!!!!!!"#$!%#&'()*&+(,!%-./!0!1+234!56!%#&'()*&+(,!7$&3$')#(8!(6!9(:#;8$'<5'*(6:!=2)(6$))$)!"#!$%&'()!*%)+,!-.)&&/)0,!

!

!

!

!

!

!

!

"#$!%#&'()*&+(,!%-./!0!1+234!56!%#&'()*&+(,!

7$&3$')#(8!(6!9(:#;8$'<5'*(6:!=2)(6$))$)!

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

$%1234+153,()63!71/()684/8)%4!9%):(/!;/82+(&<!*%12+2%/822%11(4&(1!+!

()=>()>&&').5!.5!+1/()1%/+.1%4!()=>()>&:.,,81+:%/+.1!

$.'(1=%5(1!"8&+1(&&!;6=..4!

?858&/!@AB@!

!

!

!

!

!

!

C#'((1=(2()<!BDE3AAA!

?1/%4!&+2()<!FB!

?1/%4!1.),%4&+2()<!GH!

!"#$%&'

(")'*+,-#%+.-#/"'0123'1)'+)+45#"'+6'/+,-#%+.-#/'4"7"4#"'-'89:.'

;,<#.",")7"'=-,/#>%8"7",'

!"#$"%&'(%#$%)$"$)*$%+,-./%0(%$(%1#23"3)*($($"#$%#3($4*5($(%6789:$(;%&(1%)*'($%

)$<)41=$(%=<$>$*%2$($%'?%2$($%)@"<3?$%3%2$#3$("$%'?%=$?($=$*%!"#$%&'()*

+$(',-'.:%A1(%3%#$"%&'(=3"#$<)$%&0$*%"@%=$*@#"3"?B%3%'?%2$#%1*%789:$"%3%)*1#3?%

A5C$($%?(1#%$(%=<$>$*%#$"%)4344$<)$B%)'2%($D(E)$"*$($(%>3(4)'2A$#$"%'?%#$*)%

!/&$"&$(0#*+$(',:%F#1#*3<G%H$**$%)*3<<$(%"@$%'?%A5C$%4(1>%*3<%"F*3#$")%*'D<$#$($B%

)'2%"F%=(F?$(%$"%)*'(%#$<%1&%#$($)%*3#%D0%#$"%($D(E)$"*1*3>$%#$<%1&%#$($)%

1(=$C#$B%'?%$?$")41=$(%)'2%2$#3$*E44$B%$&&$4*3>%4'22F"341*3'"%'?%41(3)21*3)4%

&($2*'"3"?%$(%#$(&'(%1&?5($"#$%D1(12$*($%&'(%#$"%2'#$("$%*'D<$#$()%

D(E)*1*3'"B%'?%3"#3($4*$%#$(2$#%'?)0%'(?1"3)1*3'"$")%($)F<*1*$(%)'2%A$<A$#G%

H$""$%41"#3#1*1&A1"#<3"?%A1(%*3<%&'(20<%1*%1&#E44$%4'"I$D*$*%:H$"%J1(3)21*3)4$%

789:%'?%#$(2$#%1"1<@)$($%#$*%#3($4*$%<3"4%2$<<$2%*'D<$#$($")%D$()'"<3?$%=(1"#%

'?%>3(4)'2A$#$")%=(1"#%&'(%#$(3?$""$2%&'()5?$%1*%&3"#$%&($2%*3<%20<=1($%

D1(12$*($%&'(%#$"%41(3)21*3)4$%*'D<$#$(%)12*%4'"4<F#$($B%A>'(>3#*%$"%A5C*%

D('&3<$($*%41(3)21*3)4%*'D<$#$(%$(%$"%D')3*3>%$<<$(%"$?1*3>%1**(3=F*%*3<%$"%

>3(4)'2A$#)%D1<$**$%1&%!+$(',*0&1/2*"&-'0%!G%%

K($2?1"?)20#$"%$(%D(32E(*%#'23"$($*%1&%$"%$4)D<'(1*3>%*3<?1"?%*3<%=$?($=$*%

3($-%4(B%)'2%=$)4($>$*%1&%)'I3'<'?$"%L1M%N$=$(%'?%2$($%2'#$("$%&'()4$($B%

4'2=3"$($*%2$#%($<$>1"*%*$'(3%'24(3"?%/&$"&$(0#*+$(',-'.%)12*%"#$%&'()*

+$(',-'.%'?%1"#($%=$?($=$(B%)'2%<3??$(%*E*%'D%1#%#$**$%6=<G1G%!$#"10(0-&'*

4('(.#4#'0!%'?%!/#)#+$-05!;G%O$""$2%$"%4'2D1(1*3>%1"1<@)$%1&%*'%>3(4)'2A$#$()%

*'D<$#$($%6P(@?%'?%P'D#1"21(4;%1"1<@)$($)%'?%$4)$2D<3&3I$($)%=$?($=$*%'?%#$%

&F"#"$%D1(12$*($%'?%4(3*$(3$(%&'(%41(3)21*3)4%<$#$()41=%*$)*$)%32'#%#$%*'%

I1)$>3(4)'2A$#$(G%%

Q'2%4'"4<F)3'"%&3"#$)%#$(%=$<E?%&'(%$"%#3($4*$%)122$"AE"?%2$<<$2%

*'D<$#$($")%D$()'"<3?$%=(1"#%'?%>3(4)'2A$#$")%!/&$"&$(0#*+$(',!B%<3?$)'2%#$(%

&3"#$)%=$<E?%&'(%>3))$%1&?5($"#$%D1(12$*($%'?%&'(F#)E*"3"?$(%&'(B%1*%$"%

41(3)21*3)4%789%41"%)41=$%=0#$%D')3*3>%&.%"$?1*3>%'2*1<$%&'(%$"%?3>$"%

>3(4)'2A$#%RF1%)3"%A5C*%D('&3<$($#$%D$()'"<3?A$#G%H$(%&3"#$)%#'?%344$%"'?$*%

#3($4*$%=$>3)%&'(B%1*%$"%41(3)21*3)4%*'D<$#$(%($"*%&14*3)4%41"%?$"$($($%&<$($%

4F"#$(%$<<$(%#3($4*$%A1>$%$"%D')3*3>%3"#&<@#$<)$%D0%>3(4)'2A$#$")%3"#*C$"3"?B%D0%

*('#)%1&B%1*%A1"%$<<$(%AF"%41"%)41=$%$"%A5C%?(1#%1&%'D=14"3"?%'?%$&&$4*3>3*$*%

3"*$("*%3%'(?1"3)1*3'"$"G%S3?$<$#$)%&3"#$)%#$(%=$<E?%&'(B%1*%=$?($=$*%41(3)21%$(%

F)*1=3<*%3%)3"%41(14*$(%'?%3%A5C%?(1#%($?F<$($)%1&%6F#$&(14'22$"#$;%&14*'($(B%)'2%

4F"%3%2$?$*%<3<<$%?(1#%41"%)*@($)%1&%$"%?3>$"%'(?1"3)1*3'"B%'?%#$(2$#%F#"@**$)%

)'2%)*(1*$?3)4%>E(4*5C%3%412D$"%&'(%1*%>3"#$%21(4$#)1"#$<$G%H$(2$#%$(%#$(%

&F"#$*%>3))$%&1($(%&'(=F"#$*%2$#%:H$"%J1(3)21*3)4$%789:%'?%=$>3)%&'(B%1*%

=$?($=$*%4F"%*C$"$(%"@**$%)'2%)*(1*$?3)4%>E(4*5C%F"#$(%=$?(E")$#$%

&'(F#)E*"3"?$(G%

%

%

!"#!$%&'()*%+'$# # # # # # # # #

# ,"#-./.0&*1#2)./%+'$#333333333333333333333333333# 4#

4"#5+633333333333333333333333333333333333"# 4#

# 7"#8.%1'('9':;#0$(#0<<9+.(#%1.'&;3333333333333333333"# 4#

# ="#>%&)*%)&.33333333333333333333333333333333"# =#

# ?"#@+6+%0%+'$/3333333333333333333333333333333"# ?#

!!"#A10&+/60#

# ,"#!$%&'()*%+'$B#C.D+$+%+'$#'D#*10&+/6033333333333333333# E#

# 4"#5#/*1'90&9;#0<<&'0*1#%'#*10&+/60333333333333333333""# F#

7"#G1.#*'$*.<%#'D#*10&+/60#0**'&(+$:#%'#80H#I.J.&33333333""""""# ,4#

#####7",#5<<9+*0J+9+%;#0$(#&.9.K0$*.#'D#I.J.&L/#*10&+/6033333333# ,?#

="#5#6'(.&$#0<<&'0*1#%'#*10&+/60333333333333333333"""""# ,M#

?"#ANO#*10&+/60%+*#9.0(.&/1+<3333333333333333333333# ,F#

M"#>)JP*'$*9)/+'$B#A10&+/6033333333333333333333333# 4,#

!!!"#Q&0$(+$:#%1.#ANO#

# ,"#!$%&'()*%+'$333333333333333333333333333333"# 4=#

# 4"#G1.#ANO#0$(#%1.#*'&<'&0%.#J&0$(#+(.$%+%;3333333333333"""# 4M#

# 7"#G1.#*0)/./#0$(#.DD.*%/#'D#<.&/'$09#J&0$(+$:3333333333"33""# 4F#

#####7",#R.&/'$09#Q&0$(+$:#+$#+%/#.H%&.6.#D'&6B#G1.#A.9.J&+%;#ANO33""## 4S#

# ="#A10&+/60#+$#60$0:.6.$%#+$()/%&+./33333333333333333# 74#

# ?"#R.&D'&60$*.#+$#&.90%+'$#%'#%1.#*10&+/60#<1.$'6.$'$3333333# 7F#

# M"#>)JP*'$*9)/+'$B#Q&0$(+$:#%1.#ANO333333333333333333"# 7S#

!T"#A'6<0&0%+K.#5$09;/+/#

# ,"#!$%&'()*%+'$333333333333333333333333333333""# =4#

# 4"#5$09;U+$:#+60:.#+$#%1.#+$/)&0$*.#+$()/%&;33333333333333# =7#

# 7"#!60:.#0$09;/+/#'D#%1.#+$/)&0$*.#+$()/%&;333333333333333# ==#

# ="#V09+(0%+$:#*10&+/60%+*#9.0(.&/1+<#+$#%1.#+$/)&0$*.#+$()/%&;3333"# ?W#

# ?"#A10&+/60%+*#9.0(.&/1+<#0$09;/+/33333333333333333333# ?4#

# #####?",#A0/.#!B#G&;:33333333333333333333333333333# ?4#

# #####?"4#G1.#>%+$.#Q'//.#Q&0$(33333333333333333333333# M4#

# #####?"7#A0/.#!!B#G'<(0$60&X333333333333333333333333# M=#

# #####?"=#G1.#A1&+/%+0$#>0:+9(#Q&0$(33333333333333333333""# E,#

# M"#>)JP*'$*9)/+'$#'$#*'6<0&0%+K.#0$09;/+/333333333333333"# E4#

T"#A'$*9)/+'$#

# ,"#A'$*9)/+'$#0$(#D+$09#(+/*)//+'$33333333333333333333""#E?#

# 4"#Y)&%1.&#/%)(+./33333333333333333333333333333"# EM#

#

Q+J9+':&0<1;333333333333333333333333333333333333# EF#

5<<.$(+*./333333333333333333333333333333333333""# FW#

#

!

# ,#

"#!"$%&'()*%+'$!

C)&+$:#%1.#90/%#,?P4W#;.0&/Z#ANO/#'D#90&:.#J)/+$.//./#10K.#J.*'6.#+$*&.0/+$:9;#

6'&.#K+/+J9.#+$#%1.#6.(+0#0$(#')&#/)&&')$(+$:#['&9(#0/#0#[1'9."#G1.#%.&6#

\!"#$%&'()*#'&+L#+/#'D%.$#)/.(#%'#(./*&+J.#%1.#0((.(#K09).#0$(#.//.$*.#%10%#9+./#

[+%1+$#%1.#+$%0$:+J9.#0//.%/#'D#%1.#1+:1P<&'D+9.(#ANOZ#0$(#D)&%1.&6'&.]#%1.#

.H.*)%+K.#J.*'6./#%1.#*'&<'&0%.#<)J9+*#<.&/'$0#&.<&./.$%+$:#%1.#*'6<0$;#J'%1#

+$%.&$099;#^.":"#%'[0&(/#.6<9';../_#0$(#.H%.&$099;#^%'[0&(/#.H%.&$09#

/%0X.1'9(.&/]#.":"#%1.#6.(+0Z#%1.#9'*09#*'66)$+%;#0$(#.H%.&$09#/10&.1'9(.&/_"#

Y'&#%1.#ANOZ#%1+/#6.0$/#0#/1+D%#0[0;#D&'6#D'*)/+$:#<)&.9;#'$#'<.&0%+K.#%0/X/Z#

%1)/#.H<0$(+$:#%1.#(.60$(/#D'&#099'*0%.(#%+6.#0$(#*'&.#*'6<.%.$*+./#+$%'#%1.#

D+.9(/#'D#<.&/'$09#J&0$(#J)+9(+$:Z#&.90%+'$/1+<#0$(#&.<)%0%+'$#60$0:.6.$%Z#

6.(+0#60$0:.6.$%#0$(#<)J9+*#/<.0X+$:"##

>%)(+./#/1'[#%10%#%1.&.#+/#0#(+&.*%#9+$X#J.%[..$#%1.#+60:.#'D#%1.#*'6<0$;#

^*'&<'&0%.#J&0$(_#0$(#%1.#+60:.#'D#%1.#ANO#+$#*10&:.#^<.&/'$09#J&0$(_"#G1+/#9+$X#

<&'K+(./#.K+(.$*.#%10%#%1.#+60:.#'D#%1.#ANO#1.9</#*&.0%.#<'/+%+K.#&./)9%/#D'&#%1.#

*'6<0$;#0/#0#[1'9.#0$(#*0$#/)<<'&%#%1.#1;<'%1./+/#%10%#0#1+:19;#K+/+J9.#ANO#

*'$%&+J)%./#%'#<.&D'&60$*.#'$#0#*'6<0$;#9.K.9"#`.K.&%1.9.//Z#+%#+/#;.%#%'#J.#

%./%.(#'$#[1+*1#<0&06.%.&/#%1.#1+:1P<&'D+9.(#ANO#+/#0$#0//.%#%'#%1.#*'6<0$;#

^*'&<'&0%.#J&0$(_Z#0$(#%1.&.#+/#0#90*X#'D#.6<+&+*09#.K+(.$*.#0$(#&.9.K0$%#%''9/#D'&#

6.0/)&.6.$%#%'#/)<<'&%#%1.#*90+6"#G0$:+J9.#.*'$'6+*09#&./)9%/#'D#0#*'6<0$;#

0$(#0#ANOL/#<.&/'$09#<.&D'&60$*.#*0$#J.#6.0/)&.(]#%1.#<&'J9.6#0&+/./#[1.$#

[0$%+$:#%'#0$09;/.#%1.#+$%0$:+J9.#0//.%/#'D#%1.#.H.*)%+K.B#a+/#'&#1.&#\,-'#.$/'0.,)

