The document provides tips for an Egyptian vacation, including suggestions to visit popular tourist sites along the Nile River, sleep in a room full of Egyptian artifacts, and interact with local vendors to learn about their culture and bargain for souvenirs. It also recommends experiencing a traditional Egyptian breakfast, avoiding harassment by telling others you prefer bottled water, and making a treacherous three-hour taxi ride downtown to reach the non-existent seat belt.

1. !"#$%&'(!
)*+,--.+/0,1*,2*01/.31)/0,1)-*.45.30.1+.6*7898

2. 95AB"CD<9!9E?FF!GHIH
F"?EA<DCJ! !"#$%&"#'"$(%
! !"#"$%&"'$()*
"#$%&'($)(*+$,-
% )*+%,$-.'%/-%,$"0"1/%/2"%3,$415%
6787%400."%-9%3-.:"14$0(%/2"%/24$'%"'4/4-1%
+",-(%./011
!!!!!!!7+,*KL$6%!-&'!/)!"304%$/) EDGR3%6VU6X 041;"%/2"%+#5#<41"*0%41;",/4-1=%)/%2#0%
./0&1%!"#$%&'
!!!!!!!B/*/%$&)8'2?J"9!MNO
'''''%%P#4?"C%Q"1'"$ @UZ!D!.5B"!9ACT?Z! >""1%#1%4++"10"%,?"#0.$"%/-%@-$A%@4/2%
#%%;-++4//"'(%/#?"1/"'%0/#99%/-%,$-'.;"%/240%
213(/"%4"53$'61
2+&%&3'/4+0!"#$%&'
?FE"<C55C! ,.>?4;#/4-1B%/2#1A%C-.%#??%9-$%C-.$%2#$'%
!!!!!!!E+,!J'/)#!E&1'P!9%1#0!?:'&/#!!!!!!!!!
!!!!!!!2/6%!/)#!2',6,)%8%2?J"9!Q(R ?E!EU"!
@-$A=%D1%"+,2#/4;%/2#1A%C-.%40%#?0-%'."%/-%
/2"%!4$";/-$0%-9%/2"%E.>?4;#/4-10%F-++4//""%
708,"%!'"'9
#1'%/2"%G?->#?%F-11";/4-10%F-++4//""%9-$% 54,'/%$&)6
!!!!!%%M#554"%F$#+"$ E5D!S?<V"E
?$6L$)3!71L+/),
/2"4$%0.,,-$/%#1'%5.4'#1;"=%D1'%?#0/?CH
!"#$%&'(%)*+&',)"*+"-&'-./$)"#'0"1%%2"#'/-%/2"%
4"'(%!5//,:"1
/#?"1/"'%@$4/"$0%#1'%,2-/-5$#,2"$0%9"#/.$"'% 7&40!"#$%&'
F<5S!T5@C!ACT"<!
EDGR3%SN86
!!!
41%/2"0"%,#5"0=%I2$-.52%/2"4$%#$/40/$C(%@"%
#$"%/$#10,-$/"'%/-%#%:4>$#1/%+#$A"/%41%#%
&"#3"#('%;#"-(#
J#4$->4%0?.+%-$%#1%""$4"(%'"0"$/"'%0/$""/%41% 7&40!"#$%&'
!!!E+,!S133$)38!2?J"9!GQ(GW
<"=(%>(##(#"
@DEU!
E$#5."B%@"%"1;-.1/"$%/2"%2-$$-$%#1'%2.+#1%
%%%!$"@%G-?'>?#// ;-0/%-9%@#$%/2$-.52%,#41/4150%>C%E#?"0/414#1%
!!!!<,%1')!&-!%+,!C/%$=,8!!2?J"9!GR(GX!!!
! ;24?'$"1B%#1'%@"%"K,?-$"%/2"%240/-$4;#?%$--/0% 7&40!"#$%&'8!91:;$66$&)6!<,=$,>,'!
!!!!!-11#%O-15 -9%0/.'C%#>$-#'%4/0"?9=%)%/$.0/%/2#/%/2"0"%
211"%?5@6)*@,
.5B" "K/$#-$'41#$C%:451"//"0%-9%/2"%@-$?'%>"C-1'%
-.$%9$-1/%'--$%410,4$"%C-.(%/2"%$"#'"$(%#0%/2"C% 7&40!"#$%&'
U/))/+!@,)%,
EDGR3%6SUV7
2#:"%+"=%
% I2"%@-$?'%40%#%>--A(%3/=%D.5.0/41"% ;(/,"%A611(//0
-1;"%-,41"'(%#1'%/2-0"%@2-%'-%1-/%/$#:"?% ?66$6%/)%!./0&1%!"#$%&'
!!!!!!!?!F',)*+!E+/)K63$=$)38!2?J"9!!!!!!!!!
!!!!!!!IMNIO ?<E!DC!EU"! $"#'%-1?C%#%,#5"=%J-/%#??%-9%.0%2#:"%/$#:"?"'%
#>$-#'%-$%,-00"00%/2"%+"#10%/-%'-%0-(%>./%
41%L?4,,415%/2$-.52%/2"0"%,#5"0(%@"%;#1%
;"(/,1%B6**
91:;$66$&)6!<,=$,>,'8!9%/--!@'$%,'
!!!!!%%P#C?#%Q##A" ?FE"<S?EU #;;-+,#1C%-.$%9"??-@%0/.'"1/0%-1%/2"4$%
218#()%<#,--(#
S/''0/;!?:#L(U/L,,; :-C#5"0%-9%'40;-:"$C=%I2"%M#'40-1%;#+,.0%
!!!!!!!V/:1K$!9>$%*+8!2?J"9!IQ(IW #>-.1'0%41%4/0%-,,-$/.14/4"0%9-$%41/"$1#/4-1#?% 91:;$66$&)6!<,=$,>,'8!9%/--!@'$%,'
!!!!!!!PI%T-@#$' "K,"$4"1;"=%D9/"$%$"#'415%/240%400."(%@"%
"1;-.$#5"%C-.%%/-%"K,?-$"%C-.$%-,/4-10%#1'% 4"'"/,(%A(C$(C@
EDGR3%8YN67 -1N;#+,.0%$"0-.$;"0%/-%/$#:"?%#1'%0/.'C% 91:;$66$&)6!<,=$,>,'8!9%/--!@'$%,'
#>$-#'=%O#0/?C(%@"%2-,"%/2#/%3-.:"14$0%
D,"1%;"6
E[! ;-1/41."0%/-%5$-@(%,$-:4'415%#1%#:"1."%
9-$%0/.'"1/0%/-%02#$"%/2"4$%41/"$1#/4-1#?% 91:;$66$&)6!<,=$,>,'
!!!!T$--,',)*,6!$)!"%$Y1,%%,!?*'&66!%+,!
! "K,"$4"1;"0%@4/2%#1%":"$N@4'"1415%#.'4"1;"=
!"-"1'$"%?,1"
.5CJ"<! !!!!JL&:,8!2?J"9!MI(MI!!!
!!!!J#/#?4"%!"F2";A I#A"%;#$"( ! 91:;$66$&)6!<,=$,>,'
!"#"$%&"'$()* ;"'$0%&"#',1
?C9@"< !!!!7&L&),68!2?J"9!MM(MO
!!!!D?4'#%F#$'-0%W2#?"C
!
91:;$66$&)6!<,=$,>,'
2-"18"%?#9(1@
!"#$%&'#(')*#+,-
9/'/+!S/%+,>6!
!!!!7+,,'6!%&8!2?J"!MQ ! 91:;$66$&)6!<,=$,>,'
!!!!I2"%3-.:"14$0%3/#99

3. Checklist !" K$<'"$"/'("=%93*)$/"$,L7$)/*$/,'?"
30'4'0$6&9"('$&*+9
!" #$%%&'"()*+",$-'&".(/'01"
.2'0"*+'"30),'".4 "*+'"0)5'1"
for an
6'4.0'"-.7/*)/%"*+'",$-'&
!"!"!"#$%&'!(&)*%+,!-.,/%0)1!234%!+)5&!)1!)067!
8$190%0$1&9!)/)6%2&1%!)19!)88&44!%$!)!4)0*:$)%! !" 8'*"1.-'./'"*."+'&3"9.7"
)19!;6&4+!2)1.$&4<!=&!)*4$!234%!4/&)>!-1.*04+! 5)1-.7/*"9.70"$44',*)./$*'"
Egyptian
)19!+)5&!)!/&64$1)*!9605&6!?+$!?0**!.*)9*,! $/)-$&:/$-'5";+)1<'9:
%6)14/$6%!,$3!)1,?+&6&!,$3!?04+! (+'/"*+'",$-'&".(/'0"
5'-$/51"$"60)6'"4.0"+'&3)/%"
!" C$<'"$"-../&)*"1$)&6.$*"0)5'"5.(/"*+'"
Vacation
9.7".44
M)&'"$/5"*'&&"'2'09./'"9.7"($/*"*."%."
1()--)/%")/"*+'"3)*,+D6&$,<"0)2'0 !" "=$*"$*"$"1.3+)1*),$*'5"
0'1*$70$/*"$/5",./1*$/*&9"
!" I&$)-"*."6'"H.<)/%"$6.7*"*+'"1()-"
!"#$%&'("#)(*+(, 0'-$0<"+.("-7,+""-.0'"*+'"
(+'/"*+'"&.,$&1"*'&&"9.7"$6.7*"$&&"*+'"
-'$&"(.7&5",.1*")/">-'0),$
%$06$%'")/"*+'"&'%'/5$09"($*'0
!" >00)2'"$*"*+'"*0$)/"1*$*)./")/">&'E$/50)$" !" !" >2.)5"$/"$**$,<"./"*+'"
;./5'0"+.(")*",$/"6'"1."7/6'$0$6&9"
$/5"6.$05"$/"$/,)'/*"*0$)/"*+$*A1" 5)%'1*)2'"191*'-?"</.(/"$1"
+.*"6'4.0'"*+'"17/"'2'/"0)1'1
6$00'&)/%"*.($051"I$)0. @+$0$.+A1"B'2'/%'?"69"*'&&)/%"
!" >,,'3*"*+'"4$,*"*+$*"9.7"$0'"$"*.70)1*?" *+'"($)*'0"*+$*"9.7"(.7&5"
!" @0'*'/5")*")1"/.0-$&"4.0"1('$*"*."6'" $/5"$1"./'?"9.7"()&&".2'03$9"4.0"4..5?" 30'4'0"6.**&'5"($*'0
,./1*$/*&9"0.&&)/%"5.(/"*+'"1)5'1".4 " 1.72'/)01?"$/5"17/%&$11'1
9.70"4$,'"$/5"*+'"6$,<1".4 "9.70"1*),<9" !" C$<'"$"*0'$,+'0.71"*+0''D
&'%1 !" J&''3")/"$"0..-"47&&".4 "=%93*)$/" +.70"*$E)"0)5'"5.(/*.(/"$/5"
$0*)4$,*1 47*)&'&9"0'$,+"4.0"*+'"/./D
!" C70/"5.(/"-$00)$%'"30.3.1$&1" 'E)1*'/*"1'$*"6'&*"(+'/"9.7"%'*"
40.-"1*0''*"2'/5.01?"'2'/")4 "9.7"$0'" !" I0.11"9.70"$0-1"(+'/"4$&&)/%"$1&''3"
/'02.71
)-30'11'5"()*+"*+')0"5.(09".4 "*'/" $/5"30'*'/5"9.7"$0'"$"-7--9
,$-'&1"$/5"*+')0"30$)1'1"*+$*"9.7"$0'" !" C0$2'&"()*+"(./5'047&"40)'/51"
!" N./A*"2)1)*"*+'"390$-)51"./"4..*O" =".")"'7#'D"(%2%%>C%P"??4%F-2"1
-.0'"6'$7*)47&"*+$/"J+$<)0$ (+."()&&"&'*"9.7"1*$/5"./"
,$-'&D6$,<")1"*+'"30'4'00'5"-.5'".4 "
*+'-"(+'/"9.7"$0'",&)-6)/%"
*0$/13.0*$*)./
.44 "$",$-'&"$/5"(+."()&&" 3"+2%4'5%#6'67'#+#%'!+88%)%#6'*7/#6)+%-'79%)'
+$33)&9"*$<'"FG"3),*70'1".4 "9.7" :;'!"4-'"-'<")6'78'6.%'=%(%-6%)'"6'=%"'=6/!4'
H7-3)/%")/"*+'"5'1'0*"! >?)7"!'<)7,)"('+#'@AABC
!"
!"
!"
!"
!"
!"
!"
!"
V X

4. !"#$%&'()$!*+&,
$-./01$'23450$657.$580$639798.
$:0!S/33$,!7'/;,'
! Z[]^_^``(%Mabcd^e]%I]f^`^]g%`aah%iae%`dcj%bk%_^]%cl]bm^%cedlc(%
kdcn`^%``%lo^%n^b^pdlc%ap%iae]%a_b%qaebl]i(%n^%ael%ap%`af^%_dlo%iae]%bldfdli(%
bk%`racl%qodk^%Gak%pa]%rhdbm%iae%lol%qaebl^bbq^%lol%iae%]^=s%NWd``dr%
Wd``dr%3oh^cj^]^(%>E'FGH'IJKL'JM''''%
! .;A"'%.1'"$1"#/2%/2"0"%,2-/-0(%24''"1%>"/@""1%/2"%?41"0%-9%0/-$4"0%#1'%
,-"+0%40%#%?415"$415%t."0/4-1g%W2C%'-%@"%0/.'C%#>$-#'u%%v.'5415%9$-+%
/2"%:#$4"/C%-9%"K,"$4"1;"0%0;#//"$"'%#;$-00%/2"%,#5"0%-9%/240%400."(%/2"%
#10@"$%;#11-/%>"%04+,?"=%%W4/2-./%41N'",/2%0/.'4"0%-9%"'.;#/4-1#?%#1'%
#1/2$-,-?-54;#?%240/-$C(%-1"%;-.?'%1-/%>"541%/-%.1'"$0/#1'%2-@%0/.'C%
#>$-#'%2#0%":-?:"'%41/-%/2"%;-+415N-9N#5"%"K,"$4"1;"%/2#/%4/%40%/-'#C=
[-$%2.1'$"'0%-9%C"#$0(%C-.15%Q$4/402%0;2-?#$0%/$#:"$0"'%/2"%@-$?'%41%-$'"$%/-%;-19$-1/%
@2#/%@#0%9#$%>"C-1'%/2"4$%9$-1/%'--$%#1'%/-%5#41%1"@%,"$0,";/4:"%-1%/2"4$%-@1%
"K,"$4"1;"0%#1'%"'.;#/4-1=%F-++-1?C%A1-@1%#0%/2"%G$#1'%I-.$(%/2"4$%w-.$1"C%>$-.52/%
/2"+%#;$-00%+.;2%-9%/2"%R.$-,"#1%F-1/41"1/%41%#1%"99-$/%/-%;-11";/%@4/2%/2"%;.?/.$#?(%
#$/40/4;(%#1'%?4/"$#$C%?"5#;C%-9%/2"4$%R.$-,"#1%9-$">"#$0(%/2"%#1;4"1/%G$""A0%#1'%
&-+#10=%%)1%#''4/4-1(%/2"%I-.$%5#:"%/2"+%#;;"00%/-%/2"%+-0/%9#024-1#>?"%0-;4"/4"0%41%
R.$-,"(%#0%@"??%#0%/2"%+-0/%9#+-.0%&"1#400#1;"%,#41/4150%#1'%9$"0;-"0=%
%% I2"%G$#1'%I-.$%>";#+"%,-,.?#$%41%R15?#1'%#0%"#$?C%#0%/2"%04K/""1/2%;"1/.$C%
#1'%40%/2"%0.>w";/%-9%;-.1/?"00%@-$A0%-9%?4/"$#/.$"=%%)1%,-"+0%#1'%1-:"?0(%R15?402%
#./2-$0%'"+-10/$#/"%2-@%0/.'C415%#>$-#'%9-$;"0%/2"+%/-%@4'"1%/2"4$%,"$0,";/4:"=%)1%
240%",4;%,-"+%N.%'O)%2/!%(%W4??4#+%W-$'0@-$/2%$"?#/"0%/2"%Z0.>?4+"s%9""?415%-9%240%
-@1%4104514L4;#1;"%#0%2"%24A"0%/2$-.52%/2"%#?,0=%F-19$-1/"'%@4/2%/2"%5$"#/%+-1/#410%
x 4514L4;#1;"%#0%2"%24A"0%/2$-.52%/2"%D?,0=%F-19$-1/"'%@4/2%/2"%5$"#/%+-.1/#410% I%"9+#,'PQR")%'?4'P"?0"C%R#/-1 y

