!

"#$%&
!"#$%&'

'(&)&"*+%$,"-#&.-#$(&%*/(-0&"&(+. !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 1
!"#$%&'()*
DISPOSICIONES GENERALES !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 2
!"#$%&'()**
DE LOS PRINCIPIOS Y VALORES EDUCATIVOS DEL COBAO !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 3
!"#$%&'()***
DE LOS DERECHOS Y OBLIGACIONES DE LAS Y LOS ESTUDIANTES !!!!!!!!!!!!!!!!!!!!!!!!!!! --45
!"#$%&'()*+
DE LA PRESENTACIÓN DE LAS Y LOS ESTUDIANTES !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 46
!"#$%&'()+
DE LAS INFRACCIONES FORMATIVAS !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 47
!"#$%&'()+*
DE LAS INFRACCIONES DISCIPLINARIAS !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 48
!"#$%&'()+**
DE LA APLICACIÓN DE LAS ACCIONES CORRECTIVAS !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 19
!"#$%&'()+***
DEL CONSEJO DISCIPLINARIO ESCOLAR !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 1:

%,"-.*%(,*(. !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 64
 #,/./-%"!*0-)1/')1*,/!%(,)2/-/,"'

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

1.%-2)*32-#-/$'2$-*-#$-*2-45'&-/$)*6.-*7)/$%-/-*5'#*8'#-#*9./('&-/$':
5-#*3'2'*6.-*$.*-#$'(;'*-/*/.-#$2'*</#$%$.7%=/*#-'>*'(-&?#*(-*35'7-/$-2'>*
#-4.2'*@*5'*7)/A%A-/7%'*7)/*6.%-/-#*7)&3'2$%2?/*7)/$%4)*'*5)*5'24)*(-*$2-#*
'B)#>*-#$C*4'2'/$%D'('*3)2*./*75%&'*(-*3'D>*$2'/6.%5%('(*@*8%-/-#$'2>*()/:
FGRWGFCUCNECP\CTVWUOGVCU[VGEQPXKGTVCUGPWPCƂTOGRTQOGUCRCTCGN
(-#'22)55)*(-*/.-#$2'*-/$%('(*@*3)2*#.3.-#$)*(-*ECF%7)!

"#$-*2-45'&-/$)*-#*./*%/#$2.&-/$)*9)2&'$%A)*3'2'*-(.7'2*-/*5'*7)/A%A-/:
7%'*#'/'*@*'2&=/%7'!**G)2*-55)*-/*-5*HIJKI>*7)/#%(-2'&)#*6.-*-5*(-#'22):
55)*L.&'/)*-#*-5*2-#.5$'()*(-*5'*'('3$'7%=/*6.-*5)42'*-5*#-2*L.&'/)*7)/*
#.*-/$)2/)!*M%/*-&8'24)>*3'2'*6.-*#-*(C>*-#*/-7-#'2%)*6.-*#-*-#$'85-D7'/*
2-5'7%)/-#*-/$2-*-5*-#$.(%'/$-*@*#.*7)/$-F$)>*5)*6.-*%&35%7'*-#$'85-7-2*/)2:
&'#*2-4.5'$)2%'#!

G)2*5)*'/$-2%)2>*7)/#%(-2)*6.-*./'*9)2&'*(-*7)/72-$'2*5'#*A%2$.(-#*6.-*5'*
-#7.-5'*32-$-/(-*32)&)A-2*-#*'*$2'AC#*(-*5'*/)2&'$%A%('(*-#7)5'2*3.-#*
5)#*32%/7%3%)#*A'5)2'$%A)#>*N#)/*32-#72%37%)/-#>*8'#'('#*-/*./*7)/O./$)*(-*
A'5)2-#*7)/#-/#.'()#*#)7%'5&-/$->*6.-*#%2A-/*3'2'*2-4.5'2*5'*7)/(.7$'*(-*
5'#*3-2#)/'#P!

Q/'*#'/'*7)/A%A-/7%'*-#7)5'2>*#=5)*-#*3)#%85-*#%*#-*-#$'85-7-/*7'/'5-#*(-*
7)&./%7'7%=/*@*&-7'/%#&)#*(-*3'2$%7%3'7%=/*(-*$)('*5'*7)&./%('(*-(.:
7'$%A'>*@'*6.-*-#*9./('&-/$'5*5'*3'2$%7%3'7%=/*(-*5)#*'7$)2-#*3.-#*'5*N#-/:
$%2#-*3'2$-P>*'#.&-/*7)&32)&%#)#!

!
R)*6.-*32-$-/(-&)#*-A%$'2*-#*6.-*-/*/.-#$2)#*35'/$-5-#*#-*4-/-2-/*7)/:
ƃKEVQUQEQPFWEVCUKPCFGEWCFCUSWGECWUGPXKQNGPEKCRCTCGNNQGUXKVCN
&'/$-/-2*-5*)2(-/!*S-8-&)#*$-/-2*32-#-/$-*6.-*5'*/)2&'$%A%('(*-#7)5'2*
@*5)#*A'5)2-#*-#$?/*%&35;7%$)#*-/*5'*9)2&'*-/*5'*6.-*/)#*7)/(.7%&)#*(-/$2)*
(-*5'*-#7.-5'!*

S%7L)*5)*'/$-2%)2>*5'*7)/A%A-/7%'*-#7)5'2*%&35%7'*./*'32-/(%D'O-*7)&35-:
O)*-/*()#*#-/$%()#0*3)2*./*5'()*#-*'32-/(-/*5'#*9)2&'#*(-*2-5'7%)/'2/)#*
7)/*5)#*(-&?#*@>*3)2*)$2)>*'32-/(-&)#*@*-/#-B'&)#*9)2&'#*(-*'32-7%'2*@*
7)&32-/(-2*-5*&./()*@*#.#*2-5'7%)/-#!

G)2*-55)*-#*%&3)2$'/$-*6.-*7)/)D7'#*-#$-*2-45'&-/$)>*@'*6.-*(-*-#$'*&':
/-2'*-#$'2-&)#*4'2'/$%D'/()*./'*#'/'*7)/A%A-/7%'*@*$-/(2-&)#*5'*#-4.2%:
('(*(-*6.-*#'82?#*7)/(.7%2$-*7)/*2-#3-$)!

!"#$%&'()"*'%+,"*"'%-'./0,1/%2,,13#43)
#;<=>?@<-0=A=<BC

"
 &.-#$(&%*/(-0&"&(+.-#&.-%/.&0$/-#&-D+%E$..&(&)-#&.-&)*+#/-#&-
/+F+%+G-&"-&.-&H&(%$%$/-#&-.+)-I+%J.*+#&)-KJ&-.&-%/"I$&(&-&.-
+(*!%J./-45-
I(+%%$,"-$$-$"%$)/-+L-#&-.+-.&M-KJ&-%(&+-&.-%/.&0$/-#&-D+%E$..&(&)-
#&.-&)*+#/-#&-/+F+%+G-M

%-/-"-)-$-#-&-(-+-"-#-/

"5*H)5-4%)*(-*J'7L%55-2-#*(-5*"#$'()*(-*I'F'7'>*-#*./*I24'/%#&)*GT85%7)*S-#:
7-/$2'5%D'()*"#$'$'5*7)/*3-2#)/'5%('(*O.2;(%7'*@*3'$2%&)/%)*32)3%)>*7.@)#*)8O-:
$%A)#*#)/0*%&3'2$%2>*%&3.5#'2*@*32)&)A-2*5'*"(.7'7%=/*E-(%'*M.3-2%)2*(-*J'7L%:
55-2'$)*U-/-2'5>*'3-4?/()#-*'*5)*(%#3.-#$)*3)2*-5*'2$;7.5)*V*(-*5'*H)/#$%$.7%=/*
G)5;$%7'*(-*5)#*"#$'()#*Q/%()#*E-F%7'/)#>*5'*R-@*U-/-2'5*(-*"(.7'7%=/*@*(-&?#*
QTFGPCOKGPVQUXKIGPVGUSWGTGIWNCPNCOCVGTKC[GURGEÉƂECOGPVGNQUCTVÉEWNQU
W>*X>*Y>*VW>*VX*@*ZW*(-*5'*R-@*U-/-2'5*(-*"(.7'7%=/[*5)#*'2$;7.5)#*\>*X>*V]>*X\*@*YZ*
(-*5'*R-@*(-*"(.7'7%=/*G'2'*-5*"#$'()*R%82-*@*M)8-2'/)*(-*I'F'7'[*\X>*\Y*@*\]*
(-*5'*R-@*U-/-2'5*(-*5)#*S-2-7L)#*(-*^%B'#>*^%B)#*@*K()5-#7-/$-#>*V\>*ZX>*ZY>*
Z]*@*\_*(-*5'*R-@*(-*5)#*S-2-7L)#*(-*^%B'#>*^%B)#*@*K()5-#7-/$-#*(-5*"#$'()*(-*
I'F'7'[*@*(-&?#*)2(-/'&%-/$)#*A%4-/$-#*6.-*32)$-4-/*5)#*(-2-7L)#*L.&'/)#!

S-*7)/9)2&%('(*7)/*-5*'2$;7.5)*V*(-*5'*H)/#$%$.7%=/*G)5;$%7'*(-*5)#*"#$'()#*Q/%:
()#*E-F%7'/)#*@*-5*'2$;7.5)*X*92'77%=/*`<*(-*5'*R-@*U-/-2'5*(-*"(.7'7%=/>*5'*-(.:
7'7%=/*)85%4'$)2%'*$-/(-2?*'*(-#'22)55'2*'2&=/%7'&-/$->*$)('#*5'#*9'7.5$'(-#*(-5*
#-2*L.&'/)*@*9)&-/$'2?*-/*C5>*-5*2-#3-$)*'*5)#*(-2-7L)#*L.&'/)#!*G)2*5)*6.-*
32)&)A-2?*-5*A'5)2*(-*5'*O.#$%7%'>*(-*5'*)8#-2A'/7%'*(-*5'*R-@*@*(-*5'*%4.'5('(*(-*
NQUKPFKXKFWQUCPVGÅUVCCƂPFGRTQRKEKCTNCEWNVWTCFGNCNGICNKFCFFGNCRC\[NC
/)*A%)5-/7%'*-/*7.'56.%-2*$%3)*(-*#.#*&'/%9-#$'7%)/-#>*'#;*7)&)*-5*7)/)7%&%-/$)*
(-*5)#*(-2-7L)#*L.&'/)#*@*-5*2-#3-$)*(-*5)#*&%#&)#!*

"/*-5*7)/$-F$)*(-*5'*a-9)2&'*(-*5'*"(.7'7%=/*E-(%'*M.3-2%)2*@*(-5*E)(-5)*
"(.7'$%A)*3'2'*5'*"(.7'7%=/*I85%4'$)2%'>*5'*M-72-$'2;'*(-*"(.7'7%=/*GT85%7'>*%/#:
72%8-*5'*"(.7'7%=/*E-(%'*M.3-2%)2*(-*J'7L%55-2'$)*U-/-2'5*-/*-5*&'27)*(-*5'*
'FWECEKÏP+PVGTEWNVWTCNEQPGNƂPFGQHTGEGTWPUGTXKEKQGFWECVKXQSWGEQPVTKDW:
[CFGOCPGTCGƂEC\CNCEQPUVTWEEKÏPFGRT½EVKECUEKWFCFCPCUGPTCK\CFCUGPNQU
A'5)2-#*7;A%7)#*(-5*2-#3-$)>*5'*$)5-2'/7%'>*5'*'3-2$.2'>*-5*(%?5)4)*@*5'*3'2$%7%3'7%=/*
'7$%A'*@*7)/#$2.7$%A'*-/*#.*7)&./%('(*@*^'7%=/>*7)/*8'#-*-/*-5*7)/)7%&%-/$)>*
2-#3-$)*@*A'5)2'7%=/*(-*5'#*(%A-2#'#*&'/%9-#$'7%)/-#*7.5$.2'5-#*6.-*7)/A%A-/*-/*

#
/.-#$2'*#)7%-('(>*'#;*7)&)*5)#*(-2-7L)#*9./('&-/$'5-#*6.-*$%-/-/*$)('#*5'#*3-2:
#)/'#*7)/*%/(-3-/(-/7%'*(-*#.*'(#72%37%=/*C$/%7'>*4C/-2)>*32-9-2-/7%'*#-F.'5*)*
7.'56.%-2*)$2'*(%9-2-/7%'!*

K7$.'5&-/$->*-5*G5'/*(-*"#$.(%)#*(-*8'7L%55-2'$)*4-/-2'5*%&3.5#'*-5*(-#'22)55)*
(-*7)&3-$-/7%'#*%/$-27.5$.2'5-#*7)/*8'#-*-/*-5*7)/)7%&%-/$)*@*2-#3-$)*(-*5)#*
(-2-7L)#*L.&'/)#*@*(-*5'#*(%A-2#'#*&'/%9-#$'7%)/-#*7.5$.2'5-#*6.-*7)/A%A-/*-/*
/.-#$2'*#)7%-('([*#%/*-&8'24)>*-5*(-#'22)55)*(-*5'#*7)&3-$-/7%'#*%/$-27.5$.2'5-#*
/)*#-*(-8-*7%27./#72%8%2*T/%7'&-/$-*(-/$2)*(-5*32)7-#)*(-*'32-/(%D'O->*@'*6.-*#.*
(-#'22)55)*$'&8%C/*(-8-*32'7$%7'2#-*(-/$2)*(-5*-/$)2/)*-#7)5'2>*32)3%7%'/()*7)/:
(.7$'#*6.-*9)2$'5-D7'/*-5*'32-7%)*@*2-#3-$)*3)2*5'*(%A-2#%('(*7.5$.2'5*@*5'*(%4/%('(*
(-*5'*3-2#)/'#*3'2'*32)3%7%'2*./'*7)/A%A-/7%'*-#7)5'2*'2&=/%7'!

H)/*8'#-*-/*-5*&'27)*(-*5'*-(.7'7%=/*%/$-27.5$.2'5*-/*-5*/%A-5*&-(%)*#.3-2%)2*
[EQPGNƂTOGRTQRÏUKVQSWGGNRTQEGUQGFWECVKXQGPNQURNCPVGNGUFGN%1$#1
7)/$2%8.@'*'*9)2&'2*-#$.(%'/$-#*2-#3-$.)#)#*@*C$%7)#*6.-*#-*(-#'22)55-/*-/*./*
'&8%-/$-*32)3%7%)*3'2'*6.-*-5*)2(-/*@*5'*(%#7%35%/'*-#7)5'2*7)'(@.A-/*'*./'*7)/:
A%A-/7%'*'2&=/%7'>*#%/*A.5/-2'2*#.#*(-2-7L)#*L.&'/)#>*#.*%(-/$%('(*@*#.*'.$)(-:
$-2&%/'7%=/[*#-*-5'8)2=*-5*Na-45'&-/$)*(-*H)/A%A-/7%'*"#7)5'2*3'2'*5'*E)(':
5%('(*"#7)5'2%D'('P*'*$2'AC#*(-5*7.'5*#-*(-75'2'/*5)#*32%/7%3%)#*(-5*HIJKI[*#-*
32-7%#'/*5)#*(-2-7L)#*@*)85%4'7%)/-#*(-*5'#*@*5)#*-#$.(%'/$-#*-/*-5*&'27)*(-*5'*
%/$-27.5$.2'5%('([*#-*2-4.5'/*5'#*%/92'77%)/-#*9)2&'$%A'#[*#-*'7$.'5%D'*5'*(-#72%37%=/*
(-*5'#*%/92'77%)/-#*(%#7%35%/'2%'#>*#-*-#$'85-7-/*5)#*32)7-(%&%-/$)#*3'2'*(%7$'&%:
/'2*5'*2-#3)/#'8%5%('(*(-*5'*)*-5*-#$.(%'/$-*%/92'7$)2*-/*32)3)27%=/*'*#.*42'A-('([*
'#;*7)&)*3'2'*'35%7'2*5'*'77%=/*7)22-7$%A'*7)22-#3)/(%-/$-[*@*#-*32-AC*-5*'7)&:
3'B'&%-/$)*(-*5'#*&'(2-#>*3'(2-#*@b)*$.$)2-#>*'#;*7)&)*-5*'3)@)*(-5*#-2A%7%)*(-*
)2%-/$'7%=/*-(.7'$%A'>*3'2'*7)'(@.A'2*-/*5'*(%#7%35%/'*(-*5'#*@*5)#*-#$.(%'/$-#!

R'*9)2&.5'7%=/*(-*-#$-*/.-A)*2-45'&-/$)>*'(-&?#*(-*5'#*7)/#%(-2'7%)/-#*'/:
$-2%)2-#>*3-2&%$-*(%#$%/4.%2*5)#*(-2-7L)#>*(-8-2-#*@*)85%4'7%)/-#*-/*&'$-2%'*(-*
(%#7%35%/'*-#7)5'2>*(-*'6.-55)#*6.-*3)2*#.*/'$.2'5-D'*#)/*(-*;/()5-*'7'(C&%7'*
)*'(&%/%#$2'$%A'*-#7)5'2*@*#-*-/7.-/$2'/*32-A%#$)#*-/*-5*a-45'&-/$)*(-*H)/$2)5*
"#7)5'2*(-*5'*E)('5%('(*"#7)5'2%D'('!

G)2*5)*'/$-2%)2>*#-2?*/-7-#'2%'*5'*'82)4'7%=/*(-5*a-45'&-/$)*S%#7%35%/'2%)*(-*5'#*
7PKFCFGU'FWECVKXCUSWGHWGRWDNKECFQGPGN2GTKÏFKEQ1ƂEKCNFGN)QDKGTPQFGN
"#$'()*(-*9-7L'*cY*(-*/)A%-&82-*(-*W_c_!

