De partij Groen wil het onderwijs hervormen.

1. !"#$"%&'(&")*+,-*
* ! "#$!./0123/0/04* *,#5*/!
* 6%7"&6"%&*(8* 19*:;<6*/0/0*./0123/0/04*
%&'()*+!
%=>"%?*&"*@(>>6??6"*!((#*+%&"#A6:?*
;6B7"C#='DB*&((#*E=%*F="#">=%?*"%*F("?*G=%&#(>>"**
(!"#*D"B*!((#?B"<*!=%*#"?(<;B6"*
!=%*H<6?=C"BD*I";<">=%J*KB6:%*L"M*"%*N>=&"*O%%(;#6*
(!"#*D"B*(8%">"%*!=%*&"*P(<(%6?=B6"*
"%*D"B*&"P(<(%6?=B6"8#('"?*6%*&"*"6%&B"#>"%*
!=%*D"B*G<==>?"*C=?6?3*"%*?"';%&=6#*(%&"#A6:?*
*
*

2. /* "#$!./0123/0/04* *,#5*/*
G<==>?*Q=#<">"%B* * 1011*L#;??"<* * 0/*RR/*11*11* * AAA5!<==>?8=#<">"%B5C"*
!"#$%&'$(()%*+,"%+-$+./##)&&)$+,//0+1%-$02)3&4+
5//06)''$04*S=#(<6"%*T#(?">=%?5*
5"&'$+($-$%4*
O#%(;B*@("<J*S("%*-=%6U<?J*S=#(<6"%*T#(?">=%?J*S=BD<""%*S#"P"<?J*O%%=C"<*V=!"#%6"#W*
X((?>=#6:%*L"'P"#?J*E=%*F="#">=%?J*S#6?B(Y*K<=7>;<&"#W*
E(*L#(;%?J*F("?*G=%&#(>>"W*
E"=%3E='Z;"?*-"*T;'DBJ*K6D=>"*H<*S=(;=P6C6W*
KB6:%*L"MJ*H<6?=C"BD*I";<">=%W*
[=%%"<(#"*T(">=%5*
7(""'&,$0,"%*$0&4*
I=#6;?*I"#">=%?J*OM"<*X(%?"J*,=&6=*K>6%=B"J*S#6?*G=%*-6:'PJ*S=B:=*G"#D""%W*
F"(*Q6"B"#?J*H<?*KB"#'PMJ*K=>*G=%*X((W*
S=B#6"%*K'D#!"#?J*L#"'DB*]=#%"$W*
H<?*O>8"J*KB"!"%*@("%"7#='DB?W*
E(D=%*-=%"%J*T;?B==Y*Q"<'P>=%?W*
KB"!"*G=%&"%C"#7D"5**
8/$*$,/$*-$+($-$%4*
S6>*-"*]6BB"5**
-(';>"%B"%*6%*D"B*&(??6"#)*
"#$!
",-!
!
./0123/0/04*
*./0123/0/04*
*
*,#5*1)*G((#?B"<*!=%*#"?(<;B6"*
*,#**1)*G((#?B"<*!=%*#"?(<;B6"*
*
*
*

3. "#$!./0123/0/04* *,#5*/* 9*
* * G<==>?*Q=#<">"%B*
N,[+^-*
*
N5! V("<6'DB6%7*&((#*H<6?=C"BD*I";<">=%*5555555555555555555555555555555555555555555555555555555*_!
NN5! V("<6'DB6%7*&((#*[=%%"<(#"*T(">=%*55555555555555555555555555555555555555555555555555555555*`!
NNN5! L"?8#"P6%7*5555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555*a!
NG5! KB">>6%7*555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555*1b!
T"C#;6PB"*=YP(#B6%7"%*55555555555555555555555555555555555555555555555555555555555555555555555555555555*1`!
*
*
GROEN
SP.A

4. _* "#$!./0123/0/04* *,#5*/*
G<==>?*Q=#<">"%B*
+8*/R*:;%6*/0/0*C"?8#=P*&"*@(>>6??6"*!((#*+%&"#A6:?*D"B*!((#?B"<*!=%*#"?(<;B6"*
(!"#*D"B*(8%">"%*!=%*&"*P(<(%6?=B6"*"%*D"B*&"P(<(%6?=B6"8#('"?*6%*&"*"6%&B"#>"%*
!=%*D"B*G<==>?"*C=?6?3*"%*?"';%&=6#*(%&"#A6:?5*-6B*!((#?B"<*!=%*#"?(<;B6"*A"#&*
?=>"%*C"D=%&"<&*>"B*D"B*!((#?B"<*!=%*#"?(<;B6"*B(B*!"#?B"#P6%7*!=%*D"B*D6?B(#6?'D*
C"A;?B$6:%*"%*P#6B6?'D*&"%P"%*(!"#*D"&"%*"%*!"#<"&"%*6%*D"B*G<==>?"*(%&"#A6:?*
.7"0(9!'9*G<5Q=#<5*/0123/0J*%#5*9`ac145*
*
:8)3-$%&+-$+ ,$0*"-$0)%*+ 2"0$%+ "(($$%+ -$+ ;/##)&&)$,//06)''$0+ $%+ -$+ ;/##)&&)$<
&$;0$'"0)&+=>&)$?+)%+-$+;/##)&&)$6""(+""%2$6)*9+@$+,"&'$+($-$%A+-$+B(""'&,$0,"%<
*$%-$+($-$%+$%+-$+'/$*$,/$*-$+($-$%+,"%+-$+;/##)&&)$+?0$*$%+-$+#/*$()3?C$)-+
/#+/%()%$+""%+-$+,$0*"-$0)%*+-$$(+'$+%$#$%+,)"+C$'+B("'=/0#+D//#9+E%-$0$+,/(?&<
,$0'$*$%2//0-)*$0&+?/%-$%+"(($$%+%"+#/'),$0)%*+/%()%$+""%+-$+,$0*"-$0)%*+-$$(<
%$#$%9F*
./ 01&)234526+!711'!8)2(*9&54!:&;)&<*6!
G()&"H$'C+I$J($#"%*A6:?B*"#(8*&=B*&"*C#;B=<"*&((&*!=%*T"(#7"*d<(&*((P*D6"#*&"*
&6?';??6"* (!"#* #='6?>"* "%* &6?'#6>6%=B6"* D""YB* &("%* (8<==6"%5* G<==%&"#"%* 6?* ""%*
A"<!=#"%&"*#"76(J*>==#*P"%B*(8*!<=P*!=%*(%&"#A6:?*&"*7#((B?B"*(%7"<6:PD"6&*B;??"%*
=<<('DB(%"%* "%* =;B('DB(%"%* !=%* D""<* H;#(8=5* H#* $6:%* =<* D""<* A=B* =%=<?"?* (!"#*
7"C";#&5*+HK+3B(8>=%*-6#P*G=%*-=>>"*;6BB"*>""#>==<?*$6:%*C"$(#7&D"6&*(!"#*
D"B* 7"?"7#"7""#&"* (%&"#A6:???B"">* "%* ?8#""PB* (!"#* !"#&(P"%* #='6?>"* 6%* D"B*
G<==>?"*(%&"#A6:?5*
*
-"*6%&6"%"#?*!=%*D"B*!((#?B"<*!=%*#"?(<;B6"*A6<<"%*D"B*>(>"%B*==%7#6:8"%*(>*((P*
6%*D"B*(%&"#A6:?*A"#P*B"*>=P"%*!=%*&"*?B#6:&*B"7"%*#='6?>"5*e"*Y(';??"%*&==#C6:*
(8*ff%*=?8"'BJ*%=>"<6:P*&"*==%&='DB*!((#*&"P(<(%6?=B6"*6%*D"B*(%&"#A6:?5*e"*A6<<"%*
"#!((#*$(#7"%*&=B*:(%7"#"%*!(<&("%&"*P"%%6?*"%*6%$6'DB*D"CC"%*6%*&"*"67"%*7"3
?'D6"&"%6?*"%*&"*6>8='B*!=%*&6"*7"?'D6"&"%6?*(8*D"B*D"&"%5*
*
-"*P"%%6?*!=%*&"*G<=>6%7*(!"#*D"B*P(<(%6=<"*!"#<"&"%*!=%*L"<76U*6?*>=7"#5*,6"B*
=<<""%*&=B*D"B*==%*C(&*P(>B*6%*D"B*(%&"#A6:?J*((P*&"*>=%6"#*A==#(8J*6?*C"<=%7#6:P5*
-"*P(<(%6?=B6"*?B==B*%6"B*"M8<6'6"B*6%*&"*"6%&B"#>"%*&==#*"#*7""%*<""#6%D(;&"%*?B==%*
6%*&"*"6%&B"#>"%*7"?'D6"&"%6?5*-=B*6?*""%*7("&"*$==PJ*T#("%*6?*B"7"%*&"*'=%(%63
?"#6%7* !=%* &"* 7"?'D6"&"%6?5* -=B* %"">B* %6"B* A"7* &=B* "#* A"<* &"7"<6:P* (!"#* >("B*
7"#"Y<"'B""#&*A(#&"%J*"%*&=B*$(%&"#*";#('"%B#6?'D"*C#6<5*-"*6%&6"%"#?*"#P"%%"%*
"M8<6'6"B*&=B*"#*=<*D""<*A=B*!((#;6B7=%7*6?*7"C("PB5*S=#"<*G=%*,6";A"%D;?"J*&(3
'"%B* T"?'D6"&"%6?&6&='B6"PJ*<6&* !=%*&"* (%BA6PP"<'(>>6??6"* !((#*&"*"6%&B"#>"%J*
B((%B*&=B*==%5*V('D*C"%=&#;PB*((P*D6:*&=B*"#*%(7*D""<*A=B*A6%?B*B"*C("P"%*!=<B*6%*
D"B*==%C#"%7"%*!=%*&"*P(<(%6?=B6"7"?'D6"&"%6?J*>==#*((P*6%*&"*<""#C("P"%*"%*&"*
C""<&!(#>6%7*6%*D"B*"&;'=B6"Y*>=B"#6==<5**
*
[""<*A=B*<""#<6%7"%*P#6:7"%*7""%*=8=#B*!=P*7"?'D6"&"%6?)*C?(3<""#<6%7"%*C6:!((#3
C""<&*D"CC"%*"%P"<*>==B?'D=88"<6:P"*!(#>6%7*(Y*8#(:"'B*=<7">"%"*!=PP"%5*["B*6?*
"#7*>("6<6:P*(>*&==#*""%*?((#B*=;B(%(>"*D6?B(#6?'D"*6%B"#"??"*B"*';<B6!"#"%5*["B*
$6:%*%"B*&"*<""#<6%7"%*&6"*D"B*>""?B*>"B*&6!"#?6B"6B*6%*==%#=P6%7*P(>"%*&6"*6%$6'DB*
(!"#*D"B*&((#A"#P"%*!=%*&"*7"?'D6"&"%6?*%(&67*D"CC"%5*H"%*=%&"#*=?8"'B*C"B#"YB*
&"*?=>"%?B"<<6%7*!=%*&"*(%BA6PP"<'(>>6??6"*&6"*&"*"6%&B"#>"%*(8?B"<B5*-"*&""<3
%">"#?B=Y"<*!((#*&"*(%BA6PP"<6%7*!=%*&"*<""#8<=%%"%*D((#B*""%*!""<*C"B"#"*=Y?86"3
7"<6%7*B"*$6:%*!=%*&"*&6!"#?6B"6B*6%*&"*?=>"%<"!6%7J*>""%B*&"*?8#"P"#5*
*
-"*6%&6"%"#?*A6<<"%*=<<"#>6%?B*&"*6%&#;P*A"PP"%*&=B*&"$"*'(>8<"M"*"%*7"<==7&"*
8#(C<">=B6"P*P=%*A(#&"%*(87"<(?B*!6=*&"*"6%&B"#>"%*=<<""%5*-"P(<(%6?=B6"*!#==7B*
""%*>"%B=<6B"6B?A6:$676%7*6%*=<<"*(%&"#A6:?!(#>"%*>==#*((P*6%*&"*C#"&"*?=>"%<"3
!6%75*["B*?B==B*"'DB"#*!=?B*&=B*&"*#(<*!=%*&"*<""#P#='DB*7#((B*6?5*-6"*D""YB*&"*C"3
<=%7#6:P"*B==P*(>*""%*!"6<67"*?6B;=B6"*B"*'#"U#"%*A==#*#;6>B"*6?*!((#*7"?8#"PP"%*
(!"#*<=?B67"*(%&"#A"#8"%5*G(<&("%&"*==%&='DB*&==#!((#*6%*&"*<"#=#"%(8<"6&6%7*"%*