5. /-@"$415%#>-:"%24+(%W-$'0@-$/2%A1-@0% +-$"%,4;/.$"0=%%v.0/%0/#1'%2"$"%#1'%?--A=s%
2"%40%9#$%9$-+%2-+"=%%T40%0""+415?C%"1'?"00% % O4/"$#/.$"%#>-./%/2"%G$#1'%I-.$%
,-"+%#>-./%240%w-.$1"C%$"+41'0%.0%/2#/%41% $"+41'0%.0%-9%/2"%/4+"?"00%4+,-$/#1;"%-9%0/.'C%
/2"%"#$?C%C"#$0%-9%/2"%G$#1'%I-.$(%/2"%w-.$1"C% #>$-#'%#0%#%;-+415N-9N#5"%"K,"$4"1;"(%#1'%/2#/%
4/0"?9%@#0%:"$C%?-15B%/C,4;#??C(%/2"%/$4,%/--A% /2"%;-1;",/%-9%0/.'C%#>$-#'%2#0%/$#109-$+"'%
-:"$%#%C"#$(%#0%4/%$"t.4$"'%#%;#$$4#5"%$4'"% 04514L4;#1/?C%-:"$%/2"%C"#$0=%I-%>"541%@4/2(%
/2$-.52%[$#1;"(%#%/$"A%#;$-00%/2"%D?,0%41/-% 0/.'"1/0%1-%?-15"$%2#:"%/2"%"K,";/#/4-1%/2#/%
)/#?C(%#1'%/2"1%#%>-#/%#;$-00%/2"%D'$4#/4;%3"#% /2"4$%w-.$1"C%@4??%#??-@%/2"+%#;;"00%/-%,#/$4;4#1%
/-%G$"";"%#1'%F-10/#1/41-,?"=%%D$+"'%@4/2% R.$-,"#1%0-;4"/C=%%3#'?C(%/2"%-,"1%+4;%1452/%
Q#"'#A"$%5.4'">--A0(%/$#:"?"$0%;2";A"'%-99% 41%/2"%02#'C%2-0/"?%?-.15"%40%1-/%;-104'"$"'%
/2"%Z+.0/%0""0s%-9%#1;4"1/%W"0/"$1%R.$-,"=% #$40/-;$#/4;=%I2"%'"0/41#/4-10%2#:"%;?"#$?C%
)1%R=M=%[-$0/"$*0%>'W77('X+6.'>'V+%5&'9#+-.0% ;2#15"'%#0%@"??=%%W24?"%4/%@#0%-1;"%,-,.?#$%/-%
?4/"$#$C%/$#:"?"$%O.;C%T-1"C;2.$;2%40% :404/%-1?C%/2"%;"1/"$0%-9%&"1#400#1;"%;.?/.$"%41%
,#$#?C<"'%@4/2-./%2"$%Q#"'#A"$(%#;;.0/-+"'% R.$-,"(%D+"$4;#1%0/.'"1/0%1-@%5-%/-%D9$4;#%#1'%
/-%.0415%/2"%>--A%#0%#%024"?'%>"/@""1% D04#(%3-./2%D+"$4;#%#1'%D.0/$#?4#=%[.$/2"$+-$"(%
2"$0"?9%#1'%/2"%9-$"4511"00%-9%)/#?C=%)10/"#'% 0/.'C%#>$-#'%40%1-%?-15"$%#%Q$4/402N@24/"N
-9%;-19$-1/415%/2"%#?4"1%@-$?'%#$-.1'%2"$(% .,,"$N;?#00%#;/4:4/C=%%F241#%#1'%)1'4#%1-@%?"#'%
#0%W-$'0@-$/2%'-"0(%O.;C%T-1"C;2.$;2% /2"%@-$?'%41%/2"%1.+>"$%-9%0/.'"1/0%@2-%0/.'C%
;2--0"0%/-%:4"@%-1?C%/2"%5.4'">--A= #>$-#'=%M-$"-:"$(%/2"%,$4;"(%#?/2-.52%1-/%
[-$%+#1C%0/.'"1/0%?4A"%+C0"?9%@2-%:404/"'% 41"K,"104:"(%1-%?-15"$%+#1'#/"0%/2#/%0/.'C%
R.$-,"(%/2"0"%0/-$4"0%0""+%0-+"@2#/% #>$-#'%40%#1%"K,"$4"1;"%$"0"$:"'%9-$%/2"%.,,"$%
$"+4140;"1/%-9%-.$%-@1%"K,"$4"1;"=%%O4A"% ;?#00"0=%%D/%/2"%z14:"$04/C%-9%W40;-1041%#1'%
5--'%R15?402+"1%#1'%R15?402@-+"1(%-.$% +#1C%-/2"$%,.>?4;%410/4/./4-10(%0/.'C%#>$-#'%40%
"'.;#/4-1%+#C%2#:"%41;?.'"'%#%:404/%/-% /2"%0#+"%,$4;"%#0%41N0/#/"%/.4/4-1=
[$#1;"(%)/#?C%#1'%G$"";"=%%W"%@#?A"'%/2"4$% % J-%+#//"$%/2"%'"0/41#/4-1(%0/.'C%#>$-#'%
/241%;->>?"'%0/$""/0(%$.02415%,#0/%?-;#?0%41% -99"$0%/2"%.14t."%-,,-$/.14/C%/-%9#;"%/2"%@-$?'%
;#9{0%41%-$'"$%/-%,.$0."%-.$%,.$,-0"%@4/2%#% 9#$%>"C-1'%-.$%9$-1/%'--$0=%%3/.'C%#>$-#'%40%
+#,%#1'%#%5.4'">--A=%%)10/"#'%-9%Q#"'#A"$0(% 1-/%"#0CB%1-%-1"%0#4'%4/%@#0=%%O4A"%/2"%G$#1'%
@"%@"$"%"t.4,,"'%@4/2%&4;A%3/":"0(%#%+#1% I-.$(%4/%40%#1%"'.;#/4-1=%%D1'%9-$%+#1C%-9%.0(%
@2-%A1"@%@2#/%@"%@#1/"'%/-%0""%#1'% 0/.'C%#>$-#'%40%#1%"'.;#/4-1%/2#/%,$"0"1/0%#1%
5-/%.0%/2"$"%-1%#%?-@%>.'5"/=%%W"%0-.52/% .1;-+9-$/#>?"%9""?415%-9%>"415%#%9-$"451"$%41%#%
#1;4"1/%$.410(%;2";A415%/2"+%-99%?4A"%;-.$0"% 9-$"451%?#1'=%%F-19$-1/"'%@4/2%#1%#?4"1%?49"0/C?"(%
$"t.4$"+"1/0=%% @"%;#11-/%2"?,%>./%9""?%'499"$"1/%#1'%+#C>"(%
% O4A"%O.;C%T-1"C;2.$;2(%)%9"#$"'% ?4A"%W-$'0@-$/2(%#%>4/%0+#??=%%3/.'C%#>$-#'%
/2-0"%Z0.>?4+"s%+-+"1/0(%/2"%-1"0%/2#/% 40%#%;2#??"15"%/-%-:"$;-+"%-.$%'499"$"1;"0%
@-.?'%$"+41'%+"%)%@#0%#%9-$"451"$(%#1% #1'%L41'%@2-%@"%/$.?C%#$"%41%/2"%9#;"%-9%-.$%
41;-10"t."1/4#?%C-.15%L402%41%#%,?#;"% 1"@9-.1'%4104514L4;#1;"=%%)/%40%#1%41:4/#/4-1%/-%
'$-@1"'%41%240/-$C=%Q./%0-+"/4+"0(%)% 02"'%-.$%/-.$40/%0A41(%/#A"%-.$%1-0"0%-./%-9%-.$%
0/--'%41%#@"%?4A"%W-$'0@-$/2%'4'=%%W2"1% 5.4'">--A0(%#1'%$"+-:"%/2"%;#+"$#%?"10"0%
)%$-.1'"'%/2"%;-$1"$%-9%/2"%E4#<<#%'"??#% 9$-+%-.$%"C"0=%M-$"%/2#1%#1C%-/2"$%"K,"$4"1;"(%
&-/.1'#(%+C%0/-+#;2%'$-,,"'=%%I2"$"%@#0% 0/.'C%#>$-#'%#??-@0%.0%/-%$"#??C%?--A%#/%/2-0"%
/2"%E#1/2"-1(%2"#:C%#1'%#1;4"1/(%04//415% Z9-$"451"$0s%#$-.1'%.0%#1'%/-%0""%-.$0"?:"0%
/2"$"%0/.>>-$1?C%#+4'0/%/2"%>.0/?415%;4/C=%%)% 41%/2"+B%4/%>?.$0%-.$%1-/4-10%-9%>-.1'#$4"0%
#??-@"'%+C0"?9%/-%9""?%+C%-@1%+41./"1"00% #1'%1#/4-10(%#1'%;#.0"0%.0%/-%0/#1'%41%#@"%-9%
@2"1%9#;"'%@4/2%/240%"1'.$415%+#00%-9% 2.+#14/C%#1'%-.$%,?#;"%41%4/%!
;-1;$"/"(%0#C415%/-%+C0"?9(%ZD??%$452/%1-@(%1-%
S"),")%6'-6/!+%!'5+6.'TU='>?)7"!'+#'V+%##"'
Y !/)+#,'6.%'-<)+#,'78'@AA;&'"#!'6)"9%2%!'67'T6"24&' D")65.%%2-'+#'T)/4"&'>),%#6+#"'?4'IC?"$%3;2#,," |

6. D.0/$#?4#(%$#1%9$-+%;$-;-'4?"0%41%/2"%1-$/2"$1% @4/2%24+%@#0%1"@%#1'%"K;4/415=%)%2#'%#?@#C0% % )%2#'%/-%;2--0"%>"/@""1%/2"%D+"$4;#1%
)%
/$-,4;0(%#1'%0-.52/%02"?/"$%9$-+%L?--'415%41% 0-.52/%#':"1/.$"%41%+C%?49"(%#1'%)%9-.1'%4/%@4/2% #1'%/2"%D.0/$#?4#1=%)1%v.?C%677S%)%?"9/%D.0/$#?4#%
"K,";/"'%":"$C-1"%41%D.0/$#?4#%/-% /2"%2.5"%1-$/2"$1%:#??"C%$#15"0=%T40%0/",'#'% v#$$#2= /-%5-%>#;A%/-%+C%>-C9$4"1'=%)%'4'1*/%0?"",%/2"%
>"%?4A"%F$-;-'4?"%!.1'""=%%)%/2-.52/% ,$-,-0"'%/-%240%+-+%-1"%'#C%@2"1%/2"C% % Q./%-.$%414/4#?%2#,,41"00%@#0%02-$/N "1/4$"%86N2-.$%L?452/%2-+"=%)%;$4"'%#0%/2"%,?#1"%
D.0/$#?4#10%'$-:"%/2$-.52%+.'% @"$"%-./%41%#%>-#/%04//415%41%;$-;-'4?"N419"0/"'% ?4:"'=%)%@#0%0/4??%41%?-:"%@4/2%+C%>-C9$4"1'% ?49/"'%-99%/2"%5$-.1'%41%3C'1"C%>";#.0"%4/%9"?/%
41%2.5"%@24/"%v"",0%#1'%2.1/"'% @#/"$0=%Z)9%C-.%0#C%1-(%)*+%w.+,415%41(s%240% @24?"%)%@#0%9#??415%9-$%v#$$#2=%QC%v.1"(%v#$$#2% ?4A"%)%@#0%?"#:415%>"241'%1-/%-1?C%,#$/%-9%+C%
;$-;-'4?"0%41%/2"4$%0,#$"%/4+"=%)% 0/",'#'%0#4'=%[-$/.1#/"?C(%02"%0#4'%C"0= #1'%)%@"$"%,$#;/4;#??C%41%#%9.??NL?"'5"'% 2"#$/(%>./%+C%/$."%2-+"=%D9/"$%/@-%'#C0%>#;A%
?"#$1"'%#%?-/%9$-+%+C%/4+"%0/.'C415%#>$-#'%41% % v#$$#2*0%0/-$4"0%#1'%5"1.41"%0-.?%@-1% $"?#/4-1024,(%>./%)%@-.?'%5-%/2$-.52%,2#0"0% 41%W40;-1041(%+C%>-C9$4"1'%#1'%)%>$-A"%.,=%
D.0/$#?4#(%>./%+-0/%4+,-$/#1/?C(%)%9"??%41%?-:"% +"%-:"$=%)%A400"'%24+%#/%#%9$4"1'*0%>4$/2'#C% -9%>"415%+"#1%/-%24+~1-/%%>";#.0"%)%'4'1*/% )%/-?'%24+%@2#/%2#,,"1"'%@4/2%v#$$#2(%#1'%
@4/2%#1%D.004"= ,#$/C%41%D,$4?(%#1'%@"%9"??%9-$%"#;2%-/2"$%9#0/=% @#1/%/-%>"%@4/2%24+(%>./%>";#.0"%)%@#0%#15$C% 2"%@#0%;$.02"'=%)%/-?'%+C0"?9%/2#/%49%)%9-.1'%
% )%@#0%1-/%?--A415%9-$%?-:"%#/%#??%@2"1% I2"%'#C0%)%0,"1/%@4/2%24+%@"$"%#+#<415=%W"% @4/2%+C0"?9%9-$%;2"#/415%-1%+C%>-C9$4"1'=%)% 2#,,41"00%@4/2%#1-/2"$%5.C(%0-+"/2415%@#01*/%
!"#$%&#'(%)(&*"+%',-.%/#0*
)%?#1'"'%41%3C'1"C=%)%2#'%#%0/"#'C%>-C9$4"1'% @-.?'%/#A"%?-15%@#?A0%/2$-.52%/2"%0.>.$>% $"+"+>"$%/241A415%#/%/2"%/4+"%/2#/%+C%2"#$/%
:0!U/))/+!@,)%,
41%/2"%z=3=(%#1'%)%@#01*/%$"#'C%/-%>?-@%-.$% @2"$"%2"%?4:"'(%5-%9-$%#%0#4?%-1%3C'1"C%T#$>-$(% @#0%>45%"1-.52%/-%>"%41%?-:"%@4/2%>-/2%-9%/2"+=%
$"?#/4-1024,%-1%#%L?415%41%#1-/2"$%;-.1/$C=%MC% -$%w.0/%2#15%-./%#/%2-+"=%}1"%/4+"%2"%+#'"%+"% )1%/2"%"1'(%4/%@#01*/=
>-C9$4"1'%#1'%)%2#'%'#/"'%9-$%9-.$%C"#$0%#1'% @#?A%/2"%"1/4$"%?"15/2%-9%/2"%3C'1"C%T#$>-$%
/#?A"'%#>-./%5"//415%"15#5"'=%)%/2-.52/%/2#/% Q$4'5"(%#%/-/#?%-9%V(YYV%9""/(%41%2452%2""?0=%
)%@#0%$"#'C%/-%0"//?"%'-@1%#1'%0/#$/%#%9#+4?C(% W2"1%)%;-+,?#41"'(%2"%?--A"'%#/%+"%#1'%0#4'(%
>./%+C%"K,"$4"1;"%/$#:"?415%#1'%0/.'C415%41% Z)9%@"%'-1*/%A"",%5-415(%C-.%@4??%@-1'"$%C-.$%
D.0/$#?4#%+#'"%+"%$"#?4<"%/2#/%)%@#0%C-.15%#1'% "1/4$"%?49"%@2#/%4/%@-.?'%>"%?4A"%/-%@#?A%#;$-00%
2#'%/2"%@2-?"%@-$?'%41%9$-1/%-9%+"= /2"%3C'1"C%T#$>-$%Q$4'5"=s%)%$-??"'%+C%"C"0%
% )%+"/%v#$$#2%-1%+C%>-C9$4"1'*0% #/%/2"%/4+"(%>./%2"%@#0%$452/=%R:"$C/2415%)%'4'%
>4$/2'#C=%T40%0-9/%9#;4#?%9"#/.$"0%#1'%>45%0+4?"%
$":"#?%/2"%;2#$40+#%#1'%;2#$+%/2#/%+#A"%":"1%
/2"%+-0/%$"0"$:"'%,"-,?"%-,"1%.,%/-%24+=%T"%
@4??%/#?A%/-%#1C-1"%@2-%?40/"10%#>-./%240%?49"%
5$-@415%.,%-1%#%24,,4"%;-++.1"(%240%'$"#+0%
-9%>";-+415%#1%D.0/$#?4#1%L4?++#A"$(%#1'%240%
0A4??%-1%/2"%9--/>#??%L4"?'=%T"%40%1#+"'%#9/"$%#1%
D.0/$#?4#1%".;#?C,/.0%/$""(%/2"%v#$$#2%/$""(%#1'%
2#0%0,"1/%#%5--'%,#$/%-9%240%?49"%/$#:"?415%#1'%
?4:415%/2$-.52-./%D.0/$#?4#=
% W"%.0"'%/-%0/#C%.,%9-$%2-.$0%/#?A415%
#1'%?#.52415%#>-./%/2"%'499"$"1/%@-$?'0%@"%
5$"@%.,%41=%I2"%L4$0/%0/-$C%2"%/-?'%+"%@#0%
#>-./%/2"%24,,4"%;-++.1"%2"%5$"@%.,%-1%
#1'%2-@%240%,#$"1/0%'":-/"'%/2"4$%?4:"0%/-%
2"?,415%-/2"$0%/2$-.52%#''4;/4-10(%2#$'024,0%
#1'%,-:"$/C=%!.$415%240%;24?'2--'(%2"%?4:"'%
41%#?+-0/%":"$C%$"54-1%-9%D.0/$#?4#=%T"%;./%
'-@1%".;#?C,/.0%/$""0%41%/2"%F"1/$#?%F-#0/(%
0"$:"'%#0%#%;#>?"%/";214;4#1%41%$.$#?%D.0/$#?4#(%
01-@>-#$'"'%41%/2"%+-.1/#410%-9%3-./2"$1%
S =4!#%4'P<%)"'R7/-%'?4'T#11#2%W"1/" 87

