Revista del Colegio de Ciencias Políticas y Sociología – Diciembre 2013

68
/ / 0 0 ")"+)$ ")). (*’ !" )),%"* !)$! &# - ")+ $.+&().$.+/.+1.$.0( 9()-" 5&# 555$.+/.+1.$.0( - &12& .+&(). /0&12"- 13 4"+).1" $.+"#.0"$)=- #&$"0).1"1 %& 2.%"1 -3&120"1 &1/&$)"+)%"%&1 )$)&,#0& 9(1 9(1 3-$. &-20&4)12"1 $.1 %& +" ! 1$3&+" %& &0"-. %&+ .+&(). .%"1 +"1 ’.2.1 %& +.1 $301.1 9(1 .1: ?+4"0&8 9( "$)" &+ .-1&*. &-&0"+ %& .+&().1 %& .+)2=+.(.1 7 .$)=+.(.1 %& 1/"<" >3)1" 9(1 &0-9-%&8 )-"0 "2&%092)$. %& > %& +.1 .4),)&-2.1 .$)"+&1 7 .+;2)$.1 6/&02" &- )0&$$)=- %& &-20.1 &1)%&-$)"+&1 %& $$)=- .$)"+

description

La revista del mes de Diciembre incluye entrevistas con José Álvarez Junco y María Luisa Fernández Pinar.

Transcript of Revista del Colegio de Ciencias Políticas y Sociología – Diciembre 2013

������ �����������������������������������������������������������������/����������������/����������������������������0������������0���������������

���������������� ���������������������� �������������� ������

�" )"+�)$� ��"))�.������(�*'�!"� �)),�%"*����!)$!����������&#�����������������- ��������������")+��$.+&().�$.+/.+1.$�.0(�������9()-"�5&#��555�$.+/.+1.$�.0(

�-�&12&��.+&().�/0&12"-�13�4"+).1"�$.+"#.0"$)=-�#&$"0).1�"1�%&�2.%"1�-3&120"1�&1/&$)"+)%"%&1�)$)&,#0&����

����������������������

���������������������������������������������������������� ������

��9(1���� �

��9(1����

�3-$.&-20&4)12"1

�$.1�%&�+"�! �����1$3&+"�%&� &0"-.�%&+��.+&().�.%"1�+"1�'.2.1�%&�+.1���$301.1��9(1������

�.1:�?+4"0&8�

��9(���

�"$)"�&+��.-1&*.��&-&0"+�%&��.+&().1%&��.+)2=+.(.1�7��.$)=+.(.1�%&��1/"<"

�>�3)1"�

��9(1�������

�&0-9-%&8��)-"0

�"2&%092)$.�%&��>%&�+.1��.4),)&-2.1�.$)"+&1�7��.+;2)$.1

�6/&02"�&-��)0&$$)=-�%&�&-20.1��&1)%&-$)"+&1%&��$$)=-��.$)"+

�053(7,45$�$��14;�?.7$3(9��60&1���:*4���� (37,&,1�'(��/2.(1�

8��$33(3$��31)(4,10$.��:*4�����

�15$4�+,45>3,&$4�41%3(�.$� 1&,1.1*<$��.<0,&$�(0��42$=$�

213���'(��9$*6,33(��:*4�������

�'/-.,#��*'#%&*���!&*)�'�"#� *!.*,#-�2��&!#)!&�"*-�#)��&#)!&�-��*'6.&!�-�2��*'6.&!�-�2��*!&*'*%6�����*'#%&*�"#��*'&.7'*%*-�2��*!&7'*%*-�"#���",&"$���&11"9������������"%1)%��+'����� ������"7����������� $.+&().�$.+/.+2.$�.1(����666�$.+/.+2.$�.1(���111�!*'+*'-*!(�",&"�*,%

�&$"-.��1&2)%&-3&���&%/#'�������� ���;���:� !)$&%&$"-"����&'�,�����9���������8�� �&$1&3"1).��*,#)3*���������������!)$&2&$1&3"1).�� �,�)!&-!*���0&#,���������9��� �&2.1&1"���&'���� �9���� ����� �-3&15&-3.1"���#'&����������� �� � !.$"+��2&2.1�41;%)$.����)/#'������������� !.$"+�%&��-'.1,"$)=-����' &)��:���� ���������� !.$"+��.+)3=+.(.����0&#,����������� �9����!.$"+��.+)3=+.(.����0&#,�����8���������� !.$"+��.$)=+.(.��)",5-����������� !.$"+��.$)=+.("����,���:��������������8��

�&"+)9"$)=-�8��)2&<. �/&-��,�)"2� /,4)� �84%"-3&2�%&��&"+)9"$)=-��*,�2���*",6%/#3��*)34'#3����*-5���)/#'��7(#3���,,&"* ��-/)!&7)��*",6%/#3�*)34'#3���.3.(1"';"�����)3�)* �)#4*.��/:(���������' �,,�!6)�,/1),&������,.#-��,4$&!�- �+'����������������������

�14�06(714�&1.(*,$'14��:*4����

&!&#( ,#����

�053(7,45$�$�$3<$��6,4$�(30:0'(9

�,0$3��:*4������

�$&,$�(.��104(-1��(0(3$.'(��1.(*,14�'(��1.,5>.1*148� 1&,>.1*14�'(��42$=$�

��:*���

�6(45314��1/%3(4��312,14��:*4� �� ��

�(3,&,$4�41&,1.>*,&$4�(0�.$�3:&5,&$��6',&,$.�

�35<&6.1�'(����145$9$���� 6:3(9�8������1-1

��:*4� ���

?3($�'(��,6'$'$0<$�(��05(*3$&,>0����:*4������

�1.(*,14�8��(.(*$&,10(4�!(33,513,$.(4��:*4�� ���

�1'$4�'(��.$5$�'(.��:45(3�3(4(0&,$.�'(������

��:*���

�6(453$4��(7,45$4��31)(4,10$.(4��:*4���� �

!1'$4�.$4�)1514�'(�.$�#"�����4&6(.$�'(�"(3$01�

��:*4���� �

�,%314�'(�06(45314�&1.(*,$'14��:*4���� �

� ��

� � �� �

� � � �� � �

� �

� � � � � � � � �� � � � � �� � � � � �

� � � � � � ���� �

� � � � � � �� �� � � � �� � � � � �

� � � �� � � � � �� � � � � � �

� � � � � �� � � � �

� � � � � � � �� � � � � � � ��� �� � � � �

� �

� �

� � �

� �� � � �

� � �

� � � �� � �

� � � � �� � �

� � � � � � �� � � � � �� � � � �

� � � � � � �� � � �

� � � � �� � � �

� � � � � � �� � � � � �

� � � � � � �� � � � �� � � � �

� � � � � �� � � �� � � � �

� � � �� � � �

� � � � � � �� � � �

� � � � � �� � � � � �

� � � � �� � � �

� � � � �� � � �

� � � � � �� � � � �

� � � �� � �

� � � � � � �� � � � � � �

� � � � �� � � � � �� � � � �

� � � �� � � � �� � � � � � �� � � � � � �

� � � � �� � � � �

� � � �� � �

� � � �� � � � � �

� � �� � � �

� � � � �� � � � �� � � � � �

� � � � � �� � � � �� � � � � �� � � � ��

������

� � ��

� � �� �

� � � ��

� � �� � �

� � � � � � � � �� � �� � � � � �

� � � � � � ��� ���

� � � � � � �� �� � � � �

� � � � � �� � � � � �

� � � � � � �� � � � �

� � � � � �� � � �

� � � � � � � �� � � � � � � ��� � �� � � � �

� � � � �� � ��

� � �

� � � ��

� � � �� � � �

� � � � � �� � � � �

� � � � � �� � � �

� � � � � �� � � �� � � � �� � � �� � � � � �� � � �� � �

� � � �� � � �� � � � �� � � � �

� � � �� � � � � �� � � � �� � � �

� � � � �� � � �

� � �� � � � � � �� � � � � �

� � � �� � � � �� � � �

� � � �� � � �

� � � �� � � � � �

� �� � � � �

� � � �� � � � �

� � � �� � � � � �

� � � � �� � � � �� � � � � �

� � � � � �� � � � �

� � � � � �� � � � � � �� � � � � �

� � � �� � � � �� � �

� �� �

� �

� ��

� � �� �

� � ��

� �

� � �

� � � ��

��

� � � � � � � � � � �� � � � � �

� � � � � � ��

� � � � � � �� � � � �� � � � � � � �

� � � � � �� � � �� � � � � � � � �� � � � � � � �

� � � � � � � � � � � �� � � � � � � � �

� �

� � �� �� �

� �

� � �� � � �

� � �

� � �

� �

� ��

� � �� �

� � ��

� �

� � �

� � � ��

��

� � � � � � � � � � �� � � � � �

� � � � � � ��

� � � � � � �� � � � �� � � � � � � �

� � � � � �� � � �� � � � � � � � �� � � � � � � �

� � � � � � � � � � � �� � � � � � � � �

� �

� � �� �� �

� �

� � �� � � �

� � �

� � �

LLL8DAEDAHD8DG<�������LLL8DAEDAHD8B69G>9DG< �#�#�'�,���� ��DA:<>D�(68>DC6A�N�9:�'69G>9�9:��D8IDG:H�N�&>8:C8>69DH�:C��>:C8>6H�*DATI>86H�N�-D8>DAD<T6��

!:HI>VC�>CHI>IJ8>DC6A�9:�A6�8G>H>H

-=B�8I85�IB��C@9;=C�*FC:9G=CB5@�9G�IB5�=BGH=HI7=WB�GC7=5@�9B�@5�EI9��7CB:@IM9BAY@H=D@9G�5HF=6IHCG�89�;9GH=WB�M�F9DF9G9BH57=WB�H5BHC�DF=J58CG�7CAC�DY6@=7CG���AD9N5B8C�DCF�@CG�5GD97HCG�5GC7=5H=JCG�5;FID5B8C�5�DFC:9G=CB5@9G�89�IB�RF95�89H9FA=B585� G=;I=9B8C� DCF� @CG� =BH9F9G9G� @56CF5@9G� M� H5A6=SB� 5758SA=7CG� EI9=B7CFDCF5B�5�@CG�H=HI@58CG�5G�M�G=;I=9B8C�DCF�HC8C�5EI9@�C6>9H=JC�89�UB8C@9�DFC:9G=CB5@�EI9�>I9;5�GIG�DCG=7=CB9G�9B�F9@57=WB�5�@5�GC7=9858�9B�;9B9F5@�M�5@�DFCD=C7C@97H=JC�89�DFC:9G=CB5@9G�7CB�@CG�EI9�HF565>5�M�7CAD=H9��.5A6=SB�9GHRB�=B7@I=85G9B�@CG��C@9;=CG�@5G�H5F95G�89�F9DF9G9BH57=WB�G=A6W@=75�89�;FIDCG�89�DFC:9G=CB5@9G�9B�DFC:9G=CB9G�@@5A585G�d@=69F5@9G�9�=BH9@97HI5@9Ge�EI9�G=FJ9B�5�@5�GC7=9858H5BHC�9B�9@�9GD57=C�DY6@=7C�7CAC�9B�9@�DF=J58C��*F97=G5A9BH9�5<CF5�HC8CG�9GHCG9@9A9BHCG�7CB79DHI5@9G�M�CHFCG�AI7<CG�G9�9B7I9BHF5B�9B�8965H9�56=9FHC�M�75G=G=B�@UA=H9G�9B�IB��BH9DFCM97HC�89�&9M�89��C@9;=CG�M�-9FJ=7=CG�*FC:9G=CB5@9G�7CAC9L=;9B7=5�9IFCD95�9B�9@�8=:U7=@�HF5M97HC�89@�7IAD@=A=9BHC�89�@5G�d7CB8=7=CB5@=8589Ge�D57H585G�DCF�9@�!C6=9FBC��GD5VC@�9B�@5G�8=:U7=@9G�7=F7IBGH5B7=5G�89�@5�7F=G=G�0C@J=9B8C�5�BI9GHF5�75G5���C@9;=C�89��=9B7=5G�*C@UH=75G�M�-C7=C@C;U5��BCG�9B7CBHF5ACG�7CB�@C�EI9�DC8FU5ACG�@@5A5F�9@�d:F9BH9�=BH9F=CFe�D5FH=7I@5F�89BHFC�89�BI9GHF5�DFCD=5�=BGH=HI7=WB�9B�8=7<C�7CBH9LHC�89�@5�7F=G=G��&5�-C7=C@C;U5�89@�,=9G;C�J=9B9B9BIB7=5B8C�89G89�<579�ARG�89�8CG�8S7585G�IB5�DF=A9F5�=895�EI9�CF;5B=N5�@5G8CG�:5G9G�89�IB5�7F=G=G�9B�@5�dGC7=9858�89@�F=9G;Ce��@5�DF=A9F5�:5G9�G9;YB�@5G�H9CFU5G�GC7=C@W;=75G�57HI5@9G�G9FU5�@5�:5G9�89@�=AD57HC�M�@5�9A9F;9B7=5�89�H=DC�75H5GHFW:=7C� :5G9�9B� @5� EI9�9@� 89GCF89B�<5�89� G9F� HF5BG:CFA58C�9B�CF89B�� M� @5G9;IB85�:5G9�5�@5�EI9�@5�-C7=C@C;U5�J=9B9�@@5A5B8C�@5�:5G9�89�d;9GH=WB�89�@5�7F=G=Ge���GH5�G9;IB85�:5G9�@5�89�@5�d;9GH=WB�89�@5�7F=G=Ge�9G�@5�EI9�6IG75�F97CADCB9F� M� F9GH5IF5F� @CG� 85VCG� 5GU� 7CAC� F9CF;5B=N5F� @CG� F97IFGCG� >9F5FEI=N5F� @5GDF=CF=8589G�C6>9H=J5G�M�:=B5@A9BH9�DFC;F5A5F�@5�G5@=85�89�@5�7F=G=G��9@�:IHIFC���*CF@C�H5BHC�9LDCB8F9ACG�89�A5B9F5�G=BHSH=75�7CAC�9GH5ACG�5:FCBH5B8C�9B�BI9GHFC�C@9;=C�@5�;9GH=WB�89�@5�7F=G=G��B�DF=A9F�@I;5F�@5�GCGH9B=6=@=858�57<=75B8C�@5G�DSF8=85G�DFC8I7=85G�DCF�@5�75U859B�D=758C�89�AY@H=D@9G�DFC;F5A5G�GC6F9�HC8C�DY6@=7CG�5IBEI9�H5A6=SB�DF=J58CGF98I7=9B8C�@CG�7CGH9G�89�D@5BH=@@5�M�89�F97IFGCG�A5H9F=5@9G�79G5BH9G�G=9ADF9�7CBH5B8C�7CB�@5�ARL=A5�DFI89B7=5�M�B9;C7=5B8C�5@�ARL=AC�@5G�A98=85G�89�5<CFFC�*5F5�9@@C�9B�@5G�7I5HFC�Y@H=A5G��G5A6@95G��� ���� ���M�� ����G9�<5�D98=8C�9@5DCMC�89�HC8C�9@�7C@97H=JC�GI�5@=9BHC�M�7C@56CF57=WB��B�G9;IB8C�@I;5F�G9�<5�=BH9BG=:=758C�@5�6YGEI985�89�BI9JCG�DFC;F5A5G�G=9ADF9CF=9BH58CG�<57=5�9@�69B9:=7=C�8=F97HC�89�@CG�A=9A6FCG�89@�7C@97H=JC�:IB85A9BH5@A9BH9�@CG�7C@9;=58CG�5G�89G9AD@958CG�5G��-9�9GHRB�=BHFC8I7=9B8C�BCJ98589G�9B9@�RF95�89�:CFA57=WB�M�89�9AD@9C�M�G9�9GHRB�=ADI@G5B8C�BI9JCG�;FIDCG�89�HF565>C��B�H9F79F�@I;5F�@5�7CAIB=757=WB�DI9G�DFCBHC�G9�J9FRB�@5G�BCJ98589G�7CB�@5�BI9J5K96�75B5@�89�MCIHI69�@=B?98=B�EI9�J5B�5IA9BH5B8C�7585�A9G�GIG�J=G=H5G�M�7CBBI9JCG�G=GH9A5G�89�7CAIB=757=WB�=BH9FB5�M�9LH9FB5��H5BHC�7CB�@CG�5@IABCG�EI9�H9FA=B5B�D5F5�:5JCF979F�@5G�7C@9;=57=CB9G�7CAC�7CB�BI9JCG�RA6=HCG�DFC:9G=CB5@9G6IG75B8C�7CBJ9B=CG�M�7C@56CF57=CB9G��*CF�HC8C�@C�8=7<C�5BH9F=CFA9BH9�9B�BI9GHFC��C@9;=C�5�8=:9F9B7=5�89@�8=G7IFGC�7=F7I@5BH9�9B�CHF5G�=BGH=HI7=CB9G�BCG�;IGH5�897=F�EI9�BC�BCG�<5@@5ACG�9B�7F=G=G�G=BCEI9�BCG�9B7CBHF5ACG�d;9GH=CB5B8C�@5�7F=G=Ge�

1

.J�D7G6��A��BE:G69DG�9:A�*6G6A:AD�&:GGDJM�N�A6�9:B6<D<>6�EDEJA>HI6�H><C>;>8V�:C�:A�E6CDG6B6�:HE6UDA�JC�EJCID�N�6E6GI:�:C�A6�G:CDK68>VC�9:A�<SC:GD�7>D<GR;>8D��H>:BEG:�8DC�:H86H6�EG:H:C8>6�:C�A6�=>HIDG>D<G6;T6�:HE6UDA6��C�IJ�DE>C>VC��[��FJS�H:�9:7:FJ:�:A�<SC:GD�7>D<GR;>8D�:C�A6�=>HIDG>D<G6;T6�:HE6UDA6��:HIS�H>:BEG:�EDG�9:76?D��EDG�:?:BEAD�9:�DIGDH<SC:GDH�8DBD�:A�9:�ADH�BDK>B>:CIDH�HD8>6A:H��D�:A:HIJ9>D�N�6CRA>H>H�9:�68DCI:8>B>:CIDH�8DC8G:IDH�NEJCIJ6A:H�

�@�;SB9FC�6=C;FR:=7C�BC�H=9B9�9B��GD5V5�@5�9BCFA9�DF9G9B7=5�EI9�H=9B9�DCF�9>9AD@C�9B�!F5B��F9H5V5�8CB899B�IB5�@=6F9FU5�9@�5D5FH58C�89�d�=C;F5:U5Ge�9G�75G=�H5B5AD@=C�7CAC�9@�89�d"=GHCF=5e�9B�;9B9F5@��3�DI989�EI9�G98965�G=AD@9A9BH9�5�@5�9G75G9N�89�DY6@=7C�@97HCF��*CFEI9�9@�DY6@=7C�BC�DFC:9G=CB5@�@99�6=C;F5:U5G�C�BCJ9@5G<=GHWF=75G�ARG�EI9�<=GHCF=5�9B�GU�DCF�@5�G9B7=@@5�F5NWB�89EI9�9G�@C�ARG�@=H9F5F=C�@C�ARG�5HF57H=JC��9G�@5�:CFA5�ARG=A5;=B5H=J5�89�<579F�EI9�@5�J=G=WB�89@�D5G58C�9BHF9�9B�@57569N5�89�@CG�7CBH9ADCFRB9CG���=7<C�9GHC�896C�57@5F5F�EI9�A=�@=6FC�GC6F9�&9FFCIL�BC�9G�9L57H5A9BH9�IB56=C;F5:U5�G=BC�IB�9GHI8=C�89�ACJ=A=9BHCG�GC7=5@9G�M�89

7I@HIF5�DC@UH=75���IBEI9�G9�79BHF5�AI7<C�9B�9@�@U89F�DCFEI9�9B�IB�ACJ=A=9BHC�DCDI@=GH5�9@�8=F=;9BH9�89G9AD9V5IB�D5D9@�79BHF5@�BC�9G�IB5�6=C;F5:U5��9G�897=F�BC�A9�=ADCFH5H5BHC�:=>5F�7CB�9L57H=HI8�@C�EI9&9FFCIL�<=NC�C�8=>C�9B�H5@�C�7I5@ACA9BHC� 7CAC� 9LD@=75F� DCFEIS�@5�;9BH9�9B�9GH9�75GC�9@DFC@9H5F=58C�65F79@CBSG�G=;I=W5�9GH9� D9FGCB5>9� @C� 7CBJ=FH=W9B�GI�U8C@C��&CG�;F5B89G�H9A5G89@�@=6FC�GCB�9@�D5D9@�DC@UH=7C�89@CG�D9F=W8=7CG�8IF5BH9�@5�,9GH5IF57=WB�9@�B57=CB5@=GAC�9GD5VC@�<9F=8C�DCF�@5�;I9FF5�89@���9@� =BH9BHC�89�5D9FHIF5�89@G=GH9A5�DC@UH=7C�757=EI=@�DCF�D5FH9�89�>WJ9B9G�F9DI6@=75BCG�DCDI@=GH5G�C�@5G�J9BH5>5G�M�89GJ9BH5>5G�89�@5�IH=@=N57=WB�89@�5BH=7@9F=75@=GAC�9B�9GH9�DFC79GC�AC89FB=N58CF�

#<J6A�ED9GT6BDH�=67A6G�9:A�<SC:GD�6JID7>D<GR;>8D��A6:H86H:O�9:�D7G6H�9:�6JISCI>8D�>CI:GSH�:C�CJ:HIGD�E6TH�[�JRA�:H�IJ�DE>C>VC��[:A�EDGFJS�9:�:H6�6JH:C8>6�

$DHS�̀ AK6G:O�$JC8D��:H��6I:9GRI>8D�9:�">HIDG>6�9:�ADH�'DK>B>:CIDH�-D8>6A:H�N�*DATI>8DH:C�A6� 68JAI69�9:��>:C8>6H�*DATI>86H�N�-D8>DAD<T6�:C�A6�/C>K:GH>969��DBEAJI:CH:�9:'69G>9��H��D8IDG�:C��>:C8>6H�*DATI>86H�N�-D8>DAD<T6��-:88>VC�*DATI>86H��EDG�A6�/�'�&>8:C8>69D�:C��:G:8=D�EDG�A6�/C>K:GH>969��:CIG6A�9:�'69G>9�-J�.SH>H��D8IDG6A�;J:�HD7G:^&6�;>ADHD;T6�EDATI>86�9:A�6C6GFJ>HBD�:HE6UDA_��9>G><>96�EDG���$DHS��CIDC>D�'6G6K6AA��6H:HCDK:H��8DC�A6�FJ:�D7IJKD�A6�86A>;>868>VC�9:�-D7G:H6A>:CI:��JB�&6J9:�:H9:�B6ND�9:�������=6HI6�:A������;J:��>G:8IDG�9:A��:CIGD�9:��HIJ9>DH�*DATI>8DH�N�DCHI>IJ8>DC6A:H�-J�D7G6�̂ '6I:G��DADGDH6_��D7IJKD�:A�*G:B>D�(68>DC6A�9:��CH6ND�N�:A*G:B>D� 6HI:CG6I=��DIDG<69D�EDG�A6�,:6A��869:B>6��HE6UDA6-J�WAI>B6�EJ7A>868>VC��=6�H>9D�A6�8DDG9>C68>VC�9:A�KDAJB:C� ��9:�A6�8DA:88>VC��">HIDG>6�9:��HE6U6��9>G><>96�EDG�$DH:Ed DCI6C6�N�,6BVC�0>AA6G:H��^&6H�=>HIDG>6H�9:��HE6U6�K>H>DC:H�9:A�E6H69D�N�8DCHIGJ88>VC�9:�>9:CI>969���� ��

^(D�HDAD�ADH�=>HIDG>69DG:H�9:7:C�8DCD8:G�ADH�ISGB>CDH�N�8DC8:EIDHEGDE>DH�9:�A6H��>:C8>6H-D8>6A:H��H>CD�FJ:�ADH�HD8>VAD<DH�D�EDA>IVAD<DH9:7:C�6A>B:CI6GH:�E:GB6C:CI:B:CI:�9:96IDH�=>HIVG>8DH_ $)-P�`&0�,�4

$/(�)

:CIG:K>HI6�8DCLLL8DAEDAHD8DG<�������LLL8DAEDAHD8B69G>9DG< �#�#�'�,���� ��DA:<>D�(68>DC6A�N�9:�'69G>9�9:��D8IDG:H�N�&>8:C8>69DH�:C��>:C8>6H�*DATI>86H�N�-D8>DAD<T6��

������

��� � ���$�� ��

����

��

2

(C�@C�GS�@5�J9F858��(C�9L=GH9�9G5�HF58=7=WB��(C�BCG�85ACG7I9BH5��HC8CG�BC�GC@C�@CG�;F5B89G�D9FGCB5>9G�C�@U89F9GDC@UH=7CG��89�@5�=ADCFH5B7=5�89�;I5F85F�D5D9@9G�89�89>5FIB5�<I9@@5�89�BI9GHFC�D5GC�DCF�9@�AIB8C�89�=BH9BH5F�9LD@=75F�7WAC�9F5�5EI9@@C�EI9�7CBC7=ACG�M�EI9�<CM�<5�89G5D5F97=8C��(C�<5M�HF58=7=WB�89�<579F�9GC��&C�ARG�EI95D5F979B�GCB�A9ACF=5G�89�DC@UH=7CG�9B�@5G�EI9�DF9GIA9B89�@5G�:=;IF5G�AIB8=5@9G�5�@5G�EI9�7CBC7=9FCB�C�=BH9BH5B>IGH=:=75F�GI�57HI57=WB�9B�7=9FH5G�7=F7IBGH5B7=5G�7CB:@=7H=J5G��3�9GHC�@C�<579B�AI7<C�89GDISG�7CB�F9@5HCG�AIM�9@56CF58CG�M�89A5G=58C�DC7C�65G58CG�9B�8C7IA9BHCG�C8=5F=CG�D9FGCB5@9G�:=56@9G�7CB�@CG�EI9�7CBG=;I9B�IB�Y@H=AC�M�:I;5N�:C;CB5NC�89�57HI5@=858�D9FC�5DCFH5B�AIMDC7C�D5F5�@5�<=GHCF=5��*5F5�@5�<=GHCF=5�G9FU5�AIM�YH=@�9B75A6=C�DCG99F�6I9BCG�5F7<=JCG�:5A=@=5F9G�9B�@CG�EI9�G9;I5F85F5B�@5G�75FH5G�9BJ=585G�DCF�@CG�GC@858CG�89G89�9@:F9BH9�8IF5BH9�DCF�9>9AD@C�@5�!I9FF5�89�h:F=75�C�@5�!I9FF5��=J=@���C7IA9BHCG�ARG�<IA=@89G�D9FC�ARG�5IHSBH=7CG�

.J�;DGB6�9:�:C;G:CI6GI:�6�A6�>CK:HI><68>VC�=>HIVG>86��:HBJAI>9>H8>EA>C6G���[-><J:H�6EDHI6C9D�=DN�FJ:�:A�;JIJGD9:�A6�>CK:HI><68>VC�=>HIVG>86�:HIR�:C�67G>G�>C8AJHD�A6>CK:HI><68>VC�6�DIG6H�9>H8>EA>C6H�9:A�H67:G�

*CF�GIDI9GHC��(C�GC@C�@CG�<=GHCF=58CF9G�8969B�7CBC79F�@CGHSFA=BCG�M�7CB79DHCG�DFCD=CG�89�@5G��=9B7=5G�-C7=5@9GG=BC�EI9�@CG�GC7=W@C;CG�C�DC@=HW@C;CG�8969B�5@=A9BH5FG9D9FA5B9BH9A9BH9� 89� 85HCG� <=GHWF=7CG�� �GHC� Y@H=AC� 9GG9B7=@@5A9BH9�=ADF9G7=B8=6@9��(C�J9C�89�EIS�CHF5�A5B9F5DC8FU5B�:IB7=CB5F���B�7I5BHC�5�@C�DF=A9FC�G=�@5�"=GHCF=5EI=9F9�GID9F5F�9@�B=J9@�@=H9F5F=C�9@�F9@5HC�GC6F9�<97<CG�YB=7CG�9�=FF9D9H=6@9G�EI9�DI989�G9F�:5G7=B5BH9�D9FC�BC�9G7=9BHU:=7C�8969�F97IFF=F�5�@5�7CAD5F57=WB�M�5�@5�IH=@=N57=WB89�7CB79DHCG�;9B9F5@=N56@9G�

.J�DIG6�D7G6�'6I:G�9DADGDH6��FJ:�6C6A>O6�:A�EGD8:HD9:�8DCHIGJ88>VC�9:�A6�>9:CI>969�:HE6UDA6�6�AD�A6G<D�9:AH><AD�2#2��N�8DC�A6�FJ:�D7IJK>HI:��:A�*G:B>D�(68>DC6A�9:�CH6ND��;J:�JC�SM>ID�:9>IDG>6AHD7G:H6A>:CI:�� FJ:� AA:<V� 66BEA>DH� H:8IDG:H� 9:� A6� HD8>:969��>C8AJHD�;J:G6�9:A�EGDE>D� RB7>ID� 6869SB>8D�=DG6� :HI6BDH� EG:H:C8>6C9D�:A�6J<:�9:A�EGD8:HD9:�6JID6;>GB68>VC�9:A�C68>DC6A>HBD�86I6ARC�N�:A�9:H6;TDFJ:�=6�9>G><>9D�6A��HI69D�:H

E6UDA��[-><J:H�E:CH6C9D�:C�A6�EGDE>6�9:7>A>969�9:6B7DH�C68>DC6A>HBDH��:A�E:G>;SG>8D�N�:A�C68>DC6A>HI6:HE6UDA���[�G::H�FJ:�:A�BDK>B>:CID�H:8:H>DC>HI6�:C�6I6AJU6�CD�I>:C:�KJ:AI6�6IGRH�

-U�7F9C�9B�@5�896=@=858�89�5A6CG�DCFEI9�HC8C�B57=CB5@=GAC�:I9FH9�G9�65G5�9B�IB�G9BH=A=9BHC�AIM�A5MCF=H5F=5A9BH9� 7CAD5FH=8C� 89� D9FH9B9B7=5� 5� IB5� 7I@HIF5� 89DCG9G=WB�89�IBCG�F5G;CG�7I@HIF5@9G�7CAIB9G�5�CHF5�G9F=989�=B8=J=8ICG�C�7=I8585BCG�M�EI9�@9G�8=GH=B;I9B�89@�F9GHC89�@CG�<IA5BCG���B��GD5V5�9B�75A6=C�9GHR�65GH5BH9�;9B9F5@=N585�G9;YB�F9J9@5B�@5G�9B7I9GH5G�89�A5B9F5�D9F

G=GH9BH9�@5�:=89@=858�7CAD5FH=85�5�ARG�89�IB5�=89BH=858�)�G95�AI7<5�;9BH9�@5�A5MCFU5�9B�5EI9@@5G�7CAIB=8589G�G9�7F99�5�@5�J9N�75H5@RB�M�9GD5VC@�J5G7C�M�9GD5VC@;5@@9;C�C�5B85@IN�M�9GD5VC@���GC�<579�8=:U7=@�EI9�IB�B57=CB5@=GAC�D9F=:SF=7C�G9�5:=FA9�7CAC�CD7=WB�YB=75�D9FCH5A6=SB�<579�8=:U7=@�EI9�9@�9GD5VC@=GAC�cG9BH=A=9BHC�AIM:I9FH9�M�AIM�;9B9F5@=N58C�9B�A=@@CB9G�89�D9FGCB5G�89G89@I9;Cc�G9�=ADCB;5�89�:CFA5�ACBC@UH=75�9L7@IM9B8C�DCF9>9AD@C�CHF5G�@9B;I5G�EI9�BC�G95B�@5�75GH9@@5B5��+I9�9@G979G=CB=GAC�75H5@RB�BC�H9B;5�JI9@H5�5HFRG�9G�CHFC�DFC6@9A5��&9�J9C�8=:=7I@H589G�D5F5�=ADCB9FG9�DCF�@5�F5NWBEI9�5756C�89�897=F�D9FC�5�@5�J9N�H=9B9�IB�9ADI>9�EI9�D5F979�=AD5F56@9��&C�G9BG5HC�G9FU5�B9;C7=5F�M�@@9;5F�5�IB5GC@I7=WB�89�7CADFCA=GC�9@9J5B8C�9@�F97CBC7=A=9BHC�89�@5@9B;I5�M� @5�7I@HIF5�75H5@5B5�9B�9@�7CB>IBHC�89��GD5V5�D9FA=H=9B8C�9@�IGC�89@�75H5@RB�9B�9@�G9B58C�DCF�9>9AD@C�M�9@9J5B8C�5�@5�J9N�9@�F97CBC7=A=9BHC�89�@5�D@IF=7I@HIF5@=858�89�@5�GC7=9858�75H5@5B5�9B�GI�RA6=HC�=BH9FBC�M�@5DF9G9B7=5�89@�75GH9@@5BC�9B�9@�RA6=HC�5IHCBWA=7C�

"67A6C9D�JC�ED8D9:� IJ� IG6N:8IDG>6EGD;:H>DC6A���[�JRA;J:�:A�76A6C8:�9:�IJ:I6E6�8DBD��>G:8IDG� 9:A� �:CIGD� 9:�HIJ9>DH�*DATI>8DHN��DCHI>IJ8>DC6A:H���[3�IJ�:ME:G>:C8>6�:C�A6�8DB>H>VC� >CI:GB>C>HI:G>6A�E6G6�A6�&:N�9:':BDG>6�">HIVG>86�8G:D� G:8DG96G� FJ::C� JC� EG>C8>E>D� I::C86G<6HI:�9:A�EG:RB7JAD�6�A6�&:N�

�A65G�9LD9F=9B7=5G�:I9FCB�AIM�=BH9F9G5BH9G�DCFEI9�A9D9FA=H=9FCB�DCB9F�@CG�D=9G�9B�@5�H=9FF5�M�BC�<56@5F�89G89IB5�A9F5�D9FGD97H=J5�H9WF=75��'9�9B75F;5FCB�C�5@�A9BCG5GU�@C�9BH9B8U�MC�7CBJ9FH=F�9@��9BHFC�9B�IB�=BGH=HIHC�89�5@H5=BJ9GH=;57=WB�5�IB�6I9B�B=J9@�AIB8=5@�M�:I9�AIM�F97CB:CFH5BH9�J9F�9@�9BHIG=5GAC�EI9�@9J5BHW�9BHF9�AI7<CG�5758SA=7CG� 9GD5VC@9G�� 89G89� @I9;C� 7CBC7U� C� 7CBG9;IU5HF59F�5�;9BH9�89�9BCFA9�=BH9FSG��*9FC�BC�<I6C�H=9ADC�M9B�89:=B=H=J5�9@�;C6=9FBC�45D5H9FC�BC�89ACGHFW�9BH9B89FB=�5DCM5F�5�:CB8C�5EI9@�9LD9F=A9BHC���B�7I5BHC�5�@5�&9M:I9�IB�DFC79GC�AIM�7CAD@=758C�M�:5G7=B5BH9���G�AIM�8=:U7=@�D@5GA5F�@CG�DF=B7=D=CG�C�@5G�DCG=7=CB9G�=B=7=5@9G�9B�5FHU7I@CG�@9;5@9G�DFR7H=7CG��-9�HF5H565�89�<579F�IB5�&9M�EI979FF5F5�89�IB5�J9N�@5�<9F=85�89�@5�!I9FF5��=J=@��3�89G89@I9;C�BC�G9�7CBG=;I=W��&5G�=BH9B7=CB9G�7CB7=@=58CF5G�=B=7=5@9G�7<C75FCB�7CB�9@�7@=A5�89�7F=GD57=WB�EI9�57CAD5VW5�@5�DF=A9F5�@9;=G@5HIF5�89�45D5H9FC��3�G9�<=NC�IB5�&9MAIM�AC89F585�EI9�B=�G5H=G:=NC�5�EI=9B9G�D98U5B�>IGH=7=5F9HFC57H=J5�B=�75@AW�@5�5;F9G=J=858�89�@CG�EI9�7F9U5B�EI97I5@EI=9F�A98=85�cDCF�9>9AD@C�9L<IA5F�@CG�A=@9G�89�F9GHCG�<IA5BCG�HC85JU5�9GD5F7=8CG�DCF�@5G�7IB9H5Gc�F956FU5<9F=85G�

LLL8DAEDAHD8DG<�������LLL8DAEDAHD8B69G>9DG< �#�#�'�,���� ��DA:<>D�(68>DC6A�N�9:�'69G>9�9:��D8IDG:H�N�&>8:C8>69DH�:C��>:C8>6H�*DATI>86H�N�-D8>DAD<T6��

��������� � ���$�� �� ������

3

[+J:�CDH�EJ:9:H�9:8>G�9:�IJ�WAI>BD�A>7GD��&6H�=>HIDG>6�9:��HE6U6��0>H>DC:H�9:A�E6H69D�N�8DCHIGJ88>VC9:�>9:CI>969�

*I9G�EI9�G9�HF5H5�89IB�F97CFF=8C�<=GHWF=7CDCF�@5G�8=GH=BH5G�J=G=CB9G� 89@� D5G58C� 899GH9� F=B7WB� 89@AIB8C�5@�EI9�<CM�G9@@5A5� �GD5V5�� �CA=9BN5�89G89�9@�DF=B7=D=C� 89G89� @5GDF=A9F5G� J979G� EI95@;I=9B�8=79�5@@R�DCF9@�G=;@C�#�EI9�"=GD5B=5�G9�@@5A5�5GU�DCFEI9�GI�DF=A9F�F9M�:I9"=GD5BC�<=>C�89�"SF7I@9G�EI9�J=BC�5�9GH9

9LHF9AC�89@�'98=H9FFRB9C�D5F5�79FF5F@C�7CB�8CG�9BCFA9G�FC75G�DCFEI9�9GH565�D9F8=9B8C�GI�5;I5�<57=5�9@ &J>H�!G6C9N

�DC�A6�&:N�9:�A6�':BDG>6�=>HIDG>86��^-:�=>OD�JC6�&:N�BJN�BD9:G696��FJ:C>�H6I>H;>OD�6�FJ>:C:H�E:9T6C� ?JHI>8>6G:IGD68I>K6�C>�86ABV�A6�6<G:H>K>969�9:ADH�FJ:�8G:T6C�FJ:�8J6AFJ>:G�B:9>96]EDG�:?:BEAD��:M=JB6G� ADH�B>A:H�9:G:HIDH� =JB6CDH� ID96KT6� :HE6G8>9DHEDG�A6H�8JC:I6H]�G:67GT6�=:G>96H_

�H@RBH=7C�9H7��M�H9FA=B5�7CB�@CG�Y@H=ACG�;F5B89G�D5F58=;A5G�<=GHWF=7CG�9B�9@�H5F8C:F5BEI=GAC�F9DF9G9BH58CG�DCF0=7SBG�0=J9G�M�.IVWB�89�&5F5��)�G95�9G�IB�F97CFF=8C�=BA9BGC�G=BH9H=N58C�9B�DC7C�ARG�89�� �DR;=B5G��*9FC�BC9G�IB�HF5H58C�89�<=GHCF=C;F5:U5��C�G95�BC�G9�HF5H5�89�F97CF85F�HC8CG�@CG�5IHCF9G�M�@=6FCG�7CB�GIG�:97<5G�9L57H5G�-9�HF5H5�89�=F�F9D5G5B8C�@CG�;F5B89G�H9A5G�EI9�G9�8965H=9FCB�C�G9�579DH5FCB�7CAC�J9F8589G�9B�7585�ACA9BHC�9AD9N5B8C�7CAC�8=;C�7CB�9@�A=HC�7@RG=7C�D5F5�G9;I=F7CB�@CG�A=HCG�A98=9J5@9G�5@�G9FJ=7=C�89�@5�@I7<5�7CBHF5@CG�AIGI@A5B9G�M�89�@5�7CBGC@=857=WB�89�@CG�F9=BCG�89@BCFH9�89�@5�*9BUBGI@5�M�@I9;C�7CB�@5�5897I57=WB�89�9GCGF9@5HCG� 5@� BI9JC� D5D9@� DFCH5;CB=GH5� 9IFCD9C� 7CB� @CG,9M9G��5HW@=7CG�M�@CG�"56G6IF;C�@5�BI9J5�<=GHCF=5�8C7IA9BH5@�M�7FUH=75�9B�9@�20###��M�GIG�@UA=H9G��9@�DFCM97HC�@=69F5@� 9B� 9@� 2#2� @5� >IGH=:=757=WB� 89� @5� 897589B7=5� M� 9@:F575GC�9B�@5�DF=A9F5�A=H58�89@�22�@5�F9HWF=75�=AD9F=5@65>C�9@�:F5BEI=GAC��EI9�BC�8=C�@I;5F�5�B=B;YB�;F5B�@=6FC�C�@5�>IGH=:=757=WB�89@�5BH=:F5BEI=GAC��.C8C�9GHC�A9N7@58C7CB�@5�>IGH=:=757=WB�<=GHWF=75�H5A6=SB�5�D5FH=F�89�A=HCG�5@DF=B7=D=C�89�CHF5G�=89BH=8589G�5@H9FB5H=J5G�5�@5�9GD5VC@57CAC�@5�DCFHI;I9G5�75H5@5B5�C�J5G75��3�G9�7CAD@9A9BH57CB�8CG�5D5FH58CG�5�75F;C�89�8CG�=ADCFH5BH9G�<=GD5B=GH5G�GC6F9�@5G�DC@UH=75G�98I75H=J5G�M�@CG�A5BI5@9G�9G7C@5F9G� 9B� A5H9F=5� 89� "=GHCF=5� M� GC6F9� @5� DC@UH=757CBA9ACF5H=J5��ACBIA9BHCG�79BH9B5F=CG�9H7���G�IB5C6F5�AIM�5A6=7=CG5�7F9C��+I9�HC85JU5�BC�D5F979�<569FH9B=8C�;F5B�F9D9F7IG=WB�

[�JRA:H�HDC�IJH�EGVM>BDH�EGDN:8IDH�(C�@C�GS�@5�J9F858��&C�YB=7C�G9;IFC�9G�EI9�BC�A9�EI985FS�EI=9HC��'=9BHF5G�9GHS�J=JC�7@5FC�

LLL8DAEDAHD8DG<�������LLL8DAEDAHD8B69G>9DG< �#�#�'�,���� ��DA:<>D�(68>DC6A�N�9:�'69G>9�9:��D8IDG:H�N�&>8:C8>69DH�:C��>:C8>6H�*DATI>86H�N�-D8>DAD<T6��

������

��� � ���$�� ��

����

��

���6C>K:GH6G>D�9:CJ:HIG6��DCHI>IJ8>VC

8DA:<>D�8DAEDAHD8DG<

\);:GI6�:H

E:8>6A

E6G6�8DA:

<>69DH�

4

LLL8DAEDAHD8DG<�������LLL8DAEDAHD8B69G>9DG< �#�#�'�,���� ��DA:<>D�(68>DC6A�N�9:�'69G>9�9:��D8IDG:H�N�&>8:C8>69DH�:C��>:C8>6H�*DATI>86H�N�-D8>DAD<T6��

�@�D5G58C�8U5���89�BCJ=9A6F9�9GH565B�7CBJC758CG�9B�@5�G989�89�BI9GHFC��C@9;=C�@CG�8975BCG�8975B5G� 89@9;58CG� M� 89@9;585G� 89� @CG� 8=GH=BHCG7C@9;=CG�DFC:9G=CB5@9G�M�89@9;57=CB9G�89�DC@=HW@C;CG�M�GC7=W@C;CG�89��GD5V5����@5�F9IB=WB�5G=GH=9FCB$6>B:��C9G:J��8975BC�89@��C@9;=C�89��B85@I7U5��6GADH�!VB:O��6=>AAD� �8975BC�89@��C@9;=C�89�F5;WB���GH:C>D�06A7J:C6 �8975BC�89@��C@9;=C89��GHIF=5G��$J6C� G6C8>H8D�.=DB6H �8975BC89@��C@9;=C�89�@5G�#G@5G��5@95F9G��$:HWH�!JI>SGG:O�0>AA6AI6� �8975BC�89@��C@9;=C�89��5GH=@@5&5'5B7<5��!:G6G9D�!6G8T6�`AK6G:O� �8975BC�89@�C@9;=C�89��5GH=@@5�M�&9WB���CC6�*6GSH �8975B589@��C@9;=C�89��5H5@IV5���:ASC�-6C?JG?D �-97F9H5F=5�89@��C@9;=C�89�!5@=7=5��$6K>:G�->:GG6��8975BC89@��C@9;=C�89�'IF7=5��$DHJS�!JI>SGG:O��6GGDHD�F9DF9G9BH5BH9�89�@5�89@9;57=WB�89��5B5F=5G��'Y$DHS��DHE:96A �F9DF9G9BH5BH9�89�@5�89@9;57=WB89��5BH56F=5���*CF�9@��C@9;=C�(57=CB5@�5G=GH=9FCB9@�8975BC�'><J:A�`C<:A�,J>O�9:��OW6� 9@�-97F9H5F=C�M��975BC�89@��C@9;=C�89�*C@=HW@C;CG�M�-C7=W@C;CG�89�'58F=8�&DG:COD�(6K6GG:I:�'DG:CD�� M�9@0=79G97F9H5F=C�$6K>:G�,J>O�@�ACH=JC�89�9GH9�9B7I9BHFC�9F5�DCB9F�9B�7CAYB�@5=B:CFA57=WB�GC6F9�9@� :IB7=CB5A=9BHC�M� @5G�D9FG

D97H=J5G�89�:IHIFC�89�BI9GHFCG�7C@9;=CG�9B�9@�7CBH9LHC�89�@CG�57CBH97=A=9BHCG�EI9�G9�5J97=B5B�IB5J9N�G95�5DFC6585�@5�BI9J5�@9M�EI9�J5�5�F9;I@5F�@CG7C@9;=CG�DFC:9G=CB5@9G�9GD5VC@9G���B�9GHCG�ACA9BHCG�@5�:IHIF5�BCFA5�G9�9B7I9BHF5�9B�:5G9�895@9;57=CB9G�5@�5BH9DFCM97HC�89�@9M�DCF�@C�7I5@�9GHRG=9B8C�5B5@=N585�DCF�@CG�8=GH=BHCG�7C@97H=JCG�DFC:9G=CB5@9G�89@�D5UG�&5�BI9J5�@9M�BCG�C6@=;5FR�5�7CBGH=HI=F�9@��CBG9>C;9B9F5@�89�7C@9;=CG�89�DC@=HW@C;CG�M�GC7=W@C;CG�89�GD5V5�M�DCF�9@@C�9B�@5�F9IB=WB�89@�8U5���G9�897=8=W�DCB9F�9B�A5F7<5�IB�;FIDC�89�HF565>C�=BH9;F58CDCF�F9DF9G9BH5BH9G�89@��C@9;=C�(57=CB5@�M�89@��C@9;=C�89��5H5@IV5�EI9�F9YB9B�5�@5�=BA9BG5�A5MCFU5�89�@CG�7C@9;=58CG�89@�D5UG���GH9�;FIDC�5@�EI9G9�=FRB�=B7CFDCF5B8C�DFC;F9G=J5A9BH9�F9DF9G9BH5BH9G�89�CHFCG�7C@9;=CG�G9�9B75F;5FR�89�F95@=N5FIB� G9;I=A=9BHC� 89@� HFRA=H9� D5F@5A9BH5F=C� 9B7I5BHC�9@��CBG9>C�89�'=B=GHFCG�5DFI969�9@� DFCM97HC�89�@9M�5GU�7CAC�89�DF9D5F5F�9@�75A=BC�<57=5@5� 7F957=WB� 89@��CBG9>C� ;9B9F5@� M� 89� 7CCF8=B5FHC85G�@5G�=B=7=5H=J5G�M�GI;9F9B7=5G�EI9�G9�J5M5BDF9G9BH5B8C�89G89�9@�F9GHC�89�7C@9;=CG�<5GH5�@5F9IB=WB�EI9�G9�79@96F5FR�9B��5F79@CB5�8IF5BH9�9@A9G�89�:96F9FC�D5F5�HF5H5F�9@�9GH58C�89�@5�7I9GH=WB�

