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

7bxS[U^'!ISXYVVccdQdY_^U '!9u(SXUb! _TUb! WQ^jU! =URueTU4!MU^^! 6bSXYdU[dU^! WUgQWdU!

A_^cdbe[dY_^U^! QeV! TQc! FQ`YUb!RbY^WU '! TYU! WUcSXge^WU ! cY^T'!c`Ydj! QSX!_RU^!bQWU^'!_TUb!cSXUY^(RQb!_X^U!IdxdjU !xRUb!TU]!7_TU !cSXgURU '![_]]d!]UYcd!IdQX\!je]!;Y^cQdj)! 6RUb! QeSX! TUb! >_\jRQe![_]]d!]Q^SX]Q\! YSXd!_X^U!IdQX\!Qec! o! f_b!Q\\U]!gU^^!Uc!UY^!UdgQc!XwXUbUc! =URueTU! Ycd'! TU^^! TYU!AbuVdU'! TYU! T_bd! QRjeVUTUb ! cY^T'![Q^^! ]Q^! ^eb! ]Yd! IdQX\! RUXUbb(cSXU )! 6[deU\\cdUc! 7UYc`YU\! Ycd! TUb!6eccYSXdcdeb]! QeV! TUb! 7QecdU\\U!TUc!^UeU^!NU^dbQ\RQX^X_Vc)

$62!#<.9052!69!-.57299YU! \UdjdU^! NQX\U ! cdQ]]U ! Qec!TU]! @QXb! ,**3)! 9Ub! 6^dUY\! TUc!IdQX\RQec! Q]! WUcQ]dU^! 7Qef_\e(]U^! \QW!TQ]Q\c!RUY! jUX !Fb_jU^d)!BQed! 9QdU^! TUb! IdQdYcdY[! 6ecdbYQ!cY^T!cUYd!TU]!@QXb!,**0!TYU!Fb_Te[(dY_^U^! c_g_X\! Y]! >_SX(! Q\c! QeSX!Y]! JYUVRQe! [_^dY^eYUb\YSX! WUcdYU(WU^'! g_RUY! TUb! >_SXRQe! TU^! RU(dbQWc]utYW! WbwtdU ! JUY\! TUc! 7Qe(gUcU^c!UY^^Y]]d)

l9YU!AbYcU^ZQXbU! cY^T!Q\\UbTY^Wc!^_SX! YSXd!xRUbge^TU^)!;c!Ycd!gUY(dUbXY^!UY !cSXgYUbYWUc!K]VU\T!e^T!TYU! AbUTYdfUbVxWRQb[UYd! Ycd! RU(WbU^jd)!7_^YdudU^!]xccU^!UhjU\\U^d!cUY^! e^T! cU\Rcd! TQ^^! gYbT! ^eb!]UXb!UY !7beSXdUY\!UY^Uc!Fb_ZU[dUc!VY^Q^jYUbdn'!RUd_^d!!=U_bW!CQdj^Ub'!=UcSXuVdcVxXbUb! TUc! rcdUbbUYSXY(cSXU !IdQX\RQefUbRQ^TUc)!

;Y^! Wb_tUc! JXU]Q! RUY! TU !K^dUb^UX]U^!Ycd!TUb!A_cdU^TbeS[!TebSX! cdUYWU^TU! H_Xcd_VV`bUYcU)!l7UY!\Y^UQbU^!;^dgYS[\e^WU^!gubU!TQc! [UY^! Fb_R\U]'! QRUb! Uc! Ycd! TYU!U^_b]U! L_\QdY\Ydud'! TYU! f_b! Q\\U]!]Yd! WUbY^WUb! CQb[d]QSXd! [Qe]!RUXUbbcSXRQb!Ycdn'! Ub[\ubd!CQdj^Ub)!!7UY! X_XU]! CQdUbYQ\[_cdU^Q^dUY(\U !gYU!Y]!IdQX\RQe![Q^ !UY^!<UX(\Ub! Y]! >UTWY^W! cSXgUbgYUWU^TU!<_\WU^!XQRU^)!!9YUcU!;^dgYS[\e^W!Ycd!QeSX!RUY!BUWYUbe^WcjecSX\uWU !je! RU_RQSXdU^'! TYU! Y]! C_^Qdc(bXid]ec! WUu^TUbd! gUbTU^)! ;Y^U!c_\YTU! RUdbYURcgYbdcSXQVd\YSXU! AQ(

\e[\QdY_^!gYbT!c_!je!UY^Ub!>UbQec(V_bTUbe^W)!MYU! K^dUb^UX]U^!]Yd!TYUcUb!IYdeQdY_^!e]WUXU^! Ycd! cUXb!e^dUbcSXYUT\YSX! e^T! VxXbU^!TQje'!TQcc!]Q^SXU!VQcd!QecWU\QcdUd!cY^T'!]Q^SXU!XQbdU!NUYdU^!XQRU^'!Q^TU(bU! gYUTUbbe]! V\UhYRU\! bUQWYUbU^!e^T! c_! Wed! TebSX[_]]U^! [_^^(dU^)!

+><.>24629!?91!"?==605>29rcdUbbUYSXYcSXU! IdQX\RQee^dUb(^UX]U^!cY^T!]Yd! UY^Ub!;h`_bd\UYc(de^W!f_^!3*!Fb_jU^d! f_b!Q\\U]!QeV!TU !Y^dUb^QdY_^Q\U !Cub[dU^!UdQR(\YUbd)!?XbU!IdbQdUWYU '!e]!TYU!9ebSX(VxXbe^W!UY^Uc!Fb_ZU[dUc!Vxb!cYSX!je!WUgY^^U^'! cY^T! e^dUbcSXYUT\YSX4!LYU\U! TUb! K^dUb^UX]U^! ^UX]U^!je]! 7UYc`YU\! Q ! [UY^U ! wVVU^d\Y(SXU^! 6eccSXbUYRe^WU^! ]UXb! dUY\'!TQ!je!gU^YW!9US[e^WcRUYdbQW!]wW(\YSX! Ycd)!7UY!TU !MUbdQ^Q\icU ! lLQ(\eU! ;^WY^UUbY^Wn! XY^WUWU^! [Q^ !]Q^! TebSX! ?^WU^YUeb[_]`UdU^j!cUY^U! 8XQ^SU^! cUXb! cdQb[! fUbRUc(

cUb^'!UY !Fb_ZU[d!je!WUgY^^U )!BUY(TUb! cY^T! TYUcU! Fb_ZU[dU! Y^! TU^!]UYcdU^! <u\\U^! QetUbXQ\R! rcdUb(bUYSXc!je!VY^TU^)!

K]! UY^U ! wVVU^d\YSXU^! 6eVdbQW!Q^!BQ^T!je! jYUXU^! Ycd! Uc!XY\VbUYSX'!TYU! A_cdU^VxXbUbcSXQVd! je! UbbUY(SXU^! e^T! TYU! Fb_Te[dY_ ! XwSXcd!UVVYjYU^d! je! WUcdQ\dU^)! 6\c! QeVgu^(TYW! e^T! bYc[Q^d! UbgUYcd! cYSX! XY^(WUWU ! TUb!LUbceSX'!Fb_ZU[dU! cU\Rcd!je!U^dgYS[U\ '!je!VY^Q^jYUbU^'!e](cUdjU^'! e^T! UfU^deU\\! c_WQb! cU\Rcd!je! RUdbUYRU^)! ;Y U! gUYdUbU! IdbQdU(WYU'!Y^!TU]!cSXgYUbYWU !K]VU\T!je!RUcdUXU '! Ycd! TYU! >UbcdU\\e^W! f_^!IUbYU^`b_Te[dU^)! 9QTebSX! gYbT!TYU! 7QcYcQec\Qcde^W! WUVwbTUbd! e^T!RbY^Wd!A_^cdQ^j!Y !TU !8QcX!<\_g)!

MQSXcde]c`_dU^jYQ\!Vxb!TYU!7bQ^(SXU! RUcdUXd! f_b! Q\\U]! TebSX! TYU!je^UX]U^TU!7Ud_^e^W!TUb!DQSX(XQ\dYW[UYd'!TU^^!XYUb!\YUWd!IdQX\!f_b!Q^TUbU^! 7Qecd_VVU^)! L_b! Q\\U]!gQc! HUSiS\Y^W! Q^RU\Q^Wd'! cSX^UY(TUd!IdQX\!cUXb!Wed!QR)!9Ub!=b_tdUY\!TUc! fUbgU^TdU^! 7QecdQX\c! Y^!;eb_`Q! gYbT! RUbUYdc! ZUdjd! Qec!ISXb_dd! XUbWUcdU\\d)! 6eSX! TQc! je(^UX]U^TU! ?^dUbUccU! ^QSX! [bUQdY(fUbUb! 6bSXYdU[deb!XY\Vd'!TU^^!fYU\U!?TUU ! \QccU^! cYSX! ^eb! ]Yd! IdQX\!bUQ\YcYUbU^)! lBUdjd\YSX! gYbT! UY^!7QegUb[! QRUb! Y]]Ub! TQ^^! Wed!cUY^'!gU^^!TUb!bYSXdYWU!7Qecd_VV!Q^!TUb!bYSXdYWU^!IdU\\U!UY^WUcUdjd!gYbT!e^T! cYSX!UY^!XQb]_^YcSXUb!CQdU(bYQ\]Yh!UbWYRdn'!c_!CQdj^Ub)

<_b]cSXw^'! ucdXUdYcSX'! U\U(WQ^d'! QRUb! QeSX! ^QSXXQ\dYW'!fYU\Vu\dYW! e^T! cYSXUb! o! Vxb!

IdQX\RQe!WY\d!UY^U!LYU\jQX\!f_^!6d(dbYRedU )!6\\UbTY^Wc! Ycd!TUb!IdQX\(RQe!Y^!rcdUbbUYSX!TUbjUYd!UXUb!UY !CY^TUbXUYdU^`b_WbQ]])!

;c! cSXUY^d'! Q\c! WU\dU! TUb! Fb_(`XUd!Y]!UYWU^U !BQ^T!^YSXdc'!je(]Y^TUcd! ^_SX! ^YSXdc)! Deb! QSXd!Fb_jU^d!TUb!XUY]YcSXU^!7Qe`b_(ZU[dU!gUbTU ! Y^!IdQX\RQedUSX^Y[!e]WUcUdjd)! ?^! ;^W\Q^T'! jeWUWU(RU^! UY^U! >_SXRebW! TUc! IdQX\(RQec'! cY^T! Uc! Y]! LUbW\UYSX! TQje!1*!Fb_jU^d)!

