!

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

0,1!2()*+%*13#&!&/#%*+%"(,#&%*****,4456*789:*** * * * * * * * * * 4;*J?RBC>M*******

2J*KJ4E46*HJ4?*@BC?*?6?*5@J@?*****

****=>5?EH64@*S** * =>BT6??6C>*-2.13UV!=,"*,M4W?*

,??6??6C>?*S** +BK@6C>*0#.&%((#*0DB>64K6*

+BK@6C>*.00"%&*+JGE64*

* * * +BK@6C>*&%#(V%&*0>J4XBE?*

Y6GR>6*E4ZE@5*S** +BK@6C>*[.%&/%&*&BM6>*

*

!

*! !

!

!

!

********************

&6G6>KE6G64@?*****************************

!

*******!"#$%$&'"('")*+,'--'.*"!/01-"2(+3456.7$08"*=BC>*4BC?*JZBE>*TJE@*DILB446C>*HIJKK6A@6>*DJ*A>5?EH64K6*H6*K6*\C>]^*[6*@E64?*Q*A>BTB4H5G64@*ZBC?*>6G6>KE6>*ABC>*ZB@>6*>EKL6*64?6EM46G64@_*GJE?* 5MJD6G64@* Q* ZBC?* ?BCG6@@>6* DI6`A>6??EB4* H6* GJ* ADC?* A>BTB4H6*M>J@E@CH6*H6*GIJZBE>*BTT6>@*DIBAAB>@C4E@5*HI6TT6K@C6>*C4*?@JM6*H6*>6KL6>KL6*ADC?*H6*H6C`*GBE?*JC*[JAB4_*6@*HI]*ZEZ>6*C46*6`A5>E64K6*E4BCRDEJRD6^**** *

!

*******!"#+0-9'.*"('":+3;'.*":$&9'0"

!

*******!"#$%$&'"('":+3;'.*"=(+*'03'"=9+*';;98"*Y6>KE*H6*4BC?*TJE>6*DILB446C>*H6*?E5M6>*HJ4?*K6*\C>]^**[6* ZBC?* ?CE?* A>BTB4H5G64@* >6KB44JE??J4@6* ABC>* @BC@* DI64?6EM46G64@_*@J4@* @L5B>EbC6*bC6*A>J@EbC6_*bC6*ZBC?*GIJZ6c*JAAB>@5^*Y6>KE* E4TE4EG64@*ABC>* ZB@>6* AJ@E64K6_* ZB@>6* A5HJMBME6* 6@* ZB@>6* E4KBGG64?C>JRD6*M64@EDD6??6^*********

" "

!

"""""""!"#+0-9'.*"('":+3;'.*"=*$0>+9-"?'9;@'*8""Y6>KE*H6*4BC?*JZBE>*TJE@*DILB446C>*H6*?E5M6>*JC*?6E4*H6*K6*\C>]*H6*@LW?6^*[6* ZBC?* >6G6>KE6* KLJD6C>6C?6G64@* H6* DJ* KB4TEJ4K6* bC6* ZBC?* GIJZ6c*JKKB>H56*HC>J4@*G6?*H6>4EW>6?*J4456?*H6*KDE4EbC6_*GJE?*?C>@BC@*H6*@BC@*K6*bC6*ZBC?*GIJZ6c*JAAB>@5_*@J4@*JC*4EZ6JC*H6?*KB44JE??J4K6?*bC6*H6*DJ*@6KL4EbC6_*6@*K6*@BC\BC>?*JZ6K*?BC>E>6*6@*64@>JE4^*** *

!

*******!"#+0-9'.*"('":+3;'.*"?+/'*"A+'*/'*8"*$BC?* a@6?* Q* DIB>EME46* H6* DJ* >5Z5DJ@EB4* bC6* \IJE* 6C6* KB4K6>4J4@* DJ*A>BT6??EB4^*'J4?* ZB@>6* A>6GE6>* KBC>?* H6*GB>ALBDBME6* 64*=,1%'* \6* 46*?6>JE*A>BRJRD6G64@*AJ?* DQ*JC\BC>HILCE*Q*5K>E>6*K6?* DEM46?^*[6*ZBC?*?CE?*E4TE4EG64@* >6KB44JE??J4@6_* ABC>* K6KE* 6@* ABC>* ZB?* 64?6EM46G64@?* ?J4?*TED@>6?*6@*>EKL6?*64*A5HJMBME6^**=BC>* D6* ?C\6@* bC6* ZBC?* GIJZ6c* A>BAB?5_* bC6* \IJE* JHBA@5_* >6M>6@@5* 6@*TE4JD6G64@*JHB>5^**** *

!

,*GJ*GW>6_*dJ@LEJ_*bCE*J* TJE@*H6*GBE* DJ*A6>?B446*bC6* \6*?CE?*JC\BC>HILCE^* [6*46* @6*>6G6>KE6>JE* \JGJE?*J??6c*ABC>*@BC?*D6?*?JK>ETEK6?*bC6*@C*J?*He*TJE>6_*ABC>*GBE_*ABC>*4BC?^*(J*AJ@E64K6_*@J*M64@EDD6??6*6@*@B4*JD@>CE?G6*?J4?*RB>46?*>6?@6>B4@*@BC\BC>?*C46*?BC>K6*HIJHGE>J@EB4*ABC>*GBE^**,*1DJ>J_*GJ*A6@E@6*?fC>_*G6>KE*H6*GIJZBE>*JEH56*Q*ZE?EB446>*@BC?*K6?*TEDG?_*@C*J?*5@5*HIC46*M>J4H6*JEH6*HJ4?*DJ*>5JDE?J@EB4*H6*DJ*@>BE?EWG6*AJ>@E6*H6*K6*@>JZJED^*Y6>KE*HIJZBE>*5KBC@5* JZ6K* J@@64@EB4* 6@* E4@5>a@* @BC@* K6* bCE* 5@JE@* 64* >JAAB>@* JZ6K* GJ* @LW?6* 6@* H6*GIJZBE>*KB4?6EDD56^**,*,D6`EJ_*GJ* @BC@6*A6@E@6*?fC>_*GaG6*?E* @C*46*GIJ?*AJ?* @>BA*JEH56_* @C*5@JE?*bCJ4H*GaG6*DQ*G64@JD6G64@*ABC>*G6*TJE>6*>E>6^*%@*H6*K6*TJE@_*@C*J?*bCJ4H*GaG6*H>BE@*Q*@J*A6@E@6*H5HEKJK6^***,*'5RJ?@E64_*GB4*JGBC>_* @C*GIJ?*?BC@64C6*HC*H5RC@*Q* DJ* TE4*g* @C*J?*K>C*64*GBE*HC*H5RC@* Q* DJ* TE4*g* @C* GIJ?* ?CAAB>@56_* ?C>@BC@* Q* DJ* TE4^* Y6>KE* H6* GIJZBE>* TBC>4E* C4*B>HE4J@6C>_* C4* @BE@_* H6* GIJZBE>* 64@>6@64C6* K6?* H6>4E6>?* GBE?* 6@* H6* GIJZBE>* DJE??5*6`A>EG6>*@BC@6*GJ*K>5J@EZE@5*bCE*KB4?E?@JE@*Q*5@JD6>*GB4*RB>H6D^*YJE?*?C>@BC@_*G6>KE*H6*GIJZBE>*5KBC@56_*>5KB4TB>@56*6@*>J??C>56^**,*15KED6_*ABC>* @J*A>5KE6C?6*JEH6_* @B4*?BC@E64*6@* @B4* >5KB4TB>@^*(C*J?* @BC\BC>?*5@5* DQ*ABC>*GBE*6@*\6*46*@I64*>6G6>KE6>JE*\JGJE?*J??6c^**,*[6J4UYJ>K_*ABC>*JZBE>*JKK6A@5*H6*DE>6*6@*KB>>EM6>*K6*@>JZJED^*Y6>KE*ABC>*@B4*JEH6_*6@*@6?*A>5KE6C`*KB4?6ED?^***,*GJGE6*%ZJ_*G6>KE*HIJZBE>*@BC\BC>?*5@5*TEW>6*H6*GBE_*6@*HIJZBE>*K>C*64*GBE^***,* -6>4JH6@@6* 6@* &BDJ4H* hC>@c_* ABC>* GIJZBE>* BTT6>@* ZB@>6* JEH6* ?J4?* DIBGR>6* HIC46*L5?E@J@EB4^*[6*46*?JC>JE?*ZBC?*6`A>EG6>*DI5@64HC6*H6*GJ*M>J@E@CH6^*Y6>KE*E4TE4EG64@^**,*YBC4EJ_*dJ>EGJ_*3J]J@*6@*2JGEJ_*G6>KE*ABC>*@BC?*K6?*GBG64@?_*K6?*TBCU>E>6?_*K6?*?BE>56?* GBCZ6G64@56?^* Y6>KE* ABC>* ZB?* A>5KE6C`* KB4?6ED?_* ABC>* ZB@>6* ?BC@E64_* 6@*?C>@BC@*G6>KE*H6*GIJZBE>*@BC\BC>?*>6GE?6*HJ4?*D6*H>BE@*KL6GE4^*[I6?AW>6*ABCZBE>*ZBC?*64@64H>6* LC>D6>* H6?* KB4T6??EB4?* 4BK@C>46?* HJ4?* DJ* ZBE@C>6* 64KB>6* A64HJ4@* H6?*J4456?*i**,*=BC??E4*6@*YJ@LEDH6_*ABC>*@BC@6?*K6?*J4456?*AJ??56?*64?6GRD6_* \6*ZBC?*HBE?*GJ*H6C`EWG6* J4456_* ?J4?* ZB@>6* ?BC@E64* 6@* ZB@>6* A>5KE6C?6* JEH6* \IJC>JE* A>BRJRD6G64@*AJ??5*C46*J4456*H6*ADC?*Q*DJ*TJKj*Y6>KE*ABC>*@BC?*K6?*RB4?*GBG64@?*AJ??5?*JZ6K*ZBC?_*64*6?A5>J4@*bCIED*]*64*JC>J*64KB>6*RE64*HIJC@>6?^**,*G6?*H6C`*RDB4H6?*A>5T5>56?_*1J@L*6@*[C_*G6>KE*ABC>*@BC@6?*K6?*?BE>56?*H5\J4@56?*6@*@BC@6?*K6?*J4456?*H6*TJK*AJ??56?*64?6GRD6^**,* [B>HJ4_*G6>KE* H6*GIJZBE>* ?BC@64C6_* ABC??56*6@* KLJ>>E56*A64HJ4@* @BC?* K6?*GBE?^*Y6>KE* H6* 46* AJ?* JZBE>* JKK6A@5* H6* DE>6*GJ* @LW?6_* @C* 4IJC>JE?* >E64* KBGA>E?* H6* @BC@6*GJ4EW>6^

!

! "!

*

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

0,1!2()*+%*13#&!&/#%*+%"(,#&%****,4456*789:*** * * * * * * * * * 4;*J?RBC>M*******

2J*KJ4E46*HJ4?*@BC?*?6?*5@J@?*****

****=>5?EH64@*S** * =>BT6??6C>*-2.13UV!=,"*,M4W?*

,??6??6C>?*S** +BK@6C>*0#.&%((#*0DB>64K6*

+BK@6C>*.00"%&*+JGE64*

* * * +BK@6C>*&%#(V%&*0>J4XBE?*

Y6GR>6*E4ZE@5*S** +BK@6C>*[.%&/%&*&BM6>*

!

! #!

B!2CD":DE"#!BFD?DE"*

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

"0$+1'*2$"10& 3!

4,+$"%&5&6&!,&2,0"0%*#&$1*$%#%#&(1+7%#&6&71+481!1)"%9&'%:%!144%7%0$9&1+")"0%#&%$&

(102$"10;#"#-#-#!./012!23!4536735/8! ,!"#-#9#!./8:35/8! ,!

!"="$%&'()&*&+,-$.-$*/$0/1,1-$.>/('?2$@'--1-$A/'.,B/1$C*/0D$7#8!"#9#-#9#!.7:2!A7=73582! --!"#9#-#B#!.7:24!A0/

!!"F"$G/1,1-$-6$+H1H6,N5-$ =F!""#B#-#!$/FH=24!EK8K35I624!23!D/1K/:/F2!F2837502! 9B!""#B#9#!$/=K:6=24!51A=5I6K24!F784!=7!J/01735/8!F2!=7!:78582! 9C!""#B#B#!"1A=5:735/8!F24!EH824!F784!=7!:78582!78/017=2!Y!8/1@02Q!J/012!23!A/4535/8! 9W!

""#B#B#-#!V8/17=524!4Z8F0/15I624!23!EH824!744/:5K4! 9L!""#B#B#9#!V8/17=524!54/=K24!23!EH824!744/:5K4! 9[!

"""#!\]%)TR"%O!U+!)V!;VO"O+!(T$V"O+!VT!;%T&P!UT!R+$'P! 9,!!!!"#"$O/$0/1,1-$.-2$/10P6'-2$.-2$B/BB,Q?'-2$/5R$('-B,-'2$)&BB-2$ =

!!!"F"$O/$0/1,1-$.-$1&2$0&52,12$*-2$2,1+-2$ F:!"""#B#-#!V0@02!ADZ=/EK8K35I62!F24!A0517324! BW!"""#B#9#!./8:35/8!F2!=7!:78582!:D2X!=24!A0517324! BL!

"]#!)V!;VO"O+!+O!.%O;R"%O! B[!!A"#"$O-2$H0&*-2$B,1-5'-2$ FY!

"]#-#-#!)24!A0/3DK454324! B[!"]#-#9#!)24!1Z/:283054324! B[!

!A"="$O-2$+1/6)&*&+,26-2$ F8!"]#9#-#!)24!E078F4!A058:5A24!F24!E873D/=/E54324! B_!"]#9#9#!U V̀15:/Q!E873D/=/E5432!:/8J501K! B_!

!A"F"$O-2$Q&106,&11/*,26-2$ ZE!]#!)+!U"$%&'("P$+!P+aT+)!U+!)V!;VO"O+! C9!

A"#"$IHQ,1,6,&12$ Z=!A"="$!1.,0-2$.-$*>-R,26-10-$.>51$.,B&'(),2B-$2-R5-*$.-$*/$0/1,1-$./12$*/$*,66H'/65'-$ Z=!

!

! $!

A"F"$O/$0/1,1-$.-$[,0N$-6$*-$()H1&B?1-$.U-R/(6/6,&1$ ZF!]#B#-#!;D2X!=24!17115JH024! CC!]#B#9#!;D2X!=24!P515284! CL!]#B#B#!;D2X!=24!78:b3024!F2!=`D/112! C_!

]#B#B#-#!)24!/05E5824!F6!F51/0AD5412!42!

"#!)GVOV)*+P"+!;VO"O+!(VTR+! W9!!"#"$W1/6&B,-$ :=!!"="$]-0)1,N5-$ :F!!"F"$!1.,0/6,&12$-6$0&16'-^,1.,0/6,&12$ :F!!"Z"$WJ/16/+-2$-6$,10&1JH1,-162$ :F!

""#!)V!;VO"O+!+O!%U%OR%)%*"+!'+U"VR&"ST+! WC!!!"#"$O/$B&'()&*&+,-$.-$*/$0/1,1-$6-B(&'/,'-$ :Z!!!"="$OU,B(&'6/10-$.-$*/$0/1,1-$6-B(&'/,'-$ :Y!!!"F"$O/$0/1,1-$(-'B/1-16-$0)-\$*U-1Q/16$ :8!

"""#!)V!;VO"O+!+O!&VU"%)%*"+! W,!!!!"#"$V'6)&(/16&B&+'/BB-$ :

"]#!)V!;VO"O+!+O!;("&T&*"+! LB!!A"#"$O/$0/1,1-$,10*52-$ 9F!

"]#-#-#!U/88K24! LB!"]#-#9#!+35/=/E52! LB!"]#-#B#!R075321283!:D5060E5:7=!F24!:785824!2:3/A5I624! LB!

!A"="$_L26-2$*,H2$S$*/$0/1,1-$ 9Z!"]#9#-#!cZ432!F2835EH02! LC!"]#9#9#!cZ432!J/==5:6=7502! LC!

]#!)V!;VO"O+!+O!%&R(%U%OR"+! LC!A"#"$M&'0-2$-R-'0H-2$25'$*/$0/1,1-$ 9:!A"="$WK&'.$&'6)&.&16,N5-$.-$*/$0/1,1-$,10*52-$ 99!

]#9#-#!'D742!A0Kd:D5060E5:7=2! LL!]#9#9#!'D742!A/43d:D5060E5:7=2! LL!

]#9#9#-#!V337:D2!J5

!

! %!

]""#9#-#!"1A=783!23!:78582! [B!]""#9#-#-#!*2435/8!F2!=`/::=645/8! [B!]""#9#-#9#!*2435/8!F24!354464!28?50/887834! [C!

]""#9#9#!M05FE2!23!:78582! [C!]""#9#B#!'0/3DH42!71/?5@=2!A70352==2!23!:78582! [W!]""#9#C#!'0/3DH42!15

+%(%+%02%#&-"-!"1)+,48"?*%#& 5C@!

*

!

! &!

CFEBD":DE"=FGH?DE"DB"B!2CD!HI"!

M,+5'-$#$d$G/1,1-$B/R,**/,'-$.'&,6-c$25'Q/0-$J-26,K5*/,'-$ ##!M,+5'-2$=$-6$F$d$G/1,1-$B/R,**/,'-$.'&,6-c$Q/0-$*,1+5/*-"$O/$Q&'B-$*/$(*52$0&BB51-$-6$Q&'B-$,''H+5*,?'-$ ##!M,+5'-$Z$d$G/1,1-$B/R,**/,'-$.'&,6-c$Q/0-$BH2,/*-$ #=!M,+5'-2$:c$9$-6$Y$d$G/1,1-$B/1.,K5*/,'-$+/50)-c$Q/0-$J-26,K5*/,'-c$.,26/*-$-6$*,1+5/*-$ #F!M,+5'-$8$d$G/1,1-$B/R,**/,'-$+/50)-$-1$J5-$J-26,K5*/,'-c$BH2,/*-c$(/*/6,1-c$.,26/*-$-6$&00*52/*-$ #Z!M,+5'-$e$b50)/BK-'2,/$B,'/K,*,2$f$ =H*H()/16$.-$B-'$-6$2-2$.-5R$J&*5B,1-52-2$0/1,1-2$B/R,**/,'-2$ Z:!M,+5'-$FF$d$j/1+*,-'$/'K&'/16$.-5R$,B(&2/16-2$0/1,1-2$B/1.,K5*/,'-2$ Z:!M,+5'-$FZ$d$[)&6&+'/(),-$.U51$0&*&K-$(',2-$/5$B52H-$\&&*&+,N5-$.-$j6'/2K&5'+$ ZY!M,+5'-$F:$d$[)&6&+'/(),-$.U51$2N5-*-66-$.-$+&',**-$(',2-$/5$B52H-$\&&*&+,N5-$.-$j6'/2K&5'+$ ZY!M,+5'-$F9$d$A5-$*/6H'/*-$.U51$0'h1-$.-$+&',**-$Q-B-**-$7S$+/50)-;$-6$Bh*-$7S$.'&,6-;$ ZY!M,+5'-$FY$d$[)&6&+'/(),-$.U51$+,KK&1c$.-$3&-$[-6-'2K5'+-'$ Z8!M,+5'-$F8$d$j0)HB/$'-('H2-16/16$*-$6'/T-6$.-2$1-'Q2$A=$-6$AF$ :=!M,+5'-$F

!

! '!

M,+5'-$:E$d$[)&6&+'/(),-$.U51-$T-51-$Q-BB-$25K,22/16$*-$',65-*$.5$e$[&6&1+$@,+,$f$ 51$J/B(,'-$B/205*,1$25'$*-$(&,16$.-$B&'.'-$2/$J,06,B-c$6,'H-$.5$Q,*B$e$I'/05*/$f$ #EE!!

]/K*-/5$#$d$G&B(/'/,2&1$.-2$0/'/06?'-2$B&'()&*&+,N5-2$.-2$0/1,1-2$25(H',-5'-2$-6$,1QH',-5'-2$ #Y!]/K*-/5$=$d$O-2$.,QQH'-16-2$H6/(-2$.-$*UHJ&*56,&1$.-2$0/1,1-2$6-B(&'/,'-2$B/R,**/,'-$-6$B/1.,K5*/,'-$ :Y!]/K*-/5$F$d$O-2$.,QQH'-16-2$H6/(-2$.-$*UHJ&*56,&1$.-2$0/1,1-2$(-'B/1-16-2$B/R,**/,'-$-6$B/1.,K5*/,'-$ :8!]/K*-/5$Z$d$m65.-2$.-2$0&1Q,+5'/6,&12$0/1/*/,'-2$.-2$0/1,1-2$B/R,**/,'-2$ 8E!]/K*-/5$:$d$m65.-2$.-2$0&1Q,+5'/6,&12$0/1/*/,'-2$.-2$0/1,1-2$B/1.,K5*/,'-2$ 8#!!