!"#$%&'L#0$(#0J+9+%;#%'#:.$.&0%.#<'/+%+K.#&./)9%/#'$#*'6<0$;#9.K.9"###

G1+/#60/%.&#%1./+/#/..X/#%'#.H06+$.#%1.#*10&+/60%+*#ANO#+$#&.90%+'$#%'#%1.#

/)<<'/.(#9+$X#J.%[..$#\!"#$%&'()*#'&+L#0$(#\,%#!%#'0")*#'&+L#[1+9.#(.D+$+$:#%1.#

*'6<9.H#$0%)&.#'D#%1.#\,-'#.$/'0.,)123LB#C'./#0#1+:1P<&'D+9.(#.H.*)%+K.#09[0;/#

*&.0%.#<'/+%+K.#&./)9%/#D'&#%1.#*'6<0$;b##

!$#'&(.&#%'#'J%0+$#%1+/#X$'[9.(:.Z#+%#+/#+6<'&%0$%#%'#0$09;/.#%1.#%1.'&.%+*09#

J0*X:&')$(#'D#%1.#%.&6#\,-'#.$/'LZ#0/#(./*&+J.(#J;#/'*+'9':+/%#80H#I.J.&"#

8'&.'K.&Z#%1.#&.90%+'$/1+<#J.%[..$#\!"#$%&'()*#'&+L#0$(#\,%#!%#'0")*#'&+L#[+99#

J.#.H06+$.(#0**'&(+$:#%'#9+%.&0%)&.#0$(#&./.0&*1#+$/+(.#%1.#D+.9(/#'D#60&X.%+$:#

# 4#

0$(#6'&.#/<.*+D+*099;]#J&0$(#60$0:.6.$%"#G1.#&./)9%/#[+99#J.#1.9(#)<#0:0+$/%#0#

*'6<0&0%+K.#0$09;/+/#'$#%1.#J0*X:&')$(#'D#%['#1+:1P<.&D'&6+$:#*'6<0$+./#0$(#

%1.+&#ANO/#[+%1+$#0#:+K.$#+$()/%&;"#G1.#&./)9%#'D#%1.#0$09;/+/#+/#6.0$%#%'#J.#0#

/%.<#%'[0&(/#)$(.&/%0$(+$:#%1.#+$%0$:+J9.#0//.%/#'D#%1.#ANOL/#<.&/'$09#J&0$(#

0$(#0/#0#*'&<'&0%.#J&0$(#%')*1P<'+$%Z#9+$X+$:#+%#(+&.*%9;#%'#%1.#J)/+$.//L#

.*'$'6+*#<.&D'&60$*."##

,#!-./.0&*1!2)./%+'$!

C'./#0#*10&+/60%+*#ANO#*&.0%.#<'/+%+K.#&./)9%/#'$#*'&<'&0%.#9.K.9Z#0$(]#1'[#('./#

0#*10&+/60%+*#0$(#1+:19;#K+/+J9.#ANO#0DD.*%#%1.#09+:$6.$%#J.%[..$#1+/#'&#1.&#

<.&/'$09#J&0$(#0$(#%1.#*'&<'&0%.#J&0$(b##

3#!4+5!

I+%1#*'&<'&0%.#.$%+%+./#J.*'6+$:#0$#+$*&.0/+$:9;#90&:.&#<0&%#'D#')&#.K.&;(0;Z#+$#

%1.#6.(+0#0$(#%1&'):1#0#K0&+.%;#'D#'%1.&#60&X.%+$:#*10$$.9/#/)*1#0/#/'*+09#

6.(+0#0$(#0(K.&%+/+$:Z#%1.#*'&<'&0%.#+60:.#^%1.#J&0$(_#J.*'6./#+$*&.0/+$:9;#

K+%09#D'&#*'6<0$+./#0$(#%1.#*'&<'&0%.#J&0$(#+(.$%+%;#%')*1./#'$#099#<0&%/#'D#%1.#

J)/+$.//"#G1.#1+:1P<&'D+9.(#ANO#J.*'6./#0#X.;#D0*%'&#+$#*&.0%+$:#/)**.//#0$(#1+/#

'&#1.&#&./)9%/#0&.#6'$+%'&.(#*9'/.9;"#8'&.'K.&Z#%1.#+60:.#'D#%1.#ANO#J.*'6./#

09+:$.(#0$(c'&#*'6<0&.(#[+%1#%10%#'D#%1.#*'&<'&0%+'$"#!$#'&(.&#%'#60X.#%1.#

%&0$/+%+'$#D&'6#\<.&/'$09#J&0$(L#%'#\*'&<'&0%.#J&0$(L#/)**.//D)9Z#+%#+/#+6<'&%0$%#

%'#:0+$#X$'[9.(:.#'D#%1.#<0&06.%.&/#'$#[1+*1#%1.#*10&+/60%+*#ANO#*0$#J.#

6.0/)&.("#

6#!7.%1'('8'9:!0$(!0;;8+.(!%1.'&:!!

G1+/#/.*%+'$#[+99#')%9+$.#%1.#6.%1'('9':;#0$(#%1.'&+./#0<<9+.(#%1&'):1')%#%1+/#

60/%.&#%1./+/#[+%1#%1.#<)&<'/.#'D#*90&+D;+$:#%1.#0<<&'0*1#%0X.$#+$#'&(.&#%'#60X.#

%1.#%&0K.9#D&'6#&./.0&*1#2)./%+'$#%'#D+$09#*'$*9)/+'$"#

G1.#d')&$.;#/%0&%/#+$#<0&%#!!#[+%1#0$#"4!(%#'0%#5#&./.0&*1#0<<&'0*1#%'#%1.#

*'$*.<%#'D#*10&+/60#0/#)/.(#+$#,_#/'*+'9':;#0$(#4_#60$0:.6.$%#%1.'&;"#G1./.#

D+$(+$:#0&.#%1.$#0$09;/.(#0:0+$/%#6'&.#%&0(+%+'$09#J&0$(+$:#9+%.&0%)&.#+$#<0&%#!!!#

[+%1#%1.#<)&<'/.#'D#./%0J9+/1+$:#0$(#(.D+$+$:#0#&.90%+'$/1+<#J.%[..$#%1.#*'$*.<%#

'D#^ANO_#*10&+/60#0$(#J&0$(+$:#'$#J'%1#!"#$%&'(#0$(#,%#!%#'0"#9.K.9"#G1.#

# 7#

D+$(+$:/#'D#<0&%/#!!#0$(#!!!#0&.#%./%.(#0:0+$/%#0#,%/!'#'0.6")'&'(5$.$#+$#<0&%#!T#

)/+$:#0#78'(.0'0.6")"/!.#.,'(#0<<&'0*1#+$#&.90%+'$#%'#+$%.&K+.[/"#5/#%1.#*'$*.<%#'D#

ANO#*10&+/60#+/#D')$(#%'#J.#0#&.90%+K.9;#)$.H<9'&.(#0&.0#'D#/%)(;Z#%1.#2)09+%0%+K.#

&./.0&*1#0<<&'0*1#+/#%1.#6'/%#/)+%0J9.#0$(#0*X$'[9.(:.(#6.%1'(#%'#0<<9;Z#0$(#

+/#)/.(#%1&'):1')%#%1+/#60/%.&#%1./+/#0/#%1.#<&+60&;#+$K./%+:0%+K.#%''9"#

Y)&%1.&6'&.Z#+%#/1')9(#J.#$'%.(#%10%#%1+/#.H<9'&0%'&;#&./.0&*1#0<<&'0*1#

(.60$(/#0#1+:1#(.:&..#'D#+$D'&60%+'$#:0%1.&+$:#0$(#%10%#.6<10/+/#+/#<)%#'$#0#

,%&,"!08'(.$'0.%&)%9)123)1-'#.$/'#)/+$:#&./.0&*1#/*1'90&/#0$(#<..&P&.K+.[.(#

0&%+*9./#D&'6#(+DD.&.$%#0&.0/#'D#&./.0&*1Z#0/#[.99#0/#2)09+%0%+K.#&./.0&*1#60%.&+09#

D&'6#%1.#60$0:.6.$%#+$()/%&;"#

G1.#%1.'&+./#)/.(#+$#<0&%#!!#0&.#<&+60&+9;#%''9/#D'&#.H<90+$+$:#0$(#(.D+$+$:#%1.#

*'$*.<%#'D#*10&+/60Z#0$(#*'$/+/%/#'D#80H#I.J.&L/^,#[&+%+$:/#'$#%1.#%'<+*#0$(#0#

6'&.#6'(.&$#/*1'90&9;#0<<&'0*1#%'#%1.#*'$*.<%#%1&'):1#<..&P&.K+.[.(#&./.0&*1#

0&%+*9./#60+$9;#<)J9+/1.(#+$#0*X$'[9.(:.(#60$0:.6.$%#d')&$09/#+$/+(.#%1.#90/%#

,?#;.0&/"#!$#%1.#/.0&*1#D'&#%1.#*'$*.<%)09+/0%+'$#'D#ANO#A10&+/60Z#%1.#0<<9+.(#

<0&06.%.&/#D'&#(.D+$+$:#*10&+/60#<&'<'/.(#J;#8"#Q"#59#56&+#0$(#e"#-"#8*@0)&+$Z#

^4WWF_#0&.#6.0$%#0/#0$#.H06<9.#'D#%1.#.H<9'&0%'&;#6.%1'('9':;#0<<9+.(#+$#%1+/#

60/%.&#%1./+/"#G1.#&./.0&*1#9+%.&0%)&.#0<<9+.(#+$#<0&%#!!#+/#<0&%+*)90&9;#/.9.*%.(#

%1&'):1#0$#.H%.$/+K.#+$D'&60%+'$#:0%1.&+$:#[+%1#%1.#/'9.#<)&<'/.#'D#<0+$%+$:#0$#

+$P(.<%1#<+*%)&.#'D#%1.#*'6<9.H#0$(#+$%0$:+J9.#<.&/'$09#2)09+%;#%10%#+/#*10&+/60Z#

0$(Z#6'&.#+6<'&%0$%9;]#,-'#.$/'0.,)("'+"#$-.!"#R0&%#!!!#*'$/+/%/#'D#0#*'6J+$0%+'$#

'D#*#'&+.&:#9+%.&0%)&.#^60+$9;#>*1)9%U#0$(#a0%*1#^4WWF_Z#50X.&#0$(#

e'0*1+6/%109.&#^,SSS__Z#&./.0&*1#[+%1+$#%1.#0&.0/#'D#/'&':"/"&0).&+8$0#."$#0$(#

,"("*#.05Z#0$(#0#/.%#'D#1;<'%1././#+$#6.0/)&+$:#*10&+/60#+$#&.90%+'$#%'#

!"#9%#/'&,"#+/#<&./.$%.(#^5:9.Z#-"#Q"#.%#09Z#4WWM_"#G1.#%1.'&.%+*#D&06.['&X#)/.(#

+$#<0&%#!T#f#%1.#*'6<0&0%+K.#0$09;/+/#f#+/#60+$9;#J0/.(#'$#gK09.L/#%1.'&+./#'D#

78'(.0'0.6")#"$"'#,-)/"0-%+$#^gK09.Z#>"#0$(#Q&+$X60$$Z#>"#^4WWS__Z#0/#0&.#%1.#

+$%.&K+.[/#%1&'):1')%#%1+/#60/%.&#%1./+/"#

G1.#d')&$.;#D&'6#&./.0&*1#2)./%+'$#%'#D+$09#*'$*9)/+'$#+/#09/'#.H<&.//.(#%1&'):1#

%1.#D'99'[+$:#D+:)&.B#

########################################################

,#80H#I.J.&#+/#[+(.9;#0*X$'[9.(:.(#0/#'$.#'D#%1.#<+'$..&/#[+%1+$#*10&+/60#/%)(+./#0$(#+/#

&.$'[$#D'&#1+/#['&X#+$#%1+/#0&.0"#

# =#

#

# #

# # #

#

#

#

<#!=%&)*%)&.!

