGHPT<;TSGLL;TGHIT[_;HSP;[JLLJ`IKOb
1Q:10:!:7; /SP; THI[[KPTT; GKN; THVPKOHS; J[; TPRI^VIOIN
!;+;U%Z;s;<ZX;W;BD
QJKKPQHIJKT;TSGLL;\P;GQQJMKHPN;[JV;IK;HSP;NPTIOK;GKN
HSP;JYPVGLL;THG\ILIH_;J[;HSP;[VGRP;TSGLL;\P;PKTMVPN] `SPVP

1Q:10:!:<; /SP;VIOIN;GKN;TPRI^VIOIN;QJKKPQHIJKT;TSJMLN ! m HSIQaKPTT;J[;QJLMRK;`P\;JV;NJM\LPV;ZLGHP<

\P;NPTIOKPN;HJ;`IHSTHGKN;G;TSPGV;VPTMLHIKO;[VJR;HSP;LJGN %Z a ZGKPL^gJKP;NPZHS;\PH`PPK;QJKHIKMIH_;ZLGHPT
QJR\IKGHIJK; )].&3 s D](13; ZLMT; HSP; TSPGV U)'';!IO];.)X<;GKN
QJVVPTZJKNIKO; HJ; HSP; NPTIOK; RJRPKH; NP[IKPN <Z m ZGKPL^gJKP;`INHS;\PH`PPK;QJLMRK;[LGKOPT]
IK;1Q:10:!:1;GKN;1Q:10:!:!:;VPTZPQHIYPL_]
1Q:10:!:8; 1K;VIOIN;[MLL_;`PLNPN;QJKKPQHIJKT<;QJKHIKMIH_
ZLGHPT; o[JV; HPKTIJK; THI[[PKPVT<& )''; 1<:;:1:1U[Xp; J[
HSIQaKPTT;PeMGL;HJ;JV;OVPGHPV;HSGK;HSP;HSIQaKPTT;J[;HSP
\PGR;[LGKOP;TSGLL;\P;ZVJYINPN;GKN;`PLNPN;HJ;HSP;QJLMRK
[LGKOPT;GKN;`P\]

1Q:11( 5JB?@EF(=GIBCD(4BH@HD@CL(/NEIBH(U5=4/V
1Q:11:1 ;*ZPQIGL;RJRPKH;VPTITHIKO;[VGRPT;U*0#!X;TSGLL
\P;RGNP;J[;$.(D7;THPPL;J[;HSP;GQQPZHPN;THGKNGVN;o>^>U>Xp
JV;J[;THPPL;SGYIKO;+SGVZ_;?^KJHQS;PKPVO_<;$;+;.-E;GKN
TSJMLN; \P; TSJ`K; HJ; `IHSTHGKN; IKPLGTHIQ; NP[JVRGHIJK
QJVVPTZJKNIKO;HJ;G;fJIKH;VJHGHIJK;J[;D]D8;VGNIGK;`IHSJMH
NPOVGNGHIJK;IK;THVPKOHS;GKN;THI[[KPTT;\PLJ`;HSP;[MLL;_IPLN
YGLMP;UDZX]; *ZPQIGL; RJRPKH; VPTITHIKO; [VGRPT; RPPHIKO
!14];.);+"2/1291/5;,3:/$*
HSP;VPeMIVPRPKHT;J[;HSIT;*PQHIJK;TSGLL;\P;NPPRPN;HJ;TGHIT[_
HSP;VPeMIVPN;IKPLGTHIQ;NP[JVRGHIJK] 1Q:11:!:8; +JKHIKMIH_; ZLGHPT; UHPKTIJK; THI[[PKPVX
U)'';1<:;X;TSGLL;\P;ZVJYINPN;IK;GLL;THVJKO;GiIT;`PLNPN
1Q:11:1:1( *ZPQIGL; RJRPKH; VPTITHIKO; [VGRPT; U*0#!X
QJKKPQHIJKT;PiQPZH;IK;PKN;ZLGHP;QJKKPQHIJK]
RG_; \P; MTPN; IK; GK_; TPITRIQ; gJKP; U)''; (; J[; ,GVH; >
c*HVMQHMVGL;&PTIOK<;*PQHIJK;);3JGNT<;!JVQPT;GKN;$[[PQHTd 1Q:11:7( ='6Y&6+%&>*7.Y+&B#Y#!6!#*+
J[;HSP;+JNPX;GKN;[JV;GK_;\MILNIKOT;UIRZJVHGKQP^[GQHJV
1Q:11:7:1; 7PGR;GKN;QJLMRK;TPQHIJKT;TSGLL;\P;PIHSPV
YGLMPTX]
ZLGTHIQ; JV; QJRZGQH; GT; NP[IKPN; IK; 9:;:!]; :H; ZJHPKHIGL
1Q:11:!; ='6Y1!*1-*7.Y+&h*#+!)&6+%&>*++'-!#*+) ZLGTHIQ;SIKOP;LJQGHIJKT<;HSP_;TSGLL;KPQPTTGVIL_;\P;ZLGTHIQ]
1Q:11:!:1; :LL; \PGR^HJ^QJLMRK; QJKKPQHIJKT; TSGLL; \P 1Q:11:7:!; /SP;TPQHIJK;TPLPQHPN;[JV;\PGRT;GKN;QJLMRKT

QQ "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
TSGLL;TGHIT[_;HSP;[JLLJ`IKO;VPLGHIJKb GX +JVVJTIJK;[GHIOMP<
\X 3J`;Q_QLP;USIOS;THVPTTX;[GHIOMP<
∑A HG
≥ !#' QX /SPVRGL;[GHIOMP<
∑A H? NX *HVPTT;QJVVJTIJK;QVGQaIKO<
`SPVP PX $[[PQHT;J[;SIOS;HPRZPVGHMVP;U+;)(Dk+X<;GKN
[X $[[PQHT;J[;LJ`;HPRZPVGHMVP;Uv;\VIHHLP;HVGKTIHIJK
∑DJ? m TMR;J[;HSP;RJRPKH;QGZGQIH_;IK;HSP;QJLMRK HPRZPVGHMVPX]
G\JYP;GKN;\PLJ`;HSP;\PGR;QPKHVPLIKPl;GKN
19:1:1( !JV; HSP; ZMVZJTP; J[; NPTIOK; GOGIKTH; [GHIOMP<
∑DJR m TMR;J[;HSP;RJRPKH;QGZGQIH_;IK;HSP;\PGRT;GH NI[[PVPKH; NPHGILT; UJ[; RPR\PVT; GKN; QJKKPQHIJKTX; GVP
HSP; IKHPVTPQHIJK; J[; HSP; \PGR; GKN; QJLMRK QLGTTI[IPN;MKNPV;NI[[PVPKH;[GHIOMP;QLGTT];/SP;NPTIOK;THVPTT
QPKHVPLIKPT] VGKOP;QJVVPTZJKNIKO;HJ;YGVIJMT;KMR\PV;J[;Q_QLPT<;GVP
1K;HGLL;\MILNIKOT<;SIOSPV;RJNP;P[[PQHT;TSGLL;\P;GQQJMKHPN OIYPK;[JV;PGQS;[GHIOMP;QLGTT];/SP;VPeMIVPRPKHT;J[;HSIT
[JV;IK;GQQJVNGKQP;`IHS;TZPQIGLITH;LIHPVGHMVP] *PQHIJK;TSGLL;\P;TGHIT[IPN;`IHS<;GH;PGQS;QVIHIQGL;LJQGHIJK
J[;HSP;THVMQHMVP;TM\fPQHPN;HJ;Q_QLIQ;LJGNIKO<;QJKTINPVIKO
1Q:11:7:7( 3GHPVGL;TMZZJVH;HJ;HSP;QJLMRK;IK;G;NIVPQHIJK
VPLPYGKH; KMR\PV; J[; Q_QLPT; GKN; RGOKIHMNPT; J[; THVPTT
ZPVZPKNIQMLGV;HJ;HSP;`P\;J[;HSP;\PGR;TSGLL;\P;ZVJYINPN
VGKOP;PiZPQHPN;HJ;\P;PiZPVIPKQPN;NMVIKO;HSP;LI[P;J[;HSP
GH;\JHS;HJZ;GKN;\JHHJR;\PGR;[LGKOP;LPYPLT;TJ;GT;HJ;VPTITH
THVMQHMVP]
GH;LPGTH;.;ZPVQPKH;J[;HSP;\PGR;[LGKOP;THVPKOHS<;PiQPZH
[JV;HSP;QGTP;NPTQVI\PN;IK;1Q:11:7:<] 19:! (+BH@LC
1Q:11:7:<( :;ZLGKP;[VGRP;NPTIOKPN;GT;KJK^T`G_;IK;HSP 19:!:1( H','$'+-'&?')#N+&>*+%#!#*+
NIVPQHIJK;ZPVZPKNIQMLGV;HJ;IHT;ZLGKP<;TSGLL;\P;QSPQaPN
[JV;\MQaLIKO<;MKNPV;HSP;LJGN;QJR\IKGHIJK;GT;TZPQI[IPN /SP;THGKNGVN;*^2&QMVYPT;[JV;PGQS;NPHGIL;QGHPOJV_;GVP
IK;1Q:8:1:1] OIYPK;[JV;HSP;[JLLJ`IKO;QJKNIHIJKTb
GX &PHGIL; IT; LJQGHPN; IK; G; VPNMKNGKH; LJGN; ZGHS<
1Q:1! ("GCT+O?D@FB()NE?BA(ECA(=GIBCD(4BH@HD@CL
`SPVPIK;LJQGL;[GILMVP;GH;HSGH;NPHGIL;GLJKP;`ILL
/NEIBH
KJH;LPGN;HJ;JYPVGLL;QJLLGZTP;J[;HSP;THVMQHMVP]
!VGRPT;`SIQS;NJ;KJH;RPPH;HSP;NMQHILIH_;VPeMIVPRPKHT \X 2JRIKGL;THVPTT;SITHJV_;GH;HSP;LJQGL;ZJIKH;IK;HSP
J[;HSP;1Q:<(HJ;1Q:11;GKN;1Q:17;GKN;NPTIOKPN;GT;ZPV;HSP NPHGIL;IT;PTHIRGHPNWPYGLMGHPN;\_;G;QJKYPKHIJKGL
VPTZJKTP; VPNMQHIJK; [GQHJV; [JV; KJK^NMQHILP; [VGRPT RPHSJN;`IHSJMH;HGaIKO;IKHJ;GQQJMKH;HSP;LJQGL
TZPQI[IPN;IK;/G\LP;.6;TSGLL;\P;QLGTTI[IPN;GT;KJK^NMQHILP THVPTT;QJKQPKHVGHIJK;P[[PQHT;NMP;HJ;HSP;NPHGIL]
[VGRPT];/SPTP;[VGRPT;TSGLL;SGYP;SPIOSH;HJ;TZGK;VGHIJ QX 3JGN;Q_QLPT;GVP;KJH;SIOSL_;IVVPOMLGV]
KJH;PiQPPNIKO;)]D<;TMQS;GT;IK;IKNMTHVIGL;\MILNIKOT]
NX &PHGILT; GVP; GQQPTTI\LP; [JV; GKN; TM\fPQH; HJ
1Q:17( -GFOIC()EHB(-GCCB?D@GCH VPOMLGV;IKTZPQHIJK]
PX *HVMQHMVP;IT;PiZJTPN;HJ;JKL_;RILNL_;QJVVJTIYP
1Q:17:1 ( !IiPN; QJLMRK; \GTPT; GKN; HSPIV; GKQSJV; \JLHT PKYIVJKRPKH; GT; IK; KJVRGL; GHRJTZSPVIQ
TSJMLN;\P;NPTIOKPN;HJ;`IHSTHGKN;G;RJRPKH;J[;)].;HIRPT QJKNIHIJK; GKN; TMIHG\L_; ZVJHPQHPN; GOGIKTH
HSP;[MLL;ZLGTHIQ;RJRPKH;QGZGQIH_;J[;HSP;QJLMRK;TPQHIJK] QJVVJTIJK;UZIH;NPZHS;v);RRX]
/SP; GKQSJV; \JLHT; TSGLL; \P; NPTIOKPN; HJ; `IHSTHGKN; HSP
[X *HVMQHMVP; IT; KJH; TM\fPQHPN; HJ; HPRZPVGHMVP
QJR\IKPN;GQHIJK;J[;TSPGV;GKN;HPKTIJK;MKNPV;HSP;G\JYP
PiQPPNIKO;)(D;k+]
RJRPKH;GKN;TSPGV;GT;`PLL;GT;ZV_IKO;GQHIJK<;I[;GK_]
OX /VGKTYPVTP;[ILLPH;JV;\MHH;`PLN;QJKKPQHT;ZLGHPT
1Q:17:! ( 7JHS; [IiPN; GKN; SIKOPN; QJLMRK; \GTP J[;HSIQaKPTT;KJH;OVPGHPV;HSGK;.(;RR]
QJKKPQHIJKT;TSGLL;\P;NPTIOKPN;HJ;`IHSTHGKN;SIOSPV;YGLMP
J[;UGX;HSP;[MLL;TSPGV;MKNPV;GK_;LJGN;QGTP<;GKN;U\X;)]. 19:!:1:1( 0"#-C+'))&-*$$'-!#*+&,6-!*$
HIRPT;HSP;TSPGV;QGZGQIH_;J[;HSP;QJLMRK;TPQHIJK] /SP;YGLMPT;J\HGIKPN;[VJR;HSP;THGKNGVN;*^2;QMVYP;TSGLL
\P;RJNI[IPN;\_;G;QGZGQIH_;VPNMQHIJK;[GQHJV;µV:;`SPK
'&!%(#$")*H,"9/%(-6&
ZLGHPT; OVPGHPV; HSGK; .(; RR; IK; HSIQaKPTT; GVP; fJIKPN
19( /#$%,*. HJOPHSPV;\_;HVGKTYPVTP;[ILLPH;JV;\MHH;`PLNIKO<;OIYPK;\_b
µV&a&U.(F!ZXD].(;≤;)]D
19:1( ,BCBNEF
`SPVP
*HVMQHMVP;GKN;THVMQHMVGL;PLPRPKHT;TM\fPQH;HJ;LJGNIKO;HSGH
QJMLN;LPGN;HJ;[GHIOMP;[GILMVP;TSGLL;\P;NPTIOKPN;GOGIKTH &!Z m GQHMGL; HSIQaKPTT; J[; HSP; HSIQaPV; ZLGHP; \PIKO
[GHIOMP;GT;OIYPK;IK;HSIT;TPQHIJK];/SIT;TSGLL;SJ`PYPV;KJH fJIKPN<;IK;RR]
QJYPV;HSP;[JLLJ`IKOb 2J; HSIQaKPTT; QJVVPQHIJK; IT; KPQPTTGV_; `SPK; [MLL

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' Q9
ZPKPHVGHIJK;\MHH;`PLN;VPIK[JVQPRPKHT;GVP;RGQSIKPN;[LMTS THVPTTPT;RG_;\P;J\HGIKPN;\_;G;QJKYPKHIJKGL;THVPTT;GKGL_TIT
GKN;ZVJYPN;[VPP;J[;NP[PQH;HSVJMOS;KJK^NPTHVMQHIYP;HPTHIKO] RPHSJN]; /SP; KJVRGL; GKN; TSPGV; THVPTTPT; TSGLL; \P
NPHPVRIKPN; QJKTINPVIKO; GLL; NPTIOK; GQHIJKT; JK; HSP
19:!:1:!& 9'-'))#!M&,*$&,6!#N.'&6))'))Y'+!
RPR\PVT<;\MH;PiQLMNIKO;THVPTT;QJKQPKHVGHIJK;NMP;HJ;HSP
GX !GHIOMP;GTTPTTRPKH;IT;KJH;KJVRGLL_;VPeMIVPN OPJRPHV_;J[;HSP;NPHGIL];/SP;THVPTT;QJKQPKHVGHIJK;P[[PQH;IT
[JV;\MILNIKO;THVMQHMVPT;PiQPZH;GT;[JLLJ`Tb GQQJMKHPN;[JV;IK;NPHGIL;QGHPOJV_;QLGTTI[IQGHIJK;U)'';/G\LP
)X 0PR\PVT; TMZZJVHIKO; LI[HIKO; JV; VJLLIKO .>X];/SP;THVPTT;QJKQPKHVGHIJK<;SJ`PYPV<;KJH;QSGVGQHPVITHIQ
LJGNT< J[;HSP;NPHGIL;TSGLL;\P;GQQJMKHPN;[JV;TPZGVGHPL_;IK;HSP;THVPTT
.X 0PR\PV; TM\fPQHPN; HJ; VPZPGHPN; THVPTT QGLQMLGHIJK]
Q_QLPT;[VJR;YI\VGHIKO;RGQSIKPV_< 1K;HSP;[GHIOMP;NPTIOK;J[;HVMTTPT;RGNP;J[;RPR\PVT;`IHS
6X 0PR\PVT; TM\fPQHPN; HJ; `IKN; IKNMQPN JZPK; TPQHIJKT<; IK; `SIQS; HSP; PKN; QJKKPQHIJKT; GVP; KJH
JTQILLGHIJKT;J[;G;LGVOP;KMR\PV;J[;Q_QLPT ZIKKPN<;HSP;THVPTTPT;NMP;HJ;TPQJKNGV_;\PKNIKO;RJRPKHT
IK;LI[P<;GKN TSGLL;\P;HGaPK;IKHJ;GQQJMKH<;MKLPTT;HSP;TLPKNPVKPTT;VGHIJ
8X 0PR\PVT; TM\fPQHPN; HJ; QVJ`N; IKNMQPN UABW$X:;J[;HSP;RPR\PV;IT;OVPGHPV;HSGK;8D]
JTQILLGHIJKT;J[;G;LGVOP;KMR\PV;J[;Q_QLPT
1K;HSP;NPHPVRIKGHIJK;J[;THVPTT;VGKOP;GH;HSP;PKN;QJKKPQHIJKT
IK;LI[P]
\PH`PPK; SJLLJ`; TPQHIJKT<; HSP; P[[PQH; J[; QJKKPQHIJK
\X 2J; [GHIOMP; GTTPTTRPKH; IT; KPQPTTGV_<; I[; HSP THI[[KPTT;GKN;PQQPKHVIQIHIPT;RG_;\P;NITVPOGVNPN<;ZVJYINPN<
[JLLJ`IKO;QJKNIHIJKT;GVP;TGHIT[IPN]
)X /SP; SIOSPTH; KJVRGL; THVPTT; VGKOP; , [; RGi GX HSP; QGLQMLGHPN; THVPTT; VGKOP; IT; RMLHIZLIPN; \_
TGHIT[IPTb GZZVJZVIGHP;[GQHJV;OIYPK;IK;/G\LP;.8UGX;IK;HSP
QGTP; J[; QIVQMLGV; SJLLJ`; TPQHIJK; QJKKPQHIJKT
,[RGi;≤;.-;nVWγR[H
GKN; /G\LP; .8U\X; IK; HSP; QGTP; J[; VPQHGKOMLGV
.X /SP; SIOSPTH; TSPGV; THVPTT; VGKOP; τ [RGi SJLLJ`;TPQHIJK;QJKKPQHIJKT]
TGHIT[IPTb \X HSP;NPTIOK;HSVJGH;HSIQaKPTT;J[;[ILLPH;`PLNT;IK
τ[RGi;≤;>-;nVWγR[H HSP;fJIKHT;IT;OVPGHPV;HSGK;HSP;`GLL;HSIQaKPTT;J[
6X /SP;HJHGL;KMR\PV;J[;GQHMGL;THVPTT;Q_QLPT HSP;QJKKPQHPN;RPR\PV]
9*+<;TGHIT[IPTb
19:!:!:!( ?')#N+&)!$'))&)3'-!$.Y
;
⎛ !=J2 ⎞
7 1K;HSP;QGTP;J[;LJGNIKO;PYPKHT;ZVJNMQIKO;KJK^MKI[JVR
,I< ≤ X ×'M ⎜ ⎟
⎝ γ RK7 & K/_ ⎠ THVPTT;VGKOP;Q_QLP<;HSP;THVPTT;TZPQHVMR;RG_;\P;J\HGIKPN
`SPVP \_;G;VGHIJKGL;RPHSJN<;TMQS;GT;cVGIK;[LJ`;QJMKHIKOd;JV
GK;PeMIYGLPKH;RPHSJN]
&,[Pe a PeMIYGLPKH;QJKTHGKH;GRZLIHMNP;THVPTT;VGKOP<
IK;0,G<;OIYPK;\_b $ERFB(!<UEV(=OFD@JFK@CL(/E?DGNH(MGN(-EF?OFEDBA
"#$ 5DNBHH(4ECLB(U-@N?OFEN([GFFG](5B?D@GCHV
⎡ !! ! ⎤
⎢
⎢
∑" # + ∑" #
% ="
% %
$

&= '!
& &
!
⎥
⎥
U>76.)'&)B].].])X
# ()* =⎢ ⎥ '"(( =00%(#&("#$$%&'(#$( "B#-9$( I%-'(&#"$; ;(#)#$#"$(
⎣ " ⎦ -#.(
`SPVP +",; +-,;; +>,; +.,; +<,;
! 3,; /;0128; "3<; "34; "3>;
562;7899870389:;;
+;m ∑"
$ ="
%
33,; =>89?62;
;;0128;
/;0128;
"3<;
"3<;
"3<;
"34;
"3.;
"3-;
7899870389:;; ;;0128; "3<; "3@<; "3-<;
,I<;,f m THVPTT;VGKOPT;[GLLIKO;G\JYP;GKN;\PLJ`;HSP;,[K:
HSP;THVPTT;VGKOP;QJVVPTZJKNIKO;HJ;HSP;NPHGIL ;
GH;(;q;)D>;KMR\PV;J[;LI[P;Q_QLPT] $ERFB(!<URV(=OFD@JFK@CL(/E?DGNH(MGN(-EF?OFEDBA
V( m TMRRGHIJK; MZZPV; LIRIH; J[; GLL; HSP; KJVRGL 5DNBHH(4ECLB(U4B?DECLOFEN([GFFG](5B?D@GCHV
THVPTT; VGKOPT; U,IX; SGYIKO; RGOKIHMNP; LPTTPV U>76.)'&)B].].])X
HSGK;UµV;,[K;γR[H X;[JV;HSGH;NPHGIL;GKN;HSP;LJ`PV
LIRIH; J[; GLL; HSP; KJVRGL; THVPTT; VGKOPT; U, fX '"( =00%$(#&(J#($'" "B#-9$" I%-'(&#"$! ;(#)#$#"$(
SGYIKO;RGOKIHMNP;OVPGHPV;HSGK;;UµV;,[K;γR[HX -#."
[JV;HSGH;NPHGIL] +",; +-,;; +>,; +.,; +<,;
19:!:!( ?')#N+&53'-!$.Y 3,! 562; /;0128; "3<; "34; "3<;
7899870389:! ;;0128! "3<; -3-! "3@!
19:!:!:1& 5!$'))&'(67.6!#*+ 33,! =>89?62; /;0128! "3<; "34! "3>!
7899870389:! ;;0128! "3<; -34; "3.;
&PTIOK;THVPTT;TSGLL;\P;NPHPVRIKPN;\_;PLGTHIQ;GKGL_TIT;J[
HSP; THVMQHMVP; HJ; J\HGIK; THVPTT; VPTMLHGKHT; GKN; HSP; LJQGL

90 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
19:!:7( E6$!#67&56,'!M&46-!*$) 19:<( /ED@LOB(5DNBCLDP
19:!:7:1 E6$!#67& )6,'!M& ,6-!*$& ,*$& 6-!#*+)& 6+%& !"'#$ /SP;[GHIOMP;THVPKOHS;J[;HSP;THGKNGVN;NPHGIL;[JV;HSP;KJVRGL
',,'-!)&Uγ[[HX JV;TSPGV;[GHIOMP;THVPTT;VGKOP<;KJH;QJVVPQHPN;[JV;HSIQaKPTT
9KLPTT;GKN;JHSPV`ITP;HSP;MKQPVHGIKH_;IK;HSP;PTHIRGHIJK P[[PQHT; NITQMTTPN; IK; 19:<:1<; IT; OIYPK; \PLJ`; U)''& 67)*
J[;HSP;GZZLIPN;GQHIJKT;GKN;HSPIV;P[[PQHT;NPRGKN;G;SIOSPV !IO];..;GKN;!IO];.6Xb
YGLMP<;HSP;ZGVHIGL;TG[PH_;[GQHJV;[JV;LJGNT;IK;HSP;PYGLMGHIJK GX 2JVRGL;THVPTT;VGKOPb
J[;THVPTT;VGKOP;IK;[GHIOMP;NPTIOK;TSGLL;\P;HGaPK;GT;)]D]
)X `SPK;9*+;≤;(;q;)D>
19:!:7:!& E6$!#67&)6,'!M&,6-!*$&,*$&,6!#N.'&)!$'+N!"&UγR[HX
,GVHIGL; TG[PH_; [GQHJV; [JV; THVPKOHS; IT; IK[LMPKQPN; \_ # ( = #($ $ X ×'M7 $ %IJ
QJKTPeMPKQPT;J[;[GHIOMP;NGRGOP;GKN;LPYPL;J[;IKTZPQHIJK
.X `SPK; X ×'M= ≤ %?8 ≤ 'M>
QGZG\ILIHIPT]
19:!:7:7; 7GTPN; JK; QJKTPeMPKQPT; J[; [GHIOMP; [GILMVP< # ( = #($ . . ×'M7 $ %IJ
QJRZJKPKH;NPHGILT;SGYP;\PPK;QLGTTI[IPN;GT;OIYPK;IK;HSP
/G\LP; .(; GKN; HSP; QJVVPTZJKNIKO; ZGVHIGL; TG[PH_; [GQHJV \X *SPGV;THVPTTb
[JV;[GHIOMP;THVPKOHS;TSGLL;\P;MTPNb
τ( = τ($ . . ×'M7 $ %IJ
GX !GILTG[P;THVMQHMVGL;QJRZJKPKHWNPHGIL;IT;HSP;JKP
`SPVP;LJQGL;[GILMVP;J[;JKP;QJRZJKPKH;NMP;HJ `SPVP
[GHIOMP;QVGQa;NJPT;KJH;VPTMLH;IK;HSP;[GILMVP;J[ ,[:&τ[ m NPTIOK;KJVRGL;GKN;TSPGV;[GHIOMP;THVPTT;VGKOP
HSP; THVMQHMVP; NMP; HJ; GYGILG\ILIH_; J[; GLHPVKGHP J[;HSP;NPHGIL<;VPTZPQHIYPL_<;[JV;LI[P;Q_QLP;J[
LJGN;ZGHS;UVPNMKNGKH;T_THPRX] 9*+;<;GKN
\X 2JK^[GILTG[P;THVMQHMVGL;QJRZJKPKHWNPHGIL;IT;HSP
,[K<τ[K&m KJVRGL; GKN; TSPGV; [GHIOMP; THVPKOHS; J[; HSP
JKP; `SPVP; LJQGL; [GILMVP; J[; JKP; QJRZJKPKH
NPHGIL; [JV; (; q; )D > ; Q_QLPT<; [JV; HSP; NPHGIL
LPGNT;VGZINL_;HJ;[GILMVP;J[;HSP;THVMQHMVP;NMP;HJ
QGHPOJV_;U)'';/G\LP;.>X]
IHT;KJK^VPNMKNGKH;KGHMVP]
19:8( /ED@LOB(#HHBHHIBCD
$ERFB(!8(3END@EF(5EMBDK(/E?DGNH(MGN
/ED@LOB(5DNBCLDP(UγγIMDV 19:8:1& /SP;NPTIOK;[GHIOMP;THVPKOHS;[JV;9*+;LI[P;Q_QLPT
U,[N<& ![NX; RG_; \P; J\HGIKPN; [VJR; HSP; THGKNGVN; [GHIOMP
U>76.)'&)B].]6]6X THVPKOHS;[JV;9*+;Q_QLPT;\_;RMLHIZL_IKO;`IHS;QJVVPQHIJK
'"( L$$0%&'(#$(#$9(G&&%$$( "#$$%K7%$&%(#&( [GQHJV<;YV<;[JV;HSIQaKPTT<;GT;RPKHIJKPN;IK; 19:!:1;GKN
-#.( .#("7-%( NIYINIKO;\_;ZGVHIGL;TG[PH_;[GQHJV;OIYPK;IK;/G\LP(.(]
A63?:628; ;89B 19:8:!& 5!$'))&B#Y#!6!#*+)
A63?:628;
+",; +-,; +>,; +.,; 19:8:!:1; /SP;RGiIRMR;UG\TJLMHPX;YGLMP;J[;HSP;KJVRGL
3,; C8938D37; 39:2870389E; F6390896978; "344; "3-<; GKN;TSPGV;THVPTTPT;TSGLL;KPYPV;PiQPPN;HSP;PLGTHIQ;LIRIH
69D;6778::3G3?301;08;D8063?;3:;H88D; U,_<&τ_X;[JV;HSP;RGHPVIGL;MKNPV;Q_QLIQ;LJGNIKO]
33,; C8938D37; 39:2870389E; F6390896978; "3"<; "3><; 19:8:!:!; /SP;RGiIRMR;THVPTT;VGKOP;TSGLL;KJH;PiQPPN
69D;6778::3G3?301;08;D8063?;3:;2889;
)](&,_;[JV;KJVRGL;THVPTTPT;GKN;)]( ,_ 0 ;[JV;HSP;TSPGV
THVPTTPT;MKNPV;GK_;QIVQMRTHGKQP]
19:7( +BDE@F(-EDBLGNK
19:8:!:7; >*+)!6+!&)!$'))&$6+N'
/G\LPT;.>UGX;HJ;UNX;IKNIQGHP;HSP;QLGTTI[IQGHIJK;J[;NI[[PVPKH
/SP;GQHMGL;KJVRGL;GKN;TSPGV;THVPTT;VGKOP;,&GKN;!;GH;G
NPHGILT; IKHJ; YGVIJMT; QGHPOJVIPT; [JV; HSP; ZMVZJTP; J[
ZJIKH; J[; HSP; THVMQHMVP; TM\fPQHPN; HJ; 9*+&Q_QLPT; IK; LI[P
GTTPTTIKO;[GHIOMP;THVPKOHS];&PHGILT;KJH;QLGTTI[IPN;IK;HSP
TSGLL;TGHIT[_b
HG\LP;RG_;\P;HVPGHPN;GT;HSP;LJ`PTH;NPHGIL;QGHPOJV_;J[;G
TIRILGV;NPHGIL<;MKLPTT;TMZPVIJV;[GHIOMP;THVPKOHS;IT;ZVJYPN # ≤ # (% = µ ' #( $γ R(7
\_;HPTHIKO;GKNWJV;GKGL_TIT]
=JLPT;IK;RPR\PVT;GKN;QJKKPQHIJKT;TM\fPQHPN;HJ;[GHIOMP τ ≤ τ(% = µ ' τ( Kγ R(7
LJGNIKO;TSGLL;KJH;\P;RGNP< `SPVP
GX MTIKO; ZMKQSIKO; IK; ZLGHPT; SGYIKO; HSIQaKPTT &µV m QJVVPQHIJK;[GQHJV;U)'';19:!:1X<
OVPGHPV;HSGK;).;RR;MKLPTT;SP;SJLPT;GVP;TM\^
ZMKQSPN;GKN;TM\TPeMPKHL_;VPGRPN;HJ;VPRJYP γR[ m ZGVHIGL;TG[PH_;[GQHJV;GOGIKTH;[GHIOMP;[GILMVP<
HSP;G[[PQHPN;RGHPVIGL;GVJMKN;HSP;ZMKQSPN;SJLPl OIYPK;IK;/G\LP;.(<;GKN
GKN ,[;<;τ[ a;KJVRGL;GKN;TSPGV;[GHIOMP;THVPKOHS;VGKOPT;[JV
\X MTIKO;OGT;QMHHIKO;MKLPTT;HSP;SJLPT;GVP;VPGRPN HSP;GQHMGL;LI[P;Q_QLP<;9*+<;J\HGIKPN;[VJR;19:<]
HJ;VPRJYP;HSP;RGHPVIGL;IK;HSP;SPGH;G[[PQHPN;gJKP]
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 91
19.5.2.4 Variable stress range b) For shear stresses (t):
r5
Fatigue assessment at any point in a structure, wherein 5
variable stress ranges fi or !i for ni number of cycles !n !
i$ 1
5
i i & 5 ' 106 " (!fn / ) mft #
(i =1 to r ) are encountered, shall satisfy the following:
Where r5 is the summation upper limit of all the normal
a) For normal stress ( f ): stress ranges (f i ) having magnitude lesser than
((r ffn/)mft) for that detail and the lower limit of all the
r5 r
normal stress ranges (fj) having magnitude greater
! ni fi3 !n f
j $ r5
j j
5
than ((r ffn /)mft) for the detail. In the above summation
i$ 1
3
% 5
& 1.0 all normal stress ranges, fi, and shear stress ranges !i
6 6
5 '10 " ( r f fn /) mft # 5 ' 10 " (r f fn /) mft # having magnitude less than 0.55(rffn, and 0.55(r!fn,
respectively may be disregarded.

Table 26(a) Detail Category Classification, Group 1 Non-Welded Details (ffn)

(Clause 19.3)

Sl Detail Constructional Details

No. Category Illustration (see Note) Description
(1) (2) (3) (4)
i) Rolled and extruded products:`

118 a) Plates and flats (1)

b) Rolled sections (2)
c) Seamless tubes (3)

Sharp edges, surface and rolling flaws to be

removed by grinding in the direction of applied
stress

ii) (a) Bolted connections:

(4) and (5): Stress range calculated on the gross

section and on the net section

Unsupported one-sided cover plate connections

shall be avoided or the effect of the eccentricity
103 taken into account in calculating stresses

(b) Material with gas-cut or sheared edges

with no draglines:

(6): All hardened material and visible signs of

edge discontinuities to be removed by machining
or grinding in the direction of applied stress

iii) Material with machine gas-cut edges with

draglines or manual gas-cut material:
92
(7) Corners and visible signs of edge
discontinuities to be removed by grinding in the
direction of the applied stress

NOTE — The arrow indicates the location and direction of the stresses acting in the basic material for which the stress range is to be
calculated on a plane normal to the arrow.

