• No results found

0U$

R$9'-;))*=$TDT$;$()'8:'+:*8$(*))*($9+'/*8*$);=$*8*+.;<,+(I8;8.D$7*)$E*)*+$')$

F6&#7$,4,'$7$'%!%6$,$*'(!+%+#&5%"&*%9$*4''$%&*5#$%$*$#+!6&#$#%$**%$($"'#!,"$%.+%1.,,!($%

9#$*,($#F$m21oD$7*))*$@*)I+$')$&'8$H)*8$H88)'9$&C$E'$'8:+*$*8*+.;9;=:*+$*88$

*=*9)+;(;)*)L$,=>*L$9H==$,.$.'((D$

N;:*+*$()C+$:*)$F<$#$+*$'%7$*+5$%($6$#'%$($"'#!,"%.+%1.,,!(%$*$#+!%,"&(%6D#$%7!*5#$%$**%

'.'&('%*$''.%$*$#+!9$3.6%1#&'#0""$'%EF%G%&6%*$''.%$*$#+!9$3.6%'!(%6&#7'6&**-%,.7%6!,'%!%

(!+*!*+%HIJF$m21oD$

g'&<?+$9+'/*8*$;$GOP21$);=$&;8()*9+'/$);=$@I.8;8.(:*=*+L$9,&-,8*8)*+$,.$=*99'(>*)'==$

*+$:*)$;$-'((;/EH($();=)$);=(/'+*8:*$9+'/$(,&$(9'=$:,9H&*8)*+*($*))*+$+*.=*8*$.;))$;$YM$

3132D$G'@*==$Z$/;(*+$9+'/*8*$);=$-'((;/EH(D$

+4&(''!:G!),-*+(5$47!+,'!&9.-,-.*1('($E!5%)#%-(-+($!%.!'(554*<(+4''!,!#4**,7@6*!b+4&(''!2!,!-*!

8:CCc!

(MKJTRQ^! 5LQX!

6;XKL]N!SOOKLXKMM! z$1L2U$KlA&0}PB$

6;XKL]N!OQR! z$1L23$KlA&0}PB$

6;XKL]N!M[PX$ z$1L2U$KlA&0}PB$

6;XKL]N!XNJ][$ z$1L]1$KlA&0}PB$

6;XKL]N!]`L$ z$1L]1$KlA&0}PB$

-ULYQPNTKLO!R[P]KVLUXKL]NE!ghh$ z$1L13$KlA&0}PB$

DLTMa3T3!OKY^KLQO[LXNLRJNJMTMLQ]!\UL!XQLYKMaKJXNJJKL!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!{$]1$t$ $

*?#;\QROUL!\UL!XKJONPQTaUJTQJPKMM$ z$2LU$9KlA&3l(B$

'KRRQTaKOQPP!XK]!2C!#QE!J2C$ z$1L^1$E%2$

$

3DT Y

!VVX!M

$

3DTD2 P5YMO[G$

Et nivå videre fra passivhusstandard er nullhusstandard. Det er ikke utgitt en gjeldende standard som definerer begrepet, og det er begrepsforvirring i bransjen når det gjelder dette.

Mange bruker begrepene nullhus og nullenergihus om hverandre, der i blant Teknisk Ukeblad, som i sin publikasjon den 28. mars 2012 skriver om ”Norges første nullenergihus.

Også kalt nullhus” [11]. Dette pålitelige tidsskriftet er ikke de første som bruker disse begrepene om hverandre.

!"#$$%$&'()*+,--.'/*$0120$$ $ 3$G*,+;$k$P+'/$);=$*8*+.;%$,.$&;=>?I)*=(*+$;$@I..$

$ 0^$

Enova har definert nullhus slik: ”Et nullhus kan ha solcellepanel, solfanger og/eller varmpeumpe, og produserer like mye energi som det totalt har behov for per år. Et nullhus skal også være karbonnøytralt når det gjelder utslipp fra materialer, riving og

byggeprosess” [12]. Det er altså to krav når det gjelder nullhus; både energiproduksjon og det å være karbonnøytralt. Etter definisjonen til Enova betyr dette at begrepet nullenergihus kun omfatter det første kravet; at bygget skal produsere like mye energi som det totalt har behov for per år.

I denne oppgaven vil begrepet nullhus brukes, og derfor skal begge kriteriene oppfylles. Et nullhus skal altså også være karbonnøytalt med tanke på utslipp fra byggeprosess, materialer og fra rivningsfase. Et annet begrep for karbonnøytralt er klimanøytralt. Cicero, senter for klimaforskning, forklarer begrepet med “at man først må beregne hvor store utslipp aktiviteten vil gi. Deretter må man undersøke mulighetene for å redusere utslippene, og til slutt kjøpe klimakvoter for å kompensere for de utslippene som fortsatt finner sted etter at man har gjennomført tiltak for å redusere utslippene” [13]. I nullhus vil eventuelt overskudd av produsert energi kunne veie opp for utslipp knyttet til oppføring, materialbruk og riving.

Denne oppgaven definerer derfor det andre kriteriet, karbonnøytralt, som klimanøytralt med tanke på utslipp fra byggeprosess, materialer, rivningsfase, og i tillegg stasjonær energi som kan gi positivt bidrag i løpet av driftstiden til bygningen.

EU har iverksatt et initiativ som i Norge har ført til Bygningsenergidirektivet. Dette direktivet, som er underlagt regjeringen, har som mål å redegjøre for og å øke

energieffektiviteten i norske bygg. I følge Bygningsenergidirektivet, som ble lagt frem i Norge i 2004, skal nybygg som skal brukes av det offentlige tilfredsstille nullenergistandard innen 2018 [14].

3DTD0 PVR"QPN5GO6$

O)$&;::*=$<,+$C$,--8C$9=;&'8?I)+'=;)*)$,.$/;:*+*$,--8C$8H==EH(()'8:'+:$*+$(,&$8*/8)$;$

<,++;.*$9'-;))*=$C$9>?-*$9=;&'9/,)*+$<,+$C$9,&-*8(*+*$<,+$:*$H)(=;--*8*$(,&$<+*&:*=*($

*+$);=()*:*$*))*+$@*(-'+*8:*$);=)'9$*+$.>*88,&<?+)D$$

P=;&'9/,)*(I()*&*)$*+$*)$+*(H=)')$'/$:*8$;8)*+8'(>,8'=*$9=;&''/)'=*8$(,&$@=*$

H8:*+)*.8*)$;$PI,),$;$2__ZD$7*88*$'/)'=*8$<,+-=;9)*+$;8:H()+;='8:*8*$);=$C$+*:H(*+*$

H)(=;--$'/$`50$,.$'8:+*$9=;&'.'((*+$&*:$&;8()$U$t$;$011]%0120$('&&*8=;.8*)$&*:$

8;/C*)$;$2__1D$X/*+)$='8:$<C+$H):*=)$*)$/;(()$'8)'==$9=;&'9/,)*+$(,&$8'(>,8*8$(*=/$*+$('))$

);=$<,+/'=)*D$"I8:;.E*)*+$H)()*:*+$<W++*$9=;&'9/,)*+$*88$:*)$<,+/*8)*:*$H)(=;--*)L$(C$

@*:+;<)*8*$&C$*8)*8$(=;--*$H)$&;8:+*$*==*+$9>?-*$9/,)*+$<+'$'8:+*$(,&$E'+$(=H--*)$H)$

&;8:+*D$

!"#$$%$&'()*+,--.'/*$0120$$ $ 3$G*,+;$k$P+'/$);=$*8*+.;%$,.$&;=>?I)*=(*+$;$@I..$

$ 0Z$

R$-+;/')$&C=*(),99$9'8$<+;/;==;.*$9>?-$'/$9=;&'9/,)*+$@;:+'$);=$+*:H(*+)$H)(=;--D$P/,)*8*$

(,&$9>?-*($@=;+$+*.;()+*+)L$,.$Y,+.*$<C+$&;8:+*$H)(=;--(+*))D$O))*+(,&$'8)'==$=*:;.*$

9/,)*+$-C$:*88*$&C)*8$9'8$/'+;*+*L$/'+;*+*+$-+;(*8$-C$9=;&'9/,)*+$*))*+$);=@H:$,.$

*))*+(-?+(*=D$[+;/')&'+9*:*)$9'8$9>?-*$9=;&'9/,)*+$<+'$P=;&'%$,.$

<,+H+*8(;8.(:;+*9),+')*)D$$~8$9=;&'9/,)*$);=(/'+*+$2$),88$9'+@,8:;,9(;:$A`50BL$$,.$-*+$

12D1UD20$/'+$-+;(*8$-*+$9=;&'9/,)*$]ZL_0$8,+(9*$9+,8*+D$P/,)*+$(,&$9>?-*($E*+<+'$@=;+$

)'))$H)$<+'$:*)$,<<;(;*==*$&'+9*:*)D$7*$9'8$:*+<,+$;99*$(*=.*($/;:*+*$L$,.$:*)$@=;+$),)'=)$

<W++*$H)(=;--(+*))*+$;$,&=?-$m2UoD$

3DU O

YO6SR"O6POG$GRV$

Y

56SOM$NQMM76QSM

%

$5S$OYO6SR7R6OPG56QG

$

M;:*8$2D>H=;$0121$(9'=$'==*$@I.8;8.*+$(,&$(*=.*($*==*+$=*;*($H)$E'$*8$*8*+.;'))*()D$$F>A($'%

$#%A%2"$%9$6!,,'3$'$*%.7%$*$#+!9#0"-%0(!"$%.))6&#7!*+,(2,*!*+$#%.+%(2,*!*+$#%,.7%"&*%

+/2#$%9.(!+$*%$(($#%94+*!*+$*%7$#%$*$#+!$11$"'!6F$m2^oD$Y,+.*($/'((:+'.(%$,.$

*8*+.;:;+*9),+')$AYNOB$*+$H8:*+='.)$5=>*%$,.$*8*+.;:*-'+)*&*8)*)$,.$E'+$'8(/'+$<,+$C$

<,+/'=)*$/'88%$,.$*8*+.;+*((H+(*8*$;$='8:*)$/C+)D$$O8*+.;&*+9;8.*8$*+$*)$O!%;8;);');/$(,&$

YNO$E'+$E'))$'8(/'+*)$&*:$C$;88<?+*$;$Y,+.*$m2^oD$$

O8*+.;&*+9*)$*+$('))$('&&*8$'/$),$9,&-,8*8)*+u$*8*+.;9'+'9)*+$,.$

,--/'+&;8.(9'+'9)*+D$$6*(H=)')*)$'/$*8*+.;&*+9;8.*8$*+$=;()*)$,--$;$*8$&')+;(*$&*:$

@,9()'/*+$,.$<'+.*+L$(*$<;.H+$0D$

$

?,.6$!0G!$(*6'+4+(+!47!(-!(-($.,)($5,-.!b(-($.,)($5,-.3-%c!

#,9()'/*8*$.;+$*8*+.;9'+'9)*+*8$:*+$Q$*+$@*()$,.$S$*+$:C+=;.()D$$O8*+.;9'+'9)*+*8$

'/E*8.*+$'/$E/,+$&I*$*8*+.;$@,=;.*8$&C$9>?-*D$M;:*8$'==$*8*+.;*8$/;$@+H9*+$-C/;+9*+$

&;=>?*)$;$*8$*==*+$'88*8$<,+&L$/;=$*8$@,=;.$&*:$='/)$*8*+.;<,+@+H9$/W+*$&*+$&;=>?/*88=;.$

m2^oD$7*+(,&$&'8$@I..*+$*8$@,=;.$*))*+$9+'/*8*$;$GOP21$/;=$:*)$,--8C$*8$`D$4,+$C$<C$

!"#$$%$&'()*+,--.'/*$0120$$ $ 3$G*,+;$k$P+'/$);=$*8*+.;%$,.$&;=>?I)*=(*+$;$@I..$

$ 0]$

@*:+*$*8*+.;9'+'9)*+$&C$&'8$@I..*$='/*8*+.;%$*==*+$-'((;/EH($*))*+$

-'((;/EH(()'8:'+:*8$<,+$@,=;.@I..L$YM$3Z11D$

5--/'+&;8.(9'+'9)*+*8$*+$/;()$&*:$<'+.*$<+'$+?:$);=$.+?88L$'=)$*))*+$E/,+$(),+$'8:*=$

*=*9)+;(;)*)$*==*+$<,((;=*$@+*8(*=$(,&$@=;+$@*8I))*)$);=$,--/'+&;8.*8$'/$@,=;.*8D$G'@*==$]$

/;(*+$('&&*8E*8.*8$&*==,&$:*$/'8=;.()*$9,&@;8'(>,8*+$'/$/'+&*9;=:*+$,.$E/;=9*8$

9'+'9)*+l<'+.*$:*))*$/;=$.;$;$*8*+.;&*+9*)D$

+4&(''!>G!@7,'5(!!74-',.(!5%)&,-4*<%-($!47!74$)(5,'1($!*%)!7,'!.,!1(!6',5(!?4$.(-(!

d54$45+($(-(e!,!(-($.,)($5(+!b(-($.,)($5,-.3-%c!

4'+.*$ Q8:*=$*=$*==*+$

<,((;=)$@+*8(*=$

GI-;(9$9,&@;8'(>,8$

$ 31L1t$ N'88@C+*8$,--/'+&;8.$@'(*+)$-C$@;,@+*8(*=9>*=L$&*:$*=*9)+;(;)*)$(,&$

(-;((='()$

$ TZLUt$ 4>*+8/'+&*$

$ ^UL1t$ N'88@C+*8$,--/'+&;8.$&*:$/'+&*-H&-*$<+'$.+H88l@*+.l/'88$

$ ^UL1t$ N'88@C+*8$,--/'+&;8.$&*:$-*==*)(9'&;8L$&*:$*=*9)+;(;)*)$(,&$

(-;((='()$

$ ^UL1t$ VH<)$);=$=H<)$/'+&*-H&-*$,.$=H99*)$/*:,/8L$9,&@;8*+)$&*:$:;+*9)*$

*=*9)+;(9$,--/'+&;8.$

$ ^UL1t$ G*+&;(9*$(,=<'8.*+*$,.$=H<)$);=$/'88$/'+&*-H&-*L$9,&@;8*+)$&*:$

*=*9)+;(9$,--/'+&;8.D$

$ ]0LUt$ VH<)$);=$=H<)$/'+&*-H&-*$9,&@;8*+)$&*:$:;+*9)*$*=*9)+;(9$,--/'+&;8.$

$ ]0LUt$ 7;+*9)*$*=*9)+;(9$,--/'+&;8.$,.$/*:,/8$

$ ]0LUt$ G*+&;(9*$(,=<'8.*+*L$9,&@;8*+)$&*:$:;+*9)*$*=*9)+;(9$,--/'+&;8.$

$ 211L1t$ PH8$:;+*9)*$*=*9)+;(9$,--/'+&;8.$ $

$ 211L1t$ N'88@C+*8$/'+&*$&*:$9H8$,=>*9>*=$,.l*==*+$.'((9>*=$

$

3D^

RYGO6YQMg5YQV$!G#6O7OVMO$

$

['((;/EH($(,&$9,8(*-)$@=*$<?+()$='8(*+)$;$GI(9='8:L$,.$;$2__2$@=*$:*)$<?+()*$-'((;/EH(*)$

,--<?+)$;$7'+&()':)$m2ZoD$R$GI(9='8:$,.$h()*++;9*$*+$:*)$(;:*8$:*8$.'8.$@=;))$@I.:$<=*+*$

