Off Grid Solar Market Trends 2016 - Bloomberg - World Bank

1. OFF-GRID SOLAR
MARKET TRENDS
REPORT 2016
FEBRUARY 2016
In cooperation with
and
In partnership with
Lighting Global
An Innovation of the World Bank Group
www.lightingglobal.org
The World Bank
1818 H Street, NW
Washington, DC 20433 USA
www.worldbank.org
IFC
2121 Pennsylvania Avenue, NW
Washington, DC 20433 USA
www.ifc.org
Bloomberg New Energy Finance
39-45 Finsbury Square
City Gate House,
London EC2A 1PQ
United Kingdom
www.bnef.com
Global Off-Grid Lighting Association (GOGLA)
Nieuwekade 9
3511 RV Utrecht
The Netherlands
www.gogla.org

3. !""#$%&'()!*+%(,+%-./(
/%.0')(%.1!%/(2345(
E(&'!/)@-/9!26'!7-..&''&-4)*!$+!9()!>-/%*!,64?!:/-#@!9(/-#0(!&9'!8&0(9&40!:%-$6%!
@/-0/6.F!8&0(9&40!:%-$6%!&'!9()!@%69=-/.!#4*)/!2(&7(!9()!>-/%*!,64?!:/-#@!'#@@-/9'!
9()!*)<)%-@.)49!-=!9()!0%-$6%!-==C0/&*!'-%6/!)4)/0+!')/<&7)'!.6/?)9;!64*!&47%#*)'!6!
@-/9=-%&-!-=!7-#49/+C$6')*!.6/?)9!*)<)%-@.)49!@/-0/6.'!#4*)/96?)4!9(/-#0(!8&0(9&40!
D=/&76;!8&0(9&40!D'&6;!64*!8&0(9&40!"67&=&7F!
E()!7-47%#'&-4'!64*!G#*0.)49'!7-496&4)*!&4!9(&'!/)@-/9!'(-#%*!4-9!$)!699/&$#9)*!9-;!64*!
*-!4-9!4)7)''6/&%+!/)@/)')49!9()!<&)2'!-=;!A5H!-/!&9'!,-6/*!-=!I&/)79-/'!-/!9()!>-/%*!
,64?!-/!&9'!3J)7#9&<)!I&/)79-/';!-/!9()!7-#49/&)'!9()+!/)@/)')49F!A5H!64*!9()!>-/%*!
,64?!*-!4-9!0#6/649))!9()!677#/67+!-=!9()!*696!&4!9(&'!@#$%&769&-4!64*!677)@9!4-!
/)'@-4'&$&%&9+!=-/!64+!7-4')K#)47)'!-=!9()&/!#')F!
E()!&4=-/.69&-4!7-496&4)*!&4!9(&'!@#$%&769&-4!&'!*)/&<)*!=/-.!76/)=#%%+!')%)79)*!'-#/7)'!
2)!$)%&)<)!6/)!/)6'-46$%)F!>)!*-!4-9!0#6/649))!&9'!677#/67+!-/!7-.@%)9)4)''!64*!
4-9(&40!&4!9(&'!*-7#.)49!'(6%%!$)!7-4'9/#)*!9-!$)!6!/)@/)')4969&-4!-=!'#7(!6!0#6/649))F!
D4+!-@&4&-4'!)J@/)'')*!/)=%)79!9()!7#//)49!G#*0.)49!-=!9()!6#9(-/!-=!9()!/)%)<649!6/9&7%)!
-/!=)69#/)';!64*!*-)'!4-9!4)7)''6/&%+!/)=%)79!9()!-@&4&-4!-=!,%--.$)/0!1)2!34)/0+!
5&4647);!9()!A5H!-/!9()!>-/%*!,64?F!E()!-@&4&-4'!@/)')49)*!6/)!'#$G)79!9-!7(640)!
2&9(-#9!4-9&7)F!,%--.$)/0!1)2!34)/0+!5&4647);!A5H!64*!9()!>-/%*!,64?!677)@9!4-!
/)'@-4'&$&%&9+!=-/!64+!%&6$&%&9+!6/&'&40!=/-.!9()!#')!-=!9(&'!*-7#.)49!-/!&9'!7-49)49'F!
5)$/#6/+!LMNO!

5. !
!
!""#$%&'()!*+%(,+%-./(/%.0')(%.1!%/(2345(
"#$%&'()*!$+!,%--.$)/0!1)2!34)/0+!5&4647)!64*!8&0(9&40!:%-$6%;!64!&44-<69&-4!-=!9()!>-/%*!,64?!:/-#@!
A4!7--@)/69&-4!2&9(!:%-$6%!B==C:/&*!8&0(9&40!D''-7&69&-4!
+6!7/(
*&$8/&0$($*!6+*(
8&0(9&40!:%-$6%!&'!9()!>-/%*!,64?!:/-#@P'!@%69=-/.!'#@@-/9&40!'#'96&46$%)!0/-29(!-=!9()!
&49)/469&-46%!-==C0/&*!'-%6/!.6/?)9!6'!6!.)64'!-=!&47/)6'&40!)4)/0+!677)''!9-!@)-@%)!4-9!
7-44)79)*!9-!0/&*!)%)79/&7&9+F!E(/-#0(!8&0(9&40!:%-$6%;!A49)/469&-46%!5&4647)!H-/@-/69&-4!QA5HR!64*!
9()!>-/%*!,64?!2-/?!2&9(!9()!:%-$6%!B==C:/&*!8&0(9&40!D''-7&69&-4!Q:B:8DR;!.64#=679#/)/';!
*&'9/&$#9-/';!-9()/!*)<)%-@.)49!@6/94)/'!64*!)4*C#')/'!9-!*)<)%-@!9()!-==C0/&*!%&0(9&40!.6/?)9F!
E()!8&0(9&40!:%-$6%!@/-0/6.!@/-<&*)'!.6/?)9!&4'&0(9';!'9))/'!*)<)%-@.)49!-=!K#6%&9+!6''#/647)!
=/6.)2-/?'!=-/!.-*)/4;!-==C0/&*!%&0(9&40!*)<&7)'!64*!'+'9).';!64*!@/-.-9)'!'#'96&46$&%&9+;!&4!
@6/94)/'(&@!2&9(!&4*#'9/+F!A5H!64*!9()!>-/%*!,64?!G-&49%+!.6460)!-==C0/&*!%&0(9&40!@/-0/6.'!&4!
.-/)!9(64!NM!D=/&764!7-#49/&)'!9(/-#0(!9()!8&0(9&40!D=/&76!@/-0/6.F!E()!'#77)''!-=!9()!8&0(9&40!
D=/&76!@/-0/6.!(6'!&4'@&/)*!@/-0/6.'!&4!,640%6*)'(;!A4*&6;!"6?&'964 64*!"6@#6!1)2!:#&4)6;!
2&9(!.-/)!@/-0/6.'!$)&40!*)<)%-@)*!&4!E64S64&6!64*!T+64.6/F!!
8&0(9&40!:%-$6%!'#@@-/9'!8&0(9&40!D=/&76;!8&0(9&40!D'&6!64*!8&0(9&40!"67&=&7;!2(&7(!2-/?!6%-40!9()!
'#@@%+!7(6&4!-=!-==C0/&*!%&0(9&40!@/-*#79'!64*!'+'9).'!9-!/)*#7)!.6/?)9!)49/+!$6//&)/'!64*!=&/'9C
.-<)/!/&'?'F!
$*!6+*(!""#$%&'(*&$8/&0$(+))!9&+/&!0(
:B:8D!&'!6!4)#9/6%;!&4*)@)4*)49;!4-9C=-/C@/-=&9!6''-7&69&-4!7/)69)*!9-!@/-.-9)!%&0(9&40!'-%#9&-4'!
9(69!$)4)=&9!'-7&)9+!64*!$#'&4)'')'!&4!*)<)%-@&40!64*!).)/0&40!.6/?)9'F!:B:8D!679'!6'!9()!
&4*#'9/+!6*<-769)!64*!'#@@-/9'!9()!&4*#'9/+!&4!0/-2&40!64*!'9/)409()4&40!9()!.6/?)9!=-/!7%)64;!
K#6%&9+!-==C0/&*!%&0(9&40!64*!)%)79/&76%!'+'9).'F!A9'!.6&4!-$G)79&<)!&'!9-!'#@@-/9!&4*#'9/+!&4!'76%&40!
9()!')79-/!$6')*!-4!@/&47&@%)'!-=!9()!9/&@%)!$-99-.!%&4);!9(#'!7-49/&$#9&40!9-!9()!-$G)79&<)'!-=!
U#'96&46$%)!34)/0+!=-/!D%%!QU3VD%%R!64*!9()!U#'96&46$%)!I)<)%-@.)49!:-6%'!QUI:'RF!
6*!!,6.%$(0.:(.0.%$;("&0+09.(
,%--.$)/0!1)2!34)/0+!5&4647)!Q,135R!@/-<&*)'!#4&K#)!646%+'&';!9--%'!64*!*696!=-/!*)7&'&-4!
.6?)/'!*/&<&40!7(640)!&4!9()!)4)/0+!'+'9).F!,135!(6'!LMM!'96==!$6')*!&4!NV!-==&7)'!6/-#4*!9()!
2-/%*F!,135P'!')79-/!@/-*#79'!@/-<&*)!=&4647&6%;!)7-4-.&7!64*!@-%&7+!646%+'&';!6'!2)%%!6'!4)2'!
64*!9()!2-/%*P'!.-'9!7-.@/)()4'&<)!*696$6') -=!6'')9';!&4<)'9.)49';!7-.@64&)'!64*!)K#&@.)49!
&4!9()!7%)64!)4)/0+!'@67)F!,135P'!/)0&-46%!@/-*#79'!@/-<&*)!6!7-.@/)()4'&<)!<&)2!-4!9()!
9/64'=-/.69&-4!-=!9()!)4)/0+!'+'9).!$+!/)0&-4F!5-/!.-/)!&4=-/.69&-4!-4!,%--.$)/0!1)2!34)/0+!
5&4647)!<&'&9W!(99@WXX6$-#9F$4)=F7-.;!-/!7-49679!#'!69!'6%)'F$4)=Y$%--.$)/0F4)9!=-/!.-/)!
&4=-/.69&-4!-4!-#/!')/<&7)'F!
( (

6.
OFF-­GRID SOLAR MARKET TRENDS REPORT 2016
Published by Bloomberg New Energy Finance and Lighting Global, an innovation of the World Bank Group
In cooperation with Global Off-­Grid Lighting Association
ACKNOWLEDGMENTS
This report was commissioned by Lighting Global, a joint initiative of IFC and the World Bank. It
was produced by Lighting Global and Bloomberg New Energy Finance in partnership with the
Global Off-­Grid Lighting Association.
The Market Trends Report is the third in a series to provide a snapshot of the off-­grid lighting
market, industry-­level data and analysis on key trends. It relies on the inputs of a broad range of
industry experts, manufacturers, distributors, scientists, investors, market researchers and NGO
leaders worldwide who contributed their views, time and advice to the preparation of this
document. Thank you.
We welcome your feedback and support in this effort and encourage you to reach out to the
Lighting Global team with your questions and feedback through www.lightingglobal.org or by
emailing us on info@lightingglobal.org.
International Finance Corporation (IFC)
Russell Sturm
Arthur Itotia Njagi
Leo Blyth
Naomi Bruck
Ahmad Slaibi
Peter Alstone (Lighting Global Quality Assurance, Consultant)
Arne E. Jacobson (Lighting Global Quality Assurance, Schatz Energy Research Center)
World Bank
Dan Murphy
Raihan Elahi
Jenny Hasselsten
Micah George Melnyk
Koen Peters
Eduardo Appleyard
Lead authors
Itamar Orlandi, CFA
Nico Tyabji
Jenny Chase
Contributors
Michael Wilshire
Ben Vickers

7. !
!
!""#$%&'()!*+%(,+%-./(/%.0')(%.1!%/(2345(
"#$%&'()*!$+!,%--.$)/0!1)2!34)/0+!5&4647)!64*!8&0(9&40!:%-$6%;!64!&44-<69&-4!-=!9()!>-/%*!,64?!:/-#@!
A4!7--@)/69&-4!2&9(!:%-$6%!B==C:/&*!8&0(9&40!D''-7&69&-4!
9!0/.0/)(
ED,83!B5!HB1E31EU!
8AUE!B5!5A:`Z3U!D1I!ED,83U!
:8BUUDZa
5BZ3>BZI!
U3HEAB1!NF! 3b3H`EA_3!U`TTDZa! cccccccccccccccccccccccccccc!L!
U3HEAB1!LF! B55C:ZAI!313Z:a!U3Z_AH3UW!D!H]D8831:3!BZ!D1!
B""BZE`1AEad!cccccccccccccccccccccccccccccccccc!V!
LFNF! B55C:ZAI!"B"`8DEAB1!EBIDa!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!V!
LFLF! A1HBT3!B5!E]3!B55C:ZAI!"B"`8DEAB1!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!O!
LFeF B55C:ZAI!3b"31IAE`Z3!B1!UEB":D"!E3H]1B8B:A3U FFFFFFFFFFFFFFFFFFFFFFFFFF O
LFVF! B55C:ZAI!8A:]EA1:!3HB1BTAHU!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!f!
U3HEAB1!eF! "AHBCUB8DZ!TDZ^3E!EZ31IU!cccccccccccccccccccc!NM!
eFNF! D!:ZB>A1:!TDZ^3E!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!NM!
eFLF! "ZBI`HE!53DE`Z3U!D1I!UD83U!EZ31IU!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!NO!
eFeF! :313ZAH!"ZBI`HEU!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!Ng!
eFVF! E]3!IAUEZA,`EAB1!H]D8831:3!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!LL!
eFhF! HBT"D1a!Z3U"B1U3U!EB!TDZ^3E!EZ31IU!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!LV!
U3HEAB1!VF! "DaCDUCaB`C:B!,`UA13UU!TBI38UW!E]3!>Da!EB!
UHD83!5DUEd!ccccccccccccccccccccccccccccccccccc!LO!
VFNF! UEDE3!B5!E]3!"Da:!TDZ^3E!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!LO!
VFLF! HB1U`T3Z!,3135AEU!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!Lf!
VFeF! Z31ECEBCB>1!_UF!"3Z"3E`D8!83DU3!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!eM!
VFVF! "Da:!DHEA_DEAB1!E3H]1B8B:A3U!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!eN!
VFhF! "Da:!D1I!E]3!_D8`3!B5!IDED!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!ee!
VFOF! "Da:!D1I!E383HBT!"ZB_AI3ZUW!D!"3Z53HE!"DZE13ZU]A"d!FFFFFFFFFFFF!ee!
VFiF! ,`UA13UU!TBI38U!D1I!_D8`3CH]DA1!A1E3:ZDEAB1!FFFFFFFFFFFFFFFFFFFFFFFFFFFFF!eV!
VFgF! UDT"83!"Da:!HBT"D1a!"ZB5A83U!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!eO!
VFfF! 5`E`Z3!B5!"Da:!,`UA13UU!TBI38U!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!ei!
U3HEAB1!hF! UBHAD8;!3HB1BTAH!D1I!31_AZB1T31ED8!,3135AEU!
B5!UB8DZC,DU3I!313Z:a!DHH3UU! ccccccccccccccc!VM!
hFNF DHH3UU!EB!,DUAH!383HEZAH!U3Z_AH3UFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF VN
hFLF! UD_A1:U!D1I!3HB1BTAH!AT"DHE!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!VV!
hFeF! AT"DHE!B1!E]3!8BHD8!3HB1BTa!D1I!UTD88!,`UA13UU3U!FFFFFFFFFFFFFFFF!VO!
hFVF! ]3D8E];!3I`HDEAB1!D1I!UBHAD8!8A53!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!VO!
hFhF! 31_AZB1T31ED8!D1I!H8ATDE3CH]D1:3!AT"DHE!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!Vf!
U3HEAB1!OF! E]3!5A1D1HA1:!H]D8831:3!cccccccccccccccccccccc!hM!
OFNF! 5A1D1H3!58B>U!EB!IDE3!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!hM!
OFLF! 5A1D1HA1:!Z3[`AZ3T31EU!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!he!

8. !
!
!""#$%&'()!*+%(,+%-./(/%.0')(%.1!%/(2345(
"#$%&'()*!$+!,%--.$)/0!1)2!34)/0+!5&4647)!64*!8&0(9&40!:%-$6%;!64!&44-<69&-4!-=!9()!>-/%*!,64?!:/-#@!
A4!7--@)/69&-4!2&9(!:%-$6%!B==C:/&*!8&0(9&40!D''-7&69&-4!
OFeF! E]3!ZB83!B5!UEZDE3:AH!"DZE13ZU!BZ!8DZ:3!T`8EAC1DEAB1D8U!FFF!hh!
OFVF! 5A1D1HA1:!D_DA8D,A8AEa!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!hO!
OFhF! E]3!5A1D1H3!:D"!D1I!"BE31EAD8!UB8`EAB1U!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!hi!
OFOF! U33I!D1I!3DZ8a!UED:3!3[`AEa!BZ!:ZD1EU!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!hg!
OFiF! >BZ^A1:!HD"AED8!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!hf!
OFgF! HB1U`T3Z!5A1D1HA1:!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!ON!
OFfF! U"3HAD8!"`Z"BU3!_3]AH83U!D1I!U3H`ZAEAUDEAB1!B5!HB1U`T3Z!
Z3H3A_D,83U!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!OL!
U3HEAB1!iF! E3H]1B8B:a!HBUEU!D1I!AT"ZB_3T31EU!ccccccccc!OO!
iFNF! UaUE3T!HBUE!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!OO!
iFLF! E3H]1B8B:a!EZ31IU!A1!IH!D""8AD1H3U!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!Of!
iFeF! HBT"B131E!HBUE!EZ31IU!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!iN!
U3HEAB1!gF! TDZ^3E!B`E8BB^! cccccccccccccccccccccccccccccc!ih!
gFNF! 3UED,8AU]A1:!E]3!,DU38A13W!]B>!>A88!EBIDaPU!EZ31IU!U]D"3!E]3!
TDZ^3Ed!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!ih!
gFLF! 5`E`Z3!B55C:ZAI!UB8DZ!TDZ^3E!UAj3!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!ig!
gFeF! 5BZ3HDUE!UH31DZABU!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!gN!
gFVF! E]3!AT"8AHDEAB1U!B5!:ZB>E]!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!gL!
gFhF! :DT3H]D1:3ZU!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!ge!
gFOF! A1I`UEZa!H]DZDHE3ZAUEAHU!UH31DZABU!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!gO!!
! !