!

! !

!

! (!

F0;*+%.3;9+0"**

2J*KJ4E46_*C46*H64@*C4EbC6_*AD6E46*H6*?EGADEKE@5_*HIC46*M>J4H6*?@JREDE@5*6@*A>BZBbCJ4@*

C46*5@B44J4@6*TJ?KE4J@EB4^*(BC@*D6*GB4H6*KB44Jk@*DJ*KJ4E46_*DJ*H64@*HC*KLE64_*D6*K>BK*

bCE*?6>@*?6DB4* DIEH56*KBGGC46*Q*H5KLEbC6@6>* D6?*KLJE>?_*Q*J>>JKL6>_*A6>K6>_*GB>H>6^*

%?@UK6* >56DD6G64@* ?J* TB4K@EB4*l* +mBn* ZE64@U6DD6*l* ,U@U6DD6* @BC\BC>?* >6??6GRD5* Q* DJ*

KJ4E46*JK@C6DD6* l*,*bCBE* >6??6GRDJE@U6DD6* JC*H5RC@* H6* DILCGJ4E@5*l*26* @BC@* A>6GE6>*

GBHWD6* H6* H64@* 5@JE@* C4*GBHWD6* ?EGADE??EG6_* LJADBHB4@6_*GB4BKC?AEH5^* 2J* KJ4E46*

6?@U6DD6*C46*J>G6*H6*H6?@>CK@EB4_*H6*H5T64?6_*BC*RE64*C4*?EGAD6*BC@ED*H6*HEDJK5>J@EB4*

ABC>* T>JMG64@6>* D6?* JDEG64@?*l* %?@U6DD6* C4ETB4K@EB446DD6_* HE>EM6U@U6DD6* D6* K]KD6*

GJ?@EKJ@BE>6*BC* >6Za@U6DD6*64KB>6*HIJC@>6?* TB4K@EB4?_*GaG6* E4?BCAXB4456?_*KBGG6*

K6DD6*H6*AJ>@EKEA6>*Q*DJ*?5D6K@EB4*4J@C>6DD6*AJ>*?B4*HEGB>ALE?G6*?6`C6D*l*

*

2J* KJ4E46_* AB?E@EB4456* JC* KJ>>6TBC>* J4@5>BUAB?@5>E6C>_* KD5* H6* ZBe@6* H6* DIJ>KJH6*

H64@JE>6_*6?@*C4EbC6*AJ>*L5GEJ>KJH6^*0B>K6*6@*ACE??J4K6*?B4@*D6?*KJ>JK@W>6?*bC6*DCE*

KB4TW>64@*?B4*J4J@BGE6*6@*?B4*J4K>JM6*>JHEKCDJE>6^*'6?*K>E@W>6?*?A5KETEbC6?*?B4@*A>E?*

64* KBGA@6* DB>?* H6* DIJRB>H* KDE4EbC6* HC* AJ@E64@^* %DD6* 6?@* A>5?64@6* HJ4?* @BC@6?* D6?*

?A5KEJDE@5?_*6@*>6Za@*C4*E4@5>a@*AJ>@EKCDE6>*ABC>*KLJKC46*HI6DD6?^**

*

2J* KJ4E46* TJ?KE46_* AJ?* ?6CD6G64@* HJ4?* D6* HBGJE46* H6* DJ* ?A5KEJDE@5* H64@JE>6_* 6DD6*

>6A>5?64@6* RE64* ADC?* bCIC46* ?EGAD6* H64@* Q* DJ* GB>ALBDBME6* ?EGADE?@6^* 1I6?@* C4*

Z5>E@JRD6*?]GRBD6*g*6DD6*6?@*C@EDE?56*6@*H5@BC>456*HJ4?*HIJC@>6?*A>J@EbC6?*S*LBDE?@EbC6?_*

>E@C6DD6?_*B>46G64@JD6?_* TC45>JE>6?^*%DD6*?6>@*RE64*ADC?*bCIQ*A6>K6>̂ *2J*KJ4E46*6?@*C4*

BC@ED*J>@E?@EbC6_*C4*?]GRBD6*bCE*6?@*C@EDE?5*JTE4*H6*?5HCE>6*6@*HI6TT>J]6>*Q*DJ*TBE?_*AJ>*?J*

>6A>5?64@J@EB4*6`JM5>56*6@*E4@64?ETE56*bC6*K6*?BE@*HJ4?*DJ*DE@@5>J@C>6*BC*JC*KE45GJ^*

*

*

,A>W?*JZBE>*5@5*KE@56*@J4@*H6*TBE?_*DJ*KJ4E46*6?@*RE64*ADC?*bC6*HJ4?*@BC?*K6?*5@J@?^*

*

*

*

*

*

!

! )!

*

*

*

*

*

*

*

*

o*YB4@>6UGBE*@6?*KJ4E46?*6@*\6*@6*HE>JE*?E*@C*6?*TEHWD6*p*

*

YJ>K6D*26*/JDD! !

!

! *!

)!?BFD"J"K"C!"L!MFMD"E

!

! "+!

D6*KJ>4J??E6>*D6*ADC?*EGAJ>TJE@*bCI6?@*DI3BGG6*6@*D6*KJ>4EZB>6*D6*ADC?*AJ>TJE@*bCI6?@*D6*

DEB4^* 26* @>JZJED* H6* [BL4* 3C4@6>* 6?@* KBGAD5@5* AJ>* H6?* J44B@J@EB4?* >5HEM56?* AJ>*

(LBGJ?* -6DD^* 16DCEUKE* ED* KBGAJ>6* DJ* GB>ALBDBME6* H6?* KJ4E46?* 64@>6* HETT5>64@6?*

6?AWK6?_*6@*A>BAB?6*C46*@L5B>E6*?6DB4*DJbC6DD6*DJ*@JEDD6*6@*DJ*TB>G6*H6?*KJ4E46?*?B4@*

TB4K@EB4*HC*>5MEG6*JDEG64@JE>6^*!4*KJ>4EZB>6*JC>JE@*HB4K*H6?*KJ4E46?*ADC?*JEMCE?56?*

6@*A>B5GE464@6?*bCIC4*L6>REZB>6*BC*C4*BG4EZB>6_*KBGG6*DI3BGG6*AJ>*6`6GAD6^*#D*46*

TJE@* JR?BDCG64@* AJ?*G64@EB4* HC* KJ>JK@W>6* ?6`C6D* H6* K6DD6UKE^* #D* 5ZBbC6* 45J4GBE4?*

DIJR?64K6*H6*HETT5>64K6_*H6*TB>G6*6@*H6*@JEDD6*H6*DJ*KJ4E46*64@>6*D6?*H6C`*?6`6?^*q7r*

*

FRVR"#+*74+(+/9'"%'"($"3$090'"%W$7*1-"G*''0'"O$*%9&$0"2($3X"PJSYZQ"*

"BC?*JZB4?*bCJ@>6*KJ4E46?_*H6*KLJbC6*KF@5*?C>*DJ*GwKLBE>6*?CA5>E6C>6*6@*E4T5>E6C>6*

?E@C56?* JC`* J4MD6?* H6* DJ* RBCKL6* 64@>6* D6?* E4KE?EZ6?* DJ@5>JD6?* 6@* D6?* A>6GEW>6?*

A>5GBDJE>6?^* 2J* KJ4E46* GJ`EDDJE>6* 6?@* AJ>TBE?* JAA6D56* o*H64@* H6* DIB6ED*p* 6@* 6?@*

TB>@6G64@*J4K>56*HJ4?* DIB?*JDZ5BDJE>6*JC*GB]64*HIC46* DB4MC6*6@*>BRC?@6*>JKE46_*bCE*

64* TJE@* DJ* ADC?* DB4MC6* H6?* H64@?* LCGJE46?^* +J4?* DJ* Z6>?EB4* J4MDJE?6* H6* DI5K>E@* H6*

-DJKu_*DJ*KJ4E46*6?@*JAA6D56*o*KC?AEH*p*64*>JE?B4*H6*?J*KBC>B446*?C>GB4@56*AJ>*C46*

C4EbC6*6@*ZBDCGE46C?6*KC?AEH6^*qvr*

*

FRVRJR"L$090'"&$[9(($9*'"*

FRVRJRJR"=$3'"\'-;9].($9*'"*

+J4?*D6*?64?*G5?EBUHE?@JD_*DJ*TJK6*Z6?@ERCDJE>6*H6*DJ*KBC>B446*H6*DJ*KJ4E46*GJ`EDDJE>6*

q0EM^9r* 6?@* C4* A6C* ADC?* 5@>BE@6* bC6* DIE4KE?EZ6* K64@>JD6_* JZ6K* C46* DB4MC6C>* A>6?bC6*

5bCEZJD64@6* H6* DJ* ABE4@6* KC?AEHE6446* Q* DJ* DEM46* HC* KBDD6@* qH6* o*J*p* Q* o*T*pr^* 2J*

KBC>B446*H6* DJ* KJ4E46* ?I5@64H*64*C4*ABE4@* RE64* TB>G5* qJr* JC*4EZ6JC*H6* ?J*AB>@EB4*

K64@>JD6_*JZ6K*H6C`*RB>H?*@>J4KLJ4@?*E4KDE45?*qD6?*Z6>?J4@?r_*H6*AJ>@*6@*HIJC@>6*H6*DJ*

ABE4@6* KJ4E46_* 64* G5?EJD* 6@* 64* HE?@JD* qM_* Lr^* +6?* H6C`* Z6>?J4@?* D6* HE?@JD* 6?@*

D5MW>6G64@* ADC?* DB4M^* 2J* ?C>TJK6* H6* DJ* KBC>B446* 6?@* KB4Z6`6* HJ4?* @BC@6?* D6?*

HE>6K@EB4?^*%DD6*6?@*@BC@*JC@J4@*KB4Z6`6*bC6*D6?*E4KE?EZ6?*HJ4?*D6*?64?*H6*?J*DB4MC6C>*

JDB>?*bCI6DD6*6?@*R6JCKBCA*ADC?*J>>B4HE6*HJ4?*D6*?64?*G5?EBUHE?@JD^*16KE*6?@*He*Q*DJ*

TB>@6*K>a@6*Z6?@ERCDJE>6*H6*DJ*KJ4E46*qHr^*26?*TJK6?*Z6?@ERCDJE>6?*HC*RDBK*E4KE?EZBUKJ4E4*

?B4@*?5AJ>56?*64*@>BE?*DBR6?*S*G5?EJD_*GB]64*6@*HE?@JD*6@*K6?*@>BE?*DBR6?*?B4@*H5DEGE@5?*

!

! ""!

AJ>* H6C`* ?EDDB4?* q6r* bCE* ?B4@* H6?* JADJ@E??6G64@?* H6* DJ* KB4Z6`E@5* bC6* DIB4* JAA6DD6*

o*G5ADJ@?*p^*16?*G5ADJ@?*?B4@*?E@C5?*64@>6*DJ*DEM46*K64@>JD6*H6*DJ*K>a@6*6@*D6?*J4MD6?*

A>B`EGJC`^*qvr*

"

*

FRVRJRVR"=$3'"7$($;90'"*

2J* TJK6* AJDJ@E46* q0EM^* 7r* A>5?64@6* DJ* GaG6* KB4TEMC>J@EB4* GJ>ME4JD6* bC6* DJ* TJK6*

Z6?@ERCDJE>6_*RE64*bCI6DD6*?BE@*ADC?*AE4K56*JC*KBDD6@^*16KE*6?@*He*Q*DIJADJ@E??6G64@*H6?*

?C>TJK6?* A>B`EGJD6?* HB4@* D6?* @J4M64@6?* ?B4@* KB4Z6>M64@6?* 64* AJDJ@E4^* 2J* TJK6*

AJDJ@E46*6?@*M545>JD6G64@*A>6?bC6*H>BE@6*H6* DJ*ABE4@6*KC?AEHE6446*JC*KE4MCDCG*bCE*

DCE*6?@* TB>@6G64@*KB4Z6`6^*Y5?EBUHE?@JD6G64@*K6@@6*?C>TJK6*6?@* D5MW>6G64@*KB4Z6`6*

HJ4?*?J*AJ>@E6*K64@>JD6*HC*TJE@*H6*DJ*K>a@6*AJDJ@E46*bCE*ZJ*H6*DJ*ABE4@6*H6*DJ*KC?AEH6_*

BC*A>6?bC6_*\C?bCIJC*KE4MCDCG^*+6*KLJbC6*KF@5*H6*K6DCEUKE*6@*H6?*K>a@6?*GJ>ME4JD6?_*

ED* ]* J* H6* D5M6>?* ?EDDB4?* 6@* H6* D5MW>6?* KB4KJZE@5?* GJE?* @BC@* H6* GaG6* RE64* H5TE4E?_*

GJ>bCJ4@* DJ* KB4TDC64K6* H6?* DBR6?^* 26?* K>a@6?* GJ>ME4JD6?* A>BZE64464@* H6?* J4MD6?*

G5?EJC`* 6@* HE?@JC`* 6@* ?IC4E??64@* JZ6K* D6* KE4MCDCG* 64* ?IJTTE4J4@^* 16* H6>4E6>* 6?@*

A>B5GE464@*6@*?BCZ64@*?BCD6Z5*TB>GJ4@*JE4?E*C4*@CR6>KCD6*BC*C46*D5MW>6*KC?AEH6^*qvr*

****

*

*

* *

*

*

!"#$%&'(')'*+,",&'-+."//+"%&'0%1"2&3'4$%5+6&'7&42"8$/+"%&')'+3'91",2&'6$49"0"&,,&':'03'6%;2&'7&42"8$/+"%&':'&3'-3'+,#/&'0"42+/' :' "3' %+6",&' :' ?3'+9&.'0&'/+'%+6",&@'!AB'

!"#$%&4' C' &2' A')' *+,",&' -+."//+"%&' 0%1"2&3' 5+6&'/",#$+/&@' D+' 51%-&' /+' 9/$4' 61--$,&' E' #+$6>&' &2'51%-&' "%%3'+,#/&'0"42+/:'"3'%+6",&:'?3'+9&.':'-3'9%1

!

! "#!

!"#$%&' I')' *+,",&' -+."//+"%&' 0%1"2&3' 5+6&' -TJK6?*A>B`EGJD6?*?B4@*KB4Z6`6?*HJ4?*@BC@6?* D6?*HE>6K@EB4?_*GJE?*H6ZE64464@*

JADJ@E6?_* AJ>TBE?*GaG6* D5MW>6G64@* KB4KJZ6?*Q*A>B`EGE@5*H6* DJ* DEM46*HC*KBDD6@^*16?*

KJ>JK@5>E?@EbC6?*?6>B4@*ADC?*GJ>bC56?*?C>*DJ*TJK6*HE?@JD6*bC6*?C>*DJ*G5?EJD6*q0EM*6* M545>JD6_* D6?* KJ4E46?* E4T5>E6C>6?* >6??6GRD64@* R6JCKBCA* JC`*

?CA5>E6C>6?_*C46*H6?K>EA@EB4*H6*D6C>?*HETT5>64K6?*?6>J*?CTTE?J4@6^**

*

FRVRVRJR"#+*74+(+/9'"3+*+0$9*'"*

2J* KJ4E46* GJ4HERCDJE>6* 6?@* D5MW>6G64@* ADC?* A6@E@6* bC6* DJ* KJ4E46* GJ`EDDJE>6^* 2J*

KBC>B446*6?@*C4*A6C*ADC?*DB4MC6_*K6*bCE*DJ*>64H*ADC?*GE4K6^*2J*?C>TJK6*G5?EJD6*6?@*

M545>JD6G64@* A>6?bC6* H>BE@6* ?C>* @BC@6* DJ* DB4MC6C>* H6* DJ* >JKE46* 6@* H6* DJ* KBC>B446*

q0EM^*tr^*1L6c*D6?*H64@?*\6C46?*4B4*C?56?_*DJ*KC?AEH6*6?@*ADC?*A>B5GE464@6*6@*ABE4@C6*

bCIJC*4EZ6JC*H6*DJ*KJ4E46*?CA5>E6C>6^*2J*?C>TJK6*DE4MCJD6*q0EM^*Or*6?@*@>W?*DE??6*6@*D6?*

K>a@6?*?B4@*GBE4?*A>B5GE464@6?*bC6*HJ4?*DJ*KJ4E46*?CA5>E6C>6^*qvr*

!

! "$!

!"#$%&4' J3' K' &2' L')' *+,",&' -+,0"8$/+"%&'#+$6>&3'5+6&'7&42"8$/+"%&3'0"42+/&'&2'/",#$+/&'0&'#+$6>&'E'0%1"2&@'+3'91",2&'6$4"9"0"&,,&':'83' 4$%5+6&' -3'+,#/&'0"42+/':'"3'%+6",&':'?3'+9&.':'/3' 6%;2&' -+%#",+/&' 0"42+/&':' -3' 6%;2&'/",#$+/&':',3'6%;2&'-+%#",+/&'-EK6*1>5@B@*6?@*K6DCE*bCE*JAAB>@6*C46*H6?K>EA@EB4*@>W?*H5@JEDD56*6@*JAA>BTB4HE6*H6*

DJ* GB>ALBDBME6* H6?* H64@?_* K6* bCE* 64* TJE@* C46* >5T5>64K6* bCJ4@* Q* DmJRB>H* H6* DJ*

GB>ALBDBME6*H64@JE>6^*qALBDBME6*HIC46*KJ4E46*GJ`EDDJE>6*MJCKL6*qH64@*4;7vr*6?@*H5K>E@6*64*77*ABE4@?*

JAAJ>JE??J4@*?C>*DJ*TEMC>6*P^*

"

!

! "%!

"

*

*

"

"

"

JR":9$&1;*'"+33(.-$("

VR":9$&1;*'"3'*\93$("

^R")+90;-"%'"3+0;$3;"

_R"Lb;`"%9-;$("

UR"Lb;`"&`-9$("

TR"E+&&';"3.-79%9'0"

cR"C9/0'"%'"7(.-"

/*$0%"3+0;+.*"

SR"C+]'-"

YR"E9((+0-"

-'3+0%$9*'-"

JZR"!*d;'"'[;'*0'"

JJR"L+((';"3+*+0+5

*$%93.($9*'"

JVR"2+&]`"

J^R"L90/.(.&"

J_R"L*d;'-"

&$*/90$('-"

JUR"!*d;'"90;'*0'"

JTR")$0"&`-9+33(.-$("

90;'*0'"

JcR")$0"%9-;+33(.-$("

90;'*0'"

JSR"O'*-$0;"'[;'*0'"

JYR"O'*-$0;"90;'*0'"

VZR"!*d;'"%9-;$('"

VJR"!*d;'"&`-9$('"

VVR"!['"3+*+0$9*'

* *

!"#$%&'M')'*+,",&'-+."//+"%&'#+$6>&'&,'7$&'7&42"8$/+"%&3'-

!

! "&!

