! "!

!"#$%&'()"*$+%#,'#-').$/'0#01*$"/'0#'%#/10#*$2')3',$10##

*131#.+)34/"#*1%&)"#'/#"%1%$3"&1#'%#/10#*13'%&")$10#,'#/10#/'*&1)'0#

#

#$%&'(!)*+*$$%,-*.//%0!123.4*'!56.+7$8.9*9!-.:;7/!<7$62697='!

#

"'!>63$%9;??.@6!

!

A/! $2B.9%! C! 4*8.+%! ?$7?.4.763%! 97! /*8! B/*3*&%$4*8! 8%?.*/780! 78B7?.*/47637!

1*?7D%%E!C!FG.337$0!H*!4%3.+*9%!*!/%8!479.%8!97!?%4;6.?*?.@6!!"#$"%!*!*B;63*$87!

*! ;6*! ?%4;6.?*?.@6! 428! 8%?.*/0! .637$*?3.+*! C! B*$3.?.B*3.+*'! I.6! 74D*$:%0! /%8!

?.D7$479.%8!78B*J%/78!?%63.6K*6!8;&$.769%!7/!/*83$7!97!/%8!?%4763*$.%8!*6@6.4%8!

76!8;8!B2:.6*8!.6&%$4*3.+*80!;6!B$%D/74*!L;7!B%$!7/!4%4763%!.63763*6!8%/;?.%6*$!

4*C%$.3*$.*47637! *! 3$*+M8! 97/! $7:.83$%! 97! /%8! ;8;*$.%8! ?%4%! ?%69.?.@6! B*$*! /*!

B*$3.?.B*?.@6! 76! 8;8! 6%3.?.*8'! N*! 7+%/;?.@6! 97! /*8! B/*3*&%$4*8! 8%?.*/78! B/*637*!

6;7+*8! 8%/;?.%678! &$7637! *! 7837! *6%6.4*3%! L;7! *&7?3*! 67:*3.+*47637! *! /*!

?$79.D./.9*9!C!/*!?*/.9*9!97!/%8!479.%8!76!8;!.63763%!B%$!87$!O%!87:;.$!8.769%,!&%$%8!

B*$*!7/!97D*37!8%?.*/!*D.7$3%0!$78B73;%8%!C!974%?$23.?%'!A6!7/!B$787637!*$3P?;/%!87!

B/*637*!/*!*B*$.?.@6!C!/*!.4B/74763*?.@6!B*;/*3.6*!97!1*?7D%%E!Q%667?3!C!FG.337$!

RS6CGH7$7! ?%4%! H7$$*4.763*8! 97! .637:$*?.@6! 97! B7$&./78! 9.:.3*/78! L;7! B;7976!

*C;9*$!*!/%8!479.%8!*!8;B7$*$!7/!*6%6.4*3%!76!8;8!B2:.6*80!*/!4.84%!3.74B%!L;7!

D767&.?.*6!/*!?%67?3.+.9*9!97!/%8!;8;*$.%8'!

!

T'!N%8!/7?3%$78!B*$3.?.B*6!UC!8%?.*/.=*6V!?%6!/*!.6&%$4*?.@6!9.:.3*/!

!

Q;*69%!7/!;8;*$.%!B*$3.?.B*!76!/*!.6&%$4*?.@6!9.$7?3*476370!78B7?.*/47637!97897!

7/! 978*$$%//%!97! /*8!H7$$*4.763*8!97!B*$3.?.B*?.@6!%6/.670! 78! ?*B*=!97! */37$*$! /%8!

B$%?78%8!H*D.3;*/78!C!3$*9.?.%6*/78!97!/*!B$%9;??.@6!C!9.&;8.@6!B7$.%9P83.?*'!S8P0!H*!

B*8*9%0! 97! &%$4*!428! %!476%8! &.:;$*9*0! *! ?%6+7$3.$87! 76! &;7637! .6&%$4*3.+*0! 76!

79.3%$!97!/*8!.6&%$4*?.%678!7/*D%$*9*8!B%$!/%8!B7$.%9.83*80!76!4.74D$%!97/!?%687W%!

$7:;/*9%$!97!/*!97%63%/%:P*!*B/.?*9*!B%$!7/!479.%0!C!H*83*!76!W7&7!97!$79*??.@6!?%6!

?*B*?.9*9!B*$*!87/7??.%6*$!&'()!*! /*8! .6&%$4*?.%678!L;7!L;.7$7!$7?.D.$! U3*63%!76!

! T!

8;!?%$$7%!7/7?3$@6.?%!?%4%!76!7/!&P8.?%"0!%!D.76!D*8269%87!76!/*8!$7?%4769*?.%678!

97!8;8!?%63*?3%8!76!/*8!B/*3*&%$4*8!8%?.*/78V'!

!

I.6!74D*$:%0!/*!L;7!9;$*637!*J%8!H*DP*!8.9%!;6*!*?3.+.9*9!/.D$7!C!B%?%!?%63$%/*9*!

B%$! /%8! 479.%8! L;7! 8%/.?.3*D*6! 783*! B*$3.?.B*?.@60! 78B7?.*/47637! ?%6! /%8!

?%4763*$.%8! 97! /%8! /7?3%$78! *! /*8! 6%3.?.*8! %6/.670! 87! 76?;763$*! 76! ;6! B$%?78%! 97!

?*4D.%'! S8P0! ?*9*! +7=! ?%6! 428! &$7?;76?.*! *;6L;7! 3%9*+P*! ?%6! ;6! $.34%! /763%! C!

978.:;*/0! /%8!;8;*$.%8! +76!4*C%$78! /.4.3*?.%678! *! 8;! .637$+76?.@6! *6@6.4*!76! /*!

.6&%$4*?.@6X!97!7837!4%9%!8;!B*$3.?.B*?.@6!74B.7=*!*!8;B%67$!;6!4*C%$!:$*9%!97!

?%4B$%4.8%!C!$78B%68*D./.9*9!*637!/%8!?%4763*$.%8!+7$3.9%8'!Y7!H7?H%0!9;$*637!7/!

*J%!TZ""0!4;?H%8!?.D7$479.%80! .637$6*?.%6*/780!6*?.%6*/78!C!97!B$%[.4.9*90!H*6!

9*69%!;6*!+;7/3*!97! 3;7$?*! *! 8;8!B%/P3.?*8!97!B*$3.?.B*?.@6!76! /*8! .6&%$4*?.%678!

!"#$"%'!\0!*;6L;7!H*6!B*8*9%!?7$?*!97!"]!*J%8!97897!7/!6*?.4.763%!C!B$%/.&7$*?.@6!

97! /%8! ?.D7$479.%8T0! M83%8! 6%! B*$7?76! H*D7$! */?*6=*9%! *K6! /*! 8%/;?.@6! *! 7837!

B$%D/74*!L;7!76&$763*!/*!/7:*/.9*9!L;7!*&7?3*!*/!*6%6.4*3%!C!/*!/.D7$3*9!%6/.67!?%6!

/*8!?%687?;76?.*8!74B$78*$.*/78!97$.+*9*8!97!/*!BM$9.9*!97!?*/.9*9!C!?$79.D./.9*9!

97!/%8!479.%8'!

!

T'"'!#*$3.?.B*?.@60!$7978!8%?.*/78!C!479.%8!97!?%4;6.?*?.@6!

!

S6378!97!/*!:767$*/.=*?.@6!76!TZZ^!97/!;8%!97!/*8!B/*3*&%$4*8!8%?.*/78!76!.637$6730!

8%D$7!3%9%!1*?7D%%E0!?;C*!7[B/%8.@6!76!A8B*J*!87!B$%9;W%!9;$*637!7/!B*8*9%!*J%!

TZ"Z_0! /%8! 479.%8! %6/.67! B%9P*6! B7$4.3.$! *! /%8! /7?3%$78! 8;! B*$3.?.B*?.@6! 76! /*8!

6%3.?.*8!*!3$*+M8!97!H7$$*4.763*8!?%4%!/%8!&%$%8!%!/%8!?%4763*$.%8!76!/*8!6%3.?.*8!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"!-*$E73.6:Y.$7?3%!UTZ""V(!+,$$-./(%#(01$2%1('$&1$!($201%3!(0%13!"&#$4&'!(5&6!('%2&"'&('%#(2-"'!/( '$*%( +)&37&( 01!"7!.( &( 3-3( #%*7!1%38( ! `7?;B7$*9%! 7/! T! 97! *:%83%! 97! TZ""0! 76!H33B(aaGGG'4*$E73.6:9.$7?3%'?%4a*?3;*/.9*9a479.%8a6..;,7/,B$.47$,9.*$.%,.4B$78%,B7$8%6*/.=*9%,D*W%,974*69*,97/,4;69%,9.?7,H*83*,B$%63%,*,8;8,/7?3%$78a!T! A/! *J%! "bb^!4*$?@! 7/! B7$.%9%! 97! 6*?.4.763%! 97! /%8!479.%8! 9.:.3*/78(! 76! 78*! &7?H*! ;6!6K47$%! ?%68.97$*D/7! 97! 479.%8! 6%$37*47$.?*6%8! C! 7;$%B7%8! 783$76*$%6! 8;8! 79.?.%678!%6/.67!C!*B*$7?.7$%6!*/:;6%8!?.D7$479.%8!76!A8B*J*0!?%4%!/*!79.?.@6!9.:.3*/!97!9#(:-"'!!U`%830!TZZcV'!A6!"bbc!3;+%!/;:*$!7/!/*6=*4.763%!97!?*8.!/*!3%3*/.9*9!97!/%8!9.*$.%8!76!/*!$79!76!A8B*J*!U1/*+.26!C!d;$$7*0!TZZeV'!_! I7:K6! 7/! .6&%$47! ;&( <!*$%'&'( %"( =%'0! B;D/.?*9%! 76! TZ"Z0! 7/! T_0Tf! 97! /%8! .637$6*;3*8!97?/*$*!4*63767$! ;6! B7$&./! 76! */:;6*! $79! 8%?.*/X! 87! 3$*3*! 97/!4*C%$! 97! /%8! .6?$74763%8!$7:.83$*9%80!76!?%6?$73%!]0]!B;63%8!B%$?763;*/78!97!.6?$74763%!.637$*6;*/'!`7?;B7$*9%!7/!TZ!97!W;/.%!97!TZ""0!76!H33B(aaGGG'%638.'$79'78!

! _!

%6/.67'! N*! .6?/;8.@6! 7! .683*;$*?.@6! 97! 783%8! 78B*?.%8! B*$*! ?%4763*$.%8! *!

9.8B%8.?.@6!97!/%8!;8;*$.%8!76!/%8!?.D7$479.%8!78B*J%/78!&;7!/763*!C!978.:;*/'!!

!

N%8!479.%8!L;7! *9%B3*$%6! 783*8!6%+79%8*8! &@$4;/*8!97!B*$3.?.B*?.@6! ?.;9*9*6*!

6%!B*$7?P*6! 8*D7$!4;C!D.76!97! L;M!4%9%!6.! ?%6!L;M! &.6*/.9*9! *B$%+7?H*$/*8! C*!

L;7!/*!376976?.*!87:;.9*!B%$!/%8!?.D7$479.%8!&;7!$79;?.$!/*!D*$$7$*!97!763$*9*!*!/*!

B*$3.?.B*?.@6!97! /%8! /7?3%$78! U?%6! &%$4;/*$.%8!428! 876?.//%80! 8.6! ?%6&.$4*?.@6!97!

?%$$7%!7/7?3$@6.?%!6.!+7$.&.?*?.@6!97!;8;*$.%!H;4*6%^V'!N%8!479.%8!D;8?*D*6!*8P!

7+.3*$! /*! &;:*! 97! /7?3%$78! L;70! *;6L;7! 4%3.+*9%8! *! B*$3.?.B*$0! ?%68.97$*6! /%8!

&%$4;/*$.%8!97!$7:.83$%!?%4%!;6!%D832?;/%!Ug7$6*/!F$.+.J%0!TZZbV'!Y7!7837!4%9%0!/*!

:767$*/.=*?.@6!97/! *6%6.4*3%! 76! /%8! ?%4763*$.%80! 3*63%! 76! ?.D7$479.%8! ?%4%!76!

D/%:80! H*! //7:*9%! *! B$%+%?*$! .6?/;8%! B$%D/74*8! W;9.?.*/780! */:;6%8!

?%68.97$*D/747637!B%/M4.?%8! ?%4%!7/!97/! ?*8%!`*4%6?P6! ?%63$*!*/:;6%8!479.%8!

6*?.%6*/78h0!$7+.83*8!C!*:$7:*9%$78!97!6%3.?.*8c!B%$!/%8!?%4763*$.%8!*6@6.4%8]!97!

/7?3%$78!B;D/.?*9%8!76!8;!?%63$*!76!9.?H*8!B2:.6*8'!

!

N*!.$$;B?.@6!C!$2B.9*!7+%/;?.@6!97!/*8!B/*3*&%$4*8!8%?.*/78!H*!8;B;783%!;6!?*4D.%!

8;83*6?.*/!B*$*!/%8!479.%8!97!?%4;6.?*?.@60!C*!L;70!87:K6!9*3%8!97!TZ"Z0!7/!]hf!

97! 783%8! ?;763*! ?%6! */!476%8! ;6! B7$&./! 76! 1*?7D%%E! C! ;6! ]cf! B%877! ?;763*! 76!

FG.337$e'!I7*!783*!B$7876?.*!76!/*8!B/*3*&%$4*8!8%?.*/78!;6*!?*;8*!97$.+*9*!97!;6*!

4%9*! %! 97! ;6*! 783$*37:.*! 97! 67:%?.%0! /%! ?.7$3%! 78! L;7! 783*8! $7978! :767$*6! ;6!

+%/;476! 97! 3$2&.?%! 76! .637$673! L;7! /%8!479.%8! 6%! B;7976! 978*B$%+7?H*$(! C*! 76!

