Persistent link: http://hdl.handle.net/2345/3074

This work is posted on eScholarship@BC,Boston College University Libraries.

Boston College Electronic Thesis or Dissertation, 2013

Copyright is held by the author, with all rights reserved, unless otherwise noted.

Charlie's Chocolate Economy: TheRise and Development of SustainableChocolate in the Modern World

Author: Christine Kim

© Christine Kim 2013

ABSTRACT

From its first use by the Olmecs in the ancient Americas to its proliferate presence

in modern foods, drinks, and snacks, chocolate has always been a popular commodity. Its

historical development from bean to drink to bar is both complex and fascinating, and yet

this favorite sweet of both children and adults alike carries a darker side that colors its

popularity. As the past few decades have shown, sustainable and ethical trade has become

an increasingly viable approach by chocolate and cacao companies in response to the

popular outcry against the injustices that riddle the cacao economy.

OBJECTIVES. In this paper, I use the Worlds of Food framework of Kevin Morgan,

Terry Marsden, and Jonathan Murdoch to examine the rise and development of a “moral

economy” in chocolate from its beginnings as individual moral outcries to the organized

efforts that contribute to the sustainable world cocoa economy today. METHODS.

Following this historical analysis, I present the myriad problems, challenges, and

obstacles currently faced by the world of chocolate by presenting and critiquing various

case studies of sustainability models promoted by players in the cocoa economy.

RESULTS. I find the existence of a cycle of compromise between a sustainable agenda and

a profiteering, business-as-usual agenda in the world of chocolate. In conclusion, I

suggest practices that might further enable the successful mainstreaming of ethical

chocolate for a truly sustainable world cocoa economy.

i

ACKNOWLEDGEMENTS

This thesis paper would not have been possible without the advice, critique,

encouragement, and simple presence of key people. Without any of you, I would be stuck

with nothing but a title and a dream, and so with all sincerity I say, “Thank you so, so

very much!”

Professor Brian J. Gareau, thank you for your clear advice and guidance of my half-

baked ideas, for your patient editing of my 120-plus page paper, and most importantly,

for your constant encouragement that calmed my worry storms and helped me persevere.

Professor Nicole Barnes, thank you for your extensive knowledge of formatting and

your willingness to be a second editor. I still cannot believe you said, “Yes,” even after

hearing how long the thesis was.

And finally, to my lovely sisters who have been the greatest examples of love in

action to me: Jenny Hwang and Connie Bahng, you ladies are the BEST study partners

and support group a woman could ask for! Jenny, thank you for commiserating with me

those long nights of thesis writing—we had several sessions of insanity I’ll fondly

remember. Connie, the same goes for you! Thank you also for staying up with me as I

redlined over my case studies; you redlined over your graduate school and job

applications, just so I wouldn’t feel alone. Thank you, my friends.

ii

TABLE OF CONTENTS ACKNOWLEDGEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . i TABLE OF CONTENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ii CHAPTER ONE: INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1.1 Overview. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 CHAPTER TWO: THEORY. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 2.1 Worlds of Production. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 2.2 Worlds of Food. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 2.3 The Neo-liberal Economy versus the Moral Economy. . . . . . . . . . . . . . . . . . . . 13 CHAPTER THREE: HISTORY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17 3.1 From the Aztecs to the Spanish Empire. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 3.2 Entering the first World of Production: the World of Intellectual Resources . . 21 3.3 Rise and Dominance of the Industrial World. . . . . . . . . . . . . . . . . . . . . . . . . . . 23 CHAPTER FOUR: HISTORY OF “ETHICAL” CHOCOLATE. . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 4.1 Paternal Capitalism in Europe. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 4.2 The United States: Paternalistic Capitalism within the Gilded Age. . . . . . . . . . 34 4.3 Increasing Competition and the Rise of Unions. . . . . . . . . . . . . . . . . . . . . . . . . 39

4.4 The Reaction of the Interpersonal World: Growing a Moral Economy in the Midst of a Volatile Global Cocoa Market. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 4.5 Two Worlds of Chocolate: Mainstreaming the Fair Trade Movement. . . . . . . . 47 4.6 Worlds Apart? The Thinning Lines of Separation Among the Worlds of Production. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51

CHAPTER FIVE: CHALLENGES FACING THE MORAL ECONOMY TODAY. . . . . . . . . . . . . . . . . 61 5.1 Case Study: Fair Trade in Chocolate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68 CHAPTER SIX: CASE STUDIES OF “SUSTAINABILITY” . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76 6.1 International Organization Case Study: The ICCO. . . . . . . . . . . . . . . . . . . . . . 78 6.1.1 Model of Sustainability. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79 6.1.2 Analysis of Sustainability Model. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81 6.2 MNC Case Study 1: Hershey Company. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83 6.2.1 Model of Sustainability: The Market World. . . . . . . . . . . . . . . . . . . . . . 84 6.2.2 Analysis of Sustainability Model. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86 6.3 MNC Case Study 2: Nestlé. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88 6.3.1 Model of Sustainability: The Market World. . . . . . . . . . . . . . . . . . . . . . 89 6.3.2 Analysis of Sustainability Model. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92 6.4 MNC-Acquisitioned Company Case Study: Green&Black’s/Cadbury/Kraft . . 94 6.4.1 Model of Sustainability: The Market World. . . . . . . . . . . . . . . . . . . . . . 95 6.4.2 Analysis of Sustainability. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96

iii

6.5 Mainstream Alternative Chocolate Case Study: Divine Chocolate. . . . . . . . . . 98 6.5.1 Model of Sustainability: The Interpersonal World. . . . . . . . . . . . . . . . . 99 6.5.2 Analysis of Sustainability. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 6.6 Niche Market Alternative Chocolate Case Study: Taza Chocolate. . . . . . . . . 104 6.6.1 Model of Sustainability: The Interpersonal World. . . . . . . . . . . . . . . . 105 6.6.2 Analysis of Sustainability. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112 CHAPTER SEVEN: TRENDS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115 7.1 Conscious Consumerism. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115 7.2 Corporate Consolidation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117 CHAPTER EIGHT: CHARLIE’S CHOCOLATE ECONOMY. . . . . . . . . . . . . . . . . . . . . . . . . . . . 121 8.1 Sustainability 3.0: Creating a Value Chain Index. . . . . . . . . . . . . . . . . . . . . . . 121 8.2 CocoaMAP: A Step Toward Charlie’s Chocolate Economy. . . . . . . . . . . . . . 127 8.3 Charlie’s Chocolate Economy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129 BIBLIOGRAPHY. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133

iv

! "!

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

! !

#$%&%'()*!$(+!(',(-+!.**/!(/!0/)*1*+)0/2!&%33%40)-5!6$*3*!7(18+!$(9*!

.**/!.:0')!(1%:/4!0);!<0&)0%/!&$(1(&)*1+!$(9*!.**/!033%1)('0=*4!.-!0);!(/4!*/)01*!

$%'04(-+!$(9*!.**/!7%7:'(10=*4!)$1%:2$!0)5!>/!$0+)%1-;!)$*!?'3*&+!(/4!@=)*&+!:+*4!

&(&(%;!)$*!1(,!.*(/!<1%3!,$0&$!&%&%(!7%,4*1!(/4!&$%&%'()*!(1*!3(4*;!(+!(!<%13!%<!

&:11*/&-!(/4!,%1+$07*4!0)!(+!(!4090/*!20<)!<1%3!)$*!$*(9*/+5!@<)*1!A7(/0+$!

&%/B:0+)(4%1+!C40+&%9*1*4D!)$*!9*/*1()*4!.*(/+;!)$*!04%'0=()0%/!%<!&(&(%!+71*(4!

.*-%/4!)$*!@3*10&(+E!)1(4*4!(+!71*&0%:+!&(12%!<1%3!)$*!@3*10&(+!(''!)$1%:2$%:)!

F:1%7*!(/4!'()*1!)%!)$*!G/0)*4!A)()*+;!*/H%-*4!.%)$!(+!(!.*9*1(2*!(/4!0/!+%'04!<%13;!

$(0'*4!(+!(!$*(')$-!(')*1/()09*!)%!('&%$%'!&%/+:37)0%/;!(/4!(4%1*4!.-!&$0'41*/!(/4!

(4:')+!('08*!<%1!&%:/)'*++!2*/*1()0%/+5!I0*1&*'-!&$*10+$*4!(/4!1*9*1*4;!&$%&%'()*!

)1:'-!0+;!(+!#$(1'*+!J0//(*:+!)*13*4;!!"#$%&$'(K<%%4!%<!)$*!2%4+5"!!

! @!<%%4!<0)!<%1!)$*!'08*+!%<!)$*!2%4+!&%:'4!%/'-!$(9*!(/!*L)1(%140/(1-!$0+)%1-5!>/!

(/&0*/)!@=)*&!+%&0*)-;!C)$*!1%-('!&%<<*1+!,*1*!%9*1<'%,0/2;!/%)!,0)$!2%'4;!.:)!,0)$!

&(&(%!.*(/+5DM!@!&:11*/&-!710=*4!(.%9*!)$*!71*&0%:+!3*)('!#%1)N+!+%:2$);!)$*+*!

.*(/+!,*1*!&%/+:3*4!.-!%/'-!)$*!,*(')$0*+)!%<!O%/)*=:3(P+!&0)0=*/+;!(/4!)$*!

*37*1%1!$03+*'<!%/'-!41(/8!&(&(%!7%)0%/+5!@+!Q%..0/+!7%0/)+!%:);!C6$0+!3(-!$(9*!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"!Q0&$(14+%/;!6035!)*##!+,-.-/0+!$&1-$2-3(4515!RS*,!T%18E!U'%%3+.:1-;!MVVMW5!MMX5!M!Q%..0/+;!Y%$/5!Z>+!6$*1*!A'(9*1-!0/!T%:1!#$%&%'()*[5Z!6077(8#94#:-

!M!

.**/!%/*!%<!)$*!3%+)!*L)1*3*!*L(37'*+!%<!&%/+70&:%:+!&%/+:37)0%/!0/!$0+)%1-K)$*!

*()0/2!%<!3%/*-!0)+*'<5D\!!

! @+!&(&(%!3%9*4!(&1%++!)$*!@)'(/)0&!)%!)$*!F:1%7*(/!&%/)0/*/);!1:3%1+!%<!0)+!

3-+)0&('!B:('0)0*+!<%''%,*45!>/!"]MV;!#%1)N+!,1%)*!)%!)$*!80/2;!4*+&10.0/2!&(&(%!(+!(!

C4090/*!410/8;!,$0&$!.:0'4+!:7!1*+0+)(/&*!(/4!<02$)+!<()02:*;D!(/4!C7*130)+!3(/!)%!

,('8!<%1!(!,$%'*!4(-!,0)$%:)!<%%45DX!6$:+!)$*!<(3*!%<!&(&(%P+!3*40&0/('!B:('0)0*+!

+71*(4;!,0)$!3(/-!.*'0*90/2!0/!0)+!(.0'0)-!)%!$*('!.:1/+;!+*19*!(+!(!$('':&0/%2*/!%1!(/!

(7$1%40+0(&;!(/4!)%!1*'0*9*!<*9*1+5]!!

! Q*2(14'*++!%<!,$*)$*1!&(&(%!4%*+!0/4**4!&%/)(0/!)$*+*!7$(13(&*:)0&('!

(49(/)(2*+;!0)+!7%7:'(10)-!(3%/2!)$*!*'0)*!+71*(45!S%)!%/'-!,(+!)$*!*L%)0&!.*9*1(2*!

1*'020%:+'-!+(/&)0%/*4!(+!(!/%/^('&%$%'0&!*/H%-3*/);!.:)!('+%!(<)*1!#(140/('!

U1(/&(&&0%P+!4*&1**!0/!"__]!)$()!0)!404!/%)!.1*(8!)$*!<(+);!)$*!<1**!&%/+:37)0%/!%<!

)$*!410/8!B:0&8'-!+%'040<0*4!0)+!7'(&*!(+!(!+%&0('!/*&*++0)-!(3%/2!)$*!&01&'*+!%<!)$*!

10&$!(/4!7%,*1<:'5_!!!!

! @!3-+)*1-!$(+!+$1%:4*4!)$0+!&%33%40)-;!41(,0/2!:/,(9*10/2!<(+&0/()0%/!

)$1%:2$%:)!)$*!(2*+K$%,!0)!8**7+!(!+%'40*1!2%0/2;!$%,!B:**/+!:+*4!0)!0/!.*4;!(/4!

$%,!3%/8+!8*7)!0)!+*&1*)!(+!)$*-!7%1*4!%9*1!0)5!>/!3%4*1/!)03*+;!U10)0+$!&$0'41*/P+!

<0&)0%/!,10)*1!Q%('4!`($'!,(+!('+%!)1(/+<0L*4!.-!)$*!('':1*!%<!)$*!,%1'4!%<!&$%&%'()*;!

&:'30/()0/2!0/!$0+!3%+)!<(3%:+!,%18;!3"(&70#-(45-!"#-3"$;$7(!#-<(;!$&1;a!,$0&$!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!\!>.045!X!?<<;!#(1%'5!=0!!#&-;"$;$7(!#,-04>#+!08(!048-!"#-5(&?-+05#-$2-!"#-*$&75@+-'$+!-+#5A;!0>#-+*##!5!6%1%/)%E!Q(/4%3!b%:+*!#(/(4(;!MVV_5!]!>.045;!\]!_!c033*1'*;!U*)$5!3"$;$7(!#,-!"#-+*##!-"0+!$&15!d%1)'(/4;!?QE!#%''*&)%1+!d1*++;!MVV]5!a!`($';!Q%('45!3"(&70#-(45-!"#-;"$;$7(!#-2(;!$&15!d:<<0/!U8+;!MVVa5!

! \!

<*():1*+!(!<(/)(+)0&('!<(&)%1-!%,/*4!.-!e0''-!e%/8(;!(!3(/!,$%!0+!*B:('!7(1)+!

.10''0(/)!(/4!40+&%3.%.:'()0/2E!(!<0))0/2!7*1+%/0<0&()0%/!%<!)$*!%440)-!)$()!0+!

!"#$%&$'(5!T*)!0/!)$*!1*('!,%1'4!%<!e%/8(^*+B:*!71%7%1)0%/+!'0*+!(!$044*/!4(18/*++!

)%!)$0+!%)$*1,0+*!7'*(+:1(.'*!)1*()5!@')$%:2$!)$*!C&$%&%'()*!<(&)%1-D!4(=='*+!)$*!

90+0)%1;!,$()!$(77*/+!.*$0/4!0)+!&'%+*4!4%%1+!0+!(!<(1!&1-!<1%3!)$*!0//%&*/)!4*'02$)!

*9%8*4!.-!0)+!4*'0&0%:+!71%4:&)+5!!O:&$!'08*!(!&*1)(0/!21%:7!%<!&$0'41*/!,$%!*/)*1*4!

e%/8(P+!&$%&%'()*!<(&)%1-!)%!90*!<%1!)$*!21(/4!710=*!%<!,0//0/2!&%37'*)*!%,/*1+$07!

%<!)$*!<(&)%1-;!)$*!&$%&%'()*!*&%/%3-!)%4(-!$%+)+!(!/:3.*1!%<!40<<*1*/)!C,%1'4+!%<!

71%4:&)0%/D!)$()!$(9*!&%37*)0/2!3*)$%4+!%<!71%4:&)0%/!(/4!*L&$(/2*fg!(/4!,$0'*!

0/!)$*!<0&)0%/('!+)%1-!%<!3"(&70#-(45-!"#-3"$;$7(!#-<(;!$&1;!)$*!:/4*14%2!#$(1'0*!,0/+!

)$*!&$%&%'()*!<(&)%1-;!)$*!(12:(.'*!:/4*14%2+!%<!)%4(-P+!&$%&%'()*!*&%/%3-;!)$*!

7'(-*1+!7(1)0&07()0/2!0/!(!C3%1('!*&%/%3-D;h!(1*!+)0''!0/!)$*!71%&*++!%<!2()$*10/2!

3%3*/):35!6$*!%:)&%3*!0+!-*)!)%!.*!4*)*130/*45!

!

B:B-9>#&>0#*-

>/!)$0+!7(7*1;!>!())*37)!)%!<%''%,!)$*!$0+)%10&('!4*9*'%73*/)!%<!C*)$0&('!

&$%&%'()*D!(/4!)$*!:/4*170//0/2!04*(!%<!(!C+:+)(0/(.'*!&%&%(!*&%/%3-D!0/!%14*1!)%!

(++*++!)$*01!7%++0.'*!*<<*&)+!%/!)$*!<:):1*!401*&)0%/!%<!&$%&%'()*!71%4:&)0%/5!`:*!)%!(!

10+0/2!&%/&*1/!%9*1!+%&0('!(/4!*&%/%30&!H:+)0&*!1*2(140/2!&%&%(!)1(4*!(/4!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!g!A)%17*1;!O0&$(*'5!e%1'4+!%<!d1%4:&)0%/E!6$*!@&)0%/!I1(3*,%18+!%<!)$*!F&%/%3-5!R#(3.1042*;!O(++E!b(19(14!G/09*1+0)-!d1*++;!"hhaW5!!h!O%12(/;!c*90/5!C$&75+-$2-<$$5,-D7(;#E-D$*#&E-(45-D&$>#4(4;#-04-!"#-<$$5-3"(045!R?L<%14!S*,!T%18E!?L<%14!G/09*1+0)-!d1*++;!MVV_W5!

!X!

*/901%/3*/)('!*L7'%0)()0%/;!>!$-7%)$*+0=*!)$()!7'(-*1+!,$%!4109*!)$*!&$%&%'()*!

*&%/%3-!(1*!0/&1*(+0/2'-!0/&%17%1()0/2!(+7*&)+!%<!(!C3%1('!*&%/%3-D!)$()!,0''!

&$(/2*!)$*!<:):1*!*37$(+0+!%<!&$%&%'()*!71%4:&)0%/!)%,(14!+:+)(0/(.0'0)-!%9*1!

.%))%3^'0/*!71%<0)5!!

>/!#$(7)*1!6,%;!>!209*!(/!%9*190*,!%<!e%1'4+!%<!d1%4:&)0%/;!)$*!)$*%1*)0&('!

(771%(&$!)%!*&%/%30&!71%&*++*+!7:)!<%1,(14!.-!O0&$(*'!A)%17*1!(/4!Q%.*1)!

A('(0+;"V!0)+!(77'0&()0%/!)%!)$*!<%%4!+-+)*3!.-!c*90/!O%12(/;!6*11-!O(1+4*/;!(/4!

Y%/()$(/!O:14%&$!0/!)$*01!,%18;!C$&75+-$2-<$$5;""!(/4!<0/(''-!)$*!&%/&*7)!%<!(!3%1('!

9*1+:+!/*%^'0.*1('!*&%/%3-!(+!4*<0/*4!O%12(/;!O(1+4*/;!(/4!O:14%&$5!6$*+*!)$1**!

,%18+!&1*()*!)$*!&%/)*L)!0/!,$0&$!)$*!$0+)%1-;!71*+*/);!(/4!<:):1*!%<!)$*!,%1'4!%<!

&$%&%'()*!,0''!.*!(/('-=*45!#$(7)*1!6$1**!4*)(0'+!(!.10*<!$0+)%1-!%<!&$%&%'()*!(+!

4*9*'%70/2!,0)$0/;!(/4!71%&**40/2!)$1%:2$;!40<<*1*/)!e%1'4+!%<!d1%4:&)0%/!)%!.*))*1!

:/4*1+)(/4!$%,!(/4!,$-!)$*!&$%&%'()*!*&%/%3-!0+!(+!0)!0+!)%4(-5!#$(7)*1!I%:1!

<%&:+*+!+7*&0<0&(''-!%/!)$*!4*9*'%73*/)!%<!*)$0&('!&$%&%'()*!0/!0)+!3-10(4!4*<0/0)0%/+!

)$1%:2$!$0+)%1-!:/)0'!0)+!&:'30/()0%/!(+!(!&%/<:+0/2!(3('2(3!%<!3*(/0/2+!+)1*)&$0/2!

<1%3!7:1*'-!*&%/%30&!71%4:&)090)-!)%!+%&0('!H:+)0&*!(/4!&%33:/0)-!*37%,*13*/);!

0/!%14*1!)%!:/4*1+)(/4!,$-!(/4!:/4*1!,$()!&01&:3+)(/&*+!(!3%1('!'*/+!%/!

&$%&%'()*!,(+!.%1/;!(/4!,$()!0)+!7%7:'(10=()0%/!3*(/+!)%4(-5!>/!#$(7)*1!I09*;!>!

40+&:++!)$*!/:3*1%:+!71%.'*3+;!&$(''*/2*+;!(/4!%.+)(&'*+!<(&*4!.-!)$*!C3%1('!

*&%/%3-D!%<!(')*1/()09*!&$%&%'()*;!&$%&%'()*!)$()!0+!71%4:&*4!,0)$!(!<%&:+!%/!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"V!A)%17*1;!O0&$(*'5!e%1'4+!%<!71%4:&)0%/!E!)$*!(&)0%/!<1(3*,%18+!%<!)$*!*&%/%3-5!#(3.1042*;!O(++E!b(19(14!G/09*1+0)-!d1*++;!"hha5!""!O%12(/;!c*90/5!C$&75+-$2-<$$5,-D7(;#E-D$*#&E-(45-D&$>#4(4;#-04-!"#-<$$5-3"(045!R?L<%14!S*,!T%18E!?L<%14!G/09*1+0)-!d1*++;!MVV_W5!

! ]!

+%'04(10)-!.*),**/!71%4:&*1+!(/4!&%/+:3*1+!%9*1!71%<0)(.0'0)-!%<!+$(1*$%'4*1+5!

A%3*!*L(37'*+!%<!+:&$!%.+)(&'*+!0/&':4*!3(18*)!'0.*1('0=()0%/;!(!$02$!&%/&*/)1()0%/!

%<!&(&(%!.*(/!+:77'-!0/!(!<*,!&%:/)10*+;!(!4%30/()0%/!%<!&$%&%'()*!71%4:&)0%/!.-!(!

<*,!20(/)+!0/!)$*!0/4:+)1-;!(/4!037*1<*&)!3(18*)!0/<%13()0%/!)1(/+<*1!('%/2!)$*!

'*/2)$!%<!)$*!&$(0/5!>/!#$(7)*1!A0L;!>!*9(':()*!+*9*1('!&(+*!+):40*+!%<!+:+)(0/(.0'0)-!

3%4*'+!<%1,(14*4!.-!9(10%:+!7'(-*1+!0/!)$*!*&%/%3-K)1(/+/()0%/('!(/4!

0/)*1/()0%/('!%12(/0=()0%/+;!OS#+;!0/4*7*/4*/)!(')*1/()09*!&$%&%'()*!&%37(/0*+K

(/4!&10)0B:*!*(&$!3%4*'!.(+*4!'%%+*'-!%/!(!+)(/4(14!209*/!.-!I%''*))5"M!#$(7)*1!

A*9*/!H:L)(7%+*+!),%!)1*/4+!)$()!)*/4!)%!1:/!&%:/)*1!)%!%/*!(/%)$*1;!&%/+&0%:+!

&%/+:3*10+3!(/4!&%17%1()*!&%/+%'04()0%/;!(/4!(/('-=*+!)$*01!+02/0<0&(/&*!0/!

+$(70/2!)$*!<:):1*!)1(H*&)%1-!%<!)$*!&$%&%'()*!*&%/%3-5!I0/(''-;!0/!'02$)!%<!)$*!

40<<*1*/)!&%/+:3*1!(/4!3(18*)!)1*/4+;!+:&$!(+!)$*!%77%+0/2!)1*/4+!%<!&%/+&0%:+!

&%/+:3*10+3!(/4!&%17%1()*!&%/+%'04()0%/;!)$()!3(-!(<<*&)!)$0+!C3%1('!*&%/%3-;D!

)$*!7(7*1!&%/&':4*+!0/!#$(7)*1!F02$)!.-!+:22*+)0/2!71(&)0&*+!)$()!302$)!<:1)$*1!

*/(.'*!)$*!+:&&*++<:'!3(0/+)1*(30/2!%<!*)$0&('!&$%&%'()*;!:')03()*'-!(/+,*10/2!)$*!

B:*+)0%/;!C#(/!#$(1'0*P+!&$%&%'()*!*&%/%3-!.*!(!1*('0)-!0/!)$*!/*(1!<:):1*[D!!

!

!

!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"M!I%''*));!Y*<<1*-!Q5!Z#$%%+0/2!(!<%%4!<:):1*E!40<<*1*/)0()0/2!(3%/2!(')*1/()09*!<%%4!%7)0%/+5Z!F$A&4(7-$2-(8&0;A7!A&(7-(45-#4>0&$4'#4!(7-#!"0;+!MM;!/%5!"!RMVVhWE!\h5!!

!_!

!"#$%&'()&0*,)&#'*(1!)

)

G:B-C$&75+-$2-D&$5A;!0$4! !

>/!)$*01!.%%8!C$&75+-$2-D&$5A;!0$4E-O0&$(*'!A)%17*1!(/4!Q%.*1)!A('(0+!

0/)1%4:&*!(!)$*%1*)0&('!<1(3*,%18!)$()!(04+!0/!:/4*1+)(/40/2!)$*!<:''!*&%/%30&!

$0+)%1-!%<!&%&%(!)1(4*!.-!0/&%17%1()0/2!,$()!$(4!71*90%:+'-!.**/!8/%,/!(+!C/%/^

*&%/%30&D!<%1&*+!(+!(!&*/)1('!7(1)!%<!)$*!*&%/%30&!71%&*++!0/!*(&$!%<!)$*!<%:1!

71%4:&)0%/!,%1'4+!)$*-!4*<0/*5!A)%17*1!*)!('5!/%!'%/2*1!4*<0/*!)$*+*!0/+)0):)0%/+;!

&:'):1*+;!(/4!+%&0('!71(&)0&*+!(+!C/%/^*&%/%30&D;!.:)!(+!&%/9*/)0%/+!)$()!&:'30/()*!

0/!,$()!)$*-!&(''!2&('#*$&?+-$2-#;$4$'0;-(;!0$4:"-I%:1!+:&$!<1(3*,%18+!(1*!

*L7'%1*4!(+!C7%++0.'*!,%1'4+!%<!71%4:&)0%/D;!,$*1*!*(&$!,%1'4!0+!(!<%13!%<!

&%%140/()0%/!.*),**/!7*1+%/+!,$%!3(8*!)$*!71%4:&)!(/4!)$%+*!,$%!:+*!0)5M!A)%17*1!

(/4!A('(0+!04*/)0<-!)$*+*!<%:1!,%1'4+!(+!)$*!e%1'4!%<!>/)*''*&):('!Q*+%:1&*+;!)$*!

>/4:+)10('!e%1'4;!)$*!O(18*)!e%1'4;!(/4!)$*!>/)*17*1+%/('!e%1'4;!,0)$!*(&$!,%1'4!

$(90/2!0)+!%,/!&%/9*/)0%/+;!%1!C+-+)*3+!%<!3:):('!*L7*&)()0%/+!,0)$!1*+7*&)!)%!)$*!

&%37*)*/&*+!(/4!.*$(90%1+!%<!%)$*1+5D\!!6$*!&%/9*/)0%/+;!(+!,*''!(+!)$*01!7'(&*!0/!

)$*!4*9*'%73*/)!%<!)$*!&$%&%'()*!*&%/%3-;!(1*!4*+&10.*4!(+!.*'%,5!

!! 6$*!C$&75-$2-H4!#77#;!A(7-I#+$A&;#+!0+!(!,%1'4!%<!&1*()0%/!)$()!71%4:&*+!(!

21*()!9(10*)-!%<!/*,!)*&$/%'%20*+;!+:&$!(+!/*,!3()*10('+;!/*,!71%4:&)0%/!3*)$%4+;!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"!A)%17*1;!O0&$(*'5!e%1'4+!%<!d1%4:&)0%/E!6$*!@&)0%/!I1(3*,%18+!%<!)$*!F&%/%3-5!R#(3.1042*;!O(++E!b(19(14!G/09*1+0)-!d1*++;!"hhaW5!9!M!>.045;!XM!\!>.045;!XM!

! a!

(/4!/*,!71%4:&)+5X!6$*!2%('!%<!,%18*1+!,0)$0/!)$0+!,%1'4!0+!)%!71%4:&*!2*/*10&!

71%4:&)+!<1%3!+7*&0('0=*4!8/%,'*42*;!(!71%&*++!)$()!(''%,+!%)$*1+!)%!'()*1!030)()*!

)$*01!B:('0)0*+!(/4!71%4:&*!)$*+*!2*/*10&!71%4:&)+!0/!):1/5!6$*1*<%1*!)$*!e%1'4!%<!

>/)*''*&):('!Q*+%:1&*+!)-70&(''-!0/&':4*+!3(H%1!&%17%1()*!1*+*(1&$!(/4!4*9*'%73*/)!

RQi`W!71%H*&)+;!(+!,*''!(+!4*7(1)3*/)+!%<!&%17%1()0%/+!)$()!,%:'4!%)$*1,0+*!<0)!0/!

)$*!>/4:+)10('!%1!O(18*)!e%1'4+5]!@+!>!,0''!*L7%:/4!:7%/!0/!'()*1!&$(7)*1+;!)$*!

e%1'4!%<!>/)*''*&):('!Q*+%:1&*+!,(+!)$*!71*4%30/(/)!,%1'4!%<!&$%&%'()*!71%4:&)0%/!

4:10/2!)$*!*02$)**/)$!(/4!/0/*)**/)$!&*/):10*+;!(+!3(/-!0//%9()0%/+!4:10/2!)$()!

)03*!&%/)10.:)*4!)%!)$*!*9%':)0%/!%<!&$%&%'()*!0/)%!,$()!0+!&%/+:3*4!)%4(-5!!

6$*!H45A+!&0(7-C$&75!0+!)$*!,%1'4!%<!3(++!71%4:&)0%/5!d1%4:&)+!$(9*!.1%(4!

3(18*)+!(/4!(1*!0/)*1&$(/2*(.'*!<%1!)$*!&%/+:3*1!90(!%.H*&)09*!&%40<0*4!/%13+!<%1!

)$*!71%4:&*15_!6$*+*!71%4:&)+;!,$0'*!('+%!2*/*10&;!(1*!40<<*1*/)!<1%3!)$%+*!0/!)$*!

e%1'4!%<!>/)*''*&):('!Q*+%:1&*+!.*&(:+*!)$*-!(1*!C+!(45(&50J#5^2*/*10&D!71%4:&)+;!

&1*()*4!(&&%140/2!)%!(!&%/9*/)0%/!%<!+)(/4(140=0/2!1*+%:1&*+;!+:&$!(+!)$*!'(.%1!

71%&*++;!)*&$/%'%2-;!(/4!)$*!71%4:&)!0)+*'<5!6$*!2%('!%<!71%4:&*1+!0+!)%!3(L030=*!

*&%/%30*+!%<!+&('*!0/!%14*1!)%!.*))*1!&%37*)*!%/!(!.(+0+!%<!710&*f!&%/+:3*1+!.(+*!

)$*01!4*&0+0%/+!%/!(!'0+)!%<!+030'(1!71%4:&)+!3(4*!,0)$!0/)*1&$(/2*(.'*!)*&$/%'%2-5a!

#$%&%'()*!&%37(/0*+!+:&$!(+!b*1+$*-;!O(1+;!S*+)'N;!(/4!#(4.:1-!,*1*;!*+7*&0(''-!0/!

)$*01!*(1'-!-*(1+!%<!+:&&*++;!&%37'*)*'-!033*1+*4!0/!)$0+!,%1'4!%<!71%4:&)0%/5!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!X!>.045;!M"!]!>.045;!\a!_!>.045;!M"!a!>.045;!\\^\X!

!g!

! 6$*!K(&?#!-C$&75;!(')$%:2$!+030'(1!)%!)$*!>/4:+)10('!e%1'4!0/!0)+!

+)(/4(140=()0%/!%<!71%4:&)+;!$(+!40<<*1*/)0()*4!RC4*40&()*4DW!71%4:&)+5!>/!)$0+!,%1'4;!

)$*!&%/+:3*1!4%*+!/%)!&$%%+*!<1%3!(!'0+)!%<!+030'(1;!71*^4*)*130/*4!71%4:&)+;!.:)!

1()$*1!(1)0&:'()*+!$0+!%1!$*1!+7*&0('!/**4+!0/!)$*!'(/2:(2*!%<!+)(/4(140=()0%/5!

6$*1*<%1*;!)$*!)-70&(''-!<*,!71%4:&*1+!,$%!&(/!3**)!4*3(/4!&%37*)*!%/!(!.(+0+!%<!

710&*!(45!1(704!1*+7%/+*5g!O(/-!<%%4+!&%37(/0*+!)$()!(4$*1*!)%!&*1)0<0&()0%/!

+&$*3*+!RGA`@!?12(/0&;!61(/+I(01;!G)=;!Q(0/<%1*+)!@''0(/&*;!*)&5W!<(''!0/)%!)$0+!,%1'4!

%<!71%4:&)0%/;!+:&$!(+!b%10=%/!?12(/0&!O0'8!%1!0/!)$*!&(+*!%<!&$%&%'()*;!#(4.:1-P+!

I(01^)1(4*!`(01-!O0'8!U(1+;!(+!)$*-!%<<*1!)%!3**)!(!+7*&0<0&!1*B:01*3*/)!%<!)$*!

&%/+:3*1!)$1%:2$!)$*!'(/2:(2*!%<!+)(/4(140=()0%/!R05*5;!&*1)0<0&()0%/!+&$*3*+W5!!

! >)!0+!037%1)(/)!)%!/%)*!$*1*!(!<:/4(3*/)('!&$(1(&)*10+)0&!%<!)$*!O(18*)!e%1'4!

)$()!*+7*&0(''-!40<<*1*/)0()*+!0)!<1%3!)$*!>/)*17*1+%/('!e%1'45!>/!)$*!,%14+!%<!

A)%17*1!(/4!A('(0+;!:+0/2!)$*!'(/2:(2*!%<!+)(/4(140=()0%/!3*(/+!)$()!.:-*1+!C037%+*!

(!j'%++!%<!7*1+%/('0)-P!%/!71%4:&*1+;!,$0&$!(''%,+!.:-*1+!)%!(9%04!'%-(')-!%1!

&%330)3*/)!)%!71%4:&*1+5Dh!@+!)$0+!(77'0*+!)%!&$%&%'()*;!&%/+:3*1+!(1*!+()0+<0*4!

,0)$!'(.*'+!)$()!3(-!3**)!)$*!1*B:01*3*/)+!%<!,$()!)$*-!+**8;!.:)!4%!/%)!%<<*1!(/-!

)1(/+7(1*/&-!1*2(140/2!)$*!,*''.*0/2!%<!)$*!71%4:&*1+!.*$0/4!)$*!'(.*'*4!71%4:&)5!

>/!%)$*1!,%14+;!)$*!71%4:&*1^&%/+:3*1!1*'()0%/+$07!0+!1*4:&*4!)%!%/*!0/!,$0&$!*(&$!

7(1)-!0+!4*<0/*4!.-!%.H*&)09*!0/)*1*+)+"VK(+!'%/2!(+!#$%&%'()*!U1(/4!k!0+!GA`@!

&*1)0<0*4!%12(/0&;!)$*!&%/+:3*1!0+!+()0+<0*4;!4*+70)*!)$*!R$02$W!&$(/&*+!)$()!)$*!&(&(%!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!g!>.045;!MV!h!>.045;!\]!"V!>.045;!\]!

! h!

<(13*1+!,$%!+:77'-!#$%&%'()*!U1(/4!k!3(-!.*!<(130/2!%12(/0&!.*(/+!0/!(+!3:&$!

7%9*1)-!(+!)$%+*!,$%!4%!/%)!<(13!%12(/0&!.*(/+5!

! 6$*!<%:1)$!(/4!<0/('!e%1'4!%<!d1%4:&)0%/!0+!)$*!H4!#&L#&+$4(7-C$&75;!,$0&$!

%<<*1+!+7*&0('0=*4!(/4!4*40&()*4!71%4:&)+f!0/!%)$*1!,%14+;!71%4:&)+!3(4*!(&&%140/2!

)%!)$*!.:-*1+P!4*+01*+5!Q()$*1!)$(/!.*0/2!4*<0/*4!.-!%.H*&)09*!0/)*1*+)+;!)$*!

1*'()0%/+$07!.*),**/!)$*!&%/+:3*1+!(/4!)$*!71%4:&*1+!1*+)+!%/!&*1)(0/!

&%/9*/)0%/+;!+:&$!(+!&%/<04*/&*;!1*7:)()0%/;!(/4!03(2*!+7*&0<0&0)-5""!A0/&*!71%4:&*1+!

&%37*)*!.(+*4!%/!71%4:&)!B:('0)-;!:/&*1)(0/)-!0+!()!0)+!$02$*+);!(+!)$*1*!*L0+)+!/%!

*+)(.'0+$*4!*L)*1/('!7%0/)!%<!1*<*1*/&*!<%1!&%/<0130/2!71%4:&)!B:('0)-f!0)!3:+)!.*!

*L7'0&0)'-!4*<0/*4!.*),**/!)$*!7(1)0*+!0/9%'9*4!0/!)$*!)1(/+(&)0%/5"M!b0+)%10&(''-;!

'%&('!(1)0+(/!&$%&%'()*!3(8*1+!&%/4:&)*4!.:+0/*++!(&&%140/2!)%!)$0+!,%1'4!%<!

71%4:&)0%/f!)%4(-;!/*,!*)$0&('!&$%&%'()*!.1(/4+!)$()!$(9*!(/!%/2%0/2!H:+)0&*^

%10*/)*4!1*'()0%/+$07!,0)$!)$*01!71%4:&*1+!%&&:7-!)$*!>/)*17*1+%/('!e%1'45!!

!

G:G-C$&75+-$2-<$$5!

6$*!'0)*1():1*!%/!)$*!,%1'4+!%<!<%%4!0+!7(1)0&:'(1'-!.*/*<0&0('!0/!)$0+!1*+*(1&$!

(/('-+0+;!(+!0)!(77'0*+!A)%17*1!*)!('5P+!)$*%1-!)%!)$*!<%%4!+-+)*3;!3(80/2!)$*!,%1'4+!%<!

71%4:&)0%/!)$*%1-!(!&1:&0('!*L7'(/()%1-!<(&)%1!0/!:/4*1+)(/40/2!)$*!/%13+!)$()!

$(9*!1*2:'()*4;!(/4!&:11*/)'-!1*2:'()*;!)$*!2'%.('!<%%4!+-+)*35!@+!)$*!*9%':)0%/!%<!

<%%4!0+!)1(&*4!)$1%:2$!)$*!&%/9*/)0%/+!%<!*(&$!,%1'4!%<!71%4:&)0%/;!)$*!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!""!>.045;!MV!"M!>.045;!\]!

!"V!

4*9*'%73*/)!%<!(!40904*!,0)$0/!)$*!<%%4!+-+)*3!0/)%!(!&%/9*/)0%/(';!/*%^'0.*1('!

*&%/%3-!(/4!(/!(')*1/()09*;!3%1('!*&%/%3-!0+!$02$'02$)*4!(+!),%!%77%+0/2!)1*/4+5!

>/!+:&$!&%/)*L);!)$*!+7*&0<0&!4*9*'%73*/)!%<!&$%&%'()*!0+!0/<%13*4!,$*/!0/)*171*)*4!

(+!(!+7*&0('!&%33%40)-!,0)$0/!(!21*()*1!<%%4!*&%/%3-5!!!

c*90/!O%12(/;!6*11-!O(1+4*/;!(/4!Y%/()$(/!O:14%&$;!'*(40/2!+&$%'(1+!0/!)$*!

<0*'4!%<!$:3(/!2*%21(7$-!(/4!1:1('l*/901%/3*/)('!+%&0%'%2-;!&%37(1*!),%!109('!

(210^<%%4!+-+)*3+E!)$*!'%/2^+)(/40/2!3$4>#4!0$4(7-+1+!#';!,$0&$!0+!4%30/()*4!.-!

'(12*!&%37(/0*+!)$()!71%4:&*;!71%&*++;!(/4!1*)(0'!<%%4!/()0%/(''-!(/4!2'%.(''-;!(/4!

)$*!10+0/2!.7!#&4(!0>#-+1+!#';!,$0&$!$(+!(!3%1*!*&%'%20&('!(771%(&$!)%!(210&:'):1*;!

,0)$!+3(''*1!&%37(/0*+!)$()!71%4:&*!(/4!1*)(0'!<%%4!<%1!)$*01!'%&('!3(18*)+5"\!@/4!

-*)!)$*!01%/-!0+!)$()!)$*!40+)0/&)0%/!.*),**/!)$*!),%!+-+)*3+!0+!C+%3*)$0/2!%<!(!

&(10&():1*D"X!.*&(:+*!)$*!.%14*1!.*),**/!)$*3!0+!.*&%30/2!0/&1*(+0/2'-!.':11*4E!

'(12*!&%17%1()0%/+!(1*!71%4:&0/2!%12(/0&!'0/*+!%<!&%/9*/)0%/('!<%%4;!+:7*13(18*)+!

(1*!+*''0/2!'%&('!<%%4!(/4!%,/^.1(/4!<(01!)1(4*!71%4:&)+;!(/4!<%13*1'-!0/4*7*/4*/)!

*)$0&('!.1(/4+!(1*!.*0/2!.%:2$)!.-!)$*!&%37(/0*+!)$()!4%30/()*!)$*!&%/9*/)0%/('!

+-+)*35!

G/)0'!1*&*/)'-;!O%12(/!*)!('5!7%0/)!%:);!)$*!$0+)%10&('!0/)*171*)()0%/!%<!

(210&:'):1*!.*'%/2*4!)%!)$*!&%/9*/)0%/('!+-+)*35!6$(/8+!)%!1*3(18(.'*!

(49(/&*3*/)+;!*L7%/*/)0('!(210&:'):1('!-0*'4!$(+!&1*()*4!(!+:77'-!%<!&$*(7!(/4!

(&&*++0.'*!<%%4!<%1!)$*!9(+)!3(H%10)-!%<!)$*!,*+)*1/!,%1'45!>/!+:&$!(!3(++!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"\!O%12(/;!c*90/5!C$&75+-$2-<$$5,-D7(;#E-D$*#&E-(45-D&$>#4(4;#-04-!"#-<$$5-3"(045!R?L<%14!S*,!T%18E!?L<%14!G/09*1+0)-!d1*++;!MVV_W5!M!"X!>.045!M!

! ""!

71%4:&)0%/!+-+)*3;!)$*!*37$(+0+!0+!%/!B:(/)0)-!%9*1!B:('0)-;!(/4!+*&:10/2!

*&%/%30*+!%<!+&('*!<%1!71%4:&*1+!(/4!'%,!710&*+!<%1!&%/+:3*1+5"]!T*)!O%12(/!*)!('5!

/%)*!)$*!10+*!%<!)$*!(')*1/()09*!+-+)*3P+!0/)*171*)()0%/!%<!(210&:'):1('!$0+)%1-;!,$0&$!

+)(18'-!&%/)1(+)+!,0)$!)$*!/(11()09*!%<!)$*!&%/9*/)0%/('!+-+)*3E!.(+*4!%/!(/!

*&%'%20&('!3*(+:1*!%<!+:+)(0/(.'*!4*9*'%73*/);!)$*!(')*1/()09*!+-+)*3!%<<*1+!(!/*,!

<1(3*,%18!<%1!0/)*1/('0=0/2!&%+)+!)$()!)$*!&%/9*/)0%/('!<%%4!+-+)*3!*L)*1/('0=*+!

R05*5;!*/901%/3*/)('!&%+)+;!$*(')$&(1*!&%+)+;!*)&5W5!>/+)*(4!%<!9(':0/2!B:(/)0)-;!)$*!

(')*1/()09*!<%%4!+-+)*3!)1(4*+!%/!B:('0)-!())10.:)*+;!+:&$!(+!(:)$*/)0&0)-!(/4!

)1(&*(.0'0)-5"_!

! U%)$!+-+)*3+!*L*1&0+*!)$*!&(7(&0)-!)%!0/)*21()*!7'(-*1+!0/)%!)$*01!+)1:&):1*!

)$1%:2$!,$()!)$*!(:)$%1+!&(''!C$(14!7%,*1D!(/4!C+%<)!7%,*1D5!Cb(14!7%,*1D!0+!)$*!

7%,*1!)%!C&(H%'*;!&%37*';!(/4!&%33(/4!.-!<%1&*!0<!/*&*++(1-;D!,$0'*!C+%<)!7%,*1D!0+!

)$*!7%,*1!)%!C*/'0+);!0/+701*;!(/4!7*1+:(4*!)$1%:2$!*)$0&('!(/4l%1!0/)*''*&):('!

(12:3*/)D5"a!6$*!&%/9*/)0%/('!+-+)*3!1%:)0/*'-!:+*+!)$*!<%13*1!7%,*1;!,$0&$!&(/!

*+7*&0(''-!.*!+**/!0/!1*)(0'*1^2%9*1/*4!+:77'-!&$(0/+!,$*1*!)$*!7103(1-!71%4:&*1+!

$(9*!.**/!+%!,*(8*/*4!)$()!0/!+%3*!&(+*+;!)$*!710&*+!)$*-!1*&*09*!<1%3!

+:7*13(18*)+!(1*!'%,*1!)$(/!)$*01!&%+)+!%<!71%4:&)0%/;!,$0&$!0+!(/!:/+:+)(0/(.'*!

1*'()0%/+$075!6$*!(')*1/()09*!+-+)*3;!%/!)$*!%)$*1!$(/4;!71(&)0&*+!)$*!'())*1!7%,*1;!

&1*()0/2!,$()!O%12(/!*)!('5!&(''!(!/*,!'$&(7-#;$4$'1-%<!<%%4"g!,$*1*!71%4:&*1^

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"]!>.045;!M!"_!>.045;!\!"a!>.045;!X!"g!>.045;!]!

!"M!

.:-*1!1*'()0%/+$07+!(1*!4*<0/*4!.-!.('(/&*4!(/4!+:+)(0/(.'*!)1(4*!<%1!(''!7(1)0*+!

0/9%'9*45!!

! O%12(/!*)!('5!(77'-!A)%17*1!*)!('5P+!,%1'4+!%<!71%4:&)0%/!(771%(&$!)%!)$*01!

%,/!(/('-+0+!%<!<%%4!+-+)*3+!.-!C+:22*+)0/2!)$()!)$*!,%1'4+!%<!<%%4!)$()!/%,!

&%3710+*!)$*!&%/)*37%1(1-!<%%4!+*&)%1!,%18!/%)!H:+)!(&&%140/2!)%!(/!#;$4$'0;!

'%20&;!.:)!('+%!(&&%140/2!)%!;A7!A&(7E-#;$7$80;(7E-(45-L$70!0;(7M04+!0!A!0$4(7!'%20&+5D"h!

6$*!<%:1!,%1'4+!%<!71%4:&)0%/!R)$*!>/4:+)10('!e%1'4;!)$*!>/)*''*&):('!Q*+%:1&*+!

e%1'4;!)$*!O(18*)!e%1'4;!(/4!)$*!>/)*17*1+%/('!e%1'4W!(1*!0/)*171*)*4!(&&%140/2'-E!

! 6$*!>/4:+)10('!e%1'4;!0/!8**70/2!,0)$!0)+!+)(/4(140=()0%/!%<!71%4:&)0%/!

71%&*++*+!(/4!&%/+:37)0%/!&:'):1*+;!+:.+)0):)*+!(/4!(771%710()*+!*&%'%20&('!<(&)%1+!

<%1!71%4:&)0%/f!)%4(-;!0/)*/+09*!(210&:'):1('!1*20%/+!+:&$!(+!)$*!O04,*+)!0/4:+)10('!

<(13+!%<!)$*!G5A5!)$()!+:77'-!(!2'%.('!*&%/%3-;!(/4!(1*(+!%<!3(++!<%%4!3(/:<(&):1*!

(/4!<%%4!71%&*++*+!.*'%/2!0/!)$0+!,%1'4!%<!71%4:&)0%/5MV!!

! 6$*!>/)*''*&):('!Q*+%:1&*+!e%1'4!$(+!.**/!$(1/*++*4!<%1!(/!0/)*/+0<0&()0%/!%<!

>/4:+)10('!e%1'4!)1*/4+5!m*/*)0&!3%40<0&()0%/!(/4!.0%)*&$/%'%2-!0/!)$*!'(.%1()%10*+!

(1*!&:11*/)'-!<%1,(140/2!)$*!mO!R2*/*)0&(''-!3%40<0*4W!1*9%':)0%/!0/!(210&:'):1*5M"!

! 6$*!O(18*)!e%1'4!0+!:/4*12%0/2!0/&1*(+0/2!3(++^3(18*)!<1(23*/)()0%/K

71%4:&)0%/!71%&*++*+!1*3(0/!+)(/4(140=*4;!.:)!.*&(:+*!+*9*1('!/*,!&:'):1*+!%<!

&%/+:37)0%/!(1*!(10+0/2;!)$*+*!71%&*++*+!(1*!<1(23*/)0/2!(/4!.*&%30/2!

0/&1*(+0/2'-!40<<*1*/)0()*4!+%!)$()!3(/-!3(18*)!/0&$*+!/%,!*L0+)5!6%4(-!)$0+!3(++^

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"h!>.045;!M\!MV!>.045;!M\!M"!>.045;!M\!

! "\!

3(18*)!<1(23*/)()0%/!&(/!.*!+**/!0/!)$*!:+*!%<!+)(/4(140=*4!71%4:&)+!<%1!

409*1+0<0*4!3(18*)!/0&$*+;!+:&$!(+!4*40&()0/2!<%%4!)*&$/%'%2-!'(.%1()%10*+!)%!

3(80/2!30&1%,(9*(.'*!%12(/0&!40//*1+5MM!

! I0/(''-;!)$*!>/)*17*1+%/('!e%1'4!0+!*L7*10*/&0/2!1*+:12*/&*!(+!(!+7*&0('0=*4!

+*&)%1!)$()!&%3710+*+!C(!3%+(0&!%<!+$(17'-!40+)0/&)!j30/0^,%1'4+P!0/!,$0&$!<%%4!

&%/+:37)0%/!71(&)0&*+!(1*!+*/+0)09*!)%!)$*!*&%'%20*+!%<!71%4:&)0%/5DM\!A3(''*1;!

*)$0&(''-!30/4*4!&%37(/0*+;!&%%7*1()09*^1:/!%12(/0=()0%/+;!(/4!<(01^)1(4*l%12(/0&!

71%4:&*1+!3(-!<(''!0/)%!)$0+!&()*2%1-5!!

! O%12(/!*)!('5P+!(77'0&()0%/!%<!A)%17*1!*)!('5P+!,%1'4+!%<!71%4:&)0%/!)%!)$*!<%%4!

+-+)*3!0+!)$:+!(/!:/&%/9*/)0%/(';!.:)!3:&$^/**4*4;!3*)$%4!%<!0/)*171*)0/2!)$*!

<%%4!/*),%18!(+!$(90/2!3%1*!)$(/!*&%/%30&!037'0&()0%/+;!.:)!4**7*1!+%&0('!(/4!

*)$0&('!%/*+!(+!,*''5!6$*!&%37(10+%/!%<!)$*!&%/9*/)0%/('!<%%4!+-+)*3!)%!)$*!

(')*1/()09*!%/*;!)$*/;!0+!037%1)(/)!0/!1*2(14+!)%!)$*!+7*&0<0&!&(+*!%<!&$%&%'()*!

71*&0+*'-!.*&(:+*!(4-(7!#&4(!0>#-0+-80>#4E!)$*1*!0+!(!,(-!0/!,$0&$!(!3%1('!*&%/%3-!

*L0+)+!(/4!<:/&)0%/+!0/!)$*!,%1'4!)%4(-5!!

!

G:N-O"#-P#$Q70%#&(7-R;$4$'1->#&+A+-!"#-K$&(7-R;$4$'1-!

! b%,*9*1;!O%12(/!*)!('5!(1*!B:0&8!)%!*37$(+0=*!)$()!)$*!&%/9*/)0%/('!<%%4!

+-+)*3!(/4!)$*!(')*1/()09*!<%%4!+-+)*3!(1*!/%)!)0*4!)%!+7*&0<0&!,%1'4+;!3:):(''-!

*L&':+09*!<1%3!%/*!(/%)$*15!@!<1*B:*/)!*11%/*%:+!&%/&':+0%/!0+!)%!(++02/!)$*!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!MM!>.045;!M\!M\!>.045;!M\!

!"X!

&%/9*/)0%/('!<%%4!&$(0/!)%!)$*!>/4:+)10('!e%1'4;!(/4!)$*!(')*1/()09*!<%%4!&$(0/!)%!

)$*!>/)*17*1+%/('!e%1'4;!.:)!0/!)$*!,%14+!%<!O%12(/!*)!('5;!C)$0+!0+!(/!:/,(11(/)*4!

4090+0%/!%<!'(.%1;!.*&(:+*!)$*!.%14*1+!.*),**/!)$*!,%1'4+!(1*!3%1*!7%1%:+!(/4!'*++!

+)()0&!)$(/!%/*!302$)!)$0/85!I013+!(/4!1*20%/+!&(/!3%9*!<1%3!%/*!,%1'4!)%!

(/%)$*15DMX!>/4**4;!,$0'*!*(&$!,%1'4!%<!71%4:&)0%/!4%*+!$(9*!0)+!%,/!1*2:'()%1-!

*/901%/3*/);!(''!%<!)$*3!(1*!&:11*/)'-!+:.H*&)!)%!)$*!+(3*!),%!%9*1(1&$0/2!)1*/4+!

)$()!(1*!*3*120/2!0/!)$*!2'%.('!<%%4!+*&)%1!(/4!$(9*!)$*!7%)*/)0('!)%!<%+)*1!

+02/0<0&(/)!&$(/2*+E!)$*!'$&(7-#;$4$'1!(/4!)$*!4#$Q70%#&(7-#;$4$'15M]!

! 6$*!3(0/+)1*(3!*&%/%3-!0+!)$*!/*%^'0.*1('!*&%/%3-5!>)!<%&:+*+!%/!*L)1*3*!

:)0'0)(10(/0+3!(/4!:/1*+)1(0/*4!*&%/%30&!7%,*1;!%9*1'%%80/2!)$*!3%1('!&'(03+!%<!

+%&0*)-!(/4!/():1*!0/!7:1+:0)!%<!/(11%,!+*'<^0/)*1*+)+5M_!@+!*&%/%30+)+!%<!)$*!

#$0&(2%!A&$%%'!$(9*!'%/2!(12:*4;!(!7109()*!<013!$(+!%/'-!%/*!+%&0('!1*+7%/+0.0'0)-!0/!

)$0+!j<1**!*&%/%3-P!7(1(4023KC)%!:+*!0)+!1*+%:1&*+!(/4!*/2(2*!0/!(&)090)0*+!

4*+02/*4!)%!0/&1*(+*!0)+!71%<0)+!+%!'%/2!(+!0)!+)(-+!,0)$0/!)$*!1:'*+!%<!)$*!2(3*5DMa!

@/4!(+!)$*!C1:'*+!%<!)$*!2(3*D!(''%,!<%1!0);!)$*!<0/0)*!1*+%:1&*+!%<!)%4(-!(1*!/%)!%/'-!

)1*()*4!(+!0/<0/0)*;!.:)!(1*!*L7'%0)*4!)%!+:&$!(/!*L)*/)!(+!)%!40+1*2(14!)$*!

1(30<0&()0%/+!%<!)$*01!%9*1:+*!%/!)$*!'%&('!*/901%/3*/)!(/4!%/!71*+*/)!(/4!<:):1*!

2*/*1()0%/+!%<!7*%7'*5!A:&$!71(&)0&*+!$(9*!'*4!)%!'(/4!21(..0/2!.-!4*9*'%7*4!

/()0%/+;!)$*!4*+)1:&)0%/!%<!*&%^+-+)*3+!<%1!(210&:'):1('!3%/%!&1%770/2;!)$*!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!MX!>.045;!"__!M]!>.045;!"__!M_!>.045;!"_g!Ma!I10*43(/;!O0')%/5!3(L0!(70+'-(45-2&##5$'5!G/09*1+0)-!%<!#$0&(2%!71*++;!MVVM5!!

! "]!

*L7%1)()0%/!%<!)1(+$!<1%3!4*9*'%7*4!)%!:/4*14*9*'%7*4!&%:/)10*+;!(/4!*9*/!2'%.('!

&'03()*!&$(/2*5!

! 6$*!3%1('!*&%/%3-;!%/!)$*!%)$*1!$(/4;!$(+!.**/!(!1*+7%/+*!)%!/*%^'0.*1('!

*&%/%30&!)$%:2$);!7:+$*4!.-!(&(4*30&+;!(&)090+)+;!&%/+:3*1!(++%&0()0%/+;!

4*9*'%73*/)!(2*/&0*+;!(/4!*/901%/3*/)('!21%:7+!)%!)(&8'*!)$*!71*++0/2!/%13()09*!

0++:*+!)$()!)$*-!&%/+04*1!)%!.*!%<!:)3%+)!037%1)(/&*;!1()$*1!)$(/!)$*!+*&%/4(1-!

0++:*+!)$()!)$*!/*%^'0.*1('!*&%/%3-!4**3+!)$*35Mg!Q*+%:1&*+!(1*!:/4*1+)%%4!)%!.*!

<0/0)*!(/4!&%/+*B:*/)'-!3:+)!.*!:+*4!0/!(!1*+7%/+0.'*!3(//*1;!)(80/2!0/)%!

&%/+04*1()0%/!)$*!*<<*&)+!%/!)$*!'09*'0$%%4+!%<!)$*!7*%7'*!(<<*&)*4;!)$*!*/901%/3*/);!

(/4!)$*!2*/*1('!710/&07'*!%<!+:+)(0/(.'*!71(&)0&*+5!#:11*/)!71*++0/2!0++:*+!0/&':4*!

*/901%/3*/)('!&%/&*1/+;!'(.%1!102$)+;!*&%/%30&!4*9*'%73*/)!0/!+:77'0*1!/()0%/+;!

+:+)(0/(.'*!'090/2!(/4!*37%,*13*/)!%<!71%4:&*1+;!&%/+:3*1!$*(')$;!.:+0/*++!

)1(/+7(1*/&-;!(/4!3%1*5!!

! 6(8*/!0/!0+%'()0%/;!*(&$!1*2:'()%1-!)1*/4!&%:'4!2*/*1()*!40<<*1*/)!7()$+!%<!

4*9*'%73*/)5!6$*!/*%^'0.*1('!*&%/%3-!,%:'4!&(''!<%1!&%/)0/:*4!'0.*1('0=()0%/!(/4!

4*1*2:'()0%/!%<!)$*!<%%4!+*&)%1;!,$0'*!)$*!3%1('!*&%/%3-!,%:'4!4*3(/4!

1*1*2:'()0%/f!$%,*9*1;!)$*!1*('0)-!0+!)$()!)$*+*!),%!)1*/4+!(1*!*9%'90/2!)%2*)$*1;!

&1*()0/2!3(/-!7%0/)+!%<!)*/+0%/!(/4!7(1(4%L!0/!)$*!9(10%:+!+:77'-!&$(0/+!)$()!3(8*!

:7!)$*!<%%4!+*&)%15Mh!6$0+!&%*9%':)0%/!*L7'(0/+!,$-!3:')0/()0%/('!<013+;!)$*!3%+)!

7%,*1<:'!*&%/%30&!(&)%1+!0/!)$*!+:77'-!&$(0/;!(1*!:/(.'*!)%!+037'-!*L*1&0+*!

:/$0/4*1*4!7%,*1!,$*/!+)1080/2!4*('+!,0)$!)$*01!,*(8*1!+:77'0*1+!(/4!71%4:&*1+E!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Mg!>.045;!"_a!Mh!>.045;!"__!

!"_!

)$*-!(1*!%7*1()0/2!,0)$0/!)$*!&%/<0/*+!%<!3%1('!/%13+!)$()!$(9*!.**/!&%/+)1:&)*4!

.-!(!C3*++-!&%3.0/()0%/!%<!3:')0'()*1('!7%'0)0&('!(21**3*/)+;!Sm?!71*++:1*;!(/4!)$*!

3%1('!+*/)03*/)+!%<!(<<':*/)!&%/+:3*1+!()!$%3*5D\V!>/!%)$*1!,%14+;!)$*!3%1('!

*&%/%3-!%<!,$0&$!O%12(/!*)!('5!+7*(8!0+!.1*(80/2!0/!%/!)$*!4%30/(/)!/*%^'0.*1('!

*&%/%3-;!&%/+)1(0/0/2!0)+!710%10)0=()0%/!%<!71%<0)+!(/4!<%1&0/2!0)!)%!(4$*1*!)%!+%&0(''-!

&%/+)1:&)*4!(/4!+)1*/2)$*/*4!*)$0&('!*L7*&)()0%/+5!

! !

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!\V!>.045;!"_g!

! "a!

!"#$%&'()&#('',)#-2&*(1^!

!

! 6$*!$0+)%10&('!4*9*'%73*/)!%<!)$*!&$%&%'()*!*&%/%3-!0+!&1:&0('!<%1!),%!

%9*1(1&$0/2!1*(+%/+5!I01+);!0)!'*(4+!)%!(/!:/4*1+)(/40/2!%<!$%,!(/4!,$-!)$*!71*+*/)!

*&%/%3-!0+!+$(7*4!(+!0)!0+;!,0)$!0)+!&%*L0+)0/2!,%1'4+!%<!71%4:&)0%/!(/4!3-10(4!%<!

(&)%1+!,0)$0/!*(&$!,%1'45!6$*!<(&)%1+!(/4!&01&:3+)(/&*+!)$()!$(9*!'*4!)%!)$0+!

&%/<:+0/2!30L!%<!)1*/4+!,0)$0/!)$*!&$%&%'()*!*&%/%3-!3:+)!.*!40+*/)(/2'*4!<1%3!

%/*!(/%)$*1!(/4!:/4*1+)%%4!0/!)$*%1*)0&('!&%/)*L)f!%/'-!)$*/!&(/!%/*!.*20/!)%!

71*40&)!)$*!401*&)0%/!0/!,$0&$!/%)!%/'-!)$*!&$%&%'()*!*&%/%3-;!.:)!7*1$(7+!)$*!

21*()*1!<%%4!/*),%18!0)+*'<!0+!$*(4*4;!,$0&$!'*(4+!)%!)$*!+*&%/4!1*(+%/!,$-!)$*!

$0+)%10&('!4*9*'%73*/)!%<!)$*!&$%&%'()*!*&%/%3-!0+!037%1)(/)E!0)!0/<%13+!)$1%:2$!

71*&*4*/)!)$*!7%++0.'*!)1(H*&)%1-!%<!)$*!<:):1*!0/!&$%&%'()*K,$*)$*1!)$*!/*%^

'0.*1('!0/)*171*)()0%/!%<!*&%/%30&!(&)090)-!,0''!&%/)0/:*!)%!4%30/()*;!%1!,$*)$*1!)$*!

*3*120/2!3%1('!*&%/%3-!,0''!7*19(4*!0/)*1/()0%/('!40+&%:1+*!*/%:2$!)%!(<<*&)!(!

3%1*!+:+)(0/(.'*!&%&%(!*&%/%3-5!

I1%3!0)+!<01+)!1*&%14*4!.*20//0/2+!0/!)$*!(/&0*/)!@3*10&(+!)%!0)+!3(++!

&%/+:37)0%/!(''!(1%:/4!)$*!,%1'4!)%4(-;!)$*!&%33%40)-!&(&(%!$(+!*/H%-*4!

:/<'(220/2!7%7:'(10)-!(+!)$*!8*-!0/21*40*/)!0/!&$%&%'()*;!,$0&$!0)+*'<!$(+!:/4*12%/*!

(!1(40&('!*9%':)0%/(1-!71%&*++!(+!0)!+71*(4!)$1%:2$!F:1%7*!(/4!)$*!G/0)*4!A)()*+5!

A)(1)0/2!,0)$!)$*!@=)*&!F3701*;!)$0+!&$(7)*1!4*)(0'+!(!.10*<!$0+)%1-!%<!&$%&%'()*5!@!

<(01'-!:/71%&*++*4!&%33%40)-!.*<%1*!)$*!*L0+)*/&*!%<!(/-!e%1'4!%<!d1%4:&)0%/;!

!"g!

&$%&%'()*!0+!)1(&*4!<1%3!0)+!.*20//0/2+!(+!(!'0B:04!.*9*1(2*!)%!0)+!3%1*!&%33%/'-!

8/%,/!+%'04!<%13!(+!0)!*/)*1*4!(/4!*9*/):(''-!+71*(4!)$1%:2$%:)!)$*!>/4:+)10('!

e%1'4;!)$*!>/)*''*&):('!Q*+%:1&*+!e%1'4;!)$*!O(18*)!e%1'4;!(/4!<0/(''-;!)$*!

>/)*17*1+%/('!e%1'45!!

!

N:B-<&$'-!"#-.J!#;+-!$-!"#-)L(40+"-R'L0&#-!

! @')$%:2$!)$*!?'3*&!&090'0=()0%/!0+!.*'0*9*4!)%!$(9*!.**/!)$*!<01+)!)%!:+*!(/4!

