!

!

!!!!!

!!

"#$%$&!!!

!'(!)*+!,-#+$!

!!!!!!!!

./'01!23456524247635857!!

9:;(&$<=>!?6@A!)*+!,-#+$!!

B##!&$<=>C!&*C*&D*+!!!

!!!!

! "!

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

!

#$%&'!()*%&+,-!%./0!'*0-.!1&220-)*,3'!4&/5-.!,'!06.!07!%&'!-,80/'9:!

#;%0!&'!1./+<-.'9:!

#=0//.+*9:!

>.,6!&'!',65?&+%.5!8.*?..6!@.-&65,A!#,!(.+%,6&+,-!.64&6../!0/&4&6,--)!7/0(!

B0,60C.A!D&/4&6&,A:!,65!E,F&5A!#,!*,G!,**0/6.)!0/&4&6,--)!7/0(!>20C,6.A!;,'%&64*06A:!

06!*%.!!"#$%&'()!'*,4.9!!@.-&65,A!70/*)H06.A!,65!E,F&5A!70/*)H'.F.6A!%,F.!'+0/.'!07!

IJKK!,65!ILKK!06!*%.&/!205&<('!*0?,/5!*%.!.65!07!*%.!'.+065!/0<659!!>.,6A!.-.F.6A!

'*,65'!8.%&65!,!IMLANKK9!!#1!O,(.'!70/!*?0!*%0<',65!2-.,'.A:!*%.!C&5!',)'A!%.,5!

'-<(2.5!*0!*%.!-.7*9!

#P6!Q.6.'&'!>&G*..6!*%&'!%,65(,&5!07!>,/,%!7-..'!*%.!%0<'.%0-59:!

#;%0!&'!1,4,/9:!

#B&4%*9:!

Q-,6+&64!,*!%&'!02206.6*'A!%.!*%&6C'!,80<*!,--!*%.!7,+.'!&6!*%.&/!'20*'!0F./!*%.!

-,'*!.&4%*!?..C'A!*%.6!',)'A!#=0<6*/)!$&(.!70/!70</!%<65/.5!2-.,'.9:!

#O.2,-3'!?.'*./6A!.,'*./6A!,65!'0<*%./6!80<65,/&.'!,/.!?&*%!*%&'!+0<6*/)9:!

#;%,*!&'!P65&,9:!

#B&4%*9:!

#=0<6*/)!$&(.!70/!.&4%*!%<65/.5!2-.,'.9:!

#;%,*!?,'!-064!,40!+,--.5!=<'%A!2,/*!07!O<8&,A!&'!+06'&5./.5!*0!8.!*%&'!R7/&+,6!

+0<6*/)!*05,)9:!

#;%,*!&'!S*%&02&,9:!

#=0//.+*9:!

1.!2../'!,*!*%.!'*<5&0!,<5&.6+.!*%/0<4%!*%.!4-,/.!07!*%.!%0*!-&4%*'9!!1.!60*&+.'!,!

7.?!2.02-.!20&6*&64!,*!%&(A!?%&'2./&64!*0!*%.&/!6.&4%80/'9!!T6.!2./'06!?,F.'!,!'&46!

',)&64!#>.,6!@,-06.!P'!,!@<*,6*9:!!R60*%./!-,<4%'!&6!,(,U.(.6*9!!V&'*.6&64!*0!*%.!

,22-,<'.A!%.!?065./'!?%)!%.!%,'63*!(.*!,6!&6*.--.+*<,-!.W<,-!5</&64!*%.!-,'*!.&4%*!

?..C'9!!1.!7&4</.'!'0(.*%&64!(<'*!8.!?/064!?&*%!%&(9!

!

!

! L!

-+../0/%1+2%

%

$%/..!).,/'!-,*./!>.,6!&'!X044&64!,+/0''!*%.!>0<*%./6!=,-&70/6&,!$.+%60-04)!

P6'*&*<*.3'!2,-(H*/..H-&6.5!+,(2<'!?&*%!,!Y&**'8</4%!Y&/,*.'!+,2!2<--.5!-0?9!!1.3'!

70</*..6!60?A!,!7.?!&6+%.'!*,--./!*%,6!%.!?,'!06!*%.!4,(.!'%0?9!!>-&5&64!%&'!2%06.!

7/0(!%&'!20+C.*A!%.!+%.+C'!*%.!*&(.9!!LZ"[!Y@9!!1.!2&+C'!<2!%&'!2,+.9!