7. $452/%@4/2%-.$%$"?#/4-1024,=%O--A415%>#;A(%
)%$"#?4<"%/2#/%#??%/2$-.52%-.$%$"?#/4-1024,%)%
"+>#$$#00"'%#>-./%1-/%2#:415%02-"0%41%#%9#1;C% 0/$.55?"%/-%"K,?#41%-.$%
2#'%>""1%$"0/?"00=%)%2#'%9-.1'%2#,,41"00%#1'%
+#??%/2#/%)%$#1%>#$"9--/%/-%/2"%>#/2$--+%#1'% ;-.1/$4"0*%0-;4#?%1-$+0%/-%
#':"1/.$"%41%3C'1"C%@4/2%v#$$#2=
@#4/"'%41%/2"$"%.1/4?%2"%;#??"'%/-%0#C%2"%@#0% "#;2%-/2"$(%)%>"?4":"%-.$%
% )%1":"$%,4;/.$"'%+C0"?9%9#??415%41%?-:"%
L41402"'=%)1%+C%+41'(%":"$C-1"%@#0%?--A415% ;.?/.$#?%'499"$"1;"0%2"?,%
@24?"%0/.'C415%#>$-#'=%R:"$C%'#C%@"%9#;"%/2"%
#/%+"%#1'%w.'5415%+"%>";#.0"%)%@#0%>#$"9--/=% .0%?"#$1%9$-+%"#;2%-/2"$=
;2#??"15"0%-9%#%?-15N'40/#1;"(%;$-00N;.?/.$#?%
)/%+#'"%+"%0-%410";.$"%#1'%"+>#$$#00"'%w.0/% % v#$$#2%#1'%)%2#:"%
$"?#/4-1024,=%W"%2#:"%#%,2$#0"%@"%?4A"%/-%0#C%
>";#.0"%41%/2"%z=3=%4/%40%0/#1'#$'%/-%@"#$%02-"0% 0,"1/%/2$""Nt.#$/"$0%
@2"1%@"%'-1*/%.1'"$0/#1'%"#;2%-/2"$g%ZO=Q=s%
/-%02-,,415%+#??0= -9%-.$%$"?#/4-1024,%-1%
)/%0/#1'0%9-$%?#15.#5"%>#$$4"$=%}1"%/4+"%@2"1%
% )%#?0-%0/$.55?"%/-%"K,?#41%/2"%/$."% '499"$"1/%;-1/41"1/0=%W"%
)%@#0%2#:415%#%>#'%'#C%#/%@-$A(%v#$$#2%/-?'%+"%
1#/.$"%-9%D+"$4;#10%/-%24+%>";#.0"(%?4A"% 2#:"%-:"$;-+"%1-/%-1?C%
/-%/"??%+C%>-00%/2#/%)%@#0%ZL?#/%-./%?4A"%#%?4<#$'%
0-%+#1C%-/2"$0(%2"%>"?4":"0%D+"$4;#10%#$"% /2"%#;2"%-9%>"415%#,#$/%
'$41A415=s%)%0#4'(%ZW2#/u%O=Q=(s%#1'%>.$0/%-./%
451-$#1/%#1'%#$$-5#1/=%G"1"$#?4<#/4-10%#>-./% >./%#?0-%/2"%;.?/.$#?%
?#.52415=%T"%"K,?#41"'%/-%+"%/2#/%4/%+"#1/%)%
D+"$4;#10%9$.0/$#/"%+"%#1'%+#A"%+"%'"9"1'% '499"$"1;"0%/2#/%;2#??"15"%
@#0%$"#??C%>.0C=%
+C%9$4"1'0%#1'%9#+4?C=%I2"%@-$A%;.?/.$"0%-9%-.$% .0%-1%#%$"5.?#$%>#040=
% ZO=Q=s%#?0-%0/#1'0%9-$%;.?/.$#?%
;-.1/$4"0%#$"%#?0-%:"$C%'499"$"1/=%D.0/$#?4#10% % !"0,4/"%>"415%
'499"$"1;"0=%3-+"/4+"0%@"%5"/%9$.0/$#/"'%
'-1*/%@-$$C%+.;2%#>-./%5"//415%w->0(% 2#?9%#%@-$?'%#,#$/(%v#$$#2%
@4/2%"#;2%-/2"$%>";#.0"%-9%/2"%'499"$"1/%
@-$A415%2#$'(%#1'%+-:415%.,%/2"%;-$,-$#/"% #1'%)%2#:"%'";4'"'%/-%
0-;4"/4"0%@"%5$"@%.,%41=%}1"%'#C%@"%@"1/%/-%
?#''"$=%D+"$4;#10%/C,4;#??C%?4:"%/-%@-$A(%>./% 54:"%-.$%$"?#/4-1024,%
#%+#??%41%3C'1"C%0-%/2#/%v#$$#2%;-.?'%5"/%240%
D.0/$#?4#10%@-$A%/-%?4:"=%W24?"%)%0,"1/%/2"% #%;2#1;"=%)%'-1*/%A1-@%
'$4:"$*0%?4;"10"%$"1"@"'=%)1%D.0/$#?4#(%,"-,?"%
,#0/%9-.$%C"#$0%-9%+C%?49"%@-$$C415%#>-./% @2"$"%-.$%$"?#/4-1024,%
-9/"1%@#?A%>#$"9--/%41%,.>?4;(%0-%4/%@#0%1-%
;?#00"0(%41/"$1024,0%#1'%5"//415%#%9.??N/4+"%w->(% @4??%/#A"%.0B%#??%)%A1-@%40%
0.$,$40"%@2"1%v#$$#2%9-$5-/%240%02-"0=%)%?"/%24+%
2"%/--A%/4+"%/-%0""%/2"%@-$?'=%D?/2-.52%@"% /2#/%)%#>0-?./"?C%?-:"%24+%
>-$$-@%+C%0#1'#?0%9-$%/2"%!M•(%>./%)%@#0%0-%
9-$%@2-%2"%40%#1'%@2-%2"%
;2#??"15"0%+"%/-%>"=
% 3/.'C415%#>$-#'%
;2#15"'%+C%?49"=%I@-%
C"#$0%#5-(%)%;-.?'%1-/%
2#:"%4+#541"'%9#??415%41%
?-:"%41%#%9-$"451%;-.1/$C=%
)%1-%?-15"$%/241A%/2#/%C-.%
;#1%,?#1%C-.$%?49"=%W2"1%
/$#:"?415%-$%0/.'C415%
#>$-#'(%)%0.55"0/%
#,,$-#;2415%":"$C%
"K,"$4"1;"%@4/2%-,"1%
#$+0=%€-.%;#1*/%4+#541"%
@2#/%C-.%@4??%?"#$1%#1'%
@2#/%C-.%@4??%L41'%!
["?4'S7#$%4'#"5+#,'7#'S4'=5%"6-.+)6'?4'v-"%E-@"??
R"##".'-6/!+%!'"?)7"!'+#'6.%'-<)+#,'78'@AA;'"6'S"*Y/")+%'Z#+9%)-+64&'#%")'=4!#%4C'=.%'5+22')%6/)#'67'
>/-6)"2+"'6.+-'S"4'67'-6")6',)"!/"6%'-*.772'"6'6.%'Z#+9%)-+64'78'=4!#%4C'
88 +?)"26")'S7#$%4'?4'v-"%E-@"?? 86

8. !"#$%&'("
)(!&*+,-.-&, O")+-'?4'P"?0"C%R#/-1
O")+-'?4'P"?0"C%R#/-1
:0!V/0L/!]//K, 041;"%4/%$"+41'"'%+"%-9%2-@%9#$%)%@#0%9$-+% /-%+C%2-0/%+-+%/2#/%@"%#/"%":"$C/2415% .14t."%#1'%,"$0-1#?%'$#@415%9$-+%"#;2%-9%
9#+4?C(%9$4"1'0%#1'%#1C/2415%9#+4?4#$(%@#0% #/%/2"%0#+"%/4+"%#1'%-1%/2"%0#+"%,?#/"(%#% +C%9#+4?C%+"+>"$0=
ZW2#/*0%I2#1A054:415us% 1-@%#%'#C%)%@#0%5$"#/?C%#1/4;4,#/415=%)%@-.?'% :"$C%.1N[$"1;2%;.0/-+=%32"%0""+"'%#?+-0/% % R:"$C-1"%@#0%5"//415%2.15$C(%0-%@"%
2#:"%#%;2#1;"%/-%02#$"%#%,4";"%-9%+C%;.?/.$"% 1"$:-.0%#>-./%4/(%>./%)%"19-$;"'%/2"%$.?"%#1'% #??%2"#'"'%/-%/2"%/#>?"%9-$%/2"%9"#0/=%)/%@#0%
M
C%[$"1;2%2-0/%+-+%#1'%'#'%?--A"'% #1'%54:"%0-+"/2415%,$4;"?"00%/-%/2"%9#+4?C% /-?'%/2"+%/-%1-/%@-$$C= /4+"%9-$%/2"%9#+4?C%/-%/#0/"%/2"%9--'%)%2#'%
#/%+"%41t.404/4:"?C%#0%49%/2"C%2#'% /2#/%2#'%/#A"1%+"%41= % Q"9-$"%/2"%+"#?(%@"%2#'%0-+"% 0,"1/%#??%'#C%,$",#$415=%I2"C%'-:"%$452/%
w.0/%#0A"'%@2#/%#%@-$'%41%R15?402% % I2"%>45%'#C%L41#??C%#$$4:"'=%32-,,415% #,,"/4<"$0%#1'%@#4/"'%9-$%":"$C-1"%/-% 41%#1'%>"5#1%,#00415%,?#/"0%#1'%'402415%
+"#1/(%1-/%/-%"K,?#41%#1%"1/4$"%/$#'4/4-1%#1'% @#0%#1%#':"1/.$"%41%4/0"?9=%)%;-.?'%/"??% #$$4:"=%)%2#'%;-1/"+,?#/"'%'-415%#%0+#??% -./%9--'%9-$%":"$C-1"=%O#.52/"$%#1'%9#+4?C%
2-?4'#C=%O4A"%+#1C%-/2"$%D+"$4;#10(%)%2#'% /2"C%@"$"%0A",/4;#?%-9%+C%;2-4;"0=%I2"C% #;/4:4/C%@4/2%/2"+%>"9-$"2#1'(%#1'%#5#410/% /#?A%L4??"'%/2"%$--+=%I2"%9--'%@#0%#%>45%
5$-@1%.,%;"?">$#/415%I2#1A054:415%":"$C% $";-514<"'%#??%-9%/2"%415$"'4"1/0%0#:"%#%9"@(% +C%>"//"$%w.'5+"1/(%)%'";4'"'%/-%5-%#2"#'% 0.;;"00=%I2"C%@"$"%0.$,$40"'%>C%2-@%5--'%
C"#$%-9%+C%?49"B%4/%@#0%,#$/%-9%+C%;.?/.$"% >./%/2"%;-+>41#/4-10%41%@24;2%/2"C%@"$"% @4/2%4/=%D!6%&&#!14!/)#!%&L#!,L,=,)! ":"$C/2415%@#0=%I2"%,.+,A41%,4"%@#0(%-9%
#1'%+C%4'"1/4/C=%)%9-.1'%L45.$415%-./%2-@%/-% +4K"'%@"$"%9-$"451%/-%/2"+=%D9/"$%2#:415% ;-.$0"(%/2"%24/%-9%/2"%1452/=%)%'";4'"'%/-%
"K,?#41%/2"%;-1;",/%/-%,"-,?"%-9%#%'499"$"1/% /$4"'%1"@%/24150%":"$C%'#C%9-$%/2"%?#0/%9"@% F',)*+!/#1L%6!%+/%!>,!>&1L#!:,! 2#:"%/2"+%,#$/#A"%41%#%9#+4?C%/$#'4/4-1%41%
;.?/.$"%41%#%'499"$"1/%?#15.#5"%/-%>"%#%?4//?"% +-1/20(%)%$"#??C%?4A"'%/2"%4'"#%-9%>"415%/2"% ;/K$)3!+/)#!%1'K,06=%)%"K,?#41"'% @24;2%":"$C-1"%0#C0%@2#/%/2"C%#$"%/2#1A9.?%
/$4;AC=%)%/$4"'%/-%"K,?#41%/2"%>#04;0H9--'(% -1"%54:415%0-+"/2415%1"@%/-%/$C=%W"%9-.1'% 2-@%/-%/$#;"%C-.$%-,"1%2#1'%-1%/2"%,#,"$% 9-$%9$-+%?#0/%C"#$=%I2"C%#??%/--A%/2"4$%/.$1%
9#+4?C(%9$4"1'0(%9--/>#??H>./%/2"0"%'"/#4?0% w.0/%#>-./%":"$C/2415%#1'%#%9"@%@-$/2C% #1'%/2"1%'";-$#/"%4/%/-%?--A%?4A"%#%/.$A"C=% #1'%?40/"1"'=%R#;2%,"$0-1%2#'%@-1'"$9.?%
'4'1*/%0""+%/-%;#,/.$"%/2"%"00"1;"%-9%/2"%'#C=% $",?#;"+"1/0=%MC%9#:-$4/"%'40;-:"$C%@#0% D0%)%,#00"'%#$-.1'%/2"%,#,"$%#1'%;-?-$"'% /24150%/-%0#C(%#1'%/2"%2-.0"%@#0%L4??"'%@4/2%
)%@"1/%-1%/-%'"0;$4>"%2-@%+C%9#+4?C%.0"0%/2"% F#+,>"??*0%;$"#+%-9%+.02$--+%0-.,%%41%/2"% ,"1;4?0(%)%>"5#1%/-%/241A%/240%@#0%#%/"$$4>?"% @2#/%)%;-.?'%-1?C%'"0;$4>"%#0%N."#$-,+9+#,=%
2-?4'#C%#0%#1%-,,-$/.14/C%/-%$"L?";/%-1%/2"% 9-$"451%9--'0%0";/4-1=%)%'-1*/%/241A%/2"%?#'C% 4'"#=%W2#/%49%/2"C%/2-.52/%/240%@#0%;24?'402% D%!>/6!L&=,8!-/;$L08!3'/%$%1#,8!
C"#$%5-1"%>C%#1'%"K,$"00%-.$%5$#/4/.'"=%W"% #/%/2"%;2";A-./%.1'"$0/--'%+C%"1/2.04#0+% #1'%)%@#0%,#/$-14<415%/2"+u%M.;2%/-%+C%
"#/%#??%'#C%#1'%0,"1'%/4+"%/-5"/2"$=%MC%2-0/% -:"$%#%;#1%-9%0-.,%/2#/%02"%,$->#>?C%2#'1*/% 0.$,$40"(%/2-.52(%/2"C%0/#$/"'%$452/%#@#C% L/13+%,'!/)#!K$)#),66!/LL!/%!
9#+4?C%#;/.#??C%?-:"'%/2"%4'"#=%I2"C%?-:"'% ":"1%A1-@%"K40/"'=% @4/2%?-/0%-9%"1/2.04#0+=%D?#41(%+C%2-0/%.1;?"(% &)*,^!D?/2-.52%)%2#'%#1/4;4,#/"'%#%?-1"?C%
4/%0-%+.;2(%41%9#;/(%/2#/%/2"C%@#1/"'%-1"%-9% % )%2#'%1":"$%;--A"'%#%+"#?%9-$% 0/#$/"'%>$#55415%#>-./%2-@%240%@#0%5-415%/-% 2-?4'#C%9#$%9$-+%2-+"(%@4/2-./%A1-@415%
0-%+#1C%,"-,?"(%?"/%#?-1"%I2#1A054:415% >"%/2"%>"0/=%I2"C%0/#$/"'%?--A415%9-$%0,";4L4;% 4/(%+C%2-0/%9#+4?C%2#'%54:"1%+"%/2"%+-0/%
/2"4$%-@1=%E+,0!>/)%,#!;,!%&!3$=,!
9-$%[$"1;2%,"-,?"=%I2"%/#0A%>";#+"% 02#'"0%#1'%?#.52415%#/%"#;2%-/2"$*0%2#1'% +"+-$#>?"%I2#1A054:415%-9%+C%?49"%!
%+,;!E+/)K63$=$)3^%)%410/#1/?C%?-:"'% +-$"%#1'%+-$"%'#.1/415(%>./%-1;"%)%5-/% /$#;4150=%I2"%$--+%@#0%?4:"?C%#1'%9.??%-9%>-/2%
/2"%4'"#%#1'%0/#$/"'%,?#11415%/2"%+"1.%$452/% 0/#$/"'(%4/%>"5#1%/-%9""?%+-$"%#1'%+-$"%?4A"% ,$#40"%#1'%;-+,"/4/4:"%/"#0415=%I2"C%+#'"%
#@#C=%W2#/%2#'%>""1%#%'#C%)%@#0%'$"#'415(% I2#1A054:415=%M.;2%/-%-.$%0.$,$40"(%#??%-9% /2"%>"0/%#1'%+-0/%;$"#/4:"%2#1'%/.$A"C0%)% 3"42"'-6/!+%!'+#'W%##%-&'])"#*%'!/)+#,
8V /2"%9--'%@#0%,$",#$"'%-1%/4+"%#1'%?--A"'%
t.4/"%5--'=%)/%@#0%#%?4//?"%'49L4;.?/%/-%"K,?#41%
2#'%":"$%0""1(%54:415%+"%/2"%>"0/%549/0%#1'%
0-.:"14$0%)%;-.?'%":"$%2#:"%4+#541"'H#%
]"22'@AA;C'
8X

