Le rapport de la mission “Musées du XXIe siècle”

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

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

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

"#!$%&&%'(!$)&*+&!,)!--./0+!&%/12+!#!*3*!%(&3#22*+!2+!45!0#%!6748!9#:!0#,#0+!;),:+<!;=>?";@A!

$%(%&3:+!,+!2#!B)23):+!+3!,+!2#!B'00)(%1#3%'(C!

! B+!:#99':3!:+(,!1'093+!,+!2D#13%E%3*!,*92'<*+!9#:!2#!$%&&%'(!+3!,+!&+&!:*&)23#3&C!.2!+&3!2+!F:)%3!

,D)(+! 3:/&! 2#:G+! 1'(1+:3#3%'(! H)%! #! *3*! 0+(*+! 9+(,#(3! )(! 9+)! 92)&! ,+! &%I! 0'%&! #)9:/&! ,+&!

9:'F+&&%'((+2&!,)!:*&+#)!*2#:G%!,+&!0)&*+&!,+!J:#(1+4A!2+):&!9#:3+(#%:+&!+3!2+):&!9)K2%1&C!

! L+&!64!#)3+):&!M2+&!0+0K:+&!,)!1'0%3*!,+!9%2'3#G+!+3!2#!:+&9'(&#K2+!,+!2#!$%&&%'(N!'(3!O)E:*!

,+!1'(1+:3!P!3:#E+:&!H)#3:+!G:')9+&!,+!3:#E#%2!3Q*0#3%H)+&A!#)!1'):&!,D)(+!3'):(*+!3+::%3':%#2+!H)%!2+&!

#!1'(,)%3&!,#(&!2#!92)9#:3!,+&!:*G%'(&!F:#(R#%&+&A!P!2#!F#E+):!,+!,%FF*:+(3+&!3#K2+&S:'(,+&!+3!,+!,*K#3&!

M#E+1! ,+&! :+&9'(&#K2+&! ,D*3#K2%&&+0+(3&A! ,+&! ':G#(%&#3%'(&! 9:'F+&&%'((+22+&! +3! &<(,%1#2+&A! ,+&!

9#:3+(#%:+&!#&&'1%#3%F&A!,+&!*2)&NA!P!2D'11#&%'(!,D)(+!1#09#G(+!,D+(3:+3%+(&!#)9:/&!,D+I9+:3&!(#3%'(#)I!

+3!%(3+:(#3%'(#)IC!

.2&!&'(3!9#:3%&!,D)(+!E%&%'(!#13)#2%&*+!,)!:*&+#)!,+&!0)&*+&!,+!J:#(1+!9'):!,*G#G+:!2+&!2%G(+&!

,+!F':1+&!,+!&'(!*E'2)3%'(!&):!H)#3:+!92#(&!T!2+!&<&3/0+!,+&!E#2+):&!H)+!2+!0)&*+!%(1#:(+!,*&':0#%&!

M2+! 0)&*+! *3Q%H)+! +3! 1%3'<+(NA! 2#! &3:#3*G%+! ,D)(+! 'FF:+! +(! Q#:0'(%+! #E+1! 2+! ,*E+2'99+0+(3! ,+&!

3+::%3'%:+&! M2+!0)&*+! 9:'3*%F':0+NA! 2#! ,%E+:&%F%1#3%'(! ,+&! 9)K2%1&! +3! 2+):! %092%1#3%'(! ,#(&! 2#! E%+! ,+&!

*3#K2%&&+0+(3&!M2+!0)&*+!1'22#K':#3%F!+3!%(12)&%FNA!2D#G+(1+0+(3!,+&!0*3%+:&!+3!,+&!1'09*3+(1+&!9'):!

)(+!0+%22+):+! ':G#(%&#3%'(! +3! )(+! 92)&! G:#(,+! +FF%1%+(1+! ,)! :*&+#)! M2+!0)&*+! 1'00+! *1'&<&3/0+!

9:'F+&&%'((+2!1:*#3%FNC!!

! ;)! 3'3#2A! 92)&!,+!577!9:'F+&&%'((+2&!+3! *2)&!'(3!*3*! %092%H)*&!,#(&! 2#! :*F2+I%'(!+3! 2D#(#2<&+!

1'(,)%3+&!9#:!2#!$%&&%'(C!U3!9:/&!,+!VC777!,+!('&!1'(1%3'<+(&!'(3!9)!+I9:%0+:!2+):&!#33+(3+&!2':&!,D)(+!

1'(&)23#3%'(!+(!2%G(+!+3!,D)(+!+(H)W3+!(#3%'(#2+C!

X+! 1+&! #&&%&+&! (#3%'(#2+&! %(F':0+22+&A! %2! *0+:G+! )(+! &*:%+! ,+!0',/2+&! &3:)13):#(3&! #&&':3%&!

,D)(+! 2%&3+! ,+! 1Q#(3%+:&! P! ')E:%:! :#9%,+0+(3! +3! ,%FF*:+(3+&! *E'2)3%'(&! ':G#(%&#3%'((+22+&! +3!

F'(13%'((+22+&!P!+(3:+9:+(,:+!9'):!9:'Y+3+:!,*F%(%3%E+0+(3! 2+!:*&+#)!,+&!$)&*+&!,+!J:#(1+!,#(&! 2+!

--./0+!&%/12+C!!

"#!$%&&%'(!$)&*+&! ,)! --./0+! #! K*(*F%1%*! ,+! 2D#99)%! &#(&! F#%22+! ,+! 2#!X%:+13%'(! G*(*:#2+! ,+&!

9#3:%0'%(+&A!,+!&+&!&+:E%1+&!+3!,*9#:3+0+(3&C!U(!9#:3%1)2%+:! 2+!L+:E%1+!,+&!$)&*+&!,+!J:#(1+!+3! &#!

&')&S,%:+13%'(! ,+! 2#! 9'2%3%H)+! ,+&! 0)&*+&A! 2#! &')&S,%:+13%'(! ,+&! #FF#%:+&! F%(#(1%/:+&! +3! G*(*:#2+&A!

2D%(&9+13%'(!,+&!9#3:%0'%(+&!+3!2+!,*9#:3+0+(3!,+!2#!9'2%3%H)+!,+&!9)K2%1&C!!

"+!L+1:*3#:%#3!G*(*:#2!,)!0%(%&3/:+!M,'(3!2+!L+:E%1+!,+!2#!1'':,%(#3%'(!,+&!9'2%3%H)+&!1)23):+22+&!

+3!,+!2D%(('E#3%'(A!#E+1!+(!9#:3%1)2%+:!2+!,*9#:3+0+(3!,+!2D%(('E#3%'(!()0*:%H)+!+3!2+!,*9#:3+0+(3!,+!

2D+(&+%G(+0+(3!&)9*:%+):A!,+! 2#!:+1Q+:1Q+!+3!,+! 2#!3+1Q('2'G%+N!+3! 2D.(&9+13%'(!G*(*:#2+!,+&!#FF#%:+&!

1)23):+22+&!2D'(3!#%,*+!#)3#(3!H)+!,+!K+&'%(!Z!%2&!'(3!0W0+!9#:F'%&!,+E#(1*!&+&!#33+(3+&C!!

"+&!,%:+13+):&!:*G%'(#)I!,+&!#FF#%:+&!1)23):+22+&!+3!2+!:*&+#)!,+&!1'(&+%22+:&![!$)&*+&!\!+(!X:#1!

'(3!9+:0%&!2+!E*:%3#K2+!&)11/&!,+&!Q)%3!*3#9+&!3+::%3':%#2+&C!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!4!X+!F#%3A!2+!:*&+#)!2*G#2!,+&!0)&*+&!(#3%'(#)I!+3!0)&*+&!3+::%3':%#)I!#!*3*!1'(&%,*:*!1'00+!2+!1O):!,D)(!:*&+#)!*2#:G%!#)I!*3#K2%&&+0+(3&! &')&! 1'(3:]2+! &1%+(3%F%H)+! +3! 3+1Q(%H)+! ,+! 2DU3#3A! %(12)#(3! 2+&!0*0':%#)IA! 1+(3:+&! ,+! 1)23):+! &1%+(3%F%H)+!3+1Q(%H)+!+3!%(,)&3:%+22+A!+3!J:#1&C!

!"##"$%&!'#((#&)'&**"(&#"(+,(& & -$,'!(&"&1&

^'):!2+&!+(3:+3%+(&!+3!2#!1'(&)23#3%'(!1%3'<+((+A!2#!$%&&%'(!:+0+:1%+!2+!B+(3:+!,+!:+1Q+:1Q+!&):!

2+&! 2%+(&! &'1%#)I! ML*E+:%(+! X+&&#Y#(A! B+:2%&A! ^#:%&X+&1#:3+&SB_`LNA! 2+! B:*,'1! ML#(,:#! a'%K%#(A! b':G!

$c22+:! +3! BQ#:2'33+! $%22'3A! ,*9#:3+0+(3! ;&9%:#3%'(&! +3! 0',+&! ,+! E%+N! +3! B#9SB'22+13%F! MdQ%K#)3!

X+:('(1'):3A!92#3+F':0+!()0*:%H)+!,+!2#!1'(&)23#3%'(!1%3'<+((+NC!

^'00+!B:#0+:!+3!$%0')(#!=#1e2#,A!#&&%&3#(3+&!3+09':#%:+&A!'(3!#&&):*!2+!&+1:*3#:%#3!+3! 2#!

G+&3%'(!#E+1!E#%22#(1+!+3!+FF%1#1%3*C!;)!K):+#)!,+&!0%&&%'(&A!$%1Q#f2!`#e'3'(,:#%(%K+!#!9+:0%&!H)+!2+&!

:*)(%'(&!,+&!G:')9+&!+3!2+&!*3#9+&!3+::%3':%#2+&!&D':G#(%&+(3!&#(&!+(1'0K:+C!

g)+!3')&!2+&!%(3+:2'1)3+):&A!H)+!3')&!2+&!1'(3:%K)3+):&A!&'%+(3!%1%!1Q#2+):+)&+0+(3!:+0+:1%*&C!

"+!&)11/&!,+!2#!$%&&%'(!$)&*+&!,)!--./0+!&%/12+!+&3!2+!2+):C!

,23&45625738&

L<2E#%(!;0%1A!,%:+13+):!,+!2#!`*)(%'(!,+&!0)&*+&!,+!2#!0*3:'9'2+!`')+(S_':0#(,%+!!

B2#%:+!h#:K%22'(A!9:'F+&&+):!,D)(%E+:&%3*A!?(%E+:&%3*!,+!^'%3%+:&!+3!U1'2+!,)!"')E:+C!!

_#3Q#2%+!h'(,%2A!,%:+13:%1+!,)!0)&*+!,+&!h+#)IS#:3&A!$'(3:*#2A!g)*K+1A!B#(#,#!

b#0+&!h:#,K):(+A!,%:+13+):!,+!2#!^%(#1'3+1#!,%!h:+:#A!$%2#(A!.3#2%+!

L+:G+!BQ#)0%+:A!9:'F+&&+):!,D)(%E+:&%3*A!?(%E+:&%3*!,D;:3'%&!!!

h2#(,%(+!BQ#E#((+A!&')&S,%:+13:%1+!,+!2#!9'2%3%H)+!,+&!0)&*+&A!L+:E%1+!,+&!0)&*+&!,+!J:#(1+S$BB!!

;2+I%#!J#K:+A!,%:+13:%1+!,)!$)&*+!,D#:3!1'(3+09':#%(!,)!i#2S,+S$#:(+!M$#1i#2NA!i%3:<S&):SL+%(+!

h:)('!j#),%1Q'(A!,%:+13+):!,)!0)&*+!"#!^%&1%(+A!`')K#%I!!

h:)('!j%:E+#)A!,%:+13+):!,)!^#2#%&!,+&!h+#)IS#:3&!+3!,)!0)&*+!,+!2Da'&9%1+!B'03+&&+A!"%22+!!

B#3Q+:%(+!j)%22')A!,%:+13:%1+!,+&!9)K2%1&A!B_;BSB+(3:+!j+':G+&S^'09%,')!!

J:#(R'%&!a)K+:3A!,%:+13+):!,)!0)&*+!,D;H)%3#%(+A!h':,+#)I!!

j)((#:!kE#:#(A!,%:+13+):!,+!2D;&3:)9!J+#:(2+<!$)&++3A!>&2'A!_':E/G+!

J:#(R'%&!$#%:+&&+A!9:'F+&&+):!,D)(%E+:&%3*A!L':K'((+!_')E+22+!+3!U1'2+!,)!"')E:+!

B*2%(+!^+<:+A!:+&9'(&#K2+!,)!&+:E%1+!,+&!9)K2%1&A!0)&*+!J#K:+A!$'(39+22%+:!!

L<2E%+!^F2%+G+:A!0#l3:+!,+!1'(F*:+(1+&A!L':K'((+!^#:%&SX+&1#:3+&!!

b'f22+!^%Y#),%+:SB#K'3A!,%:+13:%1+!,+&!0)&*+&!,+!L3:#&K'):G!

i%(1+(3!^')&&')A!,%:+13+):!,+&!9)K2%1&!+3!,)!()0*:%H)+A!`*)(%'(!,+&!$)&*+&!_#3%'(#)ISj:#(,!^#2#%&!

L<2E%+!`#0'(,A!,%:+13:%1+!,)!0)&*+!,+&!h+#)IS#:3&A!"<'(!!

-#E%+:!`'2#(,A!,%:+13+):!,)!9]2+!0)&*#2!,+!$'(&A!h+2G%H)+!

;((+SL'2/(+!`'22#(,A!,%:+13:%1+!,+!2#!:+1Q+:1Q+!+3!,+&!1'22+13%'(&!#)!0)&*+!,)!"')E:+!!

U3!

b#1H)+2%(+!U%,+20#(A!1'(&+:E#3:%1+!G*(*:#2+!,)!9#3:%0'%(+!

!"##"$%&!'#((#&)'&**"(&#"(+,(& & -$,'!(&"&9&

)*$$+&"#!

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

&'("*-/%(&*'! 0!

"#1#"#)! 23!

/'#!&$1/,)&*'!$&'&)(#"&#,,#! 23!

/'!-&)1*)&(&4!-#!%*'%#"(+(&*'!'+(&*'+,#!+/1"#)!-#)!1"*4#))&*''#,)! 23!

5/+("#!#,#$#'()!-#!%*'(#6(#! 27!

,8&')%"&1(&*'!-#)!$/)##)!-#!4"+'%#!-+')!,#!66&#!)&#%,#!9!$*-#,#)!#$#":#'();!#<*,/(&*')!

4*'%(&*''#,,#)!#(!%=+'(&#")!+!*/<"&"! 20!

,#!$/)##!#(=&5/#!#(!%&(*>#'! 3?!

,#!$/)##!1"*(#&4*"$#! 30!

,#!$/)##!&'%,/)&4!#(!%*,,+@*"+(&4! .2!

,#!$/)##!%*$$#!#%*)>)(#$#!1"*4#))&*''#,! A3!

,&)(#!-#)!1#")*''#)!"#'%*'("##)! B.!

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

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

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

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

&'("*-/%(&*'!

"#! 1)23):+! (D+&3! (%! &%092+0+(3! Y)I3#9'&*+A! (%!

&%092+0+(3!&)9+:9'&*+!P! 2#!E%+C!U(!)(!&+(&A!+22+! &+!&)K&3%3)+! P! 2#! E%+A! +(! )(! #)3:+A! +22+! 2D)3%2%&+! +3! 2#!3:#(&F':0+! 9'):! :*#2%&+:! )(+! &<(3Q/&+! ,D)(! ':,:+!

(')E+#)C!!

MBC!"*E%SL3:#)&&A!4m85N!

"#!0%&&%'(!H)%!+&3! 2#!(]3:+A!H)%!+&3! 2#!E]3:+! 3')&! %1%A!,+E%+(3! +(1':+! 92)&! K:n2#(3+A! +(1':+! 92)&! 1:)1%#2+!T!

('(!9#&!9'):!:*9#:+:!2#!&'1%*3*!0#%&!9'):!2#!&')3+(%:!,#(&!&'(!9:'Y+3!:*9)K2%1#%(A! F#%:+!E%E:+!&+&!,*F+(&+&!

2+&! 92)&! 9:'F'(,+&A! 1+22+&! H)%! &'(3! 2+&! &+)2+&!&)&1+93%K2+&! ,+! (')&! 9:'3*G+:! P! 2'(G! 3+:0+! +3! ,+!:+(,:+!9'&&%K2+!2#!:*&%2%+(1+!,+!('3:+!&'1%*3*C!!

M;C!;o')2#<A!X%&1'):&!,+&!EO)IA!6745N!

"+! K#&1)2+0+(3! ,*F%(%3%F! ,+&!0)&*+&! F:#(R#%&! ,#(&! 2+! --.+! &%/12+! &D+&3! :*#2%&*! +(! 674p! 1'00+!)(+!

:*#13%'(! E%&1*:#2+! #)I! #33+(3#3&A! 1'00+! 2#! :*&):G+(1+! ,D)(! 9:'G:#00+! F'(,#3+):! H)%! 1'(,+(&+!

&')E+:#%(+3*!(#3%'(#2+!&):!2+&!O)E:+&!,+!1)23):+!+3!2)33+!1'(3:+!2+!E#(,#2%&0+!,+&!K#:K#:+&C!!

"+!0)&*+!,*0'1:#3%H)+!+(3:+3%+(3!#E+1!2DU3#3S(#3%'(!)(!2%+(!'K2%G*C!B+33+!%,*+!,D)(!#:3!*0#(1%9#3+):!

+3!,+!2#!(*1+&&%3*!,D)(+!*,)1#3%'(!+&3Q*3%H)+!,+&!1%3'<+(&6!9+:,):+!Y)&H)DP!('&!Y'):&!&')&!,%FF*:+(3+&!

F':0+&C!;)!--+!&%/12+A!+22+!9:+(,!&)11+&&%E+0+(3!9'):!K#((%/:+!"#!$%"&%'(!)*%'!&*%+!,#(&!2D+(3:+S,+)IS

G)+::+&A!"#!,-.*$'#&/+#&/*0!,(!"#!$%"&%'(!#)!3'):(#(3!,+&!#((*+&!87S57A!"#!,-.*$'#&/(!$%"&%'(""(!,#(&!

2+&!#((*+&!q7Sm7C!B+&!E%(G3!,+:(%/:+&!#((*+&!9:'1/,+(3!,+!1+!0W0+!9:'Y+3!,+!0+33:+!2#!1)23):+!P!2#!

9':3*+! ,+! 1Q#1)(! M9Q<&%H)+0+(3! 1'00+! %(3+22+13)+22+0+(3N! F#%&#(3! ,+&! 0)&*+&! )(! *H)%9+0+(3!

1)23):+2! 3+::%3':%#2%&*!')A! 9'):! 1+:3#%(&A! )(!*H)%9+0+(3! P! E'1#3%'(! %(3+:(#3%'(#2+C! BD+&3! 2#! E'1#3%'(!

[!(#3%'(#2+!\!H)+!2+!3+09&!,+&!#33+(3#3&!:*%(3:',)%3A!1D+&3!1+!1'(3%())0!+(3:+!2+!2'1#2A!2+!(#3%'(#2!+3!2+!

G2'K#2!H)%!+&3!:*S#FF%:0*CV!

"+!0)&*+!,D#:3!(D+&3!92)&! 2+!9#:#,%G0+!,)!0)&*+!,+9)%&! 2'(G3+09&!,*YPC!U(!:*#2%3*A! %2!(+! 2D#! Y#0#%&!

E*:%3#K2+0+(3! *3*! 9)%&H)+! ,D+0K2*+! 2+!0)&*)0! ,DQ%&3'%:+! (#3):+22+! +3! 2+! 1'(&+:E#3'%:+! ,+&! #:3! +3!

0*3%+:&!*3#%+(3!&'(!*H)%E#2+(3!,)!1]3*!,+&!&1%+(1+&!+3!,+&!3+1Q(%H)+&!+3! 2+!0)&*+!,+&!0'()0+(3&!

F:#(R#%&!,)!1]3*!,+! 2DQ%&3'%:+C!"+!,+:(%+:!H)#:3!,)!--+!&%/12+!#!1'(1:/3+0+(3!0%&!F%(!P!1+33+! %22)&%'(!

,D'93%H)+C!"+&!#((*+&!57Sm7!E'%+(3!#99#:#l3:+!)(+!(')E+22+!#:1Q%3+13):+!,+&!0)&*+&!+3!&+!0)23%92%+:!

2+&!:*Q#K%2%3#3%'(&A!0#%&!#)&&%!)(!+(:%1Q%&&+0+(3!,+&!1'22+13%'(&!+3!)(+!,%E+:&%F%1#3%'(!,+&!#:3+F#13&A!)(!

6!i'%:!+(!9#:3%1)2%+:!T!&')&!2#!,%:+13%'(!,+!XC!^')2'3A!"+!0)&*+!+3!2+!9'2%3%H)+A!B)23):+!r!$)&*+&A!(s6qA!,*1+0K:+!6748C!

V!BFC!h%K2%'G:#9Q%+!+(!F%(!,+!E'2)0+!..C!

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

#11:'%&&+0+(3! ,)! ('0K:+! ,+&! +I9'&%3%'(&! 3+09':#%:+&! +3! )(+! E#:%*3*! ,+! 3Q*0#3%H)+&A! ,+&!

9:'9'&%3%'(&!('E#3:%1+&!+(!0#3%/:+!,+!&1*('G:#9Q%+!+3!,D+I9'G:#9Q%+A!)(+!0)3#3%'(!,+&!,%&9'&%3%F&!

,D#11)+%2! +3! ,+! 0*,%#3%'(! ,+! 2#! E%&%3+A! ,+! (')E+#)I! &+:E%1+&! +3! #13%E%3*&! 1'00+:1%#2+&CCC! B+&!

3:#(&F':0#3%'(&A! 1'(&%,*:#K2+&! ,#(&! 3')&! 2+&! 1Q#09&! Z! 0)&*'G:#9Q%H)+A! *1'('0%H)+A! 1#,:+!

%(&3%3)3%'((+2!+3!%09#13!0*,%#3%H)+!ZA!&+!&'(3!3:#,)%3+&!9#:!)(+!F':3+!#,Q*&%'(!,+&!9)K2%1&C!d')&!1+&!

*2*0+(3&! '(3! 1'(3:%K)*! P! )(+! 0*3#0':9Q'&+! 0#3*:%+22+! +3! ':G#(%&#3%'((+22+! ,)! 9#<&#G+! 0)&*#2!

F:#(R#%&!H)%!+&3!#)Y'):,DQ)%!1'(&'2%,*+C!

$*3#0':9Q'&+!3#(G%K2+!,'(1A!0#%&!*G#2+0+(3!0*3#0':9Q'&+!&<0K'2%H)+!T! 2#!,%E+:&%3*!,)!9#<&#G+!

0)&*#2! 1'(1'):3! P!)(+! 1'(1+93%'(!,+! 2#!1%"&%'(! H)%!(D+&3!92)&! :+&3:+%(3+!#)I!#:3&!+3! P! 2D+&9:%3!T! 2+&!

0)&*+&! ,+! K+#)IS#:3&! +3! #:3! 0',+:(+! +3! 1'(3+09':#%(A! ,D#:3&! ,*1':#3%F&A! ,+&%G(! +3! #:1Q%3+13):+A!

,D#:1Q*'2'G%+A! 9:*Q%&3'%:+! +3! Q%&3'%:+A! ,+! &1%+(1+&A! 3+1Q(%H)+&! +3! %(,)&3:%+&A! ,D+3Q('G:#9Q%+! +3!

#(3Q:'9'2'G%+!3:#(&1:%E+(3A!+(&+0K2+A!)(+!1'(1+93%'(!#(3Q:'9'2'G%H)+!,+!2#!1)23):+C!>)E+:3!+3!92):%+2A!

2+!0)&*+! +&3! ,+E+()! )(! [!0)&*+S0'(,+!\! +3! )(+! [!o'(+! ,+! 1'(3#13&!\A! H)%! ,*2%E:+! #)! 92)&! G:#(,!

('0K:+!2+&!12*&!,D%(3+:9:*3#3%'(!,+&!*E'2)3%'(&!,+&!0',+&!,+!E%+!+3!,+!9+(&*+!P!3:#E+:&!2#!0%&+!+(!

+I9'&%3%'(!,D)(!9#3:%0'%(+!,+!3')3+!(#3):+!+3!':%G%(+C!!

^'):3#(3A! 1+33+! ,')K2+! 0*3#0':9Q'&+! (D+&3! 9#&! +(1':+! 9#:E+()+! P! :+(E+:&+:! 2+! &<&3/0+! ,+&!

:+9:*&+(3#3%'(&!&'1%#2+&!2+&!92)&!1'):#(3+&!,)!0)&*+A!H)%!,+0+):+(3!0#:H)*+&!9#:!2+!3:'9%&0+!%(%3%#2A!

('3#00+(3!9#:0%!1+)I!H)%!(D+(!9:#3%H)+(3!G)/:+!2#!E%&%3+C!!

>:A! 2#!9:'9':3%'(!,+!J:#(R#%&!E%&%3#(3! 2+&!0)&*+&!+3! 2+&!+I9'&%3%'(&!#)!0'%(&!)(+! F'%&!,#(&! 2D#((*+!

&D*2/E+!,*&':0#%&!P!ttuA!1D+&3!,%:+!H)D+22+!#!#)G0+(3*!,+!92)&!,+!47u!+(!47!#(&!+3!('3#00+(3!#)!&+%(!

,+&!1')1Q+&!0'<+((+&!+3!9'9)2#%:+&tC!B+33+!3:/&! %09':3#(3+!9:'G:+&&%'(!+&3! 2#!1'(&*H)+(1+!,D)(+!

3:#(&F':0#3%'(!,+!2#!9:'F+&&%'((#2%&#3%'(!,+!3')&!2+&!&+13+):&!,+!2D%(&3%3)3%'(!0)&*#2+C!"+!:+(')E+#)!

,+! 2D'FF:+!#! &)&1%3*!)(!,')K2+0+(3!,+! 2#! F:*H)+(3#3%'(! &):! 2+&! E%(G3!,+:(%/:+&!#((*+&C! "v#::%E*+!+(!

('0K:+!,+&! F#0%22+&A!,+&!G:')9+&!&1'2#%:+&!+3!,+&!9)K2%1&!,)!1Q#09!&'1%#2!#! :+1'09'&*! 2+&!9)K2%1&!

3:#,%3%'((+2&!,+&!0)&*+&A!G:w1+!#)!,*E+2'99+0+(3!,+!2v*,)1#3%'(!#:3%&3%H)+!+3!1)23):+22+C!"D#33:#13%E%3*!

+&3!,+E+()+!)(!+(Y+)!&3:)13):#(3!,+&!*3#K2%&&+0+(3&!H)%!&D')E:+(3!#)&&%!K%+(!#)!9)K2%1!,+!9:'I%0%3*!

H)v#)I!3'):%&3+&!F:#(R#%&!')!P!1+)I!E+()&!,+!2D*3:#(G+:C!"+&!9)K2%1&!%(,%E%,)+2&!&+!&'(3!F%,*2%&*&!G:w1+!P!

,+! (')E+22+&! G:%22+&! 3#:%F#%:+&! +3! ,+&! F':0)2+&! ,+! 1#:3+&S9#&&! %(1%3#3%E+&A! #)! :]2+! F'(,#0+(3#2! ,+&!

&'1%*3*&!,D#0%&!,+!0)&*+A!P!2D%09#13!,D)(+!9:'G:#00#3%'(!1)23):+22+!+(!1'(&3#(3!:+(')E+22+0+(3A!)(+!

9:*&+(1+!&):!%(3+:(+3!+3!)(!)&#G+!&3:#3*G%H)+!,+&!:*&+#)I!&'1%#)IC!"+&!+I9'&%3%'(&!3+09':#%:+&!F'(3!

*E*(+0+(3!+3!2#!0)&*'G:#9Q%+!0',%F%+(3!2+!:#99':3!#)I!O)E:+&C!"+&!9)K2%1&!'(3!9:%&!2DQ#K%3),+!,+!&+!

E'%:! 9:'9'&+:! )(! ,%&9'&%3%F! ,+! 0*,%#3%'(! 0)23%SF#1+33+&! M3+I3+&! #FF%1Q*&A! E%&%3+SG)%,*+&! +3! #3+2%+:&A!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!t!B+&!1Q%FF:+&!&'(3!%&&)&!,+&!,+:(%/:+&!+(H)W3+&!,)!B:*,'1!:*#2%&*+&!+(!Y)%(!6748C!>(!:+E%+(,:#!92)&!2'%(!,#(&!2+!:#99':3!&):!1+33+!#)G0+(3#3%'(!%(*,%3+!+3!&#!&%G(%F%1#3%'(C!

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

(')E+#)I!0*,%#&!&')&!3')3+&!2+):&!F':0+&N!+3!1'::+&9'(,#(3!#)I!1%:1'(&3#(1+&!+3!#)I!0',#2%3*&!,+!

2+):! E%&%3+C! ^'):! qtu!,+!('&! 1'(1%3'<+(&A! 2#! E%&%3+! ,D)(!0)&*+!')!,D)(+!+I9'&%3%'(! +&3! ,+E+()+! 2+!

&3#(,#:,!,D)(+!&':3%+!1)23):+22+C!

"+&! :+&9'(&#K%2%3*&!H)%! %(1'0K+(3!#)!0'(,+!,+&!0)&*+&!+I1/,+(3!#%(&%! 2#:G+0+(3! 2+! 1Q#09!,+! 2#!

0%&&%'(! 3:#,%3%'((+22+! ,+! 1'(&+:E#3%'(! +3! ,+! :+1Q+:1Q+C! ;)Y'):,DQ)%A! 2+! 0)&*+! +&3! )(! 9#&&+):! ,+!

0*0'%:+A!)(!9:',)13+):!,D*0'3%'(!+&3Q*3%H)+!+3!)(!0*,%#3+):!%(3+:1)23):+2C!U3!,+0#%(A!,#E#(3#G+!

+(1':+A! &#! E'1#3%'(! 92):%+22+! &+:#! ,*3+:0%(#(3+! 9'):! 1'(3:%K)+:! #)! ,%#2'G)+! +(3:+! 2+&! 1)23):+&A! P!

2D*,)1#3%'(!1%3'<+((+!+3!#)!E%E:+!+(&+0K2+C!;E+1!2+&!,:'%3&!1)23):+2&A!2#!1'09:*Q+(&%'(!,+&!%,+(3%3*&!

%(,%E%,)+22+&!+3!1'22+13%E+&A!,+!2+):!0)23%S9'2#:%3*!+3!,+!2+):!92):%S&'1%#2%&#3%'(A!,+E%+(,:#!2D'0*G#!,+!

&'(!H)'3%,%+(C!B+!1'(&3#3A!,+!('0K:+)I!9#<&!2+!F'(3!,*YP!S!9#&!&+)2+0+(3!,+&!9#<&!'11%,+(3#)I!SA!+3!

)(+!:+1'00#(,#3%'(!,+!2D?(+&1'!E%+(3!:*1+00+(3!,D*('(1+:!2+&!'K2%G#3%'(&!,+&!0)&*+&A!('3#00+(3!

+(!1+!H)%!1'(1+:(+!2D#11/&!)(%E+:&+2!P!2#!1)23):+C!!

"+! :*&+#)!,+&!0)&*+&!,+!J:#(1+!+&3!,*YP!#%0#(3*!9#:!1+3!+&9:%3C! .2! &<0K'2%&+!+(1':+!+3! 3')Y'):&! 2#!

0*0'%:+!,+&!&'1%*3*&!Q)0#%(+&A!2#!2%K+:3*!,+!1:*#3%'(A!2+!,%#2'G)+!#E+1!2+&!O)E:+&!+3!2D*,)1#3%'(!,)!

:+G#:,A!+3!,#(&!2+!0W0+!3+09&!%2!+(3+(,!:*9'(,:+!#)I!%(3+::'G#3%'(&!,+!&+&!E%&%3+):&!&):!2+!0'(,+!

1'(3+09':#%(C!.2!&+!:WE+!+(!+0K2/0+!,+!2D#11/&!,+!3')&!P!2#!1)23):+!%(1#:(#(3!2+&!E#2+):&!,vQ'&9%3#2%3*A!

,+!K%+(E+%22#(1+!+3!,+!1'(E%E%#2%3*A!+3!2#!0%I%3*!&'1%#2+C!U3!1'(F:'(3*!#)!9:'K2/0+!,+!2D+(F+:0+0+(3!

%,+(3%3#%:+A!%2!1:'%3!P!2D)(%E+:&#2%&0+!9#:!2+!K:#&&#G+!,+&!1)23):+&C!!

d')&!1+&!*2*0+(3&!H)%!F#R'((+(3!&'(! %0#G%(#%:+!,*3+:0%(+(3!*G#2+0+(3!&'(!H)'3%,%+(C!U3!1+A!#2':&!

0W0+!H)+!2+&!*E'2)3%'(&!':G#(%&#3%'((+22+&A!&3:)13):+22+&A!*1'('0%H)+&!+3!1'00)(%1#3%'((+22+&!,+&!

,+)I!,+:(%/:+&!,*1+((%+&A!'(3!F#%3!&):G%:!,D#)3:+&!':,:+&!,+!9:%':%3*C!;)&&%!K%+(A!3')3+&!2+&!1#3*G':%+&!

,+!9:'F+&&%'((+2&!H)%!1'(1'):+(3!P! 2#!E%+!,+&!*3#K2%&&+0+(3&!'(3!,n!&D+09#:+:!,+&!9:'K2*0#3%H)+&!

2%*+&!P!2#!0)3#3%'(!,+!2+):!#13%E%3*!+3!P!2+):!:+&9'(&#K%2%3*!&'1%#2+C!

BD+&3! #E+1! +)IA! H)+! 2#!$%&&%'(!$)&*+&! ,)! --.+! &%/12+! #! :*F2*1Q%! #)I! 3+(,#(1+&! *0+:G+(3+&! +3! #)I!

9'3+(3%#2%3*&!,+&!+I9*:%+(1+&!%(('E#(3+&C!!

"+&!3:'%&!9:+0%+:&!,'0#%(+&!,+!:*F2+I%'(!'(3!9':3*!&):!2#!9Q%2'&'9Q%+!,D#13%'(!,)!0)&*+!,+!,+0#%(!M2+!

0)&*+!*3Q%H)+!+3!1%3'<+(NA!&#!1#9#1%3*!P!&+!:+(')E+2+:!,#(&!&+&!0):&A!Q':&!&+&!0):&A!+3!&):!2#!3'%2+!M2+!

0)&*+!9:'3*%F':0+NA!&#!:+2#3%'(!#)I!9)K2%1&!M2+!0)&*+!%(12)&%F!+3!1'22#K':#3%FNC!"+!H)#3:%/0+!,'0#%(+!

#!*3*!1'(&%,*:*!1'00+!2#!1'(&*H)+(1+!,+&!3:'%&!9:+0%+:&A!1#:!%2!+I#0%(+!2#!3:#(&F':0#3%'(!,+&!0*3%+:&!

+3! 2+&! (')E+22+&! F':0+&! ,D':G#(%&#3%'(! P!0W0+!,+! 1'(&'2%,+:! 2#!0%&&%'(!,+! &+:E%1+! 9)K2%1! ,#(&! )(!

1'(3+I3+!*1'('0%H)+!&')&!3+(&%'(!M2+!0)&*+!1'00+!*1'&<&3/0+!9:'F+&&%'((+2NC!!

!

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

"#1#"#)!

!

g)+22+&!&'(3!2+&!#0K%3%'(&!,)!0)&*+!,+!,+0#%(!x!g)+2&!&+:'(3!2+&!,*F%&!P!:+2+E+:!x!g)+22+!&+:'(3!2+&!

2%G(+&!,+!F':1+!,+!2#!9'2%3%H)+!,+&!0)&*+&!x!g)+2&!+(!&+:'(3!2+&!+(Y+)I!x!!

g)+2H)+&!:+9/:+&!,+!1#,:#G+!E'(3!9+:0+33:+!#)!2+13+):!,D*E#2)+:!2#!(#3):+!+3!2#!9':3*+!,+&!:*9'(&+&!

#99':3*+&C!

!

?_U!.$^?"L.>_!$._.LdU`.U""U!

"+!45!0#%!6748A!;),:+<!;=>?";@A!0%(%&3:+!,+!2#!B)23):+!+3!,+!2#!B'00)(%1#3%'(A!#!,'((*!2+!1')9!

,D+(E'%!P!)(+!:*F2+I%'(!1'00)(+!P!2D+(&+0K2+!,)!:*&+#)!,+&!$)&*+&!,+!J:#(1+C!

g)+2&!0)&*+&!E')2'(&S(')&!x!g)+22+!+&3!2#!92#1+!+3!H)+2!+&3!2+!:]2+!,+&!0)&*+&!,#(&!)(+!&'1%*3*!&')&!

3+(&%'(!x!g)+2&!&+:'(3!2+&!9:%(1%9#)I!#I+&!,D':%+(3#3%'(!,D)(+!9'2%3%H)+!,+&!0)&*+&!x!

^'):!:*9'(,:+!P!1+&!H)+&3%'(&A!%2!*3#%3!,+0#(,*!P!2#!$%&&%'(!$)&*+&!,)!--./0+!&%/12+!,+!&D#99)<+:!

&):!2+&!1'09*3+(1+&!,+&!9+:&'((+2&!+3!2+&!*3#K2%&&+0+(3&!9'):!:*#2%&+:!)(!*3#3!,+&!2%+)IA!9:'9'&+:!,+&!

2%G(+&!,D#13%'(!%(('E#(3+&!+3!F':0)2+:!,+&!:+1'00#(,#3%'(&!1'(1:/3+&C!

g)#3:+!#I+&!,+!9:'&9+13%E+!'(3!*3*! :+3+()&!T! "(!.%+-(!-&2/3%(!(&!$/&*4(05! "(!.%+-(!)'*&-/6*'.(5! "(!

.%+-(!/0$"%+/6!(&!$*""#7*'#&/65!"(!.%+-(!$*..(!-$*+4+&8.(!)'*6(++/*00("!$'-#&/69!

?_!X.L^>L.d.J!XU!B>_BU`d;d.>_!_;d.>_;"U!;?^ÙL!XUL!^`>JULL.>__U"L!T!

U_i.`>_!577!Û`L>__UL!Ù_B>_dÙUL!

"#!,*0#:1Q+!,+!2#!$%&&%'(!&D+&3!E')2)+!')E+:3+A!%3*:#3%E+!+3!#G:*G#3%E+C!U22+!#!9+:0%&!2D+(12+(1Q+0+(3!

,D)(+!,<(#0%H)+!,D#,Q*&%'(!,)!:*&+#)!,+&!0)&*+&!,+!J:#(1+!P!)(+!9:'K2*0#3%H)+!,+!9:'&9+13%E+!

3+::%3':%#2+!+3!(#3%'(#2+!!

"+!1'0%3*!,+!9%2'3#G+!&D+&3!:*9#:3%!+(3:+!2+&!t!G:')9+&!,+!3:#E#%2!3Q*0#3%H)+&C!X+!0)23%92+&!:+(1'(3:+&!

#E+1! 2+&!9:'F+&&%'((+2&!+3! 2+):&!9#:3+(#%:+&!'(3!*3*!':G#(%&*+&!&')&!,%FF*:+(3+&!F':0+&!T!+(3:+3%+(&A!

#),%3%'(&! +3! 3#K2+&S:'(,+&! &+13':%+22+&A! :+(1'(3:+&! #E+1! 2+&! ':G#(%&#3%'(&! &<(,%1#2+&! +3!

9:'F+&&%'((+22+&A! 9:*&+(3#3%'(! +3! ,*K#3&! 2':&! 1'22'H)+&A! Y'):(*+&! ,D*3),+&! +3! &*0%(#%:+&A! q! *3#9+&!

3+::%3':%#2+&! ':G#(%&*+&! #E+1! 2+&! X:#1C! X%FF*:+(3+&! :+(1'(3:+&! &+! &'(3! 3+()+&! #E+1! ,+&! U2)&! T! P!

2D;&&+0K2*+!_#3%'(#2+A!#)!L*(#3A!#)!$BB!+3!2':&!,+&!*3#9+&!3+::%3':%#2+&C!

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

g?;dÙ!U"U$U_dL!XU!B>_dU-dU!

"#! $%&&%'(! $)&*+&! ,)! --.+! &%/12+! &D%(&1:%3! ,#(&! )(! 1'(3+I3+! 3:/&! 9#:3%1)2%+:! H)D%2! +&3! 9'&&%K2+! ,+!

9#:#0*3:+:!&')&!,%FF*:+(3&!#(G2+&C!"+&!,+)I!9:+0%+:&!&'(3!,D':,:+!+I'G/(+!T!2#!&)%3+!,+&!#33+(3#3&!,+!

674p!+3!2#!9:*9#:#3%'(!9)%&!2+!E'3+!,+!2#!2'%!:+2#3%E+!P!2#!"%K+:3*!,+!2#!1:*#3%'(A!P!2D#:1Q%3+13):+!+3!#)!

9#3:%0'%(+!+(!6748!,D)(+!9#:3!y!)(+!:*F':0+!3+::%3':%#2+!'z!2#!1'09*3+(1+!1)23):+!,+&!1'22+13%E%3*&!+&3!

:+9+(&*+A! ,D#)3:+! 9#:3C! "+&! ,+)I! &)%E#(3&! &'(3! 12#%:+0+(3! ,+! (#3):+! +(,'G/(+!T! ,D)(! 1]3*A! 2+&!

1'(&*H)+(1+&!('(!+(3%/:+0+(3!3%:*+&!,+!3:'%&!:#99':3&!9#:)&!+(!6744!'z!2D%(&3%3)3%'(!0)&*#2+!#99#:#l3!

1'00+!)(!0#:H)+):!,+&!,<(#0%H)+&!P!2DO)E:+!,#(&!2+!1Q#09!,+&!%(&3%3)3%'(&!1)23):+22+&!,+9)%&!2+!

,*K)3! ,+&! #((*+&! q7!y! ,D)(! #)3:+! 1]3*A! )(+! 3:/&! F':3+! Q#)&&+! ,+! 2#! F:*H)+(3#3%'(! ,+&! 0)&*+&! +3!

+I9'&%3%'(&!,+9)%&!p!#(&C!;!,%FF*:+(3&!*G#:,&A!'(!(D')K2%+:#!9#&!,+!&%G(#2+:!2+!:]2+!#33+(3%F!E'%:+!%(1%3#3%F!

,+&!':G#(%&#3%'(&!:+9:*&+(3#3%E+&!,+&!9+:&'((+2&!,)!$%(%&3/:+pC!!

";!">.!X?!5!b?.""Ud!6748!Ù";d.iU!;!";!".hU`dU!XU!";!BÙ;d.>_A!;!"v;`Ba.dUBd?Ù!

Ud!;?!^;d`.$>._U!T!"UL!i;"U?`L!X?!$._.LdUÙ!XU!";!B?"d?Ù!Ù;JJ.`$UUL!

"#!2'%!$)&*+&!,+!J:#(1+!,+!6776!+&3!2#!:#3%F%1#3%'(!,+!2#!0)3#3%'(!,+&!0)&*+&!,#(&!2+&!3:+(3+!,+:(%/:+&!

#((*+&!,)!--+!&%/12+C!!U3!1D+&3!2D#((*+!674p!+3!&+&!3+::%K2+&!#33+(3#3&!H)%!0#:H)+!2D+(3:*+!,+&!0)&*+&!

,#(&!2+!--.+!&%/12+C!

"D+I9'&*!,+&!0'3%F&!,+!2#!"'%!,)!5!Y)%22+3!6748!:+2#3%E+!P!2#!2%K+:3*!,+!2#!1:*#3%'(A!P!2v#:1Q%3+13):+!+3!#)!

9#3:%0'%(+!+(!+&3!2#!9#:F#%3+!%22)&3:#3%'(!T!+22+!3:#,)%3!2D):G+(1+!P!:+9+(&+:!2#!1)23):+!+3!&+&!%(&3%3)3%'(&A!

('(!9#&!&%092+0+(3!,#(&!)(!&%/12+!H)%!&+:#%3!1+2)%!,)!()0*:%H)+!+3!,+!2D*1'('0%H)+A!0#%&!'z!,+E:#%3!

,D#K':,!W3:+!:*#FF%:0*!)(!&<&3/0+!,+!E#2+):&!:+(')#(3!#E+1!2#!3:#,%3%'(!,+&!")0%/:+&A!2D+&9:%3!,+!2#!

`*&%&3#(1+!1'(3:+!2#!K#:K#:%+!+3!2+&!9:%(1%9+&!F'(,#3+):&!,)!$%(%&3/:+!,+!2#!B)23):+C!!

U(!E'%1%!H)+2H)+&!+I3:#%3&!&%G(%F%1#3%F&!T!

[!"#!1)23):+!F#%3!2#!:%1Q+&&+!,+!2#!J:#(1+!+3!1'(&3%3)+!2+!1:+)&+3!,+!2v%,+(3%3*!:*9)K2%1#%(+C!U22+!

:+(,!9'&&%K2+!2v*0#(1%9#3%'(!%(,%E%,)+22+!+3!2#!1%3'<+((+3*C!J#13+):!,+!1'Q*&%'(!&'1%#2+A!,+!

3:#(&0%&&%'(A!,+!9#:3#G+!+3!,v%(('E#3%'(A!2#!1)23):+!1'(3:%K)+!#)!9:'Y+3!,+!('3:+!`*9)K2%H)+!

+(!:+(,#(3!2+&!J:#(R#%&!92)&!2%K:+&A!92)&!*G#)IA!92)&!F:#3+:(+2&C!;2':&!H)+!('3:+!9#<&!+3!('3:+!

1'(3%(+(3!3:#E+:&+(3!)(+!1:%&+!,+!&+(&A!(')&!#E'(&!92)&!H)+!Y#0#%&!K+&'%(!,+!:*#FF%:0+:!('3:+!

#33#1Q+0+(3!P!2#!9:*&+:E#3%'(!,)!9#3:%0'%(+!1'00+!#)!&')3%+(!#)I!#:3%&3+&C!M{N!

"+! ,*E+2'99+0+(3! ,+&! 9'2%3%H)+&! 9)K2%H)+&! ,+! &')3%+(! P! 2#! 1:*#3%'(! +3! ,+! 9:'3+13%'(! ,)!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!p!i'%:!('3#00+(3A!2+!3+I3+!,+!2#!Bjd|!B?"d?Ù5!:!^'):!,+&!#&&%&+&!,+&!0)&*+&!\A!,*1+0K:+!674pA!V!9!+(!#((+I+!,)!:#99':3C!

!

!"##"$%&!'#((#&)'&**"(&#"(+,(& & -$,'!(&"&.1&

9#3:%0'%(+! #! 9)%&*! &#! F':1+! ,#(&! 2v%,*#2! ,v)(! ,:'%3! P! 2#! 1)23):+! 9'):! 3')&! %&&)! ,)! B'(&+%2!

(#3%'(#2!,+!2#!`*&%&3#(1+!+3!#FF%:0*!,#(&!2+!9:*#0K)2+!,+!2#!B'(&3%3)3%'(!,)!65!'13'K:+!4mt8C!

B+&! 9'2%3%H)+&! '(3! 9)! 3:')E+:! )(! &')3%+(! ,#(&! 2+! ,*E+2'99+0+(3! ,)! ,:'%3! ,+! 2v?(%'(!

+):'9*+((+!M{N!}'z!+22+&!1'(3:%K)+(3~!P!2v*9#(')%&&+0+(3!,+&!1)23):+&!,+&!U3#3&!0+0K:+&C!!

U(!#99:')E#(3! 2#!X*12#:#3%'(!)(%E+:&+22+! &):! 2#!,%E+:&%3*! 1)23):+22+!,+!6774A!+(! :#3%F%#(3! 2#!

1'(E+(3%'(! ,+! 2v?(+&1'! &):! 2#! 9:'3+13%'(! +3! 2#! 9:'0'3%'(! ,+! 2#! ,%E+:&%3*! ,+&! +I9:+&&%'(&!

1)23):+22+&!,+!677pA!2#!J:#(1+!&v+&3!*G#2+0+(3!%(&1:%3+!,#(&!2+!0')E+0+(3!,+!:+1'((#%&&#(1+!

,+!2#!,%E+:&%3*!1)23):+22+!+3!,+&!F':0+&!,+!2#!1:*#3%'(!#:3%&3%H)+C!M{N!

"v#0K%3%'(! ,)! j')E+:(+0+(3! +&3! ,'(1! ,+! 1'(F':3+:! 2+! &+:E%1+! 9)K2%1! ,+! 2#! 1)23):+A! &#(&!

1:#%(,:+!,+!:+9+(&+:!+3!,+!:+F'(,+:!2v%(3+:E+(3%'(!9)K2%H)+!,#(&!)(!&+13+):!H)%!1'((#l3!)(!

+&&':!+3!,+&!K')2+E+:&+0+(3&!9+:0#(+(3&!\C!

!

BD+&3!,'(1!,D#K':,!2#!,*F+(&+!,+&!E#2+):&!,+!2#!`*9)K2%H)+!H)%!+&3!+(!Y+)C!B+22+&!H)+!2+!3+::':%&0+!#!

3+(3*!,+!Y+3+:!P!K#&!2+!5!Y#(E%+:!674p!9)%&!2+!4V!('E+0K:+!674pA!0+33#(3!P!2D*9:+)E+!2#!9'2%3%H)+!,+!2#!

1)23):+!Z! &+&! 9:%(1%9+&A! &+&! F%(#2%3*&! ,+9)%&! 92)&! ,D)(! ,+0%S&%/12+C! "#!0'K%2%&#3%'(! G*(*:#2+! ,)! 44!

Y#(E%+:!#!9#:)!,*0'(3:+:A!9#:3')3!&):!2+!3+::%3'%:+!,+!2#!`*9)K2%H)+A!2#!F':1+!,)!2%+(!&'1%#2!,+!1)23):+!

1Q+o!('&!1'(1%3'<+(&A!1D+&3SPS,%:+!1+33+!0*0'%:+!1)23):+22+!1'00)(+8!H)%!F#%3!2D)(%3*!,+!2#!_#3%'(C!U(!

:*#2%3*A! 2+&! 1'(3:'E+:&+&!H)%! &+! &'(3!,*E+2'99*+&!+(!0W0+! 3+09&! &):! 2+&! :#%&'(&!+3! 2+&! 1#)&+&!,+&!

9:+0%+:&!#33+(3#3&!'(3!9)!F#%:+!,')3+:!,+!1+33+!1'Q*&%'(C!$#%&!,%I!0'%&!92)&!3#:,A!#E+1!2#!&+1'(,+!&#2E+!

1D+&3!K%+(!2D+(&+0K2+!,+!2#!9'9)2#3%'(!F:#(R#%&+!H)%!+&3!*K:#(2*+C5!

X+!1+33+!&%,*:#3%'(!1'22+13%E+A!2+&!&+:E%1+&!,)!$%(%&3/:+!'(3!,*YP!3%:*!,+&!2+R'(&!9'):!:+(F':1+:!92)&%+):&!

,'0#%(+&!,D#13%'(!+(!0#3%/:+!,+!9'2%3%H)+!,+&!9)K2%1&!E%&#(3!+(!9#:3%1)2%+:!2#!2)33+!1'(3:+!2D+I12)&%'(A!

2#!9:'0'3%'(!,+&!E#2+):&!,+!2#!2#�1%3*!+3!2#!F#K:%1#3%'(!,+!2#!1%3'<+((+3*!1)23):+22+C!!

"+&! 3:#E#)I! ,+! 2#! $%&&%'(! $)&*+&! ,)! --.+! &%/12+! E%&+(3! P! 2+):! ,'((+:! )(+! 9':3*+! &3:)13):#(3+C!

"D%(&3%3)3%'(!0)&*#2+!,'%3!+(1':+!0%+)I!%(1#:(+:!)(!:#99':3!3:#(&F':0*!P!2#!1)23):+A!H)%!+&3!+(!0W0+!

3+09&! )(+! 0',#2%3*! :+(')E+2*+! ,)! &'1%#2C! X#(&! )(+! &'1%*3*! 3%:#%22*+! +(3:+! 2D%(,%E%,)#2%&0+! +3! 2+!

1'00)(#)3#:%&0+A! 2+! 2%+)! ,)! 0)&*+! +&3! )(! +I1+22+(3! 'K&+:E#3'%:+! ,+! 1+&! %,+(3%3*&! F2)%,+&! +3!

0)23%,%0+(&%'((+22+&!H)%!1#:#13*:%&+(3!('&!1'(1%3'<+(&C!"D*E+(3#%2!,+!2+):&!9:#3%H)+&!,+!E%&%3+!#33+&3+!

H)D%2&!&'(3!+(!H)W3+!,+!2+):&!,%E+:&+&!#99#:3+(#(1+&!+3!&D%(3+::'G+(3!1'(&3#00+(3!&):! 2#!(#3):+!,+!

2+):!:+2#3%'(!P!2D#)3:+C!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!8![!;#!.-.*/'(! $%"&%'(""(!(+&!.-.*/'(!,(!3%(+&/*0+5!,(!)'*7"8.(+5!,(! &28.(+5!,(! +$28.(+5!,(! +(0+! $2('$2-+5!*%!,(! +(0+!&'*%<-+!\C!M_#0+:A!4mqmNC!5!B'00+!+(!3*0'%G(+(3!2+&!+(H)W3+&!,)!B:*,'1!M674p!+3!6748A!&')&!2#!1'(,)%3+!,+!LC!a'%K%#(N!,#(&!2+!1#,:+!,)!9:'G:#00+!,+!:+1Q+:1Q+!3:#(&,%&1%92%(#%:+![!4V|!44\!,)!B_`L!+3!,+!2D.(&+:0!&')&!2#!,%:+13%'(!,+!XC!^+&1Q#(&e%!+3!JC!U)&3#1Q+C!

!"##"$%&!'#((#&)'&**"(&#"(+,(& & -$,'!(&"&.9&

X#(&!2+!0W0+!3+09&A!&%!2+!0)&*+!,'%3!,+E+(%:!:*+22+0+(3!)(!,%&9'&%3%F!,+!0*,%#3%'(A!#)!&+(&!,D)(+!

3:#(&#13%'(!:*F2+I%E+!+(3:+! 2#!&'1%*3*!,+&! %(,%E%,)&!+3! 2+&!O)E:+&!,+! 2#!1)23):+!)(%E+:&+22+A! %2! 2)%! F#)3!

[!')E:%:!,+&!F+(W3:+&!+3!1'(&3:)%:+!,+&!9'(3&!\!+(!,%:+13%'(!,+!3')3+&!2+&!1'09'&#(3+&!,+!2#!&'1%*3*!

F:#(R#%&+C!.2!(D+&3!92)&!9'&&%K2+!,D*2),+:!2+!F#%3!H)+!1+:3#%(&!,+!('&!1'09#3:%'3+&!(+!&+!:+1'((#%&&+(3!(%!

,#(&! 2+&! 1'22+13%'(&! (%! ,#(&! 2+&! ,%&1'):&! H)D'(! 2+):! F#%3! +I9:%0+:A! H)+! &'):,+! 2D%,*+! H)D%2! F#),:#%3!

[!,*1'2'(%&+:!\!2+&!0)&*+&!+3!2+&!+I9'&%3%'(&A!H)+!&+!,*E+2'99+(3!,+&!1'(1)::+(1+&!,D%(3+:9:*3#3%'(C!

"+!0)&*+!,)!--./0+!&%/12+!,'%3!3:')E+:!,+&!9'%(3&!,+!,%#2'G)+A!,D+I9:+&&%'(!P!92)&%+):&!E'%IC!!

";!`UJ>`$U!dU``.d>`.;"U!

^:'0)2G)*+!2+!5!#'n3!674pA!2#!2'%!9':3#(3!&):!2#!_')E+22+!>:G#(%&#3%'(!d+::%3':%#2+!,+!2#!`*9)K2%H)+!

M_>d`+N! 1'(F%+! ,+! (')E+22+&! 1'09*3+(1+&! #)I! :*G%'(&! +3! :+,*F%(%3! 12#%:+0+(3! 2+&! 1'09*3+(1+&!

#33:%K)*+&!P!1Q#H)+!1'22+13%E%3*!3+::%3':%#2+C!;E+1!1+!3:'%&%/0+!E'2+3!,+!2#!:*F':0+!,+&!3+::%3'%:+&A!#9:/&!

2#!2'%!,+!0',+:(%&#3%'(!,+!2v#13%'(!9)K2%H)+!3+::%3':%#2+!+3!,v#FF%:0#3%'(!,+&!0*3:'9'2+&!+3!2#!2'%!:+2#3%E+!

P! 2#! ,*2%0%3#3%'(! ,+&! :*G%'(&A! 2#! 1)23):+! F#%3! 2D'KY+3! ,D)(+! 1'09*3+(1+! 9#:3#G*+! +(3:+! 2DU3#3! +3! 2+&!

1'22+13%E%3*&! +3! ,D)(+! :+&9'(&#K%2%3*! 9#:3#G*+! H)%! %092%H)+! +(! 9#:3%1)2%+:! 2D#&&'1%#3%'(! ,+! 92)&%+):&!

1'(3:%K)3+):&!9)K2%1&!#)I!9:'Y+3&!1)23):+2&C!!

"#!"'%!_>d`+!2#%&&+!#)I!1'22+13%E%3*&!2#!,*1%&%'(!,+!&D+(G#G+:!,#(&!)(+!9'2%3%H)+!1)23):+22+!+3!:+1'((#l3!

2+&!,:'%3&!1)23):+2&C!B+9+(,#(3A!+22+!(+!F#%3!9#&!,+!2D#11/&!,+!3')&!P! 2#!1)23):+!)(+!'K2%G#3%'(!2*G#2+C!

;%(&%! [! 2#! :+&9'(&#K%2%3*! +(! 0#3%/:+! 1)23):+22+! +&3! +I+:1*+! 1'(Y'%(3+0+(3! 9#:! 2+&! 1'22+13%E%3*&!

3+::%3':%#2+&!+3!2DU3#3!,#(&!2+!:+&9+13!,+&!,:'%3&!1)23):+2&!*('(1*&!9#:!2#!1'(E+(3%'(!&):!2#!9:'3+13%'(!+3!

2#!9:'0'3%'(!,+!2#!,%E+:&%3*!,+&!+I9:+&&%'(&!1)23):+22+&!,)!67!'13'K:+!677p!\C!

X#(&!1+!(')E+#)!1#,:+A!2+&!*2)&!:+(1'(3:*&!9#:!2#!$%&&%'(!2':&!,+&!,%FF*:+(3+&!3#K2+&S:'(,+&!+3!*3#9+&!

3+::%3':%#2+&!&+!&'(3!0'(3:*&!&')1%+)I!,+!2#!9:+&&%'(!1:'%&&#(3+!&):!2+&!F%(#(1+&!2'1#2+&!+3!'(3!%(&%&3*!

&):!)(+!*E'2)3%'(!,+&!#33+(3+&!,+!2#!9#:3!,+&!1'22+13%E%3*&!H)D%2!&D#G%&&+!,)!:]2+!&'1%*3#2!,)!0)&*+A!,+!

2D*E'2)3%'(!,+! &+&!0*3%+:&A! ,)!,*E+2'99+0+(3! 3'):%&3%H)+A!,+! 2D#11)+%2! ,+&!9)K2%1&!,+!9:'I%0%3*!')!

2D*,)1#3%'(! #:3%&3%H)+! +3! 1)23):+22+!qC! L+2'(! +)IA! 2+!0)&*+! ,'%3! 3+:0%(+:! &#!0)3#3%'(! +3! ,+E+(%:! )(!

E*:%3#K2+!9%2%+:!,+!2#!E%+!1)23):+22+C!!

X#(&! 1+33+!9+:&9+13%E+A! 2#!$%&&%'(!$)&*+&!,)!--.+! &%/12+! #99#:#%3! 1'00+! 2+!9'%(3!,+!,*9#:3!,D)(!

(')E+#)!1Q#(3%+:A!E'%:+!,D)(!1Q#09!,D+I9*:%0+(3#3%'(!&'1%#2+C!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!q!i'%:! +(! F%(! ,+! E'2)0+! 2#! 2%&3+! ,+&! *2)&! :+(1'(3:*&C! "+! 1'(3+()! ,+&! *1Q#(G+&! #! *3*! %(3*G:*! ,#(&! 2+! 3:#E#%2! ,+&! G:')9+&!3Q*0#3%H)+&C!

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

"UL!V!`;^^>`dL!^;`?L!U_!6744!

?(+!9+3%3+!,%o#%(+!,D#((*+&!#9:/&!2#!"'%!$)&*+&mA!3:'%&!:#99':3&!9#:#%&&+(3!+(!6744!T!;(!;/<'(!7"#0$!,(+!

=%+-(+!,(!>'#0$(!?!-&#&!,(+!"/(%@!(&!)'*)*+/&/*0+!9)K2%*!9#:!2D;&&'1%#3%'(!G*(*:#2+!,+&!1'(&+:E#3+):&!

,+&!1'22+13%'(&!9)K2%H)+&!,+!J:#(1+!y!;(+!.%+-(+!0#&/*0#%@!#)'8+!%0(!,-$(00/(!,(!&'#0+6*'.#&/*0+A!

:*,%G*!9#:! 2#!B'):!,+&! 1'093+&!y! 1%"&%'(! A!.-,/#+! BCDC! :#99':3!,+! 9:'&9+13%E+! :*#2%&*! &')&! 2#!

,%:+13%'(!,)!L+1:*3#:%#3!j*(*:#2!,)!$%(%&3/:+!,+!2#!1)23):+!+3!,+!2#!1'00)(%1#3%'(C!!

BQ#1)(!,+!1+&!:#99':3&!,*E%,+!P!&#!0#(%/:+!2+&!1'(&*H)+(1+&!,+!2#!2'%!,+!6776!+3!,%&9'&+!,+&!*2*0+(3&!

,+!:*':%+(3#3%'(!9'):!2#!')!2+&!,*1+((%+&!&)%E#(3+&C!!

"+!!:#99':3!9:',)%3!9#:!2D;&&'1%#3%'(!G*(*:#2+!,+&!1'(&+:E#3+):&!%(&1:%3!2+!0)&*+![!E!"F/0&('+($&/*0!,(!

)"%+/(%'+!%0/<('+!?!+*$/-&#"5!-,%$#&/65!+$/(0&/6/3%(!.#/+!#%++/!-$*0*./3%(!\!+3!&D%(H)%/3+!,+!2D#E+(%:!,)!

&+:E%1+!9)K2%1!+3!,)!&':3!,+&!1'(&+:E#3+):&!y!1+2)%!,+!2#!B'):!,+&!1'093+&!*E#2)+!2D%09#13!,+!2#!:*F':0+!

&3:)13):+22+!,+&!0)&*+&!(#3%'(#)I!H)%!#):#%3!+)!9'):!1'(&*H)+(1+!)(![!)/"*&#G(!0#&/*0#"!#66#/7"/!\!y!

1+2)%! 1'00#(,*!9#:! 2+!L+1:*3#:%#3!j*(*:#2!,)!$BB!&+! 2%E:+!P!)(+!#(#2<&+!9:'&9+13%E+!,+!9'2%3%H)+!

1)23):+22+! P! 2DQ':%o'(! 67V7! H)D%2! ,*12%(+! P! 3:#E+:&! H)#3:+! &1*(#:%'&! 'z! 2+!0)&*+! +&3! 92)&! ')!0'%(&!

9:*&+(3!+3!+0K2*0#3%H)+47C!!

X#(&!1Q#H)+!'9)&A!2+!0)&*+!#99#:#l3!1'00+!)(!0#:H)+):!,+&!,<(#0%H)+&!P!2DO)E:+!,#(&!2+!1Q#09!

,+&!%(&3%3)3%'(&!1)23):+22+&!,+9)%&!2+!,*K)3!,+&!#((*+&!q7!Z!H)+!1+!&'%3!+(!0#3%/:+!,+!1'S9#:3+(#:%#3!

+(3:+! 2DU3#3!+3! 2+&!1'22+13%E%3*! 3+::%3':%#2+&44A!,D*1'('0%+!,+&!*H)%9+0+(3&!+3!,)!,*E+2'99+0+(3!,+!

2+):&!:+&&'):1+&!9:'9:+&A!,+!G+&3%'(!&1%+(3%F%H)+!+3!#,0%(%&3:#3%E+!,+&!1'22+13%'(&A!,+!3:#(&F':0#3%'(&!

,+&!0*3%+:&! +3! ,+&! 1'(1)::+(1+&! ,+! 1'09*3+(1+&A! ,+! 2D%::)93%'(! ,)! ()0*:%H)+! ,#(&! 2+&! 9:#3%H)+&!

1)23):+22+&! +3! ,#(&! 2+! F'(13%'((+0+(3! ,+&! %(&3%3)3%'(&A! ,+&! :*)&&%3+&! ')! ,+&! *1Q+1&! ,+! 2#!

,*0'1:#3%&#3%'(!1)23):+22+!+3!,+!2#!0'(3*+!,+&!9:'K2*0#3%H)+&!%,+(3%3#%:+&C!!

"+&! 9:*1'(%&#3%'(&! H)%! &D+(&)%E+(3! 9:'9'&+(3! 3')3! #)3#(3! )(! 3'%2+33#G+! ,+! 2#! "'%! ,+! 6776A! H)D)(+!

:*E%&%'(!,)!9:%(1%9+!,D#)3'('0%+!,+&!*3#K2%&&+0+(3&!9)K2%1&46A!')!H)D)(+!1'(&'2%,#3%'(!,+!2#!F'(13%'(!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!m!"#!"'%!(s!6776|!p!,)!t!Y#(E%+:!6776!:+2#3%E+!#)I!0)&*+&!,+!J:#(1+!%(&3%3)+!2D#99+22#3%'(![!$)&*+&!,+!J:#(1+!\!+3!:*9'(,!P!H)#3:+!G:#(,&!'KY+13%F&!T!%2!:+,*F%(%3!2+!:]2+!+3!2#!9'&%3%'(!,)!0)&*+!F#1+!#)I!#33+(3+&!,+!2#!&'1%*3*A!+(!3#(3!H)v#13+):!#)!&+:E%1+!,)!,*E+2'99+0+(3!+3!,+!2#!,*0'1:#3%&#3%'(!1)23):+2&!M{N!y!%2!Q#:0'(%&+!2+!&3#3)3!,+&!0)&*+&!:+1'(()&!9#:!2vU3#3!+3!F*,/:+A!,#(&!2+!:+&9+13!,+!2+):&!&9*1%F%1%3*&A!2+&!,%FF*:+(3&!0)&*+&!,+!J:#(1+!M{N!y!%2!#0*2%':+!2#!9:'3+13%'(!,+&!1'22+13%'(&C!"+!3+I3+!#FF%:0+!2v%(#2%*(#K%2%3*!,+&!1'22+13%'(&!,#(&!2+!:+&9+13!,)!9:%(1%9+!,+!2#!,'0#(%#2%3*!9)K2%H)+!M{N!y!%2!%(3/G:+!+3!#99:'F'(,%3!2#!2'G%H)+!,+!,*1+(3:#2%&#3%'(!M{NC!"#!9:*&+(1+A!#)!&+%(!,)!a#)3!B'(&+%2!,+&!$)&*+&!,+!J:#(1+A!,+!:+9:*&+(3#(3&!,+&!1'22+13%E%3*&!3+::%3':%#2+&A!+&3!2#!G#:#(3%+!,v)(!,*K#3!,*0'1:#3%H)+!+(3:+!2vU3#3!+3!&+&!9#:3+(#%:+&!+(!0#3%/:+!,+!0)&*+&C !47!B)23):+!r!0*,%#!67V7A!9:'&9+13%E+!,+!9'2%3%H)+&!1)23):+22+&A!#!*3*!9:'2'(G*!,D)(!3:#E#%2![!92)&!&3:#3*G%H)+!\!P! 2DQ':%o'(!

6767A!9#:)!+(!6746!&')&!2D%(3%3)2*!T!B)23):+!r!0*,%#&!6767A!&3:#3*G%+!,+!9'2%3%H)+!1)23):+22+C!!44!"D;jBB^J!&)GG/:+!H)+!2#!2'%|!0)&*+!&'%3!:+E%&%3*+!+3!H)+!2DU3#3!9'):&)%E+!&'(!&')3%+(!F%(#(1%+:!+(!F#E+):!,+&!1'22+13%E%3*&!

+(!#&&):#(3!)(!:]2+!,+!9*:*H)#3%'(!9'):!*E%3+:!H)+!(+!&+!9:',)%&+!)(+!F:#13):+!#)!&+%(!,+&!0)&*+&!,+!J:#(1+C!46!"+&!6V!:+1'00#(,#3%'(&!'9*:#3%'((+22+&!F':0)2*+&!9#:!2#!B'):!E%&+(3!P!3:#,)%:+!2+&!3:'%&!G:#(,+&!':%+(3#3%'(&!&3:#3*G%H)+&!

&)GG*:*+&!9#:! 2+! :#99':3!9'):! 2#!9:'1Q#%(+!,*1+((%+! T! 4N! #0*2%':+:! 2D+FF%1%+(1+!,+&!0)&*+&!9'):!#(3%1%9+:!+3!9:*9#:+:! 2#!0',*:#3%'(!,)!&')3%+(!,%:+13!,+!2DU3#3!y!6N!:**H)%2%K:+:!2#!9'2%3%H)+!(#3%'(#2+!+(!F#E+):!,+&!:*G%'(&!+3!%(1%3+:!2+&!0)&*+&!P!

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

9#:#,%G0#3%H)+! ,+&! 0)&*+&! 0W0+! &D%2! +&3! +(3+(,)! H)+! 2+&! :+&9'(&#K%2%3*&! H)%! 2+):! %(1'0K+(3!

+I1/,+(3!2+!1Q#09!,+!2#!0%&&%'(!3:#,%3%'((+22+!,+!1'(&+:E#3%'(!+3!,+!:+1Q+:1Q+C!

>(! E+::#! H)+! 2+&! 3:#E#)I! ,+! 2#! $%&&%'(! $)&*+&! ,)! --.+! &%/12+! :+1')9+(3! 1+:3#%(&! E'2+3&! ,+! 1+&!

:#99':3&4VA!9#:F'%&!2+&!1'092/3+(3A!9#:F'%&!2+&!,%&1)3+(3C!BD+&3!H)D%2&!&D%(&1:%E+(3!,#(&!)(!#)3:+!1'(3+I3+A!

'(3!)(+!#)3:+!E'1#3%'(!+3!9:'1/,+(3!,D)(+!#)3:+!0*3Q','2'G%+C!

;%(&%A! 2+&! 3:#E#)I! ,+! 2#! $%&&%'(! (D*2),+(3! 9#&! 2+! ,%&1'):&! &):! 2D#)3'F%(#(1+0+(3! +3! 2+! 0*1*(#3A! 2#!

:+1'09'&%3%'(!,+&!':G#(%G:#00+&!,+&!0)&*+&!+3! 2D*1'('0%+!,+&! 1'09*3+(1+&A! 2#!9:*G(#(1+!,+! 2#!

3:#(&%3%'(!()0*:%H)+!,#(&!2#!:+1'(F%G):#3%'(!,+!2D+&9#1+!1)23):+2A!0#%&!9#:3+(3!,D#K':,!,)!1'(&3#3!,D)(!

,*1#2#G+!,+!2D%(&3%3)3%'(!0)&*#2+!#E+1!,+&!+(Y+)I!1'(3+09':#%(&!,D)(+!3')3+!#)3:+!(#3):+C!

"UL!J`;_�;.L!Ud!"UL!$?LUUL!!

B+&!,%I!,+:(%/:+&!#((*+&A!2+!&)%E%!,+!2#!F:*H)+(3#3%'(!:*#2%&*!9#:!2+&!&+:E%1+&!,+!2#!X%:+13%'(!G*(*:#2+!

,+&! 9#3:%0'%(+&! ,)! 0%(%&3/:+! ,+! 2#! B)23):+! +3! ,+! 2#! B'00)(%1#3%'(! 0'(3:+(3! H)D+I9'&%3%'(&A!

1'22+13%'(&! +3! 0)&*+&! (#3%'(#)I! +3! 3+::%3':%#)I! :+2+E#(3! ,)! :*&+#)! ,+&! $)&*+&! ,+! J:#(1+! +3! ,+&!

*3#K2%&&+0+(3&!H)%!2)%!&'(3!1'((+I+&A!'(3!:+R)!+(3:+!8p!+3!57!0%22%'(&!,+!E%&%3+&!9#:!#(C!^#:!:#99':3!P!

674tA!2+!(%E+#)!,+!1+33+!F:*H)+(3#3%'(!+(!6748!+&3!+(!1Q)3+!,D)(!9+)!0'%(&!,+!47uC!X%FF*:+(3&!F#13+):&!

2D+I92%H)+(3!T!:+3'0K*+&!,+&!#33+(3#3&!,+!674p!M^#:%&N!+3!6748!M_%1+N!&):!2#!F:*H)+(3#3%'(!3'):%&3%H)+A!

F+:0+3):+&!3+09':#%:+&!,)+&!P!2#!1:)+!,+!2#!L+%(+A!,%0%()3%'(!,+&!&':3%+&!&1'2#%:+&!+(!:+2#3%'(!#E+1!2#!

:*F':0+!,+&!:<3Q0+&!&1'2#%:+&!#)&&%!K%+(!H)+!,+&!0+&):+&!,+!&*1):%3*!9'&3S#33+(3#3&4tC!!

a#K%3)+22+0+(3A!+(!0'<+((+!P!2D*1Q+22+!,)!3+::%3'%:+A!2+!3%+:&!,+&!E%&%3+&!,#(&!2+&!0)&*+&!+3!+I9'&%3%'(&!

+&3!,n!#)I! 3'):%&3+&!*3:#(G+:&!+3! 2+&!,+)I!#)3:+&! 3%+:&!#)I!J:#(R#%&C!B+&!,+)I!,+:(%/:+&!#((*+&A!+(!

:+G#:,!,+!2#!K#%&&+!,+!2#!F:*H)+(3#3%'(!%(3+:(#3%'(#2+A!2+&!J:#(R#%&!(+!&+!&'(3!9#&!,*3'):(*&!,+&!G:#(,&!

*3#K2%&&+0+(3&!+3A!,+!92)&A!%2&!&+!&'(3!:+(,)&!,#(&!2+&!0)&*+&!P!9:'I%0%3*!,+!1Q+o!+)IC!!

X+!3+22+!&':3+!H)D+(!6748A!ttu!,+&!J:#(R#%&!'(3!E%&%3*!)(!0)&*+!')!)(+!+I9'&%3%'(A!#)!0'%(&!)(+!F'%&!

,#(&!2D#((*+C!BD+&3!mu!,+!92)&!H)D%2!<!#!p!#(&C!BD+&3!#%(&%!H)+!2#!E%&%3+!,D)(!0)&*+!#99#:#l3!1'00+!2#!

&':3%+!1)23):+22+!9#:!+I1+22+(1+!9'):!qtu!,+&!J:#(R#%&C!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!,*E+2'99+:!2+):&!#13%'(&!3+::%3':%#2+&!y!VN!:+,*92'<+:!2+&!0'<+(&!1'(&#1:*&!P!2#![!9'2%3%H)+!,+!2D'FF:+!\!9'):!,*E+2'99+:!1+)I!,+!2#![!9'2%3%H)+!,+&!9)K2%1&!\!9'):!F#E':%&+:!2#!,%E+:&%F%1#3%'(!+3!2#!,*0'1:#3%&#3%'(!,+!2D#11/&!#)I!0)&*+&C!4V!X+9)%&!2':&!92)&%+):&!:#99':3&!,+!2D.(&9+13%'(!G*(*:#2+!,+&!#FF#%:+&!1)23):+22+&!')!,+!2D%(&9+13%'(!,+&!9#3:%0'%(+&!#99':3+(3!

,+&!*12#%:#G+&!9#:3%1)2%+:&!P!1+:3#%(&!,+&!1'(&3#3&!')!9:'9'&%3%'(&!%&&)&!,+!1+&!3:'%&!:#99':3&C!!4t!>(!,'%3!:#99+2+:!P!1+3!*G#:,!H)+!8!0%22%'(&!,+!E%&%3+&!&1'2#%:+&!9#:!#(!*3#%+(3!P!0+33:+!#)!1'093+!,+&!0)&*+&!Y)&H)D+(!

674pA!F#%&#(3!,)!:*&+#)!,+&!$)&*+&!,+!J:#(1+!2D#13+):!9:%(1%9#2!,+!2D*,)1#3%'(!#:3%&3%H)+!+3!1)23):+22+!+3!,)!9#:3+(#:%#3!#E+1!2DU,)1#3%'(!(#3%'(#2+C!"+!,%&9'&%3%F![!2#!B2#&&+!2DO)E:+!�!\!1'(R)!9#:!2+!,*9#:3+0+(3!,+!2#!9'2%3%H)+!,+&!9)K2%1&!,+!2#!X%:+13%'(!G*(*:#2+!,+&!^#3:%0'%(+&!E#2':%&+!1+3!#99':3A!1Q#H)+!#((*+A!2':&!,+!2#!_)%3!,+&!$)&*+&C!

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

X#(&! 1+! 1'(3+I3+A! 1'00+(3! 2+&! J:#(R#%&! %0#G%(+(3S%2&! 2+! 0)&*+! ,+! ,+0#%(! x! ?(+! 1'(&)23#3%'(!

()0*:%H)+!1%3'<+((+!#!,'(1!*3*!2#(1*+!9'):!*3#<+:!2+!3:#E#%2!,+!2#!$%&&%'(!$)&*+&!,)!--.+!&%/12+C!

.2&!+(!:+&&':3!H)+!('&!1'09#3:%'3+&!%0#G%(+(3!2+&!0)&*+&!,+!J:#(1+!+(1':+!92)&!#11+&&%K2+&A!#E+1!,+&!

Q':#%:+&! +3! )(+!9'2%3%H)+! 3#:%F#%:+! :+9+(&*&A! Q'&9%3#2%+:&! +3! 1'(E%E%#)IA! ,%E+:&%F%#(3! ,#E#(3#G+! 2+):&!

9)K2%1&A!,*E+2'99#(3! 2+!�Q':&S2+&S0):&!\!9'):!#22+:!P! 2#! :+(1'(3:+!,+&!92)&!*2'%G(*&A! :+(')E+2#(3!+3!

,*0)23%92%#(3!2+):!'FF:+A!9:'9'&#(3!,+&!E%&%3+&!9#:3%1%9#3%E+&!+3!,+&!9:'Y+3&!+(!1'S1:*#3%'(A!,*E+2'99#(3!

2#!0*,%#3%'(!()0*:%H)+!/0!+/&%!+3!&):!2+&!:*&+#)I!&'1%#)IA!9:#3%H)#(3!2D'9+(!,#3#!+3!2#!:+9:',)13%'(!,+&!

O)E:+&!+(!VXA!')E:#(3!2+):&!9':3+&!#)I!K*(*E'2+&!+3!9+:0+33#(3!)(+!:+9:*&+(3#3%'(!,+&!9)K2%1&!,#(&!

2+):!G')E+:(#(1+C!!

;%(&%A!('&!1'(1%3'<+(&!Y)G+(3!9:%':%3#%:+&!,')o+!0+&):+&!H)%!1'(,)%:#%+(3!P!)(!0)&*+!92)&!')E+:3A!92)&!

1'(E%E%#2!+3!,#E#(3#G+!3'):(*!E+:&!2+&!Y+)(+&!G*(*:#3%'(&C!!

!H*%'$(!?!I03%J&(!1KILM1!)*%'!"#!./++/*0!=%+-(!,%!BN

8.(!+/8$"(5!0*<(.7'(!BCNO9!

B+&!*2*0+(3&4p!'(3!*3*!%(3*G:*&!,#(&!2+&!9:'9'&%3%'(&!,+!2#!$%&&%'(C!!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!4p!i'%:!2+!,*3#%2!2+&!#(#2<&+&!,+&!:*&)23#3&!,+!2D+(H)W3+!,#(&!2+!E'2)0+!..!,)!:#99':3!,+!2#!$%&&%'(!$)&*+&!,)!--.+!&%/12+C!!

8.(

!"#

!!#

!$#

!%#

$&#

$&#

$'#

$(#

$)#

$%#

%&#

%&#

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

2&,,"&'3'*-%$#%-,-#.' *&%'$4#,#%' %)"'5.,&".&,

!"0%&.,&"' (&%'6)7"&%'*&'/8.-9"&'$()%'#"-:-.8(&

;8-"&'*0<#)7"-"' (&%'<#)(-%%&%'*)'/)%0&

;8-"&'7&.-"'*&%'8",-%,&%'$#)"'*-%<),&"' 87&<'(&'$)=(-<

>%%#<-&"'(&%'?&).&%'3'(8'7-&'*)'/)%0&

@"878-((&"'87&<'(&'/#.*&'8%%#<-8,-A' &,'(&%'&.,"&$"-%&%

B"0&"' *&%'&%$8<&%'*&'7-%-,&'*0*-0%'8)C'&.A8.,%

;8<-(-,&"' (+8<<9%'8)'/)%0&'$#)"' <&)C'1)-'%#.,'&.'*-AA-<),0

D&.*"&' (&'/)%0&'$()%'7-78.,'&,'<#.7-7-8(

E+8*"&%%&"'3',#)%'1)&((&'1)&'%#-,'%8'<)(,)"&' #)'%#.'/-(-&)

>*8$,&"'(+#AA"&' 8)C'?&).&%':0.0"8,-#.%

*+,-&.-/+,01+,-2134135631+,-2401-7+,-'8"-9+,-:16;<63,

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

,8&')%"&1(&*'! -#)! $/)##)! -#! 4"+'%#! -+')! ,#! 66&#! )&#%,#! 9!

$*-#,#)!#$#":#'();!#<*,/(&*')!4*'%(&*''#,,#)!#(!%=+'(&#")!

+!*/<"&"!

XD+(3:*+!,+!Y+)A!2#!$%&&%'(!$)&*+&!,)!--.+!&%/12+!&D+&3!+(G#G*+!,#(&!1+33+!9:'&9+13%E+!&')&!H)#3:+!

#(G2+&!H)D%2!+&3!9'&&%K2+!,+!:*&)0+:!+(!)(+!&*:%+!,+!H)+&3%'((+0+(3&!T!!

o! "+!0)&*+!*3Q%H)+!+3!1%3'<+(!T!X+!H)+22+!9Q%2'&'9Q%+!,D#13%'(!,'%3!9:'1*,+:!2+!:*&+#)!,+&!$)&*+&!

,+!J:#(1+!9'):!+(3:+:!+(!:*&'(#(1+!#E+1!)(+!&'1%*3*!,+! 2#!,%E+:&%3*!'z! 2+&! 2%+(&!&'1%#)I!&'(3!P!

:+(F':1+:A!E'%:+!P!:+9+(&+:!x!

o! "+!0)&*+!9:'3*%F':0+!T!b)&H)DP!H)+2!9'%(3!2D'FF:+!0)&*#2+!+&3S+22+!9:'S#13%E+!+3!&D#,#93+S3S+22+!P!2#!

,%E+:&%3*!,+&!1'22+13%'(&A!,+&!9)K2%1&!+3!,+&!3+::%3'%:+&!+3!P!2D*E'2)3%'(!,+&!)&#G+&!&'1%#)I!x!

o! "+!0)&*+!%(12)&%F!r!1'22#K':#3%F!T!B'00+(3!9#:E+(%:!P!)(+!92)&!G:#(,+!,%E+:&%F%1#3%'(!,+&!9)K2%1&A!

#)!:+(')E+22+0+(3!,)!,%&9'&%3%F!,+&!0*,%#3%'(&A!P! 2D+(G#G+0+(3!,+!('&!1'(1%3'<+(&!,#(&!2#!E%+!

,+&!*3#K2%&&+0+(3&!x!B'00+(3!,*E+2'99+:!)(+!1)23):+!9#:3%1%9#3%E+!x!

o! "+!0)&*+!1'00+!*1'&<&3/0+!9:'F+&&%'((+2!1:*#3%F!T!g)+22+&!&'(3!2+&!2'G%H)+&!F'(13%'((+22+&!,+&!

0)&*+&C! J'(3S+22+&! *1Q'! #)I! &3:#3*G%+&! ,D*3#K2%&&+0+(3&! x! g)+22+&! %(('E#3%'(&! &3:)13):+22+&! x!

B'00+(3! 3:#E#%22+(3! 2+&! *H)%9+&!x! g)+2&! 0*3%+:&A! H)+22+&! 1'09*3+(1+&! &'(3! ,+E+()&!

%(,%&9+(&#K2+&!x! g)+22+&! &'(3! 2+&! *E'2)3%'(&! &3#3)3#%:+&! &')Q#%3#K2+&! x! B'00+(3! 9:*&+:E+:! 2#!

0%&&%'(!,+!&+:E%1+!9)K2%1!,#(&!)(!1'(3+I3+!*1'('0%H)+!&')&!3+(&%'(!x!

_+)F!0'%&!,+!3:#E#%2A!,+!('0K:+)&+&!:+(1'(3:+&A!,#(&!3')&!2+&!F':0#3&!9'&&%K2+&A!P!^#:%&!+3!+(!:*G%'(&A!

#E+1!)(+!G#00+!+I3:W0+0+(3!2#:G+!,D%(3+:2'1)3+):&A!,*2%E:+(3!)(+!E%&%'(!:+(')E+2*+!,)!:*&+#)!,+&!

$)&*+&! ,+! J:#(1+! &3:)13):*+! 9#:! H)+2H)+&! 1'(&3#3&!T! 2#! 2)1%,%3*! ,+&!0)&*+&! H)#(3! P! 2+):!0%&&%'(!

1)23):+22+A! 1%3'<+((+! +3! &'1%'S*1'('0%H)+!y! 2#! 1:*#3%E%3*! ,+&! 0)&*+&! ,+! J:#(1+A! 1+22+! ,+&! 0)&*+&!

3+::%3':%#)I! 1'00+! 1+22+! ,+&! 0)&*+&! (#3%'(#)I!y! 2D+(3Q')&%#&0+! ,+&! 9+:&'((+2&! +3! 2+):!

9:'F+&&%'((#2%&0+C!U3!1+A!+(!,*9%3!,D)(!1'(3+I3+!*1'('0%H)+!+3!F%(#(1%+:!+I3:W0+0+(3!1'(3:#%G(#(3!

+3!2+&!%092%1#3%'(&!,+!2#!:*F':0+!3+::%3':%#2+!+(1':+!%09#:F#%3+0+(3!0#l3:%&*+&C!

L):!1+33+!K#&+A!+3!&D#,'&&#(3!P!)(+!0)23%3),+!,+!9:#3%H)+&!%(('E#(3+&!H)%!&'(3!:+9*:#K2+&!,D)(!K')3!P!

2D#)3:+!,)!3+::%3'%:+!(#3%'(#2!+3!1Q+o!H)+2H)+&S)(&!,+!('&!E'%&%(&A!2#!$%&&%'(!$)&*+&!,)!--.+!&%/12+!#!

%,+(3%F%*!!

S! 0!CDEFGHI!JCHKLHMNI!HN!.!JODGPNQDMI!RDMSNQDMMHGGHI!EH!IDM!JSDITINFCH!UKDRHIIQDMMHG!V!

S! 2A! SWXMNQHKI! Y! HMNKHUKHMEKH! UDPK! QCUPGIHK! EH! MDPOHGGHI! ETMXCQZPHI! XP! IHQM! EHI!

JNX[GQIIHCHMNI!HN!XMSKHK!EJRQMQNQOHCHMN!GH!KJIHXP!EHI!CPIJHI!EH!4KXMSH!EXMI!GH!66&H!IQFSGH\!!

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

"U!$?LUU!Uda.g?U!Ud!B.d>@U_!

!

"#!,*0'1:#3%&#3%'(!,+!2#!9:#3%H)+!,+!E%&%3+!+&3!+(!0#:1Q+A!0#%&A!,#(&!K%+(!,+&!1#&A!9+:&%&3+(3!

)(+! %0#G+! &):#((*+! ,)!0)&*+A! )(! &+(3%0+(3! ,D%(3%0%,#3%'(A! +3! 2D%,*+! ,D)(+! %(&3%3)3%'(! P!

2D*1#:3! ,+&!H)+&3%'(&!,+! &'1%*3*C! L#! 1#9#1%3*! P! W3:+!,#E#(3#G+!Q'&9%3#2%+:! +3! K%+(E+%22#(3! P!

2D*G#:,!,D)(!9)K2%1!E#:%*!+3!#)I!9:'Y+3&!1'09'&%3+&!F#%3!9#:3%+!,D)(+!%(3+::'G#3%'(!1'):#(3+!&):!

2#!:*+22+!E'2'(3*!,)!0)&*+!,+!&D')E:%:!&):!&'(!+(E%:'((+0+(3C!X+!F#%3A!2D%(&3%3)3%'(!0)&*#2+!

+&3!1'(&3#00+(3!3:#E#%22*+!9#:!)(+!:*F2+I%'(!&):!2+&!E#2+):&!H)%!2%+(3!')!,%E%&+(3!2#!&'1%*3*A!2#!

E'2'(3*! ,+! 9:'0')E'%:! )(+! 9+(&*+! 1'00)(+! %(12)&%E+! 92)3]3! H)D+I12)&%E+C! $#%&! 1+3!

+(G#G+0+(3! *3Q%H)+! +3! 1%3'<+(! (+! 9#:E%+(3! 9#&! P! &+! 0#3*:%#2%&+:! +(3%/:+0+(3! ,#(&! ,+&!

9:'9'&%3%'(&! M+I9'&%3%'(&A! 9:'G:#00#3%'(! 1)23):+22+A! #13%'(&! *,)1#3%E+&! +3! ,+!0*,%#3%'(&A!

F':0#3%'(N!H)%!0*(#G+:#%+(3!,D#)3:+&!9'%(3&!,+!E)+!&):!2+&!1'22+13%'(&C!B+:3+&A!,+!92)&!+(!92)&!

&')E+(3A! 2D%(3+:E+(3%'(! ,D)(! #:3%&3+! 1'(3+09':#%(A! ,D)(! #13+):! ')! ,D)(! 0)&%1%+(A! E%+(3!

K')&1)2+:!2#!2+13):+!,+&!O)E:+&!+3!2+&!%(3+:9:*3#3%'(&C!$#%&!,D#)3:+&!:+&&'):1+&A!+(1':+!&')&S

)3%2%&*+&A! &'(3! P! 0'K%2%&+:! ,)! 1]3*! ,+! 2D#(3Q:'9'2'G%+! ,+&! %,*+&! +3! ,+&! &'1%*3*&C! ;)&&%!

9+:3%(+(3+&!H)+!,+0+):+(3!2DQ%&3'%:+!,+!2D#:3!')!2DQ%&3'%:+!,+&!&1%+(1+&A!+22+&!(+!&)FF%&+(3!92)&!

9'):!3')1Q+:!)(!9)K2%1!1'(3+09':#%(!1#:#13*:%&*!9#:!2#!,%E+:&%3*!+3!2+!0*3%&&#G+!,+&!9:#3%H)+&!

1)23):+22+&C!!

"D+I9*:%+(1+!,)!0)&*+A!,+!&+&!1'22+13%'(&A!,+!&+&!+I9'&%3%'(&A!,'%3!,+0+):+:!)(+!#E+(3):+!

,+&!*0'3%'(&!+3!,+!2#!9+(&*+A!0#%&!+22+!,'%3!2DW3:+!9'):!3')&C!"+!:*&+#)!,+&!$)&*+&!,+!J:#(1+A!

+3! 92)&! 2#:G+0+(3! 2+! 9#<&#G+!0)&*#2! F:#(R#%&A! +&3! 9#:F#%3+0+(3! +(!0+&):+! ,D%(1#:(+:! )(+!

1'(1+93%'(! #(3Q:'9'2'G%H)+! ,+! 2#! 1)23):+A! :+F2*3#(3! 2#! 92):#2%3*! 1)23):+22+A! P! 0W0+! ,+!

:+&&'),+:!2+&!2%+(&!&'1%#)I!+3!9:'Y+3+:!('3:+!&'1%*3*!,#(&!)(!#E+(%:!0'%(&!1'(F2%13)+2C!!

$>XU"UL!U$U`jU_dL!

!! ,H!CPIJH!SDCCH!PMH!CXQIDM!SDCCPMH\!!

L<('(<0+!,DQ'&9%3#2%3*A!,D%(12)&%'(A!,D')E+:3):+!P!2#!,%E+:&%3*A!,+!3:#(&0%&&%'(A!,+!9#:3#G+A!

,+!1''9*:#3%'(A!2+!0)&*+!#99#:#l3!%1%!1'00+!+0K2*0#3%H)+!,)!E%E:+!+(&+0K2+C!"+!0)&*+!F#%3!

,)!K%+(A!%2!+&3!)(!E+13+):!,+!0%+)ISW3:+!&'1%#2!+3!%(,%E%,)+2C!.2!+&3!2+!2%+)!,+!2D#E+(3):+!,+!2#!

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

1'(&3:)13%'(!,+!&'%!+3!,+&!:#99':3&!&'1%#)I!P!3:#E+:&!2D+I9*:%+(1+!,D)(+!1)23):+!92):%+22+C!.2!+&3!

)(!2%+)!1'00)(!#)!9#3:%0'%(+A!P!2#!1:*#3%'(!92#&3%H)+!+3!#)!&9+13#12+!E%E#(3C!!

!! ,H!CPIJH!SDCCH!HIUXSH!UP[GQS\!!

U(!3#(3!H)+!2%+)!,+!:+1Q+:1Q+A!')E+:3!P!2#!1:*#3%'(!+3!H)+&3%'((#(3!,+&!E%&%'(&!,)!0'(,+A!2+!

0)&*+!+&3!#)I!<+)I!,+!('&!1'(1%3'<+(&!)(+!%(&3%3)3%'(!%(3/G:+!+(!2#H)+22+!%2&!9+)E+(3!92#1+:!

2+):!1'(F%#(1+C!!

.2!9+)3!,'(1!2*G%3%0+(3!#&&)0+:!)(+!0%&&%'(!,+!F+:0+(3!,+!2#!,*0'1:#3%+!1)23):+22+A!1D+&3!P!

,%:+! ,D*,)1#3%'(! #)! Y)G+0+(3! 1:%3%H)+A! P! 2#! :*F2+I%E%3*! +3! P! 2D')E+:3):+! #)I! #)3:+&A! +3! #)I!

E#2+):&! ,*0'1:#3%H)+&C! ^2)&! 2#:G+0+(3A! 2+!0)&*+! +&3! P!0W0+! ,+! Y')+:! )(! :]2+! ,+! 6*'%.!

$%"&%'("!)('.#0(0&C!!

!! ,H!CPIJH!SDCCH!IHKOQSH!SPGNPKHG!EH!UKD]QCQNJ\!

"D#11+&&%K%2%3*! )(%E+:&+22+! F#%3! ,*F%(%3%E+0+(3! F#%:+! 9#:3%+! ,+! 2D;X_! ,)!0)&*+C! B+2#! &%G(%F%+!

2D#,#93#3%'(!,+&!Q':#%:+&!,D')E+:3):+!#)!:<3Q0+!,+!E%+!1'(3+09':#%(A!,+&!3#:%F&!#0*(#G*&!H)%!

:*&+:E+(3!)(+!92#1+!P!2#!G:#3)%3*A!)(!#11)+%2!+3!,+&!&+:E%1+&!#Y)&3*&!#)I!0'3%F&!+3!1%:1'(&3#(1+&!

,+!2#!E%&%3+A!)(!1Q'%I!,+!0*,%#3%'(&!9'):!3')3+&!2+&!1#3*G':%+&!,+!E%&%3+):&!H)+22+&!H)+!&'%+(3!

2+):&!1'09*3+(1+&!')!2+):!9:'Y+3C!!

"UL!Ba;_d.U`L!;!>?i`.`!!

!! !4?@A2362&BC57&5?&D53E2&F5D4?@362&&

^%2'3*+! 9#:! 2+!0%(%&3/:+! ,+! 2#! B)23):+! +3! 2#! B'00)(%1#3%'(A! 2#! :*,#13%'(! ,+! 1+!0#(%F+&3+!

1'(1:*3%&+:#!9'):!2+!0'(,+!,+&!0)&*+&!2D+(&+0K2+!,+&!%092%1#3%'(&!,+&!('3%'(&!,D%(12)&%'(A!

,D%(3*G:#3%'(!+3!,+!9#:3%1%9#3%'(C!!

B+! 0#(%F+&3+! 1'S9:',)%3! #E+1! 2+&! #13+):&! &'1%#)I! M:+9:*&+(3#(3&! ,)! 0'(,+! 1)23):+2A! ,+&!

1'22+13%E%3*&A!,)!0'(,+!#&&'1%#3%FA!,+!2D*,)1#3%'(!9'9)2#%:+A!,+!2#!&'1%*3*!1%E%2+{N!:*#FF%:0+:#!

H)+!2+&!1'22+13%'(&!1'(&3%3)+(3!P!2#!F'%&!2+!K%+(!1'00)(!+3!)(+!F':0%,#K2+!K#&+!,+!,'((*+&!

,'(3!2D+I92'%3#3%'(!+&3!%(*9)%&#K2+C!!

.2! ')E:%:#! 2#:G+0+(3! 2D)(%E+:&!,+&!0)&*+&! P! 2#! &'1%*3*! 1'(3+09':#%(+A! +(!,'((+:#! 2+&! 12*&!

,D%(3+:9:*3#3%'(! +3! 9+:0+33:#! ,+&! 9'(3&! +(3:+! 2+&! 1)23):+&C! .2! +(G#G+:#! 2+! 0)&*+! ,#(&! 2#!

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

9:'0'3%'(!,+&!,:'%3&!1)23):+2&!+3!,+!2+):!,%E+:&%3*C!.2!F':0#2%&+:#!H)+!1Q#1)(+!,+&!#13%'(&!,)!

0)&*+A! 1Q#1)(!,+! &+&! &+:E%1+&! &D%(&1:%3! ,#(&!)(! 1#,:+!92)&! E#&3+! :+9'&#(3! &):! ,+&! E#2+):&!

M2%K+:3*A!3'2*:#(1+A!Q)0#(%&0+A!')E+:3):+!#)!,*K#3{N!H)%!,*9#&&+(3!2+&!1:%3/:+&!&3:%13+0+(3!

0#3*:%+2&!+3!:+9:*&+(3+(3!2+&!%,*#)I!,+!2#!`*9)K2%H)+!+3!,)!E%E:+!+(&+0K2+C!

!! GC75D&H5I6572I&B27D4?2?6&26&J2KL6M&N23&!53E23&N2&G74?H2&

"+!0)&*+!1'00+!F':)0!&D#,:+&&#(3!P!3')&!&+&!9)K2%1&A!1D+&3!)(+!#)3:+!0#(%/:+!,D#11*,+:!#)I!

92):#2%3*&!%(3+:9:*3#3%E+&!,+&!F#%3&!1)23):+2&!+3!,+&!F#%3&!,+!&'1%*3*C!B+33+!F'(13%'(!,)!0)&*+A!

Y)&H)DP!9:*&+(3!%(#K')3%+A!#99+22+!,+&!#13%E#3+):&C!!

;)I! :*&%,+(1+&! ,D#:3%&3+&! M92#&3%1%+(&A! 0)&%1%+(&A! 1'0*,%+(&A! G:#9Q%&3+&A! #:1Q%3+13+&NA!

9')::'(3!,*&':0#%&!&D#Y')3+:!2+&!:*&%,+(1+&!,+!Y'):(#2%&3+&A!0#%&!#)&&%!1+22+&!,DQ%&3':%+(&!')!

,D#(3Q:'9'2'G)+&A!+3!92)&!2#:G+0+(3!,+!Y+)(+&!1Q+:1Q+):&A!H)%!9#:3%1%9+:'(3!#)!,*1',#G+!,+&!

&)Y+3&!&+(&%K2+&!M<!1'09:%&!2#!9:'K2*0#3%H)+!9'&3S1'2'(%#2+NA!1'(1+E:'(3!,+!(')E+22+&!F':0+&!

,+!,*K#3&!+3!:*%(E+(3+:'(3!2D%,*+!,+!F':)0C!?(+!�+KS3E!,)!:*&+#)!,+&!$)&*+&!,+!J:#(1+!+(!

*2#:G%:#!2D#),%+(1+!+3!F+:#!2#!9:'0'3%'(!,+!1+33+!(')E+22+!F'(13%'(!0)&*#2+C!

!! G4@72&N5&7E3245&N23&!53E2&N2&G74?H2&5?&327M@H2&B5KI@H&H5I6572I&N2&B7CO@D@6E&!

B+! 1Q#(3%+:! 1'093+! 9#:0%! 1+)I! H)%! &'(3! 9:%':%3#%:+! #)I! <+)I! ,+! ('&! 1'09#3:%'3+&C! .2&!

&')Q#%3+(3! )(! 9:%(1%9+! 3#:%F#%:+! H)%! +(1'):#G+! 2#! ,*1')E+:3+! +3! 2#! F%,*2%&#3%'(!y! ,+&! G:%22+&!

Q':#%:+&!+(!Q#:0'(%+!#E+1!2+&!3+09&!&'1%#)I!M,'0+&3%H)+A!3:#E#%2�*3),+&A!2'%&%:&N!y!)(+!0%&+!P!

(%E+#)!,+&!1'(,%3%'(&!0#3*:%+22+&!,+!2D#11)+%2A!,+&!&+:E%1+&!#)!E%&%3+):!+3!,)!1'(F':3!,+!E%&%3+!y!

)(!0)&*+!')E+:3! #)&&%!K%+(!#)I!92)&!wG*&!H)D#)I!92)&! Y+)(+&A! #)!9)K2%1! 3:#,%3%'((+2!+3! #)!

9)K2%1!('E%1+A!#)I!F#0%22+&!+3!#)I!G:')9+&A!#)I!9)K2%1&!+(!&%3)#3%'(!,+!Q#(,%1#9!+3!,)!1Q#09!

&'1%#2A!#)!9)K2%1!2'1#2!+3!#)I!3'):%&3+&A!CCC!!

"#! :*F2+I%'(! &):! 1+&! H)+&3%'(&A! ,*YP! 2#:G+0+(3! +(G#G*+! 1+&! ,+:(%/:+&! #((*+&A! ,'%3! W3:+!

9'):&)%E%+!+3!W3:+!+(E%&#G*+!,+!0#(%/:+!92)&!1'Q*:+(3+!&):!2D+(&+0K2+!,)!3+::%3'%:+C!!

!

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

#61#"&#'%#)!-#!"#4#"#'%#!!

,H!CPIJH!+MNDQMH^,JSPTHK!Y!)XQMN^5PHMNQM!!

;(%0#3%'(&! +3! #3+2%+:! 9Q'3'G:#9Q%H)+! :*#2%&*+!#)3'):! ,+&! 9#&3+2&! ,+! $#):%1+Sg)+(3%(! ,+! "#!d'):!#E+1!2+&!9'9)2#3%'(&!,D':%G%(+!#F:%1#%(+!,#(&!

2+! 1#,:+! ,D)(! 9#:3+(#:%#3! #E+1! 2+&! d:#E#%22+):&!&'1%#)I!,+!2v;%&(+C!M6744!+3!6746N!

!

!!

,H! $PIJH! EHI! +PLPINQMI;! (DPGDPIH! 9! ,8+KN! EH!

G8QMSGPIQDM! _1KDLKXCCH! EP! "JIHXP! RKXMSD^

XCJKQSXQM!EHI!CPIJHI^4"+$#`!

B+!0)&*+!&D+&3!+(G#G*!1'(3:+!3')3+&!2+&!F':0+&!

,D+I12)&%'(C!U(!2%+(!#E+1!2#!9'2%3%H)+!,+!2#!i%22+!+3!,+&! &3:)13):+&! #&&'1%#3%E+&A! %2! &D%092%H)+! ,#(&!2)33+!1'(3:+!2#!:#,%1#2%&#3%'(C!"+!9:'G:#00+!;FP'&!

,(! "F/0$"%+/*0! 2D#! 1'(,)%3! P! 1''9*:+:! #E+1! 2+!&2#0+):!L+K&+K!+3!)(! 12%9!0)&%1#2! :+(,!1'093+!

,+!1+!3:#E#%2C!"+!0)&*+!O)E:+!+(!9#:3+(#:%#3!#E+1!,+&!&3:)13):+&!#&&'1%#3%E+&!M$#%&'(!,+&!b+)(+&!+3!,+! 2#! B)23):+! [! "#! h:%H)+! :')G+! \! ,)! H)#:3%+:!

d')2')&+!U09#2'3NA!+3!%092%H)+!,+&!Y+)(+&!92#1*&!&')&! 0#%(! ,+! Y)&3%1+! M&')3%+(! ,+! 2#! ^:'3+13%'(!

b),%1%#%:+!+3!,+!2#!b+)(+&&+NC!"D':G#(%&#3%'(!,D)(!F':)0!&):!2#!2#�1%3*!+3!2+!F#%3!:+2%G%+)I!+&3!+(E%&#G*C!!

,X!SPGNPKH!UDUPGXQKH!HMNKH!XP!CPIJH!9!GX!LKXMEH!

SDGGHSNH!EH!G8#PKD!3?2B!_CPIJHI!EP!,DPOKH^,HMI;!

E8XKN!HN!E8WQINDQKH!EH!)XQMN^-HMQI;!EH!@XINQX;!EH!

(DPGDPIH!a`!!

X#(&!2+!1#,:+!,+&!0#(%F+&3#3%'(&!#11'09#G(#(3!

2D?UJ;!U):'!6748A!2+!0)&*+!,)!"')E:+S"+(&!#A!9#:!+I+092+A!:+(,)!Q'00#G+!#)I!&)99':3+:&!,)!`B!

"+(&A! P! 3:#E+:&! )(+! +I9'&%3%'(! 'z! '(3! *3*!:#&&+0K2*&! ,+&! 'KY+3&! +3! ,+&! 3*0'%G(#G+&! ,+!9#&&%'((*&A! G:w1+! P! )(+! 1'22+13+! ':G#(%&*+! #)!

1'):&!,+!2D*3*!674pA!+(!#&&'1%#3%'(!#E+1!2+!0)&*+!(#3%'(#2!,)!L9':3!,+!_%1+C!!

!

!

,H! CPIJH! 1QSXIID! E8+MNQ[HI! HN! GH! KJIHXP! EHI!

CPIJHI! KJLQDMXP]! UDPK! G8XSSHIIQ[QGQNJ!

LJMJKXGQIJH!HM!1XSX!

B+!0)&*+! #! :+R)! 2+! ^:%I!Q#&'/.*/0(+! )*%'! R*%+!9'):!2D*,%3%'(!674pC!;!1+!3%3:+A!%2!9%2'3+!2+!:*&+#)!

,+&! 0)&*+&! :*G%'(#)I! ,+! ^;B;! 9'):!2D#11+&&%K%2%3*! G*(*:#2%&*! +3! 2#! ,%FF)&%'(! ,+&!K'((+&!9:#3%H)+&!9'):!2D#11)+%2!,+&!9+:&'((+&!+(!

&%3)#3%'(!,+!Q#(,%1#9C!!

!!

1XKNHMXKQXN! EP! $XS<XG;! <QNKT^IPK^)HQMH;! XOHS!

,XPKX! =HMMD;! XKNQINH! UWDNDLKXUWH;! XPNDPK! EH!

G8XSSPHQG!EHI!KJRPLQJI!

P! )'*)*+! ,%! )#'&(0#'/#&! #<($! "(! =#$S#"!?!

2&&)?TTUUU9.#$<#"96'T6'#0$#/+T.%+((T</,(*+T#'

&/$"(T)#'*"(+V,V#'&/+&(+V(&V,(!

!

1KDLKXCCHI! EP! $PIJH! EHI! [HXP]^XKNI! EH!

$DMNKJXG!9! $PIJH! HM! 1XKNXLH! HN! +NHGQHK!

QMNHKMXNQDMXG!E8JEPSXNQDM!HN!E8XKN!NWJKXUQH!!

"+! =%+-(! (0! )#'&#G(! +&3!)(+! +I9*:%+(1+!*,)1#3%E+! G:#3)%3+A! 'FF+:3+! #)I! ':G#(%&0+&!1'00)(#)3#%:+&! #G%&&#(3! #)9:/&! ,+! 1+)I!

+3!1+22+&! H)%! (D#):#%+(3! 9#&! 2#! 1Q#(1+! ,+! E+(%:!E%&%3+:!2+!$)&*+!#)3:+0+(3C!

P! )'*)*+! ;F#'&! 6#/&! ,%! 7/(0! W! <*/'!?!

2&&)+?TTUUU9.7#.93$9$#T(,%$#&/*0T!!

,X! :XGHKQH! EHI! EDMI! XP! $PIJH! MXNQDMXG! EH!

G8=QINDQKH! EH! G8QCCQLKXNQDM;! 1XGXQI! EH! GX! 1DKNH!

EDKJH!

;2':&! H)+! 2+! 9#:1'):&! 9+:0#(+(3A! K()8'(+A!9:*&+(3+!)(+!Q%&3'%:+!1'22+13%E+!,+!2D%00%G:#3%'(!

9'(13)*+! ,DQ%&3'%:+&! &%(G)2%/:+&A! 2#! j#2+:%+! ,+&!,'(&!0+3!#)!1+(3:+!,)!9:'9'&!2DQ%&3'%:+!F#0%2%#2+C!

U22+!F#%3!�+(3:+:!#)!0)&*+�!,+&!9Q'3'&A!,+&!'KY+3&A!,+&! #:1Q%E+&! 9:%E*+&!2%*&! P! ,+&! 9#:1'):&! ,+! E%+C!BQ#H)+! 'KY+3! +I9'&*! +&3! #11'09#G(*! ,D)(!

3*0'%G(#G+C! �! 3:#E+:&! 2#! j#2+:%+! ,+&! ,'(&A! 2+!$)&*+! 9:'9'&+! #)I! E%&%3+):&! ,+! ,*1')E:%:! 6p7!!

!"##"$%&!'#((#&)'&**"(&#"(+,(& & -$,'!(&"&/1&

'KY+3&! +3! t7! 9#:1'):&! ,+! E%+! ,+! 0%G:#(3&! H)%!

&D%(&1:%E+(3!,#(&!2DQ%&3'%:+!,+!2D%00%G:#3%'(C!S*/'!-G#"(.(0&!?!:!X.#G/0(Y!W!Z!P&("/('!,F/.#G(+!$*0&'(!"(+!)'-[%G-+!)*%'!"(+!$*""-G/(0+!(&!"4$-(0+!

!-P! UXKSDPKI! UHKCXMHMN! ,4& 674@62& ?EP7@Q72&

46I4?6@R52! XP! SWbNHXP! EHI!-PSI! EH! @KHNXLMH! Y!'XMNHI! XP! $JCDKQXG! EH! ISTKCI@6@C?& N2&

IS23HI4M4P2&9!PM!UXKSDPKI!PK[XQM\!

"+!$)&*+!,DQ%&3'%:+!,+!_#(3+&SBQw3+#)!,+&!,)1&!,+! h:+3#G(+! 1'(&#1:+! 2D)(+! ,+! &+&! G#2+:%+&!

9+:0#(+(3+&! #)! 9#&&*! (*G:%+:! ,+! 2#! E%22+C! ?(!9#:1'):&!):K#%(A!,D+(E%:'(!4Ap!e0!+3!Y#2'((*!9#:!'(o+!9#((+#)I!%(F':0#3%F&A!2+!:+2%+!#)!$*0':%#2!

,+!2D;K'2%3%'(!,+!2D+&12#E#G+C!!

!!

$PIJHI!EH!@HKGQM!HN!G8XSSPHQG!EHI!CQLKXMNI![!;F/0&-G'#&/*0!)#'!"#!$%"&%'(!\!+&3!2+!0#l3:+!0'3!

,)!9:'G:#00+![$)23#e#\!#)H)+2!9#:3%1%9+(3! 2+!0)&*+!,Da%&3'%:+!#22+0#(,+A!2+!h',+S$)&+)0!+3!2+! 0)&*+! ,+! ^+:G#0+C! BQ#H)+! &+0#%(+! ,+&!

E%&%3+&! G:#3)%3+&! &'(3! 'FF+:3+&! #)I! :*F)G%*&! H)%!&'(3! G)%,*&! 9#:! ,D#)3:+&! :*F)G%*&A! +(! 2#(G)+!

#:#K+!')!+(!F#:&%C!!$JCDKQXG!EH!"QOHIXGNHI!

UI9'&%3%'(! 9Q'3'G:#9Q%H)+! ,)! 3:#E#%2!0+(*! 9#:!$#3Q%+)! ^U`_>d! #)9:/&! ,+! 0%G:#(3&! #FGQ#(&!

#::%E*&!+(!J:#(1+!#9:/&!)(!9*:%92+!#)&&%!2'(G!H)+!,#(G+:+)IC!

!=#&2/(%!QIK\MR5!+#0+!&/&'(5!+-'/(!,(+!./G'#0&+5!BCC]!

,HI! cHPMHI! [JMJODGHI! E8T76& #233@C?! XP! %HMNKH!

:HDKLHI^1DCUQEDP!;G*&!,+!45!P!6p!#(&A!,+!3')3+!':%G%(+!&'1%#2+!+3!1)23):+22+A! %2&! &'(3! :+1:)3*&! 1Q#H)+! #((*+A! 9#:!

)(+!#(('(1+!&):!2#!9#G+!J#1+K''e!�"+&!&+&&%'(&�C!"+):! 9:'Y+3! 1'(&%&3+! P! &D+(G#G+:! &):! 2+):! 3+09&!

2%K:+! 9'):! ,*1')E:%:! 2+! B+(3:+! ^'09%,')! +3! &+&!:+&&'):1+&A!:+(1'(3:+:!,+&!9:'F+&&%'((+2&!+3!,+&!#:3%&3+&A! #1H)*:%:! ,+&! 1'09*3+(1+&! +3! 2+&!

9#:3#G+:!P! 3:#E+:&!,+&!9:'G:#00+&!1)23):+2&!+(!,%:+13%'(!,+&!Y+)(+&C!!

!

!!$PIJH!E8+ZPQNXQMH;!GHI!XSNQDMI!CHMJHI!XOHS!GHI!

XIIDSQXNQDMI!EH!GX!EQOHKIQNJ\!"+&![!h'(&!h#%&+:&!,+!{!\!&'(3!)(+!%(E%3#3%'(!P!2#!:+(1'(3:+! ,+! ,%FF*:+(3+&! 1)23):+&! &):! )(! 0',+!

F+&3%FC! BD+&3! 2D'11#&%'(! ,+! ,*1')E:%:! ,+&! F':0+&!,D+I9:+&&%'(&! #:3%&3%H)+&! +3! 1)23):+22+&! +3!

,D*1Q#(G+:!#E+1!2+&!#:3%&3+&!,+!,%FF*:+(3&!9#<&C!"#!9:'G:#00#3%'(! #)3'):! ,+! 2D+I9'&%3%'(! +&3!':G#(%&*+!#E+1!2+&!#&&'1%#3%'(&!1)23):+22+&C!

L('0/8'(+! (0! ,#&(!?!=#'*$! ^N_VNOTNCTBCNO`! (&! P'.-0/(!

^aVb![%/0!BCNa`!

!4DKPC!EHI!XQEXMNI!XP!$XS!<XG!

B+!F':)0A!#11)+%22%!#)!$#1i#2A!+&3!':G#(%&*!9#:!2+!X*9#:3+0+(3! ,)! i#2! ,+!$#:(+C! .2! #! 9'):! 'KY+3!

2D%(F':0#3%'(! &):! 2+&! #%,+&! +3! 2+&! ,%&9'&%3%F&!+I%&3#(3&!P!,+&3%(#3%'(!,+&!9:'1Q+&!#%,#(3&A!1D+&3!P! ,%:+! #)I! 9:'1Q+&! ,+&! 9+:&'((+&! +(! 9+:3+!

,D#)3'('0%+!H)D%2! &D#G%&&+!,D)(+!9+:&'((+!wG*+!')!,D)(+!9+:&'((+!Q#(,%1#9*+C!!!

!!

dDPKMJH!EP![JMJODGH!EP!IHSNHPK!IDSQXG!XP!,DPOKH!HM!UXKNHMXKQXN!XOHS!GX!4DMEXNQDM!"+(1!"+! 0)&*+! ,)! "')E:+! #E+1! 2+! &')3%+(! ,+! 2#!

J'(,#3%'(! G:')9+!`;d^! ':G#(%&+! 1Q#H)+! #((*+!)(+! Y'):(*+! ,+! F':0#3%'(! �>&+o! 2+! "')E:+�!

!"##"$%&!'#((#&)'&**"(&#"(+,(& & -$,'!(&"&/9&

,+&3%(*+!#)I!F':0#3+):M3:%1+N!+(!#29Q#K*3%&#3%'(A!

;L"!')!J"U!#)9:/&!,+!E%&%3+):&!9+)!F#0%2%+:&!,+&!0)&*+&!!Q'*$2#/0(+! ,#&(+! ,(! 6*'.#&/*0+! BCNb! ?& .('$'(,/! Ba![#0</('5! <(0,'(,/! B_! 6-<'/('5! <(0,'(,/! B_!.#'+5! [(%,/! BC!#<'/"5!"%0,/!Na!.#/5!<(0,'(,/!NO![%/0!!!

!>&+o!2+!"')E:+!�!$)&*+!,)!"')E:+!

!

e!%PGNQODMI! G8WPCXMQICH!f!9! %XCUXLMH! EH!

RQMXMSHCHMN!UXKNQSQUXNQR! EP!CPIJH!E8+ZPQNXQMH!UDPK!KHINXPKHK!HN!CHNNKH!HM!OXGHPK!GH!CDMPCHMN!EH!$QSWHG!EH!$DMNXQLMH\!

"+!1*('3#9Q+!,+!$'(3#%G(+!+&3!+I9'&*!,#(&!2+&!1'22+13%'(&! 9+:0#(+(3+&! ,)!0)&*+! ,D;H)%3#%(+C!

L1)293*! P! 2#! F%(! ,)! -i.+! &%/12+A! %2! &D#G%3! ,D)(+!O)E:+! +0K2*0#3%H)+! ,)! 9#3:%0'%(+! K':,+2#%&C!"#!1#09#G(+! ,+! F%(#(1+0+(3! 9#:3%1%9#3%F! #!

,*9#&&*! &'(! 'KY+13%F!T! 2+&! 6pq! 0*1/(+&! '(3!9+:0%&!,+!:*1'23+:!66!6qV!�C!B+!0'(3#(3!E%+(,:#!

1'092*3+:!2+!F%(#(1+0+(3!,+!2#!i%22+!,+!h':,+#)I!+3!2+!&')3%+(!,+!2DU3#3A!#%(&%!H)+!2+!0*1*(#3!,+!2#!J'(,#3%'(!h_^!^#:%K#&C!!!

!!,HI![XMSI!EH!G8PNDUQH!XP!4XCQGQINFKH!EH!:PQIH!

"D#:3%&3+! K:%3#((%H)+! J:#(1%&! B#9+! #! :*)(%! 64!K#(1&!,D;0*:%H)+!+3!,DU):'9+A!:*92%H)+&!+I#13+&!,+! 1+)I! 1'(&3:)%3&! +3! )3%2%&*&! 9#:! ,+&!

1'00)(#)3*&! )3'9%H)+&C! "+&! E%&%3+):&! ,)!J#0%2%&3/:+! '(3! 9)! 9:+(,:+! 92#1+! &):! 1+&! +/8G(+!

)#'&/$/)#&/6+! 2+! 3+09&! ,D)(+! :+(1'(3:+A! ,D)(+!1'(E+:&#3%'(!9)K2%H)+!'z!2+&!3Q/0+&!,+&!)3'9%+&!1'(1:/3+&!'(3!*3*!#K':,*&C!!

!!

(OBC3@6@C?& G7C?6& NS$7@2?6& .1L.=&U& I23& 3CIN463&

C5KI@E3;!$PIJH!E8WQINDQKH!EH!$XKIHQGGH!"+&!;13+&!,)!1'22'H)+!+):'9*+(A!H)%!&v+&3!3+()!2+&!46! +3! 4V! ,*1+0K:+! 674t! P! $#:&+%22+! #E+1! 2+!

&')3%+(!,+!2#!B'00%&&%'(!+):'9*+((+A!E%+((+(3!,+!9#:#l3:+C!B+!1'22'H)+!#E#%3!*3*!':G#(%&*!,#(&!

2+! 1#,:+! ,+! 2v+I9'&%3%'(! 9:*&+(3*+! ,)! 4t!('E+0K:+! 674t! #)! 45! 0#%! 674p! 9'):! 2#!0#(%F+&3#3%'(! :! ;#! c'#0,(! c%(''(! +%'! &*%+! "(+!

6'*0&+!Z9!!

!!

#]UDIQNQDM!!4N2&@?&TIPE7@4!XP!$PSHC!!J:)%3!,D)(+!1'22#K':#3%'(!+(3:+!2D.(&3%3)3!(#3%'(#2!,DQ%&3'%:+! ,+! 2D#:3! M._a;NA! 2#! h%K2%'3Q/H)+!

(#3%'(#2+!,+!J:#(1+!+3!2+!$)&*+!,+&!1%E%2%&#3%'(&!,+! 2DU):'9+! +3! ,+! 2#! $*,%3+::#(*+A! =#,(! /0!

P"G('/#5!G-0-#"*G/(!,F%0! &(''/&*/'(!#! 1'(&3%3)*! 2#!9:+0%/:+!+I9'&%3%'(!,D+(E+:G):+! 1'(&#1:*+!P! 2#!:+9:*&+(3#3%'(! ,+! 2D;2G*:%+C! U22+! 0'(3:+!

1'00+(3! 2D%(E+(3%'(! 1#:3'G:#9Q%H)+! #!#11'09#G(*! 2#! 1'(H)W3+! ,)! 3+::%3'%:+! P! 3:#E+:&!

)(! +(&+0K2+! ,+! 1#:3+&A! ,+&&%(&A! 9+%(3):+&A!9Q'3'G:#9Q%+&A!F%20&!+3!,'1)0+(3&!Q%&3':%H)+&!+3!O)E:+&! ,D#:3%&3+&! 1'(3+09':#%(&C!X)!67! Y#(E%+:!

#)!6!0#%!6748A!+22+!#! &)&1%3*!)(+! F:*H)+(3#3%'(!3:/&! %09':3#(3+!T! 644! t8p! E%&%3+):&! M&'%3!

4mpq�Y'):N!!#]UDIQNQDM!+CIC7&,@?2!XP!CPIJH!EP!ZPXQ!@KXMGT!

g)+2! :]2+! #! Y')*! 2D#:3! ,#(&! 2#! H)W3+!,D*G#2%3*! +3!,D#FF%:0#3%'(!,+!2D%,+(3%3*!('%:+!,#(&!2D;0*:%H)+!

,+! 2#! L*G:*G#3%'(!x! "v+I9'&%3%'(! :+(,!Q'00#G+!#)I!#:3%&3+&!+3!9+(&+):&!#F:%1#%(&S#0*:%1#%(&!H)%!'(3!1'(3:%K)*A!,):#(3!9:/&!,D)(!&%/12+!+3!,+0%!,+!

2)33+&A! P! +&3'09+:! 1+33+! �2%G(+! ,+! 1')2+):�!,%&1:%0%(#3'%:+C! ^+(,#(3! 3')3! )(!�++eS+(,A! %2! #!

*3*!9'&&%K2+!#)I!E%&%3+):&!,+!,*1')E:%:!*G#2+0+(3!0)&%1%+(&A! ,#(&+):&A! #:3%&3+&! 92#&3%1%+(&A!

1'(3+):&! +3! 1'(F*:+(1%+:&C! X%FF*:+(3&! #3+2%+:&!G:#3)%3&!'(3!*3*!9:'9'&*&!M9+:F':0#(1+!,+!&3:++3!#:3A! Y+)![!?K)(3%'(#:<!\A!#3+2%+:!1%(*SG:#9Q%H)+A!

E%&%3+&S9+:F':0#(1+&A! {N! ^L%! _TNCTBCNO! #%!NaTNTBCNb`!

!

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

#]UDIQNQDM! )23& 674H23& 26& N23& FCDD238&

"D4P@?4@723& 45& HFV6245& N2& #2II23;! $PIJH! EHI!@HXP]^+KNI! EH! %XC[KXQ! HM! UXKNHMXKQXN! XOHS! GH!SHMNKH!EH!EJNHMNQDM!EH!@XUXPCH!_2Ag2?g3?2B^

23g3g3?2h`!"D+I9'&%3%'(! &+! E+)3! #E#(3! 3')3! )(+! #99:'1Q+!

&+(&%K2+!+3! &)KY+13%E+!,+!1+!0'()0+(3C!U22+!+&3!1'(R)+!#)3'):!,+!,+)I!9#:1'):&!M2D)(!%0#G%(*!9#:!,+&! *3),%#(3&! +(! #:1Q%3+13):+A! 2D#)3:+! 9#:! )(!

1'0%3*! ,+! ,*3+()&! ,)! B+(3:+! ,+! ,*3+(3%'(! ,+!h#9#)0+NC! "D#13%E#3%'(! ,+! 2D%0#G%(#%:+! ')! 2#!

:*#13%E#3%'(!,+!&')E+(%:&!&'(3!#)!1O):!,+!1+33+!+I9'&%3%'(S+I9*:%+(1+C!!

#NWMDUiGHg$PIJHI! EJUXKNHCHMNXP]! EH! =XPNH^)XiMH!9!"JQMOHMNHK!GHI!CPIJHI!UDUPGXQKHI!

X#(&! 2+! 1#,:+! ,)! 9:'Y+3! &3:#3*G%H)+! [!$)&*+&!6767!\A! )(+! :*F2+I%'(! #! *3*! +(G#G*+! 9'):!

:*%(E+(3+:! 2+&! :+2#3%'(&! +(3:+! 2+&! 0)&*+&!,*9#:3+0+(3#)I! M,+! BQ#092%33+! +3! BQw3+#)S"#0K+:3N! +3! 2+):&! 3+::%3'%:+&C! B+! [!2#K':#3'%:+!\!

+(! 0#3%/:+! ,+! :+2#3%'(&! 0)&*+&S3+::%3'%:+&! +&3!K#&*!&):!)(+!0*3Q',+!,+!1'(3:%K)3%'(!1%3'<+((+C!

^#:0%! 2+&! :*#2%&#3%'(&A! [!=%+-(! 2#7/&-!Z! (D+&3![!9#&! H)D)(+! +I9'!\A! 0#%&! 2+! :*&)23#3! ,D)(+!(')E+22+!#99:'1Q+!,+!2#!:+2#3%'(!+(3:+!0)&*+!+3!

9'9)2#3%'(A!9:'F+&&%'((+2&!+3!#0#3+):&A!P!0W0+!,+!F#%:+!,)!0)&*+!)(!2%+)!,+!1:*#3%'(!1'22+13%E+C!!

!

!!

1KDcHN!:QNXMI!XP!$PIJDM!+KGXNHM;!+KGHI!^+(,#(3!2#!F+:0+3):+!9:'2'(G*+!,+!1+!0)&*+!,+!&'1%*3*A! 2D#13%E%3*!&+!9'):&)%3!&')&! 2#!F':0+!,D)(!

0)&*+!Q':&! 2+&!0):&!1'(&3:)%3! &+2'(! 3:'%&!#I+&!T!(')E+22+&! 3Q*0#3%H)+&A! (')E+#)I! 9)K2%1&A!

(')E+22+&! F':0+&! ,+! 0*,%#3%'(C! "D+I9'&%3%'(![!Q#'&#G(! ,(! .-.*/'(+! G/&#0(+!\! #! *3*! 1'(R)+!&+2'(! 2+&! 0*3Q','2'G%+&! ,+! 3:#E#%2! ,)! 1Q#09!

&'1%#2!1D+&3SPS,%:+!&+2'(!)(+!#99:'1Q+!1'(1+:3*+!+3!9#:3%1%9#3%E+!M%1%!#E+1!2#!1'00)(#)3*!G%3#(+NC!

B+33+! +I9*:%0+(3#3%'(! 3:#,)%3! )(+! (')E+22+!1'(1+93%'(! ,)! 0)&*+! ,+! &'1%*3*!#)3'):! ,+&!

)&#G+&! 1'(3+09':#%(&! ,+! 2#! 0*0'%:+! +3! ,)!

3+::%3'%:+C!!!

!!1KDLKXCCH! E8XMQCXNQDM! HN! EH! EJOHGDUUHCHMN!EP!1XTI!EjXKN!HN!EjWQINDQKH!EH!,HMI^,QJOQM!

"#!B'00)(#)3*!,v;GG2'0*:#3%'(!,+!"+(&S"%*E%(!#!'K3+()!2+!2#K+2!̂ #<&!,v#:3!+3!,vQ%&3'%:+!+(!Y#(E%+:!

677qC! L+&! 0%&&%'(&! &v#:3%1)2+(3! ('3#00+(3!#)3'):!,+! 2#!&+(&%K%2%&#3%'(!,+&!Q#K%3#(3&!+3!,+&!9:'F+&&%'((+2&!P!2#!H)#2%3*!#:1Q%3+13):#2+A!):K#%(+!

+3! 9#<&#G/:+A! 2D%(%3%#3%'(! ,)! Y+)(+! 9)K2%1! P!2v#:1Q%3+13):+A! P! 2v):K#(%&0+A! #)! 9#<&#G+! +3! #)!

9#3:%0'%(+A! 2D#11)+%2! H)#2%3#3%F! ,)! 9)K2%1!3'):%&3%H)+C! ;E+1! 2D'9*:#3%'(! [!X0</&#&/*0! #%!Q#&'/.*/0(!\A! 92)&%+):&! ,%o#%(+&! ,+! F#0%22+&! '(3!

9)! K*(*F%1%+:! ,+! E%&%3+&SG)%,*+&! +3! ,D#3+2%+:&!9*,#G'G%H)+&! 1'(1+:(#(3! 92)&%+):&! &%3+&! +3!

3Q*0#3%H)+&! H)%! :+F2/3+(3! 2#! :%1Q+&&+! +3! 2#!,%E+:&%3*! ,)! 3+::%3'%:+C! "D*,%3%'(! 674V! *3#%3!1'(&#1:*+!#)!"')E:+S"+(&C!?(!1#:(+3!,+!E'<#G+&!

+(! +&3! %&&)A! H)%! 9+:0+3! ,+! ,*1')E:%:! 2+&!9Q'3'G:#9Q%+&! +3! 2+&! 1:*#3%'(&! ,+! 1+&! F#0%22+&!

%(&9%:*+&!9#:!2+):&!,*1')E+:3+&C!!

#EPSXNQDM!Y!GX!SQNDTHMMHNJ!9!GH!IQNH^CJCDKQXG!EP!%XCU!EHI!$QGGHI!Y!+Q]!![!B'092%1+!')!`*&%&3#(3!x!\!T! 1+3!#3+2%+:!,+&3%(*!

#)I! 12#&&+&! ,+! 3:'%&%/0+! +3! ,+! 2<1*+&! #(#2<&+!H)+2H)+&! F'(13%'((+0+(3&! %(,%E%,)+2&! H)%!

9+)E+(3! 1'(,)%:+! #)!9%:+! \C!>KY+13%F! 9! ;%,+:! 2+&!*2/E+&! P! ,+E+(%:! ,+&! 1%3'<+(&! *12#%:*&! +3!:+&9'(&#K2+&A!F#%&#(3!9:+)E+!,D+&9:%3!1:%3%H)+A!+(!

*E+%22#(3! 2+):! E%G%2#(1+! &):! H)+2H)+&! F#13+):&!F#0%2%+:&!,+!,*:+&9'(&#K%2%&#3%'(!+3!,+!9#&&%E%3*!P!

9#:3%:!,D+I9*:%+(1+&!9&<1Q'&'1%#2+&!T!&')0%&&%'(!#E+)G2+! P! 2D#)3':%3*A! 1'(F':0%&0+! ,+! G:')9+A!9#&&%E%3*A! 1'(,%3%'((+0+(3! P! 2#! E%'2+(1+C!

^:'K2*0#3%H)+! 9! B'00+(3! +I92%H)+:! H)D)(!%(,%E%,)A! 3')3! +(! 1'(&+:E#(3! &+&! 9:%(1%9+&!

0':#)IA! 9)%&&+A! ,/&! 2':&! H)D%2! +&3! 92#1*! ,#(&!1+:3#%(+&! 1'(,%3%'(&A! +I*1)3+:! ,+&! #13+&!1'(3:#%:+&!P!2#!0':#2+!x!

!

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

,X!RDMEXNQDM!#EPSXNQDM!SDMNKH!GH!KXSQICH!_,QGQXM!

(WPKXC`!"D+I9'&%3%'(! %3%(*:#(3+! 9:',)%3+! #E+1!2D;&&'1%#3%'(! ;(+! )(&/&+! ,-7'*%/""#',+! 3:#%3+! ,+&!

H)+&3%'(&![!U3:+!Q)0#%(!\!+3![!i%E:+!+(&+0K2+!\!+(!%(3+::'G+#(3!2+&!('3%'(&!,+!,%E+:&%3*A!,D*G#2%3*A!

,+! &3*:*'3<9+&A! ,+! 9:*Y)G*&A! ,+! :#1%&0+A!,D%(3+:1)23):#2%3*{! .2! #! 9'):! 'KY+13%F&! ,+! F#%:+!:*F2*1Q%:!+3!,+!&+!H)+&3%'((+:!&):!)(!+(&+0K2+!,+!

1'(1+93&!+3!,+!0*1#(%&0+&!&)&1+93%K2+&!,D#%,+:!P! &+! 1'((#l3:+! &'%S0W0+A! P! &+! 1'09:+(,:+!y! P!

1'((#l3:+!+3!P!1'09:+(,:+!('3:+!)(%3*!+3!('3:+!,%E+:&%3*! 1)23):+22+! +3! 9Q<&%H)+!y! ,+! 9+:0+33:+!#)I!Y+)(+&!,+!0%+)I!1'(&3:)%:+!2+):!#E+(%:!+3!,+!

2)33+:! 1'(3:+! 2+! F#3#2%&0+! +3! 2+! ,*3+:0%(%&0+!&'1%#2C!!!

!

!

4DMEXNQDM!%PGNPKH!HN!EQOHKIQNJ!HN!GH!UKDLKXCCH!e!#LXGQNJ!EHI!SWXMSHI!f!

;F%(!,D#&&):+:!#)!0%+)I!2#!:*)&&%3+!#1#,*0%H)+!+3!2#! F)3):+! %(3*G:#3%'(! 9:'F+&&%'((+22+! ,+&! *2/E+&!

,+&!9:'G:#00+&!dG#"/&-!,(+!12#0$(+!P!2DU1'2+!,)!"')E:+! +3! P! 2D.(&3%3)3! (#3%'(#2! ,)! 9#3:%0'%(+A! 2#!

J'(,#3%'(! #! ,*E+2'99*! )(! &<&3/0+!,D#11'09#G(+0+(3!+(!H)#3:+!E'2+3&!T! 2'G%&3%H)+!+3! F%(#(1+0+(3A! 9*,#G'G%+A! ')E+:3):+!

1)23):+22+!+3!%(&+:3%'(!9:'F+&&%'((+22+C!!

)HSDPKI!UDUPGXQKH!'DKE!"#!F*,*:#3%'(!#!':G#(%&*!+(!674pA!V6!777!Y'):(*+&!,+! 2'%&%:&! M,'(3! ,+&! &':3%+&! 1)23):+22+&NC! "+&!

#13%'(&! '(3! 9'):! 9:%(1%9+!T! [!E%,+:! 2#! 3W3+!\A![!&D*1Q#99+:!,)!H)'3%,%+(!\A![!:#&&):+:!\A![!1D+&3!

9'):! (')&! #)&&%!\C! >(! 1%3+:#! 9#:! +I+092+![!L>".XD;`d!\! 'z! V77! #:3%&3+&! &+! 0'K%2%&+(3!9+(,#(3! 2+! �++e+(,! ,+! 2#! JW3+! ,+! 2#! 0)&%H)+!

9'):! )(+! +I9'SE+(3+! +3! )(! 1'(1+:3C! ;)3:+!+I+092+!T! )(+! 3#K2+! ,vQ]3+&! &'2%,#%:+! #)! ^#2#%&!

,+&!h+#)IS;:3&!,+!"%22+C!U(F%(A!2D':G#(%&#3%'(!,D)(!9:'G:#00+!,+!,*1')E+:3+!,+&!0)&*+&!H)%!&'(3!#&&':3%+&! ,+! E%&%3+! G)%,*+! ')! ,D#3+2%+:&! ,D#:3&!

92#&3%H)+&C! "+&! ,+&3%(#3%'(&! 2+&! 92)&! 1'):#(3+&!T!"')E:+S"+(&A!^h;!"%22+A!1+(3:+!0%(%+:!,+!"+�#:,+A!

0)&*+! ,+! B#&&+2A! 2#! ^%&1%(+! P! `')K#%IC! `+&3+! P!

F#%:+!E+(%:!,+&!O)E:+&!,#(&!2+&!F'<+:&!,)!L+1'):&!

9'9)2#%:+C!!!,8XIIDSQXNQDM!%PGNPKH!EP!SkPK!HN! GH!UXKNHMXKQXN!

XOHS!GHI!CPIJHI!?(! +I+092+!T! "+! $)&*+! ,+! 2#! j:#(,+! G)+::+! P!

$+#)I!#! %(3*G:*! 2+! :*&+#)!B)23):+&!,)!1O):!+(!6746C! U(! 9#:3+(#:%#3! #E+1! 2D#&&'1%#3%'(! B)23):+&!,)! 1O):SL+%(+! +3! $#:(+A! %2! 9#:3%1%9+! P! 2#! 2)33+!

1'(3:+!2D+I12)&%'(!+3!2D#11/&!P!2#!1)23):+!,+!3')3+&!2+&! 9+:&'((+&! +(! &%3)#3%'(! ,+! 9:*1#:%3*C! B+!

9#:3+(#:%#3! 2+):! 'FF:+! 2#! 9'&&%K%2%3*! ,+! E%&%3+&!G:#3)%3+&! 3')3! #)! 2'(G! ,+! 2D#((*+A! ,+! 0#(%/:+!%(,%E%,)+22+!')!P!2D'11#&%'(!,+!E%&%3+&!G)%,*+&!+(!

G:')9+A! +3! ,+! 9#:3%1%9+:! #)I! ,%FF*:+(3&!*E*(+0+(3&! ,+! 2#! 9:'G:#00#3%'(! 1)23):+22+! ,)!

0)&*+C!B+33+!#13%'(!:*9'(,!P!2#!E'2'(3*!,+&!*2)&!,)!^#<&!,+!$+#)I!,+!F#1%2%3+:!2D#11/&!P!2#!1)23):+!

9'):! 3')&A! +(! 3#(3! H)+! ,:'%3! 9'):! 1Q#1)(! +3!F#13+):!,D%(&+:3%'(C!!!

4DKPC!EHI!HMRXMNI!SQNDTHMI!Y!,TDM!U(! 9#:3+(#:%#3! #E+1! 2+&! J:#(1#&A! 2v#&&'1%#3%'(!

�+&Q!+3!"+!$')3#:,A!2+&!0)&*+&!j#,#G(+A!j#22'S`'0#%(!,+!J'):E%/:+A!,v#:3!1'(3+09':#%(!M$;BN!+3! ,+&! K+#)IS#:3&! ,+! "<'(! 9#:3%1%9+(3! P!

2v':G#(%&#3%'(! #(()+22+! ,+&! [! J':)0&! U(F#(3&!B%3'<+(&! \C! B+33+! 0#(%F+&3#3%'(A! )(%H)+! +(!

J:#(1+A!9+:0+3!P!,+&!Y+)(+&!,+!q!P!4V!#(&!,+!&+!:+3:')E+:! ,#(&! ,%FF*:+(3&! 2%+)I! ,+!2D#GG2'0*:#3%'(! 2<'((#%&+! 9'):! &D+I9:%0+:A!

*1Q#(G+:! +3! ,*K#33:+! #)3'):! ,+! &)Y+3&! +(! 2%+(!#E+1! 2+):! H)'3%,%+(C! U(! :*F*:+(1+! P! 2#! 1Q#:3+!

U,)1#3%'(! 9'9)2#%:+SB)23):+A! 2+! F':)0! &D%(E%3+!,#(&! 2+&! 2%+)I!1)23):+2&!9'):! %(1%3+:! 2+&! Y+)(+&!P!,*1')E:%:!1+&!+&9#1+&!,#(&!2+&H)+2&!%2&!(D'(3!9#&!

F':1*0+(3!2DQ#K%3),+!,+!&+!:+(,:+C!!

!!

/MQOHKISQHMSH\NO!!BD+&3! 2#!�+Kdi!&1%+(3%F%H)+!Q+K,'0#,#%:+!,+! 2#!B%3*!,+&!&1%+(1+&!+3!,+!2D%(,)&3:%+!+3!,)!^#2#%&!,+!

2#!,*1')E+:3+A!H)%!+&3!9+(&*+!1'00+!)(!(')E+#)!0*,%#!#)!1:'%&+0+(3!,D%(3+:(+3A!,+!2#!3*2*E%&%'(!

+3!,+!2#!9:+&&+!0#G#o%(+C!!

!

!!

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

,8XcPINHCHMN! EHI! WDKXQKHI! XP]! KTNWCHI! EH! OQH!

SDMNHCUDKXQMI\!

•! ,2&D53E2&N23&W245OLT763&N2&X2??23&

!

!•! ,2& !53E2LTR547@5D& N2& %4?HY& 26& I23&

3C@7E23&N5&M2?N72N@&

"+!9)K2%1!#,)23+!,%&9'&+!,*&':0#%&!,+!0'0+(3&!9:%E%2*G%*&! 2':&! ,+! &'%:*+&! ':G#(%&*+&! 1+:3#%(&!

E+(,:+,%&! &'%:! 3')3! #)! 2'(G! ,+! 2D#((*+C! "+!$)&*)0!1Q#(G+!,+!,*1':!T!)(!K#:!P!Y)&!,+!F:)%3&!

&D%(&3#22+A! ,+&! &9*1%0+(&! &':3+(3! ,+&! :*&+:E+&!#2':&! H)+! ,+&! 0*,%#3+):&! &1%+(3%F%H)+&A! ,+&!1'0*,%+(&A!,+&!1)%&%(%+:&A!,+&!9Q'3'G:#9Q+&!')!

,+&!,#(&+):&!+(E#Q%&&+(3!2+&!+&9#1+&C!!

!!!

!!

!!!

!!

!!!

!!

!!!

!!

!!

,H! SDEH! EP! KHIUHSN! EHI! PIXLHKI! SPGNPKHGI! HM!

RJEJKXNQDM!lXGGDMQH^@KP]HGGHI![!L#0+!%0!+*%$/!,(!$*0+/,-'#&/*0!(&!,(!$*06*'&!,(+!%+#G('+!\A! 1+! 1',+! +&3! #FF%1Q*! P! 2D+(3:*+! +3! P! 2#!

&':3%+! ,+&! 0)&*+&! #E+1! 1'00+! #0K%3%'(! ,+!9:*&+:E+:!,+&!1'(F2%3&!,D)&#G+&!+3!9:'0')E'%:!,+!

K'((+&! :+2#3%'(&! +(3:+! 2+&! E%&%3+):&! +3! 2+&!%(&3%3)3%'(&! 1)23):+22+&C! @! F%G):+(3! 2+&!+(G#G+0+(3&! ,)! 0)&*+A! 2+&! :+1'):&! 2':&! ,+!

92#%(3+&A! #%(&%! H)D)(! 9:%(1%9+! ,D*E#2)#3%'(!,D#992%1#3%'(!,)!1',+!9#:!2+&!3)3+22+&C!!

!!

,X!SWXKNH!EP!$iC8+KN!HN!GHI!OQIQNHI!RXCQGQXGHI\!"D#&&'1%#3%'(! $'0D;:3! &D+&3! ,'((*+! 9'):! K)3!,D#%,+:! 2+&! 0)&*+&! P! #0*2%':+:! 2D#11)+%2! +3! 2+&!

&+:E%1+&! ,*,%*&! #)I! F#0%22+&C! U22+! #! :*,%G*! 1+33+!1Q#:3+! +3! 2+&! 0)&*+&! &%G(#3#%:+&! &D+(G#G+(3! P!

:+&9+13+:!2+&![!47!,:'%3&!,+&!9+3%3&!E%&%3+):&!\C!U22+!#33:%K)+!3:'9Q*+!+3!9:%I!1Q#H)+!#((*+C!!!

!!

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

!/=&

"U!$?LUU!^`>dU.J>`$U!

!

"+!9#<&#G+!0)&*#2!F:#(R#%&!+I1/,+!2#:G+0+(3!2+!9*:%0/3:+!,+&!4C667!$)&*+&!,+!J:#(1+C!"#!

9':3*+!,+!1+!:*&+#)!+&3!#11:)+!P!3:#E+:&!,+&!1''9*:#3%'(&!#E+1!2+&!J:#1A!2+&!1+(3:+&!,+!1)23):+!

&1%+(3%F%H)+!3+1Q(%H)+!+3!%(,)&3:%+22+!')!2+&!0*0':%#)I!B+!:*&+#)!*2#:G%A!E'%:+!P!:+1'09'&+:A!

'FF:+! )(+! G:#(,+! ,%E+:&%3*! ,+! &3:)13):+&! +3! ,+! 0'<+(&! 'z! 2D%(('E#3%'(! +&3! )(+! ,+(:*+!

F:*H)+(3+C!_'0K:+!,D*H)%9+&A!0W0+!+I3:W0+0+(3!:*,)%3+&A! F'(3!9:+)E+!,+!E%:3)'&%3*C!"+&!

#13%'(&!H)D+22+&!0/(+(3A!2+&!9#:3+(#:%#3&!H)D+22+&!(')+(3A!%22)&3:+(3!2#!92#&3%1%3*!,+!2#!F':0+!

0)&*#2+A! &#! 1#9#1%3*! P! &D#11'00',+:! ,+! 2#! 92)9#:3! ,+&! &%3)#3%'(&C! X0! +/&%A! Q':&! 2+&!0):&A!

,*0#3*:%#2%&*A! 2DQ<K:%,#3%'(! ,+&! 9:'9'&%3%'(&A! 9:'G:#00+&! +3! 0*,%#3%'(&! 3:#(&F':0+! 2#!

:+2#3%'(!,+&!9)K2%1&!P!2D'FF:+C!!

X*&':0#%&A!2+!0)&*+!9+)3!&+!E%E:+!P!V87s!+3!2#!E%&%3+!W3:+!&#(&!F%(C!"#!1'00)(%1#3%'(!,+E%+(3!

)(!2+E%+:!,+!,%E+:&%F%1#3%'(!,+&!9)K2%1&A!+(!0W0+!3+09&!H)v)(!2%+(!#E+1!+)IC!U22+!,'%3!,'((+:!

2v%0#G+!,v)(!0)&*+!E%E#(3A!1'(3+09':#%(!+3!#11+&&%K2+!P!3')&!+(!9:+(#(3!#99)%!('3#00+(3!

&):!2+&!:*&+#)I!&'1%'S()0*:%H)+&!+3!+(!)&#(3!,D)(!3'(!,*1#2*C!

$>XU"UL!U$U`jU_dL!

!

!! ,H!CPIJH!OQOXMN\!!

X)! 92)&! 9+3%3! #)! 92)&! G:#(,A! 2+!0)&*+! &+! :*%(E+(3+! 1'(&3#00+(3C! .2! G*(/:+! ,+! (')E+#)I!

9#:1'):&!,+!E%&%3+A!%(E%3+!#:3%&3+&A!0)&%1%+(&A!#13+):&!P!:+2%:+!2+&!1'22+13%'(&C!.2!9:+(,!9#:F'%&!2#!

F':0+!,v)(!1'(3#%(+:!+3!E'<#G+!&):!)(!1#0%'(C!.2!&D%(&3#22+!,#(&!)(!1#F*A!1Q+o!2+&!1'00+:R#(3&A!

,#(&!)(+!+(3:+9:%&+C!.2!&+!,*0#3*:%#2%&+!+3!&+!3*2*1Q#:G+C!.2!&+!0+3!P!2#!9':3*+!,+!2#!9'9)2#3%'(C!

!! ,H!CPIJH!_QC`UHKNQMHMN\!!

X+&!9:'G:#00+&!E#:%*&!0+33+(3!+(!Y+)!2#!1'S1'(&3:)13%'(A!2D%(3+:,%&1%92%(#:%3*A!2+!,%#2'G)+!,+&!

O)E:+&! 2+&! 92)&! ,%E+:&+&A! 2+&! F':0)2+&! ,)! 3+09':#%:+S2'(G! ')! ,+! 2D*E/(+0+(3%+2! ,#(&! 2+!

9+:0#(+(3A!2#!0'K%2%3*!,+&!1'22+13%'(&{!B+&!:*9'(&+&!%(('E#(3+&!H)+!2+&!0)&*+&!#99':3+(3!P!

2#!,+0#(,+! &'1%#2+A! 3')3!+(!,+0+):#(3! F%,/2+&!P! 2+):! E'1#3%'(A! &'(3!P! 2#! F'%&!#),#1%+)&+&A!

,*1'(1+:3#(3+&A!,%E+:3%&&#(3+&!+3!:%1Q+&!,+!&+(&C!?(+!1'00)(%1#3%'(!('(!1'(E+(3%'((+22+!+(!

+&3!2#!3:#,)13%'(C!

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

!! ,H!CPIJH!ZPQ!SDMINKPQN!IHI!ODQIQMXLHI\!!

"D%::*,)13%K%2%3*! ,+!2D+I9*:%+(1+! ,+! 2DO)E:+! +3! ,)! 2%+)! ,+0+):+! )(+! ,'((*+! ,+! K#&+! ,+&!

9:#3%H)+&!9:'F+&&%'((+22+&!+3!,+!2D'FF:+!0)&*#2+!T!#)3:+0+(3!,%3A! 2+!0)&*+!&':3!,+!&+&!0):&!

9'):! 0%+)I! F#%:+! E+(%:! 2+&! 9)K2%1&C! $#%&! 2+&! 3+::%3'%:+&! ,)! 0)&*+! &'(3! #K'(,#(3&! +3! &+&!

E'%&%(#G+&!0)23%92+&!T!9)K2%1!,+!9:'I%0%3*A!9)K2%1&!,+&!3'):%&3+&A!1'00)(#)3*&!,D#0%&!&):!2+&!

:*&+#)I!&'1%#)I!{!BQ#H)+!9:'9'&%3%'(!#!&#!2'G%H)+A!0#%&!,'%3!&D%(&1:%:+!,#(&!2#!,):*+!9'):!H)+!

&+!1'(&3:)%&+!)(+!:+2#3%'(!&'2%,+!+3!,):#K2+A!#)3:+0+(3!,%3!H)+!2+!9)K2%1!&+!F%,*2%&+C!

Ba;_d.U`L!;!>?i`.`!

!

!! +7E46@C?&NS5?&K57245&N2&I4&H7E46@M@6E&D53E4I2&45&#27M@H2&N23&!53E23&N2&G74?H2&

&

.2! #):#! 2#! 1Q#:G+! ,D%09)2&+:! 2+! :+(')E+22+0+(3! ,+! 2D'FF:+! +3! ,+! &3:)13):+:! )(! &#E'%:SF#%:+!

1'00)(!9#:3')3!&):!2+!3+::%3'%:+A!+(!0*3:'9'2+!1'00+!,#(&!2+&!')3:+S0+:C!.2!#99':3+:#!&'(!

&')3%+(!P!2#!1'(1:*3%&#3%'(!,+!9:'Y+3&!%(('E#(3&!+3!E+%22+:#!P!2+):!,%&&*0%(#3%'(C!.2!1'(&'2%,+:#!

2+! ,*E+2'99+0+(3! ,+&! ')3%2&! ()0*:%H)+&! #)!0)&*+A! 2+):!0)3)#2%&#3%'(! +3! 2+):! #,#93#3%'(!

:*G)2%/:+! #)I! (')E+#)I! )&#G+&C! .2! #11'09#G(+:#! 2#! 9:'0'3%'(! ,+! 2D+I9+:3%&+! F:#(R#%&+! +3!

,*E+2'99+:#!2+&!9#:3+(#:%#3&!P!2D%(3+:(#3%'(#2!&):!2+!0',/2+!,)!:*&+#)!F:#(1'S#0*:%1#%(!,+&!

0)&*+&!MJ`;$UNC!!

B+!(')E+#)!K):+#)!3:')E+:#!)(+!F':0+!,D':G#(%&#3%'(!+(!#11':,!#E+1!&'(!9:'9'&C!X%FF*:+(3+&!

1'09*3+(1+&!<!&+:'(3!:+9:*&+(3*+&!%22)&3:#(3!2D%,*+!,+!3:#(&E+:&#2%3*!+3!,+!,*12'%&'((+0+(3!

,+&!G:#(,&!&+13+):&!,)!$%(%&3/:+A!,+&!,%&1%92%(+&!+3!,+&!0*3%+:&!,)!0)&*+!+3!,+!2#!1)23):+C!"+!

:#33#1Q+0+(3!,+!9+:&'((+2&!3%3)2#%:+&!M,)!$%(%&3/:+!')!,+!&+&!*3#K2%&&+0+(3&N!P!1+!K):+#)!&+!

F+:#! &):! 2#! K#&+! ,)! E'2'(3#:%#3! +3! 9'):! )(+! ,):*+! ,*3+:0%(*+C! L):! 2+!0W0+! 9:%(1%9+A! 2+&!

*H)%9+&! ,+&! 1'(&+%22+:&! $)&*+&! +(! X:#1! &+:'(3! :+(F':1*+&! 9#:! )(! :*F*:+(3! ,+&! 0)&*+&!

3+::%3':%#)I!#<#(3!)(+!0%&&%'(!,D#13%E#3+):!+3!,+!,%&&*0%(#3+):!,+&!%(('E#3%'(&C!?(!9''2!,+!

9+:&'((+&S:+&&'):1+&! +I3*:%+):+&! #)! $%(%&3/:+! M,#(&! 2+! &+13+):! ,+&! &+:E%1+&! ()0*:%H)+&!

1)23):+2&!('3#00+(3N!&+:#!#&&'1%*!#)!,%&9'&%3%FC!?(+!1'(F*:+(1+!:*G%'(#2+!,)!(')E+#)!:*&+#)!

&+:#!':G#(%&*+!,+)I!F'%&!2D#(!9#:!2+!L$JC!"#!(')E+22+!F':0+!,D':G#(%&#3%'(!F+:#!2D'KY+3!,D)(+!

*E#2)#3%'(!#)!K')3!,+!3:'%&!#(&C!!

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

?(!9:+0%+:!#99+2!P!9:'Y+3!9+)3!W3:+!2#(1*!:#9%,+0+(3C!.2!&+:#!1'(&#1:*!#)!:+(')E+22+0+(3!,+!

2#! 9:*&+(3#3%'(! ,+&! O)E:+&! ,#(&! 2+&! G#2+:%+&! 9+:0#(+(3+&! ,+&! 0)&*+&!T! (')E+#)I!

#11:'1Q#G+&A! 0%I! ,+&! 1'22+13%'(&A! 0)&*'G:#9Q%+! +3! 9#:1'):&! ,+! E%&%3+A! *E*(+0+(3&! +3!

%(3+:E+(3%'(&!*9Q*0/:+&!0'K%2%&#(3!,D#)3:+&!,%&1%92%(+&!#:3%&3%H)+&!+3!1)23):+22+&A!,%&9'&%3%F&!

,D%(3+:9:*3#3%'(! ,+&!O)E:+&A! {A! &)&1+93%K2+&! ,+! :*S+(1Q#(3+:! 2D+I9*:%+(1+! ,+! E%&%3+! +3! ,+!

3')1Q+:!,+!(')E+#)!E%&%3+):&C!!

!! +F4?P2D2?6&N2&36YI2&N2&I4&HCDD5?@H46@C?&26&I4&B7CDC6@C?&N2&IS@D4P2&NS5?&D53E2&

M@M4?68&&!

"D#99+22#3%'(!$)&*+&!,+!J:#(1+!,'%3!F#%:+!2D'KY+3!,D)(+!1'00)(%1#3%'(!0+33#(3!+(!+I+:G)+!

2v%0#G+!,v)(!0)&*+!E%E#(3A!%0#G%(#3%FA!1'(3+09':#%(!+3!#11+&&%K2+!P!3')&A!+(!9:+(#(3!#99)%!

&):!2D+(&+0K2+!,+&!0*,%#&A!('3#00+(3!2+&!0*,%#&!()0*:%H)+&A!+(!#,'93#(3!)(!(')E+#)!3'(!

+3!+(!E#:%#(3!2+&!&3<2+&C!.2!&D#G%3!,D%(&3#):+:!)(+!1'00)(#)3*!#)3'):!,)!0)&*+!+3!,D#G:*G+:!

&+&!,%FF*:+(3&!0'(,+&C!

!! "DBI@H46@C?&N23&D53E23&?46@C?45O&N4?3&I2&7E3245&N23&D53E23&6277@6C7@45O&U&I2&7ZI2&

N23&[74?N3&NEB4762D2?63&B467@DC?@45O&&

;)!('0K:+!,+!4pA!2+&![!j:#(,&!,*9#:3+0+(3&!9#3:%0'(%#)I!\!#(%0+(3!2+!:*&+#)!,+&!0)&*+&!

3+::%3':%#)I!1'(&+:E#(3!,+&!1'22+13%'(&!,'(3!%2&!&'(3!:*F*:+(3&C!B+!:]2+!,'%3!W3:+!,<(#0%&*C!;!

2D%(&3#:!,)!B2)K!-.-!#(%0*!9#:!2+!0)&*+!,D>:&#<!')!,)!G:')9+!6p!")I!#(%0*!9#:!2+!1#K%(+3!,+&!

,+&&%(&!,)!0)&*+!,)!"')E:+A! 2D#(%0#3%'(!,+!G:')9+&!,+!3:#E#%2!9+)3!W3:+!,*E+2'99*+!9'):!

1Q#H)+!3<9+!,+!1'22+13%'(&!9#:!2D+(3:+0%&+!,+&!,*9]3&!')!9:W3&!,DO)E:+&A!9#:!,+&!+I9'&%3%'(&!

3+09':#%:+&!0%&+&!+(!1%:1)2#3%'(!&):!2+!3+::%3'%:+!+3!9#:!2D*1Q#(G+!,D%(F':0#3%'(&C!

!! ,2& #27M@H2& N23& !53E23& N2& G74?H2& 26& I23& )@72H6@C?3& 7EP@C?4I23& N23& 4AA4@723&

H5I6572II23&HCDD2&4?@D462573&N23&B4762?47@463&26&CBE7462573&N5&\&FC73&I23&D573&]&

&

"+&! 9'2%3%H)+&! 1)23):+22+&! (#3%'(#2+&! +3! 3+::%3':%#2+&! &'(3! ,D#)3#(3! 92)&! :*)&&%+&! H)+! 2+&!

%(&3%3)3%'(&! 1)23):+22+&! M0)&*+&A! J`;BA! 1+(3:+&! ,D#:3A! 3Q*w3:+&A! K%K2%'3Q/H)+&A! #:1Q%E+&A! {N!

3:#E#%22+(3! +(&+0K2+A! &D*1Q#(G+(3! 2+):&! +I9*:%+(1+&! +3! (+! &+! E%E+(3! 9#&! 1'00+!

1'(1)::+(3%+22+&C!!

BD+&3!9'):H)'%A! 2#!$%&&%'(!$)&*+&!,)!--.+! &%/12+!9:*1'(%&+!)(+!#99:'1Q+!,*12'%&'((*+!+3!

%(3+:,%&1%92%(#%:+! ,+! 2#! 9#:3! ,+&! &+:E%1+&! ,+! 2D;,0%(%&3:#3%'(! 1+(3:#2+! +3! ,+&! X:#1! 9'):!

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

2D#(%0#3%'(!+3! 2+!,*E+2'99+0+(3!,+!9#:3+(#:%#3&!+(3:+! 2+&!0)&*+&A! 2+&!#)3:+&!*H)%9+0+(3&!

1)23):+2&!MF:#1&A!0*,%#3Q/H)+&A!3Q*w3:+&A!'9*:#&A!1%(*0#&A!{N!+3!2+&!U1'2+&!,)!$%(%&3/:+A!H)D%2&!

,'((+(3!2%+)!P!,+&!'9*:#3%'(&!,#(&!2+&!0):&!')!Q':&!2+&!0):&!,+&!*3#K2%&&+0+(3&C!!

B'(1:/3+0+(3A! 2+&! 1''9*:#3%'(&! +(3:+! 3')3+&! 2+&! 1#3*G':%+&! ,+! 0)&*+&! MK+#)IS#:3&A! #:3!

1'(3+09':#%(A! +3Q('G:#9Q%+A! Q%&3'%:+A! &1%+(1+&! +3! 3+1Q(%H)+&N! ,'%E+(3! W3:+! 0%+)I!

+(1'):#G*+&C! "+&! 1'22#K':#3%'(&! #E+1! 2+&! J`;BA! %(%3%*+&! ,+9)%&! 3:+(3+! #(&A! ,'%E+(3! W3:+!

G*(*:#2%&*+&! </#! ,+&! ,*9]3&A! ,+&! +I9'&%3%'(&A! ,+&! 1'9:',)13%'(&C! "+&! 9#:3+(#:%#3&! #E+1! 2+&!

#:1Q%E+&!+3!2+&!0*,%#3Q/H)+&!&+:'(3!*3+(,)&C!B+)I!#E+1!2+!&9+13#12+!E%E#(3!M3Q*w3:+A!0)&%H)+!

+3!,#(&+N!9+:0+33:'(3!,+&!'9*:#3%'(&!1'00)(+&C!d#(,%&!H)+!,D#)3:+&!#E+1!2+&!*1'2+&!,D#:3!+3!

,+!,+&%G(!,+E:#%+(3!9')E'%:!G*(*:+:!,#E#(3#G+!,+!:*&%,+(1+&!,+!Y+)(+&!1:*#3+):&C!

"+! 2*'+! "(+!.%'+! &+:#! %09)2&*! 9#:! )(! 1#Q%+:! ,+&! 1Q#:G+&! 1'00)(! +3! 2#!0)3)#2%&#3%'(! ,+!

&3:)13):+&!0'K%2+&!P!2D*1Q+22+!,+!1Q#H)+!`*G%'(C!"#!1%:1)2#3%'(!,+&!O)E:+&!+(3:+!0)&*+&!+3!

#)3:+&!*H)%9+0+(3&!&+:#!F#1%2%3*+!+(!0+33#(3!+(!92#1+!,+!F#R'(!92)&!2#:G+!2#!G#:#(3%+!,D�3#3A!

#F%(!,D*E%3+:!,+&!1'n3&!,D#&&):#(1+!9:'Q%K%3%F&C!!

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

!00&

#61#"&#'%#)!-#!"#4#"#'%#!

!1XIIHUDKN!SPGNPKHG!UDPK!GHI!MDPOHXP^MJI!HN!GHPKI!UXKHMNI\!!

X#(&! 2+! 1#,:+! ,D)(! 9#:3+(#:%#3! +(3:+! 2+! B+(3:+!Q'&9%3#2%+:! $*3:'9'2+! L#E'%+! +3! 2+! 0)&*+! ,+&!

h+#)IS;:3&! ,+! BQ#0K*:<!1+! [!2%E:+3! ,+! F#0%22+!\!9:'9'&+! )(+! +(3:*+! G:#3)%3+! P! 3')3+! 2#! F#0%22+!9+(,#(3!2#!9:+0%/:+!#((*+!,+!2D+(F#(3C!!

!!

+!"DEHm;!GHI!#MRXMNI!EH!)DPGXLHI!!

"#! 6#7'/$#&/*0! ,%! )%7"/$! &D+&3! F#%3+! +(! 0W0+!3+09&!H)+!2D*,%F%1#3%'(!,)!0)&*+!T!2D+(&+0K2+!,+!2#! 9'9)2#3%'(! #! &)%E%! 2+! 1Q#(3%+:! P! 3:#E+:&! )(!

3:#E#%2!,+!:+9':3#G+!:*#2%&*!9+(,#(3!,+)I!#(&!9#:!2+&!*2/E+&!,+!,%FF*:+(3+&!*1'2+&!+3!1'22/G+&C!!

!!

,HI!XSSKDSWXLHI!UXKNQSQUXNQRI!!

!! +P! CPIJH! E8XKN! HN! E8WQINDQKH! EH! ,X!

"DSWHGGH!X+9)%&! 47! #(&A! 2+! 1'00%&&#:%#3! ,D)(+!

,D+I9'&%3%'(! +&3! 1'(F%*! #)! 9)K2%1C! ;9:/&! 2+&!:)GK<0+(! ,)! L3#,+! `'1Q+2#%&A! ,+&! #G+(3&! ,)!1+(3:+!3+1Q(%H)+!0)(%1%9#2A!')!+(1':+!)(!G:')9+!

,+!,*3+()&!,+!2#!1+(3:#2+!,+!L#%(3S$#:3%(!,+!`*A!!2#!,+:(%/:+!+I9'&%3%'(A!S*/'!(&!0(!)#+!<*/'A!#!*3*!

1'(R)+!#E+1!)(!G:')9+!,+!,*F%1%+(3&!E%&)+2&!T! 2+!3:#E#%2!,+!&*2+13%'(!,+&!O)E:+&!&D+&3!+FF+13)*!9#:!K%(]0+&!('(SE'<#(3&�E'<#(3&A!9)%&!'(3!*3*!1:**&!

,+&! ')3%2&! ,+! 0*,%#3%'(! 9'):! #11'09#G(+:! 2+&!O)E:+&! +3! #22+:! 92)&! 2'%(! ,#(&! 2D#11+&&%K%2%3*!

M0)23%0*,%#A! 3#K2+33+&! ()0*:%H)+&A! 0*,%#3%'(!'2F#13%E+A!1#3#2'G)+!#,#93*NC!!!

!

!! +P!CPIJH!)XQMNH^%KDQ]!EH!1DQNQHKI!

"#! [!L#%&'(! 9#:3%1%9#3%E+!\! ,*12%(+! )(+! F':0)2+!9'):! 2+&! #,'2+&1+(3&! H)%! &D%(3%3)2+! [!"+&! b+)(+&!3:#l(+(3!#)&&%!#)!0)&*+!\C!!

!

!!

!! ,X!%WXC[KH!EHI! OQIQNHPKI!XP!CPIJH!EHI!@HXP]^+KNI!EH!"DPHM!

X+9)%&! 6746! #)A! ;(! R(.)+! ,(+! $*""($&/*0+!

1'(&3%3)+! )(+! (')E+22+! F#R'(! ,+! 9:*&+(3+:! 2+&!1'22+13%'(&! 9+:0#(+(3+&! +(! 2+&! ')E:#(3! #)I!

:+G#:,&!2+&!92)&!,%E+:&C!^'):!2#!p/0+!*,%3%'(A!1D+&3!#)! 9)K2%1! H)D'(3! *3*! 1'(F%*+&! 2+&! 12+F&! ,+&!:*&+:E+&!T! 2#! $2#.7'(! ,(+! </+/&(%'+! +&3! )(+!

(')E+22+! &#22+!H)%! :+R'%3! 2+&!O)E:+&!92*K%&1%3*+&!9#:!2+!9)K2%1!#)!0'<+(!,D)(!E'3+!+(!2%G(+!&):!2+!

&%3+! ,)! 0)&*+C! U(! 6748A! 2+&! 9#:3%1%9#(3&! '(3!,*F+(,)! 2+):&! O)E:+&! 9:*F*:*+&! #E+1! 92)&! ,+!

45!777!E'3+&C!!,X!OQNKQMH!e!"D4P@?2^& I2&D53E2&N2&N2D4@?&f!XP!

CPIJPC!EH!(DPGDPIH!;9:/&! 2D+I9'&%3%'(! 1'22#K':#3%E+! [!I#%! "F(@)*!\!

M6746N!'z!%2!*3#%3!,+0#(,*!,+!1'(3:%K)+:!9#:!)(+!9Q'3'G:#9Q%+!+3!&'(!1'00+(3#%:+A!2+!0)&*)0!,+!d')2')&+! #! 9:'9'&*! +(! 6748! P! &+&! E%&%3+):&!

,D#99':3+:!)(!'KY+3! +3! &'(! 1'00+(3#%:+! :*,%G*!&')&!2#!F':0+!,D)(!1#:3+2!,*E+2'99*!+(!E)+!,D)(+!

