T+B^')*" Z#$$

-+1'$I

'8 #2"'2/3+(1#(-+1'$

*9//(:(;, !<=>?>@AB<C(<ADEFGB<H><C
!" !"#$!$%&'" "&()*+'",$" #$%&'()* ")* +,-+).)/(01* '#* &1)* +#,%&,2)/(01* )* %,)34$* '#"* #$+)/(-5
6#/(7-$*8&#*&1*7#'(-*#$%9*+#,%&,2)'-*-*8&#*#$%9*-$/(")1'-*/&)1'-*&1)*+,-+(#')'*:;$(/)*'#*4" -./
012345678./8926349/978./8:2;021/:<1/783<8=2>;2:1?/@83),;)*/-1*#"*%(#7+-A
B>182C2;0.>78348268<680<6:>8928./83<021D4E428928<68.?F<49>832801>9<E28<6/8021:<1G/E456892C/6H
9>8E/218<6/804291/7823:/8021:<1G/E456832801>0/=/8268:>9/38./389412EE4>62380>18./83<021D4E42892.8.?H
F<49>A
!"#$%&'()'&'(#*'!#+,()&-./0/1'($"(&#)&-1"22/3+,(2-)4&/5.%(#1/%-&/'6(%70'&

<1)*+#,%&,2)/(01*+&#'#*#$%),*/-1$%(%&(')*+-,*&1*$-"- B)*I" )($")'- -0>182C2;0.>J8<6/8>69/

2K0.>34L/8>8MG>>;N83564E>@8-*$(*")*)//(01*+#,%&,2)'-,)*/-1%(1=)*+#,(0'(/)>*'#:(1(')*-*(1'#:(1(')?
7#1%#>*")*-$/(")/(01*%,)1$+-,%#*,#/(2#*#"*1-72,#*'# ',%& (% "&(+I O$&$'" " $&(%O$&$(" ,#$+#/%(3)?
7#1%#A
B/1/8F<28/.801>9<E418268<680<6:>8<6/8L/14/E456892.8L/.>18928<6/8;/=64:<98D?34E/8P823:/8L/14/H
E4568/.E/6E28/8>:1>80<6:>782.8230/E4>826:128/;G>3892G21Q83218E/0/R89283>0>1:/18<68E/;0>8L/14/G.2
E>682.8:42;0>892894ES/8;/=64:<98D?34E/A8%68:/.238E>694E4>623892E4;>38F<282K43:28<6/8 "&(+ +I"T$+H
(+ /.8E/;0>8E>634921/9>A
%6823:28E/0?:<.>823:<94/12;>38D<69/;26:/.;26:28./8@-1')*)$-/()')N8/8;294>3892D>1;/G.238>
2.Q3:4E>38-2C2;0.>3J8./3892D>1;/E4>6238268<6/8E<219/78./38>69/389283>649>78>69/382682.8/=</78AAA@7
9230./RQ69>328/8:1/LU3892823:28;294>V8/823:/38>69/38./38926>;46/12;>38 "&(+I !%TW&$T+IA8%K43:26
>69/38F<280/1/8:1/63;4:413286>862E234:/68<68;294>8;/:214/.78:/.2383>68./38 "&(+I %*%T',"!+X&Y'$H
T+I F<2823:<94/12;>382682.8E/0?:<.>8ZZ$$$A
!1*&1*7-3(7(#1%-*-1'&")%-,(-*")$*+),%;/&")$*8&#*/-1$%(%&A#1*#"*7#'(-*1-*$#*+,-+).)1*/-1*")
+#,%&,2)/(01* $(1-* 8&#* $#* "(7(%)1* )* %,)1$7(%(,")>* +),)* "-* /&)"* 3(2,)1* )",#'#'-,* '#* $&* +-$(/(01* '#
#8&("(2,(-5 B>18.>8:/6:>J
@!B($%#*&1*%,)1$+-,%#*'#*#1#,.;)*+#,-*1-*'#*7)%#,()NA
+6/.4R/69>8.>38;294>38928:1/630>1:289282621=?/780>91?/;>3826=.>G/1.>382689>3801>E294;426H
:>3J82.8014;21>8E>6343:282682.80/3>8928;/:214/8928<680<6:>8/8>:1>V82.832=<69>78F<282382.8F<286>3
>E<0/78321Q82.80/3>8928./82621=?/8/8:1/LU38928<68;294>8E>6:46<>8/.8F<28021:262E268/;G>380<6:>37
0/1/8.>8E</.78328S/892801>9<E418<6/8021:<1G/E4568>80<.3>82682.8014;21>78F<28L4/C289<1/6:28<68E421H
:>8:42;0>8S/3:/8..2=/18/.832=<69>8E>68<6892:21;46/9/8 #%*"T$(+( (% B,"B+X+T$[& (% *+ "&(+78F<2
E>;>8L212;>37823:/1Q8E/1/E:214R/9/80>18./86/:<1/.2R/8928./8021:<1G/E4568P80>18./801>0429/9238D?34H
E/3892.8;294>A
)68 ;294>8 238 &" +\I",\%&'% -%*WI'$T"@ /&)1'-* '#$+&4$* '#* $-7#%#,"-* )* &1)* +#,%&,2)/(01
,#/&+#,)* $&* :-,7)* A* %)7)C-* $(1* '($(+)/(01* '#* #1#,.;)78 01>0/=Q69>328 268 U.8 ./8 >69/8 3468 3<D141
M/G3>1E456N8928./82621=?/8F<28:1/630>1:/A8I4682;G/1=>783482.8;294>8/.;/E26/8>894340/8-268D>1H
;/8928E/.>17892D>1;/E45678AAA@80/1:28>8:>9/8./82621=?/8928./8>69/89412;>38F<28238 +\I",\%&'% ->
$&%*WI'$T"@A
I48./38>69/38928./8;43;/86/:<1/.2R/832801>0/=/682682.8;294>8E>68./8;43;/8L2.>E49/9784692H
0269426:2;26:289283<8.>6=4:<98928>69/789412;>38F<282.8;294>8238&" ($IB%,I$#" -0>182C2;0.>83>64H
9>38=1/L238P8/=<9>38L4/C/69>82682.8/4128/8./8;43;/8L2.>E49/9@V8268E/3>8E>6:1/14>82.8;294>8238 ($IH
B%,I$#"7801>9<E4U69>328'($+#,$(01*1-,7)" 348./8L2.>E49/98/<;26:/8E>68./8.>6=4:<98928>69/8P8'($?
+#,$(01*)107)") 348943;46<P2A
%68 <68 ;294>8 2K:263>8 435:1>0>78 ./38 >69/38 01>9<E49/38 0>18 <68 @:-/-N8 >8 @:&#1%#N78 328 01>0/=/6
/.2CQ69>328 928 94ES>8 0<6:>8 928 D>1;/8 1/94/.8 -O4=A8 Z#$$H]8 /8 P8 G@V8 0/1/8 943:/6E4/38 /.8 D>E>8 F<28 32/6
=1/69238E>;0/1/9/38E>68./8.>6=4:<98928>69/8928./8021:<1G/E456780>92;>38E>634921/18+")1-$*)*"-$
:,#1%#$*'#*-1')78-O4=A8Z#$$H]8E@78P8./380/1:?E<./38E>6:2649/38268<680./6>802102694E<./18/8./89412EH
E4568 928 01>0/=/E4568 928 ./8 >69/8 23:/1Q68 268 49U6:4E/38 E>694E4>6238 928 ;>L4;426:>78 >8 .>8 F<28 238 .>
;43;>8@$#*#1/&#1%,)1*#1*:)$#NA
I)B%,O$T$% (% "&(+ >8 O,%&'% (% "&(+ #$*&1)*$&+#,:(/(#*/&A-$*+&1%-$*D)1*/-7#1E)'-*)*3(2,),
#1*#"*7($7-*(1$%)1%#*A>*+-,*"-*%)1%->*#$%91*%-'-$*#1*")*7($7)*:)$#*'#*3(2,)/(01A O4=A8Z#$$H]Af8O126:238928>69/A

_ B/1/823:<94/18P8E>;0126921823:28:2;/82384;0123E4694G.28120/3/18.>380Q11/D>38$$$H]`8/.8ab78$#Hc8/.8]a78#$H`8/.8]b8P8#$$Had
/.8ae78:>9>382..>3812D2126:238/.8;>L4;426:>8L4G1/:>14>A
MQR -+1'$

*9//(:(J, #KEGK>LA(D@(<ADGC(@A(EAG(D>H@KK>LA
)68M;>92.>N8F<28L/;>38/8:>;/180/1/82K0.4E/18928<6/8D>1;/8326E4../
;<ES/38 928 ./38 01>0429/9238 928 ./38 >69/378 L/8 /8 3218 <6/8 E<219/8 :263/8 0>1
<6/8D<21R/82K:216/V83<0>6=/;>38F<282683<82K:12;>832801>9<E278;294/6:2
<6/83/E<949/8G1<3E/78<680<.3>8928./8D>1;/84694E/9/8268./8O4=A8Z#$$Ha78F<2
L4/C/8 S/E4/8 ./8 9212ES/8 E>68 <6/8 E421:/8 L2.>E49/98 / 3468 E/;G4/18 3<8 D>1;/A
B12:2692;>38>G:26218./8D>1;/8928./82E</E4568F<28923E14G/8./8/.:<1/8! 92
:>9>38.>380<6:>38928./8E<219/8268:>9>38.>38463:/6:2378321Q80>18:/6:>8928./
D>1;/ ! = : -B7 %@A #2/;>38 ./8 01>=1234568 92.8 0<.3>8 923928 9>38 0<6:>38 92
L43:/V8 2.8 014;21>8 238 2.8 928 <68 >G321L/9>18 F F<42:>8 268 <68 2K:12;>8 928 ./
E<219/78F<278:1/38;29418./8/.:<1/8! 928E/9/80<6:>8B 9282../8268E/9/8463:/6H
:28%7801>0>628./83>.<E4568E4:/9/ ! = : -B7 %@A %.832=<69>80<6:>8928L43:/82382.
928 <68 >G321L/9>18 F′78 F<28 E>46E4928 464E4/.;26:28 E>68 F78 P8 F<28 328 ;<2L2
E>68 2.8 0<.3>8 /8 L2.>E49/98 / 3>G128 2.8 2C28 GV8 0<23:>8 F<28 0/1/8 U.8 ./8 0>34E456
92.80<.3>86>8E/;G4/78:1/38;29418./38/.:<1/38!′ 928E/9/80<6:>8B′7801>0>628./
O4=A8 Z#$$HaAf8 B1>0/=/E4568 3468 92D>1;/E4568 928 <68 M0<.3>N8 /8 .>
./1=>8928<6/8E<219/8:263/A
3>.<E456 ! = : -B′@7 346846E.<4182.8:42;0>8P/8F<280/1/8U.82.80<.3>86>8328;<2H
L2A8%.8>G321L/9>18D4C>8F780/1/8E>;0/1/183<38;2949/38E>68./3892.8>G321L/H
9>18 ;5L4.8 F′78 92G21Q8 /0.4E/18 ./38 34=<426:238 :1/63D>1;/E4>62378 928 /E<219>8 E>68 ./8 O4=A8 Z#$$HaJ

!"#$%&'()'&'(#*'!#+,()&-./0/1'($"(&#)&-1"22/3+,(2-)4&/5.%(#1/%-&/'6(%70'&
B′ = B ! /% P !′ = !7 P8>G:4262J ! = !′ = : -B′@ = : -B ! /%@V 26892D464:4L/J

! - B 7 % @ = : - B − /% @ -]@

H&)"8&(#,*+#,%&,2)/(01*8&#*-2#'#E/)*#1*%-'-*(1$%)1%#*#$%)*,#")/(01>*,#+,#$#1%),9*&1)*-1')
8&#*$#*+,-+).)*D)/()*")*'#,#/D)*/-1*&1)*3#"-/(')'*'#*+,-+).)/(01*/A
I48./8>69/8L4/C/82682.8326:49>862=/:4L>892.82C28G E>68L2.>E49/98928;59<.>8/78S/E4269> /′ = !/
268./82K01234568/6:214>18:26912;>3J
! - B 7 % @ = : - B + /% @ -a@

/3?80<2378348.>389>383<;/69>3892.8/1=<;26:>8:4262682.8;43;>834=6>832823:Q812012326H
:/69>8 <6/8 >69/8 F<28 L4/C/8 S/E4/8 L/.>1238 92E12E426:238 928 G -L2.>E49/9 < I@78 P8 348 2.
34=6>8238943:46:>78./8>69/8L4/C/8S/E4/8L/.>1238928G E12E426:23A

*9//(:(M, -ADGC(GH?LA>KGCN(?GOA>BED@C(PEADG?@ABGF@C,(#KEGK>LA(D@(FG
<ADG(GH?LA>KG
T>;>8 :40>8 ;Q38 GQ34E>8 P8 D<69/;26:/.8 928 >69/78 E>634921/12;>38 ./8 >69/8 923/H
11>../9/8 0>18 <6/8 0/1:?E<./8 F<28 >3E4./8 268 3<8 .<=/18 E>68 <68 ;>L4;426:>8 L4G1/:>14>
/1;564E>834;0.2A
'>;2;>38 E>;>8 M;>92.>N8 <6/8 E<219/8 :263/8 0>18 <6/8 D<21R/8 2K:216/V8 S/=/;>3
L4G1/18/83<82K:12;>8F -B = I@8E>68<68;>L4;426:>8L4G1/:>14>8/1;564E>834;0.2783<823H
:/9>8L4G1/:>14>823J
! -I78%@8= !I 3268#% -g@
./8021:<1G/E4568328L/8/8:1/63;4:418/8.>8./1=>8928./8E<219/8:/.8P8E>;>8328/012E4/8268./
O4=A8#$$HgA
J")7)7-$ B%,^"(" -K@8 )"* %(#7+-* #7+"#)'-* +-,* /&)"8&(#,* +),%;/&")* #1* ,#)"(E),
&1)*-$/(")/(01*/-7+"#%)*A O,%T)%&T$+ -$@8)"*1=7#,-*'#*-$/(")/(-1#$*,#)"(E)')$*+-,*")
+),%;/&")*#1*")*&1(')'*'#*%(#7+-A8*/812./E456826:12823:/389>38;/=64:<9238D<69/;26H
:/.23823J
P
K=
$

%68 ./8 2E</E4568 -g@8 /8 # "#*"")7)7-$ O,%T)%&T$+ +&X)*+, A*$)2#7-$*8&#*3(#1#

,#")/(-1)')*/-1*#"*+#,;-'-*A*")*:,#/&#1/()J

O%
# = O %$ =
K

O4=A8 Z#$$HgAf8 */8 0/1:?E<./8 F >3E4./8 E>68 <68 !+I7
01>9<E4269>8 <6/8 021:<1G/E4568 ! F<28 328 01>0/=/8 /
.>8./1=>8928./8E<219/8E>68<6/8L2.>E49/98E>63:/6:28/7
/L/6R/69>8 <6/8 943:/6E4/8 " 268 2.8 :42;0>8 268 F<28 F
12/.4R/83<8>3E4./E456A
T/9/80<6:>8928./8E<219/8/9F<42128<68 !+I78/<6F<28.>8S/E28E>68<68E421:>8M12:1/H
3>N812302E:>8928FA8+3?782.80<6:>8L E>;426R/83<8;>L4;426:>8E</69>8F 32826E<26:1/
2683<80>34E4568928;QK4;/8320/1/E4568E>6812302E:>8/83<80>34E45689282F<4.4G14>8-!IJ
/;0.4:<9892.8!+I@8P8S/G4269>8:1/63E<1149>8KhM 2683<8L4G1/E4568/1;564E/A8%.80<6:>8N
E>;26R/1Q8/8L4G1/18:1/63E<1149>8KhO P8E</69>8F 32826E<26:1/8268./80>34E4568464E4/.
;>L4U69>328S/E4/8/G/C>A8%.80<6:>86 E>;426R/83<8;>L4;426:>8E</69>8S/8:1/63E<114H
9>8<68021?>9>8K P8F 2682328463:/6:28E>;426R/8<6/86<2L/8>3E4./E456A
 #2"'2/3+ 1# -+1'$ MQU

I48../;/;>38*"&X$')( (% "&(+ >8B%,^"(" %IB+T$+* -"@8)*")*'($%)1/()*8&#*)3)1E)*")*-1') -/-1*")

3#"-/(')'*'#*+,-+).)/(01*/@8#1*&1*+#,;-'-7823846;294/:>8F<2J

/ O %/
" = /K = =
$ #

"G3U1L2328 268 ./8 O4=A8 Z#$$Hg78 F<28 .>38 0<6:>38 Q P8 R 23:Q68 268 2.8 ;43;>8 23:/9>8 928 L4G1/E456V
E</69>823:>8>E<112832894E28F<2823:>380<6:>3823:Q68268 O+I%7834269>8./8943:/6E4/826:1282..>384=</.8/8./
.>6=4:<98928>69/780>92;>3892D46418/8U3:/8E>;>J8@")*'($%)1/()*#1%,#*'-$*+-$(/(-1#$*/-1$#/&%(3)$*#1
('41%(/)*:)$#*'#*3(2,)/(01NA
":1/8928./38F<28../;/;>38;/=64:<9238D<69/;26:/.238928./38>69/382382.8 &i!%," (% "&(+I F<2
0>1892D464E4568:>;/82.8L/.>1J
O% O % O %$ #
S= ⇒ S= = =
" /K / /

%68<680<6:>8E</.F<421/8/8<6/8943:/6E4/8B 92.8D>E>78F<283<0>6912;>382682.8>14=2678/.8F<28:/19/
268..2=/18./8021:<1G/E4568<68:42;0>8%′783<823:/9>8L4G1/:>14>82682.8463:/6:28% 321Q82.8;43;>8F<28:26?/
2.8>14=268%′ 32=<69>38/6:237826 % ! %′7 E>68.>8F<2J
!"#$%&'()'&'(#*'!#+,()&-./0/1'($"(&#)&-1"22/3+,(2-)4&/5.%(#1/%-&/'6(%70'&

! -B78%@8= !I 3268# -% ! %′@

34269>J B = /%′ ⇒ %′ = Bh/ P #%′ = #Bh/ = SBV 3<3:4:<P269>86>38F<29/J

!# % − B $&
! - B 7 % @ = ! I 326 -#% − S B @ ⇔ ! - B 7 % @ = ! I 326 O %
" K "% -k@

I48./8021:<1G/E456832801>9<E28/6:2382682.80<6:>8B F<282682.8>14=268-L4/C/82682.8326:49>862=/:4L>
928G@78./8E>694E4568/6:214>18321QJ
! -B78%@8= !I 3268# -% + %′@8= !I 3268-#% + SB@
%682.8E/3>8928F<282682.8>14=268P826 % = I -B = I7 % = I@832/ ! -I7 I@ ≠ I7 S/P8F<28/j/9418/8./
2K01234568928./8D/328<6/8MO+I% $&$T$+*N8&78P8328:4262J

! - B 7 % @ = ! I 326 -#% ± S B + &@ -d@

2E</E4568F<28923E14G28./80>34E4568928E</.F<42180<6:>8268E</.F<4218463:/6:278P8F<280>18:/6:>801>H
0>1E4>6/8 46D>1;/E4568 3<D4E426:28 0/1/8 123>.L218 E</.F<4218 01>G.2;/8 E462;Q:4E>8 12./:4L>8 /8 ./8 >69/A
+3?80>182C2;0.>78348E>634921/;>38<6/8>69/8/1;564E/8F<28L4/C/8268./89412EE45680>34:4L/892.82C28FG7
0/1/8<68L/.>180/1:4E<./1892.8:42;0>J
% = %P ⇒ ! -B@8= !I 3268-#%P ! SB + &@8= !I 3268-!SB + /%#@
F<283280<2928E>634921/18E>;>8<6/8M463:/6:Q62/N8928./8E<219/8F<28:1/63;4:28./8>69/8-B%,O$* (% *+
"&(+@A8I48E>634921/;>38<680<6:>892:21;46/9>J

B = BP ⇒ ! -%@8= !I 3268-#% + /%#@

923E14G282.8;>L4;426:>8L4G1/:>14>8/1;564E>892.80<6:>8268E<23:456A
*/82E</E4568-d@83280<292823E14G417834680U1949/8928=2621/.49/9783<3:4:<P269>8./8D<6E4568326>80>1
./8D<6E4568E>326>78>8G42683<8/1=<;26:>80>621.> SB ± #% + &7 268L2R892 #% ± SB + &7 0<23:>8F<2
/.83218E>6L26E4>6/.8./82.2EE456892.8>14=268928:42;0>380>92;>3846E.<41826823:/382E</E4>6238D/3238464H
E4/.238268./38F<283<;/;>38>8123:/;>38%hO 58%A8(28S2ES>78P80/1/8F<28.>38923/11>..>38;/:2;Q:4E>3
F<28 34=<268 123<.:268 .>8 ;26>38 E>;0.4E/9>38 0>34G.278 :>;/12;>38 <6/8 <8 >:1/8 928 23:/38 2E</E4>623A
%38326E4..>892;>3:1/18F<28./82E</E4568-d@82380214594E/8230/E4/.8P8:2;0>1/.;26:2780/1/82..>8G/3H
:/801>G/18F<2J ! -B7 %@ = ! -B + TP "7 % + TOK@7 -! TP7 TO ' U@A8%682D2E:>J

! - B + T P "7 % + T O K @ = ! I 326 # -% + T O K @ − S - B + T P "@ + & = ! I 326 # % − S B + & + T O # K − T PS "

P8E>;> #K = S" = O% P TO ! TP = T ' U7 >G:262;>3J

! -B + TP "78% + TOK@8= !I 3268-#% ! SB + & + OT%@8= !I 3268-#% ! SB + &@8= ! -B78%@
E>;>8F<21?/;>3892;>3:1/1A

*9//(:(S, !<=>?>@AB<(<ADEFGB<H><(BHGAC=@HCGF(T(F<AO>BED>AGF
@<1* 7-3(7(#1%-* -1'&")%-,(-* #$ ',+&I#%,I+* /&)1'-* ")* '(,#//(01* '#* +,-+).)/(01* '#* ")
-1')*V'(,#//(01*#1*8&#*$#*%,)1$7(%#*")*#1#,.;)W*#$*+#,+#1'(/&"),*)*")*'(,#//(01*'#*3(2,)/(01
'#*")$*+),%;/&")$*-$/(")1%#$>*A**"&X$')($&+* /&)1'-*)72)$*'(,#//(-1#$*/-(1/('#1NA
MVW -+1'$
O4=A8 Z#$$HkAf8 ,2012326:/E4568 =1QD4E/
928<68;>L4;426:>8>69<./:>14>8.>6=4H
:<946/.8/1;564E>8-328S/8S2ES>8E>634H
921/69>8 0>34E4>6238 3<E234L/38 268 46H
:21L/.>38KhM@A
E456832801>0/=/1Q8/8.>8./1=>89282../8E>68<6/8L2.>E49/98/7834269>8./89412EE456892.8;>L4;426:>8928./3
0/1:?E<./38928./8E<219/802102694E<./18/8./89412EE456892801>0/=/E4568928./8021:<1G/E45678328:1/:/892
<68;>L4;426:>8>69<./:>14>8:1/63L213/.A
E<219/8:263/8238E21>784694EQ69>6>38F<28./8:2634568238./8;43;/8268E/9/80<6:>8928./8E<219/A
O4=A8Z#$$H`Af8%682.82F<4.4G14>8./8:2634568268:>9>38.>3
0<6:>38928./8E<219/8238./8;43;/A
9>38E>;0>626:238-F<283>684=</.23@823J
O4=A8 Z#$$HmAf8 ∆$ 238 <68 2.2;26:>8 E<1H
L/9>8928./8E<219/8F<286>832826E<26H
:1/8 268 2F<4.4G14>8 P8 238 .>8 3<D4E426:2H
;26:2802F<2j>8E>;>80/1/8F<280<2H
9/8 3<0>621328 F<28 238 <68 /1E>8 92
E41E<6D2126E4/89281/94>8XA
%68 <68 ;>L4;426:>8 >69<./:>14>8 :1/63L213/.8 328 01>9<E268 #"#3)/(-1#$ P8 '#$/#1$-$A8 %C2;0.>8 92
;>L4;426:>8>69<./:>14>8:1/63L213/.8/1;564E>82382.8F<2832801>9<E28268<6/8E<219/8:263/8E<P>82KH
:12;>823:Q83>;2:49>8/8<68;>L4;426:>8L4G1/:>14>8/1;564E>8-O4=A8Z#$$Hg@V8>:1>382C2;0.>38928>69/3
:1/63L213/.2383>68./38>69/3801>9<E49/382682.8/=</78./38>69/382.2E:1>;/=6U:4E/3782:EA
%68<68;>L4;426:>8>69<./:>14>8.>6=4:<946/.832801>9<E268/-1'#1$)/(-1#$ P8'(")%)/(-1#$A8%68./
O4=A8Z#$$Hk 328S/812012326:/9>8<68;>L4;426:>8"-1.(%&'(1)" /1;564E>8E>634921/69>80>34E4>623892
./38 0/1:?E<./38 -F<28 0>32268 <68 ;>L4;426:>8 L4G1/:>14>8 /1;564E>@8 268 46:21L/.>38 928 :42;0>8 928 <6
E</1:>8928021?>9>A8%C2;0.>38928;>L4;426:>38>69<./:>14>38.>6=4:<946/.2383>682.8F<2812012326:/;>3
268./8O4=A8Z#$$Hd 0/1/8<68;<2..278./801>.>6=/E456892.83>649>82682.8/412AAA8%68.>38D.<49>38021D2E:>3
l64E/;26:283280<2926801>0/=/18;>L4;426:>38>69<./:>14>38.>6=4:<946/.23A
O4=A8Z#$$HdAf8"69/38.>6=4:<946/.238268<68123>1:2A
n2;>38>G:2649>8./82E</E4568928./8>69/8/1;564E/8/80/1:418928<6/8021:<1G/E4568:1/63L213/.78P/
F<28 238 ./8 D>1;/8 ;Q38 326E4../8 928 L43</.4R/178 3468 2;G/1=>78 2.8 :1/:/;426:>8 ;/:2;Q:4E>8 238 2.8 ;43;>
0/1/8./38>69/38.>6=4:<946/.23A8%6823:28E/3> ! -B7 %@ = : -B ! /%@ 12012326:/1Q82.89230./R/;426:>8S>14H
!"#$%&'()'&'(#*'!#+,()&-./0/1'($"(&#)&-1"22/3+,(2-)4&/5.%(#1/%-&/'6(%70'&
R>6:/.8928./80/1:?E<./834:</9/8>14=46/.;26:28268B7892G49>8/.80/3>8928./8>69/A
)&-06#!'$N ; /.8;SA
*9//(:(Q, 9@F<K>DGD(D@(XH<XGOGK>LA(D@(FGC(<ADGC(XFGAGC(BHGAC=@HCGF@C(@A(?@D><C
?GB@H>GF@C
I48.2801>9<E4;>38<680<.3>8/8<6/8E<219/8:263/80>18<6/8D<21R/82K:216/8-O4=A8Z#$$Ha@8./892D>1;/H
%682.82F<4.4G14>8-O4=A8Z#$$H`@8./8D<21R/862:/8F<28/E:l/83>G128E/9/82.2;26:>8928.>6=4:<98928./
%68./8O4=A8Z#$$Hm78∆$ 238<682.2;26:>8E<1L/9>8928./8E<219/8F<286>832826E<26:1/
268 2328 463:/6:28 268 2F<4.4G14>78 23:/69>8 3>;2:49>8 /8 D<21R/38 F<28 01>9<E268 3<8 ;>L4H
;426:>78 P8 238 .>8 3<D4E426:2;26:28 02F<2j>8 E>;>8 0/1/8 F<28 0<29/8 3218 E>634921/9>
E>;>8 <68 /1E>8 928 E41E<6D2126E4/8 928 1/94>8 XA8 */8 ;/3/8 928 23:28 2.2;26:>8 321QJ
∆7 = (∆$7 268./8F<28( 238./8926349/98.462/.8928./8E<219/A
I4269>8 ./8 E<219/8 D.2K4G.278 ./8 l64E/8 D<21R/8 928 L/.>18 /012E4/G.278 9414=49/8 S/E4/8 2.
E26:1>8F78321Q8./8D<21R/8E26:1?02:/892G49/8/8.>38E>;0>626:238928./38:2634>6238Y 268./
9412EE4568 928 ./8 6>1;/.8 928 ./8 E<219/8 F<28 /E:l/68 :/6=26E4/.;26:28 268 E/9/8 2K:12;>
92.8/1E>8∆$ -O4=A8Z#$$Hm@8E<P>8L/.>180/1/8<6/89282../3823 Y 326 ∆)hOV8./83<;/8928./3
P ∆$
Y/ = OY 326 ∆ ) ! Y ∆ ) = Y
O X
2689>6928328S/8:>;/9>8268014;21/8/01>K4;/E456 326 ∆)hO ! ∆)hO780>18:1/:/1328928<68Q6=<.>8;<P
02F<2j>A8 B>18 :/6:>78 34269>8 / OhX 2.8 L/.>18 928 ./8 /E2.21/E4568 E26:1?02:/78 ./8 /0.4E/E4568 92.8 32=<69>
0146E404>8928&2o:>6786>38E>69<E28/J
/O /O
Y/ = ∆7 = ( ∆$
X X
4=</./69>8./389>382K01234>6238/6:214>12378>G:262;>3J
Y
Y = (/ O ⇒ /=
(
*/8L/.492R892823:28123<.:/9>7892026921Q892.8S2ES>8928F<28.>389230./R/;426:>38928./8E<219/832/6
02F<2j>3780/1/8.>38F<28321Q8LQ.49/8./8/01>K4;/E4568S2ES/80/1/82.8Q6=<.>V8:/;G4U68238928>G321L/1
F<2823:28123<.:/9>823846920269426:28928./8D>1;/8F<28:26=/8./8>69/8L4/C21/8:1/63L213/.A
I48328E>634921/8<6/8L/14../8E4.?6914E/8E>68<6>89283<382K:12;>38D4C>38P82682.8>:1>8.28/0.4E/;>38<6
0/18 928 :>134568 12026:46>78 ./38 >69/38 :1/63L213/.238 01>9<E49/38 0>18 :>134568 928 3<38 0/1:?E<./38 268 <6
326:49>8 P8 >:1>8 /.:216/:4L/;26:28 268 D>1;/8 928 /1E>8 E41E<./18 /.12929>18 92.8 2C28 928 ./8 L/14../78 328 92H
;<23:1/8F<2832801>0/=/68/8.>8./1=>89282../8E>68<6/8L2.>E49/9J
Z
/=
*
268./8F<28Z 2382.8;59<.>8928E4R/../9<1/892.8;/:214/.8928F<2823:Q8S2ES/8./8L/14../8P8* 3<8926349/9A
 #2"'2/3+ 1# -+1'$ MV;

'/;G4U678 328 92;<23:1/78 F<28 ./8 L2.>E49/98 928 ./38 >69/38 :1/63L213/.238 F<28 328 01>9<E268 268 2.
/=</78P8342;0128F<28./8.>6=4:<98928>69/832/8;26>18F<28./801>D<6949/97823J

. " O %+
/= + -`@
O% "*

268 ./8 F<28 . 238 ./8 /E2.21/E4568 928 ./8 =1/L29/98 P8 + ./8 E>63:/6:28 928 :2634568 3<021D4E4/.A8 %.8 :U1;46>
O%+h"* 238 923012E4/G.28 E</69> " > PI E;7 P8 34 " < PI E; 26:>6E238 2.8 :U1;46>8 923012E4/G.28 23
."hO%A

*9//(:(V, 9@F<K>DGD(D@(XH<XGOGK>LA(D@(FGC(<ADGC(XFGAGC(D@(XH@C>LA(F<AO>BED>AGF@C
B/1/82.8EQ.E<.>8928./8L2.>E49/9892801>0/=/E4568928<6/8021:<1G/E4568.>6=4:<946/.82682.846:214>1
928<68D.<49>783<0>6912;>38/8U3:2826E211/9>82682.846:214>18928<68:<G>84692D4649>80>18<68./9>8P8E2H
11/9>80>18<68043:5680>182.8>:1>8-O4=A8Z#$$Hc@A8%682.82F<4.4G14>82.8D.<49>823:Q83>;2:49>8/8<6/80123456
+78:42628<6/8926349/98F<28../;/12;>38* P832826E<26:1/8/8:2;021/:<1/8E>63:/6:2V826823:/38E>694H
E4>623801>L>E/;>38<6/801234568/94E4>6/.8∆+78;>L4269>82.8043:568S/E4/8./89212ES/8E>68<6/8L2.>E4H
9/98 3V8 :1/63E<1149>8 <68 :42;0>8 %78 2.8 043:568 S/G1Q8 12E>1149>8 <6/8 943:/6E4/8 3% P8 ./8 ;/3/8 92.8 D.<49>
0<23:/8268;>L4;426:>8321QJ Q = /%L*7 268./8F<28L 238./832EE456892.8:<G>A8*/80123456892.8D.<49>7
!"#$%&'()'&'(#*'!#+,()&-./0/1'($"(&#)&-1"22/3+,(2-)4&/5.%(#1/%-&/'6(%70'&

2682328:42;0>78S/G1Q8/<;26:/9>8268∆+78P8:264269>8268E<26:/8./8.2P8928E>;01234G4.49/98-L2182./3:4H
E49/9780Q11/D>8Z$$$Hk@780>92;>380>621J

∆3 L3% 3
∆+ = −N =N =N
3 L/% /
26:>6E238./8D<21R/862:/8F<28/E:l/83>G1282.8D.<49>J
3
L ∆+ = N L
/
:264269>8 268 E<26:/8 2.8 L/.>18 928 ./8 ;/3/78 4=</./69>8 4;0<.3>8 P8 ;>;26:>8 .462/.J
O4=A8Z#$$HcAf8#2.>E49/9892801>0/=/E4568928<6/8>69/8.>6H
3 N =4:<946/.8268<68D.<49>A
N L% = /% L *3 ⇒ /= -m@
/ *

%682.8E/3>8928<68=/378./801>0/=/E4568928<6/8>69/8.>6=4:<946/.78E>;>82382.83>649>78328L214D4E/
0>18;294>8928E>;01234>6238P894./:/E4>6238/94/GQ:4E/38F<28E<;0.268./8E>694E456J +[ , = /%#7 3426H
9> + = 01234567 [ = L>.<;268P , = /+ h/3 -E/.>12382302E?D4E>38;>./1238/801234568P8/8L>.<;268E>63H
:/6:27812302E:4L/;26:2@A8'>;/69>8.>=/14:;>38620214/6>38P894D2126E4/69>78123<.:/J

'+ '[
.6 + + , .6 [ = /%# ⇒ +, =I
+ [

P780>18:/6:>782.8;59<.>8928E>;01234G4.49/98/94/GQ:4E>823J

'+
N=− = ,+
'[ h [

,+ ,XK
3<3:4:<P269>8268-m@8123<.:/J /= =
* Q

268 9>6928 328 S/8 :2649>8 268 E<26:/8 .28 2E</E4568 928 .>38 =/3238 492/.237 +[ = 1XK ⇒ + = *XKhQ
-* = 926349/9892.8=/37 Q = ;/3/8;>.2E<./1@A
I48./801>0/=/E456832812/.4R/8268<6/8G/11/82.Q3:4E/8928926349/98*780>18<681/R>6/;426:>8/6Q.>=>
>G:262;>380/1/8L2.>E49/9892801>0/=/E4568928./8021:<1G/E4568.>6=4:<946/.82682../J

