Sei sulla pagina 1di 70

!"# #$#%!&# '!&(%&)*'!'+ ,$-%.

%-(/%0&**&10
!"#$%%%&'%()$%*$%+,-./$'/0-'%*)%*01+23$%*$%3450#/$6%$'%780$'8$#%456-'-309)$#
:1/0-'%%%780$'8$#%4+03$'/406$#

!"#$%"&'()*+,#&-&%$"&'(*."*%$#$%"/#&0$"&'(
1.*2$*%'$3,2$0.*1.*4,%'#*+,0&22,0

;6<#$'/<%146
+2332%!45634%7238496:82
6
=06$8/$)6%*$%/!"#$%>%%%? @%A&BBCB%?@?@%;6-D$##$)6%EFGCH%
6
%%1;/<6=2:>2?=%@2%>8AB2>%? @%G:ICGF%C%?@C@%EI'0@H
=4/$%*$%#-)/$'4'8$%>%JJKLJKJMMN

6 6
O)6P%>%%%C=DB6@2E>>%? @%C??:IQR&%C@%;6-D$##$)6%EFGCH%A-)3$6*"#H%-F496E4>2?=B%>%%? @%?C F%C@
6
?@%@%EI'0@% 0S0T:)S-)H%? @%7CAC:I%G@%;6-D$##$)6%E&G7H
#4532%@2B%94>6A=2B
*292=:6292E>B%@ @ N
*DB?9D%@ @ U
&5B>=4:>%@ @ V
GHIJ%@ @ W
E>=;@?:>6;E%@ @ X
"K!#0-"-%7 7( ')*&C0 ,$-%%@ @ LL
/%(2B%2ELM92B%:;4N?34E>2B%@2B%6E@?B>=62B%346>6A=2B%%@ @ LL
O%.%(4%P=DB?=2%%@ @ LL
Q%.%(2B%B?::D@4EDB%@2%P=DB?=2%%@ @ LJ
/%(2%346>R%B?5B>=4>%@2B%P=;>D4B2B%%@ @ LV
O%.%(2B%:4=4:>A=2B%@?%346>%%@ @ LV
Q%.%(4%:;9P;B6>6;E%N3;5432%%@ @ LW
S%.%(2B%:4BD6E2B%%@ @ LX
T%.%+D:4E6B92%@2%34%:;4N?34>6;E%@?%346>%%@ @ JM
+4>D=623%U%+D>8;@2B%%@ @ JY
%.%+4>D=623%56;3;N6V?2%2>%96362?%@2%:?3>?=2%%@ @ JY
%.%'5>2E>6;E%@2%3W2F>=46>%:;4N?34E>%@2%4,%'#*+,0&22,0%%@ @ JY
O%.%C=DP4=4>6;E%@2%3W6E;:?3?9%%@ @ JY
Q%.%-EB292E:292E>%@?%96362?%%@ @ JY
S%.%-F>=4:>6;E%@2%3W2ELM92%%@ @ JY
%.%->?@2%@2B%2F>=46>B%:;4N?34E>B%%@ @ JY
O%.%+2B?=2%@2%3W4:>6X6>D%:;4N?34E>2%%@ @ JZ
Q%.%+2B?=2%@2%3W4:>6X6>D%P=;>D;3M>6V?2%%@ @ JZ
S%.%<;B4N2%@2B%P=;>D6E2B%%@ @ JZ
Y%.%C?=6Z6:4>6;E%@2%3W2F>=46>%2ELM94>6V?2%%@ @ JN
Y[O%.%C=;>;:;32B%@2%P?=6Z6:4>6;E%%@ @ JN
Y[Q%.%+D>8;@2B%@2%P?=6Z6:4>6;E%%@ @ JU
Y%.%14=4:>D=6B4>6;E%@2%3W2F>=46>%:;4N?34E>%P?=6Z6D%%@ @ JX
O%.%<D>2=96E4>6;E%@2%34%>29PD=4>?=2%;P>69432%@W4:>6X6>D%%@ @ JX
Q%.% EZ3?2E:2%@2%P0%@?%346>%%@ @ JX
S%.%<D>2=96E4>6;E%@2%34%:;E:2E>=4>6;E%;P>69432%@2%1413Q%%@ @ JX
T%.% EZ3?2E:2%@2%34%:;E:2E>=4>6;E%2E%2F>=46>%2ELM94>6V?2%%@ @ YM
\%.%->?@2%@2%34%B>45636>D%@2%3W2F>=46>%2ELM94>6V?2%%@ @ YM
*DB?3>4>B%U%<6B:?BB6;E%%@ @ YL
%.%'5>2E>6;E%@2%3W2F>=46>%2ELM94>6V?2%5=?>%%@ @ YL
%.%C?=6Z6:4>6;E%@2%3W2F>=46>%:;4N?34E>%@2%+?:;=%P?B633?B%%@ @ YL
O%.%C=;>;:;32% %]";9^?>6%2>%74523R%O_`ab%%@ @ YL
Q%.%C=;>;:;32% %]c2=E4E@2L%/(48;=2%2>%$25R%O__ab%%@ @ YZ
S/%<D>2=96E4>6;E%@?%P;6@B%9;3D:?346=2%%%@ @ ZU
%.%14=4:>D=6B4>6;E%@2%3W2F>=46>%Z;EN6V?2%P?=6Z6D%2>%@2%34%P=DB?=2%%@ @ ZU
O%.% EZ3?2E:2%@2%34%>29PD=4>?=2%%@ @ ZV
Q%.% EZ3?2E:2%@2%P0%@?%346>%%@ @ ZW
S%.% EZ3?2E:2%@2%34%:;E:2E>=4>6;E%2E%1413Q%%@ @ ZX
T%.% EZ3?2E:2%@2%34%:;E:2E>=4>6;E%2E%2F>=46>%2ELM94>6V?2%%@ @ NM
\%.%->?@2%@2%34%B>45636>D%@2%3W2F>=46>%%@ @ NL
`%.%&:>6X6>D%P=;>D;3M>6V?2%%@ @ NZ
1;E:3?B6;E%)DED=432%@ @ NU
*DZD=2E:2B%56536;N=4P86V?2B%@ @ NV
&!!-d-"%@ @ UY
C''$[$%L%@ @ UY
C''$[$%J%@ @ UY
C''$[$%Y%@ @ UN
C''$[$%Z%@ @ UU
C''$[$%N%@ @ UX
*292=:6292E>B

*292=:6292E>B
Avant tout, je remercie Dieu le tout puissant de m’avoir donner le courage et la patience pour
réaliser ce modeste travail.
Qu’il me soit permis d’exprimer ma reconnaissance à mon enseignant Mr. BELLAL M.M.,
Professeur à l’Institut National Agronomique d’El-Harrach, pour avoir accepté de diriger ce travail
malgré ses nombreuses occupations. C’est grâce à lui que je viens de faire mes premiers pas dans
la recherche.
Il m’est agréable d’exprimer mes sincères remerciements à mon co-promoteur, Mr. NOUANI
A., Maître assistant à l’université M’Hamed Bougara de Boumerdes, pour son aide précieuse, ses
encouragements et surtout pour l’accueil qu’il m’a toujours réservée dans son laboratoire. Je le
remercie également pour la confiance qu’il m’a témoignée. Ses qualités humaines et morales m’ont
aidé à mener à terme ce travail, qu’il veuille trouver ici mon estime, ma gratitude et mon respect.
Mon profond respect et mes sincères remerciements vont à mon enseignant, Mr.AMMOUCHE
A., Professeur à l’Institut National Agronomique d’El-Harrach, pour avoir accepter de présider le
jury et d’apprécier la qualité de ce travail.
Je tiens à remercier Mr. MATI A., Maître de conférence à l’université MOULOUD
MAMMERI de Tizi-Ouzou, pour avoir accepté de porter un jugement éclairé sur ce mémoire.
Mes remerciements vont à Mr. SABAOU N., Professeur à l’Ecole Normale Supérieure, qui
a bienvoulu examiner ce travail.
Je remercie vivement Melle. SLAMANI R., attachée de recherche à l’INRA, pour l’intérêt
qu’elle a manifesté dans ce travail. Je lui exprime ma gratitude pour la bienveillante attention
qu’elle m’a accordée tout au long de mon expérimentation. Mes sincères remerciements pour ses
conseils et pour sa grande compétence. Elle a su me donner du courage pour affronter les longues
journées passées au laboratoire. Je la remercie également pour tous ses sacrifices pour la réalisation
de ce mémoire.
Il existe une personne que je ne saurai jamais assez remercier ; c’est Mr. LABADI R.,
technicien au laboratoire de chimie des sols du département sciences du sol (INA), qui a
grandement contribué à l’aboutissement de ce mémoire. Il a su toujours me guider et me soutenir.
Je le remercie également pour sa gentillesse et sa sympathie. J’ai bénéficié de toutes ses qualités
humaines.
J’exprime ma reconnaissance à Melle. BENZITOUNI A., technicienne à l’Institut Pasteur
d’Algérie pour sa disponibilité à tout moment sans oublier Mme. MOULAHOUM A. pour ses
orientations précieuses. Je remercie également Melle. KABLI pour son aide.
Je m’en voudrais de ne pas remercier mon camarade MANSOURI A. pour toute la
documentation qu’il a mis à ma disposition et ce malgré son éloignement, sans oublier bien sur
mon amie Souhila pour tous ses encouragements.
Toute ma reconnaissance à Mabrouk et Larbi, techniciens au département de technologie
alimentaire (INA), pour leurs aides constantes, leurs conseils et surtout pour leur sympathie.
Mes remerciements vont également à notre bibliothécaire Baya pour sa disponibilité ainsi qu’à
tous mes amis qui, à diverses reprises, ont manifesté leurs soutien et leurs amitiés en particuliers
Rosa, Nora, Sabiha, Rachid, Nocia , Fayçal, Nabil et Madjid.
N
-F>=4:>6;ER%P?=6Z6:4>6;E%2>%:4=4:>D=6B4>6;E%@2%34%:;4N?34B2%@2%+?:;=%P?B633?B

*DB?9D
L’obtention d’une protéase coagulant le lait a été réalisée par culture en surface de Mucor pusillus.
L’extrait brut présente une force coagulante de l’ordre de 1 /1200.
Des essais de purification de l’extrait coagulant ont été réalisés. Le meilleur rendement en
activité a été obtenu par une chromatographie d’exclusion moléculaire sur Sephadex G-100 de
l’extrait brut lyophilisé.
L’électrophorèse sur PAGE-SDS a révélé une seule bande protéique homogène, caractérisée
par un poids moléculaire de l’ordre de 49 000 Da.
Les conditions optimales d’activité coagulante ont été déterminées. L’activité est maximale à
pH 5, à une température de 50°C et pour une concentration en CaCl2 du lait de 0,02 M. L’enzyme
est relativement stable dans l’intervalle de 30°C à 50°C pendant 30 mn d’incubation ainsi qu’aux
basses températures.
Ces propriétés sont relativement similaires à ceux de la présure traditionnelle, exception faite
pour la température.
Mots-clés : Protéases de Mucor pusillus , purification, caractérisation, coagulation du
lait, présure.

U
&5B>=4:>

&5B>=4:>
The obtaining of the milk-clotting protease was carried out by solid-state culture of the strain of
Mucor pusillus. The crud extract show clotting strength about 1 / 1200.
The purification tests of the clotting extract were realised. A better recovery was obtained by
molecular size chromatography on Sephadex G-100 of the lyophilised crud extract.
The SDS- PAGE data was reveal a single homogeneous band, characterised by its molecular
weight measured about 49 000 Da.
The clotting optimal conditions activities were determined. The activity is maximum at a pH
5, at a temperature of 50°C and for a 0,02 M CaCl2 concentration. The enzyme is relatively stable
from 30°C at 50°C after 30 mn incubation period and at low temperature of conservation.
This properties were relatively similar with the rennet one except for the temperature.
Keys words: Mucor pusillus proteases, purification, characterisation, milk-clotting,
rennet.

V
-F>=4:>6;ER%P?=6Z6:4>6;E%2>%:4=4:>D=6B4>6;E%@2%34%:;4N?34B2%@2%+?:;=%P?B633?B

GHIJ

W
E>=;@?:>6;E

E>=;@?:>6;E

B4% 16<#)6$% 4'034+$\% 9)0% 6$'D$63$% $##$'/0$++$3$'/% *$% +4% 8!P3-#0'$\% 8-'#/0/)$% +,45$'/
8-45)+4'/%+$%1+)#%)/0+0#<%*4'#%+4%8-45)+4/0-'%$'SP34/09)$%*)%+40/@% -)/$D-0#\%#-'%$[/648/0-'
*$34'*$640/% *$#% #4860D08$#% /6-1% -'<6$)[@% &'% $DD$/\% +4% 16<#)6$% '<8$##0/$% +4% 6<8)1<64/0-'\
416"#%+,4.4//45$\%*$#%840++$//$#%*$%($4)[%'-'%#$(6<#%]%8$80%4DD$8/$%+-)6*$3$'/%+$#%8-^/#%146
+4%D40.+$##$%*)%6$'*$3$'/%$'%(04'*$@
B,4)53$'/4/0-'%*$%+4%16-*)8/0-'%D6-345"6$%031-#$%)'$%)/0+0#4/0-'%86-0##4'/$%*,$'SP3$
*$%8-45)+4/0-'%9),0+%',$#/%14#%1-##0.+$%*,-./$'06%146%+$%#$)+%/640/$3$'/%*$#%16<#)6$#\%846%+4
16-*)8/0-'%*$%($4)[%*$%+40/%$#/%D+)8/)4'/$@
&'% C+5<60$\% +,0'*)#/60$% D6-345"6$% 4% )/0+0#<\% *)64'/% +4% 1<60-*$% ELXXVTJMMLH\% Z\YJZ% _5
*$%16<#)6$%$/%#$#%8-'8$'/64#\%#-0/%)'%8-^/%*$%+,-6*6$%*$%LU%30++0-'#%*$%=C%E`411-6/%*$#
#/4/0#/09)$#%*)%Q-33$68$%&[/<60$)6\%JMMLH@
Q-33$%/-)/$%0'*)#/60$%4+03$'/406$\%+4%D6-345$60$%#).0/%*$#%16$##0-'#%16-(-9)<$#%*,)'$
146/%146%+4%*$34'*$%86-0##4'/$%*)%3468!<%$/%*,4)/6$%146/\%146%+4%'<8$##0/<%*$%6$'/4.0+0#$6
#$#%-1<64/0-'#%*$%/64'#D-634/0-'@
C0'#0\%+4%16-*)8/0-'%+030/<$%*,$'SP3$%$/%+,4)53$'/4/0-'%*$%+4%*$34'*$%146%)'$%0'*)#/60$
D6-345"6$%9)0%'$%8$##$%*$%#$%*<($+-11$6%-'/%16-(-9)<%)'$%#0/)4/0-'%*$%1<')60$%*$%16<#)6$@
Q$//$% #0/)4/0-'% $/% +4% /-/4+$% *<1$'*4'8$% *$% '-/6$% 14P#% $'% 34/0"6$% *,4116-(0#0-''$3$'/
$'% 45$'/#% 8-45)+4'/#% (0#TaT(0#% *$#% +4.-64/-06$#% </64'5$6#% 031-#$'/% +4% 6$8!$68!$% *$
16-*)0/#%#)#8$1/0.+$#%*$%6$31+48$6%+4%16<#)6$\%$'%146/08)+0$6%*,-6050'$%4'034+$\%(<5</4+$%$/
3086-.0$''$@%;46%40++$)6#\%+$#%160'8014)[%860/"6$#%*,)'%#)88<*4'<%*$%16<#)6$%8-'#0#/$'/%$'%>
b +,-./$'/0-'%*$%16-*)0/#%D6-345$6#%8-31464.+$#%a%8$)[%*$%+4%16<#)6$%*$%($4)%]
b B,4.#$'8$%*$%/-[080/<%]
b I'%160[%*$%6$(0$'/%3-0'#%<+$(<%a%8$+)0%*$%+4%16<#)6$@
;+)#0$)6#%16<1464/0-'#%8-45)+4'/$#%-'/%</<%</)*0<$#%146%'-/6$%<9)01$%*$%6$8!$68!$@%B$#
1$1#0'$#%4(08-+$#\%.-(0'$#%$/%-(0'$#%16<#$'/$'/%*$#%16-160</<#%9)0%#$%64116-8!$'/%*$%8$++$#
*$% +4% 16<#)6$% 4'034+$% E?-6#+0\% LXXU% ]% A$'54'4\% JMML% ]% 7+434'0\% JMMJH@% Q$1$'*4'/\% +4
*0#1-'0.0+0/<%*$#%8-45)+4#$#%4'034+$#%*$3$)6$%/60.)/406$%*)%3468!<%*$%+4%(04'*$@
G-#%</)*$#%-'/%1-6/<%<54+$3$'/%#)6%+$#%8-45)+4#$#%(<5</4+$#%'-/433$'/\%+$#%$[/640/#
8-45)+4'/#% *)% D05)0$6\% *$% +4% D+$)6% *)% 846*-'% $/% *$#% 5640'$#% *$% 3$+-'@% -)/$D-0#\% 8$#
#)88<*4'<#%#-'/%*-)<#%*,)'$%$[8$##0($%48/0(0/<%16-/<-+P/09)$%9)0%8-'D"6$%4)[%16-*)0/#%D0'0#
*$#%84648/"6$#%-654'-+$1/09)$#%0'*<#064.+$#%E?-6#+0\%LXXU%]%?-)S4+0\%JMML%]%c$6'4'0\%JMMJH@
G-/6$%0'/<6d/%$#/%1-6/<%#)6%+,</)*$%*,)'$%16-/<4#$%8-45)+4'/%+$%+40/\%0##)$%*$%+4%8)+/)6$
*,)'$% #-)8!$% .48/<60$''$% 0#-+<$% +-84+$3$'/% ]% +$% !"#$$%&' &%()#$#&% BQ% YY% @% B$#% 48/0(0/<#
8-45)+4'/$#% *$% 8$//$% 8-45)+4#$% #-'/% 8-31464.+$#% a% 8$++$#% *$% +4% 16<#)6$% 8-33$6804+$
E?4/-).\% JMMMH@% G<4'3-0'#\% +,48/0(0/<% 16-/<-+P/09)$% <+$(<$% *$% 8$//$% 8-45)+4#$% +030/$% #-'
$31+-0%0'*)#/60$+@
C% +,<8!$++$% 0'*)#/60$++$\% /6-0#% #-)8!$#% D-'509)$#% 16-*)8/608$#% *$% 8-45)+4#$#% #-'/
$[1+-0/<$#%146%+$#%564'*$#%)#0'$#%*$%D$63$'/4/0-'%$'%()$%*$%D4.6084/0-'%D6-345"6$@%F+%#,450/
*$%>%*%"+,'-#./.#0'*%"+,'1%&#$$%&%$/%*,234+)/#!'1!,!&#)#"!5%&'%$DD$/\%$'%LXVZ\%+$#%8-45)+4'/#
X
-F>=4:>6;ER%P?=6Z6:4>6;E%2>%:4=4:>D=6B4>6;E%@2%34%:;4N?34B2%@2%+?:;=%P?B633?B

D-'509)$#%-'/%4##)6<%+4%D4.6084/0-'%*$%UMe%*$%D6-345$#%4)[%&/4/#%I'0#%E7/$6'.$65\%LXVUH@
B$#%8-'*0/0-'#%*,$31+-0%$'%D6-345$60$%*$%8$#%16<1464/0-'#\%#$+-'%f-)6#4)*%ELXXXH%#-'/%>
b B$%3<+4'5$%*$#%$'SP3$#%8-45)+4'/$#%*,-6050'$%D-'509)$%4($8%+4%16<#)6$%-)%#$#
*<60(<#\%$#/%0'/$6*0/@
b 7$)+#%+$#%D6-345$#%4)%+40/%*$%(48!$%1$)($'/%d/6$%8-45)+<#%4($8%8$#%16<1464/0-'#@
b B$#%D6-345$#%a%411$++4/0-'%*,-6050'$%#-'/%-.+054/-06$3$'/%8-45)+<#%146%+4%16<#)6$@
;46% 40++$)6#\% *$#% </)*$#% 8-31464/0($#% *$% 8$#% $'SP3$#% 8-45)+4'/$#% $/% *$% +4% 8!P3-#0'$
-'/%0'*09)<%*$%564'*$#%#030+460/<#%*4'#%+$%3<84'0#3$%*$%+4%8-45)+4/0-'%*)%+40/@%=$%1+)#\
1+)#0$)6#% (460</<#% *$% D6-345$#% 16<146<$#% 4($8% 8$#% $[/640/#% #-'/% #$3.+4.+$#% a% 8$++$#
-./$')$#%4($8%+4%16<#)6$@%C0'#0\%+,$[/640/%8-45)+4'/%*,234+)/#!'1!,!&#)#"!%4%8-'*)0/%a%*$#
6<#)+/4/#%#4/0#D40#4'/#%*4'#%+4%D4.6084/0-'%*$#%D6-345$#%a%1g/$%3-++$@%B$#%8-45)+4#$#%*$
*%"+,\%#$+-'%B)9)$/%ELXWNH\%-'/%1$630#%*,-./$'06%*$#%D6-345$#%*$%.-''$%9)4+0/<%*-'/%+$#
6$'*$3$'/#%D6-345$6#%#-'/%(-0#0'#%*$%8$)[%*$%+4%16<#)6$%*$%($4)@
&'% 6$(4'8!$\% +$#% #-)8!$#% *$% *%"+,% $/% *,234+)/#!' 1!,!&#)#"!% \% 4)% 8-)6#% *$
+$)6#% *<($+-11$3$'/\% #$86"/$'/% $'% 1+)#% *$% +$)6#% 16-/<4#$#% 8-45)+4'/$#% *$#% $'SP3$#
16-/<-+P/09)$#% '-'% #1<80D09)$#\% *$#% 8$++)+4#$#% $/% *$#% +014#$#@% 7$+-'% B$30$)[% $/% 70346*
ELXXLH\%8$#%$'SP3$#%8-'D"6$'/%4)%D6-345$%)'%5-^/%*,43$6/)3$%]%*,-h%+4%'<8$##0/<%*$%+$#
<+030'$6@% C0'#0\% +$#% 16<1464/0-'#% .6)/$#% #-'/% /640/<$#% $'% )/0+0#4'/% *$#% 3</!-*$#% 1!P#08-T
8!0309)$#%>%D0+/64/0-'\%8$'/60D)54/0-'%$/%16<8010/4/0-'%146%*$#%#-+(4'/#%-)%146%*$#%#$+#\%$/%K-)
*$#%3</!-*$#%8!6-34/-5641!09)$#@%=$#%</)*$#%-'/%3-'/6<%9)$%+,43<+0-64/0-'%*)%6411-6/
48/0(0/<%8-45)+4'/$%146%+,48/0(0/<%16-/<-+P/09)$%*$%+,$[/640/%$'SP34/09)$%*$%*%"+,%4%</<%-./$')
416"#%16<8010/4/0-'%4)%#)+D4/$%*,433-'0)3%#)0(0$%*,)'$%<8!4'5$%0-'09)$%EC'#/6)1\%LXWMH@
C%+4%+)30"6$%*,)'$%</)*$%6<4+0#<$%#)6%+4%1-##0.0+0/<%*,-./$'06%)'%$[/640/%8-45)+4'/%a%146/06
*$%+4%8)+/)6$%*$%*%"+,'1%&#$$%&\%#-)8!$%6<D<6$'8<$%XNYVVL%*)%?)#<)3%G4/0-'4+%*,R0#/-06$
G4/)6$++$%*$%;460#\%+$#%8-'*0/0-'#%*$%8)+/)6$%40'#0%9)$%+4%86-0##4'8$%-'/%</<%*</$630'<$#
EA$+!4308!$\%JMMLH@
B,-.i$8/0D%*$%'-/6$%16<#$'/$%</)*$%(0#$%)'$%3$0++$)6$%8-''40##4'8$%*,)'$%8-45)+4#$
D-'509)$%0##)$%*$%*%"+,'1%&#$$%&@%=4'#%8$%8-'/$[/$\%+,4116-8!$%4%8-'#0#/<%$'%>
b B,-./$'/0-'%*$%+4%8-45)+4#$%146%8)+/)6$%$'%#)6D48$%*$%*%"+,'1%&#$$%&%$/%+,-1/030#4/0-'
*,)'%16-/-8-+$%*$%1)60D084/0-'%]
b B4%6$8!$68!$%*$#%8-'*0/0-'#%-1/034+$#%*,48/0(0/<%8-45)+4'/$%*$%+,$[/640/%8-45)+4'/
1)60D0<%$/%*$%+4%16<#)6$%]
b &/%+4%84648/<60#4/0-'%*$%+,41/0/)*$%16-/<-+P/09)$%*$#%$[/640/#%.6)/%$/%1)60D0<%146
8-314640#-'%a%+4%16<#)6$%0'*)#/60$++$@

LM
"K!#0-"-%7 7( ')*&C0 ,$-

"K!#0-"-%7 7( ')*&C0 ,$-

/%(2B%2ELM92B%:;4N?34E>2B%@2B%6E@?B>=62B%346>6A=2B

O%.%(4%P=DB?=2
O[O%.%06B>;=6V?2
F+%P%4%$'(06-'%VMMM%4'#\%+$%+40/%</40/%/64'#1-6/<%*4'#%*$#%#48#@%Q$#%#48#\%411$+<#%-)/6$#\
</40$'/%D40/%4($8%+j$#/-348%*$%8$6/40'#%4'034)[@%:6\%)'%(-P45$)6%*$%8$//$%<1-9)$%9)0%*<80*4
*$%#$%64D64k8!06%4($8%+$%+40/%9)j0+%/64'#1-6/40/\%$)%+4%#)6160#$%*$%*<8-)(606%9)$%+$%+40/%#j</40/
/64'#D-63<% $'% )'$% #).#/4'8$% #$30% #-+0*$@% F'/605)<% $/% 4DD43<\% 0+% 5-^/4% +$% 8-'/$')% *$% #-'
-)/6$%$/%'$%/6-)(4%14#%l4%34)(40#%*)%/-)/\%0+%($'40/%*$%*<8-)(606%+$%D6-345$@
C0'#0\%'-)#%#4(-'#%*$1)0#%8$%/$31#%+a%9)j)'$%#).#/4'8$%8-'/$')$%*4'#%+j$#/-348%*$#
i$)'$#%6)30'4'/#%D40/%840++$6%+$%+40/@%&'%D40/\%8$//$%#).#/4'8$%#j411$++$%+4%16<#)6$@

O[Q%.%<DZ6E6>6;E
B4%16<#)6$%$#/%+4%16<1464/0-'%8-45)+4'/$%16-($'4'/%*$%+4%9)4/60"3$%1-8!$%*$%+4%840++$//$
*$#% i$)'$#% 6)30'4'/#% '-)660#% $[8+)#0($3$'/% 4)% +40/@% &++$% 8-'#/0/)$% +4% 160'8014+$% $'SP3$
/64*0/0-''$++$3$'/%)/0+0#<$%*4'#%+j0'*)#/60$%+40/0"6$@
&'%D40/\%+j$[/640/%8-45)+4'/%6$'D$63$%$##$'/0$++$3$'/%*$)[%16-/<4#$#>%+4%8!P3-#0'$%$/
+4%1$1#0'$@

O[S%.%C=;P=6D>DB
?4i$)6$%8-31-#4'/$%*$%+4%16<#)6$\%+4%8!P3-#0'$%E&@Q@Y@Z@JY@ZH%$#/%#<86</<$%#-)#%D-63$
*$%16-8!P3-#0'$%0'48/0($@%7-)#%+j48/0-'%*$%+j480*0/<%*)%30+0$)\%$++$%*$(0$'/%48/0($@
Q-33$% +4% 1$1#0'$\% +4% 8!P3-#0'$% $#/% )'$% 16-/<4#$% 480*$% a% 4#146/4/$@% 7-'% 1-0*#
3-+<8)+406$%$#/%*$%YM%VMM%=4@%7$+-'%c-+/34''%ELXVXH\%+4%8!P3-#0'$%$#/%8-'#/0/)<$%*j)'$
#$)+$%8!4k'$%1$1/0*09)$%6$'D$634'/%YJY%480*$#%430'<#@
:)/6$%#-'%48/0(0/<%8-45)+4'/$\%#1<80D09)$%#)6%+4%84#<0'$%m\%+4%8!P3-#0'$%4%)'$%48/0(0/<
*$%16-/<-+P#$%5<'<64+$%#)6%/-)/$#%+$#%D648/0-'#%84#<0'09)$#@
Bj48/0(0/<%-1/034+$%*$%8$//$%$'SP3$%4%+0$)%a%1R%N\N%$/%a%)'$%/$31<64/)6$%*$%ZJnQ@%&++$
$#/% #/4.+$% a% 1R% 480*$% N\Y% $/% U\Y% $/% *<'4/)6<$% a% 1R% W@% 7-'% 0'48/0(4/0-'% /!$6309)$\% #$+-'
f-)6#4)*%ELXXXH\%4%+0$)%*"#%NMnQ%$/%$++$%$#/%/-/4+$%a%ULnQ@
B4% #<86</0-'% *$% +4% 1$1#0'$% E&@Q@Y@Z@JY@LH\% *,416"#% `43$/% ELXXMH\% '$% *$(0$'/
16<1-'*<64'/$% 9)j)'$% D-0#% +4% #P'/!"#$% *$% +4% 8!P3-#0'$% $#/% 466d/<$@% Q$//$% 16-/<4#$% $#/
84648/<60#<$%146%)'%1-0*#%3-+<8)+406$%*$%YY%ZMM%=4@%A0$'%9)$%+,48/0-'%16-/<-+P/09)$%*$%+4
1$1#0'$%$#/%(-0#0'$%*$%8$++$%*$%+4%8!P3-#0'$%40'#0%9)$%+$#%D-6/$#%!-3-+-50$#%*$%#/6)8/)6$
9)$%16<#$'/$'/%8$#%*$)[%$'SP3$#\%+$#%8-'*0/0-'#%*j48/0-'%#-'/%*0DD<6$'/$#@%&'%$DD$/\%#$+-'
?46/0'% $/% !$@% ELXWJH% $/% f-)6#4)*% ELXXXH\% 0+% P% 4% )'$% *0DD<6$'8$% 031-6/4'/$% $'% 164/09)$% 9)0