,.$<=*+*$-'((;/EH(D$M/*+;.*$E'+$/W+)$<,+*.'8.(='8:*)$;$Y,+:*8L$,.$;$>'8H'+$0122$/'+$:*)$

,/*+$2U11$-'((;/EH($;$M/*+;.*D$[C$('&&*$);:(-H89)$/'+$:*)$@I.:$9H8$Z1$-'((;/EH($;$

Y,+.*D$5&$='.$2$t$'/$8I@I.:*$@,=;.*+$;$M/*+;.*$*+$-'((;/EH(L$,.$-+,.8,(*8*$);=$MRYGO4($

(*8;,+<,+(9*+L$G,+$X*=.*$7,99'L$/;(*+$')$H)@+*:*=(*8$;$Y,+.*$/;=$/W+*$-C$('&&*$8;/C$

;88*8$9,+)$);:$m2]oD$

#C:*$M/*+;.*$,.$Y,+.*$E'+$.>,+)$(;8*$=,9'=*$);=-'(8;8.*+$;$(;8*$9+'/$);=$-'((;/EH(D$7*))*$*+$

.>,+)$<,+$C$);=-'((*$*))*+$9=;&'*8*$=*8.*+$8,+:D$R$Y,+.*$*+$9+'/*8*$);=$=*99'(>*)'==L$!%

/*+:;*+L$/'+&*.>*8/;88*+L$M4[%<'9),+$,.$9H=:*@+,*+$:*$('&&*$(,&$;$:*8$)I(9*$

!"#$$%$&'()*+,--.'/*$0120$$ $ 3$G*,+;$k$P+'/$);=$*8*+.;%$,.$&;=>?I)*=(*+$;$@I..$

$ 0_$

()'8:'+:*8L$&*8($9+'/*)$,&$C+=;.$,--/'+&;8.(@*E,/$*+$>H()*+)D$R$GI(9='8:$*+$9+'/*)$,&$

&'9(;&'=)$2U$9KEl&0$-*+$C+$'@(,=H))L$&*8($;$Y,+.*$*+$:*))*$9+'/*)$'/E*8.;.$'/$

C+(&;::*=)*&-*+')H+*8D$R$M/*+;.*$*+$@='8)$'88*)$9+'/$);=$/;8:H*+$F(8;==*+*F$*88$:*)$*+$;$

Y,+.*$,.$GI(9='8:$m2ZL$2_oD$

YH==EH($*+$:*<;8*+)$;$9'-;))*=$3DTD$7*))*$@*.+*-*)$E'+$;99*$*.*8$()'8:'+:L$&*8$@+'8(>*8$

@+H9*+$:*))*$(,&$&C=$-C$-+*();(>*$,.$&;=>?/*88=;.$&'+9*:(<?+;8.D$7*)$<?+()*$-=H((EH(*)$;$

Y,+.*L$(,&$-+,:H(*+*+$&*+$()+?&$*88$:*)$<,+@+H9*+L$@=*$@I..*)$'==*+*:*$;$2_]]$;$

M)'/'8.*+L$&*8$&C))*$<>*+8*$:*8$-C&,8)*+)*$/;8:&?==*8$-C$.+H88$'/$&'8.=*8:*$

,+:8;8.$<,+$=*/*+;8.$'/$()+?&D$6'--,+)*8$F[=H((EH(F$H).;))$'/$j*+,$;$011_$9,89=H:*+*+$

&*:$')$-=H((EH($*+$&H=;.$C$@I..*$;$(),+*$:*=*+$'/$Y,+.*L$&*8$-C$.+H88$'/$&'8.=*8:*$

()?))*,+:8;8.*+$,.$H9='+*$+*.=*+$;$<,+E,=:$);=$=*/*+;8.$'/$*=*9)+;(;)*)$*+$:*)$<+*&:*=*($=;)*$

H)@+*:)D$"*+$,&$()?))*,+:8;8.*+$<;88*($;$9'-;))*=$UD3D$

R$OH+,-'$*+$:*)$&'8.*$@I.8;8.*+$(,&$-+,:H(*+*+$&*+$*8*+.;$*88$:*$<,+@+H9*+D$

GI(9='8:$E'+$.H8();.$()?))*,+:8;8.$<,+$=*/*+;8.$'/$(,=*8*+.;$(,&$E'+$<?+)$);=$*)$*8(;:;.$

<,9H($-C$(,=*8*+.;$;$GI(9='8:D$R$!MQ$*+$:*)$@I..*)$(),+*$@,=;.-+,(>*9)*+$:*+$

-+,:H9(>,8*8$(9>*+$/*:$@C:*$(,=J*==*+$,.$/;8:)H+@;8*+D$R$Q8)'+9);($E'+$:*8$@*=.;(9*$

<,+(98;8.(()'(>,8*8$EH8:+*$-+,(*8)$<,+8I@'+$*8*+.;=?(8;8.D$M/*+;.*$;88<?+)*$;$011_$*8$

()?))*,+:8;8.$<,+$-+,:H9(>,8$'/$()+?&$&*:$(,=J*==*+$<,+$-+;/')*$,.$9,&&*+(;*==*$

@I.8;8.*+D$7*))*$<?+)*$H&;::*=@'+)$);=$(),+$;8)*+*((*$<,+$C$@I..*$*8*+.;-+,:H(*+*8:*$

@I..$m01oD$

7'8&'+9$E'+$(')(*)$-C$/;8:9+'<)$;$&'8.*$C+$,.$E'+$:*$(;()*$C+*8*$;88<?+)$*8$

8*)),'/+*.8;8.(,+:8;8.L$(,&$.;+$*;*+*$'/$-+;/')*$/;8:)H+@;8'8=*..$<,+:*=*+D$

5/*+(9H::(()+?&$E'+$;$<=*+*$C+$/W+)$&H=;.$C$(*=.*$);=$=,9'=*$9+'<)/*+9L$&*8$,+:8;8.*8$

.>?+$')$-+,:H(*8)*8*$;$-*+;,:*+$&*:$=;)*$/;8:$9'8$9>?-*$:*)$:*$E'+$=*/*+)$H)$);:=;.*+*$

H)*8$*9()+'$9,()8':*+D$G*98;(9$!9*@=':$(9+;/*+$;$<*@+H'+$0120$')$*8$:'8(9*$;$8W+$

<+*&);:$E'+$&H=;.E*)$);=$C$<,++*8)*$(;8$;8/*()*+;8.$-C$C))*%);$C+$&*:$:*88*$,+:8;8.*8L$,.$

:*+*))*+$E'$.+');($()+?&$;$)>H*$C+D$XH(()'8:(/;8:)H+@;8*8*$;$7'8&'+9$*+$(,&$+*.*=$

&*==,&$^$9K$,.$0U$9KD$R$Y,+.*$<;88*($;99*$);=(/'+*8:*$,+:8;8.$<,+$('=.$,.$9>?-$'/$

,/*+(9H::(*8*+.;$m02oD$

3DZ V

ONO6RYS$5S$[657!PMg5Y$QN$OYO6SR

$

Y,+.*($/'((:+'.(%$,.$*8*+.;:;+*9),+')$AYNOB$E'+$<+'$0121$.;))$:;(-,(;(>,8$<,+$

-+;/')-*+(,8*+$(,&$-+,:H(*+*+$,/*+(9H::(9+'<)D$7*)$=,9'=*$8*))(*=(9'-*)$,.$9H8:*8$

9H88*$<+'$:'$;88.C$*8$*89=*+*$'/)'=*$*88$:*)$*8$()?++*$-+,:H(*8)$9'8D$M)?++*$

!"#$$%$&'()*+,--.'/*$0120$$ $ 3$G*,+;$k$P+'/$);=$*8*+.;%$,.$&;=>?I)*=(*+$;$@I..$

$ 31$

-+,:H(*8)*+$&C$<,+$C$@=;$*8$:*=$'/$*8.+,(&'+9*:*)$;88.C$*8$@'='8(*'/)'=*$&*:$M)')8*))D$

[=H((9H8:*+$)+*8.*+$;99*$*8$(=;9$'/)'=*L$,.$&C$;99*$@*)'=*$'8:+*$)'+;<<=*::L$(,&$*+$*8$

)'+;<<$@'(*+)$-C$.>*88,&(8;))=;.$$@+H)),$-+,:H9(>,8D$7*$@*)'=*+$9H8$8*))=*;*$<,+$9+'<)*8$

:*$&')*+$;88$-C$8*))*)$m00oD$

M*8;,++C:.;/*+$;$9,8(*(>,8('/:*=;8.*8$;$YNOL$Q(=*$M*=<,+(L$,--=I(*+$,&$')$

-+;/')EH(()'8:*+$9H8$9'8$=*/*+*$H)$()+?&$-C$='/(-*88;8.(8*))*)D$X/;($8*))*;*+$

.,:9>*88*+$);=98I)8;8.$9+*/*($;8.*8$9,8(*(>,8$<+'$YNOL$&*8$*8$9,&&H8*(?98':$&C$

.,:9>*88*(D$R$Y,+.*$9'8$&'8$=*/*+*$()+?&$);=$8*))*)$<,+$(-,)-+;(L$&*8$(9'=$&'8$9>?-*$

:*))*$);=@'9*$=*..*($8*))'/.;<)*+$);=$m03oD$

3D] P

VR"QSQMM#O6OSYRYSO6

$

7*<;8;(>,8*8$-C$*)$8H==EH($(,&$*+$.>*8.;))$;$9'-;))*=$3DTL$&*:<?+*+$')$*8$H)@I..*+$(,&$/;=$

9'==*$@I..*)$9=;&'8?I)+'=)$*+$8?:)$);=$C$.>?+*$*8$9=;&'.'((@*+*.8;8.D$M=;9*$@*+*.8;8.*+$

@=;+$8C$.>,+)$;$()')H(-+,(>*9)*+$&*:$?8(9*+$,&$C$9'==*$(*.$9=;&'8?I)+'=*$*==*+$C$E'$*8$

.+?88$-+,<;=D$[='8=*..;8.(%$,.$:,9H&*8)'(>,8(/*+9)?I*)$9=;&'.'((+*.8(9'-D8,$@+H9*($

'/$&'>,+;)*)*8$'/$:*$(,&$H)<?+*+$:*))*D$#*+*.8;8.*8*$,&E'8:=*+$@I..*<'(*$,.$

&')*+;'=@+H9L$&*8$*8$&'8.*=$*+$H)(=;--(@*+*.8;8.*+$<+'$+;/8;8.(<'(*D$

$ $

!"#$$%$&'()*+,--.'/*$0120$ $ T$G*,+;$k$['+'&*)*+*$(,&$-C/;+9*+$*8*+.;I)*=(*8*$

$ 32$

T G O56R$ % $ [ Q6Q"OGO6O$M5"$[\NR6PO6$OYO6SReGOVMOYO $

TD2 N

Q6"OGQ[

$

TD2D2 VO7YRYSL$MG6\VRYS$5S$P5YNOPMg5Y$

N'+&*)+'8(-,+)$.>*88,&$*8$9,8()+H9(>,8$(9>*+$8C+$:*)$*+$H=;9$)*&-*+')H+$-C$E/*+$(;:*$

'/$9,8()+H9(>,8*8D$7*)$:*=*($;88$;$)+*$)I-*+$/'+&*)+'8(-,+)u$=*:8;8.L$()+C=;8.$,.$

9,8/*9(>,8$[24].!

!=;9*$&')*+;'=*+$E'+$H=;9$/'+&*=*:8;8.(*/8*$*==*+$/'+&*9,8:H9);/;)*)D$",=*9I=*+$

,/*+<?+*+$@*/*.*=(*(*8*+.;$);=$'8:+*$&,=*9I=*+$(,&$;.>*8$<?+*+$*8*+.;*8$/;:*+*$-C$

('&&*$&C)*D$MI&@,=*)$*+$='&@:'$A•B$,.$@*8*/8;8.*8$Kl&PD$7*))*$<,+9='+*(f$

@K&#7$($5*!*+,$6*$*%L%$#%$'%'&((%,.7%1.#'$(($#%.,,%36.#%,'.#%6&#7$,'#27%,.7%+A#%+/$**.7%

$'%&#$&(%)A%I%7M%&6%$'%,'.11%7$5%'4""$(,$%)A%I%7$'$#%6$5%$*%'$7)$#&'0#1.#,"/$((%)A%INO@%

m0ToD$

O=*9)+,&'.8*);(9*$@?=.*+$<+'$(,='$*+$*9(*&-*=$-C$/'+&*()+C=;8.D$R$);==*..$);=$)I-*$

/'+&*9;=:*$(C$'/E*8.*+$&*8.:*$/'+&*()+C=;8.$'/$*.*8(9'-*8*$);=$,/*+<=')*8*$+H8:)D$

O&;(>,8(<'9),+*8$A€$*==*+$()+C=;8.()'==B$/'+;*+*+$&*==,&$2$,.$1$,.$/'+;*+*+$&*:$H=;9*$

,/*+<=')*+D$#='89*$,.$+*<=*9)*+*8:*$<=')*+$E'+$='/$€L$&*8($&?+9*$,.$.+,/*$<=')*+$E'+$E?I)$

*&;(>,8()'==$m0ToD$

P,8/*9(>,8$9'8$<,+9='+*($&*:$')$&,=*9I=*+$<,+<=I))*($;88':$;$*8$9,8()+H9(>,8$*==*+$

'/.+*8(*)$,&+C:*D$7*))*$(9I=:*($')$=H<)$@=;+$'/9>?=)$*==*+$,--/'+&*)$,.$/;=$:*+<,+$EE/D$

(I89*$*==*+$();.*L$(=;9$')$:*)$,--()C+$*8$@*/*.*=(*$'/$=H<)*8D$N'+&*)'-*)$,--()C+$:'$8C+$

/'+&*+*$=H<)$@=;+$<,+<=I))*)$,.$8*:9>?=*($m0ToD$

TD2D0 NQ6"OMG6h"$SgOYY5"$OY$P5YMG6!PMg5Y$

4,+$C$@*:?&&*$E/,+$.,:$*/8*$*8$9,8()+H9(>,8(:*=$E'+$);=$C$&,)()C$/'+&*.>*88,&.'8.$

@+H9*+$/;$@*.+*-*)$/'+&*.>*88,&.'8.(9,*<<;(;*8)*8L$,.(C$9'=)$!%/*+:;D$7*88*$/*+:;*8$

'8.;+$E/,+$&I*$/'+&*$(,&$()+?&&*+$.>*88,&$*8$9,8()+H9(>,8$.>*88,&$*)$'+*'=$-C$2$

&0$8C+$=H<)'$-C$E/*+$(;:*$'/$9,8()+H9(>,8*8$E'+$*8$:;<<*+'8(*$-C$2$r`m0To$

4,+$C$9H88*$<;88*$*8$('&=*)$!%/*+:;$<,+$*8$9,8()+H9(>,8$&C$&'8$+*.8*$H)$

/'+&*&,)()'8:*8$);=$E/*+)$*89*=)$(>;9)D$N'+&*&,)()'8:*8$*+$:*<;8*+)$(,&$@5$*%!*6$#,$%

6$#5!$*%&6%6&#7$($5*!*+,$6*$*%1.#%5$'%&"'0$(($%,/!"'$'C@% m0ToD$!%/*+:;*8$<C+$&'8$:'$/*:$C$

(H&&*+*$'==*$/'+&*&,)()'8:*8*L$('&)$;88/*8:;.$,.$H)/*8:;.$,/*+.'8.(&,)()'8:L$,.$

;8/*+)*+*$:*88*$(H&&*8 m0ToD$

!"#$$%$&'()*+,--.'/*$0120$ $ T$G*,+;$k$['+'&*)*+*$(,&$-C/;+9*+$*8*+.;I)*=(*8*$

$ 30$

TD2D3 P!V7O#65NO67RO6$

•P*%"0(5$9#.%$#%$*%5$(%&6%.7,(0''$*5$%".*,'#0",/.*%5$#%5$*%$(($#,%$*,&#'$5$%

6&#7$7.','&*5$*%$*5#$,%9$'45$(!+%&6%$*%$(($#%1($#$%&6%)0*"'$*$%*$5$*1.#Q%

&J%% 3$(%$(($#%5$(6!,%+/$**.7'#$*+*!*+%&6%5$*%.7,(0''$*5$%".*,'#0",/.*$*%&6%

7&'$#!&($#%7$5%324$#$%6&#7$".*50"'!6!'$'%

9J%% $*%%3$(%$(($#%5$(6!,%+/$**.7'#$*+*!*+%&6%5$*%.7,(0''$*5$%".*,'#0",/.*$*%&6%

7&'$#!&($#%7$5%324$#$%6&#7$".*50"'!6!'$'%$*%%

RJ%% 3$(%$(($#%5$(6!,%+/$**.7'#$*+*!*+%&6%5$*%.7,(0''$*5$%".*,'#0",/.*$*%&6%

7&'$#!&($#%7$5%324$#$%6&#7$".*50"'!6!'$'%$*%$*%1.#,"/$((%7$((.7%!**6$*5!+%.+%0'6$*5!+%

&#$&(-%,.7%6$5%.6$#+&*+$#%7$((.7%6$++B+0(6B'&"F$m0UoD$

PH=:*@+,*+$.;+$*<<*9)*+$(,&$?9)$/'+&*)'-L$='/*+*$,/*+<=')*)*&-*+')H+*+$;88*8:?+(L$

9,8:*8($;$9,8()+H9(>,8*8$,.$(-*88;8.(/'+;'(>,8*+$/*:$(),+*$)*&-*+')H+<,+(9>*==*+D$7*)$

(;()*$9'8$<?+*$);=$(-+*99:'88*=(*$;$&')*+;'=*+$(,&$;.>*8$9'8$.;$8*:('))$@W+**/8*D$

P,8:*8(<'+*8$.;+$&H=;.E*)*+$<,+$&H..$,.$'8:+*$<H9)(9':*+D

7*)$*+$;8.*8$9='+$:*<;8;(>,8$-C$E/,+$(),+)$/'+&*)'-$&C$/W+*$<+'$*8$9,8()+H9(>,8(:*=$<?+$

/;$9'8$9'==*$:*8$*8$9H=:*@+,L$,.$&*:$()':;.$()+*8.*+*$9+'/$);=$/'+&*;(,=*+;8.$9'8$

9H=:*@+,$<,+9='+*($(,&$F$*%!,.($#!*+,,6&"3$'%,.7%$#%,A%,'.#%&'%5$*%,"&(%7$5#$+*$,F$m0ToD$