4*$=%! 97! TZ"Z! 1*?7D%%E! /%:$@! 7/! ^"f! 97! 3%9%! 7/! 3$2&.?%! :767$*9%! B%$! /*8!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!^!iM*87!j?*B3?H*k0!;6*!jB$;7D*!978*&P%,$78B;783*!;3./.=*9*!76!?%4B;3*?.@6!B*$*!9737$4.6*$!?;269%!7/!;8;*$.%!78!%!6%!H;4*6%k!H33B(aa78'G.E.B79.*'%$:aG.E.aQ*B3?H*!h!TZ-.6;3%8!UTZ"ZV(!=&2!"*>"(%201%"'%(-"&(*1-4&'&(*!"71&(?%53(@-%(0-5#$*&"(*!2%"7&1$!3(%"(3-(*!"71&'!`7?;B7$*9%!76!W;/.%!97!TZ"Z0!76!H33B(aaGGG'TZ4.6;3%8'78a6%3.?.*acZhZcTaZa$*4%6?.6a?$;=*9*aG7D8a!c!TZ-.6;3%8!UTZZbV(!=&2!"*>"()&*%('%3&0&1%*%1(%#(*&"&#('%(+9#(A-%B%3.(%"(C!-7-5%'!`7?;B7$*9%!76!W;/.%!97!TZ"Z!76!H33B(aaGGG'TZ4.6;3%8'78a6%3.?.*ahcTb]"a_a$*4%6?.6aC%;3;D7aW;7+78a!]!TZ-.6;3%8!UTZZ]V(!=&2!"*>"(##%B&(&(6-$*$!(&(-"&(?%5(0!1($"3-#7!3('%($"7%1"&-7&3(&"D"$2!3(*!"71&(E#'!`7?;B7$*9%!76!W;/.%!97!TZ"Z!76!H33B(aaGGG'TZ4.6;3%8'78a6%3.?.*aT]T^_ZaZa$*4%6?.6aW;.?.%a.68;/3%8a!e!N%8!9*3%80!L;7!*B*$7?76!$7?%:.9%8!76!7/!783;9.%!;!3(2%'$!3(%30&F!#%3('%($"G!12&*$D"('$&1$&(%"($"7%1"%7H0!978*$$%//*9%!B%$!i7?3%$!I%&3G*$7!1*?3%$C!Ui7?3%$!I1V0!$7&/7W*6!/*!8.3;*?.@6!*?3;*/!76!/*!L;7!/%8!479.%8!H*6!D;8?*9%!?*B3*$!;8;*$.%8!76!783*8!$7978!8%?.*/78!L;7!*:/;3.6*6!;6*!B*$37!7/7+*9*!97/!3$2&.?%!76!.637$673'!

! ^!

B$.6?.B*/78!B/*3*&%$4*8!8%?.*/78!%6/.67b'!Q.3*69%!*!#$768EC0!Q7$7=%!UTZZeV!*B;63*!

L;7! 4.763$*8! B*$*! /%8! B*9$78! C! 79;?*9%$78! U?%68.97$*9%8! :767$*/47637! ?%4%!

j.64.:$*6378! 9.:.3*/78kV! 7/! j?%6%?.4.763%! 78! 7/! B%97$k0! B*$*! /%8! 6*3.+%8! 9.:.3*/78!

j?%4B*$3.$!7/!?%6%?.4.763%k!87!?%6+.7$37!76!7/!6;7+%!4%9%!97!7637697$!7/!B%97$!

97! /*! .6&/;76?.*! C! /*! B$78?$.B?.@6(! j9*$! B*$*! $7?.D.$!428! *! ?*4D.%k'! \! *J*97(! jA6!

7837!78?76*$.%0!/*!.6&%$4*?.@6!&$*:4763*9*k0!78!97?.$0!/*8!B*$3.?.%678!%!9%8.8!97!/*!

.6&%$4*?.@6!L;7!?.$?;/*!76!/*8!$79780!j87!?%68%/.9*!?%4%!4%679*!97!?*4D.%k'!!

!

A6! ?;*/L;.7$! ?*8%0! 7/! *;:7! 97! /*8! $7978! 8%?.*/78! H*! 97874D%?*9%! 76! 6;7+*8!

&@$4;/*8!L;7!B%9$P*6!*C;9*$!*!/%8!479.%8!97!?%4;6.?*?.@6!%6/.67!*!%B3.4.=*$!6%!

8@/%!783*!B*$3.?.B*?.@6!8.6%!3*4D.M6!/*!*?3.+.9*90!&.97/.9*9!C!$7B73.?.@6!97!+.8.3*!97!

/%8!;8;*$.%8!*!8;8!G7D8!.6&%$4*3.+*8(!87:K6!;6!783;9.%"Z!$7*/.=*9%!9;$*637!TZ""!*!

.637$6*;3*8! 6%$37*47$.?*6%80! 3$78! ?;*$3*8! B*$378! 97! /*! 4;783$*! *87:;$*! L;7!

B$7&.7$7!$7:.83$*87!76!;6*!B2:.6*!G7D!*!3$*+M8!97!8;!B7$&./!76!;6*!B/*3*&%$4*!8%?.*/!

?%4%! 1*?7D%%E! %! FG.337$! C! 7+.3*$! *8P! /%8! &%$4;/*$.%8! 97! $7:.83$%0! 76! /%8! ?;*/78!

$7?%6%?76! *B%$3*$! 9*3%8! 7$$@67%8""'! N*! ?%4%9.9*9! C! /*! $*B.97=! 76! 7/! *??78%!

B*$7?76!87$!4%3.+%8!8;&.?.76378!B*$*!L;7! /%8!;8;*$.%8!9737$4.676!8;!B$7&7$76?.*!

B%$!?.7$3*8!B2:.6*8!.6&%$4*3.+*8'!

!

T'T'!N*!/;?H*!97!/%8!?.D7$479.%8!?%63$*!7/!*6%6.4*3%!

!

N*! B%83;$*! *9%B3*9*! 9;$*637! *J%8! B%$! /%8! 479.%8! %6/.67! L;7! B7$4.3P*! 7/!

*6%6.4*3%! 76! /*8! .637$+76?.%678! 97! /%8! /7?3%$78! H*! B$%+%?*9%! ;6*! BM$9.9*! 97!

?$79.D./.9*9! C! /*! B;783*! 76! 763$79.?H%! 97! /*! /*D%$! 97! 9.?H%8!479.%8'! I7:K6!lC/7!

<7.4!UTZZeV0!78!9.&P?./!W;=:*$!/*!?$79.D./.9*9!97!/%8!4768*W78!76!;6!763%$6%!%6/.67!

76! 7/! L;7! /%8!;8;*$.%8!B$7&.7$76!6%! $7+7/*$! 8;! .9763.9*90! C! *J*97(! jA8*! 8%8B7?H*!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!b!I*4*6*4;90!N;.8!UTZ"ZV(!9"(#!3(2%'$!3('%(*!2-"$*&*$D"(I"7%1"%7/(<!*$&#(J&*%5!!K(1%01%3%"7&(%#(LMN('%(71OG$*!'!`7?;B7$*9%!76!W;/.%!97!TZ"Z0!97!H33B(aa*D$.$67:%?.%'?%4ahZZ"a479.%8,97,?%4;6.?*?.%6,.637$673,8%?.*/,&*?7D%%Ea!"Z!SgQ!UTZ""V(!J&*%5!!K/(#&(B>&(01%G%1$'&(0&1&(1%P$371&13%(%"(-"&(?%58!`7?;B7$*9%!76!4*$=%!97!TZ""0!97!H33B(aaGGG'*D?'78aTZ""ZTZba479.%8,$7978a*D?.,$7:.83$%,$7978,8%?.*/78,&%$4;/*$.%,TZ""ZTZb"c"c'H34/!""!I7:K6!9.?H*!76?;783*0!$7*/.=*9*!763$7!;6*!4;783$*!97!ch]!;8;*$.%80!*L;7//%8!L;7!97?.976!$7//76*$!/%8!&%$4;/*$.%8!/%!H*?76!?%6!9*3%8!7$$@67%8!C!?7$?*!97/!^hf!*D*69%6*!/*!G7D!97&.6.3.+*47637!?;*69%!B.7$976!7/!6%4D$7!97!;8;*$.%!%!/*!?%63$*87J*'!S974280!7/!hhf!97!/%8!76?;783*9%8!*87:;$*!L;7!$7:$78*$2!*!*L;7//*8!B2:.6*8!L;7!/7!$7?%6%?76!*;3%423.?*47637'!

! h!

B;797! 7[B*69.$87! *! /*8! 74B$78*8! .6&%$4*3.+*8! C*! L;7! /%8! /7?3%$78! 6%! 763.76976!

L;7! B7$.%9.83*8! $78B%68*D/780! L;7! D;8?*6! 97?.$! /*! +7$9*9! C! 87$! W;83%80! B;79*6!

B7$4.3.$!78*!4*/.?.*!76!8;!G7Dk'!Y7!7837!4%9%0! /%8!479.%8!H*6!+.83%!76! /*8!$7978!

8%?.*/78! ;6*! %B%$3;6.9*9! 428! &2?./! C! $2B.9*! 97! 4*63767$! 7/! ?%63$%/! 8%D$7! /%8!

?%4763*$.%8!76!8;8!B2:.6*8!%6/.670!*;6L;7!*/:;6%8!3%9*+P*!9.$.:76!8;8!78&;7$=%8!

H*?.*!/*8!?%4;6.9*978!97!;8;*$.%8!B$%B.*8'!

!

56!7W74B/%!$787J*D/7!C!$7?.7637!97!783*!*B;783*!B%$!7/!?%63$%/!97!/*!B*$3.?.B*?.@6!

87!H*//*!76!/*!+7$8.@6!9.:.3*/!97/!B7$.@9.?%!9#(Q&>3!L;7!*6;6?.@!76!4*C%!97!TZ""0!*!

3$*+M8!97!;6!*$3P?;/%"T!&.$4*9%!B%$!8;!Y7&768%$*!97/!N7?3%$0!-./*:$%8!#M$7=!m/.+*0!

/*!97?.8.@6!97/!479.%!97!B%67$!&.6!*/!*6%6.4*3%!76!/%8!?%4763*$.%8!97!/%8!/7?3%$78!

*!/*8!6%3.?.*8!B;D/.?*9*8!76!/*!$79!B%$!7/!479.%!76!8;!87??.@6!#%/P3.?*'!S8P0!/*8!$7:/*8!

97!4%97$*?.@60!L;7!C*!H*DP*6!8.9%!769;$7?.9*8!9%8!*J%8!*6378"_0!87!37$4.6*D*6!97!

B7$&./*$!?%6!/*!%D/.:*3%$.79*9!97/!$7:.83$%!B$7+.%!76!/*!?%4;6.9*9!97!;8;*$.%8!97/!

479.%0! A8E;B0! ?%4%! $7L;.8.3%! .4B$78?.69.D/7! B*$*! ?%4763*$! /*8! 6%3.?.*8! !"#$"%0!

;6*! 97?.8.@6! *9%B3*9*! B%$! 7/! 479.%! ?%6! 7/! &.6! 97! j$7&%$=*$! /*! $7/*?.@6! 97! /%8!

/7?3%$78!?%6!7/!9.*$.%k'!I.6!74D*$:%0!783*8!6%$4*8!8@/%!*&7?3*6!B%$!7/!4%4763%!*!

;6*!97!/*8!87??.%678!,*!/*!78B7$*!97!87$!*B/.?*9*8!76!7/!$783%!97!24D.3%8,0!97W*69%!

*8P! 97! /*9%! /*8! B%8.D./.9*978! :$*3;.3*8! L;7! /*8! B/*3*&%$4*8! 8%?.*/78! 97! 24D.3%!

4;69.*/!D$.69*6!76!3M$4.6%8!97!?%67?3.+.9*9!7!.:6%$*69%!L;7!/*8!/*[*8!6%$4*8!97!

B*$3.?.B*?.@6! 76! 7/! $783%! 97! 87??.%678! ?%63.6K*6! 8.769%! ;6! B$%D/74*! B*$*! /%8!

/7?3%$78!428!.637$78*9%8!76!7/!97D*37'!

!

A6! ?;*/L;.7$! ?*8%0! /*!479.9*! *9%B3*9*! B%$! 7/! ?.D7$479.%! 7/B*.8'?%4!H*! D;8?*9%!

4*63767$!76! /*!B$2?3.?*! /*!8%?.*D./.9*9!C! /*! &.97/.9*9!97$.+*9*!97! /*!B*$3.?.B*?.@6!

L;7! *?*9M4.?%8! ?%4%!N*8.?*! U"bbeV! H*DP*6! *B;63*9%! ;6*! 9M?*9*! *3$28"^'! I7:K6!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"T! #M$7=! m/.+*0! -./*:$%8! UTZ""V(! J$"( '%#( &"!"$2&7!'! `7?;B7$*9%! 76! W;/.%! 97! TZ""0! 76!H33B(aaGGG'7/B*.8'?%4a*$3.?;/%a%B.6.%6a1.6a*6%6.4*3%a7/B7B;%B.aTZ""ZhTb7/B7B.%B.nhaF78!"_!#M$7=!m/.+*0!-./*:$%8!UTZZbV(!R!2%"7&1$!3(2-S(0!*!(%'$G$*&"7%3'!`7?;B7$*9%!76!W;/.%!97!TZ"Z0! 76!H33B(aaGGG'7/B*.8'?%4a*$3.?;/%a%B.6.%6aQ%4763*$.%8aB%?%a79.&.?*6378a7/B7B;%B.aTZZb"TTZ7/B7B.%B.nhaF78!"^! N*8.?*! U476?.%6*9%! B%$! #*$E! C! N770! TZZ]V! *97/*63@! 76! "bbe! L;7! j/%! L;7! /%8!479.%8!%6/.67! B7$8.:;76! ?%6! 8;8! &%$%8! 97! ?%4763*$.%8! *! /*8! 6%3.?.*8! 78! :767$*$! ?%6&.*6=*! C!

! c!

#M$7=!m/.+*!UTZ""V0!7837!479.%!*9+.$3.@0!:$*?.*8!*!/*8!L;7W*8!97!8;8!/7?3%$780!L;7!7/!

97&.?.7637! ?%63$%/! C!4%97$*?.@6! 76! /%8! ?%4763*$.%8! //7:*D*! *!47$4*$! /*! ?*/.9*9!

:/%D*/!97!/*!.6&%$4*?.@6!B;D/.?*9*!B%$!7/!479.%(!j-;?H%8!/7?3%$78!H*6!?%63.6;*9%!

78?$.D.M69%47!B*$*!B$%3783*$!C!H*?7$47!6%3*$!L;7!7/!6.+7/!97!?*/.9*9!L;7!7/!9.*$.%!

87! 78&;7$=*! B%$! 4*63767$! 76! 8;8! 37[3%8! B7$.%9P83.?%8! ?*7! 76! %?*8.%678!

783$7B.3%8*47637!*/!*9763$*$87!76!7/!*B*$3*9%!97! /%8!?%4763*$.%8k'!I.6!74D*$:%0!

7837!H*//*=:%!6%! 78! 8.6%!;6! 7W74B/%!428!97! /*! .6?%4;6.?*?.@6! 7[.837637! 763$7! 7/!

4;69%!*?*9M4.?%!C!B$%&78.%6*/0! B;78! /*! .6+783.:*?.@6!76!7/! 24D.3%!479.23.?%!C*!

H*DP*!*B;63*9%!7837!$.78:%!97!BM$9.9*!97!?$79.D./.9*9!C!?*/.9*9!*J%8!*6378"h'!