21%,!&(&(%!.*(/+;!)$*!O(-(/+!'08*'-!7'(/)*4!)$*!<01+)!&(&(%!7'(/)()0%/+!%:)+04*!)$*!

1(0/<%1*+)+;!*+)(.'0+$0/2!)$*+*!<(13+!(''!)$1%:2$%:)!)$*01!80/24%3!0/!3%4*1/^4(-!

m:()*3('(!(/4!)$*!T:&()(/!d*/0/+:'(5!"!#(&(%!,(+!+%!1*9*1*4!)$()!)$*!O(-(/+!

,%1+$077*4!0)!(+!(/!04%';!:+*4!0)!0/!&*1*3%/0*+!(/4!10):('+!(+!(!+70&-;!$%)!410/8!&(''*4!

L%&%()0;M!(/4!3%+)!0/)*1*+)0/2'-;!3(4*!0)!(/!(&):('!&:11*/&-!<%1!)1(4*K2%%4+!,*1*!

710&*4!0/!:/0)+!%<!&(&(%!.*(/+5\!U-!"\M];!)$*!@=)*&+!$(4!(++030'()*4!&(&(%!0/)%!)$*01!

%,/!&:'):1*;!,%1+$0770/2!0)!(+!)$*!O(-(/+!$(4!.*<%1*!)$*3;!(/4!+,**)*/0/2!)$*!

'0B:04!410/8!L%&%()0!,0)$!9(/0''(!(/4!$%/*-!)%!3(8*!)$*01!%,/!&(&($:()'5X!!

>/!"]"h;!A7(/0+$!&%/B:0+)(4%1!b*1/n/!#%1)N+!.*&(3*!)$*!<01+)!F:1%7*(/!)%!

)(+)*!)$*!1*9*1*4!410/8!,$*/!$*!j40+&%9*1*4P!)$*!@=)*&!&090'0=()0%/5]!Q*&%2/0=0/2!)$*!

.*(/+P!9(':*;!$*!)1(9*'*4!$%3*!)%!A7(0/!,0)$!)$*!71*&0%:+!&(12%!)%!71*+*/)!)%!$0+!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"!c033*1'*;!U*)$5!3"$;$7(!#,-!"#-+*##!-"0+!$&15!d%1)'(/4;!?QE!#%''*&)%1+!d1*++;!MVV]5!\"5!M!O"#-/0+!$&1-$2-3"$;$7(!#:-MV"M5!$))7Ell,,,5H(3*+&$%&%'()*+5&%5:8lo.'%2lU'%2l7%+)l6$*ob0+)%1-o%<o#$%&%'()*l;!A%3*1+*)5!e*.5!M]!Y(/!MV"\5!\!?<<;!#(1%'5!=0!!#&-;"$;$7(!#,-04>#+!08(!048-!"#-5(&?-+05#-$2-!"#-*$&75@+-'$+!-+#5A;!0>#-+*##!5!6%1%/)%E!Q(/4%3!b%:+*!#(/(4(;!MVV_5!M"5!X!O"#-/0+!$&1-$2-3"$;$7(!#:-MV"M5!$))7E,,,5H(3*+&$%&%'()*+5&%5:8l.'%2lU'%2l7%+)l6$*ob0+)%1-o%<o#$%&%'()*l5!A%3*1+*)5!e*.5!""!S%9!MV"M5!]!U1*//*1;!Y%p'5!O"#-#'L#&$&+-$2-;"$;$7(!#,-04+05#-!"#-+#;&#!-*$&75-$2-/#&+"#1-(45-K(&+5!S*,!T%18E!Q(/4%3!b%:+*;!"hhh5!h\5!

! "h!

80/2f_!),%!-*(1+!'()*1;!#%1)N+!1*):1/*4!)%!1(=*!6*/%&$)0)'n/;!)$*!&(70)('!&0)-!%<!)$*!

@=)*&!F3701*;!)%!)$*!21%:/4!(/4!+:.H:2()*!0)+!7*%7'*!:/4*1!A7(/0+$!&%'%/0('!1:'*5a!

#(&($:()'!B:0&8'-!2(0/*4!7%7:'(10)-!(3%/2+)!)$*!&%'%/0('+!(/4!)$*!A7(/0+$!

&%:1);!(/4!<:1)$*1!1*<0/*3*/)+!)%!)$*!410/8!.*2(/!:/4*1!)$*!`%30/0&(/!3%/8+;!,$%!

7'(-*4!(!8*-!1%'*!0/!4*9*'%70/2!)$*01!%,/!&$%&%'()';!(!$%)!&$%&%'()*!7%)0%/!)$()!,(+!

+,**)*1!(/4!3%1*!+:0)*4!)%!)$*!)(+)*!%<!)$*!A7(/0+$5g!#$(12*4!,0)$!)$*!4%:.'*!

1*+7%/+0.0'0)-!%<!*L7*103*/)0/2!,0)$!&(&(%!.*(/+!(/4!8**70/2!)$*!410/8!(!+*&1*)!

<1%3!)$*!1*+)!%<!F:1%7*;!)$*!A7(/0+$!&'*12-!(44*4!9(10%:+!0/21*40*/)+!+:&$!(+!(/0+*;!

+:2(1;!&0//(3%/;!('3%/4+;!$(=*'/:)+;!7%,4*1*4!1%+*+;!(/4!%1(/2*!,()*1!)%!&%:/)*1!

)$*!.0))*1/*++!%<!)$*!.*(/5h!@+!(!1*+:');!&$%&%'()';!%1!&$%&%'()*;!.*&(3*!)$*!<01+)!

/%/('&%$%'0&!+)03:'(/)!.*9*1(2*!0/)1%4:&*4!)%!#%/)0/*/)('!F:1%7*K&%<<**!,%:'4!

/%)!(1109*!:/)0'!"_"];!(/4!)*(!3:&$!'()*1!)$(/!)$()5"V!

! A%!+:&&*++<:'!,*1*!)$*!A7(/0(14+!0/!2:(140/2!)$*01!71*&0%:+!+*&1*)!1*&07*+!

)$()!(')$%:2$!&(&(%!$(4!.*&%3*!&1:&0('!)%!)1(/+^@)'(/)0&!)1(4*!.-!)$*!'()*!"]VV+;!)$*!

A7(/0+$!$*'4!(!3%/%7%'-!%9*1!&(&(%!:/)0'!)$*!304^"_VV+5""!>)!,(+!>)('0(/!(10+)%&1()!

@/)%/0%!#(1'*))0!,$%!0/!"_V_;!0/)1%4:&*4!&$%&%'()*!)%!)$*!>)('0(/!:77*1!&'(++;"M!)$*!

<01+)!%:)+04*!%<!A7(0/!)%!*/H%-!)$*!.*9*1(2*5!>/!"_"];!$%,*9*1;!A7(0/!%<<0&0(''-!+$(1*4!

0)+!+*&1*)!,0)$!I1(/&*!)$1%:2$!)$*!3(110(2*!%<!d10/&*++!@//*!%<!A7(0/!)%!J%:0+!k>>>;!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!_!>.045!a!?<<;!#(1%'5!=0!!#&-;"$;$7(!#,-04>#+!08(!048-!"#-5(&?-+05#-$2-!"#-*$&75@+-'$+!-+#5A;!0>#-+*##!5!6%1%/)%E!Q(/4%3!b%:+*!#(/(4(;!MVV_5!Mg5!g!>.045;!\V!h!U1*//*1;!Y%p'5!O"#-#'L#&$&+-$2-;"$;$7(!#,-04+05#-!"#-+#;&#!-*$&75-$2-/#&+"#1-(45-K(&+5!S*,!T%18E!Q(/4%3!b%:+*;!"hhh5!h\5!"V!>.045!""!?<<;!#(1%'5!=0!!#&-;"$;$7(!#,-04>#+!08(!048-!"#-5(&?-+05#-$2-!"#-*$&75@+-'$+!-+#5A;!0>#-+*##!5!6%1%/)%E!Q(/4%3!b%:+*!#(/(4(;!MVV_5!\X5!"M!U1*//*1;!Y%p'5!O"#-#'L#&$&+-$2-;"$;$7(!#,-04+05#-!"#-+#;&#!-*$&75-$2-/#&+"#1-(45-K(&+5!S*,!T%18E!Q(/4%3!b%:+*;!"hhh5!hX5!

!MV!

(/4!)$*!+71*(4!%<!&$%&%'()*!)%!b%''(/4;!m*13(/-;!(/4!F/2'(/4!B:0&8'-!<%''%,*4;!

,0)$!J%/4%/P+!<01+)!&$%&%'()*!$%:+*+!%7*/0/2!0/!"_]a!(+!)1*/4-!7'(&*+!<%1!)$*!*'0)*!

)%!+%&0('0=*!(/4!*/H%-!)$*!10&$!(/4!.0))*1!410/85"\!!

J*++!)$(/!(!$('<^&*/):1-!'()*1;!&$%&%'()*!.*&(3*!+%!&*/)1('!)%!+%&0('!'0<*!)$()!

0/!F/2'(/4;!&$%&%'()*!$%:+*+!+:&$!(+!e$0)*+!(/4!)$*!#%&%(!61**!,*1*!<(1!3%1*!

<1*B:*/)*4!)$(/!)$*!&%<<**$%:+*+!(/4!)(9*1/+f"X!)%!3()&$!)$0+!21%,0/2!4*3(/4!

<1%3!F:1%7*;!&(&(%!21%9*+!,*1*!7'(/)*4!0/!q*/*=:*'(;!U1(=0';!)$*!e*+)!>/40*+;!(/4!

Y(3(0&(5"]!I0/(''-!0/!"a"M;!&$%&%'()*!&%/+:37)0%/!&1%++*4!)$*!@)'(/)0&;!(/4!U%+)%/!

(7%)$*&(10*+!.*20/!)%!+*''!0);!0/)1%4:&0/2!)$*!&%33%40)-!)%!S*,!T%18!0/!"a]g5"_!

! 6$*/;!0/!)$*!"a_V+;!)$*!3(/:<(&):10/2!%<!&$%&%'()*!*3*12*4!0/!.%)$!F/2'(/4!

(/4!0)+!@3*10&(/!&%'%/0*+E!0/!"a_";!F/2'0+$3(/!Y%+*7$!I1-!<%:/4*4!Y5A5!I1-;!(/4!<%:1!

-*(1+!'()*1!0/!@3*10&(;!`15!Y(3*+!U(8*1!.*&(3*!)$*!<01+)!(3%/2!)$*!&%'%/0+)+!)%!.:0'4!

,$()!,%:'4!.*&%3*!(!&$%&%'()*^3(/:<(&):10/2!*/)*1710+*!R/%,!%,/*4!.-!c1(<)!

I%%4+Wf"a!0/&04*/)(''-;!U(8*1P+!<(&)%1-!71%4:&*4!&$%&%'()*!<(+)*1!)$(/!(/-!%)$*1!

<(&)%1-!0/!)$*!,%1'4!()!)$*!)03*5"g!6$0+!1*&%14!404!/%)!'(+)!'%/2;!$%,*9*1;!<%1!

F:1%7*K0/!7(1)0&:'(1;!U10)(0/K,(+!*/)*10/2!)$*!*1(!%<!)$*!>/4:+)10('!Q*9%':)0%/;!

,$0&$!.1%:2$)!+*9*1('!,0/4<(''+!)%!)$*!(49(/&*3*/)+!%<!&$%&%'()*!(+!(!71%4:&)5!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"\!O"#-/0+!$&1-$2-3"$;$7(!#:-MV"M5!$))7E,,,5H(3*+&$%&%'()*+5&%5:8l.'%2lU'%2l7%+)l6$*ob0+)%1-o%<o#$%&%'()*l5!A%3*1+*)5!e*.5!""!S%9!MV"M5!"X!U1*//*1;!Y%p'5!O"#-#'L#&$&+-$2-;"$;$7(!#,-04+05#-!"#-+#;&#!-*$&75-$2-/#&+"#1-(45-K(&+5!S*,!T%18E!Q(/4%3!b%:+*;!"hhh5!hh5!"]!=0!!#&-;"$;$7(!#,-04>#+!08(!048-!"#-5(&?-+05#-$2-!"#-*$&75@+-'$+!-+#5A;!0>#-+*##!5!6%1%/)%E!Q(/4%3!b%:+*!#(/(4(;!MVV_5!XX5!"_!Q0&$(14+%/;!6035!)*##!+,-(-"0+!$&1-$2-;(4515!S*,!T%18!E!U'%%3+.:1-;!MVVM5!MM]5!"a!b%780/+;!c()*5!)*##!-!$$!",-!"#-%0!!#&+*##!-"0+!$&1-$2-;(4515!S*,!T%18E!A)5!O(1)0/r+!d1*++;!MV"M5!"ga5!"g!O"#-/0+!$&1-$2-3"$;$7(!#:-MV"M5!$))7E,,,5H(3*+&$%&%'()*+5&%5:8l.'%2lU'%2l7%+)l6$*ob0+)%1-o%<o#$%&%'()*l5!A%3*1+*)5!e*.5!""!S%9!MV"M5!

! M"!

N:G-R4!#&048-!"#-<0&+!-C$&75-$2-D&$5A;!0$4,-!"#-C$&75-$2-H4!#77#;!A(7-

I#+$A&;#+-

! @')$%:2$!0/!"a\M!O%/+0*:1!`:.:0++%/P+!0/9*/)0%/!%<!(!)(.'*!30''!<%1!210/40/2!

&(&(%!3(4*!&$%&%'()*!71%4:&)0%/!*(+0*1!(/4!&$%&%'()*!3%1*!(<<%14(.'*;!0)!,(+!`:)&$!

&$%&%'()0*1!#%/1(4!Y5!9(/!b%:)*/!,$%!3(4*!)$*!<01+)!3(H%1!(')*1()0%/!0/!&$%&%'()*!

71*7(1()0%/!0/!)$*!'(+)!\;VVV!-*(1+E!0/!"gMg;!,0)$!)$*!$*'7!%<!)$*!$-41(:'0&!71*++;!$*!

40+&%9*1*4!(/!0/*L7*/+09*!3*)$%4!<%1!71*++0/2!)$*!<()!<1%3!)$*!&(&(%!.*(/+!)%!

&1*()*!C`:)&$!&%&%(D!7%,*15"h!q(/!b%:)*/!+0/2'*^$(/4*4'-!'*/2)$*/*4!)$*!+)%1(2*!

'0<*!%<!&%&%(;!1*4:&*4!710&*+;!(/4!0/&1*(+*4!B:('0)-;!*<<*&)09*'-!.10/20/2!)$*!&(&(%!

.*(/!)%!)$*!C<%1*<1%/)!%<!,%1'4!&%/<*&)0%/DMV!(/4!7(90/2!)$*!,(-!<%1!)$*!&1*()0%/!%<!

)$*!3%4*1/^4(-!&$%&%'()*!.(15!

! 6$*!*9%':)0%/!%<!&$%&%'()*!$(4!.*2:/!0/!*(1/*+);!(/4!+03:')(/*%:+'-;!

&$%&%'()*!3(/:<(&):1*1+!+:&$!(+!#(4.:1-;!J0/4)!(/4!A71:/2'0!@m;!Y5A5!I1-!i!A%/+;!

(/4!)$*!Q%,/)1**+;!.*2(/!71%4:&)0%/5!>/!"gXa;!Y5A5!I1-!i!A%/+;!&%3.0/0/2!)$*!2*/0:+!

%<!9(/!b%:)*/P+!`:)&$!71%&*++0/2!,0)$!e())P+!+)*(3!*/20/*;!0/)1%4:&*4!)$*!,%1'4P+!

<01+)!+%'04!&$%&%'()*!.(1!)$*-!&(''*4!#$%&%'()!`N'0&0*:L!s!O(/2*15M"!@/4!,$0'*!0)!)%%8!

(!<*,!4*&(4*+!<%1!)$0+!*()0/2!&$%&%'()*!)%!2(0/!7%7:'(10)-;!)$*!'%,*10/2!%<!037%1)!

)(L*+!%/!&(&(%!.*(/+!0/!"g]\;MM!&%:7'*4!,0)$!)$*!0/&1*(+*!%<!&(&(%!7'(/)()0%/+!0/!)$*!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"h!?<<;!#(1%'5!=0!!#&-;"$;$7(!#,-04>#+!08(!048-!"#-5(&?-+05#-$2-!"#-*$&75@+-'$+!-+#5A;!0>#-+*##!5!6%1%/)%E!Q(/4%3!b%:+*!#(/(4(;!MVV_5!Xa5!MV!>.045!M"!?<<;!#(1%'5!=0!!#&-;"$;$7(!#,-04>#+!08(!048-!"#-5(&?-+05#-$2-!"#-*$&75@+-'$+!-+#5A;!0>#-+*##!5!6%1%/)%E!Q(/4%3!b%:+*!#(/(4(;!MVV_5!]V5!MM!Q0&$(14+%/;!6035!)*##!+,-(-"0+!$&1-$2-;(4515!S*,!T%18!E!U'%%3+.:1-;!MVVM5!hh5!!

!MM!

d%1):2:*+*;!U10)0+$;!(/4!`:)&$!&%'%/0*+!0/!@<10&(!(/4!@+0(;M\!'*4!)%!(!4*&1*(+*!0/!

&$%&%'()*!710&*+f!&$%&%'()*!$(4!.*&%3*!3%1*!&%33%/7'(&*;!(/4!.-!"hVX;!&$%&%'()*!

.(1!+('*+!1%+*!<1%3!/0/*!)%/+!)%!"M;VVV!)%/+5MX!6$*!G5A5!(77*)0)*!<%1!&$%&%'()*!('+%!

21*,;!(/4!0/!)$*!'()*!/0/*)**/)$!&*/):1-;!&%&%(!037%1)+!3%1*!)$(/!4%:.'*4!<1%3!h!

30''0%/!7%:/4+!0/!"gg\!)%!MX!30''0%/!0/!"gh\5M]!!

O*(/,$0'*;!0371%9*3*/)+!)%!&$%&%'()*!&%/)0/:*4!)%!.*!3(4*E!0/!"ga_;!

`(/0*'!d*)*1!0/!A,0)=*1'(/4!0/9*/)*4!30'8!&$%&%'()*!:+0/2!)$*!30'8!7%,4*1!)$()!$(4!

.**/!0/)1%4:&*4!.-!)$*!A,0++!&$*30+)!S*+)'NfM_!(/4!0/!"gah;!Q:4%'7$!J0/4)P+!

.1*(8)$1%:2$!0/9*/)0%/!%<!&%/&$0/2;!(!71%&*++!)$1%:2$!,$0&$!'0B:04!&$%&%'()*!0+!

C8/*(4*4D!0/!(!3(&$0/*!,0)$!,04*!1%''*1+;!'*4!)%!)$*!&1*()0%/!%<!(!71%4:&)!)$()!404!

/%)!&1:/&$;!.:)!3*')*4!0/!)$*!3%:)$5Ma!A,0++!&$%&%'()*!,(+!.%1/;!(/4!.-!)$*!'()*!

"gVV+;!A,0)=*1'(/4!$(4!+:17(++*4!I1(/&*!(+!)$*!3%+)!1*+7*&)*4!&$%&%'()*^

71%4:&0/2!/()0%/!0/!)$*!,%1'45Mg!!

@')$%:2$!)$*!"h)$!&*/):1-!,(+!71*4%30/(/)'-!(/!(2*!%<!*L7*103*/)()0%/!(/4!

)*&$/%'%20&('!(49(/&*3*/)+!0/!&$%&%'()*!71%4:&)0%/;!.-!)$*!):1/!%<!)$*!&*/):1-!)$*!

*37$(+0+!$(4!+$0<)*4!)%!3(++!71%4:&)0%/!+&$*3*+!(/4!)$*!409*1+0<0&()0%/!%<!*L0+)0/2!

&$%&%'()*!.(1+5!@)!)$*!+(3*!)03*;!(!41(3()0&!4*&1*(+*!0/!)$*!710&*!%<!&$%&%'()*!4:*!

)%!$02$!(3%:/)+!%<!&%&%(!037%1)+!(/4!(/!0/&1*(+*!%<!40+7%+(.'*!0/&%3*!(9(0'(.'*!)%!

)$*!,%180/2!&'(++!3*(/)!)$()!&$%&%'()*!,(+!/%!'%/2*1!(!':L:1-!0)*3!1*+*19*4!<%1!)$*!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!M\!#04*'';!Y:'0*!J5;!(/4!b*08*!#5!@'.*1)+5!C#%/+)1:&)0/2!t:('0)-E!6$*!O:')0/()0%/('!b0+)%10*+!%<!#$%&%'()*5D!S#$2$&A':!\a5!RMVV_WE!hhh^"VVa5!"V5"V"_!R(&&*++*4!S%9*3.*1!";!MV"MW5!"VVM5!MX!Q0&$(14+%/;!6035!)*##!+,-(-"0+!$&1-$2-;(4515!S*,!T%18!E!U'%%3+.:1-;!MVVM5!MMa5!M]!`P@/)%/0%;!O0&$(*'5!/#&+"#1,-K07!$4-):-/#&+"#1T+-RU!&($&504(&1-V02#-$2-C#(7!"E-R'L$&#E-(45-W!$L0(4-X&#('+:-A03%/!(/4!A&$:+)*1;!MVVa5!gh5!!M_!Q0&$(14+%/;!6035!)*##!+,-(-"0+!$&1-$2-;(4515!S*,!T%18!E!U'%%3+.:1-;!MVVM5!MMg5!!Ma!!>.045;!MMh5!!Mg!>.045!

! M\!

+%&0('!*'0)*;!.:)!(/!(<<%14(.'*!7:1&$(+*!<%1!)$*!&%33%/!7*%7'*5Mh!U-!"hVV;!)$*!e%1'4!

%<!>/)*''*&):('!Q*+%:1&*+!)$()!$(4!71*90%:+'-!4*<0/*4!)$*!*/901%/3*/)!%<!&$%&%'()*!

71%4:&)0%/!,(+!+)(1)0/2!0)+!4*+&*/);!3(80/2!,(-!<%1!)$*!10+*!%<!(!/*,!>/4:+)10('!

e%1'45!>/4**4;!H:+)!)$*!-*(1!.*<%1*;!Q:4%'7$!J0/4)!$(4!+%'4!$0+!&%/&$0/2!)*&$/%'%2-!

)%!`(904!A71:/2'0;!3(180/2!)$*!.*20//0/2!%<!)$*!A,0++!0/4:+)1-!20(/)!J0/4)!i!

A71:/2'05\V!T*)!)$*!21*()*+)!$(1.0/2*1!%<!)$*!>/4:+)10('!e%1'4!,(+!)$*!*(1'-!

3%9*3*/)+!%<!(!&*1)(0/!-%:/2!3(/!,$%!,%:'4!'()*1!.*&%3*!)$*!*3.%403*/)!%<!)$*!

+:&&*++*+!%<!)$0+!0/&%30/2!,%1'4E!0/!"ghX;!(!-*(1!(<)*1!$*!$(4!.%:2$)!O15!J*$3(//P+!

0/4:+)10('!&$%&%'()*^3(80/2!*B:073*/)!()!)$*!#%':3.0(/!FL7%+0)0%/!0/!#$0&(2%;!

O0')%/!b*1+$*-!<%:/4*4!)$*!b*1+$*-!#$%&%'()*!#%5!0/!)$*!.(&8!%<!$0+!&(1(3*'!

<(&)%1-5\"!

!

N:N-I0+#-(45-X$'04(4;#-$2-!"#-H45A+!&0(7-C$&75-!

! U*<%1*!O0')%/!b*1+$*-;!&$%&%'()*!$(4!.**/!(!':L:1-!0)*3!(9(0'(.'*!%/'-!)%!)$*!

,*(')$!*'0)*5!@')$%:2$!)$1**!3(/:<(&):1*1+!,*1*!71%4:&0/2!0/!)$*!G5A5!()!)$*!)03*!

RU(8*1;!F)0*//*!m:0))(14;!`%30/2%!m$01(14*''0W;!/%/*!8/*,!$%,!)%!3(8*!(!3%1*!

(<<%14(.'*!&$%&%'()*!71%4:&);!%1!*9*/!$%,!)%!3(8*!30'8!&$%&%'()*5!>)!,(+!b*1+$*-!

,$%!3(/(2*4!)%!(&&%37'0+$!.%)$!)(+8+;!)$:+!:+$*10/2!0/!(!)1:*!&$%&%'()*!045A+!&15\M!!

! 6$*!*&%/%30&!)1*/4!0/!)$*!"hVV+!,(+!<(9%1(.'*!)%!&%/+:3*1!.1(/4+!0/!.%)$!

)$*!G5A5!(/4!F:1%7*;!.*&(:+*!/()0%/('!7%7:'()0%/+!,*1*!%/!)$*!10+*;!(/4!&%/+:3*1+!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Mh!>.045!\V!c033*1'*;!U*)$5!3"$;$7(!#,-!"#-+*##!-"0+!$&15!d%1)'(/4;!?QE!#%''*&)%1+!d1*++;!MVV]5!\g5!\"!U1*//*1;!Y%p'5!O"#-#'L#&$&+-$2-;"$;$7(!#,-04+05#-!"#-+#;&#!-*$&75-$2-/#&+"#1-(45-K(&+5!S*,!T%18E!Q(/4%3!b%:+*;!"hhh5!g]^g_5!\M!U1*//*1;!Y%p'5!O"#-#'L#&$&+-$2-;"$;$7(!#,-04+05#-!"#-+#;&#!-*$&75-$2-/#&+"#1-(45-K(&+5!S*,!T%18E!Q(/4%3!b%:+*;!"hhh5!aX5!

!MX!

,*1*!+*(1&$0/2!<%1!&%/+0+)*/)!B:('0)-!()!'%,!710&*+5\\!@)!)$0+!)03*;!,$()!,%:'4!'()*1!

21%,!0/)%!20(/)!&$%&%'()*!&%17%1()0%/+!$(4!.*2:/!)%!1%''!%:)!)$*01!71%4:&)+E!0/!"hVV;!

b*1+$*-!0/)1%4:&*4!)$*!<01+)!30'8!&$%&%'()*!.(1+!&$*(7!*/%:2$!)%!.*!*/H%-*4!.-!)$*!

(9*1(2*!@3*10&(/f\X!0/!"hV];!#(4.:1-!&(3*!%:)!,0)$!0)+!#(4.:1-!`(01-!O0'8!

#$%&%'()*!.(1;!,$0&$!.*&(3*!(/!0/+)(/)!+:&&*++!0/!(!3(18*)!)$()!$(4!71*90%:+'-!

.**/!3%/%7%'0=*4!.-!)$*!A,0++f\]!S*+)'N!(/4!)$*!@/2'%^A,0++!#%/4*/+*4!O0'8!

#%37(/-!,(+!('+%!<%13*4!0/!"hV];!2%0/2!%/!)%!.:0'4!(!3:')0/()0%/('!*3701*!0/!)$*!

30'8!<%%4!0/4:+)1-!,0)$!<(&)%10*+!0/!)$*!G/0)*4!c0/24%3;!@:+)1('0(;!S%1,(-;!

m*13(/-;!(/4!A7(0/5\_!

! 6,%!-*(1+!'()*1;!b*1+$*-!&1*()*4!0)+!b*1+$*-P+!c0++*+;!,0)$!)%)('!+('*+!

1*(&$0/2!('3%+)!uM!30''0%/5\a!S()0%/('!40+)10.:)0%/;!,$0&$!*9*1-!&$%&%'()*!71%4:&*1!

41*(3*4!%<!(&$0*90/2;!$(4!.*&%3*!(!1*('0)-!<%1!O0')%/!b*1+$*-;!(/4!0/!"h"X!$*!

*+)(.'0+$*4!$03+*'<!(+!@3*10&(P+!&(/4-!3(/!.-!+:77'-0/2!b*1+$*-P+!O0'8!#$%&%'()*!

.(1+!)%!G5A5!+%'40*1+!()!)$*!%:).1*(8!%<!e%1'4!e(1!>5\g!O*(/,$0'*;!%)$*1!&$%&%'()*!

&%37(/0*+!,*1*!.*/*<0)0/2!<1%3!7%7:'(1!4*3(/4E!e$0)3(/P+!.*2(/!3(18*)0/2!0)+!

)1(4*3(18!e$0)3(/P+!A(37'*1!0/!"h"Mf\h!0/!"h"a;!@3*10&(P+!#'(18!U(1!.*&(3*!)$*!

,%1'4P+!<01+)!+:&&*++<:'!&%3.0/()0%/!.(1;!('+%!+%'4!)%!@3*10&(/!)1%%7+!4:10/2!e%1'4!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!\\!`P@/)%/0%;!O0&$(*'5!/#&+"#1,-K07!$4-):-/#&+"#1T+-RU!&($&504(&1-V02#-$2-C#(7!"E-R'L$&#E-(45-W!$L0(4-X&#('+:-A03%/!(/4!A&$:+)*1;!MVVa5!"]h5!\X!?<<;!#(1%'5!=0!!#&-;"$;$7(!#,-04>#+!08(!048-!"#-5(&?-+05#-$2-!"#-*$&75@+-'$+!-+#5A;!0>#-+*##!5!6%1%/)%E!Q(/4%3!b%:+*!#(/(4(;!MVV_5!ag5!\]!Y%/*+;!m*%<<1*-5!CO:')0/()0%/('!#$%&%'()*E!#(4.:1-!%9*1+*(+;!"h"g^\h5D!=A+04#++-/0+!$&1!M_;!/%5!"!R"hgXWE!]h^a_5!\_!>.045!\a!U1*//*1;!Y%p'5!O"#-#'L#&$&+-$2-;"$;$7(!#,-04+05#-!"#-+#;&#!-*$&75-$2-/#&+"#1-(45-K(&+5!S*,!T%18E!Q(/4%3!b%:+*;!"hhh5!"Vh5!\g!>.045;"\M5!\h!>.045;!\V!

! M]!

e(1!>XVK)%2*)$*1!,0)$!b*1+$*-;!)$*-!.1%8*!)$*!*L7*&)()0%/!)$()!+,**)+!,*1*!H:+)!

<%1!&$0'41*/!.*&(:+*!+:44*/'-;!0)!,(+!(&&*7)(.'*!<%1!3*/!)%!*()!&(/4-!.(1+!(+!,*''5X"!

>/4**4;!0/!"hMg;!Q0&$(14!U-14!)%%8!b*1+$*-!&$%&%'()*!%/!$0+!H%:1/*-!)%!@/)(1&)0&(;!

(/4!$0+!,*''^7:.'0&0=*4!'%-(')-!)%!b*1+$*-!.(1+!%/'-!3(4*!)$*!&(/4-3(/!3%1*!

7%7:'(1!,0)$%:)!1*+%1)0/2!)%!(49*1)0+*3*/)+!%<!$0+!%,/5XM!

! >/!"hMX;!I1(/8!O(1+!.1%8*!0/)%!)$*!&$%&%'()*!0/4:+)1-!,0)$!)$*!O0'8-!e(-!

.(1;!(/!033*40()*!+:&&*++!4:*!)%!0)+!'(12*!+0=*5!@+!(!&%3.0/()0%/!.(1;!O0'8-!e(-P+!

&$*(7*1!0/7:)!0/21*40*/)+!3*(/)!)$()!O(1+!&%:'4!%<<*1!.022*1!71%4:&)+!<%1!&$*(7!

710&*+;!,$0&$!0/!):1/!8*7)!(''!710&*+!'%,5!>/!<(&);!()!)$0+!)03*!b*1+$*-!.*2(/!<(&0/2!(/!

0/<':L!%<!&%37*)0)%1+!)$()!3(18*)*4!3(0/'-!&%3.0/()0%/!.(1+E!)$*!#'(18!U(1;!U(.-!

Q:)$;!O%:/4+;!(/4!?$v!b*/1-!,*1*!%/'-!(!<*,!%<!3%1*!)$(/!M_V!&(/4-!.(1+!)$()!

)%2*)$*1;!&(7):1*4!)$1**^B:(1)*1+!%<!)$*!3(18*)5X\!T*)!(+!)$*+*!&%37(/0*+!1*'0*4!%/!

b*1+$*-P+!.:'8!&$%&%'()*!)%!&%()!)$*01!.(1+;XX!b*1+$*-P+!21%,)$!,(+!+)0''!(++:1*45!

! 6$*!/*L)!<*,!4*&(4*+!+(,!)$*!.*20//0/2+!%<!,$()!,%:'4!.*&%3*!(!7())*1/!0/!

&$%&%'()*!$0+)%1-E!(&B:0+0)0%/+!(/4!3*12*1+!(+!*(2*1!&%37(/0*+!+(,!)$*!21%,0/2!

7%)*/)0('!%<!)$*!3(18*)5!!I%1!0/+)(/&*!0/!"hMa;!m*/*1('!I%%4+!.%:2$)!U(8*1P+!

#$%&%'()*;!@3*10&(P+!<01+)!&$%&%'()*!&%37(/-fX]!),%!-*(1+!(<)*1!)$();!S*+)'N!.*2(/!)%!

3(/:<(&):1*!0)+!%,/!&$%&%'()*!(<)*1!$(90/2!(&B:01*4!)$*!A,0++!&$%&%'()*!<013;!d*)*1;!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!XV!Q0&$(14+%/;!6035!)*##!+,-.-/0+!$&1-$2-3(4515!RS*,!T%18E!U'%%3+.:1-;!MVVMW5!M\V5!X"!>.045;!\Mg!XM!`P@/)%/0%;!O0&$(*'5!/#&+"#1,-K07!$4-):-/#&+"#1T+-RU!&($&504(&1-V02#-$2-C#(7!"E-R'L$&#E-(45-W!$L0(4-X&#('+:-A03%/!(/4!A&$:+)*1;!MVVa5!"g\5!!X\!>.045!XX!>.045;!"gX!X]!c033*1'*;!U*)$5!3"$;$7(!#,-!"#-+*##!-"0+!$&15!d%1)'(/4;!?QE!#%''*&)%1+!d1*++;!MVV]5!XM5!!

!M_!

#(0''*1;!(/4!c%$'*1fX_!(/4!0/!"h\];!"_!-*(1+!(<)*1!0)!$(4!<01+)!3*12*4!,0)$!0)+!

'%/2)03*!109(';!#(4.:1-!m1%:7;!J)45;!Y5A5!I1-!i!A%/+!.*&(3*!#(4.:1-P+!,$%''-!%,/*4!

+:.+040(1-5Xa!>/)*1*+)0/2'-!*/%:2$;!&$%&%'()*!404!71%9*!)%!.*!(!1*+0'0*/)!&%33%40)-;!

<%1!,$*/!)$*!m1*()!`*71*++0%/!+)1:&8!0/!"h\\;!%9*1(''!71%<0)+!1*3(0/*4!+)1%/25Xg!>/!

<(&);!b*1+$*-!*9*/!04!&$5A;#5!),%!/*,!71%4:&)+!4:10/2!)$*!`*71*++0%/!)%!%<<*1!

&%/+:3*1+!+%3*!/%9*')-;!,$0&$!$*'7*4!)$*!&%37(/-!1*&%9*1!,*''!($*(4!%<!)$*!

*&%/%3-5Xh!

! b*1+$*-P+!7%7:'(10)-!&%/)0/:*4!)%!10+*;!(/4!4:10/2!e%1'4!e(1!>>!,$*/!

@3*10&(/!)1%%7+!+:77'0*4!,0)$!0)+!+7*&0('!Q()0%/!`!&$%&%'()*!.(1+!,*1*!4*7'%-*4!

(1%:/4!)$*!,%1'4;!b*1+$*-!,%/!2'%.('!<(3*5]V!U:)!)$*!*9*1^21%,0/2!&%37*)0)0%/!

,(+!&$(/20/2!)$*!7'(-0/2!<0*'4;!(/4!.-!)$*!"h_V+;!)$*!()3%+7$*1*!%<!)$*!&(/4-!,%1'4!

$(4!+$0<)*4!<1%3!3:):('!1*+7*&)!(/4!&%%7*1()0%/!)%!%/*!%<!(221*++0%/5!@/4!(')$%:2$!

e0''0(3!A:$10/2!(/4!J(11-!Y%$/+;!b*1+$*-!#$%&%'()*!#%5P+!$*(4+!%<!3(18*)0/2!(/4!

+('*+;!1*+7*&)09*'-;!())*37)*4!)%!)1(/+0)0%/!)$*!&%37(/-!0/)%!)$0+!/*,!()3%+7$*1*;]"!

0)!,(+!O(1+!)$();!:/4*1!)$*!'*(4*1+$07!%<!I%11*+)!O(1+;!)1:'-!)$109*4!(/4!*9*/):(''-!

%9*1)%%8!b*1+$*-!0/!(//:('!71%<0)+5!

! >/!"h_X;!I%11*+)!O(1+!)%%8!%9*1!$0+!<()$*1P+!&%37(/-]M!(/4!4109*/!.-!)$*!

C+0/2'*!%.H*&)09*D!%<!71%<0);]\!)0*4!(''!$0+!*37'%-**+!)%!(!+)10&)*1!+)(/4(14!%<!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!X_!Y%/*+;!m*%<<1*-5!CO:')0/()0%/('!#$%&%'()*E!#(4.:1-!%9*1+*(+;!"h"g^\h5D!=A+04#++-/0+!$&1!M_;!/%5!"!R"hgXWE!]h^a_5!!Xa!!c033*1'*;!U*)$5!3"$;$7(!#,-!"#-+*##!-"0+!$&15!d%1)'(/4;!?QE!#%''*&)%1+!d1*++;!MVV]5!"VM5!Xg!`P@/)%/0%;!O0&$(*'5!/#&+"#1,-K07!$4-):-/#&+"#1T+-RU!&($&504(&1-V02#-$2-C#(7!"E-R'L$&#E-(45-W!$L0(4-X&#('+:-A03%/!(/4!A&$:+)*1;!MVVa5!"ha5!Xh!>.045;!"hg!]V!U1*//*1;!Y%p'5!O"#-#'L#&$&+-$2-;"$;$7(!#,-04+05#-!"#-+#;&#!-*$&75-$2-/#&+"#1-(45-K(&+5!S*,!T%18E!Q(/4%3!b%:+*;!"hhh5!h^"V5!]"!Q%+*/.':3;!O%1)5!3"$;$7(!#,-.-=0!!#&+*##!-)(8(-$2-X(&?-(45-V08"!:-S%1)$!d%0/)!d1*++;!MVV]5!h]5!]M!U1*//*1;!Y%p'5!O"#-#'L#&$&+-$2-;"$;$7(!#,-04+05#-!"#-+#;&#!-*$&75-$2-/#&+"#1-(45-K(&+5!S*,!T%18E!Q(/4%3!b%:+*;!"hhh5!"aa5!]\!>.045!

! Ma!

7*1<%13(/&*5!#%/90/&*4!)$()!B:('0)-!,(+!8*-;!O(1+!0/+0+)*4!%/!.%%+)0/2!&$%&%'()*!

&%()0/2!%/!*(&$!.(1;!(440/2!3%1*!7*(/:)+!(/4!&(1(3*'!)%!A/0&8*1+!.(1+;!(/4!

0/&1*(+0/2!)$*!+0=*!%<!)$*!6$1**!O:+8*)**1+!.(15!e$*/!%)$*1!&$%&%'()*!&%37(/0*+!

(4%7)*4!)$*!71(&)0&*!%<!1*7'(&0/2!&%&%(!.:))*1!,0)$!&$*(7*1!&%&%(!.:))*1!

*B:09('*/)+!R#UF+W;!$*!1*<:+*4!)%!4%!'08*,0+*5!I0/(''-;!O(1+!I%%4!.*&(3*!)$*!<01+)!

&%37(/-!)%!4()*!0)+!%,/!71%4:&)+!(/4!+*0=*!.(1+!<1%3!1*)(0'*1+!,$*/!)$*-!404/P)!

+*''5]X!I%11*+)!O(1+P+!*<<%1)+!7(04!%<<E!0/!"ha\;!O(1+!+:17(++*4!b*1+$*-!(/4!.*&(3*!

@3*10&(P+!'*(4*1!0/!&(/4-!+('*+5]]!!

! 6$*!"hgV+!(/4!"hhV+!,0)/*++!(/%)$*1!,(9*!%<!(&B:0+0)0%/+;!+)(1)0/2!,0)$!

>/)*1<%%4P+!7:1&$(+*!%<!#(''*.(:)!0/!"hg"5]_!>/!"hg\;!S*+)'N!.%:2$)!e(14^Y%$/+%/!

&%/<*&)0%/+;!(++030'()0/2!)$*!&'(++0&!.1(/4+!?$v!b*/1-;!m%%.*1+;!A/%^#(7+;!(/4!

#$:/8-!+B:(1*+f]a!<09*!-*(1+!'()*1!0/!"hgg;!S*+)'NP+!71%&:1*3*/)!%<!Q%,/)1**;!)$*!

<%:1)$!'(12*+)!&$%&%'()*!&%37(/-!0/!)$*!,%1'4;!*<<*&)09*'-!3(4*!0)!)$*!'(12*+)!

&$%&%'()*!3(/:<(&):1*1!0/!)$*!*/)01*!,%1'45]g!6$()!+(3*!-*(1;!d$0'07!O%110+;!(!

)%.(&&%!&%37(/-;!(.+%1.*4!c1(<)f]h!(/4!b*1+$*-;!)%%;!(&B:01*4!)$*!G5A5!4090+0%/!%<!

d*)*1!d(:';!3(8*1!%<!O%:/4+;!@'3%/4!Y%-;!(/4!T%18!d*77*130/)!d())0*+5_V!>/!"hgh;!

m*/*1('!I%%4+!3*12*4!,0)$!c1(<);!.10/20/2!U(8*1P+!#$%&%'()*!:/4*1!)$*!:3.1*''(!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!]X!U1*//*1;!Y%p'5!O"#-#'L#&$&+-$2-;"$;$7(!#,-04+05#-!"#-+#;&#!-*$&75-$2-/#&+"#1-(45-K(&+5!S*,!T%18E!Q(/4%3!b%:+*;!"hhh5!"ga5!]]!`P@/)%/0%;!O0&$(*'5!/#&+"#1,-K07!$4-):-/#&+"#1T+-RU!&($&504(&1-V02#-$2-C#(7!"E-R'L$&#E-(45-W!$L0(4-X&#('+:-A03%/!(/4!A&$:+)*1;!MVVa5!MMXf!O(1+!404!/%);!$%,*9*1;!1*)(0/!0)+!'*(4!<%1!'%/25!>/!"hg";!)$*!&%37(/-!1*<:+*4!)%!(''%,!)$*!:+*!%<!0)+!OiO+!0/!)$*!<0'3!R:O:;!(/4!)$*!&%/)1(&)!,(+!(,(14*4!)%!b*1+$*-P+!Q**+*+!d0*&*+5!b*1+$*-!)%%8!)$*!%77%1):/0)-!)%!<*():1*!F565!0/!0)+!(49*1)0+0/2;!,$0&$!.*&(3*!(!20(/)!+:&&*++!<%1!)$*!<(')*10/2!&$%&%'()*!&%37(/-5!R:O:-.*&(3*!)$*!$02$*+)^21%++0/2!3%90*!:/)0'!)$()!)03*;!(/4!+('*+!<1%3!Q**+*+!d0*&*+!)107'*45!@+!(!1*+:');!.*),**/!"ha]!(/4!MVV];!b*1+$*-!21%,+!<1%3!uMVV!30''0%/!0/!(//:('!+('*+!)%!uX!.0''0%/;!1*&'(030/2!0)+!)%7!7%+0)0%/!0/!)$*!G5A5!&(/4-!+('*+!(/4!&(7):10/2!XVw!%<!)$*!4%3*+)0&!&$%&%'()*!3(18*)5!R`P@/)%/0%;!MX]W5!]_!c033*1'*;!U*)$5!3"$;$7(!#,-!"#-+*##!-"0+!$&15!d%1)'(/4;!?QE!#%''*&)%1+!d1*++;!MVV]5!gX5!]a!>.045;!Xh5!]g!@''*/;!6%35!C6$*!#$%&%'()*!A&%1*&(145D!61(40/2!q0+0%/+5!@710'!MV""5!!]h!Q0&$(14+%/;!6035!)*##!+,-.-/0+!$&1-$2-3(4515!RS*,!T%18E!U'%%3+.:1-;!MVVMW5!"a5!_V!U1*//*1;!Y%p'5!O"#-#'L#&$&+-$2-;"$;$7(!#,-04+05#-!"#-+#;&#!-*$&75-$2-/#&+"#1-(45-K(&+5!S*,!T%18E!Q(/4%3!b%:+*;!"hhh5!M]5!

!Mg!

&%37(/-!d$0'07!O%110+5_"!6$*!/*L)!-*(1;!c1(<)!0)+*'<!.%:2$)!Y(&%.+!A:&$(14;!)$*!

&1*()%1!%<!6%.'*1%/*;_M!(/4!S*+)'N!)%%8!%9*1!#:1)0++!U1(/4+;!)$*!3(8*1!%<!U(.-!Q:)$!

(/4!U:))*1<0/2*1;!*+)(.'0+$0/2!0)+*'<!(+!(!3(++09*!&(/4-!&%37(/-!%<!)$*!,%1'4P+!

<(9%10)*+5_\!>/!"hh\;!Q:++*''!A)%9*1!#(/40*+;!>/&5!7:1&$(+*4!e$0)3(/!#$%&%'()*!<%1!

u\]!30''0%/;!*<<*&)09*'-!3%/%7%'0=0/2!)$*!G5A5!3(18*)!<%1!304^710&*4!20<)^.%L*4!

&$%&%'()*+5_X!"hh_!,(+!)$*!-*(1!%<!),%!/%)(.'*!4*9*'%73*/)+E!<01+);!0/!%14*1!)%!$(9*!

3%1*!710&*!'*9*1(2*!(2(0/+)!1*)(0'!20(/)+!'08*!e('^3(1);!b*1+$*-!.%:2$)!J*(<!S%1)$!

@3*10&(!<%1!uXXV!30''0%/;!(&B:010/2!.%)$!&$%&%'()*!(/4!/%/^&$%&%'()*!.1(/4+!+:&$!

(+!O0'8!`:4+;!d(-`(-;!m%%4!(/4!d'*/)-;!(/4!Y%''-!Q(/&$*1f_]!(/4!+*&%/4'-;!)$*!"]V^

-*(1^%'4!U*'20(/!71%4:&*1!#(''*.(:)!(/4!)$*!I1*/&$!3(/:<(&):1*1!#(&(%!U(11-!

3*12*4!)%!&1*()*!)$*!/*,!&$%&%'()*!&%37(/-;!U(11-!#(:''*.(:)5__!U(11-!#(''*.(:)!0+!

/%,!%/*!%<!)$*!'(12*+)!&%&%(!71%&*++%1+!0/!)$*!,%1'4;!,0)$!+3(''*1!&%37(/0*+!+:&$!

(+!#(&(%!U(11-!q(/!J**1;!#(''*.(:);!q(/!b%:)*/;!J:0H&$L;!U*/+4%17;!U1(&$P+;!(/4!

A)%'',*1&8!#$%&%'()*!:/4*1!0)+!:3.1*''(5_a!e0)$!)$0+!)1*/4!0/!(&B:0+0)0%/+;!)$*!

>/4:+)10('!e%1'4!$(+!)(8*/!0)+!7%+0)0%/!(+!)$*!4%30/(/)!,%1'4!%<!71%4:&)0%/E!20(/)!

&$%&%'()*!&%17%1()0%/+!$(9*!(.+%1.*4!+3(''*1!&%37(/0*+!0/!*9*1^0/&1*(+0/2!.04+!)%!

&%/)1%'!)$*!2'%.('!3(18*)!(/4!&(7):1*!)$*!.022*+)!71%<0)+!)$1%:2$!)$*01!3(++^

71%4:&)0%/!%<!2*/*10&;!+)(/4(14!&$%&%'()*5!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!_"!c033*1'*;!U*)$5!3"$;$7(!#,-!"#-+*##!-"0+!$&15!d%1)'(/4;!?QE!#%''*&)%1+!d1*++;!MVV]5!g"5!_M!Q0&$(14+%/;!6035!)*##!+,-.-/0+!$&1-$2-3(4515!RS*,!T%18E!U'%%3+.:1-;!MVVMW5!"a5!_\!c033*1'*;!U*)$5!3"$;$7(!#,-!"#-+*##!-"0+!$&15!d%1)'(/4;!?QE!#%''*&)%1+!d1*++;!MVV]5!"M"5!_X!U1*//*1;!Y%p'5!O"#-#'L#&$&+-$2-;"$;$7(!#,-04+05#-!"#-+#;&#!-*$&75-$2-/#&+"#1-(45-K(&+5!S*,!T%18E!Q(/4%3!b%:+*;!"hhh5!\V5!!_]!`P@/)%/0%;!O0&$(*'5!/#&+"#1,-K07!$4-):-/#&+"#1T+-RU!&($&504(&1-V02#-$2-C#(7!"E-R'L$&#E-(45-W!$L0(4-X&#('+:-A03%/!(/4!A&$:+)*1;!MVVa5!MX_5!__!c033*1'*;!U*)$5!3"$;$7(!#,-!"#-+*##!-"0+!$&15!d%1)'(/4;!?QE!#%''*&)%1+!d1*++;!MVV]5!gX5!_a!c033*1'*;!U*)$5!3"$;$7(!#,-!"#-+*##!-"0+!$&15!d%1)'(/4;!?QE!#%''*&)%1+!d1*++;!MVV]5!ga5!

! Mh!

! 6%4(-;!)$*!U02!6$1**!)$()!1:'*!)$*!&%/9*/)0%/('!&$%&%'()*!0/4:+)1-!(1*!S*+)'N;!

b*1+$*-;!(/4!O(1+5!@''!)$1**!&%37(/0*+;!(+!,*''!(+!)$*!3(H%10)-!%<!&$%&%'()*!

71%&*++%1+!(/4!3(/:<(&):1*1+;!%7*1()*!'(12*'-!(&&%140/2!)%!)$*!1*2:'()%1-!

*/901%/3*/)!%<!)$*!>/4:+)10('!e%1'4E!3(++^71%4:&)0%/!%<!+)(/4(140=*4!71%4:&)+5!

b%,*9*1;!(!1*&*/)!)1*/4!$(+!.**/!)$*!3%9*3*/)!)%,(14!71*30:3;!C*)$0&('D!

&$%&%'()*E!7'(-*1+!0/!)$*!&$%&%'()*!,%1'4;!71%4:&*1+!(/4!&%/+:3*1+!0/&':4*4;!$(9*!

.*&%3*!0/&1*(+0/2'-!0/)*1*+)*4!0/!$02$^B:('0)-;!*)$0&(''-!+%:1&*4;!+0/2'*^%1020/!

&(&(%5!!

6$0+!)1*/4!0+!/%)!(!/*,!7$*/%3*/%/;!.:)!%/*!)$()!$(+!(&):(''-!7(1(''*'*4!)$*!

4*9*'%73*/)!%<!&$%&%'()*;!*9%'90/2!<1%3!0/40904:('+P!*<<%1)+!0/!)$*!*(1'-!A7(/0+$!

*3701*!)%!7*)0)0%/!<%1!3%1*!*)$0&('!)1*()3*/)!%<!0)+!&(&(%!7'(/)()0%/!,%18*1+5!

>/4**4;!'%%80/2!()!)$*!$0+)%1-!%<!&$%&%'()*!)$1%:2$!)$*!'*/+!%<!)$*!3%1('!*&%/%3-!

1*9*('+!(!9*1-!40<<*1*/)!70&):1*!<1%3!)$()!209*/!.-!(!/*%^'0.*1('!*&%/%3-!'*/+5!Y:+)!

(+!)$*!&%/9*/)0%/('!<%%4!+-+)*3!$(+!%/*!0/)*171*)()0%/!%<!$0+)%1-;!)$*!(')*1/()09*!

<%%4!+-+)*3!$(+!0)+!%,/K(/4!,0)$0/!)$();!)$*!$0+)%10&('!0/)*171*)()0%/!%<!)$*!

&$%&%'()*!*&%/%3-P+!4*9*'%73*/)!*L7%+*+!,*''^$044*/!8*-!)1:)$+!(.%:)!)$*!,%1'4!

%<!&$%&%'()*5!#$(7)*1!I%:1!,0''!4*)(0'!)$0+!$0+)%1-5!!

!

!

!

!

!\V!

!"#$%&'()3*/(,)#-2&*(1)*3)4'&#-"$56)"#*"*5$&'!)

)!

! @')$%:2$!'(12*'-!:/8/%,/;!)$*!$0+)%1-!%<!C*)$0&('D!3%9*3*/)+!0/!&$%&%'()*!

.*2(/!('3%+)!+03:')(/*%:+'-!,0)$!&(&(%P+!0/)1%4:&)0%/!)%!)$*!0/)*1/()0%/('!+)(2*!90(!

A7(/0+$!&%/B:*+)5!>/4**4;!)$*!<01+)!1*&%14*4!3%1('!%:)&1-!,(+!3(4*!0/!"]]M!.-!(!

A7(/0+$!`%30/0&(/!3%/8!J(+!#(+(+5"!e$*/!$*!,0)/*++*4!)$*!0/H:+)0&*+!$0+!7*%7'*!

,*1*!,1*(80/2!%/!)$*!/()09*+!%<!)$*!@3*10&(+;!$*!7:.'0+$*4!)"$&!-.;;$A4!-$2-!"#-

X#+!&A;!0$4-$2-!"#-H450#+;!7*)0)0%/0/2!)$*!04*('0+)0&!(/4!-%:/2!c0/2!d$0''07!%<!A7(0/!)%!

7(++!/*,!'(,+!)%!71%)*&)!S()09*!@3*10&(/+!<1%3!(.:+*f!:/<%1):/()*'-;!)$*!A7(/0+$!

3%/(1&$-P+!30'4!71%)*+)+!,*/)!02/%1*4!0/!)$*!<(1^(,(-!&%'%/0*+;!(/4!&(&(%!)1(4*!

.*&(3*!)%%!037%1)(/)!)%!)$*!A7(/0+$!F3701*P+!*&%/%3-!)%!.*!C&%371%30+*4!.-!

*)$0&('!04*('+D5M!6$*!0/H:+)0&*+!)$()!,%:'4!7'(2:*!)$*!&$%&%'()*!*&%/%3-!<%1!

&*/):10*+!)%!&%3*!$(4!('1*(4-!.**/!+-+)*3()0=*45!!

I1%3!0/40904:('!71%)*+)+!)%!%12(/0=*4!*<<%1)+!%<!1*<%13;!%/*!<%''%,+!(!10&$!

(/4!&%37'*L!$0+)%1-!%<!$%,!C*)$0&('D!(/4!C+:+)(0/(.'*D!&$%&%'()*!$(9*!.**/!4*<0/*4!

0/!40<<*1*/)!,(-+5!@')$%:2$!)$*!3(H%10)-!%<!)$*+*!&$%&%'()*!(&)%1+!$(9*;!)%!+%3*!

4*21**!%1!(/%)$*1;!(441*++*4!)$*!037%1)(/&*!%<!1*'()0%/('!H:+)0&*!<%1!*L7'%0)*4!

,%18*1+;!)$*!*3*12*/&*!%<!(/!>/)*17*1+%/('!e%1'4;!,0)$!0)+!*37$(+0+!%/!&%/+:3*1!

(/4!71%4:&*1!1*'()0%/+$07!&%/9*/)0%/+;!.*20/+!3:&$!'()*1!,0)$!)$*!(49*/)!%<!

*)$0&(''-^4109*/;!C3%1('!*&%/%3-D!%12(/0=()0%/+5!6$0+!&$(7)*1!<%''%,+!)$*!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"!?<<;!#(1%'5!=0!!#&-;"$;$7(!#,-04>#+!08(!048-!"#-5(&?-+05#-$2-!"#-*$&75@+-'$+!-+#5A;!0>#-+*##!5!6%1%/)%E!Q(/4%3!b%:+*!#(/(4(;!MVV_5!\M5!M!>.045;!\_^\a!

! \"!

4*9*'%73*/)!%<!*)$0&('!&%/&*1/+!0/!)$*!&$%&%'()*!*&%/%3-;!71*^>/)*17*1+%/('!e%1'4!

(/4!(<)*1;!0/&':40/2!)$*!0/)*1(&)09*!10+*!%<!)$*!O(18*)!e%1'4;!<%1;!(+!O%12(/!*)!('5!

*37$(+0=*;!)$*!.%14*1+!(3%/2!)$*!e%1'4+!$(9*!.*&%3*!0/&1*(+0/2'-!C7*1<%1()*4D!(+!

'(12*!3:')0/()0%/('!&%17%1()0%/+!)$()!:+:(''-!4*<0/*!)$*!>/4:+)10('!e%1'4!$(9*!('+%!

&1%++*4!)$*!.%:/4(1-!0/)%!.%)$!)$*!O(18*)!(/4!>/)*17*1+%/('!e%1'4+5!!

!

Y:B-D(!#&4(7-3(L0!(70+'-04-RA&$L#!

! U-!)$*!"gVV+;!&$%&%'()*!$(4!.*&%3*!(/!*+)(.'0+$*4!(/4!7%7:'(1!&%33%40)-!

0/!F:1%7*;!(/4!)$*!&$%&%'()*!*&%/%3-!,(+!1*(4-!)%!*L7(/4!0/!)$*!/*,!*1(!%<!

0/4:+)10('0=()0%/5!F/2'0+$!t:(8*1+!7'(-*4!(!8*-!1%'*!0/!)$*!4*9*'%73*/)!%<!&$%&%'()*!

(+!(!.:+0/*++!(+;!01%/0&(''-;!)$0+!&%33%40)-!)$()!,(+!.*0/2!.:0')!%/!)$*!.(&8+!%<!

7'(/)()0%/!+'(9*+!,(+!)$*01!%,/!$(9*/!<1%3!40+&1030/()0%/E!71*9*/)*4!<1%3!

*/)*10/2!3(/-!)1(4*+!%1!())*/40/2!:/09*1+0)-;!t:(8*1+!):1/*4!)%!+)(1)^:7!.:+0/*++!

%77%1):/0)0*+!.(+*4!%/!/*,!71%4:&)+;!,$0&$!()!)$*!)03*!0/&':4*4!&$%&%'()*5!@+!(!

1*'020%:+!21%:7!)$()!+)1*++*4!$(13%/-;!&%33:/0)-;!(/4!3%4*1()0%/!0/!(''!)$0/2+;!

)$*-!&%/+04*1*4!)$*3+*'9*+!C+)*,(14+!%<!)$*!,%1'4P+!.'*++0/2+D5!6$:+!<%1!)$*3;!

&$%&%'()*!,(+!)$*!7*1<*&)!,(-!)%!4%!2%%4!,$0'*!4%0/2!,*''5\!@+!603!Q0&$(14+%/;!(/!

0/)*1/()0%/('!&%/<*&)0%/(1-!(/4!(:)$%1!%<!)*##!+,-.-/0+!$&1-$2-3(451;!/%)*4!0/!$0+!

,%18E!!

ZH!-0+-(-;A&0$A+-(+L#;!-$2-'(4A2(;!A&048-"0+!$&1-!"#!$!"%$&#'(%)*+#&%$+,-.%+!/,-#'0$/-12*!'0$#*$#$3",&%$/-$42',5%$6%+#7%$

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!\!`P@/)%/0%;!O0&$(*'5!/#&+"#1,-K07!$4-):-/#&+"#1T+-RU!&($&504(&1-V02#-$2-C#(7!"E-R'L$&#E-(45-W!$L0(4-X&#('+:-A03%/!(/4!A&$:+)*1;!MVVa5!_g5!

!\M!

5,**%**%1$,.$2-2*2#&$/1%#&/*7$/-$!"%$&#!%$-/-%!%%-!"$#-1$%#'&0$!3%-!/%!"$+%-!2'/%*[O"#-*(1-2$&*(&5-"(5-%##4-+"$*4-04-!"#-20&+!-1#(&+-$2-!"#-404#!##4!"-;#4!A&1-%1-L0$4##&-W!$L0(4-+$;0(70+!+-70?#-I$%#&!-9*#4E-*"$-5#'$4+!&(!#5-(!-"0+-P#*-V(4(&?-;$!!$4-'077+E-!"(!-#4708"!#4#5-'(4(8#'#4!-L&(;!0;#+-;$A75-8$-"(45-04-"(45-*0!"-"08"#&-L&$20!+:-O"#-;$42#;!0$4(&1-'$8A7+-*#&#-4$!-&(50;(7+-*"$-5#+;&0%#5-!"#'+#7>#+-(+-+$;0(70+!+\!"#0&-0'LA7+#-*(+-8#4#&(771-&#7080$A+-&(!"#&-!"(4-L$70!0;(7\%A!-!"#1-*#&#-4#>#&!"#7#++-&#'(&?(%71-2$&*(&5Q7$$?048-04-!"#0&-!&#(!'#4!-$2-!"#-*$&?2$&;#-x.%'4!(44*4y5]X--

!!

! 6$*!#(4.:1-+!(/4!)$*!Q%,/)1**+;!.%)$!+:&&*++<:'!t:(8*1!<(30'0*+!0/!)$*!

&$%&%'()*!3(/:<(&):10/2!.:+0/*++;!+7*(1$*(4*4!)$0+!C<%1,(14^'%%80/2!)1*()3*/)D!0/!

F/2'(/4!4:10/2!)$*!"gVV+E!Y%$/!#(4.:1-!&(37(02/*4!)%!71*9*/)!-%:/2!.%-+!<1%3!

.*0/2!*L7'%0)*4!(+!&$03/*-!+,**7+;!(/4!)$*!*/)01*!<(30'-!,(+!4**7'-!0/9%'9*4!0/!

(4:')!*4:&()0%/!71%21(3+!(/4!$:3(/!102$)+!&%/&*1/+5!@.%9*!('';!)$*!#(4.:1-+!,*1*!

3%+)!(&)09*!0/!71%9040/2!(9(/)^2(14*!,*'<(1*!<%1!)$*01!%,/!<(&)%1-!,%18*1+K$('<!

4(-+!%/!A():14(-+;!<:''!4(-+!%<<!%/!'*2('!$%'04(-+;!3*40&('!(/4!4*/)('!&(1*!<%1!)$*01!

,%18*1+;!$%)!3*('+!0/!&%37(/-!40/0/2!1%%3+;!(/4!+7%1)+!'*(2:*+!<%1!*L*1&0+*!,*1*!

+%3*!%<!)$*!3(/-!0//%9()09*!,%18^7'(&*!.*/*<0)+!)$*-!%<<*1*45]!G/+:1710+0/2'-;!

#(4.:1-!.*&(3*!U10)(0/P+!<(9%10)*!.1(/4!(/4!(!7$-+0&('!+-3.%'!%<!$(770/*++;!

2%%4/*++;!(/4!+%&0('!71%21*++5_!

! e$0'*!Y%+*7$!Q%,/)1**;!<%:/4*1!%<!)$*!Q%,/)1**!.:+0/*++;!,(+!)$*!<01+)!0/!

)$*!&$%&%'()*!0/4:+)1-!)%!0371%9*!,%18*1!&%/40)0%/+;a!$0+!+%/!U*/H(30/!Q%,/)1**!

037'*3*/)*4!<:1)$*1!.*/*<0)+!)$(/!$0+!<()$*1!$(4!4%/*!.*<%1*!$03E!0/!"gg\;!$*!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!X!Q0&$(14+%/;!6035!)*##!+,-.-/0+!$&1-$2-3(4515!RS*,!T%18E!U'%%3+.:1-;!MVVMW5!M_M^M_\5!]!`P@/)%/0%;!O0&$(*'5!/#&+"#1,-K07!$4-):-/#&+"#1T+-RU!&($&504(&1-V02#-$2-C#(7!"E-R'L$&#E-(45-W!$L0(4-X&#('+:-A03%/!(/4!A&$:+)*1;!MVVa5!gX5!_!>.045;!g]!a!?<<;!#(1%'5!=0!!#&-;"$;$7(!#,-04>#+!08(!048-!"#-5(&?-+05#-$2-!"#-*$&75@+-'$+!-+#5A;!0>#-+*##!5!6%1%/)%E!Q(/4%3!b%:+*!#(/(4(;!MVV_5!]"5!

! \\!

.*&(3*!U10)(0/P+!<01+)!'(.%1!401*&)%1!(/4!)$*!'*(4*1!%<!)$*!C7()*1/('0+)0&!&(70)('0+3D!

3%9*3*/)K'(-0/2!)$*!21%:/4,%18!<%1!)$*!,*'<(1*!+)()*;!$*!*+)(.'0+$*4!30/03:3!

,(2*!(/4!(!+-+)*3!%<!<(30'-!(''%,(/&*!7(-3*/)+!<%1!(''!U10)0+$!,%18*1+5!

@440)0%/(''-;!Q%,/)1**!0/+0+)*4!%/!(!$-20*/0&;!+(<*!,%18!*/901%/3*/);!%12(/0=*4!(!

4*3%&1()0&!+-+)*3!<%1!$0+!*37'%-**+!)%!&$%%+*!)$*01!%,/!3(/(2*1+;!(/4!+&$*4:'*4!

+('(1-!(/4!.*/*<0)!7(-3*/)+!<%1!)$*35g!!

! >/!"gag;!$%,*9*1;!0)!,(+!)$*!#(4.:1-+!,$%!3(4*!)$*!1(40&('!4*&0+0%/!)%!