6^!TUb!A_]`UdU^j!TUb!XUY]Y(cSXU !IdQX\RQeUb!]Q^WU\d!Uc!]Yd!IYSXUbXUYd! ^YSXd'! TU^^! IdQX\RQe!lCQTU! Y^!6ecdbYQn! Ycd!Y^dUb^QdY_(^Q\! XwSXcd! UbV_\WbUYSX! e^T! WU(VbQWd4! L_^! TUb! 9_^QeRbxS[U! Y^!7bQdYc\QfQ! RYc! Y^! TYU! MxcdU! TUb!LUbUY^YWdU^! 6bQRYcSXU^! ;]YbQdU!o!TYU!>Q^TcSXbYVd!XUY]YcSXUb!?^(WU^YUebc[e^cd! VY^TUd! ]Q^! RUY!Fb_ZU[dU !QeV!TUb!WQ^jU !MU\d)!

*6;962<.</26>?]!UYWU^U^!BQ^T! cY^T!TYU!IdQX\(RQeUb! FY_^YUbU'! QeSX! gU^^! TYU!NQX\!TUb!Fb_ZU[dU!Y]!IdUYWU ! Ycd)!K^T! jgQb! ^YSXd! ^eb! Y]! 7UbUYSX!f_ ! DUeRQedU '! c_^TUb^! QeSX!RUY!HUfYdQ\YcYUbe^WU^)!

IdQX\RQe! Ycd! UY^U! QeVbUWU^TU!MU\d)!9YU!l<QcjY^QdY_^!IdQX\RQen!c`YUWU\d!cYSX!QRUb!TU^^_SX!^YSXd!Y]! ?^dUbUccU! gYTUb! o! gUTUb! f_^!IUYdU^! `_dU^jYU\\Ub! ;^dcSXUY(Te^Wc(! e^T! 6eVdbQWWURUb'! ^_SX!f_^!IUYdU^!TUc!?^WU^YUebc(DQSX(geSXcUc)!9QbQ^!WY\d! Uc! je!QbRUY(dU^)!6\c!IdQX\RQeRbQ^SXU!gUbTU^!gYb!e^c!TQXUb!UY^U^!F\Qdj! Y ! TUb!rVVU^d\YSX[UYd! Ub_RUb^)! 9Q]Yd!TUb! Fb_`XUd! QeSX! Y]! UYWU^U^!BQ^T!UdgQc!gUbd!Ycd"

1>L>J! 8>F9G! BKL! 5GL>JG>AF>J!MG=! 1JWKB=>GL! =>K! XKL>JJ>B<AB#K<A>G!3L9AE;9MN>J;9G=>K$

5?M?K!9?G;H"!5KTLC>?HM!>?L!

ULM?KK?C=BCL=B?H!6M;BF<;NO?K<;H>?L$

! 0IdQX\RQefUbRQ^TP

$! "% ! " #

K(7D!0DBC;7F!<@!7<97A7A!

-3A6L

/35;;3?F<9!GA6!8BD@43D+9*6,1.%!4L9AE!>JFY@EB<AL!>BG>!?E>PB;E>!%J<ABL>DLMJ!MG=!K<AHGL!=B>!3>KKHMJ<>G$

*=;!-.5!261*4<-EQIGM!ASQ!;RAHK! ;22!9UQ!GOTURR^MZXQSQ^_QXXQ!MY!9[ZM`'WMZMX!UZ!KUQZ!`ZP!PM^!ZQ`Q!9MOT!PQ^!GMXeN ]SQ]!>M`\_NMTZT[R^(

+P_CJE!ASF!;CHIEMEM! ;22!CMlSQ^OTZQUPQ]_Q! C[Z_MSQ! MY!>M`\_NMTZT[R!UZ!KUQZ(

2L!0EQOP^CH! ;222!9Q]! GOTbQUeQ]! 6]OTU_QW_! G_QRMZ!L[\\! oNQ]! PM^! 7M`QZ! YU_! G_MTX!`ZP!fY[PU^OTQ!H]QZP^g(

2L!0EQOP^CH! ;2>!AM]UZM! 7]QU_bUQ^Q]! a[Z! KMMSZQ]'7U][!oNQ]!<M^eUZM_U[Z!`ZP!PUQ!>Q]'M`^R[]PQ]`ZSQZ!UY!G_MTXNM`(

/_P!DAQ!<NKKGARE!IM!+AJS#!*QEPBAIDQCHAM#!USPDE!?AAGMEP$+IPN!LIR!DEL!.SPNOEAM!;REEK!-EQIGM!*UAPD!(&''!ASQGEWEICH$MER%! OMQQW Ub(7Yb_P

>IEKF^KRIGEP!;RAHK%!4IMJQ)!@SGAMGQPALOE!DEP!;CHIFFQAMKEGEQREKKE!?IEM!,IRV!AL!-NMASJAMAK%!7BEM)!.IQEMBAHMBP_CJE!_BEP!DEM!?IM$REPHAFEM!IM!?IEM%!=MREM)!;RSDIE!DEP!X;_DBAHMHNFBP_CJEY%!!! OK WUb!IdUU\'!C8;!IdQX\(!e^T!CQcSXY U RQe'!6\RUbd!MY]]Ub!NJ!=]R>!P

!$# "%#&&# )+.@*14<.!;76-.9+.24*0.

+0,467)." !($!3)0 !'%&&#%$()$**$!"'&

+0,467)."!($ !3)0 !'%&&#%$()$**$!"'&))

;<*14+*=

;Y^U!6^\UWUcdU\\U!Vxb!6ecV\eWc(cSXYVVU! je!RQeU^'! Ycd! Vxb! cYSX!Q\\UY !WU^_]]U^!cSX_ !UY^U!

Q^c`beSXcf_\\U!6eVWQRU)!;Y^U!USXdU!>UbQecV_bTUbe^W! gYbT! Uc! TQ^^'!gU^ ! TYUcU! VbUY! xRUb! TU]! MQccUb!cSXgURU^! e^T! TQRUY! ]Yd! UY^Ub!JbQW[bQVd! f_^! be^T! -**! J_^^U^!QecWUcdQddUd! cUY^! c_\\! o! TQc! U^d(c`bYSXd!TU]!=UgYSXd!UY Uc!HQY\ZUdc)!

9YU!K^WUb!IdUU\!=b_e`!XQd!TYUcU!>UbQecV_bTUbe^W! Q^WU^_]]U^!e^T! Ycd! Q\c! 7QeVxXbUb! fUbQ^dg_bd(\YSX! Vxb!TYU!+,1!CUdUb! \Q^WU!IdQX\([_^cdbe[dY_ '! TYU! 7Ud_^TUS[U! TUc!jgUYcdwS[YWU^! 7QegUb[c! c_gYU! Vxb!TYU! NeWQ^WcbQ]`U^! jeb! ^UeU^!ISXYVVcQ^\UWUcdQdY_ ! TUc! JgY ! 8Ydi!BY^Ubc! Q]! ISXgUTU^`\Qdj)! ;Y^U!<\uSXU! f_^! 1***! GeQTbQd]UdUb!gebTU! QeV! UY^Ub! >wXU! f_^! jgw\V!CUdUb ! ]Yd! -**! J_^^U ! IdQX\! fUb(RQed)! +/! I_^TUbdbQ^c`_bdU! gQbU^!^_dgU^TYW'! e]! TYU! IdQX\dUY\U! jeb!7QecdU\\U!je!RUVwbTUb )!@UTUb!TQf_^!XQddU! UY^U! 7bUYdU! f_ ! cUSXc! e^T!UY^U!Bu^WU!f_ !./!CUdUb )!

%69!'9929=>.1>5.329!3E<!,629lIdQX\!Ycd!UY^!U^dcSXUYTU^TUc!IdQdY[(!e^T!9UcYW^U\U]U^d! Y ! TUb!]_TUb(^U^! 6bSXYdU[deb4! ;b! Ycd! \UYSXd! e^T!TQRUY! uetUbcd! dbQWVuXYW)! 9QbxRUb!XY Qec!Ycd!IdQX\!]Yd!ZUTU]!Q^TUbU^!7Qecd_VV! XUbf_bbQWU^T! [_]RY^YUb(

RQbn'!Ub[\ubd!@_cUV!K^WUb'!=UcSXuVdc(VxXbUb! TUb! K^WUb! IdUU\! =b_e '! TYU!cYSX! Y^! TU^! fUbWQ^WU^U^! @QXbU^!f_]! IdQX\RQee^dUb^UX]U^! XY^!je]!=U^UbQ\e^dUb^UX]Ub!Vxb!]Qt(WUcSX^UYTUbdU!Bwce^WU^!U^dgYS[U\d!XQd)! lIdQX\! Ycd! Vxb! UY ! Fb_ZU[d! gYU!TYUcUc!gYU!WUcSXQVVU^'!TQ!Uc!XwSXc(dU!6^V_bTUbe^WU^!QeV!cdQdYcSXUb!gYU!QbSXYdU[d_^YcSXUb!;RU^U!UbVx\\d)n!

9YUcU!RUYTU !;YWU^cSXQVdU !cdQ^(TU^!QeSX!Q^!_RUbcdUb!IdU\\U!Y]!6^(V_bTUbe^Wc`b_VY\!TUc!6eVdbQWWURUbc'!TUb! MYU^Ub! 9_^QebQe]! Bu^TU^!e^T! KVUb! 7UdbYURc(! e^T! ;^dgYS[(\e^WcWUcU\\cSXQVd)! 9YU! 6bSXYdU[deb!cdQ]]d! f_ ! TU ! NUYSXU^RbUddUb^!TUc! MYU^Ub! 7xb_c! VQcSX#VeSXc)NJ(W]RX)! 9YU! ISXYVVcdQdY_^! MYU ! 8Ydi!\YUWd!gYU!TYU!RYcXUbYWU!6^\UWUcdU\\U!jgYcSXU^! TUb! CQbYU^RbxS[U! e^T!TUb! ISXgUTU^RbxS[U! o! Q^TUbc! Q\c!TYUcU!Ycd!cYU!ZUT_SX!^YSXd!^eb!6^\U(WUcdU\\U! Vxb! TYU! RUYTU^! JgY ! 8Ydi!BY^Ub! e^T! Q^TUbU! 6ecV\eWccSXYVVU4!l9YU!IdQdY_ ! gUbdUd!TYU!L_b[QY(<\u(SXU ! Q]! 9_^Qe[Q^Q\! gUYdUb! QeVn'!cQWd! 9_^QebQe](=UcSXuVdcVxXbUb!H_^Q\T! ISXbU]c)! l9Ub! ISXgUTU^(`\Qdj!RU[_]]d!TQ]Yd!UY ! UeUc!=U(cYSXd! o! e^T!TYU! MYU^Ub! ?^^U^cdQTd!UY^U !UYWU^U !>QVU )n!

9YU! IdQX\[_^cdbe[dY_^! gebTU!RYc! ;^TU! E[d_RUb! ,**3! VUbdYW! WU(cdU\\d'!Y]!@e\Y!,*+*!gebTU!TYU!^UeU!