MRYGO4$#I..<,+(9$E'+$.;))$H)$*)$@I..:*)'=>@=':L$FTZ2D12ZL$PH=:*@+,*+D$G'@*==*+$&*:$

9H=:*@+,/*+:;*+FL$(,&$'8.;+$9H=:*@+,/*+:;*+$<,+$&'8.*$9,8()+H9(>,8*+D$O8E*)*8$<,+$

9H=:*@+,/*+:;$*+$!$A-(;B$&*:$@*8*/8;8.$KlA&PBD$4,+$-H89)9H=:*@+,*+$*+$@*8*/8;8.*8$

KlPD$

F:.#7&(!,$#'%"0(5$9#.6$#5!%$#%,077$*%&6%6&#7$'&)$'%1#&%&(($%"0(5$9#.$*$%!%$*%94+*!*+%

5!6!5$#'%)A%.))6&#7$'%9#0",&#$&(%H<STJ@$m0ToD$GOP21$'8.;+$9+'/$);=$8,+&'=;(*+)*$

9H=:*@+,/*+:;*+D$4,+$(&CEH($*+$:*))*$9+'/*)$1L13$Kl&0P$$,.$<,+$()?++*$@I..$1L1^$

Kl&0PD$$

TD2DT RY4RVG6QMg5Y$

R8<;=)+'(>,8$*+$:*)$('&&*$(,&$=H<)=*99'(>*D$G;:=;.*+*$.;99$H)$&'8$H)$<+'$')$&*==,&$21$,.$

T1$t$'/$*8*+.;)'-$.>*88,&$I))*+/*..$(9I=:)*($=H<)=*99'(>*+L$&*8$;$GOP1Z$@=*$9+'/*8*$

<,+$;8<;=)+'(>,8$(9>*+-*)D$R$:'.*8($GOP$E*)*+$:*)$')$(&CEH($;99*$(9'=$E'$&*+$*88$0LU$

=H<)/*9(=;8.*+$-*+$);&*$/*:$*8$)+I99<,+(9>*==$&*==,&$H)*$,.$;88*$-C$U1$['L$&*8($<,+$

!"#$$%$&'()*+,--.'/*$0120$ $ T$G*,+;$k$['+'&*)*+*$(,&$-C/;+9*+$*8*+.;I)*=(*8*$

$ 33$

()?++*$@I..$*+$:*)$('&&*$9+'/*)$2LUD$7;((*$9+'/*8*$9'==*($<,+$=*99'(>*)'==*)$,.$(I&@,=*)$

*+$8U1$m0ToD$

4,+$')$=H<)=*99'(>*$(9'=$,--)+*L$&C$:*)$/W+*$)+I99<,+(9>*==$&*==,&$H)*$,.$;88*D$$

G+I99<,+(9>*==*8*$(9I=:*($/;8:L$)*&-*+')H+<,+(9>*==*+$,.$/*8);='(>,8(&*((;.*$<,+E,=:D$$

V*99'(>*)'==$&C$(>*99*($<,+$E/*+)$*89*=)$-+,(>*9)$E/;($&'8$(9'=$/;)*$')$@I.8;8.*8$*+$;$

E*8E,=:$);=$<,+(9+;<)*8*D$Y,*8$'9)?+*+$;$:'.$;8/*()*+*+$;$&C=*H)()I+$(,&$:*$@+H9*+$;$E/*+)$

-+,(>*9)L$&*8$:*$<=*()*$<C+$)'))$();99-+?/*+$'/$-+,(>*9)*+$,.$'8(*+$-C$.+H88='.$'/$:*))*$

(;8*$=?(8;8.*+$(,&$.,:*$8,9D$

4+*&.'8.(&C)*8$<,+$&C=;8.$'/$=*99'(>*)'==$*+$@*(9+*/*)$;$MRYGO4$#I..<,+(9$(;))$@=':$

Z01D13UD$YM$3132$'8.;+$H)+*.8;8.(&*),:*$<,+$E/,+:'8$/'+&*)+'8(-,+)9,*<<;(;*8)*8$<,+$

;8<;=)+'(>,8$@*+.*8*(D$

TD2DU P6QN$GRV$NRY7!O6$

R<?=.*$&;8()*9+'/*8*$);=$*8*+.;I)*=(*8*$;$GOP21$9'8$*8$/*..$@'+*$E'$2Tt$'/$:*8$

/'+&*.>*88,&.'8.*8$(,&$*)$/;8:H$9'8$E'D$N;8:H*8*$9'8$:*+<,+$(=;--*$H)$&I*$&*+$

/'+&*$*88$/*..*8$9'8D$"*8$);=$.>*8.>*=:$9'8$/;8:H*8*$,.(C$(=;--*$;88$(,=/'+&*$,.$

+*:H(*+*$@*E,/*)$<,+$*8*+.;$);=$@*=I(8;8.D$$7*)$*+$:*+<,+$/;9);.$C$E'$:*))*$;$)'89*8*$/*:$

-='((*+;8.$'/$,.$/'=.$'/$/;8:H*+D$

P+'/*)$;$GOP21$*+$!%/*+:;$A;89=H:*+)$9'+&l+'&&*B$-C$2L0$AKl&0$-+D$PB$<,+$

);=)'9(&*),:*8L$,.$2L^$AKl&0$-+D$PB$(,&$&;8()*9+'/D$$O8*+.;*.*8(9'-*8*$);=$*)$/;8:H$

()I+*($'/$<=*+*$-'+'&*)*+*D$4,+$/'+&*+*$()+?9$<;88*($.='(($(,&$()*8.*+$(,=/'+&*8$,.$

=I(*)$H)*L$,.$E?I;(,=*+)*$/;8:H*+$(,&$(=;--*+$/'+&*$=*))*+*$;88$*88$H)$<,+$:*$9'=:*$

,&+C:*8*D$P'+&*8$*+$*)$(/'9)$-H89)$*8*+.;&*((;.L$,.$:*+<,+$@=;+$H%/*+:;*+$<,+$/;8:H*8*$

.>*+8*$.;))$<,+$*8$()'8:'+:()?++*=(*$-C$2L0&$d$2L0&D$M)?++*$/;8:H*+$/;=$E'$*8$&;8:+*$

'8:*=$9'+&$;$<,+E,=:$);=$/;8:HL$,.$:*+<,+$9,&&*$H)$&*:$*8$='/*+*$H%/*+:;L$(*=/$,&$(*=/*$

.='((*)$*+$=;9)D$S>*88,&.C*8:*$(-+,((*+$*==*+$<=*+*$&;8:+*$.='((<*=)$;$/;8:H*)$/;=$.;$*8$

E?I*+*$!%/*+:;D$$$

N;8:H*8*$9'8$E'$/'+&*+*<=*9)*+*8:*$@*=*..$<,+$C$*8:+*$*.*8(9'-*+$);=$)+'8(&;(>,8$'/$

=I($,.$/'+&*D$N;8:H*)$;$<;.H+$3$/;(*+$*)$0%='.($E?I;(,=*+)$/;8:H$&*:$*)$

/'+&*+*<=*9)*+*8:*$@*=*..$-C$H)(;:*8$'/$:*)$;88*+()*$.='((*)D$N*:$C$=*..*$<,=;*8$E*+L$/;=$

(,=/'+&*8$9,&&*$=*8.()$&H=;.$;88$;$.='((*)$<?+$:*8$@=;+$+*<=*9)*+)L$('&);:;.$(,&$/'+&*8$

;88*8<+'$@=;+$+*<=*9)*+)$);:=;.D$"*==,&$:*$),$.='((*8*$=;..*+$*8$'+.,8.'((%<I==;8.$,.$*8$

F(-'J*+F$<,+$C$E,=:*$.='((*8*$;$+;9);.$'/()'8:D$O)$/'+&*+*<=*9)*+*8:*$@*=*..$-C$H)(;:*8$

'/$:*)$;88*+()*$.='((*)$+*:H(*+*+$/'+&*)'-*)$.>*88,&$/;8:H*)D$7*8$:*=*8$'/$

!"#$$%$&'()*+,--.'/*$0120$ $ T$G*,+;$k$['+'&*)*+*$(,&$-C/;+9*+$*8*+.;I)*=(*8*$

$ 3T$

(,=()+C=;8.(/'+&*8$(,&$(=;--*($.>*88,&$*)$/;8:HL$),)'=$(,=*8*+.;)+'8(&;(>,8L$9'==*($

(,=<'9),+D$N'8=;.*$/;8:H*+$E'+$*8$(,=<'9),+$-C$J'D$1L]L$&*8($:*$E?I;(,=*+)*$/;8:H*8*$E'+$

/*+:;$&*==,&$1L^1$);=$1LZ1$A),%='.(B$,.$1LT1$);=$1LUU$A)+*%='.(B$m0^oD$

$$$$$$$$ $

?,.6$!8G!%##&9.-,-.(-!47!(+!@=9,*%'($+!.'4**!%.!@7%$14-!74$)(_'9**+$D',-.(-!.D$!.<(--%)!

7,-16(+!b&5*G!2:"3B2/c!

M,&$&*:$(,=<'9),+*8$/;=$,.(C$)+'8(&;(>,8*8$'/$=I($'/E*8.*$'/$/'=.)$.='((D$7*$/'8=;.*$

.='((*8*$(=;--*+$;88$J'D$ZUt$'/$=I(()+C=;8.*8$,.$.,:)$;(,=*+)*$)+*%='.($/;8:H*+$@'+*$J'D$

^UtD$N;8:H('+*'=*)$,.$(9>*+&;8.*8$'/$/;8:H*)$*+$=;9*/*=$:*$()?+()*$<'9),+*8*$<,+$E/,+$

&I*$:'.(=I($(,&$(=;--*($;88$;$*)$+,&D$$GOP21$();==*+$9+'/$);=$')$@I.8;8.*+$(9'=$E'$8,9$=I($

H)*8$')$/'+&*@*='()8;8.'$@=;+$(>*8*+*8:*L$('&)$')$+,&$<,+$/'+;.$,--E,=:$(9'=$E'$/;8:H*+$

(,&$.;+$);=<+*:(();==*8:*$&*8.:*+$'/$:'.(=I(D$N*;=*:8;8.*8$.;+$),$'=)*+8');/*+$<,+$C$

:,9H&*8)*+*$')$9+'/*)$$,--8C::D$7*)$*8*$*+$C$E'$&;8;&H&$21t$/;8:H('+*'=$;$<,+E,=:$);=$

@+H9('+*'=*)L$*==*+$*)$.>*88,&(8;))=;.$<,+E,=:$&*==,&$=I(*)$;88*$,.$=I(*)$H)*$-C$&;8;&H&$

0$-+,(*8)D$7*))*$@=;+$9'=)$.>*88,&(8;))=;.$:'.(=I(<'9),+D$Q+@*;:(-='((*+$@?+$E'$Ut$

:'.(=I(<'9),+D$4;.H+$T$/;(*+$*8$<,+:*=;8.$'/$=I(*)$<+'$*)$/;8:H$;$*)$9/':+');(9$+,&D$"*8.:*$

:'.(=I($;$*)$+,&$@=;+$@*()*&)$'/$+,&&*)($:I@:*$,.$E?I:*L$)I99*=(*$-C$<'(':*/*..L$

(9>*+&;8.$'/$/;8:H*)L$/;8:H*)($9/'=;)*)$,.$()?++*=(*l-='((*+;8.D$#*=I(8;8.(()I+9*8$*+$]1$

V!iL$,.$H)*8<,+$*+$:*)$21$111$V!iD$7*))*$);=(/'+*+$*8$:'.(=I(<'9),+$-C$1L]tD$4;.H+*8$*+$

E*8)*)$<+'$#'+@'+'$"')H(;'9$(;))$<,+*:+'.$-C$@I.8;8.(<I(;99:'.*8$0122D$$

!=;9*$/;8:H()I-*+$E'+$H=;9$)+'8(&;(>,8$'/$=I(D$7*))*$'/E*8.*+$,&$:*)$*+$0%$*==*+$3%='.($

.='((L$,.$,&$:*)$E'+$/'+&*+*<=*9)*+*8:*$<;=&$*==*+$;99*D$6*<=*9(>,8(*.*8(9'-*8*$);=$

,/*+<=')*8*$;$+,&&*)$/;=$,.(C$/;+9*$;88$-C$$E/,+$=I()$+,&&*)$@=;+D$7*)$*+$/*+:)$C$&*+9*$

!"#$$%$&'()*+,--.'/*$0120$ $ T$G*,+;$k$['+'&*)*+*$(,&$-C/;+9*+$*8*+.;I)*=(*8*$

$ 3U$

(*.$')$H)+*.8;8.*8*$'/$:'.(=I(<'9),+$;99*$)'+$E*8(I8$);=$,&$/;8:H*)$=;..*+$-C$*8$8,+:%$

*==*+$(?+/*8:)$<'(':*L$,.$')$:*)$:*+<,+$@'+*$.;+$*)$+*=');/)$&C=$-C$E/,+$&I*$=I($(,&$

9,&&*+$;88$;$@I.8;8.*8$m0ZoD$

$

?,.6$!/G!,--7,$5-,-.(-!47!?4*41(+955('*(-!#D!14.*'9*?45+%$(-!b&4$&4$4!)4+6*,45c!

[='((*+;8.$'/$/;8:H*+$E'+$&I*$C$(;$@C:*$<,+$*8*+.;$,.$=I(8;/C*)$;$+,&&*)D$O)$/;8:H$E?I)$

,--*$-C$/*..*8$(=;--*+$=I(*)$=*8.*+$;88$;$+,&&*)$*88$,&$:*)$/'+$-='((*+)$='/*+*$-C$

/*..*8D$7*)$*+$,.(C$@*:+*$C$=*..*$/;8:H*8*$8W+&*$(;:*/*..*8*$;$+,&&*)L$(=;9$')$:;((*$

@=;+$,--=I()$,.$9'8$+*<=*9)*+*$=I(*)$=*8.*+$;88$;$+,&&*)$*88$:*)$:;+*9)*$=I(*)$m0]oD$R$<?=.*$

*8$+'--,+)$'/$#'+@'+'$"')H(;'9$/;=$:*)$:*+<,+$/W+*$&*+$*8*+.;@*(-'+*8:*$C$E'$),$

&;8:+*$/;8:H*+$8W+$(;:*/*..*8*$*88$C$E'$*)$&;:)$-C$<'(':*/*..*8L$<,+:;$=I(*)$@=;+$@*:+*$

H)8I))*)$,.$&'8$9'8$E'$*)$&;8:+*$.='(('+*'=D$6,&<?=*=(*8$@=;+$,.(C$.,:$<,+:;$+,&&*)$

/;+9*+$@+*:*+*D$O)$'88*)$.,:)$'=)*+8');/$*+$C$@+H9*$(&'=*$E,+;(,8)'=*$/;8:H*+L$E?I)$,--*$

-C$/*..*8D$7*))*$(=;--*+$=I(*)$='8.)$;88$,.$=I(*+$,--$/*..*8*L$('&);:;.$(,&$:*)$

+*:H(*+*+$.='(('+*'=*)L$&*8$&*:$E*8(I8$);=$+,&<?=*=(*$*.8*+$:*)$(*.$;99*$(C$@+'$;$+,&$

&*:$='/$E;&=;8.(E?I:*D$

N*:$C$,+;*8)*+*$E,/*:<'(':*8$&*:$(),+*$/;8:H*+$+*))$&,)$(?+$/;=$&'8$<C$2l3$&*+$

(,=/'+&*$;88$*88$,&$:*8$/;8:H(+;9*$<'(':*8$/'+$/*8:)$&,)$/*()$*==*+$?()$m0_oD$7*)$

'8@*<'=*($,.(C$C$@+H9*$/*+);9'=*$/;8:H(<=')*+$:*+$:*)$*+$<'+*$<,+$,/*+,--E*);8.$-C$

(,&&*+*8L$<,+:;$(,=*8$()C+$E?I*+*$-C$E;&&*=*8$-C$(,&&*+*8$*88$-C$/;8)*+*8L$$,.$:*))*$

H)8I))*+$()+C=*8*$<+'$/;8)*+(,=*8$@*()D$$

N*:+?+*8:*$-='((*+;8.*8$'/$/;8:H*8*$*+$:*)$,.(C$'/.>?+*8:*$C$(*$/;8:H*8*$;$<,+E,=:$);=$

)+W+$,.$@I.8;8.*+$;$$8W+E*)*8L$(=;9$')$&'8$*8$H88.C+$C$<C$(9I..*+$(,&$:*99*+$/;8:H*8*$

,&$/;8)*+*8D$7*)$*+$=;9*/*=$/*+:)$C$&*+9*$(*.$')$(9I..*+$,&$(,&&*+*8$9'8$/W+*$

-,(;);/)L$(*$<;.H+$UD$$$

$

!"#$$%$&'()*+,--.'/*$0120$ $ T$G*,+;$k$['+'&*)*+*$(,&$-C/;+9*+$*8*+.;I)*=(*8*$

$ 3^$

$

?,.6$!2G!?45+%$($!*%)!#D7,$5($!*%'+,'*5611!,!&%',.(-!b&5*G!000300Cc!

TD0 N

Q6"O[657!PMg5Y$5S$OYO6SR456MeYRYS

$

S*8*+*=)$9+*/*+$*8*+.;*<<*9);/*$/'+&*(I()*&$$.,:$)*&-*+')H+9,8)+,==$,.$&H=;.E*)$<,+$C$

/*=.*$H=;9$)*&-*+')H+$;$H=;9*$+,&D$7;()+;@H(>,8*8$'/$/'+&*8$<,+*.C+$/'8=;./;($/*:$

/'88@'(*+)*$(I()*&*+$,&$&'8$;99*$E'+$=H<)%);=%=H<)$/'+&*-H&-*+L$/*:<I+;8.$*==*+$

:;+*9)*$*=*9)+;(9*$,/8*+$;$+,&&*8*$m0_oD$N'88@'(*+)*$(I()*&*+$9'8$E'$H=;9*$

*8*+.;9;=:*+$,.$*+$<=*9(;@=*$,/*+$=*/*);:*8$(;:*8$&'8$9'8$@I))*$H)$/'+&*9;=:*8$H)*8$C$

*8:+*$:;()+;@H(>,8('8=*..*)D$G;=$.>*8.>*=:$*+$;8/*()*+;8.(9,()8':*8*$$E?I*+*$*88$<,+$

'8:+*$(I()*&*+D$7*$/'88@'(*+)*$(I()*&*8*$E'+$*8)*8$+':;'),+*+$-C$/*..*8$*==*+$

/'88+?+$;$.H=/*8*D$6':;'),+*+$E'+$&;8:+*$()+C=;8.('+*'=$*88$.H=//'+&*8L$,.$&C$:*+<,+$

E'$E?I*+*$/'88)*&-*+')H+$<,+$C$.;$('&&*$/'+&**<<*9)D$$

G'9%$,.$.H=/&,8)*+)*$/'+&*9;=:*+$'/.;+$&I*$()+C=;8.(/'+&*L$(,&$<?=*($.,:)$-C$9+,--*8D$

7*))*$.>?+$')$&'8$9'8$(*89*$=H<))*&-*+')H+*8$*8$);=$),$.+':*+$H)*8$C$?:*=*..*$

9,&<,+)*8D$$

!"#$$%$&'()*+,--.'/*$0120$ $ T$G*,+;$k$['+'&*)*+*$(,&$-C/;+9*+$*8*+.;I)*=(*8*$

$ 3Z$

TD0D2 7R6OPGO$OVOPG6RMRGOG$

O=*9)+;(;)*)$*+$*8$/'8=;.$*8*+.;9;=:*D$O=*9)+;(9*$,--/'+&;8.((I()*&$E'+$*8$

/;+98;8.(.+':$-C$211t$(;:*8$'==$);=<?+)$*8*+.;$@=;+$,&.>,+)$);=$/'+&*$H)*8$)'-$'/$*8*+.;$

m31oD$N'+&*8$9'8$9,&&*$<+'$/'+&*=;()*+L$-'8*=%L$()+C=*%L$/;<)*%$,.$,=>*,/8*+L$('&)$

/'+&*9'@=*+$;$.H=/D$"*:$H88)'9$'/$.H=//'+&*8$E'+$:*$*=*9)+;(9*$/'+&*9;=:*8*$=;)*8$

/'+&*)+*.E*)$,.$);==')*+$:*+<,+$+'(9*$)*&-*+')H+*8:+;8.*+$,.$;8:;/;:H*==*$)*&-*+')H+*+$

;$H=;9*$+,&D$N'+&*8$9'8$+*.H=*+*($&*:$)*+&,()')$*==*+$);:(;88();==;8.D$Y,*8$8I*+*$

(I()*&*+$$9'8$,.(C$<>*+8()I+*($,.$E'+$@=;))$*))*+)+'9)*:*$);=$<+;);:(@,=;.*+L$(;:*8$:*$9'8$

()'+)*($<?+$'89,8()D$O=*9)+;(9$*8*+.;$E'+$,.(C$E;(),+;(9$(*))$/W+)$@;==;.$$;$Y,+.*D$$

R$0121$9,&$_TL]t$'/$9+'<)-+,:H9(>,8*8$;$Y,+.*$&;=>?/*88=;.$/'889+'<)$m32oD$N;$9>?-*+$

()':;.$&*+$*=*9)+;(9$*8*+.;$<+'$H)='8:*)L$,.$H)(=;--*8*$-*+$<,+@+H9)$9KE$*=*9)+;(9$*8*+.;$

?9*+D$5--.'/*8$@'(*+*+$(*.$-C$)'==$<+'$-+,.+'&&*)$M;&;*8L$:*+$3_U$.l9KE$*+$E*8)*)$<+'$

*8$:,9),+'/E'8:=;8.$,&$)*&'*)D$

TD0D0 NQ6"O[!"[O$

N'+&*-H&-*+$E*8)*+$/'+&*$&*:$='/$)*&-*+')H+$<+'$*8$FH)?&&*=;.F$*8*+.;9;=:*$,.$$

@+H9*+$*=*9)+;(9$*8*+.;$);=$C$=*/*+*$/'+&*$&*:$*8$E?I*+*$)*&-*+')H+D$N'+&*8$9'8$

9,&&*$<+'$H)*=H<)L$.+H88/'88L$@*+..+H88$*==*+$(>?/'88D$[H&-*8*$/;+9*+$-C$);=(/'+*8:*$

&C)*$(,&$*)$9H=:*'8=*..L$(,&$*)$9>?=*(9'-L$,.$@*()C+$'/$9,&-+*((,+L$()+H-*/*8);=L$

<,+:'&-*+$,.$9,8:*8('),+D$[+;8(;--*)$<,+$-+,(*((*+;8.*8$'/$/'+&*8$*+$(9;((*+)$;$<;.H+$^D$

N;+98;8.(.+':*8$'/E*8.*+$'/$&,:*==L$(I()*&$,.$)*&-*+')H+$-C$9'=:$(;:*L$&*8$=;..*+$,<)*$

;$,&+C:*)$3%U$m30oD$7*)$@*)I+$')$&'8$9'8$<C$3%U9K$/'+&**<<*9)$H)$'/$'8=*..*)$/*:$C$

@+H9*$29K$*=*9)+;(9$*8*+.;D$G*98;(9$<,+(9+;<)$:*<;8*+*+$:*+<,+$/'+&*-H&-*+$(,&$*8$

<,+8I@'+$*8*+.;9;=:*D$#+H9*8$'/$/'+&*-H&-*+$E'+$?9)$&I*L$.+H88*)$?9*8:*$*8*+.;-+;($

,.$(I89*8:*$;8/*()*+;8.(9,()8':D$Q8)'==$/'+&*-H&-*+$;$Y,+.*$/'+$;$011U$]$.'8.*+$

E?I*+*$*88$;$2__Z$m30oD$

!"#$$%$&'()*+,--.'/*$0120$ $ T$G*,+;$k$['+'&*)*+*$(,&$-C/;+9*+$*8*+.;I)*=(*8*$

$ 3]$

$

?,.6$!AG!#$,-*,##*5,**(!47!(-!d74--!+,'!74--e!74$)(#6)#(!b&5*G!2203/C8c!!!