$
 "/*2'D=/*(-*5)*-F3.-#$)>*-5*S%2-7$)2*U-/-2'5*(-5*H)5-4%)*(-*J'7L%55-2-#*(-5*"#$'()*
(-*I'F'7'>*L'*$-/%()*'*8%-/*-&%$%2*-5*#%4.%-/$-*%/#$2.&-/$)*/)2&'$%A)*(-/)&%/'()0

(&0.+N&"*/-#&-%/"O$O&"%$+-&)%/.+(-
'+(+-
.+-N/#+.$#+#-&)%/.+($P+#+
!"#$%&'()*
#$)'/)$%$/"&)-0&"&(+.&)

+(*!%J./-4QR*"5*32-#-/$-*a-45'&-/$)*(-*H)/A%A-/7%'*"#7)5'2*3'2'*5'*E)('5%('(*
"#7)5'2%D'('>*$%-/-*7)&)*)8O-$)*2-4.5'2*-5*)2(-/>*5'*(%#7%35%/'*-#7)5'2*@*-5*9./7%)/':
OKGPVQGƂEKGPVGFGNQURNCPVGNGUFGN%QNGIKQFG$CEJKNNGTGUFGN'UVCFQFG1CZCEC
3'2'*32)3%7%'2*./'*7)/A%A-/7%'*-#7)5'2*'2&=/%7'*@*#'5A'4.'2('2*5)#*(-2-7L)#*L.&':
/)#*(-*5'#*@*5)#*-#$.(%'/$-#!*

+(*!%J./-1QR*"5*32-#-/$-*)2(-/'&%-/$)*-#*(-*'35%7'7%=/*-F75.#%A'*(-*5'*E)('5%:
('(*"(.7'$%A'*"#7)5'2%D'('*(-5*HIJKI!

+(*!%J./-6QR*R'#*(%#3)#%7%)/-#*7)/$-/%('#*-/*-5*a-45'&-/$)*(-*H)/A%A-/7%'*"#:
7)5'2*3'2'*5'*E)('5%('(*"#7)5'2%D'('>*#)/*(-*)8#-2A'/7%'*4-/-2'5*@*)85%4'$)2%'*3'2'*
5'#*@*5)#*-#$.(%'/$-#>*'#;*7)&)*3'2'*-5*3-2#)/'5*(%2-7$%A)>*()7-/$-*@*'(&%/%#$2'$%A)*(-*
5)#*35'/$-5-#*(-5*H)5-4%)*(-*J'7L%55-2-#*(-5*"#$'()*(-*I'F'7'!

+(*!%J./-7QR*G'2'*-9-7$)#*(-5*32-#-/$-*2-45'&-/$)>*#-*-/$-/(-2?*3)20*

$Q!"#$%&!%'()*)&+#%+),%&-*'*$)('#*5'#*S%2-77%)/-#>*M.8(%2-77%)/-#>*H))2(%/'7%)/-#*@*
S-3'2$'&-/$)#*(-5*H)5-4%)*(-*J'7L%55-2-#*(-5*"#$'()*(-*I'F'7'[

$$Q!./01/-*'5*H)5-4%)*(-*J'7L%55-2-#*(-5*"#$'()*(-*I'F'7'[

$$$Q!.2*&$32!4)&5)67)*%#)2!8&527%#-*'5*d24'/)*H)5-4%'()*6.-*#-2?*-5*2-#3)/#'85-*(-*
%/A-#$%4'2*5'#*%/92'77%)/-#*&.@*42'A-#*-/*5'#*6.-*%/7.22'/*5'#*)*5)#*-#$.(%'/$-#>*7)/*
9'7.5$'(-#*3'2'*32)3)/-2*'77%)/-#*7)22-7$%A'#[*

$OQ!.22#')*%5)9*!:;#<')5%-*'*5'*H))2(%/'7%=/*e.2;(%7'*(-5*HIJKI[

%
OQ!4)#$5+2#!'$7!=7%*+$7-*'*5'*S%2-7$)2'*)*S%2-7$)2*(-*7'('*./)*(-*5)#*35'/$-5-#*6.-*
%/$-42'/*-5*HIJKI[

O$Q!4)#$55)9*!15%'>()5%-*'*5'*S%2-77%=/*K7'(C&%7'*(-5*HIJKI[

O$$Q!4)#$5+2#!?$*$#%7-*'*5'*S%2-7$)2'*)*S%2-7$)2*U-/-2'5*(-5*HIJKI[

O$$$Q!4)&5)67)*%!$&527%#-*'5*-#$'85-7%&%-/$)*(-*./*7)/O./$)*(-*L?8%$)#*(-*-#$.(%)*@*
&C$)()#*(-*$2'8'O)*-*%/#$2.77%)/-#*(-*7'2?7$-2*)24'/%D'$%A)*+L)2'2%)#>*-/$2'('#*@*
#'5%('#,*@*'*)2(-/'&%-/$)#*4-/-2'5-#*7.@)*32)3=#%$)*-#*4'2'/$%D'2*7)/(%7%)/-#*8?:
#%7'#*3'2'*-5*5)42)*(-*5)#*'32-/(%D'O-#*-#3-2'()#*@*3'2'*-5*5)42)*(-*5'*7)/A%A-/7%'*
-#7)5'2*-/*-5*G5'/$-5[

$FQ!8&+;')%*+$-*'*5'*3-2#)/'*6.-*7)/75.@=*#.*-(.7'7%=/*(-*#-7./('2%'*@*7.&35%=*
7)/*5)#*2-6.%#%$)#*(-5*32)7-#)*(-*/.-A)*%/42-#)>*%/#72%37%=/*@b)*2-%/#72%37%=/>*-#$':
85-7%()#*3)2*-5*HIJKI[
FQ!/#)$*+%'2#!8';5%+),2-*'*5'*)*-5*32)9-#%)/'5*32-3'2'()*3'2'*A'5)2'2*@*)2%-/$'2*-5*
9)2$'5-7%&%-/$)*(-*5'#*L'8%5%('(-#*#)7%)-&)7%)/'5-#>*'#3%2'7%)/-#>*32-9-2-/7%'#*@*
/-7-#%('(-#*(-*5)#*-#$.(%'/$-#>*4.%?/()5)#*'*5'*$)&'*(-*(-7%#%)/-#*6.-*%/7%('/*-/*
#.*32)@-7$)*(-*A%('[
F$Q!=$#&2*%7!')#$5+),2-*'*5'*S%2-7$)2'*)*S%2-7$)2*(-5*G5'/$-5>*)*'*5'*M.8(%2-7$)2'*)*
M.8(%2-7$)2*(-*7'('*./)*(-*5)#*35'/$-5-#*6.-*%/$-42'/*-5*HIJKI[
F$$Q!=$#&2*%7!'25$*+$-*'*5'#*@*5)#*()7-/$-#>*$C7/%7)#*()7-/$-#*)*6.%-/-#*9./O'/*
7)&)*)2%-/$'()2-#*-(.7'$%A)#*-/*5)#*35'/$-5-#[
F$$$Q!=$#&2*%7!%'()*)&+#%+),2-*'*5'#*@*5)#*$2'8'O'()2-#*(-5*HIJKI*6.-*2-'5%7-/*)*
'3)@-/*5'*5'8)2*'(&%/%#$2'$%A'*-/*5)#*35'/$-5-#[
F$OQ!=#25$&2!$';5%+),2-*'*5'#*-$'3'#*#%#$-&'$%D'('#*@*'7$%A%('(-#*6.-*%/$-42'/*5'*
-/#-B'/D'*@*-5*'32-/(%D'O-*(-*5'*)*-5*-#$.(%'/$-*-/*-5*HIJKI>*(-/$2)*@*9.-2'*(-5*
'.5'>*)*(-5*G5'/$-5>*5'#*7.'5-#*#-*(-#'22)55'/*(-*'7.-2()*7)/*-5*7'5-/('2%)*-#7)5'2[
FOQ!@8=-*'*5'*M-72-$'2;'*(-*"(.7'7%=/*GT85%7'[*
FO$Q!A;+2#%!2!+;+2#!'$!B#;62-*'*5'#*@*5)#*()7-/$-#*6.-*$%-/-/*8'O)*#.*2-#3)/#'8%5%:
('(*-5*'7)&3'B'&%-/$)*(-*./*42.3)*(-*-#$.(%'/$-#*(.2'/$-*#.*32)7-#)*9)2&'$%A)*
3'2'*&-O)2'2*-5*2-/(%&%-/$)*'7'(C&%7)>*#)5.7%)/'2*32)85-&'#*-#7)5'2-#>*(-#'22):
55'2*-#$2'$-4%'#*(-*-#$.(%)*@*32)&)A-2*#.*9)2&'7%=/*%/$-42'5>*@

&
 FO$$Q!A;+2#%!2!+;+2#!'$!7%!2!$7!$&+;')%*+$-*'*5'*3-2#)/'*9'7.5$'('*3)2*5'*R-@*)*-/*
#.*7'#)>*'*5'*3-2#)/'*(-#%4/'('*3)2*5'*&'(2-*)*-5*3'(2->*3'2'*6.-*-/*#.*'.#-/7%'>*
-9-7$.C*$2?&%$-#*2-5'$%A)#*'*5'*$2'@-7$)2%'*-#7)5'2*(-*5'*)*-5*-#$.(%'/$-*)*6.%-/-#*
$-/4'/*'*5)#*&-/)2-#*8'O)*#.*4.'2('*@*7.#$)(%'!

+(*!%J./-9QR*H'('*%/%7%)*(-*3-2%)()*-#7)5'2>*-5*3-2#)/'5*(%2-7$%A)*(-8-2?*7))2:
(%/'2*5'*(%9.#%=/*(-5*a-45'&-/$)*(-*H)/A%A-/7%'*"#7)5'2*3'2'*5'*E)('5%('(*"#:
EQNCTK\CFCXKIGPVGCƂPFGFCTNQCEQPQEGTCNCU[NQUGUVWFKCPVGUCUÉEQOQCUWU
&'(2-#>*3'(2-#*)*$.$)2-#!

+(*!%J./-2QR*H'('*G5'/$-5*)3-2'2?*-5*#-2A%7%)*-(.7'$%A)*-/*-5*$.2/)*&'$.$%/)>*
A-#3-2$%/)*)*&%F$)*'.$)2%D'()*3)2*5'*M"G!*

!"#$%&'()**
#&-./)-'($"%$'$/)-M-O+./(&)-&#J%+*$O/)-#&.-%/D+/
(
+(*!%J./-8QR*M)/*32%/7%3%)#*(-5*HIJKI0

$Q*G2)3)27%)/'2*./*#-2A%7%)*3T85%7)*(-*"(.7'7%=/*E-(%'*M.3-2%)2>*(-*7'5%('([

$$Q*G2)A--2*./'*9)2&'7%=/*%/$-42'5*-/*5'#*@*5)#*-#$.(%'/$-#>*7)/*7)/)7%&%-/$)#>*L':
8%5%('(-#>*'7$%$.(-#*@*A'5)2-#*6.-*7)'(@.A-/*'*#.*7)/#)5%('7%=/*7)&)*%/(%A%(.)#*
-/*-5*'#3-7$)*3#%7)5=4%7)>*%/$-5-7$.'5>*32)(.7$%A)*@*#)7%'5[*6.-*5-#*3-2&%$'*./*&-O)2*
(-#'22)55)*#)7%'5*@*32)9-#%)/'5[

$$$Q*"5*2-#3-$)*'*5'*(%4/%('(*L.&'/'*@*'*5)#*(-2-7L)#*L.&'/)#*7)/*%/(-3-/(-/:
7%'*(-5*)2%4-/*C$/%7)*)*/'7%)/'5>*7)5)2*(-*3%-5>*7.5$.2'>*#-F)>*4C/-2)>*-('(>*(%#7':
3'7%('(-#>*7)/(%7%=/*#)7%'5>*-7)/=&%7'>*(-*#'5.(*)*O.2;(%7'>*2-5%4%=/>*'3'2%-/7%'*
9;#%7'>*7'2'7$-2;#$%7'#*4-/C$%7'#>*#%$.'7%=/*&%42'$)2%'>*-&8'2'D)>*5-/4.'>*)3%/%)/-#>*
RTGHGTGPEKCUUGZWCNGUKFGPVKFCFQƂNKCEKÏPRQNÉVKECGUVCFQEKXKNUKVWCEKÏPHCOKNKCT
2-#3)/#'8%5%('(-#*9'&%5%'2-#>*)*7.'56.%-2*)$2'*7)/(%7%=/*'$2%8.%85-*'*-55)#*&%#&)#*
)*'*#.*&'(2->*3'(2->*$.$)2>*)*'*)$2)#*&%-&82)#*(-*#.*9'&%5%'[

$OQ*f)&-/$'2*./'*7)/A%A-/7%'*-#7)5'2*'2&=/%7'>*8'#'('*-/*-5*2-#3-$)>*5'*$)5-2'/7%'*
@*-5*(%?5)4)>*@

'
OQ*R'*)8#-2A'/7%'*(-*5'*R-@>*(-*5)#*A'5)2-#*@*(-*5'*O.#$%7%'!
+(*!%J./-3QR*G'2'*5'*7)/#-7.7%=/*(-*5)#*32%/7%3%)#*(-5*HIJKI>*5'*)*-5*S%2-7$)2*
(-5*G5'/$-5*55-A'2?*'*7'8)*5'#*#%4.%-/$-#0

$Q*f)&-/$'2*5'*7)/A%A-/7%'*'2&=/%7'*@*2-#3-$.)#'*-/$2-*5'#*@*5)#*-#$.(%'/$-#*@*-5*
3-2#)/'5* (%2-7$%A)>* ()7-/$-* @* '(&%/%#$2'$%A)>* 3'2'* 6.-* #-* (-#'22)55-* (-* &'/-2'*
'(-7.'('>*5%82-*(-*A%)5-/7%'*@*'7)2(-*7)/*5'*(%#7%35%/'*-#7)5'2*@*5'*'(&%/%#$2'7%=/*
-#7)5'2[

$$Q*G2)3%7%'2*5'*4-/-2'7%=/*(-*'&8%-/$-#*(-*'32-/(%D'O-*6.-*9'A)2-D7'/*5'*9)2&':
7%=/*@*-5*(-#'22)55)*%/$-42'5*(-*5'#*@*5)#*-#$.(%'/$-#[

$$$Q*<&3.5#'2*'77%)/-#*6.-*9)2$'5-D7'/*-/*5'#*@*5)#*-#$.(%'/$-#>*#-/$%&%-/$)#*(-*%(-/:
$%('(*@*3-2$-/-/7%'*'5*HIJKI>*'*#.*H)&./%('(*@*'*#.*^'7%=/>*'#;*7)&)*#.*3'2$%7%:
3'7%=/*-/*'7$%A%('(-#*7;A%7'#[

$OQ*G2)&)A-2*@*&'/$-/-2*./'*7)&./%7'7%=/*'(-7.'('*@*)3)2$./'*7)/*5'*&'(2->*
3'(2-*)*$.$)2*(-*5'#*@*5)#*-#$.(%'/$-#>*7.'/()*#-*2-6.%-2-*#.*%/$-2A-/7%=/[

OQ5WRGTXKUCTGNFGUGORGÍQGƂEC\[GƂEKGPVGFGNRGTUQPCNFKTGEVKXQFQEGPVG[CF:
&%/%#$2'$%A)[

O$Q*H)'(@.A'2*-/*5'*%&35-&-/$'7%=/*@*#-4.%&%-/$)*(-*32)42'&'#*@*'77%)/-#*6.-*
-#$'85-D7'*-5*HIJKI>*3'2'*32)&)A-2*./'*-(.7'7%=/*%/$-27.5$.2'5>*7)/*3-2#3-7$%A'*
(-*4C/-2)*@*7)/*-/9)6.-*-/*(-2-7L)#*L.&'/)#[

O$$Q*H)'(@.A'2*-/*5'*%&35-&-/$'7%=/*@*#-4.%&%-/$)*(-*32)42'&'#*@*'77%)/-#*6.-*
-#$'85-D7'*-5*HIJKI>*3'2'*5'*32-A-/7%=/*(-*7)/(.7$'#*)*'7$)#*6.-*3)/4'/*-/*
3-5%42)>*A.5/-2-/*)*A%)5-/$-/*5)#*(-2-7L)#*@b)*5'*%/$-42%('(*9;#%7'*@*-&)7%)/'5*(-*
5'#*@*5)#*-#$.(%'/$-#[

O$$$Q*K35%7'2*5'#*&-(%('#*3-2$%/-/$-#*3'2'*#'5A'4.'2('2*5)#*(-2-7L)#*L.&'/)#>*5'*
%/$-42%('(*9;#%7'>*-&)7%)/'5*(-*5'#*@*5)#*-#$.(%'/$-#[

$FQ2TQRQPGTNCOGFKCEKÏPEQOQWPCOGFKFCCNVGTPCFGUQNWEKÏPFGEQPƃKEVQU

FQ*G2)&)A-2*-/$2-*-5*3-2#)/'5*(%2-7$%A)>*()7-/$-*@*'(&%/%#$2'$%A)>*-5*7)/)7%&%-/$)*
@*'35%7'7%=/*(-*5'#*(%#3)#%7%)/-#*/)2&'$%A'#*@*5-4'5-#*6.-*7)/9)2&'/*-5*&'27)*/)2:

(
 &'$%A)*(-5*HIJKI>*@
F$Q*R'#*(-&?#*6.-*-#$'85-D7'/*5'#*(%#3)#%7%)/-#*/)2&'$%A'#*'35%7'85-#*)*5'#*6.-*5-*
EQPƂGTCGN&KTGEVQT)GPGTCNQNCU½TGCUCFOKPKUVTCVKXCUGPGN½ODKVQFGUWEQORG:
$-/7%'!

+(*!%J./-:QR*R)#*A'5)2-#*%/#$%$.7%)/'5-#*(-5*HIJKI*#)/0

$Q*a-#3-$)[
$$Q*"6.%('([
$$$Q*e.#$%7%'[
$OQ*g)5-2'/7%'[*
OQ*<(-/$%('(*7.5$.2'5[*
O$Q*h)/-#$%('([
O$$Q*M.#$-/$'8%5%('([
O$$$Q*a-#3)/#'8%5%('([*
$FQ*M)5%('2%('(>*@
FQ*G-2#-A-2'/7%'!