ISXYVVcdQdY_^! MYU^! 8Ydi! UY^WU(gUYXd)!IUYdTU]!RYUdUd!cYU!FQccQWYU(bU^! UY^U^! [_]V_bdQR\U ! HUYcUQ^(dbYdd!e^T!IdQTdRUceSXUb!UY^U![ebjU!AQVVUU`QecU!]Yd!7\YS[!QeV!TU^!AQ(^Q\)!6eV!ZUTU^!<Q\\!RU[_]]d!]Q^!UY^U ! ;Y^R\YS[! Y^!]_TUb^U!wcdUb(bUYSXYcSXU!6bSXYdU[deb)

+>.57!?91!(2605>/2>;9;Y^U^!R\UYRU^TU^!;Y^TbeS[!XY^dUb(\uccd!QeSX!TYU!IdQdY[!TUb!IdQdY_ 4!9YU!f_\\U!Bu^WU!TUc!7QegUb[c! beXd!QeV!^eb!TbUY!IdxdjU '!JUY\U!TUb!ISXYVVcdQ(dY_ !bQWU^!xRUb!TU]!MQccUb![^Q``!QSXd! CUdUb! gUYd! Y ! TU^! 9_^Qe[Q(^Q\)!CwW\YSX!Ycd!TYUc!TebSX!TYU!X_XU!JbQW[bQVd!f_ !IdQX\)!IdQX\!Ycd!gYU!WU(cSXQVVU ! Vxb! Qec[bQWU^TU! 7QegUb([U)!9YU!IdQX\dUY\U!\QccU !cYSX!^QXU(je!RU\YURYW!V_b]U^'!gUbTU^!f_b!Ebd!]_^dYUbd!e^T!UbbUYSXU^!UY^U!X_XU!JbQW[bQVd!RUY!W\UYSXjUYdYW! YUTbYWU]!;YWU^WUgYSXd)! ;Y ! gUYdUbUb! L_bdUY\!TUb!XYUb!je]!JbQWU ![_]]d!Ycd!TYU!LUbdbuW\YSX[UYd! ]Yd! Q^TUbU ! CQdU(bYQ\YU )! ?]! HQX]U !UY^Ub!FQbd^Ub(cSXQVd! jgYcSXU ! K^WUb! e^T! TU]!7Qecd_VVXUbcdU\\Ub!BQVQbWU!U^dcdQ^T!UY ! c`UjYU\\Ub! BUYSXdRUd_ '! TUb! Vxb!K^WUb! Ubcd]Q\c! Y ! rcdUbbUYSX! `b_(TejYUbd! gebTU)! ;bcd! TQc! WUbY^WU!;YWU^WUgYSXd!TUb!RUYTU !7Qecd_VVU!]QSXdU!Uc!]wW\YSX'!UY !Fb_ZU[d!gYU!TYUcUc!je!bUQ\YcYUbU )

;T]e^T! MQ\\'! =UcSXuVdcVxX(bUb!TUb!=BI!7Qe!e^T!C_^dQ(WU! =]R>! c_gYU! TUb! HM!

C_^dQWU!=]R>!Y]!=Uc`buSX!xRUb!TU ! IdQX\RQe! Y^! rcdUbbUYSX! e^T!TQc!Fb_ZU[d!lIxTRQX^X_VRbxS[Un)

7>E<A>G! 3L>EE>GO>JL! A9L! =>J! 3L9AE#;9M!BG!VKL>JJ>B<A&&(,,"! 9Ub! ;Y^cQdj! f_^! IdQX\! Q\c![_^cdbe[dYfUb'! dbQWU^TUb! 7Qecd_VV!XQd! ^QSX! e^cUbUb! ;Y^cSXudje^W!

^_SX!F_dU^jYQ\)!7UdbQSXdUd!]Q !TQc!=URYUd'!]Yd!TU]!gYb!e^c!`bY]ub!RU(cSXuVdYWU^'! TU ! IdQX\RbxS[U^RQe'!TQ^ ! cUXU ! gYb! gUYdUbU! cY^^f_\\U!;Y^cQdj]wW\YSX[UYdU^'!f_b!Q\\U]!Y]!IdQX\fUbRe^TRQe)! IdQX\[_^cdbe[(dY_^U^!\QccU !cYSX!Y]!MUb[!f_bVUbdY(WU^'! gQc! TYU! 7QeVU\TRUQ^c`be(SXe^W!QeV! UY !CY Y]e]!bUTejYUbd)!JbQTYdY_^U\\U! 7QefUbVQXbU^! VxXbU^!XY^WUWU^! je! 7UUY^dbuSXdYWe^WU '!TUbU^! <_\WUUVVU[dU! gYU! NUYdfUb\ecd'!

;^UbWYUfUbRbQeSX!e^T!K]gU\d[_c(dU ! eb!cU\dU !7UbxS[cYSXdYWe^W!VY^(TU )!;c! Ycd!cYSXUb!UY^U!6eVWQRU!TUb!7bQ^SXU'!TQbQeV!XY jegUYcU^)

/BL! O>E<A>G! ,>J9MK?HJ=>JMG@>G!KBG=!AB>J!@>J9=>!./5!DHG?JHGLB>JL&;Y^U! gUcU^d\YSXU! >UbQecV_bTUbe^W!Ycd!TUb!<QSX[buVdU]Q^WU\)! IdQX\RQe!UbV_bTUbd!QRc_\edU! I UjYQ\YcdU )!9YU!A_]`\UhYdud! TUc! IdQX\RQec! Ycd! ]Yd!dbQTYdY_^U\\U^!7Qe]UdX_TU ! [Qe]!fUbW\UYSXRQb)!MYb! gUbTU^! XYUb! fUb(cdub[d! QeV! Y^^UbRUdbYUR\YSXU! 6ec(!e^T! MUYdUbRY\Te^W! cUdjU^'! f_]!BUXb\Y^W! RYc! je]! \Q^WZuXbYWU^!IdQ]]`Ubc_^Q\)

.XGG>G! 3B>! >LO9K! QM! =>F! 1JHC>DL!R3Y=;9AGAH?;JY<D>S!>JQWAE>G$9Qc! Fb_ZU[d! Ycd! Y ! jgUYVQSXUb! >Y^(cYSXd! RUQSXdU^cgUbd4! Ne]! UY^U !xRUbjUeWd!TYU!6bSXYdU[deb! f_ ! 6\(RUbd!MY]]Ub'!je]!Q^TUbU^!XQRU !gYb!UY^!QeV!TYU!7Qe`\QdjfUbXu\d^Yc(cU! ]QtWUcSX^UYTUbdUc! C_^dQWU([_^jU`d! U^dgYS[U\d4! 9YU! .,*! J_^(^U^! cSXgUbU! e^T! 0*! CUdUb! \Q^WU!7_WU^dbQWgUb[c[_^cdbe[dY_^! geb(TU!e]!./!=bQT!fUbcUdjd!Q]!7QeVU\T!jecQ]]U^WURQed'! TQ^ ! e]! cYU(RU !CUdUb! WUX_RU^!e^T!QeV! UY^Ub!=\UYcQ^\QWU!Y !TYU!;^T`_cYdY_^!WU(TbUXd)!;Y^U!l7bxS[U!QeV!ISXYU^U^n!c_jecQWU )

9Ub! >Qe`dRQX^X_V! IQ\jRebW!UbVx\\dU!xRUb! fYU\U!@QXbU!TYU!<e^[dY_ !UY^Uc!=bU^jRQX^(

X_VUc! Y ! HYSXde^W! 9UedcSX\Q^T)!,**2!XQRU ! TYU! r77!TU^!DUeRQe!TUc!>Qe`dRQX^X_Vc!RUW_^^U '!g_(TebSX!IQ\jRebW!je!UY Ub!Y^dUb^QdY_(^Q\U^! LUb[UXbcTbUXcSXUYRU! ]Yd!UY^U]!bUY^U !9ebSXWQ^WcRQX^X_V!]Yd!^Ue !7QX^cdUYWU^!gUbTU !c_\\)

GeQ\Ydud!f_ !A_]V_bd!e^T!HUYcU(cUbfYSU! cY^T!TYU! NYU\cUdje^WU ! Vxb!TU ! ^UeU ! >Qe`dRQX^X_V)! 9YUcU!VY^TU^!YXbU^!bue]\YSXU !6ecTbeS[!Y ! TUb!^Qdxb\YSX!RU\YSXdUdU !7QX^(X_Vc`QccQWU!e^T!TUb!Wb_tjxWYW!WU(cSX\_ccU^U ! 9QSXV\uSXU! xRUb! TU^!=\UYcU )!9Qc!Ti^Q]YcSXU!HQe]WU(VxWU! Qec! ^UeUb! 7QX^cdUYWxRUbTQ(SXe^W!e^T!XYcd_bYcSXUb!7QX^X_Vc(XQ\\U! fUb\UYXd! TU]! 7QX^X_V! cUY !e^fUbgUSXcU\RQbUc!?]QWU'!TQc!f_^![QTQgYddVU\TQbSXYdU[deb! Qec!6QSXU !e]WUcUdjd!gYbT)

"?=!.7>!8.05!92??]!I_]]Ub!,**3!gebTU !TYU!9U(]_^dQWU'!IQ^YUbe^W!e^T!MYUTUb(]_^dQWU! TUb! XYcd_bYcSXU^! IdQX\([_^cdbe[dY_^U^! Q^! NU]Q^! xRUb(dbQWU )!9Ub!Wb_tU!;Y^cQdj!TUb!CYd(QbRUYdUb! e^T! TYU! ;bVQXbe^W! TUc!K^dUb^UX]U^c!RUY!TUb!IQ^YUbe^W!XYcd_bYcSXUb! A_^cdbe[dY_^U^! WQ(bQ^dYUbU^! UY^U! UbV_\WbUYSXU! K](cUdje^W! TUc! Fb_ZU[dc)! L_bUbcd! Ub(bYSXdUdU! NU]Q^! `b_fYc_bYcSXU!7QX^cdUYWTuSXUb! e^T! cdU\\dU! c_(]Yd! UY^U ! bUYRe^Wc\_c! QR\QeVU^(TU^! NeWfUb[UXb! guXbU^T! TUb!

