PDHonline Course M121 (4 PDH)

Cooling Water Systems - An Overview

of Cooling Towers

Instructor: A. Bhatia, B.E.

2012

PDH Online | PDH Center

5272 Meadow Estates Drive
Fairfax, VA 22030-6658
Phone & Fax: 703-988-0088
www.PDHonline.org
www.PDHcenter.com

An Approved Continuing Education Provider

 !""#$%&'()*+,'-./*+0/'1'2%'34+,4$+5'"6'!""#$%&'7"5+,/'

!"8,/+'!"%*+%*'

!"#$%&'(&"&)*(#&$++','$-#&."/&*+&0'(('1"#'-2&3-."-#$0&4$"#5&64$&)*(#&,*))$%,'"7&
83'70'-2(&"-0&'-03(#%'$(&3($&."#$%&#*&,**7&#4$'%&9:;<&"-0&1%*,$((&)",4'-$%/5&;&,**7'-2&
#*.$%&'(&#4$&)*(#&')1*%#"-#&1'$,$&*+&$=3'1)$-#&'-&"-/&'-03(#%/&.4*($&1%')"%/&13%1*($&'(&
#*&%$)*>$&4$"#&.4'7$&)'-')'?'-2&."#$%&3("2$5&64$&,*3%($&,*>$%(&@A&($,#'*-(&*+&
,*)1%$4$-('>$&'-+*%)"#'*-&*-&')1*%#"-#&"(1$,#(&*+&,**7'-2&#*.$%&#/1$(B&('?'-2B&($7$,#'*-&
"-0&1$%+*%)"-,$&'((3$(5&
'
-+9*$"%':'1'!""#$%&'-./*+0';)/$9/&

64$&")*3-#&*+&."#$%&,*-(3)$0&+*%&,**7'-2&>"%'$(&.'#4&#4$&#/1$&*+&,**7'-2&(/(#$)&
$)17*/$05&64$&,**7'-2&(/(#$)&,*370&8$&,7"(('+'$0&'-&#4%$$&8%*"0&,"#$2*%'$(C&&

@5& 3%9+'*<,"8&<'/./*+0='D-&*-,$&#4%*324&(/(#$)B&#4$&,**7'-2&."#$%&1"(($(&#4%*324&
#4$&4$"#&$E,4"-2$&$=3'1)$-#&*-7/&*-,$5&!"#$%&'(&(')17/&0%".-&+%*)&$(#3"%/B&7"F$&*%&%'>$%&
#*&#4$&1%*,$((&$=3'1)$-#G4$"#&$E,4"-2$%(&"-0&0'(,4"%2$0&8",F&#*&%'>$%5&64'(&(/(#$)&'(&
3($0&.4$%$&7"%2$&>*73)$&*+&,**7'-2&."#$%&'(&%$=3'%$0&"-0&.4$%$&#4$&."#$%&'(&">"'7"87$&'-&
"83-0"-,$5&H*,"7&$->'%*-)$-#&"3#4*%'#/&4">'-2&I3%'(0',#'*-&)3(#&1$%)'#&(3,4&'-(#"77"#'*-&
"(&#4$&$->'%*-)$-#&'((3$(&'-&)"-/&(#"#$(&0*&-*#&1$%)'#&0'(,4"%2'-2&4*#&."#$%&0'%$,#7/&#*&
%'>$%&8$,"3($&*+&."#$%&1*773#'*-&"-0&"=3"#',&7'+$&,*-,$%-(5&&
J5& >,.'*"5+,/&*%&,7*($0&%$K,'%,37"#'*-&(/(#$)&3($&#4$&(")$&,**7'-2&."#$%&%$1$"#$07/&'-&
"&,*-#'-3*3(&,/,7$5&D-&0%/&,**7'-2&#4$%$&'(&-*&0'%$,#&,*-#",#&*+&."#$%&.'#4&"'%5&64'(&#/1$&*+&
,**7'-2&(/(#$)&,*-(3)$(&7'##7$&*%&-*&."#$%B&83#&#4$/&"%$&>$%/&,*(#7/&#*&,*-(#%3,#5&64$($&
(/(#$)(&"%$&>$%/&,*))*-&.4$%$&#4$%$&'(&",3#$&(,"%,'#/&*+&."#$%&+*%&'-(#"-,$&'-&L'007$&
M"(#&,*3-#%'$(5&
N5& ?4)@",)*$4+'/./*+0/&(3,4&"(&.$#&,**7'-2&#*.$%(B&,**7'-2&1*-0(B&*%&(1%"/&1*-0(&%$K
,'%,37"#$&#4$&."#$%5&;&,**7'-2&#*.$%&'(&"&0$>',$&#4"#&,**7(&."#$%&#4"#&2$#(&4$"#$0&'-&
1%*,$((&,**7'-25&<**7'-2&#*.$%(&"%$&1%*>'0$0&#*&%$K3($&#4$&(")$&."#$%&+*%&,**7'-2&"2"'-&
"-0&"2"'-&%"#4$%&#4"-&0'(,4"%2'-2&'#&#*&#4$&$->'%*-)$-#5&64$&,**7'-2&#*.$%&%$03,$(&#4$&
$->'%*-)$-#"7&')1",#&*+&."#$%&1*773#'*-&"-0&1%*)*#$(&."#$%&,*-($%>"#'*-5&

D-&2$-$%"7B&#4$&)*(#&
"117',"#'*-(&%$7/&*-&#4$&
3($&*+&$>"1*%"#'>$&
,**7'-2&#*.$%&(/(#$)(5&

L*(#&,**7'-2&#*.$%(&"%$&
0$('2-$0&"(&(')17$&.$#&
,**7'-2&#*.$%(B&83#&31*-&
*,,"('*-B&"&#*.$%&.'77&8$&
0$('2-$0&#*&*1$%"#$&"(&"&
,*)8'-"#'*-&.$#K0%/&
,**7'-2&#*.$%5&;&.$#K0%/&
,**7'-2&#*.$%&"00(&4$"#&
#*&#4$&"'%+7*.&1%'*%&#*&
0'(,4"%2$&#4%*324&#4$&
,**7'-2&#*.$%&+"-&(#",F5&
64$&0'(,4"%2$&"'%&'(&
."%)$0&"8*>$&#4$&
")8'$-#&0$.&1*'-#&#*&
$7')'-"#$&"-/&>'('87$&
173)$&#4"#&,*370&,"3($&
7*,"7&$->'%*-)$-#"7&
,*-,$%-(&*%&4"?"%0(&#*&
7*,"7&%*"0."/(5&
&
O'23%$K@&*-&#4$&%'24#&'(&"&
NK0&')"2$&*+&"&)37#'K,$77&
PQ-*5R&)$,4"-',"7&0%"+#&
,**7'-2&#*.$%5&

&

(<+,+'A"'5+'%++A'9""#$%&'*"5+,B'

<**7'-2&#*.$%&'(&$(($-#'"7&$=3'1)$-#&'-&"7)*(#&"77&#4$&1%*,$((&'-03(#%'$(B&+$%#'7'?$%&
,*)17$E$(B&1$#%*,4$)',"7&'-03(#%'$(&"-0&"'%&,*-0'#'*-'-2&(/(#$)(5&64$/&%$1%$($-#&"&
%$7"#'>$7/&'-$E1$-('>$&"-0&0$1$-0"87$&)$"-(&*+&%$)*>'-2&7*.&2%"0$&4$"#&+%*)&,**7'-2&
."#$%5&

64$&+'23%$KJ&8$7*.&1%*>'0$(&"&(,4$)"#',&"%%"-2$)$-#&*+&"&,**7'-2&"117',"#'*-&'-&"&
1%*,$((&'-03(#%/&.4$%$&#4$&17"-#&4$"#&$E,4"-2$%(&"%$&,**7$0&.'#4&."#$%5&64$&13)1&
F$$1(&#4$&."#$%&%$K,'%,37"#'*-&#4%*324&4$"#&$E,4"-2$%(&.4$%$&'#&1',F(&31&4$"#&"-0&
0'(#%'83#$(&*-&#*&#4$&,**7'-2&#*.$%5&64$&4$"#&'(&%$7$"($0&+%*)&#4$&."#$%&#4%*324&
$>"1*%"#'*-5&&

64$&,*70&."#$%&$-#$%(&#4$&4$"#&$E,4"-2$%(&+*%&,**7'-25&64$&%$(37#'-2&4*#&."#$%&+%*)&4$"#&
$E,4"-2$%(&'(&($-#&#*&#4$&,**7'-2&#*.$%5&&&64$&,*70&."#$%&$E'#(&#4$&,**7'-2&#*.$%&"-0&'(&
($-#&8",F&#*&#4$&$E,4"-2$%(&+*%&+3%#4$%&,**7'-25&64$&)"F$K31&."#$%&(*3%,$&'(&3($0&#*&
%$17$-'(4&"%*3-0&JS&*+&."#$%&7*(#&#*&$>"1*%"#'*-&"-0&0%'+#5&

& !

O'23%$&JC&<7*($0&H**1&<**7'-2&6*.$%&T/(#$)&'-&D-03(#%/&

64$&O'23%$KN&8$7*.&1%*>'0$(&"&,*-,$1#3"7&>'$.&*+&,4'77$0&."#$%&"'%K,*-0'#'*-'-2&(/(#$)&
.'#4&."#$%K,**7$0&,*-0$-($%&"-0&,**7'-2&#*.$%5&

9$%$&#4$&4$"#&'(&$E#%",#$0&+%*)&#4$&(1",$&"-0&$E1$77$0&#*&#4$&*3#0**%(&P7$+#&#*&%'24#R&
#4%*324&A&7**1(&*+&4$"#&#%"-(+$%5&64$&,4'77$0&."#$%&'(&1%*03,$0&'-&#4$&$>"1*%"#*%&*+&#4$&
%$+%'2$%"#'*-&,/,7$&"-0&'(&1"(($0&#4%*324&"&('-27$&*%&)37#'17$&,**7'-2&,*'7(5&64$&4$"#&'(&
%$I$,#$0&#4%*324&"&."#$%K,**7$0&,*-0$-($%&"-0&#4$&,*-0$-($%&."#$%&13)1&($-0(&'#&#*&#4$&
,**7'-2&#*.$%5&64$&,**7'-2&#*.$%U(&+"-&0%'>$(&"'%&",%*((&"-&*1$-&+7*.&*+&4*#&,*-0$-($%&
."#$%B&#%"-(+$%%'-2&#4$&4$"#&#*&#4$&*3#0**%(5&

!
 6522%7!8$+!9)/ "#$%%&'!()*&+!4512 "012+&330+ "0/'&/3&+!4512 "00%$/.!:0;&+!9)/

8$+ "#$%%&'!()*&+ ,&-+$.&+)/* ()*&+ 8$+

"00%$/.!"0$% <=)20+)*0+ <J2)/3$0/!K)%=& "0/'&/3&+ "00%$/.!:0;&+

9>?@,<!AB
"C>DD<E!(8:<,!6F6:<G!(>:C!(8:<,!!"HHD<E!"HIE<I6<,
&

C"5'!""#$%&'7"5+,'(",D/B!

<**7'-2&#*.$%(&,*)$&'-&"77&(4"1$(&"-0&('?$(5&64$/&"77&.*%F&*-&#4$&(")$&1%'-,'17$&*+&
$>"1*%"#'*-&"(&#4$&)$"-(&*+&,**7'-25&64$/&"%$&0$('2-$0&#*&$E1*($&#4$&)"E')3)&."#$%&
(3%+",$&#*&#4$&)"E')3)&+7*.&*+&"'%B&+*%&#4$&7"%2$(#&1$%'*0&*+&#')$5&

64$&4*#&."#$%&$-#$%(&#4$&#*.$%&"#&#4$&#*1&"-0&'(&0'(#%'83#$0&.'#4'-&#4$&(#%3,#3%$&'-&"&
)"--$%&#4"#&$E1*($(&"&>$%/&7"%2$&."#$%&(3%+",$&#*&#4$&"'%&1"(('-2&#4%*3245&

!"#$%&0'(#%'83#'*-&'(&",,*)1"-'$0&8/&)$"-(&*+&(1%"/&-*??7$(&*%&0'(#%'83#'*-&1"-(&"-0&8/&
)$"-(&*+&>"%'*3(&#/1$(&*+&+'77&)$0'"5&64$&+'77&)$0'"&'(&2$-$%"77/&'-&+*%)&*+&*1$-&17"(#',&
)$(4&#4"#&'-,%$"($(&#4$&$E1*($0&."#$%&(3%+",$&#*&)"E')'($&,*-#",#&.'#4&"'%5&64$&."#$%&
#%',F7$(&'-&0%*17$#(&#4%*324&#4$&+'77&)$0'"5&&

;&,**7'-2&#*.$%&87*.(&"'%&",%*((&#4$&)$(4&#*&4">$&0'%$,#&,*-#",#&.'#4&#4$&+"77'-2&."#$%&(*&
#4"#&(*)$&*+&#4$&."#$%&$>"1*%"#$(&

64$&$>"1*%"#'*-&,**7(&#4$&(#%$")&*+&."#$%5&&

T*)$&*+&#4$&."#$%&'(&7*(#&#*&$>"1*%"#'*-V&#4$&."#$%&'(&,*-(#"-#7/&"00$0&#*&,**7'-2&#*.$%&
8"('-&#*&)"F$&31&#4$&0'++$%$-,$5&&

W*#4&#4$&$>"1*%"#'>$&"-0&($-('87$&4$"#&#%"-(+$%&*,,3%(&"(&#4$&."%)$%&."#$%&,*)$(&'-&
,*-#",#&.'#4&#4$&,**7$%&"'%5&64$&#*#"7&4$"#&#%"-(+$%%$0&'(&$=3"7&#*&#4$&4$"#&*+&$>"1*%"#'*-&
173(&#4$&($-('87$&4$"#5&

M>"1*%"#'*-&%$(37#(&'-&,**7'-2X&

D)"2'-$&"&0%*1&*+&2"(*7'-$&'(&13#&*-&/*3%&1"7)B&'#&2$#(&$>"1*%"#$0&"-0&/*3%&1"7)&+$$7(&
,*705&&64$&,**7'-2&'(&"&%$(37#&*+&$>"1*%"#'*-5&D-&,**7'-2&#*.$%B&#4$&$>"1*%"#'>$&4$"#&
#%"-(+$%&*,,3%(&"(&1"%#&*+&#4$&."#$%&2$#(&$>"1*%"#$0&03$&#*&,*70&")8'$-#&"'%5&YM",4&1*3-0&
*+&."#$%&$>"1*%"#$0B&%$)*>$(&(*)$.4$%$&-$"%&@ZZZW6[U(&*+&4$"#&+%*)&#4$&."#$%&#4"#&
%$)"'-(B&#43(&7*.$%'-2&'#(&#$)1$%"#3%$5\&M>"1*%"#'*-&*,,3%(&.4$-&#4$&.$#&8378&
#$)1$%"#3%$&P!W6R&*+&"'%&'(&7*.$%&#4"-&#4$&0%/&8378&#$)1$%"#3%$&P]W6R&*+&"'%5&&

!4$-&!W6&^&]W6B&#4'(&,*-0'#'*-&,*%%$(1*-0(&#*&@ZZS&%$7"#'>$&43)'0'#/&P_9R&#4"#&')17'$(&
#4$&"'%&'(&+377/&("#3%"#$05&64$&"'%&.'77&-*&7*-2$%&",,$1#&."#$%&"-0&#4$&7",F&*+&$>"1*%"#'*-&0*&
-*#&"77*.&#4$&.$##$0&8378&#*&%$I$,#&4$"#&'-#*&#4$&"'%&8/&$>"1*%"#'*-5&

9'24$%&#4$&0'++$%$-,$&8$#.$$-&]W6&"-0&!W6B&7*.$%&'(&#4$&%$7"#'>$&43)'0'#/&*%&0%'$%&'(&#4$&
"'%5&
64$&7*.$%&%$7"#'>$&43)'0'#/&'-0',"#$(&2%$"#$%&,"1",'#/&*+&"'%&#*&"8(*%8&*%&4*70&."#$%&"-0&
(4"77&%$(37#&'-&$++','$-#&7*.$%'-2&*+&."#$%&#$)1$%"#3%$(5&

T$-('87$&<**7'-2X&

64$&"'%&#$)1$%"#3%$&%'($(&"(&'#&"8(*%8(&($-('87$&4$"#&+%*)&#4$&."#$%5&64'(&($-('87$&4$"#&
#%"-(+$%&*,,3%(&'+&#4$&0%/&8378&#$)1$%"#3%$&P]W6R&*+&"'%&'(&7$((&#4"-&#4$&]W6&*+&."#$%5&

D-&(3))"%/C&

6*#"7&4$"#&#%"-(+$%%$0&^&9$"#&*+&$>"1*%"#'*-&`&T$-('87$&9$"#&

@&78&*+&."#$%&$>"1*%"#$0&#"F$(&.'#4&'#&@ZZZ&W6[(&*+&4$"#5&

aZS&*+&,**7'-2&'-&,**7'-2&#*.$%&'(&#4%*324&$>"1*%"#'*-&"-0&#4$&8"7"-,$&'(&#4%*324&#4$&
($-('87$&,**7'-25&