92 NATIONAL BUILDING CODE OF INDIA 2016

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; 41@F;?10-@;
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( B@-01;.)1F114;
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;
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; ; ; ( 17I2O; `-10)-@; B10101-0)+0; +1; *)@@10; 41@F4; 4)0:; 401144;
; ; ; 1-0.1;,-@,A@-01F;+0;B@-01;-11-;
; 45; 17I2; ;
M))2; 1772O; `-10)-@; B10101-0)+0; +1; *)@@10; 41@F4; 4)0:; 401144;
; 1-0.1;,-@,A@-01F;+0;0:1+-0;-11-;+*;41@F;
; ;
; ;
; ; ; ;
; 7I; 1772( ;

9< "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
 $ERFB(!2URV(6(U>*+-7.%'%X

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;#<( 45&%;#"=(
L@@A401-0)+0;1&66;M+012; N14,1)B0)+0;
152; 172; 132; 142;
M)))2; ; ; ( QO%":588%1(I%:1%1(P#'1&2N(
; ; ; ;; 17.2O; R)@@10; 41@F1F; @-B; T+)00<; 4)0:; 41@F4; -0F;
42; ; ; +;11@-BB)0.; 1@1?1004; :-;)0.; -; F14).0; ,-B-,)0+;
; ; ; .11-011; 0:-0; 0:1; ?-)0; B@-01B; =01144; )0; 0:1; ?-)0;
; ; ; B@-01;0+;91;,-@,A@-01F;+0;0:1;9-4)4;+*;-11-;4:+40;
; ;( )0;0:1;)@@A401-0)+0;
M);2; QO%":588%1(I%:1(P#'1&2N;
; 13?2O; R)@@10; 41@F1F; @-B; T+)00<; 4)0:; 41@F4; -0F;
; 45; 13?2; ;
?-)0;B@-01;9+0:;:-;)0.;-;F14).0;,-B-,)0+;.11-011;
; 0:-0;0:1;+;11@-BB)0.;1@1?1004(
M;2; 1352O;R)@@10;41@F1F;@-B;T+)00<;4)0:;?-)0;B@-01;-0F;
33; 1352; ( +;11@-BB)0.; 1@1?1004; 9+0:; :-;)0.; -; F14).0;
,-B-,)0+;.11-011;0:-0;0:1;41@F;
M;)2; 1372; 1332; (( M%:1%1( 5&&5.<6%1&2( J1#1E:#51( .5""='1;(
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'>2!!/(&N'>3& ; 41@F;-4;0+01F;
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&
; ( (; 1332O; aA4410; 41@F1F; 0+; 0:1; 1F.1; +*; -; B@-01; +1;
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M;))2; ( M%:1%1(5&&5.<6%1&2N(
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& ; 41@F;"5?;??;*1+?;0:1;1F.1;+*;0:1;B@-01;
; ;
( 1322O; Q110),-@; 40)**10114; 41@F1F; 0+; -; 91-?; +1;
B@-01; .)1F11; *@-0.1; +1; 419; 9+; ,+00)0A+A4; +1;
)0011?)00100;41@F4B;L0;0:1;,-41;+*;4194;,-11+)0.;
,+?9)01F;910F)0.;-0F;4:1-1;F14).0;-,0)+04<;0:1;
*-0).A1; 40110.0:; 4:-@@; 91; F1011?)01F; A4)0.; 0:1;
:7; *;r;57??( 401144;1-0.1;+*;0:1;B1)0,)B-@;40114414;
;
13I2O; N)-B:1-.?4; +*; 9+M; .)1F114; 41@F1F; 0+; 0:1;
*@-0.1; +1; 419; 9+; ,+00)0A+A4; +1; )0011?)00100;
41@F4;
;
M)M2; 3I; ; 4#O%"(8:5&%2('1(8%562(511(8:5&%(;'"1%"2N(
* *&+1&*B&&!7:??&
( 1372O; V0F; R+014; +*; 4)0.@1; +1; ?A@0)B@1; 41@F1F;
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7I( * *&+1&*B;;r7:;??& 10FB; R+1; -; 11)0*+1,)0.; B@-01; 4)F11; 0:-0; 0:1;
*@-0.1<;-0;10F;41@F;)4;144100)-@;
MM2; ( M%:12(:#51%1('1(2<%5"N(
( 13.2O; R)@@10; 41@F4; 01-04?)00)0.; 4:1-1B; =01144;
( 1-0.1;0+;91;,-@,A@-01F;+0;41@F;0:1+-0;-11-;
2I; ( 14?2O; =0AF; 41@F1F; 4:1-1; ,+001,0+14; 1*-)@A11; )0;
( 0:1;41@F2;@+-F1F;)0;4:1-1;10:1;4:1-1;401144;1-0.1;
( 0+; 91; ,-@,A@-01F; +0; 0:1; 0+?)0-@; 41,0)+0; +*; 0:1;
; 40AF2;
MWSV;S;S:1;-11+4;)0F),-014;0:1;@+,-0)+0;-0F;F)11,0)+0;+*;0:1;40114414;-,0)0.;)0;0:1;9-4),;?-011)-@;*+1; 4:),:;0:1;401144;1-0.1;)4;0+;91;
,-@,A@-01F;+0;-;B@-01;0+1?-@;0+;0:1;-11+4B;

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 $ERFB(!2U?V(+BDE@F(-EDBLGNK(-FEHH@M@?ED@GC_(,NGOJ(7()GFDH
U>76.)'&)B]6X

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L@@A401-0)+0;1466&M+012; N14,1)B0)+0;

152; 172; 132; 142;

)2; ( ?#:&2('1(2<%5";JR<R>C?(?#:&'1;(.5&%;#"=(#1:=KN(
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( 1452O; =:1-1; 401144; 1-0.1; ,-@,A@-01F; +0; 0:1; ?)0+1; F)-?1011;
( -11-;+*;0:1;9+@0;1+,2;
73;
; ;
MWSV;T;L*;0:1;4:1-1;+0;0:1;T+)00;)4;)04A**),)100;0+;,-A41;4@)B;
+*;0:1;T+)00;0:1;4:1-1;)0;0:1;9+@0;011F;0+0;91;,+04)F111F;)0;
*-0).A1;
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( +0;0:1;,+001,0)+0;.1+?101+;
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( 0:)4;1**1,0;)4;F1B10F100;+0;0:1;.1+?101+;+*;0:1;,+001,0)+0B;
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; ,+001,0)+04;
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,-@,A@-01F;+0;-;B@-01;0+1?-@;0+;0:1;-11+4B;

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92 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
 $ERFB(!2UAV(+BDE@F(-EDBLGNK(-FEHH@M@?ED@GC_(,NGOJ(<;^BFABA(+BDE@FH(S(%C([GFFG](5B?D@GCH(UMMCV
U>76.)'&)B]6X

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L@@A401-0)+0;1&66;M+012; N14,1)B0)+0;
;
152; 172; 132; 142;
)2; ( 4#1&'17#72(57&#65&'.(:#1;'&71'15:(I%:12N(
( (
; 1432O; M+; 40+BP40-104<; +1; -4; ?-0A*-,0A11F<; B1+;10; *111; 0+;
5?3;
F10-,:-9@1;F)4,+00)0A)0)14B;
;
;
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; ( :+@@+4;41,0)+04;;
; MWSV; S; V1).:0; +*; 0:1; 41@F; 11)0*+1,1?100; @144; 0:-0;;
:7; 5?; B11,100; +*; 41@F; 4)0:; 4?++0:; 01-04)0)+0; 0+; 0:1; B@-01;
1*;N;7;??2; 4A1*-,1B; L1@F4;?-F1; )0; *@-0; B+4)0)+0;-0F;B1+;10; *111; 0+;
F10-,:-9@1;F)4,+00)0A)0)142;;
)))2; :7; ; 14:2O;UA00P41@F1F;10FP0+P10F;,+001,0)+0;+*;11,0-0.A@-1;
1*;";7;??2; :+@@+4;41,0)+04;;
45;
1*;N;7;??2;
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1*;";7;??2; ;
3I; 1422O; /)1,A@-1; :+@@+4; 41,0)+04<; 10FP0+P10F; 9A00P41@F1F;
1*;N;7;??2; 4)0:;-0;)0011?1F)-01;B@-01;
;
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1*;";7;??2; 41@F1F;4)0:;-0;)0011?1F)-01;B@-01;
; ;
3?;
1*;N;7;??2;
; ; (
;)2; M%:1%1(5&&5.<6%1&2(J1#1E:#51E.5""='1;KN(
((
:7; 1472O; /)1,A@-1; +1; 11,0-0.A@-1; :+@@+4; 41,0)+0<; *)@@10;
41@F1F; 0+; -0+0:11; 41,0)+0B; =1,0)+0; 4)F0:; B-1-@@1@; 0+;
401144;F)11,0)+0;!%5??;??;
;
;
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1*;N;7;??2; ;
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1*;N;7;??2; 4)0:;-0;)0011?1F)-01;B@-01;
;
; ; ; ;
;)))2; 7.; 1:?2O; X1,0-0.A@-1; :+@@+4; 41,0)+04<; 10FP0+P10F; *)@@10;
1*;";7;??2; 41@F1F;4)0:;-0;)0011?1F)-01;B@-01;
;
;
7I;
1*;N;7;??2;
;
;
MWSV;W ;S:1;-11+4; )0F),-014; 0:1; @+,-0)+0;-0F;F)11,0)+0; +*;0:1;40114414;-,0)0.;)0; 0:1; 9-4),; ?-011)-@; *+1; 4:),:;0:1; 401144;1-0.1; )4;0+; 91;
,-@,A@-01F;+0;-;B@-01;0+1?-@;0+;0:1;-11+4B(

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 9;
 !14];.6;519;+9#?$;!"#;*=$:#;*/#$**

'&!%(#$")*I,"4&'(-$"/''('%&4"=:"%&'%($- NX %SPK; QJK[IVRGHIJK; IT; VPeMIVPN; JK; HSP

QJKTITHPKQ_; J[; ZVJNMQHIJK; J[; RGHPVIGL<
!0( +.5%,"(#55%5$.+()>($.5$%", QJRZJKPKHT<;RPR\PVT;JV;THVMQHMVPT;JVIOIKGLL_
!0:1( "BBA(MGN($BHD@CL NPTIOKPN;\_;QGLQMLGHIJKT;JV;HPTHIKOl
/PTHIKO; J[; THVMQHMVPT<; RPR\PVT; JV; QJRZJKPKHT; J[ PX %SPK;HSP;GQHMGL;ZPV[JVRGKQP;J[;GK;PiITHIKO
THVMQHMVPT;IT;KJH;VPeMIVPN;`SPK;NPTIOKPN;IK;GQQJVNGKQP THVMQHMVP;QGZGQIH_;IT;IK;eMPTHIJK<;HPTHIKO;TSGLL
`IHS; HSIT; THGKNGVN]; /PTHIKO; RG_; \P; GQQPZHPN; GT; GK \P;MTPN;HJ;QJK[IVR;IH]
GLHPVKGHIYP;HJ;QGLQMLGHIJKT;JV;RG_;\PQJRP;KPQPTTGV_;IK !0:1:1( /PTHIKO; J[; THVMQHMVGL; T_THPR<; RPR\PV; JV
TZPQIGL;QIVQMRTHGKQPT] QJRZJKPKH;TSGLL;\P;J[;HSP;[JLLJ`IKO;QGHPOJVIPTb
/PTHIKO;J[;G;THVMQHMVGL;T_THPR<;RPR\PV;JV;QJRZJKPKH GX E$**,&!')!#+N&/&/SP;GZZLIQGHIJK;J[;HPTH;LJGNT
RG_;\P;VPeMIVPN;HJ;GTTITH;HSP;NPTIOK;IK;HSP;[JLLJ`IKO HJ; G; THVMQHMVP<; TM\^THVMQHMVP<; RPR\PV; JV
QGTPTb QJKKPQHIJK; HJ; GTQPVHGIK; HSP; THVMQHMVGL
GX %SPK;HSP;QGLQMLGHIJK;RPHSJNT;GYGILG\LP;GVP QSGVGQHPVITHIQT;J[;JKL_;HSGH;TZPQI[IQ;MKIH]
KJH; GNPeMGHP; [JV; HSP; NPTIOK; J[; G; ZGVHIQMLGV \X E$*!*!M3'&!')!#+N&/&/PTHIKO;J[;THVMQHMVPT<;TM\^
THVMQHMVP<;RPR\PV;JV;QJRZJKPKH<;HPTHIKO;TSGLL THVMQHMVPT<; RPR\PVT; JV; QJKKPQHIJKT; IT; NJKP
\P;MKNPVHGaPK;IK;ZLGQP;J[;NPTIOK;\_;QGLQMLGHIJK HJ;GTQPVHGIK;HSP;THVMQHMVGL;QSGVGQHPVITHIQT;J[;G
JV;HJ;TMZZLPRPKH;HSP;NPTIOK;\_;QGLQMLGHIJKl QLGTT; J[; TMQS; THVMQHMVPT<; TM\^THVMQHMVPT
\X %SPVP; VMLPT; JV; RPHSJNT; [JV; NPTIOK; \_ RPR\PVT;JV;QJKKPQHIJK<;`SIQS;GVP;KJRIKGLL_
QGLQMLGHIJK; `JMLN; LPGN; HJ; MKPQJKJRIQGL INPKHIQGL;HJ;HSP;MKIHT;HPTHPN]
NPTIOK<; PiZPVIRPKHGL; YPVI[IQGHIJK; RG_; \P !0:!( $KJBH(GM($BHD
MKNPVHGaPK;HJ;GYJIN;QJKTPVYGHIYP;NPTIOKl
!0:!:1& ;--'3!6+-'&0')!
QX %SPK;HSP;NPTIOK;JV;QJKTHVMQHIJK;IT;KJH;PKHIVPL_
IK;GQQJVNGKQP;`IHS;TPQHIJKT;J[;HSIT;THGKNGVN< /SIT;IT;IKHPKNPN;GT;G;KJK^NPTHVMQHIYP;HPTH;[JV;QJK[IVRIKO
PiZPVIRPKHGL;YPVI[IQGHIJK;IT;VPQJRRPKNPNl THVMQHMVGL; ZPV[JVRGKQP]; 1H; TSJMLN; \P; VPQJOKIgPN; HSGH

9Q "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
HSP;LJGNIKO;GZZLIPN;HJ;QPVHGIK;THVMQHMVPT;RIOSH;QGMTP !0:!:7( 0')!&!*&46#7.$'&Xf7!#Y6!'&5!$'+N!"&0')!V
ZPVRGKPKH;NITHJVHIJKT];*MQS;P[[PQHT;NJ;KJH;KPQPTTGVIL_ /SP; J\fPQHIYP; J[; G; HPTH; HJ; [GILMVP; IT; HJ; NPHPVRIKP;HSP
IKNIQGHP;THVMQHMVGL;[GILMVP;IK;GQQPZHGKQP;HPTH];=J`PYPV< NPTIOK;VPTITHGKQP;[VJR;HSP;MLHIRGHP;VPTITHGKQP];1K;HSIT
HSP;ZJTTI\ILIH_;J[;HSPIV;JQQMVVPKQP;TSJMLN;\P;GOVPPN;HJ TIHMGHIJK;IH;IT;THILL;NPTIVG\LP;HJ;QGVV_;JMH;HSP;GQQPZHGKQP
\P[JVP;HPTHIKO] GKN;THVPKOHS;HPTHT<;\P[JVP;HPTH;HJ;[GILMVP]
/SP;LJGN;[JV;GQQPZHGKQP;HPTH<;4HPTH<G;TSGLL;\P;NPHPVRIKPN 2JH; LPTT; HSGK; HSVPP; HPTHT; TSGLL; \P; QGVVIPN; JMH; JK
[VJRb KJRIKGLL_;INPKHIQGL;TZPQIRPKT];:K;PTHIRGHP;TSJMLN;\P
4HPTH<G m U*PL[; `PIOSHX; s; U)])(; q; #PRGIKNPV; J[; HSP RGNP;J[;HSP;GKHIQIZGHPN;MLHIRGHP;VPTITHGKQP;GT;G;\GTIT
ZPVRGKPKH;LJGNX;s;;U)].(;q;?GVIG\LP;LJGNX [JV;TMQS;HPTHT];&MVIKO;G;HPTH;HJ;[GILMVP<;HSP;LJGNIKO;TSGLL
/SP;GTTPR\L_;TSGLL;TGHIT[_;HSP;[JLLJ`IKO;QVIHPVIGb [IVTH;\P;GZZLIPN;IK;IKQVPRPKHT;MZ;HJ;HSP;THVPKOHS;HPTH
GX 1H; TSGLL; NPRJKTHVGHP; TM\THGKHIGLL_; LIKPGV LJGN]; *M\TPeMPKH; LJGN; IKQVPRPKHT; TSGLL; HSPK; \P
\PSGYIJMV;MKNPV;HPTH;LJGNIKOl;GKN NPHPVRIKPN;[VJR;QJKTINPVGHIJK;J[;HSP;ZVIKQIZGL;LJGN
\X "K; VPRJYGL; J[; HSP; HPTH; LJGN<; HSP; VPTINMGL NP[LPQHIJK;ZLJH];/SP;HPTH;LJGN;VPTITHGKQP<;4HPTH]#; TSGLL
NP[LPQHIJK;TSGLL;KJH;PiQPPN;.D;ZPVQPKH;J[;HSP \P;NPHPVRIKPN;GT;HSGH;LJGN;GH;`SIQS;HSP;TZPQIRPK;IT
RGiIRMR^VPQJVNPN;NP[LPQHIJK] MKG\LP;HJ;TMTHGIK;GK_;[MVHSPV;IKQVPGTP;IK;LJGN];:H;HSIT
LJGN<; OVJTT; ZPVRGKPKH; NITHJVHIJK; IT; LIaPL_; HJ; SGYP
1[;HSP;G\JYP;QVIHPVIG;GVP;KJH;TGHIT[IPN;HSP;HPTH;RG_;\P
JQQMVVPN; GKN; IK; TJRP; QGTPT; TMQS; LGVOP; OVJTT
VPZPGHPN;JKP;RJVP;HIRP;JKL_<;`SPK;HSP;GTTPR\L_;TSGLL
NP[JVRGHIJK;RG_;NP[IKP;HSP;HPTH;LIRIH];1[;HSP;NPYIGHIJK
TGHIT[_;HSP;[JLLJ`IKO;QVIHPVIGb
J[;GK_;IKNIYINMGL;HPTH;VPTMLH;PiQPPNT;)D;ZPVQPKH;J[;HSP
)X 1H; TSGLL; NPRJKTHVGHP; TM\THGKHIGLL_; LIKPGV RPGK; YGLMP; J\HGIKPN; [JV; GLL; HSP; HSVPP; HPTHT<; GH; LPGTH
\PSGYIJMV; JK; HSP; TPQJKN; GZZLIQGHIJK; J[; HPTH HSVPP; RJVP; HPTHT; TSGLL; \P; QGVVIPN; JMH]; %SPK; HSP
LJGNIKO<;GKN NPYIGHIJK;[VJR;HSP;RPGK;NJPT;KJH;PiQPPN;)D;ZPVQPKH
.X +JVVPTZJKNIKO;VPQJVNPN;VPTINMGL;NP[LPQHIJK;IK J[;HSP;RPGK<;HSP;NPTIOK;VPTITHGKQP;RG_;\P;PYGLMGHPN
HSP;TPQJKN;HPTH;TSGLL;KJH;PiQPPN;)D;ZPVQPKH;J[ GT;OIYPK;\PLJ`b
HSP;RGiIRMR;NP[LPQHIJK;NMVIKO;HSP;HPTH]
GX %SPK; HSP; [GILMVP; IT; NMQHILP<; HSP; NPTIOK
!0:!:!( 5!$'+N!"&0')! VPTITHGKQP<;4N;RG_;\P;NPHPVRIKPN;[VJRb
*HVPKOHS;HPTH;IT;MTPN;HJ;QJK[IVR;HSP;QGLQMLGHPN;VPTITHGKQP
D# = !LB D5)55&;YC6 D # & $ # &Z E $ γ Z!
J[;G;THVMQHMVP;JV;QJRZJKPKH];%SPVP;G;KMR\PV;J[;IHPRT;GVP
HJ;\P;QJKTHVMQHPN;HJ;G;QJRRJK;NPTIOK<;GKN;JKP;JV;RJVP `SPVP
ZVJHJH_ZPT;GVP;HPTHPN;HJ;QJK[IVR;HSPIV;THVPKOHS<;HSP;JHSPVT 4HPTH<;0IK m RIKIRMR;HPTH;VPTMLH;[VJR;HSP;HPTHT
RG_; \P; GQQPZHPN; `IHSJMH; GK_; GNNIHIJKGL; HPTH<; ZVJYINPN HJ;[GILMVP<
HSP_;GVP;TIRILGV;IK;GLL;VPLPYGKH;VPTZPQHT;HJ;HSP;ZVJHJH_ZP] &,_R m GYPVGOP;_IPLN;THVPKOHS;GT;J\HGIKPN
7P[JVP; QGVV_IKO; JMH; HSP; THVPKOHS; HPTH<; HSP; TZPQIRPK [VJR;HSP;RGHPVIGL;HPTHT<;GKN
TSJMLN;[IVTH;\P;TM\fPQHPN;HJ;GKN;TGHIT[_;HSP;GQQPZHGKQP ,_ m QSGVGQHPVITHIQ; _IPLN; THVPTT; J[; HSP
HPTH]; *IKQP; HSP; VPTITHGKQP; J[; HSP; GTTPR\L_; MKNPV; HPTH
OVGNP;J[;THPPL]
NPZPKNT; JK; HSP; RGHPVIGL; ZVJZPVHIPT<; HSP; GQHMGL; _IPLN
THVPKOHS;J[;GLL;HSP;THPPL;RGHPVIGLT;IK;HSP;GTTPR\L_;TSGLL \X 1K;HSP;QGTP;J[;G;TMNNPK;U\VIHHLPX;VMZHMVP;H_ZP
\P;NPHPVRIKPN;[VJR;QJMZJK;tHPTH;ZIPQP;GT;NP[IKPN;IK [GILMVP<; HSP; NPTIOK; VPTITHGKQP; RG_; \P
HSP;GQQPZHPN;THGKNGVN;o>^>U-Xpu;HPTHT];/SP;RPGK;YGLMP NPHPVRIKPN;[VJRb
J[;HSP;_IPLN;THVPKOHS:&,_R<;HGaPK;[VJR;TMQS;HPTHT;TSGLL;\P ,# = "#$ ,-7.->;F?" % % @ & % @? ' & γ ?!
NPHPVRIKPN;`IHS;NMP;VPOGVN;HJ;HSP;IRZJVHGKQP;J[;PGQS
PLPRPKH;IK;HSP;GTTPR\L_];/SP;THVPKOHS;HPTH;LJGN;4HPTH<;T ;`SPVP
UIKQLMNIKO;TPL[;`PIOSHX;TSGLL;\P;NPHPVRIKPN;[VJRb ;,M a QSGVGQHPVITHIQ; MLHIRGHP; THVPTT; J[; HSP
OVGNP;J[;THPPL;MTPN<;GKN
(
, 7)*7&* = γ R% ,% % "R K % " ) &,MR m GYPVGOP;MLHIRGHP;HPKTILP;THVPKOHS;J[
`SPVP
HSP;RGHPVIGL;J\HGIKPN;[VJR;HPTHT]
;,_ a QSGVGQHPVITHIQ;_IPLN;THVPTT;J[;HSP;RGHPVIGL;GT
QX 1K;HSP;QGTP;J[;G;TMNNPK;U\VIHHLPX;\MQaLIKO;H_ZP
GTTMRPN;IK;HSP;NPTIOKl
[GILMVP<; HSP; NPTIOK; VPTITHGKQP; TSGLL; \P
;4N m [GQHJVPN; NPTIOK; LJGN; [JV; HSP; MLHIRGHP; LIRIH NPHPVRIKPN;[VJRb
THGHPl;GKN
D( = ,L23D)*+),;-./ D # 0 $ # 01 E $ γ 1,
γRI m ZGVHIGL;TG[PH_;[GQHJV;[JV;HSP;H_ZP;J[;[GILMVP<
GT;ZVPTQVI\PN;IK;HSIT;THGKNGVN] NX 1K;NMQHILP;\MQaLIKO;H_ZP;[GILMVP;IK;`SIQS;HSP
VPLPYGKH; TLPKNPVKPTT; λ& QGK; \P; VPLIG\L_
:H;HSIT;LJGN; HSPVP; TSGLL; \P; KJ; [GILMVP; \_; \MQaLIKO;JV
GTTPTTPN<; HSP; NPTIOK; VPTITHGKQP; RG_; \P
VMZHMVP;J[;GK_;ZGVH;J[;HSP;THVMQHMVP;JV;QJRZJKPKH;HPTHPN]
"K; VPRJYGL; J[; HSP; HPTH; LJGN<; HSP; NP[LPQHIJK; TSJMLN NPHPVRIKPN;[VJRb
NPQVPGTP; \_; GH; LPGTH; .D; ZPVQPKH; J[; HSP; RGiIRMR D( = ,LB D)*+),-./ ⎣⎡ Dχ# 0 $ χ 1 # 01 E $ γ 1, ⎦⎤
NP[LPQHIJK;GH;4HPTH<T]

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 99
 `SPVP LJQGHIJK; RG_; \P; RPGTMVPN; GKN; HSP
χ&m;VPNMQHIJK;[GQHJV;[JV;HSP;VPLPYGKH;\MQaLIKO QJVVPTZJKNIKO;THVPTT;QGLQMLGHPN]
QMVYP<;GKN [X ,VIJV; HJ; GK_; HPTH<; ZVPLIRIKGV_; LJGNIKO; UKJH
χR;m;YGLMP;J[;χ&`SPK;HSP;_IPLN;THVPKOHS;IT;,_R] PiQPPNIKO; HSP; QSGVGQHPVITHIQ; YGLMPT; J[; HSP
VPLPYGKH; LJGNTX; RG_; \P; GZZLIPN; GKN; HSPK
!0:!:<& >"'-C&0')!) VPRJYPN<;IK;JVNPV;HJ;TPH;HSP;HPTH;TZPQIRPK;JK
%SPVP; G; QJRZJKPKH; JV; GTTPR\L_; IT; NPTIOKPN; JK; HSP HJ;HSP;HPTH;VIO]
\GTIT;J[;THVPKOHS;HPTHT;JV;HPTHT;HJ;[GILMVP;GKN;G;ZVJNMQHIJK
VMK;IT;QGVVIPN;JMH;J[;TMQS;IHPRT<;GK;GZZVJZVIGHP;KMR\PV !0:<( $BHD('GEA@CL
J[;TGRZLPT;UKJH;LPTT;HSGK;H`JX;TSGLL;\P;TPLPQHPN;[VJR !0:<:1; %SPVP;HSP;TPL[^`PIOSH;J[;HSP;TZPQIRPK;IT;KJH
PGQS;ZVJNMQHIJK;\GHQS;GH;VGKNJR;[JV;QSPQa;HPTHT] VPZVPTPKHGHIYP;J[;HSP;GQHMGL;ZPVRGKPKH;LJGN;IK;TPVYIQP<
!0:!:<]1; /SP; TGRZLPT; TSGLL; \P; QGVP[MLL_; PiGRIKPN; HJ GLLJ`GKQP; [JV; HSP; NI[[PVPKQP; TSGLL; \P; RGNP; IK; HSP
PKTMVP;HSGH;HSP_;GVP;TIRILGV;IK;GLL;VPTZPQHT;HJ;HSP;ZVJHJH_ZP QGLQMLGHIJK;J[;HPTH;LJGNT;HJ;\P;GZZLIPN]
HPTHPN<;ZGVHIQMLGV;GHHPKHIJK;\PIKO;OIYPK;HJ;HSP;[JLLJ`IKOb !0:<:! ;"K;HSP;GHHGIKRPKH;J[;RGiIRMR;LJGN;[JV;PIHSPV
GX &IRPKTIJKT;J[;QJRZJKPKHT;GKN;QJKKPQHIJKT< GQQPZHGKQP; JV; THVPKOHS; HPTHT<; HSIT; LJGN; TSGLL; \P
RGIKHGIKPN; [JV; GH; LPGTH; ); S]; #PGNIKO; J[; LJGN; GKN
\X /JLPVGKQP;GKN;`JVaRGKTSIZ<;GKN
NP[LPQHIJK;TSGLL;\P;HGaPK;GH;IKHPVYGLT;J[;)(;RIK;GKN;HSP
QX CMGLIH_;J[;THPPL;MTPN<;QSPQaPN;`IHS;VP[PVPKQP LJGNIKO;TSGLL;\P;RGIKHGIKPN;QJKTHGKH;MKHIL;HSPVP;IT;KJ
HJ;RILL;HPTH;QPVHI[IQGHPT] TIOKI[IQGKH;IKQVPGTP;IK;NP[LPQHIJK;NMVIKO;G;)(;RIK;ZPVIJN
!0:!:<:!; %SPVP;IH;IT;KJH;ZJTTI\LP;HJ;NPHPVRIKP;PIHSPV;HSP JV;MKHIL;GH;LPGTH;);S;SGT;PLGZTPN]
YGVIGHIJKT;JV;HSP;P[[PQH;J[;YGVIGHIJKT;[VJR;HSP;ZVJHJH_ZP< !0:<:7( /SP;HPTH;LJGN;TSGLL;\P;PeMGL;HJ;HSP;NPTIOK;LJGN
GK;GQQPZHGKQP;HPTH;TSGLL;\P;QGVVIPN;JMH;GT;G;QSPQa;HPTH] [JV;HSP;VPLPYGKH;LIRIH;THGHP;IK;ZVJJ[;HPTHIKO]
!0:!:<:7( 1K; HSIT; QSPQa; HPTH<; HSP; NP[LPQHIJKT; TSGLL; \P !0:<:<; /SP;HPTH;LJGN;IK;ZVJHJH_ZP;HPTHIKO;TSGLL;\P;PeMGL
RPGTMVPN; GH; HSP; TGRP; ZJTIHIJKT; GT; IK; HSP; GQQPZHGKQP HJ; HSP; NPTIOK; LJGN; [JV; HSP; VPLPYGKH; LIRIH; THGHP; GT
HPTH; J[; HSP; ZVJHJH_ZP]; /SP; RGiIRMR; RPGTMVPN RMLHIZLIPN;\_;HSP;GZZVJZVIGHP;[GQHJV;OIYPK;IK;/G\LP;.-]
NP[LPQHIJK;TSGLL;KJH;PiQPPN;).D;ZPVQPKH;J[;HSP;NP[LPQHIJK
VPQJVNPN;NMVIKO;HSP;GQQPZHGKQP;HPTH;JK;HSP;ZVJHJH_ZP !0:8((-N@DBN@E(MGN(#??BJDEC?B
GKN; HSP; VPTINMGL; NP[LPQHIJK; TSJMLN; KJH; \P; RJVP; HSGK !0:8:1( ;--'3!6+-'&,*$&5!$'+N!"
)D(;ZPVQPKH;J[;HSGH;VPQJVNPN;[JV;HSP;ZVJHJH_ZP] /SP;HPTH;THVMQHMVP<;TM\^THVMQHMVP<;RPR\PV;JV;QJKKPQHIJK
!0:7( $BHD(-GCA@D@GCH TSGLL;\P;NPPRPN;HJ;QJRZL_;`IHS;HSP;VPeMIVPRPKHT;[JV
THVPKOHS;I[;IH;IT;G\LP;HJ;TMTHGIK;HSP;THVPKOHS;HPTH;LJGN;[JV
GX 3JGNIKO; GKN; RPGTMVIKO; NPYIQPT; TSGLL; \P GH;LPGTH;)(;RIK]
QGLI\VGHPN;IK;GNYGKQP]
1H;TSGLL;HSPK;\P;IKTZPQHPN;HJ;NPHPVRIKP;HSP;KGHMVP;GKN
\X /SP;NPTIOK;J[;HSP;HPTH;VIO;TSGLL;\P;TMQS;HSGHb
PiHPKH; J[; GK_; NGRGOP; IKQMVVPN; NMVIKO; HSP; HPTH]; /SP
)X 3JGNIKO;T_THPR;GNPeMGHPL_;TIRMLGHPT;HSP P[[PQHT; J[; HSP; NGRGOP; TSGLL; \P; QJKTINPVPN; GKN; I[
RGOKIHMNP;GKN;NITHVI\MHIJK;J[;HSP;LJGNIKO< KPQPTTGV_; GZZVJZVIGHP; VPZGIVT; HJ; HSP; NGRGOPN; ZGVHT
.X 1H; GLLJ`T; HSP; TZPQIRPK; HJ; ZPV[JVR; IK; G QGVVIPN;JMH]
RGKKPV; VPZVPTPKHGHIYP; J[; TPVYIQP !0:8:!( ;--'3!6+-'&,*$&5'$(#-'6<#7#!M
QJKNIHIJKT<
/SP;RGiIRMR;NP[JVRGHIJK;J[;HSP;THVMQHMVP;JV;RPR\PV
6X 3GHPVGL;GKN;HJVTIJKGL;VPTHVGIKH<;I[;GK_<;TSJMLN MKNPV; HSP; TPVYIQPG\ILIH_; LIRIH; THGHP; HPTH; LJGN; TSGLL; \P
\P;VPZVPTPKHGHIYP;J[;HSJTP;IK;TPVYIQP< `IHSIK;HSP;TPVYIQPG\ILIH_;LIRIH;YGLMPT;GZZVJZVIGHP;HJ;HSP
8X *ZPQIRPK;TSJMLN;\P;[VPP;HJ;NP[LPQH;MKNPV THVMQHMVP]
LJGN;GQQJVNIKO;HJ;TPVYIQP;QJKNIHIJK<
$ERFB(!;(/E?DGNH(DG(#FFG](MGN(`EN@ER@F@DK(GM
(X 3JGNIKO;T_THPR;TSGLL;\P;G\LP;HJ;[JLLJ`
HSP;RJYPRPKHT;J[;HSP;TZPQIRPK;`IHSJMH 5DNO?DONEF(*C@DH
IKHPVVMZHIJK;JV;G\KJVRGL;VPTHVGIKHT< U>76.)'&.D]8]8X
>X 1KGNYPVHPKH;PQQPKHVIQIHIPT;GH;HSP;ZJIKH;J[
6:( ;#<(#3(6'6':5"( A#"(6&"%1;&<( A#"(6%"O'.%58':'&=(
GZZLIQGHIJK; J[; HSP; HPTH; LJGNT; GKN; GH; HSP ;#<( T1'&2(&#(8%( 9'6'&(6&5&%( 9'6'&(6&5&%;
TMZZJVHT;GVP;GYJINPN] C%2&%1(
152; 142; 152; 162;
QX /PTH;LJGN;TSGLL;\P;GZZLIPN;HJ;HSP;MKIH;GH;G;VGHP
GT;MKI[JVR;GT;ZVGQHIQG\LP] )2; 5; 5B:; 5B4;
))2; 4; 5B6; 5B4;
NX &P[LPQHIJKT;TSJMLN;\P;RPGTMVPN;GH;TM[[IQIPKH )))2; 5; 5B5; 5B4;
ZJIKHT;J[;SIOS;RJYPRPKHT;HJ;PKTMVP;HSGH;HSP )72; 6; 5B5; 5B5;
RGiIRMR;YGLMP;IT;NPHPVRIKPN] 72; :; 5B5; 5B5;
7)2; 5?; 5B4; 5B5;
PX 1[;HSP;RGOKIHMNP;J[;THVPTTPT;IK;G;TZPQIRPK;IT
HJ; \P; NPHPVRIKPN<; HSP; THVGIK; GH; HSP; NPTIVPN
100 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
 '&!%(#$")*J,"46./=(0(%: $ERFB(!Q(.CX@NGCIBCDEF(.ZJGHONB(-GCA@D@GCH
U>76.)'&.)].].])X
!1( +*4#)%'%$>
'"( U$8(-#$+%$'#"( U/0#$7-%("#$9('(#$$(
!1:1(,BCBNEF -#.( ""#$$(&(&#'(#$$(
+",; +-,; +>,;
:; NMVG\LP; THPPL; THVMQHMVP; IT; JKP; HSGH; ZPV[JVRT
TGHIT[GQHJVIL_; HSP; NPTIVPN; [MKQHIJK; IK; HSP; `JVaIKO 3,; ]38D; 9:;<=>8:; 9?;F=881; @;?08>08D; =A=39:0;
8B@?::;8; 0?; C8=0D8;; ?;; =AA;8::3>8;
PKYIVJKRPKH;MKNPV;HSP;GKHIQIZGHPN;PiZJTMVP;QJKNIHIJK >?9D303?9; =:; 39; 3908;3?;; ?<; E:38D39A:E;
NMVIKO;IHT;TPVYIQP;LI[P<;`IHSJMH;NPHPVIJVGHIJK;J[;HSP;QVJTT^ 8B>8@0;CD89;8?>=08D;39;>?=:0=8;=;8=:;
TPQHIJKGL;GVPG;GKN;LJTT;J[;THVPKOHS;NMP;HJ;QJVVJTIJK] 33,; ]?D8;=08; 90;:>0:;=8;:0888;::;<=>8:F;;
=,; GB@?:8D;0?;>?9D89:=03?9;=9D;;=39;
/SP;RGHPVIGL;MTPN<;HSP;NPHGILIKO<;[G\VIQGHIJK<;PVPQHIJK E,; H?9039:?::81;:9D8;;C=08;;
GKN;TMV[GQP;ZVJHPQHIJK;RPGTMVPT;TSJMLN;GLL;GNNVPTT;HSP >,; GB@?:8D;0?;9?9I=AA;8::3>8;:?38c;
A;?:9DC=08;;
QJVVJTIJK;ZVJHPQHIJK;GKN;NMVG\ILIH_;VPeMIVPRPKHT] D,; 9D8808;8D;<;?F;:=0:;=08D;:=80;=3;;39;
>?=:0=8;=;8=:;
!1:!( 4BYO@NBIBCDH(MGN(+ONER@F@DK 333,; 98>8;8; 90;:>0:;=8;:0888;::;<=>8:F;;
=,! GB@?:8D;0?;:8>8;8;<;8J:890;;=39;
!1:!:1( 5"63':& 5#O':& Q$#'+!6!#*+& *,& D'Y<'$): E,! GB@?:8D;0?;=808;9=08;C80039A;=9D;
>*++'-!#*+)&6+%&?'!6#7) D;139A;
>,! 98>8;8;>?9D89:=03?9;
/SP;NPTIOK<;[G\VIQGHIJK;GKN;PVPQHIJK;NPHGILT;J[;PiZJTPN D,! H?F@880881;3FF8;:8D;39;:8=;C=08;;
8,! GB@?:8D;0?;:=0:;=08D;:=80;=3;;39;>?=:0=8;
THVMQHMVPT;TSJMLN;\P;TMQS;HSGH;OJJN;NVGIKGOP;J[;`GHPV =;8=;
IT; PKTMVPN]; *HGKNIKO; ZJJL; J[; `GHPV<; RJITHMVP 3>,; K8;1;:8>8;8; 90;:>0:;=8;:0888;::;<=>8;8B@?:8D;0?F;
GQQMRMLGHIJK; GKN; VMKNJ`K; J[; `GHPV; [JV; PiHPKNPN =,! 98=;C=08;;:@;=1;
E,! H?;;?:3>8;<:F8:;
NMVGHIJK;TSGLL;\P;GYJINPN]
>,! LAA;8::3>8;::EI:?38;?;;A;?:9D;C=08;;
/SP;NPHGILT;J[;QJKKPQHIJKT;TSJMLN;PKTMVP;HSGH< >,; GB0;8F8; 90;:>0:;=8;:0888;::;<=>8:;8B@?:8D;0?F;
=,! M3D=8;N?98:;=9D;:@8=:D;N?98:;39;0D8;
GX GLL;PiZJTPN;TMV[GQPT;GVP;PGTIL_;GQQPTTI\LP;[JV :8=;
E,! LAA;8::3>8;83J:3D;?;;:?83D;>D8F3>=8:;
IKTZPQHIJK;GKN;RGIKHPKGKQPl;GKN
\X GLL; TMV[GQPT<; KJH; TJ; PGTIL_; GQQPTTI\LP; GVP !1:!:7( >*$$*)#*+&E$*!'-!#*+&D'!"*%)
QJRZLPHPL_; TPGLPN; GOGIKTH; IKOVPTT; J[
RJITHMVP] /SP;RPHSJNT;J[;QJVVJTIJK;ZVJHPQHIJK;GVP;OJYPVKPN;\_
GQHMGL;PKYIVJKRPKHGL;QJKNIHIJKT;GT;TZPQI[IPN;IK;OJJN
!1:!:!; @23*).$'&>*+%#!#*+ ZVGQHIQPT; o>^>U8DXp]; /SP; RGIK; QJVVJTIJK; ZVJHPQHIJK
!1:!:!:1( T'+'$67&'+(#$*+Y'+! RPHSJNT;GVP;OIYPK;\PLJ`b