!
/=
*
268./8F<28! 2382.8;59<.>8928p><6=A
B/1/82.8E/3>8928./801>0/=/E4568928<6/8021:<1G/E4568.>6=4:<946/.8268<68123>1:28-O4=A8Z#$$Hd@7832
E/.E<./8F<2J
T"I
/=
(

9>6928T 238./8E>63:/6:282.Q3:4E/892.8123>1:278"I 3<8.>6=4:<986/:<1/.8P8( 3<8926349/98.462/.8928;/3/A

)&-06#!'$N ;Q /.8JVA
MVJ -+1'$

*9//(:(Y, #KEGK>LA(O@A@HGF(D@(<ADGC

'1/:/12;>38/S>1/8928>G:26218<6/812./E456826:128./389214L/9/38928./8D<6E4568! F<28L/.=/80/1/
:>9/38./38021:<1G/E4>6238268<6/89412EE456832/8E</.832/8./8D>1;/80/1:4E<./18928./8D<6E4568: -0Q11/D>
Z#$$Ha@A8*/389214L/9/38014;21/8P832=<69/8928! 12302E:>892.8:42;0>8268<680<6:>8928/GE43/8B 92:21H
;46/9>8-S/E4269>8021;/62E218B E>63:/6:278E>6E20:>89289214L/9/80/1E4/.@78../;/69> & = B ! /% /.
/1=<;26:>8928:783>68268L41:<98928-]@J

-! ' : -& ': -O ! - ': !# $&

' O : -&
= /O
'O:
-%
=
'& -%
= −/
'&
⇒
-% O
= −/
-% '&
= −/
" % O
'& -% '& O

I48328E>634921/8/8! 268<68463:/6:2892:21;46/9>7826:>6E23J

-! ' : -& ' : -O ! ' O :

= = ⇒ =
-B '& -B '& -B O '& O

-O ! -O !
0>18:/6:>8328L214D4E/J O
= /O
-% -B O

!"#$%&'()'&'(#*'!#+,()&-./0/1'($"(&#)&-1"22/3+,(2-)4&/5.%(#1/%-&/'6(%70'&
/8./8F<28../;/;>38 %T)+T$[& (% "&(+IV8F<281230>69278268=2621/.78/8./801>0/=/E4568928<6/8021:<1H
G/E4568E</.F<421/78E>68<6/8L2.>E49/98/78P8F<286>835.>8:42628E>;>83>.<E4568./82E</E4568-]@78346>
:/;G4U68>:1/38F<28:426268=1/6846:21U38D?34E>A8+3?80>182C2;0.>78268<6/89412EE45680<2926801>0/=/132
>69/38268.>389>38326:49>3 +B P !BV 328>G:4262826:>6E23J ! -B7 %@ = : -B ! /%@ + . qB ! -!/%@r7 F<2
E>;>8238DQE4.8928E>;01>G/18:/;G4U683/:43D/E28/8./82E</E4568928>69/3A
I48 ./8 01>0/=/E4568 :42628 .<=/18 268 2.8 230/E4>8 :1494;2634>6/.78 328 92;<23:1/8 F<28 ./8 %T)+T$[& (%
"&(+I 23E14:/82683<8D>1;/8;Q38=2621/.823J

-O ! !
-O ! -O ! -O ! $
-% O
= /O #"
+ +
-B O -A O -E O
&% -c@

)6/8928./383>.<E4>6238;Q384;0>1:/6:238/823:/82E</E45678238./8F<28:42628./8D>1;/J

! = : -! Z " ± /%@

34269>8! 2.8L2E:>18<64:/14>802102694E<./18/8./83<021D4E428928>69/8P " = B# + A$ + E%A %3:/38>69/3

3>68./38../;/9/38 "&(+I B*+&+IA8%K43:268>:1>38:40>38928>69/38E>;>8./38E4.?6914E/38F<283>6801>9<E4H
9/380>18D>E>38.462/.238./1=>378P783>G128:>9>78./38%IOY,$T+I F<283>68./38F<2832801>9<E268268<68;294>
:1494;2634>6/.8435:1>0>A8B/1/8U3:/38l.:4;/378./82K01234568-c@80<2928:1/63D>1;/13282683<82F<4L/.26:2J

-O ! O
O - ! ! O -! $
-% O
= /
-, O
#"
+
, -, &%
3468;Q38F<28E>634921/18! D<6E4568928./8943:/6E4/8, /.8D>E>8P892.8:42;0>7 ! -,7 %@7 P8:26218268E<26:/
F<2 , = -B O + A O + E O@PhOA )6/8>69/8F<283/:43D/E28./82E</E4568/6:214>18:42628./8D>1;/8=2621/.J

P
!-, 7 %@ = : -, ± /%@
,

P80>18:/6:>83<8/;0.4:<98943;46<41Q8E>68./8943:/6E4/8/.8D>E>78E>;>8E>;01>G/12;>382682.80Q11/D>834H
=<426:27812D2126:28/8./82621=?/8268<68;>L4;426:>8>69<./:>14>A
)&-06#!'$N JY /.8MWA

08 #+#&5['(#(/+%#+$/1'1(1#(6'$(-+1'$

*9//(:(R, )H<XGOGK>LA(D@(FG(@A@HO\G(G(BHG=]C(D@(EA(?@D><(^<?<O]A@<(@(>CLBH<X<,
9GH>GK>LA(D@(FG(G?XF>BED(D@(FG(<ADG(K<A(FG(D>CBGAK>G(GF(P<K<(@?>C<H

+.812/.4R/18<68D>E>8928>69/38<68;>L4;426:>8L4G1/:>14>78U3:28238:1/63;4:49>80/1:?E<./8/80/1:?E<./
/8:>9>82.8;294>8F<28.281>92/V8E</.F<42180/1:?E<./8928;/3/87 E<P>823:/9>8L4G1/:>14>832/J

! = !I 3268-#% ± SB + &@

P
0>3221Q8<6/82621=?/8:>:/.J \= 7 ! IO # O = O % O 7 ! IO $ O
O

32=l6832892;>3:1582682.80Q11/D>8#$$HamA
 #+#&5[' # /+%#+$/1'1 1# 6'$ -+1'$ MVM

@J)*#1#,.;)*'#*")$*+),%;/&")$*8&#*%,)1$7(%#1*#"*7-3(7(#1%-*-1'&")%-,(-*),701(/-*#$*'(,#/?
%)7#1%#*+,-+-,/(-1)"*)"*/&)',)'-*'#*")*)7+"(%&'*A*)"*/&)',)'-*'#*")*:,#/&#1/()*'#*")*3(?
2,)/(01NA
<1*:-/-*#7($-,*'#*-1')$>*/-1*&1)*+-%#1/()*#7($-,)*/),)/%#,;$%(/)>*8&#*$&+-1',#7-$*/-1$%)1%#
/-1*#"*%(#7+->*/-7&1(/)*)"*7#'(-*+,-+).)'-,*$&*#1#,.;)*3(2,)1%#*8&#*$#*%,)1$7(%#*)*&1)*3#"-/(?
')'*8&#*'#+#1'#*'#*%)"*7#'(-*A*/-1$#,3)1'-*$&*:,#/&#1/()*'#*3(2,)/(01A
I<0<23:>82687#'(-*D-7-.41#-78($0%,-+-*A*1-*)2$-,2#1%# ./82621=?/8F<28/:1/L423/8/8<6/823D2H
1/89281/94>8,P 2682.8:42;0>8'% 23:/1Q8.>E/.4R/9/8268<6/8E/0/823DU14E/892823023>1 / '% -/ = L2.>E49/9
92801>0/=/E456892.8;>L4;426:>8>69<./:>14>@78E<P>8L>.<;26823 M %,PO / '% P8E<P/8;/3/J

'7 = M % ,PO / '% *

*/82621=?/8.>E/.4R/9/8268:/.8R>6/8E>11230>6928/8./82;4:49/8268<68:40>8'%7823J

P O O P O O
'\ = ! IP # '7 = ! IP # M %,PO / '% * -e@
O O
'/.82621=?/78E>6321L/69>83<8L/.>18P801>0/=/9/82682.8;294>8:1/63;43>178/:1/L423/82682.8:42;0>
'% /8>:1/823D21/8492/.89281/94>8,O 943:46:>8/.8/6:214>18-O4=A8Z#$$He@V864 # = O%$7 648/ 648* S/68L/14/H
!"#$%&'()'&'(#*'!#+,()&-./0/1'($"(&#)&-1"22/3+,(2-)4&/5.%(#1/%-&/'6(%70'&

9>78 /D2E:/69>78 0>18 :/6:>78 ./38 L/14/E4>6238 92.8 1/94>8 /8 ./8 /;0.4:<98 92.8 ;>L4;426:>A8 %.8 L/.>18 928 :/.
2621=?/82378/S>1/J
P O O
'\ = ! IO # M %,OO / '% *
O
F<284=</./9/8/8./8/6:214>1786>3892:21;46/J
O O O O !IP ,O
!IP ,P = !IO ,O ⇒ = -]b@ O4=A8Z#$$HeAf8*/82621=?/8.>E/.4R/9/826
!IO ,P ./38 0/1:238 3>;G12/9/38 238 ./8 ;43;/A

J)*)7+"(%&'*'#*&1*7-3(7(#1%-*-1'&")%-,(-*+,-+).)'-*+-,*-1')$*#$:4,(/)$>*#1*7#'(-$*D-?
7-.41#-$>*($0%,-+-$>*A*1-*)2$-,2#1%#$*#$*(13#,$)7#1%#*+,-+-,/(-1)"*)*")*'($%)1/()*)"*:-/-
#7($-,A
T>634921/69>8./801>0/=/E4568928.>38D126:238928>69/80./6>378268;294>38S>;>=U62>378435:1>0>3
P86>8/G3>1G26:2378./82621=?/8F<28/:1/L423/8/8<6/83<021D4E428L 2682.8:42;0>8'%7823:/1Q8.>E/.4R/9/826
<68S2K/291>892823023>1 / '%7 E<P>8L>.<;26823 L/ '% P8928;/3/ '7 = )/ '% *7 :2691Q80>18L/.>1J

P O O
'\P = ! IP # L/ '% *
O
F<28E>6321L/1Q83<8L/.>18E</69>832826E<26:128.>E/.4R/9/8268./80>34E4568-a@8928./8O4=A8Z#$$H]b78E<P>
L/.>1823J
P O O
'\O = ! IO # L/ '% *
O
O4=A8 Z#$$H]bAf8 */8 2621=?/8 .>E/.4R/9/
268 ./38 0/1:238 3>;G12/9/38 238 ./8 ;43H
E>68.>8F<2J '\P = '\O ⇒ ! IP = ! IO
;/A

@J)$*-1')$*+")1)$*$#*+,-+).)1*#1*7#'(-$*D-7-.41#-$>*($0%,-+-$*A*1-*)2$-,2#1%#$*$(1*'($?
7(1&/(01*'#*)7+"(%&'NA

*9//(:(U, /AB@AC>DGD(D@F(?<=>?>@AB<(<ADEFGB<H><
@!$*")*#1#,.;)*8&#>*#1*")*&1(')'*'#*%(#7+->*)%,)3(#$)*)*")*&1(')'*'#*$&+#,:(/(#>*1-,7)"*)*")
'(,#//(01*'#*+,-+).)/(01NA
T>;>8./82621=?/8F<28E>11230>6928/8./8<649/98928:42;0>8238./8+-%#1/()78./892D464E4568/6:214>1
2F<4L/.28/8./8@+-%#1/()*%,)1$7(%(')*+-,*&1*:,#1%#*'#*-1')*#1*/)')*&1(')'*'#*$&+#,:(/(#NJ

P '\ ^
]= = ⇔ ^ = ]L
L '% L

%3:/8;/=64:<98328;492826821=4>3h3 Z E;a -TXI@78sh;a -I$@8P8268t=;h3 Z ;a -'YT&$T"@A

T>634921/69>8D126:238928>69/823DU14E>37801>0/=Q69>328268;294>38S>;>=U62>378435:1>0>38P86>
/G3>1G26:23J L = M%, .7 P8:264269>8268E<26:/8./8D51;<./8-e@892.80Q11/D>8/6:214>178>G:262;>380/1/
L/.>18928./846:26349/98/8./8943:/6E4/8, 92.8D>E>82;43>1J

P O O
]= ! I # / * = O % O ! IO $ O / * -]]@
O
MVS -+1'$

*/383<021D4E423823DU14E/38928E26:1>82.8D>E>82;43>18P81/94>38E</.23F<421/8 ,P P8,O 78<6/8L2R823:/H

G.2E49>82.8;>L4;426:>8>69<./:>14>783>68/:1/L23/9/380>18./8;43;/82621=?/82682.8;43;>8:42;0>7823
92E41J

]P !O ,O
^P = ^O ⇒ ] P LP = ] O L O ⇒ M %,PO ] P = M %,OO ] O ⇒ = IP
O
= OO
] O ! IO ,P

P/8F<2 !IP h!IO = ,O h,P -D51;<./8-]b@892.80Q11/D>8/6:214>1@A

@J)*(1%#1$(')'*'#*&1*7-3(7(#1%-*-1'&")%-,(-*#$*'(,#/%)7#1%#*+,-+-,/(-1)"*)"*/&)',)'-*'#
")*)7+"(%&'*'#*")*3(2,)/(01*A*$(*#$*+,-+).)'-*+-,*-1')$*#$:4,(/)$>*(13#,$)7#1%#*+,-+-,/(-?
1)"*)"*/&)',)'-*'#*")*'($%)1/()*)"*:-/-*#7($-,NA
T>634921/69>8D126:238928>69/80./6>378/.8E<;0.4132J ^P = ^O P LP = LO 7826:>6E23J

]P = ] O

23892E417832801>0/=/683468943;46<E456892846:26349/98P8268E>632E<26E4/8:/;0>E>82K43:28943;46<E456
928/;0.4:<978342;0128F<2832801>0/=<268268;294>38435:1>0>38P86>8/G3>1G26:23A8*/846:26349/980/1/
23:28:40>8928>69/3834=<2834269>89412E:/;26:2801>0>1E4>6/.8/.8E</91/9>8928./8/;0.4:<9A

!"#$%&'()'&'(#*'!#+,()&-./0/1'($"(&#)&-1"22/3+,(2-)4&/5.%(#1/%-&/'6(%70'&
)&-06#!'$N M; /.8MQA

*9//(:(;W, '_C<HK>LA(D@(EA(?<=>?>@AB<(<ADEFGB<H><
%68 12/.49/98 ./8 46:26349/98 928 ./8 >69/8 6>8 3>./;26:28 943;46<P28 E>68 ./8 943:/6E4/8 /8 ./8 D<26:2
01>9<E:>1/8928>69/38E>;>8E>632E<26E4/8928<6/8943;46<E4568928./82621=?/80>18120/1:413282683<
01>0/=/E4568268;/P>1238L>.l;262378346>8F<28S/P8@)2$-,/(01N89282621=?/80>180/1:2892.8;294>7
F<28 6<6E/8 321Q8 021D2E:/;26:28 2.Q3:4E>8 P8 012326:/1Q8 0U1949/38 0>18 1>R/;426:>8 -E/.>1@8 26:128 3<3
0/1:?E<./3A
@6#:(1(7-$ +\I",T$[& +),)*&1*7-3(7(#1%-*-1'&")%-,(-*/-7-*")*'($7(1&/(01*#1*")*(1%#1?
$(')'*8&#*4$%#*$&:,#*'#2('-*)*$&*1)%&,)"#E)*A*)*")$*/),)/%#,;$%(/)$*:;$(/)$*'#"*7#'(-*+,-+)?
.)'-,NA
I48E>634921/;>38/.8D>E>82;43>18928>69/38;<P8/.2C/9>78./383<021D4E4238928>69/83280<29268E>6H
34921/180./6/3V8348U3:/3832801>0/=/68268<68;294>8S>;>=U62>828435:1>0>7834269>8FG 3<89412EE456
928 01>0/=/E4568 -O4=A8 Z#$$H]]@78 328 92;<23:1/8 2K0214;26:/.;26:28 F<2J8 @")*'($7(1&/(01*,#")%(3)*'#
(1%#1$(')'*#$*+,-+-,/(-1)"*)"*'#$+")E)7(#1%-N7823892E41J

']
= − , 'B -]a@
]

/8, 328.28../;/8MT"%O$T$%&'% (% +\I",T$[&N8P89202692892.8;294>8P8928./8D12E<26E4/8928./8>69/A8%.

O4=A8Z#$$H]]Af8+G3>1E4568928<68;>L4H
;426:>8>69<./:>14>A
34=6>8;26>3823892G49>8/8F<28./846:26349/98943;46<P28E>68./8943:/6E4/812E>1149/80>18./8>69/A8$6:2H
=1/69>8./82E</E4568-]a@8>G:262;>3J .6 ] = ! ,B + /%#7 P83480/1/ B = I 23 ] = ]I 7 ./8E>63:/6:2892
46:2=1/E4568L/.28.68]I 78.<2=>J
]
.6 ] = − ,B + .6 ] I ⇒ .6 = − ,B ⇒ ] = ]I # − , B -*%p8(%8*+!\%,' H\%%,@
]I

.<2=>8")*(1%#1$(')'*'#*")*-1')*'($7(1&A#*#B+-1#1/()"7#1%#*/-1*")*'($%)1/()*,#/-,,(')*)*%,)34$*'#"
7#'(-*A*/-1*%)1%)*7)A-,*,)+('#E*/&)1%-*7)A-,*$#)*#"*/-#:(/(#1%#*'#*)2$-,/(01A
T>;>8 ./8 46:26349/98 238 01>0>1E4>6/.8 /.8 E</91/9>8 928 ./8 /;0.4:<978 U3:/8 92E12E21Q8 2K0>626E4/.H
;26:278021>8E>68<68D/E:>18928/;>1:4=</;426:>8;4:/9A8*/82E</E4568928./8>69/8/;>1:4=</9/83282KH
0123/1Q8928./8D>1;/J
,
− B
! - B7 %@ = ! I # O 326 -#% − SB + &@

*/8 D12E<26E4/8 928 ./8 >69/8 328 E>6321L/8 46L/14/G.28 E>68 ./8 943:/6E4/8 12E>1149/V8 021>8 328 S/8 94ES>
F<28, 92026928928./8D12E<26E4/8928U3:/8P8/3?80>182C2;0.>782682.8/4128.>383>649>38928;/P>18D12E<26H
E4/8 -).&'-$@8 3>68 ;2C>18 /G3>1G49>38 F<28 .>38 F<28 :426268 ;26>18 D12E<26E4/8 -.,)3#$@V8 928 23:/8 D>1;/7
E</69>8<6/8G/69/8928;l34E/8328/.2C/7801>6:>892C/68928>?1328.>383>649>38/=<9>3A8n/E4269>8<3>892
23:/801>0429/978.>38E>;0>34:>12380/1/89/183263/E4568928/.2C/;426:>8S/E268E/../18/8.>38463:1<;26H
:>38>8L>E238;Q38/=<9/3A8":1>82C2;0.>892823:/892026926E4/8.>8:262;>382682.8../;/9>8 @#:#/%-*(1?
3#,1)'#,-N78F<283282K0.4E/80>1832182.8L4914>8:1/630/126:28-'()%4,7)1-@80/1/8./381/94/E4>62383>./123
F<280262:1/682682.846L216/921>7834269>8/G3>1G49/380>18.>38>GC2:>38F<2832826E<26:1/682683<846:2H
14>178.>38E</.2382.2L/683<8:2;021/:<1/8P82;4:2681/94/E456846D1/11>C/78F<286>80<292823E/0/180>182.
L4914>780<238U3:28238>0/E>8-)%4,7)1-@80/1/823:/381/94/E4>623A
)&-06#!'$N MV /.8SWA
 #`#2%- 1-))6#&a`/b#'" MVQ

28 #`#2%-(1-))6#&a`/b#'"

*9//(:(;;, #P@KB<(1<XXF@Ha`>c@GE
n/3:/8/S>1/8328S/8:>;/9>82.8D>E>8928./8021:<1G/E4568268120>3>78P8./38;2949/382D2E:</9/380/1/
./8D12E<26E4/8P8L2.>E49/98928.>38;>L4;426:>38>69<./:>14>378:/;G4U68328S/68S2ES>8923928<68343:2H
;/8 928 12D2126E4/8 F<28 E>634921QG/;>38 268 120>3>A8 #/;>38 /8 23:<94/18 ./8 12./E4568 2K43:26:28 26:128 ./
D12E<26E4/8928./8>69/82;4:49/80>182.8D>E>8P8./812E4G49/80>182.8>G321L/9>18E</69>8S/P8;>L4;426:>
12./:4L>826:1282..>3A
)68D>E>82;43>18Y -O4=A8Z#$$H]a@82683<8L4G1/E4568021:<1G/82.8/;G426:28P8./83<021D4E428928>69/
>14=46/9/8_ 32801>0/=/8268<68021?>9>8<6/8943:/6E4/ " = /KA %6823:28463:/6:2801>L>E/82.8D>E>82682.
;294>8<6/8021:<1G/E4568F<28>14=46/8<6/83<021D4E428928>69/8)19"-.)*)*")*)1%#,(-, F<2780>18/L/6R/1
/83<8;43;/8L2.>E49/978021;/62E28/8<6/8943:/6E4/8E>63:/6:28" 928./82;4:49/8<68021?>9>8/6:23A
B,$!%, T+I"A8I<0>6=/;>38F<282.8D>E>82;43>18328;<2L28E>68<6/8L2.>E49/983′78;26>18F<28./892
01>0/=/E4568928./8>69/78/E21EQ69>328/8<68>G321L/9>18268120>3>812302E:>8/.8;294>8268F<2832801>H
0/=/8./8>69/A
%682.8:42;0>8:1/63E<1149>8K 923928F<28328>14=46/8./83<021D4E428928>69/8_P -O4=A8Z#$$H]a@8S/3:/
./8 2;434568 928 3<8 46;294/:/8 /6Q.>=/8 _O 78 2.8 D>E>8 2;43>18 S/G1Q8 /L/6R/9> YY′ = 3′K P8 ./8 943:/6E4/
26:128./389>383<021D4E4238928>69/8F<29/1Q8943;46<49/78012E43/;26:278268:/.8L/.>178P/8F<28./8014;2H
!"#$%&'()'&'(#*'!#+,()&-./0/1'($"(&#)&-1"22/3+,(2-)4&/5.%(#1/%-&/'6(%70'&

1/8_P 32826E<26:1/8268./8;43;/80>34E4568F<283482.8D>E>8D<232846;5L4.8P8./8_O S/812E>1149>82.8;43;>

E/;46>8021>8923928<68.<=/18-Y′@8;Q38/L/6R/9>8F<28/6:238-Y@A
B/1/8<68>G321L/9>182K:214>18268120>3>8./8.>6=4:<98928>69/8F<28;2941Q823J
"′ = " ! 3′K
P8../;/69>8$ P8$′ /8./38D12E<26E4/38M2;4:49/N8P8M021E4G49/NJ
O4=A8 Z#$$H]aAf8 %.8 D>E>8 2;43>18 328 23:Q
/ / 3′ / − 3′ / →
;>L4269>8 E>68 L2.>E49/98 3′ 268 ./
= − = ⇒ $′ = $ -]g@
$′ $ $ $ / − 3′ ;43;/8 9412EE4568 F<28 ./8 >69/78 23:/6H
9>82.892:2E:>18268120>3>A
%682.8E/3>8928F<282.8D>E>8328/E21F<28/.8>G321L/9>178E>;> / > / ! 3′7 123<.:/8F<28./8D12E<26E4/
021E4G49/80>182.8>G321L/9>18$′ 238;/P>18F<28$A
I482.8D>E>82;43>18328/.2C/892.8>G321L/9>178<681/R>6/;426:>8/6Q.>=>8E>69<E28/J

/
$′ = $
/ + 3′

P8./8D12E<26E4/8021E4G49/80>182.8>G321L/9>18238;26>18F<28./82;4:49/A
*/8D51;<./8-]g@8238./8F<28268=2621/.83282;0.2/1Q8268.>3801>G.2;/38928/0.4E/E45678342;0128F<2
:>;2;>38E>;>8326:49>80>34:4L>82.8F<28L/892.8D>E>8/.8>G321L/9>1A8(2823:/8;/621/83′ 321Q80>34:4L/
3482.8D>E>8328/E21E/8/.8>G321L/9>178P862=/:4L/8268E/3>8E>6:1/14>A
B>182C2;0.>783/G2;>38F<282.8%-1- 928<683>649>82383<8D12E<26E4/8-6l;21>8928L4G1/E4>62380>1
32=<69>@78 P8 F<28 928 9>38 3>649>378 328 ../;/8 ).&'- /.8 928 ;Q38 D12E<26E4/8 P8 .,)3# /.8 928 ;26>38 D12H
E<26E4/A8'264269>823:>8268E<26:/782.834.G49>8928<68:1268268;/1ES/78021E4G49>80>18<68>G321L/9>1
2K:214>178238;Q38/=<9>8F<282.82;4:49>8E</69>82.8:1268328/E21E/8P8;Q38=1/L28E</69>8328/.2C/A
I%X)&(" T+I"A8)68>G321L/9>18268120>3>8E/0:/8$ -D12E<26E4/@83<021D4E4238928>69/849U6:4E/380>1
32=<69>A8I48/L/6R/8S/E4/82.8D>E>82;43>18E>68<6/8L2.>E49/983′′ -O4=A8Z#$$H]g@78E/0:/1Q8./38;43;/3
F<28/6:238$78;Q38./38L2E238F<283′′ E>6:42628/8"A8*/8D12E<26E4/8021E4G49/82380>18.>8:/6:>J
O4=A8Z#$$H]gAf8%.8D>E>82;43>18Y 32826H
3 ′′ $ 3 ′′ $/ + $ 3 ′′ / + 3 ′′
$ ′′ = $ + =$+ = ⇒ $ ′′ = $ -]k@ E<26:1/8 268 120>3>8 P8 2.8 92:2E:>18 F
" / / / /L/6R/8 S/E4/8 U.8 E>68 <6/8 L2.>E49/9
→
3′′ A
T>;> / + 3′′ > /7 123<.:/8 F<28 ./8 D12E<26E4/8 92:2E:/9/8 0>18 2.8 >G321L/9>18 $′′ 238 ;/P>18 F<28 ./
2;4:49/A8 +3?8 0>18 2C2;0.>78 348 2.8 D>E>8 2;4:28 >69/38 3>6>1/378 2.8 3>649>8 021E4G49>8 0>18 2.8 >G321L/9>17
F<28328;<2L28S/E4/8./8D<26:278238;Q38/=<9>8F<282.82;4:49>A
I482.8>G321L/9>18328/.2C/892.8D>E>J
/ − 3 ′′
$ ′′ = $
/
T>;> / ! 3′′ < /7 123<.:/8F<28./8D12E<26E4/80>182.8>G321L/9>18$′′ 238;26>18F<28./82;4:49/A8B/1/
6<23:1>82C2;0.>89283>649>782.8:>6>8021E4G49>80>182.892:2E:>18238;Q38=1/L28F<282.82;4:49>A
T>;>8 D51;<./8 928 /0.4E/E4568 /8 01>G.2;/38 :>;/12;>38 ./8 -]k@8 348 328 /0.4E/8 2.8 ;43;>8 E>6L264>
F<282682.8E/3>8/6:214>1A
*/8L/14/E4568928./8D12E<26E4/78E>;>8328L28928-]g@8P8-]k@786>8920269283>./;26:28928./8L2.>E4H
9/9812./:4L/826:1282.8D>E>82;43>18P82.8>G321L/9>178346>8:/;G4U68928E<Q.89282..>382382.8F<28328;<2L2
12302E:>892.8;294>8268F<2832801>0/=/8./8>69/A
MVV -+1'$
O4=A8 Z#$$H]dAf8 I48 2.8 D>E>8 2;43>18 92
>69/38L4/C/8E>68<6/8L2.>E49/98/ 4=</.
/8 ./8 F<28 328 01>0/=/8 ./8 >69/8 328 3<H
;/68 .>38 2D2E:>38 928 :>9>38 .>38 D126:23
928>69/8=2621/9>38268<6892:21;46/H
9>8 46:21L/.>8 928 :42;0>78 01>9<E4269>
<68 MG<;N8 3564E>8 P8 0>0<./1;26:28 32
94E28F<282.82;43>18S/81>:>8./8MG/1121/
92.83>649>NA
O4=A8 Z#$$H]`Af8 O>:>=1/D?/8 928 <6/8 E<H
G2:/8928>69/38268./8F<282.82;43>18:42H
628 <6/8 L2.>E49/98 ;/P>18 F<28 ./8 92
01>0/=/E4568 928 ./8 >69/8 ->69/8 92
ES>F<28 >8 G/.?3:4E/@78 01>9<E4U69>32
<68D126:28928>69/8E564E>A
'%,T%, T+I"A8 T</69>8 328 ;<2L268 2.8 >G321L/9>18 P8 2.8 D>E>8 2;43>18 ./8 D12E<26E4/8 021E4G49/8 0>1
/F<U.8328>G:42628348;Q38F<283<3:4:<418./8$ 928./8D51;<./8-]k@80>18./8$′ 9/9/80>18./8-]g@8>G:264U69>H
328E>;>8O[,!)*+ X%&%,+*J
/ + 3 ′′
$ ′′′ = $
/ − 3′
%.8 2D2E:>8 (>00.218 328 12/.4R/8 6>8 35.>8 268 2.8 3>649>78 346>8 268 :>9>8 ;>L4;426:>8 >69<./:>14>8 F<2
021E4G2686<23:1>38326:49>38>8E/0:/68/0/1/:>38928>G321L/E45678P8328../;/8/3?8268S>6>18928TS143:4/6
u>S/668(>00.218-]cbgH]cdg@78F<28.>8/0.4E580>18014;21/8L2R8268]cka8/8./38>69/38.<;46>3/38/.823H
:<94/182.8E>.>18928./3823:12../3A
*9//(:(;J, 1>H@KK>LA(D@(X@HK@XK>LA
%68.>38:1238E/3>38/6:214>12378S2;>38E>634921/9>8;>L4;426:>3892.8D>E>82;43>18P8>G321L/9>1826
./8;43;/89412EE45678268:/.8E/3>8./89412EE4568928021E20E4568238U3:/8;43;/A
I482.8>G321L/9>18P82.8D>E>82;43>18328;<2L268268943:46:/389412EE4>6238-O4=A8Z#$$H]k@8./89412EE456
928021E20E4568-+@78238./8.?62/8928<64568>G321L/9>1HD>E>A
!"#$%&'()'&'(#*'!#+,()&-./0/1'($"(&#)&-1"22/3+,(2-)4&/5.%(#1/%-&/'6(%70'&
O4=A8Z#$$H]kAf8(412EE4568928021E20E456A
*/8 D51;<./8 /8 /0.4E/18 0/1/8 2.8 EQ.E<.>8 928 ./8 D12E<26E4/8 463:/6:Q62/8 E/0:/9/8 0>18 2.8 >G321L/9>17
321Q82683<8D>1;/8=2621/.784=</.8/8./8E/.E<./9/82682.80Q11/D>8/6:214>18E/3>8:21E21>78268./8F<283<3:4:<4H
12;>38L2.>E49/9892.8D>E>8-3′@8P8>G321L/9>18-3′′@80>183<3801>P2EE4>62383>G128./89412EE4568928021E20H
E4568-O4=A8Z#$$H]d@8F<29/69>78E>68./38L2.>E49/923812012326:/9/3J
/ − 01>P + 3 ′′ / − 3F
$ ′′′ = $ =$
/ − 01>P + 3 ′ / − 3Y
0/1/86<23:1>82C2;0.>83564E>783482.8/4128328;>L421/8/8<6/8L2.>E49/98378S/G1?/8F<283<;/18->8123:/1@8/
./8L2.>E49/9892.83>649>8/78./8E>;0>626:2892823:/83 268./89412EE4568928021E20E456A
)&-06#!'$N S; /.8SVA
*9//(:(;M, -ADG(_GF\CB>KG(<(D@(K^<dE@
*/82K01234568928./812./E456826:128./38D12E<26E4/382;4:49/8P812E4G49/8E</69>82382.82;43>182.8F<2
23:Q8268;>L4;426:>8P82.8>G321L/9>18268120>3>J $′ = $/h-/ ! 3′@ 238/0.4E/G.283>./;26:28348./8L2.>E4H
9/98 92.8 2;43>18 12302E:>8 92.8 ;294>8 238 ;26>18 F<28 ./8 928 ./8 >69/J 3′ < /A %68 .>38 9>38 E/3>378 92
3′ = / P 3′ > /7 9/8123<.:/9>383468326:49>8D?34E>A
I482.82;43>18328;<2L28E>68./8;43;/8L2.>E49/9892801>0/=/E4568928./8>69/8-E/3>83 = /@78.>38943H
:46:>38D126:238928>69/8=2621/9>38268463:/6:238/6:214>1238/8<6>8% 92:21;46/9>8-O4=A8Z#$$H]d@8E>46E4H
92682682.80<6:>8268F<2832826E<26:1/82.82;43>182682328463:/6:28%78P82682.8F<283283<;/68.>382D2E:>3
928:>9>382..>3A8%682.8E/3>8928>69/383>6>1/3823:/8/E<;<./E4568928D126:238E>63:4:<P28./8../;/9/8M\+H
,,%,+ (%* I"&$("N78 P8 ./38 E>;01234>6238 F<28 01>9<E28 268 2.8 /4128 268 2328 0<6:>8 6>8 3>68 E/:/3:15D4E/3
0>1F<28./8/0>1:/E4568928.>38D126:238943;46<P28E>6D>1;28/<;26:/83<81/94>8-12E<U192328F<2832=l6
-]b@8./8/;0.4:<9823846L213/;26:2801>0>1E4>6/.8/8./8943:/6E4/8/.8D>E>82;43>1@A
B/1/8E>;26:/182.8E/3>83 > /783<0>6=/;>38/.8D>E>82;43>178/L/6R/69>8/8L2.>E49/98378S/G4269>
0/1:49>8928F -O4=A8Z#$$H]m@V8/.8E/G>8928<68:42;0>8%7832826E>6:1/1Q8268^P -F^P = 3%@78P8:1/63E<1149>3
O% P8`% 32=<69>38268^O P8^` -F^O = 3 O%V F^` = 3 `%@A8%68:/6:>78./8>69/82;4:49/8268F7823:/1Q8.>E/.4H
R/9/8268<6/823D21/89281/94>8`/% -/ = L2.>E49/9892.83>649>@8P8./382;4:49/38268^P P8^O 26823D21/3892
1/94>3812302E:4L>38O/% P8/%A8*/38>69/3832812D<21R/68268./83<021D4E428:/6=26:28/8:/.23823D21/38-0146E4H
 $")#&)-$/2/3+ 1# -+1'$,( /+%#&`#&#+2/'$ MVY

04>8928n<P=263@78>G:264U69>328<68D126:28928>69/8E564E>78E<P>8LU1:4E2
2382.8D>E>82;43>178P8F<28328926>;46/8 "&(+ (% Tn"v)% >8 \+*^I'$T+A8*>3
01>P2E:4.238P8/L4>62383<0213564E>3801>9<E268>69/3892823:28:40>7892.8F<2
:/;G4U683>68./3823:2./38F<2892C/68./382;G/1E/E4>623A
%.832;4Q6=<.>8& 92.8E>6>8qT"&" (% !+Tn78%1623:8-]cgcH]e]`@r8F<2H
9/892:21;46/9>8DQE4.;26:2J