LL
-F>=4:>6;ER%P?=6Z6:4>6;E%2>%:4=4:>D=6B4>6;E%@2%34%:;4N?34B2%@2%+?:;=%P?B633?B

8-'#0#/$%$'%+j0'D+)$'8$%*)%1R%#)6%+j48/0(0/<%]%+4%8!P3-#0'$%$#/%$'8-6$%48/0($%a%1R%U\W\%4+-6#
9)$%+4%1$1#0'$%'$%8-45)+$%1+)#%+$%+40/%4)%*$##)#%*$%1R%U\V@
B4%1$1#0'$%$#/%6$+4/0($3$'/%#/4.+$%$'/6$%1R%N%$/%N\N%$/%0'#/4.+$%a%1R%J@%&'%#-+)/0-'\
$++$%$#/%/!$63-#$'#0.+$%416"#%NMnQ@%=j416"#%f-)6#4)*%ELXXXH\%#4%*<'4/)64/0-'%/!$6309)$
4%+0$)%a%146/06%*$%VMnQ@

O[T%.%-F>=4:>6;E
B4%16<#)6$%$#/%-./$')$%146%348<64/0-'%*$%840++$//$#%*$#%i$)'$#%.-(0*<#%*4'#%)'$%#4)3)6$
*$%G4Q+%$/%8-'/$'4'/%*$#%4**0/0D#%'<8$##406$#%a%+4%8-'#$6(4/0-'%$/%a%+4%8-+-64/0-'@%B$%i)#%$#/
$'#)0/$%1)60D0<%146%*0($6#$#%3</!-*$#%1!P#08-T8!0309)$#%$/%8!6-34/-5641!09)$#@
$
7$+-'%f-)6#4)*%ELXXXH\%)'%+0/6$%*j$[/640/%8-33$6804+%4)%LM%MMM %$#/%-./$')%a%146/06%*$
L%a%J%840++$//$#%*$%UM%5@

Q%.%(2B%B?::D@4EDB%@2%P=DB?=2
B4% D-6/$% *$34'*$% *$% +4% 16<#)6$% 146% +$#% 0'*)#/60$#% D6-345"6$#% $/% +$% 160[% 6$+4/0($3$'/
<+$(<% *$% 8$% 8-45)+4'/% -'/% 8-'*)0/% a% +j4116-(0#0-''$3$'/% *$% 1+)#% $'% 1+)#% *0DD080+$% *$% +4
16<#)6$% /64*0/0-''$++$@% ;46% 40++$)6#\% *4'#% 8$6/40'#% 14P#\% 1-)6% *$#% 640#-'#% 1!0+-#-1!09)$#
-)% 6$+050$)#$#\% +j)/0+0#4/0-'% *$% +4% 16<#)6$% $#/% 0'/$6*0/$@% C% 8$/% <546*\% *$#% 6$8!$68!$#% -'/
</<% $'/6$160#$#\% 8$#% *$6'0"6$#% 4''<$#\% 4D0'% *j$[1+-0/$6% *j4)/6$#% #-)68$#% 1-/$'/0$++$#% *$
8-45)+4#$#%8414.+$#%*$%6$31+48$6%+4%16<#)6$%*<#05'<$#%#-)#%+$%/$63$%*$%B?::D@4EDB%@2
P=DB?=2[
Q$1$'*4'/\%)'%#)88<*4'<%*$%+4%16<#)6$%4'034+$%*-0/%16<#$'/$6%)'$%.-''$%#-+).0+0/<
*4'#%+,$4)\%)'%*$56<%*$%1)6$/<%<+$(<%$/%)'$%48/0(0/<%16-/<-+P/09)$%$/%+01-+P/09)$%D40.+$#@%&'
1+)#\%0+%'$%*-0/%14#%8-'/$'06%*,$'SP3$#%8-'/430'4'/$#%E/$++$#%+$#%+014#$#H@
;46% 40++$)6#\% 0+% *-0/% 6$#1$8/$6\% #$+-'% `43$/% ELXXMH% $/% 73$$/#% ELXXNH\% +$#% 3-*4+0/<#
!4.0/)$++$#% *)% *<6-)+$3$'/% *)% 16-8$##)#% *$% +4% D4.6084/0-'% D6-345"6$@% ;-)6% 8$+4\% /-)/
#)88<*4'<%*$%16<#)6$%*-0/%6<1-'*6$%4)[%860/"6$#%#)0(4'/#%>
b B,48/0(0/<%16-/<-+P/09)$%*$%+,$'SP3$%'$%*-0/%14#%d/6$%/6-1%<+$(<$%]
b B$#%16-160</<#%6!<-+-509)$#%*)%8-45)+)3%*-0($'/%<(-+)$6%416"#%D+-8)+4/0-'%*$
34'0"6$%a%4##)6$6%+$%/64(40+%3<84'09)$%*)%5$+%*4'#%+$#%*<+40#%!4.0/)$+#%]
b B4%#P'<6"#$%*)%8-45)+)3%4)%8-)6#%*$%+,<5-)//45$%$/%+$#%3-*4+0/<#%*,4DD0'45$
*$(40$'/%1$63$//6$%*,-./$'06%+$#%84648/<60#/09)$#%)#)$++$#%*$#%D6-345$#%*4'#%)'%*<+40
#$'#0.+$3$'/%<54+%a%8$+)0%*$%+4%16<#)6$%]
b B$#%6$'*$3$'/#%D6-345$6#%*-0($'/%d/6$%/6"#%16-8!$#%-)%#)1<60$)6#%a%8$)[%-./$')#
+-6#%*$%+,$31+-0%*$%+4%16<#)6$@
=,)'%1-0'/%*$%()$%6<5+$3$'/406$\%8-33$%/-)/%4**0/0D\%+,$31+-0%*$#%$'SP3$#%*-0/%d/6$%#-)30#
a%)'$%6<5+$3$'/4/0-'%#/608/$%9)0%1$63$/%*,<(0/$6%/-)/%60#9)$%*$%/-[080/<@%7$+-'%G--6T=$($++0$/
$/%!$@%ELXWYH%>
b B$%30+0$)%*$%8)+/)6$%)/0+0#<%*4'#%+$%84#%*$#%$'SP3$#%3086-.0$''$#%'$%*-0/%+40##$6
4)8)'%6<#0*)%'-80D%-)%/-[09)$%]
b B$#%3086-T-654'0#3$#%)/0+0#<#%*-0($'/%d/6$%'-'%14/!-5"'$#%$/%'$%14#%16-*)06$%*$
/-[0'$#%-)%*$%#).#/4'8$#%84'8<605"'$#%]
b B$#%16<1464/0-'#%$'SP34/09)$#%8-33$6804+0#<$#%'$%*-0($'/%14#%8-'/$'06%*$
8-'/430'4'/#%3086-.0$'#%]
LJ
"K!#0-"-%7 7( ')*&C0 ,$-

b B$#%45$'/#%*$%#/4.0+0#4/0-'%$/%*$%*0+)/0-'%*-0($'/%d/6$%*4'#%)'%</4/%*,0''-8)0/<%]
b B$#%*-#$#%*,)/0+0#4/0-'%*$#%16<1464/0-'#%$'SP34/09)$#%*-0($'/%d/6$%6$#1$8/<$#%4D0'
*,<(0/$6%+$#%8-'#<9)$'8$#%*4'5$6$)#$#%*,)'%#)6*-#45$@
;46%40++$)6#\%)'%8-'/62+$%*$%1)6$/<%*-0/%d/6$%$DD$8/)<%*$%D4l-'%#P#/<34/09)$%4)%8-)6#%*$%+4
16-*)8/0-'%1-)6%+$#%16<1464/0-'#%$'SP34/09)$#%3086-.0$''$#@

Q[O%.%(2B%B?::D@4EDB%@2%P=DB?=2%@W;=6N6E2%XDND>432
=0DD<6$'/$#%16<1464/0-'#%$'SP34/09)$#%-./$')$#%a%146/06%*$%8$6/40'#%-654'$#%*$%(<5</4)[
#-'/%8414.+$%*$%840++$6%+$%+40/%]%+$#%1+)#%8-'')$#%#-'/%>%+4%D080'$\%+4%14140'$%$/%+4%.6-3<+0'$@
B,)/0+0#4/0-'%*$%+4%D+$)6%*$%846*-'%8-33$%45$'/%8-45)+4'/%4%</<%8-'#0*<6<$%8-33$%+,)'
*$#%D48/$)6#%*</$630'4'/#%*$%+4%9)4+0/<%*$#%D6-345$#%/P109)$#%1-6/)540#%4)%+40/%*$%.6$.0#
E7-)#4%$/%?4+84/4\LXXV%]%C5.--+4\%JMMJ%]%o!4-%$/%!$@\%JMMYH@
B,$[/640/%8-45)+4'/%*)%673!,!'"!,4%3"%$%&%B@%4%D40/%+,-.i$/%*$%+,</)*$%3$'<$%146%?-)S4+0
EJMMLH@%F+%4%</<%8-'8+)%9)$\%34+56<%9)$%+$#%84648/"6$#%1!P#08-T8!0309)$#%*$%8$//$%$'SP3$
#-0$'/%16-8!$#%*$%8$)[%*$%+4%16<#)6$\%8$/%45$'/%8-45)+4'/%#$%84648/<60#$%146%)'$%48/0(0/<
16-/<-+P/09)$%$[8$##0($@
7$+-'%8$6/40'#%4)/$)6#%E?48$*-%$/%!$@\%LXXY%]%?46/0'%$/%!$@\%LXXU%]%70+(4%$/%?4+84/4\%LXXW%]
p0-9)$% $/% !$@\% JMMMH\% +,$[/640/% 8-45)+4'/% *)% 673!,!' "!,4%3"%$%&% 16<#$'/$% *$)[% 16-/<4#$#
480*$#%4#146/09)$#%>%+4%846*-#0'$%C\%/-)/%8-33$%+4%8!P3-#0'$\%$#/%6$#1-'#4.+$%*$%+,48/0(0/<
8-45)+4'/$%$/%+4%846*-#0'$%A\%#030+406$%a%+4%1$1#0'$\%$#/%+4%160'8014+$%6$#1-'#4.+$%*$%+,48/0(0/<
16-/<-+P/09)$@%Q$1$'*4'/\%+4%D+$)6%*$%846*-'%',$#/%14#%)/0+0#<$\%#$+-'%?48$*-%$/%!$5%ELXXUH\
*4'#%+4%D4.6084/0-'%*$#%D6-345$#%4)%+40/%*$%(48!$%()%+$%5-^/%43$6%9),$++$%+)0%8-'D"6$@
=,4)/6$#%8-45)+4#$#%-'/%</<%</)*0<#\%$'%+,-88)66$'8$\%+,$[/640/%*)%D05)0$6%E:'$6%$/%Cq46\
LXXY%]%c4*P+-5+)\%JMMLH%$/%*$%+,46/08!4)/%EB+-6$'/$%$/%!$5\%JMMZH@
=$%'-)($++$#%1+4'/$#%-'/%D40/%+,-.i$/%*$%1+)#0$)6#%</)*$#%4D0'%*$%1-)(-06%+$#%#).#/0/)$6
a%+4%16<#)6$%4'034+$@%&'%$DD$/\%+$#%/64(4)[%*$%_4'$*4%$/% -30'454%$'%LXVN%40'#0%9)$%8$)[
*$% I8!0q-.4% $/% !$@% $'% LXXN% -'/% 1-6/<% #)6% +,$[/648/0-'% $/% +4% 1)60D084/0-'% *$% +4% Q)8)30#0'$
E&@Q@Y@Z@JL@JNH\%16-/<4#$%#$60'$%8414.+$%*$%8-45)+$6%+$%+40/%$/%$[/640/$%4%146/06%*$%+4%8!406
*$%3$+-'%EQ%"%-#&'-.$+%+%(46@;60'8$H@
`<8$33$'/\%+4%+$//)80'$\%)'$%16-/<4#$%8-45)+4'/$%16-($'4'/%*$#%D$)0++$#%*$%+4%+40/)$
E+!")%"!' &!)#8!% +@H\% 4% </<% 1)60D0<$% $/% 84648/<60#<$% EB-% ;0$6-% $/% ;$/6-'$\% LXXX% ]% B-% ;0$6-% $/
!$@\%JMMMH@
G-/6$% <9)01$% *$% 6$8!$68!$% #,$#/% 0'/<6$##<$% a% +,</)*$% *,$'SP3$#% 8-45)+4'/#% +$% +40/
*,-6050'$%(<5</4+$\%$'%+,-88)66$'8$\%+4%D080'$%E?-6#+0\%LXXU%]%A4++%F.64!034\%JMMMH@%;46%40++$)6#\
c$6'4'0%EJMMJH%4%1)%</)*0$6%)'%#)88<*4'<%+-84+%0##)%*$#%5640'$#%*$%3$+-'\%D6)0/%/6"#%6<1-'*)
$'%C+5<60$%$/%*-'/%+,$[1+-0/4/0-'%',$'545$640/%14#%*$%*<1$'#$#%8-'#0*<64.+$#@
A0$'% 9)$% *$% '-3.6$)[% 8-45)+4'/#% *,-6050'$% (<5</4+$% -'/% </<% $[1<603$'/<#% 0+% D4)/\
/-)/$D-0#\%'-/$6%9),0+#%#-'/%1$)%)/0+0#<#%$'%/$8!'-+-50$%+40/0"6$@%7$+-'%f6$$'%ELXVVH%$/%B-1$S
$/% !$@\ELXXUH\% +$% 1-)(-06% 8-45)+4'/% /6"#% (4604.+$% *$% 8$#% $[/640/#% 40'#0% 9)$% +$)6#% 48/0(0/<
16-/<-+P/09)$%/6"#%<+$(<$%8-'D"6$'/%)'%5-^/%*,43$6/)3$%1-)6%+$%D6-345$@
C0'#0\%)'$%)/0+0#4/0-'%$DD0848$%*$%8$#%16<1464/0-'#%$'SP34/09)$#%-.+05$%4%+$#%1)60D0$6%4)
16<4+4.+$\%8$%9)0%4)53$'/$%+$)6%160[%*$%6$(0$'/@

Q[Q%.(2B%B?::D@4EDB%@2%P=DB?=2%@W;=6N6E2%4E69432

LY
-F>=4:>6;ER%P?=6Z6:4>6;E%2>%:4=4:>D=6B4>6;E%@2%34%:;4N?34B2%@2%+?:;=%P?B633?B

B,41146$0+%*05$#/0D%*$%8$6/40'#%34330D"6$#%#$86"/$%*0($6#$#%16-/<4#$#%4)/6$#%9)$%+4%16<#)6$
'-/433$'/%+4%/6P1#0'$\%+4%8!P3-/6P1#0'$%$/%+4%1$1#0'$@%+$#%*$)[%16$30"6$#%$'SP3$#%.0$'
9)$%8414.+$#%*$%8-45)+$6%+$%+40/\%-'/%*-''<%*$%34)(40#%6<#)+/4/#%$'%D6-345$60$%a%84)#$%*$
+$)6%48/0(0/<%16-/<-+P/09)$%$[8$##0($@
B4% 1$1#0'$% .-(0'$\% #$+-'% C'0D4'/4q0#% $/% _4'*464q0#% ELXWYH\% 1$)/% #).#/0/)$6\% 4($8
#)88"#\%+4%16<#)6$%!4.0/)$++$%*4'#%+4%D4.6084/0-'%*)%D6-345$%c$/4@
B4%1$1#0'$%1-680'$\%$'%3<+4'5$%4($8%+4%16<#)6$\%1$63$/%*,-./$'06%*$%3$0++$)6#%6<#)+/4/#
*4'#%+4%D4.6084/0-'%*$%D6-345$#%480*$#%E%`43$/\%LXXMH@
B,)/0+0#4/0-'%*$%+4%1$1#0'$%*)%+410'\%8-33$%45$'/%#)#8$1/0.+$%*$%6$31+48$6%+4%16<#)6$\
4%</<%6411-6/<$%146%C.*T&BT`4!34'%$/%!$@%$'%LXXM@
;46%40++$)6#\%+4%1$1#0'$%*)%16-%($'/608)+$%*)%1-)+$/%4%</<%)/0+0#<$\%#$+-'%Q)($++0$6%ELXXXH\
4($8%#)88"#%*4'#%+4%D4.6084/0-'%*$%D6-345$#%+-84)[%$'%F#64r+@
B4%146-0%0'/$6'$%*$%+,$#/-348%*$%+4%3-6)$%*$%+,4/+4'/09)$%#$86"/$%)'$%1$1#0'$%9)0%1$63$/
*$%8-45)+$6%+$%+40/%a%LNnQ%1+)#%$DD0848$3$'/%9)$%+4%8!P3-#0'$%*$%($4)%*,-h%+4%1-##0.0+0/<\
#$+-'% R446*% $/% !$@% ELXWMH\% *$% 8-'/62+$6% +,48/0(0/<% 16-/<-+P/09)$% $[8$##0($% 146% 0'48/0(4/0-'
/!$6309)$@
&'D0'\%)'$%1$1#0'$%C%4%</<%0#-+<$%*$%+4%3)9)$)#$%54#/609)$%*)%1!-9)$%4)%Q4'4*4%$/
*-''$%*$%.-'#%6<#)+/4/#%*4'#%+4%D4.6084/0-'%*$%Q!$**46%E7!43#)SS)34'%$/%!$@\LXWN%]%0'
Q)($++0$6\%LXXXH@
I'$%</)*$%6$+4/0($%a%+4%1-##0.0+0/<%*,-./$'06%*$#%8-45)+4#$#%*,-6050'$%4(08-+$\%3$'<$
146%'-/6$%<9)01$%*$%6$8!$68!$\%4%3-'/6<%9)$%+$#%4.4/#%*$%1-)+$/%146/08)+0"6$3$'/%+$%16-
($'/608)+$% *$% 9!$$%&' :!$$%&' 8-'#/0/)$% )'$% #-)68$% 1-/$'/0$++$% *$% 8-45)+4#$#@% 7$+-'% ?-6#+0
ELXXUH\% 8$/% $[/640/% *)% 16-% ($'/608)+$% *)% 1-)+$/% 4% 1$630#% +4% D4.6084/0-'% *,)'% D6-345$% a
1g/$% 3-++$% EQ43$3.$6/H% *-'/% +4% 9)4+0/<% -654'-+$1/09)$% 40'#0% 9)$% +$% 6$'*$3$'/% </40$'/
8-31464.+$#%4)%D6-345$%/<3-0'%16<146<%4($8%+4%16<#)6$@%;46%40++$)6#\%0+%4%</<%8-'#/4/<%9)$
+$%8-31-6/$3$'/%*$%8$//$%$'SP3$%$#/%4'4+-5)$%a%8$+)0%*$%+4%16<#)6$%/64*0/0-''$++$%E?-6#+0
$/%!$@\%JMMMH@
B4%6$8!$68!$%*$#%8-45)+4#$#%*$%6$31+48$3$'/%*$%+4%16<#)6$%4%</<%-60$'/<$%($6#%+4
1-##0.0+0/<% *,$[1+-6$6% +$#% 4.4/#% *$% .-(0'#% 4*)+/$#\% *,-(0'#% $/% 8$)[% *$% 1-0##-'#@% &'% $DD$/\
*,416"#% +,</)*$% *$% A$'54'4% EJMMLH\% +4% #).#/0/)/0-'% *$% +4% 16<#)6$% 146% +4% 1$1#0'$% .-(0'$
4% 1$630#% #-'% )/0+0#4/0-'% 4($8% #)88"#% 1-)6% +4% D4.6084/0-'% *$% D6-345$% a% 1g/$% 3-++$% /P1$
Q43$3.$6/@
;46%40++$)6#\%+$#%840++$//$#%*,-(0'#%8-'#/0/)$'/%)'$%#-)68$%1-/$'/0$++$%*$%1$1#0'$%9)0%1$)/
d/6$%#).#/0/)<$\%$'%146/0$\%a%+4%16<#)6$@%&'%$DD$/\%+,</)*$%3$'<$%146%7+434'0%$'%JMMJ%4%D40/
6$##-6/06%9)$%+$#%84648/<60#/09)$#%*$%+4%1$1#0'$%-(0'$%#$%64116-8!$'/%a%8$++$#%*$%+4%1$1#0'$
.-(0'$@
B,-./$'/0-'%*$%+4%1$1#0'$%a%146/06%*$%+,$#/-348%*$%*0($6#%1-0##-'#%$'%+,-88)66$'8$%+$
3<6-)\%+$%3$6+4'%$/%+$%+03-'%4%</<%<54+$3$'/%6<4+0#<$@%=4'#%8$%8-'/$[/$\%+$#%/64(4)[%*$
G-)4'0% $/% !$@% $'% JMMJ% -'/% 1-6/<% #)6% +,)/0+0#4/0-'% *$% +,$[/640/% 8-45)+4'/% *)% 3$6+4'% *4'#% +4
D4.6084/0-'%*$%D6-345$%*$%/P1$%&*43%]%8$/%$[/640/%4%*-''<\%*4'#%)'$%16$30"6$%</41$\%)'
.-'%8-45)+)3@%=4'#%)'$%</)*$%#030+406$\%?48!-)%EJMMZH%4%'-/<%9)$%+$%8-31-6/$3$'/%*$%+4
1$1#0'$%*$%+03-'%E;.,#+$!'4%-.,#$#H%*0DD"6$%/6"#%1$)%*$%8$++$%*$%+4%16<#)6$%/64*0/0-''$++$@
A0$'% 9)$% 8$6/40'#% #)88<*4'<#% 1$)($'/% d/6$% 8-'#0*<6<#% 8-33$% 16-*)0/#% *$
6$31+48$3$'/%*$%+4%16<#)6$%*$%($4)\%0+%8-'(0$'/\%/-)/$D-0#\%*$%'-/$6%9)$%8-33$%+,<+4.-64/0-'
*$%+4%16<#)6$\%+$)6%*0#1-'0.0+0/<%6$#/$%/60.)/406$%*)%3468!<%*$%+4%(04'*$@

LZ
"K!#0-"-%7 7( ')*&C0 ,$-

Q[S%.%(2B%B?::D@4EDB%@2%P=DB?=2%@W;=6N6E2%96:=;562EE2
B$%*<($+-11$3$'/%*$%+4%.0-/$8!'-+-50$%4%16-(-9)<%)'%6$540'%*,0'/<6d/%1-)6%+4%16-*)8/0-'\%a
146/06%*$%3086-T-654'0#3$#\%*$%16-/<4#$#%#)#8$1/0.+$#%*$%6$31+48$6%+4%16<#)6$@%;4630%+$#
4(4'/45$#%9)$%16<#$'/$'/%+$#%$'SP3$#%*$%D$63$'/4/0-'%146%6411-6/%a%8$)[%*,-6050'$%4'034+$
$/%(<5</4+$\%-'%1$)/%80/$6%>
b B4%86-0##4'8$%6410*$%#)6%#).#/64/%.-'%3468!<%]
b B4%16-*)8/0-'%0++030/<$%*,$'SP3$#%$'%)/0+0#4'/%*$#%/$8!'09)$#%#031+$#@%B4%9)4'/0/<
16-*)0/$%*<1$'*%*)%(-+)3$%*$%+4%8)+/)6$%30#%$'%s)(6$%]%$++$%',$#/%*-'8%14#%/60.)/406$
*,)'$%#-)68$%*$%34/0"6$%16$30"6$%D+)8/)4'/$%-)%a%4116-(0#0-''$3$'/%*0DD080+$%]
b B4%8)+/)6$%6410*$%4($8%)'%.-'%6$'*$3$'/%1-)(4'/%d/6$%4)53$'/<%146%43<+0-64/0-'
5<'</09)$%*$#%#-)8!$#\%+4%34k/60#$%$/%+,-1/030#4/0-'%*$#%8-'*0/0-'#%*$%D$63$'/4/0-'%]
b B4%8-'#$6(4/0-'%*$#%16-160</<#%#<86</608$#%*$#%#-)8!$#%*4'#%+$%/$31#@
Q$#% 4(4'/45$#% +,$31-6/$'/% #)6% +$#% 0'8-'(<'0$'/#% +0<#% 4)[% 0'*)#/60$#% *$% D$63$'/4/0-'
E0'($#/0##$3$'/%+-)6*\%8-'#-334/0-'%*,<'$650$\%60#9)$%*$%8-'/430'4/0-'\%$/8@tH@
B$% 160'801$% *$% 16-*)8/0-'% *$#% $'SP3$#% 3086-.0$''$#% $[-% 8$++)+406$#% 8-31-6/$% +4
8)+/)6$%*$%3086-%-654'0#3$%*4'#%)'%30+0$)%*$%8)+/)6$%4116-160<%a%146/06%*)9)$+%+,$'SP3$
$#/% $[/640/$@% B$% /640/$3$'/% *$% +4% .0-34##$% $#/% '<8$##406$% *4'#% +$% 84#% *$#% $'SP3$#
$'*-8$++)+406$#@
B4%16-*)8/0-'%0'*)#/60$++$%*,$'SP3$%8-31-6/$%)'%8$6/40'%'-3.6$%*,</41$#\%/$++$#%9)$
+4%16<1464/0-'%*$%+,0'-8)+)3\%+$%30+0$)%*$%8)+/)6$\%+4%D$63$'/4/0-'\%+,$[/648/0-'\%+4%1)60D084/0-'
$/%+$%8-'*0/0-''$3$'/%#-)#%*0($6#$#%D-63$#%]%+09)0*$#\%1-)*6$#%-)%+P-1!0+0#<$#%*4'#%+$%84#
*,)'$%1)60D084/0-'%1-)##<$%EQ)($++0$6\%LXXXH@

Q[S[O%.%(2B%B?::D@4EDB%54:>D=62EB
B$% 5$'6$% !"#$$%&% $#/% +$% 1+)#% </)*0<% 1-)6% +4% 16-*)8/0-'% *,$'SP3$#% 8-45)+4'/$#\% $'
146/08)+0$6#%>% !"#$$%&'&%()#$#&\% !"#$$%&'".,.%&%$/% !"#$$%&'1+$7-.<!5
=$#% #-)8!$#% -'/% </<% 0#-+<$#% +-84+$3$'/% 146% '-/6$% <9)01$% *$% 16-i$/% $'% +,-88)66$'8$\
!"#$$%&'&%()#$#&%7Y%$/% !"#$$%&'"+!:%$!3&%EQ!$3+4+\%LXXWH%$/% !"#$$%&'&%()#$#&%BQYY%E?4/-).\
JMMMH@
7$+-'% 8$#% 4)/$)6#\% +$#% $[/640/#% -./$')#% 16<#$'/$'/% *$#% 84648/<60#/09)$#% 80'</09)$#
6$+4/0($3$'/%4'4+-5)$#%a%8$++$#%*$%+4%16<#)6$%/64*0/0-''$++$@
Q$1$'*4'/\% +,)/0+0#4/0-'% *$#% $'SP3$#% .48/<60$''$#% ',4% 14#% *<14##<% +$% #/4*$
$[1<603$'/4+@% 7$+-'% ?4!-'% $/% A6-u'% ELXWNH\% *$#% $##40#% 4##$S% 1-)##<#% 4($8% 8$#
16<1464/0-'#%8-45)+4'/$#%-'/%0'*09)<%+4%16<#$'8$%*,)'$%48/0(0/<%16-/<-+P/09)$%/6-1%<+$(<$
146%8-314640#-'%a%+4%16<#)6$%*4'#%+$#%3d3$#%8-'*0/0-'#%*$%+4%8-45)+4/0-'%*)%+40/@

Q[S[Q%.%(2B%B?::D@4EDB%Z;EN6V?2B
;4630%+$#%$#1"8$#%D-'509)$#%a%1-)(-06%8-45)+4'/\%#$)+$#%/6-0#%3-0#0##)6$#%#-'/%$[1+-0/<$#
146%+$#%564'*$#%)#0'$#%*$%D$63$'/4/0-'%$'%()$%*$%+4%16-*)8/0-'%*$%8-45)+4#$#@
B$%*%"+,'1%&#$$%&'16-*)0/%)'$%8-45)+4#$%4($8%)'%6$'*$3$'/%<+$(<%#$)+$3$'/%$'%8)+/)6$
#-+0*$%EC)'#/6)1\%LXWMH@%B$#%6$'*$3$'/#%-./$')#%146%7-3q)/0%$/%A4.$+%$'%LXUW%#)6%30+0$)
+09)0*$%</40$'/%$[/6d3$3$'/%.4#@%;46%40++$)6#\%+,</)*$%3$'<$%146%A$+!4308!$%$'%JMML\%4
6411-6/<%)'$%D-68$%8-45)+4'/$%*$%JZMM%I7%K3+%$'%8)+/)6$%$'%#)6D48$%8-'/6$%)'$%D-68$%*$
LZ\WL%I7%K3+%$'%8)+/)6$%#).3$65<$@
LN
-F>=4:>6;ER%P?=6Z6:4>6;E%2>%:4=4:>D=6B4>6;E%@2%34%:;4N?34B2%@2%+?:;=%P?B633?B