9. !
!
!""#$%&'()!*+%(,+%-./(/%.0')(%.1!%/(2345(
"#$%&'()*!$+!,%--.$)/0!1)2!34)/0+!5&4647)!64*!8&0(9&40!:%-$6%;!64!&44-<69&-4!-=!9()!>-/%*!,64?!:/-#@!
A4!7--@)/69&-4!2&9(!:%-$6%!B==C:/&*!8&0(9&40!D''-7&69&-4!
*&)/(!"("&$7%.)(
5&0#/)!NW!U(6/)!-=!@-@#%69&-4!2&9(-#9!0/&*!677)''!Q@)/7)49!-=!9-96%R!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!V!
5&0#/)!LW!B==C0/&*!@-@#%69&-4!&4!'#$CU6(6/64!D=/&76!Q.&%%&-4R!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!h!
5&0#/)!eW!B==C0/&*!@-@#%69&-4!&4!D'&6!Q.&%%&-4R!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!h!
5&0#/)!VW!B==C0/&*!@-@#%69&-4!$+!/)0&-4!Q.&%%&-4'R!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!O!
5&0#/)!hW!"-@#%69&-4!Q&4!.&%%&-4'R!$+!)'9&.69)*!@)/!76@&96!&47-.)!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!i!
5&0#/)!OW!3'9&.69)*!644#6%!'@)4*!-4!-==C0/&*!%&0(9&40!64*!@(-4)!7(6/0&40!QD=/&76;!LMNV;!k!
$&%%&-4R!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!g!
5&0#/)!iW!3'9&.69)*!644#6%!'@)4*!-4!-==C0/&*!%&0(9&40!64*!@(-4)!7(6/0&40!QD'&6;!LMNV;!k!
$&%%&-4R!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!g!
5&0#/)!gW!3'9&.69)*!6<)/60)!644#6%!%&0(9&40!'@)4*!$+!9()!-==C0/&*!(-#')(-%*!QkX+)6/;!LMNLRg!
5&0#/)!fW!"6+C$67?!@)/&-*!=-/!6!kNe!'-%6/!%&0(9!Q&4!.-49('R!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!f!
5&0#/)!NMW!3'9&.69)*!7#.#%69&<)!'6%)'!-=!@&7-C'-%6/!%&0(9&40!@/-*#79'!&4!'#$CU6(6/64!D=/&76!
64*!D'&6;!LMNN!l!]N!LMNh!Q.&%%&-4'!-=!#4&9'R!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!NN!
5&0#/)!NNW!8&0(9&40!:%-$6%!K#6%&9+C<)/&=&)*!#4&9!'6%)';!]L!LMNV!l!]N!LMNh!Q.&%%&-4'R!FFFFFFFFFFF!NN!
5&0#/)!NLW!D<)/60)!/)96&%!@/&7)!-=!@&7-C'-%6/!@/-*#79';!]L!LMNV!l ]N!LMNh!QkX#4&9RFFFFFFFFFFFF NN
5&0#/)!NeW!8&0(9&40!D=/&76!/-6*'(-2!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!NL!
5&0#/)!NVW!8&0(9&40!D=/&76!679&<&9+!&4!^)4+6!64*!'6%)'!-=!K#6%&9+C<)/&=&)*!@/-*#79'!
Q9(-#'64*'R!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!NL!
5&0#/)!NhW!U6%)'!-=!$/64*)*!@&7-C'-%6/!%&0(9&40!@/-*#79'!&4!D=/&76!Q.&%%&-4'!-=!#4&9'R!FFFFFFFFFFF!NL!
5&0#/)!NOW!,/64*)*!@/-*#79'!'(6/)!-=!/)@-/9)*!'6%)'!&4!D=/&76;!]L!LMNV!l!]N!LMNh!FFFFFFFFFF!Ne!
5&0#/)!NiW!Z)@-/9)*!'6%)'!-=!8&0(9&40!:%-$6%!K#6%&9+C<)/&=&)*!@&7-C'-%6/!@/-*#79'!&4!'#$C
U6(6/64!D=/&76;!]L!LMNV!l!]N!LMNh!Q9(-#'64*'!-=!#4&9'R!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!Ne!
5&0#/)!NgW!U6%)'!-=!$/64*)*!@&7-C'-%6/!%&0(9&40!@/-*#79'!&4!D'&6!Q.&%%&-4'!-=!#4&9'R!FFFFFFFFFFFFF!NV!
5&0#/)!NfW!,/64*)*!@/-*#79'!'(6/)!-=!/)@-/9)*!'6%)'!&4!D'&6;!]L!LMNV!l!]N!LMNh!FFFFFFFFFFFFF!NV!
5&0#/)!LMW!Z)@-/9)*!'6%)'!64*!)'9&.69)*!/)<)4#)!64*!/)<)4#)C@)/C#4&9!=-/!@&7-C"_!
@/-*#79';!]N!LMNh!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!NV!
5&0#/)!LNW!1#.$)/!-=!?4-24!@&7-C'-%6/!.64#=679#/)/'!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!Nh!
5&0#/)!LLW!1#.$)/!-=!:B:8D!.).$)/'!2&9(!6!'6%)'!@/)')47)!$+!7-#49/+!FFFFFFFFFFFFFFFFFFFFFFFF!Nh!
5&0#/)!LeW!"&7-C'-%6/!.6/?)9!7-47)49/69&-4!Q])/=&4*6(%C]&/'7(.64!A4*)JR!FFFFFFFFFFFFFFFFFFFFFFFFF!NO!
5&0#/)!LVW!"/-*#79!=)69#/)'!$+!'(6/)!-=!8&0(9&40!:%-$6%!K#6%&9+C<)/&=&)*!@/-*#79!#4&9!'6%)'!Ni!
5&0#/)!LhW!8&0(9&40!:%-$6%!K#6%&9+C<)/&=&)*!@/-*#79';!LMNM!l!]N!LMNh!Q4#.$)/!-=!@/-*#79'RNg!
5&0#/)!LOW!1#.$)/!-=!'-%6/!@/-*#79'!-$')/<)*!&4!9(/))!^)4+64!.6/?)9'!FFFFFFFFFFFFFFFFFFFFFFFFFFFF!Ng!
5&0#/)!LiW!"/&7)!-=!7-@+769!<)/'&-4'!/)%69&<)!9-!$/64*)*!@/-*#79';!]L!LMNh!FFFFFFFFFFFFFFFFFFFFFFF!Nf!
5&0#/)!LgW!U-#/7&40!'-%6/!%649)/4'!-4!D%&$6$6!Q4#.$)/!-=!'#@@%&)/'R!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!LM!
5&0#/)!LfW!3J@-/9'!=/-.!H(&46!-=!6%%!@-/96$%)!)%)79/&7!%6.@'!2&9(!5B,!<6%#)!mkLFhM!64*!
/)@-/9)*!'6%)'!-=!$/64*)*!@&7-C'-%6/!@/-*#79';!]N!LMNh!Q9(-#'64*'!-=!#4&9'!
#4%)''!'969)*R FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF LN
5&0#/)!eMW!3J@-/9'!=/-.!H(&46!-=!@-/96$%)!)%)79/&7!%6.@'!2&9(!5B,!<6%#)!mkLFhM!Q.&%%&-4'!-=!
#4&9';!%)=9C(64*!6J&'R!64*!)'9&.69)*!/)96&%!<6%#)!Qk!.&%%&-4;!/&0(9C(64*!6J&'R;!]N!
LMNh!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!LL!
5&0#/)!eNW!")/7)4960)!-=!9/6*)/'n!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!Le!
5&0#/)!eLW!I&'9/&$#9&-4!.-*)%'!/)@-/9)*!$+!.6/?)9!@6/9&7&@649'!Q4#.$)/!-=!7-.@64&)'R!FFFFF!Le!
5&0#/)!eeW!H-.@64+!/)'@-4')'!9-!)49/+C%)<)%!.6/?)9!7-..-*&=&769&-4!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!LV!
5&0#/)!eVW!E()!$#&%*&40!$%-7?'!=-/!6!"Da:!$#'&4)''!.-*)%!Q@&7?!-4)!-/!.-/)!-@9&-4'!=/-.!
)67(!$%-7?R!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!Li!

10. !
!
!""#$%&'()!*+%(,+%-./(/%.0')(%.1!%/(2345(
"#$%&'()*!$+!,%--.$)/0!1)2!34)/0+!5&4647)!64*!8&0(9&40!:%-$6%;!64!&44-<69&-4!-=!9()!>-/%*!,64?!:/-#@!
A4!7--@)/69&-4!2&9(!:%-$6%!B==C:/&*!8&0(9&40!D''-7&69&-4!
5&0#/)!ehW!"6+C6'C+-#C0-!'-%6/!%&0(9&40!')/<&7)'!7#//)49%+!6<6&%6$%)!Q@-/96$%)!%&0(9'!64*!
'-%6/!(-.)!'+'9).'R!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!Lg!
5&0#/)!eOW!H#.#%69&<)!'6%)'!-=!9)7(4-%-0+C)46$%)*!"Da:!'+'9).'!Q9(-#'64*'R!FFFFFFFFFFFFFFF!Lg!
5&0#/)!eiW!U-%6/!@64)%!'&S)!-=!')%)79)*!@6+C6'C+-#C0-!7-.@64&)'!Q>R!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!Lg!
5&0#/)!egW!U6.@%)!-=!"Da:!@%6+)/'!6%-40!9()!<6%#)!7(6&4!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!Lf!
5&0#/)!efW!E()!'(&=9!9-!"Da:!7(640)'!*+46.&7'!$)92))4!9()!7#'9-.)/!64*!9()!@/-<&*)/!F!eM!
5&0#/)!VMW!TC^-@6!'+'9).!7(6/0&40!6!.-$&%)!@(-4)!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!eV!
5&0#/)!VNW!"6+C6'C+-#C0-!$#'&4)''!'9/69)0&)'!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!eh!
5&0#/)!VLW!3J&'9&40!64*!@-9)49&6%!7/-''C&4*#'9/+!@6/94)/'(&@'!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!eg!
5&0#/)!VeW!I&/)79!64*!&4*&/)79!&.@679!-=!E&)/!N!)4)/0+!677)''!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!VM!
5&0#/)!VVW!3'9&.69)*!4#.$)/!-=!(-#')(-%*'!#'&40!@&7-C"_!Q.&%%&-4';!#4)!LMNhR!FFFFFFFFFFFFFF!VN!
5&0#/)!VhW!U3VD%%!7(6/679)/&'69&-4!-=!)%)79/&7&9+!677)''!9&)/'!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!VL!
5&0#/)!VOW!>(&7(!IH!6@@%&647)'!6/)!+-#!-==)/&40d!A49)/<&)2!/)'@-4')'!=/-.!LO!
.64#=679#/)/';!*&'9/&$#9-/'!64*!"Da:!7-.@64&)'!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!VL!
5&0#/)!ViW!1&26!`4-!hM!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!Ve!
5&0#/)!VgW!*F8&0(9!ILM!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!Ve!
5&0#/)!VfW!3'9&.69)*!'6<&40'!=/-.!K#6%&9+C<)/&=&)*!@&7-C"_!'+'9).'!'-%*!$)92))4!#%+!LMNV!
l!#4)!LMNh!Qk!.&%%&-4R!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!VV!
5&0#/)!hMW!D4!699)4*649!@-#/'!?)/-')4)!&49-!6!<)'')%!69!6!/)0&-46%!/69&-4!'(-@!&4!E(64);!
4)6/!T#.$6&;!A4*&6!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!Vi!
5&0#/)!hNW!3/6'.#'!>6.$#6;!6!'7(--%$-+;!%)=9;!'9#*&)'!69!(-.)!#'&40!6!$--?!&%%#.&469)*!
$+!6!'&40%)!)%)79/&7!83I!%&0(9$#%$;!@-2)/)*!$+!TC^-@6!'-%6/!9)7(4-%-0+;!&4!
1*)%6!<&%%60);!^)4+6!Q#%+!LMNhRFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF Vf
5&0#/)!hLW![#6%&9+C<)/&=&)*!'-%6/!%&0(9'!'-%*!9-!*69)!6<-&*)*!0/))4(-#')!06')'!)K#&<6%)49!9-!
6$-#9!NO!@)/7)49!-=!9()!644#6%!HBL)!).&''&-4!=/-.!9()!o4'7(26%*)!@-2)/!
@%649!&4!:)/.64+!Q@&79#/)*!$)%-2RF!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!Vf!
5&0#/)!heW!A4<)'9.)49'!&4!-==C0/&*!'-%6/!7-.@64&)'!64*!&49)/.)*&6/&)'!$+!6'')9!7%6''!Q)4*C
LMNhR!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!hM!
5&0#/)!hVW!H#.#%69&<)!&4<)'9.)49'!&4!-==C0/&*!'-%6/!7-.@64&)'!$+!6'')9!7%6''!QLMMgCNh;!k!
.&%%&-4;!)J7%#*&40!&49)/.)*&6/&)'RF!E-96%!p!kVMi!.&%%&-4F!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!hN!
5&0#/)!hhW!A4<)'9.)49'!&4!-==C0/&*!'-%6/!$+!/)7&@&)49!9+@)!Qk!.&%%&-4!7#.#%69&<)R!FFFFFFFFFFFFFFFFFF!hN!
5&0#/)!hOW!E/64'679&-4!'969&'9&7'!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!hL!
5&0#/)!hiW!1#.$)/!-=!&4<)'9-/'!)4060&40!&4!69!%)6'9!-4)!&4<)'9.)49!/-#4*!&4!-==C0/&*!'-%6/!hL!
5&0#/)!hgW!B==C0/&*!'-%6/!=&4647&)/'!Q4-4C/)@/)')4969&<)!'6.@%)R!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!he!
5&0#/)!hfW!>(69!6/)!9()!0/-29(!$6//&)/'!=-/!+-#/!$#'&4)''d!Q&49)/<&)2!/)'@-4')'RFFFFFFFFFFFFF he
5&0#/)!OMW!5&4647&40!4))*'!67/-''!64!-==C0/&*!'-%6/!'96/9C#@!*)<)%-@.)49!7+7%)!FFFFFFFFFFFFFFFF!hV!
5&0#/)!ONW!>-/?&40C76@&96%!4))*'!67/-''!9()!'#@@%+!64*!*&'9/&$#9&-4!7(6&4!FFFFFFFFFFFFFFFFFFFFFFFF!hh!
5&0#/)!OLW!3K#&9+!&4<)'9-/!/&'?!6@@)9&9)!<'F!7-.@64+!4))*'!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!hO!
5&0#/)!OeW!H#//)49%+!#4.)9!76@&96%!/)K#&/).)49'!&4!-==C0/&*!'-%6/!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!hg!
5&0#/)!OVW!H6'(!=%-2'!#4*)/!'@)7&6%!@#/@-')!<)(&7%)!'9/#79#/)!9-!7-4'#.)/!=&4647)!FFFFFFFFF!Oe!
5&0#/)!OhW!I)$9!&4<)'9-/!4))*'!=-/!')7#/&9&')*!7-4'#.)/!/)7)&<6$%)'!Q7-4'#.)/!76/!%-64'!
<'F!@-9)49&6%!"Da:!'-%6/R!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!Oh!
5&0#/)!OOW!"/-*#79&-4!7-'9!*)<)%-@.)49'!Q4-.&46%!k!@)/C#4&9R!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!OO!
5&0#/)!OiW!*F8&0(9!DN!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!Oi!
5&0#/)!OgW!"&7-C'-%6/!%649)/4!7-'9!*)<)%-@.)49!QkX#4&9R!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!Oi!
5&0#/)!OfW!"/&7)!)%6'9&7&9+!-=!)49/+C%)<)%!'-%6/!%&0(9'!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!Oi!
5&0#/)!iMW!:/))4%&0(9!"%64)9!U#4!^&40!"/-!L!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!Og!

11. !
!
!""#$%&'()!*+%(,+%-./(/%.0')(%.1!%/(2345(
"#$%&'()*!$+!,%--.$)/0!1)2!34)/0+!5&4647)!64*!8&0(9&40!:%-$6%;!64!&44-<69&-4!-=!9()!>-/%*!,64?!:/-#@!
A4!7--@)/69&-4!2&9(!:%-$6%!B==C:/&*!8&0(9&40!D''-7&69&-4!
5&0#/)!iNW!I)<)%-@.)49!-=!9()!7-'9!-=!6!.)*&#.!'-%6/!%649)/4!Qk!@)/!#4&9R!l!%&0(9&40!')/<&7)!
-=!NLM!%#.)4'!=-/!=-#/!(-#/'!@)/!*6+!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!Og!
5&0#/)!iLW!U-%6/!(-.)!'+'9).!2&9(!Nfq!E_;!/6*&-;!%&0(9'!QkX#4&9R!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!Og!
5&0#/)!ieW!3J@)/&)47)!7#/<)!=-/!"_!.-*#%)'!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!iL!
5&0#/)!iVW!"/&7)!-=!7/+'96%%&4)!'&%&7-4!7)%%';!LMNMCB79-$)/!LMNh!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!iL!
5&0#/)!ihW!8&9(&#.C&-4!$699)/+!@/&7)';!(&'9-/&7!64*!=-/)76'9!QkX?>(R!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!ie!
5&0#/)!iOW!83I!@67?60)!@/&7)!64*!)==&767+!*)<)%-@.)49';!LMNe!64*!=-/)76'9!FFFFFFFFFFFFFFFFFFF!iV!
5&0#/)!iiW!:%-$6%!83I!$#%$!6<)/60)!')%%&40!@/&7)!*696!64*!@/-G)79&-4'!QkR!FFFFFFFFFFFFFFFFFFFFFFFFF!iV!
5&0#/)!igW!3'9&.69)'!-=!=&J)*!64*!<6/&6$%)!@/&7)!)%).)49'!-=!83I!$#%$'!QkR!FFFFFFFFFFFFFFFFFFFFFFF!iV!
5&0#/)!ifW!U7)46/&-'!=-/!76'(C'6%)'!@&7-C'-%6/!.6/?)9!)<-%#9&-4!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!iO!
5&0#/)!gMW!1)2!"Da:!'96/9C#@'!&4!<)/+!-@9&.&'9&7!76')!Q4#.$)/!-=!7-.@64&)'R!FFFFFFFFFFFFFFFF!ii!
5&0#/)!gNW!5-/)76'9!"Da:!#')/'!&4!<)/+!-@9&.&'9&7!76')!Q.&%%&-4!(-#')(-%*';!7#.#%69&<)R!F!ii!
5&0#/)!gLW!,6')%&4)!=-/)76'9!-==C0/&*!'-%6/!#')/'!!Q.&%%&-4!(-#')(-%*'R!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!ig!
5&0#/)!geW!,6')%&4)!=-/)76'9!644#6%!'6%)'!Q.&%%&-4!#4&9'R!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!ig!
5&0#/)!gVW!3'9&.69)*!-==C0/&*!'-%6/!/)96&%!/)<)4#)!Qk!$&%%&-4R!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!if!
5&0#/)!ghW!:/-29(!'7)46/&-!7-.@6/&'-4!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!gN!
5&0#/)!gOW!B==C0/&*!'-%6/!6*-@9&-4;!^)4+6!Q.&%%&-4!(-#')(-%*'R!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!gL!
5&0#/)!giW!A.@679!64*!#47)/96&49+!.69/&J!=-/!-==C0/&*!'-%6/!.6/?)9!<6/&6$%)'!Q'#$G)79&<)!
/64?&40!$+!6#9(-/'R!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!gh!
!
*&)/(!"(/+6*.)(
E6$%)!NW!"-/96$%)!)%)79/&7!%6.@!)J@-/9'!9-!UUD!=/-.!H(&46;!]N!LMNh!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!LN!
E6$%)!LW!I&==)/)47)'!&4!9()!7-4'#.)/C=&4647)!.)7(64&'.!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!eN!
E6$%)!eW!"Da:!679&<69&-4!64*!@6+.)49!9)7(4-%-0&)'!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!eL!
E6$%)!VW!I696')9'!6<6&%6$%)!9-!"Da:!7-.@64&)'!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!ee!
E6$%)!hW!E()!/-%)!-=!E)%)7-.!-@)/69-/P'!&4!9()!"Da:!)4)/0+!&4*#'9/+!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!eV!
E6$%)!OW!`'60)!-=!@&7-C"_!?&9'!Q'(6/)!-=!'9#*&)*!(-#')(-%*'!&4!@)/7)49R!FFFFFFFFFFFFFFFFFFFFFFFFFFF!Vg!
E6$%)!iW!3'9&.69)*!0%-$6%!'@)4*!-4!-==C!64*!$6*C0/&*!6@@%&647)'!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!iM!
!
!!
! !