9. S77#'W+-%&'=/#'=%6'?4'32#.1%D.A?#1'
Kabuki Switch
:0!VE!U&>/'#
F-0/.+"'%41%5#$'"10%#1'%+-:415%2-@%#%,#41/415% )1:4/"%.0%41/-%#%+#54;#?%?#1'%/2#/%$"+-:"0%-.$%>$"#/2%@4/2%
02-.?'%1-/(%/2"%#;/-$0%$-??%#;$-00%/2"%0/#5"%?4A"%/2"% /2"%@-$?'%-./04'"=
-;"#1=%
% )9%+C%@-$?'%40%'.??%/-%+"(%40%C-.$%@-$?'%'.??%/-%C-.u%%
T-@%/2"C%+-:"%41%0.;2%$"0/$4;/415%:41"0%40%#1%#$/%@"% !-%C-.%+#$:"?%#/%+C%0+#??%2-+"%@24?"%)%#'+4$"%C-.$%
;#??%P#>.A4=%
% -,"1%-1"u%%
E"$9-$+%#%+C/2%A1-@1%/-%.0%>./%@-:"1%@4/2%/2"% E"$2#,0(%49%@"%0@4/;2%?4:"0%w.0/%9-$%#%'#C(%@"%;#1%?4:"%41%/2"%
/2$"#'%-9%v#,#1"0"=% % +#w"0/C%@"%;#??%/2"%}/2"$=%%
)%'-%1-/%@402%/-%.1'"$0/#1'%/2"%/2$"#'(% )%@4??%5-%/-%C-.%#9/"$%/2"%02-@(%@"%02#??%0@4/;2%9#;4#?%
>./%/2"%/#,"0/$C=%
% +#$A4150(%@"%02#??%?"#$1%/2"%}/2"$%#1'%?"#$1%/-%?-:"%-.$%
I"??%.0%#%/#?"%@2"$"%@-$'0%#$"%$4:"$0%#1'%0"/%,4";"0% T-+"H#,,$";4#/"%/2"%?#1'%@2"$"%@"%@"$"%>-$1=%!
#$"%/$""0=%
%
3N'+-'*/))%#624'5"+6+#,'87)'"'*7#^+)("6+7#'67'-6/!4'"?)7"!'+#'I7#!7#'+#'6.%'
8"22'78'@A_AC'N.+-'<7%('5"-'+#-<+)%!'?4'`")/$"(+&'"'$"?/$+'<)7!/*6+7#'?4'
6.%'Z#+9%)-+64'O2"4%)-C
8x
8y

10. T
"%40%+.;2%>455"$%/2#1%+"=%3/#1'415%#% -9%+"?/"'%@#K=%)%02$4"A"'(%;-:"$"'%+C%"C"0(%#1'%
>4/%/--%;?-0"%9-$%;-+9-$/(%#?;-2-?%-1%240% >-?/"'%-./%-9%/2"%$--+=
!!!!!"#$!
>$"#/2=%D%:#5."(%?-15N415$#41"'%0"10"% % )%@#0%/"1%C"#$0%-?'%41%/2"%9#??%-9%6778(%
-9%+C%5"1'"$*0%:.?1"$#>4?4/C%0.$9#;"0%41%+"(% #1'%+C%.1'"$0/#1'415%-9%/"$$-$40+%-$%/2"%
?4A"%/2"%L41"%>.>>?"0%0?-@?C%$40415%41%/2"%$"'% W-$?'%I$#'"%F"1/"$%@#0%2#<4"$%":"1%/2#1%
;.,%2"%;?./;2"0=%W"%+#A"%,$-0/2"/4;%,#$/C% +C%4'"#%-9%D+"$4;#(%#%0"+4N+C/24;#?%?#1'%-9%
;-1:"$0#/4-1(%@2#/*0%C-.$%+#w-$(%-2%/2#/*0% "K;4/415%2"'-140+(%9#024-1#>?C%4++-'"0/%
;--?(%@2"$"%'-%C-.%?4:"(%C"#2%/2"%'-$+0(%5-'%)% ;?-/2"0(%5--'%"'.;#/4-10(%#1'%14;"(%;2.>>C%
$"+"+>"$(%#1'%/2"1%;-+"0%/2"%41":4/#>?"(%0-% ,"-,?"=%Q./%Sƒ88(%#1'%/2"%C"#$0%#9/"$%4/(%
0"#$"'%/2"%4'"#%-9%9.1'#+"1/#?40/%)0?#+%
!!%&'($)!
@2"$"%#$"%C-.%9$-+u
% )%#0A%24+(%'-%C-.%@#1/%/2"%?-15% #1'%?4>"$#?(%0";.?#$%D+"$4;#H"/"$1#??C%#/%
#10@"$%-$%/2"%02-$/%-1"u -''0%@4/2%#1'%'"/"$+41"'%/-%'"0/$-C%"#;2%
% W2"1%)%/"??%,"-,?"%/2"%@2-?"%0/-$CH -/2"$H41/-%+C%;-10;4-.01"00=%3?-@?C(%)%
#0%;-1;40"?C%#0%)%;#1H/2#/%)%@#0%>-$1%41%)1'4#(% ;#+"%/-%;-+,$"2"1'H1-/%"+,#/24<"%@4/2H
5$"@%.,%41%}+#1%•#%+4'N04<"'%+-1#$;2C% @2#/%)%;-.?'1*/%>"9-$"g%$#'4;#?%)0?#+*0%$#5"%
41%/2"%M4''?"%R#0/%>-$'"$415%3#.'4%D$#>4#‚% #5#410/%/2"%W"0/=%MC%/""10%@"$"%#%/4+"%@2"1%
+-:"'%/-%F#1#'#%#/%04K/""1(%#1'%/2"1%?"9/%9-$% '40#,,$-:#?%-9%/2"%z=3=(%>-/2%41%D$#>%0/#/"0%
*'+,$)
/2"%5415"$>$"#'%2-.0"0%-9%F24;#5-%0.>.$>4#% #1'%41%/2"%41/"$1#/4-1#?%;-++.14/C(%@#0%#/%#1%
#/%0":"1/""1(%/2"4$%"C"0%@4'"1%41%#1%#?+-0/N #??N/4+"%2452=%D+"$4;#*0%.14?#/"$#?40/%9-$"451%
'40>"?4"9(%#1'%2"%40%1-%"K;",/4-1=%I2#/*0%;--?(% ,-?4;C(%@#$%41%)$#t(%0.,,-$/%9-$%)0$#"?(%#1'%4/0%
2"%9.+>?"0(%"C"0%$-:415%-:"$%+"=%€-.%5$"@%.,% 5"1"$#?%#00.+,/4-1%-9%/2"%$-?"%-9%5?->#?%,-?4;"%
41%/2"%M4''?"%R#0/u%W-@=%€-.$%R15?402%40%?4A"% 9-$;"%@-1%-:"$%:"$C%9"@%,"-,?"=%M#1C%41%/2"%
,"$9";/=%€"#2=%€-.%0""+%$"#??C%1-$+#?(%@-@= 41/"$1#/4-1#?%;-++.14/C%0#@%$#1A%2C,-;$40C%
% )%0-+"/4+"0%/#A"%/2"%"#04"$%$-./"(% 41%/2"%z=3=*0%$2"/-$4;%-9%'"+-;$#;C%#1'%2.+#1%
:0!9/'/+!S/%+,>6 0#C%)*+%9$-+%T-99+#1%R0/#/"0(%)??41-40(%2-@% $452/0%@2"1%4/%@#0%w.K/#,-0"'%@4/2%D+"$4;#1%
>-./%C-.u%)1%+C%0A411C%w"#10%#1'%#;;"1/?"00% ,$#;/4;"0%41%D>.%G2$#4>%#1'%G.#1/#1#+-%Q#C=
R15?402(%4/*0%#%/"1#>?"%#10@"$=%)%A1-@%/2#/%/2"% % }1%#%1-1N,-?4/4;#?%?":"?(%/2"%0/"$"-/C,"%
54$?%+-0/%D+"$4;#10%0""%@2"1%/2"C%?--A%#/% -9%/2"%ZD+"$4;#1%@#C%-9%?49"s%#?0-%?-0/%D+"$4;#%
+"%40%41;-15$.-.0%@4/2%/2"%,4;/.$"%/2"C%2#:"% 0.,,-$/%41%+-$"%;-10"$:#/4:"%;.?/.$"0=%
-9%/2"%M4''?"%R#0/=%!"0"$/%;-.1/$C=%Q-+>0% )0?#+4;%9.1'#+"1/#?40/0%>"?4":"%/2#/%32#$4*#(%
#1'%/#1A0=%W-+"1%;?#'%41%-,,$"004-1=%M"1%41% -$%)0?#+4;%?#@%#1'%+-$#?%;-'"0(%02-.?'%>"%
>"#$'0%$#4?415%#5#410/%/2"%W"0/=%D1'%0/4??(%(%/2"% 0,$"#'%#;$-00%/2"%5?->"%41%/2"%0#+"%@#C%
1452/+#$"%-9%/@-%>.;A?415%/-@"$0%>"?;2415% /2#/%+-0/%D+"$4;#10%>"?4":"%/2#/%'"+-;$#;C%
-,#t."%>?#;A%0+-A"%41/-%#1%#<.$"%+-$1415% 02-.?'%>"%0,$"#'%@-$?'@4'"(%#1'%@4/2%
0AC= +.;2%+-$"%9"$:-$=%D+"$4;#*0%'4:-$;"%$#/"0(%
% }1%/2"%":"1415%-9%3",/"+>"$%88(% ,$":#?"1;"%-9%,$"+#$4/#?%0"K(%#1'%#;;",/#1;"%-9%
6778(%)%2"#$'%#%0/$#15?"'%C"??%9$-+%+C%9#/2"$% 2-+-0"K.#?4/C%410,4$"%/2"%0#+"%0-$/%-9%'405.0/%
41%/2"%1"K/%$--+(%-1"%/2#/%0""+"'%/-%2#:"% #1'%-./$#5"%41%+#1C%9.1'#+"1/#?40/%M.0?4+0%
+-$"%-+41-.0%,-$/"1/0%/2#1%240%0-;;"$% /2#/%0/-$4"0%-9%>?#/#1/%2.+#1%$452/0%#>.0"0%
/"#+%1-/%+#A415%/2"%,?#C-990=%MC%'#'%@#0% @-.?'%":-A"%2"$"=
0/#1'415%9-.$%9""/%#@#C%9$-+%-.$%0+#??% % Q#;A%41%}+#1(%)%@#0%;-104'"$"'%
/"?":404-1(%?--A415%?4A"%#%>#'%;#$4;#/.$"%-9%N.%' ?4>"$#?(%ZW"0/"$14<"'s%#1'%#%>4/%-9%#%$">"?=%
=*)%"(C'I2"%I•%@#0%02-@415%@2#/%$"0"+>?"'% R:"1%0-(%)%@#0%#9$#4'%/-%;-+"%/-%/2"%z=3=%
/2"%0;"1"%-9%#%>-+>415=%MC%+-/2"$%@#1'"$"'% )%2#'%4+>4>"'%/2"%5?->#?%,"$;",/4-1%-9%#%
41/-%/2"%$--+(%#1'%.,-1%0""415%/2"%0;$""1% 2C,"$0"K.#?4<"'%+)2-a7#%aX+2!'D+"$4;#1%
#1'%/2"%#?#$+N$"'%;#,/4-10%0;$-??415%#;$-00% 0"K.#?%"/2-0%#1'%@-$$4"'%#>-./%2-@%)*'%L4/%
4/(%2"$%2#1'0%L?"@%/-%2"$%+-./2B%)%9"?/%0.''"1(% 41/-%4/(%#5-14<"'%-:"$%/2"%$#;40+%)%@#0%0.$"%)*'%
@-$'?"00%9"#$%>?--+415%41%+"%?4A"%#1%"K-/4;% "1;-.1/"$(%"K,";/"'%#%1#/4-1%-9%!.>C#%;?-1"0=%)%
L?-@"$=%I2"1%/2"%;#+"$#%,#11"'%/-%#%0.$:4:-$% @#0%0.$,$40"'%/-%L41'%/2#/%+#1C%D+"$4;#10%
0->>415%#5#410/%/2"%>#;A'$-,%-9%#%0AC%$#41415% 2#/"'%G"-$5"%Q.02(%/2#/%D+"$4;#%@#0%+.;2%
#02%#1'%,?#0/"$=%T"$%9#;"%2#'%/2"%;-1040/"1;C%
8Y I",7-&'O7)6/,"2'?4'P"??4%F-2"1
8|