B4% 16-/<4#$% *)% *%"+,' 1%&#$$%&' $#/% )'$% 16-/<4#$% 480*$% 4($8% )'% 6<#0*)% 4#146/4/$
4)% '0($4)% *)% #0/$% 48/0D@% &++$% $#/% 8-'#/0/)<$% *,)'$% #$)+$% 8!4k'$% 1$1/0*09)$% $/% #-'% 1-0*#
3-+<8)+406$%$#/%*,$'(06-'%YM%MMM%=4@
B$#%/64(4)[%*$%_!4'%$/%!$@%$'%LXWY\%-'/%3-'/6<%+,$[0#/$'8$%*$%*$)[%16-/<4#$#%480*$#
$/%)'$%4+84+0'$%*4'#%+$%3P8<+0)3%E16-/<4#$#%0'/648$++)+406$#H@
B4% 16<1464/0-'% $'SP34/09)$% $#/% 8-33$6804+0#<$% 146% +4% D063$% O41-'40#$% ?&F :T
7CGfv:%#-)#%+4%*<'-30'4/0-'%*$%G-)6PT`$''@
B$%*%"+,'-#./.#%$#/%.0$'%4*41/<%a%+4%D$63$'/4/0-'%#).3$65<$@%F+%#$86"/$%)'$%16-/<4#$
480*$%a%4#146/4/$%4P4'/%)'%1-0*#%3-+<8)+406$%*j$'(06-'%*$%YW%MMM%=4@%B4%8-45)+4#$%8-'/0$'/
)'$%#$)+$%8!4k'$%1$1/0*09)$%4($8%U%e%*$%846.-!P*64/$#@
Bj$[/640/%8-45)+4'/%$#/%8-33$6804+0#<%146%>
b B4%D063$%c64'l40#$%`C;F=C7&%#-)#%+4%*<'-30'4/0-'%c6-34#$%]
b B4%D063$%=4'-0#$%G:p:%#-)#%+$%'-3%*$%`$''0+4#$%]
b B4%D063$%C3<60840'$%?FB&7%#-)#%+j411$++4/0-'%*$%?46SP3$%]
b B4%D063$%=4'-0#$%A:BB%RCG7&G%#-)#%+$%'-3%*$%R4''0+4#$@
(W%' (1'"6&$*+$#$0&"&%$'%$#/%8)+/0(<$%$'%8)+/)6$%#).3$65<$@%Bj$'SP3$%$#/%.$4)8-)1%1+)#
16-/<-+P/09)$%9)$%8$++$%*)%5$'6$%*%"+,@%7-'%1-0*#%3-+<8)+406$%(460$%$'/6$%YZ%MMM%$/%YX%MMM
=4@%&++$%$#/%8-'#/0/)<$%*,)'$%#$)+$%8!4k'$%1$1/0*09)$@
B4% 16<1464/0-'% 8-45)+4'/$% $#/% 16-*)0/$% 146% )'$% D063$% C3<60840'$% ;cFo&`% #-)#% +4
*<'-30'4/0-'%7)146$'@
=$#%</)*$#%8-31464/0($#%6<4+0#<$#%4($8%8$6/40'$#%16<#)6$#%D-'509)$#%$/%+4%8!P3-#0'$
-'/% 0'*09)<% *$% 564'*$#% #030+460/<#% *4'#% +$% 3<84'0#3$% *$% 8-45)+4/0-'% *)% +40/@% &'% $DD$/\
#$+-'%B)9)$/%ELXWNH\%+$#%16-/<4#$#%D-'509)$#\%8-'/6406$3$'/%4)[%16-/<4#$#%.48/<60$''$#\
-'/%*-''<%*$#%6<#)+/4/#%3$0++$)6#\%#-)($'/%8-31464.+$#%a%8$)[%-./$')#%4($8%+4%16<#)6$@
Q$1$'*4'/\%*,416"#%B$30$)[%$/%70346*%ELXXLH\%+$#%16<1464/0-'#%8-33$6804+$#%8-'/0$''$'/
*$% 3)+/01+$#% $'SP3$#% 16-/<-+P/09)$#% $/% *j4)/6$#% $'SP3$#% 9)0% 0'D+)$'/% +4% D4.6084/0-'% *)
D6-345$@%C0'#0\%#$+-'%7/$6'.$65%ELXVUH\%)'%D6-345$%D4.609)<%4($8%+4%16<1464/0-'%860#/4++0'$
*)% *%"+,' 1%&#$$%&% (46@% B0'*/% 16<#$'/$% )'% 5-^/% 3-0'#% 43$6% 9)$% 8$+)0% D4.609)<% 4($8% +4
16<1464/0-'%.6)/$%*$%+4%3d3$%16<#)6$%D-'509)$@
;46%40++$)6#\%8$6/40'$#%16<1464/0-'#%8-33$6804+$#%*$%*%"+,'1%&#$$%&%8-'/0$''$'/%)'$
+014#$%*-'/%+j0'8-61-64/0-'%*4'#%+$%840++<%8-'#/0/)$%+j-6050'$%16-.4.+$%*)%/4)[%<+$(<%*$#%480*$#
564#%(-+4/0+$#%$/%*)%5-^/%43$6%*$%8$6/40'#%D6-345$#%D4.609)<#%4($8%8$//$%$'SP3$@
B$#% 8-45)+4'/#% *)% 5$'6$% *%"+,% -'/% </<% +465$3$'/% )/0+0#<#% *4'#% +4% D4.6084/0-'% *$
1+)#0$)6#%(460</<#%*$%D6-345$#\%.0$'%9)$%*$%+<5"6$#%3-*0D084/0-'#%*4'#%+4%/$8!'09)$%*$%+4
D4.6084/0-'%D6-345"6$%#-'/%146D-0#%4(<6<$#%'<8$##406$#%846%+j48/0-'%16-/<-+P/09)$%#1<80D09)$
#)6%+$#%84#<0'$#%'j$#/%14#%</6-0/$3$'/%#$3.+4.+$%a%+4%16<#)6$@%7$+-'%`43$/%ELXWLH\%*$#
*0DD<6$'8$#%#$'#0/0($#%4)[%(4604/0-'#%*)%1R\%*$%+4%/$31<64/)6$%$/%*)%84+80)3%0'*)0#$'/%)'$
6!<-+-50$%#1<80D09)$%*)%5$+%*)64'/%+$%840++45$%$/%+j<5-)//45$@
Bj)/0+0#4/0-'% *$% +4% 16<1464/0-'% G-)6P% 4($8% +j4**0/0-'% *)% Q4Q+J% *4'#% +4% D4.6084/0-'% *)
D6-345$%f-)*4%4%*-''<%)'%D6-345$%/6"#%#$3.+4.+$%a%8$+)0%D4.609)<%4($8%+4%16<#)6$@
;46%40++$)6#\%+$#%/64(4)[%*$%;-+P8!6-'04*-)%$/%?4'-+q0*0#%$'%LXWZ%-'/%3-'/6<%+4%.-''$
41/0/)*$%9)$%1-##"*$'/%+$#%$[/640/#%8-45)+4'/#>%G-)6P\%`$''$/\%`$''0+4#$%$/%7)146$'%a%+4
D4.6084/0-'%*$%D6-345$%*$%8!"(6$%a%86-^/$%D+$)60$@

LU
"K!#0-"-%7 7( ')*&C0 ,$-

B4%16<1464/0-'%`$''0+4#$%4%</<%)/0+0#<$%*4'#%+4%D4.6084/0-'%*$#%D6-345$#%0/4+0$'#%>%+j&*43
$/%+$%Q43$3.$6/%340#%4($8%*$#%6$'*$3$'/#%+<5"6$3$'/%0'D<60$)6#%a%8$)[%D4.609)<#%4($8%+4
16<#)6$@%&'%6$(4'8!$\%#$+-'%`$1#%$/%!$5%ELXVXH\%+$#%16-160</<#%*$#%16<1464/0-'#%16-*)0/$#
146%+$%*%"+,'1%&#$$%&\%$/%#)6/-)/%8$++$#%*$%+4%c6-34#$\%#-'/%.0$'%8-31464.+$#%a%8$++$#%*$
+4%16<#)6$@
`$05'0$6%ELXWMH%8-'D063$%9)j0+%$#/%146D40/$3$'/%1-##0.+$\%56g8$%a%+j)/0+0#4/0-'%*$%+j$'SP3$
$[/640/$% *$% *%"+,' -#./.#% E#-+)/0-'% `$''0+4#$H\% *$% D4.609)$6\% $'% 4*41/4'/% +$#% 16-8$##)#
/$8!'-+-509)$#\%*$#%D6-345$#%*j$[8$++$'/$%9)4+0/<%Ef-)6#4)*\LXXXH@
&'D0'\% 8$6/40'#% 4)/$)6#% $'% +,-88)66$'8$\% f6$$'% $/% 7/48q1--+$% ELXVNH% $/% O463)+% $/
!$5ELXWJH%-'/%3-'/6<%+j$DD08480/<%*j)/0+0#$6%)'$%16<1464/0-'%D-'509)$%EG-)6P%-)%c6-34#$H%$'
3<+4'5$%4($8%+4%1$1#0'$%*4'#%+4%D4.6084/0-'%*$%D6-345$@

Q[T%.%C=;@?:>6;E%@2%34%:8M9;B6E2%Z2=92E>46=2
f6g8$%4)%*<($+-11$3$'/%*)%5<'0$%5<'</09)$\%0+%$#/%48/)$++$3$'/%1-##0.+$%*$%16-*)06$%*$%+4
8!P3-#0'$%a%146/06%*$%3086-T-654'0#3$#%EC0q4u4%$/%!$50'LXXM%]%C+40#%$/%B0'*$'\%LXXV%]%Q-++0'
$/%!$@\%LXXV%]%`4-%$/%!$@\%LXXW%]%A$+*46640'%$/%!$50'JMMM]%?)'-S%$/%!$50%JMMZH@
B4%8!P3-#0'$%D$63$'/406$%6<#)+/$%*)%8+-'45$%*)%5"'$%6$#1-'#4.+$%*$%+4%16-*)8/0-'%*$
+4%8!P3-#0'$%a%146/06%*$%+,$#/-348%*$%($4)%#)6%8$6/40'#%3086-T-654'0#3$#%]%+$#%1+)#%)/0+0#<#
#-'/>%2&"/.,#"/#!'"+$#0%=$.78.,+-7".&%$/%>&1.,:#$$%&5
Q$//$%3</!-*$%8-'#/0/)$%+,)'$%*$#%(-0$#%1-6/$)#$#%*,$#1-06%1-)6%+4%#P'/!"#$%*,$'SP3$#
)/0+0#4.+$#%*4'#%+,0'*)#/60$%+40/0"6$@
B4% 8!P3-#0'$% 16-*)0/$% 146% +$#% 3086-T-654'0#3$#\% #$+-'% f-)6#4)*% ELXXXH\% 4% )'$
#/6)8/)6$% 0*$'/09)$% a% 8$++$% #P'/!</0#<$% *4'#% +,$#/-348% *)% i$)'$% .-(0*<% $/% D-)6'0$% +$#
3d3$#% 1$6D-634'8$#% 9)$% +4% 16<#)6$% 1)6$% $'% /$63$% *,48/0(0/<% $'SP34/09)$\% )/0+0#4/0-'% $/
8-'#$6(4/0-'@

/%(2%346>R%B?5B>=4>%@2B%P=;>D4B2B
B$%+40/%$#/%)'%16-*)0/%0'/<564+%*$%+4%/640/$%/-/4+$%$/%0'0'/$66-31)$%*,)'$%D$3$++$%+40/0"6$%.0$'
1-6/4'/$\%.0$'%'-)660$%$/%'-'%#)63$'<$\%+$%+40/%$#/%+4%160'8014+$%34/0"6$%16$30"6$%1-)6%+4
D4.6084/0-'%*,)'%D6-345$@

O%.%(2B%:4=4:>A=2B%@?%346>
A+4'8\%34/%-)%-14+$#8$'/\%+$%+40/%4%)'$%-*$)6%/6"#%D40.+$\%)'$%#4($)6%*-)8$g/6$%D40.+$3$'/
#)86<$@%Q,$#/%)'%3<+4'5$%*$%/6"#%564'*$%8-31+$[0/<%]%0+%$#/%8-'#/0/)<$%*$%/6-0#%1!4#$#%>
b I'$%1!4#$%49)$)#$\%+$%+48/-#<6)3\%*-'/%+$#%8-'#/0/)4'/#%16<*-30'4'/#%#-'/%+$
+48/-#$%$/%)'%$'#$3.+$%*$%16-/<0'$#%5+-.)+406$#%]
b I'$%<3)+#0-'%*$%34/0"6$%564##$%#-)#%D-63$%5+-.)+406$%]
b I'$%#)#1$'#0-'%*$%84#<0'$\%+0<$%a%*$#%#$+#%30'<64)[%#-)#%D-63$%*$%308$++$@
C0'#0\%+$%+40/%1$)/%d/6$%8-'#0*<6<%8-33$%)'$%<3)+#0-'%*$%34/0"6$%564##$%*4'#%)'$%#-+)/0-'
49)$)#$\%8-316$'4'/%*$%'-3.6$)[%<+<3$'/#%*-'/%+$#%)'#%#-'/%a%+,</4/%*0##-)#%$/%+$#%4)/6$#
#-)#%D-63$%8-++-w*4+$@
LV
-F>=4:>6;ER%P?=6Z6:4>6;E%2>%:4=4:>D=6B4>6;E%@2%34%:;4N?34B2%@2%+?:;=%P?B633?B

Q%.%(4%:;9P;B6>6;E%N3;5432
B$% +40/% $#/% 608!$% $'% 16-/<0'$#\% 34/0"6$% 564##$\% +48/-#$\% (0/430'$#% $/% #$+#% 30'<64)[@% B$#
/$'$)6#%3-P$''$#%*)%+40/%*$%(48!$%$'%#$#%160'8014)[%56-)1$#%*$%8-'#/0/)4'/#%#-'/%0++)#/6<$#
*4'#%+$%/4.+$4)%F@
:)/6$% #4% 8-31+$[0/<% $/% #-'% !</<6-5<'<0/<\% +$% +40/% 16<#$'/$\% #$+-'% ?46/0'% $/% Q-)+-'
ELXXNH\% )'$% 564'*$% (4604.0+0/<% *4'#% #4% 8-31-#0/0-'% 4($8% +4% 648$\% +,$#1"8$\% +,0'*0(0*)\% +4
#40#-'%$/%+,4+03$'/4/0-'%*$%+,4'034+@%B4%8-31-#0/0-'%3-P$''$%*$#%160'8014)[%8-'#/0/)4'/#
*$#%*0($6#%/P1$#%*$%+40/\%#$+-'%C+40#%ELXWZH\%$#/%0'*09)<$%*4'#%+$%/4.+$4)%FF@
B4%8-31-#0/0-'%*$%8$#%+40/#%$#/%4##$S%(-0#0'$%$'%8$%9)0%8-'8$6'$%+4%16-1-6/0-'%$'%+48/-#$
$/%$'%30'<64)[\%340#%+4%/$'$)6%$'%34/0"6$%564##$%$/%$'%16-/<0'$%$#/%(4604.+$@%&++$%$#/%/6"#
031-6/4'/$%*4'#%+$%+40/%*$%.6$.0#%$/%*$%.)DD+$##$%$/%a%)'%*$56<%3-0'*6$%*4'#%+$%+40/%*$%(48!$
$/%*$%8!"(6$@

7$82.$,*9'?'@!'"+-1+&#)#+3'-+7.33.'4%'$!#)'4.'8!"/.'A*!)/#.%0'BCCDE5

LW
"K!#0-"-%7 7( ')*&C0 ,$-

7$82.$,*99*:*@!'"+-1+&#)#+3'-+7.33.'4.&'4#FFG,.3)&')71.&'4.
$!#)'.3'$.%,&1,#3"#1!%<'"+3&)#)%!3)&'A1+%,'BHH':'4%'$!#)E'A>$!#&0'BCDIE5

S%.%(2B%:4BD6E2B
B4%308$++$%*$%84#<0'$%$#/%)'$%146/08)+$%#1!<609)$%D-63<$%146%+,4##-804/0-'%*$#%84#<0'$#%Em
#L\%m#J\%m%$/%mH\%*$%9)$+9)$#%D6453$'/#%1$1/0*09)$#%E+$#%84#<0'$#%xH%0##)#%*$%+4%16-/<-+P#$
*$% +4% 84#<0'$% m% $/% *$% 8-31-#4'/#% #4+0'#% *-'/% +$#% *$)[% 160'8014)[% #-'/% +$% 84+80)3% $/% +$
1!-#1!4/$%EA6)+$%$/%B$'-06\%LXXMH@
B$#% 84#<0'$#% *)% +40/% -'/% +4% 84648/<60#/09)$% $##$'/0$++$% *$% 16<8010/$6% a% 1R% Z\UN% a
/$31<64/)6$%43.04'/$%$/%*$%'$%14#%d/6$%0'#-+).0+0#<$%146%+$%8!4)DD45$%a%LMMnQ@%B$#%9)4/6$
/P1$#%*$%84#<0'$#\%#$+-'% $660$'%$/%c-)6'0$6%ELXXWH\%',-'/%'0%+$#%3d3$#%16-160</<#%1!P#08-T
8!0309)$#\%'0%+$#%3d3$#%34##$#%3-+<8)+406$#@
=$%'-3.6$)[%3-*"+$#\%8-'8$6'4'/%+,-654'0#4/0-'%*$%+4%308$++$\%-'/%</<%<30#@%B$%1+)#
6<8$'/\% #$+-'% B0'*$'% $/% B-60$'/% ELXXZH\% $#/% 8$+)0% *$% =@f@% 78!03*/@% C0'#0\% +4% 308$++$% $#/
8-31-#<$%*,)'%'-P4)%!P*6-1!-.$\%$'/-)6<%*,)'$%8-)8!$%1-+406$%64##$3.+4'/%+$#%146/0$#
608!$#%$'%56-)1$3$'/#%1!-#1!-609)$#%$/%56-)1$3$'/#%!P*6-1!0+$#%]%+4%84#<0'$%m%#,P%/6-)(40/
8-'8$'/6<$@
B4% 86-0##4'8$% *$#% 308$++$#% #,466d/$% +-6#9)$% +4% #)6D48$% $[/$6'$% $#/% -88)1<$% 146% +$#
56-)1$3$'/#%!P*6-1!0+$#%Ec05)6$LH@
y)$++$% 9)$% #-0/% +4% #/6)8/)6$% 6<$++$\% +4% 308$++$% $#/% 8-31-#<$\% *4'#% +$% +40/% *$% (48!$\
*$%+,4##-804/0-'%*,$'(06-'%LL%MMM%3-+<8)+$#%*$%84#<0'$#%m#L\%m#J\%m%$/%z%$'%16-1-6/0-'#
6$+4/0($#%ZTLTZ%TL\Y%E*,416"#%R-+/\%LXXJH%*$%1!-#1!4/$%$/%80/64/$%*$%84+80)3%$/%345'<#0)3
E 46-*-%*$%+4%c)$'/$%$/%4+@\%LXXXH@
=$)[%D48/$)6#%#-'/%6$#1-'#4.+$#%*$%+4%#/4.0+0/<%*$#%308$++$#%>
b C%1R%U\V\%*4'#%)'%+40/%D640#\%$++$#%1-6/$'/%)'$%8!465$%'<54/0($%$/%#$%6$1-)##$'/%]
b f6g8$%4)[%146/0$#%!P*6-1!0+$#%*$#%84#<0'$#\%$++$#%D0[$'/%)'$%564'*$%9)4'/0/<%*,$4)%$/
#-'/\%*$%8$%D40/\%84648/<60#<$#%146%)'%*$56<%*,!P*64/4/0-'%<+$(<@

LX
-F>=4:>6;ER%P?=6Z6:4>6;E%2>%:4=4:>D=6B4>6;E%@2%34%:;4N?34B2%@2%+?:;=%P?B633?B

;&3,#.*<*:**+4J$.'4.'F+,-!)#+3'4.&'-#".$$.&'&.$+3';"/#-4)'A'K!-.)0
BCCHE5'>'?'-#".$$.0' '?'&%(-#".$$.0'6'?'1+3)!:.'4.'4.%<'&%(-#".$$.&5

T%.%+D:4E6B92%@2%34%:;4N?34>6;E%@?%346>
B4% 8-45)+4/0-'% *)% +40/\% $'% 0'*)#/60$% D6-345"6$\% $#/% )'$% </41$% $##$'/0$++$% 9)0% '<8$##0/$
+,$31+-0% *,)'% 45$'/% 8-45)+4'/@% &++$% 1$)/% d/6$% -./$')$% #-0/% 146% 4.40##$3$'/% *)% 1R% $/K-)
146%4**0/0-'%*$%+4%16<#)6$@%A0$'%9),0##)#%*$%3<84'0#3$#%/6"#%*0DD<6$'/#\%+$#%*$)[%(-0$#%*$
8-45)+4/0-'%4.-)/0##$'/%a%+4%D-634/0-'%*,)'%8-45)+)3%6<#)+/4'/%*$%+4%*<#/4.0+0#4/0-'%*$%+,</4/
308$++406$%-6050'$+%*$%+4%84#<0'$@%Q$//$%*$6'0"6$\%4##-80<$%a%*$#%30'<64)[\%D-63$%)'%6<#$4)
/60*03$'#0-''$+%#1<80D09)$%*)%3-*$%*$%+4%8-45)+4/0-'%411+09)<\%*-''4'/%#-0/%)'%5$+%+48/09)$
#-0/%)'%5$+%16<#)6$@

T[O%.%(4%:;4N?34>6;E%4:6@2
B$%+48/-#$%#$%/64'#D-63$%16-56$##0($3$'/\%#-)#%+,48/0-'%*$#%.48/<60$#%+48/09)$#\%$'%480*$
+48/09)$@%Q$//$%480*0D084/0-'%*)%+40/%$'/64k'$%)'$%'$)/64+0#4/0-'%*$#%8!465$#%'<54/0($#%1-6/<$#
146%+$#%84#<0'$#%$/\%146%8-'#<9)$'/\%)'$%*030')/0-'%*)%1-/$'/0$+%*$%#)6D48$%*$#%308$++$#@
F+%$'%6<#)+/$%)'$%#-+).0+0#4/0-'%*$#%<+<3$'/#%#/4.0+0#4/$)6#%*$#%308$++$#%E+$%1!-#1!4/$%*$
84+80)3H%9)0%#$%*<#456"5$'/%$'%#).308$++$#@
B-6#9)$% +$% 1R% $#/% (-0#0'% *$% N\% +4% 8!465$% *$#% #).308$++$#% $#/% /6"#% 6<*)0/$% $/% +4
16<8010/4/0-'% #,43-68$% E1-0'/% 0#-<+$8/609)$% *$% +4% 84#<0'$H\% +4% '$)/64+0#4/0-'% *$#% 8!465$#
$#/%8-31+"/$%]%+$#%308$++$#%*$#%84#<0'$#%D+-8)+$'/%$/%#$%#-)*$'/%D-634'/%4)%6$1-#%)'%5$+
!-3-5"'$%9)0%$3160#-''$%+$%+48/-#<6)3%$/%-88)1$%$'/0"6$3$'/%+$%(-+)3$%*)%+40/@%C)%8-)6#

JM
"K!#0-"-%7 7( ')*&C0 ,$-

*$%+4%*<30'<64+0#4/0-'%*)%8-31+$[$%1!-#1!-84#<0'4/$%*$%84+80)3\%+$%84+80)3%8-++-w*4+%3056$
*4'#%+$%#<6)3@
B$%5$+%+48/09)$%-./$')%$#/%1$63<4.+$\%D604.+$\%D6450+$%$/%'$%1$63$//64%9),)'%<5-)//45$
+030/<@

T[Q%.%(4%:;4N?34>6;E%P4=%34%P=DB?=2
B4% 8-45)+4/0-'% 146% +,48/0-'% *$#% $'SP3$#% 16-/<-+P/09)$#% #$% *<6-)+$% $'% *$)[% </41$#@% B4
16$30"6$% $#/% 1)6$3$'/% $'SP34/09)$@% 7$+-'% B$'-06% $/% !$@% ELXWNH\% $++$% 8-66$#1-'*% a% )'$
16-/<-+P#$%/6"#%+030/<$%$/%/6"#%#1<80D09)$%*$%+4%84#<0'$%146%+4%16<#)6$@%&'%$DD$/\%+4%8!P3-#0'$\
160'8014+$% 8-31-#4'/$% *$% +4% 16<#)6$\% $[$68$% )'$% 48/0-'% #1<80D09)$% #)6% +4% 84#<0'$% m% $'
!P*6-+P#4'/%#4%+040#-'%/6"#%+4.0+$%E;!$LMNT?$/%LMUH@%C0'#0\%+4%3-+<8)+$%*$%+4%84#<0'$%z%#$
#80'*$% $'% *$)[% #$53$'/#% 0'<54)[% >% +$% 146484#<0'$% z% 9)0% 6$#/$% 0'/<56$6% a% +4% 308$++$\% $#/
0'#-+).+$%$/%480*$\%$/%+$%84#<0'-3486-1$1/0*$%9)0%#$%*0##-80$%*$%+4%308$++$\%0+%$#/%#-+).+$\
480*$%$/%$#/%<+030'<%*4'#%+$%+48/-#<6)3@
B$%*</48!$3$'/%*)%84#<0'-3486-1$1/0*$%*$%+4%308$++$%+4%6$'*%0'#/4.+$@%&'%$DD$/\%0+%#$
16-*)0/%+4%6<*)8/0-'%*$#%8!465$#%'<54/0($#%*$%+4%308$++$%$/%*$%#-'%*$56<%*,!P*64/4/0-'@%C0'#0\
#$#%D48/$)6#%*$%#/4.0+0/<%#$%/6-)($'/%4DD$8/<#@%=$#%+040#-'#%#,</4.+0##$'/%$'/6$%+$#%308$++$#
3-*0D0<$#% 1$63$//$'/% +$)6% 456<54/0-'% $/% +4% D-634/0-'% *,)'% 5$+% *4'#% +4% 3$#)6$% -h% 0+% ',$#/
14#%450/<%]%8,$#/%+4%1!4#$%*$%8-45)+4/0-'%E%?8@?4!-'%$/%A6-u'\%LXWZ%]%_!4+0*%$/%!$@\%LXXM%]
?0$//-'%$/%!$50'LXXZ%]% 46-*-%*$%+4%c)$'/$%$/%!$@\%LXXX%]%78!-6#8!%$/%!$@\%JMMJH@
F+% D4)/\% /-)/$D-0#\% #05'4+$6% 9),)'$% 6<48/0-'% *$% 16-/<-+P#$% 5<'<64+$% #$% *<6-)+$\% *"#% +4
16$30"6$% 1!4#$% *$% 8-45)+4/0-'% $'SP34/09)$\% #)6% /-)/$#% +$#% 84#<0'$#% #-)#% +,$DD$/% *$% +4
8!P3-#0'$@
B$%5$+%16<#)6$%$#/%/6"#%30'<64+0#<\%8$%9)0%+)0%1$63$/%#4%8-!<#0-'%$/%#4%D$63$/<%4(4'/%+$
*<8+$'8!$3$'/%*$%+4%#P'<6"#$@E?0$//-'%$/%!$5\%LXXZ%]% 46-*-%*$%+4%c)$'/$%$/%!$@\%LXXXH@

T[S%.%(4%:;4N?34>6;E%96F>2
Q$%/P1$%*$%8-45)+4/0-'%8-'#0#/$%$'%+,48/0-'%*$%+4%16<#)6$%$/%+,480*0D084/0-'%*)%+40/@%Q,$#/%+4
(-0$%+4%1+)#%)/0+0#<$%*4'#%+$#%0'*)#/60$#%D6-345"6$#%$'%146/08)+0$6#%1-)6%+4%D4.6084/0-'%*$#
D6-345$#% D640#% E% 1$/0/% #)0##$\% *$30% #$+#t@H% $/% *$#% D6-345$#% a% 1g/$% 3-++$% EQ43$3.$6/\
A60$tH@

JL
-F>=4:>6;ER%P?=6Z6:4>6;E%2>%:4=4:>D=6B4>6;E%@2%34%:;4N?34B2%@2%+?:;=%P?B633?B

;&3,#.*='?'*G"!3#&-.'4.'$!'"+!:%$!)#+3'4%'$!#)
1!,'$!'1,G&%,.'A9!,3#.,'.)'!$50'BCLD'#3'?'>$!#&0'BCDIE5

JJ
+4>D=623%U%+D>8;@2B

+4>D=623%U%+D>8;@2B

%.%+4>D=623%56;3;N6V?2%2>%96362?%@2%:?3>?=2
C)%8-)6#%*$%'-/6$%$[1<603$'/4/0-'\%'-)#%4(-'#%)/0+0#<%)'$%#-)8!$%D-'509)$%>%*%"+,'1%&#$$%&
6<D<6$'8<$% XNYVVL\% 16-($'4'/% #-)#% D-63$% +P-1!0+0#<$% *)% ?)#<)3% G4/0-'4+% *,R0#/-06$
G4/)6$++$%*$%;460#%{%B4.-64/-06$%*$%Q6P1/-5430$%{@
B$% 8!-0[% *$% 8$//$% #-)8!$% 6$1-#$% $##$'/0$++$3$'/% #)6% #-'% 41/0/)*$% a% 16-*)06$% +$#
8-45)+4#$#@% &++$% $#/% 8-'#$6(<$% a% |% ZnQ% #)6% 30+0$)% 34+/% E5<+-#$% 0'8+0'<$H@% I'% 6$109)45$
.03$#/60$+%$#/%'<8$##406$%4D0'%*$%546*$6%+4%(0/4+0/<%*$%+4%#-)8!$@
B$%30+0$)%*$%8)+/)6$%)/0+0#<%$#/%*$%/P1$%#-+0*$%ED$63$'/4/0-'%$'%#)6D48$H\%16<8-'0#<%146
B$(4*-)[%$/%!$5'ELXWXH@%F+%$#/%8-31-#<%*$%UM%5%*$%#-'%*$%.+<%$/%*$%LM%3+%*,)'$%#-+)/0-'%a
M\ML%e%*$%#)+D4/$%*,433-'0)3@
B$%8!-0[%*$%8$%/P1$%*$%D$63$'/4/0-'%6$1-#$%#)6%+$#%6<#)+/4/#%-./$')#%146%*$#%/64(4)[
4'/<60$)6#%EA$+!4308!$\%JMMLH@