FL `/% / P
326 & = = ⇒ 326 & = = O4=A8Z#$$H]mAf8"69/8928ES>F<2A
F^` `3% 3 Q

9>692 Q = 3h/ 328926>;46/8 &i!%," (% !+Tn P82.8Q6=<.>8& 2382.8 W&X)*" (% !+Tn F<282K43:283>H
./;26:283482.86l;21>8928!/ES8238;/P>18F<28<6>A

18 $")#&)-$/2/3+(1#(-+1'$,(/+%#&`#&#+2/'$

*9//(:(;S, )H>AK>X><(D@(CEX@HX<C>K>LA(D@(<ADGC
%38<68S2ES>82K0214;26:/.8F<2J
@H&)1'-*'-$*-*79$*'#*#"")$*/-(1/('#1*#1*#"*%(#7+-*A*#1*#"*#$+)/(->*")*:&1/(01*'#*-1')*,#?
!"#$%&'()'&'(#*'!#+,()&-./0/1'($"(&#)&-1"22/3+,(2-)4&/5.%(#1/%-&/'6(%70'&

$&"%)1%#*#$*")*$&7)*3#/%-,()"*'#*")$*:&1/(-1#$*'#*-1')*(1'(3('&)"#$NA
'/.8/D41;/E4568328E>6>E28E>;>8 B,$&T$B$" (% I)B%,B"I$T$[&A8!1*")*,#.(01*'#"*#$+)/(-*#1*8&#*$#
$&+#,+-1#1*")$*-1')$>*")*(1%#1$(')'*3),;)*'#*&1*+&1%-*)*-%,-*#1%,#*79B(7-$>*8&#*+&#'#*#B/#'#,*")
$&7)*'#*")$*(1%#1$(')'#$*'#*")$*-1')$*/-7+-1#1%#$>*A*7;1(7-$*8&#*+&#'#1*$#,*1&"-$>*#$%#*:#10?
7#1-*$#*/-1-/#*/-1*#"*1-72,#*'# $&'%,O%,%&T$+IA
)68E/3>8326E4..>82382.8928.>380<.3>3801>0/=Q69>328268./8;43;/89412EE4568268<6/8E<219/8/.826H
E<26:1>8<6>8928>:1>A8I48/;G>383>6892.8;43;>8326:49>8328>G321L/8F<28/.8E1<R/13283<;/683<382D2EH
:>378/-1$#,3)1'-*+-$%#,(-,7#1%#*$&*:-,7)*-,(.(1)" -O4=A8Z#$$H]c@A8I48.>380<.3>383>68928326:49>8E>6H
:1/14>8E</69>846:21D421268:4269268/8/6<./13278./8/6<./E4568238E>;0.2:/8-E>;>82682.8E/3>8928./8O4=A
Z#$$H]e@8E</69>8./38D>1;/383>6849U6:4E/3A
!"*D#/D-*'#*8&#*")$*-1')$*$#*/,&/#1*A*/-1%(1=#1*+,-+).91'-$#*$(1*)"%#,),*$&*1)%&,)"#E)*#$*&1) O4=A8 Z#$$H]cAf8 (>38 0<.3>38 928 >69/
+,-+(#')'*:&1')7#1%)"*'#*4$%)$*A*/),)/%#,(E)*#"*7-3(7(#1%-*-1'&")%-,(-A8B>1823:/801>0429/98P80>1 F<28328;<2L268268326:49>38>0<23:>3
268<6/8E<219/A8B<2928S/../1328./8D>1H
<6/8346:>64R/E4568-:#107#1-*'#*,#$-1)1/()@80>92;>3780>182C2;0.>78>?18<6/83>./82;43>1/8268<6812H
;/8 F<28 :42628 ./8 E<219/8 E</69>8 32
E20:>189281/94>V8/8./8/6:26/8..2=/68>69/38928;<ES/38D12E<26E4/38F<283<0210<23:/3801>9<E268<6/
26E<26:1/68 .>38 0<.3>38 3<;/69>8 .>3
E>11426:282.UE:14E/8;<P8E>;0.2C/V834682;G/1=>80>92;>38M346:>64R/1N8<6/82;43>1/892:21;46/9/8P8./ 9230./R/;426:>38 928 E/9/8 0<.3>8 0>1
32j/.8F<289282../812E4G4;>3823782680146E404>78./8;43;/8F<28S<G4U32;>3812E4G49>8348:>9/38./3892;Q3 320/1/9>A8 %3:28 :40>8 928 3<0210>34E456
2;43>1/38S<G42326892C/9>8928:1/63;4:41A8$=</.;26:280>92;>3823E<ES/182.83>649>8928./386>:/38:>E/H 928 >69/38 328 926>;46/8 46:21D2126E4/
9/380>18.>38463:1<;26:>384694L49</.238928<6/8>1F<23:/78/<68E</69>8./8>69/89283>649>8F<28..2=/8/ E>63:1<E:4L/A
6<23:1>38>?9>3801>E2926:28928:>9/8./8>1F<23:/7832/8;<P8E>;0.2C/A
%.8 :1/:/;426:>8 ;/:2;Q:4E>8 928 .>38 D265;26>38 928 46:21D2126E4/8 -3<0210>34E4568 928 >69/38 268 <6
0<6:>@8328S/1Q8928:/.8D>1;/8F<28348./382E</E4>6238928./38>69/38E>11230>69426:238/89>389282../383>6J
!P -B78%@8= :P -B + /%@ !O -B78%@8= :O -B ! /%@
2.823:/9>8L4G1/:>14>892.80<6:>8268F<2846:21D421268321QJ
! -B78%@8= !P + !O = :P -B + /%@8+ :O -B ! /%@
0/1/8.>8E</.783<0>6912;>38342;0128F<28./8>3E4./E4568F<28./8>69/8123<.:/6:2801>9<E28/8<6/80/1:?E<H
./892.8;294>7823:Q8926:1>892.8.?;4:289282./3:4E49/98928U3:28P8L214D4E/80>18:/6:>8./8.2P8928n>>t2A8%6
23:/38 E41E<63:/6E4/378 2.8 0146E404>8 928 3<0210>34E4568 328 C<3:4D4E/8 ;/:2;Q:4E/;26:28 0>18 2.8 S2ES>8 92
F<28348!P P8!O 3/:43D/E268./82E</E4568928>69/378:/;G4U68.>8S/E283<83<;/ ! = !P + !O 92G49>8/8./
4=</.9/9826:128./89214L/9/8928<6/83<;/8P8./83<;/8928./389214L/9/38928.>383<;/69>3A

*9//(:(;Q, -ADGC(X@H>LD>KGC(A<(GH?LA>KGCN(C@H>@(D@(`<EH>@H
*/38>69/386>83<2.2683218/1;564E/3834269>8=2621/.;26:280214594E/3A8B>92;>38=2621/.4R/180/1/
23:/38 >69/38 .>8 2K0123/9>8 268 2.8 0Q11/D>8 $$$H]c8 12D2126:28 /8 ./8 321428 928 O><142178 92;>3:1Q69>328 F<2
:>9>8 .>8 F<28 328 62E234:/8 0/1/8 E>63:1<418 ./8 D>1;/8 ;Q38 =2621/.8 928 <6/8 >69/8 0214594E/8 3>68 >69/3
/1;564E/3834;0.23A
I<0>6=/;>380>182C2;0.>89>38>69/3812012326:/9/380>18./38346<3>49238P P8O -O4=A8$$$Hg]78268./
F<283<3:4:<4;>38BP P8BO 0>18!P P8!O @A8%.8021?>9>8928./8014;21/8>69/8KP78238./89>G.28F<28268./832H O4=A8 Z#$$H]eAf8 I<0210>34E4568 928 0<.H
=<69/8KO V823892E4178./8D12E<26E4/8928./8014;21/8238./8;4:/98F<28./8928./832=<69/8P78./8.>6=4:<9892 3>38 F<28 0>32268 9230./R/;426:>3
>69/8928./8014;21/82389>G.28F<28./8928./832=<69/A8I<;2;>383<38D<6E4>6238928>69/J ! = !P + !O 7 >0<23:>3A8%6823:28E/3>8./83<;/8928.>3
P8./8D<6E4568123<.:/6:2812012326:/8<6/8>69/80214594E/8021>86>8/1;564E/A 9230./R/;426:>38 928 .>38 0<.3>38 320/H
*/8.2P8928O><142182K0123/9/8268:U1;46>38928>69/3832826<6E4/J 1/9>382F<4L/.28/8./83<3:1/E45689283<3
L/.>123A8 %3:28 :40>8 928 3<0210>34E4>623
@H&)"8&(#,*-1')*+#,(0'(/)*'#*:,#/&#1/()*$>*+-',9*#B+,#$),$#*/-7-*/-72(1)/(01*'#*-1')$ 328 926>;46/8 46:21D2126E4/8 923:1<E:4H
),701(/)$*/&A)$*:,#/&#1/()$*$-1*7="%(+"-$*#1%#,-$*'#*$NA L/A
MVR -+1'$

+6/.?:4E/;26:282K0123/;>3823:/8.2P80>18./8321428-O><1421@J

!# B$& !# OB $& + ! !# `B$&

"
! - B 7 % @ = ! I + ! P 326 O % $% −
" % "
+ ! O 326 O % O $% −
" % `
"
326 O % ` $% −
" %
+ AAA

*/8>69/8346<3>49/.89284=</.8D12E<26E4/8F<28./8>69/8E>634921/9/8238./8M "&(+ O)&(+!%&'+*N78P

./38>69/38346<3>49/.238928D12E<26E4/8O$78`$78AAA8328../;/68M+,![&$T"INA
*/8O4=A8$$$Hga846D214>186>3812012326:/8<6/8>69/80214594E/8E</91/9/78E>;0<23:/80>18./38>69/3
/1;564E/38928D12E<26E4/38$78`$ P8a$ P8.>6=4:<9238928>69/8"78"h` P8"ha7823892E418/8.>38:U1;4E>38]w78gw
P8dw8928./8321428928O><1421A

*9//(:(;V, /AB@HP@H@AK>GC
I28S/894ES>8F<2J
M$&'%,O%,%&T$+I $-1*"-$*#:#/%-$*:;$(/-$*8&#*,#$&"%)1*)"*$&+#,+-1#,$#*'-$*-*79$*-1')$*#1*&1
+&1%-NA
*>38D265;26>3892846:21D2126E4/8328E/1/E:214R/680>1F<28268./812=456892.8230/E4>
268 F<28 328 3<0210>6268 ./38 >69/38 $#* +,-'&/#1* 3),()/(-1#$* '#* )7+"(%&'* A* +-,* %)1%-

!"#$%&'()'&'(#*'!#+,()&-./0/1'($"(&#)&-1"22/3+,(2-)4&/5.%(#1/%-&/'6(%70'&
&1)*'($%,(2&/(01*'#*")*(1%#1$(')'*'#*")*-1')*,#$&"%)1%#789Q69>6>38./38../;/9/38D4=<H
1/3892846:21D2126E4/A
J)$* /-1'(/(-1#$* 8&#* '#2#1* /&7+"(,$#* +),)* 8&#* #B($%)1 O$X),+I (% $&'%,O%H
,%&T$+ #$%)2"#$*#1%,#*")$*-1')$*8&#*+,-'&/#1*#"*:#107#1-*$-1b
]@ c&#*")$*-1')$*%#1.)1*#"*7($7-*+#,;-'-*V(.&)"*:,#/&#1/()W*-*7&A*+,0B(?
7-$A
a@ 8&#* +,-/#')1* '# O"T"I T"n%,%&'%I78 #$* '#/(,* 8&#* ")$* :&#1%#$* '#* -1')$
8&#* ")$* +,-'&/#1* %#1.)1* &1)* '(:#,#1/()* '#* :)$#* #1* ")* #7($(01* 8&#* $#)
/-1$%)1%#*/-1*#"*%(#7+-A
$;/=462;>378 0>18 2C2;0.>78 9>38 D>E>38 2;43>1238 928 >69/38 49U6:4E/38 YP P8 YO -O4=A
Z#$$Hab@8 F<28 2;4:268 >69/38 .>6=4:<946/.238 >8 :1/63L213/.23A8 ,2012326:/69>8 0>18 E41H
E<6D2126E4/38928.?62/8E>6:46</8./383<021D4E4238928>69/8928;QK4;/82.>6=/E45680>34:4H
L/8 P8 0>18 E41E<6D2126E4/38 928 0<6:>38 ./8 928 ;QK4;/8 2.>6=/E4568 62=/:4L/78 328 L214D4E/
F<28268.>38.<=/1238268F<2832826E<26:1/689>38.?62/38928./8;43;/86/:<1/.2R/78./389>3
/;0.4:<92383283<;/68P89>692832826E<26:1/689>38E41E<6D2126E4/38928943:46:>8:1/R>832
123:/68./38/;0.4:<923A
O4=A8 Z#$$HabAf8 $6:21D2126E4/38 928 9>38 >69/38 01>E2H
*/38 ;QK4;/38 P8 ;?64;/38 /;0.4:<9238 23:Q68 .>E/.4R/9/38 268 2.8 0./6>8 92.8 94G<C>
926:238928YP P8YO A
268 .?62/38 F<28 3>68 S40U1G>./38 -.<=/18 =2>;U:14E>8 928 .>38 0<6:>38 E<P/8 94D2126E4/8 92
943:/6E4/38 /8 >:1>38 9>38 D4C>38 238 E>63:/6:2@A8 *>38 ;QK4;>38 23:Q68 94G<C/9>38 E>68 .?62/38 E>6:46</38 P
.>38;?64;>38E>68.?62/389280<6:>3A8%.8./8D>:>=1/D?/8-O4=A8Z#$$Ha]@83281201>9<E268./38D4=<1/3892846H
:21D2126E4/801>9<E49/380>189>38D>E>382;43>1238928>69/3A

O4=A8 Z#$$Ha]Af8 O>:>=1/D?/8 928 <68 M23H
02E:1>892846:21D2126E4/3N8928>69/3892
/=</8 01>9<E49/38 268 <6/8 E<G2:/8 92
>69/3A
*9//(:(;Y, /AB@HP@H@AK>GC(D@(D<C(<ADGC(dE@(B>@A@A(=>_HGK><A@C(XGHGF@FGC(K<A(FG
?>C?G(PH@KE@AK>G(T(G?XF>BED,(`<K<C(K<^@H@AB@C
%3:<94/12;>38014;21/;26:28./8%T)+T$[& (% "&(+ ,%I)*'+&'% P8/8E>6:46</E4568%* %I'+(" #$\,+H
'",$" (% )& B)&'" ^ 268./812=456892.8230/E4>89>692832801>9<E282.8D265;26>892846:21D2126E4/3A
I<0>6=/;>38 9>38 >69/38 928 L4G1/E4>6238 0/1/.2./378 E>68 2.8 ;43;>8 021?>9>8 28 49U6:4E/8 /;0.4:<9
F<28L4/C/682682.8326:49>80>34:4L>892.82C28FGV83<382E</E4>6238321Q6J
!P = !I 3268-#% ! SB + &P@ !O = !I 3268-#% ! SB + &O @
26:>6E23J ! = !P + !O = !I q3268-#% ! SB + &P@8+ 3268-#% ! SB + &O @r
/0.4E/69>8./8:1/63D>1;/E4568:14=>6>;U:14E/J
L+N L−N
326 L + 326 N = O 326 E>3 -]d@
O O

6>38F<29/J
!# &P + & O $&
& − &O
E>3 P
"
! = O ! I 326 #% − S B +
O % O

& O − &P
../;/69>J ! -, = O ! I E>3
O ⇒ ! = ! -, 326 -#% − S B + &@
&P + & O
&=
O
0>18E>634=<426:28")*-1')*,#$&"%)1%#*%(#1#*")*7($7)*:,#/&#1/()*8&#*")$*'-$*/-7+-1#1%#$A
 $")#&)-$/2/3+ 1# -+1'$,( /+%#&`#&#+2/'$ MVU

*/8 >69/8 123<.:/6:28 :42628 <6/8 /;0.4:<98 F<28 92026921Q8 92 &O ! &PA X2621/.;26:28 &P P8 &O
L/1?/68943:46:/;26:280/1/8D>E>38E</.23F<421/82;43>1238928>69/8-0>182C2;0.>J8D>E>380<6:</.23892
.<R@782.8L/.>18L/14/G.2892 &O ! &P 238:/.8F<2826894L213>38463:/6:238S/E280/3/18923>1926/9/;26:282.
E>326>80>18:>9>383<38L/.>12380>34G.23826:128+P P8!PV80>18:/6:>78./8/;0.4:<98123<.:/6:28/9F<42128L/H
.>1238;<P894L213>38P8E>;>8123<.:/9>86>8328>G:426268D4=<1/3892846:21D2126E4/823:/G.238-E>686<23:1>3
D>E>380<6:</.238928.<R78/.812E>=218./846:21D2126E4/8268<6/80/6:/../832801>9<E28<68ME26:2..2>N81/049?H
34;>78928:/.8D>1;/8F<28./8021343:26E4/89284;Q=26238268./812:46/78S/E218L218./80/6:/../812=<./1;26:2
4.<;46/9/@781/R5680>18./8F<280/1/8./801>9<EE4568928D4=<1/3892846:21D2126E4/823:/G.237862E234:/;>3
O"T"I T"n%,%&'%IA8B/1/8>G:26218U3:>3832812E<1128/8E421:>38/1:4D4E4>38F<28268=2621/.8328D<69/6826
320/1/189>380/1:238928<68;43;>8D126:28928>69/378S/E4U69>./3812E>11218E/;46>38943:46:>380/1/8C<6H
:/1./389286<2L>8-L2182302C>38928O12362.8>812694C/38928p><6=82682.80Q11/D>8ZZ#$Ha`@A
I<0>6=/;>38 /S>1/8 F<28 YP P8 YO 3>68 9>38 D>E>38 E>S2126:238 -O4=A8 Z#$$Haa@8 F<28 2;4:268 268 D/32
-&P = &O 7 E/3>8928E>694E4568928E>S2126E4/8;Q38E./1>8268./801>9<EE4568928D4=<1/3892846:21D2126E4/
23:/G.23@A8%68<68463:/6:28%782.823:/9>8L4G1/:>14>8928<680<6:>8^78943:/6:28928./38D<26:238,P P8,O 123H
02E:4L/;26:278P86>862E23/14/;26:28/.426/9>8E>682../378328>G:42628E>;>83<;/8928./38L4G1/E4>623
F<2801>9<E41?/68E/9/8<6/8928./38>69/380>18320/1/9>V8:264269>8/8E<26:/8F<2J
!P = !I 3268-#% ! S,P + &@ AO = !I 3268-#% ! S,O + &@
O4=A8Z#$$HaaAf8YP P8YO 3>689>38D<26:23
3<;Q69>./38P8/0.4E/69>8-]d@78F<29/J E>S2126:238-&P = &O @82;43>1/38928>6H
!"#$%&'()'&'(#*'!#+,()&-./0/1'($"(&#)&-1"22/3+,(2-)4&/5.%(#1/%-&/'6(%70'&

9/38 3?6E1>6/38 F<28 46:21D421268 268 ^A

,O − ,P !# , + ,O
326 #% − S P
$&
! = ! P + ! O = O ! I E>3 S
O " O
+&
%
,O − ,P ,P + ,O
P8../;/69>J ! -, = O ! I E>3 S &I = − S +&
O O

6>38F<29/1QJ ! = ! -, 326 -#% + & I @

2E</E456892.8;>L4;426:>8L4G1/:>14>892.80<6:>8^780/1/82.8E</.78./8/;0.4:<98268L/.>18/G3>.<:>8321Q
79B(7) 284=</.8/.89>G.2892.8!I -(1%#,:#,#1/()*/-1$%,&/%(3)@8E</69>J

,O − ,P ,O − ,P
E>3 S = ±P ⇒ % = T% ⇒ ,O − ,P = T " -T ' U @
O "
!1*#"*+&1%-*^*1-*#B($%(,9*7-3(7(#1%-*V(1%#,:#,#1/()*'#$%,&/%(3)W78>8.>8F<28238.>8;43;>78./8/;H
0.4:<98321Q87;1(7)*1&") E</69>J

,O − ,P ,O − ,P % "
E>3 S =I ⇒ % = - O T + P@ ⇒ ,O − ,P = - O T + P@ -T ' U @
O " O O

79B(7)
@J)*)7+"(%&'*#$* #1*)8&#""-$*+&1%-$*#1*8&#*")*'(:#,#1/()*'#*'($%)1/()$*)*"-$
7;1(7)*1&")
#1%#,-*'#*"-1.(%&'*'#*-1')d5
:-/-$*#$*&1*1=7#,-*
(7+),*'#*$#7("-1.(%&'#$*'#*-1')d5

)&-06#!'$N SY /.8QWA

*9//(:(;R, -ADGC(@CBGK><AGH>GC
J)*(1%#,:#,#1/()*'#*'-$*-1')$*('41%(/)$*8&#*$#*+,-+).)1*#1*$#1%('-*/-1%,),(-*+,-'&/#*")$
"&(+I %I'+T$"&+,$+I>* /),)/%#,(E)')$* +-,* %#1#,* )7+"(%&'* 3),()2"#* #1* $&$* '(3#,$-$* +&1%-$>
)&18&#*$(#7+,#*#$*")*7($7)*+),)*/)')*+&1%-*'#"*#$+)/(-5 #$%&',%I $-1*"-$*"&.),#$*'#*79?
B(7)*)7+"(%&'*A &"("I "-$*'#*)7+"(%&'*/#,-A
%68./8O4=A8Z#$$Hag 328012326:/689>38;>L4;426:>38>69<./:>14>38:1/63L213/.238F<2832801>0/=/6
268326:49>8E>6:1/14>78/L/6R/69>82.8928.?62/8E>6:46</8S/E4/8./89212ES/8P82.89280<6:>38S/E4/8./84RH
F<4219/V8-928<68=1QD4E>8/83<846;294/:>846D214>178328S/894G<C/9>8<68/L/6E28928"hM@V832846E.<P28/8./
9212ES/8928E/9/894G<C>82.8123<.:/9>8928./8E>;0>34E4568928./380/1:238E>;<6238E>;0126949/3826:12
./389>38.?62/38L21:4E/.2389280<6:>3A
%68.>386>9>38-R@8328>G321L/8F<28268:>9>38.>38463:/6:238S/P8120>3>V8268.>38L426:1238-[@8./8L4G1/H
E4568:42628./8;QK4;/8/;0.4:<9A
'/;G4U68328>G321L/8F<28./8943:/6E4/826:1289>38L426:1238>86>9>38E>632E<:4L>38238"hOV8P8F<28./
943:/6E4/826:128L426:128P86>9>8E>632E<:4L>38238"hMA
J)$*-1')$*$#*"")7)1*#$%)/(-1),()$*+-,8&#*+),#/#1*1-*)3)1E),>*:-,791'-$#*A*'#$D)/(41'-$#*)"?
%#,1)%(3)7#1%#* A* +#,7)1#/(#1'-* $(#7+,#* #1* #"* 7($7-* "&.),5* K-'-$* $&$* +&1%-$* $#* #1/&#1%,)1* )"
7($7-*%(#7+-*#1*")$*+-$(/(-1#$*#B%,#7)$*A*%,)1$/&,,('-*&1*/&),%-*'#*+#,;-'->*%-'-$*#""-$*#$%91*)
")*3#E*#1*")*+-$(/(01*'#*#8&("(2,(-A
MYW -+1'$

!"#$%&'()'&'(#*'!#+,()&-./0/1'($"(&#)&-1"22/3+,(2-)4&/5.%(#1/%-&/'6(%70'&
O4=A8Z#$$HagAf8"69/3823:/E4>6/14/38:1/63L213/.23A

%68./8O4=A8Z#$$Hak 32812012326:/680>34E4>62383<E234L/38-46:21L/.>38928KhM@8928>69/3823:/E4>6/H
14/38.>6=4:<946/.23A
I28 E>6L42628 268 94G<C/18 ./38 >69/38 23:/E4>6/14/38 E>;>8 268 ./8 O4=A8 Z#$$Had78 12012326:/69>8 .>3
L426:1238P86>9>380>18.>380<6:>38928/;0.4:<98;QK4;/8>8/;0.4:<98E21>A

O4=A8Z#$$HakAf8"69/3823:/E4>6/14/38.>6=4:<946/.23A

(2;>3:12;>38./38/D41;/E4>6238/6:214>123A8I<0>6=/;>389>38>69/3849U6:4E/38F<2832801>0/=/6
268326:49>8E>6:1/14>78<6/8268326:49>80>34:4L>892.82C28FG P8./8>:1/82682.8326:49>862=/:4L>78P823:/69>
/;G/38268D/32J

! P = ! I 326 -#% − S B @
⇒ ! = ! P + ! O = ! I 326 -#% − S B @ + 326 -#% + S B @
! O = ! I 326 -#% + S B @

O4=A8Z#$$HadAf8O>1;/8E>6L2649/80/1/ /0.4E/69>8-]d@8P8../;/69> !-, = O!I E>3 SB7 6>38F<29/J

94G<C/18./38>69/3823:/E4>6/14/3A
! = O ! I E>3 S B 326 #% = ! -, 326 #%

F<28238./82E</E4568928./8>69/823:/E4>6/14/78P8F<28E>;>8328L2786>8238<6/8D<6E4568920269426:2892
B ± /% F<28238./8E/1/E:21?3:4E/8D<69/;26:/.8928E</.F<4218>69/8ML4/C21/NA8*/82K01234568/6:214>186>3
E>6D41;/8F<28E</.F<42180/1:?E<./8268<680<6:>89/9>8B 2D2E:l/8<68;>L4;426:>8/1;564E>834;0.28/.
:1/63E<11418 2.8 :42;0>78 L4G1/69>8 :>9/38 ./38 0/1:?E<./38 E>68 49U6:4E>8 021?>9>V8 P8 E/9/8 0/1:?E<./8 L4G1/
342;0128E>68./8;43;/8/;0.4:<978F<286>8238./8;43;/80/1/8E/9/8<6/78346>8F<28L/1?/8E>68./80>34E456
-B@8928./80/1:?E<./A
J)*)7+"(%&'*#$*+-,*%)1%-*&1)*:&1/(01*),701(/)*'#*")*'($%)1/()78/9F<414269>82.8L/.>18;QK4;>
O!I 268.>380<6:>38-#$%&',%I@8:/.238F<2J

B "
E>3 S B = ± P ⇒ O% = T% ⇒ B=T -T ' U @
" O

&>8 2K43:28 L4G1/E4568 268 /F<2..>38 0<6:>38 268 F<28 ./8 /;0.4:<98 238 6<./8 -&"("I@78 .>8 E</.8 >E<112
E</69>J
 $")#&)-$/2/3+ 1# -+1'$,( /+%#&`#&#+2/'$ MY;

B % "
E>3 S B = I ⇒ O% = - O T + P@ ⇒ B = - O T + P@ -T ' U @
" O M

*/8943:/6E4/826:128L426:128P8L426:128E>632E<:4L>38238"hO780<23:>8F<2J

" " "

-T + P@ −T =
O O O
*/8943:/6E4/826:1286>9>8P86>9>8E>632E<:4L>38238"hO780<23:>8F<2J

" " " "

- O T + P@ − - O T − P@ = O =
M M M O
*/8943:/6E4/826:128L426:128P86>9>8E>632E<:4L>8238"hM780<23:>8F<2J

" " OT " " T " "

- O T +P@ −T = + − =
M O M M O M
T>;>8E>632E<26E4/8928.>8/6:214>18>G:262;>38F<28.>38L426:1238P8.>386>9>3823:Q68.>E/.4R/9>38/
943:/6E4/384=</.23826:1283?8P8.>38l.:4;>3823:Q6846:21E/./9>382682.80<6:>8;294>8928./38943:/6E4/3826:12
!"#$%&'()'&'(#*'!#+,()&-./0/1'($"(&#)&-1"22/3+,(2-)4&/5.%(#1/%-&/'6(%70'&

9>38L426:1238E>632E<:4L>3A
%.8 /6Q.43438 928 ./38 >69/38 23:/E4>6/14/38 23:/G.2E49/38 268 ;294>38 928 2K:2634568 .4;4:/9/8 -:<G>37
E<219/3782:EA@78268D<6E4568928./38E>694E4>6238268.>38.?;4:2378328S/E28268./38E<23:4>6238gc8/8kb892
23:28E/0?:<.>A
)&-06#!'$N Q; /.8QSA

*9//(:(;U, /AB@HP@H@AK>GC(@ABH@(D<C(<ADGC(dE@(B>@A@A(=>_HGK><A@C(XGHGF@FGC(K<A(FG
?>C?G(PH@KE@AK>G(T(D>CB>ABG(G?XF>BED
%3:<94/12;>38014;21/;26:28*+ %T)+T$[& (% *+ "&(+ ,%I)*'+&'% P8/8E>6:46</E4568%* %I'+(" #$H
\,+'",$" (% )& B)&'" ^ 268./812=45689>692832801>9<E282.8D265;26>892846:21D2126E4/3A
I<0>6=/;>389>38>69/38928L4G1/E4>62380/1/.2./378E>682.8;43;>8021?>9>8P8F<28L4/C/682682.8326H
:49>80>34:4L>892.82C28FGV83<382E</E4>6238321Q6J
!P = !IP 3268-#% ! SB + &P@ AO = !IO 3268-#% ! SB + &O @
S2;>380<23:>8./8;43;/8#780<23:>8F<28/.8:26218.>389>38;>L4;426:>38./8;43;/8D12E<26E4/8:426268./
;43;/80<.3/E4568P/8F<283<8L/.>1823J # = O%$V 923/11>../69>8./382E</E4>6238P83<;/69>8;42;G1>
/8;42;G1>J
! = !P + !O = !IP 3268-#% ! SB@8E>38&P + !IP E>38-#% ! SB@83268&P + !IP 3268-#% ! SB@8E>38&O + !IO E>38-#% ! SB@83268&O =
= 3268-#% ! SB@8q!IP E>38&P + !IO E>38&Or8+ E>38-#% ! SB@8q!IP 3268&P + !IO 3268&Or -]`@
%K43:2689>386l;21>8!I P8& F<28E<;0.268./38E>694E4>623J
!I 3268& = !IP 3268&P + !IO 3268&O
-]m@
!I E>38& = !IP E>38&P + !IO E>38&O
6l;21>38F<280>92;>38E/.E<./178P/8F<280>18E>E426:28928./38/6:214>12378>G:262;>3J

! IP 326 & P + ! IO 326 & O ! IP 326 & P + ! IO 326 & O

:/= & = ⇒ & = /1E:=
! IP E>3 & P + ! IO E>3 & O ! IP E>3 & P + ! IO E>3 & O

P82.2L/69>8/.8E</91/9>8./382E</E4>6238-]m@8P83<;Q69>./3J

! IO - 326 O & + E>3 O &@ = ! IP

O
- 326 O & P + E>3 O & P @ + ! IO
O
- 326 O & O + E>3 O & O @ + O ! IP ! IO - 326 & P 326 & O + E>3 & P E>3 & O @

.<2=>J !IO = !IP

O O
+ !IO + O !IP !IO E>3 -& O − &P@

I<3:4:<P269>8.>38L/.>1238-]m@8268-]`@86>389/80/1/82E</E4568928./8>69/8123<.:/6:2J
! = !P + !O = !I 3268-#% ! SB@8E>38& + !I E>38-#% ! SB@83268&

! - B 7 % @ = ! I 326 -# % + S B + &@

268E>632E<26E4/78./8-1')*,#$&"%)1%#*%(#1#*")*7($7)*:,#/&#1/()*8&#*")$*'-$*/-7+-1#1%#$A
I<0>6=/;>38 /S>1/8 F<28 YP P8 YO -O4=A8 Z#$$Haa@8 3>68 9>38 D>E>38 E>S2126:238 F<28 2;4:268 268 D/32
-&P = &O 7 E/3>8928E>694E4568928E>S2126E4/8;Q38E./1>8268./801>9<EE4568928D4=<1/3892846:21D2126E4/
23:/G.23@8 P8 F<28 /92;Q378 0>18 E>;>949/98 268 2.8 EQ.E<.>78 2.2=4;>38 2.8 >14=268 928 :42;0>38 E</69>
MYJ -+1'$

&P = &O = IA %68<68463:/6:28%782.823:/9>8L4G1/:>14>8928<680<6:>8^ 943:/6:28928./38D<26:238,P P8,O 123H

02E:4L/;26:278P86>862E23/14/;26:28/.462/9>8E>682../378328>G:42628E>;>83<;/8928./38L4G1/E4>623
F<2801>9<E41?/68E/9/8<6/8928./38>69/380>18320/1/9>78:264269>8268E<26:/8F<2J
!P = !IP 3268-#% ! S,P@ !O = !IO 3268-#% ! S,O@
>G:262;>3J
! = !P + !O = !IP 3268#% E>38S,P ! !IP E>38#% 3268S,P + !IO 3268#% E>38S,O ! !IO E>38#% 3268S,O =
= -!IP E>38S,P + !IO E>38S,O@83268#% ! -!IP 3268S,P + !IO 3268S,O@8E>38#% -]c@
2K43:2689>386l;21>8!I P8& F<28E<;0.26J
!I 3268& = !IP 3268S,P + !IO 3268S,O
-]e@
!I E>38& = !IP E>38S,P + !IO E>38S,O
6l;21>38F<280>92;>38E/.E<./178P/8F<280>182.8E>E426:28928./38/6:214>12378>G:262;>3J

! IP 326 S,P + ! IO 326 S,O

& = /1E:=
! IP E>3 S,P + ! IO E>3 S,O

P82.2LQ69>./38/.8E</91/9>8P83<;Q69>./3J

!"#$%&'()'&'(#*'!#+,()&-./0/1'($"(&#)&-1"22/3+,(2-)4&/5.%(#1/%-&/'6(%70'&
! IO = ! IP
O O
+ ! IO + O ! IP ! IO E>3 S -,O − ,P @ -ab@

3<3:4:<P269>8.>38L/.>1238-]e@8268-]c@78>G:262;>380/1/82E</E456892.8;>L4;426:>8123<.:/6:280/1/8./
0/1:?E<./8^J
! = ! P + ! O = ! I 326 -# % − &@

*/82E</E4568123<.:/6:2892.8;>L4;426:>8L4G1/:>14>892.80<6:>8^ 238./8928<68;>L4;426:>8L4G1/:>H
14>8/1;564E>780/1/82.8E</.8321Q8 !WZ$!+ ./8/;0.4:<98E</69>J

,O − ,P ,O − ,P
E>3 O % =P ⇒ O% = OT % ⇒ ,O − ,P = T " -T ' U @
" "
P83<8L/.>18321QJ !I = !IP + !IOA I4J

,O − ,P ,O − ,P "
E>3 O % = −P ⇒ O% = - O T + P@ % ⇒ ,O − ,P = - O T + P@ -T ' U @
" " O

./8/;0.4:<98321Q8;?64;/8P8928L/.>1J !I = !IP ! !IOA B/1/823:28l.:4;>8E/3>834 !IP = !IO 7 2.80<6:>8^

32826E<26:1/8268120>3>78E>;>8P/8S/G?/;>38L43:>8268Z#$$H]mA
)&-06#!'$N QQ /.8QYA

*9//(:(JW, /AB@AC>DGD(@A(F<C(P@AL?@A<C(D@(>AB@HP@H@AK>GC
T>634921/69>8F<28.>389>38;>L4;426:>38L4G1/:>14>3801>9<E:>123892846:21D2126E4/383>68928./8;43H
;/8D12E<26E4/8-$P = $O @78P83283<0210>62682682.8;43;>8;294>8-/P = /O P *P = *O @78./8D51;<./8-]]@J