,:JC>VC�:C�'69G>9��9:�ADH��:86CDH�9:�ADH��DA:<>DH�*GD;:H>DC6A:H�N��:A:<68>DC:H�.:GG>IDG>6A:H�

9:�*DA>IVAD<DH�N�-D8>VAD<DH

5

FFF�2>;?>;B>2�>A6�������FFF�2>;?>;B>2<03A83�>A6 �����"�'�����>;468>�#028>=0;�H�34�"03A83�34��>2C>A4B�H�!824=2803>B�4=��84=280B�%>;NC820B�H�(>28>;>6N0���

�?�=@D�S=E:>@D�E:6>A@D�6=��6C649@�92�6IA6C:>6?E25@�F?24=2C2�2AC@I:>24:R?�924:2�=2�:?G6DE:824:R?�D@4:2=��2A2C6�4:6?5@�2DP� =2D�A6C:4:2D�D@4:@=R8:42D�4@>@�F?�6=6>6?E@4=2G6�A2C2�=2�C6D@=F4:R?�56�=@D�AC@46D@D�;F5:4:2=6D���?�6=42D@�BF6�?@D�@4FA2�=2�:?4@CA@C24:R?�56�A6C:4:2D�D@4:@=R�8:42D�6?�6=�4FCD@�56�F?�AC@46D@�;F5:4:2=��E:6?6�=2�4@?D:56�C24:R?��6?� =2�>2J@C�A2CE6�56� =2D�@42D:@?6D��56�ACF6325@4F>6?E2=�BF6�C6DF=E2C�F?2�A:6K2�AC@A:4:2E@C:2�6?�F?�D:8�?:7:42E:G@�?S>6C@�56�A=6:E@D����DE2D�A6C:4:2D�D68S?�=2�#6J56� �?;F:4:2>:6?E@� �:G:=� G:86?E6� 5636?� D6C� C6423252D4F2?5@�[D62?�?646D2C:@D�4@?@4:>:6?E@D�4:6?EP7:4@D��2CEPD�E:4@D��EN4?:4@D�@�ACM4E:4@D�A2C2�G2=@C2C�9649@D�@�4:C4F?D�E2?4:2D�C6=6G2?E6D�6?�6=�2DF?E@�@�25BF:C:C�46CE6K2�D@3C66==@D��=2D�A2CE6D�A@5CM?�2A@CE2C�2=�AC@46D@�6=�5:4E2>6?�56A6C:E@D�BF6�A@D62?�=@D�4@?@4:>:6?E@D�4@CC6DA@?5:6?E6D�@D@=:4:E2C��6?�=@D�42D@D�AC6G:DE@D�6?�6DE2�=6J��BF6�D6�6>:E25:4E2>6?�A@C�A6C:E@�56D:8?25@�A@C�6=�EC:3F?2=\��63:5@�2�DF�AC@A:2�?2EFC2=6K2��=2D�A6C:4:2D�AF656?�4@?D�E:EF:C�F?�:?DECF>6?E@�2=E2>6?E6�G2=:@D@�6?�=2�ACM4E:42�;F5:�4:2=� 2� =2� 9@C2� 56� C6D@=G6C� 4F6DE:@?6D� 56� 9649@� >FJ6DA64:2=:K252D�J�EN4?:42D��DE2D�A6C:4:2D�AF656?�D6C�2A=:4252D��A@C�6;6>A=@��2=�M>�3:E@�>6C42?E:=�5@?56�C6DF=E2�56E6C>:?2?E6�4@?@46C�4FM=�6D=2�A6C46A4:R?�BF6�=@D�4@?DF>:5@C6D�@�FDF2C:@D�E:6?6?�56F?2�>2C42��J�D:�C64@?@46?�F?�56E6C>:?25@�E:A@�56�AC@�5F4E@���DF�2D@4:24:R?�4@?�F?2�>2C42��6?�@42D:@?6D�=2D4@D2D�25BF:6C6?�6=�?@>3C6�56�=2�6>AC6D2�BF6�=2D�4@>6C�4:2=:K2�6;6>A=@�[A2?�3:>3@\��J�=2�A@D:3:=:525�56�564=2C2C�=26I:DE6?4:2�56�ACM4E:42D�4@?EC2C:2D�2�=2�4@>A6E6?4:2��4@�A:2C�=2D�42C24E6CPDE:42D�56�6?G2D25@�56�F?�AC@5F4E@�:?5F�4:6?5@�2�6CC@C�6?�=2�4@>AC2���'@C�6==@�6?�6=�M>3:E@�56�=2D56>2?52D�A@C�:?7C244:R?�56�=@D�56C649@D�56�>2C42�@�6?=2D�C6=2E:G2D�2�=2�4@>A6E6?4:2�56D=62=��=2D�6?4F6DE2D�2�=@D4@?DF>:5@C6D�@�=2D�6?4F6DE2D�56�>6C425@�92?�A2D25@�2D6C�F?�:>A@CE2?E6�:?DECF>6?E@�AC@32E@C:@���DP�>:D>@��6?�=@D�=:E:8:@D�56�AC@A:6525�:?E6=64EF2=�6?�86�?6C2=��J�56�7@C>2�A2CE:4F=2C�6?�=2D�56>2?52D�56�A:C2E6CP2@�A@C�:?7C244:R?�56�=@D�56C649@D�56�A2E6?E6��BF6�AF656?==682C�2�D6C�>FJ�4@>A=6;@D���=@D�;F646D�J�EC:3F?2=6D�7F?�52>6?E2?�DFD�564:D:@?6D�6?�=2D�ACF632D�A6C:4:2=6D���@>@D6Q2=2�=2�&C82?:K24:R?�$F?5:2=�56�=2�'C@A:6525� ?E6=64�EF2=��&$' ����6?�=@D�=:E:8:@D�56�AC@A:6525�:?E6=64EF2=��D6�92?:?4@CA@C25@�F?2�7@C>2�4@?4C6E2�56�ACF632D��BF6�C6DF=E2?D6C�56�?@E@C:2�FE:=:525��=2D�ACF632D�A6C:4:2=6D�32D252D�6?=2D�6?4F6DE2D�2�=@D�4@?DF>:5@C6D�02�92J�6?��DA2Q2�F?2�23F?52?E6�;FC:DACF56?4:2�6?�=2�>2�E6C:2��BF6�D6�AF656�C6DF>:C�6?�=@D�D:8F:6?E6D�PE6>D��

��'F656?�AC@A@C4:@?2C�ACF632D�56=�6DE25@�56�@A:?:R?�AS�3=:42�6?�C6=24:R?�4@?�F?2�>2C42�6?�A2CE:4F=2C����F5:6?4:2'C@G:?4:2=�56��=:42?E6�D644:R?��V�?V��������56����56�@4�EF3C6���682D2� ?E6C?24:@?2=�56>2?52�2�=2�6>AC6D2�'C@:?A@C�F?�2DF?E@�C6=2E:G@�2�F?�C68:DEC@�56�>2C42D�C6=2E:G@�2=32=:K2>:6?E@�56�G:2=6D�

��'F656?�56>@DEC2C�D:�F?2�>2C42�92�25BF:C:5@�=2�C6AFE2�4:R?�?646D2C:2�A2C2�D6C�4@?D:56C252�4@>@�>2C42�?@E@C:2�>6?E6�4@?@4:52���*6?E6?4:2�+C:3F?2=�*FAC6>@��*2=2�56�=@�:G:=��D644:R?��V�D6?E6?4:2�?V�������56���56�763C6C@��C6:I6?6E�56>2?52�2�=2D�6>AC6D2D�6>3@E6==25@C2D�J�4@�>6C4:2=:K25@C2D�56=�[42G2�$:C6E\�A@C�FE:=:K2C�F?2�3@E6==23=2?42�6D>6C:=252��BF6�2�DF�;F:4:@�AC@5F4P2�4@?7FD:R?�6?6=�>6C425@��'2C2�6==@�D6�AC6D6?E2�F?2�ACF632�BF6�A2C2��6=EC:3F?2=�C6DF=E2�4@?4=FJ6?E6�525@�BF6�=2�6?4F6DE2�AC24E:�4252�A6C>:E6�24C65:E2C�BF6�=@D�4@?DF>:5@C6D�2D@4:2?�6?F?����=2�>2C42��C6:I6?6E�2�=@D�D:8?@D�BF6�=2�24@>A2Q2?�D:8?@D�56=�?@>3C6��@C:6?E24:R?�G6CE:42=��42AF49R?��6D�4F5@��6E:BF6E25@�J�7@C>2�56�=2�3@E6==2����?�=@D�>:D>@D�ENC�>:?@D�6I:DE6�;FC:DACF56?4:2�72G@C23=6�2�=2�>2C42�56�=:4@C�@:?EC62F�J�=2D�32C2;2D�56�42CE2D��@FC:6C�

��'C@A:6525�:?5FDEC:2=���?�=@�C6=2E:G@�2�=2�4@?7FD:R?�6?EC6>2C42D�C6DF=E2�C6=6G2?E6�=2�*6?E6?4:2�56�=2��F5:6?4:2�'C@�G:?4:2=�56�$25C:5�D644:R?����?V��������56����?@G:6>�3C6���I:DE6?�F?2�ACF632D�5@4F>6?E2=6D�A6C:4:2=6D�F?2�564252�A2CE6��6=�@3;6E@�56=�=:E:8:@�6C2�56E6C>:?2C�D:�6=�ENC>:?@*672C5��=6?8F2�963C62�>@56C?2��56D:8?2�2��DA2Q2����=6DEF5:@�A6C:4:2=�C6G6=232�BF6�D@=@�6=������56�=2�A@3=24:R?4@?@4P2�=2�E6C>:?@=@8P2�963C62�6?�C6=24:R?�4@?�6=�=F82C86@8CM7:4@��=@�BF6�C6DF=E2�C6G6=25@C�C6DA64E@�2�=2�42FD2��2D2�*672C25�4@?EC2��2D2�*672C25� DC26=��

"0=D4;�">BC0I0��0AA8>B�"0630;4=0�(DLA4I�$9430 >BM�!D8B�'>9>��8;�

%�'����(�($��$!U����(��#�!��%'S�)���� *�����!

6

FFF�2>;?>;B>2�>A6�������FFF�2>;?>;B>2<03A83�>A6 �����"�'�����>;468>�#028>=0;�H�34�"03A83�34��>2C>A4B�H�!824=2803>B�4=��84=280B�%>;NC820B�H�(>28>;>6N0���

��'C@A:6525�:?5FDEC:2=�J�4@>6C4:2=�6?�=2�,?:R?��FC@A62�42D@�#=@J5�*49F9723C:<�$6J6C�2?5�4@���$���+C:3F?2=�56!FDE:4:2��@>F?:525��FC@A62�D6?E6?4:2�?V� ������56���56�;F?:@���#2�>2C42�#=@J5�4@>6C4:2=:K232�K2A2E@D�6?��=6�>2?:2�56D56������J�D6�@A@?P2�2�BF6�=2�6>AC6D2�9@=2?�56D2� �$��� 4@>6C4:2=:K232� 6=� >:D>@� AC@5F4E@� 4@?� =2>2C42�#@:?ETD�2?E6�6=�C:6D8@�56�4@?7FD:R?�BF6�AF652�AC@�G@42C��'2C2�6==@�D6�2A@CE2�F?2�ACF632�A6C:4:2=�D@4:@=R8:42BF6� 56>F6DEC2� 6=� 8C25@� 56� 4@?@4:>:6?E@� 56� =2� >2C42#=@J5�J�6=�[C:6D8@�56�2D@4:24:R?\�2?E6�=2�D:>:=:EF5�7@?NE:42���'C@A:6525�:?E6=64EF2=��*6?E6?4:2��F5:6?4:2�'C@G:?4:2=�56$25C:5�D644:R?���U�D6?E6?4:2�?V������ ��56����56�23C:=��6E6C>:?252D� D@4:65256D� 56� 86DE:R?� 56� 56C649@D� 562FE@C�C64=2>2?�2�F?2�6>AC6D2�56�>RG:=6D�F?2�DFDE2?4:2=42?E:525�6?�4@?46AE@�56�C6AC@5F44:R?�A@C�4@A:2�AC:G2524@>@�4@?D64F6?4:2�56�=2D�56D42C82D�56�42?4:@?6D�6?�=@D5:DA@D:E:G@D�E6=67R?:4@D��*����4@?EC2�%&" �����:492�6>�AC6D2�6?42C8R�F?2�6?4F6DE2�2�F?2�4@>A2QP2�56�6DEF5:@D56>@D4RA:4@D�2�=@D�6764E@D�56�AC@32C�BF6�6=�FD@�56�=22A=:424:R?�56�56D42C82D�56�>SD:42�6C2�4@>A=6E2>6?E6�C6�D:5F2=��#2�6?4F6DE2�D6�C62=:KR�56�>@5@�@?�=:?6��=2�D6?E6?�4:2�6?�DF�7F?52>6?E@�;FCP5:4@� V�C6D2=E2�BF6�=2D�6?4F6DE2D[4@?DE:EFJ6?�F?�>@5@�56�4@?@4:>:6?E@�SE:=��J�6?�>F49@D42D@D�6=�S?:4@�>@5@�56�56DA6;2C�G2C:23=6D�BF6�56�@EC@>@5@� BF652CP2?� :CC6>65:23=6>6?E6� 9FNC72?2D� 56� C6D�A2=5@�AC@32E@C:@\���2=�EC:3F?2=�=6�A2C646�6?�6DE6�42D@�>MD4@?G:?46?E6�6=�2?M=:D:D�4F2?E:E2E:G@�A6C@�D:�2=�4F2=:E2E:G@A@CBF6�?@�5232�4F6?E2�56�=@D�4C:E6C:@D�D68F:5@D�A2C2�=2D6=644:R?�56�=2D�A6CD@?2D�6?4F6DE252D��

�?�4F2?E@�2=�G2=@C�A6C:4:2=�56�=2D�ACF632D�D@4:@=R8:42D�6?6=�M>3:E@�7@C6?D6�AF656?�6IEC26CD6�F?2D�4@?4=FD:@?6D��)6DF=E2�2CC:6D825@�@A@?6CD6�@�4C:E:42C�F?2�A6C:4:2�D@4:@�=R8:42�D:?�2A@CE2C�@EC2�BF6�4@?EC2CC6DE6�@�5:7:6C2�56�=2D�4@?�4=FD:@?6D��#2�D:>A=6�2C8F>6?E24:R?�6?�4@?EC2�C6DF=E2�A@4@246CE252�56D56�=2�6DEC2E68:2�;FCP5:42��#2�;F5:42EFC2�A2D2�6?�@42D:@?6D�2�6I2>:?2C�=2�>F6DEC2�DF�E2>2Q@�J�42=:525��A@C�=@�BF6�92J�BF6�D6C�A2CE:4F=2C�>6?E6�C:8FC@D@�6?�=2�6=644:R?�56�=2�6>AC6D2�56>@D4RA:42J��6?�2A@CE2C�2=�EC:3F?2=�E@5@D�=@D�52E@D�A@D:3=6D�C6DA64E@

2�=@D�6?4F6DE25@D����=�E2>2Q@�56�=2�>F6DEC2�E2>3:N?�C6DF=E2�C6=6G2?E6�2�=@D6764E@D�AC@32E@C:@D���)6DF=E2�4@?G6?:6?E6�:?E68C2C�=2�ACF632�56?EC@�56=�A6E:�EF>�56�=2�A2CE6�BF6�=2�2=682��DF3DF>:6?5@�=2�A6C:4:2�6?�=22C8F>6?E24:R?�;FCP5:42�'@C�6==@��D6�9246�?646D2C:@�6=�5:D6Q@�J�56D2CC@==@�56�96�CC2>:6?E2D�56�:?G6DE:824:R?�D@4:@=R8:42�@C:6?E252D�2�=2�@3�E6?4:R?�56�ACF632D�A6C:4:2=6D�6?�42D@D�56�

��#:E:8:@�A@C�AC@A:6525�:?E6=64EF2=��AC@A:6525�:?5FDEC:2=�@56C649@D�56�2FE@C���676?D2�56�>2C42D��4@?7FD:R?�6�:>:E24:R?�56�>2C42D�?@>3C6D�4@>6C4:2=6D�J�>@56=@D�56�FE:=:525��'F3=:4:525��4@?@4:>:6?E@�56�>2C42��?@E@C:6525��C6?@>�3C6��J�4@>A6E6?4:2���BFPG@4@��A@C�2D@4:24:R?�2�@EC@�AC@5F4E@��D6CG:4:@��>2C42@�4@?46AE@���@>AC6?D:R?�D@4:2=�@�AC@76D:@?2=�56�4@?46AE@D�J�ENC>:�?@D��'6C;F:4:@�@�2AC@G6492>:6?E@�A@C�4@>A2C24:R?�

�?�4@?4=FD:R?��AF656�27:C>2CD6�BF6�=2D�ACF632D�AC6D6?�E252D�2?E6�F?�EC:3F?2=�4@?�6=�7:?�56�4@?EC:3F:C�2�56E6C>:?2C=2D�4F6DE:@?6D�56�9649@��E:6?6?�8C2?�:>A@CE2?4:2�6?�=@D�=:�E:8:@D�56�5:D4:A=:?2D�C6=2E:G2D�2�=2�AC@A:6525�:?E6=64EF2=��=24@>A6E6?4:2�56D=62=��6=�56C649@�56�>2C42�J�=2�AF3=:4:5256?82Q@D2���?�6DE6�D6?E:5@��6D�:?E6C6D2?E6�BF6�=2�AC@76�D:R?�D6�A=2?E66�=2�?646D:525�56�:?4=F:C�F?�D6==@�56�42=:525F�@EC@�:?DECF>6?E@�56�D:>:=2C6D�42C24E6CPDE:42D��86DE:@?25@A@C�6=��@=68:@��BF6�24C65:E6�BF6�=2�6?4F6DE2�C62=:K252�C6�4@86�=@D�C6BF:D:E@D�A2C2�D6C�FE:=:K252�6?�D656�;F5:4:2=�

��"0=D4;�">BC0I0��0AA8>B� 6D�)6DA@?D23=6�56&A6C24:@?6D�6?�*:8>2��@D��"0630;4=0�(DL�A4I J�!>BM�!D8B�'>9> D@?��C6DA64E:G2>6?E6��=2C6DA@?D23=6�56=�MC62�;FCP5:42�J�6=�C6DA@?D23=656�6DEF5:@D�56�*:8>2��@D

�B4B>AN0� DAN3820�%A>54B8>=0;34;��>;468>�34�"03A83��8=5>A<028P=�(42A4C0AN0�34;��>;468>�

7

FFF�2>;?>;B>2�>A6�������FFF�2>;?>;B>2<03A83�>A6 �����"�'�����>;468>�#028>=0;�H�34�"03A83�34��>2C>A4B�H�!824=2803>B�4=��84=280B�%>;NC820B�H�(>28>;>6N0���

�FC2?E6�6=�D6>6DEC6�;F=:@5:4:6>3C6�D6�92?==6G25@�2�423@�=2D�D:8F:6?E6D�24E:G:5256D�

��%A>6A0<0�34��=C4AE4=28P=�2><D=8C0A80�4=��>;;03>�+8;;0;10����@?�2A@J@�56� =2��:C644:R?��6?6C2=�56� ?>:�8C24:R?�J�=2�4@=23@C24:R?�56=�2JF?E2>:6?E@�D692�AF6DE@�6?�>2C492�F?�AC@8C2>2�56�C25:@�D6�>2?2=�56�F?2�9@C2�56�5FC24:R?��6?� =6?8F2DG6C?M4F=2D��5:C:8:5@�2�=2D�A@3=24:@?6D�3S=82C2�JCF>2?2�56�-:==2=32�BF6�D@3C6A2D2� =2D����A6CD@?2D��#2�C25:@�2=42?K2�F?�:>A@CE2?E6�MC6256�=2�*:6CC2�56��F252CC2>2���F?@D�5@46�>F?:�4:A:@D�� A@C� =@� BF6� ==682�� 4@?D:56C2?5@� 6DE@DAF63=@D���2�F?2�2F5:6?4:2�A@E6?4:2=�56�>MD�56����A6CD@?2D�56�6DE2D�4@=@?:2D��D:>:D>@�D6�92?�4@?E:?F25@�=2D�4=2D6D�56�=6?8F2�J�4F=�EFC2�CF>2?2�6?�6=��@=68:@�AS3=:4@��2Q252�)62=��2�=2�BF6D6�56DA=2K2?�?:Q@D�J�;RG6?6D�56���4@=68:@D�AS3=:4@D�56�=2=@42=:525��+2>3:N?�D6�6DEM�EC232;2?5@�4@?�=@D�AC@86?:E@C6D56�6DE@D�?:Q@D�J�D6�4@=23@C2�6?�=2�46=63C24:R?�56=�[�P2�56)F>2?P2�[4@?�=2�2D@4:24:R?�'=2E27@C>2�)F>2?@��DA2Q@=26?��F?��AC@8C2>2�D@4:@�4F=EFC2=�5:C:8:5@�2�E@5@D�=@D�G64:?@D56=�>F?:4:A:@�!F?E@�4@?�=2��@?46;2=P2�56� ?>:8C24:R?��6=��@=68:@�92�AC@�>@G:5@�J��@C82?:K25@�=2�'C:>6C2��!@C?252�+N4?:42�D@3C6=2� ?>:8C24:R?�6?��@==25@�-:==2=32��=@42=:525�6?�E@C?@�2�=@D���923:E2?E6D�56�=@D�4F2=6D�F?2�56�4252�4F2EC@�6D�56@C:86?�6IEC2?;6C@��=8F?2D�56�=2D�AC:?4:A2=6D�4@?4=FD:@?6D�56�6DE2D�!@C?2�52D�6?�=2D�BF6�;F?E@�2�=@D�D6CG:4:@D�D@4:2=6D�>F?:4:A2=6DA2CE:4:A2C@?�6=���' �56�=2�=@42=:525�BF6�86DE:@?2���F?52�4:R?�� ' ��J���2D@4:24:@?6D�56�:?>:8C2?E6D�=@42=6D�3S=�82C2D�� :36C@2>6C:42?2D�� CF>2?2D� J� =2� �D@4:24:R?�2?56=:E2��D6�C67:6C6?�2�#2�?646D:525�56��724:=:E2C�6=�2446D@�56�=2D�@C82?:K24:@?6D>:8C2?E6D��2�6DA24:@D�AS3=:4@D�A2C2�A@56C�56D2CC@==2C�DFD24E:G:5256D��#2�25>:?:DEC24:R?�E:6?6�BF6�D6C�4@?D4:6?E6�56BF6�=@D�7:?6D�56�D6>2?2�D@?�=@D�>@>6?E@D�6?�BF6�=2D�A6C�D@?2D�>:8C2?E6D�J�=@D�G64:?@D�AF656?�C6F?:CD6��=�>F?5@�D6�4@>A@?6�56�>F492D�4F=EFC2D�J�E@52D�6DEM?AC6D6?E6D�6?�=2�D@4:6525�56��@==25@�-:==2=32�����?24:@?2�=:5256D���=@�BF6�A=2?E62�6=�C6E@�56�=2�?646D:525�56�2C>@�?:K2C�=2D�5:76C6?4:2D�J�56��AC@>@G6C�6=�42CM4E6C�3:4F=EFC2=56�6DE@D�G64:?@D�*6�DF8:6C6�>6;@C6�=2�:?7@C>24:R?�J�5:7FD:R?�56�=2D�24EF2�4:@?6D�J�AC@8C2>2D�BF6�==6G2?�2�423@�=@D��D6CG:4:@D�D@�4:2=6D�>F?:4:A2=6D��AF6D�F?2�8C2?�A2CE6�56�=@D�G64:?@D:?>:8C2?E6D�=@D�56D4@?@46?��J��D6�A:56�6=�:?4C6>6?E@�566DE@D�C64FCD@D�563:5@�2=�:>A24E@�56�=2�4C:D:D�6?�=@D�G64:�?@D�56�-:==2=32�'2C2�6DE23=646C�?F6G2D�24E:G:5256D�64@?R>:42D�D6�AC@�A@?6�6=��4@?DE:EF:C�F?�8CFA@�BF6�724:=:E6�=2D�C6=24:@?6D�4@�>6C4:2=6D�3:=2E6C2=6D�4@>AF6DE@�A@C�EN4?:4@D�=@42=6D�J�

AC@>@E@C6D�56�=2D��?24:@?2=:5256D��AC65@>:?2?E6D�6?�=24:F525���BF6�=2?46�:?:4:2E:G2D��56�42CM4E6C�:??@G25@C��BF6�4F6?E6?�4@?�=@D��G64:?@D�J�=2D�A@3=24:@?6D�>:8C2?E6D�C6�D:56?E6D�#2D�2D@4:24:@?6D�56�>:8C2?E6D��=@D��EN4?:4@D�J�6?E:5256DAC@>@E@C2D�56�6DE2D�;@C?252D�D6�@7C646?�A2C2�D68F:C�EC2�32;2?5@�4@?�6=�>F?:4:A:@�A2C2�9246C�A@D:3=6�=2�AF6DE2�6?>2C492�56�=2D�AC@AF6DE2D�DF86C:52D��E2?E@�6?�=2D�>6D2D2D@4:2E:G2D��4@>@�6?�=@D�8CFA@D�56�EC232;@���A2CE:C�56�6DE2D�!@C?252D�D6�92�6=23@C25@�F?�'=2?�56�+C2�32;@�BF6�D6�6DEM�?68@4:2?5@�6?�=2�24EF2=:525�4@?�=2��@?�46;2=P2� 56� *6CG:4:@D� *@4:2=6D� J� =2� �@?46;2=P2� 56$:8C24:@?6D�A2C2�=2�:>A=6>6?E24:R?�56=�>:D>@�

���%A>6A0<0�34�CA0109>�2>=�%A>64=8C>A4B��=<86A0=C4B�*6�56D2CC@==2�6?�F?� ?DE:EFE@�A@3=24:R?�)6?24:>:6?E@�56��'�56�$25C:5��42A:E2=�J�6?��=4@C4R?�4@?�3@=:G:2?@D���J�6?6=�5:DEC:E@�56�-2==642D�J�$@?4=@2�4@?�=2E:?@2>6C:42?@D��4@�=@>3:2?@D��A6CF2?@D��64F2E@C:2?@D��A2C28F2J@D��AC:?4:�A2=>6?E6�� � 4@?� 2D:DE6?4:2� � 56� A25C6D� J� >25C6D� BF64@?E23:=:K2?5@�DFD��56D46?5:6?E6D�2=42?K2�2�����36?67:�4:2C:@D�5:C64E@D��5@?56��2�A2CE:C�56�=2�6D4@=2C:K24:R?�56�=@D9:;@D��D6�A=2?E62�6=�A2A6=�4@=2E6C2=�56�=@D�AC@86?:E@C6D�6?6=�NI:E@�6D4@=2C�J�56�:?E68C24:R?�56�=@D�>:D>@D�J�D6�AC@�>F6G6� =2� 2FE@�@C82?:K24:R?� 56� =@D� AC@86?:E@C6D� 4@>@>65:@�56�AC@>@G6C�6=�=:56C2K8@�72>:=:2C����DE6�AC@J64E@�92D:5@�7:?2?4:25@��6?�A2CE6���A@C�=2��:C644:R?��6?6C2=�56� ?�>:8C24:R?�56�=2��@>F?:525�56�$25C:5�

���%A>6A0<0�34�?A><>28P=�34��4<?A4=343>A4B��?�4@=23@C24:R?�4@?� =2��D@4:24:R?� [�6CG:56C@�*FC\�� 6??F6DEC@D� =@42=6D�56�(F:?E2?2��D6�92?�56D2CC@==25@�5@D4FCD@D��5:C:8:5@D�2�6>AC6?565@C6D�BF6�4F6?E6?�J2�4@?

S'��������*����#T�����#)��'���U#

'4?A4B4=C0=C4B�34�;0B�4=C83034B�H�6AD?>B��%0AA>@D80$AC>3>G0���B>28028P=��MB0A�+0;;49>��H�34�6AD?>B�;>�20;4B�34�2>;><180=>B�H�42D0C>A80=>B�

���

���

�� ��

��������������

��

8

FFF�2>;?>;B>2�>A6�������FFF�2>;?>;B>2<03A83�>A6 �����"�'�����>;468>�#028>=0;�H�34�"03A83�34��>2C>A4B�H�!824=2803>B�4=��84=280B�%>;NC820B�H�(>28>;>6N0���

F?2�:562�56�AC@J64E@�J�6?�=@D�BF6�D6=6�6?EC6?2�6?�6=�[#6?8F2;6��+$#\���92?�7:?2=:K25@�6=�4FCD@�56����9@C2DE6RC:4@�ACM4E:42D���6>AC6?565@C6D�J� 6?� 6=� [�:D6Q@�� '@D:4:@?2>:6?E@� J�6DE:R?�56�AM8:?2D�.63D\���4FCD@�56���9@C2D�E6RC:4@�ACM4E:42D�BF6�92?7:?2=:K25@�4@?�NI:E@�� �A2CE:4:A2?E6D����DE6�AC@J64E@�92�4@?E25@��6?�A2CE64@?�7:?2?4:24:R?�56�=2��:C644:R?��6�?6C2=�56� ?>:8C24:R?�56�=2��@>F?:52556�$25C:5�

��)A0109>�2>=�"0H>A4B��?�4@=23@C24:R?�4@?���&$����@?76�56C24:R?� �DA2Q@=2� 56� &C82?:K24:@�?6D�56�$2J@C6D��D6�92?�56D2CC@==25@5@D�4FCD@D�56�[2?:>25@C6D�D@4:@�4F=�EFC2=6D�56�>2J@C6D\��:?DA:C25@D�6?�=2>6E@5@=@8P2� 6FC@A62[�56?EC@\��F?@�56�6==@D�6?-2==25@=:5�J�6=�D68F?5@�6?�=4@C4R?� �$25C:5�� 6?� =@D4F2=6D�92?�A2CE:4:A25@�J�7:�?2=:K25@� 4@?� NI:E@� � 4F2�C6?E2�A6CD@?2D�#@D�4FCD@D�4@?E232?�4@?F?� 5FC24:R?� 56� ��� 9@C2DAC6D6?4:2=6D� J� @EC2D� �56�ACM4E:42D�J�EC232;@�A6C�D@?2=�J�DFD�4@?E6?:5@D�E6�>ME:4@D�8:C232?�6?�4F2EC@6;6D���6D2CC@==@�56�=2�A6C�D@?2=:525���@>6?E@�56�=2D4@>A6E6?4:2D�4@>F?:42E:�G2D�J�56� =2�42A24:525�56EC232;2C� 6?� 6BF:A@�� �@�>6?E@�56�=2�D2=F5��&C82?:�K24:R?� 56� 24E:G:5256DD@4:@�4F=EFC2=6D�A2C2�>2J@C6D���D@�4:24:@?:D>@��EC232;@�6?�C656D��=@33J�JC6=24:@?6D�AS3=:42D��?�6=�56D2CC@==@�56=�4FCD@�56��=4@C4R?D6�92�4@?E25@�4@?�=2�4@=23@C24:R?�56=6BF:A@� 56� =2� ���� 56� �=6>2?:2� J*F:K2�

���)A0109>�2>=��<86A0=C4B��B?0O>�;4B�4=��;4<0=80��?�4@=23@C24:R?�4@?�=2�����J�=2��@?�7656C24:R?��FC@A62�56��D@4:24:@?6D�DA2Q@=2D�56�'25C6D�56��2>:=:2�6?�=2)���D6�92�4@=23@C25@�6?�#2D�//- �!@C?252D�56�6DEF5:@�56�=2�@?7656C24:R?��BF6�46=63C232?�6=��2?:G6CD2C:@�56�=2�7F?524:R?�56�=2��@?�7656C24:R?� �7F?5252� 6?� .:6D3256?6?�6=�2Q@���� ����?�=2D�!@C?252D��6D�ECF4EFC252D�6?�32D6�2�8CFA@D�56�EC2�32;@� D6� 5:6C@?� C6DAF6DE2� 2� =@DAC:?4:A2=6D�C6E@D�BF6�E:6?6�6=�2D@4:2�4:@?:D>@�6>:8C2?E6�6?�E6>2D�4@>@�

���4@8:52�56�=@D�?F6G@D�6>:8C2?E6D6DA2Q@=6D�BF6�==682?�2��=6>2?:2���*692�4C625@�6=�AC@8C2>2�[�:6?G6?:5�D�.:==<@>>6?\��J�D6�92?�24E:G25@�E@52D=2D�2D@4:24:@?6D�>:6>3C@D�A2C2�24@�86C� J� 724:=:E2C� =2� :?D6C4:R?� D@4:2=�2AC6?5:K2;6� 56� =2� =6?8F2� J� 4F=EFC22=6>2?2��D@=F4:R?�56=�AC@3=6>2�56�=2G:G:6?52�:?D4C:A4:@?6D�6?�=@D�A25C@�?6D�>F?:4:A2=6D�6E4�����J�=23@C2=���2D6�D@C2>:6?E@�D@3C6�=2�=68:D=24:R?��D@3C66=�D68FC@�56�6?76C>6525�J��=2D�4@D�EF>3C6D�=23@C2=6D���J�42AE24:R?�56�=256>2?52�6I:DE6?E6�J�@C:6?E24:R?�6?�=23SDBF652� 24E:G2� 56� 6>A=6@� 6E��� 026DEM� 6?� >2C492� 6?� =2� *6=G2� %68C2��@C?36C8��F?�5:DA@D:E:G@��56�42CM4E6C6IA6C:>6?E2=��A2C2�E2=�7:?�

���F=2D� 56� #6?8F2� J� �F=EFC2� 6DA2�Q@=2��#2��@?7656C24:R?�6IAFD@�DF�>2=6D�E2C�4@?�=2D�>65:52D�8F36C?2>6?E2=6D56�C65F44:R?�56�=2D�4=2D6D�AC6D6?4:2�=6D�J�=2�:>A2CE:4:R?�56�4=2D6D�@?�=:?6�A@C�=@�BF6�?@�D6�4@?D:56C2�2564F25@A2C2�?:Q@D�J�D6�4C66�6D�6=�AC:>6C�A2D@A2C2�=2�DFAC6D:R?�56�6DE2D�4=2D6D�BF6E2?E@�92?�4@?EC:3F:5@�2�=2�>@G:=:525:?E6C?2�56�=@D�6DA2Q@=6D�6?��=6>2?:2�*6�6DE23=64:6C@?�5:G6CD2D�>65:52D�56AC@E6DE2�J�244:@?6D�56�=@33J�4@?EC26DE2�564:D:R?�56=�$:?:DE6C:@�56��5F�424:R?���&EC@D�E6>2D�EC2E25@D�7F6C@?�=@D�56$F;6C���56?EC@��$2J@C6D��J�!RG6?6D�5@?56�=2D�EC6D�86?6C24:@?6D�J2�:?DE2�=252D�>@DEC2C@?�DF�5:DA@D:4:R?�2�2A@�J2C� 2� =@D� ?F6G@D� 6>:8C2?E6D6DA2Q@=6D� BF6� ==682?� J� 27C@?E2C� 56>2?6C2�4@?;F?E2�=@D�AC@3=6>2D�BF62A2C646?�6?�DFD�MC62D�56�24EF24:R?�

�?� C6=24:R?� 4@?� =2� A2CE:4:A24:R?�56=�@=68:@�6?�6=�AC@8C2>2�6IA6C:>6?E2=[�:6?G6?:5@D\��D6�92?�:?:4:25@�4@?�6=5:DA@D:E:G@�56�=2�*6=G2�%68C2�F?�AC@�46D@�56�4@=23@C24:R?��BF6�J2�6DEM�6?>2C492�J�2=�BF6�D6�92?�C6>:E:5@�J2=@D� AC:>6C@D� � �� 4G� A2C2� 4@?DE:EF:CF?2�32D6�56�52E@D�56�56>2?52?E6D�2C6=24:@?2C�4@?�=2D�@76CE2D�6I:DE6?E6D6?�=2�C68:R?�J�2�F?2�?F6G2�6>AC6D2BF6�3FD42�6>AC6D2D�D:>:=2C6D�A2C22D@4:2CD6�

��%0AC828?028P=� 4=� 4;� 6AD?>� 8=C4A�?A>54B8>=0;�34�;0�'43�34���0<8;80�H�A80=I0�(0;D301;4��?�4@=23@C24:R?�4@?�* '&*&��*6>:�?2C:@�56� ?E6CG6?4:R?�D@3C6�'@=PE:42D*@4:2=6D����6D56�6=�MC62��56��:F52�

52?P2� D6� 7@C>2� A2CE656=�8CFA@� :?E6C5:D4:A=:�?2C� � 56� [�2>:=:2� J�C:2?K2�*2=F523=6\�6?6=�BF6�A2CE:4:A2?�A652�8@82D��AD:4R=@82D��?6�@?2ER=@8@D�� J� @EC@D6IA6CE@D�D2?:E2C:@D�BF6J2� 92� AC@5F4:5@� F?2E@>2� 56� '@D:4:R?D@4:@�A@=PE:42� D@3C6� =2�C:2?K2� *2=F523=6� JF?2�[8FP2�56�4F:525@DA2C2� =2� ?72?4:2\� BF66DEM�6?�AC@46D@�56�4:6�CC6�J�A@DE6C:@C�AF3=:42�4:R?�

�25@�BF6�6=�2Q@����D6�46=63C2CM��6=�//��?:�

G6CD2C:@�56=��Q@� ?E6C?24:@?2=�56� =2�2>:=:2��=2�)65��2>:=:2�J��C:2?K2�*2�=F523=6��6?�4@=23@C24:R?�4@?�6=�*6>:�?2C:@� 56� ?E6CG6?4:R?� 56� '@=PE:42D*@4:2=6D� D6� AC@A@?6� ==6G2C� 2� 423@F?2D�!@C?252D�D@3C6�E6>2D�56��2>:�=:2�J��C:2?K2�*2=F523=6�6?�6=�ACRI:>@2Q@��A2C2�52C�4F6?E2�56�=2�C62=:525�56?F6DEC@�A2PD�6?�6DE6� E6>2�J�56� =@DAC:?4:A2=6D�C6E@D�2�=@D�BF6�D6�6?7C6?E2=2�A@3=24:R?�6DA2Q@=2��A2C2�=@�4F2=�D66DEM?�3FD42?5@�A2EC@4:?25@C6D�

'0<P=�34�"0A2>B(0=I�@@C5:?25@C�56=]C62�56��:F5252?P26� ?E68C24:R?�

'4?A4B4=C0=C4B�34�;0B�0B>28028>=4B���4AE834A>�(DA���0=34;8C0��(E4;8=0�H�%;0C05>A<0��8B?0=>�'D<0=0�

�������� ���������������� ��

9

FFF�2>;?>;B>2�>A6�������FFF�2>;?>;B>2<03A83�>A6 �����"�'�����>;468>�#028>=0;�H�34�"03A83�34��>2C>A4B�H�!824=2803>B�4=��84=280B�%>;NC820B�H�(>28>;>6N0���

�FC2?E6� 6DE6� S=E:>@� D6>6DEC6� 56=�� �D6�D:8F6?�56D2CC@==2?5@��6?�6=]C62�56�'2CE:4:A24:R?�J��:F5252?P256�6DE6��@=68:@��F?2�D6C:6�56�:?:4:2E:�G2D� 6?>2C4252D� 6?� ?F6DEC@� 'C@�8C2>2� 56� #:56C2K8@� �2>:=:2C� 56'C@86?:E@C6D�$:8C2?E6D���DE2D�24EF2�4:@?6D� G2?� 6?� EC6D� ?:G6=6D� D:>F=EM�?6@D�

�(46D8<84=C>�B>280;�34� ;0B�50<8�;80B BF6�92?�6DE25@�4@=23@C2?5@�6?6=�'C@8C2>2��2�EC2GND�56=�*6CG:4:@�56&C:6?E24:R?�56=� �*�)6?24:>:6?E@�6?6=�5:DEC:E@�56��2C232?496=��5@?56�92JF?2�AC6D6?4:2�56�>2D�56�F?����56:?>:8C2?E6D��=2E:?@D��8:E2?@D��>FDF=�>2?6D��6E4����256>MD�56�72>:=:2D�5632;@D�:?8C6D@D�2764E252D�A@C�=2�4C:D:DJ� >F492D� 56� 6==2D� 6?� A2C@�� =@� 4F2=9246?�56�6DE6�46?EC@�F?�42=6:5@D4@�A:@�56�6E?:2D��:5:@>2D��J�4@DEF>3C6D�>FJ�2AC@A:25@�A2C2� =2� :?E6CG6?4:R?D@4:2=�,?@�56�=@D�=@8C@D�4@?�F?2�72>:=:2�>F�DF=>2?2�7@C>252�6?��DA2Q2��>2CC@�BFP�J�68:A4:2��6D�BF6�=2�25@=6D46?E656����2Q@D��D6�AC6D6?E2�2�=2D�6=64�4:@?6D� 4@>@� C6AC6D6?E2?E6� 56� =@D2=F>?@D� 2=� �@?D6;@� �D4@=2C�� 6;6C�4:6?5@�6=�56C649@�56>@4CME:4@�2�A2C�E:4:A2C�6?�=2D�:?DE:EF4:@?6D�6DA2Q@=2D�52?5@�>F6DEC2D�56�F?2� :?E68C24:R?4=2C2�J�C62=��D:?�56D4F:52C�DFD�6DEF�5:@D� �?@E2D� DFA6C:@C6D� 2=� ?@E23=6��+2>3:N?�6DE2�25@=6D46?E6�>F6DEC2�DF:56?E:525�2=�>F?5@�==6G2?5@�4@?�@C�8F==@�� 6=� A2QF6=@� >FDF=>M?� 4@?� 6=BF6�D6�4F3C6�DF�4236K2��@>:6?K@�56�?F6G@�8CFA@�56=�'C@�

8C2>2�6?�6=� �*�'2CBF6��=F496��6?�6=BF6�6=����56=�2=F>?25@�6D�56�@C:�86?�#2E:?@2>6C:42?@��2F?BF6�=2�>2�J@CP2�D@?�56�?24:@?2=:525�6DA2Q@=2�@4@?�=2�5@3=6�?24:@?2=:525���5:DEC:E@�56#2E:?2�6?�$25C:5��+2>3:N?�D6�92�9649@�F?�D68F:>:6?E@2�=2D�:?:4:2E:G2D�2?E6C:@C6D�BF6�D6�92?E@>25@� 6?� 4@=23@C24:R?� 4@?� @EC2D2D@4:24:@?6D�56�4:6CE@D�>:6>3C@D�56=@D�8CFA@D�56�EC232;@�

���;�B46D8<84=C>�34�;0�8=8280C8E0�340DC>4<?;4> BF6�D6�46=63C2�6?�?F6D�EC2�D656�56�=2�42==6�(F:?E2?2��AC@>@�G:52� J� 5:C:8:52� A@C� ?F6DEC24@=23@C25@C2� A6528R8:42� �Q2� ':=2C�C:DE2?49@�&=2J2��6?�=2�BF6�D6�6DE2E6C>:?2?5@�=2�E6C46C2�AC@>@4:R?�56=@D�4FCD@D�56�[�:D6Q@���6DE:R?�J�'@�D:4:@?2>:6?E@�56�'28:?2D�.63\� :>�A2CE:5@� A@C� *2:=� �2DE:==@�� 6?4@=23@C24:R?�4@?�=2�2D@4:24:R?��[�6C�G:56C@�*FC\�':=2C��C:DE2?49@ 92�4@?D68F:5@�>6;@�C2C�=2�2AF6DE2�A@C�6=�2FE@6>A=6@�BF6:>A=:42�=2�AF6DE2�6?�>2C492�56�7@C>28C2EF:E2�A2C2�=@D�4@=68:25@D�J�>:6>�3C@D� 56� =2D� 72>:=:2D� >:8C2?E6D�� 56=AC:>6C�4FCD@�BF6�J2�6DE2�7:?2=:K2?5@56�[�:D6Q@�56�A28:?2D�.���6?�=6?�8F2;6��+$#\�BF6�:>A2CE6�!@C86��C:6=�:8F6C@2�)@5CP8F6K��>:6>3C@�56DE2�425@� 56� =2� 4@>F?:525� 9:DA2?@�4@�=@>3:2?2��J�42?5:52E@�2�=2�4FCF=�56�=2�M>2C2� 56� )6AC6D6?E2?E6D� 6?� �@�=@>3:2�

��.� 4=� D=� C4A24A� ?;0=>�� 3FD42?5@F?2�D2=:52�2�=2�D:EF24:R?�56�A2C@�J�56�

AC6D:R?�64@?R>:42�BF6�D6�?@D�>F6D�EC2�6?�?F6DEC@�%A>6A0<0�34�0?>H>�0�<86A0=C4B�563:5@�2�=2�4C:D:D�64@?R�>:42��6DA2Q@=2�J�6?�4@=23@C24:R?�4@?=2��4256>:2��DA2Q@=2�56��@C>24:R?56��@??��D6�92?�6?G:25@�2=�AC@8C2>256�5:492�24256>:2�2=6>2?2�[�:6?G6�?:5@D\�56=�@C56?�56���4FCC:4F=F>��56A6CD@?2D�5:DAF6DE2D�2�:C�2��=6>2?:26�:?DE2=2CD6�2==P��4@?�=2�4@36CEFC2�566DE2D�2D@4:24:@?6D�56�6DA2Q@=6D�BF6J2�6DEM?�27:?425@D�2==P��J�E:6?6?�DFD4@?E24E@D� J� 4@?G6?:@D� 4@?��JF?E2�>:6?E@D�J�6>AC6D2D�6?�=2D�BF6�92?EC232;25@� J� >F6DEC2?� DF� :?E6CND� 6?42AE2C�@EC@D�EC232;25@C6D�6DA2Q@=6DJ2�BF6�E:6?6?�F?2�:>286?�>FJ�3F6?2A@C�DF�3F6?�9246C�56D56�=@D�2Q@D��4F2?5@� 6==@D� 6>:8C2C@?� 2==P�� �DE2=23@C�D6�92�C62=:K25@�A@C�':=2C��C:D�E2?49@�J�)2726=��8:5@��J�6?EC6�=@D�4F�CC:4F=F>�6?G:25@D�D6�92?�4@?D68F:5@6>A=6@D� 5:8?@D� A2C2� 5@D� A6CD@?2DBF6�J2�6DEM?�EC232;2?5@�6?�=2�K@?2�56=2�*6=G2�%68C2��J�@EC@�6?�=2�K@?2�56=@D�2=C6565@C6D�56��6C=P?�

�:492D�:?:4:2E:G2D�52?�4@?E:?F:525�2=2D� 24EF24:@?6D� 56� ?F6DEC@� �@=68:@4@?�6=�76?R>6?@�>:8C2E@C:@��56�E2?E2C6=6G2?4:2�6?�=2�D@4:6525�6DA2Q@=2�4252�G6K�>MD�6?G6;64:52��J�4@?�F?2DA6CDA64E:G2D�56�C6?@G24:R?�A@3=24:@�?2=�A6@C6D�2?E6�=2�E2D2�56�?2E2=:525>2D�32;2�56=�>F?5@�

%'$�'�"�����!���'�/�$���"�!��'

'0504;��683>�%MA4I*@4:R=@8@�J�$6?E@C�56��2>:=:2D�$:8C2?E6D�

���

���

�� ��

��������������

��

10

LLL8DAEDAHD8DG<�������LLL8DAEDAHD8B69G>9DG< �#�#�'�,���� ��DA:<>D�(68>DC6A�N�9:�'69G>9�9:��D8IDG:H�N�&>8:C8>69DH�:C��>:C8>6H�*DATI>86H�N�-D8>DAD<T6��

[+JS�I:�AA:KV�6�9:H6GGDAA6G�IJ�IG676?D�EGD;:H>DC6A�:C:A�RB7>ID�9:�ADH��:CIGDH�9:��T6�N��,:H>9:C8>6A:H�E6G6'6NDG:H���F9C�EI9�A=�=BH9FSG�9B�HF565>5F�9B�9@�G97HCF�89�@5G�D9FGCB5G�A5MCF9G�GIF;=W��9@�DF=A9F�5VC�89�75FF9F5�:I9�9BHCB79G��7I5B8C�F95@=7S�DFR7H=75G�9B�9@�-9FJ=7=C�89��MI855��CA=7=@=C�89@��MIBH5A=9BHC�89�'58F=8��-������

[�G::H�FJ:�:HI:�I>ED�9:�68I>K>969�N�=67A6C9D�:C�<:C:G6A�A6�9>G:88>VC�9:�ADH��:CIGDH�9:�-:GK>8>DH�-D8>6A:H�:H�JC�C>8=D� A67DG6A�E6G6� ADH�*DA>IVAD<DH�N� ADH-D8>VAD<DH��N�H>�:H�6HT��EDGFJS��*CF�GIDI9GHC�EI9�IB�GC7=W@C;C�C�IB�DC@=HW@C;C�G9�5897I5B�5�9GH9�H=DC�89�57H=J=858����B�A=�75GC�897=8U�9GHI8=5F-C7=C@C;U5�M��=9B7=5G�*C@UH=75G�7CAC�7CAD@9A9BHC�5�A=DFC:9G=WB�HF565>58CF5�GC7=5@����BG9;I=85�A9�8=�7I9BH589@�57=9FHC�EI9�GIDIGC�9GH5�897=G=WB�DI9G�5@;IB5G�5G=;B5HIF5G��A9�5MI85FCB�89�5@;IB5�A5B9F5��5�A9>CF5F�@57CAIB=757=WB�M�@C;F5F�IB�A5MCF�9BH9B8=A=9BHC�7CB�@5G

D9FGCB5G�EI9�H9BU5�EI9�HF5H5F�9B�9@�HF565>C�8=5F=C����@�G9F�8=F97HCF�89�IB��9BHFC�89�-9FJ=7=CG�-C7=5@9G�GIDCB9�EI9�H9�H=9B9G�EI9�89G9BJC@J9F�9B�8=GH=BH5G�5SF95GM�BC�GC@C�9B�@5�GC7=5@���I5BHC�ARG�DF9D5F58C�9GHS�9@�8=F97HCF�89@��9BHFC�A9>CF�DC8FR�89G5FFC@@5F�@5�;9GH=WB�=BH9;F5@�89@�A=GAC���-9�H=9B89�5�@5�9L=;9B7=5�89�EI9�9GH9H=DC�89�DI9GHC��@C�F95@=79�IB5�D9FGCB5�@=79B7=585�

[�JRA�8G::H�FJ:�HDC�A6H�K:CI6?6H�9:�A6�EGD;:H>VC�6�A6=DG6�9:�9>G><>G�:HI:�I>ED�9:��:CIGD��WAC�8=>9�5BH9F=CFA9BH9�7CBG=89FC��EI9�BI9GHF5�DFC:9G=WB�9G�IB5�89�@5G�ARG�7CAD@9H5G�DCF�@5G�A5H9F=5G�EI9G9�9GHI8=5B�5�@C�@5F;C�89�@5�75FF9F5��

[*DG�:A�8DCIG6G>D��FJ:�B6I:G>6H�D�I:B6H�:H�C:8:H6G>D8DBEA:I6G� EDG� ADH�*DA>IVAD<DH� N� -D8>VAD<DH�� E6G6ED9:G� 8DBE:I>G�B:?DG� 8DC�DIGDH� EGD;:H>DC6A:H� :C:HIDH�I:B6H�*F97=G5A9BH9�@CG�H9A5G�EI9�9L=;9�@5��CBG9>9FU5�89�-9F

'Y&J>H6� :GC6C9:O�*>C6G��:H�:ME:GI6�:C�9>G:88>VC�9:��:CIGDH�G:H>9:C8>6A:H�9:�88>VC�-D8>6A��A�EGVM>BD�6UD��K6�6�9>G><>G�:C�CJ:HIGD��DA:<>D�9:��D8IDG:H�N&>8:C8>69DH�:C�*DATI>86H�N�-D8>DAD<T6��JC�8JGHD�9:��>G:88>VC�9:��:CIGDH�9:-:GK>8>DH�-D8>6A:H�FJ:�H:�>BE6GI>GR�:C�CJ:HIG6�H:9:��JC6�K:O�G:8DCD8>96��EDGA6��DBJC>969�9:�'69G>9��8DBD�8:CIGD�86E6O�9:�DIDG<6G�:HI:�I>ED�9:�.>IJAD-J�;DGB68>VC�H:�>C>8>V�8DC�JC6�9>EADB6IJG6�9:�.G676?D�-D8>6A�6�A6�FJ:�H><J>VA6�A>8:C8>6IJG6�9:��>:C8>6H�*DATI>86H�N�-D8>DAD<T6�N�EDHI:G>DGB:CI:�G:6A>OV�:A�JGHD�-JE:G>DG�9:��>G:8IDG:H�9:��:CIGDH�,:H>9:C8>6A:H�9:��88>VC�-D8>6A

�CIG:K>HI6�8DC'6GT6�&J>H6� :GCRC9:O�*>C6G��:ME:GI6�:C�9>G:88>VC�9:��:CIGDH�,:H>9:C8>6A:H�9:�88>VC�-D8>6A

��������� � �

11

LLL8DAEDAHD8DG<�������LLL8DAEDAHD8B69G>9DG< �#�#�'�,���� ��DA:<>D�(68>DC6A�N�9:�'69G>9�9:��D8IDG:H�N�&>8:C8>69DH�:C��>:C8>6H�*DATI>86H�N�-D8>DAD<T6��

J=7=CG�-C7=5@9G�M�EI9�J5B�5�G9F�89G5FFC@@58CG�9B�9@��IFGC-ID9F=CF�89��=F97HCF9G�89�9GHCG��9BHFCG�EI9�J5ACG�5=AD5FH=F�9B�9@�A=GAC��C@9;=C��(C�C6GH5BH9�5IBEI9�@CG�7CBC7=A=9BHCG�89�@5G�A5H9F=5G9L=;=85G�DCF�@5��CBG9>9FU5�89�-9FJ=7=CG�-C7=5@9G�GCB��:IB85A9BH5@9G�D5F5�9@�8=F97HCF�89�7I5@EI=9F�79BHFC�89�9GH9H=DC�89G89�9@�DIBHC�89�J=GH5�89�A=�9LD9F=9B7=5�M�89G89@5�J=G=WB�89@�DFCD=C��C@9;=C�G9�97<5B�9B�:5@H5�5@;IBCGH9A5G� EI9� 9@� DFC:9G=CB5@� F9GDCBG56@9� 8969� H9B9F� 9B7I9BH5�A9�F9:=9FC�7CB7F9H5A9BH9�5�@5�8=F977=WB�SH=75�M�5@5�<IA5B=N57=WB�89�@5�5H9B7=WB�-C7=CG5B=H5F=5��*CF�CHF5�D5FH9�H5A6=SB�G9�<579�B979G5F=C��=B7=8=F�9B�@557HI5@=N57=WB�89�7CAD9H9B7=5G�M�@CG�8=GH=BHCG�B=J9@9G�89DC@UH=75G�DY6@=75G��A6CG�H9A5G�<5B�G=8C�=B7@I=8CG�DCF�9@��C@9;=C�9B�9@*FC;F5A5�89@��IFGC�

[�C�IJ�IG6CH8JGHD�EGD;:H>DC6A�=6H�9>G><>9D�9>;:G:CI:H� G:H>9:C8>6H�9:�B6NDG:H�� I6CID�EG>K696H� 8DBDBJC>8>E6A:H��FJS�9:HI686GT6H�9:�:AA6H�3C�89GH575FU5�9@�6I9B�<579F�89� @CG� HF565>58CF9G�5�A=75F;C��*I98C�897=F�7CB�CF;I@@C�EI9�<9�@C;F58C�IB�6I9B5A6=9BH9�89�HF565>C�9B�HC8CG�@CG��9BHFCG���"9�G56=8C�;5B5FA9�9@�F9GD9HC�M�@5�7CB:=5BN5�89�:5A=@=5F9G�HF565>58CF9G�M�DCF�GIDI9GHC�89�@CG�A5MCF9G�5H9B8=8CG�DCF�@CG�EI9<5B�J9@58C�56GC@IH5A9BH9�HC8CG�@CG�HF565>58CF9G�89G89@5�7CAD9H9B7=5�89�7585�IBC��

[�JRA:H�8G::H�FJ:�HDC�A6H�<G6I>;>868>DC:H�FJ:�I>:C::A�IG676?6G�:C�:HI:�H:8IDG�9:�ADH�H:GK>8>DH�HD8>6A:H�-CB� AI7<5G� @5G� ;F5H=:=757=CB9G� 9B� 9GH9� HF565>C� EI98=7<C�G95�89�D5GC�BC�9G�:R7=@���@�F97CBC7=A=9BHC�DCFD5FH9�89�@5G�D9FGCB5G�5H9B8=85G�89�@CG�:5A=@=5F9G�89�@5G=BGH=HI7=CB9G�M�DCF�EIS�BC�89�@CG�DFCD=CG�HF565>58CF9G�"9�89�897=F�M�EI=NR�<9�H9B=8C�GI9FH9�D9FC�9@�9EI=DC�=BH9F8=G7=D@=B5F�89�7585�IBC�89�@CG��9BHFCG�G9�<5�=AD@=758C89�@@9BC�BC�GW@C�9B�@5�H5F95�89�GI�7CAD9H9B7=5�G=BC�EI9<9�DC8=8C�7CBH5F�7CB�9@@CG�5BH9�7I5@EI=9F�=ADF9J=GHC�CB979G=858���9GH5�F9GDI9GH5�<5�GIDI9GHC�D5F5�AU��IB5J9F8589F5�;F5H=:=757=WB�*CF�CHFC�@58C�9G�A=G=WB�89@�8=F97HCF�ACH=J5F�5@�D9FGCB5@F97CBC7=9B8C��9@�HF565>C�6=9B�<97<C��"9��DI9GHC�HC8C�A=9AD9VC�9B�9@@C�

[�8DCH:?6GT6H�6�ADH�CJ:KDH�EDA>IVAD<DH�N�HD8>VAD<DH�:A�9:9>86GH:�6�:HI6�RG:6�9:�68I>K>969�D�6�DIG6HRG:6H�9:�ADH�H:GK>8>DH�HD8>6A:H�E6G6�A6H�8J6A:H�86E68>I6�:A�ITIJAD�9:�9>G:88>VC�FJ:�H:�K6�6�EDC:G�:CB6G8=6�*CF�GIDI9GHC����G�IB�HF565>C�8CB89�DI989G�<579F�M�F97=6=F�AI7<C�ARG�5@@R�89�@5�F9HF=6I7=WB�G5@5F=5@�

,6BVC�9:�'6G8DH�-6CO

�@��C@9;=C�=B=7=5FR�9B�9@�A9G�89�:96F9FC�89�� ���9@�DF=A9F��IFGC�-ID9F=CF�89��=F97HCF�89��9BHFCG�89�-9FJ=7=CG-C7=5@9G�9B�GI�G989�89�@5�75@@9� 9FF5N� ��GH5�:CFA57=WB�F97CBC7=85�DCF�@5��CAIB=858�89�'58F=8�75D57=H5�D5F5�9@�9>9F7=7=C�89�@5�:IB7=WB�89�8=F97HCF89�7I5@EI=9F�H=DC�89�79BHFC�89�-9FJ=7=CG�-C7=5@9G��@� 7IFGC� 9GH5FR� 8=F=;=8C� DCF�'6G>6� &J>H6� :GC6C9:O*>C6G�7CBH5FR�7CB�IB�9EI=DC�89�9LD9FHCG�89ARG�89@�89G5FFC@@C�89�@CG�AW8I@CG�C:=7=5@9G�9L=;=8CGD5F5�@5�C6H9B7=WB�89@�8=D@CA5��!9GH=WB�89�,97IFGCG�"IA5BCG��!9GH=WB��7CBWA=7C� =B5B7=9F5��=F977=WB�.S7B=75�89� @CG�79BHFCG�89�-9FJ=7=CG�-C7=5@9G���G=GH9B7=5-C7=5@�M��9D9B89B7=5��5@=858�9B�@5�*F9GH57=WB�89�@CG-9FJ=7=CG�M�-5@I8�&56CF5@�M�*F9J9B7=WB�89�,=9G;CG�&56CF5@9G���G9�<5B�=BHFC8I7=8C�8CG�A9>CF5G�5@�*FC;F5A5�=F977=WB�OH=75�M�"IA5B=N57=WB�89�@5��H9B7=WB�-C7=C�-5B=H5F=5���I9GH=CB9G�89��=CSH=75�D5F5�IB5�HCA5�89�897=G=CB9G�65G585�9B�05@CF9G��&5��5@=89N�9B� @5�5H9B7=WB7CAC�9@9A9BHC�89�@5�75@=858�89�@5�5G=GH9B7=5��&5�"IA5B=N57=WB�9B�@CG��9BHFCG�89�-9FJ=7=CG�-C7=5@9G��*F9J9B7=WB�M�A5B9>C�89@�d�IFB�CIHe��9B�DFC:9G=CB5@9G�895;I85��M��7HI5@=N57=WB�89��CAD9H9B7=5G��(I9J5G�.=DC

@C;U5G�89��9BHFCG�89�-9FJ=7=CG�-C7=5@9G��&CG��=:9F9BH9GB=J9@9G�58A=B=GHF5H=JCG�M�GI�=B7=89B7=5�9B�@CG��9BHFCG�89-9FJ=7=CG�-C7=5@9G���@�A5F7C�89�@5�/����7CAC��@9A9BHC89� !9GH=WB� M� 05@CF9G� /B=J9FG5@9G� )F=9BH5H=JCG� 9B� @5*F9GH57=WB�89�-9FJ=7=CG�M�(I9J5G�.9B89B7=5G�9B�@5��F589�@5�!@C65@=N57=WB��� =B5@A9BH9�9@�7IFGC�89�75FR7H9F�G9A=�DF9G9B7=5@M�7CBIB5�8IF57=WB�9B�HCFBC�5�� �<CF5G�DF9JS�@5�J=G=H5�89�9GHI8=C�5�8=J9FGCG��9BHFCG�89��-9FJ=7=CG�-C7=5@9G�D5F5!F5B89G�#BJR@=8CG��9BHFCG�89��U5��,9G=89B7=5G��G=GH=85G�89�'5MCF9G� M�/B=8589G�89��I=858CG�*5@=5H=JCG�9BHFCG�89��MI85G�.S7B=75G��@69F;I9G�M�D=GCG�D5F5D9FGCB5G�G=B�<C;5F�-9FJ=7=CG�D5F5�.CL=7WA5BCG��9BHFCG�89���7C;=85�5�,9:I;=58CG�M�-9FJ=7=CG�-C7=5@9G�'IB=7=D5@9G� M� �9BHFCG� 89� �H9B7=WB� 9� #BH9;F57=WB� 89#BA=;F5BH9G�89�@5��CAIB=858�89�'58F=8�+I=9B9G�DI985B�9GH5F�=BH9F9G58CG�9B�@5�F95@=N57=WB�899GH9�7IFGC�EI9�7CBH5FR�7CB��IB5�=ADCFH5BH9�F965>5�D5F57C@9;=58CG�DI989B�8=F=;=FG9�D5F5�<579F�@5�DF9�=BG7F=D7=WB�M�F97=6=F�A5MCF�=B:CFA57=WB��5�@5�-97F9H5FU5�89@��C@9;=C�

�/,-)�-/*�,#),�����#,���#b(������(.,)-���

-�,0#�#)-�-)�#�&�-

12

LLL8DAEDAHD8DG<�������LLL8DAEDAHD8B69G>9DG< �#�#�'�,���� ��DA:<>D�(68>DC6A�N�9:�'69G>9�9:��D8IDG:H�N�&>8:C8>69DH�:C��>:C8>6H�*DATI>86H�N�-D8>DAD<T6��

&6��DB>H>VC�9:�-D8>DAD<T6��ATC>86�>C;DGB6�

&5� �CA=G=WBG9�F9YB9�F9;I@5FA9BH9�7585HF9G� A9G9GD F C D C F 7 = C B5B8C� IBA5F7C�D5F5�9@

8965H9�GC6F9�@5�-C7=C@C;U5��@UB=75M�GI�5D@=757=WB�9B�9@�9>9F7=7=C�DFC:9G=CB5@���GH5ACG�=B7=8=9B8C�9B�@58=A9BG=WB�89�DIBHC�89�9B7I9BHFC�MGC7=5@=N57=WB�89� @CG�DFC:9G=CB5@9GEI9� H=9B9B� =BH9F9G9G�7CAIB9G�9BHCFBC� 5� IB5� GC7=C@C;U5� 5D@=75857CB�9@�C6>9H=JC�89�EI9�589ARG�89<579F� G9;I=A=9BHC� 89� 9GH5� D9FGD97H=J5�9L=GH5�IB�H9FF9BC�56CB58CD5F5� 9@� B57=A=9BHC� 89� DFCM97HCGDFC:9G=CB5@9G�/B�DF=A9F�:FIHC�89�9GH9�9GD57=C�899B7I9BHFC�<5�G=8C�9@�B57=A=9BHC�89@#BGH=HIHC�89�-C7=C@C;U5��@UB=75�d&5�G:9F5e�7CBGH=HI=8C�DCF�IB�D9EI9VC;FIDC�89�7C@9;=58CG�EI9�DFWL=A5A9BH9�DF9G9BH5FRB�9@�7CBH9B=8C�89GI�DFCM97HC�&CG�8=J9FGCG�!FIDCG�89�.F565>C�B57=8C�9B�9@�G9BC�89�@5��CA=G=WB��'98=57=WB� "=GHCF=5G� 89� J=85,998I757=WB�J=5@��CBGI@HCFU5�(979G=8589G� 9GD97=5@9G� 89� 98I757=WB������G9�F9YB9B�7CB�5IHCBCAU5�M9B� 7585� F9IB=WB� 89� @5� �CA=G=WB

7CAD5FH9B�GIG�57H=J=8589G�M�DFCDI9GH5G��569� 89GH575F� @5� F9;I@5F=858� 89@HF565>C�89@�!FIDC�89�"=GHCF=5G�89J=85���B�7I5BHC�5@�!FIDC�89�'98=57=WB9GHR� F95@=N5B8C� IB� 9G:I9FNC� DCF5J5BN5F� 9B� 8=GH=BHCG� 75A=BCG� 895D@=757=WB�DFC:9G=CB5@�DCF�9>9AD@C5DCM5B8C�@5�7F957=WB�89�IB�,9;=GHFC� 89� '98=58CF9G� 9B� 9@� �C@9;=C�58=7=CB5@� 5@� @=GH58C� 89� *9F=HCG8CB89�M5�9L=GH9�@5�G977=WB��M�A5BH9B=9B8C� 7CBJ9FG57=CB9G� 7CB� @5/(����5DFCJ97<5ACG�D5F5�5;F58979F�5��GH<9F�-CIHC�M�$CGS��BHCB=C� !5F7U5.F9J=>5BC� GI� =BH9FSG�D5F5�=ADI@G5F�IB�AW8I@C�89�:CFA57=WB�9B�A98=57=WB�65>C�@5�D9FGD97H=J5� 89� @5� -C7=C@C;U5� �@UB=75�3C@5B85�&5H5�A=9A6FC�89@�;FIDC<5�G=8C�C6>9HC�89�IB5�=BH9F9G5BH99BHF9J=GH5�9B�9@�6@C;�89�A98=57=WB89� @5� /(���� <HHD���A98=57=CBIB98�6@C;GDCH�7CA�9G�� ������GC7=C@C;=57@=B=75MA98=57=CB�<HA@����569�A9B7=CB5F�H5A6=SB�@CG�5J5B79G�89�&I=G��<=>58C�9B�9@�!FIDC�89F998I757=WB�J=5@�EI9�G=;I9�589@5BH9�7CB�GI�F9=J=B8=757=WB�89�EI9589ARG� 89� @CG� DG=7W@C;CG� DC85ACG�@CG�GC7=W@C;CG�=AD5FH=F�7IFGCG89�9GH5G�75F57H9FUGH=75G��B�7I5BHC�5@�!FIDC�89��CBGI@HCFU5*=@5F��CBHF9F5G�BCG�=B:CFA5�89�EI99GHRB� D@5B=:=75B8C� @5� F97CD=@57=WB89�9LD9F=9B7=5G�89�HF565>C�F9@57=CB585G�7CB�GI�RA6=HC�89�75F5�5�J=G=6=@=N5F�@CG�M�@5G�DFC:9G=CB5@9G�89�@57CBGI@HCFU5� EI9� D9FA=H5� ;9B9F5F

IB5�A5MCF�89A5B85�89�GIG�G9FJ=7=CG��/B5�89�GIG�=895G�9G�;9B9F5FIB5��5FH5�89�-9FJ=7=CG�DF9GH58CG�MHF565>5F�9B�7C@56CF57=WB�D5F5�IB=:=75F�7F=H9F=CG�89�HF565>C�7CA65H=F�9@=BHFIG=GAC�7F95F�5@=5BN5G�7CAD@9A9BH5F=5G�IB=:=75F�H5F=:5G�DFC:9G=CB5@9G�9H7�*CF� Y@H=AC� <5M� EI9� GI6F5M5F� @56I9B5�A5F7<5�89@�-9A=B5F=C�D9FA5B9BH9�89�-C7=C@C;U5��@UB=75�EI965>C�@5�8=F977=WB�89@�DFC:9GCF�$�,�.CFF9;FCG5� G9� 79@96F5� A9BGI5@A9BH9�9B� @5� 57I@H58�89���**�M-C7=C@C;U5�:FIHC�89�@5�7C@56CF57=WB9BHF9�9@��DHC��89�*G=7C@C;U5�-C7=5@M�@5��CA=G=WB�9@�7I5@�9GHR�DFCM97H5B8C�CF;5B=N5F�IB5�G9F=9�89�7C@CEI=CG8965H9� D5F5� � ��� EI9� G979@96F5FU5B�9B�9@��C@9;=C�9B�HCFBC5�@5�=BH9F8=G7=D@=B5F=9858�EI9�7CB@@9J5�@5�7@UB=75�M�5@;IB5G�9LD9F=9B7=5G�DFC:9G=CB5@9G�89�=BH9FSG���CACG9V5@5��9;CV5�!5F5M�9@�-9A=B5F=C9G�IB�9GD57=C�89�8965H9�89�9D=GH9AC@C;U5G� M�A9HC8C@C;U5G� 65GRB8CG9�9B�5IHCF9G�=ADF9G7=B8=6@9G�89IB�565B=7C�AIM�5AD@=C�M�G=9ADF9=B7=8=9B8C� 9B� @5� B979G=858� 89� @55D@=757=WB� DFR7H=75� 89@� 7CBC7=A=9BHC�D5F5�@C�EI9�7CBH5ACG�7CB@5�5G=GH9B7=5�89�DCB9BH9G�9GD97=5@=GH5G�9B�8=GH=BHCG�RA6=HCG�89�5D@=757=WB�

:GC6C9D�9:�3O6<J>GG:� 7CCF8=B58CF#H67:A� :GCRC9:O�":6GC�G97F9H5F=5

6H:HDGT6�?JGT9>86�E6G6�8DA:<>69DH�9:A��DA:<>D�9:*DA>IVAD<DH� N� -D8>VAD<DH� 9:� '69G>9�� \#( ),'�.���6H:HDGT6�?JGT9>86�E6G6�8DA:<>69DH�9:A��DA:<>D� 9:� *DA>IVAD<DH� N� -D8>VAD<DH� 9:� '69G>9�6H:HDG>6�?JGT9>86�E6G6�8DA:<>69DH�9:A��DA:<>D�9:*DA>IVAD<DH�N�-D8>VAD<DH�6H:HDGT6�?JGT9>86�E6G68DA:<>69DH�9:A��DA:<>D�9:�*DA>IVAD<DH�N�-D8>VAD<DH�9:�'69G>9��\#( b,'�.���6H:HDGT6�?JGT9>86

������#�������������" ���"��� �

13

LLL8DAEDAHD8DG<�������LLL8DAEDAHD8B69G>9DG< �#�#�'�,���� ��DA:<>D�(68>DC6A�N�9:�'69G>9�9:��D8IDG:H�N�&>8:C8>69DH�:C��>:C8>6H�*DATI>86H�N�-D8>DAD<T6��

*C89ACG�7CBG=89F5F�5�!CM5�,I6=C�M�)FH9;5�7CAC�5BH97989BH9G�BC�YB=7CG�D9FC�GU�AIM�F9DF9G9BH5H=JCG�89IB5�A=F585�89�H=DC�7@UB=75�9B�@5G�7=9B7=5G�GC7=5@9G��/B5A=F585�EI9�G9�DF9C7ID5�H5BHC�DCF�DCB9F�9B�F9@57=WB�@C=B8=J=8I5@�7CB�@C�7C@97H=JC�7CAC�DCF�C6G9FJ5F�M�5H9B89F89�79F75�5@�-I>9HC�EI9�EI=9F9�9A9F;9F��B�IB�D@5BC�G=A6W@=7C�@5G�D=BHIF5G�B9;F5G�89� F5B7=G7C89�!CM5�85H585G�9BHF9������M������DF9G9BH5B�IB5�A=F585�79F75B5�5�HF5JSG�89�D9FGCB5>9G�=B8=J=8I5@9G�GC6F9@5G�H=DC@C;U5G�GC7=5@9G��9B:9FA5G��89�GI�SDC75���B�9GH5GD=BHIF5G�!CM5�7CBJ=9FH9�5@�9GD97H58CF�9B�C6G9FJ58CF79F75BC�89�@CG�GI>9HCG�9B�G=HI57=WB�GC7=5@���B�D5FH=7I@5F@5�BI9J5�=BH9FDF9H57=WB�89@�7I58FC�d�I9@C�5�;5FFCH5NCGeEI9�BCG�DF9G9BH5��5F@CG� CF58585�����BCG�89G7I6F9EI9�d9@�DIBHC�89�J=GH5�5G=;B58C�5@�9GD97H58CF�BCG�I6=759B�9@�9G79B5F=C�89�@CG�7CBH9B8=9BH9G�9G�897=F�D=G5B8C9@�A=GAC�H9FF9BC�EI9�GIG�DFCH5;CB=GH5Ge�� CF585�BCG�F97I9F85�@5�7CBG=89F57=WB�89��8CFBC�9B�GI�.9CFU5�9GHSH=75�DCF�@5�EI9�IB5�89�@5G�H5F95G�89�@5�C6F5�89�5FH9�9GDCB9F�89�F9@=9J9�@C�IB=J9FG5@�EI9�@5H9�9B�@C�G=B;I@5F��*9FC@C�F95@A9BH9�@@5A5H=JC�89��I9@C�5�;5FFCH5NCG�9G�IB�=ADCFH5BH9�89H5@@9�EI9�GI6F5M5� CF585�M�EI9�BC�<5�G=8C89GJ9@58C�G=BC�F97=9BH9A9BH9�;F57=5G�5@�IGC�89�HS7B=75G�:CHC;FR:=75G��IBC�89�@CG�7CBH9B8=9BH9G�8=F=;9�GI�A=F585�5@�C6G9FJ58CF�89�H5@�A5B9F5�EI9�@C�=BHFC8I79�9B�@5C6F5�<57=SB8C@9�BC�GW@C�H9GH=;C�G=BC�7CDFCH5;CB=GH5�89@5�B5FF57=WB�EI9�HF5BGA=H9�@5�9G79B5�89BHFC�89�@5�7I5@�9@DFCD=C�C6G9FJ58CF�G9�9B7I9BHF5��*CF�9GC� CF585�<56@589�F97=DFC7=858�IB5�F97=DFC7=858�9BHF9�C6G9FJ58CF�M�C6G9FJ58C�EI9�<579�97C�7CB�@5�A=F585�7@UB=75�9B�7=9B7=5GGC7=5@9G�@5�7I5@�=;I5@5�5@�=BJ9GH=;58CF�M�5@�=B8=J=8IC�M�@CGDCB9�9B�9@�A=GAC�D@5BC��B�9@�RA6=HC�5758SA=7C�7569�F97CF85F�EI9�9B�F97=9BH9<=GHCF=5�89�@5�-C7=C@C;U5��@UB=75�=BH9FB57=CB5@�GI9@9�5HF=6I=FG9�5@�GC7=W@C;C�M�A=9A6FC�89�@5��G7I9@5�89��<=75;C&CI=G�1=FH<�@5�DI6@=757=WB�9B������89��@=B=75@�-C7=C@C;M�����7CAC�GIDI9GH5A9BH9�9@�DF=A9F�5FHU7I@C�7=9BHU:=7C� 89BHFC� 89� 9GH5� D9FGD97H=J5�� *I9G� 6=9B� :FIHC� 89@9GHI8=C�EI9�9GHCM�@@9J5B8C�5�756C�9B�HCFBC�5�@5�<=GHCF=589�@5�-C7=C@C;U5��@UB=75�9B��GD5V5�<9�858C�7CB�IB�5FHU7I@C�7=9BHU:=7C�5BH9F=CF�5@�89�1=FH<�EI9�A9F979�G9F�F97CBC7=8C�7CAC�5BH97989BH9�89�9GH9�9B:CEI9�DCF�J5F=5GF5NCB9G���B�DF=A9F�@I;5F�DCF�GI�HUHI@C�M�:97<5�89�DI6@=757=WB���@UB=75�GC7=5@������������B�G9;IB8C�@I;5F�DCFEI9�9@�9LH9BGC�5FHU7I@C�89�7IMC5BR@=G=G�BC�DI98C�C7ID5FA9�5EIU�DCF�@5G�C6J=5G�@=A=H5

7=CB9G� 89� 9GD57=CC:F979�IB5�J=G=WB�89@C�7@UB=7C�EI9�BC�G97=V9�9GHF=7H5A9BH9�5@C�AS8=7C�G=BC�EI9G9� DF9C7ID5� DCF� @CEI9� ,I6=C� 89BCA=B5� @C� dD5HC@W;=7CGC7=5@e�C�@CG�dA5@9GGC7=5@9Ge� HF5H5B8C7CAC�9B:9FA98589G:9BWA9BCG�7CAC�9@d757=EI=GACe� @5d5B57FCBCD5HU5e�d@58CA=B57=WBe� C� @5d<9H9FCD5HU5e�89�@5G7I5@9G�5:=FA5�,I6=C�dBC�GCB�7I@D56@9G�89�9@@5G�EI=9B9G@5G�D58979Be��D�������*CF�Y@H=AC�,I6=C�IH=@=N5�DCF�DF=A9F5�J9N�9B�@5�<=GHCF=5�EI9�H9B;5ACG�7CBC7=A=9BHC�9@HSFA=BC��G=7��dGC7=W@C;CG�7@UB=7CGe��D������5@�F9:9F=FG9�5&CA6FCGC�M�5�@5�9G7I9@5�7F=A=B5@=GH5�=H5@=5B5��@��=G7IFGC�GC6F9�@5�GC7=CD5HC@C;U5�89�,I6=C����� ��:I979@96F58C�9B�9@�@=6FC�&5�D9FGCB5�GC7=5@��������89�IB�89GH5758C�GC7=W@C;C�89�@5�SDC75�!=B9F�89�@CG�,UCG�89@�EI9A9F979�@5�D9B5�F9@99F�&5�7=9B7=5�7CAC�:IB7=WB�GC7=5@8CB89�<56@5�89@�GI>9HC�M�@5�<=GHCF=5�A5F75B8C�8=GH5B7=5G�7CB�9@�ACB=GAC�DCG=H=J=GH5� 989F=7C�,I6=C�M�!5@U���@�*I9FHC�89�-5BH5�'5FU5��R8=N�����c�'58F=8��� ���:I9�IB�=B:@IM9BH9�M�F9DIH58C�AS8=7C�D58F9�89�@5�7=FI;U5�AC89FB5�9GD5VC@5�D9FGCB5�=BEI=9H5�M�7CADFCA9H=85�7CB�@CG�=895@9G�F9DI6@=75BCG�EI99GHI8=W�9B��R8=N�M�7CAD@9HW�GI�:CFA57=WB�9B�&CB8F9G�M*5FUG��B�GI�H9LHC�,I6=C�7CB�HF9G�8S7585G�89�5BH9@57=WB�5�@5;I9FF5� 7=J=@� 5:=FA5�EI9� d9GH5�AUG9F5��GD5V5� G9FR� 9@75ADC�89�65H5@@5�89�@5�65H5@@5�Y@H=A5�7IM5�HFCAD9H5�CU55@�HCA5F�@5�D@IA5�D5F5�9G7F=6=F�@5�"=GHCF=5�7@UB=75GC7=5@89��GD5V5e��D�������*5F5�:=B5@=N5F�BCG�5GCA5F9ACG�5@�D@5BC�9D=GH9AC@W;=7C89�@5�A5BC�89�)FH9;5�5IBEI9�G95�6F9JUG=A5A9BH9�5D5FH=F�89�@5�579FH585�9LDCG=7=WB�=BHFC8I7HCF=5�EI9�9@�DFC:9GCF�$CGS�,5AWB�.CFF9;FCG5�F95@=NW�9B�@5�Y@H=A5�G9G=WB89@�-9A=B5F=C�D9FA5B9BH9�89�-C7=C@C;U5��@UB=75�DFCACJ=8C�DCF�9@��9D5FH5A9BHC�89�*G=7C@C;U5�-C7=5@�89�@5 57I@H58�89���**�M�-C7=C@C;U5��/�'��M�DCF�@5��CA=G=WB�89�-C7=C@C;U5��@UB=75�89@��C@9;=C���=7<5�G9G=WB

(DI6H�=>HIVG>86H�HD7G:�A6�-D8>DAD<T6��ATC>86�:C��HE6U6_,:HJB:C�B�9GH5G�6F9J9G�BCH5G�<=GHWF=75G�DF9G9BH5FS�HF9G�5BH97989BH9G�EI9�5IBEI9�89�8=GH=BH5�UB8C@9�M�CF=;9B�F9ACHC9GHRB�9GHF97<5A9BH9�F9@57=CB58CG�7CB�9@�5BR@=G=G�7@UB=7C�9B�@5G�7=9B7=5G�GC7=5@9G�&CG�HF9G�DFCH5;CB=GH5G�GID=9FCB�5BH=7=D5FG9�9B�AI7<5G�8S7585G�5@�89G5FFC@@C�89�@5�-C7=C@C;U5��@UB=75�9B�9@AIB8C��-CB�DCF�CF89B�7FCBC@W;=7C�IB�D=BHCF�;9B=5@� F5B7=G7C�89�!CM5��IB�AS8=7C�<IA5B=GH5� 989F=7C�,I6=CM�!5@U�M�IB�9A=B9BH9�:=@WGC:C�$CGS�)FH9;5�M�!5GG9H�

������#����

����

�����" ���"��� �

14

LLL8DAEDAHD8DG<�������LLL8DAEDAHD8B69G>9DG< �#�#�'�,���� ��DA:<>D�(68>DC6A�N�9:�'69G>9�9:��D8IDG:H�N�&>8:C8>69DH�:C��>:C8>6H�*DATI>86H�N�-D8>DAD<T6��

����2#�����:I9�898=7585�5�@5�A9HC8C@C;U5�7@UB=75�89�@5d"=GHCF=5�89�0=85e�89BHFC�89�@C�EI9�DC8FU5�7CBG=89F5FG9IB5�dGC7=C@C;U5�DG=7C@W;=75�EI9�5B5@=N5�89�A5B9F5�7@UB=75�@5G�5IHC6=C;F5:U5Ge�7CAC�G9V5@W�0=B79BH�89�!5I@9>57��@�D9BG5A=9BHC�89�)FH9;5�DI989�G9F�AIM6=9B� 7CBG=89F58C� 7CACIBC� 89� @CG5BH97989BH9G� 89� @59D=GH9AC@C;U5�9B�EI9�G95DCM5� @5� -C7=C@C;U5� �@UB=75�57HI5@��(C9G� DCF� 75GI5@=858�EI9�0=B79BH89� !5I@9>57�*5F=G0##�� 89G

H5758C� F9DF9G9BH5BH9�89�9GH5�D9FGD97H=J5�5@�=B=7=C

89�GI�C6F5�(9IFCG=G�89�7@5G9�����F97=9BH9A9BH9�HF58I7=85�5@�9GD5VC@�7=H9�5@�:=@WGC:C��d�@�<CA6F9�BC�H=9B9�B5HIF5@9N5� @C� EI9� H=9B9� 9G���� <=GHCF=5e� 9B� G=BHCBU5� 7CB"=GHCF=5�7CAC�G=GH9A5��������8CB89�)FH9;5�8=FR�EI9�9@<CA6F9�9G�IB�8F5A5�M� GI� J=85� IB�DIFC� M�IB=J9FG5@57CBH97=A=9BHC��B�9GH5G�DC75G� @UB95G�7CB:UC�<569F�DC8=8C� @@5A5F� @55H9B7=WB�5�@5G�M�@CG�7C@9;5G�BC�GW@C�GC6F9�@5�@56CF�89�=BHFC8I77=WB�89�@5�-C7=C@C;U5��@UB=75�9B��GD5V5�EI9�G99GHR�@@9J5B8C�5�756C�89G89�8=J9FGCG�@I;5F9G�9B�D5FH=7I@5F�@5�/�'�M�9@��C@9;=C�7IM5�J9FH=9BH9�ARG�5D@=7585G9�89G5FFC@@5�89�A5B9F5�7F97=9BH9�9B�HCFBC�5@�AIB8C�89@HF565>C�M�89�@5G�CF;5B=N57=CB9G�G=BC�H5A6=SB�GC6F9�@CG

GW@=8CG�@5NCG�9L=GH9BH9G�9BHF9�BI9GHFCG�ARG�89GH5758CGD9BG58CF9G�M�9GH5�BI9J5�D9FGD97H=J5�5GU�7CAC�9@�=BH9FSG�9B�EI9�@5�/B=J9FG=858�9GD5VC@5�5DI9GH9�DCF�89G

5FFC@@5F�ARG� @CG� 9GHI8=CG9B� HCFBC� 5� D9FGD97H=J5G5D@=7585G�7CAC�@5�7@UB=75C� @5� DG=7CGC7=C@C;U5CF=9BH585G� 5� DFC8I7=F75A6=CG� M5� EI9� 5GU5MI85FR�5�DCH9B7=5F�@5GG5@=85G� DFC:9G=CB5@9G89�GIG�9GHI8=5BH9G�

���� CF585� ���� � ���d&5�C6G9FJ57=WB�F97U

DFC75��(I9J5�=BH9FDF9H57=WB�89��I9@C�5�;5FFCH5NCGe�9B��FH=;F5A5���������������1=FH<�&����������d�@=B=75@�GC7=C@C;Me�9B��A9F=75B$CIFB5@�C:�-C7=C@C;M�JC@�������c�������,I6=C� ����������d�@UB=75�GC7=5@e�9B�,9J=GH5�#69FC5A9F=75B5�89��=9B7=5G�'S8=75G��'58F=8��JC@��##�B]��� �������!5I@9>57�0���� �����(9IFCG=G�89�7@5G9��.F5M97HCF=5GC7=5@� M� 7CB:@=7HCG� 89� =89BH=858��I9BCG��=F9G�98=H���9@�BI9JC�9LHF9AC�

:GC6C9D�9:�3O6<J>GG:�!6G8T6��C7HCF�9B�*G=7C@C;U5�-C7=5@��-C7=W@C;C� 7@UB=7C�� �CCF8=B58CF89� @5� �CA=G=WB� 89� -C7=C@C;U5�@UB=75�89@��C@DC@GC7�

�@5IGIF5�89�@5�H9F79F5�DFCAC7=WB�89���=G9VC�!9GH=WBM�*CG=7=CB5A=9BHC�89�*R;=B5G�196���EI9�HF5H5�89�:CA9BH5F� 9@� �IHC9AD@9C7CAC�IB5�G5@=85�@56CF5@�9BH=9ADCG� 89� 7F=G=G� 97CBWA=75�M�G9��9B7I58F5�9B�9@*FC;F5A5�89�&=89F5N;C�89*FC;9B=HCF9G� '=;F5BH9G��GH5� :CFA57=WB� G9� <5� @@9J58C�5� 756C�9B� 7C@56CF57=WB� 7CB� @5� �GC7=57=WB�"9FJ=89FC�-IF��M�<5�G=8C=AD5FH=8C�DCF�GI�DF9G=89BH9-6>A��6HI>AAD M�8=F=;=8C�DCF*>A6G��G>HI6C8=D

�A6JHJG6�9:�A6�I:G8:G6�EGDBD8>VC�9:���>H:UD��!:HI>VC�N�*DH>8>DC6B>:CID�9:�*R<>C6H�1:7��

������#�������������" ���"���

15

LLL8DAEDAHD8DG<�������LLL8DAEDAHD8B69G>9DG< �#�#�'�,���� ��DA:<>D�(68>DC6A�N�9:�'69G>9�9:��D8IDG:H�N�&>8:C8>69DH�:C��>:C8>6H�*DATI>86H�N�-D8>DAD<T6��

�8I>K>969:H�G:6A>O696H�EDG�:A��DA:<>D�9JG6CI::A�6UD��� �

��D5FH9�89�@5G�H5F95G�<56=HI5@9G�89�;9GH=WB�M�5H9B7=WB�5@CG�7CADFCA=GCG�EI9�7CAC��C@9;=C�H9B9ACG�5GIA=8CG5�B=J9@�=BGH=HI7=CB5@��D5FH=7=D57=WB�9B�7CA=G=CB9G�=B:CFA5H=J5G�M�89�HF565>C�89�@5�$IBH5�89��5GH=@@5�M�&9WB�F9@57=WB�7CB�@5G�8=GH=BH5G�=BGH=HI7=CB9G�9H7����@��C@9;=C�89�5GH=@@5�M�&9WB�8IF5BH9�9@�5VC�� ���<5�89G5FFC@@58C�5@;IB5G�68I>K>969:H�9:�EGDN:88>VC�EW7A>86�N�9:�E6GI>8>E68>VC�:C�EGDN:8IDH�9:�A6�8DBJC>969 EI9�<5B�G=8C89�=BH9FSG���9GH575ACG�7CAC�ARG�G=;B=:=75H=J5G�@5G�G=;I=9BH9G��

*6GI>8>E68>VC�:C�8>8ADH��?DGC696H�N�8DC<G:HDH�� d �Y�,:JC>VC�9:A��DCH:?D��H:HDG�:C�B6I:G>6�9:�GD<D9:E:C9:C8>6H�9:��6HI>AA6�N�&:VC_�$IBH5�89�5GH=@@5�M�&9WB�A5MC�� ���

�DA67DG68>VC��:C�A6H�H><J>:CI:H�>C>8>6I>K6H��*GR8I>86H 89�8CG�5@IABCG�89�-C7=C@C;U5�89�@5�/B=J9FG=858�89�-5@5A5B75�9B9FC>I@=C�� ���C7HI6F98=7=9A6F9�� ������=6GA6 GC6F9�9@�=BH9FSG�89�@5�7C@9;=57=WB�9B�@5G�$CFB585G�GC6F9�-5@=85G�*FC:9G=CB5@9G�D5F5�@CG�9GHI8=5BH9G�89�=9B7=5�*C@UH=75�89�@5�/B=J9FG=858�89�-5@5A5B75�56F=@� ���

#C>8>6I>K6H��G:6A>O696H���JGHDH�9:�;DGB68>VC��*GD<G6B6�9:��J6A>;>868>VC*GD;:H>DC6A�N��BEA:67>A>969�E6G6�ADH�<G69J69DH�:C�>:C8>6H�-D8>6A:H�CF;5B=N58C�DCF�4=9G�M�9@��C@9;=C�89�C7HCF9G�M�&=79B7=58CG�9B��=9B7=5G�*C@UH=75G�M�-C7=C@C;U5��-5@5A5B75�

*6GI>8>E68>VC�8DBD��DA:<>D�:C�A6H�H><J>:CI:H��8IJ68>DC:H�*GDN:8ID -/'�,�-/'�,���8<9G=WB�89@��C@9;=C�5�@5D@5H5:CFA5�89�-/'�,�-/'�,�CF=9BH585�5@�5DCMC�5�>WJ9B9G�9ADF9B898CF9G���A5MC�� ������9=:H>VC 89@��C@9;=C�5�@5�*@5H5:CFA5�-C7=5@�M�9@�'CJ=A=9BHC�89�'5F95�(5F5B>5�89�05@@58C@=8���A5MC�� ���

�G:68>VC�9:�A6�*A6I6;DGB6�9:��:;:CH6�9:�ADH-:GK>8>DH�-D8>6A:H�&D86A:H�

-9�HF5H5�89�IB5�=B=7=5H=J5�@@9J585�5�756C�DCF�9@��CBG9>C�IHCBWA=7C�89�.F565>C�-C7=5@�89��5GH=@@5�M�&9WB�9@��C@9;=C�*FC:9G=CB5@�89��8I758CF9G�M��8I758CF5G�-C7=5@9G�89��5GH=@@5�M�&9WB�M�9@��C@9;=C�9B��=9B7=5G�*C@UH=75G