%.%'5>2E>6;E%@2%3W2F>=46>%:;4N?34E>%@2%4,%'#*+,0&22,0

O%.%C=DP4=4>6;E%@2%3W6E;:?3?9
C16"#%$'#$3$'8$3$'/%*$#%.-0/$#%*$%1</60%8-'/$'4'/%+$%30+0$)%34+/%5<+-#<%$/%+$)6%0'8).4/0-'
a%YVnQ%1$'*4'/%N%i-)6#\%+$#%#1-6$#%#-'/%+0.<6<$#%a%+,40*$%*,)'$%#-+)/0-'%a%M\L%e%*$%/u$$'
WM@%B4%#)#1$'#0-'%*$%#1-6$#%$#/%D0+/6<$%#)6%*$%+4%+40'$%*$%($66$%#/<60+$@

Q%.%-EB292E:292E>%@?%96362?
LM%3+%*)%D0+/64/%#$6($'/%a%0'-8)+$6%+$%30+0$)%*$%8)+/)6$%8-'/$')%*4'#%)'%$6+$'%*$%NMM%3+@%B$
30+0$)%40'#0%$'#$3$'8<%$#/%0'8).<%a%YVnQ%1$'*4'/%Z%i-)6#%E*)6<$%*,0'8).4/0-'%-1/030#<$
146%A$+!4308!$%EJMMLH@

S%.%-F>=4:>6;E%@2%3W2ELM92
C%+4%D0'%*$%+,0'8).4/0-'\%JMM%3+%*)%/431-'%1!-#1!4/$%EM\MJ%?%]%1R%UH%#-'/%4i-)/<#%*4'#
+,$6+$'@%C16"#%450/4/0-'%3<84'09)$%1$'*4'/%L%!$)6$%a%YMM%/6#%K3'\%+$%8-'/$')%$#/%D0+/6<%1)0#
8$'/60D)5<%a%LM%MMM%5%1$'*4'/%YM%3'%a%|%ZnQ@

%.%->?@2%@2B%2F>=46>B%:;4N?34E>B
JY
-F>=4:>6;ER%P?=6Z6:4>6;E%2>%:4=4:>D=6B4>6;E%@2%34%:;4N?34B2%@2%+?:;=%P?B633?B

O%.%+2B?=2%@2%3W4:>6X6>D%:;4N?34E>2
B,48/0(0/<%8-45)+4'/$%$#/%*</$630'<$%#$+-'%+4%3</!-*$%*$%A$660*5$%ELXZNH%3-*0D0<$%146%Q-++0'
$/%!$5%ELXVVH@%Q$//$%3</!-*$%1$63$/%*,$[1603$6%+,48/0(0/<%*$%+,$[/640/%$'SP34/09)$%$'%)'0/<
*$%16<#)6$%EI;H\%9)0%8-66$#1-'*%a%+4%9)4'/0/<%*,$'SP3$%'<8$##406$%1-)6%8-45)+$6%LM%3+%*$
#).#/64/%#/4'*46*%$'%LMM%#$8-'*$#%a%YNnQ@
B,)'0/<%*$%16<#)6$%$#/%84+8)+<$%#$+-'%+,$[16$##0-'%#)0(4'/$%>
C($8%>

p>%(-+)3$%*$%+40/%E#).#/64/%*$%A$660*5$H}%4i)#/<%a%1R%U\Z%$/%1-6/<%a%YNnQ@%Ep-06%4''$[$%LH
(%>%(-+)3$%*$%+,$[/640/%$'SP34/09)$@
8%>%/$31#%*$%8-45)+4/0-'%$'%#$8-'*$#@

Q%.%+2B?=2%@2%3W4:>6X6>D%P=;>D;3M>6V?2
B,48/0(0/<% 16-/<-+P/09)$% $#/% 3$#)6<$% #$+-'% +4% 3</!-*$% *$% f6$$'% $/% 7/48q1--+$% ELXVNH
E4''$[$%JH@%&++$%1$63$/%+,<(4+)4/0-'%*)%/4)[%*$%*<564*4/0-'%*)%#).#/64/%E84#<0'$H%1$'*4'/%+4
6<48/0-'%1603406$@%Q$//$%48/0(0/<%$#/%*</$630'<$%146%3$#)6$%*$%+4%8-'8$'/64/0-'%$'%16-*)0/#
*,!P*6-+P#$%*$%+4%84#<0'$\%#-+).+$#%*4'#%+,480*$%/608!+-648</09)$%E QC%a%LJ%eH@%B$%*-#45$
*$#%1$1/0*$#%#-+).+$#%$#/%$DD$8/)<%#$+-'%+4%3</!-*$%*$%B-u6P%$/%!$5%ELXNLH@

S%.%<;B4N2%@2B%P=;>D6E2B
B$%*-#45$%*$#%16-/<0'$#%/-/4+$#%*$#%$[/640/#%8-45)+4'/#%$#/%6<4+0#<%#$+-'%+4%3</!-*$%*$
B-u6P%$/%!$5%ELXNLH%E4''$[$%YH@%B$%160'801$%*$%8$//$%3</!-*$%#$%.4#$%#)6%+4%8-+-64/0-'%.+$)$
*<($+-11<$% 146% +$#% 16-/<0'$#% #)0/$% a% )'$% 6<48/0-'% $'/6$% +$% 6<48/0D% *$% c-+0'% $/% +$#% 480*$#
430'<#\% 160'8014+$3$'/% +4% /P6-#0'$% $/% +$% /6P1/-1!4'$% $/% a% )'% *$56<% 3-0'#% +4% 8P#/<0'$% $/
+,!0#/0*0'$@
B,0'/$'#0/<%*$%+4%8-+-64/0-'%$#/%16-1-6/0-''$++$%a%+4%8-'8$'/64/0-'%16-/<09)$%8-'/$')$
*4'#%+$#%$[/640/#@%Q$//$%8-'8$'/64/0-'%$#/%*</$630'<$%a%+,40*$%*,)'$%8-)6.$%</4+-'%</4.+0$%$'
)/0+0#4'/%+$%#<6)3%*,4+.)30'$%.-(0'%EA@7@C@%a%JMM%~5%K3+HH%E4''$[$%Y\%D05)6$%YH@

JZ
+4>D=623%U%+D>8;@2B

;&3,#.*>*:**.&%,.'4%').-1&'4.'"+!:%$!)#+3'1!,'$!
-G)/+4.'4.' .,,#4:.'ABCIME'-+4#F#G.'1!,'6+$$#3'.)'!$5'ABCNNE5

Y%.%C?=6Z6:4>6;E%@2%3W2F>=46>%2ELM94>6V?2

Y[O%.%C=;>;:;32B%@2%P?=6Z6:4>6;E
CD0'%*$%1-)(-06%1)60D0$6%+,$[/640/%$'SP34/09)$%8-45)+4'/%0##)%*$%+4%8)+/)6$%*$%*%"+,'1%&#$$%&\
'-)#%'-)#%#-33$#%.4#<#%#)6%*$)[%16-/-8-+$#%*$%1)60D084/0-'@%B$%16$30$6%$#/%16<8-'0#<%146
7-3q)/0%$/%A4.$+%ELXUWH%]%+$%#$8-'*%$#/%16-1-#<%146%c$6'4'*$STB4!-6$%$/%!$5'ELXXWH@%Q$
*$6'0$6%4%</<%3-*0D0<%$'%6$31+4l4'/%+,)+/64D0+/64/0-'%146%+4%16<8010/4/0-'%4)%#)+D4/$%*,433-'0)3
a%WM%e%*$%#4/)64/0-'%ED05)6$%ZH@

JN
-F>=4:>6;ER%P?=6Z6:4>6;E%2>%:4=4:>D=6B4>6;E%@2%34%:;4N?34B2%@2%+?:;=%P?B633?B

Y[Q%.%+D>8;@2B%@2%P?=6Z6:4>6;E
O%.%C=D:6P6>4>6;E%4?%B?3Z4>2%@W499;E6?9
B$%#)+D4/$%*,433-'0)3%16-(-9)$\%*4'#%)'$%#-+)/0-'%16-/<09)$\%)'$%*<#!P*64/4/0-'%$/%)'$
16<8010/4/0-'%*$#%16-/<0'$#%0'*)0#4'/%40'#0%+$%1!<'-3"'$%*$%6$+46545$@
B,4(4'/45$%*)%6$+46545$%$#/%9)$%+$#%16-/<0'$#%8-'#$6($'/%+$)6%8-'D-634/0-'%'4/0($%$/
1$)($'/%d/6$%6$*0##-)/$#%!4.0/)$++$3$'/%#4'#%*<'4/)64/0-'@
B,$[/640/% $'SP34/09)$% .6)/% $#/% #-)30#% a% )'$% 16<8010/4/0-'% 4)% #)+D4/$% *,433-'0)3% a
WM% e% *$% #4/)64/0-'@% B4% #-+)/0-'% $'SP34/09)$% 40'#0% #4/)6<$% $#/% 30#$% a% *<84'/$6% a% |% ZnQ
1$'*4'/%)'$%')0/@%C16"#%8$'/60D)54/0-'%a%LM%MMM%5%1$'*4'/%YM%3'%a%|%ZnQ\%+$%8)+-/%$#/%30#
$'%#)#1$'#0-'%*4'#%+$%/431-'%1!-#1!4/$%EM\MJ%?%]%1R%UH@

Q%.%<2BB434N2%@2%3W2F>=46>%2ELM94>6V?2
B,<+030'4/0-'%*)%#)+D4/$%*,433-'0)3%*$%+,$[/640/%8-45)+4'/%$#/%6<4+0#<$%146%+4%5$+%D0+/64/0-'
#)6% )'$% 8-+-''$% ;!4634804% EJM% <% L% 83H% 8-'/$'4'/% *)% 7$1!4*$[% fTJN\% *-'/% +4% S-'$
*$% D648/0-''$3$'/% $#/% *$% LMMM% a% NMMM% =4@% B$#% D648/0-'#% 48/0($#% #-'/% 64##$3.+<$#% 1)0#
8-'8$'/6<$#%4($8%*)%#488!46-#$@

S%.%1;E:2E>=4>6;E%4X2:%32%B4::84=;B2
Q$//$% 3</!-*$% 1$63$/% *$% 6<*)06$% )'$% 9)4'/0/<% 8-'#0*<64.+$% *,$4)% 16<#$'/$% *4'#
+,<8!4'/0++-'%$'%)/0+0#4'/%+$%160'801$%*,-#3-#$%-h%+,$4)%3056$%a%/64($6#%+4%3$3.64'$%#$30T
1$63<4.+$%*)%30+0$)%+$%3-0'#%8-'8$'/6<%($6#%+$%1+)#%8-'8$'/6<@%&++$%8-'#0#/$%a%#4)1-)*6$6
*)%#488!46-#$%#)6%+$%.-)*0'%*$%*04+P#$%1+48<%*4'#%)'%6<8010$'/%a%|%ZnQ@

JU
+4>D=623%U%+D>8;@2B

;&3,#.*?'?';"/G-!'4.&'1,+)+"+$.&'&%#8#&'!%'"+%,&'4.'$!'1%,#F#"!)#+35

T%.%18=;94>;N=4P862%D:84EN2?B2%@W4E6;EB
B4% 8!6-34/-5641!0$% <8!4'5$)#$% *,4'0-'#% 1$63$/% *$% #<146$6% +$#% 16-/<0'$#% #$+-'% +$)6#
{
8!465$#@% &'% $DD$/\% #)6% )'$% 1!4#$% #/4/0-''406$% <8!4'5$)#$% *,4'0-'% EQ+ H\% +$#% 16-/<0'$#
8!465<$#%'<54/0($3$'/%#$6-'/%6$/$')$#@%&'%6$(4'8!$\%+$#%16-/<0'$#%8!465<$#%1-#0/0($3$'/
#$6-'/% <+)<$#% $'% 16$30$6@% B$#% 16-/<0'$#% 6$/$')$#% #)6% +4% 1!4#$% #/4/0-''406$% #-'/% $'#)0/$
<+)<$#%$'%3-*0D04'/%+4%D-68$%0-'09)$%*$%+,<+)4'/%E1!4#$%3-.0+$H@
=4'#% '-/6$% </)*$\% '-)#% 4(-'#% )/0+0#<% +,<8!4'5$)6% y@&@C@&@Ey)4/$6'46PT430'-T$/!P+HT
7$1!4*$[%C%NM\%9)0%$#/%)'%5$+%*$%*$[/64'$%#)6%+$9)$+%#-'/%D0[<#%+$#%56-)1$3$'/#%8!465<#
1-#0/0($3$'/@
B$%5$+\%5-'D+<%*4'#%*)%/431-'%1!-#1!4/$%EM\MJ%?%]%1R%UH%$#/%*<54S<%$/%8-)+<%*4'#%)'$
8-+-''$%EL%<%JM%83H%<9)0+0.6<$%4($8%+$%3d3$%/431-'@

JV
-F>=4:>6;ER%P?=6Z6:4>6;E%2>%:4=4:>D=6B4>6;E%@2%34%:;4N?34B2%@2%+?:;=%P?B633?B

C16"#% 8-'8$'/64/0-'% *$% +,$[/640/\% +$#% 16-/<0'$#% #-'/% <+)<$#% a% |% ZnQ% $'% )/0+0#4'/% )'
564*0$'/%+0'<406$%G4Q+%*$%D-68$%0-'09)$%4++4'/%*$%M%a%M\N%?%16<146<%*4'#%+$%3d3$%/431-'@
B$%*<.0/%*,<+)/0-'%$#/%340'/$')%8-'#/4'/%a%ZN%3+%K!$)6$@%B4%+$8/)6$%*$%+4%*$'#0/<%-1/09)$
$#/%$DD$8/)<$%a%JWM%'3@%B$#%D648/0-'#%16<#$'/4'/%)'$%48/0(0/<%8-45)+4'/$%#-'/%64##$3.+<$#
$/%*04+P#<$#%8-'/6$%+$%/431-'%1!-#1!4/$%EM\MJ%?%]%1R%UH%*)64'/%LU%!$)6$#%a%|%ZnQ@

\%.%18=;94>;N=4P862%@W2F:3?B6;E%9;3D:?346=2
B4% 8!6-34/-5641!0$% *,$[8+)#0-'% 3-+<8)+406$% E+4% D0+/64/0-'% #)6% 5$+H% $#/% )'$% /$8!'09)$% 9)0
1$63$/% +4% #<1464/0-'% *$#% 3-+<8)+$#% $'% D-'8/0-'% *$% +$)6#% 1-0*#% 3-+<8)+406$#% $/% *$% +$)6#
/40++$#@
B4%#<1464/0-'%$#/%6<4+0#<$%*4'#%)'%-6*6$%*<86-0##4'/%*$#%1-0*#%3-+<8)+406$#%]%0+%$[0#/$
)'$%6$+4/0-'%+0'<406$%$'/6$%+$%(-+)3$%*,<+)/0-'%Ep$H%$/%+$%+-5460/!3$%*)%1-0*#%3-+<8)+406$%EB-5
;?H%*$%+4%16-/<0'$@
B4%8-+-''$%;!4634804%EL%<'UM%83H%$#/%84+0.6<$%4($8%)'%3<+4'5$%*$%16-/<0'$#%#/4'*46*#
a%1-0*#%3-+<8)+406$#%8-'')#%]%#<6)3%4+.)30'$%.-(0'%>%UV%MMM%=4%]%1$1#0'$%>%YN%MMM%=4%$/
/6P1#0'$%>%JY%WMMM%=4@
I'$%9)4'/0/<%4+09)-/$%*$%L\N%3+%*,<8!4'/0++-'%$#/%<+)<$%4($8%+$%/431-'%1!-#1!4/$%EM\MJ
?%]%1R%UH%a%)'%*<.0/%*$%J%3+%K%!$)6$@%B4%+$8/)6$%*$#%*$'#0/<#%-1/09)$#%$#/%6<4+0#<$%a%JWM
'3@%B$#%D648/0-'#%*-)<$#%*,)'$%48/0(0/<%8-45)+4'/$%#-'/%64##$3.+<$#%$/%8-'8$'/6<$#%1)0#
8-'#$6(<$#@

`%.%(M;P8636B4>6;E
B4% +P-1!0+0#4/0-'% $#/% )'% 16-8<*<% *$% 8-'8$'/64/0-'% $/% *$% 8-'#$6(4/0-'% *$#% 16-/<0'$#@% &++$
8-31-6/$%*$)[%</41$#%]%+4%8-'5<+4/0-'%1)0#%+4%#).+034/0-'%E14##45$%#-)#%(0*$%*06$8/$3$'/
*$%+,</4/%#-+0*$%a%+,</4/%(41$)6H%E_43-)'$\%LXXWH@%B$#%D648/0-'#%48/0($#%64##$3.+<$#%#-'/
8-'5$+<$#%$/%+P-1!0+0#<$#%$'%()$%*,)'$%</)*$%<+$8/6-1!-6"/09)$@

e%.%-32:>=;P8;=AB2%B?=%N23%@2%P;3M4:=M3496@2%2E%P=DB2E:2%@?%@;@2:M3
B?3Z4>2%@2%B;@6?9%]"<"/%C&)-b
B,<+$8/6-1!-6"#$% $#/% )'$% 3</!-*$% *,4'4+P#$% .4#<$% #)6% +4% #<1464/0-'% *$#% 16-/<0'$#% $'
D-'8/0-'%*$%+$)6#%8!465$#%$/%*$%+$)6#%1-0*#%3-+<8)+406$#@
B$%7@=@7@%EQRY%EQRJHLL{7:Y\%G4|H%$#/%45$'/%*<'4/)64'/%9)0%#$%D0[$%#)6%+$#%16-/<0'$#
+$)6%8-'D<64'/%)'$%8!465$%'<54/0($@%=$%8$%D40/\%+4%3-.0+0/<%<+$8/6-1!-6"/09)$%*)%8-31+$[$
7@=@7%16-/<0'$#%*<1$'*64%*)%1-0*#%3-+<8)+406$@
C%8!49)$%</41$%*$%1)60D084/0-'\%)'%<8!4'/0++-'%$#/%8-'#$6(<%a%+,</4/%8-'5$+<%-)%+P-1!0+0#<
$'%()$%*,)'$%<+$8/6-1!-6"#$%*4'#%+$%.)/%*$%8-'/62+$6%+,!-3-5<'<0/<\%+4%1)6$/<%*$%+,$'SP3$
$/%*$%*</$630'$6%#-'%1-0*#%3-+<8)+406$@
F+% $[0#/$% )'$% 6$+4/0-'% *$% +0'<460/<% $'/6$% +$% +-5460/!3$% *$% 34##$% 3-+<8)+406$% *,)'$
16-/<0'$%$/%#4%3-.0+0/<%<+$8/6-1!-6"/09)$%4)%#$0'%*,)'%5$+@%B4%*</$630'4/0-'%*$%+4%34##$
3-+<8)+406$%*$#%<8!4'/0++-'#%$#/%$DD$8/)<$%$'%)/0+0#4'/%)'$%8-)6.$%</4+-'%-h%B-5%E;?H%%D
E`DH@
B$%6411-6/%D6-'/4+%`D%$#/%84+8)+<%56g8$%a%+4%6$+4/0-'%#)0(4'/$%>

JW
+4>D=623%U%+D>8;@2B

B$#% *0DD<6$'/#% <8!4'/0++-'#% 40'#0% 9)$% +$#% 3469)$)6#\% 6$160#% (-+)3$% a% (-+)3$% *4'#
+$% /431-'% <8!4'/0++-'% #-'/% #<146<#% #)6% )'% 5$+% *$% 1-+P486P+430*$% 8-'#/0/)<% *,)'% 5$+% *$
#<1464/0-'%a%LJ%e%$/%*,)'%5$+%*$%8-'8$'/64/0-'%a%N%e%E(-06%4''$[$%NH@
B4%30564/0-'%<+$8/6-1!-6"/09)$%$#/%6<4+0#<$%56g8$%a%)'%#P#/"3$%*,<+$8/6-1!-6"#$%€%?4[
c0++%A0-.+-8q%780$'/0D08%%*4'#%+$#%8-'*0/0-'#%#)0(4'/$#%>
b p-+/45$%%>%JNM%p
b C31<645$%>%VZ%3C
b $31<64/)6$%43.04'/$
b $31#%%>%L%!$)6$@
B4% 6<(<+4/0-'% *$#% 16-/<0'$#% 40'#0% #<146<$#% #$% D40/% 146% +4% 8-+-64/0-'% *)% 5$+% 4)% .+$)% *$
Q--34##0$%E`TJNMH%1$'*4'/%*$)[%!$)6$#%#)0(0$%*,)'$%*<8-+-64/0-'%i)#9),a%411460/0-'%'$//$
*$%.4'*$#@

Y%.%14=4:>D=6B4>6;E%@2%3W2F>=46>%:;4N?34E>%P?=6Z6D
B4% 84648/<60#4/0-'% *$% +,$[/640/% $'SP34/09)$% 1)60D0<% 8-'#0#/$% $'% +4% *</$630'4/0-'% *$#
8-'*0/0-'#%-1/034+$#%*$%+,48/0(0/<%8-45)+4'/$%$'%D-'8/0-'%*$%8$6/40'#%D48/$)6#@
B4%3$#)6$%*$%+,48/0(0/<%8-45)+4'/$%$#/%*</$630'<$%$'%3$#)64'/%+$%/$31#%*$%8-45)+4/0-'
#$+-'%+4%3</!-*$%*$%A$660*5$%ELXZNH%3-*0D0<$%146%Q-++0'%$/%!$5'ELXVVH@

O%.%<D>2=96E4>6;E%@2%34%>29PD=4>?=2%;P>69432%@W4:>6X6>D
B4% /$31<64/)6$% -1/034+$% *$% 8-45)+4/0-'% *)% +40/% 4% </<% *</$630'<$% $'% 1-6/4'/% +$% +40/% a
*0DD<6$'/$#%/$31<64/)6$#%*$%JNnQ%a%UNnQ@

Q%.% EZ3?2E:2%@2%P0%@?%346>
B,0'D+)$'8$%*$%1R%*)%+40/%#)6%+,48/0(0/<%8-45)+4'/$%*$%+,$[/640/%$'SP34/09)$%4%</<%*</$630'<$
$'%D40#4'/%(460$6%+$%1R%*)%+40/%*$%N\M%a%V\J@

S%.%<D>2=96E4>6;E%@2%34%:;E:2E>=4>6;E%;P>69432%@2%1413Q
B,0'D+)$'8$%*$%+4%8-'8$'/64/0-'%$'%Q4Q+J%#)6%+,48/0(0/<%8-45)+4'/$%4%</<%*</$630'<$%$'%D40#4'/
(460$6%+4%8-'8$'/64/0-'%*)%+40/%$'%0-'#%Q4Q+J%*$%M\MM%?%a%M\MN%?@

JX
-F>=4:>6;ER%P?=6Z6:4>6;E%2>%:4=4:>D=6B4>6;E%@2%34%:;4N?34B2%@2%+?:;=%P?B633?B

T%.% EZ3?2E:2%@2%34%:;E:2E>=4>6;E%2E%2F>=46>%2ELM94>6V?2
B$#%48/0(0/<#%8-45)+4'/$#%-'/%</<%*</$630'<$#%$'%D40#4'/%(460$6%+4%8-'8$'/64/0-'%$'%16-/<0'$#
*$%+,$[/640/%*$%M\MU%35%K3+%a%M\Y%35%K3+@

\%.%->?@2%@2%34%B>45636>D%@2%3W2F>=46>%2ELM94>6V?2
\[O%.%">45636>D%>82=96V?2
B4% #/4.0+0/<% /!$6309)$% *$% +,$[/640/% 4% </<% </)*0<$% $'% 3$#)64'/% #-'% 48/0(0/<% 8-45)+4'/$
6<#0*)$++$%416"#%340'/0$'%*$%+,$[/640/%$'SP34/09)$%a%*$#%/$31<64/)6$#%(4604.+$#%*$%YMnQ%a
UMnQ%1$'*4'/%YM%3'@

\[Q%.%">45636>D%4?%:;?=B%@2%34%:;EB2=X4>6;E
B4% #/4.0+0/<% *$% +,$[/640/% 8-45)+4'/% 4)% 8-)6#% *$% +4% 8-'#$6(4/0-'% a% |% ZnQ% $/% a% {LWnQ% 4% </<
*</$630'<$%$'%3$#)64'/%+,48/0(0/<%8-45)+4'/$%6<#0*)$++$%*$%+,$[/640/@

YM
*DB?3>4>B%U%<6B:?BB6;E

*DB?3>4>B%U%<6B:?BB6;E

%.%'5>2E>6;E%@2%3W2F>=46>%2ELM94>6V?2%5=?>
B4%8)+/)6$%*$%*%"+,'1%&#$$%&%$#/%3$'<$%#)6%30+0$)%#-+0*$%E#-'%*$%.+<H%a%YVnQ%1$'*4'/%Z
i-)6#@%B,$[/648/0-'%*$%+,$'SP3$%$#/%6<4+0#<$%146%4**0/0-'%*)%/431-'%1!-#1!4/$%EM\MJ%?%]%1R
UH@C16"#%)'$%!$)6$%*,450/4/0-'%a%YMM%/6#%K3'\%+$%8-'/$')%$#/%D0+/6<%1)0#%8$'/60D)5<%a%LM%MMM
5%1$'*4'/%YM%3'%a%|%ZnQ@%B$%#)6'45$4'/%6$16<#$'/$%+,$[/640/%$'SP34/09)$%.6)/%*-'/%)'%+0/6$
$#/%-./$')%a%146/06%*$%80'9%D$63$'/4/0-'#%E#-0/%YMM%5%*$%#-'%*$%.+<H@%F+%$#/%84648/<60#<\%$'
3-P$''$\%146%>
b )'$%48/0(0/<%8-45)+4'/$%*$%M\YZ%I;%K3+%]
b )'$%9)4'/0/<%$'%16-/<0'$#%*$%J\ZV%35K3+%]
b $/%)'$%D-68$%8-45)+4'/$%*$%LKLJMM@

%.%C?=6Z6:4>6;E%@2%3W2F>=46>%:;4N?34E>%@2%+?:;=
P?B633?B
B,-.i$8/0D% 160'8014+% *$% '-/6$% </)*$% 8-'#0#/$% $'% +4% 30#$% $'% <(0*$'8$% *,)'% 16-/-8-+$% *$
1)60D084/0-'@%;-)6%8$+4\%+,$[/640/%$'SP34/09)$%.6)/%0##)%*$%+4%8)+/)6$%*)'*%"+,'1%&#$$%&%#).0/
1+)#0$)6#%</41$#%*$%1)60D084/0-'%4D0'%*,-./$'06%)'$%8-45)+4#$%1)6$@%C%8$/%$DD$/\%416"#%8!49)$
</41$\% +,48/0(0/<% 8-45)+4'/$% /-/4+$% *$% +4% 16-/<4#$\% +4% 9)4'/0/<% /-/4+$% *$% 16-/<0'$\% +,48/0(0/<
#1<80D09)$\%+$%6$'*$3$'/%$'%48/0(0/<%$/%+$%D48/$)6%*$%1)60D084/0-'%#-'/%*</$630'<#@
C% D0'% *$% 1)60D0$6% '-/6$% 8-45)+4#$\% '-)#% 4(-'#% 4*-1/<% +$% 16-/-8-+$% *$% 1)60D084/0-'
16<8-'0#<% 146% 7-3q)/0% $/% A4.$+% ELXUWH% 1)0#% 8$+)0% 16-1-#<% 146% c$6'4'*$S{B4!-6$% $/% !$5
ELXXWH@

O%.%C=;>;:;32% %]";9^?>6%2>%74523R%O_`ab
C16"#% +4% 16<8010/4/0-'% *$% +,$[/640/% $'SP34/09)$% .6)/% 4)% #)+D4/$% *,433-'0)3% a% WM% e% *$
#4/)64/0-'\% +$% 8)+-/% $#/% 6$160#% *4'#% *)% /431-'% 1!-#1!4/$% EM\MJ% ?% ]% 1R% UH\% *$##4+<% #)6
7$1!4*$[% fTJN% 1)0#% 8-'8$'/6<% 4($8% *)% #488!46-#$@% Q$//$% </41$% 4% 1$630#\% *,416"#% +$#
6<#)+/4/#%0++)#/6<#%146%+$%/4.+$4)%FFF\%*,-./$'06%)'$%48/0(0/<%*$%NJ\MV%e%146%6411-6/%a%+,48/0(0/<
0'0/04+$%$/%*$%3)+/01+0$6%146%)'%D48/$)6%*$%Y\LX%+,48/0(0/<%#1<80D09)$%*$%+4%8-45)+4#$@
B$%16-D0+%8!6-34/-5641!09)$%*,$[8+)#0-'%3-+<8)+406$%#)6%7$1!4*$[%fTLMM%*)%16<8010/<
*$##4+<%$/%8-'8$'/6<%ELUL\JW%35H%6$+"($%*$)[108#%*,<+)/0-'%ED05)6$%NH@
B$%/$#/%*,48/0(0/<%0'*09)$%9)$%#$)+%+$%16$30$6%108%$#/%*-)<%*,)'$%48/0(0/<%8-45)+4'/$\%8$
9)0%'-)#%+40##$%#)11-#$6%9)$%+4%8-45)+4#$%$'%9)$#/0-'%$#/%*$%!4)/%1-0*#%3-+<8)+406$@%;46
40++$)6#\%)'$%+<5"6$%4)53$'/4/0-'%*$%+,48/0(0/<%#1<80D09)$%$/%*)%D48/$)6%*$%1)60D084/0-'%4%</<
8-'#/4/<$%4($8%)'%6$'*$3$'/%*$%ZZ\NZ%e@%=$%1+)#\%+4%D0+/64/0-'%#)6%5$+%4%1$630#%*,<+030'$6
$'(06-'%XZ\J%e*$#%16-/<0'$#%'-'%48/0($#@
YL
-F>=4:>6;ER%P?=6Z6:4>6;E%2>%:4=4:>D=6B4>6;E%@2%34%:;4N?34B2%@2%+?:;=%P?B633?B