P O O
]= !I # / *
O
./80>92;>3823E14G4180/1/8/;G>38;>L4;426:>38E>;0>626:238P82.8123<.:/6:2J

O O
] = T ! IO
!# T = P # / *$&
O
] P = T ! IP ] O = T ! IO
" O %
L/.>1238F<283<3:4:<49>38268./8-ab@86>389/J

] ] ] ]P ]O
= P + O +O E>3 S -,O − ,P @ ⇒ ] = ] P + ] O + O ] P ] O E>3 S -,O − ,P @
T T T T T

>G:264U69>32780>18:/6:>78")$*7($7)$*/-1'(/(-1#$*'#*79B(7-$*A*7;1(7-$*'#*(1%#1$(')'>*8&#*")$*,#?
8&#,(')$*+),)*79B(7-$*A*7;1(7-$*'#*)7+"(%&'A
)&-06#!'$N QR P8QUA

*9//(:(J;, $EX@HX<C>K>LA(D@(<ADGC(D@(D>CB>ABG(PH@KE@AK>G,()EFCGK><A@C,(9@F<K>DGD(D@
OHEX<
#/;>38 /8 23:<94/18 2.8 E/3>8 928 L/14/38 >69/38 928 943:46:/38 D12E<26E4/38 01>0/=Q69>328 34;<.:Q62/H
;26:282682.8;43;>8;294>780>182C2;0.>8268<6/8E<219/8:263/A8B/1/82;02R/18E>6349212;>382.8E/3>
 $")#&)-$/2/3+ 1# -+1'$,( /+%#&`#&#+2/'$ MYM

;Q38 326E4..>8 928 9>38 >69/38 928 4=</.8 /;0.4:<978 L4/C/69>8 268 2.8 326:49>8 0>34:4L>8 92.8 2C28 G -E<219/@7
E>68D12E<26E4/38$P P8$O P86l;21>38928>69/8SP P8SO A8*/38D<6E4>6238928>69/812302E:4L/383>6J
!P = !I 3268-#P % ! SP B@ !O = !I 3268-#O % ! SO B@
P83<;/69>8/;G/3J ! = !I q3268-#O % ! SO B@8+ 3268-#P% ! SPB@r
/0.4E/69>89286<2L>8./82K01234568-]d@J

! = O ! I E>3
') # O − #P S − SP
%− O
*,
B 326
')
# O + #P S + SP
%− O B
*,
( O O + O( O +
F<2782;0.2/69>8./86>:/E456J

∆S = S O − S P S 7 = -S P + S O @hO
∆ # = # O − #P # 7 = -# P + # O @hO

0>92;>3823E14G418928./8D>1;/J
!# ∆# % − ∆S B$& 326 -#
! = O ! I E>3
"O O % 7% − S 7 B@
!"#$%&'()'&'(#*'!#+,()&-./0/1'($"(&#)&-1"22/3+,(2-)4&/5.%(#1/%-&/'6(%70'&

*/812012326:/E4568=1QD4E/892823:/8D<6E456780/1/8∆# P8∆S 02F<2j>378238./8928./8O4=A8Z#$$Ha`@A8*/

>69/8123<.:/6:2823:Q8D>1;/9/80>18 X,)B"I >8 B+v)%'%I (% "&(+I 4694L49</.238320/1/9>380>180<6:>3
928/;0.4:<986<./A8I2801>9<E268+&"$)/(-1#$ >82)%('-$ /6Q.>=>38/8.>38928./8D4=<1/8$$$Hgk78/<6F<28./
7-'&")/(01* '#* ")* )7+"(%&' 238 268 23:28 E/3>8 D<6E4568 928 ./8 0>34E4568 268 .<=/18 928 321.>8 92.8 :42;0>
E>;>82682.8>3E4./9>1A

O4=A8 Z#$$Ha`Af8 B/F<2:238 >8 =1<0>38 928 >69/38 D>1;/9/38 0>18 ./8 3<0210>34E4568 928 >69/38 928 D12E<26E4/8 0/12E49/7
/ 238./8L2.>E49/98928<680<6:>8928D/32892:21;46/9/78/. 238./8L2.>E49/98E>68F<28/L/6R/82.80/F<2:2A

*/8 26L>.L26:278 12012326:/9/8 0>18 0<6:>38 268 ./8 O4=A8 Z#$$Ha`78 23:Q8 923E14:/8 0>18 ./8 2K0123456J
O!I E>3 -∆#% ! ∆SB@hO7 P801>=123/8/8.>8./1=>892.82C28G E>68<6/8L2.>E49/98../;/9/8 #%*"T$(+( (%
X,)B" -/. @78 F<28 6>8 E>46E4928 62E23/14/;26:28 E>68 ./8 L2.>E49/98 E>68 ./8 F<28 328 ;<2L28 <68 0<6:>8 92
D/32892:21;46/9/V823:/8L2.>E49/98928=1<0>823J /. = ∆#h∆SA
%68<68;>L4;426:>8>69<./:>14>8./82621=?/823801>0>1E4>6/.8/.8E</91/9>8928./8/;0.4:<9780>18:/6H
:>8./83#"-/(')'*'#*%,)1$7($(01*'#*#1#,.;)*#$*")*3#"-/(')'*'#*.,&+-A
+<6F<28328S/834;0.4D4E/9>82.823:<94>8/.8E/3>89289>38>69/378.>38123<.:/9>383280<292682K:1/0>./1
/.8E/3>8928<680/F<2:28D>1;/9>80>18./83<0210>34E4568928;<ES/38>69/38E>68D12E<26E4/38P86l;21>3
928>69/8943:14G<49>38268<6846:21L/.>8.4;4:/9>826:12 $ ! ∆$ P $ + ∆$7 P826:12 S ! ∆S P S + ∆S7
12302E:4L/;26:2A8%6823:28E/3>78./8L2.>E49/98928=1<0>8328>G:42628;294/6:2J

'#
/. =
'S

E/.E<./69>823:/89214L/9/82682.80<6:>8;294>8928.>3846:21L/.>38928# P8SA
MYS -+1'$

B/1/8E/9/8<6/8928./38>69/38F<28S/68D>1;/9>82.80/F<2:282K43:28./812./E456 # = S/ 26:1283<8D12H
E<26E4/8/6=<./1786l;21>8928>69/8P8L2.>E49/98928D/32V8P83<3:4:<P269>823:/812./E4568268/. >G:262H
;>38./812./E456826:128/;G/38L2.>E49/923J
' -S/@ '/
/. = =/+S
'S 'S

P80>18321 S = O%h" ⇒ 'S = !O% '"h"O7 F<29Q69>6>3J

'/
/. = / − "
'"

23892E4178")$*3#"-/(')'#$*'#*:)$#*A*'#*.,&+-*$-1*(.&)"#$*#1*&1*7#'(-*1-*'($+#,$(3-782682.8F<28./8L2H
.>E49/98928D/328928E/9/8>69/86>8920269289283<8.>6=4:<98928>69/8-'/h'" = I@V8268;294>3894302134H
L>3894D4212682682.832=<69>83<;/69>8928./812./E4568/6:214>1A8B>182C2;0.>78<680143;/8928L4914>8238<6
;294>894302134L>80/1/8./8.<R78.>38943:46:>38E>.>1238E>11230>69268/8>69/382.2E:1>;/=6U:4E/38928943H
:46:/8D12E<26E4/78P82.8D265;26>8928./812D1/EE45678F<2823:<94/12;>38/8E>6:46</E456786>38021;4:28>GH
321L/18./894302134568928./8.<R8G./6E/82683<38E>;0>626:2378D>1;/69>8<68/1E>84143A8%.8/4128238<68;2H
94>86>894302134L>80/1/82.83>649>78/D>1:<6/9/;26:28.>383>649>38928943:46:>8:>6>8L4/C/68/8./8;43;/
L2.>E49/978928.>8E>6:1/14>8E</.F<4218E>6E421:>8321?/8<683<0.4E4>846E.<3>80/1/8<68;2.5;/6>8-/<6F<2

!"#$%&'()'&'(#*'!#+,()&-./0/1'($"(&#)&-1"22/3+,(2-)4&/5.%(#1/%-&/'6(%70'&
0/1/8:>9>8S/P8=<3:>3@A
)&-06#!'N VWA

O4=A8Z#$$HamAf8I48./38E>;0>626:2383>68928943:46:/8/;0.4:<978./380<.3/E4>623823:Q68320/1/9/380>18R>6/38928/;H
0.4:<98;?64;/86>86<./A

#8 1/`&'22/3+e(&#`6#*/3+(4(&#`&'22/3+

*9//(:(JJ, )H>AK>X><(D@(.ETO@ACa`H@CA@F
@H&)1'-*)*&1*+&1%-*/)+)E*'#*3(2,),>*""#.)*&1*7-3(7(#1%-*-1'&")%-,(->*$#*%,)1$:-,7)*#1*&1
:-/-*#7($-,e*")$*-1')$*,#$&"%)1%#$*$-1*)/%(3)$*#1*"-$*+&1%-$*'#*/-1%)/%-*/-1*")*#13-"3#1%#
/-7=1NA
%3:/8D>1;/E4568928D>E>382;43>12382682.8230/E4>86>382K0.4E/8./801>0/=/E456892.8;>L4;426:>8>6H
9<./:>14>A8I48<6/83<021D4E428928>69/8238./823D21/8928E26:1>8F P81/94>8, -O4=A8Z#$$Hac@78268:>9>38.>3
0<6:>389282../8328>14=46/68021:<1G/E4>6238F<2832801>0/=/68268D>1;/8928>69/3823DU14E/3V8/.8E/G>892
<68 021?>9>8 ./8 021:<1G/E4568 328 S/G1Q8 :1/63;4:49>8 <6/8 943:/6E4/ " = /K -1/94>8 928 ./38 23D21/38 02H
F<2j/3@V8:1/R/69>8./823D21/89281/94> , + " E>6EU6:14E/8E>68./8/6:214>18P8:/6=26:28/8:>9/38./383<H
021D4E42380/1E4/.2378328>G:42628./86<2L/83<021D4E428928>69/78F<28/83<8L2R780>182.8;43;>8;2E/643;>7
:1/63;4:28/.8230/E4>83<82621=?/8L4G1/6:2A8+3?83282K0.4E/8./8D>1;/E4568928>69/38E>6EU6:14E/38/.8/11>H
C/18<6/804291/8/8<6823:/6F<28928/=</38:1/6F<4./3A
%.8 0146E404>8 928 TS1?3:4/68 n<P=2638 -]`aeH]`ed@8 D<28 E>;0.2:/9>8 0>18 +<=<3:468 O12362.8 -]mccH
]cam@8/.8/j/9418F<2J
O4=A8Z#$$HacAf8I<021D4E4238928>69/826 @J)*3(2,)/(01*+,-'&/(')*#1*&1*+&1%->*#$*")*,#$&"%)1%#*'#*")*(1%#,:#,#1/()*'#*")$*'(3#,$)$*-1?
49U6:4E>823:/9>8928L4G1/E456A ')$*8&#*""#.)1*)"*+&1%-*+,-/#'#1%#$*'#*/&)"8&(#,*$&+#,:(/(#*'#*-1')*)1%#,(-,NA
 1/`&'22/3+e( &#`6#*/3+ 4 &#`&'22/3+ MYQ

*9//(:(JM, 1>PHGKK>LA
n2;>38L43:>82682.8E/0?:<.>8/6:214>18F<28./82621=?/8928<6/8>69/8238:1/630>1:/9/82689412EE456
02102694E<./18/8.>38D126:238928>69/78/823:/89412EE4568328.28S/8../;/9>81/P>8268./8O4=A8Z#$$H]A8I48<6/
>69/832801>0/=/8268<68;294>8S>;>=U62>8.>381/P>383>68.?62/3812E:/38F<280/1:26892.8D>E>82;43>1V
34682;G/1=>78268E>694E4>6238/92E</9/38-E>;>8./38F<28328923E14G268/8E>6:46</E456@780<2928>G321H
L/1328F<2832801>9<E268923L4/E4>623812302E:>8928./801>0/=/E456812E:4.?62/A8%3:/38923L4/E4>623812E4H
G2682.86>;G128928:#107#1-$*'#*'(:,)//(01A
6#$'#*&1*+&1%-*'#*3($%)*/&)"(%)%(3->*") ($O,+TT$[&78 +&#'#*#B+"(/),$#*+-,*#"*+,(1/(+(-*'#*f&A?
.#1$?Y,#$1#"5*K-'-*-2$%9/&"-*8&#*$#*(1%#,+-1#*#1*#"*/)7(1-*+-,*'-1'#*$#*+,-+).)*&1)*-1')*')
-,(.#1*)*:#107#1-$*'#*'(:,)//(015*H&)1'-*&1*7-3(7(#1%-*-1'&")%-,(-*""#.)*)*&1)*$&+#,:(/(#*,;.(')
/-1*&1*-,(:(/(-*'#*)2#,%&,)*7&A*+#8&#C)*V'#"*-,'#1*'#*")*"-1.(%&'*'#*-1')W>*$#*3#,(:(/)*8&#>*)*+),?
%(,*'#"*-,(:(/(->*$#*+,-+).)1*-1'&")/(-1#$*('41%(/)$*)*")*(1/('#1%#*A*#1*%-')$*")$*'(,#//(-1#$A
*/8 943E120/6E4/8 12302E:>8 /8 ./8 01>0/=/E4568 12E:4.?62/78 238 :/6:>8 ;Q38 2L4926:28 E</6:>8 ;Q38 32
/01>K4;/68/.8>19268928;/=64:<98928./8.>6=4:<98928>69/8" ./3894;2634>6238928.>38>G3:QE<.>3846:21H
0<23:>378>8928.>38>14D4E4>38F<28./38>69/38S/68928/:1/L23/1A
I48/.8>14D4E4>892.8>G3:QE<.>812012326:/9>8268./8O4=A8Z#$$Hae ..2=/68D126:238928>69/80./6>378/80/1H
:418928U.8328>14=46/68>69/38F<2832801>0/=/68E>;>834801>E29423268928<68D>E>82;43>1834:</9>82682.
01>04>8>14D4E4>A8B>182.8D265;26>892894D1/EE4568./38>69/381>92/68>8M/G1/R/6N8/.8>G3:QE<.>8F<2826H
!"#$%&'()'&'(#*'!#+,()&-./0/1'($"(&#)&-1"22/3+,(2-)4&/5.%(#1/%-&/'6(%70'&

E<26:1/8 /8 3<8 0/3>8 -O4=A8 Z#$$Hgb@A8 I48 /=1/69/;>38 ./8 /G21:<1/8 928 ./8 O4=A8 Z#$$Hae78 S/3:/8 F<28 :26=/
<6/8/6ES<1/8;/P>18F<28L/14/38.>6=4:<9238928>69/8-O4=A8Z#$$Hg]@78268./8R>6/89212ES/8928./8D4=<1/
D126:28/8./8/G21:<1/8./8>69/832801>0/=/83468;>94D4E/E4567834682;G/1=>8.>38G>19238 L P8L′ 328E>6H
L421:268 268 D>E>38 2;43>1238 P8 S/E268 F<28 ./8 >69/8 .>38 1>9228 /.E/6R/69>8 R>6/38 F<28 928 >:1/8 D>1;/
321?/68928@$-72,)NA

O4=A8 Z#$$HgbAf8 I48 Q 238 <68 23E>..>

O4=A8 Z#$$HaeAf8 (4D1/EE4568 928 <6/
>69/8 0./6/8 268 <68 >14D4E4>8 E<P>8 94QH
;2:1>823892.8>19268928./8.>6=4:<9892
>69/A
0<6:4/=<9>8 F<28 2K43:28 3>G128 <6/8 3<H
021D4E428 F<42:/8 928 /=</78 /.8 /11>C/1
<6/804291/8268Y ./38>69/3801>9<E49/3
268 2.8 /=</8 328 01>0/=/1Q68 928 D>1;/
F<283<38E123:/38>8L/..23832/68E41E<6D2H
126E4/38 E>6EU6:14E/38 928 E26:1>8 YA8 %6
2.80<6:>8L -0146E404>8928n<P=263@832
D>1;/1Q8<68D>E>82;43>18P8/8./84RF<421H
9/8928./8.?62/8LN78./38E123:/38>8L/..23 O4=A8 Z#$$Hg]Af8 (4D1/EE4568 928 <6/
92:21;46/1Q68 E41E<6D2126E4/38 928 E26H >69/8 0./6/8 268 <68 >14D4E4>8 92.8 >1926
:1>8 L78 /.E/6R/69>8 ./38 R>6/38 92.8 >:1> 928 L/14/38 .>6=4:<9238 928 >69/A8 -O>:>H
./9>892.8>G3:QE<.>A =1/D?/8E<G2:/8928>69/3@A

%.8D265;26>8928./894D1/EE45680>18>G3:QE<.>38928D>1;/380/1:4E<./123832823:<94/1Q826812./E4568E>6
./38>69/38.<;46>3/38-T/0?:<.>8ZZ#$@A

*9//(:(JS, &@PF@f>LA(D@(<ADGC(XFGAGC
,%O*%Z$[& #$*#"*,#%-,1-*'#"*7-3(7(#1%-*-1'&")%-,(-*+-,*#"*7($7-*7#'(-*+-,
'-1'#*$#*+,-+).)2)*)"*/D-/),*/-1*")*$&+#,:(/(#*'#*&1*7#'(-*'($%(1%-A
$;/=462;>38 <6/8 3<021D4E428 ;/:214/.8 1?=49/8 !!′ -O4=A8 Z#$$Hga@8 /8 ./8 F<28 328 9414=2
<6/8>69/80./6/8LNV8/.8E/G>8928E421:>8:42;0>8./8021:<1G/E4568S/812E>1149>8<68E/;4H
6>8LL′ 26E>6:1Q69>328./8>69/8268./86<2L/80>34E4568L′N′A8%.80<6:>8L′ 328:1/63D>1;/
268<68D>E>82;43>18P8;426:1/38./8021:<1G/E45680/3/8928N′ /8N′′78./801>9<E49/8268L′ 23H
:/1Q8.>E/.4R/9/8268<6/823D21/89281/94>84=</.8/8 N′N′′ P8928E26:1>8L′A8I48923928N′′ 32
:1/R/8<6/8:/6=26:28/823:/823D21/78328>G:42628./8>69/812D.2C/9/8L′′N′′A O4=A8Z#$$HgaAf8,2D.2K4568928>69/380./6/3A
MYV -+1'$
O4=A8Z#$$HggAf8,2D1/EE4568928>69/380./6/3A
O4=A8 Z#$$HgkAf8 ,2D.2K4568 P8 12D1/EE456
268 <6/8 320/1/E4568 26:128 9>38 ;294>3
-9>38 E<219/38 928 943:46:/8 ;/3/8 0>1
<649/98928.>6=4:<9@A
_#*"")7) W&X)*" (% $&T$(%&T$+ -/@8)"*8&#*:-,7)*")*'(,#//(01*'#*(1/('#1/()>*]L′ >8]′N′′78/-1*")
1-,7)"*)*")*$&+#,:(/(#>*A*91.&"-*'# ,%O*%Z$[& -/′@8)"*:-,7)'-*+-,*")*'(,#//(01*'#*,#:"#B(01>*L′]′′ >
N′′]′′′78/-1*")*1-,7)"A
@!"*91.&"-*'#*(1/('#1/()*A*#"*'#*,#:"#B(01*$-1*(.&)"#$NA
%68 2D2E:>78 .>38 :14Q6=<.>38 L′L′′N′′ P8 L′N′N′′ 3>68 4=</.238 0>18 3218 12E:Q6=<.>38 E>68 ./8 S40>:26<3/
L′N′′ E>;l68 P8 .>38 E/:2:>38 L′L′′ P8 N′N′′ 4=</.2378 0>18 E>63:1<EE456A8 %68 E>632E<26E4/8 .>38 Q6=<.>3
L′′L′N′′ -E>;0.2;26:/14>8928/′@8P8N′N′′L′ -E>;0.2;26:/14>8928/@83>684=</.23V8.<2=>J / = /′A
*9//(:(JQ, &@PHGKK>LA(D@(<ADGC(XFGAGC
,%O,+TT$[& #$*#"*/)72(-*'#*")*3#"-/(')'*'#*+,-+).)/(01*'#*&1*7-3(7(#1%-*-1?
'&")%-,(->*)"*+)$),*'#*&1*7#'(-*)*-%,-A
$;/=462;>38<6/83<021D4E428928320/1/E45689289>38;294>38943:46:>38P P8O /8./8F<28..2=/
<6/8 >69/8 0./6/8 LNV8 /.8 E/G>8 928 <68 E421:>8 :42;0>8 S/G1Q8 12E>1149>8 <68 E/;46>8 LL′ 26H
E>6:1Q69>328268./86<2L/80>34E4568L′N′A8%.80<6:>8L′ 328:1/63D>1;/8268<68D>E>82;43>18P
;426:1/38./8021:<1G/E45680/3/8928N′ /8N′′ -N′N′′ = /P%@8./801>9<E49/80>18L′ 2682.846:214>1
92.8;294>8O7823:/1Q8.>E/.4R/9/8268<6/823D21/89281/94>84=</.8/8/O % P8E26:1>8L′V8-/P P8/O 3>6
./38L2.>E49/923892801>0/=/E4568268.>38;294>38P P8O@A8I48923928N′′ 328:1/R/8<6/8:/6=26:2
!"#$%&'()'&'(#*'!#+,()&-./0/1'($"(&#)&-1"22/3+,(2-)4&/5.%(#1/%-&/'6(%70'&
/8./823D21/8328>G:42628./8>69/812D1/E:/9/8-O4=A8Z#$$Hgg@A
W&X)*" (% ,%O,+TT$[& #$*#"*:-,7)'-*+-,*")*'(,#//(01*'#*,#:,)//(01*L′]′′ - N′′]′′′ /-1
")*1-,7)"*)*")*$&+#,:(/(#A
@J)*,#")/(01*'#*"-$*$#1-$*'#*"-$*91.&"-$*'#*(1/('#1/()*A*,#:,)//(01*#$*/-1$%)1%#NA
%68 2D2E:>78 268 2.8 :14Q6=<.>8 12E:Q6=<.>8 L′N′N′′ 328 L214D4E/J8 3268 N′L′N′′ = N′N′′hL′N′′V8 P8 268 2.
L′N′′L′′J8326 L′N′′L′′ = L′L′′hL′N′′A B21>8E>634921/69>8F<28N′L′N′′ P8L′N′′L′′ 3>6812302E:4L/;26H
:284=</.238/8/ P8/8/′ 0>18:262182.8;43;>8E>;0.2;26:>8F<282..>378P8F<2 N′N′′ = /P% P L′L′′ = /O %7 32
>G:426280>1894L43456J
326 / / P
= = E>63:/6:2 = 1
326 /′ / O
L*1*$#*"#*"")7) ^&($T% (% ,%O,+TT$[& '#"*$#.&1'-*7#'(-*/-1*,#")/(01*)"*+,(7#,->*A*#$*#"*/-?
/(#1%#*'#*'(3('(,*")*3#"-/(')'*'#*+,-+).)/(01*#1*#"*+,(7#,*7#'(-*+-,*")*'#"*$#.&1'-A
'/6:>80/1/8./38>69/38;2EQ64E/378/8./38F<286>3812D214;>3826823:>38E/0?:<.>378E>;>80/1/8./382.2EH
:1>;/=6U:4E/3782K43:278E</69>8/P 238;26>18F<28/O 78<68Q6=<.>892846E4926E4/8;QK4;>80>1826E4;/892.
E</.86>8S/P8>69/812D1/E:/9/8P832801>9<E282.8D265;26>8928 ,%O*%Z$[& '"'+*78342;0128F<282.823023>1
92.832=<69>8;294>86>832/892;/34/9>802F<2j>A8%.8L/.>18;QK4;>892.8Q6=<.>892846E4926E4/832892H
6>;46/8 W&X)*" *^!$'%78 /" V8348./8>69/846E4928E>682328Q6=<.>782.892812D1/EE4568238928gIw78E>68.>8F<2J
326 /" = /P h/OA
)&-06#!'$N V; /.8VSA
*9//(:(JV, &@PF@f>LA(T(H@PHGKK>LA(C>?EFBgA@GC,(2<@P>K>@AB@C(D@(H@PF@f>LA(T(H@PHGKK>LA,
2G?_><(D@(PGC@(@A(FG(H@PF@f>LA
H&)1'-*&1)*-1')*(1/('#*#1*")*$&+#,:(/(#*'#*$#+),)/(01*'#*'-$*7#'(-$*#B+#,(7#1%)*)*")*3#E
"-$*'-$*:#107#1-$*#$%&'()'-$>*#$*'#/(,>*')*-,(.#1*)*&1)*-1')*,#:"#h)')*A*)*&1)*%,)1$7(%(')
V,#:,)/%)')W>*'#*%)"*:-,7)*8&#*")*#1#,.;)*8&#*%,)1$+-,%)*")*-1')*(1/('#1%#*$#*,#+),%#*#1%,#
)72)$5
B/1/82.823:<94>892823:28E/3>812E<114;>389286<2L>8/.8;>92.>8928./8E<219/8:263/78/<6F<28/S>1/
./83<0>6912;>38E>;0<23:/89289>38;/:214/.238943:46:>378<6>8928926349/98.462/.8928;/3/8(P P8>:1>
928926349/98(O 78<649>3826 B = I E>;>8268./8O4=A8Z#$$Hgk78P83>0>1:/69>8/;G/380/1:238<6/8:263456
E>;l6A
%682.8;294>8P78/8./84RF<4219/892 B = I7 32801>0/=/683<0210<23:/38./8>69/846E4926:28!( P8./812H
D.2C/9/8!, 78E>68.>8F<28./82.>6=/E4568:1/63L213/.8928<680<6:>89282328./9>8928./8E<219/8321QJ
!P -B78%@8= !I( 3268-#% ! SPB@8+ !I, 3268-#% + SPB@
P82682.8;294>8O78/8./89212ES/892 B = I7 9>692835.>8S/P8>69/8:1/63;4:49/J
!O -B78%@8= !I% 3268-#% ! SO B@
%;0.2/;>38./8;43;/8# 0>1F<28./8D12E<26E4/86>8E/;G4/8-2.83>649>812D.2C/9>8>8:1/63;4:49>8:4262
2.8;43;>8:>6>8F<282.846E4926:2784=</.8>E<1128E>682.8E>.>18928./8.<R@7834682;G/1=>8.>386l;21>3892
>69/8 3>68 943:46:>378 SP P8 SO 78 0>1F<28 ./8 L2.>E49/98 928 01>0/=/E4568 238 94D2126:28 268 /;G>38 ;294>3A
%.82K:12;>8E>;l68928/;G>38./9>38:42628<6/82.>6=/E4568l64E/78E>68.>8F<2J
!P -I78%@8= !O -I78%@ ⇒ !I( + !I, = !I% -a]@
 1/`&'22/3+e( &#`6#*/3+ 4 &#`&'22/3+ MYY

+92;Q38./389>380/1:238928./8E<219/892G268<64132826 B = I E>68./8;43;/846E.46/E4568P/8F<278/.
3>0>1:/18 <6/8 :2634568 E>;l678 943:46:/8 46E.46/E4568 3<0>691?/8 <6/8 D<21R/8 62:/8 268 ./8 9412EE4568 928 !
F<28/E2.21/1?/82.82.2;26:>8928;/3/8F<280>92;>38E>634921/18268./8<6456A8B>18:/6:>J

!# -! $&
P !# -! $&
O
:= ) =
" -B % B=I
=
" -B % B=I

.>8F<283<0>62J !SP !I( + SP !I, = !SO !I% -aa@

(2302C/69>826:128-a]@8P8-aa@78./38/;0.4:<923812D.2C/9/8P8:1/63;4:49/8268D<6E4568928./846E4926:27
328>G:4262J
SP − S O OS P
!I , = !I( !I % = !I( -ag@
SP + S O SP + S O

B>18>:1/80/1:2J S x #h/ P / = Y h ( 9>6928Y 238./8:2634568E>;l68/8:>9/8./8E<219/A8T>6823:>

0>92;>382K0123/18./38/;0.4:<9238268D<6E4568928./38926349/9238928.>389>38;294>3J

(P − (O
!I , = !I(
!"#$%&'()'&'(#*'!#+,()&-./0/1'($"(&#)&-1"22/3+,(2-)4&/5.%(#1/%-&/'6(%70'&

# ( (P + (O
S= =# ⇒
/ Y O (P
!I % = !I(
(P + (O

B>92;>382K:1/218/.=<6/38E>632E<26E4/3892823:/382K01234>623A
T>6349212;>38(O 923012E4/G.28D126:28/8(P78E>;>80<292832182.8E/3>8928<6/8E<219/8E>68<682K:12H
;>8.4G128>83<C2:>80>18<68S4.>8D46>8F<28.28E>;<64F<28./8:263456862E23/14/7826:>6E23J
(O " ( P ⇒ !I, ! !I( ⇒ !P ! O!I(
23892E4178./8>69/812D.2C/9/823:Q8268D/328E>68./846E4926:28P82.89230./R/;426:>82682.82K:12;>8.4G12823
;/P>18F<282.8;QK4;>8268E</.F<4218>:1/80>34E4568-2.89>G.282682.8E/3>8.?;4:2892 (O = I@A
I48328L214D4E/8F<2 (O > (P7 !I% 23892.8;43;>834=6>8F<28!I( P8./38>69/38:1/63;4:49/82846E4926:2
23:Q8268D/3278021>8!I, 238928943:46:>834=6>8E>68.>8F<28268./812D.2K456832801>9<E28<68E/;G4>8928D/32A
B>92;>3826<6E4/1J
L"*(1/('(,*&1)*-1')*+")1)*#1*'(,#//(01*+#,+#1'(/&"),*)*")*$&+#,:(/(#*'#*$#+),)/(01*'#*'-$
7#'(-$>*$(*#"*$#.&1'-*7#'(-*#$*79$*'#1$-*8&#*#"*+,(7#,-*")*-1')*,#:"#h)')*#$%9*#1*-+-$(?
/(01*'#*:)$#*/-1*")*(1/('#1%#>*%(#1#1*&1*'#$:)$#*'#*% ,)'()1#$A
!1*#"*/)$-*'#*8&#*(O $#)*7&/D-*7)A-,*8&#*(P>*")*)7+"(%&'*%,)1$7(%(')*$#*)1&")*A*")*,#:"#h)?
')*$#*D)/#*(.&)"*)*")*(1/('#1%#*+#,-*'#*$(.1-*-+&#$%->*/-1*"-*8&#*#1*#"*7#'(-*'#*(1/('#1/()
$#*#$%)2"#/#,9*&1)*-1')*#$%)/(-1),()5
L* "-$* /-#:(/(#1%#$* 8&#* ,#")/(-1)1* ")$* )7+"(%&'#$* #1* ")$* :0,7&")$ -ag@8 $#* "#$* '#1-7(1) T"%O$H
T$%&'% (% ,%O*%Z$[& P8(% ,%O,+TT$[&78, P8% 12302E:4L/;26:2J

!I , S − SO !I % OS P
,= = P %= =
!I( SP + S O !I( SP + S O

P8268D<6E4568928./38926349/9238.462/.238928;/3/782682.8E/3>8928./8E<219/J

(P − (O O (P
,= %=
(P + (O (P + (O

!" B"(%, ,%O*%T'", X ->8 O+T'", (% ,%O*%Z$[&@8$#*'#:(1#*/-7-*#"*/&)',)'-*'#"*/-#:(/(#1%#*'#

,#:"#B(01J

X = ,O =
!# S P − SO $& O

"S P + SO %
P8E>;>8./82621=?/8F<28:1/630>1:/8<6/8>69/823801>0>1E4>6/.8/.8E</91/9>8928./8/;0.4:<978X 123<.:/
3218./812./E456826:128./382621=?/812D.2C/9/78!,782846E4926:278!,A8%68./83<021D4E428928320/1/E45689289>3
;294>386>80<2928/.;/E26/13282621=?/780>18:/6:>82.8 B"(%, ',+&I!$I", K 321QJ

!% !( − !, MS PS O
K= = = P− X ⇒ K = P− ,O =
!( !( -S P + S O @O
MYR -+1'$

E>682K01234>6238/6Q.>=/380/1/8X P8K 268D<6E4568928./38926349/9238.462/.238928;/3/82682.8E/3>892

./8E<219/A
)&-06#!'$N VQ /.8VYA

`8 )-6'&/b'2/3+

*9//(:(JY, )<FGH>cGK>LA(F>A@GF

J)*+-"),(E)/(01*#$*&1*:#107#1-*/),)/%#,;$%(/-*'#*")$*-1')$*%,)1$3#,$)"#$>
#1*")$*/&)"#$*")$*+),%;/&")$*3(2,)1*+#,+#1'(/&"),7#1%#*)*")*'(,#//(01*'#*+,-?
+).)/(01V8 2K43:268 46D464:/38 9412EE4>6238 F<28 E<;0.268 E>68 ./8 E>694E4568 9/9/
-:>9/38 ./38 F<28 328 26E<26:1/68 268 <68 0./6>8 02102694E<./18 /8 ./8 9412EE4568 92
01>0/=/E4568928./8>69/@A8%68=2621/.78./89412EE4568928L4G1/E4568L/1?/8928<6>3
0<6:>38 /8 >:1>378 268 :/.8 E/3>8 92E4;>38 F<28 ./8 >69/8 6>8 23:Q8 0>./14R/9/8 -268 ./
O4=A8 Z#$$Hgd 12012326:/;>38 2.8 M021D4.N8 928 <6/8 >69/8 6>8 0>./14R/9/8 268 <6/
E<219/@A

@6(,#7-$* 8&#* &1)* -1')* #$%9* +-"),(E)')* "(1#)"7#1%#>* /&)1'-* ")$

+),%;/&")$* 8&#* 3(2,)1* +,-'&/(#1'-* ")* -1')* "-* D)/#1* $(#7+,#* #1* &1

!"#$%&'()'&'(#*'!#+,()&-./0/1'($"(&#)&-1"22/3+,(2-)4&/5.%(#1/%-&/'6(%70'&
7($7-*+")1- -O4=A8Z#$$Hg`@NA8L"*+")1-*+#,+#1'(/&"),*)"*'#*3(2,)/(01
-FGi@8$#*"#*"")7) B*+&" (% B"*+,$y+T$[& -FGU@A
O4=A8 Z#$$HgdAf8 "69/8 :1/63L213/.8 6>8 0>./14R/9/8 268 <6/8 E<21H
9/A
*/80>./14R/E4568928./8.<R8238<68:2;/8928=1/6846:21U38268D?34E/7832823:<94/1Q
2682.8E/0?:<.>8ZZ#$A

*9//(:(JR, $EX@HX<C>K>LA(D@(<ADGC(BHGAC=@HCGF@C(D@(>OEGF(PH@KE@AK>G(dE@(C@
@AKE@ABHGA(F>A@GF?@AB@(X<FGH>cGDGC(K<A(CEC(XFGA<C(D@(X<FGH>cGK>LA
X@HX@AD>KEFGH@C,()<FGH>cGK>LA(@F\XB>KG(T(K>HKEFGH

I<0>6=/;>38F<28/.8>14=268F 928<6/8E<219/8:263/834:</9/83>G1282.82C28FG -O4=A8Z#$$Hgm@8E>H

;426R/8/8L4G1/18346<3>49/.;26:28268./89412EE456892.82C28Fi 268./834=<426:28D>1;/J

A -I78%@8= L 3268#% -ak@

268./8E<219/832801>0/=/8<6/8>69/80>./14R/9/80./6/89282E</E456J

!# B$& -ad@
O4=A8Z#$$Hg`Af8"69/8:1/63L213/.80>./H
14R/9/8 .462/.;26:28 268 <6/8 E<219/A
"
A - B 7 % @ = L 326 # % −
/ %
= L 326 -#% − SB @