!"#$%&'()***
#&-./)-#&(&%E/)-M-/D.$0+%$/"&)-#&-.+)-M-./)-&)*J#$+"*&)

+(*!%J./-45QR*K(-&?#*(-*5)#*(-2-7L)#*7)/#'42'()#*-/*5'*H)/#$%$.7%=/*G)5;$%7'*
(-*5)#*"#$'()#*Q/%()#*E-F%7'/)#>*5)#*g2'$'()#*</$-2/'7%)/'5-#>*5'*H)/#$%$.7%=/*G):
5;$%7'*(-5*"#$'()*R%82-*@*M)8-2'/)*(-*I'F'7'>*5'*R-@*U-/-2'5*(-*"(.7'7%=/>*5'*R-@*
(-*"(.7'7%=/*3'2'*-5*"#$'()*R%82-*@*M)8-2'/)*(-*I'F'7'>*5'*R-@*U-/-2'5*(-*5)#*
S-2-7L)#*(-*^%B'#>*^%B)#*@*K()5-#7-/$-#>*5'*R-@*(-*5)#*S-2-7L)#*(-*^%B'#>*^%B)#*@*
K()5-#7-/$-#*(-5*"#$'()*(-*I'F'7'*-/$2-*)$2)#*)2(-/'&%-/$)#*'35%7'85-#>*5'#*@*5)#*
-#$.(%'/$-#*$-/(2?/*(-2-7L)*'0

$Q*M-2*2-#3-$'()#*-/*#.*(%4/%('(*L.&'/'*@*-/*#.#*(-2-7L)#*L.&'/)#[*
$$Q*a-7%8%2*./*$2'$)*'&'85-*@*2-#3-$.)#)*(-5*3-2#)/'5*(%2-7$%A)>*()7-/$-*@*'(&%/%#:
$2'$%A)* (-5* G5'/$-5* ()/(-* -#$.A%-2'/* %/#72%$)#>* '#;* 7)&)* (-5* 3-2#)/'5* (-* 5'#* ?2-'#*
'(&%/%#$2'$%A'#*(-5*HIJKI[
$$$Q*H)/#$2.%2*./'*%&'4-/*32)3%'*-*%/(%A%(.'5[*

)*
$OQ*H)/#-2A'2*A'5)2-#>*$2'(%7%)/-#*@*32?7$%7'#*(-*5'*7.5$.2'*9'&%5%'2*@*7)&./%$'2%'[
OQ*^)*#-2*#.O-$)#*(-*(%#$%/7%=/>*-F75.#%=/>*2-#$2%77%=/*)*32-9-2-/7%'*6.->*3)2*'77%=/*.*
)&%#%=/>*7)/*%/$-/7%=/*)*#%/*-55'>*/)*#-'*)8O-$%A'>*2'7%)/'5*/%*32)3)27%)/'5*@*$-/4'*3)2*
)8O-$)*)*2-#.5$'()*)8#$'7.5%D'2>*2-#$2%/4%2>*%&3-(%2>*&-/)#7'8'2*)*'/.5'2*-5*2-7)/)7%:
&%-/$)>*4)7-*)*-O-27%7%)*(-*5)#*(-2-7L)#*L.&'/)#*@*5%8-2$'(-#>*7.'/()*#-*8'#-*-/*
./)*)*&?#*(-*5)#*#%4.%-/$-#*&)$%A)#0*)2%4-/*C$/%7)*)*/'7%)/'5>*7)5)2*(-*3%-5>*7.5$.2'>*
#-F)>*4C/-2)>*-('(>*(%#7'3'7%('(-#>*7)/(%7%=/*#)7%'5>*-7)/=&%7'>*(-*#'5.(*)*O.2;(%:
7'>*2-5%4%=/>*'3'2%-/7%'*9;#%7'>*7'2'7$-2;#$%7'#*4-/C$%7'#>*#%$.'7%=/*&%42'$)2%'>*-&8'2':
\QNGPIWCQRKPKQPGURTGHGTGPEKCUUGZWCNGUKFGPVKFCFQƂNKCEKÏPRQNÉVKECGUVCFQEK:
A%5>*#%$.'7%=/*9'&%5%'2>*2-#3)/#'8%5%('(-#*fa&%5%'2-#>*'/$-7-(-/$-#*3-/'5-#*)*7.'56.%-2*
)$2'*7)/(%7%=/*'$2%8.%85-*'*-55)#*&%#&)#>*&'(2->*3'(2->*$.$)2*.*'*)$2)#*&%-&82)#*(-*
#.*9'&%5%'[

O$Q*a-7%8%2*5'*'$-/7%=/*-(.7'$%A'*6.-*2-6.%-2'/*3'2'*#.*35-/)*(-#'22)55)>*7)/*./*-/9):
6.-*%/$-27.5$.2'5*@*7)/*3-2#3-7$%A'*(-*4C/-2)[

O$$Q*S-#'22)55'2*#.*32)7-#)*-(.7'$%A)*-/*./*'&8%-/$-*@*7)/(%7%)/-#*'(-7.'('#[

O$$$Q*H)/)7-2*'5*%/%7%)*(-*7'('*#-&-#$2-*-5*7)/$-/%()*$-&?$%7)*(-*5)#*32)42'&'#*(-*
-#$.(%)*(-*5'#*'#%4/'$.2'#*6.-*7.2#'2?>*@*5'*9)2&'*-/*6.-*#-2?/*-A'5.'('#*)*-A'5.':
()#[

$FQ*M-2*-A'5.'()#*7)/*%&3'27%'5%('(*@*)8O-$%A%('([

FQ*"#$'2*32)$-4%()#*@*#'5A'4.'2('()#*(.2'/$-*#.*32)7-#)*-(.7'$%A)[

F$Q*a-7%8%2*'3)@)*@*)2%-/$'7%=/*-(.7'$%A'*7)'(@.A'/()*'*#.*9)2&'7%=/*(-*A'5)2-#>*
'7$%$.(-#>*7)/)7%&%-/$)#*@*L'8%5%('(-#*6.-*-/7'.7-/*#.#*7'3'7%('(-#*@*9'7%5%$-*#.*
3'2$%7%3'7%=/*-/*-5*-/$)2/)[

F$$Q*g-/-2*'#%#$-/7%'*@*'3)@)*(.2'/$-*./'*#%$.'7%=/*(-*-&-24-/7%'*)*A%)5-/7%'*6.-*
3.-('*3)/-2*-/*2%-#4)*#.*A%('*-*%/$-42%('(*9;#%7'*@*-&)7%)/'5*(.2'/$-*5'*2-'5%D'7%=/*
(-*'54./'*'7$%A%('(*-(.7'$%A'>*(.2'/$-*#.*32)7-#)*-(.7'$%A)[*

F$$$Q* M-2* -#7.7L'()#* 7.'/()* (-* 9)2&'* 2-#3-$.)#'* '24.&-/$-/* #.* (-9-/#'* -/* 5)#*
7'#)#*-/*6.-*#-*5-#*%&3.$-*5'*2-#3)/#'8%5%('(*(-*./*'7$)*7)/$2'2%)*'*5'*(%#7%35%/'*
GUEQNCTOCPKƂGUVGPCNIWPCKPEQPHQTOKFCFTGNCVKXCCUWRTQEGUQGFWECVKXQ[QFGP
'*7)/)7-2*'54T/*'7$)*6.-*3)/4'*-/*3-5%42)*)*('B-*#.*%/$-42%('(*9;#%7'*@*-&)7%)/'5>*
'/$-*-5*3-2#)/'5*(%2-7$%A)>*()7-/$-*)*'(&%/%#$2'$%A)>*@b)*'/$-*5)#*$%$.5'2-#*(-*5'#*?2-'#*
'(&%/%#$2'$%A'#*(-5*HIJKI[

))
 F$OQ*f)2&.5'2*3-$%7%)/-#*(-*9)2&'*2-#3-$.)#'>*'5*3-2#)/'5*(%2-7$%A)>*()7-/$-*)*'(:
&%/%#$2'$%A)>*@b)*5)#*$%$.5'2-#*(-*5'#*?2-'#*'(&%/%#$2'$%A'#*(-5*HIJKI>*2-5'$%A'#*'*#.*
32)7-#)*-(.7'$%A)*)*'*7.-#$%)/-#*(-*;/()5-*'(&%/%#$2'$%A'*-#7)5'2[

FOQ*"#$'2*'#%#$%()#*@*'7)&3'B'()#*3)2*5'*&'(2->*3'(2-*)*$.$)2>*7.'/()*'24.&-/:
$-/*#.*(-9-/#'*-/*5)#*7'#)#*-/*6.-*#-*5-#*%&3.$-*5'*2-#3)/#'8%5%('(*(-*./'*%/92'7:
EKÏPOCPKƂGUVGPCNIWPCKPEQPHQTOKFCFTGNCVKXCCUWRTQEGUQGFWECVKXQQFGPC
7)/)7-2*'54T/*'7$)*6.-*3)/4'*-/*3-5%42)*)*('B-*#.*%/$-42%('(*9;#%7'*@*-&)7%)/'5>*
@b)*9)2&.5-/*'54./'*3-$%7%=/>*(-*'7.-2()*7)/*5'#*92'77%)/-#*'/$-2%)2-#>*@

FO$Q*"#$'2*'#%#$%()#*@*'7)&3'B'()#*3)2*5'*)*-5*)2%-/$'()2*-(.7'$%A)*7.'/()*(-/*'*
7)/)7-2*'54T/*'7$)*6.-*3)/4'*-/*3-5%42)*)*('B-*#.*%/$-42%('(*9;#%7'*@*-&)7%)/'5>*
@b)*9)2&.5-/*'54./'*3-$%7%=/>*(-*'7.-2()*7)/*5'#*92'77%)/-#*'/$-2%)2-#!

+(*!%J./-44QR*M)/*)85%4'7%)/-#*(-*(%#7%35%/'*-#7)5'2*(-*5'#*@*5)#*-#$.(%'/$-#0

$Q*g2'$'2*7)/*2-#3-$)*'*5'#*@*5)#*-#$.(%'/$-#>*'5*3-2#)/'5*(%2-7$%A)>*()7-/$-*@*'(&%:
/%#$2'$%A)*(-5*G5'/$-5>*'5*3-2#)/'5*(-*5'#*?2-'#*'(&%/%#$2'$%A'#[*'#;*7)&)*'*7.'56.%-2*
3-2#)/'*6.-*-#$C*32-#-/$-*(.2'/$-*#.*32)7-#)*-(.7'$%A)>*9'A)2-7%-/()*'*./'*7)/:
A%A-/7%'*-#7)5'2*'2&=/%7'*()/(-*%&3-2-*-5*(%?5)4)>*5'*7)&32-/#%=/*@*5'*$)5-2'/7%'[

$$Q*E'/$-/-2*./*7)&3)2$'&%-/$)*(%#7%35%/'()>*)2(-/'()>*2-#3-$.)#)*@*2-#3)/#':
85-*(.2'/$-*#.*32)7-#)*-(.7'$%A)[

$$$Q*K$-/(-2*@*7.&35%2*5'#*%/(%7'7%)/-#*(-5*3-2#)/'5*(%2-7$%A)>*()7-/$-*@*'(&%/%#$2':
$%A)>*2-5'$%A'#*'5*)2(-/*@*5'*(%#7%35%/'*-#7)5'2[

$OQ*S-#'22)55'2*./'*'7$%$.(*7)/#%(-2'('>*#)5%('2%'>*3'2$%7%3'$%A'*@*$)5-2'/$-[

OQ*a-#3-$'2*5'*%&'4-/*%/#$%$.7%)/'5*(-5*HIJKI[

O$Q*I8#-2A'2*./'*7)/(.7$'*7;A%7'*@*2-#3-$.)#'*(-*5)#*#;&8)5)#*3'$2%)#[

O$$Q*H.&35%2*7)/*5'#*%/(%7'7%)/-#*@*&-(%('#*(-*#-4.2%('(*(-5*G5'/$-5[

O$$$Q*Q#'2*'(-7.'('&-/$-*5'#*%/#$'5'7%)/-#>*&)8%5%'2%)>*-6.%3)#*(-*7=&3.$)*(-5*
G5'/$-5>*'#;*7)&)*7.'56.%-2*)8O-$)*)*L-22'&%-/$'*(-5*HIJKI[

$FQ*I8#-2A'2*5'#*/)2&'#*6.-*#-*-#$'85-D7'/*-/*-5*HIJKI>*3'2'*2-4.5'2*-5*.#)*@*
32-#-2A'7%=/*(-*5)#*$'55-2-#>*5'8)2'$)2%)#>*7-/$2)#*(-*7=&3.$)*@*(-&?#*-#3'7%)#*
-(.7'$%A)#[*

)!
FQ*E'/$-/-2*-5*)2(-/*(-5*5.4'2*)*-#3'7%)*()/(-*#-*(-#'22)55'*-5*32)7-#)*-(.7'$%A)[*

F$Q*H)'(@.A'2*(.2'/$-*#.*32)7-#)*-(.7'$%A)>*-/*5'*7)/#-2A'7%=/*(-*O'2(%/-#*@*?2-'#*
A-2(-#[*'#;*7)&)*-/*-5*.#)*2'7%)/'5*(-5*'4.'[

F$$Q%QCF[WXCTGPNCEQPUGTXCEKÏPFGNOQDKNKCTKQCEGTXQDKDNKQIT½ƂEQGSWKRQUFG
7=&3.$)>*5'8)2'$)2%)#*@*7.'56.%-2*&'$-2%'5>*)8O-$)*)*L-22'&%-/$'*(-5*HIJKI[

F$$$Q*</9)2&'2*)3)2$./'&-/$-*5)#*7%$'$)2%)#>*2-3)2$-#>*/)$'#>*7)&./%7'()#>*7)/A)7':
$)2%'#*-*%/A%$'7%)/-#>*'*$2'AC#*(-*5)#*7.'5-#*-5*3-2#)/'5*(%2-7$%A)*@b)*()7-/$-*2-6.%-2'*
5'*32-#-/7%'*)*()+(!+,*-)+(.)(/0(1,.2)3(4,.2)(5(-0-523(/)(/5+676-)(/0(6*-)28)*769*3(/)(
42510)8,(/0(4,2-67%3'7%=/>*)*#-*5-#*%/9)2&-*#)82-*-5**2-/(%&%-/$)*'7'(C&%7)*)*-5*
7)&3)2$'&%-/$)*6.-*$-/4'/*(.2'/$-*-5*32)7-#)*-(.7'$%A)[

F$OQ*G)2$'2*5'*72-(-/7%'5*(-*-#$.(%'/$-*(-5*HIJKI*(.2'/$-*-5*32)7-#)*-(.7'$%A)>*@

FOQ*R'#*(-&?#*6.-*#-*-#$'85-D7'/*-/*-5*HIJKI>*3'2'*&'/$-/-2*-5*)2(-/>*5'*(%#7%35%:
PCGUEQNCT[GNHWPEKQPCOKGPVQGƂEKGPVGFGN2NCPVGN

+(*!%J./-41QR*M)/*)85%4'7%)/-#*9)2&'$%A'#*(-*5'#*@*5)#*-#$.(%'/$-#0

$Q*K#%#$%2*7)/*3./$.'5%('(*'*#.#*75'#-#*@*'*5'#*'7$%A%('(-#*6.-*#-*(-#'22)55-/*(.2'/$-*
#.*32)7-#)*-(.7'$%A)>*(-*7)/9)2&%('(*7)/*5)*32-A%#$)*-/*-5*a-45'&-/$)*(-*H)/$2)5*
"#7)5'2*(-*5'*E)('5%('(*"#7)5'2%D'('*A%4-/$->*@

$$Q*K#%#$%2*'*5'#*'7$%A%('(-#*6.-*#-*(-#'22)55-/*(.2'/$-*#.*32)7-#)*-(.7'$%A)>*7)/*./'*
'(-7.'('*32-#-/$'7%=/*(-*7)/9)2&%('(*7)/*-5*H'3;$.5)*<`*(-5*32-#-/$-*2-45'&-/$)!

!"#$%&'()*+
#&-.+-'(&)&"*+%$,"-#&-.+)-M-./)-&)*J#$+"*&)

+(*!%J./-46QR*H)/*-5*)8O-$)*6.-*5'#*@*5)#*-#$.(%'/$-#*$-/4'/*%(-/$%('(*@*3-2$-/-/:
7%'*'5*HIJKI*@*9)2$'5-D7'/*#.*%&'4-/*@*32-#-/$'7%=/*7)&)*3'2$-*(-*#.*9)2&'7%=/*
KPVGITCNFGDGT½PRQTVCTGNWPKHQTOGQƂEKCN[RTGUGPVCTUGCUGCFQU[RGKPCFQUFWTCPVG
UWRTQEGUQGFWECVKXQGPGN%1$#1GPGNJQTCTKQQƂEKCNSWGEQTTGURQPFCCNITWRQ
-/*6.-*-#$C/*%/#72%$)#*@*7.'/()*'#%#$'/*)*3'2$%7%3-/*7)&)*3'2$-*(-*#.*32)7-#)*-(.:
7'$%A)>*-/*'7$%A%('(-#*'7'(C&%7'#>*7.5$.2'5-#>*'2$;#$%7'#>*)*7;A%7'#>*2-'5%D'('#*(-/$2)*)*
9.-2'*(-*5'#*%/#$'5'7%)/-#*(-5*G5'/$-5!

)"
 +(*!%J./-47QR'NWPKHQTOGQƂEKCNGUPGWVTQRQTNQSWGNCUGUVWFKCPVGUFGN%1$#1
VKGPGPGNFGTGEJQCGNGIKTUKRQTVCPNCHCNFCQGNRCPVCNÏPFGNWPKHQTOGQƂEKCNFWTCPVG
#.*32)7-#)*-(.7'$%A)!
'N&KTGEVQT)GPGTCNFGVGTOKPCT½NCUECTCEVGTÉUVKECUFGFKUGÍQFGNWPKHQTOGQƂEKCNFGN
HIJKI*(-*5'#*@*5)#*-#$.(%'/$-#!