12. !
!
!""#$%&'()!*+%(,+%-./(/%.0')(%.1!%/(2345(
"#$%&'()*!$+!,%--.$)/0!1)2!34)/0+!5&4647)!64*!8&0(9&40!:%-$6%;!64!&44-<69&-4!-=!9()!>-/%*!,64?!:/-#@!
A4!7--@)/69&-4!2&9(!:%-$6%!B==C:/&*!8&0(9&40!D''-7&69&-4!
$*!))+%;!
( (
D=/&76!
Z)=)/'!9-!U#$CU6(6/64!D=/&76!&4!9(&'!/)@-/9!6'!)%)79/&=&769&-4!/69)'!9)4*!9-!$)!(&0(!
&4!1-/9(!D=/&76F!!
D'&6 Z)=)/'!9-!6%%!7-#49/&)'!&4!D'&6!)J7%#*&40!9()!T&**%)!36'9
,135! ,%--.$)/0!1)2!34)/0+!5&4647)!
HD:Z! H-.@-#4*!644#6%!0/-29(!/69)!
HBB! H(&)=!B@)/69&40!B==&7)/!
HZT! H#'9-.)/!/)%69&-4'(&@!.6460).)49!
IH I&/)79!7#//)49
I3UHB! I&'9/&$#9)*!)4)/0+!')/<&7)'!7-.@64+!
I5A! I)<)%-@.)49!=&4647)!&4'9&9#9&-4'!
3HB>DU! 37-4-.&7!H-..#4&9+!-=!>)'9!D=/&764!U969)'!
5B,! 5/))!-4!$-6/*!
5b! 5-/)&04!)J7(640)!
:)4)/&7!@/-*#79'!
5-/!9()!@#/@-')!-=!9(&'!/)@-/9!9(&'!7-.@/&')'!4-C46.)!@/-*#79';!7-@+769'!64*!
7-#49)/=)&9'!
:]:! :/))4(-#')!06'!
:B:8D! :%-$6%!B==C0/&*!8&0(9&40!D''-7&69&-4!
:UTD! :/-#@)!U@)7&6%)!T-$&%)!D''-7&69&-4!
]N! 5&/'9!]6%=!Q!76%)4*6/!+)6/R!!
]L U)7-4*!]6%=!Q76%)4*6/!+)6/R!
A3D! A49)/469&-46%!34)/0+!D0)47+!
AID! A49)/469&-46%!I)<)%-@.)49!D''-7&69&-4!!
AIHB8! A4=/6'9/#79#/)!I)<)%-@.)49!H-.@64+!8&.&9)*!
A5H! A49)/469&-46%!5&4647)!H-/@-/69&-4!
^3U! ^)4+64!U(&%%&40!
83I! 8&0(9C).&99&40!*&-*)!
8:! 8&0(9&40!:%-$6%!
T5A! T&7/-=&4647)!&4'9&9#9&-4!
1:B! 1-4C0-<)/4.)496%!-/064&'69&-4!
B3T! B/&0&46%!)K#&@.)49!.64#=679#/)/!
"Da:! "6+C6'C+-#C0-!
"&7-C'-%6/! U-%6/!?&9'!2&9(!6!'-%6/!@64)%!'.6%%)/!-/!)K#6%!9-!NM>!Q@)6?;!IHR!
"""! "#/7(6'&40!@-2)/!@6/&9+!
"_! "(-9-<-%96&7'!
[_! [#6%&9+C<)/&=&)*!
UDHHB! U6<&40'!64*!7/)*&9!7--@)/69&<)!
U3VD%%! U#'96&46$%)!34)/0+!=-/!D%%!
U]U! U-%6/!(-.)!'+'9).!
U"_! U@)7&6%!@#/@-')!<)(&7%)!
UUD U#$CU6(6/64!D=/&76
UTU! U(-/9!.)''60&40!')/<&7)!
U9-@06@!9)7(4-%-0&)'!
E)7(4-%-0&)'!7#//)49%+!#')*!$+!@)-@%)!%&<&40!-==!9()!0/&*!=-/!%&0(9&40;!@(-4)!
7(6/0&40!64*!-9()/!$6'&7!)%)79/&7!6@@%&647)'F!A47%#*)'!?)/-')4);!764*%)';!$699)/+!
9-/7()';!76/!$699)/&)'!64*!-9()/F!!
E_! E)%)<&'&-4!
`1! `4&9)*!169&-4'!
`15HHH! `4&9)*!169&-4'!5/6.)2-/?!H-4<)49&-4!-4!H%&.69)!H(640)!
`U! `4&9)*!U969)'!
`UI! `4&9)*!U969)'!*-%%6/!
_DE! _6%#)!6**)*!96J!
_H! _)49#/)!76@&96%&'9!
!

13. !
!
! ! "60)!N!-=!fV!
! ! !
!""#$%&'()!*+%(,+%-./(/%.0')(%.1!%/(2345(
"#$%&'()*!$+!,%--.$)/0!1)2!34)/0+!5&4647)!64*!8&0(9&40!:%-$6%;!64!&44-<69&-4!-=!9()!>-/%*!,64?!:/-#@!
A4!7--@)/69&-4!2&9(!:%-$6%!B==C:/&*!8&0(9&40!D''-7&69&-4!
"!%.:!%'(
U&47)!LMNM;!9()!>-/%*!,64?!:/-#@P'!8&0(9&40!D=/&76!@/-0/6.!(6'!7-.@/)()4'&<)%+!646%+')*!64*!
*-7#.)49)*!9()!/6@&*!)<-%#9&-4!-=!9()!-==C0/&*!'-%6/!*)<&7)'!64*!')/<&7)'!.6/?)9F!E()!LMNM!64*!
LMNL!T6/?)9!E/)4*'!Z)@-/9'!$)76.)!9-#7('9-4)'!=-/!9()!&4*#'9/+;!G#'9!6'!9()!LMNO!)*&9&-4!&'!
)J@)79)*!9-!$)F!E(&'!9(&/*!&476/469&-4!76@9#/)'!9()!/6@&*!)<-%#9&-4!9(69!&'!(6@@)4&40!&4!9()!.6/?)9;!
64*!&'!6!7-%%6$-/69&-4!$)92))4!8&0(9&40!:%-$6%!Q9()!>-/%*!,64?!:/-#@P'!)J@64*)*!@%69=-/.!9-!
'#@@-/9!9()!0%-$6%!.6/?)9R!64*!,%--.$)/0!1)2!34)/0+!5&4647);!&4!@6/94)/'(&@!2&9(!9()!:%-$6%!
B==C:/&*!8&0(9&40!D''-7&69&-4!Q:B:8DRF!
E()!/)@-/9!/)=%)79'!9()!)J@64'&<)!*+46.&7'!2(&7(!*)=&4)!9()!.6/?)9!&4!LMNOW!
!! D4!)J@64*)*!9)7(4-%-0&76%!'7-@);!9-!&47%#*)!%6/0)/!@%#0C64*C@%6+!'-%6/!?&9'!64*!'-%6/!(-.)!
'+'9).'!64*!9()!/)%69)*!).)/0)47)!-=!)4)/0+!')/<&7)'!*)%&<)/+!)46$%)*!$+!(&0(!)==&7&)47+!
IH!6@@%&647)'F!
!! D!0)-0/6@(&7!=-7#'!$)+-4*!9()!D=/&764!.6/?)9;!6**&9&-46%%+!#47-<)/&40!9()!9/)4*'!64*!@%6+)/'!
&4!9()!D'&64!'-%6/!-==C0/&*!.6/?)9;!2()/)!.-'9!-=!9()')!9/64'=-/.69&-46%!'-%6/!@/-*#79'!6/)!
.6*)!64*!2()/)!4)6/%+!(6%=!-=!9()!2-/%*P'!#4)%)79/&=&)*!@-@#%69&-4!%&<)'F!!
!! 5-%%-2&40!9()!$#'&4)''!.-*)%!&44-<69&-4'!9(69!6/)!/)C'(6@&40!9()!@6/6*&0.!=-/!6!0/-2&40!
@-/9&-4!-=!9()!.6/?)9;!9()!/)@-/9!*&<)'!&49-!9()!*+46.&7'!64*!&.@%&769&-4'!-=!).)/0&40!
*&'9/&$#9)*!)4)/0+!')/<&7)'!7-.@64&)'!-==)/&40!6!<6/&)9+!-=!"6+CD'Ca-#C:-!@%69=-/.'F!!
!! E(&'!/)@-/9!&'!6%'-!9()!=&/'9!9-!'#$'9649&6%%+!7(6/679)/&S)!9()!*&<)/')!&4<)'9.)49!7-..#4&9+!9(69!
&'!4-2!=-7#'&40!-4!9()!')79-/!64*!9()!&4'9/#.)49'!$)&40!*)@%-+)*!9-!@/-<&*)!9()!76@&96%!
4)7)''6/+!9-!/)6%&S)!9()!&4*#'9/+P'!@-9)49&6%F!!
E()!.6&4!=&4*&40'!-=!9(&'!/)@-/9!2)/)!=&/'9!@/)')49)*!69!9()!V9(!A49)/469&-46%!B==C:/&*!U-%6/!8&0(9&40!
H-4=)/)47)!&4!I#$6&!&4!B79-$)/!LMNh;!2()/)!9()!).)/0)47)!-=!6!/6@&*%+!.69#/&40!&4*#'9/+!7-#%*!
$)!2&94)'')*!=&/'9C(64*F!E()!)4)/0&S)*!6'').$%+!&47%#*)*;!=-/!9()!=&/'9!9&.);!7-..)/7&6%!&4<)'9-/'!
&4'@&/)*!$+!9()!26<)!-=!)49/)@/)4)#/&6%!)4)/0+;!9)7(4-%-0&76%!6*<647)';!64*!$#'&4)''!.-*)%!
&44-<69&-4F!E(&'!/)@-/9!@/-<&*)'!9().!2&9(!64!&49/-*#79&-4!9-!6!@/-.&'&40!')79-/;!G#'9!6'!&9!@/-<&*)'!
9()!7-.@64&)'!'))?&40!76@&96%!9-!#4*)/'964*!9()!7-47)/4';!%&.&969&-4';!64*!@)/'@)79&<)'!2&9(!
2(&7(!9()')!&4<)'9-/'!6@@/-67(!9()!&4*#'9/+F!
E()!)4)/0+!677)''!7(6%%)40)!(6'!=&/.%+!=-#4*!&9'!@%67)!-4!9()!&49)/469&-46%!'960)F!E()!
U#'96&46$%)!34)/0+!=-/!D%%!&4&9&69&<)!%6&*!9()!=-#4*69&-4!=-/!2(69!(6'!$)7-.)!U#'96&46$%)!
I)<)%-@.)49!:-6%!riW!s9-!)4'#/)!677)''!9-!6==-/*6$%);!/)%&6$%);!'#'96&46$%);!64*!.-*)/4!)4)/0+!
=-/!6%%Fq!1-9!'#/@/&'&40%+!9()4;!6!0/-2&40!26<)!-=!*)<)%-@.)49!@6/94)/'!6/)!'))?&40!9-!'#@@-/9!9(&'!
).)/0&40!&4*#'9/+F!E()!&4*#'9/+!(6'!6%/)6*+!*)%&<)/)*!#4@/)7)*)49)*!&.@679W!gf.!@)-@%)!&4!9()!
*)<)%-@&40!2-/%*!(6<)!69!%)6'9!-4)!'-%6/!%&0(9&40!@/-*#79!&4!9()&/!(-#')(-%*!6%/)6*+;!@/-<&*&40!9()!
@-2)/!9-!%&=9!LN.!@)-@%)!9-!9()!=&/'9!/#40!-=!9()!U3VD%%!)4)/0+!%6**)/!2&9(!@&7-C"_!@/-*#79'F!>&9(!
6!@69(26+!&4!'&0(9!9-!*)=)69!9()!)4)/0+!@-<)/9+!9(69!'9#49'!)7-4-.&7!*)<)%-@.)49!=-/!.#7(!-=!9()!
2-/%*;!9()!*)<)%-@.)49!7-..#4&9+!&'!%--?&40!=-/!26+'!9-!677)%)/69)!9(&'!@/-.&'&40!9/)4*F!!
E()!E(&/*!T6/?)9!E/)4*'!Z)@-/9!9)%%'!64!)J7&9&40!'9-/+F!A4!'-!*-&40;!&9!/)=%)79'!-4!9()!%)''-4'!-=!
9()!.6/?)9P'!*)<)%-@.)49!9-!*69)!64*!'(&4)'!6!%&0(9!-4!9()!<6/&-#'!@-9)49&6%!@69(26+'!9-!9()!
=#9#/)F!>)!2)%7-.)!+-#!9-!)4G-+!9(&'!=6'7&469&40!'9-/+!l!64*!G-&4!#'!&4!2/&9&40!=#9#/)!7(6@9)/'!9-!
7-.)F!

14. !
!
! ! "60)!L!-=!fV!
! ! !
!""#$%&'()!*+%(,+%-./(/%.0')(%.1!%/(2345(
"#$%&'()*!$+!,%--.$)/0!1)2!34)/0+!5&4647)!64*!8&0(9&40!:%-$6%;!64!&44-<69&-4!-=!9()!>-/%*!,64?!:/-#@!
A4!7--@)/69&-4!2&9(!:%-$6%!B==C:/&*!8&0(9&40!D''-7&69&-4!
).9/&!0(4N( .O.97/&P.()7,,+%;(
E()!NFL!$&%%&-4!@)-@%)!%&<&40!2&9(-#9!677)''!9-!9()!@-2)/!0/&*!'@)4*!6$-#9!kLi!
$&%%&-4!644#6%%+!-4!%&0(9&40!64*!.-$&%)C@(-4)!7(6/0&40!2&9(!?)/-')4);!764*%)';!
$699)/+!9-/7()'!-/!-9()/!=-''&%C=#)%!@-2)/)*!'9-@06@!9)7(4-%-0&)'F!U-%6/C
@-2)/)*!@-/96$%)!%&0(9'!64*!(-.)!?&9'!-==)/!6!$)99)/!')/<&7)!69!%-2)/!7-'9F!E(&'!
/)@-/9!96?)'!'9-7?!-=!2(69!9()!).)/0&40!-==C0/&*!'-%6/!&4*#'9/+!(6'!67(&)<)*;!
%--?'!69!9()!-@@-/9#4&9&)'!64*!7(6%%)40)'!=67&40!9()!')79-/!64*!6'')'')'!9()!
@-9)49&6%!-=!-==C0/&*!'-%6/!9-!()%@!67(&)<)!#4&<)/'6%!)%)79/&7&9+!677)''F!
!! /K>(BQQ#R?AH(LBC@?(L>D=B?(K@L(L>><(ASE?>LLAT>(R?BU=K(A<(=K>(E@L=(QAT>(V>@?L(
5/-.!6!4)6/C'964*&40!'96/9!%)''!9(64!9)4!+)6/'!60-;!.-/)!9(64!NMM!7-.@64&)'!6/)!4-2!
679&<)%+!=-7#'&40!-4!'964*C6%-4)!'-%6/!%649)/4'!64*!'-%6/!(-.)!'+'9).!?&9'!96/0)9)*!69!9(-')!
2&9(-#9!.-*)/4!)4)/0+!677)''F!,+!.&*CLMNh!9()+!(6*!'-%*!LM!.&%%&-4!$/64*)*!@&7-C'-%6/!
@/-*#79'!Q*)=&4)*!6'!(6<&40!6!"_!@64)%!'.6%%)/!9(64!NM>R;!.6&4%+!@-/96$%)!%&0(9'F!
!! !QQ#R?AH(LBC@?(AL(KARKCV(>QQ>D=AT>(QB?(><@MCA<R(@DD>LL(=B(M@LAD(>C>D=?ADA=V(L>?TAD>L((
E()')!@/-*#79'!&.@/-<)!)4)/0+!677)''!=-/!64!)'9&.69)*!gf!.&%%&-4!@)-@%)!&4!D=/&76!64*!D'&6!
64*!@/-<&*)!)4-#0(!@-2)/!9-!%&=9!LN!.&%%&-4!&4*&<&*#6%'!9-!9()!=&/'9!/#40!-=!9()!)4)/0+!%6**)/F!!
!! ,@?I>=(H>T>CBES><=(K@L(M>><(@LVSS>=?AD(
^)4+6;!E64S64&6!64*!39(&-@&6!6/)!D=/&76P'!%)6*&40!.6/?)9';!677-#49&40!=-/!OO!@)/7)49!-=!#4&9!
'6%)'!&4!9()!/)0&-4;!64*!A4*&6!&'!%)6*&40!9()!26+!&4!D'&6F!E()!)==-/9'!-=!*)<)%-@.)49!
&4'9&9#9&-4'!'#7(!6'!9()!>-/%*!,64?!:/-#@!64*!679&<&9&)'!-=!'-7&6%!)49)/@/&')'!%&?)!
U#44+T-4)+!()%@)*!$#&%*!9()')!.6/?)9';!64*!9()/)!/).6&4!.64+!7-#49/&)'!2()/)!9()!')79-/!
764!)J@64*F!U&.@%)!@-/96$%)!%649)/4'!9(69!/)96&%!=-/!%)''!9(64!kLM;!64*!.-/)!/)7)49%+!=-/!6'!
%&99%)!6'!kh;!(6<)!677-#49)*!=-/!hf!@)/7)49!-=!6%%!@&7-C'-%6/!#4&9!'6%)'!9-!*69)F!!
!! 1ADB#LBC@?(AL(M>DBSA<R(S@A<L=?>@S(
>(&%)!-==C0/&*!'-%6/!(6'!'9&%%!$6/)%+!'7/697()*!9()!'#/=67)!-=!&9'!@-9)49&6%!0%-$6%%+;!&9!&'!4-!
%-40)/!6!4&7()!@/-*#79!&4!9()!7-#49/&)'!9(69!(6<)!'))4!9()!.-'9!7-47)49/69)*!'6%)'!)==-/9'F!A4!
^)4+6;!.-/)!9(64!eM!@)/7)49!-=!@)-@%)!%&<&40!-==!9()!0/&*!(6<)!6!'-%6/!@/-*#79!69!(-.);!
677-/*&40!9-!-#/!)'9&.69)'F!E()!@&-4))/'!(6<)!()%@)*!9-!7/)69)!6!<&$/649!.6/?)9F!
!! $><>?ADL(@?>(S@IA<R(@<(ASE?>LLAB<(
E()!.6/?)9!=-/!7()6@;!0)4)/&7!@&7-C'-%6/!@/-*#79'!l!#4$/64*)*!&9).'!-/!7-@&)'!-=!$/64*)*!
-4)'!l!&'!69!%)6'9!6'!$&0!6'!9()!$/64*CK#6%&9+!.6/?)9!&4!4#.$)/!-=!#4&9'!'-%*!64*!96?)'!0%-$6%!
'6%)'!9-!.-/)!9(64!VV!.&%%&-4!9-!*69);!677-/*&40!9-!-#/!)'9&.69)'F!E()')!@/-*#79'!7(6%%)40)!
9()!$/64*C46.)!&47#.$)49'!2&9(!%-2)/!@/&7)'!64*!&47/)6')!9()!/&'?!-=!.6/?)9!'@-&%60)!*#)!9-!
#4@/)*&796$%)!K#6%&9+!64*!6!%67?!-=!26//649&)'!-/!6=9)/C'6%)'!')/<&7)F!!
!! 9BSE@<A>L(D@<(E?BTAH>(T@CJ>(M>VB<H(E?BHJD=(H>LAR<!
B==C0/&*!'-%6/!$/64*'!(6<)!/)679)*!9-!9()!/&'&40!7-.@)9&9&-4!$+!=-7#'&40!-4!*)<)%-@&40!
*&'9/&$#9&-4!4)92-/?';!9/+&40!9-!')%%!.-/)!@-2)/=#%!'+'9).'!2&9(!(&0()/!.6/0&4';!)49)/&40!4)2!
7-#49/&)'!-/!*)<)%-@&40!4)2!6@@%&769&-4'!=-/!#/$64!$67?C#@!%&0(9&40!-/!76.@&40F!86'9C.&%)!
*&'9/&$#9&-4!64*!-40-&40!7#'9-.)/!/)%69&-4'(&@'!2&%%!@/-$6$%+!$)7-.)!)<)4!.-/)!&.@-/9649!
<6%#)!*/&<)/'!64*!*)9)/.&4)!2(-!2&%%!$)!9()!=)2!'#77)''=#%!$/64*'F!
!! 1@V#@L#VBJ#RB(F1+;$G(S@I>L(LBC@?(IA=L(@QQB?H@MC>(@<H(K>CEL(D@E=J?>(DB<LJS>?(T@CJ>(
"Da:!=&/.'!')%%!'-%6/!?&9'!606&4'9!'.6%%!&4'96%.)49'!&4'9)6*!-=!6!%#.@C'#.!@6+.)49!2&9(!6!
9)7(4-%-0+!9(69!%-7?'!9()!=#479&-46%&9+!&4!9()!)<)49!-=!4-4C@6+.)49!$+!9()!7-4'#.)/F!E()')!
"Da:!7-.@64&)'!(6<)!699/679)*!=-#/!9&.)'!6'!.#7(!&4<)'9.)49!&4!(6%=!9()!9&.);!7-.@6/)*!
2&9(!9(-')!')%%&40!@/-*#79'!=-/!76'(F!E()/)!6/)!6$-#9!LM!'#7(!7-.@64&)'!9(69!@/-<&*)!
7-4'#.)/!=&4647&40!679&<)!9-*6+;!')/<&40!6%.-'9!(6%=!6!.&%%&-4!7#'9-.)/';!.6&4%+!&4!36'9!
D=/&76F!5&4647&)/'!6/)!$)99&40!9(69!$6//&)/'!9-!)49/+!=-/!4)2!"Da:!'#@@%&)/'!2&%%!/).6&4!(&0()/!