5. "#$!./0123/0/04* *,#5*/* R*
* * G<==>?*Q=#<">"%B*
""%*7("&*8#(Y"??6(%=<6?"#6%7?==%C(&*$6:%*%(&675*X"'"%B*A"#&*""%*;6B7"C#"6&*8=PP"B*
==%*<"?>=B"#6==<*;6B7"A"#PB*&((#*KB;&6(*T<(C(5*T#("%*8<"6B*"#!((#*>""#*>"%?"%*
B("7=%7*B"*<=B"%*P#6:7"%*B(B*&"#7"<6:P"*8=PP"BB"%5**
*
H<6?=C"BD*I";<">=%*(!"#<((8B*!"#!(<7"%?*&"*(!"#A"76%7"%*!=%*D"B*!((#?B"<*!=%*
#"?(<;B6"5*
*
V"%*""#?B")*D"B*#='6?>"*"%*&"*&6?'#6>6%=B6"*&6"*%(7*!==P*&"*P(8*(8?B"P"%*"%*&6"*
&"*(%7"<6:PD"6&*6%*(%$"*?=>"%<"!6%7*!"#7#(B"%5*
*
V"%* BA""&")* &"* ;6B&=76%7* (>* &"* ?B#6:&* B"7"%* #='6?>"* "%* &6?'#6>6%=B6"* !(#>* B"*
7"!"%*6%*D"B*G<==>?"*C"<"6&5*
*
V"%*&"#&")*&"*#(<*&6"*L"<76U*7"?8""<&*D""YB*6%*&"*7"?'D6"&"%6?*!=%*@"%B#==<3OY#6P=*
"%*&"*=<7">"%"*"%*8"#?((%<6:P"*C""<&!(#>6%7*C6:*&"*C;#7"#J*&6"*B(B*(8*D"&"%*""%*
#(<*?8""<B5*
*
V"%*!6"#&")*"!(<;B6"?*6%*D"B*7"?'D6"&"%6?(%&"#A6:?*6%*G<==%&"#"%*"%*&"*7"?'D6"&3
?'D#6:!6%7*!=%*&"*#"8#"?"%B=B6"*!=%*D"B*L"<76?'D3@(%7(<"?"*P(<(%6=<"*!"#<"&"%5*
*
V"%*!6:Y&")*&"*P%"<8;%B"%*==%7"C#='DB*&((#*&"*^,3](#P6%7*T#(;8*(Y*HM8"#B?*(%*
Q"(8<"*(Y*OY#6'=%*-"?'"%B5*
*
V"%*$"?&")*&"*D"#$6"%6%7*!=%*&"*"6%&B"#>"%*6%*&"*BA""&"*"%*&"#&"*7#==&*!=%*D"B*
?"';%&=6#*(%&"#A6:?5*
*
V"%*$"!"%&")*&"*B("P(>?B67"*!(#>7"!6%7*!=%*&"*"6%&B"#>"%*!((#*D"B*C=?6?(%&"#3
A6:?5*
*
+8*C=?6?*&==#!=%*A(#&"%*""%*==%B=<*!#=7"%*7"Y(#>;<""#&*==%*&"*G<==>?"*X"7"3
#6%75*
*
V"%*""#?B")*"6%&B"#>"%*!((#*&"P(<(%6?=B6"*(8*""%*D"<&"#"*A6:$"*Y(#>;<"#"%J*A==#3
C6:*C6:$(%&"#"*==%&='DB*%==#*D"B*C=?6?(%&"#A6:?*7==B5*
*
V"%*BA""&")*6%*&"*"6%&B"#>"%*.!=%*&"*BA""&"*"%*&"#&"*7#==&4*!=%*D"B*?"';%&=6#*
(%&"#A6:?*"MB#=*==%&='DB*C"?B"&"%*==%*&"*P(<(%6?=B6"J*&"*#;6>"#"*7"?'D6"&"%6?*
!=%*&"*(;&3P(<(%6U%*"%*D"B*&"P(<(%6?=B6"8#('"?5*
*
V"%*&"#&")*6%*&"*%6";A"*"6%&B"#>"%*>""#*==%&='DB*C"?B"&"%*==%*&"*%6"B3A"?B"#?"*
8"#?8"'B6"!"%*"%*&"*'(>8<"M"*#"<=B6"*B;??"%*!"#<"&"%J*D"&"%*"%*B("P(>?B5*
*
V"%*!6"#&")*&"*(%BA6PP"<'(>>6??6"J*&6"*&"*"6%&B"#>"%*(8?B"<BJ*""%*C"B"#"*=Y?86"3
7"<6%7*<=B"%*$6:%*!=%*&"*&6!"#?6B"6B*6%*&"*?=>"%<"!6%75*
*
V"%*!6:Y&")*&"*(%&"#A6:?P("8"<?*"%*3%"BB"%*==%$"BB"%*(>*C6:*&"*(>$"BB6%7*!=%*&"*
"6%&B"#>"%*%==#*<""#8<=%%"%J*>""#*>"%?"%*>"B*>67#=B6"='DB"#7#(%&*B"*C"B#"PP"%*
$(&=B*!=PP"%*A(#&"%*6%7"!;<&*!=%;6B*""%*%6"B3]"?B"#?*"%*8(?BP(<(%6==<*((78;%B5**
*
V"%*$"?&")* ""%* !(<A==#&67*C"<"6&* (%BA6PP"<"%*(!"#*&"P(<(%6?=B6"*6%* D"B*G<==>?*
(%&"#A6:?5*
*
V"%*$"!"%&")*D;<8*==%C6"&"%*==%*<""#P#='DB"%*"%*&6#"'B6"?*$(&=B*$"*>""#*==%&='DB*
P;%%"%*7"!"%*==%*&"P(<(%6?=B6"*(8*?'D((<5*
*
V"%*='DB?B")*6%*""%*PA=<6B"6B?!(<*!(#>6%7?==%C(&*!((#*<""#<6%7"%*!((#$6"%J*&((#*
<""#P#='DB"%*"%*"MB"#%"*!(#>6%7?C"7"<"6&"#?5*
*

6. b* "#$!./0123/0/04* *,#5*/*
G<==>?*Q=#<">"%B*
V"%*%"7"%&")*6%*>""#*Y6%=%'6"#6%7*!((#$6"%*!((#*"MB"#%"*?8#"P"#?*6%*?'D(<"%5*
*
V"%*B6"%&")*""%*BA""?8(#"%C"<"6&*B"*!("#"%*B"%*==%$6"%*!=%*&"*<""#P#='DB"%5*["B*
""#?B"*?8((#*P=%*C"?B==%*;6B*6%6B6=B6"!"%*!((#*<""#P#='DB"%*.6%*(8<"6&6%74*&6"*>"B*
&"P(<(%6?=B6"*==%*&"*?<=7*A6<<"%*7==%J*(%&"#*>""#*&((#*""%*8(?BP(<(%6=<"*Y(';?*6%*
&"*<"#=#"%(8<"6&6%7*6%*B"*C(;A"%*"%*&((#*D"B*==%C(&*==%*C6:?'D(<6%7"%*!((#*<""#3
P#='DB"%*B"*!"#?B"#P"%*"%*C"B"#*$6'DBC==#*B"*>=P"%5*["B*BA""&"*?8((#*C"?B==B*"#6%*
(>* ""%* "MB"#%* ==%C(&* ;6B* B"* C(;A"%* (>* ?'D((<B"=>?* B"* ">8(A"#"%* #(%&* &6B*
BD">=5*H#*$6:%*<""#P#='DB"%*&6"*D"B*&"C=B*(!"#*&"*P(<(%6?=B6"*6%*&"*P<=?*A"<*A6<<"%*
==%7==%J*>==#*%6"B*&;#!"%*(>&=B*$"*%6"B*&"*B((<?*D"CC"%5*
*
V"%*"<Y&")*
>""#*"M8<6'6"B*B"*!"#A6:$"%*%==#*D"B*C"<=%7*!=%*&6!"#?6B"6B5*
*
V"%*BA==<Y&")*6%6B6=B6"!"%*&6"*?B"#"(B6"8"*C""<&!(#>6%7*B"7"%7==%J*==%?'D"#8"%5*
*
V"%*&"#B6"%&")*<""#C("P"%*"%*"&;'=B6"Y*>=B"#6==<*B"*<=B"%*?'#""%"%*(8*&"*A""#7=!"*
!=%*&"*D6?B(#6?'D"*Y"6B"%*(!"#*&"*B#=7"&6"?*;6B*D"B*!"#<"&"%5*
*
V"%*!""#B6"%&")*?=>"%*>"B*&"*"&;'=B6"!"*;6B7"!"#6:"%*%=7==%*D("*&"*?B"#"(B6"8"*
C""<&!(#>6%7*A"7*B"*A"#P"%*;6B*D"B*"&;'=B6"Y*>=B"#6==<5*
*
V"%*!6:YB6"%&")*(%&"#$("P"%*(Y*"&;'=B6"!"*;6B7"!"#6:"%*6%*?=>"%?8#==P*>"B*?'D(3
<&3
!(#>6%75*
*
V"%*$"?B6"%&")*&"*(%&"#A6:?6%?8"'B6"*C"<=?B"%*>"B*""%*BD">=(%&"#$("P*%==#*&"*
>=%6"#*A==#(8*?'D(<"%*.6%*D"B*P=&"#*!=%*&"*"6%&B"#>"%4*"%*<"#=#"%(8<"6&"#?*(>3
7==%*>"B*#='6?>"*"%*&6?'#6>6%=B6"*(8*?'D((<5*
*
V"%*$"!"%B6"%&")*&"*(%&"#A6:?6%?8"'B6"*(8*#"7"<>=B67"*C=?6?*B"*<=B"%*#=88(#B"#"%*
(!"#*#='6?>"*"%*&6?'#6>6%=B6"*(8*?'D((<5*
*
V"%*='DBB6"%&")*>"B*^%6=*"%*&"*(%&"#A6:?P("8"<?*""%*Y='6<6B"#"%&*P=&"#*;6B*B"*A"#3
P"%*&=B*?'D((<C"?B;#"%*P;%%"%*7"C#;6P"%*(>*""%*%(%3&6?'#6>6%=B6"C"<"6&*6%*D;%*
?'D((<*6%*B"*C"&&"%5*
*
V"%*%"7"%B6"%&")*='=&">6?'D*(%&"#$("P*%==#*D"B*P(<(%6==<*Y"%(>""%*"%*$6:%*7"3
!(<7"%*Y='6<6B"#"%*"%*?B6>;<"#"%5*
*
V"%*BA6%B67?B")*?=>"%*>"B*&"*6%?B"<<6%7"%*!((#*D(7"#*(%&"#A6:?*%6";A"*%6"B3";#(3
'"%B#6?'D"* ;%6!"#?6B=6#"* <""#?B("<"%* (%BA6PP"<"%J* (%&"#* >""#* 6%* OY#6P==%?"* "%*
.8(?B4P(<(%6=<"* ?B;&6"?5*-"*6%D(;&"<6:P"* (%BA6PP"<6%7*!=%* ""%*;%6!"#?6B=6#"*<""#3
?B("<*&6"%B*6%*D=%&"%*B"*<677"%*!=%*&"*OY#6P==%?"*&6=?8(#=*A==#C6:*$(A"<*='=&"3
>6?'D* =<?* =%&"#?* !"#A(#!"%* "M8"#B6?"* ==%A"$67* "%* "#P"%&* $6:%5* O%&"#"* <=%&"%*
&"&"%*&=B*=<*"%*P;%%"%*6%?86#"#"%&*A"#P"%5*
*
S(#B(>J*D"B*!((#?B"<*!=%*#"?(<;B6"*A6<*""#?B*"%*!((#=<*!"#$"P"#"%*&=B*&"*C"D=%&"3
<6%7*!=%*&"*&"P(<(%6?=B6"*"%*&"*&((#A"#P6%7*!=%*D"B*!"#<"&"%*(8*D"B*D"&"%*6%*=<<"*
(%&"#A6:?!(#>"%J*((P*&6"*>"B*=#C"6&?Y6%=<6B"6BJ*!"#=%P"#&*A(#&B5*-"*?'D#=886%7"%*
6%*&"*%6";A"*"6%&B"#>"%*C=#"%*T#("%*$(#7"%5*-==#%==?B*!#=7"%*&"*6%&6"%"#?*%(7*
BA6%B67*='B6"?*&6"*D"B*G<==>?"*C"<"6&*(8*&6B*!<=P*"'DB*!"#?B"#P"%5**