YJC>EK6*1>5@B@*H5K>E@*DmJ4J@BGE6*H6*DJ*KJ4E46*TJK6*AJ>*TJK6^*

*

n* C$",$3'"\'-;9].($9*'*?6*DBM6*HJ4?*C4*>6K@J4MD6*Bn*DJ*LJC@6C>*H6*DJ*KBC>B446*?6>JE@*

>6A>5?64@56*AJ>*DJ*DB4MC6C>*H6*K6DCEUKE^*26*HEJGW@>6*BKKDC?JD*q9r*6?@*ADC?*EGAB>@J4@*

bC6* D6* HEJGW@>6* K6>ZEKJD* q7r^* 26?* @J4M64@6?* H6?* TJK6?* G5?EJD6* 6@* HE?@JD6* ?B4@*

KB4Z6>M64@6?*Q*DmJA6`^*2J*AB>@EB4*HE?@JD6*6?@*ADC?*KBC>@6*bC6*DJ*AB>@EB4*G5?EJD6*HC*

TJE@* H6* DJ* ?E@CJ@EB4* ADC?* JAEKJD6* HC* ABE4@* H6* KB4@JK@* HE?@JD* qvr^* 2mJ4MD6* HE?@JD* bCE*

KB4?@E@C6*DJ*\B4K@EB4*64@>6*D6*RB>H*BKKDC?JD*6@*DJ*TJK6*HE?@JD6*6?@*@>W?*J>>B4HE^*26*RB>H*

BKKDC?JD* KBGAB>@6*H6C`*Z6>?J4@?*S*C4*HE?@JD* q@*bC6* D6*

HE?@JD^*16?*H6C`*Z6>?J4@?*?B4@*46@@6G64@*?5AJ>5?*AJ>* D6*AEK*KC?AEHE64* qsr_*bCE*6?@*

G5?EJD6G64@*AB?E@EB445*HC*TJE@*H6*DJ*HETT5>64K6*H6*DB4MC6C>*H6*K6?*H6C`*Z6>?J4@?^*

2J*TJK6*Z6?@ERCDJE>6*6?@*GJ>bC56*AJ>*C4*RBGR5*JC*4EZ6JC*HC*@E6>?*K6>ZEKJD^*2J*DEM46*

H6*ADC?*M>J4H*KB4@BC>*qOr*AJ??6*AJ>*D6*RBGR5*6@*>6\BE4@*D6?*ABE4@?*H6*KB4@JK@*G5?EJD*

6@*HE?@JD*qvr^*2J*TJK6*Z6?@ERCDJE>6*6?@*KB4?@E@C56*H6*@>BE?* DBR6?*qPr*HB4@* D6*ADC?*A6@E@*

6?@*D6*G5?EJD^*16?*DBR6?*?B4@*?5AJ>5?*AJ>*H6C`*?EDDB4?*?6KB4HJE>6?*q:r_*6@*D6*K64@>JD*

6?@* KBGAB?5* HmC46* J>a@6* 6`@6>46* q98r^* 16@@6* J>a@6* 6`@6>46* q98r* ?5AJ>6* DJ* TJK6*

Z6?@ERCDJE>6*64*H6C`*AJ4?*6`@6>46?*o*HB4@*DmC4*>6MJ>H6*46@@6G64@*D6*KF@5*G5?EJD*qtr*

6@*DmJC@>6*D6*HE?@JD*q

!

! "'!

!"#$%&'O')'*+%+62F%&4'-1%9>1/1#"P$&4'0"55@EB4* KB>B4JE>6* K6>ZEKJD6* ?E@C56* 64@>6* D6* KBDD6@* q99r* 6@* DJ* DEM46* H6* ADC?* M>J4H*

KB4@BC>*qOr*6?@*>6A>5?64@56*AJ>*DJ*cB46*M>E?56^*q

!

! "(!

!"#$%&'(Q')'R/"#,&-&,2'0$'8/16'",6"4"71S6+,",'&,'7$&'166/$4+/&'E'9+%2"%'0&4'46>1/1#"P$&4'0&4'6+,",&4'4$9B446*B>E64@56*Z6>?*D6*RJ?*6@*

DmJZJ4@*

U*1BC>B446*>6H>6??56*

O.'"

+33(.-$('"

U*'BGG6@*KC?AEHE64*Z6?@ERCD5*6@*

?E@C5*?C>*DJ*DEM46*K>556*AJ>*

DmJDEM46G64@*H6?*RB>H?*E4KE?ET?*H6*

79*6@*77*

U*'BGG6@*KC?AEHE64*64*AB?E@EB4*ADC?*

K64@>JD6*q$U2r_*ADC?*G5?EJD56*6@*

5MJD6G64@*HJ4?*D6*A>BDB4M6G64@*H6?*

RB>H?*E4KE?ET?*H6*v9*6@*v7*

*

*

*

!

! ")!

*

!"#$%&'((')'*+,",&4'",5&43'7$&4'7&42"8$/+"%&43'/",#$+/&43'-

!

! "*!

3C4@6>* >5JDE?6*C46*H6?K>EA@EB4*?EGADE?@6*H6* DJ*GB>ALBDBME6*H6* DJ*KJ4E46_*64*G64@EB44J4@*

C4EbC6G64@*?J*TB>G6*M545>JD6*6@*?J*?E@CJ@EB4*?AJ@EJD6^*1m6?@*-DJKu*bCE*KBGG64K6*Q*TJE>6*

5@J@* H6* KJ>JK@5>E?@EbC6?* GB>ALBDBMEbC6?* ADC?* H5@JEDD56?* 6@* bCE* >5JDE?6* C46* KBGAJ>JE?B4*

64@>6* DJ* KJ4E46* ?CA5>E6C>6* 6@* DJ* KJ4E46* E4T5>E6C>6^* %@* 64TE4_*1>5@B@* >5JDE?6_* DCE_* C4* @>JZJED*

KBGAD6@*64*H5K>EZJ4@*D6?*GBE4H>6?*J?A6K@?*6@*D6?*GBE4H>6?*TB>G6?*H6?*KJ4E46?^*

*

,A>W?* JZBE>* A>5KE?5G64@* H5K>E@* DJ* GB>ALBDBME6* H6* DJ* KJ4E46* LCGJE46* JHCD@6_* ED* 6?@*

GJE4@64J4@* bC6?@EB4*HI5@CHE6>* D6?*HETT5>64@?*G5KJ4E?G6?*bCE* KB4HCE?64@* Q* K6@* 5@J@_* 6@* D6*

KL6GE4*bCI6DD6*6GA>C4@6*ABC>*JKbC5>E>*K6?*HETT5>64@6?*TB>G6?^*

*

FFR"D&]*f+/`01-'8"+0;+/`01-'"';"/`0`;9e.'"%'"($"3$090'"*

FFRJR":`\'(+77'&'0;"'&]*f+00$9*'"*

,A>W?*DJ*TB>GJ@EB4*HC*@CR6*46C>JD_*K6DCEUKE*6?@*?CRHEZE?5*D6*DB4M*H6*?B4*J`6*K>w4EBUKJCHJD*

64*A>B?64K5ALJD6*qK6>Z6JC*J4@5>E6C>r_*G5?64K5ALJD6*qK6>Z6JC*GB]64r_*>LBGR64K5ALJD6*

qK6>Z6JC*AB?@5>E6C>r* 6@*GB6DD6* 5AE4EW>6^* 26?* K6DDCD6?* A>BZ64J4@* H6* K6?* @>BE?* AJ>@E6?* ZB4@*

GEM>6>*6@*AJ>@EKEA6>*Q*DJ*TB>GJ@EB4*H6*RBC>M6B4?_*bCE*?mJAA6DD6>B4@*D6?*J>K?*ALJ>]4ME64?*6@*

bCE_*ABC>*K6>@JE4?_*64@>6>B4@*HJ4?*DJ*KB4?@E@C@EB4*H6*DJ*@a@6*6@*HC*KBC*qtr^*

,* DJ*>6^*%DD6*KB4?E?@6*64* DJ* TC?EB4*H6*

KE4b*RBC>M6B4?*TJKEJC`*bCE*?B4@*S*D6*RBC>M6B4*T>B4@B4J?JD_*bCE*>6KBCZ>6*D6*A>B?64K5ALJD6_*

C46*AJE>6*H6*RBC>M6B4?*GJ`EDDJE>6?*6@*C46*JC@>6*AJE>6*H6*RBC>M6B4?*GJ4HERCDJE>6?^*16?*

H6C`*AJE>6?*?B4@_*6DD6?_*J??BKE56?*JC`*A>6GE6>?*J>K?*ALJ>]4ME64?*qt_sr^*

,* Dm6GADJK6G64@* H6?* TC@C>6?* J>KJH6?* H64@JE>6?_* Dm5AE@L5DECG* H6* DJ* RBCKL6* A>EGE@EZ6* qBC*

?@BGBH6CGr_* H5DEGE@56* AJ>* DJ* AJ>@E6* ?CA5>E6C>6* HC* RBC>M6B4* GJ4HERCDJE>6* 6@* DJ* AJ>@E6*

E4T5>E6C>6* HC* RBC>M6B4* GJ`EDDJE>6_* 6?@* JAA6D5* 5AE@L5DECG* BHB4@BMW46^" 'BC?* K6DCEUKE_* D6*

G5?64KL]G6* 6?@* @>J4?TB>G5* 64* 6K@BG5?64KL]G6* AJ>* DmJ>>EZ56* H6?* K6DDCD6?* H6?* K>a@6?*

46C>JD6?^*1m6?@* Dm5AE@L5DECG*BHB4@BMW46_* bCE* 64ZBE6* JDB>?* H6?*G6??JM6?* HmE4HCK@EB4_* bCE*

@>J4?TB>G64@*D6?*K6DDCD6?*H6?*K>a@6?*46C>JD6?*64*K6DDCD6?*BHB4@BMW46?*qOr^*

%4@>6*DJ*sWG6*6@*DJ*OWG6*?6GJE46*B4*BR?6>Z6*DJ*TB>GJ@EB4*HC*AJDJE?*A>EGJE>6*qPr*qKBC>?*HC*

=>*,^*-DBKLUVCAJ4r^*26*AJDJE?*6?@*KB4?@E@C5*H6*H6C`*AJ>@E6?_*C4*AJDJE?*A>EGJE>6*bCE*AB>@6>J*

D6?* E4KE?EZ6?*6@*C4*AJDJE?*?6KB4HJE>6*bCE* DCE*AB>@6>J* D6?*KJ4E46?*6@* @BC@6?* D6?*H64@?*AB?@U

KJ4E46?^*

2J* M54W?6* H6* DmB>MJ46* H64@JE>6* ?mE4?K>E@* HJ4?* C4* HEJDBMC6* 64@>6* G5?64KL]G6* 6@*

5AE@L5DECG^* ,A>W?* H5@6>GE4J@EB4* H6* DmJ`6* J4@5>BUAB?@5>E6C>* H6* Dm6GR>]B4* AJ>* D6?* MW46?*

3.x_*D6?*K6DDCD6?*?E@C56?*JC*4EZ6JC*H6*K6?*K>a@6?*46C>JD6?*?6*>J??6GRD64@*JTE4*H6*TB>G6>*

!

! #+!

H6?*JGJ?*bCE*?6>ZE>B4@*ABC>*H5GJ>>6>* DmBHB4@BM54W?6^*(>BE?*HETT5>64@?*JGJ?*4B@JRD6?*?6*

TB>G64@*JC*4EZ6JC*H6*DJ*K>a@6*46C>JD6*bCE*KB4@E4C6*H6*?6*T6>G6>*64*J4@5>E6C>̂ *+6*K6?*JGJ?*

GEM>6>B4@*D6?*K6DDCD6?*bCE*TBC>4E>B4@*D6?*RBC>M6B4?*Q*DmB>EME46*H6*DJ*TB>GJ@EB4*H6?*H64@?^*.4*

>6@>BCZ6*HmJ4@5>E6C>*64*AB?@5>E6C>*S* D6?*JGJ?*HE64K5ALJDEbC6?*bCE*ZB4@*GEM>6>*Q*AJ>@E>*HC*

79WG6*\BC>*Z6>?*D6*RBC>M6B4*T>B4@BU4J?JD*6@*bCE*?6>B4@*Q*DmB>EME46*H6?*E4KE?EZ6?_*('-"$&$-"

&`-'03`74$(9e.'-" e.9" \+0;" -'" %9-;*9].'*" %$0-" ($" 7$*;9'" $0;`*9'.*'" %." ]+.*/'+0"

&$[9(($9*'"';"%'"(a$*3"&$0%9].($9*'"';"e.9"-'*+0;"g"(a+*9/90'"%'-"3$090'-*6@*ABC>*TE4E>*D6?*

JGJ?* >LBGR64K5ALJDEbC6?* bCE* ZB4@* ?6* >5AJ>@E>* HJ4?* D6?* AJ>@E6?* AB?@5>E6C>6?* H6?*

RBC>M6B4?*GJ`EDDJE>6?*6@*GJ4HERCDJE>6?*Q*DmB>EME46*H6?*?6K@6C>?*AB?@5>E6C>?^*q:r*

*

!

*

*

*

*

*

*

*

!

16?*GEM>J@EB4?*?mBAW>64@*H6*GJ4EW>6?*?]G5@>EbC6?*6@*?5AJ>56?*H6*KLJbC6*KF@5*HC* @CR6*

46C>JD_*HJ4?*DJ*HE>6K@EB4*HB>?BUZ64@>JD6^*16?*K6DDCD6?*ZB4@*HB4K*?6*HEZE?6>*6@*A>5TEMC>6>*D6?*

?5AJ>J@EB4?* H6* DmBHB4@BM54W?6* 64* @>BE?* KLJGA?* H64@JE>6?* HE?@E4K@?*S* D6?* E4KE?EZ6?_* D6?*

KJ4E46?*6@*D6?*GBDJE>6?*q98r^*

*

FFRVR"=+*&$;9+0"%."/'*&'"%'"($"3$090'"*

26* M6>G6* H6* DJ* KJ4E46* A6>GJ464@6* ?CKKWH6>J* JC* M6>G6* H6* DJ* @6GAB>JE>6* 6@* ?6*

H5Z6DBAA6>J*?6DB4*D6*GaG6*?KL5GJ*H5K>E@*KEUJA>W?^*

*

FFRVRJR"E;$%'"%'"($"($&'"%'0;$9*'"*

2mBHB4@BM54W?6* KBGG64K6* 64@>6* DJ* sWG6* 6@* DJ* OWG6* ?6GJE46* H6* H5Z6DBAA6G64@*

6GR>]B44JE>6^* ,C* GJ`EDDJE>6* KBGG6* Q* DJ* GJ4HERCD6_* Dm6K@BH6>G6* B>JD* JDB>?* JAA6D5*

5AE@L5DECG* BHB4@BMW46* ?CE@6* Q* C46* HEZE?EB4* K6DDCDJE>6* JK@EZ6_* ZJ* ?m5AJE??E>* 6@* ?m64TB4K6>*

!"#$%&'(C')'U%"#",&'0&4'6&//$/&4'0&4'6%;2&4',&$%+/&4'E'0&42",

!

! #"!

!"#$%&'(I')'*1$9&'5%1,2+/&'0&'0&$.'",6"4"7&4'&2'0H$,&'6+,",&'-+."//+"%&4'2&-91%+"%&4'+$'0?*?6*H5HBCRD6>*64*C46* DJG6*Z6?@ERCDJE>6*Q* DmB>EME46*HC*

Z6?@ERCD6*6@*C46*DJG6*H64@JE>6*KB4@E4C6*6@*CA?EDByH6^*16@@6*DJG6*H64@JE>6*?6*HEZE?6*64*C46*

DJG6* A>EGJE>6* ACE?* 64* C46* DJG6* ?6KB4HJE>6* qs_Or^* .4*

BR?6>Z6* JDB>?_* Q* K6* ?@JH6_* DJ* DJG6* H64@JE>6* bCE* 6?@*

KB4?@E@C56*H6*K6DDCD6?*A>BZ64J4@*H6*Dm6K@BH6>G6*B>JD*6@*H6*

K6DDCD6?* G5?64KL]GJ@6C?6?_* K6?* H6C`* AJ>@E6?* 5@J4@*

?5AJ>56?*AJ>*C46*G6GR>J46*RJ?JD6^*

*

FFRVRVR"E;$%'"%."]+.*/'+0"%'0;$9*'"*

+C>J4@* DJ* OWG6* ?6GJE46* B4* BR?6>Z6* ?C>* DJ* DJG6* H64@JE>6* DmJAAJ>E@EB4* H6* 98* ABE4@?* H6*

A>BDET5>J@EB4*K6DDCDJE>6*5AEH6>GEbC6*AJ>*J>KJH6*bCE*KB>>6?AB4H64@*JC`*ADJKBH6?*H64@JE>6?^*

16?* ABE4@?* ?mE4ZJME464@* 64KB>6* ADC?* HJ4?* D6* G5?64KL]G6* ?BC?U\JK64@* bCE* DCE_* ?6*

KB4H64?6^* #D?* JAAJ>JE??64@* KBGG6* H6?* A6@E@?* >64TD6G64@?* >6DE5?* Q* DJ* DJG6* H64@JE>6*

A>EGJE>6*AJ>*C4*KB>HB4*5AE@L5DEJD*S*B4*AJ>D6*JDB>?*H6*RBC>M6B4?*H64@JE>6?^*1m6?@*Q*AJ>@E>*H6*

K6@@6*DJG6*H64@JE>6*A>EGJE>6*bC6*ZJ*?6*H5Z6DBAA6>*DJ*DJG6*H64@JE>6*?6KB4HJE>6_*Q*DmB>EME46*

H6?*H64@?*H5TE4E@EZ6?^*26?*RBC>M6B4?*H6?*KJ4E46?*?6>B4@*ZE?ERD6?*HW?*DJ*PWG6*?6GJE46^*q99r*

*

*

*

*

*

*

*

*

*

*

26?* RBC>M6B4?* ?B4@* 64KJ?@>5?* HJ4?* C46* GJ??6* K6DDCDJE>6* 6K@BG5?64KL]GJ@6C?6^* !4*

4fCH*HI5GJED*A>EGJE>6*?6*H5Z6DBAAJ4@*JC*K64@>6*H6*DI5AE@L5DECG*E4@6>46*JAAJ>JE@^*26*4fCH*

KB4?@E@C6*C4*K64@>6*H6* >5MCDJ@EB4*A>BZE?BE>6*H6* DIJK@EZE@5*GCD@EADEKJ@>EK6*6@*JABA@B@EbC6*bCE*

A6>G6@@>JE@*DJ*KB4TEMC>J@EB4*H6*DJ*TB>G6*H6*DJ*KBC>B446*q98r^*

*

FFRVR^R"E;$%'"%'"($"3.7.('"+."3$7.34+0"*

2J* AJ>@E6* 5AE@L5DEJD6* ?I5ZJ?6* 6@* D6?* RBC>M6B4?* H64@JE>6?* JCMG64@64@* H6* ZBDCG6* AJ>*

!"#$%&'(A')'X/+610&'

!

! ##!

!"#$%&'(K')'*1$9&'5%1,2+/&'0V$,&'6+,",&'-+,0"8$/+"%&'E'/+'5",'0$'42+0&'0&'/+'6$9$/&'0V$,'&-8%W1,'>$-+",'0&'(I'4&-+",&4@'*1/1%+2"1,'E'/H>

!

! #$!

!"#$%&'(L')'*1$9&'0H$,&'6+,",&'+$'42+0&'+7+,6E@5* H6* 4B?* KB44JE??J4K6?* GBD5KCDJE>6?* 6@* M545@EbC6?* A>BZE64@* H6* GBHWD6?*

J4EGJC`_*KBGG6* DJ*?BC>E?^*YaG6*?E* DJ*H64@E@EB4*H6* DJ*?BC>E?*6?@*?EGADETE56*AJ>* >JAAB>@*Q*

K6DD6*H6* Dm3BGG6_* D6?*G5KJ4E?G6?*HC*H5Z6DBAA6G64@*64@>6*K6?*H6C`*6?AWK6?*?B4@* @>W?*

?EGEDJE>6?^* 2J* ?BC>E?* A>BKC>6* HB4K* C4* GBHWD6* ?EGADETE5* ABC>* Dm5@CH6* H6* DJ* TB>GJ@EB4*

H64@JE>6^* -E64* bC6* D6?* >B4M6C>?* ?BE64@* D6* GBHWD6* A>5T5>5* H6?* M545@EKE64?* HC*

H5Z6DBAA6G64@_* K6C`UKE* 46* AB??WH64@* AJ?* H6* KJ4E46?_* K6* bCE* >64H* KBGADEbC5*

DmEH64@ETEKJ@EB4*HC*KBKu@JED*M545@EbC6*EGADEbC5*HJ4?*DJ*TB>GJ@EB4*H6?*KJ4E46?^*q97_9vr*

*

FFR^RJR"#+%1('-"/`0`;9e.'-"';"4+&`+3+%'"%'0;$9*'"*

26?*ABACDJ@EB4?*K6DDCDJE>6?*bCE*KB4?@E@C64@* Dm6K@BG5?64KL]G6*H64@JE>6*?6* >5AJ>@E??64@*64*

@>BE?* KLJGA?*GB>ALBM545@EbC6?*HE?@E4K@?*S* D6?* KLJGA?* E4KE?ET_* KJ4E4*6@*GBDJE>6^*%4*9::P*

(LBGJ?* 6@* 'LJ>A6* q9BAB?64@_* M>wK6* JC* GBHWD6* GC>E4_* bC6* KLJbC6* KLJGA*

GB>ALBM545@EbC6* ?BE@* HE>EM5* AJ>* C46* KBGRE4JE?B4* H6* HETT5>64@?* MW46?^* #D?* JAA6DD64@* K6*

A>E4KEA6*o*LBG5BKBH6*H64@JE>6*p*BC*o*KBH6*LBG5B@EbC6*p^*16@@6*J??BKEJ@EB4*H6*HETT5>64@?*

TJK@6C>?* A6>G6@@>J* H6* H5@6>GE46>* DJ* TB>G6* 6@* DJ* AB?E@EB4* H6* KLJbC6* H64@^* ,E4?E_* ABC>*

KLJbC6* H64@* B4* >6@>BCZ6>JE@* C4* KBKu@JED* M545@EbC6* ?A5KETEbC6* q:_9tr^* 16@@6* E4TB>GJ@EB4*

KB4?@E@C6*C46*AE?@6*@>W?*E4@5>6??J4@6*ABC>*Dm5DJRB>J@EB4*H6*K6@@6*KJ>@BM>JALE6*GBD5KCDJE>6^*

(Bz4?64H*6@*?B4*5bCEA6*q9sr*A>BAB?64@*bCmED*6`E?@6*A>BRJRD6G64@*C4*M>BCA6*H6*MW46?*bCE*

!