;&3,#.*@'?'O,+F#$'4PG$%)#+3'&%,';.1/!4.<'9QBHH'4.'$P.<),!#)
.3R7-!)#S%.'4.'*%"+,'1%&#$$%&'!1,J&'1,G"#1#)!)#+3'!%'&%$F!).'4P!--+3#%-
T'DHU'4.'&!)%,!)#+35'A6+$+33.'O/!,-!"#!'AB'<'LH'"-E0')!-1+3
4PG$%)#+3'1/+&1/!).'AH0HV'-W'1/'LE0'4G(#)'?'L'-$'X/0'Y,!")#+3'4.'B'-$E5

7$82.$,*999*:' #$!3'4.'1%,#F#"!)#+3'4.'$P.<),!#)'"+!:%$!3)'4.'*%"+,'1%&#$$%&AO,+)+"+$.'ZE5
B$#%6<#)+/4/#%-./$')#%146%7-3q)/0%$/%A4.$+%ELXUWH\%0'*09)$'/%9)4/6$%108#%*,<+)/0-'%E*-'/
)'% #$)+% $#/% 48/0DH% 416"#% )'$% 5$+% D0+/64/0-'% 4($8% +,<+030'4/0-'% *,)'$% 9)4'/0/<% 031-6/4'/$% *$

YJ
*DB?3>4>B%U%<6B:?BB6;E

1053$'/#%8-+-6<#%16<#$'/$%*4'#%+,$[/640/%$'SP34/09)$%.6)/%4($8%)'%D48/$)6%*$%1)60D084/0-'\
*$%*$)[%D-0#%#)1<60$)6%a%8$+)0%-.#$6(<%*4'#%'-/6$%</)*$@
=$%3d3$\%B$'-06%$/%!$5'ELXVXH\%-'/%1)%<+030'$6%XW%e%*$#%16-/<0'$#%'-'%48/0($#%4($8
)'%6$'*$3$'/%$'%48/0(0/<%*$%NM%e@
B$% 16-D0+% 8!6-34/-5641!09)$% *,<8!4'5$% *,4'0-'#% #)6% y&C&T% 7$1!4*$[% CTNM% *$% +4
D648/0-'%48/0($%0##)$%*$%+4%D0+/64/0-'%3-+<8)+406$\%6411-6/<%146%+4%D05)6$%U\%3-'/6$%/6-0#%108#
*-'/%)'%#$)+%$#/%48/0D@%B,$'SP3$%$#/%<+)<$%4($8%+$%564*0$'/%G4Q+%a%)'$%8-'8$'/64/0-'%*$%M\YN
?@%Q$80%#)55"6$%9)$%'-/6$%8-45)+4#$%$#/%*$%'4/)6$%4'0-'09)$@%C)%8-)6#%*$%8$//$%</41$\
'-)#%4(-'#%$'6$50#/6<%)'$%4)53$'/4/0-'%*)%D48/$)6%*$%1)60D084/0-'%#-0/%*$%+,-6*6$%*$%LV\YL@
Q$1$'*4'/\%+$%6$'*$3$'/%$'%48/0(0/<%8!)/$%a%LW\WJ%e@

;&3,#.*A*:*O,+F#$'4PG$%)#+3'&%,'[2>2Q;.1/!4.<'>MH'4.'$!'F,!")#+3
!")#8.'$P.<),!#)'.3R7-!)#S%.'4.'*%"+,'1%&#$$%&0'#&&%'4.'$!'F#$),!)#+3
-+$G"%$!#,.5'A6+$+33.'AB'<'VH'"-E0')!-1+3'4PG$%)#+3'1/+&1/!).'AH0HV
*'W'1\'LE0'9,!4#.3)']!6$'HQ'H0M'-0'4G(#)'?'IM'-$'X/0'Y,!")#+3'4.'V'-$E5
C16"#% )'$% <8!4'5$)#$% *,4'0-'#\% 7-3q)/0% $/% A4.$+% ELXUWH\% -'/% 0#-+<% )'$% D648/0-'
$'SP34/09)$%160'8014+$%1-)6%)'$%8-'8$'/64/0-'%$'%G4Q+%8-3160#$%$'/6$%M\Y%$/%M\Z%?%4($8
)'%6$'*$3$'/%*$%NN%e%$/%)'%D48/$)6%*$%1)60D084/0-'%*$%YZ@
=4'#% )'$% </)*$% #030+406$% 1-6/<$% #)6% +4% 1)60D084/0-'% *$% +4% 16-/<4#$% *)% O.3#"#$$#%-
"!&.#"+$%-\%B$'-06%$/%!$5%ELXVXH\%-'/%-./$')%)'%6$'*$3$'/%*$%1)60D084/0-'%#)1<60$)6%a%ZM
e% /-)/% $'% 3)+/01+04'/% 146% )'% D48/$)6% *$% JX% +,48/0(0/<% #1<80D09)$% *$% 8$//$% 8-45)+4#$@% &'
6$(4'8!$\%+4%1)60D084/0-'%*$%+4%+$//)80'$\%3$'<$%146%B-;0$6-%$/%;$/6-'$%ELXXXH\%$'%4*-1/4'/
)'$%16<8010/4/0-'%4)%#)+D4/$%*,433-'0)3\%)'$%D0+/64/0-'%#)6%5$+\%)'$%<8!4'5$%*,4'0-'#%1)0#
)'$% #$8-'*$% D0+/64/0-'% #)6% 5$+\% 4% 8-'*)0/% a% )'% .0+4'% *$% 1)60D084/0-'% #$% /64*)0#4'/% 146% )'
6$'*$3$'/%*$%UM%e%$/%)'%D48/$)6%*$%1)60D084/0-'%*$%N@

YY
-F>=4:>6;ER%P?=6Z6:4>6;E%2>%:4=4:>D=6B4>6;E%@2%34%:;4N?34B2%@2%+?:;=%P?B633?B

CD0'%*$%*</$630'$6%+,!-3-5<'<0/<%*$%+4%16-/<0'$%1)60D0<$\%)'$%<+$8/6-1!-6"#$%#)6%5$+%*$
1-+P486P+430*$%$'%16<#$'8$%*$%7=7%$#/%6<4+0#<$@%;-)6%8$+4\%1+)#0$)6#%<8!4'/0++-'#%-'/%</<
)/0+0#<#%a%#4(-06%>%+,$[/640/%.6)/\%+,$[/640/%16<8010/<\%+4%D648/0-'%48/0($%0##)$%*$%+4%D0+/64/0-'%#)6%5$+
$/%+4%D648/0-'%48/0($%0##)$%*$%+,<8!4'5$)#$%*,4'0-'#%@
B$%16-D0+%<+$8/6-1!-6"/09)$\%0++)#/6<%146%+4%D05)6$%V\%6$+"($%)'$%#)88$##0-'%*$%.4'*$#
*4'#% +$% #)6'45$4'/% .6)/% ECH% 40'#0% 9)$% *4'#% +$% 16<8010/<% 4)% #)+D4/$% *,433-'0)3% EAH\% )'$
#$)+$%.4'*$%*4'#%+4%D648/0-'%48/0($%0##)$%*)%7$1!4*$[%fTLMM%EQH%$/%<54+$3$'/%)'$%#$)+$
*4'#%+4%D648/0-'%8-45)+4'/$%-./$')$%*)%y&C&T%7$1!4*$[%CTNM%E=H@

;&3,#.*B'?'O,+F#$'G$G"),+1/+,G)#S%.'4.&
.<),!#)&'"+!:%$!3)&'4.'*%"+,'1%&#$$%&'AO,+)+"+$.'ZE
Q$#%6<#)+/4/#%0'*09)$'/%9)$%+$#%3d3$#%.4'*$#%$[0#/$'/%$/%*4'#%+$%16<8010/<%$/%*4'#
+,$[/640/% .6)/@% Q$% 9)0% $[1+09)$% 9)$% +4% 16<8010/4/0-'% 4)% #)+D4/$% *,433-'0)3% a% WM% e% *$
#4/)64/0-'%4(40/%8-33$%-.i$8/0D%+4%8-'8$'/64/0-'%*$%+,$[/640/%.6)/@%=$%1+)#\%+4%D0+/64/0-'%#)6%5$+
416"#%16<8010/4/0-'%4%1$630#%*,-./$'06%)'$%.4'*$%!-3-5"'$%8$%9)0%'-)#%+40##$%8-'8+)6$%9)$
+,</41$%*,<8!4'5$%*,4'0-'#%',$#/%14#%'<8$##406$%*4'#%'-/6$%84#@%;46%40++$)6#\%'-#%6<#)+/4/#
8-'8-6*$'/%4($8%8$)[%*,4)/6$#%4)/$)6#%E7-3q)/0%$/%A4.$+\%LXUW%]%B$'-06%$/%!$50%LXVXH\%9)0
-'/%-.#$6(<%)'$%.4'*$%!-3-5"'$%a%+4%D0'%*$%+4%1)60D084/0-'@

Q%.%C=;>;:;32% %]c2=E4E@2L%/(48;=2%2>%$25R%O__ab

YZ
*DB?3>4>B%U%<6B:?BB6;E

Q$% 16-/-8-+$% 8-316$'*% )'$% )+/64D0+/64/0-'\% )'$% 8!6-34/-5641!0$% <8!4'5$)#$% *,4'0-'#% $/


)'$%D0+/64/0-'%#)6%5$+@%Q$1$'*4'/\%1-)6%*$#%640#-'#%*$%*0#1-'0.0+0/<%'-)#%4(-'#%6$31+48<
+,)+/64D0+/64/0-'%146%)'$%16<8010/4/0-'%4)%#)+D4/$%*,433-'0)3%a%WM%e%*$%#4/)64/0-'@%B$%16-D0+
*$%+4%8!6-34/-5641!0$%#)6%y&C&T%7$1!4*$[%CTNM%*)%16<8010/<%4)%#)+D4/$%*,433-'0)3%a
WMe%*$%#4/)64/0-'%ELUL\JW%35H%3-'/6$%/6-0#%108#%*0#/0'8/#%ED05)6$%WH@%B,48/0(0/<%8-45)+4'/$\
8-'#/4/<$%*4'#%+$%/6-0#0"3$%108%$#/%<+)<$%a%)'$%8-'8$'/64/0-'%$'%G4Q+%*$%M\YN%?@
Q$//$%</41$%4%1$630#%*,-./$'06%)'%D48/$)6%*$%1)60D084/0-'%6$+4/0($3$'/%<+$(<%(-0#0'%*$
LY\%8$1$'*4'/\%+$%6$'*$3$'/%4%8!)/<%a%JY\JL%e%E/4.+$4)%FpH@%7$+-'%+,</)*$%*$%+4%8-45)+4#$
*$%*%"+,'1%&#$$%&%1-6/<$%146%_!4'%$/%!$5'ELXVXH\%+,<8!4'5$%0-'09)$%a%1R%W%4%6<(<+<%*$)[%108#
8-66$#1-'*4'/%a%*$)[%16-/<4#$#%+,)'$%$#/%*-)<$%*,)'$%48/0(0/<%8-45)+4'/$%/6"#%#05'0D04'/$
$/%+,4)/6$%16<#$'/$%)'$%/6"#%D40.+$%48/0(0/<%8-45)+4'/$%4($8%)'%6$'*$3$'/%*$%JX%e@

;&3,#.*C'?'O,+F#$'4PG$%)#+3'&%,'[2>2Q';.1/!4.<'>Q'MH'4.'$P.<),!#)'"+!:%$!3)
4.'*%"+,'1%&#$$%&0'!1,J&'1,G"#1#)!)#+3'!%'&%$F!).'4P!--+3#%-'T'DH'U'4.
&!)%,!)#+35'A6+$+33.'AB'<'VH'"-E0')!-1+3'4PG$%)#+3'?'1/+&1/!).'AH0HV'*'W'1\'LE0
:,!4#.3)']!6$'?'HQH0M'*0'4G(#)'?'IM'-$'X/0'F,!")#+3'?'1/!&.'B'?'^'-$0'1/!&.'V'?'V'-$E5

YN
-F>=4:>6;ER%P?=6Z6:4>6;E%2>%:4=4:>D=6B4>6;E%@2%34%:;4N?34B2%@2%+?:;=%P?B633?B

7$82.$,*9D*:* #$!3'4.'1%,#F#"!)#+3'4.'$P.<),!#)'"+!:%$!3)'4.'*%"+,'1%&#$$%&'AO,+)+"+$.'ZZE5
B4%8!6-34/-5641!0$%*,$[8+)#0-'%3-+<8)+406$%*$%+4%D648/0-'%48/0($%4%3-'/6<%*$)[%108#
*,<+)/0-'%*-'/%+$%16$30$6%$#/%48/0D%ED05)6$%XH@%;46%40++$)6#\%)'%.-'%D48/$)6%*$%1)60D084/0-'%E#-0/%*$
JYH%4%</<%-./$')%4($8%)'$%48/0(0/<%#1<80D09)$%*$%Y\NN@%&'%6$(4'8!$\%+$%6$'*$3$'/%$'%48/0(0/<
6$#/$%/6"#%D40.+$%ELM%eH%$/%#$)+%M\ZY%e%*$#%16-/<0'$#%/-/4+$#%-'/%</<%6<8)1<6<$#@%&'%$DD$/\%+4
D0+/64/0-'%#)6%5$+%*$%+4%D648/0-'%48/0($\%#$+-'%c$6'4'*$STB4!-6$%$/%!$5'ELXXXH\%4%6<(<+<%)'%#$)+
108%48/0D%4($8%)'$%48/0(0/<%*$%VU\J%e%146%6411-6/%a%+,0'0/04+$@%;46%40++$)6#\%+4%1)60D084/0-'%*$
+4%8-45)+4#$%*)%*%"+,'(!"#$$#F+,-#&%146%)'$%)+/64D0+/64/0-'%1)0#%)'$%<8!4'5$%*,0-'#%4%1$630#
*,-./$'06%)'%6$'*$3$'/%*$%UZ%e%$/%)'%D48/$)6%*$%1)60D084/0-'%*$%LN\N%Ec$6'4'*$STB4!-6$
$/%!$@%\LXXWH@

YU
*DB?3>4>B%U%<6B:?BB6;E

;&3,#.*E*':*O,+F#$'4PG$%)#+3'&%,';.1/!4.<'9QBHH'4.'$!'F,!")#+3'!")#8.'4.
*%"+,'1%&#$$%&'0'#&&%.'4.'$PG"/!3:.%&.'4P!3#+3&'5'AF+$+33.'O/!,-!"#!'AB'<'LH
"-E0')!-1+3'4PG$%)#+3'?'1/+&1/!).'AH0HV'*'W1\'LE0'4G(#)'?'L'-$'X/0'F,!")#+3'?'B-$E5
B$% 16-D0+% <+$8/6-1!-6"/09)$\% 6411-6/<% 146% +4% D05)6$LM\% 3-'/6$% 1+)#0$)6#% .4'*$#% *4'#
+,$[/640/%$'SP34/09)$%.6)/%ECH%$/%*4'#%+$%16<8010/<%EAH\%)'$%.4'*$%*4'#%+4%D648/0-'%48/0($%0##)$
*$%+,<8!4'5$%*,4'0-'#%EQH%$/%)'$%*4'#%+4%D648/0-'%-./$')$%146%+4%D0+/64/0-'%3-+<8)+406$@

YV
-F>=4:>6;ER%P?=6Z6:4>6;E%2>%:4=4:>D=6B4>6;E%@2%34%:;4N?34B2%@2%+?:;=%P?B633?B

;&3,#.*<G*?'O,+F#$'G$."),+1/+,J)#S%.'4.&
.<),!#)&'"+!:%$!3)&'4.'*%"+,'1%&#$$%&AO,+)+"+$.'ZZE5
&'%8-31464'/%+$#%6<#)+/4/#%-./$')#%146%+$#%*$)[%16-/-8-+$#\%146/08)+0"6$3$'/%+$#%.0+4'#
*$%1)60D084/0-'\%0+%#,4("6$%9),0+%$#/%1+)#%0'/<6$##4'/%*$%6<8)1<6$6%)'$%9)4'/0/<%*$%U%e%*$#
16-/<0'$#% *)% *<146/% 4($8% )'$% 48/0(0/<% *$% ZZ\NZ% e% 416"#% 5$+% D0+/64/0-'% E16-/-8-+$% FH% 9)$
*,-./$'06%L\WM%e%*$#%16-/<0'$#%/-/4+$#%4($8%)'%6$'*$3$'/%*$%JY%e%416"#%)'$%<8!4'5$)#$
*,4'0-'#%E16-/-8-+$%FFH@%;-)6%8$+4\%+$%16-/-8-+$%€%F%%#,4("6$%3$0++$)6%146%6411-6/%4)%#$8-'*@
;46%40++$)6#\%+,-./$'/0-'%*$%D40.+$#%6$'*$3$'/#%1$)/%d/6$%+0<$%a%)'$%*0+)/0-'%*$%+,$'SP3$
4)% 8-)6#% *$% +4% 1)60D084/0-'% -)% .0$'% a% )'$% D40.+$% 9)4'/0/<% $'% 16-/<0'$#% *4'#% +,$[/640/
$'SP34/09)$%.6)/@
Q$1$'*4'/\%'-)#%'-)#%#-33$#%1-#<%)'$%9)$#/0-'%>%1$)/{-'%43<+0-6$6%+$#%6$'*$3$'/#
$'%48/0(0/<%/-)/%$'%16<8010/4'/%+,$[/640/%$'SP34/09)$%.6)/%146%D648/0-''$3$'/%E16<%1)60D084/0-'H%‚
;-)6%8$+4\%+,$[/640/%$'SP34/09)$%.6)/%4%D40/%+,-.i$/%*,)'$%16<8010/4/0-'%4)%#)+D4/$%*,433-'0)3
a%ZM%e%1)0#%a%WM%e%*$%#4/)64/0-'@%B$%8)+-/\%6<8)1<6<%416"#%8$'/60D)54/0-'%a%LM%MMM%5%1$'*4'/
YM%3'%a%|%ZnQ\%$#/%6$160#%*4'#%*)%/431-'%1!-#1!4/$%EM\MJ%?%]%1R%UH\%*$##4+<%#)6%7$1!4*$[
fTJN%1)0#%8-'8$'/6<%4($8%*)%#)86-#$@%=$#%6<#)+/4/#%0++)#/6<#%146%+$%/4.+$4)%p%-'%'-/$%)'$
031-6/4'/$%8!)/$%*,48/0(0/<%*$%JW\NY%e%146%6411-6/%a%+,0'0/04+$%4($8%)'%D48/$)6%*$%1)60D084/0-'
(-0#0'%*$%Y@

YW
*DB?3>4>B%U%<6B:?BB6;E

7$82.$,*D*:* #$!3'4.'1%,#F#"!)#+3'4.'$P.<),!#)'"+!:%$!3)'4.'*%"+,
1%&#$$%&'A!1,J&'1,G"#1#)!)#+3'F,!")#+33G.'!%'&%$F!).'4P!--+3#%-E5
Q$//$%-.#$6(4/0-'%'$%8-'8-6*$%14#%4($8%8$++$%6411-6/<$%146%*,4)/6$#%4)/$)6#%9)0%-'/
4*-1/<%+$%160'801$%*)%D648/0-''$3$'/%146%*$#%#$+#@%&'%$DD$/\%*4'#%)'$%</)*$%#030+406$%1-6/4'/
#)6%+4%8-45)+4#$%*$% !"#$$%&'&%()#$#&\%?4/-).%EJMMMH\%4%'-/<%)'%6$'*$3$'/%$'%48/0(0/<%*$
XY\VN%e@%;46%40++$)6#\%Q4(4+84'/0%$/%!$5%EJMMZH\%$'%D648/0-''4'/%+,$[/640/%.6)/%*,)'$%8-45)+4#$
D-'509)$%0##)$%*$%]+"!,4#+1&#&'&1@%-'/%-.#$6(<%)'%6$'*$3$'/%*$%NN%e%$/%)'%D48/$)6%*$
1)60D084/0-'%*$%V@%B4%16<8010/4/0-'%*$%+,$[/640/%*$%K/#R+1%&'+,7R!.%4%8-'*)0/%a%)'%6$'*$3$'/
*$%LMY%e%8$%9)0%$#/%*)$\%#$+-'%_)346%$/%!$5'EJMMNH\%a%+,<+030'4/0-'%*$#%#).#/4'8$#%0'!0.0/608$#
16<#$'/$#%*4'#%+4%16<1464/0-'%$'SP34/09)$%.6)/$@
;46% 8-'/6$\% *,4)/6$#% 4)/$)6#% -'/% $'6$50#/6<% *$% D40.+$#% 6$'*$3$'/#% #)0/$% a% )'$% #<60$
*$%/64(4)[%*$%6$8!$68!$%1-6/4'/%#)6%+4%1)60D084/0-'%*$#%8-45)+4#$#%(<5</4+$#%$/%4'034+$#@
&'% $DD$/\% 416"#% )'$% 16<8010/4/0-'% 4)% #)+D4/$% *,433-'0)3% a% NM% e% *$% #4/)64/0-'% $/% )'$
8!6-34/-5641!0$%*,$[8+)#0-'%3-+<8)+406$%*$#%6$'*$3$'/#%*$%+,-6*6$%*$%JN%e\%*$%LJ\N%e%$/
*$%JY%e%-'/%</<%'-/<#%6$#1$8/0($3$'/%1-)6%+4%8-45)+4#$%*$#%5640'$#%*$%3$+-'\%+4%1$1#0'$
-(0'$%$/%+4%1$1#0'$%*)%1-0##-'%Ec$6'4'0\%JMMJ%]%7+434'0\%JMMJ%$/%?48!-)\%JMMZH@
B$% 16-D0+% 8!6-34/-5641!09)$% #)6% 7$1!4*$[% fTLMM% *)% 16<8010/<% D648/0-''<% 4)% #)+D4/$
*,433-'0)3\% 6411-6/<% 146% +4% D05)6$% LL\% 0'*09)$% +4% 16<#$'8$% *$% *$)[% 108#% *,<+)/0-'% ]% +$
16$30$6%$#/%*-)<%*,)'$%48/0(0/<%8-45)+4'/$\%+$%#$8-'*%'-'%48/0D%16<#$'/$%)'$%*$'#0/<%-1/09)$
*,$'(06-'%M\LN%$/%8$%8-'/6406$3$'/%a%8$+)0%-./$')%*4'#%+4%D05)6$%Z%E*$'#0/<%-1/09)$%*$%M\YNH@
Q$80%1$)/%d/6$%0'/$616</<%146%+$%D40/%9)$%+,<8!4'/0++-'%4%#).0%)'$%16<%1)60D084/0-'@
Q$//$%</41$%4%1$630#%*$%3)+/01+0$6%146%)'%D48/$)6%*$%LW\YM%+,48/0(0/<%#1<80D09)$%*$%+4
8-45)+4#$%E/4.+$4)%pH@%Q$1$'*4'/\%+$%6$'*$3$'/%$'%48/0(0/<%6$#/$%$'8-6$%D40.+$%#-0/%*$%+,-6*6$
*$%JM\NL%e@

YX
-F>=4:>6;ER%P?=6Z6:4>6;E%2>%:4=4:>D=6B4>6;E%@2%34%:;4N?34B2%@2%+?:;=%P?B633?B

;&3,#.*<<*:*O,+F#$'4PG$%)#+3'&%,';.1/!4.<'9QBHH'4.'$P.<),!#)'"+!:%$!3)
4.'*%"+,'1%&#$$%&0'1,G"#1#)G'1!,'F,!")#+33.-.3)'!%'&%$F!).'4P!--+3#%-
AIHQDHU'4.'&!)%,!)#+3E5'A6+$+33.'O/!,-!"#!'AB'<'LH'"-E0')!-1+3
4PG$%)#+3'?'1/+&1/!).'AH0HV'*W'1\'LE0'4G(#)'?'L'-$'X/0'F,!")#+3'4.'B'-$E5
B$#%/64(4)[%*$%_!4'%$/%!$5%ELXVXH\%-'/%8-'8+)%9)$%+4%16<8010/4/0-'%D648/0-''<$%4)%#)+D4/$
*,433-'0)3%ENM%{%WM%e%*$%#-+)/0-'H%#)0(0$%*,)'$%<8!4'5$)#$%*,4'0-'#%a%1R%U%4%1$630#
*$%#<146$6%+4%16-/<4#$%8-45)+4'/$%*$%+4%16-/<4#$%'-'%#1<80D09)$%4($8%)'%6$'*$3$'/%*$%UZ
e%$/%)'%D48/$)6%*$%1)60D084/0-'%*$%JX@%Q$//$%#<1464/0-'%',4%14#%</<%6<4+0#<$%146%8$#%3d3$
4)/$)6#%$'%16<8010/4'/%+,$[/640/%.6)/%a%WM%e%E#-0/%)'%6$'*$3$'/%*$%YY%eH%#)0(0$%*,)'$%<8!4'5$
0-'09)$%a%1R%W%E#-0/%)'%6$'*$3$'/%*$%JX%eH@
B4%D05)6$%LJ%6411-6/$%9)$%+4%D648/0-'%48/0($%0##)$%*$%+4%8!6-34/-5641!0$%*,$[8+)#0-'
3-+<8)+406$% E416"#% D648/0-''$3$'/% 4)% #)+D4/$% *,433-'0)3H% $#/% !-3-5"'$@% Q$% 6<#)+/4/
$#/% '-/<% 146% 1+)#0$)6#% 4)/$)6#% Eq!4'% $/% !$50LXVX% ]% Q4(4+84'/0% $/% !$5\% JMMZ% ]% _)346% $/% !$5\
JMMNH@% ;46% 40++$)6#\% +$% 16-D0+% $+$8/6-1!-6"/09)$% *$% +,$[/640/% $'SP34/09)$% .6)/\% *)% 16<8010/<
146% D648/0-''$3$'/% EZM% {% WM% eH% $/% *)% 16<8010/<% a% WM% e% *$% #4/)64/0-'% '$% 3-'/6$% 4)8)'$
*0DD<6$'8$%$'/6$%8$#%/6-0#%<8!4'/0++-'#%ED05)6$%LJH@%Q$80%#)55"6$%9)$%+$%D648/0-''$3$'/%4)
#)+D4/$%*,433-'0)3%',$#/%14#%16<8-'0#<%*4'#%'-/6$%84#@

ZM
*DB?3>4>B%U%<6B:?BB6;E

;&3,#.*<=*?'O,+F#$'G$."),+1/+,J)#S%.'4.&'.<),!#)&
"+!:%$!3)&'4.'*%"+,'1%&#$$%&'A4.%<'G)!1.&'4.'1%,#F#"!)#+3E5
C%{%&[/640/%$'SP34/09)$%.6)/
A%{%&[/640/%16<8010/<%4)%#)+D4/$%*,433-'0)3%EZM%{%WM%e%*$%#4/)64/0-'H
Q%{%c648/0-'%0##)$%*$%+4%5$+%D0+/64/0-'%416"#%16<8010/4/0-'%D648/0-''<$
=%{%?469)$)6#%*$%16-/<0'$#

;&3,#.'<>*?'O,+F#$'.$."),+1/+,J)#S%.'4.&'.<),!#)&'"+!:%$!3)&'4.'*%"+,'1%&#$$%&
A.<),!#)'(,%)'_ P0'1,G"#1#)G'IHQDHU'4.'&!)%,!)#+3'_6P.)'1,G"#1#)G'T'DHU'4.'&!)%,!)#+3'_`PE5
A0$'% 9)$% 8$% 16-/-8-+$% 4% 1$630#% *,4(-06% )'% D48/$)6% *$% 1)60D084/0-'% 8-'#0*<64.+$\
8$1$'*4'/\% +$% 6$'*$3$'/% $'% 48/0(0/<% 6$#/$% /6"#% D40.+$@% Q$80% $#/% 1$)/% d/6$% +0<\% 8-33$% -'
+,4%#)11-#<%16<8<*$33$'/\%#-0/%a%)'$%1$6/$%$'%$'SP3$\%a%#4%*0+)/0-'%-)%4+-6#%a%+4%D40.+$
8-'8$'/64/0-'% $'% $'SP3$% *$% +,$[/640/% .6)/@% ;-)6% 8$+4\% '-)#% 4(-'#% 1$'#<% a% +P-1!0+0#$6% +$
#)6'45$4'/%*$%+4%8)+/)6$%*$%*%"+,'1%&#$$%&@%B,$[/640/%8-45)+4'/%.6)/%+P-1!0+0#<%4%D40/%-.i$/%*,)'
82/<%*,)'$%D0+/64/0-'%#)6%5$+%$/%*,)'%4)/6$%82/<%*,)'$%<8!4'5$)#$%*,4'0-'#@
B$% 16-D0+% 8!6-34/-5641!09)$% #)6% 7$1!4*$[% fTLMM% *$% +,$[/640/% $'SP34/09)$% .6)/
+P-1!0+0#<%ELJN%35H%0'*09)$%*$)[%108#%*,<+)/0-'%*-'/%+$%16$30$6%$#/%48/0D%ED05)6$%LZH@%B4%D648/0-'