7. "#$!./0123/0/04* *,#5*/* `*
* * G<==>?*Q=#<">"%B*
../ 01&)234526+!711'!=*66&)1'&!>1&<*6!
G((#*K"%%$(/0$+L/$#"%*6?*""%*P#6B6?'D"*P6:P* (8*D"&"%*"%*!"#<"&"%*""%*!=%*&"*
C=?6?'(>8"B"%B6"?*A==#>""*:(%7"#"%*&"*A6:&"*A"#"<&*6%*>("B"%*A(#&"%*7"?B;;#&5*
O<?*D6?B(#6'=*6?*$"*"#!=%*(!"#B;67&*&=B*P"%%6?*!=%*D"B*!"#<"&"%*%((&$=P"<6:P*6?*(>*
D"B*D"&"%*B"*C"7#6:8"%5*[6?B(#6?'D*C"A;?B$6:%*6?*&"*C=?6?*!((#*&"*!(#>6%7*!=%*P#63
B6?'D"*C;#7"#?5*F"??"%*(!"#*D"B*!"#<"&"%*$6:%*&"*7"P%68B"*C=?6?*!((#*""%*P<=?&"C=B*
(!"#*&"*?=>"%<"!6%7*!=%*%;5*X"Y<"'B"#"%*D"<8B*:(%7"#"%*(>*&"*8<==B?*"%*6&"%B6B"6B*
B"*P"%%"%*!=%*$6'D$"<Y*"%*=%&"#"%5*["B*6?*""%*'#;'6==<*(%&"#&""<*!=%*C;#7"#?'D=8?3
!(#>6%75*["B*D"<8B*<""#<6%7"%*$6'D*?B==%&"*B"*D(;&"%*6%*""%*A"#"<&*>"B* ?B""&?*
>""#*%"8%6";A?*"%*7"8(<=#6?""#&"*&"C=BB"%5*
*
H#*$6:%*$(A"<*6%*G<==%&"#"%*=<?*6%B"#%=B6(%==<*D""<*A=B*D6?B(#6?'D"*7"C";#B"%6??"%*
"%*(%BA6PP"<6%7"%*&6"*B(B*!=%&==7*6%*&"*?=>"%<"!6%7*&((#A"#P"%*"%*A==#!=%*<""#3
<6%7"%* ""%* >6%6>=<"* P"%%6?* >("B"%* D"CC"%* (>* D"B* D"&"%* B"%* !(<<"* B"* P;%%"%*
C"7#6:8"%J*$(=<?*&"*P(<(%6?=B6"*!=%*@(%7(*"%*&"*PA=<6:P"*#(<*&6"*&"*L"<76?'D"*?B==B*
"%*F"(8(<&*NN*&==#6%*D"CC"%*7"?8""<&5*["<==?*A"B"%*!""<*G<=>6%7"%*&==#*B"*A"6%67*
(!"#5*["B*6?*C"<=%7#6:P*&=B*<""#<6%7"%*$(A"<*&"*((#$=P"%*=<?*&"*='DB"#<677"%&"*>(3
B6"!"%*"%*6&"(<(76"U%*P"%%"%5*N%*&"*<"??"%*>("B*&"*P(<(%6?=B6"*!=%*@(%7(*&=%*((P*
C"D=%&"<&*A(#&"%*!=%;6B*""%*!""<$6:&67"#*8"#?8"'B6"Y5*V"7"%A((#&67*A(#&B*&=B*(%3
&"#A"#8*6>>"#?*%(7*B"*!==P*!=%;6B*""%*B"*"%7"J*A6BB"*6%!=<?D("P*C"D=%&"<&5*-"*
D6?B(#6?'D"* 7"C";#B"%6??"%* #(%&* &"* P(<(%6?=B6"* !=%* @(%7(* >("B"%* ""%* ==%P%(3
86%7?8;%B*A(#&"%*(>*&"*.&"4P(<(%6?=B6"*6%*D"B*=<7">""%*B"*C"?8#"P"%5*-==#%==?B*
6?* D"B* &"* 7"<"7"%D"6&* (>* %6"B* =<<""%* !#=7"%* B"* ?B"<<"%* (!"#* &"* 6>8='B* !=%* D"B*
]"?B"%*(8*&"*#"?B*!=%*&"*A"#"<&J*>==#*((P*(>*&6?'#6>6%=B6"J*#='6?>"*"%*(%&"#3
&#;PP6%7*6%*D"B*D"&"%&==7?"*G<==%&"#"%*(8*&"*P<=?!<("#*C"?8#""PC==#*B"*>=P"%5**
*
-"*7"?'D6"&"%6?*P"%B*%(7*>""#*&(%P"#"*8"#6(&"?J*$(=<?*&"*'(<<=C(#=B6"5*+(P*&==#3
(!"#*>("B*"#*6%*&"*P<=?*7"#"Y<"'B""#&*A(#&"%J*C6:!((#C""<&*(!"#*&"*&#6:Y!"#"%*(>*
>""*B"*A"#P"%*>"B*D"B*%=$6#"76>"J*$(A"<*6%&6!6&;""<*=<?*6%?B6B;B6(%""<5*+(P*&=%*
>("B*&"*C#;7*B;??"%*D"B*!"#<"&"%*"%*D"B*D"&"%&==7?"*G<==%&"#"%*7"?<=7"%*A(#3
&"%5*I==#*((P*='B;"<"#"*7"A"<&&=&67"*8"#6(&"?*6%*&"*L"<76?'D"*7"?'D6"&"%6?*>("3
B"%*C"<6'DB*A(#&"%*$(=<?*&"*;6B6%7"%*!=%*7"A"<&&=&67*#=&6'=<6?>"*6%*&"*:=#"%*a0J*
$(A"<*!=%*"MB#"">#"'DB?"*>6<6B6"?*=<?*"MB#""><6%P?"*7#("8"#6%7"%5*S"%%6?*&==#3
(!"#*!(#>B*6>>"#?*&"*C=?6?*!((#*""%*C"B"#*C"7#68*!=%*D"&"%&==7?*7"A"<&&=&67*
#=&6'=<6?>"5*-=B*D6?B(#6?'D*C"A;?B$6:%*>=7*((P*=C?(<;;B*%6"B*C"8"#PB*$6:%*B(B*""%*
"%7*G<==>?"J*L"<76?'D"*(Y*";#('"%B#6?'D"*C<6P5*H#*>("B*%==#*7"?B#""Y&*A(#&"%*(>*
<""#<6%7"%*""%*C#"&"*P6:P*(8*&"*A"#"<&*"%*(8*>(%&6=<"*(%BA6PP"<6%7"%*"%*6&"(<(3
76"U%*>""*B"*7"!"%5*F""#<6%7"%*>("B"%*P#6B6?'D*<"#"%*#"Y<"'B"#"%*(8*D"B*(%B?B==%J*
&"*(%BA6PP"<6%7J*&"*6>8='B*"%*&"*7"!(<7"%*!=%*6>8"#6=<6?>"J*Y=?'6?>"J*%=$6?>"J*
?B=<6%6?>"J*>=(g?>"J*7"A"<&&=&67*%=B6(%=<6?>"J*7"A"<&&=&67*#"<676";?*"MB#">6?>"*
"%$(!((#BJ*$(A"<*6%*D6?B(#6?'D*=<?*='B;""<*8"#?8"'B6"Y5*
*
N%*/00a*D""YB*&"*G<==>?"*>6%6?B"#*!=%*+%&"#A6:?*""%*8#(:"'B*(8*8(B"%*7"$"B*(!"#*
D"#6%%"#6%7?"&;'=B6"J*%"B*(>*<""#P#='DB"%*B"* D"<8"%*P#6B6?'D*B"* #"Y<"'B"#"%*(!"#*
D"B*!"#<"&"%5*I"B*&6"*?;C?6&6"*A"#&*D"B*L6:$(%&"#*@(>6Bf*!((#*["#6%%"#6%7?"&;'=3
B6"* (87"#6'DB5* ["#6%%"#6%7?"&;'=B6"* A6<* !6=* D6?B(#6?'D* &"%P"%* P#6B6?'D* #"Y<"'B"#"%*
(!"#*&"*='B;""<3>==B?'D=88"<6:P"*#(<*!=%*7"?'D6"&"%6?*"%*D"#6%%"#6%75*["#6%%"3
#6%7?"&;'=B6"*6?*7"C(;A&*(8*&"*!(<7"%&"*&#6"*86:<"#?)*P"%%6?*"%*6%$6'DBJ*">8=BD6"*
"%*C"B#(PP"%D"6&J*#"Y<"'B6"*"%*='B6"5*-=B*P=&"#*!=%*D"B*L@[*!(#>&"*((P*&"*(%&"#3
C(;A*!=%*&"*!=P(!"#?'D#6:&"%&"*"6%&B"#>"%*(!"#*?('6(';<B;#"<"*?=>"%<"!6%75*
*
-=B*6?*""%*7("&*?B=#B8;%BJ*>==#*&"*6%!;<<6%7*&==#!=%*>("B*A(#&"%*!"#?B"#PB5*["#3
6%%"#6%7?"&;'=B6"*7==B*%;*6%*&"*""#?B"*8<==B?*(!"#*&"*H"#?B"*"%*VA""&"*]"#"<&3
((#<(75* H"%* C#"&"#* 6%B"#%=B6(%==<* 8"#?8"'B6"Y* >("B* $"P"#* ""%* 8<==B?* P#6:7"%5*
["#6%%"#6%7?"&;'=B6"*>=7*"!"%>6%*C"8"#PB*C<6:!"%*B(B*D"B*!=P*7"?'D6"&"%6?*(Y*""%*
8#(:"'B5*H"%*?'D((<*&6"%B*"#*""%*C"<"6&*(!"#*B"*!("#"%*"%*&=%*%6"B*"%P"<*6%*D"B*=?(*

8. a* "#$!./0123/0/04* *,#5*/*
G<==>?*Q=#<">"%B*
(Y*6%*&"*&"#&"*7#==&5*-"*6%&6"%"#?*!#=7"%*&=%*((P*==%*&"*G<==>?"*X"7"#6%7*""%*
!(<<"&67"*<""#<6:%*!((#*D"B*<""#8<6'DB(%&"#A6:?J*(!"#*D6?B(#6?'D*C"A;?B$6:%*"%*P#6B6?'D*
&"%P"%J*>"B*P"%%6?3*"%*'(>8"B"%B6"3"<">"%B"%*(8*>==B*!=%*"<P"*7#==&*"%*(%&"#3
A6:?%6!"=;5*H67"%<6:P*$(;*?85=*<6"Y?B*$6"%*&=B*&6"*<""#<6:%*&((#7"B#(PP"%*A(#&B*6%*D"B*
D(7"#*(%&"#A6:?5*
*
S(#B(>J*D"B*!((#?B"<*!=%*#"?(<;B6"*D""YB*B(B*&("<*D"B*D6?B(#6?'D"*C"A;?B$6:%*"%*P#63
B6?'D"*&"%P"%*==%*B"*?'D"#8"%J*%6"B*(>*!((#7"P=;A&"*=%BA((#&"%*==%*<""#<6%7"%*
(8*B"*<"77"%J*>==#*(>*D"%*B"*?B6>;<"#"%*(>*(8*C=?6?*!=%*Y"6B"%P"%%6?*$"<Y*B(B*
&6"8"#"*6%$6'DB"%*B"*P(>"%*$(&=B*$"*=<?*$"<YC"A;?B"*"%*P#6B6?'D"*C;#7"#?*P;%%"%*
&""<%">"%*==%*D"B*>==B?'D=88"<6:P"*&"C=B*!=%;6B*D;%*"67"%*(!"#B;676%75*
.../?&(@'&A26+!
M/$%+@"%)N(&*='DB*D"B*BD">=*C"<=%7#6:P5*[6?B(#6?'D*C"A;?B$6:%*7==B*((P*(!"#*&"*
B("P(>?B)*6%*&6!"#?6B"6B*>"B*6"&"#""%*&6"*"#*A((%B*"%*!=%*7("&"*A6<*6?J*G<==%&"#"%*
(8C(;A"%5*+(P*!((#*,3GO*6?*&=B*'#;'6==<5*-=B*6?*((P*&"*#"&"%*A==#(>*D"B*!(<<"&67"*
B#=:"'B*!=%*&"*%6";A"*"6%&B"#>"%*7"<(8"%*6?5*
*
V"<P"%?*""%*C"8==<&*BD">=*='B;""<*A=?* *P<6>==BJ*7"$(%&"*!("&6%7J*(8!("&6%7J*
Y6%=%'6U<"*7"<"BB"#&D"6&* *76%7"%*C6:*C;#7"#?*"%*8=#<">"%B?<"&"%*?B">>"%*(8*(>*
&6"* 6%* D"B* (%&"#A6:?* B"* <=B"%* C"D=%&"<"%5* V"#"'DBJ* A=%B* D"B* $6:%* C"<=%7#6:P"*
&"*?<";B"<'(>8"B"%B6"?*!=%*&"*B("P(>?B67"*%6";A"*
"6%&B"#>"%5*H"%*#;6>"#*D6?B(#6?'D*C"?"Y*D(;&B*((P*6%$6'DB*6%*&"*'(>8<"M6B"6B*!=%*
!"#!<(7"%*B6:&"%*6%J*&;?*%6"B*P6:P"%*>"B*&"*C#6<*!=%*!=%&==75*e(*A=?*&"*T(;&"%*
H";A*7"A"<&67*!((#*D"B*,"&"#<=%&?"*"'(%(>6?'D"*C"?B"<J*>==#*%6"B*!((#*=<<"*C"3
!(<P6%7?'=B"7(#6"U%*(Y*!((#*=%&"#"*<=%&"%5*
*
+!"#*&"*6%D(;&*!=%*&"*%6";A"*"6%&B"#>"%*&("%*=<<"#<"6*7"#;'DB"%*&"*#(%&"J*>==#*
%6"B*!=%*>"%?"%*&6"*"#C6:*C"B#(PP"%*$6:%5*["B*<6:PB*A"<*(Y*T#("%*6%*6"&"#*7"!=<*BA6%3
B67*==%C"!"<6%7"%*A(;5*["B*!((#?B"<*C"!=B*6>>"#?*""%*=>=<7==>*!=%*==%C"!"<6%3
7"%J* ((P* (!"#* &"* "6%&B"#>"%5* e(* !#=7"%* &"* 6%&6"%"#?* (>* &"* "6%&B"#>"%*
&"P(<(%6?=B6"*(8*""%*D"<&"#"*A6:$"*B"*Y(#>;<"#"%5*-=B*#==PB*=<*==%*D"B*Y;%&=>"%3
B"<"*&"C=B*!=%*&"*"6%&B"#>"%J*%=>"<6:P*D("*7"&"B=6<<""#&*&"*(!"#D"6&*!=?B<"7B*A=B*
&"*<""#P#='DB*>("B*&("%5*O<?*<""#P#='DB"%*C"?'D(;A&*A(#&"%*=<?*8#(Y"??6(%=<?J*
>("B"%*$"*!#6:D"6&*"%*#;6>B"*P#6:7"%5*-"*"6%&B"#>"%*$6:%*&==#"%C(!"%*>6%6>;>3
&("<"%5*["B*8=#<">"%B*>("B*$6'D$"<Y*6%*C"&A=%7*D(;&"%5*e(*D"B*A6<J*P=%*D"B*A"3
P"<6:P?* ""%* %6";A"* "6%&B"#>* C"&"%P"%J* >==#* &=%* A(#&"%* <""#P#='DB"%*
7"#"&;'""#&*B(B*!((#<"$"#?*!=%*""%*C6:C"<5*["B*<6&*&"%PB*&=B*7""%*!=%*&"*8=#B6:"%*
&=B*A6<5*
*
^6B"#==#&*P;%%"%*&"*!((#7"?B"<&"*(%&"#A"#8"%*==%*C(&*P(>"%*6%*D"B*(%&"#A6:?5*
e(=<?*7"$"7&J*
""#?B"*7#==&*!=%*D"B*?"';%&=6#*(%&"#A6:?5*X"?(<;B6"?*$6:%*%6"B*C"&("<&*(>*==%*&"*
G<==>?"*X"7"#6%7*B"*!#=7"%*A=B*D"B*8=#<">"%B*=<*&""&5*["B*D""YB*6>>"#?*D"B*&"3
'#""B*(!"#*&"*(%&"#A6:?&("<"%*"%*(!"#*&"*"6%&B"#>"%*!=%*&"*""#?B"*7#==&*7("&3
7"P";#&5*G<==%&"#"%*P"%B*&==#"%C(!"%*(%&"#A6:?!#6:D"6&5*-"*8=#<">"%B?<"&"%*&6"*
C""<&*@(%7(*"%*L;#;%&6J*>("B"%*D"B*!((#=<*$"77"%5*G((#=<?%(7*7==B*G<==%&"#"%*
!((#*""%*"!"%A6'DB67*8=#'(;#?5*
*
-"*==%C"!"<6%7*&=B*&"*G<==>?"*X"7"#6%7*&"*(%&"#A6:?P("8"<?*"%*3%"BB"%*C6:*&"3
'#""B*>("B*!"#8<6'DB"%*>""#*>"%?"%*>"B*""%*>67#=B6"='DB"#7#(%&*B"*C"B#"PP"%*
C6:*&"*(>$"BB6%7*!=%*"6%&B"#>"%*%==#*<""#8<=%%"%J*6?*!"##"7==%&5*-=B*C"B"P"%B*
&=B*&"*(!"#D"6&*6%7#6:8B*(8*D"B*8"#?(%""<?C"<"6&*"%*(8*&"*?=>"%?B"<<6%7*!=%*&"*
<""#8<=%'(>>6??6"?J*A==#C6:*%6"B*=<<""%*#"P"%6%7*7"D(;&"%*>("B*A(#&"%*>"B*'(>3
8"B"%B6"*>==#*>"B*!"<"*=%&"#"*'#6B"#6=*$(=<?*=YP(>?BJ*B==<J*<7CBZ6h*"%$(!((#B5*

