’’&;2<5O4526/<3@1<046-H6=6G2<@52<>35<5=-44( V&V@40765-45<D-@526=3@6.352526-G67<5-7H-7<4=-@L<4G-443>=6& !"#$%&#"#$!#"#%&’(&))*+,&-./01 tpNw(cid:148)(cid:149)!7!pN"("#
)&J263@176<46-H6=6G2<@5G-G0=<53-@& E&J234L6450761<@1-@573>0565-526K3153/O446@46-H4610735D<@C407K3K<=& N&,-.C3C526/<@O4/<@<L671-//0@31<56.35223/5234/-7@3@L(
2$3’4!5678
*&^6-G=6O4=3K3@L45D=643@526G<45’""D6<74& I&Z@52341<46!D-0<76>65567-HH45<D3@L<.<D<@C1<==3@L6/67L6@1D467K3164&
)&J27-0L26/<3=& *&J27-0L2G2-@61<==4& +&J27-0L24-13<=/6C3<&
+&,0/<@<153K353643@6=6G2<@54O61-4D456/4& =I?@!6JKL#CDE$F@’"@%
(&;2<52<4526/<@>66@C-3@L3@526/-7@3@L(
P&V@C<@L676C6=6G2<@54O><C26<=521-@C353-@4& p_q!$r!%="%<="!k!sk!%k&
)&+261?3@L2346/<3=&
’$&;2<5O4C6R3=K<O4<55350C65-.<7C45266@K37-@/6@5( (cid:135)(cid:136)uv(cid:152)(cid:153)!z<"|}+)"*"+"P(cid:154)y8(cid:127){8;ƒ§2¤'(cid:144)“+(cid:128)(cid:129)8(cid:127)# 9:;<"
*&P6<=3@L.3525264-13<=/6C3<G=<5H-7/&
)&^-4353K6& *&Z@C3HH676@5& +&J-=67<@5& P&+-@167@6C& VK67DX15->67!1-0@5=644?3C46A1356C=D42-GH-7526G67H615 ,<==-.66@1-450/6& !&!"#!$%&’()*+,-"$%."$/."01.234!"56#
’%&;2<53452656A5/<3@=D<>-05(
,-.6K67!\<1?!*7<@CDO4176<53K6!#]D6<7]-=C4-@!466/45-2<K6>66@>-7@.352!$!!&
#&7!89":!8;<="!>?!@ABC!"56DE"F+!>G.H +&)77<@L3@L526.-7?4126C0=6&
)&+-@H=3154>65.66@6=6G2<@54<@C20/<@4& R3@1626.<4-@=D:!26O4>66@!$#!234K67D-.@1-450/64&*645-H<==!526D=--?!$’!
I#JKLM!@NOPQR?!S8HTU!>G.#7!V89":!(!>34 tp(w(cid:148)(cid:149)!7!p:"9"#
*&Q-44-H)43<@6=6G2<@54O2<>35<57<@L6& !"56#34WXY6Z[# :&;26@C3C526.-/<@2<K6<@3@567K36.(
3@176C3>=6&
+&U61644<7D12<@L6H-76=6G2<@5G-G0=<53-@4&
\<1?O41-450/6H-7#"#$/045>6526/-45!$$!,<==-.66@1-450/6262<4/<C64-H<7&
’&$X\]?!(WXY^!"5_‘a7#
)&J.-C<D4<L-& *&E3K6C<D4<L-& +&).66?<L-&
P&,0/<@<153K35364O3@H=06@16-@)43<@6=6G2<@54& ,343@4G37<53-@1</6H7-/<$@&!$%!1<75--@1-/31>--?)35.<44-G-G0=<752<535.<4 9&;2<5C-64526/<@<4?526.-/<@5-C-(
p(cid:141)q!$r%="%<="#&%k!sk!#&%k&
=>?@!AB#CDE$F@’"@%
<C<G56C3@5-</-K36W045=<45D6<7&J26>--?.<4H0==-H3@5676453@L!$N!!L3K3@L\<1?<==-H )&I3K6<1<==5-<4?<>-055267640=5&
(cid:135)(cid:136)uv(cid:152)(cid:153)!z(cid:152)(cid:153)?+8(cid:127){8;ƒ§2¤'(cid:144)“+(cid:128)(cid:129)8(cid:127)#8(cid:127){ij(cid:127)«‹› !!!!b!"!:!!!c!(!!!>!G!4!X!Y!6!#!d!e!f!g!\]!?!!!h!(!i!j!k!l+:m(XY6+!>n
5263@4G37<53-@261-0=C!$(!&Z@5266@C!52-0L2!\<1?!$:!<7-=61<==6CRG73@L57<G& *&,<K64-/61-HH66H-776=<A<53-@&
8(cid:127)# Ho!"56#
ZHD-0?@-.<@D523@L<>-055261<75--@1-/31>--?!D-0?@-.52<5RG73@L57<G=--?44-
+&*6G<536@5<@C.<35H-75267640=5&
)17-44526.-7=C!/3==3-@4-HG6-G=6<76?3==6C-7C34<>=6C3@57<HH31<113C6@546K67DD6<7& p_q!$r%="%<="!&%k!sk(&%k&
1056&)@C\<1?C3C<@6A16==6@5W->-H!$9!52<53@2341-450/6&\045=--?<5<==-H526=355=6 tp:w(cid:148)(cid:149)!7!p!"(cid:150)!#"#
!’N!b@-.3@L2-.5-L3K6H3745<3C5-<113C6@5K3153/41<@/6<@526C3HH676@16>65.66@=3H6 tuv%wDx#<wDx?i_y="!z"{|}+)"*"+~y8(cid:127){8;(cid:128)(cid:129)8
</<Y3@L!%"!3@2341-450/6&Z5O4@-.-@C67*7<@CDW0452<C5-!%!!2674-@O42<7C.-7?
<@CC6<52&,676<7643/G=6456G4-@2-.5-L3K6H3745<3C5-<113C6@5K3153/4& (cid:127)#t(cid:130)<wDx?!h(cid:131)i!"(cid:132)l+:m(cid:133)7!i(cid:134)="^(cid:135)(cid:136)u_="#<wDx(cid:137)(cid:136)
!"&;2<5C-64526/<@.<@55-C-<H567L7<C0<53-@(
.352G6-G=6-@=3@6&
B4-+)#%->4-(#(1/9’5/#2(1/-#45 _(cid:138)# )&F0@>043@64464& *&P643L@>03=C3@L4& +&J6<122345-7D&
J27-0L2/<?3@L1-450/64!\<1?466/45-2<K6C341-K676C234!%#!&;26@26L654
!’(! )H567<446443@L5264350<53-@!G<7?D-07K6231=6-@52643C6-H5267-<C!<5=6<45 (cid:139)’,-./0123452642375( !!&;2<534526.-/<@3@5676456C3@(
-=C67!26.<@545-/<?61-450/64<@C/-K36G7-G4$(cid:176)–&&Z@H<15!35O4234!%’!5-.-7?3@
!""H665<.<DH7-/526<113C6@5416@6&J07@D-072<Y<7C$fifl&=3L254-@5-.<7@-5267
)&8!9&!%& *&89&!:& +&89&!%& )&B6C313@6& *&Q<.& +&I7-.3@LG=<@54&
<1<75--@<@C4G613<=6HH61541-/G<@D&
-@1-/3@LK6231=64& !>(cid:140)+# !#&,-.C-64526.-/<@4-0@C3@5266@C(
;352\<1?/<?3@L1-450/64=3?65234>6H-7626O46K6@<$@&!%$!!52676O4@-C-0>5234
"1/>+2#-54&6/-
!&;2<5.3==526.6<5267>6=3?6@6A5B-@C<D( )&R0GG-753K6& *&P-0>5H0=& +&S@3@5676456C&
176<53K35D<@C5<=6@5.3==5<?623/H<7<@C6K6@50<==D/<?623/!%%!&
[-074<H65D<@C52<5-H526K3153/C6G6@C-@52343@353<=<44644/6@5&Q--?-05H-7523@L4
$!&)&5<=6@5 *&>7<K67D +&20/-7 P&G<536@16
)&;3@CD& *&E3@6& +&F<3@D& tp9w(cid:148)(cid:149)!7!p!’(cid:150)!N"#
=3?6H06=H=-.3@L!4/-?6!0@45<>=64570150764!-76AG-46C.3764&!’:! *D1261?3@LH-7
$#&)&76G<373@L *&/<?3@L +&G<1?3@L P&.<423@L
#&;2<5.3==526.-/<@G7-><>=DC-<H5671=<44(
!’&;26@C3C526.-/<@L65267=316@46(
C<@L67!D-0176<56<4<H676@K37-@/6@53@.2312D-0<44644<@CG7-K3C6<3C5-52-463@@66C&
)&I--05H-7<C3@@67& *&J<=?.352<G7-H644-7& +&I-5-526526<576&
$’&)&G<75=D *&2<7C=D +&/676=D P&<>4-=056=D )&R3A.66?4<L-& *&,<=H<D6<7<L-& +&J2766D6<74<L-&
"488/$/-6/&>)9/-.’>/9