! #%!

6`6>K6*H6?*6TT6@?*AD5EB@>BA6?*?C>*ADC?E6C>?*AL54B@]A6?*H64@JE>6?^* #D* >6?@6*Q*ZBE>*KBGRE64*

H6* MW46?* ?B4@* EGADEbC5?_* GJE?* ED* 6?@* AB??ERD6* bCIED* ?IJME??6* HIC4* 4BGR>6* >6DJ@EZ6G64@*

TJERD6^*

*

FFR^RVR"#+(`3.('-"9&7(9e.`'-"%$0-"($",+*&$;9+0"%'"($"3$090'"*

2J*TB>GJ@EB4*H6*DJ*KJ4E46*H5RC@6*AJ>*DJ*GEM>J@EB4*H6?*K6DDCD6?*H6?*K>a@6?*46C>JD6?*H6ACE?*

DmJGJ?*G5?64K5ALJDEbC6*6@*?BC?*DJ*>6?AB4?JREDE@5*H6*4BGR>6C`*MW46?*KBGG6*=,x_*.(x_*

/?K_* Y'x9* 6@* +2x^* 16?* @>BE?* H6>4E6>?* 5@J4@* EGADEbC5?* HJ4?* DJ* TB>GJ@EB4* HC* KLJGA*

M545@EbC6*KJ4E4*q9tr^*,*s*?6GJE46?_*Dm5AE@L5DECG*HC*KLJGA*KJ4E4*6`A>EG6*D6?*TJK@6C>?*H6*

?EM4JDE?J@EB4* 'LL_* -Y=5K6A@6C>* %+,&* ZB4@* E4@6>JME>*

JZ6K*D6?*TJK@6C>?*H6*@>J4?K>EA@EB4*=,x*6@*+2x*q98_9tr^*,*DJ*:WG6*?6GJE46*DJ*GCD@EADEKJ@EB4*

K6DDCDJE>6*Q*DmB>EME46*H6*DJ*TB>G6*H6*DJ*KBC>B446*6?@*>5ME6*AJ>*Dm6`A>6??EB4*H6?*TJK@6C>?*H6*

@>J4?K>EA@EB4*6@*H6*?EM4JDE?J@EB4*?E@C5?*HJ4?*D6*4fCH*H6*Dm5GJED*A>EGJE>6_*bCE*?B4@*S*-Y=?_*

h4@_*'LL_*%HJ_*Y'x7_*26T9*6@*=79*q98_9tr^*2J*GE?6*64*ADJK6*HC*?BGG6@*KC?AEHE64*H6*DJ*

KJ4E46*?6>JE@*HC6*Q*DJ*DEJE?B4*HC*DEMJ4H*%+,*JC*>5K6A@6C>*%+,&*JC*?@JH6*H6*DJ*KDBKL6_*JC*

KBC>?* H6* DJ* 94J4@* DJ* >LEcJM54W?6* ?B4@* ADC?*

ZJMC6?*bC6*K6DD6?*KB4K6>4J4@* DJ*TB>GJ@EB4*H6*DJ*KBC>B446_*GJE?*-64BE@_*/>J4J@*6@*=6]>6*

q9tr*AJ>D64@*H6*DmE4@6>JK@EB4*64@>6*DJ*MJE46*H6*36>@zEM*6@*Dm6K@BG5?64KL]G6*?BC?*D6*KB4@>FD6*

H6* HETT5>64@?* TJK@6C>?* H6* @>J4?K>EA@EB4* 6@* H6* K>BE??J4K6_* KBGG6*+2xt_* +2x7_*Y'x7* 6@*

%/0_*-Y=v^*

*

.DD6]* #$" %&'* q9Or* GB4@>64@* DJ* TB>@6* 6`A>6??EB4* H6* '=&{7* HJ4?* D6?* ?@>CK@C>6?* JZBE?E4J4@*

Dm5AE@L5DECG*6@*HJ4?*D6*G5?64KL]G6*JC*?@JH6*HC*RBC>M6B4*ABC>*D6?*E4KE?EZ6?*6@*D6?*KJ4E46?*

Q*DJ*PWG6*?6GJE46^*,*DJ*97WG6*?6GJE46*HC*H5Z6DBAA6G64@*6GR>]B44JE>6_* DJ*KJ4E46*6?@*

JC*?@JH6*HC*KJACKLB4*6@*'=&{7*KB4@E4C6*Hma@>6*TB>@6G64@*6`A>EG5*HJ4?*D6*G5?64KL]G6*

6@* DI5AE@L5DECG*H64@JE>6* E4@6>46^*(BC\BC>?*Q*K6*?@JH6*B4*>6@>BCZ6*C46*TJERD6*6`A>6??EB4*H6*

/,'9*6@*&!"x7^*

*

%4*789t_*d6>B*#$"%&'"q9Pr*B4@*J4JD]?5*Dm6`A>6??EB4*H6*#/0U9_*KJ?AJ?6Uv*6@*3'=UO8*HJ4?*D6*

H5Z6DBAA6G64@* H6?* M6>G6?* H6?* E4KE?EZ6?* 6@* H6?* KJ4E46?* LCGJE46?^* 2J* KJ4E46* 6?@* JC*

?@JH6* @J>HET* H6* DJ* KDBKL6* Q* DJ* 78WG6* ?6GJE46^* #+0U9* 6?@*GBH5>5G64@* 6`A>EG5* HJ4?* DJ*

AB>@EB4*JAEKJD6*H6?*A>5JG5DBRDJ?@6?*6@*C4*A6C*ADC?*HJ4?* D6*?@>J@CG* E4@6>G6HECG^* #D?*B4@*

>6@>BCZ5* C46* 6`A>6??EB4* AB?E@EZ6* H6* KJ?AJ?6Uv* HJ4?* D6*G5?64KL]G6* ?E@C5* 64* H6XQ* HC*

4fCH*Hm5GJED^*(BC\BC>?*JC*GaG6*?@JH6_* ED?*B4@*BR?6>Z5*C46*TB>@6*6`A>6??EB4*H6*3'=UO8*

!

! #&!

HJ4?* DmB>MJ46*H6* Dm5GJED*H6* DJ*KJ4E46^* #D?*B4@*5MJD6G64@*GE?*64*5ZEH64K6* Dm6`A>6??EB4*H6*

']4H6KJ4U9*HJ4?*D6*4fCH*H6*Dm5GJED*6@*HJ4?*D6?*A>5JG5DBRDJ?@6?*6@*A>5BHB4@BRDJ?@6?^*

*

26?* >5?CD@J@?* H6*3CJ4M*#$" %&'* q9:r* B4@* KB4TE>G5*C46*6`A>6??EB4*6`KDC?EZ6*H6* #'29*HJ4?*

Dm5AE@L5DECG*Q* DJ* TBE?* H6?* E4KE?EZ6?*6@* H6?* KJ4E46?*JC* ?@JH6*HC* KJACKLB4^*%4*6TT6@_* #'29*

ABC>>JE@* a@>6* C4*GJ>bC6C>* ?A5KETEbC6* JC`* E4KE?EZ6?* 6@* KJ4E46?* 6@* ?CMMW>6* C4* A>BKW?* H6*

H5Z6DBAA6G64@* 64@>6* K6?* H6C`* @]A6?* H6* H64@?* @BC@* Q* TJE@* ?EGEDJE>6^* 16* bCE* 4m6?@*

5ZEH6GG64@*bCmC46*L]AB@LW?6^*

*

+6*4BGR>6C?6?*GBD5KCD6?*?B4@*HB4K*>6?AB4?JRD6?*HC*TB4K@EB446G64@*H6*DJ*M64W?6*H6*DJ*

KJ4E46_* RE64* bC6* DJ* KJ>@BM>JALE6* 46* ?BE@* AJ?* 64KB>6* A>5KE?5G64@* 5@JRDE6^* 2J* HETTEKCD@5*

>5?EH6* HJ4?* D6?*GBHWD6?* Hm5@CH6^* 2mJZJ4@JM6*H6* DI5@CH6* H6* DJ* KJ4E46* >5?EH6* HJ4?* D6* TJE@*

bCIED*4I6`E?@6*bCIC46*?6CD6*H64@*HJ4?*D6*KLJGA*KJ4E4_*KB4@>JE>6G64@*JC`*JC@>6?^*1m6?@*C46*

H64@* JZ6K* C46* GB>ALBDBME6* ?EGADETE56_* @BC\BC>?* KBGAJ>56* JC`* JC@>6?* H64@?_* K6* bCE*

EGADEbC6*bC6*D6?*ZJ>EJ@EB4?*?6>B4@*GBE4?*EGAB>@J4@6?*JC*KBC>?*H6?*HETT5>64@6?*E4@6>JK@EB4?^*

'6DB4*-64Bk@*6@*/>J4J@*q98r_*DJ*KJ4E46*A>BTE@6>JE@*HB4K_*AJ>*>JAAB>@*JC`*JC@>6?*H64@?_*HmC4*

?KL5GJ* M545@EbC6* ?EGADETE5* JC* KBC>?* H6* ?B4* 5HETEKJ@EB4*GB>ALBDBMEbC6^* 16A64HJ4@_* D6?*

GBHWD6?*C@EDE?5?*ABC>*DJ*>6KL6>KL6*M545@EbC6*?B4@*D6?*GBHWD6?*GC>E4?_*E^6^*H6*>B4M6C>?*bCE*

4mB4@*AJ?*H6*KJ4E46?^*1m6?@*ABC>bCBE_*EH64@ETE6>*D6?*Ma46?*>6?AB4?JRD6?*H6*DJ*TB>GJ@EB4*H6*

K6DD6UKE* KL6c* DmLBGG6* 6?@* @>W?* KBGADEbC5^* -DBKLUVCAJ4* 6@* 'E>6* q97r* ?CMMW>64@* bC6*S*

o*HIJC@>6?* GBHWD6?* J4EGJC`* bC6* D6?* >B4M6C>?* ?B4@* 45K6??JE>6?* ?E* DIB4* Z6C@* 5@CHE6>*

?A5KETEbC6G64@*DJ*KJ4E46*p^""#D*6?@*5MJD6G64@*AB??ERD6*H6*?CEZ>6*C46*JC@>6*AE?@6*bCE*?6>JE@*

JDB>?*HmJ4JD]?6>* D6?*GJDJHE6?*M545@EbC6?*KB44C6?*6@* DIEGAJK@*H6*4BGR>6_*H6*TB>G6*6@*H6*

AB?E@EB4*H6?*KJ4E46?^*16KE*A6>G6@@>JE@*JDB>?*5Z64@C6DD6G64@*H6*@>BCZ6>*H6?*E4HEK6?*?C>*D6?*

MW46?*EGADEbC5?*HJ4?*DJ*TB>GJ@EB4*H6*K6DD6?UKE^*

*

FFR^R^R"F&7(93$;9+0"%'-"/10'-"%$0-"($"3$090'"$0+*&$('"K"0+&]*'8",+*&'"';"7+-9;9+0"

**

26?* JM545?E6?* E?BD56?* H6?* KJ4E46?* ?B4@* 6`@>aG6G64@* >J>6?_* 64@>6* 8_8OU8_9v|* ABC>* D6?*

KJ4E46?*GJ`EDDJE>6?*6@*64@>6*8_89*6@*8_8v|*ABC>*D6?*KJ4E46?*GJ4HERCDJE>6?*HmJA>W?*DJ*G5@JU

J4JD]?6*H6*=BDH6>* q78r^*YJE?* DB>?bCI6DD6?*?B4@*J??BKE56?*Q*H6?*?]4H>BG6?_*6DD6?* D6*?B4@*

GBE4?* q79r^* #D* 6`E?@6* 5MJD6G64@* H6?* KJ?* H6* KJ4E46?* ?C>4CG5>JE>6?_* RE64* bCI5@J4@* ADC?*

>J>6?_*6@*H6?*J4BGJDE6?*H6*TB>G6*@BCKLJ4@*?BE@*DJ*KBC>B446_*?BE@*DJ*>JKE46^**

*

!

! #'!

FFR^R^RJR"!0+&$(9'-"-f0%*+&9e.'-"';"/10'-"$--+39`-"*

}C6DbC6?*6`6GAD6?*H6*?]4H>BG6?*JZ6K*H6?*J4BGJDE6?*ABCZJ4@_*64@>6*JC@>6?_*@BCKL6>*D6?*

KJ4E46?*?6>B4@*EKE*5ZBbC5?^*%4*KBGG64XJ4@*AJ>*D6?*J4BGJDE6?*H6*4BGR>6_*AJ>*6`KW?_*ACE?*

AJ>*H5TJC@*6@*H6*TB>G6^*"BC?*KE@6>B4?_*?mED?*?B4@*KB44C?_*D6?*MW46?*GC@5?*J??BKE5?^*

*

n* 3]A6>BHB4@E6*S*

"

+J4?*D6*?]4H>BG6*H6*=JAEDDB4U25JM6*6@*=?JCG6*qBC*?]4H>BG6*B>BUTJKEBUHEME@JD* @]A6*#r_* ED*

6`E?@6_* 64* ADC?* HmJC@>6?* J4BGJDE6?_* H6?* KJ4E46?* 6@* H6?* A>5GBDJE>6?* ?CA5>E6C>6?*

?C>4CG5>JE>6?^*16*?]4H>BG6*6?@*KJC?5*AJ>*C46*GC@J@EB4*HC*MW46*.0+9*qxA77r*q99_77r^*

+6?* KJ4E46?* ?C>4CG5>JE>6?* ?B4@* 5MJD6G64@* >6@>BCZ56?* HJ4?* D6* ?]4H>BG6* H6* "J4K6*

3B>J4_* A>5?64@J4@* C46*GC@J@EB4* HC* MW46* "3'* ?C>* D6* KL>BGB?BG6* xA77^9v* q97r^* #D* 6?@*

AB??ERD6*H6* >6@>BCZ6>*H6?*H64@?*?C>4CG5>JE>6?*64* >5MEB4*KJ4E46* q7vr_*GJE?*H6?*KJ4E46?*

?C>4CG5>JE>6?*Q*A>BA>6G64@*AJ>D6>*>6?@64@*C46*JTT6K@EB4*@>W?*>J>6*q97r^*

*

n* 3]ABHB4@E6*S*

*

26*?]4H>BG6*H6*1L>E?@U'E6G64?Uq(BC>JE46r_"BC*H]?ADJ?E6*6K@BH6>GEbC6*J4LEH>B@EbC6_*BC*

L]ABLEH>B@EbC6* q+%3r* DE56* Q* Dmx* >6A>5?64@6* DJ* TB>G6* DJ* ADC?* T>5bC64@6* H6?* H]?ADJ?E6?*

6K@BH6>GEbC6?* qP8|r* q7EME46*H6?*+%3*JC@B?BGEbC6*>5K6??EZ6*

6@*JC@B?BGEbC6*HBGE4J4@6*q7tr^*YJE?*B4*A6C@*5MJD6G64@*BR?6>Z6>*bC6*H6?*GC@J@EB4?*H6?*

MW46?*h"(98,_*(&,0s_*"0d-#,*BC*64KB>6*%+,7&*A6CZ64@*a@>6*Q*DmB>EME46*H6*K6>@JE46?*

+%3*q7*DJ*AB>@EB4*b97*HC*KL>BGB?BG6*x*q99r_*JZ6K*

KBGG6*?B4*4BG*DmE4HEbC6_*C46*@>J4?GE??EB4*>5K6??EZ6*DE56*JC*KL>BGB?BG6*x^*1B4K6>4J4@*

D6* @JRD6JC* KDE4EbC6* H64@JE>6* H6?* +%3_* B4* A6C@* BR?6>Z6>* H6?* KJ?* HmJ4BHB4@E6* q7sr_* BC*

HmBDEMBHB4@E6*?5ZW>6*ABCZJ4@*@BCKL6>*C46_*ADC?E6C>?*BC*@BC@6?*D6?*KJ4E46?*q7O_7Pr^*

*

+J4?* D6* ?]4H>BG6* H6* hE@uBA* q?]4H>BG6* o*H64@?UB4MD6?*pr_* B4* A6C@* BR?6>Z6>* C46*

BDEMBHB4@E6*bCE*@BCKL6*A>E4KEAJD6G64@*D6?*E4KE?EZ6?*GJ4HERCDJE>6?_*D6?*H6C`EWG6?*GBDJE>6?*

6@*D6?*KJ4E46?*GJ`EDDJE>6?*q99_7:r^*Y'x9*6?@*D6*MW46*EGADEbC5*HJ4?*K6*?]4H>BG6*qv8r^*

*

+mJA>W?* +>6??D6>* #$" %&'* qv9r* D6* ?]4H>BG6* Hm,`64T6DHU&E6M6>* A>5?64@6* H6?* L]ABU* 6@*

BDEMBHB4@E6?* bCE* @BCKL6>JE64@* D6* ADC?* ?BCZ64@* D6?* E4KE?EZ6?* 6@* D6?* KJ4E46?_* JZ6K* C46*

!

! #(!

EGADEKJ@EB4*H6?*MW46?*=#(x7*qBG6* HI!>RJKLUhE6@L6* A6C@* A>5?64@6>* C46* JM545?E6* H6?* E4KE?EZ6?* DJ@5>JD6?*

GJ`EDDJE>6?_* H6?* KJ4E46?* 6@NBC* H6?* H6C`EWG6?* A>5GBDJE>6?* JZ6K* H6?* L]ABADJ?E6?*

JG5DJE>6?^*2J*GC@J@EB4*HC*MW46*%1Y9*q9b79r*64KBHE4M*6`@>JK6DDCDJE>6*GJ@>E`*A>B@6E4*9_*6?@*

>6@>BCZ56*HJ4?*K6*?]4H>BG6^*

*

n* 0B>G6*S*

*

!46*J4BGJDE6*H6*TB>G6*>6DJ@EZ6G64@*T>5bC64@6*@BCKLJ4@*DJ*KJ4E46*6?@*DJ*>LEcBG5MJDE6^*%DD6*

KB4K6>46* A>E4KEAJD6G64@* D6?* KJ4E46?*GJ`EDDJE>6?_* Bn* DJ* DB4MC6C>* >JHEKCDJE>6* A6C@* AJ>TBE?*

H5AJ??6>*D6?*6*BR?6>Z56*H6*GJ4EW>6*E?BD56_*AJ>TBE?*JH\BE4@6*

Q* C46* KJ@J>JK@6* KB4M54E@JD6_* BC* J??BKE56* JC* ?]4H>BG6* BKCDBUTJKEBUKJ>HEBUH64@JE>6*

q.01+r^* %4* ADC?* HmC46* >LEcBG5MJDE6_* K6* ?]4H>BG6* A6C@* A>5?64@6>* C46* BDEMBHB4@E6_* H6?*

HEDJK5>J@EB4?*>JHEKCDJE>6?*6@*H6?*>6@J>H?*Hm5>CA@EB4*q99r^*26*MW46*>6?AB4?JRD6*H6*DI.01+*J*

5@5*EH64@ETE5*KBGG6*5@J4@*D6*MW46*-1.&*?E@C5*?C>*D6*KL>BGB?BG6*xA99^6@>BCZ6*HJ4?* DJ* DE@@5>J@C>6*H6?*KJ?*H6*KJ4E46?*H6* TB>G6*KB4ByH6*HJ4?* D6* ?]4H>BG6*

Hm%DDE?UZJ4*1>6Z6DH* qH]?ADJ?E6* KLB4H>B* H6>GEbC6r* qv*D6*KL>BGB?BG6*4J4@* D6* ?]4H>BG6* B@BUH64@JD* JZ6K* C46* GC@J@EB4* H6?* MW46?* KBHJ4@?* ABC>* 0/0v*

q99b9vr_* D6?* KJ4E46?* @6GAB>JE>6?* 6@* A6>GJ464@6?* A>5?64@64@* H6?* KBC>B446?* 5DJ>ME6?_*

MDBRCD6C?6?* 6@* H5TB>G56?_* JE4?E* bC6* H6?* @>BCRD6?* H6* Dm5>CA@EB4* JZ6K* H6?* H5TJC@?* H6*

AB?E@EB446G64@*q97r^*

*

16@@6* DE?@6* H6* ?]4H>BG6?* 6?@* 4B4* 6`LJC?@EZ6_* ED* 64* 6`E?@6* 64KB>6* RE64* HmJC@>6?^* !4*

K>BE?6G64@*H6?*?KL5GJ?*H64@JE>6?*JZ6K* D6?*KJ>@6?*M545@EbC6?*H6*KLJbC6*AJ@E64@*J@@6E4@*

AJ>*K6?*?]4H>BG6?_*A6>G6@@>JE@*A6C@Ua@>6*H6*TJE>6*JZJ4K6>*DJ*KJ>@BM>JALE6*H64@JE>6*l*

*

FFR^R^RVR"!0+&$(9'-"9-+(`'-"';"/10'-"$--+39`-"*

+J4?* DJ* DE@@5>J@C>6*bC6DbC6?*KJ?*HIJM545?E6*H6?*KJ4E46?* E?BD56?*?B4@*A>5?64@5?_*H6?*KJ?*

bCE* 46* ?B4@* HB4K*AJ?* DE5?*Q*C4* ?]4H>BG6^*26?*JM545?E6?*H6* KJ4E46?* ?@>EK@6?*5@J4@* RE64*

ADC?*>J>6?_*6DD6?*?B4@*?BCZ64@*J??BKE56?*Q*HIJC@>6?*JM545?E6?^*16>@JE4?*JC@6C>?*B4@*>5C??E*

!