9. "#$!./0123/0/04* *,#5*/* 2*
* * G<==>?*Q=#<">"%B*
G((#B?* !#==7B* T#("%* &=B* <""#<6%7"%* C;6B"%* &"* ?'D((<* %(7* ""%* PA=<6B"6B?!(<* !(#3
>6%7?==%C(&*P#6:7"%*"%P"<*(!"#*&6B*BD">=5*-"*?8#"P"#*!6%&B*&=B*D"B*#;6>"#*>("B*
7==%5*-"*==%C"!"<6%7*&=B*D"B*G<==>?*(%&"#A6:?*""%*!(<A==#&67*C"<"6&*>("B*(%B3
A6PP"<"%*(!"#*&"P(<(%6?=B6"*'(;%B"#B*D6:*>"B*&"*C"?B==%&"*6%6B6=B6"!"%*=<?*S<=?@"3
>"%BJ* &"* P=$"#%"* -(??6%J* &"* 8#(:"'B"%* 6%* &"* ]"?BD("P* "%* &"* G#"&"?#(;B"5* [6:*
!#==7B*!((#B?*D("*T#("%*D"B*(%&"#$("P*&((#*&"*(%&"#A6:?6%?8"'B6"*%==#*&"*>=%6"#*
A==#(8*?'D(<"%*"%*<"#=#"%(8<"6&"#?*(>7==%*>"B*#='6?>"*"%*&6?'#6>6%=B6"*(8*?'D((<*
8#"'6"?*$6"B5*
*
-"*6%?B"<<6%7"%*!((#*D(7"#*(%&"#A6:?*!("#"%*""%*"67"%*C"<"6&J*D"CC"%*(%&"#$("P?3
B#=&6B6"?*"%*""%*Y6%=%'6"#6%7??B"<?"<5*[("*&"*==%C"!"<6%7*(>*D"%*%6";A"*%6"B3";3
#('"%B#6?'D"*;%6!"#?6B=6#"*<""#?B("<"%*B"*<=B"%*(%BA6PP"<"%*&==#6%*8=?BJ*$6"B*D"B*<6&*
%6"B5*S(#B(>J*D"B*!((#?B"<*!=%*#"?(<;B6"*!#==7B*(>*""%*!(#>*!=%*?B==B?8"&=7(76"P*
&6"*$"<Y?*?85=*(Y*QG-O*%6"B*&;#!"%*!((#?B"<<"%*(Y*&#(>"%J*>""%B*S("%*-=%6U<?5*
*
["B*!((#?B"<*!=%*#"?(<;B6"*!=%*?85=*6?*!(<7"%?*D">*"!"%A6'DB67"#5*F""#<6:%"%*D6?B(3
#6?'D*C"A;?B$6:%J*P#6B6?'D"*#"Y<"'B6"*"%*C"A;?B$6:%J*>"&6=A6:?D"6&*$6:%*"#*"'DB"#*=<5*
[6:*6?*C<6:*&=B*&"*?85=3Y#='B6"J*&6"*$6'D*P#6B6?'D*;6B<6"B*(!"#*&=B*&"'#""BJ*"#*%;*B('D*
>""*6%?B">B5*,=7==%*D("*&"*D(7"#(%&"#A6:?6%?B"<<6%7"%*&6"*P"%%6?*"%*'(>8"B"%3
B6"?*P;%%"%*!"#?B"#P"%J*6?*((P*%6"B*>""#*%(&67J*A=%B*D"B*>==PB*&""<*;6B*!=%*&"*
?<";B"<'(>8"B"%B6"?*!=%*&"*%6";A"*"6%&B"#>"%*&;?*((P*!=%*&"*6%D(;&*!=%*&"*<""#3
P#='DB"%(8<"6&6%7"%5*
*
[6:*C"%=&#;PB*&=B*,3GO*D6?B(#6?'D*C"A;?B$6:%*'#;'6==<*='DB5*-=B*6?*&"*#"&"%*A==#(>*
D"B*6%*&"*!(#67"*#"7""#8"#6(&"*=<*6%*D"B*&"'#""B*+%&"#A6:?&("<"%*"%*6%*&"*"6%&B"#3
>"%*!=%*&"*""#?B"*7#==&*7"!("7&*6?5*["B*$=<*((P*&""<*;6B>=P"%*!=%*&"*"6%&B"#>"%*
BA""&"*7#==&5*,3GO*D""YB*"'DB"#*!"#B#(;A"%*6%*&"*<""#P#='DB"%*"%*A6<*&;?*%6"B*&=B*
D"B*8=#<">"%B*B(B*6%*&"B=6<*(8?(>B*D("*$"*&6"*&("<"%*"%*"6%&B"#>"%*C"#"6P"%J*>==#*
$"P"#*6?*&=B*D"B*D6?B(#6?'D"*C"A;?B$6:%J*&"*D6?B(#6?'D"*'(>8<"M6B"6BJ*&"*.&"4P(<(%63
?=B6"*==%*C(&*$;<<"%*P(>"%J*"%*"67"%<6:P*A(#&B*D"B*%;*=<*C"D=%&"<&5*
*
,3GO*$=<*&"*!((#?B"<<"%*!=%*#"?(<;B6"*&;?*%6"B*7("&P";#"%5*-=B*!=%*T#("%*(>&=B*
D"B*B"*!"#*7==B*6%*D"B*#"7;<"#"%*"%*=<<"*P=%B"%*;6B?'D6"BJ*&=B*!=%*?85=*(>&=B*D"B*=<*
7"#"7"<&*6?5*[6:*%"">B*A"<*==%*&=B*?85=*&=%*((P*&"*#"?B"#"%&"*"6%&B"#>"%*>"B*
"%BD(;?6=?>"*$=<*7("&P";#"%5*
*
O"%+P"$0$#"%&*C"B#";#B*D"B*&=B*T#("%*$6:%*!((#?B"<*!=%*#"?(<;B6"*?B=#B*>"B*&"*&((&*
!=%* T"(#7"* d<(&* D("A"<* "#* B(B* (8* D"&"%* 7""%* #='6?>"* 6?* ==%7"B((%&* 6%* &"$"*
PA"?B6"5*-=B*$=<*&"*8(<6B6"#"'DBC=%P*>("B"%*;6B>=P"%5*G((#*G<==>?*L"<=%7*6?*D"B*
B(B*%(7*B("*""%*7"!=<*!=%*C;6B"%?8(#67*8(<6B6"7"A"<&*6%*&"*G"#"%67&"*KB=B"%*B"7"%*
""%*D"#D==<&"<6:P*!"#((#&""<&"*'#6>6%""<J*""%*PA"?B6"*A==#*G<==%&"#"%*%6"B?*>""*
B"*>=P"%*D""YB5*V('D* D""YB*D"B*6%*&"*G"#"%67&"*KB=B"%*"%*6%*H;#(8=*7"<"6&*B(B*
C;6B"%?8(#67*7"A"<&*B"7"%*&"*8(<6B6"J*B(B*8<;%&"#6%7"%J*B(B*C#=%&?B6'DB6%7"%*"%$(3
!((#BJ*>"B*&=%P*==%*&"*<6%P?"*8=#B6:"%*&6"*&=B*6%*&"*D=%&*D"CC"%*7"A"#PB5*
*
G(<7"%?*D"B*!((#?B"<*!=%*#"?(<;B6"*!=%*T#("%*A6:?B*(%&"#$("P*;6B*&=B*?"7#"7=B6"J*
!((#((#&"<"%J*<=7"*!"#A='DB6%7"%J*&6?'#6>6%=B6"* "%* #='6?>"*==%*&"*C=?6?*<677"%*
!=%*&"*(%7"<6:PD"6&*6%*D"B*(%&"#A6:?5*G(<7"%?*&"*?8#"P"#*D""YB*""%*(Y*=%&"#"*<6%P?"*
8#(Y*7"A((%*$6:%*!((#6%7"%(>"%D"6&*7"?B(YY""#&5*G((#*G<==>?*L"<=%7*6?*&"*#"&"%*
&"*>=??=<"*6>>67#=B6"*!=%*>"%?"%*>"B*';<B;#"%*&6"*%6"B*==%7"8=?B*$6:%*==%*&"*
>=%6"#*!=%*<"!"%*"%*!=%*?'D((<<(8"%*D6"#5*G==P*D"CC"%*&"*>"%?"%*""%*7#(B"*B==<3
='DB"#?B=%&5*O<?*G<==>?"*P6%&"#"%*>=??==<*6%*N?B=%C;<?"*?'D(<"%*$(;&"%*7"?>"B"%*
A(#&"%J*$(;&"%*$"*((P*='DB"#?B=%&*D"CC"%5*[6:*!"#>("&BJ*>"B*&"*?6B;=B6"*!=%*&"*
S("#&6?'D"*"%*O#>""%?"*C"!(<P6%7*&==#*6%*D"B*='DB"#D((Y&J*&=B*"#*%6"B*!""<*>("6B"*
$(;*7"%(>"%*A(#&"%*(>*C6:<"?*B"*7"!"%*(Y*C"7#68*B"*B(%"%*!((#*D;%*?6B;=B6"J*<==B*
?B==%*&=B*$"*>"B*D"B*&(<&A=$"*6&""*$(;&"%*P(>"%*(>*,"&"#<=%&?*6%*&"*P<=?*B"*
7"C#;6P"%5*
*