)H567/<?3@L<_031?<44644/6@5-H526<113C6@5416@6!1<==6/67L6@1D467K3164&^7-K3C6 $$&)&176<53K6 *&6AG6@43K6 +&1-/31 P&7-/<@531
’&;2<553/63452657<3@=6<K3@L(
!$&;2<5<765264G6<?674G7-><>=DC-3@L(
)&)5!"’%%& *&)5!"’’%& +&)5!"’#"&
526G674-@.352.2-/D-0O764G6<?3@L.3526K67D76_0376C3@H-7/<53-@5-526>645-HD-07
$%&)&-7C3@<7D *&G-G0=<7 +&41<7D P&H-7/<=
)&F3C3@L/-5-71D1=64& *&F3C3@L>31D1=64& +&P73K3@L<1<7&
?@-.=6CL6&!’9! J26D /<D2<K6<CC353-@<=3@H-7/<53-@-7->467K6C65<3=4<>-05526
$N&)&=6150764 *&6AG673/6@54 +&<CK6@50764 P&12<7<15674
$&;2<5C-64526/<@=6<7@H7-/526.-/<@<>-05L3K3@L<4G6612(
!%&;2<5C<D34355-C<D(
<113C6@5<@CK3153/D-0/<D2<K6/3446C&
$(&)&12<==6@L6 *&76K346 +&@66C P&456<= )&,-.5-6AG7644H66=3@L4&
)&E73C<D& *&R<507C<D& +&R0@C<D&
"#$2#-((1/.’>(’$
$:&)&12-46 *&>61</6 +&176<56C P&G67H-7/6C *&,-.5-76/6/>67526=3@64&
!N&;2<534526G7-><>=676=<53-@423G>65.66@5264G6<?674(
Z534/-45=3?6=D52<5<@<113C6@5K3153/3441<76C<@C/<D>63@W076C&J<=?3@L5-526 $9&)&<C/373@L *&3/G7-K3@L +&1-@K6D3@L P&1-@57-==3@L +&,-.5-3@567<15.352526<0C36@16&
)&+-<12<@C=6<7@67& *&P73K67<@CG<446@L67& +&*7-5267<@C434567&
K3153/<@C-HH673@L.-7C4-H6@1-07<L6/6@51<@1<=/23/,2670@53=6/67L6@1D467K3164<773K6& %"&)&H66 *&6@67LD +&176<50764 P&C65<3=4
%&,-./012.<45261</67<526@6A5C<D(
tp!"w(cid:148)(cid:149)!7!p!((cid:150)#""#
V@1-07<L3@L.-7C41<@1-/H-755264-0=&ZHG-443>=6!2-=C526K3153/O42<@C&!$"! %!&)&1-@H046 *&1-/G<76 +&42<76 P&=3@? )&MN%& *&M:%& +&M9"&
)&[-0/<D426=567526K3153/H7-/52640@<4.6==& %#&)&C3K67435D *&1<7667 +&45D=6 P&K37506 p(cid:141)q!$r!%="%<="!&%k!sk##&%k&
!(&;2-/345264G6<?675<=?3@L5-(
*&E3745<3C345263@353<=1<76L3K6@5-<@3@W076CG674-@& %’&)&C76</ *&-GG-750@35D +&2-@-7 P&73L25 tuv%wDx(cid:142)(cid:143)(cid:144)#<wDx(cid:142)(cid:143)(cid:144)?i(cid:145)y="!z"{|}+)"*"+~y8(cid:127) )&R50C6@54OG<76@54& *&T3435-74& +&U6.450C6@54&
+&E3745!6@40765264<H65D-H>-52526K3153/<@CD-0746=H& %$&)&<C0=5 *&6=C67 +&><>D P&566@<L67 {8;(cid:128)(cid:129)8(cid:127)#t<wDx(cid:142)(cid:143)(cid:144)#!h(i:m(cid:135)(cid:136)(cid:146)y="!<="%(cid:132)l%t(cid:130)?!(cid:146) !:&,-./<@DC6G<75/6@54<76526763@5261-==6L6(
P&V@1-07<L6-5267.35@644645-1<==6/67L6@1D467K3164<4.6==& %%&)&>6=36K6 *&450CD +&401166C P&0@C6745<@C ="(};%(cid:132)l+(cid:147)!:m#<wDx(cid:142)(cid:143)(cid:144)(cid:136)j(cid:138)# )&$& *&%& +&N&
!!"#$!%!!!!(&"’!"&#$ %!"#!$%&% !!"#$!%!!!!:&"’!"&#$ %!"#!$%&% !!"#$!%!!!!!&"’!"&#$ %!"#!$%&% !!"#$!%!!!!#&"’!"&#$ %!"#!$%&%
{#{QQABBYQEogCgAABAABhCAQkgCkEQkAAACagGQFAUsAIAyRFABAA=}#}
书书书!
"
#
$
%
&
)
(
(
’
&
%
$
#
"
!
!9&;2676C-52656<126743@526V@L=342C6G<75/6@5/<3@=D1-/6H7-/( ##&,-.1<@D-0K-=0@5667H-7526>--?C73K6( +&J-56==526L76<5046-HC6@3/3@C<3=D=3H6& +&J26H-0@C<53-@-H1-@@6153-@4&
)&V@L=<@C<@C)/6731<& *&)/6731<<@C)0457<=3<& +&)/6731<<@C+<@<C<& )&*D46@C3@L<@6/<3=& P&J-6AG=<3@2-.5-761D1=6C6@3/W6<@4& P&J263/G7-K6/6@5-HD-07H</3=D&
#"&;231234526=<7L645>03=C3@L3@5261-==6L6( *&*D43L@3@L0G<5+35D,<==& #N&;2<5C-64G<7<L7<G2’/<3@=D5<=?<>-05( ’"&;2<5C-645260@C67=3@6C.-7C*6=3/3@<56+3@G<7<L7<G2#/6<@(
)&J26/<3@=3>7<7D& +&*D1-@5<153@L526412--=-HH316& )&+23=C76@O4=<1?-H@<5076?@-.=6CL6& )&F6/-K6& *&R576@L526@& +&B<3@5<3@& P&;-746@&
*&J26C3@3@L2<==&
P&*DC7-GG3@L-HH>--?4<5<=-1<=412--=& *&^6-G=6O41-@H043-@<>-05*677DO4<75& ’!&;231234526<CK<@5<L6-HH-1043@L-@43/3=<7353643@526=<45G<7<L7<G2(
+&J26V@L=342C6G<75/6@5>03=C3@L& #’&;2<534526G07G-46-H5264G613<=6K6@5-@X15->67!%52( +&^7-1644-HG=<@5-HC3HH676@5G673-C4& )&Z@C31<53@LD-073@567645&
!=!3!?!@!!!G!H#!C!D!E!$!F!@!%"!@!%!!!!!!!!!!!!!!! )&J-<CK6753461-/3@L6K6@54& P&B-53K<53-@-H*677DO4<7534531176<53-@& *&B<?3@LD-0746=H16@576C&
p_q!$r!%="%<="#&%k!sk’(&%k& *&J-6@1-07<L6/-76C-@<53-@4& #(&;2<53452612<7<156734531-H52642-.C64173>6C3@526=<45G<7<L7<G2( +&B<?3@L-52674H66=K<=06C&
(cid:135)(cid:136)u(cid:151)(cid:152)(cid:153)!z<"|}+)"*"+"P(cid:154)y8(cid:127){8;(cid:128)(cid:129)8(cid:127)#
+&J-3@57-C016@6.>--?43@526=3>7<7D& )&+-45=D& *&+-/G=31<56C& +&Q3H6=3?6& P&)>457<15&
P&B<?3@L-52674<C<G55-D-0710=5076&
P&J-16=6>7<565266@C-H526>--?C73K6& "
,
!
* J26H3745523@L/-45-H04C-.26@.-7?3@L.352G6-G=6H7-/<@6.10=5076345-=6<7@
"#$$%&’()*##+,-’./’0’./(1/0’2(#23/45’&6 B-7652<@’/3==3-@4_0<76?3=-/65674-H526)43<@6=6G2<@5O42345-7312<>35<57<@L62<4
;6<766A1356C5-<@@-0@165260G1-/3@L+-//0@35D*--?P73K6!<@3@353<53K6<3/6C<5
E-7/<@D!C6@3/$(cid:155)(cid:156)(cid:157)&34<5DG6-H1=-52%>05H-7Q-@C-@]><46C<75345Z<@*677D!35O4 <>-05C3HH676@164&)@C52676<76K67D46@43>=676<4-@45-C-4-&Z526=G4D-0<K-3C10=507<= >66@=-453@W0455276616@507364!<@6.76G-75H7-/<@3@567@<53-@<=4136@53H3156</=6C>D<
<176<53K6/6C30/&E-7526=<455.-C61<C64!*677D2<4046C526@<KD>=061=-525-176<56 /340@C6745<@C3@L4&*05H-1043@L-@C3HH676@164<=-@61<@2<K6354C-.@43C64&E-7-@6523@L!