.:0'4!(!C<(&)%1-!0/!(!m(14*/D!0/!(!)%,/!&(''*4!U%:1/90''*5!@77(''*4!()!,%180/2!

&%/40)0%/+!0/!U10)0+$!<(&)%10*+;!)$*01!/*,!<(&)%1-!0/!U%:1/90''*!%<<*1*4!21%:/4+!,0)$!

<'%,*1+!(/4!21**/!+7(&*+;!(/4!(!40/0/2!1%%3!,0)$!/:)10)0%:+!3*('+5h!@!+)10&)!3%1('!

&%4*!,(+!037%+*4;!(/4!)$*!.(/8+!%<!)$*!)%,/!&1*()*4!(!$*(')$<:'!()3%+7$*1*!<%1!)$*!

,%18*1+5"V!>/!"hVM;!)$*!Q%,/)1**+!<%''%,*4!)$*!#(4.:1-+P!*L(37'*!(/4!.:0')!)$*01!

%,/!3%4*'!90''(2*!()!S*,!F(1+,0&85""!!

! 6$0+!7()*1/('0+)0&!&(70)('0+3!,(+!/%)!0+%'()*4!)%!F/2'(/4;!.:)!+71*(4!)%!%)$*1!

&$%&%'()*!3(/:<(&):10/2!&%:/)10*+!0/!%)$*1!F:1%7*(/!&%:/)10*+;!+:&$!(+!I1(/&*!(/4!

A,0)=*1'(/45!>/!)$*!"gaV+;!)$*!I1*/&$!3(/:<(&):1*1!O*/0*1!037'*3*/)*4!$0+!%,/!

7()*1/('0+)0&!+%&0('!7%'0&0*+;!71%9040/2!$%:+*+;!(!+&$%%';!(!.(/8;!(/4!(!'0.1(1-!<%1!$0+!

,%18*1+5"M!>/!"ga_;!(!A,0++!b:2:*/%)!d$0'077*!A:&$(14!.*&(3*!)$*!<01+)K.*<%1*!

*9*/!$0+!F/2'0+$!&%:/)*17(1)+K)%!209*!$*(')$!(/4!(&&04*/)!0/+:1(/&*!)%!$0+!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!g!>.045;!]M5!h!>.045;!]\5!"V!>.045!""!Q0&$(14+%/;!6035!)*##!+,-.-/0+!$&1-$2-3(4515!RS*,!T%18E!U'%%3+.:1-;!MVVMW5!M_\5!"M!>.045!

!\X!

,%18*1+5"\!>)!,(+!&'*(1!)$()!)$*!7()*1/('0+)0&!3*)$%4!%<!.:+0/*++!3(/(2*3*/)!,(+!

,%180/2!<%1!.%)$!*)$0&(''-!&%/+&0%:+!3(/:<(&):1*1+!(/4!)$*01!*37'%-**+f!(&&%140/2!

)%!)$*01!1*'020%/+;!)$*+*!3(/:<(&):1*1+!#(4.:1-;!Q%,/)1**;!A:&$(14;!O*/0*1;!(/4!

3(/-!%)$*1+!,*1*!C4%0/2!2%%4!,$0'*!4%0/2!,*''D;!(/4!(!21%,0/2!&:+)%3*1!

7%7:'()0%/!,(+!*/H%-0/2!)$*01!71%4:&)+5!!

!

Y:G-O"#-W40!#5-)!(!#+,-D(!#&4(70+!0;-3(L0!(70+'-*0!"04-!"#-S075#5-.8#-!

@&1%++!)$*!@)'(/)0&!?&*(/;!)$*!7()*1/('0+)0&!&(70)('0+3!3%9*3*/)!,(+!

4*9*'%70/2!0/!(!40<<*1*/)!&%/)*L)5!>/!"ga\;!O(18!6,(0/!(/4!#$(1'*+!`:4'*-!e(1/*1!

7:.'0+$*4!O"#-S075#5-.8#;!(!+()01*!%<!)$*!21**4!(/4!&%11:7)0%/!)$()!:/4*1'(-!)$*!*1(!

%<!0/4:+)10('0=()0%/!)$()!)$*!&%:/)1-!,(+!*/)*10/25!6,(0/!(/4!e(1/*1!$(4!

1*&%2/0=*4!)$*!3%/*-^&1(=-!())0):4*!%<!@3*10&(/!+%&0*)-!(+!+3('';!'%&('!*&%/%30*+!

,*1*!3*12*4!.-!0/4:+)10('!)*&$/%'%2-!)%!<%13!%/*!+)(/4(140=*4!/()0%/('!3(18*)5!>/!

7(1)0&:'(1;!),%!)1*/4+!,*1*!/%)0&*(.'*E!(221*++09*!/*,!.:+0/*++*+!,*1*!*L7'%0)0/2!

(/4!&%11:7)0/2!)$*!2%9*1/3*/);!(/4!('+%!4%30/()0/2!'(.%1f!(/4!(!/*,!*'0)*!&'(++!%<!

0/4:+)10('0+)+!,(+!%/!)$*!10+*;!,$0'*!7:.'0&!3%1('0)-!,(+!4*&'0/0/25"X!

@+!(!1*+:');!.*),**/!"gag!(/4!"ghV;!(!.02!,*(')$!2(7!$(4!%7*/*4!.*),**/!

)$*!*'0)*!(/4!)$*!'(12*!3(H%10)-!%<!)$*!1*+)!%<!@3*10&(K"w!%<!)$*!7%7:'()0%/!

&%/)1%''*4!$('<!%<!)$*!/()0%/P+!(++*)+5"]!6$*!C011()0%/('!*L:.*1(/&*D!)$()!I*4*1('!

Q*+*19*!#$(013(/!@'(/!m1**/+7(/!(/4!%)$*1+!:+*4!)%!4*+&10.*!)$*!"hhV+!7*1<*&)'-!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"\!>.045!"X!`P@/)%/0%;!O0&$(*'5!/#&+"#1,-K07!$4-):-/#&+"#1T+-RU!&($&504(&1-V02#-$2-C#(7!"E-R'L0&#E-(45-W!$L0(4-X&#('+:-A03%/!(/4!A&$:+)*1;!MVVa5!Ma5!!"]!>.045;!g_!

! \]!

<0)!)$*!1*02/0/2!()3%+7$*1*!%<!)$*!"hVV+!(+!.:+0/*++!&%/40)0%/+!*/&%:1(2*4!10+8!

)(80/25!Y%$/!`5!Q%&8*<*''*1!.*&(3*!)$*!,%1'4P+!<01+)!.0''0%/(01*;!@/41*,!#(1/*20*!

*(1/*4!(/!0/&%/&*09(.'*!uM\!30''0%/!(//:(''-;!(/4!0)!+**3*4!)$()!,0)$!$(14!,%18;!

(/-)$0/2!&%:'4!.*!7%++0.'*5!@/4!-*)!(''!,(+!/%)!,*''5!@+!3:&81(80/2!H%:1/('0+)+!

1*9*('*4;!)$*!,*(')$-!*'0)*!,*1*!(.:+0/2!)$*01!7%,*1;!+*''0/2!71%4:&)+!.*'%,!&%+)!)%!

<%1&*!%:)!+3(''*1!&%37*)0)%1+!<1%3!)$*!3(18*)5!>/!<(&);!0/!H:+)!+0L!-*(1+!<1%3!"ghg!)%!

"hVX;!";gVV!&%37(/0*+!$(4!.**/!&%/+%'04()*4!0/)%!<*,*1!)$(/!"_Vf!(/4!(+!4%30/(/)!

0/4:+)10*+!.*2(/!)%!&%/)1%'!0/&1*(+0/2'-!3%1*!H%.+;!,%18*1+!$(4!/%!(')*1/()09*!.:)!

)%!(&&*7)!'%,!,(2*+!(/4!4(/2*1%:+!&%/40)0%/+5"_!>)!,(+!0/!)$0+!*/901%/3*/)!)$()!

b*1+$*-!.*&(3*!)$*!<(&*!%<!7()*1/('0+)0&!&(70)('0+3!0/!)$*!G5A5!!

O0')%/!b*1+$*-P+!:)%70(/!41*(3!,(+!(!3%4*'!@3*10&(/!&%33:/0)-!C,$*1*!

)$*!)$0/2+!%<!3%4*1/!71%21*++!(''!&*/)*1!0/!(!)%,/!)$()!$(+!/%!7%9*1)-;!/%!/:0+(/&*+;!

(/4!/%!*90'5D"a!@!7$0'(/)$1%70+);!$0+!0/)*1*+)!,(+!/%)!)%!3(8*!3%/*-;!.:)!)%!&1*()*!(!

$(9*/!<%1!$0+!,%18*1+f!:/'08*!%)$*1!<(&)%1-!)%,/+!)$()!,*1*!*3*120/2!0/!)$*!G5A5!()!

)$*!):1/!%<!)$*!&*/):1-;!b*1+$*-P+!)%,/!,%:'4!1*&*09*!+:77%1)!<1%3!$0+!&$%&%'()*!

.:+0/*++;!0/+)*(4!%<!)$*!%)$*1!,(-!(1%:/45!@+!(:)$%1!O0&$(*'!`P@/)%/0%!1*&%:/)+!0/!

$0+!.%%8;!/#&+"#1;!!

ZK07!$4-):-/#&+"#1T+-;&#(!0$4+\!"#-;$'L(41E-!"#-!$*4E-(45-!"#-+;"$$7\*#&#-'$&#-(-&#27#;!0$4-$2-"0+->(7A#+-!"(4-"0+-#8$:-O"$A8"-"#-L$++#++#5-(-+!&$48-*077-(45-;$A75-%#-0'L#&0$A+E-K:):-*(+-$2!#4-+"1-(45-+#4!0'#4!(7:-X#+L0!#-"0+-8&#(!-*#(7!"-"#-70>#5-04-&#7(!0>#-'$5#+!1[.45-

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"_!>.045;!""M!"a!U1*//*1;!Y%p'5!O"#-#'L#&$&+-$2-;"$;$7(!#,-04+05#-!"#-+#;&#!-*$&75-$2-/#&+"#1-(45-K(&+5!S*,!T%18E!Q(/4%3!b%:+*;!"hhh5!gh5!

!\_!

"#-"#75-!$-;$''$4->(7A#+E-04;7A5048-&#+L#;!-2$&-$!"#&+E-2(0&-5#(7048E-(45-"$4#+!-#22$&!:]"g-

-!

6$:+!&%37(1*4!)%!)$*!.:+0/*++!3%2:'+!%<!)$*!m0'4*4!@2*KQ%&8*<*''*1!(/4!

I%14;!,$%!404/P)!)1-!)%!.:0'4!:)%70(/!&%33:/0)0*+f!#(1/*20*;!,$%!,(+!(!.1:)('!

*37'%-*1!(/4!8*7)!,%18*1+!0/!$0+!4(/2*1%:+!(/4!401)-!+)**'!30''+Kb*1+$*-!,(+!(!

+:&&*++!0/!.:+0/*++;!&$(10)-;!(/4!&%33:/0)-!.:0'40/25"h!>)!,(+!$*!,$%!+:&&*++<:''-!

:+*4!)$*!<1:0)+!%<!&(70)('0+3!)%!<:'<0''!$0+!71%21*++09*!:)%70(/!04*('E!$*!.*&(3*!

,*(')$-!,0)$%:)!1*+%1)0/2!)%!*L7'%0)0/2!,%18*1+;!)1(37'0/2!&%37*)0)%1+;!(.:+0/2!)$*!

*/901%/3*/);!3(/07:'()0/2!+)%&8+;!%1!.10.0/2!7%'0)0&0(/+5!>/!*<<*&);!$*!*3.%40*4!)$*!

7%'(1!%77%+0)*!%<!)$*!/*,!,*(')$-!*'0)*!4:10/2!)$*!m0'4*4!@2*5MV!

>/!"hV\;!O0')%/!b*1+$*-!:/4*1)%%8!)$*!)(+8!%<!.:0'40/2!,$()!,%:'4!.*&%3*!

8/%,/!(+!)$*!,%1'4P+!21*()*+)!&$%&%'()*!)%,/;!b*1+$*-;!d*//+-'9(/0(;!3%4*'*4!

(<)*1!)$*!2(14*/!&0)0*+!%<!#(4.:1-!(/4!Q%,/)1**5M"!b0+!)%,/;!$%,*9*1;!,%:'4!

%:)+)107!)$%+*!0/!F/2'(/4K.1%(4*1!+)1**)+;!21**/!'(,/+!<%1!*(&$!$%:+*;!0/4%%1!

7':3.0/2;!*'*&)10&0)-!(/4!+)*(3!$*()0/2;!(/!(3:+*3*/)!7(18!,0)$!104*+;!(!'(8*^+0=*4!

+,0330/2!7%%';!(!&%33:/0)-!&*/)*1!,0)$!(!)$*()1*;!(!2%'<!&%:1+*;!2(14*/+!0/!)$*!

21(/4!I1*/&$!+)-'*;!(/4!(!/*),%18!%<!)1%''*-!'0/*+5MM!b*1+$*-!('+%!71%904*4!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"g!`P@/)%/0%;!O0&$(*'5!/#&+"#1,-K07!$4-):-/#&+"#1T+-RU!&($&504(&1-V02#-$2-C#(7!"E-R'L$&#E-(45-W!$L0(4-X&#('+:-A03%/!(/4!A&$:+)*1;!MVVa5!g5!"h!>.045;!"]g5!MV!>.045;!"g"!M"!?<<;!#(1%'5!=0!!#&-;"$;$7(!#,-04>#+!08(!048-!"#-5(&?-+05#-$2-!"#-*$&75@+-'$+!-+#5A;!0>#-+*##!5!6%1%/)%E!Q(/4%3!b%:+*!#(/(4(;!MVV_5!ah5!MM!#%*;!A%7$0*5!O"#-!&A#-"0+!$&1-$2-;"$;$7(!#5!S*,!T%18E!6$(3*+!(/4!b:4+%/;!MVVa5!M]\5!

! \a!

0/+:1(/&*!.*/*<0)+;!$*(')$!&(1*;!(/4!1*)01*3*/)!7'(/+!<%1!(''!$0+!,%18*1+f!(/4!<%1!)$*!

/*L)!<09*!-*(1+;!b*1+$*-!#$%&%'()*!)$109*4!(+!(!71%<0)(.'*!.:+0/*++5M\!

>/4**4;!`P@/)%/0%!3(4*!(!8**/!%.+*19()0%/!%<!)$*!+)1%/2!'%&('!*&%/%3-!%<!

b*1+$*-;!d@5!@+!,%18*1+!,*1*!(''%,*4!)%!7:1&$(+*!)$*01!%,/!$%3*+!0/!)$*!)%,/;!

)$*-!B:0&8'-!.*&(3*!0/9*+)*4!0/!)$*!&%33:/0)-!()!'(12*5!@/4!+0/&*!b*1+$*-;!d@!,(+!

1*'()09*'-!0+%'()*4;!)$*!*37'%-**+P!,(2*+!,*1*!+7*/)!102$)!0/!)%,/;!,$0&$!$*'7*4!)%!

&01&:'()*!4%''(1+!,0)$0/!)$*!'%&('!*&%/%3-5MX!T*)!:/'08*!)$*!#(4.:1-+P!2(14*/!&0)-!0/!

U%:1/90''*;!b*1+$*-!,(+!(!)%,/!%/'-!0/!/(3*K,0)$!/%!<%13!%<!*'*&)*4!3:0&07('!

2%9*1/3*/)!3:/0&07('!2%9*1/3*/);!0)!%/'-!*L0+)*4!()!)$*!,$03!%<!0)+!.*/*9%'*/)!

40&)()%1;!O0')%/!b*1+$*-5M]!>/4**4;!<$&!A4#!3(2(=0/*!/%)*4!)$()!,$0'*!%)$*1+!

0/9%'9*4!)$*01!<*''%,!.:+0/*++!7(1)/*1+!0/!3(/(20/2!(/4!3(0/)(0/0/2!71%H*&)+;!

O0')%/!b*1+$*-!,(+!)$*!+%'*!%,/*1!%<!*9*1-)$0/2!$*!&1*()*45!@+!(!"h\X!(1)0&'*!1(/;!

Cb*1+$*-!$(+!/%!3(-%1!(/4!/%!3:/0&07('!2%9*1/3*/)!.*&(:+*!0)!$(+!/*9*1!.**/!

0/&%17%1()*45!>)+!0/$(.0)(/)+!'*(4!)$*01!4(0'-!'09*+!0/!(!1*'()0%/+$07!+%!&'%+*!)%!O15!

b*1+$*-!(+!)%!.*!7()10(1&$('5DM_!

S*9*1)$*'*++;!O0')%/!b*1+$*-P+!7()*1/('0+3!&%/)0/:*4!)%!.*!*9*1^71*+*/)!0/!

)$*!&$%&%'()*!)%,/5!>/!"hVh!$*!+)(1)*4!)$*!O0')%/!b*1+$*-!>/4:+)10('!A&$%%';!(/!

0/+)0):)0%/!,$*1*!%17$(/*4!(/4!037%9*10+$*4!.%-+!&(3*!)%!.*!*4:&()*45Ma!d*1$(7+!

0/+701*4!.-!)$*!21*()!&(/4-3(/P+!&$(10)-!0/!)$*!304+)!%<!)$*!m0'4*4!@2*;!(!C&%/+&0%:+!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!M\!>.045!MX!`P@/)%/0%;!O0&$(*'5!/#&+"#1,-K07!$4-):-/#&+"#1T+-RU!&($&504(&1-V02#-$2-C#(7!"E-R'L$&#E-(45-W!$L0(4-X&#('+:-A03%/!(/4!A&$:+)*1;!MVVa5!"MV5!M]!`P@/)%/0%;!O0&$(*'5!/#&+"#1,-K07!$4-):-/#&+"#1T+-RU!&($&504(&1-V02#-$2-C#(7!"E-R'L$&#E-(45-W!$L0(4-X&#('+:-A03%/!(/4!A&$:+)*1;!MVVa5!"MV5!M_!>.045;!MV\^MV]5!Ma!Q0&$(14+%/;!6035!)*##!+,-.-/0+!$&1-$2-3(4515!RS*,!T%18E!U'%%3+.:1-;!MVVMW5!M_h5!

!\g!

&%/+:3*1D!)1*/4!(1%+*!0/!)$*!*(1'-!"hVV+f!(/-%/*!,$%!,0+$*4!)%!<**'!&%//*&)*4!)%!

b*1+$*-P+!/%.'*!&(:+*!&%:'4!+037'-!7:1&$(+*!(!&$%&%'()*!.(1;!8/%,0/2!)$*!71%&**4+!

,*1*!<:/40/2!(!+&$%%'!<%1!)$*!:/4*171090'*2*45Mg!

@)!)$*!+(3*!)03*;!)1%:.'*!,(+!.1*,0/2!0/!)$*!&(&(%!7'(/)()0%/+;!(/4!(''!,(+!

/%)!,*''!,0)$!)$*!&$%&%'()*!3(/:<(&):1*1+5!6$*!3:&81(80/2!H%:1/('0+)+!)$()!$(4!

*L7%+*4!)$*!&%11:7)!*'0)*!%<!)$*!m0'4*4!@2*!3(4*!/%!*L&*7)0%/!<%1!)$*!&$%&%'()*!

*&%/%3-K0/!"hVV!F43:/4!O%1*'!$(4!('1*(4-!1*9*('*4!)$*!(77(''0/2!+-+)*3()0&!

+'(9*!'(.%1!0/!c0/2!J*%7%'4P+!#%/2%;Mh!(/4!.-!"hV_;!b*/1-!S*90/+%/!7:.'0+$*4!$0+!

%,/!<0/40/2+!0/!.-K$5#&4-)7(>#&1E!+'(9*+!,*1*!.*0/2!)(8*/!<1%3!@/2%'(!)%!)$*!

0+'(/4+!%<!A(%!6%3N!(/4!d10/&07*!)%!)%0'!0/!)$*!&(&(%!7'(/)()0%/+5\V!6$*!1*7%1)+!

&%/)0/:*4!)%!&:'30/()*!:/)0'!0/!"hVg;!)$*!)!(45(&5!7:.'0+$*4!(!4(3/0/2!*40)%10('!

(2(0/+)!)$*!#(4.:1-+5!@!-*(1!'()*1;!(<)*1!$(90/2!&%/<013*4!&(&(%!)1(4*!7%++0.0'0)0*+!

0/!m$(/(;!)$*!&%37(/-!<0/(''-!'(:/&$*4!(!.%-&%))!(2(0/+)!A(%!6%3N!&(&(%!(/4!('+%!

+:*4!)$*!)!(45(&5!<%1!'0.*'!0/!,$()!.*&(3*!)$*!<01+)!)10('!%/!&$%&%'()*!*)$0&+5\"!?/!

S%9*3.*1!Mh;!"hVh;!#(4.:1-!,%/!0)+!&(+*;!.:)!(+!)$*!*904*/&*!$(4!+$%,/!)$()!)$*!

&$%&%'()*!.%(14!$(4!.**/!(,(1*!%<!)$*!+'(9*1-!&%/40)0%/+!<%1!-*(1+;!0)!,(+!%/'-!

(,(14*4!(!+0/2'*!<(1)$0/25\M!!

-

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Mg!`P@/)%/0%;!O0&$(*'5!/#&+"#1,-K07!$4-):-/#&+"#1T+-RU!&($&504(&1-V02#-$2-C#(7!"E-R'L$&#E-(45-W!$L0(4-X&#('+:-A03%/!(/4!A&$:+)*1;!MVVa5!"gM5!Mh!?<<;!#(1%'5!=0!!#&-;"$;$7(!#,-04>#+!08(!048-!"#-5(&?-+05#-$2-!"#-*$&75@+-'$+!-+#5A;!0>#-+*##!5!6%1%/)%E!Q(/4%3!b%:+*!#(/(4(;!MVV_5!]_5!\V!c$(30+;!A:+(/5!C@!&(+*!+):4-!0/!&%371%30+*E!6$*!m1**/iU'(&8P+!.1(/4!%<!*)$0&('!&$%&%'()*5D!.A+!&(7(+0(4-F$A&4(7-$2-D$LA7(&-3A7!A&#:!"5!S%5!"!RMV"MWE!"h^\M5!"V5"\g_5!\"!?<<;!#(1%'5!=0!!#&-;"$;$7(!#,-04>#+!08(!048-!"#-5(&?-+05#-$2-!"#-*$&75@+-'$+!-+#5A;!0>#-+*##!5!6%1%/)%E!Q(/4%3!b%:+*!#(/(4(;!MVV_5!\M!>.045;!a"!

! \h!

Y:N-H4;&#(+048-3$'L#!0!0$4-(45-!"#-I0+#-$2-W40$4+--

- @')$%:2$!0)!$(4!0)+!40<<0&:')0*+;!)$*!(2*!%<!7()*1/('!&(70)('0+3!+)*(40'-!2(0/*4!

3%3*/):3!(+!.:+0/*++*+!)$()!$(4!.**/!+)(1)*4!.-!*)$0&(''-^30/4*4!<(30'0*+!21*,!

0/)%!0/4:+)10('!20(/)+5!6$*!.*/*9%'*/&*!)$()!1*02/*4!0/!)$*01!<(&)%1-!)%,/+!('+%!

40&)()*4!)$*!<10*/4'-!/():1*!%<!.:+0/*++!(3%/2+)!%/*!(/%)$*15!@+!Q0&$(14!O:110*;!

)$*!+%/!%<!e0''0(3!O:110*;!,$%!+*19*4!(+!)$*!71*+04*/)!%<!b*1+$*-!:/)0'!"hXa;!

1*&%:/)*4;!C>)!,(+!(!40<<*1*/)!*1(5!F9*1-.%4-!8/*,!*9*1-.%4-;!*9*1-.%4-!,(+!

<10*/4'-5!O-!<()$*1!,(+!<10*/4+!,0)$!I1(/8!O(1+5!6$*-!(4301*4!(/4!1*+7*&)*4!*(&$!

%)$*1!9*1-!3:&$5D\\!e$*/!I1(/8!O(1+!,(+!+)1:22'0/2!,0)$!$0+!&%37(/-!0/!

O0//*(7%'0+;!0)!,(+!e0''0(3!O:110*!,$%!$(4!209*/!$03!(/!(&&%:/)!,0)$!b*1+$*-!)%!

&1*()*!)$*!O0'8-!e(-f!(/4!(+!O(1+P+!&%37(/-!21*,!3%1*!71%<0)(.'*;!)$*!.%/4!

.*),**/!)$*!),%!3*/!21*,!+)1%/2*1;!,$0&$!,(+!1*<'*&)*4!0/!)$*!&%/)0/:%:+!

.:+0/*++!)$*-!404!,0)$!%/*!(/%)$*1!R0/!"h\g;!b*1+$*-P+!$(4!&$%&%'()*!&%()0/2!+('*+!

%<!g5X!30''0%/!7%:/4+!(!'$4!"!3%+)'-!4:*!)%!O(1+W5\X!

! T*)!.-!)$*!'()*!"h\V+;!)03*+!,*1*!&$(/20/25!@3%/2!)$*!<(&)%1-!,%18*1+;!

:/0%/!%12(/0=*1+!,*1*!(20)()0/2!(2(0/+)!)$*!7()*1/('!())0):4*!%<!)$*01!3(+)*1+;!(/4!

(3%/2!)$*!&$%&%'()*!3(/:<(&):1*1+;!+-37()$0*+!,*1*!+$0<)0/2!<1%3!<10*/4'-!

7(1)/*1+$07!)%!&:))$1%()!&%37*)0)09*/*++5!>/!"h\a;!'(.%1!%12(/0=*1+!<1%3!)$*!

#%330))**!<%1!>/4:+)10('!?12(/0=()0%/!R#>?W!0/<':*/&*4!b*1+$*-P+!,%18*1+!)%!3(1&$!

(2(0/+)!$03!)%!4*3(/4!&%/)1(&)+!)$()!+7*&0<0*4!,(2*+!(/4!.*/*<0)+5!6$*!1*+:')0/2!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!\\!U1*//*1;!Y%p'5!O"#-#'L#&$&+-$2-;"$;$7(!#,-04+05#-!"#-+#;&#!-*$&75-$2-/#&+"#1-(45-K(&+5!S*,!T%18E!Q(/4%3!b%:+*;!"hhh5!]g5!\X!>.045!

!XV!

'(.%1!(21**3*/)!+02/*4!.*),**/!b*1+$*-!(/4!)$*!:/0%/0=*4!,%18*1+!3(18*4!)$*!

4-0/2!2(+7+!%<!7()*1/('0+)0&!&(70)('0+3;!%:)4()*4!+0/&*!)$*!"hMV+5\]!6$*!+)108*!,(+!

%/*!%<!)$*!3%+)!037%1)(/)!*(1'-!*L(37'*+!%<!0/4:+)10('!(&)0%/!0/!)$*!G5A5;!(/4!+7*&0<0&!

)%!b*1+$*-!$0+)%1-;!)$*!<01+)!)03*!,$*/!+%3*%/*!%)$*1!)$(/!O0')%/!$03+*'<!,0*'4*4!(!

'0))'*!7%,*15!\_!>)!,(+!)$*!.*20//0/2!%<!'(.%1!*37%,*13*/)!0/!0/4:+)10('!@3*10&(5!!

! ?/!)$*!+04*!%<!3(/:<(&):10/2;!)%%;!)$*!()3%+7$*1*!,(+!&$(/20/25!@!$%+)0'*;!

(221*++09*!&%37*)0)09*/*++!,(+!)(80/2!%9*1;!'(12*'-!:+$*1*4!0/!.-!I%11*+)!O(1+;!)$*!

1:)$'*++!+%/!%<!I1(/8!O(1+5\a!>/!"hX];!O0')%/!b*1+$*-!40*4!(!1*&':+*;!(/4!,0)$!$03;!

)$*!'(+)!9*+)02*+!%<!(!7()*1/('0+)0&!&(70)('0+3!3%4*'!%<!.:+0/*++f!)$()!+(3*!-*(1;!Y5A5!

I1-!i!A%/+!3*12*4!0/)%!#(4.:1-!U1%)$*1+;!,$0&$!0/!):1/!*9*/):(''-!3*12*4!,0)$!

A&$,*77*+5!6$*!(2*!%<!(&B:0+0)0%/+!(/4!3*12*1+!$(4!(1109*45\g!

!

Y:Y-O"#-I#(;!0$4-$2-!"#-H4!#&L#&+$4(7-C$&75,-S&$*048-(-K$&(7-R;$4$'1-04-

!"#-K05+!-$2-(-6$7(!07#-S7$%(7-3$;$(-K(&?#!-

! 6$0+!)03*!7*10%4!('+%!+(,;!$%,*9*1;!)$*!$:3.'*!.*20//0/2+!%<!)$*!(')*1/()09*!

<%%4!+-+)*3!0/!&(&(%!(/4!&$%&%'()*!)1(4*5!d0%/**1!(')*1/()09*!)1(4*!%12(/0=()0%/+!

R@6?+W;!+:&$!(+!6*/!6$%:+(/4!q0''(2*+!(/4!AFQqF!>/)*1/()0%/(';!,*1*!<%13*4!0/!)$*!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!\]!?<<;!#(1%'5!=0!!#&-;"$;$7(!#,-04>#+!08(!048-!"#-5(&?-+05#-$2-!"#-*$&75@+-'$+!-+#5A;!0>#-+*##!5!6%1%/)%E!Q(/4%3!b%:+*!#(/(4(;!MVV_5!h"5!!\_!`P@/)%/0%;!O0&$(*'5!/#&+"#1,-K07!$4-):-/#&+"#1T+-RU!&($&504(&1-V02#-$2-C#(7!"E-R'L$&#E-(45-W!$L0(4-X&#('+:-A03%/!(/4!A&$:+)*1;!MVVa5!M"h^MMV5!\a!>/!"hXV;!I%11*+)!O(1+!(771%(&$*4!U1:&*!O:110*!)%!<%13!(!7(1)/*1+$07!0/!)$*!&1*()0%/!(/4!1://0/2!%<!OiO!J)45;!.:)!(+!)$*!'())*1!B:0&8'-!1*('0=*4;!OiO!R,$0&$!+)%%4!<%1!O(1+!(/4!O:110*W!,(+!(!&%37(/-!1:/!+%'*'-!.-!I%11*+)!O(1+;!,$%+*!0/)*1*+)!0/!O:110*!*L)*/4*4!%/'-!(+!<(1!(+!$%,!3:&$!$*!&%:'4!*L7'%0)!$0+!&%//*&)0%/+!0/!)$*!&$%&%'()*!,%1'45!\g!?<<;!#(1%'5!=0!!#&-;"$;$7(!#,-04>#+!08(!048-!"#-5(&?-+05#-$2-!"#-*$&75@+-'$+!-+#5A;!0>#-+*##!5!6%1%/)%E!Q(/4%3!b%:+*!#(/(4(;!MVV_5!h\5!

! X"!

"hXV+\h!)%!71%904*!$02$*1!,(2*+!(/4!+:+)(0/(.'*!'090/2!<%1!&%33:/0)0*+!%<!

71%4:&*1+f!(/4!0/!"hXh;!)$*!e%1'4P+!I0/*+)!#$%&%'()*!#%37(/-!.*2(/!)%!:+*!0)+!30'8!

&$%&%'()*!(/4!('3%/4!.(1+!)%!<:/41(0+*!3%1*!)$(/!u\!.0''0%/!<%1!-%:)$!

%12(/0=()0%/+K%/*!%<!)$*!21*()*+)!&$%&%'()*^1*'()*4!0//%9()0%/+!)$()!0+!/%,!

(4%7)*4!.-!%)$*1!&%37(/0*+;!+:&$!(+!S*,3(/P+!?,/5XV!U%)$!@6?+!(/4!+7*&0<0&!

&$%&%'()*!&%37(/0*+!,*1*!+*190/2!(!30++0%/;!/%)!%<!71%<0);!.:)!%<!9(':0/2!)$*!

037%9*10+$*4!+3(''^+&('*!71%4:&*1+;!(/!:/4*1)(80/2!)$()!('02/*4!)$*3!&%37'*)*'-!

,0)$!)$*!&%/9*/)0%/+!%<!)$*!>/)*17*1+%/('!e%1'4!(/4!0)+!1*2:'()%1-!3%1('!*&%/%3-5!

! A6@mF!>5!I1%3!)$*!"h]V+!)%!)$*!"haV+;!)$*!<01+)!+)(2*!%<!)$*!(')*1/()09*!)1(4*!

3%9*3*/);!(/4!)$*1*<%1*!(!3%1('!*&%/%3-;!.*2(/5!6$0+!,(+!(!7*10%4!%<!0371%37):!

1*'()0%/+!.*),**/!71%4:&*1+!(/4!Sm?+l@6?+;!(/4!71%4:&)+!,*1*!3(18*)*4!%/!(!

.(+0+!%<!+%&0('!+%'04(10)-!(+!(!<%13!%<!7$0'(/)$1%7-5X"!A6@mF!>>5!I1%3!)$*!"haV+!)%!)$*!

"hgV+;!)$*!+*&%/4!+)(2*!%<!(')*1/()09*!)1(4*!4*9*'%73*/)!+(,!71%4:&*1!1*'()0%/+!

<%13('0=*4!(/4!71%4:&*1^4109*/!71%4:&)+!3(18*)*4!)%!(!C&%330))*4!.(/4!%<!

j(')*1/()09*P!&:+)%3*1+5DXM!@!&%33%/('0)-!@6?+!+$(1*4!0/!)$0+!*(1'-!+)(2*!,(+!(!

&%330)3*/)!)%!)$*!3%1('!*&%/%3-!0/!)$()!)$*-!*/2(2*4!0/!*&%/%30&!(&)090)-!,0)$!(!

40+)0/&)!3%1('!7:17%+*!R+%&0('!+%'04(10)-!,0)$!+3(''!71%4:&*1+W5X\!#*1)0<0&()0%/!3(4*!

0)+!*/)1(/&*!4:10/2!)$0+!)03*;!.:)!(+!(!<01+)^7(1)-!&*1)0<0&()0%/!+&$*3*;!0)!,(+!+)10&)'-!

9%':/)(1-!(/4!+*'<^1*2:'()%1-5!A)(/4(14+!,*1*!()!(!21(++1%%)+!'*9*';!,0)$!+*9*1('!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!\h!U(&%/;!#$10+)%7$*1;!(/4!c(*'0/!b%''(/45!C#(/!I%%4!Y:+)0&*!@49%&()*+!c**7!(!m1%,0/2!I(01!61(4*!O(18*)!<1%3!G/4*130/0/2!)$*!O%9*3*/)!6$()!O(4*!>)[D!A(/)(!#'(1(!G/09*1+0)-5!M5!XV!c033*1'*;!U*)$5!3"$;$7(!#,-!"#-+*##!-"0+!$&15!d%1)'(/4;!?QE!#%''*&)%1+!d1*++;!MVV]5!"X]5!X"!m%'40/2;!c01+)-5!C6$*!#$(''*/2*+!%<!O(0/+)1*(30/2!I(01!61(4*E!@!#(+*!A):4-!%<!)$*!`(-!#$%&%'()*!#%37(/-5D!d(7*1!71*+*/)*4!()!)$*!>/)*1/()0%/('!#%''%B:0:3!%/!I(01!61(4*!(/4!A:+)(0/(.'*!`*9*'%73*/);!O%/)1*(';!t:*.*&;!#(/(4(;!"h^M"!Y:/*!MVV_5!a5!XM!>.045;!a!X\!Q**4;!`(11-'5!Ze$()!4%!&%17%1()0%/+!$(9*!)%!4%!,0)$!<(01!)1(4*[!d%+0)09*!(/4!/%13()09*!(/('-+0+!<1%3!(!9(':*!&$(0/!7*1+7*&)09*5Z!F$A&4(7-$2-=A+04#++-R!"0;+!g_!RMVVhWE!\^M_5!

!XM!

+)(8*$%'4*1+!7(1)0&07()0/2!0/!)$*!71%&*++;!(/4!,*1*!*/<%1&*4!.-!)$*!71%4:&*1+!

)$*3+*'9*+!)$1%:2$!7**1^1*90*,!+-+)*3+5XX!!

! @')$%:2$!<01+)^7(1)-!&*1)0<0&()0%/!<:/&)0%/*4!,*''!,$*/!)$*!7(1)0&07()0/2!

&%33:/0)0*+!,*1*!+3(''!(/4!%7*1()*4!,0)$0/!+$%1)!+:77'-!&$(0/+;!(/4!.%)$!

71%4:&*1+!(/4!&%/+:3*1+!,*1*!4**7'-!&%330))*4!)%!)$*01!04*('+;!)$*!+)*(4-!21%,)$!

%<!)$*!&(&(%!3(18*)!(/4!)$*!0/&1*(+0/2!/:3.*1!%<!7(1)0&07(/)+!'*4!)%!0/)*1/()0%/('!

*<<%1)+!)%!%12(/0=*!0/!)$*!"haV+5!>/!"haM;!)$*!>/)*1/()0%/('!I*4*1()0%/!%<!?12(/0&!

@210&:'):1*!O%9*3*/)+!R>I?@OW!,(+!*+)(.'0+$*4!(+!)$*!<01+)!2'%.('!/*),%18!<%1!

%12(/0&!(210&:'):1*!<%1!)$*!7:17%+*!%<!C71%9040/2!(!,%1'4,04*!7'()<%13!<%1!)$*!

%12(/0&!3%9*3*/);!4*<*/40/2!)$*!710/&07'*+!%<!%12(/0&!(210&:'):1*;!(49%&()0/2!(/4!

<(&0'0)()0/2!)$*!(4%7)0%/!%<!%12(/0&!(210&:'):1*;!71%3%)0/2!)$*!4*9*'%73*/)!%<!

%12(/0&!3(18*)+;!x(/4y!*/+:10/2!(/!*<<*&)09*'-!3(/(2*4!%12(/0=()0%/!,0)$!+:<<0&0*/)!

(/4!+:+)(0/(.'*!1*+%:1&*+D5X]!>/!"ha\;!)$*!>/)*1/()0%/('!#%&%(!?12(/0=()0%/!R>##?W!

,(+!&1*()*4!<%1!)$*!)$1**<%'4!7:17%+*!%<!&%/)10.:)0/2!)%!3(18*)!)1(/+7(1*/&-!

)$1%:2$!)$*!&%''*&)0%/!(/4!40++*30/()0%/!%<!&%&%(!3(18*)!0/<%13()0%/;!+*190/2!(+!

)$*!3(0/!<%1:3!<%1!40+&:++0/2!7%'0&-!(/4!+)1()*20&!0++:*+!(<<*&)0/2!)$*!2'%.('!&%&%(!

*&%/%3-;!(/4!4*9*'%70/2!)$*!+:7*190+0%/!%<!71%H*&)+!)(12*)*4!)%,(14!+%'90/2!

+7*&0<0&!71%.'*3+!0/!)$*!&%&%(!*&%/%3-5X_!6$*!>##?!*+)(.'0+$*4!)$*!>/)*1/()0%/('!

#%&%(!@21**3*/)!R>#@W!0/!)$*!+(3*!-*(1!%<!0)+!%,/!*+)(.'0+$3*/)!)%!%7*1()*!(!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!XX!S*'+%/;!F10/;!J(:1(!m%3*=!6%9(1;!Q0)(!A&$,*/)*+0:+!Q0/4*13(//;!(/4!O(/:*'!@/2*'!m%3*=!#1:=5!Zd(1)0&07()%1-!?12(/0&!#*1)0<0&()0%/!0/!O*L0&%E!@/!@')*1/()09*!@771%(&$!)%!O(0/)(0/0/2!)$*!>/)*210)-!%<!)$*!?12(/0&!J(.*'5Z!.8&0;-/A'-6(7A#+5!Ma5!RMV"VWE!MMa^M\a5!"V5"VVal+"VX_V^VVh^hMV]^L5!!X]!C@!A):4-!%/!)$*!O(18*)!<%1!?12(/0&!#%&%(5D!6$*!>/)*1/()0%/('!#%&%(!?12(/0=()0%/;!FL*&:)09*!#%330))**;!FL*&:)09*!A:33(1-;!"M^"]!A*7)*3.*1!MVV_5!X_!d070)%/*;!J(:1*/)5!C6$*!I:):1*!%<!)$*!e%1'4!#%&%(!F&%/%3-E!U%%3!%1!U:+)[D!6$*!>/)*1/()0%/('!#%&%(!?12(/0=()0%/!71*+*/)()0%/!()!)$*!_h)$!+*++0%/!%<!)$*!I@?!#%330))**!%/!#%33%40)-!d1%.'*3+;!Q%3*;!>)('-;!Mg^\V!O(-!MV"M5!!

! X\!

.:<<*1!+)%&8!71%21(3!(03*4!()!4*<*/40/2!,%1'4!&%&%(!710&*+!,0)$0/!(!&*1)(0/!1(/2*!

0/!%14*1!)%!1(0+*!(/4!+)(.0'0=*!,%1'4!710&*+;Xa!.:)!)$0+!*<<%1)!,(+!*9*/):(''-!

(.(/4%/*4!(<)*1!(!4*&'0/*!0/!,%1'4!&%&%(!710&*+!0/!)$*!'()*!"hgV+!<%1&*4!)$*!>#@P+!

.:<<*1!)%!0)+!'030)5Xg!!

! e$0'*!<(01!)1(4*!(/4!%12(/0&+!@6?+!(/4!+3(''!71%4:&*1+!,*1*!71%'0<*1()0/2!0/!

)$*!(')*1/()09*!<%%4!+-+)*3;!)$*!&%/9*/)0%/('!<%%4!+-+)*3!,(+!2%0/2!)$1%:2$!)$*!

%77%+0)*!7$*/%3*/%/!%<!&%/&*/)1()0%/5!6$*!3(H%1!71%&*++%1+!(/4!+:77'0*1+!%<!

0/)*13*40()*!&%&%(!.:))*1!(/4!0/4:+)10('!&$%&%'()*!$(4!.*2:/!&%/+%'04()0/2!+0/&*!

)$*!"haV+;!,$0&$!1*+:')*4!0/!)$*!)$1**!20(/)+!@1&$*1!`(/0*'+!O04'(/4!R@`OW;!#(120'';!

(/4!U(11-!#(''*.(:);!)$()!/%,!4%30/()*!)$*!71%&*++0/2!+)(2*!%<!)$*!&$%&%'()*!+:77'-!

&$(0/;!(&&%:/)0/2!<%1!)$*!21*()!3(H%10)-!%<!)%)('!,%1'4,04*!&%&%(!210/40/2!

&(7(&0)-5Xh!@&&%140/2!)%!S0*'+!I%'4;!(!71%<*++%1!0/!)$*!`*7(1)3*/)!%<!m*%+&0*/&*+!

(/4!S():1('!Q*+%:1&*!O(/(2*3*/)!0/!)$*!G/09*1+0)-!%<!#%7*/$(2*/;!)$*!3%+)!

037%1)(/)!7$*/%3*/%/!%/!)$*!2'%.('!+&('*!,(+!1(704!&*/)1('0=()0%/!(/4!

%:)+%:1&0/2!(3%/2!&$%&%'()*!71%4:&*1+E!3%1*!)$(/!MVV!)(8*%9*1+!%&&:11*4!<1%3!

)$*!"haV+!)%!)$*!"hhV+;!(/4!)%4(-!(.%:)!]Vw!%<!)$*!2'%.('!3(18*)!0+!+:77'0*4!.-!

<*,*1!)$(/!MV!&%37(/0*+;!3%)09()0/2!71%4:&*1+!(/4!3(/:<(&):1*1+!)%!1*4:&*!)$*01!

%,/!210/40/2!(&)090)0*+!(/4!%:)^+%:1&*!'0B:%1;!&%&%(!.:))*1;!(/4!+)(/4(14!&$%&%'()*!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Xa!61(%1*;!`%:++%:5!C#%&%(!(/4!#%<<**!q(':*!#$(0/+!0/!e*+)!(/4!#*/)1('!@<10&(E!#%/+)1(0/)+!(/4!?7)0%/+!<%1!Q*9*/:*^Q(0+0/2!`09*1+0<0&()0%/5D!I%%4!(/4!@210&:'):1('!?2(/0=()0%/!%<!)$*!G/0)*4!S()0%/+;!@''!@#d!@210&:'):1('!#%33%40)0*+!d1%21(33*!e%180/2!d(7*1!A*10*+;!/%5!\;!I*.1:(1-!MVVh5!Xg!>.045;!\_5!Xh!6('.%);!Y%$/!O5!Z61%70&('!&%33%40)-!&$(0/+;!<%1,(14!0/)*21()0%/!+)1()*20*+!(/4!0/)*1/()0%/('!0/*B:('0)-E!&%<<**;!&%&%(!(/4!)*(5Z!I#>0#*-$2-H4!#&4(!0$4(7-D$70!0;(7-R;$4$'1!h;!/%5!X!RMVVMWE!a"g5!

!XX!

71%4:&)0%/!)%!'(12*!210/40/2!&%37(/0*+5]V!@!+*10%:+!037'0&()0%/!%<!)$0+!7$*/%3*/%/!

0+!)$*!&%/)0/:%:+!<%1&0/2!%:)!%1!(.+%17)0%/!%<!+3(''!71%&*++%1+5!!

! U-!)$*!'()*!"hgV+;!)$*!+(3*!7':33*)!0/!&%33%40)-!710&*+!)$()!,1*(8*4!

$(9%&!0/!4*9*'%70/2!*&%/%30*+!(/4!<%1&*4!)$*!>#@!)%!(.(/4%/!0)+!&%&%(!710&*!.:<<*1!

2('9(/0=*4!)$*!<(01!)1(4*!3%9*3*/)!)%!*/)*1!0)+!)$014!+)(2*!%<!4*9*'%73*/)5!>/!"hgg;!

O(L!b(9*'((1!%<!)$*!S*)$*1'(/4+!&1*()*4!)$*!<01+)!<(01!)1(4*!+*(';]"!*/(.'0/2!

&%17%1()0%/+!)$()!,*1*!/%)!"VVw!<(01!)1(4*!)%!+*''!&*1)0<0*4!71%4:&)+5]M!6$*!O(L!

b(9*'((1!+*('!<%:/4*1+!.*'0*9*4!)$()!)$*!<(01!)1(4*!3(18*)!&%:'4!/%)!+:1909*!)$*!

9%'()0'0)-!%<!,%1'4!&%33%40)-!710&*+!:/'*++!0)!*/)*1*4!)$*!3(0/+)1*(3!21%&*1-!

&$(0/+;!(/4!0/4**4;!)$*!'(.*'0/2!+&$*3*!,(+!+%!+:&&*++<:'!)$()!%)$*1!F:1%7*(/!

&%:/)10*+!(/4!0/)*1/()0%/('!%12(/0=()0%/+!(4%7)*4!+030'(1!&*1)0<0&()0%/!0/0)0()09*+;!

+:&$!(+!61(/+I(01!>/)*1/()0%/('5]\!6$*!7:17%+*!%<!)$*!O(L!b(9*'((1!&*1)0<0&()0%/!

71%21(3!,(+!)%!*37%,*1!+3(''!71%4:&*1+!(/4!)$*01!'%&('!*&%/%30*+!0/!)$*!A%:)$!.-!

C<(&0'0)()0/2!3(18*)!(&&*++;!0/&1*(+0/2!3(18*)!8/%,'*42*;!71%9040/2!+:77%1)!<%1!

'%&('!0/<1(+)1:&):1*;!+)1*/2)$*/0/2!0/)*1/('!%12(/0=()0%/;!0/&1*(+0/2!71%4:&)!B:('0)-;!

4*9*'%70/2!&%/)(&)!/*),%18+;!4*9*'%70/2!(')*1/()09*!+%:1&*+!%<!0/&%3*!)$1%:2$!

409*1+0<0&()0%/;!0/&1*(+0/2!0/&%3*!(/4!+*190&*+!<%1!3*3.*1+!(/4!)$*!/:3.*1!%<!

7(1)0&07(/)+;!(/4!*L)*/40/2!)$*!.*/*<0)+!)%!)$*!.1%(4*1!&%33:/0)-5D]X!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!]V!I%'4;!S0*'+5!ZQ*+)1:&):10/2!%<!)$*!F:1%7*(/!&$%&%'()*!0/4:+)1-!(/4!0)+!037(&)!%/!&%&%(!71%4:&)0%/!0/!e*+)!@<10&(5Z!F$A&4(7-$2-R;$4$'0;-S#$8&(L"1!";!/%5!X!RMVV"WE!XVg5!!]"!U(&%/;!#$10+)%7$*1;!(/4!c(*'0/!b%''(/45!C#(/!I%%4!Y:+)0&*!@49%&()*+!c**7!(!m1%,0/2!I(01!61(4*!O(18*)!<1%3!G/4*130/0/2!)$*!O%9*3*/)!6$()!O(4*!>)[D!A(/)(!#'(1(!G/09*1+0)-5!M5!]M!Q**4;!`(11-'5!Ze$()!4%!&%17%1()0%/+!$(9*!)%!4%!,0)$!<(01!)1(4*[!d%+0)09*!(/4!/%13()09*!(/('-+0+!<1%3!(!9(':*!&$(0/!7*1+7*&)09*5Z!F$A&4(7-$2-=A+04#++-R!"0;+!g_!RMVVhWE!\^M_5!]\!>.045!]X!>.045!

! X]!

! @!-*(1!'()*1!0/!"hgh;!)$*!>/)*1/()0%/('!I(01!61(4*!@++%&0()0%/!R>I@6W!,(+!

&1*()*4;!<%''%,*4!.-!6$*!I(01)1(4*!J(.*'0/2!?12(/0=()0%/+!>/)*1/()0%/('!RIJ?W!0/!

"hha5!U%)$!%12(/0=()0%/+!71%3%)*!<(01!)1(4*;!)$*!<%13*1!.-!.10/20/2!71%4:&*1+!(/4!

&%/+:3*1+!)%2*)$*1!0/!(!<%1:3!<%1!*L&$(/20/2!0/<%13()0%/;!(/4!)$*!'())*1!(+!)$*!

,%1'4,04*!<(01!)1(4*!+)(/4(14!+*))0/2!(/4!&*1)0<0&()0%/!%12(/0=()0%/!R&1*()*4!<1%3!(!

H%0/0/2!%<!O(L!b(9*'((1!(/4!%)$*1!F:1%7*(/!<(01!)1(4*!%12(/0=()0%/+!(/4!S%1)$!

@3*10&(/!Sm?+W5]]!6$*!<(01!)1(4*!3%9*3*/)!)$()!$(4!+)(1)*4!4*&(4*+!.*<%1*!.-!

&$(10)-!%12(/0=()0%/+!(+!(!+3(''!*<<%1)!)%!(441*++!+%&0('!0/H:+)0&*+!$(4!<0/(''-!.*&%3*!

+-+)*3()0=*4!%/!(/!0/)*1/()0%/('!'*9*'KH:+)!0/!)03*!<%1!)$*!/*L)!,(9*!%<!:7$*(9('+!

0/!)$*!,%1'4!&%&%(!3(18*)5!

! I%''%,0/2!)$*!&%/&*/)1()0%/!)1*/4!(3%/2!71%&*++%1+!(/4!3(/:<(&):1*1+!

+)(1)0/2!<1%3!)$*!"haV+;!)$*!"hhV+!,*1*!3(18*4!.-!(/!*L7'%+0%/!%<!*&%/%30&!

'0.*1('0=()0%/!(/4!4*1*2:'()0%/!%<!3(18*)0/2!.%(14+!0/!3%+)!&(&(%^71%4:&0/2!

&%:/)10*+5]_!A)1:&):1('!(4H:+)3*/)!71%21(3+!RA@d+W;!,$0&$!,*1*!+(04!)%!<0L!)$*!

3(18*)!*<<0&0*/&0*+!%<!4*9*'%70/2!&%:/)10*+!(/4!.%%+)!)$*01!(0'0/2!*&%/%30*+;!0/+)*(4!

'*4!)%!(!'%++!%<!71%)*&)0%/!<%1!&(&(%!<(13*1+]a5!I(13!2()*!710&*+!,*1*!+:44*/'-!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!]]!CI(&)+!(/4!I02:1*+!%/!I(01^61(4*!#%&%(5D!6$*!>/)*1/()0%/('!#%&%(!?12(/0=()0%/;!#%/+:')()09*!U%(14!%/!)$*!e%1'4!#%&%(!F&%/%3-;!_!Y:/*!MVV]5!!]_!@+:1/0/2^U1*37%/2;!A(3:*';!`(/0*'!A(17%/2;!S(/(!@8:(!@/-04%$%;!Q(7$(*'!c(7'0/+8-;!(/4!Y*//0<*1!J*(9-5!CO(770/2!A:+)(0/(.'*!#%&%(!0/!m$(/(5D!6$*!>/+)0):)*!%<!`*9*'%73*/)!A):40*+!(/4!)$*!G/09*1+0)-!%<!m$(/(!1*7%1)!)%!#(4.:1-5!gh5!]a!>/4**4;!(!'0.*1('!(++*++3*/)!%<!)$*!A@d+!0+!)$()!)$*+*!71%21(3+!,*1*!0/)*/)0%/(''-!:+*4!)%!<%1&*!(04^(&&*7)0/2!&%:/)10*+!)%!(4%7)!&%/+*19()09*!7%'0&0*+;!1*2(14'*++!%<!,$*)$*1!%1!/%)!)$*-!3*)!)$*!/**4+!%<!)$*!&%:/)1-5!6$*1*<%1*;!0)!0+!(12:*4!)$()!&(&(%!<(13*1+P!'%++!%<!71%)*&)0%/!,(+!(/!0/*90)(.'*!&%/+*B:*/&*!%<!)$*+*!7%'0&0*+;!1()$*1!)$(/!(/!:/*L7*&)*4!%:)&%3*5!

!X_!

4*)*130/*4!.-!0/)*1/()0%/('!710&*+;!,$0&$!1*+:')*4!0/!3%1*!710&*!<':&):()0%/+;]g!(/4!

7109()*;!'%&(';!(/4!<%1*02/!(2*/)+!,*1*!209*/!3%1*!1%%3!)%!3(/*:9*15]h!!

! @')$%:2$!0/!)$*%1-;!C1*('D!3(18*)!710&*+!+$%:'4!$(9*!$(4!(!.*))*1!&$(/&*!

)$(/!1*2:'()*4!710&*+!)%!1*(&$!&%''*&)%1+!(/4!71%4:&*1+!401*&)'-!(/4!)$:+!+)03:'()*!

0/&1*(+0/2!9%':3*+!%<!&(&(%!4*'09*1*4!)%!)$*!3(18*);!)$*!2*/*1('!7())*1/!<%:/4!0/!(''!

3(H%1!e*+)!@<10&(/!71%4:&0/2!&%:/)10*+!71%9*4!(!40<<*1*/)!%:)&%3*5!`:10/2!)$*!<01+)!

-*(1+!%<!037'*3*/)0/2!A@d+!1*&%33*/4*4!.-!.%)$!)$*!>/)*1/()0%/('!O%/*)(1-!I:/4!

R>OIW!(/4!)$*!e%1'4!U(/8;!(!'(12*!/:3.*1!%<!'%&('!7109()*!&%37(/0*+;!.02!(/4!+3('';!

,%:'4!*/)*1!)$*!&%&%(!0/4:+)1-!(+!.:-*1+!(/4l%1!*L7%1)*1+!R4*+70)*!)$*!<(&)!)$()!0)!

0+!+)0''!:/&'*(1!,$*)$*1!1*('!710&*+!$(9*!0/&1*(+*4!(+!(!1*+:')!%<!40+3(/)'0/2!+)()*!

1*2:'()%1-!0/+)0):)0%/+W5_V!6$*/!)$*!<1**!&%37*)0)0%/!%<!)$0+!*(1'-!7$(+*!0/!)$*!+:77'-!

&$(0/!,%:'4!*<<*&)09*'-!1*4:&*!)$*!3(18*)!7%,*1!%<!*+)(.'0+$*4!)1(4*1+!&%330))*4!

)%!)1(40)0%/('!B:('0)-!&%/)1%'!+-+)*3+5!6$0+!0/!):1/!,%:'4!'*(4!)%!(/!*1%+0%/!%<!

B:('0)-!71*30:3+;!(/4!(<)*1!(!<*,!3%1*!):1.:'*/)!-*(1+;!(!&%/+%'04()0%/!%<!&%&%(!

0/4:+)10*+!,%:'4!)(8*!7'(&*!(+!3%+)!'%&('!&%37(/0*+!,%:'4!.*!7:+$*4!%:)!%<!

.:+0/*++!%1!1*4:&*4!)%!.*0/2!0/4*7*/4*/)!4%3*+)0&!)1(4*1+!0/!)$*!&%&%(!+:77'-!

&$(0/5_"!@/4!)$%:2$!0)!1*3(0/+!:/&*1)(0/!,$*)$*1!)$*+*!'%&('!&%37(/0*+!*9*1!C'*(1/!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!]g!C6$*!e%1'4!#%&%(!F&%/%3-E!d(+)!(/4!d1*+*/)5D!6$*!>/)*1/()0%/('!#%&%(!?12(/0=()0%/;!FL*&:)09*!#%330))**;!FL*&:)09*!A:33(1-;!"X^"a!A*7)*3.*1!MV"V5!M5!]h!I%'4;!S0*'+5!Z@!3())*1!%<!2%%4!)(+)*[!t:('0)-!(/4!)$*!&%/+)1:&)0%/!%<!+)(/4(14+!<%1!&$%&%'()*!71%4:&)+!0/!)$*!F:1%7*(/!G/0%/5Z!3("0#&+-5@^;$4$'0#-#!-+$;0$7$80#-&A&(7#+!]]l]_!RMVVVWE!hg5!_V!I%'4;!S0*'+5!ZQ*+)1:&):10/2!%<!)$*!F:1%7*(/!&$%&%'()*!0/4:+)1-!(/4!0)+!037(&)!%/!&%&%(!71%4:&)0%/!0/!e*+)!@<10&(5Z!F$A&4(7-$2-R;$4$'0;-S#$8&(L"1!";!/%5!X!RMVV"WE!X"]5!_"!#(+*!+):4-!0/!)$*!>9%1-!#%(+)E!0/!"hgh;!)$*!>9%1-!#%(+)!,(+!<%1&*4!)%!)(8*!A@d+;!(/4!J*!#(0++*!4*!A)(.0'0+()0%/!R#@>A6@UW;!(!3(18*)0/2!.%(14!)$()!2:(1(/)**4!.(+*!710&*!<%1!&(&(%!<(13*1+!/%!3())*1!)$*!:/71*40&)(.'*!&%33%40)0*+!3(18*)!,(+!)(8*/!4%,/5!#%/+*B:*/)'-;!710&*+!):3.'*4;!<(13*1+!0/&1*(+*4!-0*'4+!)%!2*/*1()*!3%1*!0/&%3*;!(/4!&%&%(!*L7%1)+!0/&1*(+*4!,0'*!710&*!+(/85!U-!)$*!'()*!"hhV+;!3:')0/()0%/('!&%17%1()0%/+;!+:&$!(+!U(11-!#(''*.(:);!S*+)'N;!#(120'';!(/4!@`O;!$(4!)(8*/!&%/)1%'!%<!('3%+)!(''!&%&%(!71%4:&)0%/!)$*1*!(/4!+:.+*B:*/)'-!&%1/*1*4!,%1'4!3(18*)+;!.*&%30/2!3(H%10)-!+:77'0*1+!)%!F:1%7*(/!(/4!G5A5!3(/:<(&):1*1+5!R?<<;!""_W!

! Xa!

<1%3!2'%.('!.:-*1+D!)%!.:0'4!:7!&(7(&0)-!<%1!B:('0)-!&%/)1%';!*L7%1);!(/4!3(18*)0/2;!

%1!+037'-!1*3(0/!4*7*/4*/)!%/!)$*!.:+0/*++!%<!)1(4*1+;_M!0)!0+!&'*(1!)$()!

'0.*1('0=()0%/!$(+!7'(&*4!)$*!.:14*/!%<!(&&*++0/2!3(18*)!0/<%13()0%/!*/)01*'-!%/!)$*!

<(13*1;!(!/*&*++0)-!)$()!3(/-!<(13*1+!&(//%)!3**)5_\!!

! 6$*!+-+)*3()0=()0%/!%<!)$*!<(01!)1(4*!3%9*3*/)!.-!0/)*1/()0%/('!

%12(/0=()0%/+;!&%:7'*4!,0)$!)$*!'0.*1('0=()0%/!%<!,%1'4!&%&%(!710&*+!*/(.'*4!)$*!

*/)1(/&*!%<!)$*!)$014!+)(2*!%<!<(01!)1(4*!4*9*'%73*/)!0/!)$*!"hhV+5!>/&04*/)(''-;!)$0+!

('+%!'*4!)%!)$*!10+*!%<!)$*!O(18*)!e%1'4!('%/2+04*!)$*!>/)*17*1+%/('!e%1'4!)$()!$(4!

71*90%:+'-!3(18*4!)$*!<(01!)1(4*!3%9*3*/)5!!

!

Y:_-O*$-C$&75+-$2-3"$;$7(!#,-K(04+!&#('048-!"#-<(0&-O&(5#-K$>#'#4!-!

! A6@mF!>>>5!6$*!O(18*)!e%1'4P+!1*2:'()%1-!*/901%/3*/)!40&)()*+!(!

+)(/4(140=()0%/!%<!40<<*1*/)0()*4!RC4*40&()*4DW!71%4:&)+5!>/!)$0+!,%1'4;!)$*!

&%/+:3*1!(1)0&:'()*+!$0+!7(1)0&:'(1!/**4+!0/!)$*!'(/2:(2*!%<!+)(/4(140=()0%/5!

6$*1*<%1*;!,$*/!O(L!b(9*'((1!&1*()*4!)$*!<01+)!&*1)0<0&()0%/!+&$*3*!0/!(/!*<<%1)!)%!

3(0/+)1*(3!<(01!)1(4*;!0)!%7*/*4!:7!)$*!3%9*3*/)!)%!3(18*)!4*3(/4+5!6$*!)$014!

+)(2*!.*2(/!0/!)$*!"hhV+!(/4!&%/)0/:*4!)%!)$*!*(1'-!MVVV+!(+!<(01!)1(4*!71%4:&)+!

.*&(3*!3(18*)^4109*/!(/4!)(12*)*4!)%!C1*<'*L09*D!(/4!C:73(18*)D!&:+)%3*1+5!@!

3(H%1!)1(/+0)0%/('!7$(+*;!)$*!<%&:+!%<!)$*!3%9*3*/)!+$0<)*4!<1%3!+%'04(10)-!,0)$!

+3(''!71%4:&*1+!)%!(!710%10)0=()0%/!%<!&%/+:3*1!3(18*)0/2;!71%4:&)!4*9*'%73*/);!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!_M!C6$*!e%1'4!#%&%(!F&%/%3-E!d(+)!(/4!d1*+*/)5D!6$*!>/)*1/()0%/('!#%&%(!?12(/0=()0%/;!FL*&:)09*!#%330))**;!FL*&:)09*!A:33(1-;!"X^"a!A*7)*3.*1!MV"V5!_\!>.045!

!Xg!

(/4!71%4:&)!B:('0)-5_X!>/&1*(+*4!71%<*++0%/('0+3;!&%%140/()*4!4*<0/0)0%/+!%<!CI(01!

61(4*D;!(/!*37$(+0+!%/!B:('0)-!(++:1(/&*;!401*&)!3(18*)0/2!)$1%:2$!+:7*13(18*)+;!

(/4!)$*!*+)(.'0+$3*/)!%<!,%180/2!1*'()0%/+!,0)$!3(0/+)1*(3!.:+0/*++*+!)%!+*&:1*!

*&%/%30*+!%<!+&('*!*/(.'*4!)$*!+)*(4-!21%,)$!(/4!7%7:'(10=()0%/!%<!<(01!)1(4*5_]!

b%,*9*1;!(+!3(/-!&10)0&+!%<!)$*!3%9*3*/)!,%:'4!'()*1!*37$(+0=*;!)$0+!/*,!

401*&)0%/!%<!<(01!)1(4*!+02/('*4!)$*!&%371%30+*!%<!)$*!+7010)!%<!)$*!3%1('!*&%/%3-;!

*+7*&0(''-!0/!&$%&%'()*;!,$*1*!+*9*1('!+3(''!&%37(/0*+!*9*/):(''-!,*1*!&%%7)*4!.-!

)$*!20(/)!&%17%1()0%/+!)$()!4%30/()*4!)$*!>/4:+)10('!e%1'4!%<!)$*!MV)$!&*/):1-5__!!

! @)!<01+);!$%,*9*1;!)$*!3(18*)^4109*/!+)(2*!%<!<(01!)1(4*!.*2(/!(:+70&0%:+'-5!@+!

<(01!)1(4*!71%4:&)+!+:&&*++<:''-!*L7(/4*4!0/)%!+:7*13(18*)+!(/4!1*)(0'!&$(0/+;!

&%/+:3*1+!.*&(3*!0/&1*(+0/2'-!(,(1*!%<!)$*!*)$0&('!037'0&()0%/+!%<!)$*01!7:1&$(+*+;!

,$0&$!%/'-!'*4!)%!$02$*1!4*3(/4!<%1!*)$0&('!71%4:&)+5!I(01!)1(4*!.1(/4+;!+:&$!(+!