7QeQbRUYdU ! cYSXUb)! 9Q^QSX!geb(TU! TYU!Q\dU! IdQX\[_^cdbe[dY_^! cQ(^YUbd!e^T!gU^^!^_dgU^TYW!TebSX!^UeU!JUY\U!UbcUdjd)!9YU!XYcd_bYcSXU!7QX^cdUYWxRUbTQSXe^W! gUYcd!UY^U! =be^TbYccV\uSXU! f_^! be^T!,***!GeQTbQd]UdUb^!QeV'!RUcdUXd!Qec! WU^YUdUdU^! <QSXgUb[[_^cd(be[dY_^U^! ]Yd! =\QcTuSXUb^! e^T!dUhdY\U !=UgURUUY^TUS[e^WU^)

FQbQ\\U\!jeb!IQ^YUbe^W!TUb!XYcd_(bYcSXU^! A_^cdbe[dY_^! \QeVU^! TYU!F\Q^e^Wc('!<UbdYWe^Wc(!e^T!C_^dQ(WUQbRUYdU !Vxb!TYU!URU^VQ\\c!RUY!NU(]Q^! RUQeVdbQWdU^! ^UeU^! 7QX^(cdUYWTuSXUb'!RQcYUbU^T!QeV!TUb!BUYd(!e^T! JbQWgUb[c`\Q^e^W! f_ ! MUb(^Ub! 8_^ce\d! Y ! MYU )! 9YU! ^UeU !9uSXUb!gUbTU !UdgQ!,,)***!GeQT(bQd]UdUb! xRUbTUS[U^'! Qec! -0**!J_^^U ! IdQX\dbQW[_^cdbe[dY_ ! c_(gYU! 6\e]Y Ye]dUY\U^! e^T! <_\YU^(xRUbTQSXe^WU ! RUcdUXU ! e^T!TYU!cQ^YUbdU!XYcd_bYcSXU!IdQX\[_^cdbe[(dY_ !e]Xx\\U^)!9YU!K]cUdje^W!TUb!QetUbWUgwX^\YSXU^! <_b]! ]Yd! WU([bx]]dU^!>Qe`ddbuWUb !cdU\\d!UY^U!gUYdUbU! >UbQecV_bTUbe^W! Vxb! TYU!CYdQbRUYdUb!f_ !NU]Q !TQb)

?]]UbXY^! xRUb! +**! @QXbU! XQd!TYU!;\YcQRUdXRbxS[U!f_ !MQQW(^Ub(7Yb_! _X^U! WbwtUbU! IQ^YU(

be^WcQbRUYdU^!xRUbcdQ^TU^)!9_SX!f_b! jgUY! @QXbU^'! Q\c! TYU! ,/*! J_^(^U^! cSXgUbU! IdQX\[_^cdbe[dY_^!^eb! cQ^TWUcdbQX\d!e^T!^Ue!WUcdbY(SXU^! gUbTU^! c_\\dU'! [Q]U^! Q]!K^dUbRQe! Cu^WU\! je! JQWU! o! UY^U!Wbx^T\YSXU! IQ^YUbe^W! gQb! e^e](Wu^W\YSX)!

+.962<?94!69!1<26!);9.>29NeUbcd! WY^WU^! TYU! ;h`UbdU^! f_^!MQQW^Ub(7Yb_! Q^c!MUb['! TbUY! C_(^QdU! TQeUbdU! TYU! ?^c`U[dY_^! e^T!7UVe^TQeV^QX]U)

MU^YW! c`udUb! gebTU! o! dUY\gUYcU!e^dUb! bUTejYUbdU]! LUb[UXb! o! ]Yd!TU^! IQ^YUbe^WcQbRUYdU^! RUW_^(^U )!?^!TUb!HU[_bTjUYd!f_^! eb!TbUY!C_^QdU^! XQd! MQQW^Ub(7Yb_! TYU!6bRUYdU^!TQ^^! QeSX! gYUTUb! QRWU(cSX\_ccU^4! LUbcdub[e^WcQbRUYdU !TUc! 7bxS[U^dbQWgUb[Uc'! LUbcdub([e^W!e^T!IQ^YUbe^W!TUb!A_^cdbe[(dY_ !e^T!6ecdQecSX!TUb!QRWUb_cdU(

dU^! DYUd[w`VU! TUb! >Q\c^YUdU! e^T!<\Q^cSX^YUdU!TebSX!ISXbQeRU^)!!6\\!TYUcU! CQt^QX]U^!]eccdU^!e^dUb!7UbxS[cYSXdYWe^W! TUc! 9U^[]Q\(cSXedjUc!TUb!;\YcQRUdXRbxS[U! cUXb!RUXedcQ]!f_bWU^_]]U ! gUbTU^)!;Y^U!gUYdUbU!>UbQecV_bTUbe^W!gQ(bU^! TYU! MYddUbe^WcfUbXu\d^YccU)!9U^^_SX! Ycd!Uc! WU\e^WU^!TYU!UbcdU!=U^UbQ\cQ^YUbe^W! cUYd! ;bbYSXde^W!TUb!7bxS[U!+3*2! Y]!f_bWUcUXU^U !NUYd`\Q^!je!RUU^TU^)!

,CH?!1IG<CH;MCIH!;NL!6M;BF!NH>!-IFC?HV<?K>;=BNHA!O?KF?CBM!>?G!H?N?H!6;FQ<NKA?K!

/;NJM<;BHBI@!?CH!FC=BM>NK=B@FNM?M?L!,KL=B?CHNHAL<CF>$! 0<252F;DD76=52B49;D6<DEB!1

+C?!A?H?K;FL;HC?KM?!,FCL;<?MB<KV=E?!CH!

4?NHECK=B?H$! 0.228?6B!&;B@1

K&DQ5>7!3G8!25;<7A7AL %G8!I7<F7D7!$##!+3;D7;*62.9=60%!(B>!)EBK9;>LA;JZ<D>!BG

1>MGDBJ<A>G!>JKLJ9AEL!BG!G>M>F!+E9GR$

)<A!(35;!3GE!2F3;?+*1617/%!8>F9G!Z;>JGBFFL!=>G!6F;9M!

=>K!49ER;MJ@>J!,9MIL;9AGAH?K$(7E<9A!3GE!2F3;?!3@!(BA3GG87D

*9,12<.3<=9%!7B>G!A9L!>BG>G!G>M>G!-GG>GKL9=LA9?>G!S!MG=!=B>!5OBG!'BLQ!/BG>J!>BG>!G>M>!%GE>@>KL>EE>!?ZJ!=B>!*9AJL>G!G9<A!&J9LBKE9N9$

0%=36BD!.;>>6B!/+!'>3(1

0,?86B!*D66=1

0/6>2?1

+0,467)."!($!3)0 !'%&&#%$()$**$!"'& )))

;<*14+*=

6B>E>! 'J<ABL>DL>G! K<AOWJF>G! NHF!(9M>G! FBL! 3L9AE$! (9M>G! KB>! @>JG>!FBL!3L9AE&%2)*(-!'.//"!IdQX\!Ycd!UY^U!cUXb!WedU!6\dUb^QdYfU'!Y cRUc_^TUbU!je]!7Qe(cd_VV! IdQX\RUd_^'! IdQX\! UYW^Ud! cYSX!cUXb!Wed!RUY! [_]`\UhUbU ! 7QegUb([U^'! RUY! Qec[bQWU^TU^! 7QedUY\U^!_TUb!RUY!7QedUY\U !TYU!UY^U!RUc_^(TUbU! ;\UWQ^j! _TUb! UY^U ! RUc_^TU(bUc!;bcSXUY^e^WcRY\T!XQRU !c_\\U^)!

79JMF"!O9K!BKL!=9K!(>KHG=>J>!=9J9G&IdQX\! Ycd! UY^!QecTbeS[cdQb[Uc! 7Qe(]QdUbYQ\'! TQc! cUXb! cSX\YSXd! e^T!]_^_\YdXYcSX'! Q\c! WUcSXgUYtdU!A_^cdbe[dY_ ! fUbQbRUYdUd! gUbTU^![Q^ )!IdQX\[_^cdbe[dY_^U^![w^^U^!ZUT_SX! QeSX! ]Yd! UY^U]! RUc_^TU(bU ! ]USXQ^YcSXU^! 6ecTbeS[! WU(cdQ\dUd! gUbTU )! ;Y^U! A_^cdbe[dY_^!]Yd! WUcSXbQeRdU^! LUbRY^Te^WU^'!TYU! TQc! NecQ]]U^cUdjU^! TUb!A_^cdbe[dY_^!\UcRQb!]QSXd)

7>E<A>!)B@>GK<A9?L>G!Q>B<AG>G!=9K!/9L>JB9E!3L9AE!9MK&IdQX\!XQd!TYU!;YWU^cSXQVd'!TYU!JU[(d_^Y[!\UcRQb!_TUb!RUccUb!cYSXdRQb!je!]QSXU )!9Ub!IdQX\![Q^^!VQcd!RU\YU(RYW! cUY^Ub! cdQdYcSXU ! Dedje^W!Q^(WU`Qccd! gUbTU^)! 9Ub! 9beS[cdQR!gYbT! Qec! UY^U]! aeQTbQdYcSXU^!_TUb! be^TU !H_Xb!XUbWUcdU\\d)!9Qc!;\U]U^d!Vxb!TYU!NeW[buVdU![Q^ !UY^!IdQX\cUY\! gUbTU^)! 9YUcUb! 6ec(TbeS[cV_b]! e^T! TYUcU]! =UcdQ\(de^WcgY\\U^! cY^T! RUY]! IdQX\! VQcd![UY^U!=bU^jU^!WUcUdjd)!

)J@>;>G! KB<A!=9=MJ<A!F>AJ!@>KL9E#L>JBK<A>!*J>BA>BL>G&K^RUTY^Wd)!9YU!WUcdQ\dUbYcSXU!<bUY(XUYd! WUXd! gUYd! xRUb! TYU! <_b]! TUc!IdQX\`b_VY\c! XY^Qec)! 9YU! MQX\! TUc!IdQX\c'!RYc!XY !je]!^YSXdb_cdU^TU^!8Xb_]cdQX\!e^T!QeSX!TYU!fUbcSXYU(TU^U ! ISXedjQ^cdbYSXU! cY^T! UY^U!jecudj\YSXU'! ^YSXd! je! e^dUbcSXud(jU^TU!WUcdQ\dUbYcSXU!A_]`_^U^dU'!TYU! f_ !7UWY^ ! Q ! Y^!TYU!A_^jU`(dY_ !UY^RUj_WU !gUbTU !]ecc)!?SX!TU^[U!QeSX!Q^!TU !7bQ^TcSXedj)!!

7>E<A>!!,>J9MK?HJ=>JMG@>G!KBG=!FBL!=>F!(9M>G!9MK!3L9AE!N>J;MG=>G&;Y^U! TUb! Wb_tU ! >UbQecV_bTUbe^(WU ! Ycd! TUb! K^dUbXQ\d! UY^Ub! IdQX\([_^cdbe[dY_ )! ;Y^U! IdQX\[_^cdbe[(dY_ !]ecc!c_![_^jY`YUbd!cUY^'!TQ]Yd!TYU! Q^WUcdbURdU! BURU^cTQeUb! Ub(bUYSXd!gUbTU ![Q^ )!9Q]Yd!fUbRe^(

TU !Ycd! UY !`UbY_TYcSXUb!K^dUbXQ\d'!e]!TYU!JbQWVuXYW[UYd!e^T!TU^!H_cd(cSXedj!je!WUguXb\UYcdU^)!