E%3:%(+!,+!2D+I9'&%3%'(![!;(+!H#<#0&%'/('+!\C!!dHPMHI! XKNQINHI! EXMI! GHI! SDGGHSNQDMI! XP! CPIJH!

+EKQHM! -P[DPSWJ! ^! CPIJH! MXNQDMXG! EH! GX!%JKXCQZPH!Y!,QCDLHI!!

B+!0)&*+!(#3%'(#2!+(3:+3%+(3!)(+!:+2#3%'(!*3:'%3+!#E+1! 2D�1'2+! ,D#:3! +(! +I9'&#(3! 3')&! 2+&! #(&! 2+&!1:*#3%'(&!,+!1Q#H)+!9:'0'3%'(!,D*3),%#(3&C!;%(&%!

&D%(&3#):+! )(! 1'(3%())0! +(3:+! 1:*#3%'(! +3!9#3:%0'%(+A! ,%&&*0%(#(3! ,+&! O)E:+&!

1'(3+09':#%(+&!,#(&!2+!9#:1'):&!9+:0#(+(3!,+!2#!1'22+13%'(C!!!

#]UDIQNQDM! e!=JNJKDNDUQHI!f! XP! $PIJH! E8XKN!CDEHKMH!HN!SDMNHCUDKXQM!EH!)NKXI[DPKL!$W2#(3! #:3! +3! #:1Q%3+13):+A! 2D+I9'&%3%'(! +&3!9:*&+(3*+! ,#(&! 2+! 1#,:+! ,+! 2#! &#%&'(! [! Q#++/*0+!

!

!"##"$%&!'#((#&)'&**"(&#"(+,(& & -$,'!(&"&01&

Q#'&#G-(+9! P%! $e%'! ,(+! $*""($&/*0+! \A! 9:'G:#00+!,D+I9'&%3%'(&! 1'(&#1:*! P! 2#! E#2':%&#3%'(! ,+&!1'22+13%'(&!,+&!0)&*+&!&3:#&K'):G+'%&C!!

!!

$B2?&!53E5D!XP!1XGXQI!EHI!@HXP]^XKNI!EH!,QGGH!"+!9:%(1%9+!#!*3*! 2#(1*!+(!674t!T! 2+!9#2#%&! 2#%&&+!

%(E+&3%:! &+&! G#2+:%+&! 9+:0#(+(3+&! 9#:! ,+&!1:*#3+):&!+(!3')&!G+(:+&!T! 2+!G:')9+!0)&%1#2!;%:!

M674tNA! X'(#2,! +3! 2+! 1'22+13%F! .(3+:X)1e! M674pNA!=+9!M6748NA!2+!1Q+F!;2#%(!^#&&#:,!M6748S6745NC!!

%KJXNQDM;!CJEQXNQDM!HN!MPCJKQZPH!!"+!9:'G:#00+!,*E+2'99*!+(!6744!9'):!2+!B+(3:+!

(#3%'(#2!,+&!#:3&!92#&3%H)+&!9+:0+3!P!1Q#1)(!,+!F#%:+!&#!9:'9:+!+I9'&%3%'(!E%:3)+22+!P!9#:3%:!,D)(!1':9)&! H)D%2! #):#%3! 1Q'%&%C! [B(#9_\! +&3! #%(&%! )(!

[!G*(*:#3+):!,+!1'22+13%'(&!\!H)%!&D#99)%+!&):!2+&!:*&+:E+&! ()0*:%&*+&C! "+! E%&%3+):! 1'(R'%3! &'(!

9#:1'):&!P!9#:3%:!,D)(!0'3!12*!P!9#:3%:!,)H)+2!)(!9:'G:#00+! +I92':+! 2+&! K#&+&!,+! ,'((*+&! ,)!B(#9C!U(&)%3+!)(+!E:#%+SF#)&&+!#:1Q%3+13):+!'FF:+!

#)!E%&%3+):!)(+!+I9'&%3%'(!)23:#S9+:&'((#2%&*+C!!

!M1N!^%+::+!j%(+:!6744!

!

#]UDIQNQDM!+474DKCI4P2!XP!:KXME!1XGXQI!"+! [!1#:#0K'2#G+!\! ,+&! O)E:+&A! P! 2D%(&3#:! ,+!

2D+I9'&%3%'(!*9'(<0+A!G#G(+!9#:3')3!,)!3+::#%(C!!!

!

#]UDIQNQDM!#2?6@D2?6&N2&I4&I@HC7?2!XP!$PIJH!EH!

GX!%WXIIH!HN!EH!GX!'XNPKH!Y!1XKQI!!!!?(! 9#:1'):&! '2F#13%F! #! *3*! %0#G%(*! T! #)! F%2! ,+&!&#22+&! +3! 1#K%(+3&A! H)#3:+! 9#:F)0&! %22)&3:+(3!

,%FF*:+00+(3! +3! ,%#2'G)+(3! #E+1! 2+&! 1'22+13%'(&!9+:0#(+(3+&C! X*1#2*&! ')! :#1*&A! 2+&! 9#:F)0&!

1'09'&+(3! )(! 9#<&#G+! '2F#13%F! H)%! &D%(&1:%3! +(!&):%09:+&&%'(!,+&!O)E:+&!9:*&+(3*+&C!!!

-QXGDLPH!EHI!SDGGHSNQDMI;!CPIJH!%XG[HN;!:KQIDGGH!!X#(&! 1+! 0)&*+! ,D#:3! +3! 3:#,%3%'(! 9'9)2#%:+A! )(!

9#:3+(#:%#3!#E+1!,+&!U1'2+&!,D#:1Q%3+13):+A!,D#:3&!#992%H)*&! +3! ,+! K+#)IS#:3&! 0*3#0':9Q'&+!:*G)2%/:+0+(3!%(3*:%+):!+3!+I3*:%+):!,)!0)&*+C!!

!

#]UDIQNQDM! [CI2D&_& TM46473& NS5?2& IEP2?N2&

NS47P@I2! XP! CPIJH! E8+KN! HN! E8WQINDQKH! EP!

cPEXnICH!Y!1XKQI!"+!9#:1'):&!,+!2D+I9'&%3%'(!0W2+!9+%(3):+A!,+&&%(A!9Q'3'G:#9Q%+A!3Q*w3:+A!1%(*0#A!2%33*:#3):+A!hX!+3!

Y+)!E%,*'C!!

!!

"JDPOHKNPKH!EP!CPIJH!/MNHKGQMEHM;!%DGCXK!!!

!! ,23&B26@63&TDK4334N2573&NS'?627I@?N2?&

"+&!+(F#(3&!wG*&!,+!p!P!46!#(&!&'(3!%(E%3*&!P!)(!E+:(%&&#G+! ,+&! +I9'&%3%'(&! +(! 1'09#G(%+! ,+&!

#:3%&3+&!+3!P!)(!#3+2%+:!,D#:3&!92#&3%H)+&C!;!2D%&&)+!,+!2#!0#3%(*+A!%2&!&+!E'%+(3!:+0+33:+!)(!K#,G+!,+&!

[!9+3%3&! ;0K#&&#,+):&! ,D?(3+:2%(,+(!\! #E+1!2+H)+2!%2&!9')::'(3!P!2+):!3'):!%(E%3+:!2+):!F#0%22+!

P!,*1')E:%:!2D+I9'&%3%'(C!!! )4?H2&AICC7&#F@DDY&&

L'%:*+&! ,#(&#(3+&! ,+&! #((*+&! F'22+&! H)%!

9:'2'(G+(3! 2#! E%&%3+! ,+! 2D+I9'&%3%'(! ,+! 0#(%/:+!

!"##"$%&!'#((#&)'&**"(&#"(+,(& & -$,'!(&"&09&

F+&3%E+C! d:/&! 9'9)2#%:+! ,#(&! 2+&! #((*+&! 4m67A!

1+33+! ,#(&+! 9:'1Q+! ,)! BQ#:2+&3'(A! #! *3*!9:#3%H)*+! +3! 3:/&! #99:*1%*+! 9#:! >33'! X%I! +3!&'(!*9')&+!$#:3Q#!P!h+:2%(C!X+&!1Q':*G:#9Q+&!+3!

)(! ':1Q+&3:+! #(%0+(3! 2+! 9:'G:#00+C! .2! +&3!9'&&%K2+! ,+! E+(%:! 1'&3)0*! +3! 2+&! K)22+&!

#2&#1%+((+&!'(3!'FF+:3+&!�!!-HIIQMHK!EXMI!GHI!IXGGHI!EHI!CPIJHI!!

;)! $h;! ,+! `+((+&A! ')E+:3):+! ,)! 0)&*+! #)I!#0#3+):&! 9'):! )(+! 1'9%+! ,DO)E:+&! M2+! 0)&*+!

F'):(%3! 2+! 0#3*:%+2NC! ;)! 0)&*+! ,+&! ;:3&! +3!0*3%+:&A! ,#(&! 2D+I9'&%3%'(!=#$2/0(+! E! ,(++/0('A!,+&! 3#K2+&! P! ,+&&%(! '(3! *3*! %(&3#22*+&A! H)%!

9+:0+33+(3! #)I! E%&%3+):&! ,+! :*%(E+&3%:! 2+! 2%+)!#)3:+0+(3C!"+!9#:3+(#:%#3!,+&!0)&*+&!,+!2#!i%22+!

,+! ^#:%&! #E+1! 2+&! ?:K#(! &e+31Q+):&! +(! +&3! )(+!F':0+! +(1':+! 92)&! 1'(3+09':#%(+C!Q339T��9#:%&C):K#(&e+31Q+:&C':G�9�H)%S&'00+&S(')&CQ302!!!

-XMIH!XP!CPIJH!B':9&! +(! 0')E+0+(3! P! 2#! ^+3%3+! j#2+:%+! #)!"')E:+A! 0#%&! *G#2+0+(3A! 2#! 1'22+13%'(!

9+:0#(+(3+! ,)!0)&*+! ,+&! h+#)IS;:3&! ,+! "<'(!H)%!&+!E%&%3+!+(!,#(&#(3!2':&H)D'(!+&3!*H)%9*!,)!

[!:#,%'G)%,+!2),%H)+!\A! 2+![!^#:1'):&!,#(&+!\!,)!$)&*+!d')2')&+S"#)3:+1! P!;2K%A! +3! ,+!(')E+22+&!F':0+&!,D#3+2%+:&!MM0!,#0+(!#)!$)&*+!,D>:&#<NC!!

!

!!#]UDIQNQDM! %DKUI! KH[HGGHI! XP! $PIJHI! EH!%DMRGPHMSHI;!,TDM!

"+&! E%&%3+):&! 0)(%&! ,D)(! 1#&H)+! +I92':+(3! 2+&!)(%E+:&! ,+! 2#! ,#(&+! 1'(3+09':#%(+! +3! 9+)E+(3!

9#:3%1%9+:!P!)(!#3+2%+:!,+!,#(&+C!!

!!

1HKRDKCXMSHI!EXMIJHI!XP!$PIJH!MXNQDMXG!$XKS!

%WXLXGG!Y!'QSH!"+! 0)&*+! +3! 2+&! h#22+3&! ,+! $'(3+SB#:2'A! +(!1'22#K':#3%'(! #E+1! 2v;&&'1%#3%'(! 1)23):+22+! ,+!

B%0%+o! 9:'9'&+(3! ,+&! &'%:*+&! 'z! &+! 1:'%&+(3! 2#!,#(&+! +3! 2+&! #:3&! 92#&3%H)+&! &)%E#(3! )(! F':0#3!

2*G+:!H)%!F#%3!2#!9#:3!K+22+!P!2v%09:'E%&#3%'(!+3!#)!,%#2'G)+C!!

!Q'*$2#/0(!)('6*'.#0$(!,#0+-(!"(!<(0,'(,/!B_!.#'+!BCNb!E!BC2!

!

$P1DU!Y!$DMNGPoDM!9!GX!CPIQZPH!HM!QCCHKIQDM!d:'%&! 9#:1'):&! T! 9#:1'):&! 0)&%1#2! %00+:&%FA!

9#:1'):&! %(&3:)0+(3#2! +(:%1Q%A! 9#:1'):&!()0*:%H)+&! %(3+:#13%F&C! 677! 9'%(3&! ,D*1')3+!0'K%2+!E%#!)(!&<&3/0+!,D*1')3+!&9*1%F%H)+!MLU$N!!

!p/M!DUJKX!HM!qQNp!EjXUKFI!,2&N236@?&N`5?&?C5M245&

#@QHI2!Ej+MEKJ!%XCUKX;!+KSWQOHI!MXNQDMXGHI;!'PQN!EHI!CPIJHI!3?2B!"v%,*+! ,+! 1+! 9:'Y+3! #! *3*! ,v#&&'1%+:! ,%FF*:+(3+&!

:+&&'):1+&! MF'(,&A! %(3+:9:/3+&A! 9)K2%1&NC! "+&!*3),%#(3&! ,)! B'(&+:E#3'%:+! P! `#<'((+0+(3!

:*G%'(#2! ,v;)K+:E%22%+:&S"#! B'):(+)E+! MB``! mVN!'(3!0'(3*!,+&!+I3:#%3&!&%G(%F%1#3%F&!,+!2#!9%/1+!#)!1'):&! ,v)(! 3:#E#%2! ,+! :+1'(&3%3)3%'(! +3!

,v%(3+:9:*3#3%'(! &')&! 2#! ,%:+13%'(! ,+! 2+):&!+(&+%G(#(3&C!^)%&A!2+&!*1'2%+:&!,+!`'G+:!L*0#3!,+!

L#%(3SX+(%&!'(3!:**1:%3!)(!&1*(#:%'!+3!*3#K2%!)(+!&1*('G:#9Q%+! 2':&! ,v)(! 9#:1'):&! &9*1%F%H)+! #)I!;:1Q%E+&!(#3%'(#2+&C!

!<QIQNHI! HM! EPD! XP! CPIJH! EHI! @HXP]^+KNI! EH!

"HQCI!X#(&!2+!1#,:+!,D)(!9#:3+(#:%#3!#E+1!2+!$#(/G+!,+!

`+%0&A! 1+33+! E%&%3+! #)3'):! ,)! 3Q/0+! ,)! \%! (0!)(/0&%'(A!#&&'1%+!)(+!1Q':*G:#9Q+!+3!)(+!G)%,+!1'(F*:+(1%/:+C! "#! E%&%3+! 9+:0+3! *G#2+0+(3! ,+!

,*1')E:%:A! +(! #E#(3S9:+0%/:+A! 2+! &9+13#12+! H)%!&+:#!,'((*!#)!$#(/G+!P!9#:3%:!,+!0#:&A!&9+13#12+!

H)%! &D%(&9%:+! ,+! 2DO)E:+! ,)!0)&*+! ,+! B2)(<A! "#!X#0+!P!2#!"%1':(+C!!

e!:KrIHGMXSWN!f;!CPIJH!XGIXSQHM!EH!)NKXI[DPKL!?(+!,%E+:&%F%1#3%'(!,+&!9)K2%1&!+3!)(+!0*,%#3%'(!

%(('E#(3+!#)3'):!,+![!"#!_)%3!,+!2DQ'::+):!\!+3!,)!

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

F+&3%E#2! ,+! F%20! F#(3#&3%H)+! ,+! L3:#&K'):G! #! *3*!

1'(R)+! P! 9#:3%:! ,D)(+! 3Q*w3:#2%&#3%'(! ,+&!1'22+13%'(&! P! 9#:3%:! ,+&! #:1Q%E+&C! "#! E%&%3+S&9+13#12+! +&3! 1'(,)%3+! 9#:! ,+&! 1'0*,%+(&! #%(&%!

H)+! 2+! 9+:&'((+2! ,D#11)+%2! +3! ,+! &):E+%22#(1+!1'&3)0*&! +3! F#:,*&! M9#:3+(#:%#3! #E+1! )(+! *1'2+!

,+!0#H)%22#G+NC!

!

1XKNHMXKQXN! EH! GX! "JPMQDM! EHI! $PIJHI!

'XNQDMXP]! ^:KXME! 1XGXQI! XOHS! GH! %HMNKH!UJMQNHMNQXQKH!)PE^RKXMSQGQHM!_3?27`!

^+(,#(3!)(+!#((*+A!)(+!*H)%9+!,+!(+)F!,*3+()&!#11'09#G(*&!9#:!2+&!*H)%9+&!,+!2#!`$_Sj^!#!+)!+(!1Q#:G+! 2#!1'(1+93%'(A! 2#!0%&+!+(!O)E:+!+3! 2#!

0*,%#3%'(! ,D)(+! +I9'&%3%'(! ,DO)E:+&! ':%G%(#2+&!,#(&! 2+! B+(3:+! ^*(%3+(3%#%:+! L),! J:#(1%2%+(C!

"v+I9'&%3%'(!*3#%3!E%&%3#K2+!9#:!2+&!#)3:+&!,*3+()&A!2+!9+:&'((+2!9*(%3+(3%#%:+!+3!2+&!9:+&3#3#%:+&C!?(+!%22)&3:#3:%1+!#!&)%E%!2+!G:')9+!3')3!#)!2'(G!,+!&'(!

3:#E#%2C!

!

,H!1KQ]!1XNKQCDQMH!UDPK!NDPI!!B+&!1%(H!,+:(%/:+!#((*+&A!'(3!*3*!9:%0*&!#%!&/&'(!

,(+!.%+-(+!&(''/&*'/#%@!T!2+!0)&*+!,+!2#!")3Q+:%+!+3!,+!2D#:1Q+3+:%+!F:#(R#%&+!P!$*:%1'):3A!2+!0)&*+!,*9#:3+0+(3#2!,+!^:*Q%&3'%:+!P!L'2)3:*A!2+!0)&*+!

d')2')&+S"#)3:+1!P!;2K%A!2+!0)&*)0!,+!d')2')&+A!2+!0)&*+!,Da%&3'%:+!,+!_#(3+&S1Qw3+#)!,+&!,)1&!

,+! h:+3#G(+A! 2+! 0)&*+! ,*9#:3+0+(3#2! ,+! 2#!B*:#0%H)+!P!"+o')I!A!2+!0)&*+!,+&!h+#)IS#:3&!,+!g)%09+:A!2+!0)&*+!,+!2#!B2'1Q+!+3!,)!&'((#%22+!P!

a*:*9%#(A!2+!0)&*+!J#K:+!P!$'(39+22%+:A!2+!0)&*+!^%1#&&'!,D;(3%K+&A!2+!0)&*+!,+!J2#(,:+!P!B#&&+2!+3!

2#! 0#%&'(! i%13':! a)G'! P! ^#:%&C! U3! #%! &/&'(! ,(+!.%+-(+! 0#&/*0#%@!T! 2+!0)&*+! ,)! H)#%! h:#(2<A! 2+!

0)&*+! (#3%'(#2! ,+! 2#! $)&%H)+A! 2+! 0)&*+! ,)!

"')E:+!+3!2+!0)&*+!(#3%'(#2!,)!L9':3!P!_%1+C!!!!

!!

,HI!UXKNHMXKQXNI!XOHS!G8+IIQINXMSH!UP[GQZPH\!X+&!9#:3+(#:%#3&!#E+1!2D;&&%&3#(1+!9)K2%H)+!,#(&!

,%FF*:+(3+&! E%22+&! '(3! 9+:0%&! ,+! 1'(1+E'%:! ,+&!#13%'(&!P!,+&3%(#3%'(!,+&!9#3%+(3&!Q'&9%3#2%&*&C!;!$#:&+%22+A!)(+!+I9'&%3%'(!,+! :+9:',)13%'(!#!*3*!

':G#(%&*+!P!"#!d%0'(+C!"+!0)&*+!,+&!h+#)IS;:3&!,+! "<'(! &D+&3! +(G#G*! #E+1! ,+)I! Q]9%3#)I!

9&<1Q%#3:%H)+&!MB+(3:+&!Q'&9%3#2%+:!L#%(3Sb+#(!,+!X%+)!+3!,+!L#%(3SB<:!#)!$'(3!,D>:NC!"+!0)&*)0!

a+(:%! "+1'H! ,+! B2+:0'(3SJ+::#(,! 1'(R'%3! ,+&!#3+2%+:&!,+!1)23):+!&1%+(3%F%H)+!9'):!,+&!+(F#(3&!

Q'&9%3#2%&*&! #)! &+%(! ,+! Ba?! U&3#%(GC! "#!^Q%2Q#:0'(%+!P!^#:%&!,*E+2'99+!,+&!0#22+33+&!9*,#G'G%H)+&!P!2DQ]9%3#2C!!

,H!4"+%^XKNDNWFZPH!EP!,QCDPIQM!HN!GH!CPIJH!EH!"DSWHSWDPXKN!9!G8H]UDIQNQDM!e!,S476&2?&I@25O&f\!!;! 9:'I%0%3*! ,)! B+(3:+! ,D;:3! 1'(3+09':#%(! ,+!

i#&&%E%/:+A! )(! E%22#G+! &+! 3:#(&F':0+! +(! 2%+)!,D+I9'&%3%'(!T!2+&!O)E:+&!&'(3!E%&%K2+&!P!2#!9'&3+A!

1Q+o!2+!1'%FF+):A!')!2+!K')1Q+:{!!!$P$D! HN! +KSWJX!9! GX! SDDUJKXNQDM! E8PM! CPIJH!

NHKKQNDKQXGQIJ!HN!E8PM!CPIJH!CD[QGH\!U(!.2+S,+SJ:#(1+A!)(!9#:3+(#:%#3!%(%3%*!+(!674p!2%+!

;:1Q*#A!0)&*+!#:1Q*'2'G%H)+A!+3!$)$'!H)%!F#%3!1%:1)2+:! ,+&! O)E:+&! ,D#:3%&3+&! 1'(3+09':#%(&!,#(&! )(! 1'(3#%(+:! &+! 3:#(&F':0#(3! +(! 0%1:'S

0)&*+C!.2!&D#G%3!,+!1'S1'(&3:)%:+!)(+!9:'9'&%3%'(!1)23):+22+!+3!9*,#G'G%H)+!%(('E#(3+!+3!#11+&&%K2+!

P! 9#:3%:! ,+! 1'22+13%'(&! +I3:W0+0+(3!,%&&+0K2#K2+&C!!!

!

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

,X!IHSDMEH!OQH!EH!SDGGHSNQDMI!HNWMDLKXUWQZPH!Y!

GX!%QNJ!EP!OQM!Y!@DKEHXP]\!!X+&!0)&*+&!,+!&'1%*3*!'(3!0%&!+(!,*9]3!,#(&!1+!(')E+#)!1+(3:+!,D%(3+:9:*3#3%'(!3Q*0#3%H)+!,+&!

1'22+13%'(&! Y)&H)DP! 9:*&+(3! E%&%K2+! H)+! 9#:! )(!9)K2%1!:+&3:+%(3C!

!,H!UKDLKXCCH!,S(?672B7@32&a&ISb5M72!.(%3%*+! 9#:! 2+! $BB! +(! 674t! +3! 0+(*! #E+1! 2+!

1'(1'):&! ,+&! 0)&*+&! (#3%'(#)I! ,+! 2#!`+(#%&&#(1+! MU1')+(NA! ,+&! ;:3&! #&%#3%H)+&! S

j)%0+3A! $#:1! BQ#G#22! M_%1+N! +3! J+:(#(,! "*G+:!Mh%'3NA! +3! ,)! B+(3:+! (#3%'(#2! ,D#:3! 92#&3%H)+A! 1+!9:'G:#00+!#!9+:0%&! H)+! &'%+(3! ,*92'<*+&!)(+!

&*2+13%'(! ,DO)E:+&! ,#(&! 1%(H! +(3:+9:%&+&!T!`+(#)23!P!J2%(&A!L'3Q<&!P!h:%E+A!U`XJ!P!$*:%G(#1A!

$*:%+)I!P!$#:1<!2DU3'%2+A!+3!a#:'9#!P!`')+(C!"#!0*,%#3%'(!#!*3*!1'S1'(&3:)%3+!#E+1!2+&!&#2#:%*&C!!!

!P66/$2(!'-#"/+-(!)#'!"(!$*./&-!,F(0&'()'/+(!(&!"(!+('</$(!,(!

$*..%0/$#&/*0!,Ff#'*)#V)*'&!,(!K*%(0!)*%'!"(+!e%<'(+!,%!.%+-(!0#&/*0#"!,(!"#!K(0#/++#0$(VI$*%(09!

!

7H! JEQNQDM! EHI! +NHGQHKI! MDCXEHI! EP!CPIJH! EP!ZPXQ! @KXMGT! XOHS! MXOHNNHI! LKXNPQNHI! UXKNXMN!

EH!IQ]!OQGGHI!EP!:KXME!1XKQI!)PE!X*E+2'99*! G:w1+! P! ,+&! 9#:3+(#:%#3&! #E+1! ,+&!

1'00)(+&!,+!2#!K#(2%+)+!9#:%&%+((+!M$'(3:+)%2A!B+:G<A!')!B2%1Q<S$'(3F+:0+%2NA!1+!0)&*+!0'K%2+A!F#E':%&+!2+!1'(3#13!,%:+13!+(3:+!2+&!O)E:+&!+3!)(+!

9'9)2#3%'(!('(!F#0%2%/:+!,+&!0)&*+&!+(!3:')E#(3!2D#(G2+!H)%! 2)%!1'(E%+(3! 2+!0%+)IC!"+!9:%(1%9+!+&3!

1+2)%! ,D)(+! 1'S1'(&3:)13%'(! #E+1! 2+&! #13+):&! ,)!3+::%3'%:+A!2+!0)&*+!#G%&&#(3!1'00+!:+&&'):1+!+3!

2+&! #13+):&! 2'1#)I! :+&3#(3!0#l3:+&! ,)! 9:'Y+3C! "#!:*)&&%3+!9:'E%+(3!,+!2#!:%1Q+&&+!,+!2D'FF:+!+3!,D)(!9'&%3%'((+0+(3!0',+&3+!,+!2#!9#:3!,)!0)&*+C!

!

!

+NHGQHK! EH! KHINXPKXNQDM! HM! OQNKQMH;! CPIJH!

=TXSQMNWH!"QLXPE!Y!1HKUQLMXM!^+(,#(3! 2+&! 3:#E#)I! ,)! 0)&*+A! )(+! K')3%H)+!,*&#FF+13*+! ,)! 1+(3:+SE%22+! #! *3*! %(E+&3%+! 'z! 2+!

0)&*+!#!':G#(%&*!2#!0%&+!+(!&1/(+!,D)(!#3+2%+:!,+!:+&3#):#3%'(!,+&!O)E:+&!,#(&!2+H)+2!2+&!9#&&#(3&!

9')E#%+(3! 9*(*3:+:A! ,+&! #3+2%+:&! ,+! 9:#3%H)+&!#:3%&3%H)+&! ')A! 2':&! ,+! 2#! _)%3! ,+&!0)&*+&A! )(+!#(%0#3%'(! &'(':+! 9'):! )(+! E%&%3+! [!9#:! 2+&!

':+%22+&!,)!0)&*+!%(E%&%K2+!#)I!<+)I!\C!!!

,HI!IHMNQHKI!EH!KXMEDMMJH!HN!GHI!KHRPLHI!E8XKN!EP!CPIJH!:XIIHMEQ!EH!-QLMH!"+! $)&*+! j#&&+(,%! ,+! X%G(+! #! %0#G%(*! ,+&!

&+(3%+:&!,+!:#(,'((*+!#)3'):!,DO)E:+&!,D#:3%&3+&!,)! 2#(,S#:3!T! 1D+&3! #%(&%! H)+! 4V7! O)E:+&!

1'(3+09':#%(+&! &'(3! ,%&&*0%(*+&! 2+! 2'(G! ,D)(!9#:1'):&! ,+! 4p7! e0&! #)3'):! ,+! X%G(+&C! B+!

9#:1'):&!+&3!Y#2'((*!,+!Q)%3![!:+F)G+&!,D#:3!\!'z!2+&! :#(,'((+):&! 9+)E+(3! 9#&&+:! 2#! ()%3C! ?(+!&<(+:G%+!+&3!1:**+!+(3:+!2#!1'22+13%'(!,)!0)&*+A!

,+&! O)E:+&! 1'(3+09':#%(+&! ,#(&! 2#! (#3):+! ')!,#(&!2+&!:+F)G+&A!+3!2#!,*1')E+:3+!,D)(!3+::%3'%:+!

,+!0'(3#G(+C!!!

!K(6%G(+!,FP'&!V!;(,<!j'2,&�':3Q<C!677pA!S/(/"!I+$"#0G*0!!

e!)DQKJHI! UXUDNXLH!f!SWHm! EHI! SDCCHKoXMNI;!UXK! GHI! CPIJHI! EH! %DMSXKMHXP! %DKMDPXQGGH!

+LLGDCJKXNQDM!^+(,#(3!2#!,):*+!,+!&+&!3:#E#)I!M6746S674pNA! 2+!

0)&*+! ,+! ^'(3S;E+(! #! %0#G%(*! 2+&! &'%:*+&![!9#9'3#G+!\!1Q+o! 2+&!1'00+:R#(3&!+3!F#%3!E+(%:!,+&!&9*1%#2%&3+&!9'):!1'(E+:&+:!,+&!O)E:+&!#E+1!

2+&! Q#K%3#(3&C! "#! ,*0#:1Q+! :#99+22+! 1+22+! ,+!"#):+(3!h)&%(+!H)%A!9+(,#(3!2+!1Q#(3%+:!,)!j:#(,!

a':()! Mh+2G%H)+NA! ':G#(%&#%3! ,+&! &'%:*+&! P!,'0%1%2+! ')! #)! 1#F*! 9'):! 9#:2+:! ,DO)E:+&! H)D%2!&':3#%3! ,+&! :*&+:E+&C! L+2'(! 2)%A! %2! F#)3! [!J&'(!

$#)#7"(!,(!)#'"('!,(!&*%&!#<($!"(+!G(0+!)*%'!J&'(!$#)#7"(!,(!"(%'!)#'"('!,(!$%"&%'(!\C!!

!$QIIQDM!)SXMUTKXCQEHI!XP!1XGXQI!EH!@HXP]^+KNI!EH!,QGGH!

�! 2#! 1:'%&*+! ,+! 2#! &1%+(1+! +3! ,+! 2#! 3+1Q('2'G%+A!2D+I9'&%3%'(!9:*&+(3+!2+&! 3:#E#)I!+3! 2+&! :*&)23#3&!

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

,+&!,+:(%/:+&!%(E+&3%G#3%'(&!#)!3:#E+:&!,+!E%,*'&A!

,+! 9Q'3'&! +3! ,+! ,+&&%(&C! U22+! 9'&+! #)&&%! )(!(')E+#)! :+G#:,! &):! 2#! 1'22+13%'(!,D#(3%H)%3*&!*G<93%+((+&! ,)! 0)&*+A! 1'092*3*+! 9'):!

2D'11#&%'(! ,+!H)+2H)+&! 9:W3&! ,DO)E:+&! #(3%H)+&!,)! 0)&*+! ,)! B%(H)#(3+(#%:+! ,+!h:)I+22+&A! ,)!

0)&*+!,D;E:#(1Q+&!+3!,)!0)&*+!,+!B#+(C!!$PIJDCQ]! HN! IHI! SDCCPMXPNJI! 9! GX!CJEQXNQDM!

MPCJKQZPH!Y!G8kPOKH!!"+!9:%(1%9+!?!)(+!*H)%9+!,+!K*(*E'2+&!,*E+2'99+!

)(!9:'Y+3!+(!#11':,!#E+1!)(!0)&*+A!9)%&!%(E+&3%3!2+! 2%+)!9+(,#(3! 3:'%&! Y'):&!+(! 3:#E#%22#(3!#E+1! 2+!9+:&'((+2A! +3! +(F%(! &')0+3! 2+! 9:'Y+3! #)! 9)K2%1C!

B'00+!&'(!&2'G#(!2D%(,%H)+A!$)&+'0%IA!,+9)%&!p!#(&A! 3:#(&F':0+! 2+&! 0)&*+&! +(! ,%FF)&#(3! ,+&!

0*3Q',+&! ,+! 3:#E#%2! #G%2+&C! "D*,%3%'(! 6748! ,+!$)&*'0%I!#!+)!2%+)!+(!('E+0K:+!,#(&!p!9#<&A!4p!

E%22+&!+3!45!2%+)IC!!!

!;#!$*..%0#%&-!=%+(*./@!(0!#$&/*0!+%'!"(+!'-+(#%@!

+*$/#%@!)(0,#0&!"F-<-0(.(0&!BCNO!!

)QNHI!QMNHKMHN!!"+&!(')E+22+&!G*(*:#3%'(&!,+!&%3+&! %(3+:(+3!&'(3!

[!:+&9'(&%E+! �+K! ,+&%G(!\C! ;)! 0)&*+! ,)! H)#%!h:#(2<A! 2D'KY+13%F!+&3! 3:%92+! T!)(+!1'00)(%1#3%'(!&):!0+&):+A!:+K'(,%:!&):! 2D#13)#2%3*A!#&&'1%+:! 2+&!

E%&%3+):&C! B+33+! 9Q%2'&'9Q%+! ,D)(! [!0)&*+! +(!2%G(+!\!1'00+!2%+)!P!9#:3!+(3%/:+A!&+!:+3:')E+!#)!

$)&*)0!,+!d')2')&+!&+2'(! 2+H)+2! %2! F#)3!H)+! 2+!0)&*+!&'%3!2P!'z!&'(3!2+&!%(3+:(#)3+&C!

!!!

#]UGDIQDM! EHI! XUUGQSXNQDMI! NJGJSWXKLHX[GHI! IPK!NX[GHNNHI!DP!ICXKNUWDMHI!!

`*E'2)3%'(!,+&!#((*+&!:*1+(3+&!Mtpt!#):#%+(3!*3*!2#(1*+&! ,+9)%&! 677mNA! 2#! 0)23%92%1#3%'(! ,+&!#992%1#3%'(&! 3:#(&F':0+! 2#! ('3%'(! 0W0+! ,+!

9#:1'):&! ,+! E%&%3+! +3! #(('(1+! 2#! F%(! ,+&! #),%'SG)%,+&!12#&&%H)+&C!!

!PK1fIM=P\!V!;g#))"/$#&/*0!.*7/"(!,%!.%+-(!,F#'$2-*"*G/(!

0#&/*0#"(!^(0&/8'(.(0&!G'#&%/&(`!h!K=\VcQ!

!

"JXGQNJ! OQKNPHGGH;! JSKXMI! QMNHKXSNQRI;! CXUUQML;!WDGDLKXCCHI!HN!QMNHKRXSH!QMMDOXMNHI\!!>(!+(!3:')E+!,+&!%22)&3:#3%'(&!#)!0)&*+!h'((#:,!

#)!B#((+3A!,#(&!2+&!0)&*+&!,+!2#!i%22+!,+!̂ #:%&A!#)!0)&*+! G#22'S:'0#%(! ,+! J'):E%/:+! +3! #)! "')E:+C!

;)! BQw3+#)! ,+&! ,)1&! ,+! h:+3#G(+S$)&*+!,DQ%&3'%:+!,+!_#(3+&A![!"),'0)&+!\A!9:'Y+3!1'(R)!

+(! 9#:3+(#:%#3! #E+1! ^#:%&S$)&*+&! +3! U:#&0+!M2#K':#3'%:+! ,+! 1:*#3%'(! ()0*:%H)+! P! "<'(NA!:*9'(,!#)!9:%(1%9+!,+!3#K2+33+&!%(3+:S1'((+13*+&!

+(3:+! 2+&! 0+0K:+&! ,D)(! 0W0+! G:')9+! ,+!E%&%3+):&!+3!9+:0+3!2+!9#:3#G+!,+&!3w1Q+&C!!

!&MNHKRXSHI!NXSNQGHI!HN!SXKNHGI!MPCJKQZPHI!!"+&! 3+I3+&! #FF%1Q*&! ()0*:%H)+&! M1#:3+2&! &%092+&!

')! ,*E+2'99*&N! 1'00+(1+(3! P! &+! 0)23%92%+:!M^#E%22'(! ,+! 2DQ':2'G+A! "')E:+!y! 0)&*+! ,+&! ;:3&!

,*1':#3%F&N!!

!!

1KDEPSNQDM! E8XUUGQSXNQDMI! MPCJKQZPHI!CPNPXGQIJHI\!

"+!Q'*[(&!0%.-'/3%(!6-,-'#&(%'!,(+!.%+-(+!+(!^'%3')SBQ#:+(3+&! ')! =%+#.7%"(! +(! ^#1#! +3!

>11%3#(%+! :+2/E+(3! ,D)(+! 2'G%H)+! ,+!0)3)#2%&#3%'(!,+&!1'n3&!+3!,+!E%&%K%2%3*!,+!2D'FF:+!P!2D*1Q+22+!,D)(!:*&+#)!,D*3#K2%&&+0+(3&C!

!

!

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

lH[^OQIQNHI! EP! CPIJH! EH! GX! :KXMEH! :PHKKH! Y!

$HXP]!L')E+(3!,+&3%(*+&!#)I!&1'2#%:+&A!%2!&D#G%3!,+!E%&%3+&!P!,%&3#(1+&!#E+1!0*,%#3+):&C!"#!F':0)2+!#E#%3!*3*!

%(#)G):*+!9#:!2+!1Qw3+#)!,+!i+:&#%22+&C!!

"JXGQNJ!OQKNPHGGH!!U22+!#!1'00+(1*!P!+&&#%0+:!9'):!,+&!E%&%3+&!,+!&%3+&!+3!,+!0'()0+(3&C!U22+!G#G(+!,)!3+::#%(!,#(&!

2+&!0)&*+&! +3! +I9'&%3%'(&!MH)+2H)+&! +I+092+&! T!2D+I9'&%3%'(! H/&(+! -&('0("+! #)! j:#(,! ^#2#%&A!

"D;3+2%+:!,+!B'):K+3!#)!0)&*+!,D>:&#<A! 2#!E%&%3+!,)!0)&*+!,+&!0'()0+(3&!F:#(R#%&!P!2#!B;^;A!2+!G)%,+! ,+! E%&%3+! ,)! 0)&*+! ,+! 2D;:0*+NC! ;!

J'(3#%(+K2+#)A!2Da%&3'^#,!+&3!)(+!3#K2+33+!3#13%2+!H)%! )3%2%&+! 2#! :*#2%3*! #)G0+(3*+A! 2#! VX! +3! 2#!

G*'2'1#2%&#3%'(! +3! 9:'9'&+! )(+! +I92':#3%'(!%(3+:#13%E+! ,)! $)&*+! BQ%('%&! +3! ,+! &+&!

1'22+13%'(&A!#%(&%!H)D)(+!:+S1'(3+I3)#2%&#3%'(!,+&!9%/1+&!0#Y+):+&!,#(&!2+):!,*1':!':%G%(+2!,)!̂ #2#%&!,D�3*!,+!^*e%(C!.2!+&3!,%&9'(%K2+!+(!46!2#(G)+&C!!

!!-HI! IQNHI! HN! EHI! JZPQUHCHMNI! MPCJKQZPHI! HM!XSSHIIQ[QGQNJ!PMQOHKIHGGH!

^'):! 2+&! +(F#(3&! ,+! 5! P! 46! #(&A! 2+! 9:'G:#00+!I@)('&+! i%#/! j'#0"4! +&3! ,+&3%(*! #)I! +(F#(3&!

&'):,&! +3! P! 2#! B%3*! ,+! 2D#:1Q%3+13):+! +3! ,)!9#3:%0'%(+A! P'$2/.k.(! +&3! )(! &%3+! #,#93*! #)I!Y+)(+&! 0#2E'<#(3&! +3! +(! &%3)#3%'(! ,+! Q#(,%1#9!

0+(3#2C! X+&! 3#K2+33+&! 3#13%2+&! +(! "LJ! &'(3!9:*&+(3+&! #)! 0)&*+! ,*9#:3+0+(3#2! ,+! 2#!

B*:#0%H)+! P! "+o')I! ')! #)!0)&*+! ,+&! B)23):+&!1'03'%&+&A!+3!,+&! 1#:3+2&!()0*:%H)+&!#)!0)&*+!,+&!K+#)IS#:3&!,+!g)%09+:C!"D#&&'1%#3%'(!H/G0(+!

,(! +(0+! #! 1'(3:%K)*! P! 2#! ,%FF)&%'(! ,+! 1+33+!&+(&%K%2%&#3%'(!,+&!*3#K2%&&+0+(3&!#)I!9'3+(3%+2&!

'FF+:3&!9#:!)(+!0*,%#3%'(!()0*:%H)+!#,#93*+!P!3')&C!!

<HKIXQGGHI;!e!,H!"DQ!HIN!CDKN!f!HN!GQOH^NsHHN!"D+I9'&%3%'(! ,)! 1Qw3+#)! ,+! i+:&#%22+&! H)%! &D+&3!

3+()+! ,)! 65! '13'K:+! 674p! #)! 64! F*E:%+:! 6748A!:+3:#R#%3! 2#! 0':3! ,+! "')%&! -.iC! "+! 0)&*+! &D+&3!

,+0#(,*! 1'00+(3! 1+3! *E/(+0+(3! #):#%3! *3*!

&)%E%! 9#:! 2+&! 0*,%#&! #)Y'):,DQ)%C! d�%33+:! &D+&3!

%09'&*!#&&+o!2'G%H)+0+(3C!!

!!

tcDPKEHRHKCHNPKH!B+! Q#&Q3#G! M')!0'3S,%/&+N! 9+:0+3! ,+! 9*(*3:+:!2+&! 1')2%&&+&! ,D)(! ('0K:+! ,+! 0)&*+&! 3')Y'):&!

92)&!%09':3#(3C!!!!

e!,H! CPIJH! HIN! SH! ZP8QG! DIH!f!9! QCXLH! HN!SDCCPMQSXNQDM! EQIKPUNQOH! XP! CPIJH! )XQMN!

"XTCDME;!(DPGDPIH!:!H*/'-(!=4&2/$! H*/'-(! +)-$/#"(! $-"/7#&#/'(+8& cde!i%(! <*%+! +*4(Y! +*"*! *%! (0! ,%*5! #%! =HK5! "(+!

+&#&%(+!(0!*0&!)"%&k&!'#+V"(V7%+&(!,(!)#++('!$(&&(!+*/'-(! +(%"(+! W!I""(+!*0&!,*0$!,-$/,-!,F*'G#0/+('!

%0! +)((,V,#&/0G! #<($! ,(+! 2%.#/0+9! S(0(Y! ,*0$!-"/'(! "#! +&#&%(! ,(! <*&'(! $e%'! W! j/(0! +l'5! "(+!)'-&(0,#0&+! (&! )'-&(0,#0&(+! 6('*0&! &*%&! )*%'!

<*%+! )"#/'(! (&! +(! .*0&'('*0&! +*%+! "(%'! .(/""(%'![*%'9!P! <*%+!,(! <*%+! "#/++('! $2#'.('999! Q#'&#G(+!

,F*)/0/*0+!(0&'(!"(+!</+/&(%'+5!$*%)+!,(!$e%'5!&*%&!+('#!)'-&(@&(!E!"#!'(0$*0&'(5!E!"F-$2#0G(9!I&5!3%/!+#/&5!)(%&VJ&'(!3%(!$(!0(!+('#!)#+!%0(!+&#&%(!3%/!

<*%+! +-,%/'#999! P! "F/++%(! ,(! "#! </+/&(5! "(+!)#'&/$/)#0&+! +(! '(&'*%<('*0&! #%&*%'! ,F%0! <(''(!

)*%'!"F#00*0$(!,(!"Fe%<'(!)"-7/+$/&-(9!Z!!!

!!!

!!

!"##"$%&!'#((#&)'&**"(&#"(+,(& & -$,'!(&"&1>&

,HI! CPIJHI! E8*KIXT! HN! EH! G8*KXMLHKQH!

I8XEKHIIHMN!EQKHSNHCHMN!XP]!RXCQGGHI!L):!)(!0',+!:*1:*#3%FA!2#!1#09#G(+!,D#FF%1Q+&!,+!2D#)3'0(+!674p!,#(&!2+!0*3:'!9#:%&%+(!,*3'):(+!

(+)F! O)E:+&! ,+! 2#! 1'22+13%'(! 9'):! 9'9)2#:%&+:!2D%,*+!,D)(!0)&*+!H)%!&+!E%&%3+!&#(&!9:'K2/0+!+(!

F#0%22+C!!!

!!)FOKHI^%JKXCQZPH;!cHP!IPK!GHI!KJIHXP]!IDSQXP]!HN!

)XQMN^<XGHMNQM!"v+I9'&%3%'(! Q*"/)2/"(! (&! Q*"/#! +&3! %&&)+! ,+! 2#!

:*&%,+(1+! ,+! _%1'2#&! h)FF+! P! 2#! B%3*! ,+! 2#!1*:#0%H)+C!"v)(%E+:&!,+!1+3!#:3%&3+!&+!(')::%3!,+!2#!1)23):+!0#(G#!+3!,+&!Y+)I!E%,*'C!^'):!2#!L#%(3S

i#2+(3%(A!2+!0)&*+!%(E%3+!2+&!%(3+:(#)3+&!P!9'&3+:!2+):! &+2F%+! &):! 2+&! :*&+#)I! &'1%#)I! +(! 3#G)#(3!

[!&/E:+&!\!')!2D#,:+&&#(3!P!T!!Y+)1'(1'):&�&+E:+&1%3+1+:#0%H)+CF:!!

!

!!

!!

!!!

!!

!!

!!!

!!

!!!

,HI!OQEJDI!OQKXGHI!EHI!TDPNP[HK!

U22+&! E%&+(3! )(! 9)K2%1! ,+! Y+)(+&! #,)23+&! H)%! (+!&D+&3!G)/:+!,*92#1*!#)!0)&*+!,+9)%&! &+&!E%&%3+&!&1'2#%:+&C! X)! :+&3+A! 1D+&3! 12#%:+0+(3! 2#! E'1#3%'(!

,+!2#!E%,*'!,+!B<9:%+(!+3!_':0#(!9'):!2+&!,%I!#(&!,+! 2#! J'(,#3%'(! B)23):+! +3! X%E+:&%3*C!

MQ339T��CF'(,#3%'(1)23):++3,%E+:&%3+C':G�#13)#2%3+&�1<9:%+(S+3S(':0#(SF'(3S)(+SE%,+'S9'):S2+&S47S#(&S,+S2#SF'(,#3%'(NC! "#! 1'22+13%'(! ,+!

E%,*'! 9'):! @')3)K+! :*#2%&*+! 9#:! 2+! "')E:+!9'):&)%3!2#!0W0+!&3:#3*G%+C!

!

!,H!CPIJH!IXMI!RQM!9!f5C@&N2&?25A&45&!CY2?L

TP2&g!

;)!0W0+! 3%3:+! H)+!c#%"*/+5! "F(@)*! '(0<('+#0&(A!9:*&+(3*+!+(!67785!i%*/!,(!0(%6!#%!=*4(0!mG(!n!

&D#99)%+!&):!2+&!,*1')E+:3+&!&1%+(3%F%H)+&!2+&!92)&!:*1+(3+&! +3! #! *3*! 1'(R)+! +3! 1'S9:',)%3+! #E+1!2D.(&3%3)3! (#3%'(#2! ,D#:1Q*'2'G%+! 9:*E+(3%E+C! ;)S

,+2P! ,+! 2D#99:'1Q+! #:1Q*'2'G%H)+! +3! Q%&3':%H)+A!&'(!':%G%(#2%3*!:+9'&+!&):!2#!E#:%*3*!,+!,%&9'&%3%F&!

0)&*'G:#9Q%H)+&!%(('E#(3&!T!E%,*'S0#99%(G!&):!0#H)+33+A! E%3:%(+&! %(3+:#13%E+&A! ,*1':&! +3!

0#H)+33+&! #(%0*&A! Y+)IS+I9*:%+(1+&!&):,%0+(&%'((*&CCC! �! 2D+I9'&%3%'(! E%+((+(3!&D#Y')3+:!2#!0*,%#3%'(!1)23):+22+A!2+&!1'(F*:+(1+&!

3Q*0#3%H)+&A! 2+&! *,%3%'(&A! +3! )(+! L#%&'(!0*,%*E#2+!1'(R)+!+(!9#:3+(#:%#3!#E+1!2+&!0)&*+&!

,DQ%&3'%:+!,)!j:#(,!^#:%&C!!!

!!

!

!

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

!1.&

"U!$?LUU!._B"?L.J!Ud!B>"";h>`;d.J!

!

"#!92#1+!,+&!9)K2%1&!&D+&3! :+(F':1*+!,+9)%&!H)+! 2#!"'%!,+!6776!#! F#%3!,+! 2D+I%&3+(1+!,D%0!+('</$(!,(+!

)%7"/$+! 2D)(! ,+&! 1:%3/:+&! ,D#33:%K)3%'(! ,+! 2D#99+22#3%'(! [!$)&*+&! ,+! J:#(1+!\C! B+&! &+:E%1+&! &'(3! 2#!

1Q+E%22+!')E:%/:+!,)!&)11/&!,+&!0)&*+&C!"+&!*3),+&!&):!2D+I9*:%+(1+!,+!E%&%3+!'(3!0'(3:*!)(!E%&%3+):!

#13+):!,+!&#!E%&%3+A!%(3+:#G%&&#(3!#E+1!&+&!1'SE%&%3+):&!M:*+2&!')!E%:3)+2&N!+3!2+!,%&9'&%3%F!,+&!0*,%#3%'(&!

F':0+22+&!+3!%(F':0+22+&A!0#3*:%+22+&!')!%00#3*:%+22+&C!.2!F#)3!+(!3%:+:!92)&!(+33+0+(3!2+&!1'(&*H)+(1+&!

,#(&!)(+!*9'H)+!1#:#13*:%&*+!9#:! 2#!G2'K#2%&#3%'(!,+&!*1Q#(G+&!+3! 2#!9:%&+!,+!9#:'2+!,*1'092+I*+A!

92)&!*G#2%3#%:+A!92)&!1:%3%H)+!#)&&%C!"#!E'%I!,+!2D+I9+:3!(+!E#!92)&!,+!&'%!+3!,+E%+(3!)(!*2*0+(3A!9#:0%!

,D#)3:+&A! ,D)(+! 1'(E+:&#3%'(! G*(*:#2%&*+C! "#! 0*,%#3%'(! *E'2)+! +3! :+F2/3+! 1+33+! 3+(,#(1+A! 2#%&&#(3!

,#E#(3#G+! ,+! 92#1+&! #)I! %(3+:#13%'(&! #E+1! +3! +(3:+! 2+&! E%&%3+):&C! "D#99:'1Q+! 9#:! 2#! 9#:3%1%9#3%'(!

1'�(1%,+! #E+1! ,D#)3:+&! ,<(#0%H)+&! &'1%*3#2+&! M,*0'1:#3%+! 9#:3%1%9#3%E+A! ,*E+2'99+0+(3! ,):#K2+A!

*1'('0%+!1'22#K':#3%E+A!:+1'((#%&&#(1+!,+&!,:'%3&!1)23):+2&A!{NC!;!2DQ+):+!,+&!1'-#&/<(+!$*..*0+!+3!

,+&!K#&+&!,+!,'((*+&!#2%0+(3*+&!1'22+13%E+0+(3!9#:!,+&!1'00)(#)3*&!,D%(3*:W3A!%2!%09':3+!H)+!2+&!

0)&*+&!&'%+(3!9#:3%+S9:+(#(3+C!"+!0)&*+!,+E%+(3!)(!2%+)!,DQ<K:%,+!T!2+&!H&%,/*+5!>#7F;#75!;/</0G!;#7!&+!

0)23%92%+(3!y! 2D%,*+! ,+! [!3%+:&S2%+)!\! F#%3! &'(! 1Q+0%(C! X+! 92)&A! 2+&! ,:'%3&! 1)23):+2&! 92#%,+(3! 9'):! )(+!

0)3)#2%&#3%'(!,+&!)&#G+&!,+!2D+&9#1+!0)&*#2C!U(F%(A!2+&!0)&*+&!+(3:+(3!9:'G:+&&%E+0+(3!,#(&!2+!1<12+!

,+&! #13%'(&! *1'S:+&9'(&#K2+&C! "+&! ,*0#:1Q+&! 9#:3%1%9#3%E+&! %09:/G(+(3! #%(&%! 2D+(&+0K2+! ,+!

2D%(&3%3)3%'(A!<!1'09:%&!,#(&!&#!G+&3%'(!+3!&+&!9#:3+(#:%#3&C!!

;)!3'3#2A! 2+!0)&*+!&+!0+3!P! 2D/:+!,+! 2#!1)23):+!9#:3%1%9#3%E+!+3!9#:%+!&):! 2D%(3+22%G+(1+!1'22+13%E+C!?(!

(')E+#)!9#:#,%G0+!,+! 2#!:+2#3%'(!#)I!9)K2%1&! F#R'((+! 2#!0*,%#3%'(C!?(+!9':'&%3*!,+&! F'(13%'(&!,)!

0)&*+!&D#0':1+C!?(!1Q#(G+0+(3!,#(&!2#!G')E+:(#(1+!+&3!,+!0%&+C!

$>XU"UL!U$U`jU_dL!

!! ,H!CPIJH!SDMOHKIXNQDMMHG\!!

"%+)! ,D+I9:+&&%'(! 9'):! 3')&A! %(12)&%F! 9#:! (#3):+A! %2! ':1Q+&3:+! 2+!0*3%&&#G+! ,+&! 1)23):+&! +3! ,+! 2+):&!

F':0+&! ,D+I9:+&&%'(C! "+! ,%&1'):&! 0)&*#2! +&3! ')E+:3! +3! 1'09:*Q+(&%K2+! 9#:! 3')&C! .2! 9:'1/,+! ,+!

2D+(&+0K2+!,+&!:+G%&3:+&!,+!2#!:*1+93%'(!+3!(+!&+!:+&3:+%(3!9#&!P!2DQ%&3'%:+!,+!2D#:3!')!,+&!&1%+(1+&C!.2!

:+Y'%(3!,+&!1'00)(#)3*&!,D%(3*:W3!+3!3:')E+!,+&!0',+&!,D*('(1%#3%'(!H)%!1'(E%+((+(3!P!1Q#1)(C! .2!

1'(1'):3!P!2D*,)1#3%'(!,)!:+G#:,A!P!2#!F':0#3%'(!,+!2D+&9:%3!1:%3%H)+A!P!2D#G+(1+0+(3!,+&!9'%(3&!,+!E)+C!

"#!0*,%#3%'(!Q)0#%(+!:*'11)9+!)(+!92#1+!1+(3:#2+!0#%&!&+&!0',#2%3*&!&+!3:#(&F':0+(3!P!2#!F#E+):!,+!

2#!92):#2%3*!,+&! %(3+:E+(#(3&A!,)!,*E+2'99+0+(3!,)!()0*:%H)+!+3!,+! 2D%(3+:#13%'(!#E+1! 2+&! :*&+#)I!

!"##"$%&!'#((#&)'&**"(&#"(+,(& & -$,'!(&"&1/&

&'1%#)IC!"+!0)&*+!1'(E+:&#3%'((+2A!1D+&3!1+2)%!'z!2+!,*K#3!,*0)23%92%+!,+&!9#:'2+&!H)%!&D+(:%1Q%&&+(3!

:*1%9:'H)+0+(3C!!

!! ,H!CPIJH!SDCCH!UGXNHXP!EH!UDNHMNQXGQNJI\!!

B+(3:+!,+!:+&&'):1+&A!0#%&'(!1'00)(+A!2%+)!,+!1:*#3%'(A!2+!0)&*+!&D')E:+!#)I!9:#3%H)+&!('E#3:%1+&C!

_'(!&+)2+0+(3!#)!3:#E+:&!,D#3+2%+:&!,+&3%(*&!P!,+&!&1'2#%:+&A!0#%&!92)&!G*(*:#2+0+(3!9#:!2D#11)+%2!,+&!

9:#3%H)+&!#0#3+):&!')! 2DQ*K+:G+0+(3!,+!L3#:3D)9! 1)23):+22+&C! "+&!+&9#1+&!,+! 1'S1:*#3%'(! MJ#K! "#KA!

"%E%(G!"#KN!%(#)G):+(3!,+!(')E+22+&!#99:'1Q+&!'z!2+&!9)K2%1&!&D%092%H)+(3!,%FF*:+00+(3C!.2&!&'(3!#)3#(3!

,D'11#&%'(&!,+!0W2+:!9:'F+&&%'((+2&!+3!#0#3+):&A!&9*1%#2%&3+&!+3!('E%1+&!1):%+)IC!"#!3:#(&F':0#3%'(!,)!

0)&*+!+(!)(!2%+)!,+!9:',)13%'(!1:*#3%E+!+&3!)(!,+&!+(Y+)I!,+&!,*1+((%+&!P!E+(%:!9'):!1'(&3:)%:+!)(+!

1)23):+!E%E#(3+!+3!0%+)I!9#:3#G*+C!!

!! ,H!CPIJH!SDCCH!SDDUJKXNQOH\!!

X%FF*:+(3&! (%E+#)I! ,+! 9#:3%1%9#3%'(! P! 2#! E%+! ,)! 0)&*+! &'(3! 9'&&%K2+&!T! 3+&3! 9'(13)+2! ,D)(+!

9:'G:#00#3%'(A!#11:'1Q#G+&!9#:3%1%9#3%F&A!1'(3:%K)3%'(!#)I!1'(3+()&!,v)(+!+I9'&%3%'(!M0',/2+!�%e%NA!

9#:3%1%9#3%'(!P!)(!1'0%3*!,+!E%&%3+):&A!K*(*E'2#3!:*G)2%+:A!0*1*(#3!'11#&%'((+2A!#,Q*&%'(!P!)(+!&'1%*3*!

,D;0%&! ')! P! 2#! 1'00)(#)3*! ()0*:%H)+! ,)! 0)&*+CCC! ^2)&! 2#:G+0+(3! ,+&! 1'(E+(3%'(&! #E+1! 2+&!

#&&'1%#3%'(&! ,+! 2D*,)1#3%'(! 9'9)2#%:+! %(&1:%E+(3! ,+&! 9#:3+(#:%#3&! &):! 2+! 2'(G! 3+:0+C! $#%&! &)FF%3S%2!

&%092+0+(3!,D'FF:%:!)(!1#,:+!9'):!&)&1%3+:!,+&!F':0+&!,D+(G#G+0+(3!+3!,+!1''9*:#3%'(&!x!^'):H)'%!

(+!9#&!9#&&+:!#)!0#(#G+0+(3!+(!0',+!1'22#K':#3%F!x!

Ba;_d.U`L!;!>?i`.`!

!! +7E46@C?&NS5?2&BI462LAC7D2&?5DE7@R52&D5I6@DEN@4&N23&KC??23&B746@R523&N2&DEN@46@C?&a&

IS@?62?6@C?&N23&327M@H23&N23&B5KI@H38&&

.(&)FF2+:! #)I! &+:E%1+&! ,+&! 9)K2%1&! 2+! (')E+2! +&9:%3! ,+! 2#! 0*,%#3%'(! ,'%3! 1'(,)%:+! P! 9'):&)%E:+! 2+!

:#Y+)(%&&+0+(3A!2D*2#:G%&&+0+(3!+3!2#!,%E+:&%F%1#3%'(!,+&!9)K2%1&C!.2!#99#:#l3!(*1+&&#%:+!,+!F#E':%&+:!2+&!

#99:'1Q+&! 1'S1:*#3%E+&! +3! 1''9*:#3%E+&! +(!0#3%/:+! ,+! ,%&9'&%3%F&! ,+!0*,%#3%'(!y! ,+! 1'(&'2%,+:! 2+&!

,*0#:1Q+&! ,+! 3<9+!=%+(*./@! ')!=%+(%.Vo((p!y! ,D)3%2%&+:! ,#E#(3#G+! 2+&! :*&+#)I! &'1%#)I! +3! 2+&!

&)99':3&!()0*:%H)+&!9'):!,*0)23%92%+:!2+&!9'%(3&!,D%092%1#3%'(!,+&!9)K2%1&!+3!E*:%3#K2+0+(3!#11*,+:!

P! 2D/:+!,)!0)&*+!1'22#K':#3%F!y!,+!0+33:+!+(!O)E:+!92)&! &<&3*0#3%H)+0+(3!)(!9:%(1%9+!,D*3),+!,+!

:*1+93%'(!,+&!#13%'(&C!!

^'):! :+&3+:! ,#(&! 2D+&9:%3! ,+&! 0*,%#3%'(&! 1'22#K':#3%E+&A! 2#! 1:*#3%'(! ,D)(+! 92#3+SF':0+! ()0*:%H)+A!

1'(3:%K)3%E+!+3!0)23%0*,%#A&9+:0+33:#!,+!,'1)0+(3+:A!#:1Q%E+:!+3!E#2':%&+:!,+&!9:#3%H)+&A!,+!,%FF)&+:!

!"##"$%&!'#((#&)'&**"(&#"(+,(& & -$,'!(&"&10&

,+&!#(#2<&+&!+3!,+&!:+1Q+:1Q+&A!+3A!9#:!)(!K')H)+3!,+!2%+(&A!,+!1+(3:#2%&+:!%(F':0#3%'(&!+3!,'((*+&!

*0#(#(3!,+&!9:'F+&&%'((+2&C!

"+!,*9#:3+0+(3!,+! 2#!9'2%3%H)+!,+&!9)K2%1&!,+! 2#!X%:+13%'(!G*(*:#2+!,+&!9#3:%0'%(+&!9%2'3+:#! 1+33+!

92#3+F':0+!+3!+(!9#:3+(#:%#3!#E+1!2#!`*)(%'(!,+&!0)&*+&!(#3%'(#)ISj:#(,!^#2#%&C!U22+!&+:#!,'3*+!,D)(!

1'0%3*!*,%3':%#2!1'09'&*!,+!9:'F+&&%'((+2&!,+!2#!0*,%#3%'(!0)&*#2+A!,+!F':0#3+):&A!,+!1Q+:1Q+):&C!

"+!1'22'H)+![!K-/0&(''*G('!"(+!)'#&/3%(+!,(!.-,/#&/*0!,#0+!"(+!.%+-(+!,%!qqX(!+/8$"(!\A!':G#(%&*!P!^#:%&!

,)!64!#)!6V!Y)%(!6745A!&+:#!2D'11#&%'(!%,*#2+!,D#(('(1+:!2#!1:*#3%'(!,+!1+!(')E+2!')3%2!#)!&+:E%1+!,+&!

0)&*+&!+3!,D%(&3#22+:!&'(!1'0%3*!*,%3':%#2C!

!! #C56@2?&a&I4&N@M273@A@H46@C?&N23&534P23&N23&45N@6C7@5D3&26&a&I4&H7E46@C?&N2&6@273LI@25Oh&45&

NEM2ICBB2D2?6&N23&A4K&I4K&26&456723&I4KC746C@723&N`@??CM46@C?8&&

&

>(!1Q+:1Q+:#!P!+(1'):#G+:!2D')E+:3):+!2#!92)&!2#:G+!#)I!9:#3%H)+&!1)23):+22+&!#0#3+):&A!('3#00+(3!

1+22+&!,+&!Y+)(+&!9)K2%1&A!+(!F#E':%&#(3!2D#11)+%2!,D#3+2%+:&!+3!,+!1'):&!,#(&!2+&!0)&*+&C!"+&!0)&*+&!H)%!

Q*K+:G+:'(3! ,+&! :*&%,+(1+&! ,+! 9:'Y+3&A! E'%:+! ,+&! L3#:3D)9A! &+:'(3! &')3+()&C! ;! 3:#E+:&! 2#! :*,#13%'(!

,D)(+! 1Q#:3+! ,D#11)+%2! ,+&! #&&'1%#3%'(&! 1)23):+22+&! M<! 1'09:%&! 2+&! 1'0%3*&! ,D+(3:+9:%&+N! +3! ,+!

9:'G:#00#3%'(!,D*E*(+0+(3&!P!1'S1'(&3:)%:+A!'(! %09)2&+:#!)(+!,<(#0%H)+!(')E+22+!P! 2D)3%2%&#3%'(!

,+&!#),%3':%)0&!+3!#)3:+&!+&9#1+&!1'00)(&!,+&!*3#K2%&&+0+(3&C!!

!! +C?H27646@C?&357&I23&?C5M2II23&AC7D23&N2&PC5M27?4?H2&@?6EP74?6&I23&B5KI@H38&

&

.2! F#)3! :*#FF%:0+:! 2v%09':3#(1+! ,+&! &'1%*3*&! +3! 1'00)(#)3*&! ,D;0%&! ,+! 0)&*+&! +3! 2+):! :]2+!

,v#0K#&&#,+):&!&):!2+&!3+::%3'%:+&!+3!2+!()0*:%H)+C!.2!F#)3!&')2%G(+:!2#!9#:3!9:*9'(,*:#(3+!H)+!Y')+(3!

2+&!#&&'1%#3%'(&!1)23):+22+&!+3!,D*,)1#3%'(!9'9)2#%:+!,#(&!2+!:+2#%&!,+&!0)&*+&!#)9:/&!,+&!9)K2%1&!2+&!

92)&!*2'%G(*&C!.2!%09':3+A!*G#2+0+(3A!,+!:+9+(&+:!2+!:]2+!,)!K*(*E'2#3!3#(3!2+&!F':0+&!,D%092%1#3%'(!,+&!

9)K2%1&!&'(3!,+E+()+&!E#:%*+&A!Y)&H)D#)!F%(#(1+0+(3!9#:3%1%9#3%FC!B+&!1''9*:#3%'(&!&'(3!,+E+()+&!)(+!

1'09'&#(3+!+&&+(3%+22+!,+!2#!E%+!,+&!*3#K2%&&+0+(3&C!.2!1'(E%+(3!,'(1!,*&':0#%&!,+!:*&+:E+:!)(+!92#1+!

#)I! :+9:*&+(3#(3&! ,+&! 9)K2%1&! +3! ,+&! #&&'1%#3%'(&! #)! &+%(! ,+&! %(&3#(1+&! ,+! G')E+:(#(1+! ,+&!

*3#K2%&&+0+(3&!9'):!&+!0+33:+!+(!9Q#&+!#E+1!2+&!2'G%H)+&!9#:3%1%9#3%E+&!+3!1'(3:%K)3%E+&C!!

!! -CI26&\&#CH@4I&26&(?M@7C??2D2?64I&]&N4?3&I2&i7Cj26&\&#H@2?6@A@R52&26&+5I6572I&]&U&M273&5?&

i#+#(&

&

.2! &+0K2+! '99':3)(! ,+! 1'092*3+:! 2+! 1'(1+93! ,+! ^LB! 9#:! )(! E'2+3! &):! 2+&! ,%0+(&%'(&! &'1%#2+&! +3!

+(E%:'((+0+(3#2+&A! 3:'9! &')E+(3! #K&+(3+&C! "+&! #13%'(&! *1'S:+&9'(&#K2+&A! :+&9+13)+)&+&! ,+!

2D+(E%:'((+0+(3! +3! H)%! F#E':%&+(3! 2D%(12)&%'(! ,+&! 92)&! F:#G%2%&*&A! 2+&! 1Q#(3%+:&! ,+! :*%(&+:3%'(A! 2+&!

9:+&3#3%'(&!,*E+2'99*+&!#E+1!2D*1'('0%+!&'1%#2+!+3!&'2%,#%:+!+(!&'(3!+0K2*0#3%H)+&!+3!&+:#%+(3!#%(&%!

+(1'):#G*+&!+3!,*0)23%92%*+&

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

!11&

#61#"&#'%#)!-#!"#4#"#'%#!

!

1KDcHN! e!(QHKI^GQHP]!f! EP! 1XGXQI! EHI! @HXP]^+KNI!

EH! ,QGGH;! EP! CPIJH! EP! ,DPOKH^,HMI! HN! EH!G8+KNDNWFZPH!EH!$DMI\!

"+!^]2+!$)&*#2!,+!$'(&!+3! 2+!^#2#%&!,+&!h+#)IS#:3&! ,+! "%22+A! 9'):! &'(! #3:%)0A! &+! &'(3! #&&'1%*&!9'):!1'(,)%:+!)(+!:*F2+I%'(!&):!2+&!3%+:&!2%+)I!+3!

%0#G%(+:!,+!(')E+#)I!+&9#1+&!+(3:+!2#!E%22+!+3!2+!0)&*+! #)! &+%(! ,D)(! 9:'G:#00+! +):'9*+(! ,+!

1''9*:#3%'(C!"%+)I!,+!:+(1'(3:+&!+3!,+!9#:3#G+&A!1+&! 2%+)I! ,'%E+(3! W3:+! #)&&%! ,+&! 2%+)I! ,+!:+&&'):1+&! 1'(E%E%#)IC! "+! 1'(1+93! ,DQ'&9%3#2%3*!

+(!+(!2#!:#%&'(!,DW3:+C!!

!! !!,H! 1XGXQI! EH! GX! 1DKNH! EDKJH! HN! GHI! e!OQIQNHI!

EJLPQEJHI!f!"+! ^#2#%&! ,+! 2#! ^':3+! X':*+! 9:'9'&+! ,+9)%&! 2+!

9:%(3+09&!6748!1+!1'(1+93!':%G%(#2!H)%!%(E%3+!2+&!9)K2%1&! P! E%E:+! )(+! +I9*:%+(1+! ,+! E%&%3+!:+(E+:&#(3+C! "+! 9:%(1%9+! +&3! &%092+!T! 2#! [!E%&%3+!

,*G)%,*+!\! +&3! 2+! 9#:F#%3! 1'(3:+S+I+092+! ,D)(+!E%&%3+! G)%,*+! 1'(E+(3%'((+22+C! .1%A! 2D%(3+:,%3!

,+E%+(3! 2#! (':0+A! 2#! E%&%3+! &+! 0)+! +(! )(+!9+:F':0#(1+!3Q*w3:#2+A!2+!E%&%3+):!+(!#13+):C!"+&!

+&9#1+&! Q#K%3)+22+0+(3! F+:0*&! #)! 9)K2%1! &+!,*E'%2+(3!9'):!0%+)I!2#%&&+:!E'%:!2+&!1')2%&&+&!,)!^#2#%&C!"+! 3')3!&D#:3%1)2+!,#(&!)(!:*1%3!0W2#(3! 2+!

:%:+A! 2D#K&):,+A! 0#%&! #)&&%! ,+&! 1'(3+()&!&1%+(3%F%H)+&A! Q%&3':%H)+&A! 9#3:%0'(%#)I! ')!

&'1%*3#)IC!!!!,j+KN! HN! GX! $XNQFKH\! :XGHKQH! EH! ISPGUNPKHI! Y!

NDPSWHK!XP!CPIJH!4X[KH;!$DMNUHGGQHK!

B'(R)+!1'00+!)(!9#:1'):&!%(%3%#3%H)+!,+!2v*E+%2!

,+&! &+(&! P! )(+! 9+:1+93%'(! 0)23%&+(&':%+22+! ,+!

2v#:3A! 1+33+! +I9'&%3%'(! 9:'9'&+! 47! 0')2#G+&! ,+!

&1)293):+&!P!3')1Q+:C!^#:3#(3!,+!2v+I9*:%+(1+!H)+!

F'(3! 2+&! 9+:&'((+&! #E+)G2+&! ,+! 2v#:3! +3! ,+! 2#!

K+#)3*! G:w1+! #)! 3')1Q+:A! 1+33+! G#2+:%+! +&3!

#11+&&%K2+! P! 3')&! +3! 9#:3%1)2%/:+0+(3! #)I!

&3:)13):+&!,+!2#!^+3%3+!U(F#(1+A!+(!#)3'('0%+C!!!

!!

!e!-HI!CXP];!EHI!CPIJHI;!EHI!CDNI!f!

X+9)%&!674tA!)(!9:'G:#00+!,+!&+(&%K%2%&#3%'(!+3!9:*E+(3%'(!,+&!E%'2+(1+&!P!2D*1'2+!P!3:#E+:&!2D#:3!#!

*3*!0%&!+(!92#1+!,+!9#:3!+3!,D#)3:+!,+!2D;32#(3%H)+!,#(&!2+!1#,:+!,)!:*&+#)!J`;$UC!U(!J:#(1+A!%2!+&3!9':3*! 9#:! 2+&! 0)&*+&! ,+! L3:#&K'):GC! "+!

9:'G:#00+! 9:+(,! #99)%! &):! ,+&! O)E:+&! ,D#:3!*E'H)#(3! ,+&! &%3)#3%'(&! 1'(F2%13)+22+&! #)3'):!

,+&H)+22+&! 2+&! *2/E+&! &'(3! #0+(*&! P! ,%#2'G)+:!+(3:+! +)IA! #E+1! 2+):&! +(&+%G(#(3&! +3! ,D#)3:+&!1#3*G':%+&! ,+! 9:'F+&&%'((+2&! M9*,'9&<1Q%#3:+A!

:+&9'(&#K2+&! #&&'1%#3%F&A! #:3%&3+&A! CCCNC! ?(! K2'G!+(3:+! 2+&! *3#K2%&&+0+(3&! &1'2#%:+&! 9#:3%1%9#(3&!

&+:3! ,+! 1+(3:+! ,+! :+&&'):1+&! +3! ,+! 9#:3#G+! ,+&!+I9*:%+(1+&C! "+! 9:'G:#00+! +&3! 9#::#%(*! 9#:!d'0%!?(G+:+:C!!

!h!R*./!r0G('('T=%+-(+!,(!H&'#+7*%'G!V!1'-,/&!)2*&*!

=%+-(+!,(!H&'#+7*%'G!

!-JOHGDUUHK! G8H]UJKQHMSH! IHMIQ[GH! XP!CPIJH! ,X!

1QISQMH!Y!"DP[XQ]\!!"+!9#:1'):&!,+&!&+(&A!%(3*G:*!,#(&!2+!9#:1'):&!,+!E%&%3+&A! &+! :*9#:3%3! +(! 92)&%+):&! 9'%(3&! F':3&!T! )(!

+&9#1+!,+!,*1')E+:3+!3#13%2+A!)(+!0%&+!+(!&'(!,+!2D#(1%+(! K#&&%(A! ,+&! 0')%22+33+&! 9#:F)0*+&!

1'00+!!#)3#(3!,+!2+13):+&!'2F#13%E+&!,+&!O)E:+&C!^'):! 2+! G'n3A! 2+! :+&3#):#(3S&#2'(S,+S3Q*! ,)!0)&*+! *2#K':+! ,+&! 0+()&! +(! :+2#3%'(! #E+1! 2+!

0)&*+!')!&+&!+I9'&%3%'(&!3+09':#%:+&C!!

!

!"##"$%&!'#((#&)'&**"(&#"(+,(& & -$,'!(&"&19&

1XGXQI! EHI! EPSI! EH! ,DKKXQMH^$PIJH! GDKKXQM! EH!

'XMST!9! e!!53ECI4KC& C5& 2?32DKI2& 7E?CMC?3& I2&

D53E2&26&D@OC?3&?C3&@NE23!f!X+9)%&! ('E+0K:+! 674pA! ,+&! #3+2%+:&! &'(3!

':G#(%&*&! ,#(&! 2+! 1#,:+! ,+! 2#! :*('E#3%'(! ,)!0)&*+C!"+&!9:'9'&%3%'(&!,)!9)K2%1!+(:%1Q%&&+(3!2+!

9:'G:#00+! ,+! :*('E#3%'(! ,#(&! 2D'93%H)+! ,+! 2+!:+(,:+!92)&!#11+&&%K2+A!0%+)I!#,#93*!P!2#!E%&%3+!+(!F#0%22+A!,#E#(3#G+!#33:#13%F!9'):!2+&!*3),%#(3&!+3!

+(! 9Q#&+! #E+1! 2+&! )&#G+&! ()0*:%H)+&C! X):#(3!2D*3*! 6748A! )(+! 1'(&)23#3%'(! ,+&! 1%3'<+(&! #!

*G#2+0+(3! *3*! ':G#(%&*+! #)3'):! ,+&! ,+)I!E#:%#(3+&!,)!9:'Y+3!#:1Q%3+13):#2C!!

!

lQqQ!XP!1XGXQI!EHI!@HXP]^XKNI!EH!,QGGH!!

"D*1'('0%+! ()0*:%H)+! 9+:0+3! ('3#00+(3! ,+!F#%:+!#99+2!P!,+&!1'(3:%K)3+):&!9'):!,'1)0+(3+:!

')! &D%092%H)+:! ,#(&! 2#! 1'22+13+! ,+! ,'((*+&C! "+!^#2#%&! ,+&! h+#)IS;:3&! #! 1'(,)%3! ,+&! #3+2%+:&! ,+!9#:3#G+! ,+&! :+&&'):1+&! #E+1! o/p/=%+(%.! +(!

%(E%3#(3! P! )(+! G:#(,+! 1'22+13+! ,+! 9Q'3'&! ,)!0)&*+!#E+1!�%e%9*,%#C!!

!,8H]UDIQNQDM!e!d8XQCHKXQI!NXMN!ODQK!)TKXSPIH!f!XP!

CPIJH!EJUXKNHCHMNXG!EH!G8+KGHI!XMNQZPH!"+!0)&*+!#!%(E%3*!2+!9)K2%1!P!')E:%:!&+&!#2K)0&!,+!F#0%22+! 9'):! )(+! 1'22+13+! ('00*+! [! "D;(3%H)+!

+M&N3! (')&! \C! ^2)&! ,+! 677! 1'(3:%K)3+):&! '(3!#,:+&&*! #)! 0)&*+! 4677! 12%1Q*&! 2+&! 0+33#(3! +(!

&1/(+! #)! 1]3*! ,D)(! 0'()0+(3! #(3%H)+! ')! )(!E+&3%G+!,+!&%3+!#:1Q*'2'G%H)+!,+!2#!_#:K'((#%&+!+3!,)!9'):3'):!0*,%3+::#(*+(C!U&3!(*+!,+!1+33+!

1'22+13+! 2D+I9'&%3%'(! �bD#%0+:#%&! 3#(3! E'%:!L<:#1)&+�!M6p!0#:&!#)!5!Y)%(!674pNC!!!

!!,X!=XGGH!XP]!IPSKHI!Y!-PMqHKZPH;! QMXPLPKJH!HM!

RJOKQHK!3?2B!B'(&#1:*! P! 2#! E%22+! ,):#K2+! +3! #)I! 0)3#3%'(&!):K#%(+&!,#(&!2+!0'(,+A!1+!2%+)!&+!9:*&+(3+!P!2#!

F'%&! 1'00+! )(! 1+(3:+! ,D+I9'&%3%'(&A! ,+!

:+&&'):1+&!,'1)0+(3#%:+&A! ,D#:1Q%E+&A!{!d')3+&!1+&!#13%'(&!+I%&3+(3!,#(&!,D#)3:+&!2%+)IA!0#%&!+22+&!&'(3! %1%! 0W2*+&! ,#(&! 2+&! 0W0+&! +&9#1+&C! BD+&3!

,D#K':,! )(! 2%+)! ,+! E%+A! ,+! :+(1'(3:+&! +3!,DQ<K:%,%3*! ,+&! F'(13%'(&! 9'):! %(E+(3+:!

+(&+0K2+C!!!

!!

&MOHMNXQKHI!UXKNQSQUXNQRI!EXMI!GHI!CPIJPCI!L+2'(! 2+! $)&*)0! (#3%'(#2! ,Da%&3'%:+! (#3):+22+A!

2D#99':3! ,+&! 1%3'<+(&! P! 2#! 1'((#%&&#(1+!&1%+(3%F%H)+! +&3! ,+E+()! %(,%&9+(&#K2+C! "#!9#:3%1%9#3%'(! ,+! E'2'(3#%:+&! 9+:0+3! ,+! :*1'23+:!

)(+!G:#(,+!H)#(3%3*!,+!,'((*+&!&):! 2D+(&+0K2+!,)! 3+::%3'%:+! +3! ,+! 0#(%/:+! :*9*3*+! ,#(&! 2+!

3+09&A!,'((*+&!H)+!2+&!1Q+:1Q+):&!(D#):#%+(3!9)!'K3+(%:!&+)2&C!d')&!2+&!9#&&%'((*&!,+!(#3):+!&'(3!%(E%3*&!P!9#:3%1%9+:!P!2#!1'22+13+!,D%(F':0#3%'(&!&):!

2#! F#)(+! +3! 2#! F2':+! T! (#3):#2%&3+&! ,*K)3#(3&! ')!+I9*:%0+(3*&A! &1'2#%:+&{! BD+&3! #%(&%! H)+! ,+&!

'K&+:E#3'%:+&!9#:3%1%9#3%F&!,+! 2#!K%',%E+:&%3*!'(3!*3*!0%&!+(!92#1+!9#:!2+!:*&+#)!,+&!0)&*)0&C!

!

!!,X!:KXMEH!%DGGHSNH!3?2B!9!+RKQZPH^4KXMSH!6&6H!^!66H!IQHSGHI!

"+&! ;:1Q%E+&! (#3%'(#2+&! &'(3! 9#:3+(#%:+&! ,+! 2#!(')E+22+!*,%3%'(!,+!"#!j:#(,+!B'22+13+!':G#(%&*+!

9#:! 2+&! 0%(%&3/:+&! ,+! 2#! B)23):+! +3! ,+! 2#!B'00)(%1#3%'(A! ,+! 2v�,)1#3%'(! (#3%'(#2+A! ,+!2vU(&+%G(+0+(3!&)9*:%+):!+3!,+!2#!`+1Q+:1Q+!+3!2+!

&+1:*3#:%#3! ,v�3#3! 1Q#:G*! ,+&! ;(1%+(&!1'0K#33#(3&!+3!,+!2#!$*0'%:+A!H)%!+&3!1'(&#1:*+!

#)I!:+2#3%'(&!+(3:+!2v;F:%H)+!+3!2#!J:#(1+!#)I!-.-+!+3!--+!&%/12+&C!"+&!9+:&'((+2&!,+&!&%3+&!,+!^#:%&!+3!,+! ^%+::+F%33+S&):SL+%(+! '(3! #11)+%22%! +(!

('E+0K:+! 3')3+&! 2+&! 9+:&'((+&! ')! F#0%22+&! H)%!1'(&+:E+(3! ,+&! ,'1)0+(3&! +3! &')Q#%3#%+(3!

1'(3:%K)+:C!!

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

!

!

!"##"$%&!'#((#&)'&**"(&#"(+,(& & -$,'!(&"&1:&

$PIJH!E8+ZPQNXQMH;!GHI!XSNQDMI!CHMJHI!XOHS!GHI!

XIIDSQXNQDMI!EH!GX!EQOHKIQNJ\!"+&![!h'(&!h#%&+:&!,+!{!\!&'(3!)(+!%(E%3#3%'(!P!2#!:+(1'(3:+! ,+! ,%FF*:+(3+&! 1)23):+&! &):! )(! 0',+!

F+&3%FC! BD+&3! 2D'11#&%'(! ,+! ,*1')E:%:! ,+! F':0+&!,D+I9:+&&%'(&! #:3%&3%H)+&! +3! 1)23):+22+&! +3!

,D*1Q#(G+:!#E+1!2+&!#:3%&3+&!,+!,%FF*:+(3&!9#<&C!"#!9:'G:#00#3%'(! #)3'):! ,+! 2D+I9'&%3%'(! +&3!':G#(%&*+!#E+1!2+&!#&&'1%#3%'(&!1)23):+22+&C!=#'*$!^N_VNOTNCTBCNO`!(&!P'.-0/(!^aVb![%/0!BCNa`!

!

,H!UKDcHN!EP!CPIJH!WQINDKQZPH!EH!,TDM!!

"+!0)&*+!j#,#G(+!E%&+!P!+I92':+:!,+!(')E+22+&!:+2#3%'(&! &'1%#2+&! #E+1! 2+! 3+::%3'%:+A! +3! P!

9+:0+33:+!)(+!92)&!G:#(,+!9:%&+!+(!1'093+!,+!2#!,%E+:&%3*!1)23):+22+C!.2!+(3+(,!&+!0+33:+!#)!&+:E%1+!

,+&! #13+):&! 2'1#)I! +(! 2+):! #99':3#(3! ,+&! ')3%2&!,D#%,+&!#)!,*E+2'99+0+(3C!2&&)?TTUUU9G#,#G0(9.%+((+9"4*096'!

!

,8H]UDIQNQDM!%DMRQEHMSHI!E8DPNKH^NDC[H!f!HN! GH!UKDcHN! uqvKbMHI! .3^SXNXSDC[H! XKNQINQZPH! XP!CPIJH!-XPUWQMDQI!

"#! B#&+0#3+SBBLd.! ,+! j:+('K2+A! 2+! 0)&*+!#:1Q*'2'G%H)+A! 2+!0)&*+! ,#)9Q%('%&A! 2D._`;^! +3!

2+&! 9'09+&! F)(/K:+&! %(3+:S1'00)(#2+&! ,+! 2#!:*G%'(! G:+('K2'%&+! '(3! 9:',)%3! 1+33+! +I9'&%3%'(!+(! F#%&#(3! 2#:G+0+(3! 92#1+! #)I! 9#:3+(#:%#3&! +3!

#)I!,*0#:1Q+&!,+!1'S1:*#3%'(C!"+&!9)K2%1&!'(3!*3*!#&&'1%*&!P!2#!1'(1+93%'(!,+!,%&9'&%3%F&!%(3+:#13%F&C!

U(F%(A! 2+! 9:'Y+3! }k~`�_UL! t6SB#3#1'0K+!#:3%&3%H)+!+&3!E+()!&v%(&1:%:+!,#(&!1+33+!#99:'1Q+!9'2<9Q'(%H)+!T! H)#:#(3+S,+)I! 92#&3%1%+(&! '(3!

3:#E#%22*!P!9#:3%:!,v)(+!0W0+!9%/1+!S!)(!0')2#G+!,+! 1:w(+! +(! 92w3:+! K2#(1! S! &):! 2+! 3Q/0+! ,+! 2#!

E#(%3*C!!

!!

1QSXIID!OP!UXK!G8wSDGH!EH!1XKQI!EHI!$JNQHKI!EH!GX!(X[GH;!EP!(DPKQICH!HN!EH!G8=iNHGGHKQH!!"+! 9:'Y+3! 0+(*! #E+1! V! 12#&&+&! ,+! 9w3%&&%+:&S

K')2#(G+:&! #! 9'):! 'KY+13%F! 2#! 1'(1+93%'(! +3! 2#!:*#2%&#3%'(! ,D)(! 9:',)%3! 9w3%&&%+:SK')2#(G+:!

':%G%(#2A!2%*!#)!0)&*+!+3�')!P!2DO)E:+!,+!^%1#&&'C!"+&! #99:+(3%&! %0#G%(+(3! 2+):&! 9:'Y+3&! 9#:! 9+3%3&!G:')9+&!9+(,#(3!2+&!1'):&!,D#:3&!#992%H)*&!+3!,+!

1)23):+!#:3%&3%H)+A!+3!2':&!,+!E%&%3+&!#)!0)&*+!')!

,D%(3+:E+(3%'(&! +(! 12#&&+C! ?(! Y):<! +&3! 1Q#:G*!,D*2%:+!2+!0+%22+):!9:',)%3C!!

!!,H! 4HINQOXG! $PIJHI_HC`UDKNX[GHI! EP! )XGDM!

QMNHKMXNQDMXG!EHI!H]UDIQNQDMI!HN!EHI!CPIJHI!X#(&!2+!9:'2'(G+0+(3!,+!2#!12#'&(!&*%+!</+/&(%'+!,)!$BB5! 2+! L.dU$! :*1'09+(&+!,+&!9:',)13%'(&!

1'(R)+&! 9#:! ,+&! Y+)(+&! &+2'(! )(! :/G2+0+(3!9:*1%&!T! ,+&! F%20&! ,+! F%13%'(&! ,+! 0'%(&! ,+! V!

0%()3+&! :*#2%&*&!#E+1!)(! 3*2*9Q'(+!9':3#K2+!')!)(+!9+3%3+!1#0*:#!,#(&!)(! 2%+)!,D+I9'&%3%'(C!U(!,'((#(3!P!E'%:!2+!0)&*+!1'00+!2%+)!,+!1:*#3%'(!

+3!,D%0#G%(#%:+&A!1D+&3!)(+!1+(3#%(+!,+!F%20&!H)%!1Q#H)+! #((*+! 3*0'%G(+! ,+! 1+33+! #99:'9:%#3%'(!

1'(1:/3+C!"D.B>$!&D+&3!#&&'1%*!#)!9:%I!+3!,*1+:(+!)(!9:%I!,+!2D#11+&&%K%2%3*C!

&

,4& G4K7@R52;! RX[GX[! XKNQINQZPH! EP! %HMNKH!1DCUQEDP!!

>)E+:3! +(! &+93+0K:+! 6748A! 2#! J#K:%H)+! +&3! 2+!(')E+2!+&9#1+!,+&!mS46!#(&C!.2! &D#99#:+(3+!P!)(!

6#7"#7!9#:! 2+&!0#1Q%(+&!+3! 2+&!0#3*:%#)I!H)%!&D<!3:')E+(3C! BQ#H)+! 3:%0+&3:+A! )(! #:3%&3+! %0#G%(+!9'):!2+&!9#:3%1%9#(3&!)(!9:'Y+3!1'((+13*!#E+1!2+&!

:+&&'):1+&! ,)! B+(3:+! ^'09%,')C! ;)! F%2! ,+&!&+0#%(+&A! +(F#(3&! +3! #(%0#3+):&! 1'(3:%K)+(3!

+(&+0K2+!P!2#!:*#2%&#3%'(!,D)(+!O)E:+!1'22+13%E+C!"+&!9#:3%1%9#(3&!9+)E+(3!&)%E:+!)(+!')!92)&%+):&!&*#(1+&A! +(! &D%(&1:%E#(3! P! 2#! Y'):(*+! +3! &#(&!

'K2%G#3%'(!,+!&)%E:+!2+&!,%FF*:+(3&!:+(,+oSE')&C!"#!4/:+!*,%3%'(!&D%(3%3)2+![!;:1Q%!h%o#::+!\C!!

!!

1:!XP!CPIJH!EHI!+KNI!EJSDKXNQRI!!I0! BCND5! ^jA! 2D#E#3#:! ,+! 2D#:3%&3+! ^%+::+! j%(+:A!1:*#3):+! #(%0*+! +(! :*#2%3*! E%:3)+22+A! +&3! +(!

:*&%,+(1+! ,#(&! 2+&! +&9#1+&! ,)! $)&*+! ,+&! ;:3&!X*1':#3%F&C! .2! #13%E+! 2+&! 'KY+3&A! Q#K%3+! ,#(&! 2+&!

!"##"$%&!'#((#&)'&**"(&#"(+,(& & -$,'!(&"&1;&

1'22+13%'(&A! %(E+&3%3! 2+&! +I9'&%3%'(&! +3! 9+:%',!

:''0&A!#11)+%22+!2+&!E%&%3+):&C!^jA!9+:&'((#G+!0%!#:3%&3+A!0%!E%&%3+):A!'11)9+A!&D#99:'9:%+A!&1*(#:%&+!+3! :*F2*1Q%3!#)!0)&*+!+3!&+&!)&#G+&!()0*:%H)+&!

9#:! )(+! &*:%+! ,D+I9*:%+(1+&! +3! ,D#99#:%3%'(&A! P!,+&!*1Q+22+&!,%E+:&+&A!#)I!,*3'):&!,)!2%+)A!,+!&+&!

+&9#1+&A!,+!&+&!9:*&+(3#3%'(&!+3!,#(&!2+&!3+09&!,+!&#!9:'G:#00#3%'(C!!!

!!,HI!#ISXGHNNHI!EP!$PSHC!

L%! 2+!()0*:%H)+!'FF:+!,+&!9'3+(3%#2%3*&A! 1+!(D+&3!9#&!2#!&+)2+!0',#2%3*!9'&&%K2+!,)!9#:3%1%9#3%F!�!^#:!+I+092+A!2+!$?BU$!#!0%&!+(!92#1+!)(!H)%o!&')&!

F':0+!,+! Y+)! 3*2*E%&*! #)3'):! ,+&! 1'22+13%'(&! ,)!0)&*+! #E+1! ,+&! 9:%I! P! G#G(+:C! XD#)3:+&!

'9*:#3%'(&!&+!,*:')2+(3!&):!2+&!92#G+&!,+!2#!E%22+!M;(+! I+$#"(&&(+N! ')! 9:'9'&+(3! ,+&! 0*,%#3%'(&!9#:3#G*+&!2+!3+09&!,D)(+!&'%:*+C!!!

!!

,H!UKDLKXCCH!,23&%C5M245O&HCII2H6@C??2573&45&HCIIQP2!!$%&!+(!92#1+!9#:!2+!,*9#:3+0+(3!,+&!h')1Q+&!,)!

`Q](+A!,+&! 12#&&+&! &'(3!92#1*+&!+(! &%3)#3%'(!,+!1'00%&&#%:+&! 9'):! ,*F%(%:! 2#! &*2+13%'(! +3! 2+&!

0',+&!,D+I9'&%3%'(C!!!

!"H! %WbNHXP! CPIJH! EH! @DPGDLMH!HN! IHI!SDGGHSNQDMI!E8+GXIqX\!

L)99':3!,+! 1:*#3%'(&!9'):!,+&! #3+2%+:&! 1'(,)%3&!

2'1#2+0+(3! +3! :+&&'):1+&! ,+! 1:*#3%'(! 9'):! ,+&!#:3%&3+&!,D;2#&e#! :+S,*1')E:#(3! 2+):!9#3:%0'%(+A!2+&! *1Q#(G+&! %(3+:1)23):+2&! ':G#(%&*&! 9#:! 1+!

0)&*+!&'(3!,D)(+!G:#(,+!:%1Q+&&+C!

!,H!1KJWQINDCPIJPC!EH!"XCQDPG!!L'(! ,%:+13+):! #(('(1+! )(! 0)&*+! ,+! [!^'9S#:1Q*'2'G%+!\A! 9'):! %(&%&3+:! &):! )(! 2%+)! ,+&3%(*!

,D#K':,!P!%(3+::'G+:!2+!E%&%3+):!&):!2+&!1'(,%3%'(&!,D+I%&3+(1+! +3! 9'):! 2D#0+(+:! P! &D*0#(1%9+:C! "+!

2%+)! (DQ*&%3+! 9#&! P! :+0+33:+! +(! 1#)&+! 2+&!*E%,+(1+&!0)&*#2+&C!.2!+(!E#!#%(&%!#)&&%!K%+(!,+!2#!3#:%F%1#3%'(A!9)%&H)+!,#(&!1+!2%+)!2+!E%&%3+):!9#<+!

+(!&':3#(3A!H)+!,+&!#13%E%3*&!H)%!<!&'(3!1'(,)%3+&C!L'(!,%:+13+):!E%&+!P!0+33:+!+(!92#1+!)(+!(')E+22+!

F':0+!,D':G#(%&#3%'(!0#(#G*:%#2+A!92)&!+(!9Q#&+!#E+1! 2�*1'('0%+! &'1%#2+! +3! 1'22#K':#3%E+A! +3! P!

3:#(&F':0+:! 2+! &3#3)3! ,)!0)&*+! +(! 1''9*:#3%E+!0)&*#2+A!9'):!H)+!2+&!,*1%&%'(&!&'%+(3!9#:3#G*+&!+(3:+!1''9*:#3+):&C!!2&&)?TTUUU9)'(2/+&*9.%+(%.!!,X! 4X[KQZPH! EH! UXNKQCDQMHI! HM! 'DKCXMEQH!9! GX!UKDRHIIQDMMXGQIXNQDM!E8PM!KJIHXP!EH!CPIJHI!EH!

NHKKQNDQKH!;)!&+:E%1+!,)!3+::%3'%:+!:*G%'(#2A!,+!&+&!Q#K%3#(3&!

+3! ,+! 2+):&! %(&3%3)3%'(&A! 2D*3#K2%&&+0+(3! +&3!':G#(%&*! #)3'):! ,+! 3:'%&! 9]2+&! ,'(3! 2+&!0#l3:+&!0'3&! &'(3! 1'((#l3:+A! 1'(&+:E+:A! 3:#(&0+33:+! +3!

9#:3#G+:! T! 2+! B+(3:+! ,+! B'(&+:E#3%'(S`+&3#):#3%'(S_)0*:%&#3%'(A! 2DU3Q(]9'2+A! 2+!

`*&+#)! ,+&! 0)&*+&! ,+! _':0#(,%+! M57!*3#K2%&&+0+(3&N\!U(!1'22#K':#3%'(!#E+1!2+!B_J^dA!2#! >#7'/3%(! ,(! )#&'/.*/0(+! (0! \*'.#0,/(!

9:'9'&+! p! F':0#3%'(&! +(! 6745C!UUU9"#6#7'/3%(,()#&'/.*/0(+96'!!!

!,X!CPNXNQDM!EP!CPIJH!EHI!CXQIDMI!SDCNDQIHI!Y!

'XMSKXT!!.2! #! *E'2)*!,D)(!0)&*+!,+!92+%(! #%:! 3:#,%3%'((+2!

9:*&+(3#(3! ,+&! 1'22+13%'(&! ,D#:3&! +3! 3:#,%3%'(&!9'9)2#%:+&! P! )(! &%3+! 0+33#(3! +(! O)E:+! +3!&+(&%K%2%&#(3!#)!,*E+2'99+0+(3!&')3+(#K2+C!;%,+!

!"##"$%&!'#((#&)'&**"(&#"(+,(& & -$,'!(&"&1<&

#)I! Y#:,%(%+:&! #0#3+):&A!0',+! ,+! ,*92#1+0+(3!

,')IA! 2'G%1%+2! 2%K:+A!9:',)%3&!,D+(3:+3%+(&!,)!&%3+!:+&9+13)+)I!,+! 2D+(E%:'((+0+(3A!+31C!#)3#(3!,+!,%0+(&%'(&!0%&! +(! 92#1+! 9:'G:+&&%E+0+(3! 9'):!

1Q#(G+:! 2+! F'(13%'((+0+(3! +3! 2+&! 'KY+13%F&! ,+!2D*3#K2%&&+0+(3C!!

!!,!xJSDCPIJH!EH!"HMMHI!

h+#)1')9! ,+! 0)&*+&! ')! ,+! 9#:1&! '(3A! ')!9')::#%+(3! #E'%:A! ,+&! 1'22+13%'(&! E%E#(3+&A! ,+&!Y#:,%(&A! ,#(&! 2+):&! +&9#1+&! +I3*:%+):&C! B+&!

9:'9'&%3%'(&! &'(3! 3')Y'):&! ,+&! F#13+):&!,D#33:#13%E%3*!9'):!2+!9)K2%1A!+(!92)&!,+!F#E':%&+:!

2#! K%',%E+:&%3*! +3! 2#! &+(&%K%2%&#3%'(! P!2D+(E%:'((+0+(3C!L%!1+!&'(3!,+&!#13%E%3*&!2'):,+&!P!#&&)0+:!9'):!,+&!9:'F+&&%'((+2&A! 2+!:+1'):&!P!

,+&!K*(*E'2+&!9'):!1+&!0%&&%'(&!G:#3%F%#(3+&!+&3!,+&!92)&!Y),%1%+)&+&C!!!

!!,HI! SWXMNQHKI! E8QMIHKNQDM! Y! G8#SDCPIJH! EP!

%KHPIDN^$DMNSHXP^GHI^$QMHI\!!g)+! 1+! &'%3! 9'):! ,+&! 2'G+0+(3&! G*:*&! 9#:!

2D#&&'1%#3%'(!')!P!2#!h:%H)+33+:%+!,+!B%:<S2+S_'K2+A!2�*1'0)&*+! #! 1'(,)%3! 9#:! 2+! 9#&&*! 92)&%+):&!1Q#(3%+:&! ,D%(&+:3%'(! P! E'1#3%'(! 1)23):+22+C!

B'00+! %2! +&3! 1'):#(3! ,#(&! 2+&! 1Q#(3%+:&! ,+!:*Q#K%2%3#3%'(! ,)! 9#3:%0'%(+A! 2+&! 0%&&%'(&!

&'1%#2+&!+3!1)23):+22+&!&'(3!1'(Y)G)*+&C!UUU9($*.%+((V$'(%+*&V.*0&$(#%96'!

!,H! "P[XM;! S8HIN! GX! CDEH! XP! $PIJH! E8XKN! HN!

E8=QINDQKH!EH!)N^#NQHMMH!!B+33+! +I9'&%3%'(! 9:'9'&+! 2#! ,*1')E+:3+! ,+! 2#!1:*#3%'(! :)K#(%/:+! &3*9Q#('%&+! +3! &+&! &#E'%:S

F#%:+C! X#(&! 1+! 1#,:+A! 2+! 0)&*+! ,)! BQ#9+#)!,+!BQ#o+22+&S&):S"<'(! &D#&&'1%+! #)! 0)&*+! ,D;:3! +3!

,D.(,)&3:%+! ,+! L#%(3S�3%+((+! 9'):! 9:'9'&+:! )(!

1'(1'):&!%(3+:(#3%'(#2!,+!1:*#3%'(&!,+!1Q#9+#)I!

#)9:/&!,+&!0',%&3+&!&):!2+!3Q/0+!,)!:)K#(C!!

!!

,H! LXML! EHI! NKQSDNHPIHI! Y! ,4& !4?5A4H6572h&

D53E2&N2&I4&DEDC@72&26&N2&I4&H7E46@C?&62O6@I2&

1F+&3! 92)&! H)D)(+! &%092+! #13%'(A! 1D+&3! )(! B#F*!

3:%1'3!H)%!#11'09#G(+!2+!2%+)!&):!2+!2'(G!3+:0+!+(!,*12%(#(3!,+&!#13%'(&! &9*1%F%H)+&!+3!,+&!#3+2%+:&!

#)!G:*!,+&!+I9'&%3%'(&C!!2&&)?TT"#.#0%6#$&%'(V'*%7#/@9$*.T6'!

!&MOHMNHK!EH!MDPOHGGHI!JSDMDCQHI!

X+&!0)&*+&!1'00+!2+!0)&*+!,+!2D.09:+&&%'(!&):!*3'FF+&! P!$)2Q')&+! ')! 2+!0)&*+! ,)! BQ#9+#)! P!

BQ#o+22+&S&):S"<'(! '(3! ,*E+2'99*! ,+&! F':0+&!*1'('0%H)+&!':%G%(#2+&!+3!)3%2+&!P!)(! 3+::%3'%:+C!"+! $)&*+! ,+&! (')::%1+&! +3! ,+&! +(F#(3&! ,+!

2D;&&%&3#(1+! 9)K2%H)+! P! ;22%G(<! +(! $':E#(!Q*K+:G+! H)#(3! P! 2)%! )(! 2%+)! ,D+I9'&%3%'(A! )(!

1+(3:+!,+! :+&&'):1+&A!)(!1#F*!,+!E%22#G+!+3! 3:'%&!1Q#0K:+&!,DQ]3+&C!!!

!!

,8*PNQG!HM!CXQM!

B+33+! F*,*:#3%'(! :+G:')9+! 4t5! #&&'1%#3%'(&! +3!6q77!G+(&!,+!0*3%+:&C! U22+! E%&+! P! 3:#(&0+33:+! P!

,+&! Y+)(+&! )(+! #99:'1Q+! ,+! 2D#:3%&#(#3! +(!#11'09#G(#(3!,+&!:*#2%&#3%'(&!&):!2+!2'(G!3+:0+C!X+&!#13%'(&!1'00)(+&!&'(3!%0#G%(*+&!+3!0+(*+&!

#E+1!2+!:*&+#)!,+&!0)&*+&!,+!^:'&1%3+1C!!2&&)?TTUUU9"*%&/"(0.#/096'!A!UUU9)'*+$/&($9#++*96'!

+SNQDM!SPGNPKHGGH!+GmWHQCHK!B+33+! #&&'1%#3%'(! :+1+(&+! +3! #11'09#G(+! 2+&!

#13%'(&!,#(&!2+&!0)&*+&!E%&#(3!P!1:*+:!)(+!H)#2%3*!,+!E%+!+3!P!9:'0')E'%:!2D+&3%0+!,+!&'%!+3!2#!,%G(%3*!

!"##"$%&!'#((#&)'&**"(&#"(+,(& & -$,'!(&"&1=&

,+&! 9+:&'((+&! #33+%(3+&! ,+! 2#! 0#2#,%+!

,D;2oQ+%0+:C!>(o+!0)&*+&!+(!&'(3!9#:3+(#%:+&C!!!

!,8XNHGQHK! dP]NXUDm! HN! G8H]UDIQNQDM! e!T5O&

64KI245O&f!Y!$XKIHQGGH!BD+&3! ,#(&! )(+! *1'2+A! F+:0*+! ,+9)%&! 6746A! H)+!s%@&#)*Y! #! 1Q'%&%! ,+! 1'':,'((+:! )(+! :*&%,+(1+!

#:3%&3%H)+!%(*,%3+C!?(+!H)#:#(3#%(+!,D#:3%&3+&!'(3!*3*! &*2+13%'((*&! 9'):! 1'(1+E'%:! ,+&! O)E:+&!

*9Q*0/:+&! P! 0W0+! 2+&! 0):&! M&#22+&! ,+! 12#&&+A!1'):&!+I3*:%+):+&A!9:*#)A!+31NC!?(+!&1*('G:#9Q%+!#! *3*! %0#G%(*+! &):! 6! p77! 06C! "D+I9'&%3%'(A!

9'(13)*+! ,+! ,%E+:&+&! 0#(%F+&3#3%'(&!92):%,%&1%92%(#%:+&A!*3#%3!')E+:3+!#)!9)K2%1!,)!47!

Y)%(!#)!47!'13'K:+!674pC!!

!!

,H! CPIJH! )XODQIQHM;! %WXC[JKT! HN! IDM! UKDcHN!SDGGX[DKXNQR!EH!ISJMDLKXUWQH!

"+! ,%&9'&%3%F! ,)! F#K2#K! &+:3! %1%! 2D%,*+! ,+!0)&*+S2#K':#3'%:+C! "+! 2%+)! ,D+I9'&%3%'(! ,+E%+(3! )(+!K%K2%'3Q/H)+!,D%,*+&!+3!,D%(F':0#3%'(!+3!2+!0)&*+!

)(! 2%+)! ,+! 1'(E+:G+(1+! 9'):! 2D+(&+0K2+! ,+&!#13+):&!,)!3+::%3'%:+C!

!

&!1KQHPKJ!EH!)XGXLDM;!$XMH!9&-273&5?&HF4?P2D2?6&

N2&?46572&N5&D53E2&

"+!̂ :%+):*!+&3!)(!0)&*+!,+!J:#(1+A!)(!0'()0+(3!Q%&3':%H)+A! )(! b#:,%(! :+0#:H)#K2+! +3! )(+!

+3Q('9]2+C!"D*3#K2%&&+0+(3!&+!1'(R'%3!1'00+!)(!

')3%2! ,+! :*F2+I%'(! &):! 2+! ,+E+(%:! ,)! 3+::%3'%:+C!

B'(Y)G)#(3!2+&!,%0+(&%'(&!,+!2DQ%&3'%:+A!,)!2'1#2!+3! ,)! &'1%*3#2A! %2! +(3+(,! :+(')E+2+:! 2D%,*+! ,)!1'22#K':#3%F! #)3#(3! #E+1! 2+&! Q#K%3#(3&! H)+! 2+&!

E%&%3+):&C! ?(+! %,*+SF':1+!T! 2#! :):#2%3*! #! H)+2H)+!1Q'&+!P!#99:+(,:+!P!2#!E%22+C!!

!!

dPKT!SQNDTHM!HN!QMOHMNXQKH!EP!UXNKQCDQMH!SPGNPKHG!

QCCXNJKQHG! EXMI! GH! 1XKS! 'XNPKHG! "JLQDMXG! EHI!@XGGDMI!EHI!<DILHI!

B+!^#:1!:*G%'(#2!+&3!+(G#G*!,#(&!)(!9:'G:#00+!,*2%K*:#3%F! &):! 2+!9#3:%0'%(+!1)23):+2! %00#3*:%+2!#E+1! )(+! 1'00)(#)3*! ,+! 1'00)(+&C! "+&!

+(Y+)I!T! %092%H)+:! 2+&! Q#K%3#(3&A! 9:'0')E'%:! 2#!,%E+:&%3*!1)23):+22+A!F#E':%&+:!2#!3:#(&0%&&%'(!,+&!

9#3:%0'%(+&A!1'(3:%K)+:!#)!,*E+2'99+0+(3!2'1#2!+3! #)! :+(F':1+0+(3! ,)! 2%+(! &'1%#2C! "+! ,%&9'&%3%F!:+9'&+!&):!2+!:+1:)3+0+(3!,D)(!Y):<S1%3'<+(!9'):!

&*2+13%'((+:! 2+&! *2*0+(3&! 9#3:%0'(%#)I! P!E#2':%&+:C!!

!&

,S"D4P@?47@5D!Y!(DPKSDQML!!

L%3)*! #)! 1O):! ,+! ^#%(+! .0#G+&A! P! 9:'I%0%3*! ,+!"%22+A! ,#(&! )(! H)#:3%+:! +(3%/:+0+(3! 1'(&#1:*! P!2D%0#G+!+3!#)I!%(,)&3:%+&!1:*#3%E+&A!E*:%3#K2+!2%+)!

,+! 1'(E+:G+(1+A! 1+3! +&9#1+! ,+! q777! 0�!:#&&+0K2+! #:3%&3+&A! 1Q+:1Q+):&! +3! +(3:+9:%&+&!

#)3'):! ,+&! %(,)&3:%+&! 1:*#3%E+&! +3! 9:'9'&+!*G#2+0+(3! ,+&! +I9'&%3%'(&! 3+09':#%:+&C!2&&)?TTUUU9)"#/0(V/.#G(+96'T)'(+(0&#&/*0T&

!

4X[GX[;! GQOQMLGX[! Y! GX! %QNJ! EHI! ISQHMSHI! HN! EH!G8&MEPINKQH!"+&!#3+2%+:&!&/0p('/0G!,*&%G(+!)(!3<9+!,D#3+2%+:!'z!

)(! F#1%2%3#3+):! 9:'9'&+! P! 92)&%+):&! G:')9+&!,D+I9*:%0+(3#3+):&! ,+! :*&'),:+! )(! 9:'K2/0+!

3+1Q(%H)+A! P! 9#:3%:! ,+! 0#3*:%#)I! &%092+&C! "#!

!

!"##"$%&!'#((#&)'&**"(&#"(+,(& & -$,'!(&"&9>&

F':0)2+! ,)! [!"#K':#3'%:+! +(! :*&%,+(1+!\! +&3!

3+&3*+!,+9)%&!6!#(&!y!+(!6745A!2+!3Q/0+!:+3+()!+&3!

1+2)%!2#![!i%22+!()0*:%H)+!\C!

!2&&)?TTUUU9%0/<('+$/(0$(96'!

!

,H! 2?.! Y! 1XKQI;! SDCCH! e!CPIJH! E8XOHMNPKHI!

E8QMNJKyN!SDCCPM!f!

B+! 2%+)! F':3+0+(3! %09:*G(*! ,+&! E#2+):&! ,)!

&+:E%1+!9)K2%1! +&3!)(!+(,:'%3! ,+! :+3:')E#%22+&! +3!

,D%0#G%(#3%'(! ,+! 9:'Y+3&! 9'):! %(E+(3+:! ,+&!

,+&3%(*+&!9#:3#G*+&C! "+! 2%+)!(D#11)+%22+! 9#&!H)+!

,+&!9:'G:#00#3%'(&!1)23):+22+&!+3!,+&!9:#3%H)+&!

#0#3+):&A! 0#%&! #)&&%! ,+&! #13%E%3*&! ,+! 2'%&%:&! +3!

0W0+!0#:1Q#(,+&C!

2&&)?TTUUU9NC_96'T!

!

%XKMXOXGI!SKJDGHI!XP!CPIJH!EP!ZPXQ^@KXMGT!

X):#(3!,+)I!Y'):&A!2+&!E%&%3+):&!,*1')E:+(3!1+!H)%!

:+2%+! +3! 1+! H)%! ,%FF*:+(1%+! 2+&! 1#:(#E#2&! ,+&!

B#:#�K+&! ,+! 1+)I! ,+&! ;(3%22+&A! ,+! "#! _')E+22+S

>:2*#(&!')!,+! L#2E#,':!,+!h#Q�#A! P! 3:#E+:&! )(+!

&*:%+!,D#13%E%3*&!+3!,+!9+:F':0#(1+&C!!

!!

,8H]UDIQNQDM^EJ[XN!IPK!GHI!UKJcPLJI!HN!GH!KXSQICH!

HM!UKJUXKXNQDM!XP!CPIJH!EH!G8=DCCH!

U22+! &+! ,'((+! 9'):! 'KY+13%F! ,+! 0'(3:+:! H)+! 2+!

9:'1+&&)&!,D+I12)&%'(!+3!,+!Q#%(+!,+!2D#)3:+!+&3!2+!

:*&)23#3!,D)(+!1'(&3:)13%'(!&'1%#2+!+3!1)23):+22+!+3!

9#&&+!9#:! 2#!1#3*G':%&#3%'(A! 2#!Q%*:#:1Q%&#3%'(!+3!

2D+&&+(3%#2%&#3%'(C!"+!1'(1+93!0)&*'G:#9Q%H)+!&+!

,*12%(+!+(!3:'%&!3+09&!T!2D+I9*:%+(1+!,)!&+(&!H)%!

:+9'&+!&):!2D*0'3%'(!:+&&+(3%+!y!2D+I9*:%+(1+!,+!2#!

1'((#%&&#(1+! E*Q%1)2*+! 9#:! 2D%(3+:9:*3#3%'(! ,)!

&)Y+3! y! 2D+I9*:%+(1+!,+! 2#! 1'(&1%+(1+! %&&)+!,+! 2#!

:*F2+I%'(!9+:&'((+22+C!!

!

,HI! CPKI^UDIN^QN! C5! ZPXME! GHI! OQIQNHPKI!

QMNHKUHGGHMN!GHI!SDCCQIIXQKHI!E8H]UDIQNQDM!

!

!!

#IUXSH!GQ[KH!E8H]UKHIIQDM!CPIQSXGH!XP!CPIJH!EH!

GX!$PIQZPH;!1XKQI!

"D#3+2%+:! Q"#4! /&! #! *3*! )(! #3+2%+:! 9#:3%1%9#3%F! P!

&)11/&!,#(&!2D+I9'&%3%'(!3+09':#%:+!U):'9)(eC!.2!

&D#G%&&#%3! ,+! 1:*+:! )(! +&9#1+! 2%K:+! ,D+I9:+&&%'(!

0)&%1#2+C!a':#%:+&!T!0+:1:+,%&!+3!�++eS+(,&A!3')&!

2+&!Y'):&!,+&!E#1#(1+&!+3!('13):(+&C!d#:%F!T!%(12)&!

,#(&! 2+! K%22+3! ,D+(3:*+! ,+! 2D+I9'&%3%'(C!

>:G#(%&#3%'(! 9:#3%H)+!T! :*)3%2%&#3%'(! ,D)(+!

&1*('G:#9Q%+! +I%&3#(3+A! &*#(1+&! ,+! 67! P! 6p!

0%()3+&!#E+1!9:*&+(1+!,D)(!0*,%#3+):S0)&%1%+(C!

$*1*(#3! T! #1Q#3! ,D%(&3:)0+(3&C! `*&)23#3&!T! )(!

9)K2%1!*2#:G%A!)(+!0'3%E#3%'(!,+!M:+NE%&%3+!9'):!2+&!

#,'2+&1+(3&A!)(+!+I9*:%+(1+!,+!E%&%3+!9'&%3%E+!+3!

,*1'092+I#(3+C!!

!!

,QNNGH! <QGGHNNH!9! 2\???C3! EJEQJI! XP]! RXCQGGHI! HN!

XP]!HMRXMNI;!XP]!LKDPUHI!HN!QMEQOQEPHGI!

"+!9#:1!,+!2#!i%22+33+!(D+&3!9#&!)(!0)&*+A!0#%&!+(!

9#:3%+! )(! 2%+)! ,D+I9'&%3%'(C! "D')E+:3):+! ,+!

4!77706! ,*,%*&! #)I! F#0%22+&! +3! #)I! +(F#(3&!

0#:H)+!)(! 3'):(#(3C!^+(,#(3! 2#! &+0#%(+A! %2! +&3!

:*&+:E*!#)I!G:')9+&A!9#<#(3!&):!:*&+:E#3%'(!9'):!

,+&!#3+2%+:&C!"+&!0+:1:+,%&A!&#0+,%&A!,%0#(1Q+&A!

%2!+&3!')E+:3!#)!9)K2%1!&#(&!:*&+:E#3%'(!+3!G:#3)%3!

9'):! )(+! 9#:3%+! ,+&! #13%E%3*&A! #E+1! )(+!

9:'G:#00#3%'(! 9:'9:+!T! #3+2%+:&S&9+13#12+&A!

#3+2%+:&!,+!9:#3%H)+!#)3'):!,+!2#!9:'G:#00#3%'(!

#:3%&3%H)+!+3!#3+2%+:&!#)3'):!,+&!Y#:,%(&C!

!

!"##"$%&!'#((#&)'&**"(&#"(+,(& & -$,'!(&"&9.&

,H! 4"+%! SHMNKH^<XG! EH! ,DQKH!HN! G8/MQOHKIQNJ!

UDUPGXQKH!EHI!(PK[PGHMSHI!"D?(%E+:&%3*! 9'9)2#%:+! ,+&! d):K)2+(1+&! 9:'9'&+!)(!9:'G:#00+!,+!1'):&!')E+:3!P!3')&!+3!G:#3)%3C!

B+&!1'(F*:+(1+&!'(3!9'):!'KY+3!2#!,*1')E+:3+!+3!2D*3),+!,+!2#!1:*#3%'(!1'(3+09':#%(+A!9':3*+!9#:!

,+&!9+:&'((#2%3*&!:+1'(()+&!,#(&!2+&!1Q#09&!,+!2D#:3! +3! ,+! 2D#:1Q%3+13):+C! ;11+&&%K2+&! +3!1'(E%E%#)IA!2+&!1'):&!,)!E+(,:+,%!0#3%(!&'(3!#)&&%!

2D'11#&%'(!,D*1Q#(G+:!#)3'):!,D)(!1#F*C!"+&!1'):&!&'(3! %(3*G:#2+0+(3! ,%FF)&*&! &):! `#,%'! B#09)&!

>:2*#(&!+3!:*S*1')3#K2+&!+(!2%G(+C!!!

!r0/<('+/&-!)*)%"#/'(!CDTCBTBCNb!V!NN2!?!;(+!3%#"/&-+!(&!"(+!(+)*/'+!,(+!"/(%@!,(!<*/+/0#G(!

!!

!!!

!!

!!!

!!

!!!

!!

!!

!!!

!!

!!!

!!

!!!

!!

,H!UKDcHN!$QSKD^RDGQH!Y!)HOKXM!

@!9#:3%1%9+(3!T!2+!1Qw3+#)!,+!i+:&#%22+&A!2+!1+(3:+!^'09%,')A! 2+! "')E:+A! 2+! 0)&*+! (#3%'(#2!^%1#&&'A! 2+! 0)&*+! ,)! H)#%! h:#(2<Sb#1H)+&!

BQ%:#1A!2#!^Q%2Q#:0'(%+!,+!^#:%&A!2#!`$_Sj:#(,!^#2#%&A! +3! ?(%E+:&1%+(1+C! .2! 9:'9'&+! )(! 0)&*+!

()0*:%H)+! �! "#! &1/(+A! )(! 1#F*! �! "%332+! J'2%+A! )(!F#K2#K! �! 2v;3+2%+:C! ?(+! 1'(E+(3%'(! ,+! Y)0+2#G+!+(3:+! 2#! E%22+! ,+! L+E:#(! M"+&! h+#),'33+&N! +3! "#!

i%22+33+! #! *3*! &%G(*+! 2+! 46! Y)%22+3! 6748! 9#:! 2#!$%(%&3:+!,+!2#!B)23):+!+3!,+!2#!B'00)(%1#3%'(A!2+!

$%(%&3:+!,+!2#!i%22+A!,+!2#!b+)(+&&+!+3!,+&!L9':3&A!2+! ^:*F+3! ,+! 2#! `*G%'(! �2+S,+SJ:#(1+! +3! 2#!L+1:*3#%:+! ,D�3#3! 1Q#:G*+! ,+! 2#! i%22+C! B+33+!

1'(E+(3%'(!,*F%(%3!2+!1#,:+!,D)(+!1''9*:#3%'(!H)%!9+:0+33:#!,D+I9*:%0+(3+:!2+!1'(1+93!$%1:'SJ'2%+!

P! 3:#E+:&! 2#! :*#2%&#3%'(! ,D)(! 9:'3'3<9+! &):! 2+!3+::%3'%:+!&+E:#(#%&!9'):!,*K)3!6745C!!

!

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

!9/&

"U!$?LUU!B>$$U!UB>L@LdU$U!^`>JULL.>__U"!!

!

"+!0)&*+!+&3!,+E+()!)(!&<&3/0+!1'092+I+!,+!1'09*3+(1+&C!UI9+:3%&+&!&1%+(3%F%H)+A!,+!G+&3%'(!+3!,+!

2+#,+:&Q%9!&'(3!,*&':0#%&!:+H)%&+&!9'):!,%:%G+:!)(!*3#K2%&&+0+(3!,'(3!2+&!0%&&%'(&!&+!&'(3!2#:G+0+(3!

3:#(&F':0*+&C! g)#(3! #)I! *H)%9+&A! +22+&! &+! &'(3! 9:'F+&&%'((#2%&*+&! ,#(&! 3')&! 2+&! &+13+):&A! +3! 2+&!

1'(3+()&!,+&!0*3%+:&A!2+&!1#,:+&!,D+092'%A!2+&!&3#3)3&!(D'(3!1+&&*!,D*E'2)+:C!!

"+&! *E'2)3%'(&! 2+&! 92)&! :*1+(3+&! 2#%&&+(3! #99#:#l3:+! ,+&! &+:E%1+&! #,0%(%&3:#3%F&! %(3*G:#(3! G+&3%'(A!

0#:e+3%(G!+3!,*E+2'99+0+(3!,+&!:+&&'):1+&A!)(+!0%I%3*!92)&!%09':3#(3+!,+&!F'(13%'(&!,+!&):E+%22#(1+!

+3!,D#11)+%2A!)(+!1'(&'2%,#3%'(!,+&!&+:E%1+&!,+&!9)K2%1&!+3!2+!1%K2#G+!,+&!0*,%#3%'(&!+(!F'(13%'(!,+&!

1#3*G':%+&!,+!E%&%3+):&A!,+&!9'&%3%'(&!+3!,+&!&3#3)3&!,+!:+&3#):#3+):&!+3!,+!:*G%&&+):&!:*#Y)&3*+&A!)(!

,*E+2'99+0+(3!,+&!9#:3+(#:%#3&!9'):!2#!:+1Q+:1Q+C!̂ #:!#%22+):&A!2+&!0)&*+&!F'(3!#99+2!+(!1#&!,+!K+&'%(!

P!2#!1'22#K':#3%'(!,+!,%FF*:+(3&!1':9&!,+!0*3%+:&C!!

L%! 1+&! 3+(,#(1+&! ,+! F'(,! 3')1Q+(3! ,+!0#(%/:+! 92)&! ')!0'%(&! #&&'):,%+! 2D+(&+0K2+! ,)! :*&+#)!,+&!

$)&*+&!,+!J:#(1+A!2+&!1'(3+I3+&!,+!3:#E#%2!&'(3!3:/&!Q*3*:'G/(+&!&+2'(!2#!3#%22+!,+&!*3#K2%&&+0+(3&!+3!

2+):! +(E%:'((+0+(3! &'1%'S*1'('0%H)+C! "+&! *3#K2%&&+0+(3&! ,+! 0'<+((+&! +3! 9+3%3+&! 3#%22+&! &+!

1#:#13*:%&+(3!,D#K':,!9#:!,+&!K),G+3&!+I3:W0+0+(3!1'(3:#%(3&!+3!2#!3#%22+!:*,)%3+!,+&!*H)%9+&C!;E+1!

)(+!0#Y':%3*!,+!0)&*+&!F'(13%'((#(3!#E+1!0'%(&!,+!47!#G+(3&A!2#!9'2<E#2+(1+!+&3!2#!:/G2+C!!

X+&!9:'K2*0#3%H)+&!,+!,%FF*:+(3&!':,:+&!&'(3!+(F%(!1'00)(+&!P!2#!92)9#:3!,+&!*3#K2%&&+0+(3&!+3!&+!

1:%&3#22%&+(3!#)3'):!,+!H)+2H)+&!#&9+13&!T!2+&!F':0#3%'(&!H)%!9+%(+(3!P!W3:+!+(!9Q#&+!#E+1!2D*E'2)3%'(!

,+&!0*3%+:&A!2#!,%&&'(#(1+!+(3:+!2+&!F%2%/:+&!,+!0*3%+:&!,+&!,+)I!F'(13%'(&!9)K2%H)+&A!2D+I3+:(#2%&#3%'(!

,+! 1+:3#%(+&! F'(13%'(&! 3:#,%3%'((+22+&! +3A! 92)&! :#:+0+(3A! 2D%(3+:(#2%&#3%'(! ,+! 1+:3#%(+&! #)3:+&! 92)&!

:*1+(3+&A! 2#!3:#(&%3%'(!()0*:%H)+!,+&!0*3%+:&A! 2#!,%E+:&%3*!+3!2D*G#2%3*!9:'F+&&%'((+22+&A! 2+!&3#3)3!,+&!

*3#K2%&&+0+(3&!+3!2+):!0',+!,+!G+&3%'(!+3!,+!G')E+:(#(1+C!X*3#%22'(&C!

"! ,4&AC7D46@C?&26&IS@?3276@C?&N4?3&I2&D@I@25&B7CA233@C??2I!

X+9)%&! 2+! ,*K)3! ,+&! #((*+&! m7A! 2D'FF:+! ,+! F':0#3%'(! %(%3%#2+! #)I! 0*3%+:&! ,)! 0)&*+! &D+&3!

1'(&%,*:#K2+0+(3! 0',%F%*+! T! :*F':0+! 1'092/3+! 9'):! 2+&! 1'(&+:E#3+):&! +3! 2+&! :+&3#):#3+):&! #E+1!

2D.(&3%3)3!(#3%'(#2!,)!9#3:%0'%(+!M._^N!y!#,#93#3%'(!#)I!9:'F%2&!,+!9'&3+!,D#33#1Q*&!+3!,D#&&%&3#(3&!,+!

1'(&+:E#3%'(A! ,+! 1Q+F! ,+! 9:'Y+3! 1)23):+2! +3! ,+! 0*,%#3+):&! 1)23):+2&A! ,D#G+(3&! ,)! 9#3:%0'%(+A! ,+!

:*G%&&+):&! +3! ,+! 1#,:+&! #,0%(%&3:#3%F&! #E+1! 2+! B+(3:+! (#3%'(#2! ,+! 2#! F'(13%'(! 9)K2%H)+! 3+::%3':%#2+!

MB_J^dNy! ,*0)23%92%1#3%'(! ,+&! F':0#3%'(&! )(%E+:&%3#%:+&! ,#(&! 2+&! ,'0#%(+&! ,+! 2#! 0*,%#3%'(! +3! ,)!

0#(#G+0+(3C!!

!"##"$%&!'#((#&)'&**"(&#"(+,(& & -$,'!(&"&90&

B+3!+&&':!&D+&3!#11'09#G(*!,D)(+!Q#)&&+!G*(*:#2+!,)!(%E+#)!,+&!,%92]0+&!+3!,+&!H)#2%F%1#3%'(&!H)%A!

,D)(!1]3*A!#!F#1%2%3*!2#!1''9*:#3%'(!#)!&+%(!,+&!*H)%9+&!,+&!0)&*+&A!0#%&A!,+!2D#)3:+A!#!9)!,*&3#K%2%&+:!

2+&!':G#(%&#3%'(&C!!

U(!,*9%3!,D#Y)&3+0+(3&!1'(&3#(3&!#)!0#:1Q*!,+! 2D+092'%!+3!#)I!&%3)#3%'(&!,+!3:#E#%2A! 2+&!F':0#3%'(&!

%(%3%#2+&!F'(3!3')Y'):&!2D'KY+3!,+!('0K:+)&+&!1:%3%H)+&!#)IH)+22+&!1Q+:1Q+(3!P!:+0*,%+:!2+&!F':0#3%'(&!

,D%(3*G:#3%'(A!,+!9+:F+13%'((+0+(3!+3!1'(3%()+C!;!2D*1Q+22+!,+&!,+)I!F'(13%'(&!9)K2%H)+&A!2#!F':0#3%'(!

1'(3%()+! +&'/$&*! +(0+%! +&3! 9:%(1%9#2+0+(3! #&&):*+! 9#:! 2D._^! +3! 2+! B_J^dC! XD#)3:+&! *3#K2%&&+0+(3&!

9)K2%1&! <! 1'(3:%K)+(3! T! 2D>FF%1+! ,+! 1''9*:#3%'(! +3! ,D%(F':0#3%'(! ,+&! 0)&*+&! M>B.$S0%(%&3/:+! ,+!

2DU,)1#3%'(!(#3%'(#2+A!2D+(&+%G(+0+(3!&)9*:%+):!+3!2#!:+1Q+:1Q+NA!2+&!&+:E%1+&!#,!2*$!,)!0%(%&3/:+!,+!

2#!1)23):+!+3!2#!1'00)(%1#3%'(A!E'%:+!2+!"')E:+!H)%!&D+&3!+(G#G*!&):!1+33+!E'%+!,+9)%&!H)+2H)+&!#((*+&C!

U(&)%3+A!)(!:]2+!1'(&%,*:#K2+!+&3!Y')*!9#:!2+&!#&&'1%#3%'(&!+3!:*&+#)I!9:'F+&&%'((+2&C!!

"D#&&'1%#3%'(! G*(*:#2+! ,+&! 1'(&+:E#3+):&! ,+&! 1'22+13%'(&! 9)K2%H)+&! ,+! J:#(1+! M+3! &+&! &+13%'(&!

:*G%'(#2+&N! +&3! #%(&%! +I3:W0+0+(3! 9:*&+(3+! +3! 3')Y'):&! P! 2D%(%3%#3%E+A! 3')3! 1'00+! 1+22+&! ,+&!

:+&3#):#3+):&!,DO)E:+&!,D#:3!')!1+22+!,+&!:*G%&&+):&C!"D#&&'1%#3%'(!,+&!*2/E+&!+3!#(1%+(&!*2/E+&!,+!2D._^A!

H)%! E%+(3! ,DW3:+! :+F'(,*+A! #!0%&! +(! 92#1+! )(! J':)0!,D*1Q#(G+&! 9:'F+&&%'((+2&C! "+&!0*,%#3+):&! +(!

:*F/:+(3!('3#00+(3!P!2#!=-,/#&/*0!1%"&%'(""(!P++*$/#&/*0!MK#&*+!P!"<'(NC!g)#(3!#)I!9:'F+&&%'((+2&!+(!

1Q#:G+!,+!2#!1'00)(%1#3%'(!+3!,+!2#!0*,%#3%'(!()0*:%H)+&A!%2&!&D#,'&&+(3!P!2#!1'00)(#)3*!=%+-*./@!

+3!P!=%Y-*0%.!H)%!+&3!)(+!92#3+F':0+!,+!:+&&'):1+&!&):!2+!()0*:%H)+C!X+&!:*&+#)I!3Q*0#3%H)+&A!3+2&!

H)+!2#!>-,-'#&/*0!,(+!-$*.%+-(+!(&!.%+-(+!,(!+*$/-&-!')!"FP++*$/#&/*0!,(+!.%+-(+!(&!$(0&'(+!,(!$%"&%'(!

+$/(0&/6/3%(! &($20/3%(! (&! /0,%+&'/(""(A! &'(3! *G#2+0+(3! ,+&! '9*:#3+):&C! "+! B'(&+%2! %(3+:(#3%'(#2! ,+&!

0)&*+&!M.1'0N!+3!&'(!1'0%3*!F:#(R#%&!#99':3+(3!2+):!&')3%+(!P!2#!9:'F+&&%'((#2%&#3%'(!&')&!3')&!&+&!

#&9+13&C!;!,+&!,+G:*&!,%E+:&!1+&!:*&+#)I!1'(F':3+(3! 2+!,<(#0%&0+!,)!&+13+):!0)&*#2! F:#(R#%&!+3! 2+!

E#2':%&+(3!#)!92#(!%(3+:(#3%'(#2C!

"! ,23&N25O&AC?H6@C?3&B5KI@R523!

"#!,%&&<0*3:%+!+(3:+!2#!F'(13%'(!9)K2%H)+!,D�3#3!+3!2#!F'(13%'(!9)K2%H)+!3+::%3':%#2+!+&3!9+:R)+!1'00+!

)(!Q#(,%1#9!P!)(+!*E'2)3%'(!Q#:0'(%+)&+!+3!1'(1+:3*+!,+&!9'2%3%H)+&!0)&*#2+&!&):! 2v+(&+0K2+!,+&!

3+::%3'%:+&A!P!2#!G+&3%'(!,+&!1#::%/:+&A!P!2#!0'K%2%3*!+3!P!2#!1'Q*:+(1+!,+&!,%&9'&%3%F&!,+!F':0#3%'(C!!

B+:3#%(&!1#,:+&!,D+092'%!(D'(3!9#&!,D*H)%E#2+(3C!.2!+(!E#!#%(&%!,+&!1Q#:G*&!,v*3),+&!,'1)0+(3#%:+&!')!

,+&!%(G*(%+):&!,+&!&+:E%1+&!1)23):+2&!,+!2D#,0%(%&3:#3%'(!9)K2%H)+!,DU3#3A!')!,+&!#33#1Q*&!+3!#&&%&3#(3&!

,+!1'(&+:E#3%'(!,+!2#!F'(13%'(!9)K2%H)+!3+::%3':%#2+C!^#:!#%22+):&A!2v#11/&!#)!G*(*:#2#3!(v+&3!9:*E)!H)+!

9'):! 2+&! 1'(&+:E#3+):&! ,)! 1':9&! ,D�3#3A! #2':&! H)+! 2D+&&+(3%+2! ,+&! 1'(&+:E#3+):&! +I+:R#(3! ,#(&! 2+&!

0)&*+&! 3+::%3':%#)I!#&&):+!,+&!0%&&%'(&!,+!,%:+13%'(!,v*3#K2%&&+0+(3&A! E'%:+A!9'):! 1+:3#%(&!,D+(3:+!

+)IA! ,D*3#K2%&&+0+(3&! ,+! G:#(,+! %09':3#(1+C! "+&! +FF+3&! 9+:E+:&! ,+! 1+33+! ,%&&<0*3:%+! 1'(1+:(+(3!

12#%:+0+(3!2+!,*:')2+0+(3!,+&!1#::%/:+&!+3!2#!0'K%2%3*C!!

!"##"$%&!'#((#&)'&**"(&#"(+,(& & -$,'!(&"&91&

>(!('3+:#A!9#:!#%22+):&A!H)+!2+&!1'(1'):&!,+!2#!F'(13%'(!9)K2%H)+!&+!F#%&#(3!:#:+&A!2#!1'(&*H)+(1+!+(!

+&3A!9#:0%!2+&!Y+)(+&!G*(*:#3%'(&!3:/&!,%92]0*+&A!)(+!+(3:*+!&):!2+!0#:1Q*!,)!3:#E#%2!9#:!,+&!9'&3+&!+3!

,+&!F'(13%'(&!&')&SH)#2%F%*&A!,'(3!%2!(D+&3!9#&!#%&*!,+!&D+I3:#%:+C!

"! "?627?4I@346@C?k(O627?4I@346@C?kXEL@?627?4I@346@C?C!

X+!0#(%/:+!G2'K#2+A!2v*E'2)3%'(!,+&!0)&*+&A!,+!2+):&!0',/2+&!*1'('0%H)+&A!,+&!#33+(3+&!,+&!9)K2%1&A!

,+!2+):!0%&+!+(!:+2#3%'(!#E+1!2+&!,%FF*:+(3&!#13+):&!,+!2#!&'1%*3*!'(3!G*(*:*!,+!(')E+#)I!0*3%+:&!H)%!

(+! 1'::+&9'(,+(3! 9#&! #)I! 1#,:+&! ,v+092'%&! 3:#,%3%'((+2&! ,+! 2#! F'(13%'(! 9)K2%H)+! ,D�3#3! ')! ,+! 2#!

F'(13%'(!9)K2%H)+!3+::%3':%#2+C!.2!&D+(!+&3!:*G)2%/:+0+(3!&)%E%!2v#99+2!P!,+&!1'(3:#13)+2&A!,+&!,*2*G#3%'(&!

,+!&+:E%1+!9)K2%1!')!2+!:+1'):&!P!,+&!9:+&3#3#%:+&!+I3*:%+):&C!!

"+&! 0*3%+:&! ,+! 2#! :*#2%3*! ,+&! 0)&*+&! (+! &+! :+3:')E+(3! 9#&! 3'3#2+0+(3! ,#(&! 1+)I! H)%! F%G):+(3! #)!

`*9+:3'%:+!(#3%'(#2!,+&!1+:3%F%1#3%'(&!9:'F+&&%'((+22+&C!"D%(&3%3)3%'(!F'(13%'((+!#E+1!2#!1'22#K':#3%'(!

,D#:1Q%3+13+&A! ,D%(G*(%+):&A! ,+! 0)&*'G:#9Q+&A! ,+! G:#9Q%&3+&A! ,D%1'('G:#9Q+&A! ,+! :*#2%&#3+):&!

0)23%0*,%#&A! ,+! 3+1Q(%1%+(&! ,+! 2D*12#%:#G+! +3! ,)! &'(A!0#%&! #)&&%! ,D#G+(1+):&! ,+! 3')&! 2+&! 1':9&! ,+!

0*3%+:&A! ,+! 1#K%(+3&! ,D*3),+! +3! ,+! 9:+&3#3#%:+&! ;$>A! ')! +(1':+! ,+! &9*1%#2%&3+&! ,+! 2D*,%3%'(! +3! ,+!

1Q+:1Q+):&CCC!d')&!(D'(3!9#&!#!)'/*'/!E'1#3%'(!P!W3:+!%(3*G:*&!,+!0#(%/:+!9*:+((+!,#(&!2+&!*H)%9+&!,+&!

*3#K2%&&+0+(3&A! 3')3+&! 2+&!0%&&%'(&!(D'(3!9#&! 2#!0W0+!,):*+C!$#%&! P! )(! 1+:3#%(!0'0+(3A! 1+:3#%(&!

0*3%+:&!#99#:#%&&+(3!1'00+!%(,%&9+(&#K2+&!+3!2+):![!%(3+:(#2%&#3%'(!\!(*1+&&#%:+C!!

X)!1]3*!,+&!0*3%+:&!3:#,%3%'((+2&!,)!0)&*+A!&+!,*E+2'99+!#13)+22+0+(3!)(!0')E+0+(3!,+!K#2#(1%+:!

,+! 3<9+!+I3+:(#2%&#3%'(S%(3+:(#2%&#3%'(C!^#:!+I+092+A! P! 2D+I3+:(#2%&#3%'(!,+&! &+:E%1+&!,D#11)+%2! +3!,+!

&):E+%22#(1+A! 1'):#(3+! ,+9)%&! )(+! ,%o#%(+! ,D#((*+&A! &)11/,+! )(+! 3+(,#(1+! #)! :+(F':1+0+(3! ,+&!

*H)%9+&!+(!%(3+:(+A!#E+1!:+H)#2%F%1#3%'(!,+&!3w1Q+&!E'%:+!,D)(+!:*':%+(3#3%'(!,+!2#!1#::%/:+C!!

U(! 3')3! *3#3! ,+! 1#)&+A! 2+&! 0)&*+&! (+! 9:'9'&+(3! +(1':+! H)+! 9+)! ,+! 9'&3+&! H)%A! ,D)(+! 9#:3A! 2+&!

#11'09#G(+:#%+(3!9'):!'9*:+:!2+!9#&&#G+!#)I!(')E+22+&!2'G%H)+&!,+!,*E+2'99+0+(3!+3A!,D#)3:+!9#:3A!

'FF:%:#%+(3!,+&!,*K')1Q*&!P!,+&!Y+)(+&!3#2+(3&!M()0*:%H)+A!1:*#3%E%3*A!G+&3%'(!,+!9:'Y+3&A!{N!

"! ,4&674?3@6@C?&?5DE7@R52&

^2)&%+):&!0*3%+:&A!3')&!3:/&!,%FF*:+(3&A!%092%H)+(3!,*&':0#%&!2+!()0*:%H)+C!L'(!%(1%,+(1+!+&3!*E%,+(3+!

&):!2#!,'1)0+(3#3%'(!,+&!1'22+13%'(&A!2#!:*G%+!,+&!O)E:+&A!2+&!')3%2&!,+!1'00)(%1#3%'(A!2#!1'(1+93%'(!

,+&!,%&9'&%3%F&! ,+!0*,%#3%'(A! 2#! ,*0#3*:%#2%&#3%'(!,+! 2#! K%22+33+:%+!')!+(1':+! 2#! G+&3%'(!+(! 2%G(+!,)!

92#((%(G!,+&!:*&+:E#3%'(&CCC!!

>(! 9+)3! :+G:+33+:! H)+! 2+&! #%,+&! 9)K2%H)+&! P! 2#! ()0*:%&#3%'(! ,+&! 1'22+13%'(&! (D#%+(3! 9#&! 9+:0%&! ,+!

1'(&'2%,+:!2+&!F'(13%'(&!+3!'(3!92)3]3!*3*!':%+(3*+&!E+:&!,+&!9:+&3#3#%:+&!+I3*:%+):&A!1'(3:#%:+0+(3!P!

1+!H)+!2D'(!#!9)!E'%:!,#(&!2+&!K%K2%'3Q/H)+&C!

!"##"$%&!'#((#&)'&**"(&#"(+,(& & -$,'!(&"&99&

;%(&%A!,+!(')E+#)I!0*3%+:&!%&&)&!,)!()0*:%H)+!(D'(3!9#&!+(1':+!,+!1#,:+!,D+092'%!,#(&!2#!F'(13%'(!

9)K2%H)+!T!9#:!+I+092+A! 2+!B_J^d!+&3! &+)2+0+(3!+(! 3:#%(!,+!9:*9#:+:!)(+![!F%1Q+!0*3%+:!\!9'):! 2+&!

[!1Q#:G*&!,+!9:'Y+3&!()0*:%H)+&!\C!^'):!1+)I!H)%!'11)9+(3!,*YP!1+&!F'(13%'(&!M&')E+(3!+(!3#(3!H)+!

1'(3:#13)+2&NA!2+):!92#1+!#)!&+%(!,+&!':G#(%G:#00+&!+I%&3#(3&!&+0K2+A!,+!92)&A!#&&+o!#2*#3'%:+{!

"! (P4I@6E&26&N@M273@6E&B7CA233@C??2II23&

?(!1Q#(3%+:!,+0+):+!+(1':+!2#:G+0+(3!+(!F:%1Q+!T!1+2)%!,+!2D*1'&<&3/0+!9:'F+&&%'((+2!,)!0)&*+!&')&!

2D#(G2+! ,+! 2#! 2)33+! 1'(3:+! 2+&! ,%&1:%0%(#3%'(&! +3! 2#! 9:'0'3%'(! ,+! 2#! ,%E+:&%3*! +3! ,+! 2v*G#2%3*!

9:'F+&&%'((+22+C!

X+!1+!9'%(3!,+!E)+A!2v+(Y+)!,'%3!9')E'%:!&v#(#2<&+:!#)!(%E+#)!,+!2#!&3:)13):+!+3!,+!2#!1'09'&%3%'(!,+&!

*H)%9+&! ,+&! 0)&*+&! P! 3')&! 2+&! *1Q+2'(&! +3! F%2%/:+&! ,+! 0*3%+:&!T! 1'(&+:E#3%'(! +3! :+&3#):#3%'(A!

#,0%(%&3:#3%'(!+3!G+&3%'(A!:*G%+!,+&!O)E:+&!+3!3+1Q(%1%+(&A!0*,%#3%'(!+3!1'00)(%1#3%'(A!&):E+%22#(1+!

+3!&*1):%3*C!

g)%! &'(3! 2+&! #G+(3&! ,+! 2#! E%+! ,)! 0)&*+! x! Xv'z! &'(3S%2S+22+&! %&&)C+C&! x! B'00+(3! '(3S%2&S+22+&! *3*!

9:*9#:*C+&!P!#K':,+:!2#!,%E+:&%3*!,#(&!2+!1Q'%I!,D)(!0*3%+:!:+2+E#(3!,)!&+:E%1+!9)K2%1!,+!2#!1)23):+!x!

B'00+(3!:*#Y)&3+:!2#!9:'0'3%'(!,+&!F':0#3%'(&!%(%3%#2+&!+3!,+&!0*3%+:&!#)9:/&!,+&!Y+)(+&!%&&)&!,+!2#!

,%E+:&%3*!x!g)+2!3<9+!,D#11'09#G(+0+(3!F#)3S%2!9:%E%2*G%+:!x!!

g)+22+!92#1+!3%+(3!2#!G+&3%'(!,+!2#!,%E+:&%3*!#)!&+%(!,+!2#!1)23):+!':G#(%&#3%'((+22+!,+&!*3#K2%&&+0+(3&!

9)K2%1&! :+2+E#(3! ,+! 2#! &9Q/:+! 0)&*#2+!x! "#! H)+&3%'(! ,+! 2D#11/&! #)I! 9'&3+&! ,D+(1#,:+0+(3! ,'%3!

9#:3%1%9+:!,+!1+33+!:*F2+I%'(!&):!2D#33:#13%E%3*!,+&!0*3%+:&!,)!0)&*+A!2+):!1'(3:%K)3%'(!#)!K%+(!1'00)(!

+3!2+!9:%(1%9+!,D)(+!#11+&&%K%2%3*!P!3')&A!)(%H)+0+(3!9#:#0*3:*!9#:!,+&!1'09*3+(1+&!1+:3%F%*+&C!U22+!

,'%3! *G#2+0+(3! W3:+! #)! 1O):! ,+! 2D*E'2)3%'(! ,+&! 1#::%/:+&! ,+&! 9:'F+&&%'((+2&! +3! ,+&! ,%&9'&%3%F&! ,+!

F':0#3%'(!1'(3%()+!P!0W0+!,+!2+&!&')3+(%:C!

U(F%(A! 2#! ,%E+:&%3*A! ,+E:#%3! K*(*F%1%+:! ,+&! 0W0+&! #33+(3%'(&! H)+! 2#! 9#:%3*! #)! &+%(! ,+&! 1'(&+%2&!

,D#,0%(%&3:#3%'(!,+&!*3#K2%&&+0+(3&!9)K2%1&!H)%!+(!&'(3!,'3*&C!

"! #646563&N23&E64KI@332D2?63h&456C?CD@2&N2&P236@C?h&R5236@C?3&N2&PC5M27?4?H2!

g)v%2&! &'%+(3! ,#(&! 2#! &%3)#3%'(! 9#:3%1)2%/:+! ,+! G*:+:! +)IS0W0+&! 2+):&! #G+(3&! ')! W3:+! +(! :*G%+A! 2+&!

*3#K2%&&+0+(3&!0)&*#)I!'(3!+(!F#13+):!1'00)(!,vW3:+!&')0%&!P!)(+!(')E+22+!9:+&&%'(!,+&3%(*+!P!2+&!

1'(,)%:+!P!,*G#G+:!,+&!:+&&'):1+&!9:'9:+&A!1+!H)%!&)99'&+!2+!:+1'):&!P!,+&!9+:&'((+2&!F':0*&!P!1+&!

F%(&! ')! ,+&! 9:+&3#3#%:+&C! `*)&&%:! P! #G:*G+:! F%(#(1+0+(3&! 9)K2%1&! +3! :+&&'):1+&! 9:'9:+&! 9#:#l3! W3:+!

,+E+()!2+!0#:H)+):!,D)(!0)&*+!#G%2+!+3!+(!0')E+0+(3C!!

>:!%2!(+!F#)3!9#&!9+:,:+!,+!E)+!H)+!2+!0)&*+!,'%3!,+0+):+:!)(!*H)%9+0+(3!1)23):+2!9*:+((+!,'(3!2+!

F%(#(1+0+(3!9)K2%1!+&3!)(!&'12+C!.2!+&3!#E*:*!H)+!2+&!:+&&'):1+&!9:'9:+&!(+!1'(3:%K)+(3!H)+!,+!0#(%/:+!

0#:G%(#2+!P!&'(!F'(13%'((+0+(3!1'):#(3!+3!P!&+&!%(E+&3%&&+0+(3&C!"#!92)&SE#2)+!,)!0)&*+!:*&%,+!#E#(3!

!"##"$%&!'#((#&)'&**"(&#"(+,(& & -$,'!(&"&9:&

3')3!,#(&! 2#!H)#2%3*!,+!E%+!H)D%2!G*(/:+!,#(&!&'(!+(E%:'((+0+(3A!+(!o'(+!):K#%(+!1'00+!+(!o'(+!

:):#2+C! .2! 1'(&3%3)+! +(! ')3:+! )(! F:+%(! +FF%1#1+! P! 2#! ,*&+:3%F%1#3%'(! 9#:1+! H)D%2! +&3! G*(*:#3+):! ,+!

:+3'0K*+&!*1'('0%H)+&!+3!&'1%#2+&C!!!

^'):!#)3#(3A! 2+&!(')E+22+&!1'(,%3%'(&!*1'('0%H)+&!,#(&! 2+&H)+22+&!&+!&%3)+! 2v*1'&<&3/0+!,)!0)&*+!

+(G+(,:+(3! #)&&%! ,+! (')E+22+&! 2'G%H)+&! 9#:3+(#:%#2+&C! U(! 1:*#(3! )(! 12)K! ,+!0*1/(+&A! )(! F'(,! ,+!

,'3#3%'(!')!+(!&)&1%3#(3!)(!0*1*(#3!9'9)2#%:+A! 2+&!*3#K2%&&+0+(3&!(+!,'%E+(3!9#&! &+! 2%0%3+:!P!)(+!

:+1Q+:1Q+!,+!F'(,&A!0#%&!3%&&+:!,+&!2%+(&!&9*1%F%H)+&!+3!92):%+2&!#E+1!2+&!,%FF*:+(3+&!1#3*G':%+&!,D#13+):&!

&'1%#)IC!U(!9+:&9+13%E+A!2+!&')3%+(!F%(#(1%+:!,+&!0*1/(+&!M+(3:+9:%&+&A!1'22+13%F&A!%(,%E%,)&N!(v+&3!9#&!

Y)&3+!)(!&+:E%1+!:+(,)!0#%&!#)&&%!)(+!1#9#1%3*!,+!&v+I9:%0+:A!E'%:+!,D#33%:+:!,+!(')E+#)I!9)K2%1&C!!

U(!1'(3:+9#:3%+A!,+&!1'(1+&&%'(&!P!2D%(Y'(13%'(!,D*H)%2%K:+!K),G*3#%:+A!2+&!*3#K2%&&+0+(3&!3+::%3':%#)I!

#&9%:+(3!P!)(+!#)3'('0%+!&3#3)3#%:+C!B+:3#%(&!&'(3!3+(3*&!9#:!2#!F':0+!U^BB!P!2#H)+22+!)(!:#99':3!,+!

2D.j;B! #! *3*! 1'(&#1:*+C! .2! &D#E/:+! H)+! 1+! 0',/2+! 9'&&/,+! &#(&! ,')3+! ,+&! #3')3&A! 0#%&! #)&&%! ,+&!

1'(3:+9#:3%+&!MQ#)3!(%E+#)!,+!:+&&'):1+&!9:'9:+&N!+3!,+&!2%0%3+&!M%09'&&%K%2%3*!,+!3%3)2#:%&+:!2+&!Y+)(+&!

1'(&+:E#3+):&!%&&)&!,+!2D._^!y!+3!%(*2%G%K%2%3*!P!2#!1'09+(&#3%'(!,+!2#!di;A!,D'z!2#!,%FF%1)23*!P!9':3+:!,+&!

9:'Y+3&!+(!3#(3!H)+!0#l3:+!,D')E:#G+NC!

!

Ui>"?d.>_L!J>_Bd.>__U""UL!

"D+(&+0K2+!,+&!H)+&3%'((+0+(3&!9'%(3*&!9#:!2+&!9:'F+&&%'((+2&!,)!&+13+):!+3!2+):&!9#:3+(#%:+&!#99+22+!

)(!:+G#:,!3:#(&E+:&#2!&):!)(!*1'&<&3/0+!9:'F+&&%'((+2!H)%!(D#!9#&!#1Q+E*!&#!0)+!9'):!&+!9:'Y+3+:!

3'3#2+0+(3!,#(&!2+!--.+!&%/12+C!!

L%A!1'093+!3+()!,D)(+!G:#(,+!Q*3*:'G*(*%3*!,+&!*3#K2%&&+0+(3&A!%2!(D+&3!9#&!9'&&%K2+!,D%,+(3%F%+:!,+!

9:'3'3<9+&A!%2!(D+(!,+0+):+!9#&!0'%(&!H)+!.!OJKQNX[GHI!JODGPNQDMI!RDMSNQDMMHGGHI!&'(3!P!2DO)E:+A!H)%!

3%:+(3!2+&!1'(&*H)+(1+&!,+&!0',/2+&!*0+:G+(3&!9:*&+(3*&!92)&!Q#)3C!

!! 'DPOHXP]!XMSKXLHI!EHI!UKXNQZPHI!UKDRHIIQDMMHGGHI\!!

"+! &1Q*0#! 0W0+! ,+&! ':G#(%G:#00+&! +&3! :*%(3+::'G*! +(! F'(13%'(! ,D)(! :*#G+(1+0+(3! ,+&!

1'09*3+(1+&A!,D)(+!3:#(&%3%'(!()0*:%H)+!%(3*G:*+!+3!,D)(+!:*1%9:'1%3*!,+&!0%&&%'(&C!.2!#99':3+!)(+!

2%&%K%2%3*! P! 2#! 3:#(&E+:&#2%3*! ,+&! 0%&&%'(&! #)! &+%(! ,+! 2D*3#K2%&&+0+(3C! "+! 3:#E#%2! +(! 0',+S9:'Y+3! +&3!

,*E+2'99*!T!1#&&#(3!2+&!1',+&!Q%*:#:1Q%H)+&!3:#,%3%'((+2&A!%2!F*,/:+!2+&!*H)%9+&C!"#!1'S9:',)13%'(!,'%3!

W3:+!2#!(':0+!92)3]3!H)+!2D+I1+93%'(C!!

!

!"##"$%&!'#((#&)'&**"(&#"(+,(& & -$,'!(&"&9;&

!! 'DPOHXP]!KJIHXP];!MDPOHGGHI!GDLQZPHI!UXKNHMXKQXGHI\!!

BQ#H)+!9:'F+&&%'((+2!:+2/E+!,D)(!:*&+#)A!1Q#H)+!0)&*+!9+)3!W3:+!)(+!3W3+!,+!:*&+#)C!Bv+&3!P!3:#E+:&!

,+! (')E+#)I! 0*3%+:&! +3! 1'09*3+(1+&! H)+! 2#! 0%&+! +(! :*&+#)! 9+)3! 9':3+:! &+&! F:)%3&C! .2! (D+&3! 9#&!

(*1+&&#%:+!H)+!2+&!%(3+:#13%'(&!&+!F#&&+(3!)(%H)+0+(3!P!2v%(3*:%+):!,)!0'(,+!,)!0)&*+C!"D%092%1#3%'(!

,+&!3+::%3'%:+&A!,+&!'9*:#3+):&!,+!2D*,)1#3%'(!#:3%&3%H)+!+3!1)23):+22+A!,+!2D)(%E+:&%3*A!,+&!+(3:+9:%&+&A!

')!,+&!&'1%*3*&!,D#0%&!F'):(%3!2D'11#&%'(!,D+(E%&#G+:!,+&!F':0+&!,+!G')E+:(#(1+!':%G%(#2+&!#%(&%!H)+!

,+&!0',/2+&!*1'('0%H)+&!%(*,%3&C!

!! 'DPOHGGHI!INKXNJLQHI!EH!KHSKPNHCHMN;!MDPOHXP]!OQOQHKI!EH!SDCUJNHMSHI\!!

$#2G:*!2#!,%E+:&%3*!,+&!F':0#3%'(&!+3!,+&!#99:'1Q+&A!2+&!0*3%+:&!+3!2+&!F'(13%'(&!*E'2)+(3!+(1':+!3:'9!

9+)!+3!2+&!:+1:)3+0+(3&!:+&3+(3!1#(3'((*&!#)I!0*3%+:&!3:#,%3%'((+2&!+3!P!1+)I!H)%!'(3!*0+:G*!%2!<!#!

,*YP! 92)&! ,+! 67! #(&C! ^'):3#(3! 1+:3#%(&! *3#K2%&&+0+(3&! Q*K+:G+(3! ,*YP! ,+&! L3#:3D)9! E#2':%&#(3! 2+&!

0*3%+:&! %(('E#(3&! +3! F':0#(3! ,+&! 9*9%(%/:+&! ,+! 1'09*3+(1+&C! B+!0')E+0+(3! 9+)3! W3:+! #092%F%*C!

U(F%(A! 2+&! (')E+22+&! 9:'1*,):+&! ,+! :+1:)3+0+(3! +3! 2+! ,*E+2'99+0+(3! ,+! 9#:1'):&! 9:'F+&&%'((+2&!

%(3*G:#(3!2#!9#:%3*!a'00+SJ+00+!+3!2#!,%E+:&%3*!1'(3:%K)+(3!P!1+!1Q#(G+0+(3!,D+&9:%3!:#,%1#2C!!

!! 'DPOHXP!KHLXKE!IPK!GX!CPNPXGQIXNQDM\!!

$%+)I! E#)3! W3:+! #13+):! ,+&! (')E+22+&! 2'G%H)+&! 9#:3+(#:%#2+&! +3! ,+! 2#! 0)3)#2%&#3%'(! H)+! 2+&! &)K%:C!

BQ#H)+!0)&*+!(+!F#%3!9#&!3')3A!(+!F'(13%'((+!9#&!+(!E#&+!12'&C!^+3%3!')!G:#(,A!%2!2)%!+&3!9'&&%K2+!,+!

:+9+(&+:! &'(! #13%E%3*! ,#(&! 2+&! 3+:0+&! ,D)(+! 1)23):+! ,)! 9#:3+(#:%#3A! H)%! %09)2&+:#! ,+! (')E+#)I!

'KY+13%F&C! _'(! &+)2+0+(3! 2#! 0)3)#2%&#3%'(! ,+&! 0'<+(&! &+! :+(F':1+! &')&! 2#! 9:+&&%'(! ,+&! 2'G%H)+&!

K),G*3#%:+&A!0#%&!+22+!,+E%+(3! %(*E%3#K2+!#E+1! 2+&!0',%F%1#3%'(&! &)K&3#(3%+22+&!,+! 2D':G#(%&#3%'(!,+&!

1'22+13%E%3*&!3+::%3':%#2+&C!"+!9%2'3#G+!,+&!*3#K2%&&+0+(3&!+&3!9+(&*!+(!F'(13%'(!,+!2#!1'':,%(#3%'(!+(3:+!

&%3+&! &):!)(! 3+::%3'%:+!,'((*!+3!P! 3:#E+:&! 2#! 1'S1'(&3:)13%'(!,+!9:'Y+3&! M0)3)#2%&#3%'(!,+&! :*&+:E+&A!

1'(&+:E#3%'(&!,*9#:3+0+(3#2+&A!0*,%#3%'(&!()0*:%H)+A!+I9'&%3%'(&!+3!*E*(+0+(3&NC!BD+&3!2D'11#&%'(!

,+!:*+I#0%(+:!2#!3:#(&E+:&#2%3*!+3!,+!&')2+E+:!P!(')E+#)!2#!H)+&3%'(!,+&!0',+&!,+!G+&3%'(!+3!,)!&3#3)3!

,D*3#K2%&&+0+(3C!X#(&!2+!0W0+!3+09&A!1+2#!9+:0+3!,+!9:*&+:E+:!2v%,+(3%3*!9:'9:+!,+!1Q#H)+!0)&*+C!!

Ba;_d.U`L!;!>?i`.`!

!

!! T33@323&?46@C?4I23&N23&DE6@273&26&N2&I4&AC7D46@C?&BC57&I23&!53E23&N5&**"2&3@QHI28&

d')&! 2+&! *3#K2%&&+0+(3&! ,+! F':0#3%'(! MU1'2+! ,)! "')E:+A! ._^A! B_J^dA! J':0#3%'(&! %(3+:(+&! ,)!$BBA!

?(%E+:&%3*&N!+(!1'(E%+((+(3!T! 2+&!F':0#3%'(&!%(%3%#2+&!+3!1'(3%()+&!,'%E+(3!,#E#(3#G+!&D#11':,+:!#)I!

1'(,%3%'(&! :*+22+&! ,D+I+:1%1+! ,+&! 0*3%+:&! +3! #)I! (*1+&&%3*&! ,+&! *3#K2%&&+0+(3&C! "+&! '9*:#3+):&!

!"##"$%&!'#((#&)'&**"(&#"(+,(& & -$,'!(&"&9<&

3:#E#%22+(3!,*YP!P!,+!(')E+#)I!9:'G:#00+&C!L):!)(!92#(!1'((+I+A!2D+I9*:%0+(3#3%'(!,+!9*9%(%/:+&!,+!

3#2+(3&! MP! 2D%(&3#:! ,+! L3#:D)9! ,#(&! H)+2H)+&! 0)&*+&N! 0*:%3+! )(+! *E#2)#3%'(! 9'):! +(! ,*1+2+:! 2+&!

9'3+(3%#2%3*&!+3!%,+(3%F%+:!,+&!0*3%+:&!*0+:G+(3&C!;%(&%A!F#1+!#)!:+(')E+#)A!,+&!P++/+(+!0#&/*0#"(+!,(+!

.-&/('+!(&!,(!"#!6*'.#&/*0!,+E:#%+(3!W3:+!1'(E'H)*+&!:#9%,+0+(3!9'):!'9*:+:!)(+!0%&+!+(!1'Q*:+(1+!

,+&! G:#(,+&! 3+(,#(1+&! P! 2DO)E:+! #)! &+%(! ,+! 2D*1'&<&3/0+! 9:'F+&&%'((+2! +3! ,+&! 9:%(1%9+&! +3!

9:'G:#00+&!,+&!F':0#3%'(&!%(%3%#2+&!+3!1'(3%()+&C!!

!! +C?H27646@C?& 357& ISF47DC?@346@C?& N23& N25O& AC?H6@C?3& B5KI@R523& BC57& N23& H477@Q723&

72M4IC7@3E23&26&5?2&DCK@I@6E&N23&B273C??2I3&

"#!,%&&<0*3:%+!+(3:+!2#!F'(13%'(!9)K2%H)+!,D�3#3!+3!2#!F'(13%'(!9)K2%H)+!3+::%3':%#2+!+&3!9+:R)+!1'00+!

)(!Q#(,%1#9!P!)(+!*E'2)3%'(!Q#:0'(%+)&+!+3!1'(1+:3*+!,+&!9'2%3%H)+&!0)&*#2+&!&):! 2v+(&+0K2+!,+&!

3+::%3'%:+&A!P!2#!G+&3%'(!,+&!1#::%/:+&A!P!2#!0'K%2%3*!+3!P!2#!1'Q*:+(1+!,+&!,%&9'&%3%F&!,+!F':0#3%'(C!B+33+!

H)+&3%'(!#!('3#00+(3!*3*!&')2+E*+!,#(&!2+!"%E:+!K2#(1!,+&!1'(&+:E#3+):&!M6744N!+3!(D#!3')Y'):&!9#&!

:+R)!,+!:*9'(&+!&#3%&F#%&#(3+C!U22+!1'(1+:(+!2D+(&+0K2+!,+&!0*3%+:&!,)!0)&*+!+3!,+&!1#,:+&!,D+092'%C!!

!! )@4P?C36@H&4H654I@3E&N23&DCN23&N2&P236@C?&26&HF4?P2D2?6&N2&3646563&N23&E64KI@332D2?63&

N4?3&I2&H4N72&N2&I4&H7E46@C?&N23&DE67CBCI23&26&N23&@?627LHCDD5?4I@6E3&

;!2DQ+):+!,+!2#!:*F':0+!3+::%3':%#2+A!2#!9:%':%3*!:+E%+(3!P!)(!+I#0+(!#33+(3%F!,+&!1'(,%3%'(&!,+!9#&&#G+!

,+&!0)&*+&! #)I! 2'G%H)+&! ,+! 2#!0)3)#2%&#3%'(A! P! 2+):!0',*2%&#3%'(! +3! P! 2D#11'09#G(+0+(3! ,'(3! %2&!

9+)E+(3!K*(*F%1%+:!,#(&!2+!1#,:+!,+!2#!(')E+22+!1#:3'G:#9Q%+!,+&!1'22+13%E%3*&!3+::%3':%#2+&!M0*3:'9'2+&A!

1'00)(#)3*!,D#GG2'0*:#3%'(&A!1'00)(#)3*&!,+!1'00)(+&A!,*9#:3+0+(3&A!{NC!

"#! $%&&%'(! $)&*+&! ,)! --.+! &%/12+! 9:*1'(%&+! H)+! 2+&! #&&'1%#3%'(&! ,+! 1'22+13%E%3*&! 3+::%3':%#2+&!

&�+09#:+(3!,+!1+!&)Y+3!+3!':G#(%&+(3!,+&!#3+2%+:&!,+!:*F2+I%'(!&):!1+&!9:'K2*0#3%H)+&C!

!! \&(P4I@6E&26&N@M273@6E&B7CA233@C??2II2&]&U&4HHCDB4P?2D2?6&a&ISCK62?6@C?&N5&I4K2I&26&HFC@O&

NSE64KI@332D2?63&B@IC623&

"#! G+&3%'(!,+! 2#! ,%E+:&%3*! #)! &+%(! ,+&! *3#K2%&&+0+(3&! 9)K2%1&! :+2+E#(3! ,+! 2#! &9Q/:+!0)&*#2+!+&3! )(!

1Q#(3%+:! ,*1%&%FC! "D#11/&! #)I! 9'&3+&! ,D+(1#,:+0+(3! +(! +&3! +0K2*0#3%H)+C! .2! +&3! *E%,+(3! H)+!

2D#33:#13%E%3*!,+&!0*3%+:&!,)!0)&*+!+3!2+!9:%(1%9+!,+!2+):!#11+&&%K%2%3*!P!3')&!&'(3!%(3%0+0+(3!2%*&!P!2#!

:+1'((#%&&#(1+!,+!2D+(:%1Q%&&+0+(3!,+!('3:+!&'1%*3*!9#:!2#!,%E+:&%3*C!^2)&%+):&!0)&*+&!(#3%'(#)I!'(3!

0#(%F+&3*!)(!%(3*:W3!9'):!1+!2#K+2!+3!&')Q#%3+(3!W3:+!#11'09#G(*&!9'):!2D'K3+(%:C!!

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

!9=&

#61#"&#'%#)!-#!"#4#"#'%#!

!,8XIIDSQXNQDM! EHI! JGFOHI! HN! XMSQHMI! JGFOHI! EH!G8&'1!9!GX!KHRDMEXNQDM!

J%(!674pA!)(!#(()#%:+!9:'F+&&%'((+2!*3#%3!0%&!+(!2%G(+! 9#:! 2D._^C! X#(&! 2+! 9:'2'(G+0+(3A!

2D#&&'1%#3%'(! ,+&! *2/E+&! +3! #(1%+(&! *2/E+&! #! *3*!:*#13%E*+A! #E+1! 2D*2+13%'(! ,D)(! (')E+#)! K):+#)!F%(!674pC! "+&!'KY+13%F&!T! +(:%1Q%:! 2+&! *1Q#(G+&!+3!

:+2#3%'(&! +(3:+! 2+&! *2/E+&! +3! #(1%+(&! *2/E+&!1'(&+:E#3+):&A! 2+&! :+9:*&+(3+:! #)9:/&! ,+&!

%(&3%3)3%'(&! 9#:3+(#%:+&! +3! 9:+(,:+! 9#:3! P! 2#!3:#(&0%&&%'(! ,)! 9#3:%0'%(+! P! 2D+(&+0K2+! ,+&!9)K2%1&C!"D#&&'1%#3%'(!#!*G#2+0+(3!9'):!#0K%3%'(!

,+! 9:+(,:+! )(+! 9#:3! #13%E+! #)I! :*F2+I%'(&! &):!2D*E'2)3%'(! ,)! 0*3%+:! ,+! 1'(&+:E#3+):! +3!

2D#13)#2%3*! ,+&! 0*3%+:&! ,)! 9#3:%0'%(+C!"D#&&'1%#3%'(!0+3!+(!92#1+!)(!J':)0!,D*1Q#(G+&!9:'F+&&%'((+2&! P! ,+&3%(#3%'(! ,+! &+&! #,Q*:+(3&A!