&$%&%'()*!&%37(/0*+!m1**/iU'(&8+!(/4!`090/*;!.:0')!)$*01!3(18*)!71*+*/&*!(&1%++!

+*9*1('!+:7*13(18*)!&$(0/+!0/!)$0+!3(//*15_a!!

>/!"hh";!<%:1!-*(1+!(<)*1!<%:/4*1!(/4!'*(4*1!0/!)$*!%12(/0&+!<%%4!+*&)%1!#1(02!

A(3+!)1(9*'*4!0/!+%:)$!U*'0=*!)%!40+&%9*1!0/402*/%:+!<(13*1+!+)0''!&:')09()0/2!/()09*^

21%,/!#0%''%!&(&(%!)1**+!,0)$!%12(/0&!3*)$%4+!0/$*10)*4!<1%3!)$*!(/&0*/)!?'3*&+;_g!

A(3+P+!m1**/iU'(&8P+!%12(/0&!aVw!&$%&%'()*!.(1!,(+!0/)1%4:&*4!)%!3(18*)+!(+!(/!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!_X!m%'40/2;!c01+)-5!C6$*!#$(''*/2*+!%<!O(0/+)1*(30/2!I(01!61(4*E!@!#(+*!A):4-!%<!)$*!`(-!#$%&%'()*!#%37(/-5D!d(7*1!71*+*/)*4!()!)$*!>/)*1/()0%/('!#%''%B:0:3!%/!I(01!61(4*!(/4!A:+)(0/(.'*!`*9*'%73*/);!O%/)1*(';!t:*.*&;!#(/(4(;!"h^M"!Y:/*!MVV_5!g5!_]!CI(&)+!(/4!I02:1*+!%/!I(01^61(4*!#%&%(5D!6$*!>/)*1/()0%/('!#%&%(!?12(/0=()0%/;!#%/+:')()09*!U%(14!%/!)$*!e%1'4!#%&%(!F&%/%3-;!_!Y:/*!MVV]5!__!S5U5E!S%)!(''!3(0/+)1*(3!C*)$0&('D!&$%&%'()*!&%37(/0*+!$(9*!.**/!&%%7)*45!A%3*;!'08*!`090/*!#$%&%'()*;!$(9*!(12:(.'-!3(0/)(0/*4!0)+!30++0%/!%<!*37%,*10/2!0)+!&(&(%!<(13*1!&%33:/0)0*+!(/4!8*7)!0)+!7%+0)0%/!0/!)$*!3%1('!*&%/%3-5!_a!A30)$;!A(''-5!ZI%1!'%9*!%1!3%/*-[!I(01)1(4*!.:+0/*++!3%4*'+!0/!)$*!Gc!+:7*13(18*)!+*&)%15Z!F$A&4(7-$2-%A+04#++-#!"0;+!hM!RMV"VWE!M]h5!_g!?<<;!#(1%'5!=0!!#&-;"$;$7(!#,-04>#+!08(!048-!"#-5(&?-+05#-$2-!"#-*$&75@+-'$+!-+#5A;!0>#-+*##!5!6%1%/)%E!Q(/4%3!b%:+*!#(/(4(;!MVV_5!Mag5!

! Xh!

*)$0&('!71%4:&)!RU*'0=*(/!<(13*1+!,*1*!.*0/2!7(04!(!71*30:3!710&*!<%1!)$*01!&(&(%!

.*(/+W5_h!>/!"hhX;!m1**/iU'(&8P+!O(-(!m%'4!.(1!.*&(3*!)$*!<01+)!71%4:&)!)%!)$*!

+)(37*4!.-!)$*!I(01!61(4*!I%:/4()0%/P+!'%2%!0/!)$*!Gc;aV!(/4!.-!"hha;!0)!7*1<%13*4!

,*''!*/%:2$!%/!)$*!G5A5!3(18*)!)%!&%37*)*!,0)$!S*,3(/P+!?,/P+!%12(/0&!&$%&%'()*!

.(15a"!U-!MVVX;!)$*!&%37(/-P+!):1/%9*1!0/&1*(+*4!.-!_hw!)%!MM5XmUd!Rm1*()!U10)0+$!

d%:/4+W;!&%37(1*4!)%!)$*!Mw!0/&1*(+*!%<!)$*!&$%&%'()*!0/4:+)1-!(+!(!,$%'*5aM!

>/!"hh\;!(<)*1!m$(/(!$(4!(21**4!)%!'0.*1('0=*!0)+!&%&%(!3(18*)!,0)$0/!)$*!

<1(3*,%18!%<!)$*!A@d+;!(!&%%7*1()09*!%<!&(&(%!<(13*1+!&(''*4!c:(7(!c%8%%!,(+!

&1*()*4!)%!71%)*&)!)$*!<(13*1+!<1%3!)$*!9%'()0'0)-!%<!0/)*1/()0%/('!3(18*)!<%1&*+5a\!

e0)$!+)(1)^:7!<0/(/&*+!71%904*4!.-!6,0/!61(40/2;!(!'*(40/2!(')*1/()09*!)1(40/2!

&%37(/-!.(+*4!0/!)$*!G/0)*4!c0/24%3;!c:(8(!c%8%%!(03*4!)%!0/&1*(+*!<(13*1!

7%,*1!(/4!1*71*+*/)()0%/!,0)$0/!)$*!3(18*);!(+!,*''!(+!*/$(/&*!,%3*/P+!

7(1)0&07()0%/!(/4!*/&%:1(2*!*/901%/3*/)(''-!+:+)(0/(.'*!71%4:&)0%/!7())*1/+5aX!>/!

"hhg;!0)!*+)(.'0+$*4!(/!0/4*7*/4*/)!3(18*)0/2!.1(/&$!0/!)$*!G5c5!0/!)$*!<%13!%<!)$*!

`(-!#$%&%'()*!#%37(/-!R&:11*/)'-!8/%,/!(+!`090/*!(/4!`:..'*W!(/4!+:&&*++<:''-!

'(:/&$*4!0)+!`090/*!I(01!61(4*!30'8!&$%&%'()*!.(1;!)$*!<01+)!<(13*1^%,/*4!<(01!)1(4*!

&$%&%'()*!.(15a]!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!_h!>.045;!MgV!aV!>.045;!Mg\!a"!>.045;!Mg_!aM!C@!A):4-!%/!)$*!O(18*)!<%1!?12(/0&!#%&%(5D!6$*!>/)*1/()0%/('!#%&%(!?12(/0=()0%/;!FL*&:)09*!#%330))**;!FL*&:)09*!A:33(1-;!"M^"]!A*7)*3.*1!MVV_5!a\!`%$*1)-;!U%.;!(/4!A%7$0!61(/&$*''5!ZS*,!)$0/80/2!0/!0/)*1/()0%/('!)1(4*[!@!&(+*!+):4-!%<!6$*!`(-!#$%&%'()*!#%37(/-5Z!)A+!(04(%7#-X#>#7$L'#4!!"\;!/%5!\!RMVV]WE!"aV5!aX!>.045!a]!Q(-/%'4+;!J(:1(!65;!`%:2'(+!J5!O:11(-;!(/4!Y%$/!e0'80/+%/5!<(0&-!&(5#,-O"#-;"(77#48#+-$2-!&(4+2$&'048-87$%(70J(!0$45!Q%:)'*42*;!MVVa5!""V5!

!]V!

@+!)$*!,%1'4!3(18*)!<%1!*)$0&(';!B:('0)-!&$%&%'()*!21*,;!3:')07'*!&*1)0<0&()0%/!

+&$*3*+!,*1*!&1*()*4E!0/!"hh_;!)$*!Q(0/<%1*+)!@''0(/&*!'(.*'!,(+!*+)(.'0+$*4;!%/*!

-*(1!'()*1!G)=!#*1)0<0*4!,(+!<%:/4*4!0/!@3+)*14(3;!(/4!0/!"hhh;!)$*!G5A5!<%13('!<(01!

)1(4*!&*1)0<0&()0%/;!61(/+<(01!G5A5@5;!,(+!&1*()*45a_!@440)0%/(''-;!3(18*)!4*3(/4!<%1!

)$0+!/*,!71*30:3!&$%&%'()*!21(..*4!)$*!())*/)0%/!%<!)$*!&$%&%'()*!20(/)+!#(4.:1-;!

S*+)'N;!O(1+;!(/4!b*1+$*-;!(/4!0/!O(1&$!"hhg;!1*71*+*/)()09*+!<1%3!*(&$!

&%17%1()0%/!3*)!,0)$!&%/+*19()0%/!21%:7+!()!)$*!A30)$+%/0(/!61%70&('!Q*+*(1&$!

>/+)0):)*!0/!d(/(3(!)%!40+&:++!+)1()*20*+!<%1!30/030=0/2!&(&(%!&1%7!40+*(+*+!(/4!

/*,!3*)$%4+!%<!+:+)(0/(.'*!&(&(%!<(130/2;!0/&':40/2!)$*!+$0<)0/2!%<!&(&(%!21%,0/2!

<1%3!'(12*!7'(/)()0%/+!)%!+3(''*1!<(13+!,0)$0/!)$*!1(0/<%1*+)+;!,$0&$!,%:'4!1*B:01*!

<*,*1!7*+)0&04*+5aa!!

G7!:/)0'!)$*!M"+)!&*/):1-;!7'(-*1+!0/!)$*!&$%&%'()*!*&%/%3-!)$()!%&&:70*4!)$*!

O(18*)!(/4!>/)*17*1+%/('!e%1'4+!$(4!+)(-*4!1*'()09*'-!40+)0/&)!<1%3!7'(-*1+!0/!)$*!

>/4:+)10('!e%1'45!b%,*9*1;!)$*!+$0<)!)%,(14!3(0/+)1*(30/2!)$*!<(01!)1(4*!3%9*3*/)!

%7*/*4!:7!/*,!%77%1):/0)0*+!/%)!%/'-!<%1!*)$0&(''-!30/4*4!&$%&%'()*!&%37(/0*+!

(/4!)$*01!71%4:&*1+;!.:)!('+%!<%1!)$*!'(12*!&$%&%'()*!3(/:<(&):1*1+!)$()!%.+*19*4!

)$*!':&1()09*!/():1*!%<!)$0+!/0&$*!3(18*)!71%4:&)5!6$*!<%:1)$!+)(2*!%<!)$*!<(01!)1(4*!

3%9*3*/)!0'':+)1()*+!)$()!9*1-!)*/+0%/;!(+!)$*!.%:/4(10*+!(3%/2!)$*!)$1**!.*&%3*!

0/&1*(+0/2'-!7*1<%1()*4!4:10/2!)$*!*(1'-!M"+)!&*/):1-5!!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!a_!Y(<<**;!`(/0*';!(/4!d$0'07!b5!b%,(145!Z#%17%1()*!#%%7)0%/!%<!?12(/0&!(/4!I(01!61(4*!A)(/4(14+5Z!.8&0;-/A'-6(7A#+5!Ma5!RMV"VWE!\h"5!"V5"VVal+"VX_V^VVh^hM\"^g5!aa!U1*//*1;!Y%p'5!O"#-#'L#&$&+-$2-;"$;$7(!#,-04+05#-!"#-+#;&#!-*$&75-$2-/#&+"#1-(45-K(&+5!S*,!T%18E!Q(/4%3!b%:+*;!"hhh5!M\X5!

! ]"!

!

!

Y:`-C$&75+-.L(&!a-O"#-O"044048-V04#+-$2-)#L(&(!0$4-.'$48-!"#-C$&75+-$2-

D&$5A;!0$4-

! A6@mF!>q5!6$*!<%:1)$!(/4!<0/('!+)(2*!%<!<(01!)1(4*!4*9*'%73*/)!+(,!

&%%7*1()09*+!4*('0/2!401*&)'-!,0)$!'(12*!&%17%1()0%/+!(/4!+:7*13(18*)+;!,0)$!)$*!

'())*1!'(:/&$0/2!%,/^.1(/4!<(01!)1(4*;!*)$0&('!71%4:&)+;ag!(+!,*''!(+!(/!*L7'%+0%/!%<!

*<<%1)+!.-!&%%7*1()09*+;!)1(/+/()0%/('!%12(/0=()0%/+;!'(12*!(/4!+3(''!&$%&%'()*!

3(/:<(&):1*1+;!&*1)0<0&()0%/!.%40*+;!(/4!3(/-!3%1*;!)1-0/2!(441*++!(!9(10*)-!%<!

+*10%:+!0++:*+!<(&0/2!)$*!&$%&%'()*!*&%/%3-5!>/4**4;!,0)$0/!)$0+!7*10%4!3%1*!)$(/!

(/-!%)$*1!71*90%:+'-;!(1*!)$*!4*<0/0)0%/+!%<!C*)$0&('D!(/4!C+:+)(0/(.'*D!*37'%-*4!)%!

4*+&10.*!+:&$!(!9(10*)-!%<!.:+0/*++!3%4*'+!)$()!&%/<:+0%/!(3%/2!&%/+:3*1+!,(+!

/%)!:/&%33%/5!!!

! 6$*!+0/2'*!21*()*+)!<(&)%1!)$()!2('9(/0=*4!+:&$!(/!%9*1,$*'30/2!1*+7%/+*!)%!

(!4*3(/4!<%1!3%1*!*)$0&(''-!3(4*!&$%&%'()*!&(3*!0/!)$*!<%13!%<!(!/*,+!(1)0&'*!.-!

)$*!c/02$)!Q04*1!/*,+!(2*/&-5!@')$%:2$!)$*!GS>#FIP+!>9%1-!#%(+)!%<<0&*!$(4!

1*'*(+*4!(!1*7%1)!0/!"hhg!4*)(0'0/2!)$*!)1(<<0&80/2!%<!&$0'41*/!<1%3!O('0!(/4!U:180/(!

I(+%!)%!,%18!0/!)$*!&(&(%!7'(/)()0%/+;!0)!,(+!)$*!c/02$)!Q04*1!+)%1-!%/!&$%&%'()*!(/4!

&$0'4!+'(9*!'(.%1!)$()!+$%&8*4!)$*!4*9*'%7*4!,%1'4!0/)%!(&)0%/5ah!A$%1)'-!(<)*1!)$*!

70*&*!,(+!7:.'0+$*4;!#%/21*++3(/!F'0%)!F/2*'!(/4!A*/()%1!6%3!b(180/!71%7%+*4!(!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!ag!m%'40/2;!c01+)-5!C6$*!#$(''*/2*+!%<!O(0/+)1*(30/2!I(01!61(4*E!@!#(+*!A):4-!%<!)$*!`(-!#$%&%'()*!#%37(/-5D!d(7*1!71*+*/)*4!()!)$*!>/)*1/()0%/('!#%''%B:0:3!%/!I(01!61(4*!(/4!A:+)(0/(.'*!`*9*'%73*/);!O%/)1*(';!t:*.*&;!#(/(4(;!"h^M"!Y:/*!MVV_5!g5!ah!?<<;!#(1%'5!=0!!#&-;"$;$7(!#,-04>#+!08(!048-!"#-5(&?-+05#-$2-!"#-*$&75@+-'$+!-+#5A;!0>#-+*##!5!6%1%/)%E!Q(/4%3!b%:+*!#(/(4(;!MVV_5!"\h5!

!]M!

C+'(9*^<1**D!'(.*'0/2!+-+)*3!<%1!&$%&%'()*!)$()!,%:'4!*/+:1*!)$*!71%4:&)!$(4!/%)!

0/9%'9*4!)$*!'(.%1!%<!&$0'41*/5gV!`*+70)*!)$*!71%)*+)+!<1%3!.02!&$%&%'()*!&%37(/0*+;!

)$*!b(180/^F/2*'!d1%)%&%';!(+!0)!&(3*!)%!.*!&(''*4;!,(+!+02/*4!0/!A*7)*3.*1;!&(''0/2!

%/!&%37(/0*+!)%!)(8*!9(10%:+!+)*7+!)%!3**)!0)+!1*B:01*3*/)+5g"!?/*!3%/)$!'()*1;!)$*!

&$%&%'()*!&%37(/0*+!3(/(2*!)%!&%371%30+*!,0)$!F/2*'!(/4!b(180/;!(/4!)$*!

d1%)%&%'K)$*!<01+)!<:''-!9%':/)(1-!(11(/2*3*/)!<%1!1*2:'()0/2!)$*!0/4:+)1-K

.*&(3*!(/!(21**3*/)!(3%/2!0)+!+02/*1+!)%!(&&*7)!(!+0L^7%0/)!71%21(3!4*+02/*4!)%!

*'030/()*!&$0'4!+'(9*!'(.%1!0/!)$*!&%&%(!+:77'-!&$(0/!.-!Y:'-!"+);!MVV]5gM!@3%/2!0)+!

+02/*1+!,*1*!)$*!#$%&%'()*!O(/:<(&):1*1P+!@++%&0()0%/f!)$*!e%1'4!#%&%(!

I%:/4()0%/!Re#IWf!)$*!&$%&%'()*!71%4:&*1+!b*1+$*-P+;!OiO!O(1+;!S*+)'N;!(/4!

e%1'4P+!I0/*+)!#$%&%'()*f!)$*!&$%&%'()*!71%&*++%1+!U'%33*1!#$%&%'()*;!m:0))(14!

#$%&%'()*;!U(11-!#(''*.(:);!@`Of!)$*!>9%10(/!2%9*1/3*/)f!(/4!)$*!>/)*1/()0%/('!

#%&%(!?12(/0=()0%/;!,$0&$!1*71*+*/)+!&%&%(!*L7%1)0/2!&%:/)10*+5!6$*!'0+)!%<!

7(1)0&07(/)+!+**3*4!71%30+0/2;!.:)!,$*/!Y:'-!"+);!MVV]!&(3*;!)$*!0/4:+)1-!<(0'*4!)%!

&%37'*)*!0)+!)(+85!>/!<(&);!)$*!0/4:+)1-!,%:'4!<(0'!)%!3**)!(')%2*)$*1!!"&##!

4*(4'0/*+KMVV];!MVVg;!(/4!MV"VK)%!7$(+*!%:)!&$%&%'()*!+'(9*1-!0/!)$*!>9%1-!

#%(+)!(/4!m$(/(f!)$*!/*,!4*(4'0/*!$(+!.**/!+*)!<%1!)$*!-*(1!MVMV5g\!!

! `*+70)*!7%%1!71*&*4*/);!0/)*1/()0%/('!%12(/0=*4!'(.%1;!'*4!.-!)$*!

>/)*1/()0%/('!J(.%1!?12(/0=()0%/!R>J?W;!Sm?+!+:&$!(+!I1**!)$*!A'(9*+!(/4!)$*!#$0'4!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!gV!>.045;!"X"!g"!CA)0''!603*!)%!Q(0+*!)$*!U(1E!6$*!Q*('!#%17%1()*!A%&0('!Q*+7%/+0.0'0)-!Q*7%1)!<%1!)$*!b*1+$*-!#%37(/-5D!6$*!Q(0+*!)$*!U(1;!b*1+$*-v!#(37(02/!@44*/4:3!)%!)$*!MV"V!Q*7%1);!A*7)*3.*1!MV""5!!gM!?<<;!#(1%'5!=0!!#&-;"$;$7(!#,-04>#+!08(!048-!"#-5(&?-+05#-$2-!"#-*$&75@+-'$+!-+#5A;!0>#-+*##!5!6%1%/)%E!Q(/4%3!b%:+*!#(/(4(;!MVV_5!"XX5!!g\!CA)0''!603*!)%!Q(0+*!)$*!U(1E!6$*!Q*('!#%17%1()*!A%&0('!Q*+7%/+0.0'0)-!Q*7%1)!<%1!)$*!b*1+$*-!#%37(/-5D!6$*!Q(0+*!)$*!U(1;!b*1+$*-v!#(37(02/!@44*/4:3!)%!)$*!MV"V!Q*7%1);!A*7)*3.*1!MV""5!\]5!

! ]\!

J(.%1!#%('0)0%/;!(/4!&%&%(!&%37(/0*+!%:)+04*!)$*!G5A5;!(+!,*''!(+!)$*!2%9*1/3*/)+!%<!

&%&%(^71%4:&0/2!&%:/)10*+;!3*)!0/!m*/*9(!0/!MVVM!(/4!(21**4!)%!209*!)$*!b(180/^

F/2*'!d1%)%&%'!(!2'%.('!1*(&$;!&(''0/2!0)!)$*!>/)*1/()0%/('!#%&%(!>/0)0()09*5gX!A%%/!

(<)*1;!)$*!1*/*,*4!>#@!%<!)$*!>##?!3(4*!+7*&0<0&!1*<*1*/&*!)%!)$*!0++:*!%<!

+:+)(0/(.0'0)-E!0/!@1)0&'*!\h;!0)!C*/&%:1(2*+!0)+!O*3.*1+!)%!209*!4:*!&%/+04*1()0%/!)%!

)$*!4*9*'%73*/)!%<!(!+:+)(0/(.'*!&%&%(!*&%/%3-;Dg]!(/4!<%1!)$*!<01+)!)03*;!)$*!>#@!

*+)(.'0+$*4!(!#%/+:')()09*!U%(14!%/!)$*!e%1'4!#%&%(!F&%/%3-;!,$0&$!&:11*/)'-!

&%/+0+)+!%<!7109()*!(/4!7:.'0&!1*71*+*/)()09*+!<1%3!+*9*/!*L7%1)0/2!&%:/)10*+!(/4!

+*9*/!037%1)0/2!&%:/)10*+5!>/!MVV];!)$*!U%(14!.*2(/!)%!,%18!%/!)$*!0++:*!%<!(!

+:+)(0/(.'*!,%1'4!&%&%(!*&%/%3-;!(+!0)!,(+!3(/4()*4!0/!@1)0&'*!\h!%<!)$*!MVV"!

>#@5g_!!

! @')$%:2$!&$%&%'()*!7'(-*1+!%:)+04*!%<!)$*!>/)*17*1+%/('!e%1'4!$(4!('1*(4-!

.*2:/!)%!1*(&$!(&1%++!)$*!.%:/4(10*+!%<!)$*01!%&&:70*4!e%1'4+;ga!(<)*1!)$*!c/02$)!

Q04*1!+)%1-;!)$*!&1%++^e%1'4!0/)*1(&)0%/!%<!7'(-*1+!*L7%/*/)0(''-!0/&1*(+*4E!0/!)$*!

G5A5;!`(2%.(!?12(/0&!#$%&%'()*;!(!'*(40/2!%12(/0&!&$%&%'()*!&%37(/-!0/!3(0/+)1*(3!

3(18*)+;!,(+!<%:/4*4!0/!MVV"f!(/4!FB:('!FL&$(/2*;!(!,%18*1^%,/*4!&%%7*1()09*!

)$()!$(4!+)(1)*4!0/!"hg_!,0)$!)$*!<01+)!<(01!)1(4*!&%<<**!%<<*1*4!0/!)$*!G5A5!3(18*);!

0/)1%4:&*4!$%)!&%&%(!30L;!)$*!<01+)!G5A5!&%&%(!71%4:&)!)%!&(11-!)$*!I(01!61(4*!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!gX!?<<;!#(1%'5!=0!!#&-;"$;$7(!#,-04>#+!08(!048-!"#-5(&?-+05#-$2-!"#-*$&75@+-'$+!-+#5A;!0>#-+*##!5!6%1%/)%E!Q(/4%3!b%:+*!#(/(4(;!MVV_5!"]V5!g]!CA:+)(0/(.'*!#%&%(!F&%/%3-E!@!#%371*$*/+09*!(/4!d(1)0&07()%1-!@771%(&$5D!6$*!>/)*1/()0%/('!#%&%(!?12(/0=()0%/;!#%/+:')()09*!U%(14!%/!)$*!e%1'4!#%&%(!F&%/%3-;!"M!O(1&$!MVVa5!!g_!#(77*''*;!Y(/5!Z6%,(14+!(!A:+)(0/(.'*!#%&%(!#$(0/5Z!9U2('-H4!#&4(!0$4(7-I#+#(&;"!RMVVgW5!"h5!ga!>/!MVVV;!)$*!#%^%7;!(!G5c5!+:7*13(18*)!1*)(0'!&$(0/!.*&(3*!)$*!<01+)!)%!'(:/&$!(!+:7*13(18*)!%,/^.1(/4!<(01!)1(4*!&*1)0<0*4!71%4:&);!(!30'8!&$%&%'()*!.(1f!(/4!(!-*(1!'()*1;!0)!(4%7)*4!<(01!)1(4*!&$%&%'()*!+:77'0*4!.-!`090/*!#$%&%'()*!0/!(''!%<!0)+!+)%1*+5!RQ(-/%'4+;!"V]W!

!]X!

#*1)0<0*4!+*('5gg!A('*+!.1%8*!u"V!30''0%/;!(/4!*/&%:1(2*4!.-!0)+!1*&*7)0%/;!FB:('!

FL&$(/2*!0/)1%4:&*4!)$1**!3%1*!%12(/0&;!<(01!)1(4*!&$%&%'()*!.(1+!0/!MVVX5gh!!>/!

MVVM;!)$*!#%^%7!&%/9*1)*4!0)+!*/)01*!%,/^.1(/4!'0/*!%<!30'8!&$%&%'()*!.(1+!)%!

&*1)0<0*4!I(01!61(4*;!,$0&$!3(18*4!(!+02/0<0&(/)!+)*7!<%1!)$*!O(18*)!e%1'4!0/!)$()!

+:7*13(18*)+!,*1*!3(0/+)1*(30/2!<(01!)1(4*!71%4:&)+K<%1!)$*!<01+)!)03*;!<(01!)1(4*!

2%%4+!,*1*!/%)!.*0/2!+%'4!(+!$02$!710&*;!/0&$*!71%4:&)+!:/4*1!(!+*7(1()*!<(01!)1(4*!

'(.*';!.:)!*0!"04!)$*!+:7*13(18*)P+!&%/9*/)0%/('!.1(/4!03(2*!(/4!3%1*!

037%1)(/)'-;!0/!&%37*)0)0%/!,0)$!&%/9*/)0%/('!.(1+;!+:&$!(+!#(4.:1-P+!(/4!S*+)'N;hV!

+0/&*!+:7*13(18*)+!&%:'4!71(&)0&*!)$*!*&%/%30*+!%<!+&('*!)$()!/0&$*!3(18*)!+*''*1+!

&%:'4!/%)5!!

! ?/!)$*!7(1)!%<!3:')0/()0%/('!&%17%1()0%/+;!)$*!1*+7%/+*!)%!$02$*1!&%/+:3*1!

&%/+&0%:+/*++!,(+!(!+*&%/4!,(9*!%<!(&B:0+0)0%/+!(/4!3*12*1+;!)$0+!)03*!%<!

(')*1/()09*!.1(/4+5!>/!MVVM;!#(4.:1-^A&$,*77*+!.%:2$)!]w!&%37(/-!+$(1*!%<!

m1**/iU'(&8P+5!6$*!0/0)0('!(11(/2*3*/)!,(+!)%!.*/*<0)!.%)$!7'(-*1+E!m1**/iU'(&8P+!

,(/)*4!3%1*!&(70)('!)%!*L7(/4!)$*!.1(/4;!(/4!#(4.:1-!,(/)*4!)%!3%9*!0/)%!)$*!

3(18*)!%<!)$*!&%/+&0*/)0%:+!&%+):3*15h"!>/!MVV];!$%,*9*1;!m1**/iU'(&8P+!,(+!

*/)01*'-!(&B:01*4!.-!#(4.:1-^A&$,*77*+f!)$0+!71%&:1*3*/)!*+)(.'0+$*4!)$*!'())*1!(+!

(!<%1304(.'*!7'(-*1!0/!)$*!O(18*)!e%1'4!%<!d1%4:&)0%/!,0)$!0)+!/*,!'0/*!%<!*)$0&('!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!gg!$))7Ell,,,5*B:('*L&$(/2*5&%%7l+)%1-!!gh!>.045!hV!Q(-/%'4+;!J(:1(!65;!`%:2'(+!J5!O:11(-;!(/4!Y%$/!e0'80/+%/5!<(0&-!&(5#,-O"#-;"(77#48#+-$2-!&(4+2$&'048-87$%(70J(!0$45!Q%:)'*42*;!MVVa5!"""5!h"!?<<;!#(1%'5!=0!!#&-;"$;$7(!#,-04>#+!08(!048-!"#-5(&?-+05#-$2-!"#-*$&75@+-'$+!-+#5A;!0>#-+*##!5!6%1%/)%E!Q(/4%3!b%:+*!#(/(4(;!MVV_5!Mga5!

! ]]!

&$%&%'()*5hM!?/'-!<09*!-*(1+!'()*1!0/!MV"V;!#(4.:1-^A&$,*77*+!0)+*'<!,%:'4!.*!

(&B:01*4!.-!c1(<)!I%%4+;!(!+02/0<0&(/)!(&B:0+0)0%/!)$()!3(4*!c1(<)!)$*!+0/2'*!.022*+)!

&$%&%'()*!&%37(/-!0/!)$*!,%1'45h\!

! >/!Y:'-!%<!)$()!-*(1;!b*1+$*-P+!(&B:01*4!A&$(1<<*/!U*12*1;!(!&%37(/-!)$()!$(4!

0/)1%4:&*4!7:1*!.0))*1+,**)!&$%&%'()*!.-!:+0/2!)1(40)0%/('!3(/:<(&):10/2!3*)$%4+!

(/4!,*''^.'*/4*4!.*(/+;!$*'70/2!)%!+*)!(!/*,!+)(/4(14!<%1!71*30:3!&$%&%'()*!0/!)$*!

G5A5hX!@!-*(1!'()*1;!b*1+$*-!3(4*!0)+!%,/!71%30/*/)!+)*7!0/!)$*!401*&)0%/!%<!)$*!

O(18*)!e%1'4!)$1%:2$!0)+!7:1&$(+*!%<!`(2%.(!?12(/0&!#$%&%'()*!0/!MVV_5h]!!

>/!'()*!MVV];!),%!4*9*'%73*/)+!0/!)$*!,%1'4!%<!<(01!)1(4*!%7*/*4!)$*!4%%1+!

,04*1!<%1!3:')0/()0%/('!&%17%1()0%/+!)%!*/)*1!)$*!&%/+&0%:+!&%/+:3*1!3(18*)E!0/!

?&)%.*1;!)$*!I(01)1(4*!I%:/4()0%/!0/!)$*!G5c5!21(/)*4!:+*!%<!0)+!<(01!)1(4*!+*('!)%!

S*+)'Nf!(/4!0/!S%9*3.*1;!)$*!G5A5!#%/21*++!(771%9*4!(/!C?12(/0&!61(4*!@++%&0()0%/!

Q04*1D;!(!&'(:+*!)$()!41(+)0&(''-!,*(8*/*4!)$*!GA`@!?12(/0&!+)(/4(14+!.-!(''%,0/2!

/%/^%12(/0&;!/%/^(210&:'):1(';!(/4!+-/)$*)0&!(440)09*+!0/!<%%4!71%4:&)+!,0)$!)$*!

C%12(/0&D!'(.*'5h_!S%,!.02!&$%&%'()*!&%37(/0*+!,*1*!209*/!)$*!3*(/+!)%!+)1*/2)$*/!

)$*01!71*+*/&*!90+!s!90+!)$*!>/)*17*1+%/('!e%1'4!90(!)$*!O(18*)!e%1'4;!0/!,$0&$!)$*-!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!hM!C@!A):4-!%/!)$*!O(18*)!<%1!?12(/0&!#%&%(5D!6$*!>/)*1/()0%/('!#%&%(!?12(/0=()0%/;!FL*&:)09*!#%330))**;!FL*&:)09*!A:33(1-;!"M^"]!A*7)*3.*1!MVV_5!h\!@''*/;!6%35!C6$*!#$%&%'()*!A&%1*&(145D!61(40/2!q0+0%/+5!@710'!MV""5!!hX!c033*1'*;!U*)$5!3"$;$7(!#,-!"#-+*##!-"0+!$&15!d%1)'(/4;!?QE!#%''*&)%1+!d1*++;!MVV]5!Xh!h]!b%,(14;!d$0'07!b5!Z#%/+%'04()0%/!0/!)$*!S%1)$!@3*10&(/!?12(/0&!I%%4!d1%&*++0/2!A*&)%1;!"hha!)%!MVVa5Z!H4!#&4(!0$4(7-F$A&4(7-$2-)$;0$7$81-$2-.8&0;A7!A&#-(45-<$$55!"_5!/%5!"!RMVVhWE!"h5!h_!Y(<<**;!`(/0*';!(/4!d$0'07!b5!b%,(145!Z#%17%1()*!#%%7)0%/!%<!?12(/0&!(/4!I(01!61(4*!A)(/4(14+5Z!.8&0;-/A'-6(7A#+5!Ma5!RMV"VWE!\gg5!"V5"VVal+"VX_V^VVh^hM\"^g5!

!]_!

&%:'4!%7*1()*!+*9*1('!'0/*+!%<!*)$0&('!71%4:&)+!(&&%140/2!)%!)$*!1*2:'()%1-!

*/901%/3*/)!%<!)$*!>/4:+)10('!e%1'45ha!

@+!(!1*+:');!<1%3!MVVh!%/,(14+;!)$*!O(18*)!e%1'4!*L7*10*/&*4!(/!0/<':L!%<!

&$%&%'()*!&%37(/0*+!)$();!)$1%:2$!&*1)0<0&()0%/!+&$*3*+!(/4!3*12*1+l(&B:0+0)0%/+;!

*/)*1*4!)$*!*)$0&('!&$%&%'()*!3(18*)E!>/!O(1&$!MVVh;!#(4.:1-!&%330))*4!)%!

.*&%30/2!<(01!)1(4*!&*1)0<0&()0%/!<%1!0)+!`(01-!O0'8!.(1!0/!)$*!G5c5!(/4!>1*'(/4!.-!)$*!

*/4!%<!)$*!+:33*1fhg!0/!@710'!MVVh;!O(1+;!>/&5!(03*4!)%!&*1)0<-!0)+!m('(L-!.(1!0/!)$*!

G5c5!,0)$!)$*!Q(0/<%1*+)!@''0(/&*!.-!*(1'-!MV"V;!(+!,*''!(+!2*))0/2!0)+!*/)01*!&%&%(!

+:77'-!&*1)0<0*4!.-!MVMVfhh!0/!Y:/*!MVVh;!U'%33*1!#$%&%'()*!#%37(/-!3(4*!)$*!

4*&0+0%/!)%!%<<*1!(!'0/*!%<!Q(0/<%1*+)!@''0(/&*!#*1)0<0*4!&%&%(!(/4!0/21*40*/)!

&$%&%'()*!71%4:&)+!.-!MV"Vf"VV!0/!?&)%.*1!MVVh;!U(11-!#(''*.(:)!H%0/*4!)$*!G)=!

#*1)0<0*4!&%&%(!71%21(3!)$()!$(4!.**/!'(:/&$*4!0/!MVVaf"V"!)$()!+(3*!3%/)$;!c1(<)!

I%%4+!&%330))*4!)%!:+0/2!%/'-!Q(0/<%1*+)!@''0(/&*!&*1)0<0*4!&(&(%!.*(/+!<%1!0)+!#z)*!

4P?1!(/4!O(1(.%:!'0/*+!.-!)$*!*/4!%<!MV"Mf"VM!0/!`*&*3.*1!MVVh;!S*+)'N!4*&04*4!)%!

.*&%3*!<(01!)1(4*!&*1)0<0*4!<%1!0)+!c0)!c()!.(1+!0/!)$*!G5c5!(/4!>1*'(/4!.-!MV"Vf"V\!0/!

Y(/:(1-!MV"V;!m1**/iU'(&8P+!4*&04*4!)%!+%:1&*!*/)01*'-!<1%3!I(01!61(4*!&*1)0<0*4!

&%&%(!.-!)$*!*/4!%<!)$*!-*(1f!0/!I*.1:(1-!MV"V;!U*/!(/4!Y*11-P+!3(4*!)$*!4*&0+0%/!)%!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!ha!6%!:+*!)$*!*L(37'*!%<!&%<<**;!0/!?&)%.*1!MVVg;!A)(1.:&8+!#%<<**!3(4*!(!7(1)/*1+$07!,0)$!61(/+<(01!G5A5@5!(/4!)$*!IJ?!)%!+%:1&*!(.%:)!XV!30''0%/!7%:/4+!%<!&%<<**!<1%3!<(01!)1(4*!7*1!-*(1;!,$0&$!3(4*!)$*3!)$*!,%1'4P+!'(12*+)!+0/2'*!.:-*1!%<!<(01!)1(4*!&%<<**5!b%,*9*1;!)$0+!*/)1(/&*!)%!)$*!&*1)0<0&()0%/!+-+)*3!,0)$!,$()!,(+!%/'-!"w!%<!0)+!7:1&$(+*+!(+!<(01!)1(4*!*<<*&)09*'-!'%,*1*4!)$*!.(1K/%!3(H%1!&%37*)0)%1!,%:'4!'08*'-!(&&*7)!.*0/2!.%:/4!)%!(!$02$*1!+)(/4(14!)$(/!"w5!RY(<<**;!MV"VW!hg!CA)0''!603*!)%!Q(0+*!)$*!U(1E!6$*!Q*('!#%17%1()*!A%&0('!Q*+7%/+0.0'0)-!Q*7%1)!<%1!)$*!b*1+$*-!#%37(/-5D!6$*!Q(0+*!)$*!U(1;!b*1+$*-v!#(37(02/!@44*/4:3!)%!)$*!MV"V!Q*7%1);!A*7)*3.*1!MV""5)hh!>.045!"VV!>.045!"V"!>.045!"VM!>.045!"V\!>.045!

! ]a!

.*&%3*!<:''-!<(01!)1(4*!&*1)0<0*4!<%1!(''!7%++0.'*!0/21*40*/)+!.-!)$*!*/4!%<!MV"\f"VX!0/!

O(1&$!MV"V;!)$*!<01+)!71%4:&)!:+0/2!G)=!#*1)0<0*4!&%&%(!<1%3!#(120'';!(!&$%&%'()*!

F(+)*1!*22!<1%3!)$*!U(1%/0*!&%37(/-;!.*&(3*!(9(0'(.'*!0/!`:)&$!+:7*13(18*)+f"V]!

0/!S%9*3.*1!MV"V;!G/0'*9*1!&%330))*4!)%!(&$0*90/2!Q(0/<%1*+)!@''0(/&*!&*1)0<0&()0%/!

<%1!0)+!O(2/:3!0&*!&1*(3!.-!MV"]!(/4!<%1!)$*!1*+)!%<!0)+!&%&%(!.-!MVMVf"V_!0/!Y(/:(1-!

MV"";!#(4.:1-!R/%,!%,/*4!.-!c1(<)!I%%4+W!(//%:/&*4!)$()!MVw!%<!0)+!71%<0)+!<1%3!

I(01!61(4*!&*1)0<0*4!`(01-!O0'8!71%4:&)+!+%'4!4:10/2!I(01)1(4*!I%1)/02$)!0/!)$*!G5c5!

,%:'4!.*!4%/()*4!)%!<:/4!+%'(1!7%,*1!71%H*&)+!0/!m$(/(0(/!&%&%(!71%4:&0/2!

&%33:/0)0*+f"Va!(/4!)$*!U%/!@77N)0)!O(/(2*3*/)!#%37(/-!0/)1%4:&*4!I(01!61(4*!

&*1)0<0*4!.(80/2!&$%&%'()*!)%!3%1*!)$(/!XVV!:/09*1+0)-;!&%17%1()*;!(/4!+7*&0(')-!

&(<N+5"Vg!I02:1*!"!+$%,+!)$*!9(10%:+!,(-+!0/!,$0&$!7'(-*1+!('%/2!)$*!&$%&%'()*!

+:77'-!&$(0/!(1*!&%/)10.:)0/2!)%!*)$0&('!71%4:&)!+%:1&0/25!

!

!

!

!

!

!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"VX!>.045!"V]!>.045!"V_!>.045!"Va!>.045!"Vg!>.045!

!]g!

I02:1*!"!

!RA%:1&*E!cdOm;!CA):4-!%/!)$*!&%+)+;!(49(/)(2*+;!(/4!40+(49(/)(2*+!%<!&%&%(!&*1)0<0&()0%/!&%330++0%/*4!.-!)$*!>##?DW!!

O*(/,$0'*!0/!)$*!0/)*1/()0%/('!(1*/(;!%12(/0=()0%/+!,*1*!('+%!&%30/2!

)%2*)$*1!)%!40+&:++!+)1()*20*+!%<!+:+)(0/(.0'0)-E!0/!MVVa;!)$*!<01+)!Q%:/4)(.'*!O**)0/2!

<%1!A:+)(0/(.'*!#%&%(!&%/9*/*4!0/!m$(/(;!+*))0/2!:7!(!+7(&*!<%1!40('%2:*!(3%/2!

<(13*1+;!&%%7*1()09*+;!)1(4*1+;!*L7%1)*1+;!71%&*++%1+;!&$%&%'()*!3(/:<(&):1*1+;!

,$%'*+('*1+;!2%9*1/3*/)!1*71*+*/)()09*+!Sm?+;!<0/(/&0('!0/+)0):)0%/+;!(/4!4%/%1!

(2*/&0*+f!(/4!(&$0*90/2!(!&%/+*/+:+!<%1!(&)0%/!%/!+:+)(0/(.'*!71%4:&)0%/;!

&%33*1&0('0=()0%/;!71%&*++0/2!(/4!3(/:<(&):10/2;!(/4!&%/+:37)0%/5"Vh!A$%1)'-!

)$*1*(<)*1;!)$*!e#I!*+)(.'0+$*4!0)+!F37%,*10/2!#%&%(!b%:+*$%'4+!,0)$!

?77%1):/0)0*+!(/4!F4:&()0%/!A%':)0%/+!RF#b?FAW!@''0(/&*;!(!71%21(3!<%&:+0/2!%/!

&%33:/0)-!*37%,*13*/);!0/)*21()0%/;!4*9*'%73*/);!(/4!0/4*7*/4*/&*!)$()!,%:'4!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"Vh!#(77*''*;!Y(/5!Z6%,(14+!(!A:+)(0/(.'*!#%&%(!#$(0/5Z!9U2('-H4!#&4(!0$4(7-I#+#(&;"!RMVVgW5!MV5!

! ]h!

1:/!:/)0'!MV"]5""V!>/!MVVg;!_V!&%37(/0*+!(/4!Sm?+!+02/*4!)$*!C#%330)3*/)!)%!

F)$0&('!#%&%(!A%:1&0/2E!@.%'0+$0/2!G/<(01!J(.%1!d1(&)0&*+!(/4!@441*++0/2!6$*01!

Q%%)!#(:+*+;D!(!H%0/)!+)()*3*/)!%:)'0/0/2!(/!(771%(&$!)%!&%&%(!+%:1&0/25"""!>/!O(1&$!

MV"V;!)$*!S*)$*1'(/4+!2%9*1/3*/);!)%2*)$*1!,0)$!1*)(0'*1+;!&$%&%'()*!71%4:&*1+;!

(/4!Sm?+;!+02/*4!(!'*))*1!%<!0/)*/)!&%330))0/2!)%!3(8*!"VVw!%<!&%&%(!0/!)$*!`:)&$!

3(18*)!C2:(1(/)**4!+:+)(0/(.'*D!.-!MVM];!,0)$!C+:+)(0/(.'*D!3*(/0/2!C1*&%2/0)0%/!

%<;!(/4!&%37'0(/&*!,0)$;!0/)*1/()0%/('!'(.%1!102$)+5D""M!!

!

e0)$!1*+*(1&$!&*/)*1+!(/4!(49%&(&-!21%:7+!7:.'0+$0/2!4()(!(/4!0/<%13()0%/!

%/!)$*!71%21*++0%/!R%1!'(&8;!)$*1*<%1*W!%<!*)$0&('!(/4!+:+)(0/(.'*!+%:1&0/2!%<!&%&%(;!

(/4!&%/+:3*1+!(/4!71%4:&*1+!.*&%30/2!0/&1*(+0/2'-!&%/&*1/*4!,0)$!+:+)(0/(.0'0)-;!

)$*!&$%&%'()*!*&%/%3-!0+!*L7*10*/&0/2!+*9*1('!4*9*'%73*/)+!()!%/&*E!(!.':110/2!%<!

'0/*+!+*7(1()0/2!)$*!e%1'4+!%<!d1%4:&)0%/!(+!3:')0/()0%/('!&%17%1()0%/+!(&B:01*!

*)$0&('!.1(/4+;!(+!&%37(/0*+!(/4!&%%7*1()09*+!%&&:7-0/2!)$*!>/)*17*1+%/('!e%1'4!

3%9*!0/)%!)$*!O(18*)!e%1'4;!(/4!(+!&%37(/0*+!.02!(/4!+3(''!7(1)/*1!,0)$!+3(''!

&(&(%!<(13*1+!)%!*<<*&)!+:+)(0/(.'*!4*9*'%73*/)!%<!)$*01!&%33:/0)0*+f!(!&%/<:+0/2!

71%'0<*1()0%/!%<!&*1)0<0&()0%/!+&$*3*+!(/4!+*'<^4*<0/*4!C+:+)(0/(.'*DlD*)$0&('D!

71%4:&)+!(/4!.:+0/*++!3%4*'+f!)$*!+)*(40'-!0/&1*(+0/2!71*+*/&*!%<!+3('';!/0&$*!

3(18*)!&$%&%'()*!&%37(/0*+!(4$*10/2!)%!(!3%1('!*&%/%3-!90+!s!90+!)$*!(&B:0+0)0%/!

%<!)$*+*!+(3*!&%37(/0*+!.-!3:')0/()0%/('!&%17%1()0%/+f!(/4!)$*!4**7*/0/2!%<!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!""V!e%1'4!#%&%(!I%1:3;!CA:+)(0/(.'*!#%&%(!F&%/%3-E!)$*!e#I!d*1+7*&)09*D!R71*+*/)()0%/;!MV"MW5!"""!CA)0''!603*!)%!Q(0+*!)$*!U(1E!6$*!Q*('!#%17%1()*!A%&0('!Q*+7%/+0.0'0)-!Q*7%1)!<%1!)$*!b*1+$*-!#%37(/-5D!6$*!Q(0+*!)$*!U(1;!b*1+$*-v!#(37(02/!@44*/4:3!)%!)$*!MV"V!Q*7%1);!A*7)*3.*1!MV""5!""M!>.045!

!_V!

0/)*1/()0%/('!&%%7*1()09*!*<<%1)+!)%!(441*++!71%.'*3+!0/!)$*!+:+)(0/(.'*!&%&%(!

*&%/%3-5!!

! #:11*/)'-;!(!30L!%<!7'(-*1+!(1*!&'(030/2!(!9(10*)-!%<!+%':)0%/+!)%!)$*!71%.'*3+!

)$()!7'(2:*!)$*!&$%&%'()*!*&%/%3-f!.:)!)$*!B:*+)0%/!)%!(+8!0/!90*,!%<!)$*!<:):1*!0+;!

01%/0&(''-;!$%,!+:+)(0/(.'*!(&#!)$*+*!71%7%+('+!<%1!(!+:+)(0/(.'*!&%&%(!*&%/%3-[!

e$*/!&%/+04*10/2!40<<*1*/)!.:+0/*++!3%4*'+;!3(/-!%7*1()*!,0)$0/!)$*!3%1('!

*&%/%3-!%<!)$*!>/)*17*1+%/('!e%1'4;!.:)!3(/-!('+%!,0+$!)%!(77'-!)$*!1*2:'()%1-!

*/901%/3*/)!%<!)$*!>/4:+)10('!e%1'4!)%!&$%&%'()*!71%4:&)0%/;!0/+)*(45!`%*+!)$*!

<%13*1!$(9*!)$*!7%)*/)0('!)%!*L7(/4!0/!)$*!<:):1*;!%1!,0''!)$*!/*%^'0.*1(';!

&%/9*/)0%/('!<%%4!+-+)*3!&%/)0/:*!)%!4%30/()*[!>/!%)$*1!,%14+;!,0''!)$*!&$%&%'()*!

*&%/%3-!.*&%3*!#$(1'0*P+!&$%&%'()*!*&%/%3-[!!

! _"!

!"#$%&'()3-7',)"#$55'+8'2)3$"-+8)&#')9*($5)'"*+*91)&*.$1!!

! !

6$*!'(/4+&(7*!%<!)$*!,%1'4!&$%&%'()*!*&%/%3-!)%4(-!0+!3(18*4!.-!(!9%'()0'*!

&%&%(!3(18*)!4:*!)%!<(&)%1+!+:&$!(+!3(18*)!'0.*1('0=()0%/;!(!$02$!&%/&*/)1()0%/!%<!

&(&(%!.*(/!+:77'-!0/!%/'-!),%!&%:/)10*+;"!(!4%30/()0%/!%<!&$%&%'()*!71%4:&)0%/!.-!(!

<*,!20(/)+!0/!)$*!0/4:+)1-;M!(/4!037*1<*&)!3(18*)!0/<%13()0%/!&%33:/0&()0%/!('%/2!

)$*!'*/2)$!%<!)$*!&$(0/;\!(''!%<!,$0&$!'*(4!)%!(/!03.('(/&*!%<!9(':*!&(7):1*4!0/!)$*!

&%&%(!&$(0/5!!6$*!.*/*<0)+!(&&1:*4!)%!&(&(%!<(13*1+!$(9*!.**/!'030)*4!0/!)$*!<(&*!%<!

3(++09*!7%,*1!&%/&*/)1()*4!0/!&$%&%'()*!(/4!&%&%(!3:')0/()0%/('!&%37(/0*+!

ROS#+W!(/4!&%&%(!037%1)0/2!&%:/)10*+5!@&&%140/2!)%!6('.%);!OS#^%,/*4!<(&)%10*+!

0/!4*9*'%70/2!&%:/)10*+!710%10)0=*!71%<0)+!%9*1!'%&('!4*9*'%73*/);!8**70/2!)02$)!

&%/)1%'!%<!)$*!3%+)!71%<0)(.'*!+)(2*+!%<!&$%&%'()*!71%4:&)0%/;!,$0&$!(1*!)$*!<0/('!

3(/:<(&):10/2!(/4!40+)10.:)0%/!+)(2*+;!)$1%:2$!.1(/40/2!(/4!(49*1)0+0/2!+)1()*20*+!

(/4!1*&*090/2!7%'0)0&('!+:77%1)!<1%3!&%1*!+)()*+5X!@440)0%/(''-;!)$*!(&)090)0*+!%<!

0/)*13*40()*!&%&%(!210/4*1+!(/4!0/)*1/()0%/('!(/4!'%&('!)1(4*1+;!&%:7'*4!,0)$!$02$!

2%9*1/3*/)!*L7%1)!)(L*+;!8**7!<(13*1!0/&%3*!<1%3!&(&(%!.*(/!+('*+!'%,f!*9*/!(/!

0/&1*(+*!0/!0/)*1/()0%/('!3(18*)!710&*+!4%*+!/%)!2:(1(/)**!&(&(%!<(13*1+!(!4*&*/)!

%1!+:+)(0/(.'*!0/&%3*5]!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"!cdOm5!C#%&%(!#*1)0<0&()0%/E!@!A):4-!%/!)$*!#%+)+;!@49(/)(2*+;!(/4!`0+(49(/)(2*+!%<!#%&%(!#*1)0<0&()0%/!#%330++0%/*4!.-!6$*!>/)*1/()0%/('!#%&%(!?12(/0=()0%/!R>##?W5D!Q*7%1)!)%!6$*!>/)*1/()0%/('!#%&%(!?12(/0=()0%/;!?&)%.*1!MV"M5!M!b(-/*+;!Y*++0&(;!I1*4*10&8!#:..(2*;!F9(/!O*1&*1;!(/4!F10/!A0''+5!Z6$*!A*(1&$!<%1!q(':*!(/4!O*(/0/2!0/!)$*!#%&%(!A:77'-!#$(0/!0/!#%+)(!Q0&(5Z!)A+!(04(%070!15!X5!RMV"MWE!"X__^"Xga5!"V5\\hVl+:XVa"X__5!\!>.045!X!6('.%);!Y%$/!O5!Z61%70&('!&%33%40)-!&$(0/+;!<%1,(14!0/)*21()0%/!+)1()*20*+!(/4!0/)*1/()0%/('!0/*B:('0)-E!&%<<**;!&%&%(!(/4!)*(5Z!I#>0#*-$2-H4!#&4(!0$4(7-D$70!0;(7-R;$4$'1!h;!/%5!X!RMVVMWE!aMM5!]!#(77*''*;!Y(/5!Z6%,(14+!(!A:+)(0/(.'*!#%&%(!#$(0/5Z!9U2('-H4!#&4(!0$4(7-I#+#(&;"!RMVVgW5!

!_M!

! I:1)$*1!40<<0&:')0*+!<%1!&(&(%!<(13*1+!(/4!)$*01!&%33:/0)0*+!(1*!'%,!

71%4:&)090)-!7*1!$(19*+);!'%,!0/9*+)3*/)!&(7(.0'0)0*+;!(/4!9%'()0'0)-!%<!&(&(%!.*(/!

9(':*5!Q(0+0/2!71%4:&)090)-!&(/!.*!(&$0*9*4!.-!0371%9*4!71%4:&)0%/!)*&$/0B:*+!(/4!

.*))*1!$(19*+)!&01&:3+)(/&*+!)%!71%)*&)!(2(0/+)!&%33%/!41%:2$)+!(/4!40+*(+*+!)$()!

7'(2:*!)$*!&1%7;!.:)!<(13*1+!<1*B:*/)'-!4%!/%)!$(9*!)$*!/*&*++(1-!<0/(/&0('!3*(/+!

%1!(&&*++!)%!&1*40)!<%1!(4*B:()*!0/9*+)3*/);_!/%1!4%!)$*-!$(9*!3:&$!0/&*/)09*!)%!4%!

+%!0<!)$*+*!0/9*+)3*/)+!4%!/%)!+02/0<0&(/)'-!1(0+*!)$*01!0/&%3*5!6$*!,0'4!<':&):()0%/+!

0/!&(&(%!710&*+!7:+$!3(/-!<(13*1+!)%!409*1+0<-!0/)%!%)$*1!)-7*+!%<!&1%7+!0/!%14*1!)%!

+*&:1*!(!3%1*!+)(.'*!0/&%3*f!)$%+*!,$%!+)(-!0/!&(&(%!<(130/2!3:+)!+)1:22'*!,0)$!

*9*1^0/&1*(+0/2!&%+)+!%<!7*+)0&04*;!<*1)0'0=*1;!(/4!3(&$0/*1-;!*9*/!(+!)$*!710&*!%<!

&(&(%!%/!,%1'4!3(18*)+!+)(2/()*5!G/(.'*!)%!/*2%)0()*!&%/+0+)*/)!(/4!1*'0(.'*!710&*+!

(2(0/+)!)$*!(&)090)0*+!%<!OS#+!(/4!+7*&:'()%1+!%/!)$*!<:):1*!3(18*)+!%<!J%/4%/!(/4!

S*,!T%18;!&(&(%!<(13*1+!*8*!%:)!(!'090/2!%/!'0))'*!3%1*!)$(/!uM!(!4(-;!<(''0/2!,*''!

.*'%,!)$*!G/0)*4!S()0%/+P!7%9*1)-!'0/*5a!>)!0+!+3(''!,%/4*1!)$()!(!+):4-!&%/4:&)*4!

.-!)$*!>/+)0):)*!%<!`*9*'%73*/)!A):40*+!(/4!)$*!G/09*1+0)-!%<!m$(/(g!<%:/4!)$()!

-%:)$!0/!<(13*1!&%33:/0)0*+!(1*!'*(90/2!&(&(%!.*(/!71%4:&)0%/!<%1!(!3%1*!

71%30+0/2!<:):1*;!0/!):1/!(440/2!)%!)$*!<:):1*!:/+:+)(0/(.0'0)-!%<!)$*!&%33%40)-5!

! T*)!)$0+!'(&8!%<!-%:)$!*37'%-3*/);!)%2*)$*1!,0)$!'%,!<(13*1!0/&%3*;!$(+!

&%/)10.:)*4!0/!7(1)!)%!(!.022*1!71%.'*35!6$*!'(12*!3(H%10)-!%<!&(&(%!<(13+!0/!@<10&(;!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!_!>.045;!"\!a!c$(30+;!A:+(/5!Z@!&(+*!+):4-!0/!&%371%30+*E!6$*!m1**/iU'(&8r+!.1(/4!%<!*)$0&('!&$%&%'()*5Z!.A+!&(7(+0(4-F$A&4(7-$2-D$LA7(&-3A7!A&#5!"5!/%5!"!RMV"MWE!MM5!"V5"\g_5!g!@+:1/0/2^U1*37%/2;!A(3:*';!`(/0*'!A(17%/2;!S(/(!@8:(!@/-04%$%;!Q(7$(*'!c(7'0/+8-;!(/4!Y*//0<*1!J*(9-5!CO(770/2!A:+)(0/(.'*!#%&%(!0/!m$(/(5D!6$*!>/+)0):)*!%<!`*9*'%73*/)!A):40*+!(/4!)$*!G/09*1+0)-!%<!m$(/(!1*7%1)!)%!#(4.:1-5!!

! _\!

,$0&$!+:77'0*+!(.%:)!aVw!%<!)$*!,%1'4P+!&%&%(!<%1!(!u]5"!.0''0%/!&$%&%'()*!0/4:+)1-;!

0+!+:+7*&)*4!)%!1*'-!%/!+%3*!<%13!%<!&$0'4!+'(9*!'(.%15h!G/<%1):/()*'-;!+*9*1('!OS#+;!

0/&':40/2!b*1+$*-!(/4!O(1+;!+%:1&*!)$*01!&%&%(!<1%3!)$*+*!&%:/)10*+;!,$0&$!

0/40&()*+!)$()!)$*01!71%4:&)+!(1*!('3%+)!&*1)(0/'-!3(4*!.-!+'(9*!'(.%15"V!I02:1*!M!

+$%,+!(!&$(1)!<1%3!)$*!Q(0+*!)$*!U(1;!b*1+$*-v!#(37(02/!1*7%1)!)$()!4*)(0'+!)$*!

*L0+)*/&*!%<!'(.%1!(.:+*!%/!e*+)!@<10&(/!&(&(%!<(13+;""!0'':+)1()0/2!/%)!%/'-!)$()!

&$0'4!'(.%1!*L0+)+!0/!(''!<09*!&%:/)10*+;!.:)!)$()!2$&;#5!&$0'4!'(.%1!0+!*+7*&0(''-!

71*9('*/)!0/!)$*!>9%1-!#%(+);!(!&%:/)1-!,$0&$!('%/*!71%904*+!\gw!%<!,%1'4!&%&%(!

%:)7:)5!

6$*!037'0&()0%/+!(1*!+)1080/2E!)$*!+)1:&):1*!%<!)$*!&%&%(!(/4!&$%&%'()*!

*&%/%3-!7:)+!71%4:&*1+!0/!4*9*'%70/2!1*20%/+!()!(!+*10%:+!40+(49(/)(2*5"M!@/!

03.('(/&*!%<!7%,*1!.*),**/!OS#+!(/4!(<<0'0()*4!210/4*1+!(/4!&(&(%!<(13*1+;!'%,!

71%4:&)090)-!(/4!'(&8!%<!0/9*+)3*/);!(/4!<':&):()0/2!3(18*)!710&*+!%<!&(&(%!.*(/+!(''!

&%3.0/*!)%!&1*()*!(/!:/)*/(.'*!<:):1*!<%1!)$*!&$%&%'()*!*&%/%3-5!I02:1*!\!+$%,+!

)$*!9%'()0'0)-!%<!3(18*)!710&*+!<%1!&(&(%!.*(/+;!3:&$!%<!,$0&$!$(+!.**/!())10.:)*4!)%!

)$*!3(18*)!'0.*1('0=()0%/!)1*/4!%<!)$*!"hhV+f"\!I02:1*!X!1*9*('+!)$*!3(18*)!&(7):1*!

%<!&$%&%'()*!71%4:&)0%/!.-!3:')0/()0%/('!&%17%1()0%/+!c1(<);!O(1+;!S*+)'N;!I*11*1%;!

(/4!b*1+$*-f!(/4!I02:1*!]!0'':+)1()*+!)$*!&%/9%':)*4!<'%,!%<!2%%4+!(/4!<0/(/&*+!0/!(!

&%/9*/)0%/('!&%&%(!9(':*!&$(0/5!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!h!c$(30+;!A:+(/5!Z@!&(+*!+):4-!0/!&%371%30+*E!6$*!m1**/iU'(&8r+!.1(/4!%<!*)$0&('!&$%&%'()*5Z!.A+!&(7(+0(4-F$A&4(7-$2-D$LA7(&-3A7!A&#5!"5!/%5!"!RMV"MWE!M"5!"V5"\g_5!"V!Q%..0/+;!Y%$/5!Z>+!6$*1*!A'(9*1-!0/!T%:1!#$%&%'()*[5Z!6077(8#94#:-""!CA)0''!603*!)%!Q(0+*!)$*!U(1E!6$*!Q*('!#%17%1()*!A%&0('!Q*+7%/+0.0'0)-!Q*7%1)!<%1!)$*!b*1+$*-!#%37(/-5D!6$*!Q(0+*!)$*!U(1;!b*1+$*-v!#(37(02/!@44*/4:3!)%!)$*!MV"V!Q*7%1);!A*7)*3.*1!MV""5!!"M!>.045!"\!Y(<<**;!`(/0*'5!ZI(01!61(4*!A)(/4(14+;!#%17%1()*!d(1)0&07()0%/;!(/4!A%&0('!O%9*3*/)!Q*+7%/+*+!0/!)$*!G/0)*4!A)()*+5Z!F$A&4(7-$2-=A+04#++-R!"0;+5!hM5!RMV"VWE!M_a^Mg]5!"V5"VVal+"V]]"^V"V^V]g\^"5!

!_X!

!

I02:1*!M!

!RA%:1&*E!CA)0''!603*!)%!Q(0+*!)$*!U(1;!b*1+$*-DW!!I02:1*!\!

!RA%:1&*E!e%1'4!U(/8W!!

!

!

! _]!

!

I02:1*!X!

!!RA%:1&*E!6$*!#$%&%'()*!A&%1*&(14W!!I02:1*!]!!

!RA%:1&*E!b(-/*+!*)!('5;!MV"MW!!

?)$*1+!X\w!

c1(<)l#(4.:1-!"]w!

O(1+!"]w!

S*+)'N!"\w!

I*11*1%!aw!

b*1+$*-!aw!

8:;<=:)">;?;:=@A)9=BCA@)

3DEA)?;FG=HDAI)J;FDH=@A)@>A)KLMN)<D::D;H)DHJOI@BP)

!__!

!! 6$:+!)$*!&$(''*/2*!%<!*)$0&('!&$%&%'()*!)%4(-!0+!3:')0<(&*)*4;!(/4!.*&(:+*!0)+!

$0+)%10&('!4*9*'%73*/)!$(+!'*4!)%!21*()*1!40('%2:*!%/!+:+)(0/(.'*!&%&%(!+:77'-!

&$(0/+!(/4!.:+0/*++!3%4*'+;!)$*!&%/9*/)0%/+!%<!)$*!(')*1/()09*!<%%4!+-+)*3!(/4!)$*!

>/)*17*1+%/('!e%1'4!0/!,$0&$!0)!%1020/(''-!%7*1()*4!(1*!&%/<1%/)*4!.-!)$*!())*37)+!

%<!%)$*1!,%1'4+!%<!71%4:&)0%/!)%!4*<0/*!(!+:+)(0/(.'*!&$%&%'()*!*&%/%3-!0/!

(&&%14(/&*!,0)$!)$*01!1*+7*&)09*!1*2:'()%1-!/%13+5!@+!71*90%:+'-!3*/)0%/*4;!)$*!

.%:/4(10*+!+*7(1()0/2!)$*+*!,%1'4+!(1*!.*&%30/2!0/&1*(+0/2'-!7*1<%1()*4f!7'(-*1+!

,0)$0/!)$*!>/4:+)10('!(/4!O(18*)!e%1'4+!(1*!&1%++0/2!%9*1!)%!0/9%'9*!)$*3+*'9*+!0/!

)$0+!71%30+0/2!/*,!3(18*)5!!A:&$!(/!0/<':L!%<!40<<*10/2;!(/4!%<)*/)03*+!

&%/)1(40&)0/2;!04*(+!%<!&1*()0/2!(/4!3(0/)(0/0/2!(!+:+)(0/(.'*!&$%&%'()*!*&%/%3-!

$(+!'*4!)%!)$*!1(704!10+*!%<!0++:*+!&%/&*1/0/2!)$0+!&%33%40)-5!#$(7)*1!I09*!40+&:++*+!

)$*!/:3*1%:+!71%.'*3+;!&$(''*/2*+;!(/4!%.+)(&'*+!<(&*4!.-!)$*!C3%1('!*&%/%3-D!%<!

*)$0&('!&$%&%'()*!)%4(-;!<%&:+0/2!%/!)$*!1%'*!%<!&%17%1()0%/+;!0/)*1/()0%/('!

%12(/0=()0%/+;!(/4!%)$*1!7'(-*1+!,0)$0/!)$*!/*%^'0.*1('!*&%/%3-!0/!(<<*&)0/2!)$*!