09<AA9ELB@D>BL! BKL! >BG! OB<ALB@>K!3<AE9@OHJL! MGK>J>J! 8>BL$! 7>E<A>G!(>BLJ9@!E>BKL>L!3L9AE&=Q^j!Q\\WU]UY ! QRUb! Y^cRUc_^TUbU!QeSX! e^dUb! TUb! 7UdbQSXde^W! TUb!,***!MQdd!=UcU\\cSXQVd! Ycd! Uc!e^QR(TY WRQb'!TQcc!QeSX!TYU!DQSXXQ\dYW([UYd! RUY! TUb! ;fQ\eQdY_ ! TUb! A_^cd(be[dY_^c]UdX_TU!e^T!TUc! (]QdUbY(Q\c!UY !AbYdUbYe]!Ycd)!IdQX\![Q^^!UY^(WUcSX]_\jU^!e^T!c_]Yd!gYUTUb!fUb(gU^TUd!gUbTU^'!uX^\YSX!gYU!=\Qc)!

3L9AE! OBJDL! >A>J! D9EL"! OB>! K<A9??>G!3B>! >K"! FBL! 3L9AE! >BG! 9G@>G>AF>K!29MF@>?YAE!QM!>JQ>M@>G&?SX!U]`VY TU!TQc!TUVY^YdYf!^YSXd!Q\c!WUWURU )!9Qc!]QW!UY !A\YcSXUU!cUY '!IdQX\! XQd! UY^! XwXUbUc! F_dU^jYQ\)!IdQX\!Ycd!UY !A_^cdbe[dY_^cU\U]U^d'!TQcc!TYU!HQe]cdbe[deb!_TUb!HQe](j_^U ! RUUY^V\eccU !e^T! c_]Yd! JUY\!TUb! 6d]_c`XubU! cUY ! [Q^^)! ;c! Ycd!TUb!MY\\U!TUc!6bSXYdU[dU '!TUb! U^d(cSXUYTUd!gYU!e^T! Y !gU\SXUb! <_b]!IdQX\!Y ! ;bcSXUY^e^W! dbUdU ! c_\\)!;c!

Ycd!UY !7Qecd_VV'!TUb!JUY\!UY Ub!CQdU(bYQ\[_^jU`dY_ ! Ycd)!MYU!IdQX\! Y ! TYU!A_^jU`dY_ ! UY^WURe^TU ! Ycd! e^T!gU\SXU! 6ecTbeS[c[bQVd! Ub! XQRU^!c_\\'!Ycd!JUY\!TUc!=UcdQ\de^WcgY\\U^c)!!!

+B;L! >K! BF! 3L9AE;9M! 9M<A! RFH=B#K<A>S! 4J>G=K"! OB>! Q$($! =>G! )BGK9LQ!NHG!O>LL>J?>KL>F!3L9AE!&C_TYcSXU!JbU^Tc'!TU^[U!YSX!gU^Y(WUb)!;c!cY^T!]UXb!;b[U^^d^YccU'!TYU!Uc!XUedU!Ub\QeRU^!]Yd!^UeUbU !7U(bUSX^e^Wc]UdX_TU^! Y^! Q^TUbU !9Y]U^cY_^U^!je!TU^[U !e^T!QeSX!je! RQeU^)! 9Ub! ;Y^cQdj! f_^! ^YSXd(b_cdU^TU]!IdQX\!XQd!]Yd!TUb!Q^WU(cdbURdU ! BURU^cTQeUb'! TUb! DQSX(XQ\dYW[UYd! e^T! TU]! K^dUbXQ\d! je!de )! >UedU! ]xccU^! Q\\U! A_^cdbe[(dY_^U ! RUbUYdc! Y ! TUb! FXQcU! TUb!A_^jU`dY_^! e^T! Y^cRUc_^TUbU!QeSX! TUb! IdQX\! QeV! TU^! K^dUbXQ\d!XY^!WU`bxVd!gUbTU )!Deb!gU^^!QeV!Q\\! TYUcU! <bQWU^! UY^U! Wx\dYWU! 6^d(g_bd!f_b\YUWd'![Q^ !IdQX\!UY^U!xRUb(jUeWU^TU!A_^cdbe[dY_^!cUY^)!!

3L9AE;9M! OBJ=! H?L! 9EK! =B>! AHA>!.MGKL!BF!,H<A;9M!@>K>A>G"!OB>!K>#A>G!3B>!=9K&IdQX\RQe!e^T!TYU!A_^cdbe[dY_ !]Yd!IdQX\! fUb\Q^Wd! UY ! TYVVUbU^jYUbdUc!9U^[U^)!9YU!A__bTY^QdY_^'!TYU!Iic(dU]dbU^^e^W!e^T!Y^cRUc_^TUbU!TYU!9ebSX\uccYW[UYd! cY^T! JXU]U^! TYU!UY^U! RUc_^TUbU! 6eV]Ub[cQ][UYd!

fUb\Q^WU ! e^T! UY^U! XwXUbU! 9YcjY(`\Y^!TUb!F\Q^Ub!f_bQeccUdjU^)!;c!Ycd!Y]]Ub!c`UjYU\\!]Yd!IdQX\!Q\c!`bY]u(bU]!CQdUbYQ\!je!`\Q^U^)!;c!fUb\Q^Wd!]UXb!6eV]Ub[cQ][UYd'!e]!UY !We(dUc'!QbSXYdU[d_^YcSX!xRUbjUeWU^TUc!HUce\dQd!je!WU^UbYUbU )!

7>E<A>!2HEE>! KIB>EL!=>J!(9MA>JJ!;>B!=>J!79AE!=>K!(9MF9L>JB9EK&7QeXUbbU ! cY^T!UY^!JUY\!UY^Uc!F\Q(^e^WcdUQ]c!e^T!c_]Yd!UY !gYSXdY(WUb! e^T! jU^dbQ\Ub! JUY\! Q\\Ub! ;^d(cSXUYTU)!<xb!;^dcSXUYTU!f_^!TYUcUb!JbQWgUYdU!]ecc!UY !7QeXUbb!jgY^(WU^T!UY^RUj_WU !gUbTU )!9YU!F\Q(^Ub! ]xccU^! TYU! ;^dcSXUYTe^Wc(e^dUb\QWU '!TYU!AbYdUbYU !QRUb!QeSX!TYU!L_b(!e^T!DQSXdUY\U!TUb!A_^cd(be[dY_^U^!QeVjUYWU )!K]c_!RUccUb!UY^!7QeXUbb!Y^V_b]YUbd!e^T! Y !TU^!Fb_jUcc!UY^RUj_WU^!gUbTU^![Q^ '!e]c_! ^QSXXQ\dYWUb! Ycd! UY^! ;^d(cSXUYT)!

.XGG>G! 3B>! KB<A! NHJKL>EE>G! 9M<A!)BG?9FBEB>GAWMK>J! 9MK! 3L9AE! QM!;9M>G!H=>J!@B;L!>K!=B>!;>J>BLK&IU\RcdfUbcdu^T\YSX! [Q^^! YSX! ]Yb!f_bcdU\\U ! UY ! ;Y^VQ]Y\YU^XQec! Y^!IdQX\!je!RQeU '!gQc!YSX!QeSX!cSX_^!RUbUYdc!jgUY]Q\!WU`bxVd!XQRU)!IdQX\!Ycd!UY !cUXb!c`UjYU\\Uc!CQdUbYQ\!Y^c(RUc_^TUbU! gU^ ! Uc! Y]! [\UY^UbU^!CQtcdQR! Q^WUgU^TUd!gYbT)!;c!XQd!TQ^^!UY^U^!cUXb!c`UjYVYcSXU^!F\Qdj!e^T!TebSX!TQc!QeSX!UY^U!FbuW^Q^j)!;c! WQR! cUXb! fYU\U!6bSXYdU[dU ! e^T!QeSX!?^WU^YUebU'!TYU!RUbUYdc![\UY^U!Idbe[debU^'!gYU!;Y^VQ]Y\YU^XuecUb!Y ! IdQX\! WURQed! XQRU^)! HYSXQbT!7eS[]Y^cdUb! <e\\Ub'! @UQ^! Fb_efv!e^T!QeSX!TUb!ISXgUYjUb!<bYdj!>Q\(\Ub!]Yd!TU]!KIC(IicdU]'!e]!UY^Y(WU!;h`_^U^dU !je!^U^^U^)!!

3>A>G! 3B>! ;>BF! (9M>G! FBL! 3L9AE!GH<A! )GLOB<DEMG@KIHL>GQB9E! MG=!O>GG!C9"!BG!O>E<A>!2B<ALMG@!DXGGL>!=9K!@>A>G&9Qc! ;^dgYS[\e^Wc`_dU^jYQ\! cUXU!YSX!f_b!Q\\U]!RUY!TU^!^YSXdb_cdU^(TU^! CQdUbYQ\YU )! 9YU! XUb[w]]\Y(SXU^! IdQX\[_^cdbe[dY_^U^! \UYcdU^!=b_tQbdYWUc'!ZUT_SX!fUbc`bUSXU!YSX!]Yb! Y^cRUc_^TUbU! RUY! cYSXdRQbU^!IdQX\[_^cdbe[dY_^U^! ^_SX! UY^U!IdUYWUbe^W! Y]! WUcdQ\dUbYcSXU ! 7U(bUYSX)! 8Xb_]cdQX\! XQd! UdgQc! cUXb!sRUbjUeWU^TUc)!H_XUb!8Xb_]cdQX\!UdgQ!XQd!UdgQc!QbSXQYcSXUc!e^T!\U(RU^TYWUc!Y !TUb!6ecTbeS[cgUYcU)!!

K';DB@EF3;?!;3F!7FI3E!O47DJ7G97A67EL25!0.;89\,1%!(>J!4<AO>BR>J!%J<ABL>DL!4L>?9G!8HII!@B;L!%GLOHJL>G!9M?!=B>!*J9@>G"!O9JMF!%J<ABL>DL>G!

4L9AE;9M!EB>;>G"!O9K!KB>!9G!=B>K>F!09L>JB9E!?9KRBGB>JL!MG=!H;!5J>G=K!>JD>GG;9J!KBG=$

+?K!6=BP?CQ?K!)K=BCM?EM!6M?@;H!9IJJ$! !02B49;D64DEB6$CG@AA1

;<./*6!@788!