!

56%! 97! /%8! K/3.4%8! 479.%8! 76! *B%83*$! B%$! 7/! ?%63$%/! 97/! *6%6.4*3%! 76! /%8!

?%4763*$.%8!97!/%8!/7?3%$78!H*!8.9%!/*!+7$8.@6!9.:.3*/!97/!B7$.@9.?%!78B*J%/!TUR0!/*!

?;*/! /*6=@! 7/! B*8*9%!478! 97! W;/.%! 97! TZ""! ;6*!G7D! 7[B/.?*3.+*"c! 8%D$7! 7/! 6;7+%!

8.8374*!97!?%4763*$.%8!L;7!B7$4.37!*!/%8!;8;*$.%8!%B.6*$!BKD/.?*47637!76!/*!G7D!

97/!479.%!*!3$*+M8!97/!$7:.83$%!76!SgQ.9!U8;!?%4;6.9*9!97!;8;*$.%8!!"#$"%V0!%!D.76!

479.*637! /*! ?%67[.@6! ?%6! 8;8! ?;763*8! 76! /*8!B/*3*&%$4*8! 8%?.*/78!97!1*?7D%%E!%!

FG.337$'!!

!

A83*!B$2?3.?*!97!%&$7?7$!*!/%8!;8;*$.%8!/*!B%8.D./.9*9!97!?%67?3*$87!*!3$*+M8!97!8;8!

B7$&./78! 8%?.*/78! 6%! 8@/%! 78! H*D.3;*/! 76! 6;47$%8%8! 87?3%$78! !"#$"%! B%$! /*8!

&*?./.9*978! C! D767&.?.%8! 76! 3M$4.6%8!97! 3$*68B*$76?.*! L;7! %&$7?7! O78B7?.*/47637!

B*$*! *L;7//%8! B%?%8! ?.D7$479.%8! L;7! /%! 74B/7*6,0! 8.6%! L;7! 3*4D.M6! /78! B7$4.37!

*4B/.*$!/*8!%B?.%678!97!.637$*?3.+.9*9!87/7?3.+*!C!?%4;6.?*3.+*"]!*!9.8B%8.?.@6!97!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&.97/.9*9! */! B$%9;?3%! *! 3$*+M8! 97! /*8! %B?.%678! 97! $73$%*/.4763*?.@6! C! /*! B*$3.?.B*?.@6!*?3.+*!97!/%8!/7?3%$78k'!!"h!S8H0!<*/B7$6!C!<733.6:*!UTZZbV!?%6?/;C7$%6!76!8;!.6+783.:*?.@6!L;7!?;*69%!/%8!;8;*$.%8!B;D/.?*6! ?%4763*$.%8! *! /%8! *$3P?;/%80! /*! *;9.76?.*! B7$?.D7! ;6*! ?*/.9*9! B7%$! 97/! *$3P?;/%0!*;6L;7!/*!B$7876?.*!97!78%8!?%4763*$.%8!*&7?3*!B%8.3.+*47637!*/!*3$*?3.+%!7!.637$M8!H*?.*!/*!6%3.?.*0!783%!780!.6?$74763*!8;!?*B*?.9*9!B*$*!763$73767$'!"c!N*!G7D!7[B/.?*3.+*!8%D$7!7/!6;7+%!8.8374*!97!B*$3.?.B*?.@6!B*$*!/%8! /7?3%$78!97!*D?'780!3.3;/*9*! jQ*4D.*4%8! /*! &%$4*! 97! ?%4763*$k0! 87! B;8%! 76! 4*$?*! 7/! "h! 97! W;/.%! 97! TZ""'!17?H*!97!?%68;/3*!"h!97!W;/.%!97!TZ""0!76!H33B(aaGGG'*D?'78a78B7?.*/78a?%4763*$.%8a!"]! `%83! UTZZc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

! ]!

/%8!;8;*$.%8'!S97428!.6?$74763*!/*8!B%8.D./.9*978!97!9.&;8.@6!97!/*!.6&%$4*?.@6"e!

C! %3$*8! +763*W*8! 3*4D.M6! 97$.+*9*8! 97! /*! B*$3.?.B*?.@6! C! $7?%4769*?.@6! 97!

?%6376.9%8! *! /%8! ;8;*$.%8! ?%67?3*9%8! ?%6! 7/! /7?3%$'! I.6! 74D*$:%0! 7[.8376! ?.7$3*8!

978+763*W*8!L;7!B*$*!/%8!479.%8!B;7976!87$!4%3.+%!8;&.?.7637!B*$*!6%!%&$7?7$!787!

*??78%! *! 3$*+M8! 97! /%8! B7$&./78! 8%?.*/780! ?%4%! B;79*! 87$! /*! *;876?.*! 97! ?%63$%/!

8%D$7!B/*3*&%$4*8!O*W76*8,!?%4%!1*?7D%%E!C!FG.337$'!

!

T'_'!Q%67?3*$!?%6!/*8!.9763.9*978!9.:.3*/78!C!8%?.*/78!97!/%8!;8;*$.%8!

!

Q%4%!*&.$4*!A83*/7//*!UTZZh(!cV0!/*!4*C%$!B*$37!97!/%8!783;9.%8!8%D$7!?%4;6.9*978!

!"#$"%!9.83.6:;76!763$7!j/*8!?*37:%$P*8!97!/%!8%?.*/!C!/%!37?6%/@:.?%"b0!/%!6*3;$*/!C!/%!

*$3.&.?.*/0!/*!8%?.79*9!C!/*!3M?6.?*0!C!/*8!3$*8/*9*6!*/!?.D7$78B*?.%k'!Y7!7837!4%9%!87!

:767$*6! 6;7+*8! 9.?%3%4P*80! 78B7?.*/47637! 763$7! 7/! 78B*?.%! ?%68.97$*9%!

j*;3M63.?%k! U78! 97?.$0! /*! .9763.9*9! &P8.?*0! !GG#$"%V! C! j8.4;/*9%k! U87! $7&.7$7! *! /*!

.9763.9*9!9.:.3*/0!76!7/!?.D7$78B*?.%V'!!

!

I.6!74D*$:%0!7/!;8%!4*8.+%!97!$7978!8%?.*/78!76! /*!*?3;*/.9*90! 3*63%!76!?;*63%!*/!

+%/;476!97!;8;*$.%8TZ! ?%4%!76! 8;! *B/.?*?.@6! *! /*! ?%4;6.?*?.@6!!"#$"%! B*$*! ?*8.!

3%9%8! /%8! 87?3%$78! 8%?.*/780! B7$4.37! ?%68.97$*$! L;7! 783*! .9763.9*9! 9.:.3*/! 7832!

97W*69%!97!87$!;6*! .9763.9*9! &*/8*!%!87?;69*$.*0!B*$*!?%6+7$3.$87!76!;6*!78B7?.7!

97! &#7%1( %P!! 9.:.3*/0! ;6*! .9763.9*9! $7*/! 3$*8/*9*9*! */! 763%$6%! !"#$"%0! %! j;6*!

B$%/%6:*?.@6!97!/*8!$7/*?.%678!B7$8%6*/78!76!/*!+.9*!$7*/k!Ug7$6*/!F$.+.J%0!TZZbV'!\!

78! B$7?.8*47637! 783*! $7*/.9*9! /*! L;7! */:;6*8! :$*6978! 74B$78*8! 97! .637$673! H*6!

B7$?.D.9%! C! 97! /*! ?;*/! L;.7$76! 8*?*$! B*$3.9%(! jF%9%8! L;.7$76! L;7! 8;! 4%97/%! 87!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"e!Y.+7$8%8!*?*9M4.?%8!?%6?/;C76!L;7!/%8!?.D7$479.%8!B7$?.D76!/*8!$7978!8%?.*/78!B$.6?.B*/47637!?%4%!;6!479.%!97!9.&;8.@6!C!9.83$.D;?.@6!97!/*!.6&%$4*?.@6!Ug7$6*/!F$.+.J%0!TZZbX!)%:;7$*!i.+%0!TZ"ZV'!"b!A/!*;3%$!87!$7&.7$7!*8P!/%8!783;9.%8!L;7!97!;6!4%9%!428!%!476%8!$79;??.%6.83*!/.4.3*6!7/!7&7?3%! 97! /*8! ?%4;6.9*978! *! 8;! ?%4B%67637! 3M?6.?%0! %! D.76! /%8! L;7! ?%6374B/*6!K6.?*47637!7/!7&7?3%!L;7!7W7$?7!/*!?%4;6.9*9!?%4%!:$;B%!8%?.*/!8%D$7!/*!.6&$*783$;?3;$*!3M?6.?*!UA83*/7//*0!TZZh(!hV'!TZ! I7:K6! 7/! .6&%$47! ;&( 3!*$%'&'( %"( 1%'( VWMW0! B;D/.?*9%! B%$! /*! I7?$73*$P*! 97! A83*9%! 97!F7/7?%4;6.?*?.%678! C! B*$*! /*! I%?.79*9! 97! /*! >6&%$4*?.@60! /*! 74B$78*! ?%68;/3%$*! D7/:*!>6I.378!Q%68;/3.6:!978*$$%//@!;6!783;9.%!76!"^!B*P878!O763$7!/%8!L;7!87!76?;763$*!A8B*J*,!C!978+7/@!L;7!7/!]Tf!97!/%8!;8;*$.%8!97!.637$673!B7$3767?7!*/!476%8!*!;6*!$79!8%?.*/0! /%!L;7! 87! 3$*9;?7! 76!b^Z!4.//%678!97!;8;*$.%8! 76! 7/!4;69%0! 8.769%!9%8! /*!479.*! 97! $7978!8%?.*/78!;3./.=*9*8!B%$!?*9*!;8;*$.%'!

! e!

.4B%6:*!B*$*!?%6+7$3.$87!76! /%8!$7C78!97! /%8!9*3%8'!A8! /*!:;7$$*!B%$!8*D7$!?@4%!

6*+7:*6!/%8!.637$6*;3*80!6%!8@/%!B%$!/*8!B2:.6*8!B$%B.*80!8.6%!B%$!3%9*!/*!`79kT"'!

!

A837!4%9%!97!7637697$!/*8!$7978!8%?.*/78!?%4%!7/!3-22-2!97!/*8!$7/*?.%678!%6/.67!

78! ;6*! +.8.@6! :767$*/.=*9*! B*$*! 4;?H%8! B$%&78.%6*/78! C! *?*9M4.?%80! C0!

78B7?.*/476370!B*$*!/%8!6*3.+%8!9.:.3*/780!78!97?.$0!*L;7//%8!?;C%!*B$769.=*W7!87!H*!

978*$$%//*9%!B/76*47637!76!7/!763%$6%!37?6%/@:.?%TT(!B*$*!/%8!6*3.+%8!9.:.3*/78!jo7/!

76?;763$%o! H*! 97W*9%! 97! 87$! 7[?/;8.+%! 97/! p?*$*! *! ?*$*o! B*$*! 978B/7:*$! ;6*! :$*6!

?*63.9*9!97!B%8.D./.9*978!*!3$*+M8!97!/*!4768*W7$P*!.683*63267*0!/%8!*)&70!/%8!?$K$30!

C! ?;C%! ?M6.3! 97! .637$?%67[.@6! 7! .637$$7/*?.@6! /%! $7B$78763*6! /*8! $7978! 8%?.*/78k!

UQ7$7=%0! TZZeV'! >6?/;8%!-*$?!#$768EC! UTZZ^(! "TV! +*!428! *//2! ?;*69%! *&.$4*!L;7!

j/%8!?%63*?3%8!!"#$"%!8%6!3*6!p$7*/78o!?%4%!/%8!L;7!3.7676!?*$*!*!?*$*0!*;6L;7!?%6!

;6!783./%!9.&7$7637kT_'!!

!

I7:K6!g7$6*/!F$.+.J%!UTZZbV0!7/!M[.3%!97!/*8!$7978!8%?.*/78!B;797!97D7$87!*!L;7!87!

3$*3*!97!H7$$*4.763*8!L;7!?%4D.6*6!C!*?763K*6!/*8!?*B*?.9*978!C!8.6:;/*$.9*978!

97!.637$673(!4;/3.479.*0!H.B7$37[3%0!.637$*?3.+.9*9!C!*?3;*/.=*?.@6'!A6!783*8!?;*3$%!

?*$*?37$P83.?*8! B%9$P*! $78;4.$87! *L;7//%! *! /%! L;7! 87! $7&.7$7! q%8M! N;.8! m$.H;7/*!

UTZZeV!?;*69%!978?$.D7!/%8!9787%8!97!;6!/7?3%$!97!B$768*!9.:.3*/(!

!

! A/! ;8;*$.%! C*! 6%! 87! ?%63763*! ?%6! B%97$! *??797$! *! .6&%$4*?.@6!

*?3;*/.=*9*0! *H%$*! 7[.:7! B%97$! H*?7$! */:%! ?%6! 7//*(! ?%4763*$/*0!

+*/%$*$/*0! $74.3.$/*! *! &./3$%8! 8%?.*/78! r'''s0! :;*$9*$! 7/! 76/*?7! 76! 8;8!

&*+%$.3%8! 76! /P67*! r'''s0! 76+.*$/*! B%$! ?%$$7%! 7/7?3$@6.?%! *! ;6! *4.:%0!

?%4B*$3.$!7/!76/*?7!76!8;!B$%B.*!$79!8%?.*/!%!$7B;D/.?*$!C!?%4763*$! /*!

6%3.?.*!76!8;!D/%:'!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!T"!A/-;69%!UTZ"ZV(!X-%11&(0!1(#&($'%"7$'&'('$P$7&#'!`7?;B7$*9%!76!W;/.%!97!TZ"Z0!97!H33B(aaGGG'7/4;69%'78aD/%:8a7/4;69%a?*3*/7W%aTZ"ZaZ_a"ha:;7$$*,B%$,/*,.9763.9*9'H34/!TT!-*$?!#$768EC!*?;J@!7/!3M$4.6%!97!j6*3.+%8!9.:.3*/78k!B*$*!$7&7$.$87!*!/%8!W@+7678!L;7!H*6!978*$$%//*9%!8;!*B$769.=*W7!76!7/!763%$6%!37?6%/@:.?%!C!*!/%8!?;*/78!?%68.97$*!jB%$3*+%?78!6*3.+%8k!U"&7$B%(30%&K%13V!97/!j/76:;*W7!9.:.3*/!97!/%8!%$976*9%$780!+.97%W;7:%8!7!>637$673k!UTZZ"(!"V'!T_!I7!$7&.7$7!*!/%8!6*3.+%8!9.:.3*/78'!

! b!

I.6!74D*$:%0!428!*//2!97/! *3$*?3.+%! 37?6%/@:.?%!L;7!B;797!978B7$3*$! .637$6730! 8;!