M�-C7=C@C;U5�89��5GH=@@5�M�&9WB���A5MC�� ����GH5�D@5H5:CFA5�GIF;=W�7CB�ACH=JC�89@��BH9DFCM97HC�89&9M�89�,57=CB5@=N57=WB�M�-CGH9B=6=@=858�89�@5��8A=B=GHF57=WB�&C75@�=ADI@G58C�DCF�9@�!C6=9FBC�89��GD5V5��-I:=B5@=858�:I9�HF5G@585F�5�@5�CD=B=WB�DY6@=75�M�5�@5G�=BGH=HI7=CB9G� BI9GHF5� DF9C7ID57=WB� DCF� @5� @=A=H57=WB� EI98=7<C�5BH9DFCM97HC�D@5BH9565�89�@5G�7CAD9H9B7=5G�5�@CG�MIBH5A=9BHCG�5GU�7CAC�DCF�9@�F=9G;C�EI9�7CB�9GH5�DFCDI9GH5�7CFFU5��9@�G=GH9A5�DY6@=7C�89�G9FJ=7=CG�GC7=5@9G89��5GH=@@5�M�&9WB�-9�D5FHU5�89@�G=;I=9BH9�8=5;BWGH=7C��

�@� �BH9DFCM97HC� 89� &9M89� ,57=CB5@=N57=WB� M-CGH9B=6=@=858� 89� @5��8A=B=GHF57=WB�&C75@�=ADI@G58C�DCF�9@�!C6=9FBC�89�GD5V5� @=A=H5� @5G� 7CAD9H9B7=5G�89�@CG��MIBH5A=9BHCG�M�DCB9�9B�F=9G;C9@�G=GH9A5�DY6@=7C�89�G9FJ=7=CG�GC7=5@9G�89��5GH=@@5

M�&9WB�65>C�9@�YB=7C�5F;IA9BHC�89�7CBHFC@5F�;5GHCGDF97=G5A9BH9�9B�IB5�G=HI57=WB�89�7F=G=G�97CBWA=75�M�GC7=5@���GH5�5A9B5N5�D5F5�@CG�G9FJ=7=CG�GC7=5@9G�5@75BN5�H5A6=SB�5@�7CB>IBHC�89�@CG�G9FJ=7=CG�D9FGCB5@9G�EI9�DF9GH5B�@CG�5MIBH5A=9BHCG�9B�A5H9F=5�89�>IJ9BHI8�=;I5@85889�CDCFHIB=8589G�M�5DCMC�5�@5G�JU7H=A5G�89�J=C@9B7=5�89;SB9FC�=B:CFA57=WB�5�7CBGIA=8CF9G�M�IGI5F=CG�=BG9F7=WB�@56CF5@�89�7C@97H=JCG�7CB�8=:=7I@H589G�9GD97U:=75G9B�9@�A9F758C�89�HF565>C�M�5DCMC�5@�5IHC9AD@9C�9BHF9CHFCG��GHCG�G9FJ=7=CG�EI9�9B��IFCD5�GCB�7CAD9H9B7=5�89�@CG�MIBH5A=9BHCG� 589ARG� 89�AI7<CG� CHFCG� B979G=H5BIB5�;9GH=WB�89�DFCL=A=858�M�IB�7CBC7=A=9BHC�89H5@@58C89�@5G�B979G=8589G�GC7=5@9G�M�89@�9BHCFBC�J97=B5@�M�@C75@9B�9@�EI9�5D5F979B�M�9B�9@�EI9�8969B�G9F�56CF8585G�MBC�A9>CF5B�GI�9:=7=9B7=5�7CB�97CBCAU5G�89�9G75@5�*CF�@C�EI9�8=7<C�5BH9DFCM97HC�BC�GIDCB9�IB�F97CFH9ARG�G=BC�EI9�DCB9�9B�F=9G;C�9@�G=GH9A5�A=GAC�89�DFCH977=WB�GC7=5@�9B��GD5V5�M�9B��5GH=@@5�M�&9WB�M�DCF�9@@C=B7F9A9BH5FR�9@�GI:F=A=9BHC�89�@CG�G97HCF9G�ARG�:FR;=@9GM�89G:5JCF97=8CG�89�BI9GHF5�GC7=9858��(CG�9B7CBHF5ACG�DI9G�5BH9�IB�5H5EI9�5�@CG�89F97<CG=B8=J=8I5@9G�M�7C@97H=JCG�EI9�DCB9�9B�D9@=;FC�@5�7C<9G=WB�GC7=5@�M�H9FF=HCF=5@�9B��GD5V5��*CF�@C�EI9�7CAC��HS7B=7CG� 589ARG� 89� 7CAC� 7=I8585BCG� BCG� G9BH=ACG=AD9@=8CG�5�HCA5F�IB5�DCG=7=WB�5BH9�9GH5�G=HI57=WB�

*CF�9@@C�7CB�9@�:=B�89�85F�5�7CBC79F�9GH9�5BH9DFCM97HC�M

�DA:<>D�);>8>6A�9:��6HI>AA6�N�&:VC�9:��D8IDG:HN�&>8:C8>69DH�:C���**�N�-D8>DAD<T6

>C;DGB6�

����������������

�����

����

������� ���

16

@5G�DCG=6@9G�F9D9F7IG=CB9G�B9;5H=J5G�EI9�GI�5DFC657=WBH9B8FU5�D5F5�@CG�G9FJ=7=CG�GC7=5@9G�M�HC8CG�@CG�G9FJ=7=CGD9FGCB5@9G�M�89�DFCL=A=858��89G89�@5�D@5H5:CFA5�G9�F95@=N5FCB�IB5�G9F=5�89�57HI57=CB9G�EI9�:=B5@=N5FCB�9B�IBA5B=:=9GHC�EI9�G9�DF9G9BHW�5�@CG�A98=CG�89�7CAIB=757=WB�M�G9�8=:IB8=W�5�HF5JSG�89�8=GH=BHCG�RA6=HCG��

�=7<5�57HI57=WB�<5�H9B=8C�GI�7CBH=BI=858�9B�@5�=BH9;F57=WB�7CAC��C@9;=CG�9B�@5�*@5H5:CFA5�-C7=5@�89�05@@58C@=8� M� 9B� @5G� 577=CB9G� DFCM97H585G� 89G89� @5�'5F95(5F5B>5�

�DA:<>D�9:�-D8>VAD<DH�6H�N�*DA>IVAD<DH�6H�9:�(6K6GG6(6;6GGD6@D�*DA>IDAD<D:C�:I6�-DO>AD<D:C��A@6G<D6�

*J:HI6�:C�B6G8=6�9:�9DH�8DB>H>DC:H9:�IG676?D

&5�$IBH5�89@��C@9;=C�7CBH=BI5B8C�7CB�@5G�@UB95G�D@5BH9585G�9B��9@�*@5B�89��77=WB�� ���DF9H9B89�=ADI@G5F�8CGBI9J5G�@UB95G�89�HF565>C�=BH9FBC���B�DF=A9F�@I;5F�@5�7F957=WB�89�IB5�7CA=G=WB�898=7585�9GD97U:=75A9BH9�5�@5��=9B7=5� *C@UH=75�� -I�A=G=WB� G9FR� @5� 89� DFCDCB9F� 5@� �C@9;=C577=CB9G�89�8=:IG=WB�M�A5MCF�DF9G9B7=5�89�@5�8=G7=D@=B5�9BHC8CG�@CG�9GH5A9BHCG�89�BI9GHF5��CAIB=858����@5�D5F�H9B8FR�7CAC�C6>9H=JC�@5�CF;5B=N57=WB�89�7IFGCG�M�>CFB585G�89:CFA57=WB�89G5FFC@@5F�@5�DF9G9B7=5�DFC:9G=CB5@�89�@CG�M�@5G@=79B7=585G�9B��=9B7=5�*C@UH=75�H5BHC�9B�9@�RA6=HC�89�@5G58A=B=GHF57=CB9G�7CAC�9B�@5G�CF;5B=N57=CB9G�GC7=5@9GDC@UH=75G�M�C�G=B8=75@9G�� =B5@A9BH9�DC8FR�DFCDCB9F�5@��C@9;=C�7I5BH5G�=B=7=5H=J5G�:5JCF9N75B�9@�DFCH5;CB=GAC�89�@CGDC@=HW@C;CG�5G�9B�9@��C@9;=C�M�DCF�9LH9BG=WB�9B�@5�GC7=9858�89�(5J5FF5�/B5�G9;IB85�DFCDI9GH5�H=9B9�7CAC�C6>9H=JC�DF=CF=H5F=C�9@=ADI@G5F�7CB�@CG�7C@9;=58CG�M�7C@9;=585G�EI9�EI=9F5B�7C@56CF5F�IB�9EI=DC�89�HF565>C�D5F5�9GHI8=5F�@5�J=56=@=858�89F95@=N5F�89�A5B9F5�7CBH=BI585�IB�65FWA9HFC�GC7=CDC@UH=7C�89�(5J5FF5���B�9@�75GC�89�EI9�G9�9GH=A9�@5�J=56=@=85889@�DFCM97HC�9@�DFCD=C�;FIDC�G9�9B75F;5FR�89�GI�89G5FFC@@C���GH5�=B=7=5H=J5�89�DFCGD977=WB�@CB;=HI8=B5@�G9�D@5BH957CAC�IB5�7CBHF=6I7=WB�5@HFI=GH5�89@��C@9;=C�5@�A5MCF�7CBC7=A=9BHC�89�@5�F95@=858�GC7=5@�89�(5J5FF5�M�89�GI�9JC@I7=WB�9B�9@�H=9ADC���GH9�HF565>C�DI8=9F5�85F�@I;5F�5�:IHIFC5�G9BH5F�@5G�65G9G�D5F5�IB�79BHFC�89�=BJ9GH=;57=WB�M�8C7IA9BH57=WB�GC7=CDC@UH=75�89�(5J5FF5��&CG�65FWA9HFCG�M9GHI8=CG�EI9�G9�;9B9F9B�H9B8FRB�IB�75FR7H9F�DY6@=7C���89ARG�9BH9B89ACG�EI9�G9FJ=FRB�D5F5�EI9�9GHI8=5BH9G�MD9FGCB5G� =BJ9GH=;58CF5G� H9B;5B� IB5� 65G9� 8C7IA9BH5@GC6F9�@5�EI9�:IB85A9BH5F�BI9J5G�=BJ9GH=;57=CB9G�M�C�5BR@=G=G�GC7=5@9G�89�A5MCF�75@58C��A65G�7CA=G=CB9G�M5�<5B�79@96F58C�IB5�F9IB=WB�=B=7=5@�MG9�9GD9F5�EI9�9B�9@�DFWL=AC�5VC�G9�DCB;5B�9B�A5F7<5�M7CA=9B79B�5�85F�GIG�DF=A9FCG�:FIHCG���GH5G�7CA=G=CB9G9GHRB�56=9FH5G�5�7I5@EI=9F�D9FGCB5�7C@9;=585�C�DFC:9G=CB5@EI9�EI=9F5�D5FH=7=D5F�

�8I>K>969:H�;DGB6I>K6H�DG<6C>O696H�EDG�:A��DA:<>D�#CK:HI><68>VC��88>VC�*6GI>8>E6I>K6��#�*�-=;I=9B8C�@5G�@UB95G�89�HF565>C�DFCDI9GH5G�9B�9@�*@5B�89

577=WB�� ���89G89�9@��C@9;=C�<9ACG�F95@=N58C�J5F=5G�577=CB9G�:CFA5H=J5G�EI9�<5B�G=8C�AIM�5HF57H=J5G�D5F5�@CG�7C@9;=58CG�5G�

*5F5�9AD9N5F�CG�=B:CFA5ACG�89@�7IFGC��#BJ9GH=;57=WB��77=WB�*5FH=7=D5H=J5��#�*���=AD5FH=8C�DCF�9@��C@97H=JC�#)O�M858C� 9@� SL=HC� 89@� D5G58C� 7IFGC� CF;5B=N58C� 7CB� 9@@CG<9ACG�EI9F=8C�JC@J9F�5�HF59F@CG���B�9GH5�57H=J=858�G9�HF5HW@5� =BJ9GH=;57=WB�7CAC� =BH9FJ9B7=WB�GC7=5@��D9FGD97H=J5G8=GHF=6IH=J5�9GHFI7HIF5@�M�8=5@S7H=75�5GU�7CAC�@5G�H9B89B7=5G�M�89G5FFC@@CG�<=GHWF=7CG�89� @5� #BJ9GH=;57=WB��77=WB*5FH=7=D5H=J5��#�*��7CAC�<9FF5A=9BH5�89�@5�D9FGD97H=J58=5@S7H=75�

�@�7IFGC�HF5HW�@5G�@UB95G�6RG=75G�89�@5�#BJ9GH=;57=WB��77=WB*5FH=7=D5H=J5�5GU�7CAC�@CG�GI>9HCG�89@�DFC79GC�M�@CG�C6>9H=JCG�89�9GH5G�A9HC8C@C;U5G�M�7CBHW�7CB�@5�DF9G9BH57=WB89�75GCG�DFR7H=7CG�� I9FCB���G9G=CB9G�9B�@5G�EI9�G9�HF5H5FCB�@CG�G=;I=9BH9G�H9A5G�

�\�-9G=WB���CBH9LHC�<=GHWF=7C�M�;F5B89G�H9B89B7=5G�89�@5#�*��\�-9G=WB��&5�#�*�7CAC�DFC79GC�7CB7F9HC��\�-9G=WB��GHI8=C�89�75GCG��#���\�-9G=WB���GHI8=C�89�75GCG��##��

�88>VC�;DGB6I>K6�DG<6C>O696�EDG�:A��DA:<>D�:�>BE6GI>96�EDG�:A�DA:8I>KD�#)�

�>H:UD�9:�#CK:HI><68>DC:H�8DC�':ID9DAD<T6��J6A>I6I>K6�N��CRA>H>H�9:��6IDH�8DC��.&�-I>��*CF�CHF5�D5FH9�57565�89�:=B5@=N5F�IB�7IFGC�7CB�IB5�89�@5GY@H=A5G�<9FF5A=9BH5G�89�5BR@=G=G�7I5@=H5H=JC�A98=5BH9�GC:HK5F9��d�IFGC�89��=G9VC�89�#BJ9GH=;57=CB9G�7CB�'9HC8C@C;U5��I5@=H5H=J5�M��BR@=G=G�89��5HCG�7CB��.&�-�H=��e�.&�-�H=�9G�IB�DCH9BH9�7CB>IBHC�89�<9FF5A=9BH5G�D5F5�9@5BR@=G=G�7I5@=H5H=JC�89�;F5B89G�7I9FDCG�89�85HCG�H9LHI5

LLL8DAEDAHD8DG<�������LLL8DAEDAHD8B69G>9DG< �#�#�'�,���� ��DA:<>D�(68>DC6A�N�9:�'69G>9�9:��D8IDG:H�N�&>8:C8>69DH�:C��>:C8>6H�*DATI>86H�N�-D8>DAD<T6��

���������������� ���������������� ���

17

@9G� ;FR:=7CG� M� 89� JU89C�� &5� GC:=GH=757=WB� 89� @5G� <9FF5A=9BH5G�@9�5MI85�5�CF;5B=N5F�F95;FID5F�M�;9GH=CB5F�GIA5H9F=5@�89�A5B9F5�7F95H=J5�M�5@�A=GAC�H=9ADC�G=GH9ARH=75���B�9GH9�7IFGC�=AD5FH=8C�DCF��BHCB=��5G5G9AD9F9�-5HCFF9G�7CBGI@HCF�C:=7=5@�89��I5@-C:H�G9�DF9H9B89�<579F�IB5=BHFC8I77=WB�5�9GH5�<9FF5A=9BH5�H5B�J9FGRH=@����@�8=G9VC�89�@5�=BJ9GH=;57=WB�7I5@=H5H=J5���@�DFCDWG=HC�MC6>9H=JCG�89�@5�=BJ9GH=;57=WB�9@�A5F7C�7CB79DHI5@�M�@5�=ADCFH5B7=5�89�@5�9GHF5H9;=5�5B5@UH=75��*F9G9BH57=WB�89��.&�-�H=��7CADCB9BH9G�A9BYG�M�9G79B5F=CG�89�HF565>C���&5�DF9D5F57=WB�89�@CG�85HCG�89G89�@5�HF5G7F=D7=WB�5�@57CBGHFI77=WB�89�@5�65G9�89�85HCG��-=B7FCB=N5F�HF5BG7F=D7=CB9G�7CB�9@�DFCM97HC���.F5H5A=9BHC�89�F9GDI9GH5G�5�DF9;IBH5G�56=9FH5G�897I9GH=CB5F=CG���GU�7CAC�CHFCG�5GD97HCG�89@�DFC;F5A5�EI9�G9�89H5@@5FRBDFWL=A5A9BH9���@�7IFGC�<5�7CBH58C�7CB�IB5�D5FH9�DF9G9B7=5@�7CAD@9A9BH585�7CB�IB5�G9F=9�89�<CF5G�89�HF565>C�CB@=B9�9B�@5�D@5H5:CFA5�89@�7IFGC�9B�@5�EI9�@CG5@IABCG�<5B�DC8=8C�DFC:IB8=N5F�9B�@CG�5GD97HCG�ARG89GH5758CG�89@�DFC;F5A5�

�AJBCDH�6H>HI:CI:H�6A�8JGHD��IA6HI>�>BE6GI>9D�EDG��CIDC>�6H6H:BE:G:�-6IDGG:H��9:��J6AHD;I

!:HI>VC�9:�EGDN:8IDH�@��C@9;=C�7CB�@5�7C@56CF57=WB�89� ),�'�<5�DF9G9BH58C�D5F5�9@�Y@H=AC�HF=A9GHF9�89@�5VC�IB�BI9JC�7IFGC�d!9GH=WB�89�DFCM97HCGe��&5�;9GH=WB�89�DFCM97HCG�7CADF9B89�@5�:CFA5�89�D@5B95FCF;5B=N5F�8=F=;=F�M�7CBHFC@5F�IB5�G9F=9�89�57H=J=8589G�F95@=N585G�DCF�IB�9EI=DC�89�D9FGCB5G�EI9�H=9B9B�IB�C6>9H=JC�9GD97U:=7C�M�9B�9@�A5F7C�89�IB5�G9F=9�89�F97IFGCGH5@9G�7CAC�9@�H=9ADC�A5H9F=5@9G�75D=H5@�F97IFGCG�<IA5BCG�M�H97BC@C;U5��L=GH9�IB5�B979G=858�89�7CBC7=A=9BHC�M�7CBHFC@�89�@CGDFCM97HCG�M�@CG�F97IFGCG�7CADFCA9H=8CG�9B�HC85G�@5G9ADF9G5G�M��9B�A5MCF�;F58C�9B�@5G�9ADF9G5G�89�G9FJ=7=CG�9B�@5G�7I5@9G�9@�DF=B7=D5@�57H=JC�GCB�GIG�D9FGCB5G�GI�7CBC7=A=9BHC�GIG�7CAD9H9B7=5G�GI�9LD9F=9B7=59H7����@�7IFGC�H9B8FR�IB5�8IF57=WB�5DFCL=A585�89����<CF5G�M7CBH5FR�7CB�@CG�G=;I=9BH9G�7CBH9B=8CG��^+IS�9G�IB�DFCM97HC�M�89�EIS�G9�7CADCB9���&5�D@5B=:=757=WB��&5�DI9GH5�9B�A5F7<5���@�G9;I=A=9BHC�M�7CBHFC@89@�DFCM97HC���@�9EI=DC�89�HF565>C���5F57H9FUGH=75�89�IB6I9B�>9:9�89�DFCM97HC���9:=B=F�IB�DFCM97HC��F97IFGCG�B979G5F=CG�D5F5�5@75BN5F�C6>9H=JCG��

�,9GI@H58CG�M�H5F95G�89�IB�DFCM97HC���9G5FFC@@C�89@*@5B�89�.F565>C���=G9VC�D@5B�89�HF565>C��-9;I=A=9BHCDFCM97HC�c�*F9GIDI9GHC

,:9>H:UD�L:7�9:A��DA:<>D�CBH=BI5B8C�7CB�@5G�A9>CF5G�89�@CG�G9FJ=7=CG�5�@CG�7C@9;=58CG�G9�<5�7CA9BN58C�7CB�9@�F98=G9VC�89�@5�DR;=B5K96�89@��C@9;=C�KKK�7C@GC7DCB5�CF;���GH9�BI9JC�8=G9VCD9FA=H9�IB5�;9GH=WB�ARG�G9B7=@@5�89�GIG�7CBH9B=8CG�5GU7CAC�IB5�5779G=6=@=858�7@5F5�5�@5G�D5FH9G�ARG�=ADCFH5BH9GM�BCJ98589G�89GH57585G�M5�G95B�BCH=7=5G�57H=J=8589G�CG9FJ=7=CG��IBEI9�HC85JU5�G9�9B7I9BHF5�9B�:5G9�89�89G5FFC@@C�G9DF9H9B89�D5F5�9@�DFWL=AC�5VC�56F=F�IB5�J9BH5B=@@5�YB=759B�@5�DR;=B5�K96�EI9�D9FA=H5�@5�7C@9;=57=WB�5IHCARH=75��CB89�@CG�=BH9F9G58CG�9B�D9FH9B979F�5@�7C@9;=C�BC�GC@CDI985B�5AD@=5F�@5�=B:CFA57=WB�G=BC�EI9�F9@@9B5B8C�@CG�:CFAI@5F=CG�M�9BHF9;5B8C�@5�8C7IA9BH57=WB�EI9�DC8FR�G9FGI6=85�8=F97H5A9BH9�89G89�9@�B5J9;58CF�DI985�F95@=N5F@5�;9GH=WB�89�7C@9;=57=WB�G=B�B=B;YB�HFRA=H9�ARG���89ARG�M�7CB�@5�DI9GH5�9B�A5F7<5�89�@5G�7CA=G=CB9G�G9J5�5�7F95F�IB�@I;5F�89�=BH9F75A6=C�89�=B:CFA57=WB�D5F5�:57=@=H5F�9@�HF565>C�5�@CG�A=9A6FCG�89�8=7<5G�7CA=G=CB9G���GH9@I;5F�G9FR�9L7@IG=JC�D5F5�9@�HF565>C�=BH9FBC�89�8=7<5G�7CA=G=CB9G�M�D9FA=H=FR�9@�HF565>C�9B�9EI=DC�8CB89�7585�IBC89�@CG�A=9A6FCG�DC8FR�5DCFH5F�@5G�=895G�C�H5F95G�EI9�G9<5M5B� HF5H58C�M�DCB9F@5G�9B�7CAYB�M�5� @5�J=GH5�89� @CGA=9A6FCG�89@�;FIDC��9G89�9@��C@9;=C�7CBG=89F5ACG�89�;F5B�IH=@=858�9@�9AD@9C89�BI9J5G�H97BC@C;U5G�D5F5�@5�7CAIB=757=WB�7CB�BI9GHFCG7C@9;=58CG�5G�M�DCF�9@@C�=BH9BH5ACG�7585�8U5�5DCFH5F�IB5G9F=9� 89�A9>CF5G� EI9� DI985B� <579F�ARG� G9B7=@@5� 9GH5:CFA5�89� HF5BGA=H=F� @5� =B:CFA57=WB���B�6F9J9�M�5DFCJ97<5B8C�9GH5�BI9J5�<9FF5A=9BH5�7CA9BN5F9ACG�IB5�F97CD=@57=WB�89�=B:CFA57=WB�89�BI9GHFCG�7C@9;=58CG�5G�D5F5DC89F�57HI5@=N5F�M�5AD@=5F�@5�=B:CFA57=WB�EI9�H9B9ACG�899@@CG�D5F5�5GU�=BH9BH5F�585DH5FBCG�89�@5�A9>CF�A5B9F5�DCG=6@9�5�GIG�B979G=8589G�9�=BEI=9HI89G�

*DGI696�9:�A6�CJ:K6�L:7�9:A�8DA:<>D�=IIE���LLL8DAHD8EDC6DG<

LLL8DAEDAHD8DG<�������LLL8DAEDAHD8B69G>9DG< �#�#�'�,���� ��DA:<>D�(68>DC6A�N�9:�'69G>9�9:��D8IDG:H�N�&>8:C8>69DH�:C��>:C8>6H�*DATI>86H�N�-D8>DAD<T6��

����������������

�����

����

������� ���

18

LLL8DAEDAHD8DG<�������LLL8DAEDAHD8B69G>9DG< �#�#�'�,���� ��DA:<>D�(68>DC6A�N�9:�'69G>9�9:��D8IDG:H�N�&>8:C8>69DH�:C��>:C8>6H�*DATI>86H�N�-D8>DAD<T6��

,:<>VC�9:�'JG8>6

�A��DA:<>D�9:�EDA>IVAD<DH�N�HD8>VAD<DH�>BEJAH6�A6�G:<:C:G68>VC�EDATI>86�8DC�JC�8>8AD�9:�8DC;:G:C8>6H

d�@�C6>9H=JC�9G�;9B9F5F�IB�8965H9�DCG=H=JC�ACJ9F�7CB7=9B7=5G�M�5J5BN5F�<57=5�GC@I7=CB9Ge�9LD@=75�,5AWB�0=@@5D@5B5�7CCF8=B58CF�89�@5G�7<5F@5G��@��C@9;=C�):=7=5@�89��=9B7=5G�*C@UH=75G�M�-C7=C@C;U5�M�9@!FIDC�89��GHI8=CG�89��7HI5@=858��!����89�@5�,9;=WB�89'IF7=5�89G5FFC@@5FCB�9B�9@�A9G�89�A5MC�IB5�G9F=9�89�7CB:9F9B7=5G�9B�DCG�89�@5�F9<56=@=H57=WB�89�@5�DC@UH=75�H5B�89BCGH585�5�7CBG97I9B7=5�89�@5�7F=G=G�M�@CG�9G7RB85@CG�897CFFID7=WB���@�#��=7@C�89�,9;9B9F57=WB�*C@UH=75�7CBHW�7CB@5�D5FH=7=D57=WB�89�DC@=HW@C;CG�GC7=W@C;CG�97CBCA=GH5G�M98I758CF9G�5GU�7CAC�7CB�@5G�DFCDI9GH5G�89�IBC�89�@CG�@U89F9G�DC@UH=7CG�EI9�<579�89�@5�F9;9B9F57=WB�89AC7FRH=75GI�65B89F5�d&5G�CF;5B=N57=CB9G�DFCACHCF5G�89�9GH9�7=7@C�<5B�858C

IB�D5GC�J5@=9BH9�D5F5�;9B9F5F�IB�8965H9�DCG=H=JC�ACJ9F7CB7=9B7=5G�M�5J5BN5F�<57=5�GC@I7=CB9G�5�@5�G=HI57=WB�B57=CB5@�9B�@5�EI9�BCG�9B7CBHF5ACGe�9LD@=75�9@�DC@=HW@C;C�M7CCF8=B58CF�89@�7=7@C�,5AWB�0=@@5D@5B5��d��D9G5F�89�EI9@5�F9;9B9F57=WB�DC@UH=75�M�89�@5G�=BGH=HI7=CB9G�9G�IB5�7I9GH=WB�EI9�DI989�=B7CAC85F�5�7=9FH5G�=BGH5B7=5G�9G�B979G5F=C�HF5H5F@5�89�:CFA5�DF97=G5�7@5F5�M�DY6@=75���I5@EI=9F75A6=C�DC@UH=7C�B979G=H5�5DCMC�GC7=5@�D5F5� F95@=N5FG9e5V589�0=@@5D@5B5��@�8=DIH58C�75H5@RB�M�DF9G=89BH9�89��=IH585BG��@69FH�,=J9F5�=B5I;IFW�9@�J=9FB9G�� �89�A5MC�9B�'IF7=5�9@�#��=7@C89�,9;9B9F57=WB�*C@UH=75�7CB�IB5�DCB9B7=5�9B�@5�EI9�9LD@=7W�GIG�DFCDI9GH5G�D5F5�F9;9B9F5F�@5G�=BGH=HI7=CB9G�M�DCB9F@5G�5@�G9FJ=7=C�89�@5�7=I8585BU5��&5�7<5F@5�DF9G9BH585DCF�9@�J=79DF9G=89BH9�89�!���'IF7=5�$I5B�'=;I9@�'C@=B5M�9@�J=798975BC�89@��C@9;=C�89�DC@=HW@C;CG�M�GC7=W@C;CG'5BI9@�*@9;I9NI9@C�@@9BW�9@�5:CFC�89@�G5@WB�89�57HCG�89@,95@��5G=BC�89�'IF7=5�

*GDEJ:HI6H�:8DCVB>86H&5�G=;I=9BH9�G9G=WB�89@�7=7@C�:I9�9@�J=9FB9G����89�A5MC7CB�IB5�A9G5�F98CB85�GC6F9�HF5BGD5F9B7=5�97CBWA=75�MF9:CFAI@57=WB�89@�G97HCF�:=B5B7=9FC�9B�@5�EI9�D5FH=7=D5FCB@CG�97CBCA=GH5G�$CGS�'C@=B5�'C@=B5�M�,I6SB�'5FHUB9N��@D5V9N�M�EI9�AC89FW�9@�5FEI=H97HC�,5:59@�!5F7U5�-RB7<9N�

�IF5BH9�@5�7<5F@5�G9�DFCDIGC�5J5BN5F�<57=5�IB�AC89@C�8989AC7F57=5�D5FH=7=D5H=J5�9B�@5�9@56CF57=WB�89�@5G�DC@UH=75G97CBWA=75G�M�G9D5F5F�@5�65B75�7CA9F7=5@�89�@5�9GD97=5@=N585�9B�=BJ9FG=CB9G�D5F5�EI9�BC�G9�JI9@J5B�5�C7IFF=F�9G7RB85@CG�7CAC�@CG�89�@5G�DF9:9F9BH9G�M�D5F5�F957H=J5F�9@7FS8=HC�<57=5�@5G�9ADF9G5G�7CB�DFSGH5ACG�BC�J=B7I@58CG5�@5�H9B9B7=5�89�5J5@9G�G=BC�7CB�@5�J=56=@=858�89@�B9;C7=C�

�@�7=7@C�:=B5@=NW�9@�>I9J9G����89�A5MC�89�� ���7CB�IB5A9G5�F98CB85�9B�@5�EI9�9@�DFC:9GCF�#G557�*5MR�HF5HW�@5HF5BGD5F9B7=5�9B�@5G�F9@57=CB9G�=BH9FB57=CB5@9G�M�9@�8975BC�89@��C@9;=C�89��=9B7=5G�*C@UH=75G�M�-C7=C@C;U5�$5J=9F-=9FF5�8=G9FHW�GC6F9�@5�F9BCJ57=WB�89�@5G�S@=H9G�DC@UH=75G�

-:B>C6G>DH�9:�;DGB68>VC�<G6IJ>IDH�E6G6�8DA:<>69DH

&CG�A=9A6FCG�89@��C@9;=C�7CAD5FH9B�9BHF9�GU� HS7B=75GDFCD=5G�89�GI�9GD97=5@=N57=WB�DFC:9G=CB5@��@��C@9;=C�):=7=5@�89��=9B7=5G�*C@UH=75G�M�-C7=C@C;U5�<5�=B=7=58C�9GH9�5VC�IB5�G9F=9�89�H5@@9F9G�:CFA5H=JCG�9L7@IG=JCGM�;F5HI=HCG�D5F5�GIG�7C@9;=58CG���B�9@@CG�8=GH=BHCG�DFC:9G=CB5@9G�<5B�7CAD5FH=8C�7CB�GIG�7C@9;5G�HS7B=75G�M�7CBC7=A=9BHCG�9GD97U:=7CG�89�GI�RF95�89�HF565>C�&CG�G9A=B5F=CG�5FF5B75FCB�9@����89�56F=@�7CB�IB5�7<5F@5=AD5FH=85�DCF�@5�J=79G97F9H5F=5�89�:CFA57=WB�M�7CCF8=B58CF5�89�@CG�A=GACG�.CV=�-RB7<9N� >IBHC�5��AD5FC��@69BHCG5�M�$5J=9F�-=9FF5�65>C�9@� HUHI@C� f.5@@9F�89�D9F=7=5GC7=C@W;=75�M�DC@=HC@W;=75g�9B�9@�EI9�G9�HF5H5FCB��@5�89G7F=D7=WB�H=DC@C;U5�M�DFC79GC�89�@5�@56CF�D9F=7=5@�9B�7=9B7=5GGC7=5@9G�G9�9GHI8=W�9@�75GC�DFR7H=7C�89�IB�=B:CFA9�D9F=7=5@65G58C�9B�9B7I9GH5G�89�CD=B=WB�&5�G=;I=9BH9�G9G=WB�=B:CFA5H=J5�HIJC�@I;5F�9@����89�56F=@�MG9�79BHFW�9B�@5�;9GH=WB�89�@5�=A5;9B�89�A5F75�D9FGCB5@�#AD5FH=85�DCF�,5AWB�0=@@5D@5B5�@@9JW�DCF�HUHI@C�f.I�A5F75D9FGCB5@g�M�8=C�5�@CG�5G=GH9BH9G�HS7B=75G�D5F5�89G7I6F=F�GIDFCD=5�A5F75�D9FGCB5@�M�D5F5�;9GH=CB5F�d7WAC�M�DCF�EISEI=9F9G�EI9�H9�7CBCN75Be�HF5H5B8C�H5BHC�@5�=A5;9B�CB@=B97CAC�@5�C::@=B9�*CGH9F=CFA9BH9�9@���89�A5MC��5F@CG��658�F95@=NW�IB�H5@@9F�GC6F9�.F=6IH57=WB�M�CF=9BH57=WB�:=G75@�D5F5�9@�HF565>C7CAC�DFC:9G=CB5@�5IHWBCAC�9B�9@�EI9�8=C�F9GDI9GH5�5�@5G

���������������� ���������������� ���

19

LLL8DAEDAHD8DG<�������LLL8DAEDAHD8B69G>9DG< �#�#�'�,���� ��DA:<>D�(68>DC6A�N�9:�'69G>9�9:��D8IDG:H�N�&>8:C8>69DH�:C��>:C8>6H�*DATI>86H�N�-D8>DAD<T6��

=BEI=9HI89G�89�CHFCG�7C@9;=58CG�9B�HCFBC�5�@5G�)6@=;57=CB9G�:=G75@9G�M�7CBH56@9G�89@�DFC:9G=CB5@�5IHWBCAC�9@F9;@5A9BHC�89�:57HIF57=WB�@5�89H9FA=B57=WB�89@�F9GI@H58C�89�@5�57H=J=858�M�@5�9GD97=5@�7CBG=89F57=WB�89�@CG;5GHCG�898I7=6@9G�:=G75@A9BH9�&5�G9F=9�89�G9A=B5F=CG�<5B�DFCG9;I=8C�9GH9�CHCVC�7CBIB5�7<5F@5�GC6F9�9@56CF57=WB�89�DFCM97HCG�D5F5�CF=9BH5F5�@CG�D5FH=7=D5BH9G�9B�@5�F95@=N57=WB�DFR7H=75�89�DFCM97HCG�H5BHC�89�=BJ9GH=;57=WB�7CAC�89�DFC;F5A5G�89�DC@UH=75G� DY6@=75G� M� 5AD@=5F� GIG� 7CBC7=A=9BHCG� 9B� 9GH975ADC�A98=5BH9�75GCG�DFR7H=7CG�� I9�=AD5FH=8C�DCF�'\*=@5F�!5F7U5�!5@=B8C�M��BHCB=C�!5F7U5(=9HC�!CASN!I=@@5AWB�

�@�D5G58C���89�C7HI6F9�HIJC�@I;5F�9B�9@�-5@WB�89��7HCG�89@��C@9;=C�@5DF9G9BH57=WB�89@�@=6FC�89�DC9A5G ^*:G�-:_ 7IM5�5IHCF5�9G�BI9GHF5�7C@9;=585��U6�'6GT6��CIDC>6�!6G8T6�9:�&:VC &5�DF9G9BH57=WB�7CFF=W�575F;C�89����A7:GID�#C;6CI:�AS8=7C�M�9G7F=HCF����'6GITC�)GI:<6��6G8:A:C� *FC@C;I=GH5�89@�@=6FC����U6�'>A6<GDH�-6AK69DG� DG=7W@C;5�M��9G7F=HCF5���@��7HC�9GHIJC�DF9G9BH58C�DCF�BI9GHFC��975BC�89@��C@9;=C(57=CB5@���'><J:A���,J>O�9:��OW6��CIVC

*G:H:CI68>VC�:C�:A�-6AVC�9:��8IDH�9:A��DA:<>D��9:�^*:G�-:_��A>7GD�9:�ED:B6H�9:�'Y�CIDC>6�!6G8T6�9:�&:VC

LLL8DAEDAHD8B69G>9DG<�A�8DA:<>D�6A�6A86C8:�9:�IJH�B6CDH

20

LLL8DAEDAHD8DG<�������LLL8DAEDAHD8B69G>9DG< �#�#�'�,���� ��DA:<>D�(68>DC6A�N�9:�'69G>9�9:��D8IDG:H�N�&>8:C8>69DH�:C��>:C8>6H�*DATI>86H�N�-D8>DAD<T6��

-9�79@96F5FCB�@5G�6C85G�89�D@5H5�M�7CBH=BI5ACG��@����89�56F=@�89�� ���:=B5@=NW�@5���\��8=7=WB�89@�'RGH9F*F9G9B7=5@�9B��=F977=WB�89�,97IFGCG�"IA5BCG���@�*FC;F5A5�<5�7CBGH58C�89�@CG�G=;I=9BH9G�8=9N�AW8I@CG���)F;5B=N57=WB�M�*@5B=:=757=WB�89�,,�""����@�*I9GHC�89�.F565>C�9B�@5G�)F;5B=N57=CB9G���,97@IH5A=9BHC�M�-9@977=WB�89�,,�""����9G5FFC@@C�*FC:9G=CB5@�M� CFA57=WB���&=89F5N;C�M�'CH=J57=WB���CAIB=757=WB�=BH9FB5�9B�@5G)F;5B=N57=CB9G���*F9J9B7=WB�89�,=9G;CG�&56CF5@9G���(WA=B5G�M�-9;IF=858�-C7=5@���*C@UH=75�,9HF=6IH=J5���,9@57=CB9G�&56CF5@9G�M�(9;C7=57=WB�C@97H=J5�� �!9GH=WB��GHF5HS;=75�89�,,�""��@� �@5IGHFC� 898=7<C� 'RGH9F� 9GHR7CADI9GHC� DCF� @CGG=;I=9BH9G� 7CAD5V9FCG�7C@9;=58CG�

X��>G:88>VC��B8FSG��G9B>C�9NCG

[�*GD;:HDG69D�[�,=75F8C�)H9FC��FH95;5[�$CG9��BHCB=C�@U5G��5VCG���������������������������������������������������������[�&I=G�'5BI9@��5FF=CG��GD585G[�-5F5�&WD9N�5A57<C�"9FFR9N[��5@6=B5�&WD9N�89�@5�.CFF9�!5F7U5[��CCF8=B57=WB���@65�*SF9N�'5FHUB9N

�9BHFC�89�@5G�57H=J=8589G�@97H=J5G�G9�F95@=N5FCB�@5G�G=;I=9BH9G�57H=J=8589G�

[�.F979�G9G=CB9G�89�@5G�89BCA=B585G��*U@8CF5G� CFA5H=J5G��=AD5FH=85G�DCF�BI9GHF5�7C@9;5��95HF=N��CBHF9F5G'5FHUB9N��9��5GHFC�8IF5BH9�@5G�7I5@9G�G9�F95@=N5FCB�H5@@9F9G�DFR7H=7CG�89�89G5FFC@@C�89�@5G�A5H9F=5G�F9@57=CB585G�7CB�@5�=AD@9A9BH57=WB�89�@5G�8=J9FG5G�HS7B=75G�MASHC8CG�89�!9GH=WB�89�,,�""�

'`-.�,�*,�-�(�#�&��(��#,���#b(���,��/,-)-�"/'�()-�)�

�-����*&

�.��

9:A

[��I5HFC�G9G=CB9G�GC6F9��*C@UH=75G�89�#;I5@858�5D@=7585G5� @CG�,,�""��� =AD5FH=85G�DCF�BI9GHF5G� 7C@9;5G��GH<9F�5GH9@@5BCG�M��@AI89B5�'IVCN�EI9�GCB�A=9A6FCG�89�@5�CA=G=WB�89�#;I5@858��[��I5HFC� G9G=CB9G� 89� ��YGEI985��7H=J5� 89��AD@9C�� 575F;C�89�BI9GHFC�-9FJ=7=C�89��AD@9C�8=F=;=8C�DCF�BI9GHFC7C@9;5��8C@:C�89�&ILRB�[��IFGC�89�):=ARH=75�5�75F;C�89�hB;9@�)GIB5�

�@�'RGH9F�@C�F95@=N5FCB�J9=BH9�5@IABCG�89�@CG�7I5@9G�8=97=C7<C�9F5B�DC@=HW@C;CG�M�C�GC7=W@C;CG��.C8CG�9@@CG�ACGHF5FCB� ;F5B� =BH9FSG� DCF� 9@� 7IFGC� M� IB� 9@9J58C

5D F C J 9 7 < 5 A=9BHC�89@A=GAC��&5�7@5IGIF5�G979@96FW�9@�8=97=G=9H9�89�56F=@HF5G�@5�89:9BG5DCF� D5FH9� 89@CG� 5@IABCG89�G9B8CG�DFCM97HCG�89�5D@=757=WB� DFR7H=75� 9B� @5� A9>CF5�89�@5�!9GH=WB�M�8=F977=WB89�,,�""��9B@5G� �ADF9G5GM� @5G� )F;5B=N57=CB9G��

9@=7=H5ACG�5HC8CG�@CG5@IABCG�DCF�9@

9G:I9FNC�F95@=N58C�M�@CG�@C;FCG�C6H9B=8CG�5�@5�:=B5@=N57=WB89�9GH9�'RGH9F�5GU�7CAC�@9G�89G95ACG�@CG�SL=HCG�DFC:9G=CB5@9G�EI9�G=B�8I85�@9G�5I;IF5ACG�.F5G�9@�SL=HC�89�@5G����DF=A9F5G�98=7=CB9G��9@�9EI=DC�899GH9�'RGH9F�89�57I9F8C�7CB�9@�7C@9;=C�897=8=W�F95@=N5FIB5�BI9J5��8=7=WB���GU�9@�D5G58C�J9=BH=IBC�89�C7HI6F9�G9=B=7=W�@5���\��8=7=WB�89�BI9GHFC�'RGH9F�7CB�IB�HCH5@�89���5@IABCG���IF5BH9�@5G�DF=A9F5G�G9G=CB9G�@CG�BI9JCG�5@IABCG�<5B�ACGHF58C�IB5�9GD97=5@�8=GDCG=7=WB�9�=@IG=WB�7CB9GH5�BI9J5�9H5D5�EI9�<5B�=B=7=58C�9B�GIG�J=85G�M�89�@5EI9�9GD9F5B�C6H9B9F�@5G�7CAD9H9B7=5G�B979G5F=5G�D5F59@�89G5FFC@@C�89�@5G�:IB7=CB9G�DFCD=5G�89�@5�CF;5B=N57=WBD@5B=:=757=WB�M�;9GH=WB�89�,,�""��M�5GU�@C;F5F�9@�A9F97=8CSL=HC�9B�GI�75FF9F5�DFC:9G=CB5@�

21

��������������������� �������������������� ��� ������������������������!���� �����������������!����������������������������"������!���������"����

������ ������������������������������

22

��������������������� �������������������� ��� ������������������������!���� �����������������!����������������������������"������!���������"����

������ ������������������������������

23

��������������������� �������������������� ��� ������������������������!���� �����������������!����������������������������"������!���������"����

������ ������������������������������

24

LLL8DAEDAHD8DG<�������LLL8DAEDAHD8B69G>9DG< �#�#�'�,���� ��DA:<>D�(68>DC6A�N�9:�'69G>9�9:��D8IDG:H�N�&>8:C8>69DH�:C��>:C8>6H�*DATI>86H�N�-D8>DAD<T6��

��������

����

��������

����������

��

�A�CWB:GD�9:�D;:GI6H�9:�:BEA:D�8DB>:CO6�6�G:8JE:G6GH:��A:K69D�CWB:GD�9:�?VK:C:H�8DA:<>69DH�FJ:�:C�� �� =6C� G:6A>O69D� D� 6WC� G:6A>O6CEGR8I>86H�:C�:BEG:H6H &6�EGDEDG8>VC�9:�D;:GI6H�9:�,:8JGHDH�"JB6CDH� :C� �� �� H><J:� H>:C9D� A6� BRH6AI6��A�RG:6�9:�>CK:HI><68>VC�HD8>6AN�9:�B:G869DH�8DCI>CW6�8DC�A6�:KDAJ8>VC�C:<6I>K6�FJ:�=6�I:C>9D�9:H9::A�8DB>:COD�9:�A6�8G>H>H �J:C�8DBE6GI>B:CID�:C��� ��I6CID�9:�A6H�D;:GI6H�G:A6I>K6H�6A�.:G8:G�-:8IDG��)(!H��8DBD�9:�EG:K:C8>VC�9:�G>:H<DH�A67DG6A:H�#C8AJH>VC�9:CIGD�9:�A6�9>;JH>VC�9:�8DCKD86IDG>6H�9:�D;:GI6H�9::BEA:D�:C�:CI>969:H�EG>K696H��;JC968>DC:H��8DC;:9:G68>DC:H��AD77>:H�:I8�� K>C8JA696H� 6� A6H� >CHI>IJ8>DC:H:JGDE:6H�":BDH�DG<6C>O69D�BWAI>EA:H�?DGC696H�N�I6AA:G:H�9JG6CI:�:HI:6UD PM>ID�9:�B>:B7GDH�:C�:A�!GJED9:A� �DA:<>D� :C� A6� ,:9� *GD;:H>DC6A&>C@:9#C�

����������

������

������������

������

\\\c(�.����25

LLL8DAEDAHD8DG<�������LLL8DAEDAHD8B69G>9DG< �#�#�'�,���� ��DA:<>D�(68>DC6A�N�9:�'69G>9�9:��D8IDG:H�N�&>8:C8>69DH�:C��>:C8>6H�*DATI>86H�N�-D8>DAD<T6��

��������������

����

���� ���

� ���������

LLL8DAEDAHD8B69G>9DG<

�BH9G�89�=B=7=5F�9@�F9D5GC�5�@5�57H=J=858�89@�-9FJ=7=C�89��AD@9C�9B�� ���EI9F9ACG�5;F58979F�DY6@=75A9BH9�@5G�AI9GHF5G�89�5DCMC�F97=6=85G�M�@5GD5@56F5G�89�RB=AC�M�9@C;=C�5�BI9GHF5�57H=J=858EI9�AI7<CG�89�JCGCHFCG�5G�BCG�<56S=G�<97<C�@@9;5F��_!,��#�-��

�KDAJ8>VC�9:�A6H�D;:GI6H�EG>K696H�9::BEA:D�N�7:86H

*CF�:=B�DC89ACG�85F�6I9B5G�BCH=7=5G�F9GD97HC�5@BYA9FC�89�C:9FH5G�89�HF565>C�EI9�HF5A=H5ACG�9BBI9GHFC�-9FJ=7=C�89��AD@9C���9G89��6F=@�<5GH5�@5:97<5�9B�HC8CG�@CG�A9G9G�<9ACG�;9GH=CB58C�ARGC:9FH5G�EI9�9@�5VC�D5G58C�9L79DHC�9B�IBC��G9DH=9A6F9����@�D9F=C8C��6F=@)7HI6F9�89@�5VC�D5G58C

<56U5ACG�;9GH=CB58C�����C:9FH5G�89�9AD@9C�M9GH9�5VC�@@9J5ACG������*CF�:=B�9@�JC@IA9B�89�C:9FH5G�89�9AD@9C�HF5G�8CG�5VCG�M�A98=C�5�@5�65>5�G99GHR�F97ID9F5B8C�������89�(CJ=9A6F9�@@9J5ACG����9B�HCH5@��.F5G�IB�=B=7=C�89�5VC���B9FC'5FNC�AIM�A5@C�9GHR�<56=9B8C�IB5�F97ID9F57=WB�D5I@5H=B5�;F57=5G�5� @5�7I5@�7F99ACG�EI9�DC8F9ACG=;I5@5F�@5�A5F75�89�� ������ �C:9FH5G�;9GH=CB585G��M�G=� HC8C�G=;I9�5GU�D5F979�EI9�� ���G9FRA9>CF�EI9�� ���FCAD=9B8C�@5�H9B89B7=5�89�@CG�Y@H=ACG�5VCG�DFCJC7585�DCF� @5� 7F=G=G� 97CBWA=75��GC�GU�@5�F97ID9F57=WB�9B�9@�JC@IA9B�89�C:9FH5GEI9�;9GH=CB5ACG�9GHR� G=9B8C� @9BH5� M� 89G=;I5@9BHF9�@5G�8=GH=BH5G�RF95G�DFC:9G=CB5@9G�9B�@5G�7I5@9G�HF565>5B�BI9GHFCG�DFC:9G=CB5@9G�

!GR;>8D� �KDAJ8>VC�':CHJ6A�9:�A6H�);:GI6H�9:��BEA:D�!:HI>DC696H�EDG�:A�-:GK>8>D�9:��BEA:D����� �

26

LLL8DAEDAHD8DG<�������LLL8DAEDAHD8B69G>9DG< �#�#�'�,���� ��DA:<>D�(68>DC6A�N�9:�'69G>9�9:��D8IDG:H�N�&>8:C8>69DH�:C��>:C8>6H�*DATI>86H�N�-D8>DAD<T6��

���������������������� ���� ��������� �

�DCIG6I68>DC:H�

�B�@C�EI9�G9�F9:=9F9�5�7CBHF5H57=CB9G@5�9JC@I7=WB�9GHR�G=9B8C�5YB�ARG�DCG=H=J5���B� @C�EI9�J5�89�5VC�<9ACG7CBG9;I=8C����7CBHF5H57=CB9G�7=B7CARG�EI9�9@�5VC�D5G58C��-=�6=9B�9GB979G5F=C� G9V5@5F� EI9� AI7<5G� 899@@5G�@C�GCB�D5F5�7C@56CF57=CB9G�897CFH5�8IF57=WB�

�CAC�HC8CG�@CG�5VCG�@5�7CBHF5H57=WB89�7C@9;=585G�AI>9F9G�9GHR�G=9B8CAI7<C�ARG�9@9J585�EI9�@5�89�<CA6F9G�G=�6=9B�GI9@9B�G9F�ARG�@5G�EI9D5FH=7=D5B�9B�DFC79GCG�G9@97H=JCG�M5EI9�H9B9ACG�IB�BYA9FC�G=;B=:=75H=J5A9BH9�A5MCF� 89� 7C@9;=585G�EI989�7C@9;=58CG�9BHF9�@CG�ARG�>WJ9B9G�

�89ARG�7CAC�G=9ADF9�897=ACG�@5G7=:F5G�F95@9G�DFC656@9A9BH9�G95B�GID9F=CF9G�DCF�8CG�ACH=JCG���@�DF=A9FC89�9@@CG�9G�EI9�@5�A5MCF�D5FH9�89�@CGDFC79GCG�G9@97H=JCG�=B=7=58CG�9B�)7HI6F9�C�(CJ=9A6F9�BC�9GHRB�=B7@I=8CG9B�9GHCG�85HCG��3�9@�G9;IB8C�9G�EI9BC�HC85G�@5G�9ADF9G5G�M�9BH=8589GBCG�85B�9@�:998657?�EI9�89G95FU5ACG�

!GR;>8D���KDAJ8>VC�':CHJ6A�9:A�(WB:GD�9:��DCIG6I68>DC:H�&D<G696H��� �

.6AA:G�9:��WHFJ:96�9:��BEA:D��CF;5B=N58C�DCF�9@�-9FJ=7=C�89��AD@9C�M��5FF9F5*FC:9G=B5@��89�BI9GHFC��C@9;=C9@�D5G58C����89�BCJ=9A6F9�

27

LLL8DAEDAHD8DG<�������LLL8DAEDAHD8B69G>9DG< �#�#�'�,���� ��DA:<>D�(68>DC6A�N�9:�'69G>9�9:��D8IDG:H�N�&>8:C8>69DH�:C��>:C8>6H�*DATI>86H�N�-D8>DAD<T6��

��������������

����

���� ���

� ���������

��BHF9�@5G�D9FGCB5G�5�@5G�EI9�<9ACG�5MI858C�57CBG9;I=F�IB�A9>CF�9AD@9C�9GHRB�@5G�G=;I=9BH9G��

�U6�*>A6G��DCIG:G6H�9:�0:G6�(]��C@���������<5�G=8C�G9@977=CB585�7CAC� CFA58CF5� F99@5B79�89�*,&�M��H9B7=WB�5@�@=9BH9�9B�-�,0#( ),'�

�U6�-6G6�&DE:O�6B68=D":GGR:O� �(]��C@�� ������� <5G=8C�G9@977=CB585�7CAC� CFA58CF5� F99@5B79�9B�*,&�9B!,/*)�-� �

�U6� 0>G<>C>6� �:A<69D� -:GG6CD� �(]� �C@�� ������� <5� @C;F58C� IB� DI9GHC� .S7B=75#BG9FHCF5�-C7=C@56CF5@�9B� /(���#j(���*�#'�

�U6� �K6�'Y�'6GITC��ADCHD�(]��C@���������<5�7C@56CF58C7CB�9@��C@9;=C�7CAC�.F5BG7F=DHCF5�

�U6� !J696AJE:� 'DG:CD!VB:O �(]��C@���������<5� @C;F58C�IB�DI9GHC�89�.S7B=75�89,,""��9B��(!&#-"��)((��.#)(�'�/,#�-/�-�&��

�U6� ":A:C6� (D<J:>G6� �769�(]��C@���������<5�7C@56CF58C7CB�9@��C@9;=C�7CAC�.F5BG7F=DHCF5�

�� *67AD� -RC8=:O� �:GA6C6H�(]��C@���������<5� @C;F58C�IBDI9GHC�89�.S7B=7C�89�!9GH=WB89� CFA57=WB�9B��&#����)()�#'#�(.)�3�-�,0#�#)�

�U6�":A:C6�'6GI>C��H8D7:9D�(]��C@���������<5� @C;F58C�IBDI9GHC� 89�.S7B=75� 89�!9GH=WB89� CFA57=WB�9B��&#����)()�#'#�(.)�3�-�,0#�#)�

�U6�06C:HH6�*:G:>GD�*:G:>G6��(]��C@��������<5�@C;F58C�IB�DI9GHC�89�.S7B=75�89� CFA57=WB9B� �-)�#��#j(� !/�,�(i� ��� �))*�,��#j(�*�,�!/�3�-*�P��

�U6��:A>6� #H67:A�,D9GT<J:O9:�"6GD �(]��C@���������<5�@C;F58C�IB�DI9GHC�89�.S7B=75�8998I757=WB�D5F5�9@�89G5FFC@@C�9B/(,1���-*�P��

��6GADH�,DCIDB:�,DB:GD�(]��C@����������9B�@5�:CHC����� ,6=6B>C� �6K>9� �6=6C&:KN��(]��C@������ ��M��U6,6FJ:A� �BDG� �6FJ:GD �(]

�C@�� �������9B�@5�:CHC��9BHF9� CHFCG<5B� G=8C� G9@977=CB58CG� D5F5�C@56CF57=CB9G�,9AIB9F585G9B�*G9I8C7CADF5G�DCF��(�&#-#-�-/,0�3�/(#.�

3�5GU�CHF5G����D9FGCB5G�ARGb

�B� @C�EI9�G9�F9:=9F9�5�D9FGCB5GF95@=N5B8C�DFR7H=75G�F9AIB9F585G9B�9ADF9G5G��6975G��5�HF5JSG�89@DFC;F5A5�89�DFR7H=75G�DFC:9G=CB5@9G�EI9�H=9B9�9@��C@9;=C�@5G�7=:F5G�G=;I9B�G=9B8C�AIM�6I9B5G��CAC�9G�G56=8C�9@��C@9;=C�H=9B9

IB�DFC;F5A5�89�DFR7H=75G�DFC:9G=CB5@9G� D5F5� A9BCF9G� 89� � 5VCG�5�HF5JSG�89@�7I5@�:=FA5�7CBJ9B=CG� 7CB� 9ADF9G5G� )(!G� 9=BGH=HI7=CB9G�D5F5�EI9�@CG�F97=SBH=HI@58CG�5G�DI985B�C6H9B9F�IB5DF=A9F5�9LD9F=9B7=5�@56CF5@�F9AI

B9F585�M� 7CB�5@H5�9B�-9;IF=858-C7=5@��"5GH5�9@����89�)7HI6F9�IB�HCH5@�89���7C@9;=58CG�5G�<56U5B�=B=7=58CDFR7H=75G�DFC:9G=CB5@9G�9B�9ADF9G5G��5����������@@9J5ACG�M5����AIM�G=A=@5F�5�@CG�Y@H=ACG�5VCG�

28

LLL8DAEDAHD8DG<�������LLL8DAEDAHD8B69G>9DG< �#�#�'�,���� ��DA:<>D�(68>DC6A�N�9:�'69G>9�9:��D8IDG:H�N�&>8:C8>69DH�:C��>:C8>6H�*DATI>86H�N�-D8>DAD<T6��

���������������������� ���� ��������� �

!GR;>8D��(Z�9:��DA:<>69DH�6H�G:6A>O6C9D�EGR8I>86H�:C�:CI>969:H�

6�� �9:�)8IJ7G:������� �

.5@�7CAC�<9ACG�7CA9BH58C�CHF5G�J979G�9B�5BH9F=CF9G�"C>5G�#B:CFA5H=J5G�7CBG=89F5ACG�EI9BI9GHFC� *FC;F5A5� 89� *FR7H=75G� 9GHR� G=9B8CAIM�9L=HCGC�:57=@=H5B8C�@5�=BG9F7=WB�DFC:9G=CB5@89�>WJ9B9G�DC@=HW@C;CG�5G�M�GC7=W@C;CG�5G��!F57=5G�5�9GH9�DFC;F5A5�AI7<5G�89�@5G�D9FGCB5G

EI9�<5B�=B=7=58C�GI�57H=J=858�5�HF5JSG�89�9GH9H=DC�89�DFR7H=75G�@I9;C�<5B�7CBGC@=858C�GI�HF5M97HCF=5� DFC:9G=CB5@� 9B�AI7<CG� 75GCG� 9B� @5A=GA5�9ADF9G5�M�9B�CHFCG�9B�CHF5G�9ADF9G5GEI9�<5B�J5@CF58C�@5�9LD9F=9B7=5�58EI=F=85��

6H:HDGT6�?JGT9>86�E6G6�8DA:<>69DH�9:A��DA:<>D�9:*DA>IVAD<DH� N� -D8>VAD<DH� 9:� '69G>9�� \#( ),'�.���6H:HDGT6�?JGT9>86�E6G6�8DA:<>69DH�9:A��DA:<>D� 9:� *DA>IVAD<DH� N� -D8>VAD<DH� 9:� '69G>9�\#( ),'�.���6H:HDGT6�?JGT9>86�E6G6�8DA:<>69DH9:A��DA:<>D�9:�*DA>IVAD<DH�N�-D8>VAD<DH�9:�'69G>9���6H:HDG>6�?JGT9>86�E6G6�8DA:<>69DH�9:A��DA:<>D�9:�*DA>IVAD<DH�N�-D8>VAD<DH�6H:HDGT6�?JGT9>86E6G6�8DA:<>69DH�9:A��DA:<>D�9:�*DA>IVAD<DH�N�-D8>VAD<DH�9:�'69G>9��\#( b,'�.��

29

LLL8DAEDAHD8DG<�������LLL8DAEDAHD8B69G>9DG< �#�#�'�,���� ��DA:<>D�(68>DC6A�N�9:�'69G>9�9:��D8IDG:H�N�&>8:C8>69DH�:C��>:C8>6H�*DATI>86H�N�-D8>DAD<T6��

��������������

����

���� ���

� ���������

��BHF9�@5G�D9FGCB5G�EI9�9GHRB�C�<5B�9GH58C�<57=9B8CDFR7H=75G�9B�9ADF9G5G�9GHRB�@5G�G=;I=9BH9G��

����0#��')-+/�����,,#��-�(]��C@���������F95@=N5�C�<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G�9B�� ���9B�."���)�%.�#&��(�&#-3--�&��

����0#���-.���(�-�,,�()��(]��C@���������F95@=N5�C�<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G�9B�� ���9B��F9GA5G� CFA57=WB�-&/�

�U6���,&����(#.)�,)�,#!/�4�(]��C@���������F95@=N5�C�<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G�9B�� ���9B����#j(��)(.,���&�"�'�,���U6�'�,a��'�/,�(4��,)�,a!/�4��(]��C@��������F95@=N5�C�<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G� 8IF5BH9� � ��� 9B� �(�&#-#-� -/,0�3/(#.�

�U6��(��!/.#P,,�4�-�(�"#- �(]��C@���������F95@=N5�C<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G�9B�� ���9B�-9@:�.F589��5B?�-���

�U6����.,#4�'�.#��&�-'�-�(]��C@���������F95@=NW�DFR7H=75GDFC:9G=CB5@9G�9B�� ���9B�#7@5J9G-&�G=9B8C�7CBHF5H585�DCGH9F=CFA9BH9�9B�8=7<5�9ADF9G5�

�U6�0#)&�.����/Q��!�&&�!) �(]��C@���������F95@=N5C�<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G�9B�� ���9B�*@5B9G���*FCM97HCG�8=;=H5@9G�-�&���

�U6��0��'�,a��'�,.a(�4� �,(`(��4 �(]��C@���������F95@=N5�C�<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G� 9B� � ��� 9B� /(#+/�#(.�,#'��..�-���/

���&�$�(�,)�&b*�4�*�(.)$���(]��C@����� ���F95@=N5�C�<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G�9B�� ���9B�-9D<CF5��CGASH=7CG��GD5V5-&�

��*�.,#�#���,#��)�4�,�!)4���(]��C@���������F95@=N5�C�<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G�9B��� ���9B��@9D<��CAIB=757=WB�-�&

�U6�-#&0#��!)(4`&�4�,)'�,)��(]��C@���������F95@=N5C�<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G�9B�� ���9B�*CFH5@�/B=J9FG=5-���

�U6�*�.,#�#��0#Q��&),�,)��(]��C@���������F95@=N5�C�<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G�9B�� ��9B�#( )�'*&�)��

�U6�'�,.��"�,(`(��4'P(��4 �(]��C@���������F95@=N5C�<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G� 9B� � ��� 9B� "#!"� .��"").�&-��(��,�-),.-�

�U6��(!�&�-�&b*�40�(./,���0#&P-��(]��C@���������F95@=N5�C�<5�F95@=N58C�DFR7H=75GDFC:9G=CB5@9G9B�� ���9B

&95G9�*@5B�-9FJ=7=CG�-���

�U6��(�,����)'a(!/�4`&0�,�4 �(]��C@���������F95@=N5�C�<5�F95@=N58C�DFR7H=75G�DFC

:9G=CB5@9G�9B�� ���9B��&�#,�-�����--),#�-�-*�#(-�&�

�U6���,'�(�!�,�a��,)�,a!/�4 �(]��C@���������F95@=N5�C�<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G� 9B� � ��� 9B� -.�

#��,#��-���/�

�U6��,#-.#(��'�.���#��(]��C@���������F95@=N5�C�<5�F95@=N58C� DFR7H=75G� DFC:9G=CB5@9G� 9B� ���9B�'�.���-*�#(�-��

�U6��,#-.#(������&�-�,�'a,�4 �(]��C@��������F95@=N5�C<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G8IF5BH9�� ���9B� ,-�#6SF=75�-���

30

LLL8DAEDAHD8DG<�������LLL8DAEDAHD8B69G>9DG< �#�#�'�,���� ��DA:<>D�(68>DC6A�N�9:�'69G>9�9:��D8IDG:H�N�&>8:C8>69DH�:C��>:C8>6H�*DATI>86H�N�-D8>DAD<T6��

���������������������� ���� ��������� �

�U6�-#&0#��!)(4`&�4���,,)-��(]��C@��������F95@=N5C�<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G�8IF5BH9�� ���9B�-9@:.F589� �5B?�-���

�� �&#�#�()� ��� &�� �,/4!)(4`&�4��a�4��(]��C@�������F95@=N5� C� <5� F95@=N58C� DFR7H=75GDFC:9G=CB5@9G� 8IF5BH9� �� ��� 9B /(���#)(��(�,�

�U6�&),�(��!b'�4*&�.�,)�'`,')&�(]��C@��������F95@=N5�C�<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G�8IF5BH9�� ���9B���,#.�-�-*�P)&��

�U6�'�,a��-�(4�#( �(.�- �(]��C@�������F95@=N5�C�<5�F95@=N58C�DFR7H=75GDFC:9G=CB5@9G�8IF5BH9��� ���9B!FIDC�%CB97H5��9BHFCG��GD97=5@9G�89�9AD@9CG�-�&�

�U6�&�,��),.�!�

�a�4�!/��)��(]��C@�������F95@=N5�C�<5�F95@=N58C�DFR7H=75GDFC:9G=CB5@9G� 8IF5BH9� � ��� 9B!�*��#( ),*,�--�-�&�

��0#��(.��!)(4`&�4����&�(���,�-*)�(]��C@��������F95@=N5�C�<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G�8IF5BH9�� ���9B��&#����)()�#'#�(.)�3�-�,0#�#)�

�U6�(/,#��)&�-)��&'�(��(]��C@����� ��F95@=N5�C�<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G�8IF5BH9�� ���9B�&'�1#(��*)1�,�&���-�'��,#���-���

�U6��&�(��*�(�`(�,��)&&) �(]��C@�� ������ F95@=N5� C� <5� F95@=N58CDFR7H=75G� DFC:9G=CB5@9G� 8IF5BH9� � ��� 9B� ."��)�%.�#&��(�&#-3-�-�&�

��$)-P�'�(/�&�*�(.#(�'),��) �(]��C@��������F95@=N5C�<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G�8IF5BH9�� ���9B�.,�(�#.-�&�

���&��,.)���Q�-����*��&)-��(]��C@���� ���F95@=N5�C<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G� 8IF5BH9� � ��� 9B� #(-.#./.)� ��� �#,��.#0)-� ���'*,�-���#����-�'��

�U6��,#-.#(����()�(cQ�4�(]��C@��������F95@=N5�C�<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G�8IF5BH9��� ���9B�-C@IH=C�

�Q���(�#-���&

*P,�4�!�,�a� �(]��C@�������F95@=N5�C�<5�F95@=N58C�DFR7H=75GDFC:9G=CB5@9G� 8IF5BH9� � ��� 9B1�.#/'�-�&�

�U6�*�.,#�#��'�.�)��/,�(�(]��C@���������F95@=N5�C�<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G�8IF5BH9�� ���9B�!,/*)�.�&��3&�

����0#����"�(�&�03��(]��C@����� ��F95@=N5�C�<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G�8IF5BH9� � ��� 9B� 9@��MIBH5A=9BHC89�@5��=I858��IHWBCA5�89

'9@=@@5�

��3�!)�&b*�4�&)-�����(]��C@��������F95@=N5�C�<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G�8IF5BH9� � ��� 9B� �(h&#-#-� �#(0�-.#!��#j(�

�U6�$�((# �,�'�,.a(�4'�(4�(�,) �(]��C@�������F95@=N5�C�<5�F95@=N58C�DFR7H=75GDFC:9G=CB5@9G�8IF5BH9�� ���9B��0�� &)!#-.#�-� �-*�P�-�&�

�Q��'�,.��&�#0��#�`Q�4�(]��C@��������F95@=N5�C�<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G8IF5BH9�� ���9B��,#�)&�$��,#�)'�(�-�&�

31

LLL8DAEDAHD8DG<�������LLL8DAEDAHD8B69G>9DG< �#�#�'�,���� ��DA:<>D�(68>DC6A�N�9:�'69G>9�9:��D8IDG:H�N�&>8:C8>69DH�:C��>:C8>6H�*DATI>86H�N�-D8>DAD<T6��

��������������

����

���� ���

� ���������

��U6�'�,.��&b*�4�/,`(0a&�"�4��(]��C@��������F95@=N5�C�<5�F95@=N58C� DFR7H=75G� DFC:9G=CB5@9G8IF5BH9�� ���9B���.�&�'�

�Q���(�,��� �,(`(��4()0) �(]��C@��������F95@=N5�C

<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G�8IF5BH9�� ��9B��(h&#-#-���#(0�-.#!��#j(�

�Q��'�,a��!�,�a��-`(�"�4�(]��C@��������F95@=N5�C�<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G�8IF5BH9�� ���9B��.��),�-���

�Q��,�+/�&�&),�(.���&�'�,�-��(]��C@��������F95@=N5�C�<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G�8IF5BH9�� ���9B��(h&#-#-���#(0�-.#!��#j(�

�Q��()�&#��'�,a��!�,�a��*P,�4��(]��C@��������F95@=N5�C�<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G�8IF5BH9�� ���9B���.#0�2�-�,0#�#)-#(.�!,�&�-�-���

�U6�'Y�*#&�,��&�)���,��$)��(]��C@��������F95@=N5� C� <5� F95@=N58C� DFR7H=75GDFC:9G=CB5@9G�8IF5BH9��� ���9B�L79@H=7�-�&�

���#.),���&�,#)��")4�-�(]��C@��������F95@=N5�C�<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G�8IF5BH9�� ���9B��F5=B�.FIGH�CBGI@H=B;�-9FJ=79G�-�&�

�U6� #,�(�� ,)'`(� ���,�,���(]��C@��������F95@=N5C�<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G�8IF5BH9�� ���9B�."��)�%.�#&��(�&#-3-�-�&�

�U6��,#-.#(��+/#Q)(�-�`&0�,�4�(]��C@��������F95@=N5�C�<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G�8IF5BH9�� ���9B�'5BDCK9F�!FCID�-C@IH=CBG�-&/�

�Q���&�,��&&/�"�*#(���)�(]��C@��������F95@=N5�C�<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G�8IF5BH9�� ���9B�#���"�

�U6��&���!)(4�&�4!b'�4 �(]��C@��������F95@=N5�C<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G�8IF5BH9�� ���9B�!,/*)-� ��5BH9G�!FIDC�&����

�U6����.,#4�'�3),�&�*P,�4�(]��C@��������F95@=N5�C�<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G�8IF5BH9�� ���9B��GD97=5@=GH5G�9B.F565>C�.9ADCF5@�-���

�U6�'�,a��,/a4��-.�0�4�(]��C@������� F95@=N5�C�<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G�8IF5BH9�� ���9B����#j(��)(.,���&"�'�,��

�Q��&/�a��,)�,a!/�4��/��,)-��(]��C@��������F95@=N5�C�<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G�8IF5BH9�� ���9B�."���)�%.�#&��(�&#-3-�-�&�

��,�c&�0�&�-�)�0�&&���(]��C@��������F95@=N5�C�<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G� 8IF5BH9� � ��� 9B� �&#��� �)()�#'#�(.)�3�-�,0#�#)

�Q���(��,/-�!�,,#�)��-.�-)�(]��C@��������F95@=N5�C�<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G� 8IF5BH9� � ��� 9B�'�(*)1�,�.��'��.�.�-�/�

�U6�'�,a��'�,.a(�4�$#'�()��(]��C@��������F95@=N5�C<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G�8IF5BH9�� ���9B� ,-�#6SF=75-���

�U6��#�(�� �,(`(��4&#4�()��(]��C@��� ����F95@=N5�C�<5�F95@=N58C�DFR7H=75GDFC:9G=CB5@9G�8IF5BH9�� ��9B�&&),�(.�����/�(��'��,#��-��&�

�Q��'�,#(��'P(��4� �,(`(��4��(]��C@��� ����F95@=N5� C� <5� F95@=N58C� DFR7H=75GDFC:9G=CB5@9G�8IF5BH9�� ���9B /(���#j(�,�������*)3)��&��#(.�!,��#j(��,�#-��

32

LLL8DAEDAHD8DG<�������LLL8DAEDAHD8B69G>9DG< �#�#�'�,���� ��DA:<>D�(68>DC6A�N�9:�'69G>9�9:��D8IDG:H�N�&>8:C8>69DH�:C��>:C8>6H�*DATI>86H�N�-D8>DAD<T6��

���������������������� ���� ��������� �

��$)-P�'�,a���a�4�!`'�4�(]��C@��� ����F95@=N5�C�<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G�8IF5BH9�� ���9B�!,/*)�-)&/.#)�

�Q���#(")��-�($/�(�-�(�")�(]��C@��� ����F95@=N5�C�<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G�8IF5BH9�� ���9B����#j(��)(.,���&"�'�,��

�Q���0��,)'`(� �,(`(��4�(]��C@��� ����F95@=N5�C�<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G�8IF5BH9�� ���9B�'�(*)1�,�!,)/*-)&/.#)(�-&/�

�U6��(���/�,.�,)�!�,�a���(]��C@��� ����F95@=N5�C�<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G�8IF5BH9�� ���9B� �(#���(�,!#��-���

�Q���&�$�(�,��!�,�#�� ,�#&��(]��C@��� ����F95@=N5�C�<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G�8IF5BH9�� ���9B��+/#���/�&#.�.#0)-�&�

�Q��&�/,��'),�()�*P,�4����-#&�-�(]��C@��������F95@=N5�C�<5�F95@=N58C�DFR7H=75G�DFC:9G=CB5@9G� 8IF5BH9� � ��� 9B� �!#)� ..� !�-.),�-����'*&�)��..�-���

*5F5�@5�F95@=N57=WB�89�9GH5G�DFR7H=75G�9@��C@9;=C� :=FA5�7CBJ9B=CG7CB�9ADF9G5G�M�CHF5G�9BH=8589GM5� H9B9ACG� :=FA58CG� 7CBJ9B=CG7CB�IB�HCH5@�89�����9ADF9G5G���B� ���G9�<5B� :=FA58C����BI9JCG7CBJ9B=CG�89�DFR7H=75G�7CB�9ADF9G5G�M�9BH=8589G�7CAC��,9B5I@H�GD5V5� �CA9F7=5@� '9H5�#���"�&@CF9BH9����I9B75�#BGH=HIHC� 89� �=F97H=JCG� 89� �ADF9G5�#����-�'�� &'� 1=B8� *CK9F�@589G� ("� "CH9@9G� $C<BGCB�CBHFC@G� �=I858� �IHWBCA5� 89'9@=@@5�9BHF9�CHF5G��

`G:6H�*GD;:H>DC6A:H�9:A6H�);:GI6H�9:��BEA:D�*G>K69D

�@�5B5@=N5F�@5�9JC@I7=WB�89�@5�89A5B85�89�DI9GHCG�89�HF565>C�D5F5GC7=W@C;CG�5G�M�DC@=HW@C;CG�5G�DCFRF95G�DFC:9G=CB5@9G�G9�7CB:=FA5B@5�A5MCFU5�89�@5G�H9B89B7=5G�EI9J9B=ACG�7CA9BH5B8C�9B�5FHU7I@CG5BH9F=CF9G��

&5�DFCDCF7=WB�89�C:9FH5G�89�,97IFGCG�"IA5BCG�9B�� ���G=;I9�@5ARG�5@H5�M�G9�G=HY5�9B�HCFBC�5�IBH9F7=C�89@�HCH5@�7CAC�9B�5VCG�5BH9F=CF9G��

�A�RG:6�9:�>CK:HI><68>VC�HD8>6AN�9:�B:G869DH�8DCI>CW6�8DC�A6:KDAJ8>VC�C:<6I>K6�FJ:�=6� I:C>9D�9:H9:� :A� 8DB>:COD�9:� A68G>H>H �B� @5� DF=A9F5� A=H58� 89

� ���D5F97=W�EI9�9@�G97HCF�G9�9AD9N565�5�F97ID9F5F�D9FC�:I9�GC@CIB� 9GD9>=GAC� M� 9B� @5� G9;IB85A=H58�89�� ���M�9B�� ���<5�G9;I=8C�8=GA=BIM9B8C�9@�DCF79BH5>989� C:9FH5G� 89� =BJ9GH=;57=WB� 9BBI9GHF5�6C@G5�D9G9�5�@CG�9G:I9FNCG�EI9�F95@=N5ACG�7CB�9@�G97HCF��B� @C�EI9� @@9J5ACG�89�� ��� @5GC:9FH5G�89� =BJ9GH=;57=WB�GC7=5@�M89� A9F758CG� 5D9B5G� <5B� GIDI9GHC�9@�� g���89�@5G�C:9FH5G�89BI9GHF5� 6C@G5� 7I5B8C� 9B� � �9F5B� 9@� ����� �CAC� <9ACG� 7CA9BH58C�9B�5BH9F=CF9G�98=7=CB9G89�9GH5�"C>5�#B:CFA5H=J5�89G89�9@-9FJ=7=C� 89� �AD@9C� 89@� �C@9;=C7F99ACG� EI9� 9GH9� :I9FH9� 89G79BGC�BC�G9�8969�YB=75A9BH9�5�@57F=G=G� 97CBWA=75�� *5F5� 9LD@=75F9GH5�65>585�D@5BH95ACG�@5�<=DWH9G=G�89�EI9�DFC656@9A9BH9�5�@5�7F=G=G�EI9�5:97H5�5�HC85�@5�97CBCAU5G9� @9� IB5� CHF5� 7F=G=G� 9GD97U:=75F9GD97HC� 5@�AC89@C� 89� B9;C7=CDCF�@5�5D5F=7=WB�89�BI9J5G�:CFA5G89� =BJ9GH=;57=WB� CB@=B9� EI9� F9EI=9F9B�A9BCG�D9FGCB5@��(CG�F9:9F=ACG� H5BHC� 5� @5� 9B7I9GH57=WBCB@=B9� �7I5BH=H5H=J5�� 7CAC� 5@5BR@=G=G�89@�8=G7IFGC�9B�@5G�F989GGC7=5@9G�M�9B�=BH9FB9H��7I5@=H5H=JC��-CB�:CFA5G�89�=BJ9GH=;57=WB�=BH9F9G5BH9G�D9FC�EI9�B979G=H5B�89A9BCG�D9FGCB5@�A9BCG�F97IFGCG<IA5BCG�M�EI9�J5B�7CA=9B8C�H9FF9BC�D5I@5H=B5A9BH9�5�@5G�:CFA5G89� =BJ9GH=;57=WB� HF58=7=CB5@9GARG�9LH9BG=J5G�9B�A5BC�89�C6F5��CB�9@@C�BC�EI9F9ACG�897=F�EI9

@5G�HS7B=75G�HF58=7=CB5@9G�J5M5B�589G5D5F979F�D9FC�EI9�H9B8FRB�IBD9GC� A9BCF� 5@� 89� <579� IBCG5VCG�M�9@@C�H=9B9�GI�F9:@9>C�9B�HSFA=BCG�89�9AD@9C�M�89�:57HIF57=WB89@� G97HCF� �M5� EI9� 5@� F9EI9F=FA9BCG�A5BC�89�C6F5�GCB�ARG�65F5H5G��

&6H�D;:GI6H�:C�I:G8:G�H:8IDG�=6CI:C>9D�CJBSG>86B:CI:�JC6�:KDAJ8>VC�EDH>I>K6� G=� 6=9B�9B�AI7<CG� 75GCG� G9� HF5H5� 89� C:9FH5GD5F5�DFCM97HCG�89�7CFH5�8IF57=WBM�GIDCB9B�B:CDG�:HI67>A>969�:C:A�:BEA:D�89�@5�EI9�G9�8565�9B9GH5G� C:9FH5G� <579� IBCG� 5VCG�)HF5�F5NWB�89@�9@9J58C�BYA9FC�89C:9FH5G�;9GH=CB585G�DCF�9@�-9FJ=7=C�89��AD@9C�D5F5�)(!G�<5�G=8CEI9�5@;IB5G�89�9GH5G�9BH=8589G89� @5G� EI9� <9ACG� ;9GH=CB58CC:9FH5G� 89� 9AD@9C� 9B� '58F=8� MEI9�9GH565B�7CBH9BH5G�7CB�9@�G9FJ=7=C�F97=6=8C�M�7CB�@CG�75B8=85HCG�5G�EI9�@9G�<56U5ACG�9BJ=58CBCG�<5B�D98=8C�EI9�@9G�9BJ=RF5ACG�75B8=85HCG�5G�H5A6=SB�D5F5CHF5G�C:9FH5G� EI9�<5B� H9B=8C�9BCHF5G�D5FH9G�89��GD5V5���CB�9GHCEI9F9ACG� 897=F� EI9� 9GH9� 5IA9BHC�89� @5G�C:9FH5G�89�9AD@9CEI9�<9ACG�;9GH=CB58C�9B�9@��C@9;=C�D5F5�)(!G�BC�G9�8969�5�IB5IA9BHC� 89@� BYA9FC� 89� C:9FH5GEI9� ;9GH=CB5B� 9GH5G� 9BH=8589GG=BC�5�EI9�<5B�7CB:=58C�9B�BCGCHFCG� D5F5� C:9FH5G� 9B� @5G� EI95BH9G�BC�@C�<57U5B�

33

LLL8DAEDAHD8DG<�������LLL8DAEDAHD8B69G>9DG< �#�#�'�,���� ��DA:<>D�(68>DC6A�N�9:�'69G>9�9:��D8IDG:H�N�&>8:C8>69DH�:C��>:C8>6H�*DATI>86H�N�-D8>DAD<T6��

��������������

����

���� ���

� ���������

�&5G�C:9FH5G�9B�9@�RA6=HC�89�7CAIB=757=WB�9GD97=5@A9BH9�9B�9BHCFBCG�8=;=H5@9G�<5B�7CBGC@=858CGI�7F97=A=9BHC�GIDCB=9B8C�M5�9BHF9��g���M�9@����89�@5G�C:9FH5G��&5G�C:9FH5G�9B�7CBGI@HCFU5�89�G97HCF�DY6@=7C�G9A5BH=9B9B�9GH9�5VC�9B�IB�DCF79BH5>9�G=A=@5F�5� ���@C�EI9�GIDCB9�IB5�F98I77=WB�GC6F9�5VCG5BH9F=CF9G�

�A�H:8IDG�FJ:�E6G:8:�G:EJCI6G�:H�:A�9:�EG:K:C8>VC�9:�G>:H<DH�A67DG6A:H�-9�HF5H5�89�IB�G97HCFEI9�<56U5�@@9;58C�5�GIDCB9F�9@����89�BI9GHF5GC:9FH5G�M�EI9�<56U5�=8C�65>5B8C�<5GH5�9@��g��D9FC�D5F979�9AD9N5F�5�F97ID9F5FG9�M�9GH9�5VC<5�5@75BN58C�9@��g���89�@5G�A=GA5G��

!GR;>8D��);:GI6H�9:��BEA:D�!:HI>DC696H�EDG�:A�-:GK>8>D�9:��BEA:D�N��6GG:G6�*GD;:H>DC6A�EDG�`G:6H�*GD;:H>DC6A:H

�� �

34

***��# $# &#��#%��������***��# $# &#�!��%���#%� ��������������# ���#�����#"� �,�������%������ #�'#%�&�,�����"����#&��"����"���&��# .'���&�,��#��# #�.����

��������������������������������� ��

�#")#��'#%��&�����!$ �#��/� ��#�����&��+'�%"�&���%�!�#&���'��

�-�&+��&15*$*.�%&��,/+&.�7��"11&1"��1.'&2*.-"+�3.�,",.2�+"�%&$*2*;-�&-�����%&�/.3&-$*"1�+"�%*'42*;-%&�.'&13"2�%&�&,/+&.�/<#+*$.��#&$"2�&63&1-"2��/1&�,*.2��&,/+&.�&-�.1("-*2,.2�*-3&1-"$*.-"+&2��&,�/+&.�-.�(&23*.-"%.��&3$���23&�":.�"�&23&�3*/.�%&.'&13"2�+&�)&,.2�":"%*%.�+"�%*'42*;-�%&�&,/+&.�&-&-3*%"%&2�/1*5"%"2��'4-%"$*.-&2��$.-'&%&1"$*.-&2�

+.##*&2��&3$��5*-$4+"%"2�"�+"2�*-23*34$*.-&2�&41.�/&"2��$.-�+.�04&�)&,.2�"4,&-3"%.�"<-�,92�&23&3*/.�%&�%*'42*;-

����%&��.5*&,#1&�)&,.2�%*'4-%*%.�4-�3.3"+�%&���$.-5.$"3.1*"2�/<#+*$"2�%&�&,/+&.����$.-�5.$"3.1*"2�%&�#&$"2�7�/19$3*$"2��7� ��$.-5.$"3.�1*"2�%&�/1&,*.2��+.�04&�3.3"+*8"-��� �$.-5.$"3.1*"2%&�3.%.�3*/.����'"+3"�%&�,92�%&�4-�,&2��)&,.2�24�/&1"%.�",/+*",&-3&�+.2�-<,&1.2�%&+�":.�/"2"%.�

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

35

LLL8DAEDAHD8DG<�������LLL8DAEDAHD8B69G>9DG< �#�#�'�,���� ��DA:<>D�(68>DC6A�N�9:�'69G>9�9:��D8IDG:H�N�&>8:C8>69DH�:C��>:C8>6H�*DATI>86H�N�-D8>DAD<T6��

��������������

����

���� ���

� ���������

�,9GD97HC�5� @5G� 7CBJC75HCF=5G�89�9AD@9C� G9V5@5FEI9�5IBEI9�7CB�DC75G�D@5N5G�9GH9�5VC�<5B�G=8CDI6@=7585G� 89� BI9JC� 7CBJC75HCF=5G� 9GH5H5@9G� 89;F5B�=BH9FSG�D5F5�5@;IBCG�89�BI9GHFCG�DFC:9G=CB5@9G�M�EI9�<56U5B�9GH58C�7CB;9@585G�@CG�8CG�Y@H=ACG5VCG�7CAC�@5G�89@��I9FDC�-ID9F=CF�89��8A=B=GHF58CF9G��=J=@9G�89@��GH58C�@5G�89@��I9FDC�89�!9GH=WB89��8A=B=GHF57=WB��=J=@�89@��GH58C�@5G�89@��I9FDC-ID9F=CF�89�#BGD97HCF9G�89�.F565>C�M�-9;IF=858�-C7=5@�@5G�89@��I9FDC�-ID9F=CF�89�.S7B=7CG�89�@5�-9;IF=858� -C7=5@� @5G� 89@� �I9FDC� -ID9F=CF� 89#BH9FJ9BHCF9G�M��I8=HCF9G�89@��GH58C�@5G�89@��I9FDC-ID9F=CF�89�#BH9FJ9B7=WB�M��CBH56=@=858�89�@5��8A=B=GHF57=WB�89�@5�-9;IF=858�-C7=5@�9H7�

.6AA:G:H�9:��WHFJ:96�9:��BEA:D��IF5BH9�� ���9B�9@�-9FJ=7=C�89��AD@9C�<9ACG�CF;5B=N58C�7=B7C�.5@@9F9G�89��YGEI985��7H=J5�89��AD@9C�7CB�IB5�A98=5�89���D5FH=7=D5BH9G�7585�IBC�� 9B�HCH5@��&CG�5G=GH9BH9G�:I9FCB�8=GHF=6I=8CG�G9;YB�GI;F58C�89�9LD9F=9B7=5�D5F5�DC89F�7CBH5F�7CB�;FIDCGF9@5H=J5A9BH9�<CAC;SB9CG��-9�HF5H5�89�H5@@9F9G�897I5HFC�8U5G�89�8IF57=WB�7IMC�C6>9H=JC�9G�=B:CFA5F�M5G9GCF5F�GC6F9�@5G�A9>CF9G�HS7B=75G�89�6YGEI98589�9AD@9C�GC6F9�@5G�8=J9FG5G�:I9BH9G�89�9AD@9C9L=GH9BH9�GC6F9�@5�A9>CF�A5B9F5�89�<579F�IB��0�MIB5�75FH5�89�DF9G9BH57=WB�GC6F9�7WAC�8=F=;=FG9�5IB5�9ADF9G5�589ARG�G9�9BHF9BW�9B�@5�F95@=N57=WB89�9BHF9J=GH5G�89�G9@977=WB�8=BRA=75G�;FID5@9G�MH9GH�DG=7CHS7B=7CG�

.5A6=SB�9GH9�5VC�M�89�:CFA5�9LD9F=A9BH5@�G9�<5BDI9GHC�9B�A5F7<5���.5@@9F9G�D=@CHC�89�,9:@9L=WB�#AD@=757=WB� M��AD@9C� 7CB8I7=8CG� DCF���� 9FB5B8C3N5;I=FF9�D5F5�D9FGCB5G�7CB�G=HI57=CB9G�89�89G9AD@9C�89�@5F;5�8IF57=WB�7CB�9BHF9���M���D5FH=7=D5BH9G�7585�IBC�

$DGC696H�.5@�7CAC�589@5BHR65ACG�9B�9@�BYA9FC�5BH9F=CF�89BI9GHF5�F9J=GH5�8IF5BH9�9GH9�5VC�9@�-9FJ=7=C�89��AD@9C�89@��C@9;=C�<9ACG�EI9F=8C�5DCGH5F�DCF�5EI9@@5G�CHF5G�JU5G�89�9AD@9C�A9BCG�7CBC7=85G�M�A9BCG9LD@CF585G��-9�HF5H5�89�CDCFHIB=8589G�89�9AD@9C�5@H9FB5H=J5G�AIM�=BH9F9G5BH9G�D5F5�BI9GHFCG�DFC:9G=CB5@9G� M� EI9� AI7<5G� J979G� 89G7CBC79ACG� CH9B9ACG�=B:CFA57=WB�D5F7=5@�EI9�BC�G9�5>IGH5�89@HC8C�5�@5�F95@=858��*CF�9GH9�ACH=JC�<9ACG�CF;5B=N58C�@5G�G=;I=9BH9G�$CFB585G�

.�&&�,��'*,�(��,��)(�.�&�(.)��

�GH9�H5@@9F�EI9�G9�89G5FFC@@W�9B�@5�G989�89@��C@9;=C9@�D5G58C����89�)7HI6F9�9GH565�8=F=;=85�5�-C7=W@C;CG�5G�M�*C@=HW@C;CG�5G�EI9�9GHIJ=9F5B�6IG75B8C�IB

BI9JC�;=FC�5�GI�HF5M97HCF=5�DFC:9G=CB5@�C�EI9�G95B9ADF9B898CF9G�M�BC�<5M5B�5@75BN58C� HC85JU5�9@B=J9@�89�SL=HC�89G958C�C�5EI9@@CG�EI9�G9�D@5BH95F5B9ADF9B89F�M�@5BN5FG9�5�@5�5J9BHIF5�89�ACBH5FG9�DCFGI�7I9BH5���G=GH=9FCB�IB�HCH5@�89����D9FGCB5G���GH9H5@@9F�:I9�=AD5FH=8C�9B�7C@56CF57=WB�7CB�@5�9ADF9G5�L79@@9B79�,9G95F7<�#BGH=HIH9��KKK�9L79@@9B79F9G95F7<�7CA��M�HIJC�7CAC�DCB9BH9�DF=B7=D5@�5��V5��95HF=N�89� FIHCG�EI9�5�HF5JSG�89�8=BRA=75G�D5FH=7=D5H=J5G� HF5HC� 89� EI9� @CG� 5G=GH9BH9G� F9:@9L=CB5F5BGC6F9�7I9GH=CB9G�7CAC�GIG�DFCD=CG�H5@9BHCG�7CBC79F�@5G�DCG=6=@=8589G�F95@9G�EI9�H=9B9G�D5F5�7I@A=B5F@CG�EI9� H9�DFCDCB9G� 7CAC�A5BH9B9F�IB�B=J9@�899B9F;U5�5@H5�M�A5BH9B=85�D5F5�7CBG9;I=F�@CG�SL=HCGEI9�H9�DFCDCB;5G�7I5@9G�GCB�@5G�<9FF5A=9BH5G�D5F5DCB9F�HI�A9BH9�5�HF565>5F�5�HI�:5JCF�M�GID9F5F�5GU�65FF9F5G�M�@=A=H57=CB9G�9H7�

$),(���� ��� �2*�,#�(�#�-� �'*,�(�#'#�(.)� ��� -)�#b&)!)-��-� 3� *)&#.b&)!)-��-�

&5�$CFB585��LD9F=9B7=5G��ADF9B8=A=9BHC�89�-C7=W@C;CG�5G�M�*C@=HW@C;CG�5�G9�79@96FW�9B�@5�G989�89@�C@9;=C�9B�'58F=8�9@����89�A5MC�89�� ���M�5G=GH=9FCB�IB�HCH5@�89�� �D9FGCB5G���B�9GH5�$CFB585�7I5HFCGC7=W@C;CG�5G�M�DC@=HW@C;CG�5G�BCG�7CBH5FCB�9B�DF=A9F5�D9FGCB5�GI�9LD9F=9B7=5�9ADF9G5F=5@�7585�IBC89�9@@CG�9B�IB�G97HCF�89�57H=J=858�8=:9F9BH9��U6�*>A6G��O6<G6��A7:G>8>D� -C7=W@C;5�GC7=5�:IB858CF5�89�IB5�9ADF9G5�89�=BJ9GH=;57=WB�GC7=5@�M�9HBC;F5:U5��<HHD���KKK�CB@=B95B8C::@=B9�B9H����>:<D�!DCORA:O�!>AH6CO� -C7=W@C;C�EI9�<5�=B=7=58C�GI�57H=J=858�9ADF9G5F=5@�7CB�GI�DFCD=5�7CBGI@HCF5�89�:CFA57=WB��<HHD���E5@5AC�7CA��U6�-6C9G6�*SG:O�!6G8T6� *C@=HW@C;5�GC7=5�89@�;56=B9H9�89�9GHF5H9;=5�M�7CAIB=757=WB�DC@UH=75��L=DC@�<HHD���KKK�9L=DC@�9G���$DHS�&J>H�*6H8J6A�*:9G6O6�-C7=W@C;C�GC7=C�89@5� 7CBGI@HCF5� 89� F97IFGCG� <IA5BCG�.5@9BH� *FC:=H�<HHD���KKK�H5@9BHDFC:=HG�7CA�9G�

36

LLL8DAEDAHD8DG<�������LLL8DAEDAHD8B69G>9DG< �#�#�'�,���� ��DA:<>D�(68>DC6A�N�9:�'69G>9�9:��D8IDG:H�N�&>8:C8>69DH�:C��>:C8>6H�*DATI>86H�N�-D8>DAD<T6��

$),(�������)*),./(#����-�����'*&�)�(�&�-�#(-.#./�#)(�-��/,)*��-�*�,��*)&#.b&)!)-��-�3�-)�#b&)!)-��-

�GH5�$CFB585�HIJC�@I;5F�9B�@5�G989�89@��C@9;=C�9@���89��6F=@�89�� ���M�5G=GH=9FCB�ARG�89�� �D9FGCB5G�H9B=9B8C�EI9�EI985FG9�:I9F5�;9BH9�=BH9F9G585DCF�DFC6@9A5G�89�5:CFC���B�9GH5�$CFB585�D5FH=7=DW�U6�#H67:A�'DN6�*SG:O� �CBG9>9F5�89��GIBHCG�89*C@UH=75�.9FF=HCF=5@�89�@5�,9DF9G9BH57=WB�*9FA5B9BH989��GD5V5�5BH9�@5�/B=WB��IFCD95��,�*�,��EI9J=BC�9L�DFC:9GC�89G89��FIG9@5G�D5F5�D5FH=7=D5F�9B�@5A=GA5�M�9LD@=75FBCG�H5BHC�@CG�8=GH=BHCG�DFC79GCG�89G9@977=WB�D5F5�@5G�=BGH=HI7=CB9G�9IFCD95G�7CAC�@5@56CF�EI9�<579�@5�,�*�,�89�5DCMC�5�@5�DF9G9B7=589�9GD5VC@9G�5G��*CGH9F=CFA9BH9�89G89�9@�-9FJ=7=C89��AD@9C�89@��C@9;=C�5AD@=5ACG�@5�=B:CFA57=WBGC6F9�9GH9�H=DC�D5FH=7I@5F�89�CDCG=7=CB9G�EI9�H5B6=9B�9B75>5B�9B�BI9GHFCG�D9F:=@9G�M�EI9�BC�H=9B9BH9A5F=C�9B�@5G�EI9�GC@C�G9�A=89B�7CAD9H9B7=5G�*I989G� GC@=7=H5F� @5� DF9G9BH57=WB� 89� DCK9FDC=BHGC6F9�9GH9�H=DC�CDCG=7=CB9G�EI9�G9�DF9D5FW�58<C7D5F5�9GH5�$CFB585�5��G9FJ=7=C9AD@9C�7C@DC@GC7�CF;��

.6AA:G:H�:C�A6H�/C>K:GH>969:H�HD7G:�H6A>96H�EGD;:H>DC6A:H

�IF5BH9�� ���<9ACG�=AD5FH=8C�7=B7C�H5@@9F9G�GC6F9G5@=85G�DFC:9G=CB5@9G�D5F5�5@IABCG�5G�89�@5G�H=HI@57=CB9G�89�7=9B7=5G�DC@UH=75G�M�C�GC7=C@C;U5�9B�8=:9F9BH9G�/B=J9FG=8589G�9GD5VC@5G���CB7F9H5A9BH9<5B�G=8C�@CG�G=;I=9BH9G�

*5FH=7=D57=WB�9B�@5�^$DGC696�:A�);>8>D�9:�-D8>VAD<D_�CF;5B=N585�DCF�@5� 57I@H589�89�-C7=C@CLU5�89@5�/B=J9FG=8589�85��CFIV5�EI9�HIJC�@I;5F�9@�D5G58C����89�(CJ=9A6F9�M�5�@5�EI9�5G=GH=9FCB����D9FGCB5G�

.5@@9F�^-6A>96H�*GD;:H>DC6A:H�E6G6�-D8>VAD<DH�6H_�CF;5B=N58C�DCF�@5�/B=J9FG=H5H�8905@TB7=5�M�EI9�HIJC�@I;5F�9B�@5� 57I@H5H�89��=TB7=9G-C7=5@G�9@�D5G58C�8U5���89�(CJ=9A6F9�M�7CBHW�7CB@5�5G=GH9B7=5�89����D9FGCB5G�

*5FH=7=D57=WB�9B�@5�$CFB585�^[3�6=DG6�FJ:���-6A>96H�*GD;:H>DC6A:H�N�EDH<G69DH�:C�-D8>DAD<T6_EI9�G9�89G5FFC@@W�9B�@5� 57I@H58�89��=9B7=5G�*C@UH=75G�M�-C7=C@C;U5�89�@5�/B=J9FG=858��CAD@IH9BG9�89'58F=8�9@����89�A5MC�89�� ���CF;5B=N585�DCF�@5�GC7=57=WB�89�#NEI=9F85�*FC;F9G=GH5�M�5�@5�EI9�5G=GH=9FCB�5@F9898CF�89����D9FGCB5G�

*6GI>8>E68>VC�:C�A6�$DGC696�̂ [3�6=DG6�FJ:���-6A>96H�*GD;:H>DC6A:H�N�EDH<G69DH�:C��>:C8>6H�*DATI>86H_ EI9� G9� 89G5FFC@@W� 9B� @5� 57I@H58� 89�=9B7=5G�*C@UH=75G�M�-C7=C@C;U5�89�@5�/B=J9FG=858�CAD@IH9BG9�89�'58F=8�9@���89�56F=@�89�� ���CF;5B=N585�DCF� @5��GC7=57=WB�89� #NEI=9F85�*FC;F9G=GH5� M� 5� @5� EI9� 5G=GH=9FCB� 5@F9898CF� 89� � D9FGCB5G�

$CFB585 ^-6A>96H� *GD;:H>DC6A:H� E6G6� *DA>IVAD<DH�6H_�CF;5B=N58C�DCF�9@�DFC:9GCF����$5J=9F�&CF9BNC�,C8FU;I9N�M�EI9�HIJC�@I;5F�9B�@5�/B=J9FG=858�5F@CG�###�89�'58F=8�9@�8U5����89��6F=@�M�7CBHW�7CB�@55G=GH9B7=5�89����D9FGCB5G�

,:9:H�-D8>6A:H�*GD;:H>DC6A:H

��:=B5@9G�89�� � �9@�-9FJ=7=C�89��AD@9C�89@��C@9;=C5B5@=N5B8C�@5�9JC@I7=WB�89�@CG�A975B=GACG�89�G9@977=WB� 9ADF9G5F=5@� <57=5� @5� @@5A585� d-9@977=WB�� e�@5BNW�IB�;FIDC�89GH=B58CG�5�@CG�5G�DFC:9G=CB5@9G�89�@5G��=9B7=5G�*C@UH=75G�M�@5�-C7=C@C;U5�5�HF5JSG�89�@5�F98�GC7=5@�DFC:9G=CB5@�&=B?98#B��

&6�:KDAJ8>VC�9:A�<GJED�9:A��DA:<>D�:C�&>C@:9#C=6� H>9D� BJN� EDH>I>K6� �7HI5@A9BH9� H=9B9� ARG������A=9A6FCG�@C�EI9�GIDCB9��� �ARG�EI9�9@5VC�D5G58C�@C�EI9�=AD@=75�EI9�G9�HF5H5�89@ EG>B:G<GJED�EGD;:H>DC6A� I6CID� 9:��>:C8>6�*DATI>86� N8DBD�9:�-D8>DAD<T6�89�9GH5�F98�9B�=8=CA5�9GD5VC@��-=B�9A65F;C�@5�57H=J=858�89@�;FIDC�9@�BYA9FC89�5DCFH57=CB9G�M�7CBHF=6I7=CB9G�89�@CG�A=9A6FCG9GHR� H9B=9B8C� IB5� 9JC@I7=WB� 7CB� 5@H=65>CG� <I6CAI7<5�57H=J=858�5�DF=B7=D=CG�89�5VC�89GDISG�8975MW�G9�F97ID9FW�9B�$I@=C�M�89G89�9BHCB79G�@5�57H=J=858� 89@� ;FIDC� <5� 89G79B8=8C���YB� 5GU� 9B� @557HI5@=858�DC89ACG�@99F�8965H9G�AIM�=BH9F9G5BH9G

��7CBH=BI57=WB�56F=ACG�IB�HIFBC�89�DF9;IBH5G�M�89GDISG�8965H=ACG�GC6F9�@CG�GC6F9�DFCG�M�7CBHF5G89@�9ADF9B8=A=9BHC��*I989G�GC@=7=H5F�IB�8C7IA9BHC�F9GIA9B�89�9GH5�$CFB585�5��G9FJ=7=C9AD@9C�7C@DC@GC7�CF;��M�J9F�IB�J=89C�F9GIA9B�9B�@5�G=;I=9BH9�K96�

=IIE���LLLNDJIJ7:8DB�L6I8=�K�/?&H�'�%#�DF=A9F5�D5FH9��M

=IIEH���LLLNDJIJ7:8DB�L6I8=�K��M /��8# �D�G9;IB85�D5FH9��

���������������������� ���� ��������� �

37

LLL8DAEDAHD8DG<�������LLL8DAEDAHD8B69G>9DG< �#�#�'�,���� ��DA:<>D�(68>DC6A�N�9:�'69G>9�9:��D8IDG:H�N�&>8:C8>69DH�:C��>:C8>6H�*DATI>86H�N�-D8>DAD<T6��

H:GK>8>D:BEA:D�8DAEDAHD8DG<

'RH�>C;DGB68>VC�:C�:A�RG:6�9:�-:GK>8>D�9:��BEA:D�9:�A6�ER<>C6�L:7�=IIE���LLL8DAEDAHD8B69G>9DG<�>C9:ME=E�:BEA:D58DA:<>69DH�

7CAC�d&5�#ADCFH5B7=5�89@�D5D9@89@�*C@=HW@C;C�5-C7=W@C;C�5�H5BHC�9B� @5��CAIB=757=WB�*C@UH=757CAC� 9B� @5G� �8A=B=GHF57=CB9G*Y6@=75Ge�C�d^&5�=BJ9GH=;57=WB<5�HC758C�:CB8C�e�C�d/*M��̂ "59B7CBHF58C� GI� 9GD57=C� =89C@W;=7C�e�C�d�HBC;F5:U5�M�B9HBC;F5:U5� 7CAD@9A9BHRB8CG9e� Cd^�CBC79G�@5�HS7B=75�89@�KCF@875:S�e�M�5GU�IB�@5F;C�9H7SH9F5�.9� 57CBG9>5ACG� EI9� H9� IB5GBCG�89G� HI� CD=B=WB� 7CAD5FH5G=BEI=9HI89G� 7CBC7=A=9BHCG9J9BHCG� 9H7�� 9B� 89:=B=H=J5� G9HF5H5� 89� IB5� <9FF5A=9BH5� EI957CBG9>5ACG�5� HC8CG� @CG�7C@9;=58CG�5G�M�EI9�DI989�G9F�89;F5B�IH=@=858�5�@5�<CF5�89�7F95FIB5� =A5;9B�D9FGCB5@�DFC:9G=CB5@� @C�7I5@�9BHF9�CHF5G�7CG5G:57=@=H5� 9BCFA9A9BH9� 5� A98=CD@5NC�@5G�A9>CF5G�89�9AD@9C�

\\\.���(#'�')-���+/��.��/(�-���

*FI965�9B�9GH5�8=F977=WB�K96�=IIE���LLLA>C@:9>C8DB�<GDJEH�BDHI*DEJA6G��<>9����� ���

,:8JGHDH�"JB6CDH�@�-9FJ=7=C�89��AD@9C�M��5FF9F5�*FC:9G=CB5@�89@��C@9;=C9GHR�:CFA58C�57HI5@A9BH9�DCF@5G�G=;I=9BH9G�D9FGCB5G�

���9DA;D�9:&JMRC��6HI>A;DGI:���CCF8=B58CF�

�U6�,DH6'6=T6�(D<J:>G6��.S7B=75�

�7HI5@A9BH9�G9<5M5B�F95@=N5B8C�DFR7H=75G�5GC7=585G�5�GIG�9GHI8=CG�89�;F58CM�5MI85B8C�8=@=;9BH9A9BH9�M7CB�AI7<C�RB=AC�9B�HC85G�@5G57H=J=8589G�89@�-9FJ=7=C�89��AD@9C�5�@5G�G=;I=9BH9G�D9FGCB5G

�U6�'6GT6�0>8IDG>6!VB:O��=68VC��GHI8=5BH9�897I5FHC�7IFGC89@�!F58C�89���**�

�U6�':<<N'6N6�'DJG>IO:C�0>AA6AI6��GHI8=5BH9�897I5FHC�7IFGC89@�!F58C�89-C7=C@C;U5�

�IF5BH9�� ���H5A6=SB�<=7=9FCBDFR7H=75G�7CB�BCGCHFCG�

��`AK6GD��DJ8:>GD� 6G?6H���GHI8=5BH9�89�7IFGC�89@�!F58C89�-C7=C@C;U5�

��$J6C�*:9GD�,>K6H� �975F=C��GHI8=5BH9�89�EI=BHC�7IFGC�89�@5&=79B7=5HIF5�89�-C7=C@C;U5�

��������������

����

���� ���

� ���������

38

���������� ���������� �������� �������������� �������������� ��

FFF�2>;?>;B>2�>A6�������FFF�2>;?>;B>2<03A83�>A6 �����"�'�����>;468>�#028>=0;�H�34�"03A83�34��>2C>A4B�H�!824=2803>B�4=��84=280B�%>;NC820B�H�(>28>;>6N0���

-+�����(�*�!�����+�'�#$��(%����!�/���U#�)J�#����.�%'$��(�$#�!����%$!T)���(�

.�($��$!$�T�

�4;��0;� �34�9D;8>�H�34B34�4;���0;��34;�<8B<>�<4B��CDE>�;D60A�;0�-+����43828P=34�;0��B2D4;0�34�+4A0=>�34;��>;468>��(4�70=��<?0AC83>� �2DAB>B�H�B4�70=<0CA82D;03>�24A20�34�3>B284=C>B�0;D<=>B�@D4�70=�A428183>�?>A�?0AC4�34;��>�;468>�D=0B�4=B4O0=I0B�@D4�B8=�;D60A�0�3D30��<49>A0AL=�BD�4B?4280;8I028P=CM2=820�?A>54B8>=0;��?0A0�4=5A4=C0AB4�0;�2030�E4I�<LB�2><?4C8C8E>�<4A203>�;0�1>A0;���2>=C8=D028P=��07N�4BCL=�;0B�5>C>B�34�;>B�20C>A24�2DAB>B�8<?0AC83>B�

�#)'$�*���U#���!���$"*#�����U#�%$!T)����.���!�(���"%�K�(��!��)$'�!�(

����������

�������

����

39

FFF�2>;?>;B>2�>A6�������FFF�2>;?>;B>2<03A83�>A6 �����"�'�����>;468>�#028>=0;�H�34�"03A83�34��>2C>A4B�H�!824=2803>B�4=��84=280B�%>;NC820B�H�(>28>;>6N0���

�+�!*���U#����%$!T)���(�%V�!���(

�#)'$�*���U#���!����()�U#�.���'����U#����'��*'($(��*"�#$(

40

FFF�2>;?>;B>2�>A6�������FFF�2>;?>;B>2<03A83�>A6 �����"�'�����>;468>�#028>=0;�H�34�"03A83�34��>2C>A4B�H�!824=2803>B�4=��84=280B�%>;NC820B�H�(>28>;>6N0���

#*�+�(�)��#$!$�T�(��#��#+�()�����U#��*�#)�)�)�+�

�!�%�%�!���!�($��U!$���%$!�)U!���#��!��%$.$��!��"%'�#���$'���

41

FFF�2>;?>;B>2�>A6�������FFF�2>;?>;B>2<03A83�>A6 �����"�'�����>;468>�#028>=0;�H�34�"03A83�34��>2C>A4B�H�!824=2803>B�4=��84=280B�%>;NC820B�H�(>28>;>6N0���

(��*'�����.�����#(��#���$#�!��#)��*#�%�#$'�"���()'�)J���$���"���#)�

�#)'$�*���U#���!���$$%�'���U#��#)�'#���$#�!�%�'���!��(�''$!!$��*#��"�'�����'T)���

42

FFF�2>;?>;B>2�>A6�������FFF�2>;?>;B>2<03A83�>A6 �����"�'�����>;468>�#028>=0;�H�34�"03A83�34��>2C>A4B�H�!824=2803>B�4=��84=280B�%>;NC820B�H�(>28>;>6N0���

#*�+�(�)��#$!$�T�(��#��#+�()�����U#��*�!�)�)�+�

($��$!$�T���!T#���

FFF�2>;?>;B>2<03A83�>A643

FFF�2>;?>;B>2�>A6�������FFF�2>;?>;B>2<03A83�>A6 �����"�'�����>;468>�#028>=0;�H�34�"03A83�34��>2C>A4B�H�!824=2803>B�4=��84=280B�%>;NC820B�H�(>28>;>6N0���

%'�+�#��U#����'��(�$(�!��$'�!�(

'��!�/���U#�����()*��$(����#�$'"�(�($�'����'���$(��*"�#$(%�'���#"��'���U#���(�!$�.�'��*��$

44

FFF�2>;?>;B>2�>A6�������FFF�2>;?>;B>2<03A83�>A6 �����"�'�����>;468>�#028>=0;�H�34�"03A83�34��>2C>A4B�H�!824=2803>B�4=��84=280B�%>;NC820B�H�(>28>;>6N0���

�$#(*!)$'T����!�(��)$'�%V�!��$

!����'����U#����'��*'($(��*"�#$(��#�)��"%$(�����'�(�(

45

FFF�2>;?>;B>2�>A6�������FFF�2>;?>;B>2<03A83�>A6 �����"�'�����>;468>�#028>=0;�H�34�"03A83�34��>2C>A4B�H�!824=2803>B�4=��84=280B�%>;NC820B�H�(>28>;>6N0���

�#)�'+�#��U#�.�%$!T)���(�($���!�(

B4AE828>4<

?;4>�2>;?>

;B>2�>A6

);5��38A42C>���� ������

46

FFF�2>;?>;B>2�>A6�������FFF�2>;?>;B>2<03A83�>A6 �����"�'�����>;468>�#028>=0;�H�34�"03A83�34��>2C>A4B�H�!824=2803>B�4=��84=280B�%>;NC820B�H�(>28>;>6N0���

� ��������������������� ���+0=02;>270����A0=28B2>� ����8A42C>A�"0A2>�!460;�H�34��4BC8P=�34�;0�%A>C4228P=�34�;0B��=5A04BCAD2CDA0B�2ANC820B�4=��B?0O0$25C:5���� ���5�,?:G6CD:525��2C=@D� ���=6?E:D���'M8D�����

��=@�=2C8@�56�=2D�AM8:?2D�BF6�D:8F6?�D6�56DE242�C6:E6C252>6?E6�BF6�=2D�:>�A@CE2?E6D�EC2?D7@C>24:@?6D�BF6�92?�6IA6C:>6?E25@�6?�=@�BF6�G2�56�D:8=@�=@D6D46?2C:@D�?24:@?2=6D�6�:?E6C?24:@?2=6D��92?�:>AF=D25@��6?�>2E6C:2�56�AC@�E644:R?�56�2BF6==2D�:?7C26DECF4EFC2D�4@?D:56C252D�4CPE:42D��6=�56D2CC@==@�56�F?22G2?K252�C68F=24:R?�=682=�J�>@56=@D�56�86DE:R?�4@?D64F6?E6D�?@�D@=@�4@?=@D�?F6G@D�C:6D8@D�56E64E25@D��D:?@�E2>3:N?�4@?�=2�D:?8F=2C�4@>A=6;:525�565:492�AC@E644:R?��DF�:>A24E@�A@E6?4:2=�J�=2�D6?D:3:=:525�4:F5252?2�BF6�86?6C2��==@�92�E6C>:?25@�4@>A@CE2?5@�56�9649@�F?�6?7@BF6�C6567:?:5@C�56�F?2�3F6?2A2CE6�56�=@D�AC@3=6>2D�J�=2�86DE:R?�56�=2�D68FC:525�6D6?4:2=�@�G:E2=�A2C2�=@D��D�E25@D�56>@4CME:4@D��0�D:8F:6?5@�6DE@D�A2D@D��6=�56DE2425@�6D7F6CK@�C62=:K25@2�E2=�7:?�6?��DA2Q2��5FC2?E6�=@D�S=E:>@D�2Q@D��E2>3:N?�92�4@=@425@�=2�AC@E64�4:R?�56�5:492D�:?7C26DECF4EFC2D�6?�6=�4@C2KR?�56�?F6DEC2D�A@=PE:42D�AS3=:42D�56

D68FC:525�� �D� 2DP� 4R>@� 6=� D:D�E6>2� 4@?7:8FC25@� 6?� =2� #6J������56����56�23C:=��J�6=�)62=�64C6E@� ������� 56� �� 56>2J@��92�23:6CE@�A2D@�2�F?2�24�4:R?� 6DEC2EN8:42� 56� =2C8@� C64@�CC:5@��BF6�4@>@�E2=�6?E6?56>@DBF6�5636�D6C�4@?@4:52�J�AF6DE26?�G2=@C�

%4CB274=��(0=C806>�;�0AC4�34�30A�2;0B4B���G?4A84=280B�34�;>B�0DC>A4B�34�;81A>B�34�<4<>A80B�$25C:5���� ���5:E@C6D�'=2K2�J�-2=56D��'M8D����

#2�4=2D6�6D�F?2�@3C2�56�2CE6�>6?@C���D�6=�AC:�>6C@�56� =@D�56D4F3C:>:6?E@D�BF6�6=� 2FE@C� � 566DE6�=:3C@�C62=:K2�EC2D�=2�=64EFC2�56�>MD�56�4:6?6>:?6?E6D�4C@?:DE2D�Z2FE@C6D�56�=:3C@D�56�>6>@�C:2D��246C42�56�=2�7@C>24:R?�65F42E:G2�BF6�C64:�3:6C@?� 6?� DF� :?72?4:2� J� 6?� DF� ;FG6?EF5�� &EC@56D4F3C:>:6?E@�6D�6=�A@56C��2E6DE:8F25@�4@?�6IAC6�D:@?6D�>FJ�9@?52D�J�6?EC2Q23=6D��BF6�A@D66?�=@D

AC@76D@C6D�A2C2�4@?DE:EF:CD6�6?�7:�8FC2D� 4@?� =2D� BF6� :56?E:7:42CD6AC@7F?52>6?E6���?�=2�4F>3C6�56=2�5@46?4:2��6DEM?�=@D�>26DEC@DBF6�2A=:42?��=:3C6>6?E6��=@�BF6DF�A6CD@?2=�42C:D>2�=6D�:?DA:C2�0� 6?� =@D� 6?EC624E@D�� 6=� =:3C@EC2E2�56�=@�BF6�D6�9246�3:6?�J>2=�2�AC@ARD:E@�56� =2�2FE@C:�525�� =2�A=2DE:4:525�� =2�56?D:�525��6=�E6>A@��=2�AC6D6?4:2�6=� 923=2�� =@D� 86DE@DY+@5@F?� 3C6G2C:@� 56� >65:E24:R?A6528R8:42�D@3C6�F?�EC2?D�7@?5@� >FJ� 2>A=:@� 56� 4F=�

EFC2�4@?E6>A@CM?62�

(0=C806>�%4CB274=�+4A306D4A� 92D:5@��42E65CME:4@�56�)6=24:@?6D� ?E6C?24:@�?2=6D�J�AC@76D@C�!62?�$@??6E�56�=2�,?:R?�FC@A62���2�AF3=:425@��6?EC6�@EC@D��G2C:@D=:3C@D�D@3C6��FC@A2��#2��FC@A2�56�=2D�)6�8:@?6D��6?�65:4:@?6D�6DA2Q@=2�J�7C2?46D2��J

#2� �@?DE:EF4:R?� �FC@A62�� AF3=:425@� A@C'=2K2�J�-2=5ND����=�4F>A=:C�DFD�EC6D�2Q@D�566>NC:E@�6?�=2�,?:G6CD:525��@>A=FE6?D6�56$25C:5��D6�565:42�2�C67=6I:@?2C�J�9246C�C6�7=6I:@?2C�D@3C6�6=�:?DECF>6?E@�5@46?E6�BF692� E6?:5@� BF6� FE:=:K2C� 4@E:5:2?2>6?E6� 5F�C2?E6�E@52�DF�G:52�AC@76D:@?2=��=2�4=2D6�

�A0=28B2>� ��+0=02;>270��4;;E4A�6D��2E65CME:4@�56��:6?4:2'@=PE:42�J�56�=2��5>:?:DEC24:R?��#:46?4:25@�6?��:6?�4:2D�'@=PE:42D�64@?R>:42D�J��@>6C4:2=6D�J�#:46?4:25@6?�*@4:@=@8P2���?������@3E:6?6�6=�EPEF=@�56�5@4E@C�6?�:6?4:2D�'@=PE:42D�64@?R>:42D�J�4@>6C4:2=6D���4EF2=�>6?E6�6D��:C64E@C�56=� ?DE:EFE@�56�'@=PE:42�J��@36C�?2?K2�J��:C64E@C�56=�$MDE6C�56��6DE:R?�J��:C644:R?�56=2�*68FC:525�

47

FFF�2>;?>;B>2�>A6�������FFF�2>;?>;B>2<03A83�>A6 �����"�'�����>;468>�#028>=0;�H�34�"03A83�34��>2C>A4B�H�!824=2803>B�4=��84=280B�%>;NC820B�H�(>28>;>6N0���

� ��

�������

������������

��

�4��>A1P=�%0A<0��"0AN0)4A4B0�BN�5D4A>=��0BN�B>=$25C:5������5�'=2?6E2�'M8D�� ��

�=��2C=:D>@��BF:KMD�2�42FD2�56�DF42C82�A@=N>:42�@�A@CBF6�@EC@D�2D�

A64E@D�56�=@D�D:8=@D�/ /�J�//�92?�==2>2?5@�>MD�=2�2E6?4:R?�56�=@D�9:DE@C:2�5@C6D�4@?E6>A@CM?6@D���6IA=:42�!�����=6>6?E6�6?�6=�ACR=@8@�56�=2�AC6D6?E6@3C2���?@�92�D:5@�EC2E25@�4@?�=2�2>A=:EF5�?:�=2�4=2C:525�>6C64:52D�'@C�6==@��� ��������� �� 4@?DE:EFJ6�F?2�2A@CE24:R?�6D6?4:2=�A2C2�=2�4@>�AC6?D:R?�56�F?�>@G:>:6?E@�A@4@�@�>2=�4@?@4:5@��'@C�DFD�AM8:?2D�56D7:=2?2=8F?2D�7:8FC2D�76>6?:?2D�56=�>2J@C�:?E6CND��56D56�$2CP2�56�=2D�%:6G6D�56�C282?K2��6DA@D2�56��=7@?D@��2C=@D� ��2�1:E2�56��@C3R?�'2C>2��=2�S=E:>26>A6C2EC:K�56��FC@A2�Z6>A6C2EC:K�56��FDEC:2��J�C6:?2�56��F?8CP2���56D56$2CP2��2C@=:?2�56��@C3R?�*:4:=:2��5FBF6D2�56��6CCJ��2�$2CP2�56�=2D�%:6G6D�J�64:=:2�56��@C3R?�'2C>2��96C>2?2D�56�=2�2FE@C2��BF6�7F6C@?�67:4246D�4@=2�3@C25@C2D�DFJ2D�6?�=2�4=2C:7:424:R?�:56@=R8:42�56=�'2CE:5@��2C=:DE2�'6C@�D:?�5F52�6=�6DEF5:@�>MD�:>A@CE2?E6�6D�6=�BF6�=2�2FE@C2�565:42�2�DF�A2�5C6D���@?�!2G:6C�56��@C3R?�'2C>2��6=�[G:6;@�C6J\�42C=:DE2��J�2�DF�96C>2?@��@?��2C=@D��F8@��F?@�56�=@D�AC@E28@?:DE2D�56�=2�EC2?D:4:R?�2�=2�56>@4C24:2�DR=@�=2�2FE@C2�56�6DE6�=:3C@�Z4@?@4:52�6?�DF�>@>6?E@��6?�=@D�4PC4F=@D�56�=2@A@D:4:R?�A@=PE:42�2=�CN8:>6?�56=�86?6C2=��C2?4@��4@>@�=2�AC:?46D2�C@;2�ZA@5P2�@7C646C?@D�F?�E6IE@�6?�6=�BF6�6=�C:8@C�9:DERC:4@�D6�2=P2�56�>2?6C2�?2�EFC2=�4@?�=2�2>6?:525�BF6�AC@A@C4:@?2�6=�4@?@4:>:6?E@�56�=@D�9649@D�G:G:5@D6?�72>:=:2�

"0AN0�)4A4B0�34��>A1P=�%0A0<0�92�D:5@�AC@76D@C2�6?�6=��6A2CE2>6?E@�56�6C649@��@?DE:EF4:@?2=�6?�=2�,�$�J�6DA6�4:2=:DE2�6?�+6@CP2�56=��DE25@�6?�=@D�A2PD6D56=� D=2>���2�>:=:E25@�6?�=2�C64@?DECF44:R?�6G@=F4:R?�:56@=R8:42�J�AC@J644:R?�:?E6C?2�4:@?2=�56=�'2CE:5@��2C=:DE2�

R&DM�=>B�70�?0B03>���;�50;;>�34�D=�?0NB$AC460���=3AMB�%0B2D0;�'0<B0H��S=64;�2C46=@?2������5��2=2I:2�FE6?36C8�PC4F=@�56�#64E@�C6D���'M8D� ���

�?� >6?@D� 56� 4F2EC@� 2Q@D� �D�A2Q2�92�A2D25@�56�D6C�F?@�56=@D�A2PD6D�56�>2J@C�4C64:>:6?E@56�=2�,��2�DF7C:C�F?2�AC@7F?52�56�AC6D:R?� ?24:@?2=�� 4@?� >MD� 564:?4@�>:==@?6D�56�A2C25@D�J�F?2C65F44:R?�56�=2�C:BF6K2�BF6�2>6�?2K2� 4@?� ==6G2C� 2� F?2� 5N4252A6C5:52���FC2?E6�=2�S=E:>2�=68:D�=2EFC2��6=�A2PD�92�EC2?D:E25@�56�=26F7@C:2�2�F?2�:?E6?D2�4C:D:D�64@�?R>:42�J�D@4:2=��0�6=�'*&��56�C6G2=:52C�DF�G:4E@C:2�6?>2CK@�56����2�4@D6492C�6?�?@G:6>3C6�56�����6=A6@C�C6DF=E25@�56�DF�9:DE@C:2��A6C>:E:6?5@�2=�''�24F�>F=2C�>MD�A@56C��46?EC2=�J�E6CC:E@C:2=��BF6�?:?8F?2�@EC2

7@C>24:R?� 6?� =2� 56>@4C24:2�� �=� >F?5@� E2>3:N?� 9242>3:25@��246=6CM?5@D6�6=�56DAC6DE:8:@�56�=28=@32=:K24:R?�J�56=�>@56=@�64@?R>:4@�:>A6�C2?E6��6=�56DA=2K2>:6?E@�56=�A@56C�J�C:BF6K256�&44:56?E6�2�&C:6?E6�J�2=�DFC��6=�564=:G6�C6�=2E:G@�56����,,�J�F?2�4C:D:D�56=�6FC@�J�56�=2,?:R?��FC@A62�D:?�AC64656?E6D�X�R>@�96>@D�==6825@�92DE2�2BFP��#2D�6IA=:�424:@?6D�92?�@D4:=25@�6?EC6�=2�A6CD@?2=:K24:R?6?�)@5CP8F6K�12A2E6C@�56�E@5@D�=@D�>2=6D�JF?2�G:D:R?�24CPE:42�BF6�D6�6I4FD232�6?�6=�@C:�86?�:?E6C?24:@?2=�56�=2�4C:D:D��4F2?5@�=@�BF6�92923:5@�6D�F?�72==@�56�A2PD�6?�A=6?2�EC2?D7@C�>24:R?�6FC@A62�J�8=@32=��#@D�2FE@C6D�92?�G:�G:5@�6DE2�EC2?D>FE24:R?�56D56�56?EC@��56D566=��6A2CE2>6?E@�56��?M=:D:D�J��DEF5:@D�56=��2�3:?6E6�56�=2�'C6D:56?4:2�56=��@3:6C?@��J�2A@C�E2?� =2D�4=2G6D�A2C2�6?E6?56C�6DE6�?2F7C28:@?24:@?2=�J�4R>@�DFA6C2C=@�

�=3AMB�$AC460��6D�=:46?4:25@�6?��:6?4:2D'@=PE:42D���2�D:5@�5:C64E@C�56=��6A2CE2>6?E@56��DEF5:@D�J�56��?M=:D:D�J��DEF5:@D�56�=2'C6D:56?4:2�56��@3:6C?@���5:E@C:2=:DE2�J�4@�=F>?:DE2�56��=�'2PD�

48

FFF�2>;?>;B>2�>A6�������FFF�2>;?>;B>2<03A83�>A6 �����"�'�����>;468>�#028>=0;�H�34�"03A83�34��>2C>A4B�H�!824=2803>B�4=��84=280B�%>;NC820B�H�(>28>;>6N0���

� ��������������������� ���

%MA4I��0B03>��'820A3+8094�34�830��"4<>A80B�?>;NC820B�������-2=6?4:2��� ��5�,?:G6CD:E2E�56�-2=O?4:2��'M8D�����

):42C5�'NC6K��2D25@�?@�6DD@=@�6=�2=42=56�BF6� :>AF=DR�C64:N?�6DEC6?252�=2�56>@4C2�4:2�� =2� C6?@G24:R?� FC32?2>MD�2>3:4:@D2�56�-2=6?4:2�

�8;��0;E>���=A8@D4!>B�?>34A4B�>?02>B��0DBC4A8303�H�A4B8BC4=280$25C:5���� ��=:2?K2��5:E@C:2=��'M8D�� ��

� � ����� � ��� AC6D6?E2� F?2?M=:D:D�4CPE:4@�56=�CN8:>6?��56�2FD�E6C:525�:>A6C2?E6�6?�=2�24EF2=:525�BF6� =@D� 8@3:6C?@D� 6FC@A6@D� 92?25@AE25@�2�A2CE:C�56=�6DE2==:5@�56�=24C:D:D�8C:682�6?�����*FD�6764E@D�D:?�6>32C8@��92?�D:5@�4@?EC2AC@�5F46?E6D�� =@�BF6�92�AC@G@425@�=2C642P52�56�E@52��FC@A26?�F?2�D68F?52� C646�D:R?� BF6� 2764E2� D@3C6E@5@�2�DF�A6C:76C:2�>6C:�5:@?2=�� �6� 29P� BF6�A2C2�AC6G6?:C�=2D�C6D:D�E6?4:2� A@AF=2C�� :?5:8�?252� A@C� =@D� C64@CE6D56=�82DE@�AS3=:4@��=2�A@�

=PE:42� 56� 2FDE6C:525� D6� 92J2� 2A=:�425@�6?�CN8:>6?�56�@A24:525��G6�=2?5@� 6DEC2EN8:42>6?E6� DFDG6C5256C2D� :?E6?4:@?6D� @4F=E2D��?C:BF6� �:=� �2=G@� 56D4F3C6� 6D242C2�@4F=E2�56=�A@56C�J�=2�A@=PE:42�96492� 56� 4@CCFA4:R?�� :?67:424:2� J7C2F56��J�AC@A@?6�F?2�E6@CP2�56�=2

@A24:525� 56=� A@56C� 46?�ECM?5@D6�D@3C6�E@5@�6?�6=M>3:E@�56�=2�4@>F?:424:R?A@=PE:42��2�A2CE:C�56� =2� 7=2�8C2?E6� 4@?EC25:44:R?� BF6DF6=6�AC6D6?E2CD6�6?EC6�6=5:D4FCD@� AS3=:4@� J� =@� BF6C62=>6?E6�D6�9246�

'820A3�%MA4I��0B03>�?@�6D�D@=@�6=�2=42=56�BF6�:>�AF=DR��C64:N?�6DEC6?252�=2�56>@4C24:2��=2�C6?@G24:R?�FC32?256�=2�4:F525��56�=2�-2=6?4:2�56�=2�56>@4C24:2�J�=2�2FE@?@�>P2��56=�:>AF=D@�FC32?@�J�56�=2�:=FD:R?�4@=64E:G2���D�E2>3:N?J�D@3C6�E@5@�F?�:?E6=64EF2=�4@>AC@>6E:5@��F?�2?2=:DE2��F?6DEF5:@D@�56�=2�A@=PE:42�J�56=�FC32?:D>@���@>3C6�56�4@?G:4�4:@?6D�J�56�2>A=:2�EC2J64E@C:2�AS3=:42��C6:G:?5:42�DF�=6825@�J�56E2==2�6?�6DE2D�AM8:?2D�=2D�4=2G6D�56�DF�9246C�6?�E2?E@D6A:D@5:@D�A@=PE:4@D�J�AC@76D:@?2=6D��BF6�2CC2?42?�56�=2D�5:7:�4F=E256D�56�F?2�A@D8F6CC2�9@D42��6?�F?�9@82C�56�C6AF3=:�42?@D�56CC@E25@D�� J� 4F=>:?2?�6?�F?2� EC2J64E@C:2�AS3=:42C6=6G2?E6��6?�-2=6?4:2��$@DE2C��$25C:5�J�6=��@?8C6D@�56�=@D�:AFE25@D�@��2C46=@?2��

%@�6D�D@=@�6=�C6DA@?D23=6�56�=2�C64FA6C24:R?�56�=2�4:F525�A2C2�DFD�4:F5252?@D�56�=2�2CE:4F=24:R?�56�=@D�32CC:@D�2?E6D�2:D=25@D�4@?�=2�EC2>2�FC32?2��56=�6DA=N?�5:5@�!2C5P?�56=�+SC:2��56=�'2=2F�56�=2�$SD:42��56�=2�2AF6DE2�4F=EFC2=�>65:E6CCM�?62��56�=2�D2=G24:R?�56=�*2=6C�56�=2D�82CC2D�6DA64F=2E:G2D��56=�D@E6CC2>:6?E@�56GP2�56�76CC@42CC:=�BF6�A2CEP2?�6?�5@D�=2�4:F525��56�=2D�@3C2D�E2?E@�E:6>A@�A6?�5:6?E6D�56�2=42?E2C:==25@��56�=2�DFA6C24:R?�56=�FC32?:D>@�56�4@CE@D�GF6=@D�J�G6?�5:5@�2�=@D�:?E6C6D6D�AC:G25@D�56�=2�NA@42�7C2?BF:DE2��%@�6D�D@=@�6=�2=42=56�56�=256>@4C24:2�J�=2�2FE@?@>P2��56=�:>AF=D@�FC32?@�J�56�=2�:=FD:R?�4@=64E:G2��56�=2>65:52�9F>2?2�J�=2�4@?E6?4:R?�6?�6=�82DE@�J�=@D�72DE@D��56�=2�4@>A6E6?4:2�AC@�76D:@?2=�J�56�=2�C24:@?2=:K24:R?�56�=2�244:R?�>F?:4:A2=��%@�6D�D@=@�6=�2=42=56�BF6>2?EFG@�=2�5:8?:525�56>@4CME:42�6?�=2�:?72FDE2�?@496�56=�� �����D�E2>3:N?�JD@3C6�E@5@�F?�:?E6=64EF2=�4@>AC@>6E:5@��F?�:?G6DE:825@C��F?�2?2=:DE2�D282K�J�F?6DEF5:@D@�56�=2�A@=PE:42�J�6=�FC32?:D>@��0�F?�4:F5252?@�4@?G6?4:5@�56�BF6��4@>@5:46�6=�2528:@�2=6>M?��[6=�2:C6�56�=2�4:F525�?@D�9246�=:3C6D\���=�2FE@C�C6:G:?5:42DF�=6825@�7C6?E6�2�=2��@3D46?:525�56=�@=G:5@�@�=2�5:72>24:R?��J�56E2==2�6?�6DE2DAM8:?2D�=2D�4=2G6D�56�DF�9246C�6?�E2?E@D�6A:D@5:@D�A@=PE:4@D�J�AC@76D:@?2=6D���?E:6>A@D�56�56D4CN5:E@�56�=2�A@=PE:42��6=�E6DE:>@?:@�56�):42C5�'NC6K��2D25@�4@3C2F?2�6DA64:2=�D:8?:7:424:R?�

�=A8@D4��8;��0;E> 6D�'C@76�D@C�+:EF�=2C�56�*@4:@=@8P2�6?�=2�,�$��24F=�E25�56��:6?4:2D�'@=PE:�42D�J�*@4:@=@8P2���6A2CE2>6?E@�56�*@4:@�=@�8P2� ���F6�'C6�>:@��IEC2@C5:?2C:@�56�#:46?�4:2EFC2�6?�*@4:@=@8P2�A@C�=2,�$�J�?S>6C@�F?@�56�=2��U�AC@>@4:R?���@4�E@C�*F>>2��F>�#2F56�6?*@�4:@=@8P2�A@C�=2�,�$��

49

FFF�2>;?>;B>2�>A6�������FFF�2>;?>;B>2<03A83�>A6 �����"�'�����>;468>�#028>=0;�H�34�"03A83�34��>2C>A4B�H�!824=2803>B�4=��84=280B�%>;NC820B�H�(>28>;>6N0���

� ��

�������

������������

��

�;2L=C0A0�(L4I��"0=D4;���0A2N0�">=C4A>��"4A2434B�;6>�<LB�@D4�?A4B8�34=C4B���;�?0?4;�34;?>34A�;468B;0C8E>�4=�<MA820�!0C8=012C28@K2������5��F?52�4:R?��:>N?6K��325�'M8D�����

"0=D4;��;2L=C0A0�(L4I 6D�42E65CME:4@�56�=2,?:G6CD:525�56�*2=2>2?42��#:46?4:25@�6?��:6?4:2D'@=PE:42D�J�*@4:@=@8P2��������J��@4E@C�6?��:6?4:2D'@=PE:42D��������A@C�=2�,?:G6CD:525��@>A=FE6?D6�56$25C:5���2�5:4E25@�4FCD@D�6?�5:DE:?E2D�,?:G6CD:5256D�6DA2�Q@=2D���J�6?�,?:G6CD:5256D�6IEC2?;6C2D���6@C86E@H?,?:G6CD:EJ��,?:G6CD:525�56��6=8C2?@��,?:G6CD:525��2�ER=:42�56�(F:E@��56��@DE2�):42���=24D@�$NI:4@���

#@D�2?M=:D:D�D@3C6�=@D�'@56C6D�#68:D=2E:G@D�56D56�=2�A6CDA64E:G2�56�=2��:6?4:2�'@�=PE:42�6?��>NC:42�#2E:?2��2�5:76C6?4:2�56�@EC2D�C68:@?6D��D@?�C6=2E:G2>6?E6�C6�4:6?E6D���?�F?�4@?E:?6?E6�>2C425@�A@C�=2�6I:DE6?4:2�9:DERC:42�56�5:4E25FC2D��=@DA@4@D�6DEF5:@D�46?EC25@D�6?�=2�:?DE2?4:2�A2C=2>6?E2C:2�=2�4@?463P2?�4@>@�F?>6C@�RC82?@�2=�D6CG:4:@�56�=2D�7:8FC2D�AC6D:56?4:2=6D����C2PK�56�=@D�AC@46D@D�56EC2?D:4:R?�6?�=2�C68:R?�:?:4:25@D�2�7:?2=6D�56�=2�5N4252�56�����4@>6?K2C@?�=@DAC:>6C@D�6DEF5:@D�6>APC:4@D���DE@D�2?M=:D:D�23@C5232?�6=�A2A6=�56�=@D�'2C=2�>6?E@D�D:EF2?5@�6=�7@4@�56�2E6?4:R?�6?�DF�C6=24:R?�4@?�6=�@EC@�8C2?�A@56C��6=��;6�4FE:G@��56�>@5@�BF6�=2�C6=24:R?�6?EC6�2>3@D�'@56C6D�6D�6=�AF?E@�42C5:?2=�56?EC@56=�5632E6�D@3C6�6=�AC6D:56?4:2=:D>@�J�6=�A2C=2>6?E2C:D>@�AC65@>:?2?E6�6?�=2�5N�4252�56������=�27:2?K2>:6?E@�56�=2D�56>@4C24:2D�2DP�4@>@�=2�:?7=F6?4:2�56�=@D�6DEF5:@D�D@3C66=�A2A6=�56�=@D�'2C=2>6?E@D�BF6��56D56�=2��:6?4:2�'@=PE:42��D6�6DE232?�==6G2?5@2�423@�6?�@EC@D�A2PD6D�ZAC:?4:A2=>6?E6�6?��FC@A2�J��DE25@D�,?:5@D��23C:R�?F6�G2D�=P?62D�56�:?G6DE:824:R?�D@3C6�6=�56D6>A6Q@�56�=2�:?DE:EF4:R?�2=�E:6>A@�BF6�6?�C:BF64:R�6=� 5632E6� :?EC@5F4:6?5@�?F6G2D�G2C:23=6D�6�9:ARE6D:D� D@3C6� =2D�BF6:?5282C���@J�5P2�6I:DE6�4252�G6K��>2D�F?�4@?D6?D@�>2J@C�6?�BF6�=2D�#68:D=2EF�C2D�?@�D@?�:?DE2?4:2D�>2C8:?2=6D�J�BF6�DF�A2A6=�92�D:5@�J�6D�56�?@E23=6�:>A@C�E2?4:2�A2C2�=2D�56>@4C24:2D�#2�C6F?:R?�46=63C252�6?�6=� ?DE:EFE@�56� 36C@2>NC:42�56�=2�,?:G6CD:525�56�*2=2�>2?42�6?�5:4:6>3C6�56����6D�F?2�6G:56?4:2�>MD�56=�7=@C646C�56�=@D�6DEF5:@D6�:?G6DE:824:@?6D�D@3C6�#68:D=2E:G@D�6?��>NC:42�#2E:?2���DE6�=:3C@��BF6�C6S?6�=2>2J@CP2�56�=2D�A@?6?4:2D�2==P�AC6D6?E252D�6D��A@C�E2?E@��F?2�ACF632�56�6==@�

�A4B?>���B<04;%0AC83>B��"438>B�H��;42C>A4B�4=�%A>24B>B�34��0<18>��!0B4;4228>=4B�64=4A0;4B�4B?0O>;0B�34���-2=6?4:2��� ��5�+:C2?E�9F>2?:5256D��'M8D���

�DE2�@3C2�6D�7CFE@�56�=2�D:?6C8:2�6?EC6�6=�6BF:A@�56�:?G6DE:824:R?�=:56C25@�A@C6=��C�� D>26=��C6DA@��A:@?6C@�6?��DA2Q2�6?�6=�6DEF5:@�J�2?M=:D:D�56�=2D�42>�A2Q2D�6=64E@C2=6D��6�:?G6DE:825@C6D�J�2425N>:4@D�BF6�7@C>2?�A2CE6�56�=2��D@�4:24:R?�#2E:?@2>6C:42?2�56� ?G6DE:825@C6D�6?��2>A2Q2D��=64E@C2=6D���# �����6D56�F?2�A6CDA64E:G2�A=FC2=��6=�4@?;F?E@�56�=2�@3C2�2?2=:K2�6=�@3;6E@�56�6DEF�5:@�56D56�6?7@BF6D�J�>6E@5@=@8P2D�5:G6CD2D��52?5@�=F82C�2�F?�E6IE@�C:4@�6?>2E:46D�4@?DECF:5@�D@3C6�F?2�32D6�4@>S?��=2�56�C6DA@?56C�2�=2�AC68F?E2��X+:6�?6?�=2D�42>A2Q2D�6=64E@C2=6D�6764E@D�D@3C6�=2�564:D:R?�56=�G@E@���=@��=2C8@�56�=@D�G6:?E:4F2EC@�42APEF=@D�BF6�4@>A@?6?�6DE2�@3C2��=@D�EC232;@D?@�DR=@�C6DA@?56?�2�6DE6�:?E6CC@82?E6��D:?@�BF6�G2?�9:=G2?2?5@�=2D�42C24E6�CPDE:42D��24E@C6D��724E@C6D�J�C6DF=E25@D�56�=2�42>A2Q2�6=64E@C2=�56�=2D��=644:@�?6D��6?6C2=6D�56�����6?��DA2Q2��6=�4@?E6IE@��AC66=64E@C2=�J�=2�4@>A6E:4:R?A2CE:5:DE2�>2C425@D�A@C�=2�56D4@?7:2?K2��=2�:?5:8?24:R?�J�=2�4C:D:D�64@?R>:42�=2D�6DEC2E68:2D�J�5:D6Q@�56�42>A2Q2�Z42?5:52E@D��E2C86ED��AC@A282?52�8CM�7:42��?F6G2D�E64?@=@8P2D��5632E6�6=64E@C2=��6E4NE6C2���=2�EC2?D>:D:R?�56=�>6?�D2;6�A@C�=@D�>65:@D�56�4@>F?:424:R?�EC25:4:@?2=6D�J�=2D�C656D�D@4:2=6D��J�A@CS=E:>@��A6C@�?@�>6?@D�:>A@CE2?E6��6=�4@>A@CE2>:6?E@�6=64E@C2=�56�=@D�6DA2�Q@=6D�6?�6DE2D�6=644:@?6D�

�B<04;� �A4B?>� "0ACN=4I� 6D�2E65CME:4@�56��:6?4:2�'@=PE:42�6?=2� ,�$� J� �:C64E@C� 56=� �6A2CE2�>6?E@� 56� �@>F?:424:R?� '@=PE:4256=� ?DE:EFE@�,?:G6CD:E2C:@�56� ?G6D�E:824:R?�&CE682�J��2DD6E�

50

FFF�2>;?>;B>2�>A6�������FFF�2>;?>;B>2<03A83�>A6 �����"�'�����>;468>�#028>=0;�H�34�"03A83�34��>2C>A4B�H�!824=2803>B�4=��84=280B�%>;NC820B�H�(>28>;>6N0���

�4�;>B�'4H4B��"0=D4;!0��0B0�(>280;��0CP;820�34�+0;;03>;83������ ���'4=>E028P=��B>280;�H�?A4B4=280�2A8BC80=0$25C:5���� ��5��?4F6?EC@��'M8D�����

�DE6�=:3C@�6D�F?2�4@?EC:3F4:R?�2=2�9:DE@C:2�56=�42E@=:4:D>@�D@4:2=6DA2Q@=��4@?�F?2�2E6?4:R?�6DA6�

4:2=�2�=2��@>A2QP2�56�!6DSD�56D562=8F?@D�56�DFD�AC@E28@?:DE2D��=@D''�� �C2?4:D4@� 56� *2=6D� �@=:?2� J$2C46=:?@�56�=2�'2K��6E2A2�56�=@D4PC4F=@D�42ER=:4@D�@3C6C@D��J�6=�'�*:�D:?:@� %6G2C6D� �6E2A2� 56=� D:?5:42�=:D>@� 42ER=:4@��� =P56C� D@4:2=� 562=42?46� ?24:@?2=�� BF6� 2=� 4C62C� =2�2D2� *@4:2=� �2ER=:42� 32;2� 2� =22C6?2�56�=2D�C62=:K24:@?6D�D@4:2=6D�6?�F?� D:??S>6C@�56�@C82?:K24:@�?6D�36?N7:42D��65F42E:G2D�J�D:?5:�42=6D��4FJ2�:?7=F6?4:2�92�==6825@�2?F6DEC@D�5P2D�J�BF6�A@C�DF�>28?:�EF5�6�:?E6CND�?@�56;2CM�56�D@CAC6?�56C�2�=@D�=64E@C6D�56�6DE2�@3C2��*@?����2Q@D�2�4232==@�6?EC6�=@D�D:�8=@D�/ /�J�//��F?�A6C:@5@�2A2D:@�?2?E6�6?�=2�9:DE@C:2�4@?E6>A@CM?6256� �DA2Q2�� 6=� BF6� G2� 56� ����� 2������ 4@?� =2� 4F6DE:R?� D@4:2=� 567@?5@� J� F?� :>AF=D@� C686?6C25@CA2C2�D@=52C�=2�=6;2?P2�6?EC6�=2� 8=6�D:2�J�=2�4=2D6�@3C6C2��6?�E6?D:R?�4@?=2D�8C2?56D�:56@=@8P2D�56�=2�NA@42�=:36C2=:D>@�J�D@4:2=:D>@���6D56�-2�==25@=:5� 6DE6� =:3C@� C67=6;2� =2� 4@?�7=F6?4:2� 56� EC6D� 9:DE@C:2D�� F?29:DE@C:2�=@42=��BF6�C6DF>6?�6=�>@�G:>:6?E@�D@4:2=�4C:DE:2?@��=2�2A@CE2�4:R?� ;6DFPDE:42� J� =2� @C82?:K24:R?