7*$(*8*+*$C+*8*$E'+$=H<)%);=%=H<)$/'+&*-H&-*+$@=;))$-,-H=W+*$<,+:;$:*$*+$@;==;.*$,.$=*))*$C$

*))*+;8()'==*+*$;$*=:+*$@,=;.*+D$S*/;8()*8$'/$C$;8()'==*+*$*8$(=;9$=H<)$);=$=H<)$/'+&*-H&-*$

/;=$?9*$/*:$?9*8:*$/'+&*@*E,/D$7*)$*+$,.(C$/;9);.$')$@,=;.*8$E'+$*8$C-*8$-='8=?(8;8.$<,+$

C$(-+*$/'+&*8$@*:+*D$R8()'=='(>,8$'/$=H<)%);=%=H<)$/'+&*-H&-*$*.8*+$(*.$@*()$<,+$@,=;.*+$;$

,&+C:*+$&*:$='8.$<I+;8.((*(,8.$*==*+$&;=:*$/;8)+*L$(;:*8$/;+98;8.(.+':*8$(I89*+$/*:$

(I89*8:*$H)*=H<))*&-*+')H+D$N'+&*-H&-*8($*<<*9)$(I89*+$&*:$T1%^1t$8C+$

H)*)*&-*+')H+*8$(I89*+$<+'$xZ$);=$%2Ur`D$7*))*L$;$);==*..$);=$@*E,/$<,+$'/+;&;8.$'/$:*8$

H)/*8:;.*$:*=*8$'/$'8=*..*)L$.>?+$')$:*$H)*=H<)(@'(*+)*$/'+&*-H&-*8*$.;+$*8$01%31t$

&;8:+*$C+=;.$*8*+.;@*(-'+*=(*$*88$:*$(,&$E*8)*+$/'+&*8$<+'$(>?/'88L$.+H88/'88$*==*+$

.+H88*8$m33oD$

TD0D3 S6!YYNQ6"O$

4>*==L$>,+:$,.$.+H88/'88$@=;+$/'+&*)$,--$'/$,&.;/*=(*8*$-C$.+H88$'/$(,=*8*+.;$,.$

/'+&*8$<+'$8*:@+I);8.$'/$,+.'8;(9$&')*+;*D$7*88*$/'+&*8$*+$,<)*$9'=)$>,+:/'+&*L$

.*,*8*+.;L$='/%)*&-*+')H+$.*,)*+&;(9$*8*+.;$*==*+$.+H88/'+&*D$7*$/'8=;.()*$<,+&*8*$

<,+$C$H)8I))*$:*88*$/'+&*8$-C$*+$C$@,++*$EH==$;$<>*==*)$,.$E'$*)$=H99*)$+?+(I()*&$*==*+$

-H&-*$,--$.+H88/'88D$G*&-*+')H+*8$-C$&*:;*)$(,&$9,&&*+$,--$*+$(C$='/$')$:*8$&C$

.>*88,&$*8$/'+&*-H&-*$<,+$C$9H88*$@+H9*($);=$,--/'+&;8.$'/$+,&$,.$)'--*/'88L$&*8$

);=$.>*8.>*=:$*+$)*&-*+')H+*8$()'@;=$.>*88,&$C+*)L$(=;9$')$/'+&*-H&-*8$E'+$.,:*$

:+;<)(@*);8.*=(*+$m3ToD$!))'9*)$'/$/'+&*$/;=$(*89*$)*&-*+')H+*8$;$.+H88*8$8,*L$,.$:*)$*+$

/;9);.$C$E'$8,9$@+?88&*)*+$,.$')$'/()'8:*8$-C$@+?88*8*$*+$(),+$8,9$);=$')$.+H88*8$;99*$

9>?=*($<,+$&I*D$7*))*$/;=$;$(C$<'==$+*:H(*+*$(I()*&/;+98;8.(.+':*8D$R$);==*..$);=$C$E*8)*$

!"#$$%$&'()*+,--.'/*$0120$ $ T$G*,+;$k$['+'&*)*+*$(,&$-C/;+9*+$*8*+.;I)*=(*8*$

$ 3_$

/'+&*$,&$/;8)*+*8$9'8$.+H88*8$)'$;$&,)$,/*+(9H::(/'+&*$<+'$()?++*$@I..$&*:$

9>?=*'8=*..$-C$(,&&*+*8D$S+H88*8$/;+9*+$:'$(,&$*)$@'))*+;$(,&$='.+*+$/'+&*8$<+'$

(,&&*+*8$);=$/;8)*+*8D$R$Y,+.*$<;88*($:*)$0^$111$.+H88/'+&*'8=*..L$E/,+'/$,/*+$_1t$

*+$@,++*@'(*+)*$(I()*&*+$;$<>*==$&*:$=H99*)$9,==*9),+$m3ToD$

7*8$&*()$+,@H()*$.+H88/'+&*=?(8;8.*8$*+$@*+./'+&*$<+'$*)$=H99*)$(I()*&L$(*$<;.H+$ZD$

O8$<+,()(;99*+$/W(9*$()+?&&*+$;$-='()+?+$(,&$=;..*+$;$@,+*EH==$;$<>*==*)D$Q/$:*8$/'+&*8$

(I()*&*)$.;+$*+$,&)+*8)$Z1t$@*+./'+&*$,.$+*()*8$*=*9)+;(;)*)$);=$/'+&*-H&-*8D$#I..*)$

&C$E'$*)$/'88@C+*8)$:;()+;@H(>,8((I()*&$&*:$/;<)*9,8/*9),+*+L$+':;'),+*+$*==*+$

.H=//'+&*$);=$+,&,--/'+&;8.*8D$$Q/()'8:*8$);=$<>*==*)$@?+$/W+*$(C$=;)*8$(,&$&H=;.$(;:*8$

>,+:='.*)$9H8$=*:*+$2l3$(C$.,:)$/'+&*$(,&$<>*==*)$,.$<,+:;$+?+*8*$(,&$*+$*.8*)$<,+$

=?(&'((*='.*)$*+$:I+*+*$m3UoD$#,+*:I@:*$*+$,<)*$211%0U1$&*)*+$<,+$(=;9*$(I()*&L$,.$*)$

EH==$;$<'()$<>*==$9,()*+$;$()?++*=(*(,+:*8$2U1%0U1$Y5Pl&*)*+$*9(9=H:*+)$&*+/*+:;'/.;<)D$

#,+;8.$;$=?(&'((*='.*)$9,()*+$3%U$.'8.*+$&*+$m3ToD$O<<*9)*8$=;..*+$&*==,&$01%T1$Kl&$

/'88<I=)$@,+*EH==$,&$@+?88*8*$;99*$=;..*+$(C$8W+)$E/*+'8:+*$')$*<<*9)*8$@=;+$+*:H(*+)D$$

O8$@+?88$-C$011$&*)*+$/;=$'8(='/(/;($.;$^$9K$+*8$/'+&*L$$]%22$9K$*))*+$-+,(*((*+;8.$;$

/'+&*-H&-*8D$R8/*()*+;8.*8$/;=$<,+$*8$/'8=;.$*8*@,=;.$=;..*$-C$2U1$111$%$0U1$111$Y5P$

<,+$*)$(I()*&$&*:$H)*:*=$,.$/'+&*-H&-*D$$

$ $

?,.6$!:G!#$,-*,##*5,**(!47!(-($.,&$=--!)(1!'655(+!5%''(5+%$!b-.63-%c!

Q=)*+8');/*)$);=$:*)$=H99*:*$(I()*&*)$*+$*)$C-*8)$(I()*&$:*+$.+H88/'88*)$-H&-*($

:;+*9)*$,--D$#+?88*8*$*+$21%T1$&*)*+$:I-*D$7*))*$(I()*&*)$9'8$.;$&*+$*<<*9)$A219K$-*+$

r`$)*&-*+')H+*8$*8:+*(BL$&*8$*+$=;9*/*=$&;8:+*$/'8=;.D$7*))*$9,&&*+$'/$')$(-*(;*==*$

.+H88<,+E,=:$9+*/*($A('8:$,.$.+H('/=*;+;8.*+L$9,+)$/*;$);=$.+H88/'88BL$')$.+H88/'88*)$

&C$E'$E?I$9/'=;)*)$,.$;99*$/W+*$H8:*+$3%Tr`$m3ToD$O8$;8/*()*+;8.$;$*)$(=;9)$'8=*..$9+*/*+$

!"#$$%$&'()*+,--.'/*$0120$ $ T$G*,+;$k$['+'&*)*+*$(,&$-C/;+9*+$*8*+.;I)*=(*8*$

$ T1$

:*+<,+$-+?/*@,+;8.$,.$&C=;8.*+L$E*=()$.>*88,&$<=*+*$C+L$,.$*+$:*+<,+$9H8$=?88(,&&*$<,+$

()?++*$'8=*..D$7*)$C-8*$(I()*&*)$@=;+$:*+<,+$;99*$/H+:*+)$/;:*+*$;$,--.'/*8D$$

TD0DT #R5OYO6SR$

#;,*8*+.;$*+$:*<;8*+)$(,&$F$*$#+!%,.7%".77$#%5!#$"'$%$(($#%!*5!#$"'$%1#&%1.#,"/$((!+$%

'4)$#%9!.(.+!,"%7&'$#!&($%H9!.7&,,$J-%1C$",C%)(&*'$)#.50"'$#%H6$5J-%+/25,$(-%,".+,&61&((%

H9&#"-%1(!,J%.+%&**$'%9!.(.+!,"%&61&((F$m3^oD$M;:*8$@;,*8*+.;$/;:*()$(*))$,--()C+$.>*88,&$

<,),(I8)*(*8$,.$9'8$-+,:H(*+*($'/$<=*+*$H=;9*$*8*+.;@W+*+*L$+*.8*($@;,*8*+.;$(,&$*8$

<,+8I@'+$*8*+.;9;=:*D$$$

O8*+.;*8$9,&&*+$<+'$/'+&*8$'/.;))$/*:$<,+@+*88;8.$'/$/*:L$@+;9*))*+L$-*==*)($*==*+$:*8$

,+.'8;(9*$(,+)*+;8.*8$'/$(?--*=D$R$@,=;.EH($*+$:*)$&*()$/'8=;.$&*:$:*$<'()*$@+*8(=*8*$

/*:$,.$-*==*)(D$6,&$9'8$/'+&*($,--$/*:$E>*=-$'/$<+;))()C*8:*$,/8*+$A-H89)/'+&*B$*==*+$;$

<,+@;8:*=(*$&*:$*)$(*8)+'=/'+&*'8=*..$m3ZoD$7*)$@+*88*($C+=;.$2L3$&;==;,8*+$),88$/*:$;$

8,+(9*$@,=;.*+$,.$1L0$&;==;,8*+$),88$;$<+;);:(@,=;.*8*$/C+*D$$YI*+*$,/8*+$E'+$E?I*+*$

/;+98;8.(.+':$<,+:;$:*$@+*88*+$+*8*+*L$&*8$:*)$*+$<+*&:*=*($,/*+$^11D111$$)+':;(>,8*==*$

,/8*+$,.$-*;(*+$;$:+;<)$E*+$);=$='8:($m3]oD$

O8$-*==*)(9'&;8$E'+$*8$/;+98;8.(.+':$-C$,--$;$&,)$_UtL$E'+$*8$@+*8(*=9,()8':$-C$U1%

Z1$?+*l9K$,.$<C($&*:$'H),&');(9$$)*+&,()')()I+)$&');8.$$,.$='.+;8.$'/$,--);=$)+*$:'.*+($

<,+@+H9D$7*88*$=?(8;8.*8$9+*/*+$()+?&$,.$9'8$*+()'))*$)+':;(>,8*==*$/*:,/8*+$;$

,--E,=:(+,&D$O<<*9)*+$-C$,--$);=$21$9K$*+$/'8=;.$m3]oD$$

[*==*)(9>*=*+$&C$;8()'==*+*($-C$.,:9>*8)$<I++,&$,.$9'8$*+()'))*$,=>*9>*=*+D$P>*=*8$/'+&*+$

,--$/'88$);=$*)$/'88@C+*8)$:;()+;@H(>,8((I()*&L$,.$:*)$*+$:*+<,+$/'8=;.$&*:$*8$*<<*9)$

,--$);=$U19KD$[C$.+H88$'/$()?++*$*<<*9)$&C$-*==*)(9>*=*+$E'$*)$()?++*$='.*+$'/$-*==*)(D$

M)?++*$/,=H&*+$.;+$@*:+*$-+;($-C$@+*8(*=*)L$3U%^U$?+*l9KE$m3]oD$

O8$'88*8$<,+&$<,+$@;,*8*+.;$*+$=,9'=-+,:H(*+)$&*)'8.'((D$S'((*8$@=;+$H)/H88*)$;$*8$

@;,+*'9),+$<I=)$&*:$,+.'8;(9$'/<'==$<+'$EH(E,=:8;8.L$&')='.;8.$,.$),'=*))*+D$!8:*+$

<,++C)8*=(*(-+,(*((*8$'/.;+$$'/<'==*)$&*)'8.'(($(,&$@=;+$<'8.*)$,--$;$(&C$-*+<,+*+)*$+?+$

;$+*'9),+*8D$"*)'8.'(($E'+$02$.'8.*+$()*+9*+*$:+;/EH(*<<*9)$*88$`50$,.$.'((*8$@?+$

:*+<,+$<,+@+*88*($m3_oD$4,+@+*88;8.*8$9'8$@+H9*($);=$C$:*99*$,--/'+&;8.(@*E,/*)$);=$*)$

@I..D$G*98,=,.;*8$*+$<,+*=?-;.$&*()$*.8*)$<,+$()?++*$-+,(>*9)*+$,.$<;88*($;$Y,+.*$;$:'.$

&*()$-C$(?--*=:*-,8;*+D$7*88*$<,+&*8$<,+$@;,*8*+.;$@=;+$:*+<,+$;99*$:;(9H)*+)$/;:*+*$;$

,--.'/*8D$

$

!"#$$%$&'()*+,--.'/*$0120$ $ T$G*,+;$k$['+'&*)*+*$(,&$-C/;+9*+$*8*+.;I)*=(*8*$

$ T2$

TD0DU 45MMRVG$#6OYMOV$

4,((;=*$@+*8(*=$*+$9'+@,8E,=:;.*$&')*+;'=*+$(,&$=;..*+$H8:*+$>,+:(9,+-*8D$5=>*L$

8')H+.'(($,.$9H==$*+$:*$&*()$/'8=;.*$mT1oD$7*$@=;+$+*.8*)$(,&$;99*%<,+8I@'+*$*8*+.;9;=:*+$

,.$E'+$*)$/*(*8)=;.$`50%H)(=;--D$M;:*8$GOP21$;99*$);==')*+$@+H9$'/$:*88*$)I-*8$

*8*+.;9;=:*+$H8:*+$/'8=;.*$,&()*8:;.E*)*+L$*+$:*$<,((;=*$@+*8(=*8*$;99*$()H:*+)$

8W+&*+*D$

TD0D^ M5V4QYSO6O$

Y,+.*$*+$*)$='8.()+'9)$='8:$&*:$(),+*$/'+;'(>,8*+$;$);=.'8.*8$-C$(,=*8*+.;D$G;=.'8.*8$-C$

*8*+.;*8$*+$,.(C$(*(,8.'/E*8.;.$,.$,--)+*+$;$&,)<'(*$&*:$/'+&*@*E,/*)$;$@I..*8*$

/C+*D$4;.H+$]$;==H()+*+$()+C=;8.(*8*+.;*8$&,)$*8$E,+;(,8)'=$<=')*$;$>'8H'+$A);=$/*8()+*B$,.$

>H=;$A);=$E?I+*BD$7*)$*+$;&;:=*+);:$&H=;.$C$9,&-*8(*+*$<,+(9>*==*8*$;$()+C=;8.(*8*+.;*8$/*:$

C$*8:+*$/;89*=*8$-C$(,=<'8.*+8*D$M,=<'8.*+*$@?+$&,8)*+*($&,)$(?+L$&*8$'//;9$-C$TU°$.;+$

H8:*+$21t$+*:H9(>,8$'/$*8*+.;H)@I))*)L$(*$)'@*==$_D$O<<*9)*8$,.$8I))*8$'/$*)$

(,=<'8.*+'8=*..$&C$:*+<,+$(*($-C$;$('&&*8E*8.$&*:$E/*+)$*89*=)$@I..*-+,(>*9)D$

$

?,.6$!>G!*+$D',-.(-!,'=#(+!47!(-!14.!)%+!(-!@%$,*%-+4'!?'4+(!bi?%$-9&4$!(-($.,!0CC:ic!!

$

$ !

!"#$$%$&'()*+,--.'/*$0120$ $ T$G*,+;$k$['+'&*)*+*$(,&$-C/;+9*+$*8*+.;I)*=(*8*$

$ T0$

+4&(''!BG!(-1$,-.($!47!*%',--*+$D',-.!#D!(-!#'4-!*%'?4-.($!*(++!,!?%$@%'1!+,'!1(+!%#+,)4'(!d*=$E!

)(1!(-!7,-5('!#D!/2je!b&5*G!2203/22c!!

$KOJNJM! @KPJNJM!

2U°$ 31°$ TU°$ ^U°$

*`L! 1L_2$ 1L__$ 2L11$ 1L_^$

*`L_XKTO!UM!*`L_`TO! 1L]Z$ 1L_0$ 1L_3$ 1L]_$

7KTO!UM!`TO! 1LZ_$ 1LZ]$ 1LZU$ 1L^_$

$

M,=*8*+.;*8$9'8$@+H9*($);=$,--/'+&;8.$.>*88,&$,--/'+&;8.$'/$@I.8;8.(:*=*+$*==*+$

.>*88,&$/;8:H*+D$7*))*$*+$-'((;/$@+H9$'/$(,=*8*+.;*8D$7*))*$'/(8;))*)$(9'=$)'$<,+$(*.$

(,=<'8.*+*$<,+$'9);/$(,=/'+&*D$M,=<'8.*+8*$@*()C+$'/$*)$(/W+)$'@(,+@*+*8:*$&')*+;'=*$

(,&$'@(,+@*+*+$&*)$&H=;.$'/$*8*+.;*8D$4,+$')$/'+&*8$;99*$(9'=$)'-*($);=$,&.;/*=(*8*$

;(,=*+*($'@(,+@'),+*8$&*:$*)$:*99='.D$7*)$.>*88,&(;9);.*$:*99='.*)$9'8$/W+*$'/$-='()$

*==*+$.='(($,.$(=;--*+$;88$:*)$9,+)@?=.*:*$=I(*)L$&*8$E,=:*+$-C$:*8$='8.@?=.*:*$

/'+&*()+C=;8.*8D$$O8$/W(9*$*==*+$=H<)$)+'8(-,+)*+$(C$/'+&*8$);=$/'+&*'8=*..*)$mT2oD$M*$

,--@I..;8.*8$'/$*8$-='8$(,=<'8.*+$;$<;.H+$_D$

$ $

?,.6$!BG!%##&9..,-.(-!47!(-!#'4-!*%'?4-.($!b&5*G!2203/22c!!!

N'+&*8$<+'$(,=<'8.*+*8$9'8$@+H9*($);=$,--/'+&;8.$'/$)'--*/'88$*==*+$);=$

+,&,--/'+&;8.$.>*88,&$*)$;8:;+*9)*$(I()*&$);=98I))*)$*)$='/)*&-*+')H+$/'+&*'8=*..D$

!'8(*))$&C$/'+&*8$<+'$(,=<'8.*+*8$='.+*($;$*)$/'+&*='.*+D$R$&;8:+*$(I()*&$(,&$9H8$

@;:+'+$);=$,--/'+&;8.$'/$)'--*/'88L$*+$,<)*$/'+&*='.*+*)$(*=/*$/'+&)/'88()'89*8D$$

O)$;8:;+*9)*$(I()*&L$(,&$;$<;.H+$21L$E'+$*8$/'+&*/*9(=*+$&*==,&$/'+&*='.+;8.()'89*8$

,.$/W(9*8$;$(,=<'8.*+*8D$[C$(=;9*$(I()*&$9'8$/W(9*8$;88*E,=:*$<+,()/W(9*$,.$(I()*&*)$

@=;+$&;8:+*$(C+@'+)$<,+$9H=:*D$R$:;+*9)*$(I()*&$=*:*($:*)$/'+&*$/'88*)$<+'$(,=<'8.*+*8$

:;+*9)*$);=$/'+&*='.+;8.()'89*8D$R$:;((*$(I()*&*8*$*+$:*)$/'8=;.$C$E'$*8$*.*8$)'89$<,+$

/'+&*='.+;8.*8$;$);==*..$);=$/'+&)/'88(@*+*:*+*8D$$

!"#$$%$&'()*+,--.'/*$0120$ $ T$G*,+;$k$['+'&*)*+*$(,&$-C/;+9*+$*8*+.;I)*=(*8*$

$ T3$

7*)$*+$;99*$?9,8,&;(9$C$:;&*8(>,8*+*$(,=/'+&*'8=*..*)$);=$E*=*$,--/'+&;8.(@*E,/*)$

*==*+$)'--*/'88(@*E,/*)L$:'$;8/*()*+;8.(9,()8':*8*$@=;+$(),+*$,.$:*+&*:$,.(C$-+;(*8$

-*+$-+,:H(*+)$9KED$"'8$<C+$E*==*+$;99*$H)8I))*)$9'-'(;)*)*8$-C$(,&&*+*8$:'$

/'+&*@*E,/*)$*+$&;8:+*D$7*)$*+$:*+<,+$&*()$?9,8,&;(9$;$Y,+.*$C$:;&*8(>,8*+*$*)$

)'--*/'88('8=*..$);=$C$)'$&*==,&$T1$,.$^1tL$*==*+$*)$9,&@;8*+)$'8=*..$<,+$

)'--*/'88l+,&,--/'+&;8.$<,+$3U$k$);=$U1t$'/$/'+&*@*E,/*)$mT0oD$

$

?,.6$!"CG!#$,-*,##*5,**(!47!(+!*+4-14$1!*%'74$)(4-'(..!b&5*G!2203/22c!!!