! #)!

Q*G6@@>6*64*5ZEH64K6*D6?*GC@J@EB4?*H6?*MW46?*J??BKE56?*Q*K6?*J4BGJDE6?*H6*4BGR>6*S*

*

n* dJ4@JAC@>J*#$"%&'*qvOr*5ZBbC64@*DIJ??BKEJ@EB4*H6?*L]ABHB4@E6?*E?BD56?*Q*DJ*GC@J@EB4*

H6?*MW46?*Y'x9_*=,x:_*%+,9*6@*,x#"7*6@*H5GB4@>64@_*ABC>*DJ*A>6GEW>6*TBE?*bC6*

DmJM545?E6* H6?* KJ4E46?*GJ`EDDJE>6?* 6?@* C46* KJ>JK@5>E?@EbC6* HE?@E4K@6* J??BKE56* Q* DJ*

GC@J@EB4*HC*MW46*h"(98,^*

*

n* 0BC>4E6>*#$"%&'*q79r*JZJ4K64@*bC6*D6?*JM545?E6?*@BCKLJ4@*D6*RDBK*E4KE?EZBUKJ4E4*?B4@*

J??BKE56?* Q* H6?* GC@J@EB4?* H6?* MW46?*S* Y'x9_* =,x:_* ,x#"7_* %+,_* %+,&_*

%+,&,++_*%+,3%+_*=#(x7* 6@*h"(98,^*'6DB4* 6C`_* DmJM545?E6* H6?* KJ4E46?* 6?@*

5bCEZJD64@6_*64@>6* D6*GJ`EDDJE>6*6@* DJ*GJ4HERCD6_*6@*?6>JE@*ADC?*T>5bC64@6*64*KJ?*H6*

GC@J@EB4_* Q* DJ* TBE?* H6?* MW46?* %+,* 6@*h"(98,_* KBGAJ>5* Q* DJ* GC@J@EB4* HmJC@>6?*

MW46?^*+6*ADC?_*ED?*A64?64@*bC6*D6C>*5@CH6*JAAB>@6*H6*4BCZ6DD6?*A6>?A6K@EZ6?*bCJ4@*

Q*DJ*KBGA>5L64?EB4*H6?*KJ?KJH6?*GBD5KCDJE>6?*EGADEbC56?*HJ4?*DmBHB4@BM54W?6^*

*

n* hJ4M* #$" %&'* qvPr* TB4@* 5@J@* H6* HE`* G6GR>6?* HmC46* TJGEDD6* KLE4BE?6* JZ6K* H6?*

BDEMBHB4@E6?*6@*H6?*JM545?E6?*H6?*KJ4E46?_*HB4@*C4*A>5?64@J4@*C46*JM545?E6*H6*HE`*

H64@?* E4KDCJ4@* D6?* bCJ@>6* KJ4E46?^* 2J* GC@J@EB4* ,7RJ@B*#$"%&'*qv:r*G64@EB4464@*C46*TJGEDD6*E@JDE6446*JZ6K*H6?*J4BGJDE6?*qJM545?E6_*

E4KDC?EB4_* 6K@BAE6r* @BCKLJ4@* D6?* KJ4E46?* C4EbC6G64@* KB4K6>4J4@* ?6CD6G64@* D6?*

T6GG6?^* 26?* MW46?* GC@5?* >6@>BCZ5?* ?B4@* &'=.

!

! #*!

FFFR"h\+(.;9+0"%'"($"3$090'"4.&$90'"$."3+.*-"%.";'&7-"*

FFFRJR"C$"3$090'"%'-"$03d;*'-"%'-"&$&&9,1*'-"$.["7*'&9'*-"4+&&'-"*

26?*B>EME46?*H6*DJ*KJ4E46*>6GB4@64@*JC`*>6A@ED6?*GJGGJDE64?_*D6?*@L5>JA?EH6?_*Z6>?*U7P8*

GEDDEB4?*HIJ4456?*qYJr^*.4*>6@>BCZ6*JDB>?*D6?*A>5GEK6?*H6*DJ*GB>ALBDBME6*KJ4E46*JK@C6DD6*

6@*?C>@BC@_*D6*TJE@*bCm6DD6*5@JE@*H5\Q*C4EbC6*AJ>*bCJH>J4@_*

KB4@>JE>6G64@* Q* @BC?* D6?* JC@>6?* M>BCA6?* H6* H64@?* bCE*

?B4@* KB4?@E@C5?_* 64* @6GA?* 4B>GJD_* H6* ADC?E6C>?*

KBGAB?J4@?*6@*bCE*B4@* ?CRE*R6JCKBCA*H6*KLJ4M6G64@*

H6*4BGR>6*JC* KBC>?* HC* @6GA?^*%DD6* J* ?C* TJE>6* A>6CZ6*

HmC46* ?@JREDE@5* E4KBGAJ>JRD6* bCJ4@* Q* ?B4* 4BGR>6* 6@*

GaG6*Q*?J*TB>G6_*DJbC6DD6*J*@BC\BC>?*5@5*MDBRJD6G64@*

KB4EbC6*6@*ABC>ZC6*HmC4*@CR6>KCD6*A>E4KEAJD*H5Z6DBAA5*

6@*ADC?*BC*GBE4?*ABE4@C^*q6*ADC?* DJ>M6*

!"#$%&'(M')'[&61,42"2$2"1,'2>+-8&%4"+'-"%+8"/"4'^'%&%"$-'8&/+%-",1"'^'9+%'c1%#&'

`/+,61'GIAB'

!

! $+!

bC6* ?J* GJ4HERCDJE>6_* JZ6K* A>5?64K6* HmC4* HEJ?@WG6* AB?@UKJ4E4^* -E64* bCm5@J4@* TB>@6G64@*

JREG56?_*K6?*KJ4E46?*?6GRDJE64@* @BC@*H6*GaG6*a@>6*KB4EbC6?_*ABE4@C6?_*6@*AJ>JE??JE64@*

H5AJ??6>*D6*ADJ4*HmBKKDC?EB4^*

*

*

!"#$%&'C(')'R'#+$6>&')'7$&'/+2&%"$-'8&/+%-",1"'^'D&4'&//&4'%&9%H_* B4* >6@>BCZ6* 54-),6+$#4* 6@* 7#11%4$#0* @BC?* H6C`* D6?* J4Ka@>6?*

KBGGC4?*Q*@BC?*D6?*ADJK64@JE>6?_*HB4K*5MJD6G64@*Q*DmLBGG6*qB4M6C>_*AB??5HJ4@*C46*TB>GCD6*H64@JE>6*KBGAB?56*

H6*?_*C46*C4EbC6*KJ4E46*AJ>*?6K@6C>*6@*H6*A6@E@6*@JEDD6*q

!

! $"!

2J* TB>GCD6* H64@JE>6* Q* v7* H64@?_* bC6* DmLBGG6* KB44Jk@* JK@C6DD6G64@* ?6* >6@>BCZ6_* KL6c*

9%,:-1-*4"/%4-&&%#_*C4*?bC6D6@@6*H6*=>EGJ@6_*64KB>6*JAA6D5*#HJ_*KBGAD6@*HJ@J4@*H6*?* DJ*GBE@E5* H6* Dm%BKW46^* #HJ* 5@JE@* 64* H64@C>6*GE`@6* JZ6K* H6?* KJ4E46?* A6>GJ464@6?* Q*

Dm5@J@*H6*M6>G6^*2J*KBC>B446*H6*

DJ* KJ4E46* E4T5>E6C>6* 64*

H5Z6DBAA6G64@* 46* H6ZJE@*

A>BRJRD6G64@*AJ?*TJE>6*ADC?*H6*

DJ*GBE@E5* H6* ?J* @JEDD6* TE4JD6^* 2J*

AJ>@E6*KB>B4JE>6*HC*M6>G6*H6*DJ*

KJ4E46*GJ`EDDJE>6*?6GRD6*@BC@*Q*

TJE@*GJ??EZ6*6@*RE64*ADC?*M>J4H6*

bC6* D6?* JC@>6?* H64@?^* 2m5@J@* H6*

DJ*GE45>JDE?J@EB4* E4HEbC6*bC6* DJ*

AJ>@E6* KB>B4JE>6* 6?@* DJ>M6*GJE?*

bCI6DD6* 46* ?6>J* AJ?* @>W?* LJC@6^*

q6@64E>*6?@*bC6_*H6ACE?*bCm6DD6*6`E?@6_*DJ*KJ4E46*J*

@BC\BC>?*5@5*>6DJ@EZ6G64@*?@JRD6*HJ4?*?J*TB>G6*6@*?e>6G64@*C4EbC6*64*?B4*M64>6^*#D*?6GRD6*

64KB>6*HETTEKED6*HIJTTE>G6>*bC6*DIJ4Ka@>6*H6*DILBGG6*AB??5HJE@*E4E@EJD6G64@*H6*ZBDCGE46C?6?*

KJ4E46?* BC* E4Z6>?6G64@_* HJ4?* DJ* G6?C>6* Bn* C46* TEDEJ@EB4* 6`JK@6* 4I6?@* bC6* HETTEKED6G64@*

H5@6>GE4JRD6^* YJE?* JC* ZC* H6?* 5D5G64@?* KE@5?* KEUH6??C?_* ED* ?6GRD6>JE@* bC6* DJ* KJ4E46_*

ZBDCGE46C?6*Q*DIB>EME46_*JC>JE@*HEGE4C5*H6*@JEDD6*JZ6K*D6*@6GA?^*

*

FFFRVR"C$"3$090'"%'-"7*'&9'*-"4+&&'-"g"$.i+.*%a4.9"*

!46*H6?*KJ>JK@5>E?@EbC6?*A>E4KEAJD6G64@*GE?6?*64*JZJ4@_*JTE4*H6*HETT5>64KE6>*DJ*DEM456*H6?*

LBGG6?*JZ6K*K6DD6*H6?*?E4M6?_*6?@* DmEH64@ETEKJ@EB4_*BC*4B4_*HmC46*>6DJ@EB4*64@>6*KJ4E46*6@*

A>5GBDJE>6_* JZ6K* C46* TB4K@EB4* HmJEMCE?JM6*S* D6* KBGAD6`6* HIJTTC@JM6* 1mN=v^* 16@@6*

AJ>@EKCDJ>E@5*6?@*A>5?64@6*KL6c*@BC?*D6?*M>J4H?*?E4M6?*6@*JR?64@6*KL6c*@BC?*D6?*3BGE4EH5?^*

q

!

! $#!

!

!"#$%&'CI')'Z"42%"8$2"1,'6>%1,1/1#"P$&'4+,4'5"/"+2"1,'0&4'0"55GE* D6?* J4Ka@>6?* H6* DmLBGG6_* RE64* bC6* K6DJ* >6?@6* KB4@>BZ6>?5_* D6* ADC?* J4KE64* 6?@*

(BCGJy_*H6*4BG*?KE64@ETEbC6*S*;%.#&%1$.,)+0&,4"4'^@'+')'7$&'5%1,2+/&3'8')'61$9&'*T'0&'/+'6+,",&'#+$6>&3'6')'7$&'/+2

!

! $$!

+J4?*DJ*KL>B4BDBME6*H6?*H5KBCZ6>@6?_*DmJ4Ka@>6*A>5?CG5*?CEZJ4@*6?@*>,,),-1"$*B#1#14-4*bCE*

HJ@6_*DCE_*H6*t_s*Q*s*YJ^*1L6c*K6*?A5KEG64*B4*>6@>BCZ6*C46*KJ4E46*?CA5>E6C>6_*?6GRDJRD6*

Q* K6DD6?* H6?* 1LEGAJ4c5?* 6@* @>BA* M>J4H6* ABC>* a@>6* K6DD6* HIC4* LBGE4EH5^* 2J* KJ4E46* 46*

A>5?64@6* AJ?* J??6c* H6* TJK6@@6?* HmC?C>6* ABCZJ4@* @5GBEM46>* HmC4* KBGAD6`6* HmJTTC@JM6*

qJ4H6?* bC6* D6?*

JC?@>JDBAE@LWbC6?_*GJE?*GBE4?*M>J4H6?*bC6* D6?*KLEGAJ4c5?_* >6??6GRDJ4@*5@>J4M6G64@*Q*

K6DD6?*H6?*KLEGAJ4c5?*T6G6DD6?^*"5J4GBE4?* DIJR?64K6*HIC4*KBGAD6`6*HIJTTC@JM6*KL6c*5'"

3%=%00%*?6GRD6>JE@* D6?*HETT5>64KE6>*H6*K6?*H6>4EW>6?^*'J*KJ4E46*6?@*ADC?*A6@E@6*6@*GBE4?*

A>EGE@EZ6*bC6*>,,),-1"$*B#1#14-4*q?*

JR?64@^*5,=-@JM6* C4* K6>@JE4* 4BGR>6* H6* @>JE@?* JZ6K*5*4$,%&)5HCK@EB4*H6*DJ*@JEDD6*H6*DJ*KJ4E46_*AJ>*6`6GAD6*qt9r^*!4*A6C*ADC?*@J>H_*64@>6*UJ4KL6*bCE*64M64H>6>J*DmLBGG6*ZJ*?6*?5AJ>6>*64*H6C`*S*D6?*,C?@>JDBAE@LWbC6?_*6@*

D6?* 3BGG6?* ?6DB4* DJ* A>6GEW>6* @L5B>E6^* =J>* 6`6GAD6_* 2CK]* TJE@* AJ>@E6* H6?*

,C?@>JDBAE@LWbC6?_* K6*bCE* T6>JE@* Hm6DD6* C46* KBC?E46* @>W?*5DBEM456*H6* DmLBGG6*6@* 4B4* ?B4*

J4Ka@>6* ?6DB4* K6>@JE4?* JC@6C>?^* 2m,C?@>JDBAE@LWbC6* A>5?64@6* C46* KJ4E46* H6* A6@E@6* @JEDD6*

bCJ4H*B4*DJ*KBGAJ>6*JC*>6?@6*HC*KB>A?*q9t_6*D)/)*?6*HE??BKE6*Z6>?*5?64@6*C46*KJ4E46*E4KE?ETB>G6*bCE*46*H5AJ??6*

AJ?*DJ*DEM46*LB>EcB4@JD6*TB>G56*AJ>*D6?*JC@>6?*H64@?^*#D*4mJ*AJ?*H6*HEJ?@WG6?*6@*?6?*KJ4E46?*

46*?B4@*AJ?*?C>H5Z6DBAA56?*q98r^*'C>*DJ*R>J4KL6*H6?*3BGG6?*B4*>6@>BCZ6*D)/)"D%0-&-4*

qv_tYJr* D6* A>6GE6>* 3BGG6* q6??6GRDJ4@* Q* K6DD6?* H6?* 3BGG6?*

JK@C6D?_* @BC@* KBGG6*D)/)"E,B%4$#,* q9_s*YJr*6@*D)/)"%1$#+#44),* qP88dJr^*1B4K6>4J4@*

D)/)" E,#+$*4* qt88dJr_* B4* >6@>BCZ6* C46* KJ4E46* GJ`EDDJE>6* ADC?* H5Z6DBAA56* bC6* DJ*

GJ4HERCDJE>6* bCE_* 6DD6_* JC>J* @64HJ4K6* Q* a@>6* R6JCKBCA* ADC?* E4KE?ETB>G6^* %4* H6>4E6>*

6`6GAD6* Dm3BGG6* H6* }JTc6L* q988dJr* KJ>JK@5>E?5* AJ>* H6?* KJ4E46?* 5MJD6G64@* H6* @]A6*

GBH6>46^*'C>*JCKC4*Hm64@>6*6C`*B4*46*ZBE@*H6*HEJ?@WG6?^*26*M64>6*D)/)*46*A>5?64@6*AJ?*

H6* TB>@6?* ZJ>EJ@EB4?* H6*GB>ALBDBME6* 6@* H6* @JEDD6* H6* ?J* KJ4E46^*16>@JE4?* JC@6C>?* ABC>>B4@*

ZBE>*H6* D5MW>6?*?A5KEJDE?J@EB4?_*GJE?*H6*GJ4EW>6*M545>JD6_*K6*bC6* DmB4*A6C@*>6@64E>*6?@* DJ*

?EGEDE@CH6*GB>ALBDBMEbC6*64@>6*K6?*6?AWK6?*q9tr^*

!

! $%!

FFFRVR_R"M'$0%'*;$("*

F#%1=#,$%&_*BC*D)/)"1#%1=#,$.%-4_*?6DB4* DJ* @L5B>E6_*6?@*C4*KBC?E4*JZ6K* D6bC6D*4BC?*

AJ>@JM6B4?*C4*J4Ka@>6*KBGGC4^*#D*J*Z5KC*64*%C>BA6*64@>6*U998^888*6@*Uv8^888*J4?_*ACE?*J*

R>C@JD6G64@* HE?AJ>C* HJ4?* H6?* KB4HE@EB4?* E4KB44C6?* 6@* J* DJE??5* D6* KLJGA* DER>6* Q*D)/)"

;%ZC6?*HmC4*KE4MCDCG*R6JCKBCA*ADC?*

H5Z6DBAA5* JC* GJ`EDDJE>6* bCmQ* DJ* GJ4HERCD6_* K6* bC6* DmB4* >6@>BCZ6* 5MJD6G64@* KL6c*

F#%1=#,$%&* qtvr^* 26?* KJ4E46?* ?B4@* @>W?* C?56?* GJE?* B4@* @BC@* H6* GaG6* H6?* HEG64?EB4?*

KBGAJ>JRD6?*Q*K6DD6?*H6?*3BGG6?*JK@C6D?*q98_9tr^*26?*45J4H6>@LJDE64?*B4@*H6?*KJ4E46?*

bCE* HETTW>64@* @>BA* A6C* H6* K6DD6?* H6?* LBGG6?* JK@C6D?* ABC>* JAAB>@6>* H6?* E4TB>GJ@EB4?*

?CAAD5G64@JE>6?* bCJ4@* Q* Dm5ZBDC@EB4* H6* DJ* KJ4E46* JC* KBC>?* HC* @6GA?* qtvr^*.C* JDB>?_* JC*

KB4@>JE>6_*K6@@6*>6??6GRDJ4K6*GB4@>6>JE@*C46*?@JREDE@5*LB>?*HC*KBGGC4*H6*K6@@6*H64@^*

*

*

!

!

!"#$%&'CK')'R%6+0&4'0&,2+"%&4'0&'(3'C'&2'A')'R$42%+/19"2>FP$&4':'I3'J3'&2'K')'h1-1'>+8"/"4':'L'&2'M')'h1--&'0&'Z-+,"4"':'O'&2'(Q')'h1-1'&%#+42&%':'((')'h1-1'+,2&6&441%':'(C'&2'(A')'h1-1'&%&62$4':'(I')'h1--&'0&'i+5j&>':'(J3'(K3'(L3'(M3'(O'h1--&'0&'k&+,0&%2+/':'CQ'&2'C('h1-1'4+9"&,4'5144"/"4'G(JB'

'

"

!

! $&!