+(*!%J./-49QR'NWPKHQTOGQƂEKCNHQTOCRCTVGFGNCKOCIGPKPUVKVWEKQPCNFGN%1$#1
3)2*5)*6.-*(-8-2?/*3)2$'2#-*7)/*(-7)2)*@*2-#3-$)!
R)#*7'#)#*-/*6.-*5'*)*-5*-#$.(%'/$-*(.2'/$-*#.*32)7-#)*-(.7'$%A)*/)*3)2$-*-5*./%9)2:
OGQƂEKCNWUGGNWPKHQTOGCNVGTCPFQUWUECTCEVGTÉUVKECUNQWVKNKEGGPGXGPVQUCLGPQU
'5*HIJKI*)*-/*'7$%A%('(-#*6.-*#-'/*7)/$2'2%'#*'*5'#*/)2&'#*&)2'5-#*)*#)7%'5-#>*#-*
7)/#%(-2'2'/*%/92'77%)/-#*9)2&'$%A'#*6.-*('2?/*5.4'2*'*5'*'35%7'7%=/*(-*5'#*&-(%('#*
-#$'85-7%('#*-/*-5*H'3;$.5)*`*S-*5'#*%/92'77%)/-#*9)2&'$%A'#*(-5*32-#-/$-*2-45'&-/$)!
"/*-5*-/$-/(%()*6.-*5'#*@*5)#*-#$.(%'/$-#*#)5'&-/$-*3)(2?/*'5$-2'2*5'#*7'2'7$-2;#$%7'#*
FGNWPKHQTOGQƂEKCNRQTECWUCULWUVKƂECDNGUEQOQUQPNCUECTCEVGTÉUVKECUENKOCVQNÏIKECU
(-5*5.4'2*()/(-*(-#'22)55'/*#.*32)7-#)*-(.7'$%A)[*@b)*7)&)*./'*&-(%('*(-*#'5.(>*
#%-&32-*6.-*7.-/$-/*7)/*5'*'.$)2%D'7%=/*(-5*S%2-7$)2*(-5*G5'/$-5!
R'#*@*5)#*-#$.(%'/$-#*'3-4'()#*'*5'*$2'(%7%=/*7.5$.2'5*(-*./*G.-85)*)2%4%/'2%)>*3)(2?/*
WUCTRTGPFCUCFKEKQPCNGUCNWPKHQTOGQƂEKCNRQTOQVKXQUFGUWKFGPVKFCFÅVPKEC[Q
5'*2-32-#-/$'7%=/*7.5$.2'5*(-*#.*G.-85)>*#%-&32-*6.-*7.-/$-/*7)/*5'*'.$)2%D'7%=/*(-5*
S%2-7$)2*(-5*G5'/$-5!

+(*!%J./-42QR*S.2'/$-*#.*32)7-#)*-(.7'$%A)>*5'*@*-5*-#$.(%'/$-*6.-*3)2$-*'5L'O'#*.*
)8O-$)#*3-2#)/'5-#>*#-2?*-5*T/%7)*2-#3)/#'85-*(-*#.*3C2(%('*)*('B)!

+(*!%J./-48QR*R'#*@*5)#*-#$.(%'/$-#*(-8-2?/*'#%#$%2*'*5'#*75'#-#*@*'7$%A%('(-#*'7'(C:
&%7'#*32)42'&'('#*-/*-5*$.2/)*@*L)2'2%)*-#$'85-7%()#*-/*-5*G5'/$-5*()/(-*-#$.A%-2'/*
%/#72%$)#!
R'#*9'5$'#*@*2-$'2()#*#-*2-4.5'2?/*(-*7)/9)2&%('(*7)/*5)*-#$'85-7%()*-/*-5*a-45'&-/$)*
(-*H)/$2)5*"#7)5'2*(-*5'*E)('5%('(*"#7)5'2%D'('*A%4-/$-!

!"#$%&'()+
#&-.+)-$"I(+%%$/"&)-I/(N+*$O+)
+(*!%J./-43QR*"/*5)#*$C2&%/)#*(-5*32-#-/$-*2-45'&-/$)>*7)&-$-2?*%/92'77%=/*9)2&':
$%A'>*5'*)*-5*-#$.(%'/$-*6.-*(.2'/$-*#.*32)7-#)*-(.7'$%A)>*/)*7.&35'*7)/*5'#*(%#3)#%:

)#
7%)/-#*-#$'85-7%('#*-/*-5*H'3;$.5)*<`*S-*5'*32-#-/$'7%=/*(-*5'#*@*5)#*-#$.(%'/$-#>*(-5*
32-#-/$-*2-45'&-/$)!

+(*!%J./-4:QR*R'*7)&%#%=/*(-*./'*%/92'77%=/*9)2&'$%A'*)*#.*2-%/7%(-/7%'>*('2?*5.4'2*
'*5'#*#%4.%-/$-#*&-(%('#*9)2&'$%A'#0
$Q!G)2*7'('*%/92'77%=/*9)2&'$%A'*-/*6.-*%/7.22'*./*-#$.(%'/$->*-5*3-2#)/'5*(%2-7$%A)>*
()7-/$-*)*'(&%/%#$2'$%A)>*5-A'/$'2?*./*2-3)2$-*-#72%$)*6.-*#-*(-8-2?*-/$2-4'2*-/*5'*
S%2-77%=/*(-5*G5'/$-5>*-5*&%#&)*(;'*-/*6.-*#-*7)&-$%=*5'*%/92'77%=/!
$$Q*"5*32%&-2*2-3)2$-*6.-*#-*5-A'/$-*('2?*5.4'2*'*./*-FL)2$)*A-28'5!*G)2*5)*6.-*-5*3-2:
#)/'5*(%2-7$%A)*#)#$-/(2?*./'*35?$%7'*7)/*5'*)*-5*-#$.(%'/$-*2-3)2$'()>*3'2'*7)/)7-2*-5*
&)$%A)*3)2*-5*7.'5*%/7.22%=*-/*5'*%/92'77%=/*9)2&'$%A'*@*5'*)*5)*-FL)2$'2?*'*7.&35%2*7)/*
5)#*'#3-7$)#*(-*32-#-/$'7%=/*2-4.5'()#*-/*-5*32-#-/$-*2-45'&-/$)!
$$$Q*"5*#-4./()*2-3)2$-*6.-*#-*5-A'/$-*('2?*5.4'2*'*6.-*-5*3-2#)/'5*(%2-7$%A)*4%2-*7%$':
$)2%)*3'2'*6.-*5'*)*-5*-#$.(%'/$-*2-3)2$'()*'#%#$'*'5*#-2A%7%)*(-*)2%-/$'7%=/*-(.7'$%A'*
3'2'*-F3)/-2*-5*&)$%A)*3)2*-5*6.-*%/7.22%=*-/*5'*%/92'77%=/*@*2-7%8%2*)2%-/$'7%=/*#)82-*
5'*%&3)2$'/7%'*(-*7.&35%2*7)/*5)#*'#3-7$)#*(-*32-#-/$'7%=/*32-A%#$)#*-/*-#$-*2-45':
&-/$)!
M%*(.2'/$-*-5*#-2A%7%)*(-*)2%-/$'7%=/*-(.7'$%A'>*#-*(-$-7$'2'*6.-*5'*7)&%#%=/*(-*5'*
%/92'77%=/*9)2&'$%A'*#-*(-8-*'*7'.#'#*%&3.$'85-#*'*5'*&'(2->*3'(2-*)*$.$)2*(-*5'*)*
-5*-#$.(%'/$-*2-3)2$'()>*5'*)*-5*)2%-/$'()2*-(.7'$%A)*(-8-2?*%/9)2&'25)*'5*3-2#)/'5*
FKTGEVKXQCƂPSWGFGOCPGTCKPOGFKCVCNQUEKVGCWPCTGWPKÏPGPNCEWCNUGCEQTFCT½P
5)#*7)&32)&%#)#*6.-*'#.&%2?*5'*&'(2->*3'(2-*)*$.$)2>*3'2'*6.-*5'*)*-5*-#$.(%'/$-*
2-3)2$'()*7.&35'*7)/*#.*'(-7.'('*32-#-/$'7%=/!
$OQ*"5*$-27-2*2-3)2$-*6.-*#-*5-A'/$-*('2?*5.4'2*'*./'*2-./%=/*7)/*5'*)*-5*-#$.(%'/$-*2-:
3)2$'()*@*#.*&'(2->*3'(2-*)*$.$)2!*G'2'*$'5*-9-7$)>*-5*S%2-7$)2*(-5*G5'/$-5*'*&?#*$'2('2*
'5*(;'*#%4.%-/$-*(-*5'*7)&%#%=/*(-*5'*%/92'77%=/>*5)#*7)/A)7'2?*7)/*-5*)8O-$)*(-*'7)2('2*
5)#*7)&32)&%#)#*6.-*'#.&%2?*5'*&'(2->*3'(2-*)*$.$)2>*3'2'*6.-*5'*)*-5*-#$.(%'/$-*
2-3)2$'()*/)*A.-5A'*'*%/7.22%2*-/*5'*%/92'77%=/!*
OQ*H.'/()*5'*)*-5*-#$.(%'/$-*'7.&.5-*&?#*(-*$2-#*2-3)2$-#>*-5*S%2-7$)2*(-5*G5'/$-5>*
(-*7)/9)2&%('(*7)/*-5*'2$;7.5)*Wc*(-5*32-#-/$-*2-45'&-/$)>*5-*'#%4/'2?*./'*'7$%A%('(*
(-*#-2A%7%)*'5*G5'/$-5*6.-*(-8-2?*2-'5%D'2*-/*5'#*9-7L'#*32)42'&'('#*3)2*-5*3-2#)/'5*
(%2-7$%A)>*-/*./*L)2'2%)*6.-*/)*7)/$2'3)/4'*#.#*'7$%A%('(-#*'7'(C&%7'#!
O$Q*H.'/()*5'*)*-5*-#$.(%'/$-*2-%/7%(-/$-*/)*2-'5%7-*5'*'7$%A%('(*(-*#-2A%7%)*'5*G5'/$-5*
'#%4/'('>*#.*%/7.&35%&%-/$)*#-*7)/#%(-2'2?*7)&)*./'*%/92'77%=/*(%#7%35%/'2%'*42'A-*

)$
 (-*'7.-2()*7)/*-5*'2$;7.5)*WX*92'77%=/*`*6.-*('2?*5.4'2*'*5'*'77%=/*7)22-7$%A'*32-A%#$'*
-/*-5*'2$;7.5)*Z\*92'77%=/*<<<*(-5*32-#-/$-*2-45'&-/$)!
2QTECFCTGWPKÏPSWGUGEGNGDTGUGFGDGT½NGXCPVCTCEVCSWGFGDGT½ƂTOCTUGRQT
$)()#*5)#*'#%#$-/$-#!
"/*-5*-F3-(%-/$-*(-*5'*)*-5*-#$.(%'/$-*2-3)2$'()>*#-*(-8-2?*'42-4'2*7)3%'*(-*5)#*
TGRQTVGUFGNCUCEVCUFGTGWPKÏPEGNGDTCFCUƂTOCFCU[GPUWECUQFGNGUETKVQFG
CUKIPCEKÏPFGNUGTXKEKQCN2NCPVGNƂTOCFQRQTGN&KTGEVQTFGN2NCPVGN

+(*!%J./-15QR*R'*2-./%=/*32-A%#$'*-/*-5*'2$;7.5)*6.-*'/$-7-(-*(-8-2?*-#$'2*32-#%:
(%('*3)2*-5*S%2-7$)2*(-5*G5'/$-5>*6.%-/*#-/$'2?*5'#*8'#-#*(-*./*(%?5)4)*2-#3-$.)#)>*
-/*-5*7.'5*(-8-2?*%&3-2'2*5'*$)5-2'/7%'>*5'*%&3'27%'5%('(*@*5'*'&'8%5%('([*@*#)5'&-/$-*
#-*2-'5%D'2?*7)/*5'*32-#-/7%'*(-*5'*)*-5*-#$.(%'/$-*2-3)2$'()*'7)&3'B'()*3)2*#.*
&'(2->*3'(2-*)*$.$)2>*5'*)*-5*)2%-/$'()2*-(.7'$%A)>*@b)*-/*#.*7'#)>*-5*$.$)2*(-5*42.3)*
'5*6.-*3-2$-/-7-!*

+(*!%J./-14QR*G)2*5'*2-%/7%(-/7%'*(-*./'*%/92'77%=/*9)2&'$%A'*(-*'7.-2()*7)/*5)*
32-A%#$)*-/*-5*'2$;7.5)*c]*92'77%=/*`>*)*5'*7)&%#%=/*(-*./'*%/92'77%=/*(%#7%35%/'2%'*5-A-*
)*42'A->*(-*7)/9)2&%('(*7)/*5'#*'77%)/-#*7)22-7$%A'#*32-A%#$'#*-/*5)#*'2$;7.5)#*Z_*
@*Zc*(-5*32-#-/$-*2-45'&-/$)>*-5*S%2-7$)2*(-5*G5'/$-5*'#%4/'2?*'*5'*)*-5*-#$.(%'/$-*
%/92'7$)2>*5'*2-'5%D'7%=/*(-*'54./'*(-*5'#*'7$%A%('(-#*(-*#-2A%7%)*'5*G5'/$-5>*#%4.%-/$-#0
$Q*a-9)2-#$'7%=/*(-*?28)5-#*-/*5'#*?2-'#*A-2(-#*(-5*G5'/$-5>*./'*L)2'*(%'2%'*#%-$-*(;'#*
L?8%5-#>*)
$$Q%NCUKƂECEKÏPEQNQECEKÏP[NKORKG\CFGNKDTQUGPGN½TGCFGDKDNKQVGECUWPCJQTC
(%'2%'*(.2'/$-*#%-$-*(;'#*L?8%5-#!
S%7L'#*'7$%A%('(-#*#-*(-8-2?/*2-'5%D'2*(-/$2)*(-*5'#*%/#$'5'7%)/-#*(-5*G5'/$-5*@*-/*./*
L)2'2%)*6.-*/)*'9-7$-*#.#*'7$%A%('(-#*'7'(C&%7'#!

+(*!%J./-11QR*^)*32)7-(-2?*5'*'35%7'7%=/*(-*5'#*&-(%('#*9)2&'$%A'#*-#$'85-7%('#*
-/*-5*'2$;7.5)*'/$-2%)2>*#%*3)2*7'.#'#*9)2$.%$'#*)*(-*9.-2D'*&'@)2>*5'*)*-5*-#$.(%'/$-*-#$?*
%&3-(%()*3'2'*7.&35%2*7)/*5)*-#$'85-7%()*-/*-5*H'3;$.5)*<`*S-*5'*32-#-/$'7%=/*(-*5'#*
@*5)#*-#$.(%'/$-#*(-*-#$-*2-45'&-/$)!*

+(*!%J./-16QR*R'*7)&%#%=/*(-*5'*%/92'77%=/*9)2&'$%A'*/)*('2?*5.4'2*'*5'*#.#3-/#%=/*
(-5*#-2A%7%)*-(.7'$%A)>*3)2*5)*6.-*5'*)*-5*-#$.(%'/$-*6.-*'#%#$'*'5*G5'/$-5*#%/*3)2$'2*-5*
WPKHQTOGQƂEKCN[QUKPCUGCTUG[QUKPRGKPCTUGVGPFT½CUKUVGPEKC[EWTUCT½UWJQTC:
2%)*(-*75'#-#*7)&35-$)!

)%
"/*-5*&%#&)*#-/$%()>*5'*)*-5*-#$.(%'/$-*6.-*'#%#$'*'*./'*'7$%A%('(*6.-*9)2&-*3'2$-*
FGNRTQEGUQGFWECVKXQUKPRQTVCTGNWPKHQTOGQƂEKCN[QUKPCUGCTUG[QUKPRGKPCTUG
$-/(2?*'#%#$-/7%'*@*-#$'2?*32-#-/$-*(.2'/$-*$)('*5'*'7$%A%('(*)*-A-/$)!*"/*-5*-/$-/(%()*
6.-*#%*$.A%-2'*32)42'&'('*./'*3'2$%7%3'7%=/*-/*(%7L'*'7$%A%('(*)*-A-/$)>*/)*3)(2?*
2-'5%D'25'*#%/*6.-*-#$)*'9-7$-*#.#*2-#.5$'()#*'7'(C&%7)#!

!"#$%&'()+*
#&-.+)-$"I(+%%$/"&)-#$)%$'.$"+($+)(

+(*!%J./-17QR*"/*5)#*$C2&%/)#*(-5*32-#-/$-*2-45'&-/$)>*7)&-$-2?*./'*%/92'77%=/*
(%#7%35%/'2%'>*5'*)*-5*-#$.(%'/$->*)*./*42.3)*(-*-#$.(%'/$-#*6.-*(.2'/$-*#.*32)7-#)*
-(.7'$%A)>*#-'/*2-#3)/#'85-#*(-*7)&-$-2*./'*'77%=/*.*)&%#%=/*(-#72%$'*7)&)*./'*
%/92'77%=/*5-A->*42'A-*)*&.@*42'A-!

+(*!%J./-19QR*S-*7)/9)2&%('(*7)/*-5*'2$;7.5)*'/$-2%)2>*5'*7)&%#%=/*(-*%/92'77%)/-#*
(%#7%35%/'2%'#*('2?*5.4'2*'*5'*'35%7'7%=/*(-*5'#*'77%)/-#*7)22-7$%A'#*32-A%#$'#*-/*-5*H'3;:
$.5)*`<<*(-*-#$-*2-45'&-/$)>*5'#*7.'5-#*#)/*32)3)27%)/'5-#*'*5'*42'A-('(*(-*5'*%/92'7:
7%=/>*#)/*'35%7'85-#*-/*-5*?&8%$)*-(.7'$%A)*@*#-*-#$'85-7-/*3'2'*&'/$-/-2*5'*7)/A%:
XGPEKCGUEQNCTCTOÏPKEC[GNHWPEKQPCOKGPVQGƂEKGPVGFGN2NCPVGNUCNXCIWCTFCPFQNQU
(-2-7L)#*L.&'/)#*@*5'*#-4.2%('(*(-*5'#*@*5)#*-#$.(%'/$-#*'#;*7)&)*(-5*3-2#)/'5*(%2-7:
$%A)>*()7-/$-*@*'(&%/%#$2'$%A)!*G)2*5)*6.-*#-*(-8-2?/*(%7$'&%/'2*(-*&'/-2'*)8O-$%A'>*
GƂEC\GKORCTEKCNEQPVGUVKOQPKQU[GXKFGPEKCUSWGFGPEGTVG\CFGNCTGURQPUCDKNKFCF
(-*5'*)*-5*-#$.(%'/$-*%/92'7$)2!

"/*-5*-/$-/(%()*6.-*5'#*'77%)/-#*7)22-7$%A'#*32-A%#$'#*-/*-#$-*2-45'&-/$)*3)2*5'*2-'5%:
D'7%=/*(-*5'#*%/92'77%)/-#*(%#7%35%/'2%'#>*/)*#-*3)(2?/*-6.%3'2'2*'*5'#*3-/'#*@*&-(%('#*
'35%7'85-#*-/*-5*?&8%$)*3-/'5!