TD0DZ M5V`OVVO[QYOV$

O8*+.;*8$<+'$(,=*8$9'8$,.(C$H)8I))*($);=$C$-+,:H(*+*$*=*9)+;(9$()+?&$/*:$E>*=-$'/$

(,=J*==*-'8*=*+D$M,=J*==*8*$,&:'88*+$=I(*)$);=$()+?&$/*:$E>*=-$'/$*8$<,),/,=)';(9$*<<*9)$

:*+$*)$E'=/=*:*+&')*+;'=*$$,--'+@*;:*+$*)$*=*9)+;(9$-,)*8(;'=$8C+$(,==I(*)$)+*<<*+$J*==*8D$

X'=/=*:*+*8$&C$/W+*$9,@=*)$);=$*8$()+?&9+*)(L$(=;9$')$()+?&&*8$<+'$:*)$*=*9)+;(9*$

-,)*8(;'=*)$9'8$@*8I))*($mT3oD$O8$(,=J*==*$9'8$=*/*+*$&*==,&$1L3%1L^$NL$:*+<,+$*+$

(I()*&*8*$'/E*8.;.*$'/$')$&'8.*$J*==*+$@=;+$9,@=*)$('&&*8$);=$*)$(,=J*==*-'8*=$mT0oD$7*)$

<;88*($),$)*98,=,.;*+$<,+$J*==*8*u$9+I()'==;8(9*$E'=/=*:*+&')*+;'=*$*==*+$

)I88<;=&)*98,=,.;*+D$M;:*8$)I88<;=&-'8*=*8*$E'+$*8$='/*+*$/;+98;8.(.+':$A^%_t$'/$

(,==I(*)B$,.$*8$9,+)*+*$=*/*);:$A21%2UC+B$*+$:*$9+I()'==;8(9*$J*==*8*$:,&;8*+*8:*$-C$

&'+9*:*)D$M;=;(;H&$*+$:*8$/'8=;.()*$E'=/=*:*+*8$,.$E'+$;$-+'9(;($*8$/;+98;8.(.+':$-C$20%

2]t$&*:$*)$)*,+*);(9$-,)*8(;'=$-C$0]t$mTToD$O<<*9)*8$-C$*)$(,=J*==*-'8*=$@=;+$,--.;))$

(,&$K-$$A-*'9%a'))B$(,&$*+$*8$(-;((*<<*9)L$.;))$/*:$;88()+C=;8.$<+'$T0r$-C$2111Kl&0$,.$

!"#$$%$&'()*+,--.'/*$0120$ $ T$G*,+;$k$['+'&*)*+*$(,&$-C/;+9*+$*8*+.;I)*=(*8*$

$ TT$

*8$)*&-*+')H+$-C$0Ur`$mT0oD$7*$/'8=;.()*$(,=J*==*-'8*=*8*$=*/*+*+$U1%311$K-$,.$9'8$<C($

&*:$0U$C+($.'+'8);$mTUoD$

M,=J*==*'8=*..*8*$*+$<=*9(;@=*$,.$9'8$@+H9*($);=$<+;))()C*8:*$(I()*&*+L$(,&$EI))*+$*==*+$;$

*)$.')*=I(L$*==*+$/W+*$9,@=*)$:;+*9)*$-C$:*)$(*8)+'=*$:;()+;@H(>,8(8*))*)$<,+$*=*9)+;(;)*)D$

7*$<+;))()C*8:*$(I()*&*8*$E'+$@'))*+;$);=$C$='.+*$*8*+.;*8L$=':*+*.H='),+$,.$

&,8)*+;8.(H)()I+D$7*$8*));=98I))*:*$(I()*&*8*$(=;--*+$C$='.+*$*8*+.;*8L$&*8$

:;()+;@H*+*+$:*8$);=$*=%8*))*)$/*:$,/*+-+,:H9(>,8L$,.$E'+$:*+<,+$/*9(*=+*))*+$;$()*:*$<,+$

@'))*+;D$$

R$Y,+.*$E'+$(,=J*==*'8=*..$)+':;(>,8*=)$(*))$),$@+H9(,&+C:*+D$7*)$*+$EI))*+$='8.)$<+'$*=%

8*))*)$,.$9I()/*+9*)($<I+)C+8l(>?&*+9;8.D$R$<?=.*$*)$&H=;.E*)(()H:;*$,&$(,=*8*+.;$E'+$

MRYGO4$,.$P'8O8*+.;$='.*)$*8$+'--,+)$<,+$O8,/'$(,&$'8(=C+$')$:*8$),)'=*$;8()'==*+)*$

9'-'(;)*)*8$;$Y,+.*$*+$Z%_111$9K-$,.$')$:*)$C+=;.$(*=.*($,--$;$&,)$3U19K-D$

R8/*()*+;8.(9,()8':*8*$<,+$(,=J*==*'8=*..*8*$(I89*+$>*/8)$&*:$*8$'8(='./;($E'=/*+;8.$

E/*+)$(I/*8:*$C+L$('&);:;.$(,&$/;+98;8.(.+':*8*$()':;.$@=;+$@*:+*$mT^oD$MI()*&-+;(*8$

<,+$;8()'==*+)$*<<*9)$/'+$;$011]$;$Y,+.*$20U%2]1$Y5PlK-$<,+$(&C$<+;))()C*8:*$(I()*&*+$

,.$_1%201$Y5PlK-$<,+$8*));=9,@=*:*$(,=J*==*(I()*&D$O)$+*.8**9(*&-*=$;$+'--,+)*8$/;(*+$

*8*+.;9,()8':*8$<,+$*)$'8=*..$-='((*+)$;$M?+%Y,+.*D$R8/*()*+;8.(9,()8':*8$*+$('))$(C$='/)$

(,&$:*)$*+$)*89*=;.$')$-+;(*8$9'8$@=;L$31$Y5PlK-D$7*))*$.;+$;$*9(*&-*=*)$*8$-+;($-C$3L33%

3LZU$Y5Pl9KEL$(,&$*+$:I+)$('&&*8=;.8*)$&*:$:'.*8($-+;(*+$-C$*=*9)+;(9$*8*+.;$;$

Y,+.*D$4;.H+$22$/;(*+$*)$(,=J*==*-'8*=$(,&$*+$8*));=98I))*)D$

$

?,.6$!""G!*%'k(''(#4-('!,!(+!-(++,'5-9++(+!4-'(..!blll3+@((-.,-($3k%365c!

$

!"#$$%$&'()*+,--.'/*$0120$ $ T$G*,+;$k$['+'&*)*+*$(,&$-C/;+9*+$*8*+.;I)*=(*8*$

$ TU$

TD0D] NRY7SOYO6QG56$

M),+*$:*=*+$'/$Y,+.*$*+$(/W+)$/W+H)('))L$,.$:*)$*+$&*+$&?+9*);:$,.$&;8:+*$(,==I($*88$;$

(I:=;.*+*$='8:$;$OH+,-'D$4,+$;8()'=='(>,8*+$='8.)$<+'$*=*9)+;(;)*)(8*))*)$.>?+$:*))*$')$

/;8:9+'<)$9'8$/W+*$:*8$&*()$*8*+.;?9,8,&;(9*$*8*+.;9;=:*8D$R$/;8)*+&C8*:*8*$*+$

*8*+.;@*E,/*)$()?+()L$,.$:'$*+$,.(C$);=.'8.*8$-C$/;8:9+'<)$(,&$,<)*()$()?+()D$

N;8:)H+@;8*+$(,&$);=-'((*($@,=;.<,+&C=$9'8$=*/*+*($(,&$@C:*$8*))%);=98I))*)*$'8=*..$,.$

(,&$<+;))()C*8:*$'8=*..D$R$*8$8*))%);=98I))*)$=?(8;8.$*+$:*)$$;8/*()*+;8.*+$98I))*)$);=$

);=9,@=;8.*8L$&*8$&'8$(=;--*+$@'))*+;*+L$,.$&'8$<C+$(;99*+$()+?&9;=:*$;$-*+;,:*+$H)*8$

/;8:D$R$);==*..$9'8$&'8$=*/*+*l(*=.*$;88$,/*+-+,:H9(>,8*8$;$8*))*)D$V*/*+'8:?+*8$S*)*9$

,--=I(*+$,&$')$&'8$;$-+'9(;($@?+$E'$*8$&;::*=/;8:$,/*+$C+*)$-C$&;8;&H&$U$&l(D$

N;8:.*8*+'),+*8*$&,8)*+*($8,+&'=)$-C$*8$&'()$,.$(9'=$+'.*$E?I*+*$*88$

,&9+;8.=;..*8:*$EH(L$)+W+$,.$'8:+*$E;8:+;8.*+$mTZoD$4;.H+$20$/;(*+$/;8:.*8*+'),+*+$

(,&$*+$'9)H*==$<,+$+*99*EH($*==*+$@,=;.<*=)D$7;((*$E'+$*8$+,),+:;'&*)*+$-C$ULU$&*)*+$,.$*8$

),)'=$E?I:*$-C$2U$&*)*+D$

$

?,.6$!"0G!7,-1+6$&,-($!+,'!),-1$(!4-'(..3!blll36534''3&,mc!

TD0D_ SgOY#6!P$QN$S6\NQYY$

P;=:*(*-'+*+;8.$'/$'/=?-(/'88$9'8$/W+*$*8$*<<*9);/$&C)*$C$(-'+*$*8*+.;$-CD$

Q/=?-(/'88*)$9'8$:*=*($;88$;$.+C%$,.$(/'+)/'88L$:*+$.+C/'88*)$*+$(-;==/'88$<+'$/'(9*+L$

:H(>$,.$/'(9*&'(9;8*+L$&*8($(/'+)/'88$*+$H)(=;--*)$<+'$),'=*))$,.$H+;8'=D$7*88*$

(*-'+*+;8.*8$9'8$@+H9*($);=$C$@*/'+*$/;9);.*$8W+;8.((),<<*+$(,&$<,(<,+L$8;)+,.*8$,.$

9'=;H&D$

!"#$$%$&'()*+,--.'/*$0120$ $ T$G*,+;$k$['+'&*)*+*$(,&$-C/;+9*+$*8*+.;I)*=(*8*$

$ T^$

R$*)$@,=;.EH($;$+*99*$9'8$:*)$/W+*$'9)H*=)$C$@*8I))*$*8*+.;*8$;$.+C/'88*)D$R$:'.*8($

8I@I.:*$@,=;.*+$H).>?+$)'--*/'88$,&$='.$E'=/-'+)*8$'/$*8*+.;@*E,/*)$mT]oD$4=*+*$

(I()*&*+$'/$H=;9$9,&-=*9(;)*)$,.$;8/*()*+;8.(9,()8':$*+$)'))$;$@+H9$<,+$C$.>*8/;88*$

/'+&*8$(,&$(-;==/'88*)$;88*E'+D$O8$*89*=$;8()'=='(>,8$*+$C$)/;88*$9,@@*++?+*)$&*:$

);=<?+(*=(/'88*)$H)*8-C$'/=?-(+?+*)$(=;9$')$/'+&*$@=;+$,/*+<?+)$<?+$(-;==/'88*)$(=;--*($H)D$

G;=<?+)$/'88$&*:$21r`$9'8$:'$<C$*8$)*&-*+')H+$&*==,&$01r`$,.$31r`$<?+$:*)$9,&&*+$;$

/'+&)/'88(@*+*:*+*8D$

XH(@I$Q&<;$*+$*)$@,=;.-+,(>*9)$@I..*)$;$011U$;$M?+%G+?8:*='.$(,&$E'+$;8()'==*+)$/'88%);=%

/'88$/'+&*-H&-*D$X*+$<?+*($.+C/'88*)$);=$/'+&-*-H&-*8L$,.$;$<?=.*$XH(@'89*8$.;+$

/'+&*-H&-*8$*8$C+(/'+&*<'9),+$-C$UD$7*))*$/;=$(;$')$2$9KE$*=*9)+;(;)*)$.;+$U$9KE$/'+&*$

mT_oD$4;.H+$23$/;(*+$-+;8(;--*)$<,+$/'+&*.>*8/;88;8.$'/$.+C/'88D$

O8$'88*8$&C)*$C$H)8I))*$.+C/'88*)$-C$*+$C$;8()'==*+*$*8$/'+&*/*9(=*+$;$:;+*9)*$

);=98I)8;8.$);=$<D*9($:H(>*8D$O)$-+,:H9)$-C$&'+9*:*)$*+$*8$&;=>?:H(>$(,&$<H8.*+*+$(,&$

);:=;.*+*$8*/8)$&*:$9,@@*++?+L$&*8$;$:*))*$);=<*==*)$=;..*+$:;((*$;88*8<,+$(-;==/'88*)$mU1oD$

$

$

$

$

$

$

$

$

?,.6$!"8G!74$)(.<(-7,---,.!47!.$D74--!blll3%*%@%+l4+($3-%c! !

!"#$$%$&'()*+,--.'/*$0120$ $ T$G*,+;$k$['+'&*)*+*$(,&$-C/;+9*+$*8*+.;I)*=(*8*$

$ TZ$

TD3 N

OYGRVQMg5Y

$

TD3D2 NOYGRVQMg5YMMeMGO"$

7*)$*+$8,+&'=)$C$(9;==*$&*==,&$)+*$E,/*:)I-*+$/*8);='(>,8('8=*..D$Y')H+=;.L$&*9'8;(9$,.$

@'='8(*+)$*+$(I()*&*+$(,&$*+$@+H9)$;$Y,+.*D$

Y')H+=;.$/*8);='(>,8$*+$()I+)$'/$)*+&;(9$,--:+;<)$,.$/;8:E'();.E*)D$V'/*$

;8/*()*+;8.(9,()8':*+$,.$=;)*$/*:=;9*E,=:$*+$<,+:*=*8*D$M),+)$/*8);='(>,8(/'+&*)'-L$

H-C=;)*=;.E*)$,.$:C+=;.$9,&<,+)$*+$@'9:*=*8*D$

"*9'8;(9$/*8);='(>,8$E'+$('&&*$E,/*:-+;8(;--$(,&$8')H+=;.$/*8);='(>,8L$&*8$:*)$*+$

&,8)*+)$/;<)*+$(,&$*+$:+;/9+'<)*8$<,+$'/)+*99*)D$7*)$*+$='/*$;8/*()*+;8.*+$,.$.,:$

'/)+*99(+*.H=*+;8.$98I))*)$);=$&*9'8;(9$(I()*&L$&*8$:*)$*+$(),+)$/*8);='(>,8(/'+&*)'-$

,.$:C+=;.$9,&<,+)$,.(C$E*+D$$

#'='8(*+)$/*8);='(>,8((I()*&*+$*+$*))*+$/*;=*:8;8.$);=$GOP21$:*)$(,&$'8@*<'=*($(,&$

-+*'9(*-)*+)$I)*=(*D$#C:*$9+'/*8*$);=$=H<)9/'=;)*)$;$n$23%2$,.$9+'/*8*$);=$*8*+.;*<<*9);/;)*)$

;$9'-;))*=$2T$;$GOP21$.>?+$')$@'='8(*+)$/*8);='(>,8$8W+&*()$*+$*8$8?:/*8:;.E*)D$n$2T%3$

9+*/*+$')$<,+$@,=;.EH($&C$C+(.>*88,&(8;))=;.$)*&-*+')H+/;+98;8.(.+':$<,+$

/'+&*.>*8/;88*+$;$/*8);='(>,8('8=*..$/W+*$&*+$*88$Z1$tD$R$@,=;.EH($9'8$*)$*==*+$<=*+*$

*8*+.;);=)'9$;$n$2T%3$<+'/;9*(L$&*8$:'$&C$:*)$:,9H&*8)*+*($')$@I.8;8.*8($/'+&*)'-()'==$

;99*$?9*+D$N'+&*)'-()'==*)$@*+*.8*($*))*+$YM$3132$m^oD$

TD3D0 !G456"RYS$QN$QYVOSSOG$

S,:$-='8=*..;8.$'/$*)$/*8);='(>,8('8=*..$9'8$@;:+'$);=$C$+*:H(*+*$*8$@I.8;8.($

*8*+.;@*E,/D$N;<)*)I-*$,.$k*<<*9)L$<;=)*+/'=.L$9'8'=<?+;8.$,.$@*E,/$<,+$=I::*&-*+*$

-C/;+9*+$*8*+.;@*E,/*)D$

R$<?=.*$#I..<,+(9$H).>?+$*8*+.;@*E,/*)$);=$/;<)*:+;<)$;$8W+;8.(@I..$,&$='.$2U%01$t$'/$:*)$

),)'=*$*8*+.;@*E,/*)D$R$@,=;.EH($/;=$:*)$-C$.+H88$'/$='/*+*$I)*=(*(9+'/$/W+*$8,*$&;8:+*$

'8:*=D$7*8$(-*(;<;99*$/;<)**<<*9)$AM4[%<'9),+B$(9'=$;$E*8E,=:$);=$GOP21$n$2T%3$/W+*$H8:*+$

0LU$<,+$@,=;.@I.8;8.*+D$7*))*$*+$*)$<,+E,=:()'==$&*==,&$E/,+$&I*$*=*9)+;(9$*<<*9)$(,&$

@+H9*($,.$:*8$=H<)&*8.:*8$(,&$<,+<=I))*($'/$/;<)*8*D$V'/$M4[%<'9),+$/;=$'=)(C$@;:+'$);=$

='/*+*$*8*+.;@+H9L$&*8$;8/*()*+;8.(9,()8':*8*$/'+;*+*+$&*:$/'=.$'/$/;<)*D$

O8$'88*8$<'9),+$(,&$-C/;+9*+$*+$/;<)*(I()*&*)($/;+98;8.(.+':L$(,&$@*(9+;/*+$E/,+$(),+$

:*=$'/$:*8$);=<?+)*$*=*9)+;(9$*<<*9)*8$(,&$<'9);(9$@+H9*($);=$C$)+'8(-,+)*+*$=H<)$;$'8=*..*)D$

7*))*$)'==*)$'/E*8.*+$'/$/'=.$'/$/;<)*)I-*$,.$&,),+*<<*9)D$

!"#$$%$&'()*+,--.'/*$0120$ $ T$G*,+;$k$['+'&*)*+*$(,&$-C/;+9*+$*8*+.;I)*=(*8*$

$ T]$

S+H88='.*)$<,+$/'=.$'/$/;<)*$,.$,.$/;+98;8.(.+':*+$*+$@*+*.8;8.*8*$'/$)+I99<'==*)D$4;=)*+L$

(,&$+*8(*+$);==H<)$,.$<,+*@I..*+$?:*=*..*=(*+$'/$'8=*..*)L$(9'-*+$)+I99<'==D$#*8:$-C$

9'8'=*+L$/*8);=*+L$H8?:/*8:;.*$()+*98;8.*+$,.$=I::*&-*+*$.;+$,.(C$?9)$)+I99<'==D$FP+;);(9$

/*;F$*+$:*8$/*;*8$<+'$'..+*.')$);=$/*8);=$(,&$.;+$()?+()$)+I99<'==$mU2oD$

TD3D3 NQ6"OSgOYNRYYO6$

X*8(;9)*8$&*:$C$;8()'==*+*$*8$/'+&*.>*8/;88*+$*+$C$,/*+<?+*$/'+&*8$;$'/)+*99(=H<)*8$);=$

);==H<)*8D$O<<*9)*8$'/$:*))*$*+$+*:H(*+)$*8*+.;@*E,/$);=$,--/'+&;8.$'/$=H<)*8$,.$

+*:H9(>,8$'/$)+*99$;$<,+@;8:*=(*$&*:$);==H<)$mU0oD$4;.H+$2T$/;(*+$-+;8(;--*)$<,+$*8$

/'+&*.>*8/;88*+D$

$

?,.6$!"/G!#$,-*,##!?%$!(-!74$)(.<(-7,--($!b&5*G!22038/Cc!!