I48328>G.4=/8/.8>14=268/8>3E4./18268./89412EE4568FU 268./8D>1;/J

E -I78%@8= N 3268-#% + &@ -a`@

./8>69/801>0/=/9/8:2691Q A = I E>;>80./6>8928L4G1/E4568P83<82E</E4568321QJ

E -B78%@8= N 3268-#% + & ! SB@ -am@

T</69>82682.8>14=2683282KE4:/6834;<.:Q62/;26:28./389>38L4G1/E4>6238-ak@8P8-a`@82.80146E404>892
3<0210>34E45684694E/8F<282.8;>L4;426:>8928E/9/80<6:>8928./8E<219/892G283218./83<0210>34E456892
-ad@8P8-am@A8(28./82E</E4568-am@8>G:262;>3J

E
= 326 -#% − SB @ E>3 & + E>3 -#% − SB @ 326 &
N
O4=A8 Z#$$HgmAf8 T<219/8 :263/8 928 >14H
=268F P834:</9>82682.82C28FGA
A AO
928./8-ad@J 326 -#% − SB @ = ⇒ E>3 -#% − SB @ = P −
L LO
3<3:4:<P269>J

E A AO EO AO O EA O AO
= E>3 & + P − O 326 & ⇒ + E>3 & − O E>3 & = 326 & − 326 O &
N L L NO L O LN LO

EO AO O EA
O
+ O
− E>3 & = 326 O &
N L LN

F<280/1/8<6/8B 92:21;46/9/78238./82E</E4568928./82.40328F<28923E14G28./80/1:?E<./834:</9/826823/
0>34E456A
 )-6'&/b'2/3+ MYU

T+I"I8B+,'$T)*+,%I
]A I48./894D2126E4/8928D/328&78238E21>858OT%78-T ' U@V8./82E</E4568=2621/.8F<29/J

EO AO O EA !# E − A $& O
N
N O
+ O −
L LN
=I ⇒
" N L% =I ⇒ E=
L
A

F<28238./82E</E4568928<680./6>8F<280/3/80>182.82C28FGV82.8;>L4;426:>8123<.:/6:28238<6/8>69/
0>./14R/9/8 .462/.;26:28 E>6:2649/8 268 23:28 0./6>8 P8 E<P/8 /;0.4:<98 928 >3E4./E4568 238 L O + N O
-O4=A8Z#$$Hgc@8P8./82E</E4568928./8>69/8123<.:/6:28321Q8928./8D>1;/J

! - B7 %@ = EO + AO = L O + N O 326 -# % − S B @

aA */894D2126E4/8928D/328& 238% 5 -OT + P@ %7 -T ' U@V826:>6E23J

O4=A8Z#$$HgcAf8,23<.:/6:28.462/.;26:2
O O 0>./14R/9/8928./389>38>69/38:1/63L21H
E A O EA N
+ O + =I ⇒ E=− A 3/.238F<283284694E/682682.8:2K:>78E</6H
NO L NL L 9> & = IA

U3:28321Q8/S>1/82.80./6>8928L4G1/E45678P80>18:/6:>8./8>69/8123<.:/6:2832826E<26:1/80>./14R/9/8.4H
62/.;26:280<23:>8F<2823:Q8E>6:2649/826823:280./6>8-O4=A8Z#$$Hge@8P8./8>69/8123<.:/6:28:2691Q
!"#$%&'()'&'(#*'!#+,()&-./0/1'($"(&#)&-1"22/3+,(2-)4&/5.%(#1/%-&/'6(%70'&

0>182E</E456J
! - B7 %@ = L O + N O 326 -#% − S B @

gA */8 94D2126E4/8 928 D/328 238 %hO 5 -OT + P@ %hO7 -T ' U@V8 ./8 2E</E4568 =2621/.8 F<29/8 129<E49/
/S>1/8/J
EO AO
O
+ O =P
N L

238 92E418 .>38 0<6:>38 928 ./8 E<219/8 328 S/../68 34:</9>38 3>G128 <68 E4.4691>8 12E:>8 E<P/8 G/328 238 <6/
2.4032892832;42C238L P8NA8-O4=A8Z#$$Hkb@A8*/8:1/P2E:>14/8928E/9/80/1:?E<./8238<6/82.40328E>68.>3
;43;>3832;42C23A8*/8>69/8123<.:/6:2832894E28F<2823:Q8 B"*+,$y+(+ %*^B'$T+!%&'%A8T</69>8./894H
D2126E4/8928D/328238%hO E/9/80/1:?E<./812E>1128./82.40328268326:49>8E>6:1/14>8/8./38/=<C/3892.812H
.>C8P82682.8;43;>8326:49>8F<282../3834 & = !%hOA O4=A8Z#$$HgeAf8,23<.:/6:28.462/.;26:2
I4 L = N ./82.40328328:1/63D>1;/8268<6/8E41E<6D2126E4/8P8S/G./12;>38928 B"*+,$y+T$[& T$,H 0>./14R/9/8928./389>38>69/38:1/63L21H
T)*+,A
3/.238F<283284694E/682682.8:2K:>78E</6H
9> & = %A
I48./894D2126E4/8928D/3286>82384=</.8/8.>38L/.>123823:<94/9>38268.>38E/3>38/6:214>123782.8;>L4H
;426:>8928./380/1:?E<./38F<28:1/63;4:268./8>69/82382.?0:4E>A8-%68./8O4=A8$#H]`812012326:/;>38./3
:1/P2E:>14/38928./380/1:?E<./382682.80./6> B = I 0/1/8.>3894D2126:238E/3>3892894D2126E4/8928D/32
928./38>69/38E>;0>626:23@A
J)*+-"),(E)/(01*#";+%(/)*#$ (%Z',[X$,+ -326:49>8928./383/2:/38928<6812.>C@8/&)1'-*")*'(:#,#1?
/()*'#*:)$#*#1%,#*")$*-1')$*#$%9*/-7+,#1'(')*#1%,#*/#,-*A*%e*$(*"-*#$%9*#1%,#*% A*O% ")*+-"),(E)?
/(01*#$ *%#[X$,+ -326:49>8E>6:1/14>8/8./383/2:/38928<6812.>C@A

58 '2h$%/2',()&-)'5'2/3+(1#6($-+/1-

*9//(:(JU, 'KiCB>KG,($<A>D<
J) +TiI'$T+ #$%&'()* #"* $-1('-5 I"&$(" $-1* ")$* +#,%&,2)/(-1#$* 8&#* (7+,#$(-1)1* #"* $#1%('-
'#"*-;'-5*J)$*-1')$*$-1-,)$*$-1*-1')$*7#/91(/)$*"-1.(%&'(1)"#$A
*/38>69/389283>649>8$#*+,-'&/#1*#1*/&#,')$*3(2,)1%#$ -E>;>8./38E<219/38L>E/.238>8./38928./ O4=A8Z#$$HkbAf8B>./14R/E45682.?0:4E/A
=<4:/11/@78#1*/-"&71)$*'#*)(,#*3(2,)1%# -E>;>82.8E./1462:28P82.851=/6>@8A*#1*+")/)$*A*7#72,)1)$
3(2,9%("#$ -E>;>8 2.8 :/;G>18 P8 2.8 /.:/L>R@V8 :>9>38 23:>38 2.2;26:>38 L4G1Q:4.238 E>;014;268 P8 94./:/68 /.
/4128F<28.>381>92/8:1/63;4:4269>823:/38021:<1G/E4>6238S/3:/8#"*+)2#""01*'#*")*-,#h) S/E4269>8L4G1/1
2.8%;7+)1-V8:1/63;4:49/823:/8L4G1/E45680>18./8E/926/8928S<23>3892.8>?9>8;294>8/.846:216>784;012H
34>6/82.81#,3(-*)&'(%(3- 2K0214;26:Q69>328./83263/E45689283>649>A
*/8 014;21/8 0/1:28 92.8 01>E23>78 923928 F<28 328 01>9<E28 2.8 3>649>8 S/3:/8 F<28 U3:28 S/E28 L4G1/18 2.
:?;0/6>7823:Q812=49/80>18D265;26>380<1/;26:28D?34E>38P8E>63:4:<P28./8 +TiI'$T+ O^I$T+A8*/8:1/63;4H
345680>182.8>?9>8;294>82846:216>8268.>38F<28./38>3E4./E4>62386>8L214D4E/68./8.2P8928n>>t27823:Q8/D2EH
:/9/8 0>18 D/E:>1238 2302E?D4E>38 928 E/9/8 4694L49<>8 P8 E>63:4:<P28 ./8 +TiI'$T+ O$I$"*[X$T+A8 */8 +TiI'$T+
BI$T"*[X$T+ 32812D42128/8./846:21012:/E45680>182.8E212G1>8928.>384;0<.3>382.UE:14E>38F<28.28:1/63;4:2
2.8621L4>8/<94:4L>A
B/1/8F<28./38>69/389283>649>86>389268<6/83263/E45680./E26:21/78:426268F<283218/01>K4;/9/H
;26:280214594E/38>823:/18E>;0<23:/380>18<686l;21>802F<2j>8928E>;0>626:238E/3480214594E/38-P
348./846:26349/986>823892;/34/9>8=1/692@78E>;>80>182C2;0.>8.>38I"&$("I !)I$T+*%IA8%.83>649>8E<P/
D>1;/8928>69/86>82380214594E/8328>P28E>;>8 ,)$("V82.8E</.80<292812012326:/1328E>;>8<6/83<021H
0>34E4568928>69/380214594E/38268<686l;21>8;<P8=1/692A
MRW -+1'$

%.846:21L/.>8928D12E<26E4/38F<280<292823:4;<./18/.8>?9>8P8/.8E212G1>8S<;/6>823:Q8E>;0126949>
26:128OI P8OI III nR78/.8F<28328../;/8 $&'%,#+*" +)($\*%A8)6/8>69/8.>6=4:<946/.89283>649>8E<P/
D12E<26E4/832/8;26>18F<282.8.?;4:2846D214>1892.846:21L/.>8/<94G.28328../;/8 $&O,+I[&$T+ P8348238;/P>1
F<282.8.?;4:283<0214>18 )*',+I[&$T+A

*9//(:(MW, 9@F<K>DGD(D@(XH<XGOGK>LA(D@F(C<A>D<
#%*"T$(+(8(%*8I"&$(" %68 .>38 D.<49>378 ./8 L2.>E49/98 928 01>0/=/E4568 928 <68 ;>L4;426:>8 >69<./:>14>8 .>6=4:<946/.7
32=l6832892;>3:1582682.80Q11/D>8Z#$$H`7823J8 / = N h * 7834269>8N 3<8;59<.>8928E>;01234G4.4H
'%!B%,+'),+ #%*"T$(+( 9/98P8* ./8926349/9V83482.8;294>8238<6835.49>782.8;59<.>8928E>;01234G4.49/98-L>.<;U:14E>@832
!%($"
wT ;h3 122;0./R/80>182.8;59<.>8928p><6=8-;59<.>8928/./1=/;426:>@7823892E41J8 / = ! h * A
I482.8;294>8238<68=/38P8./38E>;01234>6238P894./:/E4>6238F<28268U.832801>9<E2683>68/94/GQH
+412 II I*``I
:4E/378:/;G4U682682.80Q11/D>8Z#$$H`7892;>3:1QG/;>38F<28./8L2.>E49/9892801>0/=/E456892.83>H
n4915=26> II P*Ojk
649>8268U.7823J
"K?=26> II I*`Pl
+=</ Pa P*MaI
B.>;> OI P*PgI +,
/=
T>G12 OI `*jPI *
+.<;464> OI a*PII
n4211> OI a*PgI 34269>8+ ./80123456892.8=/386>8021:<1G/9>8P8 , 2.8E>2D4E426:28928./38/94/GU:4E/378F<280/1/82.

!"#$%&'()'&'(#*'!#+,()&-./0/1'($"(&#)&-1"22/3+,(2-)4&/5.%(#1/%-&/'6(%70'&
X1/64:> OI k*III /4128:>;/82.8L/.>18P>MP78>G:264U69>3280/1/82.8L/.>18928./8L2.>E49/9892.83>649>8268U.78268E>6H
94E4>62386>1;/.23J
+I , lk × P`7k × gjI × P7 MP
/I = = E; h3 = ``I ; h3
*I I7IIP Og`

*/8L2.>E49/9892.83>649>8268<68=/378/8./801234568+I P8./8:2;021/:<1/8% 23J

+I , +I , + I , -P + 0%@
/% = = =
*% *I h-P + 0%@ *I

P/8F<28./8926349/98928<68=/378/8% =1/9>378E>;0/1/9/8E>68./8F<28:42628/8Iw8-3486>8S/P8L/14/E4>623
9280123456@823J *% = *I h-P + 0%@7 021>8E>;>J8 / I = + I , h * I 786>38F<29/J

/% = /I P + 0%

@J)*3#"-/(')'*'#"*$-1('-*#1*&1*.)$*#$*'(,#/%)7#1%#*+,-+-,/(-1)"*)*")*,);E*/&)',)')*'#"*2(?
1-7(-*'#*'(")%)/(01NA
B/1/8E>;0/1/18L2.>E49/9238/ P8/′ /8./38:2;021/:<1/38% P8%′ =1/9>38G/3:/894L4941826:1283?8./382KH
01234>6238E>11230>69426:238/8./389>38:2;021/:<1/378>G:264269>J

/ P + 0%
=
/′ P + 0% ′

P8348./8:2;021/:<1/8./8;294;>38268./823E/./8/G3>.<:/8-K = % + Ol`@780<23:>8F<280>92;>38E>634921/1
0/1/8.>38=/323 0 = PhOl`7 328:4262J8 / h/ ′ = K h K ′ V823892E41V8#1*"-$*.)$#$*")*3#"-/(')'*'#"*$-1('-*#$
+,-+-,/(-1)"*)*")*,);E*/&)',)')*'#*")*%#7+#,)%&,)*)2$-"&%)A
B/1/8929<EE4>62380>3:214>12378:/;G4U682384;0>1:/6:2812E>19/18F<28268<6/8E<219/8:263/78./38>6H
9/38:1/63L213/.238F<2832801>9<E267832801>0/=/68E>68<6/8L2.>E49/9J8 / = Y h ( 34269>8 Y ./8D<21R/
F<28:263/8/8./8E<219/8P8( ./8;/3/8928./8<649/98928.>6=4:<98>8926349/98.462/.8- ( = Qh"@A8%.8L>.<;26
E>11230>69426:28 /8 23:/8 ;/3/8 238 2.8 928 <68 E4.4691>8 928 G/328 %, O P8 /.:<1/8 <649/9V8 3<8 ;/3/8 238 0<23J
%, O *78P8./8D51;<./8464E4/.8328:1/63D>1;/826J

Y P Y
/= O
= -ac@
%, * , %*

@J)*3#"-/(')'*'#*+,-+).)/(01*'#"*$-1('-*#1*&1)*/&#,')*#$*'(,#/%)7#1%#*+,-+-,/(-1)"*)*")
,);E*/&)',)')*'#*")*:&#,E)*8&#*")*%#1$)*#*(13#,$)7#1%#*+,-+-,/(-1)"*)"*,)'(-*A*)*")*,);E*/&)?
',)')*'#*$&*'#1$(')'NA
)&-06#!'$N VR /.8YJA

*9//(:(M;, -ADGC(F<AO>BED>AGF@C(@A(EA(PFE>D<
T>;>8P/8328S/894ES>8./38>69/383>6>1/3832801>0/=/68268D>1;/8928E>;01234>6238P894./:/E4>623
.>6=4:<946/.238F<2801>9<E268L/14/E4>623892801234568P8928926349/9892G49/38/8/E<;<./E4568>8261/H
12E4;426:>8928./380/1:?E<./3892.8;294>A8B/1/812/.4R/18;2949/38928./38;/=64:<9238F<2846:21L42626826
2.8D265;26>78238;Q38E5;>9>8;29418L/14/E4>623892801234568F<289230./R/;426:>89280/1:?E<./38>8L/H
 '2h$%/2',( )&-)'5'2/3+ 1#6 $-+/1- MR;

14/E4>6238928926349/9780>1823:28;>:4L>83283<2.2682K0123/18./38;/=64:<9238928./8/El3:4E/8D?34E/826
D<6E4568928./80123456A
[)7-$*)*'#7-$%,),*8&#*$(*")*-1')*$-1-,)*#$*),701(/)>*")$*3),()/(-1#$*'#*+,#$(01*%)72(41*"-
$-1A8 I<0>6=/;>38 0/1/8 2..>8 <6/8 >69/8 0./6/8 /1;564E/8 F<28 328 01>0/=/8 268 2.8 326:49>8 0>34:4L>8 92.
2C28G 928./8O4=A8Z#$$Hk]78268<68;294>8928926349/98*78P8E>6349212;>38<68L>.<;2680/1/.2.2040U94H
E>82.2;26:/. '[ = '_ 'BA T>;>8123<.:/9>8928./38943:46:/3801234>6238F<283282C21E268268./389>38E/H
1/3802102694E<./1238/.82C28G782.8L>.<;268928./8D4=<1/823:Q83>;2:49>8/8<6/8D<21R/862:/8F<28.2801>9<H
E28/8./8;/3/ '7 = * '[ <6/8/E2.21/E4568)A8%3:/8/E2.21/E4568238./89214L/9/832=<69/892.89230./R/H
;426:>8! 928./380/1:?E<./3A
! -B78%@8= !I 3268-#% ! SB@ ⇒ 3 -B78%@8= !I # E>38-#% ! SB@8= 379B E>38-#% ! SB@
9>692 379B = !I # 238./8/;0.4:<98928./8L2.>E49/9V8./8/E2.21/E4568463:/6:Q62/823J
O4=A8 Z#$$Hk]Af8 %.8 0/1/.2.20?029>7
- O ! - B7 %@ /:1/L23/9>8 0>18 <6/8 >69/8 0./6/78 2KH
) - B7 %@ = = − #3 79B 326 -#% − S B @
-% O 0214;26:/8 <6/8 D<21R/8 62:/8 268 ./8 94H
12EE456892801>0/=/E456A
T>6823:>78./8D<21R/862:/8268./89412EE456892801>0/=/E456823J
) '7 = !* '_ 'B 379B # 3268-#% ! SB@
!"#$%&'()'&'(#*'!#+,()&-./0/1'($"(&#)&-1"22/3+,(2-)4&/5.%(#1/%-&/'6(%70'&

P8./894D2126E4/89280123456826:128./389>38E/1/3J

) '7
'+ = = − *3 79B # 326 -#% − S B @ 'B
'_
2E</E4568F<2846:2=1/9/8E>69<E28/J

#
+ − + I = − *3 79B E>3 -#% − S B @ = − *3 79B / E>3 -#% − S B @
S
268 ./8 F<28 +I 238 ./8 01234568 2K43:26:28 268 2.8 L>.<;268 2.2;26:/.8 268 /<326E4/8 928 >69/78 >8 32/8 E>6
379B = IA */82K01234568/6:214>180<29280>621328928./8D>1;/J

!# % $&
"
∆ + = + 79B 326 #% − S B −
O %
9>6928S2;>38../;/9>J ∆+ = + ! +I +79B = 379B */ -ae@
23:/82K012345686>38E>6D41;/8F<28./8>69/892801234568238:/;G4U68/1;564E/78928./8;43;/8D12E<26E4/
F<28 ./8 >69/8 928 9230./R/;426:>8 P8 3<8 E>;0/1/E4568 E>68 ./8 2K01234568 92 ! -B7 %@ 021;4:28 /D41;/1
F<2J8")*-1')*'#*+,#$(01*)3)1E)*,#%,)$)')*#1*:)$#*%hO*,#$+#/%-*)*")*-1')*'#*'#$+")E)7(#1%-A8(4ES>
928>:1/8D>1;/J
!1*"-$*+&1%-$*#1*8&#*")*+,#$(01*V-*")*'#1$(')'W*#$*79B(7)*-*7;1(7)>*#"*'#$+")E)7(#1%-*'#
")$*+),%;/&")$*'#"*7#'(-*#$*1&"->*A*#1*"-$*+&1%-$*'# ∆+ = I -* = *I@8#"*'#$+")E)7(#1%-*#$
79B(7-A

*9//(:(MJ, &@PF@f>LA(T(H@PHGKK>LA(D@F(C<A>D<,(#K<
*/38>69/383>6>1/383<D1268<6/812D.2K45680/1E4/.8/.8ES>E/18E>68./83<021D4E428928<68;294>8E</.H
F<421/8928943:46:/8926349/98/8./892.8;294>8268F<2832801>0/=/G/6A8%3:/8238./8E/<3/8928<6/80U1949/
928 2621=?/8 L4G1/6:28 P78 268 E>632E<26E4/78 928 /;0.4:<9V8 /.8 943;46<418 U3:/78 ./8 46:26349/98 92.8 3>649>
-0Q11/D>8Z#$$He@78328S/E28;26>1A
+.812D.2C/13282.83>649>8268<6835.49>780>182C2;0.>8<68;<1>78./82621=?/8928./8>69/812D.2C/9/8237
01QE:4E/;26:278./8;43;/8F<28./846E4926:28P8./80U1949/892846:26349/98238./8F<28E>11230>6928/.8/<H
;26:>8928943:/6E4/A
H&)1'-*")*-1')*(1/('#1%#*A*")*,#:"#h)')*(7+,#$(-1)1*#"*-;'-*'#"*7($7-*-2$#,3)'-,*/-1*(1?
%#,7(%#1/()*$&:(/(#1%#*+),)*")*+#,/#+/(01*'#*"-$*'-$*$-1('-$>*$#*+,-'&/#*#"*:#107#1-*"")7)?
'- %T"A
%.846:21L/.>8928:42;0>8;?64;>80/1/8F<286<23:1>8>?9>8021E4G/89>383?./G/38943:46:/;26:28238I>P
32=<69>3A8I48E>634921/;>38E>;>8L2.>E49/9892.83>649>8/8./8:2;021/:<1/8928OIw8<6>38`MI ;h3782.
230/E4>8 F<28 92G28 12E>11218 ./8 >69/8 268 3<8 49/8 P8 L<2.:/8 92.8 >?9>8 /.8 >G3:QE<.>8 23J $ = I>P × `MI =
= `M ;A */8 943:/6E4/8 ;?64;/8 26:128 2.8 >?9>8 P8 ./8 3<021D4E428 12D.2E:>1/8 92G28 3218 /.12929>18 928 Pl ;
0/1/8F<2832801>9<RE/82E>A
%.83>649>832812D1/E:/8/.80/3/18928<6/8R>6/8->8;294>@8/8>:1/8268./8F<28:42628943:46:/8L2.>E49/9V
/3?8268./8/:;53D21/78268./8F<28S/P8<6/8L/14/E4568E>6:46</8928:2;021/:<1/78./89412EE456892801>0/H
=/E4568E/;G4/8E>6:46</;26:28:1/63D>1;Q69>328268<6/8E<1L/78928:/.8D>1;/8F<282.8:42;0>82;0.2/H
9>80/1/8418928<680<6:>8/8>:1>832/8;?64;>8-L2180146E404>8928O21;/:780Q11/D>8ZZ$#Hk@A
MRJ -+1'$

B/1/84.<3:1/1823:28S2ES>802632;>38268<683>649>82;4:49>89<1/6:282.89?/78E</69>86>1;/.;26:2
./8:2;021/:<1/8943;46<P28E>68./8/.:<1/A8*/834:</E4568238./812012326:/9/8268./8O4=A8Z#$$HkaV8./38:1/H
P2E:>14/37802102694E<./1238/8.>38D126:238928>69/78328E<1L/68S/E4/8/114G/8P82689412EE4568S>14R>6:/.
/0/12E2801>6:>8./8R>6/89283>;G1/8F<286>8238/.E/6R/9/80>18./8021:<1G/E456A8%.8E/3>8E>6:1/14>832
4.<3:1/8268./8O4=A8Z#$$HkgV8348./8:2;021/:<1/8/<;26:/8E>68./8/.:<1/78./38:1/P2E:>14/38328E<1L/68S/E4/
2.83<2.>78E>68.>8F<28268<6/83<021D4E428.43/8P8928/.:>8E>2D4E426:2892812D.2K456812302E:>892.8/412782.83>H
649>8928<6/8E>6L213/E45680<2928>?1328/8E26:26/1238928;2:1>3A

.8 2"'6/1'1#$(`[$/2'$(1#6($-+/1-

*9//(:(MM, /AB@AC>DGD(D@(EA(C<A>D<,(/?X@DGAK>G(GKiCB>KG
_-1*/&)"(')'#$*:;$(/)$*'#"*$-1('-*")*(1%#1$(')'>*#"*%-1-*A*#"*%(72,#5
$&'%&I$(+( #$*")*/&)"(')'*+-,*")*8&#*$#*'($%(1.&#1*"-$*$-1('-$*:&#,%#$*'#*"-$*'42("#$>*$(#1'-
$&*3)"-,*@")*#1#,.;)*7#'()*8&#*)%,)3(#$)*#1*")*&1(')'*'#*%(#7+-*)*")*&1(')'*'#*$&+#,:(/(#>
1-,7)"*)*")*'(,#//(01*'#*+,-+).)/(01NA
O4=A8 Z#$$HkaAf8 !/1ES/8 928 <68 3>649> I48\ 238./82621=?/8F<28268<68:42;0>8% /:1/L423/8<6/83<021D4E428_ 6>1;/.8/8./89412EE456892801>H
348./8:2;021/:<1/8943;46<P28E>68./8/.H
0/=/E45678./846:26349/983>6>1/823J

!"#$%&'()'&'(#*'!#+,()&-./0/1'($"(&#)&-1"22/3+,(2-)4&/5.%(#1/%-&/'6(%70'&
:<1/A
\ ^
]= =
_% _

P/8F<28\h% -2621=?/80>1832=<69>@8238./80>:26E4/8;2EQ64E/8-^@A8B>92;>38/3?892D46418./846:26349/9
92.8 3>649>8 E>;>8 ./8 @+-%#1/()* %,)1$7(%(')* +-,* ")* -1')* $-1-,)>* #1* /)')* &1(')'* '#* $&+#,:(/(#NA8 */
<649/98 TXI 928 46:26349/98 3>6>1/8 238 2.8 21=h3 Z E;aV8 ./8 92.8 I$ 2.8 sh;aV8 01QE:4E/;26:28 328 2;0.2/8 2.
µshE;aA8B/1/8F<286<23:1>8>?9>8021E4G/83>649>38928<6/8D12E<26E4/8/01>K4;/9/8/8P III nR7823862H
E23/14/8<6/846:26349/9892 PI ! PI µshE;a = PI ! PO sh;aA
T>;>83282K0123582682.823:<94>8=2621/.892.8;>L4;426:>8>69<./:>14>78@")*(1%#1$(')'*'#*$-1('-*#$
'(,#/%)7#1%#*+,-+-,/(-1)"*)"*/&)',)'-*'#*")*)7+"(%&'*'#*")*3(2,)/(01>*#*(13#,$)7#1%#*+,-+-,/(-1)"
)"*/&)',)'-*'#*")*'($%)1/()*)"*:-/-*#7($-,N78P78E>;>8328L4>783<82K012345680/1/8<6/8>69/8928/;0.4H
:<98 ! P8 D12E<26E4/8 /6=<./18 # F<28 328 01>0/=/8 E>68 L2.>E49/98 / 268 <68 ;294>8 928 926349/98 *78 23
] = ! IO # O * / h OA
*/812./E4568>G:2649/8-D51;<./8ae@80/1/8<6/8>69/80./6/89283>649>801>0/=Q69>328268<68D.<49>7
26:128.>38L/.>1238;QK4;>38928./801234568P8L2.>E49/98928<680<6:>892.8;294>823 +79B = 379B */A L"
+,-'&/%-**/*'#*")*'#1$(')'*'#"*7#'(-*+-,*")*3#"-/(')'*'#"*$-1('-*#1*4"*$#*"#*'#1-7(1) $!B%(+&T$+
>8,%I$I'%&T$+ +TiI'$T+ -U@8'#"*7#'(-V823892E41J
U = */
%68D<6E45689282../78P80>18321 379B = !I #7 0>92;>382K0123/18./846:26349/98928./8D>1;/J
O4=A8 Z#$$HkgAf8 !/1ES/8 928 <68 3>649>
348 ./8 :2;021/:<1/8 /<;26:/8 E>68 ./8 /.H P O O
P + 79B P
:<1/A ]= 3 79B U = = 3 79B + 79B
O O U O

E>68./38;43;/382K01234>62380/1/8.>38L/.>1238463:/6:Q62>389283 P8∆+A
%K43:28<6/8/6/.>=?/8E>;0.2:/826:12823:/382K01234>6238P8./38F<2812./E4>6/68./80>:26E4/82.UE:14E/
268<6/8E>11426:28/.:216/8-0>:26E4/ ⇔ ]@8P8.>38L/.>1238;QK4;>38928./846:26349/98928E>11426:28-(1%#1?
$(')'*'#*/-,,(#1%# ⇔ 3@8P8928./894D2126E4/89280>:26E4/.8-'5'5+5 ⇔ ∆+@78928/S?82.86>;G1289284;02H
9/6E4/89/9>8/8UA8*/8/6/.>=?/7834682;G/1=>7823835.>826:128D51;<./38P/8F<28./384;029/6E4/38/El3:4E/
P82.UE:14E/83>68;/=64:<9238D?34E/38:>:/.;26:2894D2126:23A

*9//(:(MS, &@=@H_@HGK>LA,(%>@?X<(D@(H@=@H_@HGK>LA
,%#%,\%,+T$[& #$*#"*:#107#1-*'#*$&/#$(3)$*,#:"#B(-1#$*'#"*$-1('-*#1*'($%(1%)$*$&+#,:(/(#$A
+.82;4:418<683>649>8268<68.>E/.7832812D.2C/8268./380/12923783<2.>78:2ES>8P8268:>9>38.>38>G3:QE<.>3
F<284;0492683<8.4G12801>0/=/E456A8I48.>38>G3:QE<.>383>68G<26>3812D.2E:>123892.83>649>8U3:28021343:2
<68./1=>8:42;0>789/69>8>E/34568/8F<2832/68021E4G49>380>182.8/<94:>14>8L/14>383>649>38/8./8L2R78/.H
:21Q69>3278/3?78./8G2..2R/8;<34E/.8928<68E>6E421:>8>8S/E4U69>3284646:2.4=4G.28<68>1/9>1A
I28 2L4:/8 :/.8 D265;26>8 0>18 ;294>8 928 E<210>38 )2$-,2#1%#$ 92.8 3>649>8 -E>1:46/378 P23>8 0>1>3>7
2:EA@V82.83>649>7812D.2CQ69>328268:/.238E<210>37804219278268E/9/812D.2K45678<68:/6:>80>18E426:>892:21H
;46/9>89283<846:26349/9A
'$%!B" (% ,%#%,\%,+T$[& #$*#"*8&#*%,)1$/&,,#*'#$'#*8&#*/#$)*'#*+,-'&/(,$#*&1*$-1('-*D)$?
%)*8&#*$&*(1%#1$(')'*$#*D)/#*PI k 3#/#$*7#1-,A
(2026928D<69/;26:/.;26:2892.80>9218:1/63;43>18928./38943:46:/383<021D4E4238268F<2832812D.2C/
2.83>649>A8B/1/823:28:40>8928/0.4E/E4>62378/.80>9218:1/63;43>18K788&#*#$*")*,#")/(01*#1%,#*")*#1#,.;)
 2"'6/1'1#$ `[$/2'$ 1#6 $-+/1- MRM

%,)1$7(%(')*A*")*(1/('#1%#78328926>;46/8:/;G4U68T"%O$T$%&'% (% +\I",T$[& 0 -F<286>8S/P8F<28E>6H

D<69418E>682.8E4:/9>8E>682.8;43;>86>;G128268./801>0/=/E4568268<68;294>86>82.Q3:4E>@A8%.823:<94>
92.8:42;0>892812L21G21/E4568328S/E282K0214;26:/.;26:278P89/8E>;>8123<.:/9>8F<280>92;>38;2H
941.>8E>68G/3:/6:28/01>K4;/E45678P8268E>694E4>6238/;G426:/.2386>1;/.2378;294/6:28./82K0123456J

I7Pka [
%, =
∑ 0 ( L(

9>6928[ -268;g@82382.8L>.<;26892.8.>E/.8P8L( -268;a@82382.8Q12/8928<6/8928./383<021D4E423812D.2E:/6H

:2378928E>2D4E426:28928/G3>1E45680( 78P82.8:42;0>8;2949>826832=<69>3A
%.8:42;0>892812L21G21/E45686>892G28321892;/34/9>8./1=>780>18.>3846E>6L26426:238/6:2382K0<23H
:>3V8 :/;0>E>8 92G28 3218 92;/34/9>8 E>1:>8 0<2378 26:>6E2378 268 <6/8 =1/68 3/./8 928 2302E:QE<.>378 0>1
2C2;0.>786>8E/0:/1?/8.>383>649>38:>9>82.8/<94:>14>A8%.8:42;0>892812L21G21/E456850:4;>8238928P /8O
32=<69>3A8%68DQG14E/378:/..2123782:EA78E>6L4262780/1/82L4:/18;>.23:4/38/<94:4L/378<68:42;0>892812L21H
G21/E4568;<P8E>1:>A
)&-06#!'$N YM P8YSA

*9//(:(MQ, %<A<(D@(EA(C<A>D<
!" '"&" #$*")*:,#/&#1/()*'#"*$-1('-*V1=7#,-*'#*3(2,)/(-1#$*+-,*$#.&1'-W5*6#*'-$*$-1('-$
!"#$%&'()'&'(#*'!#+,()&-./0/1'($"(&#)&-1"22/3+,(2-)4&/5.%(#1/%-&/'6(%70'&

$#*"")7) +X)(" )"*'#*79$*:,#/&#1/()*A* X,+#% )"*'#*7#1-$*:,#/&#1/()5*!"*%-1-*$#*7('#*#1

n%,'y>*/-,,#$+-1'(#1'-*&1*D#,%E*)*&1)*3(2,)/(01*+-,*$#.&1'-A

%.8:>6>823:Q812./E4>6/9>8E>68./8.>6=4:<98928>69/80>18./82K0123456J

/ /
" = /K = $=
$ "

@J-$*$-1('-$*79$*).&'-$*$-1*"-$*'#*"-1.(%&'*'#*-1')*7#1-,NA
B/1/8./8;2949/892.8:>6>8328:1/63D>1;/8./832j/.8/El3:4E/78;294/6:28<68;4E15D>6>78268<6/832j/.
2.UE:14E/78F<278:1/38<6801>E23>8928D4.:1/9>78/;0.4D4E/E4568P812E:4D4E/E4567801>9<E28268./80/6:/../892
<68>3E4.>3E>04>8<682302E:1>89281/P/378F<284694E/68:/6:>8./8D12E<26E4/8E>;>8./8/;0.4:<9892.8:>6>
D<69/;26:/.892.83>649>8P8928.>380>34G.238/1;564E>38928F<28E>63:/83486>8238<683>649>80<1>A

*9//(:(MV, %@<H\G(P\C>KG(D@(FG(?iC>KG
!iI$T+ #$*#"*),%#*'#*/-72(1),*$-1('-$*+),)*")*+,-'&//(01*'#*&1*#:#/%-*#$%4%(/-A
J)$* 1-%)$* -* $-1('-$* #7(%('-$* $&/#$(3)7#1%#* /-1$%(%&A#1* &1) !%*"(^+ A* $(7&"%91#)7#1%#* &1)
+,!"&^+A