G1.#/%&)*%)&.#'D#%1+/#60/%.&#%1./+/#/1')9(#J.#/..$#0/#0$#+$%)+%+K.#0$(#9':+*09#

(+/<'/+%+'$#+$#0**'&(0$*.#[+%1#%1.#0J'K.#D+:)&.Z#0$(#%1.#+$%&'()*%'&;#&./.0&*1#

2)./%+'$^/_#<'/.(#+$#,"#-./.0&*1#2)./%+'$"#G1+/#(+/<'/+%+'$#D099/#+$#D+K.#60+$#

*10<%.&/Z#[1+*1#+$*9)(.#%1.#D'99'[+$:#*'$%.$%B#

!"#;&0#%+8,0.%&"#!$*9)(./#D'&6)90%+'$#'D#<&+60&;#&./.0&*1#2)./%+'$^/_Z#0+6#'D#%1.#

60/%.&#%1./+/Z#0<<9+.(#6.%1'('9':;#^+$*9)(+$:#0#(+/*)//+'$#'$#%1.'&;#0$(#

/')&*./_Z#/%&)*%)&.#0$(#9+6+%0%+'$/#^+$*9)(+$:#0#&.D.&.$*.#%'#D)&%1.&#/%)(+./_"#

!!"#1-'#.$/'"#5$#.//.$%+09#+$%&'()*%+'$#%'#%1.#*'$*.<%#'D#*10&+/60#J0/.(#)<'$#

%&0(+%+'$09#/'*+'9':;#9+%.&0%)&.#^<&+60&+9;#80H#I.J.&_#0$(#6'(.&$#*10&+/60#

*'$*.<%)09+/0%+'$Z#+$#&.90%+'$/#%'#*10&+/60%+*#9.0(.&/1+<#'$#ANOP9.K.9"###

!!!"#<#'&+.&:)0-")123"#R&'K+(./#0$#0$09;/+/#'D#%1.#&.90%+'$/1+<#J.%[..$#%1.#ANOL/#

<.&/'$09#J&0$(#0$(#%1.#*'&<'&0%.#J&0$(#'D#%1.#&.<&./.$%.(#*'&<'&0%+'$"#G1.#

"#!-./.0&*1!2)./%+'$>!?10%!('!"!@0$%!%'!8.0&$A!

B#!C'$*8)/+'$>!?10%!10D.!"!8.0&$%A!

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

-.,#*

1-'#.$/')=;;>) 24!(%#'0%#5) ?'4)@"*"#)"0)'(A),-'#.$/')

<#'&+.&:)=;;;>) 24!(%#'0%#5B78'(.0'0.6") C,-8(0DE)F'G"#)'&+)%0-"#A)

!"#$%&'()'&+),%#!%#'0")

*#'&+.&:)

F&'(5$.$)=;H>) I8'(.0'0.6") J6'(")'&+)%0-"#)

# ?#

%1.'&;#'D#\*8$.&"$$),"("*#.0."$K#+/#+$%&'()*.(Z#0/#[.99#0/#60$0:.6.$%#+$()/%&+./L#

K+.[/#'$#*10&+/60%+*#9.0(.&/1+<#&.90%.(#%'#<.&/'$09#0$(#*'&<'&0%.#J&0$(+$:"#

!T"#1%/!'#'0.6")'&'(5$.$"#G1+/#<0&%#0<<9+./#%1.#D+$(+$:/#+$#A10<%.&/#!!P!!!#%'#0#*0/.#

/%)(;#'D#%['#*'6<0$+./L#ANO/#[+%1+$#0#/.9.*%.(#+$()/%&;"##

T"#1%&,(8$.%&)'&+)9.&'()+.$,8$$.%&"#G1.#&./)9%/#'D#%1.#0$09;/+/#[+99#J.#(+/*)//.(#+$#

%1.#9+:1%#'D#%1.#<'/.(#&./.0&*1#2)./%+'$#0$(#0+6#'D#%1+/#60/%.&#%1./+/"#!$#

0((+%+'$Z#/)::./%+'$/#D'&#D)&%1.&#/%)(+./#[+99#J.#(+/*)//.("#

E#!F+5+%0%+'$/!!

!$#:.$.&09Z#0$(#0/#/%0%.(#J.D'&.Z#%1+/#60/%.&#%1./+/#+/#'D#0#2)09+%0%+K.#0$(#

.H<9'&0%'&;#$0%)&.#().#%'#%1.#&.90%+K.9;#)$.H<9'&.(#%'<+*#'D#ANO#*10&+/60"#

G1.&.D'&.Z#$'#2)0$%+%0%+K.#/%)(+./#10K.#J..$#)$(.&%0X.$#()&+$:#%1+/#60/%.&#

%1./+/⁴Z#9.0K+$:#%1.#&./)9%/#0$(#D+$(+$:/#0DD.*%.(#J;#/'6.#(.:&..#'D#/)Jd.*%+K+%;"#

G1.#&./)9%/#'D#%1+/#60/%.&#%1./+/#0&.#J0/.(#'$#%1.#9+%.&0%)&.#D')$(#'$#%1.#%'<+*#

0$(#%1.#2)09+%0%+K.#+$%.&K+.[/#)$(.&%0X.$#+$#%1.#<&'*.//#'D#6;#'[$#&./.0&*1"#

R0&%#!!#'$#,-'#.$/'#+/#9+6+%.(#%'#0$#+$%&'()*%'&;#*90&+D+*0%+'$#'D#%1.#%.&6Z#

/)J/.2).$%9;#9+$X.(#%'#0#6'&.#+$P(.<%1#.H<9'&0%+'$#'D#%1.#*'$*.<%#+$#&.90%+'$#%'#

9.0(.&/1+<Z#*10&+/60%+*#0)%1'&+%;#0$(#60$0:.6.$%#%1.'&;"#8'&.#0)%1'&/#0$(#

*&+%+*/#'$#%1.#80H#I.J.&#0<<&'0*1#%'#*10&+/60#*')9(#10K.#J..$#+$*9)(.(Z#J)%#

0&.#(.9+J.&0%.9;#9.D%#')%#+$#%1+/#*'$$.*%+'$"#Y)&%1.&6'&.Z#%1.#')%9+$.(#<0&06.%.&/#

^,"PS"_#'D#*10&+/60#<&./.$%.(#+$#%1+/#<0&%#/1')9(#$'%#J.#/..$#0/#0J/'9)%.Z#J)%#

6'&.#0/#0#J0/.#D'&#(+/*)//+'$#'D#%1.#*'$*.<%#0$(#0#[0;#'D#.H<90+$+$:#0#1+:19;#

+$%0$:+J9.#<.&/'$09#2)09+%;"#

R0&%#!!!#'$#*#'&+.&:)0-")123#+/#90&:.9;#J0/.(#'$#%&0(+%+'$09#J&0$(+$:#9+%.&0%)&.#+$#

%1.#0%%.6<%#%'#9+$X#%1.#*'$*.<%#'D#*10&+/60#%'#<.&/'$09#J&0$(+$:#^0$(#6.0/)&+$:#

.DD.*%#'$#*'&<'&0%.#J&0$(+$:_"#!$#%1+/#<0&%Z#6'&.#.6<10/+/#*')9(#10K.#J..$#<)%#

'$#6.0/)&+$:#!"#9%#/'&,"#+$#&.90%+'$#%'#*10&+/60%+*#9.0(.&/1+<Z#0$(#6'&.#

0<<&'0*1./#*')9(#10K.#J..$#<&./.$%.(#/)*1#0/#0$#+$P(.<%1#0$09;/+/#'D#.H%.&$09#

########################################################

4#Q)%#*')9(#J.#0#/)Jd.*%#D'&#D)&%1.&#/%)(+./#^/..#09/'#A10<%.&#TZ#4"#Y)&%1.&#/%)(+./#<<"#EEPEF_"##

#

# M#

/%0X.1'9(.&#60$0:.6.$%"#59%1'):1#%1.#D'*)/#'D#%1+/#60/%.&#%1./+/#+/#<&+60&+9;#

'$#0$#.H%.&$09#/%0X.1'9(.&#K09).#9.K.9Z#+%#+/#10&(#%'#D+$(#*'$*&.%.#6.0/)&.6.$%/#

'D#%1+/#&.90%+'$/1+<Z#0$(#%1.#&./.0&*1#+/#D'&*.(#%'#(.<.$(#K.&;#6)*1#)<'$#

+$%.&$09#/%0X.1'9(.&#&.90%+'$/1+<#%1.'&;"#G1.#&.90%+'$/1+<#J.%[..$#+$%.&$09#0$(#

.H%.&$09#/%0X.1'9(.&/#+/#D)&%1.&#(+/*)//.(#+$#A10<%.&#TZ#4"#Y)&%1.&#/%)(+./"#

A10<%.&#!TZ#%1.#*'6<0&0%+K.#0$09;/+/Z#+/#<&+60&+9;#J0/.(#'$#%['#2)09+%0%+K.#

+$%.&K+.[/#0$(#*')9(#10K.#+$*9)(.(#6'&.#/)Jd.*%/"#G1+/#+/#9.D%#')%Z#0/#$'#

2)0$%+%0%+K.#(0%0#+/#$..(.(#0$(#%1.#+$%.&K+.[../#0&.#%1.#1.0(#&.<&./.$%0%+K./⁷# D'&#%1.#&./<.*%+K.#*0/.#*'6<0$+./"#G1.#2)./%+'$/#0/X.(#+$#6;#&./.0&*1#0&.#

6.0$%#%'#D)&%1.&#.90J'&0%.#'$#%1.#(+/*)//+'$#<'/.(#0D%.&#<0&%/#!!#0$(#!!!Z#0$(#0&.#

D)&%1.&6'&.#0#K09+(0%+'$#'D#%1.#<0&06.%.&/#)/.(#D'&#6.0/)&+$:#ANO#A10&+/60#+$#

%1+/#60/%.&#%1./+/"#

!

!

!

!

!

!

!

!

!

!

!

!

!

########################################################

7#a.0(#&.<&./.$%0%+K./#['&X+$:#[+%1#*'66)$+*0%+'$#0$(#/%0X.1'9(.&#&.90%+'$/#

# E#

""#!C10&+/50!

,#!"$%&'()*%+'$!G!H.I+$+%+'$!'I!*10&+/50!

G1+/#*10<%.&#D'*)/./#'$#%1.#(.D+$+%+'$#'D#%1.#%.&6#L,-'#.$/'L#'&#K,-'#.$/'0.,)

!"#$%&'KZ#0/#'&+:+$099;#+$%&'()*.(#+$#/'*+'9':;#%.&6+$'9':;Z#0$(#&.90%./#+%#%'#

6'(.&$#60$0:.6.$%#%.&6+$'9':;"#!$#%1.#<&'*.//#'D#(.D+$+$:#*10&+/60Z#+%#+/#

<'//+J9.#%'#(&0[#'$#$)6.&')/#/')&*./"#!$#%1+/#*10<%.&Z#*10&+/60#0/#0#%.&6#[+99#

J.#0$09;U.(#D&'6#0#/'*+'9':+*09#K+.[<'+$%Z#&.9;+$:#'$#%1.#/%)(+./#'D#80H#I.J.&#

0$(#1+/#\A10&+/60#0$(#+%/#%&0$/D'&60%+'$/L"#80H#I.J.&#+$%&'()*./#%1.#%.&6#

*10&+/60#+$#1+/#90&:.9;#&.$'[$#0$(#&./<.*%.(#['&X#\N*'$'6;#0$(#/'*+.%;L#

^I.J.&Z#80HZ#,SEFZ#V'9)6.#!!Z#<<"#,,,,P,,?E_#0$(#&.D9.*%/#'$#%1.#%.&6#D&'6#

(+DD.&.$%#/'*+'9':+*09#<.&/<.*%+K./"#a+/#(.D+$+%+'$#[+99#['&X#0/#%1.#<&+60&;#/')&*.#

%1&'):1')%#%1+/#*10<%.&Z#0/#[+99#6'&.#&.*.$%#&./.0&*1#/%)(+./#'$#%1.#0&.0"##

!$#6'(.&$#%.&6/Z#\*10&+/60L#*0$#J.#(./*&+J.(#0/#D'99'[+$:B#hF)$0#%&:)!"#$%&'() 78'(.05)0-'0)/'G"$)%0-"#)!"%!(")(.G")5%8)'&+)*")'00#',0"+)0%)5%8i#^80*8+990$Z#<"#

44E_"#Y)&%1.&6'&.Z#%1.#0(d.*%+K.#\*10&+/60%+*L#+/#09/'#(./*&+J.(#0/#h#"('0.&:)0%)') :#%8!)%9)1-#.$0.'&$)L-%)*"(."6")0-'0)M%+),'&):.6")!"%!(")8&8$8'()'*.(.0."$E)9%#)

"4'/!(")0-")'*.(.05)0%),8#")!"%!(")L-%)'#").((i"#G1+/Z#%1.#/.*'$(#(./*&+<%+'$#'D#

\*10&+/60%+*LZ#[+99#J.#.H06+$.(#6'&.#+$#&.90%+'$#%'#%1.#/%)(+./#'D#80H#I.J.&"#

5$'%1.&#(./*&+<%+'$#'D#%1.#*'$*.<%#'D#\*10&+/60L#*0$#J.#D')$(#+$#%1.#

N$*;*9'<0.(+0#Q&+%0$$+*0#^Q&+%0$$+*0Z#5*0(.6+*#N(+%+'$Z#4W,W_"#59%1'):1#2)+%.#

/+6+90&#+$#+%/#[0;#'D#(./*&+J+$:#\*10&+/60L#0/#0#<.&/'$09+%;#%&0+%Z#%1.#)/0:.#'D#%1.#

['&(#\9.0(.&L#+/#+$%&'()*.(#0$(#%1.&.J;#*'$$.*%/#%1.#*'$*.<%#'D#\*10&+/60L#%'#

%1'/.#'D#\9.0(.&/1+<L#0$(#\0)%1'&+%;LB#h1-'#.$/'A)'00#.*80")%9)'$0%&.$-.&:)!%L"#) '&+),'!',.05)'$,#.*"+)0%)0-")!"#$%&)'&+)!"#$%&'(.05)%9)"40#'%#+.&'#.(5)/':&"0.,) ("'+"#$N)C8,-)("'+"#$)/'5)*")!%(.0.,'()'&+)$",8('#)'$)L"(()'$)#"(.:.%8$N)O-"5) ,-'(("&:")0-")0#'+.0.%&'()%#+"#E)9%#)".0-"#):%%+)%#).((Ni#!%#/..6/Z#0**'&(+$:#%'#%1+/#