/SP;OPKPVGL;PKYIVJKRPKH<;HJ;`SIQS;G;THPPL;THVMQHMVP;IT GX +JKHVJLLIKO;HSP;PLPQHVJNP;ZJHPKHIGL<
PiZJTPN;NMVIKO;IHT;`JVaIKO;LI[P;IT;QLGTTI[IPN;IKHJ;[IYP \X 1KSI\IHJVT<;GKN
LPYPLT;J[;TPYPVIH_<;GT;OIYPK;IK;/G\LP;.A] QX 1KJVOGKIQWRPHGL; QJGHIKOT; JV; JVOGKIQWZGIKH
T_THPRT]
!1:!:!:!; ;<$6)#*+
!1:!:<& 5.$,6-'&E$*!'-!#*+
*ZPQIGLITH;LIHPVGHMVP;RG_;\P;VP[PVVPN;[JV;NMVG\ILIH_;J[
TMV[GQPT;PiZJTPN;HJ;G\VGTIYP;GQHIJK;GT;IK;RGQSIKPV_< !1:!:<:1( 1K;HSP;QGTP;J[;RILN;PiZJTMVP<;G;QJGH;J[;ZVIRPV
QJKYP_JV;\PLH;TMZZJVH;T_THPR<;THJVGOP;\IKT;[JV;OVGIKT G[HPV;VPRJYGL;J[;GK_;LJJTP;RILL;TQGLP;RG_;\P;GNPeMGHP]
JV;GOOVPOGHPT] :T;HSP;PiZJTMVP;QJKNIHIJK;\PQJRPT;RJVP;QVIHIQGL<;RJVP
PLG\JVGHP; TMV[GQP; ZVPZGVGHIJKT; GKN; QJGHIKOT; \PQJRP
!1:!:!:7; @23*).$'&!*&).73"6!'&6!!6-C KPQPTTGV_]; 1K; QGTP; J[; PiHVPRP; PKYIVJKRPKHGL
:ZZVJZVIGHP; QJGHIKOT; RG_; \P; MTPN; `SPK; TMV[GQPT; J[ QLGTTI[IQGHIJK<; ZVJHPQHIJK; TSGLL; \P; GT; ZPV; TZPQIGLITH
THVMQHMVGL; THPPL; GVP; PiZJTPN; HJ; QJKQPKHVGHIJK; J[ LIHPVGHMVP]; /G\LP; .B; OIYPT; OMINGKQP; HJ; ZVJHPQHIJK; J[
TMLZSGHPT;U*"6X;IK;TJIL<;OVJMKN;`GHPV<;PHQ] THPPL`JVa;[JV;NI[[PVPKH;NPTIVPN;LIYPT]

%SPK;PiZJTPN;HJ;YPV_;SIOS;TMLZSGHP;QJKQPKHVGHIJKT;J[ !1:!:<:!( *HPPL;TMV[GQPT;TSGLL;\P;ZVJYINPN;`IHS;GH;LPGTH

RJVP;HSGK;.;ZPVQPKH;IK;TJIL;GKN;(;ZPVQPKH;IK;`GHPV<;TJRP JKP; QJGH; J[; ZVIRPV; IRRPNIGHPL_; G[HPV; IHT; TMV[GQP
[JVR;J[;LIKIKO;TMQS;GT;ZJL_PHS_LPKP<;ZJL_QSLJVJZVPKP ZVPZGVGHIJK<;TMQS;GT;\_;TGKN;\LGTHIKO;HJ;VPRJYP;GLL;RILL
TSPPH;JV;TMV[GQP;QJGHIKO;\GTPN;JK;GTZSGLH<;QSLJVIKGHPN TQGLP;GKN;VMTH;GKN;HJ;PiZJTP;HSP;THPPL]
VM\\PV<;PZJi_;JV;ZJL_RPHSGKP;RGHPVIGL;TSJMLN;\P;MTPN !1:!:<:7; *HPPL;`IHSJMH;ZVJHPQHIYP;QJGHIKO;TSGLL;KJH;\P
HJ;QJRZLPHPL_;GYJIN;GQQPTT;J[;HSP;TJLMHIJK;HJ;HSP;THPPL THJVPN;[JV;LJKO;NMVGHIJK;IK;JMHNJJV;PKYIVJKRPKH]
TMV[GQP]

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 101
!1:!:<:<( *MV[GQPT; HJ; HVGKT[PV; [JVQPT; \_; [VIQHIJK; GT; IK !1:!:<:8( 0PR\PVT;HJ;\P;GTTPR\LPN;\_;`PLNIKO;TSGLL
=*!4;QJKKPQHIJKT;TSGLL;KJH;\P;ZGIKHPN];=J`PYPV<;IH KJH;\P;ZVP^ZGIKHPN;GH;VPOIJKT;GNfGQPKH;HJ;HSP;LJQGHIJK
TSGLL;\P;PKTMVPN;HSGH;RJITHMVP;IT;KJH;HVGZZPN;JK;TMQS J[; TMQS; `PLNT]; =J`PYPV<; G[HPV; `PLNIKO<; GZZVJZVIGHP
TMV[GQPT; G[HPV; ZVP^HPKTIJKIKO; J[; \JLHT; \_; ZVJZPV ZVJHPQHIYP;QJGHIKOT;TSGLL;\P;GZZLIPN;IK;HSP;VPOIJK<;GT
ZVJHPQHIYP;RPGTMVPT] VPeMIVPN; \_; HSP; PiZJTMVP; QJKNIHIJKT]; 1[; HSP; QJKHGQH
TMV[GQPT;QGKKJH;\P;ZVJZPVL_;ZVJHPQHPN;GOGIKTH;IKOVPTT
J[;RJITHMVP;\_;TMV[GQP;QJGHIKO<;HSP_;RG_;\P;QJRZLPHPL_
$ERFB(!9UEV(3NGDB?D@GC(,O@AB(MGN(5DBBF(^GNS TPGLPN;\_;GZZVJZVIGHP;`PLNT]
#JJF@?ED@GC(S(+BH@NBA('@MB(GM(-GED@CL(5KHDBI(@C !1:!:<:2(,VP^ZGIKHPN;RPR\PVT;TSGLL;\P;ZVJHPQHPN;GOGIKTH
+@MMBNBCD(.CX@NGCIBCDH G\VGTIJK;J[;HSP;QJGHIKO;NMVIKO;HVGKTZJVHGHIJK<;SGKNLIKO
U>76.)'&.)].]8])X GKN;PVPQHIJK]
!1:!:8&53'-#67&5!''7)
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-#.( "#$9('(#$!(
*HPPLT;`IHS;TZPQIGL;GLLJ_IKO;PLPRPKHT;GKN;ZVJNMQHIJK
U$8(-#$+%$'#"( "; -; >; .; <; @; ZVJQPTT; HJ; J\HGIK; \PHHPV; QJVVJTIJK; VPTITHGKQP; RG_; \P
""#$$(&(&#'(#$( MTPN;GT;ZPV;TZPQIGLITH;LIHPVGHMVP]
+",; +-,; +>,; +.,; +<,; +@,; +X,; +<,; '&!%(#$")*K,"9(.&".&'('%/$!&
3,; Y?;F=8;398=9D; "-; "<; -4; LE?:0; LE?:0; LE?>8; !!( /%4.(4.5%5$#"-.
+;:;=8;=9D;:;E=9; 18=;:; 18=;:; 18=;:; -4; -4; -4;
=;8=:,E;F38D; 18=;:; 18=;:; 18=;:;
!!:1(4BYO@NBIBCDH
33,; C?88:08D;398=9D; "4; "<; "-; LE?:0; "<;I;-4; LE?>8;
+D3AD;=3;E?;98; 18=;:; 18=;:; 18=;:; "<; 18=;:; -4; /SP;VPeMIVPRPKHT;TSGLL;GZZL_;HJ;THPPL;\MILNIKO;PLPRPKHT
::8@D:;; 18=;:; 18=;:;
D3?B3D8,E; NPTIOKPN; HJ; PiSI\IH; G; VPeMIVPN; [IVP^VPTITHGKQP; LPYPL
F?D8;=08; U!#3X;GT;ZPV;HSP;VPLPYGKH;TZPQI[IQGHIJKT];/SP;ZVJYITIJKT
333,; Y?;F=8;>?=:0=8; "4; "-; -4; LE?:0; LE?:0; LE?>8; J[; HSIT; TPQHIJK; GVP; eMIHP; VMNIRPKHGV_; GKN; TIRZLITHIQ]
+=:;9?;F=8; 18=;:; 18=;:; 18=;:; -4; -4; -4; *ZPQIGLITH; LIHPVGHMVP; [JV; NPTIOK; J[; THPPL; THVMQHMVPT; [JV
398=9D;@8::;D3AD; 18=;:; 18=;:; 18=;:;
=3;E?;98;:=80;
[IVP; VPTITHGKQP; GKN; NPTIOK; \GTPN; JK; HPTHIKO; RG_; \P
88>88:,E;:8>8;8; KPQPTTGV_; [JV; G; RJVP; QJRZVPSPKTIYP; NPTIOK; J[; THPPL
3>,; C?88:08D;>?=:0=8; <; "4; "4; LE?:0; "<;I;-4; LE?>8; \MILNIKOT;HJ;VPTITH;[IVP]
+=:;@?88:08D; 18=;:; 18=;:; 18=;:; "<; 18=;:; -4;
398=9D;@8::;D3AD; 18=;:; 18=;:; !!:1:1(!JV;ZVJHPQHPN;THPPL;RPR\PVT;GKN;QJKKPQHIJKT<
=3;E?;98;:=80; HSP;HSIQaKPTT;J[;ZVJHPQHIJK;RGHPVIGL;U"IX;TSGLL;\P;OVPGHPV
88>88:,E;>8;1;
HSGK; JV; PeMGL; HJ; HSGH; VPeMIVPN; HJ; OIYP; G; ZPVIJN; J[
:8>8;8;?;;
8B0;8F8; THVMQHMVGL;GNPeMGQ_;U,*:X;OVPGHPV;HSGK;JV;PeMGL;HJ;HSP
VPeMIVPN;!#3]

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5KHDBI(U5PGJ(#JJF@BA($NBEDIBCDHV
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4?;$?; 4?;$?; 4?;$?;
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B1)?11; ?+F)*)1F;-@U+F<;; 1),:;1B+M+<;; .-@7-0)R1F<; 1B+M+<;; 4B1-+1F; 4)@),-01<;;
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4:;$?; +M)F1; 5:;$?;
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-GED@CL(5KHDBI(U5@DB(#JJF@BA($NBEDIBCDHV
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@;8@=;=03?9; 0;8=0F890; 0;8=0F890;
33,; C;3F8;; M?:>D;39; M?:>D;39; %; %; %; M?:>D;39;
333,; Y908;F8D3=08; %; ]?D3<38D;L8Z1D; M?:>D;Y9; %; d3ADIE:38D;F3>=>8?::;
>?=0; ]3>=>8?::;3;?9;
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3;?9;?B3D8E;<4;+F; +F;

;
!!:1:!;!JV;MKZVJHPQHPN;THPPL;RPR\PVT;GKN;QJKKPQHIJKT< HSP;THPPL;U0LX;IK;GQQJVNGKQP;`IHS;!!:8l;GKN
HSP;PiZJTPN;TMV[GQP;GVPG;HJ;RGTT;VGHIJ;UCTRX;TSGLL;\P .X NPHPVRIKIKO;HSP;,*:;GT;HSP;HIRP;U!X;UIK
LPTT;HSGK;JV;PeMGL;HJ;HSGH;VPeMIVPN;HJ;OIYP;G;,*:;PeMGL RIKX;[VJR;HSP;THGVH;J[;HSP;HPTH;HJ;HSP;HIRP
HJ;HSP;VPeMIVPN;!#3] GH;`SIQS;HSP;LIRIHIKO;THPPL;HPRZPVGHMVP;IT
GHHGIKPN<; IK; GQQJVNGKQP; `IHS; !!:2; [JV
!!:!( /@NB(4BH@HDEC?B('BXBF
ZVJHPQHPN; RPR\PVT; GKN; !!:;; [JV
/SP;VPeMIVPN;!#3;TSGLL;\P;GT;ZVPTQVI\PN;IK;,GVH;8;c!IVP MKZVJHPQHPN;RPR\PVT]
GKN; 3I[P; *G[PH_d; J[; HSP; +JNP; GT; GZZVJZVIGHP; JV; IK \X 7_; NIVPQH; GZZLIQGHIJK; J[; G; TIKOLP; HPTH; IK
\MILNIKO; TZPQI[IQGHIJKT; JV; GT; VPeMIVPN; \_; HSP; MTPV; JV GQQJVNGKQP;`IHS;!!:Ql;JV
HSP;QIH_;JVNIKGKQP];/SP;!#3;TZPQI[IPN;IK;HPVRT;J[;HSP
QX 7_;QGLQMLGHIJK;J[;HSP;HPRZPVGHMVP;J[;HSP;THPPL
NMVGHIJK;UIK;RIKX;J[;THGKNGVN;[IVP;LJGN;`IHSJMH;QJLLGZTP
RPR\PV;\_;MTIKO;G;VGHIJKGL;RPHSJN;J[;GKGL_TIT
NPZPKNT;MZJKl
QJK[IVRPN;\_;HPTH;NGHG;JV;\_;RPHSJNT;GYGILG\LP
GX HSP;ZMVZJTP;[JV;`SIQS;THVMQHMVP;IT;MTPNl;GKN IK;TZPQIGLITH;LIHPVGHMVP]
\X HSP;HIRP;HGaPK;HJ;PYGQMGHP;IK;QGTP;J[;[IVP] !!:<( `EN@ED@GC( GM( =B?PEC@?EF( 3NGJBND@BH( GM( 5DBBF
]@DP($BIJBNEDONB
!!:7( 3BN@GA(GM(5DNO?DONEF(#ABYOE?K(U35#V
!!:<:1 (I6$#6!#*+&*,&i#'7%&5!$'))&K#!"&0'Y3'$6!.$'
!!:7:1 (/SP;QGLQMLGHIJK;J[;,*:;IKYJLYPTb /SP;IK[LMPKQP;J[;HPRZPVGHMVP;JK;HSP;_IPLN;THVPTT;J[;THPPL
GX +GLQMLGHIJK;J[;HSP;THVPKOHS;J[;HSP;PLPRPKH;GT;G TSGLL;\P;HGaPK;GT;[JLLJ`T;[JV;THVMQHMVPT;J[;RILN;THPPLT
[MKQHIJK;J[;HPRZPVGHMVP;J[;HSP;PLPRPKH;GKN;HSP GKN;SIOS;THVPKOHS;LJ`;GLLJ_;THPPLTb
NPHPVRIKGHIJK;J[;LIRIHIKO;HPRZPVGHMVPl # 0 (- ) BM3 − -
= ≤ 'LM
\X +GLQMLGHIJK; J[; HSP; HSPVRGL; VPTZJKTP; J[; HSP # 0 ( !M ) VBM
PLPRPKH<;HSGH;IT;QGLQMLGHIJK;J[;HSP;YGVIGHIJK;J[ `SPVP<
HSP;HPRZPVGHMVP;J[;HSP;PLPRPKH;JV;HSP;ZGVHT;J[
HSP;PLPRPKH;`IHS;HIRP<;`SPK;PiZJTPN;HJ;[IVPl &,_U0X m ;_IPLN;THVPTT;J[;THPPL;GH;0&k+:
GKN &,_U.DX m _IPLN; THVPTT; J[; THPPL; GH; .Dk+; UVJJR
HPRZPVGHMVPX<;GKN
QX &PHPVRIKGHIJK; J[; ,*:; GH; `SIQS; HSP
HPRZPVGHMVP; J[; HSP; PLPRPKH; JV; ZGVHT; J[; HSP 0 m HPRZPVGHMVP;J[;HSP;THPPL<;IK;k+]
PLPRPKH;VPGQSPT;HSP;LIRIHIKO;HPRZPVGHMVP]
/SIT;VPLGHIJKTSIZ;IT;TSJ`K;\_;+MVYP;);IK;!IO];.8]
!!:7:!( ?'!'$Y#+6!#*+&*,&E'$#*%&*,&5!$.-!.$67&;%'G.6-M
!JV;HPRZPVGHMVP;LPTT;HSGK;.)(k+;KJ;VPNMQHIJK;IK;HSP
/SP; ZPVIJN; J[; THVMQHMVGL; GNPeMGQ_; U,*:X; TSGLL; \P _IPLN;THVPTT;KPPN;HJ;\P;QJKTINPVPN]
NPHPVRIKPN;MTIKO;JKP;J[;HSP;[JLLJ`IKO;RPHSJNTb
!!:<:!( I6$#6!#*+& *,& D*%.7.)& *,& @76)!#-#!M& K#!"
GX =M&-67-.76!#*+b 0'Y3'$6!.$'

)X NPHPVRIKIKO;HSP;LIRIHIKO;HPRZPVGHMVP;J[ /SP; IK[LMPKQP; J[; HPRZPVGHMVP; JK; HSP; RJNMLMT; J[

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 107
 '4G#'2 ? 4!$&5-)$%1!-5%*)#-4)2"%&3#%!)$%1!-5%*)/.)%*!
YIELD STRESS RATIO
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YIELD STRESS RATIO OR
#-4
γ3 ? A#1%&#")$#.!%().#'%/1)./1)$%1!-5%*B
C*!) 4!$&5-) #'%&/-) 2-4!1) .&1!) $*#"") '/-$&4!1) %*!
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R&3&%&-5) $%!!") %!3A!1#%21!) ./1) $A!'&#") $%!!"$) 3#() +!
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'*#1#'%!1&$%&'$) /.) %*!) 3#%!1&#") /+%#&-!4) .1/3) %*!
FIG. 24 VARIATION OF MECHANICAL PROPERTIES OF $2AA"&!1)/.)%*!)$%!!"B
S TEEL WITH T EMPERATURE
2243* &=8?=@A9B@=*':C@=AD=*E79F*&78=*7:*G@H9=C9=I
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⎣⎢ ⎣ ⎝ ! !"" ⎠⎦ ⎦⎥ $&4!4).&1!)!QA/$21!)'/-4&%&/-G)%*!)"&3&%&-5)%!3A!1#%21!
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⎝ ! """ ⎠ 22434!42 )E/1)'/"23-$)0&%*)#)%*1!!S$&4!4).&1!)!QA/$21!
)= 0*!-) #""°" < " ≤ ! """°" '/-4&%&/-G)%*!)"&3&%&-5)%!3A!1#%21!)=!">)$*#"")+!)%#,!-
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`SPVP IK;G;THGKNGVN;[IVP;HPTH;RG_;\P;MTPN;`IHSJMH;RJNI[IQGHIJK
ZVJYINPNb
! m HIRP;[VJR;HSP;THGVH;J[;HSP;HPTH<;IK;RIKl
CD&HJ&C> m VPOVPTTIJK; QJP[[IQIPKHT; [VJR; HPTH; NGHG GX !IVP; ZVJHPQHIJK; T_THPR; IT; HSP; TGRP; GT; HSP
U)'';!!:2:!:!Xl ZVJHJH_ZPl
"I m HSIQaKPTT;J[;[IVP;ZVJHPQHIJK;RGHPVIGL<;IK;RRl \X !IVP; PiZJTMVP; QJKNIHIJK; IT; HSP; TGRP; GT; HSP
ZVJHJH_ZPl
0 a THPPL;HPRZPVGHMVP<;IK;k+;J\HGIKPN;[VJR;HPTH
QX !IVP;ZVJHPQHIJK;RGHPVIGL;HSIQaKPTT;IT;PeMGL;HJ
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CTR m PiZJTPN; TMV[GQP; GVPG; HJ; RGTT; VGHIJ<
NX *MV[GQP;GVPG;HJ;RGTT;VGHIJ;IT;PeMGL;HJ;JV;LPTT
IK;)D6;RR.WaO]
HSGK;HSGH;J[;HSP;ZVJHJH_ZPl;GKN
!!:2:!:!(\+17#'.&J[;HPTH;VPTMLHT<;HSP;YGLMPT;[JV;QJP[[IQIPKHT PX %SPVP;HSP;ZVJHJH_ZP;SGT;\PPK;TM\RIHHPN;HJ;G
IK;/G\LP;6D;RG_;\P;MTPN;IK;HSP;PeMGHIJK;!!:2:!:1;`SPK THGKNGVN; [IVP; HPTH; IK; GK; MKLJGNPN; QJKNIHIJK<
HSP;HPTH;TGHIT[IPT;HSP;QJKNIHIJKT;TZPQI[IPN;IK;!!:2:!:7] THIQaG\ILIH_;SGT;\PPK;TPZGVGHPL_;NPRJKTHVGHPN]

$ERFB(70(4BLNBHH@GC(-GBMM@?@BCDH_(( !!:2:<( E6$6Y'!'$)&*,&\Y3*$!6+-'&#+&!"'&5!6+%6$%&4#$'

0')!
U>76.)'&..]>].].X
GX *ZPQIRPK;H_ZP<;LJGNIKO<;QJK[IOMVGHIJK<
(0! (1! (!! (7! (<! (8! (2! \X $iZJTPN;TMV[GQP;GVPG;HJ;RGTT;VGHIJ<
+",; +-,; +>,; +.,; +<,; +@,; +X,;
QX 1KTMLGHIJK; H_ZP<; HSPVRGL; ZVJZPVHIPT; GKN
Z-<3[4; "3@[<; Z">3X"; 434>4;4; 43444;<; 43<".;.; @3@>>; HSIQaKPTT<;GKN
NX 0JITHMVP;QJKHPKH;J[;HSP;IKTMLGHIJK;RGHPVIGL]
!!:2:!:7; B#Y#!6!#*+)& 6+%& -*+%#!#*+)& *+& .)'& *,
!!:;( $BIJBNEDONB( %C?NBEHB( ]@DP( $@IB( @C
$'N$'))#*+&6+67M)#)
*CJNGDB?DBA(=BIRBNH
/PTH; NGHG; HJ; \P; MHILIgPN; IK; GQQJVNGKQP; `IHS;!!:2:!:1_
/SP;HIRP;U!X;GH;`SIQS;HSP;LIRIHIKO;HPRZPVGHMVP;U0LX;IT
TSGLL;TGHIT[_;HSP;[JLLJ`IKOb
GHHGIKPN; TSGLL; \P; QGLQMLGHPN; MTIKO; HSP; [JLLJ`IKO
GX *HPPL;RPR\PVT;TSGLL;\P;ZVJHPQHPN;`IHS;\JGVN< PeMGHIJKTb
TZVG_PN;\LGKaPH;JV;TIRILGV;IKTMLGHIJK;RGHPVIGLT
GX /SVPP^TINPN;[IVP;PiZJTMVP;QJKNIHIJK
SGYIKO;G;NV_;NPKTIH_;LPTT;HSGK;);DDD;aOWR6l
\X :LL; HPTHT; TSGLL; IKQJVZJVGHP; HSP; TGRP; [IVP ⎛ MLG55-F ⎞
ZVJHPQHIJK;T_THPRl " = 3L! + MLM!!' - + ⎜ ⎟
⎝ =+1 ⎠
QX :LL;RPR\PVT;TSGLL;SGYP;HSP;TGRP;[IVP;PiZJTMVP
QJKNIHIJKl \X !JMV^TINPN;[IVP;PiZJTMVP;QJKNIHIJK
NX /PTH;TPVIPT;TSGLL;IKQLMNP;GH;LPGTH;KIKP;HPTHTl
⎛ ML!'5-F ⎞
PX /PTH;TPVIPT;RG_;IKQLMNP;ZVJHJH_ZPT;`SIQS;SGYP " = GL2 + MLM!V;5;- + ⎜ ⎟
KJH;\PPK;LJGNPN;ZVJYINPN;HSGH;THIQaG\ILIH_;SGT ⎝ =+1 ⎠
\PPK;NPRJKTHVGHPNl;GKN
`SPVP
[X :LL; RPR\PVT; TM\fPQH; HJ; G; HSVPP^TINPN; [IVP
&! m HIRP;[VJR;HSP;THGVH;J[;HSP;HPTH<;IK;RIKl
PiZJTMVP;QJKNIHIJK;TSGLL;\P;`IHSIK;G;OVJMZ;IK
GQQJVNGKQP;`IHS;!!:9] &0 m THPPL;HPRZPVGHMVP<;IK;k+<;(DDk+;≤;0;≤
-(Dk+<;GKN
/SP;VPOVPTTIJK;PeMGHIJK;J\HGIKPN;[JV;JKP;[IVP;ZVJHPQHIJK CTR&m PiZJTPN; TMV[GQP; GVPG; HJ; RGTT; VGHIJ<
T_THPR;RG_;\P;GZZLIPN;HJ;GKJHSPV;T_THPR;MTIKO;HSP;TGRP .q)D6;RR.WaO;≤;CTR;≤;6(;q )D6;RR.WaO]
[IVP; ZVJHPQHIJK; RGHPVIGL; GKN; HSP; TGRP; [IVP; PiZJTMVP
!JV; HPRZPVGHMVPT; \PLJ`; (DDk+<; LIKPGV; IKHPVZJLGHIJK
QJKNIHIJK; ZVJYINPN; HSGH; THIQaG\ILIH_; SGT; \PPK
TSGLL;\P;MTPN<;\GTPN;JK;HSP;HIRP;GH;(DDk+;GKN;GK;IKIHIGL
NPRJKTHVGHPN;[JV;HSP;TPQJKN;T_THPR]
HPRZPVGHMVP;J[;.Dk+;GH;!;PeMGLT;D]
:;VPOVPTTIJK;PeMGHIJK;J\HGIKPN;MTIKO;ZVJHJH_ZPT;`IHS
G;[JMV^TINPN;[IVP;PiZJTMVP;QJKNIHIJK;RG_;\P;GZZLIPN;HJ !!:Q(+BDBNI@CED@GC(GM(35#(MNGI(E(5@CLFB($BHD
G;RPR\PV;`IHS;G;HSVPP^TINPN;[IVP;PiZJTMVP;QJKNIHIJK /SP;ZPVIJN;J[;THVMQHMVGL;GNPeMGQ_;U,*:X;NPHPVRIKPN
ZVJYINPN; HSGH; THIQaG\ILIH_; SGT; \PPK; NPRJKTHVGHPN; [JV [VJR;G;TIKOLP;HPTH;RG_;\P;GZZLIPN;`IHSJMH;RJNI[IQGHIJK
HSP;HSVPP^TINPN;QGTP] ZVJYINPNb
!!:2:7;0'Y3'$6!.$'&=6)'%&*+&5#+N7'&0')! GX +JKNIHIJKT<;TZPQI[IPN;IK;!!:2:7(GVP;TGHIT[IPN<
/SP;YGVIGHIJK;J[;THPPL;HPRZPVGHMVP;`IHS;HIRP;RPGTMVPN \X +JKNIHIJKT; J[; TMZZJVH; GVP; HSP; TGRP; GT; HSP

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 108
 ZVJHJH_ZP; GKN; HSP; VPTHVGIKHT; GVP; KJH; LPTT !!:10( 5JB?@EF(-GCH@ABNED@GCH
[GYJMVG\LP;HSGK;HSJTP;J[;HSP;ZVJHJH_ZP<;GKN
!!:10:1( >*++'-!#*+)
QX #GHIJ;J[;HSP;NPTIOK;LJGN;[JV;[IVP;HJ;HSP;NPTIOK
QGZGQIH_;J[;HSP;RPR\PV;IT;LPTT;HSGK;JV;PeMGL +JKKPQHIJKT;TSGLL;\P;ZVJHPQHPN;`IHS;HSP;RGiIRMR
HJ;HSGH;J[;HSP;ZVJHJH_ZP] HSIQaKPTT;J[;[IVP;ZVJHPQHIJK;RGHPVIGL;VPeMIVPN;[JV;GK_
J[; HSP; RPR\PVT; [VGRIKO; IKHJ; HSP; QJKKPQHIJK; HJ
!!:9( $PNBBT5@ABA(/@NB(.ZJGHONB(-GCA@D@GC GQSIPYP;HSPIV;VPTZPQHIYP;[IVP^VPTITHGKQP;LPYPLT];/SIT
HSIQaKPTT; TSGLL; \P; RGIKHGIKPN; JYPV; GLL; QJKKPQHIJK
0PR\PVT; TM\fPQH; HJ; G; HSVPP^TINPN; [IVP; PiZJTMVP
QJRZJKPKHT<;IKQLMNIKO;\JLH;SPGNT<;`PLNT;GKN;TZLIQP
QJKNIHIJK;TSGLL;\P;QJKTINPVPN;IK;TPZGVGHP;OVJMZT;MKLPTT
ZLGHPT]
HSP;[JLLJ`IKO;QJKNIHIJKT;GVP;TGHIT[IPNb
!!:10:!( J'<&E'+'!$6!#*+)
GX /SP;QSGVGQHPVITHIQT;J[;HSP;RPR\PVT;J[;G;OVJMZ
GT;OIYPK;\PLJ`<;TSGLL;KJH;YGV_;[VJR;JKP;GKJHSPV /SP;HSIQaKPTT;J[;[IVP;ZVJHPQHIJK;RGHPVIGL;GH;GKN;GNfGQPKH
\_;RJVP;HSGKb HJ;`P\;ZPKPHVGHIJKT;TSGLL;\P;HSP;OVPGHPTH;J[;HSGH;VPeMIVPN<
)X +JKQVPHP;NPKTIH_b `SPKb

⎛ @,H@/+1;,-;H0AAB ⎞ GX GVPG;G\JYP;HSP;ZPKPHVGHIJK;IT;QJKTINPVPN;GT;G
⎜ CA1/+1;,-;H0AAB ⎟ ;≤;)].(<;GKN HSVPP^TINPN; [IVP; PiZJTMVP; QJKNIHIJK; UC TR)X
⎝ ⎠
U)'';!IO];.>Xl
.X $[[PQHIYP;v;HSIQaKPTT;v;U"PXb \X GVPG;\PLJ`;HSP;ZPKPHVGHIJK;IT;QJKTINPVPN;GT;G
⎛ C10H/+1;,-;H0AAB ⎞ [JMV^TINPN; [IVP; PiZJTMVP; QJKNIHIJK; UC TR.X
⎜ +81CC/+1;,-;H0AAB ⎟ ;≤;)].( U)'';!IO];.>Xl;GKN
⎝ ⎠
QX TPQHIJK;GT;G;`SJLP;IT;QJKTINPVPN;GT;G;HSVPP^TINPN
`SPVP;HSP;P[[PQHIYP;HSIQaKPTT;U"PX;IT;PeMGL;HJ [IVP;PiZJTMVP;QJKNIHIJK;UCTRX;U)'';!IO];.>X]
HSP;QVJTT^TPQHIJKGL;GVPG;PiQLMNIKO;YJINT;ZPV
MKIH;`INHS<;GT;TSJ`K;IK;!IO];.(:] /SIT;HSIQaKPTT;TSGLL;\P;GZZLIPN;JYPV;HSP;[MLL;\PGR;NPZHS
GKN;TSGLL;PiHPKN;JK;PGQS;TINP;J[;HSP;ZPKPHVGHIJK;[JV;G
\X #I\;YJINT;TSGLL;PIHSPV;\Pb
NITHGKQP;GH;LPGTH;PeMGL;HJ;HSP;\PGR;NPZHS;GKN;KJH;LPTT
)X GLL;JZPKl;JV HSGK;6DD;RR]
.X GLL;\LJQaPN;GT;TSJ`K;IK;!IO];.(7]
QX +JKQVPHP; TLG\T; RG_; IKQJVZJVGHP; ZPVRGKPKH !!:11 (/@NB(4BH@HDEC?B(4ED@CL
THPPL;NPQa;[JVR`JVa] /SP; [IVP; VPTITHGKQP; VGHIKO; J[; YGVIJMT; \MILNIKO
QJRZJKPKHT;TMQS;GT;`GLLT<;QJLMRKT<;\PGRT<;GKN;[LJJVT
GVP; OIYPK; IK; /G\LP; 6); GKN; /G\LP; 6.]; !IVP; NGRGOP
GTTPTTRPKH; J[; YGVIJMT; THVMQHMVGL; PLPRPKHT; J[; HSP

!14 ];.(;/=#$$;*1&$&;!1#$;$ @,"*9#$;+"2&1/1"2

# $C91#$0$2/*
!14 ];.>;%$7;,$2$/#:/1"2

102 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
 $ERFB(71(.C?EHBA(5DBBF(-GFOICH_(!07(II(j(!07(II(U3NGDB?D@GC(#JJF@BA(GC(/GON(5@ABHV
U>76.)';..]))X

6:(( ;5&7"%(#3(4#12&"7.&'#1(511(B5&%"'5:2; B'1'676(@'6%12'#12(1)0;??2<(D@.:71'1;(F1=(A'1'2<>(

;#<; 3#"(5(A'"%(4%2'2&51.%(#3(
(
5;:; 5;{;:; 4;:; 5;:; 6;:;
152; 142; 152; 162; 1:2; 1O2; 1I2;
)2; V+@@+4;B1+01,0)+0;14)0:+A0;-0;-)1;,-7)0+;+711;0:1;*@-0.142O; ; ; ; ; ;
; -2; O10-@; @-0:)0.; 4)0:; 01+41@@1F; @).:041).:0; -..11.-01; .+B4A?; ; ; ; ; ;
B@-4011;1V; 55; 5:; 4?; 54; X;
;
; 92; S@-40119+-1F;4)0:;5BO;??;4)11;9)0F)0.;-0;;5??;??;B)0,:<; ; ; ; ; ;
*)0)4:1F;4)0:;@).:041).:0;-..11.-01;.+B4A?;B@-4011;@144;0:-0; ; ; ; ; ;
0:1;0:),U0144;4B1,)*)1FO; ; ; ; ; ;
52! .B:;??;B@-4011;9+-1F; 5?; 5:; X; X; X;
42! 5.;??;B@-4011;9+-1F; 5?; 55; 4?; X; X;
;
; ,2;b49140+4;)04A@-0)0.;9+-1F4<;0:),U0144;+*;9+-1FO; ; ; ; ; ;
52! =)0.@1; 0:),U0144; +*; 9+-1F<; 4)0:; O; ??;; ; ; ; ; ;
;,+711;*)@@104;-0;01-0471141;[+)004; X; 5.; 4:; X; X;
42! S4+;@-+114<;+*;0+0-@;0:),U0144; X; X; X; 5P; :?;
;
; F2; =+@)F; 91),U4; +*; ,@-+<; ,+?B+4)0)+0; +1; 4-0F; @)?1<; 11)0*+1,1F; )0; :?; :?; :?; I:; 5??;
1711+;:+1)R+00-@;[+)00<;A0B@-40111F;
;
; 12;b11-01F;,+0,1101;9@+,U4; O?; O?; O?; X; X;
; *2; =+@)F;9@+,U4;+*;@).:041).:0;,+0,1101;:+@@+4;B1+01,0)+0;14)0:;-0; :?; :?; :?; O?; I:;
-)1;,-7)0+;+711;0:1;*@-0.142;
))2; b49140+4; )04A@-0)0.; 9+-1F; 4,1141F; 0+; 4:; ??;; 54; 5.; X; X; X;
-49140+4;9-00104;
)))2; =+@)F;B1+01,0)+04O; ; ; ; ; ;
; -2;/+0,1101<;0+0;@1-011;0:-0;5O4O6;?)M;1A0B@-40111F2O; ; ; ; ; ;
52; /+0,1101;0+0;-44A?1F;0+;91;@+-F;91-1)0.<;11)0*+1,1F;!V;; 4:; 4:; 4:; :?; I:;
42; /+0,1101;-44A?1F;0+;91;@+-F;91-1)0.; :?; :?; :?; I:; I:;
;
; 92; \).:041).:0;,+0,1101<;0+0;@1-011;0:-0;5O4O;6;?)M;1A0B@-40111F2; 4:; 4:; 4:; 4:; 4:;
,+0,1101;0+0;-44A?1F;0+;91;@+-F;91-1)0.<;11)0*+1,1F;!V;
;
1V;*J;[IiPN;JV;NPTIOKPN<;GT;HJ;GLLJ`;[MLL;ZPKPHVGHIJK;[JV;RPQSGKIQGL;\JKN]
!V;#PIK[JVQPRPKH;TSGLL;QJKTITH;J[;THPPL;\IKNIKO;`IVP;KJH;LPTT;HSGK;.]6;RR;NIGRPHPV<;JV;G;THPPL;RPTS; ( `PIOSIKO;KJH;LPTT;HSGK;D](;aOWR .];1K