$&'%,#+*" #1%,#*'-$*1-%)$*#$*")*,)E01*'#*$&*:,#/&#1/()A
+,![&$T"I '#*&1*$-1('-$*$-1*"-$*8&#*%(#1#1*+-,*%-1-*"-$*7="%(+"#$*#1%#,-$*'#*$&*:,#/&#1/()5
L$;>*#"*$-1('-*'#*PII nR8%(#1#*+-,*),701(/-$*"-$*'#*OII nR78`II nR7 #%/A
"T'+#+I +X)(+I '#*&1*$-1('-*$-1*"-$*8&#*%(#1#1*+-,*%-1-*)"*'#"*$-1('-*/-1$('#,)'-*7&"%(+"(?
/)'-* +-,* O>* M>* j>* Pk* A* #1* .#1#,)"* O 1 V1 = 1=7#,-* #1%#,-W5* J)$* -/%)3)$* ).&')$* '#"* $-1('-* '#
PII nR>*$-1*")$*'#*OII nR78MII nR78jII nR78#%/A
K-')$*")$*-/%)3)$*).&')$*$-1*),701(/)$e*+#,-*1-*%-'-$*"-$*),701(/-$*$-1*-/%)3)$*).&')$A
*>3846:21L/.>38GQ34E>38268./823E/./8;<34E/.83>6J

g PI Pk Oa
j g Pa OM
-:>6>8;/P>1@ -:>6>8;26>1@ -32;46>:>6>8;/P>1@ -32;4:>6>8;26>1@

!"#3), >8 2)h), <6/8 6>:/8 268 <68 %-1-* 7)A-,78 238 ;<.:40.4E/18 >8 94L49418 3<8 D12E<26E4/8 0>18 ghj -.>
;43;>80/1/8.>3892;Q3846:21L/.>38E>634921/9>3@A
*/823E/./8;<34E/.8328>G:426280/1:4269>8928<6/86>:/8G/328-&"'+ '[&$T+@8P82.2L/69>83<E234L/H
;26:28./8D12E<26E4/892823:/86>:/78P8928./38F<28328>G:426268/80/1:4189282../78928./834=<426:28D>1;/J
:>6>8;/P>1 -ghj@
:>6>8;26>1 -PIhg@
32;4:>6>8;/P>1 -PkhPa@
:>6>8;/P>1 -ghj@
:>6>8;26>1 -PIhg@
:>6>8;/P>1 -ghj@
32;4:>6>8;/P>1 -PkhPa@
I48/8./81-%)*%01(/)*")*"")7)7-$*'-78412;>38>G:264269>8./383<E234L/38-,#787(78:)78$-"78")78$(78'-′@
E>;>83282K0123/8/8E>6:46</E456J
MRS -+1'$

g
,# = '-
j
PI g PI a
7( = ,# = '- = '-
g j g M
Pk a Pk M
:) = 7( = '- = '-
Pa M Pa `
g M g `
$-" = :) = '- = '-
j ` j O
PI ` PI a
") = $-" = '- = '-
g O g `
g a g Pa
$( = ") = '- = '-
j ` j j
Pk Pa Pk
'-′ = $( = '- = '- O
Pa j Pa
%6892D464:4L/8.>3846:21L/.>38E>6812302E:>8/.8'-78928E/9/8<6/8928./386>:/38928./823E/./8;<34E/.783>6J

!"#$%&'()'&'(#*'!#+,()&-./0/1'($"(&#)&-1"22/3+,(2-)4&/5.%(#1/%-&/'6(%70'&
'- ,# 7( :) $-" ") $( '-′
g a M ` a Pa
P O
j M ` O ` j

%.8") 928./8gz823E/./8:42628MMI nR78.<2=>J

") ` MMI a
= = ⇒ '- ` = OkM nR
'- ` '- ` `

!<.:40.4E/69>8OkM nR80>18O78M78j782:EA78328>G:4262682.8'-M 78'-a 78'-k782:EA8(4L494269>8OkM 0>18O

P8M >G:262;>382.8'-O P82.8'-PA
T>6>E4269>82.8'- 928E/9/823E/./8G/3:/8;<.:40.4E/180>182.846:21L/.>80/1/8>G:26218./8D12E<26E4/
928E/9/86>:/A
I48:>;/;>38E>;>86>:/8:564E/82.8:) -23892E41J82.8014;21802.9/j>89286<23:1/823E/.21/8(1'#:-,7)?
2"#78.>8S/E2;>38E>46E49418E>682.8E</1:>8928./8/6:214>1@8>G321L/;>38268./8O4=A8Z#$$Hkk ./8E>46E4926H
E4/8928./386>:/382KE20:>82.8$( F<2823:Q8923E26949>8<6832;4:>6>V8/8:/.2386>:/38328.238../;/82#7-"#$
P8328>G:426268928./86>:/86/:<1/.7894L494269>83<8D12E<26E4/80>182.8$#7(%-1-*7#1-, -OahOM@J
OM
$( 2 = $(
Oa

!1*")*#$/)")*/&A)*1-%)*%01(/)*#$*:)>*#"*$(*#$*2#7-"5
%68./8D4=<1/8328>G321L/78E5;>82;0.2/69>8E>;>86>:/8:564E/82.8$-"78E>46E49268./386>:/38>G:2649/3
/80/1:4189282../8E>68./386>:/386/:<1/.23823:<94/9/3782KE20:>82.8:) F<283282.2L/8<6832;4:>6>A8+8:/.86>:/
328.28../;/8$-$%#1('-78P8328>G:42628928./86/:<1/.87&"%(+"(/)1'- 3<8D12E<26E4/80>182.8$#7(%-1-*7#1-,J

Oa
:) { = :)
OM
O4=A8Z#$$HkkAf8%3E/.21/84692D>1;/G.2A
!1*")*#$/)")*/&A)*1-%)*%01(/)*#$*#"*$-">*#"*:)*#$*$-$%#1('-A
^,-/#'(#1'-* '#* #$%)* :-,7)>* '(,#7-$* 8&#* ")* #$/)")* 7&$(/)"* /-7+"#%) -%IT+*+ T,"!W'$T+@
/-1$%)>*+-,*%)1%->*'#*OP*1-%)$b*")$*l*1)%&,)"#$*/-1*$&$*l*$-$%#1('-$*A*$&$*l*2#7-"#$A
%68.>38463:1<;26:>389283>649>8D4C>8-2.804/6>780>182C2;0.>@83282;0.2/8<6846:21L/.>812=<./18-../H
;/9>8%#7+#,)7#1%-@80/1/80/3/18928<6/86>:/8/8./834=<426:2V8u>S/668I/G/3:4/68\/ES8-]`cdH]mdb@
2;0.258<6846:21L/.>84=</.8/8 PO O 268<6/823E/./8928PO 3>649>38-23E/./8%#7+#,)')@78/3?J8/.8;<.:40.4H
E/18./8:564E/80>18 PO O >G:262;>38./86>:/834=<426:2V8928U3:/80/3/;>38/8./834=<426:28;<.:40.4E/69>
0>18 PO O 78P8/3?83<E234L/;26:2V8/.812/.4R/18./89<>9UE4;/8;<.:40.4E/E45678S/G12;>38..2=/9>8/8;<.:40.4H
E/18./8:564E/80>18O7823892E41J8S/G12;>38..2=/9>8/8./8>E:/L/8/=<9/A8(2823:/8D>1;/82.83>3:2649>892
<6/86>:/8P82.8G2;>.8928./834=<426:2783283<3:4:<P2680>18<6/86>:/8928D12E<26E4/8;294/V801>E294269>
92823:/8D>1;/8328>G321L/8-O4=A8Z#$$Hkd@8F<28328E>6D<692682.83>3:2649>892.8'- E>682.8G2;>.892.8,#7
2:EA78P8F<282.87( 3>3:2649>8E>46E4928E>682.8:) 6/:<1/.8P82.8:) G2;>.8E>682.87(V8.>8;43;>8>E<1128E>6
2.8$( P82.8'-′A
O4=A8Z#$$HkdAf8'2E./9>8928<6804/6>A *>38>?9>38;<P8D46>38P829<E/9>38268./8;l34E/786>8E>6D<692682.83>3:2649>8928<6/86>:/8E>682.
G2;>.8 928 ./8 34=<426:2A8 %68 .>38 463:1<;26:>38 268 F<28 ./8 6>:/8 01>9<E49/8 92026928 928 ./8 :UE64E/8 P8 ./
923:12R/892.8;l34E>78E>;>82.8L4>.?6782.8/1:43:/8S/E282;4:418/8./38E<219/38./386>:/38C<3:/38F<28.2894E:/
3<8463:46:>8;<34E/.A
)&-06#!'$N YQ /.8YYA
 /+$%&"!#+%-$ !"$/2'6#$ MRQ

*9//(:(MY, %>?_H@,($<A>D<C(K<?XE@CB<C
!" '$!\,% #$*")*/&)"(')'*'#"*$-1('-*8&#*+#,7(%#*'($%(1.&(,>*#1*1-%)$*'#"*7($7-*%-1->*#"*(1$?
%,&7#1%-*A*)&1*")*:-,7)*'#*#7($(01A
'>9>8 ;>L4;426:>8 0214594E>8 928 021?>9> K = Ph$ F<28 6>8 1230>6928 /8 ./8 2E</E4568 =2621/.
B = L 326 O%$%7 23892E4178E<P/812012326:/E4568=1QD4E/86>8238<6/8346<3>49278E>;>8P/8328L4>82682.80QH
11/D>8 Z#$$H]d78 328 0<2928 E>634921/18 E>;>8 ./8 3<0210>34E4568 928 94L213>38 ;>L4;426:>38 L4G1/:>14>3
/1;564E>38928D12E<26E4/8$78O$78`$782:EA8-I21428928O><1421@A
J-$*(1$%,&7#1%-$*7&$(/)"#$*#7(%#1*#1*.#1#,)">*$-1('-$*/-7+&#$%-$*+-,*")*$&+#,+-$(/(01*'#*&1
$-1('-*:&1')7#1%)"*V#"*79$*.,)3#W*A*&1)*$#,(#*'#*),701(/-$A
!"*%(72,#*'#*&1*$-1('-*'#+#1'#*'#*"-$*),701(/-$*#7(%('-$>*$(#1'-*%)1%-*79$ +,!"&$"I" /&)1?
%-*7)A-,*$#)*#"*1=7#,-*'#*),701(/-$A
%.8/6Q.43438928.>38/1;564E>38928<683>649>832812/.4R/8E>682.8;43;>8343:2;/823G>R/9>8/6:214>1H
;26:280/1/8/6/.4R/182.8:>6>A

/8 /+$%&"!#+%-$(!"$/2'6#$

*9//(:(MR, -ADGC(@CBGK><AGH>GC(BHGAC=@HCGF@C(@A(FGC(KE@HDGC
!"#$%&'()'&'(#*'!#+,()&-./0/1'($"(&#)&-1"22/3+,(2-)4&/5.%(#1/%-&/'6(%70'&

%.823:<94>82K0214;26:/.8928./38L4G1/E4>6238928./38E<219/383>6>1/3832812/.4R/82682.8/0/1/:>8../H
;/9>8MI"&[!%',"N8-O4=A8Z#$$Hk`/@A8*/38E<219/383>6>1/378928:140/780.Q3:4E>8>8;2:/.78:263/380>18;2H
94>8 928 <68 023>8 >8 0>18 E./L4C/38 F<28 3<C2:/68 3<38 2K:12;>378 26:1/68 268 L4G1/E4568 :1/63L213/.8 E</69>
<6>8 928 3<38 0<6:>38 328 /0/1:/8 928 ./8 0>34E4568 928 2F<4.4G14>8 E>68 9230./R/;426:>8 02102694E<./18 /8 ./
E<219/8-O4=A8Z#$$Hk`G@A8*/8:26345678:1/63;4:49/8/8.>8./1=>89282../78>14=46/8D<21R/38F<28..2L/68/8./3
0/1:?E<./38/8./80>34E45689282F<4.4G14>8P8./812G/3/680>184621E4/8S/3:/8F<28/9F<42128./8E<219/8<6/80>H
34E456834;U:14E/8/8./8014;21/A8*/8/;0.4:<98928./8L4G1/E4568328/;>1:4=</80>182D2E:>8928.>381>R/;426H
:>3A8%68./8E<219/832801>9<E268/3?789>386>9>382683<382K:12;>38P8<68L426:1282682.8E26:1>A
I482682.8E26:1>8928./8E<219/83280>628<68E/G/..2:28F<284;04928L4G1/18/.80<6:>8928./8E<219/8F<2
O4=A8 Z#$$Hk`Af8 I>65;2:1>A8 #4G1/E4>H
268U.8328/0>P/78./8L4G1/E4568238./8928./8O4=A8Z#$$Hk`E E>68:12386>9>38P89>38L426:123A8I482.8E/G/..2:2 6238268<6/8E<219/A
328E>.>E/8/8<68:21E4>892.82K:12;>783<8L4G1/E4568238./8928./8O4=A8Z#$$Hk`9 E>68E</:1>86>9>38P8:123
L426:123A
B<23:>8 F<28 ./8 943:/6E4/8 26:128 9>38 6>9>38 E>632E<:4L>38 238 "hO78 ./8 .>6=4:<98 928 ./8 E<219/8 2378 26
E/9/8E/3>J J = "hO7 J = O"hO7 J = `"hO7 AAA8%68=2621/.J

T
J= " -T ' R _@
O
T>634921/69>8F<2 " = /h$ 328>G:4262J

T T /
J= "=
O O $
%.8 L/.>18 928 ./8 L2.>E49/98 928 01>0/=/E4568 92.8 3>649>8 268 <6/8 E<219/78 928 1/94>8 ,78 P8 926349/98 *
:263/80>18<68023>8>8D<21R/8Y 23J
P Y
/=
, %*

I<3:4:<P269>823:28L/.>18268./8D51;<./8/6:214>1789230<U3892892302C/18./8D12E<26E4/8$78>G:262;>3J

T / T Y
$= = -T ' R _@
! J ! J, %*

!1* &1)* /&#,')* $#* +&#'#1* +,-'&/(,* #"* $-1('-* :&1')7#1%)"* -T = P@8 A* %-'-$* $&$* ),701(/-$
-T = O7 T = `7 2:EA@A
+.80<.3/18<6/8E<219/832801>9<E2682682../8L/14>38928.>38014;21>38/1;564E>3A8%68.>38463:1<;26H
:>38E<P/38E<219/38:426268<6/8.>6=4:<98D4C/8-04/6>78/10/782:EA@8E/9/8<6/89282../382;4:283<83>649>8E/H
1/E:21?3:4E>A8%682.8L4>.?678=<4:/11/782:EA78./8.>6=4:<98928./8E<219/8L/1?/8/.8;>94D4E/18.>38929>3892.8;lH
34E>8./80>34E4568928<6>89283<382K:12;>3782;4:4U69>3283>649>38;<P8L/14/9>3A
)&-06#!'$N YR /.8RMA

*9//(:(MU, -ADGC(@CBGK><AGH>GC(D@(C<A>D<(@A(F<C(BE_<C(C<A<H<C
J-$* ')\"I I"&","I $-1*%&2-$*/)+)/#$*'#*+,-'&/(,*$-1('-$*+-,*3(2,)/(01*'#*")*/-"&71)*'#*.)$
8&#*D)A*#1*$&*(1%#,(-,A
%68.>38')\"I (% O*+)'+ -O4=A8Z#$$Hkm/@82.8/4128F<280262:1/80>183<8>14D4E4>846D214>18L783/.280>18NV
./8 L4G1/E4568 92.8 G432.8 92.8 >14D4E4>8 N >14=46/8 ./8 L4G1/E4568 928 3<8 E>.<;6/8 928 =/3A8 %68 .>38 ')\"I (% O4=A8Z#$$HkmAf8'<G>383>6>1>3A
MRV -+1'$

*%&X|%'+ -O4=A8Z#$$HkmG@82.8/4128463<D./9>80>18L /G128P8E4211/83<E234L/;26:28./8.26=}2:/8J7826:1/6H

9>8268L4G1/E45682.8=/3846:214>1892.8:<G>A
*/38>69/38.>6=4:<946/.238>14=46/9/382682.8/4128C<6:>8/8./8.26=}2:/8>8/.804E>8928D./<:/832801>0/H
=/68/8.>8./1=>892.8:<G>7812D.2CQ69>3282683<82K:12;>8>0<23:>8E>6:1/8./80/1298F<28.>8E4211/78>8268./
01>04/8/:;53D21/83482.8:<G>8238/G421:>78P/8F<282.8/4128E>69263/9>8>894./:/9>8:42628943:46:/8926349/9
F<282.8/:;>3DU14E>A8*/38>69/3846E4926:238P8./3812D.2C/9/38>14=46/6782683<846:21D2126E4/78>69/3823:/H
E4>6/14/3A8I2892;<23:1/82K0214;26:/.;26:283<82K43:26E4/8;>L4269>8/8.>8./1=>8928<68:<G>8F<28:42H
628<6/80/1298928L4914>78<6/8;2;G1/64:/83<C2:/80>18<6>38S4.>3783>G128./8E</.8S/P8<6/8;/:214/80<.H
L21<.26:/8.4=21/V8268.>38L426:12382.80>.L4..>83/.:/8P8268.>386>9>38F<29/8268120>3>A
*>38:<G>38928D./<:/80<292683218)2(#,%-$ >8/#,,)'-$ 0>182.82K:12;>8>0<23:>8/.8F<28328463<.D/82.
/412A8*>38928"#1.m#%) 3>6862E23/14/;26:28/G421:>380/1/89/183/.49/8/.8/412A
')\"I +\$%,'"IJ8I482.8:<G>8238)2(#,%-782.8/4128L4G1/8E>683<8;QK4;/8/;0.4:<982683<382K:12;>37
>14=46Q69>3282682..>38L426:123V8./383<E234L/38L4G1/E4>623823:Q6812012326:/9/38268./8O4=A8Z#$$HkcA
T>;>8./8943:/6E4/826:128L426:128P8L426:128238"hO ./8.>6=4:<9892.8:<G>8238268E/9/8E/3>J J = "hO7
J = O"hO7 J = `"hO7 AAA8%68=2621/.J
O4=A8 Z#$$HkcAf8 "69/38 23:/E4>6/14/3 T
268:<G>38/G421:>3A J= " -T = P7 O7 `7 AAA@
O
E>634921/69>8F<2 " = /h$ 328>G:4262J

!"#$%&'()'&'(#*'!#+,()&-./0/1'($"(&#)&-1"22/3+,(2-)4&/5.%(#1/%-&/'6(%70'&
T / T /
J= ⇒ $=
O $ O J

')\"I T%,,+("IJ8I482.8:<G>8238E211/9>8328>14=46/8<68L426:1282682.82K:12;>80>189>69280262:1/82.
/4128 P8 <68 6>9>8 268 2.8 2K:12;>8 E211/9>8 -F<29/68 12012326:/9/38 ./38 >69/38 23:/E4>6/14/38 268 ./8 O4=A
Z#$$Hke@A8 T>;>8 ./8 943:/6E4/8 26:128 L426:128 P8 6>9>8 E>632E<:4L>8 238 "hM78 ./8 .>6=4:<98 92.8 :<G>8 238 26
E/9/8E/3>J J = "hM7 J = `"hM7 J = 1"hM7 AAA8%68=2621/.J

OT − P
J= " -T = P7 O7 `7 AAA@
M
E>634921/69>8F<2 " = /h$ 328>G:426280>183<3:4:<E456J

O4=A8 Z#$$HkeAf8 "69/38 23:/E4>6/14/3 OT − P / OT − P /

J= ⇒ $=
268:<G>38E211/9>3A M $ M J

*/38D51;<./38>G:2649/38E>;02694/68./38 *%p%IJ
!1*&1*%&2-*)2(#,%-*$#*+&#'#*+,-'&/(,*#"*$-1('-*:&1')7#1%)"*-T = P@8A*$&$*),701(/-$ -T = O78`>
M>*#%/5@A
!1*&1*%&2-*/#,,)'-*$#*+&#'#*+,-'&/(,*#"*$-1('-*:&1')7#1%)"*-OT ! P = P@8A*"-$*),701(/-$*(7?
+),#$ -OT ! P = `> a> l>*#%/5@A
!1* '-$* %&2-$* ('41%(/-$* A* /-1* #"* 7($7-* .)$>* &1-* )2(#,%-* A* -%,-* /#,,)'->* #7(%(#1'-* #"* $-1('-
:&1')7#1%)">*#"*)2(#,%-*+,-'&/#*")*-/%)3)*).&')*'#"*/#,,)'-A8-(>G.286l;21>8928L4G1/E4>62380>1
32=<69>@A
%3:/8l.:4;/8.2P8238E421:/8P/8F<28./8D12E<26E4/892.8/G421:>8-$)@8P892.8E211/9>8-$/@8321Q6J

P / P /
$) = ∧ $/ = ⇒ $) = O $/
O J M J
n/P8463:1<;26:>38E>63:4:<49>380>18:<G>38928.>6=4:<98D4C/8E>;>82.851=/6>8-E/9/8:<G>82;4:28<6/
6>:/@8P8./8E>162:/A8%6823:/8l.:4;/8./386>:/389280>34G.282;434568328129<E268/8.>38/1;564E>3892.83>H
649>82.2;26:/.A8*>38./G4>3892.82C2E<:/6:278/E:</69>8E>;>8D./<:/783>68.>38F<28>14=46/68./8L4G1/E456
928./8E>.<;6/8928/412A
n/P8>:1>38463:1<;26:>378E>;>8./8D./<:/78268.>38F<28328;>94D4E/82.8:>6>892.83>649>8/G14269>8>
E211/69>8 >14D4E4>38 01/E:4E/9>38 /8 .>8 ./1=>8 92.8 :<G>A8 %68 E/9/8 >14D4E4>8 /G421:>8 328 >14=46/8 <68 L426:12A

*9//(:(SW, 9>_HGK><A@C(@A(FGC(=GH>FFGC,(%E_<(D@(jEADB
%68:>9>8463:1<;26:>8;<34E/.7826823:2823:<94>82.2;26:/.78S/P8F<28E>634921/18F<282683<382K:12H
;>38.4G123832801>9<E28<6/8L4G1/E4568928/;0.4:<98;QK4;/8-L426:12@8P82683<380/1:238D4C/386>8S/P8L4H
G1/E4568-6>9>@A
T</69>8.>389>382K:12;>3892.8463:1<;26:>83>68D4C>38>8.4G12378./8D51;<./8F<2892:21;46/82.8:>6>823
/6Q.>=/8/8./8928.>38:<G>38E211/9>3A
*/38L/14../383>6>1/380<29268L4G1/18.>6=4:<946/.8>8:1/63L213/.;26:2A8B/1/801>9<E418./38L4G1/E4>H
6238.>6=4:<946/.238G/3:/1Q8D1>:/1./378/8.>8./1=>89283<8.>6=4:<978E>68<680/j>8E>6812346/A
%.8;U:>9>8928+<=<3:8~<69:8-]cgeH]cek@80/1/8./8;2949/8928./8L2.>E49/9892801>0/=/E456892.
3>649>826835.49>378.?F<49>38P8=/32378328G/3/8268:/.8:40>8928L4G1/E4>6238-O4=A8Z#$$Hdb@A8*/38L4G1/E4>H
 )#&2#)2/3+ 1#6 $-+/1- MRY

6238928./8L/14../8328:1/63;4:268/.8U;G>.>8! F<28E4211/82.8:<G>8KA8%.8=/3892.846:2H
14>1892.8:<G>826:1/8268L4G1/E456801>9<E4U69>328>69/3823:/E4>6/14/3V8268.>386>H
9>389282../38328D>1;/68;>6:>6E4:>38928<680>.L>8D46>78F<28012L4/;26:28328S/G1Q
46:1>9<E49>82682.8:<G>A8*/80>34E4568928./80/1298L 3280<2928;>94D4E/180/1/8F<2
2K43:/8M123>6/6E4/N826:1282.8:<G>8P8./8L/14../A
B>18S/G21328D>1;/9>8L426:12382683<382K:12;>38P8<686>9>82682.8E26:1>78./8.>6H
=4:<98928./8L/14../823J O4=A8Z#$$HdbAf8'<G>8928~<69:A

" P /
J= =
O O $
34269>8/ ./8L2.>E49/9892801>0/=/E456892.83>649>8268./83<3:/6E4/835.49/8F<28D>1;/8./8L/14../8P8$ ./
D12E<26E4/8928./86>:/82;4:49/A
*/8943:/6E4/826:1289>38;>6:>6E4:>389280>.L4..>82682.846:214>1892.8:<G>8-943:/6E4/826:1289>386>9>3
E>632E<:4L>3@823J
"′ P / ′
J′ = =
O O $
34269>8/′ ./8L2.>E49/9892.83>649>82682.8=/38F<28..26/82.8:<G>A8B>18E>E426:278>G:262;>3J
!"#$%&'()'&'(#*'!#+,()&-./0/1'($"(&#)&-1"22/3+,(2-)4&/5.%(#1/%-&/'6(%70'&

J /
=
J′ / ′
I482.8=/38F<28..26/82.8:<G>8238/412783<8L2.>E49/98/′ P/8238E>6>E49/V8;2949>38J P8J′ 3280<292892H
:21;46/18./8L2.>E49/98/78268./83<3:/6E4/835.49/A
T>6>E49/8P/8./8L2.>E49/9892.83>649>8268./8L/14../780>912;>3892:21;46/18L2.>E49/9238268.>38=/H
3238>8.?F<49>3783468;Q38F<281202:418./82K021426E4/8..26/69>82.8:<G>892894L213>38=/3238>8.?F<49>3V826
23:28l.:4;>8E/3>82.80>.L4..>8F<283282;0.2/8238928.4;/9<1/38928<68;2:/.A
+E:</.;26:280/1/8;2949/38268=/32383283<3:4:<P28./8L/14../80>18<68/.:/L>R82KE4:/9>8;294/6:28<6
=2621/9>18->3E4./9>18928/<94>D12E<26E4/@8E>682.8F<28L/14/18./8D12E<26E4/8/8L>.<6:/9A
%.8:<G>8928~<69:8238;<P82;0.2/9>80/1/8;29418./846D.<26E4/83>G128./8L2.>E49/9892.83>649>892
D/E:>1238/;G426:/.238E>;>8./8:2;021/:<1/8>8./8S<;29/9812./:4L/782846E.<3>80/1/8./8;2949/8928./
E>63:/6:28/94/GQ:4E/8, 928<68=/3A

*9//(:(S;, 1>GXGCLA
!$*&1)*3),("")*7#%9"(/)*'-2")')*#1*:-,7)*'#*<*A*$&h#%)*+-,*$&*/#1%,-A8%683<382K:12;>38328D>1H
;/68L426:1238P82682.8E26:1>86>9>A8%.83>649>8238E/3480<1>8P/8F<28l64E/;26:282.8014;218/1;564E>823
/.=>832634G.2A
T>6>E49/8 ./8 D12E<26E4/8 928 <68 94/0/3568 328 0<2928 92:21;46/18 ;<P8 326E4../;26:28 ./8 L2.>E49/9
928 01>0/=/E4568 92.8 3>649>8 268 2.8 /41278 ;294/6:28 2.8 9430>34:4L>8 23F<2;/:4R/9>8 268 ./8 O4=A8 Z#$$Hd]A
(430>62;>38928<68:<G>8928L4914>8-L@78E>;<64E/9>80>18;294>8928<68:<G>8928=>;/78E>68<689205H O4=A8 Z#$$Hd]Af8 B/1/8 ./8 92:21;46/E456
34:>8E>68/=</8-6@A8I<G4269>8U3:28S/E2;>38F<282.8/=</8..2=<28S/3:/8./80/1:283<0214>1892.8:<G>A8%6 928 ./8 L2.>E49/98 928 01>0/=/E4568 92.
./3801>K4;49/92389283<8G>E/8E>.>E/;>38<6894/0/3568L4G1/69>8F<282;4:28<6/86>:/8928D12E<26E4/ 3>649>82682.8/412A
-$@8E>6>E49/A8n/E2;>38923E2692182.8/=</8S/3:/8F<28328021E4G/8123>6/6E4/8-<6/8;/P>1846:26349/9@
2682.8:<G>8928L4914>V8;294;>38./8.>6=4:<98J 928./80/1:28L/E?/8P8E>6823:>389/:>383280<2928E/.E<./18./
L2.>E49/9892801>0/=/E456892.83>649>82682.8/412A

P /
$= ⇒ / = MJ $
M J
)&-06#!'$N RS /.8RRA

k8 )#&2#)2/3+(1#6($-+/1-

*9//(:(SJ, -\D<(^E?GA<
*/38 L4G1/E4>6238 .>6=4:<946/.238 92.8 /41278 0262:1/68 0>18 2.8 @+)2#""01* '#* ")* -,#h)N8 -^@
-O4=A8Z#$$Hda@V8E>6:46l/8./801>0/=/E4568928./38>69/380>182.8@/-1'&/%-*)&'(%(3-*#B%#,1-N
-H@8 S/3:/8 ..2=/18 /8 ./8 @7#72,)1)* '#"* %;7+)1-N8 -K@8 F<28 M/R>:/9/N8 0>18 2.8 /4128 L4G1/6:27
26:1/78/83<8L2R78268L4G1/E456V8U3:/8238:1/63;4:49/80>18./8E/926/8928S<232E4..>38-;/1:4..>7
P<6F<28 P8 23:14G>8 -]78 a8 P8 g@@8 /8 ./8 ;2;G1/6/8 F<28 E4211/8 ./8 ML26:/6/8 >L/.N8 -F@8 ./8 E</.
:1/63;4:278/83<8L2R78/.8.?F<49>8.46DQ:4E>8F<28..26/82.8 @/),)/-"N8-HL@7834:</9>82682.8M>?9>
46:216>NA
(23/11>../69>8 2.8 E/1/E>.78 238 92E4178 23:41/69>8 3<8 23041/.8 P8 268 <6/8 928 3<38 0/1:2378 32
E>;0>6278 ;<P8 23F<2;Q:4E/;26:278 928 <68 E>69<E:>78 <6>8 928 E<P>38 .?;4:238 -0/1298 46D2H
14>18928./8D4=<1/@8238./8@7#72,)1)*2)$("),N8-QN@8./8E</.8:42628<6/38OI III D4G14../3892894H
L213/38.>6=4:<9238-I>IM?I>a ;;@78F<28-<6/38<8>:1/3@826:1/68268L4G1/E45678268123>6/6E4/ O4=A8 Z#$$HdaAf8 ,2E20:>18 S<;/6>8 92.8 3>649>J8 2.
E>68./38L4G1/E4>6238928./8L26:/6/8>L/.8P892.8.?F<49>8.46DQ:4E>V823:/38D4G14../38/=4:/68/8./3 >?9>A
MRR -+1'$

94L213/38023:/j/3812./E4>6/9/38E>682.8621L4>8/<94:4L>8-R5L5@78F<28:1/63;4:28/.8E212G1>8./83263/E456
92.8 :>6>8 -L4G1/E4568 928 D4G1/38 928 943:46:/8 .>6=4:<9@78 46:26349/98 -/;0.4:<98 928 ./8 L4G1/E456@8 P8 :4;G12
-L4G1/E456892894L213/38D4G14../38E>11230>69426:238/83>649>38/1;564E>3@A
*/8 ;434568 928 .>38 ../;/9>38 @/-1'&/%-$* $#7(/(,/&"),#$N8 -_@8 238 01>0>1E4>6/18 ./8 3263/E4568 92
@#8&("(2,(-NA8*/8:1>;0/8928%<3:/F<4>8-!@8E>;<64E/8./8D/146=28E>682.8>?9>8;294>A

*9//(:(SM, $@ACGK><A@C(T(@CB\?EF<C,(6@T(D@(l@_@H,($<A<H>DGD
*>382D2E:>38>8 I%&I+T$"&%I F<28.>3894L213>38 %I'^!)*"I >82KE4:/6:23801>9<E2682686<23:1>38326:4H
9>38F<29/6892:21;46/9>380>18./8.2P8928%1638n24614ES8s%\%, -]medH]cmc@8P8928X<3:/L8'SU>9>12
O2ES6218-]cb]H]ccm@A
@J)*3),()/(01*'#*&1)*$#1$)/(01*#$*+,-+-,/(-1)"*)*")*3),()/(01*,#")%(3)*'#"*#$%;7&"-NA8#+,$+H
T$[& ,%*+'$#+78#$*")*3),()/(01*/-,,#$+-1'(#1%#*)*/)')*&1(')'*'#"*).#1%#*8&#*#$%(7&")A

+3?783482.823:?;<.>8238! P83<8L/14/E4568238'!78./8L/14/E456812./:4L/823J8'!h!A8%682.8E/3>8928./8021H
E20E45683>6>1/78./83263/E4568-/012E4/E4568928./8D>1:/.2R/8>892G4.49/9892.823:?;<.>@8238./8 I"&",$(+(
>8&$#%* I"&"," -2@V82.823:?;<.>8238./8(1%#1$(')' 92.83>649>A8*/8.2P8F<29/846:21012:/9/8;/:2;Q:4E/H
;26:280>18./8D51;<./J

!"#$%&'()'&'(#*'!#+,()&-./0/1'($"(&#)&-1"22/3+,(2-)4&/5.%(#1/%-&/'6(%70'&
']
'2 = T -gb@
]

)68>?9>862E234:/8<6/8;?64;/8L/14/E456812./:4L/892846:26349/980/1/8F<28:/.8L/14/E456832/8021H
E20:4G.2A

*9//(:(SS, /AB@AC>DGD(D@(E?_HGF
*/8 ;?64;/8 E/6:49/98 928 <68 2KE4:/6:28 E/0/R8 928 01>L>E/18 ./8 3263/E45678 238 2.8 )!\,+* $&$T$+*A
%K43:28 >:1>8 )!\,+* '%,!$&+* :/.8 F<28 /.8 3218 3>G120/3/9>8 92C/8 928 3218 12E>=49>8 2.8 23:?;<.>8 0>18 .>3
326:49>3A
$&'%&I$(+( )!\,+* $&$T$+* '#*&1*$-1('-*#$*")*7;1(7)*(1%#1$(')'*+#,/#+%(2"#*+-,*#"*-;'-*'#"
-2$#,3)'-,A

*9//(:(SQ, 6@T(D@(l@_@Ha`@K^A@H
@J)*$#1$)/(01*/,#/#*/-1*#"*"-.),(%7-*'#"*#$%;7&"-NA
+0.4E/9>8/.83>649>89412;>3J
!"*1(3#"*$-1-,-*/,#/#*/-1*#"*"-.),(%7-*'#*")*(1%#1$(')'>*#$*'#/(,b*@/&)1'-*")*(1%#1$(')'*/,#?
/#*#1*+,-.,#$(01*.#-74%,(/)>*")*$-1-,(')'*/,#/#*#1*+,-.,#$(01*),(%74%(/)NA
%682D2E:>J846:2=1/69>8./8D51;<./8-gb@8>G:262;>3J 2 = T .6 ] + T′A I48./846:26349/9892.83>649>
238./8E>11230>69426:28/83<8<;G1/.8-] I@8./83263/E45683>6>1/8238E21>8P80>18.>8:/6:>J

]
T ′ = − T .6 ] I ⇒ 2 = T -.6 ] − .6 ] I @ = T .6
]I

]
0/3/69>8/8.>38.>=/14:;>3892E4;/.23J 2 = H .>= -g]@
]I

@_-1('-$*/&A)$*(1%#1$(')'#$*/,#/#1*/-1*"-$*1=7#,-$*PI>*PII>*P III*+,-'&/#1*#1*1-$-%,-$
)&7#1%-$*'#*$#1$)/(01*$-1-,)*8&#*/,#/#*/-1*"-$*1=7#,-$*P>*O>*`>*555NA