&

-+9*$"%'E'1'!""#$%&'7"5+,'F+,6",0)%9+&

W$+*%$&2*'-2&+3%#4$%B&'#&'(&')1*%#"-#&#*&3-0$%(#"-0&#.*&)*(#&,%'#',"7&1"%")$#$%(&"((*,'"#$0&
.'#4&,**7'-2&#*.$%(&>'?5&#4$&Y_"-2$\&"-0&#4$&Y;11%*",4\5&&

64$&4$"#&7*"0&$=3"#'*-&(4"77&1%*>'0$&(*)$&"-(.$%5&64$&8"(',&4$"#&#%"-(+$%&$=3"#'*-&+*%&
."#$%K,**7'-2&'(&&

9$"#&7*"0&P'-&W#3(G4%R&^&AZZ&E&+7*.&'-&bcL&E&_"-2$&'-&O&

_"-2$&

_"-2$&'(&#4$&0'++$%$-,$&8$#.$$-&#4$&,**7'-2&#*.$%&."#$%&'-7$#&"-0&*3#7$#&#$)1$%"#3%$(5&
O*%&'-(#"-,$&"&0$('2-&0$)"-0'-2B&#4$&4*#&."#$%&,*)'-2&d&@ZZ&0$2&O&"-0&%$=3'%$0&#*&8$&
,**7$0&#*&eZ&0$2&O&'(&("'0&#*&4">$&"&0$('2-$0&%"-2$&*+&@Z&0$2&O5&

;11%*",4&

!4$%$&0*$(&;11%*",4&,*)$&'-#*&1',#3%$f&

64$&"8*>$&$=3"#'*-&0$+'-$(&#4$&_"-2$5&g-&7$"%-'-2&#4'(B&D&."(&"(F$0&"&,3%'*3(&=3$(#'*-&
#4"#&'+&#4$&,**7'-2&#*.$%&'(&"&4$"#&#%"-(+$%&0$>',$&.4/&"#&"77&D&-$$0&#4$&)$,4"-',"7&
%$+%'2$%"#'*-&#*&,4'77&#4$&."#$%5&D&.'77&(')17/&,**7&#4$&."#$%&+%*)&@ZZ&#*&eZ&0$2&O&"-0&#4"-&
"2"'-&1"((&'#&#*&,**7&+%*)&eZ&0$2&O&#*&aZ&0$2&OB&#4"-&aZ&0$2&O&#*&hZ&0$2&O&"-0&(*&*-X5&
;7(*&D&,"-&($7$,#&"&8'22$%&('?$K,**7'-2&#*.$%&*+&4'24$%&%"-2$&*+&("/&NZ&0$2&O&'-&*-$&(#%*F$&
#*&,4'77&#4$&."#$%5&

64$&"-(.$%&#*&#4'(&'-=3'('#'>$&=3$(#'*-&'(&ig5&64$&")*3-#&*+&,**7'-2&#4"#&/*3&2$#&+%*)&"&
,**7'-2&#*.$%&0$1$-0(&*-&#4$&.$#&8378&#$)1$%"#3%$&P!W6R&*%&%$7"#'>$&43)'0'#/&P_9R&*+&
#4$&"'%5&9$%$&.4$%$&#4$&*#4$%&)"'-&#$%)&Y;11%*",4\&,*)$(&'-#*&1',#3%$5&&64$&"11%*",4&
0',#"#$(&#4$&#4$*%$#',"7&7')'#&#*&#4$&7$">'-2&,*70K."#$%&#$)1$%"#3%$&"-0&'(&"&+3-,#'*-&*+&
")8'$-#&.$#&8378&#$)1$%"#3%$5&6$)1$%"#3%$&;11%*",4&'(&#4$&0'++$%$-,$&8$#.$$-&#4$&
,**7'-2&#*.$%&,*70K."#$%&#$)1$%"#3%$&"-0&")8'$-#&.$#&8378&#$)1$%"#3%$5&&i*&)"##$%&#4$&
('?$&*+&#4$&,**7'-2&#*.$%B&%"-2$&*%&4$"#&7*"0B&'#&'(&-*#&1*(('87$&#*&,**7&#4$&."#$%&8$7*.&#4$&
.$#&8378&#$)1$%"#3%$&*+&"'%&.'#4&$>"1*%"#'>$&"'%K,**7'-25&
64*324&8*#4&1"%")$#$%(&_"-2$&"-0&#4$&;11%*",4&(4*370&8$&)*-'#*%$0&"-0&(1$,'+'$0B&
#4$&j;11%*",4j&'(&"&8$##$%&'-0',"#*%&*+&,**7'-2&#*.$%&1$%+*%)"-,$5&64$&"11%*",4&
#$)1$%"#3%$(&2$-$%"77/&+"77&8$#.$$-&A&"-0&JZ&0$2&O&')17/'-2&#4"#&#4$&7$">'-2&<!6&(4"77&
8$&A&#*&JZ&0$2&O&"8*>$&#4$&")8'$-#&!W6&-*&)"##$%&'(&=3"-#3)&*+&4$"#&7*"0&*%&#4$&('?$&*+&
#4$&,**7'-2&#*.$%5&;(&#4$&($7$,#$0&"11%*",4&'(&%$03,$0B&#*.$%&('?$&'-,%$"($(&
$E1*-$-#'"77/5&i$'#4$%&'#&'(&$,*-*)',"7&#*&($7$,#&"&,**7'-2&#*.$%&+*%&"11%*",4$(&7$((&#4"-&
A&0$2&O&-*%&0*&"-/&)"-3+",#3%$%&23"%"-#$$(&#4$&1$%+*%)"-,$&+*%&"11%*",4$(&7$((&#4"-&A&
0$2&O5&&&&

]$('2-&!$#KW378&6$)1$%"#3%$&

64$&!$#&8378&#$)1$%"#3%$&P!W6R&'(&"&('#$&,*-0'#'*-&)$"(3%$0&8/&17",'-2&"&#4'-&+'7)&*+&
."#$%&*-&#4$&8378&*+&"&#4$%)*)$#$%5&;&-*-K.$##$0&#4$%)*)$#$%&%$"0'-2&1%*>'0$(&k0%/&
8378U&#$)1$%"#3%$&P]W6R&%$"0'-25&&

;&,*)1"%'(*-&*+&.$#&"-0&0%/&8378&%$"0'-2(&"77*.(&#4$&%$7"#'>$&43)'0'#/&#*&8$&0$#$%)'-$0&
+%*)&"&1(/,4*)$#%',&,4"%#&*%&#4$&"'%&1%*1$%#'$(&#"87$5&64$&.$#&8378&#$)1$%"#3%$&'(&"7."/(&
7*.$%&#4"-&#4$&0%/&8378&>"73$&$E,$1#&.4$-&#4$&"'%&'(&+377/&("#3%"#$0&.'#4&."#$%&l&"&
,*-0'#'*-&F-*.-&"(&@ZZS&%$7"#'>$&43)'0'#/5&64'(&'(&.4$-&#4$&.$#&"-0&0%/&8378&
#$)1$%"#3%$(&"%$&#4$&(")$5&

;&('-27$&.$#&8378&%$"0'-2&.'77&"77*.&"&1%$0',#'*-&*+&,**7'-2&#*.$%&1$%+*%)"-,$&"#&#4"#&
3-'=3$&,*-0'#'*-&83#&#4$&.$#&8378&,4"-2$(&#4%*324*3#&#4$&0"/&"-0&/$"%5&6/1',"77/&"&.$#K
8378&#$)1$%"#3%$&#4"#&0*$(&-*#&$E,$$0&)*%$&#4"-&AS&*+&#4$&#*#"7&4*3%(&'-&"&/$"%&'(&#4$&
0$('2-&.$#K83785&&&;&>"73$&*+&AS&'(&($7$,#$0&8$,"3($&#4$&4*3%(&'-&.4',4&#4$&.$#K8378&
#$)1$%"#3%$&$E,$$0(&#4'(&#$)1$%"#3%$&"%$&($70*)&,*-($,3#'>$&"-0&3(3"77/&*,,3%&+*%&*-7/&
(4*%#&1$%'*0(&*+&#')$5&64$&0$('2-K.$#&8378&'(&#/1',"77/&0$#$%)'-$0&8/&%$>'$.'-2&"&.$"#4$%&
'-+*%)"#'*-&,4"%#&#4"#&4"(&8$$-&1%$1"%$0&8/&#"F'-2&-3)$%*3(&%$"0'-2(&'-&"&1"%#',37"%&
"%$"&*>$%&($>$%"7&/$"%(5&;T9;_M&23'0$7'-$(&1%*>'0$&#4$&,*-(*7'0"#$0&0$('2-&.$#&8378&
#$)1$%"#3%$&+'23%$(&+*%&"7)*(#&"77&#4$&2$*2%"14',"7&7*,"#'*-(&'-&#4$&.*%705&

64$&.$#K8378&#$)1$%"#3%$&#4"#&'(&(1$,'+'$0&'(&2$-$%"77/&"-&")8'$-#&.$#K8378&%"#4$%&#4"-&
"-&$-#$%'-2&.$#K83785&&64$&$-#$%'-2&.$#K8378&#$)1$%"#3%$&'(&#4$&>"73$&3($0&#*&0$('2-&#4$&
#*.$%&"-0&)"/&*%&)"/&-*#&8$&#4$&(")$&"(&#4$&")8'$-#&.$#K83785&&D+&#4$&")8'$-#&.$#K8378&
'(&(1$,'+'$0B&#4$&>$-0*%&)"/&"0I3(#&#4$&.$#K8378&#$)1$%"#3%$&4$&3($(&+*%&('?'-2&#4$&#*.$%&
31."%0(&#*&",,*3-#&+*%&"-/&1*#$-#'"7&%$K,'%,37"#'*-5&

;&+",#&#*&-*#$X&

]*$(&,**7'-2&#*.$%&0',#"#$&%"#$&*+&4$"#&#%"-(+$%f&X5&ig&

D#&'(&"&)/#4&#4"#&#4$&('?$&*+&,**7'-2&#*.$%&0',#"#$(&#4$&%"#$&*+&4$"#&#%"-(+$%K&'#&0*$(-U#5&;&
,**7'-2&#*.$%&(')17/&2'>$(&31&#4$&4$"#&'#&'(&2'>$-5&64$&,**7'-2&*+&."#$%&'(&1%*1*%#'*-"7&#*&
#4$&0'++$%$-,$&'-&$-#4"71'$(&*+&#4$&7$">'-2&"-0&$-#$%'-2&"'%&(#%$")(5&64$&4$"#&2'>$-&8/&#4$&
."#$%&+"77'-2&'-('0$&#4$&#*.$%&$=3"7(&#4$&4$"#&2"'-$0&8/&#4$&"'%&%'('-2&#4%*324&#4$&#*.$%5&&

;&8'2&('?$&,**7'-2&#*.$%&)"/&",,*)17'(4&#4$&,**7'-2&*+&("/&@ZZZ&bcL&*+&."#$%&+7*.&+%*)&
eZ&#*&aZ&O5&D+&'#&'(&k()"77UB&'#&)'24#&,**7&#4$&@ZZZ&bcL&."#$%&+%*)&@ZZ&#*&eZ&O5&D-&$'#4$%&
,"($B&#4$&4$"#&#%"-(+$%&"-0&$>"1*%"#'*-&%"#$(&"%$&#4$&(")$5&64$&('?$&*+&#4$&,**7'-2&#*.$%B&
#4$&+7*.&%"#$&"-0&#4$&.$#&8378&#$)1$%"#3%$&0$#$%)'-$&#4$&'-7$#&"-0&*3#7$#&."#$%&
#$)1$%"#3%$(K&83#&-*#&#4$&0'++$%$-,$&8$#.$$-&#4$)5&

D-&(3))"%/C&

_"-2$&^&9*#&."#$%&'-7$#&#$)1$%"#3%$&P9!6R&l&<*70&."#$%&*3#7$#&#$)1$%"#3%$&P<!6R&

;11%*",4&^&<*70&."#$%&*3#7$#&#$)1$%"#3%$&P<!6R&l&!W6&
64$&%"-2$B&4$"#&7*"0B&!W6&"-0&"11%*",4&"++$,#&#4$&,**7'-2&#*.$%&1$%+*%)"-,$5&;11%*",4&
4*.$>$%&'(&#4$&1"%")*3-#&+",#*%&'-&0$#$%)'-'-2&#4$&,**7'-2&#*.$%&1$%+*%)"-,$5&D#&(4*370&
8$&-*#$0&#4"#&.4$-&#4$&!W6&+"77(B&#4$&7$">'-2&."#$%&#$)1$%"#3%$&+%*)&#4$&,**7'-2&#*.$%&
"7(*&0$,%$"($(5&64'(&'(&"&7'-$"%&%$7"#'*-(4'1&.4$-&+7*.&"-0&%"-2$&"%$&,*-(#"-#5&!'#4&
,*-(#"-#&+7*.B&.4$-&#4$&4$"#&7*"0&0$,%$"($(B&#4$&%"-2$&0$,%$"($(5&64'(&'(&$E1%$(($0&8/&
9$"#&7*"0&PmR&^&AZZ&E&."#$%&+7*.&PbcLR&E&%"-2$&POR&

-+9*$"%'G'1'!""#$%&'7"5+,'7.@+/&
<**7'-2&#*.$%(&+"77&'-#*&#.*&)"'-&(38K0'>'('*-(C&&-"#3%"7&0%"+#&"-0&)$,4"-',"7&0%"+#5&&'

i"#3%"7&]%"+#&<**7'-2&6*.$%(&

@5& i"#3%"7&0%"+#&,**7'-2&#*.$%(&"%$&,4"%",#$%'?$0&8/&0'(#'-,#&(4"1$&)3,4&7'F$&"&#"77&
,/7'-0$%&.'#4&"&#'24#&8$7#&"%*3-0&#4$&."'(#&#*&1%*>'0$&(#"8'7'#/&&
J5& 64$&-"#3%"7&0%"+#&#*.$%&0$('2-(&*1$%"#$&*-&"&,4')-$/&1%'-,'17$&#4"#&"77*.(&#4$&"'%&
)*>$)$-#&*-&0$-('#/&0'++$%$-#'"7&
N5& T3,4&#*.$%(&4">$&#4$&"0>"-#"2$&*+&-*#&%$=3'%'-2&"-/&+"-(B&)*#*%(B&2$"%8*E$(B&$#,5&
64$&#"77&(#",F&'-(3%$(&"2"'-(#&%$K,'%,37"#'*-&*+&"'%&
Q5& 64$($&#*.$%(&3($&7"%2$&(1",$5&]3$&#*&#4$&#%$)$-0*3(&('?$&*+&#4$($&#*.$%(&PAZZ&+#&
4'24&"-0&QZZ&+#&'-&0'")$#$%&"#&#4$&8"($R&#4$/&"%$&2$-$%"77/&3($0&+*%&."#$%&+7*.&%"#$(&
"8*>$&JZZZZZ&2"7&G)'-5&&
A5& D-&[-'#$0&T#"#$(B&#4$($&#/1$(&*+&#*.$%(&"%$&2$-$%"77/&3($0&*-7/&8/&3#'7'#/&1*.$%&
(#"#'*-(&

L$,4"-',"7&]%"+#&<**7'-2&6*.$%(&

L$,4"-',"7&0%"+#&,**7'-2&#*.$%(&"%$&)3,4&)*%$&.'0$7/&3($05&&64$($&#*.$%(&3#'7'?$&7"%2$&
+"-(&#*&+*%,$&"'%&#4%*324&,'%,37"#'-2&."#$%5&&&64$&."#$%&+"77(&0*.-."%0&*>$%&+'77&(3%+",$(&
.4',4&4$71&'-,%$"($&#4$&,*-#",#&#')$&8$#.$$-&#4$&."#$%&"-0&#4$&"'%5&&64'(&4$71(&)"E')'?$&
4$"#&#%"-(+$%&8$#.$$-&#4$&#.*5&

64$&)*(#&9:;<&"-0&'-03(#%'"7&,**7'-2&"117',"#'*-(&%$7/&*-&#4$&3($&*+&)$,4"-',"7&0%"+#&
,**7'-2&#*.$%(&"-0&#4$%$+*%$&#4$($&"%$&+3%#4$%&0'(,3(($05&

6/1$(&*+&L$,4"-',"7&]%"+#&6*.$%(C&

L*(#&)$,4"-',"7&0%"+#&,**7'-2&#*.$%(&"%$&">"'7"87$&$'#4$%&"(&#4$&,*3-#$%K+7*.&*%&,%*((K
+7*.&"%%"-2$)$-#(5&64$&+'23%$&Q&"-0&A&1%*>'0$(&"&(,4$)"#',&"%%"-2$)$-#&"-0&-*#$&#4$&
0'++$%$-,$&7'$(&'-&#4$&ODHH&"%%"-2$)$-#5&