7*)$*+$;$E,/*:('9$),$)I-*+$/'+&*.>*8/;88*+*u$+*.*8*+');/*$,.$+*9H-*+');/*D$7*$

+*.*8*+');/*$,/*+<?+*+$/'+&*$/*:$')$*8$<=')*$*+$/*9(*=/;($;$'/()+*99(=H<)$,.$);==H<)D$7*8$

/'8=;.()*$)I-*8$*+$+,)*+*8:*$/'+&*.>*8/;88*+L$(,&$*+$*)$+,),+E>H=$&*:$(&C$9'8'=*+D$

7*88*$*+$&*()$@+H9)$;$@,=;.EH(D$P'&&*+/'+&*.>*8/;88*+$@*()C+$'/$),$(*-'+')*$

9'((*))*+$&*:$*)$(->*=:$;$&;:)*8$(,&$'/.>?+$,&$:*)$(9'=$9'8'=/*..*8*$(9'=$'/.;$/'+&*$);=$

);==H<)*8$*==*+$,--)'$/'+&*$<+'$'/)+*99(=H<)*8D$

6*9H-*+');/*$/'+&*.>*8/;88*+*$,/*+<?+*+$/'+&*$/;'$/W(9*+$*==*+$*)$(9;==*8:*$*=*&*8)D$

7*$/'8=;.()*$)I-*8*$*+$9+I(()+?&(%$,.$/W(9*9,-=*)*$/'+&*.>*8/;88*+*D$

N'=.$$'/$)I-*$/'+&*.>*8/;88*+$'/E*8.*+$'/$@I.8;8.*8($()?++*=(*$,.$@+H9D$

R8/*()*+;8.(9,()8':*+L$/*:=;9*E,=:(9,()8':*+L$-='((@+H9$,.$/;+9;8.(.+':$&C$(**($;$

('&&*8E*8.$&*:$@*(-'+*=(*$(,&$9'8$,--8C($;$@I..*)D$$#*(-'+*=(*8*$*+$()?++*$;$()?++*$

@I..$(,&$<D$*9(D$(/?&&*E'==$*88$*8$@,=;.$mU0oD$

TD3DT PghVRYS$

4=*d;)L$(,&$*+$*8$'/$:*$='8:(=*:*8:*$=*/*+'8:?+*8*$-C$/*8);='(>,8('8=*..L$,--=I(*+$,&$

')$:*$9+'/$-'((;/EH(()'8:'+:*8$,.$GOP21$(*))*+$);=$=H<)H)(9;<)8;8.$;99*$*+$(),+*$8,9$

!"#$$%$&'()*+,--.'/*$0120$ $ T$G*,+;$k$['+'&*)*+*$(,&$-C/;+9*+$*8*+.;I)*=(*8*$

$ T_$

&*8.:*+$<,+$C$9H88*$/'+&*$*==*+$9>?=*$8*:$@,=;.*8D$"'8$9'8$;8()'==*+*$9>?=*@'))*+;*+$

9,@=*)$);=$/'+&*-H&-*'8=*..L$&*8$-'((;/EH(()'8:'+:*8$.;+$;99*$&H=;.E*)$<,+$&*9'8;(9$

9>?=;8.D$4=*d;)$,--=I(*+$,.(C$,&$')$:*)$,.(C$;$-'((;/EH($,.$'8:+*$EH($&*:$@'='8(*+)$

/*8);='(>,8$*+$&*8;8.*8$C$9H88*$(*89*$)*&-*+')H+*8$-C$(,&&*+);:$/*:$C$C-8*$/;8:H*+$

mU3oD$

TD3DU NO7VRPOX5V7$

g*/8=;.$/*:=;9*E,=:$'/$/*8);='(>,8('8=*..$*+$8?:/*8:;.$;$'==*$)I-*+$@I..D$R$/*+()*$<'==$9'8$

:*)$,--()C$9'-'(;)*)(+*:H9(>,8$-C$U1$t$'==*+*:*$),$C+$*))*+$;8()'=='(>,8D$M,&$<?=.*$'/$

:*))*$/;=$*8*+.;@*E,/*)$<,+$C$:+;<)*$'8=*..*)$@=;$);=(/'+*8:*$E?I*+*D$['+);9=*+$'/(*))*($

.>*88,&$E*=*$'8=*..*)D$M)?/L$&;::L$@'9)*+;*+L$(,--$,.$<;@+*$&C$<>*+8*($+*.*=&*((;.D$"I*$

'/$:*))*$@=;+$<'8.*)$,--$'/$<;=)*+L$(,&$=*/*+*($;$H=;9*$/'+;'8)*+$,.$9/'=;)*)*+D$7*)$<;=)*+8*$

;99*$9='+*+$C$<'8.*$,--$'/(*))*($'8:+*$()*:*+$;$'8=*..*)D$7C+=;.$/*:=;9*E,=:$9'8$<?+*$);=$

(),+$@+'88<'+*L$&*8$,.(C$E*=(*&*((;.*$-='.*+$(,&$9,8(*8)+'(>,8(/'8(9*+L$E,:*-;8*$,.$

'==*+.;$mUToD$$

#I..<,+(9$(;8*$@*+*.8;8.*+$/;(*+$')$@6&#7$'&)%6!&%6$*'!(&,/.*%0'+/2#%*$,'$*%E%G%&6%

$*$#+!9#0"$*%!%:.#+$@%mUUoD$";8()*9+'/*)$);=$/*8);='(>,8$;$@,=;.*+$*+$1LU$=H<)H)/*9(=;8.*+$

-*+$);&*D$R$*8$@,=;.$-C$2U1$&0$@*)I+$:*))*$')$,/*+$2L^$&;==;,8*+$&3$=H<)$(9'=$/'+&*($,--$

<+'$H)*%$);=$;88*)*&-*+')H+$;$C+*)D$X'+$&'8$*8$/'+&*.>*8/;88*+$;$:*)$@'='8(*+)*$

/*8);='(>,8('8=*..*)$9'8$&'8$(-'+*$&*==,&$Z1%_1$t$'/$:*88*$*8*+.;*8D$[C$:*88*$

&C)*8$9'8$&'8$@'+*$(-'+*$@*)+'9)*=;.*$&*8.:*+$*8*+.;$,.$-*8.*+L$,.$@*(-'+*=(*8*$*+$

*8:'$()?++*$;$;8();)H(>,8*+$,.$I+9*(@I..$:*+$9+'/$);=$=H<)H)(9;<)8;8.*+$*+$E?I*+*$m0ToD$

TDT [

VQMMO6RYS

L

$

!

G456"RYS$5S$#6!P

$

TDTD2 SO5"OG6R$

4,+&*8$);=$*)$@I..$/;=$E'$(),+$;88/;+98;8.$-C$*8*+.;@+H9*8D$N'+&*)'-*)$?9*+$;$)'9)$&*:$

<'(':*'+*'=*)D$7*8$&*()$*8*+.;*<<*9);/*$*+$:*+<,+$C$@I..*$9H@;(9L$:*+$.H=/'+*'=*)$/;=$

/W+*$()?+()$;$<,+E,=:$);=$<'(':*'+*'=*)D$M'&&*8E*8.*8$&*==,&$/'+&*)'-*)$-C$)+*$

<+;))=;..*8:*$@,=;.*+$,.$9>*:*%l+*99*EH($*+$;==H()+*+)$;$)'@*==$21D$O8$+*8$9H@;(9$<,+&$/;=$

,.(C$+*:H(*+*$'8)'==$.*,&*)+;(9$@*);8.*:*$9H=:*@+,*+$,.$=*8.:*8*$-C$:*$;$<,+E,=:$);=$*)$

@I..$&*:$<=*+*$'+9*+$,.$9'+8'--*+D$$

!"#$$%$&'()*+,--.'/*$0120$ $ T$G*,+;$k$['+'&*)*+*$(,&$-C/;+9*+$*8*+.;I)*=(*8*$

$ U1$

+4&(''!"CG!@7%$14-!74$)(+4#(+!#D!&%',.($!&',$!$(16*($+!7(1!D!$(16*($(!%7($?'4+(4$(4'(+!b&5*G!

000300Cc!

$

R$);==*..$);=$<,+&*8$-C$@I..*)L$/;=$-='8=?(8;8.*8$,.(C$-C/;+9*$*8*+.;@+H9*8D$N*:$C$

-='((*+*$:*$/'+&*()*$+,&&*8*$(*8)+'=)$;$@I..*)L$/;=$)+'8(&;(>,8(/'+&*)'-*)$.C$);=$

'8:+*$+,&$;()*:*8<,+$H)$.>*88,&$I))*+/*..*8*D$M&C$,.$'+*'=*<<*9);/*$+,&$.;+$&;8:+*$

,--/'+&;8.(@*E,/$,.$&;8:+*$)'-$'/$/*8);='(>,8(/'+&*D$

TDTD0 V5PQVPVR"Q$

Y,+.*$*+$*)$='8.()+'9)$='8:$&*:$(),+*$/'+;'(>,8*+$;$9=;&'*)$(,&$H)(*))*+$@I..$<,+$H=;9*$

H)<,+:+;8.*+$,.$.;+$H=;9$*8*+.;@+H9L$&*8$,.(C$;88*8$<,+$:*)$('&&*$,&+C:*)$/;=$

/'+;'(>,8*8*$/W+*$(),+*D$X/,+:'8$),&)*8$=;..*+$;$)*++*8.*)$,.$E/,+:'8$@I..*)$@=;+$

-='((*+)$-C$),&)*8$*+$H)(='.(.;/*8:*$<,+$*8*+.;@+H9*8D$4;.H+$2U$/;(*+$/'+;'(>,8*+$'/$

8*:@?+$,.$)*&-*+')H+$;$Y,+.*D$

$

?,.6$!"2G!D$*),11('-(1&=$E!D$*),11('+()#($4+6$!%.!5n##(-*!5',)4*%-($!blll3)(+3-%c!

!"#$$%$&'()*+,--.'/*$0120$ $ T$G*,+;$k$['+'&*)*+*$(,&$-C/;+9*+$*8*+.;I)*=(*8*$

$ U2$

M,=<,+E,=:*8*$-C$*8$),&)$'/E*8.*+$'/$<=*+*$=,9'=*$<'9),+*+$;$);==*..$);=$@+*::*.+':*8D$

G+W+L$'8:+*$@I..$,.$<>*==$9'8$@*.+*8(*$);=.'8.*8$-C$(,=/'+&*$,.$:'.(=I(D$YC+$/;$/*)$E/,+$

/;9);.$*8*+.;*8$<+'$(,=*8$*+$<,+$*8*+.;@+H9*8$);=$*)$@I..L$@=;+$:*)$:*+<,+$/;9);.$C$H)8I))*$

:*8$()*:=;.*$(,=*8$@*()$&H=;.D$$

N*:$C$+*:H(*+*$/;8:H)(*));8.*8$'/$*)$@I..$/;=$/'+&*)'-()'==*)$.C$8*:$<,+:;$;8<;=)+'(>,8*8$

@=;+$&;8:+*$,.$();==*()C*8:*$=H<)$+H8:)$@I..*)$/;=$E'$*8$/;(($/'+&*9'-'(;)*)D$$

!)<,+&;8.*8$'/$@I..*)$,.$*9()*+8$/;8:(9>*+&;8.$*+$:*$/;9);.*()*$<'9),+*8*$<,+$C$

+*:H(*+*$/;8:H)(*));8.*8$-C$*8$.;))$),&)D$N*:$C$E'$*8$='/$)*++*8.E?I:*$&,)$:*8$

/;8:H)('))*$+*)8;8.*8$/;=$@I..*)$<C$&;8:+*$/;8:)+I99$mU^oD$Q/(9>*+&;8.$9'8$,.(C$,--8C($

/*:$C$@I..*$=*/*..$*==*+$)*))$E*99$-C$=,$(;:*$*==*+$/*:$C$-='((*+*$EH($E*8(;9)(&*((;.$;$

<,+E,=:$);=$E/*+'8:+*$-C$),&)*8L$(*$<;.H+$2^D$7*)$/;=$/W+*$(/W+)$.H8();.$C$='$*8$

H,--/'+&*)$.'+'(>*$*==*+$@,:$(9>*+&*$*)$@,=;.EH($<,+$/;8:D$$

$

?,.6$!"AG!@7%$14-!7,-16+*(++,-.(-!#D!(-!&%',.!54-!$(16*($(*!7(1!@<('#!47!4-1$(!('()(-+($!#D!

+%)+(-!b&5*G!000300Cc!

!"#$$%$&'()*+,--.'/*$0120$ $ T$G*,+;$k$['+'&*)*+*$(,&$-C/;+9*+$*8*+.;I)*=(*8*$

$ U0$

TDTD3 SO5S6Q4R$

!)'+@*;:*=(*8$'/$8I*$'+*'=-='8*+$=*..*+$:*8$<?+()*$<?+;8.*8$-C$*8*+.;@+H9*8$);=$*)$8I))$

@,=;.<*=)D$Q/()'8:*8$);=$'+@*;:(-='((*+L$,<<*8)=;.$9,&&H8;9'(>,8L$*8*+.;9;=:*+$,.$

*9(;()*+*8:*$;8<+'()+H9)H+$/;=$-C/;+9*$H)(=;--*8*$@C:*$<+'$@I..;8.$,.$@+H9$'/$<*=)*)$mU^oD$

7*))*$)*&'*)$@=;+$;99*$@*E'8:=*)$;$,--.'/*8$(;:*8$:*)$*+$/'8(9*=;.$C$&C=*$,.$:*)$;99*$

<;88*($,<<*8)=;.*$9+'/$-C$,&+C:*)D$

$

$

$

$

!"#$$%$&'()*+,--.'/*$0120$ $ U$G*,+;$%$h9,8,&;$

$ U3$

U G O56R$ k $ h P5Y5"R $

R$:*88*$,--.'/*8$(9'=$:*)$('&&*8=;.8*($);=)'9$(,&$(9'=$.;$);=)'9(-'99*+$(,&$(9'=$

);=<+*:(();==*$-'((;/%$,.$8H==EH(()'8:'+:D$['99*8*$@=;+$('))$('&&*8$H)$;$<+'$

*8*+.;?9,8,&;(9*$E*8(I8L$&*8$,.(C$*))*+$;8/*()*+;8.(9,()8':$,.$9,()8':$/*:$

+*;8/*()*+;8.*+D$7*)$@=;+$;99*$.>,+)$=?88(,&E*)(@*)+'98;8.*+$;$:*8$.+':$')$()+?&-+;(*+$

,.$'8:+*$/'+;'@=*+$@=;+$)'))$E*8(I8$);=L$:'$:*))*$;99*$*+$'9)H*=)$<,+$,--.'/*8($

-+,@=*&();==;8.D$R$+*;8/*()*+;8.*8*$@+H9*($8C/*+:;&*),:*8$<,+$('&&*8=;.8;8.$&*==,&$

H=;9*$);=)'9$&*:$<,+(9>*==;.*$+*;8/*()*+;8.(@*=?-$-C$H=;9)$);:(-H89)D$$

UD2 Y

\NO67R"OG57OY

$

YC/*+:;&*),:*8$*+$:*8$&*()$@+H9)*$&*),:*8$<,+$;8/*()*+;8.(@*+*.8;8.*+$,.$.;+$:*)$

@*()*$+*(H=)')*)$(;:*8$8C/*+:;*8$&C=*($;$'@(,=H))*$&C=L$:*)$/;=$(;$')$=?88(,&E*)*8$&C=*($;$

9+,8*+$mUZoD$M=;9*$@*+*.8;8.*+$*+$,.(C$.>,+)$;$@='8)$'88*)$+'--,+)*8$Fh9,8,&;$98I))*)$);=$

@I..;8.$,.$:+;<);8.$'/$-'((;/EH(F$='.*)$'/$G+?8:*='.$4,+(98;8.$,.$!)/;9=;8.$QM$;$0121$

mU]oD$R$:*88*$,--.'/*8$@+H9*($8C/*+:;&*),:*8$);=$$C$<;88*$H)$:'.*8($/*+:;$'/$<+*&);:;.*$

+*;8/*()*+;8.*+u$*8)*8$:*)$*+$;8/*()*+;8.*+$;$*)$(-*(;*=)$C+$*==*+$:*)$*+$(H&&*8$'/$'==*$

C+=;.*$;8/*()*+;8.*+D$

4,+&*=*8$<,+$8C/*+:;$9'8$H))+I99*(f$

!"! ! !! !!