+&3!9:*&+(3+! &):! 2+&! :*&+#)I! &'1%#)I! G:w1+! P!)(!G:')9+!J#1+K''e!+3! 3:#E#%22+! P! 2#!0%&+!+(!92#1+!

,D)(+!9#G+!.(3+:(+3!9)K2%H)+C!!'DPOHGGHI! KHGXNQDMI! HMNKH! KHINXPKXNHPKI! HN!

CPIJHI!Y!NKXOHKI!EHI!CQIIQDMI!E8HMSXEKHCHMN!HN!EH!RDKCXNQDM!EHI!JZPQUHI!QMNHKMHI!

g)#3:+! F':0#3%'(&! ,%92]0#(3+&! &'(3! :+1'(()+&!9#:!2DU3#3!M2'%!,)!t!Y#(E%+:!6776!S!,*1:+3!6776S86q!

,)!6p!#E:%2!6776N!T! 2D?(%E+:&%3*!^#:%&S.!^#(3Q*'(SL':K'((+A! 2D.(&3%3)3! _#3%'(#2! ,)! ^#3:%0'%(+A!2DU1'2+! L)9*:%+):+! ,+&! h+#)IS#:3&! ,+! d'):&! +3!

2DU1'2+! ,D;:3! ,D;E%G('(C! "+&! 1'(&+:E#3+):&S:+&3#):#3+):&! +FF+13)+(3! )(! ,%#G('&3%1A!

1'(R'%E+(3! +3! 0+33+(3! +(! O)E:+! ,+&!%(3+:E+(3%'(&! 1):#3%E+&! ')! 9:*E+(3%E+&! &):! 2+&!K%+(&! 1)23):+2&C! "+):&! 9:'9'&%3%'(&! &'(3!

#:G)0+(3*+&! +3! 2+&! ,%FF*:+(3+&! *3#9+&!,D%(3+:E+(3%'(! ,'1)0+(3*+&C! "+&! *E'2)3%'(&! ,)!

0*3%+:!+3!,+!2#!,+0#(,+!E'(3!,#(&!2+!&+(&!,D)(!*2#:G%&&+0+(3! ,+&! 3#1Q+&!T! K%2#(! &#(%3#%:+A!F':0#3%'(! &):! 2+! 3+::#%(! ,+&! :*G%&&+):&A! 3:#E#%2!

#E+1! 2+&! #:1Q%3+13+&A! 1'(&+%2A! 0%&+! +(! 92#1+!,D*H)%9+! ,D#G+(3&! 3+1Q(%H)+&! ,+! 1'(&+:E#3%'(A!

0#(#G+0+(3!,D*H)%9+{!"D')3%2!%(F':0#3%H)+!+&3!,+E+()! %(,%&9+(&#K2+! 3')3! 1'00+! 2+! 3:#E#%2! +(!:*&+#)C!

!,X!CQIH!HM!GQLMH!EHI!SDGGHSNQDMI!!

"+! :+(')E+22+0+(3! ,+&! 9:#3%H)+&!9:'F+&&%'((+22+&! %(3*G:#(3! 2+! ()0*:%H)+! #! *3*!1'092+3! +3! '9/:+! &):! 2#! 3:#(&E+:&#2%3*! ,+&!

,%&1%92%(+&C! "+&!')3%2&!()0*:%H)+&!'(3!*3*! :',*&!#)!0'0+(3!,)!1Q#(3%+:!,)!$gh!#E+1!2#!0%&+!+(!

2%G(+!,+!2#!1'22+13%'(C!.2&!&'(3!)3%2%&*&!#)Y'):,DQ)%!

9'):! )(+! F#1%2%3#3%'(! ,)! :*1'2+0+(3! +3! ,+! 2#!

3:#R#K%2%3*! ,+&! 'KY+3&C! ?(! (')E+2! *1'&<&3/0+!,D')3%2&! ()0*:%H)+&!+&3! ,*YP! +(! *E'2)3%'(A! 9'):!)(+! 92)&! G:#(,+! %(3+:'9*:#K%2%3*A! 9'):! 2+! �+K!

&*0#(3%H)+A!9'):! 2#!9*:+((%&#3%'(!,+&!,'((*+&!()0*:%H)+&C!

!$PIJH!E8XKN!HN!E8QMEPINKQH!EH!)XQMN!#NQHMMH!9!KiGH!EHI! KJLQIIHPKI! EXMI! GX! SDMSHUNQDM! EHI!

H]UDIQNQDMI!"+&!:*G%&&+):&!'(3!G#G(*!)(+!92#1+!1+(3:#2+!,#(&!

2+! ,%&9'&%3%F! ,+! 2#! E%+!,+&! 1'22+13%'(&C!;)!0)&*+!,v#:3!+3!,v%(,)&3:%+!,+!L#%(3SU3%+((+A!2+!3:#E#%2!+(!*H)%9+! 0'(3:+! H)+! 2+! :*G%&&+):! 9+)3! W3:+! )(+!

F':1+! ,+! 9:'9'&%3%'(&! &):! 2+&! +I9'&%3%'(&A! 2+&!#1H)%&%3%'(&C!X)!9'%(3!,+!E)+!,+!2#!F':0#3%'(A!)(+!

2#1)(+!,)!9'%(3!,+!E)+!,+!2#!G+&3%'(!,+!9:'Y+3!+&3!9'%(3*+C! "#! 0'(3*+! +(! 9)%&&#(1+! ,+! 1+33+!

9:'F+&&%'(! :*9'(,! P! )(! 9:%(1%9+! ,+! :*#2%3*!T! 2+&!O)E:+&!1%:1)2+(3!,+!9#:!2+!0'(,+!,+!92)&!+(!92)&A!1+33+!0'K%2%3*!%09'&+!,+&!1'09*3+(1+&!F':3+&!,)!

9'%(3!,+!E)+!,+!2#!9:*&+:E#3%'(!,)!9#3:%0'%(+C!!

!!!

,X!IUJSQXGQIXNQDM!EHI!CJNQHKI!EH!G8H]UDIQNQDM!X*&':0#%&A! 2#! ,*F%(%3%'(! +3! 2D':G#(%&#3%'(! ,)!

3:#E#%2!,+!0%&+!+(!,%&1'):&!+3!+(!+I9'&%3%'(!,+&!O)E:+&!&+!,*F%(%3!F%(+0+(3!+3!'9/:+!2#!,%&3%(13%'(!

+(3:+! )(! *E+(3#%2! ,+! 1'09*3+(1+&! #33#1Q*+&! P!,+&!F'(13%'(&C!;%(&%!&+:'(3!,%&3%(G)*+&!,D)(+!9#:3!2#![!0)&*'G:#9Q%+!\!H)%!#!3:#%3!#)I!1'(3+()&A!#)!

&1*(#:%'! ,)! 9#:1'):&! +3! #)I! 0',#2%3*&! ,+! 2#!0*,%#3%'(A!+3!,D#)3:+!9#:3!2#![!&1*('G:#9Q%+!\!H)%!

1'(1+:(+! 2+! 3:#%3+0+(3! ,+&! +&9#1+&! +3! ,+&!E'2)0+&A! 2+&! 0#3%/:+&A! 2+! 12%0#3! &+(&%K2+! ,+!2D+I9'&%3%'(A! 2+!,+&%G(!,+&!0'K%2%+:&!+3! &)99':3&!

9Q<&%H)+&!,+&!1'22+13%'(&A!2#!0%&+!+(!2)0%/:+A!2+&!,*1':&C! "#! 1:*#3%'(! ,+&! *2*0+(3&! E%&)+2&! +3!

3+I3)+2&! :+E%+(3! #)![!G:#9Q%&0+!\C!;F%(! ,+! 2+E+:!2+&!#0K%G)�3*&!+3!W3:+!0%+)I!#:0*&!2':&!,D#99+2!P!9:'Y+3A! 2D#&&'1%#3%'(! 9:'F+&&%'((+22+! ,+&!

!

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

0)&*'G:#9Q+&! #! *3*! 1:**+! +(! 6746! MQ339T��2+&S

0)&+'G:#9Q+&C':G�N!!1KDcHN! E8PM! KHLQINKH! MXNQDMXG! MPCJKQZPH! EHI!

LPQEHI^SDMRJKHMSQHKI!UKDRHIIQDMMHGI!.&&)!,)!G:')9+!,+!3:#E#%2!1'(,)%3!9#:!2+!$BB!&):!

2#! 9:'F+&&%'(! ,+! G)%,+S1'(F*:+(1%+:! +(! 674pA!2D%,*+!,D)(+!92#3+F':0+!()0*:%H)+!1''9*:#3%E+!#!9'):! 'KY+13%F! ,+! ,'((+:! )(+! :*+22+! E%&%K%2%3*! P!

2D+(&+0K2+!,+!2#!9:'F+&&%'(A!1'00)(%H)+:!&):!2+!9:'F+&&%'((#2%&0+!,+&!G)%,+&S1'(F*:+(1%+:&!,#(&!

2+!1#,:+!,+!2D#33:#13%E%3*!1)23):+22+!+3!3'):%&3%H)+!+3! 9+:0+33:+! ,+!0+%22+):&! *1Q#(G+&! #)! &+%(! ,+!1+33+!9:'F+&&%'(C!

!,X!SDCCPMXPNJ!$PmJDMPC!HN!IX!UGXNHRDKCH!EH!

KHIIDPKSHI!IPK!GH!MPCJKQZPH\!;(%0*! 9#:! ,+&! 0+0K:+&! ,+! 2#! 1'00)(#)3*!

0)&+'G++e! F:#(1'9Q'(+A! �$)o+'()0! +&3! 2#!92#3+F':0+! ,+! :+&&'):1+&! &):! 2+! ()0*:%H)+! #)!0)&*+! +3! ,#(&! 2#! 1)23):+C! ;13)+22+0+(3A! +22+!

&v#:3%1)2+! #)3'):! ,v)(! �%e%! +3! &+&! 1'(3+()&!3+I3)+2&!&'(3!&')&!2%1+(1+!B:+#3%E+&!B'00'(&C!U(!

H)+2H)+&!1Q%FF:+&A!$)o+'_)0!1D+&3!T!92)&!,+!46p!9#G+&!,#(&!2+!�%e%A!92)&!,+!6!p77!0+0K:+&!,#(&!2+!G:')9+!J#1+K''e!y!92)&!,+!m77!0+0K:+&!,#(&!

2+! G:')9+! "%(e+,.(! M:*&+#)3#G+! 9:'F+&&%'((+2NA!92)&!,+!m!777!#K'((*&!&)%E+(3!2+!1'093+!d�%33+:!

�$)o+'_)0! ME+%22+NA! 92)&! ,+! 4! 6p7! F#(&! &):! 2#!9#G+!9)K2%H)+!J#1+K''eA!92)&!,+!667!9+:&'((+&!&):!2#!1#:3+!0'(,%#2+!,+&!�0)&+'G++e&C! !

!+IIDSQXNQDM! EHI! SDMIHKOXNHPKI! EH! CPIJHI!

E8+GIXSH! _+%$+`! HN! +IIDSQXNQDM! EHI! CPIJHI!E8+GIXSH!HN!EHI! KJLQDMI! GQCQNKDUWHI! _$/)#+,`!9!CQGQHP!XIIDSQXNQR!HN!KiGH!EHI![JMJODGHI!

X+9)%&! 674pA! 1+&! #&&'1%#3%'(&! &+! &'(3! +(G#G*+&!,#(&! )(! 92#(! ,+! F':0#3%'(! &9*1%F%H)+! 9'):! 2+&!

$)&*+&! ,D;2&#1+! #E+1! ,+&! 92#1+&! :*&+:E*+&!9#:3%1)2%/:+0+(3! 9'):! 2+&! K*(*E'2+&! +3!1'(3:#13)+2&! ,+&! 0)&*+&! #&&'1%#3%F&C! B+33+!

F':0#3%'(! #! :+R)! 2+! &')3%+(! ,+&! 9#:3+(#%:+&!B_J^dA!X`;BA!`*G%'(A!B'(&+%2&!,*9#:3+0+(3#)I!

85!+3!8qC!!

,X! 4HCI! HN! G8XIIQINXMSH! Y! $XzNKQIH! E8*POKXLH!EXMI! GH! KHEJUGDQHCHMN! EHI! JSDCPIJHI! HN!

CPIJHI! EH! :PTXMH!9! 5?2& D@33@C?& NS2OB276@32&

HC?A@E2&a&5?&7E3245&B7CA233@C??2I!!"#! 1'00)(+! ,+! `*G%(#! #! &'22%1%3*! 2#! :*#2%&#3%'(!,D)(+! *3),+! ,+! 9'&%3%'((+0+(3! ,+! 2D*1'0)&*+C!

>KY+13%F! 9:%(1%9#2!T! 2+!,*E+2'99+0+(3!,D#13%E%3*&!*1'('0%H)+&! +3! 3'):%&3%H)+&! #)3'):! ,+! 2#!

E#2':%&#3%'(! ,+&! 9#3:%0'%(+&! +3! 9+:0+33#(3! ,+!,%E+:&%F%+:! 2D'FF:+! ,+! 2D*3#K2%&&+0+(3! +3! ,+!1'(&'2%,+:!&'(!F'(13%'((+0+(3C!"#!J+0&!#!#&&):*!

)(+! 0%&&%'(! ,+! 1'(&+%2! +3! ,D#99)%! 3+1Q(%H)+!#)9:/&!,+!2#!0)(%1%9#2%3*!+3!,+!2D*1'0)&*+C!U22+!#!

0%&! +(! :+2#3%'(! ,+&! 9+:&'((+&! :+&&'):1+&!M9Q<&%H)+&! ')! 0':#2+&N! &)&1+93%K2+&!,D#11'09#G(+:A! ,+! F%(#(1+:! ')! ,+! 9:+(,:+! +(!

1Q#:G+!2+&!#13%E%3*&C!U22+!#!9+:0%&!2#!:*,#13%'(!,+!1#Q%+:&! ,+&! 1Q#:G+&A! ,+! 1'(E+(3%'(&! ')! 2#!

F#1%2%3#3%'(! ,+! 9:%&+! ,+! ,*1%&%'(&C! X#(&! 2+! 1#,:+!,D)(+! ,*2*G#3%'(! ,+! 0#l3:%&+! ,D')E:#G+A! 2#!

$#%&'(! ,+! 2#! `*&+:E+! _#3%'(#2+! _#3):+22+! ,+!k#�`'):#! 2D#! &'22%1%3*+! P! &'(! 3'):! 9'):! 2#!:*('E#3%'(!,+!&'(!+I9'&%3%'(!9+:0#(+(3+C!!!

!!

,HI!UKDLKXCCHI!e!SDPIPI!CXQM!f!EP!%'41(!UDPK!GHI!XLHMNI!EP!UXNKQCDQMH!HM!"WiMH^+GUHI\!

B+!(')E+#)!92#(!,+!F':0#3%'(!,*,%*!#)I!1':9&!,+!1#3*G':%+!B!M#G+(3&!,D#11)+%2!+3!,+!&):E+%22#(1+!+(!9#:3%1)2%+:N! 9:'9'&+! )(! %3%(*:#%:+! +I9*:%0+(3#2C!

L'(!'KY+13%F!T!#,#93+:!2#!9:#3%H)+!,+&!#G+(3&!#)I!*E'2)3%'(&!,+&!0)&*+&A!3#(3!&):!2+!92#(!3+1Q(%H)+!

H)+!&'1%'2'G%H)+A!,+!,*E+2'99+:!+3!,+!:+(F':1+:!2+&! ,%FF*:+(3+&! 1'09*3+(1+&! 3+1Q(%H)+&!

(*1+&&#%:+&!#)!0*3%+:C!"#!F':0#3%'(!+&3!':G#(%&*+!#)3'):! ,+! 3:'%&! K2'1&! 3Q*0#3%H)+&!T! :]2+! +3!0%&&%'(&! MF'(,#0+(3#)INA! 1'09*3+(1+&!

:+2#3%'((+22+&A! 1'09*3+(1+&! 3+1Q(%H)+&C! ;)!0)&*+! ,+&! h+#)IS;:3&! ,+! "<'(A! 2+&! &+&&%'(&! ,+!

F':0#3%'(!P!2vQ%&3'%:+!,+!2v#:3!+3!,+&!1'22+13%'(&!,)!0)&*+! &'(3! #&&):*+&! 9#:! 2+&! 1'(&+:E#3+):&C!.(&*:*+&!,#(&!2v+092'%!,)!3+09&!,+&!#G+(3&A!+22+&!

E%&+(3!P!:+(F':1+:!2+):!%092%1#3%'(!,#(&!2#!E%+!,)!0)&*+C!

!,2&!4H&-4I!Y!<QNKT!HN!,4&i@3H@?2!Y!"DP[XQ]!9!EHI!KHSKPNHCHMNI!EH!UHKIDMMHGI!QMMDOXMNI\!

U(! 3:#E#%22#(3! #E+1! 2+&! $%&&%'(&! 2'1#2+&! 9'):!2DU092'%A!1+&!,+)I!0)&*+&!'(3!&')Q#%3*!:+1:)3+:!

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

+3! F':0+:!,+&! Y+)(+&!,)!E'%&%(#G+!H)%!(D#E#%+(3!

9#&! F#%3! ,D*3),+&! 2'(G)+&! +3! (D*3#%+(3! 9#&!F#0%2%+:&!,+&!%(&3%3)3%'(&!1)23):+22+&C!!

"JPMQDM! EHI! CPIJHI! CJNKDUDGQNXQMI! "DPHM^'DKCXMEQH!9! ,X! "DMEH^%XU! IPK! G8XKN!

SDMNHCUDKXQM!SDCCH!EQIUDIQNQR!RJEJKXNHPK\!X):#(3!)(!0'%&A!,)!4m!Y#(E%+:!#)!4m!F*E:%+:!6745A!2+&! 0)&*+&! ,+! 2#! `*)(%'(! ,+&! $)&*+&!

$*3:'9'2%3#%(&!M`$$N!&+!:*)(%&&+(3A!P!2D'11#&%'(!,+! ;#! K*0,(C! B+3! *E*(+0+(3! ,+! 1)23):+&!

1'(3+09':#%(+&! #22%#(3! #:3&! E%&)+2&! +3! 0)&%H)+!#13)+22+A!#!*3*!%(%3%*!+(!Y#(E%+:!6748!9'):!&1+22+:!2+!2#(1+0+(3!,+!2#!`$$C!.2!F*,/:+!2+&!0)&*+&!,)!

:*&+#)!,+! 2#!0*3:'9'2+!(':0#(,+!+3! %(1%3+!P! 2#!,*1')E+:3+! +(! 0'K%2%&#(3! ,+&! #13+):&! 1)23):+2&!

3+2&!H)+! 2+!478A!&1/(+!,+!0)&%H)+&!#13)+22+&A! 2+!J`;BA!2+!^]2+!%0#G+!M1+(3:+!9Q'3'G:#9Q%H)+NA! 2#!

G#2+:%+!$;$! +3! 2+! B+(3:+! X:#0#3%H)+! _#3%'(#2!MBX_NC! ;:3%&3+&! +3! 1:*#3+):&! :+1'(()&! +3!*0+:G+(3&! 2%*&! #)! 3+::%3'%:+! 1'(R'%E+(3!

&9*1%#2+0+(3!9'):! 2+&! 2%+)I!H)%! 2+&! #K:%3+(3! ,+&!O)E:+&!%(*,%3+&!+3!':%G%(#2+&C!

!

!!

"HLKDPUHCHMNI!EH!CPIJHI!HPKDUJHMI!EH!NXQGGHI!IQCQGXQKHI!XPNDPK!EH!UKDcHN!E8H]UDIQNQDM!!"D+I9'&%3%'(! P%&*)*'&'#/&+5! ,(! K(.7'#0,&! #%!

+("6/(!#!*3*!9:*&+(3*+!P!2#!L3##32%1Q+!k)(&3Q#22+!,+!k#:2&:)Q+! Y)&H)D#)! V4! Y#(E%+:! 6748A! 9)%&! #)!

0)&*+!,+&!h+#)IS;:3&!,+!"<'(!,)!6p!0#:&!#)!68!Y)%(!6748A!+3!+(F%(!P!2#!L1'33%&Q!_#3%'(#2!^':3:#%3!

j#22+:<!P!�,%0K'):G!,)!48! Y)%22+3!#)!48!'13'K:+!6748C!U22+!#!K*(*F%1%*!,D)(!&')3%+(!+I1+93%'((+2!,+! 2D?(%'(! +):'9*+((+A! ,#(&! 2+! 1#,:+! ,)!

9:'G:#00+! 1'(#&/<(! I%'*)(! 1'':,'((*! 9#:!2D;G+(1+! +I*1)3%E+! 9'):! 2D�,)1#3%'(A!

2D;),%'E%&)+2! +3! 2#! B)23):+! ,+! 2#! B'00%&&%'(!+):'9*+((+C!!!

!

4HINQOXG! 'DKCXMEQH^&CUKHIIQDMMQINH! _SWXZPH! 7!

XMI`!!!^'):! 1+33+! '9*:#3%'(! :*1)::+(3+A! )(! j.^! +&3!F%(#(1*! 9#:! 2+&! 1'22+13%E%3*&! 2'1#2+&! 'FF:#(3! )(!

1#,:+!*E*(+0+(3%+2!9:'9%1+!P! 2D*0+:G+(1+!,D)(!K')H)+3!,D+I9'&%3%'(&!+3!,D*E*(+0+(3&C!2&&)?TTUUU90*'.#0,/(V/.)'(++/*00/+&(96'T7/"#0V,(V"#VDt1DtPu.(Vt1DtP],/&/*0V,%V6(+&/<#"VC!

!

,H!%GP[!6&6!SKJJ!HN!XMQCJ!UXK!GH!$PIJH!E8*KIXT!!;E+1! 2+! :*&+#)! ,+&! 0)&*+&! 3+::%3':%#)I! H)%!9'&&/,+(3!,+&!1'22+13%'(&!,D#:3!,)!-.-+!&%/12+A!,+&!

9:'Y+3&!,D+I9'&%3%'(&!%3%(*:#(3+&!&'(3!1'(,)%3&!+3!)(+!0)3)#2%&#3%'(!,D+I9+:3%&+!+&3!'9*:*+C!

!,H! 1XGXQI! EH! (DqTD!9! PM! CDEFGH! JSDMDCQZPH!PMQZPH!HM!4KXMSH!HN!PM!GX[DKXNDQKH!EH!SKJXNQDM\!

;E+1! 92)&! ,+! 87u! ,v#)3'|F%(#(1+0+(3A! t6!9#:3+(#%:+&!+3!4V6!*E*(+0+(3&!9:%E*&!+(!674pA!2+!

^#2#%&!,+!d'e<'!,+E+()!)(+![!0#:H)+!1)23):+22+!%(('E#(3+!\! MI%'*)(#0! 1%"&%'#"! j'#0,+! PU#',+5!BCN_`C! "+&! ,+)I! F':0)2+&! ,+! 9#:3+(#:%#3!

M0*1*(#3! +3! 9#::#%(#G+N! &+:E+(3! #)! &')3%+(!,D+I9'&%3%'(&A!P!,+&!9:'Y+3&!,D#11+&&%K%2%3*A!P!,+&!

9:'Y+3&!Q':&S2+&S0):&A!{!B:**!+(!677mA!2+!^#E%22'(!_+)F2%o+! >hB! +&3! 2+! 2#K':#3'%:+! ,+! 1:*#3%'(! ,)!^#2#%&!,+!d'e<'!T!1Q#H)+!#((*+A!8!Y+)(+&!#:3%&3+&!

,+! 2#! &1/(+! *0+:G+(3+! %(3+:(#3%'(#2+! ,+! 2D#:3!1'(3+09':#%(!<!&'(3!#11)+%22%&!+(!:*&%,+(1+C!!

!!,X!:XQNJ!GTKQZPH!SDCCH!UJUQMQFKHI!EH!NXGHMNI!HN!

EH!UXKNHMXKQXNI!"#!j#l3*!"<:%H)+!+&3!2+!2%+)!,+&!1)23):+&!P!2v/:+!,)!

()0*:%H)+C! >)E+:3+! P! 3')&! 9'):! E%&%3+:! )(+!+I9'&%3%'(A! E'%:! )(! 1'(1+:3A! K'%:+! )(! E+::+A! ')!Y')+:! #)I! Y+)I! E%,*'A! 2#! j#l3*! 2<:%H)+! 9+(&+! 2+!

H)'3%,%+(!+3!,+&&%(+!2v#E+(%:C!;)!1:'%&+0+(3!,+!2#!1:*#3%'(A! ,+! 2v%(('E#3%'(! +3! ,+&! 1)23):+&!

()0*:%H)+&A!+22+! 3:#(&1+(,+! 2+&!G+(:+&A!+I92':+!2+&!0)&%H)+&!#13)+22+&A!2+&!#:3&!E%&)+2&A!2+!1%(*0#A!2+!Y+)A!2+!,+&%G(A!2+!�+KCCC!+3!,*F:%1Q+!2+&!(')E+22+&!

F':0+&! ,v#:3! H)%! 3*0'%G(+(3! ,+! 2v+FF+:E+&1+(1+!,+!,+0#%(C!!!

!

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

1DGQNQZPH! EH! EJOHGDUUHCHMN! EHI! KHIIDPKSHI!UKDUKHI!XP!$PIJH!EHI!@HXP]^+KNI!EH!,TDM!!

`#<'((+0+(3! 1)23):+2! +3! ,*E+2'99+0+(3!*1'('0%H)+! &'(3! *3:'%3+0+(3! 2%*&C! ;! "<'(A! 2+&!

:+2#3%'(&! +(3:+! %(,)&3:%+2&! 0*1/(+&A! #:3%&3+&! +3!0)&*+&!'(3!3')Y'):&!*3*!9#:3%1)2%/:+0+(3!:%1Q+&C!"+&!,%&9'&%3%'(&!F%&1#2+&!9+:0+33+(3!#)!0)&*+!,+!

,*E+2'99+:!,+&!2%+(&!*3:'%3&!#E+1!2+&!%(,%E%,)&!+3!2+&!+(3:+9:%&+&C!"+!B2)K!,)!0)&*+!L#%(3|^%+::+A!2+!

B+:12+! ^')&&%(! +3! 2+&! ;0%&! ,)! 0)&*+! &'(3! 2+&!9#:3+(#%:+&!0#Y+):&!,D)(+!9'2%3%H)+!,D#1H)%&%3%'(!,<(#0%H)+C!^#:!2+):!+(G#G+0+(3A!2+):!&')3%+(!+3!

2+):&! ,'(&A! +(3:+9:%&+&! +3! 0*1/(+&! %(,%E%,)+2&!9#:3%1%9+(3!#13%E+0+(3!P!2#!E%+!,)!0)&*+C!!

,2&#C5AAI2&N2&#QM723&9!IJKQH!EH!RQGCI!IPK!GX!SPQIIDM!XP!RDPK!Y![DQI&Y!GX!%QNJ!EH!GX!%JKXCQZPH!!

X+9)%&! H)+2H)+&! #((*+&A! 2D*3#K2%&&+0+(3! &D+&3!')E+:3!#)!&+13+):!9:%E*!9#:!2+!K%#%&!,+!,%FF*:+(3&!

9#:3+(#:%#3&C! B+)I|1%! #99':3+(3! ,+! (')E+22+&!,<(#0%H)+&! P! 2#! :*#2%&#3%'(! ,+&! 0%&&%'(&! ,+!2D*3#K2%&&+0+(3A!('3#00+(3!,#(&!2+!,'0#%(+!,+!

2D#11+&&%K%2%3*!#)I!9)K2%1&!+3!2#!0%&+!+(!E#2+):!,+&!1'22+13%'(&C! ?(! +I+092+! :*1+(3! +&3! 1+2)%! ,D)(+!

&*:%+!,+!F%20&!'*#2%&*+!G:w1+!#)!&')3%+(!,D)(!F'(,&!,+!,'3#3%'(C!

%QNJ!QMNHKMXNQDMXGH!EH!GX!(XUQIIHKQH!Y!+P[PIIDM!"#! (')E+22+! %(&3%3)3%'(! 1'(R'%3! &+&! F'(13%'(&!

1'00+!)(!&<&3/0+!,D%(3+:#13%'(&!T!&D#99)<+:!&):!)(+!1'22+13%'(!,+!:*F*:+(1+A!:+,'((+:!)(+!92#1+!

1+(3:#2+! P! 2#! 3:#(&0%&&%'(A! :+3:')E+:! ,+&!3+1Q(%H)+&! +3! ,+&! &#E'%:&! F#%:+! ')K2%*&A!9'):&)%E:+!2#!1'(F:'(3#3%'(!&#E'%:SF#%:+�1:*#3%'(!

1'(3+09':#%(+A! :+&3%3)+:! #)9:/&! ,+! 2#!

1'00)(#)3*! +3! ,)! G:#(,! 9)K2%1A! 9:'0')E'%:!

2D%(('E#3%'(A! #11'09#G(+:! 2#! 0)3#3%'(!*1'('0%H)+!,+! 2#! F%2%/:+A! %(&1:%:+! 2+!9:'Y+3!,#(&!)(+!2'G%H)+!,+!,*E+2'99+0+(3!,):#K2+C!

,H!CPIJH!"DEQM!HN!G8XPNDRQMXMSHCHMN!

"+! 0',/2+! *1'('0%H)+! &9*1%F%H)+! ,)! 0)&*+!`',%(!2+!1'(,)%3!P!E')2'%:!:*,)%:+!2#!,*9+(,#(1+!

P! 2#! E+(3+! ,+&! K:'(o+&! +3! P! :+1Q+:1Q+:! ,+!(')E+22+&! &'):1+&! ,D#)3'F%(#(1+0+(3! E%#! )(!&+:E%1+! ,)! 0)&*+! ,*,%*! Mp! 9+:&'((+&NC! ?(!

9:'G:#00+!#!*3*!1'(R)!9'):!2D#3+2%+:!,+!$+),'(!+(! 9#:3+(#:%#3! #E+1! j*:#:,! j#:')&3+! +3! &#!

F'(,#3%'(!2#!L'):1+C!

,H! CPIJH! QMNHKMXNQDMXG! EH! GX! 1XKRPCHKQH! Y!

:KXIIH!9!GX!KHGXNQDM!XP]!UKDEPSNHPKI!GDSXP]!.(#)G):*!+(!4mqmA!"+!$)&*+! .(3+:(#3%'(#2!,+! 2#!

^#:F)0+:%+A!P!2#!F'%&!0*0'%:+!9#&&*+!+3!P!E+(%:!,+!2v%(,)&3:%+! 9Q#:+! ,+! j:#&&+A! +&3! 2#:G+0+(3!&')3+()! 9#:! 2v+(&+0K2+! ,+! 2#! 9:'F+&&%'(A! H)v%2!

&v#G%&&+! ,+&! %(,)&3:%+2&! G:#&&'%&! ')! ,+&! G:#(,+&!0#%&'(&!,+!9#:F)0+:%+!F:#(R#%&+&!+3!*3:#(G/:+&A!

H)%! '(3! 2#:G+0+(3! 1'(1'):)! P! 2#! 1:*#3%'(! +3! P!2v+(:%1Q%&&+0+(3! ,+! &+&! 1'22+13%'(&C! "#! F':3+!%092%1#3%'(! ,+! 1+&! 9:'F+&&%'((+2&! #! %(,)%3! 2#!

1:*#3%'(! ,+! 2v;&&'1%#3%'(! 9'):! 2+! `#<'((+0+(3!,)! $C.C^! H)%! &+:3! ('3#00+(3! ,+! &3:)13):+!

,v#11)+%2!#)!0*1*(#3!,v+(3:+9:%&+!+3!,v#FF#%:+&C!

%HMNKH!MXNQDMXG!EP!SDINPCH!EH!ISFMH!Y!$DPGQMI!9!G8XPNDMDCQH!INXNPNXQKH;!IHI!XNDPNI!HN!IHI!GQCQNHI!

"#!9:*&+(3#3%'(!,+!1+33+!+I9*:%+(1+!#!9+:0%&!,+!,*K#33:+! ,+&! #3')3&! +3! ,+&! 2%0%3+&! ,D)(! &3#3)3!

,DU^BBC! ^#:0%! 2+&! #3')3&A! )(+! 1''9*:#3%'(!U3#3�B'22+13%E%3*&�V! %(&3%3)3%'(&! (#3%'(#2+&!,*9'&#(3+&! ,#(&! 2+! 1#,:+! ,D)(! U^BBC! ^#:0%! 2+&!

2%0%3+&A! 2D%09'&&%K%2%3*! ,+! 3%3)2#:%&+:! 2+&! Y+)(+&!1'(&+:E#3+):&! %&&)&! ,+! 2D._^!+3! )(+! di;!('(S

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

*2%G%K2+! P! 2#! 1'09+(&#3%'(A! ,D'z! 2#! ,%FF%1)23*! P!

9':3+:!,+&!9:'Y+3&!+(!3#(3!H)+!0#l3:+!,D')E:#G+C!!

,X! 4JEJKXNQDM! EHI! +CQI! EH! $PIJHI! HN! GX!

LDPOHKMXMSH!EHI!CPIJHI!U22+! &')Q#%3+! H)+! &'%3! 0%+)I! :+1'(()! &'(! :]2+!

,#(&! 2#! [! B%3*! \A! 1+2)%! ,D)(+! 1%3'<+((+3*! #13%E+!K*(*E'2+A! ,D)(+! ,*F+(&+! ,+! 2#! 0*,%#3%'(!1)23):+22+! +3! ,+&! 9:#3%H)+&! #0#3+):&A! ,+!

2D*,)1#3%'(!9'):!3')&!+3!P!3')&! 2+&!wG+&A!,)! 2%+(!&'1%#2! +3! ,+! 2#! 9Q%2#(3Q:'9%+C! B+33+!

:+1'((#%&&#(1+! 9#&&+! 9#:! )(+! 92#1+! ,#(&! 2#!G')E+:(#(1+!,+&!*3#K2%&&+0+(3&C!

$PIJH! EH! GX! "JODGPNQDM! Y! <QmQGGH!9! GH! CJSJMXN!

UDUPGXQKH!!"+! F%(#(1+0+(3! 9#:3%1%9#3%F! +&3! #99#:)! 9'):! 1+3!*3#K2%&&+0+(3! 1'00+! 1'092*0+(3! ,+!

:+&&'):1+&! 9'):! 2D#1H)%&%3%'(! ,D)(+! O)E:+C!"DQ%&3':%+((+! $'(#! >o')F! #! #11+93*! ,DW3:+! 2#!

0#::#%(+! ,+! 2D'9*:#3%'(C! "+! 9:%I! ,+!2D#1H)%&%3%'(!*3#%3! ,+! m7e�C! "#! 1'22+13+! #! ,):*! 6!0'%&C! `*&)23#3&!T! 6q4! ,'(#3+):&! 9'):! 92)&! ,+!

6pe�A! ,'(3! 87u! ,D.&*:'%&! +3! `Q](+S;29%(&C!"DQ<K:%,#3%'(! ,+&! F%(#(1+0+(3&! +3! )(! *H)%2%K:+!

,+&! &'):1+&! #99#:#l3! 9'):! 2+! 0)&*+! 1'00+! 2#!1'(1:*3%&#3%'(! ,)! [!F#%:+! +(&+0K2+!\C! "+! ,'(! #!)(+! ,')K2+! E#2+):!T! #99':3+:! ,+&! F'(,&! +3!

92*K%&1%3+:C! .2! 3*0'%G(+! ,D)(! #33#1Q+0+(3! #)!0)&*+! +3! ,D)(+! &'1%#2%&#3%'(! 9#:! 2+! K')1Q+! P!

':+%22+C!>(!:+2/E+!2#!&%092%1%3*!,+!2D'9*:#3%'(!E%#!2+! ()0*:%H)+! +3! 2+! 9':3#G+! 9#:! )(+! #G+(1+!

&9*1%#2%&*+C!!

!"##"$%&!'#((#&)'&**"(&#"(+,(& & -$,'!(&"&:1&

,&)(#!-#)!1#")*''#)!"#'%*'("##)!

$XEXCH!GX!$QMQINKH!+PEKHT!+{*/,+>!HN!GHI!CHC[KHI!EH!IDM!SX[QMHN!.:/(+!h;L.".L!|!X%:+13:%1+!#,Y'%(3+!X#E%,!=.i.U!|!B'(&+%22+:!

"D;X$._.Ld`;d.>_!BU_d`;"U!X?!$._.LdUÙ!

$DMIQHPK!<QMSHMN!@#"d*(;!-QKHSNHPK!LJMJKXG!EHI!UXNKQCDQMHI;!HN!IHI!IHKOQSHI!=#,#.(!=#'/(v!12'/+&/0(!;PjMrKLIRRI5!L/'($&'/$(5!$2#'G-(!,(+!=%+-(+!,(!>'#0$(!(&!+(+!-3%/)(+!

h2#(,%(+!Ba;i;__U!|!&')&S,%:+13:%1+!,+!2#!9'2%3%H)+!,+&!0)&*+&!M.(.7'(!,%!$*./&-!,(!)/"*&#G(N!BQ:%&3'9Q+!B"U$U_d!!k#3+2!j?.=>?!!J2':+(1+!^.==>`_.!!

=#,#.(!X+#7(""(!jP;HP=M5!12(66(!,(!"FX0+)($&/*0!,(+!Q#&'/.*/0(+!(&!+*0!-3%/)(!$#:%+Sa*2/(+!b>"@!h:)('!L;?_.U`!!

=*0+/(%'!w(</0!KX>>Pr;R5!H*%+V,/'($&(%'!,(+!P66#/'(+!6/0#0$/8'(+!(&!G-0-'#"(+!(&!+*0!-3%/)(!;2+I%&!$;_>?i`.U`!!^Q%2%99+!^;`.=>d!!B#:'2+!Ud.U__USh>.LLU;?!B':%(+!h>"?U_!!

=#,#.(!I..#0%(""(!;P;;I=I\R5!12(66(!,%!,-)#'&(.(0&!,(!"#!)*"/&/3%(!,(+!)%7"/$+!(&!+*0!-3%/)(!b'&*9Q%(+!XU=U""?L!X%,%+:!j>`BU!!B'2+33+!$;`d._!!")1%2+!=.=.!!

=*0+/(%'!>'#0x*/+!=r;;IK5!12(6!,%!,-)#'&(.(0&!,(!"F/06*'.#&/*0!(&!+*0!-3%/)(!J:#(R'%&+!hÙ=Ud!i#2*:%+!$;`d._U=!

$DMIQHPK!%WKQINDUWHK!$&,#);!)HSKJNXQKH!LJMJKXG!EP!$QMQINFKH;!HN!IHI!IHKOQSHI!=#,#.(!=#'4"/0(!;PQ;P1I!(&!"(+!-3%/)(+!,%!H1Q1X!

- L-)#'&(.(0&!,(!"F/00*<#&/*0!0%.-'/3%(_#'0%!ÛÙL_%1'2#&!>`L._.`'&+2<(+!;".;B;`- L-)#'&(.(0&!,(+!-&%,(+!(&!,(!"#!)'*+)($&/<(b+#(S$%1Q+2!j?@;((+!b>_BaU`@- L-)#'&(.(0&!,(!"#!'($2('$2(!+$/(0&/6/3%(!(&!&($20/3%(;&3:%,!h`;_XdSj`;?L'(%#!=@""a;`XdL<2E%+!$;-SB>"._;`X- 12#'G-+!,(!=/++/*0")1!j`?L>_;G(/&!L;;"

$DMIQHPK!1QHKKH!*/-+"(;!-QKHSNHPK^XEcDQMN!SWXKLJ!EHI!+KNI!UGXINQZPHI!|!-:%+!HN!IHI!IHKOQSHI!b#1H)+&!h;@"U!!b+#(S@E+&!h>hU!

$XEXCH!+MM^dDIJ!+KGDN;!%WHRRH!EH!G8&MIUHSNQDM!LJMJKXGH!EHI!XRRXQKHI!SPGNPKHGGHI!$'(%H)+!h;`h;`>?-!!$#:%+S"%+&&+!h;?XÙ=!

!"##"$%&!'#((#&)'&**"(&#"(+,(& & -$,'!(&"&:9&

b*:]0+!h>?Ud!!^Q%2%99+!Ba;_dU^.U!!k#:%(+!j">;_UBS$;?`._!MB'22/G+!,+!2#!X%E+:&%3*N!L+:G+!k;_BU"!!B2#%:+!";$h>"U@!!;((+S$#:%+!"Uj?UiU"!.&#K+22+!_U?LBa�;_XU`!!

X.ÙBd.>_L!Ùj.>_;"UL!XUL!;JJ;.ÙL!B?"d?Ù""UL!

!

-! ,23&)@72H62573&7EP@C?45O&N23&TAA4@723&H5I6572II23&

$#:1!BUBB;"X.!|!X%:+13+):!:*G%'(#2!,+&!#FF#%:+&!1)23):+22+&!^#1#!^Q%2%99+!Ba;$U;?-!|!X%:+13+):!#,Y'%(3!,)!BX_!_':0#(,%+!`')+(!$#:1!X`>?Ud!|!X%:+13+):!:*G%'(#2!,+&!#FF#%:+&!1)23):+22+&!,+&!a#)3&!|!,+|!J:#(1+!b+#(S^#&1#2!";_?.d!|!X%:+13+):!:*G%'(#2!#,Y'%(3!,+&!#FF#%:+&!1)23):+22+&!,D�2+|!,+|!J:#(1+!! !;:(#),!".dd;`X.!|!X%:+13+):!:*G%'(#2!,+&!#FF#%:+&!1)23):+22+&!,+!_')E+22+!;H)%3#%(+! !BQ:%&3%#(!_UjÙ!|!X%:+13+):!#,Y'%(3!,+!2#!X`;B!j:#(,!U&3! !$%1Q+2!^`>L.B!|!X%:+13+):!:*G%'(#2!,+&!#FF#%:+&!1)23):+22+&!;)E+:G(+|!`Q](+&!;29+&! !"#):+(3!`>d?`.U`!|!X%:+13+):!:*G%'(#2!,+&!#FF#%:+&!1)23):+22+&!>11%3#(%+! !

!-! ,23&+C?32@II273&!53E23&26&I257&4NjC@?6!!

_%1'2#&!hU"!|!_')E+22+!;H)%3#%(+!"%'(+2!hU`j;dd>!|!;)E+:G(+S`Q](+S;29+&!h+:3:#(,!hU`jh;?U`!|!j:#(,!U&3!B*1%2+!h._Ud!|!_':0#(,%+!$<:%#0!h>@U`!|!a#)3&S,+SJ:#(1+!;((%+!B>`XU".U`!|!h'):G'G(+SJ:#(1Q+!B'03*!-#E%+:!JUa`_h;Ba!|!>11%3#(%+!U0%2%+!j;_X>_!|!_':0#(,%+!$#:%+SJ:#(R'%&+!jU`;`X!|!_')E+22+!;H)%3#%(+!"#):+(1+!.L_;`X!|!.2+S,+SJ:#(1+!^#3:%1e!"U!Ba;_?!|!j:#(,!U&3!!h:%G%33+!".;hU?J!|!;)E+:G(+S`Q](+S;29+&!L<2E%+!$?""U`!|!.2+S,+SJ:#(1+!L#(,:#!^;LB;".L!|!j:#(,!U&3!;:%+22+!Û"U_B!|!a#)3&S,+SJ:#(1+!`'2#(,!^._d;d!|!_')E+22+!;H)%3#%(+!b+#(S"')%&!`.BB.>".!|!^#1#! !^#&1#2+!L;$?U"!|!>11%3#(%+! !UE+2<(+!LBa$.dd!|!h:+3#G(+!!i*:'(%H)+!LU@J`.UX!|!^#1#!$#('(!L.-!|!^#<&!,+!"'%:+!^#)2%(+!d.hU`ja.U_S"?BUd!|!.2+S,+SJ:#(1+!

Û`L>__;".dUL!Ù_B>_dÙUL!Ud!;?X.d.>__UUL!

!1"#4#(!^#&1#2!$;."a>L!|!^:*F+3!,+!2#!:*G%'(!>11%3#(%+!

!w,/#)!#(!w,/)!!

-! )EB56E23&26&NEB56E3&

.&#K+22+!;dd;`X!|!U):'9+!U1'2'G%+!2+&!i+:3&!^#3:%1e!h">BaU!|!^#:3%!&'1%#2%&3+A!9:*&%,+(3!,+!2#!B'00%&&%'(!,+&!;FF#%:+&!1)23):+22+&!+3!,+!2DU,)1#3%'(!,+!

2D;&&+0K2*+!(#3%'(#2+!

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

^#&1#2!XU$;`daU!|!^#:3%!&'1%#2%&3+!@E+&!X?`;_X!|!^#:3%!&'1%#2%&3+!X'0%(%H)+!_;Ba?`@!|!"+&!`*9)K2%1#%(&!$%1Q+2!^.`>_!|!?(%'(!,+&!:#,%1#)I!1+(3:%&3+&A!%(,*9+(,#(3&!+3!,*0'1:#3+&!J:*,*:%1!Ù.LL!|!"+&!`*9)K2%1#%(&!

!

-! #E?467@H23&26&3E?462573&

$#:%+SBQ:%&3%(+!h";_X._!|!j:')9+!*1'2'G%&3+!$#:<E'((+!h">_X._!|!j:')9+!&'1%#2%&3+!+3!:*9)K2%1#%(!j%2K+:3!h>?BaUd!|!j:')9+!2+&!`*9)K2%1#%(&!B':%((+!h>?Ba>?-!|!j:')9+!*1'2'G%&3+!J:#(R'%&+!B;`d`>_!|!j:')9+!&'1%#2%&3+!+3!:*9)K2%1#%(!;2#%(!X?J;?d!|!j:')9+!2+&!`*9)K2%1#%(&!"'�1!aUì�!|!?(%'(!,+&!X*0'1:#3+&!+3!.(,*9+(,#(3&!J:#(R'%&+!";h>`XU!|!j:')9+!,)!`#&&+0K2+0+(3!X*0'1:#3%H)+!+3!L'1%#2!U):'9*+(!b+#(S^%+::+!"U"U?-!|!j:')9+!2+&!`*9)K2%1#%(&!!i%E+33+!">Û=!|!j:')9+!2+&!`*9)K2%1#%(&!BQ:%&3%#(!$;_;h"U!|!j:')9+!&'1%#2%&3+!+3!:*9)K2%1#%(!!$#:%+S^%+::+!$>_.U`!|!j:')9+!&'1%#2%&3+!+3!:*9)K2%1#%(!!B#3Q+:%(+!$>`._SXUL;.""@!|!j:')9+!?(%'(!,+&!,*0'1:#3+&!+3!%(,*9+(,#(3&A!9:*&%,+(3+!,+!2#!B'00%&&%'(!

B)23):+A!U,)1#3%'(!+3!B'00)(%1#3%'(!,)!L*(#3!!L<2E%+!`>hU`d!|!j:')9+!&'1%#2%&3+!+3!:*9)K2%1#%(!

!-! (I523&26&EI53&7EP@C?45Oh&NEB4762D2?645Oh&D5?@H@B45O&

$%1Q+2!hU`da.U`!|!;,Y'%(3!,*2*G)*!P!2#!1)23):+!i%22+!,+!^'%3%+:&!^#3:%1e!B?`d;?X!|!i%1+S^:*&%,+(3!,)!1'(&+%2!,*9#:3+0+(3#2!,+!2D.&/:+!y!;,Y'%(3!#)!0#%:+!,+!i%+((+!^#3:%1+!X?BaU`!|!X%:+13+):!:*G%'(#2!#,Y'%(3!,+&!#FF#%:+&!1)23):+22+&!,+&!9#<&!,+!"'%:+! !^%+::+!UL^"?j;LS";h;d?d!|!;,Y'%(3!0#%:+!,+!d')2')&+!;2#%(!J>_d;_U"!|!^:+0%+:!#,Y'%(3!#)!$#%:+!,+!L3:#&K'):G!1Q#:G*!,+!2#!1)23):+!+3!,)!9#3:%0'%(+!j+':G+&!kUÛ_Uk.;_!|!^:+0%+:!#,Y'%(3!#)!0#%:+!,+!"<'(!^#3:%1e!$;`d@!|!$#%:+!,+!j:%&'22+&! !J:*,*:%1!$._;`X!|!;,Y'%(3!P!2#!1)23):+!#)!9#3:%0'%(+!#:1Q%3+13):#2!+3!P!2D+(&+%G(+0+(3!&)9*:%+):!,+!2#!E%22+!,+!

`')K#%I!X#(%+2!i;";XU!|!;,Y'%(3!#)!0#%:+!,+!_l0+&!1Q#:G*!,+!2#!1)23):+!J2':+(1+!iU`_U@SB;``>_!|!i%1+S^:*&%,+(3+!,+!2#!:*G%'(!;)E+:G(+|!`Q](+!|!;29+&!

-! X2B7E32?64?623&26&72B7E32?64?63&NST33CH@46@C?3&NSEI53!$%1Q+2!X?h>.L!|!JU_L`!L*K#&3%+(!JU``.h@!|!B'(&+%22+:!3+1Q(%H)+!,*9#:3+0+(3!#13%'(!&'1%#2+A!*,)1#3%E+A!&9':3%E+!+3!1)23):+22+!,+!

2D;&&'1%#3%'(!,+&!0#%:+&!,+!J:#(1+!M;$JN!;((%+!jU__Ui;`X!|!i%1+S^:*&%,+(3+!,+!2D#&&'1%#3%'(!,+&!0#%:+&!,+!J:#(1+!M;$JN!_%1'2+!j.h>?`XU"!|!X*2*G)*+!j*(*:#2+!,+!2D#&&'1%#3%'(!i%22+&!,+!J:#(1+! !;):*2%+!$;""Ud!|!L+1:*3#%:+!G*(*:#2+!,+!2#!J_BB!L<2E%+!$;Ù?-!|!BQ#:G*+!,+!2#!B'00%&&%'(!^#3:%0'%(+!,+!2D#&&'1%#3%'(!_#3%'(#2+!,+&!*2)&!,+&!3+::%3'%:+&!

d'):%&3%H)+&!M;_UddN! !J2':%#(!L;";=;`S$;`d._!|!^:*&%,+(3!,+!2#!J*,*:#3%'(!(#3%'(#2+!,+&!1'22+13%E%3*&!3+::%3':%#2+&!MJ_BBN!^#3:%1e!da."!|!B'(&+%22+:!:*G%'(#2!,)!j:#(,!U&3!|!;&&'1%#3%'(!,+&!:*G%'(&!,+!J:#(1+!M;`JN! !.&#K+22+!i._BU_d!|!$+0K:+!,)!h):+#)!,+!2#!J_BB!+3!0#%:+S!#,Y'%(3+!P!2#!1)23):+!,+!BQ#:3:+&!!

1"#)&-#'(#)!#(!1"#)&-#'();!-&"#%("&%#)!#(!-&"#%(#/")!-#)!$/)##)!'+(&*'+/6!#(!-#)!#%*,#)!-/!

$%%!j)<!;$LU""U$!|!^:*&%,+(3!,+!2#!1%3*!,+!2D#:1Q%3+13):+!+3!,)!9#3:%0'%(+!B;^;!BQ:%&3%#(!h;^d.LdU!|!X%:+13+):!,)!$)&*+!,+!2D;:0*+!^Q%2%99+!h;`h;d!|!X%:+13+):!,+!2D%(&3%3)3!,)!9#3:%0'%(+!M._^N!!X#E%,!B;$U>!|!X%:+13+):!,)!0)&*+!,+&!;:3&!,*1':#3%F&!i%(1+(3!B;$^ÙX>_!|!X%:+13+):!G*(*:#2!,)!0)&*+!(#3%'(#2!,+!2#!$#:%(+!`*0%!B;`.U"!|!X%:+13+):!,)!0)&*+!$#G(%(A!X%Y'(!

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

B#3Q+:%(+!BaUi."">d!|!X%:+13:%1+!,)!0)&*+!`>X._!b+#(SJ:#(R'%&!Ba>?j_Ud!|!^:*&%,+(3!,)!$)BU$!-#E%+:!Ù@!|!X%:+13+):!,+&!1'22+13%'(&!0)&*+!,D>:&#<!dQ%+::<!BÙ^._S"Uh">_X!|!X%:+13+):!,)!0)&*+!,+!2#!`+(#%&&#(1+!|U1')+(!!X'0%(%H)+!XU!J>_dSÙ;?"-!|!X%:+13:%1+!,)!0)&*+!U)G/(+!X+2#1:'%I!"#):+(1+!XUL!B;`L!|!X%:+13:%1+!,)!0)&*+!,+!2D>:#(G+:%+!^%+::+!X?hÙ?."!|!X%:+13+):!,)!$)&*)0!(#3%'(#2!,Da%&3'%:+!(#3):+22+!^Q%2%99+!X?Ù@!|!X%:+13+):!,+!2D*1'2+!,)!"')E:+!$#:%+SB*1%2+!J>ÙLd!|!X%:+13:%1+!,)!0)&*+!j)&3#E+!$':+#)�a+((+:!$#:3Q#!j."".!|!X%:+13:%1+!,)!$)&*+!,)!b+)!,+!^#)0+!$#:%+!j`;LLU!|!X%:+13:%1+!,)!0)&*+!(#3%'(#2!,)!L9':3!b+#(SJ:#(R'%&!aUhU`d!|!^:*&%,+(3!,)!1Qw3+#)!,+!J'(3#%(+K2+#)!L<2E%+!a?h;B!|!^:*&%,+(3+!,+!2#!`$_!|!j:#(,!9#2#%&!$#:%+Sa*2/(+!b>"@!|!.(&9+13:%1+!G*(*:#2+!,+&!9#3:%0'%(+&!L+:G+!";Li.j_UL!|!^:*&%,+(3!,)!1+(3:+!(#3%'(#2!,D#:3!+3!,+!1)23):+!j+':G+&!^'09%,')!B_;B!|!j^!$#:%+!";i;_X.U`!|!X%:+13:%1+!,)!"')E:+|!"+(&!L'9Q%+!$;k;`.>?!|!^:*&%,+(3+!,)!0)&*+!(#3%'(#2!,+&!#:3&!#&%#3%H)+&!|!j)%0+3!h:)('!$;g?;`d!|! !b+#(S")1!$;`d._U=!|!^:*&%,+(3!,)!"')E:+!a%2#%:+!$?"d>_!|!X%:+13+):!,)!0)&*+!(#3%'(#2!,D#:1Q*'2'G%+A!L#%(3!j+:0#%(!+(!"#<+!a*2/(+!>`;._!|!X%:+13:%1+!G*(*:#2+!,)!^#2#%&!,+!2#!^':3+!,':*+!X+29Q%(+!^._;L;!|!X%:+13:%1+!,)!1+(3:+!(#3%'(#2!,)!B'&3)0+!,+!L1/(+!MB_BLN!$#I!^>">_>iLk.!|!X%:+13+):!,)!0)&*+!,+&!^2#(&S:+2%+F&!@E+&!`>hU`d!|!X%:+13+):!,)!1+(3:+!(#3%'(#2!,+&!#:3&!92#&3%H)+&!`'0#(+!L;`J;d.!|!X%:+13:%1+!G*(*:#2+!,)!0)&*+!(#3%'(#2!,+!2#!1*:#0%H)+!L/E:+&!U00#()+2!Ld;`Bk@!|!X%:+13+):!,)!^#2#%&!,+!B'09%/G(+!S!h2*:#(1'):3!U2%&#K+3Q!d;h?Ùd!|!X%:+13:%1+!,)!0)&*+!(#3%'(#2!,)!$'<+(!�G+!@E+&!�._k._!|!X%:+13+):!,)!$)&*+!(#3%'(#2!,+&!;:3&!+3!$*3%+:&!

+/-&(&*')!#(!:"*/1#)!-#!("+<+&,!!^"(+!)('+*00(+!,*0&!"(!0*.!(+&!#$$*.)#G0-!,F%0y!*0&!6#/&!"F*7[(&!,F%0!(0&'(&/(0!/0,/</,%("` !`'+%!;$.d!|!X%:+13+):!#,Y'%(3!,+&!9)K2%1&!+3!,)!()0*:%H)+A!`$_|!j:#(,!^#2#%&!!L3*9Q#(%+!;.`;?X!|!`+&9'(&#K2+!,+&!9)K2%1&!+3!,+!2D#13%'(!1)23):+22+!#)!$;B!i;"�!B*1%2+!;?J;?Ù!|!X%:+13:%1+!1Q#:G*+!,+&!1'22+13%'(&A!^#:%&S$)&*+&!!b#1H)+&!h;ddULd.!|!;33#1Q*!,+!1'(&+:E#3%'(A!$)&*+!K#&H)+!,+!h#<'((+A!^:+&3'(!h;?d.Ld;!|!X+9)3<!X%:+13':!F':!^)K2%1!^:'G:#0&!#(,!;),%+(1+!U(G#G+0+(3A!.(,%#(#9'2%&!B2#%:+!hULLUXU!|!1'(&+:E#3:%1+!,)!0)&*+!(#3%'(#2!b+#(|!b#1H)+&!a+((+:!U:%1!h";_BaUj>`jU!|!;(1%+(!9:*&%,+(3!,+!2D;jBB^J!$#:%+SBQ:%&3%(+!h>`XU;?-!|!^:'F+&&+):A!?(%E+:&%3*!^%+::+!$+(,/&|!J:#(1+A!j:+('K2+A!B)23):+!r!$)&*+&!+3!a#)3!

B'(&+%2!U;B�!^#3:%1e!h>?Ba;._!|!;:1Q%3+13+!+3!&1*('G:#9Q+�! !"#):+(3!h?L._U!|!#(1%+(!,%:+13+):!,)!j:#(,!a':()A!h+2G%H)+�!U2%&#K+3Q!B;.""Ud!|!;G:*G*+!,+!9Q%2'&'9Q%+!+3!,'13+):!+(!&1%+(1+&!,+!2v*,)1#3%'(�!!b+#(SJ:#(R'%&!B;`>_!|!$#%:+!,+!"''&!+(!j'Q+22+�!J+:(#(,!B>"._!|!X%:+13+):!,)!^:*Q%&3'0)&+)0!,+!`#0%')2A!"%/G+A!h+2G%H)+�!$%1Q+2!B>d�!|!;(1%+(!,%:+13+):!,)!$)&*+!,+&!B'(F2)+(1+&!+3!,)!$)&*+!,+!2#!B%E%2%&#3%'(!P!g)*K+1�!J:#(R'%&+!X;"U-!|!L+1:*3#%:+!G*(*:#2+!#,Y'%(3+!,D.B>$|!J:#(1+!;2+I#(,:+!XU";`jU!|!^:*&%,+(3!,+!2#!J*,*:#3%'(!,+&!*1'0)&*+&!+3!,+&!0)&*+&!,+!&'1%*3*�!J#K:%1+!XU_.LU!|!`+&9'(&#K2+!,)!&+:E%1+!,+&!9)K2%1&!,)!0)&*+!,*9#:3+0+(3#2!,+!2D;:2+&!#(3%H)+!X#(%+22+!XU^;?-!|!^:*&%,+(3+!,+!2D?_;Û.!-#E%+:!XU!";!LU""U!|!X%:+13+):!,)!0)&*+!j#,#G(+�! !b+#(!XU!">.L@!|!X%:+13+):!,)!^#2#%&!,+!d'e<'!.&#K+22+!XU!$.`;_X;|!X%:+13:%1+!,+!;:e+'0+,%#�!a+(:%!XU!`>a;_|!B=U`$;k!|!.(&9+13+):!G*(*:#2!,+!2vU,)1#3%'(!(#3%'(#2+!1Q#:G*!,+!2vQ%&3'%:+!,+&!#:3&!B*1%2%#!XU!i;`._U!|!^:*&%,+(3+!,+!$*,%#3%'(!1)23):+22+!#&&'1%#3%'(�! !_'*0%+!X`>?j?Ud!|!^:'F+&&+):!P!2D)(%E+:&%3*!,+!"%/G+A!h+2G%H)+�!i%(1+(3!X?B"U`d!|!^:'F+&&+):!#G:*G*A!UaULL�!

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

b+#(SB2#),+!X?B">L!|!;(1%+(!,%:+13+):!,)!0)&*+!X#)9Q%('%&�!$#:1!Ud.U__U!|!B'(&+:E#3+):!#)!,*9#:3+0+(3!,+&!;(3%H)%3*&!�G<93%+((+&!,)!$)&*+!,)!"')E:+A!;(,:*!JU`d.U`|!9:*&%,+(3!,+!BU$;J>`Ù!U:%1!JU``>_!|!^:*&%,+(3!,+!2D#&&'1%#3%'(!d>d!')!dD;`d�!b#&0%(+!J`;_Bg|!JU``._.!|!`+&9'(&#K2+!,)!9:'Y+3![!"%332+!i%22+33+!\�!a*2/(+!J?"jU_BU!|!X%:+13:%1+!,)!,*E+2'99+0+(3!1)23):+2A!0)&*+!,)!H)#%!K:#(2<!>2%E%+:!j;hUd!|!X%:+13+):!,)!$)&*+!,+&!;:3&!,*1':#3%F&!"')%&Sb+#(!j;BaUd!|!.1'0SJ:#(1+!"#):+(3!j;iU;?!|!X%:+13+):!,)!"#KA!j''G2+!B)23):#2!.(&3%3)3+!"%'(+2!j;?da.U`!|!L+1:*3#%:+!G*(*:#2!,+!2#!J'(,#3%'(!*,)1#3%'(!1'(3:+!2+!:#1%&0+�!;(,:*!j>h!|!^:'F+&&+):!P!2D)(%E+:&%3*!,+!"%/G+�!$#:1S>2%E%+:!j>_LUda!|!$)&*+!,D+3Q('G:#9Q%+!,+!_+)1Qw3+2! !.&#K+22+!j>`j?UdSh;""ULdU`>L!|!;jBB^J!.2+!,+!J:#(1+!")1!j`?L>_!|!BQ#:G*!,+!0%&&%'(![!X%0+(&%'(!1)23):+22+!,+!2#!9'2%3%H)+!,D#11)+%2!,+&!0%G:#(3&!!h+:(#:,!a;Lg?U_>â!|!X%:+13+):!,+!"')E:+9'):3')&�!$%1Q+2!a.";.Ù!|!X%:+13+):!,)!0)&*+!J#K:+A!$'(39+22%+:!L%0'(!a>?`.U=!|!X%:+13+):!L.j_U!XU!LU_L!j)%22#)0+!k.U_d=!|!$)&*+!,+K')3A!B'(&+:E#3+):!"')E:+�!dQ%9Q#%(+!"U!J>""!|!X%:+13:%1+!,+!2DU1'0)&*+!,)!B:+)&'3!BQ:%&3'9Q+!"U`.h;?"d!|!X%:+13+):!,)!^+3%3!^#2#%&!dQ%+::<!"UiUg?U!|!BQ+F!,v+(3:+9:%&+!+3!9:*&%,+(3!,+!2#!J'(,#3%'(!,+!2v>2%E%+:!!X+29Q%(+!"Ui@!|!X%:+13:%1+!,+!^#:%&|!$)&*+&!$#:%'(!".U�.j!|!`+&9'(&#K2+!,+!2#!1'00)(%1#3%'(A!.(&3%3)3!a+(:%!^'%(1#:*!X#E%,!".>d!|!X%:+13+):!,+&!0)&*+&!+3!,)!9#3:%0'%(+!,+!X%Y'(!b+#(Sa)K+:3!$;`d._!|!B'00%&&#%:+!,D+I9'&%3%'(&A!#(1%+(!,%:+13+):!,D%(&3%3)3%'(!B2#),+!$>"";`X!|!UI9+:3!1)23):+2�! !b'#1Q%0!$>_Uj.U`!X?!L>`h.U`|!X%:+13+):!,+&!9)K2%1&A!J'(,#3%'(!"')%&!i)%33'(�!`'((#!>LdaU.$U`|!d?"j;_!|!X%:+13':!'F!;,)23!L1Q''2!#(,!B'00)(%3<!^:'G:#0&A!B2#:e!;:3!;2%1+!^;?"@!|!BQ#:G*+!,+!0%&&%'(!;&&'1%#3%'(!B)23):+!,)!1O):�!! ! !^%+::+S@E+&!"U!^>j;$!|!B'(&+:E#3+):!+(!1Q+F!,)!9#3:%0'%(+A!,*9#:3+0+(3!,+&!&1)293):+&A!0)&*+!,)!"')E:+!$#:%+!^ÙLd>_!|!;:3%&3+!+3!$#l3:+!,+!1'(F*:+(1+&�!b+#(S$%1Q+2!`;._jU;`d!|!^:*&%,+(3!,+!2#!J*,*:#3%'(!,+&!&'1%*3*&!,D#0%&!,+!0)&*+&!b)2%+33+!`;>?"d|!X?i;"!|!^:*&%,+(3+!.1'0|!J:#(1+!h:%G%33+!`.h>Ù;?|!i.""U$._>=!|!^:*&%,+(3+!;jBB^J!`Q](+|!;29+&!b+((<! `.j;?X! |! `+&9'(&#K2+! ,)! ^]2+! ,+! 1'09*3+(1+! B)23):+! ,)! 1+(3:+! (#3%'(#2! ,+! 2#! F'(13%'(! 9)K2%H)+!

3+::%3':%#2+!MB(F93N�!;((+SB#3Q+:%(+!`>hU`d|!a;?j"?Ld;._U!|!X%:+13:%1+!G*(*:#2+!,+!2D.B>$C!$*2#(%+!`>?Ld;_!|!$#%3:+!,+!1'(F*:+(1+&!#)!$_a_�!L+:G+!L;;X;!|!^:*&%,+(3!,+!2D;&&'1%#3%'(!B)23):+!,)!1O):�! !"#):+(3!L;">$U!|!X%:+13+):!&1%+(3%F%H)+!,+!2#!`$_|!j^!^#)2!L;"$>_;!|!X%:+13+):!,)!0)&*+!,D#:3!+3!,DQ%&3'%:+!,)!Y),#�&0+!|!^#:%&!^#3:%1e!L;i.X;_!|!J'(,#3+):!+3!,%:+13+):!,+!2D>K&+:E#3'%:+!,+&!%(*G#2%3*&�! !B*2%(+!L.B>d!|!BQ#:G*+!,+!0%&&%'(!;&&'1%#3%'(!,+&!^#:#2<&*&!,+!J:#(1+!X%:e!L_;?�;U`d!|!X%:+13+):!,+!�%+2&!|!1+(3:+!,D#:3!1'(3+09':#%(A!h:)I+22+&A!h+2G%H)+�! !b+#(S^Q%2%99+!?=;_!|!BQ+:1Q+):A!B_`L!|!.a^!U0%2%+!i;_a;ULUh`>?BkU!|!X%:+13:%1+S#,Y'%(3+!,+!J:#0+SJ:#(1+!B#0%22+!�>"J!|!B'(&+%22/:+!#)9:/&!,)!9:*&%,+(3!$)&*)0!,vQ%&3'%:+!(#3):+22+!!,#)!}!#(+1#)!(#""&(*"&+,#)!9!,&)(#!-#)!&'(#"'+'(#)!#(!&'(#"<#'+'()!h+:(#:,!;";?-!|!X%:+13+):!,+!B#9!&1%+(1+&!|!h':,+#)I! ! !$%1Q/2+!;_d>._U!|!X%:+13:%1+!,+&!+I9'&%3%'(&!?(%E+:&1%+(1+!^#:%&! ! !U)9Q:#&%+!;`_;?X!|!;G+(3!,)!9#3:%0'%(+A!0)&*+!,+&!h+#)I|!;:3&!,+!"<'(!BQ:%&3%(+!;daU_>`!|!X%:+13:%1+!,+!2D#&&'1%#3%'(!aL!9:'Y+3! !")1%+!;i`."!|!BQ#:G*+!,+!9:'Y+3!$)$'! ! !_'f2!h;`hU!|!U3Q('2'G)+!|!.(&3%3)3!%(3+:,%&1%92%(#%:+!,D#(3Q:'9'2'G%+!,)!1'(3+09':#%(!h+(Y#0%(!hUBa;?-!|!X%:+13+):!,)!,*E+2'99+0+(3!,+&!9)K2%1&!^#2#%&!,+!2#!9':3+!X':*+!h:%G%33+!hU_UddU?!|!B'(&+:E#3:%1+!+(!1Q+F!$)&*+!,)!d#:(! ! !

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

h+(Y#0%(!hU_.d;!|!?(%E+:&1%+(1+!M$)&*)0�++eN! !U:%1!h";_BaUj>`jU!|!B'(&+:E#3+):!,+&!0)&*+&!,+!d:'<+&!! !.&#K+22+!h>.BaU!|!`+&3#):#3:%1+!+3!1'(&)23#(3+!+(!1'(&+:E#3%'(!9:*E+(3%E+!BQ:%&3%(+!h>?."">B!|!X%:+13:%1+!,)!0)&*+!h#:G'%(!|!B2+:0'(3!J+::#(,!U:%1!h>?`j>?j_>_!|!X%:+13+):!,)!0)&*+!,+&!$)&%H)+&!9'9)2#%:+&|!$'(32)R'(!i*:'(%H)+!h`?$$!|!X%:+13:%1+!,)!0)&*+!"#2%H)+! !a+:E*!B;hU=;L!|!X%:+13+):!,+!0)&*+!;(3'%(+!"*1)<+:!P!L#%(3!|!g)+(3%(!B*2%(+!Ba;_;L!|!X%:+13:%1+!,)!0)&*+!,+!h:+3#G(+!P!`+((+&! !b+#(S$#:%+!Ba;_>_!|!;E'1#3A!#(1%+(!Kw3'((%+:!"#):+(1+!BaUL_U;?|!X?^._!|!X%:+13:%1+!,+!2#!1)23):+!B%3*!,)!E%(!|!h':,+#)I! !;2#%(!BaUi;".U`!|!X%:+13+):!,)!0)&*+!,+!:*E'2)3%'(!J:#(R#%&+!,+!i%o%22+!;G(/&!B.^`.;_.!|!X%:+13:%1+!,+!,*E+2'99+0+(3!,)!0)&*+!,+&!h+#)I!|!;:3&!,+!"<'(!;2%1+!B>`_.U`!|!X%:+13:%1+!,)!0)&*+!,+&!h+#)IS;:3&!,+!B#0K:#%!BQ:%&3'9Q+!B>?`d._!|!`+&9'(&#K2+!,)!&+:E%1+!,+&!9:'Y+3&!()0*:%H)+&!BQw3+#)!,+&!X)1&!,+!h:+3#G(+!@#((!B?LLU@!|!BQ#:G*!,+!2D#(%0#3%'(!+3!,)!,*E+2'99+0+(3!,)!^#<&!,D#:3!+3!,DQ%&3'%:+!,+!"+(&S"%*E%(!J:#(R'%&+!X;"U-!|!L+1:*3#%:+!G*(*:#2+!#,Y'%(3+!,D.B>$!J:#(1+!;((+!X;`@!|!X%:+13:%1+!,)!0)&*+!,+&!h+#)I|!;:3&!,+!`+((+&!X+29Q%(+!XU!hUda$;__!|!`+&9'(&#K2+!,)!&+:E%1+!,+&!#13%E%3*&!1)23):+22+&!B%3*!,+!2#!$)&%H)+!U:%1!XU!Ba;LLU@!|!X%:+13+):!G*(*:#2!,+!2D%(&3%3)3!(#3%'(#2!,DQ%&3'%:+!,+!2D;:3!^#:%&!U2*'(':+!XU!";!Ba;``.UÙ!|!J'(,#3%'(!B)23):+!+3!,%E+:&%3*! !U2%o#K+3Q!XU!^>`d=;$^;`B!|!;:1Q%3+13+!,)!0)&*+!,+!2#!`'0#(%3*!P!_l0+&! !`'&/(+!XUB"U$U_d.!|!B'':,%(#3%'(!,)!:*&+#)!,D#:3!%&2#0%H)+!+(!J:#(1+!h+('%3!XUB`>_!|!X%:+13+):!$)&*+!L')2#G+&!P!`',+o!$#:%+!XU";_>U!|!`+&9'(&#K2+!,)!0)&*+!B#2K+3!XU^;`Û!^#3:%1+!|!^:*&%,+(3!,+!2D;jBB^J!,+!2#!:*G%'(!a#)3&S,+SJ:#(1+!X#(%/2+!XUi@_Bk!|!X%:+13:%1+!,)!0)&*+!d')2')&+S"#)3:+1!$#:2/(+!X.->_!|!B'(&)23#(3+!()0*:%H)+A!"'(,:+&! !$#:1!X>_XU@!|!X%:+13+):!,+!2#!j#%3*!2<:%H)+!|!^#:%&!!h:)('!X>LLU?`!|!X%:+13+):!,+!`+2#%&!,DL1%+(1+&!|!"+!X]0+! !$#:%+!X>?`daU!|!X%:+13:%1+!,)!0)&*+!,+!2#!BQ#2'&&+!U2%&#K+3Q!X`;iUd!|!`+&9'(&#K2+!,)!0)&*+!,)!9#<&!,D?&&+2! !;):*2%+!X?$;._!|!U3Q('2'G)+!+3!1Q#:G*+!,+!0%&&%'(!U3Q('9]2+!B*1%2+!X?$>?"._!|!X%:+13:%1+!,+&!9)K2%1&!$?BU$A!$#:&+%22+!$#I%0%2%+(!X?`;_X!|!X%:+13+):!,+&!0)&*+&!,+&!3%&&)&!+3!,)!0)&*+!;:3&!,*1':#3%F&!,+!"<'(!J:#(1%&!X?`;da>_!|!X%:+13+):!,)!$)&*)0!,+!d')2')&+!^#&1#2!J;``;B.!|!X%:+13+):!,+&!0)&*+&!,+!^'%3%+:&! !B<:%2!J;?BaU`!|!?(%E+:&%3*!,+!2#!`'1Q+22+! ! |!!$%1Q/2+!JU``.!|;3+2%+:!,D#:1Q%3+13):+!B#&3+2(#)|!J+::%!^%+::+!J.Bk._jU`!|!^:*&%,+(3!,+&!#0%&!,)!0)&*+!,D#:3!0',+:(+!+3!1'(3+09':#%(!,+!L3:#&K'):G!B*2%#!J"U?`@!|!`+&9'(&#K2+!,)!,*E+2'99+0+(3!,+&!0)&*+&!3Q*0#3%H)+&!,*9#:3+0+(3!,)!(':,! !B<9:%+(!J>_di.U.""U!|!X%:+13+):!,)!&%3+|!0*0':%+2!,)!B#09!,+&!$%22+&|!;%I! !B*2%(+!J`;_B>_!|!$*,%#3:%1+!$)&*+!,*9#:3+0+(3#2!,+!2#!1*:#0%H)+!|!"+o')I!!B#3Q+:%(+!J?BaL!|!B'(&+:E#3:%1+!+(!1Q+F!,)!9#3:%0'%(+!|!U2+13:'9'2%&!,+!$)2Q')&+! !"#):+(1+!j;dU;?!|!X%:+13:%1+!,)!J:#1!^#<&!,+!"'%:+!h#:K#:#!j;d._U;?!|!i%1+S9:*&%,+(3+!,+!2D;B$;!U00#()+2!jU`;`X!|!X%:+13+):!,+!2#!1%3*!,+!2#!d#9%&&+:%+A!;)K)&&'(!^%+::+S;(3'%(+!jU`;`X!|!X%:+13+):!,)!$)&*+S;H)#:%)0!,+!_#(1<! !^%+::+!j._U`!|!B'00%&&#%:+!,D+I9'&%3%'(!+3!&1*('G:#9Q+!_#,%(+!j>$U=!|!B'(&+:E#3:%1+!,)!$)&*+!j#&&+(,%A!X%G(+&! !L*K#&3%+(!j>LLU"._!|!X%:+13+):!#,Y'%(3!,)!0)&*+!L#E'%&%+(A!BQ#0K*:<!=++E!j>?`;`.U`!|!X%:+13+):!&1%+(3%F%H)+!,+&!1'22+13%'(&!,)!$?BU$! !L<2E%+!j`;_jU!|!X%:+13:%1+!,+!2D>FF%1+!,+!1''9*:#3%'(!+3!,D%(F':0#3%'(&!,+&!0)&*+&!M>B.$N!b+#(SJ:#(R'%&!j`>?"d!|!`+&9'(&#K2+!,+&!9)K2%1&!#)!L+1'):&!9'9)2#%:+!_':,! !B#:2+&!j?U``;!|!X%:+13+):!,+!2#!F'(,#3%'(!;(3'(%!d#9%+&A!h#:1+2'((+! !U&3+22+!j?.""U!XUL!h?ddULSJÙ_U;?!|!X%:+13:%1+!,+&!0)&*+&!,+!2D#GG2'0*:#3%'(!B'(1#:(+#)!B':(')#%22+!X#E%,!j?.""Ud!|!X%:+13+):!#,Y'%(3!0)&*+!,+!2D#:0*+A!^#:%&!^Q%2%99+!j?.""Ud!|!X%:+13+):!,)!0)&*)0A!_#(3+&!+3!^:*&%,+(3!,+!2D;$BLd.!

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

L'9Q%+!j?@;`X!|!`+&9'(&#K2+!,)!&+:E%1+!,+&!9)K2%1&!$)&*+!,+!L#%(3!b+#(!,D;(G*2<! !b+#(SBQ#:2+&!a;$U;?!|!B'(&+:E#3+):!1Q#:G*!,+&!1'22+13%'(&!1'(3+09':#%(+&A!0)&*+!(#3%'(#2!;C!X)K')1Q*A!

B%3*!,+!2#!B*:#0%H)+S"%0'G+&!;((+!aU_`@!|!`*G%&&+):!,)!0)&*+!,D;:3!+3!,D.(,)&3:%+A!L#%(3SU3%+((+! !^Q%2%99+!a>Ba!|!X%:+13+):!,+!2#!1'(&+:E#3%'(!,*9#:3+0+(3#2+!,+!$'&+22+!^%+::+!a>?XU"._U!|!`+&9'(&#K2+!,)!&+:E%1+!,+&!9)K2%1&!+3!0*1*(#3A!0)&*+!(#3%'(#2!;C!X)K')1Q*A!B%3*!,+!2#!

B*:#0%H)+S"%0'G+&!;(3'%(+33+!a?hU`d!|!X%:+13:%1+!,D;`BaU;!|!"')E:+&!!>2%E%+:!a?=!|!U(&+%G(#(3!P!2D%(&3%3)3!&)9*:%+):!,D;:3!,+!d')2')&+!_%1'2+!b?".U_!|!U,)1#3:%1+!,+!:)+A!;XLU;!,+!"D;%&(+! !k#3%#!k?k;�k;!|!B'(&+:E#3:%1+A!0)&*+!,D;H)%3#%(+!h':,+#)I!.&#K+22+!";h;_!XU"!B;_d>!|!B'(&+:E#3:%1+!^:%+):*!,+!L#2#G'(!$#%3*!";h;d!|!BQ+F!,+!9:'Y+3!()0*:%H)+|!X'0#%(+!,)!BQw3+#)!,+!i+:&#%22+&! !"#):+!";_dU`.!|!`+&9'(&#K2+!,+&!9)K2%1&!,+&!0)&*+&!,D;(3%K+&!.&#K+22+!";=.U`!|!X%:+13:%1+!,)!0)&*+!,+!2D#(1%+(!UEW1Q*A!j:+('K2+! !dQ*:/&+!"U$;`Ba;_X!|!^:*&%,+(3+!+3!1'SF'(,#3:%1+!,+!B)23):+!d%0+! !L)*E#!"U_>dÙ!|!;33#1Q*+!,+!1'(&+:E#3%'(!,)!9#3:%0'%(+A!$)&*+!?(3+:2%(,+(!,+!B'20#:!J:*,*:%H)+!"ULU?`!|!L')&!,%:+13:%1+!,)!,*E+2'99+0+(3!,+&!9)K2%1&!$)&*+!,)!"')E:+!!;):*2%+!"UL>?L!|!`+&9'(&#K2+!,+&!9#:3+(#:%#3&!+3!,+&!9)K2%1&A!B_;^! !$#:%+!^:%&1%22#!"UdU`$U!|!$*,%#3:%1+A!$)&*+!,+!2#!j:#(,+!G)+::+!,)!9#<&!,+!$+#)I! !h:)('!$;Bg?;`d!|!^:*&%,+(3!,D?(%E+:&1%+(1+!L*K#&3%+(!$;j`>!|X%:+13+):S#,Y'%(3A!&+:E%1+!,)!,*E+2'99+0+(3!()0*:%H)+!0)&*+!,)!H)#%!h:#(2<!X+(%&!$;_j;X>!|!^:*&%,+(3!,)!0)&*+!,)!9:'3+&3#(3%&0+!,+!J+::%/:+&!L3*9Q#(+!$;`d._!|!^:*&%,+(3!,)!0)&*+!g)#%!,+!h:#(2<!!@E+&S;:0+2!$;`d._!|!,%:+13+):!,DU:#&0+!+3!9:*&%,+(3!,+!$)&*'0%I! !;((+!$;?$>_d!|!BQ#:G*+!,+!2#!9:'G:#00#3%'(!1)23):+22+!d')2')&+! !j%22+&!$U@U`!|!X%:+13+):![!"+!0)&*)0!|!^#&&S$)&*+&!\!L*K#&3%+(!$._Ba._!|!X%:+13+):!,)!$)&*+0!$*2#(%+!$>Ù;?!|!X%:+13:%1+!#,Y'%(3+!$)&*+!,D#:3!+3!,DQ%&3'%:+!,+!2#!`'1Q+22+!$#G#2%+!$>Ùd!|!`+&9'(&#K2+!,)!&+:E%1+!9:'G:#00#3%'(!$)&*+!,+&!B'(F2)+(1+&!,+!"<'(!L'9Q%+!$>?d>_!|!B'(&+:E#3:%1+!,)!9#3:%0'%(+!^#2#%&!,+&!X)1&!,+!"'::#%(+!! !"<,%#!$>?@LLUd!|!`+&9'(&#K2+!,)!&+:E%1+!,+&!9)K2%1&A!$)&*)0!,+!d')2')&+! !B2#%:+!$?Ba.`!|!X%:+13:%1+!$)&*+!a<#1%(3Q+!`%G#),!^+:9%G(#(!U2%&+!_Dj?@U_!|!BQ#:G*!,+!1'00)(%1#3%'(!P!2D;jBB^J!^#1#! !U:%1!_UBkU`!|!B'(&+:E#3+):!,)!0)&*+!,+!2#!j)+::+!,+!4q57!+3!,+!2v;((+I%'(A!j:#E+2'33+!J2':%#(!_UiU?!|!;33#1Q*!,+!,%:+13%'(!L+1'):&!^'9)2#%:+!_':,!!")1%+!>`h.B!|!L+1:*3#%:+!j*(*:#2!,+!p7s!_':,|!`*&+#)!3:#(&F:'(3#2%+:!,D;:3!1'(3+09':#%(!J:*,*:%1!^;__.!|!X%:+13+):!,)!J#0%2%&3/:+!,+!j)%&+! !B#:'2%(+!^;^._!|!`+&9'(&#K2+!,+!2#!1'22+13%'(!,)!$)`+_#! !BQ:%&3'9Q+!^;@$!|!B'(&+%22+:!F':0#3%'(!#)!B_J^d!`Q](+&S;29+&!$#:G#:+3!^JU__._jU`!|!`+&9'(&#K2+!,)!&+:E%1+!*,)1#3%F!,+&!0)&*+&!,+!L3:#&K'):G! !h+('l3!^>.dUi._!|!X%:+13+):!,+!2D*1'0)&*+!,)!$#:#%&!L#2#(3S"'%I!$#:%+SL<2E%+!^>".!|!^:'F+&&+):A!?(%E+:&%3*!,D;E%G('(!+3!,+&!9#<&!,)!i#)12)&+! !J:*,*:%1!^>?";`X!|!$#l3:+!,+!1'(F*:+(1+&!)(%E+:&%3*!,+!"%22+!i%(1+(3!^?.j!|!X%:+13+):!#,Y'%(3!,+!"D.`.A!Bj^!>2%E%+:!g?.g?U$^>.L!|!X%:+13+):!,+&!0)&*+&!,+!j:#&&+!U2%&#K+3Q!Ù_;?"d|!B'(&+:E#3:%1+!,)!$)&*+!,D#:3!+3!,DQ%&3'%:+!,+!L#%(3!h:%+)1!!;,+2%(+!`.L^;"!|!L1*('G:#9Q+!b*:]0+!`.iU!|!X%:+13+):!G*(*:#2!,+!2D%(&3%3)3!,D#,0%(%&3:#3%'(!,+&!+(3:+9:%&+&!,+!"<'(! !i#2+(3%(!`>X`.j?U=!|!B'(&+:E#3+):!"+&!;K#33'%:&! !$#:%+SB2#%:+!`?Ud!|!B'(&+:E#3:%1+!$)&*+!,+!2#!:*&%&3#(1+!+3!,+!2#!,*9':3#3%'(!|!h+&#(1'(!;G(/&!L;b;">".!|!X%:+13:%1+!,)!$*0':%#2!,)!1#09!,+!`%E+&#23+&!;((+!L;";hU``@!|B'(&+:E#3:%1+!,)!0)&*+!,D;(G')2W0+!^#)2!L;"$>_;!|!X%:+13+):!,)!0)&*+!,D#:3!+3!,DQ%&3'%:+!,)!Y),#�&0+A!^#:%&!B*2%(+!L;"iUd;d!|!`+&9'(&#K2+!,)!&+:E%1+!,+&!9)K2%1&!,)!$)&*'(!;:2#3+(!$#:%+!L;_BaU=!|!X%:+13:%1+!,+!"#!F#K:%H)+!,+&!&#E'%:&A!U2K+)F!B*,:%1!LBaUÙ`!|!$*,%#3+):!1)23):+2A!0)&*+!(#3%'(#2!$#:1!BQ#G#22! !

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

B#:%(+!LBa?d=!|!;33#1Q*!,+!1'(&+:E#3%'(!,)!^#:1!_#3):+2!:*G%'(#2!,+&!i'&G+&!,)!_':,! !U2%&#K+3Q!La.$U""L!|!X%:+13:%1+!,)!0)&*+!#2&#1%+(!,+!L3:#&K'):G! !L*K#&3%+(!L>?h.`;_!|!X%:+13+):!#,Y'%(3!,)!b#:,%(!,+&!&1%+(1+&A!L3:#&K'):G!;((+!LdUâ;_!|!`+&9'(&#K2+!,+&!+I9'&%3%'(&!3+09':#%:+&!#)!$)&*+!,+!2DQ'00+! !X+29Q%(+!d;"U?-|!j`.L>d!|!;,0%(%&3:#3:%1+!,+!2#!J*,*:#3%'(!,+&!*1'0)&*+&!+3!,+&!0)&*+&!,+!&'1%*3*!;((#K+22+!dU_U=U!|!X%:+13:%1+!G*(*:#2+!,+&!;K#33'%:&A!d')2')&+! ! !B#3Q+:%(+!dU-.U`!|!B'S,%:+13:%1+!,)!,*E+2'99+0+(3!,)!J:#1|!;:3'3Q/H)+!,)!"%0')&%(! !j)%22#)0+!daU?".UÙ!|!;,Y'%(3!#)!,%:+13+):!,+&!0)&*+&!,+!$#:&+%22+!>2%E%+:!daUiU_._!|!^:'F+&&+):A!?(%E+:&%3*!L':K'((+!(')E+22+S^#:%&!...! !b'&<!d>`"Ud!|!X%:+13:%1+!,+&!9)K2%1&!^#:%&S$)&*+&! ! !UE+2<(+!?j;j".;!|!X%:+13:%1+!,)!0)&*+!L#%(3!`#<0'(,A!d')2')&+! ! !;),+!i;";.L>_!|!`+&9'(&#K2+!,)!&+:E%1+!,+&!9)K2%1&!,)!$)&*+!a<#1%(3Q+S`%G#),A!^+:9%G(#(!"#):+(3!iUX`._U!|!X%:+13+):!,)!0)&*+!,Da%&3'%:+!,+!$#:&+%22+!i%:G%(%#!iU`;`X.!|!X%:+13:%1+!,+&!0)&*+&!,+!BQ#2'(&S+(SBQ#09#G(+! ! !X+(%&!iU`X.U`S$;j_U;?!|!X%:+13+):!,)!,*E+2'99+0+(3!1)23):+2!,)!1Qw3+#)!,+!i+:&#%22+&!;:0+22+!i.""UÛ"Ud!|!^:*&%,+(3+!,+!2#!J*,*:#3%'(!(#3%'(#2+!,+&!G)%,+&S%(3+:9:/3+&!h+('l3!�;`=UU!|!X%:+13+):!,D+&9#1+!V8AL#%(3S>0+:! ! ! !$#:%+SBQ:%&3%(+!�U@"!|!^:*&%,+(3+!,+!2#!&'1%*3*!,+&!#0%&!,+&!#:3&!+3!,+&!0)&*+&!,+!L3:#&K'):G!%W&U&2?&C5672h&I2&B5KI@H&N23&B7CA233@C??2I3&B7E32?63&IC73&N23&<&E64B23&6277@6C7@4I23&236&EM4I5E&a&BI53&N2&09>&B273C??23&

!! ! !(+@,#^"*'-#!e!%*,,#%(&*')!)%&#'(&4&5/#)!f!^2*'+!$*./&-!,(!)/"*&#G(!,(!"#!=/++/*0!(&!)('+*00(+!,%!=/0/+&8'(`!J:*,*:%H)+!;_X`@SB;=._!|!BQ#:G*+!,+!0%&&%'(!9#3:%0'%(+!&1%+(3%F%H)+C!?C!^%+::+!+3!$#:%+!B):%+!;(,:*+!hU`jU`>_!|!$#l3:+!,+!1'(F*:+(1+&!?(%E+:&1%+(1+!+3!B+(3:+!;2+I#(,:+!k'<:*!MUaULLA!B_`LN!`'2#(,!hU`d`;_X!|!X%:+13%'(!,+!2#!:+1Q+:1Q+!+3!,+!2D%(('E#3%'(A!0%(%&3/:+!,+!2D+(&+%G(+0+(3!&)9*:%+):!+3!,+!2#!:+1Q+:1Q+!b+#(SB2#),+!h>?."";`X!|!X%:+13+):!,)!0)&*+!,+!0%(*:#2'G%+A!^#:%&!i..!J:*,*:%1!hÙBaU_$;BaU_!|!U(&+%G(#(3S1Q+:1Q+):A!U1'2+!^'2<3+1Q(%H)+A!^#:%&!^Q%2%99+!Ba;`".U`!|!^:'F+&&+):!?(%E+:&%3*!L#%(3Sg)+(3%(!+(!@E+2%(+&!$#:%+S"#):+!ULd.j;`X!|!B'(&+:E#3+):A!$)&*+!,+!2#!$#:%(+A!^#:%&!!`*0%!j;."";`X!|!X%:+13+):!,)!9]2+!1'22+13%'(&!?(%E+:&%3*!^%+::+!+3!$#:%+!B):%+!^Q%2%99+!j>U`jU_!|!B'(&+:E#3+):A!1Q+F!,)!&+:E%1+!,+!2#!1'(&+:E#3%'(!9:*E+(3%E+!B6`$J!`+(#),!a?@_!|!X%:+13+):!,)!0)&*+!B):%+!X+29Q%(+!.LLU_$;__!|!BQ#:G*+!,+!1'22+13%'(!+3!,+!2D%(E+(3#%:+!?(%E+:&%3*!,+!L3:#&K'):G!;((+!";?_>.L!|!BQ#:G*+!,+!0%&&%'(!X``d!�2+|!,+|!J:#(1+!"%oo%+!";?Ù_d.!|!L3#G%#%:+!L#(,:%(+!"U!J">a.B!|!BQ#:G*+!,+!0%&&%'(!?(%E+:&%3*!^#:%&!L#12#<!$#:%+S;),+!"UJU?iÙ!|!i%1+|!9:*&%,+(3+!,+!2D#&&'1%#3%'(!;:3!�!?(%E+:&%3*!�!B)23):+!;G(/&!$.`;$hUdS^;`.L!|!B'(&+:E#3+):A!0)&*+!,+!2#!^'&3+!X%,%+:!_UBd>?-!|!X%:+13+):!,)!0)&*+!,+!0%(*:#2'G%+!,+!2D*1'2+!,+&!$l(+&!^%+::+!Û_.B;?X!|!B'(&+:E#3+):!$)&*+!,+!2Da'00+!$_a_!;):*2%+!^Ùi>Ld!|!`+&9'(&#K2+!,+&!9)K2%1&!+3!,+!2#!1'00)(%1#3%'(A!0)&*+!;^|!a^!b)2%+33+!`;>?"SX?i;"!|!X%:+13:%1+!#,Y'%(3+!0)&*+!,+&!#:3&!+3!0*3%+:&A!9:*&%,+(3+!,D.B>$SJ:#(1+!;2#%(!`>?-!|!B'(&+:E#3+):!?(%E+:&1%+(1+&!$%1Q+2!i;_!^`;Ud!|!^:'F+&&+):!*0*:%3+A!$_a_!!

(+@,#|!"*'-#!e!-&<#")&(#!#(!#:+,&(#!1"*4#))&*''#,,#!f!#(!"#/'&*'!+!,+!4*'-+(&*'!e!#-/%+(&*'!%*'("#!,#!"+%&)$#!f!^2*'+!$*./&-!,(!)/"*&#G(!,(!"#!=/++/*0!(&!)('+*00(+!,%!=/0/+&8'(`!^Q%2%99+!h;B"U!|!BQ+F!,)!L+:E%1+!,+!2#!G+&3%'(!,)!9+:&'((+2A!$)&*+&!,)!"')E:+!^Q%2%99+!h;`h;d!|!X%:+13+):!,+!2D._^!^#&1#2!h";_Ba;`X!|!BQ+:1Q+):A!B'S,%:+13+):!j:')9+!,+!:+1Q+:1Q+!;1Q#1!!$'(%H)+!h>?`B;LLU!|!J'(,#3%'(!B)23):+!+3!X%E+:&%3*!U00#()+22+!B;XUd!|!;&&'1%#3%'(!;23+:_#3%E+&!U2%&#K+3Q!B;.""Ud!|!J'(,#3%'(!U,)1#3%'(!1'(3:+!2+!:#1%&0+!$#:%+SJ:#(R'%&+!B>BaUdU?-!|!L+1:*3#%:+!G*(*:#2+!,)!0)&*+!(#3%'(#2!,)!$'<+(|!;G+!dQ%+::<!BÙ^._!"Uh">_X!|!X%:+13+):!,)!0)&*+!(#3%'(#2!,+!2#!`+(#%&&#(1+A!U1')+(!;2+I#(,:+!XU";`jU!|!^:*&%,+(3!,+!2#!JU$L!_'f22+!XU!";!">jU!|!X%:+13:%1+!,+&!:+&&'):1+&!Q)0#%(+&A!`*)(%'(!,+&!0)&*+&!(#3%'(#)I!|!j:#(,!^#2#%&!

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

X'),')!X.U_U!|!`#99':3+):!,+!2#!`')3+!,+!2D+&12#E+!9'):!2D?_ULB>!j':#!X.>^!|!;&&'1%#3%'(!;23+:_#3%E+&!"%'(+2!j;?da.U`!|!X%:+13+):!,+!2#!J'(,#3%'(!U,)1#3%'(!1'(3:+!2+!:#1%&0+!;2#%(!j>X>_>?!|!?_ULB>!U00#()+2!k;L;àU`>?!|!B'(&+:E#3+):!+(!1Q+FA!$)&*+!,)!H)#%!h:#(2<!J:*,*:%1!"Uj;"">?!|!BQ+F!,)!L+:E%1+!`+&&'):1+&!Q)0#%(+&A!0)&*+!(#3%'(#2!,+&!;:3&!#&%#3%H)+&Sj)%0+3!B#:'2+!$h;=>$>!|!J'(,#3%'(&!`'3Q&1Q%2,!B2#%:+!$U`"U;?S^>_d@|!U(&+%G(#(3+!,+!0)&*'2'G%+A!�1'2+!,)!"')E:+!a*2/(+!>`;._!|!X%:+13:%1+!G*(*:#2+!,)!^#2#%&!,+!2#!^':3+!,':*+!=#Q%#!`;a$;_.!|!X%:+13:%1+!,)!9:'G:#00+![!;:3!+3!0'(,%#2%&#3%'(!\A!.(&3%3)3!(#3%'(#2!,DQ%&3'%:+!,+!2D#:3!"#):+22#!`._B>_!|!B'(&+:E#3:%1+!,)!9#3:%0'%(+A!$BB!|!?(+&1'!"%2%#(!da?`;$!|!^:*&%,+(3!,+!2#!J'(,#3%'(!U,)1#3%'(!1'(3:+!2+!:#1%&0+!;),+!i.""UBa;.=U!|!L+1:*3#%:+!j*(*:#2+!#,Y'%(3+!,)!0)&*+!(#3%'(#2!,)!$'<+(|!;G+!J:#(R'%&+!iU`jUL!|!^Q%2'&'9Q+!;,+2!=.;_U!|!`+&9'(&#K2+!,+!2#!1'00)(%1#3%'(!$)&*+!,)!"')E:+!!

,#)!*":+'&)+(&*')!)>'-&%+,#)!-/!$&'&)(#"#!-#!,+!%/,(/"#!#(!-#!,+!%*$$/'&%+(&*'!-! +[lm&+5I6572!

BQ:%&3'9Q+!UiU_!M0)&*+!,)!H)#%!h:#(2<|!b#1H)+&!BQ%:#1N!J:#(1e!j?."";?$Ud!B#3Q+:%(+!_>?`@!M1Qw3+#)!,+!i+:&#%22+&N!$#:<2%(+!>ì.""U!M0)&*+!,D>:&#<N!j*:#2,!^;`.LLU!MB6`$JN!J:#(R'%&+!^._L>_!i#2*:%+!Ù_;?X!!

-! +G)l!U2%&+!J;?!M1Qw3+#)!,+!B'09%/G(+N!;:(#),!j.h>_!Mh_JN!L#K%(+!"U$>._U!M1Qw3+#)!,+!B'09%/G(+N!

-! G#'!B*2%(+!;"B;=;`!M0)&*+!,)!"')E:+N!!J:*,*:%1!$;j?Ud!$#:%+Sa*2/(+!da.;?"d!

-! #')!�#:,#!h;";aSBa.ka;!M0)&*+!(#3%'(#2!,)!$'<+(S;G+!B2)(<N!

!

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

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

"

"

"

"

"

"

"

"

"

"

%&'"()**+(,'"-&'"./),(&"0(+/*&'"-&",()1)2%"

"

"

34"546789:4";<=6:4"><6?@8A"B6"=4CA46?"=4D"E=E:4@AD"D6FF<?AD"54D"C<@DABAD"4A"F?EC<@8DBA8<@D"G6H8="B"

A?<6;ED"5B@D" =4" ;<=6:4"F?ECE54@AI" 2=" C<:F<?A4"5<@C" =H8@AEJ?B=8AE"54D" B@B=KD4D"4A"54D" ?E>=478<@D"54"

CLBC6@"54D"G6BA?4"J?<6F4D"54"A?B;B8=I""

"

!

"

"

"

"

"

"

"

"

"

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

"

" "

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

"

"

"

"

"

"

"

"

"

"

"#$$%&'(!

! "

)*!$)"((!(+,&-)(!(+!.&+#/(*! 0"1(!$)"((!2'#+(&3#'$(4!&*!"&+)4!,#'"!1("!$)'"4!5($%+('&%1&"(! 67"$)"((!&*.1)"&3!(+!.#11%8#'%+&3! 90"1(!$)":(!.#$$(!(.#"/"+;$(!2'#3(""&#**(1!.':%+&3! 0<""" "

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

" "

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

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

2'("&5(*+!=!!! 8')*#!>%)5&.,#*4!1%!2&".&*(4!'#)8%&?@!!

%*&$%+()'"!=!!! %1(?&%!3%8'(4!$%.A%14!A&+'/!

3'%*B#&"!,)8('+4!$)"((!5C%-)&+%&*(4!8#'5(%)?@!!

#8"('A%+()'!=!! *%+,%1&(!8#*5&14!$)"((!5("!8(%)?D%'+"4!$#*+'(%14!-)(8(.4!.%*%5%!

'%22#'+()'!=!! 3'%*B#&"!$%&'(""(4!"#'8#**(!*#)A(11(!(+!(.#1(!5)!1#)A'(!!

!

"

)"=HE;<CBA8<@"56":<A"Q":6DE4"RS"=B"F=6FB?A"54D"J4@D"D<@J4"8::E58BA4:4@A"B6"%<6;?4"<6"B67"J?B@5D"

EABT=8DD4:4@AD"54" =B"CBF8AB=4S"B=<?D"G64" =4" A4?:4"?E;9=4S"D6?" =H4@D4:T=4"56"A4??8A<8?4S"6@"FB@<?B:B"

A<6U<6?D" F=6D" ;BDA4" C<:F?4@B@A" 54D" EABT=8DD4:4@AD" 5H6@4" EA<@@B@A4" 58;4?D8AE" 4A" F?<F<DB@A" 54D"

47FE?84@C4D"5H6@4";B?8EAE"A4==4"G6H8="54;84@A"54"F=6D"4@"F=6D"58>>8C8=4"5H4@"DB8D8?"=4D"C<@A<6?DI""

%4":<@54" 54D":6DE4D" @4" C4DD4" 54" D4" A?B@D><?:4?"V" =B" C?8D4" EC<@<:8G64" B" DE?846D4:4@A" ?4:8D" 4@"

G64DA8<@"@<:T?4"5H8@;4DA8DD4:4@AD"?EC4@AD"<6"W";4@8?S"C4?AB8@D":6DE4D">4?:4@A"=46?"F<?A4"<6"D<@A":8D"

4@"CB8DD4S"AB@58D"G64"5HB6A?4D"C<@@B8DD4@A"54D":<58>8CBA8<@D"F?<><@54DI"2="@<6D"D4:T=4"><@5B:4@AB="

54"C<@D4?;4?"C4AA4"58;4?D8AE"54"F<8@AD"54";64"D6?"=4"FBA?8:<8@4S"=B"?4CL4?CL4"4A"=4D":B@89?4D"5H47F<D4?"V"

8="4@";B"54"=B"F?ED4?;BA8<@"54"C4AA4"58;4?D8AE"5HEABT=8DD4:4@AD"C<::4"54"C4==4"54"=B"58;4?D8AE"C6=A6?4==4S"

W"=BG64==4"4==4"FB?A8C8F4I""

+?S"=4"><DDE"D4:T=4"D4"C?46D4?"4@A?4"=4D"A?9D"J?B@5D"EABT=8DD4:4@AD":8==8<@@B8?4D"4@";8D8A46?DS"54"F=6D"

4@"F=6D"58?4CA4:4@A"C<@A?B8@AD"54"CL4?CL4?"54D"?4DD<6?C4D"F?<F?4D"F<6?"EG68=8T?4?"=46?"T65J4AS"4A"=4D"

F4A8A4D"DA?6CA6?4DS"5<@A"54"@<:T?46D4DS"A?9D"8@;4@A8;4DS"@4"C4DD4@A"54"C<@C4;<8?"54"@<6;4B67"F?<U4AD"

;8DB@A" W" EABT=8?" 4A" ?4@><?C4?" =46?D" =84@D" B;4C" =46?D" 58>>E?4@AD" F6T=8CDI" %4" =84@" 4@A?4" =4" :6DE4" 4A" =4"

A4??8A<8?4" 4A" =4D" LBT8AB@AD" G68" =4" C<@DA8A64@A" =46?" FB?BXA" E;854@AS" 4A" 8=D" DH4:F=<84@A" W" =4" ?B>>4?:8?S"

5E;4=<FFB@A"6@4"?4=BA8<@"5B@D"=BG64==4"=4"F6T=8C"4DA"C<@D85E?E"C<::4"FB?A84"F?4@B@A4"56":6DE4"4A"

DH8@DC?8A" 5B@D" 54D" =<J8G64D" 54" C<?EB=8DBA8<@" 4A" 54" C<F?<56CA8<@I" -HB6A?4D" DA?6CA6?4DS" 4@" ?4;B@CL4S"

DHBFFB6;?8DD4@AS"D4">?BJ8=8D4@A"4A"F<6??B84@A"58DFB?BXA?4"5B@D"=4D"B@@E4D"W";4@8?S"FB?A8C8FB@A"4@"G64=G64"

D<?A4" B6" F?<C4DD6D" 54" 5ED4?A8>8CBA8<@" EC<@<:8G64" 4A" C6=A6?4=" <TD4?;BT=4" D6?" F=6D846?D" F<?A8<@D" 56"

A4??8A<8?4I""

-B@D" C4AA4" F4?DF4CA8;4S" =4" ?Y=4" 56":6DE4" BFFB?BXA" B6" CZ6?" 54D" 4@U467" 54" C8A<K4@@4AES" 56" Q";8;?4"

4@D4:T=4"RS" 54" =B" ><?:BA8<@" <6" 54" =B" 54DA?6CA8<@" 54D" D<C8EAED" 4A" 54D" C<::6@B6AEDI" %4" ?Y=4"

><@5B:4@AB="56":6DE4"F6T=8C"?ED854"5B@D"=HB>>8?:BA8<@"5H6@"4@JBJ4:4@A"EAL8G64"4A"C8A<K4@"V"6@"A?B;B8="

D6?" =4D";B=46?D"G68" =84@A"<6"G68"58;8D4@A" =B" D<C8EAES" =B"F?<:<A8<@"5H6@4"?E>=478<@"C<::6@4"4A"5H6@4"

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

5E:B?CL4" 8@C=6D8;4" F=6AYA" G6H47C=6D8;4S" AB@A" F<6?" C4" G68" C<@C4?@4" =H4@D4:T=4" 54D" F6T=8CD" G64" =4D"

;B=46?D"G68"=4D"B@8:4@AI"/@"A4="A?B;B8="@H4DA"5HB8==46?D"FBD"?ED4?;E"B67"D46=D"F6T=8CD":B8D"B67":6DE4D"

467\:]:4DS"5<@A"=4D"C<==4CA8<@D"<6"=4D"F?<F<D"@EC4DD8A4@A"6@4"?4:8D4"4@"G64DA8<@"F4?FEA64==4I"

34AA4"F?BA8G64"54"5ETBAS"54"58DC6DD8<@S"54"?4:8D4"4@"G64DA8<@S"D4"=<J4"54"F=6D"4@"F=6D"D<6;4@A"B6"CZ6?"

54" =H8@DA8A6A8<@S" @<AB::4@A" W" A?B;4?D" =B" F=BC4" 56" C<@A4:F<?B8@" 4A" 54D" C?EBA46?D" ^" B?A8DA4D" <6"

DC84@A8>8G64DI"/@4"A4==4"=<J8G64"BFFB?BXA"C<::4"><@5B:4@AB=4"F<6?"G64"=4":6DE4"F68DD4"DHB5BFA4?"B67"

CLB@J4:4@AD"BCA64=DS"47F=<?4?"=4">6A6?"4A"F?<F<D4?"54D"F8DA4D"5HB5BFABA8<@">BC4"B67"A?B@D><?:BA8<@D"

FB?><8D"?B58CB=4D"B67G64==4D"=4":<@54"C<@A4:F<?B8@"F<6??B8A"]A?4"C<@>?<@AE"5B@D"=4D"B@@E4D"W";4@8?I""

/_"'+3%&",&((2,+(2)%"&_"*&(*&,/&%%&"(&3+_',(/3,2+_"

%4" :6DE4" D4" F?ED4@A4" C<::4" 6@4" Q"8@DA8A6A8<@" F4?:B@4@A4S" B6" D4?;8C4" 54" =B" D<C8EAE" 4A" 54" D<@"

5E;4=<FF4:4@A"R"`CH4DA"=4"5ET6A"54"=B"5E>8@8A8<@"FB?"=H23+a"56":6DE4!bI"34"F?8@C8F4"D4:T=4"FB?><8D"

B;<8?" EAE"F?8D" C<::4"6@4" >8J6?4"54" DAK=4S":B8D"6@"J?B@5"@<:T?4"5HEABT=8DD4:4@AD"4@"<@A" >B8A" =46?"

F?8@C8F4"><@5BA46?"V"=4":6DE4"D4"F?ED4@A4"C<::4"6@"D<C=4S"DABT=4S"B6"D48@"5H6@"A4??8A<8?4S"B6"D4?;8C4"

54"=B"D<C8EAE"5B@D"=BG64==4"8="4DA"D8A6E"4A"CL4?CLB@A"W"BCC<:FBJ@4?"<6">B;<?8D4?"D<@"5E;4=<FF4:4@A"

C6=A6?4=S"D<C8B="4A"EC<@<:8G64I""

%B"@<A8<@":]:4"54"D<C=4"4DA" 8:F<?AB@A4"V" 8="BJ8A"C<::4"6@"E=E:4@A"54" ><@5BA8<@S"D6?" =4G64=" 8="4DA"

F<DD8T=4" 54" DHBFF6K4?" F<6?" 5E;4=<FF4?" =HEC<@<:84" 4A" A8DD4?" `<6" ?4A8DD4?b" 56" =84@" D<C8B=S" <6" 54" DHK"

BCC?<CL4?"=<?DG64"=HEG68=8T?4"A4??8A<?8B="4DA"?4:8D"4@"CB6D4I"/@"D<C=4"C<@DA?68A"W"FB?A8?"54D"DFEC8>8C8AED"

56" A4??8A<8?4 # I" %HB@C?BJ4" A4??8A<?8B=" C<@DA8A64S" F<6?" A<6D" =4D" :6DE4DS" 6@4" 5<@@E4" G68" F4?:4A" 54"

C<:F?4@5?4"=B"@B8DDB@C4"4A"=4"5E;4=<FF4:4@A"54D":6DE4D"D6?"=4"=<@J"A4?:4I""

3H4DA"F?BA8G64:4@A"A<6U<6?D"W"FB?A8?"5H6@4"8@8A8BA8;4"=<CB=4S"F<=8A8G64"<6"DC84@A8>8G64S":4@E4"FB?"54D"

?4DF<@DBT=4D"F6T=8CD"<6"54D"B:BA46?D"G64"54"A4==4D"8@DA8A6A8<@D"<@A"EAE"><@5E4DS"4A"CH4DA"=4"F=6D"D<6;4@A"

J?cC4"W"=HBFF68"=<CB="G6H4==4D"<@A"?E6DD8"W"BDD6?4?"=46?"FE?4@@8AEI"/@"A4="BFF68"4DA"4DD4@A84="F<6?"BDD6?4?"

=HB;4@8?"4A"=B"FE?4@@8AE"54"=H8@DA8A6A8<@I"%B"F=6FB?A"54D"EABT=8DD4:4@ADS"<d"G6H8=D"D4"D8A64@AS"TE@E>8C84@A"

4@":BU<?8AE"56"D<6A84@"F6T=8C" =<CB=S"4A" D<@AS"5H6@4"C4?AB8@4":B@89?4S" C<@58A8<@@ED"FB?" =4" =84@"G6H8=D"

A8DD4@A"B;4C"=46?"A4??8A<8?4I"34D"=84@D"F46;4@A"F?4@5?4"58;4?D4D"><?:4D"V"8="DHBJ8A"T84@"De?"54D"47F<D8A8<@D"

4A"54D"E;E@4:4@AD"<?JB@8DED"FB?"=4D":6DE4DS":B8D"B6DD8"54"=B"C<==4CA8<@"G6H8=D"BT?8A4@A"4A"54"=HBCC648="

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!"Q"%4":6DE4"4DA"6@4"8@DA8A6A8<@"F4?:B@4@A4"DB@D"T6A"=6C?BA8>S"B6"D4?;8C4"54"=B"D<C8EAE"4A"54"D<@"5E;4=<FF4:4@AS"<6;4?A4"B6"F6T=8CS" G68" BCG684?AS" C<@D4?;4S" EA6584S" 47F<D4" 4A" A?B@D:4A" =4" FBA?8:<8@4":BAE?84=" 4A" 8::BAE?84=" 54" =HL6:B@8AE" 4A" 54" D<@"4@;8?<@@4:4@A"W"54D">8@D"5fEA654DS"5fE56CBA8<@"4A"54"5E=4CABA8<@"RI"'ABA6AD"54"=H23+aS"B?AI$S"g!I"#"1<8?"W"C4"D6U4A"=4"5<C6:4@A"?E58JE"FB?"h4B@\3=B654"-6C=<DS"4@"B@@474I"

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

G6H8=D"?ED4?;4@A"B67"8@8A8BA8;4D"=<CB=4D"4A"B67"C<==BT<?BA8<@D"G6H8=D"@<64@A"B;4C"=4D"B6A?4D"8@DA8A6A8<@D"

<6"BDD<C8BA8<@D"D8A6E4D"D6?"=46?"A4??8A<8?4I""

%)"3+%%&3,2+_"

%<@JA4:FDS" =B" C<==4CA8<@" DH4DA"F?ED4@AE4" C<::4" =4" CZ6?"56":6DE4S" AB@58D"G64" DB" C<@D4?;BA8<@"4@"

C<@DA8A6B8A" =HBCA8;8AE" F?8@C8FB=4I" %B" C<==4CA8<@" :6DEB=4" 4DA" 4@C<?4" C<@D85E?E4" FB?" =B" F=6FB?A" 54D"

C<@D4?;BA46?D"C<::4"=4"D<C=4"54"=H8@DA8A6A8<@S"C4"G68"=68"BFF<?A4"56"D4@D"4A"6@4"C4?AB8@4"DFEC8>8C8AES"

:B8D"=4"?BFF<?A"G64"=4D"F?<>4DD8<@@4=D"54":6DE4"4A"=4D"F6T=8CD"4@A?4A84@@4@A"B;4C"C4AA4"54?@89?4"DH4DA"

=B?J4:4@A"A?B@D><?:E"W"D<@"A<6?S"AB@58D"G64"=B"@<A8<@":]:4"54"C<==4CA8<@"DH4DA"EA4@564I""

%B" C<==4CA8<@"@H4DA" F=6D" D8:F=4:4@A" 5E>8@84" W" FB?A8?" 54D" <TU4AD" G68" =B" C<@DA8A64@A":B8D" FB?" A<6D" =4D"

AE:<8J@BJ4DS" =4D" D<6?C4D" 4A" =4D" =84@D" G68" =68" D<@A" BDD<C8ED"V" 6@" 4@D4:T=4" B6DD8" T84@" :BAE?84="

G6H8::BAE?84=S"<?JB@8DE"54":B@89?4"C<LE?4@A4"4A":<T8=8DE"FB?"54D"C<@D4?;BA46?D"4A"54D"CL4?CL46?DI"

&==4"@4"F46A"F=6D"@<@"F=6D"]A?4"C<@D85E?E4"4@"D<8"C<::4"6@"E=E:4@A"D6>>8DB@A"<6"=B"?B8D<@"5H]A?4"56"

:B8@A84@" 5H6@":6DE4" 4A" 5<8A" F<6;<8?" DH8@DC?8?4" 5B@D" 6@" 4@;8?<@@4:4@A" BDD<C8B@A" C4" 54?@84?" W" D<@"

A4??8A<8?4" 4A" D4D" F6T=8CDI" %B" @<A8<@" 54" FBA?8:<8@4" 8::BAE?84=" F4?:4A" 54" D<6=8J@4?" =H8:F<?AB@C4" 54"

=H4@D4:T=4" 54D" 85E4DS" C<@C4FADS" L8DA<8?4D" 8@A8:4D" <6" <>>8C84==4D" BDD<C8E4D" W" CLBG64" <TU4A" 5H6@4"

C<==4CA8<@S"5<@A"=B"F?ED4?;BA8<@"BFFB?BXA"A<6A"B6DD8"4DD4@A84==4"F<6?"4@"BFF?EC84?"=H8:F<?AB@C4I"_<:T?4"

5H<TU4AD" 54" =B" C<==4CA8<@" ^" FBD" A<6DS" AB@A" DH4@" >B6A" ^" ><@A" FB?A84" 5HL8DA<8?4D" ?4=8B@A" FB?><8D" 54D"

JE@E?BA8<@D"54";8D8A46?D"G68"=4D"<@A"?4JB?5EDS"D46=D"<6"BCC<:FBJ@EDS"4A"=46?"<@A"BDD<C8E"54D"85E4DS"<@A"

ECLB@JE"54D"E:<A8<@D"4A"54D"D<6;4@8?DI""

%H<TU4AS" G68" C<@DA8A64" =4" CZ6?" 54" =B" F?BA8G64" :6DEB=4S" BFFB?BXA" B6DD8" T84@" 5B@D" DB" 58:4@D8<@"

DC84@A8>8G64" 4A" ?BA8<@@4==4" G6HE:<A8<@@4==4" 4A" D6TU4CA8;4S" C<::4" D6FF<?A" 54" C<::6@8CBA8<@"

5H8@><?:BA8<@D"B6DD8"T84@"G64"54"F<?A46?D"5HL8DA<8?4D"4A"5H8:BJ8@B8?4DI"3H4DA"W"FB?A8?"54"C4A"4@D4:T=4S"

G64==4"G6H4@"D<8A"=B"@BA6?4S"G64"54D"=84@D"F46;4@A"]A?4"A8DDED"B;4C"=4"A4??8A<8?4"5B@D"=4G64="D4"D8A64"=4"

:6DE4S"B;4C"DB"F<F6=BA8<@S"B;4C"=4"F?ED4@A"4A"=HBCA6B=8AE"=B"F=6D"F?<CL4"B6DD8"T84@"G6HB;4C"=HL8DA<8?4S"=B"

C<@@B8DDB@C4"4A" =4D":E:<8?4D"C<==4CA8;4DI"'B@D"C4AA4"58DF<D8A8<@S" =B"C<==4CA8<@"@HBFFB?BXA?B8A"B6"F=6D"

J?B@5"@<:T?4"G64"C<::4"6@4":BA89?4"8@4?A4"<6"<TD<=9A4S"BKB@A"A<6A4"?B8D<@"5H]A?4"@EJ=8JE4"FB?"=4D"

F6T=8CD"B67G64=D"4==4"4DA"54DA8@E4S"=4DG64=D"D4"5ED8@AE?4DD4?<@A"54"D<@"4@A?4A84@"4A"54"DB"A?B@D:8DD8<@I"

%4" A?B;B8=":6DEB=S"5B@D"C4AA4"F4?DF4CA8;4S" DH8@DC?8A"5B@D"6@"5<6T=4":<6;4:4@A"54":8D4"4@" ?4=BA8<@"

4@A?4" =B" C<==4CA8<@S" =4" A4??8A<8?4" 4A" =4D" ?EB=8AED" B67G64=D" 4==4" ?4@;<84I" 2=" DHBJ8A" T84@" 54" ?4@<6;4=4?" =4"

F<A4@A84=" 54" D8J@8>8CBA8<@" 4A" 5H8@AE?]A" 54" CLBC6@" 54D" <TU4AD" 54" =B" C<==4CA8<@" B;4C" =4D" F6T=8CDS" 4@"

4@?8CL8DDB@A"=B"C<==4CA8<@"FB?"6@"A?B;B8="54"?4CL4?CL4"B6DD8"T84@"D6?"=4D"<TU4AD"G64"D6?"=46?"F<A4@A84="

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

5HBFF?EL4@D8<@"FB?"54D"F6T=8CD"A?9D"58;4?D8>8EDS"4@":<@A?B@A"=HB@C?BJ4"54"=B"C<==4CA8<@"5B@D"=B"?EB=8AE"

56"A4??8A<8?4"4A"56";EC6"54"CLBC6@I""

%B"F=6FB?A"54D":6DE4D"<@A"5E;4=<FFE"58>>E?4@A4D"BCA8<@D"C6=A6?4==4D">B8DB@A"BFF4="B67"C<::6@B6AED"

4A"F6T=8CD"E=<8J@ED"LBT8A64==4:4@A"54D":6DE4DI"*B?AB@A"54D"Z6;?4DS"54D"BCA8<@D"C<==BT<?BA8;4D"B;4C"

54D"BDD<C8BA8<@D"56"D4CA46?"D<C8B="<@A"F4?:8D"5H8@;4DA8?"=4":6DE4"F<6?"=4">B8?4";8;?4"B6A?4:4@A"4A"5H4@"

F4?:4AA?4"=HBFF?<F?8BA8<@I"-4D"BCA8<@D"L<?D"=4D":6?D"D<@A"EJB=4:4@A"C<@568A4DI$"

aB8D"8="DHBJ8A"B6DD8"54":<@A?4?"4@"G6<8"CLBC6@"54"C4D"<TU4AD"?4@;<84"W"G64=G64"CL<D4"54"F=6D";BDA4S"W"

54D";B=46?D"4A"W"54D"G64DA8<@@4:4@AD"6@8;4?D4=D"F4?:4AAB@A"54"DB8D8?S"W"FB?A8?"5H6@4"?EB=8AE"C<@C?9A4S"

=B"J=<TB=8AE"56":<@54"B6G64="?4@;<84"=4":6DE4I""

/_&")33&*,2+_"&%)(02&"-&"%)"3+aa/_)/,&""

'8"=H<@"F46A"FB?=4?"54"A4??8A<8?4"4A"5HBFF?<CL4"A4??8A<?8B=4S"CH4DA"D6?A<6A"=B"@<A8<@"54"C<::6@B6AEDS"A?9D"

=B?J4:4@A" 6A8=8DE4" 5B@D" =4D" FBKD" @<?5\B:E?8CB8@D" `W" A?B;4?D" =4D" ./0012345& 0167106bS" G68" D4:T=4"

@EC4DDB8?4" F<6?" 5E>8@8?" =4" =84@" 4@A?4" =4" :6DE4" 4A" =4D" F6T=8CD" B67G64=D" 8=" D4" 54DA8@4I" %H8@8A8BA8;4"

C<::6@B6AB8?4" `A8A?4" 5H6@"<6;?BJ4"5Hk6J64D" 54"1B?8@4b" BFFB?BXA" B6" CZ6?"54D" A?B@D><?:BA8<@D" 56"

:<@54":6DEB="W"FB?A8?"54D"B@@E4D"!iPjS"FB?"=4"T8B8D"54"=B"%/187997&016:/9/;37I"%4":6DE4"`4A"D6?A<6A"

DB" ><?:4" FB?A8C8FBA8;4S" =HEC<:6DE4b" D4" F?ED4@A4" W" C4AA4" EF<G64" C<::4" 6@" 8@DA?6:4@A" G6H6@4"

F<F6=BA8<@"D4"5<@@4"5B@D"=4"CB5?4"54"DB"F?<F?4"5E:B?CL4"54"5E;4=<FF4:4@A"D<C8B="4A"C6=A6?4=I""

34AA4"E;<=6A8<@"B"=B?J4:4@A"C<@58A8<@@ES"4@"l?B@C4S"=B"F=BC4"54D"F6T=8CD"B6"D48@"56":<@54":6DEB=I"

3H4DA"C4"F?8@C8F4"G68"DH8@DC?8A"BCA64==4:4@AS"F<6?"A<6D"=4D":6DE4D"^"B6DD8"T84@"5HL8DA<8?4"4A"54"T4B67\

B?AD" G64" 54" DC84@C4" 4A" 54" A4CL@8G64DS" ?EJ8<@B67" G64" =<CB67" ^" C<::4" =H6@4" 54D" 58:4@D8<@D"

F?EF<@5E?B@A4D" 54" =46?" :8DD8<@"V" B6" D4?;8C4" 5H6@4" C<::6@B6AES" CH4DA\W\58?4" 54D" 4@D4:T=4D"

5H8@58;856D"?BDD4:T=ED"B6A<6?"5H8@AE?]AD"C<::6@DS"D<8A"5B@D"6@4"F4?DF4CA8;4"?4=BA8;4:4@A"A4:F<?B8?4"

`3L?8DA8B@"(6TK"FB?=4"54"C<::6@B6AED"EFLE:9?4DbS"D<8A"54":B@89?4"F=6D"F4?:B@4@A4I""

&@"C4"D4@DS"=B"@<A8<@"54"F6T=8CD"BFFB?BXA"4@C<?4"A?<F"ALE<?8G64"4@"?4JB?5"54"=H4@D4:T=4"54D"8@58;856D"

<6"54D"F4?D<@@4D"C<:F<DB@A"C4D"F6T=8CD"V"<@"@4"DHB5?4DD4"FBD"W"54D"F6T=8CD"JE@E?8G64D":B8D"W"54D"

8@58;856D" `54D" F4?D<@@4DbS" =B" @<A8<@" 54" C<::6@B6AE" ?4J?<6FB@A" C4A" 4@D4:T=4" ?BDD4:T=E" B6A<6?"

5H4@U467"C<::6@DI"2="F46A"DHBJ8?S"5B@D"=4"CB5?4"54D"./0012345&0167106S"54"=H4@D4:T=4"54D"FB?A84D"

F?4@B@A4D"5H6@":6DE4"V"DB"F<F6=BA8<@"F?<CL4S"=4D"D4?;8C4D"G68"=68"D<@A"=8EDS"=H8@>?BDA?6CA6?4"DC<=B8?4"4A"

=4D"T8T=8<AL9G64DS"=4"A8DD6"BDD<C8BA8>S"T?4>"=H4@D4:T=4"54D"?ED4B67";8;B@AD"5H6@"A4??8A<8?4I"3LBC6@"JB?54"

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""$"LAAFVmmnnnIB8D@4@<6;4==4I>?m?4J8<@mDB8@A\G64@A8@\=4\:6D44\B@A<8@4\=4C6K4?\D<?A\54\D4D\:6?D\8B!OT!j[@M#PjN!"

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

DB"D8@J6=B?8AE":B8D"A<6D"D<@A"?E6@8D"^"B:BA46?DS";8D8A46?D"B6DD8"T84@"G64"F?<>4DD8<@@4=D"^"FB?"6@"4@U46"

854@A8G64S"=4"A4:FD"5H6@4";8D8A4S"5H6@"E;E@4:4@A"DFEC8>8G64"<6"5H6@"F?<U4A"W"F=6D"=<@J"A4?:4MI"

-B@D"C4AA4"F4?DF4CA8;4S"=4D":6DE4D"@HBFFB?B8DD4@A"FBD"D46=4:4@A"C<::4"54D"=8467"54"C<@@B8DDB@C4"

<6"54"5E=4CABA8<@":B8D"D4"F?ED4@A4@A"D6?A<6A"C<::4"54D"=8467"54"?4C<@@B8DDB@C4"4A"54"=EJ8A8:BA8<@I"

%4"A?B;B8="?EB=8DE"54":B@89?4"C<::6@4"8@A9J?4"J?<6F4D"4A"8@58;856D"W"=B";84"C<==4CA8;4S"5E;4=<FFB@A"6@"

D4@A8:4@A"54"=EJ8A8:8AE"4A"5HBFFB?A4@B@C4"B6"D48@"54"=B"D<C8EAE"5B@D"D<@"4@D4:T=4I""

%H85E4" 5H6@" :6DE4" C<::4" 6@4" :B8D<@" C<::6@4S" 8@AEJ?E4" B6" A4??8A<8?4S" 4A" G68" Z6;?4?B8A" F<6?"

?BAA?BF4?"=4"5E>8C8A"54D"8@EJB=8AEDS"C<@DA8A64"6@4"?E4==4"BAA4@A4NI""

/_"'&(123&"*/o%23"-&"*(+p2a2,&")/"'&(123&"-&'"*/o%23'"V")33/&2%"&,")33&''2o2%2,&I""

/@4" B6A?4" @<A8<@" 4DA" BFFB?64" C<::4" FB?A8C6=89?4:4@A" 8:F<?AB@A4" F<6?" ?EB>>8?:4?" =4" =84@" 4@A?4"

:6DE4S"A4??8A<8?4"4A"8@58;856DmC8A<K4@DS"C4==4"54"D4?;8C4"F6T=8C"54"F?<78:8AEI",<6D"=4D"BCA46?D"?4@C<@A?ED"

D<6=8J@4@A"=H8:F<?AB@C4"56"?Y=4"54D"F<6;<8?D"F6T=8CD"4@">B;46?"56"D<6A84@"54D":6DE4D"V"6@"D<6A84@"@<@"

D46=4:4@A" >8@B@C84?" 4A" 8@DA8A6A8<@@4=S" :B8D" B6DD8" 6@4" FB?A" 54" =H854@A8AE" 56" :6DE4" >?B@qB8DS" C<@q6"

C<::4"D4?;8C4"F6T=8CI"%H4DD4@C4":]:4"56"D4?;8C4"F6T=8C"BFFB?BXA"C<::4"6@4";B=46?"CB?58@B=4"F<6?"=B"

J4DA8<@" 56" T84@" C<::6@S" CH4DA\W\58?4" C4" G68" @4" F46A" ]A?4" F?8;BA8DE" B6" TE@E>8C4" 54" C4?AB8@D" :B8D"

BFFB?A84@A"W"=B"D<C8EAE"5B@D"D<@"4@D4:T=4S"F<6?"=4D"JE@E?BA8<@D"BCA64==4D"B6DD8"T84@"G64">6A6?4DI"'8"=B"

=<J8G64"56"D4?;8C4"F6T=8C"DH8@DC?8A"C<::4"=H6@"54D"F?8@C8F4D"56":6DE4"^"B6"D4?;8C4"54"=B"D<C8EAE"4A"54"

D<@" 5E;4=<FF4:4@A" ^S" C4==4\C8" 5<8A" DH8@DC?8?4" 5B@D" 6@4" F4?DF4CA8;4" ?ED<=6:4@A" F?BA8G64S" 4@"

C<@>?<@ABA8<@"58?4CA4"B;4C" =B"?EB=8AE"4@;8?<@@B@A4S"5<@C"54D"BDD<C8BA8<@D" =<CB=4D"B6DD8"T84@"G64"54D"

F6T=8CD"54"F?<78:8AEI""

-B@D"C4AA4"F4?DF4CA8;4S" =4D"@<A8<@D"5HBCC648="4A"5HBCC4DD8T8=8AE"DH8@DC?8;4@A"B6"CZ6?"54" =B" =<J8G64"54"

F?<78:8AEI"34D"5467"@<A8<@D"D6FF<D4@A"6@4"?E>=478<@"F?BA8G64"4A"C<@C?9A4"D6?"=B":B@89?4"5<@A"=4":6DE4"

F46A"D4":4AA?4"?E4==4:4@A"W"=B"58DF<D8A8<@"54"A<6DS"DB@D"58DA8@CA8<@I"%B"=<J8G64"5HBCC4DD8T8=8AE"5<8A"]A?4"

C<:F?8D4"5B@D"6@"D4@D"A?9D"E=B?J8S"8:F=8G6B@A"6@4"58:4@D8<@"B6DD8"T84@"FLKD8G64"^"=HBCC4DD8T8=8AE"B67"

:<8@D";B=854D"^"G64"F?BA8G64"^"6@4"?E>=478<@"D6?"=4D"L<?B8?4D"5H<6;4?A6?4S"D6?"=4D"AB?8>D"54"=H4@A?E4"4A"

D6?"=B"J?BA68AE"̂ "4A"D<C8B=4"̂ "5<@C"6@4"<6;4?A6?4"W"A<6D"=4D"F6T=8CDS"K"C<:F?8D"C467"F<6?"=4DG64=D"=H4@A?E4"

5B@D"6@":6DE4"DHB;9?4"DK:T<=8G64:4@A"58>>8C8=4OI"%B"C6=A6?4"54"=HBCC648="54"A<6D"B6":6DE4"5<8A"]A?4"

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""M"1<8?"=H4@A?4A84@"B;4C"'AEFLB@84")8?B65S"DK@ALEA8DE"4@"B@@474I"

N"1<8?"=4D"4@A?4A84@D"W"=B"l<@5BA8<@"&56CBA8<@"C<@A?4"=4"?BC8D:4"?ED6:ED"4@"B@@474"

O"1<8?"W"C4"D6U4A"=H4@A?4A84@"B;4C"o4?@B?5"kBDG64@<FLS"?ED6:E"4@"B@@474I"

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

FB?ABJE4"B6"D48@"54D"EG68F4DI"2="5<8A"]A?4"F<DD8T=4"54"C<@C4;<8?"6@4"CLB?A4"5HBCC648="F<6?"=4D";8D8A46?D"

C<::4"F<6?"=4D"F4?D<@@4=DIP"

34AA4" @<A8<@" BFF4==4" 6@4" 5<6T=4" ?E>=478<@S" B6DD8" T84@" D6?" =4D" :<K4@D" 5HBCC9D" FLKD8G64D" G64"

DK:T<=8G64DI"'6?"=4"F=B@"FLKD8G64S"@<:T?4"5HEABT=8DD4:4@AD"<@A"=B?J4:4@A"8@AEJ?E"=HBCC9D"B67"F6T=8CD"

:<8@D";B=854D"^"LB@58CBFD":<A46?D"<6"D4@D<?84=DS"4@"5E;4=<FFB@A"6@4"5E:B?CL4";8DB@A"W"8@AEJ?4?"B6"

:B78:6:"C4D"F6T=8CD"B67"B6A?4DI"34=B"D8J@8>84"54D"8@>?BDA?6CA6?4D"B5BFAE4D"F<6?"=HBCC648="54"CLB8D4D"

?<6=B@A4DS":B8D"EJB=4:4@A"=B"C<@C4FA8<@"54";8A?8@4D"<6"54"58DF<D8A8>D"5H47F<D8A8<@"?E4==4:4@A"F4@DED"

F<6?"C4D"F6T=8CDI"3H4DA" =B":]:4" =<J8G64"G68"F?E;B6A"F<6?" =HBCC648="54D"F6T=8CD"5E>8C84@AD";8D64=D"<6"

B658A8>D"4A"54D"58DF<D8A8>D"G68"F46;4@A"]A?4"C<@q6D"F<6?"467I"%4D"BCA46?D"G64"@<6D"B;<@D"?4@C<@A?ED"

8@D8DA4@AS"W"C4A"EJB?5S"D6?"=H8:F<?AB@C4"5H8@C=6?4"C4D"F6T=8CDS":B8D"B6DD8"54"=B"@EC4DD8AE"54"=4D"8@AEJ?4?"

B;4C"=4D"B6A?4D"4A"@<@"54"D4"C<@A4@A4?"54"=4D"8D<=4?"4@"=46?"?ED4?;B@A"6@"BCC648="DFEC8>8G64I""

%4":]:4"F?8@C8F4"F?E;B6A"F<6?"=4D"F6T=8CD"56"CLB:F"D<C8B="G68"C<@DA8A64@A"6@4"F?E<CC6FBA8<@":BU46?4"

G64"@<6D"B;<@D"F6"?4A?<6;4?"5B@D"6@"J?B@5"@<:T?4"5HEABT=8DD4:4@ADI")8@D8S"4@":BA89?4"54"=6AA4"C<@A?4"

=H8==4AA?8D:4S" =4D" :6DE4D" BFFB?B8DD4@A" C<::4" 54D" BCA46?D" :BU46?DS" B6" CYAE" 54D" :E58BAL9G64DS"

@<AB::4@A"FB?C4"G64"C4AA4" 8@DA8A6A8<@"4DA"EG68FE4"54"D4?;8C4D"54":E58BA8<@S"D4"C<@C4;B@A"C<::4"

54D" BCA46?D" C6=A6?4=DS" F=6AYA" G64" 54" D8:F=4D" BJ4@AD [ I" %<?D" 54D" ECLB@J4D" B;4C" =4D" F?<>4DD8<@@4=D"

?4@C<@A?EDS"@<6D"B;<@D"EAE"8:F?4DD8<@@ED"FB?"=4"@<:T?4"54":6DE4D"G68S"58DC?9A4:4@AS"A?B;B8==4@A"B;4C"

54D"BDD<C8BA8<@D"=<CB=4D"W"CB?BCA9?4"D<C8B="G68"DH<CC6F4@A"54"J4@D"4@"F?ECB?8AES"54":8J?B@ADS"4ACIS"4A"

F<6?"G68"=4D":6DE4D"C<@DA8A64@A"54D"?<6BJ4D"4DD4@A84=D"54"=B"C<LED8<@"D<C8B=4I""

3H4DA"@BA6?4==4:4@A"=4"CBD"54D":6DE4D"54"D<C8EAE"<dS"C<::4"B6":6DE4"5HL8DA<8?4"54"=B"18==4"54"_B@A4D"

<6"B6"a6DE4"5H)G68AB8@4S"=H<6;4?A6?4"54D"DB==4D"C<@DBC?E4D"W"=H4DC=B;BJ4"4A"W"=B"A?B8A4"54D"_<8?D"4A"=4D"

BCA8<@D":4@E4D"B;4C"=4D"BDD<C8BA8<@D"B>?8CB8@4D"4A"B@A8==B8D4D"<@A"F4?:8D"W"C4D"F<F6=BA8<@D"54";4@8?"B6"

:6DE4" 4A" 54" DHK" ?4C<@@BXA?4I" aB8D" CH4DA" B6DD8" =4" CBD" 54" C4?AB8@D" :6DE4D" 5HB?A" G68" F?<>8A4@A" 54"

:B@8>4DABA8<@D">4DA8;4D"`_68A"54D":6DE4Db"F<6?":4@4?"54D"BCA8<@D"A<6A"W">B8A"<?8J8@B=4D"4A"8@@<;B@A4D"

C<::4" B6" :6DE4" 54" 'B8@A\.64@A8@" G68" B" C<@q6" 54D" B@8:BA8<@D" ?4:B?G6BT=4D" D6?" D4D" C<==4CA8<@D"

C=BDD8G64D"B;4C"=4D"F<F6=BA8<@D"5H<?8J8@4"B>?8CB8@4I"-4":B@89?4"F=6D"DA?6CA6?4==4S"@<:T?4"54"><@5BA8<@D"

<@A"5E;4=<FFE"54D"F?<J?B::4D"5HBCC648=S" C<::4" =B" l<@5BA8<@"36=A6?4"4A"58;4?D8AES"G68" >B;<?8D4" =4"

5EF=BC4:4@A"54":8==84?D"5HE=9;4D"8DD6D"54"r<@4D"5HE56CBA8<@"F?8<?8AB8?4I"

"

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""P"1<8?"W"C4"D6U4A"=H4@A?4A84@"B;4C"3EC8=8B"54"1B?8@4"?ED6:E"4@"B@@474I"

["1<8?"W"C4"D6U4A"=H4@A?4A84@"B;4C"aB?84\3L?8DA8@4"o<?54B67S"?ED6:E"4@"B@@474I"

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

-&'"1)%&/('"2_3%/'21&'"

%4":6DE4"C<@DA8A64"6@"=846"<6;4?A"B67"F6T=8CDS"F<A4@A84==4:4@A"BCC4DD8T=4"W"A<6DS"6@";4CA46?"54"DB@AE"

D<C8B=4S":B8D"B6DD8"6@";EL8C6=4"54";B=46?DI"&@"AB@A"G6H8@DA8A6A8<@S"=4":6DE4"F<?A4"54D";B=46?D"BDD<C8E4D"

B6"F<6;<8?"G68"4@"BDD6?4"=4"><@CA8<@@4:4@AS"G6H8="A?B@D:4A"B6"F6T=8C"W"A?B;4?D"D4D"47F<D8A8<@D"<6"D4D"

F6T=8CBA8<@DS"W"A?B;4?D"=H47F=<?BA8<@"54"@<6;4B67"D6U4ADI"%4":<59=4"56":6DE4S"4@"l?B@C4S"?4F<D4"D6?"

=H47F4?A8D4"DC84@A8>8G64S"LE?8ABJ4"54D"%6:89?4DS"G68"@4"F46A"FBD"]A?4"C<@D85E?E4"C<::4"B==B@A"54"D<8"V"

4==4"C<@DA8A64"6@4";B=46?"8@A?8@D9G64"54"=HBCA8;8AE"56":6DE4"^"=B"5E:B?CL4"DC84@A8>8G64"4A"=4"?4U4A"54"

=HB?J6:4@A"5HB6A<?8AE"^"4A"5<8A"]A?4"C<@D85E?E4"C<::4"8@58DF4@DBT=4"`:B8D"FBD"47C=6D8;4b"4A"FB?><8D"

5E>4@564S"B6":]:4"A8A?4"G64"5HB6A?4D";B=46?D"=8E4D"B67":6DE4D"4@"l?B@C4I""

%&'"1)%&/('"-&"%)"(&*/o%2./&"

'8" 6@":6DE4"G68"F<?A4" =HBFF4==BA8<@"!16:7&<7& =>?2.7" 5<8AS" W"@<A?4" D4@DS" D4"F<D8A8<@@4?" C<::4"6@"

D4?;8C4"F6T=8C"54"F?<78:8AES"8="5<8A"5B@D"C4"C<@A47A4":4AA?4"4@"474?J64"=4D";B=46?D"G68"C<@DA8A64@A"C4AA4"

@<A8<@" 54" D4?;8C4" F6T=8C" 4A" G68S" 54":B@89?4" JE@E?B=4S" C<@DA8A64@A" =4D" F?8@C8F4D" 54" =B" (EF6T=8G64"V"

=8T4?AES"5HEJB=8AE"4A"54">?BA4?@8AEI"%B"><?:6=4"F46A"FB?BXA?4"J?B@58=<G64@A4"<6"F<A4@A84==4:4@A";854"W"

><?C4"5HB;<8?"EAE"?BTBAA64S"4==4"@H4@"C<@DA8A64"FBD":<8@D"6@"85EB=";EL8C6=E"54F68D"F=6D"54"5467"D89C=4D"

4A"G68"C<@A8@64"54"DH8@DC?8?4"C<::4"6@4"F?<:4DD4"54"A<=E?B@C4"4A"5HL6:B@8D:4S"B6"D48@"5H6@"C<@A47A4"

:<@58B="54"F=6D"4@"F=6D"A4@AE"FB?"=4D"F<F6=8D:4D"4A"=4D"?4F=8D"854@A8AB8?4DI""

34D";B=46?DS"G68"F?ED854@A"W"=HBCC648="4A"W"=B"58DC6DD8<@"54D"85E4DS"B6"?4DF4CA"54"=B"F4?D<@@4"4A"54"DB"

FB?<=4S"W"=B":8D4"4@"B;B@A"54"=B"?B8D<@"4A"B6"5E;4=<FF4:4@A"54D"C<@@B8DDB@C4DS"W"=B"F=BC4"54"=HL<::4"

B6"D48@"54"=B"D<C8EAES"54:46?4@A">?BJ8=4D"4A"D<@A"=B?J4:4@A"?4:8D4D"4@"CB6D4S"K"C<:F?8D"5B@D"@<A?4"

FBKDiI"3H4DA"T84@"=4"?Y=4"56":6DE4"^"B6":]:4"A8A?4"G64"5HB6A?4D"8@DA8A6A8<@DS"C<::4"=4D"B6A?4D"=8467"54"

FBA?8:<8@4S" =H&C<=4"4A" =H/@8;4?D8AE"^"54"CL4?CL4?"DB@D"C4DD4"W"F?<:<6;<8?"C4D"F?8@C8F4DS"W"A?B;4?D" =B"

:8D4"4@";B=46?"54D"C<==4CA8<@D"B6DD8"T84@"G64"FB?"=B"?4CL4?CL4"4A"=4D"47F<D8A8<@DI""

'<6D"C4A"B@J=4S"6@4"4@G6]A4":4@E4"B6F?9D"5HE=9;4D"4@";8D8A4"5B@D"58>>E?4@A4D"47F<D8A8<@D"C<@DBC?E4D"

W"=B"0?B@54"064??4"C<@568A"W"DH8@A4??<J4?"D6?"=4D"=<J8G64D"54"?EC4FA8<@"54"=HL8DA<8?4"5B@D"4A"L<?D"=4D"

:6?D"54"=H8@DA8A6A8<@"DC<=B8?4I"%HB@B=KD4":<@A?4"W"=B"><8D"=H8@AE?]A"4A"=4D"=8:8A4D"56"=84@"4@A?4"=4"58DC<6?D"

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""i"+@":4@A8<@@4?B"W"C4A"EJB?5"=4"?EF4?A<8?4"54D"$jj"DA?6CA6?4D"FBA?8:<@8B=4D"BJ8DDB@A"<6"F<6;B@A"BJ8?"5B@D"=B"=6AA4"C<@A?4"=4D"58DC?8:8@BA8<@DS" ?EB=8DE" FB?" =4" 5EFB?A4:4@A" 54" =B" F<=8A8G64" 54D" F6T=8CD" 54" =B" -8?4CA8<@" JE@E?B=4" 54D" FBA?8:<8@4D" 4A" G68"C<@A?8T64"W"4@?8CL8?"=4"A?B;B8="54"=B"-E=EJBA8<@"8@A4?\:8@8DAE?84==4"54"=6AA4"C<@A?4"=4"?BC8D:4"4A"=HB@A8DE:8A8D:4"`-2%3()b"4A"W"=HBCC<:FBJ@4:4@A"54D"EG68F4D"FE5BJ<J8G64D"F<6?"=B":8D4"4@"Z6;?4"54"@?>./1>6&<7&.34/572274:&74&<A:<1.?43/2&?>43643B17&74&.1941>7997"`)CA8<@"$#"56"F=B@"-8=C?B"5HB;?8="#j!NbI"

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

54" C4?AB8@D" :6DE4D" 5HL8DA<8?4S" =4D" 5ETBAD" G68" F46;4@A" ]A?4" 8@8A8ED" 4A" =4D" BCA8<@D" 58A4D" Q"54"

C8A<K4@@4AE"R!jI"

+@"F46A"B8@D8"DH8@A4??<J4?"D6?"=4D"C<==4CA8<@D"B6DD8"T84@"G64"=4D"47F<D8A8<@D"F?<F<DE4D"BCA64==4:4@A"FB?"

=4D" :6DE4D"V" ?4>=9A4@A\4==4D" ?E4==4:4@A" =H4@D4:T=4" 54D" 85E4D" 4A" 54D" ;B=46?D" G64" @<6D" D<6LB8A<@D"

A?B@D:4AA?4"W"@<D"C<@A4:F<?B8@D"4A"B67"JE@E?BA8<@D" >6A6?4D"s"%4" ?ED4B6":6DEB="F?ED4@A4"6@4" A?9D"

J?B@54"58;4?D8AES":B8D"D<@"58DC<6?D"D6?"=4"FBA?8:<8@4"D4:T=4"FB?><8D"E=8AB8?4"4A"A?<F"DFEC8B=8DE"4@"?4JB?5"

54"=H4@D4:T=4"54D"C<::6@B6AED"4A"54D"J?<6F4D"D<C8B67"G68"=4"C<:F<D4@AI""

+@"DB8A"C<:T84@"=4"CB5?4"C<::6@"B"E;<=6E"B6">8="56"A4:FDS"4@"AE:<8J@4"=H4@D48J@4:4@A"54"=HL8DA<8?4"

G68"F4@5B@A"=<@JA4:FD"@HB"F?8D"4@"CLB?J4"G64"=B"D46=4"=<J8G64"Q"A?B8AE\TBAB8==4"RS"BJ?E:4@AE4"FB?"=B"

;84"54D"L<::4D"CE=9T?4DI"(EC4::4@AS"54"@<:T?467":6DE4DS"5B@D"5HB6A?4D"FBKD"C<::4"=4":<@54"

B@J=<\DB7<@S" <@A" C<@DBC?E" 6@4" BAA4@A8<@" J?B@58DDB@A" W" =B" G64DA8<@" 56" J4@?4" `4A" @<AB::4@A" =B"

F?ED4?;BA8<@"5H6@"FBA?8:<8@4"%0o,b"4A"=H8@A4?F?EABA8<@"56"FBA?8:<8@4"5B@D"6@4";8D8<@"F<DAC<=<@8B=4!!I""

'8S"5B@D"C4AA4"F4?DF4CA8;4S"54D"A4@ABA8;4D"54"?4\=4CA6?4"54D"C<==4CA8<@D"<@A"=846"D6?"@<A?4"A4??8A<8?4"`B6"

a/3&aS" B6":6DE4" 56" G6B8" o?B@=K" <6" W" (4@@4DbS" @<:T?4" 54" C<==4CA8<@DS":B8D" B6DD8" 5H47F<D8A8<@DS"

D4:T=4@A" D6?A<6A" ?4@><?C4?"6@4";8D8<@"FB?><8D" A?9D":<@<=8AL8G64"54" =HL8DA<8?4"4A"54D"C<@@B8DDB@C4DI"

%HB@C?BJ4" A4??8A<?8B=" @<6D" BFFB?BXA" 5H6@4" 8:F<?AB@C4" 47A?]:4" F<6?" D4@D8T8=8D4?" =4D" F6T=8CD" W"

?4C<@@BXA?4" =B"58;4?D8AE"54" =B"D<C8EAE"4A" =H<6;4?A6?4"W" =HB6A?4S"W"A?B;4?D"C4==4"54D":6DE4D"4A"54" =46?D"

C<==4CA8<@D"4A"47F<D8A8<@DI"%4":8:EA8D:4"47F<J?BFL8G64"<6"A4CL@<=<J8G64S"W"C4A"EJB?5S"@<6D"BFFB?BXA"

C<::4" =B?J4:4@A"F?EU658C8BT=4" 4A" =B" DAB@5B?58DBA8<@"56":6DE4" `G68" @4" DH<FF<D4"T84@" De?" FBD" W" =B"

C8?C6=BA8<@"54D"T<@@4D"F?BA8G64Db"DH8@DC?8A"W"=H<FF<DE"54D";B=46?D"5<@A"F46;4@A"D4"?EC=B:4?"=4D":6DE4DI"

2="B??8;4"G64"54D"EABT=8DD4:4@AD"C<@@B8DD4@A"54D"58>>8C6=AED"5B@D"=B"C<@C4FA8<@"4A"=B":8D4"4@"Z6;?4"54"

=46?"F?<U4A"DC84@A8>8G64"4A"C6=A6?4=I"2="@<6D"BFFB?BXA"5B@D"C4"C<@A47A4"G64"=4"?Y=4"U<6E"FB?"=H&ABA"@4"5<8A"

FBD"]A?4"?4DA?48@A"B67"D46=4D"G64DA8<@D"54"@<?:4D"<6"54">8@B@C4:4@AS":B8D"G6HB;B@A"A<6A4D"CL<D4DS"8="

5<8A"F<6;<8?"BFFB?BXA?4"C<::4"=4"JB?B@A"54D";B=46?D"F<?AE4D"FB?"=4D":6DE4DS"G64=D"G64"D<84@A"=46?D"

DABA6ADS"5B@D"=4"CB5?4"5H6@"58B=<J64"G68"?E6@8A"A<6A4D"=4D"FB?A84D"F?4@B@A4DI"

%4"?Y=4"54"=H&ABAS"FB?"=B":8D4"4@"Z6;?4"54"=B"%<8"D6?"=4D":6DE4D"54"l?B@C4S";8DB8A"F?EC8DE:4@A"W"5E>8@8?"

6@"CB5?4"B78<=<J8G64S"B6DD8"T84@"G64"A4CL@8G64S"5B@D"=4G64="=HBCA8;8AE"54D":6DE4D"D4"5E?<6=4"4A"5B@D"

=BG64==4" =B" =8T4?AE"5H47F?4DD8<@"5<8A"F<6;<8?"]A?4":B8@A4@64I"2="4DA"@EC4DDB8?4"G64"=H&ABA"58DF<D4"54D"

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!j"3>I"V" )@A8CLB@" 'IS" 04@DT6?J4?" 'IS" ,4T<6=" h" 4A" ,<?A4?BA" 0IS" 18D8A4D" DC<=B8?4DS" L8DA<8?4" 4A" C8A<K4@@4AEI" ,76& 7CD/6343/26& <1&

.72472?3>7& <7& 9?& @>703E>7& F17>>7& 0/2<3?97S" *B?8DS" %B" -<C6:4@ABA8<@" >?B@qB8D4S" C<==I" Q"a6DE4D\a<@54D"RS" #j!OI" 1<8?"EJB=4:4@A"=H4@A?4A84@"?EB=8DE"B;4C"aE=B@84"(<6DAB@S"58DF<@8T=4"4@"B@@474I"!!"%8=8B@",L6?B:"DHEA<@@4"G6HB67"47F<D8A8<@D" C<@DBC?ED"B6" ?BC8D:4"@4" ?EF<@54"FBDS"FB?"474:F=4S"6@4"47F<D8A8<@" D6?"Q"=B"

>BT?8CBA8<@"56"T=B@C"RI"1<8?S"B@@474S"=4"?ED6:E"54D"4@A?4A84@D"W"=B"l<@5BA8<@"&56CBA8<@"C<@A?4"=4"?BC8D:4I"

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

:<K4@D"@EC4DDB8?4D"F<6?"DHBDD6?4?"G64"C4"CB5?4"D<8A"?4DF4CAES"4A"8@A4?;4@8?"=4"CBD"ECLEB@AI"2="=68"?4;84@A"

B6DD8" 54" F?4@5?4" =4D":4D6?4D" F<6?" BDD6?4?" =B" A?B@DFB?4@C4" 54" =B" J4DA8<@" 54D":6DE4D" F6T=8CDS" FB?"

474:F=4"FB?"=B":8D4"W"58DF<D8A8<@"54D"?BFF<?AD"5HBCA8;8AED"D6?"2@A4?@4AS"B>8@"54":<@A?4?"=4"A?B;B8="?EB=8DE"

5B@D"=4"CB5?4"54"=46?"BCA8;8AE!#I"

2_3%/'2+_""

%HBCA8;8AE"54D":6DE4D"?4F<D4"D6?"54D"C<==4CA8<@DS":B8D"C4D"EABT=8DD4:4@AD"D<@A"5HBT<?5"C<@q6D"F<6?"

54D" L<::4D" 4A" 54D" >4::4DS" G68" C<@DA8A64@A" 54D" J?<6F4D" 4A" 54D" C<::6@B6AED" A4:F<?B8?4D" <6"

F4?:B@4@A4D"B67G64=D"8=D"D<@A"54DA8@EDI"34D"F6T=8CD"F46;4@A"]A?4"A?9D";B?8EDS"5HLKF4?DFEC8B=8DED"5B@D"

6@"C<@A47A4"F?<>4DD8<@@4="W"A?9D"JE@E?B67"5B@D"6@"CB5?4"54"=<8D8?I",<6D"=4D":6DE4DS"5B@D"C4"C<@A47A4S"

DH8=D"D<@A"<6;4?AD"W"A<6DS"@4"DHB5?4DD4@A"FBD"W"CLBC6@"54"=B":]:4":B@89?4S"4A"@4"F46;4@A"F?BA8G64:4@A"

DHB5?4DD4?"W"A<6D"54":B@89?4"DFEC8>8G64I"%HLEAE?<JE@E8AE"56":<@54":6DEB=";8D4"U6DA4:4@A"W"F?<F<D4?"

6@4"<>>?4"A?9D"58;4?D8>8E4S"D6?"=4"A4??8A<8?4S"B>8@"54"DBA8D>B8?4"54D"8@AE?]AD"4A"54D"T4D<8@D"F=6?84=DI""

%4"A4?:4"5H8@C=6D8<@"D<C8B=4"`6/.3?9&32.9163/2b"4DA"A?9D"=B?J4:4@A"6A8=8DE"5B@D"=4D":6DE4D"B@J=<\DB7<@DS"

54F68D"6@4"G68@rB8@4"5HB@@E4DS"B>8@"54"D<6=8J@4?"@<@"D46=4:4@A"=H8:F<?AB@C4"54"DHB5?4DD4?"W"A<6D"=4D"

F6T=8CDS"G64=D"G6H8=D"D<84@AS":B8D"B6DD8"=4"?Y=4"F?<><@5E:4@A"8@AEJ?BA46?"G64"=4":6DE4"F46A"U<64?"B6"

D48@" 54" =B" D<C8EAEI" 3B?" 8=" @4" DHBJ8A" FBD" D46=4:4@A" 54" DHB5?4DD4?" W" 54D" F6T=8CDS" 54" F?ED4@A4?" 54D"

47F<D8A8<@D"<6"54"C?E4?"54D"E;E@4:4@AD"V"C4AA4"=<J8G64";8D4?B8A"W">B8?4"56":6DE4"6@"EABT=8DD4:4@A"8D<=E"

5<@A"D46=D"G64=G64D"E=E:4@AD"D4?B84@A":8D"W"=B"58DF<D8A8<@"56"F6T=8CI""

%B";8D8<@"8@C=6D8;4"?ED6:4"6@"F<8@A"C4@A?B="56"DKDA9:4":6DEB="V"C4=68\C8"D4"F?ED4@A4"C<::4"=H6@"54D"

F?8@C8FB67"=8467"54"?4@C<@A?4"4A"5HECLB@J4"54"@<A?4"D<C8EAES"B>8@"54"?E>=ECL8?"D6?"D<@"FBDDES"D<@"F?ED4@A"

4A"D<@"B;4@8?I"%4"?Y=4"56":6DE4"5B@D"=B"D<C8EAE"4A">BC4"W"A<6D"=4D"L<::4D"4A"=4D">4::4D"?ED85B@A"D6?"

D<@" A4??8A<8?4" <6" =4" ;8D8AB@AS" 4DA" 54" D4" F?ED4@A4?" C<::4" 6@" 4DFBC4" 5HBCC648=S" 54" ?4@C<@A?4" 4A"

5HECLB@J4DI"/@"A?<8D89:4"=846"4@A?4"=4"5<:8C8=4"4A"=4":<@54"54"=B";84"F?<>4DD8<@@4==4S"G68"BFFB?BXA"54"

@<D"U<6?D"C<::4"=H6@4"54D"@EC4DD8AED"B>8@"54">BC8=8A4?"=4"F?<C4DD6D"54"C<LED8<@"5H6@4"D<C8EAE"G68"D4"

>?BCA6?4"4A"DH4>>?8A4I""

3H4DA"C4"G6H<@A" >B8A" ?EC4::4@A" =4D":6DE4D"54"o4?=8@"F<6?" =HBCC648="54D":8J?B@ADS"54":B@89?4"BDD4r"

DF4CABC6=B8?4S":B8D" CH4DA" B6DD8" C4" G64" =H<@" ?4A?<6;4" 5B@D" @<:T?4" 5HB6A?4D" =8467S" C<::4" =4"a6DE4"

@BA8<@B="5HL8DA<8?4"54"=H8::8J?BA8<@"W"*B?8DS"<6"FB?"=B"F?8D4"4@"CLB?J4"FB?"54D"BDD<C8BA8<@DS"A4==4D"36=A6?4"

56"3Z6?"<6"=4"'4C<6?D"F<F6=B8?4S"G68"?EB=8D4@A"54"@<:T?46D4D"8@A4?;4@A8<@D"5B@D"=4D"=8467"C6=A6?4=DI"

%4":6DE4"C<::4"=846S"5<@CS"G68"DH<FF<D4"W"=B"=<J8G64"5H47C=6D8<@"54"F=6D"4@"F=6D"B>>8?:E4"B6"D48@"54"

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!#"1<8?"W"C4"D6U4A"=H4@A?4A84@"B;4C"o4?@B?5"kBDG64@<FLS"58DF<@8T=4"4@"B@@474I"

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

=B"D<C8EAES"G6H8="DHBJ8DD4"54"J?<6F4D"54"=B"D<C8EAE"47C=6D"F<6?"54D"?B8D<@D"EC<@<:8G64DS"C6=A6?4==4D"<6"

A4CL@<=<J8G64DI""

%4D" :6DE4D" @H<@A" FBD" BAA4@56" G64" =4" A4?:4" 5H8@C=6D8<@" D<C8B=4" D<8A" 8@;4@AE" F<6?" 5E;4=<FF4?" 54D"

8@8A8BA8;4D"D<6;4@A"A?9D"><?A4D"4@":BA89?4"5H8@C=6D8<@"54"A<6D"=4D"F6T=8CDI"2="F46A"DHBJ8?"54"F6T=8CD"G68S"

C=B8?4:4@AS"@4"F46;4@A"D4"?4@5?4"B6":6DE4"^"FB?C4"G6H8=D"D<@A"F?8;ED"54"=8T4?AE"<6"G6H8=D"D<@A"5B@D"54D"

C<@58A8<@D"A4==4D"`FLKD8G64"<6":4@AB=4Db"G6H8=D"@4"F46;4@A"DHK"?4@5?4"DB@D"K"]A?4"BCC<:FBJ@EDI"2="F46A"

EJB=4:4@A"DHBJ8?"54"F6T=8CD"G68"@4">?B@CL8DD4@A"FBD"=4D"F<?A4D"54"C4AA4"8@DA8A6A8<@"CB?"8=D"@H4@";<84@A"

B6C6@4:4@A"=H8@AE?]A"<6"F?4DD4@A4@A"C<@>6DE:4@A"G64"C4"=846"@H4DA"Q"FBD"F<6?"467"RI""

%4D"F6T=8CD"G68"@4";84@@4@A"FBD"B6":6DE4"D<@A"F46A\]A?4"C467"G68"@4"D4"?4C<@@B8DD4@A"FBD"5B@D"=H4DFBC4"

:6DEB=I"%4D"G64DA8<@D"5H854@A8>8CBA8<@D"B67"C<==4CA8<@D"D4"F<D4@AS"C4==4D"54"C<@>?<@ABA8<@"54D"C6=A6?4D"

EJB=4:4@AS"54"=HB=AE?8AE"4A"54"=B"F?E<CC6FBA8<@"54"=HB6A?4S"G68"><@A"E:4?J4?"=H8:F<?AB@C4"56";<=4A"D6?"

=B"C<=<@8DBA8<@S"@<AB::4@A"FB?C4"G64"=4D"4@>B@AD"5HB6U<6?5HL68"@4"C<@@B8DD4@A"G64"A?9D"F46";<8?4"FBD"

56"A<6A"C4AA4"FE?8<54I!$""

%4D" BCA8<@D" G68S" C4D" 54?@89?4D" B@@E4DS" <@A" EAE" :4@E4D" FB?" =4D" D4?;8C4D" 54" :E58BA8<@" <6" FB?" =4D"

?4DF<@DBT=4D"5H47F<D8A8<@DS"F<6?"BCC<:FBJ@4?"C4D"F6T=8CD"B6":6DE4S"D<@A"8@@<:T?BT=4DI"'<6;4@A"F46"

:8D4D"4@";B=46?S"CB?"4==4D"@4"C<@C4?@4@A"G6H6@"@<:T?4"?4DA?48@A"54";8D8A46?D"̀ W"=H<FF<DE"54D"47F<D8A8<@D"

W"D6CC9Db"4A"D<@A"C<eA46D4DS"4==4D"C<@DA8A64@A"@EB@:<8@D"6@4"5E:B?CL4"5H6@4"8:F<?AB@C4"CBF8AB=4S"G68"

A?B@D><?:4"=H8@DA8A6A8<@"C<::4"6@"=846";E?8ABT=4:4@A"<6;4?A"W"A<6DI""

%B"G64DA8<@"54" =HBCC648=S"G68"4DA"58?4CA4:4@A" =8E4"W" C4D"G64DA8<@D"5H8@C=6D8<@S" C<@DA8A64"6@"474?C8C4"

5E=8CBAS"G68"@EC4DD8A4"FB?><8D"6@4"?E4==4"47F4?A8D4"`8="478DA4"54D"?E>E?4@AD"F<6?"C4D"G64DA8<@D"DFEC8>8G64D"

5B@D"=B"F=6FB?A"54D"J?B@5D"EABT=8DD4:4@ADbI"%B"=<J8G64"F?8;8=EJ8E4"4DA"D6?A<6A"5H8@AEJ?4?"=4"F=6D"F<DD8T=4"

=4D"F6T=8CD"47C=6D"B6"F6T=8C"54D";8D8A46?DS"<FE?BA8<@"FB?><8D"5E=8CBA4";<8?4"58>>8C8=4!MI"%H85E4"54"C<@C4;<8?"

54D"U<6?@E4D"?ED4?;E4D"W"C4?AB8@4D"CBAEJ<?84D"54"F6T=8CDS"D8"4==4"@H4DA"FBD"D6>>8DB::4@A"47F=8C8AE4S"F46A"

BFFB?BXA?4S"5B@D"C4AA4"<FA8G64S"C<::4"6@"C<@A?4D4@D"54"=H8@AEJ?BA8<@I"%4D"D4?;8C4D"54":E58BA8<@"54D"

:6DE4DS" 5B@D" C4" C<@A47A4S" C<@DA8A64@A" =4" F=6D" D<6;4@A" =4" CZ6?" @E;?B=J8G64" 56" A?B;B8=" 5H8@C=6D8<@I"

34?AB8@D"EABT=8DD4:4@ADS"C<::4"=4"a6DE4"54D"T4B67\B?AD"54"a<@A?EB=S"D<@A"W"C4A"EJB?5"54;4@6D"6@4"

?E>E?4@C4"4@"=B":BA89?4I""

"

"

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!$"1<8?"=H4@A?4A84@"B;4C"&=8DBT4AL"3B8==4AS"?ED6:E"4@"B@@474"!M"1<8?"W"C4"D6U4A"=H4@A?4A84@"B;4C"'4?J4"'BB5B"4A")=8C4"*B6=KS"4@"B@@474I"

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

3+%%)o+(),2+_"&,"*)(,232*),2+_""

%B" =<J8G64" 5H8@C=6D8<@" @4" ?4C<6;?4" FBD" @EC4DDB8?4:4@A" C4==4" 54" C<==BT<?BA8<@I" /@" :6DE4" F46A"

DHB5?4DD4?"W"A<6D"4A"DH<6;?8?"B6"58B=<J64I"%B"G64DA8<@"54"=B"FB?A8C8FBA8<@"D6FF<D4"F=6D"V"8="DHBJ8AS"@8"F=6D"

@8":<8@DS"54">B;<?8D4?"=H8@;4DA8DD4:4@A"54"C4D"F6T=8CD"5B@D"=4"A?B;B8=":6DEB=S"FBD"D46=4:4@A"F<6?";8D8A4?"