QJKQVPHP;ZVJHPQHIJK<;HSP;TZGQIKO;J[;HSGH;VPIK[JVQPRPKH;TSGLL;KJH;;PiQPPN;.DD;RR;IK;GK_;NIVPQHIJK]

\MILNIKO;GKN;GNPeMGQ_;J[;HSP;THVMQHMVGL;VPZGIVT;QGK;\P ZVJZPVHIPT; J[; HSP; RGHPVIGL; \PLJ`; HSP; YGLMPT; MTPN; IK

NJKP; \_; HSP; [IVP; VPTITHGKQP; VGHIKO; [JV; PKQGTPN; THPPL NPTIOK]; 3JQGL; GZZLIQGHIJK; J[; ZVPTTMVP; GH; VJJR; JV; GH
QJLMRK;GKN;\PGR;U)'';/G\LP;6);GKN;/G\LP;6.X] PLPYGHPN;HPRZPVGHMVP;JV;JHSPV;HSPVRGL;RPGKT;RG_;\P
MTPN;[JV;THVGIOSHPKIKO<;ZVJYINPN;HSP;G\JYP;IT;TGHIT[IPN]
'&!%(#$")*L,"9/=.(!/%(#$"/$4"&.&!%(#$
!7:!:!; >7'6$6+-')
!7( /#)4%-#$%&"(#"+(.4.-$%&" /SP; PVPQHIJK; QLPGVGKQP; [JV; QLPGHPN; PKNT; J[; RPR\PVT<
QJKKPQHIKO;THPPL;HJ;THPPL;TSJMLN;ZVP[PVG\L_;\P;KJH;OVPGHPV
!7:1(,BCBNEF
HSGK;.]D;RR;GH;PGQS;PKN];/SP;PVPQHIJK;QLPGVGKQP;GH;PKNT
/JLPVGKQPT; [JV; [G\VIQGHIJK; J[; THPPL; THVMQHMVPT; TSGLL J[;\PGRT;`IHSJMH;`P\;QLPGHT;TSJMLN;\P;KJH;RJVP;HSGK
QJK[JVR;HJ;HSP;GQQPZHPN;THGKNGVN;o>^>U8)Xp];/JLPVGKQPT 6;RR;GH;PGQS;PKN];%SPVP;[JV;ZVGQHIQGL;VPGTJKT<;OVPGHPV
[JV; PVPQHIJK; J[; THPPL; THVMQHMVPT; TSGLL; QJK[JVR; HJ; HSP QLPGVGKQP;IT;KPQPTTGV_<;TMIHG\L_;NPTIOKPN;TPGHIKO;TSJMLN
GQQPZHPN;THGKNGVN;o>^>U8.Xp];!JV;OPKPVGL;OMINGKQP;JK \P;ZVJYINPN]
[G\VIQGHIJK;\_;`PLNIKO<;VP[PVPKQP;RG_;\P;RGNP;HJ;OJJN !7:!:!:1; /SP;SJLPT;[JV;\JLHT;RG_;\P;RGNP;GT;OIYPK;IK
ZVGQHIQP;o>^>U86Xp] /G\LP;)B<;MKLPTT;JHSPV`ITP;TZPQI[IPN;\_;HSP;PKOIKPPV]
!7:!( /ERN@?ED@GC(3NG?BAONBH /SP;SJLP;NIGRPHPV;IK;\GTP;ZLGHPT;TSGLL;KJH;PiQPPN;HSP
GKQSJV;\JLH;NIGRPHPV;\_;RJVP;HSGK;>;RR]
!7:!:1; 5!$6#N"!'+#+N
!7:!:!:!(1K;[VIQHIJK;H_ZP;J[;QJKKPQHIJK;QLPGVGKQP;RG_
0GHPVIGL;TSGLL;\P;THVGIOSHPKPN;JV;[JVRPN;HJ;HSP;TZPQI[IPN \P;RGIKHGIKPN<;MKLPTT;TZPQI[IPN;JHSPV`ITP;IK;HSP;NPTIOK
QJK[IOMVGHIJK; \_; RPHSJNT; HSGH; `ILL; KJH; VPNMQP; HSP NJQMRPKH]

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 10;
 $ERFB(7!(.C?EHBA(5DBBF()BEIH_(<02(II(j(1;2(II(U3NGDB?D@GC(#JJF@BA(GC($PNBB(5@ABHV
U>76.)';..]))X

6:( ;5&7"%(#3(4#12&"7.&'#1(511(B5&%"'5:2( B'1'676(C<'.?1%22(1)0;??2(#3(@"#&%.&'#1(3#"(

;#<( ; 5(A'"%(4%2'2&51.%(#3;
(
{;:; 5;:; 5{;:; 4;:; 5;:; 6;:;
152; 142; 152; 162; 1:2; 1O2; 1I2; 1P2;
)2; V+@@+4;B1+01,0)+0;14)0:+A0;-0;-)1;,-7)0+;9101-0:;0:1;@+411;*@-0.142O; ; ; ; ; ; ;
; -2;O10-@;@-0:)0.;4)0:;01+41@@1F;@).:041).:0;-..11.-01;.+B4A?;B@-4011;1V; 55; 55; 5:; 4?; 4:; X;
; 92;S@-40119+-1F;4)0:;5BO;??;4)11;9)0F)0.;-0;5??;??;B)0,:<;*)0)4:1F;4)0:; ; ; ; ; ; ;
@).:041).:0;-..11.-01;.+B4A?;B@-4011;@144;0:-0;0:1;0:),U0144;4B1,)*)1F;!VO; ; ; ; ; ; ;
;52;.B:;??;B@-4011;9+-1F; 5?; 5?; 5:; X; X; X;
;42;5.;??;B@-4011;9+-1F; 5?; 5?; 55; 4?; X; X;
; ,2; b49140+4;)04A@-0)0.;9+-1F4<;0:),U0144;+*;9+-1FO; ; ; ; ; ; ;
52;=)0.@1;0:),U0144;+*;9+-1F<;4)0:;O;??;;,+711;*)@@104;-0;01-0471141;[+)004; X; X; 5.; 4:; X; X;
;42;S4+;@-+114<;+*;0+0-@;0:),U0144; X; X; X; X; 5P; :?;
))2; V+@@+4;B1+01,0)+0;14)0:;-0;-)1;,-7)0+;91@+4;0:1;@+411;*@-0.12O; ; ; ; ; ; ;
; b49140+4;)04A@-0)0.;9+-1F;4,1141F;0+;;4:;??;-49140+4;9-00104; .; 54; X; X; X; X;
)))2; =+@)F;B1+01,0)+04O; ; ; ; ; ; ;
; -2;/+0,1101<;0+0;@1-011;0:-0;5O4O6;?)M;1A0B@-40111F2O; ; ; ; ; ; ;
52;/+0,1101;0+0;-44A?1F;0+;91;@+-F;;91-1)0.<;11)0*+1,1F;7V( 4:; 4:; 4:; 4:; :?; I:;
42;/+0,1101;-44A?1F;0+;91;@+-F;;91-1)0.; :?; :?; :?; :?; I:; I:;
; 92;\).:041).:0;,+0,1101<;0+0;@1-011;0:-0;5O4O6;?)M;1A0B@-40111F2;<V;; 4:; 4:; 4:; 4:; 6?; O?;
;
1V;*J;[IiPN;JV;NPTIOKPN<;GT;HJ;GLLJ`;[MLL;ZPKPHVGHIJK;[JV;RPQSGKIQGL;\JKN]
!V;%SPVP;`IVP;\IKNIKO;QGKKJH;\P;MTPN<;PiZPVH;GNYIQP;TSJMLN;\P;TJMOSH;VPOGVNIKO;GLHPVKGHIYP;RPHSJNT;J[;;TMZZJVH;HJ;PKG\LP;HSP;LJ`PV;PNOPT

J[;HSP;ZLGTHPV\JGVN;HJ;\P;[IiPN;HJOPHSPV;GKN;HJ;HSP;LJ`PV;[LGKOP<;GKN;;[JV;HSP;HJZ;PNOP;J[;HSP;ZLGTHPV\JGVN;HJ;\P;SPLN;IK;ZJTIHIJK]
7V;#PIK[JVQPRPKH;TSGLL;QJKTITH;J[;THPPL;\IKNIKO;`IVP;KJH;LPTT;HSGK;.]6;RR;IK;NIGRPHPV<;JV;G;THPPL;RPTS;;`PIOSIKO;KJH;LPTT;HSGK;D](;aOWR .];1K

QJKQVPHP;ZVJHPQHIJK<;HSP;TZGQIKO;J[;HSGH;VPIK[JVQPRPKH;TSGLL;KJH;;PiQPPN;.DD;RR;IK;GK_;NIVPQHIJK]
<V;+JKQVPHP;KJH;GTTMRPN;HJ;\P;LJGN;\PGVIKO<;VPIK[JVQPN]

!7:!:7(>.!!#+N QJKHVJLLPN; HJVQS; RG_; \P; ZPVRIHHPN<; ZVJYINPN; TZPQIGL

QGVP;IT;HGaPK;HJ;LPGYP;TM[[IQIPKH;RPHGL;HJ;\P;VPRJYPN;\_
+MHHIKO;TSGLL;\P;P[[PQHPN;\_;TG`IKO<;TSPGVIKO<;QVJZZIKO<
RGQSIKIKO<;TJ;HSGH;GLL;RPHGL;HSGH;SGT;\PPK;SGVNPKPN;\_
RGQSIKIKO; JV; HSPVRGL; QMHHIKO; ZVJQPTT]; *SPGVIKO<
QVJZZIKO; GKN; OGT; QMHHIKO; TSGLL; \P; QLPGK<; VPGTJKG\L_ [LGRP;IT;VPRJYPN];=GKN;[LGRP;QMHHIKO;RG_;\P;ZPVRIHHPN
TeMGVP<; GKN; [VPP; [VJR; GK_; NITHJVHIJK]; *SJMLN; HSP JKL_;TM\fPQH;HJ;HSP;GZZVJYGL;J[;HSP;IKTZPQHIKO;GMHSJVIH_]
IKTZPQHJV;[IKN;IH;KPQPTTGV_<;HSP;PNOPT;TSGLL;\P;OVJMKN $iQPZH;`SPVP;HSP;RGHPVIGL;IT;TM\TPeMPKHL_;fJIKPN;\_
G[HPV;QMHHIKO];,LGKKIKO;JV;[IKITSIKO;J[;TSPGVPN;JV;OGT^ `PLNIKO<;KJ;LJGN;TSGLL;\P;HVGKTRIHHPN;HSVJMOS;G;OGT;QMH
QMH; PNOPT; J[; ZLGHPT; JV; TSGZPT; TSGLL; KJH; \P; VPeMIVPN< TMV[GQP]
MKLPTT; TZPQIGLL_; KJHPN; JK; NVG`IKO; JV; IKQLMNPN; IK
THIZMLGHPN; PNOP; ZVPZGVGHIJK; [JV; `PLNIKO; JV; `SPK /SPVRGLL_; QMH; [VPP; PNOPT<; `SIQS; TSGLL; \P; TM\fPQH; HJ
TZPQI[IQGLL_;VPeMIVPN;IK;HSP;[JLLJ`IKO;TPQHIJK] QGLQMLGHPN;THGHIQ;HPKTILP;THVPTT;TSGLL;\P;[VPP;[VJR;VJMKN
\JHHJR;OJMOPT;OVPGHPV;HSGK;(;RR;NPPZ];4JMOPT;OVPGHPV
#P^PKHVGKH;QJVKPVT;TSGLL;\P;[VPP;[VJR;KJHQSPT;GKN;TSGLL
HSGK; (; RR; NPPZ; GKN; KJHQSPT; TSGLL; \P; VPRJYPN; \_
SGYP;LGVOPTH;ZVGQHIQGL;VGNII;`IHS;G;RIKIRMR;VGNIMT;J[
OVIKNIKO]
)(;RR8
!7:!:7:1(5"'6$#+N !7:!:<( P*7#+N

*SPGVIKO;J[;IHPRT;JYPV;)>;RR;HSIQa;HJ;\P;OGLYGKIgPN !7:!:<:1; =JLPT; HSVJMOS; RJVP; HSGK; JKP; HSIQaKPTT; J[

GKN;TM\fPQH;HJ;HPKTILP;[JVQP;JV;\PKNIKO;RJRPKH;TSGLL RGHPVIGL;[JV;RPR\PVT<;TMQS;GT;QJRZJMKN;THGKQSIJK;GKN
KJH; \P; QGVVIPN; JMH<; MKLPTT; HSP; IHPR; IT; THVPTT; VPLIPYPN OIVNPV;[LGKOPT<;TSGLL;\P;`SPVP;ZJTTI\LP<;NVILLPN;G[HPV;HSP
TM\TPeMPKHL_] RPR\PVT;GVP;GTTPR\LPN;GKN;HIOSHL_;QLGRZPN;JV;\JLHPN
HJOPHSPV];:;VJMKN;SJLP;[JV;G;\JLH;TSGLL;PIHSPV;\P;RGQSIKP
/SP;MTP;J[;TSPGVPN;PNOPT;IK;HSP;HPKTIJK;GVPG;TSGLL;\P [LGRP;QMH<;JV;NVILLPN;[MLL;TIgP<;JV;TM\^ZMKQSPN;6;RR
GYJINPN;IK;LJQGHIJK;TM\fPQH;HJ;ZLGTHIQ;SIKOP;VJHGHIJK;GH MKNPVTIgP;GKN;VPGRPN;HJ;TIgP;JV;ZMKQSPN;[MLL;TIgP]
[GQHJVPN;LJGNIKO]
=GKN;[LGRP;QMHHIKO;J[;G;\JLH;SJLP;TSGLL;KJH;\P;ZPVRIHHPN
!7:!:7:!(0"'$Y67&-.!!#+N
PiQPZH; GT; G; TIHP; VPQHI[IQGHIJK; RPGTMVP; [JV; SJLPT; IK
4GT; QMHHIKO; J[; SIOS; HPKTILP; THPPL; \_; RPQSGKIQGLL_ QJLMRK;\GTP;ZLGHPT]

10Q "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
!7:!:<:!(E.+-"#+N !7:7(#HHBIRFK
:; ZMKQSPN; SJLP; TSGLL; \P; ZPVRIHHPN; JKL_; IK; RGHPVIGL :LL;ZGVHT;J[;\JLHPN;RPR\PVT;TSGLL;\P;ZIKKPN;JV;\JLHPN
`SJTP;_IPLN;THVPTT;U,_X;NJPT;KJH;PiQPPN;6>D;0,G;GKN GKN;VIOINL_;SPLN;HJOPHSPV;NMVIKO;GTTPR\L_]
`SPVP; HSIQaKPTT; NJPT; KJH; PiQPPN; U( >DD/,_X; RR]; 1K
/SP;QJRZJKPKH;ZGVHT;TSGLL;\P;GTTPR\LPN;GKN;GLIOKPN
Q_QLIQGLL_;LJGNPN;NPHGILT<;ZMKQSIKO;TSGLL;\P;GYJINPN;IK
IK; TMQS; G; RGKKPV; HSGH; HSP_; GVP; KPIHSPV; H`ITHPN; KJV
ZLGHPT;`IHS;HSIQaKPTT;OVPGHPV;HSGK;).;RR]
JHSPV`ITP;NGRGOPN<;GKN;TSGLL;\P;TJ;ZVPZGVPN;HSGH;HSP
!JV; OVPGHPV; HSIQaKPTT; GKN; Q_QLIQGLL_; LJGNPN; NPHGILT< TZPQI[IPN;QGR\PV<;I[;GK_<;IT;ZVJYINPN]
SJLPT; TSGLL; \P; PIHSPV; NVILLPN; [VJR; HSP; TJLIN; JV; TM\^
!7:7:1;P*7')&#+&;))'Y<7M
ZMKQSPN;JV;TM\;NVILLPN;GKN;VPGRPN]
%SPK;SJLPT;GVP;NVILLPN;IK;JKP;JZPVGHIJK;HSVJMOS;H`J
/SP;NIP;[JV;GLL;TM\^ZMKQSPN;SJLPT;JV;HSP;NVILL;[JV;GLL
JV;RJVP;TPZGVG\LP;ZGVHT<;HSPTP;ZGVHT<;`SPK;TJ;TZPQI[IPN
TM\^NVILLPN;SJLPT;TSGLL;\P;GH;LPGTH;6;RR;TRGLLPV;HSGK
\_;HSP;PKOIKPPV<;TSGLL;\P;TPZGVGHPN;G[HPV;NVILLIKO;GKN
HSP;VPeMIVPN;NIGRPHPV;J[;[IKITSPN;SJLP]
HSP;\MVVT;VPRJYPN]
!7:!:<:7(Q('$)#O'&"*7')
0GHQSIKO;SJLPT;[JV;VIYPHT;GKN;\LGQa;\JLHT;TSGLL;VPOITHPV
:;TZPQIGL;ZLGHP;`GTSPV;J[;RIKIRMR;HSIQaKPTT;8;RR `IHS;PGQS;JHSPV;TJ;HSGH;G;OGMOP;J[;)](;RR;JV;.]D;RR
TSGLL;\P;MTPN;MKNPV;HSP;KMH<;I[;HSP;SJLP;NIGRPHPV;IT;LGVOPV UGT;HSP;QGTP;RG_;\P<;NPZPKNIKO;JK;`SPHSPV;HSP;NIGRPHPV
HSGK;HSP;\JLH;NIGRPHPV;\_;6;RR;JV;RJVP] J[;HSP;VIYPH;JV;\JLH;IT;LPTT;HSGK;JV;RJVP;HSGK;.(;RRX
LPTT;IK;NIGRPHPV;HSGK;HSP;NIGRPHPV;J[;HSP;SJLP;`ILL;ZGTT
"YPVTIgP;SJLP;TSGLL;KJH;PiQPPN;)].(%;JV;U%&s;AX;RR;IK
[VPPL_;HSVJMOS;HSP;GTTPR\LPN;RPR\PVT;IK;HSP;NIVPQHIJK
NIGRPHPV<;`PVP;%&IT;HSP&KJRIKGL;\JLH;NIGRPHPV<;IK;RR]
GH;VIOSH;GKOLP;HJ;TMQS;RPR\PVT]
:;TSJVH;TLJHHPN;SJLP;TSGLL;KJH;PiQPPN;HSP;GZZVJZVIGHP
&VILLIKO;NJKP;NMVIKO;GTTPR\L_;HJ;GLIOK;SJLPT;TSGLL;KJH
SJLP;TIgP;IK;`INHS;GKN;)]66%<;IK;LPKOHS];:;LJKO;TLJHHPN
NITHJVH;HSP;RPHGL;JV;PKLGVOP;HSP;SJLPT]
SJLP;TSGLL;KJH;PiQPPN;HSP;GZZVJZVIGHP;SJLP;TIgP;IK;`INHS
GKN;.](%<;IK;LPKOHS];1[;HSP;TLJH;LPKOHS;IT;LGVOPV;HSGK;HSJTP =JLPT;IK;GNfGQPKH;ZGVH;TSGLL;RGHQS;TM[[IQIPKHL_;`PLL;HJ
TZPQI[IPN<;TSPGV;HVGKT[PV;IK;HSP;NIVPQHIJK;J[;TLJH;IT;KJH ZPVRIH;PGT_;PKHV_;J[;\JLHT];1[;KPQPTTGV_<;SJLPT;PiQPZH
GNRITTI\LP;PYPK;IK;[VIQHIJK;H_ZP;J[;QJKKPQHIJK] JYPVTIgP;JV;TLJHHPN;SJLPT;RG_;\P;PKLGVOPN;HJ;GNRIH;\JLHT<
\_;RJNPVGHP;GRJMKH;J[;VPGRIKO]
*LJHHPN;SJLPT;TSGLL;\P;ZMKQSPN;PIHSPV;IK;JKP;JZPVGHIJK
JV;PLTP;[JVRPN;\_;ZMKQSIKO;JV;NVILLIKO;H`J;VJMKN;SJLPT !7:7:! (0"$'6%&B'+N!"
GZGVH; GKN; QJRZLPHPN; \_; SIOS; eMGLIH_; RPQSGKIQGLL_
&%SPK;NPTIOK;IT;\GTPN;JK;\JLHT;`IHS;MKHSVPGNPN;TSGKaT;IK
QJKHVJLLPN;[LGRP;QMHHIKO;GKN;NVPTTIKO;HJ;PKTMVP;HSGH;\JLH
HSP;TSPGV;ZLGKP<;GZZVJZVIGHP;RPGTMVPT;TSGLL;\P;TZPQI[IPN
QGK;[VPPL_;HVGYPL;HSP;[MLL;LPKOHS;J[;HSP;TLJH]
HJ; PKTMVP; HSGH<; G[HPV; GLLJ`IKO; [JV; HJLPVGKQP<; KPIHSPV; HSP
!7:!:<:<(4#!!'%&<*7!&"*7') HSVPGNT;KJV;HSP;HSVPGN;VMK^JMH;\P;IK;HSP;TSPGV;ZLGKP]
=JLPT;[JV;HMVKPN;GKN;[IHHPN;\JLHT;TSGLL;\P;NVILLPN;HJ;G /SP;LPKOHS;J[;\JLH;TSGLL;\P;TMQS;HSGH;GH;LPGTH;JKP;QLPGV
NIGRPHPV;PeMGL;HJ;HSP;KJRIKGL;NIGRPHPV;J[;HSP;TSGKa;JV HSVPGN;TSJ`T;G\JYP;HSP;KMH;GKN;GH;LPGTH;JKP;HSVPGN;ZLMT
\GVVPL; TM\fPQH; HJ; HJLPVGKQP; TZPQI[IPN; IK; HSP; GQQPZHPN HSP; HSVPGN; VMK; JMH; IT; QLPGV; \PKPGHS; HSP; KMH; G[HPV
THGKNGVNT;o>^>U88Xp];,VP[PVG\L_<;ZGVHT;HJ;\P;QJKKPQHPN HIOSHPKIKO]; "KP; `GTSPV; TSGLL; \P; ZVJYINPN; MKNPV; HSP
`IHS;QLJTP;HJLPVGKQP;JV;\GVVPL;\JLHT;TSGLL;\P;[IVRL_;SPLN VJHGHPN;ZGVH]
HJOPHSPV;\_;HGQaIKO;\JLHT;JV;QLGRZT;GKN;HSP;SJLPT;NVILLPN
!7:7:7( ;))'Y<7M&5.<R'-!'%&!*&I#<$6!#*+
HSVJMOS; GLL; HSP; HSIQaKPTTPT; GH; JKP; JZPVGHIJK; GKN
TM\TPeMPKHL_; VPGRPN; HJ; TIgP]; :LL; SJLPT; KJH; NVILLPN %SPK; KJK^ZVPLJGNPN; \JLHT; GVP; MTPN; IK; G; THVMQHMVP
HSVJMOS;GLL;HSIQaKPTTPT;GH;JKP;JZPVGHIJK;TSGLL;\P;NVILLPN TM\fPQH;HJ;YI\VGHIJK<;HSP;KMHT;TSGLL;\P;TPQMVPN;\_;LJQaIKO
HJ;G;TRGLLPV;TIgP;GKN;VPGRPN;JMH;G[HPV;GTTPR\L_];%SPVP NPYIQPT; JV; JHSPV; RPQSGKIQGL; RPGKT]; /SP; KMHT; J[
HSIT; IT; KJH; ZVGQHIQG\LP<; HSP; ZGVHT; TSGLL; \P; NVILLPN; GKN ZVPLJGNPN; \JLHT; RG_; \P; GTTMRPN; HJ; \P; TM[[IQIPKHL_
VPGRPN;TPZGVGHPL_;HSVJMOS;SGVN;\MTSPN;THPPL;fIOT] TPQMVPN;\_;HSP;KJVRGL;HIOSHPKIKO;ZVJQPNMVP]
!7:!:<:8;=JLPT;[JV;VIYPHT;JV;\JLHT;TSGLL;KJH;\P;[JVRPN !7:7:< ;J6)"'$)
OPKPVGLL_; \_; OGT; QMHHIKO; ZVJQPTT]; =J`PYPV<; GNYGKQPN
%GTSPVT;GVP;KJH;KJVRGLL_;VPeMIVPN;JK;KJK^ZVPLJGNPN
OGT;QMHHIKO;ZVJQPTTPT;TMQS;GT;ZLGTRG;QMHHIKO;RG_;\P;MTPN
\JLHT<;MKLPTT;TZPQI[IPN;JHSPV`ITP];/GZPVPN;`GTSPVT;TSGLL
HJ; RGaP; SJLPT; IK; THGHIQGLL_; LJGNPN; RPR\PVT; JKL_]; 1K
\P;MTPN;`SPVP;HSP;TMV[GQP;IT;IKQLIKPN;GH;RJVP;HSGK;6w;HJ
Q_QLIQGLL_;LJGNPN;RPR\PVT;TM\fPQHPN;HJ;HPKTILP;THVPTTPT
G;ZLGKP;ZPVZPKNIQMLGV;HJ;HSP;\JLH;GiIT]
`SIQS;GVP;YMLKPVG\LP;MKNPV;[GHIOMP<;OGT;QMHHIKO;TSGLL;KJH
\P;MTPN;MKLPTT;TM\TPeMPKH;VPGRIKO;IT;NJKP;HJ;VPRJYP =GVNPKPN;`GTSPV;TSGLL;\P;MTPN;[JV;ZVPLJGNPN;\JLHT;JV
HSP;RGHPVIGL;IK;HSP;SPGH;G[[PQHPN;gJKP;GVJMKN;HSP;SJLP] HSP;KMH<;`SIQSPYPV;IT;HJ;\P;VJHGHPN]

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 109
:LL;RGHPVIGL;`IHSIK;HSP;OVIZ;J[;HSP;\JLH;TSGLL;\P;THPPL !7:; (=E?P@C@CL(GM()ODDH_(-EJH(ECA()EHBH
GKN;KJ;QJRZVPTTI\LP;RGHPVIGL;TSGLL;\P;ZPVRIHHPN;IK;HSP
!7:;:1; +JLMRK; TZLIQPT; GKN; \MHH; fJIKHT; J[; THVMHT; GKN
OVIZ]
QJRZVPTTIJK;RPR\PVT<;NPZPKNIKO;JK;QJKHGQH;[JV;THVPTT
!7:<( 4@XBD@CL HVGKTRITTIJK<;TSGLL;\P;GQQMVGHPL_;RGQSIKPN;GKN;QLJTP^
\MHHPN; JYPV; HSP; `SJLP; TPQHIJK; `IHS; G; QLPGVGKQP; KJH
!7:<:1 ; #IYPHT; TSGLL; \P; SPGHPN; MKI[JVRL_; HSVJMOSJMH PiQPPNIKO;D].;RR;LJQGLL_<;GH;GK_;ZLGQP];*MR;J[;GLL;TMQS
HSPIV;LPKOHS<;`IHSJMH;\MVKIKO;JV;PiQPTTIYP;TQGLIKO<;GKN QLPGVGKQP; TSGLL; KJH; \P; RJVP; HSGK; 6D; ZPVQPKH; J[; HSP
TSGLL; \P; J[; TM[[IQIPKH; LPKOHS; HJ; ZVJYINP; G; SPGN; J[ QJKHGQH; GVPG; [JV; THVPTT; HVGKTRITTIJK]; 1K; QJLMRK; QGZT
THGKNGVN; NIRPKTIJKT]; /SPTP; TSGLL<; `SPK; NVIYPK< GKN;\GTPT<;HSP;PKNT;J[;TSG[HT;HJOPHSPV;`IHS;HSP;GHHGQSPN
QJRZLPHPL_; [ILL; HSP; SJLPT; GKN<; I[; QJMKHPVTMKa<; HSP OMTTPHT<;GKOLPT<;QSGKKPLT<;PHQl;G[HPV;QJKKPQHIKO;HJOPHSPV
QJMKHPVTIKaIKO; TSGLL; \P; [MLL_; [ILLPN; \_; HSP; VIYPH]; 1[ TSJMLN; \P; GQQMVGHPL_; RGQSIKPN; TJ; HSGH; QLPGVGKQP
VPeMIVPN<;GK_;ZVJHVMTIJK;J[;HSP;QJMKHPVTMKa;SPGN;TSGLL \PH`PPK;HSP;QJKHGQH;TMV[GQPT;TSGLL;KJH;PiQPPN;.;RR
\P;NVPTTPN;J[[;[LMTS] LJQGLL_<;TM\fPQH;[MVHSPV;HJ;HSP;QJKNIHIJK;HSGH;TMR;HJHGL
!7:<:!; #IYPHPN; RPR\PV; TSGLL; SGYP; GLL; ZGVHT; [IVRL_ J[;GLL;TMQS;QLPGVGKQP;TSGLL;KJH;PiQPPN;6D;ZPVQPKH;J[;HSP
NVG`K; GKN; SPLN; HJOPHSPV; \P[JVP; GKN; NMVIKO; VIYPHIKO< HJHGL;QJKHGQH;GVPG;[JV;THVPTT;HVGKTRITTIJK];+GVP;TSJMLN
GKN;TZPQIGL;QGVP;TSGLL;\P;HGaPK;IK;HSIT;VPTZPQH;[JV;GLL \P; HGaPK; HSGH; HSPTP; OMTTPHT<; QJKKPQHIKO; GKOLPT; JV
TIKOLP^VIYPHPN; QJKKPQHIJKT]; !JV; RMLHIZLP; VIYPHPN QSGKKPLT;GVP;[IiPN;`IHS;TMQS;GQQMVGQ_;HSGH;HSP_;GVP;KJH
QJKKPQHIJKT<;G;TPVYIQP;\JLH;TSGLL;\P;ZVJYINPN;IK;PYPV_ VPNMQPN; IK; HSIQaKPTT; \_; RGQSIKIKO; \_; RJVP; HSGK
HSIVN;JV;[JMVHS;SJLP] .]D;RR]

!7:<:7; %SPVPYPV;ZVGQHIQG\LP<;RGQSIKP;VIYPHIKO;TSGLL !7:;:!;%SPVP;TM[[IQIPKH;OMTTPHT;GKN;VIYPHT;JV;`PLNT;GVP

\P;QGVVIPN;JMH;\_;MTIKO;RGQSIKPT;J[;HSP;THPGN_;ZVPTTMVP ZVJYINPN; HJ; HVGKTRIH; HSP; PKHIVP; LJGNIKO; o)''; *PQHIJK
H_ZP] >UNXp<;HSP;QJLMRK;PKNT;KPPN;KJH;\P;RGQSIKPN]

!7:<:<; :LL;LJJTP<;\MVKPN;JV;JHSPV`ITP;NP[PQHIYP;VIYPHT !7:;:7;576<&=6)')&6+%&>63)

TSGLL; \P; QMH; JMH; GKN; VPZLGQPN; \P[JVP; HSP; THVMQHMVP; IT *LG\;\GTPT;GKN;TLG\;QGZT<;PiQPZH;`SPK;QMH;[VJR;RGHPVIGL
LJGNPN<;GKN;TZPQIGL;QGVP;TSGLL;\P;HGaPK;HJ;IKTZPQH;GLL `IHS;HVMP;TMV[GQPT<;TSGLL;\P;GQQMVGHPL_;RGQSIKPN;JYPV
TIKOLP;VIYPHPN;QJKKPQHIJKT] HSP;\PGVIKO;TMV[GQPT;GKN;TSGLL;\P;IK;P[[PQHIYP;QJKHGQH
!7:<:8; *ZPQIGL;QGVP;TSGLL;\P;HGaPK;IK;SPGHIKO;GKN;NVIYIKO `IHS;HSP;PKN;J[;HSP;THGKQSIJK<;HSP;\PGVIKO;[GQP;`SIQS;IT
LJKO;VIYPHT] HJ;\P;OVJMHPN;HJ;[IH;HIOSHL_;GH;\JHS;HJZ;GKN;\JHHJR<;MKLPTT
`PLNT;GVP;ZVJYINPN;HJ;HVGKTRIH;HSP;PKHIVP;QJLMRK;[GQP]
!7:8()GFD@CL
!7:;:<;/J;[GQILIHGHP;OVJMHIKO<;TM[[IQIPKH;OGZ;TSGLL;\P;LP[H
!7:8:1; 1K;GLL;QGTPT;`SPVP;HSP;[MLL;\PGVIKO;GVPG;J[;HSP \PH`PPK;HSP;\GTP;ZLGHPT;GKN;HJZ;J[;ZPNPTHGL;GKN;SJLPT
\JLH;IT;HJ;\P;NPYPLJZPN<;HSP;\JLH;TSGLL;\P;ZVJYINPN;`IHS TSGLL;\P;ZVJYINPN;`SPVP;KPQPTTGV_;IK;THGKQSIJK;\GTPT
G;`GTSPV;J[;TM[[IQIPKH;HSIQaKPTT;MKNPV;HSP;KMH;HJ;GYJIN [JV;HSP;PTQGZP;J[;GIV]
GK_; HSVPGNPN; ZJVHIJK; J[; HSP; \JLH; \PIKO; `IHSIK; HSP
HSIQaKPTT;JV;HSP;ZGVHT;\JLHPN;HJOPHSPV<;MKLPTT;GQQJMKHPN !7:Q( 3E@CD@CL
[JV;IK;NPTIOK] !7:Q:1(,GIKHIKO;TSGLL;\P;NJKP;IK;GQQJVNGKQP;`IHS;HSP
!7:8:!; ,VP^HPKTIJKPN;\JLHT;TSGLL;\P;TM\fPQHPN;HJ;IKIHIGL OJJN;ZVGQHIQPT;o>^>U8-Xp]
HPKTIJK; UHSP; ZVJJ[; THVPTTX; \_; GK; GZZVJZVIGHP; ZVP^ !7:Q:!;:LL;TMV[GQPT<;`SIQS;GVP;HJ;\P;ZGIKHPN<;JILPN;JV
QGLI\VGHPN;RPHSJN] JHSPV`ITP;HVPGHPN<;TSGLL;\P;NV_;GKN;HSJVJMOSL_;QLPGKPN
HJ;VPRJYP;GLL;LJJTP;TQGLP;GKN;LJJTP;VMTH]
!7:2 (^BFA@CL
!7:Q:7;*SJZ;QJKHGQH;TMV[GQPT;KPPN;KJH;\P;ZGIKHPN;MKLPTT
!7:2:1; %PLNIKO; TSGLL; \P; IK; GQQJVNGKQP; `IHS; OJJN
TZPQI[IPN];1[;TJ;TZPQI[IPN<;HSP_;TSGLL;\P;\VJMOSH;HJOPHSPV
ZVGQHIQPT;o>^>U8(Xp<;GT;GZZVJZVIGHP]
`SILP;HSP;ZGIKH;IT;THILL;`PH]
!7:2:!; !JV; `PLNIKO; J[; GK_; ZGVHIQMLGV; H_ZP; J[; fJIKH<
!7:Q:<;*MV[GQPT;KJH;IK;QJKHGQH<;\MH;IKGQQPTTI\LP;G[HPV
`PLNPVT; TSGLL; OIYP; PYINPKQP; GQQPZHG\LP; HJ; HSP
TSJZ;GTTPR\L_<;TSGLL;VPQPIYP;HSP;[MLL;TZPQI[IPN;ZVJHPQHIYP
ZMVQSGTPV; J[; SGYIKO; TGHIT[GQHJVIL_; QJRZLPHPN
HVPGHRPKH;\P[JVP;GTTPR\L_];/SIT;NJPT;KJH;GZZL_;HJ;HSP
GZZVJZVIGHP; HPTHT; GT; ZVPTQVI\PN; IK; OJJN; ZVGQHIQPT
IKHPVIJV;J[;TPGLPN;SJLLJ`;TPQHIJKT]
o>^>U8>Xp<;GT;VPLPYGKH]
!7:Q:8;+SPeMPVPN;ZLGHPT;TSGLL;\P;ZGIKHPN;\MH;HSP;NPHGILT
!7:2:7(:TTPR\L_;GKN;`PLNIKO;TSGLL;\P;QGVVIPN;JMH;IK
J[;ZGIKHIKO;TSGLL;\P;TZPQI[IPN;\_;HSP;ZMVQSGTPV]
TMQS;G;`G_;HJ;RIKIRITP;NITHJVHIJK;GKN;VPTINMGL;THVPTT
GKN; HSGH; HSP; [IKGL; NIRPKTIJKT; GVP; `IHSIK; GZZVJZVIGHP !7:Q:2;1K;QGTP;J[;TMV[GQPT;HJ;\P;`PLNPN<;HSP;THPPL;TSGLL
HJLPVGKQPT] KJH;\P;ZGIKHPN;JV;RPHGL;QJGHPN;`IHSIK;G;TMIHG\LP;NITHGKQP