UD0 P

QVP!VQMg5YM6OYGO

$

P'=9H='(>,8(+*8)*8$(,&$*+$@+H9)$;$:*88*$,--.'/*8$*+$('))$);=$TtD$7*))*$*+$:*)$('&&*$

(,&$Y,+(9$G*98,=,.;$@+H9*+$;$(;8$GOP%9'=9H='),+D$Y,+(9$G*98,=,.;$*+$*)$('&'+@*;:$

&*==,&$<=*+*$@+'8(>*<,+*8;8.*+$;88*8$)*98;(9*$<'.D$R$011]$H)'+@*;:*)$:*$*)$-+,.+'&$(,&$

(9'=$E>*=-*$H)@I..*+*$,.$*8)+*-+*8?+*+$&*:$C$.>*88,&<?+*$8C/*+:;@*+*.8;8.*+$'/$

'=)*+8');/*$/'+&*(I()*&*+D$7*))*$8*))@'(*+)*$-+,.+'&&*)$@*8I))*($'/$@='8)$'88*)$

#=,J9$K')8*$mU_oD$

!"#$$%$&'()*+,--.'/*$0120$ $ U$G*,+;$%$h9,8,&;$

$ UT$

UD3 G

RVMP!77M567YRYSO6

$

M,&$8*/8)$;$9'-;))*=$3D^$*+$:*)$@C:*$;$:*)$(*8)+'=*$OH+,-'$,.$!MQ$.,:*$()?))*,+:8;8.*+$

<,+$:*$(,&$/;=$;8/*()*+*$;$&;=>?/*88=;.*$,.$*8*+.;*<<*9);/*$=?(8;8.*+D$R$Y,+.*$<;88*($:*)$

@='8)$'88*)$,+:8;8.*+$;$<,+&$'/$9,&&H8'=*$*8?9);=@H:$,.$XH(@'89*8($(')(8;8.$-C$

&;=>?/*88=;.*$@,=;.*+D$XH(@'89*8($()?))*$@=;+$E,/*:('9*=;.$.;))$;$<,+&$'/$.H8();.*$=C8$);=$

@I..;8.$'/$8I*$@,=;.*+D$R$);==*..$9'8$:*)$.;($);=(9H::$);=$);=()'8:('8'=I(*+$<,+$C$'/:*99*$

-,)*8(;'=*$<,+$H)@*:+;8.*+$m^1oD$

O8,/'$*+$*)$()')(<,+*)'9$(,&$.;+$:*8$@*()*$()?))*,+:8;8.*8$<,+$@,=;.H)@I..*+*$;$Y,+.*D$

7*)$.;($()?))*$);=$-*==*)(9'&;8L$-*==*)(9>*=L$/W(9*%/'88$/'+&*-H&-*L$=H<)%/'88$

/'+&*-H&-*L$(*8)+'=)$/'+&*()I+;8.((I()*&$,.$(,=<'8.*+D$"'8$<C+$&*==,&$21t$,.$01t$

'/$:*$:,9H&*8)*+)*$9,()8':*8*$*==*+$*)$&'9(;&'=)$@*=?-$(,&$&*+$*==*+$&;8:+*$);=(/'+*+$

:*88*$'8:*=*8D$7*)$*+$5=>*%$,.$O8*+.;:*-'+)*&*8)*)$(,&$E'+$.;))$O8,/'$;$,--:+'.$C$

*)'@=*+*$,+:8;8.*8L$,.$<+'$>H=;$0122$<?=.*+$FG;=(9H::(,+:8;8.*8$<,+$EH(E,=:8;8.*+F$

@*()*&&*=(*+$.;))$;$O8*+.;<,8:*)$m^2oD$$

R$Y,+.*$&C$&'8$E'$9,8(*(>,8$<,+$C$9H88*$,&(*))*$*=*9)+;(9$9+'<)$m^0oD$7*))*$E'+$(9'-)$

-+,@=*&*+$<,+$;8;);');/)'.*+*$(,&$E'+$-+,:H(*+)$&*+$*8*+.;$;$(;8$@,=;.$*88$:*$<,+@+H9*+D$

M*=/$,&$:*)$*+$C-*8)$9+'<)&'+9*:$;$Y,+.*L$9+*/*($:*)$8,+&'=)$$<,+$&I*$'/$-+,:H(*8)*8$

);=$')$*8$-+;/')-*+(,8$9'8$=*/*+*$()+?&D$M,&$*8$<?=.*$'/$:*88*$-+,@=*&');99*8$E'+$

Y,+:;(9$O8*+.;<,+(98;8.$;88.C))$*)$('&'+@*;:$&*:$<*&)*8$'8:+*$*H+,-*;(9*$

;8();)H(>,8*+$,&$*)$-+,(>*9)$(,&$9'==*($M&'+)$S+;:$O6Q%YOGD$"C=*)$&*:$:*))*$*+$C$=?(*$

-+,@=*&*+$);=98I))*)$<,+@+H9*+')<*+:L$(),+*$<,+(I8;8.*+$'/$<,+8I@'+$*8*+.;$,.$E?I$.+':$

'/$:;()+;@H*+)$-+,:H9(>,8D$R8<+'()+H9)H+*8$);=$<,+(I8;8.(8*))$;$E*=*$OH+,-'$&C$=*..*($,&$

<,+$C$,--8C$:*8$*H+,-*;(9*$*8*+.;E'8:=;8.(-='8*8$FO8*+.I$[,=;JI$<,+$OH+,-*FD$[*+$

2TD10D20$E'+$;99*$:*))*$('&'+@*;:*)$<?+)$);=$8,*$9,89+*)$(,&$,--<,+:+*+$-+;/')-*+(,8*+$

;$Y,+.*$);=$C$-+,:H(*+*$*=*9)+;(;)*)$m^3oD$$

G;:=;.*+*$,=>*%$,.$*8*+.;&;8;()*+$G*+>*$6;;(%g,E'8(*8$<+*&&*)$;$0121$*)$<,+(='.$);=$

.>*8;88<?+;8.$'/$*=(*+);<;9')*+$);=$-+,:H(*8)*+$'/$<,+8I@'+$*8*+.;$m^ToD$O8$);:=;.*+*$

,+:8;8.L$:*+$H))+I99*)$F.+?88*$(*+);<;9')*+F$(,&$+*.*=$@=*$@+H9)L$@=*$'/(9'<<*)$;$011^D$

7*))*$*+$*8$<*==*($(/*8(9%8,+(9$()?))*,+:8;8.$(,&$,&<'))*+$*8*+.;$@'(*+)$-C$/'88L$/;8:L$

(,=$,.$@;,*8*+.;D$[+,:H(*8)*8*$(,&$@=;+$;88=*&&*)$;$,+:8;8.*8$@=;+$);=:*=)$*=(*+);<;9')*+L$

,.$@+H9*+*$,.$=*/*+'8:?+*+$@=;+$-C='.)$C$9>?-*$:*))*D$5.(C$(&C-+,:H(*8)*+$'/$*8*+.;L$

(,&$-+;/')EH(()'8:*+L$/;=$9H88*$@=;$);=:*=)$*=(*+);<;9')*+D$R$<*@+H'+$0120$:*=)*$M)')8*))$H)$

011$&;==;,8*+$*=(*+);<;9')*+$m^UoD

!"#$$%$&'()*+,--.'/*$0120$ $ ^$"*),:*$

$ UU$

^ " OG57O $

^D2 M

QPMG!7RO

$

7*88*$,--.'/*8$*+$@I..*)$,--$*))*+$&*),:*8$('9(()H:;*L$(,&$;88*8$<,+(98;8.$@+H9*($

/*:$9/'=;)');/*$H8:*+(?9*=(*+D$4+*&<,+$C$H8:*+(?9*$<C$/'+;'@=*+$;88*8<,+$*)$<*=)$

(*8)+*+*($-+,@=*&();==;8.*8$&,)$*)$@*()*&)$);=<*==*u$;$:*))*$);=<*==*)$G+*()'99/*;*8D$

5--'+@*;:*)$9H88(9'-$<+'$<*&$C+($()H:;*$;$@I..*<'.$/;=$.;$.+H88='.$<,+$/H+:*+;8.*+$.>,+)$

;$,--.'/*8($<?+()*$:*=*+D$G;=)'9$<,+$C$9H88*$,--8C$-'((;/EH(%$,.$8H==EH(()'8:'+:$/;=$-C$

.+H88='.$'/$)*,+;*8$(,&$@*=I(*($,.$;$('&'+@*;:$&*:$/*;=*:*+*$/*=.*($H)$<,+$'9)H*==*$

/H+:*+;8.*+$;$:*)$'9)H*==*$('9(()H:;*)D$$

^D2D2 46O"SQYSM"\GO$

4,+$C$9H88*$('&&*8=;.8*$:*$H=;9*$);=)'9*8*$@I..*($:*)$<?+()$,--$*8$M;&;*8%&,:*==$:*+$

:*)$('&=*:*$'+*'=$,.$@I.8;8.(,+;*8)*+;8.$*+$;89=H:*+)D$7*))*$*+$*8$<,+*89=*)$&,:*==$(,&$

(9'=$@*=I(*$@*)I:8;8.*8$'/$*)$);=)'9$-C$*8$+'(9$,.$);:(@*(-'+*8:*$&C)*D$",:*==*8$@I..*($

'==;9*/*=$,--$&*:$8,9$/'+;'@=*+$(=;9$')$@*)I:8;8.*8$/;=$.>*8(-*;=*$/;+98;8.*8$;$*8$<*+:;.$

,--@I..*)$(;&H=*+;8.(&,:*==D$7;((*$H=;9*$);=)'9*8*$,.$/;+98;8.*8*$-+*(*8)*+*($;$9'-;))*=$

21$,.$*+$.+H88='.*)$<,+$('&&*8(*)8;8.*8$'/$);=)'9(-'99*8*$<,+$C$,--8C$:*$),$8;/C*8*D$

YC+$/;+98;8.*8*$'/$);=)'9*8*$*+$/H+:*+)$;$('&+C:$&*:$/*;=*:*+*$/;=$);=)'9*8*$;89=H:*+*($;$

*8$M;&;*8&,:*==$:*+$'==*$=*;=;.E*)*+$*+$,&EI..*=;.$,--@I..*)$&*:$'==*$;88:*=;8.*+L$

'/.>?+*8:*$9,&-,8*8)*+$,.$,+;*8)*+;8.*+D$YC+$);=)'9(-'99*8*$*+$/'=.)$H)$,.$(;&H=*+)$/;=$

*8*+.;@*+*.8;8.*+$,.$@*)+'9)8;8.*+$-+*(*8)*+*($;$+*(H=)')9'-;))*=*)L$<,+$(C$C$@=;$/H+:*+)$

,.$:;(9H)*+)$;$9'-;))*=$20D$

^D0 N

O6PGhe$$

%

$#6!P$5S$QYNOY7OVMO

$

^D0D2 OY7Y5GO$

O8:Y,)*$*+$@+H9)$.>*88,&$E*=*$'+@*;:*)$&*:$:*88*$,--.'/*8D$7*))*$-+,.+'&&*)$*+$*)$

9,&&*+(;*=)$+*<*+'8(*-+,.+'&$(,&$@+H9*($);=$C$':&;8;()+*+*$'==*$9;=:*+D$M;:*8$

,--.'/*8$E'+$@=;))$(9+*/*)$'/$),$()H:*8)*+L$E'+$E*=*$+*<*+'8(*@;@=;,)*9*)$/W+)$98I))*)$

,--$&,)$;8)*+8*))D$$[+,.+'&&*)$*+$$-+,:H(*+)$'/$'&*+;9'8(9*$GE,&(,8$6*H)*+($,.$E'+$

/W+)$);=.>*8.*=;.$-C$!"#$(;8*$E>*&&*(;:*+D$

^D0D0 MR"ROY$

4,+$C$/H+:*+*$*<<*9)*8*$'/$:*$H=;9*$*8*+.;);=)'9*8*$,--$;$&,)$'9)H*==*$9+'/$/;=$/;$@+H9*$

:*)$8,+(9-+,:H(*+)*$/*+9)?I*)$M;&;*8$UD1]$AM;&H=*+;8.$'/$R88*9=;&'$,.$O8*+.;@+H9$;$

!"#$$%$&'()*+,--.'/*$0120$ $ ^$"*),:*$

$ U^$

#I.8;8.*+B$H)/;9=*)$'/$[+,.+'&@I..*+8*$QYMD$F;!7!$*%$#%$'%,!70($#!*+,6$#"'24%,.7%

$6&(0$#$#%$'%94++%!%1.#3.(5%'!(%94++$1.#$,"#!1'$#-%$*$#+!7$#"*!*+-%9$#$+*!*+%&6%

$*$#+!9$3.6-%6&(!5$#!*+%&6%!**$"(!7&%.+%5!7$*,/.*$#!*+%&6%.))6&#7!*+,&*($++-%

6$*'!(&,/.*,&*($++%.+%#.7"/2(!*+@$m^^oD$7*8$.>*=:*8:*$/*+(>,8*8L$UD1]L$*+$,--:')*+)$*))*+$

GOP21$,.$YM$3Z11f0121$<,+$@,=;.@I..$@I..*)$*))*+$='/*8*+.;%$,.$-'((;/EH(()'8:'+:*8D$

M;&H=*+;8.*8*$<?=.*+$:*$:I8'&;(9*$@*+*.8;8.(&*),:*8*$<+'$YM$3132f011ZD$$$

O8$-+,(>*9)<;=$@I..*($,--$&*:$9=;&':')'L$@I.8;8.(9')*.,+;L$*8*+.;<,+(I8;8.L$(,8*+$,.$

+,&D$7*$H=;9*$(,8*8*$<C+$:*<;8*+)$<'(':*'+*'=L$/*..$,.$/;8:H(9/'=;)*)*+L$('&)$

,+;*8)*+;8.L$(,='/(9>*+&;8.$,.$9,@=;8.*+$);=$'8:+*$(,8*+D$G;=$(=H))$=*..*($

+,&,--/'+&;8.L$9>?=;8.L$/*8);='(>,8(@*E,/$,.$;8)*+8='()*+$<+'$-+,(*((*8*$;$+,&&*)$;88D$$

M;&;*8$9'8$.>?+*$C+((;&H=*+;8.*+$(,&$.;+$8*)),$*8*+.;@+H9$,.$=*/*+)$*8*+.;$);=$@I..*)D$

N*+9)?I*)$9'8$,.(C$.>?+*$(;&H=*+;8.*+$'/$8,*8$9'=:*$/;8)*+:'.*+$<,+$C$<;88*$

*<<*9)@*E,/*)$);=$,--/'+&;8.$;$:*$H=;9*$(,8*8*$*==*+$(;&H=*+*$*8$(,&&*+&C8*:$<,+$C$(*$

E/,+$E?I$;88*)*&-*+')H+*8$@=;+$;$:+;<)();:*8D$$

M;&;*8$(;&H=*+*+$<;+*$-H89)*+$<+'$GOP21$m^^of$

% O8*+.;);=)'9f$ S='(('+*'=L$ !%/*+:;*+L$ 9H=:*@+,*+L$ =*99'(>*)'==L$ /;<)**<<*9)$ ,.$

/;+98;8.(.+':$/'+&*.>*8/;88*+$

% N'+&*)'-(@H:(>*))f$ G+'8(&;(>,8()'-$ @I.8;8.(9+,--L$ /'+&*)'-$ ;8<;=)+'(>,8$ ,.$

/*8);='(>,8$

% O8*+.;+'&&*f$Y*)),$C+=;.$*8*+.;@*E,/$@*+*.8*)$&*:$5(=,%9=;&'$,.$*8:*=$<'()*$

/*+:;*+$

% ";8()*9+'/f$Q@(,=H))*$&;8()*9+'/$<,+$!%/*+:;*+$,.$=*99'(>*)'==$

$

^D0D3 Q6`XR`Q7$

4,+$C$)*.8*$8I*$=?(8;8.*+$E'+$:*)$@=;))$@+H9)$)*.8*-+,.+'&&*)$Q+JE;`':$;$:*88*$

,--.'/*8D$7*))*$*+$*)$#R"%()?))*8:*$`Q7%-+,.+'&$(,&$*+$H)/;9=*)$'/$:*)$H8.'+(9*$

<;+&'*)$S+'-E;(,<)D$R$:*88*$,--.'/*8$*+$:*)$@+H9)$()H:*8)/*+(>,8*+$'/$-+,.+'&&*)$<+'$

S+'-E;(,<)$Y,+.*D$

^D0DT PVR"QSQMM6OSYMPQ[DY5$

7*))*$*+$*)$a*@%@'(*+)$@*+*.8;8.(/*+9)?I$<,+$9=;&'.'((H)(=;--$<+'$@I..*-+,(>*9)*+D$

Q+@*;:*)$&*:$:*))*$@=*$()'+)*)$;$011^L$,.$;$0122$@=*$/*+(>,8$3$='8(*+)D$!)/;9=*+*$*+$

M)')(@I..$,.$`;/;)'(L$(,&$*+$*8$9,8(H=*8).+H--*$(,&$@='8)$H)+*:*+$,.$.;+$+C:$;88*8$

&;=>?(*9),+*8D$R$);==*..$('&'+@*;:*+$";=>?/*+8:*-'+)*&*8)*)$&*:$E,/*:H)/;9=*+8*D$

!"#$$%$&'()*+,--.'/*$0120$ $ ^$"*),:*$

$ UZ$

"*),:;(9$<,+E,=:*+$@*+*.8;8.*8*$(*.$);=$:*$<?+;8.*+$(,&$.;($'/$:*8$*H+,-*;(9*$

()'8:'+:9,&;)**8$,.$,&<'))*+$'==*$9=;&'.'((*8*$(,&$;88.C+$;$4Y($9=;&'9,8/*8(>,8$,.$

PI,),-+,),9,==*8$m^ZoD$

#*+*.8;8.*8*$(9'=$<H8.*+*$(,&$=;/((I9=H()+*.8;8.$:*+$@I..*)$*+$@*+*.8;8.*8*($

<H89(>,8*==*$*8E*)D$#C:*$:;+*9)*$,.$;8:;+*9)*$H)(=;--$;89=H:*+*(D$#I..*<'(*L$:+;<)(<'(*$,.$

/*:=;9*E,=:$;88.C+$,.$&'8$&C$;$@*+*.8;8.*8*$=*..*$;88$:*$<'9)'$&'8$E'+$,&$&')*+;'=*+L$

*8*+.;@+H9$,.$)+'8(-,+)D$4,+$C$E*=*$);:*8$9H88*$&C=*$*<<*9)*8$'/$:*$);=)'9*8*$&'8$

<,+*)'+$(*.L$('&&*8=;.8*+$&'8$H)(=;--*8*$&*:$*)$<,+EC8:(;88();=)$+*<*+'8(*@I..D$M=;9$

9'8$);=)'9*8*$('&&*8=;.8*($&*:$:'.*8($-+'9(;(D$",:*==*8$&'8.=*+$H)+*.8;8.*+$&*:$

E*8(I8$);=$+;/;8.l'/<'==$,.$H)*,&+C:*+L$&*8$:;((*$&,:H=*8*$*+$H8:*+$,--@I..;8.D$4;.H+$

2Z$/;(*+$&,:*==()+H9)H+*8$;$aaaD9=;&'.'((+*.8(9'-D8,D$

$

?,.6$!":G!)%1(''*+$65+6$(-!,!lll35',)4.4**$(.-*54#3-%

R$:*88*$,--.'/*8$/;=$(=;9*$@*+*.8;8.*+$@+H9*($<,+$C$+*.8*$'8)'==$9.$`50%

*9/;/'=*8)*+l&0C+$,.$.>*88,&$@I..*)($=;/(=?-D$7*))*$9'8$@+H9*($);=$C$/H+:*+*$@,=;.*8*$

,--$;$&,)$9+'/*8*$);=$8H==EH(()'8:'+:*8D$!)+*.8;8.*8*$)'+$E*8(I8$);=$H)/;88;8.$,.$

)+'8(-,+)$'/$+C/'+*L$<,+*:=;8.l-+,:H9(>,8L$)+'8(-,+)$);=$@I..*-='((L$9'+@,8;88E,=:$;$

@+*8(*=$,.$*8*+.;@+H9l)+'8(-,+)$/*:$@+H9$'/$@I..*)D$!)(=;--$<+'$EC8:)*+;8.$'/$

+*()-+,:H9)*+l'/<'==$*+$*88C$;99*$;&-=*&*8)*+)$;$@*+*.8;8.(/*+9)?I*)$m^ZoD$ $

!"#$$%$&'()*+,--.'/*$0120$ $ ^$"*),:*$

$ U]$

^D0DU NOV!i$7QeVRSXG$NRM!QVRj56$0$

7*))*$-+,.+'&&*)$@+H9*($<,+$C$@*+*.8*$:'.(=I($,.$9H88*$:,9H&*8)*+*$')$:'.(=I(8;/C*+$

*+$;$E*8E,=:$);=$+*.*=/*+9*)D$"'8$9'8$@I..*$,--$37%&,:*==*+$'/$?8(9*:*$+,&$&'8$/;=$

(;&H=*+*$,.$'8;&*+*$E/,+:'8$=H&;8'8(L$:'.(=I(<'9),+$,.$@*=I(8;8.$/;+9*+$;$+,&&*)$,/*+$

*8$.;))$);:D$NOV!i$7'I=;.E)$N;(H'=;c*+$0$*+$H)/;9=*)$'/$VHd;,8$,.$@+H9*($;$:*88*$,--.'/*8$

);=$C$@*+*.8*$.>*88,&(8;))=;.$:'.(=I(<'9),+$(=;9$')$&'8$(*+$,&$+*:H9(>,8$'/$/;8:H('+*'=$

*+$&H=;.$m^]oD$

!"#$$%$&'()*+,--.'/*$0120$ $ Z$G+*()'99/*;*8$

$ U_$

Z G 6OMGQPPNOROY $

ZD2 [

65MgOPGOG

$

[+,(>*9)*)L$(,&$*+$;==H()+*+)$;$<;.H+$2]L$@*()C+$'/$*)$+*99*EH($&*:$(>H$@,*8E*)*+D$

#,=;.*8*$*+$@I..*)$;$<H89;(();=$&*:$-H=))'9$,.$(),+*$/;8:H*+D$X/*+$@,*8E*)$E'+$);=.'8.$-C$

-'+9*+;8.$;$J'+-,+)$,.$*8$H)*8:?+($(-,+)(@,:D$#*@,*+8*$E'+$);=.'8.$-C$<*==*($=*9*-='(($

-C$*;*8:,&&*8D$R$/*:=*..$5$*+$:*)$/;()$-='8%$,.$<'(':*)*.8;8.*+L$('&)$(8;))D$

$

?,.6$!">G!,''6*+$4*<%-!47!#$%*<(5+(+!,!+$(*+4557(,(-!blll3&'%k5l4+-(3-%c!