6@4"47F<D8A8<@"<6"FB?A8C8F4?"W"6@"E;E@4:4@AS":B8D"B6DD8"F<6?"DH8@;4DA8?"5B@D"=4"A?B;B8=":6DEB="=68\:]:4"

^"C4"G64"><@A"54D":8==84?D"54"TE@E;<=4D"<6"5HB:8D"54":6DE4D"D6?"=H4@D4:T=4"56"A4??8A<8?4I""

34A"4@U46"4DA"B6DD8"C<@D85E?BT=4"G64"C<:F=474"V"8="DHBJ8AS"@8"F=6D"@8":<8@DS"54"?E>=ECL8?"D6?"=4D">?<@A89?4D"

DEFB?B@A"`<FF<DB@Ab"F?<>4DD8<@@4=D"4A"F6T=8CD"`G68"D<@A"D<6;4@A"B6DD8"54D"F?<>4DD8<@@4=DS":B8D"5B@D"

5HB6A?4D"D4CA46?DbS"4A"D6?"=B":B@89?4"5<@A"CLBC6@"F46A"FB?A8C8F4?S"4@"><@CA8<@"54"D4D"C<:FEA4@C4DS"W"

6@"F?<U4A" C<::6@I" 2="@4" DHBJ8A" C4F4@5B@A"FBD"54" D<:T?4?"5B@D"6@"DCLE:BA8D:4"EJB=8AB8?4";8DB@A"W"

:8@<?4?" =H8:F<?AB@C4" 54" =B" ><?:BA8<@" F?<>4DD8<@@4==4" 4A" 5H6@4" 47F4?A8D4" BCG68D4" BF?9D" F=6D846?D"

B@@E4D"5HEA654D"4A"54"F?BA8G64S"@8"5HBFF=8G64?"6@":]:4":<59=4"5H8@;4DA8DD4:4@A"W"A<6D"=4D":6DE4DS"

:B8D" 54" ?4C<@@BXA?4" =4" F<A4@A84=" 54" C<==BT<?BA8<@" 54" CLBC6@" B6DD8" T84@" G64" =H8:F<?AB@C4" 54" C4AA4"

?4=BA8<@"4@A?4"F?<>4DD8<@@4=D"4A"6A8=8DBA46?D"56":6DE4S"FBDDB@A"FB?"6@"8@;4DA8DD4:4@A"F<A4@A84==4:4@A"

F=6D"8:F<?AB@AI""

,<6A"=4":<@54"@4"D<6LB8A4"FBD"C<==BT<?4?"4A"W"=H8@DAB?"54D"4DFBC4D"FB?A8C8FBA8>D"D6?"8@A4?@4AS"D46=4"6@4"

:8@<?8AE"5H6DBJ4?D"<6"47F4?AD"5HB6A?4D":8=8467"F?<>4DD8<@@4=D"D<6LB8A4"DH8@;4DA8?"F=6D"DE?846D4:4@AS"

:B8D"<@"DB8A"G6H6@"A4="8@;4DA8DD4:4@A"A?B@D><?:4"C<@D85E?BT=4:4@A"=B"@BA6?4"56"D8A4"4A"D<@"C<@A4@6I""

/@4"A4==4";8D8<@"54D"CL<D4D"@4"DHBFF=8G64"FBD" ><?CE:4@A"54" =B":]:4":B@89?4"W"A<6D" =4D":6DE4D"4A"

5EF4@5"><?CE:4@A"54"=46?"B@C?BJ4"A4??8A<?8B="B6AB@A"G64"54D";8D8A46?D"B67G64=D"8=D"DHB5?4DD4@AI"aB8D"8="

@H4:F]CL4" G6H6@" @<:T?4" C<@D85E?BT=4" 54" C<==BT<?BA8<@D" D<@A" A8DDE4D" 4@A?4" =4D" :6DE4D" 4A" =46?D"

6A8=8DBA46?DS"D<8A"54":B@89?4"58?4CA4S"D<8A"FB?"=4"T8B8D"54D"C4@AB8@4D"5HBDD<C8BA8<@D"G68"DH8@;4DA8DD4@A"54"

F=6D"4@"F=6D">?EG64::4@A"5B@D"54D"F?<U4AD"?EB=8DED"4@"FB?A4@B?8BA"B;4C"=4":6DE4I"-B@D"C4"D4@DS"C4"G68"

BFFB?BXA"4DA"B6DD8"=B"A?B@D><?:BA8<@"54D":<5B=8AED"5H<?JB@8DBA8<@"54D"F?<U4AD"W"=H8@AE?846?"56":6DE4I""

o4B6C<6F" 54" F?<U4AD" C<::4@C4@A" FB?" 54D" ECLB@J4D" 8@><?:4=DS" DB@D" DB;<8?" D8" 54" A4==4D" ?4@C<@A?4D"

BT<6A8?<@A"D6?"56"C<@C?4AI")6">8="54D"ECLB@J4DS"54D"=84@D"D4"@<64@AS"G68"5ET<6CL4@A"FB?><8D"D6?"54D"

?ED6=ABAD" ?4:B?G6BT=4DI" /@4" A4==4" 5E:B?CL4S" D<6;4@A" T?8C<=E4S" C<@DA8A64" =4" =<A" 54" @<:T?4" 54" C4D"

BCA8<@DS"G68"D4:T=4@A"B==4?"W" =H8@;4?D4"56"F?<C4DD6D"C=BDD8G64"54" =B"J4DA8<@"54"F?<U4AD"`F=B@8>8CBA8<@S"

?4CL4?CL4"54"FB?A4@B8?4D"8@DA8A6A8<@@4=DbI"%H8:FBCA"D6?"=4"F4?D<@@4="56":6DE4"4DA"D<6;4@A"8:F<?AB@AI"

o4B6C<6F"5H8@A4?;4@B@AD"=H<@A"?4:B?G6E"t"Q"C4"F?<U4A":HB"F?<><@5E:4@A"A?B@D><?:E"R"^"4A"54">B8AS"=4"

CLB@J4:4@A" 54" ?4JB?5" @H4DA" FBD" 6@8=BAE?B=S" 8=" 4DA" :6A64=" 4A" C<@568A" =4D" :6DE4D" W" A?B@D><?:4?" 4@"

F?<><@546?"=46?D"F?BA8G64D"4A"=4D"?4=BA8<@D"W"=46?D"F6T=8CDI"

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

%B"=<J8G64"C<==BT<?BA8;4"@4"DHB??]A4"FBD"B67"F6T=8CD"4A"B67"47F4?AD"5HB6A?4D":8=8467"F?<>4DD8<@@4=DI"3H4DA"

B6DD8" ^"5HBT<?5"^"4@A?4":6DE4D"G6H4==4" 4DA" EABT=84" 4A" D4" ?4@><?C4I" %B" ?4=BA8<@"4DA" B@C84@@4"4A" DH4DA"

A?B@D><?:E4" B6" >8=" 54D" B@@E4DI" _BJ69?4" ?4=BA8;4:4@A" L<:<J9@4S" =4" ?ED4B6" :6DEB=" DH4DA"

:EAB:<?FL<DE"F=6D846?D"><8D"B6"C<6?D"54D"5EC4@@84DI"-4"@<6;4B67"BCA46?D"D<@A"BFFB?6DS"C4?AB8@D"<@A"

58DFB?6S"5HB6A?4D"<@A"JBJ@E"4@" 8:F<?AB@C4I"a]:4"D8" =B"?EB=8AE"4DA"F=6D"C<:F=474S" =4"FBKDBJ4"BCA64="

5<@@4"FB?><8D"=H8:F?4DD8<@"5H6@"><DDE"A<6U<6?D"J?B@5"4@A?4"G64=G64D"Q":6DE4D"D6F4?DAB?D"RS"=B?J4:4@A"

A<6?@ED" ;4?D" =H8@A4?@BA8<@B=S" 4A" 6@" ?ED4B6" A4??8A<?8B=" :B=:4@E" FB?" =4D" C?8D4DS" B;4C" 54" @<:T?467"

EABT=8DD4:4@ADS"FB?:8"=4D"F=6D"F4A8ADS"BFFB?B8DDB@A"54"F=6D"4@"F=6D"8D<=ED"4A">?BJ8=4DI""

%B"5ED4?A8>8CBA8<@"C6=A6?4==4"C<@DA8A64"=B"D68A4"=<J8G64"54"=HBFFB6;?8DD4:4@A"54D";8==4D":<K4@@4D"5<@A"

=4" A8DD6" C<::4?C8B="54D" C4@A?4D"6?TB8@D" DH4>><@5?4S" B6"F?<>8A"5H6@4" =<J8G64"54" r<@4D" C<::4?C8B=4D"

FE?8FLE?8G64DI"%4"A?B;B8="5H8@C=6D8<@"4A"54"C<==BT<?BA8<@"BFFB?BXAS"5B@D"C4AA4"F4?DF4CA8;4S" A<6A"B6DD8"

8:F<?AB@A" F<6?" =4D" :6DE4D" 4@A?4" 467S" 4A" 8=" DHB;9?4" ;8AB=" F<6?" =B" F?ED4?;BA8<@" 5H6@4" C4?AB8@4" ;84"

C6=A6?4==4" 5B@D" =4" CZ6?" 54D" C8AEDI" %B" 58;4?D8AE" :6DEB=4" C<@DA8A64" 6@4" ?8CL4DD4" G6H8=" 8:F<?A4" 54"

F?ED4?;4?S"5<@A"=4D"F4A8AD"4A":<K4@D"EABT=8DD4:4@AD"C<@DA8A64@A"=4D"JB?B@ADI"%B":8D4"4@"?ED4B6"4A"=4"

?4@><?C4:4@A"54D"C<==BT<?BA8<@D"BFFB?B8DD4@A"5HB6AB@A"F=6D"8:F<?AB@AD"G6H8=D"F4?:4AA4@A"54"F?ED4?;4?"

C4AA4" 58;4?D8AEI" -B@D" C4AA4" F4?DF4CA8;4S" =H4@C<6?BJ4:4@A" 54D" C<==BT<?BA8<@DS" 54D" ?ED4B67" 4A" 54D"

BDD<C8BA8<@D"54":6DE4"C<@DA8A64"6@"B74"><@5B:4@AB="54"=B"F<=8A8G64":6DEB=4">6A6?4I""

-&o),'"&,"3(&),2+_"

%4"F?<F<D"56":6DE4"DH8@DC?8A"5B@D"6@"EG68=8T?4"8:FE?BA8>"4@A?4"=4"5BAES"=H8@A4:F<?4="4A"=HBCA6B=8AEI"2="@4"

F46A"DHB5?4DD4?"G6HB67"L<::4D"4A"B67">4::4D"54"C4"pp24"D89C=4S"C<::4"8="DH4DA"B5?4DDE"W"C467"54D"

D89C=4D"F?ECE54@AD"4A"4DA"BFF4=E"W"F<6?D68;?4"D<@"A?B;B8="5B@D"=4D"B@@E4D">6A6?4DI"%4":6DE4"A?B;B8==4"

C4?A4D" W" =B" F?ED4?;BA8<@" 5H6@" FBA?8:<8@4" F<6?" =4D" JE@E?BA8<@D" W" ;4@8?S" :B8D" CH4DA" 5HBT<?5" B67"

JE@E?BA8<@D" BCA64==4D" G6H8=" DHB5?4DD4S" 4A" CH4DA" W" A?B;4?D" =46?" BCC648=" G6H8=" F<6??B" BDD6?4?S" <6"@<@S" =B"

FE?4@@8AE" 54" =H8@DA8A6A8<@I" '<@" A?B;B8=" FBA?8:<@8B=" @4" F46A" ]A?4" C<:F?8D" G64" FB?" =B" F4?A8@4@C4" G6f8="

:B8@A84@A" 4@;4?D" CLBG64" JE@E?BA8<@" \^" 4A" C4AA4" F4?A8@4@C4" D4":<58>84" B6" >8=" 56" A4:FDS" C<::4" =4D"

F?E<CC6FBA8<@D"54D"JE@E?BA8<@DI""

%HB5BFABA8<@"C<@A8@64==4"B67"G64DA8<@@4:4@AD"C<@A4:F<?B8@D"BFFB?BXA"A<6A"B6DD8"8:F<?AB@A4"G64"=4"

:B8@A84@"56"58DF<D8A8>"5HEA654"4A"54"A?B@D:8DD8<@"56":6DE4I"%HB@C?BJ4"5B@D" =4"F?ED4@AS"4@"C4"D4@DS"

DHB;9?4"F?8:<?58B="F<6?"DB"F4?A8@4@C4"FB?"?BFF<?A"W"=B"?EB=8AE"D<C8B=4I"-467"@<A8<@D"BFFB?B8DD4@A"B=<?D"

F?EF<@5E?B@A4D"V"C4==4"56"5ETBA"5H6@4"FB?AS"C4==4"54"=B"C?EBA8<@"5HB6A?4"FB?AI"

""

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

/_"%2&/"-&"./&',2+__&a&_,'"&,"-&"-&o),'"'/("%)"'+32&,&I""

%4" A<6?@B@A" DH4DA" <FE?E" F?<J?4DD8;4:4@AS" B6" C<6?D" 54D" B@@E4D" !iOjS" B6":<:4@A" <d" =B" ><?:4" 56"

Q":6DE4"><?6:"R"4DA"C<@q64"C<::4"=846"54"58DC6DD8<@"D6?"=4D"4@U467"BCA64=D"54"=B"D<C8EAE"4@":BA89?4"

5H4@;8?<@@4:4@A"<6"54"5E;4=<FF4:4@A"D<C8B=I"34D"4@U467"54;84@@4@A"54D"D6U4AD"G64"54"F=6D"4@"F=6D"

54" F?<>4DD8<@@4=D" D<6LB8A4@A" BT<?54?S" @<@" F=6D" D46=4:4@A" FB?" =4" T8B8D" 54" C<@>E?4@C4DS":B8D" B6DD8"

5H47F<D8A8<@D" A4:F<?B8?4D" <6" F4?:B@4@A4D" G64DA8<@@B@A" =B" D<C8EAEI" -4" @<6;4==4D" ><?:4D"

8@DA8A6A8<@@4==4D"E:4?J4@AS"A4==4D"G64"=4D"EC<:6DE4DS"=4D"C4@A?4D"54"DC84@C4D"<6"54"C6=A6?4"DC84@A8>8G64S"

G68"8@DC?8;4@A"B8@D8"=46?"F?<F<D"B6"CZ6?"56":<@54"C<@A4:F<?B8@I""

)"FB?A8?"56"5ET6A"54D"B@@E4D"!iijS"C4D"8@DA8A6A8<@D"D4"?4C<@@B8DD4@AS"4@"l?B@C4S"B6A<6?"54"=B"@<A8<@"

54":6DE4"54"D<C8EAE!NS"5<@A"=4"F?<F<D"?4=9;4"5H6@4"=<J8G64"A4??8A<?8B=4"F=6D"<6":<8@D"=B?J4"`=4":6DE4"

-B6FL8@<8D"54"0?4@<T=4"4@"4DA"=H6@"54D"BCA46?D":BU46?DbS"4A"CL4?CL4"W"FB?=4?"54D"4@U467"G64"?4@C<@A?4"

=B" D<C8EAE" BCA64==4I" '8" =4" :6DE4" BFFB?BXA" C<::4" 6@" :E58B" >8BT=4" ^" 4A" F4?q6" C<::4" A4=" ^" FB?" =B"

F<F6=BA8<@S" 4@" ?4JB?5" 54D" B6A?4D" D6FF<?AD" 5H8@><?:BA8<@" C<::4" =B" AE=E;8D8<@" <6" =B" F?4DD4S" CH4DA"

5HBT<?5"FB?C4"G64"D<@"58DC<6?D"?4F<D4"D6?"54D"D<6?C4D"C<@D85E?E4D"C<::4"B6AL4@A8G64DI""

%4" CB?BCA9?4" <TU4CA8;B@A" 54" =H8@><?:BA8<@" :6DEB=4" B" B8@D8" F?<J?4DD8;4:4@A" EAE" :8D" W" F?<>8A" F<6?"

E;<G64?"=4D"G64DA8<@D"G68"><@A"5ETBAI"34AA4"F4?DF4CA8;4"56":6DE4"C<::4"=846"54"?E>E?4@C4S">8BT=4"`B6"

:]:4"A8A?4"G64"=4D"T8T=8<AL9G64D"<6"=4D"B?CL8;4DbS"CL4?CLB@A"W"8@DA?68?4"54":B@89?4"5<C6:4@AE4"4A"

DB@D"FB?A8"F?8D"=4D"G64DA8<@D"58DC6AE4D"FB?"=B"D<C8EAE"C<@A4:F<?B8@4S"BFFB?BXA"54"@<D"U<6?D"C<::4"6@"

4@U46"C?6C8B=I"%B"@BA6?4"54"=H4@JBJ4:4@A"56":6DE4"4DA"A<6A4"4@A89?4"C<:F?8D4"5B@D"C4AA4"F<DA6?4"54"

@46A?B=8AE"B78<=<J8G64I""

-B@D"6@"C<@A47A4":B?G6E"FB?"=B"5E>8B@C4">BC4"B6"F<=8A8G64"4A"B67"8@DA8A6A8<@DS"8="@<6D"D4:T=4"G64"=4"

?Y=4"56":6DE4S"4@"l?B@C4S" C<::4" =846"5H8@><?:BA8<@S"54"G64DA8<@@4:4@A"4A"54"5ETBAS" 4DA"54;4@6"

F?8:<?58B=I"/@" A4="4@U46"@H4DA"FBD"B@<58@"4A"@EC4DD8A4"6@" 8@;4DA8DD4:4@A" ?E4=S"B6AB@A"54" =B"FB?A"56"

:6DE4"G64"54D"F<6;<8?D"F6T=8CDI"3B?"F<6?"BDD6?4?"DB"C?E58T8=8AES" =4":6DE4"@4"F46A"?EB=8D4?"D46="D<@"

A?B;B8="u" 8=" 5<8A" D4" F?ED4@A4?" C<::4" 6@" =846" 54" ?4CL4?CL4" F=6?858DC8F=8@B8?4" 4@" ?ED4B6" B;4C"

=H8@>?BDA?6CA6?4"BCB5E:8G64"5B@D"D<@"4@D4:T=4"V"6@8;4?D8AEDS"=BT<?BA<8?4DS"T8T=8<AL9G64D"4A"B?CL8;4DI"

'8"54"A4==4D"?4=BA8<@D"BFFB?B8DD4@A"C<::4"LBT8A64==4D"F<6?"C4?AB8@D"EABT=8DD4:4@ADS"8="@H4@"?4DA4"FBD"

:<8@D"G64" =4" F<D8A8<@@4:4@A"56":6DE4" C<::4" =846"5HBCC648=" 56"F6T=8CS" 4A" FB?><8D" C<::4" =846"54"

58;4?A8DD4:4@AS"=4D">B8A"FB?><8D"FBDD4?"B6"D4C<@5"F=B@I""

)6DD8"@<6D"BFFB?BXA\8="G64"=B"F<=8A8G64":6DEB=4":8D4"4@"F=BC4"W"=HECL4==4"54"=H&ABA"54;?B8A"CL4?CL4?"W"

F?E;4@8?"=4"C<:FB?A8:4@ABJ4"8@DA8A6A8<@@4="4A"=4D"C<?F<?BA8D:4D"4@"8@D8DAB@A"D6?"=B"@EC4DD8AE"54"A4=D"

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!N"1<8?"W"C4"D6U4A"=4"5<C6:4@A"F?ED4@AE"FB?"=B"lE5E?BA8<@"54D"EC<:6DE4D"4A"54D":6DE4D"54"D<C8EAE"`l&a'bS"4@"B@@474I"

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

=84@D"F<6?"A<6D" =4D":6DE4DS"G6H8=D"D<84@A"@BA8<@B67":B8D"B6DD8" =<CB67S"B6DD8"T84@"54"DC84@C4D"G64"54"

D<C8EAE"<6"5HB?AI"&@"C4"D4@DS"=4":6DE4"BFFB?BXAS"D8@<@"C<::4"6@"=846"54"F?<56CA8<@"54"DB;<8?S"C4"G6H8="

F46A"]A?4"8@A?8@D9G64:4@A"W"D<@"@8;4B6"=4"F=6D"E=4;ES"56":<8@D"C<::4"6@"=846"54"A?B@D:8DD8<@"58?4CA4"

56"DB;<8?S"4@"=84@"EA?<8A"B;4C"=4D"=BT<?BA<8?4D"4A"=4D"6@8;4?D8AEDI""

/_"%2&/"-&"3(&),2+_""

%B" @<A8<@" 54" F?<56CA8<@" 54" C<@@B8DDB@C4" 5<8A" ]A?4" 8C8" F?8D4" 5B@D" 6@" D4@D" =B?J4I" *B?\54=W" =4D"

C<@@B8DDB@C4DS" 8=" DHBJ8A" 54" C?E4?" 56" D4@D":B8D" B6DD8" 54D"Z6;?4D" 5HB?A" 4A" 54" =H4DF?8A"u" 54" =B@C4?" 54D"

LKF<AL9D4DS" 54" DH<6;?8?" W" =H8@C<@@6I" )=<?D" G6H8=" CL4?CLB8A" W" F?<:<6;<8?" =4D" 5ETBAD" DC84@A8>8G64DS" =4"

:6DE4"4DA"B6DD8"54;4@6"6@"=846"5H47F=<?BA8<@"54"@<6;4==4D"><?:4D"4A"54"@<6;4==4D"85E4DS"W"=B"?4CL4?CL4"

54"@<6;4B67"6@8;4?DS"@<AB::4@A"T84@"De?"5B@D"=4"CLB:F"B?A8DA8G64I"34AA4"=<J8G64S"G68"DH<6;?4"W"=HB?A"

C<@A4:F<?B8@S"4DA"5ED<?:B8D"=B?J4:4@A"B@C?E4"5B@D"6@"J?B@5"@<:T?4"54":6DE4DS"4A"FBD"D46=4:4@A"

C467"5E58ED"W"=HB?AS"G68"D4"D<@A":6=A8F=8ED"54"@<D"U<6?DI""

*B?\54=W"=4D"Z6;?4DS"8="4DA"BFFB?6"G64"C4"D<@A"5HBT<?5"=4D"C<@ABCAD"B;4C"=4D"B?A8DA4D"4A"=4D"C?EBA46?D!O"

B6" CZ6?" 54" C4AA4" ?4CL4?CL4" ><?:4==4" <6" 8@A4==4CA64==4" G68" F4?:4AA4@A" ?E4==4:4@A" B6":6DE4" 54" D4"

A<6?@4?";4?D"=4D"4@U467"C<@A4:F<?B8@D"54"=B"D<C8EAES"4@"5E;4=<FFB@A"54D"FB?A4@B?8BAD"F?<AE8><?:4DI"

*B?"=4D"C?EBA46?DS"<@"F46A"T84@"De?"E;<G64?"=4D"F=BDA8C84@DS"5<@A"=4"A?B;B8="4DA"54F68D"=<@JA4:FD"8@DC?8A"

B6"CZ6?"56"58DF<D8A8>":6DEB=S":B8D"B6DD8"=H4@D4:T=4"56"D4CA46?"54D"B?AD"54"=B"DC9@4S"5<@A"=B"?4@C<@A?4"

B;4C"=4D":6DE4D"DH4DA"A?9D"=B?J4:4@A"?4@><?CE4"C4D"54?@89?4D"B@@E4DS"@<AB::4@A"5B@D"=4"CB5?4"54"=B"

F<=8A8G64"E;E@4:4@A84==4"54D"8@DA8A6A8<@DI""

3H4DA"5B@D"C4AA4"F4?DF4CA8;4"G64"=4"?4@><?C4:4@A"54"=B"C?EBA8<@S"@<AB::4@A"FB?"=4"5E;4=<FF4:4@A"

54D" ?ED854@C4D" 5HB?A8DA4DS" :B8D" B6DD8" 54" ?ED854@C4D" 54" DC84@A8>8G64DS" BFFB?BXA" C<::4" 6@" E=E:4@A"

F?8:<?58B="F<6?":B8@A4@8?"=4"=84@"B;4C"=B"C?EBA8<@"C<@A4:F<?B8@4"4A"=B"F?<56CA8<@"54"C<@@B8DDB@C4DI"

/@"A4="A?B;B8="4DA"@<@"D46=4:4@A"F?<>8ABT=4"F<6?"=4":6DE4"4A"=4D"F6T=8CD"G68"4@"TE@E>8C84@A"^"G64=D"G6H8=D"

D<84@AS"CB?"8="F46A"]A?4"54DA8@E"W"A<6D"=4D"FB?A4@B8?4D"56"A4??8A<8?4"4A"W"A<6D"=4D"F6T=8CDS"B6DD8"T84@"B67"

BDD<C8BA8<@D"G6HB67"FB?A4@B8?4D"56"CLB:F"D<C8B="^":B8D"B6DD8"F<6?"=4D"B?A8DA4D"4A"=4D"DC84@A8>8G64DI"%4"

:6DE4"C<@DA8A64S"4@"C4"D4@DS"6@4"?E4==4"F=BA4><?:4"5HECLB@J4"B;4C"=B"D<C8EAES"G68"F4?:4A"B6DD8"T84@"

B67"C?EBA46?D"G6HB67"DC84@A8>8G64D"5H]A?4"47F<DED"B67"?EBCA8<@D"58?4CA4D"54"=B"D<C8EAEI"

" "

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!O"1<8?"FB?"474:F=4"=4"A?B;B8="54"aB?84"*?4DA<@"B6"aBC1B=S"4@"B@@474I"

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

-&"_+/1&)/p"3k)_,2&('")"+/1(2("+/")"*+/('/21(&"

3LBC6@"54D"E=E:4@AD"E;<G6ED"F=6D"LB6A"F<6??B8A"T84@"De?"F?]A4?"W"?4C<::B@5BA8<@S"AB@A"F<6?"C4"G68"

C<@C4?@4"=4D":6DE4D"467\:]:4D"G64"=4D"F<6;<8?D"F6T=8CD"4A"=46?"B5:8@8DA?BA8<@I""

_<6D" ;<65?8<@DS" 5B@D" C4" C<@A47A4S" D<6=8J@4?" F=6D846?D" F<8@AD" @<6D" FB?B8DDB@A" F?8<?8AB8?4DS" :B8D"

5EF4@5B@A" D6?A<6A" 54D" :6DE4D" 467\:]:4DS" 4A" G64=G64D" CLB@A84?D" F=6D" B5:8@8DA?BA8>D" G6H8=" @<6D"

D4:T=4"A<6A"B6DD8"8:F<?AB@A"5H<6;?8?"<6"54"F<6?D68;?4I"

*+/("/_"a/'&&"k/a)_2',&S")/"'&(123&"-&",+/'!P"

%4">6A6?"56":6DE4"FBDD4"FB?"=4D"D4?;8C4D"4A"47FE?84@C4D"G6H8="F?<F<D4"V"=4":6DE4"C<::4"67>83.7&D1G93.&

<7&D>/C3034:S"B6"D4?;8C4"54"A<6D"=4D"F6T=8CDI"/@":6DE4"?ED<=6:4@A"B@C?E"D6?"D<@"A4??8A<8?4S"W"=HEC<6A4"

4A"4@"=84@"B;4C"976"C<::6@B6AED"G68"=4"C<:F<D4@AI"/@":6DE4"<6;4?A"B6DD8"T84@"B67"F=6D"cJED"G6HB67"

F=6D"U46@4DS"B67"F6T=8CD"A?B58A8<@@4=D":B8D"B6DD8"B67"F6T=8CD"56"CLB:F"D<C8B=S"D4"?E8@;4@AB@A"DB@D"C4DD4S"

5E;4=<FFB@A"54D"FB?A4@B?8BAD"B;4C" =4D":8=8467"DC84@A8>8G64D":B8D"B6DD8"E56CBA8>DS":E58CB67S"D<C8B67S"

4ACI"3LBG64":6DE4S"G6H8="D<8A"=<CB="<6"@BA8<@B=S"D4"5<8A"54"?E>=ECL8?"W"A<6A4D"=4D"F<DD8T8=8AED"5H47F=<?4?"

4A"54"C?E4?"C4D"@<6;4B67"=84@D"B>8@"54"DHB@C?4?"D6?"D<@"A4??8A<8?4I"3H4DA"C4"F?8@C8F4S"@<6D"4@"D<::4D"

F4?D6B5EDS" G68" 5<@@4" DB" ?E4==4" =EJ8A8:8AE" B6":6DE4" C<::4" 8@DA8A6A8<@" FE?4@@4S" B6" D48@" 54" @<A?4"

D<C8EAEI""

%4" :6DE4" DHBFF684" D6?" 54D" C<==4CA8<@DS" ><?:85BT=4D" TBD4D" 54" 5<@@E4D" 5<@A" =H47F=<8ABA8<@" 4DA"

8@EF68DBT=4I"/@"FBA?8:<8@4"W"F?ED4?;4?":B8D" D6?A<6A"W"6A8=8D4?S"W" ?4=84?"B;4C" =4D"F6T=8CD"BCA64=DI""#$!

%&''#%()&*$! +&),#*(! -(.#! &/,#.(#$! 0! '1)*(#.2.3(4()&*! #(! 0! '1422.&2.)4()&*! 24.! (&/$I" %H<6;4?A6?4" B67"

F6T=8CD"4A"B67"C<::6@B6AED"FBDD4"B6DD8S"5HBT<?5S"FB?"=H<6;4?A6?4"W"=H8@A4?F?EABA8<@S"=B"?4=4CA6?4"54D"

C<==4CA8<@DS"=B"C?EBA8<@"54"F<@AD"4@A?4"=4D"C6=A6?4DI""

%4":6DE4"D4"5<8A"+1)*%4.*#.!'#$!,4'#/.$!2.&5/#$!24.!'4!632/7')8/#I"3LBC6@4"54"D4D"BCA8<@DS"CLBC6@"

54" D4D" D4?;8C4D" DH8@DC?8A" 5B@D" 6@" CB5?4" F=6D" ;BDA4" ?4F<DB@A" D6?" 54D" ;B=46?D" `=8T4?AEDS" A<=E?B@C4S"

L6:B@8D:4S" <6;4?A6?4" B6" 5ETBAvb" 5EFBDDB@A" =4D" C?8A9?4D" DA?8CA4:4@A":BAE?84=D" 4A" @<AB::4@A" 54"

?4@ABT8=8AE"EC<@<:8G64"E@<@CED"FB?"@<A?4"D<C8EAEI"'8"=4":6DE4"DH8@DC?8A"5B@D"6@"C<@A47A4"EC<@<:8G64"

4A" 4@" 5EF4@5S" D<@" ?Y=4" 4DA" B6DD8" 54" ?4F=BC4?" C4AA4" 58:4@D8<@" B6" D48@" 56" C<@A47A4" F=6D" ;BDA4" 5B@D"

=BG64==4"4==4"DH8@DC?8AI""

34"?Y=4S"=4":6DE4"5<8A"=4"U<64?"4@"D4"F<D8A8<@@B@A"C<::4"/*!')#/!+#!8/#$()&**#5#*($!#(!+#!+374($!$/.!

'4!$&%)3(3S"6@"=846"54"?E>=478<@"F<6?"A<6D"=4D"F6T=8CDS"<6;4?A"5<@C"W"=B"?4:8D4"4@"G64DA8<@"54D"85E4D"

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!P"_<6D"?4@;<K<@D"@<AB::4@A"B6"CLBF8A?4"54"_I"o+_-2%S"Q"aB@8>4DA4"F<6?"6@":6DE4"54D"T4B67\B?AD"L6:B@8DA4"RS"8@"a/'&&"

-&'"o&)/p\)(,'"-&"a+_,(&)%S"@?8399/2&D/1>&9?&@?3CH&!/24>:?9S"ao)S"#j!OS"FI"#j\#[I"

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

?4q64DS"W"=HECLB@J4"B;4C"=4D"B6A?4DI"%4":6DE4"56"pp24"D89C=4"@4"F46A"]A?4"G6H/*!')#/!&/,#.(!0!'4!%.34()&*"

^"B?A8DA8G64"4A"DC84@A8>8G64"^"4A"4/9!)+3#$S"B@C?E"5B@D"=4"F?ED4@A"4A"5B@D"=B"D<C8EAE"BCA64==4I""

%&'"3k)_,2&('"-&"%H2_3%/'2+_"&,"-&"%H2_,&0(),2+_I""

'8"=B"@<A8<@"5H8@C=6D8<@S"F?E=654"W"=H8@AEJ?BA8<@"B6"D48@"54"=B"D<C8EAES"4DA"BCA64==4:4@A"F?ED4@AE4"C<::4"

F?8<?8AB8?4S"4==4"8:F=8G64"B6DD8"6@4"?E>=478<@"D6?"=B":B@89?4"C<@C?9A4"5HBFF=8G64?"C4D"@<A8<@D"5B@D"=4D"

BCA8;8AED"56":6DE4I"%4"?Y=4"56";8D8A46?mBCA46?S"<@"=HB6?B"C<:F?8DS"BFFB?BXA"C<::4"C4@A?B=I""

&=BT<?4?"6@4"%:4.(#!+/!,)$)(#/."@<6D"BFFB?BXA"C<::4"6@"F?4:84?"CLB@A84?"W":4AA?4"4@"Z6;?4S"B>8@"54"

F?EC8D4?" =H4@D4:T=4" 54D" 8:F=8CBA8<@D" G64" =4D" @<A8<@D" 5H8@C=6D8<@S" 5H8@AEJ?BA8<@" 4A" 54" FB?A8C8FBA8<@"

F46;4@A"?E4==4:4@A"4@A?BX@4?"F<6?"=4":6DE4S"AB@A"F<6?"C4"G64"=4";8D8A46?mBCA46?"4DA"4@"5?<8A"5HBAA4@5?4"

56":6DE4S" G64" C4" G6H8=" F46A" =68" BFF<?A4?" 4@" ?4A<6?I" -B@D" C4AA4" F4?DF4CA8;4S" =4" ?4@><?C4:4@A" 54D"

D4?;8C4D"C8;8G64"B6":6DE4S"B8@D8"G64" =4D"B6A?4D":4D6?4D";8DB@A"W"?4=84?" =4D"C8A<K4@D"B;4C" =4":6DE4"^"

@<AB::4@A"=4D"FB?A4@B?8BAD"B;4C"54D"BDD<C8BA8<@DS"4A"T84@"De?"B;4C"=4D"B:8D"54D":6DE4D"^"@<6D"D4:T=4"

6@"B6A?4"CLB@A84?"8:F<?AB@A"W":4AA?4"4@"Z6;?4I""

%B" G64DA8<@" 54" '14%%/#)'! #(! +#! '14%%#$$)7)')(3! +/! 5/$3#" FBDD4" FB?" 6@4" ?E>=478<@" D6?" D4D" L<?B8?4D"

5H<6;4?A6?4S" D4D" J?8==4D" AB?8>B8?4D" 4A" D4D":4D6?4D" 54" J?BA68AES" B8@D8" G64" =4D" 58>>E?4@AD" D4?;8C4D" G6H8="

F?<F<D4I"%B"?E>=478<@"D6?"C4D"G64DA8<@D"B"5EUW"=B?J4:4@A"EAE"8@8A8E4"C4D"54?@89?4D"B@@E4DS":B8D"4==4"5<8A"

]A?4"F<6?D68;84"4A"JBJ@4?B8A"W"]A?4"4@;8DBJE4"54":B@89?4"F=6D"C<LE?4@A4"D6?"=H4@D4:T=4"56"A4??8A<8?4I""

-4" =B":]:4":B@89?4S" =4" ?4@><?C4:4@A" 56" ?Y=4" 54" '1;(4(! %&55#! <4.4*(! +#$! =&*%()&*$!5/$34'#$" ^"

D4?;8C4D"DC84@A8>8G64DS"F?ED4?;BA8<@S":B8D"B6DD8"?Y=4"D<C8B="4A"<6;4?A6?4"B67"F6T=8CD"̂ "@<6D"BFFB?BXA"5B@D"

C4" CB5?4" C<::4" 6@4" C<@58A8<@" 8@58DF4@DBT=4" 54" =HBCC<:F=8DD4:4@A" 54D" BCA8;8AED" 54D" :6DE4D" D6?"

=H4@D4:T=4"56"A4??8A<8?4S"G64=D"G64"D<84@A"=4D"@8;4B67"54"A6A4==4"54D"D4?;8C4D"F6T=8CD"5<@A"8=D"5EF4@54@AI"

"

" #$"

&p*&(2&_3&'"-&"(&l&(&_3&"

%B"C<<FE?BA8<@"56":6DE4")@A<8@4"%EC6K4?"W"'B8@A\.64@A8@"B;4C"=4D",?B;B8==46?D"D<C8B67"54"=f)8D@4"

%B"C6=A6?4"F<F6=B8?4"4@A?4"B6":6DE4"V"=B"J?B@54"C<==4CA4"54"=H&6?<"#j!O""

%4":6DE4"*8CBDD<"5H)@A8T4D"4A"=4"?ED4B6"54D":6DE4D"?EJ8<@B67"F<6?"=HBCC4DD8T8=8AE"JE@E?B=8DE4"4@"*BCB"

a6DE4"54D")6J6DA8@DS",<6=<6D4"4A"a6DE4D"54"aB?D48==4"V"%H)?A"54"=H8@C=6D8<@"`*?<J?B::4"l?B:4b"

*B?A4@B?8BA"56"aBC1B=S"18A?K\D6?\'48@4S"B;4C"%B6?B"k4@@<S"B?A8DA4"FL<A<J?BFL4S"B6A<6?"54"=HBCC648="54D"?E>6J8ED"

*?<J?B::4D"a6DE4"4@"*B?ABJ4"4A")A4=84?"8@A4?@BA8<@B="5HE56CBA8<@"4A"5HB?A"ALE?BF84"B6"a6DE4"54D"T4B67\B?AD"54"a<@A?EB="

%B"0B=4?84"54D"5<@D"B6"a6DE4"@BA8<@B="54"=Hk8DA<8?4"54"=H8::8J?BA8<@S"a6DE4"@BA8<@B="54"=Hk8DA<8?4"54"=H2::8J?BA8<@"\"*B=B8D"54"=B"*<?A4"5<?E4""

&7F<D8A8<@"-4D"A?BC4D"4A"54D"L<::4DS"8:BJ8@B8?4D"B6"CLcA4B6"54"'4==4DS"a6DE4"54D"o4B67\)?AD"54"3B:T?B8"4@"FB?A4@B?8BA"B;4C"=4"C4@A?4"54"5EA4@A8<@"54"oBFB6:4""

%4D"U46@4D"TE@E;<=4D"5H)?A"'4DD8<@"B6"34@A?4"04<?J4D\*<:F85<6"

*B?C<6?D"F4?:B@4@A"%B"A?B8A4"@EJ?89?4"BA=B@A8G64"B6"CLcA4B6"54D"-6CD"54"o?4ABJ@4"W"_B@A4DS"aE:<?8B="54"=HBT<=8A8<@"54"=H4DC=B;BJ4"4A"FB?C<6?D"6?TB8@I"

h<6?@E4"56"TE@E;<=4"56"D4CA46?"D<C8B="B6"%<6;?4"4@"FB?A4@B?8BA"B;4C"=B"l<@5BA8<@"(),*"

*?<U4A"Q"08AB@D"R"B6"a6DE<@")?=BA4@S")?=4D"

a6DE4D"54"o4?=8@"4A"=HBCC648="54D":8J?B@AD"

aE:<?8B="54"(8;4DB=A4D"V"6@4"47F<D8A8<@"FL<A<J?BFL8G64"C<@DBC?E4":8J?B@AD"B>JLB@D"

l<?6:"54D"B85B@AD"B6"aBC"1B="

Q"36=A8;<@D"=HL6:B@8D:4"R"V"CB:FBJ@4"54">8@B@C4:4@A"FB?A8C8FBA8>"56":6DE4"5H)G68AB8@4"F<6?"?4DAB6?4?"4A":4AA?4"4@";B=46?"=4":<@6:4@A"54"a8CL4="54"a<@AB8J@4I"

%4D"TB@CD"54"=H6A<F84"B6"lB:8=8DA9?4"54"068D4"

%4D"C<==4CA8>D"Q"a6DE4"54T<6A"R"

&7F<D8A8<@"l?<@A"5H+?84@A"!M\!i"V"=4D"D<=5BAD"<6T=8EDS"a6DE4"5HL8DA<8?4"54"aB?D48==4"

&7F<D8A8<@"aB54"8@")=JE?8B"B6"a6C4:""

&7F<D8A8<@"3<=<?"%8@4"B6":6DE4"56"G6B8"o?B@=K"

(4=4CA6?4"54D"C<==4CA8<@D"C<=<@8B=4D"B6"a6DE4"54"=H)?:E4"W"*B?8D""

&AL@<FY=4ma6DE4D"5EFB?A4:4@AB67"54"kB6A4\'BY@4"V"(E8@;4@A4?"=4D":6DE4D"F<F6=B8?4D"

*?<J?B::4"5HB@8:BA8<@"4A"54"5E;4=<FF4:4@A"56"*BKD"5fB?A"4A"5fL8DA<8?4"54"%4@D\%8E;8@"

&56CBA8<@"W"=B"C8A<K4@@4AE"V"=4"D8A4\:E:<?8B="56"3B:F"54D"a8==4D"W")87""

%B"><@5BA8<@"&56CBA8<@"C<@A?4"=4"?BC8D:4"`%I",L6?B:b"4A"=4"F?<J?B::4"5H47F<D8A8<@"8A8@E?B@A4"B;4C"=4D"@74346&<:G>/1399?><6&

l<@5BA8<@"36=A6?4"4A"58;4?D8AE"4A"=4"F?<J?B::4"Q"&JB=8AE"54D"CLB@C4D"R"

%4"'4C<6?D"F<F6=B8?4"_<?5"4A"=4D":6DE4D"

36=A6?4"56"CZ6?"4@"FB?A4@B?8BA"=4":6DE4"54"=B"0?B@54"064??4"

l<?6:"54D"4@>B@AD"C8A<K4@D"W"%K<@"

%HBU6DA4:4@A"54D"L<?B8?4D"B67"?KAL:4D"54";84"C<@A4:F<?B8@D"V"=4D"474:F=4D"56":6DE4"54D"T4B67\B?AD"54"(4@@4D"4A"56"a6DE6:\)G6B?86:"54"_B@CK"

%4"C<54"56"?4DF4CA"54D"6DBJ4?D"C6=A6?4=D"4@"lE5E?BA8<@"wB==<@84\o?674==4D"

%B"CLB?A4"56"aY:H)?A"4A"=4D"!j"5?<8AD"56"F4A8A";8D8A46?"

" !

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

" !

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

1(!$)"((!2'#+(&3#'$(4!&*!"&+)4!,#'"!1("!$)'"4!5($%+('&%1&"(!

2'("&5(*+(!=!! 81%*5&*(!.,%A%**(4!"#)"D5&'(.+&#*!5(!1%!2#1&+&-)(!5("!$)"(("!D!"$3@!!

%*&$%+()'"!=!! %**(D"#1(*(!'#11%*54!$)"((!5)!1#)A'(!!

8')*#!>&'A(%)4!2%1%&"!5("!8(%)?D%'+"4!1&11(@!!

#8"('A%+()'=!! >)**%'!EA%'%*4!%"+')2!3(%'*1(/!$)"((+4!#"1#4!*#'A(>(!

'%22#'+()'!=!! "/1A&(!231&(>('4!"#'8#**(!2%'&"!5(".%'+("!

*B?AB@A" 54" =H85E4" C4@A?B=4" D4=<@" =BG64==4" =B" DFEC8>8C8AE" 56":6DE4" ?ED854" 5HBT<?5" 5B@D" DB" C<==4CA8<@S"

8@B=8E@BT=4S"8="DHBJ8DDB8A"54"?E>=ECL8?"B67":<5B=8AED"54";B=<?8DBA8<@"54"C4AA4"C<==4CA8<@S"A<6A"4@">B;<?8DB@A"

=B" ?4@C<@A?4"4@A?4" =4D"Z6;?4D"4A" =4"F6T=8C" =4"F=6D" =B?J4"F<DD8T=4I" 2="4DA"BFFB?6" A?9D" ?BF854:4@A"G64"

=H47FE?84@C4" DFEC8>8G64" 56" :6DE4" F<6;B8A" F?4@5?4" F=6D846?D" ><?:4DS" D4" 5EC=8@B@A" D4=<@" =4D" A?<8D"

G64DA8<@D"D68;B@A4D"V"

\! %4" :6DE4" Q"8@" D8A6"R"V" &@" G6<8" =H47FE?84@C4" 56" :6DE4" 4DA" 6@8G64S" 4A" U6DG6H<d" F46A\<@" =B"

F<6DD4?"s"

\! %4":6DE4"Q"L<?D"=4D":6?D"R"V"*<6?G6<8"s"*<6?"G68"s"3<::4@A"s"

\! %4":6DE4";8?A64="V"/@"BA<6A"s"/@"LB@58CBF"s"3LB@J4\"A\8="=B"F?BA8G64"C6=A6?4==4"s"

%B":EAL<54"54" A?B;B8=" CL<8D84"B"EAE"54" ?E6@8?"54D" ABT=4D\?<@54DS" C<:F<DE4D"54"F?<>4DD8<@@4=D"54D"

:6DE4D" 54" l?B@C4S" 5HB?A8DA4DS" 5HB?CL8A4CA4DS" 5HE=6D" W" =B" C6=A6?4S" 54" F?<>4DD8<@@4=D" 5H8@DA8A6A8<@D"

C6=A6?4==4D"`l()3S"3)3vbS"B>8@"5HB=8:4@A4?"=B"?E>=478<@I".6BA?4"?E6@8<@D"<@A"EAE"<?JB@8DE4DS"5467"B6"

a8@8DA9?4"54"=B"36=A6?4S"6@4"B6":6DE4"56"*4A8A"*B=B8D"4AS"5B@D"6@"><?:BA"F=6D"8:F<?AB@AS"6@4"54?@89?4"

4@"?EJ8<@S"B6":6DE4"'B8@A4"3?<87"54"*<8A84?DI"34D"5ETBAD"<@A"@<AB::4@A":8D"4@"=6:89?4"6@4";E?8ABT=4"

?8CL4DD4"4A"6@4"A?9D"J?B@54";B?8EAE"56"FBKDBJ4":6DEB=">?B@qB8DS"G68"@4"5<8A"C4F4@5B@A"FBD"<CC6=A4?"=4"

>B8A"G64"C4?AB8@D":6DE4D"D<@A"4@"FE?8="4A":4@BCED"54">4?:4A6?4I"

a/'&&"2_"'2,/"V"%&"a/'&&"3+aa&"/_"%2&/"121)_,"

%4" :6DE4" 32& 6341" C<??4DF<@5" W" =B" ;<CBA8<@" Q"A?B58A8<@@4==4"R" 56" :6DE4"V" 5<AE" 5H6@4" C<==4CA8<@"

8@B=8E@BT=4S"C4=68\C8"5<8A"B;<8?"F<6?"<TU4CA8>"54">B;<?8D4?"=B"?4@C<@A?4"58?4CA4"4@A?4"Z6;?4D"4A"F6T=8CI"

_EB@:<8@DS" D8"C4AA4":8DD8<@"4DA" A?B58A8<@@4==4S"5B@D"6@"C<@A47A4":B?G6E"FB?" =B"58;4?D8>8CBA8<@"4A" =B"

:8D4"4@"C<@C6??4@C4"54D"=<8D8?DS"FB?"=HBCC6:6=BA8<@"5H8@><?:BA8<@D"4A"=4"F<85D"J?B@58DDB@A"54D":E58BD"

4A" 54D" ?ED4B67" D<C8B67" G68" F46;4@A" C<@568?4" W" F?8;8=EJ84?" =HE;E@4:4@A84=S" 4==4" 5<8A" B6DD8" E;<=64?S"

DH<6;?8?" W" 54" @<6;4==4D" 47FE?84@C4D" 4A" ?4@<6;4=4?" D4D" :<5B=8AED" 5H<>>?4I" %4D" ?4@C<@A?4D" B;4C" 54D"

F?<>4DD8<@@4=D" 54D":6DE4D" <@A" F4?:8D" 54":4AA?4" 4@" =6:89?4" 6@4" FB=4AA4" A?9D" ?8CL4" 5H47FE?84@C4DS"

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

:4@E4D"B6"D48@":]:4"54D":6DE4DS":4AAB@A"=HBCC4@A"D6?"=4D"@<A8<@D"5HE:<A8<@S"5HE:4?;48==4:4@AS"54"

C?EBA8;8AES"54"=8T4?AES"DB@D"?4@84?"=B":8DD8<@"<?8J8@4==4"56":6DE4S"=846"5HE56CBA8<@"4A"54"C<@@B8DDB@C4I"

%B":E58BA8<@"L6:B8@4"K" A84@A"6@" ?Y=4" 8:F<?AB@A"F<6?" ?BDD6?4?" =4" ;8D8A46?S"G68"5H6@4"FB?A"F46A"]A?4"

8@A8:85E"FB?"=4"=846":]:4"56":6DE4S"=846"C6=A6?4="FB?"47C4==4@C4S"4A"C4"5HB6AB@A"F=6D"G6H8="4DA"8@DAB==E"

5B@D" 6@" TcA8:4@A" F?4DA8J8467" `FB=B8DS" :<@6:4@A" L8DA<?8G64vbS" 4A" 5HB6A?4" FB?AS" 6@4" ><8D" =B" F<?A4"

>?B@CL84S"FB?" =4D"Z6;?4D"4==4D\:]:4DS"G68"F46;4@A"]A?4"58>>8C8=4D"5HBCC9D"4A"@4" =68" ?4@;<K4?"B6C6@4"

E:<A8<@I""

34AA4">B:8=8B?8DBA8<@"F?<J?4DD8;4"B6":6DE4S"B6A?4:4@A"58A"=B">BT?8CBA8<@"56";8D8A46?S"@4"5ET6A4"UB:B8D"

A?<F"AYAI"&A"=4"*BDD4F<?A"36=A6?4":8D"4@"F=BC4"5B@D"=4"CB5?4"5H6@"FB?A4@B?8BA"4@A?4"=4"34@A?4"L<DF8AB=84?"

aEA?<F<=4"'B;<84"4A"=4"a6DE4"54D"o4B67\)?AD"54"3LB:TE?K"=HB>>8?:4"C=B8?4:4@A"V"D4D"C<@C4FA46?D"=H<@A"

8:BJ8@E"C<::4"6@"938>74&<7&I?03997"G68"F?<F<D4"6@4"4@A?E4"J?BA68A4"W"A<6D"D4D":4:T?4D"F4@5B@A"=B"

F?4:89?4"B@@E4"54"=H4@>B@AI"

3<::4" @HLED8A4@A" F=6D" W" =4" 58?4" @<:T?4" 54" ?4DF<@DBT=4D" 5H8@DA8A6A8<@D" :6DEB=4DS" =4" :6DE4"

@HBFFB?A84@A"FBD"B67"D46=D"L8DA<?84@D"5HB?A"V"8="5<8A"]A?4"6@"BCA46?"54"=B"C<==4CA8;8AE"4A"]A?4"8@AEJ?E"5B@D"

D<@"4@;8?<@@4:4@A"F<6?"?E6DD8?"W"EABT=8?"=B"?4=BA8<@"4@A?4"=4D"Z6;?4DS"=4"A4??8A<8?4"4A"D4D"LBT8AB@ADI"

_<:T?4"54"AE:<8J@BJ4D"?4C648==8D"A<6A"B6"=<@J"56"A?B;B8="54"=B"a8DD8<@"a6DE4D"56"pp29:4"D89C=4"<@A"

:8D" 4@" =6:89?4" 54D" 5E:B?CL4D" :6DEB=4D" 47A?]:4:4@A" 8:BJ8@BA8;4D" G68" C<@A?8T64@A" J& I?3>7&

./0012?14:"B6A<6?"56":6DE4I"*<6?"=4"58?4"B6A?4:4@AS"8="478DA4"6@"D4@D"54"=H8@@<;BA8<@"A?9D"F?ED4@A"

5B@D"=4D":6DE4DS"@<AB::4@A"=4D":6DE4D"A4??8A<?8B67S"G68"@4"A?B@DFB?BXA"FBD"5B@D"=B"C<::6@8CBA8<@I"2="

>B6A"?4@5?4";8D8T=4"=4":6DE4"C?EBA8>"4A":8467"FB?ABJ4?"D4D"D6CC9DI"

a2p"-&'"3+%%&3,2+_'S"3(+2'&a&_,"-&'"-2'32*%2_&'""

%4"F4?:B@4@A"@H4DA"F=6D"C4"G6H8="EAB8A"4A"=B"F?ED4@ABA8<@"54D"C<==4CA8<@D"<F9?4"6@4"C<@;4?D8<@"?B58CB=4"

<d"=4":<6;4:4@A"5HZ6;?4D";4@B@A"DH4@?8CL8?":6A64==4:4@A"5K@B:8D4"=4D"BCC?<CLBJ4DI"*68DB@A"5B@D"

=46?D" ?ED4?;4DS" TE@E>8C8B@A" 54" 5EFYAD" <6" 54" F?]ADS" 8:F=8G6B@A" 58>>E?4@A4D" 58DC8F=8@4D" B?A8DA8G64DS"

BCC648==B@A"4@"@<:T?4"54D"?ED854@C4D"5HB?A8DA4DS"=4D":6DE4D":6=A8F=84@A"=4D"Q"5<DD84?D"5HZ6;?4D"RS"=4D"

BCC?<CLBJ4D"ALE:BA8G64D"<6" =4D"?BFF?<CL4:4@AD"><?:4=D"F4?:4AAB@A"54D"?4@C<@A?4D" 8@E58A4D"4@A?4"

=4D"C<==4CA8<@D"4A"=46?D";8D8A46?DI""

%B" A4@5B@C4" 4DA" W" =B" F?ED4@ABA8<@" 54D" C<==4CA8<@D" F4?:B@4@A4D" W" =B" :B@89?4" 54D" 47F<D8A8<@D"

A4:F<?B8?4DI"%H85E4"4DA"C4==4"5H6@"G64DA8<@@4:4@A"C<@A4:F<?B8@"D6?"=4"F4?:B@4@AI"%4":6DE4"D4":4A"

W"F?4@5?4"54D"CL4:8@D"54"A?B;4?D4S"54D"W"C<AED"V"Q"A<6A"D4"FBDD4"C<::4"DH8=">B==B8A"CBDD4?"=4"D6?:<8"54D"

:6DE4D"4A"DHE:B@C8F4?"54"=H4:F?8D4"54"=HL8DA<8?4"54"=HB?AI"%4"?EC8A"F?8:4S"4A"C4"D<@A"=4D">8=D":4@AB67S"=4D"

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

?4F9?4D"54"C<@DA?6CA8<@"54"=B"F4@DE4S"G6H8="C<@;84@A"5H854@A8>84?"RI"/@4"8==6DA?BA8<@"?EC4@A4"4@"4DA"=8;?E4"

B;4C" Q"kEAE?<A<F84DI" -4" =HB;B@A\JB?54" 5B@D" =HB?A" C<@A4:F<?B8@"R" B6" :6DE4" 5H)?A" :<54?@4" 4A"

C<@A4:F<?B8@" 54" 'A?BDT<6?J" G68" 4DA" F?ED4@AE4" 5B@D" =4" CB5?4" 5H6@4" DB8D<@" 54" ;B=<?8DBA8<@" 54D"

C<==4CA8<@D"54D":6DE4D"DA?BDT<6?J4<8DI"

%B":6=A8F=8CBA8<@"54D"47F<D8A8<@D"A4:F<?B8?4D"B"8@C8AE"=4D":6DE4D"W"A?B;B8==4?"4@"?ED4B6S"W":4AA?4"4@"

F=BC4"54D"FB?A4@B?8BAD"F<6?">BC8=8A4?"DC84@A8>8G64:4@A"4A">8@B@C89?4:4@A"=4"5EF=<84:4@A"54"F?<U4AD"D6?"

A<6A"=4"A4??8A<8?4I"-4D"F?]AD"<@A"EAE"=H<CCBD8<@"54"?4@C<@A?4D"4@A?4"58DC8F=8@4DS"54D"5EC=<8D<@@4:4@AD"

D4"D<@A"<FE?EDS"=4D":6DE4D"D4"D<@A"5ED4@C=B;ED![I"-4"@<6;4B67"BCC?<CLBJ4D"<@A"EAE"8:BJ8@ED"4@":]:4"

A4:FD" G64" 54D" 4>>4AD" DCE@<J?BFL8G64DI" 34" D<@A" C4D" 47FE?84@C4D" G68" D<@A" A?B@DF<DE4D" 5B@D" 6@4"

@<6;4==4"BFF?EL4@D8<@"54D"JB=4?84D"F4?:B@4@A4DI"-B@D"=4":]:4":<6;4:4@AS"=4D"8@A4?;4@A8<@D"B6"D48@"

54D"C<==4CA8<@D"F4?:B@4@A4D"D4"><@A"4==4D\:]:4D"A4:F<?B8?4DS"EFLE:9?4DI"%B":8D4"4@":<6;4:4@A"

54D"C<==4CA8<@D"D8J@4\A\4==4"=B">8@"56"F4?:B@4@A"s"

)=<?D" G64" C4D" C<@>?<@ABA8<@D" FB?B8DDB84@A" ?ED4?;E4D" B67" F=6D" J?B@5D" :6DE4D" @BA8<@B67" FB?8D84@DS"

FB?A<6A"D6?"=4"A4??8A<8?4S"K"C<:F?8D"5B@D"54D":6DE4D"54"AB8==4"47A?]:4:4@A":<54DA4S"<@"A?<6;4"54D":87"

54" C<==4CA8<@D"4@A?4" T4B67\B?AD" 4A" B?A" C<@A4:F<?B8@S" :B8D" EJB=4:4@A" 4AL@<J?BFL84" ?EJ8<@B=4S"

B?CLE<=<J84"<6"C<==4CA8<@D"5HL8DA<8?4"@BA6?4==4"<6"5H<TU4AD"A4CL@8G64DI"%4"?4JB?5"F=6?858DC8F=8@B8?4"4A"

8@A4?58DC8F=8@B8?4"4DA"EJB=4:4@A"6@":<K4@"4>>8CBC4"54"C?<8D4?"=4D"F6T=8CDS"54"D6DC8A4?"EA<@@4:4@A"4A"

C6?8<D8AE"CL4r"=4D";8D8A46?DI"'6?"C4"F=B@S"=4":6DE4"54"=B"3LBDD4"4A"54"=B"_BA6?4"W"*B?8D"B;B8A"<6;4?A"=B"

;<84S"8="K"B"G64=G64D"B@@E4D"5EUWI"%4"Q"CB?B:T<=BJ4"R"54D"Z6;?4DS"W"=H8@DAB?"54"=H47F<D8A8<@"56"0?B@5"

*B=B8DS"JBJ@4"FB?A<6A"56"A4??B8@I""

%4D":6DE4D"><@A"EJB=4:4@A"BFF4="W"54D"B?A8DA4D"G68";<@A"<>>?8?"6@4"@<6;4==4" =4CA6?4"54D"C<==4CA8<@DS"

C<@C4;<8?"6@"@<6;4="BCC?<CLBJ4S";<8?4"?EB=8D4?"6@4"Z6;?4"B6A<6?"54"=B"C<==4CA8<@"F4?:B@4@A4I"2="DHBJ8A"

4@"G64=G64"D<?A4"5H8@A4?@B=8D4?"=HE;E@4:4@A84="5B@D"=H4@C48@A4"F4?:B@4@A4"56":6DE4"4A"TE@E>8C84?"54D"

?4=B8D" :E58BA8G64D" 4A" 54D" ?ED4B67" @6:E?8G64D" C<::4" 5B@D" =4" CBD" 54D" 47F<D8A8<@D" A4:F<?B8?4DI"

%H8@A4?;4@A8<@"54"=HB?A8DA4";B"F4?:4AA?4"54"?<:F?4"B;4C"6@4"CL?<@<=<J84"A?<F"585BCA8G64S";<8?4"A?<F"

?ETB?TBA8;4" F<6?" =4" J<eA" BCA64=I" -4D" ?BFF?<CL4:4@AD" D4" C?E4@A" 4@A?4" 54D" Z6;?4D" C<@DBC?E4DS"

AE:<8J@BJ4D" 5H6@4" C4?AB8@4" EF<G64" 4A" 5H6@" C4?AB8@" C<6?B@A" 54" =HL8DA<8?4" 54" =HB?AS" 4A" =H6@8;4?D" F=6D"

>B:8=84?"54D";8D8A46?DI""

3H4DA"B8@D8"G64S"5B@D"=4"CB5?4"5H6@"FB?A4@B?8BA"B;4C"=HxC<=4"54D"o4B67\B?ADS"=4":6DE4"54D"o4B67\B?AD"54"

(4@@4D"54:B@54"?EJ6=89?4:4@A"W"6@"B?A8DA4"54"?EB=8D4?"6@4"?4=4CA6?4"54"DB"C<==4CA8<@"54"54DD8@DI"%4"

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!["(BFF4=<@D" W" C4" F?<F<D" =4" ?Y=4" 4DD4@A84=" U<6E" =<@JA4:FD" FB?" =B" C<@D4?;BA8<@" 5EFB?A4:4@AB=4"4A" G64" CL4?CL4" W" FB==84?" =4D"

BDD<C8BA8<@D"?EJ8<@B=4D"54"C<@D4?;BA46?D"4A"54"F4?D<@@4="DC84@A8>8G64DI"

"

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

:6DE4")5?84@"-6T<6CLE"\":6DE4"@BA8<@B="54"=B"3E?B:8G64"W"%8:<J4D"4@A?4A84@AS"=68"B6DD8S"6@4"?4=BA8<@"

EA?<8A4"B;4C"=HxC<=4"5HB?A"4@"47F<DB@A"=4D"C?EBA8<@D"54"CLBG64"F?<:<A8<@"5HEA658B@ADI"2="4@A4@5"C?E4?"

6@"C<@A8@66:"4@A?4"C?EBA8<@"4A"FBA?8:<8@4"FB?"=B"58DDE:8@BA8<@"54D"Z6;?4D"C<@A4:F<?B8@4D"5B@D"=4"

FB?C<6?D"F4?:B@4@A"54"=B"C<==4CA8<@I")6":6DE4"5HB?A"4A"A?B58A8<@"F<F6=B8?4"3B=T4A"W"0?8D<==4DS"C4"D<@A"

54D"FB?A4@B?8BAD"B;4C"54D"&C<=4D"5HB?CL8A4CA6?4S"5HB?AD"BFF=8G6ED"4A"54"o4B67\B?AD"G68":EAB:<?FL<D4@A"

?EJ6=89?4:4@A"8@AE?846?"4A"47AE?846?"56":6DE4I")"%8==4S"=4"*B=B8D"54D"o4B67\)?AD"B"8@B6J6?E"=4"F?8@C8F4"

54" =H+F4@"a6D46:" 4@" #j!M"V" 8=" =B8DD4" 8@;4DA8?" D4D" JB=4?84D" F4?:B@4@A4D" FB?" 54D" C?EBA46?D" 4@" A<6D"

J4@?4D"V"BF?9D"=4"J?<6F4":6D8CB=")8?"`#j!MbS"-<@B=5"4A"=4"C<==4CA8>"2@A4?-6Cy"`#j!Nb"F68D"z4F"`#j!Ob"CH4DA"

B6" A<6?" 56" CL4>")=B8@" *BDDB?5" `#j!O\#j!PbI" %B" 54?@89?4" 47F<D8A8<@"56":6DE4"5HB?A" 4A" 5HL8DA<8?4" 56"

U65B{D:4"W"*B?8D":87A4"G6B@A"W"4==4"B?AD"F=BDA8G64DS"C8@E:BS"ALEcA?4S"o-"4A"U467";85E<DI"

'6?"6@"F=B@"C<@@474S"=B":6D8G64"4A"=B"5B@D4"D<@A">?EG64::4@A"6A8=8DE4D"C<::4":<54"5HBFF?<CL4"4A"

C=E" 5H8@A4?F?EABA8<@"54D"Z6;?4DI")6"aE:<?8B=" 54"(8;4DB=A4DS" CH4DA" FB?" =B":6D8G64"G6H4DA" <FE?E4" =B"

C<@;4?J4@C4":E:<?84==4"54D" J?<6F4D"54"F<F6=BA8<@D"5EF<?AE4DI" %4D" C?<8D4:4@AD" B;4C" =4" DF4CABC=4"

;8;B@A" D<@A" 54" F=6D" 4@" F=6D" C<6?B@AD"V" 54D" F4?><?:B@C4D" D<@A" <?JB@8DE4D" 5B@D" =4D" DB==4D" 56":6DE4"

@BA8<@B="3LBJB=="W"_8C4S"54D"=84@D"D<@A"5E;4=<FFED"4@A?4"=4"ALEcA?4"54"=B"3?8E4"4A"=4"a6C4:"W"aB?D48==4S"

54D"C<@@478<@D"D<@A"EABT=84D"B;4C"54D">4DA8;B=D"B6":6DE4"kKBC8@AL4"(8JB6=A"W"*4?F8J@B@"<6"B6":6DE4"

5H)G68AB8@4"W"o<?54B67S"v"I""

&A"=4D";8D8A46?D"><@A"EJB=4:4@A"=H<TU4A"54"F?<F<D8A8<@D"<d"8=D"D<@A"FB?A84\F?4@B@A4I"+@"C8A4?B"F]=4\:]=4"V"

=B"F4A8A4"0B=4?84"56"%<6;?4"4A"=4"F?<J?B::4"Q"3<?FD"4@":<6;4:4@A"RS"=H47F<D8A8<@"Q"3<?FD"?4T4==4D"R"

B6":6DE4"54D"3<@>=64@C4D"54"%K<@"<d"=4D";8D8A46?D":6@8D"5H6@"CBDG64"47F=<?4@A"=4D"6@8;4?D"54"=B"5B@D4"

C<@A4:F<?B8@4"4A":6D8CB="4A"F46;4@A"FB?A8C8F4?"W"6@"BA4=84?"54"5B@D4!iS"=B"C<==4CA8<@"F4?:B@4@A4"56"

:6DE4"54D"o4B67\)?AD"54"%K<@"G68"D4";8D8A4"4@"5B@DB@A"=<?DG6H<@"4DA"EG68FE"56"Q"?B58<J6854"=658G64"RS"

=4"Q"*B?C<6?D"5B@D4"R"56"a6DE4",<6=<6D4\%B6A?4C"W")=T8#jS"54"@<6;4==4D"><?:4D"5HBA4=84?D"`$2&<?267"B6"

a6DE4" 5H+?DBKbI" '8" =H<@" ;<8A" 54F68D" =<@JA4:FD" 5EUW" 6@4" F?<J?B::BA8<@":6D8CB=4" 4@" =84@" B;4C" =4D"

C<==4CA8<@D"4A"47F<D8A8<@D"A4:F<?B8?4D"`W"A8A?4"5H8==6DA?BA8<@"?EC4@A4S"<@":4@A8<@@4?B"C4==4D"B6A<6?"54D"

C<::E:<?BA8<@D"54"=B"F?4:89?4"J64??4":<@58B=4D"B6":6DE4"54"=H)?:E4#!"4A"B6":6DE4"54"=B"0?B@54"

J64??4"W"a4B67##bS"=4D"8@;8ABA8<@D"W"CLB@A4?"<6"W"U<64?"5B@D"=4D"DB==4D"D<@A":<8@D">?EG64@A4DI"+@"4@"

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!i"LAAFVmmnnnI:6D4454DC<@>=64@C4DI>?m>?m4;4@4:4@ADmC<?FD\?4T4==4D"

#j"34" FB?C<6?D" DH8@DC?8A" 5B@D" =4" F?<J?B::4" 5HE56CBA8<@" B?A8DA8G64" 5B@D4" F?<F<DE" FB?" =B" -8?4CA8<@" 54D" '4?;8C4D"

-EFB?A4:4@AB67"54"=H&56CBA8<@"_BA8<@B=4"4A"=H)--)"56",B?@"4A"4DA"<?JB@8DE"4@"FB?A4@B?8BA"B;4C"=B"lE5E?BA8<@"54D"Z6;?4D"=B{G64D"56",B?@I"#!"LAAFVmmnnnI:6D44\B?:44I>?mF?<J?B::BA8<@mC<@C4?ADm54AB8=mU4B@\FL8=8FF4\=B><@A\CLB@A4?\5B@D\=B\J64??4ILA:="

##"LAAFVmmnnnI:6D4454=BJ?B@54J64??4I46mF?4DD4m#j!NmCLB@A4?|5B@D|=4D|A?B@CL44D"

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

C<@@BXA"G64=G64D"474:F=4D"A<6A"54":]:4"B6":6DE4"54"=B"3LB=4AA4S"B6":6DE4"w6?ALS"B6":6DE4"54"

o4B67\)?AD"W"%K<@"4A"T84@"E;854::4@A"W"=B"38AE"54"=B":6D8G64"W"*B?8D"<6"B6"a6*<F"W"a<@A=6q<@#$I"

&@>8@S"54DD8@4?"5B@D"=4D"DB==4D"56":6DE4"54">Bq<@"=8T?4S"CH4DA"W"58?4"?4@<64?"B;4C"=B";<CBA8<@"=B"F=6D"

C=BDD8G64"56":6DE4"56"p2p4"F<6?" =HEA4@5?4"W" =H4@D4:T=4"54D";8D8A46?DS"4DA"W" =H<?8J8@4"54"58>>E?4@A4D"

F?<F<D8A8<@D"V" B6"ao)"54"(4@@4DS" =H<6;4?A6?4" 56":6DE4" B67" B:BA46?D" ;<=<@AB8?4D" F<6?" 6@4" C<F84"

5HZ6;?4D"`=4":6DE4"><6?@8A"=4":BAE?84=b"4DA"<?JB@8DE4"?EJ6=89?4:4@AS"AB@58D"G6HB6":6DE4"54D")?AD"4A"

:EA84?DS"B;4C"=H47F<D8A8<@"aBCL8@4D"W"54DD8@4?#MS"54D"ABT=4D"W"54DD8@"<@A"EAE"8@DAB==E4D"G68"F4?:4AA4@A"

B67";8D8A46?D"54"?E8@;4DA8?" =4" =846"B6A?4:4@AI"%4"FB?A4@B?8BA"54D":6DE4D"54" =B"18==4"54"*B?8D"B;4C" =4D"

/?TB@"Dy4ACL46?D#N"4@"4DA"6@4"><?:4"4@C<?4"F=6D"C<@A4:F<?B8@4I"

%&'")33(+3k)0&'"*)(,232*),2l'"

%B" C<@DA?6CA8<@" 5H6@4" 47F<D8A8<@" DHBFF684" A<6A" W" =B" ><8D" D6?" =4D" C<@@B8DDB@C4D" DC84@A8>8G64D" 56"

C<@D4?;BA46?"G68"D4?<@A"A?B568A4D"4@"4DFBC4"FB?"=4":6DE<J?BFL4S"D6?"=4"D4?;8C4"54D"F6T=8CD"G68"D4">B8A"

=HECL<" 54D" ?4F?ED4@ABA8<@D" 4A" 54D" BAA4@A4D" 54D" ;8D8A46?D" F<A4@A84=D" F<6?" C<@C4;<8?" 6@4" :E58BA8<@"

B5BFAE4S"D6?"=4"D4?;8C4"54"C<::6@8CBA8<@"G68"B@8:4"=4D"?ED4B67"5H8@><?:BA8<@"4A"54"C<::6@8CBA8<@I"

-B@D"F=6D"5H6@":6DE4S"C4AA4";<84"C=BDD8G64"C954S"54"A4:FD"W"B6A?4S"=B"F=BC4"W"6@4"B6A?4"5E:B?CL4S"W"

6@"B6A?4"C<@C4FA"5H47F<D8A8<@I"2C8"CH4DA"=4";8D8A46?"G68"4DA"58?4CA4:4@A"D<==8C8AES"4A"G68"FBDD4"56"DABA6A"

54"D8:F=4"?4JB?546?S"F=6D"<6":<8@D"FBDD8>S"W"C4=68"5HBCA46?S"4A"G68"C<@q<8A"6@"@<6;4="BCC?<CLBJ4"W"FB?A8?"

5H6@"AL9:4I"

2="K"B"!j"B@DS"=4":6DE4"5H)?A"4A"5Hk8DA<8?4"54"%B"(<CL4==4"DH4DA"=B@CE"5B@D"6@4"F<=8A8G64"5HBCC?<CLBJ4D"

FB?A8C8FBA8>DI"%4"F?8@C8F4"4DA"54"?4@<6;4=4?"A<6D"=4D"B@D"=B"F?ED4@ABA8<@"54D"Z6;?4D"4@"=B"C<@>8B@A"W"6@"

F6T=8C" DFEC8>8G64" G68" 54;84@A" C<::8DDB8?4" 5H47F<D8A8<@I" %4" F?4:84?" BCC?<CLBJ4" B" EAE" C<@>8E" B67"

4:F=<KED"56":6DE4S"5HB6A?4D"<@A"D68;8":<T8=8DB@A"54D"?6JTK:4@"56"'AB54"(<CL4=B8DS"54D"BJ4@AD"56"

C4@A?4"A4CL@8G64":6@8C8FB=S"<6"4@C<?4"6@"J?<6F4"54"5EA4@6D"54"=B"C4@A?B=4"54"'B8@A\aB?A8@"54"(EI"%4"

54?@84?"4@"5BA4S"-/3>&74&27&D?6&8/3>S"B"EAE"?EB=8DE"B;4C"6@"J?<6F4"54"5E>8C84@AD";8D64=D"V" =4"A?B;B8="54"

DE=4CA8<@"54D"Z6;?4D"DH4DA"4>>4CA6E"FB?"T8@Y:4D"@<@\;<KB@ADm;<KB@ADS"F68D"<@A"EAE"C?EED"54D"<6A8=D"54"

:E58BA8<@"F<6?"BCC<:FBJ@4?"=4D"Z6;?4D"4A"B==4?"F=6D"=<8@"5B@D"=HBCC4DD8T8=8AE"`:6=A8:E58BS"ABT=4AA4D"

@6:E?8G64DS"<=>BCA8;4DbI"/@"CBAB=<J64"B5BFAE"F<6?"6@"F6T=8C"54"5E>8C84@AD";8D64=D"4DA"4@"F?EFB?BA8<@I"

/@4"8@8A8BA8;4"C<@U<8@A4"56"l()3"*<8A<6\3LB?4@A4D"4A"56":6DE4"54D"o4B67\B?AD"54",<6?D"DH8@DF8?4"56"

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#$"LAAFVmmnnnI=B?4FI>?mCLB=4AA4\D6?\=<8@Jm#j!Pmj!m!Om4==4D\><@A\CLB@A4?\=4\:6D44\54C<=4|!##M$i!OILA:="u"

LAAFVmmnnnI:6D44\n6?ALI>?mnFm8@547IFLFm4;4@ADmDABJ4\54\CLB@Am"u"LAAFVmmnnnI:6F<FI>?m=4\:6F<Fm[P\4@\;454AA4m#OM\;BCB@C4D\5\L8;4?\B6\:6F<F"I"#M"LAAFVmmnnnIB?AD\4A\:4A84?DI@4Am:6D44m:BCL8@4D\54DD8@4?"

#N"LAAFVmmFB?8DI6?TB@Dy4ACL4?DI<?JmFmG68\D<::4D\@<6DILA:="

"

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

:]:4"F?8@C8F4I" 2C8" C4" D<@A" 54D" EA658B@AD" 4@" L8DA<8?4" 54" =HB?A" G68" D<@A" W" =B":B@Z6;?4"V" F68DB@A" =4D"

Z6;?4D" 5B@D" =4" DA<Cy" 56" l()3S" 8=D" ?EB=8D4@A" 6@" BCC?<CLBJ4" B6":6DE4"54D"o4B67\)?AD" 4A" 54D" ;8D8A4D"

C<::4@AE4DI")6":6DE4"'B8@A4\3?<87"54"*<8A84?DS" =B"Q"'B8D<@"FB?A8C8FBA8;4"R"5EC=8@4"G6B@A"W"4==4"6@4"

><?:6=4"F<6?"=4D"B5<=4DC4@AD"V"4==4"DH8@A8A6=4"Q"%4D"h46@4D"A?BX@4@A"B6DD8"B6":6DE4"RI""

_E"4@"#j!#"B6":6DE4"54D"o4B67\)?AD"54"(<64@S",7&K70D6&<76&./997.43/26"B"C<@DA8A6E"6@4"@<6;4==4"

>Bq<@"54"F?ED4@A4?"=4D"C<==4CA8<@D"F4?:B@4@A4D"4@"=4D"<6;?B@A"B67"?4JB?5D"=4D"F=6D"58;4?DI"3?EBA46?DS"

CL4?CL46?DS"F4?D<@@B=8AEDS"D4"D<@A"D6CCE5ED"F4@5B@A"G6BA?4"DB8D<@D"F<6?"C<:F<D4?"6@4"G6B?B@AB8@4"

5H47F<D8A8<@D" 8@E58A4DI" *<6?" =B" C8@G689:4" E58A8<@S" CH4DA" B6" F6T=8C" G6H<@A" EAE" C<@>8E4D" =4D" C=4>D" 54D"

?ED4?;4DI")8@D8"=?&.L?0G>7&<76&8363471>6"4DA"=4"@<:"BAA?8T6E"W"=B"DB==4"G68"?4q<8A"=4D"Z6;?4D"F=ET8DC8AE4D"

FB?"=4"F6T=8C"B6":<K4@"5H6@";<A4"4@"=8J@4"D6?"=4"D8A4"56":6DE4I"&@!#j!OS"=4D"FB?A8C8FB@AD"<@A"5E>4@56"

=46?D"Z6;?4D"F?E>E?E4D"B;4C"F=6D"54"!P"jjj";<A4DI"

3YAE" :6DE4D" B?CLE<=<J8G64DS" DC84@A8>8G64D" 4A" 54" D<C8EAED #O S" =4D" 474:F=4D" 54" C<\C<@C4FA8<@"

5H47F<D8A8<@"><@A"5ED<?:B8D"FB?A84"54"=B"FB@<F=84"C=BDD8G64"54D"47F<D8A8<@D"A4:F<?B8?4DI"&@"#j!M\#j!NS"

=4"a6DE4"5EFB?A4:4@AB="54"=H)?=4D")@A8G64"B">B8A"BFF4="B6"F6T=8C"B>8@"54"?E6@8?"54D"FL<A<D"54">B:8==4"

8==6DA?B@A"=4"AL9:4"Q"%H)@A8G64"4`DbA"@<6D"RI"-4"C4AA4"C<==4CA4"W"=BG64==4"F=6D"54"#jj"C<@A?8T6A46?D"<@A"

FB?A8C8FE" 4A" B5?4DDE" G64=G64D" !#jj" C=8CLEDS" 4DA" @E4" =H47F<D8A8<@" Q"hHB8:4?B8D" AB@A" ;<8?" 'K?BC6D4"R#PI"

)F?9D"=H47F<D8A8<@"C<==BT<?BA8;4"Q"&B6"=H47F<"R"`#j!#b"<d"8="EAB8A"54:B@5E"54"C<@A?8T64?"4@"F?<F<DB@A"

6@4"FL<A<J?BFL84"4A" D<@" C<::4@AB8?4S" =4":6DE6:"54",<6=<6D4"B"F?<F<DE"4@"#j!O"W" D4D" ;8D8A46?D"

5HBFF<?A4?" 6@" <TU4A" 4A" D<@" C<::4@AB8?4" 4A" 54" ?E58J4?" D<@" CB?A4=" 5E;4=<FFE" 4@" ;64" 5H6@4" ;8A?8@4"

Q"2:BJ8@4r"=4":6DE4"54"54:B8@"R"B6"D48@"54"=H47F<D8A8<@"Q"%4D"'B;B@A6?84?D"R"`#j!ObI""

%H4@D4:T=4"54"C4D"474:F=4D"AE:<8J@4"54"=B";<=<@AE"BDD6:E4"5H6@"@<:T?4"J?B@58DDB@A"54":6DE4D"54"

?4DD4??4?" =4D" =84@D" 4@A?4" =4" FBA?8:<8@4" 4A" =4D" F6T=8CDS" ;<8?4" 54" =4D" 8@AEJ?4?" 5B@D" =4D" F?<CE5ED" 54"

>BT?8CBA8<@"56"FBA?8:<8@4I#[""

_+3,/(_&'"h&/_&'"&,"a&-2),&/('"-H/_"'+2("

%4D"F?BA8G64D"54":E58BA8<@"5ECB=E4D"8:F=8G6B@A"54D"U46@4D"D<@A"6@4"B6A?4":B@89?4"54"5<@@4?"54"=B"

;84"B67"EABT=8DD4:4@AD"4A"54">85E=8D4?"6@"F6T=8C"F=6D"<6":<8@D"?EA8>I""

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#O"-4F68D"#j!MS"=B"38AE"54"=H4DFBC4S"=4":6DE6:"54",<6=<6D4S"=4D")TBAA<8?DS"=4":6DE4"54D")6J6DA8@DS"=4":6DE4"'B8@A\(BK:<@5"

4A"'C84@C4")@8:BA8<@"DHBDD<C84@A"F<6?"<?JB@8D4?"=4"'E:8@B8?4"54":6DE<=<J84I""#P"+@"?4=9;4"B;4C"8@AE?]A"G64"=B"5E:B?CL4"56":6DE4"5EFB?A4:4@AB="54"=H)?=4D"B@A8G64"4DA"8@AEJ?E4"5ED<?:B8D"W"=B"><?:BA8<@"

54D" EA658B@AD" 54" =H2_*I" LAAFVmmnnnI8@FI>?ml<?:BA8<@\8@8A8B=4\4A\C<@A8@64ml<?:BA8<@\C<@A8@64m3BAB=<J64\54\><?:BA8<@ma6D44D\D8A4D\?4D4B67\4A\F6T=8CD\=4D\@<6;4B67\4@U467\54\=B\C<<F4?BA8<@"#["3>I" %4D" A?B;B67"56"J?<6F4"54" A?B;B8="Q"=4":6DE4"C<==BT<?BA8>"4A" 8@C=6D8>"R"G68"5E;854" =H4@D4:T=4"54D"C<@DEG64@C4D"54" =B"

:6DE<=<J84"FB?A8C8FBA8;4I"

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

-4F68D"F?9D"54";8@JA"B@DS"=4":6DE4"56"%<6;?4"B":8D"4@"F=BC4"=4"F?<J?B::4"Q",76&M71276&/24&9?&D?>/97&R"

G68"D4"5E?<6=4"D6?"F=6D846?D"D4DD8<@D"V"54D"EA658B@ADS"4@"JE@E?B="8DD6D"54">8=89?4D"B?A8DA8G64D"<6"L8DA<8?4"

54"=HB?AS"54;84@@4@A":E58BA46?D"F4@5B@A"6@4"D<8?E4"4A";<@A"B6\54;B@A"54D";8D8A46?D"F<6?"47F=8G64?"=4D"

Z6;?4DI"%4":<59=4"B"4DDB8:E"4A"<@"=4";<8A"W"=HZ6;?4"B6":6DE4"5H+?DBKS"W"=B"38AE"54"=HB?CL8A4CA6?4"4A"56"

FBA?8:<8@4S"B6":6DE4"@BA8<@B="56"a<K4@\)J4"3=6@K"`4@"JE@E?B="=4"!4?"58:B@CL4"56":<8DbI"Q"%4D"_68AD"

;4?@84D"R"B6"a6C4:#iS"Q"0?}D4=@BCLA"R"B6":6DE4"B=DBC84@"54"'A?BDT<6?J"4A"=B"D<8?E4"Q"38AE"54"=B"F46?"R"

54D"O":6DE4D"54"_B@CK$j"<6"=4D"_<CA6?@4D"56":6DE4"54D")6J6DA8@D"W",<6=<6D4$!"4@"D<@A"54D";B?8B@A4D"

:<8@D"A?B58A8<@@4==4D"4@"?EJ8<@I"'6?"6@":<54"BDD4r"=<6><G64S"=4D"D<8?E4D"aKAL8C"4A"6D77<&<?432;"B;4C"

=4D"DABA64D"B6":6DE4"5HB?CLE<=<J84"'B8@A"(BK:<@5S"4@"D<@A"4@C<?4"6@"B6A?4"474:F=4$#I"

%H<FE?BA8<@"Q"%B"C=BDD4S"=HZ6;?4"R$$"8@8A8E4"FB?"=4"a8@8DA9?4"54"=B"36=A6?4"4A"54"=B"3<::6@8CBA8<@"4A"=4"

a8@8DA9?4"54"=H&56CBA8<@"@BA8<@B=4"5BA4"G6B@A"W"4==4"54"#j!$I"&==4";8D4"=4"F6T=8C"DC<=B8?4"4A"DHBFF684"D6?"

=4D" A?<8D" F8=84?D" 54" =HE56CBA8<@" B?A8DA8G64" 4A" C6=A6?4==4"t" ?4@C<@A?4S" F?BA8G64" 4A" C<@@B8DDB@C4S" F<6?"

4@?8CL8?" =4" FB?C<6?D" 5HE56CBA8<@" B?A8DA8G64" 4A" C6=A6?4==4" 54D" E=9;4DI" *=6D" 54" $jj":6DE4D" 54" l?B@C4"

<6;?4@A"CLBG64"B@@E4"=46?D"C<==4CA8<@D"B67"EC<=84?DS"C<==EJ84@D"<6"=KCE4@D"F<6?"6@"A?B;B8="54"F=6D846?D"

:<8DI"%H<FE?BA8<@"F4?:4A"B8@D8"54"?4@><?C4?" =4D" =84@D"4@A?4"EABT=8DD4:4@AD"DC<=B8?4D"4A":6DE4D"5H6@"

:]:4"A4??8A<8?4"FB?"6@"A?B;B8="C<==BT<?BA8>S"54"5E;4=<FF4?"=B">B:8=8B?8AE"54D"E=9;4D"B;4C"=4D":6DE4D"4A"

E56G64?"=4"?4JB?5"54D"U46@4D">BC4"B67"Z6;?4D"A<6A"4@"5E;4=<FFB@A"=46?D"C<@@B8DDB@C4D"54D"C<==4CA8<@DI"

&==4" 8@C8A4" =4D" :6DE4D" W" 58;4?D8>84?" =46?" 58DF<D8A8>" 54" :E58BA8<@" F4?:4AAB@A" 58>>E?4@A4D" :<5B=8AED"

5HBFF?<CL4D"4A"58>>E?4@AD"@8;4B67"54"=4CA6?4"54D"Z6;?4DI"&@>8@S",?&.9?667H&9AN18>7&O"F?<F<D4"B67"U46@4D"

54" 54;4@8?" :E58BA46?DS" Q"FBDD46?D" 54" C6=A6?4"R" =H4DFBC4" 54" =B" _68A" 54D" a6DE4DS" >B;<?8DB@A" B8@D8"

=HB?A8C6=BA8<@"4@A?4"=4"A4:FD"DC<=B8?4"4A"=4"A4:FD">B:8=8B=I"&@;8?<@"=4"A84?D"54"C4D"U46@4D"?4;84@@4@A"B6"

:6DE4S"BCC<:FBJ@ED"54"=46?">B:8==4I"'4=<@"6@"B6A?4"F?8@C8F4S"=4D"DABJ4D"F<6?"B5<=4DC4@AD"`E=9;4D"54"

M9:4S"$9:4"4A"#@54bS"<?JB@8DED"FB?"=4"a6DE6:"54"_B@A4D"F4?:4AA4@A"54"?4@C<@A?4?"=4D"?4DF<@DBT=4D"54"

C<==4CA8<@DS"5EC<6;?8?"=4D":EA84?DS"4A"FB?A8C8F4?"W"=B"F?EFB?BA8<@"5H6@4"B@8:BA8<@$MI"

%&"a/'&&"k+('"%&'"a/('"V"%&"a/'&&"-)_'"'+_",&((2,+2(&"&,"1&('"'&'"*/o%23'"

34F4@5B@AS"B6\54=W"54"C4D"47FE?84@C4DS" =4":6DE4"F46A"54:46?4?"6@" =846" 8@A8:85B@A"F<6?"C4?AB8@4D"

CBAEJ<?84D"G68"@H<D4@A"FBD"4@A?4?"5B@D"6@"=846"DK@<@K:4"F<6?"4==4DS"54"470D97&<7&9?&.1941>7&9:;34307I""

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#i"LAAFVmmnnnI:6C4:I<?Jm>?m4;4@4:4@Am@68A\;4?@84\:B54\B=J4?8B"

$j"1<8?")@@474"

$!"LAAFVmmnnnIB6J6DA8@DI<?Jm>?m\m=4D\@<CA6?@4D\4A658B@A4Ds?458?4CA~�#l>?�#l=4D\?4@54r\;<6D�#lBCA8;8A4D�#l?4@54r\

;<6D\@<CA6?@4D""$#"LAAFVmmDB8@A?BK:<@5IA<6=<6D4I>?m'<8?44\a�,k23\B6\a'(|BP![ILA:="

$$"LAAFDVmmnnnI?4D4B6\CB@<F4I>?m=B\C=BDD4\=<46;?4mBCC648=ILA:=""

$M"LAAFVmmnnnI:6D46:I@B@A4DI>?mFBJ4DmjO\BCA6:6D46:mB@8:BA8<@DILA:"

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

-B@D"C4D"C<@58A8<@DS"=4D"58;4?D4D"47FE?84@C4D"54"?4@<6;4==4:4@A"54"F?BA8G64D"54":6DE<=<J84"32&6341"@4"

D6>>8D4@A"FBDS"8=">B6A"B==4?"B6\54;B@A"54"C4D"?EF6AED"Q"@<@\F6T=8CD"RS"=4D"?4@C<@A?4?"D6?"=46?D"=8467"54";84"

F<6?"=46?">B8?4"5EC<6;?8?"=4D"F<A4@A8B=8AED"<>>4?A4D"FB?"=4D":6DE4DI""

-4":B@89?4"DK@ALEA8G64S" =4"L/>6& 976&01>6"F<DD954"B8@D8"6@":<T8=4"4DD4@A84="t"B==4?";4?D" =4D"F6T=8CD"

?ED4?;ED"F<6?"C?E4?"6@4"F?4:89?4"?4@C<@A?4S"6@4"F?4:89?4"47FE?84@C4S"4A"D6DC8A4?"=4"5ED8?"5H6@4";8D8A4"

32&6341"tS"4A"6@4":<5B=8AE"F?8@C8FB=4"t"D<?A8?"=4D"Z6;?4D"56":6DE4"F<6?"=4D"Q"5EDBC?B=8D4?"RI""

aB8D"W"=H8DD64"54"C4AA4"F?4:89?4"EABF4"54">B:8=8B?8DBA8<@S"8=">B65?B"BCC<:FBJ@4?"C4D"F4?D<@@4D"A<6A"B6"

=<@J"56"A?BU4A"G68"=4D":9@4@A"B6":6DE4"`B6"D4@D"F?<F?4"C<::4"B6"D4@D">8J6?EbS"=4D"K"BCC648==8?"4A"=46?"

F?<F<D4?"54D"58DF<D8A8>D"5HB854"W"=B";8D8A4"4A"W"=H8@A4?F?EABA8<@"54D"Z6;?4D"G68"=46?"D<84@A"B5BFAEDI""

)6A?4:4@A"58AS"=4D"F?BA8G64D"56"L/>6&976&01>6"@4"FB?;84@@4@A"W"BAA48@5?4"=46?"<TU4CA8>"54"58;4?D8>8CBA8<@"

54D"F6T=8CD"G6HW"=B"C<@58A8<@"G64"=4D"58>>E?4@A4D"DEG64@C4D"54"C4"C<@A8@66:"D<84@A"4>>4CA8;4DI""

)%%&(")"%)"(&_3+_,(&"-&",+/'"%&'"*/o%23'S"'H2_'&(&("-)_'"/_",&((2,+2(&"

%B"5E:B?CL4"8@A4?F4==4"A<6A4D"=4D"8@DA8A6A8<@D"C6=A6?4==4DS"G68"F46;4@A"5HB8==46?D"5B@D"=4"CB5?4"54"=46?"

CBL84?"54D"CLB?J4D"B;<8?"W"U6DA8>84?"54"=46?"T<@@4"8@D4?A8<@"4A"8@AEJ?BA8<@"D6?"=46?"A4??8A<8?4"V"@4"FBD"]A?4"

Q"L<?D"D<="RS":B8D"B6"C<@A?B8?4"]A?4"F4?q6"C<::4"6@"BCA46?"C=E"56"A4??8A<8?4S"W"=HEC<6A4"54"=B"F<F6=BA8<@"

4A"DH4>><?C4?"5HBFF<?A4?"54D"?EF<@D4D"B67"54:B@54D"4A"D6DC8A4?"54"=H4@;84I"&@"<6A?4S"F<6?"=4D"J?B@5D"

EABT=8DD4:4@AD" G68" <@A" 6@" ?BK<@@4:4@A" @BA8<@B=" ;<8?4" 8@A4?@BA8<@B=S" C4" D<6C8" 5HE=B?J8DD4:4@A" 56"

F6T=8C"F46A"B==4?"B6\54=W"56"A4??8A<8?4"=<CB="F<6?"<>>?8?"W"54D"F6T=8CD"5HB6A?4D"?EJ8<@D"=B"F<DD8T8=8AE"5H6@"

BCC9D" B67"Z6;?4D" F=6D" F?4DA8J846D4DI" %4D" @<6;4==4D" ;B?8B@A4D" 56" L/>6& 976&01>6" AE:<8J@4@A" 54" C4D"

F?<T=E:BA8G64D"58;4?D4DI"

&@"2=4\54\l?B@C4S"6@"F?4:84?"474:F=4"@<6D"4DA"=8;?E"B;4C"=4"FB?A4@B?8BAS"4@"#j!NS"4@A?4")?CLEBS":6DE4"

B?CLE<=<J8G64"W"%<6;?4DS"4A"=4"a6a<$N"G68">B8A"C8?C6=4?"54D"Z6;?4D"5HB?A8DA4D"C<@A4:F<?B8@D"5B@D"6@"

C<@AB8@4?"G68"D4"A?B@D><?:4"4@":8C?<\:6DE4"6@4"><8D"B??8;E"W"54DA8@BA8<@"V"=4D"5467"DA?6CA6?4D"C?<8D4@A"

=4D" ?4JB?5D" 54" =46?D" U46@4D" ;8D8A46?D" D6?" 54D" C<==4CA8<@D" 47A?]:4:4@A" 58DD4:T=BT=4DI" %4" l()3\

)?A<AL9G64" 56" %8:<6D8@" B" C<@C=6" 6@" FB?A4@B?8BA" B;4C" =4" :6DE4" 54" (<CL4CL<6B?A" C<@D8DAB@A" 4@"

=H<?JB@8DBA8<@" 5H6@4" 47F<D8A8<@" Q"%HB?A" 4@" =8467"R" B;4C" 6@" ;8==BJ4" D8A6E" F?9D" 56" 34@A?4" 5H)?A"

C<@A4:F<?B8@"54"1BDD8;89?4"V"=4"F?8@C8F4"4DA"54"A?B@D><?:4?"=4";8==BJ4"4@"=846"5H47F<D8A8<@S"B6A?4:4@A"

58A"=4D"Z6;?4D"D<@A";8D8T=4D"W"=B"F<DA4S"CL4r"=4"C<8>>46?S"<6"=4"T<6CL4?v"'<?A8?"=4D"C<==4CA8<@DS"C4"F46A"

]A?4"EJB=4:4@A"B>8@"54"A8DD4?"6@4"?4=BA8<@"B;4C"6@"B6A?4"EABT=8DD4:4@A"C6=A6?4="C<::4"W"aB?D48==4S"<d"

=4"a6C4:"DH4DA"?BFF?<CLE"56"ALEcA?4"54"%B"3?8E4I"+6"4@C<?4"?45<@@4?";84"W"54D"C<==4CA8<@D"=<?DG64"FB?"

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""$N"LAAFVmmnnnI:6D44\:<T8=4I>?m"4A"LAAFVmmB?CL4BI?<8DDKFBKD54>?B@C4I>?m""

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

474:F=4S" 4==4D" D<@A" BCC648==84D" 5B@D" 6@" @<6;4=" EG68F4:4@A" BAKF8G64" A4==4" G64" =B" 38AE" 56" ;8@" W"

o<?54B67$OI""

2@8A8E4"FB?"=4"a8@8DA9?4"54"=B"C6=A6?4"4@"#j!M"4A":4@E4"B;4C"=4"C<@C<6?D"54D":6DE4D"@BA8<@B67"54"=B"

(4@B8DDB@C4"`&C<64@bS"54D")?AD"BD8BA8G64D"^"068:4AS"aB?C"3LBJB=="W"_8C4"4A"l4?@B@5"%EJ4?"W"o8<A"B8@D8"

G64"=4"34@A?4"@BA8<@B="5HB?A"F=BDA8G64S"=H47FE?8:4@ABA8<@"Q"%H&@A?4F?8D4"W"=HZ6;?4"R"B"F4?:8D"G64"D<84@A"

5EF=<KE4D" 6@4" DE=4CA8<@" 5HZ6;?4D" 5B@D" C8@G" 4@A?4F?8D4D"`(4@B6=A" W" l=8@DS" '<ALKD" W" o?8;4S" kB?<FB" W"

(<64@S"&(-l"W"aE?8J@BCS"aE?8467"W"aB?CK"=H&A<8=4bI"*4@5B@A"6@4"D4:B8@4S"6@4"47F<D8A8<@"C<@q64"FB?"

=B" (a_\0*" 5B@D" =4D" =<CB67" 54" =H4@A?4F?8D4" EAB8A" F?ED4@AE4" B67" DB=B?8ED" BDD<?A84" 5H6@" 58DF<D8A8>" 54"

:E58BA8<@"C<\C<@DA?68A" B;4C" =4D" D4?;8C4D"54D"F6T=8CD"54D":6DE4D"F?]A46?D"4A" =4D":6DE4D" =<CB67S" =4D"

C<:8AED"5H4@A?4F?8D4"4A"54D"B?A8DA4D$PI")6A?4"474:F=4"V" =4":6DE4"56"G6B8"o?B@=K"G68" D4"5EF=BC4"W" =B"

:B8?84" 56"aB@D"F<6?" K" <?JB@8D4?" 6@4"47F<D8A8<@" A4:F<?B8?4S" 6@":8@8\DB=<@"56" =8;?4" 4A" =4" 5EFYA" 54"

G64=G64D" <TU4AD" 54:46?B@A" 4@" F=BC4" A<6A4" =HB@@E4S" 4A" 5<@A" =4" 58?4CA46?" 4A" 54D" C<@D4?;BA46?D" ><@A"

EJB=4:4@A"=4"5EF=BC4:4@A"F4@5B@A"G64=G64D"U<6?D"F<6?"?4@C<@A?4?"=4D"aB@C4B67I"

%4" a6DE4" 0BDD4@58" 54" -8J@4" B" G6B@A" W" =68" 8:BJ8@E" 54D" D4@A84?D" 54" ?B@5<@@E4" B6A<6?" 5HZ6;?4D"

5HB?A8DA4D" 56" =B@5\B?A"V" CH4DA" B8@D8" G64" !$j"Z6;?4D" C<@A4:F<?B8@4D" D<@A" 58DDE:8@E4D" =4" =<@J" 5H6@"

FB?C<6?D" 54" !Nj" y:D" B6A<6?" 54" -8J@4DI" 34" FB?C<6?D" 4DA" UB=<@@E" 54" L68A" Q"?4>6J4D" 5HB?A"R" <d" =4D"

?B@5<@@46?D"F46;4@A"FBDD4?"=B"@68AI"/@4"DK@4?J84"4DA"C?EE4"4@A?4"=B"C<==4CA8<@"56":6DE4S"54D"Z6;?4D"

C<@A4:F<?B8@4D"5B@D"=B"@BA6?4"<6"5B@D"=4D"?4>6J4DS"4A"=B"5EC<6;4?A4"5H6@"A4??8A<8?4"54":<@ABJ@4I""

%4" L<?D" =4D" :6?D" F46A" EJB=4:4@A" D4" ?E;E=4?" 6@4" F?BA8G64" 54" D6TDA8A6A8<@" 4@" CBD" 54" >4?:4A6?4"

F<@CA64==4"56":6DE4"F<6?"A?B;B67I""

/@"474:F=4"A?9D"4:T=E:BA8G64"@<6D"4DA"><6?@8"FB?"=4":6DE4"54"*<@A\);4@"G68S"F4@5B@A"=B"56?E4"54D"

A?B;B67" 56" :6DE4" `#j!#\#j!NbS" B" 8:BJ8@E" =4D" D<8?E4D" Q"FBF<ABJ4"R" B6A<6?" 54D" Z6;?4D" CL4r" =4D"

C<::4?qB@AD"54"=B";8==4">B8DB@A";4@8?"W"=H<CCBD8<@"54D"DFEC8B=8DA4D"F<6?"C<@;4?D4?"B;4C"=4D"LBT8AB@ADI"%B"

5E:B?CL4" ?BFF4==4" C4==4" 54" %B6?4@A" o6D8@4" F4@5B@A" =4" CLB@A84?" 56" 0?B@5" k<?@6" `o4=J8G64b" G68"

<?JB@8DB8A"54D"D<8?E4D"W"5<:8C8=4"<6"B6"CB>E"B6A<6?"5HZ6;?4D"B;4C"=4DG64==4D"8="EAB8A";4@6I"'4=<@"=68S"8="

>B6A" Q"]A?4" CBFBT=4" 54" FB?=4?" 54" A<6A" B;4C" =4D" J4@D" F<6?" ]A?4" CBFBT=4" 54" =46?" FB?=4?" 54" C6=A6?4"RI"

%H474:F=4" 56":6DE4" kKBC8@AL4" (8JB65" W" *4?F8J@B@" `8=" ;84@A" 54" ?<6;?8?" BF?9D" F=6D846?D" B@@E4D" 54"

A?B;B67b" 4DA" EJB=4:4@A" 8@AE?4DDB@A"V" 8@;4DA8DDB@A" 6@4" T<6A8G64" 5EDB>>4CAE4" 56" C4@A?4\;8==4S" 8=" K" B"

<?JB@8DE"=B":8D4"4@"DC9@4"5H6@"BA4=84?"54"?4DAB6?BA8<@"54D"Z6;?4D"56":6DE4"5B@D"=4G64="=4D"FBDDB@AD"

F<6;B84@A"FE@EA?4?S"54D"BA4=84?D"54"F?BA8G64D"B?A8DA8G64D"<6S"=<?D"54"=B"_68A"54D":6DE4DS"6@4"B@8:BA8<@"

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""$O"LAAFVmmnnnI=BC8A456;8@IC<:m>?"

$P"1<8?"=4"A47A4"56"0?<6F4"54"A?B;B8="Q"a6DE4"8@C=6D8>"4A"C<==BT<?BA8>"R"F<6?"=HE;B=6BA8<@"54"C4AA4"47FE?8:4@ABA8<@I"

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

D<@<?4"F<6?"6@4";8D8A4"Q"FB?"=4D"<?48==4D"56":6DE4"8@;8D8T=4"B67"K467"R$[I")"(<54rS"=B"I?G>3.?43/2"54D"

>6A6?D";8D8A46?D"DH4DA" >B8A4"4@":]:4"A4:FD"G64" =B" I?G>3.?43/2"56":6DE4"'<6=BJ4D"V" =H4@D4:T=4"54" =B"

F<F6=BA8<@"B"D68;8"=4"CLB@A84?"W"A?B;4?D"6@"A?B;B8="54"?4F<?ABJ4"?EB=8DE"F4@5B@A"5467"B@D"FB?"=4D"E=9;4D"

54"58>>E?4@A4D"EC<=4D"4A"C<==9J4DI"

34D"58;4?D"474:F=4D"AE:<8J@4@A"56"5ED8?"54"C<@A8@64?"W"]A?4"F?ED4@A"5B@D"=4"FBKDBJ4"C6=A6?4=":B8D"

EJB=4:4@A"54"?4C<@DA?68?4"6@4"?4=BA8<@"54";<8D8@BJ4"B;4C"=4D"F6T=8CDI"-6"?4DA4S"C4D"BCA8<@D"@4"C4DD4@A"

FBD" BF?9D" =B" ?E<6;4?A6?4" 54" =HEABT=8DD4:4@AI" ,<6A" B6" C<@A?B8?4S" 4==4D" D<@A" A?B@DF<DE4D" W" 5HB6A?4D"

CLB@A84?D" :6DEB67" 54" =HBJJ=<:E?BA8<@" <6" ?E8@;4DA84D" 5B@D" 54D" BCA8<@D" 4@" 58?4CA8<@" 54" CBAEJ<?84D"

FB?A8C6=89?4D"54"F6T=8CDI"

3+_3&1+2(" -&'" )3,2+_'" 2__+1)_,&'" &_" -2(&3,2+_" -&'" */o%23'" -2,'" -/" 3k)a*"

'+32)%"

*6T=8CD" 58AD" :9/3;2:6H& 36/9:6H& 6/1II>?246H& 70DP.L:6H& >7.916H& :.?>4:6H& <:I?8/>36:6H" <6" 4@C<?4" D1G93.6&

?45D3B176" <6" ?1C& G76/326& D?>43.1937>6S" C<@DA8A64@A" C4" G64S" 5B@D" =4" ;<CBT6=B8?4" 54D" 8@DA8A6A8<@D"

C6=A6?4==4DS"<@"5E@<::4"=4"Q"F6T=8C"56"CLB:F"D<C8B="R$iI"-4":B@89?4"F?BJ:BA8G64S"CH4DA"W"58?4"56"F<8@A"

54";64"5H6@4"<>>?4"G68"=46?"4DA"DFEC8>8G64:4@A"54DA8@E4S"@<6D"58DA8@J64?<@D"A?<8D"AKF4D"54"F6T=8C"G68"

>?EG64@A4@A"F46"<6"FBD"56"A<6A" =4D":6DE4D" V"4@"F?4:84?S"6@"F6T=8C"F<F6=B8?4S"?EF6AE"F46"58F=Y:ES"

D<6;4@A" :BDC6=8@S" ;8;B@A" B6DD8" T84@" 4@" :8=846" 6?TB8@" G64" ?6?B=S" 4A" F<6?" =4DG64=D" =HBTD4@C4" 54"

>?EG64@ABA8<@"54D":6DE4D"A84@A"W"54D">BCA46?D"A?9D"58;4?D"`58DAB@C4S"58DF<@8T8=8AES"AB?8>DS"BTD4@C4"54"

J<eA"F<6?"=4D":6DE4DS"B6A<C4@D6?4"?ED6=AB@A"54"=H85E4"G64"=H<@"@4"F<DD954"@8"=4D"C<@@B8DDB@C4D"@8"=4D"

C<54D"C6=A6?4=D"@EC4DDB8?4D"F<6?"]A?4"W"=HB8D4"4A"D4"D4@A8?"W"DB"F=BC4"vb"u"4@"546789:4S"6@"F6T=8C"G68"@4"

:BXA?8D4"FBD"=B"=B@J64">?B@qB8D4S"G6H8="D<8A"@<6;4==4:4@A"B??8;E"4@"l?B@C4"<6"K"?ED854"54F68D"6@"C4?AB8@"

A4:FDS"4A"@H4DA"FBD"FB?;4@6"W"D4">B:8=8B?8D4?"B;4C"6@4"<>>?4":6DEB="?4=BA8;4:4@A"<FBG64"u"4@"A?<8D89:4S"

6@"F6T=8C"4:F]CLE"FLKD8G64:4@A"G68":]:4"DH8="4@"B;B8A" =4"D<6LB8A"@4"F46A"BCCE54?"B6":6DE4"V" =4D"

F4?D<@@4D"4@"D8A6BA8<@"54"LB@58CBFS"=4D"F4?D<@@4D"L<DF8AB=8DE4D"<6"=4D"F4?D<@@4D"D<6D\:B8@"54"U6DA8C4I""

-B@D"C4D"A?<8D"CBDS"4@"5EF8A"54" =H47F4?A8D4"BCG68D4"5B@D"C4"5<:B8@4"FB?" =4D"EG68F4D"54":6DE4DMjS" =B"

5E:B?CL4"?4DA4"C<:F=474S"=<@J64S"<@E?46D4"F<6?":4AA?4"4@"F=BC4"54D"FB?A4@B?8BAD">?6CA6467"B;4C"54D"

8@DA8A6A8<@DS" 54D" BDD<C8BA8<@DS" 54D" E=6D" =<CB67v" *B?" B8==46?DS" =4D" :<5B=8AED" F46;4@A" ;B?84?" CB?" =4D"

<TU4CA8>D"D<@A"58>>E?4@AD"V"AB@AYA"<@"DH8@DC?8A"5B@D"6@4"=<J8G64"54"5E:<C?BA8DBA8<@"B;4C"=4"D<6C8"5H6@"

E=B?J8DD4:4@A"56"F6T=8C"4A"5H6@4"8@AEJ?BA8<@"56":6DE4"D6?"D<@"A4??8A<8?4S"AB@AYA"<@"D4?B8A"F=6D"F?<CL4"

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""$["LAAFVmmnnnIT4B6T?68AI@4Am#j!MmjNm=4\:6D44\8@;8D8T=4ILA:=&

$i"3>I"-4=FL8@4"')/(2&(S"2@A?<56CA8<@"W"Q"&@A?4"=4D":6?Dmk<?D"=4D":6?D"V"C6=A6?4"4A"F6T=8CD"4:F]CLED"RS"36=A6?4"�"a6DE4DS"

@�#OS"#j!NI"Mj"1<8?" =4"(ED4B6"Q"18;?4"4@D4:T=4"R"56"a8@8DA9?4"54"=B"C6=A6?4"4A"54"=B"C<::6@8CBA8<@S"4A"4@"D<@"D48@"=4"?ED4B6"Q"(ECB"R"

5E58E"B67"BCA8<@D"4@"58?4CA8<@"54D"F4?D<@@4D"4@"D8A6BA8<@"54"LB@58CBFI"

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

5H6@4" =<J8G64" 5H"Q"B?A\ALE?BF84"RS" =4D"Z6;?4D" 4Am<6" =B" F?BA8G64" 54" ;8D8A4" 54;4@B@A" 6@" 58DF<D8A8>" 54"

D<6A84@"FDKCL<=<J8G64"54;B@A"B854?"B6"?EABT=8DD4:4@A"54"=B"F4?D<@@4":B=B54"<6"4@"D<6>>?B@C4"u"AB@AYA"

CH4DA"=B"G64DA8<@"5H6@4"BCC4DD8T8=8AE"6@8;4?D4==4"54D"C<==4CA8<@D"4A"54D"TcA8:4@AD"G68"4DA"4@"U46"4A"AB@AYA"

C4==4"56"D<C8<\E56CBA8>"4@";64"54"=B"?E8@D4?A8<@I""

)8@D8S"4@"C4"G68"C<@C4?@4"=B":E58BA8<@"54"=HB?CLE<=<J84S"2DBT4==4"54"a8?B@5B"`58?4CA?8C4"54"=H)DD<C8BA8<@"

)?yE<:E58Bb"54DD8@4"6@"CB5?4"V"Q"9A3<:7&764&<7&D?>43>&<7&9AL364/3>7&/1&<1&8:.1&<76&D1G93.6&D/47243796&D/1>&

>?./247>& 127& ?14>7& L364/3>7Q& +7& 8:.1& 764& 6/18724& .7913& <7& D1G93.6& 36616& <7& 9A3003;>?43/2H& <A127&

3003;>?43/2&</19/1>7167H&?87.&12&L:>34?;7&.1941>79&I/>4H&127&./2I>/24?43/2&J&127&</1G97&.1941>7Q&,A3<:7&

764& <7& 4>?8?3997>& 61>& 9AL364/3>7& 9/.?97& <7& M71276& B13& 27& 4>/18724& D?6& I/>.:0724& 971>& D9?.7& 3.3H& 61>& 12&

D?4>30/327&72I/13&0?36&8363G97H&.7913&<7&9A:./97&D?>&7C70D97Q&,76&D?>7246&D718724&:;?970724&D>72<>7&

D?>4&J&9?&<:0?>.L7H&.79?&971>&D?>97&:;?970724H&12&<3?9/;17&6A323437&?1&6732&<7&9?&I?03997Q&(4&97&016:7&

D714&D?>43.3D7>&J&.7447&<:0?>.L7&72&326.>38?24& 97&8363471>&<?26&127&L364/3>7&B13& 913&?DD?>43724H& 39& I?14&

>:1663>&J&32.91>7&4/14&97&0/2<7H&74&>72<>7&97&016:7&D916&?..17399?24&D?>43.3D7>?34&J&.7447&<:0?>.L7Q&RM!I"

"

%4D"FB?A4@B?8BAD"B;4C"=B"-8?4CA8<@"54"=HB5:8@8DA?BA8<@"FE@8A4@A8B8?4"4A"=4D":6DE4DM#"F?4@@4@A"5ED<?:B8D"

D<6;4@A" =B" ><?:4" 5H47F<D8A8<@D" <6" 54":E58BA8<@D" C<\C<@DA?68A4D" B;4C" =4D" 5EA4@6DI" *B?A4@B?8BAD" 56"

%<6;?4"B;4C"=4"'4?;8C4"FE@8A4@A8B8?4"5H8@D4?A8<@"4A"54"F?<TBA8<@"54"*B?8D"4A"=B"34@A?B=4"54"*<8DDK"`#j!!bS"

54"=B"(E6@8<@"54D"a6DE4D"_BA8<@B67"^"0?B@5"*B=B8D"B;4C"=4"34@A?4"FE@8A4@A8B8?4"'65\>?B@C8=84@"`#j!$bS"

56"%<6;?4\%4@D"B;4C"=4"C4@A?4"FE@8A4@A8B8?4"54"aB6T46J4"`#j!NbS"56":6DE4"@BA8<@B="54"=B"3E?B:8G64"

)5?84@"-6T<6CLE"W"%8:<J4D"G68S"B;4C"=H<FE?BA8<@"Q",7&<7L/>6&70DP.L:&RS"F?<F<D4"W"54D"5EA4@6D"54"

?E58J4?" =4D"CB?A4=D"5H6@4"47F<D8A8<@"5B@D" =4":6DE4S"" =4D"EABT=8DD4:4@AD"@BA8<@B67"@4":E@BJ4@A"FBD"

=46?D"4>><?ADI"%4D":6DE4D"A4??8A<?8B67"@4"D<@A"FBD"4@"?4DA4I")6"D48@"56"?ED4B6">?B@C<\B:E?8CB8@"54D"

:6DE4D"`l?B:4bM$S"=4D":6DE4D"54"aB?D48==4"`B;4C"=H&ABT=8DD4:4@A"*E@8A4@C84?"F<6?"a8@46?D"56"G6B?A84?"

54"=B"1B=4@A8@4b"4A"=4":6DE4"lBT?4"W"a<@AF4==84?"`B;4C"=4"'4?;8C4",4??8A<?8B="&56CBA8<@"4A"5H2@D4?A8<@b"

<@A":8D"4@"F=BC4"54D"BCA8<@D"?4=4;B@A"56"F?<J?B::4"E56CBA8>"8@A8A6=E"Q",B=y8@J")?Am*B?=4?"5HB?A"R"G68"

4DA"54DA8@E"W"54D"U46@4D"4@":8=846"CB?CE?B="4A"G68"D<@A":4@E4D"FB?B==9=4:4@A"4@"l?B@C4"4A"4@"):E?8G64"

56"_<?5I""

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""M!"3>I"3<:FA4"?4@56"54"=H4@A?4A84@"W"F?<F<D"56"D>/M74&S&!?&83997H&0/2&L364/3>7&R&72&?227C7&74&LAAFVmmnnnIB?y4<:458BI>?m"

M#"3<@;4@A8<@"36=A6?4"�"h6DA8C4"

M$"l()a&"`l?4@CL"(4J8<@B="):4?8CB@"a6D46:"&7CLB@J4b"4DA"6@">E5E?BA46?"54"#O":6DE4D"54"l?B@C4"4A"5f):E?8G64"56"_<?5"

G68" F?<:46A" =B" 58F=<:BA84" C6=A6?4==4" 5B@D" 6@" C<@A47A4" 5fECLB@J4D" 4@A?4" :6DE4I"l()a&" 4@C<6?BJ4" =4D" FB?A4@B?8BAD" 4@A?4" D4D" :6DE4D" :4:T?4D" B>8@" 5f<?JB@8D4?" 54D" 47F<D8A8<@D" B>8@" 54" 5E;4=<FF4?" 54D"F?<J?B::4D"C6=A6?4=D"8@@<;B@AD"F<6?"D4D"F6T=8CD"4A"54">B;<?8D4?"54D"ECLB@J4D"54"F?<>4DD8<@@4=D"FB?:8"=4D"EG68F4D"54"D4D":6DE4DI"LAAFVmmnnnI>?B:4:6D46:DI<?Jm"3<@ABCA"V"4:8=4I;B@LB4D4T?<6y4�C6=A6?4IJ<6;I>?"

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

%4" FB?A4@B?8BA" B;4C" =H)DD8DAB@C4" F6T=8G64"kYF8AB67" 54" *B?8D" <6"kYF8AB67" 54"aB?D48==4" B" F4?:8D" 54"

C<@C4;<8?"54D"BCA8<@D"W"54DA8@BA8<@"54D"FBA84@AD"L<DF8AB=8DED" `47F<D8A8<@"54" ?4F?<56CA8<@"5HZ6;?4D"

5HB?AS"BA4=84?D\;8D8A4DbI"%4":6DE4"54D"o4B67\)?AD"54"%K<@"4DA"4@JBJE"5B@D"5467"FB?A4@B?8BAD"B;4C"54D"

LYF8AB67" FDKCL8BA?8G64D" `34@A?4D" L<DF8AB=84?" 'B8@A\h4B@" 54"-846" 4A" 54" 'B8@A\3K?" B6"a<@A" 5H+?bI" " %4"

:6DE6:"k4@?8"%4C<G"54"3=4?:<@A\l4??B@5"B"C<@q6S"54F68D"#j!!S"54D"BA4=84?D"54"C6=A6?4"DC84@A8>8G64"

F<6?"54D"4@>B@AD"L<DF8AB=8DED"B6"D48@"54"3k/"&DAB8@JI"

3<@C4?@B@A"=4"F6T=8C"4@"D8A6BA8<@"54"LB@58CBFS"=4"Q"*?87"a6DE4D"*<6?",<6D"R"C?EE"4@"#jjP"54;4@6"Q"*?87"

*BA?8:<8@4D"*<6?",<6D"R"4@"#j!jS"F4?:4A"54";8D6B=8D4?"`4A"54"CBF8AB=8D4?b" =B"FB@<F=84"54D"58DF<D8A8>D"

C<@q6D"F<6?"C4"F6T=8C":B8D"EJB=4:4@A"54":4D6?4?"U6DG6HW"G64="F<8@A"=4":8=846":6DEB="4DA"5ED<?:B8D"

D4@D8T8=8DE"W"=B"G64DA8<@"56"LB@58CBF"4A"C<::4@A"=4D"F4?D<@@4=D"54D"EABT=8DD4:4@AD"D4"D<@A"5<AED"54"

C<:FEA4@C4D"5B@D"C4"5<:B8@4I"+@"F46A"K";<8?"6@4"8@C854@C4"?E4==4"54"=B"%<8"56"!!">E;?84?"#jjN"G68"

5<@@B8A"587"B@D"B67"EABT=8DD4:4@AD"?4C4;B@A"56"F6T=8C"F<6?"D4"?4@5?4"BCC4DD8T=4D":]:4"D8"C4"CLB@A84?"

4DA" =<8@" 5H]A?4" BCL4;E" " =B" C?EBA8<@" 54D" BJ4@5BD" 5HBCC4DD8T8=8AE" F?<J?B::E4" `)-H)*b" <T=8J4" W" =B"

>8@B=8DBA8<@"54"C4AA4"<T=8JBA8<@"=EJ8D=BA8;4"W"=HL<?8r<@"#j#jI""

)"A8A?4"5H474:F=4DS"F<6?"C4D"C8@G"54?@89?4"B@@E4DS"<@":4@A8<@@4?B"=4D":6DE4D"F?8:EDMM"V"B6"A8A?4"54D"

:6DE4D" A4??8A<?8B67S" =4" :6DE4" 54" =B" %6AL4?84" 4A" 54" =HB?CL4A4?84" >?B@qB8D4" W" aE?8C<6?AS" =4" :6DE4"

5EFB?A4:4@AB="54"*?EL8DA<8?4"W"'<=6A?ES"=4":6DE4",<6=<6D4\%B6A?4C"W")=T8S"=4":6DE6:"54",<6=<6D4S"=4"

:6DE4"5Hk8DA<8?4"54"_B@A4D\CLcA4B6"54D"56CD"54"o?4ABJ@4S"=4":6DE4"5EFB?A4:4@AB="54"=B"3E?B:8G64"

W"%4r<67"S"=4":6DE4"54D"o4B67\B?AD"54".68:F4?S"=4":6DE4"54"=B"3=<CL4"4A"56"D<@@B8==4"W"kE?EF8B@S"=4"

:6DE4"lBT?4"W"a<@AF4==84?S" =4":6DE4"*8CBDD<"5H)@A8T4DS" =4":6DE4"54"l=B@5?4"W"3BDD4="4A" =B":B8D<@"

18CA<?"k6J<"W"*B?8D"u"B6"A8A?4"54D":6DE4D"@BA8<@B67S"=4":6DE4"56"G6B8"o?B@=KS"=4":6DE4"@BA8<@B="54"=B"

a6D8G64S"=4":6DE4"56"%<6;?4"4A"=4":6DE4"@BA8<@B="56"DF<?A"W"_8C4I"",<6D"=4D"LB@58CBFD"D<@A"C<6;4?AD"

4A"=HE=B?J8DD4:4@A"B6"FE?8:9A?4"54"=B":B=B584"5H)=rL48:4?"4DA"54":8D4I""

+@"=4";<8AS"@6="T4D<8@"5H]A?4"6@":6DE4"54"AB8==4"A?9D"8:F<?AB@A4"F<6?"DH]A?4":8D"B6"58BFBD<@"54"=B"%<8I"

/@" 54?@84?" 474:F=4" 54" T<@@4D" F?BA8G64D"V" =4" 58DF<D8A8>" Q"'<6>>=46?D" 5H8:BJ4D"R"4DA" 6@" B@@6B8?4" 54"

TE@E;<=4D"G68";84@@4@A"CL4?CL4?"4A"BCC<:FBJ@4?"54D"@<@\;<KB@AD"F<6?"54D";8D8A4D"B6":6DE4"5HB?A"4A"

5HL8DA<8?4"54"%B"(<CL4==4I""

%H4@D4:T=4"54"C4D"474:F=4D":4AA4@A"4@"BFF=8CBA8<@"=H85E4"5H6@4"BCC4DD8T8=8AE"6@8;4?D4==4"W"A?B;4?D"6@4"

BFF?<CL4"@<@\4@>4?:B@A4"5B@D"6@"LB@58CBFI""

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""MM"%4D"C?8A9?4D"5HE=8J8T8=8AE"B6"Q"*?87"*BA?8:<8@4"F<6?"A<6D"R"D<@A"=4D"D68;B@AD"V"6@4"5E:B?CL4"5HBCC4DD8T8=8AE"JE@E?B=8DE4"`CB5?4"

TcA8"4A"<>>?4D"C6=A6?4==4D"B5BFAE4DbS"54D"FB?A4@B?8BAD"B;4C"54D"BDD<C8BA8<@D"?4F?ED4@ABA8;4D"54D"F4?D<@@4D"LB@58CBFE4DS"54D"BCA8<@D":4@E4D"B6F?9D"54D"EABT=8DD4:4@AD"BKB@A"4@"CLB?J4"C4D"F6T=8CDS"54D"<6A8=D">B;<?8DB@A"=HB6A<@<:84"54D"F4?D<@@4DS"=B":878AE"5B@D"=H<>>?4"C6=A6?4==4S"=H8:F=8CBA8<@"54"=H4@D4:T=4"54D"D4?;8C4D"56":6DE4I"

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

&@>8@S"=B"F<=8A8G64"5HE=B?J8DD4:4@A"54D"F6T=8CD"4@"B==B@A"W"=B"?4@C<@A?4"54D"Q"<6T=8ED"R"D6?"=46?"A4??8A<8?4"

G6<A8584@"DH8@A9J?4"A<AB=4:4@A"W"=B"F<=8A8G64"JE@E?B=4"5H8@D4?A8<@"54D"8@DA8A6A8<@D"C6=A6?4==4D"5B@D"=46?"

;<8D8@BJ4S"4@";64"54">B;<?8D4?"=B"C?EBA8<@"54"=84@"D<C8B=S"54":8467"F?4@5?4"4@"C<:FA4"=4D"58;4?D8AEDS"

@<AB::4@A"=<?DG6H8="DHBJ8A"54"J?B@54D":EA?<F<=4D"6?TB8@4D"C<:F?4@B@A"54D"TB@=8464D"BKB@A"CLBC6@4"

=46?D" DFEC8>8C8AED" 4A" C<:F<DE4D" 54" F<F6=BA8<@D" A?9D" 58;4?D4DI" &@" 4>>4AS" 5B;B@ABJ4" G64" =B" 58DAB@C4"

JE<J?BFL8G64S"C4"G68"4DA"=4"CBD"4@"r<@4"?6?B=4"4@"FB?A8C6=84?S"=B"58DAB@C4"C6=A6?4==4"F46A"C<@DA8A64?"6@"

>?48@":BU46?"W"=B"F?BA8G64"56":6DE4I"""

%4" :6DE4" 56" .6B8" o?B@=K" B" B8@D8" 5E;4=<FFE" 54D" FB?A4@B?8BAD" B;4C" 54D" C<::6@4D" 54" =B" TB@=8464"

FB?8D84@@4" `a<@A?468=S" 34?JKS" <6" 3=8CLK\a<@A>4?:48=b" F<6?" <?JB@8D4?" 54D" Q"BA4=84?D" @<:B54D"RI" 34"

:6DE4":<T8=4S"B;4C"6@4"5<6T=4"58:4@D8<@"54"5E:<C?BA8DBA8<@"54D"F6T=8CD"4A"5H<6;4?A6?4"W"=B"58;4?D8AES"

>B;<?8D4"=4"C<@ABCA"58?4CA"4@A?4"=HZ6;?4"4A"6@4"F<F6=BA8<@"@<@">B:8=89?4"54D":6DE4D"4@"A?<6;B@A"=HB@J=4"

G68" =68" C<@;84@A" =4" :8467I" %4" F?8@C8F4" 54D" BA4=84?D" @<:B54D" 4DA" C4=68" 5H6@4" C<==BT<?BA8<@" 4A" C<\

C<@DA?6CA8<@"B;4C"=4D"BCA46?D"56"A4??8A<8?4S"=4":6DE4"BJ8DDB@A"C<::4"?4DD<6?C4"4A"=4D"BCA46?D"=<CB67"

?4DAB@A" :BXA?4D" 56" F?<U4AI" 34=B" @EC4DD8A4" W" =B" ><8D" 6@4" ?8CL4DD4" 54" =H<>>?4" 4A" 6@" F<D8A8<@@4:4@A"

:<54DA4"V"B;<8?"D6>>8DB::4@A"54"A4:FD"F<6?"F4?:4AA?4"6@4"?4@C<@A?4"B;4C"=4D"LBT8AB@ADS"8@;4DA8?"54D"

=8467"G68"=46?"D<@A">B:8=84?DS"@4"FBD"]A?4"F4?q6"C<::4"6@"58DF<D8A8>"B?A8>8C84=S"L<?D"D<=I"&@">8@"5HBA4=84?S"

6@" T6D" J?BA68A" F?<F<D4" B67" FB?A8C8FB@AD" 54" D4" ?4@5?4" B6" G6B8" o?B@=K" <d" 8=D" F<6??<@A" 5EC<6;?8?"

=H4@D4:T=4"54" =B"C<==4CA8<@I"%B"F?8D4"4@"CLB?J4"54"C4"A?BU4A"FB?" =4D"EG68F4D"54":E58BA8<@"56":6DE4"

?BDD6?4"=4D"FB?A8C8FB@AD"4A"5E5?B:BA8D4" =4"F?<U4A"54";8D8A4"5H6@"=846"G6H8=D" 8:BJ8@4@A"]A?4"A<AB=4:4@A"

EA?B@J4?"W"=46?";84I"34"F?4:84?"FBD">?B@CL8S"<@"F46A"F4@D4?"G64"C4D"@<6;4B67";8D8A46?D"LED8A4?<@A":<8@D"

W" D4" ?4@5?4" FB?" 467\:]:4D" 5B@D" C4AA4" 8@DA8A6A8<@" <6" 5HB6A?4D" 56":]:4" AKF4I"aB8D" C4" F?<C4DD6D"

5HBFF?8;<8D4:4@A"4A"5HBFF?<F?8BA8<@"56":6DE4" ?4DA4" =<@JS" >?BJ8=4S" 4A" ?EC=B:4"6@"BCC<:FBJ@4:4@A"

C<@A8@6"4A"G68"5<8A"]A?4"C<@DAB::4@A"?4@<6;4=EI""

-4">B8AS"=HBCC<:FBJ@4:4@A"54D";8D8A46?D"=4D"F=6D"E=<8J@ED"54"=B"F?BA8G64":6DEB=4"@EC4DD8A4"EJB=4:4@A"

=B"F?ED4@C4"54" ?4=B8D" 58AD" 56" CLB:F" D<C8B=" G68" <F9?4@A" =4" A?B8A" 5H6@8<@"4@A?4" =4D"F<F6=BA8<@D"4A" =4D"

EABT=8DD4:4@ADI"%4"58DF<D8A8>"Q"18;?4"4@D4:T=4"R"4A"=B"C<@;4@A8<@"4@A?4"a8@8DA9?4"54"=B"36=A6?4"4A"=4D"

lE5E?BA8<@"5H&56CBA8<@"F<F6=B8?4" 4@" CB5?4" =4D" F?8@C8FB=4D":<5B=8AEDI"a6DE4D" @BA8<@B67" 4A":6DE4D"

A4??8A<?8B67" 5E;4=<FF4@A" 5H8@@<:T?BT=4D" BCA8<@D" 4@" 58?4CA8<@" 54" C4D" F6T=8CDS" BCA8<@D" G68" D4"

CB?BCAE?8D4@A"A<6A4D"FB?"6@4"BFF?<CL4"G6B=8ABA8;4"54"=B"?4=BA8<@"W"C<@DA?68?4"B;4C"=4D":6DE4DS"C4"G68"

D8J@8>84"54D"F?EFB?BA8<@DS"54D"D<?A84D"4A"54D"T8=B@D"4@"F4A8AD"J?<6F4DS"B;4C"6@"BCC648="F4?D<@@B=8DEI"MN"

"

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""MN"%4"=4CA46?"4DA"?4@;<KE"B6"A47A4"56"J?<6F4"54"A?B;B8="Q"%4":6DE4"8@C=6D8>"4A"C<==BT<?BA8>"R"G68"B@B=KD4"C4D"FB?A4@B?8BADI"

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

%&"a/'&&"_/a&(2./&m12(,/&%"V"/_"3k)a*"-H&p*&(2a&_,),2+_"

%4"@6:E?8G64"4DA"B6U<6?5HL68"F?ED4@AE"C<::4"6@"8@DA?6:4@A"54"5E:<C?BA8DBA8<@"C6=A6?4==4S"6@":<K4@"

5HE=B?J8?"=4D"F<DD8T8=8AED"4A":<5B=8AED"5HBCC9D"W"=B"C6=A6?4I"2="54;?B8A"C<@A?8T64?"W">B8?4";8D8A4?"=4D":6DE4D"

C<::4"54D"T84@D"5H47FE?84@C4S"4A"C4C8"W"54D"C<eAD"D6FF<?ABT=4DI""

%HBFF<?A" 56" @6:E?8G64" B6":6DE4" A?<6;4"5H<?4D" 4A" 5EUW" DB" =EJ8A8:BA8<@"FB?" =4" >B8A" G6H8=" ><6?@8A" 54D"

8@><?:BA8<@D"F?BA8G64D"B6";8D8A46?"F<A4@A84="`L<?B8?4D"5H<6;4?A6?4S"U<6?"54">4?:4A6?4S"F?87S":<5B=8AED"

5HBCC9DvbS" 8=" F4?:4A" 6@4" C<::6@8CBA8<@" 8@DA8A6A8<@@4==4S" 8=" <>>?4" 6@4" :E58BA8<@" C6=A6?4==4" 4A" =B"

F<DD8T8=8AE"5H4@?8CL8?"=B";8D8A4"J?cC4"B6"AE=ECLB?J4:4@A"54"C<@A4@6D"<6"54D"8@A4?BCA8<@D"B;4C"=4D"?ED4B67"

D<C8B67I"34F4@5B@A"=B"D8A6BA8<@"?4DA4"A?9D"LEAE?<J9@4S"4A"@<:T?4"54"F4A8AD":6DE4D"A4??8A<?8B67"@H<@A"

FBD"=4D":<K4@D"54"5E;4=<FF4?"6@4"?E4==4"F<=8A8G64"@6:E?8G64I""

+?"5H6@"CYAES"=4"AB67"5HEG68F4:4@A"@6:E?8G64"54D"l?B@qB8D"C<@A8@64"54"F?<J?4DD4?S"B;4CS"4@"#j!NS"6@"

AB67" 5HBT<@@4:4@A" 54" [$�S" 6@" AB67" 5HEG68F4:4@A" 4@" D:B?AFL<@4D" 54" N[� MO S" :B8D" B6DD8" 6@4"

A?B@D><?:BA8<@"54" =H6DBJ4"G68"4DA" >B8A"54D"?ED4B67"D<C8B67I")8@D8S"B6U<6?5HL68S" =4D"�"54D";8D8A46?D"54"

:6DE4D" 6A8=8D4@A" 8@A4?@4A" B;B@AS" F4@5B@A" <6" BF?9D" =B" ;8D8A4I" -4" =HB6A?4" CYAES" =4" AB67" 5HEG68F4:4@A"

@6:E?8G64"54D":6DE4D"54"l?B@C4"4DA"F=6D"58>>8C8=4:4@A":4D6?BT=4"V"<@"DB8A"G6H4@A?4"Pj"4A"[j�"5H4@A?4"

467" >8J6?4@A" D6?" =4" D8A4" 5H6@4":6@8C8FB=8AES" 58DF<D4@A" 5H6@" D8A4" 4@" F?<F?4" `=B" F?<F<?A8<@" 54:46?4"

4@C<?4" >B8T=4" @<AB::4@A" F<6?" =4D" F4A8AD":6DE4D" A4??8A<?8B67b" <6" 5H6@4" FBJ4" >BC4T<<y" ;<8?4" 5H6@"

C<:FA4" An8AA4?"u" 4@" ?4;B@CL4S"<@" 8J@<?4" =B"F?<F<?A8<@"F?EC8D4"5HEABT=8DD4:4@AD"5<AED"54" ABT=4AA4DS"

BKB@A"5E;4=<FFE"54D"BFF=8CBA8<@DS"<6"TE@E>8C8B@A"56"D4?;8C4"5H6@"C<::6@8AK":B@BJ4?I"

+@"DB8A"FB?"C<@A?4"G64"CH4DA"FB?"=4"F=B@"@BA8<@B="54"@6:E?8DBA8<@"54D"C<==4CA8<@D"=B@CE"4@"!iiO"G64"=4"

@6:E?8G64"B";E?8ABT=4:4@A"FE@EA?E"=B"DFL9?4":6DEB=4I");4C"h<C<@54S"CBAB=<J64"C<==4CA8>"54D":6DE4D"

54" l?B@C4" 54F68D" #jjMS" CH4DA" BCA64==4:4@A" F=6D" 54" NNjIjjj" @<A8C4D" 5f<TU4AD" 54" A<6A4" @BA6?4"

`B?CLE<=<J84S"T4B67\B?ADS"4AL@<=<J84S"L8DA<8?4S"DC84@C4D"4A"A4CL@8G64DIIIb"G68"D<@A"@6:E?8DE4DI"34"F<?AB8="

B"E;<=6E"F?<J?4DD8;4:4@A"C<::4"6@";E?8ABT=4"4DFBC4"54"A?B;B8="F?<>4DD8<@@4="4@"=8J@4MPI"2="B"8@DF8?E"=B"

C?EBA8<@"56"D8A4"2@A4?@4A"Q"k8DA<8?4"FB?"=H8:BJ4"R"4@"#jj!S"D4?;8C4"J?BA68A"W"54DA8@BA8<@"F?8@C8FB=4:4@A"

54D"4@D48J@B@AD"56"D4C<@5B8?4"4A"54"=46?D"E=9;4DS"5<@A"=4"F?<U4A"4DA"5H4@?8CL8?"=B"C<@@B8DDB@C4"56"FBDDE"

W" A?B;4?D" =4D" Z6;?4D" 5fB?A" 4A" =4D" 5<C6:4@AD" 8C<@<J?BFL8G64D" G68" DfK" ?BFF<?A4@AI" l?68A" 5H6@4"

C<<FE?BA8<@"4@A?4" =B"-8?4CA8<@"JE@E?B=4"54D"*BA?8:<8@4DS" =B"(a_\0*"4A" =4"a8@8DA9?4"54" =H&56CBA8<@"

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""MO"&@G6]A4D"3(&-+3S"3<@58A8<@D"54";84"4A")DF8?BA8<@DS"4@G6]A4D"B@@64==4D"4@"U68@"54"CLBG64"B@@E4I"

MP"h<C<@54S"F<?AB8="54D"C<==4CA8<@D"54D"a6DE4D"54"l?B@C4"V"LAAFVmmnnnIC6=A6?4IJ<6;I>?m5<C6:4@ABA8<@mU<C<@54m>?mF?4DILA:"

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

@BA8<@B=4S"=B">?EG64@ABA8<@"<AT364/3>7&D?>&9A"0?;7"4DA"BCA64==4:4@A"54"=H<?5?4"54"$":8==8<@D"54";8D8A4D"

FB?"B@"4A"8="?E6@8A"$"jjj"><==<n4?D"D6?"D<@"C<:FA4",n8AA4?M[I""

/@"A?<8D89:4"BCA46?"54"=B"F?<:<A8<@"5H6@4":E58BA8<@"@6:E?8G64"B6":6DE4"4A"W"54DA8@BA8<@"5H6@"F6T=8C"

=B?J4S" B" EAES" W" FB?A8?" 54" #j!jS" =4" F?<J?B::4" #7>83.76& .1941>796& 210:>3B176& 322/8?246& 56" a33I"

&@C<6?BJ4B@A"54D"FB?A4@B?8BAD!4@A?4"<FE?BA46?D"C6=A6?4=DS":<@54"54"=B"?4CL4?CL4"4A"4@A?4F?8D4DS"8="B"

DA8:6=E"=4"5E;4=<FF4:4@A"5H6@"4@D4:T=4"54"D4?;8C4D"@6:E?8G64D"F<6?"=4D"F?<>4DD8<@@4=D"54D":6DE4D"

54" l?B@C4" C<::4" F<6?" =4D" ;8D8A46?D"V" B854" F4?D<@@B=8DE4" W" =B" ;8D8A4" `>B:8==4DS" 4@>B@ADS" J?<6F4DS"

:6=A8=8@J68D:4S"LB@58CBFS"8@C=6D8<@IIIbS"8@A4?>BC4D"54"@B;8JBA8<@"5B@D"=4D"C<@A4@6D"4A"54";8D6B=8DBA8<@"

F<6?"=4"J?B@5"F6T=8CS"58>>6D8<@"54"C<@A4@6D"D6?"=4D"F=BA4D\><?:4D"C<==BT<?BA8;4D"4A"=4D"?ED4B67"D<C8B67S"

?E6A8=8DBA8<@"54"5<@@E4D"F6T=8G64D"C6=A6?4==4DS" 8@547BA8<@"4A"C=BDD8>8CBA8<@"C<==BT<?BA8;4"54"C<@A4@6D"

4@" =8J@4S" F?<F<D8A8<@D" =658G64D" D6?" C<@A4@6D" C6=A6?4=DS" 58DF<D8A8>D" F<6?" =HE56CBA8<@" B?A8DA8G64" 4A"

C6=A6?4==4S"F=BA4D\><?:4D"5HE58A8<@"8@@<;B@A4"F<6?"54D"C<@A4@6D"ALE:BA8G64Dv"%4D"(4@C<@A?4D"36=A6?4"

_6:E?8G64S"`<?JB@8DE4D"A<6D"=4D"B@D"FB?"=4"a33"54F68D"#jjib"B@B=KD4@A"C4D"8@@<;BA8<@DS"=46?"F<?AE4"

4A"=4D"C<@58A8<@D"54"=46?"5E:6=A8F=8CBA8<@I"&@>8@S"<@":4AA?B"B6"C?E58A"56"C<==4CA8>"a6DE<:87"`D<6A4@6"

FB?" =4" a33" 59D" #j!!b" 4A" 54D" Q"016:/;77U6&R" 5H]A?4" FB?;4@6D" W" >B8?4" FBDD4?" =H85E4" B6F?9D" 54D"

F?<>4DD8<@@4=D"5H6@4"@EC4DD8AE"54"=H6DBJ4"56"@6:E?8G64"B6":6DE4"D<6D"A<6A4D"D4D"><?:4DI"

%&"_/a&(2./&"3+aa&"&3+'�',&a&"-&"a&-2),2+_"

"2& 6341S" =4" @6:E?8G64" F46A" DHB;E?4?" ]A?4" 6@" D6FF<?A" 54":E58BA8<@" F?EC8467S" 4A" =4D" F6T=8CD" D4" D<@A"

F?<J?4DD8;4:4@A">B:8=8B?8DED"B;4C"C4D"@<6;4B67"<6A8=DI"3H4DA"6@"54J?E"54"=8T4?AE"BCC?6"G68"4DA"<>>4?A"B6"

;8D8A46?S" 4A" G68" 5EFBDD4" 5ED<?:B8D" =B" D46=4" =<J8G64" 5H8@58;856B=8DBA8<@" 54" =B" ;8D8A4" F<6?" D4" CB=4?"

5B;B@ABJ4"D6?"54D"=<J8G64D"54";8D8A4D"FB?ABJE4DI"-8>>E?4@AD"AKF4D"4A"><?:4D"54"F?<F<D8A8<@D"478DA4@A"

5B@D" 6@" @<:T?4" A<6U<6?D" F=6D" 8:F<?AB@A" 5HEABT=8DD4:4@AD" 4A" G64==4" G64" D<8A" =46?" AB8==4" <6" =46?"

8:F=B@ABA8<@I""

&@" F?4:84?" =846S" =4D" @<6;4==4D" JE@E?BA8<@D" 54" D8A4D" 8@A4?@4A" G68" D<@A" Q"?4DF<@D8;4" n4T" 54D8J@"RS"

B6A?4:4@A"58A"<d"=4D"C<@A4@6D"D<@A"BCC4DD8T=4D"4A"58DF<@8T=4D"D6?"A<6D"=4D"D6FF<?ADI"34D"D8A4D"BJ?9J4@A"

54D" DA?BAEJ84D" 5H8@><?:BA8<@S" 54" C<::6@8CBA8<@" 8@DA8A6A8<@@4==4" 4A" 54":E58BA8<@I" %H4@U46" F<6?" =4D"

F?<>4DD8<@@4=D"G68"BDD6?4@A"=B"F?ED4@C4"54D":6DE4D"D6?"=B"A<8=4"4DA"5<6T=4"V"?EBCA8;8AE"4A"58DF<@8T8=8AEI""

)6":6DE4"56"G6B8"o?B@=KS"=H<TU4CA8>"4DA"A?8F=4"V"6@4"C<::6@8CBA8<@"D6?":4D6?4S"?4T<@58?"D6?"=HBCA6B=8AES"

BDD<C84?"=4D";8D8A46?DI"34AA4"FL8=<D<FL84"5H6@"Q":6DE4"4@"=8J@4"R"C<::4"=846"W"FB?A"4@A89?4S"D4"?4A?<6;4"

B6"a6DE6:"54",<6=<6D4S"D4=<@"=4G64="8=">B6A"G64"=4":6DE4"D<8A"=W"<d"D<@A"=4D"8@A4?@B6A4D"u"4A"W"=H8@;4?D4"

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""M["%4"D8A4"k8DA<8?4"FB?"=H8:BJ4"V"LAAFDVmmnnnIL8DA<8?4\8:BJ4I<?Jm&

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

G64"=4D"8@A4?@B6A4D"D<84@A"BDD<C8ED"W"C4"G68"D4"FBDD4"B6"G6<A8584@"5B@D"=HEABT=8DD4:4@AI"34D"F?8@C8F4D"

C<??4DF<@54@A" B6DD8" W" =B" F<=8A8G64" @6:E?8G64" 54" =B" (a_\0*S" G68" F8=<A4" @<AB::4@A" =HEC<DKDA9:4"

@6:E?8G64" 54D" :6DE4D" @BA8<@B67\D4?;8C4D" W" C<:FEA4@C4" @BA8<@B=4I" '<@" D8A4" @6:E?8G64" Q"2:BJ4D"

5HB?A"R"`#j!Nb"4@A4@5"F?<:<6;<8?"=4"?ED4B6"54D":6DE4D"54"l?B@C4"4A"?4@5?4"=4D"C<==4CA8<@D"BCC4DD8T=4D"

W"A<6DI"&@"<6A?4S"=B"(a_\0*"4@A4@5"C<@A?8T64?"W"=B":8D4"4@"F=BC4"5H6@"EC<DKDA9:4"@6:E?8G64";4?A6467"

4@":BA89?4"5H6A8=8DBA8<@"54D"8:BJ4DI"

%4D"58DF<D8A8>D"5HB854"W"=B";8D8A4"=4D"F=6D"?EC4@AD"D4"F<=B?8D4@A"B6A<6?"54"=B"?EB=8AE";8?A64==4S"54D"EC?B@D"

8@A4?BCA8>DS"56":BFF8@JS"54D"L<=<J?B::4D"4A"54D"8@A4?>BC4"8@@<;B@A4DMiI"+@"4@"A?<6;4"54D"8==6DA?BA8<@D"

B6":6DE4"o<@@B?5"B6"3B@@4AS":6DE4D"54"=B"18==4"54"*B?8DS"B6":6DE4"JB==<\?<:B8@"54"l<6?;89?4"4A"B6"

%<6;?4I""

)6"3LcA4B6"54D"56CD"54"o?4ABJ@4\a6DE4"5HL8DA<8?4"54"_B@A4DS"=H8:F=B@ABA8<@"56"@6:E?8G64"B6":6DE4"

?4@;<84"W" C8@G"@<A8<@D" C=E"V" =HBCC4DD8T8=8AES" =4D"6DBJ4DS" =HE;<=6A8;8AES" =H8@AEJ?BA8<@S" =B":B8@A4@B@C4I" %B"

DA?BAEJ84" :8D4" 4@" Z6;?4" 5B@D" C4A" EABT=8DD4:4@A" DHBFF684" D6?" =HB?A8C6=BA8<@" 54" A<6D" =4D" AKF4D" 54"

:E58BA8<@D" 4A" 4DA" 8@AEJ?E4" 5B@D" =4" *'3I" Q"%65<:6D4"RS" F?<U4A" C<@q6" FB?" C4A" EABT=8DD4:4@A" 4@"

FB?A4@B?8BA" B;4C" *B?8D\a6DE4D"4A" &?BD:4" `=BT<?BA<8?4" 54" C?EBA8<@" @6:E?8G64" 54" =B" aEA?<F<=4"

=K<@@B8D4bS"?EF<@5"B6"F?8@C8F4"54"ABT=4AA4D"8@A4?\C<@@4CAE4D"4@A?4"=4D":4:T?4D"5H6@":]:4"J?<6F4"

54";8D8A46?D"4A"F4?:4A"=4"FB?ABJ4"54D"AcCL4DI""

%4"5E;4=<FF4:4@A"54D"BFF=8CBA8<@D"AE=ECLB?J4BT=4D"D6?"ABT=4AA4D"<6"D:B?AFL<@4D"C<@DA8A64"6@4"B6A?4"

?E;<=6A8<@"54D"B@@E4D"?EC4@A4D"`MNM"B6?B84@A"EAE"=B@CE4D"54F68D"#jjibNjS"G68"B@@<@C4"4@A?4"B6A?4D"=B"

>8@"54D"B658<\J6854D"C=BDD8G64D"̀ B8@D8"G64"=H8==6DA?4"=B"DA?BAEJ84"56"34@A?4"*<:F85<6"5B@D"C4"5<:B8@4N!bI""

*=6D" JE@E?B=4:4@A" =4D" 8@A4?>BC4D" ABCA8=4D" 8:F=8G64@A" 6@4" @<6;4==4" EC<@<:84" 56" 58DF<D8A8>" 54D"

:E58BA8<@D"EC?8A4D"4A"F?ED4@A84==4DI"%4D"A47A4D"B>>8CLED"`CB?A4=D"D8:F=4D"<6"5E;4=<FFEDb"C<::4@C4@A"W"

D4":6=A8F=84?" `*B;8==<@"54" =HL<?=<J4S" %<6;?4"u":6DE4"54D")?AD"5EC<?BA8>Db" 4A"54;?B84@A"FB?A8C8F4?" W" =B"

?ED<=6A8<@"56"F?<T=9:4"54D"58>>E?4@AD"@8;4B67"54"=4CA6?4"54D"47F<D8A8<@DI"%4D":E58BA46?D"4A"J6854D\

C<@>E?4@C84?D"=4D"6A8=8D4@A"C<6?B::4@A"=<?D"54D";8D8A4D"J685E4DI""

'6?"6@"F=B@"C<@@474S"<@"F46A"EJB=4:4@A"E;<G64?S"=4D"n4T\;8D8A4D"D<6;4@A"54DA8@E4D"B67"DC<=B8?4D"G68"

D<@A"54D";8D8A4D"W"58DAB@C4D"B;4C":E58BA46?DI"%B"><?:6=4"B;B8A"EAE"8@B6J6?E4"FB?"=4"CLcA4B6"54"14?DB8==4D"

8="K"B"G64=G64D"B@@E4DS":B8D"=HE;<=6A8<@"47A?]:4:4@A"?BF854"54D"A4CL@<=<J84D"4A"=B"TB8DD4"54D"C<eAD"

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""Mi"3>I"*?<J?B::4"54D"?4@C<@A?4D"C6=A6?4"@6:E?8G64"^"aE58BA8<@"@6:E?8G64"5B@D"=4D"EG68F4:4@AD"C6=A6?4=DS"O

9:4"E58A8<@S"!$\

!M"U68@"#j!OI"Nj"%4"3=6T"2@@<;BA8<@"�"36=A6?4"l?B@C4"`3=8C"l?B@C4b"4DA"6@"BCA46?"8:F<?AB@A"54"=B"F?<:<A8<@"4A"54"=B"58>>6D8<@"56"@6:E?8G64"

F<6?" =4D" :6DE4DI" *<6?" DB" ;48==4" D6?" =B" C?EBA8<@" 5HBFF=8CBA8<@DS" C>I"V" LAAFVmmnnnIC=6T\8@@<;BA8<@\C6=A6?4I>?mBFF=8CBA8<@D\:<T8=4D\>?B@C4\$m"N!"LAAFDVmmnnnIC4@A?4F<:F85<6I>?m>?m18D8A4m)FF?<><@58?\DB\;8D8A4"

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

F4?:4AA4@A"54D"JE@E?B=8DBA8<@DS"5<@A"=4"a6DE4"54"=B"0?B@54"064??4"56"*BKD"54"a4B67"4DA"6@"A?9D"T<@"

474:F=4I"'8" =4"C<@C4FA"5H47F<D8A8<@" 8::4?D8;4"@H4DA"FBD" ?EC4@AS" =H6DBJ4"54" =B" ?EB=8AE";8?A64==4";8B" =4"

@6:E?8G64"G68"C<::4@C4"W"4DDB8:4?"4DA"F=6D" >?EG64@A"F<6?"54D";8D8A4D"54"D8A4D"G64"54":6DE4D"4A"

47F<D8A8<@D"`F<6?" G64=G64D" 474:F=4D" V" =H47F<D8A8<@" #3476& :47>2796" B6" 0?B@5" *B=B8D N# "S" =H)A4=84?" 54"

3<6?T4A"B6":6DE4"5H+?DBKS"=B";8D8A4"54D":<@6:4@AD">?B@qB8D"W"=B"3)*)S"=4"J6854"54";8D8A4"56":6DE4"54"

=H)?:E4bI"

%4D" @<6;4B67" 58DF<D8A8>D" @6:E?8G64D" C<@DA8A64@A" EJB=4:4@A" 54D" <6A8=D" F?EC8467" F<6?" =4":<@54" 56"

LB@58CBFN$ "G6H8=D" D<84@A" 4:F=<KED" ?E4==4:4@A" 4@" AB@A" G6HB854D" W" =B" ;8D8A4" <6" C<::4" 58DF<D8A8>" 54"

D6TDA8A6A8<@" G6B@5" 8=" @H4DA" FBD" F<DD8T=4" 5HBCCE54?" B67" 4DFBC4DI" *<6?" =4D" 4@>B@AD" 54" P" W" !#" B@DS" =4"

F?<J?B::4"(CD7>46&V1?3&W>?295&4DA&54DA8@E" B67"4@>B@AD" D<6?5D" 4A" W" =B" 38AE"54" =HB?CL8A4CA6?4"4A" 56"

FBA?8:<8@4S"X>.L30Y07"4DA"6@"D8A4"B5BFAE"B67"U46@4D":B=;<KB@AD"4A"4@"D8A6BA8<@"54"LB@58CBF":4@AB=I"

-4D"ABT=4AA4D"ABCA8=4D"4@"%'l"D<@A"F?ED4@A4D"B6":6DE4"5EFB?A4:4@AB="54"=B"3E?B:8G64"W"%4r<67S"B6"

*B=B8D"54D"T4B67\B?AD"W"%8==4"<6"B6":6DE4"54D"36=A6?4D"C<:A<8D4D"4A"54D"CB?A4=D"@6:E?8G64D"B6":6DE4"

54D" T4B67\B?AD" 54" .68:F4?I" %HBDD<C8BA8<@" #3;276& <7& 6726" B" C<@A?8T6E" W" =B" 58>>6D8<@" 54" C4AA4"

D4@D8T8=8DBA8<@"54D"EABT=8DD4:4@AD"B67"F<A4@A84=D"<>>4?AD"FB?"6@4":E58BA8<@"@6:E?8G64"B5BFAE4"W"A<6DI"

%HE:4?J4@C4" 5H6@4" C<::6@8CBA8<@" 58D?6FA8;4S" 5ECB5?E4S" 5ECB=E4" FB?" ?BFF<?A" B6" DAK=4" 4A" B6" A<@"

LBT8A64=S" 5<8A" E;854::4@A" T4B6C<6F" B67" :<54D" 5HB5?4DD4D" 4:F=<KED" D6?" =4D" ?ED4B67" D<C8B67I" %4"

:6DE4"5H+?DBK"DH4DA"D8J@B=E"4@"#j!N"FB?"6@4"CB:FBJ@4"5HB>>8CLBJ4"4@"58?4CA8<@"54D">B:8==4DI"*<6?"=4D"

U46@4D"B56=A4DS"=4":6DE4"5HB?CLE<=<J84"'B8@A"(BK:<@5"W",<6=<6D4"D4"D8@J6=B?8D4"FB?"6@4"CB:FBJ@4"54"

C<::6@8CBA8<@" 8@DF8?E4"FB?" =4" D=<JB@"Q"%4":6DE4"4DA" C4"G6H8=" <D4"RS" G68" ?4@<6;4==4" 4@A89?4:4@A" =4"

J4@?4NMI"&A"CH4DA"EJB=4:4@A"4@":<T8=8DB@A"=H4@D4:T=4"54D"?ED4B67"D<C8B67"G64"=4":6DE4"54"=B"3LB=<DD4"

4DA"FB?;4@6"W"JBJ@4?"=HB5LED8<@"54"D<@"A4??8A<8?4"4@"?4@5B@A";8D8T=4"6@4"C<::6@B6AE"5HB:8D"56":6DE4"

4A"B"D6"JBJ@4?"=B"C<@>8B@C4"54D"E=6DNNI""

.6B@A"W"=B"DA?BAEJ84"56"%<6;?4"54"DHB5?4DD4?"EJB=4:4@A"B67"K<6A6T4?NOS"4==4";8D4"DB@D"5<6A4"Q"6@"F6T=8C"

C6?8467S"@<;8C4"<6"B:BA46?"5HL8DA<8?4"54"=HB?A"R":B8D"D6?A<6A"6@"F6T=8C"54"U46@4D"B56=A4D"G68"@4"DH4DA"

J69?4"5EF=BCE"B6":6DE4"54F68D"D4D";8D8A4D"DC<=B8?4DI"-6"?4DA4S"CH4DA"C=B8?4:4@A"=B";<CBA8<@"54"=B";85E<"

54"3KF?84@"4A"_<?:B@NP"F<6?"=4D"587"B@D"54"=B"=/2<?43/2&+1941>7&74&)387>634:I""

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""N#"18D8A4"54"=H47F<"4@"?EB=8AE"B6J:4@AE4"V"LAAFDVmmnnnIK<6A6T4IC<:mnBACLs;~y+(�oK+Bw|a"

N$"3<@q6"FB?"=4"a33S"6@"TB?<:9A?4"54"=HBCC4DD8T8=8AE"@6:E?8G64"54D"EABT=8DD4:4@AD"4DA"5EUW"4@"F=BC4"F<6?"=4D"T8T=8<AL9G64D"

a33I"2="F<6??B8A"]A?4"E=B?J8"B67":6DE4DI"NM

"%4" :6DE4" 'B8@A" (BK:<@5" LAAFVmmDB8@A?BK:<@5IA<6=<6D4I>?m%4\:6D44\4DA\C4\G6\8=\<D4|BOijILA:=" 4A"LAAFVmmDB8@A?BK:<@5IA<6=<6D4I>?m'<8?44\a�,k23\B6\a'(|BP![ILA:=""NN"LAAFVmmnnnI:6D4454=BCLB=<DD4I>?m"

NO"LAAFVmmF?4DD4I=<6;?4I>?m=4\=<6;?4\8@;8A4\=4D\K<6A6T46?Dm"

NPLAAFVmmnnnI><@5BA8<@C6=A6?44A58;4?D8A4I<?JmBCA6B=8A4DmCKF?84@\4A\@<?:B@\><@A\6@4\;854<\F<6?\=4D\!j\B@D\54\=B\

><@5BA8<@"

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

/_"+/,2%"-&"3(&),2+_"

_<:T?467"D<@A" =4D"B?A8DA4D"G68"B6U<6?5HL68"D4"D<@A"4:FB?ED"54" =H<6A8="@6:E?8G64I"34?AB8@D"<@A"A<6A"

FB?A8C6=89?4:4@A"?E>=ECL8"W"D<@"6A8=8DBA8<@"5B@D"=B"DFL9?4":6DEB=4"4A"W"=H6A8=8DBA8<@"8@@<;B@A4"B6A<6?"

54D"C<==4CA8<@DI"

*84??4"08@4?"B"5E;4=<FFE"F<6?"=4"34@A?4"@BA8<@B="54D"B?AD"F=BDA8G64D"`3@BFb"6@"F?<J?B::4"G68"F4?:4A"

W"CLBC6@"54">B8?4"DB"F?<F?4"47F<D8A8<@";8?A64==4"W"FB?A8?"5H6@"C<?F6D"G6H8="B6?B8A"CL<8D8I"&@A?4":6DE4"

8:BJ8@B8?4"4A"U46"DE?8467S"Q3@BF_R"4DA"4:T=E:BA8G64"54"DB">Bq<@"54"A?B;B8==4?"Q4@"C<==BT<?BA8<@RI"34"

JE@E?BA46?"54"C<==4CA8<@D"DHBFF684"D6?"=4D"?ED4?;4D"@6:E?8DE4D"F<6?"F?<F<D4?"6@4"?E;<=6A8<@"D4@D8T=4"

54"=H47F<D8A8<@I"%4";8D8A46?"C<@q<8A"D<@"FB?C<6?D"W"FB?A8?"5H6@":<A"C=E"G6H8="4@A?4"C<::4"<@"CL4?CL4"

6@4"8@><?:BA8<@"5B@D"6@":<A46?"54"?4CL4?CL4I"%4"F?<J?B::4"47F=<?4"B=<?D"=B"5<C6:4@ABA8<@"8@DC?8A4"

5B@D" =4D" TBD4D"54D" BCG68D8A8<@D" 56" 3@BF" `4@A?4" !ii[" 4A" #jj[bI" 'HETB6CL4" 4@D68A4" 6@4" ;?B84\>B6DD4"

B?CL8A4CA6?4S"<d"=4":<A"A?B@D><?:E"4@":6?"DHLBT8==4"54"C8:B8D4D"@6:E?8G64DS"<>>?B@A"B6";8D8A46?"6@4"

47F<D8A8<@"6=A?B\F4?D<@@B=8DE4S"6@4"FB?:8"Q@R"F<DD8T8=8AEDI"

*=6D846?D" 47FE?84@C4D" 54" ?EB=8AE" B6J:4@AE4" B6A<6?" 54D" Z6;?4D" <@A" EAE" ?EB=8DE4DI" )6\54=W" 54" =B"

:E58BA8<@S"C4"D<@A"=4D"B?A8DA4D"G68"@<6D"5<@@4@A"=46?"=4CA6?4"56"FBA?8:<8@4I")8@D8"W"_B@A4DS"4@"#j!!S"

=4" J?<6F4" (4:By4" `)@A<8@4" o4==B@J4?S" :6D8C84@S" 4A" 068==B6:4" aB?:8@S" F=BDA8C84@b" F?<F<D4" 6@4"

?4=4CA6?4" 56" ABT=4B6" 54" %E<@\l?B@q<8D" 3<:4??4S" ,7& ):91;7H& 4@" :]=B@A" D<@S" =6:89?4" 4A" ;85E<I"

)6U<6?5HL68S" 54" @<:T?467" :6DE4D" F?<F<D4@A" 54D" ;8D8A4D" ;8?A64==4D" 4@" ?EB=8AE" B6J:4@AE4S" A<6A"

FB?A8C6=89?4:4@A"5B@D"=4D"CLcA4B67\:6DE4D"V"B8@D8"W"l<@AB8@4T=4B6S"=4D";8D8A46?D"5EC<6;?4@A"=4":6DE4"

3L8@<8D"54"=H2:FE?BA?8C4";8B"54D"EC?B@D"?4C<@DA8A6B@A"=H6@8;4?D"56"*B=B8D"5HEAE"54"*Ey8@I"

%&"-&1&%+**&a&_,"-&'"*)(,&_)(2),'"&,"-&'"(&'&)/p"

)6\54=W"54"=B"?E>=478<@"D6?"=HBFF<?A"56"@6:E?8G64"4A"DB":8D4"4@"F=BC4"5B@D"6@":6DE4"4@"FB?A8C6=84?S"<@"

5<8A"DH8@A4??<J4?"F=6D"JE@E?B=4:4@A"D6?"=4"?Y=4"56"@6:E?8G64"C<::4"<6A8="54"C?EBA8<@"54"FB?A4@B?8BADS"

C<==BT<?BA8<@DS" 4@A?4" 58>>E?4@A4D" 8@DA8A6A8<@D" C6=A6?4==4D" 5H6@" :]:4" 5<:B8@4" <6" 54" 5<:B8@4D"

58>>E?4@ADI" _HK\B\A\8=" FBD" =W" 6@4" <FF<?A6@8AE" ?E4==4" 54" C?E4?" 6@" ?ED4B6S" 54":4AA?4" 4@" C<::6@" 54D"

5<@@E4DS"54D"C<@@B8DDB@C4DS"5HECLB@J4?"54D"47FE?84@C4DS"54"?4@5?4"BCC4DD8T=4"B6"F=6D"J?B@5"@<:T?4"

54D" 8@@<;BA8<@DS"54">E5E?4?"54D"C<==4CA8<@D"s")DD8DA4\A\<@"B6"5E;4=<FF4:4@A"54"C<==BT<?BA8<@"4@A?4"

EABT=8DD4:4@AD"Q"F=6D"<6":<8@D"T?B@CLED"@6:E?8G64D"R"s"+@"F<6??B8A"FB?=4?"<A/14>7?.L32;&210:>3B17S"

;8DB@A"W"F?<U4A4?"=4":6DE4"5B@D"=B"D<C8EAEI"

3H4DA"5B@D"C4A"4DF?8A"G64"=4"?ED4B6"X9372/>Q/>;S"G68"?E6@8A"M$":6DE4DS"B"EAE"C?EE"5B@D"=B"?EJ8<@"*<8A<6\

3LB?4@A4D"4A"F4?:4A"54">E5E?4?"=4D"C<==4CA8<@D"54D":6DE4D"5H)G68AB8@4S"54"FB?ABJ4?"54D"47FE?84@C4D"

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

4A" 5H]A?4" W" =HEC<6A4" 54" @<6;4==4D" F?BA8G64DI" -4D" FB?A4@B?8BAD" B;4C" 54D" 6@8;4?D8AED" `%B" (<CL4==4" 4A"

*<8A84?Db"<@A"F4?:8D" =B"C?EBA8<@"54"FB?C<6?D"JE<=<CB=8DED"B6A<6?"54"=HB?A"?<:B@":8D"4@"F=BC4"B;4C"=4"

3<@D48="(EJ8<@B="54"*<8A<6\3LB?4@A4DS"=B"C<@C4FA8<@"5H6@4"F?4:89?4"BFF=8CBA8<@""-36347&<1&D?4>30/327S"

4@" FB?A4@B?8BA" B;4C" =H/@8;4?D8AE" 54" =B" (<CL4==4" 4A" =B" -()3S" G68" F?<F<D4" ;8B" =4" :<T8=4" 6@" F?<568A"

:<5E=8DBT=4"`M"FB?C<6?D"F?<F<DEDbS"4A"5H6@4"D4C<@54"BFF=8CBA8<@S"G68"D6?"=B"TBD4"5H6@4"DCE@B?8DBA8<@"

F4?:4A" B6" ;8D8A46?" 54" D4" ?4FE?4?" 5B@D" =4":6DE4" `FB?A4@B?8BA"a6DE4" 'B8@A4" 3?<87" 4A" /@8;4?D8AE" 54"

*<8A84?DbI"

&@" ?EJ8<@" *)3)S" =H)033*" B" D6DC8AE" =4" 5E;4=<FF4:4@A" 5H6@" =<J8C84=" :6A6B=8DE" F<6?" =4D" :6DE4DS"

!16?0G197S"54DA8@E"W"B:4@4?"=4D";8D8A46?D"5B@D"=4D":6DE4D"54"=46?"A4??8A<8?4I"2="DHBJ8A"54"5E;4=<FF4?"

=H85E4"54"?<6A4D"ALE:BA8G64DS"D6?"=B"TBD4"5H6@4"BFF=8CBA8<@"AE=ECLB?J4BT=4"D6?"=4D":<T8=4DS"G68"F4?:4A"

54"F?EFB?4?"=B";8D8A4"J?cC4"W"=B"JE<=<CB=8DBA8<@"V"<@"58DF<D4"W"=B"><8D"54"=B"=8DA4"54D":6DE4D"W"F?<78:8AE"

54" D<@" A?BU4AS" <6"54" DB" ;8==4S" 4A"54" >8CL4D"47F=8CBA8;4D"FB?":6DE4I" %4"F?8@C8F4" C=E" 4DA" 54":6A6B=8D4?"

=H8@><?:BA8<@S"=4D"?ED4B67"D<C8B67"EAB@A"FB?"B8==46?D"F?ED4@ADS"4A"B6U<6?5HL68"!Pj":6DE4D"B5L9?4@A"W"C4"

58DF<D8A8>S"=H<TU4CA8>"EAB@A"54"=HE=B?J8?"B67"?EJ8<@D">?<@AB=89?4DI")"C4"U<6?S"C4"D<@A"=4D"D4@8<?D"G68"D<@A"=4D"

F=6D"?EC4FA8>D"4A"=4D"F=6D"C<@@4CAED"W"!16?0G197I"

)"6@4"ECL4==4"@BA8<@B=4S"=4"?ED4B6"54"1854<:6D46:S"C?EE"8="K"B"$j"B@DS"<>>?4"5H<?4D"4A"5EUW"6@4"TBD4"54"

5<@@E4D" C<@D85E?BT=4S" ?4J?<6FB@A" =4D" :6DE4D" C<@D4?;B@A" 54D" C<==4CA8<@D" :<54?@4D" 4A"

C<@A4:F<?B8@4D" B8@D8" G64" C4==4D" 54D" l()3I" 34" ?ED4B6" 54" F?<>4DD8<@@4=D" ><@CA8<@@4" C<::4" 6@4"

C<<FE?BA8;4S"=H4@D4:T=4"54D"6A8=8DBA46?D"FB?A8C8FB@A"B67"5E;4=<FF4:4@AD"54"58>>E?4@AD"F?<J?B::4D"54"

J4DA8<@"54D"C<==4CA8<@DS"54"?EB=8DBA8<@"54"A47A4D"4A"54"CB?A4=DS"54":8D4"4@"Z6;?4"5H47F<D8A8<@D";8?A64==4DS"

4ACI"-B@D" =4":]:4"4DF?8AS"<@"F<6??B8A"C<@C4;<8?"FB?"474:F=4"G64" =B"(a_\0*"B8A"6@"?Y=4":<A46?"4A"

54;84@@4"A]A4"54"?ED4B6"F<6?"=H4@D4:T=4"54D":6DE4D"@BA8<@B67I"

&@>8@S"=H47FE?84@C4"!16:/03C"4DA">E5E?BA?8C4"F<6?"=4"F4?D<@@4="54":6DE4D"V"6@4"EG68F4"54"TE@E;<=4D"

5E;4=<FF4"6@"F?<U4A"4@"BCC<?5"B;4C"=H8@DA8A6A8<@S"F68D"8@;4DA8A"=4"=846"F4@5B@A"A?<8D"U<6?D"4@"A?B;B8==B@A"

4@"FB?A4@B?8BA"B;4C"=4"F4?D<@@4=S"F68D"D<6:4A"=4"F?<U4A"B6"F6T=8C"F4@5B@A"5467"U<6?DI"3H4DA"B8@D8"G64"

=4":6DE4"54"o?4ABJ@4"W"(4@@4D"FB?"474:F=4"B"46"?4C<6?D"W"!16:/03C"F<6?"?E>=ECL8?"W"6@"@<6;4B6"

FB?C<6?D"56":6DE4S"4A":4AA?4"4@"F=BC4"6@"F?<A<AKF4S"54D"C<:FEA4@C4DS"6@"C<5BJ4"8@><?:BA8G64"u"54"

@<6;4==4D"C<:FEA4@C4D"4A"54"@<6;4==4D"BCA8<@D"<@A"B8@D8"F6"A?<6;4?"=46?"F=BC4I"a6DE<:87"4DA"W"=H<?8J8@4"

54":EAL<54D"54"A?B;B8="BJ8=4D"G68"58>>6D4"=B"C6=A6?4"@6:E?8G64"5B@D"=4D"EABT=8DD4:4@ADN[I"

" "

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""N["3>I" =H8@A4?;84n" 54" lBT?8C4" -4@8D4S" ?4DF<@DBT=4" 56" D4?;8C4" 54D" F6T=8CD" 56":6DE4" 5EFB?A4:4@AB=" 54" =H)?=4D" B@A8G64S" FB?"