ZL
-F>=4:>6;ER%P?=6Z6:4>6;E%2>%:4=4:>D=6B4>6;E%@2%34%:;4N?34B2%@2%+?:;=%P?B633?B

48/0($%6$16<#$'/$%J\UZ%e%*$#%16-/<0'$#%411+09)<$#@%Q$//$%</41$%4%1$630#%*,<+030'$6%$'(06-'
XV%e%*$#%16-/<0'$#%'-'%48/0($#%$/%*,43<+0-6$6%+$%6$'*$3$'/%$'%48/0(0/<%ENN\LY%eH%/-)/%$'
3)+/01+04'/%146%)'%D48/$)6%*$%JM\WW%+,48/0(0/<%#1<80D09)$%*$%+4%8-45)+4#$%E/4.+$4)%pFH@
B,</)*$% 3$'<$% 146% 7+434'0% EJMMJH\% 1-6/4'/% #)6% +4% 1)60D084/0-'% *$% +4% 1$1#0'$% -(0'$% 4
6<(<+<%)'$%D648/0-'%48/0($%4($8%)'%6$'*$3$'/%*$%NX\ZM%e%4($8%)'%D48/$)6%*$%1)60D084/0-'
*$%LJ\VV@

;&3,#.*<?*?'O,+F#$'4PG$%)#+3'&%,';.1/!4.<'9QBHH'4.'$P.<),!#)'"+!:%$!3)
(,%)'$7+1/#$#&G'4.'*%"+,'1%&#$$%&'6+$+33.'O/!,-!"#!'AB'<'LH'"-E0')!-1+3
4PG$%)#+3'?'1/+&1/!).'AH0HV'*'W'1\'LE0'4G(#)'?'L'-$'X/0'F,!")#+3'?'B'-$E5

7$82.$,*D9*:* #$!3'4.'1%,#F#"!)#+3'4.'$P.<),!#)
(,%)'$7+1/#$#&G'4.'*%"+,'1%&#$$%&'AF#$),!)#+3'&%,':.$E5
B$%16-D0+%<+$8/6-1!-6"/09)$%3-'/6$%9)$%+4%D648/0-'%48/0($%0##)$%*$%+4%D0+/64/0-'%#)6%5$+%$#/
!-3-5"'$%ED05)6$LNH@

ZJ
*DB?3>4>B%U%<6B:?BB6;E

;&3,#.*<@*:*O,+F#$'.$."),+1/+,J)#S%.'4.&'.<),!#)&'4.'*%"+,'1%&#$$%&
A.<),!#)'(,%)'$7+1/#$#&G'_>P'.)'$!'F,!")#+3'!")#8.'#&&%.'4.'$!'F#$),!)#+3'&%,':.$'_ PE5
B,$[/640/%$'SP34/09)$%.6)/%+P-1!0+0#<%ELJN%35H%411+09)<%#)6%)'$%<8!4'5$)#$%*,4'0-'#%4
*-''<%)'%16-D0+%8!6-34/-5641!09)$%#)6%y&C&T%7$1!4*$[%CTNM%6$+$(4'/%/6-0#%108#%*0#/0'8/#
ED05)6$%LUH@%B,48/0(0/<%8-45)+4'/$%$#/%8-'8$'/6<$%$'%)'%#$)+%108@%;46%40++$)6#\%+,$'SP3$%$#/
<+)<$%a%)'$%8-'8$'/64/0-'%$'%G4Q+%*$%M\JU%?@

;&3,#.*<A'?'O,+F#$'4PG$%)#+3'&%,'[2>2Q';.1/!4.<'>QMH'4.'$P.<),!#)'(,%)
$7+1/#$#&G'4.'*%"+,'1%&#$$%&'A6+$+33.'AB'<'VH'"-E0')!-1+3'4PG$%)#+3'?'1/+&1/!).
AH0HV'*'W'1\'LE0':,!4#.3)']!6$'?'H'a'H0N'*0'4G(#)'?'IM'-$'X/0'F,!")#+3'?'^'-$E5
B$% /4.+$4)% pFF% 6411-6/$% )'% 6$'*$3$'/% $'% 48/0(0/<% *$% NX\ZN% e% 4($8% )'% D48/$)6% *$
1)60D084/0-'%*$%U\VN@

ZY
-F>=4:>6;ER%P?=6Z6:4>6;E%2>%:4=4:>D=6B4>6;E%@2%34%:;4N?34B2%@2%+?:;=%P?B633?B

7$82.$,*D99*:* #$!3'4.'1%,#F#"!)#+3'4.'$P.<),!#)'(,%)'$7+1/#$#&G
4.'*%"+,'1%&#$$%&'AG"/!3:.%&.'4P!3#+3&'b'F#$),!)#+3'&%,':.$E5
B4%D648/0-'%8-45)+4'/$%$#/%<+)<$%#)6%7$1!4*$[%fTLMM@%B$#%6<#)+/4/#\%6411-6/<#%146%+4
D05)6$%LV\%0'*09)$'/%*$)[108#%*,<+)/0-'%*-'/%+$%16$30$6%$#/%48/0D@%Q$//$%D648/0-'%$'SP34/09)$
160'8014+$%16<#$'/$%)'$%48/0(0/<%*$%V\NU%e%146%6411-6/%a%+,0'0/04+$%$/%#$)+%M\ZJ%e%*$#%16-/<0'$#
*)%*<146/%#-'/%6<8)1<6<$#@

;&3,#.*<B'?'O,+F#$'4PG$%)#+3'&%,';.1/!4.<'9QBHH'4.'$!'F,!")#+3'!")#8.
#&&%.'4.'$!'"/,+-!)+:,!1/#.'G"/!3:.%&.'4P!3#+3&'4.'$P.<),!#)'(,%)

ZZ
*DB?3>4>B%U%<6B:?BB6;E

$7+1/#$#&G'4.'*%"+,'1%&#$$%&5'A6+$+33.'O/!,-!"#!'AB'<'LH'"-E0')!-1+3
4PG$%)#+3'?'1/+&1/!).'AH0HV'*'W'1\'LE0'4G(#)'?'L'-$'X/0'F,!")#+3'?'B'-$E5
B$#% 6<#)+/4/#% *$% +,4'4+P#$% <+$8/6-1!-6"/09)$\% 0++)#/6<#% 146% +4% D05)6$% LW\% 3-'/6$'/% 9)$
+4% D648/0-'% 48/0($% 0##)$% *$% +,<8!4'5$)#$% *,4'0-'#% $#/% 8-31-#<$% *$% *$)[% .4'*$#\% 8$% 9)0
$[1+09)$% #-'% !</<6-5<'<0/<@% &'% 6$(4'8!$\% +4% D0+/64/0-'% 3-+<8)+406$% 4% 1$630#% *,<+030'$6% +4
#$8-'*$%.4'*$%*-'/%+$%1-0*#%3-+<8)+406$%$#/%(-0#0'%*$%JM%MMM%=4\%$/%*-''$\%*$%8$%D40/\%)'$
#$)+$%.4'*$%!-3-5"'$@
C%146/06%*$%8$#%6<#)+/4/#\%0+%6$##-6/%9)$%+,<8!4'5$%0-'09)$\%8-33$%#$)+$%/$8!'09)$%*$
1)60D084/0-'\%'$%1$63$/%14#%*$%1)60D0$6%/-/4+$3$'/%+,$[/640/%$'SP34/09)$%.6)/@

;&3,#.*<C'*:*O,+F#$'.$."),+1/+,J)#S%.'4.&'.<),!#)&'"+!:%$!3)'4.
*%"+,'1%&#$$%&'A.<),!#)'(,%)'$7+1/#$#&G'_ P0'$!'F,!")#+3'!")#8.'#&&%.'4.
$PG"/!3:.%&.'4P!3#+3&'_6P'.)'$!'F,!")#+3'!")#8.'#&&%.'4.'$!'F#$),!)#+3'&%,':.$'_`PE5
B,</)*$%3$'<$%146%;6$$/!4%$/%A--14/!P%ELXXVH\%#)6%+4%8-45)+4#$%*)%K/#R+-%"+,'-#./.#
4% 1$630#% *j-./$'06% )'% 6$'*$3$'/% $'% 48/0(0/<% *$% UW% e% 416"#% +j<8!4'5$)#$% *,4'0-'#% 4($8
9)4/6$%.4'*$#%<+$8/6-1!-6</09)$#\%+4%8!6-34/-5641!0$%*,4DD0'0/<%4%6<(<+<%)'$%#$)+$%.4'*$
!-3-5"'$%4($8%)'%6$'*$3$'/%*$%JJ%e%$/%)'%D48/$)6%*$%1)60D084/0-'%*$%U\V@%7$+-'%8$#%3d3$#
4)/$)6#\%+$#%1053$'/#%8-+-6<#%4##-80<#%4)[%16-/<0'$#%$'SP34/09)$#%#-'/%<+030'<#%4)%8-)6#
*$%+4%1)60D084/0-'@%I'$%1$6/$%8-'#0*<64.+$%$'%6$'*$3$'/%4%</<%8-'#/4/<$%146%A$+P4)#q40/$
$/%!$5%ELXWMH\%$'%1)60D04'/%+$#%16-/<4#$#%-./$')$#%*$%+4%8)+/)6$%*)%*%"+,',.33#3%&@%&'%$DD$/\
/6-0#%D648/0-'#%-'/%</<%-./$')$#%*-'/%*$)[%#-'/%*-)<$#%*,)'$%48/0(0/<%16-/<-+P/09)$%$/%)'$
#$)+$%8-'/$'4'/%)'$%48/0(0/<%8-45)+4'/$@%Q$//$%*$6'0"6$%4%*-''<%)'$%.4'*$%!-3-5"'$%4($8
)'$%48/0(0/<%*$%LY\X%e%146%6411-6/%a%+,0'0/04+$@
;46%40++$)6#\%#$+-'%A$'54'4%EJMMLH\%+,$[/640/%$'SP34/09)$%.6)/\%16-($'4'/%*$#%840++$//$#
*$%.-(0'#%4*)+/$#\%4%</<%#<146<%#)6%=&C&T%8$++)+-#$%CTNM%$'%*$)[%D648/0-'#%>%+4%8!P3-#0'$\
9)0% 6$16<#$'/$% LJ% e% *$% +,48/0(0/<% /-/4+$\% $#/% <+)<$% a% M\Y% ?% $'% G4Q+% $/% +4% 1$1#0'$\% 9)0
6$16<#$'/$%WW%e%*$%+,48/0(0/<%/-/4+$\%$#/%<+)<$%a%M\N%?%*$%G4Q+@

ZN
-F>=4:>6;ER%P?=6Z6:4>6;E%2>%:4=4:>D=6B4>6;E%@2%34%:;4N?34B2%@2%+?:;=%P?B633?B

S/%<D>2=96E4>6;E%@?%P;6@B%9;3D:?346=2%
B4% *</$630'4/0-'% *)% 1-0*#% 3-+<8)+406$% 4% </<% 6<4+0#<$% 146% 8!6-34/-5641!0$% *,$[8+)#0-'
3-+<8)+406$% #)6% 7$1!4*$[% fTLMM% $/% 146% <+$8/6-1!-6"#$% #)6% 5$+% *$% 1-+P4'P+430*$% $'
8-'*0/0-'#%*<'4/)64'/$#\%$'%16<#$'8$%*$%#-*0)3%*-*$8P+%#)+D4/$%E7@=@7@H@
B,<(4+)4/0-'% 4116-[034/0($% *$% +4% 34##$% 3-+<8)+406$% 4% </<% 6<4+0#<$% 146% +,<+)/0-'% *$#
16-/<0'$#%a%1-0*#%3-+<8)+406$%8-'')%EA7C%>%UV%MMM%=4\%1$1#0'$%>%YN%MMM%=4%$/%/6P1#0'$%>
JY%WMM%=4H\%#)6%7$1!4*$[%fTLMM%*4'#%+$#%3d3$#%8-'*0/0-'#%9)$%'-/6$%8-45)+4#$%1)60D0<$
ED05)6$%Y\%4''$[$%ZH@%B$%(-+)3$%*,<+)/0-'%*$%+,$'SP3$%8-66$#1-'*%a%LJ%3+%ED05)6$%N\%4''$[$
ZH@
f6g8$% a% )'$% 8-)6.$% </4+-'% ED05)6$% Z\% 4''$[$% ZH% *)% +-5460/!3$% *)% 1-0*#% 3-+<8)+406$
*$#%16-/<0'$#%3469)$)#$#%$'%D-'8/0-'%*)%(-+)3$%*,<+)/0-'\%'-)#%4(-'#%1)%$#/03$6%+$%1-0*#
3-+<8)+406$%*$%+4%16-/<4#$%</)*0<$%a%ZW%MMM%=4@
B4% 30564/0-'% $+$8/6-1!-6"/09)$% *$% +4% 8-45)+4#$% </)*0<$% $#/% 6<4+0#<$% 1464++"+$3$'/% a
8$++$%*$#%3469)$)6#%a%1-0*#%3-+<8)+406$%8-'')%E;!-#1!-60+4#$%>%XZ%MMM%=4\%#<6)3%4+.)30'
.-(0'%>%UV%MMM%=4\%-(4+.)30'$%>%ZY%MMM%=4\%4'!P*64#$%846.-'09)$%>%YM%MMM%=4\%/6P1#0'$
0'!0.0/$)6%>%JM%MMM%=4%$/%+48/4+.)30'$%>%LZ%MMM%=4H@
B$% 16-D0+% $+$8/6-1!-6"/09)$% 6$16<#$'/<% 146% +4% D05)6$% LN% 3-'/6$% 9)$% +4% D648/0-'% 48/0($
</)*0<$%D40/%411464k/6$%)'$%#$)+$%.4'*$%!-3-5"'$@
=,416"#%+4%8-)6.$%</4+-''45$%-./$')$%4($8%+$#%3469)$)6#%a%1-0*#%8-'')%$/%#<146<#
*4'#%+$#%3d3$#%8-'*0/0-'#%0++)#/6<$%146%+4%D05)6$%U%E4''$[$%NH\%+4%34##$%3-+<8)+406$%*$%+4
D648/0-'%8-45)+4'/$%$#/%*$%+,-6*6$%ZX%MMM%=4@
G-#%6<#)+/4/#%'$%8-'8-6*$'/%14#%4($8%8$)[%6411-6/<#%146%+4%+0//<64/)6$@%7$+-'%C6$8$#
$/% !$5' ELXXJH% 80/<% 146% c$6'4'*$STB4!-6$% $/% !$5' ELXXXH\% +$#% 16-/<4#$#% D-'509)$#% #-'/
84648/<60#<$#% 146% )'% 1-0*#% 3-+<8)+406$% (4604'/% *$% YJ% MMM% a% YZ% MMM% =4@% Q$% 6<#)+/4/% $#/
8-'D063<% 146% 8$6/40'#% 4)/$)6#% EA$+P4)#q40/$% $/% !$50% LXVX% ]% B$'-06% $/% !$5\LXVX% ]% c$6'4*$ST
B4!-6$% $/% !$5\% LXXX% $/% _)346% $/% !$5\% JMMNH\% $'% </)*04'/% 6$#1$8/0($3$'/% +$#% 8-45)+4#$#
1)60D0<$#%*$%*%"+,',.33#3%&0'O.3#"#$$#%-'"!&.#"+$%-0'*%"+,'&15'.)'K/#R+1%&'+,7R!.5
&'% 6$(4'8!$\% *,4)/6$#% /64(4)[% -'/% #05'4+<% *$#% 34##$#% 3-+<8)+406$#% )'% 1$)% 1+)#
<+$(<$#@%&'%$DD$/\%;6$$/!4%$/%A--14/!P%ELXXVH\%-'/%0'*09)<%)'%1-0*#%*$%ZM%MMM%=4%1-)6%+4
8-45)+4#$%*$%K/#R+-%"+,'-#./.#@%B4%3d3$%34##$%4%</<%$#/03<$%1-)6%+,$'SP3$%*$% !"#$$%&
E74D460q\%LXWZ%]%Q!$3+4+\%LXXWH%$/%*$%*#<+"+""%&'<!3)/%&%E;-S4%$/%!$50%JMMYH@
B4%*0DD<6$'8$%*$%1-0*#%3-+<8)+406$%0'*09)$%9)$%8$//$%84648/<60#/09)$%*<1$'*%*$%+,-6050'$
*$% +4% 8-45)+4#$@% C0'#0\% +$#% /64(4)[% 1-6/<#% #)6% +$#% 8-45)+4#$#% 4'034+$#% -'/% 0'*09)<% *$#
1-0*#%3-+<8)+406$#%8-3160#%$'/6$%YL%MMM%$/%YV%MMM%=4%Ec-[%$/%ƒ!0/4q$6\%LXVV%]%7+434'0\
JMMJ%$/%?48!-)\%JMMZH@%7$+-'%f46'-/%$/%?46/0'%ELXWMH\%+4%8!P3-#0'$%$/%+4%1$1#0'$%#-'/
84648/<60#<$#%146%)'$%34##$%*$%YM%MMM%=4%$/%*$%YN%MMM%=4%6$#1$8/0($3$'/@%;46%40++$)6#\
*$#%1-0*#%3-+<8)+406$#%*$%+,-6*6$%*$%UV%MMM%=4%$/%*$%UJ%MMM%=4%-'/%</<%6411-6/<#%1-)6%+4
8-45)+4#$%*$#%5640'$#%*$%3$+-'%Ec$6'4'0\%JMMJH%$/%*$%+,46/08!4)/%EB+-6$'/$%$/%!$50%JMMZH@

%.%14=4:>D=6B4>6;E%@2%3W2F>=46>%Z;EN6V?2%P?=6Z6D%2>%@2
34%P=DB?=2

ZU
*DB?3>4>B%U%<6B:?BB6;E

O%.% EZ3?2E:2%@2%34%>29PD=4>?=2
B4%*</$630'4/0-'%*$%+4%/$31<64/)6$%-1/034+$%*,48/0(0/<%*$#%16<1464/0-'#%8-45)+4'/$#%4%</<
6<4+0#<$%$'%3$#)64'/%+$%/$31#%*$%8-45)+4/0-'%a%*0DD<6$'/$#%/$31<64/)6$#%*)%+40/%4++4'/%*$
JNnQ%a%UNnQ@
B4% D05)6$% LX\% 6411-6/$% )'% 8-31-6/$3$'/% *0DD<6$'/% *$#% $'SP3$#% </)*0<$#@% B,-1/03)3
*,48/0-'% 1-)6% +4% 8-45)+4#$% 1)60D0<$% *)% *%"+,' 1%&#$$%&% $/% *$% +4% 16<#)6$% 4'034+$% $#/\
6$#1$8/0($3$'/\%-./$')%4)[%/$31<64/)6$#%*)%+40/%<54+$#%a%NMnQ%$/%ZJnQ@%C)%*$+a%*$%8$#
/$31<64/)6$#\%-'%'-/$%)'$%.40##$%*,48/0(0/<%1-)6%+$#%*$)[%8-45)+4#$#@%;46%40++$)6#\%+,$[/640/
8-45)+4'/%D-'509)$\%8-3146<%a%+4%16<#)6$%4'034+$\%#$%3-'/6$%$'8-6$%48/0D%a%UMnQ@%C%8$//$
/$31<64/)6$\%+4%16<#)6$%$#/%8-31+"/$3$'/%*</6)0/$@
B,0'D+)$'8$% *$% +4% /$31<64/)6$% #)6% +$% /$31#% *$% 160#$% 6<#)+/$% *$% /6-0#% $DD$/#% >% +4
/!$63-#$'#0.0+0/<%*$%+,$'SP3$%8-45)+4'/$%E+4%16<#)6$%8-33$'8$%a%#$%*<'4/)6$6%a%YNnQ%$/
$#/%/-/4+$3$'/%*<'4/)6<$%a%UNnQH\%+4%(0/$##$%*$%+4%6<48/0-'%$'SP34/09)$%E1!4#$%1603406$%>
yLM% %JH%$/%#)6/-)/%+4%(0/$##$%*,456<54/0-'%E1!4#$%#$8-'*406$%>%yLM% %LJH%E?0$//-'%$/%!$0
LXXZH@

;&3,#.*<E'?'2FF.)'4.'$!').-1G,!)%,.'4%'$!#)'&%,'$P!")#8#)G'"+!:%$!3).5
7$+-'%f46'-/%$/%?46/0'%ELXWMH\%+4%16<#)6$%16<#$'/$%)'$%48/0(0/<%8-45)+4'/$%-1/034+$%a
)'$%/$31<64/)6$%(-0#0'$%*$%ZMnQ@%B$#%</)*$#%1-6/4'/%#)6%+4%8-45)+4#$%*$%*%"+,'1%&#$$%&
-'/%6411-6/<%)'%-1/03)3%/!$6309)$%*$%NNnQ%E7-3q)/0%$/%A4.$+\%LXUW%]%Fu4#4q0%$/%!$5\%LXVX%]
?4!$#!u460%$/%!$5\%JMMZH[%Q$%3d3$%6<#)+/4/%4%</<%-./$')%146%Q4(4+84'/0%$/%!$5'EJMMZH%1-)6
+4%16-/<4#$%8-45)+4'/$%*$%]+"!,4#+1&#&'&1@%;46%40++$)6#\%+,$'SP3$%#$86</<$%146%K/#R+1%&
+,7R!.\%16<#$'/$\%#$+-'%_)346%$/%!$5'EJMMNH\%)'%-1/03)3%/!$6309)$%*$%UMnQ\%/$31<64/)6$
-1/034+$%*,48/0-'%*$#%$'SP3$#%*$% !"#$$%&%E?4*#$'%$/%y(0#/\%LXXV%]%?4/-).\%JMMMH@%;+)#
6<8$33$'/\%f-)6#4)*%ELXXXH\%4%0'*09)<%)'$%/$31<64/)6$%-1/034+$%*,48/0-'%*$%NJnQ%a%UJnQ
1-)6%+$#%16<1464/0-'#%D-'509)$#%8-45)+4'/$#%*$%*%"+,'-#./.#0'*%"+,'1%&#$$%&'$/'234+)/#!
ZV
-F>=4:>6;ER%P?=6Z6:4>6;E%2>%:4=4:>D=6B4>6;E%@2%34%:;4N?34B2%@2%+?:;=%P?B633?B

1!,!&#)#"!5%A$+!4308!$%EJMMLH\%$'%84648/<60#4'/%+,$[/640/%$'SP34/09)$%.6)/%*$%+4%#-)8!$%$'
9)$#/0-'\%4%'-/<%9)$%+,48/0(0/<%4)53$'/$%16-56$##0($3$'/%$'/6$%YMnQ%$/%UMnQ%$/%6410*$3$'/
$'/6$%UMnQ%$/%VMnQ@
;46%40++$)6#\%+4%1$1#0'$%*$%1-)+$/\%</)*0<$%146%?-6#+0%ELXXUH\%16<#$'/$%)'$%/$31<64/)6$
-1/034+$% *$% ZMnQ@% =4'#% )'$% </)*$% #030+406$\% A$'54'4% EJMMLH% 4% 6411-6/<% )'$% 48/0(0/<
-1/034+$%a%ZNnQ%1-)6%+4%8!P3-#0'$%$/%+4%1$1#0'$@% -)/$D-0#\%1+)#0$)6#%/64(4)[%6<4+0#<#%#)6
+$#%8-45)+4#$#%(<5</4+$#%-'/%6411-6/<%*$#%-1/03)3%/!$6309)$#%/6"#%<+$(<#%E?-)S4+0\%JMML%]
A6)'-%$/%!$5\%JMMJ%]%c$6'4'0\%JMMJ%]%B-%;0$6-%$/%!$50'JMMJH@
B4%/$31<64/)6$%$#/%$'%5<'<64+%1+)#%<+$(<$%1-)6%+$#%$'SP3$#%*$%3086--654'0#3$#%$/
*$%(<5</4)[%146%8-314640#-'%4)[%16-/<4#$#%4'034+$#@%=$%/$++$#%$'SP3$#%#-'/\%#$+-'%C+40#
ELXWZH\%D4(-60#<$#@%&'%$DD$/\%+,4(4'/45$%*$%8$#%$'SP3$#%6<#0*$%$'%+$)6%841480/<%*,48/0($6
+$% 16-8$##)#% /$8!'-+-509)$% *$% D4.6084/0-'% *$% D6-345$#\% *4'#% +$% 84#% -h% +4% 8-45)+4/0-'
'<8$##0/$640/%*$#%/$31<64/)6$#%<+$(<$#\%i)#/$%416"#%+4%14#/$)60#4/0-'%-h%+,-'%D0[$%*$#%(4+$)6#
*$%/$31<64/)6$#%#)1<60$)6$#%a%NMnQ@

Q%.% EZ3?2E:2%@2%P0%@?%346>
B,$DD$/%*)%1R%*)%+40/%#)6%+,48/0(0/<%8-45)+4'/$%$#/%0++)#/6<%146%+4%D05)6$%JM@%B$#%*$)[%16<1464/0-'#
$'SP34/09)$#%</)*0<$#%16<#$'/$'/%)'%8-31-6/$3$'/%4'4+-5)$%(0#%a%(0#%*)%1R%*)%+40/@%I'$
48/0(0/<% 6$+4/0($3$'/% 031-6/4'/$% $#/% 8-'#/4/<$% a% 1R% N% ]% 4)% *$+a% *$% 8$//$% (4+$)6\% +,48/0(0/<
*030')$@%C%1R%V\%+,48/0(0/<%*$%+4%8-45)+4#$%D-'509)$%</)*0<$%$/%*$%+4%16<#)6$%4'034+$\%'$
6$16<#$'/$%9)$%J\UN%e%$/%J\Z%e%6$#1$8/0($3$'/@%Q$#%*$)[%16<1464/0-'#%#-'/%8-31+"/$3$'/
0'48/0(<$#%a%1R%V\J@

;&3,#.*=G'?'2FF.)'4%'1\'4%'$!#)'&%,'$P!")#8#)G'"+!:%$!3).5

ZW
*DB?3>4>B%U%<6B:?BB6;E

B,4.40##$3$'/% *)% 1R% *$% V% a% N\J% 16-(-9)$% +4% *030')/0-'% *)% /$31#% *$% 8-45)+4/0-'
E`43$/\% LXXM% ]% G4i$64% $/% !$5\% JMMYH@% &'% $DD$/\% +,480*0D084/0-'% *)% +40/% D4(-60#$% +4% 6<48/0-'
*,456<54/0-'%146%#)0/$%a%+4%*030')/0-'%*$%+4%#/4.0+0/<%*$#%308$++$#\%+0<$%a%+4%'$)/64+0#4/0-'%*$#
8!465$#%'<54/0($#%$/%a%+4%+0.<64/0-'%*,0-'#%84+80)3@
7$+-'%Fu4#4q0%$/%!$@%ELXVXH\%+$%1R%-1/03)3%*$%+4%8-45)+4#$%*)%*%"+,'1%&#$$%&%$#/%*$
Y\N%$'%)/0+0#4'/%*$%+4%84#<0'$%8-33$%#).#/64/@%B4%3d3$%8-'#/4/4/0-'%4%</<%6411-6/<$%146
A$+P4)#q40/$%$/%!$5%ELXWMH%1-)6%+4%16-/<4#$%*)%*%"+,',.33#3%&'/$#/<$%#)6%*$%+,!<3-5+-.0'$@
Q$1$'*4'/\%+$#%/64(4)[%*$%7-3q)/0%$/%A4.$+%ELXUWH%1)0#%8$)[%*$%q!4'%$/%!$5'ELXVXH
-'/%6411-6/<%)'%1R%-1/03)3%*$%Y\W@%B$#%$'SP3$#%D-'509)$#\%#$+-'%c$6'4*$STB4!-6$%$/%!$5
ELXXXH\%#$%84648/<60#$'/%146%)'%1R%-1/03)3%*,48/0-'%$'/6$%J\N%$/%N\N@%&'%6$(4'8!$\%+,-1/03)3
*,!P*6-+P#$%*$%+4%84#<0'$%146%+4%8!P3-#0'$%$#/%8-3160#\%#$+-'%?0$//-'%$/%!$5'ELXXZH\%$'/6$
1R%N\Z%$/%1R%N\V%/4'*0#%9),0+%#$%#0/)$%$'/6$%J%$/%Y%1-)6%+4%1$1#0'$@%;46%40++$)6#\%+4%1$1#0'$
*$%1-0##-'%E*%3#4!H%4%)'$%48/0(0/<%-1/034+$%$'/6$%1R%U\N%$/%V\N%E=,C3.6-#0-%$/%!$5\%JMMYH@
f46'-/%$/%?46/0'%ELXWMH%-'/%6411-6/<%)'%1R%-1/03)3%*$%N\W%1-)6%+4%16<#)6$%4'034+$@
;46%40++$)6#\%+,48/0(0/<%-1/034+$%*$%+4%8-45)+4#$%$[/640/$%a%146/06%*$%+,46/08!4)/%#$%#0/)$
$'/6$%1R%Z\N%$/%N\N%EB+-6$'/$%$/%!$5\%JMMZH\%146%8-'/6$\%8$++$%*$%+4%.6-3<+0'$%$#/%*$%W\N%EA6)'-
$/%!$5\%JMMJH@
&'% *<D0'0/0D\% +,$DD$/% *)% 1R% *)% +40/% #)6% +,48/0(0/<% 8-45)+4'/$% *$#% $'SP3$#% $#/% D-6/$3$'/
*<1$'*4'/%*$%+$)6%-6050'$%$/%*$%+4%'4/)6$%*)%#).#/64/