10. 10* "#$!./0123/0/04* *,#5*/*
G<==>?*Q=#<">"%B*
T#("%*C"A""#B*&=B*&"*>""#&"#D"6&*!=%*&"*=<<('DB(%"%*$"7B*((6B*7"&6?'#6>6%""#&*
B"*$6:%*&((#*D;%*<""#P#='DB5*["B*<6&*&;#YB*&=B*B"*C"BA6:Y"<"%5*[6:$"<Y*%('D*""%*!=%*
"*
7"!"%*==%*=<<('DB(%"*<""#<6%7"%*(Y*=%&"#?B=<67"%5*]6"*>6%&"#*8#"?B""#&"*(Y*?<"'DB*
!"#A((#&&"J*P#""7*>6%&"#*7("&"*8;%B"%5*[6:*D""YB*%((6B*7"==#$"<&*(>*<""#<6%7"%*
>"B*='DB"#?B=%&*C6:*B"*A"#P"%J*(%7"='DB*D;%*P<";#*(Y*=YP(>?B5*[6:*D"#6%%"#B*$6'D*
A"<*""%*6%'6&"%B*A==#C6:*D6:*D"B*<6:Y"<6:P*==%*&"*?B(P*P#""7*>"B*""%*I=#(PP==%?"*
>("&"#*&6"*%6"B*A(;*=''"8B"#"%*&=B*D==#*&('DB"#J*&6"*%((6B*""%*8((B*D=&*;6B7"?B(3
P"%J*""%*@3=BB"?B*P#""75*-"*>("&"#*"6?B"*&=B*D6:*d#=%?*$(;*?8#"P"%*"%*?<("7*D"B*
#=88(#B*;6B*$6:%*D=%&"%*B"#A6:<*$"*D">*;6B?'D(<&*!((#*#='6?B5*-=B*?((#B*=%B63G<==>?*
#='6?>"*6?*D"B*7"!(<7*!=%*&"*8=>8"#';<B;;#J*""%*?<='DB(YY"#';<B;;#*&6"*<6%P?"*8=#3
B6:"%*PA"P"%*C6:*=<<('DB(%"%J*6%*8<==B?*!=%*D"%*==%*B"*$"BB"%*(>*&;CC"<*$(*D=#&*B"*
A"#P"%5*
*
-"*?8#"P"#*#==&B*6"&"#""%*&"*<"$6%7*==%*!=%*D"B*=#B6P"<*6%*["B*F==B?B"*,6";A?*!=%*
d=#("P*i$7j%"?J*:(;#%=<6?B*!=%*GVI5*[6:*D""YB*$6:%*?'D((<='DB"#?B=%&* *$6:%*(;&"#?*
A=#"%*=<<"C"6*=%=<Y=C""B* *8;;#*(8*A6<?P#='DB*A"77"A"#PB5*-"*?B"<<6%7*&=B*<""#3
<6%7"%*?<"'DB*8#"?B"#"%*&((#*&6?'#6>6%=B6"*6?*!(<7"%?*D"B*8=#<">"%B?<6&*B"*$(B*(>*
<(?*B"*<(8"%5*["B*P=%*&=B*""%*<""#P#='DB*$6:%*C("P:"*B"*C;6B"%*7==BJ*>==#*&"*D((Y&3
((#$=P"%*<677"%*"<&"#?5*
*
-"*?B"<?"<>=B67"* (!"#&#6:!6%7*(!"#*#='6?>"*?'D6"B*>""#* "%*>""#*>"%?"%*6%*D"B*
!"#P""#&"*P""<7=BJ*>""%B*D"B*<6&5*F""#P#='DB"%J*8(<6B6"=7"%B"%J*!"#D;;#&"#?J*(%3
&"#%">"#?*"%$(!((#B*$6:%*C<6:PC==#*=<<">==<*#='6?B"%5*O<?*D"B$"<Y&"*$(;*7"C";#"%*
>"B*!"#P#='DB6%7J*$(;*6"&"#"*==%#=P6%7J*6"&"#"*P%68((7J*6"&"#*?'D(;&"#P<(8:"*!"#3
&='DB*$6:%5*-=B*<"6&B*B(B*""%*--X3??B"">*A==#*6"&"#""%*6"&"#""%*C"?86(%""#&"*"%*
>"%?"%*:=#"%<=%7*6%*&"*7"!=%7"%6?*!<(7"%*$"<Y?*!((#*!"#>""%&"*P#6B6"P*B"7"%*D"B*
'(>>;%6?>"5*G<==>?*L"<=%7*A6<*&==#*%6"B*%==#B("5*[6:*$(;*$;<P"*6&""U%*!"#A='D3
B"%*C6:*&"*QG-OJ*>==#*%6"B*C6:*T#("%5*
*
S(<(%6=<6?>"*C"D=%&"<"%*6%*&"*<"??"%*P=%*$6%!(<*$6:%J*=<?*D"B*(C:"'B6"Y*7"C";#B*"%*
%6"B* !=%;6B* ""%* #"!=%'D6?B6?'D"* !6?6"* &6"* =<<"* ?'D;<&* C6:* &"* C<=%P"%* <"7B* "%* D"B*
?<='DB(YY"#?'D=8*C6:*&"*$A=#B"%5*S(<(%6"?*"%*!"#(!"#6%7*!=%*B"##6B(#6=*$6:%*=<*>""#*
&=%*&;6$"%&"%*:=#"%*(;&5*["B*7"C";#&"*C6:*&"*X(>"6%"%J*C6:*&"*G6P6%7"%*"%$(3
!((#BJ*!==P*>"B*7"A"<&*"%*B"%*P(?B"*!=%*&"*((#?8#(%P"<6:P"*C"A(%"#?5*H#*A=#"%*
((P*8(?6B6"!"*7"!(<7"%*$(=<?*&"*!"#?8#"6&6%7*!=%*&"*X(>"6%?"*';<B;;#*"%*C(;A3
P;%&"J* &"* =&>6%6?B#=B6"!"* !"#""%!(;&676%7* &((#* ,=8(<"(%5* G<==%&"#"%* 6?* C"$"B*
7"A""?B* &((#* K8=%:==#&"%J*d#=%?"%J* +(?B"%#6:P"#?* "%* -;6B?"#?5* T"?'D6"&"%6?* 6?*
'(>8<"MJ*$"P"#*((P*6%*@(%7(5*-=B*D=&*(%&"#*F"(8(<&*NN*C"D((#<6:P*B"*<6:&"%J*>==#*
(%&"#!(%&*%=*&"*(!"#&#='DB*==%*D"B*C"76%*!=%*&"*BA6%B67?B"*"";A*((P*D""<*A=B*
!((#&"<"%*!=%*&"*L"<76?'D"*6%!<("&)*A"7"%J*?B"&"%J*(%&"#A6:?J*D(?86B=<"%*"%$(3
!((#B5*K6%&?*&"*(%=YD=%P"<6:PD"6&*6%*12b0*6?*D"B*<=%&*$A==#*='DB"#;6B7"C("#&5*["B3
$"<Y&"*7"<&B*!((#*D""<*A=B*OY#6P==%?"*<=%&"%J*C6:!((#C""<&*XD(&"?6U5*-=B*A=?*&"*
7#==%?'D;;#*!=%*OY#6P=*B(B*>"%*(8*D"B*#=%';%";$"*6&""*PA=>*(>*=<<"*C<=%P"*C("3
#"%*B"*(%B"67"%"%*"%*B"*!"#:=7"%*>"B*""%*"%(#>"*D(%7"#?%((&*B(B*7"!(<7*&6"*D"B*
]"?B"%*>"B*(%BA6PP"<6%7?D;<8*>("B*==%8=PP"%5*-"*&"P(<(%6?=B6"*6?*(8*D""<*A=B*
8<==B?"%*7""%*?;''"?!"#D==<J*?B"<B*E=%*F="#">=%?5*
*
@(%7(* 6?*=<* $"?B67* :==#* (%=YD=%P"<6:P* "%* 7""%* !=%* &"* <""#<6%7"%* (Y*<""#P#='DB"%*
D"CC"%*>"B*&=B*P(<(%6=<6?>"*B"*>=P"%*7"D=&5*T#("%*!6%&B*"'DB"#*&=B*&"P(<(%6?=B6"*
%(7*?B""&?*==%*&"*7=%7*6?5*S(<(%6=<6?>"*6?*!((#*&"*8=#B6:*"'DB"#*"%P"<*""%*(8?B=8:"*
(>*D"B*D"&"%&==7?"*#='6?>"*==%*B"*P<=7"%J*""%*%6";A*#(%&:"*';<8=C6<6?"#"%*(Y*
$A=#B"86"B"%5* T#("%* P<==7B* ==%* &=B* %6"B* ff%* @(%7(<"?"* D6?B(#6';?* ((6B* %==#* D"B*
,"&"#<=%&?*6?*!"#B==<&*"%*&=B*G<==%&"#"%*&"*P(<(%6=<"*7"?'D6"&"%6?*&;?*<6"!"#*$"<Y*
?'D#6:YB5*N%*&"*!;6<
3:(;#%=<6?B"%*6%*<6%P?"*P#6%7"%*%6"B*7("&*7"%("7*>""#*
$6:%J*6?*D"B*!"#*7"P(>"%5*+(P*&"*?'D((<C("P"%*$6:%*%6"B*7("&*7"%("7J*A=%B*7"3
?'D#"!"%*!=%;6B*""%*";#('"%B#6?'D*?;8"#6(#6B"6B?&"%P"%5*e"*>("B"%*&;?*7"?'#""%&J*

11. "#$!./0123/0/04* *,#5*/* 11*
* * G<==>?*Q=#<">"%B*
"67"%<6:P*7"'"%?;#""#&*A(#&"%5*G((#*T#("%*$6:%*&"*"%67"*:;6?B"*8"#?8"'B6"!"%*&6"*
!=%*""%*?'D;<&C"A;?B"*<6%P?"*H;#(8"==%*(Y*&6"*!=%*""%*$A=#B"*&6"*$6'D*7"&6?'#63
>6%""#&*!("<B5*
*
T"?'D6"&"%6?*6%*D"B*C?(*6?*C<6:PC==#*C"<=%7#6:P"#*&=%*&"*?'D(<6"#"%*""%*C"#("8*==%3
<"#"%5*-==#"%C(!"%*P=%*""%*<(;B"#*C<=%P"*?=>"%?B"<<6%7*!=%*&"*(%BA6PP"<'(>>6?3
?6"* !(<7"%?* T#("%* 7""%* 7("&* #"?;<B==B* =Y<"!"#"%5* G"#!(<7"%?* >("B"%* &=%* &"*
<""#P#='DB"%*7"C#=6%A=?DB*A(#&"%*>"B*&"*D;<8*!=%*&"*:;6?B"*C6:?'D(<"#?*$(=<?*KB;3
&6(*T<(C(*"%*K'D(<"%*$(%&"#*X='6?>"5*-"*8(?BP(<(%6=<"*Y(';?*&6"*T#("%*6%*&"*<"#=3
#"%(8<"6&6%7*A6<J*C"B"P"%B*&=B*#"'DB?"*<""#P#='DB"%*&6"*P#6B6?'D*?B==%*B"7"%(!"#*&"*
>;<B6';<B;#"<"*?=>"%<"!6%7*;6B*&"*P<=?*>("B"%*A(#&"%*7"A""#&5*-=B*%"67B*%==#*&"*
6%&('B#6%=B6"8#=PB6:P"%*!=%*""%*B(B=<6B=6#"*?B==B5*
*
H"%*C"!#6"%&"*<""#P#='DB*7"?'D6"&"%6?*$"7B*&=B*6%*=<<"*D">*C"P"%&"*?'D(<"%*"%*
D=%&C("P"%*D""<*A=B*==%&='DB*C"?B""&*A(#&B*==%*D"B*P(<(%6=<6?>"*"%*&"*&"P(<(3
%6?=B6"5*N%*[6?B(#6=*R*C6:!((#C""<&*?B==%*"#*>""#*&=%*BA6%B67*C<=&$6:&"%*(!"#*P(<(3
%6?=B6"* "%* 6>8"#6=<6?>"* 6%* &"* %"7"%B6"%&"* "";AJ* A==#!=%* !6:Y* C<=&$6:&"%* ""%*
P#6B6?'D"*P6:P*C6"&"%*(8*F"(8(<&*NN5*["B*(8D">"<"%*6?*=<*&"'"%%6=<=%7*A"75*[6?B(#6=*
b*A6:&B*!6:YB6"%*C<=&$6:&"%*==%*&"*&"P(<(%6?=B6"J*A==#!=%*&"*D"<YB*(!"#*@(%7(J*(%&"#*
>""#*&"*>((#&*(8*F;>;>C=5*
*
V"<P"%?*=<?* "#* ""%* 8#(C<"">* 6%* &"* 8;C<6"P"* ==%&='DB* P(>BJ*>("B* &==#!((#* B6:&*
"6%&675*+!"#*&"*7"?'D6"&"%6?*!=%*OY#6P=*!((#*&"*P(>?B*!=%*&"*C<=%P"%*A(#&B*C6:3
!((#C""<&*A"6%67*7"$"7&5*["B*>=B"#6==<*6?*"'DB"#*?'D==#?*"%*&"*<6%P*>"B*&"*"67"%*
7"?'D6"&"%6?*C"8"#PB5* ["B* (%&"#A6:?*6?*6%&"#&==&* "%67?$6%?*";#('"%B#6?'DJ*>==#*
&=B*6?*<(76?'D*!((#*A6"*6%*H;#(8=*<""YBJ*%6"B*!=%;6B*""%*?;8"#6(#6B"6B?7"!("<J*""#&"#*
P#6B6?'D5*["B*(%&"#A6:?*6?*"#*%6"B*(>*(8*>=76?'D"*A6:$"*=<<"*8#(C<">"%*!=%*&"*?=3
>"%<"!6%7*(8*B"*<(??"%5*F"??"%*(!"#*P(<(%6?=B6"*"%*&"P(<(%6?=B6"*P;%%"%*C"7#68*
C6:C#"%7"%*>==#*%">"%*&==#(>*&"*8#(C<">"%*%6"B*A"75*I""#*7"?'D6"&"%6?*6%*D"B*
(%&"#A6:?*!6%&B*&"*C"!#6"%&"*<""#P#='DB*""%*7("&*6&""5*N%*D"B*B?(*6?*&=B*!==P*ff%*
;;#* 8"#* A""P* * &=B* %(7* 7"#"7"<&* A"7!=<B* &((#* ?B=7"?* J* (%!(<&("%&"* (>* ""%*
'(%?6?B"%B*!"#D==<J*<==B*?B==%*""%*D6?B(#6?'D"*#"Y<"M*C6:*B"*C#"%7"%5*-"*7"'6B""#&"*
<""#P#='DB*7"?'D6"&"%6?*!6%&B*D"B*"'DB"#*C"<=%7#6:P"#*&"*<""#<6%7"%*!(<&("%&"*'(>3
8"B"%B6"?*C6:*B"*C#"%7"%*(>*(8*&"*=#C"6&?>=#PB*P=%?"%*B"*D"CC"%5*[6:*!6%&B*&=BJ*
C"D=%&"<6%7*!"#&6"%"%)*&"*=#C"6&"#??B#6:&J*&"*A"#"<&((#<(7"%J*&"*G<==>?"*C"A"3
76%7*"%$(!((#B5*-"*B6:&*6?*C"8"#PB*"%*D"B*=''"%B*!"#?'D;6YB*!=%*>6%&"#*Y"6B"%*>==#*
>""#*P#6B6?'D*&"%P"%*"%*(>7==%*>"B*C#(%%"%J*A=B*>""#*(%&"#A6:?B6:&*!"#7B5*
*
S(#B(>J*"#*P(>B*=<*D""<*A=B*==%*C(&*6%*&"*<"??"%*7"?'D6"&"%6?J*"#*6?*7""%*B6:&*(>*
=<<"*?=>"%<"!6%7?8#(C<
C"<6'DB"%5*["B*8=#<">"%B?<6&*?;77"#""#B*6%*OY#6P=* ""%?*B"*7==%*?'#""%"%*A=B*"#*
(%&"#A"$"%*A(#&B*(!"#*H;#(8"=%"%*"%*&"*G<=>6%7"%*B"*D"#6%%"#"%*==%*&"*d#=%?B=3
<67"*jC"#>"%?'D"%>"%B=<6B"6B*C6:!((#C""<&*6%*&"*H"#?B"*]"#"<&((#<(7J*A==#*d#=%?3*
(%P;%&67"* ?(<&=B"%* &((#* d#=%?B=<67"* (YY6'6"#"%* B("7"?%=;A&* A"#&)* Ik>"* <"?*
IX3!((#$6BB"#*&6"*7""%*A((#&*,"&"#<=%&?*C"7#6:8B*"%*&6"*&"*G<==>?"*=;B(%(>6"*
A6<*B"#;7?'D#("!"%J*>"B*&"*(%A"BB67"*B==<B("?B=%&"%*6%*L#;??"<l*I("B*G<==%&"#"%*
&==#*((P*"M';?"?*!((#*!#=7"%l*I("B*&=B*&=%*((P*6%*&"*"6%&B"#>"%l*-6B*&#=>>"3
#67"J*=%B6A"?B"#?"J*';<8=C6<6?"#"%&"*"%*B(B==<*(!"#C(&67"*!((#?B"<*!=%*#"?(<;B6"*$=<*
G<==>?*L"<=%7*>"B*P<">*!"#A"#8"%5*
*
Q//&#"0)3%+R$;?$0&*!6%&B*D"B*7("&*&=B*D"B*!((#?B"<*!=%*?85=*>""#*==%&='DB*!#==7B*
!((#*D"B*7"?'D6"&"%6?(%&"#A6:?5*,"7=B6"Y*6?*&=%*A""#*&=B*?85=*D"B*7"?'D6"&"%6?(%3
&"#A6:?*6%*G<==%&"#"%*?B"#P*(%&"#?'D=B5*-"*<""#P#='DB"%*$6:%*6>>"#?*8#(Y"??6(%=<?*
&6"* C"D("&$==>* (>7==%* >"B* D"B* !"#<"&"%5*N%* "<P"* ?'D((<* A(#&B* =<* <"?7"7"!"%*