+(*!%J./-12QR*S-*'7.-2()*7)/*-5*'2$;7.5)*WZ*(-5*32-#-/$-*2-45'&-/$)>*#)/*%/92'77%):
/-#*(%#7%35%/'2%'#*5-A-#>*5'#*#%4.%-/$-#0

$Q*g-/-2*./'*7)/(.7$'*2.%()#'>*8.25)/'>*42)#-2'>*(%#$2';('*@b)*6.-*32)3%7%-*5'*(%#$2'7:
7%=/*(-*5'#*@*5)#*-#$.(%'/$-#!

$$Q*E'/%9-#$'2*./'*7)/(.7$'*%22-#3-$.)#'*(-*5)#*#;&8)5)#*3'$2%)#!
$$$Q*^)*7.&35%2*5'#*%/(%7'7%)/-#*(-5*3-2#)/'5*(%2-7$%A)>*()7-/$-*@*'(&%/%#$2'$%A)>*2-5':
$%A'#*'*5'*(%#7%35%/'*-#7)5'2*(-5*G5'/$-5*@*'*5'#*/)2&'#*(-*G2)$-77%=/*H%A%5*-#$'85-7%('#*
3)2*-5*HIJKI!

)&
 $OQ*Q#'2*#%/*'.$)2%D'7%=/>*(.2'/$-*-5*(-#'22)55)*(-*5'#*75'#-#*@b)*'7$%A%('(-#*'7'(C&%:
7'#>*7-5.5'2>*$'85-$'>*)*7.'56.%-2*'3'2'$)*-5-7$2=/%7)>*32)A)7'/()*(%#$2'77%=/>*(-#)2:
(-/*@b)*2.%()!
OQ7UCTUKPCWVQTK\CEKÏPGNOQDKNKCTKQGNCEGTXQDKDNKQIT½ƂEQNQUGSWKRQUFGEÏORW:
$)>*5)#*5'8)2'$)2%)#*@*7.'56.%-2*&'$-2%'5>*)8O-$)*)*L-22'&%-/$'*(-5*HIJKI>*'#;*7)&)*
NCTGFYKƂGPGNECUQSWGGN2NCPVGNEWGPVGEQPGUGUGTXKEKQ

O$Q*^)*7.&35%2*7)/*5'#*/)2&'#*-#$'85-7%('#*-/*-5*HIJKI>*3'2'*2-4.5'2*-5*.#)*@*32-:
#-2A'7%=/*(-*5)#*$'55-2-#>*5'8)2'$)2%)#>*7-/$2)#*(-*7=&3.$)*@*(-&?#*-#3'7%)#*-(.7':
$%A)#!

O$$Q*^)*('2*'*7)/)7-2>*)*('2*'*7)/)7-2*7)/*2-$2'#)>*5)#*7%$'$)2%)#>*2-3)2$-#>*/)$'#>*
7)&./%7'()#>*7)/A)7'$)2%'#*-*%/A%$'7%)/-#>*'*$2'AC#*(-*5)#*7.'5-#*#-*2-6.%-2'*5'*32-:
#-/7%'*-/*-5*G5'/$-5*(-*#.*&'(2->*3'(2-*)*$.$)2>*7.'/()*#-*#)5%7%$-*#.*%/$-2A-/7%=/>*#-*
32)&.-A'*#.*3'2$%7%3'7%=/>*)*#-*5-*%/9)2&-*#)82-*#.*2-/(%&%-/$)*'7'(C&%7)*@b)*-5*
7)&3)2$'&%-/$)*6.-*$-/4'*(.2'/$-*-5*32)7-#)*-(.7'$%A)!

O$$$Q*^)*3)2$'2*5'*72-(-/7%'5*(-*-#$.(%'/$-*(-5*HIJKI*(.2'/$-*#.*32)7-#)*-(.7'$%A)!

+(*!%J./-18QR*S-*'7.-2()*7)/*-5*'2$;7.5)*WZ*(-5*32-#-/$-*2-45'&-/$)>*#)/*%/92'7:
7%)/-#*(%#7%35%/'2%'#*42'A-#>*5'#*#%4.%-/$-#0

$Q*</#.5$'2*)*&'/%9-#$'2*-F32-#%)/-#*A-28'5-#*)8#7-/'#>*A.54'2-#*)*5'#7%A'#*7)/*-5*32):
3=#%$)*(-*)9-/(-2*'*)$2'*.*)$2)*-#$.(%'/$-*@b)*'5*3-2#)/'5*(%2-7$%A)>*()7-/$-*@*'(&%:
/%#$2'$%A)!

$$Q+PVTQFWEKTOCVGTKCNRQTPQIT½ƂEQWQDUEGPQCVTCXÅUFGEWCNSWKGTOGFKQ

$$$Q&CÍCTNCUKPUVCNCEKQPGUGNOQDKNKCTKQGNCEGTXQDKDNKQIT½ƂEQNQUGSWKRQUFGEÏO:
RWVQNCTGFYKƂNQUNCDQTCVQTKQU[EWCNSWKGTOCVGTKCNQDLGVQQJGTTCOKGPVCFGN%1:
JKI!

$OQ*a-'5%D'2*'7$)#*6.-*('B-/>*-/#.7%-/*)*7)/$'&%/-/*%/#$'5'7%)/-#*@b)*?2-'#*A-2(-#*
@b)*O'2(%/-#>*)*(-#3-2(%7%-/*-5*'4.'!

OQ*S-#)8-(-7-2*5'#*&-(%('#*)*'77%)/-#*7)22-7$%A'#*6.-*(-$-2&%/-*-5*S%2-7$)2*(-5*
G5'/$-5>*3)2*5'*7)&%#%=/*(-*./'*%/92'77%=/*9)2&'$%A'*)*./'*%/92'77%=/*(%#7%35%/'2%'*5-A->*
-#$'85-7%('#*-/*-5*32-#-/$-*2-45'&-/$)!

O$Q*a-'5%D'2*./'*7)/(.7$'*7)/*-5*32)3=#%$)*(-*'9-7$'2*)*(-#32-#$%4%'2*5'*%&'4-/*%/#$%:
$.7%)/'5*(-5*HIJKI!

)'
O$$Q*I92-7-2*)*'7-3$'2*(-5*3-2#)/'5*(%2-7$%A)>*()7-/$-*)*'(&%/%#$2'$%A)*9'A)2-#*3-2#):
PCNGUFKPGTQWQDLGVQUOCVGTKCNGUCECODKQFGECNKƂECEKQPGUQRTGTTQICVKXCU

O$$$Q*I24'/%D'2>*2-'5%D'2>*%/(.7%2*@b)*32)&)A-2*7)/(.7$'#*%/$)5-2'/$-#>*(%#72%&%/'$)2%'#*
@b)*2'7%#$'#>*(%2%4%('#*'*(-/%42'2*@*'42-(%2*(-*&'/-2'*9;#%7'>*A-28'5*@b)*3#%7)5=4%7'>*'*
)$2'*.*)$2)*-#$.(%'/$->*)*'5*3-2#)/'5*(%2-7$%A)>*()7-/$-*)*'(&%/%#$2'$%A)!

$FQ*I24'/%D'2>*2-'5%D'2>*%/(.7%2*@b)*32)&)A-2*7)/(.7$'#*7)&)*-5*8.55@%/4>*(%2%4%('#*'*
7)/$2)5'2*)*'42-(%2*(-*&'/-2'*9;#%7'>*A-28'5*@b)*3#%7)5=4%7'>*'*)$2'*.*)$2)*-#$.(%'/$->*
)*'5*3-2#)/'5*(%2-7$%A)>*()7-/$-*)*'(&%/%#$2'$%A)!

FQ*I24'/%D'2>*2-'5%D'2>*%/(.7%2*@b)*32)&)A-2*7)/(.7$'#*6.-*$-/4'/*-5*32)3=#%$)*(-*
('B'2*5'*L)/2'>*5'*(%4/%('(*@b)*5'*2-3.$'7%=/*(-*)$2'*.*)$2)*-#$.(%'/$->*)*(-5*3-2#)/'5*
(%2-7$%A)>*()7-/$-*)*'(&%/%#$2'$%A)!

F$Q*Q#'2>*%/(.7%2*@b)*32)&)A-2*-5*.#)*(-*$-7/)5)4;'#*(-*5'*%/9)2&'7%=/*7)&)*%/$-2:
/-$>* 3?4%/'#* i-8>* 2-(-#* #)7%'5-#>* 85)4#>* 7)22-)#* -5-7$2=/%7)#>* &-/#'O-#* %&?4-/-#*
)*A%(-)#*3)2*$-5C9)/)*7-5.5'2>*7)&3.$'()2'#>*A%(-)42'8'7%)/-#>*-/$2-*)$2'#>*7)/*-5*
32)3=#%$)*(-*7)/$2)5'2*)*'42-(%2*(-*&'/-2'*A-28'5>*9;#%7'*@b)*3#%7)5=4%7'>*'*)$2'*.*)$2)*
-#$.(%'/$->*)*'5*3-2#)/'5*(%2-7$%A)>*()7-/$-*)*'(&%/%#$2'$%A)[

+(*!%J./-13QR*S-*'7.-2()*7)/*-5*'2$;7.5)*WZ*(-5*32-#-/$-*2-45'&-/$)>*#)/*%/92'7:
7%)/-#*(%#7%35%/'2%'#*&.@*42'A-#>*5'#*#%4.%-/$-#0

$Q*</7.&35%2*5'*)85%4'7%=/*(-*2-#'27%2*-5*('B)*)7'#%)/'()*3)2*5'*7)&%#%=/*(-*./'*%/:
92'77%=/*42'A->*7)/9)2&-*'*5)*(%#3.-#$)*-/*-5*'2$;7.5)*ZX*(-*-#$-*2-45'&-/$)!

$$Q*I24'/%D'2>*7)&-$-2>*%/(.7%2*@b)*32)&)A-2*-/$2-*5'#*@*5)#*-#$.(%'/$-#>*'77%)/-#*(-*
2)8)>*2'3%B'*)*A'/('5%#&)!

$$$Q(CNUKƂECTFQEWOGPVCEKÏPQƂEKCN[QOCPKHGUVCT[QRTQRQTEKQPCTKPHQTOCEKÏPHCNUC
)*'3=72%9'>*'5*3-2#)/'5*(%2-7$%A)>*()7-/$-*@b)*'(&%/%#$2'$%A)!

$OQ4GEKDKTTGRTQFWEKTEQPUGTXCT[QFKUVTKDWKTFQEWOGPVQUCECFÅOKEQUEQPƂFGPEKC:
5-#*$'5-#*7)&)*-F?&-/-#*)*&'#7'2%55'#*(-*2-#3.-#$'#>*@'*#-'*%&32-#)#*)*-/*7.'56.%-2*
#)3)2$-*-5-7$2=/%7)!

OQ*</$2)(.7%2>*7)/#.&%2*)*3'2$%7%3'2*-/*5'*A-/$'*(-*7%4'22)#>*8-8%('#*'57)L=5%7'#>*(2):
4'#>*/'27=$%7)#>*-/-2A'/$-#>*#)5A-/$-#*)*7.'56.%-2*#.#$'/7%'*$=F%7'*7)/*-9-7$)#*/)7%:
A)#*3'2'*5'*#'5.(!

)(
 O$Q*I24'/%D'2>*2-'5%D'2>*%/(.7%2*@b)*32)&)A-2*7)/(.7$'#*7)&)*-5*8.55@%/4>*)*'7)#)*-#:
7)5'2>*(%2%4%('#*'*'42-(%2*@b)*#)&-$-2>*(-*&'/-2'*9;#%7'>*'*)$2'*.*)$2)*-#$.(%'/$->*)*'5*
3-2#)/'5*(%2-7$%A)>*()7-/$-*)*'(&%/%#$2'$%A)!

O$$Q*I24'/%D'2>*7)&-$-2>*%/(.7%2*@b)*32)&)A-2*-5*-/A;)*(-*&-/#'O-#>*%&?4-/-#*)*A%:
FGQUEQPEQPVGPKFQUGTÏVKEQUQRQTPQIT½ƂEQURQTOGFKQFGKPVGTPGVR½IKPCUYGD
2-(-#*#)7%'5-#>*85)4#>*7)22-)#*-5-7$2=/%7)#>*-/$2-*)$2)#>*7)/*32)3=#%$)#*)8#7-/)#>*)*
(-*L)#$%4'&%-/$)*#-F.'5*(%2%4%()#*'*)$2'*.*)$2)*-#$.(%'/$->*)*'5*3-2#)/'5*(%2-7$%A)>*
()7-/$-*)*'(&%/%#$2'$%A)!

O$$$Q*I24'/%D'2>*3'2$%7%3'2>*%/(.7%2*@b)*32)&)A-2*2%B'#>*3-5-'#*)*7.'56.%-2*)$2'*7)/(.7$'*
6.-*('B->*5-#%)/-*)*3)/4'*-/*3-5%42)*5'*%/$-42%('(*9;#%7'*(-*5'#*@*5)#*-#$.(%'/$-#>*)*(-5*
3-2#)/'5*(%2-7$%A)>*()7-/$-*)*'(&%/%#$2'$%A)!

$FQ*I24'/%D'2>*7)&-$-2>*%/(.7%2*@b)*32)&)A-2*7)/(.7$'#*7)&)*'7)#)>*'#-(%)*@*L)#$%:
4'&%-/$)*#-F.'5>*(%2%4%('#*'*#)&-$-2>*7)/$2)5'2*)*'42-(%2*(-*&'/-2'*9;#%7'>*A-28'5*@b)*
3#%7)5=4%7'*'*)$2'*.*)$2)*-#$.(%'/$->*)*'5*3-2#)/'5*(%2-7$%A)>*()7-/$-*)*'(&%/%#$2'$%A)!

FQ*G)2$'2*@*.#'2*'2&'#*(-*9.-4)*@b)*%/#$2.&-/$)#*3./D)*7)2$'/$-#>*-F35)#%A)#>*7)L-:
$-#>*%/&)A%5%D'()2-#*-5C7$2%7)#>*4'#-#*5'72%&=4-/)#*)*7.'56.%-2*)$2)*)8O-$)*)*%/#$2.:
&-/$)*6.-*3.-('*7'.#'2*('B)*)*3)/4'*-/*3-5%42)*5'*%/$-42%('(*9;#%7'*(-*5'#*3-2#)/'#!

+(*!%J./-1:QR*"5*S%2-7$)2*(-5*G5'/$-5*-#*5'*T/%7'*'.$)2%('(*9'7.5$'('*3'2'*(-$-2&%/'2*
5'*2-#3)/#'8%5%('(*6.-*$%-/-*./'*)*./*-#$.(%'/$-*3)2*L'8-2*7)&-$%()*./'*%/92'77%=/*
(%#7%35%/'2%'*5-A-*@b)*42'A-!*"/*5)#*7'#)#*-/*6.-*#-*7)&-$'/*%/92'77%)/-#*&.@*42'A-#>*
#-2?*-5*H)/#-O)*S%#7%35%/'2%)*"#7)5'2*(-*7'('*G5'/$-5>*-5*=24'/)*9'7.5$'()*3'2'*%/A-#$%:
4'2*5'*2-#3)/#'8%5%('(*(-*5'*)*-5*%/92'7$)2*@*32)3)/-2*'5*S%2-7$)2*(-5*G5'/$-5>*5'*'77%=/*
7)22-7$%A'*7)22-#3)/(%-/$-!

"/*$'/$)*/)*#-*2-#.-5A'*5'*2-#3)/#'8%5%('(*3)2*L'8-2#-*7)&-$%()*./'*%/92'77%=/*&.@*
42'A->*5'*)*-5*-#$.(%'/$-*#-2?*7)/#%(-2'()*7)&)*5'*)*-5*32-#./$)*2-#3)/#'85-*(-*5'*
%/92'77%=/>*3)2*5)*6.-*/)*#-*5-*3)(2?/*'35%7'2*5'#*'77%)/-#*7)22-7$%A'#*32-A%#$'#*-/*-#$-*
2-45'&-/$)!

+(*!%J./- 65QR( H.'/()* #-* 7)&-$'* ./* (-5%$)* 3)2* ./'* )* ./* -#$.(%'/$-* (.2'/$-* -5*
32)7-#)*-(.7'$%A)>*-5*3-2#)/'5*(%2-7$%A)*(-8-2?*(-/./7%'2*-5*(-5%$)*'/$-*5'*'.$)2%('(*
7)&3-$-/$-*(-*9)2&'*%/&-(%'$'[*%/(-3-/(%-/$-&-/$-*(-*5'#*'77%)/-#*32-A%#$'#*-/*
-#$-*2-45'&-/$)*3'2'*(%7$'&%/'2*5'*2-#3)/#'8%5%('(*3)2*5'*%/92'77%=/*7)&-$%('*@*3'2'*
'35%7'2*5'*'77%=/*7)22-7$%A'*7)22-#3)/(%-/$-!

!*
g2'$?/()#-* (-* (-5%$)#* 6.-* -5* H=(%4)* G-/'5* 3'2'* -5* "#$'()* (-* I'F'7'>* 7)/#%(-2-*
EQOQƃCITCPVGUGNRGTUQPCNFKTGEVKXQFGDGT½UQNKEKVCTNCKPVGTXGPEKÏP[GNCWZKNKQKP:
&-(%'$)*(-*5'*'.$)2%('(*7)&3-$-/$-!
"/*$)()*&)&-/$)>*-5*S%2-7$)2*(-5*G5'/$-5*(-8-2?*2-7.22%2*'*5'*H))2(%/'7%=/*e.2;(%7'*
3'2'*6.-*#-*5-*82%/(-*'3)@)*@*'#%#$-/7%'*5-4'5*-*%/9)2&'2*'*5'*S%2-77%=/*K7'(C&%7'*
#)82-*-5*L-7L)!

+(*!%J./-64QR*"5*3-2#)/'5*(%2-7$%A)>*()7-/$-*)*'(&%/%#$2'$%A)*6.-*$-/4'*7)/)7%:
&%-/$)*(-*5'*2-'5%D'7%=/*(-*'54./'*7)/(.7$'*6.-*#-*'(-7.-*'*'54./)*(-*5)#*#.3.-#:
$)#*32-A%#$)#*3'2'*5'#*%/92'77%)/-#*5-A-#*@*42'A-#*-/*-#$-*2-45'&-/$)>*5'*('2?*'*7)/):
7-2*'*$2'AC#*(-*./*2-3)2$-*-#72%$)*6.-*#-*(-8-2?*-/$2-4'2*-/*5'*S%2-77%=/*(-5*G5'/$-5>*
(-/$2)*(-*5'#*WZ*L)2'#*L?8%5-#*#%4.%-/$-#*'*5'*7)&%#%=/*(-*5'*%/92'77%=/>*'42-4?/()#-*
./'*7)3%'*(-5*2-3)2$-*-/*-5*-F3-(%-/$-*(-*5'*)*-5*-#$.(%'/$-*%/92'7$)2!