SQN[]QZ!+3/1!UZ!PQ]!GOTbQUePU\X(! 6]OTU_QW_! >HB! `ZP! ^QU_! ,**0!FM]_ZQ]!NQU!@QMZ!D[`aQX!UZ!FM]U^(

6`^NUXP`ZS4!7Q] R^NQSXQU_QZPQ^!G_`'PU`Y!MY!6NQZP_QOTZUW`Y!PQ]!?ZZQ]'^OTbQUe! $6H?G%! UZ! B`eQ]Z)>[]b! MX^!6]OTU_QW_!>HB(<MOTTn]Q]!MZ!PQ]!;H>!h!Lo]UOT!UZ!PQZ!<mOTQ]Z! 6]OTU_QW_`]_TQ[]UQ! `ZP!6]OTU_QW_`]SQ^OTUOT_Q(

>M_! `Z_Q]! MZPQ]QY!MX^! F][VQW_XQU_Q]!PM^! A`X_ ]'! `ZP! A[ZS]Q^^eQZ_]`Y!B`eQ]Z! $AAB%! `ZP!PQZ!DQ`NM`!PQ^!A[ZeQ]_TM`^Q^! UZ! A[\QZTMSQZ! SQ'\XMZ_!`ZP!NQM]NQU_Q_(9Q]eQU_!XQU_Q_!L[\\!PUQ!6`^RoT]`ZS^'\XMZ`ZS!Ro]!PQZ!B[`a]Q!UZ!6N`!9TM'NU&!QNQZRMXX^!Ro]!@QMZ!D[`aQX(!

MQc!]ecc!UY^U!7bxS[U![w^(^U^5! ?cd! cYU! UY ! bUY^Ub! ?^(WU^YUebRQe'!_TUb!\utd!cYSX!

QeSX!TUb!7UWbYVV!lAe^cdn!]Yd!YXb!Y !LUbRY^Te^W!RbY^WU^5

DYSXd! ^eb! Y^dUb^QdY_^Q\U! QeSX!XUY]YcSXU! 6bSXYdU[dU^! gYU! 6\RUbd!MY]]Ub'!TUccU !IdQTYU^RQedU !Vxb!TYU! ;eb_! ,**2! RUWUYcdUbdU '! e^T!TQc!6bSXYdU[debRxb_!>Q\\U!+!cUdjU !QeV!TU^!7Qecd_VV! IdQX\)!9YU!e^]Yd(dU\RQbU! DuXU! TUb! IQ\jQSXRbxS[U! o!UbbYSXdUd! f_^!C8;!IdQX\(!e^T!CQ(cSXY^U^RQe!Y !TU^!@QXbU^!,**0!RYc!,**2! ! o! je]! MU\d[e\debUbRU! TUb!IQ\jRebWUb!6\dcdQTd! fUbQ^\QccdU!TYU!r77! TQje'! [UY^U^! bUY^U ! NgUS[(RQe!je!UbbYSXdU^)!!

9QXUb!RUQeVdbQWdU!]Q^!!TQc!7x(b_!>Q\\U!+!]Yd!TUb!K]cUdje^W)!9YU!6bSXYdU[dU^! U^dgQbVU ! Y^! 6^\UX(^e^W!Q !TU !Y^!TUb!DuXU!RUVY^T\Y(SXU^!CQ[QbdcdUW!UY^!7bxS[U^dbQW(gUb['! TUccU^! =UcdQ\de^W! TYU! Ne(cQ]]U^VxXbe^W! Qec! <e^[dY_^'!A_^cdbe[dY_^! e^T! <_b]! gYTUb(c`YUWU\d)! 9YU! WbwtdU! VUbdYWe^Wc(

dUSX^YcSXU!>UbQecV_bTUbe^W!cdU\\(dU!TYU!K]cUdje^W!TUb!QecWUbe^TU(dU ! IdQX\[_^cdbe[dY_^!TQb)!>Q\\U!+!g_\\dU!TYU!BUYSXdYW[UYd!TUb!cSX\Q^([U^! 7bxS[U^[_^cdbe[dY_^! TebSX!IdxdjVxtU! QeV! TU^! <\ecc`VUY\Ub^!jecudj\YSX!RUd_^U^)!

9U^!MUddRUgUbR!e]!TYU!=UcdQ\(de^W! UY^Ub! l;YcU^RQX^RbxS[U!xRUb! TU^! 9_^Qe[Q^Q\! e^T! TU^!MY^dUbXQVU^! Y^! MYU^n![_^^dU!6\(RUbd! MY]]Ub! Vxb! cYSX! U^dcSXUY(TU^)! ;b! U^dgQbV! UY ! 7bxS[U^dbQW(gUb['! TQc! TebSX! TQc! Ti^Q]YcSXU!;bcSXUY^e^WcRY\T! UY^U^! X_XU^!=bQT! Q^! lBUcRQb[UYdn! fUb]YddU\d)!=Q^j!RUgeccd!XQd!Ub!TQbQeV!WUQSX(dUd'! TQcc! jgYcSXU^! TU]! 7UbUYSX!xRUb!TU]!9_^Qe[Q^Q\!e^T!ZU^U]!xRUb! TU]! MY^dUbXQVU^! e^dUb(cSXYUTU^!gYbT)! !9QXUb! gebTU! TQc!JbQWgUb[! Q\c! NgUYVU\TdbuWUb! [_^(jY`YUbd! e^T! W\YUTUbd! cYSX! Y^! UY^!Jb_WRQegUb[! $MY^dUbXQVU^%! e^T!Y^!UY^U !<QSXgUb[cdbuWUb!$9_^Qe([Q^Q\%)!C8;!cUdjdU!gYUTUbe]!TYU!6bSXYdU[deb!Y !TYU!HUQ\Ydud!e])

;WQ\! _R! MQ\j`b_VY\U'! WUcSXgUYtdU!_TUb! MU\\cdUWdbuWUb! o! RYc\Q^W! XQ(RU ! gU\dgUYd! TYU! IdQX\RQeUb! YXbU!IdQX\dbuWUb! Qec^QX]c\_c! ]Q^eU\\!gUYdUbfUbQbRUYdUd)! ?^! TU^! gUcd\Y(SXU^! Bu^TUb^! Ycd! TQc! Q\\UbTY^Wc!gYbdcSXQVd\YSX! ^YSXd! ]UXb! je! RU(gUb[cdU\\YWU^)!?]]Ub!]UXb!7UdbYU(RU!XQRU !YXbU!Fb_Te[dY_^!TQXUb!Y^!DYUTbYW\_X^\u^TUb! fUb\QWUbd)! Fb_(R\U]U! ]Yd! TUb! dUSX^YcSXU^! 6R(gYS[\e^W'!RUY]!;Y^XQ\dU^!f_^!BYU(VUbdUb]Y^U^! _TUb! TUb! GeQ\Ydudc([_^db_\\U!XQRU^!TYU!A_cdU^f_bdUY\U!QRUb!je]!JUY\!gYUTUb!je^YSXdU!WU(]QSXd)!!

%9>=05261?94=56732NU]Q^!XQd!^e^!UY^U!f_\\Qed_]QdY(cSXU! Fb_Te[dY_^ccdbQtU! f_bWU(cdU\\d'!TYU!TYUcU!DQSXdUY\U!RUcUYdYWd4!!6eV! TU]! UY^U^! ;^TU! \Q^TU^! TYU!UY^jU\^U^! A_]`_^U^dU^! QeV!UY^U]! <\YUtRQ^T'! QeV! TU]! Q^TU(bU^! ;^TU! [_]]d! Y^^UbXQ\R! fUb(W\UYSXcgUYcU! [ebjUb! NUYd! UY ! `Ub(VU[d! jecQ]]U^WURQedUb! IdQX\dbu(

WUb!XUbQec'!TUb!^eb!^_SX!fUb\QTU^!gUbTU^!]ecc)!9Ub!IdUU\!7UQ]!6c(cU]R\Ub! $I76%! Ub\UTYWd! TYU! [_](`\UddU! >UbcdU\\e^W! UY^Uc! IdQX\dbu(WUbc'!_X^U! TQcc! TQje!UY ! UY^jYWUb!>Q^TWbYVV! ^_dgU^TYW! Ycd)! A^Q``!Vx^V! @QXbU! <_bcSXe^W! e^T! ;^d(gYS[\e^W!c_gYU!.'/!CY\\Y_^U !;eb_!gQbU ! ^_dgU^TYW'! TQ]Yd! TUb! I76!ZUdjd! TU^! CQb[d! bUf_\edY_^YUbU^![Q^^! e^T! TYU! IdQX\RQeRbQ^SXU!cUY^U!L_bdUY\U!^edjU^![Q^ )

2F3;?"&DQ5>7A43G",GAEF26;829*<276%!*HJFNHEE>G=>L>!%MK?ZAJMG@!RO>B>J!&JZ<D>GIJHC>DL>!

BG!49ER;MJ@!MG=!7B>G!=MJ<A!0')!4L9AE#!MG=!09K<ABG>G;9M$

17HB?GF<BA!<@!2F3;?FDP97D43G

6.=%!8>F9G!A9L!>BG>!NHEE9MLHF9LBK<A>!*>JLB@MG@KKLJ9W>!?ZJ!4L9AELJX@>J!>GLOB<D>EL$

+C?!6;FQ;=B<KV=E?!GCM!*FC=E!;N@!>C?!

6;FQ<NKA?K!)FMLM;>M$! OC8;!IdQX\(!e T!CQcSXY U RQeP

+?K!6M??F!*?;G!)LL?G<F?K!?KF?>CAM!

>C?!EIGJF?MM?!/?KLM?FFNHA$ ! 0/6>2?1

+0,467)."!($ !3)0 !'%&&#%$()$**$!"'&)-

;<*14+*=

;<*14+*=<*0!(&''

7Q]QU_^!e`Y!,2(!CMX!RUZPQ_!MY!+,(!`ZP!+-(!CMU!PQ]!k^_Q]]QUOTU OTQ!G_MTXNM`'_MS! _M__(! 9UQ! 7Q^`OTQ]! Q]bM]_Q_! QUZ!aUQXRmX_USQ !`ZP!UZ_Q]Q^ MZ_Q^!J[]_]MS^'\][S]MYY(!6 R!PQ]!6SQZPM! _QTQZ!HTQ'YQZ!bUQ!fDMOTTMX_US!7M`QZ!YU_!G_MTXg&!fG_MTXNM ! MX !CM]WQg&! MNQ]!M`OT!J[]'_]mSQ! e ! ZQ`QZ!F][VQW_QZ!`ZP!A[Z^_'] W_U[Z^W[ZeQ\_QZ! [bUQ!PUQ!JQ]XQUT`ZS!PQ^!G_MTXNM`\]QU^Q &!\]m^QZ_UQ]_!P ]OT!;c\Q]_QZ!M`^!PQY!?Z'!`ZP!6` XMZP(!9UQ!G_MTXNM _MSQ! UZP!^_Q_ !QUZP]`OW^a[XXQ!9M] _QXX ZSQZ! PQ]! BQU _`ZS^RmTUSWQU_!PQ^! n^_Q]]QUOTU OTQZ! G_MTXNM`Q^! M R!UZ_Q]ZM_U[ZMXQ]! ;NQZQ(! ?Y! <[W`^! _QT_!PMNQU! ZUOT_! Z ]! PUQ! KU ^QZ^aQ]YU__'X ZS&! [ZPQ]Z!PQ]!;aQZ_! U _!M`OT!QUZQ!SQQUSZQ_Q!FXM__R[]Y!Ro]!PQZ!Z[_bQZPU'SQZ! 9UMX[S! YU_! \[_QZeUQXXQZ! A`ZPQZ!`ZP!CU_NQbQ]NQ]Z(!