'ETBDA84@"aBC?<"`a.ob"V"LAAFDVmmnnnIK<6A6T4IC<:mnBACLs;~+A.5o)@%i%2"

"

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

*(&3+_2'),2+_'"

)" =H8DD64" 56" A?B;B8=" 56" J?<6F4" 4A" 54D" ?4@C<@A?4D" A4??8A<?8B=4DS" 8=" 4DA" BFFB?6" G64" =4" FBKDBJ4":6DEB="

>?B@qB8D"D4"CB?BCAE?8DB8A"FB?"6@4"J?B@54";B?8EAE"4A"?8CL4DD4"5H47FE?84@C4DI"'8"=HBFF4==BA8<@"Q"a6DE4"54"

l?B@C4"R" 8:F<D4"B6"5EFB?A" =4" ?4DF4CA"5H6@"C4?AB8@"@<:T?4"54"C?8A9?4D"C<::6@DS" =B"D8A6BA8<@"D6?" =4"

A4??B8@"AE:<8J@4"5H6@4"J?B@54"58;4?D8AE"V"=4D"A4??8A<8?4D"4A"=4D"F6T=8CD"<@A"=46?"DFEC8>8C8AES"=B"@BA6?4"54D"

C<==4CA8<@D";B?84"D4=<@"=4D"5<:B8@4DS"=4D"?4DD<6?C4D">8@B@C89?4D"D<@A"FB?"B8==46?D"8@EJB=4DS"4A"C4?AB8@D"

:6DE4DS" 4@" FB?A8C6=84?" 5B@D" =4D" r<@4D" ?6?B=4DS" F46;4@A" DHB;E?4?" 4@" ?E4==4" 58>>8C6=AE" CB?" @4" F<6;B@A"

5EJBJ4?"54D"?4DD<6?C4D"F?<F?4D"4A"<@A"T4D<8@"5H6@"D<6A84@"F6T=8C"C<@DAB@AI"

%4D"47FE?84@C4D"F?ED4@AE4D"D4:T=4@A":4AA?4"4@"E;854@C4"=B"D8A6BA8<@"C<:F=474"54":6DE4D"54;B@A"W"=B"

><8D"5E>4@5?4"=46?"DFEC8>8C8AES"=B"?8CL4DD4"54"=46?"C<==4CA8<@S"6@4"?8J646?"L8DA<?8G64"4A"DC84@A8>8G64"5B@D"

=B"F?ED4@ABA8<@"4A";B=<?8DBA8<@"54"C4==4\C8S"A<6A"4@"?4DAB@A"54D"=8467"BCC4DD8T=4DS"T84@"B@C?ED"5B@D"=46?"

A4??8A<8?4S"F?<CL4D"54"=B"F<F6=BA8<@"=<CB=4"4A"?4DF4CA6467"54"DB"58;4?D8AES":B8D"B6DD8"<6;4?AD"4A"4@"=84@"

B;4C"5HB6A?4D"8@DA8A6A8<@DS"G6H4==4D"D<84@A"C6=A6?4==4DS"E56CBA8;4DS";<8?4"D<C8B=4DS"<6"5B@D"=4"D4CA46?"54"

=B"DB@AEv"

)" FB?A8?" 54" C4" C<@DABAS" =4" J?<6F4" 4DA" W" :]:4" 54" F?<F<D4?" G64=G64D" F8DA4D" 54" ?E>=478<@S" ;<8?4"

F?EC<@8DBA8<@DS"G6B@A"B6"54;4@8?"56":6DE4"56"pp29:4"D89C=4I"

,<6A"5HBT<?5"8="DHBJ8A"54"5E>4@5?4"=H478DA4@C4":]:4"56":6DE4"4A":<@A?4?"G64"=4":6DE4"@H4DA"FBD"6@4"

8@DA8A6A8<@"<TD<=9A4" LE?8AE4" 54D" D89C=4D" FBDDED" 4A" ;<6E4" W" 6@4":<?A" F?<J?B::E4S":B8D" 4DA" 6@" =846"

;8;B@AS"B"T4="4A"T84@"DB"F=BC4"5B@D"@<D"D<C8EAED"C<@A4:F<?B8@4D"4A"6@"?Y=4":BU46?"W" U<64?"`C6=A6?4=S"

D<C8B=S"EC<@<:8G64vb"D6?"D<@"A4??8A<8?4"5H8:F=B@ABA8<@I"'8"C4AA4"B>>8?:BA8<@"F46A"D4:T=4?"B==4?"54"D<8"

F<6?"=B"J?B@54":BU<?8AE"54D"C8A<K4@DS"=4D"AE:<8J@BJ4D"<@A":<@A?E"G6H8=">B==B8A"?4DA4?";8J8=B@AS"4A"G6H6@"

58B=<J64"F4?:B@4@A"54;B8A"DH8@DAB6?4?"B;4C"=4D"E=6D"=<CB67I"

34AA4"?4C<@@B8DDB@C4"BCG68D4S"8="DHBJ8A"B=<?D";E?8ABT=4:4@A"5H8@DE?4?"=4":6DE4"5B@D"D<@"D89C=4S"4@"4@"

>B8DB@A";E?8ABT=4:4@A"6@"=846"56"pp29:4"D89C=4S"4A"4@"CLB@J4B@A"=4"58DC<6?D"D6?"=4":6DE4I"

-B@D"6@":<@54"G68":4A"=H8@58;856"B6"CZ6?"54"=B"D<C8EAES"8=">B6A"=68"5<@@4?"=4D":<K4@D"54"DHBFF?<F?84?"

=4" :6DE4S" 54" ;8;?4" DB" F?<F?4" 47FE?84@C4S" 5H4@?8CL8?" D4D" C<@@B8DDB@C4DS" =B" C<==4CA8<@" 56" :6DE4"

54:46?B@A" =B" ?4DD<6?C4S" =4" D<C=4"54" C4AA4"47FE?84@C4I"34=B" 8:F=8G64"6@4";E?8ABT=4" ?E>=478<@" D6?" =4D"

F?BA8G64D" 54" :6DE<=<J84S" D6?" =4" 5EC=<8D<@@4:4@A" 54D" F?<>4DD8<@D" :6DEB=4D" `C<@D4?;BA46?DS"

:E58BA46?DS" A4CL@8C84@Dm8@JE@846?D" vbS" 4A" D6?" =4" 5E;4=<FF4:4@A" 54" =84@D" B;4C" =H4@;8?<@@4:4@A"

47AE?846?" `F<F6=BA8<@" =<CB=4S" E=6D" =<CB67S" B6A?4D" 8@DA8A6A8<@D" C6=A6?4==4DS" ?ED4B67" BDD<C8BA8>DS":8=8467"

E56CBA8>DS"<>>8C4D"56"A<6?8D:4vbI""

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

34D"?E>=478<@D"F46;4@A"B=<?D"5ET<6CL4?"D6?"6@"@<6;4B6"58DC<6?D"D6?"=4D":6DE4DS"G68"@4"F46;4@A"F=6D"

]A?4"F4?q6D"C<::4"54D"=8467"F<6DD8E?467S":B8D"C<::4"54D"=8467"54"C6=A6?4S":4AAB@A"W"58DF<D8A8<@"56"

F=6D"J?B@5"@<:T?4" =B" ?8CL4DD4"54" =46?D"?4DD<6?C4DS" A<6A"4@"EAB@A" =846"54"?4@C<@A?4S"5HECLB@J4Dv")"

=H8:BJ4"54D"?ED4B67"D<C8B67S"FCGHI!JKG!FLMMJKNJIO!NJILJP!QJ!MJHOG!RJCST!HCNUSI!QCSKHINJPGP@!

%B"G64DA8<@"56"?BFF<?A"W"=HE56CBA8<@":E?8A4"5H]A?4"?4F4@DE4"V"C4?A4D"=4":6DE4"4DA"6@"=846"54"DB;<8?S"54"

C<@@B8DDB@C4S":B8D"C4"@H4DA"FBD"6@4"B@@474"54"=H&C<=4I"34AA4"A?B@D:8DD8<@"54"DB;<8?D"5<8A"FBDD4?"FB?"

=HE:<A8<@S"=B"C6?8<D8AES"=HE:4?;48==4:4@AS"8="VNJI!PODGKFWNKIGP!TCGXYOPSGKFG!MJHONTG"4A"D6DC8A4?"=4"5ED8?"

54"=B"?4@<6;4=4?"4A"5HK"4@A?BX@4?"=4D"B6A?4DI"!

)"=H8@AE?846?"54"=B"DFL9?4"C6=A6?4==4S"=4D"=84@D"4@A?4"8@DA8A6A8<@D"C6=A6?4==4D"5H6@4"FB?A"4A"4@A?4":6DE4D"

4A"A6A4==4D"5HB6A?4"FB?A"54;?B84@A"]A?4"?4F4@DED"V"=H8@AEJ?BA8<@"B6"A4??8A<8?4"D4?B"5HB6AB@A"F=6D"?E6DD84"

G64" =4D" 8@DA8A6A8<@D" C6=A6?4==4D" `:6DE4DS" l()3S" C4@A?4D" 5HB?AS" ALEcA?4DS" T8T=8<AL9G64Dvb" A?B;B8==4@A"

4@D4:T=4S"DHECLB@J4@A"=46?D"47FE?84@C4D"4A"@4"D4";8;4@A"FBD"C<::4"C<@C6??4@A84==4D"u" =4"a8@8DA9?4S"

;8B"=4D"-()3"B6"@8;4B6"=<CB=S""F<6??B8A"U<64?"C4"?Y=4"54">BC8=8ABA46?"5HECLB@J4DS"54"C?EBA8<@"54"?ED4B67S"

4@" >B;<?8DB@A" =4D" 47FE?8:4@ABA8<@D" F68D" 4@" =4D" ;B=<?8DB@A" 4A" =4D" 58>>6DB@A" F=6D" =B?J4:4@AI" 34D"

8@DA8A6A8<@D"D<@A"B6U<6?5HL68"B:4@E4D"W"B;<8?"FB?><8D"=4D":]:4D"A6A4==4D"B;4C"=B"3?EBA8<@S"5B@D"=4"CB5?4"

54"=B"%<8"_+,(4S"54D":EA?<F<=4DS"BJJ=<:E?BA8<@D"4A"C<::6@B6AE"54"C<::6@4DI"2="4DA"8:F<?AB@A"54"

F<6;<8?"POVTOFWSP!Z!ILJIGH!TGH!VLPMGH!QG!FLLYOPNISLKH!YLHHS[TGHI"

1GH!FLTTN[LPNISLKH!N\GF!TGH!NPISHIGH"`F=BDA8C84@DS":6D8C84@DS"J4@D"54"ALEcA?4S"4ACI"b"5<8;4@A"F4?:4AA?4"W"

A<6D" =4D" AKF4D" 54" :6DE4D" `4AL@<J?BFL84S" L8DA<8?4S" T4B67\B?ADS" B?A" C<@A4:F<?B8@S" DC84@C4D" 4A"

A4CL@8G64DS"vb"54"C?<8D4?"54D"F6T=8CD"4A"54"DH<6;?8?"W"=H8@A4?58DC8F=8@B?8AEI"

1GH!FLTTN[LPNISLKH!N\GF!TGH!3'%.S"8@8A8E4D"54F68D"A?4@A4"B@DS"5<8;4@A"]A?4"5E;4=<FFE4D";8B"54D"5EFYADS"

54D"47F<D8A8<@DS"54D"C<F?<56CA8<@DI"

1N!FSPFJTNISLK!QGH!]J\PGH!GKIPG!MJHOGH"5<8A"]A?4">BC8=8AE4"4@":4AAB@A"4@"F=BC4"54">Bq<@"F=6D"=B?J4"=B"

JB?B@A84"5HxABAS"B>8@"5HE;8A4?"54D"C<eAD"5HBDD6?B@C4"F?<L8T8A8>DI""

1GH! ^!>PNKQH! QOYNPIGMGKIH! YNIPSMLKSNJX!_" B6" @<:T?4" 54" !N" 5<8;4@A" B@8:4?" B;4C" 5K@B:8D:4" =4"

?ED4B6"54D":6DE4D"A4??8A<?8B67"C<@D4?;B@A"54D"C<==4CA8<@D"5<@A"8=D"D<@A"?E>E?4@ADI")"=H8:BJ4"56":6DE4"

5H+?DBK" 4A" 54" D<@"3=6T"p2pS" 54D" 47F<D8A8<@D" A4:F<?B8?4D" F46;4@A" ]A?4"<?JB@8DE4D" 4A" C8?C6=4?" D6?" =4"

A4??8A<8?4I"-4D"5EFYAD"<6"F?]AD"5HZ6;?4D"F46;4@A"B6DD8"]A?4"5E;4=<FFEDI

" MO"

&p*&(2&_3&'"-&"(&l&(&_3&"

*BDD4F<?A"C6=A6?4="F<6?"=4D"@<6;4B6\@ED"4A"=46?D"FB?4@AD"W"3LB:TE?K"

%4D"BCC?<CLBJ4D"FB?A8C8FBA8>D"B6"a6DE4"'B8@A4\3?<87"W"*<8A84?D"4A"B6"a6DE4"5HB?A"4A"5HL8DA<8?4"54"%B"(<CL4==4I""

%B"3LB:T?4"54D";8D8A46?D"B6"a6DE4"54D"o4B67\B?AD"54"(<64@"

%B";8A?8@4"Q"2:BJ8@4r"=4":6DE4"54"54:B8@"R"B6":6DE6:"54",<6=<6D4"

h46@4D"B?A8DA4D"5B@D"=4D"C<==4CA8<@D"B6":6DE4")5?84@"-6T<6CLE"\":6DE4"@BA8<@B="54"=B"3E?B:8G64"W"%8:<J4D""

%B";8A?8@4"Q"2:BJ8@4r"=4":6DE4"54"54:B8@"R"B6":6DE6:"54",<6=<6D4"

%4D"+F4@"a6DE6:"56"*B=B8D"54D"o4B67\B?AD"54"%8==4"

3?EBA8<@S":E58BA8<@"4A"@6:E?8G64"V"=4"A?B;B8="54"*84??4"08@4?"B6"3_)*"

-4DD8@4?"5B@D"=4D"DB==4D"54D":6DE4D"V":6DE4"54D"o4B67\)?AD"54"(4@@4DS"54D"B?AD"4A":EA84?D"W"*B?8DS"/?TB@"Dy4ACL46?D"B;4C"=B"18==4"54"*B?8D"

-B@D4"B6":6DE4"V"*4A8A4"0B=4?84"B6"%<6;?4S":6DE4D"54D"o4B67\)?AD"54"%K<@S",<6=<6D4\%B6A?4C"W")=T8S"5H+?DBKS"aB?C"3LBJB=="W"_8C4S"54D"o4B67\)?AD"54"(48:D"

�/@"<FE?B"4@"y8A�S"_68A"54D":6DE4D"#j!OS")?CL8;4D"@BA8<@B=4D"

a6*<F"W"a<@A=6q<@"V"=B":6D8G64"4@"8::4?D8<@"

Q"0?}D4=@BCLA"R"B6":6DE4"B=DBC84@"54"'A?BDT<6?J"

(E<6;4?A6?4"56"B6":6DE4"/@A4?=8@54@S"3<=:B?"V"%4D"F4A8AD"):TBDDB546?D"4A"-B@C4">=<<?"'L8::K""

&7F<D8A8<@"+?>?0G/9?;7"B6"0?B@5"*B=B8D"

&7F<D8A8<@"#72430724&<7&9?&93./>27"B6"a6DE4"54"=B"3LBDD4"4A"54"=B"_BA6?4"W"*B?8D"

&7F<D8A8<@"F/970&O&X8?4?>6&<A127&9:;72<7&<A?>;397"B6"a6DE4"5HB?A"4A"5HL8DA<8?4"56"U65B{D:4"

*B?A4@B?8BAD"(E6@8<@"54D"a6DE4D"_BA8<@B67"^"0?B@5"*B=B8D"B;4C"=4"34@A?4"FE@8A4@A8B8?4"'65\>?B@C8=84@"

%4D"FB?A4@B?8BAD":6DE4D\)DD8DAB@C4"F6T=8G64I"

%4"*?87"*BA?8:<8@4"F<6?"A<6D""

a6a<"4A")?CLEB"V"!16:7&47>>34/>3?936:H&016:7&0/G397Q&

l()3\B?A<AL9G64"56"%8:<6D8@"4A"a6DE4"54"

(<CL4CL<6B?A"V"=H47F<D8A8<@"Q"%HB?A"4@"=8467"RI""

%B"D4C<@54";84"54"C<==4CA8<@D"4AL@<J?BFL8G64"W"=B"38AE"56";8@"W"o<?54B67I""

-8B=<J64"54D"C<==4CA8<@DS":6DE4"3B=T4AS"0?8D<==4"

&7F<D8A8<@"3<?FD"?4T4==4D"B6"a6DE4D"54"3<@>=64@C4DS"%K<@"

Q"%B"C=BDD4S"=HZ6;?4"�"R"V"=4D"EC<=84?DS"C<==EJ84@D"4A"=KCE4D":E58BA46?D"W"=B"@68A"54D":6DE4D""

18D8A4D"W"#";<87"B6":6DE4"54D"o4B67\)?AD"54"(48:D"

_68AD";4?@84D"B6"a6C4:S"0?}D4=@BCLA"B6":6DE4"B=DBC84@"54"'A?BDT<6?J"4A"'<8?E4"38AE"54"=B"F46?"54D"O":6DE4D"54"_B@CK"

%4"F?<J?B::4"=H&@A?4F?8D4"W"=HZ6;?4""

$4"E58A8<@"54D")A4=84?D"@<:B54D"56":6DE4"56"G6B8"o?B@=K"B;4C"@B;4AA4D"J?BA68A4D"FB?AB@A"54"D87";8==4D"56"0?B@5"*B?8D"'65"

)A4=84?"54"?4DAB6?BA8<@"4@";8A?8@4S":6DE4"kKBC8@AL4"(8JB65S"*4?F8J@B@""

a6DE4D"54"3<@CB?@4B6"3<?@<6B8==4")JJ=<:E?BA8<@"V"=4D"D<8?E4D"FBF<ABJ4""

%4D"D4@A84?D"54"?B@5<@@E4"4A"=4D"?4>6J4D"5HB?A"56":6DE4"0BDD4@58"54"-8J@4"

a6DE<:87"4A"D4D"C<::6@B6AED"V"=H8@;4@A8<@"54"=B":E58BA8<@"@6:E?8G64"

a8DD8<@"'CB@FK?B:854D"B6"*B=B8D"54"o4B67\)?AD"54"%8==4"

'8A4"8@A4?@4A"Q"?4DF<@D8;4"n4T"54D8J@"R"B6":6DE4"56"G6B8"o?B@=K"

)FF=8CBA8<@"AE=ECLB?J4BT=4"D6?"ABT=4AA4"<6"D:B?AFL<@4"B6":6DE4"5HB?CLE<=<J84"@BA8<@B=4"

2@A4?>BC4D"ABCA8=4D"4A"CB?A4=D"@6:E?8G64D"B6":6DE4"54D"B?AD"5EC<?BA8>D""

*?<56CA8<@"5HBFF=8CBA8<@D"@6:E?8G64D":6A6B=8DE4D"4@"_<6;4==4")G68AB8@4"u"a6DB:T6=4"4@"*BCB"4A"+CC8AB@84I"

w4T\;8D8A4D"56":6DE4"54"=B"0?B@54"064??4"W"a4B67"

(EB=8AE";8?A64==4"B6"CLcA4B6"54"l<@AB8@4T=4B6"

aE58BA8<@"@6:E?8G64"4A"BCC4DD8T8=8AE"V"B?CL8:Y:4"W"=B"3BFBS"%4D"47F4?AD"B6"a.oS"v"

Q"%4"(<8"4DA":<?A"R"4A"=8;4\An44A"

Q"%4":6DE4"4DA"C4"G6H8="<D4"R"V"8:BJ4"4A"C<::6@8CBA8<@"58D?6FA8;4"4@"58?4CA8<@"54D"h46@4D"B6":6DE4"'B8@A"(BK:<@5S",<6=<6D4"

%4D";85E<D";8?B=4D"54D"K<6A6T4?"

%4":6DE4"DB@D">8@"V".6<8"54"@46>"B6"a<K4@\)J4"s"

�U<6?54>4?:4A6?4

"

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

$)"((!&*.1)"&3!(+!.#11%8#'%+&3!!

2'("&5(*+(!=!! `#a11(!2&`%)5&('D.%8#+4!$)"(("!5(!"+'%"8#)'>@!!!

%*&$%+()'"!=!! A&*.(*+!2#)""#)4!'$*D>2!(+!.(1&*(!2(/'(4!$)"((!3%8'(4!$#*+2(11&('@!!

#8"('A%+()'!=!! ?%A&('!'#1%*54!$)"(("!5(!$#*"4!8(1>&-)(!

'%22#'+()'!=!!!! "('>(!.,%)$&('4!)*&A('"&+(!5C%'+#&"@!!!

"

%4"AL9:4"54"=B"FB?A8C8FBA8<@"?4;84@A"C<::4"6@"=48A:<A8;"5B@D"=4D"58DC<6?DS"=4D"8@A4@A8<@D"4A"=4D"BCA8<@D"

54D"F?<>4DD8<@@4=D"C4D"54?@89?4D"B@@E4DI"-4D"U<6?@E4D"5HEA654S"G68"A?B8A4@A"54"C4"AL9:4S"@<6??8DD4@A"

=B" ?E>=478<@" F<6?" BCC<:FBJ@4?" 54D" 5E:B?CL4D" 54" F=6D" 4@" F=6D" @<:T?46D4D" W" DH8@DC?8?4" 5B@D" C4AA4"

5K@B:8G64I"%<8@"5H]A?4"6@"4>>4A"54":<54S"C4AA4"E;<=6A8<@"DH8@DC?8A"5B@D"6@4"A4@5B@C4"JE@E?B=4S"54D"

:6DE4D"5B@D"=4"D4CA46?"C6=A6?4=S"4A"56"D4CA46?"C6=A6?4="5B@D"=H4@D4:T=4"54D"DFL9?4D"54"=B"D<C8EAEI"&==4"

?4>=9A4" 54":B@89?4" C<@>6D4" 6@" CLB@J4:4@A" 54" FB?B58J:4" 4@" C<6?DS" CLB@J4:4@A" B6AB@A" ?E4=" G64"

@EC4DDB8?4"F<6?"?EF<@5?4"B67"5E>8D":BU46?D"854@A8>8ED"FB?"=4D"58>>E?4@AD"A47A4D"?E6@8D"5B@D"C4"?BFF<?AI"

%B"C<@U6JB8D<@"54D"C?8D4D"G64"=4":6DE4S"BCA46?"5H6@":<@54"4@":6ABA8<@S"D4"5<8A"5HB>>?<@A4?"=H8@;8A4"W"

8@@<;4?"4A"W"4@A?4?"5B@D"6@4"@<6;4==4"9?4"54"D<@"L8DA<8?4I""

)F?9D"B;<8?"C<@@6"=4"5E;4=<FF4:4@A"54"=B":6DE<=<J84"D<C8B=4"4A"C<::6@B6AB8?4"5B@D"=4D"B@@E4D"PjS"

5H6@"@<6;4B6"?BFF<?A"B67"58DC<6?D"47F<J?BFL8G64D"4A"B67"F6T=8CD"B;4C"=B"@<6;4==4":6DE<=<J84"5B@D"

=4D"B@@E4D"[jS"=4"?9J@4"54"=H8@A4?BCA8;8AE"5B@D"=4D"B@@E4D"ij"<6"54"=H47FE?84@A84="5B@D"=4D"B@@E4D"#jjjS"

6@" @<6;4B6" FBD" 5<8A" ]A?4" >?B@CL8" F<6?" =HB;4@8?" G68" F4?:4AA4" 54" ?4=84?" 5B;B@ABJ4" 54D" F<F6=BA8<@D"

>?BJ:4@AE4DS"54">B8?4"D4"?BDD4:T=4?"4A"FB?ABJ4?"F<6?"8@;4@A4?"4@D4:T=4"B6\54=W"54D"C=8;BJ4D"D<C8B67I"

2=" DHBJ8A" J=<TB=4:4@A" 54" ?4=84?" 4A" C<@DA?68?4" 54" C<@C4?A" 54D" <TU4CA8>D" C6=A6?4=D" 4@" ?4=BA8<@" B;4C" =4D"

8:FE?BA8>D"D<C8B67S"EC<@<:8G64D"4A"4@;8?<@@4:4@AB67"5H6@"A4??8A<8?4I""

%4":6DE4" 8@C=6D8>" 4A" C<==BT<?BA8>" 4@JBJ4"54" C4" >B8A" 6@" CLB@J4:4@A" J=<TB=" G68" D4" 5EC=8@4" W" A<6D" =4D"

@8;4B67" 54" =H8@DA8A6A8<@" 016:7" B6DD8" T84@" 4@;4?D" =4D" <TU4CA8>D" 54D" EABT=8DD4:4@AD" u" =4D" :<54D"

5H<?JB@8DBA8<@"4A" =46?" ><@CA8<@@4:4@A" u" =4D":<54D"5HB5?4DD4" B67"F6T=8CD" 6DBJ4?D"<6"F<A4@A84=D" u" =B"

:B@89?4"5HE=BT<?4?"4A"5HB@8:4?"54D"F?<J?B::4D"54"5E;4=<FF4:4@A"C6=A6?4="u"=4"5E;4=<FF4:4@A"54D"

D8A4D"4A"=46?D"?4DF<@DBT8=8AED";8D\W\;8D"54D"A4??8A<8?4D"u"=4"DABA6A"54D"C<==4CA8<@D"4A"=4D"@<?:4D"8@568A4D"u"

=B"><?:BA8<@"54D"F?<>4DD8<@@4=D"4A"=HB@8:BA8<@"54D"?ED4B67I""

*68DG64"A<6A"D4"A84@A"4A"G6H6@">BCA46?"4@"8@568A"6@"B6A?4S"@<6D"F<6;<@D"854@A8>84?"56"F=6D"E;854@A"B6"

F=6D"C<:F=474S"=4D"?B8D<@D"4A"=4D"4@U467"G68"C<@568D4@A"W"8@;4@A4?"6@"@<6;4B6"?BFF<?A"B67"F6T=8CD"5B@D"

=4D"EABT=8DD4:4@ADS"4A"=4D"4>>4AD"C<==BAE?B67"D6?"=4D"B6A?4D"C<:F<DB@A4D"54"=H8@DA8A6A8<@I""

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

"

)8@D8S"@<6D"47B:8@4?<@D"A<6?"W"A<6?"C<::4@A"V"

!I! 3<@DA?68?4"6@4"@<6;4==4"?4=BA8<@"B67"F6T=8CDS"5B@D"6@4"9?4"54"F<DA\:E58BA8<@"

#I! (4F4@D4?"=4D"8@DA8A6A8<@D"C<::4"54D"F=BA4B67"54"F<A4@A8B=8AED"

$I! (4C<@D85E?4?"=4D"DA?6CA6?BA8<@D"><@CA8<@@4==4D"4A"=4D":<54D"54"J<6;4?@B@C4"

"

3+_',(/2(&" /_&" _+/1&%%&" (&%),2+_" )/p" */o%23'S" -)_'" /_&" &(&" -&" *+',\

a&-2),2+_"

-4F68D":B8@A4@B@A"C8@G6B@A4"B@DS" =4D" 8@DA8A6A8<@D":6DEB=4D"<@A"?45EC<6;4?A" =46?"><@CA8<@"8@8A8B=4S"W"

DB;<8?" Z6;?4?" 5HBT<?5" F<6?" =4D" F6T=8CD" B67G64=D" 8=D" D<@A" 54DA8@EDI" *<6?" C4" >B8?4S" =4D" :6DE4D" <@A"

5E;4=<FFES" 4A" D<6;4@A" 8@;4@AE" 54" @<6;4==4D" ><?:4D" 54" :E58BA8<@DS" A<6U<6?D" F=6D" @<:T?46D4D" 4A"

8@@<;B@A4DNiS"B>8@"54":8467"?EF<@5?4"W"=46?D":8DD8<@DI"%4D"D4?;8C4D"54D"F6T=8CD"4A"D4?;8C4D"C6=A6?4=D"D4"

D<@A"8:F<DED"4A"<@A"EAE"F=48@4:4@A"?4C<@@6D"4A"?4@56D"8@58DF4@DBT=4D"FB?"=B"%<8":6DE4"54"l?B@C4"4@"

#jj#I"%B"58;4?D8AE"54D"BCA8<@D"54":E58BA8<@D"4DA":B@8>4DA4"4A"C<@A?8T64"W"=B";8AB=8AE"4A"W"=B"?E6DD8A4"54D"

8@DA8A6A8<@DS"AB@A"@BA8<@B=4D"G64"54D"C<==4CA8;8AED"A4??8A<?8B=4DS"54D":6DE4D"C<:F?8D"B6"D4@D"=B?J4"`CH4DA\

W\58?4"8@C=6B@A"=4D":6DE4DS"F6T=8CD"<6"F?8;EDS":B8D"B6DD8"=4D"C4@A?4D"5HB?AS"=4D"C4@A?4D"54"DC84@C4DS"=4D"

C4@A?4D"5H8@A4?F?EABA8<@DS"4ACIbI"'8"=4"CL4:8@"FB?C<6?6"5<8A"]A?4"?4C<@@6"4A"BFF?EC8ES"6@4"@<6;4==4"9?4"

DH<6;?4"F<6?"B==4?"F=6D"=<8@"5B@D"=4"58B=<J64"4A"C<@A?8T64?"W"6@"5E;4=<FF4:4@A"BCC?6I"

'H+/1(2(")/"a/'&&"3+_1&('),2+__&%"

-6?B@A" =<@JA4:FD" =4" :6DE4S" C<::4" A<6A4D" =4D" 8@DAB@C4D" 5HB6A<?8AES" B" <CC6FE" 6@4" F<D8A8<@"

L8E?B?CL8G64"DHB5?4DDB@A"W"54D";8D8A46?D"G64=G64"F46"8@>B@A8=8DEDS"<6"C<@D85E?ED"W"8@DA?68?4I"%4"F?87"W"

FBK4?"54"=H<6;4?A6?4"B6"F=6D"J?B@5"@<:T?4S"54F68D"=4"C4?C=4"54D"@<ABT=4D"4A"54"=B"D<C8EAE"DB;B@A4S"EAB8A"

54"A?B@D><?:4?"=4":6DE4\A4:F=4"4@":6DE4\EC<=4I"%B";<=<@AE"54"5E:<C?BA8DBA8<@"?4@5B8A"8:F=8C8A4"=B"

L8E?B?CL8DBA8<@"54D"C<@A4@6D"B6DD8"T84@"G64"54D"=<C6A46?D"4A"54"=46?D"F6T=8CDI",<6A"C<::4"=4D":E58BD"

<6"=HEC<=4S"=4D":6DE4D"B;B84@A"A4@5B@C4"W"DHB5?4DD4?"54">Bq<@"54DC4@5B@A4S"D8"C4"@H4DA"C<@54DC4@5B@A4S"

W"6@"B658A<8?4":64AI"'B@D"?4>B8?4"C4AA4"L8DA<8?4S"8=">B6A"BCA4?"54D"CLB@J4:4@AD"D<C8B67"G68"C<@568D4@A"

W" 54D" F?8D4D" 54" FB?<=4D" C?<8DE4D" 4A" :6=A8F=4DS" 4A" W" =H8@DAB6?BA8<@" 54" 58B=<J64" 4@" =846" 4A" F=BC4" 54D"

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""7<"-E;4=<FF4?"=H47FE?84@C4"D4@D8T=4"B6":6DE4"V"=H47FE?84@C4"54D";8D8A4D"D4@D<?84==4D"B6":6DE4"54"%B"*8DC8@4"W"(<6TB87I"k6:4?"

=H<546?"54D"ABT=4B67S"D4"F?<:4@4?"F845D"@6D"F<6?"D4@A8?"=4D":BAE?8B67S"D4"C<6CL4?"B6"D<="4A"?4JB?54?"=4D"F=B><@5DS";8D8A4?"W"=B"=B:F4" A<?CL4v" %4D" BCA8<@D" 5ECB=E4D" @4" :B@G64@A" FBD" F<6?" BFF?4@5?4" W" ;<8?S" :B8D" B6DD8" W" ?4DD4@A8?" B6A?4:4@AI"LAAFVmmnnnI?<6TB87\=BF8DC8@4IC<:"

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

:<@<=<J64DI"-ED<?:B8D"4A"F=6D"G64"UB:B8DS"=H9?4"4DA"W"=B"?4C<@@B8DDB@C4"4A"W"=HEC<6A4I"%4D"6?.L?246"@4"

58DFB?B8DD4@A"FBDS"8=D"D4"5E:6=A8F=84@A"W"=H8@>8@8S"F68DG64"A<6A"6@"CLBC6@"5EC<6;?4S"K"C<:F?8D"5B@D"D<@"

L8DA<8?4"54";84"FB?A8C6=89?4S"54D"DB;<8?DS"54D"F<A4@A8B=8AED"54":8D4"4@"?EC8AS"54"F?8D4D"54"FB?<=4"4A"54"

AE:<8J@BJ4DI"!

)=<?D"G64"=4D":E58BD"DH<6;?4@A"W"6@4"F=6D"=B?J4"C<::6@8CBA8<@"FB?"54D"5ETBAD"?4@56D"F=6D"B8DED"B;4C"

=H8@A4?@4AS" =HEC<=4" ?45EC<6;?4" =4D" BFF?<CL4D" B=A4?@BA8;4D" 54" =HE56CBA8<@"@<6;4==4" 4A" 54D" FE5BJ<J84D"

8@;4?DE4DI"%HEF<G64"4DA"W"6@4"J=<TB=8DBA8<@"54D"ECLB@J4D"4A"W"6@4"F?8D4"54"FB?<=4"5EC<:F=47E4S"F=6D"

EJB=8AB8?4S"F=6D"C?8A8G64"B6DD8I"%H47F4?A"@4";B"F=6D"54"D<8S"4A"@4"54;84@A"G6H6@"54D"E=E:4@AD"5B@D"6@4"

C<@;4?DBA8<@"JE@E?B=8DE4I"34AA4"<6;4?A6?4"W"5B;B@ABJ4"54"5E:<C?BA84"@4":B@G64"FBD"54"DH8@DC?8?4"

EJB=4:4@A"5B@D"=4D"8@DA8A6A8<@D":6DEB=4DS":]:4"D8"=4D"=8467"54:46?4@A"54D"4DFBC4D"54"?E>E?4@C4S"F<6?"

=4DG64=D" =4D" F6T=8CD" C<@D4?;4@A" =46?" C<@>8B@C4I" 2=" @H4:F]CL4" G64" =4D" JE@E?BA8<@D" =4D" F=6D" U46@4D"

@<AB::4@A"4@A4@54@A"4@">B8?4"54D"=8467"5H47F?4DD8<@I"%HB;4@8?";8D4?B"A?9D"C4?AB8@4:4@A"W"4@C<6?BJ4?"

=4"5E;4=<FF4:4@A"54D"8:F=8CBA8<@D"4A"54D"F?8D4D"54"FB?<=4D"5B@D"=H4DFBC4"F6T=8CI"-B;B@ABJ4"G64"=B"?64S"

<d" =H47F?4DD8<@" 4DA" 58>>8C8=4S" =H8@DA8A6A8<@" F4?:4A" 54" ?4U<8@5?4" F=6D" 4>>8CBC4:4@A" 54D" C<::6@B6AED"

5H8@AE?]A" 4A" 54" FB?ABJ4?" 54D" :<54D" 5HE@<@C8BA8<@" G68" C<@;84@@4@A" W" CLBC6@I" -4" :<8@D" 4@" :<8@D"

BDD8:8=E"W"6@"=846"@46A?4"4A"<TU4CA8>S"=4":6DE4"4DA"5HBT<?5"6@"=846"5H<TU4CA8;BA8<@S"6@"=846"G64DA8<@@B@AS"

G68"D6DC8A4"=4"F<D8A8<@@4:4@AS";<8?4"6@":6DE4"4@JBJEI"

Q"Z7& 6136& D/1>& 97& 016:7& 0:.L?24& B13& 8/16& 4>/1G97H& B13& 8/16& D9?.7& <?26& 127& 6341?43/2& L/>6& <7&

9A/><32?3>7&RS"5EC=B?4"l?E5E?8C"*B@@8S"C<@D4?;BA46?"56"lB:8=8DA9?4"54"068D4I"/@":6DE4"58>>6DS"F<?467"

G68" 8??8J64" 4A" G68" D4" A?<6;4" F4?:EBT=4" W" =B" ;84" G6<A8584@@4I" o?4>S" 6@" :6DE4" 4@" F4?FEA64==4"

A?B@D><?:BA8<@"FB?"=4D"?4=BA8<@D"G6H8="4@A?4A84@A"B;4C"=4D"J4@D"B;4C"=4DG64=D"8="DH8@;4@A4OjI"-6"CYAE"54D"

:E58BA46?DS" =4":6DE4"54"54:B8@"DH4@;8DBJ4"C<::4"6@"<6A8="54" =B"F4?:B@4@C4"5B@D"6@":<@54"G68"

T<6J4"A<6A"=4"A4:FDS":B8D"EJB=4:4@A"C<::4"6@"4DFBC4"><?6:S"<d"=B"C6=A6?4"D4?B8A"FB?ABJE4S"58DC6AE4S"

?E8@;4@AE4I" 3EC8=8B" 54" 1B?8@4" `a4:T?4" ><@5BA46?" 54" =HBDD<C8BA8<@" @BA8<@B=4" aE58BA8<@" C6=A6?4==4S"

CLB?JE4"56"5E;4=<FF4:4@A"C6=A6?4="B6"34@A?4"k<DF8AB=84?"'B8@A\h4B@"54"-846"W"%K<@b"D4"=4"?4F?ED4@A4"

C<::4"Q"6@"=846"5HECLB@J4S"54"5ETBAS"5HEC<6A4S"6@"?B?4"=846"<d"=H<@"BFF?4@5?B8A"W"Q";<8?"4@D4:T=4"R"

4A"<d"=H<@"FB?=4?B8A"FL8=<D<FL84S"B?AS"C?<KB@C4DS"4ACI"RI""

%4D"D6FF<?AD"D4"5E:6=A8F=84@AI"'8"=4D":<54D"A?B58A8<@@4=D"54:46?4@AS"=<?D"54D"?4@C<@A?4DS"54D"5ETBADS"

54D"BA4=84?DS"54D"E;E@4:4@AD"FB?A8C6=84?D"`l]A4"54" =B"DC84@C4S"h<6?@E4D"46?<FE4@@4D"56"FBA?8:<8@4S"

_68A"54D":6DE4DS"4ACIb"G68"F4?:4AA4@A"54D"BFF?<CL4D"5ECB=E4DS"5HB6A?4D"><?:4D"BFFB?B8DD4@AI"%4"D6CC9D"

54D" F<DA\8A" <6" 54D" CB?A4D" <d" =4" ;8D8A46?" BU<6A4" DB" C<@A?8T6A8<@" 5B@D" 6@4" 47F<D8A8<@S" 54D" =8;?4D"

E=4CA?<@8G64DS"54D" D6FF<?AD"@6:E?8G64D"<d" =H<@"F46A" ;<A4?"4A" DH47F?8:4?S"54D" ><?6:DS"54D" ?ED4B67"

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""Oj"3>I"LAAFVmmnnnI>B:8=8DA4?4IC<:"

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

D<C8B67S" 54D" F=BA4><?:4D" C<@A?8T6A8;4DS" D4" ?4@><?C4@A" 54" U<6?" 4@" U<6?" 4A" 54" @<6;4B67" ><?:BAD"

DH8@;4@A4@AI" %4D" ><?:BAD" 54":E58BA8<@" E;<=64@A" 4A" ?4>=9A4@A" C4AA4" A4@5B@C4S" =B8DDB@A" 5B;B@ABJ4" 54"

F=BC4D"B67"ECLB@J4D"B;4C"4A"4@A?4"=4D";8D8A46?DI""

)"=H<CCBD8<@"54"=H<FE?BA8<@",A724>7D>367&J&9AN18>7S"54D"BCA8<@D"54":E58BA8<@D"FB?A8C8FBA8;4D"<@A"B8@D8"

EAE" C<@568A4DS" @<AB::4@A" 6@" C<@C<6?D" :8D" 4@" F=BC4" W" =H/D8@4" (4@B6=A" 54" l=8@DS" 6@4" F<=8A8G64" 54"

C<::6@8CBA8<@" B;4C" =4D" DB=B?8ED" B6" *<?A" B6A<@<:4" 54" (<64@S" 54D" :E58BA8<@D" FB?" =4D" DB=B?8ED" 54"

=H4@A?4F?8D4"&(-l"W"aE?8J@BCv)"CLBG64" ><8D" C4=B"B"5<@@E" =846"W"54D"<CCBD8<@D"5HBFF?<F?8BA8<@"FB?"

=HECLB@J4"4A"=4"FB?ABJ4IO!"

%4" :6DE4" C<@;4?DBA8<@@4=S" CH4DA" =4" :6DE4" <d" =4" 5ETBA" 5E:6=A8F=84" =4D" FB?<=4D" G68" DH4@?8CL8DD4@A"

?EC8F?<G64:4@AI"3H4DA"FB?"=HBCA8;BA8<@"G64"=HE;48="54"=B"C<@DC84@C4"C?8A8G64"F46A"DHEFB@<68?"4A"G64"=4D"

:6DE4D"BDD6:4?<@A"=46?"?4DF<@DBT8=8AE"D<C8B=4"54"><?:4?"W"=B"C8A<K4@@4AEI"

-&1&%+**&("%)"3/%,/(&"*)(,232*),21&"

'8"=HBFF?<CL4"FB?"=B"FB?A8C8FBA8<@"C<@A?8T64"W"?4@<6;4=4?"=B"C<@DA?6CA8<@"54"=B"?4=BA8<@"B67"F6T=8CDS"CH4DA"

B6DD8"G6H4==4" DH8@DC?8A"4@" C<LE?4@C4"B;4C"5HB6A?4D"5K@B:8G64D"W" =HZ6;?4S"G64"C4" D<8A" =4D"E;<=6A8<@D"

C8A<K4@@4D"54"5E:<C?BA84"FB?A8C8FBA8;4S"=4D"@EC4DD8AED"56"5E;4=<FF4:4@A"56?BT=4"`5B@D"=B"=8J@E4"54D"

)J4@5B" #!bS" =B" :<@AE4" 4@" F68DDB@C4" 54D" FE5BJ<J84D" 8@;4?DE4DS" =HEC<@<:84" C<==BT<?BA8;4S" =B"

?4C<@@B8DDB@C4" 54D" 5?<8AD" L6:B8@DS" 54D" 5?<8AD" C6=A6?4=D" B;4C" =B" -EC=B?BA8<@" 54" l?8T<6?J" 4A" 54" =B"

58;4?D8AE"C6=A6?4==4S"=B"?4:8D4"4@"G64DA8<@"54D"DB;<8?D"54DC4@5B@AD"4A"56"F<6;<8?"54"=H47F4?A8D4"B6"F?<>8A"

54D"8@A4==8J4@C4D"C<==4CA8;4D"4A"54D"DB;<8?D"4@"FB?ABJ4I"%4":<59=4"54"=H8@A4?@4A"4A"54"=B"C<\C<@DA?6CA8<@"

54D" DB;<8?D" D4?A" 54" :BA?8C4" C<@C4FA64==4" F<6?" ?E8@;4@A4?" 4A" >BC8=8A4?" =B" :8D4" 4@" Z6;?4" 54" C4D"

5E:B?CL4DI",<6A4D"C4D"E;<=6A8<@D"C<@;4?J4@A4D"F=B854@A"F<6?"6@4"?4:8D4"4@"G64DA8<@"54D":<59=4D"

B@AE?846?D" 4A" @4" F46;4@A" G6HB;<8?" 54D" 8@C854@C4D" D6?" =B" :B@89?4" 5<@A" =B" C6=A6?4" D4" F?<568A" 4A" D4"

A?B@D:4AI"-9D"=<?DS"=4D":E58BA8<@D"C6=A6?4==4D"5<8;4@A"D4"?E8@;4@A4?"<6"D4"C=B?8>84?I""

,?<F" =<@JA4:FD" F4@DE4" D<6D" =4" U<6?" 54" =B" C<:F=E:4@AB?8AE" 4A" 54" =H47A4@D8<@" W" FB?A8?" 5H6@" C4@A?4"

C<@DA8A6E"FB?"=4D"DB;<8?D"4A"=4D"C<==4CA8<@DS"=B":E58BA8<@"4DA"C<6?B::4@A"C<@q64"C<::4"6@":<K4@"54"

58>>6D8<@"4A"54"A?B@D:8DD8<@"54D"DB;<8?D"54"=H47F4?A"<6"54"=B"C=B?8>8CBA8<@"54D"5E:B?CL4D"54"=HB?A8DA4"<6"

5H6@4"Z6;?4"F?<568A4I""

34"FB?B58J:4"G68"8:F?9J@4"T84@"54D":4@AB=8AED"4A"54D"5E:B?CL4D"56":<@54"54"=B"C6=A6?4"D4";<8AS"D8"

C4"@H4DA"C<@A?458A"56":<8@D"C<:F=EAE"FB?"6@4"B6A?4"BFF?<CL4"C<@DA?68DB@A"=4D":E58BA8<@D"@<@"W"FB?A8?"

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""O!"LAAFVmm=4@A?4F?8D4B=<46;?4I>?"

"

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

54D"Z6;?4D"4A"54D"C<@A4@6DS":B8D"54D"F4?D<@@4D"8:F=8G6E4DI"34">B8DB@AS"C4AA4"5E:B?CL4"?4@<64"B;4C"

=H4DF?8A"54"=HBCA8<@"C6=A6?4==4"F<?AE4"FB?"=HE56CBA8<@"F<F6=B8?4"4A"?ED<@@4"FB?A8C6=89?4:4@A"B;4C"T84@"

54D";<=<@AED"54"=HE56CBA8<@"B?A8DA8G64"4A"C6=A6?4==4I!

*4@D4?"=B"C6=A6?4"W"FB?A8?"54"D4D"6DBJ4?D"5B;B@ABJ4"G64"54D"F?<568AD"<6"54D"F?<56CA46?DS"FB?"474:F=4"

=4D"Z6;?4D"4A"=4D"B?A8DA4DS"=4D"C<==4CA8<@D"<6"=4"FBA?8:<8@4S"=4D"DB;<8?D"C<@DA8A6EDS"CH4DA"8@58G64?"G64"=B"

>8@B=8AE" 54D" BCA8<@D" ?ED854" 5B@D" =4D" 47FE?84@C4D" 54" ;8D8A4" JE@E?E4DI" -B;B@ABJ4" G6H6@" =846" <d" =H<@"

FB?ABJ4S"<d"6@"=846"<d"=H<@"C<@A?8T64S"DHE=BT<?4"6@"=846"G64"=H<@"C<\C<@DA?68A"4A"G68"F?4@5"><?:4"FB?"

D<@" 8:F=8CBA8<@I")8@D8S" =H47F<D8A8<@",A'6327&<7& I3906&?0?471>6" F?<F<DE4"FB?"a8CL4="0<@5?K"<>>?4"6@"

CB5?4"5H47F?4DD8<@S"FB?"B8==46?D" C<@q6"B;4C"54D"EA658B@AD"4@"B?AD"F=BDA8G64DS"5B@D" =4G64=" =4";8D8A46?"

;84@A"B;4C"5HB6A?4D"F?<568?4"6@">8=:"D8@J6=84?IO#"

'8" =B"D<C8<=<J84"54"=B"?EC4FA8<@"B"F6"D6>>8DB::4@A"47F=<?4?"=B"58;4?D8AE"54D"47FE?84@C4D"F?<568A4DS" 8="

BFFB?B8A"G6HB6\54=W"54D"AKF<=<J84D"CH4DA"C4"G68"4DA";EC6"FB?"=4"54DA8@BAB8?4"G68">B8A"=84@"4A"G68">B8A"D4@D"

4A"G68"54;?B8A":<A8;4?"=B":8D4"4@"F=BC4"54D"F<=8A8G64D"C6=A6?4==4D"C<@568A4DI""

%4D" ><?:4D" FB?A8C8FBA8;4D" D<@A":6=A8F=4DS":B8D" 4==4D" <@A" A<6A4D" F<6?" F<8@A" C<::6@" 54" 5EF=BC4?" =4"

C4@A?4"54"J?B;8AE"54D"BAA4@A8<@D"54"=H8@DA8A6A8<@";4?D"=4"F6T=8CI""

,7&0:.:2?4&D?>43.3D?43I&?1&016:7&<AL364/3>7&2?41>7997&<7&,3997&72&764&12&7C70D97&[& .7&016:7&?&

./2<134&127&.?0D?;27&S&?</D47\&976&?230?1C&<1&016:7&R&D/1>&D7>0744>7&9?&./997.47&<7&I/2<6&

836?24& J& 9?& >:2/8?43/2& <7& 9?& 87>>3E>7& <1& 016:7Q& ,7& 61..E6& <7& 9A/D:>?43/2& ?& 4:0/3;2:& <7&

9A?44?.L70724&<7&9?&D/D19?43/2&7287>6&97&016:7]^Q&)7&6/2&.Y4:H&97&016:7&<1&6D/>4&J&%3.7&?&9?2.:&

127&;>?2<7&./997.47&J&9A/..?63/2&<7&9A(1>/&_`a]&?I32&<A3<7243I37>&.7&B13&I?36?34&D?4>30/327&D/1>&976&

D/D19?43/26H& 679/2& 9?& <:0?>.L7& <76& 328724?3>76& D?>43.3D?43I6]bQ& ,76& 7C70D976& <7& ./997.476&

D?>43.3D?43876& 6/24& 2/0G>71C& [& .34/26& 9?& ./997.47& DL/4/;>?DL3B17H& 724>7D>367& D?>& 97& 016:7&

<:D?>470724?9&<7& 9AX>976&?243B17H&<7&DL/4/6&<7& I?03997&D>3676& 61>&<76&63476&?>.L:/9/;3B176&<1&

D/1>4/1>& 0:<347>>?2:72Q& ,A7CD/6343/2& ZA?307>?36& 4?24& 8/3>& #5>?.167& /II>7& 7261347& 12& 9371& <7&

>7D>:6724?43/2& <76& >?DD/>46& 724>747216& D?>& 976& 8363471>6& <?26& 97& 470D6& 74& 9A76D?.7& ?87.& 97&

D?4>30/327& ?>.L:/9/;3B17]cQ& ,7& 016:7& <?1DL32/36& ./2<134& <7D136& 9/2;470D6& <76& 7CD/6343/26&

D?>43.3D?43876Q&,76&<7>23E>76&72&<?47&61>&976&D>:.?3>76H&7C.916H&.LY071>6&74&>036476H&/1&72./>7&61>&

976&;726&<1&8/5?;7&/24&:4:&./2d16&?87.&<76&>7D>:6724?246&<76&./0012?14:6]]Q"&

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""O#"LAAFDVmmnnnIC4@A?4F<:F85<6I>?mCF;m?4D<6?C4mC<MO([om?N47yr("

O$"LAAFDVmmnnnIC6=A6?4\A8:4IC<:m>?mF?<U4Am:L@\=8==4"4A"LAAFDVmmnnnI>BC4T<<yIC<:m4;4@ADm!MMMj!OiNN[i!!O[m"""

OM"LAAFVmmnnnI:6D4456DF<?AI>?m>?mBCA6B=8A4D|56|:6D44mJ?B@54\C<==4CA4\46?<"""""

ON"LAAFVmmnnnIB?=4D\B@A8G64ICJ!$I>?"

OO"LAAFVmmnnnI:6D44\5B6FL8@<8DI>?""

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

'8" =B" ;4==E8AE"54" =B"5E:<C?BA8DBA8<@" C6=A6?4==4" EAB8A" 5HBJ8?" F<6?" =4D" J4@DS" 8=" 4DA" DB@D"5<6A4" A4:FD"54"

F?4@5?4"=B":4D6?4"54"=B"5E:<C?BA84"C6=A6?4==4"G68";8D4"W"BJ8?"B;4C"=4D"J4@DS">B6A4"54"G6<8"=4"58;<?C4"

?8DG64"5H]A?4"54"F=6D"4@"F=6D"J?B@5"4@A?4"5467"FB?A84D"54"=B"F<F6=BA8<@S"=4D"LE?8A84?D"54"=B"C6=A6?4"4A"

C467"G68"4@"D4?<@A"54"F=6D"4@"F=6D"47C=6DI""

3<::4"=4":4@A8<@@B8A"6@"BCA46?"BDD<C8BA8>"=<?D"5H6@4"?4@C<@A?4"F6T=8G64"W",?&+/2<343/2&@1G93B17S"4@"

?4F?4@B@A"C4A"B5BJ4"54"_4=D<@"aB@54=B"V"Q"X;3>&D/1>&976&;726H&6?26&976&;726H&.A764&?;3>&./24>7&976&;726&RI"

,?<F"D<6;4@A"4@C<?4S"W"=H9?4"56"F<DA\C<=<@8B=8D:4"C6=A6?4=S"<@"C<@A8@64"54"F?<CE54?"D4=<@"54D"><?:4D"

8@U<@CA8;4D"<d"=4D"F6T=8CD"5<8;4@A"]A?4"C<@;4?A8D"B67"J?B@546?D"56"DB;<8?"<CC854@AB=I"

%4"FB?B58J:4"54"=B"FB?A8C8FBA8<@"4DA"5<@C"6@4"?EF<@D4"B67"478J4@C4D"5E:<C?BA8G64D"54"FB?ABJ4"4A"B67"

478J4@C4D":<?B=4D"5H8@C=6D8<@"4@;4?D"54D"FB?A84D"5E=B8DDE4D"54"=B"F<F6=BA8<@"`=4D"F6T=8CD"58AD"56"CLB:F"

D<C8B=bI""

*)(2&("'/("%H2_,&%%20&_3&"3+%%&3,21&"

-8>>E?4@AD" @8;4B67" 54" FB?A8C8FBA8<@" D<@A" F<DD8T=4DI" -4D" ><?:4D" =4D" F=6D" D8:F=4D" <d" 54D" 5E:B?CL4D"

C<@A?8T6A8;4D"><@A"BFF4="B67"F6T=8CD"F<6?"@<6??8?"6@4"F?<J?B::BA8<@"<6"4@"5<@@E4D"6@4"47F<D8A8<@S"

B67"><?:4D"F=6D"30D93B1?2476"<d"6@"4@JBJ4:4@A"D6?"=4"F=6D"=<@J"A4?:4"478DA4I""

%4D" BFF?<CL4D" 54D" DC84@C4D" FB?A8C8FBA8;4D" D4?;4@A" 4@" C4" D4@D" 54" :<59=4" 5<@A" T84@" 54D" :6DE4D"

58DC8F=8@B8?4D"F46;4@A"DH8@DF8?4?"F<6?"5E;4=<FF4?"54D":<54D";B?8ED"5HBFF?<F?8BA8<@D"54D"DB;<8?D"4A"54D"

C<==4CA8<@DI"%4":<59=4"56"w8y8"<d"=4"C<==4CA8>"F?<568A"6@4"C<@@B8DDB@C4"JE@E?E4"FB?"=H8:F=8CBA8<@"54"

A<6D"F4?:4A"5H4DFE?4?"54"@<6;4==4D"><?:4D"5H8@A4==8J4@C4"C<==4CA8;4I""

,A"267.4?>310&<7&!/24>:?9&?&./2<134&<E6& 976&?22:76&e`&<76&?.43/26&<7&6.372.76&D?>43.3D?43876H&

32834?24&9?&D/D19?43/2&J&./997.47>&74&./00123B17>&<76&</22:76&61>&47997&/1&47997&76DE.7H&B13&67>4&

?3263&<A32I/>0?43/26&D/1>&9?&>7.L7>.L7&6.37243I3B17Q&,7&!16710&%?43/2?9&<AT364/3>7&%?41>7997H&74&

9A72670G97&<76&016:106&/24&>7D>36&<76&?.43/26&63039?3>76H&0744?24&72&D9?.7&<76&/G67>8?4/3>76&<7&

9?& G3/<387>634:H& 74.Q]f&,7& 016:10& <7& K/19/167& ?& <:879/DD:& B1?24& J& 913& <76& ?.43/26& <7&

</.10724?43/2&D?>43.3D?4387&61>&676&./997.43/26&?87.&<76&?0?471>6&8/9/24?3>76]gQ&,7&@?9?36&<76&

W7?1Ch?>46& <7& ,3997& ?& ./2<134& <76& ?47937>6& <7& D?>4?;7& <76& >766/1>.76& ?87.& 97& D1G93.& ?87.&

i3U3!16710&72&32834?24&J&127&;>?2<7&./997.47&<7&DL/4/6&<1&016:7&?87.&i3U3D:<3?Q]e&&

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""OP"LAAFDVmmnnnI:@L@I>?m>?mFB?A8C8F4rmC<@A?8T64r\DC84@C4D\FB?A8C8FBA8;4D""

O["LAAFVmmnnnI:6D46:IA<6=<6D4I>?"

Oi"LAAFVmmnnnIFTB\=8==4I>?"

"

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

'8"=4"?4C<6?D"B6"F6T=8C"5B@D"=4D"5E:B?CL4D"5HE;B=6BA8<@":6DEB=4D"D<@A":8467"C<@@64DS"8="4DA"F<DD8T=4"

5HB==4?"F=6D"B;B@AS"4A"5H8@C=6?4"4A"D<==8C8A4?"=4"F6T=8C"=<?D"54D"FLBD4D"54"C<@C4FA8<@S"5B@D"=B"C<@DA?6CA8<@"

54D" <>>?4DS" B;4C" =4D" C<:8AED" 54" ;8D8A46?DS" =4D" C<::B@54D" 4A" C<@D6=ABA8<@" C8A<K4@@4S" =4" :ECE@BA"

FB?A8C8FBA8>v"%4D"><?:4D"30D93B1?2476";8D4@A"W">B;<?8D4?"6@"4@JBJ4:4@A"F=6D"J?B@5"5H6@4"FB?A84"54"=B"

F<F6=BA8<@" 5B@D" =B" C<@DA?6CA8<@" 5H6@" C<@A4@6S" B;4C" 6@4" :6DE<J?BFL84" C<==BT<?BA8;4" 4A" 56" D1G93.&

.1>?432;H"=<?DG6H6@4"BDD<C8BA8<@"BDD6:4"FB?"474:F=4"=4"C<\C<::8DDB?8BA"5H6@4"47F<D8A8<@I"

&;854::4@AS"F?<568?4"54D"DB;<8?D"B;4C"=B"5E:B?CL4"54D"DC84@C4D"FB?A8C8FBA8;4D"4@"5<C6:4@AB@A"54D"

C<==4CA8<@DS"F?<568?4"6@4"C<\C<@DA?6CA8<@"54"=H<>>?4"B;4C"54D"?4F?ED4@AB@AD"54D"F6T=8CDS"<6"8@;4?D4?"=4D"

5E:B?CL4D"54DC4@5B@A4D"5B@D"=B"A?B@D:8DD8<@"54D"DB;<8?DS"CH4DA"W"CLBG64"><8D">B8?4"BCA4"54":E58BA8<@"

4@" =B" ?4F4@DB@A" 4A" =68" 5<@@B@A" 54" @<6;4==4D" :<5B=8AED" 5H47F?4DD8<@I" 2=" 4@" ;B" 54" :]:4" F<6?" =B"

C<::6@8CBA8<@"G68"FBDD4"5ED<?:B8D"54"F=6D"4@"F=6D"FB?"=4D"?ED4B67"D<C8B67"4@"58;4?D8>8B@A"=4D"D6FF<?AD"

4A"=4D"C8T=4DI"%B":E58BA8<@"4DA"B=<?D"B6"CZ6?"54"A<6D"=4D"F?<C4DD6DS"54"=B"?4CL4?CL4S"54"=B"C<@D4?;BA8<@S"

54"=B"C<::6@8CBA8<@"<6"54"=B"F?<56CA8<@"5HE;E@4:4@ADS"4A"DHB;9?4"=B"><?C4":<A?8C4"54"=H8@DA8A6A8<@I""

*<6?"G64"C4AA4":E58BA8<@"><@CA8<@@4"54"=B"D<?A4S"8=">B6A"=B"C<:F?4@5?4"C<::4"EAB@A"=H4DD4@C4":]:4"

54"=HBCA8<@"C6=A6?4==4S"<d"CH4DA"=B"?4=BA8<@"L6:B8@4"G68"4DA"A8DDE4"G68"8:F<?A4I"*<6?"C4=BS"=HECLB@J4S"=4"

FB?ABJ4S" =B"C<@;8;8B=8AES" =4"58B=<J64S" =B"C<@;4?DBA8<@S" D<@A"B6AB@A"54":B8A?4D\:<AD"G68" A?<6;4@A" =46?"

F<8@A" 5HB@C?BJ4" 5B@D" =HE;48=" 54" =B" D4@D8T8=8AES" =HE:<A8<@S" =B" D4@D<?8B=8AES" =H47FE?84@C4" 4A"

=H47FE?8:4@ABA8<@S" =B" F?<56CA8<@" C?EBA8;4S" F<6?" 5E;4=<FF4?" =B" :8D4" 4@" 8@A?8J64S" 4@" ?EC8AS" 4@" ;8DE4"

8@A4?F?EABA8;4S" C<::4"B6AB@A" 54" D6FF<?AD" 54" C6?8<D8AES" 5H<6;4?A6?4" W" D<8\:]:4"4A" W" =HB=AE?8AEI" %4D"

<TU4CA8>D" 5HE56CBA8<@S" CH4DA\W\58?4" 5HB@8:BA8<@" 4A" 5HE;48=" 54" =B" C<@DC84@C4" C?8A8G64S" 54" :8D4" 4@"

G64DA8<@@4:4@ADS"C<@DA8A64@A"=H6A<F84"W"BAA48@5?4I""

,7&016:7&<7&9?&.L?667&74&<7&9?&2?41>7&J&@?>36&D>/D/67&2/2&671970724&<76&7CD/6343/26&470D/>?3>76&

B13&D>722724&D9?.7&G372&6/18724&?1&6732&<1&D?>./1>6&D7>0?2724H&0?36&?1663&<76& 3247>87243/26&

?>43643B176H&<76&L?DD7232;6H&<76&./2.7>46H&<76&I3906H&<76&.>:?43/26& 366176&<1&6D7.4?.97&838?24j&

<?26& 9A?1<34/>310& /1& <?26& 976& 6?9976& <1& 016:7Q& +/007& <A?14>76& 9371CH& 97& 016:7& 8367& ?1&

<:.9/36/2270724&74&J&<:01943D937>&976&7CD:>372.76&67263G976Qf`&

)6AB@A" 54" ><@CA8<@D" 54" =HBCA8<@" C6=A6?4==4" G68" D<@A" T84@" E=<8J@ED" 5H6@4" ;<=<@AE" 5H8@DA?6CA8<@" 4A" 54"

A?B@D:8DD8<@" FE5BJ<J8G64I" %B" F<DA\:E58BA8<@S" CH4DA" =4" 5EFBDD4:4@A" 54" =B":8DD8<@" 5H8@DA?68?4" F<6?"

B>>8?:4?"B6A?4"CL<D4I"2="DHBJ8A"5HE56CBA8<@"B6"D4@D"><?A"56"A4?:4S"C4=68"54"3<@5<?C4AS"DHBFF6KB@A"D6?"

C4AA4"<6;4?A6?4"W"D<8\:]:4"4A"B67"B6A?4D"F<6?"DH<6;?8?"F46A\]A?4S"E;4@A64==4:4@A"4@"54?@84?"?4DD<?AS"

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""Pj"LAAFVmmnnnICLBDD4@BA6?4I<?J"

"

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

W"=B"C<@@B8DDB@C4I"%H<6;4?A6?4"FB?\54=W"=4D"58DC8F=8@4D"F<6?"5EC=<8D<@@4?"=4D"BFF?<CL4D"4A">B8?4"EC=<?4"

=4D"8@A4?F?EABA8<@D"./24>?<3.4/>379976S"4DA"=B"T84@;4@64I""

&@" C4" D4@DS" =B" C?EBA8;8AE" D<6D" A<6A4D" C4D" ><?:4D" 54;?B8A" DHB;E?4?" C4@A?B=4" 5B@D" =4D" ?4DD<?AD" 54" =B"

:E58BA8<@I"2="DHBJ8A"5HBFF?4@5?4"W">B8?4"F<6?"BFF?4@5?4"W"]A?4I"%B"A?B@D><?:BA8<@"54D"8@DA8A6A8<@DS"5H6@"

:<59=4";4?A8CB="<6"54D"6?.L?246"47F4?AD"DHB5?4DD4@A"W"54D"F6T=8CD"W"8@DA?68?4"4A"<d"=4D"C<@A4@6D"̀ DB;<8?D"

4A" C<==4CA8<@Db" D<@A" C<@D85E?ED" C<::4" C4@A?B67" ;4?D" 6@" :<59=4" L<?8r<@AB=" 4A" 4@" ?L8r<:4" <d" =B"

C<@DA?6CA8<@"54D"BDD<C8BA8<@D" =H4:F<?A4"FB?" =4D"4>>4AD"JE@E?ED"CL4r" =4D"F4?D<@@4DS"B"54D" 8@C854@C4D"

><@5B:4@AB=4D"D6?"=B";84"54D"8@DA8A6A8<@DS"=4D"<TU4CA8>DS"=4D"F?<J?B::BA8<@DS"=4D":EAL<5<=<J84D":8D4D"

4@" Z6;?4S" :B8D" B6DD8" D6?" =4D" DA?6CA6?BA8<@D" ><@CA8<@@4==4DS" =4D" <?JB@8J?B::4DS" =4D" :<54" 54"

J<6;4?@B@C4S"=4D"T65J4AD"4A":]:4"=4D"DABA6AD"54D"EABT=8DD4:4@ADI"

"

(&*&_'&("%&'"2_',2,/,2+_'"3+aa&"-&'"*%),&)/p"-&"*+,&_,2)%2,&'"

&@"F?4@B@A"F=BC4"F=6D"=B?J4:4@A"5B@D"=B";84"C6=A6?4==4"4A"D<C8B=4S"B;4C"=B"C?EBA8<@"5HB658A<?86:D"4A"=B"

:8D4"4@"F=BC4"54"F?<J?B::BA8<@D"C6=A6?4==4D"W"=H<CCBD8<@"54"=B"?E@<;BA8<@"54D"EABT=8DD4:4@ADS":B8D"

B6DD8" 4@" 8:F=B@AB@A" 54D" D4?;8C4D":B?CLB@5D"F<6?"F?4@5?4" 4@" C<:FA4" =4D" T4D<8@D" 54D" ;8D8A46?DS" =4D"

:6DE4D"<@A"5E;4=<FFE"54"@<6;4==4D"<>>?4DS"E;E@4:4@A84==4DS"C<::4?C8B=4D"4A"<@A"<6;4?A"=B";<84"W"6@4"

:878AE"54D"6DBJ4D"54D"=8467I""

*<6?AB@A" =4":6DE4"><?6:S"F=ET8DC8AE"B6"CZ6?"54D"B@@E4D"[jS"4DA"A?<F"D<6;4@A"?4DAE"4@"54qW"54"D4D"

F<A4@A8B=8AEDI"'8"=4":6DE4"B"F?8D"F=48@4:4@A"F=BC4"5B@D"=B"C8AES"8="4DA"D<6;4@A"?4DAE"D6?"D<@"F8E54DAB=S"

:B=J?E"6@"4>><?A"F<6?"4@"?4@5?4"=HB?CL8A4CA6?4"F=6D"BCC4DD8T=4"4A":<8@D"8@A8:85B@A4S":]:4"D8"4==4"F46A"

?4DA4?"4@C<?4"D<6;4@A" 8:F<DB@A4I",<6A"F?<J?B::4"54"C<@DA?6CA8<@"54":6DE4"<6"54"?E@<;BA8<@"D4"

54;?B8A"5H8@AEJ?4?"54D"?4C<::B@5BA8<@D"F?EC8D4D"B67"B?CL8A4CA4D"G68"JB?B@A8DD4@A"=B"@<@"47C=6D8<@"56"

;8D8A46?" @<@" 8@8A8E" 4A" C4" 59D" =4" D468=" 54" =H8@DA8A6A8<@S" B;4C" 6@4" BAA4@A8<@" FB?A8C6=89?4" BFF<?AE4D" B67"

><@CA8<@D"5HBCC648=I"

3H4DA"DB@D"5<6A4"5B@D"A?<8D"58?4CA8<@D"G64"=4":6DE4"56"pp29:4"D89C=4"F46A"DH<?84@A4?"F<6?"?4@<6;4=4?"

DB";<CBA8<@"4A"D<@"D4@D"V"]A?4"6@"C4@A?4"54"?4DD<6?C4DS"]A?4"6@4":B8D<@"C<::6@4S"DHB>>8?:4?"C<::4"

6@"=846"54"C?EBA8<@I"34D"A?<8D"><@CA8<@D"@4"D<@A"FBD"47C=6D8;4D":B8D"F46;4@A"]A?4"=B?J4:4@A"?4@><?CE4D"

D4=<@"=4"F?<U4A"54"=HEABT=8DD4:4@AI""

-&*%+�&("%&"3&_,(&"-&"(&''+/(3&'""

)6\54=W"54D"A?B58A8<@@4=D"C4@A?4D"54"5<C6:4@ABA8<@"8@A4?@4D"B67"EABT=8DD4:4@ADS"6@4"E;<=6A8<@";4?D"

6@4" F<?<D8AE" 4A" 6@4" :878AE" 54D" ><@CA8<@D" 4DA" 4@" C<6?DS" G68" B??BCL4" =4" :6DE4" W" D<@" A?<F8D:4" 54"

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

C<==4CA8<@S"W"D<@"<?8J8@4"54"CBT8@4A"54"C6?8<D8AEP!"I"%4":6DE4"@H4DA"FBD"D46=4:4@A"6@"=846"54"?E>E?4@C4"

G64"=H<@"C<@D6=A4"=<?DG6H6@"F?<T=9:4"D4"F<D4"W"=B"C<==4CA8;8AES"\"B8@D8"T4B6C<6F"54"C4@A?4D"54"DC84@C4DS"

54":6DE6:D"D4";<84@A"B>>4CA4?"54D":8DD8<@D"5H47F4?A8D4D"FB?"=B"C<==4CA8;8AE"F<6?"C<@568?4"6@4"?E>=478<@"

<6"6@4"BCA8<@"D6?"6@"F<8@A"5<@@E"`<TD4?;BA<8?4"54"=B"T8<58;4?D8AE"4@";8==4S"4ACIb"\S":B8D"C4"D<@A"B6DD8"54D"

=8467"54"?4DD<6?C4D"F<6?"CLBG64"C8A<K4@I"2=D"F46;4@A"D4"A?B@D><?:4?"F<6?"BCC648==8?"54D"8@58;856D"<6"

]A?4"54D"D6FF<?AD"W"54D"C<==4CA8>DS"FB?"474:F=4"54D"BDD<C8BA8<@DS"5B@D"=46?"?4CL4?CL4"DFEC8>8G64I""

%4D" A4@5B@C4D" 4>?2607<3?"G68";<84@A"D4" ?BDD4:T=4?" =4D"D6FF<?ADS"C<@568D4@A"W":]=4?" =4D"<TU4ADS" =4D"

D6FF<?AD"EC?8ADS" =4D"5<@@E4D"B658<;8D64==4DS" =4D":6=A8:E58B"5B@D"54":]:4D"4DFBC4DS"4A"F<6?"C4=B" =4"

@6:E?8G64"DHB;9?4"E;854::4@A"F?EC8467"F<6?"?45E>8@8?"=4D":8DD8<@D"4A"5EFBDD4?"=4D"C=<8D<@@4:4@ADI"

*B?><8D"F=BCE";<=<@AB8?4:4@A"B6"CZ6?"54"=H8@DA8A6A8<@S"6@"A4="4DFBC4"4DA"C4@DE"D4?;8?"54"=846"5HBCC648="

4A"5H8@;8ABA8<@"W"=H47F=<?BA8<@"4A"B67"FB?A4@B?8BAD"`,7&,/18>7h,726bI""

+724>7&<A7CD/6343/2&61>& 9?&83997&<1>?G97&74& 976&014?43/26&1>G?3276&<?26& 97&0/2<7H&,?&T?997&?1C&

61.>76&J&)12U7>B17H&32?1;1>:7&72&I:8>37>&_`a]H&67&D>:67247&J&9?&I/36&./007&12&9371&<A7CD/6343/2H&

0?36&?1663&<7&>766/1>.76&</.10724?3>76H&<A?>.L3876H&12&.724>7&<7&>72./24>76j&K/1476&.76&?.43/26&

7C364724&<?26&<A?14>76&9371CH&0?36&79976&6/24&3.3&0P9:76&<?26&976&0P076&76D?.76Q&+A764&<A?G/><&12&

9371&<7&837H&<7&>72./24>76&74&<AL5G>3<34:&<76&I/2.43/26&D/1>&3287247>&72670G97Qf_&&

*=6D"J=<TB=4:4@A"=4D"=<J8G64D"54D"C=6DA4?D"4A"54D"%8;8@JD"%BTD"D4"58>>6D4@A"4A"=4D":6DE4D"F46;4@A"]A?4"

54D" =8467" F?8;8=EJ8ED" 54" =46?" 5E;4=<FF4:4@AI" %4" 5ED8?" 4A" =B" ?4CL4?CL4" 54" C<@;4?J4@C4" 4@A?4" =4D"

T8T=8<AL9G64D"54;4@64D":E58BAL9G64D"4A"=4D":6DE4DS":B8D"B6DD8"FB?><8D"=4D"C4@A?4D"5HB?CL8;4DS"=4D"=8467"

5H47F<D8A8<@"4A"C4@A?4D"5HBCA8<@D"C6=A6?4==4DS";<8?4"=4D"<>>8C4D"54"A<6?8D:4"<6"=4D"4DFBC4D":B?CLB@5D"

D<@A"B6"F?8@C8F4"54"58>>E?4@AD"F?<U4AD"5EUW"?EB=8DED"<6"4@"C<6?D"54"?EB=8DBA8<@"`,7&k3\7"W"18==46?TB@@4S"

,?&T?997&?1C&61.>76"W"-6@y4?G64S",76&=>?2.36.?3276"W"-4B6;8==4S"4ACIbI""

*=6D"?B?4DS":B8D"F?<:4AA46D4D"D<@A"=4D"8@DA8A6A8<@D"5E;4=<FFB@A"54D":8DD8<@D"5H47F<D8A8<@S"54"C?EBA8<@"

4A"58>>6D8<@"56"DF4CABC=4";8;B@A"`,?&#.E27"B6"%<6;?4\%4@D"<6"=B"0B8AE"%K?8G64"W"*B?8DbI"_<A<@D"G64"=4D"

58;8D8<@D"4@"58?4CA8<@D" DFEC8B=8DE4DS" FB?" 474:F=4"54D" D4?;8C4D"54" =H&ABAS" 4@"T65J4AD" 4A"F?<J?B::4D"

DFEC8>8G64DS"@4"D<@A"FBD"DB@D">?48@4?"=4D"5ED8?D"54"A?B@D;4?DB=8AE"54D"BCA46?DI"*=6D"4@C<?4"=<?DG6H8="DHBJ8A"

54":874?"54D"BCA8;8AED"F6T=8G64D"4A"F?8;E4DI"

)T<?54?" =4D" C4@A?4D" 54" ?4DD<6?C4D" C<::4" 54D" =8467" 5H<>>?4D" 4A" 54" F?<F<D8A8<@DS" :B8D" B6DD8" 54D"

?EC4FABC=4D"54" C<==4CA4D"B6F?9D"5H6@"F6T=8C"FB?A4@B8?4S" CH4DA" D4":4AA?4"4@"FLBD4"B;4C" =H85E4"54"C<\

C<@DA?6CA8<@I"%HEC<6A4"54D"6DBJ4?D"<6"=B"D<==8C8ABA8<@"F<6?"G6H8=D"54;84@@4@A"F?<56CA46?D"54"C<@A4@6D"

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""P!"1<8?"=4"?ED6:E"54"=H4@A?4A84@"B;4C"pI"54"%B"'4==4"4@"B@@474I"

P#"LAAFDVmmnnnILB==4B67D6C?4DI>?"

NO"!"##"$%&!'#((#&)'&**"(&#"(+,(! & -$,'!(!""!

D4"?4A?<6;4@A"5B@D"=B"=<J8G64"5HB:F=8>8CBA8<@"54D"F<A4@A8B=8AED"@6:E?8G64DI"'8"54D"F?ECE54@AD"478DA4@A"

4@"C4"G68"C<@C4?@4"=B";8D8A4"B6J:4@AE4S"B;4C"=B"F?<=<@JBA8<@"F<DD8T=4"54D";8D8A4D";8B"54D"F=BA4><?:4D"

54"?4DD<6?C4D"C<==BT<?BA8;4D"`-36347&l"W"=B"+34:&<76&#.372.76S"+/0012?14:&,/18>7S"+?D&#.372.76S"4ACIbS"

@<6D" D<::4D" W" =HB6T4" 54D" 5E;4=<FF4:4@AD" F<DD8T=4D" 5B@D" =4" 5<:B8@4I" /@" 474:F=4"V" ?EB=8D4?" 54D"

BA4=84?D"B@A8G68AED"@6:E?8G64DS"4@"D8A4"n4T"<6"4@"CB?A<J?BFL84"B6":6DE4"54"=H)?=4D"B@A8G64"4A";4?D4?"

54D":E58BD"D6?"3<::<@DIP$""

3H4DA"B6DD8"F<6?G6<8"6@4"?E>=478<@"D6?"=4D"5?<8AD"C6=A6?4=D"4A"=4"5?<8A"W"=B"F?<F?8EAE"8@A4==4CA64==4"4DA"W"

C<@568?4" F<6?" B5BFA4?" =4D" =EJ8D=BA8<@DI" )" =HL46?4" 54D"+>:?43876& ./00/26" 4A" 54D" TBD4D" 54" 5<@@E4D"

B=8:4@AE4D"C<==4CA8;4:4@A"FB?"54D"C<::6@B6AED"5H8@AE?]AS"8="8:F<?A4"54"?4@5?4"F<DD8T=4"=4";4?D4:4@A"

54"5<@@E4DS"@<AB::4@A"54D":6DE4D"F6T=8CDS"5B@D"=4"T84@"C<::6@S"B6"F?<>8A"54"A<6DI"%B":8DD8<@"54"

58>>6D8<@"54D"EABT=8DD4:4@AD"54;?B8A"D4"C<@C?EA8D4?"EJB=4:4@A"5B@D"=B"DFL9?4"@6:E?8G64S"4@"DA8:6=B@A"

=B"C?EBA8;8AE"C<==4CA8;4"4A"=B":8D4"4@"C<::6@I""

2=" D4?B8A" ?B8D<@@BT=4" G64" =H47C4FA8<@" C6=A6?4==4" F68DD4" DHBFF=8G64?" B67" F?<56CA8<@D" C6=A6?4==4D"

8@AE?4DDB@A"5HB6A?4D"F?<56CA8<@D"C6=A6?4==4D"F<6?"F=B854?"W"=H474:FA8<@"54D"5?<8AD"4A"W"=B"J?BA68AE"`FB?"

474:F=4"=4D"C8ABA8<@D"54">8=:D"<6"54D":6D8G64D"5B@D"54D"47F<D8A8<@DbI"%4D"CLB:FD"5H8@A4?;4@A8<@"56"

:8@8DA9?4"54"=B"C6=A6?4"F<6??B84@A"]A?4"5EC=B?ED"D<=85B8?4D"̀ I>77bS"B>8@"54">B;<?8D4?"=B"C?EBA8;8AE"C<==4CA8;4I"

,<6A"4@"EAB@A"?4DF4CA6467"54D"5?<8AD"54D"B?A8DA4DS"=4":8@8DA9?4"54"=B"36=A6?4"F<6??B8A"D4"F4@CL4?"D6?"=B"

G64DA8<@"4A"4@;8DBJ4?" =B"G64DA8<@"54" =B" ?EA?8T6A8<@"54" =fBCC9D"B67" 8:BJ4D"D4=<@" =4D"6DBJ4DS"B;4C" =4D"

D<C8EAED"5HB6A46?DI""

%B"><?:6=4"56":6DE4"=BT<?BA<8?4"4DA"5EUW"F?ED4@A4"CL4r"04<?J4"k4@?8"(8;89?4S"8="DHBJ8A"5ED<?:B8D"5HB==4?"

F=6D" =<8@" F<6?" ?EC<@C8=84?" =4D" :8DD8<@D" DC84@A8>8G64D" 4A" C6=A6?4==4D" B;4C" =4D" :8DD8<@D" D<C8B=4D" 4A" 54"

5E;4=<FF4:4@A"A4??8A<?8B=I"%846"54"?4C<@>8J6?BA8<@S"=4":6DE4"F?<F<D4"B6";8D8A46?"54"FBDD4?"5H6@"DABA6A"

54" C<@D<::BA46?" W" 6@" DABA6A" 54" F?<56CA46?I" 3<@@4CA46?" ?4=BA8<@@4=S" =HEABT=8DD4:4@A" 54;84@A" 6@"

JE@E?BA46?"54"D4@D"F<6?"BCA8;4?"54D":8D4D"4@"A4@D8<@"4A"4@"?4=BA8<@DI""

)6"A<AB=S" 8="DHBJ8A"B8@D8"54"?4=84?"A?<8D":<@54DS"A?<F"D<6;4@A"DEFB?EDS"4A"54"F4?:4AA?4"=4D"C<@@478<@D"

4@A?4"=H12<7>;>/12<S"=4":<@54"54D"B?A8DA4DS"=4"03<<97&;>/12<S"=4":<@54"54D"8@A4?:E58B8?4D":E58BA46?DS"

4A" =H1DD7>& ;>/12<S" =4":<@54" 54" =B" ?4CL4?CL4" 4A" 54D" 5EC8546?DI" %4D" C<==4CA8>D" 8??8J64@A" B8@D8" =B" ;8==4"

C?EBA8;4" 54" 54:B8@S" 4A" =4" :6DE4" F46A" DHB;E?4?" 4@" ]A?4" =4" =846" 54" ?4@C<@A?4D" 4A" 54" FB?ABJ4DS" =B"

F=BA4><?:4"E@4?JEA8G64S":BA?8C4"54">EC<@5BA8<@"54"A<6A4D"=4D"LKT?85BA8<@DI""

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""P$"LAAFVmm:8D4BU<6?ICCmnByyBIFLFsn8y8~)C,6B=8A4DI"aB8D"D8"=4"@6:E?8G64"<>>?4"54D"F<A4@A8B=8AEDS"8="@H4DA"FBD"=B"D46=4":<5B=8AE"

F<DD8T=4"56"FB?A8C8FBA8>"�"*B?"474:F=4S"=4"a/3&a"B":8D"4@"F=BC4"6@"G68r"D<6D"><?:4"54"U46"AE=E;8DE"B6A<6?"54D"C<==4CA8<@D"56":6DE4"B;4C"54D"F?87"W"JBJ@4?I"-HB6A?4D"<FE?BA8<@D"D4"5E?<6=4@A"D6?"=4D"F=BJ4D"54"=B";8==4"V",76&(6.?974476"<6"54":E58BA8<@D"FB?ABJE4D"=4"A4:FD"5H6@4"D<8?E4I""

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

&,(&"/_&"a)2'+_"3+aa/_&""

%4"D4@D"54"=B":B8D<@"C<::6@4"4DA"5HB==84?"W"=B"><8D"6@"=846"54"FB?ABJ4"4A"6@"=846"<d"=H<@"D4"D4@A"CL4r\

D<8I"3H4DA\W\58?4"5HB==84?"=B"C<@;8;8B=8AE"4A"=4"T84@"]A?4"B6"?4DF4CA"4A"W"=HECLB@J4I"%4"=846"5<8A"5<@C"]A?4"

6@" 4DFBC4" 54" 5ETBAD" 4A" 6@" 4DFBC4" C8A<K4@S" G68" F4?:4AA4" 54" 5E;4=<FF4?" 6@" ?BFF<?A" F?8;8=EJ8E" B6"

A4??8A<8?4"4A"W"=B"C8AEI"3H4DA"6@"=846"5H47F?4DD8<@"F<6?"A<6DS"G68"4DA"5<@C"8@C=6D8>"FB?"@BA6?4S":B8D"B6DD8"

6@" =846"5H854@A8>8CBA8<@"4A"54"C<@DA?6CA8<@"54"D<8I"3H4DA"FB?"C<@DEG64@A"6@"BJ4@A"54"C<LED8<@"4A"54"

?4@><?C4:4@A"54D"=84@D"D<C8B67"5B@D"6@4"D<C8EAE"54"=B"58;4?D8AEI"o?4>S"CH4DA"6@"=846"54":EA8DDBJ4"4A"54"

:878AES" <d" =4" ?BFF<?A" W" =B" C6=A6?4" 4A" =B" 58;4?D8AE" 54D" F?BA8G64D" F46;4@A" DH<?CL4DA?4?" 54" :B@89?4"

LB?:<@846D4I""

#79/2& *Q& <7& ,?& #7997H& 9A?.471>& <3>7.471>& <1&016:7& F?<?;27H& 976& 8?971>6& <1&016:7& <7& <70?32&

4/1>2724&?14/1>&<7&9AL/6D34?934:H&<7&9?&I3<:934:H&<1&D?>4?;7&74&<7&9?&>:.3D>/.34:&m&9A3<:7&<7&0?36/2&

./00127&764&4>E6&30D/>4?247H&<1&D/324&<7&817&D?4>30/23?9&n97&G372&./0012o&0?36&?1663&<1&9371&

<7&837&n97&^7&9371&./007&<36724&976&G3G93/4L:.?3>76Q&X3263H&97&D>/M74&>72/1879:&<1&016:7&L364/>3B17&

<7& ,5/2H& 8367& J& 7CD9/>7>& <7& 2/1879976& >79?43/26& 6/.3?976& ?87.& 97& 47>>34/3>7H& 74& J& D7>0744>7& 127&

0739971>7&D>367&72&./0D47&<7&9?&<387>634:&.1941>7997Q& "9&72472<&67&0744>7&?1&67>83.7&<76&?.471>6&

9/.?1C&72&971>&?DD/>4?24&<76&/14396&<A?3<76&?1&<:879/DD70724fbQ&&

*46" 54" :6DE4D" D<@A" 4@C<?4" 854@A8>8BT=4D" W" C4D" =8467" :6=A8\><@CA8<@@4=DS" C<@A?B8?4:4@A" W" C4?AB8@D"

4DFBC4D" BDD8:8=ED" B6" DF4CABC=4" ;8;B@AS" :]:4" D8" 54D" 47F<D8A8<@D" F46;4@A" EJB=4:4@A" DHK" A4@8?S" FB?"

474:F=4"97&a`b"W"*B?8DI"34"=846"><?A4:4@A"8:F?EJ@E"54D";B=46?D"56"D4?;8C4"F6T=8C"4DA"B6DD8"6@"Q":6DE4"

5HB;4@A6?4D"5H8@AE?]A"C<::6@"RS"CH4DA\W\58?4"6@"4@5?<8A"54"?4A?<6;B8==4D"4A"5H8:BJ8@BA8<@D"54"F?<U4AD"

F<6?" 8@;4@A4?" 54D" 54DA8@E4D" FB?ABJE4DI" 2=" 4DA" @<A<8?4" G64" =4" =846" @HBCC648==4" FBD" G64" 54D"

F?<J?B::BA8<@D" C6=A6?4==4D" 4A" 54D"F?BA8G64D" B:BA46?DS":B8D" B6DD8" 54D" BCA8;8AED" 54" =<8D8?D" 4A":]:4"

:B?CLB@54DI""

%4D">?8CL4D"C6=A6?4==4DS"=4D"=8467"8@A4?:E58B8?4D"G68"D4"D<@A"=B?J4:4@A"5E;4=<FFED"54F68D";8@JA"B@D"`3>I"

=4"?BFF<?A"%47A?B8Ab"F48@4@A"W"DH8@CB?@4?"?E4==4:4@A"5B@D"=4D"8@DA8A6A8<@D":6DEB=4DS"D8"T84@"G64"CH4DA"=B"

><@CA8<@"47F<D8A8<@"G68"A4@5"W"D4"5EF=BC4?";4?D"C4D"=8467"@<6;4B67I"34?AB8@D"5H4@A?4"C4D"=8467"<@AS"56"

?4DA4S"?E8@A4?F?EAE"A<AB=4:4@A"=4"C<@C4FA"5H47F<D8A8<@"`<@"F4@D4"W"=H)A4=84?"h67ABF<r"4A"W"=H)DD<C8BA8<@"

�4D" n4" 3B:FS" 4@" *BCBbI" 34" D<@A" E;854::4@A" B6DD8" =4D" 4@5?<8AD" <d" =4D" =<J8G64D" C<==BT<?BA8;4D" 4A"

8@C=6D8;4D"D<@A"=4D"F=6D"F<6DDE4D"5B@D"=B":4D6?4"<d"4==4D"D<@A"8@DC?8A4D"5B@D"=46?")-_I"%4D":6DE4D"D<@A"

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""PM"LAAFVmmnnnIJB5BJ@4I:6D44DI=K<@I>?"

"

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

DE568AD"FB?" C4D" A4@5B@C4D"G68" =46?"F4?:4AA4@A"54"F?4@5?4"F845"5B@D" =B" ;84"54" =B" C8AES"5EFBDD4?" =4D"

C=<8D<@@4:4@AD"D4CA<?84=D"4A"DH<6;?8?"W"54"@<6;4B67"F6T=8CDI""

34"G64"=H<@"F46A"@<::4?"54D"A84?D"=8467"D<@A"8:BJ8@ED"F<6?"]A?4"54D"=8467"5HBCC648="4A"54D"4DFBC4D"54"

A?B@D;4?DB=8AEI" 3<:F?8D" 4@A?4" =H4DFBC4" 54" =B" ?64" 4A" =H4DFBC4" 56":6DE4S" 8=D" D<@A" 54D" =8467" LKT?854DS"

@EC4DDB8?4:4@A"J?BA68ADS"4A":6=A8><@CA8<@DI"2=D"5<8;4@A"]A?4"CLB=46?467"4A"BCC648==B@A"F<6?"8@;8A4?"W"K"

?4DA4?S" DH8@DAB==4?"4A"5E;4=<FF4?"54D"BCA8;8AED"G68"@4" D<@A"FBD"58?4CA4:4@A"4@" =84@"B;4C" =4D"BCA8;8AED"

LBT8A64==4D"56":6DE4I"lB8?4"56"C<54D8J@"4A"C<==BT<?4?"W"54D"F?<U4AD"54"C?EBA8<@"5B@D"6@"C<==4CA8>S"C4AA4"

5E:B?CL4"A4==4"G6H<@"=B"A?<6;4"FB?"474:F=4"W"=B"T8T=8<AL9G64"54"3<F4@LBJ64">B8A"54D"E:6=4D"4A"8@DF8?4"

54"F=6D"4@"F=6D"54"=8467I"PN"

,7&@Y97&!16:?9&<7&!/26&74&97&@?9?36&<76&W7?1Ch?>46&<7&,3997H&D/1>&6/2&?4>310H&67&6/24&?66/.3:6&

D/1>&./2<13>7&127&>:I97C3/2&61>&976&437>6&9371C&74&30?;327>&<7&2/187?1C&76D?.76&724>7&9?&83997&74&97&

016:7&?1&6732&<A12&D>/;>?007&71>/D:72&<7&.//D:>?43/2Q&,371C&<7&>72./24>76&74&<7&D?>4?;76H&

.76&9371C&</38724&P4>7&?1663&<76&9371C&<7&>766/1>.76&./28383?1CQ&,7&./2.7D4&<AL/6D34?934:&72&72&9?&

>?36/2&<AP4>7Q&

)>>8?:4?"=4":6DE4"C<::4":B8D<@"C<::6@4S"CH4DA"D<6D\4@A4@5?4"G6H8="F46A"D4"A?B@D><?:4?"4@"6@"=846"

54"5ETBADS"5H8@A4?F?EABA8<@D"F=6?84==4D"4A"5HBFF?<CL4D"F<=KDE:8G64DI"%B"G64DA8<@"54" =B" A?B@D:8DD8<@"

@H4DA" F=6D" C4@A?B=4" 4A" =B" ><@CA8<@" 54" 58>>6D8<@" B;4C" C4" G6H4==4" C<:F<?A4" 54" DCLE:B"54DC4@5B@A" 54"

=H47F4?A" B6" F?<>B@4S" <6"54" =B" C<::6@8CBA8<@" B;4C" C4" G6H4==4" =B8DD4" 4@A4@5?4" 54" FB?<=4" =EJ8A8:4" 4A"

F<=8CE4S"D<@A"5EFBDDE4DI"%B"G64DA8<@"54"=H4@JBJ4:4@AS"56"F<8@A"54";64"̀ =H47F<D8A8<@"5HB6A46?"<6"5H85E4bS"

:B8D"B6DD8"54"=B"C<@A?<;4?D4S"D4"F<D4"B;4C"BC68AEI""

*<6?" G64" =4" 5ETBA" F68DD4" B;<8?" =846S" 8=" >B6A" G64" 54D" BFF?<CL4D" 58;4?J4@A4D" D4" >BDD4@A" U<6?S" G64" =4"

A?B@D58DC8F=8@B8?4"<F9?4S"G64"=4"L<?D"BCB5E:8G64"B8A"6@4"F=BC4I"'8"54D"47F<D8A8<@D"<@A"EAE"C<@568A4D"4@"

8@;8AB@A"6@"FL8=<D<FL4"W"C<@D85E?4?"54D"C<==4CA8<@D"54"T4B67\B?AD" `474:F=4"+/24>7D/324"B6",/18>7bS"

=H85E4"54"5E:<C?BA84"C6=A6?4==4"4DA"W"=HZ6;?4"=<?DG6H6@4"BDD<C8BA8<@"54">4::4DS"54"DF<?A8>D"<6"54"@<@\

;<KB@AD":B8D" B6DD8" 54D" J?<6F4D" 5HE=9;4D" <6" 5HEA658B@ADS" ;<8?4" 54" F6T=8CD" A<6A\;4@B@AS" F?4@@4@A" =B"

FB?<=4" 5B@D" 6@" C<\C<::8DDB?8BA" 5H47F<D8A8<@" `FB?" 474:F=4" B;4C" =4D" BCC?<CLBJ4D" C<==BT<?BA8>D" B67"

a6DE4"5HB?A"4A"5HL8DA<8?4"54"%B"(<CL4==4S"'B8@A4"3?<87"W"*<8A84?D"<6"54D"o4B67\B?AD"W"(<64@bI"%4":6DE4"

54;84@A"C<@;4?DBA8<@@4="FB?"=B"C8?C6=BA8<@"54D"FB?<=4D"?4@564D"F<DD8T=4D"`FB?"474:F=4"X>4&p&!?>;76"W"

o?674==4D"F?<F<D4"6@4"47F<D8A8<@"A4:F<?B8?4"E;<=6A8;4"<d"=4D"CB?A4=D"D<@A"C<:F=EAED"B6">6?"4A"W":4D6?4"

54"=B"56?E4"5H47F<D8A8<@"FB?"=4D";8D8A46?D"G68"47F?8:4@A"=46?"?4DD4@A8vbI"/@4"B6A?4"8@C854@C4"4DA"G64"=4"

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""PN"LAAFDVmmC<54D8J@?4D4B?CLIC<:m#j!Nmj#mjMm54:<C?BA8C\54D8J@\47F4?8:4@AD\C8A8r4@DL8F\B@5\@4n\;4@64D\><?\C<\

F?<56CA8<@\8@\M\C<F4@LBJ4@\@48JLT<?L<<5Dm"

"

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

:6DE4"54;84@A"=HECL<"54D";8D8A46?D"`4A"FB?><8D"54D";8D8A46?D";8?A64=D";8B"=4D"?ED4B67"D<C8B67bS"4A"FB?"=46?"

8@A4?:E58B8?4"54D"J?B@54D"G64DA8<@D"54"D<C8EAEI""

%H8@DA8A6A8<@":6DEB=4"4DA"4@C<?4"A8:854"4A"LED8A4"W"DHB;4@A6?4?"D6?"=4"A4??B8@"54D"4@U467"C<@A4:F<?B8@DI"

aB8D"F<6?AB@AS"FB?C4"G6H4==4"4DA"?EF6AE4"8@5EF4@5B@A4"4A"58J@4"54"C<@>8B@C4S"4==4"F46A"C<@A?8T64?"W"

><?J4?"D6?"=4D"D6U4AD"54"D<C8EAE"6@"?4JB?5"C?8A8G64I"&A"CH4DA"FB?"C4AA4":8D4"4@"G64DA8<@@4:4@AD"G6H4==4"

F46A"A?<6;4?"6@";E?8ABT=4"?Y=4"5B@D"=B"C<@DA?6CA8<@"54"=B"C8A<K4@@4AEI"

*<6?" 54D" ?B8D<@D" D<C8<=<J8G64D" 54":878AE" 54D" F6T=8CD" 4A" 5H8@C=6D8<@" D<C8B=4S":B8D" B6DD8" 54D" ?B8D<@D"

EC<@<:8G64D"4A"54"@<6;4==4D"><?:4D"54"5E;4=<FF4:4@A"D<C8B="4A"4@;8?<@@4:4@AB=S"8=">B6A"DB@D"5<6A4"

5EFBDD4?" =4D" C=<8D<@@4:4@AD" :8D" 4@" F=BC4" FB?" =B" F?<>4DD8<@@B=8DBA8<@" 56" D4CA46?" C6=A6?4=" 54F68D"

D<87B@A4"B@DI""

)"=B"C?EBA8<@"54D":B8D<@D"54"=B"C6=A6?4"D4"F<DB"=B"G64DA8<@"54"=B":878AE"54D"><@CA8<@DS"4A"D8" =4D"=8467"

>6?4@A"5H4:T=E4"F=6?858DC8F=8@B8?4D"4A"G6H8=D"F46;4@A"4@C<?4" =B?J4:4@A" 8@DF8?4?"F<6?" =4D" 8@DA8A6A8<@D"

B6U<6?5HL68S" 8=">6A"B6DD8"G64DA8<@"54"DB;<8?"D8" =H<@"54;B8A";<8?"D4"CYA<K4?"=4D"BCA8;8AED"B:BA46?D"4A"=4D"

F?<F<D8A8<@D"B?A8DA8G64D"54D"F?<>4DD8<@@4=DI"3<::4"<@"=4"DB8AS"8=">6A"<FAE"F<6?"6@4"DEFB?BA8<@"4A"6@4"

B>>8?:BA8<@"54"=H47C4==4@C4"B?A8DA8G64S"B6"F?87"56"C=<8D<@@4:4@A"4A"54"=B"DEFB?BA8<@"54D"F6T=8CDI"3H4DA"

C4"CL<87"<?8J8@4=S"C<@C4FA8<@"5B@D"=BG64==4"D<@A"4@C<?4"4@>4?:ED"=B"F=6FB?A"54D"F?<>4DD8<@@4=D"54"=B"

C6=A6?4S"G6H8="DHBJ8A"54"5EFBDD4?I""

%B"5E>8@8A8<@"54"=B"C6=A6?4"EAB@A"54"F=6D"4@"F=6D"=B?J4S"=4D"5?<8AD"C6=A6?4=D"F=B854@A"EJB=4:4@A"F<6?"6@4"

@<6;4==4"BFF?<CL4I"2="@H4DA"F=6D"?B8D<@@BT=4"54";<8?"FB?"474:F=4"54D"DB==4D"<6"54D"B658A<?86:D"D<6D\

6A8=8DE4D" D<6D" F?EA47A4" G64" =H<@" @4" F46A" FBD" :E=B@J4?" =4D" BCA8;8AED" B?A8DA8G64D" Q"=EJ8A8:4D"R" 4A"

Q"B:BA46?D"RI"'H8="C<@;84@A"54":4AA?4"4@"F=BC4"54D"=8J@4D"C=B8?4D"F<6?"5EFB?ABJ4?"=4D"<>>?4D"5B@D"6@4"

F?<J?B::BA8<@S"4A"F4?:4AA?4"=B"=8D8T8=8AES"=HL46?4"4DA"W"=B"C<@;4?J4@C4"54D"><@CA8<@DI""

%4":B8==BJ4"B;4C"=4D"BCA46?D"56"A4??8A<8?4"4A"=4"A?B;B8="5H8??8JBA8<@"8@C8A4@A"=4D":6DE4D"W"F?BA8G64?"6@4"

LKT?85BA8<@"54D"BCA8;8AEDS"C6=A6?4==4D"4A"@<@"C6=A6?4==4DI"3H4DA"D46=4:4@A"W"C4"F?87"G64"=4D"=8467"C6=A6?4=D"

54;84@5?<@A"54D":B8D<@D"FB?ABJE4D"FB?"A<6DI"_<6D"@4"F<6;<@D"G64"F=B854?"F<6?"6@4"?EB>>8?:BA8<@"54"

=f8:F<?AB@C4"54D"D<C8EAED"5fB:8D"4A"=46?"?Y=4"5fB:TBDDB546?D"D6?"=4D"A4??8A<8?4D"4A"=4D"8@C8A4?"W"Df8@DF8?4?"

54D"474:F=4D"EA?B@J4?D"`FB?"474:F=4"=4"ao)"54"a<@A?EB="58DF<D4"54"Nj"jjj"B5LE?4@ADbI"34=B"FBDD4"

FB?" 6@4" ?E>=478<@" D6?" =B" >Bq<@" 54":8467" DfB5?4DD4?" B67" U46@4DS" D6?" =4":<59=4" 54D" �U46@4D" B:8D" 54"

:6DE4D"�"B:E?8CB8@DI"

%4D":8DD8<@D"5HBCA8<@D"C6=A6?4==4D"@4"D<@A"FBD"54DA8@E4D"W"DHB??]A4?"B67"FB?A4@B?8BAD"B;4C"=4D"EC<=4DS"=4D"

BCA8<@D"B;4C" =4":<@54"54"=H4@A?4F?8D4S" =4D"C4@A?4D"D<C8B67S" =4":8=846"L<DF8AB=84?"<6"FE@8A4@A8B8?4S" =4D"

:B8D<@D"54"?4A?B8A4"<6"4@C<?4"B;4C"54D"?4F?ED4@AB@AD"54"A4==4"<6"A4==4"C<::6@B6AE"<6"BDD<C8BA8<@"

D<@A"B6AB@A"5H<CCBD8<@D"54"5E;4=<FF4?"54D"><?:4D"30D93B1?2476"4A"5H8@C=6D8<@I""

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

%4D" BCA8<@D" B;4C" =4D" BDD<C8BA8<@D" 54" F4?D<@@4D" 4@" D8A6BA8<@" 54" LB@58CBFS" 54":B=B54D" BAA48@A" 54" =B"

:B=B584" 5H)=rL48:4?" D<@A" @<:T?46D4DS" F=BqB@A" =4" :6DE4" C<::4" =846" 5HBCC<:F=8DD4:4@A" 4A" 54"

?EJE@E?BA8<@I" %B" ?4C<@@B8DDB@C4"4DA" BFF<?AE4"4@"47F<DB@A"5B@D" =4D":6?D"56":6DE4S":B8D" B6DD8" 4@"

47F<?AB@A" C4=68\C8" 5B@D" 5HB6A?4D" 4DFBC4D" W" 8@;4DA8?S" L<?D" =4D":6?DI" %B" ?4@C<@A?4" B8@D8" <FE?E4" 4DA" W"

CLBG64"><8D"=H<CCBD8<@"5HB>>8?:4?"=HB@C?BJ4"56":6DE4"5B@D"=B"D<C8EAES"D<@"58B=<J64"B;4C"6@4"58;4?D8AE"

5HBCA46?DI"'8"=4"*?87"@?4>30/327&D/1>&4/16"5EC4?@E"FB?"=4"a8@8DA9?4"C<@A?8T64"W"=46?"5<@@4?"6@4"C4?AB8@4"

;8D8T8=8AES" 6@4" ?4C4@D8<@" 54" A<6A4D" C4D" BCA8<@D" D6?" 6@4" F=BA4><?:4" 8@A4?@4A" D4?B8A" 6A8=4" F<6?" 6@4"

:48==46?4";8D8T8=8AE"@BA8<@B=4"4A"F?<:<6;<8?"54D"4>>4AD"54"?ED4B67I""

o84@"54D"8@DA8A6A8<@D"<@A"54D"5E:B?CL4D";8DB@A"W">B;<?8D4?"=HBCC4DD8T8=8AEI")8@D8"=B"*L8=LB?:<@84"W"*B?8D"

5E;4=<FF4"54D"F?<F<D8A8<@D"54":B==4AA4D"FE5BJ<J8G64D"W"=HLYF8AB=S"=4":6DE4"54"3B:T?B8"54D"BCA8<@D"

4@":8=846"FE@8A4@A8B8?4S" =4"%<6;?4"4@"C4@A?4"54"=<8D8?DS" =4D":6DE4D"54"%K<@"A?B;B8==4@A"B;4C"=4"34@A?4"

L<DF8AB=84?" 'A" h4B@" 54" -846IPO "'8" =4D":6DE4D" ;<@A" ;4?D" =4D" BDD<C8BA8<@DS" =B" 5E:B?CL4" 8@;4?D4" 478DA4"

EJB=4:4@AI"-4"@<:T?46D4D"BDD<C8BA8<@D"BJ8DD4@A"B;4C"=4D":6DE4D"C<::4"+1941>7&<1&./71>S"4ACIPP"/@4"

BDD<C8BA8<@"?4C4@D4"4A"BCC<:FBJ@4"=4D"BCA8<@D"5B@D"=4D":6DE4D";8DB@A"W"C?E4?"54"=B"G6B=8AE"54";84"4A"W"

F?<:<6;<8?" =H4DA8:4" 54" D<8" 4A" =B" 58J@8AE" 54D" F4?D<@@4D" BAA48@A4D" 54" =B":B=B584" 5H)=rL48:4?I" +@r4"

:6DE4D"4@"D<@A"FB?A4@B8?4DI""P["

2=">B6A"D<6=8J@4?"C<:T84@"=4D"BCA8<@D"@4"5<8;4@A"FBD"]A?4"C<@D85E?E4D"C<::4"Q"54D"T<@@4D"BCA8<@D"RS"

:B8D" 54D" <CCBD8<@D" F<6?" =4D" F?<>4DD8<@@4=D" 54" D4" ?4DD<6?C4?S" 54" 5EC<6;?8?" 5HB6A?4D" ?4JB?5D" 4A" 54"

DH4@?8CL8?" B6" C<@ABCA" 54":8=8467" @<6;4B67I" 3<::4" =4" ?BFF4=B8A" h4B@" 18=B?" B67" C<:E584@D" 56" ,_*S"

=HBCA8<@"C6=A6?4==4"4DA"5HBT<?5"6@"4@?8CL8DD4:4@A":6A64="4A"5HBT<?5"6@4"<FF<?A6@8AE"4A"6@4"CLB@C4"

F<6?"=4D"F?<>4DD8<@@4=D"54"=B"C6=A6?4"54"DH4@?8CL8?"54"@<6;4==4D"BFF?<CL4DI")8@D8":4AA?4"B6"C4@A?4"54D"

F?E<CC6FBA8<@D" =HBCA8<@" C6=A6?4==4S" CH4DA" 6@4" >Bq<@" 54" ?4;8;8>84?" =4D" DA?6CA6?4D" 4==4D\:]:4DS" 4@" =46?"

8@D6>>=B@A"56"D4@DS"A<6A"4@"B>>8?:B@A"=46?":8DD8<@"54"D4?;8C4"F6T=8CI""

'H)ll2(a&("3+aa&"/_"%2&/"-&"3(&),2+_"

'8" =H47FE?8:4@ABA8<@"FB?" =4D"D4@DS"FB?" =HE:<A8<@"4A"FB?" =H8@A4?BCA8;8AE"<@A"EAE"54D"BFF<?AD"><?AD"54" =B"

@<6;4==4":6DE<=<J84"4A"<@A"8??8J6ES"54F68D"=4D":6DE4D"54"DC84@C4D"4A"54"D<C8EAEDS"=H4@D4:T=4"56":<@54"

54D":6DE4DS" 8="54:46?4"G64" =HBFF?<CL4"FB?" =H8@A4==4CA"4A"FB?" =B"C<@@B8DDB@C4"C<@DA8A64"4@C<?4"T84@"

D<6;4@A"=4D"F<8@AD"5H4@A?E4"54D"47F<D8A8<@DI""

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""PO"LAAFVmmDU5IB?L:I>?mG68|D<::4D|@<6DmBCA8<@|C6=A6?4==4""

PP"LAAFDVmmnnnIC6=A6?4D56C<46?I<?J""

P["LAAFVmmnnnIBCA8<@C6=A6?4==4B=rL48:4?I<?Jm?4@5?4\=4D\:6D44D\BCC4DD8T=4Dm"

"

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

)=<?D"G64"=H8@><?:BA8<@"4DA"5ED<?:B8D"FB?A<6AS"K"C<:F?8D"W"F<?AE4"54"CLBG64"D:B?AFL<@4S"=4":6DE4"

5<8A"?4><?:6=4?"=B"G64DA8<@"54"D<@"?Y=4I"%B":8D4"4@"G64DA8<@@4:4@AS"=4"?Y=4"8@A4?F?EABA8>S"=HE;48="56"D4@D"

C?8A8G64S" =B" CBFBC8AE" 54" D4" A?B@D><?:4?" 4@" =846" 54" 5ETBAD" 4A" 54" C<@A?<;4?D4DS" ;<8?4" 54" F<=E:8G64S"

5<8;4@A"DB@D"5<6A4"F?4@5?4"=4"FBD"D6?"=4D"><@CA8<@D"54"A?B@D:8DD8<@"5H8@><?:BA8<@D"D8"<@";46A"G64"=4"

:6DE4"D<8A"F=48@4:4@A"6@"=846"5HE:B@C8FBA8<@I""

*=6D"4@C<?4S" 8=" 5<8A" DH<6;?8?"5B;B@ABJ4"B67"F?BA8G64D" C?EBA8;4DS"@<@" D46=4:4@A"B6" A?B;4?D"5HBA4=84?D"

54DA8@ED"W"54D"DC<=B8?4DS"C<::4"CH4DA"D<6;4@A"=4"CBDS":B8D"W"A<6A"6@"CLBC6@I"%HBCC648="54D"F?BA8G64D"

B:BA46?D"4DA"6@4"F<?A4"5H4@A?E4":BU46?4"F<6?"D4@D8T8=8D4?"A<6D"=4D"F6T=8CDI"%HBFF?<CL4"D4@D<?84==4"6@4"

C=E" 5H4@A?E4" CBF8AB=4" 5B@D" =4D" :ECB@8D:4D" 5HBFF?4@A8DDBJ4S" C<::4" =4" 5E:<@A?4@A" =4D" DC84@C4D"

C<J@8A8;4DI"%4"F=B8D8?"4DA"@<@":<8@D"4DD4@A84="W"=HBFF?<F?8BA8<@"54D"C<@A4@6DI""

2="8:F<?A4"FB?"C<@DEG64@A"54"?4@<64?"B;4C"6@4"L8DA<8?4"F4?564S"C4==4"54"=HE56CBA8<@"F<F6=B8?4"4A"54D"

FE5BJ<J84D"@<6;4==4DS"G68"F<?A4@A"C<::4"><@5B:4@AB67"54"D4@D8T8=8D4?"FB?"=B":8D4"4@"Z6;?4I"%HBCA8<@"

C6=A6?4==4"F<?A4"4@" D<@"F?8@C8F4" C4D"58:4@D8<@D"4A"54;?B84@A" C<@DA8A64?" =4" CZ6?":]:4"54D" ?B8D<@D"

5H]A?4"54D"EABT=8DD4:4@AD"C6=A6?4=DI""

'8"54D"C4@A?4D"5HB?A"<@A"A4@AE"54":4AA?4"=4"F?8@C8F4"54"=B"C?EBA8<@"B6"CZ6?"54"=46?"5E:B?CL4"`C<::4"

=4"*B=B8D"54",<yK<bS"CHEAB8A"D<6;4@A"=B":8D4"4@"DC9@4"F=6D"<6":<8@D"4>>4CA8;4"54"=B"C?EBA8<@"54"=HB?A8DA4"

A?B@D><?:E4"4@"DF4CABC=4I"3H4DA"5B;B@ABJ4"=4"=84@"4@A?4"=B"5E:B?CL4"54"C?EBA8<@"FB?"=4D"F6T=8CD"4A"=B"

5E:B?CL4"C?EBA8;4"G6H8="C<@;84@A"54"D6DC8A4?"F<6?">B8?4"D4@DI"%4D"BCA8<@D"C6=A6?4==4D"54:46?4@A"D<6;4@A"

8@;8D8T=4DI" )8@D8" G68" ?4:B?G64" =4D" BCA8<@D" B65BC846D4D" 56" :6DE4" *8CBDD<" B;4C" 6@4" ><?:BA8<@"

5HBFF?4@A8D"4@"3)*"FcA8DD4?84"F<6?"8:BJ8@4?"54D"JcA4B67">B8DB@A"ECL<"B67"C?EBA8<@D"54"*8CBDD<"s"&@"

C<@;<G6B@A"=H8:BJ8@B8?4"4A"=B"C?EBA8;8AE"54D"U46@4D"BFF?4@A8DS"=4":6DE4"D4@D8T8=8D4"B;4C"5B;B@ABJ4"54"

F68DDB@C4IPi"

-4":]:4"G64"54D"C4@A?4D"54"DC84@C4D"D4@D8T8=8D4@A"B67"DC84@C4D"4@">B8DB@A"><@5"D6?"=4"F?<C4DD6D"54"

?4CL4?CL4"5B;B@ABJ4"G64"D6?"D4D"?ED6=ABAD"`FB?"474:F=4",76&@74346&):G>/1399?><6S",?&!?32&J&9?&Dq47S"

(G19936.372.76vbS"8="DHBJ8A"54"A?B@DF<D4?"4A"5HEA4@5?4"C4"F?8@C8F4"W"6@4"BFF?<F?8BA8<@"54D"Z6;?4D"5HB?A"

4A"54"C6=A6?4"FB?"=4D"F6T=8CDI"-4D"47FE?84@C4D"F=6D"<6":<8@D"F<6DDE4D"<@A"B8@D8"EAE"C<@q64DS"A4=D"C4D"

8@A4?BCA8>D"F?<F<DED"W"FB?A8?"5HZ6;?4D"<6"5H<TU4AD"54"C<==4CA8<@"5B@D"=H47F<D8A8<@"A4:F<?B8?4"+7.3&2A764&

D?6&12&D/>4>?34"B6"016:7&<76&X1;164326"54",<6=<6D4"<6"B6"-pX"W"%<@5?4DS"4ACI""

,?& +?670?47H& ++#K"& <7& F>72/G97H& 97&016:7& ?>.L:/9/;3B17& 74& 97&016:7& <?1DL32/36H& ?66/.3:& J&

9A"%kX@& /24& D>/<134& 127& 7CD/6343/2& +/2I3<72.76& <A/14>7h4/0G7H& <?26& 97& .?<>7& <1& D>/;>?007&

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""Pi"LAAFVmmnnnI:6D44F8CBDD<FB?8DI>?mF?<U4AD\456CBA8>D\#j!N\#j!O\4F:AALm"

"

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

"20:<3?46&h&"22/8?43/2H&!:<3?43/2H&K7>>34/3>76&h&I32?2.:&D?>&976&"28764366707246&<AX8723>&I?36?24&

9?>;70724&D9?.7&?1C&D?>472?>3?46&74&?1C&<:0?>.L76&<7&./h.>:?43/2jg`Q&&

,?<F"D<6;4@A"C4D"5E:B?CL4D"D<@A"C<@>8@E4D"B67"BA4=84?D"4A"B67"BCA8<@D"FE?8FLE?8G64D"56":6DE4"F=6AYA"

G6H4==4D"4@"<CC6F4@A"=4"C4@A?4"4A"=B"?B8D<@"5H]A?4I"34D"BFF?<CL4D"D<@A"FB?A8C6=89?4:4@A"U658C846D4D"B;4C"

=4D" F6T=8CD" =4D" F=6D" E=<8J@ED" 54" =H<>>?4" C6=A6?4==4S" @4" 58DF<DB@A" FBD" 54D" LBT8A6D" @EC4DDB8?4D" W"

=HBFF?<F?8BA8<@"54"=B"C6=A6?4"=EJ8A8:4S"FB?"@BA6?4"8@A8:85B@A4I")8@D8S"=4"F6T=8C"58A"Q"56"CLB:F"D<C8B="R"

4DA"D<6;4@A"C<@G68D"FB?"C4D"BFF?<CL4D"FB?"=H47FE?84@C4"4A"=H8:F=8CBA8<@"C<@C?9A4I""

%W"4@C<?4"=B":878AE"54D"><@CA8<@D"B6A<6?"54D"4@U467"54"C?EBA8<@";84@A"?4@<6;4=4?"=4D"F4?C4FA8<@D"G64"

=H<@"F46A"B;<8?"54D"EABT=8DD4:4@AD"4A"54"=46?"8:F=8CBA8<@"5B@D"=B"C8AEI"%4D"4DFBC4D"54"C<\C?EBA8<@S"=4D"

lBT"%BTS"5HBT<?5"5B@D"=4D"C4@A?4D"54"DC84@C4D"4A"T84@AYA"5B@D"=4D"=8467"5HB?AS":B8D"B6DD8"=4D"1EJEAB="%BT"

5B@D"=4D":6DE6:D"4A"FB?CDS"B6J6?4@A"54"@<6;4==4D"BFF?<CL4D"<d"=4":6DE4"D4"?BFF?<CL4"5H6@"=846"54"

F?<56CA8<@"G68"F46A"8:F=8G64?"B6A?4:4@A"=4D"6DBJ4?DI""

,?&=?G>3B17H&97&=?G,?G&?>43643B17&<1&+724>7&@/0D3</1&?&/187>4&676&D/>476&72&67D470G>7&_à]Q&

+L?B17& 4>30764>7& 12& ?>43647& 328347& 976& D?>43.3D?246& J& .>:7>& ./997.43870724& ?87.& 976&0?4:>3?1C&

<36D/23G976&679/2&12&6.:2?>3/&D>/D/6:&gaQ&,?&.34:&<76&6.372.76&74&<7&9A32<164>37&?&32?1;1>:&?3263&9?&

I/>0197&<1&S&,?G/>?4/3>7&72&>:63<72.7&R&B13&?H&72&_àfH&D/1>&4LE07&9?&S&-3997&210:>3B17&R&g_Q"

%4D"5E:B?CL4D"F<@CA64==4D"56"AKF4"!167/03CS"=B"!16710hi77US"-3<:/01\"W"a<@DS"4ACI"D<@A"B6AB@A"

54" :B@89?4D" 54" :]=4?" F?<>4DD8<@@4=D" 4A" B:BA46?DS" DFEC8B=8DA4D" 4A" @<;8C4D" C6?8467" F<6?" 8@;4@A4?"

4@D4:T=4" 6@" B6A?4" ?BFF<?A" B6":6DE4S" G68" D4" A?B@D><?:4" B8@D8" 4@" =846" 54" F?<56CA8<@":B8D" G68" 4DA"

5HBT<?5"6@"=846"54";84"4A"54"FB?ABJ4S"54"D<C8BT8=8AEI",?B@D><?:4?"=4":6DE4"4@"=846"54"F?<56CA8<@"C?EBA8;4"

4DA"6@"54D"4@U467"54D"5EC4@@84D"W";4@8?"F<6?"C<@DA?68?4"6@4"C6=A6?4";8;B@A4"4A"FB?ABJE4I""

!16:/03C&764&<:6/>0?36&G372&./221&?87.&676&^&M/1>6&<7&0?>?4L/2&.>:?43IH&/r&<76&D?>43.3D?246&

87216& <7& 4/16& 976& L/>3\/26& 328724724& 72670G97& <76& D>/4/45D76& <7& 0:<3?43/26H& ?8?24& <7& 976&

6/10744>7&?1&D1G93.&?1&47>07&<1&Ê07&M/1>Q&"9&6A?;34&724>7&?14>76&.L/676&<A30?;327>H&<A3287247>H&

<7& ./99?G/>7>H& <7& D?>4?;7>& 93G>70724j& )7D136& 6?& .>:?43/2& 39& 5& ?& .32B& ?26H& !167/03C& 764& 12&

0/1870724& ?14/h/>;?236:& B13& 32876434& .L?B17& ?22:7& D916& <A127& <3\?327& <7& 63476& <7& D?>& 97&

0/2<7g^Q&-3<:/!1\&D>/D/67&J&!/26&<7&./h./264>13>7&<76&M71C&83<:/6&<?26&976&016:76&<7&9?&83997&

72&D?>43.3D?24&J&<76&?47937>6&07261796gbQ&&

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""[j"LAAFVmmnnnI:6D44\5B6FL8@<8DI>?m#ijN\C<@>854@C4D\5\<6A?4\A<:T4ILA:"

[!"LAAFDVmmnnnIC4@A?4F<:F85<6I>?mCF;m?4D<6?C4mC4N&y5<m?GNaaM0"

[#"LAAFVmmnnnI6@8;4?DC84@C4I>?m>?mF?<>4DD8<@@4=Dm4:F=<8\><?:BA8<@m=BT<?BA<8?4\4@\?4D854@C4\n<?yDL<F\@6:4?8G64\4A\

;8==4D\B\;4@8?ms|JB~!IN$i$[OjjI!jMMjNNjjiI!MON!NPNj!"[$"LAAFVmmnnnI:6D4<:87I<?J"""""

[M"LAAFVmmnnnIB?A<AL4G64I:<@DIT4m4;4@ADmF?<U4A\;854<:6r\BFF4=\B\CB@585BA6?4D"

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

%4" 5E;4=<FF4:4@A" 54" =B" FL<A<J?BFL84" B6" :6DE4S" F<?AE4" FB?" =B" +L?>47& 4/16& 8363471>6" 4A" =4" A?B;B8="

BDD8:8=ES" 4DA" 6@" D8J@4" B;B@A\C<6?46?" 54" C4AA4" ;<CBA8<@" W" B>>8?:4?" =4":6DE4" C<::4" 4DFBC4" F6T=8CS"

F?<568A"FB?"=4"F6T=8CI"%4"=76438?9&!16:76n70oD/>4?G976"4@"4DA"6@"B6A?4"474:F=4S"<d"54D"U46@4D"D<@A"

8@;8AED" W" F?<568?4" 54D" F4A8AD" >8=:D" 54" >8CA8<@S" A?B@D><?:B@A" B8@D8" =46?" ?BFF<?A" B6":6DE4" 4@" =846" 54"

F?<56CA8<@"5B;B@ABJ4"G6H4@"=846"54"?EC4FA8<@I"&@"5<@@B@A"W";<8?"=4":6DE4"C<::4"=846"54"C?EBA8<@"4A"

5H8:BJ8@B8?4DS" CH4DA" 6@4" C4@AB8@4" 54" >8=:D" G68S" CLBG64" B@@E4S" AE:<8J@4" 54" C4AA4" BFF?<F?8BA8<@"

C<@C?9A4I"-4F68D"=HB@@E4"FBDDE4S"=H23+a"DH4DA"BDD<C8E"B6"F?87"4A"5EC4?@4"6@"F?87"54"=HBCC4DD8T8=8AE[NI"

%4D"67>3/16&;?07S"=4D"U467";85E<S"=4D"BFF=8CBA8<@D"@6:E?8G64DS"=4D"C<@C<6?D"ALE:BA8G64D"D<@A"B6AB@A"

54"><?:4D"<d"54D"F6T=8CD"B:BA46?DS"@<;8C4D"<6"C<@>8?:ED"F46;4@A"D4"?4A?<6;4?"4@";64"54"?EB=8D4?"54D"

F?<56CA8<@DI"%4D" ?ED4B67"D<C8B67"4A" =4D"D6FF<?AD"@6:E?8G64D"F4?:4AA4@A"54"5E:6=A8F=84?" =4D"F<8@AD"

5H8:F=8CBA8<@"54D"F6T=8CD"5B@D"=4D"BCA8<@D"54"=HEABT=8DD4:4@AI"%4D"474:F=4D"D<@A"@<:T?467"BAA4DAB@A"

G64"=H<@"4@A?4"5B@D"6@4"@<6;4==4"9?4S"C4==4"56":6DE4"C<==BT<?BA8>I"

%4D" ><?:4D" =4D" F=6D" F<6DDE4D" 54" =H<6;4?A6?4" 56" =846" ;4?D" 6@" 6DBJ4" F<=K:<?FL4" 4A" 8@BAA4@56" D<@A"

BDD6:E4D"FB?" =4D" 8@DA8A6A8<@D"G68" 8@DC?8;4@A"5B@D"=46?"5E;4=<FF4:4@A"=HBFF?<F?8BA8<@"FB?" =4"C<==4CA8>"

F<6?" 8@;4@A4?" =46?" >6A6?I" &@" =B8DDB@A" <6;4?A4" =B" F<DD8T8=8AE" 54" 5E;4=<FF4:4@A" 6=AE?846?" ;4?D" 54D"

><@CA8<@D":EC<@@64DS"8=">B6A"BCC4FA4?"54"=cCL4?"F?8D4"4@;4?D"=B":B8A?8D4S"C4"G68";84@A"W"=H4@C<@A?4"5H6@4"

=<J8G64"54"F?<J?B::BA8<@"4A"54"F?E;8D8<@I"2=">B6A"B=<?D"G64"C4D"=8467"D<84@A"BFF?<F?8ED"F<6?"F4?:4AA?4"

=46?"F=BDA8C8AES"4A"=B8DD4?"4@"D6DF4@D"=46?"E;<=6A8<@I"*68DG6H8="@H4DA"FBD"F<DD8T=4"54"F?E;<8?"A<AB=4:4@A"

=H6DBJ4"G68"4@"D4?B">B8A"FB?"=4D"C<==4CA8>D"G68";<@A"DHBFF?<F?84?"=4D"=8467"B6"J?E"54D"FB?A4@B?8BAD"C<@DA8A6EDS"

=H4@5?<8A"F46A"B=<?D"]A?4"C<@D85E?E"C<::4"6@"F=BA4B6"54"F<A4@A8B=8AEDI""

+A764&9?&472<?2.7&<7&G372&<76&9371C&<7&D?>&97&0/2<7H&B13&6A328724724&72&67&>:?936?24&n12&7C70D97&

72& 764& </22:& D?>& ,A"0?;32?>310& J& K/1>./32;oQ& '2387>6.372.7H& J& 9A30?;7& <7& 9A(CD9/>?4/>310H&

72472<&47647>&976&?47937>6&<7&432U7>32;&&nS&G>3./9?;7&R&72&I>?2d?36o&B13&<:63;27&12&45D7&<A?47937>&/r&

12& I?.3934?471>& D>/D/67& J& D916371>6& ;>/1D76& <A7CD:>30724?471>6& <7& >:6/1<>7& 12& D>/G9E07&

47.L23B17H&J&D?>43>&<7&0?4:>3?1C&630D976Qg]&,7&!16710&,?G&764&12&67>83.7&?1&6732&<1&@Y97&!16:?9&

<7&!/26&B13&B17643/227&74&7CD:>307247&976&2/1879976&D>?43B176&<7&836347&72&./247C47&016:?9Q&+7&

9?G/>?4/3>7&D>/D/67&<7&.>:7>&D/1>&.L?B17&D>/M74&12&32.1G?471>&.>:?43I&/r&67&.>/36724&<E6&9A/>3;327&

<1&D>/M74&?>436476H&<:879/DD71>6H&:./2/036476H&./267>8?471>6H&.L7>.L71>6H&74&61>4/14H&97&D1G93.Q&,7&

>:6194?4&<7&.7447&>:63<72.7&</227&9371&J&9?&.>:?43/2&<s12&D>/4/45D7&322/8?24&4764:&<?26&9?&6?997&

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""[N"LAAFVmmnnnI:6D46:47F4?ADIC<:mD8A4:m:6D44D|4:|F<?ABT=4DmF?4D4@ABA8<@"

[O"LAAFVmmnnnI6@8;4?DC84@C4I>?"

"

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

<1&016:7Q&,7&!167109?G&/II>7&9?&D/663G3934:&<A12&9371&<s:.L?2;7&74&<7&<:./187>47&B13&<:I>3.L7&

976&2/1879976&I/>076&<s7CD:>372.7&DL563B17Q&

'8" =4D" =8467" 8@A4?:E58B8?4D" 56" DF4CABC=4" ;8;B@AS" =4D" C4@A?4D" 54" C?EBA8<@D" C<@A4:F<?B8@4D" D<@A" F=6D"

>B:8=84?D" 54" =B" CL<D4S" =4D":6DE4D"5EF<D8AB8?4D" 54" C<==4CA8<@D"<@A" D<6;4@A" F=6D" 54"58>>8C6=AES" 56" >B8A"

:]:4"54"=46?D":8DD8<@D"8@DA8A6A8<@@4==4DS"W"=B8DD4?"=HB;4@8?"<6;4?A"D6?"=4D"><@CA8<@D"54D"4DFBC4D"F?E;6DI"

-6"?4DA4"C4=B";84@A"W"=H4@C<@A?4"5H6@4"=<J8G64"54"F?<J?B::BA8<@"4A"5H6@4"EC<@<:84"G68"B"A4@5B@C4"W"

>4?:4?"=4D"F<DD8T=4D"FB?"D<6C8"54"?4@ABT8=8AEI"3H4DA"5<@C"W"6@"CLB@J4:4@A"54":4@AB=8AED"4A"54"C6=A6?4"

F?<>4DD8<@@4==4"G6H8="C<@;84@A"5H8@;8A4?"F<6?"]A?4"4@":4D6?4"54"DHB5BFA4?"B6"CLB@J4:4@A"4A"54"DB8D8?"

=4D"<FF<?A6@8AEDI""

%B"CL<D4"4DA"EJB=4:4@A";?B84"F<6?"=4D"BCA8<@D"C6=A6?4==4D"=<?DG6H4==4D"D<@A"?E568A4D"W"4@A?4?"5B@D"54D"

F?E;8D8<@D"54"F?<U4A"C6=A6?4=S"@EC4DD8AB@A"54"5E>8@8?"=4D"<TU4CA8>DS"=4D":EAL<5<=<J84DS"=4D"FB?A4@B?8BADS"

=4D":<K4@DS" =4"CB=4@5?84?"4A" =4D"F?<C4DD6D"5HE;B=6BA8<@"4@"B:<@A"F<6?"<TA4@8?"FB?"474:F=4"54D"C<\

>8@B@C4:4@ADS" B=<?D" G64" =B" =<J8G64" C<==BT<?BA8;4" 4A" FB?A4@B?8B=4" 56"i/>U& 32& D>/;>766" D6FF<D4" B6"

C<@A?B8?4"5HBFF?4@5?4"4A"54"5EC<6;?8?"4@">B8DB@A"4@D4:T=4S"B6"J?E"54D"D6?F?8D4D"4A"54D"<FF<?A6@8AEDI""

%HBCA8<@" C6=A6?4==4" D6FF<D4" =4" A4:FD" =<@J"4A"@<@"FBD"54D"F?<J?B::4D"5HBCA8<@D"F?E5E>8@8D" D6?"6@4"

FE?8<58C8AE"?E568A4"4A"C<@A?B8@A4"B67"478J4@C4D"T65JEAB8?4DI"'6TDA8A64?"6@4"=<J8G64"54"=B"C<@>8B@C4"4A"

54" =HE;B=6BA8<@" 54" =HBCA8<@" ?EB=8DE4" `D4=<@" =B" =<J8G64" B@J=<\DB7<@@4b" W" =B" =<J8G64" 56" F?<U4A" 4A" 56"

F?<J?B::4"F?EEABT=8D"C<@DA8A64"6@"4@U46"54"AB8==4"F<6?"]A?4"4@":4D6?4"54"DB8D8?"F=48@4:4@A"=4D"><?:4D"

@<6;4==4DI""

%H85E4"56"F=BA4B6"54"F<A4@A8B=8AEDS" 8@DF8?E"56"F=BA4B6"54"F?<56CA8<@S" A4="G6H<@"4@"FB?=4"B6" ALEcA?4S"

4@A4@5"D<6=8J@4?"G64"=4D"@<6;4B67"F?<C4DD6D"54"F?<56CA8<@"54D"<>>?4D":6DEB=4D"?4=9;4@A"B6AB@A"54D"

=<J8G64D" 56" DF4CABC=4" ;8;B@A" G64" 54D" =<J8G64D" 54" C<@D4?;BA8<@D" FBA?8:<@8B=4D" `F?<56CA8<@" 54D"

47F<D8A8<@DS" B;4C" C4" G64" C4=B" 8:F=8G64" 54" C?EBA8<@S" 5HB6A<?BAS" >6A\8=" C<==4CA8>" 4A" 8DD6D" 54" :6=A8F=4D"

47F4?A8D4DbI"

,7&D>/;>?007&,76&%/187?1C&./997.43/2271>6&?1&./99E;7&036&72&D9?.7&D?>& 97&<:D?>470724&<76&

W/1.L76&<1&kLY27&?& 32834:&<76& .9?6676&J&<:./18>3>& <76&N18>76& 74& J& 67&D9?.7>& 72& 6341?43/2&<7&

./00366?3>76&D/1>&<:I323>& 9?& 6:97.43/2&74& 976&0/<76&<A7CD/6343/2Q&#A39&764&.7>476& >7;>744?G97&<7&

./2I/2<>7&976&03663/26&<1&016:7&?87.&97&47>07&<7&./997.43/2271>H&/2&D714&2:?20/326&72&>74723>&

9?&<:0?>.L7Qgf&

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""[P"LAAFVmmnnnICBL84?D\F45BJ<J8G64DIC<:m2a0mF5>m5F|@<6;4B67|C<==4CA8<@@46?D|\|JB=4?84|5|B87IF5>""

"

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

%4"A4?:4"54"F<A4@A8B=8AEDS"BDD<C8E"W"C4=68"54"F<F6=BA8<@S"8@58G64"G64"=4"@<6;4B6":6DE4"478DA4"5HBT<?5"

4@"AB@A"G64"F<A4@A84="54"C?EBA8<@"54"><?:4D"@<6;4==4DI"34==4D\C8"F?4@@4@A"F=BC4"4A"D<@A"4@"C<@@478<@"

B;4C"6@"?ED4?;<8?"54D"><?:4D"B@C84@@4DS"F<6?"=4DG64==4D"=4D"C<==4CA8<@D"4A"=4D"DB;<8?D"D<@A"54"F?EC846D4D"

?4DD<6?C4DS" 5B@D" =B":4D6?4" <d" 4==4D" D<@A":8D4D" B6" D4?;8C4" 56" 5E;4=<FF4:4@A" C6=A6?4=" 4A" D<C8B=" 54"

=H4@D4:T=4"54"=B"D<C8EAE";8DB@A"W"D4"G64DA8<@@4?S"D4"?4@<6;4=4?"4A"DH8@;4@A4?"6@"54;4@8?"C<::6@I""

-B@D"C4"D4@DS"=B"C<@DA?6CA8<@"C<==4CA8;4"G64"=4":6DE4"F4?:4A"@4"F46A"D4">B8?4"G64"5B@D"=B"C<\EC?8A6?4"

4A"=B"C<\C<@DA?6CA8<@"B;4C"=4D"F<F6=BA8<@D"C<:F?8D4D"B6"D4@D"=B?J4S"=4"A4??8A<8?4"F<6;B@A"B==4?"56"@8;4B6"

=<CB="B6"A4??8A<8?4":<@58B=S"C<::4"=4"F4?:4A"FB?"474:F=4"5ED<?:B8D"=4D"C<::6@B6AED"@6:E?8G64DI"

(&3+_'2-&(&(" %&'" ',(/3,/(),2+_'" l+_3,2+__&%%&'" &," %&'" a+-&'" -&"

0+/1&(_)_3&"

_<6D";<K<@D"5B@D"C4"G68"F?EC954"G64"=4D":6ABA8<@D"W"=HZ6;?4"<@A"54D"4>>4AD"8@568AD"D6?"=B"@BA6?4":]:4"

54D"8@DA8A6A8<@DS"D6?"=46?"><@CA8<@"4A"=46?"<?JB@8DBA8<@S":B8D"B6DD8"D6?"=4D"DB;<8?D">B8?4"4A"=4D"BFF?<CL4D"

BCG68D"U6DG64\=W"FB?"=4D"F?<>4DD8<@@4=DI"/@"4@D4:T=4"54"F<8@AD"F46;4@A"]A?4"D<6=8J@ED"F<6?"G64"=4D"

:6DE4D"F68DD4@A"DHB5BFA4?"4A"DB8D8?"F=48@4:4@A"=46?D"?Y=4DI"-E;4=<FF4?"=4D"=<J8G64D"FB?A8C8FBA8;4D"4A"

C<@A?8T6A8;4DS"BCC?<8A?4"=B":8DD8<@"D<C8B=4"56":6DE4S"CH4DA"F4?:4AA?4"6@4"F=6D"J?B@54"D4@D8T8=8AE"B67"

F?<C4DD6D"5E:<C?BA8G64D"4A"W"=B";84"C8A<K4@@4S":B8D"C4=B"@4"F46A"D4">B8?4"FB?"4@CLB@A4:4@A"DB@D"?4;<8?"

=4D" ><@5B:4@AB67" D6?" =4DG64=D" =4":6DE4" DH4DA" 5E;4=<FFEI" 'B@D"5<6A4"6@4"EABF4"@<6;4==4"5<8A" ]A?4"

>?B@CL84S"G68"BF?9D"B;<8?"F<?AE4"=B"CB6D4"54D"F6T=8CD"4@"8@DC?8;B@A"=B"@EC4DD8AE"54"5E584?"54D"D4?;8C4D"

?<AL/."5B@D"=B" =<8":6DE4S"5<8A"F<?A4?"D6?" =HB5EG6BA8<@"4@A?4"=4D":8DD8<@D"54D":6DE4D"4A" =4D":<K4@D"

5E;<=6DS" :B8D" B6DD8" B5BFA4?" =4D" CB5?4D" C<@A?B8J@B@AD" W" =B" 58;4?D8AE" 54D" D8A6BA8<@D" 4A" 54D" <TU4CA8>D"

?4CL4?CLEDI"!

+ll(2("/_"3)-(&"*+/("'/'32,&("%&'")3,2+_'"

"%HEC=4CA8D:4"4A"=HEC=BA4:4@A"FB?B8DD4@A"CB?BCAE?8D4?"=4D"><?:4D"5HE;<=6A8<@"54D":6DE4DI"%H6@8;4?D"54D"

:6DE4D"4A"=8467"5H47F<D8A8<@"4DA"F=6?84="4A"C<:F<DE"5H6@4"J?B@54"58;4?D8AE"54"D8A6BA8<@DI"%4D"J?B@54D"

8@DA8A6A8<@D" FB?8D84@@4D" 4A" =H85EB=\AKF4" 56":6DE4" 54D" T4B67\B?AD" CBCL4@A" A?<F" D<6;4@A" 4@C<?4" 6@4"

?EB=8AE"T4B6C<6F"F=6D"C<:F<D8A4I"-4">B8AS"=4D":6DE4D"54"D<C8EAE"`5HL8DA<8?4S"5H4AL@<=<J84"B6"D4@D"=B?J4S"

54"DC84@C4DS"54":E:<8?4S"4ACIb"D<@A"54"=<8@"=4D"F=6D"@<:T?467S"G68"F=6D"4DA"D8"=H<@"E=B?J8A"=4"FE?8:9A?4"

B6\54=W"56"?ED4B6"a6DE4D"54"l?B@C4I"&A"C4"D<@A"C467"G68"D<@A"B6DD8"=4D"F=6D">?BJ8=4DI"

)FF?EL4@54?"=4D":6DE4D"B6"pp29:4"D89C=4S"CH4DA"B8@D8"F?4@5?4"4@"C<:FA4"=B"F=6?B=8AE"54D":<59=4D"4A"

BCC4FA4?"G64"54D"<TU4CA8>D"58>>E?4@C8ED"478DA4@A"D4=<@"=4D"F?<U4AD"5HEABT=8DD4:4@ADI")8@D8S"4@"o4=J8G64S"

A?<8D"@8;4B67"58>>E?4@AD"54"C=BDD8>8CBA8<@"54":6DE4D"478DA4@AI")8@D8"A<6D"@4"D<@A"FBD"A?B8AED"54"=B":]:4"

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

:B@89?4S"8=D"@4"?EF<@54@A"FBD"B67":]:4D"478J4@C4DS"4A"@4"?4q<8;4@A"FBD"=4":]:4"@8;4B6"54"D6TD854DI"

&@":]:4"A4:FDS"6@"C4?C=4";4?A6467"D4":4A"4@"F=BC4"F<6?"FB?ABJ4?"=4D"T<@@4D"F?BA8G64D"4A"BCCE54?"B6"

@8;4B6"D6FE?846?"56"C=BDD4:4@AI"34AA4"BFF?<CL4"58>>E?4@C8E4"C<??4DF<@5"W"54D"AB8==4DS":B8D"B6DD8"54D"

:8DD8<@D"58>>E?4@A4D"54D"EABT=8DD4:4@ADI"

!! 6#+3=)*).!'#$!5)$$)&*$!+#!%:4%/*!

%B"G64DA8<@"G68"4DA"F<DE4"FB?" =B"F?8D4"4@"C<:FA4"54" =B"58;4?D8AE":6DEB=4S"CH4DA" >8@B=4:4@A"C4==4"54"

=H6A8=8AE"D<C8B=4"56":6DE4"B6"D48@"5H6@"A4??8A<8?4S"C4"G68"D6FF<D4"54"5E>8@8?"W"G64="A4??8A<8?4"<@"DHB5?4DD4S"

G64=D"FB?A4@B?8BAD"<@"4@JBJ4"B;4C"=68"4A"G64=D"4@"D<@A"=4D"BCA46?D"854@A8>8EDI""

*?4@<@D" =H474:F=4" 56" :6DE4" 54" -4@B8@I" *4A8A" :6DE4" 54" A4??8A<8?4S" =4" =846" ?4q<8A" =4D" EC<=4D" 4A" =B"

F<F6=BA8<@"=<CB=4I"-B@D"=4D"B@@E4D"PjS"6@"4@D48J@B@A"K"B@8:B8A"54D"><68==4D"4A"54D"BA4=84?D"<d"=4D"E=9;4D"

?4C<==B84@A" =4D" F<A4?84D" C<==4CAE4DI" 34?AB8@4D" 5H4@A?4" 4==4D" >8J6?4@A" B6U<6?5HL68" 5B@D" =4D" ;8A?8@4D" 56"

:6DE4I" '4@D8T8=8DBA8<@" W" =HB?CLE<=<J84S" F68DG6H<@" 8:BJ8@4" =HE:<A8<@" G64" 54;B8A" ?4DD4@A8?" =4D" E=9;4D"

8@;4DA8D"5B@D"C4"?Y=4"s"+6"T84@"5E:B?CL4"DBC?8=9J4"F<6?"=4D"C?45<"54"=B"C<@D4?;BA8<@"F?E;4@A8;4"4A"54D"

@<?:4D"F?<>4DD8<@@4==4D"BCA64==4D"s")=<?D"G64"=4D"A4DD<@D"54"F<A4?84D"DHBCC6:6=4@A"5B@D" =4D"CB8DD4D"

54D"C4@A?4D"54"C<@D4?;BA8<@"4A"5HEA654S"B6"F<8@A"G64"=4D"F?<>4DD8<@@4=D"D4"54:B@54@A"5ED<?:B8D"DH8="

@4">B65?B8A"FBD"=4D"?E"4@A4??4?v"2="4DA"5ED<?:B8D"54":8D4"54"?EB=8D4?"54D"C<F84D"FE5BJ<J8G64D"W"J?B@5"

>?B8DS"54"CL4?CL4?"54D"85E4D"5HB@8:BA8<@"5HBA4=84?Dv""""""""""

-HB6A?4D" 474:F=4D" D8:8=B8?4D" F<6??B84@A" ]A?4" C<@;<G6ED" 5B@D" =4" 5<:B8@4" 54D" B?AD" 4A" A?B58A8<@D"

F<F6=B8?4DS" 54D" :6DE4D" A4CL@8G64DS" 54D" :6DE4D" 54" D<C8EAEv" lB6A\8=" A<6D" BFF=8G64?" =4D" :]:4D"

@<?:4D"s""_4">B6A\8="FBD"F?8;8=EJ84?"=4D"BCA8<@D"54"D4@D8T8=8DBA8<@S"4@"=4D"4@CB5?B@A"4A"4@"58DF4@DB@A"6@4"

><?:BA8<@"5HL<C"s"

%4D" @<A8<@D" 54" F<F6=BA8<@S" 5HLBT8AB@AD" 4A" 54" C<::6@B6AES" =B" 5E>8@8A8<@" 54" G64=D" 4@" D<@A" =4D"

?4F?ED4@AB@AD"4A"C<::4@A"8=D"D<@A"BDD<C8EDS";<8?4"C<::4@A"8=D"D<@A"8:F=8G6ED"5B@D"=B"C<@DA?6CA8<@"54D"

BCA8<@D" 4A" =B" ;84" 54" =HEABT=8DD4:4@AS" D4" F<D4@AI" -6" ?4DA4S" =4" A4?:4" 54" F6T=8C" =68\:]:4" 54;84@A"

F?<T=E:BA8G64"4A"D<6:8D"W"E;<=6A8<@"59D"=<?D"G64"=4D"6DBJ4?D"D<@A"F=48@4:4@A"8:F=8G6EDI""

,7& +Lq47?1& 016:7& <7& W/19/;27& ?& <:879/DD:& <76& ?.43/26& .1941>79976& />3;32?976& J& D?>43>& <7&

./997.43/26&72&D>/872?2.7&<AX9?6U?Q&#1DD/>4&<7&.>:?43/26&D/1>&<76&?47937>6&./2<134&9/.?970724H&

0?36&>766/1>.76&<7&.>:?43/2&:;?970724&D/1>&<76&?>436476&<AX9?6U?&>:<:./18>?24&971>&D?4>30/327Q&

)76& :.L?2;76& 3247>.1941>796& <A127& ;>?2<7& >3.L7667& /24& 0P9:& 0:<3?43/2H& .>:?43/2H& >7.L7>.L7H&

?.B136343/2&74&<3II163/2jgg&

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""[["LAAFVmm:6D44I;8==4\T<6=<J@4\D6?\:4?I>?&

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

'8"=4"F?<U4A"DC84@A8>8G64"4A"C6=A6?4="56":6DE4"D4?A"5HBT<?5"W"5E>8@8?"6@"F?<U4A"5HEABT=8DD4:4@A"F<6?"=4D"

B@@E4D"W";4@8?S"8="5<8A"F?4@5?4"4@"C<:FA4"=B"?EB=8AE"56"A4??8A<8?4S"CH4DA\W\58?4"D<@"E;<=6A8<@"4A"=B":B@89?4"

5<@A"=4":6DE4"F46A"?4=4;4?"=4"5E>8"5HK"A?<6;4?"6@"D4@D"4A"54"5<@@4?"56"D4@DI"%4D":6DE4D"54"A4??8A<8?4"

5<8;4@A"?45E>8@8?"=46?":8DD8<@"4@"?4F4@DB@A"=4"DABA6A"54"=B":E58BA8<@"4A"54D":E58BA46?DS"4@"F=BqB@A"B6"

CZ6?"54"=H8@DA8A6A8<@"=B"><@CA8<@"5HB@8:BA8<@S"54"58;4?D8>8CBA8<@"4A"54"5E;4=<FF4:4@A"54D"F6T=8CDI"%4"

5E;4=<FF4:4@A"C6=A6?4="FB?"=HBCA8<@"4A"=B"C?EBA8<@"B6"A?B;4?D"54"F?<U4AD"C<@568AD"4@"FB?A4@B?8BA"4A"4@"

C<\C<@DA?6CA8<@" B;4C" 54D" BCA46?D" 56" A4??8A<8?4" 4A" 54D" ?4F?ED4@AB@AD" 54" =B" F<F6=BA8<@" ;8D4" W" =46?"

?45<@@4?"6@"D4@D"4A"6@4"6A8=8AE"D<C8B=4S"B6\54=W"56"A?B58A8<@@4="BCC648="54D"DC<=B8?4D"5H6@4"FB?A"4A"54D"

A<6?8DA4D"5HB6A?4D"FB?AI"_<:T?4"54"C<==4CA8<@D"F<6??B84@A"]A?4"5B;B@ABJ4":<T8=8DE4D"F<6?"=HBCA8<@"4A"

=HB@8:BA8<@" 54D" A4??8A<8?4DS" 5B@D" 4A" L<?D" =4D" :6?D" 54" =H8@DA8A6A8<@S" 4A" D4?;8?" 5B;B@ABJ4" B67" BCA8<@D"

F?ED4@A4D"G6HW"6@4"LKF<ALEA8G64"A?B@D:8DD8<@"F<6?"6@"B;4@8?"56"?4DA4"8@C4?AB8@I""

-4D"EABT=8DD4:4@AD"W";8DE4"FBA?8:<@8B=4"4DA8:4@A"G64"=B":E58BA8<@"4DA"6@"F?<=<@J4:4@A"54"=46?"BCA8<@"

54" C<@D4?;BA8<@S" :B8D" =B" :BU46?4" FB?A84" 54D" 8@DA8A6A8<@D" :6DEB=4D" 5<8;4@A" F=6AYA" BFF?EL4@54?" =B"

C<@D4?;BA8<@"C<::4"6@":<K4@"54"=46?"<TU4CA8>"F?4:84?"4A"F?8<?8AB8?4S"W"DB;<8?"=HBCA8<@"C6=A6?4==4"5B@D"

=4D"A4??8A<8?4DI"%4D"C<==4CA8<@D"D<@A"54D"<6A8=D"W"8@;4DA8?"G68"54;84@@4@A"@EC4DDB8?4D"F<6?"C<@568?4"6@4"

8@A4?F4==BA8<@"54D"6DBJ4?DS"D<6D"54D"><?:4D"58;4?D4DI""

3H4DA"F<6?G6<8"8="4DA"F4?:8D"54"DH8@A4??<J4?"D6?"=B"F4?A8@4@C4"5H47A4?@B=8D4?"=4D"><@CA8<@D"54":E58BA8<@S"

C<::4"=4"><@A"@<:T?4"5HEABT=8DD4:4@AD"B6U<6?5HL68S"4A"=B"C<LE?4@C4"<6"=4"C<@>=8A"G68"4@"?ED6=A4"B;4C"

=B" =<8" :6DE4" G68" F?<C=B:4" 54" :4AA?4" =4D" F6T=8CD" B6" CZ6?" 54" =H8@DA8A6A8<@I" .6<8G6H8=" 4@" D<8A" 6@4"

C=B?8>8CBA8<@"54;?B8A"]A?4"BFF<?AE4"F<6?":8467">874?"=4D"F?8<?8AED"5B@D"=4D"F?<U4AD"5HEABT=8DD4:4@AI""

*?<:<6;<8?"=B"5E:B?CL4"FB?A8C8FBA8;4"4A"8@C=6D8;4S"CH4DA"B6DD8"?4F4@D4?"=4"?BFF<?A"B6"A4:FDI"34"AKF4"

5HBCA8<@"@EC4DD8A4"54"F?4@5?4"=4"A4:FD"=<@J"C<::4"ECL4==4"5HBCA8<@I"*<6?"C4=B"=4D"F?<U4AD"5E>8@8D"F<6?"

6@4"56?E4" =8:8AE4S" =4D"F?<J?B::4D"F=6?8B@@64=D" D6?" A?<8D"B@DS"@4"F46;4@A"]A?4" =4D" D46=D" ><?:BAD"4A"

=<J8G64D"?4A4@6DI"-H6@4"FB?AS"8=D"@HB6A<?8D4@A"FBD"=B"C<@DA?6CA8<@"5H6@4"?4=BA8<@"54"C<@>8B@C4"B;4C"=4D"

FB?A4@B8?4D" A4??8A<?8B67S" 5HB6A?4" FB?A" =4D" CLB@J4:4@AD" 5H<?84@ABA8<@D" D<@A" 54D" =8:8A4D" DE?846D4D" B6"

5EF=<84:4@A"54D"F?<U4ADI"%4"?4DF4CA"56"A4:FD"=<@J"4DA"5HB6AB@A"F=6D"E;854@A"=<?DG6H8="DHBJ8A"54"C<@>84?"

W"54D"F?4DABAB8?4D" =B":8D4"4@"Z6;?4"54"5E:B?CL4D"FB?A8C8FBA8;4D"C<::4"6@"?EC4@A"BFF4="5f<>>?4" =4"

F?<F<DB8A"W"3=4?:<@A\l4??B@5I"

l)1+(2'&("-&"_+/1&%%&'"l+(a&'"-H+(0)_2'),2+_"

lB;<?8D4?"=4D"5E:B?CL4D"FB?A8C8FBA8;4D"@4"5<8A"FBD"DHB??]A4?"B67"BCA8<@D"C6=A6?4==4D"C<@568A4D"B;4C"=4"

F6T=8CS":B8D"8:F?EJ@4?";E?8ABT=4:4@A"=H4@D4:T=4"54"=H8@DA8A6A8<@S"K"C<:F?8D"5B@D"DB"J4DA8<@"4A"5B@D"D4D"

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""

"

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

FB?A4@B?8BADI"3H4DA"W"C4AA4"C<@58A8<@"G64" =B"FL8=<D<FL84"56"FB?ABJ4"F<6??B"]A?4":8D4" ?E4==4:4@A"4@"

Z6;?4"B;4C"=4D"F6T=8CDS"D8"4==4"4DA"5EUW";EC64"B6"D48@"54"=H<?JB@8DBA8<@"5B@D"=B"J4DA8<@"54D"?4DD<6?C4D"

L6:B8@4D"4A"5B@D"=B"=<J8G64"F?<U4AI"!

*<6?"C4=BS"=4D"@<6;4==4D"><?:4D"54":B@BJ4:4@A";8D4@A"W"8@DAB6?4?"54"@<6;4B67":<54D"54"J<6;4?@B@C4"

F=6D" 4@" FLBD4" B;4C" =4D" 478J4@C4D" 54D" ><?:4D" C<==BT<?BA8;4DI" )" =H8@DAB?" 56":<59=4"L/9?.>?43B17H" 8=D"

FB?84@A"D6?"=4D"><?:4D"5H8@A4==8J4@C4"C<==4CA8;4"4A"54"?4DF<@DBT8=8DBA8<@"54"CLBC6@"4@"58DDE:8@B@A"=4D"

F?8D4D" 54" 5EC8D8<@" 5B@D" =H4@D4:T=4" 54" =B" DA?6CA6?4" B;4C" 6@4" <?JB@8DBA8<@" >?BCAB=4" 5HEG68F4D" B6A<\

<?JB@8DE4DI""

,7&@>:L364/016:10&<7&k?03/19&J&.Y4:&<7&,3E;7&?&D/166:&4>E6&9/32&9?&./2.7D43/2&<A12&6347&.724>:&

?8?24&4/14&61>&9A7CD:>372.7&<1&8363471>Q&#/2&<3>7.471>&?22/2.7&12&016:7&<7&S&@/Dh?>.L:/9/;37&RH&

D/1>&3263647>&61>&12&9371&<76432:&<A?G/><&J&3247>>/;7>&97&8363471>&61>&976&./2<343/26&<A7C36472.7&74&

D/1>&9A?0727>&J&6A:0?2.3D7>Q&&,7&9371&2AL:6347&D?6&J&>70744>7&72&.?167&976&:83<72.76&016:?976Q&"9&

72&8?&?3263&?1663&G372&<7&9?&4?>3I3.?43/2H&D136B17&<?26&.7&9371&97&8363471>&D?57&72&6/>4?24H&B17&<76&

?.43834:6& B13& 5& 6/24& ./2<13476Q& #/2& <3>7.471>& 8367& J& 0744>7& 72& D9?.7& 127& 2/187997& I/>07&

<A/>;?236?43/2& 0?2?;:>3?97H& D916& 72& DL?67& ?87.& 9t:./2/037& 6/.3?97& 74& ./99?G/>?4387H& 74& J&

4>?26I/>07>&97&64?414&<1&016:7&72&.//D:>?4387&016:?97H&D/1>&B17&976&<:.363/26&6/3724&D?>4?;:76&

724>7&.//D:>?471>6Qge&

2="K"B"A<6A"=846"4@"4>>4A"54"?4F4@D4?"=B"L8E?B?CL8DBA8<@"54D"D4?;8C4D"4A"?4;<8?"=4D"><?:4D"54":B@BJ4:4@A"

4@":<54"C<==BT<?BA8>I"lB;<?8D4?"=HE:4?J4@C4"56":6DE4"56"pp24"D89C=4"5<8A"D4">B8?4"EJB=4:4@A"B6"@8;4B6"

54D"DA?6CA6?4D"4A"54"=46?"><@CA8<@@4:4@AI""

2=" >B6A" 5B@D" C4AA4" <FA8G64" ?BFF4=4?" G64" =4" F?<U4A" 5HEABT=8DD4:4@A" 54;?B8A" 85EB=4:4@A" ]A?4" 5E>8@8" 4A"

?E58JE"B;4C"=H4@D4:T=4"54D"EG68F4D"8:F=8G6E4DS"B8@D8"G64"54D"?4F?ED4@AB@AD"54D"FB?A4@B8?4D"56":6DE4"

4A"54"D4D"6DBJ4?DI""

*<6?"?4@5?4"F=6D"47F=8C8A4"=4D"8:FE?BA8>D"4A"6?J4@C4D"B67G64=D"=4":6DE4"5<8A"5ED<?:B8D">B8?4">BC4S"=4D"

478J4@C4D"G68"=68"D<@A">87E4DS"8="C<@;84@A"54"C<:F=EA4?"=4"C<@C4FA"54"*'3"`F?<U4A"DC84@A8>8G64"4A"C6=A6?4b"

<6" 54" *3'" `F?<U4A" C6=A6?4=" 4A" DC84@A8>8G64bS" 4@" 8@D8DAB@A" D6?" =4D" 58:4@D8<@D" D<C8B=4D" 4A"

4@;8?<@@4:4@AB=4DS"A?<F"D<6;4@A"BTD4@A4DI""

34D"5467"54?@84?D"BDF4CADS"FB?"A?<F":8@8:8DEDS"D4:T=4@A"54D"F?8<?8AED"F<6?"=4D"B@@E4D"W";4@8?"B>8@"54"

?EF<@5?4" B67" 478J4@C4D" 5H8@C=6D8<@" D<C8B=4" 4A" B67" 4@U467" EC<=<J8G64D" EA?<8A4:4@A" =8E4D" D4=<@" =B"

C<@C4FA8<@" 56" 5E;4=<FF4:4@A" D<6A4@BT=4I" %4D" BCA8<@D" EC<?4DF<@DBT=4DS" ?4DF4CA646D4D" 54"

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""[i"LAAFVmmnnnIF?4L8DA<I:6D46:"""""""

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

=H4@;8?<@@4:4@A" 4A" G68" >B;<?8D4@A" =H8@C=6D8<@" 54D" F=6D" >?BJ8=8DEDS" =4D" CLB@A84?D" 54" ?E8@D4?A8<@S" =4D"

F?4DABA8<@D"5E;4=<FFE4D"B;4C"=HEC<@<:84"D<C8B=4"4A"D<=85B8?4"4@"D<@A"4:T=E:BA8G64D"4A"54;?B84@A"]A?4"

4@C<6?BJE4D" 4A" 5E:6=A8F=8E4D" `B8@D8" C4?AB8@D" D4?;8C4D" 54" ?4DAB6?BA8<@" 54":6DE4" D<@A" C<@>8ED" W" 54D"

4@A?4F?8D4D"=<CB=4D"54"?E8@D4?A8<@"A?B;B8==B@A"5B@D"=B"=<J8G64"54D"C8?C68AD"C<6?ADS"FB?"474:F=4"=4"016:7&

<7&9?&837&u?99/227bI")8@D8S"F<6?"?4@5?4"C<@DC84@A"54"C4D"4@U467S"=4"A4?:4"54"*'3'&"`F?<U4A"DC84@A8>8G64S"

C6=A6?4=S"D<C8B="4A"4@;8?<@@4:4@AB=b"4DA"W"F?<:<6;<8?I""

,7& 016:7& <76& 0?36/26& ./04/3676& J& %?2.>?5& ?& :8/91:& <A12& 016:7& <7& D9732& ?3>& 4>?<343/2279&

D>:6724?24& <76& ./997.43/26& <A?>46& 74& 4>?<343/26& D/D19?3>76& 87>6& 12& 6347& 0744?24& 72& N18>7& 74&

67263G3936?24&?1&<:879/DD70724&6/1472?G97Q&X3<7&?1C&M?><3237>6&?0?471>6H&0/<7&<7&<:D9?.70724&

</1CH&9/;3.379&93G>7H&D>/<1346&<A724>743726&<1&6347&>76D7.4171C&<7&9A7283>/2270724H&74.Q&?14?24&<7&

<307263/26&036& 72&D9?.7&D>/;>7663870724&D/1>& .L?2;7>& 97& I/2.43/2270724& 74& 976& /GM7.43I6& <7&

9A:4?G936670724Qe`&

)" @<A4?" G64" D8" C4A" 8@DA?6:4@A" 54" J<6;4?@B@C4" 4DA" ?E4==4:4@A" 6@" J<6;4?@B8=" F<6?" =4D" EG68F4D" G68"

:4AA4@A"4@"Z6;?4"=4D"BCA8<@D"54"5E;4=<FF4:4@AS"<@"@4";<8A"FBD"C<::4@A"=B"?E5BCA8<@"F46A"4@"]A?4"

47A4?@B=8DE"W"6@"F?4DABAB8?4S"C<::4"8="B??8;4"54"F=6D"4@"F=6D" >?EG64::4@A"5B@D" =4D"F4A8AD"D8A4DI"-4"

:]:4S"8="4DA"6A8=4"54"?BFF4=4?"=4D"58>>E?4@C4D"4@A?4"C4A"<6A8="54"J4DA8<@"B6"G6<A8584@"4A"=4"5<C6:4@A"54"

F?<J?B::BA8<@":6DE<J?BFL8G64S"6A8=4"W"=B"?E@<;BA8<@"<6"W"=B"C?EBA8<@"5H6@"EABT=8DD4:4@AS"G68"D<@A"

5467"5<C6:4@AD"B67"><@CA8<@D"4A"B67"4@U467"58>>E?4@ADI""

'6?"=4"F=B@"54"=B"J4DA8<@"4A"56"?EEG68=8T?BJ4"54D"><@CA8<@D"4@A?4"=4D";8DE4D"54"C<@D4?;BA8<@"4A"=4D";8DE4D"

54"5E;4=<FF4:4@A"C6=A6?4="5B@D"=4D"D8A4DS"8="D4:T=4"U658C8467"54"F?8;8=EJ84?"54D"<?JB@8J?B::4D"5B@D"

=4DG64=D"C4D"5467"FY=4D"D<@A"4@"FB?>B8A4"EG68=8T?4I")8@D8S" =4"58?4CA46?"54"=HEABT=8DD4:4@A"54;?B8A\]A?4"

><?:E"W" =B"J4DA8<@"4A"B5:8@8DA?BA8<@"54"F?<U4AS"B6" A?B;B8="FB?A4@B?8B="4A"W" =B"J4DA8<@"54D" ?4DD<6?C4D"

L6:B8@4DS"]A?4"C<@C4?@E"FB?"=4D":8DD8<@D"DC84@A8>8G64DS"54"?4CL4?CL4"4A"54"C<@D4?;BA8<@S"C<::4"B6"

5E;4=<FF4:4@A" C6=A6?4=I" 34A" EG68=8T?4" 4DA" 6@4" JB?B@A84" 5H6@4" E;<=6A8<@" 4A" 5H6@" 5E;4=<FF4:4@A"

LB?:<@8467"54D":6DE4D"W"=HB;4@8?I"%4D"C4@A?4D"54"DC84@C4"D<@A"F<6?"C4=B"5H47C4==4@AD"8@58CBA46?DI"*B?"

B8==46?DS"=B":<T8=8AE"F?<>4DD8<@@4==4S"A?9D"D<6;4@A"?E4==4"5B@D"5HB6A?4D"FBKDS"F<6?"F4?:4AA?4"54"FBDD4?"

5H6@"D4?;8C4"W"=HB6A?4S"5H6@4"C<==4CA8;8AE"W"6@4"B6A?4S"5H6@4"><@CA8<@"F6T=8G64"W"6@4"B6A?4S"4DA"6@"JBJ4"

54"5K@B:8D:4"4A"54"5EC=<8D<@@4:4@A"54D"F?BA8G64DI""

,7&@Y97&016:?9&<7&!/26&>7;>/1D7&976&016:76&<7&!/26&B13&27&6/24&<787216&B1A12&6719&016:7&

./0D/6:&<A?2472276Q&,7&<3>7.471>&.//></227&<76&<3>7.471>6&<7&63476&74&12&./267>8?471>&72&.L?>;7&

<76&./997.43/26&<?26&9?&4/147&2/187997&?>4/4LEB17H&9371&<7&>:67>87&0141?936:7Q&,7&I/2.43/2270724&

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""ij"LAAFVmmnnnI:B8D<@D\C<:A<8D4DI<?J"

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

D7>074&2/2&671970724&976&4>?2687>6?934:6&74&976&<:.9/36/22707246H&0?36&<76&:./2/0376&<A:.L7997&

74&127&D916&;>?2<7&6527>;37&<76&:B13D76Q&'2&0/<E97&I/>4&324:>766?24&J&:41<37>Qea&&

!! >32'&?#.!'#$!.3$#4/9!2&/.!2#.5#((.#!'#$!)52')%4()&*$!

'8" =H<@"4@A4@5" >B;<?8D4?" =B" C6=A6?4" C<::6@4"4A" =4"FB?ABJ4"5H47FE?84@C4D"4@" ;64"5H6@4"F=6D" J?B@54"

8:F=8CBA8<@" 54" =H4@D4:T=4" 54D" BCA46?D" 5B@D" =B" ;84" 54D" 8@DA8A6A8<@DS" 8=" 8:F<?A4" 54" F<?A4?" =46?" BCA8<@"

B6F?9D" 56" D4CA46?" F?<>4DD8<@@4=S" 4@" >B;<?8DB@A" =B" A?B@D;4?DB=8AES" :B8D" B6DD8" =4" 5EC=<8D<@@4:4@AS"

@<AB::4@A"4@"F4?:4AAB@A"6@4"F=6D"J?B@54"?4C<@@B8DDB@C4"56":8=846"BDD<C8BA8>"4A"54D"4@JBJ4:4@AD"

54D"C8A<K4@D"5B@D"=4D"8@DA8A6A8<@DI"%B"F?<>4DD8<@@B=8DBA8<@"56"D4CA46?":6DEB="54F68D"G6B?B@A4"B@D"4DA"

TE@E>8G64S":B8D"B"FB?><8D"4@A?B8@E"6@"58;<?C4"B;4C"=4D"BCA46?D"54"=B"D<C8EAE"C8;8=4"4A"6@4"DEFB?BA8<@"

5HB;4C"=4D":<6;4:4@AD"B:BA46?D"4A"=4D"D<C8EAED"5HB:8D"<6"=4D"D<C8EAED"DB;B@A4DI"2="8:F<?A4"54"?4@<64?"

=4D"=84@D"AB@A"4@A?4"F?<>4DD8<@@4=D"G6HB;4C"=4"D4CA46?"@<@\F?<>4DD8<@@4=I"34":<6;4:4@A"4DA"DB@D"5<6A4"

4@":B?CL4"5B@D"=4D"@<6;4==4D"5K@B:8G64D"W"=HZ6;?4"BCA64==4:4@AI"&

%B"FB?A8C8FBA8<@"F46A"DH<FE?4?"4A"D4"C<@C?EA8D4?"AB@A"F<6?"=B"5<C6:4@ABA8<@"54D"C<==4CA8<@DS"F<6?"=46?"