110 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
J[;GK_;PNOP;HJ;\P;`PLNPN<;I[;HSP;ZGIKH;TZPQI[IPN;JV;HSP MKKPQPTTGVIL_;`IHS;HSP;JZPVGHIJK;J[;HSP;`JVa]
RPHGL;QJGHIKO;IT;LIaPL_;HJ;\P;SGVR[ML;HJ;`PLNPVT;JV;IRZGIV
!7:1!:7; /SP;RGKM[GQHMVPV;TSGLL;OMGVGKHPP;QJRZLIGKQP
HSP;eMGLIH_;J[;HSP;`PLNT]
`IHS;HSP;ZVJYITIJKT;J[;HSIT;THGKNGVN<;I[;VPeMIVPN;HJ;NJ
!7:Q:;; %PLNT;GKN;GNfGQPKH;ZGVPKH;RPHGL;TSGLL;KJH;\P TJ;\_;HSP;ZMVQSGTPV]
ZGIKHPN;ZVIJV;HJ;NP^TLGOOIKO<;IKTZPQHIJK;GKN;GZZVJYGL]
!7:1!:< ;*SJMLN;GK_;THVMQHMVP;JV;ZGVH;J[;G;THVMQHMVP;\P
!7:Q:Q; ,GVHT; HJ; \P; PKQGTPN; IK; QJKQVPHP; TSGLL; KJH; \P [JMKN;KJH;HJ;QJRZL_;`IHS;GK_;J[;HSP;ZVJYITIJKT;J[;HSIT
ZGIKHPN;JV;JILPN] TPQHIJK<;IH;TSGLL;\P;LIG\LP;HJ;VPfPQHIJK];2J;THVMQHMVP;JV
ZGVH;J[;HSP;THVMQHMVP<;JKQP;VPfPQHPN;TSGLL;\P;VPTM\RIHHPN
!7:Q:9( +JKHGQH;TMV[GQP;IK;[VIQHIJK;H_ZP;QJKKPQHIJK;TSGLL
[JV; HPTH<; PiQPZH; IK; QGTPT; `SPVP; HSP; ZMVQSGTPV; JV; SIT
KJH;\P;ZGIKHPN;IK;GNYGKQP]
GMHSJVIgPN; VPZVPTPKHGHIYP; QJKTINPVT; HSP; NP[PQH; GT
!7:9( =ENS@CL VPQHI[IG\LP]

$GQS; ZIPQP; J[; THPPL; `JVa; TSGLL; \P; NITHIKQHL_; RGVaPN !7:1!:8; &P[PQHT<;`SIQS;RG_;GZZPGV;NMVIKO;[G\VIQGHIJK<
\P[JVP;NITZGHQS<;IK;GQQJVNGKQP;`IHS;G;RGVaIKO;NIGOVGR TSGLL;\P;RGNP;OJJN;`IHS;HSP;QJKTPKH;J[;GKN;GQQJVNIKO
GKN; TSGLL; \PGV; TMQS; JHSPV; RGVaT; GT; `ILL; [GQILIHGHP HJ;HSP;ZVJQPNMVP;LGIN;NJ`K;\_;HSP;IKTZPQHIKO;GMHSJVIH_]
PVPQHIJK] !7:1!:2; :LL;OGMOPT;GKN;HPRZLGHPT;KPQPTTGV_;HJ;TGHIT[_
HSP; IKTZPQHIJK; GMHSJVIH_; TSGLL; \P; TMZZLIPN; \_; HSP
!7:10( 5PGJ(.NB?D@GC
RGKM[GQHMVPV]; /SP; IKTZPQHIKO; GMHSJVIH_; RG_<; GH; SIT
!7:10:1; /SP; THPPL; `JVa; TSGLL; \P; HPRZJVGVIL_; TSJZ NITQVPHIJK<; QSPQa; HSP; HPTH; VPTMLHT; J\HGIKPN; GH; HSP
PVPQHPN; QJRZLPHP; JV; GT; GVVGKOPN; `IHS; HSP; IKTZPQHIJK RGKM[GQHMVPVdT;`JVaT;\_;IKNPZPKNPKH;HPTHIKO;GH;JMHTINP
GOPKQ_;TJ;HSGH;GQQMVGQ_;J[;[IH;RG_;\P;QSPQaPN;\P[JVP LG\JVGHJV_<;GKN;TSJMLN;HSP;RGHPVIGL;TJ;HPTHPN;\P;[JMKN
NITZGHQS]; /SP; ZGVHT; TSGLL; \P; TSJZ; GTTPR\LPN; `IHS HJ;\P;MKTGHIT[GQHJV_<;HSP;QJTH;J[;TMQS;HPTHT;TSGLL;\P;\JVKP
TM[[IQIPKH;KMR\PVT;J[;ZGVGLLPL;NVI[HT;HJ;\VIKO;GKN;aPPZ \_;HSP;RGKM[GQHMVPV<;GKN;I[;[JMKN;TGHIT[GQHJV_<;HSP;QJTH
HSP;ZGVHT;IK;ZLGQP] TSGLL;\P;\JVKP;\_;HSP;ZMVQSGTPV]
!7:10:! ;1K;HSP;QGTP;J[;ZGVHT;NVILLPN;JV;ZMKQSPN<;HSVJMOS !7:17( 5@DB(.NB?D@GC
THPPL;fIOT;`IHS;\MTSPT;VPTMLHIKO;IK;GLL;TIRILGV;ZGVHT;\PIKO
IKHPVQSGKOPG\LP<;HSP;THPPL`JVa;RG_;\P;TSJZ;PVPQHPN;IK !7:17:1 (E76+!&6+%&@G.#3Y'+!
TMQS;ZJTIHIJK;GT;GVVGKOPN;`IHS;HSP;IKTZPQHIJK;GOPKQ_] /SP;TMIHG\ILIH_;GKN;QGZGQIH_;J[;GLL;ZLGKH;GKN;PeMIZRPKH
!7:10:7( 1K;QGTP;J[;TSJZ;[G\VIQGHIJK;MTIKO;KMRPVIQGLL_ MTPN; [JV; PVPQHIJK; TSGLL; \P; HJ; HSP; TGHIT[GQHIJK; J[; HSP
QJKHVJLLPN; RGQSIKP; NGHG; OPKPVGHPN; \_; QJRZMHPV PKOIKPPV]
TJ[H`GVP; ULIaP; +:&X<; HSP; TSJZ; PVPQHIJK; RG_; \P !7:17:!( 5!*$#+N&6+%&P6+%7#+N
NITZPKTPN;`IHS;GH;HSP;NITQVPHIJK;J[;HSP;IKTZPQHJV]
:LL;THVMQHMVGL;THPPL;TSJMLN;\P;TJ;THJVPN;GKN;SGKNLPN;GH
!7:11( 3E?S@CL HSP;TIHP;HSGH;HSP;RPR\PVT;GVP;KJH;TM\fPQHPN;HJ;PiQPTTIYP
THVPTTPT;GKN;NGRGOP;\_;QJVVJTIJK;NMP;HJ;PiZJTMVP;HJ
:LL;ZVJfPQHIKO;ZLGHPT;JV;\GVT;GKN;GLL;PKNT;J[;RPR\PVT
PKYIVJKRPKH]
GH;fJIKHT;TSGLL;\P;THI[[PKPN<;GLL;THVGIOSH;\GVT;GKN;ZLGHPT
TSGLL; \P; \MKNLPN<; GLL; TQVP`PN; PKNT; GKN; RGQSIKPN !7:17:7( 5'!!#+N&Q.!
TMV[GQPT;TSGLL;\P;TMIHG\L_;ZGQaPN;GKN;GLL;VIYPHT<;\JLHT<
/SP; ZJTIHIJKIKO; GKN; LPYPLLIKO; J[; GLL; THPPL`JVa<; HSP
KMHT<;`GTSPVT;GKN;TRGLL;GKN;LJJTP;ZGVHT;TSGLL;\P;ZGQaPN
ZLMR\IKO;J[;THGKQSIJKT;GKN;HSP;ZLGQIKO;J[;PYPV_;ZGVH
TPZGVGHPL_; IK; QGTPT<; TJ; GT; HJ; ZVPYPKH; NGRGOP; JV
J[;HSP;THVMQHMVP;`IHS;GQQMVGQ_;TSGLL;\P;IK;GQQJVNGKQP
NITHJVHIJK;NMVIKO;HVGKTIH]
`IHS;HSP;GZZVJYPN;NVG`IKOT;GKN;HJ;HSP;TGHIT[GQHIJK;J[
!7:1!( %CHJB?D@GC(ECA($BHD@CL HSP;PKOIKPPV;IK;GQQJVNGKQP;`IHS;HSP;NPYIGHIJK;ZPVRIHHPN
\PLJ`]
!7:1!:1 ;/SP;IKTZPQHIKO;GMHSJVIH_;TSGLL;SGYP;[VPP;GQQPTT
GH; GLL; VPGTJKG\LP; HIRPT; HJ; HSJTP; ZGVHT; J[; HSP !7:17:7:1( @$'-!#*+&!*7'$6+-')
RGKM[GQHMVPVdT; `JVaT; `SIQS; GVP; QJKQPVKPN; `IHS; HSP 9KLJGNPN;THPPL;THVMQHMVP<;GT;PVPQHPN<;TSGLL;TGHIT[_;HSP
[G\VIQGHIJK;J[;HSP;THPPL`JVa;GKN;TSGLL;\P;G[[JVNPN;GLL QVIHPVIG; TZPQI[IPN; IK; /G\LP; 66; `IHSIK; HSP; TZPQI[IPN
VPGTJKG\LP; [GQILIHIPT; [JV; TGHIT[_IKO; SIRTPL[; HSGH; HSP HJLPVGKQP;LIRIHT]
[G\VIQGHIJK;IT;\PIKO;MKNPVHGaPK;IK;GQQJVNGKQP;`IHS;HSP
ZVJYITIJKT;J[;HSIT;TPQHIJK] $GQS;QVIHPVIJK;OIYPK;IK;HSP;HG\LP;TSGLL;\P;QJKTINPVPN;GT
G;TPZGVGHP;VPeMIVPRPKH<;HJ;\P;TGHIT[IPN;IKNPZPKNPKH;J[
!7:1!:!; 9KLPTT;TZPQI[IPN;JHSPV`ITP<;IKTZPQHIJK;TSGLL GK_; JHSPV; HJLPVGKQP; QVIHPVIG]; /SP; PVPQHIJK; HJLPVGKQPT
\P;RGNP;GH;HSP;ZLGQP;J[;RGKM[GQHMVP;ZVIJV;HJ;NITZGHQS TZPQI[IPN;IK;/G\LP;66;GZZL_;HJ;HSP;[JLLJ`IKO;VP[PVPKQP
GKN; TSGLL; \P; QJKNMQHPN; TJ; GT; KJH; HJ; IKHPV[PVP ZJIKHTb

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 111
 GX !JV;G;QJLMRK<;HSP;GQHMGL;QPKHVP;ZJIKH;J[;HSP :; HPKTIJK; RPR\PV; TSGLL; KJH; NPYIGHP; [VJR; IHT; QJVVPQH
QJLMRK; GH; PGQS; [LJJV; LPYPL; GKN; GH; HSP; \GTP< ZJTIHIJK;VPLGHIYP;HJ;HSP;RPR\PVT;HJ;`SIQS;IH;IT;QJKKPQHPN
PiQLMNIKO; GK_; \GTP^ZLGHP; JV; QGZ^ZLGHP]; /SP \_;RJVP;HSGK;6;RR;GLJKO;GK_;TPHHIKO;GiIT]
LPYPL;J[;HSP;\GTP;ZLGHP;JK;ZPNPTHGL;TSGLL;\P;TJ
!7:17:<( 56,'!M&?.$#+N&46<$#-6!#*+&6+%&@$'-!#*+
GT; HJ; GYJIN; QJKHGQH; `IHS; TJIL; GKN; QJVVJTIYP
PKYIVJKRPKHl;GKN !7:17:<:1; :LL; THPPL; RGHPVIGLT; IKQLMNIKO; [G\VIQGHPN
\X !JV;G;\PGR<;HSP;GQHMGL;QPKHVP;ZJIKH;J[;HSP;HJZ THVMQHMVPT<;PIHSPV;GH;[G\VIQGHIJK;TSJZ;JV;GH;PVPQHIJK;TIHP<
TMV[GQP; GH; PGQS; PKN; J[; HSP; \PGR<; PiQLMNIKO TSGLL;\P;SGKNLPN;JKL_;\_;G;`JVaPV;TaILLPN;IK;TMQS;fJ\Tl
GK_;PKN^ZLGHP] `SPVP;KPQPTTGV_;`IHS;LJGN;HPTHPN;LI[HIKO;NPYIQPT<;SGYIKO
HPTHPN; `IVP; VJZP; TLIKOT; J[; QJVVPQH; TIgP]; /SP; NPYIQPT
$ERFB(77("GNIEF($GFBNEC?BH(EMDBN(.NB?D@GC TSJMLN;\P;`PLL;RGIKHGIKPN;GKN;JZPVGHPN;\_;PiZPVIPKQPN
JZPVGHJVT]
U>76.)'&.6])6]6])X
!7:17:<:!; "i_OPK; GKN; GQPH_LPKP; Q_LIKNPVT; GKN; HSPIV
6:( 4"'&%"'#1" @%"6'&&%1(@%O'5&'#1" SJTPT;TSGLL;SGYP;NITHIKQHIYP;QJLJMVT];+_LIKNPVT;TSJMLN
;#<"
152! 142! 152! \P;THJVPN;IK;MZVIOSH;ZJTIHIJK;IK;`PLL^YPKHILGHPN;VJJRT
JV;IK;JZPK;GIV<;KJH;PiZJTPN;HJ;[LGRPT<;KGaPN;LIOSHT;JV
)2! ]17)-0)+0;+*;F)40-0,1; :;??!
9104110;-F[-,100;,+@A?04! PiHVPRP; SPGH; GKN; TSJMLN; GLTJ; \P; IK; MZVIOSH; ZJTIHIJK
))2! W0,@)0-0)+0;+*;-;,+@A?0;)0;-; ?B??4+4; `SPK;HSP_;GVP;\PIKO;MTPN];:LL;OGT;QMHHIKO;`JVaT;TSGLL
?A@0)P40+11+;9A)@F)0.;9104110; 4:111;+4;)4;0:1;40+11+;:1).:0! \P; NJKP; JKL_; \_; PiZPVIPKQPN; TaILLPN; OGT; QMHHPVT<
-F[-,100;*@++1;@171@4!
)))2! ]17)-0)+0;+*;@+,-0)+0;+*;-; ?B??5;:;,&+9>4?B:;
PeMIZZPN;`IHS;OLJYPT<;\JJHT<;GZVJKT<;OJOOLPT;GKN;OJJN
,+@A?0;)0;-;?A@0)P40+11+; 4:111;,&+9;)4;0:1;0+0-@; QMHHIKO;TPHT;J[;GZZVJYPN;RGaP]
9A)@F)0.;-0;-0+;*@++1;@171@; :1).:0;*1+?;0:1;9-41;0+;0:1;
*1+?;-;7110),-@;@)01;0:1+A.:; *@++1;@171@;,+0,1101F;-0F;4; !7:17:<:7( %SILP;NJIKO;GK_;`PLNIKO;`JVa<;IH;TSJMLN;\P
0:1;)0010F1F;@+,-0)+0;+*;0:1; )4;0:1;0A?911;+*;40+11+4; PKTMVPN;HSGH;HSP;`PLNIKO;RGQSIKP;IT;PGVHSPN;GKN;HSP
,+@A?0;9-41! *1+?;0:1;9-41;0+;0:1;*@++1; `PLNIKO;QG\LPT;GVP;[VPP;[VJR;NGRGOP];/SP;`PLNPV;GKN
@171@;,+0,1101F!
)72! W0,@)0-0)+0;+*;-;,+@A?0;)0;-; ?B??5;:+,; SIT;GTTITHGKH;TSGLL;MTP;G;[GQP;TSIPLN;JV;SPGN;TSIPLN;`IHS
4)0.@1;40+11+;9A)@F)0.;10+0; 4:111;+,&)4;0:1;:1).:0;+*;0:1; G;`PLNIKO;LPKT;GKN;QLPGV;QJYPV;OLGTT;GKN;HSPIV;SGKNT<
4ABB+10)0.;-;,1-01;.-001+2; ,+@A?0! LPOT; GKN; \JNIPT; TSGLL; \P; `PLL; ZVJHPQHPN; \_; LPGHSPV
+0:11;0:-0;-;B+10-@;*1-?1!
72! W0,@)0-0)+0;+*;0:1;,+@A?0;+*;-; O1-0O;?B??4+,;
OLJYPT<;TSJPT;GKN;GZVJKT];+JR\MTHI\LP;RGHPVIGLT;TSJMLN
B+10-@;*1-?1;10+0;4ABB+10)0.;-; W0F)7)FA-@O;?B?5?+,; \P;aPZH;G`G_;[VJR;HSP;TZGVaT;GKN;OLJ\MLPT;J[;RJLHPK
,1-01;.-001+2! 4:111;+,&)4;0:1;:1).:0;+*;0:1; RPHGLT;OPKPVGHPN;IK;GK_;GVQ;`PLNIKO];1K;QGTP;J[;`PLNIKO
,+@A?0;
IK; G; QJK[IKPN; ZLGQP<; IH; TSJMLN; \P; ZVJYINPN; `IHS; GK
PiSGMTH;T_THPR;HJ;HGaP;QGVP;J[;HSP;SGVR[ML;OGTPT<;[MRPT
/SP;THVGIOSHKPTT;HJLPVGKQPT;TZPQI[IPN;IK;/G\LP;68;SGYP GKN;NMTHT;OPKPVGHPN]
\PPK;GTTMRPN;IK;HSP;NPVIYGHIJK;J[;HSP;NPTIOK;THVPTT;[JV
!7:17:<:<; 1K; GNNIHIJK; HJ; ZVPQGMHIJKT; GOGIKTH; GLL; HSP
HSP; VPLPYGKH; H_ZP; J[; RPR\PV]; %SPVP; HSP; QMVYGHMVP
SGgGVNT;RPKHIJKPN;G\JYP<;PVPQHIJK;`JVaPVT;TSGLL;GLTJ
PiQPPNT;HSPTP;YGLMPT<;HSP;P[[PQH;J[;GNNIHIJKGL;QMVYGHMVP
\P;ZVJHPQHPN;IK;HSP;[JLLJ`IKO;RGKKPVb
JK;HSP;NPTIOK;QGLQMLGHIJKT;TSGLL;\P;VPYIP`PN]
GX :LL;`JVaPVT;TSGLL;`PGV;SPLRPHT;GKN;TSGLL;GLTJ
$ERFB(7<(5DNE@LPDCBHH($GFBNEC?BH(@C?GNJGNEDBA \P;ZVJYINPN;`IHS;OLJYPT;GKN;TSJPT];1K;GNNIHIJK
@C(+BH@LC(4OFBH HSJTP;`JVaIKO;GH;SPIOSHT;TSGLL;MTP;TG[PH_;\PLHT]
U>76.)'&.6])6]6])X \X :LL;THVMQHMVPT;TSGLL;\P;TJ;\VGQPNWOM_PN;NMVIKO
PVPQHIJK;HSGH;HSPVP;IT;KJ;ZJTTI\ILIH_;J[;QJLLGZTP
'"(( "-('%-(#$( F%-+(''%9(;%8(#'(#$( \P[JVP;PVPQHIJK;`JVa;IT;QJRZLPHPN]
-#.( ( ( QX %GVKIKO; TIOKT; TMQS; GT; c&GKOPVd<; c+GMHIJKd<
+",; +-,; +>,;
c88D;?d<;c&J;KJH;TRJaPd<;c3JJa;GSPGNd<;PHQl
3,; 90;=3AD098::;?<;=;>?8:F9;+?;; 4344"0; A898;=881E; =9D; TSJMLN;\P;NITZLG_PN;GH;GZZVJZVIGHP;ZLGQPT]
?0D8;;>?F@;8::3?9;F8FE8;,; 4344-0; <?;; F8FE8;:; C30D;
E80C889; @?390:; CD3>D; C388; D?88?C; >;?::; :8>03?9:^; !7:17:<:8; !JV; NPHGILPN; TG[PH_; ZVPQGMHIJKT; NMVIKO
E8; 8=08;=881; ;8:0;=398D; ?9; CD8;8E; 0; 3:; 0D8; 889A0D; PVPQHIJK<;VP[PVPKQP;TSGLL;\P;RGNP;HJ;HSP;OJJN;ZVGQHIQP
>?F@8803?9;?<;8;8>03?9; E80C889; @?390:; CD3>D; C388;
E8;8=08;=881;;8:0;=398D; o>^>U8AXp]
33,; 90;=3AD098::; ?<; =; 4344"0; A898;=881E; =9D;
>?F@;8::3?9; <8=9A8; ?<; =; 4344-0& <?;; F8FE8;:; C30D; !7:17:8(4#'7%&>*++'-!#*+)
;
E8=FE; ;88=03>8; 0?; 0D8; C8=Z; D?88?C; >;?::; :8>03?9:^;
=B3:E;E80C889; @?390:E;CD3>D; CD8;8E; 0; 3:; 0D8; 889A0D; !7:17:8:1(4#'7%&$#('!#+N
C388; E8; 8=08;=881; ;8:0;=398D; E80C889; @?390:; CD3>D; C388;
?9;>?F@8803?9;?<;8;8>03?9( E8;8=08;=881;;8:0;=398D; #IYPHT;NVIYPK;GH;HSP;TIHP;TSGLL;\P;SPGHPN;GKN;NVIYPK;`IHS
HSP;TGRP;QGVP;GT;HSJTP;NVIYPK;IK;HSP;TSJZ]
11! "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
!7:17:8:!( 4#'7%&<*7!#+N !7:1<:<; *MV[GQP<;`SIQS;`ILL;\P;IKGQQPTTI\LP;G[HPV;TIHP
!IPLN;\JLHIKO;TSGLL;\P;QGVVIPN;JMH;`IHS;HSP;TGRP;QGVP;GT GTTPR\L_<; TSGLL; VPQPIYP; HSP; [MLL^TZPQI[IPN; ZVJHPQHIYP
VPeMIVPN;[JV;TSJZ;\JLHIKO] HVPGHRPKH;\P[JVP;GTTPR\L_]
!7:17:8:7( 4#77'!&K'7%#+N !7:1<:8; *IHP;ZGIKHIKO;TSJMLN;KJH;\P;NJKP;IK;[VJTH_;JV
[JOO_;`PGHSPV<;JV;`SPK;SMRINIH_;IT;TMQS;GT;HJ;QGMTP
!IPLN; GTTPR\L_; GKN; `PLNIKO; TSGLL; \P; PiPQMHPN; IK
QJKNPKTGHIJK;JK;HSP;TMV[GQPT;HJ;\P;ZGIKHPN]
GQQJVNGKQP;`IHS;HSP;VPeMIVPRPKHT;[JV;TSJZ;[G\VIQGHIJKT
PiQPZHIKO;TMQS;GT;RGKI[PTHL_;GZZL_;HJ;TSJZ;QJKNIHIJKT !7:18( )BAA@CL(4BYO@NBIBCD
JKL_];%SPVP;HSP;THPPL;SGT;\PPK;NPLIYPVPN;ZGIKHPN<;HSP
ZGIKH;TSGLL;\P;VPRJYPN;[JV;G;NITHGKQP;J[;GH;LPGTH;(D;RR !7:18:1 ; 7PNNIKO; TSGLL; \P; QGVVIPN; JMH; `IHS; ,JVHLGKN
JK;PIHSPV;TINP;J[;HSP;fJIKH] QPRPKH;OVJMH;JV;RJVHGV<;GT;NPTQVI\PN;MKNPV;!7:18:<(JV
[IKP;QPRPKH;QJKQVPHP;IK;GQQJVNGKQP;`IHS;OJJN;ZVGQHIQP
!7:1<( 3E@CD@CL(EMDBN(.NB?D@GC o>^>U8BXp]
!7:1<:1 ;7P[JVP;ZGIKHIKO;J[;TMQS;THPPL;`SIQS;IT;NPLIYPVPN !7:18:!; !JV; RMLHI^THJVP_PN; \MILNIKOT<; HSIT; JZPVGHIJK
MKZGIKHPN;IT;QJRRPKQPN<;GLL;TMV[GQPT;HJ;\P;ZGIKHPN;TSGLL TSGLL; KJH; \P; QGVVIPN; JMH; MKHIL; G; TM[[IQIPKH; KMR\PV; J[
\P;NV_;GKN;HSJVJMOSL_;QLPGKPN;[VJR;GLL;LJJTP;TQGLP;GKN \JHHJR;LPKOHST;J[;THGKQSIJKT;SGYP;\PPK;ZVJZPVL_;LIKPN<
VMTH<;GT;VPeMIVPN;\_;HSP;TMV[GQP;ZVJHPQHIJK;TZPQI[IQGHIJK] LPYPLLPN;GKN;ZLMR\PN;GKN;TM[[IQIPKH;[LJJV;\PGRT;GVP;IK
!7:1<:!; /SP; TZPQI[IPN; ZVJHPQHIYP; HVPGHRPKH; TSGLL; \P ZJTIHIJK]
QJRZLPHPN;G[HPV;PVPQHIJK];:LL;VIYPH;GKN;\JLH;SPGNT;GKN
!7:18:7; %SGHPYPV;RPHSJN;IT;PRZLJ_PN<;HSP;JZPVGHIJK
HSP; TIHP; `PLNT; G[HPV; NP^TLGOOIKO; TSGLL; \P; QLPGKPN]
TSGLL;KJH;\P;QGVVIPN;JMH;MKHIL;HSP;THPPL`JVa;SGT;\PPK
&GRGOPN;JV;NPHPVIJVGHPN;ZGIKH;TMV[GQPT;TSGLL;[IVTH;\P
[IKGLL_; LPYPLLPN; GKN; ZLMR\PN<; THGKQSIJK; \GTPT; \PIKO
RGNP;OJJN;`IHS;HSP;TGRP;H_ZP;J[;ZGIKH;GT;HSP;TSJZ;QJGH]
TMZZJVHPN; RPGK`SILP; \_; THPPL; `PNOPT; JV; KMHTl; GKN
%SPVP;TZPQI[IPN<;TMV[GQPT;`SIQS;`ILL;\P;IK;QJKHGQH;G[HPV
IRRPNIGHPL_;\P[JVP;OVJMHIKO<;HSP;TZGQP;MKNPV;HSP;THPPL
TIHP;GTTPR\L_<;TSGLL;VPQPIYP;G;QJGH;J[;ZGIKH;UIK;GNNIHIJK
TSGLL;\P;HSJVJMOSL_;QLPGKPN]
HJ;GK_;TSJZ;ZVIRIKOX;GKN;TSGLL;\P;\VJMOSH;HJOPHSPV;`SILP
HSP;ZGIKH;IT;THILL;`PH];2J;ZGIKHIKO;TSGLL;\P;MTPN;JK;QJKHGQH !7:18:<; 7PNNIKO;J[;THVMQHMVP;TSGLL;\P;QGVVIPN;JMH;`IHS
TMV[GQPT; IK; HSP; [VIQHIJK; QJKKPQHIJK<; MKLPTT; TZPQI[IPN OVJMH;JV;RJVHGV<;`SIQS;TSGLL;\P;J[;GNPeMGHP;THVPKOHS
JHSPV`ITP;\_;HSP;NPTIOK;NJQMRPKH] GKN;TSGLL;QJRZLPHPL_;[ILL;HSP;TZGQP;HJ;\P;OVJMHPN;GKN
!7:1<:7; %SPVP;HSP;THPPL;SGT;VPQPIYPN;G;RPHGL;QJGHIKO TSGLL;PIHSPV;\P;ZLGQPN;MKNPV;ZVPTTMVP;JV;\_;VGRRIKO
IK;HSP;TSJZ<;HSIT;QJGHIKO;TSGLL;\P;QJRZLPHPN;JK;TIHP;TJ GOGIKTH;[IiPN;TMZZJVHT];/SP;OVJMHT;JV;RJVHGV;MTPN;TSGLL
GT;HJ;\P;QJKHIKMJMT;JYPV;GK_;`PLNT;GKN;TIHP;VIYPHT;JV \P;KJK^TSVIKaIKO;YGVIPH_]
\JLHT<;TM\fPQH;HJ;HSP;GZZVJYGL;J[;HSP;PKOIKPPV];,GIKHIKO
!7:12( 5DBBF]GNS($BCABNH(ECA(-GCDNE?DH
JK;TIHP;RG_;QJRZLPHP;ZVJHPQHIJK];7JLHT<;`SIQS;SGYP;\PPK
OGLYGKIgPN;JV;TIRILGVL_;HVPGHPN<;GVP;PiPRZHPN;[VJR;HSIT :; [P`; VPQJRRPKNGHIJKT; GVP; OIYPK; IK; :KKPi; !; [JV
VPeMIVPRPKH] OPKPVGL;IK[JVRGHIJK]

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 117
 #"".a(#
o>76.)'()D])])UQXp
#"#'>5%5(#"+(+.5%,"(=.$[&+5
#T1( #+`#"-.+( 5$4*-$*4#'( #"#'>5%5 #T!:!( +BH@LC()BCA@CL(=GIBCD
#"+(+.5%,"
/SP;NPTIOK;\PKNIKO;RJRPKH;MKNPV;[GQHJVPN;LJGN;TSGLL
#T1:1( #CEFKH@H \P;HGaPK;GT;HSP;RGiIRMR;\PKNIKO;RJRPKH;IK;HSP;LPKOHS
J[;HSP;RPR\PV];1H;TSGLL;\P;NPHPVRIKPN;PIHSPV<
!JV;G;[VGRP<;QJRZVITIKO;RPR\PVT;J[;QJRZGQH;TPQHIJK
`IHS;[MLL;LGHPVGL;VPTHVGIKH<;GK;GNYGKQPN;THVMQHMVGL;GKGL_TIT GX NIVPQHL_;[VJR;HSP;TPQJKN^JVNPV;GKGL_TITl;JV
RG_;\P;QGVVIPN;JMH<;ZVJYINPN;HSP;GKGL_TIT;QGK;\P;TSJ`K \X GZZVJiIRGHPL_<;I[;HSP;RPR\PV;IT;NIYINPN;IKHJ
HJ;GQQMVGHPL_;RJNPL;HSP;GQHMGL;\PSGYIJMV;J[;HSGH;QLGTT G;TM[[IQIPKH;KMR\PV;J[;PLPRPKHT<;GT;HSP;OVPGHPTH
J[; [VGRPT]; /SP; GKGL_TIT; TSGLL; HGaP; IKHJ; GQQJMKH; HSP J[;HSP;PLPRPKH;PKN;\PKNIKO;RJRPKHT<;JVl
VPLPYGKH; RGHPVIGL; ZVJZPVHIPT<; VPTINMGL; THVPTTPT< QX \_;GRZLI[_IKO;HSP;QGLQMLGHPN;NPTIOK;\PKNIKO
OPJRPHVIQGL;IRZPV[PQHIJKT<;VPNMQHIJK;IK;THI[[KPTT;NMP RJRPKH<; HGaPK; GT; HSP; RGiIRMR; \PKNIKO
HJ; GiIGL; QJRZVPTTIJK<; TPQJKN^JVNPV; P[[PQHT<; TPQHIJK RJRPKH; GLJKO; HSP; LPKOHS; J[; G; RPR\PV; GT
THVPKOHS; GKN; NMQHILIH_<; PVPQHIJK; ZVJQPNMVPT; GKN J\HGIKPN; \_; TMZPVZJTIHIJK; J[; HSP; TIRZLP
IKHPVGQHIJK;`IHS;HSP;[JMKNGHIJKT] \PGR;\PKNIKO;RJRPKHT;NPHPVRIKPN;\_;HSP
GKGL_TIT]
:NYGKQPN;THVMQHMVGL;GKGL_TIT;[JV;PGVHSeMGaP;LJGNT;TSGLL
HGaP;IKHJ;GQQJMKH<;GT;GZZVJZVIGHP;HSP;VPTZJKTP;SITHJV_< !JV;G;RPR\PV;`IHS;gPVJ;GiIGL;[JVQP;JV;G;RPR\PV;TM\fPQH
HJVTIJKGL; VPTZJKTP<; ZJMKNIKO; GOGIKTH; GNfGQPKH HJ;GiIGL;HPKTIJK<;HSP;[GQHJVPN;NPTIOK;\PKNIKO;RJRPKH
THVMQHMVPT<;GKN;THVGIK;VGHP;P[[PQHT] TSGLL; \P; QGLQMLGHPN; GT; HSP; RJRPKH; J\HGIKPN; [VJR
TPQJKN^JVNPV;GKGL_TIT;`IHSJMH;GK_;GRZLI[IQGHIJK]
#T1:!( +BH@LC
!JV;G;RPR\PV;`IHS;G;NPTIOK;GiIGL;QJRZVPTTIYP;[JVQP;GT
!JV;HSP;THVPKOHS;LIRIH;THGHP<;IH;TSGLL;\P;TM[[IQIPKH;HJ;TGHIT[_ NPHPVRIKPN; [VJR; HSP; GKGL_TIT<; HSP; [GQHJVPN; NPTIOK
HSP;TPQHIJK;QGZGQIH_;VPeMIVPRPKHT;J[;*PQHIJK;>USX;[JV \PKNIKO;RJRPKH;TSGLL;\P;QGLQMLGHPN;GT;[JLLJ`Tb
HSP;RPR\PVT;TM\fPQHPN;HJ;\PKNIKO<(J[(*PQHIJK;>UOX;[JV
GiIGL;RPR\PVT<;J[;*PQHIJK;>UfX;[JV;QJR\IKPN;[JVQPT;GKN 1 = δ? 1 1
J[; *PQHIJK; >UaX; [JV; QJKKPQHIJKT]; $[[PQH; J[; RJRPKH
`SPVP
RGOKI[IQGHIJK;OIYPK;IK;*PQHIJK;>UfX<;IKTHG\ILIH_;OIYPK
IK;*PQHIJK;>UOX;GKN;LGHPVGL;\MQaLIKO;OIYPK;IK;*PQHIJK δ\ m RJRPKH; GRZLI[IQGHIJK; [GQHJV; [JV; G; \VGQPN
>USX( KPPN; KJH; \P; QJKTINPVPN; `SILP; NPTIOKIKO; HSP RPR\PV; NPHPVRIKPN; IK; GQQJVNGKQP; `IHS
RPR\PV<; TIKQP; GNYGKQPN; GKGL_TIT; RPHSJNT; NIVPQHL_ *PQHIJK;>UfX]
QJKTINPV;HSPTP]
#T7( /4#=.(%"5$#)%'%$>(#"#'>5%5
:K;GNYGKQPN;THVMQHMVGL;GKGL_TIT;[JV;PGVHSeMGaP;LJGNT
TSGLL;VPQJOKIgP;HSGH;HSP;NPTIOK;\GTIT;PGVHSeMGaP;LJGNT #T7:1( #CEFKH@H
QGLQMLGHPN;IK;GQQJVNGKQP;`IHS;,GVH;>;c*HVMQHMVGL;&PTIOK< !VGRP;IKTHG\ILIH_<;GT;HVPGHPN;SPVP<;IT;VPLGHPN;HJ;HSP;NPTIOK
*PQHIJK; ); 3JGNT<; !JVQPT; GKN; $[[PQHTd; J[; HSP; +JNP; IT J[; RMLHI^THJVP_; VIOIN^fJIKHPN; [VGRPT; TM\fPQH; HJ; TINP
GTTMRPN;HJ;QJVVPTZJKN;HJ;HSP;LJGN;GH;`SIQS;HSP;[IVTH T`G_]; /SP; PLGTHIQ; QVIHIQGL; LJGN; [GQHJV<; λQV; RG_; \P
TIOKI[IQGKH;ZLGTHIQ;SIKOP;[JVRT;IK;HSP;THVMQHMVP] NPHPVRIKPN; MTIKO; HSP; NP[LPQHIJK; RPHSJN; GT; OIYPK
IK;#T7:!;JV;GK_;JHSPV;VPQJOKIgPN;RPHSJN];/SIT;IT;MTPN
#T!( 5.-&"+(&4+.4(.'#5$%-(#"#'>5%5(#"+
HJ; QGLQMLGHP; HSP; GRZLI[IPN; T`G_; RJRPKHT; [JV; PLGTHIQ
+.5%,"
NPTIOKT;GKN;HJ;QSPQa;[VGRP;THG\ILIH_;IK;ZLGTHIQ;NPTIOKT]
#T!:1( #CEFKH@H /SP; PLGTHIQ; QVIHIQGL; LJGN; [GQHJV<; λQV; J[; G; [VGRP; IT; HSP
VGHIJ;\_;`SIQS;PGQS;J[;HSP;[GQHJVPN;LJGNT;`JMLN;SGYP
1K;G;TPQJKN^JVNPV;PLGTHIQ;GKGL_TIT<;HSP;RPR\PVT;TSGLL HJ;\P;IKQVPGTPN;HJ;QGMTP;PLGTHIQ;IKTHG\ILIH_]
\P; GTTMRPN; HJ; VPRGIK; PLGTHIQ<; GKN; QSGKOPT; IK; [VGRP
OPJRPHV_; MKNPV; HSP; NPTIOK; LJGN; GKN; QSGKOPT; IK; HSP #T7:! (+BMFB?D@GC(=BDPGA
P[[PQHIYP;THI[[KPTT;J[;HSP;RPR\PVT;NMP;HJ;GiIGL;[JVQPT
:K;GQQMVGHP;RPHSJN;J[;GKGL_TIT;UJVNIKGV_;LIKPGV;PLGTHIQ
TSGLL; \P; GQQJMKHPN; [JV]; 1K; G; [VGRP; `SPVP; HSP; PLGTHIQ
GKGL_TITX;TSJMLN;\P;MTPN;HJ;NPHPVRIKP;HSP;SJVIgJKHGL
\MQaLIKO;LJGN;[GQHJV;U7QVX;J[;HSP;[VGRP;GT;NPHPVRIKPN;IK
NP[LPQHIJKT;J[;HSP;[VGRP;NMP;HJ;SJVIgJKHGL;[JVQPT;GZZLIPN
GQQJVNGKQP;`IHS;10:2;IT;OVPGHPV;HSGK;(<;HSP;QSGKOPT;IK
GH; PGQS; [LJJV; LPYPL<; `SIQS; IT; PeMGL; HJ; HSP; KJHIJKGL
HSP;P[[PQHIYP;THI[[KPTT;J[;HSP;RPR\PVT;NMP;HJ;GiIGL;[JVQPT
SJVIgJKHGL;LJGN;IK;10]7]2];:LLJ`GKQP;TSJMLN;\P;RGNP
RG_;\P;KPOLPQHPN]
11< "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
[JV;HSP;NPOVPP;J[;VIOINIH_;J[;HSP;\GTP;GT;OIYPK;IK;#T7:! RG_;\P;GLLJ`PN;[JV;\_;IKHVJNMQIKO;G;NIGOJKGL;THVMH;IK
IK;HSIT;NP[LPQHIJK;QGLQMLGHIJK] HSGH;THJVP_;J[;GVPG;;<;OIYPK;\_b
/SP;\GTP;THI[[KPTT;TSJMLN;\P;NPHPVRIKPN;\_;VP[PVPKQP =$ ∑ 2 G ⎡ ( $# (
HJ;10:7:<] $ = ' + (6 # +) ⎤
6D6 # +E ⎣ ⎦
/SP;PLGTHIQ;QVIHIQGL;LJGN;[GQHJV<;λQV;IT;QGLQMLGHPN;GTb
`SPVP
! &" m THJVP_;SPIOSHl
λ G' =
'""φ+,;-8[ &< a `INHS;J[;HSP;\VGQPN;\G_l
`SPVP ∑AQ a TMR;J[;HSP;THI[[KPTT;\/B<;J[;HSP;QJLMRKT;IK
HSGH;THJVP_l
;φT<;0Gi m LGVOPTH; YGLMP; J[; HSP; T`G_; IKNPi; `SPVP<; φT
OIYPK;\_b
C6 m
3(∑4 H
≤ ( l;GKN
δ −δ D" K ∑ ;
φ+. = >. T. J
6.
∑5 Z m *MR;J[;TZVIKO;THI[[KPTT;USJVIgJKHGL;[JVQP;ZPV
`SPVP MKIH;SJVIgJKHGL;NP[LPQHIJK; J[;GLL;HSP;ZGKPLT
"I m THJVP_;SPIOSHl IK;HSGH;THJVP_;NPHPVRIKPN;[VJRb
δMI a SJVIgJKHGL;NP[LPQHIJK;J[;HSP;HJZ;J[;HSP;THJVP_ MLV6 $ +
NMP; HJ; HSP; QJR\IKPN; OVGYIH_; GKN; KJHIJKGL >H = (
"H 5H
LJGNTl;GKN ⎡' + ( 6 $ + )( ⎤
⎣ ⎦
δ3I m SJVIgJKHGL; NP[LPQHIJK; J[; HSP; \JHHJR; J[; HSP
THJVP_;NMP;HJ;OVGYIH_;GKN;KJHIJKGL;LJGN] `SPVP
!Z;m;HSIQaKPTT;J[;HSP;`GLL;ZGKPL<;GKN
#T7:7( 3END@EF(5]EK()NE?@CL
@ Z& m; RJNMLMT; J[; PLGTHIQIH_; J[; HSP; ZGKPL
1K;GK_;THJVP_;HSP;THI[[PKIKO;P[[PQH;J[;IK[ILL;`GLL;ZGKPLT RGHPVIGL]