]QREPPEICHIQCHEP!;RAHKBASRAG)9[ZZQ]^_MS&!+,(!CMU!`ZP!<]QU_MS&!+-(!CMU&!VQbQUX^!MN!3!IT]8[ZS]Q^^!8M^UZ[!UZ!7MPQZ!NQU!KUQZ!

KU]! R]Q`QZ!`Z^&!GUQ!NQUY!k _Q]]QUOTU'^OTQZ!G_MTXNM _MS!e !NQS]olQZ"!6ZYQXP`ZS4! bbb(^_MTXNM`aQ]NMZP(M_![PQ]! UZR[5^_MTXNM (M_(! HUOWQ_ ! ^UZP!M`OT!MZ!PQ]!HMSQ^WM^^Q!Q]TmX_XUOT(

=UceSXd!gUbTU^!^YSXd! Cu^(^Ub! _TUb! <bQeU^'! c_^TUb^!CU^cSXU !TYU!TebSX!A_](

`UdU^j! `e^[dU '! e^T! RUbUYd! cY^T!je! \Ub^U '! gYU! ]Q ! cYSX! Y^! [_](`\UhU^! IYdeQdY_^U^! jebUSXdVY^TUd'!RUd_^d! AQbY^! 7bUYdgYUcUb! Y]! =U(c`buSX!xRUb!<QcjY^QdY_^!e^T!>Ub(QecV_bTUbe^WU^!Y]!IdQX\RQe)

7B>! KBG=!3B>!QMF!3L9AE;9M!@>DHF#F>G&!$(0+-(!#0)+23+)1)0"!9Ub!IdQX\RQe!gQb!cSX_^!guXbU^T!TUc!7QeY^WU^Y(UebgUcU^cdeTYe]c! Y^! MYU^! UY^Uc!]UY^Ub!BYUR\Y^WcVuSXUb'!gQc!]wW\Y(SXUbgUYcU! Q ! TU]! f_^! ]Yb! X_SX!WUcSXudjdU^! Fb_VUcc_b! HQ]RUbWUb!\QW)!NgQb!XQd!]YSX!TUb!TQbQeV! V_\(WU^TU!CQcdUb!Q]!?]`UbYQ\!8_\\UWU!Y^!B_^T_^!jeUbcd!]UXb!Y^!HYSXde^W!9i^Q]Y[!WUVxXbd'!QRUb!xRUb!]UY^U!JudYW[UYd! Q\c! JbQWgUb[c`\Q^Ub! Y]!6^\QWU^RQe!RUY!TUb!6ecdbYQ^!;^Ub(Wi!RY !YSX!cSX\YUt\YSX!f_\\!e^T!WQ^j!TU]!IdQX\RQe!fUbVQ\\U )!

79K! ?9KQBGB>JL! 3B>! 9F! (9M>G! FBL!3L9AE&!CYd!IdQX\![Q^ !]Q !Q\c!JbQWgUb[c(`\Q^Ub!cUXb!fYU\!]QSXU^4!;b!XQd!UY^!Wed! UbVQccdUc! CQdUbYQ\fUbXQ\dU^'!TQc! ]Yd! TU ! DQSXgUYcfUbVQXbU^!TUb!\UdjdU !=U^UbQdY_^!e^T!TU !Q[(deU\\U^! HUSX^Ub\UYcde^WU^! e^T!Fb_WbQ]]U ! fYU\Vu\dYWU! CwW\YSX([UYdU^! RYUdUd! Vxb! UY^U! cYSX! Y]]Ub!gUYdUbU^dgYS[U\^TU! QbSXYdU[d_^Y(cSXU!<_b]U^c`bQSXU)!9Qc!CQdUbYQ\!guSXcd!jgQb! YSXd! QSX'!Ycd!QRUb!Wed!bUSiS\URQb! e^T! [Q^ ! TebSX! UY^U^!X_SX! dUSX^_\_WYcYUbdU^! ;bjUe(We^Wc`b_jUcc! Y^! 7UjeW! QeV! ;YWU^(cSXQVdU^!e^T!GeQ\Ydud!Wed!WUcdUeUbd!gUbTU )!!!!

R3L9AES!OBJ=!H?L!FBL!RFWGGEB<AS!9K#KHQBB>JL$!-KL!>K!?YJ!*J9M>G!K<AOB>JB#@>J"!KB<A!=MJ<AQMK>LQ>G&9Qc!WQ^jU!7QeY^WU^YUebgUcU^! Ycd!]u^^\YSX! T_]Y^YUbd'! QRUb! TQc! Ycd!ZQ!WUbQTU!TYU!>UbQecV_bTUbe^W!Vxb!UY^U! <bQe)! 6RUb! _R! CQ^^! _TUb!<bQe!o!TebSXcUdjU^![Q^^!]Q^!cYSX!^QSXXQ\dYW!Y]]Ub! eb!TebSX!A_](`UdU^j'! ^YSXd! TebSX! CQSXd! _TUb!=UcSX\USXd!_TUb!Ge_dU^)!

3L9AE;9MIJHC>DL>! >J?HJ=>JG! N>J#K<AB>=>G>!3I>QB9EBKL>G"!=B>!>G@!FBL#

>BG9G=>J! 9J;>BL>G$! 7>E<A>! 'G?HJ#=>JMG@>G! KL>EEL! =9K! /9G9@>F>GL!>BG>K! DHFIE>P>G! 1JHC>DL>K! 9G! >BG!A>L>JH@>G>K!4>9F&9YU! AUb^VbQWU! Ycd! gYU!UVVYjYU^d! TYU!6RcdY]]e^W!jgYcSXU !TU !JUQ](]YdW\YUTUb^! Y ! TYUcU]! Y^dUbTYcjY(\Y^ubU^! kISXQVVe^Wc`b_jUccm! Ub(

V_\Wd)! @UTUb! RbY^Wd! MYccU^'! ;bVQX(be^W!e^T! ?TUU^! Vxb! Bwce^Wc]wW(\YSX[UYdU^! ]Yd! e^T! TYUcUb! k?^`edm!]ecc!Q\c!c_\SXUb!WUcSXudjd!e^T!\w(ce^Wc_bYU^dYUbd! c_gYU! bQcSX! je!UY^U]!=Q^jU^!fUbg_RU^!gUbTU^)!

6\c!7QcYc!RbQeSXd!]Q !\UYcde^WcVu(XYWU'! W\_RQ\! ^edjRQbU! ?J(?^cdbe(]U^dU! e^T! [\QbU! I`YU\bUWU\^! Vxb!TYU!6R\ueVU)!K^T!!ZU!]UXb!TYU!XQ^(TU\^TU^! 6[dUebU! f_^! kA_]]e^Y([QdY_^m! fUbcdUXU '!TUcd_! bUYRe^Wc(\_cUb!gYbT!TYUcUb!Fb_jUcc!QR\QeVU^)

7B>! K>A>G! 3B>! =9K! 4A>F9! 09<A#OM<AK"!@B;L!>K!@>GY@>G=!-GL>J>KK>G#L>G!;QO$!-GL>J>KK>GLBGG>G&;c! Ycd! ^YSXd! ^eb! UY^U! <bQWU! TUb!GeQ^dYdud)! 9YU! 7bQ^SXU! RbQeSXd!f_b!Q\\U]!X_SX!]_dYfYUbdU!JUSX^Y([Ub'! TYU! RUbUYd! cY^T! je! \Ub^U^!gYU!]Q^! cYSX! Y^! [_]`\UhU ! IYdeQdY_(^U^! jebUSXdVY^TUd)! =UVbQWd! cY^T!BUedU!]Yd!AbUQdYfYdud'!Ced!je!^Ue(U^!Bwce^WcQ^cudjU^!e^T!6ecTQe(Ub!Y]!;bgUbRU^!TUc!UbV_bTUb\YSXU^!A^_g(X_gc)! ;^dcSXUYTU^T! Ycd'! _R!Uc!e^c!WU\Y^Wd'!DQSXgeSXcdUSX^Y([Ub! ]Yd! UY^U]! TUbQbdYWU^! F_dU^(jYQ\! Vxb! TU^! IdQX\RQe! je! RUWUYc(dUb )

79K! OYJ=>G! 3B>! 3LM=>GL>G! J9L>G"!MF!KB<A!9M?!=9K!(>JM?KE>;>G!BG!=>J!3L9AE;9MBG=MKLJB>!NHJQM;>J>BL>G&9YU!NUYd!TUb!6ecRY\Te^W!Vxb!UY^!WU(^UbU\\Uc! BUb^U ! je! ^edjU )! Fb_(Ve^TUc!LUbcdUXU !TUb!dUSX^YcSXU^!7QcYc!Ycd!TYU!L_bQeccUdje^W'!TQbx(RUb! XY^Qec! cY^T! cQddU\VUcdUc! ;^W(\YcSX'!e^T!UY !c_efUbu^Ub!K]WQ^W!]Yd!?J(?^cdbe]U^dU^!gYSXdYW)!6RUb!TUb!U^dcSXUYTU^TU!L_bc`be^W!\YUWd!TQbY^'![UY^U!ISXUe!f_b!9U^[WbU^(jU^! je! XQRU^! e^T! ]U^cSX\YSXU!?^dUbQ[dY_^c]ecdUb!je!fUbcdUXU !o!TQc! XY\Vd! ^Qdxb\YSX! ^YSXd! ^eb! Y]!IdQX\RQe)

3LB<AOHJL%! 3L9AE;9M! BG!VKL>JJ>B<A$!7B>!D9GG!=9K!-F9@>!NHG!3L9AE!N>J#

;>KK>JL! O>J=>G&! 79JMF! BKL! =>J!3L>EE>GO>JL! =>K! 7>JDKLH??>K! KH! @>#JBG@&CUY^Uc! ;bQSXdU^c! Ycd!TUb!IdU\\U^(gUbd! f_^! IdQX\! Y ! rcdUbbUYSX! Y]!NecQ]]U^c`YU\!]Yd!TUb!JbQTYdY_^TUc!7Ud_^c!je!cUXU^!o!Y^!;^W\Q^T!je]! 7UYc`YU\! Ycd! TQc! Q^TUbc)! ;Y^!?]`e\c!Vxb!UY^U!6eVgUbde^W![w^^(dU!f_ !TUb!6ec\_de^W!TUb!CwW\YSX([UYdU^! Vxb! kDQSXXQ\dYWUc! 7QeU^m!QecWUXU^'! f_b! Q\\U]! QRUb! TebSX!UY^! MUYdUbdbUYRU^! TUb! ;Y^cQdj(]wW\YSX[UYdU^'!e]!TYU!6^c`bxSXU!TUb!6bSXYdU[deb!je!UbVx\\U^)