&
 c_gcMHHg_
O;i

ODHH&T[_O;<M

;D_&D i6;nM
Hg[:M_T

<gH]&! ;6M_
W;TDi
<gH]
T[Lc
!;6M_

HI>J!?>' >K2L7' !3JI7?KMLN3(

!33NHIO'73(?K

c_gcMHHg_&O ;i

ODHH&T[_O;<M ;D_&D i6;nM

Hg[:M_T

<gH]&!;6M_
W;TDi
T[Lc
<gH]&!;6M_

HI>J!?>' >K2L7' !K3--MLN3(

!33NHIO' 73(?K
!
!!!
&
<*3-#$%K+7*.&<**7'-2&6*.$%(&
D-&,*3-#$%K,3%%$-#&#*.$%(B&"'%&)*>$(&>$%#',"77/&31."%0&#4%*324&#4$&+'77B&,*3-#$%&#*&#4$&
0*.-."%0&+"77&*+&."#$%5&&!"#$%&'(&0'(#%'83#$0&",%*((&#4$&+'77&3('-2&"&(/(#$)&*+&4$"0$%(B&
+$$0&1'1$(&"-0&(1%"/(5&D-&)"I*%'#/&*+&"117',"#'*-(&#4$($&#*.$%(&"%$&'-03,$0&0%"+#5&&
<%*((K+7*.&<**7'-2&6*.$%(&
D-&,%*((K+7*.&#*.$%(B&"'%&)*>$(&4*%'?*-#"77/&#4%*324&#4$&+'77&",%*((&#4$&0*.-."%0&+"77&*+&
."#$%5&&9*#&."#$%&'(&0$7'>$%$0&#*&#4$&4*#&."#$%&8"('-&.4$%$&'#&'(&0'(#%'83#$0&8/&2%">'#/&
",%*((&#4$&+'775&64$($&#*.$%(&"%$&2$-$%"77/&'-03,$0&0%"+#5&
&
<*)1"%"#'>$&;-"7/('(&P<*3-#$%K+7*.&>G(&<%*((K+7*.R&
64$&,*)1"%"#'>$&"-"7/('(&'(&)"0$&*-&#4$&+*77*.'-2&0'(#'-,#'>$&1"%")$#$%(5&
@5& O'77&L$0'"C&&
<*3-#$%K+7*.&,**7'-2&#*.$%(&3#'7'?$&"&17"(#',&+'7)&+'77&4$"#&$E,4"-2$&)$0'"&#4"#&
%$03,$(&8*#4&13)1&4$"0&"-0&4*%($1*.$%&,*(#(V&,%*((K+7*.&#*.$%(&#/1',"77/&3#'7'?$&
"&(17"(4K#/1$&4$"#&$E,4"-2$%5&9*.$>$%B&'#&'(&1*(('87$&#*&+'-0&$'#4$%&#/1$&*+&
$E,4"-2$&)$0'"&'-&8*#4&#/1$(&*+&#*.$%(5&
J5& T1",$&"-0&T'?$&<*-(#%"'-#(&
<*3-#$%K+7*.&#*.$%(&#$-0&#*&8$&#4$&)*(#&,*)1",#5&64'(&'(&8$,"3($&#4$&,*70$(#&"'%&'(&'-&
'-#')"#$&,*-#",#&.'#4&#4$&$-#'%$&,%*((&($,#'*-&*+&."#$%&I3(#&8$+*%$&'#&+"77(&'-#*&#4$&8"('-5&
<%*((K+7*.&'(&"7(*&,*)1",#&83#&%$=3'%$&7"%2$%&+**#1%'-#&#4"-&#4$&,*3-#$%K+7*.&#*.$%(5&
N5& g1$%"#'-2&!$'24#&
<*3-#$%&+7*.&#*.$%(&*++$%&7*.&*1$%"#'-2&.$'24#&K&#4'(&'(&"&)"I*%&,*-,$%-&.4$-&%$17",'-2&"&
,**7'-2&#*.$%&7*,"#$0&*-&"-&$E'(#'-2&%**+&(#%3,#3%$5&<"%$&)3(#&8$&#"F$-&-*#&#*&$E,$$0&#4$&
*%'2'-"7&(#%3,#3%"7&,"1",'#'$(5&<%*((K+7*.&*1$%"#'-2&.$'24#&'(&4'24$%&#4"-&#4$&,*3-#$%K+7*.&
#*.$%5&
Q5& O'77&;%%"-2$)$-#&
O*%&,*3-#$%&+7*.&#*.$%B&#4$&.$#&0$,F&P+'77&)$0'"R&'(&$-,"($0&*-&"77&#4$&+*3%&('0$(5&64'(&
4$71(&1%$>$-#&','-2&'-&.'-#$%&*1$%"#'*-5&64$&1%$>"'7'-2&.'-0(&0*&-*#&0'%$,#7/&"++$,#&#4$&+'775&&
M-#'%$&.*%F'-2&(/(#$)&'(&23"%0$0&+%*)&#4$&(3-j(&%"/(&"-0&4$71(&%$03,$&"72"$&2%*.#45&;'%&
'-7$#&7*3>$%(&($%>$&"(&(,%$$-(&#*&1%$>$-#&0$8%'(&+%*)&$-#$%'-2&(/(#$)5&&<%*((K+7*.&.$#&
0$,F&P+'77R&'(&$-,"($0&*-&#.*&('0$(&*-7/5&64$&1%$>"'7'-2&.'-0(&0'%$,#7/&"++$,#&#4$&+'77&"-0&
4">$&1%*87$)(&*+&','-2&'-&.'-#$%&*1$%"#'*-5&&
A5& O'77&T311*%#&
64$&.$#&0$,F&P+'77R&'(&(311*%#$0&+%*)&(#%3,#3%"7&(311*%#(&3-0$%-$"#45&64'(&1%$>$-#(&
("22'-2&"-0&,%$"#$(&"&.*%F'-2&17"#+*%)&*-&#*1&*+&#4$&+'77&+*%&($%>',$5&D-&,%*((K+7*.&
2$-$%"77/&#4$&+'77&)$0'"&'(&(311*%#$0&8/&%*0(5&D,'-2&"-0&.$"%&)"/&0$#$%'*%"#$&#4$&+'77&
)"F'-2&'#&("2B&.4',4&)"/&"++$,#&1$%+*%)"-,$5&&
o5& g1$%"#'-2&<*(#(&
<*3-#$%K+7*.&#*.$%&%$=3'%$&'-,%$"($0&+"-&4*%($1*.$%&%$(37#'-2&+%*)&"'%+7*.&'-&0'%$,#&
*11*('#'*-&#*&#4$&."#$%&+7*.5&64$%$+*%$&#4$&%$,3%%'-2&$-$%2/&,*(#(&(4"77&8$&4'24$%5&<%*((&
+7*.&#*.$%(&"%$&1*137"%&1%')"%'7/&03$&#*&#4$'%&*1$%"#'*-"7&,*(#&(">'-2(5&&
h5& T"+$#/&_$=3'%$)$-#(&
<*3-#$%K+7*.&#*.$%(&"%$&#/1',"77/&#"77$%&#4"-&*#4$%&(#/7$(&83#&0*&-*#&%$=3'%$&4"-0%"'7(&*%&
1'1'-2&"#&#*1&*+&#*.$%5&<%*((K+7*.&#*.$%(&)"-/&"&#')$(&%$=3'%$&4"-0%"'7B&("+$#/&,"2$B&p&
($%>',$&17"#+*%)&1$%&#4$&%$=3'%$)$-#(&*+&gT9;&23'0$7'-$(5&&D#&'(&0'++',37#&#*&($%>',$&+"-&
0%'>$&(/(#$)&'-&,%*((K+7*.&#*.$%(&"-0&#4$($&)3(#&4">$&'-#$%-"7&p&$E#$%-"7&($%>',$&
17"#+*%)(&"-0&7"00$%(&#*&%$",4&0%'>$&(/(#$)(5&&
a5& L"'-#$-"-,$&
<*3-#$%K+7*.&0$('2-&*++$%(&"-&$"('$%&)"'-#$-"-,$&0$('2-&#4"-&,%*((K+7*.&,**7'-2&#*.$%(5&
<*3-#$%K+7*.&#*.$%(&"%$&$"(/&#*&)"'-#"'-B&"(&,*70K."#$%&8"('-&'(&*1$-&*-&"77&('0$(&.'#4&-*&
%$(#%',#'*-(&+%*)&.$#&0$,F5&M"('7/&",,$(('87$&,*70&."#$%&8"('-B&-*&8"('-&,*>$%(&
%$=3'%$05&<%*((K+7*.&#*.$%(&"%$&0'++',37#&#*&)"'-#"'-5&64$($&%$=3'%$&+%$=3$-#&,7$"-'-2&*+&
4*#&."#$%&8"('-&*-&#*1&*+&#*.$%&<%*((&+7*.&#*.$%&"%$&0'++',37#&#*&,7$"-&"#&#4$&,*70&."#$%&
8"('-&3-0$%&.$#&0$,F&8$,"3($&*+&7')'#$0&",,$((5&&
e5& W"7"-,'-2&_$=3'%$)$-#(&
<*3-#$%K+7*.&0*$(&-*#&-$$0&8"7"-,'-2&>"7>$(&#*&$>$-&#4$&+7*.&8$#.$$-&2%">'#/&
8"('-(5&O*%&,%*((K+7*.B&*1$-&2%">'#/&4*#&."#$%&8"('-(&%$=3'%$&8"7"-,'-2&>"7>$(&#*&'-(3%$&
$>$-&+7*.&"-0&)"E')3)&1$%+*%)"-,$5&&
@Z5& H')'#"#'*-(&
<*3-#$%K&+7*.&#*.$%&%$=3'%$&"'%+7*.&*-&"77&+*3%&('0$(&+*%&*1#')3)&1$%+*%)"-,$5&<%*((K+7*.&
#*.$%(&"7(*&4">$&7')'#$0&,*-+'23%"#'*-(&">"'7"87$&#*&+'#&7"/*3#5&<"%$&)3(#&8$&#"F$-&-*#&#*&
7"/&*3#&)*%$&#4"-&PJR&#*.$%(&('0$&8/&('0$&*%&)'007$&,$77(&.'77&8$&0'++',37#&#*&",,$((B&*3#$%&
,$77(&)"/&4">$&#*&8$&(43#&0*.-&#*&($%>',$&'--$%&,$77(5&&
@@5& D-'#'"7&<*(#&
<*3-#$%K+7*.&#*.$%(&"%$&#/1',"77/&$E1$-('>$&#*&83'70&"-0&4">$&4'24$%&'-'#'"7&,*(#&>G(5&,%*((&
+7*.&#*.$%5!!!!
&
O*%,$0&]%"+#&<**7'-2&6*.$%(&
64$&0$(,%'1#'*-&"8*>$&1$%#"'-(&#*&#4$&'-03,$0&0%"+#&,**7'-2&"%%"-2$)$-#&.4$%$&#4$&"'%&'(&
0%".-&+%*)&#4$&'-#"F$&7*3>$%(&"#&#4$&8*##*)&"-0&'(&0'(,4"%2$&#4%3&"&+"-&"#&#*15&D-&+*%,$0&
0%"+#&"%%"-2$)$-#&#4$&"'%&'(&87*.-&#4%*324&"-0&#4$&+"-(&"%$&7*,"#$0&"#&#4$&8*##*)5&

64$&+*%,$0&0%"+#&,**7'-2&#*.$%(&"%$&"7(*&'-&3($&83#&4">$&,$%#"'-&0'("0>"-#"2$(C&

L"'-#$-"-,$&'(&4'245&<*70&."#$%&8"('-&'(&,*>$%$0&"-0&0'++',37#&#*&",,$((5&&&
c%$((3%'?$0&311$%&,"('-2&'(&)*%$&(3(,$1#'87$&#*&."#$%&7$"F(&#4"-&#4$&'-03,$0&0%"+#&
(#/7$(5&&&
9'24&+"-&)*#*%&4*%($1*.$%&%$=3'%$)$-#(5&6/1',"77/&0*387$&#4"#&*+&"&,*)1"%"87$&
'-03,$0&0%"+#&,*3-#$%K+7*.&,**7'-2&#*.$%5&&&

64$&+*%,$0&0%"+#&,**7'-2&#*.$%(&+'-0&"117',"#'*-&*-&,%'#',"7&7"/*3#&('#3"#'*-(5&64$($&,"-&8$&
3($0&+*%&'-0**%&"117',"#'*-(&"-0&03,#$0&#*&*3#('0$&*+&#4$&83'70'-25&D#&4"(&7*.&-*'($&>G(&
*#4$%&,**7'-2&#*.$%&(#/7$(5&!

&

-+9*$"%'P'1'!""#$%&'7"5+,'!)@)9$*$+/'Q'24)$#)R$#$*.'
L$,4"-',"7&0%"+#&#*.$%(&"%$&">"'7"87$&'-&"&7"%2$&%"-2$&*+&,"1",'#'$(5&64$&-*)'-"7&
,"1",'#'$(&%"-2$&+%*)&"11%*E')"#$7/&@A&bcL&#*&($>$%"7&#4*3("-0&bcL5&6*.$%(&
+*%&9:;<&03#/&"%$&%"#$0&'-&-*)'-"7&#*-(5&W"($0&*-&#4$&,"1",'#/&('?$(B&#4$&#*.$%(&
,"-&8$&$'#4$%&+",#*%/&83'7#&*%&+'$70&$%$,#$05&

c",F"2$0&<**7'-2&6*.$%(&

c",F"2$0&#*.$%(&"%$&#4$&*-$&.4$%$&#4$&+'%(#&*%&$(($-#'"77/&"77&"(($)87/&'(&0*-$&"#&#4$&
)"-3+",#3%$%U(&17"-#5&64'(&#/1$&*+&,**7'-2&#*.$%&'(&)"-3+",#3%$0&(*&'#&,"-&8$&#%"-(1*%#$0&
$"('7/&#*&#4$&I*8&('#$&.'#4*3#&(1$,'"7&#%3,F'-2&1$%)'#(5&L*(#&4$"#'-2&"-0&,**7'-2&
"117',"#'*-(&P9:;<R&%$=3'%$&,**7'-2&#*.$%(&('?$0&8$7*.&@ZBZZZ&bcL5&6*.$%(&+*%&9:;<&
03#/&"%$&%"#$0&'-&-*)'-"7&#*-(B&8"($0&*-&#4$&4$"#&7*"0&*+&@AZZZ&W#3&1$%&#*-$&P@JZZZ&W#3&
,**7'-2&7*"0&173(&NZZZ&W#3U(&1$%&#*-&+*%&.*%F&*+&,*)1%$(('*-RB&."#$%&+7*.&*+&N&bcL&1$%&
#*-B&"&@Zq&O&%"-2$&"-0&9!6&"-0&<!6&*+&eAq&O&"-0&aAq&O&%$(1$,#'>$7/5&

6*.$%(&*+&#4'(&#/1$&3(3"77/&"%$&)"((&1%*03,$0&'-&+",#*%'$(&.'#4&O_c&*%&2"7>"-'?$0&(#$$7&
(#%3,#3%$&"-0&,"('-25&&

O'$70&M%$,#$0&<**7'-2&6*.$%(&

<**7'-2&#*.$%(&%$=3'%'-2&"&#4$%)"7&03#/&8$/*-0&#4$&,"1"8'7'#'$(&*+&"&1",F"2$&,**7'-2&
#*.$%&"%$&7"%2$%B&%$=3'%'-2&#4$)&#*&8$&)"-3+",#3%$0B&(4'11$0&"-0&"(($)87$0&"#&#4$&('#$5&
b$-$%"77/&7"%2$&'-(#"77"#'*-(&%$=3'%$&+'$70&$%$,#'*-&.'#4&+",#*%/&83'7#&"(($)87'$(&+*%&7"%2$&
.**0&"-0&(#$$7&+%")$0&#*.$%(&8$'-2&13#&#*2$#4$%&"#&#4$&I*8('#$5&<*-,%$#$&#*.$%(&"%$&"7(*&
+'$70&$%$,#$05&64$($&,"-&%$,$'>$0&"%,4'#$,#3%"7&#%$"#)$-#&+*%&"$(#4$#',&13%1*($(5&64$($&
"%$&+'$70K$%$,#$0&#*.$%(&"-0&2$-$%"77/&"%$&3($0&'-&)*(#&'-03(#%'"7&"-0&3#'7'#/&"117',"#'*-(5&
O'$70K$%$,#$0&)$,4"-',"7&0%"+#&#*.$%(&,"-&4"-07$&+7*.&%"#$(&+%*)&@ZZZZ&#*&NAZZZZ&2"7&
G)'-5&&

L"-/&"&#')$(B&#*.$%(&"%$&,*-(#%3,#$0&(*&#4"#&#4$/&,"-&8$&2"-2$0&#*2$#4$%&#*&",4'$>$&#4$&
0$('%$0&,"1",'#/5&643(&)"-/&,**7'-2&#*.$%(&"%$&"(($)87'$(&*+&#.*&*%&)*%$&'-0'>'03"7&
,**7'-2&#*.$%(&*%&,$77(5&T3,4&,**7'-2&#*.$%(&"%$&%$+$%%$0&#*&8/&#4$&-3)8$%&*+&,$77(&#4$/&
4">$&$525&"&+'>$&,$77&,**7'-2&#*.$%5&L37#'17$&,$77&#*.$%(&,"-&8$&7'-$"%B&(=3"%$&*%&%*3-0&
0$1$-0'-2&31*-&#4$&(4"1$&*+&#4$&'-0'>'03"7&,$77(&"-0&.4$#4$%&#4$&"'%&'-7$#(&"%$&7*,"#$0&*-&
#4$&('0$(&*%&8*##*)(&*+&,$77(5&

L$,4"-',"7&0%"+#&#*.$%(&*++$%&,*-#%*7&*+&,**7'-2&%"#$(&'-&#4$'%&+"-&0'")$#$%&"-0&(1$$0&*+&
*1$%"#'*-5&&64$&,**7'-2&#*.$%(&*+#$-&,*-#"'-&($>$%"7&"%$"(B&$",4&.'#4&#4$'%&*.-&+"-B&,"77$0&
,$77(5!