#"".a!)
o>76.)')&))].].].;U\X;6+%;))]>].p
+.5%,"(#,#%"5$(/'&&4(`%)4#$%&"
)T1( ,.".4#' LPTT;HSGK;A;=g;IK;HSP;QGTP;J[;[LJJVT;TMZZJVHIKO;VS_HSRIQ
GQHIYIH_;GKN;(;=g;IK;HSP;QGTP;J[;[LJJVT;TMZZJVHIKO;KJVRGL
!LJJV;`IHS;LJKOPV;TZGKT;J[;LIOSHPV;QJKTHVMQHIJK;GKN;LPTT
SMRGK;GQHIYIH_;TSJMLN;\P;GYJINPN]
IKSPVPKH; NGRZIKO; GVP; YMLKPVG\LP; HJ; YI\VGHIJKT; MKNPV
KJVRGL;SMRGK;GQHIYIH_];2GHMVGL;[VPeMPKQ_;J[;HSP;[LJJV )T7( /'&&4(/4.b*."->
T_THPR;QJVVPTZJKNIKO;HJ;HSP;LJ`PTH;RJNP;J[;YI\VGHIJK<
NGRZIKO;QSGVGQHPVITHIQT<;GVP;IRZJVHGKH;QSGVGQHPVITHIQT /SP;[MKNGRPKHGL;KGHMVGL;[VPeMPKQ_;QGK;\P;PTHIRGHPN
IK; [LJJV; YI\VGHIJK]; "ZPK; `P\; THPPL; fJITHT; UHVMTTPTX; JV \_; GTTMRIKO; [MLL; QJRZJTIHP; GQHIJK<; PYPK; IK; KJK^
THPPL; \PGRT; JK; HSP; QJKQVPHP; NPQa; RG_; PiZPVIPKQP QJRZJTIHP;QJKTHVMQHIJK];/SIT;[VPeMPKQ_<;,);[JV;G;TIRZL_
`GLaIKO; YI\VGHIJK; ZVJ\LPR]; !GHIOMP<; JYPVLJGNIKO; J[ TMZZJVHPN;JKP;`G_;T_THPR;IT;OIYPK;\_b
[LJJV;T_THPRT;GKN;YI\VGHIJKT;NMP;HJ;VS_HSRIQ;GQHIYIHIPT
TMQS;GT;GPVJ\IQ;JV;NGKQP;QLGTTPT;GVP;KJH;`IHSIK;HSP;TQJZP %" = ""9 K6 U & 714
J[;HSIT;GKKPi]
`SPVP
)T!( #""&>#"-.(-4%$.4%# &@ m RJNMLMT;J[;PLGTHIQIH_;J[;THPPL<;IK;0,Gl
1K;HSP;[VPeMPKQ_;VGKOP;J[;.;HJ;A;=g;IK;`SIQS;ZPJZLP;GVP &\/ m HVGKT[JVRPN; RJRPKH; J[; IKPVHIG; J[; HSP; JKP
RJTH; TPKTIHIYP; HJ; YI\VGHIJK<; HSP; HSVPTSJLN; LPYPL `G_; T_THPR; UIK; HPVRT; J[; PeMIYGLPKH; THPPLX
QJVVPTZJKNT;GZZVJiIRGHPL_;HJ;D](;ZPVQPKH;O<;`SPVP;O GTTMRIKO;HSP;QJKQVPHP;[LGKOP;J[;`INHS;PeMGL
IT;HSP;GQQPLPVGHIJK;NMP;HJ;OVGYIH_];+JKHIKMJMT;YI\VGHIJK HJ;HSP;TZGQIKO;J[;HSP;\PGR;HJ;\P;P[[PQHIYP<;IK
IT;OPKPVGLL_;RJVP;GKKJ_IKO;HSGK;NPQG_IKO;YI\VGHIJK;NMP RR8l
HJ;NGRZIKO];!LJJV;T_THPRT;`IHS;HSP;KGHMVGL;[VPeMPKQ_ B m TZGK;LPKOHS<;IK;RRl;GKN

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 118
 J m NPGN;LJGN;J[;HSP;JKP;`G_;fJITH<;IK;2WRR] )T8( #--.'.4#$%&"
1[;HSP;JKP;`G_;fJITH;T_THPR;IT;TMZZJVHPN;\_;G;[LPiI\LP /SP;ZPGa;GQQPLPVGHIJK;6J<;[VJR;SPPL;IRZGQH;[JV;[LJJVT
\PGR;VMKKIKO;ZPVZPKNIQMLGV;`IHS;HSP;KGHMVGL;[VPeMPKQ_ J[;TZGKT;OVPGHPV;HSGK;- R;GKN;KGHMVGL;[VPeMPKQ_;,)<&LPTT
,.<;HSP;[LJJV;[VPeMPKQ_;RG_;\P;VPNMQPN;HJ;,V<;OIYPK;\_b HSGK;)D;=g;RG_;\P;QGLQMLGHPN;GTb

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= +
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`SPVP

)T<( +#=3%", J m HJHGL;`PIOSH;J[;[LJJVT;ZLMT;QJKHPKHT;JYPV;HSP

TZGK;LPKOHS;GKN;PeMIYGLPKH;[LJJV;`INHS;U<X<
/SP;ZPVQPKHGOP;J[;QVIHIQGL;NGRZIKO;RG_;\P;GTTMRPN IK;2l
GZZVJiIRGHPL_;GT;OIYPK;\PLJ`b
< m 8D!T;U.D;!T;`SPK;JYPVSGKO;IT;JKL_;JK;JKP;TINP
>4& >:)"3;& <?5"5=>4& J[;HSP;\PGRXl
%89! ! ?>;@5"A& !T m PeMIYGLPKH;HSIQaKPTT;J[;HSP;TLG\<;GYPVGOIKO
\/02/-1! QJKQVPHP;IK;TLG\;GKN;VI\Tl;GKN
D'E& D!E& D5E& O m GQQPLPVGHIJK;NMP;HJ;OVGYIH_]
,E;! _ACC!;"#$%#&'();"#*&(+,"('#*" -"
''.;! /0+);&())1;2)0$;0*3;"#*"+)();3)"4! 567!
'''.! 81##+;9'(:;;'*'&:)&<;;01&);")'1'*=<; >!
;'+);%+##;'*=<;3,"(&<;;,+*'(,+)!
'?.! @0+('('#*&; *#(; 1#"0()3; 01#*=; 0; A%;(#;B-;
&,%%#+(;#+;*#(;&%0")3;;0+(:)+;0%0+(;
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#+(:#=#*01;3'+)"('#*&!

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+.$.4=%"#$%&"(&/(.//.-$%`.('.",$[(&/(-&'*="5

-T1 =.$[&+( /&4( +.$.4=%"%", :;[VGRP;IT;NPTIOKGHPN;GT;KJK^T`G_;[VGRP;I[

.//.-$%`.( '.",$[( &/( -&'*="5( %" HSP; VPLGHIYP; NITZLGQPRPKH; \PH`PPK; HSP; H`J
/4#=.5 GNfGQPKH; [LJJVT; IT; VPTHVGIKPN; \_; \VGQIKOT; JV
TSPGV;`GLLT;U)'';10:1:!X];/SP;P[[PQHIYP;LPKOHS
1K;HSP;G\TPKQP;J[;G;RJVP;PiGQH;GKGL_TIT<;HSP;P[[PQHIYP
[GQHJV<; A:& J[; QJLMRK; IK; KJK^T`G_; [VGRPT; IT
LPKOHS;J[;QJLMRKT;IK;[VGRPN;THVMQHMVPT;RG_;\P;J\HGIKPN
OIYPK;\_;U)''&!IO];.-Xb
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HSP;RPR\PV<;GKN \MQaLIKO;U)''&1<:7X]
NX 3JQGHIJK; J[; HVGKTYPVTP; LJGN; `IHS; VPTZPQH; HJ /SIT;PeMGHIJK;IK;TIRZLI[IPN;[JVR;[JV;1^TPQHIJK;SGT;\PPK
TSPGV;QPKHVP] ZVPTPKHPN;IK;1<:!:!:1]
/SP;\JMKNGV_;QJKNIHIJKT;GH;HSP;LGHPVGL;TMZZJVHT;SGYP %SILP;HSP;TIRZLI[IPN;PeMGHIJK;IT;OPKPVGLL_;JK;HSP;TG[P
H`J;QJRZJKPKHTb TINP<;HSPVP;GVP;RGK_;TIHMGHIJKT;`SPVP;HSIT;RG_;\P;YPV_
)X 0*$)#*+67&$')!$6#+!;j;`SPVP;HSP;QVJTT^TPQHIJK QJKTPVYGHIYP];0JVP;GQQMVGHP;QGLQMLGHIJK;J[;HSP;PLGTHIQ
IT; ZVPYPKHPN; [VJR; VJHGHIJK; G\JMH; HSP; TSPGV QVIHIQGL; RJRPKH; [JV; OPKPVGL; QGTP; J[; MKT_RRPHVIQGL
QPKHVP<;GKN TPQHIJKT<;LJGNIKO;G`G_;[VJR;TSPGV;QPKHVP;GKN;\PGRT
.X J6$3#+N& $')!$6#+!; j; `SPVP; HSP; [LGKOPT; GVP `IHS;RJRPKH;OVGNIPKH;QGK;\P;J\HGIKPN;[VJR;TZPQIGLITH
ZVPYPKHPN; [VJR; VJHGHIKO; IK; HSPIV; J`K; ZLGKP LIHPVGHMVP<;\_;MTIKO;GK;GZZVJZVIGHP;QJRZMHPV;ZVJOVGR
G\JMH;GK;GiIT;ZPVZPKNIQMLGV;HJ;HSP;[LGKOP] JV;PeMGHIJKT;OIYPK;\PLJ`]

/SP; PLGTHIQ; QVIHIQGL; RJRPKH; QJVVPTZJKNIKO; HJ; LGHPVGL +T1:!( .FEHD@?( -N@D@?EF( =GIBCD( GM( E( 5B?D@GC
HJVTIJKGL;\MQaLIKO;J[;G;NJM\L_;T_RRPHVIQ;ZVITRGHIQ;\PGR 5KIIBDN@?EF(#RGOD(=@CGN(#Z@H
TM\fPQHPN;HJ;MKI[JVR;RJRPKH;IK;HSP;MKTMZZJVHPN;LPKOHS 1K;QGTP;J[;G;\PGR;`SIQS;IT;T_RRPHVIQGL;JKL_;G\JMH;HSP
GKN;HJVTIJKGLL_;VPTHVGIKIKO;LGHPVGL;TMZZJVHT;IT;OIYPK;\_b RIKJV;GiIT<;GKN;\PKNIKO;G\JMH;RGfJV;GiIT<;HSP;PLGTHIQ
'() QVIHIQGL;RJRPKH;[JV;LGHPVGL;HJVTIJKGL;\MQaLIKO;IT;OIYPK
π 4 +0 , ⎡
⎢ 0. +
,0 - * " + 4 ⎤
- 12 = /0 ⎥ \_;HSP;OPKPVGL;PeMGHIJK;\PLJ`<
⎢0 ⎥
* "/0 + 4 ⎣⎢
, π 4+ 0
, ⎦⎥

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 1!1
 ⎧ (
,-. M f; QGK; \P; QGLQMLGHPN; \_; MTIKO; HSP; [JLLJ`IKO
π( 10 0 ⎪⎡ ⎛ # ⎞ " ) B 0 ) E !MU F( (⎤
$ G' = %" ⎨⎢ ⎜ ⎟
E !MU F( ⎪⎢⎢ ⎝ # ) ⎠ " 0
+
π( ' " 0
( )
+ %( &3 − %$ & 4 ⎥
⎥
⎥⎦
− GZZVJiIRGHIJKb
⎩⎣ GX E76#+&,76+N')b
⎫ Mf;m;D]A;U;.β[&h;)X;"_&W.]D U`SPK;β[;);D](X
⎛. / − . / ⎞ ⎪
⎜ 4 . 5 N⎟ ⎬
⎝ ⎠ ⎪ Mf;m;)]D;U;.β[;h;)X;"_&W.]D ;U`SPK;β[;≤;D](X
⎭
\X B#33'%&,76+N')b
`SPVP
-)<&-.<&-6 m [GQHJVT;NPZPKNIKO;MZJK;HSP;LJGNIKO;GKN;PKN Mf&m;D]A;U.β[;h;)XU)s;"3W"X"_W. U`SPK;β[&);D](X
VPTHVGIKH;QJKNIHIJKT;U)''&/G\LP;8.Xl Mf;m;U.β[;h;)X;U)s;"3W"X;"_W. U`SPK;β[;≤ D](X
&A m P[[PQHIYP;LPKOHS;[GQHJVT;J[;HSP;MKTMZZJVHPN `SPVP
LPKOHS;GQQJMKHIKO;[JV;\JMKNGV_;QJKNIHIJKT
;"3 a SPIOSH;J[;HSP;LIZ<
GH; HSP; PKN; LGHPVGL; TMZZJVHT]; /SP; P[[PQHIYP
LPKOHS;[GQHJV;A;YGVIPT;[VJR;D](;[JV;QJRZLPHP " a JYPVGLL;SPIOSH;J[;HSP;TPQHIJK<
VPTHVGIKH;GOGIKTH;VJHGHIJK;G\JMH;`PGa;GiIT "_ a NITHGKQP; \PH`PPK; TSPGV; QPKHVP; J[; HSP; H`J
HJ;)]D;[JV;[VPP;VJHGHP;G\JMH;`PGa;GiIT<;`IHS [LGKOPT;J[;HSP;QVJTT^TPQHIJK<;GKN
D]-;[JV;HSP;QGTP;J[;JKP;PKN;[IiPN;GKN;JHSPV β[ a \[QWU\[Q&)&\[HX&`SPVP;\[Q<&\[H;GVP;HSP;RJRPKH;J[
PKN; [VPP]; 1H; IT; GKGLJOJMT; HJ; HSP; P[[PQHIYP IKPVHIG; J[; HSP; QJRZVPTTIJK; GKN; HPKTIJK
LPKOHS; [GQHJVT; [JV; QJRZVPTTIJK; RPR\PVT [LGKOPT<;VPTZPQHIYPL_<;G\JMH;HSP;RIKJV;GiIT
`IHS;PKN;VJHGHIJKGL;VPTHVGIKHl J[;HSP;PKHIVP;TPQHIJK]
A` m `GVZIKO; VPTHVGIKH; [GQHJV]; 9KLPTT; TZPQIGL \H m *H];?PKGKHdT;/JVTIJK;QJKTHGKH<;OIYPK;\_b
ZVJYITIJKT;HJ;VPTHVGIK;`GVZIKO;J[;HSP;TPQHIJK
GH; HSP; PKN; LGHPVGL; TMZZJVHT; GVP; RGNP<; A` * U[JV;JZPK;TPQHIJKX
C , = ∑ *- +- + *
TSJMLN;\P;HGaPK;GT;)]Dl
&MO m NITHGKQP;\PH`PPK;HSP;ZJIKH;J[;GZZLIQGHIJK ;;;; = . ,/ 4 5 ∑ (0 5 * ) U[JV;SJLLJ`;TPQHIJKX
J[;HSP;LJGN;GKN;HSP;TSPGV;QPKHVP;J[;HSP;QVJTT^
TPQHIJK; GKN; IT; ZJTIHIYP; `SPK; HSP; LJGN; IT `SPVP
GQHIKO; HJ`GVNT; HSP; TSPGV; QPKHVP; [VJR; HSP ;P m GVPG;PKQLJTPN;\_;HSP;TPQHIJK<;GKN
ZJIKH;J[;GZZLIQGHIJKl <:&! m \VPGNHS;GKN;HSIQaKPTT;J[;HSP;PLPRPKHT;J[;HSP
Mf
!
m 1" − %&' ∫ # ( ( ! + 1 ! ) 1(# 6 $ TPQHIJK<;VPTZPQHIYPL_]
\` m /SP;`GVZIKO;QJKTHGKH<;OIYPK;\_b
MT m QJJVNIKGHP;J[;HSP;TSPGV;QPKHVP;`IHS;VPTZPQH
U)hβ [ X& β [ ; \ _ & " _ .; U[JV; 1^TPQHIJKT; RJKJ^
HJ;QPKHVJIN<;ZJTIHIYP;`SPK;HSP;TSPGV;QPKHVP
T_RRPHVIQ; G\JMH; `PGa
IT;JK;HSP;QJRZVPTTIJK;TINP;J[;HSP;QPKHVJINl
GiITX
GKN
M<;O m QJJVNIKGHPT; J[; HSP; PLPRPKHGL; GVPG; `IHS a D;U[JV;GKOLP<;/PP<;KGVVJ`;VPQHGKOLP;TPQHIJK
VPTZPQH;HJ;QPKHVJIN;J[;HSP;TPQHIJK] GKN;GZZVJiIRGHPL_;[JV;;SJLLJ`;TPQHIJKTX

1!! "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
 $ERFB(<!(-GCHDECDH(31_!3!_(ECA!37
U>76.)'&&^)].X

'GEA@CL(ECA(5OJJGND )BCA@CL(=GIBCD `EFOB(GM(# -GCHDECDH

-GCA@D@GCH +@ELNEI -) -. -Z
U)X U.X U6X U8X U(X U>X

)]D )]DDD )]DDD

D]- )]DDD j )]))6
D]( )]DDD )])88
)]D )])8) D]BBA
D]- )].-D j )](>(
D]( )]6D( .].A6

)]D )]6.6 D]BB.

D]- )]8-6 j )]((>
D]( )]()8 .].-)
)]D )](>6 D]B--
D]- )]-6B j )](6)
D]( )]-AA .].6(
)]D )]A-B D]B6B
D]- .]DB. j )]8-6
D]( .])(D .])(D
)]D .].A) D]A((
D]- .](6A j )]68D
D]( .]>DB )]B(-
)]D .]-D8 D]>->
D]- 6]DDB j )]D(B
D]( 6]DB6 )](8>

)]D .]B.- D]6>>

D]- 6]DDB j D](-(
D]( 6]DB6 D]A6-

|;m;^;) )]D .]-(. D]DDD

D]- 6]D>6 j D]DDD
D]( 6])8B D]DDD

)]D )])6. D]8(B D](.(

D]( D]B-. D]6D8 D]BAD

)]D )].A( )](>. D]-(6

D]( D]-). D]>(. )]D-D

)]D )]6>( D]((6 )]-6D

D]( )]D-D D]86. 6]D(D

)]D )](>( )].>- .]>8D

D]( D]B6A D]-)( 8]ADD

)]D )]D8> D]86D )]).D

D]( )]D)D D]8)D )]ABD

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 1!7
 #"".a(.
U>76.)';)>]>])X
-&"".-$%&"5
.T1( ,.".4#' HSP; QGTP; J[; G; NPPZ; OIVNPV<; HSP; HJHGL; RJRPKH; RG_; \P
NIYINPN;\PH`PPK;HSP;[LGKOP;GKN;HSP;`P\;IK;GQQJVNGKQP
/SP;VPeMIVPRPKH;[JV;HSP;NPTIOK;J[;TZLIQP;GKN;\PGR;HJ
`IHS;HSP;THVPTT;NITHVI\MHIJK];/SP;`P\;QJKKPQHIJK;TSJMLN
QJLMRK;QJKKPQHIJK;GT;`PLL;GT;VPQJRRPKNGHIJK;[JV;HSPIV
HSPK;\P;NPTIOKPN;HJ;VPTITH;IHT;TSGVP;J[;RJRPKH;GKN;TSPGV]
NPTIOK;TSGLL;\P;GT;OIYPK;\PLJ`]
$YPK;`P\;TZLIQP;IT;NPTIOKPN;HJ;QGVV_;JKL_;TSPGV;[JVQP<
.T!( ).#=(53'%-.5 HSP; RJRPKH; G\JMH; HSP; QPKHVJIN; J[; HSP; \JLH; OVJMZ; JK
PIHSPV;TINP;J[;HSP;TZLIQP;TSJMLN;\P;NPTIOKPN;[JV;RJRPKH
.T!:1( !JV; VJLLPN; TPQHIJK; \PGR; TZLIQPT; LJQGHPN; G`G_ NMP;HJ;PQQPKHVIQIH_]
[VJR;HSP;ZJIKH;J[;RGiIRMR;RJRPKH<;IH;RG_;\P;GTTMRPN
HSGH;HSP;[LGKOP;TZLIQP;QGVVIPT;GLL;HSP;RJRPKH;GKN;HSP .T!:!( !LGKOP;fJIKHT;TSJMLN;ZVP[PVG\L_;KJH;\P;LJQGHPN
`P\;TZLIQP;QGVVIPT;HSP;TSPGV;U)'';!IO];6DX];=J`PYPV<;IK GH;ZJIKHT;J[;RGiIRMR;THVPTT];%SPVP;TZLIQP;ZLGHPT;GVP

!14 ];6D;7$:0;*,31+$*
MTPN<;HSPIV;GVPG;TSGLL;KJH;\P;LPTT;HSGK;(;ZPVQPKH;IK;PiQPTT IKYGVIG\L_; \P; RGQSIKPN; HJ; PKTMVP; ZPV[PQH; QJKHGQH; J[
J[;HSP;GVPG;J[;HSP;[LGKOP;PLPRPKH;TZLIQPNl;GKN;HSPIV;QPKHVP TMV[GQPT;IK;\PGVIKO;U)'';!IO];6)X]
J[;OVGYIH_;TSGLL;QJIKQINP<;GT;KPGVL_;GT;ZJTTI\LP;`IHS;HSGH
.T7:!( %SPVP;TMQS;RPR\PVT;GVP;KJH;[GQPN;[JV;QJRZLPHP
J[;HSP;PLPRPKH;TZLIQPN];/SPVP;TSGLL;\P;PKJMOS;[GTHPKPVT
\PGVIKO;HSP;TZLIQPT;TSGLL;\P;NPTIOKPN;HJ;HVGKTRIH;GLL;HSP
JK;PGQS;TINP;J[;HSP;TZLIQP;HJ;NPYPLJZ;HSP;LJGN;IK;HSP
[JVQPT;HJ;`SIQS;HSP;RPR\PVT;IT;TM\fPQHPN;GH;HSP;TZLIQP
PLPRPKH;TZLIQPN;ZLMT;(;ZPVQPKH;\MH;IK;KJ;QGTP;TSJMLN
LJQGHIJK]
HSP;THVPKOHS;NPYPLJZPN;\P;LPTT;HSGK;(D;ZPVQPKH;J[;HSP
P[[PQHIYP; THVPKOHS; J[; HSP; RGHPVIGL; TZLIQPN]; %SPVPYPV
ZJTTI\LP;IK;`PLNPN;QJKTHVMQHIJK<;[LGKOP;ZLGHPT;TSGLL;\P
fJIKPN;\_;QJRZLPHP;ZPKPHVGHIJK;\MHH;`PLNT];/SPTP;\MHH
`PLNT; TSGLL; NPYPLJZ; HSP; [MLL; THVPKOHS; J[; HSP; ZLGHPT]
%SPKPYPV;HSP;[LGKOP;`INHS;JV;HSIQaKPTT;QSGKOPT;GH;HSP
TZLIQP;LJQGHIJK<;OVGNMGL;HVGKTIHIJK;TSGLL;\P;RGNP;IK;HSP
`INHSWHSIQaKPTT;J[;HSP;LGVOPV;[LGKOP]
.T!:7( %SPK; \PGR; TZLIQP; IT; LJQGHPN; GH; HSP; ZJIKH; J[
IK[LPQHIJK; J[; G; QJKHIKMJMT; \PGR<; HSP; [LGKOP; TZLIQIKO
VPeMIVPRPKH;OIYPK;G\JYP;RG_;\P;VPLGiPN;GZZVJZVIGHPL_]

.T7( -&'*="(53'%-.
.T7:1( %SPVP; HSP; PKNT; J[; QJRZVPTTIJK; RPR\PVT; GVP
[GQPN; [JV; \PGVIKO; JYPV; HSP; `SJLP; GVPG<; HSP_; TSGLL; \P
TZLIQPN;HJ;SJLN;HSP;QJKKPQHPN;ZGVHT;GLIOKPN];/SP;PKNT
J[; QJRZVPTTIJK; RPR\PVT; [GQPN; [JV; \PGVIKO; TSGLL !14];6);+ "3902;*,31+$;U/5,1+:3X

1!< "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
.T7:7( %SPVPYPV;ZJTTI\LP<;TZLIQPT;TSGLL;\P;ZVJZJVHIJKPN HSGK;THI[[KPTT;OJYPVK;HSP;NPTIOK];1K;TMQS;[VGRPT;TPZGVGHP
GKN; GVVGKOPN; TJ; HSGH; QPKHVJINGL; GiIT; J[; HSP; TZLIQP LGHPVGL;LJGN;VPTITHIKO;T_THPR;IT;HJ;\P;ZVJYINPN;IK;HSP;[JVR
QJIKQINPT;GT;KPGVL_;GT;ZJTTI\LP;`IHS;HSP;QPKHVJINGL;GiPT J[;\VGQIKOT;JV;TSPGV;`GLLT];/SP;QJKKPQHIJKT;TSJ`K;IK
J[;HSP;RPR\PVT;fJIKPN<;IK;JVNPV;HJ;GYJIN;PQQPKHVIQIH_l !IOT];6.:<;6.7<;6.+;GKN;6.&;QGK;\P;GTTMRPN;GT;TIRZLP
\MH;`SPVP;PQQPKHVIQIH_;IT;ZVPTPKH;IK;HSP;fJIKH<;HSP;VPTMLHIKO QJKKPQHIJKT;IK;[VGRPN;GKGL_TIT;GKN;KPPN;HJ;\P;QSPQaPN
THVPTT;QJKTINPVIKO;PQQPKHVIQIH_;TSGLL;\P;ZVJYINPN;[JV] JKL_;[JV;HSP;HVGKT[PV;J[;TSPGV;[VJR;\PGR;HJ;QJLMRK]
.T7:<( 1[; G; QJLMRK; [LGKOP; IT; TM\fPQHPN; HJ; TIOKI[IQGKH .T<:!( 4@L@A(-GCCB?D@GCH
HPKTIJK;JV;I[;HSP;[GQPT;GVP;KJH;ZVPZGVPN;[JV;\PGVIKO<;JV
I[;[MLL;QJKHIKMIH_;IT;VPeMIVPN;`IHSJMH;TLIZ<;JKL_;=*!4 1K; SIOS^VITP; GKN; TLPKNPV; THVMQHMVPT<; THI[[KPTT
\JLHT(TSGLL;\P;MTPN] VPeMIVPRPKHT;RG_;`GVVGKH;HSP;MTP;J[;VIOIN;QJKKPQHIJKT]
#IOIN;QJKKPQHIJKT;HVGKT[PV;TIOKI[IQGKH;RJRPKHT;HJ;HSP
.T<( ).#=T$&T-&'*="(-&"".-$%&"5 QJLMRKT; GKN; GVP; GTTMRPN; HJ; MKNPVOJ; KPOLIOI\LP
.T<:1( 5@IJFB(-GCCB?D@GCH NP[JVRGHIJKT;GH;HSP;fJIKH];/SPTP;GVP;KPQPTTGV_;IK;T`G_
[VGRPT; [JV; THG\ILIH_; GKN; GLTJ; QJKHVI\MHP; IK; VPTITHIKO
*IRZLP;QJKKPQHIJKT;GVP;GTTMRPN;HJ;HVGKT[PV;JKL_;TSPGV LGHPVGL;LJGNT];/SP;QJKKPQHIJKT;TSJ`K;IK;!IOT];6.$<;6.!<
GH;TJRP;KJRIKGL;PQQPKHVIQIH_;GKN;H_ZIQGLL_;MTPN;IK;[VGRPT GKN;6.4;QGK;\P;GTTMRPN;GT;VIOIN;QJKKPQHIJK;IK;[VGRP
MZ;HJ;G\JMH;[IYP;THJVIPT;IK;SPIOSH<;`SPVP;THVPKOHS;VGHSPV GKGL_TIT; GKN; KPPN; HJ; \P; QSPQaPN; [JV; \JHS; TSPGV; GKN

!14];6.;*1x$ ;,:#:0$/$#;!"# ;?:#1"9*;/5,$*;"!;+"22$+/1"2

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 1!8
RJRPKH;HVGKT[PV;[VJR;\PGR;HJ;HSP;QJLMRK];!MLL_;`PLNPN [JV;QJKKPQHIJK;QLGTTI[IQGHIJK;GVP;TSJ`K;IK;/G\LP;86;GKN
QJKKPQHIJKT;QGK;GLTJ;\P;QJKTINPVPN;GT;VIOIN;\PGR;HJ GVP;OVGZSIQGLL_;VPZVPTPKHPN;IK;!IO];66]
QJLMRK;QJKKPQHIJKT] .T<:7:!( >*++'-!#*+&D*%'7)
.T<:7( 5BI@T4@L@A(-GCCB?D@GCH !V_P^0JVVIT; SGT; NPVIYPN; HSP; [JLLJ`IKO; ZJL_KJRIGL
*PRI^VIOIN; QJKKPQHIJKT; [GLL; \PH`PPK; HSP; H`J; H_ZPT RJNPL;[JV;HSP;RJRPKH;QMVYGHMVP;VPLGHIJKTSIZ;J[;TPRI^
RPKHIJKPN;G\JYP];/SP;[GQH;IT;HSGH;TIRZLP;QJKKPQHIJKT VIOIN;QJKKPQHIJKTb
NJ; SGYP; TJRP; NPOVPP; J[; VJHGHIJKGL; VIOINIH_; GT; IK; HSP θV;m;>)UADX);s;>.&UADX6;s;>6;UADX(
TPRI^VIOIN;QJKKPQHIJKT];*IRILGVL_;VIOIN;QJKKPQHIJKT;NJ
PiZPVIPKQP;TJRP;NPOVPP;J[;fJIKH;NP[JVRGHIJK;GKN;HSIT `SPVP
QGK;\P;MHILIgPN;HJ;VPNMQP;HSP;fJIKH;NPTIOK;RJRPKHT] D m RJRPKH;GH;HSP;fJIKH<;IK;a2]Rl
/SP;RJRPKH^VJHGHIJK;VPLGHIJKTSIZ;J[;HSP;QJKKPQHIJKT;SGYP &A m THGKNGVNIgGHIJK;ZGVGRPHPV;`SIQS;NPZPKN;JK
HJ;\P;NPHPVRIKPN;\GTPN;JK;PiZPVIRPKHT;QJKNMQHPN;[JV;HSP HSP;QJKKPQHIJK;H_ZP;GKN;OPJRPHV_l;GKN
TZPQI[IQ;NPTIOK;JV;\GTPN;JK;HSP;VPLGHIJKTSIZ;NPVIYPN;[VJR
>)<;>.<;>6m QMVYP;[IHHIKO;QJKTHGKHT]
HPTHT<;ZVPTPKHPN;IK;TZPQIGLITH;LIHPVGHMVP];/SP;TIRZLPTH;RPHSJN
J[; GKGL_TIT; `ILL; \P; HJ; INPGLIgP; HSP; QJKKPQHIJK; GT; GK /G\LP; 88; TSJ`T; HSP; QMVYP; [IHHIKO; QJKTHGKHT; GKN
PeMIYGLPKH;VJHGHIJKGL;TZVIKO;`IHS;PIHSPV;G;\ILIKPGV;JV;KJK^ THGKNGVNIgGHIJK;QJKTHGKHT;[JV;!V_P^0JVVIT;0JNPL;o:LL
LIKPGV;RJRPKH^VJHGHIJK;QSGVGQHPVITHIQT];/SP;QLGTTI[IQGHIJK TIgP;ZGVGRPHPVT;IK;HSP;HG\LP;GVP;IK;RR;U)'';!IO];6.Xp]
ZVJZJTPN;\_;7fJVSJYNP;QJR\IKPN;`IHS;HSP;!V_P^0JVVIT
RJNPL;QGK;\P;MTPN;`IHS;QJKYPKIPKQP;HJ;RJNPL;TPRI^VIOIN $ERFB(<7(-GCCB?D@GC(-FEHH@M@?ED@GC('@I@DH
QJKKPQHIJKT<;GT;OIYPK;IK;HSP;KPiH;TPQHIJK] U>76.)';$^8]6])X
.T<:7:1( >*++'-!#*+&>76))#,#-6!#*+
6:( ;5&7"%(#3(&<%( H1(C%"62(#3( H1(C%"62(#3(
+JKKPQHIJKT;GVP;QLGTTI[IPN;GQQJVNIKO;HJ;HSPIV;MLHIRGHP ;#<( 4#11%.&'#1( 6&"%1;&<( 6&'331%22(
THVPKOHS;JV;IK;HPVRT;J[;HSPIV;IKIHIGL;PLGTHIQ;THI[[KPTT;GKN 012; 042; 052; 0.2;
7fJVSJYNPdT; QLGTTI[IQGHIJK]; 1H; IT; \GTPN; JK; HSP; KJK^ 62; 36467;5677/5-667; 1
. ;r;'(8; .1;r;4()$%&1;
NIRPKTIJKGL;RJRPKH;ZGVGRPHPV;UY)&a&DM& W&DZ\X;GKN 662; 9/:6;<6467;5677/5-667; '(8r;.1;r;'(4; 4()%&1;r&.1;r'()%&1;
HSP;KJK^NIRPKTIJKGL;VJHGHIJK;ZGVGRPHPV;Uθ)&a&θV-θZX< 6662; =>/?6@>/;5677/5-667; .1;A;'(4; .1;A;'()$%&1;
`SPVP; θZ; IT; HSP; ZLGTHIQ; VJHGHIJK]; /SP; 7fJVSJYNPdT
QLGTTI[IQGHIJK;IT;\GTPN;JK;G;VP[PVPKQP;LPKOHS;J[;HSP;\PGR
PeMGL;HJ;(;HIRPT;HSP;NPZHS;J[;HSP;\PGR];/SP;LIRIHT;MTPN