3%9*3*/)!)%,(14!+:+)(0/(.'*!&$%&%'()*5!!

! I%1!+*9*1('!-*(1+!/%,;!)$*!/*%^'0.*1('!(/4!3%1('!*&%/%30*+!$(9*!.**/!

4*9*'%70/2!0/!)(/4*35!6$*!/*%^'0.*1('!*&%/%3-!7'(&*+!(!$*(9-!*37$(+0+!%/!

*<<0&0*/&-!(/4!710&*;!,$0'*!)$*!3%1('!*&%/%3-!<%&:+*+!%/!&%/9*/)0%/+!%<!*B:('0)-;!

<(01/*++;!9(':*+;!,*'<(1*;!(/4!%)$*1+!0/!%14*1!)%!(++*++!7*%7'*P+!.:-0/2!4*&0+0%/+5!

6$:+!+)1%/2!(')*1/()09*!<%%4!/*),%18+!<0)!0/)%!)$*!3%1('!*&%/%3-;!,$0'*!,*(8!

(')*1/()09*!<%%4!/*),%18+;!+:&$!(+!0/4:+)10('!%12(/0&!%1!*)$0&('!.1(/4+!(&B:0+0)0%/*4!

! _a!

.-!OS#+;!0/&%17%1()*!)$*!&%/9*/)0%/+!%<!.%)$!*&%/%30*+5"X!>)!0+!)$0+!40904*!0/!)$*!

(')*1/()09*!<%%4!+-+)*3!)$()!$(+!'*4!)%!)$*!)*/+0%/!%<!$%,!)%!.*+)!1*2:'()*!(!

+:+)(0/(.'*!&%&%(!*&%/%3-5!!

! 6$*!,*(8!(')*1/()09*!<%%4!+-+)*3;!&%33%/'-!&%3710+*4!%<!&%17%1()0%/+;!

<%&:+*+!%/!*/901%/3*/)('!&%/&*1/+;!.:)!/*2'*&)+!)$*!0++:*+!)$()!+)1%/2!(')*1/()09*!

+-+)*3+!*/4*(9%1!)%!(441*++E!'(.%1!+)(/4(14+;!1:1('!&%33:/0)0*+;!(/4!+3(''^+&('*!

<(13*1+;!(+!,*''!(+!*/901%/3*/)('!71%)*&)0%/5"]!@&&%140/2!)%!I%''*));!,*(8!

(')*1/()09*!<%%4!/*),%18+!&%/+*B:*/)'-!<(0'!)%!71%3%)*!*<<*&)09*!+%&0('!(/4!7%'0)0&('!

&$(/2*!<%1!<%:1!1*(+%/+E"_!!

"W O"#1-(&#-(-L(&!-$2-!"#-K(&?#!-C$&75:!#%17%1()0%/+!&%37*)*!,0)$!%/*!(/%)$*1!

)%!+*''!)%!(!+3(''!+*23*/)!%<!+%&0*)-!)$()!(771*&0()*+!)$*!*/901%/3*/)('!

B:('0)-!%<!)$*01!<%%4!71%4:&)+;!.:)!(+!)$0+!&%37*)0)0%/!0+!&*/)*1*4!%/!710&*!

(/4!*<<0&0*/&-;!B:('0)-!0+!+:.%140/()*4!)%!710&*5!6$*+*!O(18*)!e%1'4!

&%37(/0*+!4%!/%)!%<<*1!(')*1/()09*!71%4:&)+!%:)!%<!+%'04(10)-!,0)$!)$*!21()*1!

3%9*3*/);!.:)!.*&(:+*!)$*!3(18*)!/0&$*!71%904*+!21*()!71%<0)5!!

MW O"#1-2$;A+-$4-!"#-bA(70!0#+-$2-2$$5-&(!"#&-!"(4-!"#-4#!*$&?-(+-(-*"$7#:-@+!'%/2!

(+!)$*!71%4:&*1+!0/!)$*01!+:77'-!&$(0/!(4$*1*!)%!/()0%/('!+)(/4(14+!(/4!

&*1)0<0&()0%/!+&$*3*+;!&%17%1()0%/+!$(9*!3*)!)$*01!7%'0)0&('!(/4!+%&0('!2%('+;!

1*2(14'*++!%<!)$*!<(&)!)$()!+)(/4(140=*4!'(.*'+!4%!/%)!/*&*++(10'-!'*(4!)%!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"X!I%''*));!Y*<<1*-!Q5!Z#$%%+0/2!(!<%%4!<:):1*E!40<<*1*/)0()0/2!(3%/2!(')*1/()09*!<%%4!%7)0%/+5Z!F$A&4(7-$2-(8&0;A7!A&(7-(45-#4>0&$4'#4!(7-#!"0;+!MM;!/%5!"!RMVVhWE!\M5!"]!>.045;!\"!"_!>.045!

!_g!

(4*B:()*!71%)*&)0%/!(/4!*37%,*13*/)!%<!<(13*1+;!1:1('!&%33:/0)0*+;!(/4!

'(.%1*1+5-

\W O"#0&-50+!&0%A!0$4-$2-L$*#&-"045#&+-+$;0(7-(45-L$70!0;(7-;"(48#:!#%/+%'04()0%/!

(/4!+*''0/2!)%!'(12*!1*)(0'*1+!3*(/+!(!'%++!%<!7%,*1!.-!.%)$!&%/+:3*1+!(/4!

71%4:&*1+K71%4:&*1+!(1*!:/(.'*!)%!/*2%)0()*!<(01!.:+0/*++!4*('+;!(/4!

&%/+:3*1+!&(//%)!40&)()*!,$()!)$*-!,%:'4!'08*!)%!&%/+:3*!4:*!)%!

&%/+%'04()0%/!&(:+0/2!<*,*1!(')*1/()09*+!<1%3!,$0&$!)%!&$%%+*5!A:&$!0+!)$*!

+)():+!B:%!<1%3!,$0&$!&%37(/0*+!(1*!&:11*/)'-!.*/*<0)0/25-

XW O"#1-(&#-$2!#4-7$48-+ALL71-;"(04+:-6$*!71%4:&*1^&%/+:3*1!1*'()0%/+$07+!)$()!

&$(1(&)*10=*!)$*!+$%1)!<%%4!+:77'-!&$(0/+!%<!)$*!>/)*17*1+%/('!e%1'4!3*(/+!

)$()!)$*!)1:+)!)$()!,%:'4!$(9*!*L0+)*4!.*),**/!71%4:&*1+!(/4!&%/+:3*1+!

21(4:(''-!40+(77*(1+!)$*!'%/2*1!)$*!&$(0/!21%,+5!6$*!/**4+!%<!)$*!71%4:&*1+!

(1*!/%)!(1)0&:'()*4!('%/2!)$*!&$(0/;!(/4!)$*!&%/&*1/+!%<!&%/+&0%:+!&%/+:3*1+!

(1*!('+%!%9*1'%%8*45!!-

-

]5"!#@AF!A6G`TE!I@>Q!6Q@`F!>S!#b?#?J@6F!

6$*!<(01!)1(4*!3%9*3*/)!0/!&$%&%'()*!0+!(!7103*!*L(37'*!%<!)$0+!40904*!,0)$0/!

)$*!(')*1/()09*!<%%4!+-+)*35!!@+!<(01!)1(4*!&$%&%'()*!$(+!*9%'9*4;!0)!$(+!4*9*'%7*4!(!

3(0/+)1*(3!*'*3*/)!)$1%:2$!3(18*)0/2!(/4!&%17%1()*!0/9%'9*3*/)f!(!+7*&)1:3!%<!

(&)%1+!<1%3!)$*!>/)*17*1+%/('!e%1'4!)%!)$*!>/4:+)10('!e%1'4!0+!&:11*/)'-!%&&:7-0/2!

)$*!<(01!)1(4*!9(':*!&$(0/+5!!!

! _h!

@+!3*/)0%/*4!0/!)$*!71*90%:+!+*&)0%/;!<(01!)1(4*!.*2(/!(+!(!+)1%/2!(')*1/()09*!

+-+)*3E!@6?+;!&%%7*1()09*+;!(/4!%)$*1!+%&0('!H:+)0&*!(/4!+:+)(0/(.'*!4*9*'%73*/)!

%10*/)*4!*/)*1710+*+!&(3*!)%2*)$*1!<%1!)$*!7:17%+*!%<!7*17*):()0/2!(/4!3(0/)(0/0/2!

(!3%1('!*&%/%3-!0/!,$0&$!.*/*<0)+!<1%3!&$%&%'()*!71%4:&)0%/!,*1*!<(01'-!

40+)10.:)*4!('%/2!)$*!+:77'-!&$(0/5!6%4(-;!FB:('!FL&$(/2*!0+!(/!*/4:10/2!*L(37'*!

%<!)$0+!3%4*';!.10/20/2!)%2*)$*1!I(01)1(4*!>/)*1/()0%/('!RIJ?W!&*1)0<0*4!&%%7*1()09*+;!

&%%7*1()09*'-!%,/*4!037%1)*1+;!(/4!&%%7*1()09*'-!%,/*4!&(<N+!(/4!1*)(0'*1+!)%!+*''!

<(01!)1(4*!&%<<**;!)*(;!&$%&%'()*;!(/4!%)$*1!71%4:&)+5!@/%)$*1!+:&$!&%37(/-!0+!`090/*!

#$%&%'()*!R<%13*1'-!8/%,/!(+!)$*!`(-!#$%&%'()*!#%37(/-W;!)$*!<01+)!<(01!)1(4*!

&%37(/-!)%!$(9*!<(13*1!%,/*1+$07!()!)$*!&*/)*1!%<!0)+!9(':*!71%7%+0)0%/5!

?/!)$*!%)$*1!$(/4;!)$*!3(0/+)1*(3!O(18*)!e%1'4^'*4!,*(8!(')*1/()09*!<%%4!

+-+)*3!<(''+!:/4*1!/*%^'0.*1('0+)!04*%'%2-;!,$0&$!71%3%)*+!(!&*1)0<0&()0%/!(2*/&-^

'*4;!&%17%1()*^&*/)10&;!71%<0)^%10*/)*4!3%4*'5!I0/40/2!$02$!9(':*!0/!(!1(704'-!

*L7(/40/2!/0&$*!3(18*);!&$%&%'()*!(/4!&%&%(!&%17%1()0%/+!&%/)1%'!71%4:&)0%/;!

*L7%1)0/2;!037%1)0/2;!+$0770/2;!(/4!40+)10.:)0%/!,0)$0/!)$*01!9(':*!&$(0/+;!*<<*&)09*'-!

*L&':40/2!+3(''^+&('*!&%&%(!<(13*1+!<1%3!*/2(20/2!0/!)$*!4*&0+0%/^3(80/2!71%&*++5!

A*9*1('!&$%&%'()*!OS#+;!+:&$!(+!O(1+;!S*+)'N;!(/4!#(4.:1-;!(+!,*''!(+!+:7*13(18*)+!

(/4!%)$*1!'(12*!1*)(0'*1+!)$()!$(9*!&*1)0<0*4!I(01!61(4*!71%4:&)+!4%!'0))'*!%1!/%)$0/2!

)%!*37%,*1!)$*!<(13*1!(/4!$0+!&%33:/0)-5!!?/!)$*!&%/)1(1-;!)$*!4%30/()0%/!%<!

%'02%7%'0+)0&!OS#+!0/!)$*!&%&%(!(/4!&$%&%'()*!+*&)%1!*L(&*1.()*+!)$*!71%.'*3!%<!

!aV!

03.('(/&*4!3(18*)!&(7):1*5"a!U*'%,!0+!I%''*))P+!<%:1^<%'4!1*(+%/!,$-!,*(8!

(')*1/()09*!<%%4!+-+)*3+!4%!/%)!(<<*&)!&$(/2*;!(+!(77'0*4!)%!<(01!)1(4*!&$%&%'()*E!!

K(&?#!-C$&75-;"$;$7(!#-;$'L(40#+-2$;A+-(7'$+!-#U;7A+0>#71-$4-L&0;#-(45-

#220;0#4;1:-6$*!*/)1-!%<!)$*+*!'(12*!O(18*)!e%1'4!7'(-*1+!$(+!7'(-*4!(!+:.+)(/)0('!

1%'*!0/!'%,*10/2!)$*!710&*!%<!<(01!)1(4*!&$%&%'()*5!@+!OS#+!*/H%-!*&%/%30*+!%<!+&('*;!

)$*-!&(/!71%4:&*!)$*!+(3*!71%4:&)+!()!(!'%,*1!&%+)5!>/!(440)0%/;!+:7*13(18*)+!(/4!

%)$*1!1*)(0'*1+!4%!/%)!+**!<(01!)1(4*!71%4:&)+!(+!(/-)$0/2!3%1*!)$(/!(/%)$*1!71%4:&)!

'0/*;!:+0/2!)$*01!4%30/(/)!7%,*1!)%!'*9-!0/&1*(+0/2!4*3(/4+!%/!)$*01!+:77'0*1+!

,$0'*!+03:')(/*%:+'-!71*++:10/2!(!1*4:&)0%/!%<!710&*+5!!

! K(&?#!-C$&75-;"$;$7(!#-;$'L(40#+-;$4;#4!&(!#-$4-L&$5A;!-bA(70!1-$>#&-!"#-

(7!#&4(!0>#-4#!*$&?-(+-(-*"$7#:-6$*!71%'0<*1()0%/!%<!'(.*'0/2!(/4!&*1)0<0&()0%/!

+&$*3*+!%<<*1+!(!+%'04!*L(37'*!%<!)$0+!*37$(+0+!%/!B:('0)-5!@+!Q**4"g!7%0/)+!%:);!

OS#+!$(9*!&%/+0+)*/)'-!+%:2$)!%:)!)$*!:+*!%<!'(.*'+!)$()!)-70&(''-!7'(&*!(!+)1%/2!

*37$(+0+!%/!)$*!*/901%/3*/)('!<*():1*+!%<!)$*!71%4:&)!0)+*'<!R05*5!C+0/2'*^%1020/DW!

)$()!3(18*)!71*30:3!B:('0)-;!.:)!$(9*!3:&$!,*(8*1!+%&0('!+)(/4(14+!(/4!4%!/%)!

7(-!30/03:3!710&*!2:(1(/)**+!)%!)$*!<(13*1+!)$*3+*'9*+5!e$0'*!0)!0+!)1:*!)$()!

&*1)0<0&()0%/!+&$*3*+!9(1-!0/!)$*01!0/)*171*)()0%/!%<!+:+)(0/(.'*!&%&%(!71%4:&)0%/;!

(/4!<(01!)1(4*!(+!(!3%9*3*/)!*+7*&0(''-!(03+!<%1!.*))*1!(/4!3%1*!H:+)!)1(4*!

1*'()0%/+!.*<%1*!0/&1*(+*4!71%4:&)090)-;"h!0)!&(/!.*!+(04!)$()!0/!2*/*1('!)$*-!+**8!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"a!@..%));!d5!b5;!O5!e0'&%L;!(/4!e*/40!@5!O:015!Z#%17%1()*!+%&0('!1*+7%/+0.0'0)-!0/!0/)*1/()0%/('!&%&%(!)1(4*5Z!DA&5A#-W40>#&+0!1E-C#+!-V(2(1#!!#!RMVV]W5!"g!Q**4;!`(11-'5!Ze$()!4%!&%17%1()0%/+!$(9*!)%!4%!,0)$!<(01!)1(4*[!d%+0)09*!(/4!/%13()09*!(/('-+0+!<1%3!(!9(':*!&$(0/!7*1+7*&)09*5Z!F$A&4(7-$2-=A+04#++-R!"0;+!g_!RMVVhWE!\^M_5!"h!cdOm5!C#%&%(!#*1)0<0&()0%/E!@!A):4-!%/!)$*!#%+)+;!@49(/)(2*+;!(/4!`0+(49(/)(2*+!%<!#%&%(!#*1)0<0&()0%/!#%330++0%/*4!.-!6$*!>/)*1/()0%/('!#%&%(!?12(/0=()0%/!R>##?W5D!Q*7%1)!)%!6$*!>/)*1/()0%/('!#%&%(!?12(/0=()0%/;!?&)%.*1!MV"M5!

! a"!

C0371%9*3*/)+!0/!<(13*1+P!'09*'0$%%4+;!%/!4*9*'%70/2!2%%4!(210&:'):1('!71(&)0&*+;!

(/4!%/!.:0'40/2!&(7(&0)-5DMV!b%,*9*1;!+*9*1('!OS#+!*L7'%0)!&*1)0<0&()0%/!+&$*3*+!)%!

*/$(/&*!)$*01!&%/)1%'!(/4!&(7):1*!3(18*)!+$(1*+!.-!:+0/2!,*(8*1!'(.*'+!+:&$!(+!G)=!

c(7*$!(/4!)$*!Q(0/<%1*+)!@''0(/&*!)%!2(0/!(!<%%)$%'4!0/!)$*!3(18*)K)$*+*!

&*1)0<0&()0%/+!*+)(.'0+$!+)(/4(14+!)$()!C$%'4!)$*!.(1!(/4!2:(1(/)**!30/03:3!

1*B:01*3*/)+;D!.:)!4%!/%)$0/2!)%!#'L$*#&!)$*!<(13*1+5!M"!

I:1)$*13%1*;!)$*+*!O(18*)!e%1'4!7'(-*1+!$(9*!('+%!71*++:1*4!<%1!(!40':)0%/!

%<!)$*!+)(/4(14+!(/4!1*B:01*3*/)+!/**4*4!)%!B:('0<-!<%1!)$*!<(01!)1(4*!'(.*'5!O%+)!

/%)(.'-;!)$*!G5A5!I(01!61(4*!&*1)0<0&()0%/!$(+!1*&*/)'-!(''%,*4!)$*!&*1)0<0&()0%/!%<!

7'(/)()0%/+;!(!+02/0<0&(/)!+$0<)!(,(-!<1%3!)$*!(3.0)0%:+;!)1(/+<%13()09*!*&%/%30&!

(/4!+%&0('!&$(/2*+!)$()!&$(1(&)*10=*!(:)$*/)0&!<(01!)1(4*5MM!CG/'08*!(!+:&&*++<:'!

<(13*1!&%^%7*1()09*;D!+(-+!S%1)$!%<!FB:('!FL&$(/2*;!C)$*!&*1)0<0&()0%/!%<!(!

7'(/)()0%/;!/%!3())*1!$%,!.*/02/!0)+!%7*1()0%/;!4%*+!/%)$0/2!)%!&$(/2*!,$%!%,/+!

)$*!<(13!'(/4;!,$%!$(+!)1:*!*&%/%30&!&%/)1%';!,$%!4*&04*+!,$()!,0''!.*!21%,/!%1!

$%,;!%1!,$%!$(+!7%'0)0&('!(/4!+%&0('!7%,*1!0/!)$*+*!1:1('!&%33:/0)0*+5DM\!T*)!(+!)$*!

G5A5!I(01!61(4*!'(.*'!0+!(77'0&(.'*!)%!&%&%(!7'(/)()0%/+;!<(01!)1(4*!&%&%(!037%1)*1+!

,0''!0/&1*(+0/2'-!.:-!<1%3!)$*+*!7'(/)()0%/+!)$()!(<<*&)!/%!+02/0<0&(/)!&$(/2*!0/!)$*!

,*'<(1*!%<!0)+!,%18*1+;!,$0&$!4*)1(&)+!<1%3!)$*!+('*+!7%)*/)0('!%<!<(13*1!&%^%7+5!

A:&$!71(&)0&*+!$(9*!%<)*/!.**/!&(''*4!C<(01^,(+$0/2D!+)1()*20*+;!.*&(:+*!)$*+*!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!MV!>.045;!"_!M"!Q(-/%'4+;!J(:1(!65;!`%:2'(+!J5!O:11(-;!(/4!Y%$/!e0'80/+%/5!<(0&-!&(5#,-O"#-;"(77#48#+-$2-!&(4+2$&'048-87$%(70J(!0$45!Q%:)'*42*;!MVVa5!"]h5!MM!S%1)$;!Q%4/*-5!CI(01!61(4*!#*1)0<0&()0%/!`%*+/P)!`%!<%1!d'(/)()0%/+!e$()!0)!`%*+!<%1!#%^%7+5D!S$$5;!?&)%.*1!"_;!MV"M5!$))7Ell,,,52%%450+l7%+)+l<(01^)1(4*^&*1)0<0&()0%/^4%*+/^)^4%^<%1^7'(/)()0%/+^,$()^0)^4%*+^<%1^&%^%7+!R(&&*++*4!S%9*3.*1!";!MV"MW5!M\!>.045!

!aM!

'(.*'*4!71%4:&)+!(1*!30+'*(40/2!)%!)$*!*)$0&('!&:+)%3*1!,$%!0+!'*4!)%!.*'0*9*!+l$*!0+!

(040/2!(!3%1('!*&%/%3-!%<!&$%&%'()*5!

!

! 3$&L$&(!0$4+T-c+!#(7!"T-(;bA0+0!0$4+-(45-!"#-$>#&(%A45(4;#-$2-7(%#7+-"045#&-

+$;0(7-(45-L$70!0;(7-;"(48#5!?/!)$*!&%/+:3*1!+04*;!&%/+:3*1!4*3(/4+!<%1!*)$0&('!

71%4:&)+!$(9*!.**/!.':/)*4!.-!&%37(/0*+!)$()!:+*!)$*01!*)$0&('!&$%&%'()*!'0/*+!)%!

0/&1*(+*!)$*!+('*+!%<!)$*01!&%/9*/)0%/('!71%4:&)+;!,$0&$!30+'*(4+!&:+)%3*1+!0/)%!

.*'0*9*!)$()!(')*1/()09*;!*)$0&('!%7)0%/+!(1*!0/&1*(+0/2!0/!)$*!3(18*)7'(&*!,$*/!0/!

1*('0)-;!)$*-!(1*!/(11%,0/25MX!@440)0%/(''-;!)$*!'(&8!%<!(!+-/*120+)0&!(771%(&$!)%!

'(.*'0/2!$(+!'*4!)%!)$*!71%'0<*1()0%/!%<!:/&%%140/()*4;!()!)03*+!&%37*)0/2;!0/0)0()09*+!

0/!&%&%(!*L7%1)0/2!&%:/)10*+5!@!+:19*-!.-!)$*!>/)*1/()0%/('!#%&%(!?12(/0=()0%/!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!MX!b%,(14;!d$0'07!b5!Z#%/+%'04()0%/!0/!)$*!S%1)$!@3*10&(/!?12(/0&!I%%4!d1%&*++0/2!A*&)%1;!"hha!)%!MVVa5Z!H4!#&4(!0$4(7-F$A&4(7-$2-)$;0$7$81-$2-.8&0;A7!A&#-(45-<$$55!"_5!/%5!"!RMVVhWE!"]5!

! a\!

R>##?W!A*&1*)(10()!1*9*('*4!(.%:)!_X!0/0)0()09*+!,%1'4,04*!%/!&%&%(!+:+)(0/(.0'0)-!

0/9%'90/2!(1%:/4!_V!(2*/&0*+!(/4!&%37(/0*+;M]!,$0&$!'*(4+!)%!)$*!&%/<:+0%/!%<!

&%/+&0*/)0%:+!&%/+:3*1+!,$%!(1*!/%)!/*&*++(10'-!(,(1*!%<!)$*!40<<*1*/&*+!(3%/2!

)$*!'(.*'+!0/!)*13+!%<!)$*!+:77%1)!)$()!0+!71%904*4!)%!)$*!&(&(%!<(13*1+5!!

! ?/!)$*!71%4:&*1!+04*;!&*1)0<0&()0%/!+)(/4(14+!*1*&)!*/)1-!.(110*1+!0/!&%&%(!

+:77'-!&$(0/+!)$()!3(/-!+3(''^+&('*!&(&(%!<(13*1+!&(//%)!%9*1&%3*5!@+!&*1)0<0&()0%/!

71%&*4:1*+!.*&%3*!3%1*!*L7*/+09*;!+3(''$%'4*1+!(/4!&%%7*1()09*+!)$()!4%!/%)!

$(9*!(&&*++!)%!<0/(/&0('!(04!%1!)*&$/0&('!(++0+)(/&*!(1*!+):&85!b%,*9*1;!*9*/!)$%+*!

,$%!5$!3**)!)$*!1*B:01*3*/)+!%<!&*1)0<0&()0%/!+&$*3*+!(1*!/%)!2:(1(/)**4!$02$*1!

9(':*!&(7):1*4!0/!)$*!&%&%(!&$(0/5!>/!)$*!,%14+!%<!d%/)*!(/4!m0..%/;M_!C7:.'0&!

0/+)0):)0%/+;!,$0&$!0/!)$*!7(+)!+*)!+)(/4(14+!*3.*440/2!0/!1*2:'()0%/;!(1*!

0/&1*(+0/2'-!:/(.'*!)%!4*<*/4!)$*!0/)*1*+)+!%<!71%4:&*1+;!*+7*&0(''-!+3(''^+&('*!

%/*+{+3(''!71%4:&*1+!0/!4*9*'%70/2!&%:/)10*+!$(9*!.**/!&%37'*)*'-!&:)!%<<!<1%3!

)$*!2(3*!%<!+)(/4(14!+*))0/2!(/4!3%/0)%10/25D!!

! <04(771E-K(&?#!QC$&75-;"$;$7(!#-KP3+-5&0>#-7$48-2(0&-!&(5#-+ALL71-;"(04+:-

b*1*0/!'0*+!(!<:/4(3*/)('!71%.'*3!%<!&%17%1()*!0/9%'9*3*/)!0/!)$*!+:+)(0/(.'*!

&%&%(!*&%/%3-E!)1(40)0%/('!&%17%1()*^4%30/()*4!9(':*!&$(0/+!(1*!%10*/)*4!)%,(14!

3(L030=0/2!71%<0)+!<%1!+$(1*$%'4*1+;!,$0'*!(')*1/()09*!9(':*!&$(0/+!(03!)%!+:77%1)!

+3(''!<(13*1+!(/4!.-!*L)*/+0%/;!)$*01!'(12*1!&%33:/0)0*+5!>/!+%!4%0/2;!)$*!

(')*1/()09*!9(':*!&$(0/!(03+!)%!.*!(+!+$%1)!(+!7%++0.'*!.-!1*4:&0/2!)$*!/:3.*1!%<!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!M]!d070)%/*;!J(:1*/)5!C6$*!I:):1*!%<!)$*!e%1'4!#%&%(!F&%/%3-E!U%%3!%1!U:+)[D!6$*!>/)*1/()0%/('!#%&%(!?12(/0=()0%/!71*+*/)()0%/!()!)$*!_h)$!+*++0%/!%<!)$*!I@?!#%330))**!%/!#%33%40)-!d1%.'*3+;!Q%3*;!>)('-;!Mg^\V!O(-!MV"M5!!M_!d%/)*;!A)*<(/%;!(/4!d*)*1!m0..%/5!Zt:('0)-!+)(/4(14+;!&%/9*/)0%/+!(/4!)$*!2%9*1/(/&*!%<!2'%.('!9(':*!&$(0/+5Z!R;$4$'1-(45-+$;0#!1!\X;!/%5!"!RMVV]WE!"^\"5!!

!aX!

71%<0)^2*/*1()0/2!C3044'*3*/D!.*),**/!)$*!<(13*1!(/4!)$*!&%/+:3*1;!(/4!+**8+!)%!

71%3%)*!7(1)/*1+$07+;!/%)!&(7)090)-;!.-!$*'70/2!+3(''!&(&(%!<(13*1+!3%9*!:7!)$*!

&$(0/!0/!%14*1!)%!(&B:01*!3%1*!9(':*5!6$*1*<%1*;!0/!)$0+!3%1('!*&%/%3-!9(':*!&$(0/;!

C)$*!1*'()0%/('!<%13!%<!2%9*1/(/&*!0+!.(+*4!:7%/!9(':*+!%<!+%'04(10)-!(/4!+%&0('!

H:+)0&*5DMa!!

! b%,*9*1;!(+!Q**4!7%0/)+!%:);!)$*1*!(1*!),%!71%.'*3+!0/!7(1)0&:'(1!,0)$!)$*!

)1(40)0%/('!&%17%1()*^4%30/()*4!&$(0/EMg!%/*!71%.'*3!0+!)$()!&*1)(0/!&%17%1()0%/+!

,0)$!.(4!1*7:)()0%/+!<%1!+%&0('!1*+7%/+0.0'0)-;!+:&$!(+!e('3(1);!3(-!.*&%3*!

1*)(0'*1+!%<!<(01!)1(4*!71%4:&)+f!)$*!+*&%/4!0+!)$()!)$*+*!&%17%1()0%/+!3(-!3%9*!)%!

(.+%1.!<(01!)1(4*!0/)%!)$*01!%,/!.1(/4+;!,$0&$!037'0*+!)$()!<(01!)1(4*!&*1)0<0&()0%/!0+!

2090/2!'*20)03(&-!)%!(!1*)(0'!.1(/4!)$()!4%*+!/%)!:7$%'4!<(01!)1(4*!+)(/4(14+!0/!(''!0)+!

71%4:&)+5!!

! m1(/)*4;!*L&':40/2!3(0/+)1*(3!&%17%1()0%/+!*/)01*'-!0+!/%)!%/'-!037%++0.'*;!

.:)!('+%!0371(&)0&('5!6$*!<(01!)1(4*!3%9*3*/)!$(+!:/4*/0(.'-!.*/*<0)*4!<1%3!)$*!

3(H%1!1%'*!)$()!&%17%1()*!7(1)0&07()0%/!$(+!7'(-*4!0/!0)+!1*&*/)!*L7%+:1*!(/4!

1*(&$5Mh!><!8*7)!()!)$*!&#!(07!'*9*';!&%17%1()*!7(1)0&07()0%/!71%904*+!9(':*!0/!

*L7(/40/2!)$*!<(01!)1(4*!3(18*)5!>/!%)$*1!,%14+;!%/'-!(/!(13+^'*/2)$!3(18*)!

1*'()0%/+$07!,0)$!@6?+!(/4!<(13*1!&%%7*1()09*+!,0''!/%)!&%371%30+*!)$*!3%1('!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Ma!Q**4;!`(11-'5!Ze$()!4%!&%17%1()0%/+!$(9*!)%!4%!,0)$!<(01!)1(4*[!d%+0)09*!(/4!/%13()09*!(/('-+0+!<1%3!(!9(':*!&$(0/!7*1+7*&)09*5Z!F$A&4(7-$2-=A+04#++-R!"0;+!g_!RMVVhWE!h5!Mg!>.045;!""!Mh!>.045;!"V!

! a]!

*&%/%3-!%<!)$*!<(01!)1(4*!9(':*!&$(0/5\V!!6$*!MV"M!FB:('!FL&$(/2*!@//:('!Q*7%1)!

3(8*+!(/!(4(3(/)!&'(03!)%!)$*!+(3*!*<<*&)E\"!

ZC#-4##5-!$-%#-;7#(&,-!"#-05#(-2$&-;$4!&$77#5-'(04+!&#('048-$2-<(0&-O&(5#-;('#-2&$'[(-;$Q$L-04-+$A!"-9(U(;(E-K#U0;$:-O"#-05#(-*(+-4$!-!$-80>#-;$4!&$7-$2-!"#-<(0&-O&(5#-+1+!#'-!$-RA&$L#(4-4$4QL&$20!+E-$&-%A&#(A;&(!+E-$&-'A7!04(!0$4(7-;$'L(40#+E-$&-!$-L7(4!(!0$4+[<(0&-!&(5#-*(+-04!#45#5-2$&-+'(77-2(&'#&+-(45-+'(77-L&$5A;#&+-*"$-(&#-5#'$;&(!0;(771-$&8(40J#5[5#>#7$L048-$>#&-!0'#-(!-+084020;(4!-&0+?E-+'(77-2(&'#&+-;(4-%A075-+$705(&0!1-4#!*$&?+-(45-#4!#&-;$''#&;0(7-+ALL71-;"(04+:-C"#4-!"#1-+A;;##5-(!-!"0+-!"#&#-(&#-%#4#20!+E-+A;"-(+-L$+0!0>#-5#>#7$L'#4!-04-!"#0&-;$''A40!0#+:-O"(!T+-*"(!-<(0&-O&(5#-0+-(77-(%$A!:]\M!

--

T*)!)$*!1*('0)-!0+!)$()!/%)!%/'-!)$*!<(01!)1(4*!3%9*3*/);!.:)!)$*!3%1('!

*&%/%3-!%<!&$%&%'()*!0/!2*/*1(';!0+!<(&0/2!)$*!&$(''*/2*!%<!1*3(0/0/2!<(0)$<:'!)%!0)+!

%1020/('!&%330)3*/)!)%!+%&0('!H:+)0&*!,$0'*!*/4*(9%10/2!)%!*L)*/4!)$*!1*(&$!%<!)$*!

/%13+!)$()!1*2:'()*!)$*!>/)*17*1+%/('!e%1'4!0/!,$0&$!0)!%7*1()*+5!6$0+!&(+*!+):4-!

0'':+)1()0/2!)$*!40904*!,0)$0/!)$*!<(01!)1(4*!3%9*3*/)!+037'-!1*<'*&)+!)$*!)*/+0%/!

,0)$0/!)$0+!21*()*1!&$%&%'()*!*&%/%3-5!!

!

!

!

!

!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!\V!>.045!\"!FB:('!FL&$(/2*5!@//:('!Q*7%1)!MV""E!M]!T*(1+!A)(/40/2!,0)$!A3(''!I(13*1+5!!\M!>.045!

!a_!

!"#$%&'()2-Q,)"$2')2&/.-'2)*3)42/2&$-+$R-5-&16!!

! !

6$0+!)*/+0%/!401*&)'-!1*+:')+!<1%3!)$*!&%*L0+)*/&*!%<!9(10%:+!7'(-*1+!0/!)$*!

&$%&%'()*!0/4:+)1-;!*(&$!+:.+&10.0/2!)%!40<<*1*/)!3*)$%4+!%<!1*2:'()0/2!)$*!

&$%&%'()*!*&%/%3-5!>/!)$0+!&$(7)*1;!>!*9(':()*!+*9*1('!&(+*!+):40*+!%<!+:+)(0/(.0'0)-!

3%4*'+!<%1,(14*4!.-!9(10%:+!7'(-*1+!0/!)$*!*&%/%3-K)1(/+/()0%/('!(/4!

0/)*1/()0%/('!%12(/0=()0%/+;!OS#+;!0/4*7*/4*/)!(')*1/()09*!&$%&%'()*!&%37(/0*+;!

(/4!&%''(.%1()0%/+!(3%/2!)$*3K(/4!&10)0B:*!*(&$!3%4*'!.(+*4!%/!(!+)(/4(14!

209*/!.-!I%''*))5"!?<!&%:1+*;!)$*1*!0+!/%!:/09*1+('!4*<0/0)0%/!%<!+:+)(0/(.0'0)-;!/%)!)$*!

'*(+)!.*&(:+*!%<!)$*!40<<0&:')0*+!<(&*4!0/!())*37)0/2!)%!B:(/)0<-!(!'(12*'-!B:('0)()09*!

/%)0%/K,$()!0+!*)$0&('[!e$()!0+!2%%4[!e$()!+$%:'4!.*!)$*!<%&:+E!*&%/%30&;!

*&%'%20&(';!%1!+%&0('!H:+)0&*[!b%,*9*1;!"0+!$&0;(7-L&#;#5#4!-"(+-+"$*4-!"(!-+$;0(7-

dA+!0;#-(45-+A+!(04(%7#-#;$4$'0;-5#>#7$L'#4!-"(>#-%##4-;#4!&(7-;$4;#&4+-$4-*"0;"-

*#&#-8&$A45#5-&#7(!#5-'(!!#&+f!<1%3!)$*!`%30/0&(/!3%/8!J(+!#(+(+!)%!)$*!c/02$)!

Q044*1!H%:1/('0+)+;!71%)*+)+!(2(0/+)!+'(9*!'(.%1!*L7'%0)*4!<%1!)$*!7:17%+*!%<!%/*^

+04*4!*&%/%30&!.*/*<0)!$(9*!:/4*1'0/*4!)$*!4*9*'%73*/)!%<!&$%&%'()*!)$1%:2$!)$*!

(2*+5!!6$*1*<%1*;!0/!8**70/2!,0)$!)1(40)0%/;!.:)!(4(7)0/2!)%!)$*!4*3(/4+!%<!(!

2'%.('0=*4!*&%/%3-;!>!:+*!I%''*))P+!4*<0/0)0%/!%<!,$()!3(8*+!(!+:+)(0/(.'*!&$%&%'()*!

*&%/%3-!(''!('%/2!)$*!&%&%(!+:77'-!&$(0/EM!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"!I%''*));!Y*<<1*-!Q5!Z#$%%+0/2!(!<%%4!<:):1*E!40<<*1*/)0()0/2!(3%/2!(')*1/()09*!<%%4!%7)0%/+5Z!F$A&4(7-$2-(8&0;A7!A&(7-(45-#4>0&$4'#4!(7-#!"0;+!MM;!/%5!"!RMVVhWE!\"^]"5!M!>.045;!\h!

! aa!

! C{5'/+%$#-1$%../+/%-+0$+,7%$*%+,-1!)%!)$*!%)$*1!B:('0)0*+!)$()!<%%4!

1*71*+*/)+!0/!)$*!+-+)*35D!@1*!)$*!&(&(%!.*(/+!%12(/0&(''-!21%,/;!(/4!

$(19*+)*4!(/4!71%&*++*4!0/!,(-+!)$()!4%!/%)!&%371%30+*!)$*!B:('0)-!%<!)$*!

.*(/+[!@1*!)$*!.*(/+!8*7)!<1%3!.*0/2!30L*4!,0)$!'%,*1^B:('0)-;!/%/^%12(/0&!

.*(/+!<1%3!40<<*1*/)!&(&(%^21%,0/2!1*20%/+[!

! C6$*+*!B:('0)0*+!%8!%-1$6%0,-1$!"%$%+,&,(/+#&$#*5%+!*$,.$.,,19$,'(#-/+$

+%'!/./+#!/,-9$#-1$('%%-$+,-:%-!/,-5D!@1*!&(&(%!<(13*1+!(/4!&%%7*1()09*+!

209*/!+:+)(0/(.'*!,(2*+!<%1!&%33:/0)-!4*9*'%73*/)!(/4!0/<1(+)1:&):1('!

0371%9*3*/)!%<!71%4:&)0%/!3*)$%4+[!`%!&*1)0<0&()0%/!+&$*3*+!4*3(/4!

1*B:01*3*/)+!)%!+:&$!*<<*&)[!

! C{6$*01!/*),%18+!<%&:+!%/!'%&#!/,-*"/5*9$!'#-*5#'%-+09$#-1$!'2*!5D!`%!

&%&%(!71%&*++%1+!(/4!&$%&%'()*!3(/:<(&):1*1+!3(8*!(9(0'(.'*!.:+0/*++;!

)1(4*;!(/4!3(18*)!0/<%13()0%/!)%!)$*01!71%4:&*1+[!>+!)$*!1*'()0%/+$07!%/*!%<!

*B:('!7(1)/*1+$07!0/!,$0&$!<(13*1!4*3(/4+!(1*!&%/+04*1*4;!%1!%<!%/*^+04*4!

2%9*1/(/&*!0/!,$0&$!&(&(%!<(13*1+!(/4!)$*01!&%33:/0)0*+!(1*!*L&':4*4!<1%3!

&(7):10/2!3:&$!%<!)$*!9(':*!%<!)$*!<0/('!71%4:&)[!

! Cd(1)0&07(/)+!*L(30/*!)$*!/*),%18!(+!(!,$%'*!(/4!6#*%$1%+/*/,-*$,-$7,'%$

!"#-$#$*/75&%$&#6%&$,.$;,'(#-/+<$,'$;+,-:%-!/,-#&<5D!@1*!.:-*1+!&%/&*1/*4!

,0)$!+037'-!8**70/2!)$*!+)():+^B:%!%<!7(++0/2!)$*!j*)$0&('P!.(1;!%1!(1*!)$*-!

&%330))*4!)%!4**7*1!+%&0(';!*&%/%30&;!(/4!7%'0)0&('!&$(/2*!)$()!,0''!

*37%,*1!&(&(%!71%4:&*1+!(/4!%)$*1+!0/!)$*!+:77'-!&$(0/!)$()!/**4!&:11*/)'-!

*L7'%0)*4[!

!ag!

! C{3(/-!.#'7%'*$#-1$620%'*$5#'!/+/5#!%$/-$!"%*%$7#'=%!*;!+%!/%!%/*!&(/!

&%/)1%'!)$*!3(18*)!(/4!40&)()*!)$*!)*13+!%<!7(1)0&07()0%/!(/4!0/)*1(&)0%/5D\!>+!

)$*!&%&%(!(/4!&$%&%'()*!+:77'-!&$(0/!3(18*4!.-!*B:('!*L&$(/2*!(/4!

.('(/&*4!)1(4*!1*'()0%/+$07+;!%1!0+!7%,*1!(/4!4*&0+0%/^3(80/2!&%/&*/)1()*4!

0/!(!<*,!.02!7'(-*1+[!

!

`*7*/40/2!%/!)$*!(&)%1!(/4!)$*!/%13+!)$()!2%9*1/!)$*!,%1'4!%<!71%4:&)0%/!0/!

,$0&$!)$()!(&)%1!%7*1()*+;!40<<*1*/)!(+7*&)+!%<!(!+:+)(0/(.'*!&$%&%'()*!*&%/%3-!(1*!

*37$(+0=*45!OS#+!)-70&(''-!<%&:+!%/!$02$;!*&%^<10*/4'-!71%4:&)090)-!(/4!+*&:10/2!(!

+)(.'*!'0/*!%<!&(&(%!+:77'-!)%!3**)!&$%&%'()*!4*3(/4;!.:)!/*2'*&)!)%!(441*++!)$*!

4**7*1!0++:*+!%<!<(13*1!&%33:/0)-!4*9*'%73*/)f!(')*1/()09*!)1(4*!&%37(/0*+!)$()!

*0)$*1!7(1)/*1!,0)$!&%%7*1()09*+!%1!(1*!<(13*1^%,/*4!$02$'02$)!)$*!.('(/&*!%<!+%&0('!

(/4!*&%/%30&!.*/*<0)+!(&&1:*4!)%!&(&(%!<(13*1+!<%1!)$*01!*37%,*13*/);!.:)!302$)!

+)1:22'*!,0)$!.*0/2!'030)*4!)%!(!/0&$*!3(18*)f!(/4!%)$*1!0/)*1/()0%/('!.%40*+!

(<<0'0()*4!,0)$!)$*!&$%&%'()*!*&%/%3-!%<<*1!(!,04*!9(10*)-!%<!+%':)0%/+!+7(//0/2!)$*!

+7*&)1:3!.*),**/!O(18*)!e%1'4!9(':*+!(/4!>/)*17*1+%/('!e%1'4!9(':*+5!!

!

_5"!>S6FQS@6>?S@J!?Qm@S>|@6>?S!#@AF!A6G`TE!6bF!>##?!

G/4*/0(.'-;!(''!(&1%++!)$*!&$%&%'()*!0/4:+)1-!)$*1*!$(+!.**/!(!2*/*1('!

(&8/%,'*423*/)!%<!&%/&*1/+!<%1!(!3%1*!*)$0&(''-!4*)*130/*4!*&%/%3-5!@+!

71*90%:+'-!3*/)0%/*4;!)$*!>##?P+!(//:('!1*7%1)!1*'*(+*4!0/!MVV_lMVVa!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!\!>.045!

! ah!

4*3%/+)1()*4!(!71%<%:/4!+$0<)!0/!&%/&*1/+!,$*/!0)!1*&%2/0=*4!)$*!:12*/)!/**4!)%!

0/&1*(+*!)$*!0/&%3*!'*9*'+!%<!7%%1!&(&(%!<(13*1+;!aVw!%<!,$%3!'09*!0/!@<10&(;!

*+7*&0(''-!0/!m$(/(!(/4!)$*!>9%1-!#%(+)5X!6$*!>##?!:12*4!0/4:+)1-!7'(-*1+!)%!<%&:+!

/%)!%/'-!%/!)$*!B:('0)-!%<!)$*!&$%&%'()*;!.:)!('+%!)$*!+%&0(';!*)$0&(';!(/4!

*/901%/3*/)('!&%/)*L)!,0)$0/!,$0&$!)$*!&%&%(!0+!71%4:&*45!!

!

`:B:B-K9XRV-9<-)W)O.HP.=HVHOe-

6$*!#%/+:')()09*!U%(14!%/!)$*!e%1'4!F&%/%3-!4*<0/*+!+:+)(0/(.0'0)-!(+!

0/9%'90/2!)$1**!70''(1+K*&%/%30&;!*/901%/3*/)(';!(/4!+%&0('5!A:+)(0/(.'*!

4*9*'%73*/)!0/!)$*+*!)$1**!70''(1+!0+!C4*9*'%73*/)!)$()!3**)+!)$*!/**4+!%<!)$*!

71*+*/)!,0)$%:)!&%371%30+0/2!)$*!(.0'0)-!%<!<:):1*!2*/*1()0%/+!)%!3**)!)$*01!%,/!

/**4+5D]!6$:+!(!+:+)(0/(.'*!,%1'4!*&%/%3-!0+!:/4*1+)%%4!)%!.*!(/!*&%/%3-!)$()!0+!

C*&%/%30&(''-!90(.'*;!*&%'%20&(''-!+%:/4;!(/4!+%&0(''-!(&&*7)(.'*5D_!U*'%,!0+!I02:1*!

_;!,$0&$!+$%,+!(!40(21(330&!0/)*171*)()0%/!%<!+:+)(0/(.0'0)-!(+!+**/!.-!)$*!>##?5!

!

!

!

!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!X!c$(30+;!A:+(/5!Z@!&(+*!+):4-!0/!&%371%30+*E!6$*!m1**/iU'(&8r+!.1(/4!%<!*)$0&('!&$%&%'()*5Z!.A+!&(7(+0(4-F$A&4(7-$2-D$LA7(&-3A7!A&#5!"5!/%5!"!RMV"MWE!Ma5!"V5"\g_!]!CA:+)(0/(.'*!#%&%(!F&%/%3-E!@!#%371*$*/+09*!(/4!d(1)0&07()%1-!@771%(&$5D!6$*!>/)*1/()0%/('!#%&%(!?12(/0=()0%/;!#%/+:')()09*!U%(14!%/!)$*!e%1'4!#%&%(!F&%/%3-;!"M!O(1&$!MVVa5!!_!>.045!!

!gV!

I02:1*!_!!

RA%:1&*E!#%/+:')()09*!U%(14;!MVVaW!

! 6%!)$()!*/4;!)$*!>##?!7:+$*+!<%1!(!3:')0^71%/2*4!(771%(&$!)%!(&$0*90/2!

+:+)(0/(.0'0)-!0/!)$*!,%1'4!&%&%(!*&%/%3-5!A)03:'()0/2!&%&%(!&%/+:37)0%/!(/4!

71%4:&)0%/!0/!&(&(%!.*(/!*L7%1)0/2!&%:/)10*+f!*/&%:1(20/2!<(13*1+P!&1*()0%/!%<!

&%%7*1()09*+f!0371%90/2!)$*!3(/(2*10('!&(7(&0)-!%<!<(13*1+;!+:&$!(+!)$*!*<<0&0*/)!:+*!

%<!<*1)0'0=*1+!(/4!7*+)0&04*+f!+:77%1)0/2!)$*!0371%9*3*/)!%<!*L0+)0/2!3(18*)!

0/<%13()0%/!+-+)*3+!<%1!<(13*1+;!(/4!)$*!4*9*'%73*/)!%<!/0&$*!3(18*)+!+:&$!(+!

71*30:3l<'(9%1*4!&%&%(f!*37%,*10/2!<(13*1+!)%!*(1/!)$*!$02$*+)!9(':*!<%1!)$*01!

&(&(%!(/4!)%!409*1+0<-!)$*01!&1%7!<%1!(!3%1*!+)(.'*!0/&%3*f!:120/2!&$%&%'()*!(/4!

&%&%(!OS#+!)%!71(&)0&*!j&%17%1()*!+%&0('!1*+7%/+0.0'0)-P!R#AQW;!0/!%14*1!)%!(49(/&*!

)$*01!&%17%1()*!03(2*!(/4!0/&1*(+*!<(13*1!71%4:&)090)-!(/4!0/&%3*f!(/4!*1(40&()0/2!

&$0'4!'(.%1!0/!e*+)!@<10&(!(1*!%/'-!(!<*,!%<!)$*!71%7%+('+!+)1%/2'-!4**3*4!

/*&*++(1-5a!!

! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!a!>.045!!

! g"!

`:B:G-.P.Ve)H)-9<-)W)O.HP.=HVHOe-K9XRV-

b%,*9*1;!(+!&(/!.*!+**/!<1%3!)$*!(.%9*!1*&%33*/4()0%/+;!)$*!>##?!3(8*+!

&'*(1!)$()!C)$*!*&%/%30&!70''(1!)(8*+!710%10)-!(/4!71*&*4*/&*!%9*1!)$*!%)$*1!),%!

70''(1+Dg!.*&(:+*!+3(''^+&('*!&(&(%!<(13*1+!(1*!(++:3*4!)%!710%10)0=*!*&%/%30&!

&%/+04*1()0%/+!%9*1!.%)$!*/901%/3*/)('!(/4!+%&0('!&%/&*1/+5!>/4**4;!C%/'-!,$*/!)$*!

.(+0&!*&%/%30&!/**4+!%<!)$*!<(13*1+!(/4!)$*01!<(30'0*+!(1*!3*);!;(4-!"#1-%#-#UL#;!#5-

!$-;(&#-(%$A!-+$;0(7-(45-#4>0&$4'#4!(7-(+L#;!+-$2-!"#0&-(;!0>0!0#+5!>/!%)$*1!,%14+;!)$*!

<01+)!710%10)-!0/!(&)090)0*+!)%,(14+!(!+:+)(0/(.'*!,%1'4!&%&%(!*&%/%3-!0+!)%!0371%9*!

)$*!1*9*/:*+!(/4!0/&%3*+!%<!)$*!&(&(%!<(13*1+!x0)('0&+!(44*4y5Dh!@+!3:&$!'0)*1():1*!

&(/!())*+)!)%;!+3(''^+&('*!<(13*1+!$(9*!*L71*++*4!(!&'*(1!4*+01*!<%1!3%1*!)$(/!H:+)!

*&%/%30&!2(0/+E!)1(/+7(1*/&-!('%/2!)$*!+:77'-!&$(0/;"V!3%1*!*B:0)(.'*!1*'()0%/+$07+!

.*),**/!<(13*1+!(/4!.:-*1+;""!&%33:/0)-!*37%,*13*/)!)$1%:2$!%,/*1+$07!%<!

+$(1*+!0/!&$%&%'()*!&%37(/0*+;"M!(/4!+%&0('!(3*/0)0*+;!+:&$!(+!*4:&()0%/!<%1!)$*01!

&$0'41*/;"\!(1*!%/'-!(!<*,!%<!)$*!/%/^*&%/%30&!2(0/+!<(13*1+!,0+$!)%!(&&*++5!!

6$*!<(&)!)$()!)$*!>##?!(++:3*+!)$*!4*+01*+!%<!+3(''^+&('*!<(13*1+!)%!<01+)!(/4!

<%1*3%+)!.*!&%/&*1/*4!,0)$!)$*!*&%/%30&!70''(1!%<!+:+)(0/(.'*!4*9*'%73*/)!7%0/)+!

)%!(!3(H%1!<'(,!0/!)$*!%12(/0=()0%/K+*9*1('!+)(8*$%'4*1+;!0/&':40/2!)$*!&(&(%!

<(13*1+!)$*3+*'9*+;!(/4!&%/+:3*1+;!'%&('!)1(4*1+;!Sm?+;!(/4!:/0%/+;!(1*!*L&':4*4!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!g!>.045;!M!h!>.045!!"V!CO(80/2!>/)*1/()0%/('!A:77'-!#$(0/+!e%18!<%1!A3(''$%'4*1!I(13*1+E!@!#%37(1()09*!A):4-!%<!A0L!I(01!61(4*!q(':*!#$(0/+5D!@!I(01)1(4*!I%:/4()0%/!Q*7%1);!O(-!MV"M5!!""!>.045!"M!`090/*!#$%&%'()*5!@//:('!Q*7%1)!MV"Vl""5!!"\!c$(30+;!A:+(/5!Z@!&(+*!+):4-!0/!&%371%30+*E!6$*!m1**/iU'(&8r+!.1(/4!%<!*)$0&('!&$%&%'()*5Z!.A+!&(7(+0(4-F$A&4(7-$2-D$LA7(&-3A7!A&#5!"5!/%5!"!RMV"MWE!"h^\M5!"V5"\g_5!

!gM!

<1%3!3*3.*1+$07!0/!)$*!>##?;"X!,$0'*!&%:/)1-!1*71*+*/)()0%/;!,$0&$!0/&':4*+!"g!

*L7%1)0/2!&%:/)10*+!)%!Mh!037%1)0/2!&%:/)10*+;!0+!$*(90'-!+8*,*4!)%,(14!)$*!'())*1!

,0)$!(!1()0%!%<!3%1*!)$(/!),%!)%!%/*5"]!@+!?L<(3!1*7%1)+;"_!)$*+*!(&)%1+!3:+)!.*!

209*/!(!9%0&*!)%!4*9*'%7!(/4!037'*3*/)!3*(+:1*+!)$()!(1*!+:77%1)*4!,%1'4,04*5!

O%1*!037%1)(/)'-;!)$*!>##?!/**4+!)%!1*&*09*!0/7:)!<1%3!+)(8*$%'4*1+!(''!('%/2!)$*!

&%&%(!(/4!&$%&%'()*!+:77'-!&$(0/;!#+L#;0(771!<1%3!)$%+*!,$%!(1*!3%+)!(<<*&)*4K)$*!

&(&(%!<(13*1+!)$*3+*'9*+K0<!0)!)1:'-!,0+$*+!)%!&1*()*!(!3%1*!+:+)(0/(.'*!&%&%(!

*&%/%3-5"a!I%1!*L(37'*;!(')$%:2$!)$*!>##?!1*&%2/0=*+!)$*!/**4!)%!*1(40&()*!)$*!

,%1+)!<%13+!%<!&$0'4!'(.%1!%/!&%&%(!<(13+!0/!e*+)!@<10&(;!0/!0)+!MVVa!1*7%1)!6$*!

A:+)(0/(.'*!#%&%(!F&%/%3-;"g!0)!0/+0+)+!)$()!C)$*!71(&)0&*!0+!%/'-!<%:/4!0/!(!+3(''!

/:3.*1!%<!&(+*+;D"h!4*+70)*!)$*!%9*1,$*'30/2!*904*/&*!)%!)$*!&%/)1(1-5MV!

6$:+!,$*/!H:L)(7%+*4!,0)$!)$*!1*B:01*3*/)+!%<!(!3%1('!*&%/%3-;!)$*!>##?P+!

3%4*'!%<!+:+)(0/(.'*!4*9*'%73*/)!0/!)$*!,%1'4!&%&%(!(/4!&$%&%'()*!*&%/%3-!

1*3(0/+!,0)$0/!'(12*'-!/*%^'0.*1('!&%/9*/)0%/+5!6$*!<(&)!)$()!)$*!>##?!0/+0+)+!%/!

+*7(1()0/2!*&%/%30&!710%10)0*+!<1%3!+%&0('!(/4!*&%'%20&('!%/*+!0'':+)1()*+!0)+!/(11%,!

4*<0/0)0%/!%<!)$*!*&%/%3-!(+!*L&':40/2!C$044*/!&%+)+D!)$()!)$*!3%1('!*&%/%3-!

0/)*21()*+E!j*<<0&0*/&-P!0+!7:1+:*4!(+!710%10)-;!(/4!(')$%:2$!)$*!>##?!:12*+!21*()*1!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"X!#(77*''*;!Y(/5!Z6%,(14+!(!A:+)(0/(.'*!#%&%(!#$(0/5Z!9U2('-H4!#&4(!0$4(7-I#+#(&;"!RMVVgW5!MV5!!"]!d070)%/*;!J(:1*/)5!C6$*!I:):1*!%<!)$*!e%1'4!#%&%(!F&%/%3-E!U%%3!%1!U:+)[D!6$*!>/)*1/()0%/('!#%&%(!?12(/0=()0%/!71*+*/)()0%/!()!)$*!_h)$!+*++0%/!%<!)$*!I@?!#%330))**!%/!#%33%40)-!d1%.'*3+;!Q%3*;!>)('-;!Mg^\V!O(-!MV"M5!!"_!>.045!"a!>.045!"g!CA:+)(0/(.'*!#%&%(!F&%/%3-E!@!#%371*$*/+09*!(/4!d(1)0&07()%1-!@771%(&$5D!6$*!>/)*1/()0%/('!#%&%(!?12(/0=()0%/;!#%/+:')()09*!U%(14!%/!)$*!e%1'4!#%&%(!F&%/%3-;!"M!O(1&$!MVVa5!!"h!>.045;!g!MV!!MV"V!GA!`*7(1)3*/)!%<!J(.%1P+!J0+)!%<!m%%4+!d1%4:&*4!.-!#$0'4!i!I%1&*4!J(.%15!@9(0'(.'*!%/'0/*!$*1*E!$))7Ell,,,54%'52%9l0'(.l71%21(3+l%&<)l74<lMV"V6qdQ@574<f!MV""!61(<<0&80/2!0/!d*1+%/!Q*7%1)!.-!)$*!GA!A)()*!`*7(1)3*/)5!@9(0'(.'*!%/'0/*!$*1*E!$))7Ell,,,5+)()*52%9l2l)07l1'+l)0717)lMV""lf!?<<;!#(1%'5!=0!!#&-;"$;$7(!#,-04>#+!08(!048-!"#-5(&?-+05#-$2-!"#-*$&75@+-'$+!-+#5A;!0>#-+*##!5!6%1%/)%E!Q(/4%3!b%:+*!#(/(4(;!MVV_5!

! g\!

3*(/+!%<!*<<0&0*/&-!<%1!&(&(%!<(13*1+!90+^s^90+!)$*01!OS#!.:-*1+;!)$*!*&%'%20&('!(/4!

+%&0('!(+7*&)+!/*&*++(1-!<%1!+:+)(0/(.'*!4*9*'%73*/)!%<!(!<(13*1!&%33:/0)-!0+!

+:.%140/()*4!)%!+$%1)^)*13!7%++0.0'0)0*+f!/*),%18+!:/4*1!)$*01!3%4*'!4%!/%)!+)1*++!

1*'()0%/+$07+;!)1(/+7(1*/&-;!%1!)1:+);!.:)!1()$*1!)%7^4%,/!#AQ!,0)$%:)!+:77'0*1!

*37%,*13*/)f!(/4!&(&(%!<(13*1+!(/4!&$%&%'()*!&:+)%3*1+!(1*!*L&':4*4!<1%3!)$*!

3%4*'5!!

!

`:G-KP3-3.)R-)OWXe-B,-/RI)/Re-39KD.Pe!

! 6$*!b*1+$*-!#%37(/-;!(!2'%.('!$*(9-,*02$)!0/!&$%&%'()*!71%4:&)0%/;!$(+!

%7*1()0%/+!+7(//0/2!)$*!,%1'4!(/4!*37'%-+!%9*1!"\;VVV!*37'%-**+5!>)+!3%1*!)$(/!

u_!.0''0%/!(//:('!1*9*/:*!&%3*+!<1%3!&%/+:3*1!<(9%10)*+!b*1+$*-P+;!Q**+*P+;!

b*1+$*-P+!c0++*+;!b*1+$*-P+!U'0++;!b*1+$*-P+!A7*&0('!`(18;!c0)!c();!6,0=='*1+;!Y%''-!

Q(/&$*1;!(/4!>&*!U1*(8*1+;!(+!,*''!(+!71*30:3!&$%&%'()*!71%4:&)+;!+:&$!(+!A&$(1<<*/!

U*12*1!(/4!`(2%.(5M"!T*)!)$0+!$02$'-!71%<0)(.'*!&%37(/-P+!0/9%'9*3*/)!0/!*)$0&('!

.:+0/*++!%7*1()0%/+!0+!(12:*4!)%!*L)*/4!.*-%/4!#AQ;!(+!)$*!'*2(&-!%<!<%:/4*1!O0')%/!

b*1+$*-!+)0''!7*19(4*+!0)+!3(/(2*3*/)!&:'):1*5!I1%3!0)+!)%,/!0/!b*1+$*-;!d@;!)%!)$*!

O0')%/!b*1+$*-!A&$%%'!*+)(.'0+$*4!0/!"hVh!)$()!71%904*+!<1**!B:('0)-!*4:&()0%/;!

$%:+0/2;!(/4!3*40&('!&(1*!<%1!%17$(/*4!&$0'41*/;!b*1+$*-!#%37(/-!0+!0/)03()*'-!

)0*4!)%!C3(80/2!(!7%+0)09*!40<<*1*/&*!0/!)$*!&%33:/0)0*+!,$*1*!0)+!*37'%-**+!'09*;!

,%18;!(/4!4%!.:+0/*++;D!+(-+!)$*!`01*&)%1!%<!#%17%1()*!#%33:/0&()0%/+!Y*<<!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!M"!U*&83(/;!Y*<<5!U:+0/*++!e01*;!Zb*1+$*-!d(1)/*1+!,0)$!d1%H*&)!d*(/:)!U:))*1!)%!Q*4:&*!O('/:)10)0%/!(3%/2!#$0'41*/!0/!Q:1('!m$(/(5Z!J(+)!3%40<0*4!MV"M5!@&&*++*4!I*.1:(1-!"M;!MV"\5!$))7Ell,,,5.:+0/*++,01*5&%3l/*,+l$%3*lMV"M"M"VVV]\_\l*/lb*1+$*-^d(1)/*1+^d1%H*&)^d*(/:)^U:))*1^Q*4:&*^O('/:)10)0%/5!!

!gX!

U*&83(/5MM!@&&%140/2!)%!U*&83(/;!/%)!%/'-!4%!b*1+$*-P+!71%<0)+!+:+)(0/!)$*!

+):4*/)+!%<!)$*!O0')%/!b*1+$*-!A&$%%';!.:)!)$*!&%37(/-P+!2'%.('!.:+0/*++!+)1()*2-!

0/)*21()*+!2%('+!%<!C<(01!(/4!*)$0&('!.:+0/*++!4*('0/2+;!*/901%/3*/)('!+)*,(14+$07;!

<%+)*10/2!(!4*+01(.'*!,%187'(&*!<%1!*37'%-**+;!(/4!7%+0)09*'-!037(&)0/2!+%&0*)-!(/4!

'%&('!&%33:/0)0*+5DM\!

!

`:G:B-K9XRV-9<-)W)O.HP.=HVHOe,-O/R-K.IfRO-C9IVX-

6%!)$()!*L)*/);!b*1+$*-!&*1)0<0*+!0)+!b*1+$*-P+!U'0++!71%4:&)+!,0)$!"VVw!

&%&%(!<1%3!)$*!Q(0/<%1*+)!@''0(/&*!#*1)0<0*4!<(13+;!,$0'*!,%180/2!<:1)$*1!,0)$!)$*!

&*1)0<0&()0%/!.%4-!)%!+%:1&*!&%&%(!<1%3!Q(0/<%1*+)!@''0(/&*!&*1)0<0*4!<(13+!0/!J()0/!

@3*10&(!(/4!@<10&(!<%1!0)+!71*30:3!%12(/0&!.1(/4;!`(2%.(5MX!>/!(440)0%/!)%!,%180/2!

,0)$!'(.*'+;!)$*!&$%&%'()*!OS#!<:/4+!d1%H*&)!d*(/:)!U:))*1;!(!/%/^2%9*1/3*/)('!

%12(/0=()0%/!RSm?W!)$()!71%904*+!+:77'*3*/)('!7*(/:)!.:))*1^.(+*4!/:)10)0%/!7(&8+!

)%!()^10+8!&$0'41*/!0/!m$(/(5M]!6$0+!7(1)/*1+$07!0+!7(1)!%<!b*1+$*-P+!%/2%0/2!+:77%1)!

%<!*4:&()0%/!(/4!&%33:/0)-!4*9*'%73*/)!71%21(3+!0/!1:1('!m$(/(;!(/4!0)+!<0/(/&0('!

(04!<%1!d1%H*&)!d*(/:)!U:))*1!2%*+!)%,(14!)$*!&%/+)1:&)0%/!%<!(!d1%H*&)!d*(/:)!

U:))*1!<(&)%1-!0/!m$(/(!)%!71%4:&*!)$*!/:)10)0%/!7(&8+5M_!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!MM!>.045!M\!>.045!!MX!U*&83(/;!Y*<<5!U:+0/*++!e01*;!Cb*1+$*-!FL7(/4+!Q*+7%/+0.'*!#%&%(!#%33:/0)-!d1%21(3+!0/!e*+)!@<10&(5D!J(+)!3%40<0*4!MV"\5!@&&*++*4!I*.1:(1-!"\;!MV"\5!$))7Ell,,,5.:+0/*++,01*5&%3l/*,+l$%3*lMV"MV"\VVV]MXhl*/lb*1+$*-^FL7(/4+^Q*+7%/+0.'*^#%&%(^#%33:/0)-^d1%21(3+^e*+)!!!M]!U*&83(/;!Y*<<5!U:+0/*++!e01*;!Zb*1+$*-!d(1)/*1+!,0)$!d1%H*&)!d*(/:)!U:))*1!)%!Q*4:&*!O('/:)10)0%/!(3%/2!#$0'41*/!0/!Q:1('!m$(/(5Z!J(+)!3%40<0*4!MV"M5!@&&*++*4!I*.1:(1-!"M;!MV"\5!$))7Ell,,,5.:+0/*++,01*5&%3l/*,+l$%3*lMV"M"M"VVV]\_\l*/lb*1+$*-^d(1)/*1+^d1%H*&)^d*(/:)^U:))*1^Q*4:&*^O('/:)10)0%/5!M_!>.045!!