(.D+$+%+'$Z#%10%#*10&+/60%+*#<.&/'$09+%+./#0&.#J'&$#[+%1#.H%&0'&(+$0&;#9.0(.&/1+<#

0J+9+%+./#'&#10K.#\.H%&0'&(+$0&+9;#60:$.%+*L#<.&/'$09+%;#%&0+%/Z#[1+*1#2)09+D+./#

%1.6#%'#<'//.//#<'[.&#0$(#0)%1'&+%;"#G1+/#*90+6#[+99#J.#D)&%1.&#+$K./%+:0%.(#

%1&'):1')%#%1+/#*10<%.&"#

# F#

j.%#0$'%1.&#&.D.&.$*.#(./*&+J./#%1.#%.&6#\*10&+/60L#'$#%1&..#9.K.9/B#hP>)')+.6.&"(5) ,%&9"##"+):.90)%#)!%L"#N)Q>)')$!.#.08'()!%L"#)%#)!"#$%&'()78'(.05)0-'0):.6"$)'&) .&+.6.+8'().&9(8"&,")%#)'80-%#.05)%6"#)('#:")&8/*"#$)%9)!"%!("N)R>)0-")$!",.'()6.#08")

%9)'&)%99.,"E)98&,0.%&E)!%$.0.%&E)"0,NE)0-'0),%&9"#$)%#).$)0-%8:-0)0%),%&9"#)%&)0-")

!"#$%&)-%(+.&:).0)'&)8&8$8'()'*.(.05)9%#)("'+"#$-.!E)L%#0-.&"$$)%9)6"&"#'0.%&E)%#)0-") (.G"Ni#^C+*%+'$0&;"*'6Z#4W,W_"#5:0+$Z#\*10&+/60L#+/#9+$X.(#%'#\0)%1'&+%;L#0$(#

)$)/)09#0J+9+%;#D'&#\9.0(.&/1+<L"#8'&.'K.&Z#%1.#%.&6#+/#*'$$.*%.(#%'#0$#h'DD+*.Z#

D)$*%+'$Z#<'/+%+'$Z#.%*"i#[1+*1#:+K./#%1.#<.&/'$#1'9(+$:#+%#*10&+/60%+*#0J+9+%+./"#!$#

%1+/#*0/.Z#\*10&+/60L#+/#$'#9'$:.&#0#<.&/'$09+%;#%&0+%#:+K.$#%'#0#<.&/'$#J;#J+&%1#'&#

J;#%1.#1+:1.&#<'[.&/#^+"."#\(+K+$.9;#*'$D.&&.(L_Z#J)%#J;#%1.#!%$.0.%&#:+K.$#%'#0#

<.&/'$Z#$'%#$.*.//0&+9;#<'//.//+$:#\*10&+/60L#0/#0#!"#$%&'(.05)0#'.0"#G1+/#

1;<'%1./+/#J.*'6./#./<.*+099;#+$%.&./%+$:#[1.$#(+/*)//+$:#%1.#\*10&+/60%+*#

ANOLZ#0/#%1.#.H.*)%+K.#D)$*%+'$#+$#0#90&:.#*'&<'&0%+'$#+/#'D%.$#'$.#'D#0#\/<.*+09#

K+&%).L"###

3#!4!/*1'80&8:!0;;&'0*1!%'!*10&+/50!

G1.#*'$*.<%#'D#*10&+/60#+/#'&+:+$099;#&''%.(#+$#.0&9;#A1&+/%+0$+%;#0$(#:'./#J0*X#0#

9'$:#%+6.#+$#1+/%'&;B#h;0).$)')M#""G)L%#+)/"'&.&:)S:.90)%9):#',"TE)8$"+).&)0L%)("00"#)

%9)C0)U'8()0%)+"$,#.*")0-")V%(5)C!.#.0)=W%/'&$)PQ)'&+)P)1%#.&0-.'&$)PQ>N)W8+%(9) C%-/)=PXYQ>)9.#$0)"/!(%5"+)0-")0"#/).&)$%,.'()$,."&,")(.0"#'08#").&)-.$)PXYQ) '&'(5$.$)%9)0-")0#'&$9%#/'0.%&)%9)0-")!#./.0.6")1-#.$0.'&),%//8&.05).&0%)0-")

W%/'&)1'0-%(.,)1-8#,-E)"/!-'$.D.&:)0-")S,-'#.$/'0.,).&$0.080.%&T)'&+)#"9"##.&:)0%) 0-"):.90)%9):#',"E)0-")!%$$"$$.%&)%9)!&"8/')*5)')#"(.:.%8$).&$!.#"+).&+.6.+8'("i#

^N([0&(/#!!!Z#k"#A"Z#4WW4Z#<"#4M_"##

G1.#+$%0$:+J9.#0//.%#'D#*10&+/60#+/#[+(.9;#(+/*)//.(#+$/+(.#9+%.&0%)&.#*'$*.&$+$:#

60$0:.6.$%#%1.'&;#0/#[.99#0/#/'*+'9':;"#G1.#<)&.9;#/'*+'9':+*09#<.&/<.*%+K.#[+99#

J.#(+/*)//.(#90%.&#+$#%1+/#*10<%.&#+$#0**'&(0$*.#[+%1#80H#I.J.&L/#%1.'&;"#G1.#

(.D+$+%+'$#'D#*10&+/60#+$#/*1'90&9;#*+&*9./#+$/+(.#60$0:.6.$%#%1.'&;#[+99#J.#%1.#

D'*09#0&.0#'D#%1+/#/.*%+'$Z#['&X+$:#0/#0$#+$%&'()*%+'$#%'#%1.#*'$*.<%#9+$X+$:#+%#%'#

9.0(.&/1+<#%1.'&;"#

O$.#(.D+$+%+'$#'D#*10&+/60Z#D&'6#0#60$0:.6.$%#<'+$%#'D#K+.[Z#*')9(#J.#0/#

D'99'[+$:Bi^3_#123),-'#.$/').$)')!8*(.,(5),#"'0"+)!"#$%&)$5/*%(.D.&:),%&0#%()%6"#)

# S#

%#:'&.D'0.%&'()!"#9%#/'&,")Z)')$./!(.9."+)'#,-"05!.,'()./':")0-'0)#"$8(0$)9#%/)0-") ,"("*#'0.%&)'&+)#%/'&,")%9)("'+"#$-.!i#^Y0$.99+Z#5"#0$(#8+/0$:;+Z#V"#Y"Z#4WWMZ#<"#

,W?,_"#Y)&%1.&6'&.Z#h^3_#0-")6.$.%&)%9),-'#.$/'0.,)("'+"#$)-"(!$)9%((%L"#$)0%)$"")

%!!%#08&.0."$).&),-'&:")'&+)!#%6.+"$)0-"/)L.0-)0-")-%!")'&+),%&9.+"&,").&)0-") 9808#")0-'0)'((%L)0-"/)0%)/%*.(.D")0-".#)"&"#:5).&)!8#$8.0)0-"#"%9"i#^5:9.Z#Q"#-"#.%#09Z#

4WWMZ#<"#,M=_"#I+%1+$#%1+/#(.D+$+%+'$#9+./#60$;#*'&.#.9.6.$%/#'D#*10&+/60#0/#0#

*'$*.<%]#'$.#'D#%1.6#J.+$:#%1.#.H+/%.$*.#'D#0$(#&.9+0$*.#)<'$#%1.#&.90%+'$/1+<#

J.%[..$#9.0(.&/1+<#0$(#D'99'[.&/"#`'%#'$9;#+/#%1.#*10&+/60%+*#<.&/'$0#^1.&.]#%1.#

ANO_#*&.0%.(#%'#10K.#*'$%&'9#'K.&#'&:0$+U0%+'$09#<.&D'&60$*.Z#1.#'&#/1.#+/#

0((+%+'$099;#%1.#*&.0%'&#'D#'<<'&%)$+%+./#D'&#%1.#D'99'[.&/#^1.&.B#/)::./%+J9.#J'%1#

+$%.&$09#0$(#.H%.&$09#/%0X.1'9(.&/_#0$(#+/#0J9.#%'#6'J+9+U.#%1.+&#.$.&:;#0/#0#

&./)9%#1.&.'D"#G1.#$0%)&09#0)%1'&+%;#'D#%1.#*10&+/60%+*#ANO#09/'#099'[/#1+6#'&#

1.&#%'#0*1+.K.#*'$D+(.$*.#%1&'):1#%+6./#'D#*10$:.Z#&./)9%+$:#+$#.K.$#6'&.#

<'%.$*;#+$#1+/#'&#1.&#9.0(.&/1+<"#G1.#&.90%+'$/1+<#J.%[..$#%1.#*10&+/60%+*#

9.0(.&#0$(#%1.#D'99'[.&/#+/Z#0/#/%0%.(Z#'$.#'D#%1.#6'/%#+6<'&%0$%#/;$.&:+./#[+%1+$#

%1.#*'$*.<%#'D#*10&+/60Z#0/#%1.#'$.#<0&%#/..6+$:9;#*0$$'%#.H+/%#[+%1')%#%1.#

'%1.&"#!$#0((+%+'$#%'#%1+/Z#+%#+/#['&%1#$'%+*+$:#%10%Z#0**'&(+$:#%'#%1.#9+%.&0%)&.Z#%1.#

*10&+/60%+*#<.&/'$0#+/#0J9.#%'#<&'K+(.#1'<.#D'&#%1.#D)%)&.#%1&'):1#9.0(.&/1+<#

0$(#0)%1'&+%;Z#0$(#%1.&.D'&.#<&'K+(./#:)+(0$*.#%1&'):1#%+6./#'D#)$*.&%0+$%;"#

G1+/#*')9(#J.#[1;#D'99'[.&/#<&.D.&#%'#&.9;#)<'$#*10&+/60%+*#9.0(.&/#+$#%+6./#'D#

)$*.&%0+$%;Z#0$(#*')9(#/)<<'&%#%1.#*90+6#%10%#)$*.&%0+$%;#^J.#+%#.*'$'6+*099;Z#

/'*+09#.%*"_#+/#0#X.;#D0*%'&#+$#*&.0%+$:#%1.#*10&+/60%+*#<.&/'$0"##

Y)&%1.&6'&.Z#*10&+/60%+*#9.0(.&/1+<#+/#*10&0*%.&+U.(#0/#0#h$8*$"0)%9)("'+"#$)L-%) [*5)0-")9%#,")%9)0-".#)!"#$%&'()'*.(.0."$)'#"),'!'*(")%9)-'6.&:)!#%9%8&+)'&+)

"40#'%#+.&'#5)"99",0$)%&)9%((%L"#$Li#^Y9;$$Z#Y"#e"#0$(#>%0[Z#Q"#8"Z#4WW=Z#<"#7WS_"#

5:0+$Z#.6<10/+/#+/#<)%#'$#%1.#9.0(.&PD'99'[.&#&.90%+'$/1+<#%1&'):1#%1.#<&.P .H+/%.$*.#'D#*.&%0+$#!"#$%&'()'*.(.0."$#'D#%1.#*10&+/60%+*#9.0(.&"#>)J/.2).$%9;Z#%1.#

9.0(.&#+/#0J9.#%'#+$D9).$*.#0$(#60$+<)90%.#D'99'[.&/#%1&'):1#%1.#$0%)&.#'D#1+/#'&#

1.&#*10&+/60%+*#0)%1'&+%;"#8'&.'K.&Z#%1.#+$%.&&.90%.(#*'$*.<%#'D#%1.#9.0(.&P D'99'[.&#1;<'%1./+/#6)/%#/)&.9;#['&X#+$#%1.#'<<'/+%.#(+&.*%+'$#0/#[.99"#N([0&(/#

!!!#^4WW4Z#<"#4M_#(./*&+J./#%1.#*10&+/60%+*#<.&/'$0L/#(.<.$(.$*;#)<'$#1+/#'&#1.&#

D'99'[.&/#0/#%1.#.//.$*.#'D#%1.#*10&+/60%+*#0J+9+%;Z#%1)/#/)<<'&%+$:#%1.#*90+6#%10%#

# ,W#

*10&+/60#*0$#$'%#.H+/%#+$#%1.#+$(+K+()09#09'$.B#hO-")!"#,"!0.%&$)%9)9%((%L"#$)'#") 8(0./'0"(5)*'$"+)%&)!"#9%#/'&,"E)'&+).9)$8,,"$$)"(8+"$)0-")("'+"#)9%#)(%&:E)-.$)%#) -"#),-'#.$/'0.,)'80-%#.05)L.(()+.$'!!"'#N)1-'#.$/'0.,)("'+"#$)/8$0),%&0.&8'((5)

!#%6")0-"/$"(6"$E)/'G.&:)0-".#)'80-%#.05)&'08#'((5)8&$0'*("Ni#a.&.Z#%1.#/..6+$:9;#

)$/%0J9.#*10&0*%.&#'D#%1.#*10&+/60%+*#0)%1'&+%;#+/#/..$#0/#$'%#'$9;#(.<.$(.$%#

)<'$#%1.#D'99'[.&/Z#J)%#.2)099;#0/#6)*1#0/#0#(+&.*%#&./)9%#'D#D'99'[.&#9';09%;"###

a0K+$:#./%0J9+/1.(#0#(..<9;#&''%.(#*'$$.*%+'$#J.%[..$#%1.#*10&+/60%+*#

0)%1'&+%;#0$(#1+/#'&#1.&#D'99'[.&/Z#+%#+/#+6<'&%0$%#%'#9''X#D'&#'%1.&#+$%.&P

(.<.$(.$*+./Z#[1+*1#*')9(#0DD.*%#%1.#*&.0%+'$#'D#*10&+/60%+*#0)%1'&+%;"#@''X+$:#

+/'90%.(#'$#'&:0$+U0%+'$09#<.&D'&60$*.#+$#&.90%+'$#%'#%1.#*10&+/60%+*#ANOZ#+%#

/1'[/#%10%#60*&'.*'$'6+*#D0*%'&/#09/'#<90;#0#&'9.#+$#%1.#60$+D./%0%+'$#'D#

*10&+/60%+*#0)%1'&+%;"#S=\>)("'+"#$).&)8&$0'*("E)#.$G5E)%#),#.$.$)$.08'0.%&$)/'5)'($%) 0'G")%&):#"'0"#)$5/*%(.,)./!%#0'&,"N)]',0%#$)$8,-)'$):#"'0"#)9%((%L"#)"99%#0)'&+) :#"'0"#)9%((%L"#),%%!"#'0.%&)0-'0)/"+.'0")0-")#"('0.%&$-.!)*"0L""&),-'#.$/')'&+)