FFFRVRUR"h;.%'"3+&7$*$;9\'"%'-"3$090'-"34'@"%9,,`*'0;'-"'-713'-"4.&$90'-"

*

[6J4*/>J4J@*6@*)Z6D]46*=6]>6*q5JDE?5*C46*5@CH6*KBGAJ>J@EZ6*H6*DJ*@JEDD6*H6?*H64@?*

KL6c* HETT5>64@6?* 6?AWK6?* LCGJE46?_* Q* DmJEH6* H6* ?C\6@?* H6* DJ* ABACDJ@EB4* JK@C6DD6* 6@* H6*

HETT5>64@?*TB??ED6?^*16@@6*5@CH6*>6AB?6*?C>*DIBR?6>ZJ@EB4*H6*Dm5ZBDC@EB4*H6*DJ*@JEDD6*H6?*H64@?_*

HB4@* K6DD6?* H6?* KJ4E46?_* 6@* A6>G6@* HI5G6@@>6* Hm5Z64@C6DD6?* L]AB@LW?6?* ?C>* Dm5ZBDC@EB4^*

[6J4* />J4J@* J* H5GB4@>5* bCIED* 6`E?@6* C46* HETT5>64K6* H6* DJ>M6C>* G5?EBUHE?@JD6* 64@>6* D6?*

KJ4E46?* H6?* LBGG6?* 6@* H6?* T6GG6?^* 26?* TB??ED6?* 64* D6C>* AB??6??EB4* 5@JE64@* H6?*

>6A>5?64@J4@?* HI3BGB" .%0-&-4* q9_:YJr_* C46* GJ4HERCD6* H6* +GJ4E?E* q9_PYJr_* HEZ6>?*

?A5KEG64?* HID)/)" 1#%1=#,$.%-4_* 6@* H6?* TB??ED6?* >6@>BCZ5?* HJ4?* H6?* M>B@@6?*

6?AJM4BD6?* qv88UP88dJr^*=BC>_*JC* TE4JD_*64*J>>EZ6>*Q* DJ*KB4KDC?EB4*bCmJC*KBC>?*H6*K6?*7*

YJ_*?mED*6`E?@6*H6?*HETT5>64K6?_*6DD6?*?B4@*4B4*?EM4ETEKJ@EZ6?^**

*

FFFR^R"C$"3$090'"%'"0+-"3+.-90-"('-"-90/'-"*

1B4K6>4J4@* D6?*A>EGJ@6?_*KBGG6*D6?*RB4BRB?_* D6?*KLEGAJ4c5?*BC*64KB>6* D6?*MB>EDD6?_* ED?*

?6* @>BCZ64@* ?C>* HmJC@>6?* R>J4KL6?* bCE* ?mJZW>64@* JZBE>* RETC>bC5* H6* DJ* 4F@>6* ED* ]* J* RE64*

DB4M@6GA?_*JZJ4@*BC*JA>W?*(BCGJy^*16A64HJ4@_*4BC?*AJ>@JM6B4?*K6>@JE46G64@*C4*J4Ka@>6*

KBGGC4*JZ6K*6C`_*K6*bCE*T6>JE@*Hm6C`*H6*@>W?*DBE4@JE4?*KBC?E4?*H6*DmLBGG6^*

*

FFFR^RJR"!*]*'"74f(+/`0`;9e.'"%'-"7*9&$;'-"*

*

!"#$%&'CL')'R%8%&'9>W/1#

!

! $'!

FFFR^RVR"=+03;9+0"%'"($"3$090'"34'@"('-"7*9&$;'-""*

1L6c*D6?*A>EGJ@6?_*DJ*KJ4E46*6?@*DJ*H64@*bCE*A>5?64@6*D6*ADC?*H6*ZJ>EJ@EB4?*?C>*DmJ>KJH6^*%@*

bCE* AJ>* ?J* GB>ALBDBME6_* HBGE46* @BC@6?* D6?* JC@>6?* H64@?^* 26?* KJ4E46?* GJ`EDDJE>6?*

>6KBCZ>64@*6@*?m64M>W464@*64@>6* DJ*KJ4E46* E4T5>E6C>6*6@* DJ*A>6GEW>6*A>5GBDJE>6* qKBGAD6`6*

HIJTTC@JM6* 1IN=vr^* 26* 4BGR>6* H6* KJ4E46?* J* @BC\BC>?* 5@5* KB4?@J4@^* ,DB>?* bC6* D6?* JC@>6?*

H64@?* B4@* 5@5* >5HCE@6?* 64* 4BGR>6* JC* KBC>?* H6* Dm5ZBDC@EB4_* :a!&93+" e.$(9,9'" $(+*-" ($"

3$090'"3+&&'"%'0;"%'"/.9%$/'^*#D*J\BC@6*bC6*DJ*KJ4E46*5@JE@*A>BRJRD6G64@*C@EDE?56*Q*H6?*

TE4?*H6*GJ?@EKJ@EB4*6@*H6*A>5AJ>J@EB4*H6?*JDEG64@?*ADC@F@*bCmC@ED6*Q*DmJ@@JbC6*6@*Q*DJ*H5T64?6*

6@* >JAA6DD6*bC6* D6?*KJ4E46?*L]A6>@>BALE56?*H6?*A>EGJ@6?*6GAaKL64@* @BC@*GBCZ6G64@*H6*

DJ@5>JDE@5*H6*DJ*GJ4HERCD6^*[B46?*J*5@CHE5*D6?*GBCZ6G64@?*H6*GJ?@EKJ@EB4*H6?*LBGG6?*6@*

H6?* ?E4M6?^* +6* ?6?* BR?6>ZJ@EB4?* B4@* H5KBCD5* H6?* HETT5>64K6?* H6* GBCZ6G64@?* 64@>6* D6*

?E4M6* 6@* DILBGG6^*16?*GBCZ6G64@?* 5@J4@* RE64* ADC?* >6?@>6E4@?* KL6c* D6* A>6GE6>^* 1L6c* D6*

?E4M6_* ED*4m]*J*AJ?*Hm6`KC>?EB4?* DJ@5>JD6?*H6* DJ*GJ4HERCD6^*26*GBCZ6G64@*H6*GJ?@EKJ@EB4*

6?@_* @BC\BC>?* HIJA>W?* [B46?_* bCJ?E* 6`KDC?EZ6G64@* >6K@EDEM46* DB>?* H6?* GBCZ6G64@?*

HmBCZ6>@C>6UT6>G6@C>6* qt* 5>CA@EB4* RE64* JA>W?* DJ* GE?6* 64* ADJK6* H6* DJ* KE45@EbC6* GJ?@EKJ@BE>6* 6@*

HIJA>W?*DCE_*ED*?CTTE@*HIJDD6>*HJ4?*C4*cBB*JTE4*H6*D6?*BR?6>Z6>*JKKBGADE>*K6@@6*@wKL6*qttr^*+6*

ADC?_*KL6c* D6*?E4M6*BG4EZB>6_*GwD6*6@* T6G6DD6*KB4?BGG64@* DJ*GaG6*4BC>>E@C>6*GJE?*B4@*

H6?* KJ4E46?* H6* @JEDD6* HETT5>64@6?_* D6?* ?E4M6?*GB4BMJG6?* JC>B4@* H6?* KJ4E46?* H6*GaG6*

@JEDD6_* 6@* D6?* ?E4M6?*GwD6?*ABD]MJG6?*JC>B4@*H6?* KJ4E46?*ADC?*H5Z6DBAA56?*bC6*KL6c* DJ*

T6G6DD6^*

*

26* />B?* 1DJ>u* KBGAJ>6* D6?* KJ4E46?* H6* DmLBGG6* 6@* HC* M>J4H* ?E4M6* HJ4?* ?B4* DEZ>6*

o*2mLE?@BE>6*H6?*=>EGJ@6?*p^*1L6c*D6*M>J4H*?E4M6_*D6?*KJ4E46?*?B4@*DB4MC6?*6@*ACE??J4@6?*6@*

?6DB4*DmJC@6C>_*C@EDE?56?*KBGG6*J>G6?*HmJ@@JbC6*6@*H6*H5T64?6^*16*K>E@W>6*5@J4@*H5TE4E*KJ>*

ED?*B4@* D6*>5TD6`6*H6*GB>H>6*64*KJ?*H6*H5T64?6^*16@*J>MCG64@*6?@*A6C*KB4ZJE4KJ4@^*,DB>?*

bC6*KL6c* DILBGG6_*6DD6?*4mB4@*AJ?*H6* TB4K@EB4*?A5KEJD6_*6DD6?* ?B4@*C@EDE?56?*H6* DJ*GaG6*

GJ4EW>6* 6@* TB4@* AJ>@E6* H6* DJ* ?5>E6* H6?* o*H64@?* H6*GB>?C>6*p* HC* M>BCA6* H6?* E4KE?EZ6?^* #D*

>5HCE@* D6?* KJ4E46?* Q* H6?* E4KE?EZ6?* KL6c* DmLBGG6^* YJE?* DJ* TB>G6* HE?A>BAB>@EB4456* H6?*

>JKE46?* H6?* KJ4E46?* 64* KBGAJ>JE?B4* JZ6K* ?6?* JH\JK64@6?* ?6>JE64@* C46* A>6CZ6* bC6* D6?*

KJ4E46?*LCGJE46?*B4@*JDB>?*?CRE*C46*>5HCK@EB4*H6*@JEDD6*?EM4ETEKJ@EZ6*JC*KBC>?*HC*@6GA?^*

"

"

! "

!

! $(!

FOR"C$"3$090'"'0",+03;9+0"*

2mBKKDC?EB4*6?@*C4*KB4K6A@*bCE*46* TJE@*AJ?* DIC4J4EGE@5^*%DD6*J*5@5*6@*6?@* @BC\BC>?*C4*?C\6@*

@>W?* E4@5>6??J4@*6@* @>W?*KB4@>BZ6>?5*64*?KE64K6?*H64@JE>6?^*2J*>6DJ@EB4*4B>GJD6*H6?*H64@?*

KLJ4M6>J* 64* TB4K@EB4* HC* ?A5KEJDE?@6* bC6* DIB4* JC>J* 64* TJK6* H6* ?BE_* H6* GaG6* bC6* ?B4*

@>JE@6G64@*qtE?@64?64* q9:8tr_* /]?E* q9:98r_*

YB4?B4*q9:v7r_*-B4zEDD*6@*,GJH6B^*26*A>E4KEA6*6?@*H6*>6@>BCZ6>*H6?*KB4@JK@?*H6*GJ4EW>6*

5bCEDER>56* 64* J4@5>E6C>* 6@* 64* AB?@5>E6C>* DB>?* H6?*GBCZ6G64@?* H6* A>BACD?EB4^*+6*GaG6_*

DB>?*H6?*GBCZ6G64@?*H6*HEHCK@EB4_*6@*H6*G6@@>6*64*ADJK6*H6?*KB4@JK@?*5bCEDER>5?*Q*DJ*TBE?*

ABC>* D6?*KF@5?*o*5bCEDER>J4@?*p*6@*o*4B4*5bCEDER>J4@?*p^*.4*JKbCE6>@*JE4?E*C46*?@JREDE@5*H6?*

A>B@LW?6?*JGBZERD6?*DB>?*H6?*GBCZ6G64@?*GJ?@EKJ@BE>6?^*

*

FORJRVR"C'-"&f+3'0;*9-;'-"*

=>E4KEA6*BAAB?5*Q*K6DCE*H6?*M4J@LBDBME?@6?_*D6?*G]BK64@>E?@6?*46*KL6>KL64@*AJ?*Q*ADJK6>*DJ*

GJ4HERCD6* HJ4?* C46* AB?E@EB4* HB4456* GJE?* Q* @>BCZ6>* C4* 5bCEDER>6* 46C>BUGC?KCDJE>6* bCE*

ADJK6>J* DJ*GJ4HERCD6* HJ4?* C46* ?E@CJ@EB4* H5KB4@>JK@56* 6@* 4J@C>6DD6^* 1m6?@* C46* >6KL6>KL6*

HmC4*5@J@*AL]?EBDBMEbC6*LJ>GB4E6C`^*'6DB4*D6?*JH6A@6?*H6*K6@@6*@L5B>E6_*DJ*TB4K@EB4*KJ4E46_*

BC*DJ*TB4K@EB4*M>BCA6*EGAB>@6*A6C_*@J4@*bC6*DJ*?E@CJ@EB4*H64@JE>6*E4E@EJD6*6?@*>6@>BCZ56*DB>?*

H6*>6?@JC>J@EB4?*A>B@L5@EbC6?^**

!

! $)!

*

FORVR"C'-"/0$;4+(+/9-;'-"*

!4*J>@EKCDJ@6C>* 46* A6>G6@* AJ?* H6* >6A>BHCE>6* TEHWD6G64@* D6?*GBCZ6G64@?* H6*GJ?@EKJ@EB4*

BR?6>ZJRD6?* KL6c* Dm3BGG6^* 2mBKKDC?EB4* RJDJ4K56_* bC6* DmB4* BR@E64@* JE?5G64@* JZ6K* C4*

J>@EKCDJ@6C>*6@*bCE*6?@*GE?6*64*fCZ>6*DB>?*H6*DJ*>5JDE?J@EB4*H6*A>B@LW?6?*JGBZERD6?*@B@JD6?*

J*5@5*6`@>JABD56*6@*EGAC@56*Q*DJ*H64@C>6*4J@C>6DD6*AJ>*Dm5KBD6*M4J@LBDBMEbC6^*

*

FORVRJR"C'-"/*$0%-"7*90397'-"%'-"/0$;4+(+/9-;'-"*

26* @6>G6* H6* M4J@LBDBME6* J* 5@5* J@@>ERC5* JC* KB4K6A@* H6* DIBKKDC?EB4* RJDJ4K56* AJ>* 3J>Z6]*

'@JDDJ>H* 64* 9:76KL6>KL5* C46* AB?E@EB4*

GJ4HERCDJE>6*?@JRD6*6@*>5E@5>JRD6*KL6c*D6?*AJ@E64@?_*bCE*J*5@5*4BGG56*o*>6DJ@EB4*K64@>56*p^*

=B?E@EB4*GJ4HERCDJE>6*bCE*45K6??E@6*C46*GJ4EACDJ@EB4*H6*DJ*AJ>@*HC*A>J@EKE64*bCE*ADJK6*D6?*

KB4H]D6?* HJ4?* D6?* TB??6?* GJ4HERCDJE>6?^* 16@@6* AB?E@EB4* 4m6?@* AJ?* 4J@C>6DD6* ZC* bCm6DD6*

>6bCE6>@* C46* E4@6>Z64@EB4* 6`@5>E6C>6^* .4* AJ>D6* JDB>?* EKE* H6* KF@5* o*@>JZJEDDJ4@*p_* 6@* o*4B4*

@>JZJEDDJ4@*p^* 26* KF@5* @>JZJEDDJ4@* 5@J4@* K6DCE* bCE* ?CAAB>@6* D6?*GBCZ6G64@?* H6* DJ@5>JDE@5* 6@*

HB4K* EGADEbC6* D6* KB4H]D6* J??BKE5* 6@* D6?* Z6>?J4@?* H6* KC?AEH6?* bCE* KB4HCE?64@* K6*

GBCZ6G64@^* 16* 4m6?@* bC6* ADC?* @J>H_* JZ6K* +m,GEKB* qtZE>JE@*H6*MCEH6*DB>?*H6?*GBCZ6G64@?*6`K64@>EbC6?*H6*DJ*

GJ4HERCD6*S*JE4?E*4Jk@*DJ*o*TB4K@EB4*KJ4E46*p_*>FD6*bCm64HB??6*K6@@6*H6>4EW>6*ABC>*Dm6?KB>@6*

H6?* GBCZ6G64@?* H6* DJ@5>JDE@5* H6* DJ* GJ4HERCD6* qs7r^* =BC>* K6@@6* 5KBD6_* DJ* KJ4E46*

GJ4HERCDJE>6*MDE??6*KB4@>6* DJ* TJK6*AJDJ@E46*H6* DJ*KJ4E46*GJ`EDDJE>6*HC*KF@5* @>JZJEDDJ4@* DB>?*

H6?*GBCZ6G64@?*H6*DJ@5>JDE@5_*6@*AJ>*K6*REJE?*MCEH6*DJ*GJ4HERCD6*DB>?*H6*K6?*GBCZ6G64@?_*

@BC@*64*64@>Jk4J4@* DJ*H5?BKKDC?EB4* @B@JD6*?C>* @BC@* D6* @>J\6@*H6* @BC@6?* D6?*H64@?*HC*?6K@6C>*

AB?@5>E6C>* @>JZJEDDJ4@* qsvr^* 16* AL54BGW46* 6?@* JDB>?* JAA6D5* o*A>B@6K@EB4* KJ4E46*p^* 2J*

KJ4E46*GJ`EDDJE>6*A>64H*64*KLJ>M6_*?6CD6_*D6?*KB4@JK@?*H6*DJ*GJ4HERCD6*JZ6K*D6*GJ`EDDJE>6^*

26?* JC@>6?* H64@?* 64@>64@* 64* KB4@JK@* C4EbC6G64@* Q* DJ* TE4* HC* GBCZ6G64@* 64* J>>EZJ4@*

HE>6K@6G64@*64*AB?E@EB4*HmE4@6>KC?AEHE6^* 2mBR?6>ZJ@EB4*H6*K6*GBCZ6G64@*6?@* @>W?*HETTEKED6_*

Km6?@*ABC>bCBE*ED*6?@*H6GJ4H5*JC*AJ@E64@*Hm6TT6K@C6>*D6*GBCZ6G64@*E4Z6>?6_*Km6?@UQUHE>6*H6*

H5?BKKDC?EB4*KJ4E46*qtsr^*

*

FORVRVR":W!&93+8"/0$;4+(+/9-;'"3+0,9*&`"*

+I,GEKB*6?@* C4*H6?*A>6GE6>?* Q* JZBE>* @64@5* C46* >5TD6`EB4*JAA>BTB4HE6* ?C>* DJ* KJ4E46_* ?6?*

B>EME46?* 6@* ?J* TB4K@EB4_* 64* 9:tP^* -E64* bC6* 4B4* JRBC@E6?_* ED* JRB>H6* K6>@JE46?* AE?@6?* H6*

!

! $*!