1.!40.'!50?6!,!7-&4%*!07!'*,&/'!,65!*/0*'!*0!*%.!=0(2<*./!>+&.6+.!\<&-5&64A!,!

'*06.!'*/<+*</.!?&*%!,!/.5!500/9!!Y<'%&64!*%.!%,65-.A!%.!?,65./'!&6'&5.A!*%.6!+-&(8'!

*0!*%.!'.+065!7-00/A!7-005.5!?&*%!<65./4/,5'9!!>%0<-5./!06!*%.!?,--A!%.!?,-C'!*0!*%.!

'&5.!07!*%.!700*!*/,77&+9!!1.!+/0''.'!*%.!%,--A!8<(2&64!&6*0!,!8<-C)!'*<5.6*A!-0'&64!

8,-,6+.!70/!,!(0(.6*9!!#>0//)!C&5A:!*%.!4<)!',)'!'*/0--&64!0779!!>.,6!'*.2'!*0!,6!077&+.!

-,8.-.5!#E/9!>*.F.6!@./U8./4!]!E.,6!07!=0(2<*./!>+&.6+.:!,65!C60+C'9!

#=0(.!&6A:!,!+%../)!F0&+.!',)'9!!!

1.!*?&'*'!*%.!C608!,65!.6*./'A!*%.!/00(!8-,6C.*.5!?&*%!2-,W<.'!,65!*/02%&.'!

70/!,+,5.(&+!,+%&.F.(.6*'A!&6+-<5&64!,!7/,(.5!^&.-5'!@.5,-A!*%.!?0/-53'!%&4%.'*!

%060/!70/!(,*%.(,*&+'9!!#>0//)!P3(!-,*.A:!>.,6!',)'!*0!*%.!2/07.''0/A!,!2<54)A!8,-5!

(,6!&6!%&'!'&G*&.'!?&*%!5&(2-.'9!!

$%.!&6'*/<+*0/!&'!'&**&64!8.%&65!%&'!5.'C!?&*%!*?..U./'A!20C&64!,*!*%.!&6'&5.!07!,!

*/,6'&'*0/!/,5&09!!#P!-&C.!)0</!'%0.'A:!%.!',)'A!6055&64!,*!*%.!80)3'!6.06H4/..6!

'C,*.80,/5&64!'6.,C./'9!!!

#$%,6C'9!!$%.)3/.!6.?9:!

#10?!50!)0<!*%&6C!P35!-00C!&6!,!2,&/!07!*%0'._:!%.!,'C'!?&*%!,!*0<+%!07!',/+,'(9!

#>-&+CA:!>.,6!',)'A!(,*+%&64!%&'!X0C&64!*06.9!!#P35!%,F.!*0!*.,+%!)0<!%0?!*0!

'C,*.80,/5!*%0<4%9:!!!

1.!+%<+C-.'9!!#>0!?%,*!50!)0<!%,F.!70/!(._:!

1.!%,'63*!.F.6!'*,/*.5!*%.!&65.2.65.6*!'*<5)!%.3'!50&64!?&*%!*%.!2/07.''0/!,65!

5.+&5.'!*0!*.--!*%.!',(.!'(,--!-&.!%.3'!8..6!8,88-&64!'&6+.!*%.!'.(.'*./!8.4,69!!#P*3'!,!

*/&+C)!06.9!!P*3'!*,C&64!(.!,!?%&-.!*0!5.+&5.!%0?!*0!,22/0,+%!&*9:!!!!

#1,F.!,!'.,*9:!!1.!'&6C'!&6*0!,!*%&+CH+<'%&06.5!+%,&/!0220'&*.!*%.!5.'C9!!#$%.!

$/,F.-&64!>,-.'(,6!Y/08-.(!%,'!+,<'.5!(,6)!'-..2-.''!6&4%*'!70/!(,6)!8/&--&,6*!

! `!

2.02-.9:!!;&*%!,!'&4%!%.!'.*'!50?6!%&'!*?..U./'9!!#$%./.3'!,!/.,'06!&*3'!*%.!8&44.'*!

.6&4(,!&6!+0(2<*./!'+&.6+.9!!a<&*.!*%.!<65./*,C&649!!SF.6!70/!)0<9:!

#P3--!%,F.!'0(.*%&64!6.G*!;.56.'5,)9!!Y/0(&'.9:!