11. +-$"%$"?454-.0%/2#1%4/%@#0%0";.?#$(%#1'%/2#/% /2"$"%,?"1/C%-9%+#??0%41%/2"%$"54-1%>./% >?#;A=%I2"%5#$$.?-.0(%5"0/.$415(%,#004-1#/"% ?#>-$415%.1'"$%/2"%>-4?415%0.1(%/$#,,"'%41%#%
+-0/%D+"$4;#1%,#$"1/0%@-.?'%>"%#,,#??"'%49% /2#/%/2"C%-9/"1%'@#$9%D+"$4;#1%+#??0=% )/#?4#1=%I2"%'#15"$-.0(%0""/2415%D$#>=% 0C0/"+%-9%"K,?-4/#/4-1%#1'%'40"19$#1;240"+"1/=%
/2"4$%+4''?"%0;2--?"$0%@"$"%0"K.#??C%#;/4:"=% Q";#.0"%-9%/2"%,$"0"1/N'#C%>-+>0N#1'N )1/"$1#/4-1#?%0/.'"1/0%@2-%;-+"%/-%/2"%z=3=% D1%->0;"14/CN02$4"A415%,$-0/4/./"%41%&-+"(%
I2#/%9-$%#??%+C%'40?4A"%-9%D+"$4;#*0%9-$"451% >.$t#0%04+,?4L4;#/4-1%-9%D$#>%;.?/.$"(%+#1C% 9-$%#%;-??"5"%"'.;#/4-1%;-19$-1/%0/"$"-/C,"0% 2C0/"$4;%9-$%2"$%1"K/%L4K=%% Q./%9-$%#??%/2"%/"$$4>?"%
,-?4;C(%/2"%z=3=%2#'%'-1"%#1%4++"10"%#+-.1/% D+"$4;#10%1":"$%;-+,$"2"1'%/2"%1.#1;"0% #1'%04+,?4L4;#/4-10%-9%/2"4$%;.?/.$"0%9$-+% 4+#5"0%"/;2"'%41/-%+C%+41'(%/2"$"%2#:"%>""1%
-9%5--'%5?->#??C=%[.$/2"$+-$"(%)%@#0(%#1'% -9%/2"%+-'"$1%M4''?"%R#0/(%0.;2%#0%4/0% /2"4$%,""$0%":"$C'#C=%3-+"%-9%/2"+%+#C%1-/% @-1'"$9.?%"1;-.1/"$0%/--=%W#/;2415%#%+-/2"$%
#+(%:"$C%5$#/"9.?%9-$%#??%/2"%1"@%?4>"$/4"0% >.$5"-1415%+#/"$4#?40+%#1'%;-10.+"$40+% >"%,$-L4;4"1/%"1-.52%41%R15?402%/-%;-1:"C%/2"% #1'%'#.52/"$%"K;2#15"%,4;/.$"0%@4/2%+C%9#+4?C%
#1'%-,,-$/.14/4"0%)%#+%#;;-$'"'%2"$"=%R:"1% /2#/%0-+"/4+"0%$4:#?%/2"%z=3=*0=%z1'"$%/2"% /$./2%#>-./%/2"4$%;-.1/$4"0%/-%-/2"$%,"-,?"=%3-% #1'%$";-.1/%/2"4$%?49"%0/-$4"0%41%#1%)/#?4#1%
/2-.52%}+#1%40%#%+-'"$1(%+-'"$#/"%;-.1/$C(% 24w#>0%#1'%#>#C#0%-9%+#1C%}+#14%@-+"1%#$"% +.;2%40%?-0/%41%04+,?4L4;#/4-1=%)1%,$"9"$$415%/2"% /$#41%;-+,#$/+"1/=%T452NL4:415%0;$"#+415(%
4/*0%0/4??%#%$"0/$4;/4:"(%,#/$4#$;2#?%-1"=%T"$"(%)*:"% !-?;"%#1'%G#>>#1#%2#?/"$%/-,0%#1'%?.K.$4-.0% 02-$/"$%#10@"$%-:"$%/2"%?-15"$%-1"= w.>4?#1/%}+#140%-./%-9%;#$%@41'-@0%@24?"%
1":"$%9"?/%?4A"%#%0";-1'N;?#00%;4/4<"1(%#/%?"#0/% ?415"$4"=%)1;4'"1/#??C(%0-+"%-9%/2"%+-0/% % )%2#:"%?"#$1"'%2-@%/-%,#00%#0% '$4:415%41%,-.$415%$#41%>";#.0"%}+#1%@-1%#1%
1-/%-1%#;;-.1/%-9%5"1'"$(%#1'%4/*0%#%@"?;-+"% -./$#5"-.0%#1'%0"10.#?%?415"$4"%41%/2"%@-$?'% D+"$4;#1(%/2$-.52%;2-4;"%#1'%;-"$;4-1=%Q"9-$"(% 41/"$1#/4-1#?%0-;;"$%/-.$1#+"1/=%P1-@415%/2#/%
;2#15"= ;-+"0%9$-+%/2"%M4''?"%R#0/=%I2-150%/2#/% )*'%,$-1-.1;"%/2"%@-$'%Z;#1*/s%@4/2%/2"%?-15% 41%0,4/"%-9%#0/$-1-+4;#?%?-15N'40/#1;"%,2-1"%
% )%@#0%#?0-%0.$,$40"'(%#1'%1-/% ?452/%.,(%:4>$#/"%#1'%0415B%>$#0%#'-$1"'%@4/2% Z#s%.0"'%41%Z#$/=s%}1"%-9%+C%;?#00+#/"0%2"#$'% >4??0(%41%0,4/"%-9%2-@%>.0C%-.$%0;2"'.?"0%#$"(%
,?"#0#1/?C(%/-%>"%#0A"'%/24150%?4A"(%'-%C-.% 9.$B%9"#/2"$0%#1'%:#$4-.0%-/2"$%-$1#+"1/0H +"%0#C%/2#/(%#1'%2"$%"C">$-@0%02-/%.,%41/-% +C%>"0/%9$4"1'%41%I-$-1/-%#1'%)%@4??%#?@#C0%;#??%
0,"#A%F#1#'4#1u%D$"%#??%)1'4#1%;4/4"0%9.??%-9% /2"%3C$4#1%?415"$4"%>.041"00%@-.?'%54:"% 2"$%2#4$?41"=%I2#/*0%1-/%#%@-$'%@"%$"#??C%.0"% "#;2%-/2"$%@2"1%@"%1""'%#1C/2415=
5#$>#5"%?4A"%41%=2/(!7,'S+22+7#"+)%b%!-%/2"C% [$"'"$4;A*0%-9%T-??C@--'%#%$.1%9-$%4/0%+-1"C= 41%,-?4/"%;-1:"$0#/4-1%2"$"(%02"%/-?'%+"=%)% % )%2#:"%?4:"'%41%9-.$%;-.1/$4"0(%2#:"%
2#:"%+#??0%41%/2"%M4''?"%R#0/u % )/%40%412"$"1/%41%2.+#1%1#/.$"%/-% "K;2#15"'%+C%#;;"1/(%#%+"'?"C%-9%)1'4#1(%D$#>% :404/"'%"452/%41%#??(%#1'%#+%41%?-:"%@4/2%/$#:"?=%)%
% I2"%?#0/%t."0/4-1(%#?/2-.52% 04+,?49C%#1'%;#$4;#/.$"B%@"%#??%#$"%5.4?/C% #1'%Q$4/402%R15?402(%9-$%#%1#0#?%%%M4'@"0/"$1% @#1/%/-%:404/%/2"%M4''?"%R#0/%#5#41=%)%@#1/%
.1'"$0/#1'#>?"%54:"1%/2"%+"'4#*0%'",4;/4-1% -9%4/=%3/"$"-/C,"0%-9%-/2"$%;.?/.$"0%#>-.1'% @241"(%/2$-.52%1#/.$#?%#004+4?#/4-1%#1'% /-%>#;A,#;A%/2$-.52%)1'4#(%;-.1/$C%-9%+C%
-9%/2"%M4''?"%R#0/(%+#'"%+"%@#1/%/-%>.$0/% ":"1%41%-.$%":"$N+-$"%5?->#?4<"'%@-$?'=% #%0"$4"0%-9%9$.0/$#/415%"1;-.1/"$0%@4/2% >4$/2=%)%@#1/%/-%/#A"%#%$-#'%/$4,%#;$-00%/2"%
-./%?#.52415=%)%"K,?#41"'%/2#/%1-/%-1?C%#$"% I2"%;24;(%0A411C%[$"1;2@-+#1(%'$"00"'%41% D+"$4;#10%@2-%;-.?'%1-/%.1'"$0/#1'%@2#/%)% 9#0;41#/415(%;-+,?"K%;-.1/$C%)%?4:"%41%1-@%#1'%
0#4'= 2#:"%;-+"%/-%?-:"(%#1'%.1'"$0/#1'%4/%41%#??%4/0%
% )%@4??%0/4??%0?4,%.,%9$-+%/4+"%/-%/4+"(%?"/% ;-1/$#'4;/4-10=
+C%}/2"$%02-@=%)*??%#0A%@2"$"%/2"%'.0/>41%40(% % 3-+"'#C(%0-+"-1"%@4??%#0A%+"%@2"$"%
#1'%0-+"-1"%@4??%?--A%#/%+"%>?#1A?C%#1'%#0A% )%;#+"%9$-+(%#1'%)%+#C%>"%#>?"%/-%54:"%/2"+%
49%)%+"#1%/2"%5#$>#5"(%C"#2(%$452/%-:"$%/2"$"(% #%02-$/"$%#10@"$B%)%+452/%>"%#>?"%/-%1#+"%#%
.1'"$%/2"%041A(%#$"%C-.%9-$"451%-$%0-+"/2415u% 0415?"%?-;#/4-1=%)%2#:"%?"#$1"'%/240%+.;2g%C-.%
)%@4??%0+4?"%#1'%,#00%4/%-99(%>./%0-+"/4+"0(% @4??%1":"$%A1-@%/2"%,?#;"%C-.%;#??%2-+"%.1/4?%
0-+"/4+"0%)%9""?%#%,#15%#/%0-+"/2415%":"1% C-.%?"#:"%4/%#1'%;-+"%>#;A=%I-%,#$#,2$#0"%
#0%/$4:4#?%#0%/2#/%>";#.0"%4/%+"#10%/2#/%)%'-% -1"%-9%+C%9#:-$4/"%D+"$4;#1%@$4/"$0(%v#;A%
1-/%>"?-15(%2"$"%-$%#1C@2"$"=%)%'-1*/%+"#1% P"$-.#;(%+C%>#//"$"'%0.4/;#0"0%#$"%,4?"'%-1%/2"%
/-%0-.1'%0"?9N,4/C415=%O4:415%/2"%"K,"$4"1;"0(% 04'"@#?A%#5#41B%)%2#:"%?-15"$%@#C0%/-%5-=%Q./%
2#:415%/2"%-,,-$/.14/4"0(%#1'%+""/415%/2"% 1-%+#//"$(%/2"%$-#'%40%?49"%!
#+#<415%,"-,?"%/2#/%)%2#:"(%#$"%/24150%9-$%
@24;2%)%#+%5$#/"9.?%>"C-1'%#??%@-$'0=%%
% Q./%0-+"/4+"0%4/%#??%>";-+"0%,#419.??C%
#+-$,2-.0%/-%+"H1#+"0%#1'%9#;"0%>?.$(%
@-$'0%5$-,"%>?41'?C%9-$%,$";404-1(%+"$4'4#10%
;-1:"$5"%:4-?"1/?C%-1%+C%+#,0=%!40/#1;"%
+"00"0%C-.%.,=%)%2#:"%+4K"'%+C%0/$""/%1#+"0(% =")".'5"-'?7)#'+#'["#,"27)%&'T#!+"'"#!'."-'
w.+>?"'%+"#0.$"+"1/%0C0/"+0%#1'%;.$$"1;4"0(% 2+9%!'+#'S/-*"6&'N7)7#67&'"#!'D.+*",7c'87)'#75&'
;$4"'%1452/0%>";#.0"%)%?-:"'%0-+"-1"%@2-% -.%'*"22-'S"!+-7#'.7(%C
?4:"'%"452/%/2-.0#1'%+4?"0%#@#C%9$-+%+"=%)%
#+%2#.1/"'%>C%0-+"%-9%/2"%0452/0%)*:"%0""1=%
E4/"-.0?C%-./0/$"/;2"'%0/.>0%-9%#$+%-1%>"55#$%
;24?'$"1%41%'-@1/-@1%Q#15#?-$"(%+./4?#/"'%>C%
/2"4$%2#1'?"$0%0-%/2"C%;#1%"#$1%+-$"=%3-./2%
T)%2"#!'>C%v"00%F-11"?? R#0/%D04#1%;-10/$.;/4-1%@-$A"$0%41%}+#1%
8S 67

12. X7("#')%-6+#,'#%")'2"$%'+#'R"#7+&'V+%6#"('?4'P$40/41%D?>"$5#
68 66

13. :;<*'*="$%*!#&>?<*?@A%(&""&*
?A*A;%*A"'*B?(C%A*
:0!?$6L$)3!71L+/),
4
/%40%/2"%>.04"0/%4/%40%/2"% 4%?-:"%/2"%;$-@'%0.$$-.1'415% 4%?-:"%2-@%@-+"1%+#A"%
>.04"0/%02-,,415%'#C(%#0% /2"%;$#/"0%-9%+#15-"0(%@24;2% ,C$#+4'0%-./%-9%$"'%-14-10%
":"$C-1"%,-.$0%-./%-9% #$"%>"415%'4;"'%>C%+"1%@2-% #1'%5$""1%-$#15"0(%-1"%-1%/-,%
;2.$;2%#1'%41/-%/2"%+#$A"/= 02-./%?-.'?C%41%3@#24?4%4% -9%/2$""%-1%/-,%-9%L4:"=%
'-1*/%.1'"$0/#1'=%
4%?-:"%/2"%54$?0%@2-%@"#$% 4%?-:"%4/%@2"1%/2"%+#1%4%>.C%#%
0241415%0#/41%0"t.41"'% 4%?-:"%2-@%+"/4;.?-.0?C%/2"% /N024$/%9$-+%$4,0%#%0/$415%9$-+%
'$"00"0(%>./%1-%02-"0= :"1'-$0%0/#;A%2.1'$"'0% #%,-/#/-%0#;A%/-%/4"%#$-.1'%+C%
-9%0-;A0%41/-%,"$9";/%,4?"0% 1"@%,.$;2#0"%#1'%/"??0%+"%
4%?-:"%>.C415%-',6+!
":"$C%'#C(%/2-.52%/2"C%+#C% Z/240%40%C-.$%$";"4,/=s%
4$),/44L,!41%#%,?#0/4;%>#5%
-1?C%0"??%/2$""%,#4$0=%
9$-+%#%@2""?>#$$-@(%,""?"'% 4%?-:"%/2"%2"#$415%/2"%0"$+-10%
#1'%;#$:"'%>C%#%/241%>-C%41/-% 4%?-:"%'455415%/2$-.52%/2"% -9%+#'%,$"#;2"$0(%>?#0/415%
,"$9";/%"452/20%#0%49%4/%@"$"% +#004:"%2"#,%-9%'$"00"0%#/% -./%-9%?-.'0,"#A"$0%/2#/%04/%
#1%#$/= +C%9#:-$4/"%0/#??(%.0415%#??% -1%%&4!&-!%+,!*+1'*+,6!+4K%
+C%0/$"15/2%/-%,.??%#%,4";"% @4/2%#%Z>#$#;A%->#+#s%,$#40"(%
4%?-:"%2-,,415%9$-+%$-;A%/-%
9$-+%/2"%>-//-+(%-1?C%/-%L41'% 0@#24?4%$#,(%#1'%?415#?#%9$-+%
$-;A%#0%)%>$-@0"%/2"%0/#??0(%
4/%/"1%04<"0%/--%?#$5"=% /41C%$#'4-0%41/-%0-+"/2415%
/-%#:-4'%/2"%$4:"$0%/2#/%2#:"%
41;-+,$"2"104>?"=%
9-$+"'%41%/2"%,#/2%#9/"$%?#0/% )%?-:"%?--A415%.,%/-%;#/;2%
1452/*0%$#410=% /2"%"C"%-9%#%@-+#1%@2-%2#0% 4%?-:"%@2"1%#%@-+#1%04//415%
'-1"%/2"%"K#;/%0#+"%/2415(% -1%#%,4?"%-9%;?-/2"0%>.$0/0%41/-%
4%?-:"%/2"%0+"??%-9%'$C415%
#0%@"%"K;2#15"%9$.0/$#/"'% #1%4+,$-:40"'%0-15%#>-./%
L402%+4K%@4/2%/2"%0;"1/%-9%
0+4?"0=%Z/240%;#1%>"%/4$415(% +"%02-,,415%#/%2"$%L4:"N>->%
:'$3+%L0!*&L&',#!64$*,6!
2#$'=s%02"%?#.520= 0/#1'(%41%#%0-1-$-.0(%>"#./49.?%
/2#/%?--A%0-%>"#./49.?%41%
:-4;"=
;-1/$#0/%/-%/2"%$.0/C%-?'% 4%?-:"%1":"$%,#C415%+-$"%
>"#1%;#10%/2#/%2-?'%/2"+=% /2#1%877%>->%9-$%#1C/2415=% 4%?-:"%/2"%0"?";/4-1%-9%+.?/4N
4%?-:"%4/%@2"1%/2"%:"1'-$0% ;-?-$"'%0,#1'"K%0-?'%>C%#%
4%?-:"%@#/;2415%@-+"1%
'-1*/%/$C%#1'%'$#5%+"%/-% +#1%@2-%0""+0%/-%;#/"$%-1?C%
2-?'%.+>$"??#0%/-%024"?'%
/2"4$%0/#??0(%>./%?"/%+"%?--A% /-%+"=%
/2"+0"?:"0%9$-+%/2"%2-/%
?4A"%/2"%?-;#?0%'-=%
0.1%@24?"%;#$$C415%>#>4"0% $!L&=,!%+$6!4L/*,8!#1'%4%2#:"%
'$"00"'%41%01-@0.4/0% 4%?-:"%2#:415%/-%w.+,%-./%-9% ?-:"'%;-+415%/-%?-:"%4/%!
#1'%@--?%2#/0%>";#.0"% /2"%@#C%/-%#:-4'%#%2"1%#1'%
/2"%/"+,"$#/.$"%40%.1'"$% 2"$%;24;A0%@2-%2#:"%'#$/"'% >+-2+#,'-6/!+%!'+#'`"+)7?+&'
0":"1/C%'"5$""0= -./%9$-+%.1'"$%#%/#>?"=%)% 3%#4"'+#'6.%'8"22'78'@AAB'
?-:"%1-/%>"415%#>?"%/-%>.C% 6.)7/,.'6.%'S+##%-76"'=6/!+%-'
0-+"/2415%#/%#%0/#??%>";#.0"% +#'T#6%)#"6+7#"2'd%9%27<(%#6'
6V %+,!=,)#&'!$6!6L,,4$)3^! <)7,)"(&'5.+*.'+-'788%)%!'
6.)7/,.'ZX'=6/!4'>?)7"!C
O")+-+"#'W7-%'78'S7#6(")6)%'?4'v#4+"%[?C11 6X