"0ACN=4I��0A2N0��"Q��=64;4B+8>;4=280�34��M=4A>�4=;0�SA40B�'DA0;4B�R�3P=34�?D43>�8A�H>�����*=�4BCD38>�4=��BCDA80B$25C:5�� �� � �5�$:?:DE6C:@56��8C:4F=EFC2���=:>6?E24:R?J�$65:@��>3:6?E6��'8D� ���

"0=D4;�34�;>B�'4H4B��N0I�6D�=:46?4:25@�6?�*@4:@=@8P2� ?5FD�EC:2=�A@C�=2�,?:G6CD:525^'@?E:7:4:2�56*2=2>2?42��2�A2CE:4:A25@�6?�=2�4@7F?524:R?�56=2D�@3C2D�56�64@?@>P2�D@4:2=������)���J��6D2CC@==@�J�*@=:52C:5256?�6=�M>3:E@�56�#2��2D2�*@4:2=��2�ER=:42�56�7:?2=6D�56=�A2D25@�D:8=@�

G2==:D@=6E2?2��#2�9:DE@C:2�BF6�2BFP�D6?@D�4F6?E2�7@C>2�A2CE6�56�=2�9:DE@C:2D@4:2=�56��DA2Q2��A@CBF6�256>MD�6=64@�J�=2�:?7=F6?4:2�56�=2��2D2�*@4:2=D6�9:4:6C@?�D6?E:C�6?�?F>6C@D2D�AC@�G:?4:2D�J�C68:@?6D��6DA2Q@=2D������6='CR=@8@��

�?�=2�AC6D6?E6�:?G6DE:824:R?�D6�2?2=:K2�4FM=6D�D@?�=2D�4@?5:4:@?6D�6DA6�4P7:42D�BF6�:?4=FJ6?�6?�=2�C6AC@5F44:R?�56�=2�G:@=6?4:2�56�8N?6C@�6?�=2DMC62�CFC2=6D��#2D�K@?2D�CFC2=6D�AC6D6?E2?�F?2D�42C24E6CPDE:42D�AC@A:2D4@>@��AF656?�D6C�6=�2:D=2>:6?E@��>6?@C�A@3=24:R?��5:DA6CD:R?�E6CC:E@C:2=�>2J@C�P?5:46�56�>2D4F=:?:K24:R?�J�56�6?G6;64:>:6?E@��2DP�4@>@�F?�6>�A=6@�=:>:E25@�J�>6?@C6D�A@D:3:=:5256D�56�6=644:R?��'2C2�:=FDEC2C�=@D�AC@46�D@D�J�D:EF24:@?6D�56�G:@=6?4:2��D6�92�4@>3:?25@�=2�>6E@5@=@8P2�4F2?E:E2E:G2J�4F2=:E2E:G2���?EC6�=@D�C6DF=E25@D��D6�92�6?4@?EC25@�BF6�6=�>2J@C�A@C46?�E2;6�56�28C6D:@?6D�AC@4656?E6�56�=2�[A2C6;2\D@?�42FD252D�A@C�6=�[>2C:5@\6?�=2D�MC62D�CFC2=6D��>:6?EC2D�BF6�6?�=2D�MC62D�FC32?2D�=@�D@?�A@C�=2�[A2�C6;2�D6?E:>6?E2=\��+2>3:N?�D6�92�6?4@?EC25@�BF6�=2�;FG6?EF5�6?�=2�>F;6C�6DF?�724E@C�56�C:6D8@�56�DF7C:C�28C6D:@?6D�56�=2�[A2C6;2\��256>MD��6=�2:D=2�>:6?E@��=2�5:DA6CD:R?�E6CC:E@C:2=��=2�5:DE2?4:2�7PD:42�2�=@D�?S4=6@D�FC32?@D��J6=�E2>2Q@�C65F4:5@�56�=@D�?S4=6@D�CFC2=6D�Z5@?56�E@52D�=2D�A6CD@?2D�D64@?@46?���4C62?�AC@3=6>2D�56�>@G:=:525��56A6?56?4:2�72>:=:2C�J�56D2=:6?E29246C�AS3=:4@�=@D�[2DF?E@D�AC:G25@D\��72G@C64:6?5@�=2�C6AC@5F44:R?�56�=2G:@=6?4:2�56�8N?6C@��

� ��������������������� ���

"0AN0��=64;4B�"0ACN=4I��0A2N0� 6D�@4E@C2�6?�*@4:@=@8P2�J�$MDE6C�6?�'C6G6?4:R?56�):6D8@D�#23@C2=6D���D���5F425@C2�J�'C@76�D@C2�6?�6=�'C:?4:A25@�56��DEFC:2D\�

51

FFF�2>;?>;B>2�>A6�������FFF�2>;?>;B>2<03A83�>A6 �����"�'�����>;468>�#028>=0;�H�34�"03A83�34��>2C>A4B�H�!824=2803>B�4=��84=280B�%>;NC820B�H�(>28>;>6N0���

">A4=>�!DIP=�� 0E84A��34;�'4H���4A=0=3>���3B��%D41;>�H�#028P=���><4=0940� >BM��;ELA4I� D=2>$25C:5���� ��5�+2FCFD�'M8D�����

>BM��;ELA4I� D=2>��F?@�56�=@D�:?�E6=64EF2=6D�>MD�C6=6G2?E6D�56�=2��D�A2Q2� 24EF2=�� 92� C62=:K25@� 2A@CE2�4:@?6D�564:D:G2D�2=�6DEF5:@�56�E6>2D4=2G6� 4@>@� 6=� >@G:>:6?E@� 2?2C�BF:DE2��6=�C6AF3=:42?:D>@�J�=2�4@?D�ECF44:R?�?24:@?2=��*FD�EC232;@D�92?4@>3:?25@�6=�8FDE@�A@C�=2�3F6?2�6D�4C:EFC2�4@?�6=�5:M=@8@�6?EC6�=2�9:DE@C:2J�=2D�4:6?4:2D�D@4:2=6D�

�?�6DE6�=:3C@��5:G6CD@D�6DA64:2=:DE2D2?2=:K2?�DF�@3C2�J�C67=6I:@?2?�D@3C6=@D�2DF?E@D�BF6�=6�92?�AC6@4FA25@�2=@�=2C8@�56�DF�G:52��4@?�F?�N?72D:D�6D�A64:2=�6?�6=�AC@E28@?:D>@�56�24E@C6D4@=64E:G@D� 4@>@� 6=� AF63=@� J� =2� ?2�4:R?�� #2� EC2J64E@C:2� 56 S;E0A4I D=2> J�DF�G:D:R?�56�=2D�4@D2D��=:3C6J�56D>:E:7:425@C2��4@?DE:EFJ6?�F?2�:?�6DE:>23=6�:?DA:C24:R?�A2C2�6=�5632E6246C42�56� =@D�AC@3=6>2D�BF6�A=2?�E62?�6DE@D�E:6>A@D�56�4C:D:D�

�0=31>>:�>5��78;3�,4;;��48=6)74>A84B��"4C7>3B�0=3�%>;8284B�8=��;>10;�%4AB?42C8E4�5:E@CD���D96C��6?��C:69���6CC2?��2D2D�� G2C��CW?6D��!:==����"@C3:? *�%�������������������'C:?E�������������� ����&?=:?6�

�?F?4:2>@D� =2�AF3=:424:R?�56�6DE6�$2�?F2=�BF6�4F6?E2�4@?�F?�42APEF=@�E:EF=25@*@4:2=:K2E:@?�2?5��9:=59@@5�:?�*@4:@=@8:�42=�+96@C:K:?8��56=�BF6�6D�2FE@C2�?F6DEC24@>A2Q6C2� !>DA34B��08CL=�#2�D@4:2=:K24:R?�@4FA2�F?�=F82C�46?EC2=�6?=2�E6@CP2�D@4:@=R8:42��D:6?5@�4@?D:56C2526=�AC@46D@�3MD:4@�56�:?E6C244:R?�D@4:2=�A@C6=�BF6�=2�86?E6�25BF:6C6�4@>A@CE2>:6?E@D6D6?4:2=6D�A2C2�=2�A2CE:4:A24:R?�6764E:G26?�=2�D@4:6525��6=�AC@46D@�56�4@?G6CE:CD66?�F?�D6C�D@4:2=��������6=�?:Q@�2A2C646�6?=2D�G6CD:@?6D�4@?G6?4:@?2=6D�56�=2�D@4:2�=:K24:R?�4@>@�F?�D6C�A2D:G@��56DE:?25@�2C64:3:C�F?�4@>A=6;@�J�4@>A=6E@�4@?;F?E@

56�C68=2D�56�=@D�25F=E@D�A2C2�2D68FC2C�F?2�252AE24:R?�2564F252�2�=2D@4:6525�J�A2C2�>2?E6?6C�6=�@C56?�D@4:2=���C6?E6�2�6DE6�4@?46AE@�56�D@�4:2=:K24:R?��92?�DFC8:5@�@EC@D�6?7@BF6D�BF6�AC6D6?E2?�=2�D@4:2=:K24:R?4@>@�F?�AC@46D@�:?E6C24E:G@�6?�6=�BF6�=@D�?:Q@D�>:D>@D�D6�2AC@A:2?�JC6:?E6CAC6E2?�=2�C62=:525�6?�6=�4FCD@�56�=2D�4@?E:?F2D�C6=24:@?6D�4@?�@EC@D��DE6�2CEP4F=@�AC6D6?E2�G2C:2D�4@?46A4:@?6D�56�D@4:2=:K24:R?��6IA=:42?5@4@>@�6?�6==2D�D6�:?E6CAC6E2�6=�A2A6=�56�=@D�?:Q@D�J�4R>@�6DE@�2764E2�2�DF3:6?6DE2C���63:5@�2�6DE@D�6764E@D��6=�2CEP4F=@�23@82�A@C�F?2�C64@?46A�EF2=:K24:R?�56�=2�D@4:2=:K24:R?�56?EC@�56�=@D�6DEF5:@DD@4:2=6D�56�:?72?4:2�

!>DA34B��08CL=� 6D� *@4:R=@82�� �@7F?525@C256=��CFA@�56�*@4:@=@8P2�56�=2� ?72?4:2�J�=2��5@�=6D46?4:2���* �����D�2FE@C2�6?EC6�@EC2D�@3C2D�56[�:F5252?P2�J��6C649@D�56�'2CE:4:A24:R?�56�=@D?:Q@D��;F?E@�2�$2?7C65�#:636=��,?:G��'@?E:7:4:2�56�@>:==2D���5��*P?E6D:D��$25C:5������

� ��

�������

������������

��

52

FFF�2>;?>;B>2�>A6�������FFF�2>;?>;B>2<03A83�>A6 �����"�'�����>;468>�#028>=0;�H�34�"03A83�34��>2C>A4B�H�!824=2803>B�4=��84=280B�%>;NC820B�H�(>28>;>6N0���

� ��������������������� ��� 08<4��4AA8��DAL���8A��%>;NC820�H�6>184A=>�4=�4;��BC03>��DC>=P<82>�-2=6?4:2��� ��5�� %�'���+:C2?E�#@��=2?49

�:C:8:52�A@C�?F6DEC@�4@>A2Q6C@��!2:>6��6CC:��FCM�J�4@?�=2�4@=23@C24:R?56�2FE@C6D�4@>@�]=G2C@��K?2C���DE96C�56=��2>A@��!F2?��2C=@D��F6G2D��?E@?:@��2CC:5@�@��?C:BF6�!@DN�-2C6=2��6?EC6�@EC@D��6DE2�@3C2��5:DA@?:�3=6�E2?E@�6?�A2A6=�4@>@�6?�7@C>2E@�6=64ECR?:4@��4@>@�6D�J2�923:EF2=�6?=2D�@3C2D�56=� %�'���2?2=:K2��56D56�F?2�A6CDA64E:G2�A@=:E@=R8:42��=2D�:?D�E:EF4:@?6D��=@D�24E@C6D�J�=@D�AC@46D@D�A@=PE:4@D�56=��DE25@�2FE@?R>:4@

4@>@�A:=2C�7F?52>6?E2=�56=�D:DE6>2�A@=PE:4@�56�>@4CME:4@�6DA2Q@=�#@D�42APEF=@D�56=�=:3C@�D6�565:42?�2�6IA=:42C�=24@?DECF44:R?�56=�D:DE6>2�2FE@?R>:4@��2DP�4@>@=2D� :?DE:EF4:@?6D� 2FE@?R>:42D� J� DF� 7F?4:@?2�>:6?E@�J�C6=24:R?��A2C2�=@�BF6�:?4:56�E2?E@�6?�=@D9649@D�5:76C6?4:2=6D�6?EC6�=@D�E6CC:E@C:@D�4@>@6?�=@D�D:DE6>2D�56�7:?2?4:24:R?�J�=2D�A@=PE:42DAS3=:42D�56D2CC@==252D�A@C�=2D�4@>F?:5256D�2F�ER?@>2D�

">=2030��;14AC>!0�1DA6D4BN0�4B?0O>;0��'M8D�����8B?>=81;4�B>;0<4=C4�?>A�=C4A=4C�7CC?���FFF�>1A0?A>?80�2><

#2�3FC8F6DP2�6DA2Q@=2�92�:5@�4C64:6?5@56D56� F?� >P?:>@�� 2?E6D� 56� =2� 8F6CC24:G:=��92DE2� =2�D:EF24:R?�24EF2=��#2�3FC�8F6DP2�D6� :56?E:7:42��6?�4:6CE@�D6?E:5@�4@?�=2�4=2D6�>65:2�2F?BF6�D@?�C2D8@DAC@A:@D�� =2� 2FE@4@?4:6?4:2�� 6=� D236CD6>:6>3C@�56�F?� =:?2;6� 4F2D:� ?@3=6� J� 6=

C6F?:CD6�D@4:2=>6?E6�6?EC6�6==@D��#2�3FC�8F6DP2�E:6?6�9@J��4@?�=2�4C:D:D��AC@3=6>2DA2C2�>2?E6?6C�DFD�82DE@D�5:DE:?E:G@D��02BF6� =6D� 4F6DE2� 4@>AC2C� =@D� 2CEP4F=@D42C@D�J�6?�G6K�56�F?�3@=D@�@C:8:?2=�56-F:EE@?�4@>AC2?�DF�G6CD:R?�72=D:7:4252�#2�3FC8F6DP2�D6�24@>@52�?@�>FJ�3:6?4@?�=2�56>@4C24:2��?@�4C66�>F49@�6?�=@56�F?�9@>3C6�F?�G@E@�A6C@�=2D�;RG6?6D86?6C24:@?6D�3FC8F6D2D�D6�G2?�24@>@�52?5@�2�=2�C62=:�525�� �DE6� =:3C@AC6D6?E2� G2C:@D42D@D� A6CD@?2�=6D�56�:?E6CND�

�;14AC>�">=2030��6D�D@4:R=@8@�J��@4E@C�6?��6C649@���2�6?D6Q25@�6?�=2D�F?:G6C�D:5256D�56�$25C:5��*E2?7@C5��#:>2�� ?E6C?24:@?2=�56�=2��=@C:52�J��=42=M���@?DF=E@C�56,%�*�&��&���J��&%*�!&�����,)&'����4EF2=>6?E6�6D�'C6D:56?E6�56�*@4:R=@8@DD:?�7C@?E6C2D�:?E6C?24:@?2=�

08<4��4AA8��DAL� 6D�'C@76D@C�+:EF�=2C�6?�6=��AE@��56��:6?4:2�'@=PE:42�J�56=2��5>:?:DEC24:R?� ��6?�=2��24F=E25�56��''�J�*@4:@=@8P2�56�=2�,�$�

�>=IL;4I�(L=274I���=A8@D4"0=D0;�34;�#46>2803>A4=�;0�*=8P=��DA>?40$25C:5���� ��5�$:?:DE6C:@�56�DF?E@D��IE6C:@C6D�J�56��@@A6C24:R?��'M8D�����DE2�@3C2�6D�F?�G6C5256C@�4=MD:4@6?�6=�M>3:E@�56�=@D�6DEF5:@D�ACM4�E:4@D�D@3C6�=2�,?:R?��FC@A62�J�92D6CG:5@�56�8FP2�2�3F6?2�A2CE6�56=@D�7F?4:@?2C:@D��E2?E@�5:A=@>ME:�4@D��4@>@�56�@EC@D�$:?:DE6C:@D�56=2��5>:?:DEC24:R?��DA2Q@=2��BF6�

2�=@�=2C8@�56�E@5@D�6DE@D�2Q@D��92?�A2D25@A@C� =2D� ?DE:EF4:@?6D�56� =2�,?:R?��FC@A62�J>MD�6?�4@?4C6E@�A@C�6=��@?D6;@��6?�DFD�5:�G6CD@D�?:G6=6D���?�6DA64:2=��6DE6�>2?F2=�6DF?�:?DECF>6?E@�7F?52>6?E2=�J�>FJ�SE:=�A2C2�6=EC232;@�56�?F6DEC@D�7F?4:@?2C:@D�6?�=@D�8CFA@D56�EC232;@�J�6?�6=�AC@A:@��&)�'�)�

�=A8@D4��>=IL;4I�(L=274I� 6D�#5@�6?���''��:A=@>ME:4@�� �6D56� ���� 6D�>32;25@C�6?�$:D:R?��DA64:2=�A2C2�)6�=24:@?6D�4@?� ?DE:EF4:@?6D�56� =2�,?:R?�FC@A62�6?�6=�$:?:DE6C:@�56��DF?E@D��I�E6C:@C6D�J�56��@@A6C24:R?�

53

FFF�2>;?>;B>2�>A6�������FFF�2>;?>;B>2<03A83�>A6 �����"�'�����>;468>�#028>=0;�H�34�"03A83�34��>2C>A4B�H�!824=2803>B�4=��84=280B�%>;NC820B�H�(>28>;>6N0���

�=C>=8>�"���N0I��4A=L=34I���8A42C>A������$#�'�$�!����#)�!���#����.�(��*'����$25C:5��������5:E@C:2=��# ���5:E@C:2=��'M8D� �

�?�A@42D�@42D:@?6D�6?4@?EC2>@D�F?�G24P@�6?�=2�=:E6C2�EFC2�4:6?EP7:42�BF6�BF656�4F3:6CE@�56�7@C>2�E2?�4@?�EF?56?E6� 6?� F?2� AC:>6C2� 2AC@I:�>24:R?���?E6�=@�?@G65@D@�56�6DE6E:A@�56�6DEF5:@D�6?��DA2Q2��?@�D64@?E232� E@52GP2�4@?�F?2�@3C2�BF62A@CE2D6� F?� G@423F=2C:@� 4@>S?� 567@C>2�BF6�D6�AF5:6C2�2G2?K2C�6?�6=4@?@4:>:6?E@�56�F?�@3;6E@�56�6DEF5:@E2?�6DBF:G@�4@>@�6D�6=�56�=2�:?E6=:86?�4:2� �@� 56� =@D� 6DAP2D�� D:� =@� AC67:6C6?��'2C2� 4F3C:C� 6DE6� 9F64@� 92� ==6825@� 2=>6C425@� =2� @3C2� 5:C:8:52� A@C� ?F6DEC@4@>A2Q6C@��=C>=8>��N0I��BF:6?�92�4@�@C5:?25@�2�F?�6BF:A@�56����6IA6CE@D�6?MC62D�E2?�5:DA2C6D�4@>@�@A6C24:@?6D�6?�4F3:6CE2D��D64C6E@�56��DE25@��4C:A@E@=@8P2�NE:42�@�:?E6=:86?4:2�4@>A6E:E:G2��E@5@�6==@A2C2�6=23@C2C�6=��:44:@?2C:@�# ��56� ?E6=:�86?4:2� J� *68FC:525� 4@?� >MD� 56� ���

G@46D�� �236� 56DE2�42C�=2�A=FC2=:525�56�AC@4656?4:256�6DE@D�6IA6CE@D��6?EC6�=@D�4F2�=6D� ?@D� 6?4@?EC2>@D� ?@� DR=@� 2

2425N>:4@D��2=8F?@D�56�6==@D�4@=682D�?F6DEC@D��4@>@6=�AC@76D@C UB20A� 08<4� 8<M=4I��D:?@�E2>3:N?�E64?R�=@8@D��>:=:E2C6D�J�AC@76D:@?2=6D�56�=2�D68FC:525���252�G@K�G:6?6�567:?:52�56�7@C>2�AC64:D2��6?�>6?@D�56F?�46?E6?2C�56�A2=23C2D���2DE2�29@C2��>F49@D�56�6DE@D4@?46AE@D�6DE232?�728@4:E25@D�6?�DF�567:?:4:R?�A@C�=2D

@3C2D�56�=@D�6IA6CE@D�2?8=@D2;@?6D���=@�BF65:7:4F=E232� 6=� 4C64:>:6?E@� 56� 6DE2� MC62� 2=6>A=62CD6�=2D�>:D>2D�G@46D�A2C2�C676C:CD62�4@?46AE@D�J�C62=:5256D�BF6�5:G6C8P2?�6?6=�>F?5@�2?8=@D2;R?�J�6?�6=�:36C@2>6C:�42?@���DE2�S=E:>2� C676C6?4:2� D6�5636�2BF6�;F?E@�2�=@D�6IA6CE@D�6DA2Q@=6D��@EC2D4F2EC@�2FE@C:5256D�6?�=2�>2E6C:2�56��C�86?E:?2���C2D:=���@=@>3:2�J�$NI:4@�92A2CE:4:A25@�6?�6=�5:44:@?2C:@��2A@CE2?5@?F6G2D�G@46D��#2�FE:=:525�56=�5:44:@?2�C:@�BF652�:?4C6>6?E252�4F2?5@�D6�@3�D6CG2�BF6�4252�G@K�6DEM�EC25F4:52�2=:?8=ND�� 7C2?4ND�J�A@CEF8FND��4@?� =2DG2C:2?E6D�56�:?8=ND�6DE25@F?:56?D6�JA@CEF8FND� 3C2D:=6Q@�� 4F2?5@� =2D92J���*:?�5F52��4@>@�:?5:42�6=�AC@�76D@C �;42D0�6?� DF� ACR=@8@�� 6DE@A6C>:E:CM�2�EC25F4E@C6D�J�A6CD@?2=

6DA64:2=:K25@�244656C�4@?�D68FC:525�2�F?2DG@46D�A6C764E2>6?E6�EC25F4:52D�6?�F?�42>A@�E2?�6DA6�4:2=:K25@�4@>@�6=�56�=2� ?E6=:86?4:2�J�=2�*68FC:525��LDE26D�BF:KM�F?2�56�=2D�42C24E6CPDE:42D�BF6�=@�9246�S?:4@�6?6=�A2?@C2>2�65:E@C:2=�>F?5:2=���"�"���

+@52�=2�:?7@C>24:R?�D@3C6�6=�5:44:@?2C:@�AF656�6?4@?EC2CD6�6?�7CC?���FFF�;83438C>A80;�2><�C84=30�;81A>B�������38228>=0A8>�;83�8=C4;864=280�B46DA8303��7C<;

�=C>=8>� "��N0I� �4A=L34I� 6D� #:46?�4:25@�6?��6C649@�J�6?��:6?4:2�'@=PE:42�J�56=2��5>:?:DEC24:R?�A@C�=2�,?:G6CD:525�56��2C�46=@?2� A@C� =2� BF6� E2>3:N?� 6D� �@4E@C� 6?

�:6?4:2�'@=PE:42���4EF2=>6?E6�6D�AC@76D@C�E:�EF=2C�56��:6?4:2�'@=PE:42�J�56�=2��5>:?:DEC2�4:R?�6?�=2�,?:G6CD:525�56��M5:K��

�=A8@D4�'0H0�!>I0=>��2>>A3��"�S=64;4B��B?030B�2>>A3��">DA03��1>DBB8�2>>A3���

�=<86A028P=�H�28D3030=N0�02C8E0�@?EC:3F4:@?6D�D@3C6�8@36C?2?K2A2CE:4:A2E:G2�6�:?4=FD:R?�D@4:2=

#2D�4@?EC:3F4:@?6D�56�6DE2�@3C2�AC6D6?�E2?��56D56�5:DE:?E@D�6?7@BF6D�56�2?M=:D:D�6DEF5:@D�C62=:K25@D�6?�=@D�S=E:>@D�2Q@DA@C�6DA64:2=:DE2D�AC@4656?E6D�56�5:76C6?�E6D�F?:G6CD:5256D�J�46?EC@D�56�:?G6DE:82�4:R?�� ?24:@?2=6D� 6� :?E6C?24:@?2=6D�� �==:3C@�D6�6DECF4EFC2�6?�EC6D�A2CE6D�6?�=2DBF6�D6�23@C52?��2=8F?2D�2AC@I:>24:@?6D2�=2�4:F5252?P2�24E:G2�56�=@D�:?>:8C2?E6D56D56�=2�8@36C?2?K2��=2�:?E6CG6?4:R?�D@�4:2=�J�=2�=68:D=24:R?�56�6IEC2?;6CP2��=@D�C6�DF=E25@D�56�EC6D�6DEF5:@D�6>APC:4@D�D@3C6

=2D� C62=:5256D� J� =2D� 42C24E6CPDE:42D� 56=2D@4:24:@?:D>@�:?>:8C2?E6�6?��?52=F4P2�-2=6?4:2�J�6=�'2PD�-2D4@��J�@EC@D�EC232;@DD@3C6�A2CE:4:A24:R?�2D@4:2E:G2�4@>@�6D�6=42D@�56�=@D�>:8C2?E6D�=2E:?@2>6C:42?@D6?��DA2Q2��56�=2D�@C82?:K24:@?6D�56�>:�8C2?E6D�6?� E2=:2�@�56� =2�$6D2�56��@?�46CE24:R?�6?��2?25M��DE6�G@=F>6?�4@=64E:G@�6DA6C2�4@?EC:3F:C2�:?DA:C2C�=2�C6?@G24:R?�56�=2�244:R?�D@�4:2=�J�AC@76D:@?2=�4@?�A6CD@?2D�:?>:8C2?�E6D�6?��DA2Q2��>MD�BF6�?F?42�6?�C:6D8@56� 6I4=FD:R?�� 5252� 6DE2� 4@JF?EFC2� 5628F52�4C:D:D�D@4:@�64@?R>:42�J�56�GF=?6�C24:R?�56�56C649@D�56�A6CD@?2D�J�A@3=2�4:@?6D�

"Q�S#��!�(��(%���(��!�S/�'��4B�-:465642?2�56)6=24:@?6D� ?E6C?24:@?2=6D��'C@J644:R?�*@4:2=�J��6D2CC@==@�F=EFC2=���24F=E25�56�+C232;@�*@4:2=�

� ��

�������

������������

��

54

FFF�2>;?>;B>2�>A6�������FFF�2>;?>;B>2<03A83�>A6 �����"�'�����>;468>�#028>=0;�H�34�"03A83�34��>2C>A4B�H�!824=2803>B�4=��84=280B�%>;NC820B�H�(>28>;>6N0���

">=434A>�� D0=��0A;>B�DAB>�DA64=C4�34�?>;NC820�?0A0�64=C4�3424=C4�2C46=@?2��� ��5�*6:I�2CC2=���'M8D��� �

+:6>A@D� 56� :?BF:6EF5� D@4:2=�5@?56�86?E6�56�E@52D�=2D�652�56D� G6� 2>6?2K252� =2� 56>@�

�>C0A4;>��'0<P='><?84=3>��<0AA0B��!0� 8I@D84A30� 4=CA4� 3>BB86;>B��*=0�E8B8P=�?4AB>=0;$25C:5���� ���5��<2=�'M8D� ���

�?������:?:4:232�6=�D:8=@�56� =23FC8F6DP2�������=@�4=2FDFC232�

4C24:2�>:6?EC2D�A2=23C2D�4@>@�[:?�;FDE:4:2\�@�[:>AF?:525\�D6�4@?G:6CE6?6?�4@E:5:2?2D���6?E6�BF6�D2=6�2�>2�?:76DE2CD6��BF6�A2CE:4:A2�6?�A=2E27@C�>2D�� F?2� 4:F5252?P2� :?5:8?252� J6I:86?E6�BF6�D6�?:682�2�BF6�=2�C6�D:8?24:R?�EC:F?76��,?2�56D3@C52?E66?6C8P2�BF6�?@�6?4F6?EC2�4R>@�D2=:C56�=2�7C28>6?E24:R?�J�4@?G6CE:CD6�6?G@=F?E25�A@=PE:42�56�EC2?D7@C>24:R?��?�?F6DEC2�6?4CF4:;252��6DE6��FCD@FC86?E6� 56� A@=PE:42� A2C2� 86?E6� 56�46?E6�?246�4@>@�:?DECF>6?E@�56�24�4:R?�J�6>@4:R?�56�F?2�D@4:6525�BF6BF:6C6� C6:?G6?E2CD6� 4@>@� C65� 562A@J@�� ?DECF>6?E@� 56� 244:R?� BF6>2CBF6�6=� CF>3@�56� =@� 4@>S?�� 566>@4:R?� A@CBF6� DR=@� =2� 6>@4:R?AF656�C@>A6C�=2�4=2FDFC2�56=�A6?D2�>:6?E@��E6?E@�2=�D:DE6>2�8=@32=�56=�BF6�56�A6?56>@D��56D56�6=�2?M=:D:D�56�=@D6CC@C6D�56=�A2D25@�6�:?5282?5@�6?F?2�C62=:525�:?4R>@52��!F2?��2C=@D$@?656C@�56D?F52�=@D�ENC>:?@D�56=5632E6�D@4:2=�J�AC@A@?6�F?�5:M=@8@23:6CE@�A2C2�C6A6?D2C�6=�>@56=@�56D@4:6525��%@�92J�D2=:52�:?5:G:5F2=�J?@�92J�@EC2�2FE@2JF52�BF6�=2�4@=64�E:G2�� 0� =2� 2FE@2JF52� 4@=64E:G2� D6==2>2�A@=PE:42�J�?@D�A6CE6?646���2J

D0=��0A;>B�">=434A>� �"03A83�6D�=:46?4:25@�6?��:6?4:2D�'@=PE:42D�J�*@�4:@=@8P2�6?�=2�,?:G6CD:525��@>A=FE6?D656�$25C:5���:K@�DFD�6DEF5:@D�56�A@D�8C25@�6?�=2�,?:G6CD:525�56��6:56=36C8��=6>2?:2���4EF2=>6?E6�6D�AC@76D@C�E:EF=2C�56��:6?�4:2�'@=PE:42�J�56�=2��5>:?:DEC24:R?�6?�=2,?:G6CD:525��@>A=FE6?D6�56�$25C:5���?����7F6�A@?6?E6�46?EC2=�6?�=2�4@?>6�>@C24:R?�56=��P2� ?E6C?24:@?2=�56�=2��6�>@4C24:2� 6?� =2��D2>3=62� �6?6C2=� 56%24:@?6D�,?:52D�

=2�C6G@=F4:R?�3FCBF6D2�6C2�DFDE:EFP52�A@C�DF�D6AF=EFC6C2��=2�C6G@=F4:R?�AC@=6�E2C:2��,?�D:8=@�4@CE@��6=�//��BF6�7F6�6?�8C2?�>65:52�6=�D:8=@�56�=2D�:KBF:6C52D92DE2�BF6�6=�9F?5:>:6?E@�56=�4@>F?:D>@�6?������K2?;R�56�F?�A=F>2K@�=2@A@D:4:R?�6?EC6�:KBF:6C52�[AC@=6E2C:2\�6�:KBF:6C52�[3FCBF6D2\�#2�C64@>A@D:4:R?�56�=2�:KBF:6C52��9@J�6?�5P2��X6D�F?2�A@D:3:=:525�C62=�@�F?2BF:>6C2���DE6�=:3C@�6D3@K2�F?2�AC@AF6DE2�56�C64@?DECF44:R?�56�=2�:KBF:6C522�A2CE:C�56�=@D�5:D4FCD@D�5:DA2C6D�56=�@3C6C:D>@�EC25:4:@?2=��56=�76>:?:D>@��56=64@=@8:D>@��56=�FE@A:D>@��4FJ@�C6DF=E25@�S=E:>@�?@�AF656�52C�6?�F?�A2CE:5@S?:4@��D:?@�6?�F?�>@G:>:6?E@�9@C:K@?E2=��4@@C5:?25@�2�EC2GND�56=�4:36C6DA2�4:@��A=FC2=�A6C@�4@?�F?2�32D6�DFDE2?4:2=�4@>S?��56�29P�6=�C6E@�56�=2D�:KBF:6C�52D��?�=2�>65:52�6?�BF6�6=�6DEF5:@D@�56�=@D�76?R>6?@D�D@4:2=6D�6D�E2>3:N?�@3�;6E@�56�DF�AC@A:@�6DEF5:@��6=�2FE@C�6?EC6=2K2�DF�2?M=:D:D�4@?�6=�C6=2E@�G:G6?4:2=6?�AC:>6C2�A6CD@?2��?@�2=�>@5@�56�>6>@C:2D�:?E6C6D252D��D:?@�4@>@�6IA6�C:6?4:2�5:C64E2�56�=@D�24@?E64:>:6?E@D�BF6�92?�>2C425@�6=�56G6?:C�56�=2�A@=P�E:42�J�=2�D@4:6525�6DA2Q@=2�56�=@D�S=E:>@D� �2Q@D�

BF6�G:DF2=:K2C�6?EC6�E@5@D�9@C:K@?E6D4@?4C6E@D�A2C2�D242C�2�=2�=FK�=@D�42>:�?@D�56�F?2�G:52�5646?E6�

'0<P=��>C0A4;>�6D��2E65CME:4@�56�+6@CP2'@=PE:42�J�2FE@C�56�?F>6C@D@D�=:3C@D�BF6�232C�42?�56D56�@3C2D�E6RC:42D��92DE2�6?D2J@D�D@3C6=:E6C2EFC2��'6?6EC2?E6�2?2=:DE2�56�=2�24EF2=:525�6=�2FE@C�A2CE:4:A2�24E:G2>6?E6�6?�=2D�C656D�D@4:2=6D�J�>2?E:6?6�F?�3=@8��'2=:?FC@�FFF�2>C0A4;>�1;>6B?>C�2><�

� ��������������������� ���

55

FFF�2>;?>;B>2�>A6�������FFF�2>;?>;B>2<03A83�>A6 �����"�'�����>;468>�#028>=0;�H�34�"03A83�34��>2C>A4B�H�!824=2803>B�4=��84=280B�%>;NC820B�H�(>28>;>6N0���

� ��

�������

������������

��

�#2�@3C2��EC2E2�56�6IA=:42C�=2D�42FD2D�BF6�56E6C>:?2?�=2�AC:>24P2�56=�32<F?:�?:D>@�2�A2CE:C�56�=2�)6G@=F4:R?�56������J��5N4252D�>MD�E2C56��=2�C624E:G24:R?56=�6DBF6>2�56�4@?EC@=�=:36CE2C:@�D@3C6�6=�2D@4:24:@?:D>@�@3C6C@��4F2?5@�8C2�4:2D�2=�4C64:>:6?E@�64@?R>:4@�AC@A:4:25@�A@C�=2�?6FEC2=:525�6?�=2��C2?��F6�CC2��6=�D:?5:42=:D>@�D6�4@?G:6CE6�6?�F?�>@G:>:6?E@�56�>2D2D����A2CE:C�56�6DE6>@>6?E@��=2�:>286?�9:DERC:42�DF6=6�G6CD6�7C28>6?E252�6?�5@D�A6CP@5@D��F?@�6=�2F86�56=�D:?5:42=:D>@�J�6=�E6CC@C:D>@�92DE2���� ��@EC@��56�6?7C6?E2>:6?E@56�=2��%+��� �4@?�=2� �)6AS3=:42�6?EC6��� ��J��� ���56;2?5@�6?�G24P@�=@D2Q@D�56�=2��:4E25FC2��%F6DEC2�AC@AF6DE2�:?E6CAC6E2E:G2�4@?D:DE6�6?�56DE242C�=24@?E:?F:525�2�A2CE:C�56=�A6CP@5@�56�7@C>24:R?�J�4C:D:D�:?:4:2=��4F2?5@�6?EC2?�6?;F68@�6=�A:DE@=6C:D>@�J�=2�C6AC6D:R?�6DE2E2=��E:6>A@�256>MD�56�567:?:4:R?�:56@�=R8:42��*68F:CM��56D56�6=�8@=A6�56�'C:>@�56�):G6C2��F?2�A6C>2?6?E6�[AC6D:R?8F36C?2E:G2\�D@3C6�=2�G:52�D:?5:42=�5FC2?E6�=2��:4E25FC2��BF6�D6�G6�4@>A6?�D252�A@C�F?2�A6C>2?6?E6�4@?7C@?E24:R?�AS3=:42�56�:562D�6?EC6�D:?5:42=:D>@�J2?2CBF:D>@��#2�E6?D:R?�56D6>3@42�6?�=2�@76?D:G2�2?2CBF:DE2��56D56�6=�AC:>6C>@>6?E@�56�=2�)6AS3=:42�A2C2�9246C�56�=2��%+��6=�:?DECF>6?E@�56�=2�C6G@=F�4:R?�6?�A@D�56=�[4@>F?:D>@�=:36CE2C:@\����=@�=2C8@�56�6DE2D�EC6D�72D6D�6DEC6�492>6?E6�G:?4F=252D�6?EC6�DP��C6DF=E2�56CC@E25@�6=�AC@J64E@�56=�D:?5:42=:D>@C6G@=F4:@?2C:@��567:?:5@�92DE2���� �A@C�*2=G25@C�*68FP��4FJ2�4@?D64F6?4:29F3:6C2�D:5@�C6=682C�2=�2?2CBF:D>@�2�F?2�D:EF24:R?�>2C8:?2=��J�D6�:>A@?6��6?42>3:@��F?2�6DEC2E68:2�:?DFCC644:@?2=�56�D:8?@�32<F?:?:2?@��=:56C252�A@C�6=8CFA@�5:C:86?E6�BF6�:?E68C2?��F6?2G6?EFC2��FCCFE:��!F2?��2C4P2�&=:G6C�J��C2?�4:D4@��D42D@�

�;>AI0���=C>=8>��=0A@D8B<>�H�DC>?N0�0:D=8=�H�;0�A4E>;D28P=B>280;�4=��B?0O0����������$25C:5���� �5��:?42�'M8D����

�=C>=8>��;>AI0��><N=6D4I� 6D��2E65CME:4@�56��:6?4:2D'@=PE:42D�6?�=2�,?:G6CD:525��@>A=FE6?D6�56�$25C:5���D�2FE@C�56G2C:@D�EC232;@D�56�:?G6DE:824:R?�D@3C6�=2�9:DE@C:2�56=�A6?D2>:6?E@A@=PE:4@�J�56� =@D�>@G:>:6?E@D�D@4:2=6D�6?��DA2Q2��*FD�S=E:>2D@3C2D�8:C2?�6?�E@C?@�2=�6DEF5:@�56�=@D�?24:@?2=:D>@D�J�=@D�:?E6�8C:D>@D��[+C2D�=2�9F6==2�56�*23:?@��C2?2��=@D�@CP86?6D�E@E2=:E2C:@D56=�?24:@?2=:D>@�G2D4@\��[,>>2��6=�:?E68C:D>@�6?�6=�:D=2>\�J�[�=?F6G@�E6CC@C:D>@�:D=2>:DE2\��2DP�4@>@�D@3C6�6=�?24:@?2=:D>@��[#FK56�E:?:63=2D��?24:R?��:?56A6?56?4:2�J�=:36CE25�6?����\�

+48A0�+48A0�� >BM�!D8B���>>A38=03>A��4B86D0;303�H�20?8C0;�B>280;�4=��B?0O0���@CFQ2��� ��5�%6E3:3=@�*�#���'M8D�����

�?�=2�AC6D6?E6�@3C2�D6�@7C646?�=@D�C6DF=E25@D�56C:G25@D�56=�'C@J64E@�56� ?�G6DE:824:R?�[�2A:E2=�D@4:2=�J�56D:8F2=525�6?��DA2Q2\��#2�C62=:K24:R?�56�6DE6'C@J64E@��BF6�DFAFD@�EC6D�2Q@D�56�:?G6DE:824:R?��A6C>:E:R�2?2=:K2C�J�6IA=:42C=2�C6=24:R?�6?EC6�56D:8F2=525�D@4:2=�J�42A:E2=�D@4:2=�6?��DA2Q2���?�=@D�@49@42APEF=@D�BF6�4@>A@?6?�6=�=:3C@�D6�AC@7F?5:K2�6?�=@D�@3;6E:G@D�86?6C2=6D�BF6:?DA:C2C@?�6=�'C@J64E@��2�567:?:C�J�4F2?E:7:42C�6=�42A:E2=�D@4:2=�:?5:G:5F2=�6?��D�A2Q2�J�DF�56D:8F2=��5:DEC:3F4:R?�6?EC6�=2D��@>F?:5256D��FER?@>2D���3��56D�4C:3:C�J�2?2=:K2C�6=�C6A2CE@�56D:8F2=�56=�42A:E2=�D@4:2=�6?EC6�5:G6CD2D�42E68@CP2D56�A@3=24:R?��6DA64:2=>6?E6�=2�C676C:52�2=�8N?6C@��2DP�4@>@�6?�6=�AF6DE@�56EC232;@��4��6G2=F2C�6=�:>A24E@�56=�42A:E2=�D@4:2=��5��4@?EC:3F:C�2=�56D2CC@==@�4@?�46AEF2=�E2?E@�E6RC:4@�4@>@�@A6C2E:G@�56=�ENC>:?@�[42A:E2=�D@4:2=\�J�6IA=@C2C�6=:>A24E@�56�=2D�C656D�D@4:2=6D�4@>@�?F6G2�7@C>2�56�42A:E2=�D@4:2=��J�6�AC@�

A@C4:@?2C�F?�?F6G@�>2C4@�E6RC:4@�SE:=�A2C2�=2�6=2�3@C24:R?� 56� A@=PE:42D� AS3=:42D� @C:6?E252D� 2C65F4:C�=2D�56D:8F2=5256D�D@4:2=6D�J�64@?R>:42D�

>BM�!D8B�+48A0�+48A0� 6D�42E65CME:4@�56�*@4:@=@8P2�6?�=2��24F=E25�56�*@�4:@=@8P2�56�=2�,?:G6CD:525�56����@CFQ2�J�4@@C5:?25@C�56=�8CFA@�56�:?G6D�E:824:R?�&C82?:K24:@?6D�D@4:2=6D��:?DE:EF4:@?6D�J�>6C425@D���D��@4E@C�6?*@4:@=@8P2�A@C�=2�,�$�

56

LLL8DAEDAHD8DG<�������LLL8DAEDAHD8B69G>9DG< �#�#�'�,���� ��DA:<>D�(68>DC6A�N�9:�'69G>9�9:��D8IDG:H�N�&>8:C8>69DH�:C��>:C8>6H�*DATI>86H�N�-D8>DAD<T6��

&5�,9J=GH5��GD5VC@5�89�#BJ9GH=;57=CB9G�-C7=C@W;=75G��,�#-�9G�IB5�DI6@=757=WB�HF=A9GHF5@�89@��9BHFC�89�#BJ9GH=;57=CB9G-C7=C@W;=75G�EI9� H=9B9�DCF� C6>9HC� 8=:IB8=F� =BJ9GH=;57=CB9G7=9BHU:=75G�89�75@=858�EI9�7CBHF=6IM5B�5�9BH9B89F�A9>CF�@CG:9BWA9BCG�DC@UH=7CG�M�GC7=5@9G�

-/'�,#)�$�0#�,��-./�#&&)���.)(#�,)�)( �@�7CADCFH5A=9BHC�9@97HCF5@�89@�JCH5BH9�9B�@5�A98=5B5�M�@5G�`D5F58C>5Ga�89�@5�7CAD9H=7=WB� DC@UH=75� 9GD5VC@5� &),�(4)� ���"b(� �� '�,a�

�3-�&�-.,��'CJ=@=858�C7ID57=CB5@�G9;A9BH585��9@�75GC�89�@CG�=BA=;F5BH9G�BC�7CAIB=H5F=CG�9B��GD5V5�$/�(� ,�(�#-�)���(�&��)'a(!/�4 #B;F9GCG�M�G5H=G:577=WB�@56CF5@�89�@CG�HF565>58CF9G�9GD5VC@9G�7CBHUHI@C�89�8C7HCF��-)&�$/`,�4���`,��,������,�0/�&.���/!�,�#)-���=:9F9B7=5G�GC7=C97CBWA=75G�9B9@�65>C�D9GC�5@�B579F��F9J=G=H5B8C�9B:CEI9G�9D=89A=C@W;=7CG��((��'�*�&�/��� �,,�(���0�-� �@�=AD57HC�89�@5�7C69FHIF5�A98=RH=75�89�@5�7CFFID7=WB�9B�@5�CD=B=WB�DY6@=75�9GD5VC@5�

,:>H� ��,:K>HI6��HE6UDA6�9:�#CK:HI><68>DC:H-D8>DAV<>86H�>G:8IDG�� SA>M�,:FJ:C6�-6CIDH,:9688>VC��'DCI6A7RC������� ��'69G>9LLL8>H:H

*G:H:CI68>VC�'6<96A:C6�(D<J:>G6�!J6HI6K>CD

�HIJ9>DH��A�IG676?D�6JIVCDBD�:8DCVB>86B:CI:�9:E:C9>:CI:�@�HF565>C�5IHWBCAC�97CBWA=75A9BH9�89D9B8=9BH9�9B�#H5@=5�!=IG9DD9�-5BHCFC*5GG5F9@@=����,:<JA68>VC�9:A�H6A6G>D��8DBE:I>I>K>969�:BEG:H6G>6A�N�IJI:A69:�ADH�IG676?69DG:H*C@UH=75G�9IFCD95G�D5F5�@5�7CAD9H=H=J=858�G5@5F=CG�AUB=ACG�M�HI

�������� ������������������UD��� ��0DA##,:K>HI6�9:�G:A68>DC:H�A67DG6A:H��:8DCVB>86�N�HD8>DAD<T6�9:A�IG676?D��N�IG676?D�6JIVCDBD

&6�EDATI>86�HD8>6A�:JGDE:6�;G:CI:�6�A6H�IG6CH;DGB68>DC:H�A67DG6A:H�N�HD8>6A:H

�9>8>DC:H��>C86��-�����!:C:G6A�#7RU:O�#7:GD����������'69G>9��.:A�� ����������<GJED:9>IDG>6A�:9>8>DC:H8>C868DB�

H9@5�89@�DC89F�58EI=G=H=JC�89�@5G�F9HF=6I7=CB9G�9B�#H5@=5�HF5G�9@�57I9F8C�89�BCJ=9A6F989�� ���&CF9BNC�4CDDC@=����*DATI>86H�68I>K6H�9:�;DB:CID�9:A�:BEA:D?JK:C>A*C@UH=75G�57H=J5G�89�:CA9BHC�89@�9AD@9C�>IJ9B=@� 9B� �GD5V5� �@U5G�!CBNR@9N*CG585'5FHUB9N����

������ ������� ���������� ���

57

LLL8DAEDAHD8DG<�������LLL8DAEDAHD8B69G>9DG< �#�#�'�,���� ��DA:<>D�(68>DC6A�N�9:�'69G>9�9:��D8IDG:H�N�&>8:C8>69DH�:C��>:C8>6H�*DATI>86H�N�-D8>DAD<T6��

�B�6IG75�89BI9J5G� B5FF57=CB9G��@5A=F585� 89@CG� A98=CG89� 7CAIB=757=WB� 5BH9@5� 58C@9G79B7=5�� &CEI9� GCACGD9FGCB5@� M7 C @ 9 7 H = J 5

A9BH9�89D9B89�9B�6I9B5�D5FH9�89�@5G�B5FF57=CB9G�EI97CBGHFI=ACG���CB�9@@5G�85ACG�G9BH=8C�5�BI9GHF5�J=85�M5@�AIB8C�EI9�BCG�FC895��-I�=ADCFH5B7=5�9G�5YB�A5MCF9B�@5�58C@9G79B7=5�9H5D5�898=7585�DF=CF=H5F=5A9BH9�5@5�7CBGHFI77=WB�89�IB5�=89BH=858�DFCD=5�6IG75B8C�F9:9F9B7=5G�M�HCA5B8C�897=G=CB9G�EI9�9>9F79B�IB5�;F5B�=B:@I9B7=5�9B�9@�89G5FFC@@C�DCGH9F=CF��*CFEI9�57HI5@A9BH9@CG�A98=CG�89�7CAIB=757=WB�GCB�IB5�89�@5G�DF=B7=D5@9G:I9BH9G�89�=B:CFA57=WB�D5F5�@5�7CBGHFI77=WB�89�H5@9G�F9

DF9G9BH57=CB9G�M�F9@5HCG�@CG�5IHCF9G�F9IB=8CG�9B�9GH9BYA9FC�F9:@9L=CB5B�89G89�AIM�8=GH=BH5G�D9FGD97H=J5GM�9GD97=5@=8589G�579F75�89�@5�F9@57=WB�9BHF9�@CG�58C@9G79BH9G�M�9@�IB=J9FGC�A98=RH=7C�7CAC�IB�RA6=HC�9B�9@EI9� 9B7CBHF5F� BI9J5G� B5FF57=CB9G� EI9� 9LD@=EI9B� 9@AIB8C�>IGHC�7I5B8C�D5F979�75A6=5F�7CB�ARG�=BH9BG=858���GH9�ACBC;FR:=7C�EI9�5@75BN5�9@�BYA9FC�7=9BHCIBC�89�@5�7C@977=WB�G9�9GHFI7HIF5�9B�HF9G�D5FH9G���B�@5DF=A9F5�G9�=B7@IM9B�5FHU7I@CG�EI9�HF5H5B�89�F9GDCB89F<57=5�8WB89�9JC@I7=CB5�9@�F9HF5HC�EI9�@CG�58C@9G79BH9G9B7I9BHF5B�89�GU�A=GACG�9B�@CG�A98=CG�89�7CAIB=757=WB��&5�G9;IB85�D5FH9�9GHR�898=7585�5�7WAC�@5G�F9DF9G9BH57=CB9G�A98=RH=75G�DI989B�IH=@=N5FG9�7CAC�@I;5F89�F9:@9L=WB�GC7=5@�9B�HCFBC�5�IB5�89�@5G�7I9GH=CB9G�7@5J9G�89�@5�58C@9G79B7=5��@5�F9@57=WB�9BHF9�9@�D5G58C�9@DF9G9BH9�M�9@�:IHIFC�7CBH9AD@58CG�BC�M5�89G89�@5�D9FGD97H=J5�89@�=B8=J=8IC�G=BC�9B�GI�8=A9BG=WB�7C@97H=J5�9<=GHWF=75��3�@5�H9F79F5�D5FH9�89�9GH9�ACBC;FR:=7C�G9�79BHF5�9B�9@�AC8C�9B�EI9�@CG�A98=CG�89�7CAIB=757=WB�DI989B�F9GDCB89F��5�@5�B979G=858�89�5DF9B8=N5>9�9AC7=CB5@�9�=BH9@97HI5@�89�@CG�58C@9G79BH9G�

�)�/'�(.��#b(�-)�#�&,:K>HI6�9:��HIJ9>DH�-D8>6A:H�N�9:�-D8>DAD<T6��EA>8696�VC�� �� (WB:GD� ��0>K>G�H:C8>AA6B:CI:�E6G6�FJ:�DIGDH��H:C8>AA6B:CI:��EJ:96C�K>K>G��.:DGT6H�9>I6��RF=H5G��GD5VC@5��8=HCF9G�A65>58CF9G������� ���'58F=8�.@:��������

'DCD<G6;T6��B�6IG75�89@�D5F58=;A5�D9F8=8C$I@=C��@;I57=@!WA9N���=J=@=N57=WB�89�@5�G9B7=@@9N�9B�9@�75A6=C�89�SDC75$D6FJTC�!6G8T6�,D86��&5�@=B95�89�8=;B=858�D5F5�EI9�HC8CGDI985B�J=J=F�CIDC>D��A>O6A9:�":K>6��&CG�J5@CF9G�89@�>I9;CD5F5�CHFC�AC89@C�89�GC7=9858 &J>H�!DCORA:O�6GK6?6A-6CI67RG76G6��&CG���-���^*=98F5�5B;I@5F�D5F5�CHF5�DFCH977=WB�GC7=5@�DCG=6@9���B>A>D�$DHS�!VB:O��>G>6C��/B�AC89@C�897CBGIAC�5@�G9FJ=7=C�89�@5G�D9FGCB5G��9:A6��DGI>C6�)GIH����

��������������� ���������'�������#!�������#�$�!��� ������!������� ���������!������!�������#������%�

��"����������!���������

��� ������%�������&�� ������������%����"�� �# )*���� ��"� ���)�/#��&$'���.#���-�������%�����&%)/'������'��!���������&����!�����������

���

��� ���

���� ����������

���

58

LLL8DAEDAHD8DG<�������LLL8DAEDAHD8B69G>9DG< �#�#�'�,���� ��DA:<>D�(68>DC6A�N�9:�'69G>9�9:��D8IDG:H�N�&>8:C8>69DH�:C��>:C8>6H�*DATI>86H�N�-D8>DAD<T6��

�,.a�/&)-

�CG>FJ:�":GG:G6H��-)�#�&#-')�3�,�-*)(-��#&#���-)�#�&����&���'*,�-���-C7=5@=GA�5B8��CFDCF5H9�-C7=5@�,9GDCBG56=@=HM$DG<:�,D9GT<J:O�!J:GG6� &��.�(-���)'*�.#�#&#����(.,����*#.�&#-')�3���')�,��#��)�&�����')�,��#��,�-.,#(!#�����.9BG9��CAD5H=6=@=HM�69HK99B�5D=H5@=GA�5B8��9AC7F57M���,9GHF=7H98��9AC7F57M�� G6C8>H8D�$6K>:G�$>BSC:O�!VB:O� &��&/�"���)(.,�&���2�&/-#j(�-)�#�&��(�&��*,) /(�#4��#j(���')�,h.#����*�,.#�#*��#j(�*,)2#'#����3�-�(.#�)��.<9�GHFI;;@9�5;5=BGH�GC7=5@�9L7@IG=CB�CB�89AC7F5H=7899D9B=B;��D5FH=7=D5H=CB�DFCL=A=HM�5B8�A95B=B;�!:D8DC96��:CTI:O��JG<DH� &���)(-.,/��#j(���&*,)��-)�-)�#�&����0/&(�,��#&#�������&��'/$�,#('#!,�(.��&�.#()�'�,#��(���*,#(�#*�&�-� ��.),�-��2�&/-j!�()-��2.�,()-��.<9�7CBGHFI7H=CBDFC79GG�C:�GC7=5@�JI@B9F56=@=HM�C:�&5H=B��A9F=75B�=AA=;F5BHKCA9B��A5=B�9LH9FB5@�:57HCFG�C:�9L7@IG=CB�'6GITC� A:>I6H� �2*�,#�(�#�-��'�,!�-��-)�,��&�-*,� �,�(�#�-����*.�.#0�-�3�&��-/�0�,-#j(���&��*�,-)(�&#�����-CIF�9LD9F=9B79G��)B�H<9�585DH5H=J9DF9:9F9B79G�5B8�H<9�D9FGCB5@=HM�G�GI6J9FG=CB�3DA6C96�'6GITC:O��6CD�DGISH� �-*�P��3��&�./,#-')�&�'h(��-D5=B�5B8�;9FA5B�HCIF=GA�

�FJ>ED��9>IDG>6A*G:H>9:CI:��"9F=69FHC��5=FC��5FCI��/�'��>G:8IDG$C5EIUB��69@@RB�!5F7U5��/�'�

-:8G:I6G>6� �5FA9B�*SF9N�"9FB5B8C75FA9BDG�7DG�I7A�9G-9F;=C��g�BHCB=C�'579=F5G,:9688>VC� 57I@H58�89��=9B7=5G*C@UH=75G�M�-C7=C@C;U5���5ADIG�89�-CACG5;I5G��������'58F=8�.@:������������

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

*G:H:CI68>VC.F5G� @5�9GH9@5�89�(CF69FH��@=5G�� #BHFC8I77=WB� 9FB5B8C��ADI8=5�89�"5FC�,5Y@�-RB7<9N�!5F7U5��'DCD<G6;T6,97CB:=;IF=B;�)HHCA5B�!9B89F��CIB85F=9G�5B8�-9LI5@��5H9;CF=9G�6M�H<9�A=8��H<�79BHIFM�kF9A�QN;XF9B� %=B@=� � .<9� +I9GH� :CF� �L7=H=B;� %BCK@98;9��9J9@CDA9BHG�=B� =;IF5H=CB5@�-C7=C@C;=75@�,9G95F7<

CB�-DCFH�5B8�&9=GIF9���CA=B=7�'5@7C@A�&CI=G9�'5BG:=9@8����f(C�G9LIB89F�AM�FCC:g��.99B5;9�G9LI5@=HM�=B�H<9�/-��5B8�=B�H<9�(9H<9F@5B8GG=B79�H<9���� G��5G�1CIH9FG�����GD57=CG�89�C7=C�9B�@5�H9FF=HCF=5@=858!I5F5BU�%5=CKR�89��CIF58CG�'5HC�!FCGGC�8C�-I@��F5G=@�'5F=B50=B<5�'5F=5��95HF=N�,C7<5� 9FF9=F5��8=F��5G5FC�(5G7=A9BHC���^*RB=7CG�ACF5@9G�7CAC�DFC79GCG�7=J=@=N5HCF=CG�M�89G7=J=@=N5HCF=CG��/B8965H9�7CAD5F5H=JC��A5B85�,C<@C::� � �� f�5F65F=9g�M� f7=J=@=N57=WBgG9;YB�@CG�F9GDCBG56@9G�89�@5�J=C@9B7=5�89�9GH58C�8IF5BH9�@5�Y@H=A58=7H58IF5�5F;9BH=B5�#@5B�&9K����&5��=J=@=858�9B�@5G��5GH5G�09@585G89@�'SL=7C��7HI5@�"CF57=C�!CBNR@9N�&WD9N�#F9B9�'5FEI=B5�-RB7<9N��9@=5��F=GH=B5��CBHF9F5G��GHIF=5G���-C6F9�9@�H=9ADC��DF=A9F5G5DFCL=A57=CB9G�9BHF9�9@�D9BG5A=9BHC�:UG=7C�M�9@�D9BG5A=9BHC�GC7=C@W;=7C�89�(CF69FH��@=5G�'5FU5�$�� ��!965F5�'5F7CG���� @CF7N5?���=G7IGG=B;��=J=@=G5H=CB�5B8�#B:CFA5@=G5H=CB���F=H9F=C@C;M��5G�1CIH9FG�-H9D<9B�'9BB9@@�����GG9GG=B;��@=5G�CB�'5FL�=B�5�B9C@=69F5@�5;9-H9J9B�&CM5@���

������ ������� ���������� ���

0DA�����(D������ ��

59

LLL8DAEDAHD8DG<�������LLL8DAEDAHD8B69G>9DG< �#�#�'�,���� ��DA:<>D�(68>DC6A�N�9:�'69G>9�9:��D8IDG:H�N�&>8:C8>69DH�:C��>:C8>6H�*DATI>86H�N�-D8>DAD<T6��

":GG:GD�9:�'>UVC��'><J:A�R9>O�6�8DCIG6E:AD��� � � �����9DH�8DCHI>IJ8>DC:H�:C�:CIG:9>8=D��5F79@CB5�� ����8�!5@5L=5�!IH9B69F;��UF7I@C�89�&97HCF9G��*R;G��� �

&5�F9@9J5B7=5�89�@5G��CFH9G�89��R8=N�M�@5��CBGH=HI7=WB�89������9B�@5�<=GHCF=5�89��GD5V5�9G�=B8=G7IH=6@9��*9FC�GI�DFC;F9G=J5�A=H=:=757=WB�<5�@@9J58C�5�89G7CBC79F�GIG�89:97HCG�M�7CBG=89F5F@5�d9@�A9>CF�89�@CG�7W8=;CGe�M�5�=ADIH5F�5�:57HCF9G�9LW;9BCG�9@:F575GC�89�GIG�8=:9F9BH9G�9LD9F=9B7=5G�9B��GD5V5��IFCD5�M��ASF=75���CAC�A=HC�<59BGCA6F97=8C�5GD97HCG�7@5J9�89�BI9GHF5�<=GHCF=5�DC@UH=75�M�7CBGH=HI7=CB5@��3�9B�:=B7CAC�A=HC�7CB�DF9H9BG=CB9G�:IB857=CB5@9G�G9�<5�EI9F=8C�9BF5=N5F�9B��R8=N�@5�=89BH=858�B57=CB5@�9GD5VC@5�5@;C�9FFWB9C�M�@9G=JC�D5F5�8=7<5�=89BH=858��@�;F=HC�89�_�GD5VC@9G�M5�H9BS=G�D5HF=5��(C�GC@C�7CBHF58=79�@5�F95@=858�<=GHWF=75�89��GD5V5�G=BC�EI9�DF9H9B8=W�:IB85F�@5�=89BH=858�9GD5VC@5�9B�@5�7F=GH5@=N57=WB�=BGH=HI7=CB5@89�@5G�d8CG��GD5V5Ge�;9GH585G�5�@C�@5F;C�89�@CG�G=;@CG�5BH9F=CF9G��&5��CBGH=HI7=WB�89�����BC�GIF;=W�89@�7CBG9BGC�B57=CB5@�G=BC�89�@5�CD7=WB�89�A98=5��GD5V5�GC6F9�@5�CHF5A98=5�M�G9A9>5BH9�H5>58IF5�HC85JU5�;F5J=H5�GC6F9�BI9GHF5�7CB7=9B7=5�7C@97H=J5�

����

�����������!

���

� ����

��������

���� �

�� -RC8=:O��6NVC���CIDC>D >ADHD;T6�*DATI>8D$JGT9>86�!AD86A��8:G86�9:A�ED9:G��:A�<D7>:GCDN�A6�DG9:C68>VC�:C�A6�<AD76A>O68>VC�8=HCF=5@��758SA=75��GD5VC@5��-55F6FZ7?9B���@9A5B=5��� ����*R;G�����

�B�9GH9�6F9J9�D9FC�DFC:IB8C�9BG5MC�:=@CGW:=7C�9@��F��-RB7<9N�5MWB�9LHF59�89�9BHF9GI�9LH9BG5�M�AI@H=8=G7=D@=B5F�C6F5�@CG�5GD97HCG�:IB85A9BH5@9G�D5F5�@5�7CADF9BG=WB89�BI9GHF5�F95@=858�57HI5@��"579�IB�F97CFF=8C�DCF�8=J9FG5G�7I9GH=CB9G�89�75B89BH957HI5@=858�7CAC�@5�!@C65@=N57=WB�@5�7F=G=G�89�=89BH=858�@5G�)#!G�@CG�DFC6@9A5G�=BH9F;9B9F57=CB5@9G�=AD57HC�89�@5G�.#�G�9B�@5�89AC7F57=5��@5�989AC7F57=5��9H7��3BCG�56F9�IB�BI9JC�75ADC�9B�@5�@UB95�89@�D9BG5A=9BHC�;@C75@�5B=A5B8C�9B�HC8C�ACA9BHC�5�@5�F9:@9L=WB�M�5@�D9BG5A=9BHC�7FUH=7C�7CB�IB�HCBC�8=8R7H=7C�M�5A9BC�7CBG9;I=8C�5�HF5JSG�89�F9GDI9GH5�89�=BH9FFC;5BH9G�C�89�89:=B=7=WB�89��7CB79DHCG���-9�8=F=;99GD97=5@A9BH9�5�@5�;9B9F57=WB�DF975F=5�89�@5�!@C65@=N57=WB�FCAD=9B8C�@CG�A=HCG�89GIG�DFC;9B=HCF9G�M�DFCDCB=9B8C�IB5�JI9@H5�5�@CG�CFU;9B9G�F9HCA5B8C�9@�<IA5B=GAC=69FC5A9F=75BC�D5F5�BC�759F�B=�D9FA5B979F�9B�@5�DC7C�89G956@9��B585����B�9GH9�9BG5MC�H5A6=SB�9B7CBHF5F9ACG�IB5�G9F=9�89�@97HIF5G�GI;9F=85G�EI9�7CAD@9A9BH5B�5@5�DF9G9BH9����A76�*SG:O�'6GITC:O-RC8=:O��6NVC���CIDC>D�

9G�8C79BH9�9�=BJ9GH=;58CF9B��GD5V5�M��ASF=75� �6GADH�&��A;DCHD�':AA69D���DDG9���

&6�C:<D8>68>VC�:C�B6I:G>6�9:�EA6C:H�9:�><J6A969��:HIJ9>D�6C6ATI>8D�)6G9FJ5HCF=C�89�@5�B9;C7=57=WB�7C@97H=J5'58F=8�� ����8��=B75��*R;G�� ��

�GH9�;FIDC�=BH9F8=G7=D@=B5F�5B5@=N5�@CG�7CBH9B=8CG�89�@5�B9;C7=57=WB�7C@97H=J5�7CB�9@C6>9H=JC�89�EI9�9@�F9GI@H58C�89�GIG�=BJ9GH=;57=CB9G�7CBGH=HIM5�IB�9@9A9BHC�89�F9:@9L=WB�M�5DCMC�D5F5�9@�A9>CF�89G5FFC@@C�89�@5�57H=J=858�89�@5G�D9FGCB5G�EI9�7CB:CFA5B@5G�A9G5G�B9;C7=58CF5G�89�@CG�7CBJ9B=CG�M�89�EI=9B9G�89G89�@5G�CF;5B=N57=CB9GG=B8=75@9G�@9G�DF9GH5B�5G9GCF5A=9BHC�-9�DFC:IB8=N5�9B�9@�7CBC7=A=9BHC�89�@CG�57I9F8CG�GC6F9�D@5B9G�89�=;I5@858�89G89IB5�8C6@9�D9FGD97H=J5��@5�89@�7CBH9B=8C�G=9ADF9�9B�F9@57=WB�7CB�9@�7CFF9GDCB8=9BH97CBJ9B=C�7C@97H=JC��M�@5�89@�DFC79GC�89�B9;C7=57=WB�9�=AD@5BH57=WB�89�@CG�A=GACG�*5F5�F9GDCB89F�5�9GHCG�C6>9H=JCG�6RG=7CG�:I9FCB�G9@977=CB58CG�BI9J9�G97HCF9G�8957H=J=858��9BH=8589G�:=B5B7=9F5G�=B8IGHF=5�EIUA=75�7CBGHFI77=WB�9B9F;U5�58A=B=GHF57=CB9G�DY6@=75G������89�@CG�EI9�G9�5B5@=N5FCB�@CG�D@5B9G�89�=;I5@858�8=GDCB=6@9G�5:=B5@9G�89@�A9G�89�A5MC�89�� ���M�EI9�<I6=9F5B�G=8C�9:97H=J5A9BH9�B9;C7=58CG�8957I9F8C�5�@5�BCFA5H=J5�J=;9BH9�5GU�7CAC�@CG�7CBJ9B=CG�7C@97H=JCG�89�F9:9F9B7=5�9B7585�75GC�M�@5G�CD=B=CB9G�5DCFH585G�DCF�@5G�M�@CG�B9;C7=58CF9G�=AD@=758CG�9B�F9@57=WB�5�@5G�8=:=7I@H589G�9B�@5�B9;C7=57=WB�M�DCGH9F=CF�89G5FFC@@C�89�@CG�57I9F8CG�

60

LLL8DAEDAHD8DG<�������LLL8DAEDAHD8B69G>9DG< �#�#�'�,���� ��DA:<>D�(68>DC6A�N�9:�'69G>9�9:��D8IDG:H�N�&>8:C8>69DH�:C��>:C8>6H�*DATI>86H�N�-D8>DAD<T6��

������������

�����������(I9GHFC�7CAD5V9FC�'6CJ:A�'DHI6O6��6GG>DH� <5�9AD9N58C�5HF565>5F� 9@� D5G58C� A9G� 89G9DH=9A6F9�7CAC�,9GDCBG56@9� 89� )D9F57=CB9G� 9B-=;A5��CG�9ADF9G5�@U89F�9B9GHI8=CG� 89� CD=B=WB� M� 895BR@=G=G�89�A9F758C�9B��G

D5V5�7CBH=BI5B8C�5GU�7CB�GI�75FF9F5�DFC:9G=CB5@�9B�9@RA6=HC�89@�G97HCF�DF=J58C���B<CF56I9B5�89G89�5EIU�5BI9GHFC�7CAD5V9FC�A=9A6FC�89�@5�$IBH5�89�!C6=9FBC89@��C@9;=C�

��,��/�&��'Y� �C<JHI>6H (I9GHF57CAD5V9F5��C7HCF5�9B�*C@UH=75GDCF�@5�/�'��M�*F9G=89BH5�89�@5�GC7=57=WB� 89� �=D@CA58CG� 9B-9;IF=858�M��9:9BG5�����-M��<5�G=8C�BCA6F585�DCF�A5MCFU556GC@IH5�89@�-9B58C�9@�D5G58CA9G�89�BCJ=9A6F9��A=9A6FC�89@)6G9FJ5HCF=C� 89� @5� 0=85� '=@=H5F�G9;YB�@C�DF9J=GHC�9B�@5�&�)��89

89F97<CG�M�8969F9G�89�@CG�A=9A6FCG�89�@5G� I9FN5G��FA585G����&9�57CAD5V5FRB�9B�9@�)6G9FJ5HCF=C�9BHF9�CHFCG&CF9BNC�'5FHUB,9HCFH=@@C�M�BI9GHFCG�7CAD5V9FCG�*5@CA5�=;@=BC�75H98FRH=75�89�05@@58C@=8�M�'=;I9@�,9EI9B5�M��U5N89�,9J9B;5�75H98FRH=7C�89�@5�/(����M��=F97HCF�89@�#BGH=HIHC�/B=J9FG=H5F=C�!IH=SFF9N�'9@@58C�� 9@=7=H5ACG�5�BI9GHFCG�7C@9;5G�M� @9G�89G95ACG�IB5� :FI7HU:9F5� @56CF�9B�9@)6G9FJ5HCF=C�

&)-����'��-.,���,D7:GID (I9GHFC�7C@9;5�DFC:9GCF�89��=9B7=5�*C@UH=75�9B�@5�/B=J9FG=858��5F@CG�###�89�'58F=8�89:9B8=W9@�D5G58C�A9G�89�>I@=C�GI�H9G=G�8C7HCF5@�GC6F9�d�BR@=G=G�89�F=9G;CG�9B@5G� DC@UH=75G� DY6@=75G�� 89@� 5BR@=G=G9ADUF=7C� 5@� D@5BH95A=9BHC� BCFA5H=JCe�8=F=;=85�DCF�9@�*FC:�� F5B7=G7C$��05B57@C7<5���5H98FRH=7C�89�9G5�/B=J9FG=858�EI9�:I9�975BC�89@��C@9;=C�� 9@=7=H5ACG�5@�BI9JC�8C7HCF�EI9�C6HIJC�@5�75@=:=757=WB�89�-C6F9G5@=9BH9�7IA�@5I89��

*,) �-),�-�")(),a #�)-����(/�-.,�� ��/&.����)'*&/.�(-�

�@�D5G58C�A9G�89�G9DH=9A6F9�@5�$IBH5�89�@5� 57I@H58�CHCF;W�@5�7CB8=7=WB�89�*FC:9GCF9G�"CBCFU:=7CG�5@CG�DFC:9GCF9G�>I6=@58CG� �HIG:AA6�&VE:O�%:AA:G���,6WA�'DGD9D�&:DC8>D��'><J:A�'6GITC:O�J69G69D���:C?6BTC�!6G8T6�-6CO��'6CJ:A�':9>C6�)GI:<6��'6CJ:A�'6GITC�-:GG6CD�-6CI>6<D�*:IH8=:C�0:G96<J:G��'Y�.:G:H6�'6GITC:O�9:A�)ABD��&6JG:6CD�*SG:O�9:&6IDGG:���6GADH��*G>:ID�,D9GT<J:O���CIDC>D�*6A6OJ:ADH�N�$DHS�,6BVC�.DGG:<GDH6*:G>H ��HC8CG�9@@CG�@9G�:9@=7=H5ACG��M�5;F58979ACG�9@�A5;=GH9F=C�EI9�<5B�9>9F7=8C�M�89@�EI9�<9ACG8=G:FIH58C�AI7<CG�7CAD5V9FCG��

��&0)��/�4�-�.DBRH�@�BI9GHFC�EI9F=8C*FC:9GCF� G9� @9� <5<97<C�9BHF9;5�89�@5

_'���&&������2.,�'��/,�_�9@�D5G58C���89�G9DH=9A6F9�9B�9@�.95HFC�,CA5BC�89�'SF=85e�9B�F97CBC7=A=9BHC�5�GI�@I7<5�7CBGH5BH9�DCF�@5�>IGH=7=5�M�@5�7CBJ=J9B7=5D57U:=75�9BHF9�7I@HIF5G�@5�GC@=85F=858�7CB�@CG�ARG�89G:5JCF97=8CG�M�9@�DFC:IB8C�5ACF�89ACGHF58C�5��LHF9A58IF5�(I9GHFC�7CAD5V9FC�HIJC�������58<9G=CB9G�89�9@@5G��� 89@�9LHF5B>9FC�89����D5=G9G��(I9GHF5�ARG�7CF8=5@�:9@=7=H57=WB��

�@� D5G58C� ��� 89� C7HI6F9� HIJC@I;5F�@5�@97HIF5�89�H9G=G�8C7HCF5@89 �,>86G9D�4WU><6��DCIG:G6H� 9B�9@�-5@WB�89!F58CG�89�@5� 57I@H58�89��=9B7=5G�*C@UH=75G�M�-C7=C@C;U5�89�@5/�'��.9G=G� 8=F=;=85� DCF� $D:AA:� �C6�:G<:G:� �:O6E=>� M� $DHS,6BVC�.DGG:<GDH6�*:G>H� 89@�9D5FH5A9BHC� 89� *G=7C@C;U5-C7=5@�M�H=HI@585��� ������ ���� ��� ��������� ��������� ��������� ����� ������������������� ����� �����@�HF=6IB5@�9GHIJC�7CADI9GHC�DCF��'6G8DH�,D>IB6C�,DH:CB6CC �*F9G=89BH9��":G>7:GID��6>GD��6GDJ��-97F9H5F=C�� 7CAC� A=9A6FCG� 89� @5� /�'� M� @CG� DFC:9GCF9G=BJ=H58CG��C6HI6H>D�)K:?:GD��:GC6A��*:9GD�*SG:O�":GG:GD M�"S8IDG�!G69� J8=H:A (I9GHF5� :9@=7=H57=WB� 5@BI9JC��C7HCF�

61

LLL8DAEDAHD8DG<�������LLL8DAEDAHD8B69G>9DG< �#�#�'�,���� ��DA:<>D�(68>DC6A�N�9:�'69G>9�9:��D8IDG:H�N�&>8:C8>69DH�:C��>:C8>6H�*DATI>86H�N�-D8>DAD<T6��

")'�(�$������($�'a(�!)(4`&�4��(�&��/(#0�,-#����������),/Q�

`&0�,�4�$/(�)��$DHS �@����89�BCJ=9A6F9�G9�DF9G9BHW�9@�@=6FC�d*I96@C�M�(57=WB�"CA9B5>9�5�$CGS�h@J5F9N�$IB7Ce�9B�9@��9BHFC�89��GHI8=CG�*C@UH=7CG�M��CBGH=HI7=CB5@9G��#BH9FJ=B=9FCB�DF9G=8=8CG�DCF��9B=;BC�*9B8RG��=F97HCF�89@��9BHFC�$5J=9F�'CF9BC�&INWB�M� 9FB5B8C�89@�,9M�98=HCF9G�89@�@=6FC�EI9�F9YB9�ARG�89�� �5FHU7I@CG�89�DFC:9GCF9G�M�8=G7UDI@CG89@�<CA9B5>958C� F5B7=G7C�,I6=C�&@CF9BH9�9L*F9G=89BH9�89@��CBG9>C�89��GH58C�9B�9@��EI9C7IDW�DI9GHC�9@�*FC:��h@J5F9N�$IB7C�7I5B8C�8=F=;=W�9@��9BHFC��EI9�<CGD98W�9@�57HC�M��-5BHCG�$I@=R�<=GHCF=58CF�M�DFC:9GCF�89�@5�/(���589ARG�89�h@J5F9N�$IB7C�5�EI=9B�85ACG�@5�9B<CF56I9B5�DCF�9GH9�A9F97=8C�<CA9B5>9�EI9�@9�<5B�F9B8=8C�GIG�7C@9;5G�

(I9GHF5�7CAD5V9F5�@5�75H98FRH=75�89�-C7=C@C;U5�89�@5�/B=J9FG=858�89����CFIV5��U6��BE6GD��AB6G8=6��6G769D�F97=6=9B8C�@CG�8=:9F9BH9G�C6G9EI=CG�7CBA9ACF5H=JCG�8IF5BH9�9@�57HC�9B�A9ACF=5�89�GI�8=:IBHC�9GDCGC���:C?6B>C�!VCO6A:O��75H98FRH=7C�89�-C7=C@C;U5�89�@5�/B=J9FG=858�89����CFIV5��@�57HC�:I9�DF9G=8=8C�DCF�9@�,97HCF�'5;BU:=7C�89�@5�/B=J9FG=858�89����CFIV5��2DHS�&JTH��GB:HID��6G7:>ID>IBHC�7CB�9@��975BC ���CIVC��AK6G:O�-DJH6�M�7CBHW�7CB�@5�D5FH=7=D57=WB�9BHF9�CHF5G�D9FGCB5@=8589G�89�@5G0=798975B5G��U6�&6JG6�)HD�N��U6�&6JG6�,DBRC�M�9@��5H98FRH=7C�89�-C7=C@C;U5�89�@5�/�' �� G6C8>H8D��AK>G6�'6GI>C� EI=9B9G�;@CG5FCB�M�9@C;=5FCB�8=GH=BH5G�:579H5G�89�@5�HF5M97HCF=5�5758SA=75�DFC:9G=CB5@�M�<IA5B589@�DFC:9GCF��:C?6BTC�!DCORA:O�@5A9BH5B8C�GI�DSF8=85��B�F9DF9G9BH57=WB�89@��C@9;=C�5G=GH=W�9@��975BC�89�'58F=8���&DG:COD�(6K6GG:I:�'DG:CD� EI=9B�HF5GA=H=W�5@5�J=I858�M�89A5G�7CAD5V9F5G�M�7CAD5V9FCG�5758SA=7CG�IB�A9BG5>9�89�7CB8C@9B7=5�5�@5�J=I85�M�5@�7CB>IBHC89�DFC:9GCF5G�M�DFC:9GCF9G�5G=GH9BH9G�5@�7CB7IFF=8C�<CA9B5>9�

(I9GHFC�7C@9;=58C ,J7SC�!�,�#��-�,0�,.��;9B9F5@�89�8=J=G=WB�89@��>SF7=HC�89@��=F9�<5�5GIA=8C�9@�A5B8C�89@��9BHFC�89�)D9F57=CB9G��SF95G��CA6=B585G89�.CFF9>WB����)��.$��89G89�8CB89�G9�8=F=;=FRB�@5G�CD9F57=CB9G�89�DFCH977=WB�89@9GD57=C�5SF9C�89�@CG�D5UG9G�89@�GIF�89�@5��@=5BN5��H@RBH=75�IB�H9FF=HCF=C�89��� �?=@WA9HFCG�89�@CB;=HI8�EI9�7CADF9B89�89G89�@5G�=G@5G��5B5F=5G�<5GH5�"IB;FU5�M�89G89@5G�=G@5G��NCF9G�<5GH5�.IFEIU5��(I9GHF5�:9@=7=H57=WB�5�BI9GHFC�7C@9;=58C�

8DA:<>D�8DAEDAHD8DG<���

��������

���

���������

62

LLL8DAEDAHD8DG<�������LLL8DAEDAHD8B69G>9DG< �#�#�'�,���� ��DA:<>D�(68>DC6A�N�9:�'69G>9�9:��D8IDG:H�N�&>8:C8>69DH�:C��>:C8>6H�*DATI>86H�N�-D8>DAD<T6��

")'�(�$���&�*,) �$/&#`(�-�(.�'�,a��

�@����89�BCJ=9A6F9��HIJC�@I;5F�9B�9@��9BHFC�89��GHI8=CG�*C@UH=7CG�M��CBGH=HI7=CB5@9G�IB�57HC�89�<CA9B5>9�5@�*FC:��-5BH5A5FU5��5H98FRH=7C�9ASF=HC�89��=9B7=5

*C@UH=75�89�@5��CAD@IH9BG9��*F9G=8=W�9@��=F97HCF� 89@� �9BHFC�:C><CD� *:C9RH� 9=BH9FJ=B=9FCB�9B�@5�DF=A9F5�A9G5� F98CB85AC89F585�DCF�@5�*FC:�-JH6C6�!6G8T6��:G:8:96� @CG� DFC:9GCF9G,D7:GID��A6C8D�06A9SH� �� /�� 89� -5BH=5;C� ":C6G��G>69D�/�'��$6K>:G�*SG:O,DND �/��89�-9J=@@5�$DH:E� 'Y� 06AASH�/���� :GC6C9D�06AA:HETC��/�'��M�9B�@5G9;IB85� AC89F585

DCF�,DH6��DC9:� 9@�<CA9B5>958C� 9@� '=B=GHFC,J>O�!6AA6G9VC M�9@��L*F9G=89BH9� :A>E:�!DCORA:O�(IA9FCGC�DY6@=7C57CAD5VW�5@�<CA9B5>958C�� 9@=7=H5ACG�5@�*FC:9GCF -6CI6B6GT6

/C>?:EDA�EG:B>6�6� G6C8>H8D�06C68AD8=6��:AAK:G

&5�/B=WB�(57=CB5@�89�$9:9G�M��=F97H=JCG�89�*C@=7U5�&C75@��/B=>9DC@��<5�F97CBC7=8C�7CB�IB58=GH=B7=WB�B57=CB5@�DCF�GI��9L79@9BH9�HF565>C�89�:CFA57=WB�89�8=F97H=JCG��89�G9;IF=858�DY6@=75�M�DF=J585�5GU�7CAC�DCF�GI�HF565>C�9B�@5�9@56CF57=WB�89@�&=6FC��@5B7C�89�@5G�*C@=7U5G�&C75@9G� 89� @5� �CAIB=858� 89� '58F=8�� 5��� G6C8>H8D� 06C68AD8=6� �:AAK:G��5H98FRH=7C�9B�@5�/B=J9FG=858��5F@CG�###�89�'58F=8���=F97HCF�89@�'RGH9F�9B�!9GH=WB�M��=F977=WB�89�@5�-9;IF=858�89�@5�7=H585�/B=J9FG=858��5F@CG�###�M��L�975BC�89�BI9GHFC��C@9;=C�(I9GHF5�ARG�G=B79F5�:9@=7=H57=WB��

������������

�����������

63

LLL8DAEDAHD8DG<�������LLL8DAEDAHD8B69G>9DG< �#�#�'�,���� ��DA:<>D�(68>DC6A�N�9:�'69G>9�9:��D8IDG:H�N�&>8:C8>69DH�:C��>:C8>6H�*DATI>86H�N�-D8>DAD<T6��

�B�@5� 57I@H58�89����*C@UH=75G�M�-C7=C@C;U5�89�@5�/���CAD@IH9BG9��)F;5B=N58C�DCF�@5�d/B=WB89��GHI8=5BH9G�DCF�9@� IHIFC�*FC:9G=CB5@e�89�BI9GHF5� 57I@H58�7CAD@IH9BG9�G9�79@96FW�9@�� 89�C7HI6F9�IB5�'9G5�,98CB85�89�<CA9B5>9�5@�F97=9BH9A9BH9�:5@@97=8C�DFC:9GCF�9ASF=HC�8935@9��C@9;=58C�89�"CBCF�M�A59GHFC�89�AI7<CG�7C@9;=58CG�9@�*GD;�$J6C�$�&>CO *F9G=8=W9@�57HC�@5�*GD;�*6ADB6�,DBRC�9�=BH9FJ=B=9FCB�@CG�*FC:9GCF9G�$DHS�,6BVC�'DCI:GD �/�'�EI9�98=HW� @CG�G=9H9�HCACG�89�@5G��)6F5G��CAD@9H5G��75G=��89@�A59GHFC�,6BVC��DI6G:AD�/(����$6K>:G�'DG:CD�&JOVC �/�'��$DHS�`AK6G:O�$JC8D��/�'��M���C9GSH�9:��A6H�/(����

&&�,��,�')�� G6C8>H8D(I9GHFC�7CAD5V9FC�75H98FRH=7C�89��=9B7=5*C@UH=75� 9B� @5�/B=J9FG=85889@� *5UG� 05G7C� 8=7HW� IB57CB:9F9B7=5�9@�D5G58C�A9G89� BCJ=9A6F9� 9B� @CG� 5@AI9FNCG� EI9� CF;5B=N5� @5�GC7=57=WB�D5F5�@5�'9ACF=5�89�@5�.F5BG=7=WB�579F7589�d'5@9GH5F�89AC7FRH=7C89G5:977=WB�DC@UH=75�M�F9:CFA=GAC�=BGH=HI7=CB5@�̂ �G�DCG=6@9� F97ID9F5F� @5� DC@UH=7589� 7CBG9BGC�e�� &9� DF9G9BHW�9@�*FC:9GCF�$I5B��U9N(=7C@RG���C� A6� ;DID��:A�*GD;�&A:G668DBE6U69D�9:�ADH�*GD;:HDG:H� �T:O� (>8DARHN�!DCORA:O�-:6G6�N�����C9GSH��6H>C:AAD��*F9G=89BH9�89�@5��GC7=57=WB�

")'�(�$���&�*,) �-),�$/�(�$�&#(4

���

��������

���

���������

64

Convenio de Colaboración

Financiera del Santander

con el Ilustre Colegio

Nacional de Doctores y

Licenciados en Ciencias

Políticas y Sociología

infórmate en:

WWW.COLPOLSOCMADRID.ORG

������ ���� ������������ ������� ������� ������� ���� �����������������������

��� ����� �������������������������� ������

�����������������

����������������������

� � � � � � � �� �

� � � � � �

� �

� ��

� � �� �

� � ��

� �

� � �

� � � ��

��

� � � � � � � � � � �� � � � � �

� � � � � � ��

� � � � � � �� � � � �� � � � � � � �

� � � � � �� � � �� � � � � � � � �� � � � � � � �

� � � � � � � � � � � �� � � � � � � � �

� �

� � �� �� �

� �

� � �� � � �

� � �

� � �

� � � � � � � �� �

� � � � � �

� �

� ��

� � �� �

� � ��

� �

� � �

� � � ��

��

� � � � � � � � � � �� � � � � �

� � � � � � ��

� � � � � � �� � � � �� � � � � � � �

� � � � � �� � � �� � � � � � � � �� � � � � � � �

� � � � � � � � � � � �� � � � � � � � �

� �

� � �� �� �

� �

� � �� � � �

� � �

� � �