,7<A7!D7<A7!.PAA7DE35;725!0.;89\,1%!&9MBG@>GB>MJBG!.9JBG9!&J>BLOB>K>J!E>BL>L!=9K!2JHC>DLF9G9@>F>GL!NHG!799@G>J#&BJH!4L9AE#+E9K#

5><AGBD$!4B>!>JRXAEL!NHG!BAJ>J!&>@>BKL>JMG@!?ZJ!=>G!4L9AE;9M!MG=!Z;>J!=9K!2HL>GRB9E!NHG!4L9AE;9M!BG!VKL>JJ>B<A$

1;KCH;!*K?CMPC?L?K"!2?CM?KCH!5KID?EMG;H;A?G?HM!OIH!8;;AH?K#*CKI!6M;BF#.F;L#

7?=BHCE$! 0.228?6B#&;B@1

;Y^Uc!TUb! WbwtdU^!XUY]YcSXU !<_bcSXe^WcjU^dbU^! U^dcdUXd!TUbjUYd! Q]! <b_^Yec(IdQ^T_bd!

Y^!JXQ\XUY])!<b_^Yec!?^dUb^QdY_^Q\!Ycd! UY^! wcdUbbUYSXYcSXUc! K^dUb^UX(]U^!]Yd!<Yb]U^cYdj! Y ! FUddU^RQSX!e^T! gUYdUbU ! IdQ^T_bdU^! Y ! MU\c'!JXQ\XUY]!e^T!IQdd\UTd)!

9Qc!K^dUb^UX]U !Ycd!Y^!TU^!7U(bUYSXU^!ISXgUYtdUSX^Y['!7QddUbYU(\QTUcicdU]U! e^T! I_\QbU\U[db_^Y[!dudYW!e^T!RUcSXuVdYWd!gU\dgUYd!-,/*!CYdQbRUYdUb)! 9Ub! ;h`_bdQ^dUY\! f_ !be^T!3*!Fb_jU^d!gYbT!]Yd!+1!Y^dUb(^QdY_^Q\U^! <b_^Yec(=UcU\\cSXQV(dU^! e^T! LUbdbYURc`Qbd^Ub^! Rjg)!HU`bucU^dQ^dU^! Y^! ]UXb! Q\c! 0*!Bu^TUb !UbbUYSXd)!

&;<=05?94!3D<12<>!%336A629A7Yc!;^TU!,*++!UbgUYdUbd!<b_^Yec!WU(]UY^cQ]! ]Yd! JY\\! ISX^UYTUb! e^T!JY]!6X\cgUTU!f_^!TUb!<bQ^[VebdUb!6bSXYdU[debWUcU\\cSXQVd! cSX^UY(TUb&cSXe]QSXUb!cUY^U!<#;(6[dYfY(dYudU^!QeV!]UXb!Q\c!-.)***!GeQTbQd(

]UdUb!7bedd_WUcSX_ccV\uSXU)! l;Y^U![bUQdYfU!<_bcSXe^Wc(!e^T!;^dgYS[(\e^WcQRdUY\e^W! Ycd! U^_b]! gYSXdYW!e]!e^cUbU^!JUSX^_\_WYUf_bc`be^W!gUYdUb! QecjeRQeU^)! MYb! g_\\U^!e^cUbU! Ae^TU^! QeSX! Y^! Ne[e^Vd!Y]]Ub!gYUTUb!]Yd!^UeU !e^UbgQb(dUdU ! Fb_Te[dYTUU^! xRUbbQcSXU )!I_! cYSXUbd! <b_^Yec! cUY^U^! gYbd(cSXQVd\YSXU ! ;bV_\Wn'! Ub[\ubd! >UY^j!>QS[\'! =UcSXuVdc\UYde^W! Vxb! <_b(cSXe^W!#!;^dgYS[\e^W)!

9U]! wcdUbbUYSXYcSXU^! IdQX\RQe![_]]d!TUb!6^c`beSX!Vxb!`UbVU[dUc!ISXgUYtU^! jeWedU)! IdUU\! JbQ^cVUb!JUSX^_\_Wi! cdUXd! Vxb! UY^!MYccU^c(`Q[Ud'! TQc! c`UjYU\\! Vxb! TU ! IdQX\(]Qb[d! WUcSX^xbd! gebTU4! ;h`UbdU^!

U^dgYS[U\dU^! jeWUcSX^YddU^U!ISXgUYt[U^^\Y^YU ! TYU! je]! 7UY(c`YU\! UY^! UhQ[dUc! Nx^T(! _TUb! `Ub(VU[dUc! 6RRbQ^TfUbXQ\dU^! Y]! ;Y^(cQdj! RbY^WU^)! ?^^_fQdY_^U^! gYU!TYUcU!XU\VU^!]Yd'!TYU!IdQX\RQe[_](`UdU^j!Y^!rcdUbbUYSX!je!cdUYWUb^)!

&72@6/676>C>!1?<05!+>.57K]WU[UXbd!c`YU\d!TUb!IdQX\RQe!UY^U!gYSXdYWU!H_\\U!RUY!TUb!;bgUYdUbe^W!TUc! <_bcSXe^WccdQ^T_bdUc)! BQed!<b_^Yec!c_\\U !UY^U!\Q^WVbYcdYWU!_`(dY]Q\U! e^T! V\UhYR\U! Dedje^W! TUc!=URueTUc!o![_]RY^YUbd!]Yd!TUb!^Q(dxb\YSXU^! K]WURe^W! Q^! TYUcU]!IdQ^T_bd! o! UY^jYWQbdYWU! e^T! je([e^VdcgUYcU^TU! 6bRUYdc`\udjU! U^d(

cdUXU ! \QccU^)!IdQX\RQe!RYUdUd!Ubc(dU^c! TYU! <\UhYRY\Ydud'! WUbQTU! gU^^!Uc! e]!;bgUYdUbe^WU ! WUXd)! 9Qbx(RUb! XY^Qec! RUcYdjd! TQc! CQdUbYQ\!QeSX! UY^U^! U^dc`bUSXU^TU^! e](gU\dw[_^_]YcSXU !MUbd)!

K^T! TUb! Ycd!<b_^Yec! UY ! RUc_^(TUbUc! 6^\YUWU )! 6^WUVQ^WU^! RUY!TU ! FX_d_f_\dQY[Q^\QWU^! Q ! Q\\U^!wcdUbbUYSXYcSXU^! IdQ^T_bdU^! RYc!XY^!je!TU !c`UjYVYcSXU !Bwce^WU '!TYU!TUbjUYd! Y !JXQ\XUY]!e]WUcUdjd!gUbTU^)! <b_^Yec! cUdjd! Q^! cUY^U]!^UeU^!<#;(IdQ^T_bd'!TUb!^QSX!TUb!<UbdYWcdU\\e^W!be^T!.**!CYdQbRUYdUb!RUXUbRUbWU^!gYbT'!UY !WQ^jXUYd\YSX!WUTQSXdUc! XwSXcd! UVVYjYU^dUc! A\Y(]Q(!e^T!;^UbWYU[_^jU`d!e])!

)88<J<7AF!<A!=767D!*<AE<5;F/79;,1=60%!-G!

5A9EA>BF!;>B!7>EK!>GLKL>AL!=>J!G>M>!*HJK<AMG@K#!MG=!

)GLOB<DEMG@KKL9G=#HJL!NHG!*JHGBMK$!-F!*HDMK!KL>AL!=9;>B!9M<A!>BG>!BGGHN9LB#N>!4<AO>BWL><AGBD!?ZJ!F>AJ!)??BRB>GR!

BF!4L9AE;9M$

26/795*<276.6

?ZR[^! e ]! n^_Q]]QUOTU OTQZ! G_MTXNM`'N]MZOTQ&!PQZ!IZ_Q]ZQTYQZ!`ZP!6`^'!`ZP!KQU_Q]NUXP`ZS^YnSXUOTWQU_QZ4

]QREPPEICHIQCHEP!;RAHKBASTEPBAMDHQX(4!*+)/*-!3.!1.CMUX4!UZR[5^_MTXNM`(M_bbb(^_MTXNM`aQ]NMZP(M_!/ACHTEPBAMD!DEP!5AQCHIMEM!"!5ERAKKUAPEM!2MDSQRPIEHQX(4!*/)3*!3**'-.2,CMUX4![RRUOQ5RYYU(M_bbb(RYYU(M_

6MN>C?!>?L!H?N?H!-IKL=BNHALQ?HMKNGL!OIH!-KIHCNL!CH!7B;FB?CG$! 0C49?6;56B"C49E>2496B1

+323!!9U\X[Y\]oR`ZS! A[Z^_]`W_UaQ]!?ZSQZUQ`]NM !MZ!PQ]!HI!KUQZ

+33*!!CM^_Q]![R!GOUQZOQ!G[UX!CQOTM'ZUO^! #! GQU Y[X[Sd! MY! ?Y\Q']UMX!8[XXQSQ!UZ!B[ZP[Z

+33+!EaQ!6]`\&!!B[ZP[Z+33,!C[__!CO9[ZMXP&!B[ZP[Z+33,!!!NU^!3.!!?ZSQZUQ ]No][!KQU^ &!KUQZ+33.!!NU !33!6`^_]UMZ!;ZQ]Sd!h!KUQZ4!

H]MSbQ]W^\XMZ`ZS!`ZP!F][VQW_'YMZMSQYQZ_!UY!G_MTXNM !

^QU_!+331!!ZQNQZNQ] RXUOT4!BQW_[]!MY!?Z^_U_ _! Ro]! ?Z_Q]PU^eU\XUZm']Q^! 7M`\][eQ^^YMZMSQ'YQZ_!MZ!PQ]!!HI!KUQZ!

^QU_!+333!!KMMSZQ]'7U][! G_MTX'=XM^'HQOTZUW! KUQZ! F][VQW_YM'ZMSQYQZ_

^QU_!,**.!BQU_Q]!F][VQW_YMZMSQYQZ_!^QU_!,**1!!;]bQU_Q]`ZS! `Y! PUQ! BQU'

_`ZS!WM RYmZZU^OTQ^!F]['VQW_YMZMSQYQZ_

3*926*!+9.2<?2.;.9