!14];66;+3:**1!1+:/1"2;"!;+ "22$+/1"2*;:++"#&124 ;/";7 E"#="?&$

1!2 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
 $ERFB(<<(-GCCB?D@GC(-GCHDECDH(@C(/NKBT=GNN@H(=GABF
U>76.)';$^8]6].;6+%;!IO];6.X

6:(;#< C=8%; 4#11%.&'#1(C=8%( 47"O%EA'&&'1;(4#12&51&2( 6&5115"1'M5&'#1(4#12&51&2;

012; 042; 052; 0.2& 0)2&
62; C; 9674>/;./@;-74>/;5677/5-667; 31;D;1(O1;P;1'.; !&"&#-Q4(.$5Q1(R1%'(1)&
34;D;1(5';P;1'11;
35;D;4(8';P;1'18;
;
662; S; E6F@>/;./@;-74>/;5677/5-667; &1;D;1(T.;P;1'5; !&"&#-Q4(.&$ 5Q1(R1%'(1);
&4;D;1('5;P;1'1.; &&
&5;D;R(1R;P;1'4);
;
6662; U; 06G;-77;4/--;-74>/;5677/5-667;.6-H;76F@>/;./@; &1;D;4(4.;P;1'Q1; !&"&#'1(4R8$ -Q1(14R$5Q'(.1);
-74>/; &4;D;1(RT;P;1'.; ;( -Q'(TO.0%&'&'()#@21(5);
&5;D;5(45;P;1'R;;
;
672; E; 06G; -77; 4/--; -74>/; 5677/5-667; .6-H6F-; 76F@>/; &1;D;1(T5;P;1'5; !&"&#;Q;1()&$-&Q'()&(-Q ;'(8&#@Q1(1&
./@;-74>/; &4;D;8(4);P;1'1.; &
&5;D;5(51;P;1'45;
;
72; V; V77;G>--/;5677/5-667;.6-H6F-;56>F:7;4-6WW/7/<4; &1;D;1(8R;P;1'.; !&"&#4Q ;4(.&$ GQ ;'(.&$W&Q ;1()&
&4;D;QO());P;1'1T;
&5;D;)().;P;1'4O;
;
762; =; V77;G>--/;5677/5-667;.6-H;56>F:7;4-6WW/7/<4; &1;D;4(T';P;1'4; !&"&#4Q;4(.&$GQ ;'(T&
&4;D;)(58;P;1'11;
&5;D;1(51;P;1'44;
;
7662; X; 0;4-F@;5677/5-667; &1;D;.(');P;1'4; !&"&#&Q;1()&$W&Q ;'()&(-&Q;'(8&#@Q;1(1&
&4;D;.(.);P;1'15;
&5;D;Q4('5;P;1'45;
;
76662; I; I/-7/<;G>--/;5677/5-667; &1;D;5(R8;; !&"&$ GQ1(T&%1(T;#@Q4(5&$ &.Q'()&
&4;D;4(81;P;1');
&5;D;T('T;P;1'11;
;
.H/</;; &
&#& D;; 7/G-H;6W;@/-:<;67;::(& $ 5; D;-H65J7/44;6W;-H/;./@;-74>/<;67;::(;
&#-; D;; 7/G-H;6W;-H/;-74>/<;67;::(; $ W; D;-H65J7/44;6W;W>-74/;0;4-F@;5677/5-6<<;67;::)&
&#@& "&& 76-:/-/<;6W;-H/;@6>-<;67;::(; $ .; D;-H65J7/44;6W;./@;6W;-H/;@/-:;67;-H/;5677/5-667<;67;::(;
&#4& "&& 5/7-/<;-6;5/7-/<;6W;-H/;6F-/<:64-;@6>-;6W;-H/;/77;G>--/; $G& "&-H65J7/44;6W;/77;G>--/<;H/-7/<;G>--/<;67;::(;
;;;;;;;;;; 5677/5-667<;67;::(; (-& "&>/74-H;6W;-H/;-74>/<;67;::(;
&%& "&& 4-F4/;764--75/;6W;@6>-;>67/<;67;::(; ( -; D;>/74-H;6W;-H/;0;4-F@;5677/5-6<<;67;::(&
&$-; "&& -H65J7/44;6W;-H/;-6G;-74>/<;67;::(;
2"/$;j;!JV;ZVPLIRIKGV_;GKGL_TIT;MTIKO;G;\ILIKPGV;RJRPKH;QMVYGHMVP;VPLGHIJKTSIZ<;HSP;THI[[KPTT;OIYPK;IK;/G\LP;8(;RG_;\P;GTTMRPN
NPZPKNIKO;JK;HSP;H_ZP;J[;QJKKPQHIJK];/SP;YGLMPT;GVP;\GTPN;JK;HSP;TPQGKH;THI[[KPTT;GH;G;VJHGHIJK;J[;D]D);VGNIGK;GKN;H_ZIQGL;NIRPKTIJK;J[
QJKKPQHIKO;GKOLP;GKN;JHSPV;QJRZJKPKHT;GT;OIYPK;IK;HSP;HG\LP]

;$ERFB(<8(5B?ECD(5D@MMCBHH .T8( -&'*="()#5.5

U06<7';8.X
.T8:1 ()EHB(3FEDBH
'"( =00%(#&("#$$%&'(#$( ;(+%$$(#$(; '%&#$'(
-#.; ; ''(&&$%$$(
+JLMRKT;TSGLL;\P;ZVJYINPN;`IHS;\GTP;ZLGHPT;QGZG\LP;J[
88; BC8O;DD3D9; NITHVI\MHIKO;HSP;QJRZVPTTIYP;[JVQPT;IK;HSP;QJRZVPTTPN
+",; +-,; +>,; +:,; ZGVHT;J[;HSP;QJLMRK;JYPV;G;\PGVIKO;GVPG;TMQS;HSGH;HSP
3,; ;39A<=;E=>;>?99=>03?9; /D;F;-<4G;#D;F;"4G;; ";"<4;
\PGVIKO;ZVPTTMVP;JK;HSP;[JMKNGHIJK;NJPT;KJH;PiQPPN;HSP
D9A<=;; ;0&F;><; ; NPTIOK;THVPKOHS;J[;HSP;ZJIKH];/SP;NPTIOK;THVPKOHS;J[;HSP
33,; H?I><=;E=>@D9A<=; /D;F;-<4G;#D;F;"4G;; :;:<4; fJIKH;\PH`PPK;HSP;\GTP;ZLGHP;GKN;HSP;[JMKNGHIJK;TSGLL
>?99=>03?9; 0&F;AA3<; \P;NPHPVRIKPN;HGaIKO;GQQJMKH;J[;HSP;RGHPVIGL;ZVJZPVHIPT
333,; J?K;D9D;B=D0;D9A<=; /DF>44G;#DF"4G; -;A>4; GKN; NIRPKTIJKT; J[; \JHS; HSP; OVJMH; GKN; HSP; QJKQVPHP
>?99=>03?9;E30L?I0; 1D2":4G;/>2-4&
D?I><=;E=>;D9A<=;
[JMKNGHIJK]
>?99=>03?9;
3M,; N=DD=;;K<D0=; /K;F;"A<G;#K;F;"4G; -;>44;
.T8:!( [GFA@CL(+G]C()GFDH(U#C?PGN()GFDHV
;0&F;A<G;#E;2&A3<(
.T8:!:1( =JLNIKO; NJ`K; \JLHT; TSGLL; \P; ZVJYINPN<; I[

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 1!;
KPQPTTGV_;HJ;VPTITH;HSP;P[[PQHT;J[;HSP;NPTIOK;LJGNT];/SP_ .T8:!:<( 1[;KJ;TZPQIGL;PLPRPKHT;[JV;VPTITHIKO;HSP;TSPGV
TSGLL;\P;NPTIOKPN;HJ;VPTITH;HPKTIJK;NMP;HJ;MZLI[H;[JVQPT [JVQP; GVP; ZVJYINPN<; TMQS; GT; \LJQa; JV; \GV; TSPGV
GKN;HPKTIJK;NMP;HJ;\PKNIKO;RJRPKHT;GT;GZZVJZVIGHP] QJKKPQHJVT<; IH; TSGLL; \P; NPRJKTHVGHPN; HSGH; TM[[IQIPKH
VPTITHGKQP; HJ; HVGKT[PV; HSP; TSPGV; [JVQP; \PH`PPK; HSP
.T8:!:! ( %SPK; QGLQMLGHIKO; HSP; HPKTIJK; [JVQPT; NMP; HJ
QJLMRK;GKN;HSP;[JMKNGHIJK;IT;ZVJYINPN;\_;JKP;J[;HSP
\PKNIKO;RJRPKHT<;HSP;LPYPV;GVR;TSGLL;KJH;\P;HGaPK;GT
[JLLJ`IKOb
RJVP; HSGK; HSP; NITHGKQP; \PH`PPK; HSP; QPKHVJIN; J[; HSP
\PGVIKO;GVPG;JK;HSP;QJRZVPTTIJK;TINP;GKN;HSP;QPKHVJIN GX !VIQHIJKGL;VPTITHGKQP;J[;HSP;fJIKH;\PH`PPK;HSP
J[; HSP; \JLH; OVJMZ; JK; HSP; HPKTIJK; TINP<; HGaIKO; HSP \GTP;ZLGHP;GKN;HSP;[JMKNGHIJK]
HJLPVGKQPT;JK;HSP;ZJTIHIJKT;J[;HSP;SJLNIKO;NJ`K;\JLHT \X *SPGV;VPTITHGKQP;J[;HSP;SJLNIKO;NJ`K;\JLHT]
IKHJ;GQQJMKH] QX *SPGV;VPTITHGKQP;J[;HSP;TMVVJMKNIKO;ZGVH;J[;HSP
.T8:!:7( =JLNIKO;NJ`K;\JLHT;TSGLL;PIHSPV;\P;GKQSJVPN [JMKNGHIJK]
IKHJ;HSP;[JMKNGHIJK;\_;G;SJJa;JV;\_;G;`GTSPV;ZLGHP;JV NX *SPGV;GKN;\PGVIKO;VPTITHGKQP;J[;HSP;TSPGV;aP_
\_; TJRP; JHSPV; GZZVJZVIGHP; LJGN; NITHVI\MHIKO; RPR\PV ZLGHPT;`PLNPN;HJ;HSP;\GTP;ZLGHP;GKN;PR\PNNPN
PR\PNNPN;IK;HSP;QJKQVPHP] IK;HSP;ZPNPTHGLW[JMKNGHIJK]

#"".a(/
U>76.)';.6])>X
,.".4#'(4.-&==."+#$%&"5(/&4(5$..'^&4g($."+.45(#"+(-&"$4#-$5

/T1( ,.".4#' /T7 ( %"/&4=#$%&"( 4.b*%4.+( )>( $[.

5$..'^&4g(+.5%,".4
/T1:1( /SP;VPQJRRPKNGHIJKT;OIYPK;IK;HSIT;GKKPi;GVP;IK
LIKP; `IHS; HSJTP; OPKPVGLL_; GNJZHPN; [JV; THPPL`JVa /T7:1( ,BCBNEF
QJKTHVMQHIJK;GKN;GVP;RPGKH;[JV;OPKPVGL;IK[JVRGHIJK]
GX *IHP;ZLGKT;TSJ`IKO;IK;ZLGK;GKN;PLPYGHIJK;J[
/T1:!; /SPTP;VPQJRRPKNGHIJKT;NJ;KJH;[JVR;ZGVH;J[;HSP HSP; ZVJZJTPN; LJQGHIJK; GKN; RGIK; NIRPKTIJKT
VPeMIVPRPKHT;J[;HSP;*PQHIJK;GKN;QJRZLIGKQP;`IHS;HSPTP J[;HSP;\MILNIKO;JV;THVMQHMVPl
IT;KJH;KPQPTTGV_;[JV;HSP;ZMVZJTP;J[;QJRZL_IKO;`IHS;HSIT
\X 4VJMKN;LPYPLT<;PiITHIKO;GKN;ZVJZJTPNl
*PQHIJK]
QX ,GVHIQMLGVT;J[;\MILNIKOT;JV;JHSPV;QJKTHVMQHIJKT
/T1:7; /SP; VPQJRRPKNGHIJKT; GVP; MKTMIHG\LP; [JV `SIQS;RG_;SGYP;HJ;VPRGIK;JK;HSP;GQHMGL;TIHP
IKQLMTIJK;GT;G;\LJQa;VPeMIVPRPKH;IK;G;QJKHVGQH<;\MH;IK J[; HSP; KP`; \MILNIKO; JV; THVMQHMVP; NMVIKO; HSP
NVG`IKO;MZ;G;QJKHVGQH;HSP;ZJIKHT;RPKHIJKPN;TSJMLN;\P PVPQHIJK;J[;HSP;THPPL`JVal
OIYPK;QJKTINPVGHIJK] NX ,GVHIQMLGVT;J[;GNfGQPKH;\MILNIKOT;G[[PQHIKO<;JV
G[[PQHPN;\_<;HSP;KP`;`JVal
/T!( .a-[#",.(&/(%"/&4=#$%&"
PX *HIZMLGHIJK;VPOGVNIKO;HSP;PVPQHIJK;TPeMPKQP;JV
7P[JVP;HSP;THPPL`JVa;NPTIOK;IT;QJRRPKQPN<;HSP;\MILNIKO HIRP;TQSPNMLPl
NPTIOKPV; TSJMLN; \P; TGHIT[IPN; HSGH; HSP; ZLGKKIKO; J[; HSP [X +JKNIHIJKT;G[[PQHIKO;HSP;ZJTIHIJK;JV;QJKHIKMIH_
\MILNIKO<;IHT;NIRPKTIJKT;GKN;JHSPV;ZVIKQIZGL;[GQHJVT;RPPH J[;RPR\PVTl
HSP;VPeMIVPRPKHT;J[;HSP;\MILNIKO;J`KPV;GKN;QJRZL_;`IHS
OX 3IRIHT;J[;LPKOHS;GKN;`PIOSH;J[;THPPL;RPR\PVT
VPOMLGHIJKT;J[;GLL;GMHSJVIHIPT;QJKQPVKPN];+JLLG\JVGHIJK
IK;HVGKTIH;GKN;PVPQHIJKl
J[; \MILNIKO; NPTIOKPV; GKN; THPPL`JVa; NPTIOKPV; TSJMLN
\POIK;GH;HSP;JMHTPH;J[;HSP;ZVJfPQH;\_;fJIKH;QJKTINPVGHIJK SX &VG`IKOT; J[; HSP; TM\THVMQHMVP<; ZVJZJTPN; JV
J[;HSP;ZLGKKIKO;GKN;J[;TMQS;eMPTHIJKT;GT;HSP;THGKQSIJK PiITHIKO<;TSJ`IKOb
TZGQIKO<;RGHPVIGLT;HJ;\P;MTPN;[JV;HSP;QJKTHVMQHIJK<;GKN )X LPYPLT;J[;THGKQSIJK;[JMKNGHIJKT<;I[;GLVPGN_
NPZHS;J[;\GTPRPKH] NPHPVRIKPNl

1!Q "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
 .X GK_;NPHGILT;G[[PQHIKO;HSP;THGKQSIJK;\GTPT [X &PHGILT;J[;TZPQIGL;LJGNT;[VJR;QVGKPT<;VMK`G_T<
JV;GKQSJV;\JLHTl HIZT<;LI[HT<;\MKaPVT<;HGKaT<;ZLGKH;GKN;PeMIZRPKH]
6X ZPVRITTI\LP; \PGVIKO; ZVPTTMVP; JK; HSP OX /SP;OVGNP;J[;[IVP;VPTITHGKQP;GZZVJZVIGHP;HJ;HSP
[JMKNGHIJKl;GKN JQQMZGKQ_;GT;RG_;\P;VPeMIVPN]
8X ZVJYITIJKT;[JV;OVJMHIKO]
/T< %"/&4=#$%&"( 4.b*%4.+( )>
2"/$j;1K;HSP;QGTP;J[;KP`;`JVa<;HSP;TM\THVMQHMVP
TSJMLN;\P;NPTIOKPN;IK;GQQJVNGKQP;`IHS;HSP;VPLPYGKH $."+.4.4(U%/("&$(#'5&(+.5%,".4V
THGKNGVNT; NPGLIKO; `IHS; [JMKNGHIJKT; GKN
TM\THVMQHMVP] /T<:1( ,BCBNEF
fX /SP;RGiIRMR;`IKN;YPLJQIH_;GZZVJZVIGHP;HJ GX :LL;IK[JVRGHIJK;LITHPN;MKNPV;/T7:1l
HSP;TIHP;U)'';*PQHIJK;);J[;,GVH;-;c+JKTHVMQHIJK \X +LIRGHIQ;QJKNIHIJKT;GH;TIHP^TPGTJKGL;YGVIGHIJKT
0GKGOPRPKH<; ,VGQHIQPT; GKN; *G[PH_<; J[; HSP J[;HPRZPVGHMVP<;SMRINIH_<;`IKN;YPLJQIH_;GKN
+JNPXl;GKN NIVPQHIJKl
aX $KYIVJKRPKHGL;[GQHJVT<;TMQS;GT;ZVJiIRIH_;HJ QX 2GHMVP;J[;TJIL];#PTMLHT;J[;HSP;IKYPTHIOGHIJK;J[
TPG; QJGTH<; GKN; QJVVJTIYP; GHRJTZSPVP] TM\^TJIL;GH;TIHP;J[;\MILNIKO;JV;THVMQHMVPl
#P[PVPKQP; HJ; \_P^LG`T; GKN; VPOMLGHIJKT NX :QQPTTI\ILIH_; J[; TIHP; GKN; NPHGILT; J[; ZJ`PV
G[[PQHIKO; HSP; THPPL`JVa; NPTIOK; GKN TMZZL_l
QJKTHVMQHIJK]
PX %SPHSPV; HSP; THPPL`JVa; QJKHVGQHJV; `ILL; \P
/T7:!( /ONDPBN(%CMGNIED@GC(4BFED@CL(DG()O@FA@CLH VPeMIVPN;HJ;TMVYP_;HSP;TIHP;GKN;TPH;JMH;JV;QSPQa
HSP;\MILNIKO;JV;THVMQHMVP;LIKPT<;[JMKNGHIJKT;GKN
GX ,LGKT; J[; HSP; [LJJVT; GKN; VJJ[; `IHS; ZVIKQIZGL LPYPLTl
NIRPKTIJKT<; PLPYGHIJKT; GKN; QVJTT^TPQHIJKT [X *PHHIKO^JMH; ZLGK; J[; [JMKNGHIJKT<; THGKQSIJKT
TSJ`IKO;SPIOSHT;\PH`PPK;[LJJV;LPYPLT] GKN;LPYPLT;J[;\GTPTl
\X /SP;JQQMZGKQ_;J[;HSP;[LJJVT;GKN;HSP;ZJTIHIJKT OX +VJTT; TPQHIJKT; GKN; PLPYGHIJKT; J[; HSP; THPPL
J[;GK_;TZPQIGL;LJGNT;TSJMLN;\P;OIYPK] THVMQHMVP<;GT;KPQPTTGV_<;`IHS;LGVOP^TQGLP;NPHGILT
QX /SP;\MILNIKO;NVG`IKOT<;`SIQS;TSJMLN;\P;[MLL_ J[;TZPQIGL;[PGHMVPTl
NIRPKTIJKPN<;TSJMLN;ZVP[PVG\L_;\P;HJ;HSP;TQGLP SX %SPHSPV; HSP; QJKKPQHIJKT; GVP; HJ; \P; \JLHPN<
J[; ); HJ; )DD; GKN; TSJMLN; TSJ`; GLL; THGIVT<; [IVP VIYPHPN;JV;`PLNPN];,GVHIQMLGV;GHHPKHIJK;TSJMLN
PTQGZPT<; LI[HT<; PHQ<; TMTZPKNPN; QPILIKOT<; [LMPT \P;NVG`K;HJ;QJKKPQHIJKT;J[;G;TZPQIGL;KGHMVP<
GKN;NMQHT;[JV;SPGHIKO;GKN;YPKHILGHIKO];&JJVT TMQS;GT;HMVKPN;\JLHT<;SIOS;THVPKOHS;[VIQHIJK;OVIZ
GKN;`IKNJ`T;TSJMLN;\P;TSJ`K<;GT;HSP;JZPKIKOT \JLHT<;LJKO;VIYPHT;GKN;JYPVSPGN;`PLNTl
RG_;\P;HGaPK;IKHJ;GQQJMKH;IK;HSP;QJRZMHGHIJKT
fX CMGLIH_; J[; THPPL<; GKN; ZVJYITIJKT; [JV
J[;NPGN;LJGN]
INPKHI[IQGHIJKl
#PeMIVPRPKHT;TSJMLN;\P;OIYPK;IK;VPTZPQH;J[
aX #PeMIVPRPKHT; IK; VPTZPQH; J[; ZVJHPQHIYP
GK_;RGiIRMR;NPZHS;J[;\PGRT;JV;RIKIRMR
ZGIKHIKOT;GH;`JVaT;GKN;JK;TIHP<;OGLYGKIgIKO;JV
SPGN;VJJR]
QPRPKH;`GTSl
3GVOP^TQGLP; NPHGILT; TSJMLN; \P; OIYPK; J[; GK_
RX :ZZVJiIRGHP; NGHPT; [JV; QJRRPKQPRPKH; GKN
TZPQIGL;[PGHMVPT;G[[PQHIKO;HSP;THPPL`JVa]
QJRZLPHIJK;J[;PVPQHIJKl
NX /SP;IKQLMTIYP;`PIOSH;ZPV;R.;J[;`GLLT<;[LJJVT<
KX &PHGILT;J[;GK_;HPTHT;`SIQS;SGYP;HJ;\P;RGNP
VJJ[T<;TMTZPKNPN;QPILIKOT<;THGIVT;GKN;ZGVHIHIJKT<
NMVIKO; HSP; QJMVTP; J[; PVPQHIJK; JV; MZJK
JV;ZGVHIQMLGVT;J[;HSPIV;QJKTHVMQHIJK;GKN;[IKITS
QJRZLPHIJKl;GKN
[JV;HSP;QJRZMHGHIJK;J[;NPGN;LJGN]
ZX *QSPNMLP;J[;eMGKHIHIPT];%SPVP;HSP;HPKNPVPV;IT
/SP; ZLGKT; TSJMLN; IKNIQGHP; HSP; [LJJVT<; `SIQS
VPeMIVPN;HJ;HGaP;J[[;eMGKHIHIPT<;G;LITH;TSJMLN;\P
GVP;HJ;\P;NPTIOKPN;HJ;QGVV_;ZGVHIHIJKT];%SPVP
OIYPK;J[;HSP;ZVIKQIZGL;IHPRT;HJ;\P;IKQLMNPN;IK
HSP;LG_JMH;J[;ZGVHIHIJKT;IT;KJH;aKJ`K<;JV;G;OIYPK
HSP;TQSPNMLP]
LG_JMH;IT;LIG\LP;HJ;GLHPVGHIJK<;HSPTP;[GQHT;TSJMLN
\P;TZPQIGLL_;KJHPN;TJ;HSGH;GLLJ`GKQP;RG_;\P /T<:!( #AA@D@GCEF(%CMGNIED@GC(4BFED@CL(DG()O@FA@CLH
RGNP;[JV;ZGVHIHIJKT;IK;GK_;ZJTIHIJK;U)'';,GVH;>
c*HVMQHMVGL;&PTIOK<;*PQHIJK;);3JGNT<;!JVQPT GX *QSPNMLP;J[;THGKQSIJKT;OIYIKO;TIgPT<;LPKOHST
GKN;$[[PQHTdX] GKN;H_ZIQGL;NPHGILT;J[;\VGQaPHT<;fJIKHT<;PHQl
PX /SP; TMZPVIRZJTPN; LJGNT; JK; HSP; [LJJVT \X ,LGK;J[;OVILLGOPT;TSJ`IKO;TIgPT<;LPKOHST;GKN
GZZVJZVIGHP; HJ; HSP; JQQMZGKQ_<; GT; OIYPK; IK LPYPLT;J[;OVILLGOP;\PGRT;GKN;ZGVHIQMLGVT;J[;GK_
,GVH >; c*HVMQHMVGL; &PTIOK<; *PQHIJK; ); 3JGNT< THI[[PKPVT;VPeMIVPNl
!JVQPT;GKN;$[[PQHTd;JV;GT;JHSPV`ITP;VPeMIVPN] QX ,LGKT;J[;[LJJV;\PGRT;TSJ`IKO;TIgPT<;LPKOHST

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 1!9
 GKN; LPYPLT; PQQPKHVIQIHIPT; GKN; PKN; RJRPKHT] HSP; ZJTIHIJKIKO; GKN; 1PYPLLIKO; J[; GLL; THPPL`JVa]; :K_
/SP;\PGR;VPGQHIJKT;GKN;NPHGILT;J[;HSP;H_ZP;J[ QSPQaIKO;JV;GZZVJYGL;J[;HSP;TPHHIKO;JMH;\_;HSP;OPKPVGL
QJKKPQHIJK;VPeMIVPN;TSJMLN;\P;TSJ`K;JK;HSP QJKHVGQHJV; JV; HSP; PKOIKPPV; TSJMLN; KJH; VPLIPYP; HSP
ZLGKTl THPPL`JVa; QJKHVGQHJV; J[; SIT; VPTZJKTI\ILIHIPT; IK; HSIT
NX ,LGK;J[;VJJ[;THPPL`JVa];!JV;G;[LGH;VJJ[<;HSP;ZLGK VPTZPQH]
TSJMLN;OIYP;ZGVHIQMLGVT;TIRILGV;HJ;HSJTP;J[;G
/TQ( %"53.-$%&"
[LJJV;ZLGK];%SPVP;HSP;VJJ[;IT;ZIHQSPN<;NPHGILT
TSJMLN; \P; OIYPK; J[; HVMTTPT<; ZJVHGLT<; ZMVLIKT< #P[PVPKQPT; RG_; \P; RGNP; HJ; HSP; GQQPZHPN; THGKNGVN
\VGQIKO<;PHQl o>^>U8)Xp;[JV;OPKPVGL;OMINGKQP]
PX /SP;THPPL`JVa;NVG`IKOT;TSJMLN;ZVP[PVG\L_;\P
HJ; G; TQGLP; J[; ); HJ; )DD; GKN; TSJMLN; OIYP /TQ:1( #??BHH(DG(-GCDNE?DGN\H(^GNSH
INPKHI[IQGHIJK;RGVaT;GOGIKTH;GLL;RPR\PVTl;GKN /SP;QJKHVGQHJV;TSJMLN;J[[PV;[GQILIHIPT;[JV;HSP;IKTZPQHIJK
[X ,GVHIQMLGVT; J[; SJLPT; VPeMIVPN; [JV; TPVYIQPT< J[;HSP;`JVa;GH;GLL;THGOPT]
ZIZPT<; RGQSIKPV_; [IiIKOT<; PHQ]; *MQS; SJLPT
TSJMLN;ZVP[PVG\L_;\P;NVILLPN;GH;`JVaT] /TQ:!( %CHJB?D@GC(GM(/ERN@?ED@GC
9KLPTT; JHSPV`ITP<; GOVPPN<; HSP; IKTZPQHIJK; TSJMLN; \P
/T<:7 (%CMGNIED@GC(4BFED@CL(DG(.ZB?OD@GC(GM()O@FA@CL
QGVVIPN;JMH;GH;HSP;ZLGQP;J[;[G\VIQGHIJK];/SP;QJKHVGQHJV
^GNS
TSJMLN;\P;VPTZJKTI\LP;[JV;HSP;GQQMVGQ_;J[;HSP;`JVa;GKN
GX *MZZL_;J[;RGHPVIGLTl [JV;GK_;PVVJV<;`SIQS;RG_;\P;TM\TPeMPKHL_;NITQJYPVPN]
\X %PIOSH;J[;THPPL`JVa;[JV;ZG_RPKHl
/TQ:7( %CHJB?D@GC(GC(5@DB
QX %GTHGOP;J[;THPPLl
NX 1KTMVGKQP<;[VPIOSH;GKN;HVGKTZJVH;[VJR;TSJZ;HJ /J;[GQILIHGHP;IKTZPQHIJK<;HSP;QJKHVGQHJV;TSJMLN;NMVIKO
TIHPl GLL; `JVaIKO; SJMVT<; SGYP; G; [JVPRGK; JV; ZVJZPVL_
GQQVPNIHPN;QSGVOP;SGKN;GYGILG\LP;JK;HSP;TIHP<;HJOPHSPV
PX *IHP;[GQILIHIPT;[JV;PVPQHIJKl
`IHS;G;QJRZLPHP;TPH;J[;QJKHVGQH;NVG`IKOT;GKN;GK_;[MVHSPV
[X /JJLT;GKN;ZLGKHTl
NVG`IKOT;GKN;IKTHVMQHIJKT;`SIQS;RG_;SGYP;\PPK;ITTMPN
OX 0JNP;GKN;HPVRT;J[;ZG_RPKHl [VJR;HIRP;HJ;HIRP]
SX *QSPNMLPTl
fX 4*$-'& D6R'.$'& UTPQHIJKT; GKN; ZVJYITIJKT; [JV /T9( =#%"$."#"-.
LIeMINGHIJK; GKN; NGRGOPT; [JV; NPLG_; IK
/T9:1( ,BCBNEF
QJRZLPHIJKXl;GKN
aX $TQGLGHIJK;TPQHIJKT] %SPVP;THPPL`JVa;IT;HJ;\P;PKQGTPN;IK;TJLIN;QJKQVPHP<
\VIQa`JVa;JV;RGTJKV_<;HSP;eMPTHIJK;J[;RGIKHPKGKQP
/T8( +.$#%'%", TSJMLN;KJH;GVITP<;\MH;`SPVP;THPPL`JVa;IT;HJ;\P;SJMTPN
IK; SJLLJ`; [IVP; ZVJHPQHIJK; JV; IT; HJ; \P; MKZVJHPQHPN<
1K;GNNIHIJK;HJ;HSP;KMR\PV;J[;QJZIPT;J[;HSP;GZZVJYPN
ZGVHIQMLGVL_; `SPVP; HSP; THPPL`JVa; IT; PiZJTPN; HJ; G
NVG`IKOT; JV; NPHGILT; VPeMIVPN; MKNPV; HSP; QJKHVGQH<
QJVVJNIKO; GOPKH<; HSP; eMPTHIJK; J[; ZGIKHIKO; JV
NIRPKTIJKPN; TSJZ; NVG`IKOT; JV; NPHGILT; TSJMLN; \P
ZVJHPQHIYP;HVPGHRPKH;J[;HSP;THPPL`JVa;TSJMLN;\P;OIYPK
TM\RIHHPN;IK;NMZLIQGHP;HJ;HSP;PKOIKPPV;`SJ;TSJMLN;VPHGIK
QGVP[ML; QJKTINPVGHIJK; GH; HSP; QJKTHVMQHIJK; THGOP<
JKP;QJZ_;GKN;VPHMVK;HSP;JHSPV;HJ;HSP;THPPL;TMZZLIPV;JV
SGYIKO; VPOGVN; HJ; HSP; TZPQIGL; QIVQMRTHGKQPT; J[; HSP
[G\VIQGHJVT;`IHS;SIT;QJRRPKHT<;I[;GK_]
QGTP]
/T2( $%=.(5-[.+*'.
/T9:!( -GCCB?D@GCH
:T;HSP;NGHPT;JK;`SIQS;TM\TPeMPKH;HVGNPT;QGK;QJRRPKQP<
%SPVP;QJKKPQHIJKT;GVP;PiZJTPN;HJ;G;QJVVJNIKO;GOPKH<
NPZPKN;JK;HSP;ZVJOVPTT;J[;PVPQHIJK;J[;HSP;THPPL;[VGRIKO<
HSP_;TSJMLN;\P;ZPVIJNIQGLL_;IKTZPQHPN<;GKN;GK_;QJVVJNPN
HSP; HIRP; TQSPNMLP; [JV; HSP; LGHHPV; TSJMLN; \P; QGVP[MLL_
ZGVH;TSJMLN;\P;HSJVJMOSL_;QLPGKPN;GKN;ZGIKHPN]
NVG`K;MZ;GKN;GOVPPN;HJ;\_;HSP;ZGVHIPT;QJKQPVKPN;GH;G
fJIKH;RPPHIKO] /T9:!:1; %SPVP; \JLHPN; QJKKPQHIJKT; GVP; KJH; TJLINL_
PKQGTPN; GKN; GVP; TM\fPQH; HJ; YI\VGHJV_; P[[PQHT; J[
/T;( 34&-.+*4.(&"(5%$. RGQSIKPV_; JV; ZLGKH<; HSP_; TSJMLN; \P; ZPVIJNIQGLL_
/SP; THPPL`JVa; QJKHVGQHJV; TSJMLN; \P; VPTZJKTI\LP; [JV IKTZPQHPN;GKN;GLL;\JLHT;HIOSHPKPN]

170 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
 #"".a(,
U>76.)'&&^)])X