7646<71267<5S@3K67435D-H+<=3H-7@3<R<@P36L-76K6<=4&J234C7</<531C61=3@6/<D0@C67=36
1-==6153@L>--?45-40GG-75-07=-1<==3>7<7D<@C412--=4&J2346K6@534< .-@C67H0=
K<73-04G-757<354$(cid:158)(cid:159)&!<@C6K6@G2-5-76<=34531C64173G53-@4-H+<=3H-7@3<&)@C234=<5645 52676O4<=3?6=D12<@16D-0O==>6.7-@L&E-1043@L-@C3HH676@1641<@<=4->6_0356/6@5<==D
G7646@5]C<D1-@H=3154>65.66@6=6G2<@54<@CG6-G=6!526<052-74<7L06&
-GG-750@35DH-76K67D-@65-1-@573>0565-526W-D-H76<C3@L<@C6C01<53-@3@-071-//0@35D&
176<53-@1-@53@0645-76K6<=5260@6AG6156C<@C3@@-K<53K6.<D4C6@3/1<@>6046C&J35=6C 5<A3@L&R-!3HD-0C-@O5H-104-@C3HH676@164!.2<5526@1<@D-0C-5->6/-766HH6153K6<17-44
P6K6=-G3@L@6.3@43L254H7-/<0@3_06C<5<46552<5/-C6=4=<@C]04612<@L6-K6752766 *DC-@<53@L>--?4!.61<@26=G6@7312526=3K64-H-07123=C76@<@CC6K6=-G<=-K6H-7
R61765I<7C6@<@C7616@5=D-@C34G=<D<5526I<7C6@B0460/3@Q-@C-@!5234.-7?763/<L3@64 10=50764(Z@-076AG6736@16!<@6_0<==D76<4-@<>=6<@C23L2=D6HH6153K6<=567@<53K65612@3_0634
16@507364!5267646<71256</=6C>DR267/3@C6R3=K<H-0@C52<52<>35<544035<>=6H-7)43<@
=3567<507652<5.3===<45<=3H653/6& <G6<16H0=46553@L.352<H342G-@C!H=-.674!<@CG=<@54)<==/<C6H7-/761D1=6CC6@3/W6<@4& 5-H-104-@43/3=<735364&)@C523412<@L63@G674G6153K61<@2<K64-/6G7655DG-.67H0=6HH6154&
6=6G2<@542<K6>66@105>D@6<7=D5.-]5237C4.3523@526G<45’""D6<74&
7./&(,/(4’89: J26R61765I<7C6@42-..<4H37456A23>356C<5526+23=C76@O4B0460/-H526)7543@U6. ZHD-0523@?<>-0535!523434G7-><>=D6A<15=D2-.D-0645<>=3421-@@6153-@4<@C
J26=<7L645=3K3@L=<@C<@3/<=3@)43<!6@C<@L676C)43<@6=6G2<@543@2<>356CL7<44=<@C4
J26>--?C73K6.3==5<?6G=<16H7-/ X15->67!455-X15->67’!45&;6<76466?3@L [-7?3@#"!(<@C2<443@16>66@C34G=<D6C3@K<73-044356]4G613H31=-1<53-@4<@CL<==67364 76=<53-@423G43@D-07-.@10=5076&[-0C-@O5<GG7-<12<G674-@523@?3@L<>-05<==526
<@C7<3@H-764561-4D456/452<5-@1617-446C5261-@53@6@5&)@<=DY3@L=<@C]046C<5<H7-/526
C-@<53-@4-H@6.-7L6@5=D046C>--?44035<>=6H-7<==<L64!3@1=0C3@L123=C76@O4>--?4!D-0@L .-7=C.3C6&X73L3@<==DC643L@6CH-7<D-0@L<0C36@16!*677D<3/6C5-3@4G376123=C76@5- G-56@53<=.<D4D-01-0=C>6C3HH676@5%3@456<C!D-0@<507<==DL7<K35<565-43/3=<735364!5-
D6<74:%"5-#"!%!5267646<712674C64173>63@526W-07@<=2)+’%&+3+)4’5"(&6<57-0>=3@L
<C0=5@-K6=4!<@C<C0=5=3567<5076&VK67D>--?1-0@54!<@C.6<GG7613<56<@D1-@573>053-@52<5 76H=615-@-073@567<153-@.352@<5076& H3@C3@L523@L4D-0/3L252<K63@1-//-@5-H-7/526><434-H<76=<53-@423G&)=52-0L2.6
4350<53-@3@.2312526D6453/<5652<5/-7652<@N$‘ -H2345-7314035<>=66=6G2<@52<>35<5
D-01<@/<?6& *J263C6<1</6H7-/523@?3@L/<@D?3C4C-@O52<K652637-.@L<7C6@4<@C523@?3@L-H 56@C5-<GG7-<1217-44]10=507<=3@567<153-@4_0356C3HH676@5=D!5264</65612@3_06<150<==D
<17-44)43<2<4>66@=-45&;23=66=6G2<@52<>35<5476/<3@6C76=<53K6=D45<>=6G73-75-526
,-#;<#22=#>4(’#&9:
1-//0@35DL<7C6@4=-1<56C>65.66@>03=C3@L4<@C57D3@L5-3@4G376526/5-466?526/-05!+ .-7?4W045<4.6==<17-4410=50764&;26@H-1046C-@43/3=<735364!D-0O76-G6@5-)<@C!3@
!(""4!=<@C]046G7<1531643@)43<!3@1=0C3@LH-7645C6176<46!H<7/3@L<@C<L7310=5076!105526
*--?41<@>6C7-GG6C-HH<5<@D-H526H-==-.3@L=-1<53-@4’ *677D4<D4&*Z5<=4-L<K6526-GG-750@35D5-5<=?<>-054045<3@<>3=35D<4.6==<426=G3@LD-0@L H<15!=--?3@LH-7)<G-56@53<=1-@@6153-@&^672<G435O4<2->>DD-042<763@1-//-@.352<
<K67<L62<>35<543Y6/-7652<@:"‘!H7-/99!"""5-!N!"""4_0<76?3=-/65674&
/3@C4523@?<>-05.2676523@L41-/6H7-/&+J26<753456K6@42-.6C526?3C4<1-55-@G=<@5 1-.-7?67!-7/<D>6>-52-HD-0<5<>043@644/6653@L<>7-<C2<K6H</3=364D-0O7657D3@L5-
+-//0@35DQ3>7<7DB<3@*7<@12
J26450CD<=4-40LL645452<552676/<3@3@L6=6G2<@5G-G0=<53-@45-C<D/<D@-52<K6
5-6AG=<3@.2676W6<@41-/6H7-/&*Z5.<4</<Y3@L5-4664-/<@D1-@H046C<55263C6<!+26 1-@@615.352&*DH-1043@L-@43/3=<735364D-02<K6526G-.675-176<561-@@6153-@4<@C>03=C
+35D,<==Q-1<=
6@-0L22<>35<5<76<4&;23=6!""‘-H526<76<.3523@!""?3=-/65674-H52610776@56=6G2<@5
761<==4&*Z56@<>=6C6C01<5-745-5<=?<>-052-.3@52642-.G=<@54.676507@6C3@5-G<@54! 76=<53-@423G452<56352676=3/3@<5610=507<=C3HH676@164-7/<?6526/3776=6K<@5&
R12--=4$1-@5<15526412--=-HH316H-74G613H311-==6153-@G-3@54&
7<@L6.<41-@43C676C4035<>=62<>35<53@!(""!526G7-G-753-@$¥(cid:139)&2<443@16C61=3@6C5-=644
526@><1?5-G=<@54<L<3@&+ )@-5267<CK<@5<L6-H5234<GG7-<123452<5D-071-.-7?674<76/-76=3?6=D5-H66=52<5D-0
?#8%&(//-@;;#-(%&’(’/9:
;23=6526/-457616@5R61765I<7C6@42-.34@O54G613H31<==DC643L@6CH-7123=C76@!35453== 466526/<4<@3@C3K3C0<=&X@526-52672<@C!H-1043@L-@43/3=<735364/6<@4D-0<7640356C5-
52<@%"‘>D#"!%&J23446540G<23L2G-56@53<=H-71-@H=3154.352G6-G=6=3K3@L3@52-46<76<4
;6<76<=4-=--?3@LH-7K-=0@566745-26=G4-75<@C-7L<@3Y6526>--?4&ZHD-0<76
<46=6G2<@5G-G0=<53-@412<@L652637>62<K3-7<@C<CW0455-/-7620/<@]C-/3@<56C4G<164&
<7-0464<123=C=3?646@46-H.-@C67&T3435-741<@.<=?527-0L2526C6@3/L<7C6@G<52<@CH3@C 526G<75310=<735364-H5264G613H31G674-@D-0<763@567<153@L.352&J23434/-76=3?6=D5-7640=5
3@5676456C3@K-=0@56673@L!G=6<4643L@0G<5526=3>7<7D-746@C<@6/<3=5-!"#$%&’’(!