S%.% EZ3?2E:2%@2%34%:;E:2E>=4>6;E%2E%1413Q
B,0'D+)$'8$%*)%84+80)3%#)6%+,48/0(0/<%8-45)+4'/$%*$%+4%16-/<4#$%*)%*%"+,'1%&#$$%&'8-3146<$
a%+4%16<#)6$%4'034+$\%4%</<%</)*0<$%$'%D40#4'/%(460$6%#4%8-'8$'/64/0-'%*4'#%+$%+40/%*$%M\MM
?%a%M\MN%?@
B$#% 6<#)+/4/#% 0'*09)<#% 146% +4% D05)6$% JL% 3-'/6$'/% 9)$% +,48/0(0/<% 8-45)+4'/$% 4)53$'/$
4($8% +4% 8-'8$'/64/0-'% $'% Q4Q+J% *)% +40/@% B,-1/03)3% *,48/0(0/<% 1-)6% +$#% *$)[% 16<1464/0-'#
8-45)+4'/$#%$#/%-./$')%1-)6%)'$%8-'8$'/64/0-'%*$%M\MJ%?@%C)%*$+a\%+,48/0(0/<%.40##$%146%)'
$DD$/%0'!0.0/$)6%*$%+,0-'%84+80)3@%Q$/%$DD$/%$#/%1+)#%3469)<%4($8%+,$[/640/%8-45)+4'/%1)60D0<%*$
*%"+,'1%&#$$%&5
B,4**0/0-'% *)% 84+80)3% #-+).+$% $'/64k'$% )'$% 4)53$'/4/0-'% *$% +4% /$'$)6% $'% 1!-#1!4/$
*$% 84+80)3% 8-++-0*4+% +$9)$+% #$3.+$% d/6$% +$% D48/$)6% *</$630'4'/% *$% +,41/0/)*$% *)% +40/% a% +4
8-45)+4/0-'% 146% +4% 16<#)6$% EA6)+$% $/% B$'-06\% LXXMH@% &'% $DD$/\% Q$//$% 4**0/0-'% 16-(-9)$\
#$+-'%G4i$64%$/%!$5'EJMMYH\%)'$%*030')/0-'%*)%/$31#%*$%8-45)+4/0-'@%Q$1$'*4'/\%1-)6%)'$
8-'8$'/64/0-'%<+$(<$%$'%Q4Q+J\%+$%/$31#%*$%8-45)+4/0-'%/$'*%a%4)53$'/$6@

ZX
-F>=4:>6;ER%P?=6Z6:4>6;E%2>%:4=4:>D=6B4>6;E%@2%34%:;4N?34B2%@2%+?:;=%P?B633?B

;&3,#.*=<'?'2FF.)'4.'$!'"+3".3),!)#+3'.3'6!6$V'4%'$!#)'&%,'$P!")#8#)G'"+!:%$!3).5
B,48/0(0/<%-1/034+$%*$%+,$[/640/%$'SP34/09)$%.6)/%*$%+4%#-)8!$%D-'509)$%</)*0<$\%#$+-'
A$+!4308!$%EJMMLH\%4%</<%8-'#/4/<$%1-)6%)'$%8-'8$'/64/0-'%$'%Q4Q+J%*$%M\MZ%?@
=,416"#%+$#%6<#)+/4/#%-./$')#%146%;6$$/!4%$/%A--14/!P%ELXXVH\%4)8)'$%*0DD<6$'8$%*$
#$'#0.0+0/<%*$%+4%16-/<4#$%*$%K/#R+-%"+,'-#./.#%146%6411-6/%a%+4%16<#)6$%',4%</<%8-'#/4/<$@
;46% 40++$)6#\% *4'#% )'$% </)*$% #030+406$% *$% +4% 8-45)+4#$% *$% !"#$$%&' &%()#$#&\% Q!$3+4+
ELXXWH\% 4% -./$')% )'$% 8-'8$'/64/0-'% -1/034+$% *$% M\MN% ?@% ;46% 8-'/6$\% ?4/-).% EJMMMH\% 4
6411-6/<$%)'$%48/0(0/<%-1/034+$%*$%+4%8-45)+4#$%1)60D0<$%a%)'$%8-'8$'/64/0-'%*$%M\MJ%?@
B-6#%*,)'$%</)*$%*$%9)$+9)$#%1+4'/$#%+-84+$#%$/%*,)'$%8-45)+4#$%*$%1-)+$/\%?-6#+0%$/
!$5'ELXWNH%$/%?-6+0%ELXXUH\%-'/%0'*09)<%)'$%8-'8$'/64/0-'%*)%+40/%$'%Q4Q+J%*$%+,-6*6$%*$%M\MJ
?%1-)6%+,$'#$3.+$%*$#%16<1464/0-'#%8-45)+4'/$#@%Q$%6<#)+/4/%4%</<%8-'D063<%146%f46'-/%$/
?46/0'%ELXWMH%1-)6%+4%16<#)6$%4'034+$@%&'%6$(4'8!$\%+4%1$1#0'$%-(0'$%16<#$'/$%)'$%48/0(0/<
8-45)+4'/$%-1/034+$%a%)'$%8-'8$'/64/0-'%$'%Q4Q+J%*$%M\MU%?%E7+434'0\%JMMJH@
;46%8-314640#-'%a%+4%16<#)6$%4'034+$\%+$#%$'SP3$#%*$%*%"+,'#-'/%/6"#%#$'#0.+$#%4)[
(4604/0-'#%*$%+4%/$'$)6%$'%84+80)3%EFu4#4q0%$/%!$0'LXVX%]%C'#/6)1\%LXWMH@

T%.% EZ3?2E:2%@2%34%:;E:2E>=4>6;E%2E%2F>=46>%2ELM94>6V?2
B,48/0(0/<%*$#%$[/640/#%8-45)+4'/#\%$'%D-'8/0-'%*$%+4%8-'8$'/64/0-'%$'%$[/640/\%4%</<%$#/03<$
$'%3$#)64'/%+$%/$31#%*$%8-45)+4/0-'%1-)6%*$#%8-'8$'/64/0-'#%(4604.+$#%*$%M\MU%35%K3+%a
M\Y%35%K3+@
B$#% 6<#)+/4/#% 6411-6/<#% 146% +4% D05)6$% JJ% 3-'/6$'/% 9)$% +,48/0(0/<% 8-45)+4'/$% *$#
*$)[% $[/640/#% 4)53$'/$% 9)4'*% +4% 8-'8$'/64/0-'% $'% $'SP3$% 4)53$'/$@% Q$1$'*4'/\% *4'#
+,0'/$6(4++$%*$#%8-'8$'/64/0-'#%4++4'/%*$%M\JN%a%M\Y%35%K3+\%-'%'-/$%)'%14++0$6%*$%#4/)64/0-'

NM
*DB?3>4>B%U%<6B:?BB6;E

$'%$'SP3$%$/%8$%1-)6%+4%8-45)+4#$%D-'509)$%8-'/6406$3$'/%a%+4%16<#)6$%4'034+$@% -)/$D-0#\
f46'-/% $/% ?46/0'% ELXWMH% $/% 1+)#% 6<8$33$'/% f-)6#4)*% ELXXXH\% -'/% 3-'/6<% 9)$% +,48/0(0/<
8-45)+4'/$% *$% +4% 16<#)6$% 86-0/% +0'<406$3$'/% $'% D-'8/0-'% *$% +4% 8-'8$'/64/0-'% $'% $'SP3$\
+-6#9)$%8$++$T80%$#/%D40.+$%8$%9)0%8-66$#1-'*%4)[%*-#$#%$31+-P<$#%$'%D6-345$60$@

;&3,#.*==':'Z3F$%.3".'4.'$!'"+3".3),!)#+3'.3'.<),!#)'"+!:%$!3)'&%,'$P!")#8#)G'"+!:%$!3).5

\%.%->?@2%@2%34%B>45636>D%@2%3W2F>=46>
\[O%.%">45636>D%>82=96V?2
B4%#/4.0+0/<%/!$6309)$%*$%+,$[/640/%D-'509)$%1)60D0<\%8-3146<%a%+4%16<#)6$\%4%</<%</)*0<$%$'%+$
340'/$'4'/%1$'*4'/%YM%3'%a%*$#%/$31<64/)6$#%4++4'/%*$%YMnQ%a%UNnQ@
B$#%6<#)+/4/#%0++)#/6<#%146%+4%D05)6$%JY%0'*09)$'/%9)$%+,48/0(0/<%*$%+4%8-45)+4#$%*$%*%"+,
1%&#$$%&%$#/%6$+4/0($3$'/%#/4.+$%*4'#%+,0'/$6(4++$%*$%/$31<64/)6$%8-3160#%$'/6$%YMnQ%$/%NMnQ@
;46%8-'/6$\%+4%16<#)6$%4'034+$%$[1603$%*<ia%a%ZNnQ%)'$%.40##$%*,48/0(0/<@
;-)6%*$#%/$31<64/)6$#%#)1<60$)6$#%a%NMnQ\%+4%16-/<4#$%D-'509)$%16<#$'/$%)'$%.40##$
*,4.-6*%16-56$##0($%*$%#-'%48/0(0/<%8-45)+4'/$%Ea%NNnQH%1)0#%6410*$%Ea%UMnQH%]%/$31<64/)6$#
1-)6%+$#9)$++$#%+4%16<#)6$%4'034+$%$#/%8-31+"/$3$'/%*</6)0/$%1-)6%$DD$/%*$%*<'4/)64/0-'%*$
+4%#/6)8/)6$%*$%+,$'SP3$@

NL
-F>=4:>6;ER%P?=6Z6:4>6;E%2>%:4=4:>D=6B4>6;E%@2%34%:;4N?34B2%@2%+?:;=%P?B633?B

;&3,#.*=>'?';)!(#$#)G')/.,-#S%.'4.'$P.<),!#)'1%,#F#G'4%'*%"+,'1%&#$$%&'.)'4.'$!'1,G&%,.5
B$#%6<#)+/4/#%-./$')#%146%A$+!4308!$%EJMMLH\%-'/%6411-6/<%)'$%#/4.0+0/<%/!$6309)$%*$
+,$[/640/%$'SP34/09)$%.6)/%*$%*%"+,'1%&#$$%&'4)[%/$31<64/)6$#%0'D<60$)6$#%*$%ZNnQ@
7$+-'%C+40#%ELXWZH\%9)4'*%+4%/$31<64/)6$%#,<+"($%4)%*$##)#%*$%NMnQ\%+4%*<'4/)64/0-'%*$
+4%16<#)6$%*$(0$'/%#$'#0.+$%]%+$#%$'SP3$#%D-'509)$#%#-'/%1+)#%6<#0#/4'/$#%4)%8!4)DD45$%8$
9)0%$[1+09)$%9)$%+4%/$31<64/)6$%-1/034+$%*$%+4%8-45)+4/0-'%#-0/%1+)#%<+$(<$@%&DD$8/0($3$'/\
+$#%/64(4)[%*$%7-3q)/0%$/%A4.$+%ELXUWH%$/%8$)[%*$%;6$$/!4%$/%A--14/!P%ELXXVH\%-'/%0'*09)<
)'$%/$31<64/)6$%*,0'48/0(4/0-'%*$%UNnQ%1-)6%+4%8-45)+4#$%*)%5$'6$%*%"+,@%&'%6$(4'8!$\
+,0'48/0(4/0-'% /!$6309)$% *$% +4% 16-/<4#$% *$% K/#R+1%&' +,7R!.\% 6411-6/<$% 146% _)346% $/% !$5
EJMMZH\%4%+0$)%a%VJnQ@
?4/-).%EJMMMH\%4%0'*09)<$%)'$%#/4.0+0/<%/!$6309)$%*,)'$%8-45)+4#$%16-*)0/$%146%)'$
#-)8!$%+-84+$%*$% !"#$$%&'&%(&)#$#&%#<+$8/0-''<$%BQYY%8-3160#$%$'/6$%YMnQ%$/%NMnQ\%$/%8$+4
1-)6%)'$%*)6<$%*,$[1-#0/0-'%*$%YM%3'@%;46%40++$)6#\%?-6#+0%ELXXUH\%4%'-/<%)'$%564'*$%#/4.0+0/<
/!$6309)$%*$#%8-45)+4#$#%(<5</4+$#%E46/08!4)/\%D05)0$6H\%146%8-314640#-'%a%8$++$%*,-6050'$
4'034+$@%B4%1$1#0'$%-(0'$%$#/%6$+4/0($3$'/%#/4.+$%1-)6%*$#%/$31<64/)6$#%0'D<60$)6$#%a%NMnQ
E7+434'0\%JMMJH@%7$+-'%?48!-)%EJMMZH\%+4%#/4.0+0/<%*$%+4%1$1#0'$%*$%1-0##-'%#$%#0/)$%*4'#
+,0'/$6(4++$%*$#%/$31<64/)6$#%8-3160#%$'/6$%YMnQ%$/%ZMnQ@
&'%5<'<64+\%+$#%8-45)+4#$#%3086-.0$''$#%$/%(<5</4+$#%#$%3-'/6$'/%1+)#%#/4.+$#%4)[
/$31<64/)6$#%1+)#%<+$(<$#%9)$%+4%16<#)6$%4'034+$@

\[Q%.%">45636>D%f%34%:;EB2=X4>6;E%f%g%Th%1%2>%f%.%Oah1

NJ
*DB?3>4>B%U%<6B:?BB6;E

B,</)*$%*$%+4%#/4.0+0/<%4)%8-)6#%*$%+4%8-'#$6(4/0-'%4%</<%6<4+0#<$%146%+,$'/6$1-#45$%*$%+,$[/640/
1)60D0<%*$%*%"+,'1%&#$$%&%a%|%ZnQ%$/%a%{LWnQ@%B,48/0(0/<%8-45)+4'/$%6<#0*)$++$\%$[1603<$%$'
1-)68$'/45$%146%6411-6/%a%+,48/0(0/<%8-45)+4'/$%0'0/04+$\%4%</<%<(4+)<$%1<60-*09)$3$'/@
B$#%6<#)+/4/#\%0++)#/6<#%146%+4%D05)6$%JZ\%0'*09)$'/%)'$%.40##$%*,48/0(0/<%a%146/06%*$%JL
i-)6#%*$%8-'#$6(4/0-'%a%|%Zn%Q@%C)%.-)/%*$%JW%i-)6#\%+,48/0(0/<%6<#0*)$++$%*$%+,$[/640/%8-45)+4'/
1)60D0<% $#/% *$% WJ\L% e@% C)T*$+a\% +,48/0(0/<% 8-45)+4'/$% 8-'/0')$% a% .40##$6% 16-56$##0($3$'/@
Q$1$'*4'/\%+,$[/640/%1)60D0<%*$%*%"+,'1%&#$$%&%'$%3-'/6$%4)8)'$%.40##$%*,48/0(0/<\%a%{LWnQ\
4)%.-)/%*$%NU%i-)6#%]%a%VM%i-)6#\%+,$'SP3$%1$6*%JY\YW%e%*$%#-'%48/0(0/<%0'0/04+$@
7$+-'%+$#%6<#)+/4/#%-./$')#%146%A$+!4308!$%EJMMLH\%)'$%.40##$%*,48/0(0/<%8-45)+4'/$
*$%+,$[/640/%$'SP34/09)$%.6)/%*$%+4%#-)8!$%</)*0<$%$#/%$'6$50#/6<$%4)%.-)/%*$%JL%i-)6%*$
"3$%
8-'#$6(4/0-'% a% |% ZnQ% 4($8% )'$% 48/0(0/<% 6<#0*)$++$% *$% YV% e% +$% JW i-)6% *$% #/-8q45$@
;46%40++$)6#\%Q!$3+4+%ELXXWH\%4%6411-6/<%9)$%+,$[/640/%.6)/%*$% !"#$$%&'"+!:%$!3&%$#/%#/4.+$
1$'*4'/%+$#%80'9%i-)6#%*$%8-'#$6(4/0-'@%&'%6$(4'8!$\%?4/-).%EJMMMH\%4%0'*09)<$%)'$%48/0(0/<
6<#0*)$++$%*$%VY%e%a%|%Zn%Q%4)%.-)/%*$%YM%i-)6#%*$%8-'#$6(4/0-'@%C)T*$+a\%+,48/0(0/<%6$#/$
#/4.+$@
=4'#%)'$%</)*$%#030+406$%1-6/4'/%#)6%+4%1$1#0'$%*$%1-0##-'\%?48!-)%EJMMZH\%4%'-/<%)'$
.40##$%*,48/0(0/<%*$%NM%e%a%{LWn%Q%4)%.-)/%*$%ZN%i-)6#%*$%8-'#$6(4/0-'@%;46%8-'/6$\%+$#
</)*$#%4'/<60$)6$#%*$%8-'#$6(4/0-'%3$'<$#%146%?-6#+0%ELXXUH\%?-)S4+0%EJMMLH%$/%c$6'4'0
EJMMJH%#)6%+$#%16-/<4#$#%8-45)+4'/$#%*$%+,46/08!4)/\%*)%D05)0$6\%*)%1-)+$/\%*)%846*-'%$/%*$#
5640'$#%*$%3$+-'\%-'/%3-'/6<%9)$%+,48/0(0/<%*$%8$#%8-45)+4#$#%6$#/$%#/4.+$%4)%8-)6#%*$%+4
*)6<$%*$%#/-8q45$%*$%1+)#%*$%/6-0#%3-0#%a%{LWn%Q@
&'%5<'<64+\%+$#%$'SP3$#%8-'#$6(<$#%a%|%ZnQ%546*$'/%)'$%48/0(0/<%6<#0*)$++$%9)0%*<1$'*
*$% +,-6050'$% $/% *$% +4% 1)6$/<% *$#% $[/640/#@% =$% 1+)#\% $++$#% #$% 8-'#$6($'/% 30$)[% 4)[% .4##$#
/$31<64/)6$#% E8-'5<+4/0-'H@% G<4'3-0'#\% 8$% 16-8<*<% $#/% 1+)#% 8-^/$)[% 1-)6% )'$% $'SP3$
0'*)#/60$++$@

;&3,#.*=?*:*;)!(#$#)G'4.'$P.<),!#)'1%,#F#G'!%'"+%,&'4.'$!'"+3&.,8!)#+35
NY
-F>=4:>6;ER%P?=6Z6:4>6;E%2>%:4=4:>D=6B4>6;E%@2%34%:;4N?34B2%@2%+?:;=%P?B633?B

`%.%&:>6X6>D%P=;>D;3M>6V?2
B,<(-+)/0-'%*$%+,4S-/$%'-'%16-/<09)$%4)%8-)6#%*$%+,!P*6-+P#$%$'SP34/09)$%4%</<%6411-6/<$
146%+4%D05)6$%JN@
B$#%6<#)+/4/#%-./$')#%3-'/6$'/%9)$%+,48/0(0/<%16-/<-+P/09)$%*$%+,$[/640/%$'SP34/09)$%.6)/
<(-+)$%D-6/$3$'/%4($8%+4%*)6<$%*$%8-'/48/%$'SP3$T#).#/64/%146%6411-6/%a%+,$[/640/%1)60D0<%$/%a
+4%16<#)6$%4'034+$@%:'%*0#/0'5)$%*$)[%1!4#$#%1-)6%+,$[/640/%.6)/%]%+4%16$30"6$%*)64'/%+49)$++$
)'$%D-6/$%4)53$'/4/0-'%*)%/4)[%*$%+,4S-/$%'-'%16-/<09)$%E$'/6$%LM%a%XM%3'%*$%8-'/48/H@%Q$
6<#)+/4/%+40##$%#)11-#$6%9),0+%P%4%$)%!P*6-+P#$%*$#%16-/<0'$#%$/%+0.<64/0-'%*$#%480*$#%430'<#
+0.6$#%$/%*$#%1$1/0*$#%*$%D40.+$%1-0*#%3-+<8)+406$@%B4%#$8-'*$%1!4#$%8-66$#1-'*%a%)'%14++0$6
*)64'/%+49)$++$%+4%16-/<-+P#$%5<'<64+$%$#/%6$+4/0($3$'/%#/4.+$%EXM%{%LWM%3'%*,0'8).4/0-'H@
;46% 40++$)6#\% +$% /4)[% *$% *<564*4/0-'% *$% +4% 84#<0'$% <(-+)$% D40.+$3$'/% 4($8% +4% *)6<$
*,0'8).4/0-'%1-)6%+4%16<#)6$@%;46%8-'/6$\%+4%16-/<-+P#$%*$%+,$[/640/%$'SP34/09)$%1)60D0<%<(-+)$
6410*$3$'/% 1-)6% 4//$0'*6$% )'% 34[03)3% 4)% .-)/% *,)'$% !$)6$% *,0'8).4/0-'\% 4)% *$+a\% $++$
*030')$@
B,48/0(0/<% $[8$##0($% *$% +,$[/640/% 8-45)+4'/% .6)/% *)' *%"+,' 1%&#$$%&\% 146% 8-314640#-'% a
+4%16<#)6$\%$#/%16-.4.+$3$'/%*)$%a%+,48/0-'%'-'%#1<80D09)$%*$%+4%16-/<4#$%D-'509)$%$'($6#
+$#%4)/6$#%84#<0'$#%*)%+40/%E„#\%…\%†%84#<0'$#H%$/%8$+4%$'%1+)#%*$%+$)6#%48/0-'#%#1<80D09)$#
*,!P*6-+P#$%$'($6#%+4%zT84#<0'$@

;&3,#.*=@'?'>")#8#)G'1,+)G+$7)#S%.'4.&'G"/!3)#$$+3&'G)%4#G&
B$#% $'SP3$#% 3086-.0$''$#% $/% (<5</4+$#% 34'0D$#/$'/% )'$% D-6/$% 48/0(0/<% 16-/<-+P/09)$
146% 8-314640#-'% 4)[% 16-/<4#$#% *,-6050'$% 4'034+$@% &'% $DD$/\% #$+-'% 8$6/40'#% 4)/$)6#% $'
+,-88)66$'8$%C+40#%ELXWZH%$/%1+)#%6<8$33$'/%_64)#$%$/%!$5'ELXXWH\%+$#%$'SP3$#%D-'509)$#
-'/%)'$%48/0(0/<%1+)#%564'*$%9)$%8$++$%*$%+4%16<#)6$%$/%*$%+4%1$1#0'$@%;46%40++$)6#\%#)0/$%a%)'$
#<60$%*$%/64(4)[%*$%6$8!$68!$%1-6/4'/%#)6%+$#%8-45)+4#$#%(<5</4+$#\%0+%4%</<%8-'8+)%9)$%8$#
$'SP3$#%*<($+-11$'/%)'$%16-*)8/0-'%031-6/4'/$%*,!P*6-+P#4/%*$%84#<0'$%E?-6#+0\%LXXU%]
c$6'4'0\%JMMJ%$/%?-)S4+0\%JMMJH@

NZ
*DB?3>4>B%U%<6B:?BB6;E

&'% 5<'<64+\% +$#% 8-45)+4#$#% *-0($'/% *<($+-11$6% )'$% 48/0(0/<% D40.+$% *$% 16-/<-+P#$
5<'<64+$%8414.+$%*$%#$%34'0D$#/$6%#)6%/-)/$#%+$#%16-/<0'$#%*)%+40/%1$'*4'/%+,4DD0'45$\%846%#0
8$++$T80%$#/%$[8$##0($\%$++$%$'/64k'$%)'$%*030')/0-'%*)%6$'*$3$'/%D6-345$6@

NN
-F>=4:>6;ER%P?=6Z6:4>6;E%2>%:4=4:>D=6B4>6;E%@2%34%:;4N?34B2%@2%+?:;=%P?B633?B

1;E:3?B6;E%)DED=432

B,-.i$8/0D% *$% '-/6$% </)*$% $#/% *$% 8-'/60.)$6% a% )'$% 3$0++$)6$% 8-''40##4'8$% *,)'$% 16-/<4#$
8-45)+4'/%+$%+40/\%0##)$%*$%+4%8)+/)6$%*$%+4%#-)8!$%*$%*%"+,'1%&#$$%&@
B$#%6<#)+/4/#%3-'/6$'/%9)$%+,$[/640/%$'SP34/09)$%.6)/\%-./$')%a%146/06%*$%+4%8)+/)6$%$'
#)6D48$%*$%*%"+,'1%&#$$%&\%$#/%84648/<60#<%146%)'$%D-68$%8-45)+4'/$%*$%L%KLJMM@
;+)#0$)6#% 16-/-8-+$#% *$% 1)60D084/0-'% -'/% </<% 411+09)<#@% F+% 4% </<% 8-'8+)% 9)$% +,</41$% *)
D648/0-''$3$'/%4)%#)+D4/$%*,433-'0)3%EZM%T%WM%e%*$%#4/)64/0-'H%*$%+,$[/640/%$'SP34/09)$
.6)/%*$%+4%#-)8!$%D-'509)$%</)*0<$%',$#/%14#%16<8-'0#<$@%&'%$DD$/\%)'$%8!)/$%031-6/4'/$
*$%+,48/0(0/<%8-45)+4'/$%4%</<%8-'#/4/<$%EJW\NY%eH%4($8%)'%D48/$)6%*$%1)60D084/0-'%(-0#0'%*$
Y@%=$%1+)#\%+,</)*$%$+$8/6-1!-6"/09)$%#)6%7=7T%;Cf&%'$%3-'/6$%4)8)'$%*0DD<6$'8$%$'/6$
+,$[/640/% 16<8010/<% 146% D648/0-''$3$'/% $/% 8$+)0% 16<8010/<% *06$8/$3$'/% a% WM% e% *$% #4/)64/0-'@
;46%40++$)6#\%+4%8!6-34/-5641!0$%*,$[8+)#0-'%3-+<8)+406$%#)6%7$1!4*$[%fTLMM%*$%+,$[/640/
$'SP34/09)$%.6)/%+P-1!0+0#<%4%1$630#%*,-./$'06%)'%3$0++$)6%6$'*$3$'/%*$%+,-6*6$%*$%NN\LY
/-)/%$'%3)+/01+04'/%146%)'%D48/$)6%*$%JM\WW%+,48/0(0/<%#1<80D09)$%*$%+4%8-45)+4#$@
B4% 1)60D084/0-'% 146% $+$8/6-1!-6"#$% #)6% 7=7T;Cf&% *$% +4% D648/0-'% 8-45)+4'/$% 1)60D0<$
6$+"($%)'$%#$)+$%.4'*$%!-3-5"'$%*$%1-0*#%3-+<8)+406$%*$%+,-6*6$%*$%ZX%MMM%=4+/-'#@
&'% -)/6$\% +$#% 8-'*0/0-'#% -1/034+$#% *,48/0(0/<% *$% +,$'SP3$% 1)60D0<$% #-'/% *</$630'<$#@
B,48/0(0/<% 8-45)+4'/$% $#/% 34[034+$% a% )'% 1R% *$% N\% a% )'$% /$31<64/)6$% *$% NMnQ% $/% a% )'$
8-'8$'/64/0-'%$'%Q4Q+J%*)%+40/%*$%M\MJ%?@%B$#%6<#)+/4/#%3-'/6$'/%146%40++$)6#\%9)$%+,$'SP3$
$#/%84648/<60#<$%146%)'$%48/0(0/<%8-45)+4'/$%6$+4/0($3$'/%#/4.+$%*4'#%)'%0'/$6(4++$%*$%YMnQ
a%NMnQ%1$'*4'/%YM%3'@%&'%6$(4'8!$\%+,$'/6$1-#45$%a%)'$%/$31<64/)6$%*$%{%LWnQ%1$'*4'/
NU%i-)6#%1$63$/%)'$%3$0++$)6$%8-'#$6(4/0-'@
C% 8$% #/4*$% *$% +,</)*$\% +$#% 6<#)+/4/#% 3$//$'/% $'% <(0*$'8$% +4% 1-##0.0+0/<% *,-./$'06% )'$
16-/<4#$%8-45)+4'/$%a%146/06%*$%*%"+,'1%&#$$%&%*-'/%+$#%84648/"6$#%8+4##09)$#\%$[8$1/0-'
D40/$%1-)6%+4%/$31<64/)6$\%#-'/%6$+4/0($3$'/%4'4+-5)$#%a%8$)[%*$%+4%16<#)6$%/64*0/0-''$++$@
&'%1$6#1$8/0($\%0+%#,450/%*$%8-31+</$6%8$%/64(40+%146%)'$%</)*$%4116-D-'*0$%9)0%1-6/$64
#)6%*0($6#%4#1$8/#%$'%+,-88)66$'8$%>
b 7<+$8/0-'%*$%#-)8!$#%D-'509)$#%16-*)8/608$#%*$%16-/<4#$#%8-45)+4'/%+$%+40/%]
b :1/030#4/0-'%*$%+$)6#%14643"/6$#%*$%#P'/!"#$%*$%16-/<4#$#%]
b &##40%*$%D4.6084/0-'%*$%D6-345$%4($8%+$#%$[/640/#%8-45)+4'/#%*$%*%"+,'1%&#$$%&']
b &/)*$%#-80-T<8-'-309)$%*$%16-*)8/0-'%*$%+,45$'/%8-45)+4'/@