! g]!

! !I:1)$*1!&%''(.%1()0%/+!0/&':4*!0)+!0/9%'9*3*/)!,0)$!)$*!m$(/(!#%&%(!U%(14!

R#?#?U?`W!(/4!)$*!e#I!)%!&1*()*!#%&%(J0/8;!(!71%21(3!)$()!,0''!C:+*!3%.0'*!

)*&$/%'%2-!)%!4*'09*1!71(&)0&('!0/<%13()0%/!%/!(210&:'):1('!(/4!+%&0('!71%21(3x+y!)%!

1:1('!&%&%(!<(13*1+!(/4!*/(.'*!)$*!<(13*1+!)%!(+8!B:*+)0%/+!(/4!71%904*!

<**4.(&8fDMa!(/4!0)+!JF@QS!6?!mQ?e!0/0)0()09*;!)$1%:2$!,$0&$!b*1+$*-!(03+!)%!

&1*()*!(!<(13*1!(/4!<(30'-!4*9*'%73*/)!&*/)*1!0/!)$*!$*(1)!%<!m$(/(P+!&*/)1('!&%&%(!

1*20%/5!6%!(&&%37'0+$!)$0+;!b*1+$*-!,%18+!,0)$!A%:1&*!61:+);!(/!Sm?!+*)!:7!)%!$*'7!

<(13*1+!0371%9*!)$*01!'09*'0$%%4+!)$1%:2$!.*))*1!&1%7!-0*'4+!(/4!B:('0)-5Mg!>/!*<<*&);!

)$*!b*1+$*-!#%37(/-!(/4!0)+!9(10%:+!7(1)/*1+!0/9*+)!3(/-!1*+%:1&*+!0/!4*9*'%70/2!

$02$*1!(210&:'):1('!71%4:&)090)-!<%1!e*+)!@<10&(/!&(&(%!<(13*1+5!

I02:1*!aE!b*1+$*-P+!#%&%(J0/8!0/<%21(7$0&!!

!!RA%:1&*E!b*1+$*-!#%37(/-!,*.+0)*W!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Ma!CA)0''!603*!)%!Q(0+*!)$*!U(1E!6$*!Q*('!#%17%1()*!A%&0('!Q*+7%/+0.0'0)-!Q*7%1)!<%1!)$*!b*1+$*-!#%37(/-5D!6$*!Q(0+*!)$*!U(1;!b*1+$*-v!#(37(02/!@44*/4:3!)%!)$*!MV"V!Q*7%1);!A*7)*3.*1!MV""5!!Mg!>.045!

!g_!

-

`:G:G-.P.Ve)H)-9<-)W)O.HP.=HVHOe-K9XRV-

! @)!<01+)!2'(/&*;!0)!(77*(1+!)$()!b*1+$*-!#%37(/-!0+!(/!(&)09*!7(1)0&07(/)!0/!

)$*!3%1('!*&%/%3-!.-!0)+!*<<%1)+!)%!<:/4!4*9*'%73*/)!71%H*&)+!0/!e*+)!@<10&(5!

b%,*9*1;!(!&'%+*1!*L(30/()0%/!1*9*('+!)$*!&$%&%'()*!20(/)P+!+$%1)&%30/2+!(+!(!

O(18*)!e%1'4!7(1)0&07(/)!4*)*130/*4!)%!1*3(0/!0/!(!j,*(8!(')*1/()09*!<%%4!

+-+)*35PMh!@&&%140/2!)%!I%''*));!,*(8!(')*1/()09*!<%%4!/*),%18+!<(0'!)%!71%3%)*!

*<<*&)09*!+%&0('!(/4!7%'0)0&('!&$(/2*!<%1!)$*!<%:1!1*(+%/+!%<!.*0/2!(!7(1)!%<!)$*!O(18*)!

e%1'4f!<%&:+0/2!%/!)$*!B:('0)-!%<!)$*!<%%4!(.%9*!)$*!/*),%18!(+!(!,$%'*f!

40+)10.:)0/2!7%,*1!)$()!$0/4*1+!+%&0('!(/4!7%'0)0&('!&$(/2*f!(/4!3(0/)(0/0/2!'%/2!

+:77'-!&$(0/+5\V!!

b*1+$*-!0+!/%!*L&*7)0%/5!@')$%:2$!0)!%,/+!`(2%.(;!(!71*30:3!%12(/0&!

&$%&%'()*!.1(/4;!(/4!&*1)0<0*+!.%)$!`(2%.(!(/4!U'0++!,0)$!)$*!Q(0/<%1*+)!@''0(/&*!

'(.*';!)$0+!(3%:/)+!)%!'*++!)$(/!"w!%<!(''!0)+!&$%&%'()*!71%4:&)+!.*0/2!&*1)0<0*45!

I:1)$*13%1*;!)$*!Q(0/<%1*+)!@''0(/&*!&*1)0<0&()0%/!+&$*3*!0+!(12:(.'-!%/*!%<!)$*!

,*(8*+)!+&$*3*+!0/!)*13+!%<!+%&0('!H:+)0&*!1*B:01*3*/)+5!@')$%:2$!0)+!+)(/4(14+!

71%$0.0)!)$*!:+*!%<!<%1&*4!'(.%1;!&$0'4!'(.%1;!(/4!40+&1030/()0%/;!0)!<(0'+!0/!%)$*1!

1*+7*&)+!)%!(<<*&)!4**7!&$(/2*E!0)!4%*+!/%)!1*B:01*!+7*&0<0&!&%/40)0%/+!<%1!(!

4*3%&1()0&!%12(/0=()0%/!%<!)$*!&%%7*1()09*+!)$()!0+!&*1)0<0*+;!'090/2!,(2*+!(1*!/%)!

2:(1(/)**4!)%!0)+!&*1)0<0*4!<(13*1+;!0)!4%*+!/%)!1*B:01*!.:-*1+!)%!7(-!(!+7*&0<0&!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Mh!I%''*));!Y*<<1*-!Q5!Z#$%%+0/2!(!<%%4!<:):1*E!40<<*1*/)0()0/2!(3%/2!(')*1/()09*!<%%4!%7)0%/+5Z!F$A&4(7-$2-(8&0;A7!A&(7-(45-#4>0&$4'#4!(7-#!"0;+!MM;!/%5!"!RMVVhWE!\"^]"5!\V!>.045!

! ga!

30/03:3!<'%%1!710&*!<%1!&(&(%!.*(/+;!(/4!3%+)!/%)(.'-;!$471-Ngh-$2-!"#-L&0'(&1-

048&#50#4!+-4##5+-!$-%#-;#&!020#5-04-$&5#&-!$-#(&4-!"#-I(042$&#+!-.770(4;#-7(%#75!>/!%)$*1!

,%14+;!b*1+$*-!3(-!9*1-!,*''!.*!Q(0/<%1*+)!@''0(/&*!&*1)0<0*4;!.:)!0)+!1*3(0/0/2!

aVw!%<!&%&%(!&%:'4!.*!71%4:&*4!.-!<%1&*4;!&$0'4;!%1!)1(<<0&8*4!'(.%15\"!I%1!&%&%(;!)$*!

&:11*/)!+)1%/2*+)!&*1)0<0&()0%/!+-+)*3!1*3(0/+!I(01!61(4*;!.:)!:/'08*!+*9*1('!%<!0)+!

&%37*)0)%1+;\M!b*1+$*-P+!$(+!/%)!(4(7)*4!)$*!I(01!61(4*!&*1)0<0&()0%/;!%7)0/2!0/+)*(4!

<%1!)$*!'%%+*1!1*2:'()0%/+!%<!)$*!Q(0/<%1*+)!@''0(/&*!'(.*'!0/!%14*1!)%!30/030=*!&%+)!

(/4!3(L030=*!71%<0)5!!

! Q*'()*4'-;!b*1+$*-P+!/*2'*&)!%<!(4*B:()*!71%)*&)0%/!(/4!*37%,*13*/)!%<!

<(13*1+!(/4!)$*01!&%33:/0)0*+!0+!+$%,/!0/!)$*!1*+:')+!%<!)$*01!':8*,(13!*<<%1)+!()!

.*))*10/2!)$*!'09*+!%<!)$*01!71%4:&*1+5!6$*01!u"V!30''0%/!0/9*+)3*/)!0/!m$(/(!(/4!)$*!

>9%1-!#%(+)!)%!1*4:&*!&$0'4!'(.%1!(/4!0371%9*!&%&%(!+:77'-!%9*1!)$*!&%:1+*!%<!<09*!

-*(1+!0+!/%)!%/'-!(!7(')1-!V5VXw!%<!)$*01!(//:('!71%<0)+;\\!.:)!0)!('+%!C4%*+/P)!&%3*!

&'%+*!)%!3**)0/2!(''!)$*!(1)0&'*+!*+)(.'0+$*4!0/!)$*!#%&%(!d1%)%&%';D!(&&%140/2!)%!

b%780/+;!(:)$%1!%<!)*##!-O$$!",-.-%0!!#&+*##!-"0+!$&1-$2-;(4515\X!F9*/!)$*01!,04*'-!

)%:)*4!#%&%(J0/8!71%21(3!0+!('1*(4-!<(0'0/2!)%!3**)!0)+!2%('!%<!1*(&$0/2!"VV;VVV!

&(&(%!<(13*1+!.-!MV"XE!0<!)$*!1()*!%<!/*,!*/1%''3*/)+!&%/)0/:*+!()!0)+!71*+*/)!1()*;!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!\"!CA)0''!603*!)%!Q(0+*!)$*!U(1E!6$*!Q*('!#%17%1()*!A%&0('!Q*+7%/+0.0'0)-!Q*7%1)!<%1!)$*!b*1+$*-!#%37(/-5D!6$*!Q(0+*!)$*!U(1;!b*1+$*-v!#(37(02/!@44*/4:3!)%!)$*!MV"V!Q*7%1);!A*7)*3.*1!MV""5!!\M!c1(<)!I%%4+;!S*+)'N;!(/4!`090/*!#$%&%'()*!(''!$(9*!()!'*(+)!"w!%<!)$*01!&%&%(!+%:1&*4!<1%3!I(01!61(4*!&(&(%5!RA**!@''*/W!\\!@''*/;!6%35!C6$*!#$%&%'()*!A&%1*&(145D!61(40/2!q0+0%/+5!@710'!MV""5!!\X!b%780/+;!c()*5!)*##!-!$$!",-!"#-%0!!#&+*##!-"0+!$&1-$2-;(4515!S*,!T%18E!A)5!O(1)0/r+!d1*++;!MV"M!

!gg!

7(1)0&07(/)+!,0''!(&):(''-!/:3.*1!'*++!)$(/!"M;VVV!<(13*1+!0/!m$(/(;!%1!"Mw!%<!

b*1+$*-P+!2%('5\]!

! I0/(''-;!)$*!'%/2*1!)$*!+:77'-!&$(0/;!)$*!21*()*1!)$*!40+&%//*&)!.*),**/!

&%/+:3*1+!(/4!71%4:&*1+f!(/4!0/!)$*!&(+*!%<!b*1+$*-;!)1:+)!0+!&%37'*)*'-!

/%/*L0+)*/)!.*),**/!)$*!),%!j*/4P!7'(-*1+!0/!)$*!&$%&%'()*!+:77'-!&$(0/!.*&(:+*!

/*0)$*1!0+!8/%,/!)%!)$*!%)$*15!b*1+$*-!#%37(/-!+)0''!1*<:+*+!)%!3(8*!8/%,/!)$*!

+7*&0<0&!+%:1&*+!%<!0)+!&%&%(;!(/4!'*++!)$(/!"w!%<!%)+!&%&%(!0+!)1(&*(.'*!('%/2!)$*!

+:77'-!&$(0/5\_!-

! 6$:+!<%1!b*1+$*-;!710&*!(/4!*<<0&0*/&-!&%3*!<01+);!0)+!(4%7)*4!&*1)0<0&()0%/!

+&$*3*!4%*+!/%)!&$(''*/2*!)$*!&%37(/-!)%!&$(/2*!)$*!+)():+^B:%!%<!0)+!7%,*1!

&%/&*/)1()0%/;!)1(/+7(1*/&-!(/4!1*'()0%/+$07+!%<!)1:+)!(1*!/%/*L0+)*/);!&%/+:3*1+!

(1*!,$%''-!:/(,(1*!%<!)$*!037(&)!%<!)$*01!.:-0/2!4*&0+0%/+;!(/4!&(&(%!<(13*1+!4%!

/%)!7(1)0&07()*!0/!)$0+!3(18*)!)$()!b*1+$*-!(/4!%)$*1!OS#+!&%/)1%'5!!

!

_5\!OS#!#@AF!A6G`T!ME!SFA6J}!

c*90/!d*)10*;!)$*!b*(4!%<!d1%&:1*3*/)!()!S*+)'N;!+(04!C<%1!(!&%37(/-!)%!.*!

+:&&*++<:'!%9*1!)03*!(/4!&1*()*!9(':*!<%1!+$(1*$%'4*1+;!0)!3:+)!('+%!&1*()*!9(':*!<%1!

+%&0*)-5D\a!6$*!S*+)'N!#%&%(!d'(/!RS#dW;!0/0)0()*4!0/!MVVh;!0+!S*+)'NP+!(/+,*1!)%!

&1*()0/2!9(':*!<%1!+%&0*)-!,$0'*!1://0/2!(!71%<0)(.'*!.:+0/*++5!6$*!S#dP+!(1)0&:'()*4!

90+0%/!0+!)%!.*/*<0)!.%)$!)$*!&(&(%!<(13*1+!(/4!)$*!&%37(/-!0)+*'<!)$1%:2$!0)+!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!\]!CA)0''!603*!)%!Q(0+*!)$*!U(1E!6$*!Q*('!#%17%1()*!A%&0('!Q*+7%/+0.0'0)-!Q*7%1)!<%1!)$*!b*1+$*-!#%37(/-5D!6$*!Q(0+*!)$*!U(1;!b*1+$*-v!#(37(02/!@44*/4:3!)%!)$*!MV"V!Q*7%1);!A*7)*3.*1!MV""5!\_!@''*/;!6%35!C6$*!#$%&%'()*!A&%1*&(145D!61(40/2!q0+0%/+5!@710'!MV""5!\a!d*)10*;!c*90/;!C`*'09*10/2!(!+:+)(0/(.'*!&%&%(!+:77'-!&$(0/E!+:77%1)0/2!<(13*1+!<%1!.*))*1!&$%&%'()*D!R71*+*/)()0%/W5!

! gh!

)$1**<%'4!<%&:+!%/!0371%90/2!<(13!71%<0)(.0'0)-;!(441*++0/2!+%&0('!&%/40)0%/+;!(/4!

&1*()0/2!+:+)(0/(.'*!+:77'-!&$(0/+5!6$0+!C+$(1*4!9(':*D;!(&&%140/2!)%!)$*!&$%&%'()*!

&%37(/-;!,%:'4!71%904*!9(':*!<%1!+%&0*)-!0/!)$*!<%13!%<!$02$*1!<(13*1!0/&%3*;!

.*))*1!%77%1):/0)0*+!<%1!<(13*1+P!&$0'41*/;!(/4!+)1%/2*1!<(13*1!%12(/0=()0%/+;!,$0'*!

('+%!2090/2!9(':*!<%1!S*+)'N!0)+*'<!.-!(''%,0/2!'%/2*1^)*13!+:77'-!&$(0/!1*'()0%/+$07+;!

.*))*1!B:('0)-!&%&%(;!(/4!&%/+:3*1!&%33:/0&()0%/!(.%:)!0)+!/*,!0/0)0()09*5\g!@+!(!

O(18*)!e%1'4!7(1)0&07(/);!S*+)'NP+!3%4*'!%<!+:+)(0/(.0'0)-!0+!(+!<%''%,+5!

!

`:N:B-K9XRV-9<-)W)O.HP.=HVHOe,-O/R-K.IfRO-C9IVX-

! @+!+$%,/!0/!0)+!71*+*/)()0%/;!C`*'09*10/2!(!+:+)(0/(.'*!&%&%(!+:77'-!&$(0/;D\h!

S*+)'N!%:)'0/*+!0)+!)$1**<%'4!<%&:+!(+!<%''%,+f!)$*!(&&%37(/-0/2!21(7$0&!&$(1)+!(1*!

<1%3!0)+!,*.+0)*EXV!

!

!

!

!

!

!

!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!\g!d*)10*;!c*90/;!C`*'09*10/2!(!+:+)(0/(.'*!&%&%(!+:77'-!&$(0/E!+:77%1)0/2!<(13*1+!<%1!.*))*1!&$%&%'()*D!R71*+*/)()0%/W5!\h!>.045!XV!$))7Ell,,,5/*+)'*&%&%(7'(/5&%3!!

!hV!

"W F/(.'0/2!3%1*!71%<0)(.'*!&%&%(!<(13+E!!

(5 O&(04048-GBEggg-2(&'#&+-04-%#!!#&-(8&0;A7!A&(7-L&(;!0;#+!

.5 D&$5A;048-B-'0770$4-"08"#&-10#75048-L7(4!+-2$&-2(&'#&+!

!RA%:1&*E!$))7Ell,,,5/*+)'*&%&%(7'(/5&%3lW!!

MW >371%90/2!+%&0('!&%/40)0%/+E!=A075048-Yg-+;"$$7+-04-2$A&-1#(&+-04-3i!#-5TH>$0&#-

*0!"-C3<!

!RA%:1&*E!$))7Ell,,,5/*+)'*&%&%(7'(/5&%3lW!

! h"!

!\W `*9*'%70/2!(!+:+)(0/(.'*!+:77'-!&$(0/E!O"&$A8"-!"#-P#+!7^-3$;$(-D7(4E-

+$A&;#5-NjEggg-!$44#+-$2-;$;$(-04-GgBG!

!RA%:1&*E!$))7Ell,,,5/*+)'*&%&%(7'(/5&%3lW!!! >/!%14*1!)%!&%/)0/:*!+:77%1)0/2!$02$*1!71%4:&)090)-!0/!&(&(%!-0*'4;!S*+)'N!

1:/+!(!1*+*(1&$!(/4!4*9*'%73*/)!&*/)*1!0/!@.04H(/;!>9%1-!#%(+);!)$()!<%&:+*+!%/!)$*!

(&&*'*1()*4!71%7(2()0%/!%<!&(&(%!)1**+f!0/!(440)0%/;!)$*!&%37(/-!8**7+!(!\V!$*&)(1*!

*L7*103*/)('!<(13!0/!|(3.(81%;!>9%1-!#%(+);!<%1!&%&%(;!&%<<**;!(/4!&(++(9(!21%,)$5X"!

>)+!+%&0('!&%/+04*1()0%/+!(/4!+:77'-!&$(0/!+:+)(0/(.0'0)-!&%/&*1/+!3*12*!)%!0/&':4*!(!

C3%/0)%10/2!(/4!1*3*40()0%/!71%&*++!<%1!&$0'4!'(.%1;DXM!)$*!&1*()0%/!%<!,$0&$!

0/9%'9*+!,%180/2!,0)$!)$*!>/)*1/()0%/('!#%&%(!>/0)0()09*!R>#>W;!0)+!&%%7*1()09*+;!(/4!

0)+!&*1)0<0&()0%/!7(1)/*1+!I(01!61(4*!(/4!G)=!#*1)0<0*4!)%!037'*3*/)!)$0+!+-+)*35!6$*!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!X"!d*)10*;!c*90/;!C`*'09*10/2!(!+:+)(0/(.'*!&%&%(!+:77'-!&$(0/E!+:77%1)0/2!<(13*1+!<%1!.*))*1!&$%&%'()*D!R71*+*/)()0%/W5!XM!>.045!!

!hM!

&$(1)!.*'%,!0'':+)1()*+!$%,!S*+)'N!(/4!0)+!7(1)/*1+!*/90+0%/!)$*!3%/0)%10/2!(/4!

1*3*40()0%/!+-+)*3!90(!S*+)'NP+!&%&%(!+:77'-!&$(0/5!

I02:1*!g!

!RA%:1&*E!$))7Ell,,,5/*+)'*&%&%(7'(/5&%3lW!!I0/(''-;!S*+)'N!())*37)+!)%!0/)*21()*!)$*!&%/+:3*1!0/!)$*!S#d!.-!71%9040/2!*++*/)0('!

0/<%13()0%/!%/!0)+!c0)^c()!&$%&%'()*!,1(77*1+;!1*&*/)'-!+%:1&*4!<1%3!I(01!61(4*!

&*1)0<0*4!&%&%(;!(+!,*''!(+!,*.+0)*!'0/8+!)%!3%1*!0/^4*7)$!0/<%13()0%/!<%1!)$*!

&%/+&0%:+!&%/+:3*15X\!!

!

`:N:G-.P.Ve)H)-9<-)W)O.HP.=HVHOe-

! e$0'*!S*+)'N!4%*+!)(8*!3%1*!&%/&1*)*!+)*7+!)%,(14!(!+:+)(0/(.'*!&%&%(!(/4!

&$%&%'()*!*&%/%3-!&%37(1*4!)%!0)+!&%37*)0)%1!b*1+$*-;!)$*!<(&)!1*3(0/+!)$()!

S*+)'N;!)%%;!0+!7(1)!%<!)$*!O(18*)!e%1'4!(/4!)*/4+!)%!71%7(2()*!)$*!/%13+!%<!(!/*%^!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!X\!>.045!

! h\!

'0.*1('!*&%/%3-!90+^s^90+!)$%+*!%<!(!3%1('!*&%/%3-5!6$*!3%+)!/%)(.'*!*L(37'*!%<!

)$0+!0+!S*+)'NP+!+:+)(0/(.0'0)-!0/9*+)3*/)+!<%&:+0/2!%/!0/&1*(+0/2!&(&(%!<(130/2!

71%4:&)090)-!)%!+*&:1*!(!+)(.'*!&%&%(!+:77'-;!(+!%77%+*4!)%!7'(&0/2!(!21*()*1!

*37$(+0+!%/!)$*!*37%,*13*/)!(/4!&%33:/0)-!4*9*'%73*/)!%<!)$*!&(&(%!<(13*1+!

)$*3+*'9*+5!b*/&*;!)$*!Qi`!&*/)*1!0/!@.04H(/!(/4!)$*!*L7*103*/)('!<(13!0/!

|(3.(81%!(1*!.%)$!2*(1*4!)%,(14!&(&(%!7'(/)!+&0*/&*;!(/4!%/'-!(.%:)!"w!%<!0)+!

71%<0)+!(1*!:+*4!)%,(14!0/9*+)0/2!0/!)$*01!71%4:&*1+P!,*'<(1*5XX!!

! b%,*9*1;!S*+)'N!3:+)!.*!1*&%2/0=*4!<%1!0)+!1(704!1*+7%/+*!)%!&%/+:3*1!

71*++:1*!<%1!+%:1&0/2!0)+!&%&%(!3%1*!+:+)(0/(.'-5!?/!I*.1:(1-!Mh;!MV"M;!S*+)'N!

.*&(3*!)$*!<01+)!&$%&%'()*!&%37(/-!)%!7(1)/*1!,0)$!)$*!I(01!J(.%1!@++%&0()0%/!

RIJ@W;!(/!Sm?!)$()!,%18+!,0)$!OS#+!)%!0371%9*!)$*!,%180/2!&%/40)0%/+!0/!)$*01!

+:77'-!&$(0/+5!@<)*1!)$*!IJ@P+!0/4*7*/4*/)!0/9*+)02()0%/!1*9*('*4!+*9*1('!&$0'4!

'(.%1!(.:+*+;!)$*!&$%&%'()*!&%37(/-!037'*3*/)*4!)$*!S#d;!(/!(3.0)0%:+!

+:+)(0/(.0'0)-!3%4*';!(/4!.*&(3*!)$*!<01+)!2'%.('!&$%&%'()*^3(8*1!)%!

&%371*$*/+09*'-!3(7!0)+!&%&%(!+:77'-!&$(0/5X]!>/!)$*!,%14+!%<!IJ@!d1*+04*/)!@:1*)!

9(/!b**14*/;!CU-!0/90)0/2!IJ@!)%!&%37'*)*'-!3(7!(/4!4%&:3*/)!0)+!&%&%(!+:77'-!

&$(0/;!&%/+:3*1+!,0''!$(9*!)$*!&%37'*)*!70&):1*!)$*-!/**4!)%!$%'4!S*+)'N;!)$*!

'(12*+)!<%%4!&%37(/-!0/!)$*!,%1'4;!(&&%:/)(.'*!<%1!,$*1*!0)+!&%&%(!&%3*+!<1%3{DX_!!

! 6$*1*<%1*;!(')$%:2$!S*+)'N!%&&:70*+!(!7%+0)0%/!,0)$0/!)$*!/*%^'0.*1('!

*&%/%3-!%<!)$*!O(18*)!e%1'4;!0)+!1*&%2/0)0%/!%<!)$*!/**4!)%!+%:1&*!&%&%(!3%1*!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!XX!@''*/;!6%35!C6$*!#$%&%'()*!A&%1*&(145D!61(40/2!q0+0%/+5!@710'!MV""5!X]!#SS!d1%4:&*1;!CS*+)'N!(49(/&*+!&$0'4!'(.%1!.())'*!7'(/;D!O"#-3PP-<&##5$'-D&$d#;!,-R45048-K$5#&4QX(1-)7(>$&1;!Y:/*!Mh;!MV"M;!$))7Ell)$*&//<1**4%371%H*&)5.'%2+5&//5&%3*lMV"MlV_lMhl/*+)'*^(49(/&*+^&$0'4^'(.%1^.())'*^7'(/l!!X_!>.045!!

!hX!

+:+)(0/(.'-!$(+!'*4!)%!(/!*3.1(&*!%<!+*9*1('!&%/9*/)0%/+!,0)$0/!)$*!>/)*17*1+%/('!

e%1'45!e$0'*!*<<0&0*/&-!(/4!710&*!(1*!+)0''!710%10)-!(/4!)$*!&$%&%'()*!20(/)!+)0''!

&%/)1%'+!(/4!40&)()*+!)$*!)*13+!%<!7(1)0&07()0/2!,0)$0/!0)+!+:77'-!&$(0/;!S*+)'N!$(+!

,%18*4!)%,(14!(!/*),%18!%<!)1(/+7(1*/&-!<1%3!0)+!<(13*1+!)%!0)+!&:+)%3*1+!(/4!$(+!

<:/4*4!+*9*1('!+%&0('!71%H*&)+!0/!0)+!+%:1&0/2!&%:/)10*+5!!

!

_5X!OS#^@#tG>A>6>?SF`!#?Od@ST!#@AF!A6G`TE!mQFFS!i!

UJ@#cPAl#@`UGQTlcQ@I6!!

-! m1**/!i!U'(&8P+;!,$0&$!/%)!%/'-!0/)1%4:&*4!0)+!O(-(!m%'4!&$%&%'()*!.(1!(+!

)$*!<01+)!I(01!61(4*!71%4:&)!3(18*)*4!0/!)$*!G/0)*4!c0/24%3;!.:)!('+%!+7(1*4!(/!

*/)01*!&(&(%!<(13*1!&%33:/0)-!<1%3!1:0/!)$1%:2$!)$*01!7(1)/*1+$07;Xa!0+!(!71*30:3!

&$%&%'()*!.1(/4!)$()!%<<*1+!"VVw!%12(/0&!(/4!<(01!)1(4*!&$%&%'()*!71%4:&)+5!@<)*1!

#(4.:1-P+!)(8*%9*1!0/!MVV];!m1**/!i!U'(&8P+!,(+!(.'*!)%!*L7(/4!0)+!I(01!61(4*!

&*1)0<0&()0%/!)%!(''!0)+!<%%4!(/4!.*9*1(2*!1(/2*!.-!)$*!*/4!%<!MV""!)$1%:2$!)$*!

<0/(/&0('!.(&80/2!%<!)$*!,*''^*+)(.'0+$*4!OS#5Xg!@+!71*90%:+'-!/%)*4!0/!#$(7)*1!

I%:1;!#(4.:1-!0)+*'<!0+!(!&%37(/-!,0)$!7$0'(/)$1%70&!.*20//0/2+5!@!&%37(/-!

<%:/4*4!.-!t:(8*1+;!#(4.:1-!,(+!%/*!%<!)$*!<01+)!)%!&1*()*!(!90''(2*!1*3%9*4!<1%3!

:1.(/!+':3+!<%1!)$*!.*/*<0)!%<!0)+!,%18*1+5!U:0'40/2!:7%/!)$0+!3%1('!)1(40)0%/;!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Xa!>/!"hh";!)$*!6%'*4%!#(&(%!m1%,*1+!@++%&0()0%/!R6#m@W!0/!+%:)$!U*'0=*!,*1*!<(&0/2!(!&10+0+E!)$*!710&*!%<!&(&(%!$(4!41%77*4!.*'%,!$('<!0)+!<%13*1!9(':*;!(/4!6#m@!<(13*1+!,*1*!<(&0/2!<0/(/&0('!1:0/!(/4!)$*!40<<0&:')!&$%0&*!%<!*0)$*1!1*'%&()0/2!)%!)$*!&0)-!)%!<0/4!,%18;!%1!)%!)1-!*/)*10/2!)$*!&0)1:+!<(130/2!3(18*)5!>/!"hhX;!m1**/!i!U'(&8P+!<%:/4*1;!A(3!I(01*'-;!3*)!,0)$!6#m@!1*71*+*/)()09*!Y:+)0/%!d*&8!)%!/*2%)0()*!(!&%&%(!+:77'-!&$(0/!%<!"VVw!%12(/0&!&%&%(;!(/4!O(-(!m%'4!,(+!.%1/5!Rc$(30+W!!Xg!c$(30+;!A:+(/5!C@!&(+*!+):4-!0/!&%371%30+*E!6$*!m1**/iU'(&8P+!.1(/4!%<!*)$0&('!&$%&%'()*5D!.A+!&(7(+0(4-F$A&4(7-$2-D$LA7(&-3A7!A&#:!"5!S%5!"!RMV"MWE!"h^\M5!"V5"\g_!

! h]!

#(4.:1-!3(0/)(0/+!(!#%17%1()*!A%&0('!Q*+7%/+0.0'0)-!71%21(3!0/!m$(/(;!71%9040/2!

+:77%1)!<%1!)$*!<(13*1+!(/4!)$*!,04*1!&%&%(!+*&)%1!<1%3!,$0&$!0)!+%:1&*+!0)+!+:77'-5!!

!

`:Y:B-K9XRV-9<-)W)O.HP.=HVHOe,-O/R-K.IfRO-C9IVX-

#(4.:1-P+!3(/-!0/0)0()09*+!0/&':4*E!!

! S"(4(-2$&-!"#-)$A&;#;!(!,*''^.:0'40/2!71%21(3!)$()!#(4.:1-!$(+!1:/!+0/&*!

MVVV!,0)$!c:(7(!c%8%%;!(!&(&(%!<(13*1+P!&%%7*1()09*5!#(4.:1-!71%904*+!

<0/(/&*+!)%!c:(7(;!,$0&$!%9*1+**+!)$*!.:0'40/2!%<!,*''+!0/!90''(2*+5Xh-

! O"#-3$;$(-<(&'#&+T-P#*+L(L#&;!(!<(13*1+P!/*,+7(7*1!)$()!#(4.:1-!

*+)(.'0+$*4!0/!MVV]!)%!&%:/)*1(&)!)$*!71%.'*3!%<!7%%1!0/<%13()0%/!<'%,+!)%!

&(&(%!<(13*1+!(.%:)!+:+)(0/(.'*!71%4:&)0%/!71(&)0&*+5!6$*!/*,+7(7*1!

71%904*+!70&)%10('!0/<%13()0%/!0/!)$*!<%13!%<!&(1)%%/+!)$()!(1*!*(+-!)%!

:/4*1+)(/4!.-!<(13*1+!%<!(''!'0)*1(&-!'*9*'+5]V!-

! 3$;$(-D(&!4#&+"0L-L&$8&(';!(!<0/(/&0('!0/0)0()09*!0/!,$0&$!#(4.:1-!

&%330))*4!)%!0/9*+)0/2!+:.+)(/)0('!(3%:/)+!%<!3%/*-!)%!.%%+)!71%4:&)090)-!

0/!)$*!m$(/(0(/!&%&%(!0/4:+)1-5]"-

! R(&!"+"(&#E-(!71%21(3!)$()!#(4.:1-!1:/+!,0)$!F(1)$,()&$;!,$0&$!&%/4:&)+!

1*+*(1&$!%/!)$*!.0%409*1+0)-!%<!(!9(10*)-!%<!&(&(%!<(13+5]M-

>/!(440)0%/!)%!)$*+*!+:+)(0/(.0'0)-!*/4*(9%1+;!#(4.:1-P+!%,/*1+$07!%<!m1**/!i!

U'(&8P+;!(+!,*''!(+!0)+!I(01!61(4*!&%&%(!+%:1&0/2!<%1!0)+!`(01-!O0'8!.1(/4!<1%3!MVVh!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Xh!@+:1/0/2^U1*37%/2;!A(3:*';!`(/0*'!A(17%/2;!S(/(!@8:(!@/-04%$%;!Q(7$(*'!c(7'0/+8-;!(/4!Y*//0<*1!J*(9-5!CO(770/2!A:+)(0/(.'*!#%&%(!0/!m$(/(5D!6$*!>/+)0):)*!%<!`*9*'%73*/)!A):40*+!(/4!)$*!G/09*1+0)-!%<!m$(/(!1*7%1)!)%!#(4.:1-5!]V!>.045;!Mg!]"!>.045!]M!>.045!

!h_!

C$(4!.1%:2$)!I(01!61(4*!4*&0+09*'-!%:)!%<!/0&$*!3(18*)+!(/4!71*30:3!.1(/4+!0/)%!

)$*!G5c5!3(++!3(18*){D]\!!

!

`:Y:G-.P.Ve)H)-9<-)W)O.HP.=HVHOe-

! e$0'*!m1**/!i!U'(&8P+!(+!(/!0/4*7*/4*/)!&$%&%'()*!&%37(/-!<:''-!1*<'*&)*4!

)$*!/%13+!%<!)$*!>/)*17*1+%/('!e%1'4!,0)$0/!(!3%1('!*&%/%3-;!0)+!(.+%17)0%/!0/)%!

#(4.:1-;!(/4!'()*1!c1(<)!I%%4+!0/!MV"V!,$*/!#(4.:1-!0)+*'<!,(+!(&B:0+0)0%/*4!$(+!

+$%,/!.%)$!)$*!'030)+!(/4!1*(&$!%<!*)$0&('!&$%&%'()*5!I%1!m1**/!i!U'(&8P+;!)$*!(03!%<!

)$*01!I(01!61(4*!)*13+!,0)$!)$*!6#m@!&%%7*1()09*!,(+!(!+:.+)(/)0('!0371%9*3*/)!0/!

'090/2!+)(/4(14+!0/!)$*!<(130/2!&%33:/0)-;!(!2%('!)$()!1*(&$*4!(!30'*+)%/*!,$*/;!

(<)*1!"V!-*(1+!%<!I(01!61(4*;!gVw!%<!)$*!&$0'41*/!%<!)$*!6#m@!&%33:/0)-!&%/)0/:*4!

%/!)%!+*&%/4(1-!*4:&()0%/;!&%37(1*4!,0)$!"Vw!71*90%:+'-5]X!@)!)$*!+(3*!)03*;!),%!

&%17%1()*!)(8*%9*1+!$(9*!3%9*4!)$*!&%37(/-!&'%+*1!)%!(!3%4*!%<!.:+0/*++!)$()!

:')03()*'-!71090'*2*+!71%<0)!(/4!21%,)$!(.%9*!(''!%)$*1!&%/+04*1()0%/+5]]!!

! >/!&%/+04*10/2!m1**/!i!U'(&8P+!:/4*1!c1(<);!c$(30+!$(+!/%)*4!)$()!C)$*!3%1*!

+:&&*++<:'!m1**/!i!U'(&8P+!.*&(3*;!)$*!'*++!71%/%:/&*4!0)+!9(10%:+!*)$0&('!

(<<0'0()0%/+!,*1*!0/!0)+!(49*1)0+0/2{(!+)1()*2-!)%!+$0<)!&%/+:3*1!7*1&*7)0%/+!%<!

m1**/!i!U'(&8P+!(,(-!<1%3!j,%1)$-!%12(/0&P!)%,(14!j*9*1-4(-!':L:1-!,0)$!0/)*/+*!

)(+)*!&:*+P!+$%,+!(!1*<*1*/&*!)%!71%4:&)0%/!1*7'(&*4!,0)$!%/*!)%!&%/+:37)0%/{D]_!

>/!*<<*&);!)$*!&%37(/-!21(4:(''-!3%9*4!<1%3!%7*1()0/2!(+!(/!(')*1/()09*!.:+0/*++!)%!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!]\!@''*/;!6%35!C6$*!#$%&%'()*!A&%1*&(145D!61(40/2!q0+0%/+5!@710'!MV""5!]X!c$(30+;!A:+(/5!Z@!&(+*!+):4-!0/!&%371%30+*E!6$*!m1**/iU'(&8r+!.1(/4!%<!*)$0&('!&$%&%'()*5Z!.A+!&(7(+0(4-F$A&4(7-$2-D$LA7(&-3A7!A&#5!"5!/%5!"!RMV"MWE!"h^\M5!"V5"\g_5!]]!>.045;!MX!]_!>.045;!M]!

! ha!

.*&%30/2!0/)*1),0/*4!,0)$!)$*!3(0/+)1*(3!3(18*)!/%13+!%<!&$%&%'()*!OS#+;!,$0&$!

*3.%4-!)$*!04*%'%20&('!(/)0)$*+0+!%<!@6?!3%9*3*/)+5!!!!

! I%1!#(4.:1-;!0)+!'%++!%<!0/4*7*/4*/&*!)%!c1(<)!1*+$(7*4!/%)!%/'-!0)+!%,/!

C7$0'(/)$1%70&!)1(40)0%/D;!.:)!)$*!&$%&%'()*!0/4:+)1-!(+!(!,$%'*5!e$0'*!c1(<)!7'*42*4!

)%!C$%/%1!#(4.:1-P+!&%330)3*/)+!)%!+:+)(0/(.'*!(/4!*)$0&('!+%:1&0/2;!0/&':40/2!

I(01!61(4*;P]a!0)!+**3+!:/'08*'-!)$()!)$*!2'%.('!<%%4!0/4:+)1-!20(/)!,0''!:+*!0)+!

1*+%:1&*+!)%!*L7(/4!#(4.:1-P+;!%1!0)+!%,/;!:+*!%<!I(01!61(4*!&(&(%!.*(/+!.*-%/4!)$*!

`(01-!O0'8!(/4!9(10%:+!m1**/!i!U'(&8P+!71%4:&)+5!c1(<)!I%%4+!0+!(/!OS#!,$%''-!

4*40&()*4!)%!)$*!/*%^'0.*1('!*&%/%3-!0/!,$0&$!0)!$(+!.:0')!0)+!2'%.('!*3701*f!0)!4%*+!

/%)!(1)0&:'()*!(/-!&%330)3*/)!%<!0)+!%,/!)%!*)$0&('!+%:1&0/2!%<!&%&%(!(+!S*+)'N!$(+!

4%/*5!>/4**4;!,*1*!0)!/%)!<%1!0)+!%,/*1+$07!%<!.%)$!#(4.:1-!(/4!m1**/!i!U'(&8P+;!

c1(<)P+!(+!(!7'(-*1!0/!)$*!&$%&%'()*!*&%/%3-!,%:'4!/%)!*9*/!.*!0/!)$*!O(18*)!e%1'45!

@+!(!+*/0%1!<02:1*!()!c1(<)!I%%4+!0/!F:1%7*!1*&*/)'-!+(04;!Cm1**/!i!U'(&8P+!0+!~XV!

30''0%/!%:)!%<!(!~"!.0''0%/!&$%&%'()*!.:+0/*++!x0/!)$*!G5c5y5!>!,%:'4!+*''!3%1*!#1�3*!

F22+5D]g!!

d*1$(7+!)$*!21*()*+)!0/40&()%1!%<!&$%&%'()*!OS#+P!&%330)3*/)!)%!71%<0)!(/4!

21%,)$!%9*1!(!3%1('!*&%/%3-!0/!)$*!&%&%(!(/4!&$%&%'()*!+*&)%1!0+!)$*!1%'*!)$*-!

&%''*&)09*'-!7'(-*4!0/!)$*!1*&*/)!4*<*()!%<!d1%7%+0)0%/!\a!0/!#('0<%1/0(!0/!MV"M5!

d1%7%+0)0%/!\a!,(+!(!&(''!)%!'(.*'!2*/*)0&(''-!3%40<0*4!RmOW!<%%4+;!&%/)10.:)0/2!)%!

21*()*1!)1(/+7(1*/&-!.*),**/!<%%4!&%37(/0*+!(/4!)$*01!&%/+:3*1+;!.:)!)$*!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!]a!#(11*'';!A*9*10/!RMV"VW!jc1(<)!7'*42*+!)%!$%/%:1!#(4.:1-r+!I(01)1(4*!+%:1&0/2!&%330)3*/)+P!R6$*!m:(140(/W!$))7Ell)0/-:1'5&%3l-&=3&]1!]g!J:&(+;!J%:0+*!RMV""W!jm1**/!i!U'(&8P+!*L*&:)09*+!*-*!.:-^%:)P!RI0/(/&0('!603*+W!$))7Ell)0/-:1'5&%3l\,a'%Hg!

!hg!

71%7%+('!,(+!4*<*()*4;!'(12*'-!4:*!)%!)$*!$*(9-!<0/(/&0('!&%/)10.:)0%/+!%<!OS#+;!

0/&':40/2!b*1+$*-;!S*+)'N;!(/4!c1(<);!'%..-0/2!(/4!(49*1)0+0/2!(2(0/+)!d1%7!\aP+!

7(++0/25]h!6$*!01%/-!0+!)$()!)$*!1*9*/:*!)$*+*!OS#+!1*&*09*4!<1%3!)$*01!1*+7*&)09*!

*)$0&('!&$%&%'()*!71%4:&)+!(/4!.1(/4+;!(''!%<!,$0&$!+:77%1)!&%/+:3*1!)1(/+7(1*/&-;!

&%/)10.:)*4!)%!)$*!3%1*!)$(/!uXX!30''0%/!)$()!,(+!7%:1*4!0/)%!)$*!<02$)!(2(0/+)!d1%7!

\a5!6$:+!0)!+**3+!)$()!/%!3())*1!)$*!9(10%:+!71%21(3+!%1!0/0)0()09*+!)$*+*!

&%37(/0*+!71(&)0&*!<%1!)$*!+(8*!%<!(!3%1*!+:+)(0/(.'*!&%&%(!*&%/%3-;!,$*/!71%<0)+!

(1*!%/!)$*!'0/*;!)$*+*!&%/&*1/+!.*&%3*!+*&%/4(1-5!6$*01!.:+0/*++!3%4*'+!(1*!

<:/4(3*/)(''-!+:.+&10.*4!)%!,$()!,%18+!,0)$0/!(!&%/9*/)0%/('!<%%4!+-+)*3E!)$*01!

/*),%18+!4%!/%)!<%&:+!%/!1*'()0%/+$07+;!)1(/+7(1*/&-;!(/4!)1:+)f!)$*01!<(13*1+!(1*!

/%)!0/9%'9*4!0/!)$*!4*&0+0%/+!)$()!40&)()*!)$*!,%180/2+!%<!)$*!&%&%(!+:77'-!&$(0/f!

(/4!)$*!3(H%10)-!%<!)$*01!+:+)(0/(.0'0)-!71%H*&)+!(1*!30/03('!1*+7%/+*+!)%!&%/+:3*1!

71*++:1*;!,0)$!(!<%&:+!%/!&$(10)-!*<<%1)+!)$()!3(0/)(0/!)$*!+)():+!B:%;!0/+)*(4!%<!

7(1)/*1+$07+!)$()!&(/!&(:+*!+%&0('!(/4!*&%/%30&!&$(/2*5!!!

!

_5]!O@>SA6QF@O!@J6FQS@6>qF!#b?#?J@6F!#@AF!A6G`TE!`>q>SF!#b?#?J@6F!!

! `090/*;!<%13*1'-!8/%,/!(+!)$*!`(-!#$%&%'()*!#%37(/-;!0+!)$*!<01+)!<(01!)1(4*!

&%37(/-!)%!&*/)*1!0)+!9(':*+!%/!<(13*1!%,/*1+$07!%<!)$*!.1(/4E!<(13*1+!(1*!

1*71*+*/)*4!%/!)$*!.%(14;!(&)09*'-!7(1)0&07()*!0/!.1(/4!4*&0+0%/+;!$(9*!0/<':*/&*!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!]h!F9(/+;!e0''5!Cd1%7!\a!`%/%1+!Q*9*('*4E!I1%3!O%/+(/)%!i!b*1+$*-!6%!#%/)1%9*1+0('!@')*1/()09*!b*(')$!`%&)%15D!3(702$&40(-C(!;";!S%9*3.*1!M;!MV"M5!$))7Ell&('0<%1/0(,()&$5%12l4(0'-1*7%1)l<%%4^&%37(/0*+^<02$)^2*/*)0&(''-^3%40<0*4^'(.*'^3*(+:1*^"g_M"!!

! hh!

%9*1!)$*!71%4:&)!0/!)$*!&$%&%'()*!3(18*);!(/4!(1*!*/)0)'*4!)%!+$(1*+!%<!0)+!71%<0)+5_V!@!

3*(/+!<%1!<(13*1+!0/!)$*!c:(7(!c%8%%!&%%7*1()09*!)%!0/&1*(+*!71%<0)+;!2(0/!401*&)!

(&&*++!)%!2'%.('!3(18*)+;!(/4!+*''!)$*01!%,/!2%%4+;!`090/*!,(+!*+)(.'0+$*4!,0)$!)$*!

<0/(/&0('!(04!(/4!%7*1()0%/('!(490&*!%<!)$*!@6?!6,0/!61(40/2;!(/4!(440)0%/('!

0/9*+)3*/)+!<1%3!6$*!U%4-!A$%7!>/)*1/()0%/(';!#$10+)0(/!@04!R(!+:+)(0/(.'*!

4*9*'%73*/)!(2*/&-W;!)$*!G5c5!2%9*1/3*/)P+!`*7(1)3*/)!<%1!>/)*1/()0%/('!61(4*;!

#%30&!Q*'0*<!R(!7$0'(/)$1%70&!&$(10)-W;!(/4!S()0%/('!e*+)30/+)*1!U(/85_"!!

6$*!(')*1/()09*!&$%&%'()*!&%37(/-!*+7%:+*+!)$*!30++0%/!%<!C.10/20/2!7*%7'*!

)%2*)$*1!)%!&1*()*!402/0<0*4!)1(40/2!1*'()0%/+!(/4;!)$1%:2$!)$%+*!1*'()0%/+;!

*37%,*10/2!71%4:&*1+!(/4!&%/+:3*1+5D_M!

!

`:_:B-K9XRV-9<-)W)O.HP.=HVHOe,-O/R-HPORIDRI)9P.V-C9IVX-

`090/*!:+*+!&(&(%!.*(/+!71%4:&*4!.-!c:(7(!c%8%%;!+:.&%/)1(&)+!)$*!

71%&*++0/2;!(/4!+*''+!)$*!&$%&%'()*!)$1%:2$!3(0/+)1*(3!1*)(0'*1+5!I02:1*!h!.*'%,!

0'':+)1()*+!`090/*!#$%&%'()*P+!+:77'-!&$(0/5!M]w!%<!0)+!71%<0)+!2%!401*&)'-!)%!<(13*1+;!

,$0'*!)$*!1*+)!(1*!(''%&()*4!)%!)$*!c:(7(!c%8%%!I(13*1+!61:+)!RccI6W;_\!,$0&$!

0/9*+)+!)$*!3%/*-!0/!c:(7(P+!3(0/!.:+0/*++!(/4!+%&0('!&%/&*1/+5!A%3*!%<!0)+!<:/4*4!

&%33:/0)-!71%H*&)+!(1*!40220/2!,()*1!,*''+!<%1!(&&*++!)%!&'*(/!,()*1;!(/4!<0/(/&0/2!

*&%/%30&!71%H*&)+!<%1!'%&('!,%3*/;!+:&$!(+!+%(7!3(80/2;!1://0/2!3%.0'*!3*40&('!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!_V!`%$*1)-;!U%.;!(/4!A%7$0!61(/&$*''5!ZS*,!)$0/80/2!0/!0/)*1/()0%/('!)1(4*[!@!&(+*!+):4-!%<!6$*!`(-!#$%&%'()*!#%37(/-5Z!)A+!(04(%7#-X#>#7$L'#4!!"\;!/%5!\!RMVV]WE!"aV5!_"!c:(7(!c%8%%!(/4!`090/*!#$%&%'()*!#%37(/-!J)4;!Zd104*!(/4!d1%4:&*E!@!6('*!%<!I(01!61(4*5Z!@&&*++*4!I*.1:(1-!];!MV"\5!$))7Ell,,,5,07%50/)l07(49(/)(2*l*/l4*)(0'+5H+7[04ÄMaXa5!!_M!`090/*!#$%&%'()*5!@//:('!Q*7%1)!MV"Vl""5!!_\!d(2*;!A$*0'(;!(/4!Q(&$*'!A'()*15!ZA3(''!d1%4:&*1!d(1)0&07()0%/!0/!m'%.('!I%%4!A-+)*3+E!d%'0&-!?77%1):/0)0*+!(/4!#%/+)1(0/)+5Z!X#>#7$L'#4!-D$70;1-I#>0#*5!M"5!/%5!]^_!RMVV\WE!_Xh5!!

!"VV!

71%21(3+;!71%9040/2!&1*40)!:/0%/+;!*4:&()0/2!<(13*1+;!(/4!71%9040/2!<(13*1+P!

.%/:+*+5_X!!

! c:(7(!<(13*1+;!(+!3*3.*1+!%<!)$*!c:(7(!c%8%%!I(13*1+P!G/0%/;!%,/!X]w!%<!

)$*!+$(1*+!0/!`090/*!(/4!)$*1*<%1*!$(9*!(&&*++!)%!$*(10/2!$%,!)$*!&%37(/-!0+!4%0/25!

F9*1-!-*(1;!`090/*!3(8*+!(9(0'(.'*!(!&('*/4(1!<%1!)$*!:/0%/!)$()!0/&':4*+!

0/<%13()0%/!%/!0)+!<0/(/&0('!7*1<%13(/&*+;!(!4*+&107)0%/!%<!0)+!-*(1'-!(&)090)0*+;!(/4!

+%3*!%<!0)+!<:):1*!7'(/+f!0/!*<<*&);!`090/*!0+!*/+:10/2!(!4*21**!%<!)1(/+7(1*/&-!<%1!)$*!

(&)%1+!,0)$0/!0)+!+:77'-!&$(0/!,$%+*!'09*'0$%%4+!4*7*/4!%/!0)!)$*!3%+)5_]!!

I02:1*!h!

!RA%:1&*E!`%$*1)-!(/4!61(/&$*'';!"_hW!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!_X!c:(7(!c%8%%!(/4!`090/*!#$%&%'()*!#%37(/-!J)4;!Zd104*!(/4!d1%4:&*E!@!6('*!%<!I(01!61(4*5Z!@&&*++*4!I*.1:(1-!];!MV"\5!$))7Ell,,,5,07%50/)l07(49(/)(2*l*/l4*)(0'+5H+7[04ÄMaXa5!!_]!CO(80/2!>/)*1/()0%/('!A:77'-!#$(0/+!e%18!<%1!A3(''$%'4*1!I(13*1+E!@!#%37(1()09*!A):4-!%<!A0L!I(01!61(4*!q(':*!#$(0/+5D!@!I(01)1(4*!I%:/4()0%/!Q*7%1);!O(-!MV"M5!!

! "V"!

! `090/*!('+%!+**8+!)%!3(0/)(0/!(!'*9*'!%<!)1(/+7(1*/&-!,0)$!0)+!&%/+:3*1+;!

*+7*&0(''-!)$1%:2$!*4:&()0%/('!3*(/+5!S%)!%/'-!0+!)*(&$0/2!(.%:)!)$*!3*(/0/2!%<!

I(01!61(4*!(/4!)$*!/**4!<%1!)1(4*!1*<%13!037%1)(/)!)%!`090/*P+!+%&0('!H:+)0&*!2%('+;!0)!

('+%!$(+!(!7%+0)09*!3(18*)0/2!037(&);!71*&0+*'-!.*&(:+*!)$*!&%37(/-P+!3%4*'!%<!

<(13*1!%,/*1+$07!0+!(!:/0B:*!+*''0/2!7%0/)5__!`090/*!#$%&%'()*P+!1*&*/)!#b?#?Jg!

&%/<*1*/&*!<%1!-%:)$!0+!7(1)0&:'(1'-!/%)(.'*!<%1!0)+!+:&&*++<:'!3%.0'0=()0%/!%<!+&$%%'!

&$0'41*/5!I(01!61(4*!40+&:++0%/+!,*1*!&%/4:&)*4!(''!(&1%++!)$*!G5c5;!(/4!),%!

m$(/(0(/!&$0'41*/;!,$%+*!7(1*/)+!,*1*!c:(7(!<(13*1+;!90+0)*4!(/4!0/+701*4!)$*01!

G5c5!7**1+!,0)$!+)%10*+!%<!'0<*!0/!1:1('!m$(/(5!6$0+!3**)0/2!(/4!+$(10/2!%<!+)%10*+!0+!

1*3(18(.'*!0/!)$()!)$*!&$%&%'()*!&%37(/-!,(+!(.'*!)%!.1042*!(!1*'()0%/('!40904*!

.*),**/!),%!21%:7+!%<!-%:)$E!)$*!*)$0&('!&%/+:3*1!%/!)$*!%/*!$(/4;!(/4!)$*!

+:77'0*1!%/!)$*!%)$*15!#b?#?Jg!*<<*&)09*'-!2('9(/0=*4!<:1)$*1!+:77%1)!<%1!0)+!&(:+*!

(/4!&:+)%3*1+!<%1!0)+!.1(/45_a!!

!

`:_:G-.P.Ve)H)-9<-)W)O.HP.=HVHOe-

! G/'08*!71*90%:+!&(+*!+):40*+;!`090/*!0+!/%)!(/!OS#!)$()!71(&)0&*+!#AQ!(+!%/*!

.1(/&$!0/!0)+!%7*1()0%/+;!/%1!0+!0)!%/*!)$()!$(+!+037'-!(&B:01*4!(/!(')*1/()09*!

&$%&%'()*!&%37(/-5!`090/*!#$%&%'()*!0)+*'<!0+!21%:/4*4!%/!)$*!&*/)1('!9(':*!%<!

<(13*1!%,/*1+$07;!(/4!)$:+!.(+*+!0)+!.:+0/*++!3%4*'!&%37'*)*'-!%/!71%9040/2!

+:+)(0/(.'*!'09*'0$%%4+!<%1!<(13*1+!(/4!<(13*1!&%33:/0)0*+5!@&&%140/2!)%!@..%))!*)!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!__!m%'40/2;!c01+)-5!C6$*!#$(''*/2*+!%<!O(0/+)1*(30/2!I(01!61(4*E!@!#(+*!A):4-!%<!)$*!`(-!#$%&%'()*!#%37(/-5D!d(7*1!71*+*/)*4!()!)$*!>/)*1/()0%/('!#%''%B:0:3!%/!I(01!61(4*!(/4!A:+)(0/(.'*!`*9*'%73*/);!O%/)1*(';!t:*.*&;!#(/(4(;!"h^M"!Y:/*!MVV_5!_a!c:(7(!c%8%%!(/4!`090/*!#$%&%'()*!#%37(/-!J)4;!Zd104*!(/4!d1%4:&*E!@!6('*!%<!I(01!61(4*5Z!@&&*++*4!I*.1:(1-!];!MV"\5!$))7Ell,,,5,07%50/)l07(49(/)(2*l*/l4*)(0'+5H+7[04ÄMaXa5!!

!"VM!

('5;_g!`090/*P+!+:+)(0/(.0'0)-!3%4*'!0+!*<<*&)09*!.*&(:+*;!&%/)1(1-!)%!I(01!61(4*!

1$*)%10&;!c:(7(!c%8%%!4%*+!/%)!+:77%1)!710&*!<'%%1+!<%1!&(&(%!.*(/+;!.:)!0/+)*(4!

+$(1*+!(!'(12*1!<1(&)0%/!%<!0)+!%'02%7%'-!71%<0)+!,0)$!)$*!<(13*1+!,$%!7(1)0(''-!%,/!

`090/*!#$%&%'()*5!6$*!1*+:')+!%<!@..%))!*)!('5;!+:77%1)!)$*!&'(03!)$()!3(18*)0/2!

3(120/+!&(/!.*!1*4:&*4!0<!3(18*)!7%,*1!*L0+)+!('%/2!)$*!&%&%(!+:77'-!&$(0/5!CU:)!

)$%+*!&%+)!+(90/2+!%1!71*30:3+!(1*!3%+)!'08*'-!&(7):1*4!.-!&%/+:3*1+!%1!

0/)*13*40(10*+;!(/4!8A(&(4!##5-'040'A'-L&0;#+-(&#-+"$*4-!$-2(07-5A#-!$-!"#-'(&?#!-

0'%(7(4;#+-!"#1-8#4#&(!#5D_h!>/!%)$*1!,%14+;!4*&%:7'*4!7(-3*/)+!(1*!3%1*!'08*'-!)%!

+:&&**4!)$(/!(1*!710&*!+:77%1)+5!6$*!7(-3*/)+!)$()!c:(7(!<(13*1+!1*&*09*;!<%1!

0/+)(/&*;!(1*!7:)!)%,(14!.:0'40/2!0/<1(+)1:&):1*;!+&$%%'+;!$%+70)('+;!(/4!%)$*1!)$0/2+!

)$()!,0''!4*9*'%7!0/4*7*/4*/&*!(/4!*37%,*13*/)!0/!)$*!&%33:/0)-;!1()$*1!)$(/!

0/&1*(+0/2!<(132()*!710&*+;!,$0&$!1:/+!)$*!10+8!%<!.*0/2!'0))'*!3%1*!)$(/!(!)*37%1(1-!

.:<<*1!(2(0/+)!)$*!9%'()0'0)-!%<!)$*!&(&(%!3(18*)5!

! b%,*9*1;!(')$%:2$!`090/*!0+!'(12*'-!(!+:&&*++!+)%1-!<%1!)$*!3%1('!*&%/%3-!

(/4!)$*!>/)*17*1+%/('!e%1'4!%<!71%4:&)0%/;!0)+!(.0'0)-!)%!:+*!0)+!1*'()0%/+$07+!,0)$!

%)$*1!%12(/0=()0%/+!$(+!('+%!'*4!)%!+%3*!&%371%30+*!)$()!`(90*+!%:)'0/*+5aV!@!

+:33(1-!%<!$0+!&10)0&('!(/('-+0+!%<!`090/*!#$%&%'()*P+!*)$0&('!40'*33(!<%''%,+E!

! .DEDHASI)BA:=@D;HI>DG)TD@>)IOGABF=BCA@)U=DB)@B=JA);TH!:=<A:IM)`090/*!

#$%&%'()*!$(+!'%/2!.**/!(/!(&)09*!71%7%/*/)!%<!)$*!%,/^'(.*'0/2!0/0)0()09*+!

)$()!$(9*!71%'0<*1()*4!0/!)$*!G5c5;!'(12*'-!.*&(:+*!)$*!&%37(/-!.*/*<0)+!<1%3!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!_g!@..%));!d5!b5;!O5!e0'&%L;!(/4!e*/40!@5!O:015!Z#%17%1()*!+%&0('!1*+7%/+0.0'0)-!0/!0/)*1/()0%/('!&%&%(!)1(4*5Z!DA&5A#-W40>#&+0!1E-C#+!-V(2(1#!!#!RMVV]W5!_h!>.045!aV!`(90*+;!>(0/!@5!Ze$%!)%!,%18!,0)$E!F)$0&('!`0'*33(+!()!`(-l`090/*!#$%&%'()*5Z!RMV"VW5!

! "V\!

.*0/2!)$*!3(0/!71%904*1!%<!<(01!)1(4*!&%&%(!)%!)$*+*!+:7*13(18*)+5!T*)!`090/*!

0+!/%)!+037'-!+*''0/2!)$1%:2$!)$*+*!+:7*13(18*)+;!.:)!0/!+%3*!&(+*+!0+!

(&):(''-!%#048$)$*!+:7*13(18*)P+!*)$0&('!&'(035!6$*1*!0+!(!7*1&*09*4!$-7%&10+-!

%<!`090/*!&'(030/2!)%!.*!7(1)!%<!(!3%9*3*/)!&%330))*4!)%!1*4:&0/2!

*L7'%0)()0%/!('%/2!)$*!+:77'-!&$(0/;!-*)!,%180/2!&'%+*'-!,0)$!%12(/0=()0%/+!

)$()!(1*!0/<(3%:+!<%1!)$*!71*++:1*!)$*-!7:)!%/!)$*01!%,/!+:77'-!&$(0/+5!

! .DEDHASI)=JEAB@DIDHVWF=BCA@DHV)@;)?>D:JBAHM)@')$%:2$!`090/*P+!*<<%1)+!)%!

*4:&()*!0)+!&%/+:3*1+!(.%:)!,$*1*!0)+!&$%&%'()*!&%3*+!<1%3;!,$%!<(13+!)$*!

&(&(%;!(/4!$%,!)$*+*!<(13*1+!'09*!0+!71(0+*,%1)$-;!)$*!*L)*/)!)%!,$0&$!)$*+*!

(49*1)0+*3*/)+!(1*!(03*4!()!&$0'41*/!0+!(12:(.'-!:/*)$0&('5!6$*!40'*33(!0+!

)$()!`090/*!#$%&%'()*P+!71%4:&)+!(1*!<:/4(3*/)(''-!:/$*(')$-;!(/4!0)+!

+7*&0<0&(''-!&$0'4^&*/)10&!71%4:&)+;!+:&$!(+!`:..'*;!(49*1)0+*3*/)!&(37(02/+!

,0)$!S0&8*'%4*%/;!(/4!0/^+&$%%'!*4:&()0%/!7(&8+!401*&)'-!3(18*)!0)+!%,/!

.1(/4!)%!0371*++0%/(.'*!&$0'41*/5!!

! .DEDHASI)OI=VA);U)IAX)U;B)I=:AIM!`090/*!.%(+)+!(!71*4%30/(/)'-!<*3('*!(/4!

+)1%/2'-!<*30/0+)!,%18<%1&*;!.:)!/*9*1)$*'*++!&$%+*!)%!7(1)0&07()*!0/!

q('*/)0/*P+!b(37*1!#%37*)0)0%/+!)%!0/&1*(+*!*L7%+:1*5!6$*!&%37(/-!$(+!

71*90%:+'-!+)()*4!)$()!0)!,%:'4!/%)!(49*1)0+*!0/!3*/P+!3(2(=0/*+!.*&(:+*!%<!

)$*01!+*L:(''-!*L7'%0)()09*!&%/)*/);!.:)!0)!+**3+!`090/*P+!4*&0+0%/+!(1*!

7%0/)0/2!)%!(!&%/)1(40&)0%/!%<!9(':*+!&%/&*1/0/2!,$()!&%:/)+!(+!+*L:(''-!

*L7'%0)()09*!(/4!,$()!4%*+!/%)5!

!"VX!

`090/*!#$%&%'()*P+!1*'()0%/+$07!,0)$!+:7*13(18*)+;!7(1)0&07()0/2!0/!&$0'4!3(18*)0/2;!

(/4!:+*!%<!+*L!)%!+*''!(''!7%0/)!3%1*!)%!)$*!&%/9*/)0%/+!)$()!4%30/()*!)$*!

&%/9*/)0%/('!<%%4!+-+)*3!(+!%77%+*4!)%!)$*!(')*1/()09*!<%%4!+-+)*3E!(!<%&:+!%/!

71%<0)+!(/4!3(18*)!&(7):1*!+**3+!)%!&(:+0/2!)$*!&%37(/-!)%!&%371%30+*!+%3*!%<!

0)+!9(':*+!1*2(140/2!)$*!*)$0&('!/%13+!%<!)$*!>/)*17*1+%/('!e%1'45!!

@/4!-*);!`090/*!4*<*/4+!0)+!4*&0+0%/+!.-!&'(030/2!)$()!0)+!<(01!)1(4*!710/&07'*+!

(1*!<:1)$*1*4!.-!0)+!3(18*)!1*'()0%/+$07+!(/4!&$%0&*+!.*&(:+*!)$*-!$(9*!'*4!)%!