12. 1/* "#$!./0123/0/04* *,#5*/*
G<==>?*Q=#<">"%B*
P6%&"#"%* >"B* =Y7"D=PB"* D=%&"%* A=B* 6%&#;P* >==PB* (8* &"* <""#<6%7"%5*H#* 6?* 7""%*
?8#=P"*!=%*""%*<(;B"#*C<=%P7"P<";#&"*C<6P*(8*&"*7"?'D6"&"%6?J*"#*6?*A"<*&"7"<6:P*
==%&='DB*!((#*D"B*<""&*!=%*&"*@(%7(<"?"*C"!(<P6%7*6%*&6"*8"#6(&"5*["B*<6&*6?*D"B*
"#>""*""%?*&=B*D"#6%%"#6%7?"&;'=B6"*%6"B*C"8"#PB*>=7*C<6:!"%*B(B*D"B*!=P*7"?'D6"3
&"%6?5*["B*6?*"'DB"#*=<*7"#;6>"*B6:&*""%*!=P(!"#?'D#6:&"%&"*"6%&B"#>5*
*
["B*!((#?B"<*!=%*#"?(<;B6"*<"7B*&"*?8=%%6%7*C<((B*B;??"%*7"?'D6"&"%6?*=<?*A"B"%3
?'D=8*"%*=<?*&6"%?B>==7&*!((#*D"B*D"&"%5*H"%*?B"#P"*D6?B(#6?'D"*P"%%6?*6?*C<6:PC==#*
7""%*&("<*(8*$6'D*>==#*>("B*A(#&"%*7"g%?B#;>"%B=<6?""#&5*L;#7"#?'D=8?(8!("3
&6%7*#6:>B*"'DB"#*%6"B*>"B*7"?'D6"&"%6?*=<?*A"B"%?'D=88"<6:P"*&6?'68<6%"5*["B*6?*%6"B*
%";B#==<*A=%B*"#*>("B*A(#&"%*7"<""#&*;6B*D"B*!"#<"&"%*B"#A6:<*D6?B(#6'6*%"B*8#(C"#"%*
(>*$(*(%C"!=%7"%*>(7"<6:P*%==#*D"B*!"#<"&"%*B"*P6:P"%5*T("&*7"?'D6"&"%6?(%&"#3
A6:?*A=PP"#B*&"*P#6B6?'D"*$6%*!=%*<""#<6%7"%*"%*?B;&"%B"%*==%J*<""#B*C#(%%"%P#6B6"P*
"%*%6"B*$(>==#*B"*7"<(!"%*A=B*"#*7"?'D#"!"%*?B==B5*e(*P=%*D"B*""%*&=>*(8A"#8"%*
B"7"%*%"8%6";A?5*T("&*7"?'D6"&"%6?(%&"#A6:?*<""#B*((P*&=B*&"*7"?'D6"&"%6?*%6"B*
>=7*A(#&"%*C"((#&""<&*>"B*&"*>(#"<"*?B=%&==#&"%*!=%*&"$"*B6:&5*[6?B(#6?'D*C"3
A;?B$6:%*6?*%6"B*>(7"<6:P*$(%&"#*7"&"7"%*Y"6B"%P"%%6?5*H#*?'D;6<B*A"<*&"7"<6:P*7"3
!==#* 6%* <(;B"#* BD">=B6?'D"* D"#6%%"#6%7?"&;'=B6"* >"B* A"6%67* ='DB"#7#(%&* "%*
!"#&6"8"%&"*P"%%6?5*e"*6<<;?B#""#B*&=B*>"B*""%*=#B6P"<*6%*&"*]"?B3G<==>?"*"&6B6"*
!=%*["B*F==B?B"*,6";A?*&=B*T;6&(*T"$"<<"*=<?*?'D;#P*'=B=<(76?""#B5*-=B*S=#"<*&"*
KB(;B"*"%*P"6$"#*S=#"<*6%*D"B$"<Y&"*=#B6P"<*&((#*"<P==#*7"D==<&*A(#&"%J*6?*((P*8#(3
C<">=B6?'D5*["B*6?*""%*B86?'D*!((#C""<&*!=%*6%?B#;>"%B=<6?"#"%*!=%*&"*7"?'D6"3
&"%6?* !((#* D"&"%&==7?* 7"C#;6PJ* %6"B* 7"D6%&"#&* &((#* "%67"* Y"6B"%P"%%6?5*
X((?>=#6:%* L"'P"#?* 8<"6B* !((#* ""%* !"#?B"#P6%7* !=%* D"B* 7"?'D6"&"%6?(%&"#A6:?*
A==#C6:*Y"6B"%P"%%6?*"%*D6?B(#6?'D"*P#6B6"P*""%*C"<=%7#6:P"*#(<*D"CC"%*>==#*B"7"%*
7"?'D6"&"%6?*=<?*&6"%?B>==7&*!((#*D"B*D"&"%J*$(=<?*6%*&6B*!((#?B"<*!=%*#"?(<;B6"*
C"8<"6B*A(#&B5*G<==>?*L"<=%7*$=<*&;?*((P*B"7"%*&6B*!((#?B"<*!=%*#"?(<;B6"*?B">>"%5*
*
P/$&+5"%-0/##$*!6%&B*&=B*&"*&6?';??6"*7==B*(!"#*A=B*&"*!(<A=??"%"%*!=%*>(#7"%*
<"#"%*"%*P"%%"%J*"%*A"<P"*=BB6B;&"?*$"*>""P#6:7"%5*-"*=#'D6B"'B;;#*!=%*&"*%6";A"*
"6%&B"#>"%*P(>B*&==#*&""<?*==%*B"7">("B5*e(A"<*6%*D"B*C=?6?3*=<?*D"B*?"';%&=6#*
(%&"#A6:?*$6:%*"#*$"?B6"%*?<";B"<'(>8"B"%B6"?*!=?B7"<"7&J*(%&"#*>""#*(!"#*C;#7"#3
?'D=8* "%*?=>"%<"!"%* "%*(!"#*D6?B(#6?'D*C"A;?B$6:%5*e"*!(#>"%*D"B* C"<=%7#6:P"*
Y;%&=>"%B*!((#*&"*"6%&B"#>"%*"%*&"*<""#8<=%%"%5*S(#B(>J*D"B*C"?B==B*=<J*D"B*8=#3
<">"%B*D("YB*D"B*&"*G<==>?"*X"7"#6%7*%6"B*B"*!#=7"%5*
*
["B*<6&*%"">B*=Y?B=%&*!=%*&"*A((#&"%*!=%*E=%*F="#">=%?5*e(*!6%&B*$"*&=B*!=%*D"B*
(%&"#A6:?*A"<*&"7"<6:P*!""<*P=%*A(#&"%*!"#A='DB5*["B*8=#<">"%B*<"7B*!=?B*A=B*D"B*
A6<*&=B*&"*<""#<6%7"%*P"%%"%*"%*P;%%"%*"%*A"<P"*=BB6B;&"?*D;%*C6:7"C#='DB*A(#&"%5*
-"*"6%&B"#>"%*$6:%*>6%6>;>&("<"%5*@-mG*6?*B"7"%*?B==B?8"&=7(76"*"%*A6<*#;6>B"*
"%*!"#B#(;A"%*7"!"%*==%*&"*<""#P#='DB5*e"<Y*!6%&B*$"*D"B*C"<=%7#6:P*&=B*<""#P#='D3
B"%*<"?7"!"%*!=%;6B*&"*<(P=<"*'(%B"MBJ*A==#&((#*D"B*((P*C"B"#*C<6:YB*D=%7"%5*F""#3
P#='DB"%*>("B"%*$(*7"!(#>&*A(#&"%*&=B*$"*6%*?B==B*$6:%*<""#<6%7"%*B"*C("6"%5*@-mG*
$=<*&"*!((#?B"<<"%*&;?*%6"B*7("&P";#"%5*
*
G()&"H$'C+I$J($#"%*!6%&B*&=B*6%*'(>>6??6"C"?8#"P6%7"%*BD"=B"#J*6%B"%B6"8#('"?3
?"%J*P=#6P=B;#"%*(Y*(%A==#D"&"%*%6"B*BD;6?D(#"%5*e"*!#==7B*S("%*-=%6U<?*&=B*%6"B*
>""#*B"*&("%*"%*""%*6%B"<<"'B;""<*""#<6:P"*&6?';??6"*B"*!("#"%5*["B*!((#?B"<*!=%*
#"?(<;B6"*!#==7B*%6"B*&=B*D"B*8=#<">"%B*$(;*C"8=<"%*A6"*"#*6%*&"*(%BA6PP"<'(>>6?3
?6"?*$6BB6%7*D""YBJ*A"<*&=B*&"*'(>>6??6"?*&6!"#?"#*$6:%5*T#("%*A6<*%6"B*"<P*>==B3
?'D=88"<6:P*8#(C<"">* *(C"?6B=?J*P<6>==B*"%$(!((#B* *6%*"6%&B"#>"%*76"B"%J*>==#*
7"A((%*%=7==%*(Y*&"*?<";B"<'(>8"B"%B6"?*!(<&("%&"*&((#!"#B==<&*$6:%*6%*&"*"6%&3
B"#>"%5*T#("%*A6<*7""%*<""#6%D(;&"%*C"B(%%"#"%5*e"P"#*6%*7"?'D6"&"%6?*6?*D"B*C"3
<=%7#6:P*(>*6%*B"*P;%%"%*?8"<"%*(8*'(%B"MBJ*B6:&*"%*#;6>B"5*-"*8=#B6:*A6<*A"<*&"*<=B*
!=%*&"*"6%&B"#>"%*!(<&("%&"*D((7*<"77"%*"%*&='DB*&=B*,3GO*&==#*((P*!((#?B=%&"#*
!=%*A=?5*S(#B(>J*S("%*-=%6U<?*>==PB*B"<P"%?*6%B"%B6"8#('"??"%*&6"*7""%*?B""P3
D(;&"%5*e"*!#==7B*D">*$6'D*B"*D(;&"%*==%*&"*6%D(;&*!=%*D"B*!((#?B"<*!=%*#"?(<;B6"*
"%*&==#*""%*&"C=B*(!"#*B"*!("#"%5*