;3./.9*9!8%?.*/!C!97!7&7?3%!.6479.*3%!78!*!&.6!97!?;763*8!7/!4%3.+%!97!8;!6*?.4.763%0!

87:K6!7/!?$7*9%$!97!/*!t%$/9!t.97!t7D0!F.4!g7$67$8,N77(!jN*!G7D!78!;6*!?$7*?.@6!

428!8%?.*/!L;7!3M?6.?*'!\%!/%!9.87JM!B%$!8;!7&7?3%!8%?.*/!OB*$*!*C;9*$!*!L;7!/*!:7637!

3$*D*W*87! W;63*,!C!6%!?%4%!;6! W;:;737!3M?6.?%k!UYP*=!)%?.0!TZZZV'!S/! .:;*/!L;7!H*!

%?;$$.9%! ?%6! .637$6730! /*8! $7978! 8%?.*/78!H*6! .6.?.*9%!7/! B$%?78%!97! *9*B3*?.@6!C!

*8763*4.763%! 76! 7/! ?%637[3%! 97! /*! 8%?.79*9! 97! /*! .6&%$4*?.@60! *;6L;7! 3%9*+P*0!

97D.9%! *! /*! 978.:;*/! .683*;$*?.@60! 8.:;76! 879;?.769%! ?%4%! 37?6%/%:P*! B;$*0!428!

*//2!97!/%8!7&7?3%8!8%?.*/78!L;7!H*6!974%83$*9%!B$%+%?*$'!

!

T'!^'!i763*W*8!97!.637:$*$!/%8!B7$&./78!8%?.*/78!97!;8;*$.%8!76!/%8!?.D7$479.%8!

!

S!B78*$!97!/*!9.&.?;/3*9!L;7!8;B%67!/*!*B*$.?.@6!C!*9*B3*?.@6!97!/*8!$7978!8%?.*/78!

76! 7/! ?%637[3%! 97! /%8! 479.%8! 97! ?%4;6.?*?.@6! 428! 3$*9.?.%6*/780! M83*8! H*6!

D767&.?.*9%! */! 87?3%$! .6&%$4*3.+%! 76! +*$.%8! 8763.9%8'! `%47$%! #%$3.//%! UTZ""V!

87J*/*! L;7! /%8! 479.%8! H*6! +.83%! 76! 783%8! 78B*?.%8! ;6*! j%B%$3;6.9*9! B*$*!

7[B*69.$87!%0!76!7/!B7%$!97!/%8!?*8%80!;6*!*/37$6*3.+*!B*$*!?%63$*$$783*$!/*!p9%D/7o!

?$.8.8!B%$!/*!L;7!*3$*+.78*6k(!/*!&.6*6?.7$*0!97!?*$2?37$!:/%D*/0!C!/*!.637$6*0!97$.+*9*!

97!/%8!?*4D.%8!37?6%/@:.?%8!C!/*!$79;??.@6!97!.6:$78%8!&.6*6?.7$%8'!I.6!74D*$:%0!6%!

97D.7$*!L;79*$!*/!4*$:76!;6*!97!/*8!4*C%$78!9.&.?;/3*978!L;7!*&7?3*6!*?3;*/47637!

*! /%8! 479.%8! 97! ?%4;6.?*?.@60! ?%4%! 78! 87:K6! S/4.$@6! UTZZcV! j/*! BM$9.9*! 97!

?$79.D./.9*9! B%$! 8;!47$?*63./.=*?.@6kX! 87:K6! 7/! *;3%$0! M83*! 78! ;6*! 97! /*8! $*=%678!

B%$!/*8!L;7!/%8!;8;*$.%80!978?%63763%8!?%6!/*!783$;?3;$*!C!B$%9;??.@6!B7$.%9P83.?*0!

B$7&.7$76!?%4763*$!C!?%4B*$3.$! /%8!?%6376.9%8! .6&%$4*3.+%8!9.$7?3*47637!?%6!8;!

$79! 97! *4.:%8! *! 3$*+M8! 97! /*8! B/*3*&%$4*8! 8%?.*/78'! Q%4%! *B;63*! IE%/7$! UTZZbV0!

4;?H%8!;8;*$.%8! C*!6%!D;8?*6!6%3.?.*8!B%$L;7!M83*8! 8.4B/747637! //7:*6!*! 7//%8(!

jS8;476!L;7!8;!$79!97!*4.:%8!O*L;7//%8!76!/%8!L;7!?%6&P*6,!/78!?%63*$26!*L;7//*8!

6%3.?.*8!.637$78*6378!%!.4B%$3*6378k'!

!

N*8!$7978!8%?.*/780!763769.9*8!?%4%!j87$+.?.%8!D*8*9%8!76!/*!G7D!L;7!B7$4.376!*!

8;8!;8;*$.%8!$7/*?.%6*$870!?%4B*$3.$!.6&%$4*?.@60!?%%$9.6*$!*??.%678!C0!76!:767$*/0!

4*63767$87! 76! ?%63*?3%k! Um$.H;7/*0! TZZeV0! %&$7?76! */! ;8;*$.%! /*! B%8.D./.9*9! 97!

;3./.=*$!8;!B7$&./!8%?.*/!?%4%!H7$$*4.763*!97!&./3$%!*W;83*D/7!*!8;8!B$%B.%8!:;83%8!7!

! "Z!

.637$78780!C!*97428!/7!?%6+.7$376!76!3783.:%!97!/*8!.6&%$4*?.%678!*!/*8!L;7!*??797!

8;!?P$?;/%!97!?%63*?3%8!76!/*8!$7978!8%?.*/78'!S8.4.84%0!&*+%$7?7!7/!?;4B/.4.763%!

97! %DW73.+%8! ?%47$?.*/78! C! B;D/.?.3*$.%8! ?%6! *??.%678! C! H7$$*4.763*8! 8%?.*/78!

.637$479.*80! ?%4%! 8%6! /%8! *6;6?.%8! $7?%4769*9%8! Ca%! B*3$%?.6*9%8! B%$! /%8!

?%63*?3%8! 76! 1*?7D%%E! %! FG.337$0! C*! L;7! 7[B%67! *! /%8! ;8;*$.%8! *! ?%6376.9%8!

B;D/.?.3*$.%8!:767$*9%8!%!8;D?%63$*3*9%8!B%$!7/!479.%!76!78*!$79!8%?.*/'!S/!4.84%!

3.74B%0!783*! .637:$*?.@6!97!B/*3*&%$4*8!*! 3$*+M8!97! /*8!%B?.%678!97!?%67?3.+.9*9!

8%?.*/! B7$4.37! */! .637$6*;3*! *;6*$! ?*8.! 3%9*! 8;! *?3.+.9*9! %6/.67! 76! 8;! B7$&./! 97!

1*?7D%%E!%!FG.337$!*!3$*+M8!97!/*!;3./.=*?.@6!97!/%8!D%3%678!8%?.*/78!76!/*8!6%3.?.*8!

B;D/.?*9*8! 76! /%8! ?.D7$479.%8! C! 97/! $7:.83$%! 97! 8;8! B$7&7$76?.*80! ?%4763*$.%8! 7!

.637$?*4D.%8! 97! .6&%$4*?.@6! 978*$$%//*9%8! ?%6! 8;! B7$&./! 8%?.*/! 76! .637$673'! A8!

97?.$0!3%9*!/*!*?3.+.9*9!97!;6!;8;*$.%!L;7!.6:$78*!76!;6*!G7D!7[37$6*!*!3$*+M8!97!

8;! .9763.9*9! 76! /*! $79! 8%?.*/! L;79*$M! $7:.83$*9*! 76! 8;! B7$&./0! ?%4B/73*69%! C!

?%637[3;*/.=*69%!;6*!.9763.9*9!9.:.3*/!K6.?*'!

!

A83*!6;7+*!B$2?3.?*!76!7/!B$%?78%!.6&%$4*3.+%0!?%6!;6!?%4B%$3*4.763%!*?3.+%!B%$!

B*$37! 97/! ;8;*$.%0! 8;B%67! +763*W*8! 9.+7$8*8! B*$*! /%8! ?.D7$479.%80! /%8! ?;*/78!

B;7976!$7?;B7$*$!B*$37!97!78*!*;9.76?.*!%6/.67!OC!?%6!M83*!/*!B*$3.?.B*?.@6,!B*$*!

8;8!?%53!%&.?.*/78'!Y7!H7?H%0!/*!B*$3.?.B*?.@6!97!/%8!/7?3%$78!76!/%8!?%4763*$.%8!97!

/%8!B7$.@9.?%8!!"#$"%! *! 3$*+M8!97! /*! .637:$*?.@6!?%6!8;8!?;763*8! 8%?.*/78! &*+%$7?7!

;6*! 4*C%$! +.8.D./.9*9! 97! /%8! ?%4763*$.%8! C0! ?%6! M83%80! 97! /*! B$%B.*! 6%3.?.*! 97/!

479.%! B;783%! L;7! 78*! *??.@6! 97! B*$3.?.B*?.@6! 87! */D7$:*$2! BKD/.?*47637! 76! 7/!

B7$&./!8%?.*/!97/!/7?3%$!C!783*$20!B%$!3*63%0!7[B;783*!*!8;!?P$?;/%!97!*4.:%8!76!/*!$79'!!

!

I.6!74D*$:%0!/*!7?%6%4P*!97!/*!*376?.@6!87!+;7/+7!&;69*4763*/!?;*69%!87!H*D/*!97!

/%8!&/;W%8!97!.6&%$4*?.@6!76!.637$673'!A6!"b]"!7/!)%D7/!97!A?%6%4P*!<7$D7$3!I.4%6!

?%6?/;C@! L;7! /*! 8%D$7?*$:*! 97! .6&%$4*?.@6! 76! /*8! 7?%6%4P*8! 978*$$%//*9*8!

B$%+%?*D*!j;6*!B%D$7=*!97!*376?.@6kT^'!A83%!4%3.+*0!87:K6!Q7$7=%!UTZZeV0!L;7!/%8!

479.%8! 97?.9*6! &$*:4763*$! /*! .6&%$4*?.@6! B*$*! B%97$! 9.83$.D;.$/*! $2B.9*47637!

B*$*!8;!?%68;4%(!j56*!8%?.79*9!.637$?%67?3*9*!7!H.B7$.6&%$4*9*!*!3$*+M8!97! /%8!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!T^!i7/.//*0!q*+.7$!UTZ"ZV(!9*!"!2>&('%(#&(&7%"*$D"Y(Z#&(&5-"'&"*$&('%(#&($"G!12&*$D"('&(#-P&1(&(#&(0!51%4&('%(#&(&7%"*$D"'!`7?;B7$*9%!76!W;/.%!97!TZ""!97!H33B(aaGGG'W*+.7$+7/.//*'78aG%$9B$788aTZ"ZaZ"a"ha7?%6%4.*,97,/*,*376?.%6,/*,*D;69*6?.*,97,/*,.6&%$4*?.%6,9*,/;:*$,*,/*,B%D$7=*,97,/*,*376?.%6a!

! ""!

479.%8! 9.:.3*/78! 6%! B;797! 973767$87! C! /*! &$*:4763*?.@6! B7$4.37! B%376?.*$! 8;!

*9*B3*D./.9*9!76!7/!78?76*$.%!97!/*!$7*/.9*9!/PL;.9*k'!!

!

A83*!?*$*?37$P83.?*!97!/%8!?%6376.9%8!9.:.3*/780!78B7?.*/47637!97897!/*!B$%/.&7$*?.@6!

97! /*8! $7978! 8%?.*/78! ?%4%! ?*6*/78! 97! ?%4;6.?*?.@60! B7$4.37! *! /%8! ?.D7$479.%8!

B*$3.?.B*$! 76! 7/! B*837/! UB;D/.?.3*$.%0! 3$2&.?%! 97! .6&%$4*?.@6! C! ;8;*$.%80! 73?'V! L;7!

8;B%67! /*! j7?%6%4P*! 97! /*! *376?.@6k'! A8! .4B%$3*637! 9783*?*$! L;7! /%8! ?%6376.9%8!

?%4B*$3.9%8!76!/*8!$7978!8%?.*/78!8%6!4@+./78!C!87!?*$*?37$.=*6!&;69*4763*/47637!

B%$!8;!?*$2?37$! &$*:4763*9%0! /%!?;*/!B7$4.37!;6*!9.&;8.@6!428!$2B.9*!C!?%63.6;*!

L;7! B;7976! *B$%+7?H*$! /%8! 479.%8! ?%4%! B$.6?.B*/78! :767$*9%$78! 97! ?%6376.9%!

.6&%$4*3.+%!76!/*8!$7978!8%?.*/78'!N*!B*$*9%W*!*!/*!L;7!87!76&$763*6!/%8!479.%8!780!

?%4%! *&.$4*!)%:;7$*! UTZ"ZV0! L;7! j76!4;?H%8! ?*8%8! 97D76!H*?7$/%! &;7$*! 97! 8;8!

9%4.6.%8!?%$B%$*3.+%8k0!C*!L;7!78*! /;?H*!B%$! /*!*376?.@6!97! /%8!;8;*$.%8!%D/.:*!*!

/%8!479.%8!*!j*?7B3*$!L;7!8;!?%6376.9%!87*!3$*8/*9*9%0!79.3*9%!%!.6?/;8%!47=?/*9%!

r'''s!C!*8P0!&2?./47637!/%?*/.=*D/70!*;6L;7!87*!*!?*4D.%!97/!B7*W7!97!6%!B*8*$!B%$!/*!

B%$3*9*!C!*?7B3*$!7/!?%68;4%!B%$!+P*8!*/37$6*3.+*8!97!3$2&.?%k'!

!

S97428!97/!*B$%+7?H*4.763%!97/!?*$2?37$!&$*:4763*9%!C!;D.?;%!97!/%8!?%6376.9%8!

9.:.3*/780!C!97!/*!4*C%$!+.8.D./.9*9!97!/%8!?%4763*$.%8!C!/*!6%3.?.*!97/!479.%!76!/*!

$79! 8%?.*/0! 7[.8376! %3$*8! +763*W*8! 97$.+*9*8! 97/! *??78%! *! /*8! G7D! .6&%$4*3.+*8! *!

3$*+M8!97!/*!.637:$*?.@6!?%6!7/!B7$&./!8%?.*/!97!/%8!/7?3%$78'!S8P0!B%$!7W74B/%0!B7$4.37!

.6?$74763*$! /*8! %B?.%678! 97! .637$*?3.+.9*9! *! 9.8B%8.?.@6! 97! /%8! /7?3%$78! L;7! 87!

?%67?376!?%6!8;!B7$&./!8%?.*/'!56!479.%!L;7!H*!8*D.9%!*B$%+7?H*$!/*8!?*B*?.9*978!