#P!+./*,&6-)!5063*!.G2.+*!)0<!*0!'0-F.!&*!&6!*%.!70/(,-!'.6'.9!!\<*!&7!)0<!+,6!

50+<(.6*!,!'*/,*.4)!?.!+,6!/.F&.?A!&*!?0<-5!8.!,!<'.7<-!.G./+&'.9!!P!?,'!%02&64!8)!

*05,)!)0<!?0<-53F.!,*!-.,'*!406.!*%/0<4%!*%0'.!2,2./'!P!'.6*!)0<!*%,*!()!+0--.,4<.'!

?/0*.!06!*%.!*02&+A!,65!+0((.6*.5!06!*%.&/!*.+%6&W<.'9:!!$%.!2/07.''0/!,22.,/'!

5&',220&6*.59!!1.!,5(&/.'!*%.!70</*..6H).,/H0-53'!*0?./&64!&6*.--.+*!,65!?,'!%02&64!

*%.)35!'2.65!*%.!'.''&06!),CC&64!,80<*!(,*%!70/(<-,'!,65!,-40/&*%('!,65!*%.!-&C.9!

#P3--!.(,&-!)0<9!!>0069:!!

#R--!/&4%*9!!;.3/.!,-/.,5)!*%/..!?..C'!&6*0!*%.!'.(.'*./9!!P3--!8.!?,&*&649:!!1.!

'*,/*'!*0)&64!?&*%!*%.!/,5&0!,4,&69!!#10?!?,'!*%,*!6.?!8<//&*0!2-,+.!)0<!?./.!*.--&64!

(.!,80<*!-,'*!*&(._!!E&5!)0<!?&65!<2!40&64!?&*%!)0</!,<6*_:!

#P*!?,'!,?.'0(.9:!!>.,63'!.G2/.''&06!8/&4%*.6'A!*%.!'<8X.+*!07!8<//&*0'!(<+%!

(0/.!.G+&*&64!*0!%&(!*%,6!+0(2<*./H'+&.6+.!2/08-.('9!!#$%.)!%,F.!*%&'!',<+.!+,--.5!

S-!;&50?!@,C./9!!P*!?,'!,'!%0*!,'!*%.!,5!',&5!&*!?,'9!!P!+0<-563*!4.*!50?6!,!8&*.!

?&*%0<*!+0<4%&649:!

#b0<3/.!,8'</5!?&*%!*%,*!'2&+)!7005!07!)0</'9!!10?!+,6!)0<!.F.6!.6X0)!*%.!(.,-!

?%.6!&*3'!*%,*!%0*_:!

#P!-0F.!&*9!!c&65!07!,!+%,--.64.9:!

#P!2/.7./!C..2&64!()!+%,--.64.'!+067&6.5!*0!6<(8./!*%.0/)!,65!+0(8&6,*0/&+'A:!

%.!',)'A!,?,/.!07!%0?!6./5)!%.!'0<65'9!!#O0!+0<4%&64!/.W<&/.59:!

>.,6!4/&6'9!!1.!-&C.'!*%.!2/07.''0/A!8.6.,*%!,--!%&'!*,-C!07!*%.0/.('!,65!2/007'!

,65!%&'!^&.-5'!@.5,-!&'!,!7,(&-)!(,6!60*!,--!*%,*!'./&0<'!&6!*%.!?,)!%.!*,C.'!%&('.-79!!

S,+%!?..CA!>.,6!4-,6+.'!,*!,!2%0*0!06!*%.!5.'C!07!%&(!,65!%&'!?&7.!06!,!80,*!,*!

O&,4,/,!^,--'!&6!8-<.!206+%0'A!?,*./!'0,C&64!*%.(!?%&-.!*%.)!-,<4%9!

$,22&64!%&'!*%&4%'!?&*%!%&'!2,-('A!>.,6!',)'A!#P3F.!40*!,60*%./!+-,''!06!*%.!0*%./!

.65!07!+,(2<'A!,65!P!6..5!*0!'*02!,*!*%.!-&8/,/)!70/!,!800C!P!70/40*A!'0d:!!!

#b.'A!).'9!!b0<!+,6!409!!e<'*!(,C.!'</.!)0<!.(,&-!(.!*%,*!0<*-&6.9:!!!

1.!4.*'!<2!,65!,5X<'*'!%&'!Y&/,*.'!+,29!!#=/0''!()!%.,/*9:!

! M!