15. !
!
! ! "60)!e!-=!fV!
! ! !
!""#$%&'()!*+%(,+%-./(/%.0')(%.1!%/(2345(
"#$%&'()*!$+!,%--.$)/0!1)2!34)/0+!5&4647)!64*!8&0(9&40!:%-$6%;!64!&44-<69&-4!-=!9()!>-/%*!,64?!:/-#@!
A4!7--@)/69&-4!2&9(!:%-$6%!B==C:/&*!8&0(9&40!D''-7&69&-4!
9(64!&4!9()!76'(!'6%)!')0.)49!64*!9(69!7#'9-.)/!/)%69&-4'(&@'!2&%%!/#4!*))@)/F!,-9(!=679-/'!
@/-.&')!(&0()/!.6/0&4'F!!
!! "A<@<DA<R(AL(R>==A<R(C@?R>?(W(MJ=(A=XL(L=ACC(@(MB==C><>DI(QB?(QJ?=K>?(R?BU=K(
E()!')79-/!(6'!699/679)*!.-/)!9(64!khNN!.&%%&-4!-=!&4<)'9.)49!9-!*69)!Q&47%#*&40!9-!
'@)7&6%&')*!&49)/.)*&6/&)'R;!2&9(!6!'(6/@!&47/)6')!&4!/)7)49!+)6/'!64*!.-'9!699)49&-4!0-&40!9-!
"Da:!7-.@64&)'F!A4<)49-/+C=&4647)!7-4'9/6&49'!(6<)!6%/)6*+!()%*!$67?!'6%)'!-=!@&7-C'-%6/!
%&0(9';!64*!=&/.'!)J9)4*&40!7-4'#.)/!%-64'!4))*!=6/!%6/0)/!@--%'!-=!.-4)+!9-!'76%)!
)==)79&<)%+F!"Da:!7-.@64&)'!(6<)!699/679)*!6%.-'9!kNOM!.&%%&-4!&4!LMNh;!&47%#*&40!6!/)7-/*!
kVh!.&%%&-4!'&40%)!*)$9!/-#4*!$+!B==C:/&*!3%)79/&7F!"Da:!7-.@64&)'!6/)!%&?)%+!9-!7-49&4#)!
699/679&40!'#$'9649&6%!6.-#49'!-=!$-9(!*)$9!64*!)K#&9+!&4!LMNOF!!!
!! ,BL=(KBJL>KBCHL(@HBE=A<R(BQQ#R?AH(LBC@?(UACC(E@V(D@LK(?@=K>?(=K@<(1+;$(
>(&%)!&4<)'9-/'!649&7&@69)!$)99)/!/)9#/4'!64*!=6'9)/!0/-29(!=/-.!"Da:!7-.@64&)';!9()!
-@)/69&-46%!64*!=&4647&6%!7(6%%)40)'!9-!9()!$#'&4)''!.-*)%!2&%%!@/)<)49!&9!=/-.!*-.&469&40!9()!
-==C0/&*!.6/?)9!#4%)''!'96/9C#@'!@6/94)/!'#77)''=#%%+!2&9(!-/064&'69&-4'!9(69!6%/)6*+!(6<)!6!
%6/0)!64*!)==&7&)49!*&'9/&$#9&-4!4)92-/?F!E()!.6G-/&9+!-=!@/-*#79'!2&%%!%&?)%+!$)!'-%*!=-/!76'(!$+!
6!'.6%%!(64*=#%!-=!@/).&#.!$/64*'!64*!6!%6/0)!=&)%*!-=!&4*&'9&40#&'(6$%)!%-2C.6/0&4!'#@@%&)/'F!!
!! !QQ#R?AH(LBC@?(AL(@HT@<DA<R(?@EAHCV(M>VB<H(YJL=(CARK=A<R(@<H(EKB<>(DK@?RA<R(
,)92))4!7-'9!/)*#79&-4';!%69)49!7-4'#.)/!*).64*!64*!6!'6%)'C*/&<)4!@#'(!=-/!(&0()/C.6/0&4!
@/-*#79';!'-%6/!(-.)!'+'9).'!76@6$%)!-=!@-2)/&40!6@@%&647)'!'#7(!6'!E_'!64*!=64'!6/)!
%&?)%+!9-!76@9#/)!64!&47/)6'&40!.6/?)9!'(6/)F!D$-#9!i!.&%%&-4!-==C0/&*!(-#')(-%*'!2&%%!#')!
'-%6/C@-2)/)*!=64'!64*!Nh!.&%%&-4!(-#')(-%*'!2&%%!(6<)!6!'-%6/C@-2)/)*!E_!&4!LMLM!&4!
(-#')(-%*'!&4!9()!*)<)%-@&40!2-/%*;!677-/*&40!9-!-#/!)'9&.69)'F!U&.&%6/!'+'9).'!2&%%!6%'-!
@/-<&*)!')/<&7)'!9-!'.6%%!$#'&4)'')'F!
!! )JDD>LLQJC(DBSE@<A>L(UACC(A<T>L=(A<(HAL=?AMJ=AB<(<>=UB?IL(@<H(DJL=BS>?(?>C@=AB<LKAEL(
H-..-*&9&')*!7-.@-4)49'!.)64!9(69!.64#=679#/&40!764!-4%+!*)%&<)/!9(&4!.6/0&4';!2(&%)!
@/&7)!7-.@)9&9&-4!.)64'!9(69!9()!*&'9/&$#9&-4!'9/69)0&)'!#')*!$+!9()!@&-4))/'!.6+!4-9!@6+!-==!
&4!9()!%-40!/#4F!U-!7-.@64&)'P!)==-/9'!2&%%!=-7#'!-4!-@)4&40!4)2!*&'9/&$#9&-4!7(644)%';!)&9()/!
@/-@/&)96/+!-/!9(/-#0(!*)6%'!2&9(!)'96$%&'()*!@6/94)/'F!Z)7#//&40!7#'9-.)/!/)%69&-4'(&@';!
#4*)/@&44)*!$+!.-*#%6/!-/!$#4*%)*!-==)/&40';!2&%%!.6?)!&9!)6'&)/!9-!76@9#/)!7#'9-.)/'!6'!
9()+!7-.)!$67?!9-!#@0/6*)!-/!)J@64*!9()&/!'-%6/!(-.)!'+'9).F!
!QQ#R?AH(LBC@?(CARK=A<R(A<(<JSM>?L(
!! 23(SACCAB<!$/64*CK#6%&9+!@-/96$%)!'-%6/!%&0(9'!(6*!$))4!'-%*!$+!#%+!LMNhF!
!! Z[(SACCAB<!E>BEC>!&4!9()!*)<)%-@&40!2-/%*!(6<)!69!%)6'9!-4)!'-%6/!%&0(9&40!@/-*#79!&4!9()&/!
(-#')(-%*!6%/)6*+F!
!! H-4'#.)/'!'6<)!-4!6<)/60)!]N4^!=-/!)<)/+!*-%%6/!'@)49!-4!@&7-C"_!&4!D=/&76F!
!! Z_(E>?D><=!-=!*&/)79!&4<)'9.)49'!&49-!-==C0/&*!'-%6/!7-.@64&)'!&4!LMNV!64*!LMNh!(6<)!0-4)!
9-!@6+C6'C+-#C0-!7-.@64&)'F!
!! D44#6%!&4<)'9.)49'!&49-!9()!')79-/!&47%#*&40!9-!'@)7&6%&')*!&49)/.)*&6/&)'!(6<)!/&')4!=&=9))4C
=-%*!'&47)!LMNL;!9-!2_5(SACCAB<!&4!LMNhF!
!! D$-#9!B<>(A<(=K?>>(BQQ#R?AH(KBJL>KBCHL!0%-$6%%+!2&%%!#')!-==C0/&*!'-%6/!$+!LMLM;!677-/*&40!9-!
-#/!$6')%&4)!=-/)76'9F!
!! `4&9!'6%)'!2&%%!0/-2!69!6!]`(E>?D><=(9+$%!&4!9()!4)J9!=&<)!+)6/';!677-/*&40!9-!-#/!=-/)76'9F!
!! 4^(SACCAB<(/PL!6/)!%&?)%+!9-!$)!'-%6/C@-2)/)*!$+!LMLM;!677-/*&40!9-!-#/!$6')%&4)!=-/)76'9F!

16. !
!
! ! "60)!V!-=!fV!
! ! !
!""#$%&'()!*+%(,+%-./(/%.0')(%.1!%/(2345(
"#$%&'()*!$+!,%--.$)/0!1)2!34)/0+!5&4647)!64*!8&0(9&40!:%-$6%;!64!&44-<69&-4!-=!9()!>-/%*!,64?!:/-#@!
A4!7--@)/69&-4!2&9(!:%-$6%!B==C:/&*!8&0(9&40!D''-7&69&-4!
).9/&!0(2N( !""#$%&'(.0.%$;().%P&9.)a(+(
98+**.0$.(!%(+0(!11!%/70&/;b(
D$-#9!NFL!$&%%&-4!@)-@%)!0%-$6%%+!(6<)!4-!677)''!9-!9()!)%)79/&7&9+!0/&*!64*!
&4'9)6*!/)%+!-4!&4)==&7&)49!64*!-=9)4!*640)/-#'!6%9)/469&<)'!'#7(!6'!?)/-')4)!
%6.@';!764*%)';!=%6'(%&0(9'!64*!76/!$699)/&)'F!E(&'!&'!6!'&04&=&7649!7(6%%)40)F!>)!
)'9&.69)!9(69!kLi!$&%%&-4!26'!'@)49!-4!'#7(!)4)/0+!'-#/7)'!&4!LMNV!&4!D=/&76!
64*!D'&6!l!64!-@@-/9#4&9+!!9(69!7-#%*!$)!76@9#/)*!$+!9()!-==C0/&*!'-%6/!&4*#'9/+!
2(&%)!-==)/&40!$)99)/!')/<&7)'F!
2N4N( !""#$%&'(1!17*+/&!0(/!'+;(
D$-#9!fh!@)/7)49!-=!9()!2-/%*P'!NFL!$&%%&-4!@)-@%)!2&9(-#9!0/&*!677)''!%&<)!&4!'#$CU6(6/64!D=/&76!
64*!U-#9(!64*!36'9!D'&6;!2&9(!9()!/).6&4*)/!'@/)6*!6%.-'9!)K#6%%+!67/-''!9()!T&**%)!36'9;!
H)49/6%!D'&6!64*!869&4!D.)/&76!Q'))!5&0#/)!NRF!D=/&764!469&-4'!'#==)/!=/-.!9()!%-2)'9!
)%)79/&=&769&-4!/69)'!$+!=6/F!A4!H(6*;!8&$)/&6!-/!,#/#4*&;!=-/!)J6.@%);!-4%+!-4)!&4!LM!@)-@%)!(6<)!
677)''!9-!9()!0/&*F!U-#9(!D'&64!469&-4'!'#7(!6'!A4*&6!64*!,640%6*)'(;!-/!36'9!D'&64!469&-4'!
'#7(!6'!A4*-4)'&6;!*)%&<)/!)%)79/&7&9+!9-!6!%6/0)/!'(6/)!-=!9()&/!@)-@%);!)<)4!9(-#0(!&4!6$'-%#9)!
9)/.'!9()+!(6<)!6%.-'9!6'!.64+!@)-@%)!2&9(-#9!0/&*!677)''!6'!D=/&76!*#)!9-!9()&/!%6/0)/!
@-@#%69&-4'F!!
"ARJ?>(4a()K@?>(BQ(EBEJC@=AB<(UA=KBJ=(R?AH(@DD>LL(FE>?D><=(BQ(=B=@CG(
!
!"#$%&'()"$*+(,-./0(,*""12&$3(4&5(6.&$37(89.-.%&:(4";&'(893#$&<($&=&$(;"(>?@>(+-;-:(
1-4)9()%)'';!9()!@&79#/)!&'!%)''!0%--.+!&4!.-'9!-=!D'&6F!U%-2&40!@-@#%69&-4!0/-29(!/69)'!64*!6!
$--.&40!)7-4-.+!()%@)*!*/&<)!6!LNL!.&%%&-4!*)7%&4)!&4!9()!4#.$)/!-=!@)-@%)!%&<&40!-==C0/&*!'&47)!
9()!9#/4!-=!9()!7)49#/+!Q'))!5&0#/)!VRF!]-2)<)/;!9()/)!6/)!'9&%%!7-#49/&)'!'#7(!6'!A4*&6!64*!
"6?&'964!2&9(!6!%6/0)!4#.$)/!-=!@)-@%)!%&<&40!-==!9()!0/&*F!A4!A4*&6;!9()!@/-$%).!6==)79'!6$-#9!-4)!
&4!=&<)!@)-@%);!6%9(-#0(!&9!&'!#4)<)4%+!*&'9/&$#9)*!64*!)%)79/&=&769&-4!/69)'!6/)!@6/9&7#%6/%+!%-2!&4!9()!
'969)'!-=!`996/!"/6*)'(!64*!,&(6/F!T-'9!-=!9()!@-@#%69&-4!2&9(-#9!0/&*!677)''!%&<)'!&4!/#/6%!6/)6'!
2()/)!0/&*!)J9)4'&-4'!6/)!6!0/)69)/!9)7(4&76%!64*!)7-4-.&7!7(6%%)40);!677-/*&40!9-!9()!A3DF
N
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
N
!A49)/469&-46%!34)/0+!D0)47+;!s>-/%*!34)/0+!B#9%--?!l!A4*&6q;!LMNhF!!
!" #$%&'(
)!" *+,
--" .+/0&'(
,BL=(BQ(=K>(4N2(MACCAB<(
E>BEC>(UA=KBJ=(R?AH(
@DD>LL(CAT>(A<(LJM#
)@K@?@<(+Q?AD@(@<H(+LA@(