G=<@542<@L3@L<>-K6526/&T<73-04G=<@54<@CH=-.674<76C6G3156C3@42<C64-H3@C3L-$(cid:160)¡ 3@526-5267G<75DH66=3@L466@<@C26<7CH-7.2-526D<76!<@C1<@?31?-HH<G-4353K6=3H5-H
*Z@526!N""4<@C!(""452676346K3C6@16-H<C7</<53112<@L63@=<@C046!@-5W0453@
)"**$%+&,-""./(+!’0"(10[-0753/6<@C6HH-75.3==>6L76<5=D<GG7613<56C<@C.3==G=<D<
¢&&J2676O46K6@<G6<16H0=G-@C<552626<75-H526L<7C6@!H6<5073@LC6@3/?-3H342!<@C< /050<=$£⁄+&-G6@@644<@C57045&
)43<!>05L=-><==D!+4<3CC6R3=K<!<@<44345<@5G7-H644-73@526R12--=-H*3-=-L31<=R136@164O
17013<=7-=63@5264011644-H-07>--?C73K6&
16@57<=.<567H6<5076&VK67D<76<-H526L<7C6@42-.1<4644012<@3/G76443K6=6K6=-HC65<3=4 #:&;2DC-G6-G=6H-104-@C3HH676@1643@</0=5310=507<=1-/G<@D(
P6G<75/6@5-HV1-=-LD!*62<K3-7<@CVK-=053-@!<@CH-0@C67-H526@-@G7-H35J70@?4a
A;/>’487./&(9:
52<535O46<4D5-H-7L6552<55266@537642-.342<@C/<C6H7-/C6@3/& )&J-6/G2<43Y652637-.@10=5076&
Q6<K64&*)7-0@C526.-7=C.6466<76<==DC7</<53157<@4H-7/<53-@52<52<44673-041-@46_06@164
;6.3==>62-453@L<4G613<=6K6@5-@X15->67!%52<5526+-//0@35DQ3>7<7DB<3@ #$&;2<5C3CZ<@*677D046C6@3/H-7( *&J-76C0160@@61644<7D57-0>=64& 52<5=<456K6@5-5234C<D&+
*7<@12H7-/#’""G/5-$’""G/&\-3@04H-776<C3@L4!17<H54!<@C76H7642/6@54&J23434<
)&)?3@C-H1=-52H-71=-523@L& *&+-K674H-7K<73-04G-757<354& +&J-5<?6<CK<@5<L6-H-526710=5076&
’#&;2<5C3C526@6.76G-75H-104-@(
L76<512<@165-/665-5267>--?=-K674!=6<7@/-76<>-055263/G<15-HD-07C-@<53-@4&B-45 +&*<L4H-7H=-.674<@CG=<@54& P&B<5673<=4H-7234.-7?4-H<75& P&J-/<?6526.-7?G=<16/0=5310=507<=& )&J26@0/>67-H1-@H=3154>65.66@6=6G2<@54<@CG6-G=6&
3/G-75<@5=D!H3@CK<73-04.<D4D-01<@40GG-75+-//0@35D*--?P73K6& #%&;2<5O4526<3/-H526R61765I<7C6@42-.( #9&;2<5O452643L@3H31<@16-HH-1043@L-@43/3=<7353643@</0=5310=507<=1-/G<@D( *&+2<@L64-H526=3K3@L2<>35<54H-7)43<@6=6G2<@54&
#!&;2<534526C07<53-@-H526>--?C73K6( )&J-7<346123=C76@O4<.<76@644-H@<5076& )&J26-73L3@-H5262->>364& +&J26/6<407645<?6@H-7<L7310=507<=/-C6=4-H=<@C]046&
)&J2766C<D4& *&X@6.66?& +&J.-.66?4& P&X@6/-@52& *&J-L65123=C76@3@U6.[-7?3@5676456C3@<75& *&J2645<75-H.-7?6HH3136@1D& P&;<D45-C6<=.3521-@H=3154>65.66@/<@<@C<@3/<=4&
!!"#$!%!!!!’&"’!"&#$ %!"#!$%&% !!"#$!%!!!!$&"’!"&#$ %!"#!$%&% !!"#$!%!!!!%&"’!"&#$ %!"#!$%&% !!"#$!%!!!!N&"’!"&#$ %!"#!$%&%
{#{QQABBYQEogCgAABAABhCAQkgCkEQkAAACagGQFAUsAIAyRFABAA=}#}!
"
#
$
%
&
)
(
(
’
&
%
$
#
"
!
!9&;2676C-52656<126743@526V@L=342C6G<75/6@5/<3@=D1-/6H7-/( ##&,-.1<@D-0K-=0@5667H-7526>--?C73K6( +&J-56==526L76<5046-HC6@3/3@C<3=D=3H6& +&J26H-0@C<53-@-H1-@@6153-@4&
)&V@L=<@C<@C)/6731<& *&)/6731<<@C)0457<=3<& +&)/6731<<@C+<@<C<& )&*D46@C3@L<@6/<3=& P&J-6AG=<3@2-.5-761D1=6C6@3/W6<@4& P&J263/G7-K6/6@5-HD-07H</3=D&
#"&;231234526=<7L645>03=C3@L3@5261-==6L6( *&*D43L@3@L0G<5+35D,<==& #N&;2<5C-64G<7<L7<G2’/<3@=D5<=?<>-05( ’"&;2<5C-645260@C67=3@6C.-7C*6=3/3@<56+3@G<7<L7<G2#/6<@(
)&J26/<3@=3>7<7D& +&*D1-@5<153@L526412--=-HH316& )&+23=C76@O4=<1?-H@<5076?@-.=6CL6& )&F6/-K6& *&R576@L526@& +&B<3@5<3@& P&;-746@&
*&J26C3@3@L2<==&
P&*DC7-GG3@L-HH>--?4<5<=-1<=412--=& *&^6-G=6O41-@H043-@<>-05*677DO4<75& ’!&;231234526<CK<@5<L6-HH-1043@L-@43/3=<7353643@526=<45G<7<L7<G2(
+&J26V@L=342C6G<75/6@5>03=C3@L& #’&;2<534526G07G-46-H5264G613<=6K6@5-@X15->67!%52( +&^7-1644-HG=<@5-HC3HH676@5G673-C4& )&Z@C31<53@LD-073@567645&
!=!3!?!@!!!G!H#!C!D!E!$!F!@!%"!@!%!!!!!!!!!!!!!!! )&J-<CK6753461-/3@L6K6@54& P&B-53K<53-@-H*677DO4<7534531176<53-@& *&B<?3@LD-0746=H16@576C&
p_q!$r!%="%<="#&%k!sk’(&%k& *&J-6@1-07<L6/-76C-@<53-@4& #(&;2<53452612<7<156734531-H52642-.C64173>6C3@526=<45G<7<L7<G2( +&B<?3@L-52674H66=K<=06C&
(cid:135)(cid:136)u(cid:151)(cid:152)(cid:153)!z<"|}+)"*"+"P(cid:154)y8(cid:127){8;(cid:128)(cid:129)8(cid:127)#
+&J-3@57-C016@6.>--?43@526=3>7<7D& )&+-45=D& *&+-/G=31<56C& +&Q3H6=3?6& P&)>457<15&
P&B<?3@L-52674<C<G55-D-0710=5076&
P&J-16=6>7<565266@C-H526>--?C73K6& "
,
!
* J26H3745523@L/-45-H04C-.26@.-7?3@L.352G6-G=6H7-/<@6.10=5076345-=6<7@
"#$$%&’()*##+,-’./’0’./(1/0’2(#23/45’&6 B-7652<@’/3==3-@4_0<76?3=-/65674-H526)43<@6=6G2<@5O42345-7312<>35<57<@L62<4
;6<766A1356C5-<@@-0@165260G1-/3@L+-//0@35D*--?P73K6!<@3@353<53K6<3/6C<5
E-7/<@D!C6@3/$(cid:155)(cid:156)(cid:157)&34<5DG6-H1=-52%>05H-7Q-@C-@]><46C<75345Z<@*677D!35O4 <>-05C3HH676@164&)@C52676<76K67D46@43>=676<4-@45-C-4-&Z526=G4D-0<K-3C10=507<= >66@=-453@W0455276616@507364!<@6.76G-75H7-/<@3@567@<53-@<=4136@53H3156</=6C>D<
<176<53K6/6C30/&E-7526=<455.-C61<C64!*677D2<4046C526@<KD>=061=-525-176<56 /340@C6745<@C3@L4&*05H-1043@L-@C3HH676@164<=-@61<@2<K6354C-.@43C64&E-7-@6523@L!