8%?.*/78!97!8;!?%5!78!FH7!<;&&.6:3%6!#%830!;6!8.3.%!?%5!97!6;7+%!?;J%!L;7!76!8@/%!

87.8!*J%8!97!+.9*!H*!/%:$*9%!978D*6?*$!*!/*!+7$8.@6!9.:.3*/!97/!B7$.@9.?%!,%?(C!1K(

[$2%3! 76! 7/! 1&"K$"P! 97! /%8! 9.*$.%8! 9.:.3*/78! 428! +.8.3*9%8Th'! A837! 479.%0!

?%6&%$4*9%!B%$!j;6!8.3.%!97!6%3.?.*80!;6!?%6:/%47$*9%!97!D/%:8!C!;6! p*:$7:*9%$o!

r$7K67! 6%3.?.*8! 7! H.83%$.*8! B$%9;?.9*8! B%$! %3$*8! &;76378! *! /*8! L;7! 76/*=*0! %!

p/.6L;7*osk0!B%877!;6*!?%4;6.9*9!97!;8;*$.%8!L;7!9;$*637!TZ"Z!C*!$7:.83$*D*!428!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Th!g*L;.*!U"Z,Zc,TZ""V(![)%(\-GG$"P7!"(Q!37(3-0%1&(&#(,%?(C!1K([$2%3(%"(-3-&1$!3(]"$*!3'!`7?;B7$*9%!76!W;/.%!97!TZ""0!97!H33B(aaGGG'D*L;.*'?%4aB%838aTZ"",Zc,"Z,3H7,H;&&.6:3%6,B%83,8;B7$,*/,67G,C%$E,3.478,76,;8;*$.%8,;6.?%8!

! "T!

97!;6!4.//@6!97!?%4763*$.%8!B%$!478Tc'!56*!97!/*8!:$*6978!*B;783*8!97!7837!8.3.%!

97! 6%3.?.*8! 78! /*! .637:$*?.@6!97! /*! $79! 8%?.*/! ?%6! 8;!479.%!!"#$"%! *! 3$*+M8! 97! ;6!

*?;7$9%! ?%6! 1*?7D%%E! C! /*! ?$7*?.@6! 97! /*! *B/.?*?.@6! <;&&#%83! I%?.*/! )7G80! L;7!

jB7$4.3.$2!?%67?3*$!*! /%8!;8;*$.%8!97/!479.%!?%6!8;8!*4.:%8!76! /*!$79!8%?.*/0!?%6!

/*8! 6%3.?.*8! L;7! 78326! /7C769%! C! ?%6! /*8! H.83%$.*8! L;7! ?%4763*6kT]'! I7:K6! /%8!

9.$7?3.+%8! 97! 7837! 479.%0! 7$*! .4B%8.D/7! .:6%$*$! 7/! ?$7?.4.763%! L;7! H*DP*!

7[B7$.4763*9%! /*! $79!8%?.*/0!B%$! /%!L;7!97?.9.7$%6!4%9.&.?*$!7/!4%9%!76!L;7! /%8!

;8;*$.%8!87!$7/*?.%6*6!?%6!/*8!6%3.?.*80!.6?/;8%!*!B78*$!97!$%4B7$!?%6!/*!376976?.*!

*?3;*/!97!/%8!479.%8!97!?$7*$!8;!B$%B.*!?%4;6.9*9!97!;8;*$.%8'!

!

T'!h'!N%8!87$+.?.%8!8%?.*/78!97!.637:$*?.@6(!1*?7D%%E!Q%667?3!C!FG.337$!RS6CGH7$7!

!

A/!$7:.83$%!K6.?%!B*$*!7/!*??78%!*!9.&7$76378!8.3.%8!97! .637$673!D767&.?.*!6%!8@/%!*!

/%8! ;8;*$.%80! 8.6%! L;7! 3*4D.M6! &*+%$7?7! /*! *?3.+.9*9! .6&%$4*3.+*0! B;D/.?.3*$.*! C!

$7/*?.%6*/!978*$$%//*9*!B%$! /%8!479.%8!97!?%4;6.?*?.@6!L;7!*B;783*6!B%$!*/:;6*!

97!783*8!%B?.%678!8%?.*/78!.637:$*9%$*8(!1*?7D%%E!Q%667?3!C!FG.337$!RS6CGH7$7'!

!

N*!*B*$.?.@6!97!783*8!%B?.%678!97!.637:$*?.@6!8%?.*/!97!.9763.9*978!H*!8;B;783%!;6!

?*4D.%! 8;83*6?.*/! 76! 7/! ?%4B%$3*4.763%! 97! /%8! ;8;*$.%8! 97! .637$673'! I7:K6! ;6!

783;9.%! 7/*D%$*9%! 9;$*637! TZ""! 76! A83*9%8! 56.9%80! 7/! ^"f! 97! /%8! 76?;783*9%8!

B$7&.7$7! *??797$! *! /*8! B2:.6*8! G7D! ?%6! 8;! B7$&./! 8%?.*/0! &$7637! */! _hf! L;7! 87!

97?*63*! B%$! 7/! *??78%! *6@6.4%! %! .6+.3*9%'! I@/%! 7/! T^f! 7/.:7! /*! ?$7*?.@6! 97! ;6*!

?;763*!6;7+*!76!7/!3$7%0!*!B78*$!97!L;7!7/!]cf!97!/%8!76?;783*9%8!*&.$4*!?%4B/73*$!

/%8! &%$4;/*$.%8! ?%6! .6&%$4*?.@6! 7$$@67*(! 76! 783*8! ?%69.?.%678! 97! &*/87%! 97! /*!

.6&%$4*?.@6! /%8!479.%80! B%$! 3*63%0! 76?;763$*6!428! 9.&.?;/3*978! B*$*! *B$%+7?H*$!

8;8! D*878! 97! 9*3%8! B$%B.*8! 97! ;8;*$.%8'! N*! ;3./.=*?.@6! 97! 783*8! *B/.?*?.%678! 97!

.637:$*?.@6!8%6!B%8.3.+*8!B*$*!/%8!;8;*$.%8!C!B*$*!/*!.4*:76!97!/*8!74B$78*8!87:K6!

/*!%B.6.@6!97!/%8!76?;783*9%8'!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Tc!A/#;7$?%78BP6!U"_,Zh,TZ"ZV(!9#(3$7$!('%(I"7%1"%7(@-%(S&(3-0%1D(&#(^&3)$"P7!"(Q!37(S(&#(^&##(<71%%7(A!-1"&#'!`7?;B7$*9%!76!W;/.%!97!TZ"Z0!97!H33B(aaGGG'7/B;7$?%78B.6'?%4'*$aTZ"ZaZha"_a7/,8.3.%,97,.637$673,L;7,C*,8;B7$%,*/,G*8H.6:3%6,B%83,C,*/,G*//,83$773,W%;$6*/a!T]!SgQ!U"],Ze,TZZbV(!9#(\-GG$"P7!"(Q!37(Z3%(*!"%*7&H(&(J&*%5!!K'!`7?;B7$*9%!76!W;/.%!97!TZ"Z0!97!H33B(aaGGG'*D?'78aTZZbZe"]a479.%8,$7978,G7DaH;&&.6:3%6,B%83,?%67?3*,&*?7D%%E,TZZbZe"]"eZb'H34/!

! "_!

T'h'"'!1*?7D%%E!Q%667?3!

!

A6!4*C%!97!TZZe!/*!B2:.6*!97!978*$$%//*9%$78!97!1*?7D%%E!*6;6?.@!7/!/*6=*4.763%!

97! 1*?7D%%E! Q%667?3Te0! ;6*! *B/.?*?.@6! L;7! jB7$4.37! *! /%8! ;8;*$.%8! p?%67?3*$o! 8;!

.9763.9*9! 76! 1*?7D%%E0! 8;8! *4.:%8! C! 8;! B$.+*?.9*9! ?%6! ?;*/L;.7$! B2:.6*k! C!

&*+%$7?7!L;7!/*8!?%53$7%3!%&$7=?*6!6;7+*8!;3./.9*978!C!87$+.?.%8!*!8;8!/7?3%$78'!N%8!

978*$$%//*9%$78!97!783*!*B/.?*?.@6!9783*?*D*6!B%$!763%6?78!H*83*!?;*3$%!+763*W*8!

97!;3./.=*$!7837!6;7+%!8.8374*!97!.637:$*?.@6!97!B/*3*&%$4*8(!!

!

, &.*D./.9*9! 76! /*! *;3763.?*?.@6(! /%8! ;8;*$.%8! B%9$26! *??797$! ?%6! 8;! B7$&./!

8%?.*/!*!3%9*8!*L;7//*8!B2:.6*8!L;7!*8P!/%!B7$4.3*60!4*6376.769%!7/!?%63$%/!

8%D$7!/%8!B7$4.8%8!97!B$.+*?.9*9'!

!

, >9763.9*9! $7*/(! /%8! ;8;*$.%8! 97! 1*?7D%%E! 4*63.7676! 8;8! B7$&./78! ?%6!

.6&%$4*?.@6! $7*/! 8%D$7! 8;! .9763.9*9Tb0! *97428! 97! .6?/;.$! .6&%$4*?.@6! 97!

?%637[3%!?%4%!78!/*!97$.+*9*!97!/%8!?%63*?3%80!/%8!:$;B%80!73?'!

!

, S??78%! *! /%8! j*4.:%8k(! /*! *B/.?*?.@6! B7$4.37! *! /%8! ;8;*$.%8! j//7+*$! *! 8;8!

*4.:%8!*!?;*/L;.7$!B;63%!97!/*!G7Dk0!;6*!%B?.@6!L;7!B;7976!*B$%+7?H*$!/%8!

978*$$%//*9%$78! 97! %3$*8! B2:.6*8! B*$*! *J*9.$! ?.7$3%! ?%637[3%! *! /*!

7[B7$.76?.*!97/!;8;*$.%!76!8;!G7D0!?%4%!7/!.9763.&.?*$!*!*L;7//%8!?%63*?3%8!

B$%B.%8!L;7!*??7976!3*4D.M6!*!78*!G7D0!*8P!?%4%!8;!*?3.+.9*9!76!M83*'!

!

, #$.+*?.9*9! 9.624.?*(! /*8!4%9.&.?*?.%678! 76! /*8! B$7&7$76?.*8! 97! B$.+*?.9*9!

97/! B7$&./! 8%?.*/! 97! ;6! ;8;*$.%! 87! *?3;*/.=*$26! 97! &%$4*! *;3%423.?*! 76!

*L;7//*8!B2:.6*8!*!/*8!L;7!*??79*!*!3$*+M8!97!783*!*B/.?*?.@6!97!.637:$*?.@6!

97!B/*3*&%$4*8'!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Te!A/!/*6=*4.763%!97!/*!*B/.?*?.@6!1*?7D%%E!Q%667?3!87!*6;6?.@!7/!b!97!4*C%!97!TZZe!76!H33B(aa97+7/%B7$8'&*?7D%%E'?%4aD/%:aB%83a"Ze!Tb!Q%6+.767!9783*?*$!L;7!1*?7D%%E!78B7$*!$79;?.$!7/!+%/;476!97!?;763*8!?%6!.9763.9*978!&*/8*8!%!L;7!6%!?;4B/*6!?%6!8;8!3M$4.6%8!97!;8%0!*8P!?%4%!H.=%!/*!6;7+*!$79!8%?.*/!97!d%%:/70!d%%:/7#/;8!Ud%%:/7uV0!?*6?7/*69%!*L;7//*8!?;763*8!L;7!6%!H*DP*6!8.9%!?$7*9*8!?%6!j6%4D$78!$7*/78k'!-*6;7/0!1'!UTZ""V(!J&*%5!!K(@-$%1%(7%12$"&1(*!"(%#(&"!"$2&7!(%"(#&(1%''!`7?;B7$*9%!76!*:%83%!97!TZ""0!97!H33B(aaGGG':76D73*'?%4a$7978,8%?.*/78a&*?7D%%E,L;.7$7,37$4.6*$,?%6,7/,*6%6.4*3%,76,/*,$79!

! "^!

I7:K6! -7:! #.?E*$90! $78B%68*D/7! 97! /*! &.97/.=*?.@6! 97! ;8;*$.%8! !"#$"%! B*$*! 7/!

B7$.@9.?%!X-&1'$&"_W0! 1*?7D%%E!%&$7?7! /*!B%8.D./.9*9!97!47W%$*$!C!B;/.$! /*!4*$?*!

97/! 479.%! C! %B3.4.=*$! /*! .637$*??.@6! ?%6! /%8! ;8;*$.%8'! A8! B%$! 7837! 4%3.+%! L;7!

?%68.97$*$%6!7876?.*/!/*!.4B/74763*?.@6!97!1*?7D%%E!Q%667?3!B*$*!B7$4.3.$!*!/%8!

;8;*$.%8! +*/%$*$! /*8! H.83%$.*8! ?%6! 7/! p/.E7o! C! ?%4B*$3.$/*8! 9.$7?3*47637! 76! /*! $79!

8%?.*/'!!

!

m3$%!97!/%8!479.%8!?;C*!*B;783*!B%$!/*8!$7978!8%?.*/78!$78B%697!*!;6*!783$*37:.*!

&%$4*/! C! B$%&;69*! 78! [)%( ,%?( C!1K( [$2%30! L;7! B7$4.37! */! ;8;*$.%! ?%4B*$3.$!

&2?./47637! C! ?%4B$%D*$! /*! .6&%$4*?.@6!97/!479.%! ?%4B*$3.9*! B%$! 8;8! ?%63*?3%8'!

S974280! B;D/.?*! !"#$"%! ;6! ?%4B769.%! 97! B$7:;63*8! &$7?;76378_"! *?7$?*! 97/! ;8%!

8%?.*/! L;7! /%8! /7?3%$78! B;7976! H*?7$! 97/!479.%'! I.6! 74D*$:%0! 76! 7/! ?*8%! 97! 7837!

479.%!7/!*??78%!*! 3$*+M8!97/!B7$&./! 8%?.*/!6%!7[.47!*/!;8;*$.%!97!$7:.83$*$870!8.6%!

L;7!/*!B2:.6*!;6.&.?*!*4D*8!?;763*8_T!O/*!97/!$7:.83$%!76!/*!B$%B.*!$79!97/!479.%!C!

/*!97!/*!$79!8%?.*/,0!C!%3%$:*!;6!4*C%$!?%63$%/!OC!B%8.D./.9*978!97!87:4763*?.@6__,!

*/!479.%'!N*!*B;783*!B%$!/*8!$7978!8%?.*/78!76!7837!479.%!78!?/*$*(!/%8!;8;*$.%8!L;7!