17. !
!
! ! "60)!h!-=!fV!
! ! !
!""#$%&'()!*+%(,+%-./(/%.0')(%.1!%/(2345(
"#$%&'()*!$+!,%--.$)/0!1)2!34)/0+!5&4647)!64*!8&0(9&40!:%-$6%;!64!&44-<69&-4!-=!9()!>-/%*!,64?!:/-#@!
A4!7--@)/69&-4!2&9(!:%-$6%!B==C:/&*!8&0(9&40!D''-7&69&-4!
/K>(DBL=(BQ(>C>D=?AQAD@=AB<(
A4!D=/&76;!@-@#%69&-4!0/-29(!&'!=6/!-#9@67&40!9()!)J9)4'&-4!-=!9()!0/&*F!E()!4#.$)/!-=!@)-@%)!%&<&40!
-==!9()!0/&*!(6'!0/-24!$+!NNV!.&%%&-4!@)-@%)!-4!9()!7-49&4)49!'&47)!LMMM;!2&9(!')<)/6%!.-/)!.&%%&-4!
G-&4&40!)<)/+!+)6/F!E()!A3D!@/-G)79'!9()/)!2&%%!'9&%%!$)!heM!.&%%&-4!@)-@%)!%&<&40!-==C0/&*!&4!LMVM;!
)<)4!9(-#0(!fhM!.&%%&-4!@)-@%)!2&%%!(6<)!06&4)*!0/&*!677)''!$+!9()4F!E()!6$'-%#9)!4#.$)/!-=!
@)-@%)!%&<&40!-==!0/&*!2&%%!7-49&4#)!9-!/&')!=-/!9()!4)J9!*)76*);!677-/*&40!9-!9()!A3DF
L
!E()!60)47+!
'6+'!36'9!D=/&76!&'!')9!9-!67(&)<)!9()!(&0()'9!)%)79/&=&769&-4!/69)';!2(&%)!1&0)/&6!2&%%!7-44)79!9()!
%6/0)'9!4#.$)/ -=!@)-@%) &4!D=/&76F!"/-0/)''!2&%%!$)!'%-2)'9!&4!H)49/6%!D=/&76F!!
T-'9!#/$64!6/)6'!2&%%!$)!7-44)79)*!9-!6!9/6*&9&-46%!0/&*!6'!(&0()/!@-@#%69&-4!*)4'&9&)'!7#9!@)/C
(-#')(-%*!7-'9'F!3J9)4*&40!677)''!9-!.-/)!*&'@)/')*!@-@#%69&-4'!%&<&40!2&9(&4!s/)6'-46$%)q!
*&'9647)!-=!)J&'9&40!9/64'.&''&-4!-/!*&'9/&$#9&-4!%&4)'!&'!6%'-!%&?)%+!9-!$)!7-'9C)==)79&<);!677-/*&40!9-!
9()!60)47+F!B47)!9()!0/&*!&'!)J9)4*)*;!9()!%)<)%&')*!7-'9!-=!9()!)%)79/&7&9+!7-4'#.)*!&'!9+@&76%%+!
@/-G)79)*!9-!$)!2)%%!$)%-2!9()!7-'9!-=!-==C0/&*!'+'9).'F!]-2)<)/;!9()!60)47+!/)7?-4'!9(69!9()!
%)<)%&')*!7-'9!@)/ .)062699!(-#/!QT>(R -=!0/&*C'#@@%&)*!)%)79/&7&9+!/&')'!=/-.!G#'9!-<)/!kNMMXT>(!
2()4!9()!0/&*!&'!6%/)6*+!$#&%9!9-!.-/)!9(64!kVhMXT>(!2()/)!@-2)/!%&4)'!(6<)!9-!$)!)J9)4*)*!$+!
e!?&%-.)9/)'!9-!/)67(!6!7-..#4&9+F!,-9(!*&)')%!64*!"_!'#@@%&)*!9(/-#0(!6!.&4&C0/&*!-/!(-#')(-%*!
#4&9!7-'9!%)''!9(64!9(69;!69!6$-#9!keeMXT>(
e
!64*!keNMXT>(;!/)'@)79&<)%+;!677-/*&40!9-!9()!A3DF!
T&4&C0/&*'!2&%%!9(#'!.6&4%+!$)!@-2)/)*!$+!*&)')%!64*!"_F!
Z)67(&40!6!iM!@)/7)49!)%)79/&=&769&-4!/69)!&4!D=/&76!$+!LMVM!2&%%!/)K#&/)!76@&96%!&4<)'9.)49!-=!
6/-#4*!kiFh!$&%%&-4!644#6%%+!&4!)4)/0+!677)'';!'6+'!9()!A3DF!E(69!&'!/-#0(%+!)K#&<6%)49!9-!9-*6+P'!
644#6%!&4<)'9.)49!&4!9()!)49&/)!@-2)/!')79-/!-=!9()!7-49&4)49F!E(&'!2&%%!$)!7(6%%)40&40!4-9!-4%+!*#)!
9-!9()!'#.'!&4<-%<)*;!$#9!6%'-!$)76#')!-=!9()!/)K#&/).)49!=-/!)==)79&<)!7--/*&469&-4!$)92))4!
0-<)/4.)49!6#9(-/&9&)';!@/&<69)!7-.@64&)'!64*!=&4647&)/'F!E()!60)47+!7-47%#*)'!9(69!s'.6%%C
'76%)!-@9&-4';!7-..)/7&6%&')*!$+!9()!@/&<69)!')79-/;!.6+!$)!9()!-4%+!26+!=-/26/*!2()/)!9()/)!6/)!
'(-/97-.&40'!&4!@#$%&7!@-%&7&)'!-/!&4'9&9#9&-4'qF
!V
!
"ARJ?>(2a(!QQ#R?AH(EBEJC@=AB<(A<(LJM#)@K@?@<(+Q?AD@(FSACCAB<G( "ARJ?>(]a(!QQ#R?AH(EBEJC@=AB<(A<(+LA@(FSACCAB<G(
! !
!"#$%&'()"$*+(,-./0(A46B0(,*""12&$3(4&5(6.&$37(89.-.%&:(4";&'(893#$&<($&=&$(;"(>?@>(+-;-:(C(A.$&*9-2*&(-%%&<<(".*7($&D$&<&.;&+(5E&$&(A46B(
+-;-(9<(-F-9*-2*&:(
7<?>CA@MC>(R?AH(@DD>LL(
A9!&'!)'9&.69)*!9(69!64-9()/!N!$&%%&-4!@)-@%)!6/)!7-44)79)*!9-!9()!0/&*!69!@/)')49!$#9!'#==)/!=/-.!
#4/)%&6$%)!')/<&7)!%)<)%'F!E()!*696!-4!9(&'!'#$')9!&'!%)''!*)96&%)*F!E()!A3D!/)@-/9'!9(69!9()!0/&*!&'!
#46<6&%6$%)!=-/!64!6<)/60)!-=!hVM!(-#/'!@)/!+)6/!&4!U#$CU6(6/64!D=/&76!QO!@)/7)49!-=!9()!9&.)R;!
$#9!9()!=&0#/)!&'!.#7(!(&0()/!&4!7-#49/&)'!'#7(!6'!1&0)/&6F!`4/)%&6$%)!')/<&7)!&'!-=9)4!$67?)*!#@!
2&9(!*&)')%!0)4)/69-/';!2(&7(!7-'9!=6/!.-/)!9-!/#4!64*!9)4*!4-9!9-!6@@)6/!&4!#'60)!'969&'9&7'F!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
L
!A49)/469&-46%!34)/0+!D0)47+;!sD=/&76!34)/0+!B#9%--?q;!>-/%*!34)/0+!B#9%--?!U@)7&6%!Z)@-/9;!LMNVF!
e
!D''#.)'!*&)')%!7-'9!-=!kNX%&9/)F!
V
!A49)/469&-46%!34)/0+!D0)47+;!sD=/&76!34)/0+!B#9%--?q;!>-/%*!34)/0+!B#9%--?!U@)7&6%!Z)@-/9;!LMNV;!@FNeMF!
!"#
!$#
!%#
&$#
'!#
'&#
'$#
"$#
$(#
%'#
!
)
!
"
!
&
&
&
*
&*
+,-./01234
51647
+.8.6.9:.7
;38.<
=6.<8.
>4<?.
@.<-.<1.
A,<6,B#C4/D#E4FD
GHI1,F1.
516471.
JKKL6718 J<L6718#M1HI#3<74N1.0N4#.::499O
!
"
#$
#%
#&
'&
(%
%)
%"
)%'
*+,-./0
1,2/3
4/0567+/
89+3+22+.,:
16;-9<=6;,/
>?/.0/;
8/@+:-/.
A/.B3/7,:9
C.76.,:+/
C.7+/
DEEFB;+7
)KB?=DBSA<RL(A<(EJMCAD(
EBCADA>L(B?(A<L=A=J=AB<L(
S@V(S@I>(LS@CC(LD@C>(
BE=AB<L(=K>(B<CV(U@V(
QB?U@?H(

18. !
!
! ! "60)!O!-=!fV!
! ! !
!""#$%&'()!*+%(,+%-./(/%.0')(%.1!%/(2345(
"#$%&'()*!$+!,%--.$)/0!1)2!34)/0+!5&4647)!64*!8&0(9&40!:%-$6%;!64!&44-<69&-4!-=!9()!>-/%*!,64?!:/-#@!
A4!7--@)/69&-4!2&9(!:%-$6%!B==C:/&*!8&0(9&40!D''-7&69&-4!
"ARJ?>(`a(!QQ#R?AH(EBEJC@=AB<(MV(?>RAB<(FSACCAB<LG(
!
!"#$%&'()"$*+(,-./0(A40(,*""12&$3(4&5(6.&$37(89.-.%&:((
2N2N( &09!,.(!"(/8.(!""#$%&'(1!17*+/&!0(
>(&%)!.-'9!@)-@%)!%&<&40!-==!9()!0/&*!6/)!@--/;!2)!)'9&.69)!9(69!9()/)!6/)!Vi!.&%%&-4!(-#')(-%*'!&4!
D=/&76!64*!D'&6!9(69!(6<)!4-!)%)79/&7&9+!$#9!)4G-+!64!644#6%!&47-.)!-=!ke;OhMCNg;LhM!Q-/!kLC
NMX*6+!@)/!=&<)!(-#')(-%*!.).$)/'RF!E()')!(-#')(-%*'!6/)!%&?)%+!9-!$)!6$%)!9-!6==-/*!4-9!G#'9!
'&.@%)!'-%6/!%649)/4';!$#9!6%'-!%6/0)/!'-%6/!(-.)!'+'9).'!64*!6@@%&647)'F!!
E()/)!6/)!%&?)%+!9-!$)!.&%%&-4'!-=!@-9)49&6%!-==C0/&*!(-#')(-%*'!2&9(!'&.&%6/!-/!(&0()/!&47-.)!%)<)%'!
9(69!6/)!4-9!-==&7&6%%+!7-#49)*!6'!-==C0/&*!$)76#')!9()+!6/)!9)7(4&76%%+!7-44)79)*;!$#9!'#==)/!=/-.!
#4/)%&6$%)!@-2)/!'#@@%+F!>)!*)/&<)*!9()')!)'9&.69)'!=/-.!64!646%+'&'!-=!9()!&47-.)!$/)6?*-24!
&4!).)/0&40!)7-4-.&)'!$+!9()!")2!Z)')6/7(!H)49/)
h
!64*!'969&'9&7'!-4!9()!)%)79/&=&769&-4!/69)';!
$)76#')!/)%&6$%)!'969&'9&7'!-4!9()!&47-.)!-=!9()!-==C0/&*!@-@#%69&-4!6/)!4-9!6<6&%6$%)F!E()/)!6/)!
')<)/6%!7-#49/&)'!&4!D=/&76!2()/)!9()/)!6/)!=6/!.-/)!@)-@%)!2&9(-#9!0/&*C677)''!9(64!@)-@%)!2&9(!
64!&47-.)!-=!%)''!9(64!kLX*6+F!D''#.&40!9(69!9()!@--/)'9!6/)!%)6'9!%&?)%+!9-!(6<)!0/&*!677)'';!&4!
7-#49/&)'!%&?)!39(&-@&6;!^)4+6!64*!`064*6;!&9!&'!%&?)%+!9(69!.-/)!9(64!(6%=!9()!-==C0/&*!@-@#%69&-4!
(6'!64!&47-.)!-=!kLCNMX*6+!@)/!76@&96!Q'))!5&0#/)!hRF!!
2N]N( !""#$%&'(.O1.0'&/7%.(!0()/!1$+1(/.980!*!$&.)(
E()!-==C0/&*!)4)/0+!'-#/7)'!9(69!6/)!2&*)%+!#')*!9-*6+!6/)!-#9*69)*!64*!7-'9%+;!'#7(!6'!%&0(9&40!
'#@@%&)*!$+!764*%)';!?)/-')4)!%6.@'!-/!$699)/+C@-2)/)*!=%6'(%&0(9'F!D%%!-=!9()')!9)7(4-%-0&)'!6/)!
=6/!.-/)!)J@)4'&<)!9(64!0/&*C@-2)/)*!)%)79/&76%!6@@%&647)'!&4!9)/.'!-=!7-'9!@)/!?>(!64*!'-.)!
6%'-!*6.60)!9()!)4<&/-4.)49!64*!9()!()6%9(!-=!9(-')!@)-@%)!)J@-')*!9-!9().F!H-.@-#4*&40!9()!
&''#)!6/)!9()!/&'?!-=!677&*)496%!=#)%!&40)'9&-4!%)6*&40!9-!@-&'-4&40;!2(&7(!6==)79'!.-'9%+!+-#40!
7(&%*/)4!64*!9()!/&'?!-=!=&/)F
O
!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
h
!")2!Z)')6/7(!H)49)/;!sD!0%-$6%!.&**%)!7%6''!&'!.-/)!@/-.&')!9(64!/)6%&9+qF!U))W!
(99@WXX222F@)20%-$6%F-/0XLMNhXMiXMgX6C0%-$6%C.&**%)C7%6''C&'C.-/)C@/-.&')C9(64C/)6%&9+X!!
O
!3<64!T&%%';!sA*)49&=+&40!64*!/)*#7&40!9()!()6%9(!64*!'6=)9+!&.@679'!-=!=#)%C$6')*!%&0(9&40q;!34)/0+!=-/!
U#'96&46$%)!I)<)%-@.)49!eM!QLMNOR;!efChMF!!
!"#$ %"%$ &"'$ &("$
(!)$
#"!$
*+*$ &#'$
'(() +))) +)') +)'+
!"#$
!%&#'$
',%)($ ',!%'$ ',+&"$ ',+'!$
())* +*** +*(* +*(+
,-./$-
012)3
0+456!,7
8+((3
8+4 6!,7
0()23
0(456!,7
/K>(BQQ#R?AH(><>?RV(
LBJ?D>L(JL>H(=BH@V(
@?>(BJ=H@=>H(@<H(
DBL=CV(

19. !
!
! ! "60)!i!-=!fV!
! ! !
!""#$%&'()!*+%(,+%-./(/%.0')(%.1!%/(2345(
"#$%&'()*!$+!,%--.$)/0!1)2!34)/0+!5&4647)!64*!8&0(9&40!:%-$6%;!64!&44-<69&-4!-=!9()!>-/%*!,64?!:/-#@!
A4!7--@)/69&-4!2&9(!:%-$6%!B==C:/&*!8&0(9&40!D''-7&69&-4!
E()!-==C0/&*!@-@#%69&-4!&4!'#$CU6(6/64!D=/&76!'@)49!-<)/!kNV!$&%%&-4!-4!%&0(9&40!&4!LMNV!Q5&0#/)!OR;!
677-/*&40!9-!-#/!)'9&.69)'!$6')*!-4!`13"!%&0(9&40!6'')''.)49'F
i
!E()!)K#&<6%)49!=&0#/)!&4!D'&6!&'!
%-2)/!69!kOFO!$&%%&-4!644#6%%+F!^)/-')4)!&'!()6<&%+!'#$'&*&')*!&4!A4*&6!64*!9-!6!%)'')/!)J9)49!&4!
-9()/!@6/9'!-=!D'&6!Q5&0#/)!iRF!E()!7-'9!.6+!$)!)<)4!(&0()/!-47)!9/6<)%!9&.)'!64*!6''-7&69)*!
7-'9'!6/)!96?)4!&49-!677-#49;!6'!2)%%!6'!9()!@6/9&7#%6/%+!(&0(!?)/-')4)!@/&7)'!&4!-==C0/&*!6/)6';!
2()/)!?)/-')4)!*)6%)/'!(6<)!$))4!=-#4*!9-!7(6/0)!6!@/).&#.!-=!LfCNiM!@)/7)49!-<)/!#/$64!
6/)6'F
g
!!
"ARJ?>(^a(1BEJC@=AB<(FA<(SACCAB<LG(MV(>L=AS@=>H(E>?(D@EA=@(A<DBS>(
!
!"#$%&'(,*""12&$3(4&5(6.&$37(89.-.%&0()"$*+(,-./0(B&5(G&<&-$%E(H&.;$&:(
!D44#6%!)J@)4*&9#/)!@)/!(-#')(-%*!<6/&)'!'&04&=&7649%+F!,6')*!-4!`13"!*696!-4!%-76%!#'60)!
@699)/4'!64*!/)0&-46%!7-'9!*&==)/)49&6%';!2)!)'9&.69)!9(69!%&0(9&40!)J@)4*&9#/)'!/640)!$)92))4!
6/-#4*!kNgOX+)6/ &4!T6#/&964&6 9-!6/-#4*!kiLX+)6/!&4!39(&-@&6;!2&9(!9()!.6G-/&9+!-=!7-#49/&)'!
=6%%&40!$)92))4!kNMMCNVMX+)6/F!A4!A4*&6;!?)/-')4)!'#$'&*&)'!$/&40!9()!7-'9C@)/C(-#')(-%*!*-24!
)<)4!=#/9()/;!9-!6$-#9!kVhX+)6/!Q5&0#/)!gRF!I&==)/)49!%)<)%'!-=!)J@)4*&9#/)!*-!4-9!')).!9-!$)!
7-//)%69)*!2&9(!9()!'#77)''!-=!'-%6/!%&0(9&40!9-!*69)F!86/0)!.6/?)9'!&47%#*)!7-#49/&)'!2&9(!(&0(!
)J@)4*&9#/);!'#7(!6'!^)4+6!QkNOeX+)6/R;!6'!2)%%!6'!%-2C)J@)4*&9#/);!%&?) 39(&-@&6!64*!A4*&6F!E(&'!
'#00)'9'!9()/)!&'!'9&%%!64!-@@-/9#4&9+!=-/!6!'&04&=&7649!!0/-29(!&4!-==C0/&*!'-%6/!67/-''!/)0&-4'!2&9(!6!
2&*)%+!<6/+&40!'969#'!K#-!-4!(-#')(-%*!&47-.)'!64*!%&0(9&40!)J@)4*&9#/)F!U-%6/!@/-*#79!'6%)'!
')).!4-9!*/&<)4!$+!(-#')(-%*!)J@)4*&9#/)'!64*!&47-.)'!4-/!9()!@/-*#79!@6+$67?!)7-4-.&7'!
6%-4)F!>)!*&'7#''!.6/?)9!9/)4*'!64*!*/&<)/'!&4!.-/)!*)96&%!&4!U)79&-4!LF!
,!6&*.#18!0.(98+%$&0$(
E()!-==C0/&*!@-@#%69&-4!.6+!'@)4*!64!6**&9&-46%!khCO!$&%%&-4X+)6/!-4!.-$&%)C@(-4)!7(6/0&40!&4!
D=/&76!64*!D'&6;!677-/*&40!9-!-#/!)'9&.69)'F!E()/)!2)/)!LFh!$&%%&-4!.-$&%)C@(-4)!7-44)79&-4'!&4!
9()!OM!7-#49/&)'!2()/)!.-'9!-=!9()!-==C0/&*!@-@#%69&-4!&'!%-769)*!6'!-=!LMNeF!:UTD!)'9&.69)'!9(69!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
i
!`13";!34%&0(9)4!A.&969&<)!H-#49/+!8&0(9&40!D'')''.)49';!`Z8W!(99@WXX.6@F)4%&0(9)4C&4&9&69&<)F-/0X;!/)9/&)<)*!
T6+!LMNhF!
g
!8&0(9&40!D=/&76;!sE()!9/#)!7-'9!-=!?)/-')4)!&4!/#/6%!D=/&76q;!D@/&%!LMNLF!!
!
"!
#!
$!
%!
&!!
&"!
&#!
&$!
&%!
"!!
'()*+(,
-./(01(,
203./456+(7,
8,9:,9(,
;*9<,
23=,9
>),9=,
?/,9,
@0:,AB(C3*
@,=,),D7,+
E,A*+009
59)0F,
E0.*4=GHI0(+*
'()*+
J3+K(9,4L,D0
@,F,M(
@,F(
N,AB(,
N(AB,BM*
2*9*),F
E/,=
O" "P&! &!P"! "!PQ! RQ! 80.,F4066P)+(=41013F,.(09S,(F<41*+47,1(.,4(970A*4(9 TU
8/*4A,V0+(.<40641*01F*4F(I(9)4066P)+(=4
/,I*4,4=,(F<4(970A*4064F*DD4./,94T"
54F,+)*4D/,+*4064./*41013F,.(094M(./4
T"P&!4=,(F<4(970A*4(D4F(K*F<4.04F(I*4
066P)+(=

