5(&200(1'(' )25 )8//7(;7 38%/,&$7,213XUVXDQW WR 6L[WK &LUFXLW 5XOH (/(&7521,& &,7$7,21  )(' $SS 3 WK &LU)LOH 1DPH DS	

			



$0(6+$0%(56	

$9,'7(1*(/  !"" #$% &',&+$(/21/,))($ !% 	

%(+$1'/(5 



	

)* +,-./0+%$ "
1	 !  2!34 !5$$* +6-7700,8 "(!$$!19%9!1:	";6+++111$1:!$+<77( :44	

*
14!!19<
* +,-./0+  51 % 1" *%*=
'%*>		'%*?2*4 !5$$2!3 %$$@4%" 9%*A>*%4
@
4%**@
*'*%44% 
@
	
* 3  2!3   %$$ 
  51 % 1" *%*=
'%*>		'%*?2*4 !5$$2!3 %$$@4%" 9%*A>*%4
@
4%**@
*'*%44%
@
	
*3 2!3 %$$ >
A4 ! !19  B$-%$$""; 9 $-C!$#2!3; !9 !10<
	D+,/ 1$ 1  ! 39 1$  1C!5$";$$9 ! $ 25 % DD <%/77 1 <%/7 #  ; 1"$E $  15"; #1 11 !91!"" C!19"  5      ! % 51	9$ "" #$% '$ $1 2!3 %  >$ % ( 1$ 


 #51     FG1HI  $19  ! ! $$";9!1 !1!:FI5 $!B $! ;!  ! ! $$ 59!&F<I5 $J!$B  $!;!9$! 1 1" 9  & 1 F/I 5 $%"1";!"$E ! $$ 1 $$ #9 #C!19" 1 !* +,-./0+
/	
2!351	!D<%.7: 	!"  !   #    51   9E 9 5"1""; ; 2!31 1  !$1 9!$ 9 5  1! 1 5    ; 1 "";2< (97$7 %11D<%.7
++.2!31D<%/77#:FI* #192	<%.7  1 F/7I 1  $$ #9  $9   "$  5$  $" 1"9  C!1 1   $5$$;!;C  $$ #9 ; %   $5$$ 1$ $ 3 #9$"   1$ $  ;$5" 1 1  $5 5"  !  ;9  $"$ "$9 "$5$  $" 1"99 !  C!1 1F<I* #192	<%.7 $$ 3 #9$   $  "    $5#$!$1 " $55 $9 ; ;$1!; FI  2< (97$7 %11D<%/77%5 $  D<%/77  $ % "1"  !;$ ;  " " "!  $ 1$;2!3 	!"  !  2< (97$7 %11D<%/7(   "  DD <%/77 1 <%/7";  !$ 991  1-"$  $  1 5"  !9  1  ";K0
* +,-./0+$#!1 C 9"!$9   ! ;1 $  1 $$ #9G$9 "$ 5$  $"   1"9     H #! ! $1 11    !#  #$1# 11"$$15  !;$     C  9" 511  1 # !$1 ; "$ C 1 " 9    !$1  -"     !"" C!19"     ! $ "9   !-1 ;    $  5"  1C! 11  !911K"   $19DD<%/771<%/75 $1!B $!J!$B  $! %"1"$ $$ #
 5#  9  !"" C!19" 1  ! $ !1 5 
   00 /1 077 076 F.  ++,I!"" C!19"    #  L G9!! "$ 1" 59$1 C!19"  " $#H (' ,9 BM.FIGNO"L $$91!$1!;#   #$$   1  #  $! 1"   !""C!19"&J!";  ! H
!"!"066
	<0<<06-0,F+,.IF" 9$I 8(52&(66/$86(# $ 
% M,/1770 F.++MI#  9E1! B $! 51  !1  $$9 !;1 59!G5 1 59!H1 "$# 9 $: !  E1 1  5111  "; $C!191C!%1;	!" !:* +,-./0+
/% 19$ #  C!19"   1 !<
* +,-./0+ 91    J!   #  !  #$ 1# "; 9!  ;!  9$"$!!$ ("  L5      #    $J!! 1"#LG ;$H;#$9$!K9 $1"  "$%1&:B9 ' (1 9#L"$ ;#(K1"  5"   91 ;#  ""$  1  ""$   "    NO G$5 "H      $    ""$ L !1 J!1;#$9$!K11"    "$  1     $;! ;$& $9$ ; 1   ;!  #             51  "$   $  $ 5 " ;!  " #$$ 1 511 ;C5 !#1  J!#$9  !;$  $;5#&L !" !1 ;5 !$-;!1 "$5     ""$   $ $5  1   1"9 #  PP;#11" ;$./<F$J!  "3 1$ "1I%$ !9!9!;$1  "$ $5 "  #  9E   $5"  1 !#1 ! $!!K $$    $     51 1   G #$$ 1H 9 * +,-./0+
M;$ 1! "5 1   59!    ;     $$11@9!$# 1 5$" 5$! ;! # !"  "     ;#$#!$1!$#!$ 1!#$#95     1 $$9   ;$ ! 3 ## ;1 " 19$@9!$#" ;   519  #9  	 1  ; 11"  " ;51$#"! 51L$11  # $"%59!$#"";$1$9; $"  $"C!191C!  $!  1 1!;C5;#119 ;11" $ )"
"$*07,
	707,-7+F+6<IF   "1I%$ !9!5 1 59!$ 59!G 11  1!1 $$H 
 "   07< 
	 . .0F+6I#5$1G$5$#1H#"$$3(+(