13. "#$!./0123/0/04* *,#5*/* 19*
* * G<==>?*Q=#<">"%B*
KB#;'B;#"<"*>"'D=%6?>"%*C<((B7"<"7&*&((#*A"B"%?'D=88"<6:P*(%&"#$("PJ*B#='DB"%*
B"*(%BP#='DB"%*>"B*=%"P&(B"?*(Y*'6B=B"%*!=%*!#6"%&"%*$(=<?*E=%*F="#">=%?*&("BJ*
?<==B*B(B==<*%"#7"%?*(85*G<==>?"*<""#P#='DB"%*$6:%*7""%*#='6?B"%J*>==#*"#*?8"<"%*
A"<J*!==P*(%C"A;?B"J*>"'D=%6?>"%*A==#&((#*D;%*!"#A='DB6%7"%*!((#*C"8==<&"*
C"!(<P6%7?'=B"7(#6"U%*<=7"#*$6:%5*L"A;?B>=P6%7*P=%*$(#7"%*!((#*""%*=%&"#*&6!"#3
?6B"6B?C"A;?B$6:%J*&"*P<((Y*P<"6%"#*>=P"%*"%*&"*!"#A='DB6%7"%*D(7"#5*
*
["B*6?*%6"B*(>&=B*$=P"%*&""<*;6B>=P"%*!=%*&"*?<";B"<'(>8"B"%B6"?*&=B*$"*&((#!"#3
B==<&*A(#&"%*6%*&"*"6%&B"#>"%5*H#*'6#';<"#"%*A"<*&"7"<6:P*B"P?B"%*"%*C"$(#7&"*(8"%*
C#6"!"%*"%*>=6<?*!=%*"M8"#B?*6%*&"*(%BA6PP"<'(>>6??6"5*N%*&"*BA""&"*"%*&"#&"*
7#==&*!=%*#6'DB6%7"%*>"B*=#C"6&?Y6%=<6B"6BJ*%"B*&"*<""#<6%7"%*&6"*>"B*!""<*&6!"#?6B"6B*
7"'(%Y#(%B""#&*A(#&"%J*&#"67"%*&"*C(;A?B"%"%*!((#*D"B*P#6B6?'D*#"Y<"'B"#"%*(!"#*
&"*'(>8<"M"*#"<=B6"*B;??"%*!"#<"&"%*"%*D"&"%J*&6!"#?6B"6B*"%$(!((#B*7"?'D#=8B*B"*
A(#&"%5*O<?*$6:*$6'D*(%%(&67*$(#7"%*>=P"%J*$=<*&=B*C<6:P"%*;6B*&"*C"?<6??6%7*!=%*&"*
#"7"#6%75*T#("%*D""YB*"'DB"#*%"B*(>&=B*D"B*&"*&"?P;%&67"%*7"<((YB*D"B*!((#?B"<*
!=%*#"?(<;B6"*>"B*?8("&*6%7"&6"%&5*
*
["B*!((#?B"<*!=%*?85=*?<;6B*&==#C6:*==%)*<""#<6:%"%*(!"#*=<<"*(%&"#A6:?%6!"=;?*"%*3
!(#>"%J*&==#*D=>"#"%*&"*='=&">6'6*((P*(85*["B*7==B*(>*&"*'(##"'B"*!"#B=<6%7*!=%*
&"*?<";B"<'(>8"B"%B6"?J*&6"*((P*T#("%*D""YB*7("&7"P";#&J*6%*&"*"6%&B"#>"%5*-"*
8=#B6:*A6<*$"P"#*7""%*<""#6%D(;&"%*!=?B<"77"%J*>==#*A"<*8#6%'68"?5*e(*>("B*7"%(3
'6&"*==%*C(&*P(>"%J*$(%&"#*&=B*!=?B<67B*A"<P"*!((#C""<&"%*C"D=%&"<&*A(#&"%5*N%*
&"*]"?BD("P*P=%*&"*<""#P#='DB*&==#!((#*C6:!((#C""<&*>""#*==%&='DB*7"!"%*==%*
&"*H"#?B"*&=%*==%*&"*VA""&"*]"#"<&((#<(75*
*
T#("%*!6%&B*A"<*&=B*&"*(!"#D"6&*&"*<=B*D((7*7"%("7*>("B*<"77"%*!((#*=<<"*(%&"#3
A6:?!(#>"%5*["B*6?*"67"%==#&67*&=B*,3GO*%;*8<(B?*&"*#;6>B"*A6<*7"!"%*==%*&"*(%3
&"#A6:?P("8"<?*(>*$=P"%*(8*B"*<"77"%*"%*&==#(>*&"*<=B*!=%*&"*"6%&B"#>"%*<=7"#*
A6<*<"77"%5*,('DB=%?*$"6&"%*=<<"*8(<6B6"P"*8=#B6:"%*&"?B6:&?J*C6:*&"*!((#C"#"6&6%7*!=%*
&"*"6%&B"#>"%J*&=B*%6"B*B"*A6<<"%5*
*
["B*P<(8B*&=B*T#("%*7"P($"%*D""YB*!((#*""%*(>!=BB"%&*!((#?B"<*!=%*#"?(<;B6"5*I"B*
D"B*7"A((%*6%*&"*"6%&B"#>"%*B"*?'D#6:!"%J*$(#7B*&"*&"'#""B7"!"#*"#*%6"B*!((#*&=B*
<""#P#='DB"%*D"B*!"#B#(;A"%*D"CC"%*(>*(!"#*&6"*'(>8<"M"*$=P"%J*&"*#"<=B6"*!"#3
<"&"%3D"&"%*"%*&"*6%!<("&*(8*&"*(>7=%7*>"B*&"*D"&"%&==7?"*&6!"#?6B"6B*B"*8#=3
B"%5* -==#!((#* D"CC"%* $"* (8<"6&6%7* %(&675* O<?* &"* D=%&C("P"%* B('D* !"#%6";A&*
A(#&"%J*6?*D"B*""%*7"?'D6PB*>(>"%B*(>*((P*&=B*==%*B"*8=PP"%5*["B*8<"6&((6*!((#*
""%*%6"B3";#('"%B#6?'D"*C#6<*A(#&B*((P*7"?B";%&*&((#*='=&">6'65*-"*'#6*&"*'(";#*
!=%*&"* L<='P*F6!"?*I=BB"# 38#(B"?B"%*>("B*A""#P<6%P"%*&((#*>"%?"%*&6"*A"B"%*
D("*#='6?>"*!("<BJ*$"<Y*&"*7"?'D6"&"%6?*B"*<=B"%*!"#B"<<"%5*-==#(>*A6<*T#("%*&=B*
?'D(<"%*7"<&*P#6:7"%*!((#*&"#7"<6:P"*?8#"P"#?*"%*&=B*"#*>""#*&6!"#?6B"6B*6?*6%*&"*
(%BA6PP"<'(>>6??6"?5* H<6?=C"BD* I";<">=%* !6%&B* D"B* ""%* C"<"&676%7* &=B* S("%*
-=%6U<?*?;77"#""#B*&=B*T#("%*7"A((%*8"#*?"*BA6%B67*8;%B"%*A(;*"%*"#*&;?*>==#*
!=%*=<<"?*C6:7"?<";#&*D""YB5*-"*6%&6"%"#?*A6<&"%*7"A((%*D"B*!(<<"&67"*C"<"6&*'(!"3
#"%5*["B*!((#?B"<*!=%*#"?(<;B6"*6?*&((#7"?8#(P"%*>"BJ*!((#7"<"7&*==%*"%*7("&7"3
P";#&* &((#* >"%?"%* ;6B* &"* 8#=PB6:P* "%* ='=&">6'6J* (%&"#* =%&"#"* >"%?"%* 6%* &"*
(%BA6PP"<'(>>6??6"?5*
*
e"*6?*D"B*""%?*>"B*D"B*!((#?B"<*!=%*?85=J*=<<""%*D""YB*T#("%*$6'D*%6"B*A6<<"%*C"8"#3
P"%*B(B*8#6%'68"?*"%*=<7">"%"*<6:%"%5*
*
["B*6?*""%*C""B:"*$(=<?*D"B*!((#?B"<*!=%*#"?(<;B6"*(!"#*&6?'#6>6%=B6"*(8*&"*D;;#3*"%*
=#C"6&?>=#PB5*^6B"#==#&*6?*6"&"#""%*&==#B"7"%J*=<?*"#*!"#&"#*7""%*'(%'#"B"*>==B3
#"7"<"%*$(=<?*8#=PB6:PB"?B"%*(87"?(>&*A(#&"%5*["B*6?*%"B*A"$"%<6:P*(>*'(%'#"B"#*
B"*A(#&"%J*"%*!"#&"#*B"*7==%*&=%*8#6%'68"?5*-"*!((#?B"<<"%*!;<<"%*"<P==#*==%J*T#("%*
7""YB*'(%'#"B"*='B6"?*(>*&"*&("<"%*B"*C"#"6P"%5*
*

14. 1_* "#$!./0123/0/04* *,#5*/*
G<==>?*Q=#<">"%B*
S(#B(>J*&"*?8#"P"#*C<6:YB*='DB"#*D"B*!((#?B"<*?B==%*"%*C"B#";#B*&=B*&"*8=#<">"%B?3
<"&"%*%6"B*&"*B6:&*D"CC"%*7"%(>"%*(>*&"*!((#?B"<<"%*7("&*B"*<"$"%5*O%&"#?*$(;&"%*
$"*%6"B*7"$"7&*D"CC"%*&=B*D"B*=<*7"#"7"<&*6?5*
*
K"%%$(/0$+L/$#"%*!6%&B*D"B*?B#=Y*&=B*E=%*F="#">=%?*(8*C=?6?*!=%*=%"P&(B"?*%6"B*
=<<""%*&6?'#6>6%=B6"*"%*#='6?>"*(%BP"%BJ*>==#*"!"%""%?*>"B*&"&=6%*?8#""PB*(!"#*
A"B"%?'D=88"<6:P*(%&"#$("P5*[6:*6?*C<6:PC==#*"%P"<*7"g%B"#"??""#&*6%*A"B"%?'D=83
8"<6:P*(%&"#$("P*&=B*6%*$6:%*P#==>*8=?BJ*&"*#"?B*A(#&B*A"77"$"B*=<?*<6%P?"*8#(8=3
7=%&=8#==B5*["B*7""YB*7""%*8=?*(>*&=%*((P*%(7*B"*B("B"#"%*(!"#*&"*A==#&"*!=%*
&"*!"#<6'DB6%7J*G(<B=6#"*$(;*$6'D*(>&#==6"%*6%*$6:%*7#=Y5*
*
e"* !6%&B* D"B* 8#='DB67* &=B* S("%* -=%6U<?* $"<Y* &"* P#='DB* !=%* D"#6%%"#6%7?"&;'=B6"*
7"g<<;?B#""#&*D""YB*>"B*D"B*!((#C""<&*!=%*""%*Y6"B?B('DB*6%*&"*]"?BD("P*&6"*&"*<"?*
(8<"!"#B*&=B*((#<(7*%((6B*A6%%==#?*(8<"!"#B5*-=B*6?*&"*P#='DB*!=%*D"#6%%"#6%7?"&;3
'=B6")*P"%%6?*!=%*D"B*!"#<"&"%*&6"*<"6&B*B(B*<"??"%*6%*D"B*D"&"%5*G((#*?85=*>("B*&6"*
>"BD(&6"P*((P*7"C#;6PB*A(#&"%*(>*B"*#"Y<"'B"#"%*(!"#*#='6?>"J*(!"#*&6?'#6>6%=B6"J*
(!"#*(%&"#&#;PP6%7*!=%*!"#?'D6<<"%&"*C"!(<P6%7?7#("8"%5*-"*P(<(%6=<"*7"?'D6"&"3
%6?*6?*&"*>=%6"#*C6:*;6B?B"P*(>*(!"#*D;6&67"*Y"%(>"%"%*B"*#"Y<"'B"#"%*6%*&"*P<=?5*
-"*>=%6"#*A==#(8*F"(8(<&*NN*D"B*OY#6P==%?"*'(%B6%"%B*D""YB*7"8<;%&"#&J*&"*<(P=<"*
C"A(%"#?*D""YB*;6B7"C;6BJ*(8*C=?6?*!=%*D"B*6&""*&=B*$A=#B"*>"%?"%*>6%&"#A==#&67*
A=#"%J*<67B*>""*B"%*7#(%&?<=7*==%*D"B*#='6?>"*!=%&==75*K85=*!6%&B*D"B*C"<=%7#6:P*
&=B*&6"*8#('"??"%*6%*D"B*(%&"#A6:?*&"*%(&67"*==%&='DB*P#6:7"%5*
*
[6?B(#6?'D*C"A;?B$6:%*?B==B*6%&"#&==&*=<*6%*&"* "6%&B"#>"%*!=%*&"* ""#?B"*7#==&5*
+!"#*&"*"6%&B"#>"%*!=%*&"*BA""&"*"%*&"#&"*7#==&*B=?B*&"*(88(?6B6"*%(7*6%*D"B*
&;6?B"#*>==#*$"*(%B!=%7B*&"$"<Y&"*$(#7A"PP"%&"*?67%=<"%*=<?*H<6?=C"BD*I";<">=%5*
e"*!#==7B*S("%*-=%6U<?*(Y*D6?B(#6?'D*C"A;?B$6:%*6%*&"*"6%&B"#>"%*!=%*?"';%&=6#"*
(8<"6&6%7"%*?B==BJ*&;?*((P*!((#*&"*&"#&"*7#==&*C?(5*O<?*&=B*$(*6?J*6?*"#*>"B""%*
7""%*"%P"<"*#"&"%*(>*B"7"%*&6B*!((#?B"<*!=%*#"?(<;B6"*B"*?B">>"%5*
*
]=B*?85=*!#==7BJ*7==B*C#"&"#*&=%*&"*"6%&B"#>*D6?B(#6?'D*C"A;?B$6:%*(Y*&"*7"?'D6"3
&"%6?<"??"%5*-"*8=#B6:*A6<*D"B*P(88"<"%*==%*P#6B6?'D*&"%P"%*(!"#*!=%&==7J*6%*D"B*
?"';%&=6#* (%&"#A6:?J* >==#* ((P* 6%* D"B* C=?6?(%&"#A6:?* "%* <6"Y?B* ((P* 6%* D"B* D(7"#*
(%&"#A6:?5*H"%*<""#<6:%*$(#7B*"#!((#*&=B*&"*P"%%6?*!=%=Y*:(%7"*<""YB6:&*?B=8*!((#*
?B=8*(87"C(;A&*A(#&B5*-"#7"<6:P"*<""#<6:%*P=%*A"<*!((#*A6?P;%&"J*&;?*A==#(>*%6"B*
!((#*D6?B(#6?'D*C"A;?B$6:%*"%*P#6B6?'D*&"%P"%5*^6B"#==#&*P;%%"%*<""#P#='DB"%*&6"*
$"<Y*6%!;<<"%J*>==#*&"*<=B*>("B*D((7*7"%("7*<677"%5*
*
X"Y<"'B6"*(!"#*D"&"%*"%*!"#<"&"%*(>*P#6B6?'D*B"*<"#"%*%=&"%P"%*(!"#*&"*'(%%"'B6"*
B;??"%*C"6&"*D""YB*B(B==<*%6"B*&"*C"&("<6%7*&"*7"?'D6"&"%6?*B"*6%?B#;>"%B=<6?"#"%5*
T"?'D6"&"%6?*6?*%"B*D"B*!"#B#"P8;%B*!((#*""%*C#"&"#*P#6B6?'D*&"C=B*(!"#*>==B?'D=83
8"<6:P"* Y"%(>"%"%)* !=%* P"%%6?*"%* 6%$6'DBJ*(!"#* ">8=BD6"* "%* C"B#(PP"%D"6&J*B(B*
#"Y<"'B6"*"%*='B6"5*e"*D((8B*D6"#>""*&"*C"$A=#"%*!=%*&"*8=#<">"%B?<"&"%*B"*D"C3
C"%*A"77"A"#PB5*K85=*$=<*6%*6"&"#*7"!=<*((P*!((#*D"B*!((#?B"<*!=%*#"?(<;B6"*!=%*
T#("%*?B">>"%5*
*
G((#*O$"%<O";SJ$&+@$+LJ;C'*6?*""%*7("&"*P"%%6?*!=%*D"B*!"#<"&"%*'#;'6==<5*,6"B*
=<<""%*(>*&"*D;6&67"*?=>"%<"!6%7*B"*!"#?B==%J*>==#*((P*(>*&"*Y(;B"%*%6"B*>""#*
B"*D"#D=<"%5*X='6?>"*6?*==%A"$67*"%*>("B*(8*=<<"*>(7"<6:P"*>=%6"#"%*C"?B#"&"%*
A(#&"%5*H"%*7("&*D6?B(#6?'D*C"?"Y*"%*D"#6%%"#6%7?"&;'=B6"*$6:%*&==#!((#*'#;'6==<5*
-"*>""#&"#D"6&*$6B*&==#*(8*&"$"<Y&"*<6:%*&=B*D"B*$(A"<*6%*D"B*=?(J*D"B*B?(*=<?*D"B*
C?(*7#(B"*==%&='DB*!"#&6"%B5*OY*"%*B("*(88"#B*&"*?8#"P"#*&=B*C"8==<&"*;#"%*C"B"#*
==%*D6?B(#6?'D*C"A;?B$6:%*"%*C;#7"#?'D=8*C"?B""&*A(#&"%J*A==#%=*D">*!"#A"B"%*
A(#&B*""%*((#<(7*B"*!("#"%*B"7"%*D"B*#"<676";?*(%&"#A6:?5*,('DB=%?*6?*D"B*7""%*
((#<(7*>==#*""#&"#*""%*C"A;?B>=P6%7?8#('"?5*
*
H"%*7("&"*?B#((><6:%6%7*!=%*D"#6%%"#6%7?"&;'=B6"*6?*6%&"#&==&*""%*;6B&=76%7*6%*
=<<"*(%&"#A6:?!(#>"%5*["B*6?*%(&67*&=B*D"B*P(<(%6=<"*!"#<"&"%*(8*""%*7("&"*>=%6"#*