-+9*$"%'S'1'!""#$%&'7"5+,'T)*+,$)#/'

<**7'-2&#*.$%&(#%3,#3%$(&"%$&,*-(#%3,#$0&3('-2&1%')"%'7/&#4%$$&)"#$%'"7(C&.**0B&,*-,%$#$&
"-0&(#$$75&

D-&$"%7/&0"/(B&#*.$%(&.$%$&,*-(#%3,#$0&1%')"%'7/&*+&.**05&D-&.**0$-&#*.$%(B&<"7'+*%-'"-&
_$0.**0&"-0&]*327"(&+'%&"%$&#4$&#.*&)*(#&$E#$-('>$7/&3($0&.**0(5&&

!'#4&"0>$-#&*+&-$.&#$,4-*7*2'$(&"-0&#4$&-$$0&+*%&)"((&1%*03,#'*-B&#*0"/&#4$&#*.$%&
)"-3+",#3%$%(&+"8%',"#$&#*.$%&,*)1*-$-#(&+%*)&"&>"%'$#/&*+&)"#$%'"7(5&g+#$-&($>$%"7&
)"#$%'"7(&"%$&3($0&#*&,*-(#%3,#&"&,**7'-2&#*.$%&#*&$-4"-,$&,*%%*('*-&%$('(#"-,$B&%$03,$&
)"'-#$-"-,$B&"-0&1%*)*#$&%$7'"8'7'#/&"-0&7*-2&($%>',$&7'+$5&&

@5& H3)8$%C&
_$0.**0&'(&#4$&)*(#&1%$+$%%$0&,*-(#%3,#'*-&)"#$%'"7&+*%&,**7'-2&#*.$%(&8$,"3($&*+&'#(&
-"#3%"7&-*-K&0$,"/&,4"%",#$%'(#',(5&]*327"(&+'%&'(&#4$&($,*-0&1%$+$%%$0&,4*',$5&;77&.**0&
3($0&'-&"&,**7'-2&#*.$%&)3(#&8$&#%$"#$0&.'#4&"&1%$($%>"#'>$&#*&1%$>$-#&0$,"/5&O'%&'(&1%*-$&
#*&$"%7/&0$K7'2-'+',"#'*-U(&P$"#'-2&31&*+&.**0R&03$&#*&."#$%&')13%'#'$(&"-0&'(&1%$>$-#$0&#*&
,$%#"'-&$E#$-#&8/&)"'-#"'-'-2&19&'-&%"-2$&*+&h&#*&h5A5&<4%*)"#$&<*11$%&;%($-"#$&P<<;R&
."(&'-'#'"77/&3($0&"(&"&1%$($%>"#'>$&83#&8$,"3($&*+&'#(&"%($-',&,*-#$-#B&;,'0&<*11$%&
<4%*)"#$&P;<<R&4"(&%$17",$0&'#5&
J5& b"7>"-'($0&T#$$7C&
T')37#"-$*3(&.'#4&#4$&2%$"#$%&%$7'"-,$&*-&73)8$%B&2"7>"-'?$0&(#$$7&"-0&>"%'*3(&2%"0$(&*+&
(#"'-7$((&(#$$7&"%$&.'0$7/&3($0&'-&#*.$%&,*-(#%3,#'*-5&b"7>"-'?$0&T#$$7&K&bKJNA&4"(&
8$,*)$&#4$&'-03(#%/&-*%)&+*%&1",F"2$0&,**7'-2&#*.$%(5&!"#$%&#%$"#)$-#&,4$)',"7(&
0*($0&'-&#4$&,**7'-2&#*.$%&8"('-&')1",#&#4$&7'+$&*+&(#$$75&M"%7'$%&#4$&4'24$%&(#$$7&#4',F-$((&
."(&3#'7'?$0&#*&,*)8"#&#4$&')1",#&*+&,4$)',"7(&*-&#4$&(#$$7&(4$$#&83#&#4$&)*0$%-&0$('2-(&
1%*>'0$&*1#')3)&#4',F-$((&*+&?'-,&,*"#'-2&#*&&bKJNA&2%"0$&P*%B&J5NA*?5&*+&?'-,&1$%&(=5&+#5R&
+%*)&$"%7'$%&(#"-0"%0(&*+&bKeZ&PZ5eZ&*?G(=+#R5&[($&*+&bKJNA&2%"0$&2"7>"-'?$0&(#$$7&
,*-(#%3,#'*-&)"E')'?$(&/$"%(&*+&($%>',$&"#&#4$&)*(#&,*)1$#'#'>$&1%',$5&&
N5& T#"'-7$((&T#$$7C&
T#"'-7$((&T#$$7&K&6/1$&NZQ&(#"'-7$((&(#$$7&,*-(#%3,#'*-&'(&%$,*))$-0$0&+*%&,**7'-2&#*.$%(&
#4"#&"%$&#*&8$&3($0&'-&"&4'247/&,*%%*('>$&03#/5&&
Q5& <*-,%$#$C&
H"%2$%&#*.$%(&2$-$%"77/&"%$&)"0$&*+&,*-,%$#$5&ME#$-('>$&,*-,%$#$&,*-(#%3,#'*-&'(&"7(*&
3($0&+*%&"%,4'#$,#3%"7&%$"(*-(K&.4$%$&#4$&#*.$%&'(&0'(23'($0&#*&7**F&7'F$&*%&87$-0&'-&.'#4&"&
83'70'-2K&*%B&#4$&,**7'-2&#*.$%&'(&0$('2-$0&"(&"&(#%3,#3%$&.'#4&"&7'+$&$E1$,#"-,/&$=3"7&#*&
#4$&+",'7'#/&'#&($%>$(5&&
A5& O'8$%K_$'-+*%,$0&c7"(#','PO_cRC&
g-$&"0>"-,$&'-&,**7'-2&#*.$%&,*-(#%3,#'*-&4"(&8$$-&#4$&(3117/&*+&,**7'-2&#*.$%(&83'7#&
.'#4&+'8$%K%$'-+*%,$0&17"(#',&PO_cR5&O'8$%27"((&4"(&8$$-&3($0&'-&,**7'-2&#*.$%&1'1'-2B&+"-&
(#",F(&"-0&('0'-2&+*%&)"-/&/$"%(&.'#4&2%$"#&(3,,$((&03$&#*&'#(&7*.&)"'-#$-"-,$&
%$=3'%$)$-#(B&%$('(#"-,$&#*&)*'(#3%$B&"-0&)"#$%'"7&1%*1$%#'$(&#4"#&"77*.&"&%"-2$&*+&."#$%&
#$)1$%"#3%$(&"-0&195&&
<3%%$-#7/B&#4$&+"(#$(#&2%*.'-2&($2)$-#&*+&#4$&,**7'-2&#*.$%&)"%F$#&'(&(#%3,#3%$(&83'7#&.'#4&
O_c&($,#'*-(5&64'(&'-$%#&'-*%2"-',&)"#$%'"7&'(&(#%*-2B&7'24#.$'24#B&,4$)',"77/&%$('(#"-#&"-0&
"87$&#*&4"-07$&"&%"-2$&*+&19&>"7>$(5&O_c&'(&(#%*-2$%&#4"-&]*327"(&+'%&"-0&%$0.**0B&"-0&
8$,"3($&'#&'(&">"'7"87$&'-&7*-2&7$-2#4(B&'#&"77*.(&"&,**7'-2&#*.$%&#*&8$&0$('2-$0&"-0&83'7#&
.'#4&"&)'-')3)&-3)8$%&*+&"'%+7*.&*8(#%3,#'*-(5&64'(&$-4"-,$(&1$%+*%)"-,$&"-0&%$03,$(&
#4$&-3)8$%&*+&,*--$,#'*-(&"-0&+'$70&7"8*%&$%$,#'*-&,*(#(5&O'%$K%$#"%0"-#&O_c&,"-&
$7')'-"#$&#4$&,*(#&*+&"&+'%$&1%*#$,#'*-&(/(#$)B&.4',4&,"-&$=3"7&A&#*&@JS&*+&#4$&,*(#&*+&"&
,**7'-2&#*.$%5&

-+9*$"%'U'1'!""#$%&'7"5+,'!"0@"%+%*/'
'
64$&')1*%#"-#&,*)1*-$-#(&*+&#4$&,**7'-2&#*.$%&"-0&#4$'%&+3-,#'*-&"%$&"00%$(($0&8$7*.C&
@5& !$#&]$,F&*%&T3%+",$&*%&+'77!'(&#4$&4$"%#&*+&,**7'-2&#*.$%5&b$-$%"77/B&'#&#"F$(&#4$&+*%)&
*+&c:<&17"(#',&+'7)&#/1$&(3%+",$5&L*(#&#*.$%(&0$,F&*%&(3%+",$&$)17*/&kO'77U&#*&+",'7'#"#$&#4$&
4$"#&#%"-(+$%&8/&)"E')'?'-2&."#$%&"-0&"'%&,*-#",#5&O'77&,"-&$'#4$%&8$&(17"(4&*%&+'7)&#/1$5&&
!'#4&(17"(4&+'77B&."#$%&+"77(&*>$%&(3,,$(('>$&7"/$%(&*+&4*%'?*-#"7&(17"(4&8"%(B&
,*-#'-3*3(7/&8%$"F'-2&'-#*&()"77$%&0%*17$#(&#43(&.$##'-2&#4$&+'77&(3%+",$5&&
O'7)&+'77&,*-('(#(&*+&#4'-B&,7*($7/&(1",$0&17"(#',&(3%+",$(&*>$%&.4',4&#4$&."#$%&(1%$"0(B&
+*%)'-2&"&#4'-&+'7)&'-&,*-#",#&.'#4&#4$&"'%5&64$($&(3%+",$(&)"/&8$&+7"#B&,*%%32"#$0B&
4*-$/,*)8$0B&*%&*#4$%&1"##$%-(5&&
c7"(#',&(17"(4&+'77&1%*)*#$(&8$##$%&4$"#&#%"-(+$%&#4"-&0*$(&.**0&(17"(4&+'775&64$&+'7)&#/1$&*+&
+'77&'(&)*%$&$++','$-#&+'77&"-0&1%*>'0$(&$=3"7&4$"#&#%"-(+$%&'-&"&()"77$%&>*73)$&#4"-&0*$(&
(17"(4&+'775&
c7"(#',(&"%$&.'0$7/&3($0&+*%&+'77B&'-,730'-2B&c:<B&1*7/1%*1/7$-$&"-0&*#4$%&1*7/)$%(5&&
6%$"#$0&.**0&(17"(4&+'77&'(&(#'77&(1$,'+'$0&+*%&.**0&#*.$%(B&83#&17"(#',&(17"(4&+'77&'(&-*.&
.'0$7/&3($0&.4$%$&."#$%&=3"7'#/&0$)"-0(&#4$&3($&*+&.'0$%&(1",$0&(17"(4&+'775&&
O'7)&+'77&*++$%&4'24$%&$++','$-,/&"-0&'(&"&1%$+$%%$0&,4*',$&.4$%$&#4$&,'%,37"#'-2&."#$%&'(&
2$-$%"77/&+%$$&*+&0$8%'(5&]$8%'(&,*370&1732&#4$&+'77&1"(("2$."/(&#4$%$8/&%$=3'%'-2&4'24$%&
)"'-#$-"-,$&"-0&,7$"-'-25&
J5& M7')'-"#*%('"%$&3($0&#*&,"1#3%$&."#$%&0%*17$#(&$-#%"11$0&'-&#4$&"'%&0'(,4"%2'-2&+%*)&
#4$&,**7'-2&#*.$%5&64$&$7')'-"#*%&%$03,$(&#4$&0%'+#&l&#*&Z5ZZJS&K*%&7$((K&*+&#4$&%$K
,'%,37"#$0&+7*.&%"#$5&&
"#! T1%"/&6%$$&'(&3($0&#*&0'(#%'83#$&."#$%&*>$%&#4$&.$#&0$,F&+'775&i*??7$(&)*3-#$0&*-&#4$&
(1%"/&#%$$&1%*>'0$&#4$&."#$%&(1%"/(&#*&.$#&#4$&+'775&[-'+*%)&."#$%&0'(#%'83#'*-&"#&#4$&#*1&*+&
#4$&+'77&'(&$(($-#'"7&#*&",4'$>$&1%*1$%&.$##'-2&*+&#4$&$-#'%$&+'77&(3%+",$5&i*??7$(&"%$&
+"8%',"#$0&*3#&*+&c:<B&;WTB&1*7/1%*1/7$-$&"-0&27"((&+'77$0&-/7*-5!
Q5& <*70&!"#$%&W"('-(&,*77$,#&,**7$0&."#$%&"#&#4$&8*##*)&*+&#4$&#*.$%5&64$/&"%$&"-&
'-#$2%"7&1"%#&*+&+",#*%/K"(($)87$0&0$('2-(&"-0&"%$&83'7#&'-&17",$K&#/1',"77/&*+&,*-,%$#$K&+*%&
+'$70K$%$,#$0&#*.$%(5&64$&,*70K."#$%&8"('-&7*,"#$0&"#&*%&-$"%&#4$&8*##*)&*+&#4$&#*.$%B&
%$,$'>$(&#4$&,**7$0&."#$%&#4"#&+7*.(&0*.-&#4%*324&#4$&#*.$%&"-0&+'77(5&;&8"('-&3(3"77/&4"(&
"&(3)1&*%&7*.&1*'-#&+*%&#4$&,*70K."#$%&0'(,4"%2$&,*--$,#'*-5&D-&)*(#&*+&#4$&0$('2-(&#4$&
,*70&."#$%&8"('-&'(&8$-$"#4&#4$&$-#'%$&+'775&
A5& ;'%&D-7$#&T,%$$-(&'(&#4$&1*'-#&*+&$-#%/&+*%&#4$&"'%&$-#$%'-2&"&#*.$%5&64$&'-7$#&)"/&#"F$&
31&"-&$-#'%$&('0$&*+&"&#*.$%K,%*((K+7*.&0$('2-K&*%&8$&7*,"#$0&7*.&*-&#4$&('0$&*%&#4$&8*##*)&
*+&,*3-#$%K+7*.&0$('2-(5&
o5& H*3>$%(K&b$-$%"77/B&,%*((K+7*.&#*.$%(&4">$&'-7$#&7*3>$%(&#*&$=3"7'?$&"'%+7*.&'-#*&#4$&
+'77&"-0&%$#"'-&#4$&."#$%&.'#4'-&#4$&#*.$%5&L"-/&,*3-#$%K+7*.&#*.$%&0$('2-(&0*&-*#&%$=3'%$&
7*3>$%(5&
h5& H"00$%(&"-0&9"-0%"'7(&"%$&-$,$(("%/&+*%&7"%2$&+'$70&$%$,#$0&,**7'-2&#*.$%(&"-0&
)"F$&($-($&*-&(*)$&+",#*%/&"(($)87$0&0$('2-(5&64$($&"%$&("+$#/&p&)"'-#$-"-,$&
",,$((*%'$(&#4"#&"%$&%$,*))$-0$0&1$%&#4$&23'0$7'-$(&*+&gT9;&(#"-0"%0(5&
a5& T$'()',&W%",'-2&*1#'*-(&$E'(#&'-&#4$&'-&$"%#4=3"F$&1%*-$&"%$"(5&&
e5& O"-(!1%*>'0$&#4$&"'%+7*.&+*%&)$,4"-',"7&0%"+#&,**7'-2&#*.$%(5&b$-$%"77/B&1%*1$77$%&
+"-(&"%$&3($0&*-&'-03,$0&0%"+#&#*.$%(5&W*#4&1%*1$77$%&"-0&,$-#%'+32"7&+"-(&"%$&+*3-0&*-&
+*%,$0&0%"+#&)*0$7(5&]$1$-0'-2&31*-&#4$'%&('?$B&1%*1$77$%&+"-(&,"-&$'#4$%&8$&+'E$0&*%&
>"%'"87$&1'#,45&;&+"-&4">'-2&-*-K"3#*)"#',&"0I3(#"87$&1'#,4&87"0$(&1$%)'#(&#4$&(")$&+"-&
#*&8$&3($0&*>$%&"&.'0$&%"-2$&*+&"'%+7*.(&"#&#4$&7*.$(#&1*.$%&0%".5&;3#*)"#',&1'#,4&87"0$(&
,"-&>"%/&"'%+7*.&'-&%$(1*-($&#*&,4"-2'-2&7*"0&,*-0'#'*-(5&;73)'-3)B&O_c&"-0&4*#&0'11$0&
2"7>"-'?$0&(#$$7&"%$&,*))*-7/&3($0&+"-&)"#$%'"7(5&&
@Z5& <**7'-2&6*.$%&W/1"(($(&"%$&2$-$%"77/&(1$,'+'$0&+*%&#*.$%(&'-(#"77$0&'-&,*70&,7')"#$(5&&
64$&8/1"((&'(&3($0&#*&1%$>$-#&*>$%,**7'-2&*+&#4$&."#$%&.4$-&#4$%$&'(&7'##7$&*%&-*&4$"#&7*"0&'-&
#4$&(/(#$)5&&&64$&8/1"((&(4*370&0'(,4"%2$&'-#*&#4$&#*.$%&8"('-&"(&+"%&"(&1*(('87$&+%*)&#4$&
,**7'-2&."#$%&13)1&(3,#'*-(5&&64'(&%$03,$(&#4$&,4"-,$&*+&,">'#"#'*-(&03$&#*&0'(#3%8"-,$(&'-&
#4$&+7*.&*+&."#$%&#*&#4$&13)1&(3,#'*-(5&
@@5& O%")$&"-0&,"('-2C&L"-/&#*.$%(&4">$&(#%3,#3%"7&+%")$(&#4"#&(311*%#&#4$&$E#$%'*%&
$-,7*(3%$(&P,"('-2(RB&)*#*%(B&+"-(&"-0&*#4$%&,*)1*-$-#(5&!'#4&(*)$&()"77$%&0$('2-(B&
(3,4&"(&(*)$&27"((&+'8$%&3-'#(B&#4$&,"('-2&)"/&$(($-#'"77/&8$&#4$&+%")$5&
!