20. !
!
! ! "60)!g!-=!fV!
! ! !
!""#$%&'()!*+%(,+%-./(/%.0')(%.1!%/(2345(
"#$%&'()*!$+!,%--.$)/0!1)2!34)/0+!5&4647)!64*!8&0(9&40!:%-$6%;!64!&44-<69&-4!-=!9()!>-/%*!,64?!:/-#@!
A4!7--@)/69&-4!2&9(!:%-$6%!B==C:/&*!8&0(9&40!D''-7&69&-4!
9()/)!6/)!LVM!.&%%&-4!.-$&%)!'#$'7/&$)/'!%&<&40!-==C0/&*F
f
!E()')!@(-4)'!9)4*!9-!$)!7(6/0)*!$+!
'.6%%C$#'&4)''!-24)/'!=-/!=))'!/)@-/9)*!69!$)92))4!kMFNhCMFLh!@)/!7(6/0)F!E(&'!)K#69)'!9-!64!
6'9-#4*&40!7-'9!@)/!?>(!)K#&<6%)49!=-/!)%)79/&7&9+!')/<&7)!-=!keMChMF!D**&9&-46%!-@@-/9#4&9+!7-'9'!
6/)!&47#//)*!2()4!@(-4)!-24)/'!(6<)!9-!9/6<)%!69!9&.)'!=-/!(-#/'!9-!/)67(!6!7(6/0&40!@-&49F!!
"ARJ?>(5a(.L=AS@=>H(@<<J@C(LE><H(B<(BQQ#R?AH(CARK=A<R(@<H(
EKB<>(DK@?RA<R(F+Q?AD@c(234`c((MACCAB<G(
"ARJ?>(_a(.L=AS@=>H(@<<J@C(LE><H(B<(BQQ#R?AH(CARK=A<R(
@<H(EKB<>(DK@?RA<R(F+LA@c(234`c((MACCAB<G(
! !
!"#$%&'(,*""12&$3(4&5(6.&$37(89.-.%&0(A46B
@?
0(I!JK0()"$*+(,-./:(K<<#1&<(DE".&(%E-$39.3(%"<;<("=(L?:>?(="$(".&M;5"(5&&/*7(
%E-$3&<:(
"ARJ?>(Za(.L=AS@=>H(@T>?@R>(@<<J@C(CARK=A<R(LE><H(MV(=K>(BQQ#R?AH(KBJL>KBCH(FdV>@?c(2342G( (
!
!
!"#$%&'(,*""12&$3(4&5(6.&$37(89.-.%&0(A46B
@@
0()"$*+(,-./:(4";&'(%-*%#*-;&+(2-<&+(".(A46B(&<;91-;&<(="$(;&%E."*"37(#<&(27(%"#.;$7(
-.+()"$*+(,-./(D"D#*-;9".(&<;91-;&<:((
(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
f
!:UTD;!T&7(6)%!1&K#);!sU&S&40!9()!-@@-/9#4&9+!-=!.-$&%)!9-!'#@@-/9!)4)/0+!64*!269)/!677)''q!QLMNeRF!U))W!
(99@WXX222F0'.6F7-.X.-$&%)=-/*)<)%-@.)49X2@C7-49)49X#@%-6*'XLMNeXNLXU&S&40C9()CB@@-/9#4&9+C-=C
T-$&%)c1-<CLMNeF@*=!!
NM
!`13";!34%&0(9)4!A.&969&<)!H-#49/+!8&0(9&40!D'')''.)49';!`Z8W!(99@WXX.6@F)4%&0(9)4C&4&9&69&<)F-/0X;!/)9/&)<)*!
T6+!LMNhF!
NN
!`13";!34%&0(9)4!A.&969&<)!H-#49/+!8&0(9&40!D'')''.)49';!`Z8W!(99@WXX.6@F)4%&0(9)4C&4&9&69&<)F-/0X;!/)9/&)<)*!
T6+!LMNhF!
!
!"#$%&#!'(&))*&+(",!)'(-)(-../01$'(+$02#$)0(
&)'(,2-)!(32&10$)0(456789(*"'(:);
"#$%&'()*+##,-'%.)/'0)12'%.3)45262&'7)8/197):";<7)=#%+>)*62?
<4@AB< <"A<
/#C'(),#-5+')DE#2')&E6%.52.)6FF$,DC5#2()#2')0''?+3)&E6%.')6C)GHIJKI)L'&E2#+#.3)
-%'6?>#02)5F)-6F'>)#2)8/19)'FC5,6C'F)M#%)NHJHI)"#+6%)+5.EC52.)'OD'2>5C$%')%'M'%F)
C#)P5.EC52.):+#-6+)Q$6+5C3RS'%5M5'>)D%#>$&CF)#2+3I
N!)T&C#-'%)NHJK
!"#$
"#$
"#$
%#"
%#& "#! !'#"
!"#$%"&"!"#$%"&"
'()*%
+(,,"#-
,$#./"%
0(&1'"% 2$34'"5
*/$&"
./(#64&6
74.$5
%$'(#
8$,('
!"#
$"%
$"&
'"(
!") $"' ("(
!"#$%"&" !"#$%"&"
'()*%
+(,,"#-
,$#./"%
0(&1'"% 2$34'"5
*/$&"
./(#64&6
74.$5%$'(# 8$,('
!
!"#$%&#!'(&))*&+(",!)'(-)(-../01$'(+$02#$)0(
&)'(,2-)!(32&10$)0(456789(*"'(:);
"#$%&'()*+##,-'%.)/'0)12'%.3)45262&'7)8/197):";<7)=#%+>)*62?
<4@AB< <"A<
/#C'(),#-5+')DE#2')&E6%.52.)6FF$,DC5#2()#2')0''?+3)&E6%.')6C)GHIJKI)L'&E2#+#.3)
-%'6?>#02)5F)-6F'>)#2)8/19)'FC5,6C'F)M#%)NHJHI)"#+6%)+5.EC52.)'OD'2>5C$%')%'M'%F)
C#)P5.EC52.):+#-6+)Q$6+5C3RS'%5M5'>)D%#>$&CF)#2+3I
N!)T&C#-'%)NHJK
!"#$
"#$
"#$
%#"
%#& "#! !'#"
!"#$%"&"!"#$%"&"
'()*%
+(,,"#-
,$#./"%
0(&1'"% 2$34'"5
*/$&"
./(#64&6
74.$5
%$'(#
8$,('
!"#
$"%
$"&
'"(
!") $"' ("(
!"#$%"&" !"#$%"&"
'()*%
+(,,"#-
,$#./"%
0(&1'"% 2$34'"5
*/$&"
./(#64&6
74.$5%$'(# 8$,('
!
"#$%&'()*+##,-'%.)/'0)12'%.3)45262&'7)
8/197):#%+;)*62<
=2>'%?)@6?')A.# )?# )=2>'%?)B6-7)C'6;'%)D)4# #?'%)62;)EFF+3)?# )E++G
!"#$%&#!'(&))*&+(+$,-#$),(".!)'(/01(#-!(
&2!1&,!(0//3,1$'(-0*"!-0+'(45(6(7!&18(9:;9<
!"#
!$!
!#%!#%!#!!&'!&$
!&%!('!("!(&!((!((
!)'!)$!)$!)#!))!%"!%&!%(!%%!%*
!!(
!*"!*"!*$!*#!*#!*&
!** '" '$ '(
"& "( ") ")
$%
+,-./0,1/,
23,4
5-4,1
+,6,7/
2809:4;<=8/.9
>7,14,
?91@,
A91/1
281B8C:>9DE
A-.F/1,:G,H8
I9H8038
57,J/6,14
K/B9./,
L,1J,1/,
L8B8
M3,1,
NB,14,
2O>
K/B9.
A-.-14/
A80H7,1,
+,4,B,HP,.
Q./0.9,
RS/T8-0/
I/T9./,
U,VT/,
U/VT,T79
QW-,08./,6X
5/9..,:I9819
+,6/
2,V9.881
58-03:OY./P,
58V,6/,
O1B86,
5919B,6
K,V/T/,
M,T81
M,VT/,
Q03/8D/,
!##
!%!
!*( !*%
'&
'*
#! #*
(&
(*
:Z3/6/DD/19H
:A3-0,1
:2,VT84/,
:Z,F/H0,1
:+@,1V,.
:I,8:ZR>
:5./:I,1F,
:A,1B6,49H3
:<14/,
:<14819H/,
!"#$%& !'$&

21. !
!
! ! "60)!f!-=!fV!
! ! !
!""#$%&'()!*+%(,+%-./(/%.0')(%.1!%/(2345(
"#$%&'()*!$+!,%--.$)/0!1)2!34)/0+!5&4647)!64*!8&0(9&40!:%-$6%;!64!&44-<69&-4!-=!9()!>-/%*!,64?!:/-#@!
A4!7--@)/69&-4!2&9(!:%-$6%!B==C:/&*!8&0(9&40!D''-7&69&-4!
'&.).*($.0.%+/!%)(
Z)'&*)49&6%!*&)')%!0)4)/69-/'!6/)!6!@-@#%6/!'-%#9&-4!6.-40!9()!2)6%9(&)/!@)-@%)!2&9(-#9!'96$%)!
0/&*!677)''F!E()/)!&'!4-!7-.@/)()4'&<)!*696!-4!9()!#')!-=!'#7(!0)4)/69-/'!64*!9()!$/)6?*-24!
$)92))4!(-#')(-%*'!#47-44)79)*!9-!9()!0/&*!64*!7-44)79)*!(-#')(-%*'!2(-!#')!&9!6'!6!$67?C#@F!
E()!9)7(4-%-0+!&'!@6/9&7#%6/%+!@-@#%6/!&4!1&0)/&6;!2(&7(!'#==)/'!=/-.!'&04&=&7649!t$/-24C-#9'P!-/!
@-2)/!-#960)'!*#)!9-!6!'(-/960)!-=!0)4)/69&-4!76@67&9+F!D!LMMf!/)@-/9!$+!9()!34)/0+!
H-..&''&-4!-=!1&0)/&6!)'9&.69)*!9(69!6$-#9!(6%=!9()!@-@#%69&-4!(6*!6!*&)')%!0)4)/69-/!69!(-.)F
NL
!
A4!=679;!1&0)/&6!677-#49'!=-/!6$-#9!ih!@)/7)49!-=!@-2)/!0)4)/69&-4!=/-.!*&)')%!$67?C#@!0)4)/69-/'!
&4!D=/&76;!677-/*&40!9-!9()!A3D!2()/)$+!9()!644#6%!=#)%!7-'9!&'!)'9&.69)*!9-!(6<)!$))4!6$-#9!kh!
$&%%&-4!&4!LMNL;!6%9(-#0(!-4%+!6$-#9!LM!@)/7)49!-=!9(&'!-77#//)*!&4!9()!/)'&*)49&6%!')79-/F!!
A4!A4*&6;!2(&7(!(-'9'!D'&6P'!%6/0)'9!-==C0/&*!@-@#%69&-4;!*&)')%!&'!#')*!@/)*-.&4649%+!$+!/&7(!64*!
#/$64!(-#')(-%*';!677-/*&40!9-!*696!=/-.!9()!T&4&'9/+!-=!U969&'9&7'!64*!"/-0/6..)!
A.@%).)4969&-4;!K#-9)*!$+!9()!A3DF
Ne
!E()!'6.)!*696!'#00)'9'!9(69!?)/-')4)!&'!#')*!$+!$-9(!@--/!
64*!/&7(!(-#')(-%*'!&4!#/$64!64*!/#/6%!6/)6';!2(&%)!.&**%)C&47-.)!(-#')(-%*'!6/)!9()!%6/0)'9!
7-4'#.)/'!-=!9()!=#)%F!!
2N`N( !""#$%&'(*&$8/&0$(.9!0!,&9)(
Z#44&40!6!'&.@%)!2&7?!?)/-')4)!%649)/4!=-/!6!+)6/!7-'9'!$)92))4!kNV!&4!A4*-4)'&6!64*!khV!&4!
^)4+6;!&47%#*&40!9()!@#/7(6')!-=!9()!%649)/4!&9')%=!64*!9()!-4C0-&40!@6+.)49'!=-/!?)/-')4);!
677-/*&40!9-!-#/!)'9&.69)'F!E()!%&0(9&40!')/<&7)!@/-<&*)*!$+!'#7(!6!%6.@!&'!7-.@6/6$%);!&=!4-9!
&4=)/&-/;!9-!6!'&.@%)!@-/96$%)!'-%6/!%&0(9;!2(&7(!764!/)96&%!=-/!6'!%&99%)!6'!khF!`'&40!6!.-/)!
7-4')/<69&<)!@/&7)!)'9&.69)!-=!kNe!@)/!'-%6/!#4&9;!9()!@6+$67?!@)/&-*!=-/!9()!&4&9&6%!-#9%6+!'9&%%!
/640)'!=/-.!6$-#9!9(/))!.-49('!&4!^)4+6!9-!G#'9!#4*)/!6!+)6/!&4!A4*&6;!2()/)!?)/-')4)!@/&7)'!6/)!
?)@9!@6/9&7#%6/%+!%-2!$+!'#$'&*&)'!Q5&0#/)!fRF!D''#.&40!6!%&=)9&.)!-=!92-!9-!9(/))!+)6/'!=-/!6!9+@&76%!
'-%6/!%&0(9!=/-.!6!/)@#96$%)!.64#=679#/)/;!7#'9-.)/'!764!)4G-+!%&0(9&40!69!4-!7-'9!=-/!6!@)/&-*!-=!
69!%)6'9!-4)!+)6/!6=9)/!@#/7(6'&40 6!$6'&7!@-/96$%)!'-%6/!%&0(9 $)=-/)!9()+!4))*!6!/)@%67).)49F!
>(&%)!9()!*&==)/)47)'!$)92))4!7-#49/&)'!6/)!'&04&=&7649;!9()!)7-4-.&7!76')!=-/!'-%6/!%649)/4'!
<)/'#'!?)/-')4)!%&0(9&40!&'!<)/+!7-4<&47&40!&4!6%%!&4'9647)'F!"6+$67?!@)/&-*'!2&%%!$)!)<)4!'(-/9)/;!
64*!9()!76')!=-/!9()!'-%6/!%&0(9!'9/)409()4)*;!&=!?)/-')4)!@/).&#.'!=-/!/#/6%!*&'9/&$#9&-4!-/!9/6<)%!
9&.)'!9-!@#/7(6')!9()!=#)%!6/)!96?)4!&49-!677-#49F!U-%6/!&'!6%'-!7-.@)9&9&<)!2&9(!764*%)'!-/!
$699)/+C@-2)/)*!9-/7()'F!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
NL
!34)/0+!H-..&''&-4!-=!1&0)/&6;!sOM.!1&0)/&64'!4-2!-24!@-2)/!0)4)/69-/'!uTD1q;!64#6/+!LMMf;!
/)9/&)<)*!LM!I)7).$)/!LMNhF!U))W!
(99@WXX222F)4)/0+F0-<F40X&4*)JF@(@d-@9&-4p7-.c7-49)49v<&)2p6/9&7%)v&*piV!!
Ne
!A49)/469&-46%!34)/0+!D0)47+;!s>-/%*!34)/0+!B#9%--?!l!A4*&6q;!LMNhF!@FVeF!
%>LAH><=A@C(HA>L>C(
R><>?@=B?L(@?>(@(EBEJC@?(
LBCJ=AB<(@SB<R(=K>(
U>@C=KA>?(E>BEC>(UA=KBJ=(
L=@MC>(R?AH(@DD>LL(
"ARJ?>([a(1@V#M@DI(E>?ABH(
QB?(@(4](LBC@?(CARK=(FA<(
SB<=KLG(
!
!"#$%&'(,*""12&$3(4&5(6.&$37(
89.-.%&0(A46B0(N93E;9.3(K=$9%-0(
K+/9.<(ODD&*<;$#D(-.+(J"+9(
>?@>0(J9**<(>??P:(4";&'(K<<#1&<(
/&$"<&.&(9<(;E&($&=&$&.%&(
;&%E."*"37:(Q&$"<&.&(#<&(
&<;91-;&+(-;(P:RS(E"#$<(D&$(+-70(
-(=#&*(#<&($-;&("=(?:?P(*9;$&<TE"#$(
-.+(*-;&<;(-F-9*-2*&($&;-9*(
/&$"<&.&(D$9%&<:((
!
!
!
!
!
!
"
"
##
##
$%&'()
*+,+$-.'/.
$0)'1)'2)
$3/)'4)
$5)6278)'
$9)'/:)4&7;
$<2/&=2)
$>8;2.?2)
$@'4.'&72)
$@'42)