7646<71267<5S@3K67435D-H+<=3H-7@3<R<@P36L-76K6<=4&J234C7</<531C61=3@6/<D0@C67=36
1-==6153@L>--?45-40GG-75-07=-1<==3>7<7D<@C412--=4&J2346K6@534< .-@C67H0=
K<73-04G-757<354$(cid:158)(cid:159)&!<@C6K6@G2-5-76<=34531C64173G53-@4-H+<=3H-7@3<&)@C234=<5645 52676O4<=3?6=D12<@16D-0O==>6.7-@L&E-1043@L-@C3HH676@1641<@<=4->6_0356/6@5<==D
G7646@5]C<D1-@H=3154>65.66@6=6G2<@54<@CG6-G=6!526<052-74<7L06&
-GG-750@35DH-76K67D-@65-1-@573>0565-526W-D-H76<C3@L<@C6C01<53-@3@-071-//0@35D&
176<53-@1-@53@0645-76K6<=5260@6AG6156C<@C3@@-K<53K6.<D4C6@3/1<@>6046C&J35=6C 5<A3@L&R-!3HD-0C-@O5H-104-@C3HH676@164!.2<5526@1<@D-0C-5->6/-766HH6153K6<17-44
P6K6=-G3@L@6.3@43L254H7-/<0@3_06C<5<46552<5/-C6=4=<@C]04612<@L6-K6752766 *DC-@<53@L>--?4!.61<@26=G6@7312526=3K64-H-07123=C76@<@CC6K6=-G<=-K6H-7
R61765I<7C6@<@C7616@5=D-@C34G=<D<5526I<7C6@B0460/3@Q-@C-@!5234.-7?763/<L3@64 10=50764(Z@-076AG6736@16!<@6_0<==D76<4-@<>=6<@C23L2=D6HH6153K6<=567@<53K65612@3_0634
16@507364!5267646<71256</=6C>DR267/3@C6R3=K<H-0@C52<52<>35<544035<>=6H-7)43<@
=3567<507652<5.3===<45<=3H653/6& <G6<16H0=46553@L.352<H342G-@C!H=-.674!<@CG=<@54)<==/<C6H7-/761D1=6CC6@3/W6<@4& 5-H-104-@43/3=<735364&)@C523412<@L63@G674G6153K61<@2<K64-/6G7655DG-.67H0=6HH6154&
6=6G2<@542<K6>66@105>D@6<7=D5.-]5237C4.3523@526G<45’""D6<74&
7./&(,/(4’89: J26R61765I<7C6@42-..<4H37456A23>356C<5526+23=C76@O4B0460/-H526)7543@U6. ZHD-0523@?<>-0535!523434G7-><>=D6A<15=D2-.D-0645<>=3421-@@6153-@4<@C
J26=<7L645=3K3@L=<@C<@3/<=3@)43<!6@C<@L676C)43<@6=6G2<@543@2<>356CL7<44=<@C4
J26>--?C73K6.3==5<?6G=<16H7-/ X15->67!455-X15->67’!45&;6<76466?3@L [-7?3@#"!(<@C2<443@16>66@C34G=<D6C3@K<73-044356]4G613H31=-1<53-@4<@CL<==67364 76=<53-@423G43@D-07-.@10=5076&[-0C-@O5<GG7-<12<G674-@523@?3@L<>-05<==526
<@C7<3@H-764561-4D456/452<5-@1617-446C5261-@53@6@5&)@<=DY3@L=<@C]046C<5<H7-/526
C-@<53-@4-H@6.-7L6@5=D046C>--?44035<>=6H-7<==<L64!3@1=0C3@L123=C76@O4>--?4!D-0@L .-7=C.3C6&X73L3@<==DC643L@6CH-7<D-0@L<0C36@16!*677D<3/6C5-3@4G376123=C76@5- G-56@53<=.<D4D-01-0=C>6C3HH676@5%3@456<C!D-0@<507<==DL7<K35<565-43/3=<735364!5-
D6<74:%"5-#"!%!5267646<712674C64173>63@526W-07@<=2)+’%&+3+)4’5"(&6<57-0>=3@L
<C0=5@-K6=4!<@C<C0=5=3567<5076&VK67D>--?1-0@54!<@C.6<GG7613<56<@D1-@573>053-@52<5 76H=615-@-073@567<153-@.352@<5076& H3@C3@L523@L4D-0/3L252<K63@1-//-@5-H-7/526><434-H<76=<53-@423G&)=52-0L2.6
4350<53-@3@.2312526D6453/<5652<5/-7652<@N$‘ -H2345-7314035<>=66=6G2<@52<>35<5
D-01<@/<?6& *J263C6<1</6H7-/523@?3@L/<@D?3C4C-@O52<K652637-.@L<7C6@4<@C523@?3@L-H 56@C5-<GG7-<1217-44]10=507<=3@567<153-@4_0356C3HH676@5=D!5264</65612@3_06<150<==D
<17-44)43<2<4>66@=-45&;23=66=6G2<@52<>35<5476/<3@6C76=<53K6=D45<>=6G73-75-526
,-#;<#22=#>4(’#&9:
1-//0@35DL<7C6@4=-1<56C>65.66@>03=C3@L4<@C57D3@L5-3@4G376526/5-466?526/-05!+ .-7?4W045<4.6==<17-4410=50764&;26@H-1046C-@43/3=<735364!D-0O76-G6@5-)<@C!3@
!(""4!=<@C]046G7<1531643@)43<!3@1=0C3@LH-7645C6176<46!H<7/3@L<@C<L7310=5076!105526
*--?41<@>6C7-GG6C-HH<5<@D-H526H-==-.3@L=-1<53-@4’ *677D4<D4&*Z5<=4-L<K6526-GG-750@35D5-5<=?<>-054045<3@<>3=35D<4.6==<426=G3@LD-0@L H<15!=--?3@LH-7)<G-56@53<=1-@@6153-@&^672<G435O4<2->>DD-042<763@1-//-@.352<
<K67<L62<>35<543Y6/-7652<@:"‘!H7-/99!"""5-!N!"""4_0<76?3=-/65674&
/3@C4523@?<>-05.2676523@L41-/6H7-/&+J26<753456K6@42-.6C526?3C4<1-55-@G=<@5 1-.-7?67!-7/<D>6>-52-HD-0<5<>043@644/6653@L<>7-<C2<K6H</3=364D-0O7657D3@L5-
+-//0@35DQ3>7<7DB<3@*7<@12
J26450CD<=4-40LL645452<552676/<3@3@L6=6G2<@5G-G0=<53-@45-C<D/<D@-52<K6
5-6AG=<3@.2676W6<@41-/6H7-/&*Z5.<4</<Y3@L5-4664-/<@D1-@H046C<55263C6<!+26 1-@@615.352&*DH-1043@L-@43/3=<735364D-02<K6526G-.675-176<561-@@6153-@4<@C>03=C
+35D,<==Q-1<=
6@-0L22<>35<5<76<4&;23=6!""‘-H526<76<.3523@!""?3=-/65674-H52610776@56=6G2<@5
761<==4&*Z56@<>=6C6C01<5-745-5<=?<>-052-.3@52642-.G=<@54.676507@6C3@5-G<@54! 76=<53-@423G452<56352676=3/3@<5610=507<=C3HH676@164-7/<?6526/3776=6K<@5&
R12--=4$1-@5<15526412--=-HH316H-74G613H311-==6153-@G-3@54&
7<@L6.<41-@43C676C4035<>=62<>35<53@!(""!526G7-G-753-@$¥(cid:139)&2<443@16C61=3@6C5-=644
526@><1?5-G=<@54<L<3@&+ )@-5267<CK<@5<L6-H5234<GG7-<123452<5D-071-.-7?674<76/-76=3?6=D5-H66=52<5D-0
?#8%&(//-@;;#-(%&’(’/9:
;23=6526/-457616@5R61765I<7C6@42-.34@O54G613H31<==DC643L@6CH-7123=C76@!35453== 466526/<4<@3@C3K3C0<=&X@526-52672<@C!H-1043@L-@43/3=<735364/6<@4D-0<7640356C5-
52<@%"‘>D#"!%&J23446540G<23L2G-56@53<=H-71-@H=3154.352G6-G=6=3K3@L3@52-46<76<4
;6<76<=4-=--?3@LH-7K-=0@566745-26=G4-75<@C-7L<@3Y6526>--?4&ZHD-0<76
<46=6G2<@5G-G0=<53-@412<@L652637>62<K3-7<@C<CW0455-/-7620/<@]C-/3@<56C4G<164&
<7-0464<123=C=3?646@46-H.-@C67&T3435-741<@.<=?527-0L2526C6@3/L<7C6@G<52<@CH3@C 526G<75310=<735364-H5264G613H31G674-@D-0<763@567<153@L.352&J23434/-76=3?6=D5-7640=5
3@5676456C3@K-=0@56673@L!G=6<4643L@0G<5526=3>7<7D-746@C<@6/<3=5-!"#$%&’’(!