15. "#$!./0123/0/04* *,#5*/* 1R*
* * G<==>?*Q=#<">"%B*
==%*C(&*P(>B5*-"*A"B7"!"#*D""YB*"'DB"#*&==#!((#*=<*&"*%(&67"*P=8?B(PP"%*7"C(3
&"%*6%*&"*!(#67"* #"7""#8"#6(&"5*-=B*D"B*%6"B*B(B*6%*&"B=6<*7"#"7"<&*6?J*6?*%"B*&"*
?B"#PB"5*O<?*"#*C"<=%7#6:P"*>==B?'D=88"<6:P*&"C=BB"%*='B;""<*$6:%J*>("B*D"B*(%&"#3
A6:?*&==#*==%&='DB*==%*P;%%"%*C"?B"&"%5*
*
H"%*8=#<">"%B*P=%*""%*#"?(<;B6"*7"C#;6P"%*(>*&"*>==B?'D=886:*&;6&"<6:P*B"*>=P"%*
&=B*D"B*&"*?67%=<"%*(8!=%7B*"%*"#>""*C"$67*6?5*O%&"#$6:&?*6?*D"B*""%*!#==7*==%*&"*
#"7"#6%75*I"B*&"$"*!((#?B"<<"%*!=%*#"?(<;B6"*A(#&B*"'DB"#*==%*&"*#"7"#6%7*6"B?*7"3
!#==7&*A=B*"#*=<*6?5*K'D(<"%*P;%%"%*=<*?;C?6&6"?*P#6:7"%*!((#*8#(:"'B"%*!((#*D"#3
6%%"#6%7?"&;'=B6"*"%*C"$("P"%*==%*>">(#6=<"%5*-6"*$6:%*%6"B*=<B6:&*"!"%*C"P"%&5*
G((#*&"*?8#"P"#*P=%*"#*((P*%(7*>""#5*[6:*8<"6B*(>*&6"*$=P"%*$"P"#*6%*B?(*"%*C?(*B"*
?B6>;<"#"%5*-=B*"#*D""<*A=B*;#"%*!"#<(#"%*7==%*&((#*?B=7"?J*6?*8#(C<">=B6?'D5*["B*
8=#<">"%B*>("B*%=&"%P"%*(!"#*""%*(8<(??6%75*H<P"*<""#<6%7*>("B*""%*D6?B(#6?'D*
P=&"#*P"%%"%*(>*B"*A"B"%*D("*&"*>==B?'D=886:*7"!(#>&*6?*"%*(>*""%*&6=<((7*
>"B*&6"*>==B?'D=886:*==%*B"*7==%5*O<?*D6?B(#6?'D*C"?"Y*"%*C;#7"#?'D=8?"&;'=B6"*
C"8"#PB*C<6:YB*B(B*D"B*(!"#C#"%7"%*!=%*Y"6B"<6:PD"&"%*6?*&=B*6%&"#&==&*!=%*?"';%&=6#*
C"<=%7*!((#*B("P(>?B67"*P=%B((#>"&"A"#P"#?J*?<=7"#?*(Y*C(;A!=PP"#?J*>==#*D"B*
?B6>;<"#"%*!=%*P#6B6?'D*&"%P"%*(!"#*D6?B(#6?'D"*7"C";#B"%6??"%*B"#*C"!(#&"#6%7*!=%*
&"*&6=<((7*B;??"%*=<<"*<"&"%*!=%*&"*?=>"%<"!6%7*6?*&=B*%6"B5*
*
M/$%+@"%)N(&*C"%=&#;PB*&=B*D6?B(#6?'D*C"A;?B$6:%*"%*C;#7"#?'D=8*!((#*,3GOJ*@-mG*
"%*+8"%*G<&*'#;'6=<"*'(%'"8B"%*$6:%5*N%*&"*!(#67"*#"7""#8"#6(&"*6?*C"?<6?B*(>*&==#*
%6"B*7"A((%*"6%&B"#>"%*!=%*B"*>=P"%J*>==#*A"<*?<";B"<'(>8"B"%B6"?5*[6:*C"B#";#B*
&=B*&"*(88(?6B6"*%;*&("B*=<?(Y*D==#*!((#?B"<<"%*%((&$=P"<6:P*$6:%J*(>&=B*D6?B(#6?'D*
C"A;?B$6:%J* D6?B(#6?'D"* P#6B6"P* "%* C;#7"#?'D=8* =%&"#?* !"#7"B"%* $(;&"%* $6:%5* e"*
!(#>"%*BA""*!=%*&"*$"?B6"%*D((Y&?B;PP"%*&6"*'#;'6==<*$6:%*6%*&"*(8<"6&6%7*"%*!(#3
>6%7*!=%*&"*:(%7"#"%5*-"*!((#?B"<<"%*!=%*#"?(<;B6"*P(>"%*&;?*:=#"%*B"*<==B5*[6:*
C"7#6:8B* &=B* &"* (88(?6B6"* A6<* >""?;#Y"%* (8* &"* ='B;=<6B"6B5* ["B* $(;* "!"%A"<* !=%*
6%B"<<"'B;"<"*""#<6:PD"6&*7"B;67"%*B"*"#P"%%"%*A=B*"#*=<*6?5*
*
T#("%*!#==7B*A"<*&"7"<6:P*""%*C"B"#"*>==B?'D=88"<6:P"*=Y?86"7"<6%7*!=%*&"*(%B3
A6PP"<'(>>6??6"5*-=B*6?*='B6"YJ*"#*?B==B*%6"B*&=B*&"*#"7"#6%7*6%*7"?8#"P*>("B*7==%J*
7"A((%*&=B*$"*"#!((#*>("B*$(#7"%5*-"*P("8"<?*"%*%"BB"%*>("B"%*!(<7"%?*T#("%*
!((#B?*==%7"$"B*A(#&"%*(>*>""#*>"%?"%*>"B*>67#=B6"='DB"#7#(%&*B"*C"B#"PP"%*
C6:*&"*(>$"BB6%7*!=%*&"*"6%&B"#>"%*%==#*&"*<""#8<=%%"%5*-"*>6%6?B"#*P=%*&=B*"%P"<*
&((#*""%*C"?<;6B*;6B*B"*!==#&67"%J*D"B*8=#<">"%B*C6:*&"'#""B5*N%*:;#6&6?'D"*$6%*$6:%*
&6"* A"<* &"7"<6:P* !"#(#&"%"%&J* &;?* &=%* %"">B* &"* (!"#D"6&* D"B* 8"#?(%""<?C"<"6&*
(!"#5*["B*!"#(%B#;?B*D">J*>==#*((P*&"*P("8"<?J*&=B*T#("%*$;<P"*&6%7"%*8#(C""#B*
(8*B"*<"77"%*(%&"#*D"B*>(>*!=%*?<";B"<"%*==%*&"*"6%&B"#>"%5*[6?B(#6?'D*C"A;?B3
$6:%J*C;#7"#?'D=8*"%*D"#6%%"#6%7?"&;'=B6"*$6:%*C#""&5*[6:*P=%*$6'D*%6"B*!=%*&"*6%3
&#;P*(%B&("%*&=B*H<6?=C"BD*I";<">=%*&==#*C"8==<&"*=?8"'B"%*=C?(<;;B*6%*A6<J*$(=<?*
&"*P(<(%6?=B6"*6%*@(%7(*"%*L;#;%&6J*>==#*=%&"#"*$=P"%*%6"B5*
*
G()&"H$'C+I$J($#"%*6?*D"B*"#>""* ""%?*&=B*D"B*6%*&"*?<";B"<'(>8"B"%B6"?*?B==BJ*
&==#*D""YB*((P*T#("%*B#(;A"%?*(!"#*7"A==PB5*+8*=?8"'B"%*=<?*C;#7"#?'D=8J*&6!"#3
?6B"6BJ*P#6B6?'D"*#"Y<"'B6"*D"CC"%*&"*Y#='B6"?*!=%*T#("%J*?85=*"%*+8"%*G<&*6>>"#?*
D=#&*7"D=>"#&5*T#("%*A6<*"#*%;*((P*$"P"#*!=%*$6:%*&=B*$"*&((#!"#B==<&*A(#&"%*6%*
&"*"6%&B"#>"%5*H#*$6:%*?B"#P"*6%&6'=B6"?J*((P*!=%*<"&"%*!=%*&"*(%BA6PP"<'(>>6?3
?6"?J*&=B*6%*#6'DB6%7"%*>"B*=#C"6&?Y6%=<6B"6B*&6"*=?8"'B"%*7"?'D#=8B*A(#&"%5*H#*$6:%*
6%&"#&==&*=<*Y=%B=?B6?'D"*8#(:"'B"%J*((P*6%*B?(*"%*C?(J*!=%*?'D(<"%*&6"*(8*""%*7("6"*
>=%6"#*%==#*&"*P(<(%6?=B6"*P6:P"%J*%6"B*>"B*""%*";#('"%B#6?'D"*C<6P5*,;*D=%7B*D"B*
"'DB"#*B"*!""<*=Y*!=%*&"*6%&6!6&;"<"*<""#P#='DB*(Y*?'D((<5*T#("%*A6<*D"B*7"A((%*
!"#=%P"#"%*6%*=<<"*"6%&B"#>"%5*-=B*6?*&"*D((Y&>((B*!=%*D"B*!((#?B"<*!=%*#"?(<;B6"5*
*
-"*BA""&"*(8$"B*6?J*""%?*&6"*!"#=%P"#6%7*7"C";#&*6?J*"#!((#*$(#7"%*&=B*D"B*8"#3
?8"'B6"Y*%6"B*<=%7"#*";#('"%B#6?'D*6?5*-"*D;6&67"*#"7"<6%7*6?*B"*Y#=7>"%B=6#*"%*B"*
=YD=%P"<6:P*!=%*&"*<""#P#='DB*"%*?'D((<5*
*