?4DAB6?BA8<@"4A" =46?" 4@A?4A84@"G64"F<6?" =B" ;B=<?8DBA8<@"4A" =B":E58BA8<@I" l<?:4?" =4D" B:BA46?D" 4A" =4D"

:4:T?4D"TE@E;<=4D"54D"BDD<C8BA8<@D" =<CB=4D" `=4D"474:F=4D"D<@A"C<6?B@AD"4@")=DBC4"<6"4@"l?B@CL4\

3<:AEbS"CH4DA"@<@"D46=4:4@A"D4@D8T8=8D4?"B6"FBA?8:<8@4"5<:4DA8G64S":B8D"5E:6=A8F=84?"=4D"BCA8<@D"4@"

5EC6F=B@A"=4D"><?C4DI"%4D"8@;4@AB8?4D"FB?A8C8FBA8>D"54"?4C<@@B8DDB@C4"56"FBA?8:<8@4"=<CB=S"=4D"><?:4D"54"

;B=<?8DBA8<@"B;4C"54D"J?<6F4D"5H8@AE?]A" `EC<=4S":B8D<@"54" ?4A?B8A4S"BDD<C8BA8<@S"4ACIb" D<@A"B6AB@A"54"

:<K4@D"58;4?D8>8EDI"

,?& =?G>3B17&<7&D?4>30/3276&J&+?72H&?87.& 6/2&(4L2/DY97H& 764& 12& >7;>/1D70724&<7&016:76&<1&

47>>34/3>7H& </24& G7?1./1D& 6/24& 0/<76476& 74& D71& D>/I7663/22?936:6Q& ,76& 070G>76& <1& >:67?1&

D7>0744724& 9?& 0141?936?43/2& 74& <A?G/><7>& <76& D>/G9:0?43B176& <7& ./267>8?43/2& >764?1>?43/2&

8?9/>36?43/2&?87.&<76&M/1>2:76&<7&I/>0?43/2H&,76&+?I:6&016:/H&74&<7&.>:7>&<76&6527>;376e_Q&

%H8:F<?AB@C4" 54" =B" C<@DA8A6A8<@" 54D" ?ED4B67S" 54D" ?ED4?;4D" :6A6B=8DE4D" 4A" 54D" <?JB@8DBA8<@D"

A?B@D;4?DB=4D" D6?" 6@" A4??8A<8?4S" G64" C4" D<8A" W" =HECL4==4" 5H6@4" ;8==4S" 5H6@4" BJJ=<:E?BA8<@S" 5H6@"

5EFB?A4:4@AS" 5H6@4" ?EJ8<@" <6" B6" @8;4B6" @BA8<@B=" ;<8?4" 8@A4?@BA8<@B=S" D<@A" B6AB@A" 54" :<A46?D" 54"

DA?6CA6?BA8<@"F4?A8@4@A"D4=<@"=4"AL9:4"4A"=H4@U46"4@"G64DA8<@I""

)"_B@A4DS"W"o<?54B67S"W"'A?BDT<6?J"<6"5B@D"=4D"F?<;8@C4D"4@"o4=J8G64S"54D"?ED4?;4D":6@8C8FB=4D"<6"

F?<;8@C8B=4D"D<@A":6A6B=8DE4D"F<6?"F4?:4AA?4"6@4"J4DA8<@"F=6D" ?BA8<@@4==4"54D"C<==4CA8<@DI")8@D8" =4D"

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""i!"LAAFVmmnnnIF<=4:6D4B=I:<@DIT4m>?"

i#"nnnI=B>BT?8G6454FBA?8:<8@4DI>?I"1<8?"B6DD8"=4"?ED4B6"56"FB?C"54D"1<DJ4D"56"@<?5I"�""LAAFVmmn4T:6D4<IC<:mnDm:6D44D\

FB?C\;<DJ4D\@<?5mBFFm?4F<?Am8@547ILA:="

"

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

C<:FEA4@C4D"@EC4DDB8?4D"W"=B"C<@D4?;BA8<@"F?E;4@A8;4"F46;4@A"]A?4"FB?ABJE4D"4A"TE@E>8G64D"W"A<6DI"

3H4DA"B6DD8"=H<CCBD8<@"5H]A?4"6@"=846"54"><?:BA8<@"F<6?"A<6DI"

'8"=B"l?B@C4"58DF<D4"54"?ED4B67"854@A8>8ED"G68"F4?:4AA4@A"AB@A"=B"><?:BA8<@"F?<>4DD8<@@4==4S"=HECLB@J4"

54D"T<@@4D"F?BA8G64D"4A"=B"C8?C6=BA8<@"54D"8@><?:BA8<@DS"F=6D846?D"?ED4B67"D4:T=4@A">?BJ8=8DED"FB?"=4D"

?4DA?8CA8<@D"T65JEAB8?4DI""

/@4" ?4DA?6CA6?BA8<@" 4DA" DB@D" 5<6A4" @EC4DDB8?4" F<6?" C<??4DF<@5?4" W" 6@4" @<6;4==4" EF<G64" <d" =4D"

?EFB?A8A8<@D"58DC8F=8@B8?4D"F4?54@A"54"=46?"8:F<?AB@C4I"-4":]:4D"F?<T=E:BA8G64D"B@8:4@A"=4D"6@D"4A"

=4D"B6A?4DS"4A"6@4"?BA8<@B=8DBA8<@"F<6??B8A"B;B@ABJ46D4:4@A"]A?4"4DFE?E4I"%W"4@C<?4S"8="D4?B"DB@D"5<6A4"

6A8=4" F<6?" F4?:4AA?4" 6@" 5E;4=<FF4:4@A" BCC?6" 54D" BCA8<@D" C<==BT<?BA8;4D" 54" D<6A4@8?" A<6U<6?D"

5B;B@ABJ4" =4D" 4>>4AD" 54" :6A6B=8DBA8<@D" 4A" 54" ?4J?<6F4:4@AD" 54D" BCA46?D" 5B@D" 54D" 5K@B:8G64D"

FB?ABJE4DI""

3<@A?B8?4:4@A"B67"FBKD"B@J=<\DB7<@DS"=B"l?B@C4"B"D<6;4@A"DEFB?ES"U6DG6HW">B8?4"DH8J@<?4?":6A64==4:4@AS"

=4"D4CA46?"F?<>4DD8<@@4="4A"=4D":<6;4:4@AD"B:BA46?DS"F<?AED"AB@A"FB?"=HE56CBA8<@"F<F6=B8?4"G64"FB?"

=4D" D<C8EAED" DB;B@A4DS" :B8D" B6DD8" =4D" ?ED4B67" 54" C<==4CA8<@@46?D" <6" 54" FBDD8<@@ED" 5B@D" A4=" <6" A4="

5<:B8@4I""

,7&;?2;&<76&4>3./471676&J&,?&!?21I?.41>7H&016:7&<7&9?&0:0/3>7&74&<7&9?&.>:?43/2&47C4397H&764&D916&

B1A127&630D97&?.43/2H&.A764&12&+?I:&4>3./4&B13&?../0D?;27&97&9371&61>&97&9/2;&47>07&72&<:.932?24&

<76&?.43/26&6D:.3I3B176&74&<76&?47937>6&?1&;>:&<76&7CD/6343/26Q&e^&

%4"TE@E;<=BA"4DA"G6B@A"W"=68"BDD4r"58DFB?BA4"D4=<@"=4D"EABT=8DD4:4@AD"4A"DH8="4DA"8:F<?AB@A"54"?4C?E4?"

54D"=84@D"58DA4@56DS"C4"@H4DA"FBD"D46=4:4@A"F<6?"?4CL4?CL4?"54"@<6;4B67":<59=4D"EC<@<:8G64DS":B8D"

B6DD8" FB?C4" G64" =4" A?B;B8=" B;4C" =4D" @<@\F?<>4DD8<@@4=D" 4DA" TE@E>8G64" F<6?" =HBFF?<F?8BA8<@" 4A" F46A"

DHB;E?4?"6@4"CLB@C4"54"?4=8B@C4"D<C8B=4I"

%HBFF?<CL4" FB?A8C8FBA8;4S" F?<568A" AB@A" FB?" =B" F4@DE4" 8DD64" 54" =HE56CBA8<@" F<F6=B8?4" G64" 56"

5E;4=<FF4:4@A"D<6A4@BT=4S"F=B854"F<6?"C<\C<@DA?68?4"=B"FBA?8:<@8B=8DBA8<@"B;4C"54D"?4F?ED4@AB@AD"54"

=B" F<F6=BA8<@I" %HEC<@<:84" @6:E?8G64" F4?:4A" @<AB::4@A" 54" >B8?4" BFF4=" W" 54D" C<@A?8T6A46?D" F<6?"

5<C6:4@A4?"<6"DH8:F=8G64?"5B@D"=B"C<==4CA4"54"5<@@E4D"`FB?"474:F=4"=B"TBD4":<@6:4@AD"B67":<?ADS"

=B"=<J8G64"w8y8"5E;4=<FFE4"FB?"54D":6DE4DS"@WX"54"%8==4S"!16:10&<7&K/19/167S"4ACIbI""

%4D" F4A8AD":6DE4D" 54" A4??8A<8?4S" ?4=4;B@A" 56" ?ED4B6" 54D":6DE4D" 54" l?B@C4" <6" FBDS" D<@A" B6AB@A" 54"

:8C?<C<D:4D"W"=B"D4@D8T8=8DBA8<@"C6=A6?4==4"4A"54D";4CA46?D"5H4@;84"54"FBA?8:<@8B=8DBA8<@I"%4"D<6A84@"W"

C4D"DA?6CA6?4DS"FB?"54D"BCA8<@D"54"><?:BA8<@"C<6?A4S"FB?"54D"D<6A84@D"=EJ4?DS"FB?"54D"F?<F<D8A8<@D"54"

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""i$"LAAFVmm=B:B@6>BCA6?4\?<6TB87IC<:m>?"

"

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

C<==BT<?BA8<@DS"FB?"54D"?4C<@@B8DDB@C4D":]:4"DK:T<=8G64DS"C<@DA8A64@A"54D"=4;84?D"54"FB?ABJ4"4A"<@A"

D<6;4@A" 54D" ?4A<:TE4D" TE@E>8G64DI" /@4" :8C?<\:6DE<=<J84" 4DA" 4@" C4" D4@D" W" 5E>8@8?S" G68" 54;?B8A"

F4?:4AA?4"54"?4=84?"=4D"8@DA8A6A8<@D"=4D"F=6D":<54DA4D"4@"BCC=8:BAB@A"=4D"?9J=4D"@<?:B=8DE4D"F<6?"=4D"

J?B@54D"8@DA8A6A8<@D"W"=46?"CBD"DFEC8>8G64I""

o4B6C<6F"54":6DE4D"<6"54"FB?CD"<@AS"<6"F<6??B84@A"B;<8?S"54D"C<==4CA8<@D";8;B@A4DS"54D"UB?58@DS"5B@D"

=46?D"4DFBC4D"47AE?846?DI"34D"F?<F<D8A8<@D"D<@A"A<6U<6?D"54D">BCA46?D"5HBAA?BCA8;8AE"F<6?"=4"F6T=8CS"4@"

F=6D"54">B;<?8D4?"=B"T8<58;4?D8AE"4A"=B"D4@D8T8=8DBA8<@"W"=H4@;8?<@@4:4@AI"'8"C4"D<@A"54D"BCA8;8AED"=<6?54D"

W"BDD6:4?"F<6?"54D"F?<>4DD8<@@4=DS"=4"?4C<6?D"W"54D"TE@E;<=4D"F<6?"C4D":8DD8<@D"J?BA8>8B@A4D"4DA"54D"

F=6D"U658C846D4DI"iM"

%B"J4DA8<@"5H6@"T6?4B6"54D"TE@E;<=4D"C<@DA8A64"6@4"BCA8;8AE"4@"D<8"4A" ?4F?ED4@A4"54D"<CCBD8<@D"54"

5E;4=<FF4:4@A"5HBCA8<@D"C6=A6?4==4D"D8@J6=89?4DI" 2=" >B6A"F<6?"C4=B"@<@"D46=4:4@A"BCC<?54?"6@"DABA6A"

DFEC8>8G64" 4A" 54D" :8DD8<@D" G68" @4" C<@C6??4@C4@A" FBD" =4" D4CA46?" F?<>4DD8<@@4=S" :B8D" >B;<?8D4?" =B"

A?B@D:8DD8<@S" 54D" DB;<8?D" F?<>4DD8<@@4=D" ;4?D" =4D" @<@" F?<>4DD8<@@4=DS" C<::4" =B" A?B@D:8DD8<@" 54D"

DB;<8?\>B8?4"4A"54D"DB;<8?"8@><?:4=D"54D"B:BA46?DI""

2="4DA"?4J?4AABT=4"G64"54D"C=<8D<@@4:4@AD"D<84@A"D<6;4@A"54":8D4S"4:F]CLB@A"=B"?4@C<@A?4"54"D4">B8?4I"

%4D":6DE4D" 8@56DA?84=D"4A" A4CL@8G64D"<@A"D<6;4@A"?4C<6?D"Q"B67"B@C84@D"R"F<6?"54D"5E:<@DA?BA8<@D"

`FB?" 474:F=4"016:7&<1& .L?D7?1" 54"3LBr4==4D\D6?\%K<@bS" 5HB6A?4D" >B;<?8D4@A"54D" BCA8<@D" C6=A6?4==4D"

DFEC8>8G64D"`CL<?B=4"?4F?4@B@A"=4"?EF4?A<8?4"5HB@C84@@4D"CLB@D<@D"F<6?"6@4"47F<D8A8<@",7&k1G?2H&.A764&

9?&0/<7"B6"!16:7&<A?>4&74&<AT364/3>7"54"'A\&A84@@4S"BA4=84?D"54"'=B:S"4ACIbI"/@4"F=6D"J?B@54"F<?<D8AE"

4@A?4"=4":6DE4"4A"=4D"F<?A46?D"54"F?<U4A"8DD6D"54"=B"D<C8EAE"5<@@4"W";<8?"=4":6DE4"C<::4"<6;4?A"D6?"

D<@"4@;8?<@@4:4@A"4A" U<6B@A" =4" ?Y=4"5HB@8:BA46?"4A"5HBCA8;BA46?"54" C<@;4?J4@C4I" 2=" JBJ@4"B8@D8" 4@"

@<A<?8EAE"4A"4@"C?E58T8=8AES"A<6A"4@"BDD<C8B@A"4>>8CBC4:4@A"=B"F<F6=BA8<@I"

2="4DA"EA<@@B@A"G64"A?9D"F46"54"D8A4D"8@A4?@4A"54":6DE4D"<>>?4"6@4";8D8T8=8AE"W"D4D"TE@E;<=4D"4A"8@;8A4@A"

C=B8?4:4@A"=4D"8@A4?@B6A4D"W"?4U<8@5?4"=4":6DE4"F<6?"DHK"8:F=8G64?I"

l+(0&("-&"_+/1&%%&'"a&_,)%2,&'"*+/("/_&"_+/1&%%&"3/%,/(&"

-E;4=<FF4?"=4D"BCA8<@D"FB?A8C8FBA8;4D"4A"8@C=6D8;4D"B6":6DE4"F46A"D4">B8?4"D<6D"58>>E?4@A4D"><?:4DI"*B?"

54D" BCA8<@D" C<@A?8T6A8;4D" G68" C<@D8DA4@A" W" >B8?4" BFF4=" W" =B" F<F6=BA8<@" F<6?" C<==4CA4?" 54D" 5<@@E4DS"

C<::4"@<:T?4"54":6DE4D"=4"><@A"F<6?"F?EFB?4?"54D"47F<D8A8<@DS"FB?"54D"BCA8<@D"C<==BT<?BA8;4D"G68"

5<@@4@A" =H<CCBD8<@"54"F?EFB?4?"4@D4:T=4"54D"58DF<D8A8>D"<6"54D"BCA8;8AED"FB?A8C6=89?4DS"FB?"474:F=4"

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""iM"1<8?"FB?"474:F=4"LAAFVmmnnnI4C<:6D44\?4@@4D\:4A?<F<=4I>?"

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

5B@D"=4D"BA4=84?D"5E;4=<FFED"FB?"=H8@DA8A6A8<@I"%4"CB5?4"4DA"5E>8@8"FB?"=4"F4?D<@@4="56":6DE4"4A"D4";<8A"

@<6??8A"54D"8@;4DA8DD4:4@AD"54"CLBC6@I""

%4D" BCA8<@D" FB?A8C8FBA8;4D" C<@D8DA4@A" W" C?E4?" 4A" 5E;4=<FF4?" =B" A<AB=8AE" 56" F?<C4DD6D" 4@D4:T=4S" 59D"

=H<?8J8@4" 54" =HBCA8<@" 5EC85E4I" &@" l?B@C4S" =4"016:7& <?1DL32/36S" C<::4" T4B6C<6F" 5HEC<:6DE4DS" <@A"

:<@A?E"=B";<84"54"C4"G68"F46A"]A?4"?EB=8DEI"%4D"BCA8<@D"8@C=6D8;4D"8:F=8G64@A"54D"F4?D<@@4D"5E>B;<?8DE4D"

5B@D"54D"F?<F<D8A8<@D"5HBCA8<@DI",<6A4D"C4D"><?:4D"D<@A"B6AB@A"54";B?8B@A4D"FB?"=4DG64=D"=4":6DE4"D4"

?E8@;4@A4" 4A" F?4@5" F=BC4" 5B@D" =B" ;84" 54" =B" C8AE" C<::4" =846" 54" ;84" 4A" 54" 5E;4=<FF4:4@A" 54" =B"

C<::6@B6AEI"a<T8=8D4?S"FB?"474:F=4S"5HB@C84@D"B?A8DB@D"F<6?"C<::6@8G64?"=B"FBDD8<@"54"=46?":EA84?"

5B@D"54D"=8467"54"FBA?8:<8@4"F4?:4A"54"?4=84?"=4D"JE@E?BA8<@DI"%4"D4@D"54"=HBCA8<@"C6=A6?4==4"4DA"A<6U<6?D"

54"F4?:4AA?4"54D"?4@C<@A?4D"8:F?<TBT=4D"4@A?4"54D"F4?D<@@4D"G68"@4"D4"D4?B84@A"FBD"?4@C<@A?E4DI""

)>8@"G64"C4D"BCA8<@D"F?4@@4@A"D4@D"4A"?ED<@B@C4D"5B@D"6@"A4??8A<8?4S"4==4D"5<8;4@A"DH8@DC?8?4"5B@D"6@4"

C<@A8@68AEI"/@4"D46=4"BCA8<@"8@C=6D8;4"<6"FB?A8C8FBA8;4"F46A"C4?A4D"D4?;8?"W"=B"C<::6@8CBA8<@S":B8D"@4"

F4?:4A" J69?4" 6@" CLB@J4:4@A" 54" F4?C4FA8<@" 54" =H8@DA8A6A8<@" 4A" 4@JBJ4?" 54D" ?ED6=ABAD" ?E4=D" B;4C" =B"

F<F6=BA8<@I""

,76&.L?2437>6&<A3267>43/2&J& 9A(./016:7&<1&+>716/4h!/24.7?1h976h!3276&6/24&>:?936:6&<7D136&<7&

9/2;176&?22:76&?1663&G372&D/1>&976&9/;707246&;:>:6&D?>&9A?66/.3?43/2&B17&9?&W>3B17447>37&<7&+3>5h

97h%/G97Q&+/007&39&764&./1>?24&<?26&976&.L?2437>6&<7&>:L?G3934?43/2&<1&D?4>30/327H&976&03663/26&

6/.3?976&74&.1941>79976&6/24&./2M1;1:76Qec&,?&<:0?>.L7&<7&,A$1439&72&0?32H&I:<:>?43/2&>7;>/1D?24&

abf& ?66/.3?43/26& 74& _g``& ;726& <7&0:437>6H& B1?24& J& 7997H& 8367& J& 4>?260744>7& 127& ?DD>/.L7& <7&

9A?>436?2?4&J&<76&M71276H&?87.&<A?2.3726&D>/I7663/22796&>74>?34:6&B13&976&?../0D?;2724&61>&97&9/2;&

47>07&61>&<76&>:?936?43/26Q&)76&?.43/26&./001276&6/24&30?;32:76&72&>79?43/2&?87.&97&>:67?1&<76&

016:76&<7&@>/6.347.Q&e]&

-4" A4==4D" BCA8<@D" F46;4@A" :]:4" F?4@5?4" ;84" B;B@A" =HB??8;E4" 5H6@" :6DE4S" 56?B@A" DB" C?EBA8<@S" 4@"

F?EFB?B@A"DB";4@64"4A"4@"5E;4=<FFB@A"=4D"8:F=8CBA8<@D"F<6?"D6DC8A4?"=H4@;84I"2="BFFB?BXA"C=B8?4:4@A"G64"

=H8@DAB==BA8<@" 5H6@" @<6;4=" EABT=8DD4:4@A" 5B@D" 6@" G6B?A84?S" 6@4" C<::6@4" 6@" A4??8A<8?4S" D6FF<D4" =B"

C<@DA?6CA8<@"5H6@4"?4=BA8<@"54";<8D8@BJ4"B;4C"=4D"LBT8AB@AD"V"=4D"474:F=4D"D<@A"5ED<?:B8D"@<:T?467"

FB?A<6A" 4@" l?B@C4S" 54" (<54r" W" *<@A\);4@S" 54" aB?D48==4" <6" *4?F8J@B@" W" (<6TB87I" 2=" 4DA" 58>>8C8=4"

5HBAA4@5?4"6@4"?E4==4"B5LED8<@"B6"F?<U4A"G6B@5"C4=68\C8"DH4DA"C<@DA?68A"DB@D">B8?4"BFF4="B67"F4?D<@@4D"

56"A4??8A<8?4I"lB8?4"BFF4="B67"C<:FEA4@C4D"4A";<=<@AED"=<CB=4D"4DA"8@58DF4@DBT=4I""

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""iN"nnnI4C<:6D44\C?46D<A\:<@AC4B6I>?"

iO"1<8?"V"LAAFVmmnnnI=<6A8=4@:B8@I>?"4A"nnnIF?<DC8A4CIBDD<I>?"

"

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

&@;8DBJ4?"54"5EF=<K4?"54"@<6;4==4D" ><?:4D"5H<?JB@8DBA8<@"4@" 8:F=8G6B@A"5B;B@ABJ4" =4D"BCA46?D"54D"

A4??8A<8?4DS"=4D"FB?A4@B8?4DS":B8D"B6DD8"=4D"4@A?4F?8D4DS"CH4DA"B6DD8"=H<CCBD8<@"5H4@;8DBJ4?"54"@<6;4==4D"

><?:4D" 54" J<6;4?@B@C4S" 54" DABA6A" 54D" EABT=8DD4:4@ADS" :B8D" EJB=4:4@A" 54" @<6;4B67" :<54D"

EC<@<:8G64DI""

%4D"><@CA8<@D"D<C8B=4D"LKT?854D"G64"@<6D"B;<@D"E;<G6E4D"F=6D"LB6A"54;?B84@A"DHBCC<:FBJ@4?"5H6@4"

F=6D"J?B@54":878AE"54D"<>>?4DI"2="54;?B8A"]A?4"F<DD8T=4"54">B;<?8D4?"=HE:4?J4@C4"54">8=89?4D"54"F?<56CA8<@"

5B@D" =4D" A4??8A<8?4D" G68" <@A" ?4A<:TE4D" EC<@<:8G64D" `8:BJ4D" 4@"k-S" F?<568AD" 5E?8;EDbI" %H<6;4?A6?4"

5H4DFBC4D" :B?CLB@5DS" W" F?<78:8AE" <6" 5B@D" =4" :6DE4S" =B" =<CBA8<@" 5H4DFBC4D" <6" =HLET4?J4:4@A" 54"

DAB?AH6F"?4=9;4@A"54"=B":]:4"85E4"54";B=<?8D4?"=4":6DE4"54D"?ED4?;4D"B67"C8:B8D4DI""

%4D":6DE4D"BA4=84?DS" =4D" =8467"54"F?<56CA8<@"BDD<C84@A"FB?><8D"6@4"BCA8;8AE" C6=A6?4==4"4A"6@4"BCA8;8AE"

EC<@<:8G64S"8=D"<6;?4@A"6@4";<84"W"47F=<?4?"F<6?"54D"><@CA8<@D"G68" 8@AE?4DD4@A"F=6D"J=<TB=4:4@A"=4"

A4??8A<8?4S":]:4"D8"4==4D"@4"D<@A"FBD"58?4CA4:4@A"4A"47F=8C8A4:4@A"=8E4D"4@A?4"4==4DI"%H8@DAB==BA8<@"54"

lBT"%BT"5B@D"=4D"D8A4D"4DA"6@"474:F=4"FB?:8"5HB6A?4D"54"C4AA4":878AE"54D"><@CA8<@DI"/@4"F=6D"J?B@54"

F<?<D8AE"4@A?4"=<J8G64D"F6T=8G64D"4A"F?8;E4D"4DA"W"4@;8DBJ4?I"%4D"6DBJ4D"F46;4@A"]A?4"C<::4?C8B67S"

:B8D"B6DD8"D<C8B67"4A"4@;8?<@@4:4@AB67I"%4":6DE4"G68"?458DA?8T64"B67"A4??8A<8?4D"C<@D<=854"D4D"=84@D"

4@" D4" :<@A?B@A" JE@E?467I" *<6?G6<8" @4" FBD" A?B@D><?:4?" 4@" UB?58@D" FB?ABJED" C<==BT<?BA8>D" C4?AB8@D"

4DFBC4D"47AE?846?D"54D"=8467"54"C6=A6?4S"BCA64==4:4@A"8@6A8=8DED"s""

#3&<76&016:76&./007&97&016:7&<7&9A30D>7663/2&61>&:4/II76&J&!19L/167H&97&016:7&<1&+L?D7?1&J&

+L?\79976h61>h,5/2H&/24&61&<:879/DD7>&<76&I/>076&:./2/03B176&/>3;32?976H&<A?14>76&9371C&0?>3724&

<76&I/2.43/26&D916&:9/3;2:76&0?36&B13&6A?8E>724&143976&J&12&47>>34/3>7Q&,?&!?36/2&<76&2/1>>3.76&74&

<7&9AX66364?2.7&D1G93B17&J&X993;25&72&!/>8?2&L:G7>;7&D?>&7C70D97&12&9371&<A7CD/6343/2H&12&.724>7&

<7&>766/1>.76H&12&.?I:&<1&8399?;7&74&4>/36&.L?0G>76&<ALY476Qef&&

)==4?";4?D"6@"CLB@J4:4@A"54"@BA6?4"54"=H8@DA8A6A8<@S"CH4DA"DH8@DC?8?4"5B@D"6@4"5K@B:8G64"G68"F4@D4"=4"

:6DE4" 5B@D" D<@" 4@;8?<@@4:4@AI" %B" CLB?A4" 54" '84@@4" 54" #j!M" ?BFF4==4" G64" =H8@DA8A6A8<@" :6DEB=4"

DH8@DC?8A"5B@D"6@"FBKDBJ4"C6=A6?4="E;<=6A8>S"4A"4DA"FB?"C<@DEG64@A"B:4@E4"4==4"B6DD8"W"E;<=64?"4A"W"D4"

A?B@D><?:4?I""

%4":6DE4"54"A4??8A<8?4"D4"F=B8A"54":<8@D"4@":<8@D"D<6;4@A"W"8@CB?@4?"=B"F?ED4?;BA8<@"4A"=B"5E>4@D4"54D"

D46=4D" 854@A8AED" =<CB=4D" 4A" @4" D4" ?8DG64" F=6D" W" D<:T?4?" 5B@D" 6@" FBDDE8D:4" 4A" @<6??8?" 54D" ;8D8<@D"

85E<=<J8G64DI"-4D"EABT=8DD4:4@AD"A4=D"G64" =4"a6D4<@")?=BA4@"<6" =4"*?846?E"54"'B=BJ<@"W"aB@4"D<@A"

4:T=E:BA8G64D"56" A<6?@B@A"G68"B"EAE"F?8D"FB?" =4D":6DE4D"54"D<C8EAEDI" "*B?"C<@DEG64@A"C4"D<@A" =4D"

F?<T=E:BA8G64D" C<@A4:F<?B8@4D" G68" 5<8;4@A" DH8@CB?@4?" 5B@D" 54D" >8=8BA8<@D" 4A" @<6??8?" 54D" ;8D8<@D"

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""iP"1<8?"V"nnnI:6D4456CLBF4B6IC<:""4A"LAAFDVmmnnnI:6D4454D@<6??8C4DI>?"

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

5HB;4@8?S"5B@D"6@4"C<:F=9A4"DK@4?J84"B;4C"=4D"8@A4==8J4@C4D"C<==4CA8;4D"5H6@"A4??8A<8?4I"34=B"FBDD4"5B@D"

=4"F?<F<DS":B8D"B6DD8"5B@D"=4D"BCA8<@D"4A"=4D"><@CA8<@DS"5B@D"=4D"FB?A4@B?8BAD":8D"4@"Z6;?4S"B8@D8"G64"

5B@D"=4D":<54D"?4@<6;4=ED"54"J<6;4?@B@C4"54D"EABT=8DD4:4@ADI"3H4DA"W"C4AA4"C<@58A8<@"G64"=4":6DE4"

F46A"54;4@8?"6@"<6A8="54"?E>=478<@S":B8D"B6DD8"6@"<6A8="5HBCA8<@D"FB?ABJE4DS"D6?"=4"54;4@8?"5H6@"A4??8A<8?4I""

,7& !16:7& F?6672<3& J& )3;27& ?& 036& 72& D9?.7& 72& >79?43/2& ?87.& 976& ?.471>6& <1& 47>>34/3>7& <76&

L:G7>;707246&?>43643B176H&976&>7I1;76&<A?>4H&?1&6732&<7&9?&>:67>87&;:/9/;3B17&<7&T?147h@>/872.7Q&

,7& >?2</2271>& D714& >:67>87>& 12& ;347& J& 9A?8?2.7H& <?26& 97B179& 12& ?>43647& D>/D/67& 127& N18>7&

632;193E>7Q&eg&&&

-E;4=<FF4?" 54D" :<59=4D" 8@@<;B@ADS" G64" C4" D<8A" D6?" =4" F=B@" C6=A6?4=S" D<C8B=S" EC<@<:8G64S"

4@;8?<@@4:4@AB=S" <6" C<@C4?@B@A" =B" J4DA8<@" 4A" =4":B@BJ4:4@A" 8@A4?@4" 54" =H8@DA8A6A8<@" D6FF<D4" 54"

F?4@5?4"54D"?8DG64DI"3H4DA"5HB6AB@A"F=6D";?B8"G64"=H<@"4@A4@5"BDD<C84?"4A"C<\C<@DA?68?4"54D"D<=6A8<@D"

B;4C"5HB6A?4DI"34=B"D6FF<D4"54"D<?A8?"54"DB"r<@4"54"C<@><?A"4A"54"A4DA4?S"54"A4@A4?S"5H47FE?8:4@A4?Iii""

%4D"?ED6=ABAD"@4"D<@A"5<@C"FBD"BCG68D"W"F?8<?8S"@8":4D6?BT=4D"W"=HB;B@C4S"C4"5HB6AB@A"G64"=H<@"D4"A?<6;4"

5B@D"6@"n<?yH@"F?<J?4DDI"%4D"F?<C4DD6D"54"C<@DA?6CA8<@D"C<==4CA8;4D"D<@A"FB?"@BA6?4"8:F?E;8D8T=4DI"+@"

@4"F46A"5<@C"DH8@DC?8?4"5B@D"6@4"C6=A6?4"54"=B"F?E;8D8<@"4A"54"=B"F?<J?B::BA8<@"<d"A<6A"D4?B8A"F?E\

5EA4?:8@EI"'6?A<6AS"8=">B6A"5<@@4?"5?<8A"W"=HECL4CI""

%B" @<A8<@" 8@56DA?84==4" 54" (�-S" (4CL4?CL4" 4A" -E;4=<FF4:4@AS" 54;?B8A" FB?" C<@DEG64@A" 8@DF8?4?" =4D"

:6DE4DI"'4"5<@@4?"=4"5?<8A"W"=B"?4CL4?CL4"C<==4CA8;4:4@AS"D4=<@"54D"B74D"5E>8@8DS":B8D"B6DD8"5<@@4?"=4"

5?<8A" W" CLBC6@" 5B@D" =H4@A?4F?8D4" 54" C<@DBC?4?" 6@4" FB?A84" 54" D<@" A4:FD" 54" A?B;B8=" W" 47F=<?4?" 54"

@<6;4B67"F<DD8T=4DS"C<::4"C4=B"D4"F?BA8G64"5B@D"=4D"4@A?4F?8D4D"CB=8><?@84@@4DS"CH4DA"@<@"D46=4:4@A"

6@":<K4@"54"?EJE@E?4?"=4D"E@4?J84DS":B8D"D<6;4@A"54"5EC<6;?8?"54"@<6;4B67"A4??8A<8?4DI""

!! 63=&.5#.!'4!=&.54()&*!

-E;4=<FF4?"=4D"BCA8<@D"FB?A8C8FBA8;4D"4A"8@C=6D8;4D"D6FF<D4S"C<::4"@<6D"=HB;<@D";6"F?ECE54::4@AS"

54"?4F4@D4?"=H4@D4:T=4"56":6DE4S"54F68D"D<@"F?<U4A"C6=A6?4=S"D4D":8DD8<@D"4A"<TU4CA8>DS"D<@"?Y=4"4A"D<@"

6A8=8AE" 5B@D" =B" D<C8EAES" :B8D" B6DD8" D<@" <?JB@8DBA8<@" 8@A4?@4S" D<@" DABA6AS" D<@" ><@CA8<@@4:4@AS" D4D"

:EAL<54D"54"A?B;B8=I"!

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""i["1<8?"V"LAAFVmmnnnI?4>6J45B?AI>?"4A"LAAFVmmnnnI:6D44\JBDD4@58I<?Jm>?mBCC648=m"

ii"'8J@B=<@D"=B"C?EBA8<@"5H6@"k6T"C?EBA8>"B6"D48@"56"FY=4":6DEB="54"a<@DS">8@B@CE"FB?"=B"?EJ8<@"nB==<@@4"\"Q"3?EBA8>"wB==<@8B"R"

\"4A"=4D"F?<U4AD"l&-&(I"34"k6T"C?EBA8>";8D4"W"]A?4"6@"BCA46?"54"5E;4=<FF4:4@A"54"=fEC<@<:84"C?EBA8;4"B6"D48@"56"A4??8A<8?4I"%4"L6T"B"F<6?"?Y=4"54"DA8:6=4?S"5fBCC<:FBJ@4?"4A"5f<?84@A4?"=4D"F?<U4AD"W"F<A4@A84="EC<@<:8G64I"2=";8D4"W"DA8:6=4?"=B"C?EBA8;8AES"4A"FB?"47A4@D8<@S"=f4@;84"5f4@A?4F?4@5?4"B6F?9D"5f6@"=B?J4"F6T=8CS"4@"8@A4?C<@@4CAB@A"=4D"BCA46?D"=<CB67"4A"4@"5EC=<8D<@@B@A"=4D" :<@54D" 8@DA8A6A8<@@4=S" BCB5E:8G64S" C6=A6?4=" 4A" EC<@<:8G64" W" A?B;4?D" 6@" F?<J?B::4" :6=A858DC8F=8@B8?4" 5fBCA8<@D" 4A"5HB@8:BA8<@DI"%f<TU4A"4DA"8@">8@4"54">B;<?8D4?"=f8@@<;BA8<@"<6;4?A4"4A"=B"58;4?D8AE"54D":<5B=8AED"5fECLB@J4D"4A"54"C<==BT<?BA8<@D"`LKT?85BA8<@"A?B@D58DC8F=8@B8?4S"8@A4==8J4@C4"C<==BT<?BA8;4b"G68"D<@A"B6AB@A"54">BCA46?D"54"5E;4=<FF4:4@AS"54"C?EBA8<@"4A"54":6ABA8<@"5f6@"A4??8A<8?4";4?D"=HEC<@<:84"C<==BT<?BA8;4I"

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

34=B"D6FF<D4"5H]A?4"F=48@4:4@A"C<@DC84@A"54D"4@U467"C<@A4:F<?B8@DS"54D"5E>8D"W"D6?:<@A4?S"54"DB;<8?"

5EC?KFA4?"4A"B@B=KD4?"=4D"A4??8A<8?4D"4A"=46?D"F<F6=BA8<@D"5B@D"=46?D"DFEC8>8C8AEDS"54"D4"A4@8?"8@><?:E"54D"

E;<=6A8<@DS"5H]A?4"<6;4?A"4A"BAA4@A8>"B67"FB?A4@B?8BADS"54"DB8D8?"=4D"<FF<?A6@8AEDI"3H4DA"B6DD8"54;<8?"JE?4?"

54D" F4?D<@@B=8AEDS" 54D" ;8D8<@DS" 54D" 5ED8?D" 4A" 54D" <TU4CA8>D" :6=A8F=4DS" 5<@C" 54" DHBAA4@5?4" W" =B"

C<@C4?ABA8<@S" B6" 58B=<J64S" B6" C<:F?<:8DS" A?9D" C4?AB8@4:4@A" W" 54D" D8A6BA8<@D" 54" C?8D4" 4A":]:4"54"

J4DA8<@"54"C<@>=8ADI"%4"A4:FD"=<@J"K"4DA"@EC4DDB8?4I""

3H4DA"B;B@A"A<6A"]A?4"4@":4D6?4"54"D4"><?J4?"6@4"C<@C4FA8<@"><?A4"4A"6@4"F4@DE4"54"=HBCA8<@"C6=A6?4==4S"

5H]A?4"4@":4D6?4"54"F?<T=E:BA8D4?"F<6?"5<@@4?"56"D4@D"B67"F?<U4AD"4A"54"C?E4?"6@4"5K@B:8G64"F<6?"

=4D" ?EB=8D4?I" 2=" C<@;84@A" FB?" C<@DEG64@A" 54" F?EFB?4?" 4D" F<?A46?D" 54" F?<U4A" W" =H<6;4?A6?4" 5H4DF?8AS" W"

=H4DF?8A"C?8A8G64S"W"=H4@;84"4A"B6"5ED8?"5H8:F=8CBA8<@"D<C8B=4"5<@@E4"W"=46?"BCA8<@"C6=A6?4==4I"2="@4"D6>>8A"

FBD" FB?" C<@DEG64@A" 5H]A?4" 6@" T<@" J4DA8<@@B8?4S" 6@":B@BJ4?" 5HEG68F4S" <6" 54" DB;<8?" @EJ<C84?" 54D"

>8@B@C4:4@AD"4A"56":ECE@BAI"&A?4"DFEC8B=8DA4"54D"C<==4CA8<@D"4A"54D"BDF4CAD"DC84@A8>8G64D"@4"5<@@4"FBD"

=4D"C<:FEA4@C4D"F<6?"B>>?<@A4?"=H4@D4:T=4"54D"E;<=6A8<@D"4A"54D"4@U467"5H6@"EABT=8DD4:4@A":<54?@4I""

2=" 4DA" W" 5EF=<?4?S" 5B@D" =B" ><?:BA8<@" BCA64==4" 54D" F?<>4DD8<@@4=D" 54D" :6DE4DS" G6H6@4" DC8DD8<@" D<8A"

8@DA8A6E4"4@A?4"=B"><?:BA8<@"54"DFEC8B=8DA4DS"=4D"C<@D4?;BA46?DS"W"=H2@DA8A6A"_BA8<@B="56"*BA?8:<8@4S"4A"=4"

?4DA4"56"F4?D<@@4="><?:E"JE@E?B=4:4@A"FB?"=4D"6@8;4?D8AEDI"%4D"6@D"4A" =4D"B6A?4D"@4"5EA84@@4@A"FBD"

4@D68A4" =4D":]:4D"F<D8A8<@D"L8E?B?CL8G64D"5B@D" =4D"EABT=8DD4:4@ADS"<?" =4D"DFEC8B=8DA4D"DC84@A8>8G64DS"

G64==4"G64"D<8A" =46?"G6B=8AES"@4"D<@A"FBD" A<6U<6?D" =4D":8467"B?:ED"F<6?"B>>?<@A4?" =4D"5E>8D"E@<@CED"

F?ECE54::4@AI" 2="C<@;84@5?B8A"FB?"C<@DEG64@A"54">B8?4"4@A?4?" =4D"F?<T=E:BA8G64D"@<6;4==4D"4A"6@4"

F=6D"J?B@54"G6B=8>8CBA8<@"W"=B"C<:F?EL4@D8<@"54D"=<J8G64D"5HBCA8<@D"C6=A6?4==4D"5B@D"=4D"F?<J?B::4D"

54"><?:BA8<@I""

!! 6#,&).!'#$!5&+#$!+13,4'/4()&*!

%4D":<54D"5HE;B=6BA8<@"G6B@A8ABA8;4"54D"BCA8<@D"D<@A"C<6?B@A4D"5B@D"=4D"F=B@D"54">8@B@C4:4@AD"54D"

BCA8<@DS":B8D"DHB;9?4@A"F46"B5BFAED"F<6?"=HE;B=6BA8<@"54D"BFF?<CL4D"FB?A8C8FBA8;4D"4A"8@C=6D8;4DI"2="4DA"

@EC4DDB8?4"54"C<@568?4"6@4"?E>=478<@"D6?"C4D"BFF?<CL4D"G6B=8ABA8;4D"G68"F4?:4AA?B84@A"54":4AA?4"4@"

B;B@A"=4D"4>>4AD"TE@E>8G64D"4A"=B"?E6DD8A4"54D"BCA8<@D"C<@568A4D"B6"?4JB?5"54D"BAA4@A4DI""

'B@D" 5<6A4" 54D" @<6;4B67" :<54D" D<@A" W" 47F=<?4?S" G68S" B6\54=W" 54" =HEC?8AS" ?4@54@A" C<:FA4" 54D"

5E:B?CL4D"B6"A?B;4?D"54" ><?:4D":6=A8:E58BA8G64D" `B658<;8D64=DS"D<@<?4DS":6=A8:E58BvbI"-8>>E?4@AD"

C?8A9?4DS" 58>>E?4@AD" 8@58CBA46?DS" 54;?B84@A" ]A?4" C<@q6D" F<6?" E;B=64?" =4" ?4DF4CA" 54D" 8:FE?BA8>D" 54D"

58>>E?4@AD" <TU4CA8>D" `8@C=6D8<@S" FB?A8C8FBA8<@S" ?4DF4CA" 54D" 5?<8AD" 54" =B" F4?D<@@4S" 58;4?D8AE" C6=A6?4==4S"

EJB=8AE"L<::4">4::4"4A"54"=B"58;4?D8AES"5E;4=<FF4:4@A"D<6A4@BT=4S"CBFBC8AE"W"F?4@5?4"54D"?8DG64D"

4A"W"8@@<;4?S"4ACIbI"%H8@AEJ?BA8<@"54"=B"FB?A8C8FBA8<@"D4"U<64"W"A<6D"=4D"@8;4B67"54D"BCA8<@DS"4@"8@A4?@4"

F<6?"=B"F?8D4"54"5EC8D8<@"4A"=4":B@BJ4:4@AS"C<::4"4@"47A4?@4"5B@D"=4":<54"5HB5?4DD4"4A"=B"C<@568A4"

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

54D"<FE?BA8<@D"B;4C"=4D"6DBJ4?D"4A"=4D"F6T=8CDI"%B"G64DA8<@"54D"FB?A4@B?8BAD"B6DD8"T84@"B;4C"=B"D<C8EAE"

C8;8=4" G6HB;4C" =4":<@54" 54" =B" ?4CL4?CL4" <6" 54" =H4@A?4F?8D4" 4A" 56" 5E;4=<FF4:4@A" EC<@<:8G64" 4DA"

EJB=4:4@A"6@"8@58CBA46?"54"?E6DD8A4"54D"BCA8<@DI""

%4"T8=B@"54D"BCA8<@D"C<@568A4D"4A"=4"AE:<8J@BJ4"54D"BCA46?D"8:F=8G6EDS"54D"4>>4AD":B@8>4DA4D"JE@E?EDS"

54D" ?4A<:TE4D" 4A" D6?A<6A" 54D" 5K@B:8G64D":8D4D" 4@" F=BC4" F<6?" D6DC8A4?" 54" @<6;4B67" F?<U4AD" D<@A"

B6AB@A"54"JB?B@AD"4A"54":4D6?4D"54"=H8@AE?]A"54D"BCA8<@D"4@A?4F?8D4DI"

"

"

"

"

"

"

"

"

"

"

"

"

"

"

"

"

"

"

" P["

&p*&(2&_3&'"-&"(&l&(&_3&"

%4"*B=B8D"54"=B"*<?A4"5<?E4"4A"=4D";8D8A4D"5E\J685E4D"

a6DE4D"54"'A?BDT<6?J"V"Q"-4D":B67S"54D":6DE4DS"54D":<AD"R"`*?<J?B::4"l()a&b"

a6DE4" lBT?4S" a<@AF4==84?"V" %f)?A" 4A" =B" aBA89?4S"

JB=4?84"54"DC6=FA6?4D"W"A<6CL4?"

*B?C<6?D"54D"D4@D"B6":6DE4"54"%B"*8DC8@4"W"(<6TB87"

%H47F<D8A8<@"C<\C<@DA?68A4"V"Q"hHB8:4?B8D"AB@A";<8?"'K?BC6D4"R"B6":6DE4"54"=H)?=4D"B@A8G64"

2@;4@AB8?4D"FB?A8C8FBA8>D"5B@D"=4D":6DE6:D"

%4D"&DCB=4AA4D"56"a6C4:"

%B"kB==4"B6"D6C?4S"-6@y4?G64"

*B=B8D"54D"56CD"54"%<??B8@4"^"a6DE4"=<??B8@S"_B@CK"Q"a6DE<=BT<"V"4@D4:T=4"?E@<;<@D"=4":6DE4"4A":87<@D"@<D"85E4D"R"

w8y8"B6"*B=B8D"54D"o4B67\B?AD"54"%8==4"

%4"@<6;4B6"F?<U4A"56":6DE4"0B5BJ@4"W"%K<@"

%B"0?B@54"3<==4CA4"#j!O"V"-4"FB?A"4A"5fB6A?4"54"=B"aE58A4??B@E4S" )>?8G64\l?B@C4" p2p4" \" pp4"D89C=4D"

Q"o<@D"oB8D4?D"54v"R"`)?:E@84S"aB?<CS"184A@B:S"vb"V"=4D"8@;8ABA8<@D"B67"BDD<C8BA8<@D"C6=A6?4==4D"56":6DE4"5H)G68AB8@4S"o<?54B67"

%H47F<D8A8<@" 3<@>854@C4D" 5H<6A?4\A<:T4"R" 4A" =4"F?<U4A" �y�?c@4D" M#\CBABC<:T4" B?A8DA8G64" B6":6DE4"-B6FL8@<8D"

*8CBDD<" ;6" FB?" =HxC<=4" 54" *B?8D" 54D" aEA84?D" 54" =B",BT=4S"56",<6?8D:4"4A"54"=HkYA4==4?84""

%4" l4DA8;B=" a6DE4D`4:bF<?ABT=4D" 56" 'B=<@"8@A4?@BA8<@B="54D"47F<D8A8<@D"4A"54D":6DE4D"

%B"lBT?8G64S">BT=BT"B?A8DA8G64"56"34@A?4"*<:F85<6""

*0"B6":6DE4"54D")?AD"5EC<?BA8>D"

%4" F?<J?B::4" %4D" _<6;4B67" C<==4CA8<@@46?D" B6"C<==9J4""

%4" 3LcA4B6" :6DE4" 54" o<6=<J@4"4A" =4D" C<==4CA8<@D"5H)=BDyBI"

%4"*?EL8DA<:6DE6:"54"(B:8<6=""

%B" lBT?8G64" 54" FBA?8:<8@4D" 4@" _<?:B@584"V" =B"F?<>4DD8<@@B=8DBA8<@"5H6@"?ED4B6"54":6DE4D"54"

A4??8A<8?4"

%4":6DE4"54D":B8D<@D"C<:A<8D4D"W"_B@C?BK""

%"�EC<:6DE4"54"(4@@4D"

%4" :6DE4" 'B;<8D84@S" 3LB:TE?K" 4A" D<@" F?<U4A"C<==BT<?BA8>"54"DCE@<J?BFL84"

%H47F<D8A8<@\5ETBA"D6?"=4D"F?EU6JED"4A"=4"?BC8D:4"4@"F?EFB?BA8<@"B6":6DE4"54"=Hk<::4"

h6?K" C8A<K4@" 4A" 8@;4@AB8?4" 56" FBA?8:<8@4" C6=A6?4="8::BAE?84=" 5B@D" =4" *B?C" _BA6?4=" (EJ8<@B=" 54D"oB==<@D"54D"1<DJ4D"

&DFBC4"=8T?4"5H47F?4DD8<@":6D8CB=4"B6":6DE4"54"=B"a6D8G64S"*B?8D""

%4D"lBT"%BTV"0BXAE"=K?8G64S"38AE"54D"DC84@C4DS""

-Y:4"W"3B4@S"3BF"'C84@C4D"W"o<?54B67"

%H2:BJ8@B?86:"W",<6?C<8@J""

*?846?E"54"'B=BJ<@S"aB@4"V"14?D"6@"CLB@J4:4@A"54"@BA6?4"56":6DE4"

3B?@B;B=D"C?E<=4D"B6":6DE4"56"G6B8"o?B@=K"

%4D":6?D\F<DA\8A"<6"G6B@5"=4D";8D8A46?D"8@A4?F4==4@A"=4D"C<::8DDB8?4D"5H47F<D8A8<@"

%4"l()3"C4@A?4\1B="54"%<8?4"4A"=H/@8;4?D8AE"F<F6=B8?4"54D",6?T6=4@C4D"

%4" !jM" W" *B?8DS" C<::4" Q":6DE4" 5HB;4@A6?4D"5H8@AE?]A"C<::6@"R"

%8AA=4" 18==4AA4V" !Ijjj:#" 5E58ED" B67" >B:8==4D" 4A" B67"4@>B@ADS"B67"J?<6F4D"4A"8@58;8564=D"

%B"lBT?8G64"54"FBA?8:<8@4D"4@"_<?:B@584"

%4D"CLB@A84?D"5H8@D4?A8<@"W" =H&C<:6DE4"56"3?46D<A\a<@AC4B6\=4D\a8@4DI""

%4"JB@J"54D"A?8C<A46D4D"W"%B"aB@6>BCA6?4S":6DE4"54"=B":E:<8?4"4A"54"=B"C?EBA8<@"A47A8=4"

%4"(6TB@S"CH4DA"=B":<54"B6"a6DE4"5HB?A"4A"5Hk8DA<8?4"54"'A\&A84@@4"

%H+6A8="4@":B8@"

&C<@<:6DE4D"

)CA8<@"C6=A6?4==4")=rL48:4?"

%HBA4=84?"h67ABF<r"4A"=H47F<D8A8<@"Q")67"ABT=4B67"R""

*?<U4A"Q",84?D\=8467"R"56"*B=B8D"54D"o4B67\)?AD"54"%8==4S"56":6DE4"56"%<6;?4\%4@D"4A"54"=H)?A<AL9G64"54"a<@DI"

%4D"a8C?<\><=84D"54"=B"38AE"54D"DC84@C4D"W"'4;?B@"

" !

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

1(!$)":(!.#$$(!(.#"/"+;$(!2'#3(""&#**(1!.':%+&3!

2':"&5(*+(!=!! "/1A&(!'%$#*54!$)":(!5("!8(%)?D%'+"4!1/#*!

%*&$%+()'"!=!! "/1A%&*!%$&.4!$)":("!5(!'#)(*!!

.%+,('&*(!>)&11#)4!.(*+'(!>(#'>("D2#$2&5#)!

#8"('A%+()'!=!! `%$("!8'%58)'*(4!2&*%.#+(.%!5&!8'('%4!$&1%*4!&+%1&(!

'%22#'+()'!=!! .1%&'(!8%'8&11#*4!)*&A('"&+:!5(!2#&+&('"!(+!(.#1(!5)!1#)A'(@!

"

2_,(+-/3,2+_"

%4":6DE4"4DA"54;4@6"6@"DKDA9:4"C<:F=474"54"C<:FEA4@C4DI"&7F4?A8D4D"DC84@A8>8G64S"54"J4DA8<@"4A"54"

=4B54?DL8F"D<@A"5ED<?:B8D"?4G68D4D"F<6?"58?8J4?"6@"EABT=8DD4:4@A"5<@A"=4D":8DD8<@D"D4"D<@A"=B?J4:4@A"

A?B@D><?:E4DI" %B" :EABFL<?4" 54" =fEC<DKDA9:4" @4" F46A" D4" C<:F?4@5?4" G64" 5B@D" =4" C<@A47A4" 5f6@"

FB?B5<74"><@5BA46?I"

%&"*)()-+p&"l+_-),&/("V"/_"-&l2"*+/("%H)1&_2("

34"FB?B5<74"4DA"8@LE?4@A"W"=f854@A8AE":]:4"56":6DE4S"4A"F=6D"4@C<?4"56":6DE4"B6"5ET6A"56"pp24"D89C=4I"

%B"56B=8AE"58B=4CA8G64"54D":8DD8<@D"5f6@"EABT=8DD4:4@A"54"C<@D4?;BA8<@"4A"5f6@"EABT=8DD4:4@A"?4C4;B@A"

54D"F6T=8CD"4DA"T84@"C<@@64I"""

-f6@"CYAES"B;B@A"A<6AS"=4":6DE4"D4"5E>8@8A"FB?"54D"C<==4CA8<@DS"G64=D"G6f4@"D<84@A"=4"@<:T?4"4A"=B"@BA6?4I"

-4D"<TU4AD":BAE?84=D"54DA8@ED"W"]A?4"C<@D4?;EDS"F<6?"=46?D"G6B=8AED"B?A8DA8G64DS"=46?"8@AE?]A"56"F<8@A"54"

;64"54D"DC84@C4D"L6:B8@4D"4A"D<C8B=4D"<6"54D"DC84@C4D"54"=B":BA89?4"4A"54"=B";84S"4A"5<@C"A?B@D:8D"5B@D"

=4":48==46?"EABA"F<DD8T=4"B67"JE@E?BA8<@D">6A6?4DS"C4"G68"D6FF<D4"G64"=46?"D<84@A"F?<58J6ED"A<6D"=4D"

D<8@D"@EC4DDB8?4D"`F?ED4?;BA8<@S"?4DAB6?BA8<@S"EA654vbI""

-4"=fB6A?4S"8="4DA"8:FE?BA8>"54":4AA?4"C4D"C<==4CA8<@D"4@"?4=BA8<@"B;4C"=4"F=6D"J?B@5"@<:T?4"5fL<::4D"

4A" 54" >4::4D" F<DD8T=4S" G6f8=D" D<84@A" C<@D85E?ED" 8@58;8564==4:4@A" <6" 4@" J?<6F4DS" 4@" ><@CA8<@" 54D"

C8?C<@DAB@C4D"54"=46?";8D8A4"4A"54"D4D":<5B=8AEDS"BFF?EL4@5ED"5B@D"=46?"58;4?D8AES"K"C<:F?8D"56"F<8@A"

54";64"56"CBF8AB="C6=A6?4=S"<6"FB?"=4"A?6CL4:4@A"5f8@DA8A6A8<@D"V"EC<=4S"6@8;4?D8AES"4@A?4F?8D4DS"4ACI"%B"

F=6D\;B=64"56":6DE4"?ED854"B6DD8"5B@D"=B"G6B=8AE"54";84"G6H8="JE@9?4"5B@D"D<@"4@;8?<@@4:4@AS"4@"r<@4"

6?TB8@4"C<::4"4@"r<@4"?6?B=4I"2="C<@DA8A64"4@"<6A?4"6@">?48@"4>>8CBC4"W"=B"5ED4?A8>8CBA8<@"FB?C4"G6H8="4DA"

JE@E?BA46?"54"?4A<:TE4D"EC<@<:8G64D"4A"D<C8B=4DI""

2="FB?BXA"4DD4@A84="54"?EB>>8?:4?"4@C<?4"6@4"><8D"8C8"C4AA4"56B=8AES"5B@D"=B":4D6?4"<d"4==4"B"D<6D\A4@56"

@<:T?4" 5fB658A8<@D" B67G64==4D" B" F?<CE5E" =4" J?<6F4" 54" A?B;B8=I" -B@D" =fB@B=KD4" 54" =46?" F?BA8G64"

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

F?<>4DD8<@@4==4" C<::4" 5B@D" =f47F?4DD8<@" 54" D<6LB8AD" <6" 54" F?EC<@8DBA8<@DS" =4D" F?<>4DD8<@@4=D" 54"

:6DE4D"4A"=46?D"FB?A4@B8?4D"?4F=BC4@A"?EJ6=89?4:4@A"=46?"?E>=478<@"D6?"=4D":EA84?D"5B@D"C4AA4"A4@D8<@"

FB?B5<7B=4S" 56" >B8A" G6f8=D" C<@D859?4@A" =4" :6DE4" C<::4" 6@" 6@8;4?D" W" =B" ><8D" >4?:E" 4A" <6;4?AS" 6@"

<?JB@8D:4" C4@A?8F9A4" 4@" :]:4" A4:FD" G64" C4@A?8>6J4I" 3f4DA" B8@D8" G64" C<478DA4@A" =4D" :EA84?D"

><@5B:4@AB67S"=8ED"B6":8DD8<@D"?EJB=84@@4D"56":6DE4S"4A"C467"G68"D<@A"@ED"54"=B";<=<@AE"5fE56G64?"W"

=fB?A"4A"FB?"=fB?AS"54">B:8=8B?8D4?"B67"DC84@C4D"4A"54"A?B@D:4AA?4"54D"?4F9?4D"F<6?"C<:F?4@5?4"=4":<@54"

4A">8@B=4:4@A"5fE=B?J8?"=4D"F6T=8CD"4A"G68"?4=9;4@A"54"=B"5E:<C?BA8DBA8<@"C6=A6?4==4I"

@A! "4!+/4')(3! =&*+4(.)%#!+/!5/$3#B!%&*$#.,#.!#(!+)==/$#.B!%#*(.)2C(#!#(!%#*(.)=/<#B!+&)(! .#$(#.!

'14*%.4<#!=./%(/#/9!+#!(&/(#!.3='#9)&*A!D1#$(!#*!=&*%()&*!+1#''#!8/#!$#!$)(/#*(!'#$!*&/,#4/9!

53()#.$B!8/#''#!8/#!$&)#*(!'#$!5/(4()&*$!E!*&57.#/$#$!F!+#!'1/*!&/!'14/(.#!+#!%#$!+#/9!2)')#.$A!

&1+%/,2+_'"&3+_+a2./&'"

2=">B6A"BU<6A4?"W"C4=B"=4"?EC4@A"CLB@J4:4@A"54":<59=4"EC<@<:8G64"54"@<:T?4"54":6DE4DI".6f8=D"D<84@A"

5B@D" =B" D8A6BA8<@" 54" JE?4?" 467\:]:4D" =46?D" BJ4@AD" <6" G6H8=D" D<84@A" 4@" ?EJ84S" =4D" EABT=8DD4:4@AD"

:6DEB67"<@A" 4@" >BCA46?" C<::6@"5f]A?4" D<6:8D" W" 6@4"@<6;4==4" F?4DD8<@"54DA8@E4" W" =4D" C<@568?4" W"

5EJBJ4?"54D"?4DD<6?C4D"F?<F?4DS"C4"G68"D6FF<D4"=4"?4C<6?D"W"54D"F4?D<@@4=D"><?:ED"W"C4D">8@D"4A"54"

5E>8@8?" 54D" DA?BAEJ84D" FB?A4@B?8B=4D" 4Am<6" 54" :ECE@BA" 54" C<6?AS" :<K4@" 4A" =<@J" A4?:4DI" (E6DD8?" W"

BJ?EJ4?">8@B@C4:4@AD"F6T=8CD"4A"?4DD<6?C4D"F?<F?4D"FB?BXA"]A?4"54;4@6"=4":B?G646?"5H6@":6DE4"BJ8=4"

4A"4@":<6;4:4@AI"+?"8="@4">B6A"FBD"F4?5?4"54";64"G64"=4":6DE4"5<8A"54:46?4?"6@"EG68F4:4@A"C6=A6?4="

FE?4@@4"5<@A" =4" >8@B@C4:4@A"F6T=8C" 4DA"6@" D<C=4"4A" 8=" 5<8A" ]A?4" ?BFF4=E" =4" CB?BCA9?4"4DD4@A84="54" =B"

D6T;4@A8<@" 54" =B" DFL9?4" F6T=8G64I" /@" :6DE4" @4" DB6?B8A" ^" DB6>" ?B?4D" 47C4FA8<@" \" DfB6A<>8@B@C4?"

4@A89?4:4@AI""

*<6?"B6AB@AS" =4D"@<6;4==4D"C<@58A8<@D"EC<@<:8G64D"5B@D" =4DG64==4D"D4"D8A64" =fEC<DKDA9:4"56":6DE4"

4@J4@5?4@A"B6DD8"54"@<6;4==4D"=<J8G64D"FB?A4@B?8B=4DI"%4D"?4DD<6?C4D"F?<F?4D"@4"C<@DA8A64@A"G6f6@4"

FB?A84"=8:8AE4S";<8?4"A?9D"=8:8AE"56"T65J4A"5f6@":6DE4"4@"54L<?D"54"G64=G64D"CBD"FB?A8C6=84?DS":B8D"=B"

?4CL4?CL4"54"C4"@<6;4B6"AKF4"54"?4DD<6?C4D"4DA"JE@E?BA?8C4"54"C<:FEA4@C4D"8@E58A4D"4A"54"DA?BAEJ84D"

FB?A8C8FBA8;4D" 8@;4@A8;4DI" &@" C<@A?4FB?A84S" 54D" C<@C4DD8<@D" W" =H8@U<@CA8<@" 5HEG68=8T?4" T65JEAB8?4S" =4D"

EABT=8DD4:4@AD"A4??8A<?8B67"BDF8?4@A"W"6@4"B6A<@<:84"DABA6AB8?4"G64"=4"AKF4"&*33"FB?BXA"8@CB?@4?"B6"

F?4:84?"BT<?5!jjI""

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""

!jj"1<8?"4@"B@@474" =H4@A?4A84@"B;4C"3=B654"a<==B?5" D4=<@" =4G64="Q"2=" >B65?B8A"F46A\]A?4"F4@D4?"5HB;B@ABJ4" =HB6A<@<:84"54"

J4DA8<@"54D":6DE4DI".6B@5"C4=B"B"EAE"=4"CBDS"C4=B"B"4@A?B8@E"=4"5E;4=<FF4:4@A"54D":6DE4DS"4A"54"=46?D"?4DD<6?C4D"F?<F?4D"u"

4A"4@":]:4"A4:FDS"C4=B"@4"F46A"D4">B8?4"DB@D"=4"D<6A84@"54"=H&ABA"`vb"%4"C<@C4FA"54"J4DA8<@"4@"&*33"@4"F<6??B8A\8="FBD"5<@@4?"

@B8DDB@C4"W"54D"DA?6CA6?4D"F=6D";8;B@A4D"s"*B?"474:F=4S":4AA?4"4@D4:T=4"54D"C<:FEA4@C4D"54D"LYF8AB67S"54D"F?8D<@D"<6"54D"

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

GA! "#!5/$3#B!8/#''#$!8/#!$&)#*(!'#$!3,&'/()&*$!+#!$&*!5&+C'#!3%&*&5)8/#B!#$(!/*!)*$(./5#*(!

+#$! 2&')()8/#$! %/'(/.#''#$! 2/7')8/#$B! #(! '4! $/7,#*()&*! 2/7')8/#! .#$(#! #$$#*()#''#! +4*$! $&*!

=&*%()&**#5#*(A!

HA! "#!*&/,#4/!%&*(#9(#!3%&*&5)8/#!#$(!/*!+#$!+&54)*#$!+13,&'/()&*!8/)!422#''#!=&.(#5#*(!+#!

*&/,#''#$!%&523(#*%#$!#(!$&'')%)(#!+#!*&/,#4/9!53()#.$A!

-&'"./&',2+_'"-H)3,/)%2,&"

)8@D8S" =4"AL9:4"54"?E>=478<@"56"J?<6F4"M"A8?4"D<@"<?8J8@4"54"=B";<=<@AE"54"C<:F?4@5?4"=4D"@<6;4==4D"

C<:FEA4@C4D"G68" D4" D<@A" ?E;E=E4D" 8@58DF4@DBT=4D" B6" D48@"56":6DE4" B6" C<6?D" 54D"G68@r4"54?@89?4D"

B@@E4DI"2="Df4DA"5<@@E"C<::4"<TU4CA8>"54"5E;4=<FF4?"54":B@89?4"F?<DF4CA8;4"=HB@B=KD4"54"C4D"5<@@E4D"

?EC4@A4DI"2="Df4DA"BCC<?5E"=B"=8T4?AE"54"?E>=ECL8?"W"54D"CB5?4D"54":EA84?D"@<6;4B67S"B8@D8"G6fW"=HE;<=6A8<@"

54D"CB5?4D"478DAB@ADI"

.64=G64D"G64DA8<@D"<@A"EAE"BT<?5E4D"4@"F?EB=BT=4"W"=B"><?:6=BA8<@"54D"B74D"54"?E>=478<@"V"

\! %4":6DE4"54"54:B8@"C<::4"<FE?BA46?"C6=A6?4="V" 8=" >B6A" =68" >B8?4"C<@>8B@C4"F<6?"5E;4=<FF4?"6@"

F?<U4AS" C4" G68" D6FF<D4" 5HB;<8?S" B6" D48@" 54D" EG68F4D" F4?:B@4@A4D" 54D" :6DE4DS" =4D" F4?D<@@4D"

C<:FEA4@A4DI"'8@<@S" =4"?8DG64"C<@D8DA4"W"?4C?6A4?"54D"4@A?4F?8D4D"F?8;E4D"G68"><@A"W" =B"F=BC4"56"

:6DE4" C4" G6H8=" D<6LB8A4" >B8?4I" 34=B" D<6=9;4" =B" G64DA8<@" 54D" =8:8A4D" 4A" 54D" FE?8:9A?4D" 54"

=H47A4?@B=8DBA8<@S" B8@D8" G64" C4==4" 54" =B" 5E=EJBA8<@" 54" D4?;8C4" F6T=8CI" 2=" FB?BXA" ><@5B:4@AB=" 54"

:BXA?8D4?"C4"G64"=H<@"47A4?@B=8D4"V"@4"FBD"47A4?@B=8D4?"FB?C4"G6H<@"@4"DB8A"FBD">B8?4S"B6"?8DG64"54"

5E=EJ64?"32&I327"54D"FB@D"4@A84?D"54"=B"DA?BAEJ84"54"=fEABT=8DD4:4@AIII"

IA! "#!23.)5C(.#!+#!'1#9(#.*4')$4()&*!*#!+&)(!24$!#52)3(#.!$/.!'4!5)$$)&*!+1&23.4(#/.!%/'(/.#'!+/!

5/$3#A!

\! %B"G64DA8<@"54D"47F<D8A8<@D"Q"L<?D" =4D":6?D"R"V"4==4"@4"?4=9;4"FBD"D46=4:4@A"56"G1632766I"3H4DA"

B6DD8"6@"4@U46"54"?BK<@@4:4@AI" 2="DfBJ8A"54">B8?4"C<@@BXA?4"=4D"C<==4CA8<@D"4A" =B"C6=A6?4S"54">B8?4"

F6T=84?" =4D" C<@D4?;BA46?DS" 54" C?E4?" 54D" <CCBD8<@D" 54" 5E;4=<FF4?" 54" @<6;4==4D" ><?:4D" 54"

C<==BT<?BA8<@"4A"54":E58BA8<@"B>8@"54"C<@G6E?8?"54"@<6;4B67"F6T=8CDI"-6"?4DA4S"G6B@5"6@":6DE4"

<?JB@8D4"6@4"47F<D8A8<@"L<?D"=4D":6?DS"8="F46A"B??8;4?"G6H8="54:B@54S"W"=B"F=BC4"56"Q">44"R"=B"F?8D4"

4@"CLB?J4"54"C4?AB8@D"F<DA4D"T65JEAB8?4DI"

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""EABT=8DD4:4@AD"C6=A6?4=DS"54D"6@8;4?D8AEDS"54D"DC9@4D"@BA8<@B=4D"`vb"+@"F<6??B8A":]:4"?BFF?<CL4?"=B"J4DA8<@"56":6DE4"54"

C4==4"5H6@4"EC<=4"5HB?A"G68"5<@@4?B8A"@B8DDB@C4"W"6@4"D<?A4"54"aB8D<@"54D"B?AD"5H6@"AKF4"@<6;4B6I"R""

"

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

JA! "4!8/#$()&*!+#$!#92&$)()&*$!:&.$F'#$F5/.$!.#'C,#!+#!'4!+)==/$)&*!%/'(/.#''#A!!

\! %B"F?<T=E:BA8G64"F?<F?4"B67"F4A8AD"EABT=8DD4:4@AD"V"8=D"@4"F46;4@A"D6TD8DA4?"D46=DS"W"C<6?A"A4?:4I"

aB8D" 8=" D4:T=4" C?6C8B=" 5fE;8A4?" =f8:F=B@ABA8<@" 5f6@4" D6F4?DA?6CA6?4" 47<J9@4S" F<6?" =B8DD4?" =46?"

CBFBC8AE"54"?BK<@@4:4@AS"54"F<?ABJ4"54"F?<U4ADS"B67":6DE4D"467\:]:4DI"%f8:F<?AB@C4"56"?ED4B6"

A4??8A<?8B="54D":6DE4D"5<8A"]A?4"?EB>>8?:E4I"/@4"54D"D<=6A8<@D"F46A"B==4?"5B@D"=4"D4@D"5f6@4"B854"

BFF<?AE4"B67"F4A8AD":6DE4D"FB?"56"A?B@D>4?A"54"C<:FEA4@C4"54"=B"FB?A"54D"EABT=8DD4:4@AD"F=6D"

8:F<?AB@ADI"%4"@<6;4B6"CB5?4"54D":EA?<F<=4D"F46A"><6?@8?"6@"=4;84?"A?9D"4>>8CBC4I"

KA! "4!5/(/4')$4()&*!#$(!/*#!%'3B!,&).#!'#!.#<.&/2#5#*(B!54)$!24$!4/!2.)9!+1/*#!$/2#.$(./%(/.#!

#9&<C*#A!

%&'")p&'"-&"(&l%&p2+_"

%4" J?<6F4"54" A?B;B8=" B" CL<8D8" 6@4":EAL<5<=<J84" ><@5E4" D6?" =fEABT=8DD4:4@A" 5f6@4" CB?A<J?BFL84" 54D"

:EA84?D"G68"F4?:4AA4"54"F<D4?"6@"58BJ@<DA8CS"4A"<?84@AES"W"FB?A8?"54"C4=BS"D<@"A?B;B8="F?<DF4CA8>"D4=<@"

A?<8D"B74D"V"C4=68"54D"@<6;4==4D"=<J8G64D"FB?A4@B?8B=4D"5EC<6=B@A"54D":6ABA8<@D"56":6DE4"W"=fB6T4"56"

pp24"D89C=4S"C4=68"54"=B"A?B@D8A8<@"@6:E?8G64S"4@>8@"C4=68"54"=B"><?:BA8<@"`8@8A8B=4"4A"F4?:B@4@A4b"54D"

F?<>4DD8<@@4=D"54":6DE4D"5EC<6=B@A"54"=fE;<=6A8<@"54D":EA84?DI"+@"?BFF4==4?B"8C8"G64=G64D"E=E:4@AD"

C=ED"56"C<@A4@6"54"C4D"A?<8D"B74DS"F68D"<@"5EC=8@4?B"ALE:BA8G64:4@A"6@"C4?AB8@"@<:T?4"54"?E>=478<@D"

F?<DF4CA8;4D"4A"54"F?EC<@8DBA8<@DI"

_+/1&%%&'"%+02./&'"*)(,&_)(2)%&'"

1&('"/_"a+-&%&"-&"a/'&&")-)*,&")/p"Q"o()_3k&a&_,'"R"

(4C<@@BXA?4"=f478DA4@C4"54"@<6;4==4D"=<J8G64D"54"FB?A4@B?8BAS"C4=B"F46A";<6=<8?"58?4"G64"=4":6DE4"@4"

>B8A"FBD"A<6AI"2="@4"><@CA8<@@4"FBD"C<::4"6@":<@54"C=<DS"8D<=EI"(4F4@D4?"=HBCA8;8AE"5H6@":6DE4S"F4A8A"

<6"J?B@5S"4@"A4?:4D"54"5E=EJBA8<@"<6"54"FB?A4@B?8BA"F46A"F4?:4AA?4"54"F4@D4?"54"@<6;4B67"<TU4CA8>DI"

34=B"F46A"EJB=4:4@A"F4?:4AA?4"54"F?ED4?;4?"=f854@A8AE"F?<F?4"56":6DE4I"a]:4"D8S"5B@D"C4?AB8@D"CBDS"

C<::4" B6" 34@A?4" 04<?J4D" *<:F85<6S" =B" :6=A8F=8C8AE" 54D" =<J8G64D" FB?A4@B?8B=4DS" 56" >B8A" 54" =B"

F=6?858DC8F=8@B?8AE"54D"<>>?4DS"4DA"FB?><8D"E=<8J@E4"5f6@4"=<J8G64"DA?8CA4:4@A":6DEB=4I"

34?AB8@4D"=<J8G64D"FB?A4@B?8B=4D"F46;4@A"Df8@DAB6?4?"B6"D48@":]:4"54"=B"DFL9?4":6DEB=4I"'K=;B8@"):8C"

E;<G64"=4D"T84@>B8ADS"4@"A4?:4D"54":6A6B=8DBA8<@"5H4:F=<8DS"4A"D6?A<6A"B6"TE@E>8C4"54D"F4A8AD":6DE4D"

G68"=B"C<:F<D4@AS"54"=B"?E6@8<@"54"L68A":6DE4D"B5<DDED"W"(<64@\aEA?<F<=4I""%B";<=<@AE"F?4:89?4"54"

C4"?4J?<6F4:4@A"D<6D"6@4":]:4"58?4CA8<@"4DA"=B"D6?;84"54"C4D":6DE4D"4A"=B"F?EFB?BA8<@"54"=46?"B;4@8?S"

4@"A4?:4D"54"F4?A8@4@C4"F<6?"54:B8@I"

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

3LBG64":6DE4"5<8A"]A?4"6@"4@D4:T=4"C<:F=4A"4A"6@4"A]A4"54"?ED4B6"B;4C"54D"FB?A4@B8?4D"G68"@4"D<@A"

FBD"><?CE:4@A"54D"FB?A4@B8?4D"LBT8A64=DI"*<6?"C?E4?"C4D"T?B@CL4:4@AD"D6?"=f47AE?846?"8=">B6A"54D"F?8D4DI"

3f4DA"W"A?B;4?D"54"@<6;4B67":EA84?D"4A"54"@<6;4==4D"C<:FEA4@C4D"G64"=4D"FB?A4@B?8BAD"F46;4@A"]A?4"

>?6CA6467I" *BD" ><?CE:4@AS" 56" ?4DA4S" W" =f8@AE?846?" 56":6DE4I" 2=" 4DA" @EC4DDB8?4" F<6?" =4":6DE4" 5f]A?4"

D6>>8DB::4@A"BJ8=4"4A"F<6?"C4">B8?4S"54"><@CA8<@@4?S"A4="6@"?L8r<:4S"D4=<@"54D":<54D"L<?8r<@AB67I"

LA! D:48/#!5/$3#!#$(!422#'3!0!+3=)*).B!#*!=&*%()&*!+#!$&*!)+#*()(3!2.&2.#B!'#$!M!7.4*%:#5#*($!N!

8/1)'!2#/(!53*4<#.!,#.$!+#$!24.(#*4).#$!#(!+#$!.3$#4/9A!

%+02./&'"*)(,&_)(2)%&'"

%4D"@<6;4==4D" C<@58A8<@D"EC<@<:8G64D"5B@D" =4DG64==4D" D4" D8A64" =fEC<DKDA9:4"56":6DE4"4@J4@5?4@A"

B6DD8"54"@<6;4==4D"=<J8G64D"FB?A4@B?8B=4DI"&@"C?EB@A"D4D"5467"J?<6F4D"54":EC9@4DS"=4"34?C=4"*<6DD8@"

4A"=4"C=6T"'B8@A\*84??4S"=4":6DE4"54D"o4B67\)?AD"54"%K<@"@4"Df4DA"FBD"=8:8AE"W"6@4"?4CL4?CL4"54"><@5D"

F<6?"5K@B:8D4?"=fBCG68D8A8<@"5fZ6;?4D"<6"58;4?D"T4D<8@DI"2="B"A8DDE"54D"=84@D"DFEC8>8G64D"4A"F=6?84=D"B;4C"

54D"4@A?4F?8D4D"4A"54D"><@5BA8<@DI"aI",L84??K"%E;]G64S"CL4>"5f4@A?4F?8D4DS"JE?B@A"54"=B"D<C8EAE")?CB54D"

4A" F?ED854@A" 54" =B" l<@5BA8<@"54" =f+=8;84?S" B" =8;?E" W" C4A" EJB?5"6@" AE:<8J@BJ4" EC=B8?B@A"V" 8=" B>>8?:4" =B"

;<CBA8<@"FB?A8C8FBA8;4"54"DB"><@5BA8<@S"A84@A"W"D<6=8J@4?"=B":B@8>4DABA8<@"5f6@"8@AE?]A"C6=A6?4="F<6?"Q"C4"

G68"4DA"F?<CL4"54"CL4r"D<8"R"4@"D4" >B8DB@A" =4"F<?A4\FB?<=4"54D"FBA?<@D"54"*a&I"'f47F?8:B@A"D6?"D<@"

D<6A84@"W"=B"F6T=8CBA8<@"54D"CBAB=<J64D"54D"C<==4CA8<@D"F4?:B@4@A4D"56":6DE4"54D"o4B67\)?AD"54"%K<@S"

aI"%E;]G64"B>>8?:4"G6f6@"CBAB=<J64S"Cf4DA"F<6?"=68"6@4"FB?A84"56":6DE4"G64"=f<@"4::9@4"CL4r"D<8I"2="

B"?E6@8"6@"F4A8A"J?<6F4"5f4@A?4F?8D4D"F<6?":ECE@4?"=4"CBAB=<J64"54D"F48@A6?4D"56":6DE4I"'4=<@"=68S"

6@4" ?4=BA8<@" 56?BT=4" B;4C" =f4@A?4F?8D4" F?8;E4" 5EF4@5" 54" =B" G6B=8AE" 5fBCC648=" 56":6DE4I" %4" D<6A84@"

BFF<?AE"FB?"DB"l<@5BA8<@"@f4DA"FBD"U6DA4"6@"D4?;8C4"?4@56":B8D"B6DD8"6@4"CBFBC8AE"54"Df47F?8:4?I"34"

AKF4"54"=84@"@4"D4"=8:8A4"FBD"B6":6DE4"54D"T4B67\B?AD"54"%K<@S":B8D"C<@C4?@4"FB?"474:F=4"B6DD8" =4"

:6DE4"54"o<6?J<8@\hB8==467I"34D":6DE4D"<>>?4@A"=B"F<DD8T8=8AE"54"Q";<KBJ4?"W"5467"FBD"54"CL4r"@<6D"RI"

aI"%E;]G64"4DA8:4"?4C4;<8?"F=6D"G6f8="@4"5<@@4I"2="D<6=8J@4"=f8:F<?AB@C4S"5B@D"C4"J4@?4"54"FB?A4@B?8BAS"

54"=B"F4?D<@@B=8AE"G68"C<@568A"=4":6DE4I"

&@" C?EB@A" 6@" C=6T" 54" :EC9@4DS" 6@" ><@5" 54" 5<ABA8<@" <6" 4@" D6DC8AB@A" 6@" :ECE@BA" F<F6=B8?4S" =4D"

EABT=8DD4:4@AD"@4"5<8;4@A"FBD"D4"=8:8A4?"W"6@4"?4CL4?CL4"54"><@5DS":B8D"A8DD4?"54D"=84@D"DFEC8>8G64D"4A"

F=6?84=D" B;4C" =4D" 58>>E?4@A4D" CBAEJ<?84D" 5HBCA46?D" D<C8B67I" &@" F4?DF4CA8;4S" =4" D<6A84@" >8@B@C84?" 54D"

:EC9@4D"`4@A?4F?8D4DS"C<==4CA8>DS"8@58;856Db"@f4DA"FBD"U6DA4"6@"D4?;8C4"?4@56":B8D"B6DD8"6@4"CBFBC8AE"54"

Df47F?8:4?S";<8?4"5HBAA8?4?"54"@<6;4B67"F6T=8CDI"

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

OA! "#$! #923.)#*%#$! +/.47'#$! +#! 24.(#*4.)4(! 3%&*&5)8/#! .#2&$#*(! $/.! '4! 8/4')(3! +14%%/#)'! +/!

5/$3#B! '4! %424%)(3! 0! #*(.#(#*).! +#$! ')#*$! 4,#%! '#$! 4%(#/.$! +#! 2.&9)5)(3! 2'/$! 8/#! $/.!

'14((.4%(),)(3!=)$%4'#A!

,()_'2,2+_"_/a&(2./&"

%4"@6:E?8G64"C<@DA8A64"6@"><?A"4@U46"5fE=B?J8DD4:4@A"54D"F6T=8CD"54D":6DE4DS"5B@D"4A"L<?D"=4D":6?DS"

5467" :<5B=8AED" FLKD8G64D" 54" D<@" ?BK<@@4:4@A" G68" D<@A" 54" F=6D" 4@" F=6D" C<:F=E:4@AB8?4DI" 2=" 4DA"

5ED<?:B8D"6@"E=E:4@A"8@C<@A<6?@BT=4"54"=B"F?<T=E:BA8G64"54D":6DE4D"4A"56"A4??8A<8?4I"%4":6DE4"56"

pp24" D89C=4" @4" F46A" FBD" D4" C<@C4;<8?" DB@D" 6@4" ;E?8ABT=4" F<=8A8G64" @6:E?8G64I" 34==4\C8" C<:F<?A4"

F=6D846?D";<=4AD"4A"54D":EA84?DS"A<6D"A?9D"58>>E?4@ADI"'<@"8@C854@C4"4DA"E;854@A4"D6?"=B"5<C6:4@ABA8<@"

54D" C<==4CA8<@DS" =B" ?EJ84" 54D"Z6;?4DS" =4D" <6A8=D" 54" C<::6@8CBA8<@S" =B" C<@C4FA8<@" 54D" 58DF<D8A8>D" 54"

:E58BA8<@S" =B" 5E:BAE?8B=8DBA8<@" 54" =B" T8==4AA4?84" <6" 4@C<?4" =B" J4DA8<@" 4@" =8J@4" 56" F=B@@8@J" 54D"

?ED4?;BA8<@DIII%4D" CB5?4D" 5f4:F=<8" DABA6AB8?4D" @4" D<@A" 4@" B6C6@" CBD" 58?4CA4:4@A" B5BFAED" W" C4D"

C<:FEA4@C4D"F?<>4DD8<@@4==4D";B?8E4D"V"FB?"474:F=4S"=4"3_l*,"4DA"D46=4:4@A"4@"A?B8@"54"F?EFB?4?"6@4"

Q">8CL4":EA84?"R"F<6?"=4D"Q"CLB?JED"54"F?<U4AD"@6:E?8G64D"RI"*<6?"C467"G68"<CC6F4@A"5EUW"C4D"><@CA8<@D"

`D<6;4@A"4@"AB@A"G64"C<@A?BCA64=DbS" =46?"F=BC4"B6"D48@"54D"<?JB@8J?B::4D"478DAB@AD"D4:T=4"54"F=6D"

BDD4r"B=EBA<8?4v"

-4" :B@89?4" JE@E?B=4S" =4D" :6DE4D" @4" F?<F<D4@A" 4@C<?4" G64" F46" 54" F<DA4D" G68S" 5H6@4" FB?AS" =4D"

BCC<:FBJ@4?B84@A"F<6?"<FE?4?"=4"FBDDBJ4"W"54"@<6;4==4D"=<J8G64D"54"5E;4=<FF4:4@A"4AS"5HB6A?4"FB?AS"

<>>?8?B84@A"54D"5ET<6CLED"W"54D"U46@4D"AB=4@AD"`@6:E?8G64S"C?EBA8;8AES"J4DA8<@"54"F?<U4ADS"vb"

PA! >#$! %&523(#*%#$! 2.&=#$$)&**#''#$! *&/,#''#$! #(! (.C$! ,4.)3#$! $&*(! ')3#$! 0! '4! (.4*$)()&*!

*/53.)8/#B!#(!8/)!$&*(!)*#9)$(4*(#$!+4*$!'#$!%4+.#$!+1#52'&)$A!>#!*&/,#4/9!53()#.$!$&*(!#*!

35#.<#*%#!Q!)'!=4/(!3(47').!/*#!,#)''#A!

%4"@6:E?8G64"B"F?8D"F=BC4"B6":6DE4"56"F<8@A"54";64"DC84@A8>8G64S"FB?"=B"@6:E?8DBA8<@"54D"C<==4CA8<@DI"

aB8D"=B"F4?A8@4@C4"56"@6:E?8G64"5B@D"=B"J4DA8<@"54D"C<==4CA8<@D"@4"D6>>8A"F=6D"W"?ED6:4?"=B"D8A6BA8<@I"

%B":8DD8<@"@6:E?8G64S"=B?J4:4@A"BDD6:E4"FB?"=4"a6DE4"54D")@A8G68AED"_BA8<@B=4D"5B@D"D<@"CLB:F"54"

C<:FEA4@C4DS"C<@DA8A64S"56"F<8@A"54";64"54D"F4?D<@@4=D"54"C4":6DE4S"6@"54D"474:F=4D"54"DFEC8>8C8AE"

Q"L<?D"C<?FD"RI"aB=J?E"=4D"4>><?AD"C<@D85E?BT=4D"54"><?:BA8<@"54D"CLB?JED"5fEA654D"5<C6:4@AB8?4D"4A"

54D"D4C?EAB8?4D"54"5<C6:4@ABA8<@S" 8=D"@4"F46;4@A"D4"D6TDA8A64?"W"54D" 8@><?:BA8C84@D"F?<>4DD8<@@4=DI"

-fB6AB@A"G6f<@"BAA4@5"54D"TBD4D"54"5<@@E4D"DC84@A8>8G64D"54"@<6;4==4D"JE@E?BA8<@D"G6f4==4D"D<84@A"W"

=B"F<8@A4"54"=f8@A4?<FE?BT8=8AES"56"n4T"DE:B@A8G64S"4A"G6f478DA4@A"5ED<?:B8D"5f8:F<?AB@AD"4@U467"=8ED"

W" =B" G64DA8<@" 54" =B" FBA?8:<@8B=8DBA8<@" 54D" 5<@@E4DI" %4D" B854D" F6T=8G64D" W" =B" @6:E?8DBA8<@" 54D"

C<==4CA8<@D"<@A"EAE"5EC8D8;4DS":B8D"=B"F<=8A8G64"F6T=8G64"@H4DA"FBD"A?9D"=8D8T=4"@8"B5BFAE4"B67"E;<=6A8<@D"

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

BCA64="56"w4T"`:B8@A4@B@C4"5H6@4"TBD4"@BA8<@B=4"m"<?84@ABA8<@"5H8@A4?@4A";4?D"=H8@A4?<FE?BT8=8AES" =4"

n4T"54"5<@@E4D":<8DD<@@B@A"=4D"TBD4D"=<CB=4DbI"

@RA!"#!24$$4<#!+#!'4!*/53.)$4()&*!(.4+)()&**#''#!0!'1C.#!+#!'1)*(#.&23.47)')(3!422#''#!/*#!.3,)$)&*!

+#$!2&')()8/#$!#(!/*#!.4()&*4')$4()&*!=)*4*%)C.#A!

.6B@A"B67"F4?D<@@4=D"54D" D4?;8C4D"E56CBA8>D"<6" C6=A6?4=DS"G68"47F=<8A4@A" =4D"@<6;4==4D" A4CL@<=<J84D"

5B@D"=B"F4?DF4CA8;4"5f6@"BCC<:FBJ@4:4@A"56";8D8A46?S"54"=B"F?EFB?BA8<@"54"=B";8D8A4"W"D<@"47F=<8ABA8<@S"

8=D":B8A?8D4@A"=4";<CBT6=B8?4"4A"=B"J?B::B8?4"56":<@54"@6:E?8G64":B8DS"=W"4@C<?4S"=B"F?<56CA8<@"@4"

F46A"=46?"ECL<8?"4@"A<AB=4:4@AI""

3467"G6H<@"5E@<::4"B6U<6?5HL68"=4D"Q"CLB?JED"54"F?<U4AD"@6:E?8G64D"R"`=4D":6DE4D"C<::4@C4@A"W"

4@" ?4C?6A4?b" D<@A"B8@D8" B6" >B8A"54" =HE;<=6A8<@"54D" A4CL@<=<J84D"4A"54" =46?D"6DBJ4D":B8D"EJB=4:4@A"W"

:]:4"54"JE?4?"54D"FB?A4@B?8BAD"54"C<\F?<56CA8<@I"*B?"474:F=4S"=4":6DE4"54D"3<@>=64@C4D"B"F6"A4DA4?"

B;4C"&?BD:4S"=4"C4@A?4"5H8@@<;BA8<@"@6:E?8G64D"54"=B"aEA?<F<=4"54"%K<@S"=B"F=BC4"56"@6:E?8G64"5B@D"

=B" :6DE<J?BFL84S" C<@C4;<8?" 4A" :4AA?4" 4@" Z6;?4" 54D" 58DF<D8A8>D" 8@@<;B@AD"

`LAAFVmmnnnI4?BD:4I<?Jm�:6D44DbI" aBJB=8" a<?4AS" ?4DF<@DBT=4" 56" D4?;8C4" Q"*?<J?B::BA8<@" 4A"

:E58BA8<@" C6=A6?4==4"R" 5B@D" C4" :6DE4" E;<G64" W" C4A" EJB?5" 6@4" 47FE?84@C4" @<;BA?8C4" D6?" =4" F=B@"

A4CL@8G64"C<::4"5B@D"=B"C<@DA?6CA8<@"5f6@"@<6;4B6":<54"5fBFF?<F?8BA8<@"56":6DE4"FB?"=4D"F6T=8CD"

4:F]CLED"V"=f47FE?84@C4"54D"?<T<AD"F?ED4@A84=DS"5B@D"=4D"DB==4D"56":6DE4S"5<@A"=4"F8=<ABJ4"4DA"BDD6?E"

FB?"54D"U46@4D"54F68D"=46?"CLB:T?4"5fLYF8AB=I"

)DD6?4?"=B"F=BC4"56":6DE4"D6?"=4D"?ED4B67"D<C8B67"54:B@54"EJB=4:4@A"54D"C<:FEA4@C4DS"54D"<6A8=D"4A"

6@4"DA?BAEJ84"E58A<?8B=4S"4A"@<@"FBD"D8:F=4:4@A"5H]A?4">B:8=84?"B;4C"6@4"C6=A6?4"54"=B"C<::6@8CBA8<@"

G68"@HB"G64"F46"54"?BFF<?AD"B;4C"=4D"@<?:4D"C=BDD8G64D!j!I"*<6?"C4D"><@CA8<@D"G6H8@CB?@4"=HQ"B@8:BA46?"

54" C<::6@B6AED"R" `<6" Q"C<::6@8AK":B@BJ4?"Rb" 4A" G68" D<@A" B6" CZ6?" 54D" @<6;4==4D" F<=8A8G64D" 54"

C<::6@8CBA8<@"54D"8@DA8A6A8<@D"C6=A6?4==4D"C<@A4:F<?B8@4DS"B6C6@"CB5?4"5f4:F=<8"@f4DA"F?E;6"5B@D"=4D"

:6DE4DI"

@@A!"#$!/$4<#$!+/!*/53.)8/#!+4*$!'#!+&54)*#!+#!'4!53+)4()&*!$&*(!+1/*#!#9(.-5#!.)%:#$$#!#(!

<3*C.#*(! +#! *&/,#4/9! 53()#.$! +&*(! '14*%.4<#! +4*$! '#$! $#.,)%#$! +#$! 2/7')%$! #$(! #*%&.#!

4'34(&).#A!

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!j!

"_I"3<68==B?5S"*<=8A8G64D"C6=A6?4==4D"@6:E?8G64D"4A"DA?BAEJ84D"F?<>4DD8<@@4==4D"54D"./0012345&0?2?;7>6"5B@D"=4D":6DE4D">?B@qB8DS",L9D4"B6"-<CA<?BA"8@A4?@BA8<@"54":6DE<=<J84"`/I");8J@<@S"&C<=4"56"%<6;?4S"/.)abS"4@"C<6?D"5HBCL9;4:4@AI""

"

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

%B"G64DA8<@"56"@6:E?8G64"@4"5<8A"FBD">B8?4"F4?5?4"54";64"=B"F=BC4"56":B?y4A8@J"C6=A6?4=S"<6A8="54"TBD4"

5ED<?:B8D"54"A<6A4D"=4D"BCA8<@D"54"5E;4=<FF4:4@A"54D":6DE4DS"54"C<@G6]A4"54"@<6;4B67"F6T=8CD"4A"

54">85E=8DBA8<@"V" =4"5BAB":8@8@JS" =4D"@4nD=4AA4?DS" =4D"T8==4AA4?84D":<54?@4D"4A"@<AB::4@A"=B";4@A4"4@"

=8J@4"B;4C"D<@"A?B8@"5fB=4?A4DS"54"C8T=BJ4DS"54"F?<:<A8<@DS"D<@A"54;4@6D"8@C<@A<6?@BT=4D"4A"8@E;8ABT=4D"

59D"G64"54D"F?<U4AD"54"?4><@A4"D4"><@A"U<6?I""

34D" E;<=6A8<@D" C<@D<=854@A" =4" ?Y=4" C6=A6?4=" 54" F?4:84?" F=B@" 54D" B658A<?86:D" 54" :6DE4DI" -4F68D"

G64=G64D"5EC4@@84DS"=B"F?<J?B::BA8<@"54"C4D"B658A<?86:D"DH4DA"C<@D85E?BT=4:4@A"5E;4=<FFE4"4A"8=D"

FB?A8C8F4@A"F=48@4:4@A"56"?BK<@@4:4@A"DC84@A8>8G64"4A"C6=A6?4="54D":6DE4DI"2=D"BDD6?4@A"6@4":8DD8<@"

54"A?B@D;4?DB=8AES"54":8D4"4@"F4?DF4CA8;4"54D"C<==4CA8<@D"u"C<@>E?4@C4DS":6D8G64S"C8@E:BvS"F4?:4AA4@A"

=B":8D4"4@"F=BC4"5f6@"CB5?4"F?<F8C4"W"6@4"L8DA<8?4"C6=A6?4==4"5EC=<8D<@@E4I"'H8="478DA4"F<6?"=4"DF4CABC=4"

;8;B@A"6@":EA84?"B5EG6BA"5B@D"=4"CB5?4"5f4:F=<8"54"=B"><@CA8<@"F6T=8G64S"8="4DA"4@C<?4"A?9D"F46":<T8=8DE"

5B@D" =4" :8=846" :6DEB=" 4A" @HBDD6?4" 5<@C" FBD" =f<FA8:8DBA8<@" 54D" F<A4@A8B=8AED" 54D" B658A<?86:D" 4A" W"

=H4@?8CL8DD4:4@A"54"=B"F?<J?B::BA8<@I"

@GA!"4!2&')()8/#!+#!+3,#'&22#5#*(!#(!+#!54.S#()*<!#$(!4/!$#.,)%#!+#!'4!2&')()8/#!%/'(/.#''#A!

+@" @4" DB6?B8A" @EJ=8J4?" 54" F?4@5?4" 4@" C<:FA4" =4D" 8@G68EA654D" G64" JE@9?4" =4" 5E;4=<FF4:4@A" 54D"

D6FF<?AD"@6:E?8G64D">BC4"W"C4?AB8@D":EA84?D"A?B58A8<@@4=D"=8ED"W"=B"DFL9?4":6DEB=4I"

")8@D8" )?:4==4" 18==4F4=4AS" F?ED854@A4" 54" =B" lE5E?BA8<@" @BA8<@B=4" 54D" J6854D\8@A4?F?9A4D" `=4" F=6D"

8:F<?AB@A"DK@58CBA"54D"!!"jjj"J6854D"C<@>E?4@C84?D"A8A6=B8?4D"5f6@4"CB?A4"F?<>4DD8<@@4==4b"B"AE:<8J@E"

54D"?E>=478<@D"G6HB"D6DC8AE"5B@D"=B"F?<>4DD8<@S"=B":6=A8F=8CBA8<@"54"F=BA4><?:4D"54"?ED4?;BA8<@D"4@"=8J@4"

`+1'S"4@A?4F?8D4DS"BJ4@C4D"5fE;E@4:4@A84=S"BJ4@C4D"4@" =8J@4DS"F=BA4D\><?:4D"@6:E?8G64DS"4ACIIb"G68"

C<::4?C8B=8D4@A"=4D";8D8A4D"J685E4D"4@":B?J4"54"=B"?EJ=4:4@ABA8<@I"%4"?EJ8:4"5HB6A<?8DBA8<@"F?EB=BT=4"

5H474?C8C4"56":EA84?"54"J6854\C<@>E?4@C84?"BKB@A"EAE"?EB>>8?:E"5B@D"=B"%<8"?4=BA8;4"W"=B"%8T4?AE"54"=4"

3?EBA8<@S"5H)?CL8A4CA6?4"4A"56"*BA?8:<8@4S"54:46?4"=B"@EC4DD8AE"5H6@"?4J8DA?4"@BA8<@B="@6:E?8G64"F<6?"

5<@@4?"6@4"?E4==4";8D8T8=8AE"W"=H4@D4:T=4"54"=B"F?<>4DD8<@S"C<::6@8G64?"D6?"=4"F?<>4DD8<@@B=8D:4"54D"

J6854D\C<@>E?4@C84?D"5B@D"=4"CB5?4"54"=HBAA?BCA8;8AE"C6=A6?4==4"4A"A<6?8DA8G64"4A"F4?:4AA?4"54":48==46?D"

ECLB@J4D"B6"D48@"54"C4AA4"F?<>4DD8<@I"*B?"B8==46?DS"D8"5ED<?:B8D"=4D"ABT=4AA4D"ABCA8=4D"D<@A"54;4@64D"6@"

<6A8="G6H6A8=8D4@A"C<6?B::4@A" =4D"J6854D\C<@>E?4@C84?DS" =4D";8D8A4D"@6:E?8G64D" `D:B?AFL<@4Dvb"G64"

5E;4=<FF4@A"=4D"EABT=8DD4:4@AD"F<6??B84@A"5B;B@ABJ4"DH8@DC?8?4"5B@D"=4"CB5?4"5f6@4"C<:F=E:4@AB?8AE"

D8J@8>8CBA8;4"B;4C"=B":E58BA8<@"F?ED4@A84==4I""

@HA!"1)*(#.4%()&*! 4,#%! '#$! 53()#.$! +/! </)+4<#! +&)(! -(.#! 2.)$#! #*! %&52(#! +4*$! '138/)2#5#*(!

*/53.)8/#!+/!5/$3#A!

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

l+(a),2+_"`2_2,2)%&"&,"3+_,2_/&b"

()**&%"k2',+(2./&"

-4F68D" =4" 5ET6A" 54D" B@@E4D" !iijS" =H<>>?4" 54" ><?:BA8<@" 8@8A8B=4" B67" :EA84?D" 56" :6DE4" DH4DA"

C<@D85E?BT=4:4@A":<58>8E4"V"?E><?:4"C<:F=9A4"F<6?"=4D"C<@D4?;BA46?D"4A"=4D"?4DAB6?BA46?D"B;4C"=H2_*u"

B6"3_l*,"`2_'&,bS"B5BFABA8<@"B67"F?<>8=D"54"F<DA4"5HBAABCLED"4A"5HBDD8DAB@AD"54"C<@D4?;BA8<@S"54"CL4>"

54" F?<U4A" C6=A6?4=" 4A" 54" :E58BA46?D" C6=A6?4=DS" 5HBJ4@AD" 56" FBA?8:<8@4S" 54" ?EJ8DD46?DS" 54" CB5?4D"

B5:8@8DA?BA8>D" u" 8@>=BA8<@" 54D" ><?:BA8<@D" 6@8;4?D8AB8?4D" 5B@D" =4D" 5<:B8@4D" 54" =B" :E58BA8<@" 4A" 56"

:B@BJ4:4@AI"

34A"4DD<?"DH4DA"BCC<:FBJ@E"5H6@4"LB6DD4"JE@E?B=4"56"@8;4B6"54D"58F=Y:4D"4A"54D"G6B=8>8CBA8<@D"G68S"

5H6@"CYAES"B">BC8=8AE"=B"C<<FE?BA8<@"B6"D48@"54D"EG68F4D"54D":6DE4DS":B8DS"54"=HB6A?4S"B"F6"5EDABT8=8D4?"

=4D"<?JB@8DBA8<@DI"

&@"5EF8A"5HBU6DA4:4@AD"C<@DAB@AD"B6":B?CLE"54" =H4:F=<8"4A"B67"D8A6BA8<@D"54"A?B;B8=S" =4D"><?:BA8<@D"

8@8A8B=4D"><@A"A<6U<6?D"=H<TU4A"54"@<:T?46D4D"C?8A8G64D"B67G64==4D"CL4?CL4@A"W"?4:E584?"=4D"><?:BA8<@D"

5H8@AEJ?BA8<@S"54"F4?>4CA8<@@4:4@A"4A"C<@A8@64I")"=HECL4==4"54D"5467"><@CA8<@D"F6T=8G64DS"=B"><?:BA8<@"

C<@A8@64" DA?8CA<" D4@D6" 4DA" F?8@C8FB=4:4@A" BDD6?E4" FB?" =H2_*" 4A" =4" 3_l*,I" -HB6A?4D" EABT=8DD4:4@AD"

F6T=8CD"F46;4@A"K"C<@A?8T64@A"V" =H+32a"G68"5EF4@5"56"a&_'(S" =4D"D4?;8C4D"B5"L<C"56"a33S";<8?4" =4"

%<6;?4S"<6"4@"(EJ8<@" =4":6DE4"54D"o4B67\)?AD"54" %K<@S"G68" D4" D<@A"4@JBJED" D6?" C4AA4" ;<84"54F68D"

G64=G64D"B@@E4DI"&@D68A4S"6@"?Y=4"C<@D85E?BT=4"4DA"U<6E"FB?"=4D"BDD<C8BA8<@D"4A"?ED4B67"F?<>4DD8<@@4=DI"

%HBDD<C8BA8<@" JE@E?B=4" 54D" C<@D4?;BA46?D" 54D" C<==4CA8<@D" F6T=8G64D" 54" l?B@C4" `4A" D4D" D4CA8<@D"

?EJ8<@B=4Db"4DA"47A?]:4:4@A"F?ED4@A4"4A"A<6U<6?D"W"=H8@8A8BA8;4S"A<6A"C<::4"C4==4D"54D"?4DAB6?BA46?D"

5HZ6;?4D"5HB?A"<6"C4==4"54D" ?EJ8DD46?DI"%HBDD<C8BA8<@"54D"E=9;4D"4A"B@C84@D"E=9;4D"54" =H2_*"G68";84@A"

5H]A?4" ?4><@5E4" B" :8D" 4@" F=BC4" 6@" l<?6:" 5HECLB@J4D" F?<>4DD8<@@4=DI" %4D" :E58BA46?D" 4@" ?E>9?4@A"

@<AB::4@A"W"=B"aE58BA8<@"36=A6?4==4")DD<C8BA8<@"`TBDE4"W"%K<@b"u"G6B@A"B67"F?<>4DD8<@@4=D"4@"CLB?J4"

54"=B"C<::6@8CBA8<@"4A"54"=B":E58BA8<@"@6:E?8G64DS"8=D"DHB5<DD4@A"W"=B"C<::6@B6AE"a6DE<:87"4A"W"

a6rE<@6:"G68"4DA"6@4"F=BA4><?:4"54"?4DD<6?C4D"D6?"=4"@6:E?8G64I"-4D"?ED4B67"ALE:BA8G64DS"A4=D"G64"

=B"lE5E?BA8<@"54D"EC<:6DE4D"4A":6DE4D"54"D<C8EAE"<6"=H)DD<C8BA8<@"54D":6DE4D"4A"C4@A?4D"54"C6=A6?4"

DC84@A8>8G64" A4CL@8G64" 4A" 8@56DA?84==4S" D<@A" EJB=4:4@A" 54D" <FE?BA46?DI" %4" 3<@D48=" 8@A4?@BA8<@B=" 54D"

:6DE4D" `2C<:b" 4A" D<@" C<:8AE" >?B@qB8D" BFF<?A4" D<@" D<6A84@" W" =B" F?<>4DD8<@@B=8DBA8<@" D<6D" A<6D" D4D"

BDF4CADI")"54D"54J?ED"58;4?D"C4D"?ED4B67"C<@><?A4@A" =4"5K@B:8D:4"56"D4CA46?":6DEB=" >?B@qB8D"4A" =4"

;B=<?8D4"B6"F=B@"8@A4?@BA8<@B=I"

"

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

%)"l+(a),2+_"&,"%&'"-&l2'")3,/&%'"

3<::4"=4":<@A?4@A"=4D"5467"F?4:84?D"B74D"54"?E>=478<@S"=B"G64DA8<@"56"F<D8A8<@@4:4@A"54D"@<6;4B67"

:EA84?D"54D":6DE4D"D4"F<D4"4@"A4?:4D"54"5E;4=<FF4:4@A"54"C<:FEA4@C4D"8@A4?@4D"̀ 54D"?4C?6A4:4@AD"

L<?D\CB5?4" Df8:F<DB@A" <6" 54D" CB5?4D" 5f4:F=<8" F<6;B@A" B=<?D" E:4?J4?b" <6" 54" FB?A4@B?8BA" B;4C" 54D"

8@DAB@C4D"47A4?@4DI"34D"G64DA8<@D"@4"F46;4@A"?4DA4?"DB@D"8@C854@C4D"D6?"=B"><?:BA8<@I""

@IA!"4! 8/#$()&*! +#$! *&/,#4/9!53()#.$! +#$! 5/$3#$! $#! 2&$#! #*! (#.5#$! +#! +3,#'&22#5#*(! +#!

%&523(#*%#$! )*(#.*#$! &/! +#! 24.(#*4.)4(! 4,#%! +#$! )*$(4*%#$! #9(#.*#$A! "4! 8/#$()&*! +#$!

.#%./(#5#*($!:&.$F%4+.#!+#$!%4+.#$!+T#52'&)!#$(!)*3,)(47'#A!>4*$!(&/$!'#$!%4$!'4!=&.54()&*!4!

/*!.U'#!%'3A!

%B"DFEC8>8C8AE"54" =B"><?:BA8<@"G64"5<8;4@A"?4C4;<8?" =4D"C<@D4?;BA46?D"B"EAE"?EB>>8?:E4I"%B"@<A8<@"54"

C<==4CA8<@"K"54:46?4"C4@A?B=4I"%4D"6DBJ4D"4A" ><@CA8<@D"56":6DE4"D<@A":6=A8F=4DS":B8D"B6"C4@A?4"D4"

A?<6;4S"B;B@A"A<6AS"=B"C<==4CA8<@I"%f8@A4@A8<@"8@8A8B=4"G68"F?ED854"W"=B"><@5BA8<@"56":6DE4"4DA"=B"5EC8D8<@"

C<==4CA8;4"54"C<@D4?;BA8<@I"aB8D"=B"@<A8<@"54"C<==4CA8<@"@f4DA"FBD">8JE4I"l<@5B:4@AB=4:4@AS"=4":6DE4"

5<8A">B8?4"FB?=4?"6@"C4?AB8@"@<:T?4"5f<TU4ADS"Cf4DA"W"FB?A8?"54"C4=B"G6f<@">B8A"56"=84@"D<C8B=S"@<AB::4@AI"

aB=?B67"F4@DB8A"G64"=4":6DE4"BDD6?B8A"6@4"?E>=478<@"D6?"=B":<?AS"=4"D4@D"54"=B":<?AS"4A"5<@C"54"=B";84I"

2="FB?BXA"><@5B:4@AB="54"JB?54?"B6":6DE4"DB";<CBA8<@"5fE=E;BA8<@"54"=f4DF?8AI"%B"><?:BA8<@"58DF4@DE4"

F4@5B@A" ![":<8D" FB?" %f2@DA8A6A" @BA8<@B=" 56" FBA?8:<8@4S" EC<=4" 5fBFF=8CBA8<@S" 4DA" F4@DE4" C<::4" 6@"

5E@<:8@BA46?" C<::6@" 54D" :8DD8<@D" G68" C<@DA8A64@A" =4" CZ6?" 54" :EA84?" 54D" C<@D4?;BA46?D" 56"

FBA?8:<8@4I"

@JA!"1#923.)#*%#!+#! '4! =&.54()&*! =.4*V4)$#!#$(! =&*+45#*(4'#5#*(!2&$)(),#B! #''#!#$(!422#'3#!0!

3,&'/#.!#*!=&*%()&*!+#$!*&/,#4/9!7#$&)*$A!

%B"G64DA8<@"54" =B"><?:BA8<@"54D"58?4CA46?D"54":6DE4D"B"EAE"BT<?5E4"C<::4"6@"F<8@A"><@5B:4@AB="

F<6?" G64" =B" ?4DF<@DBT8=8AE" :B@BJE?8B=4" 54:46?4" B67" :B8@D" 54" C467" G68" 4@A?4A84@@4@A" B;4C" =B"

C<==4CA8<@"=B"?4=BA8<@"=B"F=6D"8@A8:4"4A"=B"F=6D"BFF?<><@584I"+@A"EAE"E;<G6E4DS"FB?"hB:4D"o?B5T6?@4S"

58?4CA46?"54"=B"o?4?B"54"a8=B@S"=B"5EC8D8<@"5f<6;?8?"6@"C<@C<6?D"DFEC8>8G64"F<6?"#j"58?4CA46?D"54":6DE4S"

4@"2AB=84S"4A"FB?"*L8=8FF4"oB?TBAS"58?4CA46?"54"=f2_*S"=f478DA4@C4"54D"F?<J?B::4D"58DF4@DED"B67"&ABAD\

/@8DS"@<AB::4@A"B6"04AAKS"F<6?"F?EFB?4?"B6"Q"36?BA<?8B="%4B54?DL8F"RI"""

*L8=8FF4"-6?4KS"58?4CA46?"54"=f&C<=4"56"%<6;?4S"BS"5B@D"=4":]:4"D4@DS"47F?8:E"6@4"D6JJ4DA8<@"V"B6AB@A"

8=" A?<6;4" ><@5B:4@AB=" G64" A<6D" =4D" C<@D4?;BA46?D" B84@A" 6@" @8;4B6" 54" ?4CL4?CL4" G68" A4@54" ;4?D" =4"

5<CA<?BAS"B6AB@A" 8="4DA8:4"G64"A<6D"@f<@A"FBD";<CBA8<@"W"58?8J4?"6@"J?B@5"EABT=8DD4:4@AI"aB8D" 8="4DA"

4DD4@A84="G64"=4D"C<@D4?;BA46?D"G68"=4"D<6LB8A4@A"4A"4@":B@8>4DA4@A"=4D"CBFBC8AED"F68DD4@A"=4">B8?4I"2="

F=B854" 5<@C" F<6?" =B" F?<F<D8A8<@" D68;B@A4"V" B6" T<6A" 5f6@4" 58rB8@4" <6" 5f6@4" G68@rB8@4" 5fB@@E4D"

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

5f474?C8C4S"6@4"><?:BA8<@"54"AKF4"Q"36?BA<?8B="%4B54?DL8F"RS"G68"C<:F?4@@4"54"D<=854D"C<@@B8DDB@C4D"

4@" :BA89?4" B5:8@8DA?BA8;4" 4A" 4@" :B@BJ4:4@A" F<6?" G64" =4D" C<@D4?;BA46?D" F68DD4@A" C<@D4?;4?" =B"

58?4CA8<@"54"A<6D"=4D":6DE4DS"4A"G64"C4==4\C8"@4"=46?"ECLBFF4"FBDI"

%fE:4?J4@C4"54D"@<6;4==4D"B:T8A8<@D"4A"54D"@<6;4==4D"478J4@C4D"56":6DE4S"4@"FB?A8C6=84?"56"F<8@A"54"

;64"54D"F6T=8CD"4A"54D"FB?A4@B8?4DS" ?4@5"@EC4DDB8?4" =B" ?E;8D8<@"54D"CB5?4D"5f4:F=<8"4AS" D6?A<6AS"54D"

C<@A4@6D"54D"F?<J?B::4D"54D"C<@C<6?D"54"?4C?6A4:4@A"W"A<6D" =4D"@8;4B67"`)S"o"4A"3b"B>8@"54">B8?4"

F?E;B=<8?" =4D" C<:FEA4@C4D" 8@A4?@4D" 8@58DF4@DBT=4DS" K" C<:F?8D" 5B@D" =B" F4?DF4CA8;4" 5f6@4"

C<:F=E:4@AB?8AE" B;4C" 54D" F4?D<@@4=D" C<@A?BCA64=DI" +@" A?<6;4?B" C8\BF?9DS" 5B@D" =4D" ?E>=478<@D"

F?<DF4CA8;4D"4A"=4D"F?EC<@8DBA8<@DS"6@"C4?AB8@"@<:T?4"54"?4:B?G64D"5B@D"C4"D4@DI"

"

(&l%&p2+_'"*(+'*&3,21&'S"3k)_,2&('")"+/1(2("&,"*(&3+_2'),2+_'"

%&"a&,2&("-&"3+_'&(1),&/(S"/_&"*+%�1)%&_3&")''/a&&"

-f6@4" :B@89?4" 6@B@8:4S" Df4DA" 47F?8:E4" =B" C<@DABABA8<@" 5f6@" :EA84?" 4@" C?8D4I" %4D" C<@D4?;BA46?D"

G64DA8<@@4@A"?EJ6=89?4:4@A"=4"D4@D"54"=46?"><@CA8<@I"/@"54D"4@U467"56":6DE4"56"pp24"D89C=4"C<@D8DA4?B"

W" @4" FBD" :B?J8@B=8D4?" =4D" C<@D4?;BA46?DI" %fE=B?J8DD4:4@AS" =B" 58;4?D8>8CBA8<@" 4A" =B" F<=K;B=4@C4" 54D"

:8DD8<@D"BAA4@564D"56"C<@D4?;BA46?":<58>84@A"C<@D85E?BT=4:4@A"=B"5E>8@8A8<@"54"D<@":EA84?I"-6"?4DA4S"

=4D"A47A4D"`C<54"56"FBA?8:<8@4DS"5EC?4AD"56"#N"B;?8="4A"56"#":B8"#jj#"u"DABA6AD"54D"C<@D4?;BA46?D"54"=B"

;8==4" 54" *B?8D" 4A" 54" =B" ><@CA8<@" F6T=8G64" A4??8A<?8B=4b" E;<G64@A" 54D" ?4DF<@DBT8=8AED" DC84@A8>8G64D" 4A"

A4CL@8G64DS":4@A8<@@4@A"=B";<CBA8<@"W"BDD6?4?"=B"58?4CA8<@"54D"EABT=8DD4:4@AD":6DEB67":B8D"?4DA4@A"

=BC6@B8?4D" D6?" T84@" 54D" F<8@ADI" *=6D846?D" EC648=D" 5<8;4@A" ]A?4" C<@D85E?EDI" %B" D8A6BA8<@" 56"

Q"C<@D4?;BA46?\CL4?CL46?"R"4DA"54"F=6D"4@"F=6D"?B?4S"L<?D"54D"J?B@5D":6DE4D"FB?8D84@D"5B@D"=46?"A?9D"

J?B@54":BU<?8AEI"%4"C<@D4?;BA46?"4DA"B6"C<@A?B8?4"LBFFE"FB?"=4D"AcCL4D"B5:8@8DA?BA8;4D"4A"58;4?D8>8E4DI"

'<@"A4:FD"54"A?B;B8="DC84@A8>8G64"4DA"F<?A8<@"C<@J?64I"%<?DG6f8="474?C4"54D"?4DF<@DBT8=8AED"54"58?4CA8<@"

5fEABT=8DD4:4@AS"=4"C<@D4?;BA46?"54;84@A"6@4"D<?A4"54"CL4>"5f<?CL4DA?4"`D4=<@"=f47F?4DD8<@"F?8;8=EJ8E4"

FB?"=4"%8;?4"o=B@C"F6T=8E"4@"#j!!"FB?"=f)DD<C8BA8<@"JE@E?B=4"54D"C<@D4?;BA46?D"54D"C<==4CA8<@D"F6T=8G64D"

54" l?B@C4bI" " '4=<@" =4D" A4?:4D" 54" *L8=8FF4" oB?TBA"V" Q"'2" =4" C<@D4?;BA46?" @f4DA" G6f6@" DB;B@AS" 8=" 4DA"

8@A4?CLB@J4BT=4"B;4C"6@"6@8;4?D8AB8?4"V"W"G6<8"T<@">B8?4"6@4"&C<=4"C<::4"=f2_*"s"RI")8@D8S"6@4"?E><?:4"

54"=B"><?:BA8<@"54D"C<@D4?;BA46?D"DABJ8B8?4D"B"C<@568A"W"?4A4@8?"A?<8D"J?B@5D"5<:B8@4D"54"C<6?D"V" =B"

5E<@A<=<J84S" =4" :B@BJ4:4@A" 4A" =B" C<::6@8CBA8<@I" 34D" :<56=4D" D<@A" 5EC=8@ED" FB?" =f2_*" 5B@D" 54D"

F?<F<D8A8<@D"54"><?:BA8<@"F4?:B@4@A4I"

%4"FB?B5<74"56":EA84?"54"C<@D4?;BA46?"?ED854"8@A?8@D9G64:4@A"5B@D"DB"58;4?D8AE"4A"DB"F<=K;B=4@C4I"'B"

C<:FEA4@C4"54"DFEC8B=8DA4S"?4C<@@6"F<6?"=B"G6B=8AE"54"DB"F?<56CA8<@"DC84@A8>8G64"FB?"D4D"FB8?D"D6?"=4"

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

F=B@" 8@A4?@BA8<@B=S" 5<8A" ]A?4" F4?q64" FB?" A<6DS" 4@" FB?A8C6=84?" FB?" =4D" C<==4CA8;8AED" A4??8A<?8B=4D" G68"

=f4:F=<84@AS" C<::4"6@" JBJ4" 5f47C4==4@C4S" 54" ?4C<@@B8DDB@C4S" >EC<@5" W" =B" ><8D" 56" F<8@A" 54" ;64" 54"

=f4@?8CL8DD4:4@A"54D"C<==4CA8<@D"4A"C<::4"6@4";B=46?"BU<6AE4"F<6?"BAA8?4?"6@"F6T=8C"478J4B@AI"aB8D"

C4AA4"C<:FEA4@C4"5<8A"8:FE?BA8;4:4@A"D4"5<6T=4?"5f6@4"CBFBC8AE":B@BJE?8B=4"4A"J4DA8<@@B8?4"4A"5f6@4"

BFA8A654"B6"58B=<J64"B;4C"54D"FB?A4@B8?4D"47AE?846?DI"""

2="4DA"5<@C"@EC4DDB8?4"54">B;<?8D4?"4A"54";B=<?8D4?"C4AA4"F<=K;B=4@C4I"%B"F<D8A8<@"54"=f&C<=4"56"%<6;?4"

C<@D8DA4" W" 4@C<6?BJ4?" =4D" 5<CA46?D" W" D4" F?ED4@A4?" B6" C<@C<6?D" 54" =f2_*" 4A" =4D" >6A6?D" <6" U46@4D"

C<@D4?;BA46?D" W" F<6?D68;?4" =46?" 5<CA<?BAS" 47FE?84@C4" 8@A4==4CA64==4" 54" ?4CL4?CL4" G68" F46A" ]A?4"

BFF=8G6E4"W"54D"C<==4CA8<@D"5B@D"6@4"F4?DF4CA8;4"C?8A8G64"<6"F?<T=E:BA8G64I"*B?B==9=4:4@AS"=f4>>8CBC8AE"

54" =B" ><?:BA8<@":B@BJE?8B=4" ?4q64" W" =f2_*" 5<8A" C<@DA?68?4" 54" >6A6?D" ?4DF<@DBT=4D" G68" 8:F<D4@A" =B"

C<:FEA4@C4"54"=46?"DABA6A"B67"C<==4CA8;8AED"A4??8A<?8B=4D"FB?><8D"A4@AE4D"54"C<@>84?"54D"EABT=8DD4:4@AD"

54"AB8==4":<K4@@4"W"54D")AABCLED"56"FBA?8:<8@4S":<8@D"C<eA467"56"F<8@A"54";64"54D"DB=B8?4DI"

@KA!"T3'4.<)$$#5#*(B! '4!+),#.$)=)%4()&*!#(! '4!2&'?,4'#*%#!+3$&.54)$!%&*$()(/()=$!+#$!5)$$)&*$!+/!

%&*$#.,4(#/.! 5&+)=)#*(! %&*$)+3.47'#5#*(! '4! +3=)*)()&*! +#! $&*! 53()#.A! W4! %&523(#*%#!

$%)#*()=)8/#B! )*+)$2#*$47'#! #(! <4.4*(#! +#! '4! %.3+)7)')(3! +/!5/$3#B! +&)(! )523.4(),#5#*(! $#!

+&/7'#.!+T/*#!%424%)(3!54*4<3.)4'#!#(!<#$()&**4).#!#(!+T/*#!42()(/+#!4/!+)4'&</#!4,#%!+#$!

24.(#*4).#$!#9(3.)#/.$A!

@LA!X&/$!'#$!%&*$#.,4(#/.$!*1&*(!24$!,&%4()&*!0!+).)<#.!/*!<.4*+!3(47')$$#5#*(A!Y*#!=&.54()&*!

+#!(?2#!M!D/.4(&.)4'!"#4+#.$:)2!N!$14,C.#!$&/:4)(47'#!2&/.!2#.5#((.#!0!+#$!%&*$#.,4(#/.$!#*!

4?4*(!'#!$&/:4)(!#(!'#$!%424%)(3$!+14%%3+#.!0!'4!+).#%()&*!+13(47')$$#5#*(A!!

*+/("-&'"l+_3,2+_'"*/o%2./&'"a+2_'"-2''�a&,(2./&'"

%4D" 5467" ><@CA8<@D" F6T=8G64D" 5H&ABA" 4A" 54" =B" l<@CA8<@" F6T=8G64" A4??8A<?8B=4" <@A" E;<=6E" 54":B@89?4"

8@EJB=4I"*B?"474:F=4S" 8=" @HK"B"FBD"5HEG68;B=4@A"W" =B" ><@CA8<@"5H8@JE@846?"54D" D4?;8C4D" C6=A6?4=D"5B@D"

=HB5:8@8DA?BA8<@" A4??8A<?8B=4I" /@" 54D" 4>>4AD" F4?;4?D" 54" C4AA4" 58DDK:EA?84" C<@D8DA4" 4@" 6@"

?BCC<6?C8DD4:4@A">?EG64::4@A"<TD4?;BT=4"54D"CB??89?4D"54"C4D" 2@JE@846?D"G68"CL4?CL4@A"W"54;4@8?"

BAABCLED"A4??8A<?8B67"54"C<@D4?;BA8<@"56"FBA?8:<8@4"4AS"=<?DG6f8=D"?E6DD8DD4@A"C4"C<@C<6?DS"FB?A4@A"5B@D"

=B"><@CA8<@"F6T=8G64"A4??8A<?8B=4I"2="4DA"?4J?4AABT=4"G64"D46=4"=B"><@CA8<@"F6T=8G64"5HxABA"C<:F?4@@4"54D"

3LB?JED"5fEA654D"5<C6:4@AB8?4DS"4A"G64"D46=4"=B"><@CA8<@"F6T=8G64"A4??8A<?8B=4"C<:F?4@@4"54"D<@"CYAE"

54D"BAABCLED"4A"54D"BDD8DAB@ADI"&@>8@S"=fBCC9D"B6"JE@E?B=BA"@f4DA"F?E;6"G64"F<6?"=4D"C<@D4?;BA46?D"56"

C<?FD"5HxABAS"C4"G68"4DA"8@C<:F?EL4@D8T=4S"4@"FB?A8C6=84?"B6"?4JB?5"54D"?4DF<@DBT8=8AED"G68"8@C<:T4@A"

W" 54D" C<@D4?;BA46?D" 54" =B" ><@CA8<@" F6T=8G64" A4??8A<?8B=4" G68" BDD6?4@A" 54D" :8DD8<@D" 54" 58?4CA8<@"

5fEABT=8DD4:4@ADS"4@"FB?A8C6=84?"=<?DG64"C4D"54?@84?D"D<@A"54"J?B@54"8:F<?AB@C4I"

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

+@"@<A4?BS"FB?"B8==46?DS"G64"=4D"C<@C<6?D"54"=B"><@CA8<@"F6T=8G64"D4">B8DB@A"?B?4DS"=B"C<@DEG64@C4"4@"

4DAS"FB?:8"=4D"U46@4D"JE@E?BA8<@D"A?9D"58F=Y:E4DS"6@4"4@A?E4"D6?"=4":B?CLE"56"A?B;B8="FB?"54D"F<DA4D"4A"

54D"><@CA8<@D"D<6D\G6B=8>8EDS"5<@A"8="@H4DA"FBD"B8DE"54"DH47A?B8?4I"&@>8@"=4D"?9J=4D"54D"C<@C<6?D"@4"D<@A"

FBD"854@A8G64D"4AS"FB?"474:F=4S"=B"=8:8ABA8<@"=4D"=8DA4D"5HBAA4@A4S"5B@D"=B"l*,S"B6"5<6T=4"56"@<:T?4"54"

F<DA4D" :8D" B67" C<@C<6?DS" 4@A?BX@4" ?EJ6=89?4:4@A" =4" @<@\F<6?;<8" 54" F<DA4" B6" C<@C<6?D" 54"

C<@D4?;BA46?bI"

@OA!"4! +)$$?53(.)#! #*(.#! =&*%()&*! 2/7')8/#! +1Z(4(! #(! =&*%()&*! 2/7')8/#! (#..)(&.)4'#! #$(! 2#.V/#!

%&55#!/*!:4*+)%42!0!'4!%&:3.#*%#!+T/*#!3,&'/()&*!:4.5&*)#/$#!#(!%&*%#.(3#!+#$!2&')()8/#$!

5/$34'#$! $/.! 'T#*$#57'#! +#$! (#..)(&).#$B! 4/! .#%./(#5#*(B! 0! '4! <#$()&*! +#$! %4..)C.#$B! 0! '4!

5&7)')(3! #(! 0! '4! %&:3.#*%#! +#$! +)$2&$)()=$! +#! =&.54()&*A! D#$! 8/#$()&*$! +&),#*(! -(.#!

%&*$)+3.3#$!$4*$!4!2.)&.)A!

)-&./),2+_"+/"2_)-&./),2+_"-&'"3)-(&'"-f&a*%+2")/p"_+/1&)/p"a&,2&('"

%"fE;<=6A8<@"54D":6DE4DS"54" =46?D":<59=4D"EC<@<:8G64DS"54D"BAA4@A4D"54D"F6T=8CDS"54" =46?":8D4"4@"

?4=BA8<@"B;4C"=4D"58>>E?4@AD"BCA46?D"54"=B"D<C8EAE"B"JE@E?E"54"@<6;4B67":EA84?D"G68"@4"C<??4DF<@54@A"

FBD"B67"CB5?4D"5f4:F=<8D"54"=B"><@CA8<@"F6T=8G64"5HxABA"<6"54"=B"><@CA8<@"F6T=8G64"A4??8A<?8B=4S"5f<d"

=fBFF4="W"54D"F4?D<@@4=D"?4C?6AED"FB?"C<@A?BADS"B67"5E=EJBA8<@D"54"D4?;8C4"F6T=8C"<6"W"54D"F?4DABAB8?4D"

47AE?846?DI""

&@"A<6A"EABA"54"CB6D4S"=4D":6DE4D"F48@4@A"W"<6;?8?"54D"F<DA4D"G68S"5H6@4"FB?AS"F<6??B84@A"=4D"F?<U4A4?"

5B@D"=4"pp24"D89C=4S"4AS"5HB6A?4"FB?AS"<>>?8?B84@A"54D"5ET<6CLED"B67"U46@4D"AB=4@AD"̀ @6:E?8G64S"C?EBA8;8AES"

J4DA8<@"54"F?<U4ADS"FB?A4@B?8BADvb"

_+/1&)/p"o&'+2_'"&,"3)-(&'"-H&a*%+2'"

3B?"=4D":EA84?D"54"=B"?EB=8AE"54D":6DE4D"@4"D<@A"FBD"C467"G68"D<@A"?EF4?A<?8ED"B6"(EF4?A<8?4"@BA8<@B="

54D"C4?A8>8CBA8<@D"F?<>4DD8<@@4==4D"`(_3*bI"%H8@DA8A6A8<@"><@CA8<@@4"B;4C"=B"C<==BT<?BA8<@"5HB?CL8A4CA4DS"

5H8@JE@846?DS"54"DCE@<J?BFL4DS"54":6DE<J?BFL4DS"54"?EB=8DBA46?D"Q":6=A8:E58B"RS"54"A4CL@8C84@D"54"

=HEC=B8?BJ4"4A"56"D<@S":B8D"B6DD8"5HBJ4@C46?D"54"A<6D"=4D"C<?FD"54":EA84?DS"54"CBT8@4AD"5HEA654"4A"54"

F?4DABAB8?4D" )a+v" ,<6D" @H<@A" FBD" B" F?8<?8" ;<CBA8<@" W" ]A?4" 8@AEJ?ED" 54":B@89?4" FE?4@@4" 5B@D" =4D"

EG68F4D"54D"EABT=8DD4:4@ADS"A<6A4D"=4D":8DD8<@D"@H<@A"FBD"=B":]:4"56?E4I"aB8D"W"6@"C4?AB8@":<:4@AS"

C4?AB8@D":EA84?D"F46;4@A"BFFB?BXA?4"C<::4"8@58DF4@DBT=4D"4A"=46?"Q"8@A4?@B=8DBA8<@"R"@EC4DDB8?4I""

-9D"=<?D"Df<6;?4@A"5467"F<DD8T8=8AED"V"D6JJE?4?"=B"C?EBA8<@"54"@<6;4B67"C<?FD"54"><@CA8<@@B8?4D"`:B8D"

5B@D"6@"?BFF<?A"?EC4@A"D6?"=B"><@CA8<@"F6T=8G64"^"i"D4FAI"#j!N"\S"6@":BJ8DA?BA"54"=B"3<6?"54D"3<:FA4DS"

lI" &CB==4" B" F<8@AE" =f478DA4@C4" 54" $jj" C<?FD" 4A" 5f6@4" C4@AB8@4" 54" DABA6ADS" C4" G68" >B8A" 5<6A4?" 54" =B"

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

F4?A8@4@C4"5f6@4"C<:F=478>8CBA8<@"D6FF=E:4@AB8?4b"<6"4@CB5?4?"54":B@89?4"F=6D">8@4"=4"FB?ABJ4"54D"

C<:FEA4@C4D"4@A?4"><@CA8<@@B8?4D"4A"C<@A?BCA64=D"54"5?<8A"F6T=8CI"3<::4@A"F4@D4?"C4AA4"B?A8C6=BA8<@"s""

&==4"F46A"4@J4@5?4?"54D"D8A6BA8<@D"C<:F=474DS"C<::4"5B@D"A4=":6DE4"<d"6@" 8@JE@846?"54D"D4?;8C4D"

C6=A6?4=D" 4A" 56"FBA?8:<8@4"4DA" 4@A<6?E"F?4DG64"6@8G64:4@A"54" C<@A?BCA64=D" 4@" ?B8D<@"54D"T4D<8@D"

@<6;4B67"4@J4@5?ED"FB?"=4"@6:E?8G64I"2=">B6A"?458?4"G64"=B"F=BC4"54"F=6D"4@"F=6D"E;854@A4"A4@64"FB?"=4"

@6:E?8G64"5B@D"=4D":6DE4DS"AB@A"56"F<8@A"54";64"54"=B"C<::6@8CBA8<@"`n4T":B8A?4D"4A"B@8:BA46?D"54"

C<::6@B6AEDb" G64" 54" =fBCC<:FBJ@4:4@A" 4A" 56" 5E;4=<FF4:4@A" 54D" ;8D8A4D" `:B?y4A8@J" C6=A6?4=" 4A"

:E58BA8<@b"<6"54" =B":8DD8<@"DC84@A8>8G64" `TBD4D"54"5<@@E4DbS"B"4@J4@5?E"54D"T4D<8@D"4@"F4?D<@@4="

BTD<=6:4@A"@<@"C<6;4?AD"FB?"=4D"CB5?4D"5f4:F=<8D"54"=B"><@CA8<@"F6T=8G64I"-fB6A?4D"T4D<8@DS"C<::4"

C4=68"54"=B"?4CL4?CL4"54":ECE@BA"<6"54"5E;4=<FF4:4@A"8@A4?@BA8<@B=S"D4"><@A"D4@A8?"4A"4@J4@5?4@A"=4D"

:]:4D"F?<T=E:BA8G64D"54"?4C?6A4:4@AI"

%&'")/,(&'"%&12&('"

/@4" B=A4?@BA8;4" W" =B" 58B=4CA8G64" 4@A?4" F?<>4DD8<@@4=D" ><@CA8<@@B8?4D" 8DD6D" 54D" CB5?4D" 5f4:F=<8"

A?B58A8<@@4=D"4A"C<@A?BCA64=D"?ED854?B8A"5B@D"=HE;<=6A8<@"54D"C<@C<6?DS"F<6?":B8@A4@8?"=4":B78:6:"54"

?4C?6A4:4@AD"5B@D"=4"CB5?4"54"=B"><@CA8<@"F6T=8G64I"34=B"F46A"D4">B8?4"5B@D"C4?AB8@D"CBD"C<::4"5B@D"

=f8@A?<56CA8<@"54" =f<FA8<@"?EJ84"5B@D" =4"C<@C<6?D"54"CLB?JE"5fEA654D"5<C6:4@AB8?4D":B8D"@4"F46A"W"

=fE;854@C4"C<6;?8?"A<6D"=4D"T4D<8@DI"

-6"CYAE"54D":EA84?D"C=BDD8G64D"56":6DE4S"D4"5E;4=<FF4"BCA64==4:4@A"6@":<6;4:4@A"54"TB=B@C84?S"54"

AKF4" 47A4?@B=8DBA8<@\8@A4?@B=8DBA8<@I" *B?" 474:F=4S" W" =H47A4?@B=8DBA8<@" 54D" D4?;8C4D" 5HBCC648=" 4A" 54"

D6?;48==B@C4S" C<6?B@A4" 54F68D" 6@4" 58rB8@4" 5HB@@E4DS" D6CC954" 6@4" A4@5B@C4" B6" ?4@><?C4:4@A" 54D"

EG68F4D"4@" 8@A4?@4S"B;4C"?4G6B=8>8CBA8<@"54D"BJ4@AD"56"FBA?8:<8@4"5B@D" =4"D4@D"5H6@4"E;<=6A8<@"54D"

AcCL4D";<8?4"5H6@4"?E<?84@ABA8<@"54"=B"CB??89?4I"

.6B@A"B67"EG68F4DS"4==4D"D4"D<@A"F?<>4DD8<@@B=8DE4D"5B@D"A<6D"=4D"D4CA46?DS"4A"=4D"C<@A4@6D"54D":EA84?DS"

F=6D"?BF854:4@A"G64"=4D"CB5?4D"5H4:F=<8"4A"=4D"DABA6ADS"@H<@A"C4DDE"5HE;<=64?I"%4D"E;<=6A8<@D"=4D"F=6D"

?EC4@A4D"=B8DD4@A"BFFB?BXA?4"54D"D4?;8C4D"B5:8@8DA?BA8>D"8@AEJ?B@A"J4DA8<@S":B?y4A8@J"4A"5E;4=<FF4:4@A"

54D" ?4DD<6?C4DS" 6@4" :878AE" F=6D" 8:F<?AB@A4" 54D" ><@CA8<@D" 54" D6?;48==B@C4" 4A" 5HBCC648=S" 6@4"

C<@D<=85BA8<@" 54D" D4?;8C4D" 54D" F6T=8CD" 4A" =4" C8T=BJ4" 54D":E58BA8<@D" 4@" ><@CA8<@" 54D" CBAEJ<?84D" 54"

;8D8A46?DS"54D"F<D8A8<@D"4A"54D"DABA6AD"54"?4DAB6?BA46?D"4A"54"?EJ8DD46?D"?EBU6DAE4DS"=4"5E;4=<FF4:4@A"

54D"FB?A4@B?8BAD"F<6?"=B"?4CL4?CL4I"

'8" C4D" A4@5B@C4D" 54" ><@5" A<6CL4@A" 54":B@89?4" F=6D" <6":<8@D" BDD<6?584" =H4@D4:T=4" 56" ?ED4B6"54D"

a6DE4D"54"l?B@C4S"=4D"C<@A47A4D"54"A?B;B8="D<@A"A?9D"LEAE?<J9@4D"D4=<@"=B"AB8==4"54D"EABT=8DD4:4@AD"4A"

=46?" 4@;8?<@@4:4@A" D<C8<\EC<@<:8G64I" %4D" EABT=8DD4:4@AD" 54" :<K4@@4D" 4A" F4A8A4D" AB8==4D" D4"

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

CB?BCAE?8D4@A"B8@D8"5HBT<?5"FB?"54D"T65J4AD"47A?]:4:4@A"C<@A?B8@AD"4A"=B"AB8==4"?E568A4"54D"EG68F4DI"

);4C"6@4":BU<?8AE"54":6DE4D"><@CA8<@@B@A"B;4C":<8@D"54"!j"BJ4@ADS"=B"F<=K;B=4@C4"4DA"=B"?9J=4I")8@D8S"

=4D":]:4D"5E@<:8@BA8<@D"54":EA84?D"?4C<6;?4@A"54D"?EB=8AED"C<:F=474D"4A"58;4?D8>8E4DI"

-4D"F?<T=E:BA8G64D"54"58>>E?4@AD"<?5?4DS"C<::6@4D"W"=B"F=6FB?A"54D"EABT=8DD4:4@ADS"D4"C?8DAB==8D4@A"

B6A<6?"54"G64=G64D"BDF4CAD"V"=4D"><?:BA8<@D"G68"F48@4@A"W"]A?4"4@"FLBD4"B;4C"=HE;<=6A8<@"54D":EA84?DS"

=B"58DD<@B@C4"4@A?4"=4D">8=89?4D"54":EA84?D"54D"5467"><@CA8<@D"F6T=8G64DS"=H47A4?@B=8DBA8<@"54"C4?AB8@4D"

><@CA8<@D"A?B58A8<@@4==4D"<6"B6"C<@A?B8?4"A?9D"C<@A4:F<?B8@4DS"=B"A?B@D8A8<@"@6:E?8G64"54D":EA84?DS"=B"

58;4?D8AE" 4A" =HEJB=8AE" F?<>4DD8<@@4==4DS" =4" DABA6A" 54D" EABT=8DD4:4@AD" 4A" =46?" :<54" 54" J4DA8<@" 4A" 54"

J<6;4?@B@C4I"

@PA!X&/$!'#$!*&/,#4/9!53()#.$!*1&*(!24$!4!2.)&.)!,&%4()&*!0!-(.#!)*(3<.3$!+#!54*)C.#!23.#**#!

+4*$! '#$! %4+.#$! +1#52'&)! #(! +4*$! '#$! 38/)2#$! +#$! 3(47')$$#5#*($A! ['! $#57'#! )52&.(4*(! +#!

2#*$#.!'13,&'/()&*!#*!=&*%()&*!+#!2'/$)#/.$!%.)(C.#$!Q!'4!+/.3#!+#$!5)$$)&*$!2&/.!'#$8/#''#$!%#$!

*&/,#''#$! %&523(#*%#$! $&*(! *3%#$$4).#$!\! '1453*4<#5#*(! +#! '4! =&.54()&*! +#$! %&.2$!

#9)$(4*($!\!'4!2.&=#$$)&**4')$4()&*!+#$!2#.$&**#'$!#*!2'4%#A!

GRA!"1)55#*$#! :3(3.&<3*3)(3! +#! $)(/4()&*$! ](#..)(&.)4'#B! $(4(/(4).#B! 3%&*&5)8/#B! #(%A^! .#*+!

)52&$$)7'#!/*!$?$(C5#!/*)8/#!#(!.)<)+#A!;*!=&*%()&*!+#!$&*!)+#*()(3B!$4!*4(/.#B!$&*!4*%.4<#B!

$#$!(/(#''#$!#(!$#$!.3$#4/9B!'#!5/$3#!+&)(!<4.+#.!/*#!%#.(4)*#!$&/2'#$$#!+#!=&*%()&**#5#*(!

#(!+14+42(4()&*A!!

a2p2,&"-&'"l+_3,2+_'"&_,(&"'/(1&2%%)_3&"&,")33/&2%"

/@4"C4?AB8@4"F<?<D8AES"<6":878AE"54D"><@CA8<@D"54"D6?;48==B@C4"4A"5fBCC648="B"EAE"?4=4;E4S"4@"FB?A8C6=84?"

B6"C<6?D"54D"4@A?4A84@D"?EB=8DED"B;4C"54D"F?<>4DD8<@@4=D"8@A4?;4@B@A"5B@D"54"F4A8AD"EABT=8DD4:4@ADI"/@"

54" C4D" 474:F=4D" 4DA" C4=68" 54D" BJ4@AD" 5fBCC648=" 4A" 54" D6?;48==B@C4" G68" BDD6?4@A" 54D" :8DD8<@D" 54"

:E58BA8<@"5B@D"54D":6DE4D"54"AB8==4"?E568A4"5B@D"=4G64="8@A4?;84@@4@A"F46"5fBJ4@ADS"G68"Df854@A8>84@A"

5fB6AB@A"F=6D"B6"=846"5B@D"=4G64="8=D"A?B;B8==4@AI"%4D"=8:8A4D"54"C4D"47FE?84@C4D"A84@@4@A"B6"@8;4B6"54"

DB=B8?4"54"C4D"F4?D<@@4=D"54"CBAEJ<?84"3"F<6?"=4DG64=D"<@"@4"F46A";B=<?8D4?"C<::4"<@"=4";<65?B8A"=4D"

:8DD8<@D"54":E58BA8<@"G6f8=D"BDD6?4@AI",<6A"W"=f8@;4?D4S"5B@D"=4D"A?9D"J?B@5D":6DE4DS"C<::4"=4":6DE4"

56"%<6;?4S"=B"><@CA8<@"54"D6?;48==B@C4"4DA"A?9D"EA?<8A4:4@A"5E>8@84"4A"8=">B6A"C<@;B8@C?4"=4D"BJ4@AD"G6f8=D"

?4:F=8DD4@A" 6@4":8DD8<@" 5fBCC648=I" %B" F?<>4DD8<@@B=8DBA8<@S" B6" 5ET6A" 56" pp24" D89C=4S" 4DA" W" C4" F?87"V"

F4?:4AA?4"B67"BJ4@AD"5fBCC648="4A"54"D6?;48==B@C4"5fBDD6:4?"F=48@4:4@A"=4D":8DD8<@D"5fBCC648="G68S"4@"

4==4D\:]:4DS" C<:F<?A4@A" 6@4" 58:4@D8<@" 4DD4@A84==4" 54" ?4=BA8<@" B67" F6T=8CDS" ;8D\W\;8D" 54DG64=D" 8=D"

8@CB?@4@A"=H8:BJ4"56":6DE4I"2="4DA"B;B@A"A<6A"D<6LB8ABT=4"54"A?B;B8==4?"W"=fB:E=8<?BA8<@"54"=B"><?:BA8<@"

8@8A8B=4"4A"54"=B"><?:BA8<@"C<@A8@64S"G68"5<8;4@A"A<6A4D"=4D"5467"C<:F?4@5?4"6@":<56=4"?4=BA8>"W"6@4"

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

F?<>4DD8<@@B=8DBA8<@"56"?4=BA8<@@4=I"2="4DA"F<DD8T=4"54">B;<?8D4?"6@4"F?8D4"54"C<@DC84@C4"54"=B"?EC8F?<C8AE"

54"=B"?4CL4?CL4"54"T84@\]A?4"V"Q";<6D"BCC648==4r"4A";<6D"]A4D"BCC648==8D"RI"&@>8@S"W"6@"@8;4B6"F=6D"JE@E?B="

5B@D"=4D"EABT=8DD4:4@ADS"?84@"@4"F46A"D4">B8?4"D8"=f<@"@HB"FBD"B5:8D"`54"=B"CB;4"B6"J?4@84?b"G6f8="K"B"6@4"

=EJ8A8:8AE"W"FB?ABJ4?"=B"FB?<=4I"

/@"BCC648="C<:F=4A"D6FF<D4"W"=B"><8D"BCG68D4D"54D"C<@@B8DDB@C4D"54"TBD4"A<6CLB@A"B67"C<==4CA8<@D"54"

=fEABT=8DD4:4@A"4A"6@"C4?AB8@"@<:T?4"54"F?8@C8F4D"?4=4;B@A"54"=B"C<::6@8CBA8<@"4A"54"=B"FDKCL<=<J84I"

3L?8DA<FL4"*BK:S"C<@D48==4?"><?:BA8<@"B6"3_l*,"(LY@4\)=F4DS"B"F?ED4@AE"4A"C<::4@AE"6@"@<6;4B6"

F=B@"54"><?:BA8<@D"E=B?J84D"B67"C<?FD"54"CBAEJ<?84"3S"4AS"56"F<8@A"54";64"54D":6DE4DS"6@" 8A8@E?B8?4"

47FE?8:4@AB="G68"D"fB5?4DD4"B67"F4?D<@@4=D"54" =B" ?EJ8<@"(LY@4\)=F4D\)6;4?J@4I")8@D8" A?<8D"T=<CD"54"

ALE:BA8G64D"D<@A"F?<F<DED"V"aEA84?"`><@5B:4@AB67bS"(4=BA8<@@4="4A",4CL@8G64I")6":6DE4"54D"o4B67\

)?AD"54"%K<@S"'I"(B:<@5"B":8D"4@"F=BC4"54D"D4DD8<@D"54"><?:BA8<@"W"=fL8DA<8?4"54"=fB?A"4A"54D"C<==4CA8<@D"

56":6DE4S"BDD6:E4D"FB?" =4D" C<@D4?;BA46?D"u" C4D" DEB@C4D" D<@A" 8@DE?E4D"5B@D" =f4:F=<8"56" A4:FD"54D"

BJ4@ADI"&==4D"CL4?CL4@A"W"?4@><?C4?"=H8:F=8CBA8<@"54D"BJ4@AD"5HBCC648="4A"54"D6?;48==B@C4"5B@D"=B";84"56"

:6DE4S"@<AB::4@A"FB?"?BFF<?A"W"=B"F<=8A8G64"5H47F<D8A8<@S":B8D"@4"C<@><@5"FBD"BCC648="4A":E58BA8<@S"

G6f4==4D"4@A4@54@A"C<::4"6@4"C<:FEA4@C4"DFEC8>8G64I"

6b@!;*!%#!8/)!%&*%#.*#!'#$!5)$$)&*$!+14%%/#)'!#(!+#!$/.,#)''4*%#B!'4!.#%&554*+4()&*!+/!<.&/2#!

+#!(.4,4)'!,4!%'4).#5#*(!+4*$!'#!$#*$!+T/*!.#*=&.%#5#*(!+#$!5)$$)&*$!+T4%%/#)'!%&*=)3#$!4/9!

4<#*($!+#!$/.,#)''4*%#B!54)$!+T/*#!%'4).#!$23%)=)%)(3!4%%&.+3#!0!'T#9#.%)%#!+#!'4!53+)4()&*A!

a&,2&('"-&"%)"a&-2),2+_"

/@4";64"JE@E?B=4"D6?"=4D"F4?D<@@4=D"4@"CLB?J4"B6U<6?5HL68"54"=B":E58BA8<@"5B@D"=H4@D4:T=4"56"?ED4B6"

54D":6DE4D"54"l?B@C4"D4?B"F?<CLB8@4:4@A"58DF<@8T=4"W"=H8DD64"5H6@4"J?B@54"4@G6]A4"?EB=8DE4"FB?"=4"

5EFB?A4:4@A" 54" =B" F<=8A8G64" 54D" F6T=8CD" 54" =B" -8?4CA8<@" JE@E?B=4" 54D" FBA?8:<8@4D!j# I" &==4" F<6??B"

8@AEJ?4?"4@D68A4" =4D" ?ED6=ABAD"5H6@4"4@G6]A4" D4CA<?84==4" D6?" =4"FE?8:9A?4"56":EA84?"54"Q":E58BA?8C4"

C6=A6?4==4m:E58BA46?"C6=A6?4="R"?EB=8DE4"BCA64==4:4@A"FB?"=4"3_l*,S"G68"DH8@A4??<J4"D6?"=B"FE?4@@8AE"54"

C4AA4"5E@<:8@BA8<@I"

/@4"F?4:89?4"G64DA8<@"D4"F<D4"@EB@:<8@D"DB@D"BAA4@5?4S"G68"4DA"?4=BA8;4"B6"CB5?4"5H4:F=<8"54"C4AA4"

BCA8;8AEI"34D"F?<>4DD8<@@4=D"?4=9;4@A\8=D"56"C<?FD"54D"8@JE@846?D"54D"D4?;8C4D"C6=A6?4=D"56"FBA?8:<8@4"

5B@D"=B"><@CA8<@"F6T=8G64"5HxABAS"54"C467"54D"BAABCLED"<6"BDD8DAB@AD"54"C<@D4?;BA8<@D"5B@D"=B"><@CA8<@"

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!j#

"%4D"?ED6=ABAD"54"=H4@G6]A4"?4@<6;4==4?<@A"DB@D"5<6A4"T4B6C<6F"=B";8D8<@"5E=8;?E4"FB?"=B"F?ECE54@A4"54"#jj!"`C>I")I"*4K?8@S"&A?4" :E58BA46?" B6" :6DE4I" '<C8<=<J84" 5H6@" :EA84?" 4@" A?<:F4" =HZ8=S" -<C6:4@ABA8<@" >?B@qB8D4" `a6DE4D\a<@54DbS" #jj[bS"5fB6AB@A"G64"=B"?4:8D4"4@"G64DA8<@"56"=846"FLKD8G64"56":6DE4":<58>84"4A"E=B?J8A"C<@D85E?BT=4:4@A"=4"CLB:F"54"=B":E58BA8<@I"

"

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

F6T=8G64" A4??8A<?8B=4"s" +@" A?<6;4" 5B@D" C4D" CBAEJ<?84D" F=6AYA" 54D" ?4DF<@DBT=4D" 54" D4?;8C4D" <6" 54D"

CLB?JED"54":8DD8<@"56"a33I"

-4">B8A"6@4">8CL4":EA84?"56"3_l*,"478DA4"T4="4A"T84@"V"Q"97v9?&0:<3?471>v0:<3?4>3.7&.1941>79v97&/>;?2367&

74&074&72&N18>7&976&<36D/6343I6&<7&9A?.43/2&.1941>7997&72&6A?DD15?24&61>&976&7CD/6343/26&470D/>?3>76&74&

D7>0?272476& 74& 976& ./997.43/26Q& "9v7997& 67263G39367& 976& D1G93.6& ?1& D?4>30/327& D?>& 9?& 0367& 72& /718>7&

<A?47937>6& 74& <7& D?>./1>6& D:<?;/;3B176& 74& 9?& <3II163/2& <7& </.107246& <A32I/>0?43/2"RI" aB8D" =46?"

5E@<:8@BA8<@"4==4\:]:4"4DA"8@C4?AB8@4"V":E58BA?8C4mA46?"56"FBA?8:<8@4S":E58BA?8C4mA46?"DC84@A8>8G64S"

CLB?JE4mCLB?JE" 54D" F6T=8CDS" J6854" 54" :6DE4S" J6854\C<@>E?4@C89?4m\C<@>E?4@C84?S"

B@8:BA?8C4mB@8:BA46?S" CLB?JE4mCLB?JE" 54" :8DD8<@" FBA?8:<8@4S" ;<8?4" ?4DF<@DBT=4" 56" D4?;8C4" 54D"

F6T=8CDI" '4D" C<:FEA4@C4D" 4@" A4?:4D" 54" C<@A4@6" C<::4"54":BXA?8D4" 54D" A4CL@8G64D" 54":E58BA8<@"

F?ED4@A4@A"6@"C<@A<6?"BDD4r">=<6S"G68"F46A">B8?4"ECL<"W"C4?AB8@4D"><?:BA8<@D"6@8;4?D8AB8?4D"FB?><8D"6@"

F46"A?<F"BCB5E:8G64DI""

2=" 4DA" 5<@C" D<6LB8ABT=4" 54" D4" F4@CL4?" D6?" =4" DABA6A" 54" C4D" F4?D<@@4=DS" G68" 5B@D" =4D" EABT=8DD4:4@AD"

@BA8<@B67"A<6A"C<::4"A4??8A<?8B67S"4DA"4@"A?B8@"54"D4"F?ECB?8D4?I"'8"=4"?Y=4"56"Q"FBDD46?"54"C6=A6?4"R"

4DA":B8@A4@B@A"BCC4FAE"4A"?4C<@@6S"=4D"4:F=<K46?D"D<@A"54"F=6D"4@"F=6D"D<6;4@A"A4@AED"5H4@">B8?4"6@"

C<==BT<?BA46?"F<@CA64=S"<6"W"47A4?@B=8D4?"=HBCA8;8AEI"3H4DA"=4"CBD"2DBT4==4"%Br84?S"58?4CA?8C4"56":6DE4"54"

=f)@C84@" &;]CLE" 54" 0?4@<T=4S" B" AE:<8J@E" 5H47FE?84@C4D" :B=L46?46D4D" =<?D" 54" A4@ABA8;4D"

5f47A4?@B=8DBA8<@"54"=B":E58BA8<@"G68"<@A"C<@568A"=B":6@8C8FB=8AE"W"4@;8DBJ4?"6@4"?E\8@A4?@B=8DBA8<@"54"

=B":E58BA8<@I"+@"5<8A"EJB=4:4@A":4@A8<@@4?S"W"=H8@;4?D4S"G64"5B@D"C4?AB8@4D"8@A4?\C<::6@B=8AEDS" =4"

D4?;8C4":6A6B=8DE"54D"F6T=8CD"54D":6DE4D"?4F<D4"4@A89?4:4@A"D6?"=4D"EFB6=4D"5H6@4"D46=4"F4?D<@@4"

DB@D"EG68F4S"JE@E?B=4:4@A"A8A6=B8?4"5H6@":BDA4?S"4A"G68"B"EAE"4@JBJE4"D6?"6@"F<DA4"4@"CBAEJ<?84"3I"2C8S"

E;854::4@AS"C4AA4"F4?D<@@4"4DA"54;4@64"8@58DF4@DBT=4I"

%B" :E58BA8<@" ?4C<6;?B@A" =f4@D4:T=4" 54D" =4;84?D" F4?:4AAB@A" 6@4" BFF?<F?8BA8<@" 56" :6DE4" FB?" D4D"

F6T=8CDS"8="FB?BXA"F46A\]A?4"4@;8DBJ4BT=4S"5B@D"C4"CBD"F?EC8D"54"D6JJE?4?"=B"C?EBA8<@"5f6@"CB5?4"5f4:F=<8"

G68"C<@D<=854"6@"DABA6A"4A"54DD8@4"6@4"CB??89?4I"

GGA!"#$!53()#.$!+#! '4!53+)4()&*!*1&*(!4/%/*#!%&:3.#*%#!$(4(/(4).#!#(! '#$!53+)4(#/.$!%/'(/.#'$!

$&*(!2.3%4.)$3$A!_&/.!%#!%4$!24.()%/')#.B!)'!$#.4)(!7)#*,#*/!+#!$1)*(#..&<#.!$/.!'4!%.34()&*!+1/*!

*&/,#4/! %4+.#! +1#52'&)! #(! /*#! *&/,#''#! +3=)*)()&*! +#$! $4,&).$! #(! %&523(#*%#$! .#8/)$B!

$%)#*()=)8/#$!(&/(!4/(4*(!8/#!2.4<54()8/#$B!+4*$!'#!+&54)*#!+#$!(#%:*)8/#$!+#!53+)4()&*!

](#9(/#''#B!2.3$#*()#''#!#(!+)<)(4'#^!#(!+4*$!%#'/)!+#$!#*8/-(#$!+#!2/7')%$A!

-B@D" 6@" 5<:B8@4" F=6D" F?EC8DS" C4=68" 54" =B":E58BA8<@" 474?CE4" W" =f4@5?<8A" 54D" F6T=8CD" DC<=B8?4DS" 6@4"

D6JJ4DA8<@" >B8A4"FB?" =f2@DF4CA8<@"JE@E?B=4"54" =f&56CBA8<@"@BA8<@B=4" A4@5"W" ?EB>>8?:4?" =f8@AE?]A"5f6@4"

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

C<==BT<?BA8<@"EA?<8A4"4@A?4"F?<>4DD46?D"A8A6=B8?4D"54"=B"C4?A8>8CBA8<@"C<:F=E:4@AB8?4"4@"L8DA<8?4"54"=fB?A"

4A" =4D" :6DE4D" 54" o4B67\)?ADI" /@" 58DF<D8A8>" L<:<=<J64" F<6??B8A" ]A?4" 8:BJ8@E" F<6?" =4D" :6DE4D"

DC84@A8>8G64DI"34AA4"LKF<AL9D4"@4"5<8A":BDG64?"4@"?84@"=B"@EC4DD8AE"54":E58BA46?D"DABA6AB8?4DI"

GHA!"#$! 5/$3#$! $&*(! +#$! )*(#.'&%/(#/.$! 2.),)'3<)3$! +#! '1;+/%4()&*! *4()&*4'#B! '4! %&''47&.4()&*!

3(.&)(#!#*(.#!5/$3#!#(!;`!2&/..4)(!2#/(F-(.#!<4<*#.!#*!=4%)')(3!24.!/*#!&==)%)4')$4()&*!2'/$!

4==).53#A!!

3I"068==<6S"58?4CA?8C4"54D"F6T=8CD"B6"34@A?4"0I"*<:F85<6S"4DA8:4"G64"=B"=EJ8A8:8AE"5H6@4"58?4CA8<@"54D"

F6T=8CD"W"C<@C4;<8?"4A":4AA?4"4@"<46;?4"6@4"F<=8A8G64"54":E58BA8<@";8D\W\;8D"54D"Z6;?4D"@H4DA"A<6U<6?D"

FBD" BCG68D4I" )6A?4:4@A" 58AS" =46?" =EJ8A8:8AE" W" 8@A4?;4@8?" 5B@D" 6@" CLB:F" 54" C<:FEA4@C4D" 5<@@E" 4A"

B>>8?:4?"C4"G64"=4D"D<C8<=<J64D"56"A?B;B8="5E@<::4@A"=46?"U6?858CA8<@"@H4DA"A<6U<6?D"FBD"BDD6?E4I")8@D8S"

F<6?"8@D8DA4?"D6?"=4"=84@"8@58DD<=6T=4"4@A?4"=4D"?4DF<@DBT8=8AED"DC84@A8>8G64D"4A"FE5BJ<J8G64D"56":6DE4S"

C4?AB8@D"CL4>D"5HEABT=8DD4:4@AD"D<6LB8A4@A"G64"=4"D4?;8C4"C6=A6?4="D<8A"58?8JE"FB?"6@"C<@D4?;BA46?I"-B@D"

5HB6A?4D"EABT=8DD4:4@ADS"=B"=EJ8A8:8AE"54"=B"F<=8A8G64"54D"F6T=8CD"F46A"FB?>B8A4:4@A"DH8@CB?@4?"5B@D"54D"

F?<>4DD8<@@4=D"G68"<@A"6@4"=<@J64"47FE?84@C4"56"F8=<ABJ4"54"=HBCA8<@"C6=A6?4==4"B6F?9D"54D"F6T=8CD"=4D"

F=6D"58;4?DS"D<@A"FB?>B8A4:4@A"B6">B8A"54D"?4DD<6?C4D"4@":BA89?4"54":E58BA8<@S"F<DD954@A"6@4"FB?>B8A4"

C<@@B8DDB@C4" 54D" FB?A4@B8?4D" F<A4@A84=D" W" :]:4" 54" C<\C<@DA?68?4" 4A" ;B=<?8D4?" 54D" F?<J?B::4D"

5HBCA8<@"4A"D<@A"EJB=4:4@A"4@":4D6?4"5H4@"BDD6?4?" =HE;B=6BA8<@"J?BC4"W"6@4":BXA?8D4"54D"EA654D"54"

F6T=8CDI")"A?B;4?D"C4AA4"C<@C6??4@C4"54D"C<:FEA4@C4DS"CH4DA"=B"?4C<@@B8DDB@C4"56"F?<>4DD8<@@B=8D:4"

5HEG68F4D"5E58E4D"4A"54"=46?"58?4CA8<@"G68"D<@A"4@"U46I""

34D"D4?;8C4D"F<DD954@A"6@4"C<@@B8DDB@C4">8@4"4A"<6A8==E4"54D"F6T=8CDI"34AA4"C<@@B8DDB@C4"DA?BAEJ8G64S"

G68"@4"?4=9;4"FBD"D8:F=4:4@A"56":B?y4A8@JS"5<8A"A<6U<6?D"]A?4"?EB>>8?:E4"CB?"4==4"F4?:4A"=HBU6DA4:4@A"

54D"F?<F<D8A8<@D"54":E58BA8<@"B67"F?<U4AD"4A"C8?C<@DAB@C4D"54D";8D8A4DS"6@4";B?8EAE"5HBFF?<CL4D"54D"

Z6;?4D"4A"54D"C<==4CA8<@D"4A"54D"C=ED"54"=4CA6?4"F<6?"A<6A4D"=4D"CBAEJ<?84D"54";8D8A46?DI"3H4DA"F<6?G6<8S"

=B" F<DD8T8=8AE" 54":4@4?" 54D" EA654D" ?EJ6=89?4:4@AS":]:4" B;4C" 54D" T65J4AD":<54DA4DS" 54;?B8A" ]A?4"

F?ED4?;E4S"54"A4==4"D<?A4"G6H6@4"C6=A6?4"56"T8=B@"4A"54"=fE;B=6BA8<@"D<8A"8@AEJ?E4"W"=HBCA8<@"C6=A6?4==4I"

GIA!"4!+).#%()&*!+/!$#.,)%#!+#$!2/7')%$!+&)(!-(.#!%&*$&')+3#!#(!$4!'3<)()5)(3!%&*=&.(3#A!a/!$#)*!+#!

%#!$#.,)%#!'4!2.4()8/#!+#$!3(/+#$!+#!2/7')%$!+&)(!+#5#/.#.!/*!49#!=&.(A!

a+o2%2,&"2_,&(_&"&,"&p,&(_&S"-21&('2,&"*(+l&''2+__&%%&"

*46A\<@" C<@568?4" =B" A<AB=8AE" 5f6@4" CB??89?4" 5B@D" 6@":]:4" EABT=8DD4:4@A"s" %B" ?EF<@D4" 4DA" @<@I" %B"

:<T8=8AE"4DA"W"F?ED4@A"6@4"@EC4DD8AE"BTD<=64S"=H47FE?84@C4"C<@A?B8?4"4DA"=f4@>4?:4:4@A"5B@D"6@":EA84?"

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

C<::4"5B@D"6@"=846I"2="4DA"8:FE?BA8>"54">B;<?8D4?"=4D"C<@58A8<@D"54"=B":<T8=8AE"W"A<6D"=4D"ECL4=<@DS"F<6?"

A<6A4D"=4D"><@CA8<@DI""

a+o2%2,&"2_,&(_&"&,"&p,&(_&"

-4D":<56=4D"54"><?:BA8<@"F46;4@A"?4@5?4"C4?AB8@4D"C<:FEA4@C4D"C<:FBA8T=4D"B;4C"5fB6A?4D":EA84?DI"

o4@UB:8@" oECLB67" `?4DF<@DBT=4" 54D" F6T=8CD" B6" :6DE4" @BA8<@B=" 54" =fL8DA<8?4" 54" =H2::8J?BA8<@b"

A?<6;4?B8A"56"F=6D"J?B@5"8@AE?]A"G64"CLBG64"BJ4@AS"G64==4"G64"D<8A"DB"><@CA8<@"4A"W"A<6A4"=4D"ECL4==4D"

54"=B"L8E?B?CL84S"B8A"=B"F<DD8T8=8AE"54"FB?A8?"G64=G64D":<8D"`$":<8DmO":<8Db"5B@D"6@"B6A?4"EABT=8DD4:4@A"

F<6?"4@"5EC<6;?8?"=4"><@CA8<@@4:4@A"4A"FB?>B8?4"D4D"C<:FEA4@C4DI"'4=<@"3EC8=8B"54"1B?8@4"`a4:T?4"

><@5BA46?" 54" =HBDD<C8BA8<@" @BA8<@B=4" aE58BA8<@" C6=A6?4==4S" CLB?JE4" 56" 5E;4=<FF4:4@A" C6=A6?4=" B6"

34@A?4"k<DF8AB=84?"'B8@A\h4B@"54"-846"W"%K<@bS"W"A?B;4?D"54D"8@DAB@C4D"C<::4"=H23+aS"54D"U6:4=BJ4D"4A"

54D"ECLB@J4D"4@A?4":6DE4D"56":<@54"F<6??B84@A"]A?4"B:F=8>8EDI""

%4" A?B;B8=" 54D" B6A?4D" J?<6F4D"54" =B"a8DD8<@" B" =B8DDE" BFFB?BXA?4" 6@4":6=A8A654"54"F?<U4AD" 8@@<;B@AD"

5E;4=<FFED"FB?"A<6D"=4D":EA84?D"56":6DE4I"2="BFFB?BXA"C=B8?4:4@A"G64"=B":<T8=8AE"D4?B8A"6@"47C4==4@A"

D6FF<?A"54"58>>6D8<@"54D"T<@@4D"F?BA8G64DI"

/@"FBDDBJ4"54" =f4@CB5?4:4@A"54" =B" D6?;48==B@C4" W" =f4@CB5?4:4@A"5f6@" D4?;8C4" C6=A6?4=" F46A" 4@C<?4"

DH4>>4CA64?"5B@D"C4?AB8@D"EABT=8DD4:4@AD":B8D" ?EC=B:4"54D"C<:FEA4@C4D"BAA4DAE4D" D6?" =4"F=B@"54" =B"

C<@C4FA8<@"4A"=B":8D4"4@"Z6;?4"5H6@4"F<=8A8G64"54":E58BA8<@"C6=A6?4==4!j$I""

34?AB8@D"54D"F?<>4DD8<@@4=D"56":6DE4"F46;4@A"474?C4?"5B@D"54D"D4CA46?D"B67G64=D"<@"@4"=4D"BAA4@5?B8A"

FBD" ><?CE:4@AI"aB8D" =4" F=6D" J?B@5" <TDABC=4" W" =B":<T8=8AE" ?4DA4" =4D" 58>>8C6=AED" 54" FBDDBJ4" 4@A?4" =4D"

><@CA8<@D"F6T=8G64D"`;<8?"C8\54DD6DbI"2="4DA"4@"4>>4A"F=6D"=<J8G64"4A"8="54;?B8A"]A?4"F=6D"D8:F=4"54"FBDD4?"

5H6@":6DE4"A4??8A<?8B="W"6@":6DE4"@BA8<@B=S"G64"54"a<@6:4@A"L8DA<?8G64"W"a6DE4I""

&@>8@"<@"5<8A"@<A4?"G64"@<:T?4"54"F<DA4"54"C<@D4?;BA46?D"4@"?EJ8<@"<@A"EAE"A?B@D><?:ED"4@"F<DA4"

5HBAABCLEDS"C4"G68"B"?E568A"><?A4:4@A"=4"TBDD8@"5H4:F=<8"4A"5<@C"=4"@<:T?4"54"F<DA4D"<>>4?A"W"=B";BCB@C4I"

GJA!"#$! '#,)#.$!#$$#*()#'$!2&/.!4%%.&b(.#! '4!5&7)')(3!$&*(! '4! =&.54()&*B! '4!,)<)'4*%#!,)$F0F,)$!+/!

54)*()#*!+/!*),#4/!+#$!2&$(#$!+4*$!'#$!5/$3#$!(#..)(&.)4/9!#(! '#!.422.&%:#5#*(!#*(.#!'#$!

+#/9!=&*%()&*$!2/7')8/#$A!