22. !
!
! ! "60)!NM!-=!fV!
! ! !
!""#$%&'()!*+%(,+%-./(/%.0')(%.1!%/(2345(
"#$%&'()*!$+!,%--.$)/0!1)2!34)/0+!5&4647)!64*!8&0(9&40!:%-$6%;!64!&44-<69&-4!-=!9()!>-/%*!,64?!:/-#@!
A4!7--@)/69&-4!2&9(!:%-$6%!B==C:/&*!8&0(9&40!D''-7&69&-4!
).9/&!0(]N( 1&9!#)!*+%(,+%-./(/%.0')(
T-/)!9(64!VV!.&%%&-4!@&7-C'-%6/!@/-*#79'!l!'-%6/!%649)/4'!64*!(-.)!'+'9).'!
'.6%%)/!9(64!NM>!l!(6*!$))4!'-%*!2-/%*2&*)!6'!-=!9()!')7-4*!(6%=!-=!LMNh;!
677-/*&40!9-!-#/!)'9&.69)'F!D!9(&/*!-=!9(-')!2)/)!8&0(9&40!:%-$6%!K#6%&9+C<)/&=&)*!
@/-*#79'F!E(&'!')79&-4!)J@%-/)'!9() =-%%-2&40!=&<)!?)+!9/)4*'W
!! E()!@&7-C'-%6/!.6/?)9!(6'!0/-24!/6@&*%+F!U&.@%)!'-%6/!%649)/4'!(6<)!677-#49)*!=-/!9()!
.6G-/&9+!-=!'6%)'!9-!*69)F!T-'9!@&7-C'-%6/!?&9'!4-2!7-.)!2&9(!.-$&%)C@(-4)!7(6/0&40!
76@6$&%&9&)'F!U6%)'!-=!@%#0C64*C@%6+!'-%6/!(-.)!%&0(9&40C@%#'!'+'9).'!6/)!4-2!0/-2&40!/6@&*%+!
6'!2)%%;!$#9!/).6&4!6!=/679&-4!-=!9()!9-96%!.6/?)9F!
!! E()!&47/)6'&40!9/679&-4!-=!%6/0)/!'-%6/!(-.)!'+'9).'!.)64'!9()!.6/?)9!&'!'@%&99&40!&49-!92-W!
-4)!=-/!'&.@%)!%-2C7-'9!%649)/4';!9()!-9()/!=-/!*)<&7)'!9(69!-==)/!.-/)!')/<&7)'!6'!2)%%!6'!
6@@%&647)'!9(69!764!96?)!9()!7-4'#.)/!9-!9()!4)J9!/#40!-=!9()!)4)/0+!%6**)/F!
!! :)4)/&7!@/-*#79';!2(&7(!7-.@/&')!4-C46.)';!7-@+769'!64*!7-#49)/=)&9';!677-#49!=-/!69!%)6'9!
(6%=!9()!@&7-C'-%6/!.6/?)9F!E()+!@/)')49!6!')/&-#'!7(6%%)40)!9-!'&.@%)!%-2C7-'9!@/-*#79'!&4!
@6/9&7#%6/F!
!! 86'9C.&%)!*&'9/&$#9&-4!&'!6.-40!9()!.-'9!&.@-/9649!<6%#)!*/&<)/'F!H-.@64&)'!(6<)!7(-')4!6!
<6/&)9+!-=!.-*)%'!9-!7-@)!2&9(!9()!6$#4*649!7-.@)9&9&-4;!$#9!9()!7(6%%)40)!=/-.!0)4)/&7!
@/-*#79'!.)64'!%6'9C.&%)!*&'9/&$#9&-4!64*!7#'9-.)/!/)%69&-4'(&@'!(6<)!4)<)/!$))4!.-/)!
&.@-/9649F!
!! "&7-C'-%6/!7-.@64&)'!6/)!6%/)6*+!/)'@-4*&40!9-!9()')!9/)4*'!&4!6!<6/&)9+!-=!26+';!&47%#*&40!6!
'(&=9!9-26/*'!(&0()/C<6%#)!@/-*#79'!64*!*-24'9/)6.!*&'9/&$#9&-4!64*!')/<&7)!679&<&9&)'F!
+(<B=>(B<(H@=@(
!!
I696!-4!9()!-==C0/&*!'-%6/!&4*#'9/+!&4!
0)4)/6%;!64*!*)96&%'!-=!#4&9!'6%)'!&4!
@6/9&7#%6/;!(6'!$))4!@697(+!69!$)'9F!E()!
$)'9!'-#/7)!-=!*696!(6'!$))4!9()!A5HX!
>-/%*!,64?P'!8&0(9&40!:%-$6%!@/-0/6..);!
2(&7(!(6'!7-%%)79)*!#4&9!'6%)'!=-/!K#6%&9+C
<)/&=&)*!Q[_R!@/-*#79'!'&47)!LMMfF!8&0(9&40!
:%-$6%!&'!4-2!)J9)4*&40!9(&'!2-/?!9(/-#0(!
6!@6/94)/'(&@!2&9(!:B:8DF!E(&'!'9#*+!
#')'!*696!7-%%)79)*!$+!$-9(!-/064&'69&-4';!
6'!2)%%!6'!6**&9&-46%!*696!069()/)*!$+!
,%--.$)/0!1)2!34)/0+!5&4647)F!I696!
9/64'@6/)47+!9(/-#0(!/)0#%6/!64*!.-/)!
7-.@/)()4'&<)!/)@-/9&40!&'!7/&9&76%!6'!9()!
')79-/!'76%)'!64*!699/679'!2&*)/!&49)/)'9F!
]N4N( +($%!:&0$(,+%-./(
B==C0/&*!'-%6/!(6'!'))4!'@)7967#%6/!0/-29(;!2&9(!#4&9!'6%)'!-=!$/64*)*!@&7-C'-%6/!@/-*#79'!(&99&40!6!
HD:Z!-=!NMf!@)/7)49!=/-.!LMNN!9-!LMNVF!A4!9(69!@)/&-*;!.-/)!9(64!eM!4)2!'@)7&6%&')*!7-.@64&)'!
)49)/)*!9()!.6/?)9F!!
D9!%)6'9!VV!.&%%&-4!@&7-C'-%6/!@/-*#79'!(6<)!$))4!'-%*!2-/%*2&*)!6'!-=!.&*CLMNh;!677-/*&40!9-!
*696!=/-.!8&0(9&40!:%-$6%!64*!:B:8D!64*!)'9&.69)'!=-/!-9()/!@/-*#79'!Q5&0#/)!NMRF!B=!9()');!G#'9!
#4*)/!LM!.&%%&-4!6/)!8&0(9&40!:%-$6%!K#6%&9+C<)/&=&)*!64*!-9()/!$/64*)*!@/-*#79'F!E()!/)'9!6/)!
0)4)/&7';!2(&7(!7-.@/&')!4-C46.)';!7-@+769'!64*!7-#49)/=)&9'F!U6%)'!-=!&49)0/69)*!'-%6/!(-.)!
'+'9).'!)46$%)*!$+!"Da:!6/)!6!'.6%%!=/679&-4!-=!9()!%649)/4!.6/?)9;!6.-#49&40!9-!6/-#4*!
VhM;MMMChMM;MMM!#4&9'!6'!-=![e!LMNh;!677-/*&40!9-!-#/!)'9&.69)'F!!
!""#$% !"&' !"&( )&$!"&*
+,$-./0-$1.2.$30453201$25$678$953$
:0;<.$=$>30-2$59$?93@A.B
?93@A.
+,$.;1$;5;C+,$-./0-$30453201$25$678$953$:0;<.D$
E2F@54@.D$G.;H.;@.D$I@J03@.$=$52F03$A5K;23@0-
+,$.;1$;5;C+,$-./0-$30453201$25$678$953$6;1@.D$
L.;J/.10-FD$M.N@-2.;D$O<.;P.3$=$52F03$A5K;23@0-
Q0453201$25$RSRT?$953$
P0PU03$-./0-
?-@.
R/5U./
?11@2@5;-$953$A5P4.;<$1.2.$935P$4KU/@A$-5K3A0-$.;1$@;203V@0W-D$
LIE7$0-2@P.20-$953$P@--@;J$1.2.$.;1$J0;03@A-
+,$-./0-$1.2.$30453201$25$
678$953$6;1@.$935P$!"&&

23. !
!
! ! "60)!NN!-=!fV!
! ! !
!""#$%&'()!*+%(,+%-./(/%.0')(%.1!%/(2345(
"#$%&'()*!$+!,%--.$)/0!1)2!34)/0+!5&4647)!64*!8&0(9&40!:%-$6%;!64!&44-<69&-4!-=!9()!>-/%*!,64?!:/-#@!
A4!7--@)/69&-4!2&9(!:%-$6%!B==C:/&*!8&0(9&40!D''-7&69&-4!
"ARJ?>(43a(.L=AS@=>H(DJSJC@=AT>(L@C>L(BQ(EADB#LBC@?(CARK=A<R(E?BHJD=L(A<(LJM#)@K@?@<(
+Q?AD@(@<H(+LA@c(2344(W(84(234^(FSACCAB<L(BQ(J<A=LG(
!
!"#$%&' ,*""12&$3(4&5(6.&$37(89.-.%&0(N93E;9.3(I*"2-*0(IOINK:(4";&'(UE&<&(=93#$&<(%"1D$9<&(2$-.+&+(
-.+(3&.&$9%(<"*-$(*-.;&$.<(-.+(<1-**(<"*-$(E"1&(<7<;&1<("=(@?)("$(*&<<:(
E()!.-'9!'&04&=&7649!'&40%)!.6/?)9!=-/!'6%)'!&'!A4*&6!l!/)=%)79&40!&9'!@-'&9&-4!6'!9()!7-#49/+!2&9(!9()!
2-/%*P'!%6/0)'9!-==C0/&*!@-@#%69&-4F!]-2)<)/;!D=/&76!6'!6!2(-%)!(6'!'))4!.-/)!'6%)'!9(64!D'&6F!
E()!%)6*&40!D=/&764!.6/?)9'!6/)!^)4+6!64*!E64S64&6;!2(&7(!9-0)9()/!2&9(!A4*&6!677-#49)*!=-/!eFV!
.&%%&-4!#4&9!'6%)'!&4!9()!+)6/!9-!#%+!LMNh!6%-4)!Q5&0#/)!NNRF!E()')!7-#49/&)'!)J(&$&9!<)/+!*&==)/)49!
7(6/679)/&'9&7'F!5-/!&4'9647);!^)4+6!(6'!'))4!(&0()/!<6%#)!@/-*#79'!06&4&40!9/679&-4!&4!9()!'#$C
NM>!769)0-/+;!2()/)6'!E64S64&6!(6'!$))4!7(6/679)/&')*!$+!6!.6''!.6/?)9!69!%-2)/!6<)/60)!
@/&7)!@-&49'!Q5&0#/)!NLRF!
"ARJ?>(44a(*ARK=A<R($CBM@C(eJ@CA=V#T>?AQA>H(
J<A=(L@C>Lc(82(234`(W(84(234^(FSACCAB<LG(
"ARJ?>(42a(+T>?@R>(?>=@AC(E?AD>(BQ(EADB#LBC@?(
E?BHJD=Lc(82(234`(W(84(234^(FdJ<A=G(
! !
!"#$%&'(,*""12&$3(4&5(6.&$37(89.-.%&0(N93E;9.3(I*"2-*:((
*ARK=A<R($CBM@C(A<=>?T><=AB<L(
E()!7-#49/&)'!9(69!9-*6+!(-'9!'-.)!-=!9()!%6/0)'9!@&7-C'-%6/!.6/?)9'!6%'-!(-'9)*!'-.)!-=!9()!
)6/%&)'9!&49)/<)49&-4'!$+!>-/%*!,64?!:/-#@P'!B==C:/&*!8&0(9&40!"/-0/6.';!&47%#*&40!s8&0(9&40!
D=/&76q!2(&7(!%6#47()*!&4!^)4+6!6'!6!@&%-9!&4!LMMiF!D.-40!9()!@/-0/6..)P'!=&/'9!679&<&9&)'!26'!
.6/?)9!/)')6/7(!&4!^)4+6;!:(646;!39(&-@&6;!E64S64&6!64*!j6.$&6F!E(&'!26'!=-%%-2)*!$+!9()!
*)<)%-@.)49!-=!9()!8&0(9&40!:%-$6%!K#6%&9+!6''#/647)!=/6.)2-/?!Q-/&0&46%%+!%6#47()*!6'!9()!
8&0(9&40!D=/&76!K#6%&9+!6''#/647)!=/6.)2-/?R!64*!-4!9()!0/-#4*!$#'&4)''C*)<)%-@.)49!'#@@-/9!
64*!7-4'#.)/C626/)4)''!76.@6&04';!&47%#*&40!/-6*'(-2'!Q&%%#'9/69)*!&4!5&0#/)!NeR!&4!:(646!
64*!^)4+6F!>(&%)!2)!(6<)!4-9!646%+')*!76#'69&-4!=-/!9(&'!/)@-/9;!9()')!&49)/<)49&-4'!(6<)!
7-//)%69)*!2&9(!9()!).)/0)47)!-=!9()!@&7-C'-%6/!')79-/!Q'))!5&0#/)!NV!=-/!64!)J6.@%)!&4!
^)4+6RF!A4!LMNL!A4*&6!$)76.)!9()!=&/'9!7-#49/+!&4!9()!8&0(9&40!D'&6!@/-0/6..)!2()4!9()!
&4&9&69&<)!26'!)J@64*)*!$)+-4*!D=/&76F!8&0(9&40!:%-$6%!4-2!)47-.@6'')'!.6/?)9C$#&%*&40!
679&<&9&)'!&4!9(/))!D'&64!7-#49/&)'!64*!&4!NN!D=/&764!469&-4';!64*!'#@@-/9'!=#/9()/!.6/?)9C
$#&%*&40!&44-<69&-4'!'#7(!6'!64!5b!=67&%&9+!2&9(!9()!I)<)%-@.)49!,64?!-=!39(&-@&6!64*!2-/?&40C
76@&96%!=67&%&9+!9-!$)!%6#47()*!&4!LMNO!&4!`064*6;!6'!2)%%!6'!6!7-..)/7&6%!2-/?&40!76@&96%!*)$9!
=67&%&9+!-@)/69&40!0%-$6%%+F!
!"#
$"%
&"'
("#
!$"%
!#"!
%)"*
$*"&
**"%
+! +% +! +% +! +% +! +% +!
%'!! %'!% %'!$ %'!* %'!&
,-.-/012345678
-290:;9-<
=9>-/3?/;.@-@
A/B@C1923D3B9>-/
1B:A;.0-2
=9>-/3?/;.@-@3D
E0F>90.F3,GB?;G
;22B10;9-@
1B:A;.0-2
E0F>90.F3,GB?;G
HC;G09IDJ-/0K0-@
A/B@C192
!"#
!"$
%"&
'()*()+(
,-).(
/)0+(
!"#$%
&'#(%
)&#"%
*+,-+,.+
/0,1+
2,3.+

24. !
!
! ! "60)!NL!-=!fV!
! ! !
!""#$%&'()!*+%(,+%-./(/%.0')(%.1!%/(2345(
"#$%&'()*!$+!,%--.$)/0!1)2!34)/0+!5&4647)!64*!8&0(9&40!:%-$6%;!64!&44-<69&-4!-=!9()!>-/%*!,64?!:/-#@!
A4!7--@)/69&-4!2&9(!:%-$6%!B==C:/&*!8&0(9&40!D''-7&69&-4!
"ARJ?>(4]a(*ARK=A<R(+Q?AD@(
?B@HLKBU(
"ARJ?>(4`a(*ARK=A<R(+Q?AD@(@D=ATA=V(A<(-><V@(@<H(L@C>L(BQ(
eJ@CA=V#T>?AQA>H(E?BHJD=L(F=KBJL@<HLG(
!
!"#$%&'(N93E;9.3(K=$9%-:( !"#$%&'(,*""12&$3(4&5(6.&$37(89.-.%&0(N93E;9.3(I*"2-*:(
,@?I>=(=?><HL(A<(+Q?AD@(
U6%)'!-=!$/64*)*!@&7-C'-%6/!@/-*#79'!&4!'#$CU6(6/64!D=/&76!0/)2!'9)6*&%+!9-!9()!)4*!-=!LMNV;!2&9(!
@)/&-*&7!0/-29(!@)6?&40!69!NLO!@)/7)49!&4!9()!=&/'9!(6%=!-=!LMNe!Q5&0#/)!NhRF!D!=6%%!&4!'6%)'!&4!]N!
LMNh!&'!%&?)%+!9-!(6<)!/)7-<)/)*!&4!9()!')7-4*!(6%=!-=!9()!+)6/;!6'!%)6*&40!7-.@64&)'!-<)/76.)!
'#@@%+C7(6&4!7-4'9/6&49'F!1-!'6%)'!*696!=-/!]L!LMNh!26'!6<6&%6$%)!69!9()!9&.)!-=!@#$%&769&-4F!>)!
)'9&.69)!9(69!9()!'(6/)!-=!K#6%&9+C<)/&=&)*!@/-*#79'!6.-40!$/64*)*!@/-*#79'!'%&@@)*!9-!hN!@)/7)49!
&4!9()!=&/'9!(6%=!-=!LMNh;!=/-.!-4!6<)/60)!ih!@)/7)49!'&47)!LMNLF!
"ARJ?>(4^a()@C>L(BQ(M?@<H>H(EADB#LBC@?(CARK=A<R(E?BHJD=L(A<(+Q?AD@(FSACCAB<L(BQ(J<A=LG(
!
!"#$%&'(,*""12&$3(4&5(6.&$37(89.-.%&0(N93E;9.3(I*"2-*0(IOINK:((4";&'(893#$&<(-<($&D"$;&+(;"(N93E;9.3(
I*"2-*(-.+(IOINK(59;E(-++9;9".-*(,468(&<;91-;&<(="$(19<<9.3(+-;-(D"9.;<(-.+(";E&$(2$-.+&+(<-*&<:(
E()!/)@-/9)*!'6%)'!-=!K#6%&9+C<)/&=&)*!@/-*#79'!=)%%!&4!]N!LMNhF!B#/!646%+'&'!'#00)'9'!9(69!
/)@-/9&40!06@';!2(&%)!9()+!)J&'9;!764!$)!/#%)*!-#9!6'!9()!.6&4!76#')!=-/!9(&'!*/-@F!Z69()/;!9()!=6%%!
/)@/)')49'!'&04&=&7649!.6/?)9!*+46.&7'W!
!! !E>?@=AB<@C(MB==C><>DILW!&4<)49-/+C=&4647)!7-4'9/6&49'!(6<)!(&4*)/)*!)<)4!9()!%6/0)'9!
7-.@64&)'!64*!()%*!$67?!'6%)'F!D9!9()!'6.)!9&.);!9()+!.6+!(6<)!9).@-/6/&%+!'%-2)*!'6%)'!9-!
/)'9/#79#/)!@6/9!-=!9()&/!$#'&4)''!64*!/)<&')!'9/69)0+!&4!@/)@6/69&-4!=-/!=#/9()/!0/-29(F!5&/.'!
(6<)!'#00)'9)*!9(69!9()')!&''#)'!2)/)!/)'-%<)*!&4!]LF!"/)%&.&46/+!'6%)'!/)@-/9'!&4*&769)!9(69!
'6%)'!(6<)!/)7-<)/)*!'&04&=&7649%+!&4!9()!=&46%!'&J!.-49('!-=!LMNhF!
!! 9BSE>=A=AB<(Q?BS(R><>?ADLW!$/64*'!6/)!=67&40!&47/)6')*!7-.@)9&9&-4!=/-.!#4$/64*)*;!
7-@+769!64*!7-#49)/=)&9!@/-*#79'F!>()4!9()!'#@@%+!-=!$/64*)*!@/-*#79'!9-!2(-%)'6%)/'!&'!
&49)//#@9)*!*#)!9-!.64#=679#/)/'P!-@)/69&-46%!-/!=&4647&6%!7(6%%)40)';!2(-%)'6%)/'!-/!)<)4!
!"# $!#
%&'#
(%(#
)"*#
%*&* %*&& %*&% %*&' %*&+
!"!
!"# !"#
!"$ !"%
!"&
#"&
'"!
'"'
'"#
#"(
)* +' +# +' +# +' +# +' +# +' +#
'!!, '!#! '!## '!#' '!#$ '!#% '!#-
./01234256717
8297:;/<3=39/012
;9>856?1<
./012342567173=
@?A0/?6A3BC945C
5<<9;?5/17
;9>856?1<
@?A0/?6A3BC945C
D:5C?/E=F12?G?17
8297:;/<
/K>(H?BE(A<(L@C>L(BQ(
M?@<H>H(E?BHJD=L(
?>E?>L><=L(=>SEB?@?V(
LJEECV#DK@A<(
DB<L=?@A<=L(W(@<H(
DBSE>=A=AB<(Q?BS(
R><>?AD(E?BHJD=L(
^)4+6!7-4'#.)/!626/)4)''!
76.@6&04!'96/9'n
n64*!)4*'