#I..E*++*f$$ #=,J9$K')8*$QM$

[+,(>*9)=*:*+f$$#>?+8$"'.8*$M&*:(+H:L$#=,J9$K')8*$QML$6,&*+;9*$

#I..*=*:*+f$$ G'+>*;$#=C(C(L$#=,J9$K')8*$QML$6,&*+;9*$

$

#I..*)$*+$-+,(>*9)*+)$*))*+$GOP1ZL$,.$*8*+.;I)*=(*8$);=<+*:(();==*+$);=)'9(&*),:*8$/*:$

E>*=-$'/$,&<,+:*=;8.D$7*)$*+$:,9H&*8)*+)$')$;8()'=='(>,8$'/$<,+8I@'+$*8*+.;$;99*$*+$

=?88(,&)D$

P,8()+H9(>,8*8$*+$H)<?+)$;$=*))$@;8:;8.(/*+9$('))$-C$*8$+;8.&H+$'/$'+&*+)$@*),8.D$N*..*+$

H8:*+$)*++*8.8;/C$*+$H)<?+)$&*:$*8$211$&&$O[M$A319.l&3BL$98,))*-='()L$211$&&$

(-+?I)*@*),8.L$U1$&&$O[M$A319.l&3BL$211$&&$&;8*+'=H==L$:'&-(-*++*L$$U1$&&$;(,=*+)$

H)=*9);8.$,.$);=(=H))$*8$.;-(-=')*D$$

!"#$$%$&'()*+,--.'/*$0120$ $ Z$G+*()'99/*;*8$

$

^1$

SH=/$-C$.+H88$E'+$0U1$&&$;(,='(>,8L$@I.:$,--$'/$011$&&$O[M$A019.l&3B$,.$U1$&&$

O[M$A319.l&3BD$5/*+$;(,='(>,8*8$=;..*+$*8$+':,8(-*++*$A-='()<,=;*B$,.$U1$&&$-C()?-D$$

#;8:;8.(/*+9(/*..*+$;$9=;&'(9>*+&*8$*+$@I..*)$&*:$011$&&$;(,='(>,8$&*:$<?+()$2U1$

&&$&;8*+'=H==$9=3Z$I))*+()L$(C$:'&-(-*++*$,.$(C$U1&&$&;8*+'=H==$9=3ZD$M)*8:*+/*+9*)$

E'+$:;&*8(>,8*+$T]$d$2T]&&D$$

G'9*)$E'+$*8$/;89*=$-C$^r$,.$*+$;(,=*+)$&*:$T11$&&$&;8*+'=H==$9=3Z$(,&$=;..*+$

E,+;(,8)'=)$,/*+$E;&=;8.*8$;$0D*)'(>*D$#I..*)$E'+$*)$9'=:)L$=H<)*)$=,<)D$$

ZD0 #

5VRSOYXOGOYO

$

X/*+$@,=;.$E'+$2U^$&0$#6QL$E/,+'/$2TU$&0$*+$-+;&W++,&D$Q==$#6Q$*+$,--/'+&*)L$(=;9$')$

#6Q$);=(/'+*+$;$:*88*$,--.'/*8$Q<=L$(,&$@+H9*($;$YM$3Z11$,&$,--/'+&*)$:*=$'/$#6QD$

#,=;.*8$;88*E,=:*+$<*&$(,/*+,&L$),$@':L$/'(9*+,&L$),$@,:*+L$E'==$,.$()H*l9>?99*8L$,.$

:*))*$*+$<,+:*=)$,/*+$)+*$-='8D$4+'$9>?99*8*)$*+$:*)$H).'8.$);=$:*=/;($,/*+@I.:$)*++'((*D$

#'=9,8.$*+$);=.>*8.*=;.$<+'$()H*8$,.$*)$'/$(,/*+,&&*8*D$$$

M)'8:'+:*8$-C$@,=;.*8*$*+$;$<?=.*$('=.(-+,(-*9)*)$.,:$&*:$9>?99*8%L$@':*%$,.$

.'+:*+,@*;88+*:8;8.*+$<+'$XGXL$*;9*-'+9*))$-C$.H=/*8*$;$,--E,=:(+,&&*8*L$('&)$<=;(*+$

,.$/'+&*9'@=*+$-C$/C)+,&$,.$;$E'==*8D$#,=;.*8*$E'+$,.(C$+?+,--=*..$);=$(*8)+'=()?/(H.*+L$

'='+&'8=*..$,.$/'88(;9+;8.((I()*&$9,@=*)$);=$'='+&'8=*..*)D$4;.H+$2_$/;(*+$

-='8)*.8;8.*+$'/$q8$=*;=;.E*)D

$

?,.6$!"BG!#'4-+(.-,-.($!47!o-!'(,',.@(+!blll3&'%k5l4+-(3-%c!

!"#$$%$&'()*+,--.'/*$0120$ $ Z$G+*()'99/*;*8$

$

^2$

ZD3 G

OPYRMPO$RYMGQVVQMg5YO6

$

#,=;.*8*$E'+$E/*+)$(;))$@'='8(*+)*$/*8);='(>,8('8=*..D$7*)$*+$);==H<)$;$'==*$,--E,=:(+,&$,.$

'/)+*99$;$/C)+,&$,.$-C$9>?99*8L$,.$(=;9$<H8.*+*+$E/*+$=*;=;.E*)$(,&$q8$/*8);='(>,8((,8*D$$

7*))*$'8=*..*)$E'+$*8$+,)*+*8:*$/'+&*.>*8/;88*+$&*:$*8$)*&-*+')H+/;+98;8.(.+':$-C$

1L]3D$N;<)*8*$E'+$*8$('&=*)$*<<*9)$-C$01Z$K$;$E/*+$=*;=;.E*)$,.$*8$M4[%<'9),+$-C$2L3UD$

#,=;.*8$/'+&*($-+;&W+)$,--$&*:$*8$-*==*)(,/8D$#':*8*L$/'(9*+,&&*)$,.$E'==*8$E'+$

*=*9)+;(9*$/'+&*9'@=*+$;$.H=/*)D$$

ZDT G

5"GO6

$

G,&)*8$);=$:*))*$-+,(>*9)*)$=;..*+$;$G+*()'99/*;*8$;$*)$8IH)@I..*)$@,=;.,&+C:*$-C$

N'+:*<>*==*)$/*:$9,&&H8*.+*8(*8$&*==,&$M9*:(&,$,.$M?+H&D$G,&)*8$=;..*+$;$*8$

(9+C8;8.$,.$.+*8(*+$);=$&'+9'$&,)$/*()D$G,&)*8$E'+$.,:$H)(;9)$&,)$?()D$!8:*+*)'(>*8$;$

@,=;.*8*$=;..*+$-C$$0^]$&,ED$G,&)*8$*+$-C$0U^U$&0D$R.'8.(*))*=(*();==')*=(*$<,+$

.+H88'+@*;:*+$@=*$.;))$'/$M?+H&$9,&&H8*$0D$(*-)*&@*+$011_D$$[+,(>*9)*)$E'+$*8$#eQ%

'8:*=$-C$3TL]Z$t$,.$:*)$&'9(;&'=)$);=='))*$*+$;$:*))*$);=<*==*)$3U$tD$4;.H+$01$/;(*+$),&)*8$

:*+$-+,(>*9)*)$*+$<?+)$,--D$

$

?,.6$!0CG!+%)+(-!1($!+$(*+4557(,(-!($!&9..(+!blll3&'%k5l4+-(3-%c!

!"#$$%$&'()*+,--.'/*$0120$ $ Z$G+*()'99/*;*8$

$

^0$

M;&H=*+;8.*8*$;$,--.'/*8$/;=$(,&$8*/8)$)'$<,+$(*.$),$),&)*+D$R$);==*..$);=$:*8$*9(;()*+*8:*$

),&)*8$/;=$*8$);=(/'+*8:*$),&)$;$M,='$9,&&H8*$@=;$@*E'8:=*)D$M,='$9,&&H8*$*+$/'=.)$

<,+:;$:*)$*+$(),+*$H=;9E*)*+$;$(8?@*='()8;8.L$)*&-*+')H+%$,.$/;8:<,+E,=:$$;$:*))*$,&+C:*)$;$

<,+E,=:$);=$M?+H&D$7*$<,+(9>*==;.*$&*)*,+,=,.;(9*$()');();99*8*$*+$.;))$;$)'@*==$20D$$

ZDU P

VR"Q7QGQ

$

M;&H=*+;8.(/*+9)?I*)$M;&;*8$@+H9*+$:')'$<+'$*8$*.*8$9=;&':')'@'(*D$7*$'9)H*==*$

/*+:;*8*$*+$/;()$8*:*8<,+$;$)'@*==$22D$Q8:+*$+*=*/'8)*$/*+:;*+$*+$=;()*)$,--$;$)'@*==$20$,.$

9,&&*+$<+'$"*)*,+,=,.;(9$;8();)H))$(;8*$8,+&'=)'@*==*+$<+'$2_Z2%0111$m^_oD$G'==*8*$.;+$

:*)$.>*88,&(8;))=;.*$'8)'==$:'.*+$&*:$:*$H=;9*$/W+<,+E,=:*8*$;$-*+;,:*8$2_Z2$);=$0111D$

"C=*()'(>,8*8*$=;..*+$E*8E,=:(/;($Z$,.$010$&*)*+$,/*+$E'/*)D$$

+4&(''!""G!5',)414+4!?$4!*,)6'($,-.*#$%.$4))(+!*,),(-!*,-!(.(-!14+4&4*(!b*,),(-c!

5PNYQ]QOQ! .QL]KLYUKJ! *UPQ!

)N]PKLK!OKY^3!]NY3!*UYYKL!b°kc! 02L2$ 2]L]$

)N]PKLK!OKY^3!]NY3!7NJOKL!b°kc! %0UL3$ %2TLZ$

DLTYN]]KPOKY^KLQO[L!b°kc! UL3$ ZLT$

)N]PKLK!WULNTUJOQP!TUP\P[RT!bl_Y0c! 21^$ ]^L]$

DLTYN]]KP!LKPQO[X!P[\O\[RONMWKO!bfc! ZULT$ Z_LT$

DLTYN]]KP!XNJ]WQTONMWKO!bY_Tc! 0L]$ TLT$

4J]LK!OUYOK]QOQG! $ $

@`S]K!UXKL!WQXKO!bYc! 0^]$ U1$

+KLLKJMRQOKMULN! 0$ 0$

$

!"#$$%$&'()*+,--.'/*$0120$ $ Z$G+*()'99/*;*8$

$

^3$

+4&(''!"0G!*4))(-*+,'',-.!47!5',)414+4!#D!1(!+%!+%)+(-(!b)(+(%$%'%.,*5!,-*+,+6++c!

$

$

!"#$$%$&'()*+,--.'/*$0120$ $ ]$O8*+.;);=)'9$

$

^T$

] O YO6SRGRVGQP $

R$9'-;))*=$21$/;=$);=)'9$(,&$9'8$*8*+.;*<<*9);/;(*+*$@I..$@=;$-+*(*8)*+)D$N'=.$'/$);=)'9$*+$);=$

*8$/;(($.+':$.>,+)$H)$<+'$*.8*)E*)$;$:*)$<'9);(9*$);=<*==*)$;$G+*()'99/*;*8D$O89*=)*$);=)'9$*+$

/H+:*+)$(,&$&;8:+*$.H8();.*L$&*8$'==;9*/*=$;89=H:*+)$,.$(;&H=*+)$<,+$C$@*=I(*$*<<*9)*8$

'/$);=)'9*)D$[C$.+H88$'/$);=-'((;8.*8$*+$;99*$'==*$:;((*$);=)'9*8*$=;9*$'9)H*==*$.*8*+*=)$<,+$

(=;9*$-+,(>*9)*+D$

]D2 [

6R56RGO6RYS$QN$GRVGQP

$

4,+$C$/*=.*$H)$E/;=9*$);=)'9$(,&$(9'=$-+;,+;)*+*($<,+'8$'8:+*$*+$:*)$/;9);.$C$/;)*$9+;)*+;*8*$

<,+$:*88*$H)/*=.*=(*8D$R$&C=*)$,&$C$,--8C$-'((;/EH(()'8:'+:$/;=$:*$-'((;/*$);=)'9*8*L$

(,&$&*+$*8*+.;.>*++;.*$/*..*+L$)'9L$.H=/$,.$'8:+*$9,&-,8*8)*+L$-+;,+;)*+*(D$7;((*$

);=)'9*8*$@=;+$,.(C$/*(*8)=;.*$<,+$C$,--8C$8H==EH(()'8:'+:D$

#=,J9$K')8*$?8(9*+$C$@I..*$)+':;(>,8*=)$@'(*+)$-C$.,:)$EC8:/*+9$,.$E?I$9/'=;)*)L$&*8$

('&);:;.$/;=$:*$(*=/<?=.*=;.$@I..*$&*()$&H=;.$?9,8,&;(9$@*(-'+*8:*D$!)*8$')$:*))*$(9'=$

<,++;8.*$(=H))-+,:H9)*)($9/'=;)*)$,.$@*:+;<)*8($+*8,&&q$/;=$:*)$?9,8,&;(9*$@=;$)'))$

E*8(I8$);=D$7*))*$/;=$/H+:*+*($/*:$E>*=-$'/$8C/*+:;@*+*.8;8.*+$<,+$:*$;8/*()*+;8.*8*$(,&$

.>?+*($;$@I..*C+*)$,.$;$=?-*)$'/$@I..*)($9'=9H=*+)*$=*/*);:D$

O8$9,&@;8'(>,8$'/$<H89(>,8L$?9,8,&;L$*()*);99$,.$*<<*9)$/;=$'=)(C$'/.>?+*$E/;=9*$);=)'9$

(,&$@=;+$'8@*<'=)$C$@+H9*$;$);=<*==*)$;$G+*()'99/*;*8D$[+;,+;)*+;8.*+$9'8$.>?+*($H=;9)$;$*)$

'88*)$);=<*==*L$,.$+*(H=)')*+$/;=$<?=.*=;.$9H88*$/'+;*+*$<+'$-+,(>*9)$);=$-+,(>*9)$,.$*))*+$/'=.$

'/$-+;,+;)*+;8.*+D$

!)$<+'$,/*88*/8)*$E*8(I8$,.$.+H88='.$<+'$)*,+;:*=$*+$8,*8$);=)'9$/'=.)$H)$<,+$C$(;&H=*+*(D$

7;((*$);=)'9*8*$@=;+$);=-'((*)$G+*()'99/*;*8$,.$-+*(*8)*+)$;$9'-;))*=$21D$G'@*==$23$/;(*+$*8$

,/*+(;9)$,/*+$);=)'9*8*D$

$ $

!"#$$%$&'()*+,--.'/*$0120$ $ ]$O8*+.;);=)'9$

$

^U$

+4&(''!"8G!+,'+45!*%)!*54'!*,)6'($(*!

+NPOQRTOS^K! G;=)'9$

7KMMU^^VSMJNJMKL! 0U1&&$;(,='(>,8L$;(,3$011&&L$!|1L2^1$

!! 311&&$;(,='(>,;8L$;(,3$0U1&&L$!|1L20U$

!! 3U1&&$;(,='(>,8L$;(,3$311&&L$!|1L223$

!! 0U1&&$;(,='(>,8L$*d)+*&*$33$!|1L2T]$

!! 0U1&&L*d)+*&*$33$;$-C<,+;8.$!|1L2U]$

!! 311&&L*d)+*&*$33$;$-C<,+;8.L$!|1L20T$

+QRU^^VSMJNJMKL! TU1&&$;(,='(>,8$!|1L1]$

!! UU1&&$;(,='(>,8$!|1L1Z3$

!! U11&&$R%-+,<;=$!|1L1Z_$

.[PXU^^VSMJNJMKL! 311&&$O[M$!|1L21$

!! 3U1&&$O[M$!|1L1_$

!! T11&&$O[M$!|1L1]$

7NJ][T^QRRKL! !*8:+*)$.*,&*)+;L$!%/*+:;|1L]T$

!! Y,*$+*:H(*+)$'+*'=$!%/*+:;|1LZ_$

!! "*+$+*:H(*+)$'+*'=$!%/*+:;|1LZ]$

5[P]KVLUONPOQR! PH=:*@+H+*:H9(>,8$1D1U$|{$1D10$mKlA&0PBo$

!! PH=:*@+H+*:H9(>,8$1D1U$|{$1D12$mKlA&0PBo$

,J\NPOLQTaUJTONPOQR! R8<;=)+'(>,8$8U1$2D_$|{$1D^$=H<)/*9(=;8.*+l);&*$$

!! R8<;=)+'(>,8$8U1$2D_$|{$1DU$=H<)/*9(=;8.*+l);&*$$

*UPQXTRaKLYNJM! !)/*8:;.L$-'((;/$(,='/(9>*+&;8.$

!! !)/*8:;.L$'9);/L$'H),&');(9$(,='/(9>*+&;8.$

!! !)/*8:;.L$'9);/L$&'8H*==$(,='/(9>*+&;8.$

!! R88/*8:;.L$'9);/L$&'8H*==$(,='/(9>*+&;8.$

+KLYNTR!XQLYKPQMLNJM! N'+&*='.+;8.L$#*),8.(9;==*/*..*+$

7KJONPQTaUJTONPOQR! N*8);='(>,8('..+*.')$AM4[|2L3$,.$1L]_$)*&-B$

?ULJSVQLK!KJKLMN\ULTSJNJMKL! M*8)+'=$-*==*)(9>*=L$),)'=)$/'+&*@*E,/L$039K$AH)*8$-*==*)(B$

*UP\QJMKLK! M,=<'8.*+$);=$)'--*/'88L$Q/*8)'$M,='+$

!! M,=<'8.*+$);=$)'--*/'88L$N';=='8)$

(PKROLNTR!^LU][RTaUJ! M,=J*==*-'8*=$T1&0$-C$(?+/*..$AT1r$/;89*=B$

!! M,=J*==*-'8*=$3]1&0L$&,8)*+)$-C$)'9*)$A^rB$

!! M,=J*==*-'8*=$TU&0$-C$.'+'(>*)'9$A^r$/;89*=B$

!! N;8:)H+@;8$^9KL$S*)*9$

7QLYK^[Y^KL! #*+./'+&*-H&-*$009KL$)'--*/'88$,.$+,&$AH)*8$-*==*)(B$

!! #*+./'+&*-H&-*$009KL$),)'=)$/'+&*@*E,/$AH)*8$-*==*)(B$

!! N'&*-H&-*$=H<)%=H<)$Zd2LU^9K$AH)*8$-*==*)(B$

!! N'+&*-H&-*$=H<)%/'88$2d21L_29K$AH)*8$-*==*)(B$

.aKJXNJJK!KJKLMN!\LQ!MLZXQJJ! P;=:*(*-'+*+;8.$'/$'/=?-(/'88$

$

$

!"#$$%$&'()*+,--.'/*$0120$ $ _$6*(H=)')*+$k$O9(;()*+*8:*$@I..$

$

^^$