" "

""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!j$

"2=" K" 478DA4" 4@" 4>>4A" 58>>E?4@A4D" DFEC8B=8AED" B6" D48@" 54" C4" C<?FD" 4A" =4D" ?4C?6A4:4@AD" D4" ><@A" 5ED<?:B8D" 4@" 58DA8@J6B@A"C=B8?4:4@A" =4D" C<:FEA4@C4D" ?4G68D4D"4@":BA89?4"54"TBA8:4@AB8?4S"54" D6?;48==B@C4"4A"54" DEC6A8AE"4A"54D" D4?;8C4D" C6=A6?4=D"F6T=8CDI"`3>I"3<@C<6?D"#j!PS"a33b"

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

*&(a&)o2%2,&"'+32)%&"

/@"CLB@A84?"54:46?4"4@C<?4"=B?J4:4@A"4@">?8CL4"V"C4=68"54"=HEC<DKDA9:4"F?<>4DD8<@@4="56":6DE4"D<6D"

=HB@J=4" 54" =B" =6AA4" C<@A?4" =4D" 58DC?8:8@BA8<@D" 4A" =B" F?<:<A8<@" 54" =B" 58;4?D8AE" 4A" 54" =fEJB=8AE"

F?<>4DD8<@@4==4I"

-4"C4"F<8@A"54";64S"=f4@U46"5<8A"F<6;<8?"DfB@B=KD4?"B6"@8;4B6"54"=B"DA?6CA6?4"4A"54"=B"C<:F<D8A8<@"54D"

EG68F4D" 54D" :6DE4D" W" A<6D" =4D" ECL4=<@D" 4A" >8=89?4D" 54" :EA84?D"V" C<@D4?;BA8<@" 4A" ?4DAB6?BA8<@S"

B5:8@8DA?BA8<@"4A"J4DA8<@S"?EJ84"54D"Z6;?4D"4A"A4CL@8C84@DS":E58BA8<@"4A"C<::6@8CBA8<@S"D6?;48==B@C4"

4A"DEC6?8AEI"

.68" D<@A" =4D" BJ4@AD" 54" =B" ;84" 56" :6DE4" s" -f<d" D<@A\8=\4==4D" 8DD6I4ID" s" 3<::4@A" <@A\8=D\4==4D" EAE"

F?EFB?EI4D"W"BT<?54?"=B"58;4?D8AE"5B@D"=4"CL<87"5H6@":EA84?"?4=4;B@A"56"D4?;8C4"F6T=8C"54"=B"C6=A6?4"s"

3<::4@A"?EBU6DA4?"=B"F?<:<A8<@"54D"><?:BA8<@D"8@8A8B=4D"4A"54D":EA84?D"B6F?9D"54D"U46@4D"8DD6D"54"=B"

58;4?D8AE"s".64="AKF4"5HBCC<:FBJ@4:4@A">B6A\8="F?8;8=EJ84?"s"

.64==4"F=BC4"A84@A"=B"J4DA8<@"54"=B"58;4?D8AE"B6"D48@"54"=B"C6=A6?4"<?JB@8DBA8<@@4==4"54D"EABT=8DD4:4@AD"

F6T=8CD" ?4=4;B@A" 54" =B" DFL9?4" :6DEB=4"s" %B" G64DA8<@" 54" =HBCC9D" B67" F<DA4D" 5H4@CB5?4:4@A" 5<8A"

FB?A8C8F4?"54"C4AA4"?E>=478<@"D6?"=HBAA?BCA8;8AE"54D":EA84?D"56":6DE4S"=46?"C<@A?8T6A8<@"B6"T84@"C<::6@"

4A"=4"F?8@C8F4"5H6@4"BCC4DD8T8=8AE"W"A<6DS"6@8G64:4@A"FB?B:EA?E"FB?"54D"C<:FEA4@C4D"C4?A8>8E4DI"&==4"

5<8A" EJB=4:4@A" ]A?4" B6" CZ6?" 54" =HE;<=6A8<@" 54D" CB??89?4D" 54D" F?<>4DD8<@@4=D" 4A" 54D" 58DF<D8A8>D" 54"

><?:BA8<@"C<@A8@64"W":]:4"54"=4D"D<6A4@8?I"

&@>8@S"=B"F?8D4"4@"C<:FA4"54"=B"58;4?D8AES"B6":]:4"A8A?4"G64"=B"FB?8AES"@H4DA"FBD"B;E?E4"5B@D"=4D"C<@D48=D"

5HB5:8@8DA?BA8<@"54D"EABT=8DD4:4@AD"F6T=8CD"G68"4@"D<@A"5<AEDI"

GKA!"#!%:4*()#.!+#! '4!2.&5&()&*!+#! '4!+),#.$)(3!#(!+#! '13<4')(3!2.&=#$$)&**#''#!$&/==.#!#*! '13(4(!

4%(/#'!+1/*#!%&**4)$$4*%#!)*$/==)$4*(#!+#$!&.)<)*#$!#(!+#$!24.%&/.$!+#$!2#.$&**#'$A!['!+#,.4)(!

#*$/)(#!-(.#!)*(3<.3!0!'4!%/'(/.#!&.<4*)$4()&**#''#!+#$!3(47')$$#5#*($A!

(&3k&(3k&"-)_'"%&'"a/'&&'"

/@4"?4CL4?CL4"C<@568A4"B6"F=6D"LB6A"@8;4B6"B6"D48@"54D":6DE4D"4DA"6@4"5<@@E4"8@C<@A4DABT=4I"aB8D"

FB?"G68"4DA\4==4"C<@568A4"s"3<::4@A"s"

%4D"C<@D4?;BA46?DS"4@"l?B@C4S"D<@A"?4C?6AED"FB?"C<@C<6?D"W"TBC"�"$"D6?"=4"F=B@"ALE<?8G64S"4A"W"TBC"�"N"

4@":<K4@@4"5B@D"=B"?EB=8AE"u"8=D"D<@A"><?:ED"W"=f2_*I"34":<54"54"?4C?6A4:4@AS"6@8G64"4@"&6?<F4S"B"F<6?"

C<@DEG64@C4"6@4"C4?AB8@4"LEAE?<JE@E8AE"56"F<8@A"54";64"54D"J?B54D"6@8;4?D8AB8?4DS"C4"G68"=4D"DEFB?4"

54"=fB6A?4">B:8==4"54D"CL4?CL46?D"`6@8;4?D8AB8?4Db"4A"54"=46?D"C<==9J64D"D6?"=4"F=B@"8@A4?@BA8<@B="`Cf4DA"

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

6@" >?48@" W" =B":<T8=8AES" 5B@D" =4D" 5467" D4@DbI" %4" 5<CA<?BA" `<6"*L-b" D4?B8A" 6@"5E@<:8@BA46?" C<::6@"

D<6LB8ABT=4S"56"F<8@A"54";64"54D"ECLB@J4D"4A"54" =B"?4C<@@B8DDB@C4"BCB5E:8G64" 8@A4?@BA8<@B=4I"*B?"

B8==46?DS" 5B@D" C4?AB8@D" CBDS" =4" CB?BCA9?4" JE@E?B=8DA4" 54" =B" ><?:BA8<@" ?4q64" W" =f2_*" FB?" 6@" A?9D" F4A8A"

@<:T?4"B@@64="54"C<@D4?;BA46?D\DABJ8B8?4D"54":6DE4D"@4"F4?:4A"FBD"W"C4?AB8@D":6DE4D"54"A?<6;4?"=4D"

DFEC8B=8DA4D"G68"C<@;84@@4@A"W"=46?D"C<==4CA8<@DI"*B?"474:F=4S"B6":6DE4"5fB?A"4A"5fL8DA<8?4"56"U65B{D:4S"

*I"'B=:<@B"47F?8:4"=4"D<6LB8A"54"C<@A8@64?"W"?4C?6A4?"=4D"C<@D4?;BA46?D"5B@D"=46?D"C<?FDS":B8D"D<6=8J@4"

=4D"CBD"<d"8="@HK"B"FBD"54"CB@585BAD"C<:FEA4@AD"D6?"54D"5<:B8@4D"DFEC8>8G64D"`FB?"474:F=4S"LET?46"

B@C84@S":E58E;B="<6":<54?@4bI"

34=B" D<6=9;4S" F=6D" JE@E?B=4:4@AS" =B" G64DA8<@" 56" ?BFF<?A" 4@A?4" =4" :EA84?" 54" C<@D4?;BA46?" 4A" =B"

?4CL4?CL4I" 2=" K" B" A?9D" F46" 5fBJ4@AD" 54D" C<?FD" 54" ?4CL4?CL4" 5B@D" =4D" :6DE4DS" 4A" 8=" 4DA" D<6;4@A"

8@58DF4@DBT=4S"W"54D">8@D"54"DFEC8B=8DBA8<@"DC84@A8>8G64S"54">B8?4"BFF4="W"6@"6@8;4?D8AB8?4I"

kI" a6=A<@" `58?4CA46?" 56" a)_b" :4A" =HBCC4@A" D6?" =4D" =<J8G64D" FB?A4@B?8B=4DS" @<AB::4@A" B;4C"

=H/@8;4?D8AEI"2="?BFF4==4"=H478DA4@C4"5H6@4"4@G6]A4"D6?"=B"F<=8A8G64"54"?4CL4?CL4"54D":6DE4DS"4A"D<6=8J@4"

G64" =HE56CBA8<@" 54D" F4?D<@@4=D" B6" @6:E?8G64" 4DA" 4@" =84@" B;4C" =HE56CBA8<@" B?A8DA8G64" 4A" C6=A6?4==4I"

34?AB8@D" :6DE4D" BDD6:4@A" 6@" FB?A4@B?8BA" ?EJ6=84?" B;4C" 54D" 6@8;4?D8AB8?4D" 4A" F=6D" =B?J4:4@A" 54D"

CL4?CL46?D"54"LB6A"@8;4B6I"%4":6DE4"(<58@"B">B8A"=4"CL<87"5f8@;8A4?"?EJ6=89?4:4@AS"D<6D"=B"><?:4"5f6@"

?4@54r\;<6D"B@@64=S"`U<6?@E4"5fEA654D"5E58E4b"=4D"U46@4D"CL4?CL46?D">?B@C<FL<@4D"56"5<:B8@4"54"=B"

DC6=FA6?4"54D"p2p4"4A"pp4"D89C=4D"W"D4"?4@C<@A?4?S"D<6D"=B"?4DF<@DBT8=8AE"54"A?<8D"6@8;4?D8AB8?4D"54"*B?8D"

4A"54"?EJ8<@"DFEC8B=8DA4D"56"5<:B8@4I"%4":6DE4"54D"o4B67\)?AD"54"%K<@"C<@>84"?EJ6=89?4:4@A"W"54D"

6@8;4?D8AB8?4D" 4A" CL4?CL46?D" >?B@qB8D" <6" EA?B@J4?D" 54D" C<::8DDB?8BAD" 5f47F<D8A8<@" 4A" 54D" :8DD8<@D"

DC84@A8>8G64D" `C<58?4CA8<@"54D" CBAB=<J64D" ?B8D<@@ED"54D" C<==4CA8<@DbI"aB8D" C4AA4"F?BA8G64"4DA"4@C<?4"

?B?4I"

GLA! "4! $23%)=)%)(3! =.4*V4)$#! #*! 54()C.#! +#! .#%./(#5#*(! #(! +#! =&.54()&*! +#$! %&*$#.,4(#/.$!

2.3$#*(#! '#!+4*<#.!+#! '#$! $324.#.!+#! '#/.$! %&''C</#$! $/.! '#!2'4*! )*(#.*4()&*4'A!_&/.!24'')#.! %#!

$3.)#/9!:4*+)%42B!)'!#$(!*3%#$$4).#!8/#!'#$!%&*$#.,4(#/.$!4)#*(!%&55#!+3*&5)*4(#/.!%&55/*!'#!

+&%(&.4(A!!

GOA!"4!%&''47&.4()&*!#*(.#!5/$3#$!#(!/*),#.$)(3!#$(!/*#!%'3!+#$!2&')()8/#$!+#!.#%:#.%:#!#(!'#$!')#*$!

+&),#*(!-(.#!#*%&/.4<3$!#(!4%%./$A!

(&',)/(),2+_"&,"(&02&"-&'"�/1(&'"

%4D"?4DAB6?BA46?D"56"FBA?8:<8@4"C<@DA8A64@A"6@4"F?<>4DD8<@"4==4"B6DD8"4@"C?8D4I"%4D"?4DAB6?BA46?D"D<@A"

F?8D"4@A?4"5467">467I"2=D"<@A"6@4"F<D8A8<@"BDD4r"?4;4@58CBA8;4"V"=4D"8@DA8A6A8<@D"@4"=46?"5<@@4@A"FBD"=B"

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

F=BC4"G6f8=D"F4@D4@A"G6f8=D"54;?B84@A"B;<8?I"2="4DA"FB?><8D"54:B@5E"FB?"54D"C<::B@58AB8?4D"F6T=8CD"54D"

F?4DABA8<@D"4DA8:E4D" ?4=BA8;4:4@A" D8:F=4D"V" C4D" C<::B@58AB8?4D"@4"F4@D4@A"FBD"@EC4DDB8?4"G64" =4D"

F4?D<@@4D"?4CL4?CLE4D"B84@A"EAE"58F=Y:E4D"B6"F=6D"LB6A"@8;4B6"`2_*S"&C<=4"54",<6?DvbI"%4":<59=4"54"

><?:BA8<@"5E;4=<FFE"FB?" =f2_*"F46A"]A?4" C<@D85E?E"C<::4" A?<F" 8@A4==4CA64="<6" A?<F" ALE<?8G64S"FBD"

BDD4r"5B@D"=4"J4DA4S"5B@D"=fLBT8=4AE":B@64==4I"

*LI"oB?TBA"@4"C?<8A"FBD"W"6@4"><@CA8<@@B?8DBA8<@"54D"?4DAB6?BA46?DI"2=D"@4"D<@A"FBD"54D"CL4>D"54"A?B;B67"

5fB?AI"aB8DS"DB@D"B==4?"U6DG6fW"=B"><@CA8<@@B?8DBA8<@S"=4D"J?B@5D":6DE4D"JBJ@4?B84@A"W"C?E4?"54D"D4?;8C4D"

54"?4DAB6?BA8<@"8@A4?@4DI"34?AB8@D"C<@D4?;BA46?D"F4@D4@A"A<6A4><8D"G64"C4AA4"D<=6A8<@"@H4DA"FBD"DB@D"

5B@J4?"`C>I"DKDA9:4"B@J=<\DB7<@bI"

%4D"?EJ8DD46?D"<@A"JBJ@ES"F<6?"=46?"FB?AS"6@4"F=BC4"C4@A?B=4"5B@D"=4"58DF<D8A8>"54"=B";84"54D"C<==4CA8<@DI"

)@@4"k4@?KS"?EJ8DD46?"B6":6DE4"5fB?A"4A"5f8@56DA?84"54"'B8@A\&A84@@4S"B"5<@@E"6@"AE:<8J@BJ4"54"A?B;B8="

4@" EG68F4" G68":<@A?B8A" =B" F=BC4" 56" ?EJ8DD46?" C<::4" ><?C4" 54" F?<F<D8A8<@D" D6?" =4D" 47F<D8A8<@DS" =4D"

BCG68D8A8<@DI"-6"F<8@A"54";64"54"=B"><?:BA8<@S"4==4"B"D<6=8J@E"6@4"=BC6@4"56"F<8@A"54";64"54"=B"J4DA8<@"

54"F?<U4AI"+@"@4"F46A"@84?"54"=B"FB?A"54D"?4DAB6?BA46?D"6@4"C4?AB8@4"B:4?A6:4S"FB?><8DS"FB?"?BFF<?A"

B67"?EJ8DD46?DS":B8D"=B":<@AE4"4@"F68DDB@C4"54"C4AA4"F?<>4DD8<@"?EF<@5"W"6@"F?8@C8F4"54"?EB=8AE"V"=4D"

Z6;?4D"C8?C6=4@A"54"FB?"=4":<@54"54"F=6D"4@"F=6DS"C4AA4":<T8=8AE"8:F<D4"54D"C<:FEA4@C4D"><?A4D"56"

F<8@A"54";64"54"=B"F?ED4?;BA8<@"56"FBA?8:<8@4I"

GPA! "13'3,4()&*! +/! *),#4/! +#$! .#$(4/.4(#/.$! #$(! <'&74'#5#*(! (.C$! $4()$=4)$4*(B! '#/.!

.#%&**4)$$4*%#! %&55#! 24.(#*4).#! $%)#*()=)8/#! 2'/$! 8/#! %&55#! 2.#$(4(4).#! '4)$$#! #*%&.#! 0!

+3$).#.A!

HRA! "#$! .3<)$$#/.$! $&*(! 0! 2.3$#*(! )*$(4''3$! +4*$! '#! 24?$4<#! +#$! 53()#.$! #(! '4! =&.54()&*! #$(!

.#%&**/#A!

!

a+-&%&'"&,"3k)_,2&('"&a&(0&_,'"

_+/1&)/p")_3()0&'"-&'"*(),2./&'"*(+l&''2+__&%%&'"`_+,2+_"-&"*+%&"

+(2&_,)_,S"a+-&"*(+h&,S"3+\3+_',(/3,2+_bS"0+/1&(_)_3&S"*+%�1)%&_3&"&,"

,()_'1&(')%2,&S"a/,/)%2'),2+_"

"

•! %B"56B=8AE"><@5BA?8C4"56":6DE4S"F<8@A"@<5B="54"A<6A4"?E<?JB@8DBA8<@"54D":EA84?DI"34AA4"56B=8AES"

C<@D4?;4?" 4A" 58>>6D4?S" C4@A?8F9A4" 4A" C4@A?8>6J4S" 5<8A" ?4DA4?" =HB@C?BJ4" >?6CA6467" 54" A<6A4"

?E>=478<@I"3H4DA"4@"><@CA8<@"5H4==4"G64"D4"D8A64@A" =4D"@<6;4B67":EA84?DS"G64==4"G64"D<84@A" =4D"

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

:6ABA8<@D"^"@<:T?46D4D"\"54"=H6@"<6"=HB6A?4"54"C4D"5467"F8=84?D"`F<8@A"!bI"3H4DA"C4"><@54:4@A"

G68"5<8A"Q"B8:B@A4?"R" =HBJ4@C4:4@A"54D"C<:FEA4@C4DS" =4D"?E47B:4@D"54D"<?JB@8J?B::4DS"4A"

<?5<@@4?"=B"A?B@D;4?DB=8AE"54"A<6A4D"=4D":8DD8<@D"4A"=H474?C8C4"54D":EA84?DI"

•! /@4" 8@A4?5EF4@5B@C4" 54D" :EA84?D" BFF4=B@A" 6@" :<54" 54" A?B;B8=" F=6D" 8@AEJ?EI" %4D"

8@A4?5EF4@5B@C4D"54D"58>>E?4@AD":EA84?D"56":6DE4"D4"D<@A"BCC?64D"@<AB::4@A"56">B8A"54" =B"

?E;<=6A8<@"@6:E?8G64"V"FB?"474:F=4S"=4D"6DBJ4D"56"@6:E?8G64"5B@D"=4"5<:B8@4"54"=B":E58BA8<@"

<6" 54" =B" 5<C6:4@ABA8<@" D<@A" 5H6@4" 47A?]:4" ?8CL4DD4" :B8D" D6FF<D4@A" 54D" C<:FEA4@C4D"

A4CL@8G64D" G64" =4D" D4?;8C4D" @4" F<DD954@A" FBD" @EC4DDB8?4:4@AI" %B" F<=8A8G64" C6=A6?4==4"

C<::B@54"@EC4DDB8?4:4@A"=B"F<=8A8G64"54":B?y4A8@J"̀ C>I"@<6;4B67"DKDA9:4D"54"T8==4AA4?84"B;4C"

?ED4?;BA8<@" 8@AEJ?E4S" 4ACIbI" &@" C4" G68" C<@C4?@4" =4D" :8DD8<@D" 5HBCC648=" 4A" 54" D6?;48==B@C4S" =B"

?4C<::B@5BA8<@" 56" J?<6F4" 54" A?B;B8=" ;B" C=B8?4:4@A" 5B@D" =4" D4@D" 5f6@" ?4@><?C4:4@A" 54D"

:8DD8<@D"5fBCC648="C<@>8E4D"B67"BJ4@AD"54"D6?;48==B@C4S":B8D"5f6@4"C=B8?4"DFEC8>8C8AE"BCC<?5E4"W"

=f474?C8C4"54"=B":E58BA8<@"`F<8@AD"!!S"!#S"#!bI"34AA4"8@A4?5EF4@5B@C4"BCC?64"C<@568A";4?D"6@4"

JE@E?B=8DBA8<@" 56" A?B;B8=" 4@" :<54\F?<U4AS" W" CYAE" 54D" DCLE:BD" L8E?B?CL8G64D" A?B58A8<@@4=DI"

lE5E?4?"=4D"EG68F4DS"<?JB@8D4?"=B"C<\F?<56CA8<@"DH8:F<D4I"

•! -H6@":<59=4"?8J854"W"6@":<59=4"D<6F=4I"%H8::4@D4"LEAE?<JE@E8AE"54"D8A6BA8<@D"`A4??8A<?8B=4S"

DABA6AB8?4S"EC<@<:8G64S"4ACIb"?4@5"8:F<DD8T=4"6@"DKDA9:4"6@8G64"4A"?8J854"5H<?JB@8DBA8<@S"54"

DA?6CA6?BA8<@I"&@"><@CA8<@"54"D<@"854@A8AES"DB"@BA6?4S"D<@"B@C?BJ4S"D4D"A6A4==4D"4A"D4D"?ED4B67S"=4"

:6DE4" 5<8A" JB?54?" 6@4" C4?AB8@4" D<6F=4DD4" 54" ><@CA8<@@4:4@A" 4A" 5HB5BFABA8<@I" %4" @<6;4B6"

:<59=4"4DAS"C<::4"5B@D"54"@<:T?467"D4CA46?S"BFF4=E"W"]A?4"B5BFABT=4"`F<8@A"#jbI"

_+/1&%%&"'2,/),2+_"-/"a/'&&S"&_,(&",/,&%%&"*/o%2./&"&,"*)(,&_)(2),'"*(21&'"

•! (EB>>8?:4?" =4" :6DE4S" C<::4" 8@DA?6:4@A" 4DD4@A84=" 54D" F<=8A8G64D" C6=A6?4==4D" F6T=8G64DI" %4"

:6DE4S" G64==4D" G64" D<84@A" D4D" E;<=6A8<@D" EC<@<:8G64DS" 4DA" 6@" 8@DA?6:4@A" 54D" F<=8A8G64D"

C6=A6?4==4D"F6T=8G64DS"4A"=B"D6T;4@A8<@"F6T=8G64"?4DA4"><@5B:4@AB=4"5B@D"D<@"><@CA8<@@4:4@AI"

%B" C<@D4?;BA8<@S" =B" :E58BA8<@S" ><@A" FB?A84" 54" =HBCA8;8AE" 54" D4?;8C4" F6T=8C" F<6?" =BG64==4" =4"

>8@B@C4:4@A" 5<8A" ]A?4" JB?B@A8" `=EJ8A8:8AE" 4@" A4?:4D" 54" C<@A4@6D" DC84@A8>8G64DS" E;B=6BA8<@D"

G6B=8ABA8;4D" 54D" F6T=8CDS" D<@A" 54D" <6A8=D" 8@58DF4@DBT=4D" G68" 5<8;4@A" ]A?4" JB?B@A8DbI" &@" C4" G68"

C<@C4?@4" =H8@><?:BA8<@" 4A" =B" :8D4" 4@" =8J@4" 54D" C<==4CA8<@DS" =4" FBDDBJ4" 54" =B" @6:E?8DBA8<@"

A?B58A8<@@4==4" W" =H9?4" 54" =H8@A4?<FE?BT8=8AE" BFF4==4" 6@4" ?E;8D8<@" 54D" F<=8A8G64D" 54" TBD4D" 54"

5<@@E4D"`C4@A?B=4D"m"=<CB=4Db"4A"6@4"?BA8<@B=8DBA8<@">8@B@C89?4"`F<8@AD"#S"##S"!jbI""

•! 3<@><?A4?"=4":6DE4"5B@D"=B":BXA?8D4"54"D4D":8DD8<@D"DABA6AB8?4DI".64="G64"D<8A"D<@"8@AE?]AS"=4"

FE?8:9A?4"54" =H47A4?@B=8DBA8<@"<6"54" A<6A4" ><?:4"54"FB?A4@B?8BA"@4"5<8A"FBD"4:F8EA4?"D6?" =B"

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

:8DD8<@"5H<FE?BA46?"C6=A6?4="56":6DE4S"C=B8?4:4@A"5E>8@8"5B@D"=B"%<8"a6DE4"54"#jj#I".6B@A"W"

=B":6A6B=8DBA8<@"^";<8?4"=4"?4J?<6F4:4@A"\S"4==4"4DA"T84@"De?"6@4"C=E"V"CLBG64":6DE4"@4">B8A"FBD"

A<6AS"@4"><@CA8<@@4"FBD"C<::4"6@":<@54"C=<DS"8D<=EI"*4A8A"<6"J?B@5S"8="4DA"F<DD8T=4"54"?4F4@D4?"

D<@"BCA8;8AES"4@"A4?:4D"54"5E=EJBA8<@"<6"54"FB?A4@B?8BAI"aB8D"C4=B"@4"5<8A"FBD"DH4>>4CA64?"B6"

F?87"5H6@4"D6F4?DA?6CA6?4"47<J9@4"F<?AB@A"BAA48@A4"W"=B"D6?;84"54"D4D"C<:F<DB@A4D"V"%4"F8=<ABJ4"

54D"EABT=8DD4:4@AD"F46A"D4"F4@D4?"B6"A?B;4?D"=B"C<<?58@BA8<@"4@A?4"D8A4D"D6?"=4"A4??8A<8?4"4A"W"

A?B;4?D"=B"C<\C<@DA?6CA8<@"54"F?<U4ADI"3H4DA"=H<CCBD8<@"54"?4F4@D4?"=B"A?B@D;4?DB=8AE"`F<8@A"#S"MS"

ObI"34D"?4F9?4D"5<8;4@A"?4DA4?"C=B8?DI"

•! -4D" :6ABA8<@D" ?E6DD84D" 5B@D" =B" DFL9?4" 54D" :EA84?DI" %4" :8=846" :6DEB=" B" 5EUW" C<@@6" 54D"

:6ABA8<@D"?E6DD84DI"*B?"474:F=4S"=HE=E;BA8<@"56"@8;4B6"54D"?4DAB6?BA46?D"4DA"J=<TB=4:4@A"A?9D"

DBA8D>B8DB@AS":]:4"D8S"B6"D48@"54D":6DE4DS"=46?"?4C<@@B8DDB@C4"C<::4"FB?A4@B8?4"DC84@A8>8G64"

F=6D"G64"C<::4"F?4DABAB8?4"=B8DD4"4@C<?4"W"5ED8?4?I"%4D"?EJ8DD46?D"D<@A"W"F?ED4@A"8@DAB==ED"5B@D"

=4"FBKDBJ4"54D":EA84?D"4A"=B"><?:BA8<@"4DA"?4C<@@64"`F<8@A"#iS"$jbI"%4D":EA84?D"54"=B":E58BA8<@"

4A" =4D" D4?;8C4D" 54D" F6T=8CD" E=B?J8DD4@A" 4A" 58;4?D8>84@A" =46?D" C<:FEA4@C4D" 4@" 8@AEJ?B@A" =4D"

?4DD<6?C4D"56"@6:E?8G64I"%B"@EC4DD8AE"4A"=B"G6B=8AE"54"=B"><?:BA8<@"54D"C<@D4?;BA46?D"@4"D<@A"

F=6D"?4:8D4D"4@"CB6D4I"%46?"C<:FEA4@C4"DC84@A8>8G64S"8@58DF4@DBT=4"4A"JB?B@A4"54"=B"C?E58T8=8AE"

56":6DE4S"5<8A"8:FE?BA8;4:4@A"D4"5<6T=4?"5f6@4"CBFBC8AE":B@BJE?8B=4"4A"J4DA8<@@B8?4"4A"5f6@4"

BFA8A654"B6"58B=<J64"B;4C"54D"FB?A4@B8?4D"47AE?846?D"`F<8@AD"!NS"!ObI""

•! /@"T4D<8@"54"C=B?8>8CBA8<@"54D"CB5?4D"F6T=8C"m"F?8;EI"%4"@<6;4B6"C<@A47A4"EC<@<:8G64"4DA"6@"

54D" 5<:B8@4D" 5HE;<=6A8<@" G68" BFF4==4" ><?A4:4@A" 54" @<6;4==4D" C<:FEA4@C4D" 4A" D<==8C8A4" 54"

@<6;4B67" :EA84?DI" %H8@A4?BCA8<@" B;4C" =4D" :EA84?D" F?8;ED" 4DA" 8@E;8ABT=4:4@A" BCC?64"V" FB?"

474:F=4S" =4D" 8@A4?;4@A8<@D" B6A<@<:4D" 5<8;4@A" ]A?4" F?8D4" 4@" C<:FA4" 5B@D" =HEG68F4:4@A"

@6:E?8G64"56":6DE4"`F<8@A"$S"!$bI",<6A4D"C4D"8@A4?BCA8<@D"5<8;4@A"4A"DH8@DC?8?4"5B@D"54D"CB5?4D"

C=B8?D"`J6854D"D6?"54D"CL<87"-'*"<6":B?CLEDS";B54\:4C6:"D6?"=4D"FB?A4@B?8BADS"4ACIbI"

_+/1&)/p" (&'&)/pS" _+/1&%%&'" %+02./&'" l+_3,2+__&%%&'" `(&'&)/pS"

*)(,&_)(2),'S"*+(+'2,&"2_,&(2&/("m"&p,&(2&/(S"&,3Ib"

•! 2:F<?AB@C4" C?<8DDB@A4" 54D" ?ED4B67" F<6?" =4" 5E;4=<FF4:4@A" 56" :6DE4I" 3LBG64" :6DE4" 4DA"

BFF4=E"W"5E>8@8?S"4@"><@CA8<@"54"D<@"854@A8AE"F?<F?4S"=4D"Q"T?B@CL4:4@AD"R"G6H8="F46A":E@BJ4?"

;4?D"54D"FB?A4@B8?4D"4A"54D"?ED4B67I"3LBG64"F?<>4DD8<@@4="?4=9;4"5H6@"?ED4B6I"3LBG64":6DE4"

F46A"]A?4":4:T?4"54"?ED4B6I"3f4DA"W"A?B;4?D"54"@<6;4B67":EA84?D"4A"54"@<6;4==4D"C<:FEA4@C4D"

G64"=B":8D4"4@"?ED4B6"F46A"]A?4">?6CA646D4I" 2="@H4DA"FBD"@EC4DDB8?4"G64"=4D"T?B@CL4:4@AD"D4"

>BDD4@A" 6@8G64:4@A" W" =f8@AE?846?" 56" :6DE4I" %H8:F=8CBA8<@" 54D" BCA46?D" 56" A4??8A<8?4S" 54D"

<FE?BA46?D" 54" =HE56CBA8<@" B?A8DA8G64" 4A" C6=A6?4==4S" 54" =H6@8;4?D8AES" 54D" 4@A?4F?8D4DS" <6" 54D"

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

D<C8EAED"5HB:8D"F46A"C<@DA8A64?" =H<CCBD8<@"5H4@;8DBJ4?"54"@<6;4==4D" ><?:4D"54"J<6;4?@B@C4S"

:B8D" EJB=4:4@A" 54" @<6;4B67":<59=4D" EC<@<:8G64D" `F<8@A" PbI" %4D" 47FE?84@C4D" 56?BT=4D" 54"

FB?A4@B?8BA"EC<@<:8G64"?4F<D4@A"D6?"=B"G6B=8AE"5HBCC648="56":6DE4S"=B"CBFBC8AE"W"4@A?4A4@8?"54D"

=84@D"B;4C"=4D"BCA46?D"54"F?<78:8AE"F=6D"G64"D6?"=HBAA?BCA8;8AE">8DCB=4"`F<8@A"[bI"

•! /@4" F=BC4" 4A" 6@4" BCA8<@" W" C<@><?A4?" D6?" =4" F=B@" 8@A4?@BA8<@B=I" '6?" =4" F=B@" 8@A4?@BA8<@B=S" =B"

DFEC8>8C8AE">?B@qB8D4"4@":BA89?4"54"?4C?6A4:4@A"4A"54"><?:BA8<@"54D"C<@D4?;BA46?D"F?ED4@A4"=4"

5B@J4?" 54" =4D" DEFB?4?" 54" =46?D" C<==9J64D" EA?B@J4?DI" *<6?" FB==84?" C4" DE?8467" LB@58CBFS" 8=" 4DA"

@EC4DDB8?4"G64" =4D"C<@D4?;BA46?D"B84@A"C<::4"5E@<:8@BA46?"C<::6@" =4"5<CA<?BAI"-B@D" =4D"

C<==BT<?BA8<@D" 8@A4?@BA8<@B=4DS" =4D" 47F<D8A8<@D" L<?D\=4D\:6?D" C<@DA8A64@A" 6@4" F?BA8G64"

:B8@A4@B@A"BDD6:E4"4A"@4"?4=9;4"FBD"G64"54"G64DA8<@D">8@B@C89?4DI"&==4D"D<@A"B6DD8"><?A4:4@A"

;4CA?8C4D"54"58>>6D8<@"C6=A6?4==4"`=B"Q"D<>A"58F=<:BCK"RbS"<@"4@"5<8A"FBD"C?B8@5?4"54"=4D"B>>8?:4?"

C<::4"A4==4"`F<8@A"#P"4A"NbI""

•! %4":6DE4S" 6@" =84@" B;4C" =H4@D48J@4:4@A" 4A" =B" ?4CL4?CL4I" %4D":6DE4D" D<@A" 54D" 8@A4?=<C6A46?D"

F?8;8=EJ8ED"54"=H&56CBA8<@"@BA8<@B=4"F<6?"=4D"@8;4B67"54"F?8:B8?4"4A"D4C<@5B8?4S"=B"C<==BT<?BA8<@"

EA?<8A4" 4@A?4":6DE4" 4A" &_" F<6??B8A" F46A\]A?4" JBJ@4?" 4@" >BC8=8AE" FB?" 6@4" <>>8C8B=8DBA8<@" F=6D"

B>>8?:E4I" &@" C4" G68" C<@C4?@4" =H4@D48J@4:4@A" D6FE?846?S" =B" C<==BT<?BA8<@" 4@A?4" :6DE4D" 4A"

6@8;4?D8AE"4DA"6@4"C=E"54D"F<=8A8G64D"54"?4CL4?CL4"4A"=4D"=84@D"5<8;4@A"]A?4"4@C<6?BJED"4A"BCC?6DI"

*<6?" C4D" F<=8A8G64D" 54" ?4CL4?CL4DS" =4D" TBD4D" 54" 5<@@E4D" 54" :6DE4D" 4A" =4D" F6T=8CBA8<@D"

E=4CA?<@8G64D"D<@A"54D"<6A8=D"CBF8AB67"`F<8@AD"#M"4A"#[bI"

_+/1&%%&'"',(),&02&'"*(+l&''2+__&%%&'S"_+/1&)/p"1212&('"-&"3+a*&,&_3&'"

•! /@" EG68=8T?4" W" A?<6;4?" 4@A?4" E;<=6A8<@" 54D" :EA84?D" 4A" CB5?4D" 5H4:F=<8DI" -4D" C<:FEA4@C4D"

F?<>4DD8<@@4==4D"@<6;4==4D"4A"A?9D";B?8E4D"D<@A"=8E4D"@<AB::4@A"W"=B"A?B@D8A8<@"@6:E?8G64S"W"=B"

:6ABA8<@"54D":<59=4D"EC<@<:8G64DS"4A"4==4D"D<@A"8@478DAB@A4D"5B@D"=4D"CB5?4D"5H4:F=<8D"̀ F<8@AD"

iS"$bI"%B"G64DA8<@"54D"@<6;4B67":EA84?D"54D":6DE4D"D4"F<D4"4@"A4?:4D"54"5E;4=<FF4:4@A"54"

C<:FEA4@C4D" 8@A4?@4D" <6" 54" FB?A4@B?8BA" B;4C" 54D" 8@DAB@C4D" 47A4?@4DI" %B" G64DA8<@" 54D"

?4C?6A4:4@AD"L<?D"54D"CB5?4D"5f4:F=<8"4DA"FB?><8D"8@E;8ABT=4I"-B@D"A<6D"=4D"CBD"=B"><?:BA8<@"B"

6@"?Y=4"C=E"`F<8@A"!MbI",<6D"=4D"@<6;4B67":EA84?D"@H<@A"FBD"B"F?8<?8";<CBA8<@"W"]A?4"8@AEJ?ED"54"

:B@89?4" FE?4@@4" 5B@D" =4D" EG68F4D" 54D" EABT=8DD4:4@ADI" 2=" D4:T=4" 8:F<?AB@A" 54" F4@D4?"

=HE;<=6A8<@" 4@" ><@CA8<@" 54" F=6D846?D" C?8A9?4D"V" =B" 56?E4" 54D" :8DD8<@D" F<6?" =4DG64==4D" C4D"

@<6;4==4D"C<:FEA4@C4D"D<@A"@EC4DDB8?4D"u"=HB:E@BJ4:4@A"54"=B"><?:BA8<@"54D"C<?FD"478DAB@AD"u"

=B" F?<>4DD8<@@B=8DBA8<@" 54D" F4?D<@@4=D" 4@" F=BC4" `F<8@A" !ibI" *<6?" C4?AB8@D" CBD" FB?A8C6=84?DS"

C<::4"C4=68"54D":EA84?D"54"=B":E58BA8<@"`G68"@4"D4"C<@><@54@A"FBD"B;4C"C4=68"54"C<@>E?4@C84?S"

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

4A"@H<@A"B6C6@4"C<LE?4@C4"DABA6AB8?4bS" 8="D4?B8A"T84@;4@6"54"DH8@A4??<J4?"D6?" =B"C?EBA8<@"5H6@"

CB5?4"5H4:F=<8"JE@E?8G64"`F<8@A"#$bI""

•! (E568?4"=B">?BCA6?4"4@A?4"=4D"5467"><@CA8<@D"F6T=8G64DI"%B"58DDK:EA?84"4@A?4"><@CA8<@"F6T=8G64"

5HxABA"4A" ><@CA8<@"F6T=8G64"A4??8A<?8B=4"4DA"F4?q64"C<::4"6@"LB@58CBF"W" =B"C<LE?4@C4"5f6@4"

E;<=6A8<@"LB?:<@846D4"4A"C<@C4?AE4"54D"F<=8A8G64D":6DEB=4D"D6?"=f4@D4:T=4"54D"A4??8A<8?4DS"B6"

?4C?6A4:4@AS" W" =B" J4DA8<@" 54D" CB??89?4DS" W" =B" :<T8=8AE" 4A" W" =B" C<LE?4@C4" 54D" 58DF<D8A8>D" 54"

><?:BA8<@I"34D"G64DA8<@D"5<8;4@A"]A?4"C<@D85E?E4D"DB@D"B"F?8<?8"`F<8@A"![bI"

•! (ED<65?4"=4"FBDDBJ4"54"C<@D4?;BA46?"W"58?4CA46?I",<6D"=4D"C<@D4?;BA46?D"@H<@A"FBD";<CBA8<@"W"

58?8J4?"6@"J?B@5"EABT=8DD4:4@AI"/@4"><?:BA8<@"54"AKF4"Q"36?BA<?8B="%4B54?DL8F"R"`&ABAD"/@8Db"

DHB;9?4"D<6LB8ABT=4"F<6?"F4?:4AA?4"W"54D"C<@D4?;BA46?D"4@"BKB@A" =4"D<6LB8A"4A" =4D"CBFBC8AED"

5HBCCE54?"W"=B"58?4CA8<@"5HEABT=8DD4:4@A"`F<8@A"!PbI""

•! *?<:<6;<8?"=B":<T8=8AE"F<6?"A<6D"=4D":EA84?DI"%4D"=4;84?D"4DD4@A84=D"F<6?"BCC?<XA?4"=B":<T8=8AE"

D<@A" =B" ><?:BA8<@S" =B" ;8J8=B@C4" ;8D\W\;8D" 56":B8@A84@" 56" @8;4B6" 54D" F<DA4D" 5B@D" =4D":6DE4D"

A4??8A<?8B67" 4A" =4" ?BFF?<CL4:4@A" 4@A?4" =4D" 5467" ><@CA8<@D" F6T=8G64D" `F<8@A" #NbI" (ED6=ABAD"

BAA4@56D"V"C<:FEA4@C4D"BCC?64DS"A?B@D>4?AD"5H47F4?A8D4S":6A6B=8DBA8<@"54D"T<@@4D"F?BA8G64DI"

•! ,?B@D8A8<@"@6:E?8G64"4A":EA84?D"8@@<;B@ADI".64=D"D<@A"=4D":EA84?D"G68"DHB@@<@C4@A"s".64=D"D<@A"

C467" 5<@A" =4D" :6DE4D" F<6??B84@A" A8?4?" FB?A8"s" 34?AB8@D" EABT=8DD4:4@AD" LET4?J4@A" 5EUW" 54D"

'AB?AH6F" ;B=<?8DB@A" =4D" :EA84?D" 8@@<;B@AD" 4A" C<@DA8A6B@A" 54D" FEF8@89?4D" 54" AB=4@ADI" 34D"

47FE?8:4@ABA8<@D"5<8;4@A"]A?4"D68;84D"B;4C"BAA4@A8<@"F<6?"4@"5EC4=4?"=4D"F<A4@A8B=8AED"F<6?"=4"

:6DE4"54"54:B8@I"

•! -8;4?D8AE"4A"EJB=8AE"V"6@"CLB@A84?"W"<6;?8?I"*<6?"C4"G68"4DA"54"=H<6;4?A6?4"56":6DE4"D6?"=B"D<C8EAES"

4A"F=6D"FB?A8C6=89?4:4@A"54"D4D"EG68F4D"W"=B"58;4?D8AES"=4"CLB@A84?"54"=B"F?<:<A8<@"54"=B"58;4?D8AE"

4A" 54" =HEJB=8AE" F?<>4DD8<@@4==4" D<6>>?4" 4@" =HEABA" BCA64=" 5H6@4" C<@@B8DDB@C4" 8@D6>>8DB@A4" 54D"

<?8J8@4D" 4A" 54D" FB?C<6?D" 54D" F4?D<@@4=DI" 2=" 54;?B8A" 4@D68A4" ]A?4" 8@AEJ?E" W" =B" C6=A6?4"

<?JB@8DBA8<@@4==4"54D"EABT=8DD4:4@AD"`F<8@A"#ObI"

"

"

"

!

!jN"

&p*&(2&_3&'"-&"(&l&(&_3&"

_6:E?8DBA8<@"4A"@<6;4==4"J4DA8<@"54D"C<==4CA8<@D"

F<6?"=4D"5<C6:4@A4?"B6A?4:4@A"B6":6DE4"56"

G6B8"o?B@=K"

(Y=4"54D"?EJ8DD46?D"5B@D"=B"C<@C4FA8<@"54D"

47F<D8A8<@D"B6":6DE4"5HB?A"4A"5H8@56DA?84"54"

'B8@A"&A84@@4"

_<6;4==4D"?4=BA8<@D"4@A?4"?4DAB6?BA46?D"4A":6DE4D"

W"A?B;4?D"54D":8DD8<@D"5H4@CB5?4:4@A"4A"54"

><?:BA8<@"54D"EG68F4D"8@A4?@4D"

%HBDD<C8BA8<@"54D"E=9;4D"4A"B@C84@D"E=9;4D"54"=H2_*"V"

=B"?4><@5BA8<@"

*?<U4A"5H6@"?4J8DA?4"@BA8<@B="@6:E?8G64"54D"

J6854D\C<@>E?4@C84?D"F?<>4DD8<@@4=D"

)DD<C8BA8<@"54D"C<@D4?;BA46?D"54":6DE4D"5H)=DBC4"

`)3a)b"4A")DD<C8BA8<@"54D":6DE4D"5H)=DBC4"4A"

54D"?EJ8<@D"=8:8A?<FL4D"`a/'&)%b"V":8=846"

BDD<C8BA8>"4A"?Y=4"54D"TE@E;<=4D"

%B"l4:D"4A"=H)DD8DAB@C4"W"aBXA?8D4"5H+6;?BJ4"5B@D"

=4"?45EF=<84:4@A"54D"EC<:6DE4D"4A":6DE4D"54"

06KB@4""

(E6@8<@"54D":6DE4D":EA?<F<=8AB8@D"(<64@\

_<?:B@584"V"%B"(<@54"^"3BF"D6?"=HB?A"

C<@A4:F<?B8@I"

-4D"?4J?<6F4:4@AD"D6?"F?<U4A"C<::6@"

5H47F<D8A8<@"54":6DE4D"46?<FE4@D"54"AB8==4D"

D8:8=B8?4D"

l4DA8;B="_<?:B@584\2:F?4DD8<@@8DA4"`CLBG64"$"B@Db"

%4"*B=B8D"54",<yK<"V"6@":<59=4"EC<@<:8G64"6@8G64"

4@"l?B@C4"4A"6@"=BT<?BA<8?4"54"C?EBA8<@"

&7A4?@B=8DBA8<@"54D"><@CA8<@D"D6?;48==B@C4"4A"54"

:E58BA8<@"4A"?4A<6?"W"=H8@A4?@B=8DBA8<@"W")@@4CK"

l4DA8;B="_<?:B@584\2:F?4DD8<@@8DA4"`CLBG64"$"

B@Db"V"02*">8@B@CE"FB?"=4D"C<==4CA8;8AED"=<CB=4D"

<>>?B@A"6@"CB5?4"E;E@4:4@A84="F?<F8C4"W"

=HE:4?J4@C4"5H6@"T<6G64A"5H47F<D8A8<@D"4A"

5HE;E@4:4@ADI"

%B"0B8AE"=K?8G64"C<::4"FEF8@89?4D"54"AB=4@AD"4A"54"

FB?A4@B?8BAD"

%4"3=6T"p2p"C?EE"4A"B@8:E"FB?"=4"a6DE4"5H+?DBK"4A"

=4"?ED4B6"54D":6DE4D"!i9:4S"F<6?"54D"F?<U4AD"

5H47F<D"8A8@E?B@A4D"4A"=B":6A6B=8DBA8<@"

5H47F4?A8D4I"

%4D"F?<J?B::4D"Q"C<6D6D":B8@"R"56"3_l*,"F<6?"

=4D"BJ4@AD"56"FBA?8:<8@4"4@"(LY@4\)=F4DI"

%4"aBC"1B="W"18A?K"4A"%B"*8DC8@4"W"(<6TB87"V"54D"

?4C?6A4:4@AD"54"F4?D<@@4=D"8@@<;B@ADI"

lE5E?BA8<@"54D"):8D"54"a6DE4D"4A"J<6;4?@B@C4"

54D":6DE4D"

a6DE4"54"=B"(E;<=6A8<@"W"18r8==4"V"=4":ECE@BA"

F<F6=B8?4"

%4":6DE4"(<58@"4A"=HB6A<>8@B@C4:4@A"

a6DE4"54D"o4B67\)?AD"54"%K<@"V"*<=8A8G64"54"

5E;4=<FF4:4@A"54D"?4DD<6?C4D"F?<F?4D"

%4":6DE4"8@A4?@BA8<@B="54"=B"*B?>6:4?84"W"0?BDD4"V"

=B"?4=BA8<@"B67"F?<56CA46?D"=<CB67"

34@A?4"@BA8<@B="56"C<DA6:4"54"DC9@4"V"

%HB6A<@<:84"DABA6AB8?4S"D4D"BA<6ADS"D4D"=8:8A4D"

%B"C<::6@B6AE"a6rE<@6:"4A"DB"F=BA4><?:4"54"

?4DD<6?C4D"D6?"=4"@6:E?8G64"B6":6DE4"4A"5B@D"

=B"C6=A6?4I"

%B"lE5E?BA8<@"54D"):8D"54"a6DE4D"4A"=B"

J<6;4?@B@C4"54D":6DE4D"

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

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

!"##"$%&!'#((#&)'&**"(&#"(+,(!& 1&& .$,'!(&"""&

!

! !

!"##"$%&!'#((#&)'&**"(&#"(+,(!& 2&& .$,'!(&"""&

!

!

!

!

!

!

!

!

!

"#$$%&'(!

!

)(!*+(!,-#.!"%&/!0("!1+2,&)"!0("!$+"(("!%+3#+'0-4+&! 5!

,%!)#."+,/%/&#.!)&/#6(..(!7!"#$%"&'&(!)&()#*+)!+)!#,())!-)!-)#$"&!8! 99!$&$+.()!+)/"0$+)!-)(!0'&12"*,1"'&(!)1!-)(!3'1)(!! 45!

+6)&7,)1)81)(1!$,92)(!-)!+$!9'9,+$1"'&!&$1"'&$+)! 5:!(.&1;)()!)1!0'&0+,("'&! <=!!! !

!"##"$%&!'#((#&)'&**"(&#"(+,(!& 3&& .$,'!(&"""&

!

! !

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

!

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

!

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

'$(#!."!*"3/(4!0,&#5&('!

$6!789:;!<=!>?@A=!=@B!<C!9DE=!F6@BFB?BFG6!H?F!IF=6B!J!<K=@LEFB!M=!6G@!NG6NFBGO=6@!=B!H?KF<@!C@@GNF=6B!J!<C!

4?<B?E=!PQR!S;!.=L@TU!4G>>=6B!<K=VL<FH?=WBWG6!X!

)"'$$'!$-!*"3/(4'!

/C!BEC6@YGE>CBFG6!ECMFNC<=!M?!LCO@CZ=!>?@AC<!YEC6[CF@!MC6@!<=@!C66A=@!9\]8WQ8!W!G6!Y^B=EC!MC6@!<=@!

LEGN_CF6@!>GF@!BG?B!J!<C!YGF@!<=@!H?CEC6B=!C6@!M?!4=6BE=!*G>LFMG?;!<=@!BE=6B=!C6@!M=!<C!4FBA!M=@!@NF=6N=@!

=B!M?!>?@A=!MK+E@CO!=B!L=?!CLED@!M=!<KF6C?Z?ECBFG6!M=!<C!LOEC>FM=!M?!/G?IE=!`!G6B!@?@NFBA!MKCaGEM!

?6=!N?EFG@FBA;!L?F@!?6!ZGbB;!IGFE=!?6=!LC@@FG6;!LG?E!<=@!>?@A=@!=B!G6B!BEC6@YGE>A!<=!>GM=!MKCLLEGN_=!

PIGFE=!MKCLLEGLEFCBFG6T!M=@!NG<<=NBFG6@U!

&?!YF<!M?!B=>L@;!N=!H?F;!=@B!M=I=6?!?6!MA@FE!M=!>?@A=@!LG?E!?6=!LCEB!M=!L<?@!=6!L<?@!F>LGEBC6B=!M=!

6G@!NG6NFBGO=6@!@K=@B!6G?EEF!MK?6=!LEGZEC>>CBFG6!N?<B?E=<<=!F66GIC6B=!`!MC6@!@C!YGE>=!NG>>=!MC6@!

@G6!NG6B=6?!W!=B!MK?6=!LG<FBFH?=!M=@!L?a<FN@!J!<KANG?B=!M=@!IF@FB=?E@!=B!@K=YYGE[C6B!MK^BE=!=6!L_C@=!CI=N!

<=?E@! CBB=6B=@! =B! <=?E@! ?@CZ=@U! &I=N! N=BB=! BEC6@YGE>CBFG6! ECMFNC<=! M=! <KGYYE=;! NK=@B! <KFMA=!>^>=! M=!

N?<B?E=!H?F!@K=@B!MALG?@@FAEA=!=B!@G6!=VLAEF=6N=!@GNFC<=!H?F!@K=@B!MAMEC>CBF@A=U!

(<!O!C!56&789:;&<5=>:!C?@@F!>C6FY=@B=>=6B!L<?EF=<!H?=!@G6!L?a<FNU!.=@!L?a<FN@;!MG6NU!$B!C?!@=F6!M=!N=@!

L?a<FN@;! M=@! IF@FB=?E@! MG6B! <C! c!NCEEFDE=!d! 6=! LEA@=6B=! LC@! <C!>^>=! _F@BGFE=;! <=@!>^>=@! @NC6@FG6@U!

4=EBCF6=@!M=!N=@!NCEEFDE=@!M=!IF@FB=?E@!@G6B!L<?@!EA?@@F=@!H?=!MKC?BE=@U!)CF@!YF6C<=>=6B;!F<!6KO!LC@!M=!

YCBC<FBA!`!=6!BG?B!NC@!a=C?NG?L!>GF6@!H?=!N=EBCF6=@!B_D@=@!@GNFG<GZFH?=@!<=!<CF@@=6B!=6NGE=!@?LLG@=EU!

.=! YCFB;! G6! 6=! 6CeB! LC@! IF@FB=?E;! G6! <=! M=IF=6B;! L<?@! G?!>GF6@! LEANGN=>=6B! =B! CI=N! L<?@! G?!>GF6@!

MKC@@FM?FBA;!M=!L=E@AIAEC6N=U!+6!L=?B!^BE=!?6!IF@FB=?E!=VBE^>=>=6B!YFMD<=!G?!^BE=!?6!IF@FB=?E!J!AN<FL@=U!

*E=6G6@!<C!BG?B=!LE=>FDE=!YGF@!M?!>?@A=U!$<<=!6=!NG>LB=!LC@!BC6B!H?=![C!f!H?KF<!@KCZF@@=!M=!<C!0C>F<<=!

G?!M=!<KgNG<=;!G6!6=!L=?B!<=?E!F>L?B=E!?6!ZGbB!G?!MK?6!MAZGbB!MAB=E>F6C6B!M=!<C!N_G@=!>?@AC<=U!(<!O!C!

MG6N!?6=!@=NG6M=!N_C6N=;!IGFE=!MKC?BE=@!N_C6N=@!=6NGE=!H?F!L=?I=6B!@=!LEA@=6B=E!J!BG?B!>G>=6B;!C?!

ZEA!M=@!E=6NG6BE=@!=B!M=@!NFENG6@BC6N=@U!&<<=E!@=?<!C?!>?@A=!G?!O!C<<=E!=6!NG>LCZ6F=U!'KO!E=6ME=!J!

<hF>LEGIF@B=!G?!=6!<KCOC6B!L<C6FYFA!M=!<G6Z?=!MCB=U!'=!<CF@@=E!=6BECe6=E!LCE!<C!i=?6=!YF<<=!H?=!<KG6!I=?B!

@AM?FE=;!LEGYFB=E!M=!<KF6IFBCBFG6!MK?6!NGLCF6!AB?MFC6B!=6!CEB!L<C@BFH?=!LG?E!MANG?IEFE!?6!6G?I=C?!<F=?!

MK=VLG@FBFG6;! BEG?I=E! ?6=! MF@BECNBFG6! LG?E! <=@! =6YC6B@! ?6! MF>C6N_=! L<?IF=?V;! ^BE=! LCE=6BW

CNNG>LCZ6CB=?E! MK?6=! N<C@@=! J! <C! M=>C6M=! LE=@@C6B=! M=! <K=6@=FZ6C6B;! LC@@=E! ?6! CLED@W>FMF! M=!

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

!

MAB=6B=!CI=N!?6=!C>F=;!aA6AYFNF=E!MK?6=!IF@FB=WNG6YAE=6N=!LEALCEA=!LCE!<=!4G>FBA!MK=6BE=LEF@=;!YCFE=!

IF@FB=E! J! M=@! C>F@! M=! LC@@CZ=! <=@! EFN_=@@=@! LCBEF>G6FC<=@! M=! @C! NG>>?6=;! BFE=E! LCEBF! MK?6! IGOCZ=!

GEZC6F@A!=6BE=!E=BECFBA@!LG?E!EAC<F@=E!?6!LEGZEC>>=!M=!IF@FB=@!H?KG6!6KC!iC>CF@!=?!<=!B=>L@!M=!YCFE=!

L=6MC6B!@C!IF=!CNBFI=j!/=@!GNNC@FG6@!@G6B!BG?iG?E@!6G>aE=?@=@!=B!@G?I=6B!YGEB?FB=@U!

*G?E!C?BC6B;!N=<C!6=!@?YYFB!LC@U!(<!YC?B!=6NGE=!H?=!<KG6!@=!@=6B=!=6!NG6YFC6N=;!H?KG6!@=!@=6B=!J!@C!L<CN=U!

$B!B=<!6K=@B!LC@!<=!NC@!MC6@!BG?@!<=@!>?@A=@!6F!LG?E!BG?B!<=!>G6M=U!!

(<!O!C!<=@!IF@FB=?E@!H?F!@G6B!IG<G6BCFE=@!LG?E!B=6B=E!BG?B=@!<=@!=VLAEF=6N=@;!N=?V!H?F!@=!YGEN=6B;!N=?V!H?=!

EF=6!6=!L=?B!Ga<FZ=EU!*<?@!H?=!MKC?BE=@;!N=?V!H?F!@K=@BF>=6B!B=6?@!=6!<F@FDE=!M=!<C!c!N?<B?E=!<AZFBF>=!d!

Y=EG6B!M=@!N_GFV!f!F<@!LEAYAE=EG6B!L<?@!@G?I=6B!@=!E=6ME=!MC6@!B=<!Z=6E=!M=!>?@A=!L<?BkB!H?=!MC6@!B=<!

C?BE=;!MC6@!N=<?F!Gl! F<@!L=?I=6B!@KC@@?E=E! PIGFE=!@=! EAC@@?E=ET!M=! P@?ET! <=?E@!NG>LAB=6N=@!@C6@! BEGL!

>=BBE=!=6!LAEF<! <=?E!=@BF>=!M=!@GFU!*?a<FN@!L<?EF=<@;!>?@A=@!L<?EF=<@!f!CEB;! @NF=6N=@;!_F@BGFE=;! @GNFABA;!

M=@FZ6!=B!CEN_FB=NB?E=j!/=@!>GBFY@!=B!NFENG6@BC6N=@!M=!<C!IF@FB=!C?!>?@A=!AN_CLL=6B!J!?6=!@GNFG<GZF=!

LG?E! <CH?=<<=! <=@! <GZFH?=@! MKCNBFG6! 6=! E=<DI=6B! H?=! M?! N_C>L! =B! M=! <K_CaFB?@;! M?! <AZFBF>=! =B! M=!

<KF<<AZFBF>=U!/=!>?@A=!=@B!<=!@O>aG<=!MK?6=!N?<B?E=!L<?EF=<<=;!F<!=@B!mG6=!M=!NG6BCNB!=B!MKAN_C6Z=@U!/=!

E=ZCEM!L?E!6K=VF@B=!LC@!=B!<Kn?IE=!M=!N?<B?E=;!@F!LG<O>GEL_=!@GFBW=<<=;!6=!LCE<=!LC@!MK=<<=W>^>=U!"6!

@O@BD>=!NG>L<=V=!MKF6B=ECNBFG6@!_?>CF6=@!=B!>CBAEF=<<=@!NG6YFZ?E=!<C!EAN=LBFG6!M=@!n?IE=@U!!

o('(-$",'!$-!o('(-$'!!

4=@! MFV! M=E6FDE=@! C66A=@;! <=! @?FIF! M=! <C! YEAH?=6BCBFG6! EAC<F@A! LCE! <=@! @=EIFN=@! M=! <C! .p*!>G6BE=6B!

H?K=VLG@FBFG6@;! NG<<=NBFG6@! =B!>?@A=@! 6CBFG6C?V! =B! B=EEFBGEFC?V! E=<=IC6B! M?! EA@=C?! M=@!)?@A=@! M=!

0EC6N=!=B!M=@!ABCa<F@@=>=6B@!H?F!<?F!@G6B!NG66=V=@;!G6B!E=[?!=6BE=!:q!=B!]8!>F<<FG6@!M=!IF@FB=@!LCE!C69U!

*CE!ECLLGEB!J!789R;!<=!6FI=C?!M=!N=BB=!YEAH?=6BCBFG6!=6!789:!=@B!=6!N_?B=!MK?6!L=?!>GF6@!M=!98SU!

.FYYAE=6B@! YCNB=?E@! <K=VL<FH?=6B!f! E=BG>aA=@! M=@! CBB=6BCB@! M=! 789q! P*CEF@T! =B! 789:! P#FN=T! @?E! <C!

YEAH?=6BCBFG6!BG?EF@BFH?=;!Y=E>=B?E=@!B=>LGECFE=@!M?=@!J!<C!NE?=!M=!M=!<C!'=F6=;!MF>F6?BFG6!M=@!@GEBF=@!

@NG<CFE=@!=6!E=<CBFG6!CI=N! <C! EAYGE>=!M=@! EOB_>=@!@NG<CFE=@!C?@@F!aF=6!H?=!M=@!>=@?E=@!M=!@AN?EFBA!

LG@BWCBB=6BCB@U!!

%CaFB?=<<=>=6B;!=6!>GO=66=!J!<KAN_=<<=!M?!B=EEFBGFE=;!<=!BF=E@!M=@!IF@FB=@!MC6@!<=@!>?@A=@!=B!=VLG@FBFG6@!

=@B!Mb!C?V! BG?EF@B=@!ABEC6Z=E@!=B! <=@!M=?V!C?BE=@! BF=E@!C?V!0EC6[CF@U!4=@!M=?V!M=E6FDE=@!C66A=@;!=6!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!9 !.G66A=@! *CBEF>G@BCB;! 7899! J! 789qU! /C! YEAH?=6BCBFG6! LG@B! CBB=6BCB! @=! NCECNBAEF@=! LCE! ?6=! YGEB=! aCF@@=! M?! BG?EF@>=!

F6B=E6CBFG6C<!H?F!E=iCF<<FB!@?E!<=@!ZEC6M@!ABCa<F@@=>=6B@!LCEF@F=6@;!?6=!MF>F6?BFG6!M=@!@GEBF=@!@NG<CFE=@!=B!J!<KF6I=E@=!?6=!_C?@@=!M=!<C!LEA@=6N=!M=@!IF@FB=?E@!6CBFG6C?V!LG?E!M=@!IF@FB=@!M=!LEGVF>FBA!G?!<GE@!M=!MAL<CN=>=6BU!4YU!*CBEF>G@BCB;!Ga@=EICBGFE=!M=@!L?a<FN@!M?!MALCEB=>=6B!M=!<C!LG<FBFH?=!M=@!L?a<FN@!M=!<C!.p*U!

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

!

E=ZCEM!M=!<C!aCF@@=!M=!<C!YEAH?=6BCBFG6!F6B=E6CBFG6C<=;!<=@!0EC6[CF@!6=!@=!@G6B!LC@!MABG?E6A@!M=@!ZEC6M@!

ABCa<F@@=>=6B@!=B;!M=!L<?@;!F<@!@=!@G6B!E=6M?@!MC6@!<=@!>?@A=@!J!LEGVF>FBA!M=!N_=m!=?VU!!

.=!B=<<=!@GEB=!H?K=6!789:;!RRS!M=@!0EC6[CF@!G6B!IF@FBA!?6!>?@A=!G?!?6=!=VLG@FBFG6;!C?!>GF6@!?6=!YGF@!

MC6@!<KC66A=U!4K=@B!\S!M=!L<?@!H?KF<!O!C!q!C6@U!4K=@B!CF6@F!H?=!<C!IF@FB=!MK?6!>?@A=!CLLCECeB!NG>>=!<C!

@GEBF=!N?<B?E=<<=!LCE!=VN=<<=6N=!LG?E!QRS!M=@!0EC6[CF@U!

%>?@ABCDE!4!F!$D!GHD>I!JEI!JHDKE!JE>LBE>I!MHBIN!?OEK8OHDI!OBIBPQ!DLE!ER@HIBPBHL!PEM@H>?B>E!HD!DL!MDIQE!S!TEL!UV!

! !

'G?EN=!f!4,$.+4;!$6H?^B=@!c!4G6MFBFG6@!M=!IF=!=B!C@LFECBFG6@!dU!

!

/=@!MFYYAE=6B=@!NCBAZGEF=@!M=!>?@A=@!=B!MK=VLG@FBFG6@! @G6B! F>LCNBA=@;! <=@!>?@A=@!M=!a=C?VWCEB@!=B!

MK_F@BGFE=!NG66CF@@C6B!<C!LEGZE=@@FG6!<C!L<?@!F>LGEBC6B=U!

&

%>?@ABCDE!5!F!)P!PHDWHD>IN!?D!GHD>I!JEI!JHDKE!JE>LBE>I!MHBIN!?OEK8OHDI!OBIBPQ!DLE!ER@HIBPBHL!PEM@H>?B>E!!

HD!DL!MDIQE!JE!XXX!!T)OHYDPBHLI!W?LOBE>!5Z45!F!WDBL!5Z4=N!EL!UV!

!

'G?EN=!f!4,$.+4;!$6H?^B=@!c!4G6MFBFG6@!M=!IF=!=B!C@LFECBFG6@!dU/=NB?E=!f!$6!i?F6!789:;!7\S!M=@!0EC6[CF@!G6B!IF@FBA!?6=!=VLG@FBFG6!B=>LGECFE=!G?!?6!>?@A=!M=!a=C?VWCEB@!C?!NG?E@!M=@!97!M=E6F=E@!>GF@;!NG6BE=!7]S!=6!i?F6!789RU!

rqr\

RR

8

98

78

r8

R8

q8

7897 789R 789:

!"#$#"%&#'()*($*"+#''*+(,-,'%(.&+&%/(0'(10+/*(#0(

0'*(*2$#+&%&#'(%*1$#",&"*()*$0&+(3(,'(4*'(56

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

!

4=!YCF@C6B;!<C!MA>GNECBF@CBFG6!M=!<C!LECBFH?=!M=!IF@FB=!@K=@B!YCFB=!L<?@!LEG6G6NA=!MC6@!BG?@!<=@!>F<F=?V;!

O!NG>LEF@!C?!@=F6!M=@!N<C@@=@!LGL?<CFE=@!Gl!<C!NCBAZGEF=!M=@!=>L<GOA@!LEGZE=@@=!M=!9qSU!!

%>?@ABCDE!<!F!)OHYDPBHL!JE@DBI!5Z45!JE!Y?!@>H@H>PBHL!JE!@E>IHLLEI!?[?LP!OBIBPQ!DL!MDIQE!HD!DLE!ER@HIBPBHL!PEM@H>?B>E!

?D!GHD>I!JEI!JHDKE!JE>LBE>I!MHBI

T)OHYDPBHLI!W?LOBE>!5Z45!F!WDBL!5Z4=N!EL!UV!

!


.?!NkBA!M=@!N<C@@=@!MKsZ=;!G6!E=<DI=!?6!ECi=?6F@@=>=6B! F>LGEBC6B!M?!L?a<FN;!L?F@H?=! <=@!7qWr\!C6@!

C?Z>=6B=6B!M=!9qS!<=?E!BC?V!M=!LECBFH?=!M=!IF@FB=!=6BE=!7897!=B!789:U!

1?\YE?D!4!F!)OHYDPBHL!JE@DBI!5Z45!JE!Y?!@>H@H>PBHL!JE!@E>IHLLEI!?[?LP!OBIBPQ!DL!MDIQE!HD!DLE!ER@HIBPBHL!PEM@H>?B>E!?D!

GHD>I!JEI!JHDKE!JE>LBE>I!MHBI!IEYHL!Y?!GY?IIE!J6]^E

T)OHYDPBHLI!W?LOBE>!5Z45!F!WDBL!5Z4=N!EL!UV!

!! iC6IW97! i?F6W9R! i?F6W9:! $IG<?BFG6@!7897W789:!

)GF6@!M=!7q!C6@! r]! RR! R9! R!

:;!<!=>!?@A! =B! B:! B>! 9;!

R8!J!q\!C6@! r:! rQ! R:! 98!

:8!J!:\!C6@! R:! RR! Rr! Wr!

]8!C6@!=B!L<?@! 7q! r8! r]! 97!


0C?BWF<!O!IGFE!?6=!E=<CBFG6!M=!NC?@=!J!=YY=B!CI=N!?6!?@CZ=!=VB=6@FY!M?!6?>AEFH?=!=B!M=@!EA@=C?V!@GNFC?V!f!

MA@GE>CF@!]rS!M=@!IF@FB=?E@!M=!>?@A=@!=B!=VLG@FBFG6@!G6B!?BF<F@A!F6B=E6=B!H?=!N=!@GFB!LG?E!NG6@?<B=E!

<=@!@FB=@!F6B=E6=B!=B!BEG?I=E!M=@!F6YGE>CBFG6@!LECBFH?=@!G?!BA<AN_CEZ=E!M=@!NG6B=6?@;!>CF@!AZC<=>=6B!

LG?E! NG6BEFa?=E! C?V! EA@=C?V! @GNFC?V! LG?E! AN_C6Z=E! @?E! <=?E! =VLAEF=6N=! M=! IF@FB=! LCE! =V=>L<=! =6!

LG@BC6B!<=@!L_GBGZECL_F=@!EAC<F@A=@!F6!@FB?U!!

0C?BWF<!O!IGFE!C?@@F!<=@!6G?I=<<=@!YC[G6@!M=!NG6N=IGFE!=B!ZAE=E!<=@!B=>L@!@GNFC?V!PBECICF<;!<GF@FE;!AM?NCBFG6!

=B! @GNFC<F@CBFG6T! LCE! 6G@! NG6NFBGO=6@!=B! M=! EAZ<=E! MFYYAE=>>=6B! <=?E! ECLLGEB! C?V! F6@BFB?BFG6@!

9

1� 1�

1�

��

��

E��

de la

population

H��

revenusI�� B��

C��

prof. int.

sup.

2�-39

ansE��

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

!

N?<B?E=<<=@!X!!

/C! BEC6@YGE>CBFG6!M=! <C!LECBFH?=!M=!IF@FB=;! @G6!NG6B=VB=;! @=@!>GMC<FBA@;! @=! NEF@BC<<F@=!M=!MFYYAE=6B=@!

YC[G6@!f!=YY=B@!MKC?aCF6=!M=! <C!ZECB?FBA!MC6@! BG?@! <=@!>F<F=?V!=B!LG?E! BG?B=@! <=@! N<C@@=@!MKsZ=!=B!=6!

LCEBFN?<F=E!<=@!i=?6=@!CM?<B=@7;!ZA6AEC<F@CBFG6!M=!<C!IFB=!YC>F<FC<=!MC6@!BG?@!<=@!>F<F=?V;!MAI=<GLL=>=6B!

MK?6! BG?EF@>=! LGL?<CFE=;! 6GBC>>=6B! LCE>F! <=@! Ce6A@U! /=?E! F>LCNB! @=! N?>?<=! CI=N! ?6=! C@@FM?FBA!

E=6YGENA=!M=@!_CaFB?A@!H?F!>?<BFL<F=6B!<=?E@!BOL=@!M=!IF@FB=!=6!<=@!Ci?@BC6B!J!<=?E!MF@LG6FaF<FBA@!PIF@FB=@!

NG?EB=@!=B!NFa<A=@T!=B!=6!MFI=E@FYFC6B!<=@!NG>LCZ6G6@!M=!IF@FB=!PIF@FB=@!=6!NG?L<=;!=6BE=!C>F@;!=6!ZEG?L=@!

E=@BE=F6B@!=B!C?BGWGEZC6F@A@TU!

4=@!EA@?<BCB@!LG?E!<=!>GF6@!=6NG?ECZ=C6B@!@G6B!<=!YE?FB!MK?6!LCBF=6B!BECICF<!>=6A!LCE!<=@!>?@A=@!=B!<=@!

AH?FL=@!M=@!@=EIFN=@!M=@!L?a<FN@U!*G?E!H?KF<!@=!LEG<G6Z=!=B!NG6BF6?=!J!MG66=E!BG?@!@=@!YE?FB@;!G6!I=EEC!

MC6@!<=@!N_CLFBE=@!@?FIC6B@!NG>>=6B!F<!MGFB!@=!E=6G?I=<=E!NG6@BC>>=6B!=B!AIG<?=E!=6!>^>=!B=>L@!

H?=!<=@!L?a<FN@!H?KF<!IC!N_=EN_=E!=B!YCFB!I=6FE!@G6B!=6NGE=!6G>aE=?V!=B!=6NGE=!L<?@!MFI=E@U!!

/C!NG6@?<BCBFG6!NFBGO=66=!H?F!C!ABA!>=6A=!MC6@!<=!NCME=!M=!<C!)F@@FG6!)?@A=@!M?!22(=!@FDN<=!ABCa<FEC!

N<CFE=>=6B!<=@!LEFGEFBA@!M=!6G@!NG6NFBGO=6@!LG?E!E=6ME=!<=@!>?@A=@!L<?@!CBBECNBFY@;!LG?E!E=6G?I=<=E!=B!

=6EFN_FE!<K=VLAEF=6N=!M=!IF@FB=;!LG?E!LCEBFNFL=E!CNBFI=>=6B!J!<C!IF=!M=@!ABCa<F@@=>=6B@U!

!

,%!)#."+,/%/&#.!.%/&#.%,(!7!"#$%"&'&(!)&()#*+)!+)!#,())!-)!

-)#$"&!8!

!

'?CCDE!

4X! ,LE! @Y?PE8_H>ME! GHYY?\H>?PBOE! `!"M?^BLHLI! ELIEM\YE! YEI! MDIQEI! JD! //"aME! IBaGYE!b! ?! QPQ!

GHMM?LJQE!c!Y6?^ELGE!0?@!0HYYEGPB_X!!

$<<=!C!ABA!G?I=EB=!J!6G@!NG6NFBGO=6@!L=6MC6B!:!@=>CF6=@!P7:!@=LB=>aE=W9q!6GI=>aE=TU!!

$<<=! C! ABA!>AMFCBF@A=! LCE! <=@! EA@=C?! M=! <C! .FNG>W)44! =B! <=! EA@=C?! M=@! NG>>?6FBO!>C6CZ=E@! M=@!

ABCa<F@@=>=6B@!>?@AC?V;!<C!LE=@@=!P6CBFG6C<=;!EAZFG6C<=T!=B!<=@!>CZCmF6=@!N?<B?E=<@!=B!@LANFC<F@A@;!<=@!

EA@=C?V!LCEB=6CFE=@!P$M?NCBFG6!6CBFG6C<=;!$M?NCBFG6!LGL?<CFE=;!jT!

$<<=!C!ABA!IF@FBA=!LCE!98!888!L=E@G66=@;!C!E=[?!9!8q]!NG6BEFa?BFG6@!=B!R!qR9!IGB=@U!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!7!+6!CL=E[GFB!MC6@!N=BB=!C?Z>=6BCBFG6!<KF>LCNB!M=!<C!>=@?E=!M=!788\!6G6!@=?<=>=6B!@?E!<=@!9QW7q!C6@!H?F!=6!LEGYFB=6B!=6NGE=;!>CF@! LCE>F! N=?V! H?F! =6! G6B! LEGYFBA! =6! <=?E! B=>L@;! H?F! G6B! LEF@! <=! L<F! M=@! IF@FB=@! =B! @=! @G6B! F6BAE=@@A@! C?V! YGE>?<=@!MKCaG66=>=6B!=B!C?BE=@!NCEB=@WLC@@!MAMFA@!C?V!7qWr8!C6@!>F@=@!=6!L<CN=!LCE!<=@!ABCa<F@@=>=6B@!6CBFG6C?V!LG?E!YFMA<F@=E!N=@!6G?I=C?V!L?a<FN@U!

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

!

-EGF@!H?=@BFG6@!ABCF=6B!LG@A=@;!H?F!G6B! YCFB! <KGai=B!MK?6!6G>aE=! F>LGEBC6B! IGFE=! BED@! F>LGEBC6B!M=!

LEGLG@FBFG6@!=B!H?F!C!<=?E!BG?E!G6B!ABA!MF@N?BA=@!=6!<FZ6=!f!

!! 0HMMELP!JHLLE>!c!GA?GDLE!EP!GA?GDL!J?O?LP?^E!ELOBE!JE!OELB>!?D!MDIQE!S!!

!! !77]!LEGLG@FBFG6@!

!! 0HMMELP!@>H@HIE>!?D!OBIBPED>N!DLE!ER@Q>BELGE!LHDOEYYEN!@YDI!@?>PBGB@?PBOEN!@YDI!BLPE>?GPBOES!

!! ]r!LEGLG@FBFG6@!!

!! 0HMMELP!J?O?LP?^E!I6BM@YBCDE>!J?LI!Y?!OBE!JD!MDIQE!S!!

!! RR!LEGLG@FBFG6@!!

/=@! NG6BEFa?BFG6@! G6B! YCFB! <KGai=B! MK?6=! C6C<O@=! M=! NG6B=6?! PMF6W'p! =B! MLLW.p*T! =B! MK?6=! C6C<O@=!

<=VFNC<=!P4EAMGNT!

5X! ,LE!ELCDdPE!IHGBHYH^BCDE!?!ELIDBPE!EP!>Q?YBIQE!?D@>EI!J6DL!EGA?LPBYYHL!>E@>EIELP?PB_!JEI!_>?Le?BI!

TG>EJHGV!!

'?E!<C!aC@=!M=@!NG6BEFa?BFG6@!=B!M=@!IGB=@!F@@?=@!M=!<C!NG6@?<BCBFG6!@?E!<C!L<CB=WYGE>=;!?6!H?=@BFG66CFE=!

C!ABA!@G?>F@!LCE! (6B=E6=B!=6BE=! <=!R!=B! <=!9q!6GI=>aE=!789:;!J!?6!AN_C6BF<<G6!M=!7U878!L=E@G66=@!

E=LEA@=6BCBFI=@!M=!<C!LGL?<CBFG6!sZA=!M=!9q!C6@!=B!L<?@;!@A<=NBFG66A=@!@=<G6!<C!>AB_GM=!M=@!H?GBC@U!

4=@!H?GBC@!PEAZFG6;!BCF<<=!MKCZZ<G>AECBFG6;!sZ=;!@=V=;!*4'T!G6B!ABA!NC<N?<A@!MKCLED@!<=!M=E6F=E!

E=N=6@=>=6B!ZA6AEC<!M=!LGL?<CBFG6!M=!<K(#'$$U!&YF6!MKC@@?E=E!<C!E=LEA@=6BCBFIFBA!LCE!ECLLGEB!

J!<C!LGL?<CBFG6!6CBFG6C<=;!?6!E=ME=@@=>=6B!YF6C<!C!ABA!=YY=NB?AU!!

!

%.%,6"(! ,(F&)%,(! 0("! )#./'&2+/&#."! (/! 0("! G#/("! %! ,%! )#."+,/%/&#.!

)&/#6(..(!7!&$%H&.#."!(."($2,(!,("!$+"(("!0(!0($%&.!8!

02)-'0!f!2$-#"+$!-$1()&g'N!($&-2$!;'"*"$&N!0;$2+'11)!#"++'1N!$3)0!+$!9$21"0"9$1"'&!-)!

9$,+"&)!h$,&)$,80'11)1!

#00!f! &"0'+$(! '2("&"! )1! 2'()+"&)! $+"$0$2! T(%8(09"8-"&VN! ! h'()9;"&)! -)i)++,(! T-%98-99VN!

3$+)2")!#$21"&)i!$3)0!+$!9$21"0"9$1"'&!-)(!(1$%"$"2)(!2.#!($;)*!)1!0;$2+'11)!#$1;)'(!

T-%98-0V!

!

/C!NG6@?<BCBFG6!@K=@B!MG6N!CLL?OA=!@?E!?6=!L<CB=YGE>=!=6!<FZ6=!NG6[?=!LCE! <C!@BCEB?L!4CL!4G<<=NBFY;!

@LANFC<F@A=!MC6@!<=!MAI=<GLL=>=6B!MKCLL<FNCBFG6@!LCEBFNFLCBFI=@U!$6BE=!<=!q!GNBGaE=!=B!<=!9q!6GI=>aE=!

789:;!<=@!NFBGO=6@!G6B!ABA!F6IFBA@!J!@K=VLEF>=E!@?E!<=!@FB=!(6B=E6=B!MAMFA!J!<C!NG6@?<BCBFG6!C?BG?E!M=@!

BEGF@!ZEC6M=@!B_A>CBFH?=@!FM=6BFYFA=@!MC6@!<=!NCME=!M=!<C!>F@@FG6!f!&

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

!

-B! 4G>>=6B!MG66=E!J!N_CN?6=!=B!N_CN?6!MCIC6BCZ=!=6IF=!M=I=6FE!C?!>?@A=!X&

/B! 4G>>=6B! LEGLG@=E! C?! IF@FB=?E;! ?6=! =VLAEF=6N=! 6G?I=<<=;! L<?@! LCEBFNFLCBFI=;! L<?@!

F6B=ECNBFI=!X&

0B! 4G>>=6B!MCIC6BCZ=!@KF>L<FH?=E!MC6@!<C!IF=!M?!>?@A=!X&

(<!ABCFB!LG@@Fa<=!f!&

-! .=!EAMFZ=E!?6=!LEGLG@FBFG6;!=6!<F=6!CI=N!<K?6!M=@!BEGF@!B_D>=@!LEGLG@A=@!t&

-! .=!EACZFE!C?V!LEGLG@FBFG6@!MAiJ!LG@BA=@!=6!EAMFZ=C6B!?6!NG>>=6BCFE=!c!*G?E!d!G?!c!4G6BE=!d!t&

-! .=! IGB=E! c!.KCNNGEM!d;! c!*C@! MKCNNGEM!d! G?! c!)FBFZA!d! J! LEGLG@! MK?6=! LEGLG@FBFG6;! @C6@! <C!

NG>>=6B=EU!&

$6!?6!L=?!L<?@!MK?6!>GF@;!]r\!LCEBFNFLC6B@!G6B!NEAA!?6!NG>LB=!LG?E!NG6BEFa?=E!J!<C!NG6@?<BCBFG6U!/C!

L<CB=YGE>=!C!L=E>F@!M=!E=N?=F<<FE!98R\!NG6BEFa?BFG6@!PrR8!LEGLG@FBFG6@!=B!]8\!NG>>=6BCFE=@T!=B!RqR]!

IGB=@U!/=@!NG>>=6BCFE=@!@G6B!M=@!EACNBFG6@!C?V!LEGLG@FBFG6@!H?F!L=?I=6B!LE=6ME=!?6=!YGE>=!<FaE=!f!

?6=! =VLE=@@FG6;! ?6=! L_EC@=! LG?E! CEZ?>=6B=E;! MAI=<GLL=E;! CLL?O=E! G?! E=>=BBE=! =6! H?=@BFG6! ?6=!

LEGLG@FBFG6U!&

&#&/u'$!/$2(4&/$!.$'!4+#-,(3"-(+#'!

/K=6@=>a<=!M=@!NG6BEFa?BFG6@;!LEGLG@FBFG6@!G?!NG>>=6BCFE=@;!C!ABA!BECFBA!LCE!<=!4,$.+4!H?F!C!EAC<F@A!

J!LCEBFE!M?!NGEL?@!CF6@F!NG6@BFB?A!?6=!C6C<O@=!<=VFNC<=U!!

/KC6C<O@=!<=VFNC<=!L=E>=B!<KAB?M=!MK?6!B=VB=!G?!MK?6!=6@=>a<=!M=!B=VB=@!J!<KCFM=!MKG?BF<@!@BCBF@BFH?=@;!

MC6@! <=! a?B! MK=6! YCFE=! E=@@GEBFE! <=@! LEF6NFLC<=@! F6YGE>CBFG6@U! $<<=! E=IF=6B! J! AB?MF=E! <C! YEAH?=6N=!

MK?BF<F@CBFG6!M=!<C!ECNF6=!MK?6!>GB!=B!J!C@@GNF=E!N=<<=WNF!J!MKC?BE=@!ECNF6=@U&

/=!4,$.+4!?BF<F@=!<=!<GZFNF=<!M=!@BCBF@BFH?=@!B=VB?=<<=@!&<N=@B=;!LG?E!>=BBE=!=6!AIFM=6N=!M=@!N<C@@=@!M=!

@=6@;!NCECNBAEF@A=@!LCE!<=@!>GB@;!<=@!L_EC@=@!G?!=VBECFB@!M=!L_EC@=@!<=@!L<?@!@FZ6FYFNCBFY@U!/=@!MFYYAE=6B=@!

IE?AADA!JKLD@MDA!NDCNOAD@LD@L!EDA!NDPQALNDA!RJSQ@?@LA!RM!IJNCMAU!&

&YF6!MKAB?MF=E!?6=!H?=@BFG6!G?I=EB=;!<=!<GZFNF=<!&<N=@B=;!E=<DI=!<=@!EALABFBFG6@!MK?6!>GB!=B!C@@GNF=!N=@!

>GB@!J!<=?E@!NCBAZGEF=@!ZEC>>CBFNC<=@!=B!J!<=?E@!ECNF6=@U!&

&<N=@B=! LEGNDM=! =6@?FB=! J! ?6=! )E?AAQTQI?LQJ@! 0DAID@R?@LD! 4QON?NIUQVMDU! 4G6BECFE=>=6B! J! <C!

4<C@@FYFNCBFG6!&@N=6MC6B=!%FAECEN_FH?=!H?F!C6C<O@=!<=@!A<A>=6B@!7!J!7!=B!E=ZEG?L=!7!A<A>=6B@!LEGN_=@!

MC6@!?6=!>^>=! N<C@@=;! <C! 4<C@@FYFNCBFG6!.=@N=6MC6B=!%FAECEN_FH?=! NEA=! J! LCEBFE! M=! <K=6@=>a<=!M=@!

EALG6@=@;!7!N<C@@=@!LG?E!<=@!ECNF6=@!<=@!L<?@!A<GFZ6A=@U!&<N=@B=!EAFBDE=!@=@!NC<N?<@!CI=N!<C!N<C@@=!<C!L<?@!

F>LGEBC6B=!=B!C>A<FGE=!<C!LCEBFBFG6!i?@H?KJ!N=!H?KF<!CBB=FZ6=!<=!6G>aE=!M=!N<C@@=@!LEAMAYF6F!G?!i?@H?KJ!

!"##"$%&!'#((#&)'&**"(&#"(+,(!& -1&& .$,'!(&"""&

!

N=!H?KF<!6=!L?F@@=!L<?@!MAL<CN=E!MKA<A>=6B@U!"6=!M=@!<F>FB=@!MK&<N=@B=!=@B!H?KF<!6=!N<C@@=!LC@!BG?B=@!<=@!

EALG6@=@!f! <=@!EALG6@=@!BEGL!NG?EB=@!LG?E!H?KF<!L?F@@=!O!E=LAE=E!?6=!NG_AE=6N=!G?!BEGL!NG6Y?@=@!6=!

@G6B! LC@! N<C@@A=@U! "6! ECLLGEB! M=@! EA@?<BCB@! NG6B=6C6B! <=@! >GB@! <=@! L<?@! @G?I=6B! EALABA@! =B! <=@!

NCECNBAEF@BFH?=@!M=!N_CH?=!N<C@@=!=@B!=6@?FB=!YG?E6FU!&

/&!-u*+/+p($!.$'!,$*+#'$'!

/KC6C<O@=!<=VFNC<=!C!L=E>F@!M=!N<C@@=E!]QS!M=@!QRODA!=VLEF>A=@!LCE!<=@!NG6BEFa?B=?E@U!,CLL=<G6@!H?=!

N_CH?=!LCEBFNFLC6B!LG?ICFB!=VLEF>=E!L<?@F=?E@! FMA=@!MC6@!?6!@=?<!I=EaCBF>!t!MC6@!N=!NC@;! <=! <GZFNF=<!

&<N=@B=!=@B!=6!>=@?E=!MKFM=6BFYF=E!<=@!FMA=@!MF@BF6NB=@;!@F!aF=6!H?=!N=!6=!@G6B!LC@!<=@!F6MFIFM?@!G?!<=@!

NG6BEFa?BFG6@! H?F! NG6@BFB?=6B! <=@! N<C@@=@;! >CF@! <=@! FMA=@U! 4=BB=! >AB_GM=! L=E>=B! MKCaG?BFE! C?!

N<C@@=>=6B!<=!L<?@!YF6U!&

1?CBE=!N<C@@=@!G6B!MG6N!ABA!FM=6BFYFA=@!f&

-! /C!IE?AAD!9!EA?6FB!M=@!FMA=@!=6!<F=6!CI=N!M=@!?ACDILA!CN?LQVMDA!WL?NQTAX!UJN?QNDAY!P7qS!M=@!FMA=@T&

-! /C!IE?AAD!:!EA?6FB!M=@!FMA=@!M?!E=ZF@BE=!M?!IJ@LD@M!M=@!=VLG@FBFG6@!=B!M?!>?@A=!PR]ST&

-! /C!IE?AAD!=!EC@@=>a<=!M=@!FMA=@!C?BG?E!M=!<KDZCONQD@ID!RD![QAQLD!P9\ST&

-! /C!IE?AAD!B!MC6@!<CH?=<<=!@G6B!N<C@@A=@!<=@!FMA=@!@=!ECLLGEBC6B!J!E-?II\A![QNLMDE!?M!SMAOD!P\ST&

/KC6C<O@=!=@B! YG6MA=!@?E! <=@!NCECNBAEF@BFH?=@!@BCBF@BFH?=>=6B!@FZ6FYFNCBFI=@!=B!6G6!N=<<=@!H?F!@G6B! <=@!

L<?@!LEA@=6B=@U!/=@!N<C@@=@!@G6B!6?>AEGBA=@!M=!<C!L<?@!@FZ6FYFNCBFI=!J!<C!>GF6@!@FZ6FYFNCBFI=!=6!B=E>=@!

MK_G>GZA6AFBA!M?!IGNCa?<CFE=!H?K=<<=@!E=ZEG?L=6BU!

]QPMND!9^!/DNSDA!JM!N?IQ@DA!EDA!CEMA!AQP@QTQI?LQTA!C?N!IE?AAD!R_?@?E`AD!

!"##"$%&!'#((#&)'&**"(&#"(+,(!& -2&& .$,'!(&"""&

!

/C! N<C@@=! 9! E=ZEG?L=!>GF6@! MKFMA=@! H?=! <C! N<C@@=! 7!>CF@! =<<=! =@B! <C! L<?@! _G>GZD6=! @?E! <=! L<C6! M?!

IGNCa?<CFE=U!/=@!<F=6@!=6BE=!<=@!>GB@!H?F!<C!NG>LG@=6B!@G6B!<=@!L<?@!@FZ6FYFNCBFY@!=B!=<<=!MG6N!<C!LE=>FDE=!

J!@=!MABCN_=E!MC6@!<KC6C<O@=U!/C!N<C@@=!7!CEEFI=!=6@?FB=!@?E!<=!L<C6!M=!<C!@FZ6FYFNCBFIFBA;!>CF@!=<<=!=@B!<C!

L<?@!F>LGEBC6B=!=6!6G>aE=!MKFMA=@!PR]S!M=@!FMA=@!FM=6BFYFA=@!O!@G6B!E=ZEG?LA=@TU!$6YF6;!<=@!N<C@@=@!r!

=B! R! @=! ECLLGEB=6B! J! M=@! B_A>CBFH?=@! LEGN_=@! `! <FA=@! J! <C! IF@FB=! =B! C?V! n?IE=@! `! >CF@! CI=N! M=@!

CLLEGN_=@!MFYYAE=6B=@!f!<K?6=!IFEB?=<<=!PN<C@@=!RT!=B!<KC?BE=!@=6@Fa<=!PN<C@@=!rTU!!

4/&''$!9!f!"#!)"'$$!&44$''(3/$!*&,!'$'!-&,(0'!$-!'$'!%+,&(,$'!

4=BB=!N<C@@=!=@B!YGE>A=!LCE!R98!?6FBA@;!NK=@BWJWMFE=!FMA=@U!&

GJI?KME?QND!ACOIQTQVMD!<!E?!IE?AAD!9!PLCE!GEME=!M=!@FZ6FYFNCBFIFBAT!f!ZECB?FB!P99]T;!BCEFY!Pq:T;!LCO=E!Pr8T;!

aF<<=B!PrrT;!LEFV!P7\T;!YC>F<<=!P7qT;!6GNB?E6=!P9\T;!N_=E!P9RT;!=6BEA=!Pr9T;!YF6C6N=E!P7RT;!LC@@!P9rT;!_=?E=!

P9qT;!CLL<FH?=E!P9RT;!NCEB=!P9qT;!@=>CF6=!P97T;!BCEFYCFE=!P97T;!C6!P78T;!YGF@!P9QT;!a?MZ=B!P97T;!CaG66=>=6B!

P9rT;! EAM?FB!P9RT;! E=I=6FE! P77T;! B=>LGECFE=! P7RTU! ! /=@! 6G>aE=@! =6BE=! LCE=6B_D@=@! YG6B! EAYAE=6N=! C?!

6G>aE=!MKGNN?EE=6N=@!MC6@!<C!N<C@@=!9U!

/C! B_A>CBFH?=! N=6BEC<=! M=! N=BB=! N<C@@=! MKFMA=@! NG6N=E6=! <KCNN=@@FaF<FBA! M=@! >?@A=@U! .KCLED@! <=@!

EACNBFG6@! M=@! LCEBFNFLC6B@;! <=! >?@A=! ZCZ6=ECFB! LG?E! M=I=6FE! L<?@! CNN=@@Fa<=! J! YCFE=! AIG<?=E! M=?V!

LEF6NFLC?V!C@L=NB@!f&

•! EDA!L?NQTA;!H?F!E=IF=66=6B!MC6@!<=!L<?@!ZEC6M!6G>aE=!MKFMA=@!t!

•! EDA!UJN?QNDAa!!

!

]QPMND!:!'OAD?M!RD!LDNSDA!RD!E?!IE?AAD!9!

/=!B=E>=!N=6BEC<!=@B!<=!L<?@!@FZ6FYFNCBFY!M=!<C!N<C@@=U!!"6=!@FZ6FYFNCBFIFBA!YGEB=!=@B!E=LEA@=6BA=!LCE!?6=!NG?EB=!MF@BC6N=!C?!>GB!N=6BEC<!PFNF!c!ZECB?FB!dTU&

&

'?E!<=!LE=>F=E!C@L=NB;!<=@!LCEBFNFLC6B@!M=!<C!NG6@?<BCBFG6!NG6@FMDE=6B!H?=!<=!>?@A=!@=ECFB!MCIC6BCZ=!

IF@FBA!@F!<=@!BCEFY@!LECBFH?A@!ABCF=6B!L<?@!CaGEMCa<=@U!/=@!LEGLG@FBFG6@!IG6B!M=!<C!PN?LMQLO!LJL?ED!LG?E!

!"##"$%&!'#((#&)'&**"(&#"(+,(!& -3&& .$,'!(&"""&

!

BG?@!Pc!vjw!*E=6G6@!<h=V=>L<=!M=!<C!pEC6M=W3E=BCZ6=!Gl!<hCNND@!C?V!>?@A=@!6CBFG6C?V!=@B!ZECB?FBU!vjw!

/=!>?@A=!C6Z<GW@CVG6!=@B!M=I=6?!?6!<F=?!M=!IF=!J!LCEB!=6BFDE=!dT;!J!M=@!FMA=@!L<?@!6?C6NA=@;!LEk6C6B!

L<?BkB!RDA!L?NQTA!CEMA!?IIDAAQKEDA!DL!IQKEOAU!*CE!=V=>L<=;!c!vjw!M=@!AB?M=@!G6B!>G6BEA!H?=!<C!ZECB?FBA!

6=! iG?=! LC@! @?E! <C! _C?@@=! M=! <C! YEAH?=6BCBFG6U! x=! @?F@! LG?E! <=@! BCEFY@! aC@! LCE! NG6BE=! vjw!d!t! c!F<! =@B!

F>LGEBC6B!MKCIGFE!M=@!BCEFY@!CaGEMCa<=@!CF6@F!H?K?6!BCEFY!EAM?FB!LG?E!<=@!L?a<FN@!COC6B!?6!YCFa<=!E=I=6?!

vjw!d!t!c!vjw!>F@=!=6!L<CN=!MK?6!@O@BD>=!M=!LEFV!ICEFCa<=@!=6!YG6NBFG6!M=!<C!YEAH?=6BCBFG6!=B!M=@!L<CZ=@!

_GECFE=@!dU!&

/C!ZECB?FBA!=@B!?6!@?i=B!H?F! F6B=EL=<<=!=B!H?F!MFIF@=!f! <C!LEGLG@FBFG6!c!pECB?FBA!M=@!>?@A=@!L?a<FN@!d;!

CLL=<C6B!J!?6=!AIG<?BFG6!@?E!<=!>GMD<=!aEFBC66FH?=;!YCFB!LCEBF=!M=@!FMA=@!@?E!<=@H?=<<=@!<=@!LCEBFNFLC6B@!

J! <C! NG6@?<BCBFG6!@=! @G6B! <=!L<?@!=VLEF>A@U! /=?E@!IGB=@! @=! EALCEBF@@=6B!NG>>=!@?FB!f! @?E!q9!CIF@;!G6!

NG>LB=! r9! IGB=@! LG?E;! 99! NG6BE=! =B! 98!>FBFZA@U! 9q! CEZ?>=6B@! G6B! ABA! EAMFZA@! =6! EACNBFG6! J! N=BB=!

LEGLG@FBFG6!f!Q!c!NG6BE=!d!=B!]!c!LG?E!dU!!

"6=!FMA=!YEAH?=>>=6B!AIGH?A=!NG6N=E6=!AZC<=>=6B!M=@!L?NQTA!PNJMCOA!DL!ROPNDAAQTAU!&!N=!BFBE=;!<=@!

LCEBFNFLC6B@!AIGH?=6B!f&

•! M=@!KQEEDLAbC?AAb?KJ@@DSD@LA!IC<Ca<=@!LG?E!L<?@F=?E@!>?@A=@!=B!6G6!LG?E!?6!@=?<!P$V=>L<=!f!

c!LEAIGFE!?6=!NCEB=!LC@@!MG6B!?6=!=6BEA=!=@B!MAM?FB=!=6!aFLC6B!C?V!aGE6=@!M?!>?@A=!LG?E!

=6BE=E!vjw!dT!t&

•! M=@!LQIcDLA!<!RMNOD!RD![?EQRQLO!OLD@RMD!LG?E!L=E>=BBE=!C?V!IF@FB=?E@!M=!E=I=6FE!J!>GF6ME=!

NGbB!P$V=>L<=!f!c!ZCEM=E!<KC@L=NB!LCOC6B!M=!<K=6BEA=!>CF@!E=6ME=!<=!aF<<=B!6G>F6CBFY!=B!AB=6ME=!

@C!IC<FMFBA!J!L<?@F=?E@!iG?E@!dT!t&

•! M=@! TJNT?QLA!RDALQ@OA!?MZ! T?SQEEDA! P$V=>L<=!f! c!=VU!f! ?6=!IF@FB=!=6! YC>F<<=;!>^>=!=6!ZEC6M=!

aC6<F=?=;!LG?E!?6=!=VLG@FBFG6!B=>LGECFE=;!LEFV!M=@!BEC6@LGEB@!vjw!y!MEGFB@!MK=6BEA=!CI=N!BCEFY!

?6FH?=!LG?E!?6=!MFmCF6=!MK=?EG@zL=E@G66=!dT!t&

•! ?6!@O@BD>=!M=!C?NN?Q@?PD!P$V=>L<=!f!c!L=?BW^BE=!?6!@O@BD>=!M=!LCEECF6CZ=!LG?EECFB!NEA=E!M=@!

LE=@NEFLB=?E@!M=!IF@FB=@!X!dTU&

/C!LEGa<A>CBFH?=!M?!BECi=B!=@B!AZC<=>=6B!AIGH?A=;!=B!N=!J!MG?a<=!BFBE=U!.KCaGEM!LCEN=!H?=!<=!IJdL!RM!

LN?eDL! IF=6B! C?Z>=6B=E! <=! NGbB! M=! <C! IF@FB=! PN=! J! H?GF! F<! @=ECFB! LG@@Fa<=! M=! E=>AMF=E! LCE! M=@! aF<<=B@!

NG>aF6A@;!@=<G6!<=@!NG6BEFa?B=?E@T;!>CF@!C?@@F!LCEN=!H?=!<=@!_CaFBC6B@!M=!N=EBCF6@!B=EEFBGFE=@!6KG6B!LC@!

?II\A! ?MZ! LN?@ACJNLA! D@! IJSSM@! LG?E! LG?IGFE! @=! E=6ME=! C?! >?@A=U! $V=>L<=@!f! c!! i=! 6KCF! LC@!

MKCaG66=>=6B!M=!BEC6@LGEBU!*G?E!I=6FE!C?!>?@A=;!i=!MAL=6@=!?6!BFN{=B!M=!a?@;!M=!>ABEG;!M=!,$,!G?!

aF=6!i=!>=!E?F6=!C?!LCE{F6Z!d!t!c!<KA<GFZ6=>=6B!=@B!?6!LEGa<D>=;!=6!>F<F=?!?EaCF6!NG>>=!=6!>F<F=?!

E?EC<! NCE! <=@! NGbB@!L=?I=6B!^BE=! F>LGEBC6B@;!LG?E! <C!L<?LCEB!M=@!L?a<FN@!dU!#GBG6@!J! N=! BFBE=!H?=! <C!

!"##"$%&!'#((#&)'&**"(&#"(+,(!& -4&& .$,'!(&"""&

!

LEGLG@FBFG6! c!0CFE=! M=@! *C@@! N?<B?E=! CI=N! <=@! BEC6@LGEB@!d;! A>F@=! MC6@! <=@! LE=>F=E@! iG?E@! M=! <C!

NG6@?<BCBFG6;!C!E=N?=F<<F!988S!M=!IGB=@!c!.KCNNGEM!d!P@?E!r\!IGB=@TU!&

'?E! <=! M=?VFD>=! C@L=NB! `! EDA! UJN?QNDA! `! <=@! LCEBFNFLC6B@! =VLEF>=6B! M=! >C6FDE=! EAN?EE=6B=! ?6=!

YE?@BECBFG6! LCE! ECLLGEB! C?V! _GECFE=@! MKG?I=EB?E=! M=@! >?@A=@U! .KCLED@! <=@! EACNBFG6@! EANG<BA=@;! <=@!

_GECFE=@!MKG?I=EB?E=!6=!L=E>=BB=6B!LC@!C?V!L=E@G66=@!CNBFI=@!M=!@=!E=6ME=!C?!>?@A=!NG>>=!=<<=@!<=!

@G?_CFB=6BU! /C! @G<?BFG6! @=ECFB! MG6N! M=! LEGLG@=E! M=@! JM[DNLMNDA! D@! @JILMN@DU! P$V=>L<=@!f! c!=6!

A<CEZF@@C6B!<=?E@!_GECFE=@;!=B!=6!LEGLG@C6B!6GBC>>=6B!M=@!6GNB?E6=@!vjw;!M=!6G>aE=?V!>?@A=@!G6B!

MAiJ!NG>>=6NA!J!BECICF<<=E!@?E! <=@!B=>LGEC<FBA@!M=!IF=!MKC?iG?EMK_?F!d!G?!c!*E=6ME=!=V=>L<=!@?E! <=!

*C<CF@!M=!-G{OG!J!*CEF@!G?IEFE!<=@!>?@A=@!M=!97_88!J!88%88!CYF6!M=!L=E>=BBE=!J!N_CN?6!M=!LG?IGFE!

IF@FB=E!M=@!>?@A=@!CLED@!<=!BECICF<!d;!H?F!YCFB!MKCF<<=?E@!LCEBF=!M=@!LEGLG@FBFG6@!H?F!E=N?=F<<=6B!<=!L<?@!M=!

IGB=@;!=@@=6BF=<<=>=6B!c!.KCNNGEM!dUT!

4/&''$!7!f!"#!)"'$$!+"o$,-!W!-,&#')(''(+#!.$!o&/$",'!$-!o+4&-(+#!'+4(&/$!

4=BB=!N<C@@=!=@B!YGE>A=!LCE!]:Q!?6FBA@;!NK=@BWJWMFE=!FMA=@U!&

GJI?KME?QND!ACOIQTQVMD!<!E?!IE?AAD!:!PLCE!GEME=!M=!@FZ6FYFNCBFIFBAT!f!CEB!P99\T;!N?<B?E=<!P989T;!NFBGO=6!PqrT;!

EAY<=VFG6!Pr7T;!ANG<=!Pq8T;!L?a<FN!P9Q\T;!N?<B?E=!P\rT;!>F@@FG6!Pr8T;!LEGY=@@FG66=<!PR9T;!CNBFG6!PQ8T;!YCFE=!

P9q8T;!YGE>=!PRRT;!AM?NCBFG6!P7]T;!6G?I=<!Pr7T;!IFIC6B!P7QT;!NG6YAE=6N=!P77T;!<F=?!P\]T;!@NF=6BFYFH?=!P7\T;!

>?E! P9QT;!MAaCB! P7RT;!C@@GNFCBFY! P7\T;!IC<=?E! P7RT;!_F@BGFE=! PRRTU! /=@!6G>aE=@!=6BE=!LCE=6B_D@=@! YG6B!

EAYAE=6N=!C?!6G>aE=!MKGNN?EE=6N=@!MC6@!<C!N<C@@=!7U&

&

]QPMND!=!'OAD?M!RD!LDNSDA!RD!E?!IE?AAD!:!/=!B=E>=!N=6BEC<!=@B!<=!L<?@!@FZ6FYFNCBFY!M=!<C!N<C@@=U!!

"6=!@FZ6FYFNCBFIFBA!YGEB=!=@B!E=LEA@=6BA=!LCE!?6=!NG?EB=!MF@BC6N=!C?!>GB!N=6BEC<!PFNF!c!CEB!dTU&&

/=@!LEGLG@FBFG6@!=B!EACNBFG6@!EC@@=>a<A=@!MC6@!N=BB=!N<C@@=;!M=@@F6=6B!<KFMA=!MK?6=!IGNCBFG6!@GNFC<=!M?!

>?@A=U! (<!M=IECFB!CF6@F!7!Q@I?N@DN!RDA![?EDMNA!8!G?!L=E>=BBE=!M=!MA>GNECBF@=E! <C!N?<B?E=!P$V=>L<=!f!

c!aF=6!@bE;!<=!LCBEF>GF6=!H?=!E=6Y=E>=6B!<=@!>?@A=@!=@B!LEF>GEMFC<U!)CF@!G6!6=!LG?EEC!aC6C<F@=E!N=BB=!

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

!

LECBFH?=!N?<B?E=<<=;!=6NGE=!C?iG?EMK_?F!EA@=EIA=!J!N=EBCF6=@!N<C@@=@!@GNFC<=@;!H?K=6!CM>=BBC6B!H?=!<C!

N?<B?E=!L=?B!^BE=!C?BE=!N_G@=!dTU!&

/C!EAY<=VFG6!@?E!<KAIG<?BFG6!M?!>?@A=!=@B!CF6@F!<FA=!J!?6=!EAY<=VFG6!@?E!E?!LN?@ATJNS?LQJ@!RD!E?!AJIQOLO!

DL!E?!EMLLD!IJ@LND!EDA!Q@OP?EQLOAU!$V=>L<=@!f!c!vjw!F<@!MGFI=6B!CLLE=6ME=!J!LCE<=E!J!BG?@!<=@!L?a<FN@;!>CF@!

C?@@F! @CIGFE! @KG?IEFE! =B! C<<=E! I=E@! =?V;! 6G6! LC@! MC6@! ?6=! GLBFH?=! LCB=E6C<F@B=;! >CF@! NFBGO=66=! =B!

ZA6AE=?@=!d!t!c!=6!@KG?IEC6B! <CEZ=>=6B!@?E! <C!IF<<=;! <=@!H?CEBF=E@;! <=@! B=EEFBGFE=@;!=6!CYYFE>C6B!H?=! <C!

N?<B?E=!@=EB!MKCaGEM!J!EAY<AN_FE!@?E!@GF!=B!<=@!C?BE=@;!J!NG6@BE?FE=!@C!E=<CBFG6!C?!>G6M=;!<=!>?@A=!L=?B!

M=I=6FE!?6!=@LCN=!M=!MAaCB!L?a<FN!MK?6!6G?I=C?!Z=6E=!d!t!c!<=!Ek<=!M=@!>?@A=@!=@B!?6!Ek<=!@GNFC<!dU&

4=BB=!IGNCBFG6!NFBGO=66=!M=@!>?@A=@!L=?B!LE=6ME=!M=?V!YGE>=@!f&

•! E-JM[DNLMNDX! ED! UJNA! EDA!SMNA!f! <KCEB! H?F! @GEBFECFB! M=@!>?E@! M=@!>?@A=@;! =6! @K=VLG@C6B! MC6@!

<K=@LCN=! L?a<FN! PZCE=@;! >CFEF=@! =BNUT;! L=E>=BBC6B! CF6@F! J! ?6! L?a<FN! BED@! <CEZ=! MKO! CIGFE!

CNND@!P$V=>L<=!f! c!i=! 6=! NEGF@! LC@! J! <KCEB! =6! <F=?! N<G@!|!dTU! /C! LEGLG@FBFG6! c!)?<BFL<F=E! <=@!

=VLG@FBFG6@!=B!M=@!CNBFIFBA@!_GE@!<=@!>?E@!LG?E!C<<=E!J!<C!E=6NG6BE=!M=!BG?@!<=@!L?a<FN@!d!=@B!LCE!

CF<<=?E@! <C! LEGLG@FBFG6! COC6B! E=N?=F<<F! <=! L<?@! M=! IGB=@! @?E! <=! @FB=! M=! <C! NG6@?<BCBFG6;!

>CiGEFBCFE=>=6B!LG@FBFY@!PQrS!c!.KCNNGEM!d;!9RS!c!)FBFZA@!d!=B!rS!c!*C@!MKCNNGEM!dTU&

•! E-ORMI?LQJ@!f!<=!<F=6!=6BE=!<=!@O@BD>=!AM?NCBFY!PANG<=@;!NG<<DZ=@;!<ONA=@T!>AEFB=!MK^BE=!=VL<GFBA!

MCIC6BCZ=!LG?E!F6FBF=E!<=@!i=?6=@!J!<KCEB!=B!J!<C!N?<B?E=;!AM?H?=E!N_=m!=?V!?6=!_CaFB?M=;!<=?E!

L=E>=BBE=!M=!MALC@@=E! <=@! N<FICZ=@! P6GBC>>=6B!LG?E! N=?V!H?F! IGF=6B! <=!>?@A=! NG>>=!?6!

ABCa<F@@=>=6B!A<FBF@B=T!P$V=>L<=!f!c!<=!>?@A=!M=IECFB!C<<=E!MC6@!<=@!ANG<=@!vjw!dTU!&

/=@!EACNBFG6@!NG6B=6?=@!MC6@!N=BB=!N<C@@=!@KGEZC6F@=6B!AZC<=>=6B!C?BG?E!M=! <KFMA=!@=<G6! <CH?=<<=! <=!

>?@A=! M=IECFB! ^BE=! ?6=! Q@ALQLMLQJ@! TORON?LNQID! DL! JM[DNLD;! M=! NG6@BE?NBFG6! M=! <C! NFBGO=66=BA! =B!

MKAM?NCBFG6!M=@!i=?6=@!ZA6AECBFG6@U!4G6NEDB=>=6B;!<=@!LCEBFNFLC6B@!@?ZZDE=6B!H?=!<=!>?@A=!6=!M=IECFB!

LC@!@=!<F>FB=E!J!<K=VLG@FBFG6!=B!<C!NG6@=EICBFG6!M=@!n?IE=@!MKCEB!>CF@!C?@@F!f&

•! 'KG?IEFE!J!M=@!TJNSDA!R-?NL!@JM[DEEDA;!C?BE=@!H?=!N=<<=@!=VLG@A=@!BECMFBFG66=<<=>=6B!MC6@!<=@!

>?@A=@! P$V=>L<=!f! c!>CF@G6! M=! <C! N?<B?E=;! <=! >?@A=! MGFB! @KG?IEFE! J! BG?B=@! <=@! YGE>=@!

MK=VLE=@@FG6;!<=!B_AsBE=;!<C!>?@FH?=;!<C!MC6@=;!<=!NF6A>C!vjw!d!t!c!<=!>?@A=!M?!22(D>=!@FDN<=!

MGFB! @=! NG6N=IGFE! NG>>=! ?6! ABCa<F@@=>=6B! C?! NCEE=YG?E! M=@! CEB@! M?! LC@@A! =B! M=@! CEB@!

MKC?iG?EMK_?F;!>CF@!C?@@F!M=@!CEB@!=B!M=!<K_F@BGFE=;!=6!@KG?IEC6B!J!BG?B=@!YGE>=@!M=!>ABF@@CZ=@!

CEBF@BFH?=@!=B!N?<B?E=<@!dT!t&

•! &NN?=F<<FE! M=@! O[O@DSD@LA! D@! EQD@! ?[DI! EDA! DZCJAQLQJ@A!^! ROK?LAX! O[O@DSD@LA! ?AAJIQ?LQTA!

P$V=>L<=!f! c!YCFE=! M=! <KCEB! ?6! G?BF<! M=! MFC<GZ?=;! M=! MAaCB! =B! M=! EAY<=VFG6;! H?F! G?IE=! @?E! M=!

6G?I=C?V!_GEFmG6@!dT!t&

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

!

•! +EZC6F@=E!M=@!ND@IJ@LNDA!?[DI!EDA!?NLQALDA! P$V=>L<=!f!c!LEGLG@=E!J!N_CH?=!CEBF@B=!IFIC6B!M=!

LCEBCZ=E!@G6!@CIGFE!CI=N!<=!L?a<FN!=6!GEZC6F@C6B!M=@!CB=<F=E@!F6B=ECNBFY@!dTU&&

4/&''$!r!f!"#$!$2*$,($#4$!.$!o('(-$!,$#+"o$/$$!

4=BB=!N<C@@=!=@B!YGE>A=!LCE!r97!?6FBA@;!NK=@BWJWMFE=!FMA=@U!&

GJI?KME?QND!ACOIQTQVMD!<!E?!IE?AAD!=!PLCE!GEME=!M=!@FZ6FYFNCBFIFBAT!f!IF@FB=?E!P\:T;!IF@FB=!P\RT;!=VLAEF=6N=!

PR9T;! n?IE=! P\]T;! <?MFH?=! P9RT;! Z?FM=! P9]T;! LCENG?E@! P7]T;! B=VB=! P99T;! =6YC6B! P7:T;! BG?N_=E! P9RT;!

@>CEBL_G6=!PQT;!IGFE!Pr:T;!=6IF=!P9\T;!B_A>CBFH?=!P9:T;!IFEB?=<!P9:T;!C?MFG!PQT;!A>GBFY!P\T;!NG6BCNB!P9]T;!

LG?IGFE! P78T;! LEGLG@=E! PRQT;! ANEFB! P:T;! @FDZ=! PQT;! F>>=E@FY! P:TU! /=@! 6G>aE=@! =6BE=! LCE=6B_D@=@! YG6B!

EAYAE=6N=!C?!6G>aE=!MKGNN?EE=6N=@!MC6@!<C!N<C@@=!rU&

&

]QPMND!B!'OAD?M!RD!LDNSDA!RD!E?!IE?AAD!=!/=!B=E>=!N=6BEC<!=@B!<=!L<?@!@FZ6FYFNCBFY!M=!<C!N<C@@=U!!

"6=!@FZ6FYFNCBFIFBA!YGEB=!=@B!E=LEA@=6BA=!LCE!?6=!NG?EB=!MF@BC6N=!C?!>GB!N=6BEC<!PFNF!c!IF@FB=?E!dTU&

/=@!FMA=@!H?F!YGE>=6B!N=BB=!N<C@@=!NG6N=E6=6B!<KDZCONQD@ID!RD!E?![QAQLD!M?!>?@A=!=B!N=!H?K=<<=!M=IECFB!

^BE=U!&!N=!BFBE=;!<=@!LCEBFNFLC6B@!@?ZZDE=6B!L<?@F=?E@!LF@B=@!f&

•! CDNAJ@@?EQADN!E-DZCONQD@ID!=6!LEGLG@C6B!M=@!C?NIJMNA!LUOS?LQVMDA;!=6!MG66C6B!M=@!N<A@!M=!

<=NB?E=!CMCLBA=@!P$V=>L<=!f!c!<=!IF@FB=?E!N_GF@FB!<=@!Gai=B@;!<=@!F6@BC<<CBFG6@!H?F!<?F!G6B!L<?!CF6@F!

H?=! <=@! NCEB=<@;! F<! NG6[GFB! C<GE@! @C! LEGLE=! @NA6GZECL_F=! IFEB?=<<=Ud!t! c!vjw!>F@=! =6! L<CN=! M=!

LCENG?E@!<?MFH?=@!MFYYAE=6B@!@=<G6!<K=6IF=!M?!IF@FB=?E!dT&

•! MAI=<GLL=E!E?!SORQ?LQJ@!SMELQSORQ?!M=@!IF@FB=@!f!C?MFG!Z?FM=@;!CLL<FNCBFG6@!P$V=>L<=!f!c!vjw!

F6@F@B=E!MCIC6BCZ=!@?E!<=@!G?BF<@!M?!6?>AEFH?=;!NC@H?=@;!CLL<F;!BCa<=BB=@;!ANEC6@!BCNBF<=@!vjw!d!t!

c!!vjw!<=@!LCENG?E@!B_A>CBFH?=@!LCE!@>CEBL_G6=!L=?I=6B!LEGLG@=E!?6=!C?BE=!<=NB?E=!dT&

•! L=E>=BBE=! C?V! IF@FB=?E@! M=! ROIJM[NQN! EDA! fM[NDA! D@! MLQEQA?@L! R-?MLNDA! AD@A! H?=! <C!

BECMFBFG66=<<=!I?=!f! ED! LJMIUDNX! E-JMgDX! E-JRJN?L! P$V=>L<=!f!c!vjw!CIGFE!M=@!=@LCN=@! <?MFH?=@;!

LG?E!BG?N_=E;!@=6BFE!vjw!dT&

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

!

•! ?SOEQJNDN!ED!IJ@TJNL!M=@!IF@FB=?E@;!LCE!=V=>L<=!=6!LEGLG@C6B!M=@!@FDZ=@!P$V=>L<=!f!c!LG?Y@;!

NG?@@F6@;! M=@! B=VB=@! =B! NCEB=<@! ANEFB@! C@@=m! ZEG@! =B! L<CNA@! J! _C?B=?E@! @BECBAZFH?=@;! _C?B=?E!

=6YC6B;!YC?B=?F<!_C6MFNCLA!=B!_C?B=?E!CM?<B=;!?6!AN<CFECZ=!GLBF>C<!M=@!n?IE=@!d!t!c!NK=@B!C?@@F!

?6=!YC[G6!M=!@KCLLEGLEF=E!<K=@LCN=!=B!<=@!n?IE=@;!=6!C>A<FGEC6B!<=!NG6YGEB!M?!@L=NBCB=?E!=B!

<K=EZG6G>F=!M=!<C!IF@FB=!dT&

•! ?R?CLDN! ED! IJ@LD@M! DL! E-DZCONQD@ID! ?MZ! D@T?@LAX! 6GBC>>=6B! =6! C>A6CZ=C6B! M=@! =@LCN=@!

CMCLBA@!=B!=6!LEGLG@C6B!M=@!G?BF<@!M=!>AMFCBFG6!CNN=@@Fa<=@!C?!i=?6=!L?a<FN!P$V=>L<=!f!c!NEA=E;!

J! <KF6BAEF=?E! M=@! >?@A=@;! M=@! =@LCN=@! NG6[?@! LG?E! <=@! =6YC6B@;! CI=N! M=@! E=LEGM?NBFG6@!

MKn?IE=@zMKGai=B@!H?=!<K=6YC6B!LG?EEC!BG?N_=E;!>C6FL?<=E!dT!

.C6@!<K=6@=>a<=;!<=@!EACNBFG6@!NG6I=EZ=6B!I=E@!<KFMA=!H?=!<K=VLAEF=6N=!ZCZ6=ECFB!J!M=I=6FE!CEMA!EMRQVMD!

DL!CEMA!Q@LDN?ILQ[DU!.KCLED@!<=@!NG6BEFa?BFG6@!EANG<BA=@;!<=!IF@FB=?E!MK?6!>?@A=!6=!M=IECFB!LC@!@=!<F>FB=E!

J! <C! NG6@G>>CBFG6!LC@@FI=!M=@!=VLG@FBFG6@;!>CF@!^BE=!MCIC6BCZ=!D@! NO?ILQJ@X![JQND!D@! QSSDNAQJ@U!

$V=>L<=@!f!c!LEGLG@=E!C?@@F;!LG?E!N=EBCF6=@!n?IE=@;!?6!M=@NEFLBFY!H?F!L=E>=BB=!M=!<=@!F>CZF6=E;!M=!<=@!

NG6N=IGFE;! @C6@!>^>=! <=@! IGFE!d!t! c!LG?IGFE!>C6FL?<=E!LG?E! E=LEGM?FE=!M=@!=VLAEF=6N=@!d!t! c!CNBFY@;!

=6YC6B@!NG>>=!CM?<B=@!@KC>?@=6B!a=C?NG?L!L<?@!|!d!t!c!G?F!C?!i=?;!=B!G?F!J!<KA>GBFG6!|!dT&

4/&''$!R!f!"#!)"'$$!o(,-"$/!W!"#!&44$'!.$)&-$,(&/('$!&"2!}"o,$'!

4=BB=!N<C@@=!=@B!YGE>A=!LCE!9R7!?6FBA@;!NK=@BWJWMFE=!FMA=@U!&

GJI?KME?QND!ACOIQTQVMD!<!E?!IE?AAD!B!PLCE!GEME=!M=!@FZ6FYFNCBFIFBAT!f!MG66A=!P9\T;!aC@=!P9\T;!n?IE=!PQ9T;!

F>CZ=!P79T;!@FB=!P79T;!EA@=EI=!P9\T;!6?>=EF@!P98T;!<FZ6=!P99T;!6GBFN=!P]T;!MEGFB!P9rT;!C?B=?E!PQT;!xGNG6M=!

P]T;! >CBAEF=<! PQT;! F6I=6BCFE=! P]T;! NGLF=! PqT;! MG@@F=E! PRT;! MO6C>F@! PqT;! M=>C6M=E! P9RT;! C?BGEF@=E! P:T;!

E=N_=EN_=!P97T;!L_GBGZECL_!P:T;!@?LLGEB!P]T;!NG6@=EICBFG6!P98TU!U!/=@!6G>aE=@!=6BE=!LCE=6B_D@=@!YG6B!

EAYAE=6N=!C?!6G>aE=!MKGNN?EE=6N=@!MC6@!<C!N<C@@=!RU&

&

]QPMND!;!'OAD?M!RD!LDNSDA!RD!E?!IE?AAD!B!/=!B=E>=!N=6BEC<!=@B!<=!L<?@!@FZ6FYFNCBFY!M=!<C!N<C@@=U!!

"6=!@FZ6FYFNCBFIFBA!YGEB=!=@B!E=LEA@=6BA=!LCE!?6=!NG?EB=!MF@BC6N=!C?!>GB!N=6BEC<!PFNF!c!MG66A=dTU&%7;C&D&56&;ECFCGH&IE>CHC8H:&=5E&H:=&<7;=&C&>;>&:JJ:K;5>&=5E&HC&8C=:&L:=&F:E8C;G<B&&

MG6=G&%5<>EG=:EN&65<>EG=C;G76&=76;&EC==:<8H>=&GKG&=75=&HC&ECKG6:&O&65<>EG=&PB&

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

!

4=BB=! N<C@@=! E=ZEG?L=! <=@! FMA=@! =6! YCI=?E!MK?6!?II\A! [QNLMDE! ?MZ!fM[NDAU! /=@! LCEBFNFLC6B@! MG6B! <=@!

NG6BEFa?BFG6@!NG>LG@=6B!<C!N<C@@=!R!@=!@G6B!=VLEF>A@!=6!YCI=?E!M=!<C!@MSONQA?LQJ@!RDA!fM[NDA!DL!R-M@!

?II\A!<!RQAL?@ID!C?V!L_GBG@!=B!C?V!6GBFN=@U!$V=>L<=@!f!c!L?a<F=E!=6!<FZ6=!<=@!NCBC<GZ?=@!M=@!n?IE=@!

M=@!>?@A=@!=B!MAI=<GLL=E!vjw!<KF<<?@BECBFG6!M=@!6GBFN=@!LCE!<C!>F@=!J!MF@LG@FBFG6!MKF>CZ=@!=6!NG?<=?E!

M=!aG66=!H?C<FBA!LG?E!MO6C>F@=E!<C!MFYY?@FG6!=B!YCNF<FB=E!<=?E!EA?BF<F@CBFG6!d!t!c!=6NG?ECZ=E!<C!>F@=!=6!

<FZ6=!M=@!NG<<=NBFG6@!dU!&

'=<G6!<=@!F6MFIFM?@;!<C!>F@=!J!MF@LG@FBFG6!IFEB?=<<=!M=@!NG<<=NBFG6@!L=E>=BBECFB!f!&

•! R-?[JQN!?II\A!?MZ!fM[NDA!A?@A!AD!ROCE?IDN!f!<C!MF@BC6N=!L=?B!^BE=!?6!Ga@BCN<=!J!<KCLLEANFCBFG6!

M=@!n?IE=@;!=B!<C!>F@=!J!MF@LG@FBFG6!M=@!MG66A=@!L=?B!^BE=!?6=!@G<?BFG6!!P$V=>L<=!f!c!i=!@?F@!

LG?E!vG?IEFE!<=@!MG66A=@!N?<B?E=<<=@w;!NCE!<C!E=N_=EN_=!G?!<KCLLEANFCBFG6!MKn?IE=@!@G6B!LCEYGF@!

MFYYFNF<=@!IF@WJWIF@!M=@!MF@BC6N=@!G?!M=@!NG<<=NBFG6@!L<CNA=@!=6!EA@=EI=!dTt&

•! MKCIGFE! ?II\A! ?MZ! IJEEDILQJ@A! CE?IODA! D@! NOADN[D;! 6GBC>>=6B! LG?E! ?6! L?a<FN! YGEB=>=6B!

CI=EBF!P$V=>L<=!f! c!vjw! F<! =@B! C@@=m! MFYYFNF<=! LG?E! ?6! N_=EN_=?E! MKCIGFE! CNND@! J! N=EBCF6=@!

F6YGE>CBFG6@;!6=!@=ECFBWN=!H?=!<KF6I=6BCFE=;!LG?E!EAC<F@=E!@=@!E=N_=EN_=@!dTU&

4K=@B!L<?BkB!MK?6!?II\A! NOADN[O!?MZ!ACOIQ?EQALDA;!D@I?RNO!DL!PONO!C?N! E-Q@ALQLMLQJ@;!MG6B! F<! @KCZFB! FNFU!

4=EBCF6@! @G?_CFB=6B! MKCF<<=?E@! H?=! <=@! IF@FB=?E@! 6=! L?F@@=6B! LC@! LE=6ME=! =6! L_GBG! <=@!n?IE=@! =B! <C!

MFYY?@FG6!M=!CUJLJA!?S?LDMNA!?MCN\A!RM!PN?@R!CMKEQI![Q?!EDA!NOAD?MZ!AJIQ?MZ!=@B!MAL<GEA=!LCE!N=EBCF6@!

NG6BEFa?B=?E@U!4=BB=!MFYY?@FG6!LEFI=ECFB!@=<G6!=?V!<=@!IF@FB=?E@!LGB=6BF=<@!M=!<K=YY=B!M=!@?ELEF@=!f!COC6B!

I?!<=@!F>CZ=@!MK?6=!=VLG@FBFG6;!F<@!@CI=6B!J!H?GF!@KCBB=6ME=!=B!<C!IF@FB=!6=!L=E>=B!L<?@!?6=!MANG?I=EB=!

C?@@F!F6BAE=@@C6B=U!$V=>L<=!f!c!(6B=EMFE=!<=@!L_GBG@!@?E!<=@!=VLG@FBFG6@!B=>LGECFE=@;!Nh=@B!MG66=E!=6IF=!

C?!L?a<FN!M=!I=6FE!IGFE!<h=VLG;!M=!E=NEA=E!<C!@?ELEF@=;!M=!@=!NG6N=6BE=E!@?E!<hF6@BC6B;!M=!MG66=E!IF=!C?V!

n?IE=@!J!BECI=E@!<=@!O=?V!M?!@L=NBCB=?E!=B!LC@!C?!BECI=E@!<hnF<!M=!@G6!@>CEBL_G6=!|!dU!&

*CE!CF<<=?E@;!N=EBCF6@!LCEBFNFLC6B@!M=!<C!NG6@?<BCBFG6!G6B!MA>G6BEA!?6=!NG66CF@@C6N=!CLLEGYG6MF=!M=@!

YGE>C<FBA@! <FA=@! C?V! MEGFB@! J! <KF>CZ=! =B! C?V! MEGFB@! M=! MFYY?@FG6;! N=! H?F! C! C<F>=6BA! <=! MAaCB! @?E! <C!

L<CB=YGE>=U! /C! LEGLG@FBFG6! c!.=@! MG66A=@! G?I=EB=@! LG?E! YCNF<FB=E! EACLLEGLEFCBFG6@! =B! MFYY?@FG6!d! C!

E=N?=F<<F!R8!IGB=@!f!rr!c!.KCNNGEM!d;!R!c!)FBFZA@!d!=B!r!c!*C@!MKCNNGEM!d;!=B!MFV!CEZ?>=6B@!EAMFZA@!MG6B!

M=?V!NG6BE=U!/C!LEGLG@FBFG6!c!,=LEGM?FE=!=6!r.!<=@!n?IE=@!M=@!>?@A=@!LG?E!MO6C>F@=E!<=?E!MFYY?@FG6!

=B! YCNF<FB=E! <=?E! EA?BF<F@CBFG6!d! E=N?=F<<=! M=! @G6! NkBA! ]RS! M=! IGB=@! c!.KCNNGEM!d! =B! C! ABA! <CEZ=>=6B!

CEZ?>=6BA=!=B!NG>>=6BA=!f!\!CEZ?>=6B@!*G?E!=B!:!CEZ?>=6B@!4G6BE=U!&

4=EBCF6@!LCEBFNFLC6B@!G6B!LG?@@A!<=?E!CEZ?>=6BCFE=!C?BG?E!M=@!H?=@BFG6@!MKCNND@!IFEB?=<!C?V!NG<<=NBFG6@!

M=@! >?@A=@! i?@H?KJ! CNJCJADN! RDA! CNJeDLA! CNOIQAU! .=@! L<CB=YGE>=@! =B! M=@! <GZFNF=<@! L=E>=BBC6B! <C!

NEACBFG6!M=!c!>?@A=!@F>?<A!d!G6B!ABA!NFBA@U!&

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

!

/$'!o$,3&-()!#+#!4/&''$'!P77ST!

/=@!=VLE=@@FG6@!=B! <=@! FMA=@!H?F!6KG6B!LC@!L?!^BE=!N<C@@A@!LCE! <KC6C<O@=! <=VFNC<=!NGEE=@LG6M=6B!J!M=@!

I=EaCBF>! LCEBFN?<F=E@;! LCEYGF@! BEGL! NG?EB@;! LCEYGF@! BEGL! A<GFZ6A@! M=! <C! B_A>CBFH?=! N=6BEC<=;! LCEYGF@!

>CEZF6C?VU!&

4=EBCF6@!NG6BEFa?B=?E@!G6B!MG66A!M=@!DZDSCEDA!=6!LCE<C6B!M=!LECBFH?=@!M=! <=?E!C@@GNFCBFG6!G?! <=?E!

=6BE=LEF@=;! G?! =6NGE=! MK?6=! =VLAEF=6N=! H?KF<@! G6B! IAN?=! MC6@! ?6! =6MEGFB! LEANF@U! 4=@! =V=>L<=@!

@KCLL?F=6B!@?E!M=@!6G>@!LEGLE=@!G?!M=@!B=E>=@!B=N_6FH?=@!H?=! <KC6C<O@=! <=VFNC<=!6=!LCEIF=6B!LC@!J!

ECBBCN_=E!J!M=@!N<C@@=@!H?K=<<=!NEA=U!&

4=EBCF6@!I=EaCBF>!6KG6B!LC@!L?!̂ BE=!N<C@@A@!NCE!F<@!?BF<F@CF=6B!?6![JI?KME?QND!C?NLQIMEQDN;!C<GE@!H?=!<KFMA=!

H?KF<@!LGEBCF=6B!ABCFB!LEGN_=!M=@!I=EaCBF>!N<C@@A@U!$V=>L<=!f!c!L?a!MC6@!<=!>ABEG!f!E=LEGM?NBFG6@!M=!

N=EBCF6=@!n?IE=@!=VLG@A=@U!?6=!@GEB=!M=!B=C@F6Z!LG?E!MG66=E!=6IF=!MKC<<=E!C?!>?@A=!dU!/C!<=NB?E=!M=!

N=BB=!LEGLG@FBFG6!L=E>=B!LCEYCFB=>=6B!M=!NG>LE=6ME=!<KFMA=!@G?@WiCN=6B=;!>CF@!<=@!G?BF<@!@BCBF@BFH?=@!

6=!L=E>=BB=6B!LC@!MK=6!NCLB=E!<=!@=6@!=B!MG6N!M=!<C!N<C@@=EU!&

$6YF6;!N=EBCF6@!I=EaCBF>!NGEE=@LG6MCF=6B!J!M=@!IJSSD@L?QNDA!LNJC!PO@ON?MZ!LG?E!^BE=!ECBBCN_A@!J!M=@!

LEGLG@FBFG6@U!$V=>L<=!f!c!(<!6KO!C!H?KJ!<=I=E!<=@!O=?V!dU!!

&#&/u'$!.$!4+#-$#"!$-!'u#-%$'$!.$'!o+-$'!

!

/KC6C<O@=!M=!NG6B=6?!LE=6M!=6!NG6@FMAECBFG6!<=@!BEGF@!N_C>L@!M=!H?=@BFG66=>=6B!F6FBFC?V!=B!<KC6C<O@=!

<=VFNC<=!EAC<F@A=!LCE!<=!4EAMGNU!$<<=!CYYF6=!<=@!@G?@WN_C>L@!M=!EALG6@=@!=B!>=B!=6!<?>FDE=!<=@!>GM=@!M=!

E=YGE>?<CBFG6!LCE!<=@!NG6BEFa?B=?E@!J!<C!L<CB=YGE>=!M=!N=EBCF6=@!M=@!LEGLG@FBFG6@!M=!<C!)F@@FG6U!$<<=!

L=E>=B!?6=!NCEBGZECL_F=!NG>L<DB=!=B!?6=!LG6MAECBFG6!M=@!EALG6@=@!LCE!<C!LEF@=!=6!NG>LB=!M=@!IGB=@U!

.C6@!?6!LE=>F=E!B=>L@!G6!E=<DI=EC!H?=! <=@! BEGF@!N_C>L@!M=!H?=@BFG66=>=6B@!6KG6B!LC@!@?@NFBA!?6!

>^>=!BC?V!M=!>GaF<F@CBFG6!M=@!NG6BEFa?B=?E@!f!NK=@B!<C!BEC6@YGE>CBFG6!M=!<KGYYE=!>?@AC<=!H?F!C!C>=6A!

<=! L<?@! M=! NG6BEFa?BFG6@! =B! M=! IGB=@;! =6@?FB=! <=@! @?LLGEB@! M=! <C! >GBFICBFG6! M=@! L?a<FN@;! =6YF6! <C!

ZG?I=E6C6N=!M=@!ABCa<F@@=>=6B@U!

!

!]QPMND!h!,DA!PN?@RDA!LUOS?LQVMDA!

!"#$%&#'"#$

()*+,&+$"+$(,&*$

+,&#

-./

!"#$%&#'"#$

)&+*"%"0+

.1/

20"$3,&4"*0)05"$

%,6'*07#'"8$9"#$

(&:975#$)##,57'#

;;/

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

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

!

/KC6C<O@=! M=@! IGB=@! =B! NG6BEFa?BFG6@! >G6BE=! =6@?FB=! ?6! MA@FE! M=! N_C6Z=>=6B! M=! <C! LCEB! M=! Q!

LCEBFNFLC6B@!@?E!98!J!<C!NG6@?<BCBFG6U!

.G66=E! =6IF=! M=! @=! E=6ME=! C?! >?@A=! LCE! ?6=! CNN=@@FaF<FBA! CNNE?=! =B! MG66=E! =6IF=! MKO! IFIE=! ?6=!

=VLAEF=6N=!N?<B?E=<<=! EFN_=!M=!@=6@!NGEE=@LG6M=6B!J!N=BB=!>GO=66=!H?F!=@B!>GF6@!A<=IA=!=6!N=!H?F!

NG6N=E6=!<C!H?=@BFG6!M=!<C!ZG?I=E6C6N=!L?F@H?=!]z98!=6!@G?_CFB=6B!?6!BGF<=BBCZ=U!

!!

.C6@!<=@!C6C<O@=@!H?F!@?FI=6B!6G?@!6=!NG6@FMAEG6@!H?=!<=@!IGB=@!=B!NG6BEFa?BFG6@!H?F!IG6B!MC6@!<=!@=6@!

M?!N_C6Z=>=6BU!

.$'!)"'$$'!*&,-+"-!$-!*+",!-+"'!!

*G?E!<=@!IGBC6B@!=B!<=@!NG6BEFa?B=?E@!=B!J!<C!L<CB=YGE>=!6?>AEFH?=;!E=6ME=!CBBECNBFY@!<=@!>?@A=@!C?!L<?@!

ZEC6M!6G>aE=!=6BECF6=!M=@!=YYGEB@!M=@!ABCa<F@@=>=6B@!MC6@!H?CBE=!MG>CF6=@!f! <=@!NG6MFBFG6@!MK?6=!

CNN=@@FaF<FBA!?6FI=E@=<<=!NK=@B!J!MFE=!<C!>F@=!=6!L_C@=!CI=N!<C!MFI=E@FBA!M=@!L?a<FN@;!?6=!LG<FBFH?=!BCEFYCFE=!

CMCLBA=!H?F!YCFB!?6=!L<CN=!J!<C!ZECB?FBA!=B!C?V!YGE>?<=@!M=!YFMA<F@CBFG6;!<C!>GaF<FBA!M=@!>?@A=@!LG?E!

C<<=E!J!<C!E=6NG6BE=!M=@!c!6G6WL?a<FN@!d!<J!Gl!F<@!@=!BEG?I=6B;!<K_G@LFBC<FBA!=B!<C!NG6IFIFC<FBA!M=!B=<<=!@GEB=!

H?=!N_CN?6!@=!@=6B=!J!@C!L<CN=!C?!>?@A=U!

/KCNN=@@FaF<FBA!?6FI=E@=<<=!NGEE=@LG6M! FNF!6G6!@=?<=>=6B!J!?6!CNND@! YCNF<FBA!=B!M=!aG66=@!NG6MFBFG6@!

MKCNN?=F<!LG?E!<=@!L=E@G66=@!=6!@FB?CBFG6!M=!_C6MFNCL!>CF@!C?@@F!LG?E!BG?B=@!<=@!NCBAZGEF=@!M=!L?a<FN@U!!

'KO! NG6i?Z?=! <C! LG<FBFH?=! BCEFYCFE=U! *G?E! ?6! BED@! F>LGEBC6B! 6G>aE=! M=! NG6BEFa?B=?E;! =<<=! MGFB! ^BE=!

a=C?NG?L!>F=?V!CMCLBA=!`!NK=@B!>^>=!<=!@?i=B!H?F!CLL=<<=!<=!L<?@!ZEC6M!6G>aE=!M=!MF@N?@@FG6@!=B!M=!

IGB=@U!/C!H?=@BFG6!M=!<C!ZECB?FBA!`!L=E>C6=6B=;!ZA6AEC<=;!LG6NB?=<<=;!NCBAZGEF=<<=!`!=@B!CaGEMA=!@G?@!

BG?@! @=@! C@L=NB@U! $B! ?6! CNNGEM! @=>a<=!AZC<=>=6B! @=! YCFE=! @?E! <C! EAAIC<?CBFG6!M=! N=EBCF6@! BCEFY@! H?F!

LCECF@@=6B! BEGL! A<=IA@U! &?BE=@! C>A6CZ=>=6B@! @?ZZAEA@!f! M=@! NCEB=@! LC@@! H?F! NG>aF6=6B! =6BEA=! =B!

MAL<CN=>=6BU! &! <KDE=! M?! *C@@!#CIFZG! =B! C?BE=@! YGE>?<=@! M?!>^>=! BOL=;! N=EBCF6@! NG6BEFa?B=?E@! 6=!

NG>LE=66=6B!LC@!LG?EH?GF!F<!6=!@=ECFB!LC@!LG@@Fa<=!MKO!CZEAZ=E!?6!CaG66=>=6B!MC6@!<=@!>?@A=@U!

/C!>GaF<FBA!M=@!>?@A=@!=@B!L<AaF@NFBA=!LG?E!@=!ECLLEGN_=E!M=@!L?a<FN@!A<GFZ6A@!$<<=!=@B!=6IF@CZA=!@?E!

BG?B! <=! B=EEFBGFE=;! CI=N! <=@! ZEC6M@! >?@A=@! 6CBFG6C?V! MA<GNC<F@A@;! <=@! NG<<=NBFG6@! =B! <=@! =VLG@FBFG6@!

FBF6AEC6B=@;! M=@! L=E@G66=<@! P6GBC>>=6B! <=@! NG6@=EICB=?E@T! MFE=NB=>=6B! C?! NG6BCNB! M=!LGL?<CBFG6@!

A<GFZ6A=@!M=@!F6@BFB?BFG6@!N?<B?E=<<=@!=B!M=@!>AMFCB=?E@!MCIC6BCZ=!J!<=?E!ANG?B=U!

!"##"$%&!'#((#&)'&**"(&#"(+,(!& /1&& .$,'!(&"""&

!

/=@! @FZ6=@! MK?6!>?@A=! _G@LFBC<F=E! =B! NG6IFIFC<! MGFI=6B! ^BE=!>C6FY=@B=@! MD@! CIC6B! <K=6BEA=! MC6@! <=@!

=@LCN=@!M?!>?@A=U!/KF6YGE>CBFG6!=B!<C!NG>>?6FNCBFG6!MGFI=6B!^BE=!IF@Fa<=@!=B!<F@Fa<=@;!=B!LE=6ME=!?6!

NCECNBDE=!6G6!A<FBF@B=U!/=@!NG6BEFa?B=?E@!@G?_CFB=6B!CF6@F!?6=!>=F<<=?E=!Z=@BFG6!M=@!YF<=@!MKCBB=6B=@;!<=!

NC@!AN_AC6B!?6! B=>L@!MKCBB=6B=!c!?BF<=!d! PCI=N!LCE!=V=>L<=!M=@!MKF6YGE>CBFG6@!@?E! <=@!LCENG?E@!M=!

IF@FB=! =B! <=?E! M?EA=T! =B! ?6=! CBB=6BFG6! LGEBA=! C?! NG6YGEB! M=@! IF@FB=?E@! =6! YG6NBFG6! M=@! NG6MFBFG6@!

N<F>CBFH?=@!PM=@!aGF@@G6@!N_C?M=@!G?!YEGFM=@!J!<C!M=>C6M=TU!!

.=@!_GECFE=@!MKG?I=EB?E=!L<?@!NG_AE=6B@!CI=N! <=!EOB_>=!M?!H?GBFMF=6!=B! <=@!LECBFH?=@!M=! <GF@FE@!M=@!

MFYYAE=6B=@!NCBAZGEF=@!M=!L?a<FN@!@G6B!EAN<C>A@!CI=N!F6@F@BC6N=U!*G?E!<=@!i=?6=@!CM?<B=@!`!F<@!@=>a<=6B!

>CiGEFBCFE=@!LCE>F!<=@!NG6BEFa?B=?E@!̀ !<=@!6GNB?E6=@!MGFI=6B!̂ BE=!L<?@!EAZ?<FDE=@;!=B!LG?E!BG?B!<=!>G6M=!

<KG?I=EB?E=!J!<K_=?E=!M?!MAi=?6=E!=@B!Ga<FZCBGFE=U!4=EBCF6@!L<CFM=6B!C?@@F!LG?E!M=@!L=BFB@!MAi=?6=E@!C?!

>?@A=U!!

"6=!YGF@!=6BEA;!NK=@B!<KCNN?=F<!H?F!M=>C6M=!J!^BE=!EAYGE>A!=B!<=@!@=EIFN=@!GYY=EB@!L<?@!H?C<FBCBFY@!=B!L<?@!

6G>aE=?VU! .=!>C6FDE=! YEAH?=6B=;! <K=@LCN=! MKCNN?=F<! =@B! =6B=6M?! LCE! <=@! NG6BEFa?B=?E@! NG>>=! ?6!

=@LCN=!BEC6@FBFG66=<!H?F!LEALCE=!<=!L?a<FN!J!<C!IF@FB=!=B!J!LCEBFE!M?H?=<!<C!Z=@BFG6!M=@!Y<?V!LG?EEC!@=!YCFE=!

M=!>C6FDE=!J!<F>FB=E!<=@!NG6Y<FB@!MK?@CZ=@U!/C!H?C<FBA!M=@!=@LCN=@!=B!<=!NG6YGEB!M=!IF@FB=!@G6B!?6=!C?BE=!

>CEH?=!MK_G@LFBC<FBAU!.=!>^>=!H?=!<KC?BGEF@CBFG6!M=!L_GBGZECL_F=EU!/KCNN?=F<!M=@!=6YC6B@;!<=@!@=EIFN=@!

H?F!M=IECF=6B!^BE=!GYY=EB@!C?V!YC>F<<=@;!=B!<=@!GYYE=@!H?F!<=?E!@G6B!M=@BF6A=@!CLLCECF@@=6B!NG>>=!M=@!

NEFBDE=@!MAB=E>F6C6B@!J!<C!EA?@@FB=!M=!<C!IF@FB=U!4=!H?=!<=@!AB?M=@!>CE{=BF6Z!MA6G>>=6B!c!<K=VLAEF=6N=W

IF@FB=?E!d!=@B!FNF!>F@=!=6!I=M=BB=U!

&?!BGBC<;!<C!MF@BEFa?BFG6!M=@!NG6BEFa?BFG6@!=B!M=@!IGB=@!>G6BE=!?6=!IAEFBCa<=!LG<CEF@CBFG6!@?E!<C!H?=@BFG6!

BCEFYCFE=!P6G6!@=?<=>=6B!<C!ZECB?FBA;!>CF@!M=@!BCEFY@!aC@!=B!M=@!YGE>?<=@!MKCaG66=>=6B!NG>aF6C6B!IF@FB=!

=B! >GaF<FBATU! /=@! BEGF@! C?BE=@! @G?@WN_C>L@! NG6IGH?=6B! ?6=! LEGLGEBFG6! H?C@F! FM=6BFH?=! M=! IGB=@!

YCIGECa<=@!=B!M=!NG6BEFa?BFG6@U!/=!BG?B!F<<?@BE=!?6!@G?_CFB!M=!ECLLEGN_=>=6B!=6BE=!<KF6@BFB?BFG6!>?@AC<=!

=B!<C!LGL?<CBFG6U!

!

!

]QPMND!5!,?!LUOS?LQVMD!7!0DA!SMAODA!C?NLJML!DL!CJMN!LJMA!8!

!

!

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

+,%-#.$#''#/*

0%-#.$%()

123

45'%(%6+#*

(7.%87%.#*

7079()#

2:3

;5&%'%()

1<3

=5$9%(7'%()/*

"5,-%-%7'%()

123

!"##"$%&!'#((#&)'&**"(&#"(+,(!& /2&& .$,'!(&"""&

!

.$'!)"'$$'!&"-,$)$#-!

.D@! <K=6BEA=!MG6N;! <=!>?@A=!MGFB!CLLCECeBE=!NG>>=! <C!c!>CF@G6!NG>>?6=!dU!4K=@B!C?@@F!?6=!C?BE=!

>C6FDE=!M=!MFE=!H?=!<C!IG<G6BA!CYYFN_A=!MK?6=!LG@@FaF<FBA!MKCLLEGLEFCBFG6;!LCE!BG?@;!M=!<C!N?<B?E=!=@B!<C!

EDZ<=U!!

4=L=6MC6B;!H?KF<!@GFB!F6MFIFM?=<!G?!@GNFC<;!<=!ECLLGEB!J!<C!N?<B?E=!=@B!L<?EF=<U!/C!NG>LG@C6B=!c!MFI=E@FBA!

M=@!L?a<FN@!d!BEG?I=!@G6!AH?FIC<=6B!MC6@!<KFMA=!MK?6=!MFI=E@FBA!M=!<C!N?<B?E=;!MK?6=!N?<B?E=!L<?EF=<<=U!

.FI=E@FBA! =B! L<?EC<FBA! N?<B?E=<<=! H?F! @K=VLEF>=6B! MC6@! <=@! NG<<=NBFG6@! CLL=<<=6B! ?6! BECFB=>=6B! L<?@!

CBB=6BFY;! L<?@!AH?F<FaEAU! /=@! NG<<=NBFG6@! @KF6B=EL=<<=6B;! @=! EALG6M=6BU! /=@! IF@FB=?E@! C?@@FU! '?E! BG?@! <=@!

@?i=B@;!=B!6GBC>>=6B!M=@!@?i=B@!MKCNB?C<FBAU!4=!H?F;!LG?E!<=@!NG6BEFa?B=?E@;!@=!BECM?FB!LCE!<KFMA=!MK?6!

>?@A=WYGE?>U!4K=@B!LCE!N=!aFCF@!H?=!<=!>?@A=!CNNDM=!C?!@BCB?B!=>a<A>CBFH?=!M=!<F=?!M=!<C!NFBGO=66=BAU!

)?@A=!NFBGO=6;!>?@A=!C6NEA!MC6@!<C!@GNFABA;!>?@A=!IFIC6BU!/=@!NG6BEFa?B=?E@!I=?<=6B!YCFE=!E=6BE=E!<C!

IF=;!YCFE=!E=6BE=E!<=!79=!@FDN<=!C?!>?@A=U!x?@H?KJ!^BE=!Y=@BFY!LG?E!H?KG6!O!N_C@@=!MAYF6FBFI=>=6B!<K=66?FU!

$@BWN=! H?=! <=!>?@A=!MGFB! N_C6Z=E! C?@@F! MKFM=6BFBA!X!.=I=6FE! ?6! <F=?! _OaEFM=;! ?6! <F=?! LC@@=E=<<=;! ?6!

c!rD>=!<F=?!d!X!$6!BG?B!NC@;!<=!>?@A=!=@B!CLL=<A!J!@=!6G?EEFE!M=!<K=6@=>a<=!M=@!MG>CF6=@!=B!>GM=@!

MK=VLE=@@FG6!M=!<C!N?<B?E=!=B!J!LE=6ME=!=6!NG6@FMAECBFG6!<C!>?<BFL<FNFBA!M=!@=@!CNB=?E@U!4K=@B!C?@@F!CF6@F!

H?KF<!@=EC!C@@?EA!M=!MA>?<BFL<F=E!@G6!GYYE=!=B!NEGF@=E!@=@!L?a<FN@U!

-EC6@YGE>=E! <hGYYE=!>?@AC<=;!LC@@=!6AN=@@CFE=>=6B!LCE! <=! E=6G?I=<<=>=6B!M=! <C! @NA6GZECL_F=!=B! <C!

LEGZEC>>CBFG6!MK=VLG@FBFG6@U!)CF@!NK=@B!AZC<=>=6B!ZA6AE=E!?6!LEF6NFL=!M=!IF@FB=!LCEBFNFLCBFI=;!?6=!

=VLAEF=6N=! F6AMFB=! M=! BG?@! <=@! @=6@U! &?BE=>=6B! MFB! NK=@B! F66GI=E! MC6@! <C! >AMFCBFG6! H?K=<<=! @GFB!

LEA@=6BF=<<=!G?!6?>AEFH?=U!*G?E!BG?B=@!ZA6AECBFG6@;!=B!6GBC>>=6B!<=@!i=?6=@;!<=@!CNBFG6@!MhAM?NCBFG6!

CEBF@BFH?=!=B!N?<B?E=<<=!MGFI=6B!^BE=!E=6YGENA=@!=B!=6EFN_F=@U!"6!>?@A=!LCEBFNFLCBFY!NK=@B!=6YF6!?6!>?@A=!

Gl!<=@!IF@FB=?E@!LCEBFNFL=6B!C?V!N_GFV!M=!LEGZEC>>CBFG6U!

,=L=6@=E! <KF6@BFB?BFG6! =B! N_C6Z=E! <=! >?@A=;! NK=@B! C?@@F! YCIGEF@=E! <K=VLAEF>=6BCBFG6U! .K?6! NkBA;! <=@!

MG66A=@!M?!>?@A=!@G6B!?6!aF=6!NG>>?6!f!=<<=@!MGFI=6B!^BE=!G?I=EB=@!=B!LG?IGFE!^BE=!EA?BF<F@A=@!MC6@!

M=@!CLLEGN_=@!E=6G?I=<A=@!M=!<C!N?<B?E=!>?@AC<=!=B!M=!@C!>AMFCBFG6U!$6@?FB=;!MC6@!<C!IGF=!BECNA=!LCE!

<C! NG>>?6C?BA!)?@AG>FV;! NK=@B! MC6@! ?6=! 6G?I=<<=! DE=! MK=VLAEF>=6BCBFG6! =B! MKF66GICBFG6! H?=! <=!

>?@A=!MGFB!@KF6@NEFE=U!!0Ca!<Ca!=B!@=EIFN=@!MAMFA@!J!<KF66GICBFG6!MGFI=6B!LG?IGFE!O!BEG?I=E!<=?E!L<CN=U!

/K=6@=>a<=!YC[G66=!N=!H?F!L=?B!^BE=!MA6G>>A!<=!)?@A=!rU8U!

&?!BGBC<;!<=@!NG6BEFa?BFG6!=B!@?YYECZ=@!@K=VLEF>=6B!=6!LE=>F=E!<F=?!@?E!?6=!BEC6@YGE>CBFG6!ECMFNC<=!M=!

<KGYYE=!>?@AC<=!H?F!L=?B!^BE=!>F@=!=6!E=<CBFG6!CI=N!<C!YG6NBFG6!M=!>CF@G6!NG>>?6=!=B!F<<?@BE=!<KFMA=!

MK?6!>?@A=! IFIC6BU! /=! E=6G?I=C?! M=! <K=VLAEF=6N=! M=! IF@FB=! LC@@=! C?@@F! @G?I=6B! LCE! <=@!>AMFCBFG6@!

!"##"$%&!'#((#&)'&**"(&#"(+,(!& /3&& .$,'!(&"""&

!

BECMFBFG66=<<=@!H?=!LCE!<=@!>AMFCBFG6@!6?>AEFH?=@U!/=!NG6N=LB!M=!)?@A=!rU8!M=IF=6B!?6=!NG>LG@C6B=;!

@C6@!^BE=!MG>F6C6B=;!M=!<KFM=6BFBA!>?@AC<=U!!!

!

]QPMND!i!,?!LUOS?LQVMD!7!0DA!SMAODA!?MLNDSD@L!8!

!

*+",!"#$!#+"o$//$!p+"o$,#&#4$!X!

/C!H?=@BFG6!M=!<C!ZG?I=E6C6N=!C;!M=!YCFB;!@?@NFBA!?6!>GF6ME=!F6BAE^B!H?=!N=<<=@!M=!<KCBBECNBFIFBA!=B!M=!

<KGYYE=!>?@AC<=!P99S!M=@!NG6BEFa?B=?E@!G6B!IGBA!G?!@=!@G6B!=VLEF>A@!J!@G6!LEGLG@TU!

"6!LE=>F=E!ZEG?L=!M=!NG6BEFa?B=?E@!@K=VLEF>=!@?E!<K=V=ENFN=!M=!<C!B?B=<<=!M?!EA@=C?!M=@!)?@A=@!M=!

0EC6N=! =B! C<=EB=! @?E! <C! 6AN=@@FBA! MK?6! @?FIF! IFZF<C6B! M=! <=?E! CM>F6F@BECBFG6U! (<@! @KF6H?FDB=6B! M=@!

Y=E>=B?E=@!MAiJ!C66G6NA=@!=B!@KF6B=EEGZ=6B!@?E!<KCI=6FE!M?!EA@=C?;!@=@!>GO=6@!>CBAEF=<@!=B!YF6C6NF=E@!

=B!<C!LCEB!M=@!E=@@G?EN=@!LEGLE=@U!

/=@!>^>=@!=B!MKC?BE=@!NG6BEFa?B=?E@!GEF=6B=6B!<=?E@!F6B=EEGZCBFG6@!I=E@!<KANG@O@BD>=!LEGY=@@FG66=<!f!

H?=<@!@G6B!<=@!>ABF=E@!MKCI=6FE!X!H?=<<=!YGE>CBFG6!X!H?=<@!E=NE?B=>=6B@!X!/=@!AH?FL=@!NG6@CNEA=@!J!<C!

>AMFCBFG6!@G6B!CLL=<A=@!J!AIG<?=E!=B!MCIC6BCZ=!@=!LEGY=@@FG66C<F@=E!MC6@!<=@!MG>CF6=@!A>=EZ=6B@!=6!

LCEBFN?<F=E!<=!6?>AEFH?=U!!'F!<KF6@LFECBFG6!>C6H?=;!F<!YC?B!<C!BEG?I=E!J!<KABEC6Z=EU!

"6! C?BE=! Lk<=! M=! NG6BEFa?BFG6! @KF6BAE=@@=! J! M=@! >GM=@! M=! Z=@BFG6! F66GIC6B@U! "6=! Z=@BFG6!

NG<<CaGECBFI=!X!$6!BG?B!NC@;!?6=!Z=@BFG6!Gl!<K=6@=>a<=!M=@!L=E@G66=<@!@=ECF=6B!NG6@?<BA@U!.=@!F6@BC6N=@!

M=!NGWZ=@BFG6!@G6B!J!NG6N=IGFE;!H?F!F6BDZE=6B!AZC<=>=6B!M=@!E=LEA@=6BC6B@!M=@!L?a<FN@U!$6!LCEBFN?<F=E!

@F!@=!MAI=<GLL=!<=!YF6C6N=>=6B!LCEBFNFLCBFYU!.C6@!BG?@!<=@!NC@!M=!YFZ?E=@;!F<!=@B!6AN=@@CFE=!M=!@?@NFB=E!<C!

LCEBFNFLCBFG6!CNBFI=!J!<C!IF=!M?!>?@A=!=B!O!F6BAZE=E!<=@!6G?I=<<=@!ZA6AECBFG6@U!

!

]QPMND!>!,?!LUOS?LQVMD!7!+@D!PJM[DN@?@ID!SJRDN@QAODX!RDA!CMKEQIA!?AAJIQOA!8!

!"#"$%&

'()$"*"'($"+%

,-. /0#1%&234

,-.

/0#1%#&+"+(5$#

,-.

677)%&

8190:$"':"1%

2,.

/("#;5&

*;9905%

<,.

!"#$%%$&'

()*#+,%$

-./

0$1#2)*'

()%%34)+3#25$

6./

!"##"$%&!'#((#&)'&**"(&#"(+,(!& /4&& .$,'!(&"""&

!

,-(.*+(/(!%+1'("!0(!,%!1#1+,%/&#.!.%/&#.%,(!^!+.!$+"((!1,+"!#+G('/X!

1,+"!)#.G&G&%,!(/!/#+'.(!G('"!,("!3(+.("!H(.('%/&#."!

02)-'0f!($&-2$!;'"*"$&N!0;$2+'11)!#"++'1N!hj2%!#k++)2!

&YF6!M=!>=@?E=E!<KCM_A@FG6!M=!<K=6@=>a<=!M=!<C!LGL?<CBFG6!C?V!MFYYAE=6B=@!LEGLG@FBFG6@!F@@?=@!M=!N=BB=!

NG6@?<BCBFG6;!<=!4,$.+4!C!=6@?FB=!ABA!N_CEZA!MK?6=!=6H?^B=!C?LED@!MK?6!AN_C6BF<<G6!E=LEA@=6BCBFY!M=@!

0EC6[CF@!sZA@!M=!9q!C6@!=B!L<?@U!/=@!BEGF@!ZEC6M@!CV=@!M=!<C!>F@@FG6!G6B!ABA!CaGEMA@;!CI=N!?6=!MFmCF6=!

M=!LEGLG@FBFG6@!NG6NEDB=@!LG?E!N_CH?=!B_D>=U!)AB_GMG<GZF=!!

+"o,(,!.&o&#-&p$!/$!)"'$$!*+",!.+##$,!&!4%&4"#!$#o($!.$!o('(-$,!*/"'!

'+"o$#-!.$'!$2*+'(-(+#'!

!

(6B=EEGZA@!@?E!<=@!CNBFG6@!H?KF<@!>=BBECF=6B!=6!n?IE=;!@KF<@!ABCF=6B!=?VW>^>=@!MFE=NB=?E!MK?6!>?@A=;!

LG?E! MG66=E! =6IF=! J! N_CN?6! M=! IF@FB=E! M=@! =VLG@FBFG6@;! <=@! 0EC6[CF@! =@BF>=6B! MC6@! <=?E! BED@! <CEZ=!

>CiGEFBA!H?KF<!YC?MECFB!MG66=E!<C!LEFGEFBA!J!?6=!YGE>=!M=!ROSJIN?LQA?LQJ@!DL!R-JM[DNLMND!f!@KCME=@@=E!

J!LJMA;!H?=<<=!H?=!@GFB!@C!N?<B?E=!G?!@G6!>F<F=?;!@KCMCLB=E!MCIC6BCZ=!C?V!eDM@DA!=B!CFM=E!<=@!L=E@G66=@!

H?F!G6B!M=@!MFYYFN?<BA@!J!@=!E=6ME=!C?!>?@A=;!G?!YCIGEF@=E!@G6!?IIDAAQKQEQLO!IFC!M=@!>=@?E=@!NG6NEDB=@!

YCNF<FBC6B!<=!BEC6@LGEBU!%AAJIQDN!EDA!?AAJIQ?LQJ@A!DL!D@LNDCNQADA!LG?E!YCFE=!NG66CFBE=!<=@!GYYE=@!M?!>?@A=!

=B!CMCLB=E!<=@!BCEFY@!=@B!C?@@F!LEFGEFBCFE=U!/KG?I=EB?E=!CBB=6M?=!BG?N_=!BG?B!C?BC6B!<=@!CMKEQIA!DL!?ILDMNA!

C@@GNFA@!H?=!<=@!SOLUJRDA!DL!SJ`D@A!=>L<GOA@!LG?E!<C!YCIGEF@=E!f!=B!=6!LCEBFN?<F=E!?6=!LEGLG@FBFG6!

CEEFIC6B!MC6@!<=!BEFLBOH?=!M=!B^B=!@=ECFB!M=!E=6ME=!<=!>?@A=!CEMA!IJ@[Q[Q?E!DL![Q[?@L;!LCE!=V=>L<=!=6!O!

CNN?=F<<C6B!M=@!@L=NBCN<=@;!M=@!@AC6N=@!M=!NF6A>C!G?!C?BE=@!AIA6=>=6B@U!!

/$'! 0,&#5&('! *,(o(/$p($#-! "#$! 4$,-&(#$! .$)+4,&-('&-(+#! $-! */"'! .$!

4+#o(o(&/(-$!

-G?B=@!<=@!LEGLG@FBFG6@!A>C6C6B!M=!<C!NG6@?<BCBFG6!NFBGO=66=!E=N?=F<<=6B!?6!aG6!CNN?=F<!C?LED@!MK?6=!

>CiGEFBA!M=!<C!LGL?<CBFG6U!!

)CF@!?6=!G?I=EB?E=!M?!SMAOD!?M!ADQ@!RD!ADA!SMNA!@?@NFB=!L<?@!MK=6B_G?@FC@>=!H?=!<=@!LEGLG@FBFG6@!

[QA?@L!<!T?QND!AJNLQN!ED!SMAOD!RD!AJ@!D@IDQ@LD!P@?E!(6B=E6=B!G?!c!_GE@!<=@!>?E@!dT;!6GBC>>=6B!N_=m!<=@!

i=?6=@U!.KC?BE=@! LEGLG@FBFG6@! @G6B! i?ZA=@! ?6! L=?!SJQ@A! CNQJNQL?QNDA;! NG>>=! <C! >GMFYFNCBFG6! M=@!

_GECFE=@!MKG?I=EB?E=U!

!

!!

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

!

]QPMND!9j!^!GJMAkSlSDX!AQ![JMA!OLQDm!RQNDILDMN!R-M@!SMAODX!VMDEEDA!?ILQJ@A!SDLLNQDmk[JMA!D@!CE?ID!D@!CNQJNQLO!CJMN!

RJ@@DN!<!IU?IM@!D@[QD!RD![QAQLDN!CEMA!AJM[D@L!RDA!DZCJAQLQJ@An!o!!

!

!

4_C>L!f!$6@=>a<=!M=@!EALG6MC6B@!`!EA@FM=6B@!M=!0EC6N=!>ABEGLG<FBCF6=!sZA@!M=!9q!C6@!=B!L<?@;!'G?EN=!f!$6H?^B=!4,$.+4!LG?E!<C!>F@@FG6!)?@A=!M?!79

D>=!@FDN<=;!6GI=>aE=!789:U!/=NB?E=!f!\9S!M=@!EALG6MC6B@!i?Z=6B!H?=!c!@KCME=@@=E!J!BG?@;!H?=<<=!

H?=!@GFB!@C!N?<B?E=!G?!@G6!>F<F=?!d!=@B!C@@=m!LEFGEFBCFE=!G?!BED@!LEFGEFBCFE=!LG?E!MG66=E!=6IF=!J!N_CN?6!M=!IF@FB=E!L<?@!@G?I=6B!M=@!=VLG@FBFG6@U!

!

*CE>F! <=@! LEGLG@FBFG6@! <=@!>GF6@! @G?B=6?=@;! G6! BEG?I=! N=<<=@! H?F! @=! ECLLGEB=6B! C?! NpED! IQ[QVMD! M?!

>?@A=!f!:RS!L=6@=6B!H?=! <=!>?@A=!M=!M=>CF6!MGFB!>=BBE=!=6!L<CN=!M=@!CNBFG6@!LG?E!NG6@BE?FE=! <C!

NFBGO=66=BA!=B!?6=!NG?EB=!>CiGEFBA!M=@!0EC6[CF@!L=6@=6B!H?KF<! =@B!LEFGEFBCFE=!MKGEZC6F@=E!MAaCB@!G?!

=VLG@FBFG6@!@?E!<=@!ZEC6M@!@?i=B@!M=!@GNFABAU!!

-+"-$'! /$'! p$#$,&-(+#'! 4+#o$,p$#-! o$,'! /$'! 4(#1! *,+*+'(-(+#'! /$'! */"'!

*+*"/&(,$'!

0CFB!6GBCa<=;!<=@!NF6H!LE=>FDE=@!LEGLG@FBFG6@!@G6B!L<AaF@NFBA=@!M=!>C6FDE=!AH?FIC<=6B=!LCE!BG?B=@!<=@!

BEC6N_=@!MKsZ=U!!

&?BE=!L_A6G>D6=!E=>CEH?Ca<=!f!<C!>F@=!J!MF@LG@FBFG6!M=!RJ@@ODA!PN?LMQLDA!AMN!&@LDN@DL!AORMQL!LJMLDA!

EDA!PO@ON?LQJ@A!`!IJSCNQA!EDA!CEMA!qPODA!f!_?FB!L=E@G66=@!@?E!MFV!C?WM=<J!M=!]8!C6@!O!@G6B!YCIGECa<=@;!

@GFB!?6!BC?V!LEGN_=;!IGFE=! <AZDE=>=6B!@?LAEF=?E!J!N=<?F!NG6@BCBA!MC6@! <K=6@=>a<=!M=! <C!LGL?<CBFG6U!

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

!

,CLL=<G6@!H?=!<=!YG@@A!6?>AEFH?=!MC6@!<KCNND@!J!(6B=E6=B!C!B=6MC6N=!J!@=!NG>a<=Er!=B!H?=!<=@!@A6FGE@;!

6GBC>>=6B!<=@!:8W:\!C6@;!@G6B!BED@!CIFM=@!M=!@GEBF=@;!<GF@FE@!=B!LECBFH?=@!N?<B?E=<<=@U!/C!IF@FB=!IFEB?=<<=!

L=?B!=6!G?BE=;!LG?E!N=EBCF6@!L?a<FN@!sZA@!A<GFZ6A@!ZAGZECL_FH?=>=6B!M=@!N=6BE=@!N?<B?E=<@!G?!>GF6@!

>GaF<=@;!NG6@BFB?=E!?6!aG6!NG>L<A>=6B!C?V!IF@FB=@!c!L_O@FH?=@!dU!

/=!>?@A=! NG>>=! CNB=?E! M=! <C! IJ@ALNMILQJ@! RD! E?! IQLJ`D@@DLO! G?! <F=?! M=! MAaCB! @?E! <C! @GNFABA! =@B!