25. !
!
! ! "60)!Ne!-=!fV!
! ! !
!""#$%&'()!*+%(,+%-./(/%.0')(%.1!%/(2345(
"#$%&'()*!$+!,%--.$)/0!1)2!34)/0+!5&4647)!64*!8&0(9&40!:%-$6%;!64!&44-<69&-4!-=!9()!>-/%*!,64?!:/-#@!
A4!7--@)/69&-4!2&9(!:%-$6%!B==C:/&*!8&0(9&40!D''-7&69&-4!
&4*&<&*#6%!60)49'!%--?!9-!.))9!*).64*!2&9(!'#$'9&9#9)!@/-*#79'F!E()')!@/&7)!64*!'#@@%+!
@/)''#/)'!6/)!#4%&?)%+!9-!'#$'&*)!64*!/)K#&/)!7-4'9649!&44-<69&-4!=/-.!.6/?)9!%)6*)/'!&=!9()+!
6/)!9-!/)96&4!.6/?)9!'(6/)!64*!6<-&*!6!@/&7)!/67)!9-!9()!$-99-.F!E(&'!*+46.&7!&'!)J@%-/)*!
=#/9()/!&4!9()!=-%%-2&40!')79&-4'F!
"ARJ?>(45a(6?@<H>H(E?BHJD=L(
LK@?>(BQ(?>EB?=>H(L@C>L(A<(
+Q?AD@c(82(234`(W(84(234^(
"ARJ?>(4_a(%>EB?=>H(L@C>L(BQ(*ARK=A<R($CBM@C(eJ@CA=V#T>?AQA>H(EADB#LBC@?(E?BHJD=L(A<(LJM#
)@K@?@<(+Q?AD@c(82(234`(W(84(234^(F=KBJL@<HL(BQ(J<A=LG(
!!
!"#$%&'(,*""12&$3(4&5(6.&$37(89.-.%&0(N93E;9.3(I*"2-*0(IOINK:(4";&'(893#$&<(-<($&D"$;&+(;"(N93E;9.3(I*"2-*(-.+(IOINK((
^)4+6!677-#49)*!=-/!eM!@)/7)49!-=!/)@-/9)*!D=/&76!'6%)'!=/-.!#%+!LMNV!9-!#%+!LMNh;!2&9(!
39(&-@&6!64*!E64S64&6!9-0)9()/!.6?&40!#@!64-9()/!9(&/*!Q5&0#/)!NORF!]-2)<)/;!9()!7(6/679)/&'9&7'!
-=!9()')!.6/?)9'!<6/+!'&04&=&7649%+F!^)4+6!'62!NFh!9&.)'!9()!'6%)'!&4!E64S64&6!9-!*69);!$#9!9()+!
6.-#49)*!9-!hFh 9&.)'!-= 9()!/)<)4#)F!E(&'!/)%69)'!9-!9()!@/)<6%)47)!&4!E64S64&6!-=!)49/+C%)<)%!
@/-*#79';!2(&7(!&4!9#/4!')).!9-!(6<)!$))4!.-/)!'#'7)@9&$%)!9-!7-.@)9&9&-4!=/-.!%-2C7-'9!
0)4)/&7'F!
,@?I>=(=?><HL(A<(+LA@(
>(&%)!'6%)'!-=!$/64*)*!@&7-C'-%6/!@/-*#79'!9--?!-==!)6/%&)/!&4!D=/&76;!D'&6P'!'6%)'!6/)!4-2!(&0()/F!
A4*&6!*-.&469)'!9()!D'&64!.6/?)9;!2&9(!'6%)'!-=!.-/)!9(64!N!.&%%&-4!#4&9'!/)@-/9)*!&4!$-9(!]L!
LMNV!64*!]N!LMNhF!E(69!6.-#49'!9-!64!)'9&.69)*!khV!.&%%&-4!-=!/)<)4#)!-<)/!9(69!@)/&-*;!<)/'#'!
-4%+!khFL!.&%%&-4!=-/!/)@-/9)*!'6%)'!&4!-9()/!D'&64!7-#49/&)'F!E()!'(6/)!-=!8&0(9&40!:%-$6%!K#6%&9+C
<)/&=&)*!@/-*#79'!*/-@@)*!6.-40!$/64*)*!'6%)'!&4!D'&6;!=6%%&40!9-!hL!@)/7)49!&4!9()!=&/'9!(6%=!-=!
LMNh;!=/-.!OO!@)/7)49!&4!LMNVF!E()/)!&'!%&.&9)*!&4=-/.69&-4!-4!@/-*#79!'6%)'!&4!D'&6;!2&9(!.#%9&C
+)6/!*696!-4%+!6<6&%6$%)!=-/!A4*&6F!!
E()!A4*&64!0-<)/4.)49!9--?!64!)6/%+!&49)/)'9!&4!-==C0/&*!'-%6/!9-!&47/)6')!)4)/0+!677)''F!D!
8&0(9&40!D'&6!'9#*+!=/-.!LMNL!)'9&.69)*!9(69!69!%)6'9!LFe!.&%%&-4!'-%6/!%649)/4'!2)/)!*&'9/&$#9)*!&4!
A4*&6!$)92))4!Nffi!64*!LMNM;!@/&.6/&%+!9(/-#0(!0-<)/4.)49!@/-0/6..)'F
NV
!E()!.6/?)9!=-/!
7-..)/7&6%!@/-*#79'!26'!'%-2)/!9-!0/-2W!'-.)!7-.@64&)'!/)@-/9!9(69!0-<)/4.)49!&49)/<)49&-4'!
*&'9-/9)*!9()!0/-29(!-=!6!@/&<69)!.6/?)9F!]-2)<)/;!&9!6%'-!%)*!9-!6!(-.)C0/-24!&4*#'9/+w!A4*&6!&'!
-4)!-=!9()!=)2!7-#49/&)'!2&9(!'&04&=&7649!.64#=679#/&40!-#9'&*)!-=!H(&46!Q9(-#0(!&.@-/9'!=/-.!
H(&46!'9&%%!677-#49!=-/!9()!'6%)'!-=!.-'9!)'96$%&'()*!$/64*'RF!E()!0-<)/4.)49!'#@@-/9'!6!4)92-/?!
-=!-<)/!VMM!sD*&9+6!U-%6/!U(-@'q!6/-#4*!9()!7-#49/+!9(69!679!6'!')/<&7)!(#$'F!E()!7-..)/7&6%!
.6/?)9!=-/!$/64*)*!@/-*#79'!9--?!-==!&4!LMNe;!6'!&9!*&*!&4!D=/&76;!6'!9()!%)6*&40!7-.@64&)'!
/)0&'9)/)*!'#77)''!&4!$#&%*&40!7-4'#.)/!626/)4)''!64*!*&'9/&$#9&-4!7(644)%'F!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
NV
!U)9(&!)9!6%F!s8&0(9&40!D'&6W!U-%6/!B==C0/&*!8&0(9&40Fq!A5HF!LMNLF!
!"#$
%&'$
(')$
(*!$
&')$
!#$
+#$
+%$
,-./0
12345640
70.80.40
9-:2$5;$:<=>?030@0.$A;@4B0
C4D-@40
ED0.F0
G9H
9I0.F0
!"#$%&''(
)*+
,$-./
)*+
0/-1/-2/
34+
5"#2672/
38+
92:$%2/
;+

26. !
!
! ! "60)!NV!-=!fV!
! ! !
!""#$%&'()!*+%(,+%-./(/%.0')(%.1!%/(2345(
"#$%&'()*!$+!,%--.$)/0!1)2!34)/0+!5&4647)!64*!8&0(9&40!:%-$6%;!64!&44-<69&-4!-=!9()!>-/%*!,64?!:/-#@!
A4!7--@)/69&-4!2&9(!:%-$6%!B==C:/&*!8&0(9&40!D''-7&69&-4!
"ARJ?>(4Za()@C>L(BQ(M?@<H>H(EADB#LBC@?(CARK=A<R(E?BHJD=L(A<(+LA@(FSACCAB<L(BQ(J<A=LG(
!
!"#$%&'(,*""12&$3(4&5(6.&$37(89.-.%&0(N93E;9.3(I*"2-*0(IOINK:((4";&'(893#$&<(-<($&D"$;&+(;"(N93E;9.3(
I*"2-*(-.+(IOINK(59;E(-++9;9".-*(,468(&<;91-;&<(="$(19<<9.3(+-;-(D"9.;<(-.+(";E&$(2$-.+&+(<-*&<:(
U6%)'!-=!$/64*)*!@/-*#79'!&4!-9()/!D'&64!7-#49/&)'!(6<)!$))4!/)%69&<)%+!.#9)*;!9(-#0(!9(&'!.6+!
7(640)!2&9(!4)2!8&0(9&40!D'&6!@/-0/6..)'!%6#47()*!&4!"6?&'964!64*!,640%6*)'(F!E()')!=&0#/)'!
*-!4-9!&47%#*)!9()!'6%)'!-=!-<)/!V!.&%%&-4!'-%6/!(-.)!'+'9).'!&4!,640%6*)'(!'&47)!LMMe;!*)@%-+)*!
9(/-#0(!6!'#77)''=#%!'#$'&*+!64*!7-4'#.)/C=&4647)!@/-0/6..)F!E()+!6/)!9+@&76%%+!eMlhM>!l!'-!
$)+-4*!9()!@&7-C'-%6/!@/-*#79'!-=!#@!9-!NM>!&47%#*)*!&4!9()!/)@-/9)*!*696F
Nh
!!
)BC@?(KBS>(LVL=>S(IA=L(
:%-$6%%+;!9()!'6%)'!-=!'-%6/!(-.)!'+'9).'!%6/0)/!9(64!NM>!/)@-/9)*!9-!8&0(9&40!:%-$6%!64*!
:B:8D!6.-#49)*!9-!G#'9!-<)/!fh;MMM!#4&9'!&4!9()!=&/'9!(6%=!-=!LMNhF!U.6%%!(-.)!'+'9).';!'#7(!6'!
9(-')!'-%*!$+!TC^B"D;!=6%%!&49-!9()!eCNM>!769)0-/+!64*!6/)!&47%#*)*!&4!9()!=&0#/)'!*&'7#'')*!
@/)<&-#'%+F!#'9!6'!=-/!@&7-C'-%6/;!0)4)/&7'!@/-$6$%+!6%'-!&47/)6')!9()!'&S)!-=!9()!'-%6/!(-.)!
'+'9).!.6/?)9!7-4'&*)/6$%+!$)+-4*!2(69!&'!/)@-/9)*!9-!8&0(9&40!D=/&76!64*!:B:8DF!D%.-'9!
ihM;MMM!'969&-46/+!@%#0C64*C@%6+!'-%6/!%&0(9&40!?&9'!2)/)!)J@-/9)*!9-!'#$CU6(6/64!D=/&76!=/-.!
H(&46!&4!LMNV;!677-/*&40!9-!-#/!)'9&.69)!$6')*!-4!7#'9-.'!*696F!1-!7-.@6/6$%)!*696!2)/)!
6<6&%6$%)!=-/!D'&6F!
"ARJ?>(23a(%>EB?=>H(L@C>L(@<H(>L=AS@=>H(?>T><J>(@<H(?>T><J>#E>?#J<A=(QB?(EADB#1P(
E?BHJD=Lc(84(234^(
! !
!"#$%&'(,*""12&$3(4&5(6.&$37(89.-.%&0(N93E;9.3(I*"2-*:(4";&'(!-*&<(=93#$&<(-<($&D"$;&+(;"(N93E;9.3(I*"2-*(
-.+(IOINK:(
U-%6/!(-.)!'+'9).'!6/)!(&0()/C<6%#)!@/-*#79'!9(69!/)9#/4!(&0()/!/)<)4#)!@)/!#4&9!'-%*F!B==C0/&*!
'-%6/!@/-*#79'!%6/0)/!9(64!e>!.6*)!#@!G#'9!g!@)/7)49!-=!9-96%!/)@-/9)*!'6%)'!&4!]N!LMNh!$#9!
6%.-'9!(6%=!-=!)'9&.69)*!/)<)4#)F!E(-')!%6/0)/!9(64!NM>!677-#49!=-/!e!@)/7)49!-=!'6%)'!$#9!eM!
@)/7)49!-=!)'9&.69)*!/)<)4#)!Q5&0#/)!LMRF!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Nh
!^(64*?)/!)9!6%F!sU#/0)!&4!U-%6/C"-2)/)*!]-.)'W!3J@)/&)47)!&4!B==C:/&*!Z#/6%!,640%6*)'(Fq!I&/)79&-4'!&4!
I)<)%-@.)49F!>6'(&409-4;!IHW!>-/%*!,64?F!LMNVF!
!"! !"# !"#
!"$
!"%
!"&
#"#
#"$
#"&
#"'
$"%
() *$ *# *$ *# *$ *# *$ *# *$ *#
$!!+ $!#! $!## $!#$ $!#% $!#, $!#&
-./0123145606
71869:.;2<28./01
:8=745>0;
-./01231456062<
?>@/.>5@2AB834B
4;;8:>4.06
:8=745>0;
?>@/.>5@2AB834B
C94B>.D<E01>F>06
71869:.;
!"#
$"% $"%
&'()*+,-.((./0*+/1+20.3*4
!"
#$%
&'%
()*)+,)%-./0
!"
#$%
&%'
()*)+,)-.)/-,+01-234,+015
67&8
&7#68
#689
"ARJ?>(4[a(6?@<H>H(
E?BHJD=L(LK@?>(BQ(?>EB?=>H(
L@C>L(A<(+LA@c(82(234`(W(84(
234^(
!
!"#$%&'(,*""12&$3(4&5(6.&$37(
89.-.%&0(N93E;9.3(I*"2-*:(((
!"#$%
&'(
)*+,-./0$%
&(

27. !
!
! ! "60)!Nh!-=!fV!
! ! !
!""#$%&'()!*+%(,+%-./(/%.0')(%.1!%/(2345(
"#$%&'()*!$+!,%--.$)/0!1)2!34)/0+!5&4647)!64*!8&0(9&40!:%-$6%;!64!&44-<69&-4!-=!9()!>-/%*!,64?!:/-#@!
A4!7--@)/69&-4!2&9(!:%-$6%!B==C:/&*!8&0(9&40!D''-7&69&-4!
+0(.O1+0'&0$(&0'7)/%;(
E()!4#.$)/!-=!?4-24!-==C0/&*!'-%6/!.64#=679#/)/'!(6'!&47/)6')*!')<)4=-%*!&4!9()!@6'9!=&<)!+)6/'F!
D%-40'&*)!9()!=&/'9!26<)!-=!'96/9C#@';!.64+!-=!9().!=-#4*)*!$+!)49/)@/)4)#/'!=/-.!9()!`U!64*!
3#/-@);!6/)!%6/0)/!)%)79/-4&7'!64*!-9()/!.64#=679#/)/'!&4!D'&6F!U-.)!-=!9().!(6<)!&4C(-#')!
*)'&04!9)6.'!7-#@%)*!2&9(!9()&/!-24!@/-*#79&-4!=67&%&9&)';!2(&7(!6%%-2'!9().!9-!.-<)!K#&7?%+!9-!
/)'@-4*!9-!*).64*F!
"ARJ?>(24a(0JSM>?(BQ(I<BU<(EADB#LBC@?(S@<JQ@D=J?>?L(
!
!"#$%&'(,*""12&$3(4&5(6.&$37(89.-.%&0(N93E;9.3(I*"2-*0(V-*2&$3:(4";&'(H".;$-%;(1-.#=-%;#$&$<(-.+(.".M
<D&%9-*9<;(&WD"$;&$<(-$&(.";(9.%*#+&+:(
:B:8D!.).$)/';!6'!-=!]L!LMNh;!*&'9/&$#9)!9()&/!@/-*#79'!&4!6!/640)!-=!7-#49/&)'!&4!'#$CU6(6/64!
D=/&76!64*!D'&6!l!$#9!$+!4-!.)64'!6%%!Q5&0#/)!LLRF!1-96$%+;!9()!$)'9!/)@/)')49)*!6/)!9()!36'9!
D=/&764!7-#49/&)'!9(69!2)/)!'-.)!-=!9()!)6/%&)'9!.6/?)9'W!^)4+6;!E64S64&6!64*!39(&-@&6F!E()!
@/)')47)!-=!4#.)/-#'!7-.@64&)'!&4!7-#49/&)'!%&?)!A4*-4)'&6!64*!U)4)06%!(6'!4-9!+)9!9/64'%69)*!
&49-!'&04&=&7649!/)@-/9)*!'6%)'F!!
"ARJ?>(22a(0JSM>?(BQ($!$*+(S>SM>?L(UA=K(@(L@C>L(E?>L><D>(MV(DBJ<=?V(
!
!"#$%&'(,*""12&$3(4&5(6.&$37(89.-.%&0(IOINK:(
E()!7-47)49/69&-4!-=!9()!@&7-C'-%6/!.6/?)9!<6/&)'!*)@)4*&40!-4!2(&7(!')0.)49'!6/)!&47%#*)*F!
D.-40!9(-')!7-.@64&)'!9(69!(6<)!)4060)*!&4!9()!8&0(9&40!:%-$6%!@/-0/6..);!&9!&'!$+!64+!
.)6'#/)!6!(&0(%+!7-47)49/69)*!.6/?)9;!2&9(!9()!.6G-/&9+!-=!'6%)'!/)7-/*)*!$+!6!=)2!@%6+)/'F!
,/-6*)4&40!9(&'!9-!9(-')!-#9'&*)!9()!8&0(9&40!:%-$6%!#4&<)/');!2)!'))!.#7(!%)''!7-47)49/69&-4F!
>()4!9()!.64#=679#/)/'!-=!s0)4)/&7q!@/-*#79'!6/)!&47%#*)*;!9()!.6/?)9!&'!%&?)%+!9-!$)!<)/+!
7-.@)9&9&<)F!
!"
#$
!$"
%$$&'!$ %$!% %$!"
()*+,-./01/
23/4536)4,+,7
83/4536)4,+,7-05
9:;*):/;<=0>3=-?43=:)@'
A+,:5:+B-C,0B46)7
!"
!#
!$
!$
%
%
%
&
&
'
()*+,
-,*.,*/,
012/34/,
5)*)6,7
8,7,9/
:/6);/,
53<12=>?;/@,
A2,*,
B6,*C,
D,EF/,
>?;/@,
%
&
G
"
"
"
H
H
I
I
J*C3*)K/,
J*C/,
L,M/K1,*
N,EF3C/,
L2/7/44/*)K
-2,/7,*C
O,*67,C)K2
8+,*E,;
:)4,7
L,4<,=:)9=A</*),
>K/,
!QQ#R?AH(LBC@?(E?BHJD=L(
C@?R>?(=K@<(]:(S@H>(JE(
YJL=(Z(E>?D><=(BQ(
?>EB?=>H(L@C>L(W(MJ=(
@CSBL=(^3(E>?D><=(BQ(
?>T><J>(
/K>(M?B@H>?(EADB#LBC@?(
S@?I>=(AL(T>?V(
DBSE>=A=AT>(