NU
*DZD=2E:2B%56536;N=4P86V?2B

*DZD=2E:2B%56536;N=4P86V?2B

Abd-El-Rahman A.M., Madkor S.A., Shalabi S.I. et Mettwall N.H., 1990 : Rabbit
pepsin as a rennet substitut. I- Extraction, purificatio, and characterization of the
enzyme. Minia. J. Agric. Res. And Dev., 12 (3): 1685- 1702.
Agboola S., 2002 : Cheesemaking from ultrafiltered milk using plant rennet. Austrlian
journal Dairy technology, 57, 2, p.143.
Aikawa J., Yamashita T., Nishiyama M et Horinouchi S., 1990 : Effects of
glycosylation on the secretion and enzyme activity of Mucor rennin, an aspartic
proteinase of Mucor pusillus, produced by recombinant yeast. J. Biol. Chem., 265
(23) : 13955 – 13959.
Alais C., 1984 : Sciences du lait. Principe des techniques laitières. Ed. Sepaic, Paris,
ème
4 Ed., 68.
Alais C. et Linden G., 1997 : Abrégé de biochimie alimentaire. Ed. Masson, Paris, 248
p.
Anifantakis E.M. et Kandarakis J.G., 1983 : Utilisation de la pepsine bovine en
fabrication de fromage Feta fait à partir du lait de brebis. Le lait, 63 : 416 – 424.
Anstrup K., 1980 : Proteinases. In: microbial enzymes and bioconversions. Ed. Rose
A.H. Academic Press, 93-108.
Ball I. K., 2000: Caractérisation de la coagulase extraite du latex du figuier Ficus carica
L.Mémoire ingénieur agronome, I.N.A., EL Harrach.
Beldarrain A., Acosta N., Montesinos R., Mata. M. and Cremata J., 2000:
Characterzation of Mucor pusillus rennin expressed in Pichia pastoris : enzymic,
spectroscopic and calorimetric studies. Biotechnol. Appl. Biochem., 31 : 77- 84.
Belhamiche N., 2001 : Extraction et caractérisation d’une protéase coagulante de
Mucor pusillus. Mémoire ingénieur agronome, I.N.A., El Harrach.
Belyauskaite I.P., Palubinskas V.J., Ancheuko O.E., Vesa V.S., and Glemzha A.A.,
1980 : Purification and some properties of the extracellular acid proteases from Mucor
renninus. Enzyme Microb. Technol., 2 : 37- 44.
Bengana M., 2001 : Caractérisation des enzymes protéolytiques (Pepsine/chymosine)
isolées à partir des caillettes de bovins adultes. Thèse Magister, Sciences
alimentaires, I.N.A., El- Harrach.
Brule G. et Lenoir J., 1990 : Les mécanismes généraux de la transformation du lait en
fromage. In : Fromage. Coord. Eck, Ed.Tech. et Doc. Lavoisier, Paris, 1 – 21.
Bruno M.A., Pardo M.F., Caffini N.O. et Lopez L.M.I., 2002 : Purification of a new
hieronymi endopeptidase isolated from fruits of Bromelia Mez (Bromeliaceae). Acta
Farm. Bonaereuse, 21 (1) : 51 – 56.
Cavalcanti M.T.H., Teixeira M.F.S., Lima Filho J.L., and Porto A.L.F., 2004 : Partial
purification of new milk-clotting enzyme produced by Nocardiopsis sp. Bioressource
Techn., 93 : 29-35.
NV
!"#$%"&'()*+,#&-&%$"&'(*."*%$#$%"/#&0$"&'(*1.*2$*%'$3,2$0.*1.*4,%'#*+,0&22,0

Chemlal R., 1998 : Caractérisation et purification partielle de coagulases de Bacillus


subtilis S3 et Bacillus coagulaus LC.23.2. Mémoire Ing. Génie Biol., INS, USTHB,
Bab Ezzouar.
Collin J.C., Grappin R. et Legraet Y., 1977 : Etude de la méthode de mesure, selon
Berridge, du temps de coagulation du lait additionné d’une solution enzymatique.
Rev. Lait. Franç., 355 : 389- 394.
Cuvellier G.F., 1999 : Production des enzymes. In : Biotechnologie. Goor. Scriban R.,
e
5 ed., 345 – 363.
D’Ambrosio A., Rossano R., Ungaro N., and Riccio P., 2003: Proteolytic and milk
clotting activities in extracts obtained from the crustaceans Munida.J. Mol. Catalys.
B : Enzymatic 22 : 145-150.
Fadyloglu S., 2001 : Immobilization and characterisation of ficin. Nahrung / Food,
45(2): 143-146.
Fernandez-Lahore H.M., Fraile E.R. et Cascone O., 1998: Acid protease recovery
from a solid – state fermentation system. J. Biotech., 62: 83 – 93.
Fernandez-Lahore H.M., Andery R.M., Fraile E.R., Biscoglio de Jimenez
M., Pirpignani L., Machalinsh C. and Casone O., 1999: Purification and
characterization of an acid proteinase from mesophilic Mucor sp. solid – state
cultures. J. Dairy Sci., 83: 584 – 602.
Fernani L., 2002 : Obtention et caractérisation d’une protéase coagulant le lait à partir
de graines de melon (Cucumis melo L.). Mémoire de Magister, Génie alimentaire,
Faculté des Sciences de l’ingénieur, Boumerdes.
Foltmann B., Pedersen V.B., Kauffman D. and Wybrandt G., 1979: The primary
structure of calf chymosin. J. Biol., 254 (17): 8447 – 8456.
Fox P.F. et Whitaker J.R., 1977 : Isolation and charaterization of sheep pepsin.
Biochem. J., 161 : 389 – 398.
Garnot P. et Martin P., 1980 : Présure, composition, activité, son rôle en fromagerie.
Technique Laitière 930 (3) : 27- 30.
Goursand J., 1999 : Réacteurs traditionnels à enzymes libres : cas de l’industrie
ème
laitière. In: Biotechnologies. Coord. Scriban R., 5 ed.: 365 – 401.
Green M.L. et Stackpoole A., 1975: The preparation and assesment of a suitable
Mucor pusillus Lindt proteinase-swine pepsine mixture for Cheeddar cheese-making.
J. Dairy res., 42: 297 – 312.
Green M.L., 1977: Review of the progress of science : milk coagulants. J. Dairy res.,
44: 159 – 188.
Haard N.F., Schamsuzzaman K., Brewer P. et Arunchalam K., 1982 : Enzymes from
marine organisms as rennet substitutes. In : Utilisation des enzymes en technologie
alimentaire. Ed. Dupuy P. Tech. et Doc., Lavoisier, Paris, 237 – 241.
Iwasaki S., Tamura G. et Arima K., 1979 : Milk clotting enzyme from microorganisms.
Part II – the enzyme production and the properties of crude enzyme. Agr. Biol., 31 (5):
546 – 551.
!
5/-/#.(%.0*6&62&'3#$+7&8,.0

Jarmul I., Reps A., Poznanski S. et Zelazowska H., 1982 : Utilisation du mélange
de la pepsine avec la préparation microbienne ‘’Fromase’’ dans la fabrication des
fromages Edam et Kortowski. Le lait, 62 : 75 – 86.
Kamoun P., 1998 : Appareils et méthodes en biochimie. Ed. Flammarion Medecine
sciences, 374 p.
Kaneda M. et Tominaga N., 1975: Isolation and characterization of a proteinase from
the sarcocarp of melon fruit. J. Biochem. (Tokyo), 78(6): 1287 – 1296.
Khalid M., Shammet R.J., Brown T. et Mc. Mahon D. (1992). Proteolytic activity of
some milk-clotting enzymes on k-casein. J. Dairy sci., 75 (6): 1287 – 1296.
Khan M.R., Blain J.A. et Patterson J.D.E., 1979 : Extracellular protease of Mucor
pusillus. Appl. Envir. Microbiol., 37 (4) : 719 – 724.
Khan M.R., Blain J.A. et Patterson J.D.E., 1983 : Partial purification of Mucor pusillus
intracellular protéases. Appl. Envir. Microbiol., 45 (1) : 94 – 96.
Krause W., Patzsh M., Hassan Z.M.R. et Haufe T., 1998: Substrate and binding
specificity of aspartic protease with milk clotting properties. Nahrung 42, Nr. 3/4:
162-165.
Kumar S., Sharma N.S., Saharan N.R., and Singh R., 2005: Extracellular acid
protease from Rhizopus oryzae : purification and characterization. Process
Biochemisty, 40: 1701-1705.
Lemieux L. et Simard R.E., 1991 : Better flavour in dairy products. I. A reviewof the
factors likely to influence its development. Le lait 135 : 503 – 504.
Lenoir J., Auberger B. et Grippon J.C., 1979 : Les caractères du système
protéolytique de Penicillium caseicolum. III. Caractérisation d’une protéase acide. Le
lait 585 – 586 , 244 – 268.
Lenoir J., Remeuf, et Schneid N., 1985 : Le lait de fromagerie. In : Eck A. et Gillis J.C.
e
Le fromage de la science à l’assurance- qualité. 3 ed. Tec. Et Doc. Lavoisier.
Ll orente B.E., Brutti C.B., and Caffini N.O., 2004: Purification and characterization
of a milk-clotting aspartic proteinase from globe artichoke (Cynara scolymus L.). J.
Agric. Food Chem. 52 (26): 8182-8189.
Levadoux W., Johnson M. et Ander G., 1989: Monitoring the degradation of
commercial microbial rennet preparations. J. Dairy Sci., 72 (3):627 – 634.
Linden G. et Lorient P., 1994 : Biochimie agro-industrielle : valorisation alimentaire de
la production agricole. Ed. Masson, Paris, Milan, Barcelone, 141-163.
Lopez M.B., Jordan M.J., Hellin P. et Laencina J., 1996: Technological suitability of
different rennets and coagulant enzymes applied in Murciano-Granadina goat milk.
International Dairy Federation,
Lo Piero A.R. et Petrone G., 1999: Purification and partial characterization of an ATP-
hydrolysing serine protease from lettuce leaves. Phytochem., 51 : 349 – 356.
Lo Piero A.R., Petrone G. et Puglisi I., 2002: Characterization of «lettucine », a
serine-like protease from Lactuca sativa leaves, as a novel enzyme for milk-clotting.
J. Agric. Food. Chem., 50 (8): 2439 – 2443.
"
!"#$%"&'()*+,#&-&%$"&'(*."*%$#$%"/#&0$"&'(*1.*2$*%'$3,2$0.*1.*4,%'#*+,0&22,0

Lowry O.H., Rosenbrough N.J.; Farr A.I. et Randall R.J., 1951: Protein measurement
with the Follin phenol reagent. J. Biol. Chem., N°193 : 265- 275.
Luquet F.M., 1985 : Lait et produits laitiers. Vache. Brebis. Chèvre. T2. Ed. Tech. et
Doc. Lavoisier, Paris.
Macedo Q., Faro C.J. et Pires E.M., 1993 : Specificity and kinetics of the milk-clotting
enzyme from cardoon (Cynara cardunculus L.) toward bovine k-casein. J. Agric. Food
Chem.41: 1535- 1540.
Macedo I.Q., Faro C.J. et Pires E.M., 1996 : Caseinolytic specificity of cardosin, an
aspartic protease from the cardosin Cynara cardunculus L.: action on bovine #s and #
caseine and comparaison with chymosin. J. Agric. Food Chem.,44 : 42- 47.
Machou Dj., 2004 : Extraction et purification de protéases coagulants le lait en vue de
leur substitution à la présure traditionnelle : Essai d’obtention d’une protéase issue
d’estomac de poisson (Seriola dumerili). Mémoire de Magister. Génie alimentaire.
Faculté des Sciences de l’ingénieur. Boumerdes.
Madsen J.S. and Quist K.B., 1997: Hydrolysis of milk protein by a Bacillus
licheniformis protease specific for acidic aminoacid residues. J. Food Sci., 62 (3) :
579-582.
Maheshwari R.Bharadwaj G. et Bhat M.K., 2000: Thermophilic fungi : their physiology
and enzymes. Microbiol. Molec. Biol. Rev., 64 (3) : 461 – 488.
Mahon M.C. et Brown R.T., 1985 : Chymosine, présure, protéase microbienne et
pepsine. Effet du type d’enzyme sur la coagulation du lait. J. Dairy Sci., 68 (3): 628-
632.
Martin P., Collin J.C., Carnot P., Ribadean B., Dumas et Macquot G., 1982 :
Méthodes d’analyse quantitative des extraits de présure et de pepsine bovine “
détermination des teneurs en enzymes actifs” in use of enzymes in food technology.
Dupy P. Ed. Tec. Et Doc. Lavoisier. Symposium Intern. Versailles, 287- 289.
Martin B. et Coulon J.B., 1995 : Milk production and characteristics. 1- Influence of
milk production conditions on herd milk coltting ability. Le lait, 75(3) :61 – 68.
Martin L.A.P., Pestana De Vasconcelos M.M. et De Sousa R.B., 1996 : Thistle
(Cynara cardunculus L.) flower as a coagulant agent for cheesemaking. Short
characterization.Lait, 76: 473 – 477.
Mathieu J., 1998 : Initiation à la physico-chimie du lait. Ed. Tech. Et Doc. Lavoisier,
Paris, 220 p.
Matoub L., 2000 : Essai de purification et de caractérisation d’une coagulase produite
par la souche locale Bacillus subtilis sélectionnée (Lc33). Mémoire de Magister.
Sciences alimentaires. I.N.A. El-Harrach.
Mc Mahon D.J. et Brown R.J., 1984: Effects of calcium, phosphate and bulk culture
media on milk coagulation properties. J. Dairy Sci., 67: 499 – 512.
Mietton B., Dermazeaud M., Deroissart H. et Weber F., 1994 : Transformation du
lait en fromage. In : Bactéries lactiques. T2. Coord. Deroissart H. et Luquet F.M. Ed.
Lorica.
#$
5/-/#.(%.0*6&62&'3#$+7&8,.0

Morsli A., Bellal M.M. et Ammouche A., 1985 : Etude du pouvoir coagulant de
quelques plantes locales. Annales de l’I.N.A. El- Harrach, 9 :63- 84.
Morsli A., 1996 : Recherche sur les activités protéasiques de l’extrait de Cynara
scolymus, du latex de Ficus carica et du pro ventricule de Gallus gallus en vue de
leur utilisation en technologie fromagère. Thèse de Magister. Sciences alimentaires.
I.N.A. El-Harrach.
Morsli A., Acherar A. et Bellal M.M., 2000 : Recherche de succédanés de la présure
utilisés dans la fabrication de fromages traditionnels en Algérie. Symposium
international sur la filière lait en Méditerranée. Hammamat. Tunis. Tunisie.
Mouzali L., 2001 : Extraction enzymatique et caractérisation de l’agent coagulant de
la fleur de cardon sauvage (Cynara cardunculus L.). Mémoire de Magister. Sciences
alimentaires. I.N.A. El-Harrach.
Munoz R., Garcia J. L., Carrascosa A. V., and Go n zalez R., 2004 : Cloning of the
authentic bovine gene encoding pepsinogen A and its expression in microbial cells.
Appl. Envir. Microb., 70 (5) : 2588-2595.
Nàjera A.I., Renobales M., and Barron L.R., 2003 : Effects of pH, temperature, Cacl2
and enzyme concentrations on the rennet-clotting properties of milk : a multifactorial
study. Food Chem., 80 : 345-352.
Noor-Develiet P.E., Gist-Brocades N.N. et Delft N.C.D., 1983 : Les enzymes
alimentaires : utilisation et innocuité. Microbiol. Alim. Nut., 1 : 1 – 5.
Nouani A., Belkhodja R., Machou D., Fernani L. et Bellal M.M., 2002 : Recherche et
caractérisation de quelques succédanés de présure en vue de leur utilisation dans la
er
technologie fromagère. 1 Séminaire international sur la qualité et la sécurité dans le
secteur agroalimentaire. Blida 13 et 14 Mai.
Öner M.D. et Akar B., 1993: Separation of the proteolytic enzymes from fig tree latex
and its utilization in Gaziantep cheese production. Lebensm.Wiss.U- Technol., 26 :
318 – 321.
Preetha S. and Boopathy R., 1997: Purification and Characterization of a milk clotting
protease from Rhizomucor miehei. W.J. Microb. Biotechn. 13: 673-678.
Poza M., Sieiro C., Carreira L. and Barros-Velazquez J., 2003: Production and
characterization of the milk-clotting protease of Mixococcus xanthus strain 422. J.
Ind.Microbiol.Biotechnol., 30: 691- 698.
Ramet J.P., 1981 : Study of technological properties of a new thermosensitive
coagulant of Mucor miehei. Marscall Italian and Specialty cheese seminars.
Ramet J.P., 1990 : Les agents de transformation du lait. In: Fromage. Coord. Eck A.
Tech. et Doc. Lavoisier, Paris : 101 – 105.
Rao M.B., Tanksal M., Ghtage M.S. et Deshpande V.V., 1998: Molecular and
Biotechnological aspects of microbial proteases. Microbio. Mol. Biol. Rev., 62 (3): 597
– 635.
Rapport des Statistiques du Commerce Extérieur, 2001 : Importation de présures et
de ses concentras
#%
!"#$%"&'()*+,#&-&%$"&'(*."*%$#$%"/#&0$"&'(*1.*2$*%'$3,2$0.*1.*4,%'#*+,0&22,0

Reps A., Poznanski S., Babichowski A. et Jedrychowski L., 1979 : Propriétés des
substituts de présure fabriqués à partir de Mucor miehei. Le lait, 580 – 582 , 1 –
Safarik I., 1984: Rapid isolation of microbial proteases. J. chromatography, 298:
531-533.
Schorcsh C., Jones M.G. et Norton T., 2002: Micellarcasein gelation at high sucrose
content. J. Dairy Sci., 85: 3155 – 3163.
Silva S.V. et Malcata F.X., 1998: Proteolysis of ovine casein by cardosin A., an
asparttic acid proteinase from Cynara cardunculus L. Le lait 78: 513 – 519.
Smeets S.R., 1995: Enzyme coagulation. Dairy technology paper, 5 (2): 14 – 16.
Slamani R., 2003 : Optimisation d’une méthode d’extraction de la pepsine ovine. Essai
de purification et de caractérisation. Mémoire de Magister. Sciences alimentaires INA.
El-Harrach.
Somkuti G.A. et Babel F.J., 1968: Purification and properties of Mucor pusillus acid
protease. J. Bact., 95 (4) : 1407 – 1414.
Sousa M.J. et Malcata F.X., 1997: Comparison of plant and animal rennets in terms of
microbiological, chemical, and proteolysis characteristics of ovine cheese. J. Agric.
Food chem. 47 (1): 74 – 81.
Sternberg M., 1976 : Microbial rennets. In: advances in applied microbiology. Ed.
Perlman D. Academic Press.
Tarodo de la Fuente B., Lablee J. et Quq J.L., 1999 : Le lait, coagulation et
synérèse. Industries Alimentaires et Agricoles, 116 : 19 – 26.
Terrien M. et Fournier J., 1998 : Chimie du petit déjeuner. Ed. Nantes. Culture et
techniques, 304 p.
Uchikoba T. et Kaneda M., 1996: Milk-clotting activity of Cucumisin, a plant serine
protease from melon fruit. Appl. Biochem. Biotechn., 56 : 325 – 330.
Vioque M., Gomez R., Sanchez E., Mata C., Tajada L. et Fernadez-salguero
J., 2000 : Chemical and microbiological characteristics of Ewes’milk cheese
manufactured with extracts from flowers of Cynara condunculus and Cynara humilis
as coagulants.J. Agric. Food Chem., 48: 451 – 456.
Zhao J., Chen S. et Agboola S.O., 2003: Effect of starter culture on the biochemical
and sensory properties of ovine cheese manufactured with a plant coagulant.
Australian J. of Dairy Techn. 58 (2), p. 219.

#&
9:: ; <

9:: ; <

=&0".*1.0*$6#/>&$"&'(0

()*+*,*((-*(.*(,* (>()0?@A4(BCDEF(GHIEF@A4(>(-@4JKLHMGF@A0(4JKLH(>(.NJDG@J(4AOLFGJ@PE4(IDEJ(>
.*(.*.*)*((/01 /01GD@JKF4(QE(?0HEF4(QRCHEJ@0A(>(60HLGSDLHGF@Q4(14H(4H4SJD0TK0D4B@B(>
2345((6*(,*(7*(.* 64DBEH:GJ4(QRGFF0A@EF((>(8EGJ4DAGDLMGF@A0M4JKLH(>(9GTT0DJ(:D0AJGH(>
(6*+*,*((8*(.*(,* R R
-0Q4SLH(+EHTKGJ4(Q4(B0Q@EF(>(UV(UVU V(U M(J4JDGF4JKLH4A4Q@GF@A4(>(=A@JC
.*((9:((+*(-*(+*
+0NKH4J
(;*.*<*.*-*((=+
?<*@A2 B=A@JC(+0NKH4J(TGD(F@HH@H@JD4
?C B*=A@JC(Q4(TDCBED4
?C*@A2 B*=A@JC(Q4(TDCBED4(TGD(F@HH@H@JD4
D. B*30HEF4(QRCHEJ@0A
EE*F:G(*H*(I(*J*( B*6DCS@T@JGJ@0A(GE(BEH:GJ4(QRGFF0A@EF
<K(*H

9((.!.*L
6DCTGDGJ@0A(QE(BEIBJDGJ(Q4()4DD@Q14
W( /4( BEIBJDGJ( Q4( )4DD@Q14( 4BJ( TDCTGDC( TGD( GQQ@J@0A( Q4( %&( 1( Q4( HG@J( CSDCFC( X( %$$( FH
Q4( B0HEJ@0A( Q4( YGYH&( X( $V$%<*( ,TDZB( '$( FA( QRG1@JGJ@0A( H4AJ4V( H4( T[( 4BJ( G\EBJC( X( #V]*
/G( J4FTCDGJED4( QE( HG@J( 4BJ( DGF4AC4( X( ' ^Y( G:@A( Q4( F4BED4D( H4( J4FTB( Q4( S0G1EHGJ@0A
PE@( S0DD4BT0AQ( X( HRGTTGD@J@0A( Q4B( TD4F@4DB( :H0S0AB( BED( HG( TGD0@( @AJ4DA4( QE( JEI4( QGAB( H4B
S0AQ@J@0AB(Q4(DCGSJ@0A*

9((.!.*J
<4BED4(Q4(HRGSJ@?@JC(TD0JC0HLJ@PE4(27D44A(4J(+JGS_T00H4V(%"` 5
+0HEJ@0AB

#'
!"#$%"&'()*+,#&-&%$"&'(*."*%$#$%"/#&0$"&'(*1.*2$*%'$3,2$0.*1.*4,%'#*+,0&22,0

M(+0HEJ@0A(GHSGH@A4(2,5(>(+0EQ4(SGEBJ@PE4 ( $$(FH(%$1
2UGa[5(2&(1(b $$(FH5((YGDI0AGJ4(Q4(B0Q@EF
M(+0HEJ@0A(SE@?D@PE4(2)5(>(+EH:GJ4(Q4(SE@?D4( (&(FH((&(FH
[&a(2$V'&(1(b(%$$(FH5((;GDJDGJ4(Q4(B0Q@EF(4J(Q4
T0JGBB@EF(2%(1(b(%$$(FH5((
M(+0HEJ@0A(2Y5(>(+0HEJ@0A(2,5((+0HEJ@0A(2)5(( ( $(FH(%(FH
M(+0HEJ@0A(2-5(>(DCGSJ@:(Q4(c0H@AMY@0SGHJ4GE(Q@HEC (
GE(%(b(&*(

!"#$%&'(%&()&'*+&
M*N',#6.*/"$2'(*1.*"O#'0&(.
6DCTGD4D(Q4B(B0HEJ@0AB(Q@HEC4B(Q4(S0AS4AJDGJ@0AB(SD0@BBGAJ4B(>(&$V(]$V(#$V(!$(4J(%$$
d1(bFH(X(TGDJ@D(QREA4(B0HEJ@0AM(FZD4(Q4(JLD0B@A4(2%$$(d1(bFH5*(/4(JEI4(JCF0@A(S0AJ@4AJ(%(FH
QR4GE(Q@BJ@HHC4*
,\0EJ4D(QGAB(SKGPE4(JEI4( (FH(Q4(HG(B0HEJ@0A(2Y5*
eASEI4D(T4AQGAJ(%$(FA*(X(' ^Y(GE(IG@AM(FGD@4*
,\0EJ4D(QGAB(SKGPE4(JEI4($V (FH(Q4(HG(B0HEJ@0A(2-5(4J(G1@J4D(:0DJ4F4AJ*
/G@BB4D(@ASEI4D(&$(FA(X(' ^Y*
,(-$.%/"/$.'(%0#1%+$21'&
,\0EJ4D(%(FH(Q4(HG(B0HEJ@0A(4AOLFGJ@PE4(X(%(FH(Q4(HG(B0HEJ@0A(Q4(SGBC@A4(X(&(f(2(6b(35
QGAB(H4(JGFT0A(S@JDGJ4(Q4(B0Q@EF(T[( V&*
eASEI4D(T4AQGAJ(%$V'$V(#$V("$(4J(%!$(FA*(X(' ^Y*
,TDZB(@ASEIGJ@0AV(G\0EJ4D( (FH(Q4(;*Y*,*(2%&(f5(26b35*
/G@BB4D(D4T0B4D(% (FA*
c@HJD4D(X(JDG?4DB(QE(TGT@4D(:@HJD4*
,(3+!45+5"/$.(%&(20!6#5."/22$.
M(,(%(FH(QE(:@HJDGJV(G\0EJ4D( (FH(Q4(HG(B0HEJ@0A(2Y5(TE@B(FCHGA14D*
M(eASEI4D(T4AQGAJ(%$(FA(X(' ^Y*
M(,\0EJ4D(QGAB(SKGPE4(JEI4($V (FH(Q4(HG(B0HEJ@0A(2-5(4J(G1@J4D(@FFCQ@GJ4F4AJ*
M(eASEI4D(X(' ^Y(T4AQGAJ(&$(FA*
M*C#/+$#$"&'(*1,*62$(%
,(%(FH(Q4(HG(B0HEJ@0A(SGBC@A@PE4(B0AJ(G\0EJCB( (FH(QE(;*Y*,*(2%&(f5*
,\0EJ4D(4A:@A(%(FH(Q4(HG(B0HEJ@0A(4AOLFGJ@PE4*
M*=.%",#.*1.*2P$60'#6$(%.
/G( H4SJED4( Q4( HG( Q4AB@JC( 0TJ@PE4( 4BJ( 4::4SJEC4( X( ##$( AF( GTDZB( G?0@D( CJGH0AA4D( H4
BT4SJD0TK0J0FZJD4(G?4(H4(JCF0@A*
Q&3,#.*L(>(Y0EDI4(CJGH0A(Q4(HG(JLD0B@A4*

#]
9:: ; <

9((.!.*R
S'0$3.*1.0*+#'"/&(.0*F='T#O*."*( 527 ()*LUVLI
8$2*"/$.'
g +0HEJ@0A(2,5(>( (f(UG&Ya'
g +0HEJ@0A(2)(5>($V (f(YE(+a]V( ([&a(@A(%(f(B0Q@EFMT0JGBB@EF(JGDJDGJ4
g +0HEJ@0A(2Y5>( $(FH(2,5(h(&(FH(2)5(2X(TDCTGD4D(@FFCQ@GJ4F4AJ5
g +0HEJ@0A(2-5(>(UGa[(2%(U5
g +0HEJ@0A(2.5(>(9CGSJ@:(Q4(c0H@AMY@0SGHJ4GE(Q@HEC(%(b(&*
!"#$%&(%&()&'*+&
g Y0EDI4(CJGH0A(Q4()*+*,*
6DCTGD4D(Q4B(B0HEJ@0AB(Q@HEC4B(Q4(S0AS4AJDGJ@0AB(SD0@BBGAJ4B(>(& V( $V(` V(%$$V(% $(4J(&$$
d1(b(FH(X(TGDJ@D(QREA4(B0HEJ@0AM(FZD4(Q4()*+*,*(2(&$$(d1(b(FH5*(/4(JEI4(JCF0@A(S0AJ@4AJ($V
FH(QR4GE(Q@BJ@HHC4*
,\0EJ4D(QGAB(SKGPE4(JEI4($V (FH(Q4(HG(B0HEJ@0A(2-5(TE@B(&V (FH(Q4(HG(B0HEJ@0A(2Y5*
/G@BB4D(D4T0B4D(T4AQGAJ(%$(FA*
,\0EJ4D($V (FH(QG(HG(B0HEJ@0A(2.5*
eASEI4D(T4AQGAJ('$(FA*(X(HR0IBSED@JC*
#
!"#$%"&'()*+,#&-&%$"&'(*."*%$#$%"/#&0$"&'(*1.*2$*%'$3,2$0.*1.*4,%'#*+,0&22,0

g /4SJED4(Q4(HRGIB0DIGAS4(
/G( H4SJED4( Q4( HG( Q4AB@JC( 0TJ@PE4( 4BJ( 4::4SJEC4( X( ` $( AF( GTDZB( G?0@D( CJGH0AA4D( H4
BT4SJD0TK0J0FZJD4(G?4S(H4(JCF0@A*

9/:*+&(;(< !"#$%& '()*"+ ,& *) -./.0.

9((.!.*H
"$2'(($3.*1.*2$*%'2'((.*C7$#A$%&$*FL*( = (*WX*%AI*$>.%*1.0*+#'"/&(.0*0"$(1$#10

##
9:: ; <

9/:*+&(> 1 2$"34* ,5'*#(4"+ 6#$ /&78),&9 :;<== ,& >)$?#&#$6 ,&


7$"('4+&6 ,& 7"4,6 >"*'@#*)4$&6 1 A<B -./.0. 1 CD === E)F AGB 7&764+& 1 HI
=== E)F AHB ($J764+& 1 GH K== E). !"*"++& 28)$>)@4) A< 9 C= @>BF ()>7"+
,5'*#(4"+ 1 78"678)(& A=F=G L M 7N CBF ,'%4( 1 G >* O 8F 3$)@(4"+ 1 <FI >*.

#`
!"#$%"&'()*+,#&-&%$"&'(*."*%$#$%"/#&0$"&'(*1.*2$*%'$3,2$0.*1.*4,%'#*+,0&22,0

9/:*+&(? 1 !"#$%& '()*"+ ,&6 7$"('4+&6 >)$?#&#6&6 1 P"Q A2LB R 3 AS&B

9/:*+&(@ 1 2$"34* ,5'*#(4"+ ,& *) @")Q#*)6& 7#$434'& ,& L#@"$


7#64**#6 6#$ /&78),&9 :;<==F @"*"++& 28)$>)@4) A< 9 C=@>BF ()>7"+
,5'*#(4"+ 1 78"678)(& A=F=G L M 7N CBF ,'%4( 1 G >* O 8F 3$)@(4"+ 1 <FI >*.

#!
9:: ; <

9((.!.*V

T*&@($"78"$U6& &+ @"+,4(4"+6 ,'+)(#$)+(&6 A2.0.:.T.; /.E./.B

#"
!"#$%"&'()*+,#&-&%$"&'(*."*%$#$%"/#&0$"&'(*1.*2$*%'$3,2$0.*1.*4,%'#*+,0&22,0

9/:*+&(A(<(!"#$%& '()*"+ ,&6 7$"('4+&6 >)$?#&#6&6 1 P"Q A2LB R 3 AV3B

`$

Potrebbero piacerti anche