21*()*1!+('*+!(/4!(,(1*/*++5!>/4**4;!`090/*!#$%&%'()*!3(0/)(0/+!)1(/+7(1*/&-!0/!0)+!

(//:('!1*7%1)+!%/!+:77'-!&$(0/!+:+)(0/(.0'0)-;!$(+!"VVw!)1(&*(.'*!0/21*40*/)+;!

0/9*+)+!(!'(12*!7%1)0%/!%<!71%<0)+!0/!)$*!4*9*'%73*/)!%<!<(13*1!'09*'0$%%4+;!8**7+!

<%1&*4!(/4!)1(<<0&8*4!'(.%1!<1%3!0)+!+:77'-!&$(0/;!(/4!*/4*(9%1+!)%!*37%,*1!0)+!

,%18*1+5!>)+!.:+0/*++!%7*1()0%/+!2%!.*-%/4!(4$*10/2!)%!&*1)0<0&()0%/!+&$*3*+!%1!

<:/40/2!4*9*'%73*/)!71%21(3+!0/!m$(/(;!71*&0+*'-!.*&(:+*!)$*!<(13*1+!,$%!%,/!

X]w!%<!)$*!&%37(/-!710%10)0=*!(!+:+)(0/(.'*!&%&%(!*&%/%3-!%9*1!710&*!(/4!

)$*1*<%1*!037'*3*/)!<(1^1*(&$0/2!(&)0%/+!<%1!)$*01!&%33:/0)-5!!

!

_5_!S>#bF!O@QcF6!@J6FQS@6>qF!#b?#?J@6F!#@AF!A6G`TE!6@|@!#b?#?J@6F!!

! 6(=(!#$%&%'()*!0+!(!+3('';!0/4*7*/4*/)!&$%&%'()*!<013!)$()!,(+!&%^<%:/4*4!.-!

@'*L!e$0)3%1*!(/4!J(11-!A'%)/0&8!0/!MVV_5!?<<*10/2!%12(/0&!+)%/*^21%:/4!&$%&%'()*!

3(4*!0/!)$*!?(L(&(/!)1(40)0%/;!6(=(!*/+:1*+!(!71%4:&)!1(/2*!%<!30/03(''-!71%&*++*4!

&$%&%'()*!)$()!+%:1&*+!B:('0)-!&(&(%!.*(/+!<1%3!9(10%:+!&%%7*1()09*+!0/!)$*!

! "V]!

`%30/0&(/!Q*7:.'0&;!U*'0=*;!(/4!U%'090(5a"!@+!(!.*(/!)%!.(1!&$%&%'()0*1;!6(=(!

#$%&%'()*!0+!,$%''-!,0)$0/!)$*!>/)*17*1+%/('!e%1'4!%<!71%4:&)0%/!(/4!(!+02/0<0&(/)!

7'(-*1!0/!)$*!3%1('!*&%/%3-;!(+!)$*!&%37(/-!4*3%/+)1()*+!)$1%:2$!0)+!+:77'-!&$(0/!

(/4!.:+0/*++!9(':*+!)$()!40+)0/2:0+$!0)!<1%3!'(12*1!OS#+5!!

!

`:`:B-K9XRV-9<-)W)O.HP.=HVHOe,-O/R-HPORIDRI)9P.V-C9IVX-

! >/!MV"V;!6(=(!#$%&%'()*!4*9*'%7*4!0)+!`01*&)!61(4*!#*1)0<0*4!#(&(%!71%21(3;!

9*10<0*4!.-!(!)$014!7(1)-;!0/!%14*1!)%!+%'040<-!0)+!&%330)3*/)!)%!0)+!&:+)%3*1+!(/4!

&(&(%!<(13*1+5aM!@&&%140/2!)%!)$*!<013;!`01*&)!61(4*!71%904*+!(/!(')*1/()09*!)%!)$*!

&%/9*/)0%/('!71%4:&)0%/!/*),%18!.(+*4!%/!OS#!0/)*21()0%/!%<!40+7*1+*4!+:77'-!

&$(0/!(&)090)0*+;!(+!,*''!(+!)%!)$*!I(01!61(4*!3%4*'5!>/+)*(4;!`01*&)!61(4*!0+!2:04*4!.-!

)$*!710/&07'*!%<!+%:1&0/2!&(&(%!401*&)'-!<1%3!)$*!21%,*1+!(/4!*+)(.'0+$0/2!+)(/4(14+!

<%1!*&%^(210&:'):1*!)$()!C)0*+!B:('0)-!%<!71(&)0&*!(/4!71%4:&)!)%!,(2*+!7(04!)%!

21%,*1+5Da\!I02:1*+!"V!(/4!""!0'':+)1()*!)$*!<09*!710/&07'*+!%<!6(=(!#$%&%'()*P+!`01*&)!

61(4*!71%21(3!(/4!0)+!)$014!7(1)-!&*1)0<0&()0%/!&'(03+;!1*+7*&)09*'-5!

!

!

!

!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!a"!6(=(!#$%&%'()*5!@//:('!#(&(%!A%:1&0/2!61(/+7(1*/&-!Q*7%1)5!A*7)*3.*1!MV"M5!!aM!>.045!a\!m%'43(/;!Y(/0&*5!Zm'%.('!d1%4:&)0%/!S*),%18+5Z!!

!"V_!

I02:1*!"V!

!RA%:1&*E!6(=(!61(/+7(1*/&-!Q*7%1)!MV"MW!!I02:1*!""!

!RA%:1&*E!6(=(!61(/+7(1*/&-!Q*7%1)!MV"MW!

! "Va!

!6(=(!&'(03+!)$()!)$*!I(01!61(4*!+-+)*3!(+!0)!&:11*/)'-!+)(/4+!0+!0/(4*B:()*!0/!

(441*++0/2!)$*!71%.'*3+!%<!(/!%9*1'-!&%37'*L!&%&%(!+:77'-!&$(0/5!`:*!)%!)$*!

&%37'*L0)0*+!0/9%'9*4!0/!.10/20/2!&(&(%!<1%3!)$*!<(13!)%!)$*!3(18*);!<(13*1+!+**!

'0))'*!)%!/%/*!%<!)$*!+:77'*3*/)(1-!2(0/+!0/)*/4*4!.-!)$*!I(01!61(4*!3%4*'!.*&(:+*!

)$*+*!2(0/+!(1*!%<)*/!&(7):1*4!.-!0/)*13*40(1-!7'(-*1+5!>/!4*('0/2!401*&)'-!,0)$!0)+!

21%,*1+;!6(=(!$(+!*<<*&)09*'-!+04*+)*77*4!)$*!)1(40)0%/('!+:77'-!&$(0/!)%!2:(1(/)**!

)$()!)$*!<(13*1+!1*&*09*!<(01!710&*+!<%1!)$*01!.*(/+EaX!0)+!`01*&)!61(4*!710&*!<'%%1!0+!

*+)(.'0+$*4!+:.+)(/)0(''-!$02$*1!)$(/!)$()!%<!%)$*1!&*1)0<0&()0%/+;a]!(!710&*!)$()!

1*<'*&)+!)$*!B:('0)-!%<!)$*!&(&(%!.*(/+!*L7*&)*4!:/4*1!0)+!(21**3*/)!,0)$!0)+!

+:77'0*1+5a_!!

6(=(!#$%&%'()*P+!+%:1&0/2!71%&*++!0+!3*)0&:'%:+!(/4!2:(1(/)**+!$02$^B:('0)-!

+%:1&0/25!@''!%<!0)+!&%%7*1()09*+!21%,!+:+)(0/(.'*!&(&(%!)$()!0+!&*1)0<0*4!%12(/0&;!(/4!

(''!%)$*1!(440)0%/('!0/21*40*/)+!)$*!&%37(/-!:+*+!<%1!0)+!<0/0+$*4!71%4:&)+!(1*!('+%!

%12(/0&!(/4!+%:1&*4!<1%3!/*02$.%10/2!&%:/)10*+5aa!e$0'*!)$*!0/0)0('!+)*7+!%<!

$(19*+)0/2!(/4!41-0/2!)$*!.*(/+!(1*!4%/*!()!*(&$!&%%7*1()09*P+!<*13*/)(1-;!)$*!

.*(/+!(1*!)$*/!401*&)'-!(01!)1(/+7%1)*4!)%!)$*!G5A5!0/!$*13*)0&(''-!+*('*4!.(2+!)%!

2:(1(/)**!.*(/!0/)*210)-!4:10/2!+$073*/)5!@)!6(=(P+!<(&)%1-;!)$*!.*(/+!(1*!1%(+)*4;!

,0//%,*4;!+)%/*^21%:/4;!(/4!)*37*1*4!.*<%1*!.*0/2!4%+*4!0/)%!3%'4+!(/4!$(/4^

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!aX!>.045!a]!@)!uM;gVV!7*1!3*)10&!)%/+;!0/&':+09*!%<!)$*!`01*&)!61(4*!71*30:3!%<!()!'*(+)!u]VV!7*1!3*)10&!)%/!(.%9*!)$*!S*,!T%18!>/)*1/()0%/('!#%33%40)0*+!FL&$(/2*!710&*;!6(=(!%<<*1+!0)+!<(13*1+!(!3:&$!$02$*1!710&*!<%1!)$*01!.*(/+5!R6(=(!61(/+7(1*/&-!Q*7%1);!MV"MW!a_!6(=(!#$%&%'()*5!@//:('!#(&(%!A%:1&0/2!61(/+7(1*/&-!Q*7%1)5!A*7)*3.*1!MV"M5!!aa!6$*!+:2(1!&%3*+!<1%3!)$*!m1**/!#(/*!d1%H*&)!0/!U1(=0';!)1:*!&0//(3%/!R(+!%77%+*4!)%!&(++0(W!(/4!,$%'*!9(/0''(!7%4+!(1*!+%:1&*4!<1%3!q0''(!q(/0''(!0/!#%+)(!Q0&(5!Rm%'43(/W!

!"Vg!

,1(77*4;!,(0)0/2!)%!.*!+$077*4!(1%:/4!)$*!&%:/)1-!(/4!)$*!2'%.*5ag!6$0+!.*(/!)%!.(1!

71%4:&)0%/!71%&*++!+)(18'-!&%/)1(+)+!,0)$!)$()!%<!&%/9*/)0%/('!&$%&%'()*!

3(/:<(&):1*1+;!/%)!)$*!'*(+)!.*&(:+*!)$*!'())*1!(1*!3%+)'-!j1*3*')*1+P!)$()!3*')!

4%,/!&(&(%!'0B:%1!(/4!&%3.0/*!0)!,0)$!<()!)%!&1*()*!(!$02$'-!71%&*++*4!71%4:&)5!

6(=(;!$%,*9*1;!%9*1+**+!0)+!*/)01*!+%:1&0/2!(/4!71%4:&)0%/!71%&*++;!)$*!1*+:')!.*0/2!

:/71%&*++*4!(/4!:/&%/&$*4!&$%&%'()*!&%/)(0/0/2!/:)10)0%/('!9(':*!0/!)$*!

O*+%(3*10&(/!)1(40)0%/5ah!

>/!(440)0%/!)%!0)+!:/0B:*!`01*&)!61(4*!71%21(3!(/4!.*(/!)%!.(1!71%4:&)0%/!

3*)$%4;!6(=(!#$%&%'()*!71(&)0&*+!(!/:3.*1!%<!+:+)(0/(.0'0)-!0/0)0()09*+!,0)$!(/4!<%1!

0)+!71%4:&*1+E!

3&#50!-(45-H4>#+!'#4!,!!

! J(!#%%7*1()09(!Q*4!m:(&%/*H%!RJ(!Q*4W!%<!)$*!`%30/0&(/!Q*7:.'0&;!6(=(P+!

<01+)!&%%7*1()09*!7(1)/*1;!,(+!0/!/**4!%<!(!'0/*!%<!&1*40)!0/!%14*1!)%!7(-!0)+!

<(13*1!3*3.*1+!%/!)03*5!6(=(!71%904*4!J(!Q*4!,0)$!(/!0/0)0('!'%(/5gV!

! 6%!$*'7!J(!Q*4!&%/)0/:*!)%!(&$0*9*!0)+!21%,)$!&(7(&0)-;!6(=(!0/9*+)+!(/!

(440)0%/('!71*30:3!0/!)$*!710&*!7*1!)%/!7(04!)%!)$*!&%%7*1()09*!0/!%14*1!)%!

$*'7!+7:1!71%4:&)0%/!9%':3*+!(/4!0/&1*(+*!B:('0)-5g"!O%+)!/%)(.'-;!6(=(P+!

0/9*+)3*/)!,0''!*/(.'*!J(!Q*4!)%!%<<*1!0)+!%,/!<(13*1+!(!3%1*!&%37*)0)09*!

710&*!<%1!)$*!&(&(%!.*(/+!)$*-!7:1&$(+*!<1%3!)$*!'%&('!21%,0/2!&%33:/0)0*+;!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!ag!m%'43(/;!Y(/0&*5!Zm'%.('!d1%4:&)0%/!S*),%18+5Z!ah!>.045!gV!Q%%)!#(70)(';!CA:77%1)0/2!)$*!#%&%(!A:77'-!#$(0/!0/!)$*!`%30/0&(/!Q*7:.'0&5D!J(+)!3%40<0*4!MV"\5!@&&*++*4!I*.1:(1-!"M;!MV"\5!$))7Ell,,,51%%)&(70)('5%12l7%1)<%'0%l+)%10*+l+:77%1)0/2^&%&%(^+:77'-^&$(0/^4%30/0&(/^1*7:.'0&!g"!J(!Q*4!$(+!('1*(4-!.*2:/!)%!+**!)(/20.'*!.*/*<0)+!<1%3!0)+!1*'()0%/+$07!,0)$!6(=(!#$%&%'()*E!0/!@710'!MV"M;!)$*!&%%7*1()09*!*/'(12*4!)$*01!+)%1(2*!,(1*$%:+*;!(44*4!3%1*!41-0/2!&(7(.0'0)0*+;!(/4!0/9*+)*4!0/!(!/*,!<:''-^(:)%3()*4!&(&(%!.*(/!&'*(/*1!(/4!+%1)*15!6$*+*!*L7(/4*4!<(&0'0)0*+!,0''!*/(.'*!J(!Q*4!)%!71%4:&*!3%1*!)$(/!"]V!)%/+!7*1!-*(1!%<!$02$^B:('0)-!.*(/+5!R6(=(!61(/+7(1*/&-!Q*7%1);!MV"MW!

! "Vh!

,$0&$!)1(/+'()*+!)%!3(80/2!(!'(12*1!037(&)!%/!)$*!'09*+!%<!&(&(%!<(13*1+!0/!

)$*!`%30/0&(/!Q*7:.'0&5gM!

! #%^<%:/4*1!(/4!#F?!@'*L!e$0)3%1*!3(4*!(!7*1+%/('!0/9*+)3*/)!)%!*+)(.'0+$!

(!/*,!1:1('!*&%/%30&!4*9*'%73*/)!*/)*1710+*!0/!U*'0=*!&(''*4!O(-(!

O%:/)(0/!#(&(%;!J)45!ROO#W5!6$*!2%('+!,*1*!)%!+:77%1)!+:+)(0/(.'*!

(210&:'):1('!71%4:&)0%/!(3%/2!&(&(%!<(13*1+!0/!)$*!6%'*4%!1*20%/f!+%:1&*!

71*30:3!U*'0=*(/!&(&(%!)%!+:77'-!<0/*!&$%&%'()*!3(/:<(&):1*1+!0/!)$*!G5A5f!

*37%,*1!<(13*1+!.-!%<<*10/2!)$*3!(!&$%0&*!%<!.:-*1+fg\!&%37*)*!<%1!)$*01!

&1%7+!.-!%<<*10/2!.*))*1!710&*+!(/4!+*190&*+!)$(/!)$*!<(13*1+!$(4!(&&*++!)%!

71*90%:+'-f!(/4!.:0'4!/*,!'%&('!<*13*/)()0%/!(/4!41-0/2!<(&0'0)0*+!)%!(''%,!<%1!

.*))*1!B:('0)-!&%/)1%'!4:10/2!71%&*++0/25gX!!

H4!#&L#&+$4(7-&#7(!0$4+"0L+-*0!"-2(&'#&+,!

! 6(=(!#$%&%'()*!+)(<<!,%18!401*&)'-!,0)$!)$*!<(13*1+!)%!)1(0/!)$*3!(/4!$*'7!

037'*3*/)!+-+)*3+!)%!&%/+0+)*/)'-!%.)(0/!)$*!'*9*'!%<!B:('0)-!6(=(!1*B:01*+!

<%1!)$*!.*(/+5g]!

! @+!7(1)!%<!0)+!`01*&)!61(4*!71%21(3;!6(=(!#$%&%'()*!&%330)+!)%!7$-+0&(''-!

90+0)0/2!)$*!&(&(%!<(13*1+!(/4!<(13*1!&%%7*1()09*+!)%!.:0'4!'%/2^)*13!

+:+)(0/(.'*!1*'()0%/+$07+5g_!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!gM!6(=(!#$%&%'()*5!@//:('!#(&(%!A%:1&0/2!61(/+7(1*/&-!Q*7%1)5!A*7)*3.*1!MV"M5!g\!6(=(!#$%&%'()*!,(+!71*90%:+'-!:/(.'*!)%!/*2%)0()*!(!+%:1&0/2!&%/)1(&)!,0)$!)$*!6%'*4%!#(&(%!m1%,*1+P!@++%&0()0%/!R6#m@W!.*&(:+*!)$*!&%%7*1()09*!,(+!*L&':+09*'-!)0*4!)%!&$%&%'()*!20(/)!#(4.:1-5!e$*/!e$0)3%1*!&%/9*1+*4!,0)$!+*9*1('!6#m@!<(13*1+!(/4!'*(1/*4!%<!)$*01!0/)*1*+)!0/!$(90/2!/*,!.:-*1+!0/!)$*!3(18*)!)%!&%37*)*!<%1!)$*01!<0/*^<'(9%1!&(&(%;!$*!4*)*130/*4!)$()!0/)1%4:&0/2!&%37*)0)0%/!0/)%!)$*!U*'0=*(/!&(&(%!3(18*)!,%:'4!.*!.*/*<0&0('!)%!.%)$!)$*!<(13*1+!(/4!)$*!<0/*!&$%&%'()*!0/4:+)1-5!R6(=(!61(/+7(1*/&-!Q*7%1);!MV"MW!gX!6(=(!#$%&%'()*5!@//:('!#(&(%!A%:1&0/2!61(/+7(1*/&-!Q*7%1)5!A*7)*3.*1!MV"M5!g]!m%'43(/;!Y(/0&*5!Zm'%.('!d1%4:&)0%/!S*),%18+5Z!g_!6(=(!#$%&%'()*5!@//:('!#(&(%!A%:1&0/2!61(/+7(1*/&-!Q*7%1)5!A*7)*3.*1!MV"M5!

!""V!

! S%)!%/'-!4%!6(=(!*37'%-**+!90+0)!)$*!<(13+;!.:)!0/!A*7)*3.*1!MV"";!6(=(!

#$%&%'()*!(/4!J(!Q*4!&*'*.1()*4!)$*01!+%:1&0/2!1*'()0%/+$07!.-!<'-0/2!<%:1!

&%%7*1()09*!3*3.*1+!)%!U%+)%/!)%!90+0)!)$*!<(&)%1-5!6$*!3*3.*1+!+7*/)!<%:1!

4(-+!&$*&80/2!%:)!6(=(!#$%&%'()*P+!3(/:<(&):10/2!<(&0'0)-;!)('80/2!,0)$!

6(=(P+!&:+)%3*1+!()!)$*!I(&)%1-!A)%1*;!*()0/2!.(1.*B:*!(/4!4(/&0/2!)$*!

3*1*/2:*!,0)$!)$*!6(=(!)*(3;!(/4!,()&$0/2!(!Q*4!A%L!2(3*5ga!

! #F?!e$0)3%1*!1*2:'(1'-!0/B:01*+!(<)*1!)$*!&%%7*1()09*!,%18*1+!,0)$!,$%3!

6(=(!$(+!+%:1&0/2!1*'()0%/+$07+5!>/!MV""!4:10/2!$0+!(//:('!)107!)%!)$*!

`%30/0&(/!Q*7:.'0&;!e$0)3%1*!&%/9*1+*4!,0)$!+*9*1('!+)(<<!3*3.*1+!%<!)$*!

I0/&(!F'+*90(!&%%7*1()09*;!0/B:010/2!(<)*1!)$*!'09*'0$%%4+!%<!)$*01!/*,!b(0)0(/!

,%18*1+!)$()!$(4!(1109*4!0/!)$*!(<)*13()$!%<!)$*!MV"V!*(1)$B:(8*5!I0/&(!

F'+*90(!3*3.*1+!1*(++:1*4!$03!)$()!)$*-!*(1/*4!),0&*!,$()!)$*-!,%:'4!

$(9*!*(1/*4!0/!b(0)0;!(/4!)$()!)$*!<(13!('+%!71%904*4!/*&*++(1-!+*190&*+!<%1!

)$*3!(/4!)$*01!<(30'0*+5gg!!

R'L$*#&'#4!-$2-;(;($-2(&'#&+,!

! @)!)$*!.*20//0/2!%<!*(&$!-*(1;!6(=(!#$%&%'()*!,%18+!,0)$!0)+!&%%7*1()09*+!)%!

7'(/!(!7:1&$(+0/2!+&$*4:'*!<%1!)$*!/*L)!),*'9*!3%/)$+5!G7%/!(11090/2!%/^+0)*!

()!*(&$!&%%7*1()09*P+!<(&0'0)-;!6(=(!0/+7*&)+!)$*!.*(/!B:('0)-f!0<!)$*-!3**)!)$*!

&%37(/-P+!+)10&)!+)(/4(14+;!7(-3*/)!0+!,01*4!%/!)$*!<%''%,0/2!.:+0/*++!

4(-5gh!U-!1*B:010/2!0)+!&%%7*1()09*+!)%!3**)!(!$02$!+)(/4(14!(/4!0/9%'90/2!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!ga!>.045!gg!>.045!gh!m%'43(/;!Y(/0&*5!Zm'%.('!d1%4:&)0%/!S*),%18+5Z!

! """!

)$*3!0/!)$*!71%&*++!%<!41(,0/2!:7!'%/2^)*13!+&$*4:'*+;!6(=(!4%*+!/%)!

71(&)0&*!&$(10)-;!.:)!0/&*/)090=*+!0)+!<(13*1+!)%!7*1<%13!)$*!*L)1(!,%18!

1*B:01*45!

! @<)*1!$(90/2!*+)(.'0+$*4!(!&%37*)0)09*!3(18*)!0/!6%'*4%;!U*'0=*!,0)$!)$*!

0/)1%4:&)0%/!%<!OO#;!6(=(!#$%&%'()*!.*&(3*!%/*!%<!+*9*1('!7:1&$(+*1+!%<!

)$*!/*,!&%%7*1()09*P+!&(&(%!.*(/+5!?:)7:)!<1%3!)$*!/*,!&%%7*1()09*P+!

<*13*/)(1-!0/&1*(+*4;!(/4!)$*!OO#!)*(3!('+%!,0)/*++*4!(!21%,0/2!0/)*1*+)!

0/!&(&(%!<(130/2!0/!)$*01!'%&('!&%33:/0)0*+5!m('9(/0=*4!)%!+:77%1)!)$0+!

21%,)$;!OO#!$(+!<0/(/&*4!(!M];VVV^)1**!+**4'0/2!71%H*&)!)%!*/&%:1(2*!

<(13*1+!)%!1*7'(/)!(/4!1*7'(&*!(20/2!)1**+;!(+!,*''!(+!*L7(/4!)$*01!<(13+5hV!!

3$4+A'#&-O&(4+L(&#4;1,-!

! 6(=(!#$%&%'()*!1*'*(+*+!(//:('!61(/+7(1*/&-!Q*7%1)+!)$()!0/<%13!)$*!

&%/+:3*1!%<!0)+!(&)090)0*+;!)$*!+)()*!%<!0)+!&%%7*1()09*!7(1)/*1+;!(/4!<:):1*!

21%,)$!(/4!+:+)(0/(.'*!4*9*'%73*/)!7'(/+5!!

! 6(=(!&%/4:&)+!<(&)%1-!)%:1+!<%1!0)+!&%/+:3*1+!)%!,0)/*++!<01+)$(/4!)$*!

&%37(/-P+!.*(/!)%!.(1!71%4:&)0%/!71%&*++;!(+!,*''!(+!0)+!&%330)3*/)!)%!

+%:1&0/2!$02$^B:('0)-!&%&%(!<1%3!&%%7*1()09*+!)$()!.*/*<0)!<1%3!)$*!.:+0/*++!

)$*-!4%!,0)$!)$*!(')*1/()09*!&$%&%'()*!<0135!@)!)$*!*/4!%<!)$*!)%:1;!)$*!

&:+)%3*1+!(1*!)(8*/!)%!)$*!I(&)%1-!A)%1*!)%!7:1&$(+*!)$*!<0/0+$*4!71%4:&)+K

"VVw!%12(/0&;!`01*&)!61(4*;!+)%/*^21%:/4!&$%&%'()*!)$()!$(+!.**/!*)$0&(''-!

+%:1&*45!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!hV!6(=(!#$%&%'()*5!@//:('!#(&(%!A%:1&0/2!61(/+7(1*/&-!Q*7%1)5!A*7)*3.*1!MV"M5!

!""M!

! 6(=(!#$%&%'()*!$(+!7(1)/*1*4!,0)$!#%))%/!61**!J%42*!0/!U*'0=*;!(!'%&('!*&%^

'%42*;!)%!$%+)!(/!(//:('!U*'0=*!#$%&%'()*!e**8!71%21(35!>33*1+*4!0/!)$0+!

&(&(%^<(130/2!*/901%/3*/);!2:*+)+!'*(1/!(.%:)!)$0+!&%33:/0)-!%<!<(13*1+!

(/4!%.+*19*!)$*!OO#!%7*1()0%/+!0/!(&)0%/5!@+!6(=(P+!MV"M!61(/+7(1*/&-!

Q*7%1)!1*(4+;!C#$%&%'()*!e**8!0+!(!&1:&0('!7(1)!%<!6(=(P+!*<<%1)+!)%!&%//*&)!

)$*!)*(3!()!%:1!A%3*190''*;!O@!<(&)%1-!,0)$!)$*!&(&(%!21%,*1+!,$%!71%904*!

)$*!*L&*''*/)!1(,!3()*10('+!:+*4!)%!&1(<)!&$%&%'()*!*9*1-!4(-5Dh"!!

!

`:`:G-.P.Ve)H)-9<-)W)O.HP.=HVHOe,-

! @+!(/!(&)%1!<:''-!033*1+*4!0/!)$*!*/901%/3*/)!%<!)$*!>/)*17*1+%/('!e%1'4;!

6(=(!#$%&%'()*!71%3%)*+!)$*!3%1('!*&%/%3-!%<!(/!(')*1/()09*!<%%4!+-+)*3E!)$*!

+:+)(0/(.0'0)-!3%4*'!0)!71(&)0&*+!$(+!+$%,/!)$*!3(/-!'*9*'+!%<!0)+!*/901%/3*/)(';!

+%&0(';!(/4!*&%/%30&!&%/&*1/+!<%1!.%)$!&%/+:3*1+!(/4!71%4:&*1+!,0)$0/!0)+!+:77'-!

&$(0/5!>/!&%37(10+%/!)%!71*90%:+!&(+*!+):40*+;!6(=(!*+7%:+*+!(!3%4*'!%<!*&%/%30&!

+:+)(0/(.0'0)-!)$()!0+!(+!&%371*$*/+09*!(+!`090/*!#$%&%'()*P+!3%4*';!0<!/%)!(+!,04*!0/!

0)+!037(&)5!!

! 6(=(!#$%&%'()*!8**7+!0)+!.:+0/*++!)(12*)+;!(+!,*''!(+!0)+!+:77'-!&$(0/!

+:+)(0/(.0'0)-!(/4!4*9*'%73*/)('!71%H*&)+!)1(/+7(1*/)f!+%:1&*+!"VVw!)1(&*(.'*!(/4!

%12(/0&!0/21*40*/)+!<%1!(''!0)+!71%4:&)+f!0/9*+)+!(!+:.+)(/)0('!(3%:/)!%<!0)+!71%<0)+!

102$)!.(&8!0/)%!0)+!<(13*1!&%%7*1()09*+!<%1!)$*01!'09*'0$%%4+f!3(0/)(0/+!)$*!0/)*210)-!

%<!0)+!+:77'-!&$(0/!.-!0/+:10/2!0)!<1%3!&$0'4;!<%1&*4;!%1!)1(<<0&8*4!'(.%1f!(&)09*'-!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!h"!>.045!

! ""\!

*/&%:1(2*+!(/4!7(1)0&07()*+!0/!<(13*1!(/4!,%18*1!*37%,*13*/)f!(/4!3%+)!

:/0B:*'-;!1:/+!0)+!%,/!`01*&)!61(4*!71%21(3!)$()!)$*!&%37(/-!&'(03+!4%*+!<%1!

<(13*1+!,$()!)$*!I(01!61(4*!&*1)0<0&()0%/!+-+)*3!/*2'*&)+!)%!4%5!!!

>/!<(&);!6(=(P+!4*40&()0%/!)%!*)$0&('!+%:1&0/2!%<!&%&%(!(/4!)$*!.*))*13*/)!%<!

<(13*1!'09*'0$%%4+!3(-!+:17(++!)$()!%<!0)+!3(0/+)1*(3!3(18*)!&%:/)*17(1)!.*&(:+*!

0)!$(+!/%)!3(4*!.:+0/*++!(/4!3(18*)0/2!&$%0&*+!)$()!&%:'4!&%371%30+*!)$*!

&%37(/-P+!9(':*+!(/4!&%330)3*/)+!)%!71%3%)0/2!(/!(')*1/()09*!,(-!%<!

3(/:<(&):10/2!&$%&%'()*!90+^s^90+!)$*!&%/9*/)0%/('!<%%4!/*),%18!)$()!)$*!3(H%10)-!

%<!3(0/+)1*(3!&$%&%'()*!&%37(/0*+!(1*!(!7(1)!%<5!`090/*!0)+*'<!$(+!)(8*/!%/!+%3*!%<!

)$*+*!O(18*)!e%1'4!/%13+;hM!,$0&$!(12:(.'-!$(+!&%371%30+*4!)$*!0/)*210)-!%<!0)+!

30++0%/5!!

b%,*9*1;!6(=(!#$%&%'()*P+!+:+)(0/(.0'0)-!3%4*'!$(+!+%3*!7%)*/)0('!

+$%1)&%30/2+5!I01+)'-;!,$0'*!)$*!`01*&)!61(4*!71%21(3!4%*+!(441*++!+%3*!%<!I(01!

61(4*P+!'030)()0%/+;!/(3*'-!.-7(++0/2!)$*!&%37'*L!+:77'-!&$(0/!)$()!4%*+!/%)!

2:(1(/)**!2(0/+!,0''!2%!)%!I(01!61(4*!&*1)0<0*4!<(13*1+;!%<<*10/2!$02$*1!710&*+!<%1!

B:('0)-!&(&(%!.*(/+;!(/4!+%:1&0/2!401*&)'-!<1%3!)$*!<(13*1+!)$*3+*'9*+;!0)!+)0''!%/'-!

(44+!)%!)$*!*L7'%+0%/!%<!&*1)0<0&()0%/!+&$*3*+!)$()!$(9*!<'%%4*4!)$*!3(18*)!(/4!

&%/<:+*!&%/+:3*1+!(+!)%!,$()!0+!)1:'-!*)$0&('!(/4!,$()!0+!/%)5!I:1)$*13%1*;!)$*!

`01*&)!61(4*!71%21(3!3(-!%<<*1!(!+02/0<0&(/)'-!$02$*1!710&*!<'%%1!)$(/!)$()!%<!)$*!

I(01!61(4*!71%21(3;!.:)!(!71%.'*3!%<!%9*1^71%4:&)0%/!<(&*+!(''!710&*!<'%%1^

4*7*/4*/)!&*1)0<0&()0%/!+-+)*3+5!>/!*<<*&);!710&*!<'%%1+!0/&*/)090=*!<(13*1+!)%!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!hM!A**!K(04+!&#('-(7!#&4(!0>#-;"$;$7(!#-;(+#-+!A51,-X0>04#-3"$;$7(!#5!

!""X!

2*/*1()*!21*()*1!+:77'0*+!%<!&(&(%!.*(/+;!'*(40/2!)%!(/!03.('(/&*!%<!+:77'-!(/4!

4*3(/45!>/!)$*!'%/2!1:/;!)$0+!&(/!'*(4!)%!*0)$*1!(/!(&&:3:'()0%/!%<!&(&(%!(/4!&%&%(!

0/!+)%1(2*;!%1!(!41090/2!4%,/!%<!,%1'4!710&*+;!,$0&$!,%:'4!:')03()*'-!:/4*130/*!)$*!

9(10%:+!0/0)0()09*+P!2%('+5h\!`090/*!#$%&%'()*;!%/!)$*!%)$*1!$(/4;!&01&:39*/)+!)$0+!

71%.'*3!.*&(:+*!1()$*1!)$(/!:+0/2!(!&*1)0<0&()0%/^4109*/!710&*!<'%%1;!0)!4*&%:7'*+!0)+!

7(-3*/)+!(/4!209*+!)$*3!401*&)'-!)%!0)+!+$(1*$%'4*1!<(13*1+!0/!c:(7(!c%8%%5hX!!

@440)0%/(''-;!6(=(!#$%&%'()*!0+!*L7(/40/2!0)+!.:+0/*++!,0)$0/!)$*!/0&$*!

3(18*)!%<!*)$0&('!&$%&%'()*;!.:)!0)+!037(&)!0+!'030)*4!.*&(:+*!)$*!&%37(/-!$(+!/%)!

7*/*)1()*4!)$*!3(0/+)1*(3!3(18*)!(+!%<!-*);!/%1!4%*+!0)!209*!(/-!0/40&()0%/!%<!

7'(//0/2!)%!4%!+%5!@/4!-*)!)$*!71*++:1*+!(/4!4*3(/4+!%<!)$*!&%/9*/)0%/('!3(18*);!

+:&$!(+!$02$!71%<0)+;!'%,!&%+);!(/4!*<<0&0*/&-!%9*1!*)$0&('0)-;!%<)*/!1:.!(2(0/+)!)$*!

30++0%/!%<!(')*1/()09*!&$%&%'()*!&%37(/0*+!'08*!6(=(5!6$0+!40&$%)%3-!%<!&%/+:3*1!

3(18*)+!'*(4+!)%!)$*!21*()*1!B:*+)0%/!%<!,$*)$*1!%1!/%)!(!/*,!3%1('!*&%/%3-!0/!

&$%&%'()*!&(/!)$109*!%/!(!3(0/+)1*(3!3(18*)^+&('*5!!

6$*!/*L)!&$(7)*1;!#$(7)*1!A*9*/;!70/7%0/)+!037%1)(/)!)1*/4+!)$()!$(9*!.**/!

4*9*'%70/2!0/!)$*!,%1'4!%<!&$%&%'()*!(/4!(77'0*+!)$*01!1*'*9(/&*!)%!)$*!7%++0.'*!

<:):1*!)1(H*&)%1-!%<!)$*!&$%&%'()*!*&%/%3-5!>!&%/&':4*!.-!(/('-=0/2!)$*!'08*'0$%%4!%<!

,$()!>!$(9*!71*90%:+'-!&(''*4;!C#$(1'0*P+!&$%&%'()*!*&%/%3-5D!!

!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!h\!@..%));!d5!b5;!O5!e0'&%L;!(/4!e*/40!@5!O:015!Z#%17%1()*!+%&0('!1*+7%/+0.0'0)-!0/!0/)*1/()0%/('!&%&%(!)1(4*5Z!DA&5A#-W40>#&+0!1E-C#+!-V(2(1#!!#!RMVV]W5!hX!>.045;!"_!

! ""]!

!"#$%&'()2'7'+,)&('+.2!$

! !

6$1%:2$%:)!)$*!$0+)%10&('!4*9*'%73*/)!%<!&$%&%'()*;!+*9*1('!)1*/4+!$(9*!

1*&*/)'-!&%3*!)%!)$*!<%1*<1%/);!+%3*!)$()!$(9*!'%/2!.**/!*9%'90/2;!(/4!%)$*1+!)$()!

$(9*!%/'-!H:+)!.*2:/!*3*120/25!6,%!3(0/!)1*/4+!)$()!(1*!%<!7(1)0&:'(1!/%)*!(1*!

;$4+;0$A+-;$4+A'#&0+'!(/4!;$&L$&(!#-;$4+$705(!0$4;!)$*!<%13*1!$(90/2!0)+!1%%)+!0/!(!

'%/2^+)(/40/2!)1(40)0%/!%<!0/40904:('!(&)090+3!)$()!.*2(/!,0)$!`%30/0&(/!3%/8!J(+!

#(+(+!0/!)$*!"]VV+;!(/4!)$*!'())*1!(/!%/2%0/2!&%/+*B:*/&*!%<!&%/)*37%1(1-!

/*%'0.*1('!04*%'%2-!7'(-0/2!%:)!0/!)$*!3(18*)7'(&*5!>/!(77'-0/2!)$*+*!),%!)1*/4+!)%!

)$*!,%1'4!%<!&$%&%'()*;!(!)*/+0%/!&(/!.*!+**/!.*),**/!&%/+:3*1+;!%12(/0=()0%/+;!

(/4!%)$*1!(49%&(&-!21%:7+!&(''0/2!<%1!21*()*1!)1(/+7(1*/&-!(/4!*)$0&('!

1*+7%/+0.0'0)-!<1%3!3:')0/()0%/('!&$%&%'()*!&%37(/0*+;!(/4!)$*+*!&%37(/0*+!0/!):1/!

+)1090/2!)%!&%/)0/:*!)$*01!7:1+:0)!%<!21*()*1!71%<0)+!,$0'*!+03:')(/*%:+'-!1*(&)0/2!)%!

)$0+!+:44*/!+708*!0/!&%/+&0%:+!&%/+:3*10+35!!

!

k:B-3$4+;0$A+-3$4+A'#&0+'-!

! `(/(!c0++0/2*1^O()1(-!<1%3!)$*!>/)*1/()0%/('!?12(/0=()0%/!<%1!

A)(/4(140=()0%/!R>A?W!+(04;!C/%)!%/'-!0+!)$*!0/<':*/&*!%<!&%/+:3*1+!%/!)$*!3(18*)!

(/4!.:+0/*++!.*$(90%1!0/&1*(+0/2;!)$*-!,0''!$(9*!(!<(1!21*()*1!037(&)!%/!)$*!<:):1*5D"!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"!#1(,<%14;!Q%.*1)5!3$4+A'#&-;$4+;0#4;#-,-"$*-#4>0&$4'#4!-(45-#!"0;+-(&#-0427A#4;048-#UL$&!+5!m*/*9(E!>/)*1/()0%/('!61(4*!#*/)1*;!MVVh5!

!""_!

>/4**4;!(!1*7%1)!&%330++0%/*4!.-!#(4.:1-M!1*&%2/0=*4!)$0+!1(704!&$(/2*!0/!

&%/+:3*1!3(18*)+!<%1!&$%&%'()*!&%/<*&)0%/*1-E!3(18*)+!(1*!.*&%30/2!0/&1*(+0/2'-!

40<<*1*/)0()*4;!(+!&%/+:3*1+!(1*!4*3(/40/2!.*))*1!B:('0)-;!$02$*1!+%&0('!+)(/4(14+;!

(/4!+3(''*1!*/901%/3*/)('!&%+)!0/!71%4:&)0%/!71%&*++*+;!(''!<(&)%1+!<%1!,$0&$!

&:+)%3*1+!(1*!,0''0/2!)%!7(-!(!71*30:35\!@440)0%/(''-;!)$*!>##?P+!A:+)(0/(.'*!#%&%(!

F&%/%3-!*L*&:)09*!+:33(1-!('+%!3(8*+!(!&'*(1!/%)*!%<!(!&$(/20/2!()3%+7$*1*!0/!

&%/+:3*1!3(18*)+;!(/4!:12*+!7'(-*1+!0/!)$*!&%&%(!+:77'-!&$(0/!)%!1*+7%/4!

(&&%140/2'-E!!

! C#:+)%3*1+!(1*!(+80/2!<%1!j+:+)(0/(.'*P!&%&%(!(/4!&$%&%'()*!71%4:&)+{,$0&$!

71%904*!(!4*&*/)!'090/2!<%1!)$*!<(13*1+;!(1*!71%4:&*4!0/!(!+%&0(''-!(&&*7)(.'*!,(-;!

/%)!$(130/2!)$*!*/901%/3*/);!(/4!,$0&$!(1*!+(<*!(/4!$*(')$-!)%!*/H%-5!X#70>#&048-

+A;"-L&$5A;!+-0+-04-!"#-50&#;!-04!#&#+!-$2-!"#-2(&'#&+E-!"#-;$;$(-L&$;#++$&+E-!"#-

!&(5#&+M#UL$&!#&+E-(45-!"#-;"$;$7(!#-'(4A2(;!A&#&+5DX!!

! 6$0+!C401*&)!0/)*1*+)D!$(+!%/'-!21%,/!+)1%/2*1!0/!1*&*/)!-*(1+!(+!2'%.('0=()0%/!

0+!&$(/20/2!)$*!&%/&*1/+!%<!&$%&%'()*!&%/+:3*1+5!6$*-!(1*!3%1*!(,(1*!%<!$%,!)$*01!

7:1&$(+0/2!&$%0&*+!(<<*&)!)$*!*/901%/3*/)!(/4!'09*+!%<!)$%+*!,$%!3(-!'09*!0/!%)$*1!

7(1)+!%<!)$*!,%1'4f!,0)$!)$*!*3*12*/&*!%<!)$*!e*.;!+%&0('!3*40(;!(/4!%)$*1!

)*&$/%'%20&('!(49(/&*+;!&%/+:3*1!(&)090+)+!$(9*!)$*!(.0'0)-!)%!+71*(4!0/<%13()0%/!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!M!@+:1/0/2^U1*37%/2;!A(3:*';!`(/0*'!A(17%/2;!S(/(!@8:(!@/-04%$%;!Q(7$(*'!c(7'0/+8-;!(/4!Y*//0<*1!J*(9-5!CO(770/2!A:+)(0/(.'*!#%&%(!0/!m$(/(5D!6$*!>/+)0):)*!%<!`*9*'%73*/)!A):40*+!(/4!)$*!G/09*1+0)-!%<!m$(/(!1*7%1)!)%!#(4.:1-5!\!>.045!X!CA:+)(0/(.'*!#%&%(!F&%/%3-E!@!#%371*$*/+09*!(/4!d(1)0&07()%1-!@771%(&$5D!6$*!>/)*1/()0%/('!#%&%(!?12(/0=()0%/;!#%/+:')()09*!U%(14!%/!)$*!e%1'4!#%&%(!F&%/%3-;!"M!O(1&$!MVVa5!!

! ""a!

0/+)(/)(/*%:+'-5]!@+!,*''!(+!3(80/2!0/<%13*4!.:-0/2!4*&0+0%/+!(+!0/40904:('+;!

&%/+:3*1+!$(9*!('+%!<%:/4!9(10%:+!%)$*1!3*(/+!%<!&(''0/2!&$%&%'()*!&%17%1()0%/+!)%!

(&&%:/)E!1*+*(1&$!(/4!(49%&(&-!(&)090)0*+!%<!&%/+:3*1!%12(/0=()0%/+;!7(1)0&07()0%/!

0/!&1*()0/2!9%':/)(1-!+)(/4(14+!(/4!'(.*'+;!(/4!%)$*1!3*(/+!%<!+)1:&):1*4!

*/2(2*3*/)5!6$*!0/9%'9*3*/)!%<!)$*!3*40(!$(+!('+%!'*/)!+)1*/2)$!)%!)$0+!j/(3*^(/4^

+$(3*P!())0):4*!)%,(14!&%17%1()0%/+!4**3*4!(+!:/*)$0&('!0/!)$*01!&%/4:&)5!@+!)$*!

>/)*1/()0%/('!61(4*!#*/)*1!/%)*4!0/!0)+!MVVh!#%/+:3*1!#%/+&0*/&*!1*7%1);_!C><!(!

&%37(/-!4%*+!/%)!&%/)0/:(''-!1*/*,!0)+!&%/)1(&)!,0)$!&090'!+%&0*)-;!0)P+!x+0&5y!7:.'0&!

'0&*/+*!)%!%7*1()*K0)+!1*7:)()0%/K,%:'4!<(&*!21(9*!10+8+5D!

!

k:G-3$&L$&(!#-3$4+$705(!0$4-!

! 6$*!21%,0/2!)1*/4!0/!&%/+&0%:+!&%/+:3*10+3;!$%,*9*1;!%<)*/!<0/4+!0)+*'<!()!

%44+!,0)$!)$*!(&)0%/+!%<!'(12*!OS#+5!@+!+**/!0/!#$(7)*1!6$1**;!&%17%1()*!3*12*1+!

(/4!)(8*%9*1+!$(9*!4*<0/*4!3:&$!%<!)$*!MV)$!&*/):1-;!&%/&*/)1()*4!0/!),%!,(9*+;!

)$*!<01+)!0/!)$*!"h\V+;!(/4!)$*!+*&%/4!+7(//0/2!)$*!"hgV+!(/4!"hhV+5!6$*!M"+)!

&*/):1-!0+!+**0/2!(!&%/)0/:()0%/!%<!)$0+!)1*/4;!,$0&$!(12:(.'-!1:/+!&%:/)*1!)%!)$*!

+7010)!%<!3(/-!*)$0&('!3%9*3*/)+5!?L<(3P+!1*+*(1&$!1*7%1)!%/!)$*!+:+)(0/(.0'0)-!

7%++0.0'0)0*+!%<!)$*!&$%&%'()*!+*&)%1a!/%)*+!)$()!(+!(!<*,!7'(-*1+!&%/)1%'!)$*!3(18*);!

)$*!30+:+*!%<!7:1&$(+0/2!(/4!+*''0/2!7%,*1!0+!(!1*('0)-;!*+7*&0(''-!(+!)$*!)1*/4!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!]!#1(,<%14;!Q%.*1)5!3$4+A'#&-;$4+;0#4;#-,-"$*-#4>0&$4'#4!-(45-#!"0;+-(&#-0427A#4;048-#UL$&!+5!m*/*9(E!>/)*1/()0%/('!61(4*!#*/)1*;!MVVh5!_!>.045!a!#(77*''*;!Y(/5!Z6%,(14+!(!A:+)(0/(.'*!#%&%(!#$(0/5Z!9U2('-H4!#&4(!0$4(7-I#+#(&;"!RMVVgW5!!

!""g!

)%,(14!&%/&*/)1()0%/!(''%,+!<%1!3%1*!+:77'-!(21**3*/)+!)%!.*!3(4*!.*),**/!'(12*!

&%&%(!210/4*1+!(/4!)$*01!3(/:<(&):10/2!&%:/)*17(1)+5!!

! O(/-!%<!)$*+*!&%17%1()0%/+!$(9*!('+%!.%:2$)!+*9*1('!(')*1/()09*!.1(/4+;!&%^

%7)0/2!)$*!40+&%:1+*!%<!)$*01!1*+7*&)09*!9(':*+!)%!:+*!)$*3!)%!0/&1*(+*!71%<0)+!,$0'*!

7(-0/2!'0))'*!())*/)0%/!)%!)$*01!+:+)(0/(.0'0)-!*/4*(9%1+5!A:&$!(&)0%/+!%/'-!209*!

&%/+:3*1+!)$*!0'':+0%/!)$()!)$*01!7:1&$(+*+!(1*!(')*1/()09*!)%!)$*!3(0/+)1*(3!

.1(/4+;!,$*/!0/!(&):('0)-!)$*01!%7)0%/+!(1*!/(11%,0/25!I:1)$*13%1*;!0/!1*+7%/+*!)%!

)$*!&%/+&0%:+!&%/+:3*1;!&%37(/0*+!$(9*!+:77%1)*4;!(/4!*9*/!401*&)'-!7(1)0&07()*4!

0/;!)$*!&1*()0%/!%<!(!40==-0/2!(11(-!%<!&*1)0<0&()0%/+5!6$*!*L7%/*/)0('!0/&1*(+*!0/!

)$*+*!&%17%1()*^&*/)10&;!71%<0)^%10*/)*4!3%4*'+!1:/+!&%:/)*1!)%!)$*!%1020/('!+7010)!%<!

)$*!3%9*3*/);!(!71%.'*3!)$()!&(/!*+7*&0(''-!.*!+**/!0/!)$*!2%9*1/(/&*!(/4!

+)(/4(14+!<%1!I(01!61(4*!710&*!<'%%1+E!U(&%/!(/4!b%''(/4g!<%:/4!)$()!)$*!I(01!61(4*!

30/03:3!710&*+!'%+)!X"w!%<!)$*01!1*('!9(':*!<1%3!"hgg!)%!MVVh;!(+!(!401*&)!1*+:')!%<!

+*9*1('!C3(18*)^4109*/D!<013+!(/4!/()0%/('!'(.*'0/2!0/0)0()09*+!71%)*+)0/2!710&*!

0/&1*(+*+!%/!)$*!21%:/4+!)$()!)$*-!,%:'4!$:1)!&%37(/-!71%<0)+5!@+!)$*!+):4-!

(++*1)+;!C)$*!/*%'0.*1('!3%4*'!(&)+!%77%+0)*!)%!)$*!(')*1/()09*!)1(4*!<1(3*,%18{)$*!

4%30/(/)!)1*/4!0/!I(01!61(4*!&*1)0<0*4!2%9*1/(/&*!0+!&$(1(&)*10=*4!.-!)$*+*!

0/&1*(+*4!3(18*)^.(+*4!71%H*&)+!(/4!1%''^%:)!/*%'0.*1('!*/901%/3*/)('!

2%9*1/(/&*5Dh!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!g!U(&%/;!#$10+)%7$*1;!(/4!c(*'0/!b%''(/45!C#(/!I%%4!Y:+)0&*!@49%&()*+!c**7!(!m1%,0/2!I(01!61(4*!O(18*)!<1%3!G/4*130/0/2!)$*!O%9*3*/)!6$()!O(4*!>)[D!A(/)(!#'(1(!G/09*1+0)-5!h!>.045!

! ""h!

! #(/!)$*+*!)1*/4+!&%0/&04*!0/!+:&$!(!,(-!)$()!'*(4+!)%,(14!)$*!+)1*/2)$*/0/2!

%<!(!3%1('!*&%/%3-!0/!)$*!,%1'4!%<!&$%&%'()*!71%4:&)0%/;!%1!(1*!&%17%1()*!(&)090)0*+!

,0)$0/!)$*!1*('3!%<!/*%'0.*1('!04*%'%2-!(/4!)$*!O(18*)!e%1'4!0/$*1*/)'-!

7(1(4%L0&('!)%!)$*!&1*()0%/!%<!(!+)1%/2*1!>/)*17*1+%/('!e%1'4!%<!71%4:&)0%/[!e$0'*!

'(12*!&%17%1()0%/+!3(-!$*'7!0/!)$*!037'*3*/)()0%/!%<!(!+:+)(0/(.'*!&%&%(!*&%/%3-!

0<!)$*-!:+*!)$*01!9(+)!1*+%:1&*+!)%!)(8*!(!3%1*!1*+7%/+0.'*!(771%(&$!)%!)$*01!

.:+0/*++!3%4*'+!(/4!*/(.'*!)$*01!&(&(%!<(13*1+!(/4!,%18*1+!)%!&(7):1*!3%1*!9(':*!

0/!)$*!+:77'-!&$(0/;!(!21*()*1!)1(/+<%13()0%/!0+!/**4*4K(!&%/9*/)0%/('!<%%4!+-+)*3!

.(+*4!%/!/*%'0.*1('!)$%:2$)!3:+)!.*!'*<)!.*$0/4!<%1!)$*!+:&&*++<:'!)1(/+0)0%/!)%!

#$(1'0*P+!&$%&%'()*!*&%/%3-5!!

! >/!3-!0/)1%4:&)0%/;!>!$-7%)$*+0=*4!)$()!(!10+0/2!&%/&*1/!<%1!+%&0('!(/4!

*&%/%30&!H:+)0&*!1*2(140/2!&%&%(!)1(4*!(/4!*/901%/3*/)('!*L7'%0)()0%/!,%:'4!

0/<':*/&*!&$%&%'()*!*&%/%3-!7'(-*1+!)%!0/&1*(+0/2'-!0/&%17%1()*!(+7*&)+!%<!(!3%1('!

*&%/%3-!)$()!,0''!&$(/2*!)$*!<:):1*!*37$(+0+!%<!&$%&%'()*!71%4:&)0%/!)%,(14!

+:+)(0/(.0'0)-!%9*1!.%))%3^'0/*!71%<0)5!b%,*9*1;!)$0+!1*3(0/+!%/'-!(!7%++0.0'0)-!

.*&(:+*!%<!)$*!%<)*/^0/&%37()0.'*!/%13+!)$()!1*02/!%9*1!*(&$!e%1'4!%<!d1%4:&)0%/5!

@')$%:2$!O(18*)!e%1'4!7'(-*1+!*/4*(9%1!)%!:+*!/*%'0.*1('!&%/9*/)0%/+!)%!.10/2!

(.%:)!(!+:+)(0/(.'*!&%&%(!*&%/%3-;!+%&0(';!*&%/%30&;!(/4!*/901%/3*/)('!&%/&*1/+!

(1*!+)0''!*L)*1/('0=*4!,$*/!71%<0)+!&%3*!0/)%!B:*+)0%/f!)$:+!,*!(1*!(771%(&$0/2!(!

&1%++1%(4+;!(!7%0/)!.*-%/4!,$0&$!%/'-!%/*!*&%/%30&!90*,!,0''!4*<0/0)09*'-!4*<0/*!

)$*!<:):1*!%<!&$%&%'()*!71%4:&)0%/!(/4!3(/:<(&):1*5!e0''!)$()!90*,!.*!)$*!&:11*/)'-!

+)1%/2;!3(0/+)1*(3!/*%'0.*1('!90*,!%<!)$*!&%/9*/)0%/('!<%%4!+-+)*3[!?1!,0''!7%,*1!

!"MV!

+$0<)!0/!<(9%1!%<!)$*!3%1('!*&%/%30&!90*,!%<!)$*!(')*1/()09*!<%%4!+-+)*3[!>/!)$*!'(+)!

&$(7)*1;!#$(7)*1!F02$);!>!&%/&':4*!,0)$!(/!(/('-+0+!%<!71(&)0&*+!)$()!302$)!<:1)$*1!

*/(.'*!)$*!+:&&*++<:'!3(0/+)1*(30/2!%<!*)$0&('!&$%&%'()*;!:')03()*'-!(/+,*10/2!)$*!

B:*+)0%/;!C#(/!#$(1'0*P+!&$%&%'()*!*&%/%3-!.*!(!7'(:+0.'*!1*('0)-!0/!)$*!/*(1!

<:):1*[D!

!

!

!

!

!

!

! "M"!

!"#$%&'()'-8#&,)"#$(5-'S2)"#*"*5$&')'"*+*91!)

) )

>/!?&)%.*1!%<!MV"";!T9%/!#$%:0/(14;!Y0.!F''0+%/;!(/4!Q0&8!Q042*,(-;!)$*!#F?+!

%<!d()(2%/0(!(/4!U':!A8-*;!,1%)*!(.%:)!)$*!<:):1*!%<!+:+)(0/(.0'0)-!0/!(/!(1)0&'*!0/!

)$*!/(&>(&5-=A+04#++-I#>0#*5!>/!)$0+!(1)0&'*;!*/)0)'*4!C6$*!U02!>4*(E!)$*!A:+)(0/(.'*!

F&%/%3-;D"!)$*!)$1**!%:)'0/*4!,$()!)$*-!&(''*4;!CA:+)(0/(.0'0)-!\5VD;!(!&%/&*7)!)$()!

,%:'4-$(9*!.**/!&%/+04*1*4!(+)%/0+$0/2!*9*/!H:+)!(!<*,!-*(1+!(2%5!@&&%140/2!)%!

#$%:0/(14!*)!('5;!)$*!\5V!*1(!,0''!.*!%/*!0/!,$0&$!&%37(/0*+!,0''!+**!71%<0)+!(/4!

+:+)(0/(.'*!.:+0/*++!(+!C),%!+04*+!%<!)$*!+(3*!&%0/5DM!>/!%)$*1!,%14+;!+:+)(0/(.0'0)-!

,0''!.*!$%,!.:+0/*++!0+!4%/*5!>/!3-!(/('-+0+;!>!+$%,!$%,!)$*01!3%4*'!0+!.*0/2!

(77'0*4!)%!)$*!&%&%(!*&%/%3-!)%!&1*()*!#$(1'0*P+!&$%&%'()*!*&%/%3-5!

! !

j:B-)A+!(04(%070!1-N:g,-3&#(!048-(-6(7A#-3"(04-H45#U!

! >/!(!,%1'4!,$*1*!)$*!&%/9*/)0%/('!&%&%(!+:77'-!&$(0/!0+!3(4*!:7!%<!9(10%:+!

7'(-*1+;!)$*+*!&$(0/+!3:+)!.*!3(/(2*4!&(1*<:''-!0/!%14*1!)%!1:/!+:+)(0/(.'-5!?/*!

<%13!%<!3(/(2*3*/)!0+!(!C+:77'-!&$(0/!3(7D!)$()!04*/)0<0*+!)$*+*!7'(-*1+!(/4!)$*01!

&%/)10.:)0%/!)%!)$*!+:77'-!&$(0/;!(+!,*''!(+!)$*01!1*B:01*3*/)+!0/!)*13+!%<!$%,!

+:+)(0/(.'*!)$*01!.:+0/*++!3*)$%4+!(1*!(/4!,$*)$*1!)$%+*!1*B:01*3*/)+!(1*!3*)5\!!

A:&$!(!3(7!&(/!1*9*('!,$0&$!7'(-*1+!()!*(&$!7%0/)!%<!)$*!+:77'-!&$(0/!71(&)0&*!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"!#$%:0/(14;!T9%/;!Y0.!F''0+%/;!(/4!Q0&8!Q042*,(-5!Z6$*!U02!>4*(E!6$*!A:+)(0/(.'*!F&%/%3-5Z!O"#-/(&>(&5-=A+04#++-I#>0#*5!RMV""WE!"^"M5!M!>.045!\!#1(,<%14;!Q%.*1)5!3$4+A'#&-;$4+;0#4;#-,-"$*-#4>0&$4'#4!-(45-#!"0;+-(&#-0427A#4;048-#UL$&!+5!m*/*9(E!>/)*1/()0%/('!61(4*!#*/)1*;!MVVh5!!

!"MM!

+:+)(0/(.0'0)-;!71%9040/2!(!'*9*'!%<!)1(/+7(1*/&-!<%1!<*''%,!7'(-*1+!,$%!(1*!

0/)*1*+)*4!0/!7(1)0&07()0/2!0/!(!3%1*!+:+)(0/(.'*!+:77'-!&$(0/5!!

! #$%:0/(14!*)!('5!04*/)0<-!)$1**!4*9*'%73*/)+!)$()!(1*!&%3.0/0/2!)%!&1*()*!

+:&$!(!3(7;!%1!,$()!)$*-!&(''!(!q(':*!#$(0/!>/4*LEX!!

! K(41->0!(7-(+L#;!+-$2-#;$4$'0;E-#4>0&$4'#4!(7E-(45-+$;0(7-0'L(;!-!"(!-"(>#-

!&(50!0$4(771-%##4-;$4+05#&#5-L&0;#7#++-(&#-4$*-%#048-bA(4!020#55!>/!<(&);!

#%/+*19()0%/!>/)*1/()0%/(';!)$*!S():1*!#%/+*19(/&-;!(/4!

d10&*,()*1$%:+*#%%7*1+!Rd,#W!(1*!('1*(4-!4*9*'%70/2!3*)$%4%'%20*+!)%!

9(':*!*&%+-+)*3+f!)$*!#F?!%<!`%,!#$*30&(';!@/41*,!J09*10+;!0+!$*(40/2!)$*!

&%37(/-P+!*<<%1)!)%!%7*1()0%/('0=*!+:+)(0/(.0'0)-!.-!0/)*21()0/2!*&%+-+)*3!

+*190&*+!0/)%!)$*01!.:+0/*++!7'(/+f!(/4!d:3(!(/4!d,#!&:11*/)'-!0++:*!

F/901%/3*/)('!d1%<0)iJ%++!A)()*3*/)+!)$()!,0''!3*(+:1*!)$*!<:''!*&%/%30&!

037(&)!%<!*(&$!&%37(/-!%/!)$*!*&%+-+)*35!6$0+!C710&0/2D!%<!*&%/%30&;!

*/901%/3*/)(';!(/4!+%&0('!037(&)!0+!(''%,0/2!&%37(/0*+!)%!0/)*1/('0=*!&%+)+!

)$()!$(9*!71*90%:+'-!.**/!02/%1*4!(+!*L)*1/('0)0*+;!%1!$044*/!&%+)+5!!

! )$;0(771-&#+L$4+0%7#-04>#+!048-l)IHm-"(+-+"02!#5-2&$'-(-4#8(!0>#E-'040'(7Q;$+!-

(!!0!A5#-!$-(-L$+0!0>#E->(7A#Q+##?048-0'L#!A+-2$&-;"(48#:-6$0+!<:/4(3*/)('!+$0<)!

<1%3!/*2()09*!)%!7%+0)09*!%10*/)()0%/!$(+!+$%,/!)$()!+:+)(0/(.0'0)-!

3(/(2*3*/)!/%)!%/'-!30/030=*+!&%+)+;!.:)!('+%!$(+!)$*!7%)*/)0('!)%!*'030/()*!

10+8+!0/!)$*!'%/2^)*13!(/4!&1*()*!7%+0)09*!(++%&0()0%/+!,0)$!(!209*/!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!X!#$%:0/(14;!T9%/;!Y0.!F''0+%/;!(/4!Q0&8!Q042*,(-5!Z6$*!U02!>4*(E!6$*!A:+)(0/(.'*!F&%/%3-5Z!O"#-/(&>(&5-=A+04#++-I#>0#*5!RMV""WE!"^"M5!!

! "M\!

&%37(/-P+!.1(/4!0/!)$*!*-*+!%<!&%/+:3*1+5!@440)0%/(''-;!&%37(/0*+!)$()!

(&)09*'-!*/2(2*!0/!AQ>!())1(&)!)('*/)!.*&(:+*!)$*01!7%+0)09*!*/901%/3*/)(';!

*&%/%30&;!(/4!+%&0('!7*1<%13(/&*+!+02/('!)$*01!'%/2^1:/!90(.0'0)-;!*+7*&0(''-!

(+!0)!0+!2*))0/2!0/&1*(+0/2'-!40<<0&:')!<%1!&%37(/0*+!)%!+:&&**4!()!)$*!*L7*/+*!

%<!+%&0*)-!,$*/!)$*01!71(&)0&*+!(1*!4*)103*/)('!)%!.:+0/*++!0/!)$*!'%/2^)*135!

@!71%30/*/)!*L(37'*!%<!+:&$!:/+:+)(0/(.'*!71(&)0&*+!0+!)$*!<(&)!)$()!'%,!

&(&(%!-0*'4!(/4!'%,!710&*+!(1*!&:11*/)'-!4*3%)09()0/2!)$*!-%:/2!2*/*1()0%/!

<1%3!.*&%30/2!&(&(%!<(13*1+;!,$0&$!0/!):1/!'*(4+!)%!(!+701('0/2!4%,/!%<!

+:77'-;!*9*/!,$0'*!4*3(/4!0+!0/&1*(+0/25]!!

! H45A+!&0#+-(&#-;$4>#&8048-$4-+!(45(&5-0450;#+-%1-*"0;"-!$-&(!#-L&$5A;!+T-

+A+!(04(%070!1-(45-+##?-0'L&$>#'#4!+-!"&$A8"$A!-!"#0&->(7A#-;"(04+:-6$*+*!

0/40&*+;!('+%!8/%,/!(+!q(':*!#$(0/!>/40&*+!Rq#>+W!(''%,!*(&$!&%/)10.:)%1!0/!(!

+:77'-!&$(0/!)%!+$(1*!%/*!&%33%/!+:+)(0/(.0'0)-!+)(/4(14;!71%9040/2!(!,(-!

)%!&%37(1*!71%4:&)+!.(+*4!%/!)$*!037(&)+!)$()!(&&1:*!)%!)$*3!()!*(&$!7$(+*!

%<!)$*01!H%:1/*-!<1%3!1(,!3()*10('!)%!&%/+:3*4;!40+&(14*4!2%%45!I%1!3%1*!

)$(/!(!4*&(4*;!&%37(/0*+!$(9*!$(4!)%!1*'-!%/!+*9*1('!+)(/4(14+!(/4!

&*1)0<0&()0%/+!)$()!*(&$!(441*++*4!%/*!037(&)!&()*2%1-;!.:)!q#>+!%<<*1!(!

+0/2'*;!3:&$!+037'*1;!(/4!3%1*!*<<*&)09*!(''^*/&%37(++0/2!+)(/4(14!)$()!