14. % )%;?-0"%+C%"C"0=%%W4/2%-1"%2#1'%9$""%)% 5--'%04K%+-1/20=s
!"#$%&'($)*"+,-.$/0-/($*-),123/4 0;#99-?'%02"%#1'%)%@#?A%>"1"#/2=%D%0?4++"$% ;?#@%#/%@2#/":"$%)%;-.?'%5$#0,g%"C"0(%"#$0(%1-0"%
%Z€"#2(%4/%@#0=s%!
'(*--$125/67$8*5!$9-:/-72"7$ +#1%41%#%@24/"%w"#1%w#;A"/%#1'%@24/"%w"#10% /2$-#/%-$%+-./2%‡%4/%'4'1*/%+#//"$%@2#/=%%)/%-1?C%
7;,"*-4 ;-+"0%9$-+%>"241'=%M#C#%0/$.55?"0% +#//"$"'%/2#/%2"%?"/%5-=%)%-,"1%+C%"C"0=%)%9""?%
d)%5'-6/!+%!'+#'6.%'D1%*.'W%</?2+*'6.7/,.'DTUU'
*,05<"$7'*--'4$&=&>$"! 41%9$.0/$#/4-1%@4/2%24+%#0%2"% 240%/-15."%>"/@""1%+C%L415"$0=%%T40%5$.1/0%
O)",/%'!/)+#,'6.%'-<)+#,'78'@AA;C
,.??0%#/%2"$%02-.?'"$0=%%)% /$#109-$+%41/-%#%+./"'%0;$"#+=%)/*0%?4A"%#%L402%
T
#00.+"%2"*0%#9/"$%2"$% 0t.4$+415%9-$%@#/"$=%%T"%>4/"0B%+C%L415"$0%
"$%>$-/2"$%
>?#;A%?"#/2"$%,.$0"% 0t.""<"%2#$'"$B%+C%1#4?0%'45%'"","$=%%T40%9""/(%
;#+"%/-%
>./%;#1*/%>"%0.$"=%% A1""0%#1'%?"50%'"L?#/"%/-%/2"%5$-.1'%#0%240%
:404/%/2"%
!"#$
T40%,#$/1"$(% ;#?:"0%#1'%9""/%A4;A%#1'%02#A"=%%)%?-0"%5$4,%#1'%
1452/%@"%@"$"%
'$"00"'%41%#% 2"%/2$-@0%240%?"9/%2#1'%#/%240%+-./2(%?"//415%5-%
+.55"'=%W"%
9#'"'%1C?-1% -9%+C%;-#/%;-??#$=
/--A%24+%/-%
w#;A"/(% % )%;2--0"%L?452/=%)%>--A%4/=%)%0,$41/=%D/%
/@-%-9%-.$%
0@--,0% /2"%/-,%-9%/2"%;->>?"0/-1"%24??%/2"%:4"@%-9%/2"%
%&''()'
.0.#?%0,-/0g%
41%9$-+% 0/$""/%L?#//"10=%%)%0"#$;2%#1'%)%0"#$;2=%%M#C#%
/2"%,.>%@4/2%
/2"%9$-1/(% 40%1-@2"$"%/-%>"%0""1=%%)%/.$1%#$-.1'%‡%02"%
/2"%9--0>#??%
;.//415%-99%% 1":"$%?"9/ˆ%32"%0;$"#+0%#/%/2"%+#1%41%/2"%@24/"%
/#>?"0%#1'%
+C 5"/N.,(%@2-%,.??0%#/%2"$%,.$0"=%%32"%1":"$%?"9/ˆ%%
/2"%-1"%@4/2%
+-+"1/.+= T-@%'4'%)%+400%2"$u%%T-@%;-.?'%)%2#:"%?"9/%2"$u%%
$"'%?452/0(%
%)%0/#$"%#/% M-+"1/#$4?C(%)%0/#1'%0/4??B%)*+%9$-<"1%#1'%5?."'%
,0C;2"'"?4;%
]0!T',>!J&L#:L/%% 240%;2"0/%#0% /-%/2"%;->>?"0/-1"0%#0%49%"K,"$4"1;415%0-+"%
'$#@4150%-1%/2"%
2"%@240,"$0% A41'%-9%,#$#?C040(%w.0/%9-.$%#,#$/+"1/%>.4?'4150%
@#??0(%#1'%#%0,4$#?%
@-$'0%41%5#$>?"'% #@#C=
0/#4$;#0"%/2#/%?"'%/-% % )%$#;"%>#;A%#0%9#0/%#0%)%;#1=%%D%'--$%
F<";2=%%T40%04KN%
/2"%>#0"+"1/=%%I2"% '-@1%/2"%0/$""/%-,"10(%#1'%)%2"#$%#%:-4;"B%4/%
9--/N,?.0%0/#/.$"(%/@-%
9#$/2"$%C-.%'"0;"1'"'(% C"??0%0-+"/2415%41%F<";2%/2#/%)%;#1*/%+#A"%
2.1'$"'%#1'%L49/C%0-+"%
/2"%;2"#,"$%/2"%>""$=%I2"% -./=%%D0%49%/"$$4L4"'%-9%@2#/%@#0%C"??"'(%/2"%
-''%,-.1'0(%#1'%/24;A%9-$"0/%
;4/C%@#0%04?"1/%#0%/2"%0AC%-,"1"'% 0;$#@1C%+#1%41%#??%@24/"%/2$-@0%M#C#*0%,.$0"%
-9%#%,-1C/#4?%;#.0"%+C%0;$#@1C%>-'C%/-%
4/0%"C"0%/-%#%;24?'402%1#:C%>?."%2."=%}.$% -1/-%/2"%04'"@#?A(%2#:415%9-.1'%1-/2415%-9%
0/499"1%#1'%L?"K=%%MC%?"9/%A4'1"C%24/0%/2"%+"/#?%
L4:"%-/2"$%9$4"1'0%@#?A"'%#2"#'%-9%.0%@4/2%2"$% @-$/2%#1'%$.10%-99%41/-%/2"%1452/*0%$#419#??=%%
2#1'?"=%%)%A""?%-:"$%#1'%240%2#1'0%L?C%#/%+"=%%
>$-/2"$%/-@#$'0%2"$%#,#$/+"1/%#0%)%0/-,,"'% T40%#;;-+,?4;"%9-??-@0(%;-:"$415%240%+-./2%
% )%>?41A=%D1'%41%/2"%02-$/%+-+"1/%-9%
/-%,""%-1%#%>.02=%M#C#%@#4/"'%#1'%/-?'%+"% @4/2%-1"%2#1'%#1'%;#$$C415%+C%;"??%,2-1"%#1'%
'#$A1"00(%)%4+#541"%@2#/%0""+0%/-%>"%/2"%
/2#/%)%02-.?'1*/%2#:"%/-%@#?A%>#;A%#?-1"=%% 5?#00"0%@4/2%/2"%-/2"$=%
-1?C%,-004>?"%-./;-+"g%M#C#%>?""'415%-1%/2"%
D9/"$%)%<4,,"'%.,%+C%w"#10%#1'%0?4'%+C%>"?/% %%%%%%M#C#%,""$0%#/%+C%9#;"B%%)%0/#$"%'-@1%#/%2"$%
;->>?"0/-1"(%>"#/"1%#1'%.1$"0,-104:"=
>#;A%/2$-.52%/2"%?--,0(%@"%2"#'"'%'-@1%/2"% #1'%/2"%@"/%;->>?"0/-1"0%>"?-@=%%)%2.5%2"$=%%W"%
%%%%%%)%-,"1%+C%"C"0=%I2"%+#1%41%/2"%,-1C/#4?%
;->>?"0/-1"%0/$""/=%%D/%L4$0/(%@"%@#?A"'%04'"%>C% @#?A%#;$-00%/2"%0/$""/%#1'%41/-%2"$%#,#$/+"1/=%
02-:"0%+"=%%)%9#??%/-%/2"%5$-.1'(%+C%1";A%
04'"%41%04?"1;"=%I240%@#0%/2"%?#0/%@#?A%@"%@-.?'% .. D9/"$%?-;A415%/2"%'"#'>-?/(%02"%$"#;2"0%41/-%
0/$#41415%/-%A"",%+C%2"#'%9$-+%24//415%
5-%-1%#1'(%+-$"%4+,-$/#1/?C(%-1"%-9%/2"%?#0/% 2"$%w#;A"/%,-;A"/%#1'%2#1'0%+"%#%>"#/"1(%'#$A%
;-1;$"/"=%%)%$40"%#1'%;2#$5"%@4/2%+C%$452/%
;-1:"$0#/4-10%@"%@-.?'%2#:"%@4/2%-1"%#1-/2"$% >$-@1%#1'%9-?'"'%,4";"%-9%?"#/2"$%#1'%0#C0(%%
02-.?'"$%?-@"$"'=%%)%t.4;A?C%$"#;2%41/-%
@24?"%?4:415%#>$-#'=%)%,./%+C%#$+%#$-.1'%2"$=% Z€-.$%@#??"/%9"??%41/-%/2"%0/$""/=
+C%?"9/%,-;A"/%#1'%/2$-@%+C%,2-1"%41/-%
W"%$"L?";/"'%-1%/2"%,#0/%04K%+-1/20g%>""$% %%%%%%%%)%,#/%+C%>#;A%$452/%,-;A"/(%ZW2#/us%)%#0A=
/2"%0/$""/=%%)%0t.""<"%+C%"C"0(%2-,415%/2#/%
5#$'"10(%'4$/C%+"/$-%0/#/4-10(%>#'%9--'(%5--'% ZI2"$"*0%?4A"%8(777%;$-@10%41%2"$"(s%02"%
M#C#%@4??%5$#>%/2"%,2-1"%#1'%$.1%#@#C=%%MC%
>""$(%F<";2%;?#00(%9#??415%#0?"",%-1%/$#+0(%4104'"% 0#C0=Z)*:"%0/4??%5-/%+41"(s%)%0#C=
5?#00"0%#$"%A1-;A"'%9$-+%+C%9#;"(%#1'%/2"%
w-A"0(%#%;?.>%41%Q"$?41(%4;"%;$"#+%#1'%„"0A…% % ZW2#/%#1%4'4-/ˆ%%T-@%+.;2%40%8(777%
0+"??%-9%.1@#02"'%2#4$%#1'%1C?-1%0.99-;#/"%
P$.+?-:=%)%/2-.52/%4/%@#0%4+,-$/#1/=%)%/2-.52/% ;$-@10us%02"%#0A0(%#0%49%/$C415%/-%,#C%9-$%#%/$#+%
+C%1-0"%#0%2"%@$#,0%240%#$+%#$-.1'%+C%
1-%-1"%;-.?'%>-/2"$%.0=%%)/*0%#+#<415(%/2-.52(% /4;A"/%-$%0-+"/2415%.14+,-$/#1/=%%
1";A=%%T40%@->>?C%9--/415%>";-+"0%1-/4;"#>?C%
2-@%0-+"%/24150%;#1%;2#15"%0-%t.4;A?C= % )*+%02-;A"'%#/%2"$%;#?+1"00=%)%$.1%+C%
@"#A"$%#0%)%@#9/%41%#%;?-.'%-9%:-'A#%#1'%/$C%
† 2#1'0%/2$-.52%+C%2#4$(%@4;A415%/2"%$#41%-1/-%
/-%@$"0/?"%9$""=%%)%/@40/%+C%>-'C(%>./%240%5$#0,%
% I2"C%#,,$-#;2%>$40A?C(%?4A"%52-0/0=%I2"% /2"%'--$+#/=%Z[49/C%>.;A0(%)%/241A=s
$"+#410%5?."'%/-%/2"%;-??#$%-9%+C%w#;A"/=%%
04?"1;"%-9%E$#5."%02#//"$0%41/-%,4";"0%#0%/@-% ZE002=%%W"%;-.?'*:"%'-1"%>"//"$(%C-.%#1'%)=s
)*+%0-#A415%41%9"#$=%%)%2#:"%1":"$%9"?/%0.;2% [%)2+#'=6)%%6'>)6'?4'O#.$"?%M4??0
+"1%#1'%/2"4$%9--/0/",0%";2-%#5#410/%/2"% %Z)%'.11-=s%
w.0/4L4;#/4-1%/-%41L?4;/%,2C04;#?%,#41%.,-1%
6x 0-+"-1"%.1/4?%/240%:"$C%+-+"1/= %Z€"#2(%C-.*$"%$452/(s%02"%0#C0=%%Z)/%@#0%#%,$"//C% 6y

15. +#A"0249/%0/$#452/w#;A"/%#1'%/-00"0%4/%41/-%
#%:#/%-9%>-4?415%@#/"$=%)/*0%0t.#@A415%/2"%
1*-)"(%!"#$%&%23-,0*
:0!T&))/!.&)3
@2-?"%/4+"=%I2"C%0"$:"%@2-?"%;24;A"10(%
2"#'0%0/4??%-1(%0.,,-0"'?C%0-%/2"%+"#/%?--A0%
9$"02=%I2"%'$4>>?C%$"'%;-+>%#1'%@#//?"%#$"%
;--A"'%41/-%#%0/"$4?"%>"45"=%MC%9#+4?C%#1'%
":"$C-1"%"?0"%"#/%1-1;2#?#1/?C(%>./%)%#+%
1-%?-15"$%/$.?C%#?4:"=%)%'-1*/%/241A%/2"C*$"%
>#$>#$4;%9-$%/-?"$#/415%/240(%/2-.52(%>";#.0"%
4/*0%#??%/2"C*:"%":"$%A1-@1=%D0%/2"%;-.1/$C%
[-$%/2"%L4$0/%9"@%'#C0(%4/*0%2#$'%1-/%/-%?--A% >./%+C%9#+4?C%A1-@0%/2#/%)*+%1-/%9$-+% ;-1/41."0%/-%5$-@%41%":"$C%,-004>?"%@#C(%
F%
%
#/%+C0"?9%#1'%/241A%)*+%:"$C%D+"$4;#1=%)/% 2"$"=%)%":"1/.#??C%?%*7(%%F241"0"=%)%?"#$1% /2"$"%40%2-,"%C"/%9-$%#14+#?%$452/0%41%F241#=
2"15'.%40%+C%L4$0/%0/-,%/240% 0""+0%?4A"%)%":"1%@#?A%'499"$"1/?C= /-%2#55?"%9-$%;-.1/"$9"4/%2#1'>#50%#1'%"#/% % F2#1502#%40%41L414/"=%)%1":"$%/2-.52/%
0.++"$%-1%#%+-1/2N?-15%/$4,% % W"*$"%02-,,415%#/%'4$/N;2"#,% 01#A"%0-.,=%Q./%1-%+#//"$%2-@%+#1C%/4+"0%)% )%2#'%#%>45%9#+4?C(%>./%)%+.0/%2#:"%/24$/C%
/-%F241#=%I2"%;4/C%40%,-??./"'% 0/-$"0%#1'%"#/415%#/%$"0/#.$#1/0%@4/2% ;-+"%>#;A(%)%@4??%1":"$(%":"$%?"#$1%1-/%/-%54:"% .1;?"0(%#.1/0%#1'%;-.0410%41%F2#1502#=%3-+"%
#1'%$"0/?"00=%)/%9""?0%?4A"%#%52-0/%-9% 88NC"#$N-?'%@#4/$"00"0=%I2"$"%#$"% 9--'%/-%0/$#C%'-50%#1'%;#/0%-1%/2"%0/$""/=% -9%+C%;-.0410%":"1%2#:"%;24?'$"1=%)1%F241"0"%
O=D=%R:"$C%/4+"%)%;-+"%>#;A%2"$"(%/-% $4;A02#@%'$4:"$0%@#4/415%-./04'"% % )/*0%0-%2-/B%)*+%41%#%>-4?415%:#/% ;.?/.$"(%;-.0410%#$"%"t.4:#?"1/%/-%04>?4150(%
+C%G$#1'+#*0%2-.0"(%/2"%'4$/C%#4$%40% /2"%+#$A"/(%#1'%4/%9""?0%?4A"%0-%+.;2% -9%A4/0;2%0-.,H>#'%/#0/"(%2.+-$-.0% 0-%)*+%#1%#.1/=%)%'-1*/%#,,$";4#/"%2#:415%/240%
9#+4?4#$%/-%+"=%)*+%0""415%4+,";;#>?"% "K,?-4/#/4-1=%Q./%/2#/*0%w.0/%/2"%@#C%4/%40% +400,"??4150(%#1'%w.0/%,?#41%;$#<41"00=%)%0""% +#/"$14/C%/2$.0/%.,-1%+"=%)/%+"#10%)*+%#/%
;#?:"0%#1'%/24520=%F241"0"%@-+"1% 2"$"(%#1'%4/%1":"$%9"?/%@"4$'%/-%+"%/2#/% #%>#5%-9%;$#;A"$0%@4/2%/2"%0?-5#1(%Z)%DM% #1%#@A@#$'%#5"%@2"$"%+C%#.1/0%#1'%.1;?"0%
#$"%0-%/241=%M#C>"%)%@#0%+"#1/%/-% /2"$"%@#01*/%#%0415?"%D+"$4;#1%/-.$40/% GRII)JG%TzJG&€%vz3I%IT)JP)JG%DQ}zI% 0/4??%54:"%+"%Z?.;AC%+-1"Cs%41%$"'%"1:"?-,"0(%
>"%/241%/--(%>./%@#0%04'"/$#;A"'%>C% >./%+C0"?9=%)/*0%0.$$"#?%>";#.0"%1-%-1"% )Is=%&#1'-+%@-$'0%#'-$1%/N024$/0(%?4A"%#% C"/%)%#?0-%2#:"%/-%54:"%Z?.;AC%+-1"Cs%/-%+C%
W"0/"$1%/"?":404-1%#1'%"C"0N-9N>?."=% >#>CN>?."%024$/%@4/2%#%,$41/%-9%v"004;#%D?>#*0% Z14";"0s=
9#;"(%41"K,?4;#>?C%,#4$"'%@4/2%?C$4;0%9$-+% % MC%;-.0410%/#A"%.0%/-%/2"%T.1#1%
/2"%0-15%Z€-.*:"%G-/%D%[$4"1's=%%I2"%;?-/2"0% M.0".+%/-%0""%/2"%+.++C%-9%O#'C%!#4(%#1%
#$"%0.,"$%0+#??%#1'%)%9""?%2.5"=%M-'"0/C% #$40/-;$#/%9$-+%8Xx%Q=F=%)*+%/#A"1%#>#;A(%1-/%
24/0%#%'499"$"1/%:"41%2"$"=%D0%)%@#?A%#$-.1'(% >C%2-@%,$"0"$:"'%02"%40(%>./%>C%/2"%?--A%-9%
)%1-/4;"%C-.15%@-+"1%'$"00%41%#%+-$"% 02""$%2-$$-$%-1%2"$%9#;"=%32"%?--A0%?4A"%2"$%
+-'"0/(%;24?'?4A"%0/C?"=%3A4$/0%#$"%-9%411-;"1/% ?49"%40%L?#02415%>"9-$"%2"$%"C"0(%>./%)%0.,,-0"%
?"15/2(%#1'%/2"$"%#$"%0-+"%02-$/%02-$/0% 4/%@-.?'%>"%":"1%0/$#15"$%49%02"%2#'%'4"'%
•0/4??%+-'"0/(%1-/%#/%#??%:.?5#$%-1%0.;2%/241% @4/2%#%0+4?"=%
9$#+"0‚(%>./%/2"$"*0%#%;.$4-.0%#>0"1;"%-9% % D/%?#0/(%@"%:404/%+C%'#'*0%$"0/415%
?-@N;./%•N1";A0=%I240%"K,?#410%/2"%t.4<<4;#?% ,?#;"=%)1%F241#(%;"+"/"$4"0%#$"%>.4?/%-1%24??0(%
0/#$"0%02-/%#/%+"%9$-+%,"-,?"%-1%/2"%0/$""/% 0-%C-.%2#:"%/-%;?4+>%.,%/2"%0/",0%/-%0""%
?4A"%'#$/0=%)%@#0%0.$,$40"'%1-%-1"%2#'% /2"%$-@0%-9%/-+>0/-1"0=%I240%;"+"/"$C%40%
$",$4+#1'"'%+"(%?4A"?C%-./%-9%,-?4/"00"= >"#./49.?(%?4A"%#1%"+,/C%#.'4/-$4.+=%D/%/2"%
% I2"%34;2.#1%M-.1/#410%#$"% 5#/"(%+C%.1;?"0%0"/%-99%#%9"@%"K,?-04:"0%/-%
>$"#/2/#A415=%MC%5$#1'9#/2"$*0%>$-/2"$0%?4:"% ,#C%/$4>./"=%W2"1%@"%5"/%/-%+C%'#'*0%0/-1"(%
/2"$"%41%#%0+#??%/-@1=%I2"%#4$%40%0-%9$"02%#1'% @"%?452/%41;"10"%#1'%>.$1%$#41>-@N;-?-$"'%
;?"#1=%z19-$/.1#/"?C(%+#1C%2-.0"0%#1'%$-#'0% ;"$"+-14#?%+-1"C=%I2"$"%#$"%#%,4;/.$"%#1'%
#$"%0/4??%>$-A"1%'."%/-%/2"%"#$/2t.#A"=%z,%41% 410;$4,/4-10%-1%/2"%0/-1"=%)%1":"$%$"#??C%
/2"%+-.1/#410(%/2"$"%#$"%1"452>-$2--'0%9.??% ?"#$1"'%/-%$"#'%F241"0"(%0-%)%;#1%-1?C%+#A"%
-9%0.>.$>#1%2-.0"0%#1'%@41'415%$-#'0=%I2"% -./%/2$""%;2#$#;/"$0‰%+C%-@1%1#+"%!
$"0/#.$#/".$0%2#:"%#'-$#>?"%'-50%/2#/%04/%
-./04'"(%$"?402415%#//"1/4-1%9$-+%,#00"$0>C=
% D+4'0/%>"#./C%/2"$"%#$"%0#'%
/24150%/-%>"%0""1%/--=%D/%#%$4:"$04'"% d7##"'6)"9%2%!'"22'79%)'D.+#"'+#'6.%'-/((%)'
$"0/#.$#1/(%#%@-+#1%/#A"0%#%;24;A"1%-./% 78'@AA;&'9+-+6+#,'D.%#,!/&'D."#,-."&'=."#,."+&'
T#'S%(7)+"('?4'!-11#%O-15
6Y -9%#%;#5"(%/4"0%4/0%@4150%>#;A%#1'%@"4520%4/=%
32"%;#$$4"0%4/%#;$-00%/2"%$-#'%>C%4/0%
"#!'e+#,*.%#,-."#'S7/#6"+#C
6|