,
/7/1,6+6F.++6I"; 9!   !K  ;  G $ H  59!     1    19!;#  $  1   - $9    L"$ ";     !$ # !  ; 19   1 $ 1  $9$ $ $" !!$#"G5"H$!1   # G1  1H 5" $!1  5"  $  1!  $$ "; 9! D <%/<7  L     ! # " $    5"   1  1  !9G159 11    9$ !;$H 1   !$1G9$!;$H";K 9!" $3 " 1 1  $$ !1"  9$ !119    1!.
* +,-./0+ ;1   " G $H G5"H G1 1H 1 G9$ !;$H   ""  " 1151!$  "" $$91  5 9!"9!!$ ! 1! ;1!95  E11   !9 ;  1"   " ; $ C!19  C!  % 19$ # %' 1 ! 9 !1 48$/527(&7,21/$86( J!$ B   $! J!  G$$  "$$!1 !$1;1$3H"    !
  06/ 
	 0/< 0/+ F+,MI  !" !$1 #5GJ!$  1   J!$$ ;1$#1$$;!1 J!1 "15 "$5!  #$ "1H-.'/,/
	76F+..I!1"$95 $51#$!11 5#  -;19!$  1"#! #$$ 1 5 "$$9 )
	,7/16/+60,F.+++I9!$  -!$ #5!"$  "   # $  "  $L1"1 ! G#;    #$$ !55 ! $ "   "$1 "! # #$  1   !  9 9 5"$H   !  ! #  ""$  5 $51 $ G $"1 "!     ""!#!; 1  $ %"1"5$!HJ!1/*
/- 	( 0/. 
	 006 0M. F+6,I&  ' )0