%#:'&.D'0.%&'()!"#9%#/'&,")+"!"&+)%&)0-")9%((%L"#$K)L.((.&:&"$$)0%)',,"!0)0-") .&9(8"&,")%9)0-".#)("'+"#$N)^&+"#),%&+.0.%&$)%9)8&,"#0'.&05)'&+),#.$.$E)9%((%L"#$)9""() 0-")&""+)9%#):#"'0"#)+.#",0.%&)'&+):8.+'&,"E)'&+)0-".#).&,(.&'0.%&)0%)',,"!0)

.&9(8"&,")/'5)*"):#"'0"#N)O-8$E)L.((.&:&"$$)0%)9%((%L)')("'+"#)/'5)*")/%#")

!#%&%8&,"+).&)8&$0'*(")"&6.#%&/"&0$Ni#^Y9;$$Z#Y"#e"#0$(#>%0[Z#Q"#8"#4WW=Z#<"#7,4_"#

!$#%+6./#'D#*&+/+/Z#%1.#$..(#D'&#0#^*10&+/60%+*_#9.0(.&#<&'K./#6'&.#.K+(.$%"#G1.#

+$%.&P(.<.$(.$*;#J.%[..$#9.0(.&#0$(#D'99'[.&#+/#.DD.*%+K.9;#/%&.$:%1.$.(#J;#

')%/+(.#%1&.0%/Z#+$*&.0/+$:#%1.#6'6.$%)6#'D#%1.#*10&+/60%+*#<.&/'$0#0$(#

+$D9).$*.#)<'$#D'99'[.&/"#G1+/#1;<'%1./+/#*')9(#J.#.H<0$(.(#+$%'#099#+$%.&$09#0$(#

.H%.&$09#/%0X.1'9(.&/#+$#%1.#&./<.*%+K.#'&:0$+U0%+'$L/#.$K+&'$6.$%"##

G1+/#6.0$/#%10%#%1.#<'/+%+K.#&.90%+'$/1+<#J.%[..$#%1.#*10&+/60%+*#ANO#0$(#%1.#

'&:0$+/0%+'$09#&./)9%/Z#()&+$:#%+6./#'D#*&+/+/Z#J.*'6./#/%&'$:.&#0/#0#&./)9%#'D#0$#

.$10$*.(#$..(#D'&#/%&'$:#9.0(.&/1+<"#!$#'&(.&#%'#D)&%1.&#(./*&+J.#%1.#*10&+/60%+*#

9.0(.&Z#/*1'90&/#10K.#%&+.(#%'#+(.$%+D;#0#$)6J.&#'D#*10&0*%.&+/%+*/#/10&.(#J;#

%1./."#59%1'):1#$'%#(.D+$+%.Z#0#9+/%#'D#/)*1#*10&0*%.&+/%+*/#*')9(#J.#0/#D'99'[+$:B##

'>)C"(9_,%&9.+"&,"))

*>)C0#%&:)9'.0-).&)0-".#)6.$.%&))

# ,,#

,>)380)%9)%#+.&'#5)*"-'6.%#)) +>)1-'&:"_$""G"#$)

V%8$")=PY``>).+"&0.9."+)9.6")G"5)*"-'6.%#'()'$!",0$)%9),-'#.$/'0.,)("'+"#$N)V")

!%.&0"+)%80)0-'0),-'#.$/'0.,)("'+"#$)$-'#")0-")9%((%L.&:)*"-'6.%#'()0#'.0$a) '>)W%(")/%+"(.&:))

*>);/':")<8.(+.&:)) ,>)F#0.,8('0.%&)%9):%'($)) +>)C-%L.&:),%&9.+"&,"))

">)F#%8$.&:)9%((%L"#K$)/%0.6"$)

^>')&*.B#59#56&+Z#8"#Q"#0$(#8*@0)&+$Z#e"#-"Z#4WWFZ#<"#,E_"#

Y)&%1.&6'&.Z#%1.#0)%1'&/#.90J'&0%.#'$#%1+/#[+%1#/%0%+$:#%10%#h,-'#.$/'0.,)("'+"#$) ,'&)*")+"9.&"+)'$)0-%$")L-%)-'6")')-.:-)$"(9_,%&9.+"&,"E)'),("'#)6.$.%&E)"&:':").&) 8&,%&6"&0.%&'()*"-'6.%#E)'&+)',0)'$)'),-'&:")':"&0E)L-.(")#"/'.&.&:)#"'(.$0.,) '*%80)"&6.#%&/"&0'(),%&$0#'.&0$N)1-'#.$/'0.,)("'+"#$)'#")*"(."6"+)0%)!%$$"$$)

!'#0.,8('#)!"#$%&'(.05)0#'.0$)'&+)'*.(.0."$)L-.(")+.$!('5.&:)8&.78")*"-'6.%#'() /%+"(N)b.99"#"&0)#"$"'#,-"#$)-'6").+"&0.9."+),%//%&),-'#',0"#.$0.,$)9%#)

,-'#.$/'0.,)("'+"#$)L.0-)'&)'++.0.%&)%#)'&)%/.$$.%&)%9)'),-'#',0"#.$0.,)%#)0L%i#^59#

56&+Z#8"#Q"#0$(#8*@0)&+$Z#e"#-"Z#4WWFZ#<"#,M_"##

!%#/1')9(#%1.&.D'&.#J.#$'%.(#%10%#&./.0&*1.&/#10K.#(+DD.&.$%#0<<&'0*1./#%'#%1.#

*'$*.<%#'D#*10&+/60%+*#9.0(.&/1+<#0J+9+%+./#0$(#099#/*1'90&/#)/.(#0/#&.D.&.$*./#+$#

%1+/#0//+:$6.$%#0:&..#'$#%1.#D0*%#%10%#:.$.&09#*10&0*%.&+/%+*/#0&.#'<.$#D'&#

(+/*)//+'$"#G1.#<&'*.//#'D#<)%%+$:#%0$:+J9.#*10&0*%.&+/%+*/#+$%'#%1.#'%1.&[+/.#

+$%0$:+J9.#0//.%#'D#*10&+/60#+/#*1099.$:+$:#.K.$#D'&#.H<.&+.$*.(#&./.0&*1.&/#+$#

%1.#D+.9(#0$(#6)/%#J.#K+.[.(Z#0/#+$#%1.#9+$.#'D#%1+/#0//+:$6.$%Z#0/#0$#.H<&.//+'$#

'D#+$%.&./%#D'&#0#/)Jd.*%#%10%#+/#10&(#%'#(.D+$.Z#0$(Z#/)J/.2).$%9;Z#0<<9;#K09+(0%.(#

&./.0&*1#(0%0#'$"#>*1'90&/#0:&..#'$#%1.#K09).#'D#*10&+/60%+*#9.0(.&/1+<Z#;.%#

/%&)::9.#%'#(.D+$.#%1.#*'$*.<%#*9.0&9;"#@+X.[+/.Z#%1.#*'$/.2).$*./#'D#*10&+/60%+*#

9.0(.&/1+<#0&.#10&(#%'#(.D+$.#D&'6#0#/*+.$%+D+*#K+.[<'+$%"#Q;#6'K+$:#+$%'#%1.#D+.9(#

# ,4#

'D#/'*+'9':;Z#%1.#*'$*.<%#*0$#J.#%./%.(#0:0+$/%#0#J&'0(.&#*'$*.<%)09+U0%+'$#'D#%1.#

/)Jd.*%"#

6#!J1.!*'$*.;%!'I!*10&+/50!0**'&(+$9!%'!70K!?.L.&!

hO-")0"#/)S,-'#.$/'T)L.(()*")'!!(."+)0%)'),"#0'.&)78'(.05)%9)'&).&+.6.+8'()

!"#$%&'(.05)*5)6.#08")%9)L-.,-)-").$),%&$.+"#"+)"40#'%#+.&'#5)'&+)0#"'0"+)'$)

"&+%L"+)L.0-)$8!"#&'08#'(E)$8!"#-8/'&E)%#)'0)("'$0)$!",.9.,'((5)"4,"!0.%&'()

!%L"#$)%#)78'(.0."$N)O-"$")'#")$8,-)'$)'#")&%0)',,"$$.*(")0%)0-")%#+.&'#5)!"#$%&E)*80) '#")#":'#+"+)'$)%9)+.6.&")%#.:.&)%#)'$)"4"/!('#5E)'&+)%&)0-")*'$.$)%9)0-"/)0-") .&+.6.+8'(),%&,"#&"+).$)0#"'0"+)'$)')S("'+"#TNi#^I.J.&Z#8"Z#,SEF_"#G1+/#(.D+$+%+'$#

'<.$/#80H#I.J.&L/#0$09;/+/#'$#\A10&+/60%+*#5)%1'&+%;L#+$#1+/#&./<.*%.(#['&X#

\N*'$'6;#0$(#>'*+.%;LZ#[1+*1#[0/#D+&/%#<)J9+/1.(#+$#k.&60$;#,S44"##

80H#I.J.&L/#0<<&'0*1#%'#*10&+/60%+*#0)%1'&+%;#+/#90&:.9;#J0/.(#'$#%1.#/%)(;#'D#

&.9+:+')/#9.0(.&/#^.":"#<&'<1.%/_Z#&.90%+$:#%1.#%.&6#hD'99'[.&/i#%'#h(+/*+<9./i"#

`.K.&%1.9.//Z#%1.#%.&6#+/#.H%.$(.(#+$%'#h#"$0.&:)%&)/':.,'()!%L"#$E)L-"0-"#)%9)

!#%!-"0$E)!"#$%&$)L.0-)')#"!80'0.%&)9%#)0-"#'!"80.,)%#)(":'()L.$+%/E)("'+"#$).&)0-") -8&0E)%#)-"#%"$).&)L'#i#^I.J.&Z#8"Z#,SEF_"#G1.#(+K+$.#:+D%#'D#*10&+/60%+*#0)%1'&+%;#

+/#%1.&.D'&.#(+&.*%9;#0<<9+*0J9.#%'#0#[+(.#&0$:.#'D#9.0(.&/Z#J'%1#'D#&.9+:+')/#0$(#

/.*)90&#'&+:+$"#G1.#*10&0*%.&#'D#*10&+/60%+*#0J+9+%+./#+/#D)&%1.&#(./*&+J.(#+$#80H#

I.J.&L/#\N//0;/#+$#>'*+'9':;L#<)J9+/1.(#+$#,S=M#^I.J.&Z#8"Z#,SMFZ#<<"#,FP,S_B#

h^3_#0-")&'08#'()("'+"#$)Z).&)0./"$)%9)!$5,-.,E)!-5$.,'(E)",%&%/.,E)"0-.,'(E)#"(.:.%8$E)

!%(.0.,'()+.$0#"$$)Z)-'6")*""&)&".0-"#)%99.,"-%(+"#$)&%#).&,8/*"&0$)%9)'&)

[%,,8!'0.%&K).&)0-")!#"$"&0)$"&$")%9)0-")L%#+E)0-'0).$E)/"&)L-%)-'6")',78.#"+)"4!"#0) G&%L("+:")'&+)L-%)$"#6")9%#)#"/8&"#'0.%&N)O-")&'08#'()("'+"#$).&)+.$0#"$$)-'6")

*""&)-%(+"#$)%9)$!",.9.,):.90$)%9)0-")*%+5)'&+)$!.#.0A)'&+)0-"$"):.90$)-'6")*""&)

*"(."6"+)0%)*")$8!"#&'08#'(E)&%0)',,"$$.*(")0%)"6"#5*%+5Ni#G1.#*'$*.<%#'D#

/)<.&$0%)&09#0J+9+%+./#*&.0%.(#J;#.H%&0'&(+$0&;#/+%)0%+'$/#/)*1#0/#%+6./#'D#*&+/+/Z#

*'6J+$.(#[+%1#h60:+*09#<'[.&/iZ#+/#%1.#D'*09#0&.0#'D#80H#I.J.&L/#

*'$*.<%)09+U0%+'$#'D#*10&+/60"#Y)&%1.&6'&.Z#%1.#<&.&.2)+/+%.#'D#$0%)&09#9.0(.&/#

0/#J.+$:#$.+%1.&#'DD+*.1'9(.&/#$'&#+$#%1.#/.0&*1#'D#&.6)$.&0%+'$#+/#0$#+$%.&./%+$:#

*'$*9)/+'$#[1.$#&.90%+$:#*10&+/60#%'#ANO/#f#[1'#&.9;#60+$9;#'$#*&.0%+$:#

.*'$'6+*#&./)9%/#0/#0#<&.&.2)+/+%.#D'&#/)**.//"#G1.#*9.0&#(+/%+$*%+'$#J.%[..$#

# ,7#

.H<.&%#X$'[9.(:.#0$(#*10&+/60%+*#0)%1'&+%;Z#[1.$#(./*&+J+$:#%1.#$0%)&09#

^*10&+/60%+*_#9.0(.&Z#+/#0#<+K'%09#<'+$%#[1.$#*10&0*%.&+U+$:#%1.#*10&+/60%+*#ANO"##

5$'%1.&#'$.#'D#80H#I.J.&L/#<+K'%09#<'+$%/#+/#%1.#&.90%+'$/1+<#J.%[..$#9.0(.&#

0$(#D'99'[.&"#a+/#(.D+$+%+'$#'D#%1.#\*10&+/60%+*#*'66)$+%;L#+/#./<.*+099;#

+$%.&./%+$:#[1.$#%&;+$:#%'#+6<9.6.$%#%1.#%.&6#+$#0#6'(.&$#*'&<'&0%.#

'&:0$+U0%+'$B#hF&)%#:'&.D"+):#%8!)$8*c",0)0%),-'#.$/'0.,)'80-%#.05)L.(()*"),'(("+)') ,-'#.$/'0.,),%//8&.05)=M"/".&+">N);0).$)*'$"+)%&)'&)"/%0.%&'()9%#/)%9),%//8&'()