16. )3/*01*/D.*)2/.3E)/DF*
/D.*01G.-0H-.*0E)I.3J*,2*I)K)L6*+D0-G3.1
:0!S/''0/;!?:#L(U/L,,; % I2"%,#41/4150%0/#1'%/"0/4+-1C%/-%#%
0C0/"+#/4;%'"0/$.;/4-1%-9%/2"%2.+#14/C%-9%#%
F7/'*"#'"25"4-'-<76'"'*.+2!Q-'")657)$C ,"-,?"=%I2"%5$#,24;%$",$"0"1/#/4-10%02-@%/2#/%
@2#/%40%#/%0/#A"%40%#%,"-,?"*0%2.+#1%4'"1/4/CH
??%;24?'$"1H1-%+#//"$% /2"4$%0"10"%-9%2.+#1%'4514/C%#1'%@-$/2=%W2#/%
/2"%?#15.#5"%/2"C%0,"#A(% 0-$/%-9%.14:"$0"%'-%/2"0"%;24?'$"1%0""u%I2"4$%
/2"%@"#?/2%/2"C%2#:"(%/2"% "1/4$"%,0C;2-?-5C%2#0%>""1%/@40/"'%41/-%#1%
!
;.?/.$"%/2"C%,$#;/4;"H#??% .1$";-514<#>?"%1452/+#$"=
-9%/2"+%,#41/%/2"%0#+"% % I2"%G#<#%677S%+#00#;$"%'4'%1-/%w.0/%
@#C=%I2"C%.0"%>$452/%;-?-$0=% '"0/$-C%/2"%2-+"0(%0;2--?0%#1'%+-0t."0%-9%
!$#@%>45%4+#5"0=%I2"4$% /2"0"%,"-,?"=%)/%'4'%1-/%w.0/%?"#:"%>-'4"0%A4??"'%
>$.020/$-A"0%#$"%/24;A=%I2"C%/#A"%.,%+-0/%-9% -$%+#4+"'=%)/%$#:#5"'%/2"%;-10;4-.01"00%-9%#1%
/2"%0,#;"%-1%/2"4$%,#,"$= "1/4$"%,-,.?#/4-1=%D1'%)%@-1'"$(%#9/"$%0""415%
% I2"%;24?'$"1%-9%G#<#%'$#@%/2#/%@#C% /2-0"%,#41/4150(%2-@%4/%;#1%":"$%>"%2"#?"'=
/--=%Q./%/2"4$%,#41/4150%2-?'%@2#/%1-%;24?'*0% G--'%#$/%40%0.,,-0"'%/-%>"%
#$/@-$A%02-.?'%":"$%02-@= ,$-:-;#/4:"=%€"0/"$'#C%#9/"$1--1(%)%0#@%@2#/%
% W"%0#/%41%#%;-19"$"1;"%$--+%-9% E4;#00-%;-.?'%1":"$%;$"#/"=%G."$14;#%,#41/"'%
/2"%D?NŠ#//#1%F"1/"$%41%G#<#%#%9"@%'#C0% @4/2%/2"%>?#+"?"00%2#1'0%#1'%2"#$/0%-9%
#5-H)%#1'%#%5$-.,%-9%F-'"%E41A%@4/1"00"0% 4$$":-;#>?C%/$#.+#/4<"'%;24?'$"1H/2"%>$452/(%
;#+"%#/%/2"%41:4/#/4-1%-9%/2"%z14/"'%J#/4-10% .1+4K"'%;-?-$0%#%0/.11415%/"0/#+"1/%/-%/2"4$%
$",$"0"1/#/4:"0%2"$"=%I2"%F"1/"$%9-;.0"0%-1% 411-;"1;"%!
?4/"$#;C%#1'%;.?/.$"%0,";4L4;#??C%9-$%;24?'$"1%
.1'"$%/2"%#5"%-9%L49/""1=%)/%2#0%#%>"#./49.?%
,.>?4;%?4>$#$C%#1'%-:"$%8V(777%+"+>"$0= S"))4"('-<%#6'6.%'-/((%)'78'@AA;'+#'"1"'
% )1%/2#/%$--+(%@"%@"$"%02-@1%#%/$.?C% 57)$+#,'7#'.%)'-%#+7)'6.%-+-'%#6+62%!'f"1"g'
02-;A415%0"/%-9%;24?'$"1*0%,#41/4150(%-1"%/2#/% I+6%)")4'W%^2%*6+7#-&h'"-'<")6'78'6.%'R+22!"2%'
-.52/%/-%>"%"K24>4/"'%#/%":"$C%#$/%+.0".+%41% Z,"#!"#'[74'?4')02#%32$"0/2#
W%-%")*.'-*.72")-.+<C'[%*"/-%'"1"'+-'/#!%)'
D+"$4;#%#9/"$%/2"%+-0/%$";"1/%)0$#"?4%+#00#;$"% -+%,%&'+6'+-'#%")24'+(<7--+?2%'67',%6'+#'7#'7#%Q-'
-9%/2"%E#?"0/414#1%,"-,?"%41%G#<#=% I#1A0=%Q?--'=%F2#-0=%!"#'%,"-,?"%0;#//"$"'=% @-$0"%9-$%+"%/-%'45"0/%/2#1%0""415%L4$0/2#1'% 75#c'S"))4"('%#6%)%!'5+6.'"'D7!%'O+#$'
% I2"%,#41/4150%/"??%#1%2-1"0/%0/-$C% M#'1"00=%Q-+>0=%Q$-A"1%>.4?'4150=%I"$$-$= /2"%$.>>?"%-9%#1%.1;-.1/#>?"%1.+>"$%-9% !%2%,"6+7#C'
-9%/2"%#>0-?./"%0#:#5"$C%-9%/2"%-;;.,#/4-1(% % )/%40%'40/.$>415%"1-.52%/-%0""% >.4?'4150=%I2"C%24/%+"%9#$%2#$'"$%/2#1%9""?415%
04"5"(%#1'%;-1/41.#?%'"0/$.;/4-1%-9%G#<#=%I2"4$% ,#41/4150%-9%0.;2%:4-?"1;"%9$-+%#'.?/0=%Q./%/2#/% +C%9""/%;$.1;2%-:"$%/2"%02#//"$"'%5?#00%-9%#%
-2N0-N;24?'?4A"%>$.020/$-A"0%-9%>-+>"'N-./% -1"%;#1%/"??%41%#%+-+"1/*0%5?#1;"%/2#/%/2"0"% 1"@?C%>.4?/%2-0,4/#?%1":"$%54:"1%#%;2#1;"%/-%>"%
>.4?'4150=%D%$"'%#1'%#??N/--N'40,$-,-$/4-1#/"% #$"%41'""'%/2"%;$"#/4-10%-9%;24?'$"1%+#A"0%/2"% .0"'=
0/4;A%L45.$"%;-1/-$/"'%41%9$-1/%-9%#%2-.0"(% :4"@"$%02.''"$%@4/2%2-$$-$%#1'%$":.?04-1= % I2"%5$#,24;%,#41/4150%02-@%/2"%@-$?'%
,$-0/$#/"%41%#%,--?%-9%>?--'=%D%>?#;A%-./?41"'% % J-%;24?'%02-.?'%":"$%A1-@%0.;2% @4/2%#%;24?'*0%04+,?4;4/C%/2#/%@2#/%40%2#,,"1415%
;?-.'%-1%#1-/2"$%,#41/415%@4/2%$"'%0/$-A"0% 4+#5"0(%?"/%#?-1"%>"%#>?"%/-%,#41/%/2"+%@4/2%/2"% 41%G#<#%40%1-/%w.0/%#%,-?4/4;#?%,$->?"+=%)/%40%1-/%
-9%L4$"%"K,?-'415%9$-+%4/H#1%.11"$:415?C% 41/4+#;C%#1'%;-1:4;/4-1%-9%#1%"C"@4/1"00=% w.0/%#>-./%5"//415%Z>#'%5.C0(s%-$%Z/"$$-$40/0(s%-$%
#;;.$#/"%'",4;/4-1%-9%@24/"%,2-0,2-$-.0=% % I2-0"%,#41/4150%@"$"(%0-+"2-@(% Z'"9"1'415s%)0$#"?H-$%#1C%-/2"$%+"'4#N'$4:"1%
6S
,$-,#5#1'#=
V7