/7*6! 8;8! 6%3.?.*8! *! 3$*+M8! 97! ;6*! 97! /*8! $7978! 8%?.*/78! 7[37$6*8! B%9$26! *??797$!

:$*3;.3*47637!*!;6!+%/;476! ./.4.3*9%!97!H.83%$.*80!4.763$*8!L;7!7837!6K47$%!87!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!_Z!A/!B7$.@9.?%!X-&1'$&"!78!;6%!97!/%8!$7&7$76378!763$7!/%8!479.%8!%6/.670!?%6!428!97!hZ!4.//%678!97!/7?3%$78!4768;*/78!K6.?%8!C!T0e!4.//%678!97!/7?3%$78!K6.?%8!9.*$.%8'!S974280!78!;6%!97!/%8!42[.4%8!7[B%676378!479.23.?%8!76!.637:$*?.@6!C!?%6+7$:76?.*!97!H7$$*4.763*8!C!B/*3*&%$4*80!*8P!?%4%!76!.66%+*?.@6!76!3M$4.6%8!8%?.*/78!76!.637$673'!I.6!74D*$:%0!/*!?$.8.8!B;D/.?.3*$.*!U/%8!.6:$78%8!97!/*!+7$8.@6!9.:.3*/!*/?*6=*6!*H%$*!H*83*!/%8!_h!*!^Z!4.//%678!97!7;$%8V!C!/*8!6;7+*8!783$*3M:.?*8!?%$B%$*3.+*8!H*6!B$%+%?*9%!L;7!X-&1'$&"!H*C*!97?.9.9%!9*$!B$.%$.9*9!*!/*!+7$8.@6!9.:.3*/!&$7637!*!/*!.4B$78*0!L;7!?%683*$2!97!476%8!B2:.6*8!*;6L;7!?%6!$7B%$3*W78!428!7[3768%8!C!*6*/P3.?%8'!jA/!:$;B%!87!7832!74D*$?*69%!76!;6*!3$*68&%$4*?.@6!L;7!6%8!+*!*!+7$!?*4D.*$!97!;6*!%$:*6.=*?.@6!D*8*9*!76!/%!.4B$78%!*!;6*!76!/*!L;7!/%!9.:.3*/!78!/%!B$.47$%!3*63%!76!/*!&./%8%&P*!?%4%!76!/*!B$2?3.?*k0!*&.$4*!8;!?%687W7$%!97/7:*9%0!S69$7G!-.//7$'!!mBB76H7.47$0!t*/37$!UTZ""V(![)%(X-&1'$&"('&(01$!1$'&'(&(#&(B%13$D"('$P$7&#(G1%"7%(&(#&('%(0&0%#'!`7?;B7$*9%!76!W;6.%!97!TZ""0!97!H33B(aaGGG'7/B*.8'?%4a*$3.?;/%a.637$6*?.%6*/aFH7ad;*$9.*6a9*aB$.%$.9*9a79.?.%6a9.:.3*/a&$7637aB*B7/a7/B7B;.63aTZ""Zc"c7/B7B;.63n"TaF78!_"!I%?.*/!-79.*!F%%/8!%6!)\F.478'?%4(!&$7L;763/C!*8E79!L;783.%68(!H33B(aaGGG'6C3.478'?%4aB*?E*:78aH34/a3.478B7%B/7a&*La8%?.*/a!_T!l$*47$0!I3*?.!Y'!UTZ"ZV(!,C[$2%38*!2(*!""%*73(?$7)(J&*%5!!K`(-3%13(2-37(!07($"'!`7?;B7$*9%!76!87B3.74D$7!97!TZ"Z0!97!H33B(aaGGG':;*$9.*6'?%';Ea479.*aB9*aTZ"Za*;:a_"a67G,C%$E,3.478,&*?7D%%E!__!I7:K6!I*69$*!I.7D7$!UTZZeV0!7[B7$3*!76!7/!.4B*?3%!97!/*8!37?6%/%:P*8!97!/*!.6&%$4*?.@6!C!/*!?%4;6.?*?.@6!76!7/!>AIA!g;8.6788!I?H%%/0!/*8!74B$78*8!B;7976!?%6%?7$!47W%$!*!8;8!?/.76378!C!8;8!B$7&7$76?.*8!*!3$*+M8!97!/*!.637:$*?.@6!?%6!/*8!$7978!8%?.*/78'!!

! "h!

$79;?7! *! +7.637! 4768;*/78_^! B*$*! *L;7//%8! L;7! *??79*6! 9.$7?3*47637! */!

?.D7$479.%! C! *! ?.6?%! 9.*$.*8! 76! 7/! ?*8%! 97! /%8! ;8;*$.%8! L;7! 76?;763$76! /*!

.6&%$4*?.@6!97/!479.%!*!3$*+M8!97!d%%:/7_h'!

!

T'h'T'!FG.337$!RS6CGH7$7!

!

A6! 783*! :;7$$*! B%$! /*! .9763.9*9! 9.:.3*/0! 7/! 87$+.?.%! 97! 4.?$%D/%::.6:! 97! "^Z!

?*$*?37$780!FG.337$0!/*6=*D*!76!4*$=%!97!TZ"Z!8;!B/*3*&%$4*!RS6CGH7$7_c!?%6!/*!

L;7!jB$737697!&*?./.3*$!/*!?%67[.@6!763$7!FG.337$!C!?;*/L;.7$!8.3.%!?%5!L;7!L;.7$*!

%&$7?7$! ;6*! ?*B*! 8%?.*/! *! 8;8! ;8;*$.%8! 8.6! 67?78.9*9! 97! 8*/.$! 97! M/k_]'! I;8!

&;6?.%6*/.9*978! 8%6! 8.4./*$78! *! /*8! L;7! B7$4.37! 1*?7D%%E! Q%667?30! 78! 97?.$0!

*B$%+7?H*!9.?H*!.637:$*?.@6!B*$*!L;7!7/!;8;*$.%0!$7:.83$*9%!?%6!8;!B7$&./!8%?.*/0!6%!

67?78.37! +%/+7$! *! /*! B/*3*&%$4*! 8%?.*/! B*$*! *B$%+7?H*$! /*! ?%67?3.+.9*9! C! /*!

.637$*?3.+.9*9!L;7!M83*!%&$7?7'!

!

#*$*! /*! 7[! $78B%68*D/7! 97! $7978! 8%?.*/78! 76! 7/! B7$.@9.?%! [)%( ,%?( C!1K( [$2%30!

q766.&7$! #$783%60! 7/! *B$%+7?H*4.763%! 76! 7/! ;8%! 97! FG.337$! B%$! B*$37! 97! /%8!

B7$.%9.83*8! &;7! ;6*! B$.%$.9*9! 97897! 7/! B$.47$! 4%4763%'! I7:K6! #$783%6! 7[.8376!

3$78!6.+7/78!97!;8%!97!7837!87$+.?.%!97!4.?$%D/%::.6:_e'!A/!B$.47$!6.+7/!?%68.837!76!

;3./.=*$/%!B*$*!B;D/.?.3*$!6%3.?.*8X!7/!87:;69%!*B;63*!H*?.*!;6!87$+.?.%!97!?%67[.@6!

B7$8%6*/X!C0!76!37$?7$!/;:*$0!*L;7//%!76!/%!L;7!76!8;!%B.6.@6!97D7$P*6!?763$*$87!/%8!

B7$.%9.83*8(!78?;?H*$!C!&.97/.=*$!/7?3%$78'!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!_^!A/A?%6%4.83*!UT],_,TZ""V(![)%(,%?(C!1K([$2%3(3D#!('%6&1O(#%%1(VW("!7$*$&3(P1&7$3(%"(3-(?%58!`7?;B7$*9%!76!W;6.%!97!TZ""0!97!H33B(aaGGG'7/7?%6%4.83*'78a74B$78*8,&.6*6=*8a6%3.?.*8aTb_bb^eaZ_a""a,FH7,)7G,\%$E,F.478,8%/%,97W*$*,/77$,TZ,6%3.?.*8,:$*3.8,76,8;,G7D'H34/!_h!`%8%&&0!-*33!UTZ""V(![)%(,C[(P%73(!"%(7)$"P(1$P)7Y(J&*%5!!K($3(2!1%($20!17&"7(7)&"(X!!P#%'!`7?;B7$*9%!76!W;6.%!97!TZ""0!97!H33B(aaGGG'D;8.6788.68.97$'?%4a3H7,6C3,:738,%67,3H.6:,$.:H3,&*?7D%%E,.8,4%$7,.4B%$3*63,3H*6,:%%:/7,TZ"",_!_c!FG.337$!D/%:(!R*6CGH7$7!H33B(aaD/%:'3G.337$'?%4aTZ"ZaZ_a*6CGH7$7'H34/!_]!F.$*4.//*8!UTZ"ZV(![?$77%1(#%(0#&"7&(*&1&(&(J&*%5!!K(R!""%*7(*!"(a&"S?)%1%'!`7?;B7$*9%!76!W;/.%!97!TZ"Z0!97!H33B(aaGGG'3.$*4.//*8'673aD/%:8a9%8B;63%8D*$$*D*$$*aTZ"ZaZ_a"ha3G.337$,/7,B/*63*,?*$*,*,&*?7D%%E'H34/!_e!<7*/90!A44*!UTZ"ZV(!^9J(<7-'S([!-1Y(,%?(C!1K([$2%3(3!*$&#(2%'$&(%'$7!1(A%""$G%1(Q1%37!"'!`7?;B7$*9%!76!767$%!97!TZ""0!97!H33B(aaGGG'79.3%$8G7D/%:'%$:aG7DnTZaTZ"Za"TaG7&n83;9Cn3%;$n67GnC%$En3.478n8%?.*/n479'BHB!

! "c!

_'!-73%9%/%:P*(!N*!.637:$*?.@6!8%?.*/!76!/%8!?.D7$479.%8!78B*J%/78!

!

S;6L;7! *! 6.+7/! .637$6*?.%6*/! /%8! ?.D7$479.%8! H*6! *B%83*9%! B%$! L;7! /*8! $7978!

8%?.*/78!B;7976!?%6+7$3.$87!76!;6*!H7$$*4.763*!K3./!B*$*!8;8!%$:*6.=*?.%6780!C!?%6!

&$7?;76?.*! B*$*! 8;8! 87??.%678!428! ?%68;/3*9*80! 6%! 78! 3%9*+P*! H*D.3;*/! L;7! M83%8!

B7$4.3*6! *! /%8! ;8;*$.%8! ;3./.=*$! /*8! %B?.%678! 97! .637:$*?.@6! 97! .9763.9*9! 8%?.*/!

B*$*! &*?./.3*$! 7/! *??78%0! /*! ?%67?3.+.9*9! C! /*! B*$3.?.B*?.@6'! #%$! 7/! 4%4763%0! /*!

4*C%$P*!97!/%8!?.D7$479.%8!78B*J%/78!/.4.3*6!8;!B$7876?.*!76!/*8!$7978!8%?.*/78!*!

?.7$3%! :$*9%!97! .637$*?3.+.9*9!C! */! *B$%+7?H*4.763%!97! M83*8!B*$*! /*! 9.&;8.@6!97!

.6&%$4*?.@60!*8P!?%4%!*/!;8%!97!/%8!D%3%678!8%?.*/78!76!8;8!B2:.6*8!?%5'!!

!

#*$*! *6*/.=*$! 7/! ;8%! 97! 783*8! 9%8! H7$$*4.763*8! 97! .637:$*?.@6! 97! .9763.9*978!

9.:.3*/780!1*?7D%%E!Q%667?3!C!FG.337$!RS6CGH7$70!B%$!/%8!?.D7$479.%8!78B*J%/78!

87!H*!//7+*9%!*!?*D%!;6!*62/.8.8!7[B/%$*3%$.%!*!B*$3.$!97!;6*!&.?H*!9.87J*9*!&'()!*!

97! 783*8! %B?.%678! 76! */:;6%8! 97! /%8! 479.%8! 97! ?%4;6.?*?.@6! 428! +.8.3*9%8! 76!

.637$673! 87:K6! /%8! 9*3%8! 97! mqY! >637$*?3.+*! 9;$*637! TZ""'! I.6! 74D*$:%0! B*$*!

$78%/+7$! /*! .67[.8376?.*! 97! /%8!479.%8! 97! #$.8*! 76! /%8! $7:.83$%8! 97! /*! mqY0! 87! H*!

*4B/.*9%! /*!4;783$*!*! /%8!479.%8!428!?%68;4.9%8!97!7837!:$;B%!79.3%$.*/!87:K6!

Ad-!>637$673'!

!

N*! 87/7??.@6! L;7! ?%6&%$4*! /*! 4;783$*! *6*/.=*9*! 76:/%D*! ;6! 3%3*/! 97! "c!

?.D7$479.%8! 6*?.%6*/78! 97! 9.+7$8*! 4*3$.='! S;6L;7! 76! ;6! B$.6?.B.%! 87! B768@! 76!

87/7??.%6*$!K6.?*47637!/%8!97!?%$37!:767$*/.83*0!87!*4B/.@!&.6*/47637!B*$*!.6?/;.$!

3*4D.M6! %3$%8! ?%6! ;6! 3$2&.?%! !"#$"%! ?%68.97$*D/7! L;7! *C;9*876! *! ?%4B/73*$! 7/!

783;9.%'! A6! ?%6?/;8.@6! /*! 4;783$*! 87! ?%4B%67! 97! ?.D7$479.%8! 6*?.%6*/780!

B$.6?.B*/47637! .6&%$4*3.+%80! 97! ?;*3$%! B7$.@9.?%8! 9.:.3*/78! ?%6! H%4@/%:%8!

.4B$78%8! C! 97! B*:%! UA/4;69%'780! A/B*.8'?%40! SD?'780! #;D/.?%'78V0! ;6%! ?%6!

H%4@/%:%!.4B$78%!C!:$*3;.3%!UTZ4.6;3%8'78V0!9%8!97B%$3.+%8!U-*$?*'?%40!S8'?%4V0!

9%8! ?*976*8! 97! 37/7+.8.@6! B$.+*9*8! US6376*_3+'780! Q;*3$%'78V! C! ;6! ?%6:/%47$*9%!

*;9.%+.8;*/!BKD/.?%!U`3+7'78V0!3$78!$*9.%8!6*?.%6*/78!U?*976*87$'?%40!%69*?7$%'780!

?%B7'78V0!C!3$78!479.%8!B;$*47637!9.:.3*/78!U7/!:767$*/.83*!/*.6&%$4*?.%6'?%4!C!/%8!

9%8!?%6&.976?.*/78!A/?%6&.976?.*/'?%4!C!N.D7$3*99.:.3*/'?%4V'!

!

! "]!