#"('0.%&$-.!)=d"#:"/".&$,-'908&:>N)O-")'+/.&.$0#'0.6")$0'99)%9)'),-'#.$/'0.,) ("'+"#)+%"$)&%0),%&$.$0)%9)S%99.,.'($TA)("'$0)%9)'(()'#").0$)/"/*"#$)0",-&.,'((5)0#'.&"+N)

;0).$)&%0),-%$"&)%&)0-")*'$.$)%9)$%,.'()!#.6.(":")&%#)9#%/)0-")!%.&0)%9)6."L)%9) +%/"$0.,)%#)!"#$%&'()+"!"&+"&,5N);0).$)#'0-"#),-%$"&).&)0"#/$)%9)0-"),-'#.$/'0.,) 78'(.0."$)%9).0$)/"/*"#$N)=\>)O-"#").$)&%)$8,-)0-.&:)'$)'!!%.&0/"&0)%#)+.$/.$$'(E)&%) ,'#""#E)&%)!#%/%0.%&N)O-"#").$)%&(5)'),'(()'0)0-").&$0'&,")%9)0-")("'+"#)%&)0-")*'$.$)

%9)0-"),-'#.$/'0.,)78'(.9.,'0.%&)%9)0-%$")-")$8//%&$N)O-"#").$)&%)-."#'#,-5A)0-") ("'+"#)/"#"(5).&0"#6"&"$).&):"&"#'()%#).&).&+.6.+8'(),'$"$)L-"&)-"),%&$.+"#$)0-") /"/*"#$)%9)-.$)$0'99)(',G.&:).&),-'#.$/'0.,)78'(.9.,'0.%&)9%#)'):.6"&)0'$GNi#^I.J.&Z#

8"Z#,SEF_"#G1.#9.0(.&PD'99'[.&#&.90%+'$/1+<#+/#90&:.9;#(.<.$(.$%#'$#%1.#

*10&+/60%+*#2)09+D+*0%+'$/#'D#%1.#D'99'[.&/"#>)J/.2).$%9;Z#%1.#$0%)&09#9.0(.&#

%0X./#'K.&#[1.&.#%1.#$..(#+/Z#J)%#('./#$'%#0*%#0/#0#*'$/%0$%9;#(+*%0%+$:#

0)%1'&+%0%+K.#D+:)&."#O$.#*')9(#0&:).Z#%10%#1+/#60+$#0+6#+/#%'#+$/<+&.#0$(#+$*&.0/.#

/.9DP*'$D+(.$*.#+$#1+/#D'99'[.&/Z#6)*1#0/#'$.#[')9(#.H<.*%#+$#0#*'&<'&0%.#

.$K+&'$6.$%"#`0%)&099;Z#%1.#*10&+/60%+*#/%0DD#'D#0#6'(.&$#*'66.&*+09#

'&:0$+/0%+'$#.H<.*%/#%'#J.#1'$')&.(#.*'$'6+*099;#%1&'):1#*0&..&#<'//+J+9+%+./#

0$(#<&'6'%+'$Z#0$(#%1.;#0&.#%.*1$+*099;#%&0+$.(#%'#.H.*)%.#%1.+&#%0/X/"#

Y)&%1.&6'&.Z#%1.#'&:0$+/0%+'$09#1+.&0&*1;#+/#<&./.$%Z#0/#0&.#*9.0&9;#(.D+$.(#9+$./#

'D#&./<'$/+J+9+%;#0$(#*'6<.%.$*+./"#j.%Z#+$#%1.#*'$%.H%#'D#0#6'(.&$#'&:0$+/0%+'$Z#

%1.#$0%)&09#9.0(.&#&.60+$/#%1.#*10&+/60%+*#0)%1'&+%;]#0#&'9.#6'(.9Z#*10$:.P /..X.&Z#0&%+*)90%'&#'D#:'09/#.%*"##

5$'%1.&#.//.$%+09#<&.6+/.#D'&#%1.#*10&+/60%+*#0)%1'&+%;#+/#%1.#0J+9+%;#%'#*&.0%.#

&./)9%/#f#.K.$#6'&.#/'#+$#0#<.&D'&60$*.#*)9%)&.#/)*1#0/#%1.#J)/+$.//#

.$K+&'$6.$%"#!D#%1.#/)**.//#+/#0J/.$%#D'&#9'$:.&#<.&+'(/#'D#%+6.Z#%1.#*10&+/60%+*#

0)%1'&+%;#*0$#J.#[.0X.$.(#'&#.K.$#(+/0<<.0&#.$%+&.9;B#h;9)!#%%9)'&+)$8,,"$$)"(8+")

# ,=#

0-")("'+"#)9%#)(%&:E).9)-")'!!"'#$)+.$$"#0"+)*5)-.$):%+)%#)-.$)/':.,'()%#)-"#%.,)

!%L"#$E)'*%6")'((E).9)-.$)("'+"#$-.!)9'.($)0%)*"&"9.0)-.$)9%((%L"#$E).0).$)(.G"(5)0-'0)-.$) ,-'#.$/'0.,)'80-%#.05)L.(()+.$'!!"'#Ni#^I.J.&Z#8"Z#,SEF_"#Y)&%1.&6'&.B#h<5).0$) 6"#5)&'08#"E)0-")"4.$0"&,")%9),-'#.$/'0.,)'80-%#.05).$)$!",.9.,'((5).&$0'*("N)=\>)O-") ,-'#.$/'0.,)-%(+"#).$)+"$"#0"+)*5)-.$)9%((%L.&:E)-%L"6"#E)=%&(5>)*",'8$")!8#") ,-'#.$/')+%"$)&%0)G&%L)'&5)[(":.0./',5K)%0-"#)0-'&)0-'0)9(%L.&:)9#%/)!"#$%&'()

$0#"&:0-E)0-'0).$E)%&")L-.,-).$),%&$0'&0(5)*".&:)!#%6"+Ni#^I.J.&Z#8"Z#,SMFZ#<"#44_"#

G1.#+$/%0J+9+%;#'D#%1.#*10&+/60%+*#<.&/'$0#^+"."#1+/#'&#1.&#0)%1'&+%;_#+/#*9'/.9;#

&.90%.(#%'#0#1+:1P<.&D'&60$*.#J)/+$.//#*)9%)&."#!D#%1.#D'99'[.&/#0&.#$'%#()9;#

J.$.D+%%.(Z#%1.#&.90%+'$/1+<#J.%[..$#%1.#$0%)&09#^*10&+/60%+*_#9.0(.&#0$(#1+/#'&#

1.&#D'99'[.&/#*0$#/)DD.&#(060:."#G1.#<.&/'$09#/%&.$:%1#'D#%1.#*10&+/60%+*#9.0(.&#

+/#<&'K.$#%1&'):1#0#*'$%+$)')/#D9'[#'D#:''(#&./)9%/Z#0$(Z#'$.#*')9(#0&:).Z#0/#0#

$'%#09[0;/#$0%)&09#*'$/.2).$*.]#0#<&'<.&#*'66)$+*0%+'$#'D#%1./.Z#./<.*+099;#

[1.&.#%1.#J.$.D+%/#0&.#$'%#(+&.*%9;#'JK+')/#%'#%1.#D'99'[.&/"#!$#0#6'(.&$#

J)/+$.//#'&:0$+/0%+'$#0#*10&+/60%+*#ANO#*0$#J.#&.<90*.(Z#/1')9(#%1.#*10&+/60%+*#

0)%1'&+%;#(+/0<<.0&"#!$#%10%#[0;Z#%1.#'&:0$+U0%+'$#&.9;+$:#'$#0#*10&+/60%+*#9.0(.&#

*0$#60+$%0+$#0#&.90%+K.9;#/%0J9.#9.0(.&PD'99'[.&#&.90%+'$/1+<#^0/#0#<0&%#'D#%1.#

'&:0$+/0%+'$09#*)9%)&._"#a'[.K.&Z#%1.#&.<90*.(#ANOZ#D'&6.&9;#&.$'[$#0/#0#

*10&+/60%+*#0)%1'&+%;#J;#1+/#'&#1.&#D'99'[.&/Z#*0$$'%#&.9;#)<'$#1+/#'&#1.&#

*10&+/60%+*#<.&/'$0#+$#0#$.[#<'/+%+'$Z#0/#%1.#<&.&.2)+/+%.#'D#D'99'[.&/1+<#+/#$'%#

D)9D+99.("#G1+/#[')9(#6'/%#9+X.9;#J.#%1.#*0/.#+D#%1.#ANO#*10$:./#J)/+$.//#/.*%'&#

.$%+&.9;"##

G1.#<&'J9.6#'D#/)**.//+'$#(.&+K./#D&'6#0#1+/%'&+*09#%&0(+%+'$#D'&#-"#"+.0'#5) ,-'#.$/')f#0#/+%)0%+'$#[1.&.#%1.#'DD+*.#+%/.9DZ#1.9(#J;#%1.#*10&+/60%+*#0)%1'&+%;Z#+/#

0#<'/+%+'$#'D#$0%)&09#9.0(.&/1+<"#G1+/#+/#$'%#'$9;#0<<9+*0J9.#%'#&';09#/)**.//+'$/Z#

1.0(/#'D#/%0%.#.%*"Z#J)%#*0$#J.#(+&.*%9;#0<<9+.(#%'#%1.#()%;#'D#%'<#60$0:.6.$%#

^.":"#0#ANO#'D#0#*'&<'&0%+'$_"#j.%Z#0/#80H#I.J.&#<&'*..(/Z#%1+/#+/#$'%#0$#

.H<&.//+'$#'D#<.&/'$09#*10&+/60B#h;&)0-"),'$")%9)-"#"+.0'#5),-'#.$/'E)#",%:&.0.%&) .$)&%)(%&:"#)!'.+)0%)0-"),-'#.$/'0.,)78'(.0."$)%9)0-").&+.6.+8'(E)*80)0%)0-")(":.0./',5)

%9)0-")!%$.0.%&)-")-'$)',78.#"+)*5)-"#"+.0'#5)$8,,"$$.%&N)=\>)O-"),%&,"!0)%9)+.6.&")

#.:-0).$)98&+'/"&0'((5)'(0"#"+)'&+)&%L),%/"$)0%)/"'&)'80-%#.05)*5)6.#08")%9)')

!"#$%&'()#.:-0E)L-.,-).$)&%0)+"!"&+"&0)%&)0-")#",%:&.0.%&)%9)0-%$")$8*c",0)0%)

# ,?#

'80-%#.05N)U"#$%&'(),-'#.$/')/'5)*")0%0'((5)'*$"&0"h#^I.J.&Z#8"Z#,SEF_"#8'/%#

*'66'$9;#X$'[$#+/#%1.#&+%)09#0*%#%0X+$:#<90*.Z#[1.$#0#/%0%.#1.0(#^.":"#0#$.[9;#

.9.*%.(#<&./+(.$%_#+/#+$0):)&0%.(#+$%'#^0$#*10&+/60%+*_#'DD+*."#5/#.9.*%.(#J;#0#

60d'&+%;#'D#D'99'[.&/Z#0#&.90%+K.9;#/%0J9.#9.0(.&PD'99'[.&#&.90%+'$/1+<#+/#

+$.K+%0J9.Z#;.%#<&'K.$#%'#J.#1+:19;#)$/%0J9.#'K.&#0#:+K.$#<.&+'(#'D#;.0&/"#G1.#

*10&+/60%+*#0)%1'&+%;#+/#'J9+:.(#%'#*'$/%0$%9;#<&'K.#1+6#'&#1.&#/.9D#*10&+/60%+*"#

NK.$#6'&.#+$/%0J9.#+/#%1.#1.&.(+%0&;#*10&+/60#'D#0#ANOZ#0/#1.#'&#/1.#+/#/)Jd.*%#%'#

1+:1.&#*'6<.%+%+'$#[1.$#+$#'DD+*."#8'&.#/<.*+D+*099;]#+%#+/#&.90%+K.9;#.0/;#%'#

(+/*10&:.#0#ANO#().#%'#0#90*X#'D#<&'K.$#:''(#&./)9%/"##

I.J.&L/#0$09;/+/#D'*)/./#'$#%1.#9.0(.&PD'99'[.&#&.90%+'$/1+<#+$#*9.0&9;#(.D+$.(#

:&')</#^*10&+/60%+*#*'66)$+%+./_"#G1./.#:&')</#0&.#*'6<0&0J9.#%'#%1.#%.&6#

+$%.&$09#/%0X.1'9(.&/⁼#+$#'&:0$+U0%+'$/"#j.%Z#+%#+/#+6<'&%0$%#%'#$'%+*.#%10%#.H%.&$09#

/%0X.1'9(.&/#09/'#<90;#0#:&.0%#&'9.#+$#*&.0%+$:#%1.#*10&+/60%+*#ANOZ#0$(#%10%#

%1./.#0&.#09/'#D'99'[.&/#J;#6'(.&$#/%0$(0&(/"#5/#6.(+0#&.90%+'$/#<90;#0$#

+$*&.0/+$:9;#6'&.#+6<'&%0$%#&'9.#D'&#6'(.&$#J)/+$.//./Z#'&:0$+U0%+'$/#10K.#0#

6)*1#90&:.&#/10&.#'D#D'99'[.&/#().#%'#0#*'$/%0$%#+$%.&0*%+'$#[+%1#%1.#

/)&&')$(+$:#*'66)$+%;"#Y'99'[.&/#0&.#%1.&.D'&.#*%0-#+$%.&$09#'&+#.H%.&$09#

/%0X.1'9(.&/#0$(#%1.#*10&+/60%+*#*'66)$+%;#+/Z#D'&#+$%.&$0%+'$09#J)/+$.//./#

0*%+$:#+$#0#:9'J09+/.(#['&9(Z#*'$/.2).$%9;Z#%1.#+$%.&$0%+'$09#*'66)$+%;#0%#90&:."#

G1+/#*'6<9.H#&.90%+'$/1+<#[+99#J.#D)&%1.&#0$09;U.(#+$#A10<%.&#!!!#^Q&0$(+$:#%1.#

ANO_"#

6#,!4;;8+*0L+8+%:!0$(!&.8.D0$*.!'I!?.L.&M/!*10&+/50!