17. %% F-.1/$4"0%0.;2%#0%F241#(%F24?"%#1'%)/#?C%
!"##$%$&'$()"&)*+",-$++$).'%/(()+0$)12/3$
% [-$%/2-0"%-9%C-.%41/"$1415%#>$-#'(%
'41415%"/4t."//"%40%-1"%,#$/%-9%4++"$0415%%% 2#:"%+-$"%9-$+#?%;.0/-+0%$"5#$'415%>.041"00=%
C-.$0"?9%41%/2"%;.?/.$"=%)/*0%#?0-%4+,-$/#1/%/-% W$4/415%#%?"//"$%41%/2"%;-.1/$C*0%$"0,";/4:"%
A1-@%2-@%/-%#;/%41%#%>.041"00%0"//415=%J-/%#??% ?#15.#5"%0":"$#?%@""A0%41%#':#1;"%/-%+#A"%#%
;-.1/$4"0*%%>.041"00%"/4t."//"%40%#0%0/$4;/%#0% >.041"00N$"?#/"'%#,,-41/+"1/%40%-1"%@#C%/-%
C-.%+#C%/241A=%D.0/$#?4#%#1'%)$"?#1'%#$"%/@-% 5#41%$"0,";/%41%#1C%-9%/2"0"%;-.1/$4"0=%T-@":"$(%
:0!C/%/L$,!T,7+,*K )1'4#1%9--'%40%"#/"1%@4/2%C-.$%L415"$0=%)9%C-.%.0"% ;-.1/$4"0%@4/2%>.041"00%"/4t."//"%04+4?#$%/-% 4/%40%4+,-$/#1/%1-/%/-%9""?%/--%;-+9-$/#>?"%/--%
)%
./"104?0(%/2"C%@4??%+-0/%?4A"?C%>"%#%/#>?"0,--1% /2#/%-9%/2"%z14/"'%3/#/"0=%)/%40%;.0/-+%41%#??%/2$""% 9#0/%41%"#;2%;-.1/$C(%"0,";4#??C%;-104'"$415%/2#/%
:#0/?C%.1'"$"0/4+#/"'%/2"%1.+>"$%-9% 4/%40%;-++-1,?#;"%/-%+-:"%-1%/-%#%L4$0/N1#+"%
#1'%#%9-$A=%)/%40%4+,-$/#1/%/-%#?@#C0%.0"%C-.$% ;-.1/$4"0%/-%0+4?"%#1'%54:"%#%L4$+(%;-1L4'"1/%
+40;-++.14;#/4-10%#1'%>$"#;2"0%-9% >#040%-1?C%#9/"$%>"415%41:4/"'%/-%'-%0-=%)/#?4#10%
$452/%2#1'%/-%"#/%>";#.0"%/2"%?"9/%40%.0"'%/-%'-% 2#1'02#A"%.,-1%+""/415%#%1"@%#;t.#41/#1;"=%
"/4t."//"%)%@-.?'%411-;"1/?C%,"$,"/$#/"% #$"%5.4'"'%>C%L4$0/%4+,$"004-10(%0-%02-@415%
'4$/C%@-$A(%0.;2%#0%;?"#1415=%)9%C-.%#$"%'41415% D?/2-.52%2"#$415%#1%D.0/$#?4#1%5$""/%C-.%@4/2(%
@2"1%)%L4$0/%/$#:"?"'%/-%R.$-,"=%)/%2#'%1":"$% $"0,";/%@2"1%L4$0/%>"415%41/$-'.;"'%/-%0-+"-1"%
#/%0-+"-1"*0%2-.0"(%4/%40%;.0/-+#$C%/-%,-?4/"?C% ZG*'#C%+#/"ˆs%+452/%>"%'40;-1;"$/415(%4/%40%L41"%
-;;.$$"'%/-%+"%/-%$"0"#$;2%#1-/2"$%;-.1/$C*0% 40%A"C%/-%>.4?'415%#%0/$-15%$"?#/4-1024,=%}1;"%
'";?41"%/2"%L4$0/%-99"$%-9%>":"$#5"0%-$%01#;A0=%€-.$% /-%$",?C%@4/2%#%04+,?"(%ZT"??-(%2-@%#$"%C-.us%
"/4t."//"%>";#.0"(%/-%>"%2-1"0/(%)%#00.+"'% C-.%'-%->/#41%#%+""/415(%,$",#$"%C-.$0"?9%9-$%
2-0/(%41%/.$1(%@4??%;-1/41."%/-%#0A%C-.%49%C-.%#$"% Q-/2%/2"%)$402%#1'%/2"%D.0/$#?4#10%/"1'%/-%>"%
'41415%#1'%>.041"00%"/4t."//"%@-.?'1*/%>"% /2"%'499"$"1/%+-'"0%-9%"K,$"004-1%@24;2%C-.%
2.15$C%$","#/"'?C%/2$-.52-./%C-.$%0/#C=%W2"1% -./@#$'?C%9$4"1'?C%#1'%+-:"%/-%#%L4$0/N1#+"%
+.;2%'499"$"1/%/2"$"%/2#1%41%/2"%z14/"'%3/#/"0=% +#C%"1;-.1/"$=%W24?"%)/#?4#10%/"1'%/-%>"%:"$C%
L41402415%'411"$(%?"#:"%#%?4//?"%9--'%-1%C-.$%,?#/"% >#040%#9/"$%#%L4$0/%41/$-'.;/4-1=%)1%>-/2%;-.1/$4"0(%
)%2#'%2"#$'%/2"%0/"$"-/C,4;#?(%ZR.$-,"#10% "K,$"004:"%@24?"%0,"#A415(%F24?"#10%/"1'%/-%
/-%02-@%C-.%#$"%0#/40L4"'=%R#/415%#??%/2"%9--'% 9-$+#?%#//4$"%40%#%+.0/%@2"1%#//"1'415%#%+""/415%
"#/%":"$C/2415%@4/2%#%9-$A%#1'%A149"=%R:"1% 02-@%"+-/4-1%41'4$";/?C=%)/%40%;-++-1%/-%>"%
-1%C-.$%,?#/"%41'4;#/"0%/2#/%C-.*$"%0/4??%2.15$C=% -$%41/"$:4"@=%T-@":"$(%41%0-+"%/$-,4;#?%#$"#0%
M;!-1#?'*0s(%>./%)%9#4?"'%/-%$"#?4<"%>"9-$"2#1'% 41/"$$.,/"'%@24?"%0,"#A415%41%#??%/2$""%;-.1/$4"0(%
&"?454-1%#?0-%,?#C0%#%?#$5"%$-?"%41%)1'4#1%;.?/.$"% -9%D.0/$#?4#(%0.;2%#0%Q$40>#1"(%4/%40%;-++-1%9-$%
/2#/%)%@-.?'%2#:"%/-%;-19-$+%/-%/2"4$%1-$+0%49%)% #1'%41%F241#%4/%40%#;;",/#>?"%/-%#10@"$%#%;#??%9$-+%
#1'%/2"%A41'0%-9%9--'0%0"$:"'=%M#1C%T41'.0% +"1%/-%@"#$%024$/0(%/4"0%#1'%Q"$+.'#%02-$/0=%
'4'1*/%@#1/%/-%0/#1'%-./%#0%#1%D+"$4;#1=%W2"1% #%+->4?"%,2-1"%'.$415%#%+""/415=%Q.041"00%#//4$"%
#$"%:"5"/#$4#10%#1'%+-0/%@4??%1":"$%"#/%>""9=% F-1:"$0#/4-1%/"1'0%/-%>"%:"$C%'4$";/%#1'%#?0-%
+C%"/4t."//"%+402#,0%$"#;2"'%'-.>?"%'454/0(% /"1'0%/-%>"%+-$"%;-10"$:#/4:"%41%/2"0"%;-.1/$4"0%
M.0?4+0%'-%1-/%"#/%,-$A%-$%'$41A%#?;-2-?(%#1'%41% $#/2"$%;-?-$9.?%41%D.0/$#?4#=%&"5#$'?"00%-9%
)%@402"'%)%2#'%$"0"#$;2"'%/2"%;.0/-+0%-9%/2"% /2#1%41%)$"?#1'%-$%D.0/$#?4#g%#%'#$A%0.4/%9-$%+"1%
0-+"%#$"#0%4/%40%4??"5#?%/-%;-10.+"%"4/2"$%-9%/2"0"% /2"%-;;#04-1#??C%;-#$0"%?#15.#5"%/2#/%$"0.?/0%
;-.1/$4"0%)%@#0%:404/415= #1'%+-'"0/%9-$+#?%@"#$%9-$%@-+"1=%Q-/2%#//4$"%
,$-'.;/0=%W2"1%C-.%:404/%)1'4#(%?#+>(%;24;A"1(%-$% 9$-+%/2"%?#4'N>#;A%D.004"%#,,$-#;2%/-%/24150(%
% MC%L4$0/%>?.1'"$%-;;.$$"'%@2"1%)%#/"% L402%@4??%-9/"1%>"%0"$:"'%/-%#:-4'%$"?454-.0%5$-.,0*% $"?#/4-1024,0%#1'%$"0,";/%#$"%2452?C%:#?."'= #1'%041;"$4/C%0,"#A%?-.'?C%41%"#;2%;-.1/$C%
>$.1;2%41%Q-11(%G"$+#1C%-1%/2"%L4$0/%'#C%-9% $"0/$4;/4-10= #1'%+#C%'"/"$+41"%@2"/2"$%C-.%5"/%/2"%w->%-$%
+C%/$4,=%)%@#0%1-/%#@#$"%/2#/%3.1'#C%>$.1;2% 41/"$1024,%C-.%'"04$"=
40%#1%#??N#9/"$1--1%#99#4$%41%G"$+#1C(%#1'%/2"% % F2#1;"0%#$"(%"/4t."//"%401*/%-1%C-.$%
$"0/#.$#1/%-@1"$0%@"$"%t.4/"%-99"1'"'%@2"1% /-,%?40/%-9%,$4-$4/4"0%-9%/24150%/-%+#0/"$%>"9-$"%
)%?"9/%#9/"$%)%2#'%L41402"'%"#/415=%)%$"#?4<"'%#9/"$% C-.%?"#:"=%T-@":"$(%4/%+#C%>"%0-+"/2415%/-%
$"/.$1415%2-+"%/-%/2"%z14/"'%3/#/"0%/2#/%)% 0"$4-.0?C%;-104'"$%0/.'C415%/-%0#:"%C-.$0"?9%
2#'1*/%>""1%.0415%,$-,"$%"/4t."//"%/2"%"1/4$"% 9$-+%"+>#$$#00415%+-+"1/0%04+4?#$%/-%@2#/%)%
/$4,=%)%'4'%1-/%A1-@%/2#/%/#>?"%+#11"$0%#$"% "K,"$4"1;"'=%D+"$4;#10(%.19-$/.1#/"?C(%2#:"%#1%
F-1/41"1/#?(%+"#1415%/2"%/2"%9-$A%40%2"?'%41%/2"% 41/"$1#/4-1#?%$",./#/4-1%9-$%"/4t."//"%>?.1'"$0=%
?"9/%2#1'%#1'%/2"%A149"%41%/2"%$452/=%D?0-(%$-??0% T#:"%C-.%":"$%2"#$'%/2"%0/-$C%-9%9-$+"$%
02-.?'%>"%>$-A"1%#,#$/%>C%2#1'(%#1'%?"//.;"% E$"04'"1/%G"-$5"%T=W=%Q.02%L?#02415%#%Z•s%0451%
02-.?'%>"%9-?'"'%@4/2%#%A149"%#1'%9-$A%410/"#'% /-%#1%D.0/$#?4#1%;$-@'%@4/2%240%,#?+%9#;"'%41u%
-9%;./=%)%@#0%0.$,$40"'%/-%?"#$1%/2#/%;.//415% W2#/%2"%/2-.52/%+"#1/%Z:4;/-$Cs%#;/.#??C%+"#1/%
9--'%@4/2%#%9-$A%#;/0%#0%#%;-+,?4+"1/%/-%/2"% Z32-:"%4/ˆs%G"0/.$"0%#1'%0#C4150%'-1*/%+#/;2%.,%
;--A(%#0%4/%0.55"0/0%/2#/%/2"%9--'%40%/"1'"$=%D/% 41%":"$C%;.?/.$"(%#1'%4/*0%4+,-$/#1/%1-/%/-%410.?/%
#1-/2"$%$"0/#.$#1/%41%G"$+#1C(%)%+#'"%/2"% /2-0"%#$-.1'%C-.%#1'%,"$,"/.#/"%D+"$4;#1%
+40/#A"%-9%;#$"?"00?C%0"//415%+C%04?:"$@#$"%-1% 0/"$"-/C,"0=%I2"$"%#$"%;-.1/?"00%>--A0(%
+C%,?#/"%#9/"$%/2"%+"#?=%I240%41'4;#/"'%/2#/%)% 411.+"$#>?"%"?";/$-14;%5?->#?%"/4t."//"%5.4'"0(%
'4'1*/%"1w-C%/2"%+"#?(%@2"1%)%#;/.#??C%2#'=%I-% #1'%+#1C%A1-@?"'5"#>?"%0/.'"1/0%#$-.1'%
02-@%C-.%#$"%L41402"'%@4/2%#%+"#?(%4/%40%,$-,"$% ;#+,.0%/2#/%2#:"%0/.'4"'%#>$-#'%41%:#$4-.0%,#$/0%
/-%?#C%C-.$%A149"%#1'%9-$A%,#$#??"?%#;$-00%/2"% -9%/2"%@-$?'=%O"#$1415%#>-./%#%;-.1/$C*0%'41415%
$452/%04'"%-9%C-.$%,?#/"%@4/2%/2"%9-$A%-:"$%/2"% #1'%>.041"00%"/4t."//"%>"9-$"%C-.%"+>#$A%;#1%
A149"=%I240%40%"0,";4#??C%4+,-$/#1/%49%C-.%#$"% 2"?,%C-.%9""?%#/%"#0"%41%#%1"@%;-.1/$C%#1'%2"?,%
/--%9.??%/-%L41402%C-.$%+"#?= C-.%/-%>"%+-$"%0.;;"009.?%41%C-.$%"1'"#:-$0%!
% )9%)%2#'%/$#:"?"'%/-%)1'4#(%)%@-.?'% `"6"2+%'6)"9%2%!'67'T6"24'"#!'%)("#4'+#'@AAi'
2#:"%"K,"$4"1;"'%#%:"$C%'499"$"1/%/C,"%-9% 5+6.'.%)'8"(+24C'=.%'-6"4%!'5+6.'"'])%#*.'8"(+24'"-'
'41415%"/4t."//"=%z1?4A"%R.$-,"#1%9--'(%+-0/% <")6'78'9")+7/-'.+,.'-*.772'<)7,)"(-C
V8 %%%%%%%%%%D40?415%F.?2#1'%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%IC?"$%3;2#,,"%% %%%%%%%%%%%%%%%%%%%%%%%%%%%%%P$40/"1%D?>"$5#% V6

18. !"#"$%&
"1%+4%>-?0#
:0!?L$#/!7/'#&6!@+/L,0
5.#$'-%.1%,"'#<-%'"%/4%
,#%$";-$'#$
t."%04514L4;#%?#%:4'#%
,#%$";-$'#$%t."
O49"%40%+-$"%?4A"%'#1;415%-1%>.0(
>.C415%,4<<#%/-%#0A%/2"%;./"%'.'"%49%2"%2#0%#%54$?9$4"1'
/-%L41'%-./%2"*0%5"//415%+#$$4"'(
+-$"%?4A"%04//415%'-@1%>";#.0"%C-.$%9""/%2.$/(%
-$'"$415%/#;-0%;241-0%/-%L41'%-./%/2"C*$"%"55%$-??0(
.0415%/2"%>#/2$--+%/#A415%1#,A410%9$-+%/2"%/#>?"%
#9/"$@#$'0%$"#?4<415%/2"%/-4?"/%,#,"$%@#0%-./04'"%/2"%0/#??(
@#?A415%41%/2"%@$-15%'4$";/4-1%9-$%/--%?-15
41%/2"%$#41
@4/2%#%,4";"%-9%;#$'>-#$'%9-$%.+>$"??#(
2-?'415%/2"%2#1'%-9%0-+"-1"%C-.%+"/%/@-%2-.$0%#5-(
02#$415%#%>4/"%-9%C-.$%0#1'@4;2%9-$%#%04,%-9%/2"4$%5$#,"%0-'#(
/"??415%#%0/$#15"$%C-.%'4'1*/%5$-@%.,%@4/2%#%9#/2"$
/2"+%/"??415%C-.%/2"C*:"%1":"$%+"/%/2"4$%/2$""%;24?'$"1
>./%/2"4$%1#+"0%#$"%/#//"'%-1%/2"4$%>-'C(
/#A415%#%/"1%'-??#$%;#>%$4'"
/-%5"/%2-+"%0#9"?C
-$%#$$4:415%#/%C-.$%2-/"?%@2"$"%C-.%"K;2#15"%5--'>C"0%#1'%2.50%/2#/%5"/%
0/.;A
/-5"/2"$(%
O49"%40%+-$"%?4A"%/2"%/24150%/-?'%/-%C-.%41%#1-/2"$%?#15.#5"(
9$-+%0-+"-1"%@2-%,$->#>?C%A1-@0%C-.%>"//"$%/2#1%+-0/%-9%C-.$%9#+4?C
":"1%/2-.52%C-.%-1?C%A1-@%/2"4$%L4$0/%1#+"%!
>2+!"'+-'*/))%#624'-6/!4+#,'"?)7"!'+#'O"#"("'"#!'("07)+#,'+#'I"6+#'>(%)+*"#&'
D")+??%"#&'"#!'T?%)+"#'=6/!+%-C
VV N.%'I79%)-'?4'&#5""1#%E$4;" VX

19. 7U""<9%/-%/2"%Z'40;-%>#/"#.s%
!"##$%&'( 41%OC-1%@2"$"%":"$C-1"%A1"@%
@"%@"$"%D+"$4;#1%>";#.0"%
@"%0#15%#??%/2"%R15?402%@-$'0% 7U""<9%/-%/2"%[$"1;2%:"1'-$%
#1'%'#1;"'%'-@1%#1'%'4$/C= @2-%/$4"'%/-%0"??%#1-/2"$%
:"1'-$%#1%.+>$"??#%@2"1%4/%
7U""<9%/-%0-+"2-@%5"//415% 0/#$/"'%/-%$#41=
@41"%/4,0C%@4/2%/2$""%+4''?"N
#5"'%G"$+#10%-1%+C%L4$0/%'#C% 7U""<9%/-%‹V%>-//?"0%-9%
41%R.$-,"%#9/"$%1-/%0?"",415% )/#?4#1%@41"H1":"$%2#:"%)%9"?/%
9-$%/24$/C%2-.$0= 0-%;?#00C=
7U""<9%/-%/2"%5.C%@2-% 7U""<9%/-%/2"%D+"$4;#10%
'#$/"'%-./%-9%/2"%M#'$4'% 41%R.$-,"%L?-;A415%/-%
+"/$-%/-%/#;A?"%#%/24"9%@2-% M;!-1#?'*0%?4A"%#%@#$+%2.5=%
2#'%w.0/%01#/;2"'%#1%-?'%
@-+#1*0%,.$0"= 7U""<9%/-%/2"%0/$#C%'-50%
#1'%;#/0%-9%3#1/-$414(%G$"";"(%
7U""<9%/-%/2"%2-0/"?%;?"$A% @2-(%.1?4A"%.0%04??C%/-.$40/0(%
@2-(%@2"1%)%"K,$"00"'% A1-@%>"//"$%/2#1%/-%0?"",%
;-1;"$1%-:"$%/2"%;-+,?"/"% '.$415%/2"%2"#/%-9%/2"%'#C=%W"%
?#;A%-9%0";.$4/C%•1-/% ?"#$1"'%/2"%2#$'%@#C=
7U""<9%/-%/2"%3-.:"14$0%6787%0/#99ˆ
":"1%A"C0%/-%/2"%$--+0‚(%
$"0,-1'"'(%Z!-1*/%@-$$C(%4/*0% 7U""<9%/-%0,$41/415%.,%#1'% W#1/%/-%5"/%41:-?:"'%@4/2%-$%L41'%-./%+-$"%#>-./%3-.:"14$0u%
3@4/<"$?#1'ˆs '-@1%"0;#?#/-$0(%$.11415% •404/g%>>>^1)$&)^>$6*^,#1_41:L$*/%$&)6`6&1=,)$'6^/64a
/2$-.52%0";.$4/C%#1'%
7U""<9%/-%+C%04KNC"#$N-?'% 9$#1/4;#??C%0"#$;2415%9-$%-.$% F2";A%-./%/2"0"%3/.C%D>$-#'%$"0-.$;"0ˆ
[$"1;2%2-0/%040/"$%@2-%5#:"% 5#/"%>"9-$"%L41#??C%;-??#,0415% >>>^!6%1#0/:'&/#^>$6*^,#1
+"%Z[$"1;2%?"00-10s%>"9-$"% 41%?#.52/"$%-1%-.$%1452/%/$#41% >>>^*$,,^&'3
'411"$%/2#/%41:-?:"'%/"??415% 9$-+%M#'$4'%/-%O40>-1%@4/2% >>>^6%1#0/:'&/##$',*%&'0^*&;
2"$%@2#/%;-?-$%2"$%+#$A"$0% /@-%+41./"0%/-%0,#$"= >>>^%'/=,L^6%/%,^3&=
@"$"%#1'%/2"1%'$#@415%
,4;/.$"0%@4/2%/2"+= 7U""<9%/-%04//415%1"K/%/-%#%
$"'2"#'%+C%L4$0/%'#C%-9%;?#00% X%'-."22'#76'*%"-%'8)7('%j<27)"6+7#
7U""<9%/-%[$"1;2%+"1*0% 41%)$"?#1'=%)%/2-.52/%C-.% >#!'"6'6.%'%#!'78'"22'7/)'%j<27)+#,
9#024-1=%Q#0">#??%2#/0%#1'% @-.?'%>"%)$402H":"1%C-.$% X+22'?%'67'"))+9%'5.%)%'5%'-6")6%!
0@"#/%,#1/0%@"$"%1-/%+400"'= 1#+"%@#0%G#"?4;=%I--%>#'%C-.% >#!'$#75'6.%'<2"*%'87)'6.%'^+)-6'6+(%
@"$"%9$-+%v"$0"C=
7U""<9%/-%/2"%)/#?4#1% NI=3=%R?4-/
@#4/$"00%@2-%$",?4"'(%Z)/*0%
9$.4/ˆs%@2"1%@"%#0A"'%@2#/%
A41'%-9%>"$$4"0%@"$"%41%/2"%
Vx ,4"=

20. 7&=,'!4+&%&3'/4+P!J',3&!
:0!?$6L$)3!71L+/),
?$6L$)3! 6%1#$,#! $)! C/$'&:$8! V,)0/! $)! %+,! -/LL! &-! GHHX^! E+,',8!
6+,!>&'K,#!>$%+!V$:,'/!J$'L6!9&**,'!?*/#,;08!%+,!&)L0!-',,!
6,*&)#/'0!6*+&&L!$)!%+,!V$:,'/!6L1;!$)!C/$'&:$8!>+$*+!$6!&),!
&-! ?-'$*/b6! L/'3,6%! 6L1;6^! ! T,64$%,! %+,! %',;,)#&16! 4&=,'%0!
4',6,)%! $)! V$:,'/8! 6+,! *&)6$#,'6! %+,! 4,&4L,! ! */;,! %&! K)&>!
%+,',!6&;,!&-!%+,!+/44$,6%8!;&6%!3,),'&168!/)#!;&6%!*&;4/6(
6$&)/%,!$)#$=$#1/L6!6+,!+/6!,=,'!;,%!