G=<@542<@L3@L<>-K6526/&T<73-04G=<@54<@CH=-.674<76C6G3156C3@42<C64-H3@C3L-$(cid:160)¡ 3@526-5267G<75DH66=3@L466@<@C26<7CH-7.2-526D<76!<@C1<@?31?-HH<G-4353K6=3H5-H
*Z@526!N""4<@C!(""452676346K3C6@16-H<C7</<53112<@L63@=<@C046!@-5W0453@
)"**$%+&,-""./(+!’0"(10[-0753/6<@C6HH-75.3==>6L76<5=D<GG7613<56C<@C.3==G=<D<
¢&&J2676O46K6@<G6<16H0=G-@C<552626<75-H526L<7C6@!H6<5073@LC6@3/?-3H342!<@C< /050<=$£⁄+&-G6@@644<@C57045&
)43<!>05L=-><==D!+4<3CC6R3=K<!<@<44345<@5G7-H644-73@526R12--=-H*3-=-L31<=R136@164O
17013<=7-=63@5264011644-H-07>--?C73K6&
16@57<=.<567H6<5076&VK67D<76<-H526L<7C6@42-.1<4644012<@3/G76443K6=6K6=-HC65<3=4 #:&;2DC-G6-G=6H-104-@C3HH676@1643@</0=5310=507<=1-/G<@D(
P6G<75/6@5-HV1-=-LD!*62<K3-7<@CVK-=053-@!<@CH-0@C67-H526@-@G7-H35J70@?4a
A;/>’487./&(9:
52<535O46<4D5-H-7L6552<55266@537642-.342<@C/<C6H7-/C6@3/& )&J-6/G2<43Y652637-.@10=5076&
Q6<K64&*)7-0@C526.-7=C.6466<76<==DC7</<53157<@4H-7/<53-@52<52<44673-041-@46_06@164
;6.3==>62-453@L<4G613<=6K6@5-@X15->67!%52<5526+-//0@35DQ3>7<7DB<3@ #$&;2<5C3CZ<@*677D046C6@3/H-7( *&J-76C0160@@61644<7D57-0>=64& 52<5=<456K6@5-5234C<D&+
*7<@12H7-/#’""G/5-$’""G/&\-3@04H-776<C3@L4!17<H54!<@C76H7642/6@54&J23434<
)&)?3@C-H1=-52H-71=-523@L& *&+-K674H-7K<73-04G-757<354& +&J-5<?6<CK<@5<L6-H-526710=5076&
’#&;2<5C3C526@6.76G-75H-104-@(
L76<512<@165-/665-5267>--?=-K674!=6<7@/-76<>-055263/G<15-HD-07C-@<53-@4&B-45 +&*<L4H-7H=-.674<@CG=<@54& P&B<5673<=4H-7234.-7?4-H<75& P&J-/<?6526.-7?G=<16/0=5310=507<=& )&J26@0/>67-H1-@H=3154>65.66@6=6G2<@54<@CG6-G=6&
3/G-75<@5=D!H3@CK<73-04.<D4D-01<@40GG-75+-//0@35D*--?P73K6& #%&;2<5O4526<3/-H526R61765I<7C6@42-.( #9&;2<5O452643L@3H31<@16-HH-1043@L-@43/3=<7353643@</0=5310=507<=1-/G<@D( *&+2<@L64-H526=3K3@L2<>35<54H-7)43<@6=6G2<@54&
#!&;2<534526C07<53-@-H526>--?C73K6( )&J-7<346123=C76@O4<.<76@644-H@<5076& )&J26-73L3@-H5262->>364& +&J26/6<407645<?6@H-7<L7310=507<=/-C6=4-H=<@C]046&
)&J2766C<D4& *&X@6.66?& +&J.-.66?4& P&X@6/-@52& *&J-L65123=C76@3@U6.[-7?3@5676456C3@<75& *&J2645<75-H.-7?6HH3136@1D& P&;<D45-C6<=.3521-@H=3154>65.66@/<@<@C<@3/<=4&
!!"#$!%!!!!’&"’!"&#$ %!"#!$%&% !!"#$!%!!!!$&"’!"&#$ %!"#!$%&% !!"#$!%!!!!%&"’!"&#$ %!"#!$%&% !!"#$!%!!!!N&"’!"&#$ %!"#!$%&%
{#{QQABBYQEogCgAABAABhCAQkgCkEQkAAACagGQFAUsAIAyRFABAA=}#}’’&;2<5O4526/<3@1<046-H6=6G2<@52<>35<5=-44( V&V@40765-45<D-@526=3@6.352526-G67<5-7H-7<4=-@L<4G-443>=6& !"#$%&#"#$!#"#%&’(&))*+,&-./01 tpNw(cid:148)(cid:149)!7!pN"("#
)&J263@176<46-H6=6G2<@5G-G0=<53-@& E&J234L6450761<@1-@573>0565-526K3153/O446@46-H4610735D<@C407K3K<=& N&,-.C3C526/<@O4/<@<L671-//0@31<56.35223/5234/-7@3@L(
2$3’4!5678
*&^6-G=6O4=3K3@L45D=643@526G<45’""D6<74& I&Z@52341<46!D-0<76>65567-HH45<D3@L<.<D<@C1<==3@L6/67L6@1D467K3164&
)&J27-0L26/<3=& *&J27-0L2G2-@61<==4& +&J27-0L24-13<=/6C3<&
+&,0/<@<153K353643@6=6G2<@54O61-4D456/4& =I?@!6JKL#CDE$F@’"@%
(&;2<52<4526/<@>66@C-3@L3@526/-7@3@L(
P&V@C<@L676C6=6G2<@54O><C26<=521-@C353-@4& p_q!$r!%="%<="!k!sk!%k&
)&+261?3@L2346/<3=&
’$&;2<5O4C6R3=K<O4<55350C65-.<7C45266@K37-@/6@5( (cid:135)(cid:136)uv(cid:152)(cid:153)!z<"|}+)"*"+"P(cid:154)y8(cid:127){8;ƒ§2¤'(cid:144)“+(cid:128)(cid:129)8(cid:127)# 9:;<"
*&P6<=3@L.3525264-13<=/6C3<G=<5H-7/&
)&^-4353K6& *&Z@C3HH676@5& +&J-=67<@5& P&+-@167@6C& VK67DX15->67!1-0@5=644?3C46A1356C=D42-GH-7526G67H615 ,<==-.66@1-450/6& !&!"#!$%&’()*+,-"$%."$/."01.234!"56#
’%&;2<53452656A5/<3@=D<>-05(
,-.6K67!\<1?!*7<@CDO4176<53K6!#]D6<7]-=C4-@!466/45-2<K6>66@>-7@.352!$!!&
#&7!89":!8;<="!>?!@ABC!"56DE"F+!>G.H +&)77<@L3@L526.-7?4126C0=6&
)&+-@H=3154>65.66@6=6G2<@54<@C20/<@4& R3@1626.<4-@=D:!26O4>66@!$#!234K67D-.@1-450/64&*645-H<==!526D=--?!$’!