 
(006
	MM6M.<-./F+,7IF $19"1!$    %"1" $$9 5 $59  ""$I(!9!$   ""$!;C "1!%"1"$$9* +,-./0+
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́ WKLUW\IRXU SHUFHQW VDLG WKDW VXFK WDFWLFVZHUH3DQQR\LQJ RULUULWDWLQJ ́ WZHQW\VL[ SHUFHQW IRXQG LW WR EH 3DQ LQYDVLRQ RI SULYDF\ ́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
* +,-./0+!$1 $  15"1"$""1" 1!;C   9!$   $!19      ""$# 1%"1"!./M   9     11  5$!9      ""$   "1! ' 
1 '   9 5" " $ 9!$ ""$"$19  !$#!$5' 006
	 M./-.0 
 ""$1  $$ 9 9 5""!- 91  9 5""!!;$!  9!$ & 19 5""!1"   ""$1$1"$$15&119!$ "!;G #$1#HM.0-.M"; 1 !  %"1"1!;$!#1 $11 111 9 ' # !1$1"$$15 1# #$1#& ! !1$ 1K ""$   1$ 1 "$$ 151 1;!1J!$1" 1G"N1O$1 #$$$$5" "$19H&MM	.<.
 19 !$1 # -!1  1591 $ #$!119!5 1L5!;$ "" !1 11   !;$ 5#1 1-"$ $    ""1 #3   1  * +,-./0+
6 $$ #J!$  $"5 $59 ""$ $   !;C    " $5$  5# $	,
" M7M
	/66/,MF++<IF 9   %"1" !1$   !K J!$   $I  ! # "! 11 # $ !! #$$ 1!99 5"$ "; 9!  ;!  ! 9 8$K !$85 $J!$B  $!1" #5! #$$ 1 15:FI 51J!$  $C!5"1"$ "!5! $1   & 1 F<I     !    ;  ;9 "  " 999   G!!$$9111$ ;$;! ! ! $5!$;$159 5" "$H";9 5"K11J! C!!1 11   !$1   ;  11 ;! $ C!19!$ 1!  2!391 ";K  $C!1 9!$   1!    # 1  "$  1   1  5 J!    2!3	!" !; 111!6<77731!" ! 11 $$ #9!:2!3$9$!"";$5 $1   #$;" 2DD<%/771<%/7FI#9!$  $#"9$$1$#;2!3	!" ! !2 D.12	D<%.7 
* +,-./0+ F. 6<777IF 1I  B ! J!       $# 2!3	!" !$$1DD<%/771<%/7 1    5 $     # $9:,
* +,-./0+B!!  $ #>$%";$"$9$    "" #$KEK$1#$1!!!"1; ! $ 5 5!;$1  51!  
  >$ %";$ #  19   !;$ ! 9    ""1 $  #   !1 !1 ! "  $" 1115"59!"$9! $19 ! $ !#1>$%";$15$1L $ # # ;  2!3 12!3$# "1 5 ! # 1$2!3 # 51!1 !C!#5 # 1$2!3 # 5 $! 
  /6 	/1 60 60/-00 F2 <77IF  "1I% 19$# $1!1 5 $   #$!12!3$# 91    J!   # 2!3  !;$    9 ;   5  E1 !    # $11 
1		!" ! 9E1"$  # 119  $$9    %"1": 5   "$$9       #; !11  #  !;$$1 5$1   5 ; 1  #   ;$11 $9 19!$9         NO 	K   9#$$-;9J!$15 * +,-./0+
+ "  $   9 1    15$E1 
11#5 1$; 5$$EC # ##$$ #  	 " $9$      ;$ 5 1! &-
&MM
	.,.<MF++MIF$J!  "31  "1I%$ !9&5 $51$$9 %"1"!$$11!!;$ $  1  !   ;  #$  1 15     %$ !9  ! 1  9  51 1; !  99  $  1!1; % 19$# $!1$      !   #$ $ 1   !!;$9 5"$1! " #J!$B  $!,5670(1'0(17$$ "; 9!   !  ! ! ;$ 9!$    ""$  ;19 "  9     !1  %"1"%$ !9 ""$9$$ $1 "$5$    11  "   '  006 
	  M.<-./ !"  !  "1   1 !  ""$        159$!19 91 1-"$  $  
 
 *"-	(0,.
	0..06<-60F+,,I&"$  ; ! !111$$9 $ 1(!$ ;9   " 19 #  ""!     5$ !   ;9"$ " 9  $ C! # 9!$ 1  #$1 1 1 !9#1 ""! &MM
	./M