-+9*$"%'V'1'-$W$%&'X"8,'7"5+,&

64$&($7$,#'*-&*+&,**7'-2&#*.$%&0$1$-0(&*-&)"-/&+",#*%(5&;-&')1%*1$%7/&($7$,#$0&,**7'-2&
#*.$%&.'77&,*(#&/*3&+'-"-,'"77/B&,"3('-2&"&7*((&'-&1%*03,#'*-&03$&#*&'-,%$"($(&'-&,'%,37"#'*-&
."#$%&#$)1$%"#3%$&"-0&'-,%$"($0&$7$,#%',"7&*1$%"#'-2&,*(#(5&M)14"('(&)3(#&8$&17",$0&*-&
1%*1$%7/&(1$,'+'$0&"-0&0$('2-$0&,**7'-2&#*.$%(&#4"#&%$=3'%$&)'-')"7&)"'-#$-"-,$5&&

Y<*-('0$%&/*3%&0$('2-&"-0&*1$%"#'-2&,*-0'#'*-(&8$+*%$&(1$,'+/'-2&"&,**7'-2&
#*.$%\'

!4"#&"++$,#(&,**7'-2&#*.$%&('?$f&

64$&4$"#&7*"0B&%"-2$B&"11%*",4B&"-0&#4$&!W6&"++$,#&#4$&,**7'-2&#*.$%&('?$5&!4$-&#4%$$&
*+&#4$($&+*3%&=3"-#'#'$(&"%$&4$70&,*-(#"-#B&#*.$%&('?$&>"%'$(&'-&#4$&+*77*.'-2&)"--$%C&

@5& ]'%$,#7/&.'#4&#4$&4$"#&7*"0C&6*.$%&('?$&'(&0'%$,#7/&1%*1*%#'*-"7&#*&#4$&4$"#&7*"05&D+&4$"#&
7*"0&'(&0*387$0B&#4$&#*.$%&('?$&0*387$(5&
J5& D->$%($7/&.'#4&#4$&%"-2$C'64$&('?$&*+&#4$&,**7'-2&#*.$%&>"%'$(&'->$%($7/&.'#4&#4$&
#$)1$%"#3%$&%"-2$5&64$&%"-2$&,*370&8$&)"E')'?$0&#*&)'-')'?$&#4$&('?$&*+&#4$&,**7'-2&#*.$%&
"-0&#4$&#*#"7&,'%,37"#'-2&."#$%&+7*.5&9*.$>$%B&#4'(&'(&*++($#&8/&'-,%$"($(&'-&#4$&('?$&*+&4$"#&
$E,4"-2$&$=3'1)$-#&'-&#4$&17"-#&03$&#*&7*.$%&HL6]j(5&]$#"'7$0&7'+$&,/,7$&$,*-*)',(&-$$0&#*&
8$&1$%+*%)$0&#*&($7$,#&"-&*1#')"7&%"-2$5&
N5& D->$%($7/&.'#4&#4$&"11%*",4C'6*.$%&('?$&>"%'$(&'->$%($7/&.'#4&#4$&"11%*",45&;(&#4$&
($7$,#$0&"11%*",4&'(&%$03,$0B&#*.$%&('?$&'-,%$"($(&$E1*-$-#'"77/5&&D#&'(&-*#&$,*-*)',"7&#*&
($7$,#&#4$&,**7'-2&#*.$%&"11%*",4$(&8$7*.&Ar&O5&
Q5& D->$%($7/&.'#4&#4$&$-#$%'-2&!W6C&;#&,*-(#"-#&4$"#&7*"0B&%"-2$&"-0&"11%*",4B&#4$&
#*.$%&('?$&>"%'$(&'->$%($7/&.'#4&#4$&",#3"7&.$#K8378&#$)1$%"#3%$5&D-&$(($-,$B&'#&.*370&#"F$&"&
#*.$%&*+&'-+'-'#$&('?$&#*&,**7&#4$&."#$%&#*&#4$&.$#K8378&#$)1$%"#3%$5&64$&%$"(*-&+*%&#4'(&'(&#4"#&
)*(#&*+&#4$&4$"#&#%"-(+$%&*,,3%(&8/&$>"1*%"#'*-&"-0&#4$&"'%j(&"8'7'#/&#*&"8(*%8&)*'(#3%$&
%$03,$(&.'#4&#$)1$%"#3%$5&
"#$%&!'()(&*!+!,--.(&*!/-0%12!/$%!$(*$%'/!+&/(,(3+/%4!0%/!56.5!'$-6.4!5%!6'%478!!
&
!4"#&"++$,#(&,**7'-2&#*.$%&($7$,#'*-f&

6*&($7$,#&"&,**7'-2&#*.$%B&#4$&."#$%&+7*.&%"#$B&."#$%&'-7$#&#$)1$%"#3%$B&."#$%&*3#7$#&
#$)1$%"#3%$&"-0&")8'$-#&.$#&8378&#$)1$%"#3%$(&)3(#&8$&F-*.-5&&

!4$-&($7$,#'-2&#4$&,**7'-2&#*.$%B&*-$&)3(#&0$#$%)'-$&#4$&0$('2-&4$"#&%$I$,#'*-&7*"0&
"7*-2&.'#4&#4$&0$('2-&!W6&+*%&#4$&2$*2%"14',"7&"%$"&"-0&0$('%$0&%"-2$5&!"#$%&+7*.&'(&
0$#$%)'-$0&8/&#4$&4$"#&7*"0&"-0&%"-2$5&

_$13#$0&#*.$%&)"-3+",#3%$%(&1%*>'0$&1$%+*%)"-,$&,3%>$(&"-0&G*%&,*)13#$%&(')37"#'*-(&
#*&1%$0',#&#4$&#*.$%&1$%+*%)"-,$&*>$%&#4$&$E1$,#$0&*1$%"#'-2&%"-2$5&D+&#4$&0$('2-&4$"#&
7*"0&'(&,7*($&#*&#4$&-*)'-"7&#*.$%&,"1",'#/B&,*-('0$%"#'*-&(4*370&8$&2'>$-&#*&($7$,#'-2&#4$&
-$E#&7"%2$%&,**7'-2&#*.$%&#*&$-(3%$&#4$&#*.$%&.'77&1%*>'0$&#4$&%$=3'%$0&,*70&."#$%&
#$)1$%"#3%$&P<!6R&"#&#4$&0$('2-&,*-0'#'*-5&64'(&$E#%"&$E1$-($&'(&()"77&,*)1"%$0&#*&#4$&
#*#"7&,*(#&*+&#4$&,**7'-2&17"-#&"-0&(*)$&.4"#&7*.$%&<!6&.'77&1%*>'0$&*1$%"#'-2&,*(#&
(">'-2(&+*%&/$"%(&#*&,*)$5&

L"-/&,4*',$(&"-0&0$,'('*-(&"%$&%$=3'%$0&#*&1%*1$%7/&($7$,#&"&#*.$%5&64$&0$('2-$%&(4*370&
*-7/&,*-('0$%&#*.$%(&.'#4&<6D&,$%#'+'$0&7'(#'-25&;#&)'-')3)B&8$&(3%$&/*3%&(1$,'+',"#'*-&#*&
,**7'-2&#*.$%&)"-3+",#3%$%(&(#'137"#$(&#4$&+*77*.'-2C&&

O7*.&%"#$&P2"7G)'-R&&
6*#"7&4$"#&%$I$,#'*-&PW6[G4%R&&
<*70&."#$%&#$)1$%"#3%$&PqOR&&
9*#&."#$%&#$)1$%"#3%$&PqOR&&
]$('2-&.$#&8378&#$)1$%"#3%$&PqOR&&
M7$>"#'*-&"8*>$&($"&7$>$7&P+#R&&
6*.$%&#/1$&P,%*((K+7*.&*%&,*3-#$%K&+7*.R&&
L"#$%'"7(&*+&,*-(#%3,#'*-&&
O'77&)$0'"&,4*',$&P+'7)B&(17"(4&*%&"-#'+*37'-2R&&
!"#$%&=3"7'#/&&
i*'($&7')'#"#'*-(&
]%'+#&7*((&$E1$,#$0&&
T,*1$&*+&(3117/5&P!4*&'(&%$(1*-('87$&+*%&8"('-B&$E#$%-"7&1'1'-2B&$7$,#%',"7&4**FK31B&
$#,fR&
M>"73"#'*-&+",#*%(&PsGF!R&
64$&0$('2-$%&(4*370&*-7/&,*-('0$%&#*.$%(&.'#4&'-0$1$-0$-#7/&,$%#'+'$0&,"1",'#'$(5&64$&
<**7'-2&6*.$%&D-(#'#3#$&P<6DR&7'(#(&#*.$%(&#4"#&(38(,%'8$&#*&#4$'%&#$(#&(#"-0"%0&T6]KJZ@5&
;7#$%-"#$7/B&#4$&0$('2-$%&(4*370&(1$,'+/&"&+'$70&#$(#&8/&"-&",,%$0'#$0&'-0$1$-0$-#&#$(#&
"2$-,/&'-&",,*%0"-,$&.'#4&<6D&;,,$1#"-,$&6$(#&<*0$&;6<K@ZA&*%&;TLM&c<6KJN5&O*%&
+3%#4$%&0$#"'7(B&%$+$%&...5,#'5*%2&
&
!4"#&"++$,#(&,**7'-2&#*.$%&0$('2-f&
64$&,**7'-2&#*.$%&)"-3+",#3%$%(&,"%%/&*3#&#4$&%$($"%,4B&)*0$7'-2&"-0&,*)13#$%&
(')37"#'*-(&#*&1%$0',#&#4$&#*.$%&1$%+*%)"-,$5&64$&,**7'-2&#*.$%&0$('2-&'(&2*>$%-$0&8/&"&
%$7"#'*-&F-*.-&"(&#4$&L$%F$7&M=3"#'*-5&64'(&'(&)*%$&"-&","0$)',&"%$"&"-0&'(&-*#&*+&2%$"#&
')1*%#"-,$&#*&#4$&$-0&3($%(5&64*($&'-#$%$(#$0&'-&+3%#4$%&%$"0'-2&,"-&%$+$%&#*&8**F&*-&
#4$%)*0/-")',(5&64$&L$%F$7&M=3"#'*-&'(&&&
&
&&
&&&&&&&&&
!4$%$C&&
n":GH&^&#*.$%&,4"%",#$%'(#',&
J
n&^&)"((&#%"-(+$%&,*$++','$-#&P78&."#$%G4&+# R&
&"&^&,*-#",#&"%$"G#*.$%&>*73)$&
&:&^&",#'>$&,**7'-2&>*73)$G17"-&"%$"&
J
&H&^&."#$%&%"#$&P78G4&+# R&
Z Z
&6@&^&4*#&."#$%&#$)1$%"#3%$&P O&*%& <R&&
Z Z
&6J&^&,*70&."#$%&#$)1$%"#3%$&P O&*%& <R&
Z Z
&6&^&837F&."#$%&#$)1$%"#3%$&P O&*%& <R&
&4.&^&$-#4"71/&*+&"'%K."#$%&>"1*%&)'E#3%$&"#&837F&."#$%&#$)1$%"#3%$&PtGF2&0%/&"'%&*%&W#3G78&
0%/&"'%R&
&4"&^&$-#4"71/&*+&"'%K."#$%&>"1*%&)'E#3%$&"#&.$#&8378&#$)1$%"#3%$&PtGF2&0%/&"'%&*%&W#3G78&0%/&
"'%R&
&
&

-+9*$"%'V'1'!""#$%&'7"5+,'!"%*,"#/'
'

64$&,**7'-2&#*.$%&1$%+*%)"-,$&p&*1$%"#'-2&$++','$-,'$(&#*&"&7"%2$&$E#$-#&"%$&0$1$-0$-#&
*-&,*-#%*7(5&64$&"3#*)"#',&,*-#%*7(&)"-/&"&#')$(&"%$&-$,$(("%'7/&1%*>'0$0&#*&,*-#%*7&#4$&
7$">'-2&,*70&."#$%&#$)1$%"#3%$(&P<!6R5&64$&*#4$%&,*-#%*7(&'-,730$&"3#*)"#',&"0I3(#)$-#&
*+&,4$)',"7&+$$0&%"#$&#*&)"'-#"'-&."#$%&,4$)'(#%/B&"3#*)"#',&87*.K0*.-&"-0&#4$&,*-#%*7(&
+*%&$-4"-,'-2&$-$%2/&,*-($%>"#'*-5&64$&.**0$-&,**7'-2&#*.$%(&'-&1"%#',37"%&"7(*&-$$0&#*&
8$&1%*>'0$0&.'#4&"3#*)"#',&+'%$&(311%$(('*-&(/(#$)(&1$%&#4$&%$=3'%$)$-#(&*+&iOc;&J@Q5&&

64$&<!6&7$">'-2&"&#*.$%&+"77(&&
;(&#4$&!W6&0%*1(&
]3%'-2&7$"-&7*"0&1$%'*0(&'-&1%*,$((&
]3%'-2&.'-#$%&

T*)$&1%*,$(($(&,"-&8$&"0>$%($7/&"++$,#$0&'+&#4$&,**7'-2&."#$%&(3117/&2$#(&#**&,*705&;'%K
,*-0'#'*-'-2&,$-#%'+32"7&,4'77$%(&+*%&'-(#"-,$&%$=3'%$&"&(1$,'+',&)'-')3)&$-#$%'-2&
,*-0$-($%&."#$%&#$)1$%"#3%$&#*&1%$>$-#&(3%2'-2&&

64$&,"1",'#/&,*-#%*7&*+&#4$&,**7'-2&#*.$%&'(&8$(#&",4'$>$0&8/&)*037"#$&"'%&+7*.&#4%*324&"&
,**7'-2&#*.$%5&&64'(&,"1",'#/&%$03,#'*-&,"-&8$&",4'$>$0&.'#4&+"-&,/,7'-2B&)37#'K(1$$0&
)*#*%(B&$E#%"&)*#*%(B&*%&>"%'"87$&(1$$0&0%'>$(5&_$03,'-2&#*.$%&"'%+7*.&/'$70(&4'24$%&
7$">'-2&."#$%&#$)1$%"#3%$(5&

O"-&,/,7'-2&P#3%-'-2&*++&+"-&)*#*%(R&.*%F(&.$77&+*%&"&)37#'K,$77&,**7'-2&#*.$%5&64'(&'(&"-&
$"(/&,"1",'#/&,*-#%*7&)$#4*0&83#&0*$(-U#&.*%F&.$77&.4$-&,7*($&#$)1$%"#3%$&,*-#%*7&'(&
%$=3'%$0&%$(37#'-2&'-&+%$=3$-#&)*#*%&(#"%#(5&T'E&(#"%#(&1$%&4*3%&(4*370&8$&,*-('0$%$0&
)"E')3)5&&

<*-#%*7&*+&#*.$%&"'%+7*.&,"-&8$&0*-$&8/&>"%/'-2&)$#4*0(C&&
T#"%#'-2&"-0&(#*11'-2&*+&+"-(&P)*0$%"#$&,*-#%*7R&
[($&*+&J&*%&NK(1$$0&+"-&)*#*%(&P8$##$%&,*-#%*7R&
[($&*+&"3#*)"#',&"0I3(#"87$&1'#,4&+"-(&P,7*($&,*-#%*7R&
 [($&*+&>"%'"87$&(1$$0&+"-(&P,7*($&,*-#%*7R&

]$1$-0'-2&31*-&#4$&)$#4*0&*+&"'%&>*73)$&,*-#%*7&($7$,#$0B&,*-#%*7&(#%"#$2'$(&,"-&8$&
0$#$%)'-$0&#*&)'-')'($&+"-&$-$%2/&.4'7$&",4'$>'-2&#4$&0$('%$0&,*-#%*7&*+&<!65&

D-&#4$&"%$"(&(38I$,#$0&#*&+%$$?'-2&,*-0'#'*-(B&#4$&<!6&,*-#%*7&'(&"-&$E#%$)$7/&')1*%#"-#&
+",#*%5&D-&"00'#'*-&#*&#4$&"'%+7*.&,*-#%*7B&#*.$%&8"('-(&)3(#&8$&4$"#$0&"-0&"77&$E1*($0&
."#$%&1'1'-2&)3(#&8$&'-(37"#$0&"-0&4$"#&#%",$05&6/1',"77/B&#4'(&'(&#4$&%"-2$&*+&AA&#*&oAq&O&
+*%&"'%K,*-0'#'*-'-2&,4'77$%5&