'PGNTGRQTVGUGFGUETKDKT½NCEQPFWEVCTGCNK\CFCNQUFCVQUFGKFGPVKƂECEKÏPFGNCQ
GNGUVWFKCPVGRTGUWPVQTGURQPUCDNGFGNCKPHTCEEKÏPCUÉEQOQGNPQODTG[ƂTOCFGN
3-2#)/'5*(%2-7$%A)>*()7-/$-*)*'(&%/%#$2'$%A)*6.-*5-A'/$-*-5*2-3)2$-!

+(*!%J./-61QR*H.'/()*#-*2-3)2$-*'54./)*(-*5)#*#.3.-#$)#*32-A%#$)#*3'2'*5'#*%/92'7:
7%)/-#*5-A-#*@*42'A-#*32-A%#$'#*-/*5)#*'2$;7.5)#*Wj*@*WX*(-*-#$-*2-45'&-/$)>*-5*S%2-7$)2*
(-5*G5'/$-5>*2-A%#'2?*5'#*-A%(-/7%'#*@*$-#$%&)/%)#*(-*6.%-/-#*L'@'/*32-#-/7%'()*5'*
KPHTCEEKÏPCƂPSWGGPWPVÅTOKPQPQOC[QTFGVTGUFÉCUJ½DKNGUEQPVCFQUCRCTVKT
6.-*#-*2-3)2$=*5'*%/92'77%=/>*(-$-2&%/-*5'*2-#3)/#'8%5%('(*-*%/#$2.@'*5'*'35%7'7%=/*(-*
5'*'77%=/*7)22-7$%A'*7)22-#3)/(%-/$->*-/*5)#*$C2&%/)#*32-A%#$)#*-/*-#$-*2-45'&-/$)!

+(*!%J./-66QR*H.'/()*#-*7)&-$'*'54./)*(-*5)#*#.3.-#$)#*(-*5'#*%/92'77%)/-#*&.@*
42'A-#*6.-*#-*-#$'85-7-/*-/*-5*'2$;7.5)*WY*(-*-#$-*2-45'&-/$)>*-5*S%2-7$)2*(-5*G5'/$-5*
(-8-2?*#)5%7%$'2*'*5'*82-A-('(>*5'*%/$-2A-/7%=/*(-5*H)/#-O)*S%#7%35%/'2%)*"#7)5'2>*3'2'*
6.-*55-A-*'*7'8)*-5*32)7-(%&%-/$)*(-*%/A-#$%4'7%=/*#%4.%-/$-0

$Q*</A-#$%4'2*5'*7)/(.7$'*(-*5'*)*-5*-#$.(%'/$-*32-#./$)*2-#3)/#'85-*(-*5'*%/92'77%=/!

$$Q*I8$-/-2*-A%(-/7%'#*@*$-#$%&)/%)#*6.-*7)&32.-8-/*5'*7)&%#%=/*(-*5'*%/92'77%=/*(-*
9)2&'*)8O-$%A'*@*7)/$./(-/$-!

$$$Q* H%$'2* '* 5'* )* -5* -#$.(%'/$-* 32-#./$)* 2-#3)/#'85-* (-* 5'* %/92'77%=/>* '#;* 7)&)* '* 5'*
&'(2->*3'(2-*)*$.$)2*(-*7'('*./)>*'*./'*2-./%=/*6.-*#-*2-'5%D'2?*3'2'*6.-*5'*)*-5*
-#$.(%'/$-*32-#./$)*2-#3)/#'85-*(-*5'*%/92'77%=/>*2%/('*#.*A-2#%=/*(-*5)#*L-7L)#*@*
'24.&-/$-*#.*(-9-/#'!*

!)
 $OQ*K/'5%D'2*5'*A-2#%=/*(-*5)#*L-7L)#*(-*5'*)*-5*-#$.(%'/$-*6.-*#-*7)/#%(-2-*32-#./$)*
2-#3)/#'85-*(-*5'*%/92'77%=/>*)*-/*#.*7'#)>*A'5)2'2*5'*(-9-/#'*6.-*'24.&-/$-!

OQ5KGZKUVGPKPFKEKQUUWƂEKGPVGURCTCRTGUWOKTSWGUGEQOGVKÏNCKPHTCEEKÏPFKUEKRNK:
/'2%'>*7)/7-(-2*'*5'*)*-5*32-#./$)*2-#3)/#'85-*(-*5'*%/92'77%=/*)*'*5'#*@*5)#*32-#./$)#*
2-#3)/#'85-#>*()#*(;'#*L?8%5-#*3'2'*'3)2$'2*32.-8'#*-/*#.*(-9-/#'!

O$Q*`'5)2'2*5'#*32.-8'#*(-*(-9-/#'*32-#-/$'('#!

O$$Q*H)/75.%2*#%*-F%#$-*)*/)>*2-#3)/#'8%5%('(*#)82-*5'*%/92'77%=/*7)&-$%('>*-/*./*35'D)*
/)*&'@)2*(-*()#*(;'#*L?8%5-#*3)#$-2%)2-#*'5*$C2&%/)*32)8'$)2%)*7)/7-(%()*'*5'*)*-5*
32-#./$)*2-#3)/#'85-*(-*5'*%/92'77%=/!

O$$$Q*</$-42'2*-5*-F3-(%-/$-*(-*%/A-#$%4'7%=/*(-*5'*)*-5*-#$.(%'/$-*32-#./$)*2-#3)/#':
85-*(-*5'*%/92'77%=/>*7)/*5'#*-A%(-/7%'#*@*$-#$%&)/%)#*)8$-/%()#>*-5*'7$'*(-*5'*A-2#%=/*
(-*5)#*L-7L)#>*5'#*32.-8'#*#%*#-*L.8%-2'/*32-#-/$'()[*5'*2-#)5.7%=/*(-5*H)/#-O)*S%#7%:
35%/'2%)*"#7)5'2*6.-*(-8-2?*7)/$-/-2*./'*-F35%7'7%=/*(-$'55'('*(-*5'*7)/75.#%=/*3)2*
5'*6.-*#-*(-$-2&%/=*5'*2-#3)/#'8%5%('(*(-*5'*%/92'77%=/*7)&-$%('*@*5'*32)3.-#$'*(-*
5'*'77%=/*7)22-7$%A'!

"5*S%2-7$)2*(-5*G5'/$-5*(-8-2?*'#%4/'2*./*/T&-2)*(-*7)/$2)5*'5*-F3-(%-/$-*(-*%/A-#:
$%4'7%=/*'/$-#*7%$'()!

+(*!%J./-67QR*S.2'/$-*5'*2-./%=/*6.-*#-*55-A-*'*7'8)*3'2'*6.-*#-*(C*'*7)/)7-2*5'*
A-2#%=/*(-*5)#*L-7L)#*32-A%#$'*-/*5'*92'77%=/*<<<*(-5*'2$;7.5)*'/$-2%)2>*5'*)*-5*-#$.(%'/$-*
32-#./$)*2-#3)/#'85-*(-*5'*%/92'77%=/*(-8-2?*32-#-/$'2#-*'7)&3'B'('*)*'7)&3':
B'()*3)2*#.*&'(2-*3'(2-*)*$.$)2!*

#NKPKEKQFGNCTGWPKÏP[FWTCPVGUWFGUCTTQNNQGN&KTGEVQTFGN2NCPVGNƂLCT½NCUDCUGU
(-*2-#3-$)>*$)5-2'/7%'>*%&3'27%'5%('(*@*'&'8%5%('(*6.-*(-8-2?/*%&3-2'2*-/$2-*5)#*
'#%#$-/$-#*@*/'22'2?*(-*&'/-2'*82-A-*@*32-7%#'*5)#*L-7L)#*3)2*5)#*6.-*#-*32-#.&-*6.-*
5'*)*-5*-#$.(%'/$-*7)&-$%=*5'*%/92'77%=/>*('/()*5-7$.2'*'5*'2$;7.5)*(-5*32-#-/$-*2-45':
&-/$)*6.-*-#$'85-7-*5)#*#.3.-#$)#*(-*5'#*%/92'77%)/-#*&.@*42'A-#!*K7$)*#-4.%()>*5'*
)*-5*-#$.(%'/$-*32-#./$)*2-#3)/#'85-*(-*5'*%/92'77%=/>*('2?*'*7)/)7-2*#.*A-2#%=/*@*#%*
'#;*5)*(-7%(%-2'>*'24.&-/$'2?*#.*(-9-/#'!*"/*$)()*&)&-/$)*5'*)*-5*-#$.(%'/$-*(-8-2?*
#-2*'#%#$%()*3)2*#.*&'(2->*3'(2-*)*$.$)2!

M%*(.2'/$-*5'*2-./%=/>*5'*)*-5*-#$.(%'/$-*32-#./$)*2-#3)/#'85-*(-*5'*%/92'77%=/>*2-7):
/)7-*6.-*7)&-$%=*5'*%/92'77%=/*6.-*(%)*&)$%A)*'*5'*%/A-#$%4'7%=/>*)*6.-*3'2$%7%3=*-/*
#.*7)&%#%=/>*-5*H)/#-O)*S%#7%35%/'2%)*"#7)5'2*(-75'2'2?*7)/75.%()*-5*32)7-#)*(-*%/A-#:
$%4'7%=/>*5-A'/$'/()*-5*'7$'*7)22-#3)/(%-/$-*-/*()/(-*#-*'#-/$'2?*$)()*5)*'7$.'()>*
ƂTOCPFQVQFQUNQUCUKUVGPVGU
!!
S.2'/$-*5'*2-./%=/*(-8-2?/*-#$'2*32-#-/$-#*3)2*5)*&-/)#*$2-#*(-*5)#*%/$-42'/$-#*(-5*
H)/#-O)*S%#7%35%/'2%)*"#7)5'2!

H.'/()*%/$-2A-/4'*./*42.3)*(-*-#$.(%'/$-#*-/*5'*7)&%#%=/*(-*./'*%/92'77%=/>*#-*
-9-7$.'2?*./'*2-./%=/*3)2*7'('*./)*(-*5)#*32-#./$)#*2-#3)/#'85-#*(-*5'*%/92'77%=/>*'*
ƂPFGSWGTKPFCPUWFGENCTCEKÏP[CTIWOGPVGPUWFGHGPUCFGHQTOCUGRCTCFC

'PGNGZRGFKGPVGFGKPXGUVKICEKÏPUGFGDGT½CITGICTEQRKCFGNCEVCFGTGWPKÏPƂT:
&'('!

+(*!%J./-69QR5KCNƂPCNK\CTGNRTQEGFKOKGPVQFGKPXGUVKICEKÏPEQPVGORNCFQGPGN
'2$;7.5)*VV>*-5*H)/#-O)*S%#7%35%/'2%)*"#7)5'2*2-#)5A%-2'*6.-*-F%#$-*2-#3)/#'8%5%('(*3)2*
5'*%/92'77%=/*7)&-$%('>*(-/$2)*(-*5'#*WZ*L)2'#*L?8%5-#*#%4.%-/$-#>*(-8-2?*-/$2-4'2*'5*
S%2-7$)2*(-5*G5'/$-5*-5*-F3-(%-/$-*(-*%/A-#$%4'7%=/*@*5'*2-#)5.7%=/*7)/*5'*32)3.-#$'*
(-*5'*'77%=/*7)22-7$%A'>*(-*'7.-2()*7)/*5'#*'77%)/-#*32-A%#$'#*-/*-5*'2$;7.5)*ZW*(-5*
32-#-/$-*2-45'&-/$)>*3'2'*5'#*%/92'77%)/-#*&.@*42'A-#!

K*3'2$%2*6.-*-5*S%2-7$)2*(-5*G5'/$-5*2-7%8'*-5*-F3-(%-/$-*(-*%/A-#$%4'7%=/*@*5'*2-#)5.:
7%=/>*7)/$'2?*7)/*./*35'D)*/)*&'@)2*(-*$2-#*(;'#*L?8%5-#*3'2'*#)5%7%$'2*3)2*&-(%)*(-*
QƂEKQCNC&KTGEEKÏP#ECFÅOKECNCCWVQTK\CEKÏPFGNCCEEKÏPEQTTGEVKXCRTQRWGUVC

%WCPFQGN&KTGEVQTFGN2NCPVGNTGEKDCGNQƂEKQFGCWVQTK\CEKÏPFGNECODKQFGVWTPQ
)*7'&8%)*(-*G5'/$-5>*(-*'7.-2()*7)/*5)*32-A%#$)*-/*-5*'2$;7.5)*VX*(-5*32-#-/$-*2-:
45'&-/$)>*-&%$%2?*-5*(%7$'&-/*(-*2-#3)/#'8%5%('(*7)22-#3)/(%-/$-*(-5*7.'5*(-8-2?*
-/A%'2*7)3%'*'*5'*S%2-77%=/*K7'(C&%7'>*-/*./*$C2&%/)*/)*&'@)2*(-*()#*(;'#*L?8%5-#>*
3'2'*-9-7$)*6.-*#-*32)7-('*'*5'*'35%7'7%=/*(-*5'*'77%=/*7)22-7$%A'*(%7$'&%/'('!

'PGNECUQSWGGN&KTGEVQTFGN2NCPVGNTGEKDCGNQƂEKQFGCWVQTK\CEKÏPFGNCDCLCFGƂ:
/%$%A'*(-5*HIJKI>*-&%$%2?*-5*(%7$'&-/*(-*2-#3)/#'8%5%('(*7)22-#3)/(%-/$-*@*-/*./*
$C2&%/)*/)*&'@)2*(-*()#*(;'#*L?8%5-#>*(-8-2?*2-&%$%25)*'*5'*S%2-77%=/*K7'(C&%7'!

"/*-5*-F3-(%-/$-*(-*%/A-#$%4'7%=/>*#-*(-8-2?*'42-4'2*7)3%'*(-5*(%7$'&-/!

+(*!%J./-62QR*"5*(%7$'&-/*(-*2-#3)/#'8%5%('(*(-8-2?*9)2&.5'2#-*3)2*-#72%$)*@*7)/:
$-/-2*5'*%/9)2&'7%=/*#%4.%-/$-0

$Q&CVQUFGKFGPVKƂECEKÏPFGNCQGNGUVWFKCPVGKPHTCEVQT
$$Q*"F3)#%7%=/*(-*5)#*&)$%A)#*@*9./('&-/$)#*3)2*5)#*6.-*#-*7)/75.@=*5'*2-#3)/#'8%5%:
('(*(-*5'*)*-5*%/92'7$)2[
$$$Q*S-#72%37%=/*(-*5'*'77%=/*7)22-7$%A'*6.-*#-*'35%7'2?>*(-*7)/9)2&%('(*7)/*-5*'2$;7.5)*
ZW*(-*-#$-*)2(-/'&%-/$)[

!"
 $OQ*R.4'2*@*9-7L'*(-*-&%#%=/[*
OQ*f%2&'*(-*S%2-7$)2*(-5*G5'/$-5>*@
O$Q*M-55)*(-5*G5'/$-5!*

+(*!%J./-68QR.C&KTGEEKÏP#ECFÅOKECCRCTVKTSWGTGEKDCGNQƂEKQFGUQNKEKVWFFG
CWVQTK\CEKÏPFGNECODKQFGVWTPQQFGNECODKQFG2NCPVGNQFGNCDCLCFGƂPKVKXCFGN
HIJKI*(-*5'*)*-5*-#$.(%'/$-*%/92'7$)2>*(-8-2?*32)7-(-2*7)/9)2&-*'*5)*#%4.%-/$-0

$Q*"/*-5*7'#)*6.-*#-*#)5%7%$-*7'&8%)*(-*$.2/)>*5'*S%2-77%=/*K7'(C&%7'*'*3'2$%2*6.-*2-:
EKDCGNQƂEKQFGUQNKEKVWFEQPVCT½EQPEKPEQFÉCUJ½DKNGURCTCKPHQTOCTCN&KTGEVQTFG
2NCPVGNOGFKCPVGQƂEKQUKRTQEGFGQPQNCCWVQTK\CEKÏPUQNKEKVCFC

H.'/()*/)*32)7-('*5'*'.$)2%D'7%=/*3)26.-*#-*2-8'#-*5'*7'3'7%('(*(-*'$-/7%=/*)*5'*
&'$2;7.5'*-#7)5'2*'.$)2%D'('*@b)*(%#3)/%85-*-/*-5*$.2/)*#)5%7%$'()>*5'*S%2-77%=/*K7':
(C&%7'*7)/$'2?*7)/*7%/7)*(;'#*L?8%5-#*3'2'*%/9)2&'2*'5*S%2-7$)2*(-*G5'/$-5>*&-(%'/$-*
QƂEKQSWGPQRTQEGFGGNECODKQFGVWTPQRQTNQSWGCWVQTK\CT½GNECODKQFG2NCPVGN

H.'/()*/)*32)7-('*5'*'.$)2%D'7%=/*(-5*7'&8%)*(-*$.2/)*)*-5*7'&8%)*(-*G5'/$-5>*3)2:
6.-*#-*2-8'#-*5'*7'3'7%('(*(-*'$-/7%=/*)*5'*&'$2;7.5'*-#7)5'2*'.$)2%D'('*@b)*(%#3)/%:
85-*-/*-5*G5'/$-5*'.$)2%D'()>*5'*S%2-77%=/*K7'(C&%7'*7)/$'2?*7)/*7.'$2)*(;'#*L?8%5-#*
RCTCKPHQTOCTCN&KTGEVQTFGN2NCPVGNOGFKCPVGQƂEKQNCCWVQTK\CEKÏPFGNCDCLCFGƂPK:
$%A'*(-5*HIJKI*(-*5'*)*-5*-#$.(%'/$-*%/92'7$)2!

$$Q*"/*-5*7'#)*6.-*#-*#)5%7%$-*7'&8%)*(-*G5'/$-5>*5'*S%2-77%=/*K7'(C&%7'*'*3'2$%2*6.-*
TGEKDCGNQƂEKQFGUQNKEKVWFEQPVCT½EQPEKPEQFÉCUJ½DKNGURCTCKPHQTOCTCN&KTGEVQT
FGN2NCPVGNOGFKCPVGQƂEKQNCCWVQTK\CEKÏPFGNECODKQ[GN2NCPVGNFGVGTOKPCFQRCTC
-#-*-9-7$)!