*9//(:(SV, 1@K>_@F
*/8<649/98/9>0:/9/80/1/8E>;0/1/18./846:26349/989289>383>649>38328926>;46/8 \%* -\@78P8E>H
11230>6928/8E>634921/1 H = P 268./8D51;<./8-g]@A8%38;<ES>8;Q38<3/9>8<683<G;l.:40.>892.8G2.782.
(%T$\%* -9\@A8I48268./82K01234568-g]@8S/E2;>38H 4=</.8/8PI78:262;>3J

]
2 = PI .>=
]I

)*]I $#*"#*')*#"*3)"-,*'#*PI !PO sh;a788&#*/-,,#$+-1'#*)+,-B(7)')7#1%#*)*")*(1%#1$(')'*&72,)"*'#"

$-1('-*'#*P III nR78+),)*&1*-;'-*1-,7)"e*#"*1(3#"*$-1-,-*8&#')*#B+,#$)'-*#1*'#/(2#"#$A
I48./846:26349/98] 238PI L2E238;/P>18F<28./8]I 2.8.>=/14:;>89283<8E>E426:28238P P 2 = PI 92E4H
G2.23A
I4 ] = PII ]I 2.8E>E426:2 ]h]I = PII7 .>= PII = OV 2 = OI 9\A
 )&-06#!'$ MRU

<1*$-1('-*%(#1#*&1*1(3#"*$-1-,-*'#*PI>*OI>*`I 'N>*/&)1'-*$&*(1%#1$(')'*#$*PI>*PII>*P III

3#/#$*7)A-,*8&#*")*/-,,#$+-1'(#1%#*)"*$-1('-*'#*(1%#1$(')'*PI !PO sh;aA
*/8=/;/89283>6>149/98021E20:4G.280>18<68>?9>86>1;/.8/G/1E/8923928.>38E21>892E4G2.23892.8<;H
G1/.780/3/69>80>18.>38PI 92.8;<1;<..>8928./38S>C/38268<680/1F<278.>38OI 928<683<3<11>8/.8>?9>78>
.>38lI 928<68:1QD4E>8E/..2C21>846:263>78S/3:/8..2=/18/8.>38POI 928<6812/E:>18/8PII ;8928943:/6E4/A8%6
POI 92E4G2.238/01>K4;/9/;26:28./83263/E45682;042R/8/832189>.>1>3/A
)&-06#!'$N RU /.8UQA

*9//(:(SY, "FBHGC<A>D<C
_#* "")7)1 )*',+I"&$("I )* ")$* 3(2,)/(-1#$* $-1-,)$* 8&#* $-2,#+)$)1* #"* &72,)"* $&+#,(-,* '#
:,#/&#1/()$*'#*")*)&'(2("(')'*D&7)1) -OI III nR@A
I2801>9<E2678=2621/.;26:278/01>L2ES/69>8./3801>0429/9238+(#E-#"4/%,(/)$ 92.8E</1R>A8I28>GH
:42628<6/8.Q;46/8928M042R>E</1R>N8/80/1:418928<68E143:/.8S2K/=>6/.8928E</1R>78928D>1;/8F<28./38E/H
1/38;/P>1238928./8.Q;46/832/6802102694E<./1238/.8../;/9>82C280>./1A8+.83>;2:218:/.8.Q;46/8/801234>H
6238>8:1/EE4>6238/0/12E2682683<38E/1/38;/P>12378E/1=/382.UE:14E/384=</.238P892834=6>8E>6:1/14>78>14H
=46Q69>328<6/894D2126E4/89280>:26E4/.8-+(#E-#"#/%,(/(')'@A8]13#,$)7#1%#>*/&)1'-*$#*#$%)2"#/#*#1%,#
")$*/),)$*'#"*/&),E-*+(#E-#"4/%,(/-*&1)*'(:#,#1/()*'#*+-%#1/()"*$#*-,(.(1)1*#1*4">*%,)//(-1#$*-*/-7?
!"#$%&'()'&'(#*'!#+,()&-./0/1'($"(&#)&-1"22/3+,(2-)4&/5.%(#1/%-&/'6(%70'&

+,#$(-1#$>*/-1*")*/-1$(.&(#1%#*3),()/(01*'#"*#$+#$-,*'#*")*"97(1)A
B/1/801>9<E418<.:1/3>649>3832812E<G1268./38E/1/38;/P>123892.8+#(E-/&),E- E>68./;464../38;2:Q.4H
E/378./38E</.2383282;G>16/68E>68<68=2621/9>18928E>11426:28/.:216/8928/.:/8D12E<26E4/V82.823023>1892
./8.Q;46/82K0214;26:/8L/14/E4>62380214594E/38928./8;43;/8D12E<26E4/8F<28./8:2634568/0.4E/9/783426H
9>8 ;QK4;/8 ./8 /;0.4:<98 928 :/.238 >3E4./E4>6238 0/1/8 <6/8 92:21;46/9/8 D12E<26E4/8 E/1/E:21?3:4E/8 92.
E</1R>8L4G1/6:2A8*/38L4G1/E4>6238928./380./E/383>68:1/63;4:49/38/.8;294>8F<281>92/8/.8/0/1/:>8>14H
=46Q69>328268U.8.>38&"%,)$-1('-$78F<280<29268..2=/18/8D12E<26E4/3892 a × PI j nR78F<28E>11230>6H
9268/8.>6=4:<9238928>69/8928<6>38k × PI ! a E; = kII ;µ -92.8>19268928./8.<R8L434G.2@A
*/6R/9/8<6/832j/.78:1268928>69/378D>1;/69>8<6823:12ES>8S/R8928<.:1/3>649>37832812D.2C/8268.>3
>G3:QE<.>38F<2826E<26:1/8/83<80/3>8P80<29283218E/0:/9/80>18<6812E20:>18/92E</9>A8'/.801>0429/9
328 2;0.2/8 0/1/8 ./8 92:21;46/E4568 928 ./38 01>D<6949/9238 >E2Q64E/38 -E>6>E4269>8 ./8 L2.>E49/98 P8 2.
:42;0>8:1/63E<1149>8923928./82;434568/8./8021E20E4568928./832j/.@780/1/84694E/18./82K43:26E4/89283<GH
;/146>383<;21=49>3782:EA8*/38E>;<64E/E4>623826:1283<G;/146>383280<2926812/.4R/180>18<.:1/3>64H
9>38 P/8 F<28 ./8 46:26349/98 928 ./38 >69/38 238 ;<P8 =1/6928 E>;0/1/9/8 E>68 ./8 92.8 3>649>8 -S/3:/
PI shE;a@8P83<D126812./:4L/;26:2802F<2j/38/G3>1E4>62380>180/1:2892.8/=</A
I28 2;0.2/678 :/;G4U678 0/1/8 ./8 >G:26E4568 928 2;<.34>6238 -2;<.34>6238 D>:>=1QD4E/38 928 =1/6>
D46>@78 2.4;46/18 =/3238 928 .?F<49>38 -;2:/.238 D<6949>3@78 ;/:/18 ;4E1>>1=/643;>38 -23:214.4R/E4568 92
/=</8P8.2ES2@78AAA8I<8;/62C>892G2812/.4R/1328E>68012E/<E456780>183<801>0429/98928923:1<418.>38=.5H
G<.>38928./83/6=12A

)&-06#!'$
'8 #2"'2/3+(1#(-+1'$
;, %6 % = I7 <680<.3>8928>69/8:1/63L213/.8268<68/./;G128328923E14H
G280>18./8D<6E456J A = PI h-B O + a@7 9>6928B 28A 23:Q689/9/38268;2:1>3A
(2:21;46/18./8D<6E456 A -B7 %@ F<28923E14G2823:/8>69/78E</69>823:Q8L4/H
C/69>8 268 ./8 9412EE4568 0>34:4L/8 92.8 2C28 FG E>68 <6/8 L2.>E49/98 928 O ; h3A
J, %.8 >?9>8 S<;/6>8 021E4G28 3>649>38 E<P/38 D12E<26E4/38 23:Q68 E>;H
0126949/3826:128OI P8OI III nRA8I4269>8./8L2.>E49/9892801>0/=/E456892.
3>649>82682.8/4128``I ; h38-/8I nH 928:2;021/:<1/@78E/.E<./8./38.>6=4:<923
928>69/8928.>383>649>382K:12;>3A
M, */38>69/382;4:49/380>18./382;43>1/389281/94>832801>0/=/682682.
L/E?>8 /8 ./8 L2.>E49/98 928 ./8 .<RA ]@ */38 ../;/9/38 M>69/38 ./1=/3N8 :42626
<6/8.>6=4:<98928>69/8928kII /8O III ;A8T/.E<./18./38D12E<26E4/382K:12H
;/38 268 tnRA a@8 */38 M>69/38 6>1;/.23N8 3>68 2;4:49/38 E>68 D12E<26E4/3
E>;0126949/3826:128aII P8P aII tnRA8T/.E<./18./8.>6=4:<98928>69/8E>H
11230>69426:28/823:/8l.:4;/8D12E<26E4/A g@ */38M>69/38E>1:/3N8:426268.>6H
=4:<9238 928 >69/8 92.8 >19268 928 PI ;V8 E/.E<./18 ./8 D12E<26E4/8 E>11230>6H
9426:2A8,2012326:/18=1QD4E/;26:28./38L/14/E4>6238928./8D12E<26E4/8E>68./
.>6=4:<98928>69/A
S, */8L2.>E49/9892801>0/=/E4568928<6/8>69/8238928 ``I ; h378P83<
D12E<26E4/78PI ` nRA8T/.El.232J ]@ */894D2126E4/8928D/3280/1/89>380>34E4>H
6238928<6/8;43;/80/1:?E<./8F<28328012326:/6826846:21L/.>38928:42;0>832H
0/1/9>3 a × PI ! M 3A a@ */894D2126E4/8928D/328268<6892:21;46/9>8463:/6H
:2826:1289>380/1:?E<./38F<28943:/6826:1283?8O>la E;A g@ */8943:/6E4/8F<2
2K43:2826:1289>380/1:?E<./38F<2832826E<26:1/68923D/3/9/38POInA
Q, I>;2:2;>38/.82K:12;>8928<6/8E<219/8:263/8/8L4G1/E4>6238346<H
3>49/.238928PI nRA8*/8;?64;/8943:/6E4/826:1289>380<6:>38E<P/38L4G1/E4>H
6238:426268<6/894D2126E4/8928D/328%ha 238928OI E;78E/.E<./1J ]@8*/8.>6=4H
:<98928>69/A a@ */8L2.>E49/9892801>0/=/E456A
V, (2:21;46/18 ./8 2E</E4568 928 <6/8 >69/8 /1;564E/8 F<28 328 01>0/=/
2682.8326:49>862=/:4L>892.82C28FG E>68<6/8L2.>E49/98928gII ; h37834269>
928 MII nR8 3<8 D12E<26E4/8 P8 I>IO ;8 3<8 /;0.4:<9A8 +92;Q378 3/G2;>38 F<2
0/1/ B = I P % = I7 26:>6E23 ! = I>IO ;A
Y, )6/8>69/8:426280>182E</E456J ! -B7 %@ = a 326 % -MB ! OI% + I>Oa@7
2K0123/9/8 268 2.8 343:2;/8 TXIA8 (2:21;46/18 ./8 /;0.4:<978 ./8 D12E<26E4/78 ./
.>6=4:<98928>69/782.86l;21>8928>69/378./8D12E<26E4/8/6=<./178./8D/328464H
E4/.8P8./8L2.>E49/9892801>0/=/E456A
R, )6/8>69/8/1;564E/8:1/63L213/.832801>0/=/82682.8326:49>80>34:4L>
92.82C28FG P8:42628./3834=<426:238E/1/E:21?3:4E/3J8/;0.4:<978` E;V8.>6=4:<9
928>69/78O E;V8L2.>E49/9892801>0/=/E45678O ; h3V8./82.>6=/E456892.80<6H
:> B = I 2682.8463:/6:2 % = I 238928` E;A ]@ (2:21;46/18./82E</E456892
./8>69/A a@ (4G<C/182.8021D4.8928./8>69/826 % = I>IP 3A $694E/18<680<6:>
2682.8F<2832/8;QK4;/8./8L2.>E49/98928;>L4;426:>8P8>:1>82682.8F<2832/
;QK4;/8./8/E2.21/E456A
U, B>18<6/8E<219/8:263/8/8.>8./1=>892.82C28FG 32801>0/=/782682.8326H
:49>8 0>34:4L>8 928 94ES>8 2C278 <6/8 >69/8 :1/63L213/.8 /1;564E/A8 %68 ./8 D4=<1/
-/@8328;<23:1/82.8021D4.8928./8>69/826 % = I7 P8268./8D4=<1/8-G@832812012H
326:/78268D<6E456892.8:42;0>782.89230./R/;426:>8:1/63L213/.892.80<6:>892
./8E<219/834:</9>826 B = IA ]@ (2:21;46/18./3834=<426:238;/=64:<923892
./8>69/J8/;0.4:<978.>6=4:<98928>69/8P8L2.>E49/9892801>0/=/E456A a@ %3H
E14G418./82E</E4568928./8>69/A
;W, B1>L>E/;>38268<6/8E<219/8:263/8<6/8>69/8/1;564E/8:1/63L21H
3/.8928I>O ;8928.>6=4:<98928>69/78P8F<2832801>0/=/89284RF<4219/8/89212H
ES/8E>68<6/8L2.>E49/98928PI ; h3A8%682.8>14=26 ! -I7 I@ = I>a × PI ! O ;
P8 ;>L4U69>328 S/E4/8 /G/C>A8 I48 2.8 ;59<.>8 928 ./8 L2.>E49/98 ;QK4;/8 92
E</.F<42180/1:?E<./8928./8E<219/8238`>PM ; h37892:21;46/18./82E</E456892
./8>69/A
MUW -+1'$
B1>G.2;/8Z#$$HeA
;;, I>;2:2;>38 /.8 2K:12;>8 928 <6/8 E<219/8 /8 <68 L4G1/9>18 F<28 .2
01>9<E28<6/8>69/8346<>349/.A8I48./82E</E4568928./8L4G1/E45682682.8343:2H
;/8 TXI 23J ! = a 326 I>O % %7 01>0/=Q69>328268./8E<219/8E>68<6/8L2.>H
E49/98 928 PI E; h3A8 (2:21;?62328 ./8 2E</E4568 928 ./8 >69/8 01>9<E49/78 P8 ./
94D2126E4/8 928 D/328 26:128 ./38 >3E4./E4>6238 928 9>38 0<6:>38 320/1/9>3
POa E;A
;J, */382E</E4>62389289>38>69/3823E14:/382682.8343:2;/8 TXI L42626
9/9/38 0>1J !P -B7 %@ = M 326 O% -M% ! I>aB@ P !O -B7 %@ = k 326 -M %B !
! a % %@V E/.E<./18268E/9/8E/3>J ]@ #2.>E49/98268D<6E456892.8:42;0>7892
<680<6:>834:</9>8/8PI E;892.8>14=26A a@ #2.>E49/98;QK4;/892823280<6H
:>A g@ #2.>E49/98928D/32A k@ %68F<U8463:/6:28/.E/6R/83<8L2.>E49/98;QH
K4;/8 <68 0<6:>8 34:</9>8 /8 P>a ;8 92.8 >14=26A d@ B>34E4568 928 .>38 0<6:>3
F<28:426268L2.>E49/98;QK4;/826 % = IA
;M, )68 D>E>8 0<6:</.8 L4G1/8 32=l68 ./8 2E</E456 ! -%@ = I>` E>3 MI % %
-I$@8 P8 ./8 >69/8 123<.:/6:28 328 01>0/=/8 268 ./8 9412EE4568 0>34:4L/8 92.8 2C28 FG
E>68L2.>E49/98928D/328928Oa ; h3A8(2:21;46/18./82.>6=/E4568928<6/80/1:?H
E<./834:</9/8/8PO ;892.8D>E>J ]@ +8.>38a 389282;02R/18/8>3E4./182.8D>E>A
a@ +8.>38a 389282;02R/18/8L4G1/18./801>04/80/1:?E<./A
;S, I>;2:2;>38/.82K:12;>8928<6/8E<219/8:263/8/8<68L4G1/9>18F<2
.28 01>9<E28 L4G1/E4>6238 346<3>49/.23A8 B>18 23:28 2D2E:>8 328 01>0/=/8 0>18 ./
E<219/8 <6/8 >69/8 :1/63L213/.8 F<28 :42628 0>18 2E</E456J ! -B7 %@ = PI ×
× 326 % -P>k B ! I>j %@7 2K0123/9/82682.8343:2;/8TXIA ]@ v<U8E>694E4>623
464E4/.238 6>38 92:21;46/68 23:/8 2E</E4568 928 >69/€ a@ (2:21;?62328 0/1/
23:/8 >69/8 3<8 /;0.4:<978 L2.>E49/98 928 01>0/=/E4568 P8 .>6=4:<98 928 >69/A
g@ '42;0>8F<28:/19/8268E>;26R/18/8L4G1/18<6/80/1:?E<./8928./8E<219/834H
:</9/8/8PI E;892.82K:12;>8268F<2832826E<26:1/82.8L4G1/9>18P82E</E4>623
S>1/14/38 92.8 ;>L4;426:>8 928 2../8 q! -%@7 3 -%@7 ) -%@r8 <6/8 L2R8 :1/63E<1149>
U3:2A k@ (4G<C/18./8D>1;/8F<28:42628./8E<219/8q! -B@r8E</69>8S/68:1/63E<H
1149>8a>kOa 3892.8E>;426R>8928./8L4G1/E4568-021D4.8928./8>69/@A
;Q, T/.E<./18./8L2.>E49/9892801>0/=/E4568928./38>69/38:1/3L213/.23
268<68/./;G128928O ;8928./1=>8F<28023/8l =8E</69>8268<6>89283<382KH
:12;>38328.28E<2.=/8<6/8023/8928O t=A
;V, +8<68/./;G128928/E21>8-!59<.>8928p><6=J ! = O>I × PI PP &h;a7
926349/98 92.8 /E21>J * = l>j = hE;g@8 F<28 :42628 <68 94Q;2:1>8 928 P ;;8 P
M ;8928.>6=4:<978.>8E>.=/;>3892.8:2ES>78E/.E<./1J ]@ %.8/./1=/;426:>892.
/./;G128E</69>89283<82K:12;>8.4G128E>.=/;>38<68023>8928PaI t=A a@ */
L2.>E49/98 928 01>0/=/E4568 928 ./38 >69/38 .>6=4:<946/.238 P8 :1/63L213/.238 /
.>8./1=>892.8/./;G128E</69>82.8E<210>823:Q83<3026949>A
;Y, (2:21;46/18./8L2.>E49/9892.83>649>82682.8/=</8->69/38.>6=4:<H
946/.23@783/G4269>8F<28/E:</69>8P /:;8928012345683>G128<68L>.<;26892
/=</8943;46<P283<8L>.<;268268aI ;4..>6U34;/3892.8F<28:26?/A
;R, )681>..>8928/./;G128928E>G1278928P t=8928023>82682.8/41278023/
268 2.8 326>8 92.8 /=</8 jjk =A8 (28 :/.8 /./;G128 :>;/;>38 P ;8 P8 OOM ;;8 P
S/E2;>38 0269218 <68 023>8 928 PI t=78 >G321L/69>8 <68 /./1=/;426:>8 92
P ;;A8%.8/./;G128:4262892832EE4568P ;;aA8T/.E<./18./8L2.>E49/9892801>H
0/=/E4568928./38>69/38.>6=4:<946/.2382682.8E>G12A
;U, T/.E<./18./8L2.>E49/9892801>0/=/E4568928<6/8>69/8.>6=4:<946/.
928E>;01234568-3>6>1/@82682.8S2.4>8/8I T8P8P /:;8928012345683483<892634H
9/9826823:/38E>694E4>623823 P>lg × PI !M = hE;g P780>183218;>6>/:5;4E>7
2.8E>2D4E426:28928./38/94/GQ:4E/3823 , = ah`A
JW, +8<68123>1:28E<P/8;/3/8238OII =8P8E<P/8.>6=4:<986/:<1/.8E</6H
9>823:Q8E>.=/9>8928<680<6:>8D4C>8238M ;78328.280>628<6/8;/3/8928PII =
<649/8/83<82K:12;>8.4G12A8T</69>823:/8;/3/832826E<26:1/82682F<4.4G14>7
./8 .>6=4:<98 92.8 123>1:28 238 M>Ia ;A8 (2:21;46/18 ./8 L2.>E49/98 928 01>0/=/H
E4568928./38>69/38.>6=4:<946/.2382682.8123>1:2A
J;, */8 L2.>E49/98 928 ./38 >69/38 3<021D4E4/.238 268 2.8 /=</78 342;012
F<28 ./8 .>6=4:<98 928 >69/8 32/8 ;26>18 F<28 ./8 01>D<6949/978 23J / =
= . " h O % + O %+ h " * A I/G2;>38 F<28 34 " > PI E;7 2.8 :U1;46>8 O% + h" *
238923012E4/G.278P8F<2834 " < PI E;7 26:>6E2382.8:U1;46>8923012E4/G.2823
. "hO%A8 (+'"IJ * = P = hE;g7 + = la 9P6 hE;A ]@ T/.E<./18./8L2.>E49/9892
<6/38>69/383<021D4E4/.2382682.8/=</78928./38F<28/834;0.28L43:/8328>G321L/
F<283<8.>6=4:<98928>69/8238G/3:/6:28;/P>18928PI E;8P8F<28<68:1>R>892
;/921/8 F<28 D.>:/8 268 ./8 3<021D4E428 12/.4R/8 POI >3E4./E4>6238 E>;0.2:/38 26
<68 ;46<:>A a@ '>;/;>38 <6/8 D>:>=1/D?/8 928 ./38 /=</38 M14R/9/3N8 928 <6
./=>8P8>G321L/;>382682../8F<2826:1289>380<6:>38/8943:/6E4/812/.8928P ;
S/P8OI M14R>3N8E>;0.2:>3A8T/.E<./18./8L2.>E49/9892801>0/=/E4568928:/.23
14R>3A g@ (2;>3:1/18F<28./8;?64;/8L2.>E49/98928./38>69/383<021D4E4/.23
92.8/=</78E</69>8" 238015K4;>8/8PI E;78:426280>18L/.>18O` E; h3A
JJ, (2;>3:1/18 F<28 268 <68 35.49>8 ./38 >69/38 .>6=4:<946/.238 L4/C/68 /
;/P>18L2.>E49/98F<28./38:1/63L213/.23A
JM, )6/8 E<219/8 928 ;/3/8 Q P8 .>6=4:<98 " E<2.=/8 92.8 :2ES>8 928 <6/
S/G4:/E456A ]@ B1>G/18F<28./8L2.>E49/98928<680<.3>8:1/63L213/.8268D<6H
E4568 928 ./8 0>34E4568 E</69>8 328 01>0/=/8 /8 .>8 ./1=>8 928 2../8 23 / = . B 7
34269>8B ./8943:/6E4/8/.82K:12;>8.4G12A a@ B1>G/18F<28<680<.3>8:1/63L213/.
12E>1121Q8./8E<219/8268<68:42;0>8 O " h . A
JS, (28 ./38 D<6E4>6238 F<28 328 012326:/68 /8 E>6:46</E45678 35.>8 9>3
0<29268 12012326:/18 2E</E4>6238 928 >69/78 928 >69/38 <6494;2634>6/.23
F<28 328 01>0/=/68 268 2.8 2C28 FGJ AP -B7 %@ = a × PI ! Oh qI>Oa + -B ! O%@O r7
AO -B7 %@ = a × PI ! Oh q I>Oa + -B O + M% O ! O%@r7 A` -B7 %@ = a × PI ! Oh qI>Oa +
+ -OB + %@O rA ]@ (2E418E<Q.238928./38D<6E4>623J8AP78AO 28A` 3>68D<6E4>623892
!"#$%&'()'&'(#*'!#+,()&-./0/1'($"(&#)&-1"22/3+,(2-)4&/5.%(#1/%-&/'6(%70'&
>69/8P8C<3:4D4E/18./8E>6:23:/E456A a@ T<Q.2383>68./38L2.>E49/923892801>H
0/=/E456892894ES/38>69/3€ g@ %68./8D4=<1/832812012326:/68L/14/38MD>:>H
=1/D?/3N8 928 <6/8 E<219/8 :263/78 268 ./8 E</.8 328 23:Q8 01>0/=/69>8 <6/8 >69/
F<28 E>11230>6928 /8 <6/8 928 ./38 9>38 /6:214>123A8 */38 MD>:>=1/D?/3N8 E>1123H
0>69268/8463:/6:238320/1/9>38I>IP 3A8+8E<Q.8928./38>69/38E>11230>6926
./38MD>:>3N€ k@ B>91?/68./389>38>69/3801>0/=/13280>18./8;43;/8E<219/7
348U3:/823:Q83>;2:49/8/8./8;43;/8:263456€
B1>G.2;/8Z#$$HakA
JQ, %68<68/./;G128./1=>8928926349/98.462/. ` × PI !O t= h; ;/6:2H
649>8/8<6/8:2634568928` t0801>L>E/;>38<6/8>69/8/1;564E/8:1/63L213/.
928I>a E;8928/;0.4:<98P8PaI nR8928D12E<26E4/A8I<0>64269>8F<28./8>69/
328 ;<2L28 268 2.8 326:49>8 0>34:4L>8 92.8 2C28 FG P8 268 2.8 >14=268 328 L214D4E/
! -I7 I@ = I>Oa E; P 3 -I7 I@ < I7 E/.E<./1J ]@ */82E</E4568928./8>69/A
a@ %6E>6:1/18./382E</E4>6238928./8L2.>E49/98P8928./8/E2.21/E4568928<6/
0/1:?E<./892.8/./;G128F<2823:U834:</9/8/8P ;892.8>14=26A
JV, B>18 <6/8 E<219/8 :263/9/8 E>68 <6/8 D<21R/8 928 PII &8 P8 F<28 :4262
<6/8926349/98.462/.8928PII = h;7832801>0/=/8<6/8>69/8:1/63L213/.8/1;5H
64E/8:/.8F<2 A -I7 I@ = IA )680<6:>8E</.F<421/89282../8:42628L2.>E49/923
928Pa P8PI E; h38E</69>832826E<26:1/8320/1/9>89283<80>34E45689282F<4.4H
G14>8 O>j P8 `>O E;8 12302E:4L/;26:2A8 (2:21;46/18 ./8 2E</E4568 928 ./8 >69/
F<2832801>0/=/80>18./8E<219/A
JY, (2;>3:1/18 F<28 ./8 2E</E4568 928 <6/8 >69/J ! -B7 %@ =
= !I E>3 -S B ! # % + &@ E<;0.28E>68./82E</E4568928>69/3A
JR, )6/8>69/8/1;564E/80./6/832801>0/=/82682.8326:49>892.8L2E:>1
& -`7 O7 O ` @ E>68<6/8D12E<26E4/8928aI nR8P8<6/8L2.>E49/98928`MI ; h3A
I483<8/;0.4:<98238928a ;;8P83<8D/328464E4/.86<./78>G:26218./82E</E456892
94ES/8>69/A
JU, "G:26218 <6/8 2K01234568 928 ./8 2E</E4568 928 >69/8 0/1/8 >69/3
23DU14E/38F<2812./E4>628./38L/14/E4>6238! E>68% P8E>68,7834269>8, ./8943:/6H
E4/8/.8D>E>A
MW, (2;>3:1/18 F<28 <6/8 >69/8 923E14:/8 0>18 ./8 2E</E456J ! -,7 %@ =
= , ! P : -#% ! S,@ 268./8F<28./8/;0.4:<9823846L213/;26:2801>0>1E4>6/.8/8./
943:/6E4/8, /.8D>E>78L214D4E/8./82E</E4568928>69/38>G:2649/82682.801>G.2H
;/8/6:214>180/1/8>69/3823DU14E/3A