#*$*! 7/! *62/.8.8! 87! ?%4B$%D@! ?;2/78! 7$*6! /*8! %B?.%678! 97! ?%67?3.+.9*9! 8%?.*/!

9.8B;783*8!B%$!/%8!9.&7$76378!479.%8!?%6!7/!&.6!97!B7$4.3.$!*!/%8!;8;*$.%8!B*$3.?.B*$!

76!/*8!6%3.?.*8!!"#$"%'!S97428!87!+.8.3*$%6!8;8!B2:.6*8!76!1*?7D%%E!C!8;8!B7$&./78!

76!FG.337$!B*$*!?%637[3;*/.=*$!783*8!%B?.%678!?%6!/*!*;9.76?.*!97!9.?H%8!479.%8!76!

/*8!9%8!B/*3*&%$4*8!8%?.*/78'!

!

S97428!97!$7&/7W*$!7/!;8%!97!783*8!H7$$*4.763*8!97!?%67?3.+.9*9!8%?.*/0!76!/*!&.?H*!

97!*62/.8.8!978*$$%//*9*!US67[%!"V!87!9.&7$76?.*!763$7!9%8!%B?.%678!H*D.3;*/78!UC!*!

+7?78! 8.4;/3267*8! ?%4%! %?;$$7! 76! A/B*.8'?%4V! L;7! 8.$+76! 97! $7L;.8.3%! B*$*! /*!

B;D/.?*?.@6! 97! ?%4763*$.%8! *! 6%3.?.*8! 9.:.3*/78'! #%$! ;6*! B*$370! 7/! $7:.83$%!

%D/.:*3%$.%! 76! /*! ?%4;6.9*9! 97! ;8;*$.%8! B$%B.*! 97/! 479.%! U76! 7/! ?*8%! 97! L;7!

376:*VX! C0! B%$! %3$%! /*9%0! 7/! $7:.83$%0! 428! %! 476%8! 783$.?3%! C! +7$.&.?*9%0! 97!

9737$4.6*9%8! 9*3%8! B7$8%6*/78! 97/! ;8;*$.%! B$7+.%! *! /*! B;D/.?*?.@6! 97! 8;!

?%4763*$.%! !"#$"%! 8.6! 67?78.9*9! 97! L;7! 7/! ;8;*$.%! .6:$787! 76! /*! ?%4;6.9*9! 97!

;8;*$.%8'!!

!

^'!`78;/3*9%8!97/!*62/.8.8!!

!

F$*8! 7/! *62/.8.8! 97! /%8! 9*3%8! $7?%:.9%80! 78! B%8.D/7! 9783*?*$! L;7! 97! /%8! "c!

?.D7$479.%8!6*?.%6*/78! *6*/.=*9%80!B$%?7976378!97!9.+7$8*8!4*3$.?78!479.23.?*80!

8@/%!/*!4.3*9!97!7//%8!B7$4.37!9.?H*!.637:$*?.@6!97!B7$&./78!?%6!1*?7D%%E!Q%667?30!

/*!%B?.@6!?%6!428!*J%8!97!3$*C7?3%$.*!C!/*!$79!8%?.*/!?%6!428!;8;*$.%8'!A6!?%6?$73%0!

7/! :$;B%! 97!479.%8! ?%6!4*3$.=! .4B$78*! 78! 7/! L;7!476%8! ;3./.=*! 783*! %B?.@60! 76!

?%6?$73%! /%8! 97! B$768*! :767$*/.83*! 97! B*:%! 97! /%8! ?;*/78! 8@/%! SD?'78! %&$7?7! 783*!

B%8.D./.9*9X! 3*4D.M6!7/!B7$.@9.?%!TZ4.6;3%8'78! U?;C*! ?%4;6.9*9!78!;6! $7&7$7637!

H*D.3;*/! 76! /*! /.37$*3;$*! B%$! 87$! 4;C! *?3.+*V! .6?/;C7! 783*! %B?.@6! 8%?.*/! 97!

?%67?3.+.9*90! C! S8'780! ;6%! 97! /%8! 9%8! 97B%$3.+%8! *6*/.=*9%8! L;70! *;6L;7! 8;!

*;9.76?.*!76!1*?7D%%E!78! .6&7$.%$!*! /*!97!-*$?*'78_b0!9;B/.?*!*! /*!97!A/B*.8'?%4!C!

?;*9$;B/.?*! /*! 97! /*! B2:.6*! 97! &*68! 97! A/4;69%'78'! #%$! K/3.4%0! 7/! :$;B%! 97! /%8!

?.D7$479.%8!?%6!4*3$.=!*;9.%+.8;*/!78!7/!L;7!4*C%$!;8%!H*?7!97!1*?7D%%E!Q%667?3!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!_b!I7:K6!Ad-!U*D$./,4*C%0!TZ""V!/*!*;9.76?.*!76!.637$673!97!-*$?*'78!$7:.83$@!?7$?*!97!^'ZZZ!+.8.3*6378!K6.?%8!4768;*/780!&$7637!*!/%8!T'^_T!L;7!?%68.:;.@!S8'78'!

! "e!

US6376*_3+'780! `3+7'780! Q*976*87$'?%40! m69*?7$%'78V0! W;63%! */! 6*3.+%! 9.:.3*/!

N*.6&%$4*?.%6'?%4'!

!

#%$! 8;!B*$370! 7/! *B$%+7?H*4.763%!97!FG.337$! ?%4%!H7$$*4.763*!L;7! &*?./.3*$P*! /*!

?%67[.@6!97/!;8;*$.%!L;79*!$7/7:*9*!*!;6%8!B%?%8!479.%8(!SD?'78!C!TZ4.6;3%8'780!

*;6L;7! N*.6&%$4*?.%6'?%4! B7$4.37! 9.?H*! 8.6?$%6.=*?.@6! 3*6! 8%/%! B*$*! $776+.*$!

.6&%$4*?.%678! *! ?%63*?3%80! *;6L;7! 6%! B*$*! ?%4763*$! 76! /*! G7D! 97/! 479.%'! I.6!

74D*$:%0!78!76!/*8!?.&$*8!97!1%//%G7$8a1%//%G.6:!U78!97?.$0!*L;7//%8!;8;*$.%8!L;7!

j8.:;76k!*/!479.%!76!FG.337$!C!*L;7//%8!*!/%8!L;7!7/!479.%!j8.:;7kV!76!/*8!L;7!/%8!

479.%8! .4B$78%8! B*$7?76! H*D7$! 76?%63$*9%! 8;! 6.?H%! C! 9%697! 8;! *?3.+.9*90! 8;!

*;9.76?.*!C!8;!:$*6!&;7637!97!B*$3.?.B*?.@6!87!76?;763$*6^Z'!!

!

A6!?;*63%!*/!$7:.83$%!97!.6&%$4*?.@6!B7$8%6*/!87!*B$7?.*!L;7!8%6!B%?%8!/%8!479.%8!

L;7!3%9*+P*!B7$4.376!/*!B;D/.?*?.@6!*6@6.4*!97!?%4763*$.%8!*;6L;7!7837!6K47$%!

*;4763*! ?;*69%! 87! $7&.7$7! *! /*! *;876?.*! 97! +7$.&.?*?.@6! 97! 9*3%8! *! /*! H%$*! 97!

B;D/.?*$! ?%4763*$.%8'! S974280! 97D74%8! 3767$! 76! ?;763*! L;7! 7/! ]cf^"! 97! /%8!

.637$6*;3*8!*87:;$*!9*$!.6&%$4*?.@6!.6?%$$7?3*!76!/%8!$7:.83$%8!97!/*8!B2:.6*8!?%5!

?%4%!/%8!97!/*8!?%4;6.9*978!97!;8;*$.%8!B$%B.*8!97!/%8!479.%8'!A83%8!3$78!&*?3%$78!

6%! H*?76! 8.6%! *;4763*$! 7/! $.78:%! 97! L;7! /%8! &%$%8! 8.6! 4%97$*?.@6! B;D/.L;76!

?%4763*$.%8!L;7!/%8!B$%B.%8!479.%8!?%68.97$*6!.6*B$%B.*9%8'!

!

#%$!K/3.4%0!78!9783*?*D/7!7/!H7?H%!97!L;7!3*6!8%/%!/%8!?%6&.976?.*/78!9.:.3*/78!H*6!

*?%3*9%! 97! ;6! 4%9%! 78B7?.*/47637! $.:;$%8%! /*! B;D/.?*?.@6! 97! ?%4763*$.%8!

*6@6.4%80! D.76! *! 3$*+M8! 97/! $7:.83$%! %D/.:*3%$.%! C! /*! B;D/.?*?.@6! 97! ?%4763*$.%8!

9;$*637!;6*!&$*6W*!H%$*$.*!.4B;783*!B*$*!7/!/7?3%$!U?%69.?.%6*9*!B%$!/*8!H%$*8!97!

4%97$*?.@6! 97! /*! B/*63.//*! 97/! 479.%V0! D.76! *! 3$*+M8! 97/! B*:%! %D/.:*3%$.%! ?%4%!

$7L;.8.3%! B*$*! /*! B*$3.?.B*?.@6! 76! 8;! ?%4;6.9*9! 97! ;8;*$.%8'! A6! 783%8! ?*8%80! C!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!^Z!I7:K6!7/!I"G!12%(VWMW(:%'$!3('%(*!2-"$*&*$D"(%30&F!#%3(%"(#&3(1%'%3(3!*$&#%3/!7/*D%$*9%!B%$!7/!d*D.6737!97#S62/.8.8#Y74%8?@B.?%!UdSYV0!FG.337$!78!;6%!97!/%8!78B*?.%8!L;7!?%6?763$*!/*!.637$*??.@6!763$7!/%8!/7?3%$78!97!/%8!9.*$.%8!9.:.3*/78!78B*J%/78!C!78%8!479.%8'!SB;63*0!*974280!L;7!7/!87?3%$!*;9.%+.8;*/0!78B7?.*/47637!7/!$*9.%&@6.?%0!?*B3;$*!*;9.76?.*!C!?$7*!?%4;6.9*9!B$.6?.B*/47637!76!1*?7D%%E'!^"!SgQ!UTZ""V(!J&*%5!!K/(#&(B>&(01%G%1$'&(0&1&(1%P$371&13%(%"(-"&(?%58!`7?;B7$*9%!76!4*$=%!97!TZ""0!97!H33B(aaGGG'*D?'78aTZ""ZTZba479.%8,$7978a*D?.,$7:.83$%,$7978,8%?.*/78,&%$4;/*$.%,TZ""ZTZb"c"c'H34/!

! "b!

?%4%!78! /@:.?%! 376.769%! 76! ?;763*! /*! 783$*37:.*! 87:;.9*!B%$!9.?H%8! ?.D7$479.%80!

3*4B%?%!78!B%8.D/7!7/!.6:$78%!*!3$*+M8!97!/%8!B7$&./78!8%?.*/78'!

!

h'!Y.8?;8.@6!C!?%6?/;8.%678!

!

S! B78*$! 97! L;7! /%8! ?.D7$479.%8! 78B*J%/78! 87! 4*63.7676! 76! ;6! 783*9%! 97!

.6?7$3.9;4D$7!*637!/*8!B%8.D./.9*9780!/*8!&;3;$*8!%B%$3;6.9*978!C!/%8!$.78:%8!L;7!7/!

;8%!B7$.%9P83.?%!97!/*8!$7978!8%?.*/78!B;797!*?*$$7*$0!8;!B$7876?.*!4*8.+*!76!783*8!

B/*3*&%$4*8!8%?.*/78!?%4%!1*?7D%%E!C!FG.337$!78!C*!;6*!7+.976?.*'!I.6!74D*$:%0!/*!

7+%/;?.@6!8%?.*/!C! 37?6%/@:.?*!H*6!H7?H%!B%8.D/7!L;7!76! /*!*?3;*/.9*9! /%8!479.%8!

B;79*6!8%/;?.%6*$!*/:;6%8!97!/%8!)&"'$*&0!*!/%8!L;7!87!76&$763*6!97897!H*?7!*J%80!

?%4%!78!7/!*6%6.4*3%!76!/*8!.637$+76?.%678!97!/%8!/7?3%$78!76!/*8!6%3.?.*8!!"#$"%8!

!

F76.769%!76! ?;763*! /*8!+763*W*8!L;7!7/!;8%!97!;6*! .9763.9*9!9.:.3*/!K6.?*!B;797!

8;B%67$0! C*! 6%! 8@/%! B*$*! /7?3%$78! C! 479.%8! 8.6%! 3*4D.M6! B*$*! 7/! %$976! 97! 7837!

6;7+%! 7?%8.8374*! 479.23.?%! 76! 7/! L;7! /*! B*$3.?.B*?.@6! 97! /%8! ;8;*$.%8! 78!

B$.4%$9.*/! C! 4*8.+*0! 8%$B$7697! ?%4B$%D*$! L;7! /%8! B$.6?.B*/78! ?.D7$479.%8!

6*?.%6*/78! ?%63.6K*6! D*8*69%! 8;! 783$*37:.*! 76! 7/! ?%63$%/! 97! /*! .6&%$4*?.@6'! S8P0!

*B;783*6!B%$!*??.%678!D*8*9*8!76!/*!?$7*?.@6!97!B%$3*/78!8%?.*/78!B$%B.%8!L;70!B%$!

/%!:767$*/0!97W*6!*!;6!/*9%!/*!B$.%$.9*9!8%?.*/!97!/%8!.637$6*;3*80!L;.7678!*8.4.84%!

$7?%6%?76!4763.$!76!/%8!&%$4;/*$.%8!97!*??78%'!

!

S974280! C! *! B78*$!97!L;7! 7/! *6%6.4*3%!B%67! 76! 763$79.?H%! /*! $7B;3*?.@6!97! /%8!

?.D7$479.%80! /*! 4*C%$P*! 97! M83%8! ?%63.6K*! B7$4.3.769%! /*! B;D/.?*?.@6! 97!

?%4763*$.%8! .6*B$%B.*9%8! C! 978?%637[3;*/.=*9%8! 97D.9%! *! /*8! /*[*8! D*$$7$*8! 97!

763$*9*! *! /*! B*$3.?.B*?.@6! 97! /%8! /7?3%$78'! \0! 8.! D.76! 7/! *??78%! *! 3$*+M8! 97/! B7$&./!

8%?.*/! 97! /%8! ;8;*$.%8! 6%! 8%/;?.%6*$P*! ?%4B/73*47637! 7/! B$%D/74*! 97! /%8!

?%4763*$.%8! *6@6.4%8! OB;783%! L;7! 78! B%8.D/7! 3%9*+P*! ?$7*$! B7$&./78! &*/8%,0! 8P!

$79;?.$P*! 76! D;76*! B*$37! /*! B;D/.?*?.@6! 97! 4768*W78! L;7! 6%! ?;4B/*6! ?%6! /%8!