MCIC6BCZ=!LEG>?!LCE!<=@!L=E@G66=@!MKsZ=!>bE!f!:]S!M=@!R8!C6@!=B!L<?@!@G6B!YCIGECa<=@!J!<C!>F@=!=6!

L<CN=! MKCNBFG6@! LG?E! <C! LEG>GBFG6! M=! <C! NFBGO=66=BA! C?! >?@A=! Pq\S! M=@! >GF6@! M=! R8! C6@TU!

4GEEA<CBFI=>=6B;!:7S!M=@!L=E@G66=@!M=!L<?@!M=!]8!C6@!=@BF>=6B!H?=!YCFE=!=6BE=E!<=@!@?i=B@!M=!@GNFABA!

C?!>?@A=!@BF>?<=ECFB!<=?E!YEAH?=6BCBFG6!Pq8S!M=@!>GF6@!M=!R8!C6@TU!!

4=BB=!GLF6FG6! F6B=EL=<<=!MKC?BC6B!L<?@!H?=! <=@! i=?6=@!ZA6AECBFG6@!@G6B!L<?@!6G>aE=?@=@!J!@=!@=6BFE!

>GF6@!aF=6!Q@LOPNODA!R?@A!E?!AJIQOLOU!/=@!BECIC?V!M?!4,$.+4!LG?E!<C!.FE=NBFG6!ZA6AEC<=!M=!<C!4G_A@FG6!

@GNFC<=!>G6BE=6B!=6!=YY=B!H?=!<=@!LEF6NFLC?V!<=IF=E@!J! <KF6BAZECBFG6!EA@FM=6B!J! <C!YGF@!MC6@!?6!EA@=C?!

E=<CBFG66=<!YGEB!=B!?6=!F6@=EBFG6!LEGY=@@FG66=<<=U!+6!NG>LE=6M!H?=!NG>LB=!B=6?!M=@!YGEB=@!MFYYFN?<BA@!

M=@!i=?6=@!J!@KF6@AE=E!MC6@!?6!=>L<GF!M?ECa<=R;!<=!I=NB=?E!N?<B?E=<!<=?E!@=>a<=!LEGaCa<=>=6B!?6!L=?!

>GF6@!LEFGEFBCFE=!H?KC?V!C?BE=@!ZA6AECBFG6@U!!

%[Dmk[JMA! ED! AD@LQSD@L! R-lLND! Q@LOPNO!!

R?@A! E?! AJIQOLO! TN?@r?QAD!o!

"D!AD@L!LN\A!KQD@!Q@LOPNO!R?@A!E?!AJIQOLO!WD@!sY!

,D!SMAOD!?ILDMN!RD!E?!IJ@ALNMILQJ@!RD!E?!IQLJ`D@@DLO!WLN\A!

CNQJNQL?QND!JM!?AADm!CNQJNQL?QNDX!D@!sY!

!

'G?EN=! f! 4,g.+4;! $6H?^B=! c! 4G6MFBFG6@! M=! IF=! =B!&@LFECBFG6@!d;!MAa?B!789r!LG?E!<C!.p4'!

!

'G?EN=!f! $6H?^B=! 4,$.+4! LG?E! <C! >F@@FG6! )?@A=! M?!79

D>=!@FDN<=;!6GI=>aE=!789:U!

lB^D>EI!44!EP!44\BI!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!3 Patricia Croutte, Sandra Hoibian et Sophie Lautié. « Baromètre du numérique (Edition 2016) ». Collection des

rapports. Paris: CREDOC, Novembre 2016. http://www.credoc.fr/publications/abstract.php?ref=R333.

!R!Au premier trimestre 2016, le taux de chômage au sens du BIT chez les 15-24 ans s’élevait à 24%, contre

10% pour l’ensemble de la population active. Source : Insee, 2016, « Le taux de chômage est stable au premier trimestre 2016 », Information rapides n°130, mai. Et parmi 15-29 ans en emploi, plus du tiers est en emploi court, CDD ou intérim (36% en 2014 contre 11% en

moyenne). Source : Insee, enquête emploi,

http://www.insee.fr/fr/themes/tableau.asp?reg_id=0&ref_id=NATnon03241 !

!�##

$�

$&

"!

'

(�

%'

)'

!'

#'

$'

"'

&'

�� %#*+*)/*,-. !'*+*#/*,-. $'*+*$/*,-. "'*,-.*01*234.

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

!

/&!4+#o(o(&/(-$!*,()$!*+",!/$'!*$,'+##$'!1"(!#K+#-!*&'!o('(-$!.$!)"'$$!.&#'!

/K&##$$!

*CE>F!<=@!L=E@G66=@!F6B=EEGZA=@;!B9s!ROIE?ND@L!?[JQN![QAQLO!M@!SMAOD!MC6@!<=@!97!M=E6F=E@!>GF@U!/C!

NG6IFIFC<FBA!CEEFI=!=6!B^B=!N_=m!<=@!L=E@G66=@!6KCOC6B!LC@!IF@FBA!M=!>?@A=!MC6@!<KC66A=!ANG?<A=!PQ\S!

=@BF>=6B!H?K=<<=!=@B!LEFGEFBCFE=T;!C<GE@!H?K=<<=!=@B!=6!BEGF@FD>=!LG@FBFG6!N_=m!N=?V!H?F!G6B!YEAH?=6BA!?6!

>?@A=U!!

+@D!UQON?NIUQD!RDA!CNJCJAQLQJ@A!EOP\NDSD@L!RQTTOND@LD!IUDm!EDA!@J@![QAQLDMNA!

]QPMNDA!9:!DL!9:KQA!f!oG?@W>^>=;!@F!IG?@!ABF=m!MFE=NB=?E!MK?6!>?@A=;!H?=<<=@!CNBFG6@!>=BBEF=mWIG?@!=6!L<CN=!=6!LEFGEFBA!LG?E!MG66=E!J!N_CN?6!=6IF=!M=!IF@FB=E!L<?@!@G?I=6B!M=@!=VLG@FBFG6@j!X!*G?E!N_CN?6=!M=@!CNBFG6@;!MFE=!@F!=<<=!=@B!-ED@!LEFGEFBCFE=;!C@@=m!LEFGEFBCFE=;!L=?!LEFGEFBCFE=!G?!LC@!M?!BG?B!LEFGEFBCFE=U!z!&?!NG?E@!M=@!97!M=E6F=E@!>GF@;!CI=mWIG?@!IF@FBA!?6=!=VLG@FBFG6!

G?!<C!NG<<=NBFG6!L=E>C6=6B=!MK?6!>?@A=!X!

!

4_C>L!f!$6@=>a<=!M=@!EALG6MC6B@!`!EA@FM=6B@!M=!0EC6N=!>ABEGLG<FBCF6=!sZA@!M=!9q!C6@!=B!L<?@;!'G?EN=!f!$6H?^B=!4,$.+4!LG?E!<C!>F@@FG6!)?@A=!M?!79

D>=!@FDN<=;!6GI=>aE=!789:U!/=NB?E=!f!\RS!M=@!EALG6MC6B@!COC6B!IF@FBA!?6!>?@A=!C?!NG?E@!M=@!

97!M=E6F=E@!>GF@!i?Z=6B!H?=!c!@KCME=@@=E!J!BG?@;!H?=<<=!H?=!@GFB!@C!N?<B?E=!G?!@G6!>F<F=?!d!=@B!C@@=m!LEFGEFBCFE=!G?!BED@!LEFGEFBCFE=!LG?E!MG66=E!=6IF=!J!N_CN?6!M=!IF@FB=E!L<?@!@G?I=6B!M=@!=VLG@FBFG6@U!

!

/K%")&(#! $-! /&! 4+#o(o(&/(-$! &"! 4}",! .K"#$! $2*$,($#4$! #+"o$//$;! */"'!

*&,-(4(*&-(o$;!*/"'!(#-$,&4-(o$!

!

/=@!M=?V!LEGLG@FBFG6@!CEEFIC6B!=6!B^B=!M=@!>GO=6@!M=!E=6ME=!<C!IF@FB=!L<?@!LCEBFNFLCBFI=!LEFIF<AZF=6B!M=@!

>GMC<FBA@!M=!>AMFCBFG6!F6NCE6A=U!"6=!LEGLG@FBFG6!YCFB!LE=@H?=!<K?6C6F>FBA!f!QqS!M=@!0EC6[CF@!i?Z=6B!

H?=! <C! NEACBFG6! MK=@LCN=@! NG6@CNEA@! C?V! =6YC6B@;! CI=N! M=@!fM[NDA! <! LJMIUDN;! @=ECFB! =YYFNCN=! LG?E!

E=6ME=! <=@! IF@FB=@! L<?@! F6B=ECNBFI=@! =B! LCEBFNFLCBFI=@U! /=@! L<?@! MFE=NB=>=6B! NG6N=E6A@! @G6B! <=@! L<?@!

=6B_G?@FC@B=@!IF@WJWIF@!M=!N=BB=!LEGLG@FBFG6!f!RQS!M=@!LCE=6B@!MK=6YC6B@!M=!>GF6@!M=!9r!C6@!<C!i?Z=6B!

c!BED@!=YYFNCN=!d;!@GFB!Q!LGF6B@!M=!L<?@!H?=!MC6@!<K=6@=>a<=!M=!<C!LGL?<CBFG6U!/=@!0EC6[CF@!L<AaF@NFB=6B!

C?@@F!<KFMA=!MK?6!>?@A=!H?F!G?IEFECFB!@=@!NG?<F@@=@!=B!MG66=ECFB!<KGNNC@FG6!M=!RQAIMLDN!?[DI!RDA!?NLQALDA!

PQ9ST!JM!RDA!CNJTDAAQJ@@DEA!PQ!0EC6[CF@!@?E!98TU!

$6! B^B=! M=@! LEGLG@FBFG6@! YCIGEF@C6B! ?6=! IF@FB=! L<?@! IFIC6B=;! G6! BEG?I=! AZC<=>=6B! ?6=! L<?@! ZEC6M=!

JNQPQ@?EQLO!R?@A!E?!CNOAD@L?LQJ@!M=@!n?IE=@;!N_GF@F=!LCE!]QS!M=@!0EC6[CF@U!!

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

!

]QPMND!9=!^!,DA!]N?@r?QA!CEOKQAIQLD@L!E?!INO?LQJ@!R-DAC?IDA!RORQOA!?MZ!D@T?@LA!DL!E?!ROIJM[DNLD!RDA!IJMEQAADA!RM!SMAOD!DL!

RD!E?!INO?LQJ@X!S?QA!LQD@@D@L!?MZ!IJRDA!LN?RQLQJ@@DEA!RD!E?![QAQLDa!

.7GKG&IH5=G:5E=&G6G;GC;GF:=&Q5G&I75EECG:6;&;EC6=J7E<:E&HC&FG=G;:&L5&<5=>:&:;&:6&JCGE:&56:&:RI>EG:6K:&IH5=&G6;:ECK;GF:&:;&IH5=&

ICE;GKGIC;GF:B&.75=&I:E=766:HH:<:6;S&I:6=:TUF75=&Q5:&K:=&IE7I7=G;G76=&=:ECG:6;&:JJGKCK:=&I75E&E:6LE:&HC&FG=G;:&L:=&<5=>:=&

IH5=&FGFC6;:&V&&

!4_C>L!f!$6@=>a<=!M=@!EALG6MC6B@!`!EA@FM=6B@!M=!0EC6N=!>ABEGLG<FBCF6=!sZA@!M=!9q!C6@!=B!L<?@;!'G?EN=!f!$6H?^B=!4,$.+4!LG?E!<C!>F@@FG6!)?@A=!M?!79

D>=!@FDN<=;!6GI=>aE=!789:U!/=NB?E=!f!QqS!M=@!EALG6MC6B@!i?Z=6B!H?=!c!NEA=E!M=@!=@LCN=@!M=!

IF@FB=!MAMFA@!C?V!=6YC6B@!d!@=ECFB!?6=!F6FBFCBFI=!C@@=m!=YYFNCN=!G?!BED@!=YYFNCN=!LG?E!E=6ME=!<C!IF@FB=!M=@!>?@A=@!L<?@!IFIC6B=U!!

/=@!EALG6MC6B@!@=>a<=6B;!LCE!CF<<=?E@;!@G?I=6B!LD@QN!?MZ!IJRDA!LN?RQLQJ@@DEA!RD!E?![QAQLD!f!>GF6@!M=!<C!

>GFBFA!@G?_CFB=6B!IGFE!M=@!>?@A=@!MC6@!<=@H?=<@!<=@!Z=6@!LCE<=6B;!NG?E=6B;!MC6@=6Bj!$B!@=?<=>=6B!<C!

>GFBFA!L=6@=!H?KF<! @=ECFB! =YYFNCN=!M=!MG66=E! J! BG?@! <C!LG@@FaF<FBA!M=! NG6BEFa?=E! J! <C! NG6N=LBFG6!M=@!

=VLG@FBFG6@U!!

/$'! 9qW7R! &#'! o+($#-! .K"#! 3+#! }(/! /&! *&,-(4(*&-(+#! &! /&! 4+#4$*-(+#!

.K$2*+'(-(+#'!

!

/=@! 9qW7R! C6@! @G6B! <=@! L<?@! YEFC6M@! MKF66GICBFG6! =B! 6GBC>>=6B! @MSONQVMD!f! L<?@! M=@! BEGF@! H?CEB@!

>=BB=6B!=6!CIC6B!<=@!IF@FB=@!=6!NO?EQLO!?MPSD@LOD!P]QS;!yq!LGF6B@!LCE!ECLLGEB!J!<C!>GO=66=T!t!=B!]rS!!

Py]!LGF6B@!LCE!ECLLGEB!J!<C!>GO=66=T!CM_DE=6B!J!<KFMA=!M=!NEA=E!M=@!ADN[QIDA!RORQOA!<!E-Q@@J[?LQJ@!f!

NG>>=! <=@! >?@A=@! NG66=NBA@;! <C! NG6N=LBFG6! MK=VLG@FBFG6@! IFEB?=<<=@U! $B! NG>>=! <=! E=@B=! M=! <C!

LGL?<CBFG6;! F<@! @G?BF=66=6B! >CiGEFBCFE=>=6B! <=! MAI=<GLL=>=6B! M=@! G?BF<@! 6?>AEFH?=@! LG?E!

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

!

BEC6@>=BBE=! <=@! NG66CF@@C6N=@! PCLL<FNCBFG6@! >GaF<=@! LG?E! <=@! IF@FB=@;! NCBC<GZ?=! MK=VLG@FBFG6@! @?E!

(6B=E6=BjTU!(<@!G6B!C?@@F!L<?@!@G?I=6B!?6=!IF@FG6!>GF6@!@CNEC<F@A=!M?!>?@A=!f!F<@!@G6B!LCEBFN?<FDE=>=6B!

6G>aE=?V!J!CM_AE=E!J!<KFMA=!M=!LG?IGFE!C?NLQIQCDN!<!E?!IJ@IDCLQJ@!RDA!DZCJAQLQJ@A!f!q]S!NG6BE=!R\S!

M=!<C!LGL?<CBFG6!MC6@!@G6!=6@=>a<=U!(<@!@G6B!L<?@!G?I=EB@!J!E=6G?I=<=E!<=@!NGM=@!M=!<C!IF@FB=U!

'?@NFBC6B!=6NGE=!?6=!CM_A@FG6!>GMAEA=;!<KFMA=!MK?6=!NG6BEFa?BFG6!M=!BG?@!J!<C!NG6N=LBFG6!M=@!=VLG@FBFG6@!

=@B!YGEB=>=6B!<FA=!J!<KsZ=;!=B!L<?@!LGL?<CFE=!N_=m!<=@!i=?6=@U!

]QPMNDA!9B!^!.7GKG&IH5=G:5E=&G6G;GC;GF:=&Q5G&I75EECG:6;&;EC6=J7E<:E&HC&FG=G;:&L5&<5=>:&:;&:6&JCGE:&56:&:RI>EG:6K:&

IH5=&G6;:ECK;GF:&:;&IH5=&ICE;GKGIC;GF:B&.75=&I:E=766:HH:<:6;S&I:6=:TUF75=&Q5:&K:=&IE7I7=G;G76=&=:ECG:6;&:JJGKCK:=&

I75E&E:6LE:&HC&FG=G;:&L:=&<5=>:=&IH5=&FGFC6;:&V&!


D>=!@FDN<=;!6GI=>aE=!789:U!/=NB?E=!f!q]S!M=@!EALG6MC6B@!M=!9q!J!7R!C6@!i?Z=6B!H?=!c!MG66=E!J!

BG?@!<C!LG@@FaF<FBA!M=!LCEBFNFL=E!J!<C!NG6N=LBFG6!M=@!=VLG@FBFG6@!d!@=ECFB!?6=!F6FBFCBFI=!C@@=m!=YYFNCN=!G?!BED@!=YYFNCN=!LG?E!E=6ME=!<C!IF@FB=!M=@!>?@A=@!L<?@!IFIC6B=U!

!

#GBG6@!H?=!<C!IF@FG6!MK?6!>?@A=!C?NLQIQC?LQT!PNG6N=LBFG6!MK=VLG@FBFG6@T!=@B!AZC<=>=6B!LCEBCZA=!LCE!

<=@!L=E@G66=@!VMQ!@D!AJ@L!C?A!RQCEpSODA!RD!E-D@ADQP@DSD@L!AMCONQDMN!f!q7S!MK=6BE=!=<<=@!L=6@=6B!H?=!

N=<C!E=6G?I=<<=ECFB!=YYFNCN=>=6B!<K=VLAEF=6N=!M=!<C!IF@FB=U!

!

'K()*/(1"$,!.&o&#-&p$!.&#'!/&!o($!."!)"'$$!

!

"6=!<CEZ=!>CiGEFBA!M=!6G@!NG6NFBGO=6@!PQ9ST!@=>a<=!NG6@FMAE=E!H?=!<KF>L<FNCBFG6!M=!N_CN?6!MC6@!<C!

IF=!M?!>?@A=!@=ECFB!@?EBG?B!<KCYYCFE=!M=@!eDM@DA!PO@ON?LQJ@AU!4=BB=!F>L<FNCBFG6!LG?EECFB!>^>=!@=!YCFE=!

@G?@!<C!YGE>=!MK?6!ADN[QID!IQ[QVMD!LG?E!:rS!M=@!0EC6[CF@U!/=@!=6BE=LEF@=@!6=!@G6B!LC@!G?a<FA=@!f!:qS!

=@BF>=6B! H?K?6=! F6B=EI=6BFG6! M=@! =6BE=LEF@=@! MC6@! <KCNBFIFBA! M=@! >?@A=@! LG?EECFB! YCIGEF@=E! N=BB=!

F>L<FNCBFG6U!!

/$'!x$"#$'!$-!/$'!$#-,$*,('$'!'+#-!o"'!4+))$!/$'!)$.(&-$",'!/$'!*/"'!$00(4&4$'!

*+",!"#$!*/"'!p,&#.$!()*/(4&-(+#!.$'!4(-+u$#'!!

/C!IJ@LNQKMLQJ@!RD!LJMA!<=@!F6MFIFM?@;!C?WM=<J!M=@!NG6@FMAECBFG6@!MKsZ=;!=@B!?6!L=?!>GF6@!IC<GEF@A=U!!

!"##"$%&!'#((#&)'&**"(&#"(+,(!& 00&& .$,'!(&"""&

!

]QPMND!9;!^!oGFNF!L<?@F=?E@!LEGLG@FBFG6@!H?F!LG?EECF=6B!YCIGEF@=E!?6=!L<?@!ZEC6M=!F>L<FNCBFG6!M=@!NFBGO=6@!MC6@!<C!IF=!M=@!>?@A=@!f!<=?E!Z=@BFG6;!<C!NG6N=LBFG6!M=@!=VLG@FBFG6@;!=BNU!*G?E!N_CN?6=!M=!N=@!LEGLG@FBFG6@!F6MFH?=m!@F!IG?@!L=6@=m!H?K=<<=!

@=ECFB!=YYFNCN=!G?!6G6!LG?E!YCFE=!LCEBFNFL=E!<K=6@=>a<=!M=!<C!LGL?<CBFG6!J!<C!IF=!M=@!>?@A=@U!*G?E!N_CN?6=!M=@!F6FBFCBFI=@;!MFE=!@F!=<<=!@=ECFB!-ED@!=YYFNCN=;!C@@=m!=YYFNCN=;!L=?!=YYFNCN=;!LC@!M?!BG?B!=YYFNCN=!G?!6=!

N_C6Z=ECFB!EF=6U!!


D>=!@FDN<=;!6GI=>aE=!789:U!/=NB?E=!f!Q9S!M=@!EALG6MC6B@!i?Z=6B!H?KC@@GNF=E!<=@!i=?6=@!J!<C!IF=!

M?!>?@A=!@=ECFB!C@@=m!=YYFNCN=!G?!BED@!=YYFNCN=!LG?E!YCIGEF@=E!<KF>L<FNCBFG6!M=!N_CN?6!MC6@!<C!IF=!M=@!>?@A=@U!!

)GF6@!M=!@FV!0EC6[CF@!@?E!MFV!=@BF>=6B!H?=!<C!LG@@FaF<FBA!MG66A=!J!BG?@!M=!YCFE=!M?!aA6AIG<CB!C?!>?@A=!

G?!M=!M=I=6FE!C>aC@@CM=?E!C?LED@!M=!@C!NG>>?6=!LG?EECFB!YCIGEF@=E!<KF>L<FNCBFG6!M=!N_CN?6U!$B!?6=!

>F6GEFBA!PRqST!=@B!YCIGECa<=!J!?6!IGB=!NFBGO=6!LCE!(6B=E6=B!@?E!<=@!ZEC6M=@!MANF@FG6@!M?!>?@A=U!/=@!

i=?6=@!LE^B@!J!@KC@@GNF=E!J!<C!IF=!M?!>?@A=!

!

/=@! eDM@DA! DMZkSlSDA! AJ@L! @JSKNDMZ! <! AJMAINQND! E-QROD! VM-QEA! RJQ[D@L! lLND! ?AAJIQOA! <! E?! [QD! RM!

SMAOD!f! QrS! M=@! 9qW7R! C6@! =@BF>=6B! H?=! N=<C! @=ECFB! =YYFNCN=! LG?E! MG66=E! J! N_CN?6! <K=6IF=! M=!

@KF>L<FH?=EU!/=!ADN[QID!IQ[QVMD!?M!SMAOD!=@B!?6!L=?!>GF6@!IC<GEF@A!LCE!<=@!i=?6=@!P:7ST!H?=!LCE!<=@!:8W

:\!C6@!P:QST!NG>>=!?6!>GO=6!M=!YCIGEF@=E!<KF>L<FNCBFG6!M=!BG?@!C?!>?@A=U!.=!YCFB;!MKC?BE=@!BECIC?V!

>=6A@!LCE!<C!.x*$o&!LG?E!<=!4,$.+4!>G6BE=6B!H?=!<=@!i=?6=@;!M=!>C6FDE=!ZA6AEC<=!BED@!G?I=EB@!C?!

@=EIFN=!NFIFH?=!PMF@LG@FBFY!H?F!<=?E!=@B!C?iG?EMK_?F!M=@BF6AT;!AIGH?=6B!MCIC6BCZ=!MKC?BE=@!B_A>CBFH?=@!

H?=!N=<<=@!<FA=@!C?!N_C>L!N?<B?E=<!G?!LCBEF>G6FC<!NG>>=!>GB=?E@!M=!<=?E!=6ZCZ=>=6B!MC6@!?6!@=EIFN=!

NFIFH?=q!P@LGEB;!@C6BA!=B!=6IFEG66=>=6B;!AM?NCBFG6;!LCFV!MC6@!<=!>G6M=;!@G<FMCEFBATU!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!q!Source : Injep-Crédoc, Baromètre Djepva sur la jeunesse 2016 Interrogés sur les deux principales causes qui

leur donneraient envie de s’engager, la quasi-totalité des jeunes parviennent à identifier un ou deux domaines qui les mobiliseraient : seuls 9% n’en identifient aucune. Les jeunes citent majoritairement le sport (22%), la santé et l’environnement (20%), et l'éducation (19%). Viennent ensuite, la paix dans le monde (15%), la solidarité (15%), la culture et les loisirs (15%), la lutte contre les discriminations (13%), l’action humanitaire

!"##"$%&!'#((#&)'&**"(&#"(+,(!& 01&& .$,'!(&"""&

!

]QPMND!9h!^!.7GKG&IH5=G:5E=&IE7I7=G;G76=&Q5G&I75EECG:6;&JCF7EG=:E&56:&IH5=&WEC6L:&G<IHGKC;G76&L:=&KG;7X:6=&LC6=&HC&FG:&L:=&

<5=>:=&D&H:5E&W:=;G76S&HC&K76K:I;G76&L:=&:RI7=G;G76=S&:;KB&Y75E&KZCK56:&L:&K:=&IE7I7=G;G76=&G6LGQ5:T&=G&F75=&I:6=:T&Q5[:HH:&

=:ECG;&:JJGKCK:&75&676&I75E&JCGE:&ICE;GKGI:E&H[:6=:<8H:&L:&HC&I7I5HC;G76&\&HC&FG:&L:=&<5=>:=B&


D>=!@FDN<=;!6GI=>aE=!789:U!/=NB?E=!f!q]S!M=@!EALG6MC6B@!M=!9q!J!7R!C6@!i?Z=6B!H?=!YCFE=!IGB=E!

<=@!NFBGO=6@!@?E!<=@!ZEC6M=@!MANF@FG6@!M?!>?@A=!@=ECFB!C@@=m!=YYFNCN=!G?!BED@!=YYFNCN=!LG?E!YCIGEF@=E!<KF>L<FNCBFG6!M=!N_CN?6!MC6@!<C!IF=!M=@!>?@A=@U!

!

4=! @G6B! EDA!CEMA!qPOA! H?F! @G6B! <=@!L<?@! YCIGECa<=@!J! E-QSCEQI?LQJ@!RDA!D@LNDCNQADA! MC6@! <KCNBFIFBA!M?!

>?@A=! f! ]\S!M=@!]8!C6@!=B!L<?@! Py9R!LGF6B@!LCE! ECLLGEB! J! <C!>GO=66=T!=B!]:S!M=@!:8W:\!C6@U! /=@!

MFL<k>A@!M=!<K=6@=FZ6=>=6B!@?LAEF=?E!@G6B!C?@@F!<AZDE=>=6B!L<?@!6G>aE=?V!J!@G?@NEFE=!J!N=BB=!FMA=!f!

:]S!MK=6BE=!=?V;!NG6BE=!:rS!M=@!L=E@G66=@!COC6B!?6!6FI=C?!aCN!G?!F6YAEF=?EU!!

/=@!eDM@DA!NDLN?QLOA!@=!I=EECF=6B!L=?BW^BE=!=6MG@@=E!<=!Ek<=!MK?SK?AA?RDMN!RM!SMAOD!f!<=@!:8W:\!C6@!

@G6B!=6!BG?B!NC@!:RS!J!i?Z=E!H?=!N=<C!YCIGEF@=ECFB!?6=!L<?@!ZEC6M=!F>L<FNCBFG6!M=@!NFBGO=6@;!@GFB!:!LGF6B@!

M=!L<?@!H?=!<K=6@=>a<=!M=!<C!LGL?<CBFG6U!!

/=@!9;k:B!?@A!N_GF@F@@=6B!L<?@!@G?I=6B!H?=!<K=6@=>a<=!M=!<C!LGL?<CBFG6!<=@!FMA=@!@=!ECLLGEBC6B!J!?6=!

C?NLQIQC?LQJ@!UJNQmJ@L?ED;!H?KF<!@KCZF@@=!MK?6!=6ZCZ=>=6B!NG6NE=B!@G?@!YGE>=!M=!aA6AIG<CB!P:RS;!y:!

LGF6B@!LCE!ECLLGEB!J!<C!>GO=66=T!G?!MK?6!IGB=!NFBGO=6!@?E!<=@!ZEC6M=@!MANF@FG6@!M?!>?@A=!Pq]STU!!!

.$"2! 0,&#5&('! '",! -,+('! '$! .('$#-! *,$-'! &! 4+#'&4,$,! .$! /$",! -$)*'! *+",!

*&,-(4(*$,!&!/&!o($!.$'!)"'$$'U!

:QS!M=!6G@!NG6NFBGO=6@!@=!MF@=6B!LE^B@!J!LCEBFNFL=E!J!<C!IF=!M=@!>?@A=@;!@G?@!C?!>GF6@!?6=!M=@!H?CBE=!

YGE>=@!LEGLG@A=@U!.KC?BE=@!BECIC?V!@?E!<C!LCEBFNFLCBFG6!NFBGO=66=!F6NFB=6B!J!L=6@=E!H?=!N=!B_D>=!=@B!

>GaF<F@CB=?E!LCE!ECLLGEB!J!MKC?BE=@:U!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!(13%), et l’intervention d’urgence en cas de crise (13%). Quant au patrimoine, il ne semble pas beaucoup mobiliser les jeunes (6% l’ont évoqué parmi les deux premières causes qui motivent leur engagement).!!6 A titre de comparaison, une enquête pour la création d’une agence pour la biodiversité montre qu’en moyenne 50% de la population serait prêts à participer activement à des projets liés à la biodiversité. Source : Patricia Croutte, « L’opinion des Français sur la participation des citoyens à une agence pour la biodiversité », CREDOC, Mai 2015!!

!"##"$%&!'#((#&)'&**"(&#"(+,(!& 02&& .$,'!(&"""&

!

!

]QPMND!95!^!GJMA!CDNAJ@@DEEDSD@LX!ADNQDmk[JMA!CNlL!<!C?NLQIQCDN!<!E?![QD!RDA!SMAODA!n!o!

'OCJ@ADA!CJAAQKEDA!^!JMQX!@J@X!@D!A?QL!C?Aa!


D>=!@FDN<=;!6GI=>aE=!789:U!/=NB?E=!f!RRS!M=@!EALG6MC6B@!MAN<CE=6B!H?KF<@!@=ECF=6B!LE^B@!J!

LCEBFNFL=E!J!<C!IF=!M=@!>?@A=@!=6!O!NG6@CNEC6B!r!~=={W=6M@!LCE!C6U!!

*<?@! YCIGECa<=@! J! <KF6BEGM?NBFG6! M?!LCEBFNFLCBFY! MC6@! <C! IF=! M=@!>?@A=@;! <=@! eDM@DA! P9qW7R! C6@T! @G6B!

<GZFH?=>=6B!<=@!L<?@!MF@LG@A@!J!O!NG6@CNE=E!M=!<=?E!B=>L@!L=E@G66=<!f!qRS!@=!MF@=6B!LE^B@!J!O!MAMF=E!r!

~=={W=6M@!LCE!C6!Py98!LGF6B@!MKANCEB!J!<C!>GO=66=!M=!<C!LGL?<CBFG6T!=B!R:S!@=ECF=6B!MKCNNGEM!LG?E!O!

NG6@CNE=E!?6=!_=?E=!LCE!@=>CF6=!@?E!(6B=E6=B!PyR!LGF6B@TU!!

/=@!RQCEpSOA!RM!AMCONQDMN!@G6B!Z<GaC<=>=6B!L<?@!=6N<F6@!J!LCEBFNFL=E!PR\S!LG?E!<=@!~=={W=6M@;!R8S!

LG?E! <=@! @GFEA=@T!>CF@! <KANCEB! CI=N! <=@! 6G6! MFL<k>A@! MF@LCECeB! @F! <C! LCEBFNFLCBFG6! @=! YCFB! LCE! <=! aFCF@!

R-&@LDN@DL!f!9!LGF6B!MKANCEB!@=?<=>=6B!LG?E!9!_=?E=!_=aMG>CMCFE=!@?E!(6B=E6=BU!"6=!NG>>?6C?BA!M=!

YC6@!@=ECFB!L<?@!A<FBF@B=!f!7]S!M=@!MFL<k>A@!M?!@?LAEF=?E!NG6BE=!77S!M=!6G6!MFL<k>A@!@=!MF@=6B!LE^B@!J!

O!LCEBFNFL=EU!

&?!BGBC<;!<=@!@J@![QAQLDMNA;!aF=6!H?=!>GF6@!=6B_G?@FC@B=@!H?=!<=@!IF@FB=?E@;!@=!>G6BE=6B!E=<CBFI=>=6B!

F6BAE=@@A@!LCE!<=@!MFYYAE=6B=@!LEGLG@FBFG6@!A>=EZ=C6B!M=!<C!NG6@?<BCBFG6!NFBGO=66=!f!F<@!@G6B!q]S!J!@=!

MFE=!LE^B@!J!@KF>L<FH?=E!@G?@!C?!>GF6@!?6=!M=@!YGE>=@!LEGLG@A=@U!$6!LCEBFN?<F=E!?6!6G6!IF@FB=?E!@?E!

M=?V!@=!MFB!LE^B!J!@KF>L<FH?=E!L=E@G66=<<=>=6B!=6!NG6@CNEC6B!?6=!_=?E=!LCE!@=>CF6=!@?E!(6B=E6=BU!!

& GQAQLDMNA! .J@![QAQLDMNA!

1NlLA!<!A_QSCEQVMDN!CDNAJ@@DEEDSD@L!R?@A!E?![QD!RM!SMAOD!&

%M!SJQ@A!M@D!TJNSD!R-QSCEQI?LQJ@!! i=s! ;5s!

r!~=={W=6M@!LCE!C6& :8S& rrS&

q!@GFEA=@!aA6AIG<=@!LCE!C6& q8S& 7]S&

9!_=?E=!LCE!@=>CF6=!@?E!(6B=E6=B& R\S& R\S&

4G>>?6C?BA!IFEB?=<<=!M=!YC6@& rrS& 9QS&

!

.=@!LEGLG@FBFG6@!H?F!E=6NG6BE=6B!M?!@?NND@!N_=m!<=@!IF@FB=?E@!M=!>?@A=;!>CF@!C?@@F!N_=m!N=?V!H?F!6KG6B!

LC@!IF@FBA!M=!>?@A=!G?!MK=VLG@FBFG6!MC6@!<=@!97!M=E6F=E@!>GF@U!!

!"##"$%&!'#((#&)'&**"(&#"(+,(!& 03&& .$,'!(&"""&

!

"6./4("(!(/!)#.),+"&#.!

!

-G?B!MKCaGEM;!?6=!NG6@?<BCBFG6!J!LCEBFE!MK?6=!L<CB=YGE>=!6?>AEFH?=!NG<<CaGECBFI=!C!ABA!GEZC6F@A=U!4=!

LEGN=@@?@! C! >GaF<F@A! <C! LCEBFNFLCBFG6! CNBFI=! M=! ]Rq! L=E@G66=@! H?F! G6B! LEA@=6BA! =B! MF@N?BA! 9! 8q]!

NG6BEFa?BFG6@!PMG6B!r9Q!LEGLG@FBFG6@!=B!:Q:!CEZ?>=6B@!EACZF@@C6B!CF6@F!C?V!7r!LEGLG@FBFG6@!LG@BA=@!

LCE!<C!)F@@FG6!LG?E!C>GEN=E!<=!MAaCBTU!/K=6@=>a<=!C!GNNC@FG66A!R!qR9!IGB=@U!/=@!C6C<O@=@!`!<=VFNC<=;!

M=!NG6B=6?@!=B!M=@!IGB=@!`!G6B!L=E>F@!MKFM=6BFYF=E!?6!<=VFH?=!PCI=N!M=@!B=E>=@WLFIGB@T!=B!?6!EAL=EBGFE=!

MKFMA=@!COC6B!ABA!@G?>F@=@!C?V!IGB=@U!"6=!@GNFG<GZF=!@G>>CFE=!M=@!NG6BEFa?B=?E@!>G6BE=!H?KF<@!@G6B!

=6! 6=BB=! >CiGEFBA! YEC6NF<F=6@! PqQST;! sZA@! M=! >GF6@! M=! R8! C6@;! BED@! YC>F<F=E@! M=@! >?@A=@;!

c!>?@=GZ=={@!d!=B!i=?6=@!LEGY=@@FG66=<@U!!

/=@! LEGLG@FBFG6@! A>C6C6B! M=! N=BB=! LE=>FDE=! L_C@=! H?C<FBCBFI=! M=! <C! NG6@?<BCBFG6! G6B! =6@?FB=! ABA!

B=@BA=@!C?LED@!MK?6!AN_C6BF<<G6!7878!L=E@G66=@;!E=LEA@=6BCBFY!M=!<C!LGL?<CBFG6!YEC6[CF@=;!MC6@!<=!NCME=!

MK?6=!=6H?^B=!NG6M?FB=!LCE!<=!4EAMGNU!

/=!LEGN=@@?@!=B!@=@!EA@?<BCB@!@G6B!YFZ?EA@!MC6@!<=!ZECL_FH?=!@?FIC6BU!!

!

0FZ?E=!9Q!f!"`@LU\AD!RD!E?!IJ@AMEL?LQJ@!IQLJ`D@@D!

!

/=!MANC<CZ=!=6BE=!<=@!LEGLG@FBFG6@!H?F!G6B!A>=EZA!M=!<C!NG6@?<BCBFG6!FGC!<C!L<CB=YGE>=!6?>AEFH?=!PCI=N!

M=@!NG6BEFa?B=?E@!BED@!>GaF<F@A@!LCE!<C!H?=@BFG6!M=!<KCI=6FE!M=@!>?@A=@!=B!C?!YCFB!M=@!B=E>=@!M?!MAaCBT!

=B! N=<<=@! i?ZA=@! LEFGEFBCFE=@! LCE! <KAN_C6BF<<G6! E=LEA@=6BCBFY! M=! <C! LGL?<CBFG6! 6CBFG6C<=! PL?a<FN! BG?B!

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

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

2&,,"&'3'*-%$#%-,-#.'*&%'$4#,#%'%)"'5.,&".&,

!"0%&.,&"'(&%'6)7"&%'*&'/8.-9"&'$()%'#"-:-.8(&

;8-"&'*0<#)7"-"'(&%'<#)(-%%&%'*)'/)%0&

;8-"&'7&.-"'*&%'8",-%,&%'$#)"'*-%<),&"'87&<'(&'$)=(-<

>%%#<-&"'(&%'?&).&%'3'(8'7-&'*)'/)%0&

@"878-((&"'87&<'(&'/#.*&'8%%#<-8,-A'&,'(&%'&.,"&$"-%&%

B"0&"'*&%'&%$8<&%'*&'7-%-,&'*0*-0%'8)C'&.A8.,%

;8<-(-,&"'(+8<<9%'8)'/)%0&'$#)"'<&)C'1)-'%#.,'&.'*-AA-<),0

D&.*"&'(&'/)%0&'$()%'7-78.,'&,'<#.7-7-8(

E+8*"&%%&"'3',#)%'1)&((&'1)&'%#-,'%8'<)(,)"&'#)'%#.'/-(-&)

>*8$,&"'(+#AA"&'8)C'?&).&%':0.0"8,-#.%

!"#

!!#

!$#

!%#

$&#

$&#

$'#

$(#

$)#

$%#

%&#

%&#

!"#$0()#$+"#$1(.)&'23)"3&#

!-$1(.#34)-)'(.$1')(5".."

!"#$%%$&' ()*#+,%$-$.#/)*' ()%%01)+0#/2$3).4/#0%/#5&'

()*2/2/0%/#5

6(($../1/%/#5'

"*/2$+.$%%$&'7/2$+./#5

8)1/%/#5

8".5$.'2/20*#.

9/./#$' 40+#/(/40#/2$8".5$':;<

=)%/#/>"$' #0+/?0/+$'

0704#5$

80/.)*'()@@"*$

A??+$'75@"%#/4%/5$

!"#$'+*"#$")$4"#$6()"#

!"#$73"#)'(.#$+"$4-$8'##'(.$83#*"#$+3$99:"$#';14"$!<$=!<>?$,@A8?$BC8DA:EC?$F@B>A:GC>:H?

!I?BECJ>?K>?L>$B<>:@B<!?

!"##"$%&!'#((#&)'&**"(&#"(+,(!& 04&& .$,'!(&"""&

!

I=6C6B;! 6G6! @=?<=>=6B! >GF6@! F6YGE>A! >CF@! F6AZC<=>=6B! LECBFH?C6B! M=@! >?@A=@T;! 6K=@B! LC@!

NG6@FMAECa<=!=B!LGEB=!@?E!N=EBCF6@!C@L=NB@!aF=6!NFENG6@NEFB@U!

.C6@!<=@!M=?V!NC@;!<C!LEF>C?BA!=@B!MG66A=!J!?6=!MFI=E@FYFNCBFG6!M=!<KGYYE=!PO!NG>LEF@!LCE!<K?BF<F@CBFG6!M?!

6?>AEFH?=T!=B!?6=!CNN=@@FaF<FBA!C?!L<?@!ZEC6M!6G>aE=!PO!NG>LEF@!=6!F6NGELGEC6B!<=!H?=@BFG6!BCEFYCFE=TU!

.=! YC[G6! FM=6BFH?=! AZC<=>=6B;! <KCBB=6BFG6! =@B! LGEBA=! @?E! <C! H?C<FBA! M=! <KCNN?=F<! P_G@LFBC<FBA! =B!

NG6IFIFC<FBAT! =B! c!<K=VLAEF=6N=WIF@FB=?E!dU! &F6@F! LG?E! MG66=E! =6IF=! J! N_CN?6! =B! N_CN?6=! M=! IF@FB=E!

MCIC6BCZ=!MK=VLG@FBFG6@;!<K=6@=>a<=!M=@!NG6BEFa?B=?E@!J!<C!L<CB=YGE>=!=B!M=@!EALG6MC6B@!J!<K=6H?^B=!

6CBFG6C<=!=@BF>=6B!H?=!<=!>?@A=!MGFB!@=!MA>GNECBF@=E;!BG?B!MKCaGEM!=6!@KG?IEC6B!J!BG?@!W!6=?Y!0EC6[CF@!

@?E!MFV!L=6@=6B!H?KF<!MGFB!@KCME=@@=E!J!BG?B=@!<=@!N?<B?E=@!=B!BG?@!<=@!>F<F=?V!W!=B!=6!AIG<?C6B!I=E@!?6!

>?@A=! BG?iG?E@! L<?@! IFIC6B! =B! NG6IFIFC<! PQ\STU! $6! LCEBFN?<F=E! LG?E! =?V;! <KCNN=6B! @?E! <=@! i=?6=@!

ZA6AECBFG6@! =@B! LEFGEFBCFE=;! H?KF<! @KCZF@@=! M=! MG66=E! =6IF=! J! N_CN?6! M=! IF@FB=E! M=@! =VLG@FBFG6@! =6!

NG>>?6FH?C6B!@LANFYFH?=>=6B!C?LED@!M=!N=!L?a<FN!P\9ST;!M=!LEGLG@=E!?6=!=VLAEF=6N=!L<?@!F6B=ECNBFI=!

=6!NEAC6B!M=@!=@LCN=@!CI=N!M=@!n?IE=@!J!BG?N_=E!LG?E!<=@!=6YC6B@!PQqST!G?!M=!NG6YF=E!C?V!i=?6=@!?6!

Ek<=!M=! <F=6!=6BE=! <=@! NFBGO=6@!=B! <=!>?@A=U!*G?E! E=6ME=! <=@! IF@FB=@!L<?@! F6B=ECNBFI=@;! <K_?>CF6!=B! <C!

NG6IFIFC<FBA!@G6B!IC<GEF@A@;!6GBC>>=6B!LCE!<KG?I=EB?E=!M=@!NG?<F@@=@!M?!>?@A=!=B!M=!<C!NEACBFG6!IFC!M=@!

E=6NG6BE=@!CI=N!M=@!LEGY=@@FG66=<@;!G?!M=@!GNNC@FG6@!MKAN_C6Z=@!=6BE=!<=!L?a<FN!=B!<=@!CEBF@B=@!C?BG?E!

M=@!=VLG@FBFG6@U!!

'F!M=!>C6FDE=!ZA6AEC<=! <C!LEFGEFBA!=@B!CNNGEMA=!J! <C!>F@=!=6!L<CN=!M=@!NG6MFBFG6@! FMAC<=@!LG?E!?6=!

CNN=@@FaF<FBA! ?6FI=E@=<<=! M?! >?@A=;! <=@! EALG6MC6B@! J! <K=6H?^B=! 6CBFG6C<=! @=>a<=6B! L=6@=E! H?=! N=!

>G?I=>=6B!MGFB!@K=6ZCZ=E!@C6@!E?LB?E=!YGEB=!CI=N!<=@!NGM=@!CNB?=<@!M=!<KF6@BFB?BFG6U!!

$6!YCFB!<=@!CLLEGN_=@!F66GIC6B=@;!H?F!A>C6=6B!6GBC>>=6B!M=!<C!NG6@?<BCBFG6!=6!<FZ6=;!@G6B!E=LEF@=@!

LG?E!LCEBF=!LCE! <=@!L<?@! i=?6=@!M=!6G@!NG6NFBGO=6@! P9qW7R!C6@T;!C?!@=F6!M=@!NG?N_=@!LGL?<CFE=@! P<=@!

=>L<GOA@T;! <=@! L=E@G66=@! H?F! EA@FM=6B! =6!>F<F=?! E?EC<;! =B! N=?V!H?F! 6KG6B! IF@FBA! 6F! ?6!>?@A=!6F! ?6=!

=VLG@FBFG6!MC6@!<KC66A=U!

!

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

*<?@!LEANF@A>=6B;!=B!L<?@!@G?I=6B!H?=!<C!>GO=66=!M=@!EALG6MC6B@;!N=@!NCBAZGEF=@!@=ECF=6B!MF@LG@A=@!

J!@=!E=6ME=!MCIC6BCZ=!MC6@!<=@!>?@A=@!6G6!@=?<=>=6B!@F!<=@!_GECFE=@!MKG?I=EB?E=!ABCF=6B!A<CEZF@;!>CF@!

@F!<=@!NGM=@!M=!<C!IF@FB=!ABCF=6B!=YY=NBFI=>=6B!>GMFYFA@!YCF@C6B!?6=!L<CN=!C?!MAaCB!=B!C?!LCEBFNFLCBFYU!+6!

IGFB!AZC<=>=6B!H?=!<=!c!_GE@!<=@!>?E@!d!=@B!?6!IAEFBCa<=!YCNB=?E!CBBECNBFY!LG?E!<=@!E?EC?VU!1?C6B!J!<C!

i=?6=!ZA6AECBFG6;!=<<=!@=!>G6BE=!<C!L<?@!G?I=EB=!J!?6=!IF@FG6!LCEBFNFLCBFI=!M=!<C!IF=!M?!>?@A=!LCE!<=!

aFCF@! M?! aA6AIG<CB! G?! M=! IGB=@! LCE! (6B=E6=B! @?E! <=@! ZEC6M=@! MANF@FG6@;! MK?6=! LCEBFNFLCBFG6! J! <C!

NG6N=LBFG6!M=@!=VLG@FBFG6@!=B! @=! @=6B!LCEBFN?<FDE=>=6B! NG6N=E6A=!LCE! <=@!CNBFG6@! NFBGO=66=@!=B! <=@!

@=EIFN=@!F66GIC6B@U!

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

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

!

!

!

!

!

!

!

!"##$%&'(

!

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

3%3)%"4&$56%'( 72!!! !

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

! (

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

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

"#$%&'($)! '*!+,--,./!+0-($-! 10! 2234%$! -,45'$! *! (6(! 7'*5($! -.0-! '$! -,8/$! 1$! '*! 59(*6,:,6(! $6! 1$! '*!

5..7(9*6,./! 7.09! 7*9:$/,9! ;! ,1$/6,<,$9! 5.''$56,:$%$/6! '$-! $/=$0>! 10! %0-($! 1*/-! 0/$! -.5,(6(! $/!

69*/-,6,./!$6!1$!79.7.-$9!'$-!*>$-!1,9$56$09-!1#0/$!%(6*%.97?.-$!1$!-./!%.14'$@!!

A0*69$!1.%*,/$-!1$!B0$-6,.//$%$/6!./6!(6(!79,:,'(8,(-!C!!

!! )8( 9:;<8( <=>?@:8( 8=( A?=BC8D(C!'(" )*(++(" ,-.+/0/,-.(" 12345./6" 1/.5" ,7/481(7" +(" 780(3*" 1(0"

9*08(0"1(":7364(",/*7"(657(7"(6"780/6364("3;(4"*6("0/4.858"1("+3"1.;(70.58"/<"+(0"+.(60"0/4.3*="

0/65">"7(6?/74(7@";/.7(">"7(,(60(7"A"

!! )8(9:;<8(EFB=<?GBF98(C!B*0)*2>")*(+",/.65"+2/??7("C*083+("(05D(++(",7/D345.;("(5"02313,5(D5D(++("

>"+3"1.;(70.58"1(0"4/++(45./60@"1(0",*E+.40"(5"1(0"5(77.5/.7(0"(5">"+28;/+*5./6"1(0"*03F(0"0/4.3*="A"

!! )8(9:;<8( ?DAH:;?G( I( ABHHJKBFJ=?G(C!G/CC(65" ,37;(6.7" >" *6(" ,+*0" F7361(" 1.;(70.?.435./6" 1(0"

,*E+.40@"3*"7(6/*;(++(C(65"1*"1.0,/0.5.?"1(0"C81.35./60@">" +2(6F3F(C(65"1("6/0"4/64.5/H(60"

1360"+3";.("1(0"853E+.00(C(650"A"G/CC(65"18;(+/,,(7"*6("4*+5*7(",375.4.,35.;("A!

!! )8(9:;<8(AB998(<AB;C;=L98(EFBG8;;?BDD8H(AF<J=?G(C!I*(++(0"0/65"+(0"+/F.)*(0"?/645./66(++(0"

1(0" C*08(0"A" :/65D(++(0" 84-/" 3*=" 057358F.(0" 12853E+.00(C(650" A" I*(++(0" .66/;35./60"

057*45*7(++(0" A" G/CC(65" 573;3.++(65" +(0" 8)*.,(0"A" I*(+0" C85.(70@" )*(++(0" 4/C,85(64(0" 0/65"

1(;(6*0" .61.0,(603E+(0"A" I*(++(0" 0/65" +(0" 8;/+*5./60" 0535*53.7(0" 0/*-3.53E+(0" A" G/CC(65"

,780(7;(7"+3"C.00./6"1("0(7;.4(",*E+.4"1360"*6"4/65(=5("84/6/C.)*("0/*0"5(60./6"A!

D$66$! 1(%*95?$! 79.-7$56,:$! *! 79,-! '*! <.9%$! 1#0/$! 5./-0'6*6,./! /*6,./*'$! *--.5,*/6)! ;! 69*:$9-!

1,<<(9$/6$-! <.9%$-! 1#(5?*/8$-! $6! 1$! 5./69,&06,./-)! '#$/-$%&'$! 10! 9(-$*0! 1$-! 79.<$--,.//$'-! 1$-!

+0-($-!1$!E9*/5$!F%0-($-!/*6,./*0>!$6!%0-($-!6$99,6.9,*0>G!$6!1$-!',$0>!1#$>7.-,6,./!-.0-!5./69H'$!

-5,$/6,<,B0$!$6!6$5?/,B0$!10!+DD@!D#$-6!5$!B0$!/.0-!1(/.%%$9./-!'$!9(-$*0!('*98,)!:.,9$!7.09B0.,!

7*-!'*!<*%,''$!9$5.%7.-($)!1$-!+0-($-!1$!E9*/5$@!

!

"I!DJ+3KL!"L!M3NJKOPL!OI2!PQJIMLR!"L!KQOSO3N!

N$-!:,/86!%$%&9$-!10!5.%,6(!1$!7,'.6*8$!1$!'*!+,--,./!+0-($-!10!223$!-,45'$!-$!-./6!1,-69,&0(-!$/69$!

'$-!B0*69$!89.07$-!1$!69*:*,'!6?(%*6,B0$-@!!

D?*B0$!89.07$!*!(6(!1.6(!1#0/!79(-,1$/6)! 1$!1$0>! */,%*6$09-)! 1#0/!.&-$9:*6$09! (69*/8$9! $6! 1#0/!

9*77.96$09@!D?*B0$!89.07$!*!5?.,-,!-./!%.1$!1$!69*:*,')!5.%&,/*/6!$/69$6,$/-! ,/1,:,10$'-!$6!6*&'$T

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

9./1$-@! I/$! 5*%7*8/$! 1#$/69$6,$/-)! U! 5.%79,-! *0794-! 1#$>7$96-! (69*/8$9-)! *! 5.%7'(6(! '$-!

5./-0'6*6,./-@V!

PQJIML!V!C!NL!+IRLL!LKW3AIL!LK!D3KJXLY@!!

M9(-,1$/6!C!!Z@!P*01,5?./)!N*!M,-5,/$)!Q.0&*,>@!O/,%*6$09-!C!!O@!E*&9$)!+*5S*')!S,69U![!E@!W0&$96)!%0-($!

1#OB0,6*,/$)!Z.91$*0>@!J&-$9:*6$09!C!Y@!Z./1,')!%0-($!1$-!Z$*0>T*96-)!+./69(*')!A0(&$5)!D*/*1*@!

Q*77.96$09!C!E@!+*,9$--$)!R.9&.//$!Y.0:$''$!$6!L5.'$!10!N.0:9$@!

D$!89.07$!*!79.5(1(!7*9!*01,6,./-!$6!$/69$6,$/-!,/1,:,10$'-!F$/!E9*/5$!.0!;!'#(69*/8$9G!*:$5!1$-!&,'*/-!

9(80',$9-!1*/-! '$-! '.5*0>!1$! '*!-.0-T1,9$56,./!1$! '*!7.',6,B0$!1$-!%0-($-!*0!R$9:,5$!1$-!+0-($-!1$!

E9*/5$)!90$!1$-!MU9*%,1$-@!R./!(6*7$!6$99,6.9,*'$)!.98*/,-($!*:$5!'$-!-$9:,5$-!1$!'*!"9*5!W*06!1$!E9*/5$!

$6!$/!7*96$/*9,*6!*:$5!'*!%,--,./!-09!'*!1,%$/-,./!50'609$''$!1$!'*!7.',6,B0$!1#*550$,'!1$-!%,89*/6-)!-#$-6!

1(9.0'($!-09!0/$!=.09/($!$6!1$%,$!F\T]!/.:$%&9$G!;!N$/-!FN.0:9$G!$6!Q.0&*,>!FN*!M,-5,/$G@!!

PQJIML!^!C!NL!+IRLL!MQJKL3EJQ+L@!!

M9(-,1$/6$!C!Z@!D?*:*//$)!-.0-T1,9$56,./!1$!'*!7.',6,B0$!1$-!%0-($-!T!R+E@!O/,%*6$09-!C!OTR@!Q.''*/1)!

%0-($!10!N.0:9$![!Z@!P,9:$*0)!M*'*,-!1$-!Z$*0>T*96-)!N,''$@!J&-$9:*6$09!C!P@!_:*9*/)!O-6907!E$*9/'$U!

+0-$$6)!J-'.)!Y.9:48$@!Q*77.96$09!C!R@!M<',$8$9)!R.9&.//$!M*9,-!"$-5*96$-@!

D$!89.07$!*!5?.,-,!'*!<.9%0'$!1$-!6*&'$-T9./1$-!F$''$-!-$!-./6!8(/(9*'$%$/6!6$/0$-!90$!1$-!MU9*%,1$-)!

%*,-!'#0/$!-#$-6!6$/0$!*0!M$6,6!M*'*,-G@!N#(6*7$!6$99,6.9,*'$!-#$-6!1(9.0'($!;!M.,6,$9-!F'$!\`Va!*0!%0-($!

R*,/6$!D9.,>G!$6!*!(6(!.98*/,-($!*:$5! '$-!-$9:,5$-!1$-!"9*5!Y.0:$''$!OB0,6*,/$)!Z9$6*8/$!$6!M*U-!1$!

N.,9$@!!

PQJIML!b!C! !NL!+IRLL!3YDNIR3E!LK!DJNNOZJQOK3E@!

M9(-,1$/6$!C!c@!M,=*01,$9TD*&.6)!%0-($-!1$!R69*-&.098@!!O/,%*6$09-!C!!S@!M.0--.0)!Q+YTPM![!!D@!M$U9$)!

%0-($! E*&9$)! +./67$'',$9@! J&-$9:*6$09! C! 2@! Q.'*/1)! %0-($-! 1$! +./-)! Z$'8,B0$@! Q*77.96$09! C!

R@!!!D?*0%,$9)!I@!1#O96.,-@!!!

!N$!89.07$!*!.76(!7.09!69.,-!(6*7$-!9(8,./*'$-!C!K.0'.0-$)!.98*/,-($!*:$5!'*!"9*5!J55,6*/,$!1*/-!-$-!

'.5*0>! F^a`dG!e!M*9,-)!.98*/,-($!;! '*!D,6(!1$-!-5,$/5$-!$6!1$! '#,/10-69,$)! '$!Vf`Va)!*:$5! '*!"9*5! 3'$!1$!

E9*/5$!e!R69*-&.098)!*0!%0-($!1#*96!%.1$9/$!$6!5./6$%7.9*,/)!'$!Va`VV)!.98*/,-(!*:$5!'$-!"9*5!P9*/1!

L-6!$6!Z.098.8/$TE9*/5?$TD.%6(@!I/!1(=$0/$9T1(&*6)!1$-!$/69$6,$/-!,/1,:,10$'-!./6!5.%7'(6(!'$!7*/$'!

1$-!7$9-.//$-!9$/5./69($-@!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!V!R(:$9,/$!"$--*=*/!F,/8(/,$09$!1#(601$!*0!D$9',-)!M*9,-T"$-5*96$-G!*!5..91.//(!5$66$!5*%7*8/$!1#$/69$6,$/-@!N*!',-6$!1$-!7*96,5,7*/6-!*0>!6*&'$-T9./1$-!$6!1$-!7$9-.//$-!*U*/6!<*,6!'#.&=$6!1#0/!$/69$6,$/!,/1,:,10$'!<,809$/6!$/!*//$>$@!

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

PQJIML!f!C!NL!+IRLL!DJ++L!LDJRXRKL+L!MQJELRR3JYYLN!DQLOK3E@!!

M9(-,1$/6$! C!R@!Q*%./1)!%0-($!1$-!Z$*0>T*96-)!NU./@!O/,%*6$09-! C!R@!O%,5)!%0-($-!1$!Q.0$/![!D@!

P0,''.0)! D$/69$! P@! M.%7,1.0@! J&-$9:*6$09! C! c@! Z9*1&09/$)! M,/*5.6$5*! 1,! Z9$9*)! +,'*/)! 36*',$@!

Q*77.96$09!C!D@!Z*9&,''./)!I@!M.,6,$9-!$6!L5.'$!10!N.0:9$@!

D$! 89.07$!*! 5.%&,/(! 6*&'$-T9./1$-!1*/-!1,<<(9$/6-! (6*&',--$%$/6-! FD$/69$!P@! M.%7,1.0)! L5.'$!10!

N.0:9$)!+ZO!NU./G!$6!$/69$6,$/-!,/1,:,10$'-@!N#(6*7$!6$99,6.9,*'$!-#$-6!1(9.0'($!;!NU./!*0!%0-($!1$-!

Z$*0>TO96-!F^]`VaG!$6!*!(6(!.98*/,-($!*:$5!'$-!-$9:,5$-!1$!'*!"9*5!O0:$98/$TQ?H/$TO'7$-@!

N$!5.%,6(!1$!7,'.6*8$!-#$-6!$/!.069$!9(0/,!$/!<.9%*6!9$-69$,/6!'.9-!1$-!(6*7$-!6$99,6.9,*'$-!1$!Q.0$/!

F+0-($!1$-!Z$*0>TO96-)!VV`Va)!.98*/,-($!*:$5!'*!"9*5!Y.9%*/1,$G)!$6!1$!+*9-$,''$!F+05$%)!^b`VV)!

.98*/,-($!*:$5!'*!"9*5!MODOG@!

!

NLR!]!LKOMLR!KLQQ3KJQ3ONLR!

W0,6!(6*7$-!$/!9(8,./!./6!1./5!7.96(!'$!1(&*6!-09!6.06!'$!6$99,6.,9$)!*0794-!10!%./1$!1$-!%0-($-!$6!

'$09-!7*96$/*,9$-!1*/-! '$-! 5?*%7-!1$! '*! 59(*6,./!$6! '*!1,<<0-,./)! 'g$/-$,8/$%$/6!$6! '*! 9$5?$95?$)! '$!

69*:*,'!$6!'#$/69$79,-$)!'$!5?*%7!-.5,*'!$6!'#(105*6,./!7.70'*,9$)!'g(5./.%,$!$6!'$!6.09,-%$h!^@!

D$66$!6.09/($!*!1(%./69(!0/$!*1?(-,./!10!9(-$*0!1$-!%0-($-!1$!E9*/5$!6$99,6.9,*0>!*0!79,/5,7$!1#0/$!

5./-0'6*6,./!/*6,./*'$!*0794-!1$!'#$/-$%&'$!1$-!79.<$--,.//$'-!$6!'$09-!7*96$/*,9$-@!N$-!f!6?(%*6,B0$-!

-6905609*/6!'*!9(<'$>,./!1$!'*!+,--,./!-./6!$/69($-!$/!9(-.//*/5$!<.96$!*:$5!'$09!7.-,6,.//$%$/6)!'$09-!

B0$-6,./-)!'$09-!79.=$6-@!!

N$-!(6*7$-!6$99,6.9,*'$-!./6!(6(!.98*/,-($-!$/!5..7(9*6,./!*:$5!'$-!"9*5!F$6!/.6*%%$/6!'$-!5./-$,''$9-!

%0-($-G@!K.06!'$!6$99,6.,9$!%(69.7.',6*,/!*!(6(!5.0:$96!FJ55,6*/,$)!Y.0:$''$!OB0,6*,/$)!Z9$6*8/$)!M*U-!

1$!N.,9$)!3'$!1$!E9*/5$)!Y.9%*/1,$)!O0:$98/$TQ?H/$!O'7$-)!W*06-!1$!E9*/5$)!P9*/1!L-6)!Z.098.8/$)!

E9*/5?$TD.%6(!$6!&,$/6H6!MODOG!;! '#$>5$76,./!1$! '*!Q(8,./!D$/69$b@! 3'! /#*!7*-!(6(!7.--,&'$!1*/-! '$!

6$%7-!,%7*96,!;!'*!+,--,./!1$!9(*',-$9!1$-!(6*7$-!$/!D.9-$!.0!1*/-!'$-!J069$T%$9@!I/!(5?*/8$!1$!:0$!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!^!N$-!79.89*%%$-!1$-!(6*7$-!6$99,6.9,*'$-!*,/-,!B0$!'*!',-6$!1$-!7*96,5,7*/6-!<,809$/6!$/!*//$>$!

b!! N*! -$0'$! "9*5!%(69.7.',6*,/$! *&-$/6$! $-6! '*! 9(8,./! D$/69$! B0,! /$! 1,-7.-*,6! 7*-! 1$! 5./-$,''$9!+0-($-! *0!%.%$/6! 1$!

'#(6*&',--$%$/6!10!79.89*%%$!1$-!(6*7$-!6$99,6.9,*'$-@!I/$!/.6$!1$!-U/6?4-$!-09! '*!-,60*6,./!1$-!%0-($-!1$!E9*/5$!1*/-!5$66$!9(8,./!$6!1$-!$>7(9,$/5$-!,//.:*/6$-!:,$/6!1$!/.0-!i69$!*19$--($!B0,!5.%7'46$!'$!7*/$'@!J/6!.0:$96!'$-!1(&*6-!C!+*95!DLDDON"3)!",9$56$09!9(8,./*'!1$-!O<<*,9$-!50'609$''$-!1$!!MODO)!+*95!"QJILK)!1,9$56$09!9(8,./*'!1$-!*<<*,9$-!50'609$''$-!1$-!W*06-T1$TE9*/5$)!M*69,5$!"IDWLQ)!1,9$56$09!9(8,./*'!*1=.,/6!1$-!*<<*,9$-!50'609$''$-!1$-!M*U-!1$!N.,9$)!c$*/TM*-5*'!NOYI3K)!1,9$56$09!9(8,./*'!*1=.,/6!1$-!*<<*,9$-!50'609$''$-!3'$T1$TE9*/5$)!O9/*01!N3KKOQ"3)!1,9$56$09!9(8,./*'!1$-!*<<*,9$-!50'609$''$-!1$!Y.0:$''$!OB0,6*,/$)!D?9,-6,*/!YLPQL)!1,9$56$09!*1=.,/6!1$!'*!"QOD!P9*/1!L-6)!+,5?$'!MQJR3D)!1,9$56$09!9(8,./*'!1$-!*<<*,9$-!50'609$''$-!O0:$98/$TQ?H/$TO'7$-)!N*09$/6!QJKIQ3LQ)!1,9$56$09!9(8,./*'!1$-!*<<*,9$-!50'609$''$-!N*/80$1.5TQ.0--,''./!+,1,TMU9(/($-@!I/!79(<$6!(6*,6!79(-$/6!C!M*-5*'!+O3WJR)!M9(<$6!1$!Q(8,./!J55,6*/,$@

!

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

*:$5!'$-!1,9$56$09-!$6!1,9$569,5$-!50'609$'-!1$!5$-!9(8,./-!7$9%$6!1$!79(:.,9!0/$!6*&'$T9./1$!-7(5,<,B0$!

'.9-!1$!'*!79.5?*,/$!9(0/,./!1$-!"9*5!$6!"*5)!$/!%*9-!79.5?*,/@!

"*/-!'$09!$/-$%&'$)!'$-!9$/5./69$-!6(%.,8/$/6!1#0/!$>69i%$!1U/*%,-%$!$6!1#0/$!9($''$!59(*6,:,6(!1$-!

(B0,7$-!1$-!(6*&',--$%$/6-!1*/-!'$-!1.%*,/$-!1$-!7*96$/*9,*6-!$6!1$-!5./:$/6,./-!1#*56,./)!1$!'#.<<9$!

%0-(*'$!1*/-!6.06$!-$-!%.1*',6(-)!1$!'*!9$'*6,./!*0>!70&',5-)!1$!'*!79.<$--,.//*',-*6,./!$6!1$!'*!%./6($!

$/! 5.%7(6$/5$-h! D$7$/1*/6)! '*! <9*8,',6(! 1$-! -6905609$-! $6! '*! 5.%7'$>,6(! 1$-! 5./1,6,./-! 1$!

<./56,.//$%$/6!*<<'$09$/6!1*/-!'*!7'07*96!1$-!5*-@!!

D#$-6!5$66$! ,/:$/6,:,6(!B0,! <9*77$! '$-!$-79,6-!C!$''$!$-6!79(-$/6$!1*/-!6.0-! '$-!5?*%7-!1#$>$95,5$!1$-!

(6*&',--$%$/6-! F'$-! %0'6,7'$-! <.9%*6-! 1$! '#.<<9$! %0-(*'$)! '$-! 1,<<(9$/6$-! <.9%$-! 1$! 5.T79.1056,./!

1#$>7.-,6,./-)!'$!59.,-$%$/6!1$-!5.''$56,./-!.0!'$09!%.&,',6()!'*!%060*',-*6,./!1$-!-$9:,5$-!/0%(9,B0$)!

'$! 1(:$'.77$%$/6! 10! %(5(/*6! 7*96,5,7*6,<)! '$! 69*:*,'! $/! %.1$! 79.=$6! *:$5! %,>! 1$-! 5.%7(6$/5$-)!

,/6(89*6,./!1$-!<./56,./-!$6!7.'U:*'$/5$!hG!*'.9-!B0$!'$-!5./6$>6$-!-./6!8(/(9*'$%$/6!$>69i%$%$/6!

6$/10-@!!

KJINJIRL)!^a`ad!e!MQLMOQLL!OSLD!NO!"QOD!NOYPIL"JDTQJIRR3NNJYT+3"3TMXQLYLLR!

•! NL!+IRLL!3YDNIR3E!LK!DJNNOZJQOK3E@!D.%%$/6!9$7$/-$9! '*!%(1,*6,./!50'609$''$!$6!%,$0>!

*--.5,$9! '$-!70&',5-!;! '*!:,$!10!%0-($!j!M9(-$/6*6,./!10!7*/.9*%*!1$-!$>7(9,$/5$-! '$-!7'0-!

,//.:*/6$-!-09!'#$/-$%&'$!10!6$99,6.,9$!1$!'#J55,6*/,$@!

MJ3K3LQR)!a\`Va!e!MQLMOQLL!OSLD!NLR!"QODR!ZQLKOPYL)!MOXR!"L!NJ3QL!LK!YJISLNNL!

OAI3KO3YL!

•! NL!+IRLL! MQJKL3EJQ+L@! D.%%$/6! :*'.9,-$9! '*! 5*7*5,6(! 1$-!%0-($-! ;! -$! 9(,/:$/6$9!j!

A0$''$-! ,//.:*6,./-! j! A0$''$-! 7.6$/6,*',6(-! j!9*08(" .6" 0.5*! C! N#$>7(9,$/5$! 10! %0-($!

1$%$09$!0/,B0$!$6!'$!5?*%7!1$-!79.7.-,6,./-!-#$-6!5./-,1(9*&'$%$/6!('*98,@!9*08("-/70D

+(0DC*70! C! E.9%$-)! 6$%7.9*',6(! $6! 7*96$/*,9$-! 1(7$/1$/6! 1#.&=$56,<-! 694-! :*9,(-@!9*08("

6*C87.)*(! C! R.0-! -$-! 1,<<(9$/6-! *-7$56-! F-,6$! ,/6$9/$6)! 7.-,6,.//$%$/6! -09! '$-! 9(-$*0>!

-.5,*0>)!&*/B0$!1#,%*8$!$6!1$!1.//($-G)!,'!$-6!0/!*56,:*6$09!1$!'#,/6(9i6!7.09!'$-!5.''$56,./-!

$6!0/!<*5,',6*6$09!1$!'#$>7(9,$/5$!1$!:,-,6$@!

QJILY)!VV`Va!C!MQLMOQLL!OSLD!NO!"QOD!YJQ+OY"3L)!"OYR!NL!DO"QL!"LR!ORR3RLR!"L!

NO!"3SLQR3KL!

•! MOKQ3+J3YL!LK!"3SLQR3KL!C!NO!MNODL!"LR!+IRLLR@!N*!79*6,B0$!1$!'*!D0'609$!-$!1.,6!1#i69$!

7.09!5?*50/!'#$/19.,6!$6!'$!%.%$/6!1#0/$!5('(&9*6,./!7*96*8($)!1#0/!',$/!-.5,*'!9$/.0(!$/69$!

'$-!,/1,:,10-!B0$''$-!B0$!-.,$/6!'$09-!5'*--$-)!'$09-!.9,8,/$-)!'$09-!9$',8,./-!.0!'$09-!5.0'$09-!1$!

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

7$*0>@! 3'! -#*8,6! ,5,!1#*<<,9%$9!0/$!50'609$!5.%%0/$! 9,5?$!1$!-*!&$''$!1,:$9-,6(@!D$66$! 9(*',6(!

,/:,6$!;!0/$!9(<'$>,./!$/!79.<./1$09!-09!'$-!79*6,B0$-!$6!'$-!,%*8,/*,9$-!1$!6.06$-!$6!1$!6.0-@!

FhG! R#*8,--*/6! 7'0-! 7*96,50',49$%$/6! 1$-!%0-($-)! '#?(6(9.8(/(,6(! ?,-6.9,B0$! 1$-! 5.''$56,./-!

$-6T$''$!'$!%,9.,9!1$!'*!1,:$9-,6(!5./6$%7.9*,/$!1$!'*!7.70'*6,./!<9*/k*,-$!j!D.%%$/6!$>7.-$9!

*0=.091#?0,!5$-!.&=$6-!$6!7.09!B0,!j!O06.09!1$!1$0>!6*&'$-!9./1$-)!79.<$--,.//$'-!1$!%0-($-)!

0/,:$9-,6*,9$-)!59,6,B0$-)!<$9./6!(6*6!1$!'$09!$>7(9,$/5$!$6!5./<9./6$9./6!'$09-!7.,/6-!1$!:0$!

-09!5$-!B0$-6,./-!-$/-,&'$-@!

MOQ3R)!Vf`Va!C!MQLMOQLL!OSLD!NO!"QOD!3NLT"LTEQOYDL!

•! NL!+IRLL!DJYSLQROK3JYYLN@!J/!-$!9$79(-$/6$!1$!7'0-!$/!7'0-!-.0:$/6!'#$>7(9,$/5$!1$!

:,-,6$! 5.%%$! 0/$! 5./:$9-*6,./@! +*,-! 1$! B0.,! 7*9'$/6)! $/-$%&'$)! 70&',5-! $6! %0-($-!j!

A0$''$-!<.9%$-!79$//$/6!'$09-!(5?*/8$-!j!"*/-!B0$'-!1,-7.-,6,<-!,//.:*/6-!-#,/5*9/$/6T,'-!j!

N$!%0-($!10!223$!-,45'$!-$9*T6T,'!$/<,/!0/!l!$-7*5$!70&',5!m!j!!

NXJY)!^]`Va!C!MQLMOQLL!OSLD!NO!"QOD!OISLQPYLTQWJYLTONMLR!

•! NL!+IRLL!DJ++L!LDJRXRKL+L!MQJELRR3JYYLN!DQLOK3E@!A0$'-!-./6!'$-!/.0:$*0>!5./6$>6$-!

1#$>$95,5$!1$-!%(6,$9-!$6!'$-!5./1,6,./-!1#*55.%7',--$%$/6!1$!'*!%,--,./!1$!-$9:,5$!70&',5!j!

D.%%$/6!<*,9$!(%$98$9!1$-!9(7./-$-!*0>!,/6$99.8*6,./-!1$-!79.<$--,.//$'-!j!A0$'-!-./6!'$-!

:$56$09-!1#0/!9*77.96!9$/.0:$'(!;!'#,/-6,606,./!j!!

NLYRTQJIZO32)!\T]`VV!C!MQLMOQLL!OSLD!NO!"QOD!WOIKR!"L!EQOYDL!LK!LY!

MOQKLYOQ3OK!OSLD!NO!+3RR3JY!RIQ!NO!"3+LYR3JY!DINKIQLNNL!"L!NO!MJN3K3AIL!

"#ODDIL3N!"LR!+3PQOYKR@!!

•! NL!+IRLL!LKW3AIL!LK!D3KJXLY@!D.%%$/6!<*,9$!10!%0-($!0/!59$0-$6!1$-!',$/-!-.5,*0>)!1$!'*!

1U/*%,B0$!1$-!6$99,6.,9$-)!1$!'*!:*'.9,-*6,./!1$!'*!5,6.U$//$6(!$6!1$!'#.0:$9609$!*0>!*069$-!j!

D.%%$/6!9$/19$!5./59$6!'$!79,/5,7$!1#*554-!0/,:$9-$'!;!'*!50'609$!j!N$!%0-($!$-6!0/!$-7*5$!

1$!5,6.U$//$6(@!3'!$-6!0/!$-7*5$!1#?.-7,6*',6(!7.09!6.0-!'$-!70&',5-@!N$-!*56,./-!%0'6,7.'*,9$-!$6!

$/!9(-$*0!-./6!5$''$-!B0#,'!<*019*!1(:$'.77$9!1$%*,/@!

RKQORZJIQP)!Va`VV!C!MQLMOQLL!OSLD!NLR!"QOD!PQOY"TLRK!LK!ZJIQPJPYLTEQOYDWLT

DJYKL!!

•! NL!+IRLL!MNOKLEJQ+L!"L!MJKLYK3ON3KnR@!"*/-!5$66$!/.0:$''$!5./5$76,./)!'$!%0-($!7$9%$6!

0/!9*77.96!69*/-<.9%(!*0!6$99,6.,9$!$6!;!'*!5,6()!,'!<*:.9,-$!'$-!59.,-$%$/6-!1,-5,7',/*,9$-!$6!'$!

%,>! 1$-! 5.''$56,./-)! ,'! 1(19*%*6,-$! '$! 9*77.96! *0>! o0:9$-! $6! ;! '*! 59(*6,./)! ,'! <*&9,B0$! 10!

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

5.''*&.9*6,<!$6!1$!'#,/5'0-,<)!,'!79.%$06!'$-!:*'$09-!1$!5./:,:,*',6(!$6!1#*06./.%,-*6,./@!3'!$-6!;!

79.79$%$/6!7*9'$9!0/!1,-7.-,6,<!1$!%(1,*6,./!1$!'*!50'609$@!

+OQRL3NNL)!^b`VV!C!MQLMOQLL!OSLD!NO!"QOD!MODO!

•! "L+O3Y!NLR!+IRnLR!C!K.06!'#*//./5$)!'$!%0-($!10!2234%$!-,45'$!-$9*!:,:*/6!$6!.0:$96)!59(*6,<!

$6! *8,'$)! ,/6$'',8,&'$! $6! -$/-,&'$)! -.',1*,9$! $6! 5,6.U$/@! D$66$! /.0:$''$! %*/,49$! 1#i69$! $/!

,/6$9*56,./! 5./-6*/6$! *:$5! '#$-79,6! 10! 6$%7-! 9(7./1! ;! 0/$! /(5$--,6(! 1#,/6$'',8,&,',6(! 1$-!

6$/-,./-!B0,!69*:$9-$/6!'$-!9*77.96-!-.5,*0>@!L''$!=.0$!'$!%,>!1$-!1,-5,7',/$-!$6!1$-!%(1,*6,./-)!

$''$! ,/-6*09$!1$!/.0:$''$-! <.9%$-!1$! 9$'*6,./!*0>!o0:9$-!$6! ;! '*! 5,950'*6,./!1$-! ,1($-)! $''$!

5./=080$!69*/-%,--,./!$6!59(*6,./)!$''$!*8$/5$!-,/80'*9,6(!$6!5.%%0/)!$''$!.95?$-69$!<9*6$9/,6(!

%.9*'$!$6!$-79,6!59,6,B0$@!

!

NLR!QLYDJYKQLR!OSLD!NLR!LNIR!

K9.,-!1$%,T=.09/($-!./6!(6(!5./-*59($-!*0>!7*96$/*9,*6-!D.''$56,:,6(-!6$99,6.9,*'$-`L6*6!$/!%*6,49$!1$!

7.',6,B0$!70&',B0$!1$-!%0-($-!F;!'#O--$%&'($!/*6,./*'$)!*0!R(/*6)!*0!+DD!*:$5!'$-!*--.5,*6,./-!1#('0-G@!

O!5?*B0$!(6*7$! 6$99,6.9,*'$!1$-!('0-f!./6!*--,-6(!*0>! 9$/5./69$-!$6!./6! <*,6!7*96!1$! '$09!*/*'U-$@! N$!

'$56$09!69.0:$9*!'*!-U/6?4-$!1$!5$-!(5?*/8$-!1*/-!'*!79$%,49$!7*96,$!1$!5$!5?*7,69$@!!

ORRL+ZNLL!YOK3JYONL@!!

Q(0/,./! 79(-,1($! 7*9! M*69,5p! Z'.5?$)! 79(-,1$/6! 1$! '*! D.%%,--,./! 1$-! O<<*,9$-! 50'609$''$-! $6! 1$!

'#(105*6,./!1$!'#OY)!^a`Va!!

RLYOK@!!

Q(0/,./! 79(-,1($! 7*9! D*6?$9,/$! +.9,/T"$--*,''U)! 79(-,1$/6$! 1$! '*! D.%%,--,./! 1$! '*! D0'609$)! 1$!

'#L105*6,./!$6!1$!'*!D.%%0/,5*6,./)!Vq`VV!

+3Y3RKLQL!"L!NO!DINKIQL!LK!"L!NO!DJ++IY3DOK3JY@!!

Q(0/,./!79(-,1($!7*9!+*9,$TD?9,-6,/$!N*&.091$66$)!1,9$569,5$!10!R$9:,5$!1$-!+0-($-!1$!E9*/5$)!*:$5!

'$-!9$79(-$/6*/6-!1$-!O--.5,*6,./-!1#n'0-)!^^`VV!

!

! !

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!f!J/! 5,6$9*! $/!7*96,50',$9!C!+,5?$'! ZLQKW3LQ)! *1=.,/6! 1('(80(! ;! '*! 50'609$)!S,''$! 1$!M.,6,$9-)! M?,',77$!DWO+OI2)!1,9$56$09!

*1=.,/6!10!D"Y!Y.9%*/1,$TQ.0$/)!M*69,5p!DIQKOI")!S,5$T79(-,1$/6!10!D./-$,'!1(7*96$%$/6*'!1$!'#3-49$)!*1=.,/6!*0!%*,9$!1$! S,$//$)! M,$99$! LRMNIPORTNOZOKIK)! *1=.,/6! *0! %*,9$! 1$! K.0'.0-$)! O'*,/! EJYKOYLN)! 79$%,$9! *1=.,/6! *0! +*,9$! 1$!R69*-&.098)!5?*98(!1$! '*!50'609$!$6!10!7*69,%.,/$)!P$.98$-!_LMLYL_3OY)!79$%,$9!*1=.,/6!*0!+*,9$!1$!NU./)!1('(80(!;! '*!50'609$)!E9(1(9,5!+3YOQ")!*1=.,/6!;!'*!50'609$)!*0!7*69,%.,/$!*95?,6$5609*'!$6!;!'#$/-$,8/$%$/6!-07(9,$09!1$!'*!S,''$!1$!Q.0&*,>@!!

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

KOZNLR!QJY"LR!LK!QLYDJYKQLR!OSLD!NLR!JQPOY3ROK3JYR!RXY"3DONLR!"I!+DD!

",<<(9$/6$-! 6*&'$-! 9./1$-! *:$5! '$-! .98*/,-*6,./-! -U/1,5*'$-! ./6! (5'*,9(! '$-! B0$-6,./-! 9$'*6,:$-! ;!

'#(:.'06,./! 1$-!%(6,$9-@! L''$-! ./6! (6(! *--.5,($-! 1#$%&'($! ;! '*! 1(%*95?$! 1$! '*!+,--,./! 7*9! 1$-! (5?*/8$-!

79(7*9*6.,9$-@!I/$!<.,-!'*!+,--,./!'*/5($)!69.,-!9(0/,./-!<.9%$''$-!1$!-0,:,!-$!-./6!6$/0!FVb=0,/)!d!/.:$%&9$)!ba!

/.:$%&9$G@! M*9! *,''$09-)! 0/$! B0,/r*,/$! 1$! 9$79(-$/6*/6-! -U/1,5*0>! ./6! 7*96,5,7(! ;! 1,<<(9$/6$-! -(*/5$-! 1$-!

89.07$-!1$!69*:*,'!$6!;!B0$'B0$-!(6*7$-!6$99,6.9,*'$-q@!!

QLRLOI2!MQJELRR3JYYLNR!LK!KOZNLRTQJY"LR!RLDKJQ3LNNLR!

",<<(9$/6$-!*--.5,*6,./-!79.<$--,.//$''$-!./6!(8*'$%$/6!(6(!*--.5,($-!;!'*!9(<'$>,./!C!6*/6H6)!$''$-!./6!

(6(!9$k0$-!7*9!'$-!89.07$-!1$!69*:*,'!F'#35.%)!'#O+DRK3)!'*!EL+R)!7*9!$>$%7'$G!6*/6H6!$''$-!./6!*550$,'',!

0/$! 1('(8*6,./! 1$! '*! +,--,./! F'#35.%! 1$! /.0:$*0)! %*,-! (8*'$%$/6! '$-! *--.5,*6,./-! 9(8,./*'$-! 1$!

5./-$9:*6$09-!$6!7$9-.//$'-! -5,$/6,<,B0$-!1$-!%0-($-G@!L''$-!./6!(8*'$%$/6!(6(!7*9<.,-!7*96$/*,9$-!

1*/-! '#.98*/,-*6,./! 1#0/$! (6*7$! 6$99,6.9,*'$! FO--.5,*6,./! Q?H/$TO'7$-! 1$-! D./-$9:*6$09-)! D+O! $/!

O'-*5$)!O--.5,*6,./!1$-!5./-$9:*6$09-!1$!N*/80$1.5TQ.0--,''./)!1$!'*!9(8,./!W*06-T1$TE9*/5$)!1$!+,1,T

MU9(/($-G@!N#*--.5,*6,./!1$-!5./-$9:*6$09-!1#3'$!1$!E9*/5$!*!5./-*59(!0/!*794-T%,1,!;!'*!79(-$/6*6,./!

1$! '*!+,--,./! ;! -$-! *1?(9$/6-@! N#*--.5,*6,./! 1$-! ('4:$-! $6! */5,$/-! ('4:$-! 1$! '#3/-6,606! /*6,./*'! 10!

7*69,%.,/$!*!*550$,'',!0/$!79(-$/6*6,./!1$!'*!+,--,./!$6!*!5./69,&0(!;!'#0/$!1$-!(6*7$-!6$99,6.9,*'$-@!

O!1$-!1$89(-!1,:$9-)!6.0-!'$-!*069$-!5.97-!1$!%(6,$9-!10!%0-($!./6!70!*77.96$9!'$09!6(%.,8/*8$!F'$-!

-$59(6*,9$-! 8(/(9*0>)! '$-! 9$-6*09*6$09-)! '$-! 9(8,--$09-)! '$-! 9$-7./-*&'$-!1$-!70&',5-)! '$-! 5?*98(-!10!

1(:$'.77$%$/6)! '$-! 5?$<-! 1$! 79.=$6-! /0%(9,B0$-)! '$-! %(1,*6$09-! $6! 80,1$-T5./<(9$/5,$9-)! '$-!

7$9-.//$'-!1$!-09:$,''*/5$!$6!1$!-(509,6()!hG@!O96,-6$-)!*95?,6$56$-)!-5(/.89*7?$-)!%0-.89*7?$-!./6!

(6(!*01,6,.//(-@!Z09$*0>!1#(601$-)!O8$/5$-)!R6*96#07!(8*'$%$/6@!

"$-!9$79(-$/6*/6-!1#*--.5,*6,./-!1#(105*6,./!7.70'*,9$!$6!1$!-.',1*9,6()!1$!5.%,6(-!1#$/69$79,-$)!1$!

<./1*6,./-!o0:9*/6! 7.09! '$! 7*96*8$! 1$! '*! 50'609$! $6! '#(8*',6(! 1$-! 5?*/5$-)! 10! 69*:*,'! -.5,*'! ./6! 70!

-#$>79,%$9@!

N$-!%,',$0>!1$!'*!<.9%*6,./)!'#$/-$,8/$%$/6!-07(9,$09!$6!1$!'*!9$5?$95?$!./6!(6(!*--.5,(-!C!*0--,!&,$/!

'$-! 9$-7./-*&'$-! 1$-! L5.'$-! 10! +DD)! B0$! 1$-! $/-$,8/*/6-T5?$95?$09-! -7(5,*',-6$-! 10! %./1$! 1$-!

%0-($-!$6!1$!'*!50'609$@!R$56$09!1$!'*!<.9%*6,./!,/,6,*'$!%*,-!*0--,!1$!'*!<.9%*6,./!5./6,/0$!*:$5!1$-!

9$79(-$/6*/6-!10!DYEMK!.0!1$! '#JD3+@!D$-!7*96$/*9,*6-!69*1,6,.//$'-!-$!-./6!('*98,-!;!1$!/.0:$*0>!

1.%*,/$-!1#,/6$9:$/6,./)!/.6*%%$/6!1*/-!'$!1.%*,/$!1$-!(601$-!1$!70&',5-!.0!10!/0%(9,B0$@!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!q!N,-6$!$/!*//$>$!

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

MOQK3D3MOK3JY!"L!QLMQLRLYKOYKR!"L!NO!+3RR3JY!O!"LR!cJIQYLLR!"#LKI"LR!LK!

"LZOKR!!

c.09/($!1#(601$!-09!'$-!%(%.9,*0>!FQ,:$-*'6$-)!^aT^V!=0,/G)!D./894-!35.%!F+,'*/)!q`\G)!R$56,./!31E!1$-!

5./-$9:*6$09-! Fq`dG)! Va! */-!10!+AZ! Fba`dG)! R(%,/*,9$! 50'609$!1$!M*9,-!S333! Fs`VaG)!O--.5,*6,./!1$-!

('4:$-!$6!*/5,$/-!('4:$-!1$!'#3YM!FVq`VaG!e!E9*%$!FVq`VVG!e!]aTba!C!".0&'$!*//,:$9-*,9$!10!M*'*,-!1$!'*!

1(5.0:$96$! $6! 1$! '*! 5,6(! 1$-! -5,$/5$-! $6! 1$! '#,/10-69,$! F^f`VVG!e! R(%,/*,9$! 10! 5.''$56,<! O'6$9Y*6,:$-!

Fb`V^Gh!

KOZNLRTQJY"LR!RLDKJQ3LNNLR!!

35.%!FqTs`\!e!f`VaG)!O--.5,*6,./-!1$!7$9-.//$-!$/!-,60*6,./!1$!?*/1,5*7!FVs`V^G@!

N$-!5.''$56,./-!0/,:$9-,6*,9$-!./6!<*,6!'#.&=$6!1#0/$!1$%,T=.09/($!-7(5,<,B0$!.98*/,-($!7*9!'*!"9*5!3'$T

1$TE9*/5$!*0!%0-($!D09,$)!;!M*9,-@!FVf`VVG!

!

NL!"3YLQ!"LZOK!OSLD!NLR!+IRLLR!YOK3JYOI2!

N$-!(6*&',--$%$/6-!/*6,./*0>)! $/! 6*/6!B0#*56$09-! 5$/69*0>!1$! '*!7.',6,B0$!1$-!%0-($-)!./6!0/! 9H'$!

%*=$09!;!=.0$9!1*/-!'*!5./-.',1*6,./!10!9(-$*0!1$-!%0-($-!1$!E9*/5$!1./6!,'-!<./6!10!9$-6$!7*96,$@!

D#$-6! 1./5! 1*/-! '*! 7$9-7$56,:$! 1$! 1(&*669$! 1$! '*! 5./69,&06,./! B0$! 5$-! (6*&',--$%$/6-! 7.099*,$/6!

*77.96$9!;!0/$!*779.5?$!-69*6(8,B0$!$6!1$!1(:$'.77$%$/6!10!9(-$*0!1$-!%0-($-!1$!E9*/5$!-09!'$!7'*/!

(5./.%,B0$)!-.5,*'!$6!50'609$')!B0#0/!1t/$9!79(-,1(!7*9!'*!+,/,-69$!*!(6(!.98*/,-(!'$!V\!/.:$%&9$@!3'!*!

9(0/,!0/$!-.,>*/6*,/$!1$!9$-7./-*&'$-@!

M.09!*,''$09-)!7'0-,$09-!79(-,1$/6-!.0!1,9$56$09-!1$!%0-($-!/*6,./*0>!./6!$0!'#.55*-,./!1$!-#$>79,%$9!

'.9-! 1$-! (6*7$-! 6$99,6.9,*'$- s @! K.0-! ./6! $/6$/10)! ./6! 9$--$/6,)! '*! 1$%*/1$! 1#0/! /.0:$*0! %.1$!

1#,%7',5*6,./!1$-!%0-($-!/*6,./*0>!1*/-!'$!<./56,.//$%$/6!10!9(-$*0!1$-!%0-($-!1$!E9*/5$@!+*,-!

6.0-!./6!(8*'$%$/6!9$--$/6,!5$66$!%./6($!$/!$>7$96,-$!1$!'*!7'07*96!1$-!(6*&',--$%$/6-!6$99,6.9,*0>)!

$6!./6!-./8(!*0>!7.6$/6,*',6(-!B0$!9$54'$9*,6!'$!79,/5,7$!1#0/$!%.&,',6(!59.,-($!1$!7$9-.//$'-!o0:9*/6!

1*/-! '$-!1,<<(9$/6$-!5*6(8.9,$-!1#(6*&',--$%$/6-!$6!1*/-!1,<<(9$/6-!6U7$-!1$!<./56,./-!$6!1$!7.-6$-)!

1#0/$!,/6$9.7(9*&,',6(!1$-!%,--,./-!$6!1$-!<./56,./-@!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!s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c01*u-%$)!M*9,-!

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

NL!DQJ3RL+LYK!OSLD!"#OIKQLR!+3RR3JYR!+3Y3RKLQ3LNNLR!

N*!9$-7./-*&'$!1$!'*!%,--,./!+0-($-!10!223$!-,45'$!*!(6(!*01,6,.//($!7*9! '#,/-7$56,./!8(/(9*'$!1$-!

*<<*,9$-!50'609$''$-!Fd`V^!C!c(9H%$!Z.0v6)!+*9,$TN,$--$!P*019$r)!3-*&$''$!Y$0-5?w*/1$9)!O//$T+*9,$!

N$P0$:$')!R$98$!_*/5$'G!$6!'#,/-7$56,./!1$-!7*69,%.,/$-!F^b`s!C!3-*&$''$!Z*'-*%.)!+*9,$TW('4/$!c.'U)!

Z90/.!R*0/,$9G@!!

L''$!*!$/!.069$!9$/5./69(!$6!69*:*,''(!*:$5!'$-!1,<<(9$/6-!,/-7$56$09-!$6!5?*98(-!1$!%,--,./!10!+DD!1./6!

'$-! 1.--,$9-! (6*,$/6! 5.//$>$-!C! +./,B0$! Z*9&*9.0>! F3PODG!C! l!D0'609$! $6! *95?,6$5609$! 109*&'$!m!e!

M?,',77$!D?*/6$7,$!F3PODG!C!l!L5./.%,$!1$!'*!50'609$!m!e!_*9,/$!P'.*/$5T+*09,/!F3PODG!C!l!D.''48$!1$!

'*!",:$9-,6(!m!e!N05!P90-./!FRPG!C!l!",%$/-,./!50'609$''$!1$!'*!7.',6,B0$!1#*550$,'!1$-!%,89*/6-!m!e!D'*,9$!

N*%&.''$U!F3PODG!$6!O8/4-!R**'!FRPG!C!l!n8*',6(!79.<$--,.//$''$!m!

!

NO!DJYRINKOK3JY!"LR!MIZN3DR!!

N$-!70&',5-!./6!(6(!*--.5,(!;!'*!1(%*95?$!$/69$79,-$!7*9!'*!+,--,./!+0-($-!10!223$!-,45'$!1$!7'0-,$09-!

%*/,49$-@!

NO!EL"LQOK3JY!"LR!RJD3LKLR!"#O+3R!"L!+IRLLR!!

c$*/T+,5?$'!Q*,/8$*91)!79(-,1$/6!1$! '*!E(1(9*6,./!1$-!-.5,(6(-!1#*%,-!1$!%0-($-!*!(6(! 9$k0!7*9! '*!

9$-7./-*&'$!1$!'*!+,--,./!$6!7*9!'*!-.0-!1,9$569,5$!1$!'*!7.',6,B0$!1$-!%0-($-@!3'!*!(6(!*01,6,.//(!7*9!

'$! 89.07$! /xb! ;! '#.55*-,./! 1#0/! 1(=$0/$9T1(&*6! FVf`Va)! DR3G@! M9*6,B0$%$/6! ;! 6.06$-! '$-! (6*7$-!

6$99,6.9,*'$-)!1$-!9$79(-$/6*/6-!1$-!-.5,(6(-!'.5*'$-!./6!7*96,5,7(!*0>!1(&*6-@!!

IYL!LAI3ML!MQJcLK!MJIQ!IYL!DJ++IY3DOK3JY!LK!IYL!DJYRINKOK3JY!

YI+LQ3AILR!

I/$!(B0,7$!79.=$6!*!(6(!5./-6,60($!7.09!*--09$9!'*!5.%%0/,5*6,./!$6!'*!5./-0'6*6,./!/0%(9,B0$-!C!

G/64(,5./6"O"PBQ"R.1(+C36S"99TTU@"',,D'VW"PRQ"X3++(C(65@"YQ"B/64-(7H@"BQ"'(Z(++*0S@"',6D[V"P\Q"

W(7(0@"\Q"]70.6.@"^Q"Y+.3437S"_"9.6.D0.5(@",3F(":34(E//`"(5"C/5D1.a0(O"'4/CD'VW" P9Q"G36178@"bQ"

9375.6(Z"_"053F.3.7("O^Q"[3-(ES@"'.4/CD[V"P9Q"c/*F(371@"BQ"9(00.63S"@"d6.;(704.(64("PcQ"c(6.53S"_"

W+35(?/7C(" 12-8E(7F(C(65" (5" R6)*e5(" 635./63+("O" G3," G/++(45.?" PfQ" '(76/64/*75S" (5" G781/4"

P[Qg/.E.36"(5"GQ"9.++/5S"

N*!5.%%0/,5*6,./!/0%(9,B0$!*!$%790/6(! 69.,-! 5*/*0>!C!0/!%,/,T-,6$!l!+,--,./!+0-($-!10!2234%$!

-,45'$!m)!0/$!7*8$!<*5$&..p)!0/!%.6T1,4-$@!L''$!*!-$9:,!1#*%7',<,5*6$09!;!'*!5./-0'6*6,./!5,6.U$//$@!

!

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

DJYRINKOK3JY!D3KJXLYYL!LK!MNOKLEJQ+L!DJNNOZJQOK3SL!

I/$!7'*6$T<.9%$!5.''*&.9*6,:$!l!UC3F.6/60"(60(CE+("+(0"C*08(0"1*"TTUaC("0.a4+(!m!*!(6(!5.%%*/1(!

;!'#*8$/5$!D*7!D.''$56,<@!L''$!*!(6(!.0:$96$!;!/.-!5./5,6.U$/-!7$/1*/6!s!-$%*,/$-!F^s!-$76$%&9$TVq!

/.:$%&9$G@!!

L''$! *! (6(!%(1,*6,-($! 7*9! '$-! 9(-$*0! 1$! '*! ",5.%T+DD! $6! '$! 9(-$*0! 1$-! 4/CC*6.5H"C363F(70! 1$-!

(6*&',--$%$/6-!%0-(*0>)!'*!79$--$!F/*6,./*'$)!9(8,./*'$G!$6!'$-!%*8*r,/$-!50'609$'-!$6!-7(5,*',-(-)!'$-!

9(-$*0>!7*96$/*,9$-!FL105*6,./!/*6,./*'$)!L105*6,./!7.70'*,9$)!hG!

L''$!*!(6(!:,-,6($!7*9!Va!aaa!7$9-.//$-)!*!9$k0!V!aq\!5./69,&06,./-!$6!f!qfV!:.6$-@!

K9.,-!B0$-6,./-!(6*,$/6!7.-($-)!B0,!./6!<*,6! '#.&=$6!1#0/!/.%&9$! ,%7.96*/6!:.,9$!694-! ,%7.96*/6-!1$!

79.7.-,6,./-!$6!B0,!*!'$09!6.09!./6!(6(!1,-506($-!$/!',8/$!C!

!! G/CC(65"1/66(7">"4-34*6("(5"4-34*6"13;3653F("(6;.("1(";(6.7"3*"C*08("A"C!^^\!79.7.-,6,./-!

!! G/CC(65",7/,/0(7"3*";.0.5(*7@"*6("(=,87.(64("6/*;(++(@",+*0",375.4.,35.;(@",+*0".65(7345.;("A!C!\b!

79.7.-,6,./-!!

!! G/CC(65"13;3653F("02.C,+.)*(7"1360"+3";.("1*"C*08("A!C!ff!79.7.-,6,./-!!

N$-! 5./69,&06,./-! ./6! <*,6! '#.&=$6! 1#0/$! */*'U-$! 1$! 5./6$/0! F1,/TRP! $6! 177T"PMG! $6! 1#0/$! */*'U-$!

'$>,5*'$!FD9(1.5G!

IYL!LYAILKL!RJD3JNJP3AIL!OIMQLR!"#IY!LDWOYK3NNJY!QLMQLRLYKOK3E!"LR!EQOYyO3R!

FDQL"JDG!!

I/! B0$-6,.//*,9$! <./1(! -09! '$-! 79.7.-,6,./-! ,--0$-! 1$! '*! 5./-0'6*6,./! 5,6.U$//$! *! (6(! -.0%,-! 7*9!

3/6$9/$6!$/69$!'$!f!$6!'$!Vq!/.:$%&9$!^aVs)!;!0/!(5?*/6,''./!1$!^@a^a!7$9-.//$-!9$79(-$/6*6,:$-!1$!'*!

7.70'*6,./!z8($!1$!Vq!*/-!$6!7'0-)!-('$56,.//($-!-$'./!'*!%(6?.1$!1$-!B0.6*-@!!

D$-! B0.6*-! F9(8,./)! 6*,''$! 1#*88'.%(9*6,./)! z8$)! -$>$)! MDRG! ./6! (6(! 5*'50'(-! 1#*794-! '$! 1$9/,$9!

9$5$/-$%$/6! 8(/(9*'! 1$! 7.70'*6,./! 1$! '#3YRLL@! O<,/! 1#*--09$9! '*! 9$79(-$/6*6,:,6(! 7*9! 9*77.96! ;! '*!

7.70'*6,./!/*6,./*'$)!0/!9$19$--$%$/6!<,/*'!*!(6(!$<<$560(@!

!

'D( =B=JH?;JD=( H8;( JA=?BD;( ?D?=?<8;( EJF( HJ( ##--%( MJ:N?=?BD;O( =JKH8;PFBDN8;O( <=JE8;(

=8FF?=BF?JH8;QO(A8(;BD=(8DR?FBD(STT(E8F;BDD8;(@:?(J:FBD=(<=<(F8DABD=F<8;U(((

)J(ABD;:H=J=?BD(A?=BC8DD8(8D(H?VD8(;8(;BHN8(EJF(7T2S(ABD=F?K:=?BD;(8=(W(2W7(RB=8;(EB:F(SW2(

EJF=?A?EJD=;(M7T(TTT(E8F;BDD8;(BD=(ABD;:H=<(H8(;?=8QU()/8D@:X=8(N:(.F<NBA(ABDA8FD8(:D(E8:(

EH:;(N8(YTTT(ZFJD[J?;(\V<;(N8(72(JD;(8=(EH:;U(

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

3%3)%"4&$56%'(

".&/0123456784&&

O+LQ3DOY!ORRJD3OK3JY!JE!+IRLI+R)!9*0(*C0"?/7"3"6(h"4(65*7HO"3"7(,/75"/?"5-("G/CC.00./6"/6"9*0(*C0"?/7"3"

$h"G(65*7H)!{*-?,/86./)!O%$9,5*/!O--.5,*6,./!.<!+0-$0%-)!Vd]f)!Vff!7@!

O+LQ3DOY!ORRJD3OK3JY!JE!+IRLI+R)!9*0(*C0"?/7"5-("\(h"9.++(6.*C)!{*-?,/86./)!O%$9,5*/!O--.5,*6,./!.<!

+0-$0%-)!Vdd$!V\q!7@!

O+JY!DOQKLQ!+IRLI+)!:*5*7("'.7(45./60"?/7"9*0(*C0"/?"YC(7.436"Y75Q"O!-U%7.-,0%!?$'1@!J56.&$9!^^)!Vd\\@)!

E.96!{.96?)!O%./!D*96$9!+0-$0%)!Vd\\)!s]!7@!

ZLOIcOQ")!D@)!l!f(4-6/+/F.("/7F36.035./66(++("(5"C*08("1*"?*5*7"O">"+3"7(4-(74-8"12*6"4317("C363F87.3+"i)!7@ddT

VVf!,/!QJDDJ!M,$99$T+,5?$'!$6!ZJYYLK!"*/,$')!f.4"(5".66/;35./6"/7F36.035./66(++()!c.09/($!1#(601$!+KJ!âVV!

ZLYORROXOP)!"@)!X("?*5*7"36587.(*7"1(0"C*08(0@"O--.5,*6,./!/*6,./*'$!7.09!'*!<.9%*6,./!*96,-6,B0$!$6!50'609$''$)!

VddV)!Vqa!7@!

ZNOD_)!P@)!f7360?/7C.6F"9*0(*C0".6"5-("fh(65HD?.705"G(65*7H)!N./1./)!Q.06'$18$)!âV^)!^\s!7@!

ZJKK)!P@)!'30"9*0(*C"1(7"j*`*6?5@"%$"c(.57kF("Z*7"'.0`*00./6"lE(7"1."j*`*6?5"1(0"9*0(*C0)!_|'/)!"0+./6!

Op60$'')!Vd\a)!bVV!7@!

ZJXNOY)!M@)!9*0(*C0"#NNN)"W/+.5.40@"W(/,+(0@"W7/?(00./63+0"361"W7/?.5@"N./1./)!Q.06'$18$)!Vdd^)!âb!7@!

DJYPQLR!OYYILN!"LR!+IRLLR!RI3RRLR)!A0$'-!%0-($-!:.0'./-T/.0-!1$%*,/!j!^qT^s!*.}6!âVs)!Vs!7@!

DLYKLQ!EJQ!KWL!EIKIQL!JE!+IRLI+R)!f7(610h354-"#N!&)!O%$9,5*/!O'',*/5$!.<!+0-$0%-!âVq)!sa!7@!

DLYKLQ!EJQ!KWL!EIKIQL!JE!+IRLI+R)!f7(610h354-"#N!%)!O%$9,5*/!O'',*/5$!.<!+0-$0%-!âVf)!qd!7@!

DLYKLQ!EJQ!KWL!EIKIQL!JE!+IRLI+R)!9*0(*C0"361"0/4.(5H"#N$%O"57(610"361",/5(65.3+"?*5*7()!{*-?,/86./)!

O%$9,5*/!*--.5,*6,./!.<!%0-$0%-)!âa])!â7@!

",-7./,&'$!-09!3/6$9/$6!C!?667C``**%[email protected]`07'.*1`%0-$0%--.5,$6Uâbf@71<!

DLYKLQ!EJQ!KWL!EIKIQL!JE!+IRLI+R)!f7(610h354-"#N!$@"c34`"5/"5-("?*5*7(@"{*-?,/86./)!O%$9,5*/!O--.5,*6,./!.<!

+0-$0%-)!âVb)!ff7@!",-7./,&'$!-09!3/6$9/$6!C!?667C``www@**%[email protected]`1.5-`5$/6$9T<.9T6?$T<0609$T.<T

%0-$0%-`69$/1-w*65?âVb@71<j-<:9-/~f!

DLYKLQ!EJQ!KWL!EIKIQL!JE!+IRLI+R)!f7(610h354-"#N!#@"9*0(*C0"361"5-(",*+0("/?"5-("?*5*7(@"{*-?,/86./)!

O%$9,5*/!O--.5,*6,./!.<!+0-$0%-)!âV^)^]!7@!!",-7./,&'$!-09!3/6$9/$6!C!?667C``www@**%[email protected]`1.5-`5$/6$9T

<.9T6?$T<0609$T.<!%0-$0%-`âV^�69$/1-�w*65?�<,/*'@71<j!-<:9-/~a!!

DLYKLQ!EJQ!KWL!EIKIQL!JE!+IRLI+R)!'(C/F73,-.4"57360?/7C35./6"361"5-("?*5*7("/?"C*0(*C0@!{*-?,/86./)!

O%$9,5*/!O--.5,*6,./!.<!+0-$0%-)!âVa)!f^!7@!",-7./,&'$!-09!3/6$9/$6!C!?667C``www@**%[email protected]`1.5-`5$/6$9T

<.9T6?$T<0609$T.<T%0-$0%-`1$%.69*/-**%âVa@71<j-<:9-/~a!

"LQDJY)!D@!m-35".0"5-("C*0(*C"/?"5-("?*5*7("A"^^!-$76$%&9$!âVq)!K*6$!

",-7./,&'$!-09!,/6$9/$6!C!

?667C``www@6*[email protected]@0p`5./6$>6T5.%%$/6`*96,5'$-`w?*6T%0-$0%T<0609$!

"OS3LR)!+@e!�K.w*91-!6?$!%,''$/,0%�)!+0-$0%-!c.09/*')!]d)!b)!Vd]d)!7@!V\Tâ!

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

"LMOQK+LYK!EJQ!DINKIQL)!+L"3O!OY"!RMJQK)!d61(705361.6F"5-(":*5*7(Q"9*0(*C0"361"#!05"G(65*7H"X.?()!N./1./)!

"D+R)!âaq)!^s!7@!

",-7./,&'$!-09!3/6$9/$6!C!

?667C``w$&*95?,:$@/*6,./*'*95?,:$-@8.:@0p`�`?667C`www@50'609$@8.:@0p`,%*8$-`70&',5*6,./-`0/1$9-6*/1,/8�6

?$�<0609$�9$-7./-$-@71<!

"3NLY)!D@)!l!{?U!6*'p,/8!*&.06!6?$!<0609$!.<!%0-$0%-!%*U!&$!?.'1,/8!%0-$0%-!&*5p!m)!Vb!*.}6!âVf@!

",-7./,&'$!-09!,/6$9/$6!C!

?667C``5.''$$/1,'$/@5.%`âVfà]`Vb`w?UT6*'p,/8T*&.06T6?$T<0609$T.<T%0-$0%-T%*UT&$T?.'1,/8T%0-$0%-T

&*5p`!

LDJ)!I@!$6!ML��3Y3)!3@)!X("C*08(@"1(C3.6)!+*19,1!C!D*-,%,9.)!âVq)!7@\sT\\!

E3N3MLKK3)!O@)!l!X("C*08("1*"?*5*7"0(73",+*0"4/++3E/735.?"(5".65(7345.?!m)!^d!=0,''$6!âVf!,/!X3"f7.E*6(@!",-7./,&'$!-09!

,/6$9/$6@!

?667C``50'609$T5.%%0/,5*6,./@<9`<9`-,/6$99.8$9T-09T'$T<0609T1$-T%0-$$-T$-6T,'T*T'*T%.1$`!

E3YNLX)!3@)!�K?$!/$>6!6$/!U$*9-�)!9*0(*C0"B/*763+)!\a)!b)!Vd\a)!7@VaaTVa^!

E3YNOX)!3@)!W7.4(+(00"g(7.53F(O"5-("?*5*7("/?"C*0(*C0)!N./1./)!E*&$9!V!E*&$9)!Vd\\)!V]b!7@!

EIR3JY)!#N!!"9/E.+("f(4-6/+/FH"[*7;(HQ"{*-?,/86./)!O%$9,5*/!O--.5,*6,./!.<!+0-$0%-)!âVV@"^b!7@"",-7./,&'$!

-09!3/6$9/$6!C!?667C``www@**%[email protected]`1.5-`5$/6$9T<.9T6?$T<0609$T.<T

%0-$0%-`**%�%.&,'$�6$5?/.'.8U�-09:$U@71<j-<:9-/~a!

PONOQ")!c@)!X23;(6.7"1(0"C*08(0)!O56$-!10!5.''.B0$!.98*/,-(!*0!+0-($!10!N.0:9$!'$-!^b!*0!^q!%*9-!âaa)!M*9,-)!

Q(0/,./!1$-!%0-($-!/*6,./*0>)!âaV)!qfV!7@!

PQLY3LQ)!D@)!X3"?.6"1(0"C*08(0)!M*9,-)!L1,6,./-!10!Q$8*91)!âVb)!Vb]!7@!

PQLIZ)!R@!$6!PQLIZ)!K@)!9*0(*C0".6"5-("#!05"G(65*7H@"G/64(,50@",7/n(450@"c*.+1.6F0)!+0/,5?)!M9$-6$')!âa]@!^^q!7@!

WI"RJY)!_@)!!MM#@"W73H(7"/7"W7/C.0(A!N./1./)!W+RJ)!Vdda)!\d!7@!

WI"RJY)!_@)!9*0(*C0"?/7"5-("!MLN0"D"Y"[*7;(H"/?"m/7+1"f7(610@"N./1./)!I/$-5.T+*5!+,''*/)!Vd\\)!Vd]!7@!

3DJEJ+)!l!N*!79.-7$56,:$T!0/!.06,'!%0-(.'.8,B0$!j!+0-(.'.8,$!$6!<0609.'.8,$@!"$/!W**8!m)!U4/?/C"[5*1H"[(7.(0@!

Vs)!Vd]d)!7@!VTb]f!

3YRK3KIKL!JE!+IRLI+!OY"!N3ZQOQX!RLQS3DLR)!9*0(*C0@"X.E737.(0"361"#!05"G(65*7H"0`.++0)!{*-?,/86./)!3/-6,606$!.<!

+0-$0%!*/1!N,&9*9U!R$9:,5$-)!âad@!",-7./,&'$!-09!3/6$9/$6!C!hhhQ.C+0QF/;o,1?o#!05G(65*7H[`.++0Q,1?@"%N",Q!

cODJZ)!P@)!9*0(*C"1(0.F6O"5-("?*5*7()!Z..p-098$!70&',-?,/8)!âad)!^qa!7@!

cOMOYLRL!O+LQ3DOY!YOK3JYON!+IRLI+)!K?$!50'609*'!%0-$0%!^@a@!L/8*8,/8!",:$9-$-!O01,$/5$-!,/!O%$9,5*)!

{*-?,/86./)!O%$9,5*/!*--.5,*6,./!.<!%0-$0%-)!âad@!",-7./,&'$!-09!3/6$9/$6C!

?667C``%$1,*@=*/%@.98`79.=$56-`,//.:*6,./`=*/%T50'609*'T%0-$0%@71<)!qq!7@!

_ONKLYZODW)!N@!$6!NL!POX)!J@)!l!O!B0.,!9$--$%&'$9./6!/.-!%0-($-!$/!âqa!j!m)!V$9!*.}6!âVf!,/!N*!K9,&0/$!

_LLYL)!R@)!l!N#*:$/,9!10!%0-($!;!'#z8$!/0%(9,B0$!m!,/!N$-!/.0:$''$-@

",-7./,&'$!-09!,/6$9/$6!C!?667C``,5.%@%0-$0%`<,'$*1%,/`0-$9�07'.*1`71<`3DJ+�Y$w-`âafTbÈQL`7f�âafT

b@71<!1$!'#3DJ+)!/xb)!âaf)!V!7@!

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

_QOK�)!R@!$6!+LQQ3KK)!L@)!�+0-$0%-!*/1!6?$!<0609$!.<!$105*6,./�)!J/!6?$!W.9,r./)!D$/6$9!<.9!6?$!<0609$!.<!

%0-$0%-)!âV^!FjG)!d!7@!

",-7./,&'$!-09!,/6$9/$6!C!?667C``www@**%[email protected]`1.5-`1$<*0'6T1.50%$/6T',&9*9U`./T6?$T?.9,r./Tw$&T

:$9-,./@71<j-<:9-/~a!

+OPYOYJ!NO+MIPYOY3)!S@)!RODWR)!O@)!+0-$0%-!<.9!*!Y$w!+,''$//,0%@!D./5$76-!M9.=$56-)!Z0,'1,/8-)!+0/,5?)!

M9$-6$')!Vddd)!^^f!7@!

+OD!"LS3KK)!O@)!YL{+OY)!Y@!$6!POIKW3LQ)!P@)!N#*:$/,9!1$-!%0-($-)!N$-!Y.0:$''$-!1$!'#3DJ+)!:.'0%$!sq)!/xb)!

1(5$%&9$!âV^)!7@VaTVq!

+OD!"JYON")!P@)!f-("?*5*7("/?"C*0(*C0".6"5-("V+/E3+"b.++3F()!9*0(*C"U65(7635./63+@"S.'0%$!bd)!3--0$!b)!

c*/0*9U`"$5$%&$9!Vd]\)!7@âdT^Vs!

+O3QLRRL!E@)!l!N#(5./.%,B0$!$6`.0!'$!-.5,*'!j!A0$'!9H'$!<0609!7.09!'$!%0-($!j!m)!N$-!D*?,$9-!1$!'*!%(1,*6,./!

50'609$''$!,/!ZOQQLQL)!O@)!+O3QLRRL)!E@!F-.0-!'*!1,9@G)!N#,/5'0-,./!-.5,*'$)!M*9,-)!N#W*9%*66*/)!âVq)!7@!VV\TVfb!

SOY!+LYRDW)!M@![!+L3cLQ)!N@)!Y$w!K9$/1-!,/!+0-$.'.8U)!D$'-=$)!+0-$0%!.<!Q$5$/6!W,-6.9U)!âVV)!VVd7@!

+LQQ3K)!L@)!K.%.99.w!,/!6?$!P.'1$/!R6*6$@!+0-$0%-!*/1!6?$!<0609$!.<!D*',<.9/,*)!N.-!O/8$'$-)!D*',<.9/,*!

O--.5,*6,./!.<!+0-$0%-)!âVa)!bs7@!",-7./,&'$!-09!?667C``www@**%[email protected]`1.5-`5$/6$9T<.9T6?$T<0609$T.<T

%0-$0%-`6.%.99.w�,/�8.'1$/�-6*6$�<,/*'w$&@71<j-<:9-/~a!

+3""NLKJY`!ORRJD3OK3JY!JE!3Y"LMLY"OYK!+IRLI+R@"\(h"b.0./60"?/7"9*0(*C0".6"5-("#!05"G(65*7H)!N./1./)!

O--.5,*6,./!.<!3/1$7$/1*/6!+0-$0%-)!Vdd])!Vaq!7@!

+3NLR!QLK!�OSONO)!N@)!K.w*91-!6?$!%0-$0%!.<!6?$!<0609$)!N./1./)!Q.06'$18$)!Vddf)!âb!7@!

+3Y3RKLQL!"L!NO!DINKIQL!LK!"L!NO!DJ++IY3DOK3JY)!D0'609$![!+(1,*-!âba@!M9.-7$56,:$!1$!7.',6,B0$-!50'609$''$-)!

M*9,-)!N*!".50%$/6*6,./!<9*/k*,-$)!âVV@!",-7./,&'$!-09!3/6$9/$6!C!

?667C``www@50'609$%$1,*-âba@50'[email protected]:@<9`!

+JYKOYLQ)!c@)!+0-$0%-!<.9!*!/$w!D$/609U)!L1,6.9,*'!P0-6*:.!P,'',)!Z*95$'./*)!R7*,/)!Vddq)!Vb^!7@!

+IYNLX)!+@L@)!�N..p,/8!*?$*1�)!+0-$0%-!Y$w-)!sV)!s)!Vd]b)!7@!ssTs]!

+IRLI+R!ORRJD3OK3JY)!+0-$0%-!ââ@!Q$-7./-$-!6.!D./-0'6*6,./)!+*95?!âVb@!",-7./,&'$!-09!3/6$9/$6C!

?667C``www@%0-$0%-*--.5,*6,./@.98`%0-$0%-ââ`^ba\âV^%0-$0%-ââT5./-0'6*6,./!!

+IRLI+R!ORRJD3OK3JY)!+0-$0%-!ââ!",-50--,./!M*7$9)!N./1./)!+0-$0%-!O--.5,*6,./)!âV^)^s!7@!",-7./,&'$!

-09!3/6$9/$6C!?667C``www@%0-$0%-*--.5,*6,./@.98`1.w/'.*1j,1~]asqba!!

YOK3JYON!+IRLI+!"3QLDKJQ#R!DJIYD3N)!Y"936.?(05/"?/7"9*0(*C0Q"c*.+1.6F"]*505361.6F"9*0(*C0"?/7"5-("#!05"

G(65*7HQ"N./1./)!Y+"D)!âaf)!Vs!7@!",-7./,&'$!-09!3/6$9/$6!C!

?667C``www@/*6,./*'%0-$0%[email protected]@0p`%$1,*`1.50%$/6-`70&',5*6,./-`%*/,<$-6.�<.9�%0-$0%-@71<!

YOK3JYON!PONNLQX!JE!3QLNOY")!F1,9@G)!9*0(*C0"/6D0.5("361"/6D+.6(".6"5-("#!05"G(65*7H"361":*5*7(":/7(4305.6FO"f-("

G-3++(6F(0":34.6F"9*0(*C0"361"G*+5*73+"U605.5*5./60@"M9.5$$1,/8-!.<!6?$!9.0/16*&'$!*/1!-U%7.-,0%)!"0&',/)!

Y*6,./*'!P*''$9U!.<!39$'*/1)!R$9,$-!d[Va)!âVVTâV^)!7@!VVs@!

",-7./,&'$!-09!,/6$9/$6!C!

?667C``www@/*6,./*'8*''$9U@,$`*&.060-`K?,-{$$p`�`%$1,*È,'$-`L105*6,./`9.0/16*&'$�-U%7.-,0%@*-?>!

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

YL"LQNOY"RL!+IRLI+SLQLY3P3YP)!YF(613"#N#JQ"[5*1H"/6"5-(":*5*7("/?"5-("'*54-"9*0(*C"[(45/7)!O%-6$91*%)!

R$76$%&$9!âVa@!",-7./,&'$!-09!3/6$9/$6!C!?667C``www@%0-$0%:$9$/,8,/8@/'`N,/pD',5p@*-7>j<,'$6,5p$6~=LDT

8?/<5bO�b"[6*&,1~^ff)!^^!7@!

YL{!+L"3O!DJYRJQK3I+)!\9G"g/7.Z/6"W7/n(45"W7(;.(h@"#N!#@"9*0(*C"(1.5./6@7@]!@""

",-7./,&'$!-09!3/6$9/$6!C!?667C``www@/%[email protected]`71<`âV^T?.9,r./T%0-$0%T79$:,$w@71<!

YL{!+L"3O!DJYRJQK3I+)!Y+D!W.9,r./!M9.=$56)!âVV!+0-$0%!L1,6,./)!fa!7@!",-7./,&'$!-09!3/6$9/$6!C!

?667C``www@/%[email protected]`71<`âVVT?.9,r./T9$7.96T%0-$0%@71<!!

l!A0$'!*:$/,9!7.09!'$-!%0-($-!$6!'$-!',$0>!1#$>7.-,6,./!;!'#49$!10!/0%(9,B0$!j!m!,/!+0-($!b@a)!O:$/,9!1$-!

%0-(.89*7?,$-!$6!%(1,*6,./-!1$-!o0:9$-!1g*96!7'*-6,B0$-!;!'g49$!10!/0%(9,B0$

",-7./,&'$!-09!,/6$9/$6!C!?667-C``%[email protected]$--@5.%`âVqàq`Vb`5./5'0-,./`!

MOS3L)!X@)!l!S$9-!'$!%0-($!10!<0609!T!L/69$6,$/-!*:$5!M./60-!W0'6$/!m)!],*0"U65(7635./63+)!^f`^q)!%*,!Vd\V)!7@!

qsTsq!

RDWJIKLY)!E@)!�K?$!E0609$!.<!+0-$0%-�!.6"+0-$0%!+*/*8$%$/6!*/1!D09*6.9-?,7)!Vddb)!:.'@!V^)!/.@!f)!7@!b]VT

b]s!

RDWJIKLY)!E@)!�K9$/1-!*/1!6?$!<0609$�)!,/!SOY!+LYRDW)!M@)!W7/?(00./63+.Z.6F"5-("C*0(0)!N$,1$/)!OWO)!Vd]d)!7@!Va\T

VVs!

RJD3LKL!"LR!+IRLLR!"I!AILZLD)!R5350"F86873*="1(0"C*08(0"1*"I*8E(4"O"E.+36"(5",7/0,(45.;()!S.'0%$!ba)!âV^@!

",-7./,&'$!-09!,/6$9/$6!C!?667C``www@%0-$$-@B5@5*`71<`9$:0$�%0-$$-�:.'Tba�-%B@71<!

RJD3LKL!"LR!+IRLLR!"I!AILZLD)!p5350"F86873*="1(0"C*08(0"1*"I*8E(4)!âVV)!D*?,$9!10!7*96,5,7*/6)!P9*/1!

5?*/6,$9!1$-!L6*6-!8(/(9*0>)!+./69(*')!qV!7@!

RKOYNLX)!Y@)!f-("?*5*7("/?".61.F(6/*0"C*0(*C0O",(70,(45.;(0"?7/C"5-("[/*5-h(05"W34.?.4)!J><.91)!Z$98?*?/!

Z..p-)!âa\)!^\^!7@!

RKQJYP)!Q@)!�+0-$0%-C!/$w!?.9,r./-!<.9!6?$!-$:$/6,$-�)!+0-$0%-!c.09/*')!\a)!b)!Vd\a)!7@!Va^TVaf!

KWJQYL)!R@)!m-35".0"5-("?*5*7("/?"5-("C*0(*Cj!^q!/.:$%&9$!âVq@!!

",-7./,&'$!-09!,/6$9/$6!C!?667-C``<9,$r$@5.%`*96,5'$`w?*6T,-T6?$T<0609$T.<T6?$T%0-$0%!

{3NN3O+R)!D@)!l!+0-$0%-!.<!6?$!<0609$!m)!#!05"G(65*7H)!{,/6$9)!Vdd^)!7@!]fT]s!

9:1;2&301234567<2&

WORKOD!F?0%*/,6U)!*96)!-5,$/5$)!*/1!6$5?/.'.8U!*1:*/5$1!5.''*&.9*6.9UG!�!f-(":*5*7("/?"C*0(*C0@!

?667C``?*-6*[email protected]`<.90%-`<0609$T%0-$0%-!

?667C``www@**%[email protected]`9$-.095$-`5$/6$9T<.9T6?$T<0609$T.<T%0-$0%-!"

9*0(*C6(=5@!?667C``www@%0-$0%/$>[email protected]`!

S3RRLQ)!c@)!f-("C*0(*C"/?"5-("?*5*7(@!!?667C``6?$%0-$0%.<6?$<0609$@5.%`!

KONNJY!N@![!MJD_LK!MQJJE)!9*0(*C0"q"9/E.+(0".6"#N!#@"E$&90*9U!âV^)!sa!7@!!

M.w$9!M.,/6!1,-7./,&'$!-09!3/6$9/$6!C!?667C``www@%0-$0%-T%.&,'[email protected]`-09:$U`!!

&

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

=4>642&3:?2&@A574A2&

ZQJ{Y!PJJ"L)!P@)!f-("9*0(*C0"/?"5-("?*5*7()!{*-?,/86./)!P.:$9/%$/6!M9,/6,/8!J<<,5$)!V]dV(

6'%!'O(.U4UO!'30"9*0(*C".6"V(F(6h375"*61"j*`*6?5)!_|'/@!{*''9*<TQ,5?*96rT+0-$0%-)!VdsV!

+LQD3LQ)!N@TR@)!X236"#%%N@"7e;("02.+"(6"?*5"n3C3.0)!M*9,-)!V\\V!

JIKW{O3KL)!N@)!9*0(*C0"361"5-(":*5*7(O"Y6"U6)*.7H"U65/"5-("X.?("361"m(+?37("/?"YC(7.436"9*0(*C0"361"]5-(7"

G*+5*73+"U605.5*5./60@"Y$w!X.9p)!3/-6,606$!.<!70&',5!*1%,/,-69*6,./)!Vds\!

!

"".&!?2B42&46&5?:6?04&

O56$-!10!5.''.B0$!l!Y.0:$*0>!6$99,6.,9$-)!/.0:$*0>!7*69,%.,/$-!$6!/.0:$*0>!<,/*/5$%$/6-!m!F+0-($!10!A0*,!

Z9*/'U)!=*/:,$9!âVsG)!^(;*("?736r3.0("1("?.6364(0",*E+.)*(0)!/xV^^TâVb)!âVs!

D.''.B0$!l!D./-$9:$9)!9$-6*09$9!1$%*,/@!A0$''$-!<.9%*6,./-!7.09!B0$'-!%(6,$9-!j!m)!3/-6,606!/*6,./*'!10!

M*69,%.,/$)!^bT^f!/.:$%&9$!âVa)!",-7./,&'$!-09!,/6$9/$6!C!!

?667C``%$1,*6?$B0$T/0%$9,B0$@,/7@<9`D.''.B0$-`D./-$9:$9T9$-6*09$9T1$%*,/@TA0$''$-T<.9%*6,./-T7.09TB0$'-T

%$6,$9-!

P*''$9U!*-!5.%%0/,6UC!*96)!$105*6,./)!7.',6,5-)!$1@!%*9,=p$!RKLL"+OY)!'./1./)!w?,6$5?*7$'!8*''$9U)!âV^)!^f]!

7@!!

3%!-.8!1$9!p0/-6!C!%0-$$/!/$0!1$/p$/)!$1@!7.09!'$-!RKOOKN3DWLY!_IYRKRO++NIYPLY!"QLR"LY!7*9!:.'p%*9!

Z3NN3P)!p|'/)!&|?'*0)!âV^)!^f^!7@!

+0-$$/!/$0!1$/p$/C!7$9-7$p6,:$/!1$9!p0'609:$9%,66'0/8!0/1!r,$'89077$/*9&$,6)!?*96%06!cJWY)!*/=*!

"OIRDWL_!$1-@)!&,$'$<$'1)!69*/-59,76!:$9'*8)!âVq)!^]^!7@!

K?$!8'.&*'!*96!w.9'1C!*01,$/5$-)!%*9p$6-)!*/1!%0-$0%-)!?*/-!ZLNK3YP)!*/19$*!ZI""LYR3LP!F$1-@G)!.-6<,'1$9/)!

?*6=$!5*/6r)!âad)!fa]!7@!

ZO_JINO)!Z@!$6!POQ3Z)!Z@)!p5*1("0*7"+3"18C/4735.035./6"4*+5*7(++()!R$59(6*9,*6!8(/(9*'!7.09!'*!%.1$9/,-*6,./!1$!

'#*56,./!70&',B0$)!^]!*:9,'!âVs)!fa!7@!

ZOQ"3Y)!D@)!'.0,/0.5.?0"375.05.)*(0"(5"4*+5*7(+0"O"47835./6@".605.5*5./6@",*E+.4)!N.9%./6)!L1,6,./-!N$!Z.91-!1$!'#$*0)!

âVV)!^qa!7@!

ZOKKLRK3)!c@)!I*("7(05(D5D.+"1*",780(65"A"G/++(45(7"+("4/65(C,/73.6"1360"+(0"C*08(0"1("0/4.85()!Z*U.//$)!+0-($!

&*-B0$!$6!'$!<$-6,/)!âV^)!faa!7@!

ZLQPLQJY)!X@)!9*08(0"(5"C*08/+/F.("O"6/*;(++(0"?7/65.a7(0"s"R003.0"0*7"+(0"5(61364(0)!A0(&$5`!+./69(*')!+0-($!

1$!'*!D,:,',-*6,./!`!R.5,(6(!1$-!%0-($-!B0(&(5.,-)!âaq)!^qq!7@!

Z3RWJM)!D@)!^31.43+"C*0(/+/FH"/7"m-3520"4/65(C,/737H".6"C*0(*C0"/?"4/65(C,/737H"375"A)!N./1./)!_.$/,8!

Z..p-)!âVb)!]a!7@!

ZJQ"LOI2)!+@D@!$6!DO3NNLK)!L@)!l!N*!%(1,*6,./!50'609$''$!C!79*6,B0$-!$6!$/=$0>!6?(.9,B0$-!m!,/!G*+5*7("(5"9*08(0)!

?.9-T-(9,$)!/xâ)!l!N*!%0-(.'.8,$!â!*/-!1$!9$5?$95?$!m)!âVb)!7@VbdTVsV!

ZJQ"LOI2)!+@D@!LK!"LRDWO+MR)!E@)!p1*435./6"375.05.)*(@"+285(76(+"7(5/*7"A"d6("3CE.5./6"635./63+(">"+28,7(*;("1(0"

5(77.5/.7(0)!K.0'.0-$)!n1@!1$!'#O669,&06)!5.''@!N*!D0'609$!$/!B0$-6,./)!âVb)!V\f!7@!

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

ZIQYWO+)!Q@)!f(34-.6F".6"5-("375"C*0(*CO".65(7,7(535./6"30"(=,(7.(64()!c@!M*0'!P$66U!+0-$0%)!âVV)!Vd^!7@!

DWOYKLM3L)!M@)!937)*(@"53F"1("+3"C*535./6"1(0"C*08(0)!b!=0,/!âVs)!]!7@!F*96,5'$!;!7*9*t69$G!!

DWOI+3LQ)!R@)!_QLZR)!O@!$6!QJIRKOY)!+@)!b.0.5(*70",-/5/F73,-(0"3*"C*08()!M*9,-)!N*!".50%$/6*6,./!<9*/k*,-$)!

âVb)!bV\!7@!

DWOI+3LQ)!R@!$6!+O3QLRRL)!E@)!X3"C81.35./6"4*+5*7(++()!M*9,-)!O9%*/1!D.',/)!âVb)!^\q!7@!

DWOI+3LQ)!R@)!f73.58"1t(=,/+/F.(Q"X(0"847.5*7(0"1("+t(=,/0.5./6)!M*9,-)!N*!".50%$/6*6,./!<9*/k*,-$)!âV^)!VV^7@!

DWOI+3LQ)!R@!$6!MJQDL""O)!O@)!9*08(0"(5"'8;(+/,,(C(65"1*73E+()!M*9,-)!N*!".50%$/6*6,./!<9*/k*,-$)!+0-($-!

+./1$-)!âVV)!bbq!7@!

DWOI+3LQ)!R@)!R=,/+361Q"G(")*("+(",374"?3.5"3*"C*08(Q"YCE.;3+(64("1(0"?/7C(0"1("+t(=,/0.5./6)!M*9,-)!L1,6,./-!

D.%7',5,6(-)!âVV)!âa!7@!

DWLSONN3LQ!"!F!1,9@G)!9853C/7,-/0(0"1(0"C*08(0"1("0/4.858)!M*9,-)!N*!".50%$/6*6,./!<9*/k*,-$)!âVb)!^Vs!7@!

DW3DJ3YLOI)!N@)!l!N$!w$&!$-6T,'!$/!69*,/!1$!9(,/:$/6$9!'*!%(1,*6,./!50'609$''$!j!m!,/!+3"^(;*("\(45375)!Vb!=0,/!âVs)!

7@VbfTVf^!

DJI3NNOQ")!Y)!X3"4*+5*7("6*C87.)*("3*"C*08("O",375.4.,35./6"1(0";.0.5(*70@"057358F.(0",7/?(00./66(++(0"(5"(6n(*="

.605.5*5./66(+@"K?4-$!$/!5.09-)!L5.'$!10!N.0:9$)!I/,:$9-,6(!1#O:,8/./!$6!1$-!M*U-!10!S*05'0-$!$6!1$!'#I/,:$9-,6(!

1$!A0(&$5!;!+./69(*'!

DIYJ)!c*%$-)!9*0(*C0"C355(7O""U6",73.0("/?"5-("(64H4+/,(1.4"C*0(*C)!D?,5*8.)!3''@)!I/,:@!.<!D?,5*8.!M9$--)!

âVV)!>,,)!Vf]!7@!

"LZOQ3L)!J@!$6!QJIRKOY)!+@)!b/H3F("3*"C*08("1*"I*3."c736+H)!M*9,-)!'*!".50%$/6*6,./!<9*/k*,-$)!âVb)!\^!7@!

"LRSONNLLR)!O@)!'.45./663.7("(64H4+/,81.)*("1("C*08/+/F.()!M*9,-)!O9%*/1!D.',/)!âVV)!\\s!7@!

"LRSONNLLR)!O@!$6!+O3QLRRL)!E@)!l!Ng.98*/,-*6,./!1$-!%0-($-!C!0/$!(:.'06,./!1,<<,5,'$!m!,/!g(7Ca0)!N*!Q$:0$!/x!sV)!

âVV)!7@baTb\!

"L{"YLX)!O@)!"3OZJRO)!"@)!{ONRW)!S@)!W/05D47.5.43+"C*0(/+/FHQ"f-(/7H"361"W7345.4(".6"5-("Y75"9*0(*C)!N./19$-)!

Q.06'$18$)!âVb)!^\]!7@!

"3P3KON!DINKIQON!WLQ3KOPL!QJO"+OM!EJQ!MQLRLQSOK3JY)!:(*.++("1("7/*5(",/*7"+3"4/60(7;35./6"1*",357.C/.6("

6*C87.)*()!V$9!.56.&9$!âV^!

"QJKYLQ)!_@!$6!RDWQJ"LQ!_@)!9*0(*C"G/CC*6.435./6"361"[/4.3+"9(1.3O"f-("G/66(45(1"9*0(*C)!Q.06'$18$)!

âVb)!^Vq!7@!

"IZL)!M@)!l!N$!%0-($!1*/-!-$-!(6*6-!8*r$0>)!:0!-.0-!'g*/8'$!1$!1$0>!5./5$76-!C!%0-(*',6(!$6!5.%%0/*',6(!m)!

[/4.8580"âVV`f!F/xVVfG)!7@!\dTdb!

"IMIX)!O@)!cIOYONR)!Z@!$6!+3YLN)!c@TN@)!�K.w*91-!.7$/!%0-$0%-!C!6?$!,/6$95.//$56,./!.<!1,8,6*'!*/1!7?U-,5*'!

-7*5$-!,/!.7$/!$/:,9./%$/6-�)!9*0(*C0"361"5-("m(E)!D?,5*8.)!âVq)!V^7@!

",-7./,&'$!-09!,/6$9/$6!C!?667-C``?*'-?-@*95?,:$-T.0:$96$-@<9`?*'-?-TaVVfVbs^`1.50%$/6!

LORKJY)!L@{@)!l!+0-$0%!,/!59,-,-!j!m)!b.0*3+"^(0/*74(0)!S.'@!^\)!/xf)!âVV)!7@b^dTbbs!

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

L3"LN+OY)!c@!LK!cJYDWLQX)!O@)l!N$-!,/1,5*6$09-!1$!'*!-*6,-<*56,./!m!,/!"O3PYOINK)!N@!$6!RDW3LNL!Z@!F1,9@G!,/!X(0"C*08(0"

(5"+(*70",*E+.40Q"[3;/.70"(5"(6n(*=)!M9$--$-!1$!'#I/,:$9-,6(!10!A0(&$5)!7@!badTbbV!

L3"LN+OY)!c@)!l!D.%%$/6!-*,6T./!5$!B0#./!-*,6!*0=.091#?0,!1$-!70&',5-!1$!%0-($!j!m!,/!Xt3C."1("C*08()!/x!fs)!

79,/6$%7-!âVf)!7@!fTs!

L3"LN+OY)!c@)!YJISLNNJY!+@)!l!N$-!V]T^q!*/-!$6!'*!89*60,6(@!I/!70&',5!$/!*7$-*/6$09!50'609$''$!m)!,/!YOIPQLKKL)!D@!

F1,9@G)!X(",7.="1("+t375Q"X("4/u5"(5"+3"F735*.58@!M*9,-)!NgW*9%*66*/)!âVb)!7@!VqVTVq]!

L3"LN+OY)!c@!$6!cJYDWLQX)!O@)!l!R.5,.'.8,$!1$!'*!1(%.59*6,-*6,./!*0!%0-($!m)!g(7Ca0)!'*!9$:0$)!/x!sV)!âVV)!7@!q^T

sa!

!!L3"LN+OY)!c@!LK!DLQJI2)!Z@)!l!R.5,.'.8,$!1$!'*!89*60,6("i)!,/!"IDQL)!O@!$6!+JLRDWLQ)!J@)!\/*;(3*="7(F3710"0*7"+(0"

,735.)*(0"4*+5*7(++(0)!NgW*9%*66*/)!7@!\dTVaa@!

L3"LN+OY)!c@)!"0!/./T70&',5!1$-!%0-($-!*0>!70&',5-!1$!'*!89*60,6(!m!,/"X/.0.7"(5"[/4.858)!S.'0%$!b^)!/xV)!âVa)!7@!

V\fTâV!

L3"LN+OY)!c@!$6!DLQJI2)!Z@)!l!N*!89*60,6(!1*/-!'$-!%0-($-!$6!%./0%$/6-!$/!E9*/5$!C!B0$'B0$-!,/1,5*6$09-!1$!'*!

%.&,',-*6,./!1$-!:,-,6$09-!m)!G*+5*7("p5*1(0)!âadT^)!%*9-)!7@VT^V!F6('(5?*98$*&'$!-09!'$!-,6$!

?667C``[email protected]:@<9`1$7-G!

L�QOK3)!c@Tc@)!R4+3.73F(0"12(=,/0.5./60Q"9*08(0"(5"3*57(0"(0,34(0)!M*9,-)!LU9.''$-)!âVf)!Vss!7@!

EL"LQOK3JY!"#ORRJD3OK3JYR!"#O+3R!"LR!+IRLLR!"L!EQOYDL)!9*08(@"4.5/H(66(58"(5"18C/4735.()!%*9-!âVs)!f!7@!

EJIQLR)!O@)!PQ3RJK)!"@!$6!NJDWOK!R@)!X("7v+("0/4.3+"1*"C*08(@"3F.7"(60(CE+("(5"478(7"1(0"0/+.137.580)!N$-!".--,$9-!1$!

'#JD3+)!âVV)!Vds!7@!

PLJQPL)!O@)!f-("4*735/720"-361E//`)!K?*%$-!*/1!W01-./)!âVq)!bâ!7@!

PJZ)!O@)!"QJIPILK)!Y@)!X3"C*08/+/F.(@"-.05/.7(@"18;(+/,,(C(650@"(6n(*="345*(+0)!^$!(1,6,./)!M*9,-)!âab)!9$79,-!

1*/-!'*!f$!(1,6,./!7*9!X:$-!Z$98$9./)!M*9,-)!O9%*/1!D.',/)!âVf)!bq^!7@!

PQORR_O+M)!{@)!'30"w*605C*0(*CO"R.6("(7?/+F7(.4-(":(-+`/6057*`5./6)!+�/5?$/)!D@W@Z$5p)!âVs)!V]\!7@!

PQLEEL)!2@)!_QLZR)!O@)!N,:9$!&'*/5!C!+0-($-!$6!%0/,5,7*',6(-!$/!L09.7$)!P9.07$%$/6!1#*/*'U-$!7.',6,B0$)!L~+I^)!

I/,./!L09.7($//$!âVa!

PQL{DJD_)!"@)!'/.6F"C*0(/+/FH"1.??(7(65+H)!N./1./)!Q.06'$18$)!âVf)!ba]!7@!

WIPJIYLYA)!R@@"l"N#49$!10!%0-($!7.-6T$6?/.'.8,B0$!$-6!.0:$96$"m".6"X("I*/5.1.(6"1("+2375)!b!.56.&9$!âVs!

WIPILR)!M@)![486/F73,-.("12(=,/0.5./6)!M*9,-)!LU9.''$-)!âVa)!^^f!7@!

3DJ+!EQOYDL)!l!D,950'*6,./!1$-!5.''$56,./-!C!9,-B0$9!7.09!$>,-6$9!jm)!5.''.B0$)!*01,6.9,0%!10!+IDL+)!+*9-$,''$)!

^]T^d!%*,!âVq)!N*!N$669$!10!D.%,6(!<9*/k*,-!1$!'#3DJ+)!âVq)!/xbd)!s^!7@!

cOYLR)!Q@Q@)!9*0(*C0"361",3731/="/?"4-36F()!Y$w!X.9p)!Q.06'$18$)!âVb)!ba]!7@!

cOYLR)!Q@Q@)"9*0(*C0".6"3"f7/*E+(1"m/7+1Q"^(6(h3+@"U77(+(;364("/7"G/++3,0(A!N./1./)!Q.06'$18$)!âad)!â]!7@!

cODJZ3)!"@)!l!N#$>7.-,6,./!6$%7.9*,9$!$6!'$!1(:$'.77$%$/6!1$!'*!9$5?$95?$!1*/-!'$-!%0-($-!m!,/!NL!+OQLD)!c@)!$6!

*'F@G)!9*08(0"(5"7(4-(74-(0"_"4*+5.;(7"+(0"3++.364(0)!",=./)!N$-!".--,$9-!1$!'#JD3+)!âV^)!7@bbTfs!

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

cODJZ3)!"@)!l!L>7.-,6,./!6$%7.9*,9$!$6!*55('(9*6,./!C!'*!<,/!1#0/!7*9*1,8%$!j!m)!N3"X(557("1("+2]GU9)!"$%*,/!'$-!

%0-($-)!Vqa)!âVb)!7@VqT^b!

_QLZR)!O@)!l!N*!/.0:$''$!8.0:$9/*/5$!1$-!%0-($-!m)!D*?,$9-!E9*/k*,-!/xb]^)!L5./.%,$!$6!7.',6,B0$-!1$!'*!

50'609$)!-$76$%&9$T.56.&9$!âVf)!7@ssT\^!

_QLZR)!O@)!,/!l!N$!%0-($!1$%*,/!m)!5.''.B0$!1$!D$9,-U)!V^TVd!=0,/!âVf@!Q(-0%(!$/!',8/$!?667C``www@55,5T

5$9,-U@*--.@<9`%0-$$Vf@?6%'!

NOY"QX)!O@!$6!RDW3LNL)!Z@)!l!N#,%7$9%*/$/5$!10!%0-($!m)!D.%%0/,5*6,./!*/1!N*/8*8$-)!/xV\q)!%*,!âVb)!7@^\T

fs!

NOYP)!c@)!N$-!&*6*,''$-!10!P9*/1!N.0:9$)!M*9,-)!Q(0/,./!1$-!+0-($-!Y*6,./*0>)!âVa)!^sf!7@!

N3Y"AS3RK)!_@)!9*0(*C":.6364(0O"G-3++(6F(0"E(H/61"(4/6/C.4"47.0(0)!+0-$0%!+*/*8$%$/6!*/1!509*6.9-?,7)!

:.'@^\)!/xV)!âV^)!7@VTVq!

N3Y"ROX)!P@)!f-("*0(7",(70,(45.;("/6"5h(65HD?.705D4(65*7H"375"C*0(*C0)!Y$w!X.9p`N./1./)!Q.06'$18$)!âVs)!>>,,)!

^]b!7@!

NJQ"!Z@)!"L2KJQ!NJQ")!P@!$6!+OQK3Y!N@)!936*3+"/?"9*0(*C"W+366.6FO"[*053.63E+("[,34(@":34.+.5.(0@"361"],(735./60!

+O3QLRRL)!E@)!\/*;(++(0"5(61364(0"1("+3"C*08/+/F.()!M*9,-)!N*!".50%$/6*6,./!E9*/k*,-$)!D.''$56,./!+0-($-T

+./1$-)!âVs)!^fs!7@!

+O3QLRRL)!E@)!l!E*,9$!9(-.//$9!'*!:.,>!1$-!%0-($-!m)!UG]9"\(h0)!s])!^)!-$76$%&9$!âVq)!7@sT\!

+O3QLRRL)!E@)!X("C*08("-HE7.1()!M*9,-)!N*!".50%$/6*6,./!<9*/k*,-$)!âVa)!â]!7@!

+D_LYY�TDQLRR)!M@!$6!_O+3LY!c@O@)!G7(35.6F"(=-.E.5./60O"4/++3E/735./6".6"5-(",+366.6F@"1(;(+/,C(65"361"1(0.F6"/?"

.66/;35.;("(=,(7.(64(0)!c.?/!{,'$U![!R./-)!3/5@)!W.&.p$/)!Y$w!c$9-$U!

+L+J3QL!"L!N#OSLY3Q)!9$--.095$-!*96,-6,B0$-!$6!50'609$''$-!1#0/!%./1$!-*/-!<9./6,$9$-)!âVs!

+LIY3LQ)!O@)!X3"C*08/+/F.(@"4-3C,"1("5-8/7.(0"(5"1(",735.)*(0)!+./69(*')!MIA)!âV^)!^\\!7@!

+JNNOQ")!D@!$6!NL!ZJY!N@)!X2375"1("4/64(;/.7"(5"F87(7"*6"C*08()!M*9,-)!N$!+./,6$09)!âVs)!bab!7@!

!

+JQLN!S@)!Y.1(">"+3"184.0./6"0*7"+3",/+.5.)*("4*+5*7(++("1*"9*08("1("+3"W/05("1360"0/6"5(77.5/.7("1(",7/=.C.58)!

-$76$%&9$!âVs)!fq!7@!

YL+J!FYLK{JQ_!JE!LIQJMLOY!+IRLI+!JQPOY3ROK3JYRG)!9*0(*C0@"C.F735./6"361"4*+5*73+"1.;(70.5H@!

Q$5.%%*/1*6,./-!<.9!%0-$0%!w.9p)!âVs)!^\!7@!

M3��JY3)!E@)!c.+36"1("+3"F7361("4/++(45()!+0-($!Y*6,./*'!10!R7.96)!L09.!âVs)!bV!7@!

MLXQ3Y)!O@)!x57("C81.35(*7"3*"C*08(Q"[/4./+/F.("12*6"C85.(7"(6"57/C,(D+2y.+)!M*9,-)!N*!".50%$/6*6,./!<9*/k*,-$)!

âVa)!Vbs!7@!

M3DOQ")!K@)!X(",/.10"84/6/C.)*("1.7(45"1("+3"4*+5*7("(6"#N!%)!"(7*96$%$/6!1$-!L601$-)!1$!'*!M9.-7$56,:$!$6!1$-!

R6*6,-6,B0$-)!D0'609$!D?,<<9$-)!V]!7@!!

MLY3DOINK!L@!$6!KJRDOYYJ@!P)!X.(*="1("C8C/.7(@"C*08(0"12-.05/.7()!M*9,-)!N*!".50%$/6*6,./!<9*/k*,-$)!âV^)!V]f!

7@!

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

M3JKQJ{R_3)!M@)!�+0-$0%!C!E9.%!6?$!59,6,B0$!.<!,/-6,606,./!6.!*!59,6,5*'!,/-6,606,./�!,/!WOYRLY@!K)!F$1@G!FQ$G!

[53F.6F".6"5-("Y75"9*0(*C)!Z$9',/)!Q$:.':$9!M0&',-?,/8)!âVV)!7@\\Tda!

MEN3LPLQ)!R@)!l!N$-!%0-($-!<9*/k*,-!$/!9(8,./-!C!(6*6!1$!-*/6()!1,*8/.-6,5-!m)!Q$/5./69$-!79.<$--,.//$''$-!3DJ+T

E9*/5$!+0-($-!$6!7*U-*8$-!50'609$'-!C!'$!%./1$!%0-(*'!,/6$97$''(!7*9!'*!5?*96$!1$!R,$//$)!R(/*6!^\!%*,!âVs!

MEN3LPLQ)!R@)!l!N$!/0%(9,B0$!$6!'$-!%0-($-!C!:$9-!0/!/.0:$*0!%.14'$!1$!%(1,*6,./!50'609$''$!m!,/!d03F(0"1("

+2U65(76(5@"81*435./6"(5"4*+5*7()!-.0-!'*!1,9$56,./!1$!Q.0$6!P,''$-)!N#W*9%*66*/)!5.''$56,./!N.5*'![!P'.&*')!M*9,-!

âV^)!7@VVdTVb^!!

MEN3LPLQ)!R@)!l!"$!'*!1(%.59*6,-*6,./!;!'*!1(%.59*6,$!50'609$''$!C!'$!5*-!1$!'*!E9*/5$!m)!1*/-!R=,7(00./60"

4*+5*7(++(0"(5".1(65.580"(*7/,8(66(0@!-.0-!'*!1,9$56,./!1$!QJILK)!P@!$6!Q*1.:*/!P@)!(1,6,./!Z90U'*/6)!5.''$56,./!

31$/6,6(-!$6!50'609$-!$/!L09.7$)!âV^)!7@\bTdV!

MJRKINO)!cTN@)!X("C*08("1(";.++("_"-.05/.7("(5"345*3+.580)!M*9,-)!N*!".50%$/6*6,./!<9*/k*,-$)!+0-($-T+./1$)!Vd]!7@!

MJINOQ")!E@!$6!KJZLNL+)!cT+)!X(0"4/60(7;35(*70"1("C*08(0"O"35/*50"(5"?3.E+(00(0"12*6(",7/?(00./6)!M*9,-)!N*!

".50%$/6*6,./!<9*/k*,-$)!+0-($-T+./1$!LOY)!âVq)!Vqd!7@!

MJINJK)!"@)!-.0-!'*!1,9$56,./!1$)!N$!%0-($!$6!'$!7.',6,B0$)!D0'609$![!+0-($-)!/x^])!1(5$%&9$!âVs@!

MJINJK)!"@)!W357.C/.6("(5"C*08(0Q"X2.605.5*5./6"1("+3"4*+5*7()!M*9,-)!W*5?$66$)!âVf!F^$!$1@G)!^^f!7@!

MJINJK)!"@)!l!N$!7*69,%.,/$!$/!E9*/5$!C!0/$!8(/(9*6,./!1#?,-6.,9$@!Vd]aTâVa!m)!,/!X3"9*08/+/F.("O"#N"360"1("

7(4-(74-()!/0%(9.!?.9-T-(9,$!1$!G*+5*7("(5"C*08(0)!âVb)!^^s!7@!

Q3��O)!+@!l!".50%$/6!$6!%0-($!C!10!1,-5.09-!-09!'#o0:9$!;!'*!%(1,*6,./!50'609$''$"m!,/!'/4*C(653+.05("[4.(64("

1("+2.6?/7C35./6)!S.'@qV)!âVf!

QJ+ZODW)!c0',*)!f7(610(55(7"/1(7"f731.5./60-l5(7AO"1.("j*`*6?5"1(7"9*0((6)!+�/-6$9)!N3K!S$9'*8)!âa\)!^^f!7@!

QJMMJNO)!K@)"'(0.F6.6F"?/"5-("C*0(*C";.0.5/7"(=-.E.5./6)!Y$w!X.9p)!Q.06'$18$)!âV^)!b^V!7@!

RONRO)!O'$/*)!9*0(*C".C"m361(+O"b/C"f(C,(+"1(7"w*605"Z*C"f(C,(+"1(7"c(0*4-(7AO"R.6("[5*1.("Z*7"c(7+.6(7"

9*0(*C0+36104-3?5)!W*%&098)!",7'.%,5*!S$9'*8)!âad)!Vba!7@!

ROY"LNN)!Q@)!Y3PWK3YPONL!L@)!9*0(*C0@"()*3+.5H"361"0/4.3+"n*05.4()!N./1./!*/1!Y$w!X.9p)!Q.06'$18$)!âV^!

ROIQ3LQ!"@)!-.0-!'*!1,9$56,./!1$)!R657("+(0"C*70og/70"+(0"C*70"O"4*+5*7("(5",*E+.40"(C,e4-80)!D0'609$![!+0-($-)!

/x^s)!âVq@!

RLZOY)!O@)!l!"U/*%,-$9!'*!5,950'*6,./!1$-!5.''$56,./-!70&',B0$-!-09!'#$/-$%&'$!10!6$99,6.,9$!/*6,./*'!m)!9*77.96!

9$%,-!;!'*!+,/,-69$!1$!'*!D0'609$!$6!1$!'*!D.%%0/,5*6,./)!âVb!

RDW3LNL)!Z@)![4.(64("C*0(*C0"361"4(657(0"O"(;/+*5./6"361"4/65(C,/737H"57(610)!,/!ZIDDW3)!+@!$6!KQLYDW!Z)!

^/*5+(1F("g361E//`"/?",*E+.4"4/CC*6.435./6"/?"04.(64("361"5(4-6/+/FH)!O&,/81./)!Y$w!X.9p)!Q.06'$18$)!

âVf)!7@faTq\!

R3+JY)!Y@)!f-(",375.4.,35/7H"C*0(*C)!+0-$0%!^@a)!âVa)!bq^!7@!",-7./,&'$!(8*'$%$/6!-09!'$!-,6$!,/6$9/$6!1$!

Y,/*!R,%./!C!?667C``www@7*96,5,7*6.9U%0-$0%@.98`9$*1`!

IYLRDJ!$6!+O3QLRRL)!E@)!Q$5.%%*/1*6,./!-09!'*!79.6$56,./!$6!'*!79.%.6,./!1$-!%0-($-!$6!1$-!5.''$56,./-)!âVq)!

d!7@!

SLQN3Y"LY)!E@)!Q3POI")!c@!$6!M3YLK)!N@)!N$!9(5.''$%$/6!1(5$//*')!V\!1(5$%&9$!âV^!

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

S3KON)!D@)!l!N$!N,:9$!&'*/5!1$-!%0-($-!1$!E9*/5$!m)!+0-($-!$6!5.''$56,./-!70&',B0$-!1$!E9*/5$)!/0%(9.!-7(5,*')!

^sa)!b)!âVa)!7@VTV^\!

""".&,42&301C:BD@67E?42&640076107@:42&

DJ+3KL!QLP3JYON!"I!KJIQ3R+L)!Y45.;.58"5/*7.05.)*("1("+3"1(05.635./6"W37.0DU+(D1(D:7364(@"R6)*e5("C(60*(++()!

/x^dV)!D./=./5609$!1$!%*9-!âVs)!d!7@!

DJ++3RROQ3OK!PLYLQON!O!N#nPON3KL!"LR!KLQQ3KJ3QLR)!^3,,/75"1("+2]E0(7;35/.7("1(0"5(77.5/.7(0)!âVf)!^b!7@!

"3QLDK3JY!PLYLQONL!"LR!LYKQLMQ3RLR)!N(0"-8E(7F(C(650"4/++(45.?0"5/*7.05.)*(0"(6"#N!&"O"+3"4+.(65a+("?736r3.0("(05"1("

7(5/*7)!/xq^)!*:9,'!âVs!

"IDQLK)!Q@!X(0"73.0/60"12*6("18C374-("1(",7/0,(45.;("3,,+.)*8("3*"5(77.5/.7("635./63+)!K$99,6.,9$!âfa)!/xV!

M3PYJ")!N@!$6!AI3NLR)!cTM@)!G*+5*7("(5"f(77.5/.7(@"b(70"1("6/*;(++(0"4//,8735./60"1(0"345(*70"375.05.)*(0"(5"4*+5*7(+0)!

N*!N,&9*,9,$!1$-!K$99,6.,9$-!$6!'$-!(1,6,./-!1$!'#JMD!

MJINOQ")!E@)!D/60(7;35(*70"1("C*08(0"(5",/+.5.)*(0"4*+5*7(++(0@"+2.C,*+0./6"5(77.5/7.3+()!M*9,-)!N*!".50%$/6*6,./!

<9*/k*,-$)!+0-($-T+./1$!LOY)!âVa)!Vd^!7@!

QO3YPLOQ")!cT+@!F1,9@G)!l!N$!7*69,%.,/$!*0!223$!-,45'$!e!'$-!%0-($-!-./6T,'-!$/!1*/8$9!j!m!,/!Xt3C."1("C*08()!/x!qa)!

(6(!âVs)!b^!7@!

KXQO"LNN3R)!"*/,$')!9l1("9*0((6"/1(7O"m.("Y*005(++*6F(6"*60(7"'(6`(6";(7k61(76"`z665(6)!W*%&098)!L1@!

_|9&$9TR6,<60/8)!âVf)!^dV!7@!

SOY3LQ!+@)!#L"048637./0"1(",7/0,(45.;("5(77.5/7.3+(",/*7"+3":7364("O"7(+(45*7("57360;(703+()!'#3/<.9%*6,./!

P(.89*7?,B0$)!S.'0%$!\d)!âVq)!\d!7@!

"-.&'N:AJ=?BD(JF=?;=?@:8(8=(A:H=:F8HH8(

OYK3DWOY)!R@)!PLYRZIQPLQ!R@!!$6!KLZJIN)!c@)!b.0.5(0"04/+3.7(0@"-.05/.7("(5"4.5/H(66(58@"X(0"(=,/0.5./60"1*"4(65(63.7("

1("+3"W7(C.a7("V*(77("9/61.3'$)!M*9,-)!N*!".50%$/6*6,./!E9*/k*,-$)!D.''$56,./!+0-($-T+./1$-)!V\a!7@!

Z3QOI")!R@!$6!cJYDWLQX)!O@)!b.0.5(7"(6"?3C.++("O"0/4.3+.035./6"(5"C81.35./6"1(0",357.C/.6(-)!M*9,-)!N*!".50%$/6*6,./!

E9*/k*,-$)!D.''$56,./!+0-($-T+./1$-)!âVs)!^Vs!7@!

ZNO3�LOI)!Q@)!"LKQL�)!N@!LK!N3Y"_RJP)!c@@"l!f2(0".6"/*"52(0"/*5"A"X(0",7/n(50"-/70"+(0"C*70"4/CC("?345(*7"1("4/-80./6"

0/4.3+("A"i)!,/6$9:$/6,./!1*/-!'$!5*19$!10!5.''.B0$!l!N$!5./-$9:*6$09!10!7*69,%.,/$!C!*56$09!1$!'#n105*6,./!

*96,-6,B0$!$6!50'609$''$!m)!M*9,-)!3/-6,606!Y*6,./*'!10!M*69,%.,/$)!^s!%*9-!âVq@",-7./,&'$!-09!,/6$9/$6!C!

?667C``www@,/7@<9`+$1,*6?$B0$T/0%$9,B0$`D.''.B0$-`N$T5./-$9:*6$09T10T7*69,%.,/$T*56$09T1$T'TL105*6,./T

*96,-6,B0$T$6T50'609$''$T^$%$T$1,6,./`KT$-T,/T.0T6T$-T.06TN$-T79.=$6-T?.9-T'$-T%09-T5.%%$T<*56$09T1$T

5.?$-,./T-.5,*'$!

L3"LN+OY!c@)!cJYDWLQX!O@)!l!�!'g(5.06$!1$-!:,-,6$09-!âV^!C!9(-0'6*6-!1$!'g$/B0i6$!/*6,./*'$!-09!'*!-*6,-<*56,./!1$-!

70&',5-!1$-!%0-($-!/*6,./*0>!m)!,/!"O3PYOINK)!N@!$6!RDW3LNL!Z@F1,9@G)!X(0"C*08(0"(5"+(*70",*E+.40)!A0(&$5!C!M9$--$-!

1$!'#I/,:$9-,6(!10!A0(&$5)!âVf)!7@badTbb^!

PI3NNJI)!D@)!N281*435./6"375.05.)*("(5"4*+5*7(++("1360"+(0"C*08(0"(5"+(0"C/6*C(650"635./63*=Q"W7/n(5"635./63+"1("

+281*435./6"375.05.)*("(5"4*+5*7(++("O",/*7"*6"344a0"1("5/*0"+(0"n(*6(0">"+2375"(5"+3"4*+5*7()!M*9,-)!N*!

".50%$/6*6,./!<9*/k*,-$)!âVb)!]a!7@!

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

cJYDWLQX)!O@)!!l!O!'#(5.06$!1$-!:,-,6$09-!1$-!%0-($-!1#*95?(.'.8,$!m)!,/!X2374-8/+/F.("3*"7H5-C("1(0"C81.35./60)!!

cODJZ3)!"@!$6!!"LY3RL!E@!F1,9@G)!",=./)!(1,6,./!JD3+!F!;!7*9*t69$!<,/!âVsG!

cJYDWLQX)!O@)!YJISLNNJY)!+@)!l!+0-($-!$6!*1.'$-5$/6-!C!'#,%7.--,&'$!%(1,*6,./!j!I/$!$/B0i6$!;!'#,/6(9,$09!$6!

*06.09!10!D$/69$!M.%7,1.0!m)!M*9,-)!YF/73"18E35"n(*6(00(!/xss)!7@dVTVas!

+OD_LX)!L@)!O"O+R)!+@)!BQ"W3*+"V(55H"f7*05@"R;3+*35./6"/?"375"5/F(5-(7Q"Y"V(55H"C*0(*C"361"04-//+"C*+5.;.0.5"

,7/F73C)!K?$!c@!M*0'!P$66U!+0-$0%)!âVa)!bs!7@!",-7./,&'$!-09!,/6$9/$6!C!

?667-C``www@8$66U@$10`$105*6,./`%0-$0%�$105*6.9-`1.w/'.*1-`8$66U�*966.8$6?$9�$:*'0*6,./@71<!

+OQK3Y)!K@)!l!+.6,:*6,./-!;!%$669$!$/!'0%,49$!'*!50'609$!%0-(*'$!1$-!$/<*/6-@!I/!$/=$0!7.09!'*!:*'.9,-*6,./!1$!

'#(105*6,./!/./!<.9%$''$!,/!R1*435./6"(5"?7364/,-/6.()!S.'0%$!fb)!/xV)!79,/6$%7-!âVq)!7@sbT\d!

+OQK3Y)!K@)!l!N$-!'.8,B0$-!1#,/6$979(6*6,./!1$-!$/<*/6-!-$'./!'$09!$>7(9,$/5$!1$!:,-,6$!1*/-!'$-!%0-($-!1$!

-5,$/5$-!$6!1*/-!'$!5*19$!1$-!'.,-,9-!m!,/"G/CC*6.435./6!F$/!',8/$G)!S.'!ba`^)!âV^!!

",-7./,&'$!-09!,/6$9/$6!C!?667-C``5.%%0/,5*6,./@9$:[email protected]`bqd]!

+LIY3LQ)!O@)!RJIN3LQ)!S@)!l!A0$'!9*77.96!;!'*!50'609$!$6!*0!7*69,%.,/$!j!I/!7*96$/*9,*6!50'609$'!$/!5./6$>6$!

%0-(*'!*794-!'$!%,',$0!-5.'*,9$!$/!<9*/5,-*6,./!m!,/!X(0"[4.(64(0"1("+281*435./6!s"W/*7"+2a7("6/*;(++()!S.'0%$!fb)!

7@VdTf]

MJN3)!+@TR@)!l!L105*6,./!$6!%0-($!m!,/!G*+5*7("(5"9*08()!/xâ)!âVb)!7@VsqTV]\!

QOY"3!_JQY!OY"!ORRJD3OKLR)![*7;(H"/?"3"0.6F+(";.0.5"w"!#"Y75"9*0(*C"W7/F73C0)!Y*6,./*'!O96)!L105*6,./!

O--.5,*6,./)!qb!FqG)!âVq)!7@fsTq^)!",-7./,&'$!-09!,/6$9/$6C!

?667-C``*96$105*6.9-T79.1@-b@*%*r./*w-@5.%`1.50%$/6-`V\^`5b<f*\dqTVqfVTf]s$TdVVaT

]^^\1&VVaq]^@71<jVfqVdqsa]s!

ROIQ3LQ)!"@!F1,9G)!l!L/69$!'$-!%09-`!W.9-!'$-!%09-)!D0'609$!$6!70&',5-!$%7i5?(-!m)"G*+5*7("(5"9*08(0)!O56$-!R01)!

/x^s)!^b\!7@!

-.&%1642&46&0@331062&F?&!7A726G04&F4&:@&+?:6?04&46&F4&:@&+1DD?A75@671A&

O�JINOX)!O@)!G/C.58"5(4-6.)*("C.6.0587.(+@!+,/,-649$!1$!'*!D0'609$!$6!1$!'*!D.%%0/,5*6,./)!^q!%*9-!âVs)!d!7@!

"LMOQKL+LYK!"L!NO!MJN3K3AIL!"LR!MIZN3DR)!"3QLDK3JY!PLYLQONL!"LR!MOKQ3+J3YLR)!+3Y3RKLQL!"L!NO!DINKIQL!LK!"L!NO!

DJ++IY3DOK3JY)!p4+3.73F(0"47/.080"0*7"+3"?78)*(6535./6"1*"G(657("W/C,.1/*"9(5Z"(5"1*"X/*;7("X(60)!âVq)!s!7@!

3YRMLDK3JY!PLYLQONL!"LR!OEEO3QLR!DINKIQLNNLR)!3-*&$''$"YLIRDW{OY"LQ!$6!M*-5*'$"ZLXOLQK)!R;3+*35./6"1("+3"?/7C*+("1("

F(05./6"(6"RWGG"1(0"057*45*7(0"C*083+(0"(6",375(637.35"R535oG/++(45.;.580"5(77.5/7.3+(0)!/.:$%&9$!âVf)!VVs!7@!

RLQS3DL!"LR!+IRLLR!"L!EQOYDL)!"3QLDK3JY!PLYLQONL!"LR!MOKQ3+J3YLR)!+3Y3RKLQL!"L!NO!DINKIQL!LK!"L!NO!DJ++IY3DOK3JY)!

X(0"C*08(0"1("0/4.858"O"C*08(0"1*"TTU("0.a4+(@"R535"1(0"+.(*="(5"7(?/6135./60)!=0,''$6!âVs)!^s!7@!


X3",/+.5.)*("12(=,/0.5./60"1(0"C*08(0"635./63*=">"+2.65(7635./63+"P#N!!D#N!&S)!-$76$%&9$!âVs)!^b!7@!


X("18;(+/,,(C(65"1(0"7(00/*74(0",7/,7(0"1(0"853E+.00(C(650"4*+5*7(+0",*E+.40)!-$76$%&9$!âVs)!^q!7@!

RLQS3DL!"LR!+IRLLR!"L!EQOYDL)!"3QLDK3JY!PLYLQONL!"LR!MOKQ3+J3YLR)!+3Y3RKLQL!"L!NO!DINKIQL!LK!"L!NO!DJ++IY3DOK3JY)!X3"

,780(64("1(0"C*08(0"0*7"+(0"780(3*="0/4.3*="6*C87.)*(0)!-$76$%&9$!âVs)!^b!7@!

Le rapport de la mission “Musées du XXIe siècle”

Art & Photos

Transcript of Le rapport de la mission “Musées du XXIe siècle”