08 #+#&5['(#(/+%#+$/1'1(1#(6'$(-+1'$
M;, T/.E<./18 ./8 2621=?/8 F<28 0>3228 <6/8 ;>.UE<./8 928 /=</8 -;/3/
;>.2E<./1892.8/=</J8Pj>IPa = h;>.V8&l;21>8928+L>=/91>J k>IO` × PI O` @
E</69>8/82../8..2=/8<6/8>69/8/1;564E/8928PI ` nR8P8L4G1/8E>68<6/8/;H
0.4:<98928I>IP ;;A
MJ, B>18 <68 ./1=>8 /./;G128 S>;>=U62>78 928 926349/98 .462/.8 PI = h;7
:263/9>80>18<6/8D<21R/8928PI &7832801>0/=/8<6/8>69/8:1/63L213/.8/1;5H
64E/8 928 .>6=4:<98 928 >69/8 a E;8 P8 O>a E;8 928 /;0.4:<9A8 (2:21;46/18 ./
2621=?/80>18<649/98928.>6=4:<98F<280>3228:/.8/./;G12A
MM, )6/8>69/823DU14E/8F<28328:1/63;4:28268<68;294>8S>;>=U62>82
435:1>0>823:Q82;4:49/80>18<6/8D<26:28928a sA8T/.E<./18./846:26349/98928./
>69/8/8` ;892.8D>E>82;43>1A
MS, )6/8 >69/8 3>6>1/8 328 01>0/=/8 268 2.8 /4128 /8 `MI ; h378 :42628 <6/
D12E<26E4/8 928 PI ` nR8 P8 3<8 46:26349/98 238 928 PI ! M shE;aV8 348 ./8 926349/9
92.8/412823 P>` × PI ! ` = hE;g7 E/.El.2328./8/;0.4:<9892.89230./R/;426:>
2682328463:/6:2A
MQ, )6/8G/11/8928/E21>89281/94>8O E;8P8926349/9 l>j × PI ` t= h;g
:1/63;4:28 >69/38 .>6=4:<946/.238 01>9<E49/38 0>18 <68 >3E4./9>18 /E>0./9>
268 <6>8 928 3<38 2K:12;>3A8 I4269>8 ./8 /;0.4:<98 928 ./38 >3E4./E4>6238 92
PI ! M E;78./8D12E<26E4/8928./82KE4:/E4568928PI nR8P82.8;59<.>8928p><6=
!"#$%&'()'&'(#*'!#+,()&-./0/1'($"(&#)&-1"22/3+,(2-)4&/5.%(#1/%-&/'6(%70'&
O × PI PP &h;a7 92:21;46/1J ]@ */82E</E4568928./8>69/8F<2832801>0/=/
/8.>8./1=>8928./8G/11/A a@ */82621=?/8928./8>3E4./E45680>18<649/98928L>H
.<;26A g@ */846:26349/98/8:1/LU38928./832EE4568928./8G/11/8P8./80>:26E4/
3<;4643:1/9/80>182.8>3E4./9>18F<2801>9<E28./8>69/A
MV, )680/1Q;2:1>8F<28:42628<68=1/6846:21U38D?34E>82682.823:<94>892
/G3>1E4568928>69/382382.8../;/9>8M%IB%I", (% I%!$+\I",T$[&N8- 6@8P832
92D4628E>;>J8M#"*#$+#$-,*8&#*D)*'#*%#1#,*&1*7#'(-*)2$-,2#1%#*+),)*8&#
")*(1%#1$(')'*(1(/()"*8&#'#*,#'&/(')*)*")*7(%)'NA8(2:21;46/18U3:28268D<6H
E456892.8E>2D4E426:28928/G3>1E456A
MY, %.8 E>2D4E426:28 928 /G3>1E4568 928 <68 ;294>8 0/1/8 2.8 3>649>8 238 92
O`I ;! ]A8 (2:21;46/18 2.8 23023>18 928 <6/8 .Q;46/8 928 94ES/8 3<3:/6E4/8 F<2
129<E28./846:26349/98/8./89UE4;/80/1:28928./8F<2846E49283>G1282../A
MR, )6/8 >69/8 0./6/8 129<E28 3<8 46:26349/98 268 <68 `I‚8 /.8 /:1/L23/1
a E;8928<68;/:214/.A8(2:21;46/18./8943:/6E4/8F<28:2691Q8F<2812E>11218./
>69/826894ES>8;/:214/.80/1/8F<283<846:26349/98328129<RE/8/8./8;4:/98-23H
023>1892832;4/G3>1E456@A
MU, )6/8>69/80./6/8129<E283<846:26349/98/.8 PI‚8/.8/:1/L23/189>3
E/0/38/43./6:23A8*/8014;21/89282../378F<28:42628<68E>2D4E426:28928/G3>1H
E456 ,P = O`I ;! ]7 129<E28 /8 ./8 ;4:/98 ./8 46:26349/98 46E4926:2V8 348 ./8 32H
=<69/8:42628<68E>2D4E426:28928/G3>1E456 ,O = PlI ;! ]7 E/.E<./182.82K02H
3>18:>:/.8928./38E/0/38/43./6:23A
SW, )6/8 >69/8 3>6>1/8 0./6/8 E<P/8 46:26349/98 238 PI !` sh;a 129<E2
3<8/;0.4:<98268<68jI‚8/8./83/.49/8928<68;294>8/G3>1G26:28928M E;892
23023>1A8 (2:21;46/18 2.8 E>2D4E426:28 928 /G3>1E4568 92.8 ;294>8 /G3>1G26:2A
28 #`#2%-(1-))6#&
S;, (>384694L49<>38L4/C/682689>38:126238L P8N F<28..2L/6812302E:4H
L/;26:28L2.>E49/9238928kI P8aI t; hSA8*>3834.G/:>38928./38.>E>;>:>1/3
2;4:2682.8;43;>83>649>8928kII nRA8T/.E<./1J ]@ I>649>8021E4G49>80>182.
L4/C21>892.8:1268L F<2823:Q8268120>3>8P82.834.G/:>89283<8.>E>;>:>1/826834H
.26E4>78E</69>8328/E21E/8/8U.82.8:1268N78D<6E4>6/69>83<834.G/:>A a@ I>64H
9>8021E4G49>80>182.8L4/C21>892.8:1268N F<2823:Q8268120>3>8P82.834.G/:>892
3<8.>E>;>:>1/826834.26E4>78E</69>8328/E21E/8/8U.82.8:1268L78D<6E4>6/69>
3<834.G/:>A g@ I>649>8021E4G49>80>182.8L4/C21>892.8:1268L 268;/1ES/8S/E4/
2.8N78F<2823:Q8268120>3>A8O<6E4>6/82.834.G/:>8928NA k@ I>649>8021E4G49>
0>182.8L4/C21>892.8:1268N 268;/1ES/8S/E4/82.8L78F<2823:Q8268120>3>A8O<6H
E4>6/8 2.8 34.G/:>8 928 LA d@ I>649>8 021E4G49>8 0>18 2.8 L4/C21>8 928 L E</69>
;/1ES/68.>389>38:126238268326:49>8E>6:1/14>78/E21EQ69>32826:1283?A8O<6H
E4>6/8 2.8 34.G/:>8 928 NA `@ I>649>8 021E4G49>8 0>18 2.8 L4/C21>8 928 L E</69>
;/1ES/68.>389>38:126238268326:49>8E>6:1/14>78/.2CQ69>32826:1283?A8O<6E4>H
6/82.834.G/:>8928NA m@ I>649>8021E4G49>80>182.8L4/C21>8928L E</69>8;/1H
ES/68.>389>38:1262382682.8;43;>8326:49>782.8N :1/382.8LA8O<6E4>6/82.834.G/H
:>8 928 NA c@ I>649>8 021E4G49>8 0>18 2.8 L4/C21>8 928 N E</69>8 ;/1ES/68 .>3
9>38:1262382682.8;43;>8326:49>782.8N :1/382.8LA8O<6E4>6/82.834.G/:>8928LA
I283<0>628F<28./8L2.>E49/9892801>0/=/E456892.83>649>8238`MI ; h3A
SJ, )68 /<:>;5L4.8 328 ;<2L28 S/E4/8 ./8 4RF<4219/8 E>68 <6/8 L2.>E49/9
3 = `I ; h3A %68 9412EE4568 E>6:1/14/8 -12G/3/9>8 3<D4E426:2;26:28 2.8 0<6:>
928E1<E2@8L/8<68E/;4568/8<6/8L2.>E49/9 3 ′ = OP ; h37 E>68<6/8=1/683<H
021D4E42812D.2E:>1/82683<80/1:280>3:214>1A8%.8/<:>;5L4.82;4:28<68G>E46/R>
-2;434568 463:/6:Q62/@8 E>68 <6/8 D12E<26E4/8 928 P III nRA8 (2:21;46/1J
]@ T<Q.8238./8D12E<26E4/8928./38>69/38021E4G49/380>182.8>G321L/9>18928./
)&-06#!'$ MU;
D4=<1/8E>.>E/9>8/8./89212ES/892.8E>ES2€ a@ T<Q.8238./8D12E<26E4/8928./3
>69/38 F<28 ..2=/68 /8 ./8 3<021D4E428 12D.2E:>1/8 92.8 E/;456€ g@ T<Q.8 238 ./
D12E<26E4/8928./38>69/38F<28021E4G41Q82.8>G321L/9>189230<U38F<28./38>6H
9/38328S/6812D.2C/9>82682.8E/;456€ k@ T<Q.8238./8D12E<26E4/8928./38>6H
9/38F<28021E4G41?/82.8E>69<E:>1892.8E>ES2789230<U38928./812D.2K45682682.
E/;456€8 #2.>E49/98 92.8 3>649>J8 ``I ; h3A8 I28 3<0>628 2.8 /4128 268 E/.;/A
B1>G.2;/8Z#$$HkaA B1>G.2;/8Z#$$Hkc8P8keA
SM, )6/823:12../8328/.2C/8928./8'4211/8E>68<6/8L2.>E49/98378/.8>G321H
L/18 3<8 2302E:1>8 328 >G:42628 0/1/8 ./8 .>6=4:<98 928 >69/8 928 ./8 1/P/8 E>1123H
0>69426:28/.8S4915=26>8kak>kM ;µ -6;@V8348./8;2949/8S2ES/80/1/894ES/
1/P/82682.8./G>1/:>14>8238kak>Oj ;µ7892:21;46/183A
SS, )6/834126/8928MOI nR8=41/8/:/9/8/.82K:12;>8928<6/8E<219/892
O ;8 928 .>6=4:<98 /8 1/R568 928 `II 1A0A;A8 v<U8 46:21L/.>8 928 D12E<26E4/3
021E4G28<68>G321L/9>1834:</9>82682.80./6>89281>:/E4568928./834126/8P8/.2H
C/9>8928U3:/€8'>;/180/1/8L2.>E49/9892.83>649>82682.8/4128`MI ; h3A
SQ, )6/834126/8F<282;4:28E>68<6/8D12E<26E4/8$ 3<G28L21:4E/.;26:2
S/E4/8/114G/780/1:4269>892.83<2.>8P8/8<6/8L2.>E49/98E>63:/6:283A8%.80<6H
:>8 928 0/1:49/8 928 ./8 34126/8 23:Q8 /8 <6/8 943:/6E4/8 ' 928 <68 >G321L/9>1A
]@ I<0<23:>8 2.8 >G321L/9>18 0/1/9>78 E/.E<./18 268 D<6E4568 928 .>38 9/:>38 ./
D12E<26E4/8F<28021E4G41?/82.8>G321L/9>189230<U38928:1/63E<1149>38% 32=<6H
9>3A a@ I<0<23:>8F<282.8>G321L/9>18328/.2C/892.80<6:>89280/1:49/8/8<6/
L2.>E49/983′78P8F<280/1:2892.80<6:>8/823/8943:/6E4/8 '782682.8;43;>8463H
:/6:28 F<28 ./8 34126/A8 T/.E<./18 268 D<6E4568 928 .>38 9/:>38 ./8 D12E<26E4/8 F<2
021E4G41?/82.8>G321L/9>1789230<U38928:1/63E<1149>38% 32=<69>3A
SV, )68S>;G12832826E<26:1/8268.>8/.:>8928<6/8:>1128928/.:<1/8DA8+
<6/8943:/6E4/8' 92.80428928U3:/78<68/<:>;5L4.8F<283289414=28S/E4/82../8E>6
<6/8L2.>E49/983 2;4:28<68G>E46/R>8E>68<6/8D12E<26E4/8$A8%.8/4128328;<2H
L28 E>68 <6/8 L2.>E49/98 3′ P8 268 9412EE4568 E>6:1/14/8 /.8 E>ES2A8 T/.E<./18 26
D<6E456892823:>389/:>38./8D12E<26E4/8021E4G49/80>182.8S>;G128928./8:>112A
-#2.>E49/9892.83>649>J8/@A
18 $")#&)-$/2/3+(1#(-+1'$,(/+%#&`#&#+2/'$
SY, (>38 >69/38 /1;564E/38 928 4=</.8 D12E<26E4/8 P8 /;0.4:<9J
$ = aI nR7 !I = O E;7 L4/C/68/8./8L2.>E49/98928P ; h38P8268326:49>80>34H
:4L>892.82C28FG782K43:4269>826:1282../38<6/894D2126E4/8928D/328928% h`A8(2H
9<E418./82E</E4568928./8>69/8123<.:/6:28928./846:21D2126E4/826:128./389>378P
./382E</E4>6238S>1/14/3892.8;>L4;426:>8928<6/80/1:?E<./8F<2832826E<26H
:1/8/8OI E;892.8>14=268P83>G1282.82C28FGA
SR, +8<680<6:>8^ ..2=/689>38>69/38/1;564E/38F<28L4/C/68/8 P ; h3
01>E2926:238 928 9>38 D>E>38 E>S2126:238 F<28 943:/68 l>a E;8 P8 a>a E;8 92.
0<6:>8^ -L218D4=<1/@V8/;G/38>69/38:426268./8;43;/8D12E<26E4/78kI nR78P
./8 ;43;/8 /;0.4:<978 O E;A8 (2:21;?62328 ./8 2E</E4568 92.8 ;>L4;426:>8 L4H
G1/:>14>892.80<6:>8^A
SU, %68 ./8 D4=<1/78 YP P8YO 12012326:/68 9>38 D>E>38 2;43>1238 928 >69/3
/1;564E/38E>S2126:238928<683>649>8928PII nRA8%68^ 328E>.>E/8<68/0/H
1/:>812=43:1/9>189283>649>V8./38943:/6E4/38,P P8,O 3>68PI`>M P8PII ;V8./8L2H
.>E49/9892801>0/=/E456892.83>649>82682.8/4128238`MI ; h3A8,2=43:1/1Q83>H
649>82.8/0/1/:>8E>.>E/9>8268^ €
QW, %.8/0/1/:>8928v<46Et28E>63:/89289>38:<G>38268)780<94U69>32
923.4R/18 ./38 1/;/38 928 <6>8 928 2..>38 926:1>8 928 ./38 1/;/38 92.8 >:1>A8 %68 ./3
01>K4;49/9238928./81/;4D4E/E4568L 32801>9<E28<683>649>8F<2832823E<ES/
0>64269>82.8>?9>8268NA8(23.4R/69>82.8:<G>8P 926:1>892.8O7832826E<26:1/6
0>34E4>6238 268 ./38 F<28 6>8 328 021E4G28 3>649>V8 0>18 F<U€8 I48 2.8 9230./R/H
;426:>8./:21/.8F<28S/P8F<289/18/.8:<G>8P78923928F<286>8328021E4G283>64H
9>8S/3:/8F<2789286<2L>7832892C/8928021E4G4178238928Oa E;78E<Q.2383>68./
.>6=4:<98928>69/78./8D12E<26E4/8P82.8021?>9>8928./38>69/383>6>1/3€8#2.>H
E49/9892801>0/=/E456892.83>649>82682.8/41278`MI ; h3A
MUJ -+1'$
B1>G.2;/8Z#$$HdbA B1>G.2;/8Z#$$H`dA
Q;, (>38>69/38F<28328;<2L268268./8;43;/89412EE4568P8E<P/382E</H
E4>6238 23E14:/38 268 2.8 343:2;/8 TXI 3>6J !P = a 326 -P III % ! PII B@7
!O = a 326 -P III % + PII B@ /.846:21D2141801>9<E268M>69/3823:/E4>6/14/3NA
(2:21;46/1J ]@ */8 2E</E4568 928 ./8 >69/8 123<.:/6:2A a@ */8 /;0.4:<98 26
.>38L426:123A g@ (43:/6E4/826:1289>386>9>38E>632E<:4L>3A
QJ, B>18<68;294>832801>0/=/689>38>69/38:1/63L213/.2378268./8;43H
;/89412EE45678L4G1/69>82682.80./6>8 GFi P89/9/380>1J AP = L 326 -#% +
+ SB@7 AO = L 326 -#% ! SB + &@A ]@ T>;01>G/18 F<28 ./8 3<0210>34E4568 92
/;G/38 9/8 .<=/18 /8 <6/8 >69/8 23:/E4>6/14/A a@ I48 26 B = I S/8 928 S/G21
<686>9>8928./8>69/823:/E4>6/14/78E>;01>G/18F<282.8L/.>18928& 92G28321
% A g@ T/.E<./18./8L2.>E49/98928<680<6:>892.8;294>8E<P/8943:/6E4/8/.8>14H
=26832/8PhM 928./8.>6=4:<98928>69/A
QM, )6/8E<219/8L4G1/8928/E<219>8E>68./82E</E456823E14:/82682.8343H
:2;/8TXIJ ! = OI 326 aI B E>38MII %A T/.E<./1J ]@ */382E</E4>6238928./3
>69/38/1;564E/38E<P/846:21D2126E4/80<29289/1894ES/8>69/A a@ (43:/6E4/
26:1289>386>9>38E>632E<:4L>3A
QS, */8 2E</E4568 928 ./8 >69/8 F<28 328 01>0/=/8 268 <6/8 E<219/8 L4262
9/9/8 268 2.8 343:2;/8 TXIJ ! = k 326 -% B h `@ 326 MI % %A8 T/.E<./1J ]@ */3
2E</E4>6238 928 ./38 >69/38 /1;564E/38 E<P/8 46:21D2126E4/8 0<2928 9/18 94ES/
>69/A a@ */8 L2.>E49/98 928 <68 0<6:>8 928 ./8 E<219/8 34:</9>8 / B = P E;
E</69> % = PhPI 3A
QQ, %68./846:21D2126E4/89289>38>69/38/1;564E/38E>68L4G1/E4>62380/H
1/.2./378 :264269>8 /;G/38 ./8 D12E<26E4/8 928 PII nR78 3/G2;>38 F<28 0/1/
% = I ./8 2.>6=/E4568 P8 L2.>E49/98 123<.:/6:238 268 E</.F<4218 0<6:>8 L42626
9/9/378 23E14:/38 268 2.8 343:2;/8 TXI78 12302E:4L/;26:28 0>1J !I = I>Ia - `
326 OB + E>3 OB@ ∧ 3I = ! PI % - ` E>3 OB ! 326 OB@A T/.E<./18 ./8 2E</H
E4568928./8>69/846:21D2126E4/8928./389>3A
QV, (>38>69/38/1;564E/389284=</.8D12E<26E4/J $ = aI nR P8/;0.4H
:<923J !IP = O E; P !IO = ` E;7 L4/C/68/8./8L2.>E49/98928P ; h38P82682.
326:49>80>34:4L>892.82C28FGA8%682.8>14=268-B = I7 % = I@780/1/8./8014;21/
!P = P E; P 3P < I P80/1/8./832=<69/ !O = ` ` hO P 3O < IA (29<E41
./82E</E4568928./8>69/8123<.:/6:28928./846:21D2126E4/826:128./389>3A
QY, (>38>69/38/1;564E/38928/;0.4:<9238O P8M E;8L4/C/68268./8;43H
;/89412EE4568P8:42626849U6:4E/8D12E<26E4/V83483<894D2126E4/8928D/328238% hM7
E/.El.2328./8/;0.4:<98928./8>69/8123<.:/6:2A
QR, (>38D>E>380<6:</.238Y P8Y ′78320/1/9>3826:1283?8P ;782;4:26826
D/3283>649>38928aII nR8928D12E<26E4/8E>68./8;43;/846:26349/9A ]@ "G:2H
6218./80>34E4568928.>380<6:>378348.>38S/P78268.>38F<286>832812=43:1/83>64H
9>A a@ "G:26218./80>34E4568928.>38;QK4;>38P8;?64;>3892846:26349/98F<2
32812=43:1/68/8.>8./1=>892.832=;26:>8YY ′A8-/ = `MI ; h3@A
QU, */8 0>:26E4/8 2;43>1/8 928 9>38 34.G/:>38 23 M% × PI ! O P Pk% ×
× PI ! O sA +;G>38 2;4:268 <68 3>649>8 12=<./1;26:28 268 :>9/38 ./38 9412EH
E4>62378E<P/8D12E<26E4/8238jaI nRA8)680<6:>8L 23:Q834:</9>8/8PI ;892.
014;21>8P8OI 92.832=<69>A8I4269>8./8L2.>E49/9892801>0/=/E456892.83>H
649>82682.8/4128`MI ; h3A8(2:21;46/1J ]@ */3846:26349/92382682.80<6:>
L 01>L>E/9/38 46920269426:2;26:28 0>18 E/9/8 <6>8 928 .>38 3>649>3A
a@ */8 01>9<E49/8 E</69>8 /E:l/68 .>38 9>38 34.G/:>38 /8 ./8 L2RA g@ T<Q6:>
:2691?/;>38 F<28 ;>94D4E/18 ./8 943:/6E4/8 92.8 014;218 2;43>178 021;/62H
E4269>8E>63:/6:28./892.832=<69>780/1/8021E4G418268L <68;?64;>892846H
:26349/9€
VW, )68 E>ES28 0/:1<../8 928 ./8 0>.4E?/8 23:Q8 0/1/9>8 268 <6/8 12E:/8 92
<6/8 /<:>043:/A8 *.2L/8 463:/./9>8 <68 1/9/18 F<28 2;4:28 >69/38 2.2E:1>H
;/=6U:4E/38 -/ = ` × PI j ; h3@8 928 PI E;8 928 .>6=4:<98 928 >69/A8 Y3:/38 32
12D.2C/68 268 <68 E>ES28 F<28 /L/6R/8 46E/<:>8 S/E4/8 ./8 0/:1<../A8 */8 46:21D2H
126E4/826:128./38>69/382;4:49/8P812D.2C/9/801>9<E282682.812E20:>180>.4H
E4/.80<.3/E4>6238928P*`II nR8928D12E<26E4/A8I<0>64269>8F<28./846D1/EH
E45680>182KE23>8928L2.>E49/98328026/.4E28E>68PO ! 0>18E/9/8t; hS8F<2
3>G120/328.>38POI78E/.E<./18./8E</6:?/8928./8;<.:/8F<28328.28/L2E46/8/.
/.>E/9>8E>69<E:>1A
#8 &#`6#*/3+(4(&#`&'22/3+
V;, )68;4E15D>6>8P8<68/.:/L>R78F<283<0>6912;>380<6:</.2383283<H
;21=268/8<6/801>D<6949/98928OI ;8268<68./=>78320/1/9>380>18<6/8943H
:/6E4/8S>14R>6:/.8928PII ;A8%.8/.:/L>R82;4:28<683>649>80<1>8928aII nR
928D12E<26E4/A8I48/;G>383>684R/9>38.26:/;26:28/8./8L2R78E/.E<./18./894D2H
126E4/892801>D<6949/9238/8./38F<282.8;4E15D>6>812=43:1/89>38;QK4;>3892
46:26349/98E>632E<:4L>3A8%682.8/=</78/8./8:2;021/:<1/8928./82K021426E4/7
./8L2.>E49/9892.83>649>8238928P aII ; h3A
VJ, )6/8 >69/8 2.2E:1>;/=6U:4E/8 23:Q8 92D4649/8 0>18 ./8 2E</E456
! = ` × PI ! M 326 -a × PIPI % ! OIIB@A (2:21;46/18 2.8 ?694E28 928 12D1/EE456
/G3>.<:>892.8;294>8268F<2832801>0/=/A8-_#*"")7) ^&($T% (% ,%O,+TT$[&
+\I"*)'" +),)*-1')$*#"#/%,-7).14%(/)$*-*$(7+"#7#1%#*;1'(/#*'#*,#:,)/?
/(01>* )"* /-/(#1%#* #1%,#* ")* 3#"-/(')'* '#* ")* -1')* #"#/%,-7).14%(/)* #1* #"
3)/;- q/I = ` × PI j ; h3r A*")*3#"-/(')'*'#*4$%)*#1*#"*7#'(-A@
VM, )6/8>69/8928D12E<26E4/8M nR832801>0/=/80>18<68;294>8E>68L2H
.>E49/9 /P = O ; h3 2846E4928268./83<021D4E428928320/1/E4568E>68>:1>8;2H
94>894D2126:28E>68<68Q6=<.>892846E4926E4/ /P = `InA %682.832=<69>8;2H
94>8 ./8 L2.>E49/98 928 01>0/=/E4568 928 ./8 >69/8 23 /O = O>a ; h3A T/.E<./1J
]@ %.8Q6=<.>892812D1/EE456A a@ %.8Q6=<.>8.?;4:2A
VS, %.894/;/6:28:42628<68?694E2892812D1/EE456 1' = O>a P8./8L2.>E4H
!"#$%&'()'&'(#*'!#+,()&-./0/1'($"(&#)&-1"22/3+,(2-)4&/5.%(#1/%-&/'6(%70'&
9/98 928 01>0/=/E4568 928 ./8 .<R8 268 2.8 /=</8 23 /) = OOa ak` t; h37 3<0>H
64269>8F<28./8L2.>E49/9892801>0/=/E4568928./8.<R82682.8/412782689>692832
26E<26:1/682.894/;/6:28P82.8/=</78238/01>K4;/9/;26:284=</.8/8./8L2.>E4H
9/9892801>0/=/E45682682.8L/E?>8-/I = ` × PI j ; h3@78E/.E<./1J ]@ */8L2.>H
E49/98928./8.<R82682.894/;/6:28P83<8Q6=<.>8.?;4:2A a@ %.8?694E2892812D1/EH
E456892.8/=</8P83<8Q6=<.>8.?;4:2A
VQ, %6:128 9>38 G/11/38 0/1/.2./38 328 ;/6:42628 :263/8 <6/8 E<219/8 ;2H
94/6:28 9>38 /64..>378 E>;>8 328 4694E/8 268 ./8 D4=<1/A8 I28 021:<1G/8 ./8 E<219/
0/1:4269>8 928 <68 9230./R/;426:>8 464E4/.8 E>;>8 2.8 4694E/9>8 268 ./8 D4=<1/
-;<P82K/=21/9>8268./8;43;/@A8*/8.>6=4:<98928./8E<219/8238' P8./8L2.>E4H
9/98 928 01>0/=/E4568 928 ./38 >69/38 :1/63L213/.238 268 94ES/8 E<219/8 238 /A
T<Q6:>8:42;0>8:1/63E<1141Q8S/3:/8F<28./8E<219/8/.E/6E28<6823:/9>84=</.
/.812012326:/9>834J ]@ *>38/64..>380<29268;>L21328.4G12;26:28/8.>8./1=>
928./38G/11/3A a@ )68/64..>823:Q8D4C>A g@ %3:Q68D4C>38.>389>38/64..>3A
VV, T</69>8<6/8>69/846E4928268./83<021D4E428928320/1/E45689289>3
;294>38928943:46:/8926349/9789/8>14=268/8<6/8>69/812D.2C/9/8P8>:1/8:1/63H
;4:49/A8T>;01>G/18F<2826823:28D265;26>8328E>6321L/8./82621=?/A
VY, )6/8E<219/8E4.?6914E/8:426289>380/1:237892894Q;2:1>3894D2126:237
'P = O'O 7 P8./8;43;/8926349/98*A8B>182../832801>0/=/8<6/8>69/8:1/63L21H
3/.8 /1;564E/8 928 k E;8 928 /;0.4:<978 923928 2.8 ./9>8 =1<23>8 S/E4/8 2.8 D46>A
B<23:>8F<28268./8943E>6:46<49/9832801>9<E2812D.2K4568P8:1/63;4345678E/.H
E<./1J ]@ *>38E>2D4E426:23892812D.2K4568P812D1/EE456A a@ %.80>1E26:/C28928./
2621=?/846E4926:28F<2832812D.2C/A g@ */8/;0.4:<98928./8>69/8:1/63;4:49/A
`8 )&-)'5'2/3+(1#6($-+/1-,(2"'6/1'1#$,(!h$/2'
VR, T/.E<./18 .>38 .?;4:238 ;?64;>8 P8 ;QK4;>8 928 ./8 .>6=4:<98 928 >69/
928.>383>649>38/<94G.23A8I283<0>628./8L2.>E49/9892801>0/=/E456892.83>H
649>8`MI ; h37834269>8./8:2;021/:<1/8928OI TA
VU, T/.E<./18./8:2;021/:<1/8F<28321?/862E23/14/80/1/8F<28./8L2.>E4H
9/9892.83>649>82682.8/4128D<23289>G.28F<28/8I TA8-I283<0>628E>63:/6:2
./80123456V 0 = Ph Ol`>Pk T !]A@
YW, T/.E<./18 ./8 943:/6E4/8 /8 F<28 328 S/8 01>9<E49>8 <68 12.Q;0/=>
E</69>8328>P28<68:1<26>8a 38;Q38:/1928F<28./8021E20E4568928/F<U.A8*/
:2;021/:<1/8238928`I TA
Y;, */8 L2.>E49/98 92.8 3>649>8 268 2.8 /=</8 /8 Pa T8 238 928 P MaI ; h3A
T/.E<./18./8943;46<E456812./:4L/8928L>.<;268F<282K0214;26:/8<6/8;/3/
928/=</8/.83>;2:21./8/8<6/801234568;/6>;U:14E/8928aI /:;53D21/3A
YJ, */8L2.>E49/9892801>0/=/E456892.83>649>8268<68=/38L426289/9/
0>18./82K0123456J / = P7 MXK h Q 2689>692 X = E>63:/6:28928.>38=/323
492/.237 K = :2;021/:<1/8 /G3>.<:/8 P Q = ;/3/8 ;>./1A ]@ v<U8 :/6:>
0>18E426:>8928L/0>18928/=</8:2691Q8<6/8;2RE./8928L/0>18928/=</ + /412
268./8E</.832801>0/=/82.83>649>8E>68./8;43;/8L2.>E49/98F<282682.864:15H
=26>€ a@ T<Q6:>8L/.91?/823:/8L2.>E49/98/8PII T€ g@ v<U8211>18328E>H
;2:21?/8348328E>634921/3282683<8.<=/182.8L/.>18928`MI ; h38>8L/.>186>1;/.
928 ./8 L2.>E49/98 92.8 3>649>8 268 2.8 /4128 /8 OI T€8 (+'"IJ !/3/8 ;>./18 92.
/=</J8Pj = h;>.V8!/3/8;>./18/0/126:2892.8/412J8Oj>j = h;>.V8!/3/8;>./1
92.864:15=26>J8Oj = h;>.A
YM, )6/83/./892 PI × OI ; 9283<2.>8P8M ;8928/.:<1/8:42628<68E>2H
D4E426:28928/G3>1E456801>;294>8928I>IjA ]@ T/.E<./182.8:42;0>892812L21H
G21/E456A a@ I48328E<G1282.83<2.>8E>68<6/8/.D>;G1/8928E>2D4E426:28928/GH
3>1E4568I>IMA8T/.E<./182.86<2L>8:42;0>892812L21G21/E456A

YS, )6/83/./8:42628<68:42;0>892812L21G21/E4568928` 3A8I28E>63:1<H
P2682682.83<2.>8<6>38G/6E>37892.8;43;>8;/:214/.8F<282.8123:>8928./83/./7
F<28943;46<P2682.8L>.<;268268<68O‚8P8/<;26:/68./83<021D4E428:>:/.826
<68Pa‚A8T/.E<./182.86<2L>8:42;0>892812L21G21/E456A
YQ, T/.E<./18./8.>6=4:<98928>69/8928")` 2682.8/4128/8I T8-L2.>E49/9
92801>0/=/E456892.83>649> = ``I ; h3@8P8/8OI T8-/ = `MI ; h3@A
YV, '264269>8268E<26:/8F<28./8D12E<26E4/892.8")` 238928MMI nR7892H
:21;46/18./8D12E<26E4/8928./86>:/8'- 928./38E46E>8014;21/3823E/./3A
YY, (2:21;46/18F<U86>:/8238./8F<28:426280>18:>6>8gaI>M nRA
58 /+$%&"!#+%-$(!"$/2'6#$
YR, T/.E<./18./8D12E<26E4/892.83>649>8D<69/;26:/.82;4:49>80>18<6/
E<219/8 928 P ;8 928 .>6=4:<98 P8 P ;;8 928 94Q;2:1>78 E<P/8 926349/98 23
O = hE;g P823:Q8:263/80>18<68023>8928g O`P>k =A
YU, )6/8E<219/823:Q823:41/9/80>18<68023>8928P t0A8T/.E<./182.8023>
F<2892G28:263/18/8>:1/8E<219/8928./8;43;/83<3:/6E4/78./8;43;/8.>6=4:<9
P89>G.281/94>80/1/8F<282;4:/8./8>E:/L/8/=<9/8928./8F<2801>9<E28./8014H
;21/A8I283<0>628F<28/;G/382;4:2682.83>649>8D<69/;26:/.A
RW, )6/8E<219/8928P ;8928./1=/78D4C/80>183<389>382K:12;>38L4G1/826
3<8:21E218/1;564E>A8*/8/;0.4:<98928L4G1/E4568928<68L426:128238` ;;A8*/
!"#$%&'()'&'(#*'!#+,()&-./0/1'($"(&#)&-1"22/3+,(2-)4&/5.%(#1/%-&/'6(%70'&
L2.>E49/98928./38>69/38:1/63L213/.23826823:/8E<219/8238928 PII ; h3A8%3H
E14G418./82E</E4568E>11230>69426:28/823:/8>69/A
R;, I28>G321L/8F<28<6/8E<219/8:263/8L4G1/8E>68<6/8D12E<26E4/892
`I nR82683<8;>9>8D<69/;26:/.8E</69>83<382K:12;>378D4C>37823:Q68320/H
1/9>38<6/8943:/6E4/8928kI E;A8*/8/;0.4:<9892.8/6:46>9>8-L426:12@823892
` E;A8(2:21;46/1J ]@ */82E</E4568928>69/8928./8>69/823:/E4>6/14/8F<2
:42628.<=/18268./38E>694E4>6238923E14:/3A a@ */8L2.>E49/9892801>0/=/E456
928<6/8>69/8:1/63L213/.826894ES/8E<219/A g@ */8L2.>E49/98;QK4;/892.
0<6:>8;294>8928./8E<219/A
RJ, )6/8E<219/8928=<4:/11/78928.>6=4:<9 J = P ;7 L4G1/823:/E4>6/H
14/;26:282683<8;>9>8D<69/;26:/.8E>68<6/8/;0.4:<982682.80<6:>8;294>
928` ;;A8*/8L2.>E49/9892801>0/=/E4568928./38>69/3826823:/8E<219/823
jjI ; h3A8 (2:21;46/18 ./8 2E</E4568 928 ./8 >69/A8 '>;/18 2.8 >14=268 0/1/8 ./
0>34E4568268<682K:12;>8928./8E<219/78P80/1/82.8:42;0>82682.8463:/6:2892
;QK4;>89230./R/;426:>8:1/63L213/.8928.>380<6:>38928./8E<219/A
RM, %.8 ;>L4;426:>8 928 <6/8 E<219/8 :263/8 928 P ;8 928 .>6=4:<978 E>6
3<38 2K:12;>38 D4C>378 E>11230>6928 /8 <6/8 >69/8 23:/E4>6/14/8 9/9/8 0>18 ./
2E</E456823E14:/82682.8I$J ! -B%@ = PI ! a 326 `%B E>3 #%7 348./8L2.>E49/9892
01>0/=/E4568 928 23:/38 >69/38 238 928 PI ; h3A8 (2:21;46/1J ]@ I<8 .>6=4:<9
928>69/A a@ %.86l;21>89286>9>38928./8>69/823:/E4>6/14/A g@ T>;0.2:/1
3<82E</E4568E/.E<./69>8#A
RS, T/.E<./18 ./8 D12E<26E4/8 928 .>38 3>649>38 2;4:49>38 0>18 <68 :<G>
/G421:>8P8>:1>8E211/9>8928P ;8928.>6=4:<97801>9<E4269>82.83>649>8D<69/H
;26:/.A8 I28 3<0>628 F<28 ./8 L2.>E49/98 92.8 3>649>8 268 2.8 /4128 238 `MI ; h3A
RQ, T/.E<./18 ./8 .>6=4:<98 928 <68 :<G>8 /G421:>8 F<28 ..26>8 928 /4128 P8 /
I T8-/ = ``I ; h3@82;4:28E>;>83>649>8D<69/;26:/.82.8'-` A
RV, %68./82K021426E4/8928./8D4=<1/82.894/0/35682;4:282.8")` A8*/8.>6=4H
:<98J 92.8:<G>8F<2801>9<E28./8123>6/6E4/8238Pg E;A8v<U8L2.>E49/9892
01>0/=/E4568 :42628 2.8 3>649>€8 +8 F<U8 :2;021/:<1/8 23:Q8 2.8 /;G426:28 9<H
1/6:28 ./8 2K021426E4/€8 (+'"IJ8 O12E<26E4/8 92.8 ")` J8 MMI nRA8 #2.>E49/98 92.
3>649>82682.8/4128/8I TJ8``I ; h3A
RY, )68:<G>8928P ;8928./1=>823:Q8E211/9>80>18<6>89283<382K:12;>3A
)68/./;G12823:41/9>8328E>.>E/8E21E/892.82K:12;>8/G421:>A8%.8/./;G128:42H
628I>` ;8928./1=>8P8<6/8;/3/8928I>IP t=A8I283>3:42628D4C>82683<389>382KH
:12;>38P8L4G1/82683<8;>9>8D<69/;26:/.A8B>628/8L4G1/18/8./8E>.<;6/892
/4128 268 2.8 :<G>8 E>68 3<8 D12E<26E4/8 D<69/;26:/.8 0>18 123>6/6E4/A8 %6E>6H
:1/1J ]@ */8D12E<26E4/8928>3E4./E4568928./8E>.<;6/8928/412A a@ */8:263456
92.8/./;G12A8#2.>E49/9892.83>649>82682.8/41278`MI ; h3A
RR, (232/;>38E>6>E2182.8;59<.>8928p><6=8-!@8928<68;2:/.A8'/../H
;>38<6/8L/14../8P8./8E>.>E/;>38E>;>8L4G1/9>18928<68:<G>8928~<69:A8T>H
)&-06#!'$ MUM
6>E2;>3J8./8.>6=4:<98928./8L/14../892.8;2:/.8-J@78./8943:/6E4/826:1286>9>8P
6>9>82682.8/412892.8:<G>8-J′@78./8926349/9892.8;2:/.8- *@78./8:2;021/:<1/
92.8/;G426:28-%@78./8L2.>E49/9892.83>649>82682.8/4128/8I T8-``I ; h3@8P82.
E>2D4E426:2892894./:/E4568928.>38=/3238-Ph Ol`>Pk T ! ]@A8(2:21;46/18./8D51H
;<./8928!78268D<6E4568928.>389/:>3892.801>G.2;/A
B1>G.2;/8Z#$$Hc`A
.8 )#&2#)2/3+(1#6($-+/1-
RU, T/.E<./1826892E4G2.238./83>6>149/9892.83>649>8021E4G49>8268./3
01>K4;49/9238 928 <6/8 0213>6/8 S/G./69>8 268 L>R8 G/C/8 -./8 46:26349/98 23
PII L2E238;/P>18F<28./846:26349/98<;G1/.@A
UW, (2:21;46/18 2.8 64L2.8 3>6>1>8 268 .>38 94L213>38 E/3>38 92.8 01>G.2H
;/8deA
U;, */8 G>E46/8 928 <68 E>ES28 328 >P28 S/3:/8 <6/8 943:/6E4/8 928 P t;A
]@ T/.E<./18./83263/E45683>6>1/8/8PII ;A a@ T/.E<./182.86l;21>8928G>E4H
6/384=</.238F<28S/G1?/8F<28C<6:/180/1/8F<28/8PII ;8./83263/E45683>6>1/
D<21/8kI 9\A
UJ, +8PI ;8928943:/6E4/8./83>6>149/98928<6/834126/8928<68G/1E>823
928 kI 9\8 P8 2.8 L/.>18 <;G1/.8 928 ./8 46:26349/98 0/1/8 3<8 D12E<26E4/8 238 92
PI ! PO sh;aA8T/.E<./1J ]@ */83>6>149/98/8P t;8928943:/6E4/A a@ (43:/6H
E4/8/8./8F<28./834126/892C/89283218/<94G.2A
UM, %.864L2.83>6>1>8928<6/80213>6/8268./3801>K4;49/92389286<23:1>
>?9>8 238 jI 9\A8 T/.E<./18 2.8 6l;21>8 928 0213>6/38 F<28 321?/68 62E23/14/3
0/1/8F<28=14:/69>8268./3801>K4;49/9238928<6/8.Q;0/1/892846E/6923E26H
E4/8 928 PII s8 928 E>63<;>8 ./8 ;/6:<L423268 26E26949/78 3<0>64269>8 F<2
:>9/8./82621=?/8/El3:4E/78F<28/:1/L423/8268P 38/8P ;a78D<2328:1/63D>1;/9/
/92E</9/;26:28 268 2621=?/8 2.UE:14E/A8 -B>:26E4/8 92.8 3>649>8 <;G1/.J
PI ! PO sh;aA@
US, %68<68E/;0>8928Dl:G>.8S/P8PI III 2302E:/9>1238F<28=14:/67826
<68;>;26:>89282;>E45678./80/./G1/8M=>.NA8I482;0.2/68O 38268<68=14:>8P
./83>6>149/98/8./8;43;/8943:/6E4/8928E/9/82;43>18238jI 9\7892:21;46/1
./82621=?/8:1/63;4:49/80>182.8/4128/8:1/LU38928P E;aA8-B>:26E4/892.83>649>
<;G1/.J8PI ! PO sh;aA@
UQ, )68 D>E>8 3>6>1>8 2;4:28 <68 3>649>8 928 aII nR8 :/.8 F<28 ./8 3>6>14H
9/98/8P ;892.8D>E>8238928kI 9\A8I4269>8./8926349/9892.8/4128268./38E>6H
94E4>6238 928 ./8 2K021426E4/8 928 P>Ol t= h;g P8 ./8 L2.>E49/98 92.8 3>649>8 92
`MI ; h378 E/.E<./1J ]@ */8 4;029/6E4/8 /El3:4E/8 92.8 /412A a@ */8 0>:26E4/
3>6>1/8 2;4:49/8 0>18 2.8 D>E>A g@ %.8 /<;26:>8 ;QK4;>8 928 01234568 268 <6
0<6:>8/8O ;892.8D>E>A k@ */8/;0.4:<98928./8>3E4./E4568928./38;>.UE<./38/
O ;892.8D>E>A