?$.37$.%8!97!B;D/.?*?.@6!97! /%8!479.%8!C*!L;7! /%8! /7?3%$78!B*$3.?.B*$P*6!97897! 8;!

K6.?%!B7$&./!9.:.3*/!8%?.*/'!

! TZ!

!

c'!g.D/.%:$*&P*!

!

SN->`v)0!)'! UTZZcV'!N%8!+*/%$78!97/!B7$.%9.84%!76! /*!?%6+7$:76?.*!9.:.3*/(! ?.+.?!

W%;$6*/.84!C!L;.63%!B%97$'!=%B$37&(;&7$"&('%(R!2-"$*&*$D"(<!*$&#/(bM!'!`7?;B7$*9%!

76!W;6.%!97!TZ"Z0!97!H33B(aaGGG'*/4.$%6'%$:aS/4.$%6'%$:aq%;$6*/nS$3.?/78'H34/!

!

SI<0!A'0!<SN#A`)0!Y'!w!<AFF>)dS0!l'! UTZZbV'!9GG%*73(!G(&( 71%"'Y([)%( $"G#-%"*%(!G(

-3%1(*!22%"73(!"(1%&'%13.(0%1*%07$!"3(!G(!"#$"%("%?30&0%13'!S$3P?;/%!B$78763*9%!76!

7/!76?;763$%!*6;*/!97!/*!S8%?.*?.@6!B*$*!/*!A9;?*?.@6!76!#7$.%9.84%!C!-79.%8!97!

Q%4;6.?*?.@6! 97! -*8*8'! g%83%6'! h! 97! *:%83%! 97! TZZb'! 1;7637(!

H33B(aaGGG'*//*?*974.?'?%4a473*aBn4/*n*B*n$787*$?Hn?.3*3.%6a_a]ahaeacaB_]

hec^n.697['H34/!

!

gA`)SN! F`>i>xm0! S'! UTZZbV(! j`7978! 8%?.*/78! C! 479.%8! 97! ?%4;6.?*?.@6k'! >i!

Q%6:$78%! 97! /*! Q.D7$8%?.79*9(! R1$3$3( &"&#DP$*&/( G-7-1!( '$P$7&#'! Q%$67//2(!

mD87$+*3%$.%! B*$*! /*! Q.D7$8%?.79*9'! `7?;B7$*9%! 76! W;6.%! 97! TZ"Z0! 97!

H33B(aaGGG'?.D7$8%?.79*9'673a?%6:$78TZZba78a?%48a$7978,8%?.*/78,C,479.%8,

97,?%4;6.?*?.%6ae_"a!

!

QA`Aym0! q'-'! UTZZeV(! j<*?.*! ;6! 6;7+%! B*$*9.:4*'! N*! 7$*! 97! /*! .6&%$4*?.@6!

&$*:4763*9*k'! !=%B$37&([%#!38( q;/.%aI7B3.74D$70!TZZe0!6K47$%!]c'! !`7?;B7$*9%!76!

6%+.74D$7! 97! TZ"Z0! 97!

H33B(aa?769%?'78*6'79;'B7a#$7:$*9%a:;.*8a473%9%/%:.*a$7978a37/%8_'B9&!

!

YzSy! )mQ>0! q'! UTZZZV(! N*! 78?$.3;$*! 9.:.3*/'! 1;69*?.@6! F*/*.*0! I*6! I7D*83.26'!

`7?;B7$*9%!76!W;6.%!97!TZ"Z0!97!GGG'9:9?';6*4'4[aS88738aB9&8a874n*:%Z^'B9&!

!

AIFSNANNS0!S'! UTZZhV'! j#%D$7?.3%!H*D/*9%$'!Q%6&/.?3%8!B%$! /*! ! /.D$7!B*$3.?.B*?.@6!

76!;6*!?%4;6.9*9!?%/*D%$*3.+*k'!S3H767*!Y.:.3*/0!6{]0!B$.4*+7$*!TZZh'!

H33B(aa*63*/C*';*D'78a*3H767*a6;4]a783*/7//*'B9&!

!

! T"!

1NSi>|)0! Q'! C! d5``AS0! `'! UTZZeV'! j`7*9.6:! 67G8B*B7$8! %6! 3H7! >637$673(! FH7!

.6&/;76?7!%&!G7D!8.378o!*33$.D;378k'!>637$673!`787*$?H'!g$*9&%$9'!i%/'"e0!6{"'!#B'Tc,

^h'! 1;7637(!

H33B(aaGGG'747$*/9.68.:H3'?%4aW%;$6*/8'H34}*$3.?/7.9~"cc_ZTbw8H%G~*D83$*?3!

!

NS`S0! F'! UTZZeV(! jN*! 6;7+*! 78&7$*! BKD/.?*'! N%8! 479.%8! 97! ?%4;6.?*?.@6! ?%4%!

$7978! 8%?.*/78k0! 76! =%B$37&( [%#!30! 6K47$%! ]c0! W;6.%,87B3.74D$7! 97! TZZe'!

`7?;B7$*9%! 76! W;6.%! 97! TZ"Z0! 97!

H33B(aa8%?.79*9.6&%$4*?.%6'&;69*?.%6'37/7&%6.?*'?%4!

!

)md5A`S!i>im0!q'-'!UTZ"ZV(!j`7978!8%?.*/78!?%4%!B*$*9.:4*!B7$.%9P83.?%'!-79.%8!

78B*J%/78!76!1*?7D%%Ek0!76!=%B$37&(;&7$"&('%(R!2-"$*&*$D"(<!*$&#/(ch0!N*!N*:;6*!

UF767$.&7V(!56.+7$8.9*9!97!N*!N*:;6*0!B2:.6*8!"]c!*!"ec'!`7?;B7$*9%!76!767$%!97!

TZ""0!97!H33B(aaGGG'$7+.83*/*3.6*?8'%$:a"Za*$3aeb"n5QS-a"_nq-n)%:;7$*'H34/!

!

m`><5ANS0! qN'! U"^,"Z,TZZeV(! jN*!H%$*!97! /*8! $7978!8%?.*/78k'!);7+*!`7+.83*0!6{^0!

""b0! h],cT'! `7?;B7$*9%! 76! W;6.%! 97! TZ"Z0! 97!

H33B(aaGGG';6*+'78a6%3.?.*8a%B.6.%6a%B"ZZe'H34/!

!

#S`l0! )'! w! NAA0! l'-'! UTZZ]V'! 9GG%*73( !G( '$3*-33$!"3( $"( !"#$"%( "%?3( G!1-2( !"(

*!10!1&7%( 1%0-7&7$!"8!S$3P?;/%!B$78763*9%!76!7/! 76?;763$%!*6;*/!97! /*!S8%?.*?.@6!

>637$6*?.%6*/! 97! Q%4;6.?*?.@6'! I*6! 1$*6?.8?%'! T^! 97! 4*C%! 97! TZZ]'! 1;7637(!

H33B(aaGGG'*//*?*974.?'?%4a473*aBn4/*n*B*n$787*$?Hn?.3*3.%6a"a]a_a_a_aB"]

___Tn.697['H34/!

!

#`A)Il\0!-'!UTZZ"V(!jY.:.3*/!6*3.+780!9.:.3*/!.44.:$*638H8(m6!3H7!<%$.=%60!b!UhV0!",

c'!-Qg!56.+7$8.3C! #$788'! I7B3.74D$7,! %?3;D$7'! `7?;B7$*9%! 76! W;6.%! 97! TZ"Z0! 97!

H33B(aaGGG'4*$?B$768EC'?%4aG$.3.6:a!

!

#`A)Il\0!-'!UTZZ^V![)%(92%1P$"P(c"#$"%(;$G%(cG([)%(d$P$7&#(,&7$B%'!`7?;B7$*9%!76!

W;6.%!97!TZ"Z0!97!H33B(aaGGG'4*$?B$768EC'?%4aG$.3.6:a!

!

! TT!

`m-A`m!#m`F>NNm0!q'!UTZ""V(!j`7978!8%?.*/78(!;6!6;7+%!763%$6%!97!3$*D*W%!B*$*!

/%8!479.%8!97!?%4;6.?*?.@6!3$*9.?.%6*/78k0!76!i7$@6!N*88*0!q'q'!U?%%$9'V!UTZ""V(!;&(

$"B%37$P&*$D"(%"(0%1$!'$32!('$P$7&#Y(&#P-"!3( 71&5&6!3('%3'%(%#(O25$7!(-"$B%13$7&1$!'!

TZ""0!BB'!T^e,TcZ'!`7?%:7!/%8!?%6376.9%8!B$78763*9%8!*/!Q%6:$78%!97!#7$.%9.84%!

Y.:.3*/0!<;78?*0!9.?.74D$7!97!TZ""'!!

!

`mIF0!S/7W*69$%! UTZZcV'!;&( $"7%1&*7$B$'&'( %"( %#( 0%1$D'$*!( '$P$7&#'! g7/*37$$*'! F78.8!

9%?3%$*/! 76! /*! 56.+7$8.3*3! S;3�6%4*! 97! g*$?7/%6*'! 1;7637(!

H33B(aaGGG'7H;'78a=7$a=7$TTayA`fTZTTn$%83'B9&!

!

I>AgA`0! I*69$*! UTZZeV(! ;&( ?%5( V8W( %"( VWWe'! `7?;B7$*9%! 76! W;/.%! 97! TZ"Z0! 97!

H33B(aaGGG'.787'79;'78!

!

IlmNA`0! -'! UTZZbV(! jtHC! 3H7! 67G8!479.*! D7?*47! .$$7/7+*63! O! S69! H%G! 8%?.*/!

479.*! ?*6! H7/Bk0! 76! 6.74*6'H*$+*$9'79;'! `7?;B7$*9%! 76! 9.?.74D$7! 97! TZ"Z0! 97!

H33B(aaGGG'6.74*6'H*$+*$9'79;a$7B%$38.374'*8B[}.9~"Z"eb]!

!

!

!

!

! T_!

]'!S67[%8!

!

]'"'!S67[%!"(!`7L;.8.3%8!9.8B%6.D/78!B*$*!L;7!7/!;8;*$.%!?%47637!/*8!6%3.?.*8!97!/*8!?%53!B$.6?.B*/78!97!/%8!?.D7$479.%8!78B*J%/78!UA/*D%$*?.@6!B$%B.*V'!!

!

!"#$%&'(&)#*+,-,.%-&/,-0%",12#-&0343&*+#&#2&+-+34,%&5%6#".#&23-&"%.,5,3-&/#&23-&!"#$&04,"5,032#-&/#&2%-&5,1#46#/,%-&#-037%2#-(&

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

!(11$/,)

.+/$#((0)

.+12)

34",,$%)

561748$%$)

34",,$%)

.(99(4$%2:)

:.(99(4"1;)

<$;"2,%())

!=)>%(>"+)

?$%"@"/+'+)

<$;"2,%()

A$%"@"/+'()

>(%)$&+"9)B1()!C=CD)

!(&$1,+%"(2)

61E1"&(2)

F,%(2)'$,+99$2)

G9&H1'(C$2) 830#2& 9%& :'(;:<& 9%& =>>(<?<&@&

:'<&

AB& C& 9%& &

G9>+"2C/(&) 830#2& 9%& D:(;?:& 9%& E'<(:D'&@&

:F('>=&

9%&G#$5#0(&

%&'()*+,H&

9%&G#$5#0(&

%&'()*+,H&

9%& I(J(K&L-M+0&

6#/C$2) 830#2& AB& :D(>EE& AB& :D('E'&@&

;(:'?&

AB& C& 9%& &

IH#9"/(C$2) 830#2& 9%& '?E(??'& 9%& '=;(;F:&@&

:=;&

9%& AB& 9%& &

JK&"1H,(2C$2) 830#2& AB& ;;(?:>& AB& :D(:=D&@&

'=(:>;&

AB& C& 9%& &

*+%/+C/(&) 830#2& 9%& ;D'('>D& 9%& ;DE('EE&@&

'('E'&

AB& C& 9%& &

62C/(&) 830#2& AB& ;;?(EE;& 9%& '<;(=?>&@&

;E:&

AB& 9%& 9%& N361,O"&5%"&P#--#"Q#4&I%""#5.(&

8343&355#-%&3&IJ&

61,$1+L,?C/(&) NR& AB& =D?(>EE& 9%& E;(F:>&@&>:& AB& 9%& AB& N361,O"&5%"&P#--#"Q#4&I%""#5.(&

!613-&0343&I(J(&R#4,S,53&

5%6#".34,%-&0%4&530.5T3&

!H+,%(C$2) NR& 9%& 'D'(<<<& 9%& =>(=?>&@&

:<'&

AB& 9%& 9%& &

<,?$C$2) )3/,%@&

@NR&

AB& E=('<>& 9%& '<'(E:E&@&

>=&

AB& 9%& 9%& &

!+'$1+2$%C/(&) )3/,%& AB& :>('F=& 9%& :<(DE:&@&

=?E&

AB& 9%& 9%& N361,O"&P#--#"Q#4&I%""#5.(&

F1'+/$%(C$2) )3/,%& AB& F;(:'>& 9%& E(='F&@&=;;& AB& 9%& AB& N361,O"&P#--#"Q#4&I%""#5.(&

I%6#".34,%-&0%4&530.5T3&

!(>$C$2) )3/,%& 9%& ';(;EE& 9%& >(>=F&@&;'& 9%& AB& 9%& &

M+"1@(%&+/"(1C/(&) U,Q,.32& AB& ;:(;><& 9%V& 'D'(;?<&@&

=>?&

AB& 9%& AB& NW,..#4&I%""#5.&0343&#"XB%&/#&,"S%&

3&5%".35.%-&+-+34,%K&0#4%&"%&0343&

5%6#".34&

G9/(1@"'$1/"+9C/(&) U,Q,.32& 9%& =(=>?& 9%& ;=(:'?&@&::& AB& C& 9%& !".,C3"%",63.%Y&T%434,%&0343&

5%6#".34,%-&EC;=T&0%4&

6%/#435,Z"(&!55#-%&3&IJ&0%4&

,"X,.35,Z"&%&0#.,5,Z"&34Q+6#".3/3&

M"#$%,+''";",+9C/(&) U,Q,.32& 9%& ;;(';>& 9%& E('FE&@&;<& AB& C&& 9%& !".,C3"%",63.%Y&T%434,%&0343&

5%6#".34,%-&DC;=T&0%4&

6%/#435,Z"(&!55#-%&3&IJ&0%4&8![\&

V&],5T3&/#&#231%435,Z"&04%0,3(&)#5%Q,/3&^&4#Q,-.4%&/#&/3.%-&/#2&;<&/#&3Q%-.%&/#&;?''(&