G1.#&.9.K0$*.#'D#%1.#%.&6#*10&+/60Z#+$#0#6'(.&$#(0;#*'$%.H%Z#*0$#J.#(./*&+J.(#+$#

%1.#D'99'[+$:#0J/%&0*%B#h@"*"#)&"6"#)./':.&"+)0-'0)L-'0)0-")9808#")-"(+)L'$)')

&"L)':")%9),-'#.$/'E)'&+).&+""+)-")$!",.9.,'((5)!(',"+)0-")!%$$.*.(.05)%9)0-")%(+) M%+$)'#.$.&:)9#%/)0-".#):#'6"$)'0)0-")0./")'90"#)0-")('$0)0%&)%9)9%$$.(.D"+),%'()-'+)

*""&)*8#&"+E)'90"#)L-.,-)')&"L)"#')%9),8(08#'(),#"'0.6.05)/.:-0)"/"#:")'$)L"((N)<80) L-'0)L")$"").&$0"'+).$)0-")8*.78.05)%9)%#.:.&'(.05E)')G.&+)%9)%&:%.&:),8(08#'(),-'&:") .&)&%)!'#0.,8('#)+.#",0.%&E)9%#)"4'/!(")0-")+",(.&")%9)L-.,-)C!"&:("#)L#%0"N)O-.$)

########################################################

=#G1.#(+DD.&.$*./#J.%[..$#+$%.&$09#0$(#.H%.&$09#/%0X.1'9(.&/#K0&;Z#0$(#[+99#$'%#J.#D)&%1.&#

(+/*)//.(#+$#%1+/#60/%.&#%1./+/"#a.&.Z#+$%.&$09#/%0X.1'9(.&/#<&+60&+9;#+$*9)(.#.6<9';../"#

# ,M#

'/%8&0$)0%)'&)':").&)L-.,-)0-")"40#'%#+.&'#5).$)%#+.&'#5E).&)L-.,-),-'&:"$).&) 6'(8"$)'&+)'00.08+"$)("+)*5)0-")"4'/!(")'&+)!"#$%&'()9%#,")%9)!8*(.,(5)',,('./"+)

!"#$%&'(.0."$).$)'),-'#',0"#.$0.,)9"'08#")%9)0-"),8(08#"N)O-"$"),%&$.+"#'0.%&$)!%.&0)0%) '&).#%&.,),%&,(8$.%&a)0-'0),-'#.$/')-'$)*",%/")/8&+'&"E)%#)"6"#5+'5E)'&+)-'$)(%$0) .0$)$!",.'()9%#,")&%0)*",'8$").0)-'$)*",%/")#'#")*80)*",'8$").0)-'$)*",%/")

,%//%&!(',"Ni#^G)&$.&Z#>"Z#4WW7Z#<<"#47P4=_"#G1.#(./*&+<%+'$#'D#*10&+/60#0/#

\6)$(0$.L#+$#6'(.&$#*'$%.H%/#+/#*.$%&09#%'#%1.#)$(.&/%0$(+$:#'D#*10&+/60"#a.#

*'$*9)(./Z#%10%#%1.#*'$*.<%#'D#*10&+/60#+/#<''&9;#0<<9+*0J9.#%'#6'(.&$#*'$%.H%/#

0/#')&#*)9%)&.#10/#0#1+:1#(.:&..#'D#h*10&+/60%+*#0)%1'&+%+./iZ#%1)/#60X+$:#%1.#

*'$*.<%#/)<.&D9)')/"#A10&+/60Z#0/#0#*'$*.<%Z#10/#9'/%#099#0%%&+J)%./#*'$*.&$+$:#

h60:+*09#<'[.&/i#0$(#J.+$:#'D#h(+K+$.#'&+:+$i#0$(#+/Z#%'(0;Z#0#[0;#'D#(./*&+J+$:#

0$#+$D9).$%+09#h*.9.J&+%;i#&0%1.&#%10$#0#$0%)&09#9.0(.&"#I.J.&Z#%'#/'6.#.H%.$(Z#

(./*&+J./#%1+/#<&'*.//#0/#%1.#h&')%+$+U0%+'$#'D#*10&+/60iZ#0$(#+%#+/#%1.&.D'&.#

09&.0(;#6.$%+'$.(#+$#1+/#/%)(+./"#59%1'):1#1.#*')9(#$'%#D'&./..#%1.#&'9.#'D#

*10&+/60#+$#%'(0;L/#/'*+.%;Z#1.#[0/#0[0&.#'D#%1+/#(0$:.&#09&.0(;#%1.$"#

>%.<1.$#G)&$.&L/#(+/6+//09#'D#0#6'(.&$#(0;#0<<&'0*1#%'#*10&+/60#+/Z#'$.#*')9(#

0&:).Z#0#%'<+*#'D#(+/*)//+'$"#I.J.&L/#0$09;/+/#&.60+$/#&.9.K0$%#0/#+%#(./*&+J./#%1.#

*'&.#*'$*.<%)09+U0%+'$#'D#*10&+/60#0$(#<&'K+(./#%1.#D+&/%#.K+(.$*.#'D#%1.#

&.90%+'$/1+<#J.%[..$#%1.#9.0(.&#0$(#D'99'[.&#+$#%1.#*&.0%+'$#'D#*10&+/60%+*#

0)%1'&+%;"#G1.#\*'66'$<90*.L#*10&+/60#+/#/%+99#*10&+/60Z#09%1'):1#9.//#'JK+')/#

0$(#<'[.&D)9Z#'$.#*')9(#0&:).Z#0$(#+/#/%+99#/)Jd.*%#%'#&./.0&*1#[+%1+$#J'%1#

60$0:.6.$%#0$(#/'*+'9':;#/%)(+./"#G1.#D'99'[+$:#/.*%+'$#[+99#%&;#%'#.H<90+$#%1.#

6'(.&$#(0;#0<<&'0*1#%'#*10&+/60#0$(#+%/#&0+/'$#(lm%&.#+$#&.90%+'$#%'#(.D+$+$:#%1.#

*'$*.<%#$0%)&09#9.0(.&/1+<#^'&]#*10&+/60%+*#0)%1'&+%;_"##

<#!4!5'(.&$!0;;&'0*1!%'!*10&+/50!

G)&$.&L/#(./*&+<%+'$#'D#%1.#6)$(0$.#*10&+/60#+/#*9'/.9;#&.90%.(#%'#0$'%1.&#%.&6Z#

)/.(#+$*&.0/+$:9;#6'&.#0/#6.(+0#*'K.&0:.#'D#%1.#J)/+$.//#['&9(#:&'[/]#

*.9.J&+%;"#R)&.#*10&+/60#('./#$'%#*099#D'&#6.(+0#0%%.$%+'$Z#J)%#&.9+./#'$#%1.#

9.0(.&PD'99'[.&#&.90%+'$/1+<Z#0/#[.99#0/#*.9.J&+%;#^*'$*.<%_#&.9+./#'$#%1.#6.(+0#0/#

0#%''9#D'&#%1.#*.9.J&+%;#^<.&/'$0_#%'#&.0*1#1+/#'&#1.&#%0&:.%#0)(+.$*."#5/#

G&.0([0;Z#C"#A"#.%#09#^4WWS_#(./*&+J./B#h1"("*#.05).$)&%0)'),-'#',0"#.$0.,)%9)0-")

# ,E#

$%,.'()',0%#).&)78"$0.%&E)*80)')!#%!"#05)%9)0-")',0%#e$)#"('0.%&$-.!)L.0-)0-")

'8+."&,"A)$!",.9.,'((5E)')#"('0.%&$-.!)0-'0).$)+%,8/"&0"+)*5)0-")/"+.'"i#G1.&.D'&.Z#

'$.#*')9(#0&:).#%10%#%1.#*'$*.<%#'D#*10&+/60Z#+$#0#6'(.&$#(0;#*'$%.H%Z#+/#*9'/.9;#

&.90%.(#%'#%1.#*'$*.<%#'D#*.9.J&+%;"#G1.#0J+9+%;#%'#0<<.0&#*10&+/60%+*#+$#D&'$%#'D#

%1.#<)J9+*#0%#90&:.#*0$#J.#)/.(#0/#0#/%&0%.:+*#%''9#%'#60$0:.#&.<)%0%+'$Z#0):6.$%#

*&.(+J+9+%;#0$(Z#/)J/.2).$%9;Z#*099/#D'&#0#ANO#[+%1#%1.#*10&+/60%+*#0)%1'&+%;#

$..(.(#%'#<.&D'&6#%1+/#%0/X"#Y)&%1.&6'&.Z#%1.#&.90%+'$/1+<#J.%[..$#9.0(.&#0$(#

D'99'[.&#+/#<&':&.//+K.9;#/%&'$:.&#().#%'#6.(+0#*'K.&0:.B#hO-")/"+.')/8$0)

"&:':").0$)'8+."&,"A).0)/8$0)0"(()')$0%#5N);&)%#+"#)0%)/""0)0-"$"):%'($)L-.(")L%#G.&:) 8&+"#)$0#.,0)+"'+(.&"$E)c%8#&'(.$0$)%90"&)8$")0-")/%$0),%/!"((.&:)"6.+"&,"E),%:&.0.6")

$./!(.9.,'0.%&E)'&+)+#'/'0.,)&'##'0.6"$)0%)9%,8$)%&),-'&:")#'0-"#)0-'&)0-")$0'08$) 78%N)O-.$),'&)("'+)0%)123$)%#)9.#/$)*".&:)6."L"+)'$)#"$!%&$.*(")9%#)'(()%80,%/"$E)'$) L"(()'$)!('5.&:)')#%(").&)$-'!.&:)9808#")"4!",0'0.%&$)^G&.0([0;Z#C"#A"#.%#09Z#4WWSZ#

<"#???_"#!%#*0$#J.#0&:).(#[1.%1.&#*10&+/60#+/#'&#+/#$'%#0$#+6<.&0%+K.#+$#'&(.&#%'#

J.*'6.#0#*.9.J&+%;#ANOZ#J)%#%1.#D0*%#&.60+$/#%10%#6.(+0#*'K.&0:.#*0$#+6<&'K.#

%1.#9.0(.&PD'99'[.&#&.90%+'$/1+<#/+6<9;#J;#J.+$:#)/.(#0/#0#*'66)$+*0%+K.#

*10$$.9#'&#%''9"#G1.#6.(+0#0*%/#0/#0#X.;#<90;.&#[1.$#*'66)$+*0%+$:#*10$:.#0$(#

*&.(+J+9+%;#0$(#%1)/#/%&.$:%1.$/#%1.#%+./#J.%[..$#%1.#*10&+/60%+*#0)%1'&+%;#0$(#

+%/#D'99'[.&/"#!$#.H%.$/+'$#'D#%1+/Z#%1.#'<<'/+%.#/1')9(#J.#/)<<'/.(#0/#[.99B#G1.#

)$*10&+/60%+*#ANO#*0$Z#().#%'#6.(+0#.H<'/)&.Z#J.#)$K.+9.(#0/#9.//#*&.(+J9.#0$(#

9.//#*0<0J9.#'D#60$0:+$:#*10$:.#0$(#%1.&.D'&.#<.&60$.$%9;#(060:.#%1.#9.0(.&P D'99'[.&#&.90%+'$/1+<"#G1.&.D'&.Z#+%#*0$#J.#(+/*)//.(#[1.%1.&#*10&+/60#+/#0#%&).#

<.&/'$09+%;#%&0+%#(..<9;#&''%.(#+$#%1.#*10&+/60%+*#<.&/'$0Z#'&Z#0/#a)$%.&#

<&'<'/./]#0#6)$(0$.#2)09+%;#<'//.//.(#J;#%1.#+$D9).$%+09#*.9.J&+%;"##

5$'%1.&#%.&6#)/.(#J;#&./.0&*1.&/#0$(#/*1'90&/#+$#%1.#D+.9(#+/#\#"!80'0.%&L#0$(#%1.#

*'$*.<%#'D#\#"!80'0.%&)/'&':"/"&0L"#I1+9.#J.+$:#*9'/.9;#&.90%.(#%'#%1.#/)Jd.*%#'D#

*10&+/60#0$(#*.9.J&+%;Z#+%#09/'#(.D+$./#0#[.99P&./.0&*1.(#60&X.%+$:#(+/*+<9+$.#

)/.(#/%&0%.:+*099;#J;#6'/%#%'<#D+&6/#[+%1#6)9%+<9.#/%0X.1'9(.&/"#5:0+$Z#[.#D+$(#

%1.#/06.#(+9.660#0/#[+%1#%1.#&.90%+'$/1+<#J.%[..$#*.9.J&+%;#0$(#*10&+/60]#('./#

0#1+:1P<&'D+9.(#ANO#&.<)%0%+'$#(&+K.#*.9.J&+%;#'&#+/#+%#K+*.#K.&/0b##

G&.0([0;Z#C"#A"#.%#09#^4WWS_#D+$(#%1&..#/+:$+D+*0$%#(+DD.&.$*./#J.%[..$#&.<)%0%+'$#

0$(#*.9.J&+%;B#h].#$0E)#"!80'0.%&).$):#%8&+"+).&)$.:&'(.&:)0-"%#5E)'&+),"("*#.05).$)