&

-+9*$"%'Y'1'N)."8*'!"%/$A+,)*$"%/'
'

64$&2$-$%"7&+",#*%(&"-0&#4$&%37$(&*+&#43)8&"((*,'"#$0&.'#4&,**7'-2&#*.$%&7"/*3#&1$%#"'-&#*&
(1",$B&.$'24#B&-*'($&"-0&"$(#4$#',&7**F(5&

@5& !4$-$>$%&/*3&."7F&8$4'-0&"&83'70'-2&"-0&+'-0&$=3'1)$-#&#4"#&4"(&7"%2$&=3"-#'#'$(&*+&
."#$%&%3--'-2&#4%*324&"&17"(#',&)$(4B&/*3&.'77&F-*.&/*3&4">$&+*3-0&"&,**7'-2&#*.$%u&
<**7'-2&#*.$%(&"%$&14/(',"77/&#4$&7"%2$(#&+**#1%'-#&*+&$=3'1)$-#&'-&"-&'-03(#%'"7&+",'7'#/&
*%&"&,*))$%,'"7&83'70'-25&;(&"&%37$&*+&#43)8B&#4$&9:;<&"117',"#'*-&+*%&"&83'70'-2&
#/1',"77/&0$)"-0&Z5JA&(=&+#&*+&+7**%&"%$"&1$%&@ZZ&(=&+#&*+&#*#"7&83'70'-2&"%$"5&64$&
,**7'-2&#*.$%&,"-&8$&+%*)&@J&#*&QZ&+$$#&4'245&&
J5& !4$-&7*,"#$0&*-&#4$&%**+B&#4$&83'70'-2&(#%3,#3%$&)3(#&(311*%#&#4$&"00$0&.$'24#&'-&#4$&
%"-2$&*+&@JZ&#*&@AZ&78&1$%&(=&+#&"7*-2&#4$&.'-0&7*"0&(#%$(($(5&D+&7*,"#$0&"#&2%*3-0&
7$>$7B&#4$/&"%$&(38I$,#&#*&>"-0"7'()&"-0&2%*3-0&7$>$7&0'%#5&
N5& D+&#*.$%&-*'($&"++$,#(&"0I",$-#&(#%3,#3%$(B&",*3(#',&#%$"#)$-#&)"/&8$&-$$0$05&g>$%&
('?'-2&"#&"00$0&+'%(#&,*(#&%$03,$(&-*'($&7$>$7&03$&#*&7*.$%&+"-&(1$$0(B&"-0&,"-&8$&"-&
$E,$77$-#&$-$%2/&(">'-2&'->$(#)$-#&('-,$&'#&')1%*>$(&,**7'-2&(/(#$)&1$%+*%)"-,$5&&
Q5& D+&0$,*%"#'>$&(,%$$-(&"%$&3($0B&#4$/&)3(#&4">$&(3++','$-#&+%$$&"'%&(*&"(&-*#&#*&'-#$%+$%$&
.'#4&2**0&"'%&+7*.5&&
A5& 6*.$%&7*,"#'*-&'(&,%'#',"7&#*&#"F$&"0>"-#"2$&*+&1%$>"'7'-2&.'-0(&"-0&">*'0&"'%&8/1"((&
,*-0'#'*-(&#4"#&.'77&1$-"7'?$&#*.$%&1$%+*%)"-,$&"-0&'-,%$"($&$-$%2/&3($5&&

64$&,**7'-2&#*.$%&1$%+*%)"-,$&'(&7"%2$7/&')1",#$0&8/&,*%%$,#&'-(#"77"#'*-&"-0&17",$)$-#&
#*&"77*.&+%$$&+7*.'-2&"'%+7*.5&g8(#%3,#'*-(&#*&#4$&"'%+7*.&,"-&,"3($&#.*&1%*87$)(C&

@5& _$K,'%,37"#'*-&'(&"&%$(37#&*+&(4*%#K,'%,3'#'-2&*+&"'%&+7*.5&64'(&'(&"&14$-*)$-*-&.4$%$&
#4$&)*'(#&0'(,4"%2$&"'%&'(&(*)$4*.&%$0'%$,#$0&8",F&'-#*&#4$&"'%&'-7$#5&64$&'-,%$"($0&
)*'(#3%$&'-&#4$&"'%&'-4'8'#(&$>"1*%"#'*-&"-0&%$03,$(&,**7'-2&,"1",'#/5&64$&0$#%')$-#"7&
$++$,#&*+&'-,%$"($0&.$#&8378&,"-&8$&8$(#&$E")'-$0&*-&#4$&)"-3+",#3%$%U(&($7$,#'*-&,4"%#(5&
;&,**7'-2&#*.$%&($7$,#$0&"#&ha&0$2%$$&.$#&8378&'(&"8*3#&QZS&8'22$%&#4"-&*-$&($7$,#$0&"#&
hJ&0$2%$$&.$#&8378&vd&eA&'-&"-0&aA&*3#w5&&
J5& T#"%>'-2&#4$&#*.$%&+*%&"'%5&_$03,'-2&#4$&"'%+7*.&'-4'8'#(&#4$&#*.$%U(&"8'7'#/&#*&$>"1*%"#$&
."#$%&"-0&#4$%)"7&,"1",'#/&(3++$%(&",,*%0'-27/5&&

i*#$C&O*%&#4$&*1#')3)&,**7'-2&#*.$%&1$%+*%)"-,$&"-0&$-4"-,$0&("+$#/B&Z5A&#*&Jr&O&%$K
,'%,37"#'*-&"77*."-,$&'(&7*"0$0&*-&#4$&0$('2-&.$#&8378&#$)1$%"#3%$5&;(&"&%37$&*+&#43)8&
%$,'%,37"#'*-&"77*."-,$&*+&Z5Ar&O&+*%&#*.$%(&()"77$%&#4"-&@ZZZZ&bcL&"-0&Jr&O&+*%&#*.$%(&
0$('2-$0&+*%&)*%$&#4"-&@ZZBZZZ&bcL&'(&"00$0&#*&#4$&0$('2-&!W65&

-+9*$"%'Y'1'H%/*)##)*$"%'!"%/$A+,)*$"%/'
<"%$&)3(#&8$&#"F$-&'-&#4$&0$('2-&*+&,**7'-2&#*.$%&1'1'-2&"-0&+'##'-2(5&<**7'-2&#*.$%&."#$%&
'(&4'247/&"$%"#$05&

<**7'-2&#*.$%&'(&"-&*1$-&,'%,3'#&.'#4&"77&."#$%&+"77'-2&'-#*&#4$&,**7'-2&#*.$%&8"('-5&;-&
')1%*1$%&'-(#"77"#'*-&,"-&7$"0&#*&1*#$-#'"7&31($#&,*-0'#'*-(5&

<*-('0$%&"&,**7'-2&#*.$%&7*,"#$0&"#&2%*3-0&7$>$7&.'#4&"77&#4$&(/(#$)&,*)1*-$-#(&'-(#"77$0&
"8*>$5&T3,4&"&(/(#$)&(4"77&+",$&#.*&)"I*%&1*#$-#'"7&1%*87$)(C&&

@5& g-&13)1&#%'1&*%&(43#&*++B&#4$&$-#'%$&."#$%&'-&#4$&1'1'-2&,*)1*-$-#(&(4"77&+"77&8",F&#*&
#4$&8"('-&"-0&)"/&$E,$$0&'#(&>*73)$5&64'(&(4"77&%$(37#&'-&*>$%+7*.'-2&*+&"77&#4$&$E,$((&
."#$%5&64$&8"('-&)"/&4">$&#*&8$&*>$%&0$('2-$0&#*&4*70&#4'(&."#$%&#*&1%$>$-#&*>$%+7*.5&
J5& g-&%$(#"%#B&#4$&(3)1&(4"77&%3-&*3#&*+&."#$%&8$+*%$&'#&,"-&+'77&#4$&$)1#/&1'1'-25&!4'7$&
#4$&)"F$K31&>"7>$&)"/&$>$-#3"77/&"00&$-*324&."#$%&+*%&#4$&(/(#$)&#*&*1$%"#$B&#4$&
13)1&)"/&8$,*)$&"'%K8*3-0&,"3('-2&,">'#"#'*-(5&&

T/(#$)&0$('2-$%&)3(#&$-(3%$&#4$&"0$=3"#$&('?$&*+&#4$&8"('-&/$#&-*#&*>$%&('?'-2&'#B&#*&
)'-')'?$&#4$&0%"'-K8",F&*+&"-/&."#$%5&;-&$"('$(#&"11%*",4&'(&#*&7*,"#$&#4$&,**7'-2&#*.$%&
"(&#4$&4'24$(#&$7$)$-#&'-&#4$&(/(#$)5&64$&#*.$%&(4*370&8$&$7$>"#$0&3-#'7&"77&*#4$%&(/(#$)&
,*)1*-$-#(&"%$&8$7*.&#4$&*>$%+7*.&7$>$7&*+&#4$&,**7'-2&#*.$%&$E,$1#&+*%&"-/&>$%#',"7&
%'($%(&#*&#4$&#*.$%&'-7$#P(R5&!4$-&0$('2-'-2&"&(/(#$)B&#4$&0$('2-$%&)3(#&1$%+*%)&#4$&
4/0%"37',&"-"7/('(&"-0&,"7,37"#$&#4$&")*3-#&*+&."#$%&#4$&8"('-&)3(#&",,$1#&"#&13)1&
(43#0*.-5&&

-+9*$"%'Z'1'L)%/['>,$4+/')%A'T"*",/'

<**7'-2&#*.$%&+"-&)*#*%(&*1$%"#$&*-&"&4"%(4&$->'%*-)$-#&*+&)*'(#3%$&7"0$-&"'%5&64$($&
)3(#&8$&#*#"77/&$-,7*($0&#/1$&+*%&#%*387$&+%$$&*1$%"#'*-5&&

g]c&)*#*%(&(4*370&-$>$%&8$&'-(#"77$0&"-0&6MO<&)*#*%(&(4*370&8$&#4$&)'-')3)&
(#"-0"%05&&

64$&,**7'-2&#*.$%&)*#*%(&(4"77&8$&(1$,'+'$0&#*&)$$#&#4$&,%'#$%'"&($#&+*%#4&8/&#4$&i"#'*-"7&
M7$,#%',"7&L*#*%&;((*,'"#'*-&PiML;R&"-0&[H5&64$&,**7'-2&#*.$%&)*#*%(&-$$0&-*#&8$&[H&
7'(#$0&"(&#4$&()*F$&"-0&0$8%'(&%$(37#'-2&*3#&*+&)*#*%&31($#&,*-0'#'*-&'(&-*#&0'%$,#$0&#*&#4$&
*,,31'$0&(1",$(5&[H&7'(#'-2&'(&#4$%$+*%$&-*#&,%'#',"75&

;(&"&)'-')3)B&#.*&(1$$0&+"-(&)3(#&8$&(1$,'+'$0&+*%&"77&,**7'-2&#*.$%(5&&&64$&4'24&"-0&7*.&
(1$$0&"77*.(&)*%$&+7$E'8'7'#/&'-&#4$&,*-#%*7&*+&7$">'-2&,*70&."#$%&#$)1$%"#3%$(&P<!6R5&D-&
,7')"#$(&.'#4&($>$%$&.'-#$%(B&#4$&+"-(&(4*370&8$&%$>$%('87$&"77*.'-2&#4$&#*.$%(&#*&8$&0$K',$05&

O"-(&"%$&$'#4$%&8$7#&0%'>$-&*%&(4"+#&0%'>$-&#4%*324&"&2$"%8*E5&&&W$7#&0%'>$-&3-'#(&4">$&)*#*%(&
7*,"#$0&'-('0$&#4$&#*.$%&'-&"&4'24&43)'0'#/&$->'%*-)$-#5&&T4"+#&0%'>$-&3-'#(&2$-$%"77/&4">$&
#4$&)*#*%(&7*,"#$0&*3#('0$&#4$&#*.$%5&64$&7"%2$&+'$70&$%$,#$0&*%&+",#*%/&"(($)87$0&,**7'-2&
#*.$%(&2$-$%"77/&3#'7'?$&2$"%&8*E&#*&%$(#%',#&#'1&(1$$0(&"-0&-*'($5&&&

-+9*$"%':\'1'F80@/'

64$&,**7'-2&."#$%&%$K,'%,37"#'*-&%$=3'%$(&"#&7$"(#&*-$&13)1&+*%&$",4&,**7'-2&#*.$%5&64$&
*#4$%&13)1&)"/&8$&%$=3'%$0&+*%&#4$&)"F$&31&."#$%&-$$0(&'+&#4$&)"F$&31&(3117/&1%$((3%$&
'(&'-(3++','$-#5&
Y6.*&8"(',&1"%")$#$%(&>'?5&O7*.&%"#$&P'-&bcLR&"-0&9$"0&P'-&+$$#R&"%$&%$=3'%$0&+*%&
(1$,'+/'-2&#4$&%'24#&03#/&13)15\&

64$&+7*.&%"#$&'(&0',#"#$0&8/&#4$&1%*,$((&%$=3'%$)$-#(&"-0&,"-&8$&.*%F$0&*3#&1$%&#4$&4$"#&
7*"0&$=3"#'*-&"(&7'(#$0&'-&($,#'*-&J5&6*#"7&4$"#&7*"0&"-0&#4$&%"-2$&)3(#&8$&F-*.-&#*&
0$#$%)'-$&#4$&"-#','1"#$0&+7*.&%"#$5&&

64$&#*#"7&4$"0&'(&#4$&(3))"#'*-&*+&(#"#',&"-0&0/-")',&7*(($(&.'#4'-&#4$&(/(#$)&"-0&'(&
,"7,37"#$0&"(&+*77*.(C&&

6*#"7&4$"0&^&&

!"i$#&>$%#',"7&7'+#&P+#5R&P#/1',"77/B&#4'(&'(&#4$&0'(#"-,$&8$#.$$-&#4$&*1$%"#'-2&7$>$7&"-0&#4$&
."#$%&'-7$#R&c73(&
!"c%$((3%$&0%*1&"#&#4$&,**7'-2&#*.$%&$E'#&#4%*324&(#%"'-$%&)$(4G*3#7$#&,*--$,#'*-B&
#/1',"77/&@&1('&c73(&
!"c%$((3%$&0%*1&'-&#4$&1'1'-2&#*&#4$&13)1&P+%',#'*-&7*((&"(&."#$%&1"(($(&#4%*324&1'1$B&
+'##'-2(&"-0&>"7>$(R&c73(&
!"c%$((3%$&0%*1&+%*)&#4$&13)1&#*&#4$&'#$)&8$'-2&,**7$0&P$(($-#'"77/&#4$&0'(,4"%2$&('0$&
+%',#'*-&0%*1&"(&."#$%&1"(($(&#4%*324&#4$&1'1$B&+'##'-2(&"-0&>"7>$(R&c73(&
!"c%$((3%$&0%*1&#4%*324&#4$&'#$)&8$'-2&,**7$0&P+'23%$&1%*>'0$0&8/&#4$&)"-3+",#3%$%&*+&
#4$&$=3'1)$-#R&c73(&
!"c%$((3%$&0%*1&+%*)&#4$&,**7$0&'#$)&8",F&#*&#4$&#*.$%&P0'(,4"%2$&('0$&+%',#'*-&0%*1&"(&
."#$%&1"(($(&#4%*324&#4$&1'1$B&+'##'-2(&"-0&>"7>$(&#*&,**7'-2&#*.$%R&c73(&
!"c%$((3%$&0%*1&+*%&#4$&#*.$%j(&."#$%&0'(#%'83#'*-&(/(#$)&P#*.$%(&.'#4&1%$((3%'?$0&
4$"0$%&"-0&(1%"/&-*??7$(&.'77&4">$&(1%"/&1%$((3%$&#"837"#$0&'-&<6&(1$,(&#/1',"77/&J&1('R&
c73(&
!":$7*,'#/&1%$((3%$&PO*%&*1$-&(/(#$)(K&#4$&1%$((3%$&-$,$(("%/&#*&,"3($&#4$&."#$%&#*&
J
"##"'-&'#(&>$7*,'#/5&D#&,"-&8$&,"7,37"#$0&"(&: GJ2&83#&'(&#/1',"77/&1',F$0&+%*)&"&,4"%#R&&

64$&#*#"7&4$"0&'(&#"837"#$0&'-&+$$#K&#4$&4$'24#&*+&"&>$%#',"7&."#$%&,*73)-5&:"73$(&
$E1%$(($0&'-&1('&"%$&,*->$%#$0&#*&+$$#&8/&)37#'17/'-2&.'#4&J5N@5&

F80@'7.@+/&

64$&2$-$%"7&1%",#',$&'(&#*&4">$C&
@5& M-0&(3,#'*-&13)1(&"%$&3($0&+*%&31&#*&@Z&91&('?$(&
J5& 9*%'?*-#"7&(17'#&,"('-2&13)1(&"%$&3($0&+*%&('?$(&"8*>$&@Z&915&
N5& :$%#',"7&#3%8'-$&13)1(&"%$&3($0&.4$%$&(3,#'*-&7'+#&'(&4'24&"(&'-&,*-,%$#$&#*.$%&8"('-(&
*+&7"%2$&+'$70&$%$,#$0&,**7'-2&#*.$%5&