I#JKLM!@NOPQR?!S8HTU!>G.#7!V89":!(!>34 tp(w(cid:148)(cid:149)!7!p:"9"#
*&Q-44-H)43<@6=6G2<@54O2<>35<57<@L6& !"56#34WXY6Z[# :&;26@C3C526.-/<@2<K6<@3@567K36.(
3@176C3>=6&
+&U61644<7D12<@L6H-76=6G2<@5G-G0=<53-@4&
\<1?O41-450/6H-7#"#$/045>6526/-45!$$!,<==-.66@1-450/6262<4/<C64-H<7&
’&$X\]?!(WXY^!"5_‘a7#
)&J.-C<D4<L-& *&E3K6C<D4<L-& +&).66?<L-&
P&,0/<@<153K35364O3@H=06@16-@)43<@6=6G2<@54& ,343@4G37<53-@1</6H7-/<$@&!$%!1<75--@1-/31>--?)35.<44-G-G0=<752<535.<4 9&;2<5C-64526/<@<4?526.-/<@5-C-(
p(cid:141)q!$r%="%<="#&%k!sk!#&%k&
=>?@!AB#CDE$F@’"@%
<C<G56C3@5-</-K36W045=<45D6<7&J26>--?.<4H0==-H3@5676453@L!$N!!L3K3@L\<1?<==-H )&I3K6<1<==5-<4?<>-055267640=5&
(cid:135)(cid:136)uv(cid:152)(cid:153)!z(cid:152)(cid:153)?+8(cid:127){8;ƒ§2¤'(cid:144)“+(cid:128)(cid:129)8(cid:127)#8(cid:127){ij(cid:127)«‹› !!!!b!"!:!!!c!(!!!>!G!4!X!Y!6!#!d!e!f!g!\]!?!!!h!(!i!j!k!l+:m(XY6+!>n
5263@4G37<53-@261-0=C!$(!&Z@5266@C!52-0L2!\<1?!$:!<7-=61<==6CRG73@L57<G& *&,<K64-/61-HH66H-776=<A<53-@&
8(cid:127)# Ho!"56#
ZHD-0?@-.<@D523@L<>-055261<75--@1-/31>--?!D-0?@-.52<5RG73@L57<G=--?44-
+&*6G<536@5<@C.<35H-75267640=5&
)17-44526.-7=C!/3==3-@4-HG6-G=6<76?3==6C-7C34<>=6C3@57<HH31<113C6@546K67DD6<7& p_q!$r%="%<="!&%k!sk(&%k&
1056&)@C\<1?C3C<@6A16==6@5W->-H!$9!52<53@2341-450/6&\045=--?<5<==-H526=355=6 tp:w(cid:148)(cid:149)!7!p!"(cid:150)!#"#
!’N!b@-.3@L2-.5-L3K6H3745<3C5-<113C6@5K3153/41<@/6<@526C3HH676@16>65.66@=3H6 tuv%wDx#<wDx?i_y="!z"{|}+)"*"+~y8(cid:127){8;(cid:128)(cid:129)8
</<Y3@L!%"!3@2341-450/6&Z5O4@-.-@C67*7<@CDW0452<C5-!%!!2674-@O42<7C.-7?
<@CC6<52&,676<7643/G=6456G4-@2-.5-L3K6H3745<3C5-<113C6@5K3153/4& (cid:127)#t(cid:130)<wDx?!h(cid:131)i!"(cid:132)l+:m(cid:133)7!i(cid:134)="^(cid:135)(cid:136)u_="#<wDx(cid:137)(cid:136)
!"&;2<5C-64526/<@.<@55-C-<H567L7<C0<53-@(
.352G6-G=6-@=3@6&
B4-+)#%->4-(#(1/9’5/#2(1/-#45 _(cid:138)# )&F0@>043@64464& *&P643L@>03=C3@L4& +&J6<122345-7D&
J27-0L2/<?3@L1-450/64!\<1?466/45-2<K6C341-K676C234!%#!&;26@26L654
!’(! )H567<446443@L5264350<53-@!G<7?D-07K6231=6-@52643C6-H5267-<C!<5=6<45 (cid:139)’,-./0123452642375( !!&;2<534526.-/<@3@5676456C3@(
-=C67!26.<@545-/<?61-450/64<@C/-K36G7-G4$(cid:176)–&&Z@H<15!35O4234!%’!5-.-7?3@
!""H665<.<DH7-/526<113C6@5416@6&J07@D-072<Y<7C$fifl&=3L254-@5-.<7@-5267
)&8!9&!%& *&89&!:& +&89&!%& )&B6C313@6& *&Q<.& +&I7-.3@LG=<@54&
<1<75--@<@C4G613<=6HH61541-/G<@D&
-@1-/3@LK6231=64& !>(cid:140)+# !#&,-.C-64526.-/<@4-0@C3@5266@C(
;352\<1?/<?3@L1-450/64=3?65234>6H-7626O46K6@<$@&!%$!!52676O4@-C-0>5234
"1/>+2#-54&6/-
!&;2<5.3==526.6<5267>6=3?6@6A5B-@C<D( )&R0GG-753K6& *&P-0>5H0=& +&S@3@5676456C&
176<53K35D<@C5<=6@5.3==5<?623/H<7<@C6K6@50<==D/<?623/!%%!&
[-074<H65D<@C52<5-H526K3153/C6G6@C-@52343@353<=<44644/6@5&Q--?-05H-7523@L4
$!&)&5<=6@5 *&>7<K67D +&20/-7 P&G<536@16
)&;3@CD& *&E3@6& +&F<3@D& tp9w(cid:148)(cid:149)!7!p!’(cid:150)!N"#
=3?6H06=H=-.3@L!4/-?6!0@45<>=64570150764!-76AG-46C.3764&!’:! *D1261?3@LH-7
$#&)&76G<373@L *&/<?3@L +&G<1?3@L P&.<423@L
#&;2<5.3==526.-/<@G7-><>=DC-<H5671=<44(
!’&;26@C3C526.-/<@L65267=316@46(
C<@L67!D-0176<56<4<H676@K37-@/6@53@.2312D-0<44644<@CG7-K3C6<3C5-52-463@@66C&
)&I--05H-7<C3@@67& *&J<=?.352<G7-H644-7& +&I-5-526526<576&
$’&)&G<75=D *&2<7C=D +&/676=D P&<>4-=056=D )&R3A.66?4<L-& *&,<=H<D6<7<L-& +&J2766D6<74<L-&
"488/$/-6/&>)9/-.’>/9
)H567/<?3@L<_031?<44644/6@5-H526<113C6@5416@6!1<==6/67L6@1D467K3164&^7-K3C6 $$&)&176<53K6 *&6AG6@43K6 +&1-/31 P&7-/<@531
’&;2<553/63452657<3@=6<K3@L(
!$&;2<5<765264G6<?674G7-><>=DC-3@L(
)&)5!"’%%& *&)5!"’’%& +&)5!"’#"&
526G674-@.352.2-/D-0O764G6<?3@L.3526K67D76_0376C3@H-7/<53-@5-526>645-HD-07
$%&)&-7C3@<7D *&G-G0=<7 +&41<7D P&H-7/<=
)&F3C3@L/-5-71D1=64& *&F3C3@L>31D1=64& +&P73K3@L<1<7&
?@-.=6CL6&!’9! J26D /<D2<K6<CC353-@<=3@H-7/<53-@-7->467K6C65<3=4<>-05526
$N&)&=6150764 *&6AG673/6@54 +&<CK6@50764 P&12<7<15674
$&;2<5C-64526/<@=6<7@H7-/526.-/<@<>-05L3K3@L<4G6612(
!%&;2<5C<D34355-C<D(
<113C6@5<@CK3153/D-0/<D2<K6/3446C&
$(&)&12<==6@L6 *&76K346 +&@66C P&456<= )&,-.5-6AG7644H66=3@L4&
)&E73C<D& *&R<507C<D& +&R0@C<D&
"#$2#-((1/.’>(’$
$:&)&12-46 *&>61</6 +&176<56C P&G67H-7/6C *&,-.5-76/6/>67526=3@64&
!N&;2<534526G7-><>=676=<53-@423G>65.66@5264G6<?674(
Z534/-45=3?6=D52<5<@<113C6@5K3153/3441<76C<@C/<D>63@W076C&J<=?3@L5-526 $9&)&<C/373@L *&3/G7-K3@L +&1-@K6D3@L P&1-@57-==3@L +&,-.5-3@567<15.352526<0C36@16&
)&+-<12<@C=6<7@67& *&P73K67<@CG<446@L67& +&*7-5267<@C434567&
K3153/<@C-HH673@L.-7C4-H6@1-07<L6/6@51<@1<=/23/,2670@53=6/67L6@1D467K3164<773K6& %"&)&H66 *&6@67LD +&176<50764 P&C65<3=4
%&,-./012.<45261</67<526@6A5C<D(
tp!"w(cid:148)(cid:149)!7!p!((cid:150)#""#
V@1-07<L3@L.-7C41<@1-/H-755264-0=&ZHG-443>=6!2-=C526K3153/O42<@C&!$"! %!&)&1-@H046 *&1-/G<76 +&42<76 P&=3@? )&MN%& *&M:%& +&M9"&
)&[-0/<D426=567526K3153/H7-/52640@<4.6==& %#&)&C3K67435D *&1<7667 +&45D=6 P&K37506 p(cid:141)q!$r!%="%<="!&%k!sk##&%k&
!(&;2-/345264G6<?675<=?3@L5-(