H.'/()*/)*32)7-('*5'*'.$)2%D'7%=/*(-5*7'&8%)*(-*G5'/$-5>*3)26.-*#-*2-8'#-*5'*7':
3'7%('(*(-*'$-/7%=/*)*5'*&'$2;7.5'*-#7)5'2*'.$)2%D'('*@b)*(%#3)/%85-*-/*-#-*G5'/$-5>*
5'*S%2-77%=/*K7'(C&%7'*7)/$'2?*7)/*7.'$2)*(;'#*L?8%5-#*3'2'*%/9)2&'2*'5*S%2-7$)2*(-5*
2NCPVGNOGFKCPVGQƂEKQNCCWVQTK\CEKÏPFGNCDCLCFGƂPKVKXCFGN%1$#1FGNCQGN
-#$.(%'/$-*%/92'7$)2!

$$$Q'PGNECUQSWGUGUQNKEKVGDCLCFGƂPKVKXCFGN%1$#1NC&KTGEEKÏP#ECFÅOKECC
RCTVKTSWGTGEKDCGNQƂEKQFGUQNKEKVWFEQPVCT½EQPEWCVTQFÉCUJ½DKNGURCTCKPHQTOCTCN
&KTGEVQTFGN2NCPVGNOGFKCPVGQƂEKQNCCWVQTK\CEKÏPFGNCDCLCFGƂPKVKXCFGN%1$#1
(-*5'*)*-5*-#$.(%'/$-*%/92'7$)2!

!#
+(*!%J./-63QR5KCNƂPCNK\CTGNRTQEGFKOKGPVQFGKPXGUVKICEKÏPGUVCDNGEKFQGPGN
'2$;7.5)*VV*(-*-#$-*2-45'&-/$)>*-5*H)/#-O)*S%#7%35%/'2%)*"#7)5'2*2-#)5A%-2'*6.-*/)*
-F%#$-*2-#3)/#'8%5%('(*3)2*5'*%/92'77%=/*7)&-$%('>*'*&?#*$'2('2*'5*(;'*L?8%5*#%4.%-/$-*
(-8-2?*-/$2-4'2*'5*S%2-7$)2*(-5*G5'/$-5>*-5*-F3-(%-/$-*(-*%/A-#$%4'7%=/*7)22-#3)/:
(%-/$->*(-8%('&-/$-*%/$-42'()*@*5'*2-#)5.7%=/!

K*3'2$%2*6.-*-5*S%2-7$)2*(-5*G5'/$-5*2-7%8'*-5*-F3-(%-/$-*@*5'*2-#)5.7%=/>*(-/$2)*(-*5'#*
JQTCUJ½DKNGUUKIWKGPVGUFGDGT½PQVKƂECTCNCQGNGUVWFKCPVGKPXGUVKICFQSWKGP
(-8-2?*-#$'2*'7)&3'B'()*3)2*#.*&'(2->*3'(2-*)*$.$)2>*-5*(%7$'&-/*&-(%'/$-*-5*7.'5*
#-*5-*-F%&-*(-*2-#3)/#'8%5%('(!

"/*-5*-F3-(%-/$-*(-*5'*)*-5*-#$.(%'/$-*-F-/$)*(-*2-#3)/#'8%5%('(>*#-*(-8-2?*'42-4'2*
7)3%'*(-5*(%7$'&-/!

+(*!%J./-6:QR*S-*7)&-$-2#-*./'*%/92'77%=/*&.@*42'A-*-/*./*-A-/$)*-#7)5'2*3T:
85%7)>*8'#$'2?*7)/*-5*$-#$%&)/%)*(-5*3-2#)/'5*(%2-7$%A)>*()7-/$-*)*'(&%/%#$2'$%A)*6.-*
L'@'*32-#-/7%'()*5)#*L-7L)#>*3'2'*6.-*-5*H)/#-O)*S%#7%35%/'2%)*"#7)5'2*%/%7%-*-5*32):
7-(%&%-/$)*(-*%/A-#$%4'7%=/*'*3'2$%2*(-*5'*92'77%=/*`*(-5*'2$;7.5)*VV*(-5*32-#-/$-*
2-45'&-/$)!*
!"#$%&'()+**)
#&-.+-+'.$%+%$,"-#&-.+)-+%%$/"&)-%/((&%*$O+)

+(*!%J./-75QR*G)2*5'*7)&%#%=/*(-*./'*%/92'77%=/*5-A->*(-*'7.-2()*7)/*5)#*#.3.-#:
$)#*32-A%#$)#*-/*-5*'2$;7.5)*Wj*(-5*32-#-/$-*2-45'&-/$)>*5'#*'77%)/-#*7)22-7$%A'#*6.-*
#-*3)(2?/*(%7$'&%/'2>*#)/0
$Q*G2%&-2*2-3)2$->*7)/9)2&-*5)*-#$'85-7-*-5*'2$;7.5)*ZZ*92'77%=/*<!*
$$Q*M-4./()*2-3)2$->*7)/9)2&-*5)*-#$'85-7-*-5*'2$;7.5)*ZZ*92'77%=/*<<!
$$$Q*"FL)2$)>*7)/9)2&-*5)*-#$'85-7-*-5*'2$;7.5)*ZZ*92'77%=/*<<<!

+(*!%J./-74QR*G)2*5'*7)&%#%=/*(-*./'*%/92'77%=/*42'A-*(-*'7.-2()*7)/*5)#*#.3.-#:
$)#*32-A%#$)#*-/*-5*'2$;7.5)*WX*(-5*32-#-/$-*2-45'&-/$)>*5'#*'77%)/-#*7)22-7$%A'#*6.-*
#-*3)(2?/*(%7$'&%/'2>*#)/0
$Q**"FL)2$)>*7)/9)2&-*5)*-#$'85-7-*-5*'2$;7.5)*Z\*92'77%=/*<!
$$Q*K#%4/'7%=/*(-*./'*'7$%A%('(*(-*#-2A%7%)*'5*G5'/$-5>*7)/9)2&-*5)*-#$'85-7-*Z\*92'7:
7%=/*<<!
$$$Q*M.#3-/#%=/*(-*./)*'*$2-#*(;'#*(-*75'#-#>*7)/9)2&-*5)*-#$'85-7-*Z\*92'77%=/*<<<!

!$
 +(*!%J./-71QR*G)2*5'*7)&%#%=/*(-*./'*%/92'77%=/*&.@*42'A->*(-*'7.-2()*7)/*5)#*#.:
3.-#$)#*32-A%#$)#*-/*-5*'2$;7.5)*WY*(-5*32-#-/$-*2-45'&-/$)>*5'#*'77%)/-#*7)22-7$%A'#*
6.-*#-*3)(2?/*(%7$'&%/'2>*#)/0
$Q*H'&8%)*(-*$.2/)>*7)/9)2&-*5)*-#$'85-7-*-5*'2$;7.5)*ZY*92'77%=/*<!
$$Q*H'&8%)*(-*G5'/$-5>*7)/9)2&-*5)*-#$'85-7-*-5*'2$;7.5)*ZY*92'77%=/*<!
$$$Q$CLCFGƂPKVKXCFGN%1$#1EQPHQTOGNQGUVCDNGEGGNCTVÉEWNQHTCEEKÏP++

+(*!%J./-76QR.CQGNGUVWFKCPVGSWGEQOGVCFGOCPGTCƃCITCPVGGNFGNKVQFGJQ:
&%7%(%)>*A%)5'7%=/>*A-/$'*(-*(2)4'#>*5-#%)/-#*6.-*3)/4'/*-/*3-5%42)*5'*A%('>*)*3)2$':
EKÏP[WUQFGCTOCUFGHWGIQUGFCT½FGDCLCFGƂPKVKXCFGN%1$#1UKPSWGUGNNGXG
'*7'8)*-5*32)7-(%&%-/$)*(-*%/A-#$%4'7%=/*-#$'85-7%()*-/*-5*32-#-/$-*2-45'&-/$)!*
R'*'35%7'7%=/*(-*5'#*'77%)/-#*7)22-7$%A'#*32-A%#$'#*-/*-#$-*2-45'&-/$)>*#-2?/*%/(-:
3-/(%-/$-#*(-*5'#*'77%)/-#*7%A%5-#*)*3-/'5-#*6.-*#-*%/$-23)/4'/*3)2*5'*7)&%#%=/*(-*
./'*%/92'77%=/*)*(-5%$)!

+(*!%J./-77QR*Q/'*A-D*6.-*#-*(%7$'&%/-*5'*2-#3)/#'8%5%('(*(-*5'*)*-5*-#$.(%'/$-*
%/92'7$)2*-/*5)#*$C2&%/)#*32-A%#$)#*-/*-5*'2$;7.5)*VW*(-5*32-#-/$-*2-45'&-/$)>*3)2*5'*
7)&%#%=/*(-*./'*%/92'77%=/*5-A->*#-*'35%7'2?/*5'#*#%4.%-/$-#*'77%)/-#*7)22-7$%A'#*'*5'*
)*-5*-#$.(%'/$-*%/92'7$)20
$Q*M-*5-A'/$'2?*./*32%&-2*2-3)2$-*7)/9)2&-*5)*-#$'85-7-*-5*'2$;7.5)*Vc!
$$Q*M-*5-A'/$'2?*./*#-4./()*2-3)2$-*7)/9)2&-*5)*-#$'85-7-*-5*'2$;7.5)*Vc!
$$$Q*H)&)*7)/#-7.-/7%'*(-*./*$-27-2*2-3)2$->*-5*3-2#)/'5*(%2-7$%A)*4%2'2?*7%$'$)2%)*'*
5'*)*-5*-#$.(%'/$-*%/92'7$)2*@*'*#.*&'(2->*3'(2-*)*$.$)2>*3'2'*6.-*'#%#$'/*'*./'*2-.:
/%=/*6.-*#-*55-A'2?*'*7'8)*'*&?#*$'2('2*-5*(;'*L?8%5*#%4.%-/$-*(-*L'8-2#-*-&%$%()*-5*
2-3)2$-!*S.2'/$-*5'*2-./%=/>*#-*32%A%5-4%'2?*-5*(%?5)4)>*-5*2-#3-$)*5'*%&3'27%'5%('(*@*5'*
'&'8%5%('(>*7)/*-5*)8O-$)*6.-*5'*)*-5*-#$.(%'/$-*%/92'7$)2*(C*'*7)/)7-2*5)#*&)$%A)#*
3)2*5)#*6.-*7)&-$%=*5'*%/92'77%=/*@*-5*3-2#)/'5*(%2-7$%A)*-FL)2$-*'*5'*)*-5*-#$.(%'/$-*
%/92'7$)2*'*&'/$-/-2*./'*7)/(.7$'*(%#7%35%/'('!

H)/75.%('*(%7L'*2-./%=/>*-5*3-2#)/'5*(%2-7$%A)*5-A'/$'2?*-5*'7$'*-/*5'*7.'5*'#-/$'2?*
VQFQNQCEVWCFQ[FGDGT½ƂTOCTUGRQTVQFQUNQUCUKUVGPVGU

"/*7'#)*(-*2-%/7%(%2*3)2*7.'2$'*)7'#%=/>*5'*%/92'77%=/*#-2?*7)/#%(-2'('*42'A-*(-*7)/:
9)2&%('(*7)/*-5*'2$;7.5)*WX*92'77%=/*`>*3)2*5)*6.-*#-*'35%7'2?*-5*32)7-(%&%-/$)*32-A%#:
$)*-/*-5*'2$;7.5)*Z\*92'77%=/*<!

!%
+(*!%J./-79QR*Q/'*A-D*6.-*#-*(%7$'&%/-*5'*2-#3)/#'8%5%('(*(-*5'*)*-5*-#$.(%'/$-*
%/92'7$)2*-/*5)#*$C2&%/)#*32-A%#$)#*-/*-5*'2$;7.5)*VW*(-5*32-#-/$-*2-45'&-/$)>*3)2*5'*
7)&%#%=/*(-*./'*%/92'77%=/*42'A->*#-*'35%7'2?/*5'#*#%4.%-/$-#*'77%)/-#*7)22-7$%A'#*'*5'*
)*-5*-#$.(%'/$-*%/92'7$)20

$Q*G)2*-5*32%&-2*2-3)2$->*-5*S%2-7$)2*(-5*G5'/$-5*4%2'2?*7%$'$)2%)*'*5'*)*-5*-#$.(%'/$-*%/:
92'7$)2*@*'*#.*&'(2->*3'(2-*)*$.$)2>*3'2'*6.-*'#%#$'/*'*./'*2-./%=/*-/*5'*6.-*$'&8%C/*
-#$'2?*32-#-/$-*-5*)2%-/$'()2*-(.7'$%A)>*6.-*#-*55-A'2?*'*7'8)>*'*&?#*$'2('2*-5*(;'*L?:
8%5*#%4.%-/$-*(-*L'8-2#-*-&%$%()*-5*2-3)2$-!*S.2'/$-*5'*2-./%=/>*#-*32%A%5-4%'2?*-5*(%?:
5)4)>*-5*2-#3-$)>*5'*%&3'27%'5%('(*@*5'*'&'8%5%('(>*7)/*-5*)8O-$)*6.-*5'*)*-5*-#$.(%'/$-*
%/92'7$)2*(C*'*7)/)7-2*5)#*&)$%A)#*3)2*5)#*6.-*7)&-$%=*5'*%/92'77%=/*@*-5*S%2-7$)2*(-5*
G5'/$-5*5'*)*5)*-FL)2$-*'*&'/$-/-2*./'*7)/(.7$'*(%#7%35%/'('!

K7$)*#-4.%()>*5'*)*-5*-#$.(%'/$-*%/92'7$)2*@*#.*&'(2->*3'(2-*)*$.$)2>*(-8-2?/*#%4/'2*
./'*7'2$'*7)&32)&%#)*3'2'*6.-*5'*)*-5*-#$.(%'/$-*%/92'7$)2*/)*A.-5A'*'*7)&-$-2*'54.:
/'*(-*5'#*%/92'77%)/-#*32-A%#$'#*-/*-5*32-#-/$-*2-45'&-/$)>*'(A%2$%C/()#-*-/*5'*&%#&'*
7'2$'*6.-*#%*2-%/7%(-*)*7)&-$-*'54./'*)$2'*%/92'77%=/>*('2?*5.4'2*'*5'*'35%7'7%=/*(-*5'*
'77%=/*7)22-7$%A'*7)22-#3)/(%-/$-!*

M%*'5*7)&-$-2*5'*%/92'77%=/*42'A->*-5*-#$.(%'/$-*7'.#=*./*('B)>*(-8-2?*6.-('2*'#-/$':
()*-/*5'*7'2$'*7)&32)&%#)*-5*'7.-2()*(-*7=&)*#-*2-#'27%2?!*
R'*)*-5*)2%-/$'()2*-(.7'$%A)>*32-A%)*'/?5%#%#>*3)(2?*2-7)&-/('2*6.-*5'*)*-5*-#$.(%'/$-*
%/92'7$)2*#-'*7'/'5%D'()*3'2'*2-7%8%2*'$-/7%=/*-#3-7%'5%D'('*(-*&'/-2'*-F$-2/'!

H)/75.%('*5'*2-./%=/>*-5*S%2-7$)2*(-5*G5'/$-5*5-A'/$'2?*'7$'*-/*5'*7.'5*'#-/$'2?*$)()*5)*
'7$.'FQ[FGDGT½ƂTOCTUGRQTVQFQUNQUCUKUVGPVGU
$$Q*G)2*-5*#-4./()*2-3)2$->*-5*S%2-7$)2*(-5*G5'/$-5*'#%4/'2?*'*5'*)*-5*-#$.(%'/$-*%/92'7$)2>*
./'*(-*5'#*'7$%A%('(-#*(-*#-2A%7%)*'5*35'/$-5>*32-A%#$'#*-/*-5*'2$;7.5)*Wc*(-5*32-#-/$-*
2-45'&-/$)!*
M%*7)&)*7)/#-7.-/7%'*(-*5'*%/92'77%=/*6.-*(%)*5.4'2*'5*#-4./()*2-3)2$->*#-*7'.#=*
./*('B)>*#-*4%2'2?*7%$'$)2%)*'*5'*&'(2->*3'(2-*)*$.$)2*-/*5)#*&%#&)#*$C2&%/)#*(-*
5'*92'77%=/*'/$-2%)2*@*/.-A'&-/$-*#-*5-*-FL)2$'2?*'*2-#'27%2*-5*('B)*&-(%'/$-*7'2$'*
7)&32)&%#)>*&%#&'*6.-*(-8-2?*#-2*#%4/'('*3)2*5'*&'(2->*3'(2-*)*$.$)2*(-*5'*)*-5*
-#$.(%'/$-*%/92'7$)2!

$$$Q*G)2*-5*$-27-2*2-3)2$->*-5*S%2-7$)2*(-5*G5'/$-5>*#.#3-/(-2?*'*5'*)*-5*-#$.(%'/$-*%/92'7:
$)2>*./*(;'[*@*-/*7'#)*(-*2-%/7%(-/7%'>*5'*#.#3-/#%=/*#-2?*(-*$2-#*(;'#*3)2*7'('*2-3)2$-*
6.-*'7.&.5-!*

!&
 M%*7)&)*7)/#-7.-/7%'*(-*5'*%/92'77%=/*6.-*(%)*5.4'2*'5*$-27-2*2-3)2$-*)*&?#>*#-*7'.#=*
./*('B)>*#-*4%2'2?*7%$'$)2%)*'*5'*&'(2->*3'(2-*)*$.$)2*-/*5)#*&%#&)#*$C2&%/)#*(-*5'*
92'77%=/*'/$-2%)2*@*/.-A'&-/$-*#-*5-*-FL)2$'2?*'*2-#'27%2*-5*('B)!