64$&13)1&'-#$%-"7(&(4"77&8$&,*-(#%3,#$0&*+&)"#$%'"7(&#4"#&(3'#&#4$&."#$%&,4$)'(#%/5&64$&
13)1(&($"7&)3(#&k:'#*-UB&'+&*?*-$&."#$%&#%$"#)$-#&'(&3($05&

-+9*$"%'::'1'I"$/+')%A']$R,)*$"%&

<**7'-2&#*.$%(&2$-$%"#$&-*'($&03$&#*&#4$&+"-&"'%&)*>$)$-#B&+"-&)*#*%&"-0&#4$&(*3-0&*+&
(1%"/'-2&."#$%5&H"%2$&'-(#"77"#'*-(&1"%#',37"%7/&#4$&"'%K,*-0'#'*-'-2&"117',"#'*-(&*-&#4$&
%$('0'-2&"%$"(&%$=3'%$&"##$-3"#'*-&*%&(*3-0&1%**+'-25&&

O*77*.'-2&%$,*))$-0"#'*-&,*370&8$&+*77*.$0&#*&7')'#&#4$&*8I$,#'*-"87$&-*'($C&
H"/&$=3'1)$-#&"."/&+%*)&-*'($&($-('#'>$&"%$"(&"(&+"%&"(&1*(('87$&
 ;00&,*-,%$#$&."77(&"(&8"%%'$%(&"-0&"117/&",*3(#',&#%$"#)$-#&.4$%$&-$,$(("%/&
<*-('0$%&*>$%&('?'-2&#4$&,**7'-2&#*.$%B&.4$%$&-*'($&7$>$7&%$=3'%$)$-#(&'(&>$%/&
(#%'-2$-#5&64'(&(4"77&"77*.&+*%&(7*.'-2&+"-&*1$%"#'*-&
[($&2$"%&0%'>$(&'-(#$"0&*+&8$7#&0%'>$(&&
[($&,$-#%'+32"7&+"-&#*.$%(&.4',4&"%$&'-4$%$-#7/&=3'$#$%5&&
[($&"##$-3"#*%(&*-&#4$&+"-&0'(,4"%2$5&64$($&(4"77&4*.$>$%&"00&#*&#4$&+"-&(#"#',&
1%$((3%$&"-0&#43(&%$=3'%'-2&'-,%$"($&+"-&9c5&
[($&>'8%"#'*-&'(*7"#*%(&#*&%$03,$&')1",#&*+&>'8%"#'*-(5&;(&"&)'-')3)&(1$,'+/&'(*7"#*%(&
.'#4&(#"#',&0$+7$,#'*-&*+&J\&1"%#',37"%7/&.4$-&#4$&,**7'-2&#*.$%(&"%$&7*,"#$0&*-&#4$&%**+5&&

-+9*$"%':E'1'!""#$%&'()*+,'7,+)*0+%*'

<**7'-2&#*.$%(&"%$&#4$&)*(#&,*))*-&)$#4*0&3($0&#*&0'(('1"#$&4$"#&'-&*1$-&%$K
,'%,37"#'-2&,**7'-2&(/(#$)(5&!4'7$&#4$/&(">$&#%$)$-0*3(&")*3-#(&*+&."#$%B&*1$-&%$K
,'%,37"#'-2&,**7'-2&(/(#$)(&"%$&(38I$,#&#*&"&>"%'$#/&*+&1%*87$)(5&

M>"1*%"#'*-&'-,%$"($(&0'((*7>$0&(*7'0(&,*-,$-#%"#'*-&"-0&(38($=3$-#&,*%%*('*-&"-0&
0$1*('#'*-&#$-0$-,'$(&&&&&&&&&&&&
9'24$%&#$)1$%"#3%$(&'-,%$"($&,*%%*('*-&1*#$-#'"7&&&&&&&&&&&&
H*-2$%&%$#$-#'*-&#')$&"-0&."%)$%&."#$%&'-,%$"($&#4$&1*#$-#'"7&+*%&)',%*8'*7*2',"7&
2%*.#4&

!4$-&."#$%&'(&$>"1*%"#$0&*%&7*(#&+%*)&"&,**7'-2&#*.$%B&#4$&(*7'0(&"-0&,4$)',"7(&3($0&#*&
#%$"#&#4$&#*.$%&%$)"'-&'-&#4$&(/(#$)5&!4$-&."#$%&'(&x87$0x&+%*)&#4$&(/(#$)B&#4$&,4$)',"7(&
7*(#&#4%*324&87$$0&)3(#&8$&%$17",$0&+*%&#4$&(/(#$)&#*&%$)"'-&1%*#$,#$05&!"#$%&7*(#&03$&#*&
'-#$-#'*-"7&87$$0&*++&"-0&$>"1*%"#'*-&'(&#*&8$&,*-#'-3*3(7/&)"0$&31&#*&)"'-#"'-&"&(#$"0/&
*1$%"#'*-5&64$&)"F$&31&."#$%&'-#%*03,$(&')13%'#'$(&'-&#4$&%$K,'%,37"#$0&."#$%5&&

D+&#4$&=3"7'#/&*+&."#$%&'(&7$+#&3-,4$,F$0B&#4$&(/(#$)&.*370&7$"0&#*&(*7'0(&83'70&31&#4"#&.'77&
1%$,'1'#"#$&*3#&*+&(*73#'*-&"(&(,"7$5&64$&+*3%&1%'-,'1"7&(*3%,$(&*+&#4$($&0$1*('#(&'-&#4$&
,"($&*+&."#$%K,**7$0&(/(#$)(&"%$C&(,"7$B&,*%%*('*-B&8'*7*2',"7&2%*.#4(&"-0&(7302$5&64$($&
+",#*%(&"%$&')1*%#"-#&"-0&-$$0&,*-('0$%"87$&"##$-#'*-&#*&">*'0&0")"2$&#*&$=3'1)$-#&"-0&
$-4"-,$&1%*03,#'>'#/5&

!"#$%&#%$"#)$-#&'(&1%*>'0$0&#*&F$$1&#4$&."#$%&=3"7'#/&(3++','$-#&#*&1%$>$-#&(,"7'-2B&
,*%%*('*-&"-0&8'*7*2',"7&+*37'-2&#4"#&,"-&"++$,#&-*%)"7&1%*03,#'>$&*1$%"#'*-(5&&

D-&#4$&,**7'-2&#*.$%&*1$%"#'*-(B&#4$&*1$%"#*%(&"%$&'-(#%3,#$0&#*&,"%%/&*3#&87*.K0*.-&"#&#4$&
%$237"%&'-#$%>"7(&*%&'#&'(&"3#*)"#',"77/&,*-#%*77$0&#4%*324&'-(#%3)$-#(&p&,*-#%*7&0$>',$(5&
64$&)"-3"7&1%",#',$&*+&,"%%/'-2&*3#&87*.&0*.-&'(&-*-K(,'$-#'+',&"(&*-$&0*$(-U#&F-*.&
.4$#4$%&#4$&87*.K0*.-&'(&%$"77/&-$,$(("%/&#*&8$&,"%%'$0&*3#&"#&#4"#&1"%#',37"%&#')$&"-0&'+&'#&
'(&-$,$(("%/&#*&.4"#&$E#$-#5&&

H$#(&3-0$%(#"-0&"-&')1*%#"-#&#$%)&+%$=3$-#7/&3($0&'-&,**7'-2&#*.$%&*1$%"#'*-&Y</,7$&*+&
,*-,$-#%"#'*-\&P<g<R5&D#&'(&0$+'-$0&"(&"&+",#*%&*+&7$>$7&*+&')13%'#'$(&'-&#4$&,**7'-2&."#$%&
.'#4&%$(1$,#&#*&'#(&,*%%$(1*-0'-2&7$>$7&'-&#4$&)"F$K31&."#$%5&M>"1*%"#'-2&$-*324&."#$%&#*&
)"F$&#4$&(*7'0(&'-,%$"($&#*&#.',$&#4$'%&'-'#'"7&>"73$&'(&"&#.*K+*70&'-,%$"($&'-&(*7'0(&,*-#$-#5&
P$525C&aZ&1"%#(G)'77'*-&8$,*)$(&@oZ11)R5&64$&-$.7/&,*-(#'#3#$0&."#$%&'(&("'0&#*&4">$&k#.*&
,/,7$(&*+&,*-,$-#%"#'*-U5&D-&*#4$%&.*%0(B&<g<&'(&0$+'-$0&"(&#4$&-3)8$%&*+&#')$(&#4$&."#$%&
'(&,*-,$-#%"#$0&'-&#4$&,**7'-2&#*.$%5&<g<&'(&2$-$%"77/&0$#$%)'-$0&8/&(*)$&>$%/&(*7387$&
'*-B&(3,4&"(&,47*%'0$&'-&#4$&)"F$31&#*&%$K,'%,37"#'-2&."#$%5&<*-03,#'>'#/G6]T&'(&"7(*&3($0&
+*%&#4'(&0$#$%)'-"#'*-5&
D-&2$-$%"7B&.4$%$&1%*1$%&#%$"#)$-#&1%",#',$(&"%$&,"%%'$0&*3#B&#4$&#*#"7&0'((*7>$0&(*7'0(&
P6]TR&*+&#4$&,'%,37"#'-2&."#$%&'-&*1$-&,'%,3'#&'(&-*#&"77*.$0&$E,$$0'-2&JAZZ&11)&(*&#4"#&
#4$&,*%%*('*-&"-0&(,"7'-2&1%*87$)(&"%$&F$1#&3-0$%&,*-#%*75&64$%$+*%$&.'#4&#4'(&,*-,$1#B&
.4$-&#4$&)"F$K31&."#$%&6]T&'(&aZZ&11)&"-0&)"E')3)&"77*."87$&6]T&'-&,'%,37"#'-2&
."#$%&'(&JAZZ&11)B&#4$&(/(#$)&'(&-*#&1$%)'##$0&#*&*1$%"#$&"#&)*%$&#4"-&JAZZGaZZ&^&N5@&
,/,7$(&*+&,*-,$-#%"#'*-5&&

64$&*1#')3)&>"73$&+*%&k</,7$(U&'(&"&8'#&$73('>$&"-0&'+&'#&'(&3-F-*.-&#4$&0$+"37#&+'23%$&'(&
3(3"77/&A5&;&4'24&>"73$&*+&<g<&7$"0(&#*&%$03,$0&,4$)',"7B&."#$%&"-0&($."2$&,*(#(&83#&
'-#%*03,$(&"-&'-,%$"($0&%'(F&*+&(,"7$&+*%)"#'*-&"-0&>'("&>$%("5&]$('2-&>"73$&*+&*1$%"#'-2&
*-&"&1"%#',37"%&<g<&'(&0$#$%)'-$0&(1$,'+',&#*&"&($%>',$B&=3"7'#/&*+&)"F$&31&."#$%&"-0&
")*3-#&*+&,4$)',"7&0*("2$5&g-,$&#4$&<g<&'(&$(#"87'(4$0B&#4$&."#$%&#%$"#)$-#&,*-#%*7(&
"%$&($#&'-#*&1*('#'*-&#4"#&($-($(&#4$&,*-03,#'>'#/&*+&."#$%5&<*-03,#'>'#/&*+&."#$%&'-,%$"($(&
'-&0'%$,#&1%*1*%#'*-&#*&#4$&(*7'0(&,*-,$-#%"#'*-5&64$&0$>',$&'(&+'%(#&3($0&#*&)$"(3%$&#4$&
,*-03,#'>'#/&*+&#4$&)"F$K31&."#$%&"-0&#4$-&($#&#*&'-'#'"#$&"&87$$0&,/,7$&.4$-&#4$&(/(#$)&
,*-03,#'>'#/&%$",4$(&"&>"73$&$=3"7&#*&#4$&($#&,/,7$(5&&

D#&'(&4$71+37&#*&$E")'-$&#4$&."#$%&8"7"-,$&*+&#4$&(/(#$)5&64$&")*3-#&*+&."#$%&#4"#&$-#$%(&
"(&)"F$K31&)3(#&8$&$=3"7&#*&#4$&#*#"7&."#$%&#4"#&$E'#(&#4$&(/(#$)&*%&&

L"F$K31&."#$%&PLR&^&."#$%&7*(#&y#4%*324&$>"1*%"#'*-&P:R&`&87$$0&PWR&`&0%'+#&P]Rz&

!4$-&.$&'2-*%$&#4$&'-('2-'+',"-#&0%'+#&7*(($(&
&
64$-B&L&^&:&`&W&P$=5@R&&
_$,*2-'?'-2&#4"#&'-&*%0$%&#*&F$$1&*++&+%*)&)"F'-2&(,"7$B&"77&*+&#4$&(*7'0(&#4"#&$-#$%&"(&
)"F$K&31&)3(#&$E'#&"(&87$$0B&'#&+*77*.(&#4"#C&
L&^&,/,7$(&E&W&P$=5JR&&
;-0&#4"#C&&
L&^&:&vP,/,7$(RGP,/,7$(K@Rw&P$=5NR&&
<*)8'-$&P$=5JR&"-0&P$=5NR&#*&2$#C&&
W&^&:G&P,/,7$(K@R&P$=5QR&&

64$&8'*7*2',"7&"(1$,#&*+&."#$%&#%$"#)$-#&,*)$(&+%*)&7'>'-2&*%2"-'()(&#4"#&#4%'>$&'-&#4$&%$K
,'%,37"#$0&."#$%&"-0&.$##$0&(3%+",$(5&W",#$%'"B&(7')$&"-0&"72"$&,"-&+*37&4$"#&$E,4"-2$%&
(3%+",$(&"-0&'-&(*)$&,"($(&"##",F&"-0&0$(#%*/&(/(#$)&,*)1*-$-#(5&<4$)',"7&
#%$"#)$-#(&"00%$((&8'*7*2',"7&'((3$(&($1"%"#$7/&+%*)&(,"7$&"-0&,*%%*('*-5&&

<**7'-2&#*.$%(&"%$&"7(*&1%*-$&#*&4$"7#4&4"?"%0(5&_$,$-#7/B&#4$&ME$,3#'>$&W*"%0&*+&#4$&
<**7'-2&6$,4-*7*2/&D-(#'#3#$&P<6DR&"11%*>$0&-$.&23'0$7'-$(&+*%&,*-#%*7&*+&H$2'*-$77"B&#4$&
8",#$%'"&"((*,'"#$0&.'#4&1*#$-#'"77/&+"#"7&H$2'*--"'%$(U&0'($"($5&<6Dj(&8$(#&1%",#',$&
(1$,'+'$(&#4$&,*-#'-3*3(&3($&*+&4"7*2$-&,*)1*3-0(&#*&%$03,$&4$"7#4&%'(F(&"((*,'"#$0&
.'#4&#4$($&8",#$%'"5&&

64$($&'((3$(&"%$&"00%$(($0&($1"%"#$7/&'-&"-*#4$%&,*3%($&Y<**7'-2&!"#$%&6%$"#)$-#&"-0&
'#(&%$7$>"-,$&#*&M-$%2/&<*-($%>"#'*-\5&

-+9*$"%':G'1'!""#$%&'7"5+,'7+/*$%&&

<**7'-2&#*.$%&,"1",'#/&'(&2$-$%"77/&,*-('0$%"87/&>$%/&4"%0&#*&=3"-#'+/&"(&'#&%$=3'%$(&#4$&
",,3%"#$B&(')37#"-$*3(&)$"(3%$)$-#&*+&."#$%&+7*.B&'-7$#&"-0&*3#7$#&."#$%&#$)1$%"#3%$(B&
.$#&8378&#$)1$%"#3%$&"-0&1*.$%&,*-(3)1#'*-5&D#&'(&3-7'F$7/&#4"#&'0$"7&#$(#&,*-0'#'*-(&(4"77&
8$&">"'7"87$&"+#$%&,*))'(('*-'-2&"(&-"#3%$&)3(#&,*K*1$%"#$&.'#4&.$#&8378&#$)1$%"#3%$(B&
.'-0&>$7*,'#'$(B&$#,5&&

!"#$%&"-0&.$#&8378&#$)1$%"#3%$(&0*&-*#&%$)"'-&,*-(#"-#&"-0&'#&'(&-$,$(("%/&#*&">$%"2$&
%$"0'-2(K&#/1',"77/&*>$%&*-$&4*3%5&64$&">$%"2$&%$"0'-2(&"%$&#4$-&,*)1"%$0&"2"'-(#&
)"-3+",#3%$%&(3117'$0&,"1",'#/&0"#"&#*&>$%'+/&#4$%)"7&,*)17'"-,$5&&