>5TD6`EB4* J??6c* E4@5>6??J4@6?_* HJ4?* ?B4* J>@EKD6* o*(L6* KJ4E46* @66@L* ~* "B>GJD* TC4K@EB4JD*

>6DJ@EB4*BT*@L6*4J@C>JD*@66@L*BT*GJ4*p_*G%"+%1-1#"H",#&%$-)1"C)1+$-)11#&"1),/%"=#4"=#1$4"

1%$*,#&" =#" &ID)//#_* ACRDE5* 64* t* AJ>@E6?* qtE4KEA6* H6*

o*DmBKKDC?EB4* RJDJ4K56*p* KBGG6* 5@J4@* JAADEKJRD6* Q* DJ* H64@C>6* 4J@C>6DD6* H6* DmLBGG6_* bCE*

?6DB4*DCE*6?@*TJC??6*6@*KB4@>JE>6*JC`*TJK@6C>?*AL]?EbC6?_*REBDBMEbC6?*6@*AL]?EBDBMEbC6?*bCE*

?6>B4@*EGADEbC5?*HJ4?*D6*A>BK6??C?*H6*GJ?@EKJ@EB4^*#D*KL6>KL6*@>W?*KDJE>6G64@*Q*KB4@>6>*D6?*

AJ>@E?J4?*H6*DmBKKDC?EB4*RJDJ4K56*JAADEbC56*JC`*H64@?*4J@C>6DD6?*H6*Dm5ABbC6*qs7r^*1m6?@*DJ*

KJ4E46* bCE* MCEH6* DJ* GJ4HERCD6* \C?bCm64* AB?E@EB4* HmE4@6>KC?AEHE6* GJ`EGJD6_* H6* DJ* GaG6*

GJ4EW>6*bC6*ABC>*D6?*GBCZ6G64@?*BR?6>Z5?*KL6c*D6?*J4@L>BAByH6?^*

"

+m,GEKB* ?CMMW>6* bC6* DmLBGG6* JC>JE@* AC* C@EDE?6>* ?6?* KJ4E46?* ABC>* KBGRJ@@>6* ?6?* >EZJC`*

6@NBC*?BCG6@@>6*C4*KBGAJM4B4*Q*H6?* TE4?*H6*>6A>BHCK@EB4^* #D*6?@* @BC@*Q* TJE@*?C>* DJ*RB446*

ZBE6*ABC>*E4@>BHCE>6*D6*KJ>JK@W>6*?6`C6D*H6*DJ*KJ4E46_*GJE?*46*ABC??6*AJ?*DJ*>5TD6`EB4*ADC?*

DBE4^* %4* >5JDE@5_* ED* 46* ?JZJE@* AJ?* JDB>?_* bC6* DJ* @JEDD6* H6* DJ* KJ4E46* \BCJE@* C4* >FD6* HJ4?* DJ*

KBGA5@E@EB4* ?6`C6DD6* 6@* bC6* ?J* @JEDD6* 6?@* Dm6`A>6??EB4*HC*HEGB>ALE?G6*?6`C6D_* 6@* 4mJ* AJ?*

>5C??E*Q*D6*H5HCE>6*H6*?6?*BR?6>ZJ@EB4?^*qYJ>K6D*26*/JDDr*

*

'6DB4*DmJC@6C>_*DJ*TB4K@EB4*A>E4KEAJD6*H6*K6?*KJ4E46?*A64HJ4@*DJ*GJ?@EKJ@EB4*6?@*H6*?6>ZE>*H6*

MCEH6* ABC>* DJ* GJ4HERCD6* DB>?* H6* ?B4* AJ??JM6* Q* DJ* >6DJ@EB4* K64@>56* HJ4?* DJ* HE>6K@EB4*

G5HEJD6UZ6>@EKJD6^*%4*A>BACD?EB4_* DJ*GJ4HERCD6*JZJ4K6*6@* DJ*?CA>JKDC?EB4*H6?*KJ4E46?*ZJ*

?6>ZE>* Q* BR@64E>* C46* H5?BKKDC?EB4* Z6>@EKJD6* @6DD6* bCm6DD6* 6GAaKL6>J* D6* KB4@JK@* 64@>6* D6?*

KC?AEH6?*H6?*A>5GBDJE>6?*6@*H6?*GBDJE>6?*J4@JMB4E?@6?*6@*?C>@BC@*Hm6GAaKL6>*DmJAADEKJ@EB4*

H6* TB>K6?*LB>EcB4@JD6?*?C>* D6?* E4KE?EZ6?^*%4*5DEGE4J4@*K6@@6* TB>K6*LB>EcB4@JD6_* D6?*KJ4E46?*

5ZE@6>JE64@* C46* TJ@EMC6* A>5GJ@C>56* HC* AJ>BHB4@6* H6?* E4KE?EZ6?_* GJE?* 5MJD6G64@* H6?*

A>5GBDJE>6?*6@*H6?*GBDJE>6?^*

*

+m,GEKB* 6?@EG6* bC6* D6?* A>6CZ6?* bCmED* A>5?64@6* A6>G6@@64@* Hm6`A>EG6>* D6?* KB4KDC?EB4?*

?CEZJ4@6?*KB4K6>4J4@*D6?*KJ4E46?*S*

n* 26?* KJ4E46?* B4@_* H6ACE?* @BC\BC>?_* 5@5* KB4?@J4@6?* 64* 4BGR>6_* 64* AB?E@EB4_* 64*

JDEM46G64@*6@*HJ4?*?J*GB>ALBDBME6*M545>JD6^*

n* 26?* KJ4E46?* ?6>Z64@* H6* MCEH6* ABC>* DJ* GJ4HERCD6* A64HJ4@* D6?* GBCZ6G64@?*

6`K64@>EbC6?*DB>?bC6*D6?*H64@?*BAAB?56?*64@>64@*64*KB4@JK@*TB4K@EB446D^*

n* 26?*KJ4E46?*?CA5>E6C>6?*H5@6>GE464@* D6?*GBCZ6G64@?* DJ@5>JC`*6@*A>BACD?ET?*H6* DJ*

GJ4HERCD6* DB>?bCm6DD6?* ?B4@* 64* KB4@JK@* TB4K@EB446D* JZ6K* D6?* KJ4E46?* E4T5>E6C>6?*6@*

D6?*A>6GEW>6?*A>5GBDJE>6?^*

!

! %+!

n* 26?*KJ4E46?*B4@*5MJD6G64@*C46*TB4K@EB4*AJ>@EKCDEW>6^*%DD6?*@>J4?G6@@64@*ADC?*bC6*D6?*

JC@>6?* H64@?* H6?* EGACD?EB4?* A>BA>EBK6A@EZ6?* AJ>BHB4@JD6?* JC`* GC?KD6?*

GJ?@EKJ@6C>?_* DB>?*H6*KB4@JK@?*JZ6K* D6?*J4@JMB4E?@6?_* K6*bCE* A6>G6@*H6* >5HCE>6* DJ*

@64?EB4*GC?KCDJE>6*6@*DJ*TB>K6*JAADEbC56^*

*

#D* 6?@* 45K6??JE>6* H6* A>5KE?6>* bC6* D6?* BR?6>ZJ@EB4?* H6* +I,GEKB_* Q* DIB>EME46* H6* @BC@6* DJ*

A64?56*bCE*H5KBCD6>J*H6* DJ*o*TB4K@EB4*KJ4E46*p_*?B4@*6`K6??EZ6G64@* T>JMED6?*HC*ABE4@*H6*

ZC6*?@J@E?@EbC6*KJ>*6DD6?* KB4K6>464@*64* @BC@*6@*ABC>* @BC@*H6C`*KJ?*H6*GBHWD6?*64*ADw@>6*

GB4@5?* ?C>* C4* J>@EKCDJ@6C>* ?6GEUJHJA@JRD6^* YBHWD6?* A>5?64@J4@* C4* KJ?* KDE4EbC6* JC`*

J>KJH6?*C?56?*g*D6?*GBHWD6?*HIC46*BKKDC?EB4*H6*KDJ??6*#*HIC4*?C\6@*H6*9P*J4?*?6>JE64@*D6?*

RE64Z64C?_*6@* DIBR?6>ZJ@EB4*HIC46*K64@JE46*H6*KJ?*A6>G6@@>JE@*H6*AJ>D6>*HI6ZEH64K6*RJ?6H*

G6HEKE46^*16*bCE*H6*ADC?*6?@* E4KBGA>5L64?ERD6_*KI6?@*bC6*DJ*A>BT6??EB4*?6*?BE@*A>5KEAE@56*

?C>*D6*HBMG6*H6*DJ*TB4K@EB4*KJ4E46*6@*46*DIJE@*\JGJE?*>6GE?*64*bC6?@EB4^*

*

FOR^R"C'-",+03;9+00$(9-;'-"*

26?* TB4K@EB44JDE?@6?* ?IBAAB?64@* T6>G6G64@* JC`* KB4KDC?EB4?* H6?* M4J@LBDBME?@6?^*

1B4KDC?EB4?*bCIED?*KB4?EHW>64@*KBGG6* @B@JD6G64@*6`6GA@6?*H6* TB4H6G64@?*?KE64@ETEbC6?*

>56D?^*26?*M4J@LBDBME?@6?*B4@_*AJ>*?BCKE*H6*?EGADEKE@5*A>BRJRD6G64@_*JAADEbC5*D6?*HB4456?*

H6* DmJ>@EKCDJ@6C>* Q* DJ* H64@C>6* 4J@C>6DD6^* =J>* 6`6GAD6_* DmBR?6>ZJ@EB4* HC* o*GBCZ6G64@*

TB4K@EB446D*H6* DJ*A>B@6K@EB4*KJ4E46*p*6?@* @>W?*HETTEKED6*64*RBCKL6^* #D?*H6GJ4H64@*HB4K*JC*

AJ@E64@* H6* A>BK5H6>* JC* GBCZ6G64@* E4Z6>?6_* K6DCE* H6* H5?BKKDC?EB4* KJ4E46* qtsr^* 16* bCE*

>6ZE64@*Q*>6@BC>46>*DJ*?E@CJ@EB4*HJ4?*C46*AB?E@EB4*ADC?*KB4TB>@JRD6^*'KLC]D6>*qsE4KEA6?*H6*A>B@LW?6*KBGADW@6*JAADEbC5?*64*H64@C>6*4J@C>6DD6^*#D*AJ>D6*

H6*o*TB4K@EB4*M>BCA6*p*6@*HmBKKDC?EB4*C4EDJ@5>JD6G64@*5bCEDER>56^*

*

1m6?@* JDB>?* bC6* 26* /JDD* 6@* 2JC>6@* G6@@64@* 64*

JZJ4@* HmJC@>6?* HB4456?* H6ZJ4@* a@>6* A>E?6?* 64*

KB4?EH5>J@EB4* 6@* >6G6@@J4@* 64* bC6?@EB4* D6?*

@L5B>E6?* JZJ4K56?^* 26?* GBCZ6G64@?* H6* DJ*

GJ4HERCD6* H6GJ4H5?* JC* AJ@E64@_* DB>?* H6*

DIJ4JD]?6* H6* ?B4* BKKDC?EB4_* @6D?* bC6* D6?*

GBCZ6G64@?*H6*DJ@5>JDE@5*6@*H6*A>BACD?EB4_*?B4@*

Q*DIBAAB?5*H6?*GBCZ6G64@?*BR?6>Z5?*DB>?*H6*DJ*

KE45@EbC6*H6*GJ?@EKJ@EB4^*1E45@EbC6*HB4@* D6?*HB4456?*46C>BAL]?EBDBMEbC6?*H6Z>JE64@*a@>6*

!"#$%&'CM')'X>121#%+9>"&'0$'Z%'[@'c1&%#&%'

!

! %"!

HJZJ4@JM6* KB4?EH5>56?* qs7r^* =BC>* 2JC>6@* 6@* 26* /JDD* DJ* KC?AEH6* HE?@BUZ6?@ERCDJE>6* H6* DJ*

A>6GEW>6*GBDJE>6*?CA5>E6C>6*MCEH6*D6*GBCZ6G64@*H6*GJ?@EKJ@EB4*q0EM*7:r^*26*AB4@*HI5GJED*

H6* DJ* A>6GEW>6*GBDJE>6* ?CA5>E6C>6* ?E@C5* 64@>6* DJ* KC?AEH6* HE?@BUZ6?@ERCDJE>6* 6@* DJ* KC?AEH6*

G6?EBUAJDJ@E46* MCEH6* D6* AJ??JM6* H6* DJ* GBDJE>6* E4T5>E6C>6* AJ>* ?B4* ?EDDB4* ?E@C5* 64@>6* D6?*

KC?AEH6?* K64@>BU* 6@* HE?@BUZ6?@ERCDJE>6?* q0EM* 7Pr^* 26* AB4@* HI5GJED* 6?@* C4* >JED* bCE* HE>EM6* D6*

K]KD6*H6*GJ?@EKJ@EB4*64*64@>56*6@*64*?B>@E6*H6*K]KD6*JZ6K*C4*AJ??JM6*AJ>* DI.#Y^*+IJA>W?*

K6?*E4TB>GJ@EB4?_*DJ*o*TB4K@EB4*KJ4E46*p*6?@*C4*KB4K6A@*bCE*4IJ*AJ?*DE6C*HIa@>6^*+6*ADC?_*DJ*

A>6GEW>6*GBDJE>6*6?@*DJ*A>6GEW>6*H64@*A6>GJ464@6*Q*TJE>6*?B4*5>CA@EB4*6@*K6*Z6>?*DIwM6*H6*

s*J4?_*JDB>?*bC6*DJ*KJ4E46*TJE@*?B4*5>CA@EB4*Z6>?*98U97*J4?*RE64*JA>W?*DJ*GE?6*64*ADJK6*H6*

DJ* KE45@EbC6*GJ?@EKJ@BE>6_* wM6* bCE* KB>>6?AB4H* @BC@* Q* TJE@* Q* DIwM6* H6*GJ@C>E@5* ?6`C6DD6* H6*

4B@>6*6?AWK6^*

*

!"#$%&'CO')'*$49"0&'0"421S7&42"8$/+"%&'0&'/+'K'4$9

!

! %#!

OR"C'"%9&+*749-&'"-'[.'("%'"($"3$090'"*

2J* TB4K@EB4* H6* DJ* KJ4E46* 64* BKKDC?EB4* J* 5@5* H5K>E@6* KEUH6??C?_* GJE?* 6DD6* >6Za@* 64KB>6*

HIJC@>6?* TB4K@EB4?_* GaG6* E4?BCAXB4456?_* KBGG6* K6DD6* H6* AJ>@EKEA6>* Q* DJ* ?5D6K@EB4*

4J@C>6DD6*AJ>*?B4*HEGB>ALE?G6*?6`C6D^**

&

ORJR":`,909;9+0-""*

+EGB>ALE?G6* ?6`C6D*S* 1J>JK@W>6* J4J@BGEbC6* bCE* ?6>ZE>J* Q* HETT5>64KE6>* D6?* GwD6?* H6?*

T6G6DD6?_* JC@>6* bC6* D6?* J@@>ERC@?* M54E@JC`_* JC* ?6E4* HmC46* GaG6* 6?AWK6^* 1BGG6* AJ>*

6`6GAD6* DJ* @JEDD6_* DJ* TB>G6_* D6* A6DJM6_* H6?* JAA64HEK6?* B??6C?6?_* H6?* KB>46?_* BC* RE64*

5ZEH6GG64@_*C46*HETT5>64K6*H6*@JEDD6*GJ>bC56*H6*DJ*KJ4E46*64@>6*D6?*GwD6?*6@*D6?*T6G6DD6?^**

*

1BGA5@E@EB4*E4@>J?6`C6DD6*S*2J*KBGA5@E@EB4*E4@>J?6`C6DD6*ZE?6*Q*5ZE4K6>*D6?*JC@>6?*E4HEZEHC?*

HC*GaG6*?6`6*JC*?6E4*HmC46*GaG6*6?AWK6*JTE4*H6*bC5>E>*C4*AJ>@64JE>6*?6`C6D^*

*

1BGA5@E@EB4* E4@6>?6`C6DD6*S*!46*TBE?* D6?*JHZ6>?JE>6?*5ZE4K5?_* D6*GwD6*HBE@*64KB>6*?6*TJE>6*

KLBE?E>*AJ>*DJ*T6G6DD6^*qssr*

*

ORVR"F0%93'-"%'"(W'[9-;'03'"%W.0"%9&+*749-&'"-'[.'("%'"($"3$090'"%$0-"($"(9;;`*$;.*'"

*

%4*9Ps:*YJME@B@* qsOr* >6GJ>bC6*bC6* D6?*KJ4E46?*HC*KLEGAJ4c5*GwD6*?B4@*H6C`* TBE?*ADC?*

M>J4H6?*bC6*K6DD6?*H6*DJ*T6G6DD6^*'6DB4*+J>zE4*qsPr_*64*9PO9_*D6?*KJ4E46?*?B4@*H6?*J>G6?*

H6* H5T64?6* HB4@* ?6CD?* D6?* GwD6?* ?B4@* ABC>ZC?^* %DD6?* ?B4@* >5HCE@6?* 64* @JEDD6* BC*

HE?AJ>JE??64@* DB>?bC6* HmJC@>6?* J>G6?* H6* H5T64?6* JAAJ>JE??64@_* KBGG6* D6?* KB>46?* AJ>*

6`6GAD6^*#D*AJ>D6*HmC46*6`K6A@EB4*KL6c*D6*K6>T*GwD6*bCE*AB??WH6*H6?*KB>46?*6@*H6?*KJ4E46?*

6`?6>@E6?^*1LJ>D6?*-6446\6J4@*qs:r_*64*9:vs_*AJ>D6*HC*KJ>JK@W>6*?6`C6D*H6?*KJ4E46?*6@*H6*

DJ* K6>@E@CH6* HC* KJ>JK@W>6* ?6`C6D* HC* H5Z6DBAA6G64@* H6* DJ* KJ4E46* KL6c* DJ* ADCAJ>@* H6?*

1J@J>>LE4E64?*GwD6?_*bCE_*ABC>*C46*RB446*AJ>@E6_*B4@*H6?*KJ4E46?*ADC?*ZBDCGE46C?6?*bC6*

D6C>?*T6G6DD6?^*#D*J\BC@6*5MJD6G64@*bC6*D6?*LB>GB46?*?6`C6DD6?*\BC64@*C4*>FD6*K6>@JE4*HJ4?*

DmJAAJ>E@EB4* H6* KJ>JK@W>6?* ?6`C6D?* 6@* bC6* DmB4* KB44JE??JE@* H6ACE?* DB4M@6GA?* Dm6TT6@* H6* DJ*

KJ?@>J@EB4*?C>*D6*ZBDCG6*H6?*KJ4E46?*KL6c*D6?*J4EGJC`*HBG6?@EbC6?_*D6*AB>K*4B@JGG64@*g*

AB>K* bCE* AB??WH6* 4B>GJD6G64@* H6?* KJ4E46?* JZ6K* C4* HEGB>ALE?G6* ?6`C6D* @>W?*GJ>bC5^*

%@E6446*=J@@6*qtvr*64*9:s8*5ZBbC6*DJ*HETT5>64K6*H6*@JEDD6*H6?*KJ4E46?*64@>6* D6?*GwD6?*6@*

D6?*T6G6DD6?*KL6c*DJ*ADCAJ>@*H6?*=>EGJ@6?*6@*JRB>H6*D6*?C\6@*HC*TJK@6C>*?6`C6D*64*?CMM5>J4@*

!

! %$!

DmEGADEKJ@EB4*5Z64@C6DD6*HmLB>GB46?*?6`C6DD6?*HJ4?*D6*H5Z6DBAA6G64@*H6*K6DD6?UKE^*%4*9:OO*

hJD@6>* 26C@646MM6>* 6@* [JG6?* (̂ * d6DD]* qO8r* B4@* ACRDE5* C4* J>@EKD6* ?C>* DJ* >6DJ@EB4* 64@>6* D6*

HEGB>ALE?G6* ?6`C6D* H6?* KJ4E46?* 6@* D6?* KBGAB>@6G64@?* H6?* J4@L>BAByH6?^* #D?* JZJ4K64@*

bC6* D6* HEGB>ALE?G6* ?6`C6D* H6* DJ* KJ4E46* ?6>JE@* C4* TJK@6C>* KD5* H6* ?5D6K@EB4* E4@>J?6`C6DD6*

ABC>* DJ* GJ\B>E@5* H6?* 6?AWK6?^* %@* bC6* D6* GBH6* H6* ?5D6K@EB4* E4@6>?6`C6DD6* ?6>JE@* DE5* JC*

?]?@WG6*H6*>6A>BHCK@EB4*6@*Q*DJ*?@>CK@C>6*?BKEJD6^*

*

OR^R"C$"3$090'"%'")93e"';"('"74`0+&10'"%a'[$7;$;9+0"*

2I6`JA@J@EB4* 6?@* C4* @6>G6* C@EDE?5* ABC>* H5K>E>6* C46* JHJA@J@EB4* ?5D6K@EZ6* BAAB>@C4E?@6^* !4*

KJ>JK@W>6* JAAJ>C* JC* KBC>?* H6* DI5ZBDC@EB4* C@ED6* Q* C46* 4BCZ6DD6* TB4K@EB4_* ABC>* DJbC6DD6* ED*

4IJZJE@*AJ?*5@5*E4E@EJD6G64@*?5D6K@EB445^*qssr*

*

o*J&" +)1K-#1$" =IL$,#" =I*1#" B,%1=#" K-B-&%1+#" +,-$-M*#" M*%1=" =#4" ZE64@*\JGJE?*HJ4?*DJ*GJ?@EKJ@EB4*KL6c*D6?*?E4M6?_*6@* ED*64*6?@*H6*

GaG6*KL6c* D6?*LBGG6?_*GJDM>5*H6*ZE6C`*KB4K6A@?*RE64*J4K>5?^*%DD6*?6>@*5ZEH6GG64@*Q*

DmE4M6?@EB4*H6?*JDEG64@?_*JC*GaG6*@E@>6*bC6*D6?*E4KE?EZ6?_*GJE?*@BC@6*DmEGAB>@J4K6*BKKDC?JD6*

bCE*DCE*6?@*KB4T5>56*?6GRD6*a@>6_*?6DB4*DCE_*RE64*6`JM5>56^*2mLBGG6*GJ?@EbC6_*4B?*KBC?E4?*

D6?*?E4M6?*5MJD6G64@_*6@*K6*GJDM>5* D6C>?* EGAB?J4@6?*KJ4E46?^*.CE_* D6*?E4M6*GJ?@EbC6_*6@*

?6?* KJ4E46?* 46* D6* Ma464@* 64* >E64* ABC>* DmJKKBGADE??6G64@* H6* K6@@6* @wKL6^* %4* 6TT6@_* D6?*

KJ4E46?*?B4@* D6?*H6>4EW>6?*H64@?*Q*TJE>6* D6C>*5>CA@EB4*?C>* DmJ>KJH6_*KL6c*D6*?E4M6_*Q* DIwM6_*

@>W?* \C?@6G64@* H6* DJ* GJ@C>E@5* ?6`C6DD6^* #D* 64* 6?@* H6*GaG6* HJ4?* DI6?AWK6* LCGJE46* q98U

97J4?r_* RE64* JA>W?* DJ*GE?6* 64* ADJK6* H6?*GBCZ6G64@?*GJ?@EKJ@BE>6?^* %@* ?E* DmJ>>EZ56* H6?*

KJ4E46?* 6GAaKLJE@* ?CRE@6G64@* D6* ?E4M6* H6* ABCZBE>* ?mJDEG64@6>* KB>>6K@6G64@_* ED* H6Z>JE@*

>JAEH6G64@* ?6* >6A>BHCE>6* ABC>* DJ* ?C>ZE6* H6* ?B4* 6?AWK6_* B>* K6* 4m6?@* AJ?* D6* KJ?^* %@*

KB4K6>4J4@*D6*MCEH6*KJ4E4*l*2J*KJ4E46*4m6?@*AJ?*B>EME46DD6G64@*GE?6*64*ADJK6*ABC>*MCEH6>*

DJ*GJ?@EKJ@EB4_*6DD6*4mJ*AJ?*5@5*?5D6K@EB4456*ABC>*C46*@6DD6*@wKL6^*%DD6*J*5@5*GE?6*64*ADJK6*

!