$ERFB(<<(3FEHD@?(3NGJBND@BH(GM()BEIH(k455!6748(E??BJDBA(HDECAENA(l2T2U78Vmn
+BH@LCED@GC ^B@LPD 5B?D@GCEF +BJDP(GM ^@ADP(GM $P@?SCBHH $P@?SCBHH 4EA@@(GM 5B?D@GC 3FEHD@? 5PEJB
JBN #NBE 5B?D@GC /FECLB GM GM ,KNED@GC =GAOFOH =GAOFOH /E?DGN
=BDNB /FECLB ^BR
U*X U+[X U+`X U,gX U,_X U-PgX U+[X U-ZgX U-Zg;W;-PgX
aOWR QR. RR RR RRU>X RR QR QR QR6 QR6
;;;;;;;U)X U.X U6X U8X U(X U>X U-X UAX UBX U)DX U))X U).X
1*%7;>DD })8(]) )A8]A> >DD .(D .6]> ))]A .(]D) (]6( 6;A(8]. 8;68)]>6 )]).>;(
1*%7;>DD })66]- )-D]6A >DD .(D .)]6 ))]. .8]B- (].( 6;(8D]D 6;BA>]>> )]).>;.
1*07;>DD })..]> )(>].) >DD .)D .D]A ).]D .8].8 8]). 6;D>D]8 6;()D]>6 )])8-;)
1*%7;((D })).]( )86]68 ((D .(D )-]> )D]( ..]A> (])) .;-.6]B 6;D>>].B )]).(;-
1*37;>DD }BB]( ).>]D- >DD .)D )(]( )D]( .6]BA 6]-B .;8.A]B .;-BA](> )])(.;.
1*07;((D )D6]- )6.])) ((D )BD )B]6 ))]. ..])> 6]-6 .;6(B]A .;-))]BA )])8B;.
1*%7;(DD }B(]. ).)].. (DD .(D )8]- B]B .D]-- 8]B> .;DB)]> .;6()]6( )]).8;.
1*37;((D }A>]6 )DB]B- ((D )BD )(]D B]B .)]BB 6]8A );B66]. .;..A])> )])(.;>
1*07;(DD A>]B ))D]-8 (DD )AD )-]. )D]. .D].) 6](. );ADA]- .;D-8]>- )])8-;)
1*=7;8(D B.]( ))-]AB 8(D .(D )6]- ))]6 )A](D (]DA );-B6]6 .;D6D]B( )])6.;(
1*=7;8(D A-]. )))])8 8(D .(D )6]- B]A )A]-A (])A );-8.]- );B((]D6 )]).);A
1*37;(DD }-(]D B(](D (DD )AD )8]) B]. .D])D 6]68 );(86]. );--6]>- )])8B;6
1*%7;8(D -B]8 )D)])( 8(D .DD )(]8 B]. )A]>6 8])) );((A]) );->D](B )])6D;D
1*=7;8DD A.]. )D8]>> 8DD .(D ).]- )D]> )>]>) (])> );888]. );>.>]6> )]).>;)
1*=7;8DD --]8 BA]>> 8DD .(D ).]- B]) )>]A- (].> );8D8]. );((>]66 )]))(;(
1*07;8(D }-.]8 B.].- 8(D )(D )-]8 B]8 )A])( 6]D) );6(D]- );(66]6> )])(D;D
1*37;8(D }>(]6 A6])8 8(D )-D )6]8 A]> )A].D 6].D );..6]A );8D)]6( )])8(;)
1*%7;8DD >>]- A(]D) 8DD .DD )6]D A]> )>]>D 8]D8 );)-)]6 );.BD])B )]).-;)
1*=7;6(D -.]8 B.].) 6(D .(D ))]> )D]) )8]>( (].. );)6)]> );.>A]>B )]).);.
1*=7;6(D >-]8 A(]B) 6(D .(D ))]> A]6 )8]B6 (]68 );DB8]A );.)6](6 )])DA;(
1*07;8DD }>)]( -A]8D 8DD )8D )>]D A]B )>]D( .]A8 );D.D]D );)->])A )])8B;A
1*37;8DD }(>]B -.]86 8DD )>( ).]( A]D )>]66 6])( B>(]6 );DBB]8( )])6B;D
1*%7;6(D (>]B -.](D 6(D .DD ))]8 A]D )8]>6 8]D6 AA-]D BB(]8B )])..;6
1*=7;6DD >6]D AD].( 6DD .(D )D]> B]8 ).]-D (].B A>6]6 B>.])A )]))8;(
1*=7;6DD (A]A -8]A( 6DD .(D )D]> -]> ).]B( (]8) A6>]6 B.)]>A )])D.;)
1*0+;8DD }8B]8 >.]B6 8DD )DD )(]6 A]> )(]8A .]A6 -(8]) AB)]D6 )])A);>
1*07;6(D (.]8 >>]-D 6(D )8D )8]. A]) )8]6. .]A8 --B]D AAB](- )])8.;)
1*37;6(D 8B]( >6]D) 6(D )>( ))]8 -]8 )8]8( 6])- -()]B A()])) )])6.;D
1*3+;8DD }8(]- (A].( 8DD )DD )8]D A]D )(](D .]A) >BB]( A.(]D. )])-B;8
1*%7;6DD 8A]) >)]66 6DD .DD )D]D -]8 ).]>> 8]D. >(8]A -6)].) )]))>;-
1*=7;.(D (8]- >B]-) .(D .(D B]- A]A )D]-D (]6- >6A]- -DA]86 )])DB;.
1*37;6.( }86]) (8]BD 6.( )>( B]A -]D )6]8) 6]D( >D-]- >A-]-> )])6);-
1*=7;.(D ()]D >8]B> .(D .(D B]- >]B )D]B) (]8B >)A]B >-A]-6 )]DB>;-
1*0+;6(D }8.]) (6]>> 6(D )DD )6]( A]) )6]>> .]A6 (-)]B >-.])B )])-(;8
1*07;6DD }88]. (>].> 6DD )8D ).]8 -]( ).]6- .]A8 (-6]> >()]-8 )])6>;.
1*3+;6(D }6A]A 8B]8- 6(D )DD ).]( -]8 )6]-. .]A. (6.]) >..]B( )])-D;-
1*37;6DD }6-]- 8A]DA 6DD )(D B]8 >]- ).]6( .]AD 8AA]B ((8]6. )])66;A
1*=7;..( 8>]A (B]>> ..( ..( B]) A]> B](A 8]A8 8A-]D (8.].. )]))6;8
1*%7;.(D 8D]B (.]D( .(D .DD B]D >]- )D]>B 8]D> 8-(]8 (.-](- )])DB;-
1*=7;..( 86]) (8]B8 ..( ..( B]) >]( B]AD 8]B> 8>B]6 ()(]A. )]DBA;-
1*0+;6DD }6(]A 8(]>8 6DD BD )6]> -]> ))]A) .]>) 8.8]. 8B>]-- )])-);)
1*07;.(D 6-]6 8-](( .(D ).( ).]( >]B )D]6B .]>( 8)D]( 8>(]-) )])68;(
1*3+;6DD }66]) 8.])) 6DD )DD ))]> >]- ))]BA .]A- 8D6]. 8>>]-6 )])(-;>
1*37;.-( }66]D 8.]D. .-( )8D A]A >]8 ))]6) .]>) 6B.]8 886]DB )])6D;(
1*=7;.DD 8D]D (D]B8 .DD .DD B]D -]A A](( 8]8. 6-.]. 8)8].6 )])).;B
1*=7;.DD 6-]6 8-](8 .DD .DD B]D >]) A]-) 8]() 6>D]A 6B-].6 )])D);D
1*%7;..( 66]B 86].8 ..( )(D B]B >]8 B](. 6].. 68A]( 6AB]B6 )]))A;B
1*0+;.(D }6D]8 6A]>- .(D AD )8]) -]) B]B8 .]6A 6D(]6 6(>]-. )])>A;8
1*07;..( 6)]. 6B]-. ..( ))D ))]A >]( B]6) .]68 6D(]B 68A].- )])6A;(
1*37;.(D }.-]B 6(](6 .(D ).( A]. >]) )D].6 .]66 .B-]8 66A]>B )])6A;A
1*3+;.(D .A]D 6(]>( .(D )DD )D]- >]) )D])- .]AB .B(]D 66A])) )])8>;.
1*%7;.DD .A]A 6>]-) .DD )8D B]D >]) A]8> .]BB .>.]( .B6]BB )]).D;D
1*0+;..( }.(]B 66]D) ..( AD ).]8 >]8 B]D6 .]6A .6B]( .--]B6 )])>D;(
1*3+;..( }.8]D 6D](6 ..( BD )D]. (]A B])8 .]>. ..>]( .>D])6 )])8A;(
1*37;..( }.6]( .B]B. ..( )DD A]> (]A B])( )]B8 ...]8 .(8]-. )])8(;6
1*07;.DD .(]8 6.]66 .DD )DD )D]A (]- A]6. .])( ..6]( .(6]A> )])6(;A

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 171
 $ERFB(<<(6(U<./011222 X
;;;;;;;U)X U.X U6X U8X U(X U>X U-X UAX UBX U)DX U))X U).X

1*=7;)(D 68]> 88]DA )(D )(D B]D ))]A >]DB 6]6( .)A]) .()]>8 )])(6;A
1*=7;)(D 6D]> 6A]BA )(D )(D B]D A]8 >].B 6]88 .D(]6 .6.](. )])6.;>
1*=7;)(D .-]) 68]8A )(D )(D B]D (]8 >](D 6](8 )B8]) .)(]>8 )])));D
1*0+;.DD }..]) .A].) .DD -( ))]8 >]) A]D6 .].6 )A)]B .))].( )])>);8
1*3+;.DD }.D]> .>].. .DD -( )D]A (]( A])) .]6- )-.]> )BA]-- )])();>
1*%7;)-( ..]) .A])) )-( ).( -]8 (]A -]66 .](B )-.]( )B8].D )]).(;A
1*37;.DD })B]A .(].- .DD )DD -]6 (]8 A])B .])6 )>B]- )A8]68 )])6-;D
1*07;)-( })B]6 .8]>. )-( BD A]> (]( -])B )]A> )8(]8 )>>]DA )])8.;.
1*0+;)-( })B]) .8]6A )-( -( )D]. (]- -]DA .].6 )6B]A )>)]>( )])(>;6
1*3+;)-( })-]> ..]8D )-( -( B]( (]) -])> .]6A )6)]6 )(D]6> )])8(;.
1*37;)-( })>]- .)]6D )-( BD >]B (]) -])- )]B6 ).(]6 )86]6D )])86;-
1*E7;..( }).]A )>].A ..( AD (]D 6]- A]B- )](A ))>]6 )68])( )])(6;(
1*E+;.DD )6]B )-]AD .DD -D -]) 8]) A]DA .])A ))>]) )66]). )])8>;(
1*%7;)(D )-]D .)]>- )(D )DD -]D (]8 >].. .]DB )))]B ).>]A> )])66;-
1*0+;)(D )>]8 .D]AA )(D -( B]D (]8 >])) .].) )D6]B ))B]A. )])(6;6
1*07;)(D )8]B )B]DD )(D AD -]> 8]A >])A )]>> B>]B ))D]8A )])8D;)
1*3+;)(D )8]8 )A]6> )(D -( -]A 8]A >])> .]6- B6]D )D>])- )])8);>
1*37;)(D )8]. )A]DA )(D AD >]A 8]A >])- )]-( B)]A )D8](D )])6A;8
1*E+;)-( }))]. )8].8 )-( >D >]B 6]> -])) )]AA A.]6 B8].. )])88;B
1*E7;.DD }B]B ).]>8 .DD >D (]D 6]8 -]A> )])- -A]) BD]AB )])>6;B
1*07;).( )6]D )>]>D ).( -( -]> 8]8 (].D )]>. -)]A A)]A( )])6B;B
1*0+;).( ).]- )>])B ).( >( A]) (]D (]D- )]B. >>]> --])( )])(A;(
1*37;).( ))]B )(]). ).( -( >]( 8]8 (])B )]>B >(]) -6]B6 )])6(;>
1*E+;)(D B]B ).]>( )(D (( >]B 6]> >]BD )]-6 >.]A -.]D8 )])8-;.
1*3+;).( )D]- )6]>- ).( >( >]> 8]8 (])) .]D( (-]) >(]8( )])8>;.
1*E7;)-( }A]) )D].A )-( (D 8]> 6]D >]A6 D]B- (8]A >8].. )])-B;B
1*07;)DD ))]( )8]>D )DD -( -]. 8]D 8].D )]D( 6>]> 8)]>A )])6A;B
1*E7;)(D }-]) B]D) )(D (D 8]> 6]D (]BA )]D) 8.]B 8B](- )])((;>
1*E+;).( -]B )D]D- ).( (D >]> 6]D (])A )]>D 86]. 8B]DA )])6>;.
1*0+;)DD B]. ))]-D )DD (D -]( 8]- 8]DD )]8B 6-]6 86]A6 )])-(;D
1*37;)DD A]D )D].) )DD (D >]8 8]D 8]D> )]). 66]> 6A]AB )])(-;6
1*3+;)DD -]B )D]D. )DD (D >]8 8]D 8]D> )](- 6.]B 6A]DB )])(-;>
1*E+;)DD }(]A -]8) )DD 8( (]) 6]D 8]DB )]8. .8]A .A]6A )])88;.
1*0+;-( >]A A]>- -( 8D -]6 8]8 .]B> )].) .D]A .8])- )])BD;8
1*37;-( >]) -]-) -( (D (]D 6]- 6]D- )])8 )B]8 ..]6( )])(.;.
1*3+;-( }(]- -].> -( 8D >]D 6]- 6]D. )].> )-]> .D]>) )])-);D
2"/$;j;*PQHIJKT;SGYIKO;c`PIOSH;ZPV;RPHVPd;RGVaPN;`IHS;GK;GTHPVITa;U}X;RG_;\P;QSJTPK;GT;HSP;TPQHIJK;IT;LIOSHPV;SGYIKO;SIOS;-Z;GT
QJRZGVPN;HJ;TPQHIJKT;\PLJ`;IH]

'%5$(&/(5$#"+#4+5
/SP;[JLLJ`IKO;LITH;VPQJVNT;HSJTP;THGKNGVNT;`SIQS;GVP 34&5.4 67+12
GQQPZHG\LP;GT;cOJJN;ZVGQHIQPd;GKN;cGQQPZHPN;THGKNGVNTd U)X -A>;b;)B>- +JKYPVTIJK; [GQHJVT; GKN
IK;HSP;[ML[ILLRPKH;J[;HSP;VPeMIVPRPKHT;J[;HSP;+JNP];/SP QJKYPVTIJK;HG\LPT;U87,9+&,2:797./X
LGHPTH;YPVTIJK;J[;G;THGKNGVN;TSGLL;\P;GNJZHPN;GH;HSP;HIRP
U.X ADA;b;)BAB &IRPKTIJKT;[JV;SJH^VJLLPN;THPPL
J[;PK[JVQPRPKH;J[;HSP;+JNP];/SP;THGKNGVNT;LITHPN;RG_
\PGR<; QJLMRK<; QSGKKPL; GKN
\P; MTPN; \_; HSP; :MHSJVIH_; [JV; QJK[JVRGKQP; `IHS; HSP
GKOLP;TPQHIJKT;U+;7,2&,2:797./X
VPeMIVPRPKHT;J[;HSP;VP[PVVPN;QLGMTPT;IK;HSP;+JNP]
)A(.;b;)BA( #JLLIKO;GKN;QMHHIKO;HJLPVGKQP;[JV
1K;HSP;[JLLJ`IKO;LITH<;HSP;KMR\PV;GZZPGVIKO;IK;HSP;[IVTH SJH;VJLLPN;THPPL;ZVJNMQHT;U8.1,+;
QJLMRK;`IHSIK;ZGVPKHSPTPT;IKNIQGHPT;HSP;KMR\PV;J[;HSP ,2:797./<
VP[PVPKQP;IK;HSIT;*PQHIJKb
U6X 1*;ADDD 4PJRPHVIQGL;HJLPVGKQIKO;JK;HPQS^
KIQGL;NVG`IKOT;U920./2&,2:797./X

17! "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
 34&5.4 67+12 34&5.4 67+12
U,GVH;)X;b;)BA( /JLPVGKQPT;J[;[JVR<;JVIPKHGHIJK< U)6X ))8A;b;.DDB *HPPL;VIYPH;\GVT;URPNIMR;GKN
LJQGHIJK;GKN;VMK^JMH<;GKN;GZZVJ^ SIOS;HPKTILPX;j;!JV;THVMQHMVGL
ZVIGHP;OPJRPHVIQGL;NP[IKIHIJKT ZMVZJTPT&U8.1,+;&,2:797./X
U87,9+&,2:797./X U)8X )6>6 =PiGOJK; SPGN; \JLHT<; TQVP`T
U,GVH;.X;b;)BB. 0GiIRMR;RGHPVIGL;ZVIKQIZLPT GKN;KMHT;J[;ZVJNMQH;OVGNP;+b
U87,9+&,2:797./X U,GVH;)X;b;.DD.W =PiGOJK; SPGN; \JLHT; UTIgP
;U,GVH;6X;b;)BB. &IRPKTIJKIKO;GKN;HJLPVGKQIKO 1*";8D)>;b;)BBB VGKOP; 0(; HJ; 0>8X; U8.1,+;
J[;ZVJ[ILPT;U920./2&,2:797./X ,2:797./X
;U,GVH;8X;b;)B-> ,VGQHIQGL; PiGRZLPT; J[ U,GVH;.X;b;.DD.W =PiGOJK; SPGN; TQVP`T; UTIgP
IKNIQGHIJKT;JK;NVG`IKOT 1*";8D)A;b;)BBB VGKOP; 0(; HJ; 0>8X; U8.1,+;
,2:797./X
AB->;b;)B-A 4MINP; [JV; ZVPZGVGHIJK; GKN
GVVGKOPRPKH; J[; TPHT; J[ U,GVH;6X;b;.DD.W =PiGOJK;KMHT;UTIgP;VGKOP;0(
1*";8D68;b;)BBB HJ;0>8X;U8.1,+;&,2:797./X
NVG`IKOT;GKN;ZGVHT;LITH
)6>8 =PiGOJK; SPGN; \JLHT<; TQVP`T
B>.;b;)BAB +JNP; J[; ZVGQHIQP; [JV
GKN;KMHT;J[;ZVJNMQH;OVGNPT;:
GVQSIHPQHMVGL; GKN; \MILNIKO
GKN;7b
NVG`IKOT;U920./2&,2:797./X
U,GVH;)X;b;.D)8W =PiGOJK; SPGN; \JLHT; UTIgP
U8X B>.;b;)BAB +JNP; J[; ZVGQHIQP; [JV
1*";8D)8;b;.DD( VGKOP; 0)]>; HJ; 0>8X; U8.1,+;
GVQSIHPQHMVGL; GKN; \MILNIKO ,2:797./X
NVG`IKOT;U920./2&,2:797./X
U,GVH;.X;b;.DD.W =PiGOJK; SPGN; TQVP`T; UTIgP
U(X A)6;b;)BA> *QSPRP; J[; T_R\JLT; [JV 1*";8D)-;b;)BBB VGKOP; 0)]>; HJ; 0>8X; U8.1,+;
`PLNIKO;U87,9+&,2:797./X ,2:797./X
U>X .D>.;b;.D)) =JH; VJLLPN; LJ`<; RPNIMR; GKN U,GVH;6X;b;.DD.W =PiGOJK; KMHT<; *H_LP; )UTIgP
SIOS; HPKTILP; THVMQHMVGL; THPPL 1*";8D6.;b;)BBB VGKOP; 0)]>; HJ; 0>8X; U8.1,+;
U92:2/+;&,2:797./X ,2:797./X
U-X )>DA;b;.DD(W 0PHGLLIQ;RGHPVIGLT;j;/PKTILP U,GVH;8X;b;.DD6W =PiGOJK; HSIK; KMHT
1*";>AB.;b;)BBA HPTHIKO; GH; GR\IPKH 1*";8D6(;b;)BBB UQSGR[PVPNX;UTIgP;VGKOP;0)]>
HPRZPVGHMVPT;U+;7,2&,2:797./X HJ;0>8X;U8.1,+;&,2:797./X
UAX ))>);b;.D)8 *HPPL; HM\PT; [JV; THVMQHMVGL U,GVH;(X;b;.DD.W =PiGOJK;HSIK;KMHT;h;,VJNMQH
ZMVZJTPT;U878+;&,2:797./X 1*";8D6>;b;)BBB OVGNP; 7; UMKQSGR[PVPNX; UTIgP
UBX A)8;b;.DD8 *ZPQI[IQGHIJK; [JV; QJYPVPN VGKOP; 0)]>; HJ; 0)DX; U8.1,+;
PLPQHVJNPT; [JV; RGKMGL; RPHGL ,2:797./X
GVQ; `PLNIKO; J[; QGV\JK; GKN )6>- /PQSKIQGL; TMZZL_; QJKNIHIJKT
QGV\JK;RGKOGKPTP;THPPL;=97>+; [JV;HSVPGNPN;THPPL;[GTHPKPVTb
,2:797./< U,GVH;)X;b;.D)8W 4PKPVGL; VPeMIVPRPKHT; [JV
U)DX -((-;b;)BA. *ZPQI[IQGHIJK;[JV;THPPL;`IVP;UMZ 1*";ABB.;b;.DD( \JLHT<;TQVP`T;GKN;THMNT;U8.1,+;
HJ;.D;RRX;[JV;HSP;RGKM[GQHMVP ,2:797./X
J[; QJLN^[JVOPN; VIYPHT; U87,9+ U,GVH;.X;b;.DD.W /JLPVGKQP;[JV;[GTHPKPVT;j;7JLHT<
,2:797./X 1*"8-(B^);b;.DDD TQVP`T<; THMNT; GKN; KMHT; j
U))X ))8A;b;.DDB *HPPL;VIYPH;\GVT;URPNIMR;GKN ,VJNMQH; OVGNPT; :<; 7; GKN; +
SIOS;HPKTILPX;j;!JV;THVMQHMVGL U+;7,2&,2:797./X
ZMVZJTPT&U8.1,+;&,2:797./X U,GVH;6X;b;.DD.W 0PQSGKIQGL; ZVJZPVHIPT; J[
U).X )B.B;b;)BA. *ZPQI[IQGHIJK; [JV; SJH; [JVOPN 1*";ABA^);b;)BBB [GTHPKPVT;;RGNP;J[;QGV\JK;THPPL
GKN;GLLJ_;THPPL;j;\JLHT<;TQVP`T
THPPL;VIYPHT;[JV;SJH;QLJTIKO;U).
GKN;THMNT;U8.1,+;&,2:797./X
HJ; 6>; RR; NIGRPHPVX; U87,9+
,2:797./X U,GVH;(X;b;.DD.W 0PQSGKIQGL; ZVJZPVHIPT; J[
1*"ABA^(;b;)BBA [GTHPKPVT;RGNP;J[;QGV\JK;THPPL
.)((;b;)BA. *ZPQI[IQGHIJK;[JV;QJLN;[JVOPN
GKN;GLLJ_;THPPL;j;TPH;TQVP`T
TJLIN; THPPL; VIYPHT; [JV; SJH
GKN;TIRILGV;HSVPGNPN;[GTHPKPVT
QLJTIKO;U>;HJ;)> RR;NIGRPHPVX
KJH; MKNPV; HPKTILP; THVPTTPT
U87,9+&,2:797./X U+;7,2&,2:797./X

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 177
 34&5.4 67+12 34&5.4 67+12
U,GVH;>X;b;)BB8W 0PQSGKIQGL;ZVJZPVHIPT;GKN;HPTH `IHS;KJRIKGL;NIGRPHPVT;);RR
1*";ABA^.;b;)BB. RPHSJNT; [JV; KMHT; `IHS HJ;)D;RR
TZPQI[IPN;U+;7,2&,2:797./X 6>8D;b;)BA. *ZPQI[IQGHIJK;[JV;SPiGOJK;[IH
U,GVH;-X;b;)BAD 0PQSGKIQGL;ZVJZPVHIPT;GKN;HPTH \JLHT;U87,9+&,2:797./X
RPHSJNT; [JV; KMHT; `IHSJMH 6-(-;b;)BA( *ZPQI[IQGHIJK;[JV;SIOS;THVPKOHS
TZPQI[IPN; ZVJJ[; LJGNT THVMQHMVGL; \JLHT; U920./2
U920./2&&,2:797./X ,2:797./X
U,GVH;AX;b;.D)8W ,VPYGILIKO; HJVeMP; H_ZP; THPPL (6>B;b;)B-( 4PKPVGL;VPeMIVPRPKHT;[JV;ZLGIK
1*";.6.D;b;.DDA SPiGOJK;KMHT;j;0PQSGKIQGL `GTSPVT; GKN; LJQa; `GTSPVT
GKN; ZPV[JVRGKQP; ZVJZPVHIPT U87,9+&,2:797./X
U8.1,+;&,2:797./X
(6-D;b;)B>B *ZPQI[IQGHIJK; [JV; ZLGIK
U,GVH;BX *MV[GQP;NITQJKHIKMIHIPT `GTSPVT;`IHS;JMHTINP;NIGRPHPV
*PQ;);b;)BB6W 7JLHT<; TQVP`T; GKN; THMNT; [JV 6;q;IKTINP;NIGRPHPV
1*";>)(-^);b;)BAA OPKPVGL; GZZLIQGHIJK; U+;7,2 (6-.;b;)B-( /GZPV; `GTSPV; [JV; QSGKKPLT
,2:797./< U1*0+X;U87,9+&,2:797./X
*PQ;. b )BB6W 7JLHT<; TQVP`T; GKN; THMNT; [JV (6-8;b;)B-( /GZPV; `GTSPVT; [JV; 1^\PGRT
1*";>)(-^6 b )BAA TZPQIGL; GZZLIQGHIJKT; U+;7,2 U1*07X;U87,9+&,2:797./X
,2:797./X
(>.8;b;)BB6 *ZPQI[IQGHIJK; [JV; [JMKNGHIJK
U,GVH;)DX;b;.DD.W *MV[GQP;NITQJKHIKMIHIPT;j;2MHT \JLHT;U87,9+&,2:797./X
1*";>)(-^.;b;)BB( U+;7,2&,2:797./X
>>)D;b;)B-. *ZPQI[IQGHIJK; [JV; SPGY_
U,GVH;))X;b;.DD.W $LPQHVJZLGHPN;QJGHIKOT;U+;7,2 `GTSPVT;[JV;THPPL;THVMQHMVPT
1*";8D8.;b;)BBB ,2:797./X
>>.6;b;.DD8 *ZPQI[IQGHIJK;[JV;SIOS;THVPKOHS
U,GVH;).X;b;)BA) ,SJTZSGHP; QJGHIKOT; JK THVMQHMVGL; KMHT; U920./2
HSVPGNPN; [GTHPKPVT; U920./2 ,2:797./X
,2:797./X
>>6B;b;)B-. *ZPQI[IQGHIJK; [JV; SPiGOJK
U,GVH;)6X;b;)BA6 =JH; NIZ; OGLYGKIgPN; QJGHIKOT \JLHT;[JV;THPPL;THVMQHMVPT
JK;HSVPGNPN;[GTHPKPVT;U920./2
>8B;b;)BB- *ZPQI[IQGHIJK; [JV; SGVNPKPN
,2:797./X
GKN;HPRZPVPN;`GTSPVT;[JV;SIOS
U,GVH;)8X;b;)BA8 *HGIKLPTT; THPPL; HSVPGNPN THVPKOHS; THVMQHMVGL; \JLHT; GKN
[GTHPKPVT;U920./2&,2:797./X KMHT;U920./2&,2:797./X
U,GVH;)8X 0PQSGKIQGL; ZVJZPVHIPT; J[ U)(X 8DDD;b;)BB. +JNP; J[; ZVGQHIQP; [JV; SIOS
QJVVJTIJK^VPTITHGKH; THGIKLPTT^ THVPKOHS; \JLHT; IK; THPPL
THPPL;[GTHPKPVT THVMQHMVPT;U87,9+&,2:797./X
*PQ;);b;.DD.W 7JLHT<;TQVP`T;GKN;THMNT;U+;7,2 U)>X )D6D;b;)BBA +GV\JK; THPPL; QGTHIKOT; [JV
1*";6(D>^);b;)BB- ,2:797./X OPKPVGL;PKOIKPPVIKO;ZMVZJTPT
*PQ;.;b;.DD.W 2MHT;U+;7,2&,2:797./X U878+;&,2:797./X
1*";6(D>^.;b;)BB- U)-X .-DA;b;)BB6 )](; ZPVQPKH; RGKOGKPTP; THPPL
*PQ;6;b;.DD.W *PH; TQVP`T; GKN; TIRILGV QGTHIKOT;[JV;OPKPVGL;PKOIKPPVIKO
1*";6(D>^6;b;)BB- [GTHPKPVT; KJH; MKNPV; HPKTILP ZMVZJTP;U+;7,2&,2:797./X
THVPTT;U+;7,2&,2:797./X
U)AX A)8;b;.DD8 *ZPQI[IQGHIJK; [JV; QJYPVPN
U,GVH;)>X;b;.DD.W &PTIOKGHIJK; T_THPR; [JV PLPQHVJNPT; [JV; RGKMGL; RPHGL
1*";ABB);b;)BA> [GTHPKPVT;U+;7,2&,2:797./X GVQ; `PLNIKO; J[; QGV\JK; GKN
U,GVH;)-X;b;.DD(W 1KTZPQHIJK<; TGRZLIKO; GKN QGV\JK; RGKOGKPTP; THPPL
1*";6.>B;b;.DDD GQQPZHGKQP;ZVJQPNMVP;U8.1,+; U878+;&,2:797./X
,2:797./X U)BX )6B(;b;)BA. 3J`;GKN;RPNIMR;GLLJ_;THPPL
U,GVH;)AX;b;)BB> ,GQaGOIKO;U+;7,2&,2:797./X QJYPVPN;PLPQHVJNPT;[JV;RGKMGL
U,GVH;)BX;b;)BB-W :iIGL; LJGN; [GHIOMP; HPTHIKO; J[ RPHGL; GVQ; `PLNIKO
1*";6ADD;b;)BB6 \JLHT<;TQVP`T;GKN;THMNT U+;7,2&,2:797./X
U,GVH;.DX;b;)BB>W /JVTIJKGL; HPTH; GKN; RIKIRMR U.DX ).-A;b;)B-. *ZPQI[IQGHIJK; [JV; [ILLPV; VJNT
1*";ABA^-;b;)BB. HJVeMPT;[JV;\JLHT;GKN;TQVP`T GKN; `IVPT; [JV; OGT; `PLNIKO
U920./2&,2:797./X
17< "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
 34&5.4 67+12 34&5.4 67+12
U.)X )6A-;b;)BB6 4PKPVGL;VPeMIVPRPKHT;[JV;HSP U66X )D-8A;b;.DD8 =JH; VJLLPN; THPPL; THVIZ; [JV
TMZZL_; J[; RPHGLLMVOIQGL `PLNPN; HM\PT; GKN; ZIZPT
RGHPVIGLT;U920./2&,2:797./X j; *ZPQI[IQGHIJK; U920./2
,2:797./X
U..X )(B--;b;.D)6 *ZPQI[IQGHIJK;[JV;QLGTTI[IQGHIJK
GKN;GQQPZHGKQP;HPTHT;[JV;\GVP U68X AD);b;)B-( +JNP; J[; ZVGQHIQP; [JV; MTP; J[
TJLIN;`IVP;PLPQHVJNPT;GKN;`IVP QJLN^[JVRPN;LIOSH;OGMOP;THPPL
[LMi; QJR\IKGHIJK; [JV THVMQHMVGL;RPR\PVT;IK;OPKPVGL
TM\RPVOPN; GVP; `PLNIKO; J[ \MILNIKO; QJKTHVMQHIJK
THVMQHMVGL;THPPL U87,9+&,2:797./X
U6(X ADA;b;)BAB &IRPKTIJKT;[JV;SJH^VJLLPN;THPPL
U.6X >8)B;b;)BB> %PLNIKO; VJNT; GKN; \GVP
\PGR<; QJLMRK<; QSGKKPL; GKN
PLPQHVJNPT;[JV;OGT;TSIPLNPN;GVQ
GKOLP;TPQHIJKT;U+;7,2&,2:797./X
`PLNIKO; J[; THVMQHMVGL; THPPL
U87,9+&,2:797./X U6>X 86.>;b;.D)6 +JNP; J[; ZVGQHIQP; [JV
PGVHSeMGaP; VPTITHGKQP; NPTIOK
>(>D;b;)BB> 0JL_\NPKMR;GKN;QSVJRIMR^ GKN;QJKTHVMQHIJK;J[;\MILNIKOT
RJL_\NPKMR; LJ`; GLLJ_; THPPL U+;7,2&,2:797./X
`PLNIKO; VJNT; GKN; \GVP
U6-X 6-(-;b;)BA( *ZPQI[IQGHIJK;[JV;SIOS;THVPKOHS
PLPQHVJNPT;[JV;OGT;TSIPLNPN;GVQ
THVMQHMVGL; \JLHT; U920./2
`PLNIKO;U87,9+&,2:797./X
,2:797./X
U.8X ()6;b;.DDA +JLN;VPNMQPN;LJ`;QGV\JK;THPPL
U6AX )6>- /PQSKIQGL; TMZZL_; QJKNIHIJKT
TSPPHT;GKN;THVIZT;U878+;&,2:797./X
[JV;HSVPGNPN;THPPL;[GTHPKPVTb
U.(X )D-B;b;.DDB *ZPQI[IQGHIJK; [JV; SJH; VJLLPN U,GVH;)X;b;.D)8W 4PKPVGL; VPeMIVPRPKHT; [JV
QGV\JK;THPPL;TSPPHT;GKN;THVIZT 1*";ABB.;b;.DD( \JLHT<;TQVP`T;GKN;THMNT;U8.1,+;
U97>+;&,2:797./X ,2:797./X
U.>X )6>-;U,GVH;6X;b /PQSKIQGL; TMZZL_; QJKNIHIJKT U,GVH;.X;b;.DD.;W /JLPVGKQP; [JV; [GTHPKPVT; j
.DD.W1*";ABA^);b [JV; HSVPGNPN; THPPL; [GTHPKPVT; b 1*";8-(B^);b;.DDD 7JLHT<; TQVP`T<; THMNT; GKN
)BBB ,GVH;6;0PQSGKIQGL;ZVJZPVHIPT;J[ KMHT;j;,VJNMQH;OVGNPT;:<;7
[GTHPKPVT;RGNP;J[;QGV\JK;THPPL GKN;+;U+;7,2&,2:797./X
GKN;GLLJ_;THPPL;h;\JLHT<;TQVP`T U,GVH;6X;b;.DD.W 0PQSGKIQGL; ZVJZPVHIPT; J[
GKN;THMNT;U8.1,+;&,2:797./X 1*";ABA^);b;)BBB [GTHPKPVT;RGNP;J[;QGV\JK;THPPL
U.-X )A-(;b;)BB. *ZPQI[IQGHIJK;[JV;QGV\JK;THPPL GKN;GLLJ_;THPPL;h;\JLHT<;TQVP`T
\ILLPHT<;\LJJRT<;TLG\T;GKN;\GVT GKN;THMNT;U8.1,+;&,2:797./X
[JV;[JVOIKOT;U878+;&,2:797./X U,GVH;(X;b;.DD.W 0PQSGKIQGL; ZVJZPVHIPT; J[
U.AX )BBD;b;.DDB *HPPL; VIYPH; GKN; THG_; \GVT; [JV 1*";ABA^(;b;)BBA [GTHPKPVT;RGNP;J[;QGV\JK;THPPL
\JILPVT;U920./2&,2:797./X GKN;GLLJ_;THPPL;h;TPH;TQVP`T;GKN
TIRILGV;HSVPGNPN;[GTHPKPVT;KJH
U.BX .DD.;b;.DDB *HPPL;ZLGHPT;[JV;ZVPTTMVP;YPTTPLT
MKNPV; HPKTILP; THVPTTPT; U+;7,2
[JV; IKHPVRPNIGHP; GKN; SIOS
VPYITIJKX
HPRZPVGHMVP;TPVYIQP;IKQLMNIKO
\JILPVT;U+;7,2&,2:797./X U,GVH;>X;b;)BB8W 0PQSGKIQGL;ZVJZPVHIPT;GKN;HPTH
1*";ABA^.;b;)BB. RPHSJNT; [JV; KMHT; `IHS
U6DX 6D6B;b;)BAA *HVMQHMVGL; THPPL; [JV
TZPQI[IPN;U+;7,2&,2:797./X
QJKTHVMQHIJK;J[;SMLLT;J[;TSIZT
U920./2&,2:797./X U,GVH;-X;b;)BAD 0PQSGKIQGL;ZVJZPVHIPT;GKN;HPTH
RPHSJNT; [JV; KMHT; `IHSJMH
U6)X >.8D;b;.DDA =JH;VJLLPN;THPPL;ZLGHP;UMZ;HJ;> TZPQI[IPN; ZVJJ[; LJGNT; U+;7,2
RRX; TSPPH; GKN; THVIZ; [JV; HSP ,2:797./X
RGKM[GQHMVP; J[; LJ`; ZVPTTMVP
U,GVH;AX;b;.D)8W ,VPYGILIKO; HJVeMP; H_ZP; THPPL
LIeMP[IG\LP; OGT; Q_LIKNPVT
U8.1,+;&,2:797./X 1*";.6.Db.DDA SPiGOJK; KMHT; h; 0PQSGKIQGL
GKN; ZPV[JVRGKQP; ZVJZPVHIPT
U6.X B.B(;b;)BA6 *HPPL;HM\PT;[JV;INLPVT;[JV;\PLH U8.1,+;&,2:797./X
QJKYP_JVT;U87,9+&,2:797./X
U,GVH;BX *MV[GQP;NITQJKHIKMIHIPT

3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 178
 34&5.4 67+12 34&5.4 67+12
*PQ;);b;)BB6W 7JLHT<; TQVP`T; GKN; THMNT; [JV VPIK[JVQPRPKH;IK;#7;GKN;#++
OPKPVGL; GZZLIQGHIJK QJKTHVMQHIJK
U+;7,2&,2:797./X B)-.;b;)B-B #PQJRRPKNPN; NPTIOK
*PQ;.;b;)BB6W 7JLHT<; TQVP`T; GKN; THMNT; [JV ZVGQHIQP; [JV; QJVVJTIJK
1*";>)(-^6;b;)BAA TZPQIGL; GZZLIQGHIJKT ZVPYPKHIJK;J[;THPPL;THVMQHMVPT
U+;7,2&,2:797./X U8)X -.)(;b;)B-8 /JLPVGKQPT; [JV; [G\VIQGHIJK; J[
U,GVH;)DX;b;.DD.W *MV[GQP;NITQJKHIKMIHIPT;h;2MHT THPPL;THVMQHMVPT
1*";>)(-^.;b;)BB( U+;7,2&,2:797./X U8.X ).A86;b;)BAB /JLPVGKQPT; [JV; PVPQHIJK; J[
U,GVH;))X;b;.DD.W $LPQHVJZLGHPN;QJGHIKOT;U+;7,2 THPPL;THVMQHMVPT
1*";8D8.;b;)BBB ,2:797./X U86X B(B(;b;)BB> 0PHGL; GVQ; `PLNIKO; J[; QGV\JK
U,GVH;).X;b;)BA) ,SJTZSGHP; QJGHIKOT; JK GKN;QGV\JK;RGKOGKPTP;THPPLT^
HSVPGNPN; [GTHPKPVT; U920./2 #PQJRRPKNGHIJKT; U87,9+
,2:797./X ,2:797./X
U,GVH;)6X;b;)BA6 =JH; NIZ; OGLYGKIgPN; QJGHIKOT U88X B)B 1*";T_THPRT;J[;LIRIHT;GKN;[IHTb
JK;HSVPGNPN;[GTHPKPVT;U920./2 U,GVH;)X;b;.D)8W 7GTPT;J[;HJLPVGKQP<;NPYIGHIJKT
,2:797./X 1*";.A>^);b;.D)D GKN;[IHT;U+;7,2&,2:797./X
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