"/*-5*-F3-(%-/$-*(-*5'*)*-5*-#$.(%'/$-*%/92'7$)2*#-*(-8-2?*'42-4'2*7)3%'*(-*7'('*
TGRQTVGSWGUGCEWOWNGCUÉEQOQFGNCECTVCEQORTQOKUQ[FGNCEVCFGTGWPKÏPƂT:
OCFC[GPUWECUQFGNGUETKVQFGCUKIPCEKÏPFGNUGTXKEKQCN2NCPVGNƂTOCFQRQTGN&K:
2-7$)2*(-5*G5'/$-5>*'#;*7)&)*-5*'/?5%#%#*6.-*L'@'*-&%$%()*5'*)*-5*)2%-/$'()2*-(.7'$%A)!

+(*!%J./-72QR*H.'/()*5'*)*-5*-#$.(%'/$-*2-%/7%(-/$-*/)*2-'5%7-*5'*'7$%A%('(*(-*#-2:
A%7%)*'5*G5'/$-5*'#%4/'('>*#.*%/7.&35%&%-/$)*#-*7)/#%(-2'2?*7)&)*./'*%/92'77%=/*(%#:
7%35%/'2%'*42'A->*(-*'7.-2()*7)/*-5*#.3.-#$)*-#$'85-7%()*-/*-5*'2$;7.5)*WX*92'77%=/*
`*6.-*('2?*5.4'2*'*5'*'77%=/*7)22-7$%A'*32-A%#$'*-/*-5*'2$;7.5)*Z\*92'77%=/*<<<*(-*-#$-*
)2(-/'&%-/$)!

"/*-5*-/$-/(%()*6.-*5'*'35%7'7%=/*(-*5'*'77%=/*7)22-7$%A'*'/$-2%)2>*/)*-F-/$'2?*'*5'*)*
-5*-#$.(%'/$-*(-*5'*)85%4'7%=/*(-*2-'5%D'2*5'*'7$%A%('(*(-*#-2A%7%)*'5*G5'/$-5>*3)2*5)*6.-*
-5*3-2#)/'5*(%2-7$%A)*(-8-2?*%/9)2&'2*'*5'*)*-5*-#$.(%'/$-*%/92'7$)2*5'*2-32)42'&'7%=/*
(-*(%7L'*'7$%A%('(!

+(*!%J./-78QR*"/*-5*7'#)*6.-*5'*)*-5*-#$.(%'/$-*%/92'7$)2*%/7.&35'*#.*)85%4'7%=/*(-*
2-#'27%2*-5*('B)*-/*-5*$%-&3)*@*-/*5'*9)2&'*'7)2('('>*(-*7)/9)2&%('(*7)/*-5*'2$;7.5)*
Z\*(-5*32-#-/$-*2-45'&-/$)>*-5*S%2-7$)2*(-5*G5'/$-5*5-A'/$'2?*3)2*-#72%$)*./*'3-27%8%:
&%-/$)*7)/*7)3%'*3'2'*5'*&'(2->*3'(2-*)*$.$)2>*-/*-5*7.'5*#-*'(A-2$%2?*'*5'*)*-5*-#$.:
(%'/$-*%/92'7$)2*6.-*-/*./*35'D)*/)*&'@)2*(-*$2-#*(;'#*L?8%5-#*'*3'2$%2*(-*6.-*2-7%8'*
-5*'3-27%8%&%-/$)>*(-8-2?*2-#'27%2*-5*('B)*$'5*7)&)*#-*'7)2(=*-/*-5*'7$'*(-*2-./%=/*
7)22-#3)/(%-/$-[*@'*6.-*-5*%/7.&35%&%-/$)*(-*5)*'/$-2%)2>*#-*7)/#%(-2'2?*7)&)*./'*
%/92'77%=/*&.@*42'A->*32-A%#$'*-/*-5*'2$;7.5)*WY*92'77%=/*<*(-5*32-#-/$-*2-45'&-/$)!*

"/*-5*-F3-(%-/$-*(-*5'*)*-5*-#$.(%'/$-*%/92'7$)2>*#-*(-8-2?*'42-4'2*7)3%'*(-5*'3-27%:
8%&%-/$)!

+(*!%J./-73QR*G'2'*5'*'35%7'7%=/*(-*'77%)/-#*7)22-7$%A'#*7)22-#3)/(%-/$-#*'*5'#*%/:
92'77%)/-#*(%#7%35%/'2%'#*&.@*42'A-#*32-A%#$'#*-/*-5*'2$;7.5)*WY*(-5*32-#-/$-*2-45'&-/:
$)>*#-*(-8-2?*)8#-2A'2*-5*#%4.%-/$-*32)7-(%&%-/$)0*

$Q*H.'/()*5'*S%2-77%=/*K7'(C&%7'*'.$)2%7-*7'&8%)*(-*$.2/)*)*7'&8%)*(-*G5'/$-5>*
(-*7)/9)2&%('(*7)/*5)*32-A%#$)*-/*-5*'2$;7.5)*VX*(-*-#$-*2-45'&-/$)>*-/*./*35'D)*/)*
OC[QTFGEKPEQFÉCUJ½DKNGUEQPVCFQUCRCTVKTSWGTGEKDCGNQƂEKQFGCWVQTK\CEKÏP[

!'
L'@'*-&%$%()*-5*(%7$'&-/*(-*2-#3)/#'8%5%('(*7)22-#3)/(%-/$->*-5*S%2-7$)2*(-5*G5'/$-5*
4%2'2?*7%$'$)2%)*'*5'*)*-5*-#$.(%'/$-*%/92'7$)2*@*'*#.*&'(2-*3'(2-*)*$.$)2>*3'2'*6.-*'#%#:
VCPCWPCTGWPKÏPGPNCEWCNUGPQVKƂECT½FKEJQFKEVCOGP

"/*-5*7'#)*(-*6.-*5'*)*-5*-#$.(%'/$-*%/92'7$)2>*#.*&'(2->*3'(2-*)*$.$)2*/)*-#$C/*(-*
CEWGTFQEQPNCTGUQNWEKÏPFGVGTOKPCFCUGCRNKECT½NCDCLCFGƂPKVKXCFGN%1$#1

$$Q%WCPFQNC&KTGEEKÏP#ECFÅOKECCWVQTKEGNCDCLCFGƂPKVKXCFGN%1$#1FGEQPHQT:
&%('(*7)/*5)*32-A%#$)*-/*-5*'2$;7.5)*V\*@*VX*(-*-#$-*2-45'&-/$)>*-/*./*35'D)*/)*&'@)2*
(-*7%/7)*(;'#*L?8%5-#*7)/$'()#*'*3'2$%2*6.-*2-7%8'*-5*(%7$'&-/*(-*2-#3)/#'8%5%('(>*
4%2'2?*7%$'$)2%)*'*5'*)*-5*-#$.(%'/$-*%/92'7$)2*@*'*#.*&'(2->*3'(2-*)*$.$)2>*3'2'*6.-*'#%#:
VCPCNC&KTGEEKÏP#ECFÅOKECCWPCTGWPKÏPGPNCEWCNUGPQVKƂECT½FKEJQFKEVCOGP

S.2'/$-*5'*2-./%=/*32-A%#$'*-/*5'#*92'77%)/-#*'/$-2%)2-#>*-5*3-2#)/'5*(-#%4/'()*3)2*
5'*S%2-77%=/*K7'(C&%7'>*#-4T/*9.-2'*-5*7'#)>*#-/$'/()*5'#*8'#-#*3'2'*6.-*-/*$)()*
&)&-/$)*#-*32%A%5-4%-*-5*(%?5)4)>*-5*2-#3-$)>*5'*%&3'27%'5%('(*@*5'*'&'8%5%('(>*('2?*
5-7$.2'*'5*(%7$'&-/*(-*2-#3)/#'8%5%('(*@*-/$2-4'2?*./*-O-&35'2*'*5'*&'(2->*3'(2-*)*
$.$)2>*7)/*-5*)8O-$)*(-*6.-*7)&32-/('*5)#*&)$%A)#*@*9./('&-/$)#*3)2*5)#*7.'5-#*#-*
(%7$'&%/=*5'*2-#3)/#'8%5%('(*(-*5'*)*-5*-#$.(%'/$-*%/92'7$)2*@*5'*'77%=/*7)22-7$%A'*6.-*
#-*'35%7'2?!*

"/*-5*7'#)*6.-*#-*L'@'*)7'#%)/'()*./*('B)>*7)&)*7)/#-7.-/7%'*(-*5'*2-'5%D'7%=/*
(-*./'*%/92'77%=/*&.@*42'A-[*(.2'/$-*5'*2-./%=/*#-*'7)2('2?/*5)#*7)&32)&%#)#*6.-*
'#.&%2?*5'*&'(2->*3'(2-*)*$.$)2*(-*5'*)*-5*-#$.(%'/$-*%/92'7$)2*3'2'*2-#'27%2*-5*('B)>*
%/(-3-/(%-/$-*(-*5'*'77%=/*7)22-7$%A'*6.-*#-*(-$-2&%/-*3)2*5'*%/92'77%=/*7)&-$%('!*

#NƂPCNK\CTNCTGWPKÏPUGNGXCPVCT½CEVCGPNCEWCNUGCUGPVCT½VQFQNQCEVWCFQ[UGT½
ƂTOCFCRQTNQUCUKUVGPVGU

"/*-5*-F3-(%-/$-*(-*5'*)*-5*-#$.(%'/$-*%/92'7$)2>*#-*(-8-2?*'42-4'2*7)3%'*(-5*'7$'*(-*
NCTGWPKÏPƂTOCFC[EQRKCFGNFKEVCOGPFGTGURQPUCDKNKFCF

!"#$%&'()+***
#&.-%/")&H/-#$)%$'.$"+($/-&)%/.+()

+(*!%J./-7:QR*"5*H)/#-O)*S%#7%35%/'2%)*"#7)5'2*#-*%/$-42'2?*T/%7'&-/$-*7.'/()*#-*
2-6.%-2'>*7)/*-5*)8O-$)*(-*%/A-#$%4'2*5'*2-#3)/#'8%5%('(*3)2*%/92'77%)/-#*&.@*42'A-#>*
7)&-$%('#*-/*5)#*$C2&%/)#*-#$'85-7%()#*-/*-5*32-#-/$-*2-45'&-/$)>*3)2*5)*6.-*$-/(2?*
5'#*#%4.%-/$-#*'$2%8.7%)/-#0

!(
 $Q*R5-A'2*'*7'8)*-5*32)7-(%&%-/$)*(-*%/A-#$%4'7%=/*32-A%#$)*-/*-5*'2$;7.5)*VV*(-5*32-:
#-/$-*2-45'&-/$)[
$$Q*a-'5%D'2*5'#*(%5%4-/7%'#*/-7-#'2%'#*@b)*7)&3'$%85-#*7)/*#.*)8O-$)[

$$$Q*H)/)7-2*@*2-#)5A-2*5)#*7'#)#*(-*%&3-(%&-/$)#*)*-F7.#'#*(-*#.#*&%-&82)#*3'2'*
%/$-2A-/%2*-/*-5*32)7-(%&%-/$)*(-*%/A-#$%4'7%=/[
$OQ*G'2$%7%3'2*-/*5'#*(%5%4-/7%'#*6.-*#-*55-A-/*'*7'8)*7)/*&)$%A)*(-*5'*%/A-#$%4'7%=/[
OQ*a-#4.'2('2*-5*-F3-(%-/$-*(-*%/A-#$%4'7%=/*L'#$'*6.-*5)*-/$2-4.-*'5*S%2-7$)2*(-5*
G5'/$-5>*@

O$Q*G2)3)/-2*'5*S%2-7$)2*(-5*G5'/$-5>*5'*'77%=/*7)22-7$%A'!
'N%QPUGLQ&KUEKRNKPCTKQ'UEQNCTPQKPVGTXGPFT½GPNCKPXGUVKICEKÏPFGFGNKVQUƃCITCP:
$-#>*(-*'7.-2()*7)/*5)*(%#3.-#$)*-/*5)#*'2$;7.5)#*V_*@*ZV*(-5*32-#-/$-*2-45'&-/$)!

+(*!%J./-95QR*"5*H)/#-O)*S%#7%35%/'2%)*"#7)5'2*#-*%/$-42'2?*(-*5'*&'/-2'*#%4.%-/$-0
$Q*"5*S%2-7$)2*(-5*G5'/$-5[

$$Q*R'*)*-5*)2%-/$'()2*-(.7'$%A)*6.-*#-*-/7.-/$2-*92-/$-*'*42.3)*'5*6.-*3-2$-/-7-*5'*
)*-5*-#$.(%'/$-*32-#./$)*2-#3)/#'85-*(-*5'*%/92'77%=/[

$$$Q*R'*)*-5*$.$)2*(-*42.3)*'5*6.-*3-2$-/-7-*5'*)*-5*-#$.(%'/$-*32-#./$)*2-#3)/#'85-*
(-*5'*%/92'77%=/>*@

$OQ*Q/*()7-/$-*(-*2-7)/)7%('*7'5%('(*&)2'5*6.-*(-8-2?*#-2*-5-4%()*3)2*5'*35'/$%55'*
()7-/$-*(-5*35'/$-5!*

R)#*%/$-42'/$-#*(-5*H)/#-O)*S%#7%35%/'2%)*"#7)5'2*2-'5%D'2?/*#.#*'7$%A%('(-#*(-*9)2&'*
JQPQTKƂECRQTNQSWGPQTGEKDKT½PTGOWPGTCEKÏPCFKEKQPCNCUWUWGNFQ

+(*!%J./-94QR*"5*H)/#-O)*S%#7%35%/'2%)*"#7)5'2*'7)2('2?*#.#*(-7%#%)/-#*(-*9)2&'*
7)5-4%'('>*'#-/$'/()*#.#*'7.-2()#*(-*9)2&'*-#72%$'!

"*
 %,"-.*%(,*(.

'($N&(/QR("5*32-#-/$-*a-45'&-/$)*(-*H)/A%A-/7%'*"#7)5'2*3'2'*5'*E)('5%('(*"#:
EQNCTK\CFCGPVTCT½GPXKIQTCNFÉCUKIWKGPVGFGUWRWDNKECEKÏPGPGN2GTKÏFKEQ1ƂEKCN
(-5*U)8%-2/)*(-5*"#$'()*(-*I'F'7'!

)&0J"#/QR( M-* '82)4'* -5* a-45'&-/$)* S%#7%35%/'2%)* (-* 5'#* Q/%('(-#* "(.7'$%A'#*
SWGHWGRWDNKECFQGPGN2GTKÏFKEQ1ƂEKCNFGN)QDKGTPQFGN'UVCFQFGHGEJCFG
/)A%-&82-*(-*W_c_!

*&(%&(/QR( "5* 32-#-/$-* a-45'&-/$)* (-* H)/A%A-/7%'* "#7)5'2* 3'2'* 5'* E)('5%('(*
"#7)5'2%D'('>*4'2'/$%D'*-5*35-/)*-O-27%7%)>*2-#3-$)>*32)$-77%=/*@*32)&)7%=/*(-*5)#*
S-2-7L)#*h.&'/)#*(-*5'#*@*5)#*-#$.(%'/$-#*-/*-5*&'27)*(-*5'*%/$-27.5$.2'5%('(>*7)/:
9)2&-*'*5)*-#$'85-7%()*-/*5'*H)/#$%$.7%=/*G)5;$%7'*(-*5)#*"#$'()#*Q/%()#*E-F%7'/)#*
@*-/*5)#*g2'$'()#*</$-2/'7%)/'5-#*(-*5)#*6.-*-5*"#$'()*E-F%7'/)*9)2&'*3'2$-!

%J+(*/QR("5*32-#-/$-*2-45'&-/$)>*#-2?*(%9./(%()*-/*$)('#*5'#*?2-'#*'(&%/%#$2'$%:
A'#*@*35'/$-5-#*(-5*H)5-4%)*(-*J'7L%55-2-#*(-5*"#$'()*(-*I'F'7'>*3'2'*7)/)7%&%-/$)*
(-5*3-2#)/'5*(%2-7$%A)>*()7-/$->*'(&%/%#$2'$%A)>*@*(-*5'#*&'(2-#>*3'(2-#*)*$.$)2-#*(-*
5'#*@*5)#*-#$.(%'/$-#!

KJ$"*/QR(*R)#*7'#)#*/)*32-A%#$)#*-/*-5*32-#-/$-*a-45'&-/$)*(-*H)/A%A-/7%'*"#:
7)5'2*3'2'*5'*E)('5%('(*"#7)5'2%D'('*#-2?/*2-#.-5$)#*3)2*5'*S%2-77%=/*K7'(C&%7'!

S'()*-/*-5*E./%7%3%)*(-*M'/$'*H2.D*k)F)7)$5?/>*I'F'7'>*'*5)#*cW*(;'#*(-5*&-#*(-*
&'2D)*(-5*'B)*()#*&%5*(%-7%/.-A-!*

!"#$%&'()"*'%+,"*"'%-'./0,1/%2,,13#43
4)#$5+2#!?$*$#%7

")
 !,31*%(.

!"#$%%"&'()%)!*+"%)
-!"#$%+,"/45167%&48'3%9)4*:.*
S%2-7$)2'*K7'(C&%7'
!"#$%;4<51%=",,4,4.4%>0.#71/*
M.8(%2-7$)2'*K7'(C&%7'
!"#$%?',4.(4%=")*1.%!'/4.'*
e-9'*(-5*S-3'2$'&-/$)*(-*I2%-/$'7%=/*"(.7'$%A'
;6)4$%2,14.4%-$%@1))1)4%9#1A1('*
e-9'*(-5*S-3'2$'&-/$)*(-*M.3-2A%#%=/*@*"A'5.'7%=/*"(.7'$%A'

!"#$%%"&'(!$(,-)'$)%"&'
-!"#$%&'#B'%9()"4.4%C)D/%!1<A4*
S%2-7$)2'*(-*G5'/-'7%=/
;6)4$%;")1,,<%E".1(4%F,43 *
e-9'*(-5*S-3'2$'&-/$)*(-*^)2&'$%A%('(*@*"#$'(;#$%7'
!"#$%>4.()4%-D))',4%C)D/*
G-2#)/'5*(-5*S-3'2$'&-/$)*(-*^)2&'$%A%('(*@*"#$'(;#$%7'*

%..#!"')%"&'(/0#1!"%)
-!"#$%&4G,%H4A"(%C1)A4.613%C74*'<4-
H))2(%/'()2*e.2;(%7)
!"#$%@D851)6'%I4A"1)%&'()B*D1/%C70A1/
G-2#)/'5*(-*5'*H))2(%/'7%=/*e.2;(%7'*
*

"!