64$&,*)17$E'#/&*+&(3,4&#$(#'-2&'(&%$+7$,#$0&'-&#4$&#$(#'-2&,*(#(&+*%&#4$&#$(#&#$,4-','"-&173(&
#4$&-$,$(("%/&1"%#','1"#'*-&*+&#4$&,*-#%",#*%&"-0&*.-$%&1$%(*--$7B&)*0'+',"#'*-(&#*&#4$&
1'1'-2&#*&",,*))*0"#$&#$(#&)$"(3%$)$-#(&"-0&#4$&1%*03,#'*-&*+&(3++','$-#&#4$%)"7&7*"0&
+*%&#$(#'-25&O*%&#4'(&%$"(*-&#4$&+'$70&#$(#'-2&*+&,**7'-2&#*.$%&1$%+*%)"-,$&'(&($70*)&0*-$&
"-0&#4$&+",#*%/&"(($)87$0&0$('2-(&,"%%/&,$%#'+',"#'*-&*+&,*)17'"-,$&#*&<6D&T#"-0"%0&T6]K
JZ@5&64$&,$%#'+',"#'*-&(#")1&*++$%$0&8/&<6D&23"%"-#$$(&#4$&1$%+*%)"-,$&8/&%$>'$.'-2B&
$>"73"#'-2&"-0&#')$&#$(#'-2&)"-3+",#3%$%U(&(38)'##$0&1%*03,#&*++$%'-2&"-0&,"1",'#/&
%"#'-2(5&<6D&#4$-&7'(#(&#4*($&1%*03,#&7'-$(&#4"#&)$$#&1387'(4$0&%"#'-2(5&64$&,**7'-2&#*.$%&
'-03(#%/&4"(&7"%2$7/&$)8%",$0&T6]KJZ@&8$,"3($&'#&4$71(&1%$>$-#&3-=3"7'+'$0&
)"-3+",#3%$%(&+%*)&$-I*/'-2&3-0$($%>$0&("7$(5&T/(#$)&0$('2-$%(&"-0&*.-$%(&"7(*&
8$-$+'#&.'#4&1%$0',#"87$&1$%+*%)"-,$5&&

64$&')1*%#"-,$&*+&#4$%)"7&1$%+*%)"-,$&'(&>$%/&,%'#',"7&"-0&1**%&$++','$-,'$(&'-,%$"($(&
$,*-*)',&')1",#&*-&7"%2$&1%*I$,#(&(3,4&"(&%$03,$0&*>$%"77&*3#13#&+%*)&1*.$%&2$-$%"#'*-&
+",'7'#/5&H"%2$&1%*I$,#(&"7(*&#$-0&#*&$)17*/&+'$70&$%$,#$0&,**7'-2&#*.$%(&.4$%$&3-'=3$&
0$('2-(&"-0&+'$70&"(($)87/&1%",#',$(&8$,*)$&)*%$&')1*%#"-#5&&

;77&+'$70&$%$,#$0&,**7'-2&#*.$%(&(4*370&8$&(1$,'+'$0&.'#4&"&(1$,'+',&#$(#&"-0&1$-"7#'$(&+*%&
+"'73%$&,7$"%7/&7"'0K*3#&'-&"0>"-,$5&;77&#4$&,$%#'+',"#'*-&'-+*%)"#'*-&"-0&+'$70&#$(#(&
1%*,$03%$(&"%$&<6D&T#"-0"%0&;<6K@ZA&P;>"'7"87$&+%*)&<6D&"#&...5,#'5*%2&"-0&;TLM&
c<6KJN&...5"()$5*%2G,-(R&&

T*)$*-$&0$('%'-2&"&<6D&"11%*>$0&#$(#B&*-7/&#4$&<6D&1%$K"11%*>$0&7',$-($0&#$(#'-2&
"2$-,'$(&,*370&>$%'+/&"-0&"3#4$-#',"#$&#4$&#$(#&%$(37#(5&64$&($7$,#$0&#$(#&,*)1"-/&.'77&
1%*>'0$&"&,"7'8%"#$0&#$(#&'-(#%3)$-#(&+*%&#$)1$%"#3%$B&+7*.&"-0&1*.$%&)$"(3%$)$-#5&6$(#&
%$(37#(&"%$&(38)'##$0&#*&<6D&+*%&%$>'$.&"-0&>$%'+',"#'*-&"-0&"-&*++','"7&#$(#&%$(37#&1%*>'0$0&
8/&<6D5!!

-+9*$"%':P1'!"A+/')%A'O8$A+/'

64$&<**7'-2&6*.$%&D-(#'#3#$B&<6DB&'(&"&-*-K1%*+'#&*%2"-'?"#'*-&8"($0&'-&9*3(#*-B&6{&
,*)1%'($0&*+&,**7'-2&#*.$%&3($%(B&)"-3+",#3%$%(B&"-0&%$7"#$0&($%>',$&1%*>'0$%(5&D#&'(&
1%*8"87/&8$(#&F-*.-&+*%&'#(&#$(#&(1$,'+',"#'*-(&"-0&432$&7'8%"%/&*+&1"1$%(&"00%$(('-2&"77&*+&
,**7'-2&#*.$%&%$7"#$0&(38I$,#(5&&

64$&;)$%',"-&T*,'$#/&*+&9$"#'-2B&_$+%'2$%"#'*-&"-0&;'%&<*-0'#'*-'-2&M-2'-$$%(B&
;T9_;MB&'(&"-&'-#$%-"#'*-"7&*%2"-'?"#'*-&.4',4&'(&"7(*&-*-&1%*+'#&"-0&4$"0=3"%#$%$0&'-&
;#7"-#"B&b;5&64$/&1%*)*#$&(#"-0"%0(&8"($0&*-&$E#$-('>$&%$($"%,4&"-0&1387'(4&
,*)1%$4$-('>$&8**F(5&L*(#&*+&#4$&.$"#4$%&0"#"B&#4$&0$('2-&.$#&8378&#$)1$%"#3%$B&3($0&
8/&(/(#$)&0$('2-$%(&,*)$(&+%*)&;T9_;M&1387',"#'*-(5&&

!'#4'-&#4$&'-03(#%/B&(#"-0"%0(&+*%&,**7'-2&#*.$%(&"%$&($#&31&8/&#4$&<**7'-2&6*.$%&D-(#'#3#$&
P<6DR5&&64$&<6D&'(&"&($7+K2*>$%-'-2B&-*-K1%*+'#&#$,4-',"7&"((*,'"#'*-&0$0',"#$0&#*&#4$&
')1%*>$)$-#&*+&#$,4-*7*2/B&0$('2-B&1$%+*%)"-,$&"-0&)"'-#$-"-,$&*+&,**7'-2&#*.$%(5&&!4$-&
"&#*.$%&'(&(1$,'+'$0&"(&"&<6D&,*0$&#*.$%B&#4$&+*77*.'-2&(#"-0"%0(&8$,*)$&1"%#&*+&#4$&
(1$,'+',"#'*-&P'+&"117',"87$RC&

T6]K@ZN& _$0.**0&H3)8$%&T1$,'+',"#'*-&
 ;6<K@ZA& ;,,$1#"-,$&6$(#&<*0$&
T6]K@@@& b$"%&T1$$0&_$03,$%(&
T6]K@@Q&& ]*327"(&+'%&H3)8$%&T1$,'+',"#'*-&
T6]K@@A& T*3#4$%-&c'-$&H3)8$%&T1$,'+',"#'*-&
T6]K@@a& D-=3'%/&"-0&W'0&O*%)&
T6]K@@e& 6')8$%&O"(#$-$%&T1$,'+',"#'*-&
T6]K@Jh&&&& &;(8$(#*(&<$)$-#&L"#$%'"7(&+*%&;117',"#'*-&*-&D-03(#%'"7&!"#$%&<**7'-2&
6*.$%(&
T6]KJZ@& <$%#'+',"#'*-&T#"-0"%0&+*%&<*))$%,'"7&!"#$%&<**7'-2&6*.$%(&

-+9*$"%':S'1'O#"//),.'"6'7+,0/')%A'?^)0@#+'
'
@5& 9$"#&H*"0C&6*#"7&4$"#&#*&8$&%$)*>$0&+%*)&#4$&,'%,37"#'-2&."#$%&8/&#4$&,**7'-2&#*.$%&
'-&W#34&
J5& H'=3'0&#*&b"(&%"#'*&PHGbRC&;&%"#'*&*+&#*#"7&)"((&+7*.(&*+&."#$%&"-0&0%/&"'%&'-&"&,**7'-2&
#*.$%5&&
N5& _"-2$C&]'++$%$-,$&8$#.$$-&#4$&4*#&."#$%&#$)1$%"#3%$&"-0&,*70&."#$%&#$)1$%"#3%$5&
Q5& ;11%*",4C&]'++$%$-,$&8$#.$$-&#4$&,*70&."#$%&#$)1$%"#3%$&"#&#*.$%&*3#7$#&"-0&#4$&
$-#$%'-2&"'%&.$#&8378&#$)1$%"#3%$5&&
A5& <*70&!"#$%&6$)1$%"#3%$C&6$)1$%"#3%$&*+&#4$&."#$%&7$">'-2&#4$&,*77$,#'*-&8"('-5&
o5& <*3-#$%K+7*.C&;'%&+7*.&0'%$,#'*-&#4%*324&#4$&+'77&'(&,*3-#$%K,3%%$-#&#*&#4"#&*+&+"77'-2&
."#$%5&
h5& <%*((K+7*.C&;'%&+7*.&0'%$,#'*-&#4%*324&#4$&+'77&'(&$(($-#'"77/&1$%1$-0',37"%&#*&#4"#&*+&
+"77'-2&."#$%5&&
a5& ;)8'$-#&.$#&8378&#$)1$%"#3%$C&64$&.$#&8378&#$)1$%"#3%$&*+&"'%&$-,*)1"(('-2&#4$&
,**7'-2&#*.$%5&&
e5& M-#$%'-2&.$#&8378&#$)1$%"#3%$C&64$&!$#&8378&#$)1$%"#3%$&*+&"'%&",#3"77/&$-#$%'-2&#4$&
#*.$%5&
@Z5& ME4"3(#&!$#&W378&6$)1$%"#3%$C&!$#&8378&#$)1$%"#3%$&*+&#4$&$E4"3(#&(#%$")&*+&"'%B&
2*'-2&*3#&*+&#4$&,**7'-2&#*.$%5&&
@@5& O'77&G&O'77&T4$$#C&:$%#',"77/&"%%"-2$0B&,7*($7/&(1",$0&1"-$7(&#*&(1%$"0&+7*.'-2&."#$%&(*&
"(&#*&'-,%$"($&'#(&(3%+",$&"%$"5&
@J5& 9*#&."#$%&#$)1$%"#3%$C&6$)1$%"#3%$&*+&#4$&,'%,37"#'-2&."#$%&$-#$%'-2&#4$&,**7'-2&
#*.$%&0'(#%'83#'*-&(/(#$)5&&
@N5& O*%,$0&]%"+#C&_$+$%(&#*&#4$&)*>$)$-#&*+&"'%&3-0$%&1%$((3%$&#4%*324&"&,**7'-2&#*.$%&
P87*.&#4%*324&#/1$R&
@Q5& D-03,$0&]%"+#C&_$+$%(&#*&#4$&)*>$)$-#&*+&"'%&#4%*324&"&,**7'-2&#*.$%&8/&)$"-(&*+&"-&
'-03,$0&1"%#'"7&>",33)&P0%".&#4%3&#/1$R&
@A5& i"#3%"7&]%"+#C&_$+$%(&#*&#4$&)*>$)$-#&*+&"'%&#4%*324&"&,**7'-2&#*.$%&#/1',"77/&8/&#4$&
0%'>'-2&+*%,$&*+&0$-('#/&0'++$%$-#'"75&
@o5& c73)$C&64$&$++73$-#&)'E#3%$&*+&4$"#$0&"'%&"-0&."#$%&>"1*%&P3(3"77/&>'('87$R&0'(,4"%2$0&
+%*)&"&,**7'-2&#*.$%5&&
@h5& i$#&M++$,#'>$&:*73)$C&64"#&1*%#'*-&*+&#4$&#*#"7&(#%3,#3%"7&>*73)$&.'#4'-&.4',4&#4$&
,'%,37"#'-2&."#$%&'(&'-&'-#')"#$&,*-#",#&.'#4&#4$&+7*.'-2&"'%5&
'
ME")17$C&
;&6*.$%&,**7(&@ZZZ&bcL&+%*)&eAr&O&#*&aAr&O&"#&hJr&O&.$#&8378&#$)1$%"#3%$5&<"7,37"#$&
_"-2$B&;11%*",4B&9$"#&%$I$,#'*-B&]%'+#&7*((B&M>"1*%"#'*-&%"#$B&W7$$0&%"#$&"-0&L"F$&31&
."#$%&%$=3'%$)$-#(5&
&
_"-2$C&9:#;!<!=#;>&^&eA&K&aA&^&@Zr&O&&
;11%*",4C&9=#;!<!#?;>!^&aA&K&hN&^&@Nr&O&&
9$"#&_$I$,#'*-C&9@.-0!ABC!D!E+&*%!F@!D!GHH>&^&@ZZZ&E&@Z&E&AZZ&^&ABZZZBZZZ&8#3U(G4%&^&
ABZZZ&LW9R&
6/1',"7&]%'+#&H*((I!9H7HHJK!D!E%L,(1,6.+/%4!@.-0!E+/%>&^&Z5ZZZZJ&{&@ZZZ&^&Z5ZJ&
bcL&
M>"1*%"#'*-&_"#$C&9@.-0!ABC!D!E+&*%!F@!M!N2HHH>&^&@ZZZ&{&@Z&G&@BZZZ&^&@Z&bcL&
W7$$0&_"#$C&9OP+3-1+/(-&!E+/%!ABC!M!9=Q,.%'LN>&^&@Z&G&PNK@R&^&A&bcL&&
L"F$K31&!"#$%&_$=3'%$)$-#C&9OP+3-1+/(-&!E+/%!ABC!D!R=Q,.%'M9=Q,.%'LN>S!>&^&@Z&E&
NGJ&^&@A&bcL&

!"8,/+'-800),.'

64$&)*(#&,%'#',"7&>"73$&'-&0$#$%)'-'-2&,**7'-2&#*.$%&$++','$-,/&"-0&('?$&'(&#4$&.$#&8378&
#$)1$%"#3%$&*+&$-#$%'-2&"'%5!

!$#&8378&#$)1$%"#3%$&'(&"&)$"(3%$)$-#&*+&)"E')3)&,**7'-2&,"1"8'7'#/&*+&"'%&"-0&'(&"&
+3-,#'*-&*+&#4$&",#3"7&P0%/&8378R&#$)1$%"#3%$&"-0&)*'(#3%$&,*-#$-#&P%$7"#'>$&43)'0'#/R&*+&
#4$&"'%5&

_"-2$&"-0&;11%*",4&"%$&#.*&)*(#&')1*%#"-#&1"%")$#$%(&"((*,'"#$0&.'#4&,**7'-2&#*.$%(5&
64$&('?'-2&*+&,**7'-2&#*.$%&>"%'$(&0'%$,#7/&"(&"&+3-,#'*-&*+&4$"#&7*"0&"-0&'->$%($7/&"(&
%"-2$&"-0&"11%*",45&

<**7'-2&#*.$%(&('?$0&#*&4"-07$&."#$%&+7*.&8$7*.&@ZZZZ&bcL&"%$&,7"(('+'$0&"(&+",#*%/&
83'7#&1",F"2$&#*.$%(&"-0&#4$&('?$(&"8*>$&#4'(&7')'#&"%$&2$-$%"77/&+'$70&+"8%',"#$05&

6*&($7$,#&"&,**7'-2&#*.$%B&#4$&."#$%&+7*.&%"#$B&."#$%&'-7$#&#$)1$%"#3%$B&."#$%&*3#7$#&
#$)1$%"#3%$&"-0&")8'$-#&.$#&8378&#$)1$%"#3%$(&)3(#&8$&F-*.-5&

64$&,**7'-2&#*.$%&,*370&8$&-"#3%"7&0%"+#&#4"#&+'-0(&3("2$&)"'-7/&'-&1*.$%&2$-$%"#'*-&
+",'7'#'$(5&L*(#&*+&#4$&'-03(#%/B&1%*,$((&*%&"'%K,*-0'#'*-'-2&"117',"#'*-(&%$7/&*-&#4$&3($&*+&
)$,4"-',"7&0%"+#K,**7'-2&#*.$%(5&64$&)$,4"-',"7&0%"+#&,**7'-2&#*.$%(&"%$&+3%#4$%&
,7"(('+'$0&"(&#4$&,*3-#$%K+7*.&*%&#4$&,%*((&l+7*.&#/1$&0$1$-0'-2&31*-&#4$&kO'77U&
"%%"-2$)$-#&"-0&#4$&."/&"'%&,*)$(&'-&,*-#",#&.'#4&."#$%5&

64$&,**7'-2&#*.$%(&3($&.**0B&2"7>"-'?$0&(#$$7B&(#"'-7$((&(#$$7B&,*-,%$#$&"-0&+'8$%27"((&
"(&#4$&)"I*%&+"8%',"#'*-&)"#$%'"7(5&

64$&*#4$%&')1*%#"-#&+",#*%(&#4"#&23'0$&#4$&*>$%"77&1$%+*%)"-,$&*+&#4$&(/(#$)&'-,730$&#4$&
7"/*3#&p&'-(#"77"#'*-&,*-('0$%"#'*-(&#*&F$$1&#4$&#*.$%&+%$$&+%*)&*8(#%3,#'*-(B&4$"7#4&
4"?"%0(&(3,4&"(&H$2'*-$77"&0'($"($B&."#$%&#%$"#)$-#B&$-$%2/&$++','$-,/B&$->'%*-)$-#&"-0&
",*3(#',&,*-,$%-(5&

64$&#$(#'-2&"-0&1$%+*%)"-,$&*+&,**7'-2&#*.$%&'(&2*>$%-$0&8/&#4$&23'0$7'-$(&*+&<**7'-2&
6*.$%&D-(#'#3#$&P<6DR&(#"-0"%0(5!
'