*&E3745<3C345263@353<=1<76L3K6@5-<@3@W076CG674-@& %’&)&C76</ *&-GG-750@35D +&2-@-7 P&73L25 tuv%wDx(cid:142)(cid:143)(cid:144)#<wDx(cid:142)(cid:143)(cid:144)?i(cid:145)y="!z"{|}+)"*"+~y8(cid:127) )&R50C6@54OG<76@54& *&T3435-74& +&U6.450C6@54&
+&E3745!6@40765264<H65D-H>-52526K3153/<@CD-0746=H& %$&)&<C0=5 *&6=C67 +&><>D P&566@<L67 {8;(cid:128)(cid:129)8(cid:127)#t<wDx(cid:142)(cid:143)(cid:144)#!h(i:m(cid:135)(cid:136)(cid:146)y="!<="%(cid:132)l%t(cid:130)?!(cid:146) !:&,-./<@DC6G<75/6@54<76526763@5261-==6L6(
P&V@1-07<L6-5267.35@644645-1<==6/67L6@1D467K3164<4.6==& %%&)&>6=36K6 *&450CD +&401166C P&0@C6745<@C ="(};%(cid:132)l+(cid:147)!:m#<wDx(cid:142)(cid:143)(cid:144)(cid:136)j(cid:138)# )&$& *&%& +&N&
!!"#$!%!!!!(&"’!"&#$ %!"#!$%&% !!"#$!%!!!!:&"’!"&#$ %!"#!$%&% !!"#$!%!!!!!&"’!"&#$ %!"#!$%&% !!"#$!%!!!!#&"’!"&#$ %!"#!$%&%
{#{QQABBYQEogCgAABAABhCAQkgCkEQkAAACagGQFAUsAIAyRFABAA=}#}
书书书%!&)&G042 *&<J3B35D +&6AA-75 X&764G-=43J3B35D
%#&)&A3E25674 *&<52B6564 +&267-64 X&M-B0=56674
%’&)&/<;6<;3AA676=16*&/<;6<;6<B +&B-4526<75 X&.-7@6;-05
%$&)&.<456; *&A-7E-556= +&1261@6; X&-7E<=3Z6;
%%&)&4035<JB6 *&-AA313<B +&E7<56A0B X&1073-04
p(cid:141)q!$r!"="%<="!&%k!sk!%k&
(cid:135)(cid:136)uv(cid:152)(cid:153)!4˙(cid:144)¨2˘!y(cid:222)(cid:223)+–(cid:224)(cid:142)Æ.f–(cid:224)+(cid:226)ª(cid:228)(cid:229)#
H=4-/61-0=57364-A?645Y0==<=U7-M3=16!526766L3454<@3=;-A*1<5+!%N! $1<BB&
>3B6+<5$(cid:230)(cid:231)&!.231276A674!%(!5261<5KB3@6;61-7<53-=$ŁØ&/<;6A7-/53B64GB<16;3=
526/3;;B6-A5262-/6O473;E6$Œ&&H5344<3;52<5351<=;73M6J<;B01@!%:!1<=G7-5615526
.2-B6A</3BD&
V=16<=6.2-04634A3=3426;!<1676/-=D3476[0376;!%9! $3=4G376&526*G-.67+-A526
>3B6+<5J6A-763534GB<16;-=5262-/6O473;E6&!N"! $E6=67<B&A<BB3=E;073=E526461-=;-7
63E252/-=52-A526+23=646R0=<71<B6=;<7!<B01@D;<D3412-46=<=;<G674-=343=M356;5-
G67A-7/5261676/-=D&
X073=E523453/6!526G674-=-7E<=3Z64<467364-A4<173A313<B$@º(cid:236)(cid:237)+&!N!!
$<153M35D&&R<567-=!526>3B6+<534G<446;<7-0=;<=;5-0126;JD526.2-B6A</3BD!!N#!
45<=;<=;466526.2-B6G7-1644.23B65267--A34J63=E1-M676;.35253B64!0=53B526>3B6+<5
!N’! $GB<16&A37/BD<=;A-76M673=526/3;;B6-A5262-/6O473;E6&
I7-/52676-=-05!=-/<55672-.526.6<526734!526>3B6+<5.3BBE0<7;5262-046-=
52623E273;E6!/<@3=E526A</3BDA66B!N$! $52<=@&&)4<4G37350<B40GG-75A-7526G6-GB6
52676!526>3B6+<542-.45261-=45<=5.342A-7<44076;!N%! $407M3M6&!4<A65D<=;<2<GGD
B3A6&
=M>?!NO#BCD$E?$"?%
p_q!$sk!%k&
(cid:238)(cid:239)h(cid:140)(cid:240)æ!h+(cid:242)(cid:243))B6L(cid:244)ı4(cid:246)q(cid:247)moh+łø(cid:133)œß#(cid:252)h}U3_(cid:253)(cid:254)(cid:255)!
fg!Æ’
!&"#h+łø%
#&$%&’((cid:127)#
&’’
!&3(cid:147)(cid:224))E(cid:201):"y*+%
#&(cid:252),Ju-(cid:229)4!"5+.E1/(cid:147)!#
X6<7)B6L!
Y-074!
R3,0<
!!"#$!%!!!!9&"’!"&#$ %!"#!$%&%
{#{QQABBYQEogCgAABAABhCAQkgCkEQkAAACagGQFAUsAIAyRFABAA=}#}!
"
#
$
%
&
’
(
p(cid:141)q!$sk#%k&
(cid:135)(cid:136)uv(cid:148)(cid:149)!01Tfg^|}w234…53jw!(cid:181)6´7_8(cid:130)9+(cid:152)(cid:153)#
?26=H45<756;/D461-=;D6<7-A23E2412--B!<=6L1353=E-GG-750=35D1</6/D.<D’<
D6<7KB-=E6L12<=E6G7-E7</3=*<52!T=EB<=;&>2652-0E25-A450;D3=E<J7-<;A3BB6;/6.352
J-526L1356/6=5<=;<=5313G<53-=$(cid:247):&&>2612<=165-6LG6736=16<=6.10B5076!3/G7-M6/D
T=EB342!<=;/<@63=567=<53-=<BA736=;4466/6;B3@6<;76</52<51-/645706&
H/<=<E6;5-<GGBDA-7<2-45A</3BD!76<;<J-0570B64<=;2-.5-407M3M62-/6431@=644!
<=;7646<712<J-05*<52-=526H=567=65&?352<BBG76G<7<53-=4/<;6!H.<4-=<GB<=65-
*<52!/D26<757<13=E.352</3L-A6<E67=644<=;=67M64&
^G-=<773M<B!526G3150764[06135D.3523542345-731<71235615076<=;J6<053A0B4576654
<557<156;/6&SD2-45A</3BD!S7P/352!S74P/352!<=;526374-=S<7@!.6B1-/6;/6
.<7/BD!.23123//6;3<56BDG05/6<56<46&)A567/D4655B6/6=5<5526372-/6!H[031@BD
A-0=;1-/A-753=/D=6.4077-0=;3=E4&
>26=1</6/DA3745.66@<5412--B!.2312!2-.6M67!507=6;-055-J6<.237B.3=;$_;
<=&J643;64<A66B3=E-AA7642=644&>266;01<53-=4D456/.<4;3AA676=5A7-/.2<5H.<4046;
5-3=/D2-/65-.=&+B<4464.676/-76;3410443-=KJ<46;!<=;H.<46=1-07<E6;5-6LG7644/D
-G3=3-=4!.2312H.<4=O51-/A-75<JB6.352<5A3745&SD56<12674<=;1B<44/<564.676A736=;BD
<=;1073-04<J-05/DJ<1@E7-0=;!-A56=<4@3=E[06453-=4<J-05/DB3A63=+23=<&,-.6M67!H
4570EEB6;5-@66G0G.352526A<45KG<16;$>q?+&1-=M674<53-=4&>26*735342<116=5!.352
3540=3[064B<=E$@…&!-A56=/<;6352<7;A-7/65-0=;6745<=;&>2676.676/-/6=543=
1B<44.26=HA6B5B-45!0=<JB65-A0BBD0=;6745<=;526;3410443-=4-71-=573J056/6<=3=EA0BBD&
>234.<4A70457<53=E$A¢BC+&!<4H2<;<B.<D4J66=<5-G450;6=5J<1@2-/6&
)B-=E.352526=6.6LG6736=16<5412--B!2-/6431@=644J6E<=5-4653=&H/3446;/D
A</3BD!A736=;4!<=;526A</3B3<772D52/ $q?&-AB3A6J<1@3=+23=<&>2610B507<B
;3AA676=164!A7-/A--;5-4-13<B70B64!/<;6/62<7;5-E65046;5-<553/64&HA-0=;/D46BA
/3443=E<5<456-A/D2-/6!J-52G2D431<BBD<=;/6=5<BBD&
&’’
!&53(cid:224))E(cid:201)!%"y*+%
#&(cid:252),Ju-(cid:229)4!"5+.E1/(cid:147)!#
!!F61-E=3Z3=E/D4570EEB6!G6-GB6<7-0=;/6456GG6;3=5-40GG-75/6&
W7<;0<BBD!HJ6E<=5-<;<G55-$(cid:222)E&526B3A62676&
!!"#$!%!!!!"&"’!"&#$ %!"#!$%&%
{#{QQABBYQEogCgAABAABhCAQkgCkEQkAAACagGQFAUsAIAyRFABAA=}#}