# ,F#

*'$"+)%&)0-"%#."$)%9)/'$$),%//8&.,'0.%&N)F$)$8,-E)#"!80'0.%&)',G&%L("+:"$)')

$0#'0":.,)%#."&0'0.%&)0%)0-")',0%#N)C",%&+E)'$)'&).&0'&:.*(")'$$"0E)#"!80'0.%&).$)

*'$"+)%&)0-")!"#,"!0.%&)%9)'&)'*.(.05)0%),#"'0")6'(8")9%#)0-")9.#/N);&),%&0#'$0E) ,"("*#.05).$)*'$"+)%&)0-")!"#,"!0.%&)0-'0).&+.6.+8'($),'&)*8.(+)'&)'00#',0.6")$%,.'() .+"&0.05N)O-.#+E)*",'8$")%9)0-")*'$"$)(.$0"+)'*%6"E)#"!80'0.%&).$)+"6"(%!"+)0-#%8:-)

$0#'0":.,)',0.%&E)'&+),"("*#.05).$)')!#%+8,0)%9)/"+.'),#"'0.%&"i#!%#*0$#J.#(+/*)//.(#

[1.%1.&#%1.#(+/%+$*%+'$#*0$#J.#60(.#/'#*9.0&9;Z#[1.$#/..X+$:#%'#*'$*.<%)09+U.#

0$(#(./*&+J.#%1.#%.&6#*10&+/60"#n/+$:#*10&+/60#/%&0%.:+*099;Z#J;#6.0$/#'D#

*'66)$+*0%+$:#%1&'):1#60//#6.(+0Z#[')9(#0&:)0J9;#1.9<#J)+9(+$:#0#*10&+/60%+*#

/'*+09#+(.$%+%;#%10%#*')9(#J.$.D+%#$'%#'$9;#%1.#ANOZ#J)%#09/'#%1.#D+&6#%10%#1.#'&#/1.#

&.<&./.$%/"#>)J/.2).$%9;Z#%1.#0J+9+%;#%'#*&.0%.#K09).#%'#%1.#D+&6#9+./#[+%1+$#%1.#

D&06./#'D#%1.#+$(+K+()09#*10&+/60%+*#0J+9+%;#'D#%1.#ANO#%1)/#60X+$:#%1.#<&'*.//#'D#

*'66)$+*0%+$:#ANO#*10&+/60#0#/%&0%.:+*#0*%+'$"#5#%1'&'):1#0$09;/+/#'$#1'[#%'#

(.D+$.#%1.#J'0&(.&/#J.%[..$#+$(+K+()09#&.<)%0%+'$#60$0:.6.$%#^<.&/'$09#

J&0$(+$:_#0$(#/%&0%.:+*#*'&<'&0%.#&.<)%0%+'$#60$0:.6.$%#^*'&<'&0%.#J&0$(+$:_#

[+99#J.#<&./.$%.(#+$#A10<%.&#!!!#^Q&0$(+$:#%1.#ANO_"#

I1+9.#J.+$:#*9'/.9;#&.90%.(Z#%1.#*'$*.<%#'D#\&.<)%0%+'$L#('./#$'%#.6J'(;#

*10&+/60#0$(#*0$$'%#.H<90+$#0$;#<.&/'$09+%;#%&0+%/#'&#+$%0$:+J9.#0//.%/#'D#

*10&+/60"#5/#[.99#0/#%1.#*'$*.<%#'D#\*.9.J&+%;L^?Z#+%#+/#/+6<9;#0#*9'/.9;#&.90%.(#

0'&:.*("#0//.%Z#[1+*1#*0$#1.9<#%'#.H<90+$#%1.#$0%)&.#'D#*10&+/60#+$#0#6'(.&$#(0;#

*'$%.H%"#5/#&./.0&*1.&/#/%&)::9.#%'#D+$(#0$;#*9.0&#(.D+$+%+'$/#%'#%1.#%.&6#

*10&+/60Z#0$(#9+%%9.#.6<+&+*09#/%)(+./#10K.#%&)9;#K.&+D+.(#+%/#.DD.*%#'$#

'&:0$+U0%+'$09#<.&D'&60$*.Z#+%#+/#$.*.//0&;#%'#/.0&*1#D'&#(.D+$+%+'$/#+$#&.90%.(#

0&.0/#'D#&./.0&*1Z#09%1'):1#%1.#D+$(+$:/#60;#$'%#J.#0J/'9)%."##

E#!CNO!*10&+/50%+*!8.0(.&/1+;!

!$#%&;+$:#%'#.H<90+$#%1.#*'$/.2).$*./#0$(#.DD.*%/#'D#*10&+/60%+*#9.0(.&/1+<Z#

I09(60$Z#C"#5"#0$(#j0660&+$'Z#Y"#e"#^,SSS_#(.D+$./#ANO#*10&+/60#+$#%['#<0&%/B#

h].#$0E).0).$)*'$"+)%&)*"-'6.%#'()0"&+"&,."$)'&+)!"#$%&'(),-'#',0"#.$0.,$)%9)0-") ("'+"#E).&,(8+.&:)0-")'#0.,8('0.%&)%9)'),("'#)6.$.%&)+"#.6"+)9#%/)9.#/(5)-"(+)6'(8"$)%9)

########################################################

?#G1.#*'$*.<%#'D#*.9.J&+%;#0$(#+%/#&.90%+'$#%'#*10&+/60#[+99#J.#D)&%1.&#(+/*)//.(#+$#A10<%.&#!!!Z#7"#

G1.#*0)/./#0$(#.DD.*%/#'D#<.&/'$09#J&0$(+$:#

# ,S#

/%#'()c8$0.9.,'0.%&$E)#%(")/%+"(.&:)%9)0-%$")6'(8"$E),%//8&.,'0.%&)%9)-.:-)

!"#9%#/'&,")"4!",0'0.%&$)'&+),%&9.+"&,").&)9%((%L"#$K)'*.(.0."$)0%)/""0)0-"$")

"4!",0'0.%&$E)#"9"#"&,"$)0%)0-"):#"'0"#),%((",0.6")'&+).0$).+"&0.05E)$5/*%(.,)

*"-'6.%#$)'&+)0-")'$$8/!0.%&)%9)!"#$%&'()#.$G$)'&+)$',#.9.,"$N)C",%&+E)0-")123) ,-'#.$/').&6%(6"$)P>)')#"('0.%&$-.!)*"0L""&)')123)'&+)%&")%#)/%#")9%((%L"#$).&) ,(%$")%#:'&.D'0.%&'()!#%4./.05E)Q>),%/*.&"+)L.0-)9'6%#'*(")'00#.*80.%&$E)!#./'#.(5) 9#%/)9%((%L"#$)'0)+.$0'&0)%#:'&.D'0.%&'()",-"(%&$E)L-.,-)R>)#"$8(0$).&).&0"#&'(.D"+) ,%//.0/"&0)0%)0-")6.$.%&)%9)0-")("'+"#E)"4,"!0.%&'((5)$0#%&:)'+/.#'0.%&)'&+)

#"$!",0)9%#)0-")("'+"#E)0-")6.$.%&E)'&+)0-"),%((",0.6")9%#:"+)*5)0-")("'+"#NT#5:0+$Z#%1.#

9.0(.&PD'99'[.&#&.90%+'$/1+<#+/#0#D'*09#0&.0#'D#%1.#*10&+/60#%1.'&;Z#0$(#+%#+/#

/)::./%.(#%10%#0#D'99'[.&P*'66+%6.$%#%'#%1.#*10&+/60%+*#9.0(.&#+/#0#!

#

#

Y+:)&.#,"#5#6'(.9#'D#A9'/.#0$(#C+/%0$%#ANO#A10&+/60%+*#@.0(.&/1+<#^I09(60$#0$(#j0660&+$'Z#

,SSS_"#>..#09/'#5<<.$(+H#5"#

270 Academy of Management Review April

Co

u p4

o 0 o O) O o

3.4~~~~~~~~~~~~~~~~~~~~~~~~4 . -

O) QUo3

-o~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~-

~~~~~~~~~~4-. ~ ~ ~ ~ ~ ~ ~~ ~ ~~~~~~~~~~~~~~~- La4~~~~~~~~~~~~~~~~o 4 4 U c n

: X

c.O

u U) 0~~~~~~~~~~~~~~~~~~~~f f

0~~~~~~~~~~~~

U~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~O L

# 4W#

#

<&.*'$(+%+'$#D'&#%1.#.H+/%.$*.#'D#*10&+/60"#Y)&%1.&6'&.Z#%1.#<.&/'$09#2)09+%+./#

'D#%1.#*10&+/60%+*#ANO#<90;#0#K+%09#<0&%#+$#%1.#<&'*.//#0$(#+$#*'6J+$0%+'$#[+%1#

%1.#&+:1%#&.90%+'$09#*+&*)6/%0$*./#%1.#9.0(.&#*0$#:0+$#+$D9).$*.#'$#J'%1#*9'/.#0$(#

(+/%0$%#/%0X.1'9(.&/"#G1.#&.90%+'$/1+<#J.%[..$#%1.#*10&+/60%+*#ANO#0$(#%1.#

'&:0$+U0%+'$09#<.&D'&60$*.#*0$#J.#D)&%1.&#.90J'&0%.(#%1&'):1#D+:)&.#,^MZ#[1.&.#0#

K0&+.%;#'D#+$%.&&.90%.(#<&'<'/+%+'$/#^R,PRF_#0&.#/1'[$"#R0&%+*)90&9;#+$%.&./%+$:#+/#

%1.#<&'<'/+%+'$#D+K.#^R?_"#R?#/)::./%/#%10%#*10&+/60%+*#0%%&+J)%+'$/#'D#0#ANO#^0%#0#

(+/%0$*._#0&.#J0/.(#'$#/;6J'9+*#J.10K+'&/Z#0&%+*)90%+'$#'D#0$#+(.'9':+*099;#J0/.(#

K+/+'$Z#/0:0/Z#/%'&;%.99+$:#0$(#<&+'&#'&:0$+U0%+'$09#<.&D'&60$*.#^I09(60$Z#C"#5"#

0$(#j0660&+$'#Y"#e"Z#,SSSZ#<"#4EM_"#!%#/1')9(#J.#$'%+*.(#%10%#+D#%1.#'&:0$+U0%+'$#0/#

0#[1'9.#<.&D'&6/#<''&9;Z#%1.#ANO#[')9(#9'/.#*10&+/60#0/#0#*'$/.2).$*.#'D#%1+/Z#

$'#60%%.&#1'[#[.99#1.#'&#/1.#<.&D'&6/#'$#%1.#R?#<&'<'/+%+'$/"#Y)&%1.&6'&.Z#%1.#

0)%1'&/#/)::./%Z#'$#%1.#J0/+/#'D#a')/.#0$(#a'[.99#^,SS4_Z#%10%#%1.&.#0&.#%['#

*0%.:'&+./#'D#*10&+/60]#%1.#<.&/'$09+U.(#0$(#%1.#/'*+09+U.(#*10&+/60"#G1.#

<.&/'$09+U.(#*10&+/60#+/#$0&*+//+/%+*Z#0)%1'&+%0&+0$#0$(#)$(.&6+$./#%1.#9.0(.&P D'99'[.&#&.90%+'$/1+<#%1&'):1#0#9'//#'D#/.9DP+$+%+0%+K.#0$(#/.9DP*'$%&'9"#G1./.#

(0$:.&/#0&.#.K.&#<&./.$%#D'&#%1.#*10&+/60%+*#ANO#0$(#%1.#1;<'%1./+/#/)<<'&%/#

%1.#.K+(.$*.#D'&#0#&.90%+'$09Z#+$*'$/+/%.$%#0$(#+$/%0J9.#K+.[#'$#*10&+/60Z#

09%1'):1#0#<'[.&D)9#0//.%#)$(.&#%1.#&+:1%#*+&*)6/%0$*./"#

5$'%1.&#0<<&'0*1#%'#%1.#9.0(.&PD'99'[.&#&.90%+'$/1+<#'D#*10&+/60%+*#9.0(.&/1+<#

*0$#J.#D')$(#+$#5$:.9'#Y0$.99+#0$(#V+96'/#Y"#8+/0$:+;0L/#^4WWM_#/%)(;#'D#ANO#

*10&+/60#0$(#+%/#.DD.*%/#'$#.H%.&$09#/%0X.1'9(.&/Z#[1+9.#0%#%1.#/06.#%+6.#:+K+$:#

0$#.H<90$0%+'$#%'#%1.#.H%.&$09#/%0X.1'9(.&/L#+(.$%+D+*0%+'$#[+%1#*10&+/60%+*#%'<#

60$0:.&/B#h123),-'#.$/'0.,)*"-'6.%#$)'&+)$5/*%(.$/f)$0#%&:)6'(8"$E)6.$.%&)9%#) 0-")9808#"E)8&,%&6"&0.%&'()'&+)#.$G_0'G.&:)*"-'6.%#$f$"#6")0%).&,#"'$")

.+"&0.9.,'0.%&)'/%&:)"40"#&'()$0'G"-%(+"#$)L.0-)123$)'&+E)*5)"40"&$.%&E)0-".#)

%#:'&.D'0.%&$N)123$E)'$)S0-")/%$0)6.$.*(")/"/*"#$)%9)'&)%#:'&.D'0.%&TE):.6")')9',") 0%)'&)%0-"#L.$")'*$0#',0)$%,.'(),'0":%#5E)#"$8(0.&:).&)%80$.+"#$K)6."L.&:)/'&':"#$) '$)0-")%#:'&.D'0.%&i#^Y0$.99+Z#5"#0$(#8+/0$:+;0Z#V"#Y"Z#4WWM_"#G1.#&.90%+'$/1+<#

J.%[..$#%1.#*10&+/60%+*#ANO#0$(#%1.#D'99'[.&#+/#1.&.#(./*&+J.(#0/#0$#+60:.P

########################################################

M#>..#09/'#5<<.$(+H#5"##