+*190&*+!(/!*/)01*!0/4:+)1-;!*/(.'0/2!+3(''!.:+0/*++*+!(/4!4*9*'%70/2!

&%:/)1-!*&%/%30*+!)%!*/)*1!(/4!+*&:1*!(!+7(&*!0/!0/)*1/()0%/('!3(18*)+5!>/!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!]!@+:1/0/2^U1*37%/2;!A(3:*';!`(/0*'!A(17%/2;!S(/(!@8:(!@/-04%$%;!Q(7$(*'!c(7'0/+8-;!(/4!Y*//0<*1!J*(9-5!CO(770/2!A:+)(0/(.'*!#%&%(!0/!m$(/(5D!6$*!>/+)0):)*!%<!`*9*'%73*/)!A):40*+!(/4!)$*!G/09*1+0)-!%<!m$(/(!1*7%1)!)%!#(4.:1-5!!

!"MX!

%)$*1!,%14+;!q#>+!209*!+)1(02$)<%1,(14!1()0/2+!.-!,$0&$!&%37(/0*+!H:42*!

$%,!)%!+%:1&*!)$*01!1(,!3()*10('+5!

U%L!"!209*+!(/!*L(37'*!%<!$%,!(!q#>!0/!)$*!&'%)$0/2!0/4:+)1-!,%:'4!,%185!!R;X)N,)&>A)2OI@=DH=<:A)$GG=BA:)";=:D@D;H)=HJ)@>A)7=:OA)">=DH)-HJAX)

))))))))))6$*!A:+)(0/(.'*!@77(1*'!#%('0)0%/;!(!21%:7!,*!(1*!&'%+*'-!0/9%'9*4!0/;!,(+!'(:/&$*4!),%!-*(1+!(2%;!,$*/!d()(2%/0(!(+8*4!e('3(1)!)%!2*)!.*$0/4!(/!*<<%1)!)%!&1*()*!(!9(':*!&$(0/!0/4*L!<%1!%:1!0/4:+)1-5!?:1!&%37(/0*+!0/90)*4!%)$*1!&%17%1()*!+:+)(0/(.0'0)-!'*(4*1+!0/!)$*!(77(1*'!(/4!<%%),*(1!+*&)%1+;!(+!,*''!(+!8*-!Sm?!(/4!(&(4*30&!+)(8*$%'4*1+;!)%!)(&8'*!)$*!$(14!,%18!%<!4*9*'%70/2!(/4!037'*3*/)0/2!)$*!q#>5!e*!1*('0=*4!)$()!,*!,%:'4!2(0/!3%1*!3%3*/):3!(/4!$(9*!3%1*!037(&)!0<!,*!,%18*4!)%2*)$*1!<1%3!)$*!%:)+*)5!>/!H:+)!"g!3%/)$+!)$0+!&%('0)0%/!$(+!*L7(/4*4!)%!0/&':4*!XV!&%37(/0*+!)$()!)%2*)$*1!1*71*+*/)!%9*1!\Vw!%<!)$*!2'%.('!3(18*)!+$(1*!<%1!(77(1*'!(/4!<%%),*(15!>/!)$*!<(''!%<!MV"";!)$*!21%:7!&%37'*)*4!(!71%)%)-7*!q#>;!(/4!(''!3*3.*1+!$(9*!.*2:/!1%(4!)*+)0/2!0)!0/!)$*01!+:77'-!&$(0/+5!6$0+!0/0)0('!9*1+0%/!:+*+!B:('0)()09*!0/40&()%1+!)%!3*(+:1*!037(&)+!(&1%++!(!71%4:)P+!9(':*!&$(0/;!*L&*7)!/!)$*!3()*10('+!&()*2%1-;!,$*1*!)$*!037(&)+!,*1*!3*(+:1*4!:+0/2!B:(/)0)()09*!'0<*^&-&'*!4()({!!!!!!!@+!)$*!)%%'!$(+!)(8*/!+$(7*;!0)+!7%)*/)0('!$(+!.*&%3*!&'*(1f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q#>!1()0/2!0+!)%%!'%,!)%!3**)!)$*!1*)(0'*1P+!+)(/4(14+5!b(90/2!'%+)!)$*!+('*;!)$*!#F?!)*''+!)$*!qd!%<!4*+02/!)$()!(''!71%4:&)+!<%1!/*L)!+*(+%/!3:+)!$(9*!&:3:'()09*'-!.*))*1!q#>!1()0/2+5!6$*!qd!&%/9*-+!)$0+!401*&)09*!)%!$0+!)*(35!@!4*+02/*1!%/!)$*!)*(3!+)(1)+!,%18!%/!(!&%))%/!.'%:+*5!A$*!.*20/+!.-!+7*&0<-0/2!)1(40)0%/(''-!21%,/!&%))%/;!.:)!$*1!4*+02/!+%<),(1*!)*''+!$*1!)$()!)$*!q#>!1()0/2!<%1!)$()!3()*10('!<(''+!+$%1)!%<!)$*!/*,!+:+)(0/(.0'0)-!2%('+5!A$*!)$*/!+*'*&)+!(!9*/4%1!%<<*10/2!%12(/0&(''-!21%,/!&%))%/;!.:)!)$*!+&%1*!0+!+)0''!'%,!.*&(:+*!+$*!$(+!+%:1&*4!)$*!&%))%/!0/!,*+)*1/!#$0/(;!,$*1*!01102()0%/!0+!41(,0/2!4%,/!(/!(B:0<*1!<(+)*1!)$(/!1(0/<(''!&(/!1*7'*/0+$!0)5!A&(//0/2!)$*!q#>!)(.'*+;!+$*!'02$)+!:7%/!(/%)$*1!%7)0%/;!(!9*/4%1!0/!+%:)$*1/!>/40(!.:-0/2!<1%3!<(13+!)$()!(1*!,()*1*4!.-!)$*!1*20%/P+!1(0/<(''5!A$*!&%37'*)*+!$*1!+*'*&)0%/!%<!3()*10('+!(/4!1*(&$*+!)$*!+:+)(0/(.0'0)-!+&%1*!+$*!(/4!$*1!.%++*+!$(9*!)(12*)*45!!!R6(8*/!401*&)'-!<1%3!C6$*!U02!>4*(E!6$*!A:+)(0/(.'*!F&%/%3-D_W!!

! @&&%140/2!)%!#$%:0/(14!*)!('5;!0<!)$*!)$1**!4*9*'%73*/)+!4*+&10.*4!,*1*!)%!

&%/9*12*!(/4!<:*'!%/*!(/%)$*1;!<09*!%:)&%3*+!,%:'4!$*'7!A:+)(0/(.0'0)-!\5V!.1*(8!

0/)%!)$*!*&%/%30&!,%1'4!)%!3(0/+)1*(3!)$*!3%1('!*&%/%3-Ea!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!_!#$%:0/(14;!T9%/;!Y0.!F''0+%/;!(/4!Q0&8!Q042*,(-5!Z6$*!U02!>4*(E!6$*!A:+)(0/(.'*!F&%/%3-5Z!O"#-/(&>(&5-=A+04#++-I#>0#*5!RMV""WE!"^"M5!a!>.045!

! "M]!

"W q(':()0%/!%<!*&%+-+)*3!+*190&*+!,%:'4!.*!0/)*21()*4!0/)%!q#>+;!

MW >/9*+)%1+!,%:'4!'*(1/!)%!1*'-!%/!q#>+;!!

\W 610''0%/!4%''(1!3(18*)+!,%:'4!%7*/!:7;!

XW #%371*$*/+09*!71%4:&)!1()0/2+!,%:'4!2:04*!&%/+:3*1!&$%0&*+;!(/4!

]W q#>+!,%:'4!0/<%13!1*2:'()0%/K(/4!(!/*,!*1(!%<!0//%9()0%/5!

e$0'*!#$%:0/(14!*)!('5!$(9*!3(4*!(!&%/90/&0/2!(12:3*/)!<%1!)$*01!3%4*'!%<!(!

+:+)(0/(.'*!*&%/%3-;!),%!(+7*&)+!(1*!30++0/2!)$()!,%:'4!)1:'-!+$0<)!)$*!&%&%(!+*&)%1!

0/)%!(!+:+)(0/(.'*!,%1'4!*&%/%3-!,0)$0/!)$*!>/)*17*1+%/('!e%1'4!%<!d1%4:&)0%/E!

+)()*!&%/)10.:)0%/!(/4!+3(''^<(13*1!0/9%'9*3*/)!0/!)$*!&1*()0%/!(/4!

037'*3*/)()0%/!%<!(!q#>!<%1!)$*!&%&%(!(/4!&$%&%'()*!0/4:+)1-5!6$*!'())*1;!0/&':40/2!

1*(+%/+!,$-!OS#^4%30/()*4!+:77'-!&$(0/+!(1*!4*)103*/)('!)%!+3(''!&(&(%!<(13*1+;!

$(+!('1*(4-!.**/!4*)(0'*4!0/!71*90%:+!&$(7)*1+f!)$*!/*&*++0)-!%<!)$*!<%13*1!41(,+!0)+!

+:77%1)!<1%3!)$*!&%&%(!*&%/%30*+!%<!U1(=0';!O('(-+0(;!(/4!)$*!`%30/0&(/!Q*7:.'0&5!!

A)()*!0/)*19*/)0%/!,0)$0/!(!&*1)(0/!4*21**!0+!(!/*&*++(1-!&%/40)0%/!<%1!)$*!

+:+)(0/(.'*!*&%/%30&!4*9*'%73*/)!%<!)$*!*L7%1)0/2!&%:/)1-!(/4!0)+!+3(''!<(13*1+5!><!

+)()*!(&)0%/!+)(-+!,0)$0/!)$*!'030)+!%<!(++0+)0/2!'%&('!&(70)('0+)+!0/!*/)*10/2!(!/*,!

+*&)%1;!+:&$!(+!0371%90/2!'%&('!.(+0&!0/<1(+)1:&):1*;!(/4!7:+$0/2!&(70)('0+)+!)%!

:721(4*!,0)$0/!(!+*&)%1!0/!,$0&$!)$*-!(1*!('1*(4-!0/9%'9*4;!+:&$!(+!<(&0'0)()0/2!

&1*40);!)$*!.*/*<0)+!(&&1:*4!)%!)$*!+3(''!<(13*1!(/4!)$*!*&%/%3-!%<!)$*!&%:/)1-!(+!(!

,$%'*!+**3!)%!0/&1*(+*;!(+!*L*37'0<0*4!.-!)$*!&%&%(!0/4:+)10*+!0/!U1(=0'!(/4!

!"M_!

O('(-+0(5g!b%,*9*1;!%/*!B:('0<0&()0%/!0+!)$*!*L0+)*/&*!%<!'%&('!&(70)('0+)+!)$*3+*'9*+!

,$%!(1*!,0''0/2!(/4!(.'*!)%!)(8*!(49(/)(2*!%<!)$0+!+)()*!(&)0%/!(/4!0/9*+)!0/!)$*!

&%&%(!+*&)%1f!0/!)$*!(.+*/&*!%<!+:&$!(!&'(++;!)$*!+)()*P+!%7)0%/+!(1*!'030)*4fh!0)!3:+)!

<01+)!<0/4!,(-+!)%!&1*()*!'%/2^)*13!4*9*'%73*/)!7()$+!<%1!0)+!&0)0=*/+!)%!.*&%3*!

'%&('!*/)1*71*/*:1+;!,$0&$!0+!/%)!&%9*1*4!.-!)$*!+&%7*!%<!)$0+!)$*+0+5!!!

>/!)$*!+7*&0<0&!&(+*!%<!)$*!`%30/0&(/!Q*7:.'0&!(/4!)$*!0371%9*3*/)!%<!0)+!

&(&(%!.*(/!B:('0)-;!)$*!+)()*!0/)*19*/*4!0/!)$*!+(3*!3(//*1!(+!4*+&10.*4!(.%9*;!

/(3*'-;!.-!7:1+:0/2!(!4*&*/)1('0=*4!(771%(&$!)%!(!<*13*/)()0%/!+-+)*35"V!

@++%&0()0%/+!%<!`%30/0&(/!<(13*1+!'*(1/!)$*!<*13*/)()0%/!71%&*++;!(/4!:3.1*''(!

%12(/0=()0%/+;!+:&$!(+!<(13*1!&%%7*1()09*+;!+*''!401*&)'-!)%!,%1'4!.:-*1+!%/!)$*!

<(13*1+P!.*$('<5""!A)()*!(&)0%/!'*4!)%!)$*!*37%,*13*/)!%<!`%30/0&(/!<(13*1+;!,$%!

/%,!7(1)/*1!,0)$!9(10%:+!&$%&%'()*!&%37(/0*+!(1%:/4!)$*!,%1'4;!0/&':40/2!6(=(!

#$%&%'()*5!!

! 6$*1*<%1*;!)$*!(&):('0=()0%/!%<!9(':*!&$(0/!0/40&*+!<%1!)$*!&%&%(!+*&)%1!3:+)!

.*!&%:7'*4!,0)$!+)()*!(/4!+3(''^<(13*1!0/9%'9*3*/)!)%!&1*()*!(!)1:'-!90(.'*!3%4*'!

%<!(!+:+)(0/(.'*!,%1'4!&%&%(!*&%/%3-5!6%!)$()!*L)*/);!+)*7+!$(9*!('1*(4-!.**/!

)(8*/E!)$*!e%1'4!#%&%(!I%:/4()0%/!(/4!9(10%:+!+)(8*$%'4*1+!0/!)$*!&%&%(!(/4!

&$%&%'()*!*&%/%3-!$(9*!&1*()*4!#%&%(O@d;!(!+:77'-!&$(0/!3(7!+030'(1!)%!)$*!q#>!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!g!6('.%);!Y%$/!O5!Z61%70&('!&%33%40)-!&$(0/+;!<%1,(14!0/)*21()0%/!+)1()*20*+!(/4!0/)*1/()0%/('!0/*B:('0)-E!&%<<**;!&%&%(!(/4!)*(5Z!I#>0#*-$2-H4!#&4(!0$4(7-D$70!0;(7-R;$4$'1!h;!/%5!X!RMVVMWE!aV"^a\X5!h!>.045!"V!q*'(+B:*=^O(/%<<;!O%0+*+5!C6$*!&$(''*/2*!%<!<(01^)1(4*!&$%&%'()*5D!O"#-3"&0+!0(4-);0#4;#-K$40!$&;!Y:/*!Vh;!MVVh5!$))7Ell,,,5&+3%/0)%15&%3lU:+0/*++lMVVhlV_Vhl)$*^&$(''*/2*^%<^<(01^)1(4*^&$%&%'()*!R(&&*++*4!I*.1:(1-!Mg;!MV"\W5!!""!>.045!

! "Ma!

3%4*'!<%1,(14*4!.-!#$%:0/(14!*)!('5;!)%!)1(&8!71%21*++!0/!)$*!2'%.('!*<<%1)!)%!(&$0*9*!

+:+)(0/(.'*!&%&%(!71%4:&)0%/5"M!!

!

j:G-3$;$(K.D,-.-)!#L-O$*(&5-3"(&70#T+-3"$;$7(!#-R;$4$'1-!

! #%&%(O@d!0+!(!)%%'!)$()!)1(&8+!71%21*++!0/!)$*!2'%.('!*<<%1)!)%!(&$0*9*!

+:+)(0/(.'*!&%&%(!71%4:&)0%/!.-!:+0/2!(!+*)!%<!0/40&()%1+!(/4!3*(+:1*3*/)+!)$()!)$*!

e#I!&'(03+!$(9*!.**/!&1*40.'-!9*10<0*45"\!U(&8*4!.-!Sm?+;!71%4:&*1!2%9*1/3*/)+;!

&*1)0<0*1+;!(/4!0/40904:('!&$%&%'()*!(/4!&%&%(!&%37(/0*+;!#%&%(O@d!(03+!)%!71%904*!

0/<%13()0%/!%/!)$*!<%''%,0/2E!&(&(%!71%4:&)0%/!'*9*'+;!/:3.*1!%<!<(13*1+!0/9%'9*4;!

'(/4!:+*;!&(&(%!710&*+;!(/4!3%+)!/%)(.'-;!)$*!037(&)!%<!&(&(%!71%4:&)0%/!%/!)$*!

$*(')$!(/4!71%+7*10)-!%<!<(130/2!<(30'0*+!(/4!&%33:/0)0*+;!)$*!*/901%/3*/);!

+:+)(0/(.'*!71(&)0&*+;!&*1)0<0&()0%/+;!(/4!<:):1*!2*/*1()0%/+5"X!6$*!$%7*!%<!0)+!

9(10%:+!+)(8*$%'4*1+!0+!)$()!#%&%(O@d!,0''!*9*/):(''-!.*&%3*!(!+)1()*20&!)%%'!<%1!

)$*!0/4:+)1-!(/4!(!)1(/+7(1*/)!1*+%:1&*!<%1!)$*!7:.'0&;!71%4:&*1!2%9*1/3*/)+;!(/4!

4*9*'%73*/)!(2*/&0*+5"]!

! 6$*!,%18!%<!)$*!e#I!)$1%:2$!#%&%(O@d!0+!'(:4(.'*!0/!)$()!0)!$(+!%.)(0/*4!

)$*!+:77%1)!%<!_V!&%37(/0*+!)$()!)%2*)$*1!3(8*!:7!aVw!%<!)$*!&%&%(!(/4!&$%&%'()*!

3(18*);!71%4:&*1!2%9*1/3*/)+;!9(10%:+!Sm?+!(/4!4%/%1+;!(/4!&*1)0<0&()0%/!

%12(/0=()0%/+5"_!>)+!9(10*4!+)(8*$%'4*1+!.10/2!3%1*!&%371*$*/+09*!(/('-+*+!(/4!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"M!O(&1(-;!`*//0+5!C#%&%(O@dE!m'%.('!A:+)(0/(.'*!#%&%(!d'()<%135D!C$&75-3$;$(-<$A45(!0$4-R71*+*/)()0%/;!MV"MW5!"\!>.045!"X!>.045!"]!>.045!"_!#(77*''*;!Y(/5!Z6%,(14+!(!A:+)(0/(.'*!#%&%(!#$(0/5Z!9U2('-H4!#&4(!0$4(7-I#+#(&;"!RMVVgW5!"h5!

!"Mg!

+%':)0%/+!)%!)$*!)(.'*!)$(/!4%!)$*!&%37(/0*+^4%30/()*4!q#>!1*&%33*/4()0%/+!%<!

#$%:0/(14!*)!('5;!*+7*&0(''-!(+!)$*!#%&%(O@d!&(/!.*!:+*4!(+!(!1*+%:1&*!.-!+)()*+!(/4!

0/4*7*/4*/)!(2*/&0*+!)%!<0/(/&*!<(13*1+!,$%!&(//%)!*(+0'-!%.)(0/!&1*40)!*'+*,$*1*5!!

! b%,*9*1;!)$*1*!(1*!&10)0&('!(+7*&)+!%<!)$*!e#IP+!#%&%(O@d!+:77'-!&$(0/!3(7!

)$()!4*)1(&)!<1%3!0)+!7%)*/)0('!)%!.*!(!)1:'-!)1(/+<%13()09*!q#>5!I01+);!)$*!+3(''^

<(13*1!0/9%'9*3*/)!0+!30/03('!()!.*+)E!&(&(%!<(13*1+!(/4!)$*01!&%33:/0)0*+!(1*!/%)!

0/&':4*4!(3%/2!)$*!+)(8*$%'4*1+!%<!#%&%(O@d;!,$0&$!*++*/)0(''-!8**7+!)$*3!0/!(!

+)()*!%<!4*7*/4*/&-!%/!)$*!&$%&%'()*!OS#^4%30/()*4!0/4:+)1-5!>/4**4;!)$*01!

0/9%'9*3*/)!0+!'030)*4!)%!+037'-!:+0/2!#%&%(O@d!(+!(!3*(/+!)%!:/4*1+)(/4!.*+)!

71(&)0&*+!(/4!037(&)+;!,$0&$!<1(/8'-!0+/P)!$*'7<:'!0<!)$*+*!<(13*1+!$(9*!/%!1*+%:1&*+!

)%!037'*3*/)!(/4!+:+)(0/!+:&$!71(&)0&*+5!A*&%/4'-;!0/+)*(4!%<!1*7'(&0/2!)$*!3-10(4!

&*1)0<0&()0%/+!(/4!'(.*'+!(+!%/*!$(13%/0=0/2!+)(/4(14;!#%&%(O@d!3(0/)(0/+!)$*!

+)():+!B:%!)$()!&:11*/)'-!(44+!)%!&%/+:3*1!&%/<:+0%/5!6$014'-;!)$*!<(&)!)$()!)$*!

7103(1-!+)(8*$%'4*1+!0/!#%&%(O@d!(1*!20(/)!&$%&%'()*!(/4!&%&%(!&%37(/0*+!)$()!

*L&':4*!)$*!+3(''!71%4:&*1!0/!+)1()*20&!4*&0+0%/^3(80/2!0/40&()*+!)$()!+:+)(0/(.0'0)-!

*<<%1)+;!$%,*9*1!&%371*$*/+09*;!,0''!.*!'%&8*4!:/4*1!/*%^'0.*1('!/%13+!:/)0'!(!

3%1*!*B:0)(.'*!7(1)/*1+$07!0+!<%13*4!,0)$!)$*+*!<(13*1+!(/4!<(13*1!&%%7*1()09*+;!

+:&$!(+!)$%+*!*/H%-*4!.-!6(=(P+!7(1)/*1+5!6$:+!,$0'*!#%&%(O@d!0+!(!+)*7!0/!)$*!102$)!

401*&)0%/;!0)!0+!+)0''!%/'-!%/*!+)*7!%<!3(/-!)$()!/**4!)%!.*!)(8*/!)%!3%9*!(,(-!<1%3!(!

/*%^'0.*1('!4%30/()*4!,(-!%<!.:+0/*++!)%!(!21*()*1!(77'0&()0%/!%<!)$*!3%1('!

*&%/%3-!)%!)$*!&%&%(!(/4!&$%&%'()*!0/4:+)1-5!!

! "Mh!

Q*2(14'*++!%<!#%&%(O@d+!<'(,+;!0)+!9*1-!*L0+)*/&*!0+!(!)*+)(3*/)!)%!$%,!<(1!

(/4!4**7!)$*!*)$0&('!(/4!+:+)(0/(.'*!&$%&%'()*!1$*)%10&!$(+!7*13*()*45!I1%3!

0/40904:('!3%/8+!(/4!3:&81(80/2!H%:1/('0+)+!,$%!4*&10*4!)$*!30+)1*()3*/)!%<!

S()09*+!.-!037*10('!&%'%/0=*1+;!)%!7()*1/('!&(70)('0+)+!,$%!&1*()*4!:)%70(/!+%&0*)0*+!

<%1!)$*01!&$%&%'()*!<(&)%1-!,%18*1+;!)%!)$*!<01+)!@6?+!0/!)$*!MV)$!&*/):1-!)$()!,*1*!

&%330))*4!)%!2%('+!%<!+%'04(10)-!(/4!H:+)0&*;!)%!)$*!*+)(.'0+$3*/)!%<!<%1^71%<0)!

&$%&%'()*!&%37(/0*+!)$();!)%!(!21*()*1!*L)*/)!%1!'*++;!0/&%17%1()*!(+7*&)+!%<!)$*!

>/)*17*1+%/('!e%1'4!%<!d1%4:&)0%/!(/4l%1!0)+!3%1('!*&%/%3-!0/!)$*01!.:+0/*++!

3%4*'+5!6%4(-;!)$*!1(7040)-!,0)$!,$0&$!/%)!H:+)!&$%&%'()*!&%37(/0*+;!.:)!

2%9*1/3*/)+;!&%/+:3*1+!(/4!71%4:&*1+;!(/4!0/)*1/()0%/('!%12(/0=()0%/+!$(9*!

H%0/*4!0/!)$*!40('%2:*!%/!+:+)(0/(.'*!4*9*'%73*/)!$(9*!&:'30/()*4!0/!&%/&*1)*4!

*<<%1)+!'08*!)$*!e#IP+!#%&%(O@d!(/4!#$%:0/(14!*)!('5P+!A:+)(0/(.0'0)-!\5V!q#>+5!

!

j:N-3"(&70#T+-3"$;$7(!#-R;$4$'1!

! e*!(1*!/%,!&'%+*1!)$(/!*9*1!.*<%1*!)%!,$()!>!$(9*!&(''*4!#$(1'0*P+!&$%&%'()*!

*&%/%3-;!(!3%1('!*&%/%3-!0/!,$0&$!)1(40)0%/(''-!*L)*1/('0=*4!&%+)+K

*/901%/3*/)(';!+%&0(';!(/4!*&%/%30&K(1*!)(8*/!0/)%!(&&%:/)!,0)$0/!)$*!&%&%(!

+:77'-!&$(0/;!(/4!)$*!1*2:'()%1-!*/901%/3*/)!%<!)$*!>/)*17*1+%/('!e%1'4!%9*1+**+!

2'%.('!&$%&%'()*!71%4:&)0%/5!>/!Q%('4!`($'P+!3"(&70#-(45-!"#-3"$;$7(!#-<(;!$&1;!

#$(1'0*!U:&8*);!)$*!%/'-!:/+7%0'*4;!901):%:+!&$0'4!(3%/2!)$*!<09*;!0+!)$*!:/4*14%2!

,$%!,0/+!)$*!&$%&%'()*!<(&)%1-f!0/!3-!0/)1%4:&)0%/;!>!$(4!,10))*/!)$()!0/!&%/)1(+)!)%!

#$(1'0*;!)$*!:/4*14%2+!%<!)%4(-P+!&$%&%'()*!*&%/%3-!R)$*!7'(-*1+!7(1)0&07()0/2!0/!(!

!"\V!

3%1('!*&%/%3-W!(1*!+)0''!2()$*10/2!3%3*/):35!>/!)$*!7(+)!4*&(4*;!)$()!3%3*/):3!

$(+!1(704'-!2(0/*4!*/%:2$!+)1*/2)$!)%!7%)*/)0(''-!(<<*&)!+%&0(';!*&%/%30&;!(/4!

7%'0)0&('!&$(/2*!%/!)$*!2'%.('!+&('*5!!!

@+!I%''*))!$(+!*37$(+0=*4;"a!$%,*9*1;!,*(8!(')*1/()09*!<%%4!+-+)*3+!)$()!

())*37)!)%!1*)(0/!(+7*&)+!%<!)$*!/*%^'0.*1('!*&%/%3-!<(0'!)%!71%3%)*!+:&$!&$(/2*!<%1!

<%:1!1*(+%/+E!"W!)$*-!(1*!(!7(1)!%<!)$*!O(18*)!e%1'4f!MW!)$*-!<%&:+!%/!)$*!B:('0)0*+!%<!

<%%4!1()$*1!)$(/!)$*!/*),%18!(+!(!,$%'*f!\W!)$*01!40+)10.:)0%/!%<!7%,*1!$0/4*1+!

+%&0('!(/4!7%'0)0&('!&$(/2*f!(/4!XW!)$*-!(1*!%<)*/!'%/2!+:77'-!&$(0/+5!>/!*++*/&*;!)$*!

/*%^'0.*1('!3%4*'!%<!*&%/%30&+!0+!&%:/)*1(&)09*!)%!<(01!(/4!.('(/&*4!)1(4*5!!

@/4!-*)!0)!0+!<%%'0+$!)%!+(-!)$()!)$*+*!'(12*!(/4!7%,*1<:'!7'(-*1+!7(1)0&07()0/2!

0/!)$*!O(18*)!e%1'4!3:+)!40+(77*(1!*/)01*'-5!>/4**4;!0<!&$%&%'()*!OS#+!,*1*!)%!

8**7!(13+^'*/2)$!3(18*)!1*'()0%/+$07+!,0)$!@6?+!(/4!)$*01!7(1)/*10/2!<(13*1!

&%%7*1()09*+;!)$*!3%1('!*&%/%3-!%<!)$*!+:+)(0/(.'*!&%&%(!9(':*!&$(0/!,%:'4!/%)!.*!

&%371%30+*4!.-!&%17%1()*!())*37)+!)%!&%/)1%'!)$*!*/)01*!&$(0/;!<1%3!1(,!3()*10('+!

)%!3(/:<(&):1*4!71%4:&)5!J(12*!&%17%1()0%/+!&(/!*9*/!$*'7!)$*!037'*3*/)()0%/!%<!

#$(1'0*P+!&$%&%'()*!*&%/%3-!0<!)$*-!,*1*!)%!:+*!)$*01!9(+)!1*+%:1&*+!)%!)(8*!(!3%1*!

1*+7%/+0.'*!(771%(&$!)%!)$*01!.:+0/*++!3%4*'+5!><!#%&%(O@d!,*1*!)%E!"W!<%''%,!)$*!

*L(37'*!%<!`090/*!#$%&%'()*!(/4!0/)*21()*!+3(''^+&('*!&(&(%!<(13*1+!(+!

+)(8*$%'4*1+!0/!)$*!+:77'-!&$(0/!3(7;!<(13*1!&%33:/0)0*+!,%:'4!&(7):1*!3%1*!%<!

)$*!.*/*<0)+!0/!)*13+!%<!0/4*7*/4*/&*;!*37%,*13*/);!(/4!$(90/2!)$*01!9%0&*+!$*(14!

(+!3%1*!*B:('!7(1)/*1+!,0)$!)$*!%)$*1!+)(8*$%'4*1+;!MW!*/&%:1(2*!401*&)!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"a!I%''*));!Y*<<1*-!Q5!Z#$%%+0/2!(!<%%4!<:):1*E!40<<*1*/)0()0/2!(3%/2!(')*1/()09*!<%%4!%7)0%/+5Z!F$A&4(7-$2-(8&0;A7!A&(7-(45-#4>0&$4'#4!(7-#!"0;+!MM;!/%5!"!RMVVhWE!\h5!

! "\"!

1*'()0%/+$07+!.*),**/!*L0+)0/2!+)(8*$%'4*1+!R/(3*'-!<0/(/&0/2!.%40*+!+:&$!(+!+)()*+!

(/4!4%/%1!(2*/&0*+W!(/4!<(13*1!&%%7*1()09*+!(+!6(=(!#$%&%'()*!4%*+;!<(13*1+!&%:'4!

1*&*09*!&1*40)!(/4!%)$*1!<%13+!%<!(04!0/!037'*3*/)0/2!&%37*)0)09*!&(&(%!<(130/2!

71(&)0&*+;!H:+)!(+!O(-(!O%:/)(0/!#%37(/-;!J)45!,(+!(.'*!)%!4%!,0)$!6(=(P+!'%(/+;!

(/4!\W!(4%7)!)$*!3%1*!90(.'*!1()0/2+!%<!#$%:0/(14!*)!('5P+!q#>+!)$()!*<<*&)09*'-!

$(13%/0=*!)$*!3(/-!&*1)0<0&()0%/!+&$*3*+!0/)%!%/*!+)(/4(14!)$()!<%&:+*+!%/!

+:+)(0/(.0'0)-!(+!(!,$%'*;!)$*/!(!+:+)(0/(.'*!,%1'4!&%&%(!*&%/%3-!)$()!<%''%,+!)$*!

&%/9*/)0%/+!%<!(!3%1('!*&%/%3-!(/4!&:')09()*+!)$*!.('(/&*4!1*'()0%/+$07+!%<!(/!

>/)*17*1+%/('!e%1'4!%<!d1%4:&)0%/!.*&%3*+!(!+)1%/2!<:):1*!7%++0.0'0)-5!!

! !6$*!$0+)%1-!%<!!"#$%&$'(-&$%&%'()*!0+!(+!:/0B:*!(+!0)+!/(3*+(8*5!S%!%)$*1!

&%33%40)-!/(11()09*!&(/!&'(03!+:&$!(!'%/2!(&&%:/)!%<!04%'0=()0%/!(/4!(4%1()0%/!

)$1%:2$%:)!)$*!(2*+;!%1!+:&$!(!)*/(&0%:+!)1(40)0%/!%<!3%1('!%:)&10*+!(2(0/+)!)$*!

0/H:+)0&*+!)$()!$(9*!+:11%:/4*4!)$*!&(&(%!.*(/5!@/4!)%4(-;!)$*!,%1'4!%<!&$%&%'()*!

+**3+!)%!.*!()!)$*!&:+7!%<!)$1%,0/2!%<<!)$*!+)():+!B:%!)$()!0)!$(+!3(0/)(0/*4!<%1!

&*/):10*+E!)$*!1*('0)-!%<!0)+!+0/0+)*1!:/4*1+04*!$044*/!:/4*1/*()$!(!7%7:'(1!<(Å(4*!%<!

4*&(4*/)!2%%4/*++!(/4!7'*(+:1*5!6$*!+*&1*)!,(+!.'%,/!%7*/!0/!)$*!MVV"!c/02$)!

Q04*1!(1)0&'*;!(/4!/%,!3%1*!)$(/!(!4*&(4*!'()*1;!7'(-*1+!(''!('%/2!)$*!&$%&%'()*!

+:77'-!&$(0/!$(9*!.**/!7:+$*4!)%!1*(&)!(/4!7(1)0&07()*!0/!)$*!&1*()0%/!%<!(!

C+:+)(0/(.'*!,%1'4!&%&%(!*&%/%3-5D!!

U%)$!)$*!/*%^'0.*1('!(/4!3%1('!*&%/%30*+!$(9*!4*<0/*4!,$()!C+:+)(0/(.'*D!

3*(/+;!.:)!(+!)$0+!)$*+0+!$(+!)1(&*4!)$*!4*9*'%73*/)!%<!*)$0&('!&$%&%'()*;!0)+!

7(1(4%L*+;!&%371%30+*+;!(/4!)*/+0%/+!$(9*!0'':+)1()*4!)$()!(!)1:'-!+A+!(04(%7#!

!"\M!

,%1'4!%<!&$%&%'()*!0+!&%:/)*10/):0)09*!)%!(!<:''-!O(18*)!e%1'4;!/*%^'0.*1('!04*%'%2-5!

>/!%14*1!<%1!+3(''!&(&(%!<(13*1+!)%!.*!*37%,*1*4!(/4!4*9*'%7!(!21*()*1!+)(/4(14!%<!

'090/2;!<%1!)$*!*/901%/3*/)('!&%+)+!%<!%9*171%4:&)0%/;!7*+)0&04*!(/4!<*1)0'0=*1!:+*;!

(/4!3%/%^&1%770/2!)%!.*!1*9*1+*4;!(/4!<%1!)$*!21*()*+)!)1(/+7(1*/&-!)$*!&%&%(!(/4!

&$%&%'()*!+:77'-!&$(0/!&(/!(&$0*9*;!(!+$0<)!)%!(/!>/)*17*1+%/('!e%1'4!%<!d1%4:&)0%/;!

,0)$!0)+!*37$(+0+!%/!(!3%1('!*&%/%3-!%<!*B:0)(.'*!1*'()0%/+$07+!(/4!+037'*!+:77'-!

&$(0/+;!0+!/*&*++(1-5!6$0+!0+!#$(1'0*P+!&$%&%'()*!*&%/%3-5!!

! !

!

!

)

)

)

)

)

)

)

)

)

! "\\!

!)R-R5-*8($%#1)!))

C@!A):4-!%/!)$*!O(18*)!<%1!?12(/0&!#%&%(5D!6$*!>/)*1/()0%/('!#%&%(!?12(/0=()0%/;!FL*&:)09*!#%330))**;!FL*&:)09*!A:33(1-;!"M^"]!A*7)*3.*1!MVV_5!!@..%));!d$0'07;!O5!e0'&%L;!(/4!e*/40!@5!O:015!Z#%17%1()*!+%&0('!1*+7%/+0.0'0)-!0/!0/)*1/()0%/('!&%&%(!)1(4*5Z!DA&5A#-W40>#&+0!1E-C#+!-V(2(1#!!#!RMVV]W5!!@..%));!d$0'075!Z6%,(14+!O%1*!A%&0(''-!Q*+7%/+0.'*!#%&%(!61(4*5Z!H4!#&4(!0$4(7-.8&0;A7!A&(7-O&(5#-I#+#(&;"-3$4+$&!0A'E-*$&?048-L(L#&-gNQN!RMVV\W5!!@''*/;!6%35!C6$*!#$%&%'()*!A&%1*&(145D!61(40/2!q0+0%/+5!@710'!MV""5!!!@'3%/4;!A)*9*5!3(4512&#(?-,-(-d$A&4#1-!"&$A8"-!"#-;"$;$7(!#-A45#&%#771-$2-.'#&0;(5!#$(7*'!b0'';!S5#E!@'2%/B:0/!U%%8+!%<!#$(7*'!b0'';!MVVX5!!@+:1/0/2^U1*37%/2;!A(3:*';!`(/0*'!A(17%/2;!S(/(!@8:(!@/-04%$%;!Q(7$(*'!c(7'0/+8-;!(/4!Y*//0<*1!J*(9-5!CO(770/2!A:+)(0/(.'*!#%&%(!0/!m$(/(5D!6$*!>/+)0):)*!%<!`*9*'%73*/)!A):40*+!(/4!)$*!G/09*1+0)-!%<!m$(/(!1*7%1)!)%!#(4.:1-5!!U(&%/;!#$10+)%7$*1;!(/4!c(*'0/!b%''(/45!C#(/!I%%4!Y:+)0&*!@49%&()*+!c**7!(!m1%,0/2!I(01!61(4*!O(18*)!<1%3!G/4*130/0/2!)$*!O%9*3*/)!6$()!O(4*!>)[D!A(/)(!#'(1(!G/09*1+0)-5!

U*&83(/;!Y*<<5!U:+0/*++!e01*;!Cb*1+$*-!FL7(/4+!Q*+7%/+0.'*!#%&%(!#%33:/0)-!d1%21(3+!0/!e*+)!@<10&(5D!J(+)!3%40<0*4!MV"\5!@&&*++*4!I*.1:(1-!"\;!MV"\5!$))7Ell,,,5.:+0/*++,01*5&%3l/*,+l$%3*lMV"MV"\VVV]MXhl*/lb*1+$*-^FL7(/4+^Q*+7%/+0.'*^#%&%(^#%33:/0)-^d1%21(3+^e*+)!!!

U*&83(/;!Y*<<5!U:+0/*++!e01*;!Zb*1+$*-!d(1)/*1+!,0)$!d1%H*&)!d*(/:)!U:))*1!)%!Q*4:&*!O('/:)10)0%/!(3%/2!#$0'41*/!0/!Q:1('!m$(/(5Z!J(+)!3%40<0*4!MV"M5!@&&*++*4!I*.1:(1-!"M;!MV"\5!$))7Ell,,,5.:+0/*++,01*5&%3l/*,+l$%3*lMV"M"M"VVV]\_\l*/lb*1+$*-^d(1)/*1+^d1%H*&)^d*(/:)^U:))*1^Q*4:&*^O('/:)10)0%/5!!

U'%%3<0*'4;!F30'-!O5;!(/4!Q5!@/)%/-!J(++5!H'L(;!-$2-+!&A;!A&(7-(5dA+!'#4!-(45-(5$L!0$4-$2-!#;"4$7$81-$4-;$'L#!0!0>#4#++-$2-'(d$&-;$;$(-L&$5A;048-;$A4!&0#+5!"hhM5!U'%,<0*'4;!O0&$(*'5!ZF)$0&('!+:77'-!&$(0/+!0/!)$*!&%&%(;!&%<<**!(/4!)*(!0/4:+)10*+5Z!S&##4#&-K(4(8#'#4!-H4!#&4(!0$4(7!RMVV\WE!"]^MX5!!U1*//*1;!Y%p'5!O"#-#'L#&$&+-$2-;"$;$7(!#,-04+05#-!"#-+#;&#!-*$&75-$2-/#&+"#1-(45-K(&+5!S*,!T%18E!Q(/4%3!b%:+*;!"hhh5!!

!"\X!

!U1*//*1;!Y%*'!m'*//5!ZQ*('^'0<*!F+70%/(2*!)$()!>/+701*4!`($'r+!#'(++0&5Z!)7(!#-;!Y:'-!"];!MVV]5!$))7Ell,,,5+'()*5&%3l(1)0&'*+l/*,+o(/4o7%'0)0&+l'0<*o(/4o(1)lMVV]lVal&$%&%'()*o,(1+5$)3'!R(&&*++*4!S%9*3.*1!Mg;!MV"MW5!!#(77*''*;!Y(/5!Z6%,(14+!(!A:+)(0/(.'*!#%&%(!#$(0/5Z!9U2('-H4!#&4(!0$4(7-I#+#(&;"!RMVVgW5!

#(11*'';!A*9*10/!RMV"VW!jc1(<)!7'*42*+!)%!$%/%:1!#(4.:1-r+!I(01)1(4*!+%:1&0/2!&%330)3*/)+P!R6$*!m:(140(/W!$))7Ell)0/-:1'5&%3l-&=3&]1!

3"$;$7(!#-,-"0+!$&1E-;A7!A&#E-(45-"#&0!(8#5!b%.%8*/;!S5YE!e0'*-;!MVVh5!!!#$%:0/(14;!T9%/;!Y0.!F''0+%/;!(/4!Q0&8!Q042*,(-5!Z6$*!U02!>4*(E!6$*!A:+)(0/(.'*!F&%/%3-5Z!O"#-/(&>(&5-=A+04#++-I#>0#*5!RMV""WE!"^"M5!!#04*'';!Y:'0*!J5;!(/4!b*08*!#5!@'.*1)+5!C#%/+)1:&)0/2!t:('0)-E!6$*!O:')0/()0%/('!b0+)%10*+!%<!#$%&%'()*5D!S#$2$&A':!\a5!RMVV_WE!hhh^"VVa5!"V5"V"_!R(&&*++*4!S%9*3.*1!";!MV"MW5!

#SS!d1%4:&*1;!CS*+)'N!(49(/&*+!&$0'4!'(.%1!.())'*!7'(/;D!O"#-3PP-<&##5$'-D&$d#;!,-R45048-K$5#&4QX(1-)7(>#&1;!Y:/*!Mh;!MV"M;!$))7Ell)$*&//<1**4%371%H*&)5.'%2+5&//5&%3lMV"MlV_lMhl/*+)'*^(49(/&*+^&$0'4^'(.%1^.())'*^7'(/l!!

#%*;!A%7$0*5!O"#-!&A#-"0+!$&1-$2-;"$;$7(!#5!S*,!T%18E!6$(3*+!(/4!b:4+%/;!MVVa5!!!#1(,<%14;!Q%.*1)5!3$4+A'#&-;$4+;0#4;#-,-"$*-#4>0&$4'#4!-(45-#!"0;+-(&#-0427A#4;048-#UL$&!+5!m*/*9(E!>/)*1/()0%/('!61(4*!#*/)1*;!MVVh5!!`($';!Q%('45!3"(&70#-(45-!"#-;"$;$7(!#-2(;!$&15!S*,!T%18;!STE!b(17*1#%''0/+;!MVVM5!

`P@/)%/0%;!O0&$(*'5!b*1+$*-E!O0')%/!A5!b*1+$*-P+!FL)1(%140/(1-!J0<*!%<!e*(')$;!F3701*;!(/4!G)%70(/!`1*(3+5!A03%/!(/4!A&$:+)*1;!MVVa5!

`(90*+;!>(0/!@5!Ze$%!)%!,%18!,0)$E!F)$0&('!`0'*33(+!()!`(-l`090/*!#$%&%'()*5Z!RMV"VW5!!`090/*!#$%&%'()*5!@//:('!Q*7%1)!MV"Vl""5!!!

! "\]!

`%$*1)-;!U%.;!(/4!A%7$0!61(/&$*''5!ZS*,!)$0/80/2!0/!0/)*1/()0%/('!)1(4*[!@!&(+*!+):4-!%<!6$*!`(-!#$%&%'()*!#%37(/-5Z!)A+!(04(%7#-X#>#7$L'#4!!"\;!/%5!\!RMVV]WE!"aV5!

FB:('!FL&$(/2*!#%%7*1()09*5!MV""!@//:('!Q*7%1)5!`*&*3.*1!\";!MV""5!$))7Ell,,,5*B:('*L&$(/2*5&%%7;!(&&*++*4!S%9*3.*1!";!MV"M5!

FB:('!FL&$(/2*5!@//:('!Q*7%1)!MV""E!M]!T*(1+!A)(/40/2!,0)$!A3(''!I(13*1+5!!

F9(/+;!e0''5!Cd1%7!\a!`%/%1+!Q*9*('*4E!I1%3!O%/+(/)%!i!b*1+$*-!6%!#%/)1%9*1+0('!@')*1/()09*!b*(')$!`%&)%15D!3(702$&40(-C(!;";!S%9*3.*1!M;!MV"M5!$))7Ell&('0<%1/0(,()&$5%12l4(0'-1*7%1)l<%%4^&%37(/0*+^<02$)^2*/*)0&(''-^3%40<0*4^'(.*'^3*(+:1*^"g_M"!!

CI(&)+!(/4!I02:1*+!%/!I(01^61(4*!#%&%(5D!6$*!>/)*1/()0%/('!#%&%(!?12(/0=()0%/;!#%/+:')()09*!U%(14!%/!)$*!e%1'4!#%&%(!F&%/%3-;!_!Y:/*!MVV]5!!!<(0&-!&(5#,-!"#-;"(77#48#+-$2-!&(4+2$&'048-87$%(70J(!0$45!J%/4%/!S*,!T%18;!STE!Q%:)'*42*;!MVVa5!!!I%'4;!S0*'+5!Z@!3())*1!%<!2%%4!)(+)*[!t:('0)-!(/4!)$*!&%/+)1:&)0%/!%<!+)(/4(14+!<%1!&$%&%'()*!71%4:&)+!0/!)$*!F:1%7*(/!G/0%/5Z!3("0#&+-5@^;$4$'0#-#!-+$;0$7$80#-&A&(7#+!]]l]_!RMVVVWE!h"^""V5!!I%'4;!S0*'+5!ZQ*+)1:&):10/2!%<!)$*!F:1%7*(/!&$%&%'()*!0/4:+)1-!(/4!0)+!037(&)!%/!&%&%(!71%4:&)0%/!0/!e*+)!@<10&(5Z!F$A&4(7-$2-R;$4$'0;-S#$8&(L"1!";!/%5!X!RMVV"WE!XV]^XMV5!!I%''*));!Y*<<1*-!Q5!Z#$%%+0/2!(!<%%4!<:):1*E!40<<*1*/)0()0/2!(3%/2!(')*1/()09*!<%%4!%7)0%/+5Z!F$A&4(7-$2-(8&0;A7!A&(7-(45-#4>0&$4'#4!(7-#!"0;+!MM;!/%5!"!RMVVhWE!\"^]"5!!I10*43(/;!O0')%/5!3(L0!(70+'-(45-2&##5$'5!G/09*1+0)-!%<!#$0&(2%!71*++;!MVVM5!!m%'40/2;!c01+)-5!C6$*!#$(''*/2*+!%<!O(0/+)1*(30/2!I(01!61(4*E!@!#(+*!A):4-!%<!)$*!`(-!#$%&%'()*!#%37(/-5D!d(7*1!71*+*/)*4!()!)$*!>/)*1/()0%/('!#%''%B:0:3!%/!I(01!61(4*!(/4!A:+)(0/(.'*!`*9*'%73*/);!O%/)1*(';!t:*.*&;!#(/(4(;!"h^M"!Y:/*!MVV_5!!m%'43(/;!Y(/0&*5!Zm'%.('!d1%4:&)0%/!S*),%18+5Z!!b(-/*+;!Y*++0&(;!I1*4*10&8!#:..(2*;!F9(/!O*1&*1;!(/4!F10/!A0''+5!Z6$*!A*(1&$!<%1!q(':*!(/4!O*(/0/2!0/!)$*!#%&%(!A:77'-!#$(0/!0/!#%+)(!Q0&(5Z!)A+!(04(%070!15!X5!RMV"MWE!"X__^"Xga5!"V5\\hVl+:XVa"X__5!!

!"\_!

b%780/+;!c()*5!)*##!-!$$!",-!"#-%0!!#&+*##!-"0+!$&1-$2-;(4515!S*,!T%18E!A)5!O(1)0/r+!d1*++;!MV"M5!!b%,(14;!d$0'07!b5!Z#%/+%'04()0%/!0/!)$*!S%1)$!@3*10&(/!?12(/0&!I%%4!d1%&*++0/2!A*&)%1;!"hha!)%!MVVa5Z!H4!#&4(!0$4(7-F$A&4(7-$2-)$;0$7$81-$2-.8&0;A7!A&#-(45-<$$55!"_5!/%5!"!RMVVhWE!"\^\V5!!b%,(14;!d$0'07!b5;!(/4!d()10&0(!@''*/5!ZU*-%/4!?12(/0&E!#%/+:3*1!>/)*1*+)!0/!/*,!J(.*''0/2!A&$*3*+!0/!)$*!#*/)1('!#%(+)!%<!#('0<%1/0(5Z!H4!#&4(!0$4(7-F$A&4(7-$2-3$4+A'#&-)!A50#+5!\V5!/%5!]!RMVV_WE!X\h^X]"5!!b:37$1*-;!Y%$/5!Z6$*!q(':*!#$(0/!@771%(&$^J0/80/2!S()0%/('!d1%4:&*1+!)%!>/)*1/()0%/('!U:-*1+!(/4!O(18*)+5Z!H4+!0!A!#-2$&-X#>#7$L'#4!-)!A50#+!RMVVMW5!!>JQI;!m'%.('!FL&$(/2*;!(/4!m1**/!@3*10&(5!Zb*1+$*-;!61(0'0/2!U*$0/4!#%37*)0)%1+;!m*)+!ZIZ!<%1!I(0'0/2!)%!Q*3%9*!#$0'4!J(.%1!<1%3!#$%&%'()*5Z!H4!#&4(!0$4(7-V(%$&-I08"!+-<$&A';!A*7)*3.*1!"\;!MV""5!$))7Ell,,,5'(.%1102$)+5%125!!C>/)*1/()0%/('!#%&%(!@21**3*/);!MV"V5D!6$*!G/0)*4!S()0%/+;!m*/*9(;!M]!Y:/*!MV"V5!!Y(<<**;!`(/0*'5!ZI(01!61(4*!A)(/4(14+;!#%17%1()*!d(1)0&07()0%/;!(/4!A%&0('!O%9*3*/)!Q*+7%/+*+!0/!)$*!G/0)*4!A)()*+5Z!F$A&4(7-$2-=A+04#++-R!"0;+5!hM5!RMV"VWE!M_a^Mg]5!"V5"VVal+"V]]"^V"V^V]g\^"5!!Y(<<**;!`(/0*';!(/4!d$0'07!b5!b%,(145!Z#%17%1()*!#%%7)0%/!%<!?12(/0&!(/4!I(01!61(4*!A)(/4(14+5Z!.8&0;-/A'-6(7A#+5!Ma5!RMV"VWE!\ga^\hh5!"V5"VVal+"VX_V^VVh^hM\"^g5!!Y%/*+;!m*%<<1*-5!ZO:')0/()0%/('!#$%&%'()*Z!#(4.:1-!?9*1+*(+;!"h"g^\h5Z!=A+04#++-/0+!$&15!M_5!/%5!"!R"hgXWE!]h^a_5!"V5"VgVlVVVa_ahgXVVVVVVVX5!

c$(30+;!A:+(/5!Z@!&(+*!+):4-!0/!&%371%30+*E!6$*!m1**/iU'(&8r+!.1(/4!%<!*)$0&('!&$%&%'()*5Z!.A+!&(7(+0(4-F$A&4(7-$2-D$LA7(&-3A7!A&#5!"5!/%5!"!RMV"MWE!"h^\M5!"V5"\g_5!

c033*1'*;!U*)$5!3"$;$7(!#,-!"#-+*##!-"0+!$&15!d%1)'(/4;!?QE!#%''*&)%1+!d1*++;!MVV]5!!cdOm5!C#%&%(!#*1)0<0&()0%/E!@!A):4-!%/!)$*!#%+)+;!@49(/)(2*+;!(/4!`0+(49(/)(2*+!%<!#%&%(!#*1)0<0&()0%/!#%330++0%/*4!.-!6$*!>/)*1/()0%/('!#%&%(!?12(/0=()0%/!R>##?W5D!Q*7%1)!)%!6$*!>/)*1/()0%/('!#%&%(!?12(/0=()0%/;!?&)%.*1!MV"M5!!

c:(7(!c%8%%!(/4!`090/*!#$%&%'()*!#%37(/-!J)4;!Zd104*!(/4!d1%4:&*E!@!6('*!%<!I(01!61(4*5Z!@&&*++*4!I*.1:(1-!];!MV"\5!$))7Ell,,,5,07%50/)l07(49(/)(2*l*/l4*)(0'+5H+7[04ÄMaXa5!!

! "\a!

J:&(+;!J%:0+*!RMV""W!jm1**/!i!U'(&8P+!*L*&:)09*+!*-*!.:-^%:)P!RI0/(/&0('!603*+W!$))7Ell)0/-:1'5&%3l\,a'%Hg!!

O(&1(-;!`*//0+5!C#%&%(O@dE!m'%.('!A:+)(0/(.'*!#%&%(!d'()<%135D!C$&75-3$;$(-<$A45(!0$4-R71*+*/)()0%/;!MV"MW5!!CO(80/2!>/)*1/()0%/('!A:77'-!#$(0/+!e%18!<%1!A3(''$%'4*1!I(13*1+E!@!#%37(1()09*!A):4-!%<!A0L!I(01!61(4*!q(':*!#$(0/+5D!@!I(01)1(4*!I%:/4()0%/!Q*7%1);!O(-!MV"M5!!!O%12(/;!c*90/5!C$&75+-$2-2$$5-,-L7(;#E-L$*#&E-(45-L&$>#4(4;#-04-!"#-2$$5-;"(045!!?L<%14!S*,!T%18E!?L<%14!G/09*1+0)-!d1*++;!MVV_5!!S*'+%/;!F10/;!J(:1(!m%3*=!6%9(1;!Q0)(!A&$,*/)*+0:+!Q0/4*13(//;!(/4!O(/:*'!@/2*'!m%3*=!#1:=5!Zd(1)0&07()%1-!?12(/0&!#*1)0<0&()0%/!0/!O*L0&%E!@/!@')*1/()09*!@771%(&$!)%!O(0/)(0/0/2!)$*!>/)*210)-!%<!)$*!?12(/0&!J(.*'5Z!.8&0;-/A'-6(7A#+5!Ma5!RMV"VWE!MMa^M\a5!"V5"VVal+"VX_V^VVh^hMV]^L5!!

CS*+)'N!@&)0%/!d'(/!%/!)$*!Q*+7%/+0.'*!A%:1&0/2!%<!#%&%(!<1%3!#z)*!4P>9%01*;D!O"#-<(0&-V(%$&-.++$;0(!0$4;!Y:/*!Mh;!MV"M;!$))7Ell,,,5<(01'(.%15%12l(<<0'0()*l/*+)'*!!

S%1)$;!Q%4/*-5!CI(01!61(4*!#*1)0<0&()0%/!`%*+/P)!`%!<%1!d'(/)()0%/+!e$()!0)!`%*+!<%1!#%^%7+5D!S$$5;!?&)%.*1!"_;!MV"M5!$))7Ell,,,52%%450+l7%+)+l<(01^)1(4*^&*1)0<0&()0%/^4%*+/^)^4%^<%1^7'(/)()0%/+^,$()^0)^4%*+^<%1^&%^%7+!R(&&*++*4!S%9*3.*1!";!MV"MW5!?<<;!#(1%'5!=0!!#&-;"$;$7(!#,-04>#+!08(!048-!"#-5(&?-+05#-$2-!"#-*$&75@+-'$+!-+#5A;!0>#-+*##!5!6%1%/)%E!Q(/4%3!b%:+*!#(/(4(;!MVV_5!!d(2*;!A$*0'(;!(/4!Q(&$*'!A'()*15!ZA3(''!d1%4:&*1!d(1)0&07()0%/!0/!m'%.('!I%%4!A-+)*3+E!d%'0&-!?77%1):/0)0*+!(/4!#%/+)1(0/)+5Z!X#>#7$L'#4!-D$70;1-I#>0#*5!M"5!/%5!]^_!RMVV\WE!_X"^_]X5!

d*)10*;!c*90/;!C`*'09*10/2!(!+:+)(0/(.'*!&%&%(!+:77'-!&$(0/E!+:77%1)0/2!<(13*1+!<%1!.*))*1!&$%&%'()*D!R71*+*/)()0%/W!

d070)%/*;!J(:1*/)5!C6$*!I:):1*!%<!)$*!e%1'4!#%&%(!F&%/%3-E!U%%3!%1!U:+)[D!6$*!>/)*1/()0%/('!#%&%(!?12(/0=()0%/!71*+*/)()0%/!()!)$*!_h)$!+*++0%/!%<!)$*!I@?!#%330))**!%/!#%33%40)-!d1%.'*3+;!Q%3*;!>)('-;!Mg^\V!O(-!MV"M5!!!d%/)*;!A)*<(/%;!(/4!d*)*1!m0..%/5!Zt:('0)-!+)(/4(14+;!&%/9*/)0%/+!(/4!)$*!2%9*1/(/&*!%<!2'%.('!9(':*!&$(0/+5Z!R;$4$'1-(45-+$;0#!1!\X;!/%5!"!RMVV]WE!"^\"5!!Q(-/%'4+;!J(:1(!65;!`%:2'(+!O:11(-;!(/4!@/41*,!b*''*15!ZQ*2:'()0/2!+:+)(0/(.0'0)-!0/!)$*!&%<<**!+*&)%1E!@!&%37(1()09*!(/('-+0+!%<!)$014^7(1)-!*/901%/3*/)('!(/4!+%&0('!&*1)0<0&()0%/!0/0)0()09*+5Z!.8&0;A7!A&#-(45-/A'(4-6(7A#+!MX;!/%5!M!RMVVaWE!"Xa^"_\5!

!"\g!

Q(-/%'4+;!J(:1(!65;!`%:2'(+!J5!O:11(-;!(/4!Y%$/!e0'80/+%/5!<(0&-!&(5#,-O"#-;"(77#48#+-$2-!&(4+2$&'048-87$%(70J(!0$45!Q%:)'*42*;!MVVa5!!Q(-/%'4+;!J(:1(!65!CI%120/2!S*,!#%/+:3*1ld1%4:&*1!J0/8+!0/!I(01!61(4*!#%<<**!S*),%18+5D!#%'%1(4%!A)()*!G/09*1+0)-;!I%1)!#%''0/+;!#%'%1(4%5!!Q**4;!`(11-'5!Ze$()!4%!&%17%1()0%/+!$(9*!)%!4%!,0)$!<(01!)1(4*[!d%+0)09*!(/4!/%13()09*!(/('-+0+!<1%3!(!9(':*!&$(0/!7*1+7*&)09*5Z!F$A&4(7-$2-=A+04#++-R!"0;+!g_!RMVVhWE!\^M_5!!Q0&$(14+%/;!6035!)*##!+,-(-"0+!$&1-$2-;(4515!S*,!T%18!E!U'%%3+.:1-;!MVVM5!!Q%..0/+;!Y%$/5!Z>+!6$*1*!A'(9*1-!0/!T%:1!#$%&%'()*[5Z!6077(8#94#:-

Q%%)!#(70)(';!ZA:77%1)0/2!)$*!#%&%(!A:77'-!#$(0/!0/!)$*!`%30/0&(/!Q*7:.'0&5Z!J(+)!3%40<0*4!MV"\5!@&&*++*4!I*.1:(1-!"M;!MV"\5!$))7Ell,,,51%%)&(70)('5%12l7%1)<%'0%l+)%10*+l+:77%1)0/2^&%&%(^+:77'-^&$(0/^4%30/0&(/^1*7:.'0&5!!

A($%)(;!@3(1H0)5!Cm'%.('!?12(/0&!I%%4!(/4!`10/8!O(18*)5D!6$*!?12(/0&!O%/0)%1!71*+*/)()0%/!()!)$*!U0%I(&$!#%/21*++!MV"M;!S:1*3.:12;!m*13(/-;!"]!I*.1:(1-!MV"M5!

A30)$;!A(''-5!ZI%1!'%9*!%1!3%/*-[!I(01)1(4*!.:+0/*++!3%4*'+!0/!)$*!Gc!+:7*13(18*)!+*&)%15Z!F$A&4(7-$2-%A+04#++-#!"0;+!hM!RMV"VWE!M]h5!

CA)0''!603*!)%!Q(0+*!)$*!U(1E!6$*!Q*('!#%17%1()*!A%&0('!Q*+7%/+0.0'0)-!Q*7%1)!<%1!)$*!b*1+$*-!#%37(/-5D!6$*!Q(0+*!)$*!U(1;!b*1+$*-v!#(37(02/!@44*/4:3!)%!)$*!MV"V!Q*7%1);!A*7)*3.*1!MV""5!!!A)%17*1;!O0&$(*'5!e%1'4+!%<!71%4:&)0%/!E!)$*!(&)0%/!<1(3*,%18+!%<!)$*!*&%/%3-5!#(3.1042*;!O(++E!b(19(14!G/09*1+0)-!d1*++;!"hha5!!CA:+)(0/(.'*!#%&%(!F&%/%3-E!@!#%371*$*/+09*!(/4!d(1)0&07()%1-!@771%(&$5D!6$*!>/)*1/()0%/('!#%&%(!?12(/0=()0%/;!#%/+:')()09*!U%(14!%/!)$*!e%1'4!#%&%(!F&%/%3-;!"M!O(1&$!MVVa5!!!6('.%);!Y%$/!O5!Z61%70&('!&%33%40)-!&$(0/+;!<%1,(14!0/)*21()0%/!+)1()*20*+!(/4!0/)*1/()0%/('!0/*B:('0)-E!&%<<**;!&%&%(!(/4!)*(5Z!I#>0#*-$2-H4!#&4(!0$4(7-D$70!0;(7-R;$4$'1!h;!/%5!X!RMVVMWE!aV"^a\X5!!6(=(!#$%&%'()*5!@//:('!#(&(%!A%:1&0/2!61(/+7(1*/&-!Q*7%1)5!A*7)*3.*1!MV""5!!!

! "\h!

6(=(!#$%&%'()*5!@//:('!#(&(%!A%:1&0/2!61(/+7(1*/&-!Q*7%1)5!A*7)*3.*1!MV"M5!!

O"#-/0+!$&1-$2-3"$;$7(!#5!MV"M5!$))7Ell,,,5H(3*+&$%&%'()*+5&%5:8lo.'%2lU'%2l7%+)l6$*ob0+)%1-o%<o#$%&%'()*l;!A%3*1+*)5!e*.5!M]!Y(/!MV"\5!!

C6$*!e%1'4!#%&%(!F&%/%3-E!d(+)!(/4!d1*+*/)5D!6$*!>/)*1/()0%/('!#%&%(!?12(/0=()0%/;!FL*&:)09*!#%330))**;!FL*&:)09*!A:33(1-;!"X^"a!A*7)*3.*1!MV"V5!!!!61(%1*;!`%:++%:5!C#%&%(!(/4!#%<<**!q(':*!#$(0/+!0/!e*+)!(/4!#*/)1('!@<10&(E!#%/+)1(0/)+!(/4!?7)0%/+!<%1!Q*9*/:*^Q(0+0/2!`09*1+0<0&()0%/5D!I%%4!(/4!@210&:'):1('!?2(/0=()0%/!%<!)$*!G/0)*4!S()0%/+;!@''!@#d!@210&:'):1('!#%33%40)0*+!d1%21(33*!e%180/2!d(7*1!A*10*+;!/%5!\;!I*.1:(1-!MVVh5!

q*'(+B:*=^O(/%<<;!O%0+*+5!Z6$*!&$(''*/2*!%<!<(01^)1(4*!&$%&%'()*5Z!O"#-3"&0+!0(4-);0#4;#-K$40!$&;!Y:/*!Vh;!MVVh5!$))7Ell,,,5&+3%/0)%15&%3lU:+0/*++lMVVhlV_Vhl)$*^&$(''*/2*^%<^<(01^)1(4*^&$%&%'()*!R(&&*++*4!I*.1:(1-!Mg;!MV"\W5!!

e$()3%1*;!A(1($;!d*)*1!A)(++(1);!(/4!b*/8!Q*/)0/25!Ze$()r+!+%!(')*1/()09*!(.%:)!(')*1/()09*!<%%4!/*),%18+[5Z!R4>0&$4'#4!-(45-D7(440485!\]5!RMVV\WE!\gh^\h"5!"V5"V_gl(\_M"!R(&&*++*4!I*.1:(1-!_;!MV"\W5!!

e0''*1;!b*'2(5!Cc*-!Q*+:')+!<1%3!)$*!A:19*-!%/!?12(/0&!@210&:'):1*!e%1'4,04*!MV"M5D!6$*!Q*+*(1&$!>/+)0):)*!%<!?12(/0&!@210&:'):1*!I0UJ;!I10&8;!A,0)=*1'(/4;!0/!&%%7*1()0%/!,0)$!)$*!>/)*1/()0%/('!I*4*1()0%/!%<!?12(/0&!@210&:'):1('!O%9*3*/)+!>I?@O;!I*.1:(1-!MV"M5!!!!!e%1'4!#%&%(!I%1:3;!CA:+)(0/(.'*!#%&%(!F&%/%3-E!)$*!e#I!d*1+7*&)09*D!R71*+*/)()0%/;!MV"MW5!!!