! %%!

ABC>*HmJC@>6?* >JE?B4?_*?B4* EGADEKJ@EB4*HJ4?* DIBKKDC?EB4*6?@*C46* TB4K@EB4*bCm6DD6*J*JKbCE?6*

?6KB4HJE>6G64@^*YJM4ETEbC6*6`6GAD6*HmC4*AL54BGW46*Hm6`JA@J@EB4^*

o*E1"%*+*1"+%4"&%"+%1-1#"1#"B*-=#"&%"/%4$-+%$-)1"Q*p*qssr_*GJE?*JDB>?_*Q*bCBE*?6>@U6DD6*l*

*

OR^RJR"L4'@"('-"&$&&9,1*'-"*

2mEH56* >6XC6*KB4K6>4J4@* D6?*KJ4E46?*6?@*bCm6DD6?*?B4@* ?BCZ64@* >5T5>64K56?*KBGG6*5@J4@*

D6?*H64@?*H6?*KJ>4EZB>6?^*16?*ACE??J4@6?*KJ4E46?*?6>ZE>JE64@*Q*H5KLEbC6@6>*6@*H5KLE>6>*DJ*

KLJE>* H6* D6C>?* A>BE6?^* YJE?* DJ* KJ>4EZB>E6_* >5MEG6* JDEG64@JE>6* bC6* DmB4* >6@>BCZ6* HJ4?* DJ*

TJGEDD6*H6?*KJ4EH5?_*?6*KJ>JK@5>E?6*4B4*AJ?*AJ>*>JAAB>@*Q*DmJDDC>6*H6*D6C>*KJ4E46_*GJE?*AJ>*

>JAAB>@* Q* DJ* A>5?64K6* BC* 4B4* H6* H64@?* KJ>4J??EW>6?^* 16?* KJ4E46?* ?B4@* TJE@6?* ABC>*

@>J4?A6>K6>*6@*@C6>*6@*4B4*AJ?*ABC>*H5KBCA6>*H6*DJ*KLJE>̂ *26?*KJ4EH5?*46*GJ?@EbC64@*AJ?_*

4B4* AJ?* Q* KJC?6* H6* D6C>?* EGAB?J4@6?* KJ4E46?* GJE?* Q* KJC?6* H6* D6C>?* J>@EKCDJ@EB4?*

@6GAB>BUGJ4HERCDJE>6?_*bCE*46*D6C>*A6>G6@@64@*AJ?*H6*@6D?*GBCZ6G64@?^*

*

26?* KJ4E46?* H5Z6DBAA56?* 46* ?B4@* AJ?* DJ* A>BA>E5@5* H6?* KJ4EH5?^* .4* 64* >6@>BCZ6* KL6c*

HmJC@>6?* 6?AWK6?_* bCE* A6CZ64@* a@>6* L6>REZB>6?* BC* BG4EZB>6?^* }C6DbC6?* 6`6GAD6?* H6*

GJGGETW>6?*ABC>ZC?*H6*R6DD6?*KJ4E46?*S*

*

26*ADC?*5@B44J4@*S*

1L6c* D6?* KL6Z>B@JE4?* AB>@6UGC?K_* BC* 64KB>6* KL6c* D6?* K6>T?*

Hm6JC_*D6?*GwD6?*A>5?64@64@*H6*GJ4EW>6*@BC@*Q*TJE@*5@B44J4@6*

H6*DB4MC6?*6@*TE46?*KJ4E46?^*%@*ABC>@J4@*ED?*?B4@*TBDEZB>6?^*.4*

A6C@*HB4K*?6*G6@@>6*HmJKKB>H*bCJ4@*Q*DmE4J4E@5*H6*K6?*KJ4E46?*

ABC>* J@@>JA6>* 6@*GJ?@EbC6>* H6?* T6CEDD6?^* 2B>?* H6* DJ* ?5D6K@EB4*

H6?*T6G6DD6?*B4*A6C@*BR?6>Z6>*C46*TB>@6*KBGA5@E@EB4*?6`C6DD6*

64@>6*D6?*GwD6?_*6@*H6*ADC?*ABD]MJG6?^*16?*KJ4E46?*?B4@*C4*

KJ>JK@W>6*?6`C6D*?6KB4HJE>6_*6DD6?*?6*?B4@*H5Z6DBAA56?*HJ4?*

D6* KJH>6* H6* DJ* KBGA5@E@EB4* ?6`C6DD6^* .4* AJ>D6* HB4K* H6*

HEGB>ALE?G6* ?6`C6D^* qtt_str* +6* GJ4EW>6* @BC@* Q* TJE@*

J46KHB@EbC6_* ED* ?6GRD6* E4@5>6??J4@* HmJ\BC@6>* bC6* D6C>?*

KJ4E46?* 46* D6?* H5>J4M64@* 64* >E64* DB>?* H6* DJ* KE45@EbC6*

G5HEBDJ@5>JD6*HC*K]KD6*GJ?@EKJ@BE>6*qttr^*

*

*

!"#$%&'AQ')'*>&7%12+",'91%2&S-$46'+%81%+,2'0&$.'/1,#$&4'6+,",&4'G41$%6&')'

&,@f"?"9&0"+@1%#B"

!

! %&!

*

*

26*ADC?*E4J@@64HC*S*

26* HEGB>ALE?G6* ?6`C6D* H6?* KJ4E46?* ?6* >6@>BCZ6*

5MJD6G64@* KL6c* D6?* KL6ZJC`^* 26?* GwD6?*

AB??WH64@*H6*@BC@6?*A6@E@6?*KJ4E46?_*E46`E?@J4@6?*

KL6c* D6?* T6G6DD6?^* 16* ?B4@* H6?* KJ>JK@W>6?*

Z6?@EMEJC`* 64* ZBE6* H6*HE?AJ>E@EB4* qttr^* #D* ?IJME@* DQ*

HIC46* 6?AWK6* ABD]MJG6_* JZ6K* KBGA5@E@EB4*

E4@>J?6`C6DD6^*

*

*

*

*

26*ADC?*6`@>aG6*S*

2m5D5ALJ4@* H6* G6>* A6C@* KB4@>FD6>* \C?bCmQ*

C46* HEcJE46* H6* T6G6DD6?^* 26?* GwD6?*

HETTW>64@* H6?* T6G6DD6?* AJ>* D6C>* @JEDD6_* bCE*

D6C>* 6?@* ADC?E6C>?* TBE?* ?CA5>E6C>6_* 6@* AJ>*

D6C>?*E4KBGG64?C>JRD6?*KJ4E46?^*

*

*

*

*

26*ADC?*EGAB?J4@*S*

+J4?* DJ* KJ@5MB>E6* H6?* KJ4E46?* EGAB?J4@6?_* B4*

>6@>BCZ6*5MJD6G64@*D6*?J4MDE6>*6@*D6*ALJKBKLW>6^*#D?*

C@EDE?64@*D6C>*GC?6JC*ABC>*J@@6E4H>6*D6?*>JKE46?*H6?*

ADJ4@6?* bCmED?* GJ4M64@* GJE?* 4mC@EDE?64@* AJ?* D6C>?*

KJ4E46?* ABC>* J>>EZ6>* Q* D6C>?* TE4?^* .4* >6@>BCZ6*

64KB>6*C46*KBGA5@E@EB4*E4@>J?6`C6DD6*6@*C46*TBE?*H6*

ADC?_* D6?* KJ4E46?* 46* Ma464@* JR?BDCG64@* AJ?* DJ*

H]4JGEbC6* GJ?@EKJ@BE>6_* HmJC@J4@* ADC?* bCmJZ6K* C4*

>5MEG6*BG4EZB>6_* ED?* TB4@* A>6CZ6*HmC4* KBGAD6`6*H6*

GJ?@EKJ@EB4*KBGADEbC5^*

!"#$%&'A(')'*>&7+/'1l'/V1,'9&$2'+9&%6&71"%'4&4'0&$.'6+,",&4'

-+,0"8$/+"%&4'G41$%6&')'9".+8+W@61-B"

!"#$%&'AC')'*%a,&'0H

!

! %'!

*

26* H5Z6DBAA6G64@* H6?* KJ4E46?* o*,N

!

! %(!

!"#$%&'AI')'X>121#%+9>"&'0V$,'*1/18&'9%"4&'+$'-$4121#%+9>"&'0V$,'4P$&/&22&'0&'#1%"//&'9%"4&'+$'-$4&B'&2'-a/&'GE'0%1"2&B@'m,&'0"55

!

! %)!

!"#$%&' AL' )' X>121#%+9>"&' 0V$,' #"881,3' ' 0&'c1&' X&2&%48$%#&%3' 9$8/"6*DBE4@JE4*J4Ka@>6*H6ZJE@*A>BRJRD6G64@*AB??5H6>*C4*HEGB>ALE?G6*?6`C6D*H6*DJ*KJ4E46*

J??6c*GJ>bC5_*HmJA>W?*hJ>H*qOvr*K6*KJ>JK@W>6*?m6?@*A6>HC*@>W?*@F@*HJ4?*DJ*DEM456*LCGJE46^*

YJE?*ABC>bCBE*JU@UED*5@5*A6>HC*l*

*

OR^R^RJR"C'-"+*9/90'-"%."%9&+*749-&'"-'[.'("%'"0+;*'"'-713'"*

)@CHE6>*D6?*B>EME46?*HC*HEGB>ALE?G6*?6`C6D*H6*DJ*KJ4E46*A6C@*?mJZ5>6>*@>W?*KBGADEbC5_*KJ>*

ABC>* K6DJ* ED* TJCH>JE@* JZBE>* C4* 4BGR>6* ?CTTE?J4@* H6* TB??ED6?* Q* 5@CHE6>* HmC46* AJ>@* 6@* H6?*

TB??ED6?*H6*KLJbC6*?6`6*HmJC@>6*AJ>@^*YJE?*DJ*ADC?*J4KE6446*A>6CZ6*H6*HEGB>ALE?G6*?6`C6D*

J*5@5* >6@>BCZ5*KL6c*V%$)J4@*bC6* DmEGAB>@J4K6*HC*

HEGB>ALE?G6*?6`C6D*4m6?@*AJ?*KB>>5D56*JZ6K* DJ* @JEDD6*HC*?A5KEG64*qOsr^*2J*H5@6>GE4J@EB4*

HC*?6`6*4m6?@*AJ?*KLB?6*JE?56*4B4*ADC?^*2J*A>6CZ6*JZ6K*(BCGJy_*KB4?EH5>5*AJ>*K6>@JE4?*

KBGG6* C4*GwD6_* J4Ka@>6* H6* DI3BGG6_* 6@* AJ>* HIJC@>6* KBGG6* C46* T6G6DD6_* J4Ka@>6* H6?*

M>J4H?*?E4M6?*A>5?64@J4@*C4*HEGB>ALE?G6*?6`C6D*GJ>bC5^*2IB>EME46*H6*K6*HBC@6*6?@_*64@>6*

JC@>6?_*HC6*Q*DJ*A6@E@6*@JEDD6*H6*?J*KJ4E46*qOOr^*

*

!

! %*!

26*A>6GE6>*GBHWD6*H6*DJ*A6>@6*HC*HEGB>ALE?G6*?6`C6D*H6*DJ*KJ4E46*HB4@*B4*A6C@*AJ>D6>*6?@*

K6DCE*H6*/>664TE6DH* q9::7r_*KE@5*AJ>*hJ>H*qOvr_*bCE*A64?6*bC6* D6?*KJ4E46?*H6*A6@E@6* @JEDD6*

C@ED6?*Q*DmJKbCE?E@EB4*H6?*H64>56?*JDEG64@JE>6?*DmB4@*6GAB>@5*?C>*D6?*KJ4E46?*H6*M>J4H6*@JEDD6*

bCE* ?6>ZJE64@* JDB>?* HmJ>G6?^* +B4K* D6?* H64@?* ?6* ?6>JE64@* JHJA@56?* Q* DmJDEG64@J@EB4^* 26*

?6KB4H* GBHWD6_* K6DCE* H6* hJ>H* q7898r* 6?@* bC6* D6* HEGB>ALE?G6* ?6`C6D* J* 5@5* A6>HC* 64*

A>6GE6>_* ACE?* HC* TJE@* H6* DJ* >5HCK@EB4* H6* DJ* @JEDD6_* 6DD6* J* AC* JDB>?* ?6>ZE>* Q* H6* 4BCZ6DD6?*

TB4K@EB4?*HE5@5@EbC6?^*=EKb*ZJ*5MJD6G64@*HJ4?*K6*?64?*qttr^*

*

OR^R^RVR"C'"%9&+*749-&'"-'[.'("%'-"$.-;*$(+79;41e.'-"*

o*26?* A>6GE6>?* JC?@>JDBAE@LWbC6?* 64@>6* * HEGB>ALE?G6*

?6`C6D*H6?*KJ4E46?_*K6DD6?*H6?*GwD6?*5@J4@*C4*A6C*ADC?*M>J4H6?*bC6*K6DD6?*H6?*T6G6DD6?*p*

qttr^* 26?* KBC>B446?* H6?* KJ4E46?* GJ4HERCDJE>6?* ?B4@* ?6GRDJRD6?* HJ4?* @BC@6?* D6?*

HEG64?EB4?* KL6c* 5*4$,%&)B446?* D5MW>6G64@* ADC?* DJ>M6?* 6@* ADC?* HEGB>ALEbC6?* bC6* KL6c* D6?*

LBGG6?*GBH6>46?*qOPr^*+B4K*K6@@6*A6>@6*H6*HEGB>ALE?G6*?6*?6>JE@*A>BHCE@6*JC`*B>EME46?*

H6* DJ* DEM456* LCGJE46* 6@* ABC>>JE@* TE4JD6G64@* 46* AJ?* a@>6* JABGB>AL6* H6?* KDJH6?*

,C?@>JDBAE@LWbC6?*~*LCGJE4?*qOP_O:r^*26*HEGB>ALE?G6*?6`C6D*JC>JE@*5@5*A6>HC*JC*KBC>?*H6*

K6@@6*DEM456*5*4$,%&)6CZ6*?6DB4*hJ>H*

HmC46*5ZBDC@EB4*?BKEJD6*6@NBC*JDEG64@JE>6*64*AJ>@J4@*HC*A>E4KEA6*bC6*D6?*JC?@>JDBAE@LWbC6?*

?B4@*D6?*J4Ka@>6?*H6*DmLBGG6*qOvr^*,A>W?*D6?*JC?@>JDBAE@LWbC6?_*B4*BR?6>Z6*C46*A6>@6*H6*

DJ* KB>>5DJ@EB4* 64@>6* D6* HEGB>ALE?G6* ?6`C6D* DE5* Q* DJ* @JEDD6* 6@* K6DCE* H6* DJ* KJ4E46^* 2J* DEM456*

D)/)*?CRE@*C46* E4ZBDC@EB4*HC*HEGB>ALE?G6*?6`C6D*KB>AB>6D*6@*HmJA>W?*=EKb_* DJ*KJ4E46*H6*

DmLBGG6*46*?CRE@*ADC?*D6?*TJK@6C>?*H6*?5D6K@EB4*?6`C6DD6*H6ACE?*ADC?*H6*7*YJ*qttr^*

*

OR^R_R"L+03(.-9+0"-.*"($"7'*;'"%'-"3$090'-"\+(.&90'.-'-"34'@"(a4+&&'""*

26?* KJ4E46?*?B4@*H6Z64C6?*A6@E@6?*6@* E4KE?ETB>G6?^*+IJA>W?*=EKb*S* o*G%"4#*"#P

!

! &+!

?mJHJA@6* Q* ?B4* 64ZE>B446G64@* 6@* 4B4* AJ?* DmE4Z6>?6^* +B4K* ?BE@* 6DD6* TJE@* ?B4* 5>CA@EB4* 64*

H6>4E6>*6@*A>64H* DJ*ADJK6*bC6* D6?*JC@>6?*H64@?* DCE*JC>B4@* DJE??5_*?BE@*6DD6* TJE@*?B4*5>CA@EB4*

JZJ4@*DJ*TE4*H6*DJ*GE?6*64*ADJK6*H6*DJ*H]4JGEbC6*GJ?@EKJ@BE>6*6@_*Q*K6*GBG64@_*A>5?64@6*

C46*@JEDD6*>5HCE@6*6@*E4KE?ETB>G6_*K6*bCE*46*AB?6*ADC?*H6*A>BRDWG6^*

*

2J*KJ4E46*6?@*C46*H64@*?EGAD6*HJ4?*?J*GB>ALBDBME6*M545>JD6_*GJE?*ABC>ZC6*H6*?E4MCDJ>E@5^*

+64@*C4EbC6_*6@*K6*H6ACE?*D6?*B>EME46?^*+J4?*H6?*KB4HE@EB4?*4B>GJD6?_*ED*4m]*64*J*\JGJE?*6C*

ADC?*HmC46*AJ>*L5GEUJ>KJH6_*bC6DD6*bC6*?BE@* Dm6?AWK6*BC* DI5ABbC6^*'J* TB4K@EB4*A>E4KEAJD6*

6?@* ?EGAD6*S* Km6?@* C4* KJ>JK@W>6* ?6`C6D_* bCE* ZJ*a@>6* C4*BC@ED* H6* KBGA5@E@EB4*JC* ?6E4* HmC46*

GaG6* 6?AWK6_* DB>?bCm6DD6* 6?@* A>5?64@6* 6@* HEGB>ALEbC6*g* 6DD6* ABC>>J* A>5?64@6>* HmJC@>6?*

TB4K@EB4?*JKbCE?6?*?6KB4HJE>6G64@_*4B@JGG64@*HJ4?*D6*HBGJE46*H6*DIBKKDC?EB4^*16*bCE*TJE@*

bC6_* ?6DB4*=EKb_* D6?* TB4K@EB4?* J@@>ERC56?* Q* DJ* KJ4E46* ?6>JE64@* C46* 6`JA@J@EB4* H6* DJ*GJDU

TB4K@EB4*GJ?@EKJ@>EK6*H6*DmLBGG6*GBH6>46*qttr^*

*

OR_R"#'-.*'-"%."%9&+*749-&'"-'[.'("%'"($"3$090'"34'@"(a4+&&'"$3;.'("*

26?* KJ4E46?* B4@* H6?* HEG64?EB4?* H6* s|* ADC?* EGAB>@J4@6?* KL6c* DILBGG6* bC6* KL6c* DJ*

T6GG6_*JDB>?*bC6*ABC>*@BC@6?*D6?*JC@>6?*H64@?*H5TE4E@EZ6?*qYv*6`KDC6?r_*DJ*HETT5>64K6*4I6?@*

bC6*H6*9*Q*@EB4*b99*HC*KL>BGB?BG6*{*AB>@6*C4*MW46*>6?AB4?JRD6*H6*DJ*@JEDD6*

H6?*H64@?*q99r^*=BC>@J4@_*ED*4m]*J*AJ?*H6*HETT5>64K6*TDJM>J4@6*64@>6*D6?*KJ4E46?*H6?*LBGG6?*

6@*D6?*KJ4E46?*H6?*T6GG6?^*2mLBGG6*5@J4@*C46*6?AWK6*GB4BMJG6_*64*A>E4KEA6_*6@*ED*4m]*J*

AJ?*H6*KBGA5@E@EB4*E4@>J?6`C6DD6_*@BC\BC>?*64*A>E4KEA6^*16A64HJ4@_*ED*A6>?E?@6*H6?*Z6?@EM6?*

HIC4*HEGB>ALE?G6*?6`C6D*H6?*KJ4E46?*KL6c*DmLBGG6^*+JLDR6>M*KB4?EHW>6*DJ*KJ4E46*KBGG6*

5@J4@* DJ*H64@*KD5*ABC>* DIEH64@ETEKJ@EB4*HC*?6`6*H6* DmE4HEZEHC^*+6?*5@CH6?*B4@*5@5*TJE@6?*Q*K6*

?C\6@*JTE4*H6*H5@6>GE46>*?E*C46*HETT5>64K6*?@J@E?@EbC6G64@*?EM4ETEKJ@EZ6*64@>