#b0<!8.**./A:!%.!',)'A!50&64!,!8,5!X08!*/)&64!*0!'..(!'*./69!!#P7!)0<!5063*A!6.G*!

;.56.'5,)!P3(!C..2&64!)0<!*%.!7<--!%0</9:!!1.!'*,8'!*%.!,&/!,!+0<2-.!*&(.'!?&*%!*%.!

*?..U./'A!*%.6!'(&-.'!,65!4.'*</.'!*0?,/5!*%.!500/9!!#Q.*!*%.!%.--!0<*!07!%./.9!!b0<!

+,63*!8.!-,*.!70/!*?0!+0</'.'!&6!,!/0?9:!

1.!'6&+C./'9!!#>..!),!E/9!@9:!

$%.!6.G*!(0/6&64!>.,6!'+<//&.'!50?6!*%.!'*,&/'!07!%&'!%0<'.!&6!Y,',5.6,A!,!

'<8</8!07!V0'!R64.-.'A!60*%&64!06!.G+.2*!2,X,(,!2,6*'A!.).'!'*&--!'-..2)9!!1.!*</6'!

&6*0!*%.!C&*+%.6A!%&'!R<6*!@,/)!,*!*%.!+0<6*./!'&22&64!+077..!,65!/.,5&64!*%.!*#+,

-./"0"+,123"+9!!#@0/6&64!8<5A:!'%.!',)'A!,**.6*&06!06!*%.!2,2./9!

#@0/6&649:!!B<66&64!,!%,65!*%/0<4%!%&'!(.'')!%,&/A!%.!?,-C'!*0!*%.!/.7/&4./,*0/A!

4/,8'!,!4,--06!07!0/,64.!X<&+.A!,65!+%<4'!7/0(!*%.!80**-.9!

>%.!/.,-&U.'!?%,*!%.3'!50&64!X<'*!7/0(!*%.!60&'.9!!#;%,*!5&5!P!*.--!)0<!,80<*!*%,*_!!

Q.*!,!4-,''!)0<!,6&(,-9:!!>%.!%0-5'!,!'*06)!-00C!06!%&(A!8<*!%.!+,6!'.6'.!'%.!50.'63*!

(&65!5..2!50?69!!V&F&64!?&*%!%./!*%.!-,'*!*.6!).,/'A!%.3'!,++<'*0(.5!*0!.F./)!-&6.!

,65!+</-!&6!%./!.G2/.''&06'!,65!*%.&/!(.,6&64'9!!1.!5.+&5.'!*0!%,F.!'0(.!7<6!,65!

*.'*!%./9!!1.!'?&4'!,4,&69!!>%.!/0--'!%./!.).'A!*%.6!',)'A!#@.!,65!()!7/&.65!7/0(!800C!

+-<8!,/.!40&64!80?-&64!,!-&**-.!-,*./9!!;,6*!*0!+0(._:!!!

1.!7..-'!,!%&6*!07!,++0(2-&'%(.6*!C60?&64!'%.!?,'63*!40&64!*0!W<.'*&06!%&(!

,4,&6!,80<*!5/&6C&64!7/0(!*%.!80**-.9!!#P3F.!8..6!2<**&64!077!*%,*!&65.2.65.6*!'*<5)9!!

$%.!$/,F.-&64!>,-.'(,6!*%&64!P!*0-5!)0<!,80<*9:!!1.!*,C.'!,60*%./!4<-29!!#P!?,6*!*0!

4.*!&*!0<*!07!*%.!?,)9!!P!7..-!8,5!70/!*%.!2/07.''0/9!!1.!*%&6C'!P3F.!8..6!?0/C&64!06!&*9:!

#T%!).,%A!P!C&65!07!/.(.(8./9!!b0<!6..5!*0!7&65!*%.!'%0/*.'*!5&'*,6+.!8.*?..6!

,--!*%.!+&*&.'!,!',-.'(,6!%,'!*0!F&'&*!06!,!8<'&6.''!*/&2_:!

#$%,*3'!*%.!06.9:!!1.!2<*'!*%.!X<4!,?,)!,65!C6..'!*%.!/.7/&4./,*0/!'%<*9!!

#O0805)3'!8..6!,8-.!*0!+0(.!<2!?&*%!,!70/(<-,!*0!,<*0(,*&+,--)!50!&*9:!

#SF./_:!

#O0*!06.!*%,*!?0<-5!?0/C!&6!,6)!+,'.9:!

#e..U9!!@)!%.,5!?0<-5!.G2-05.!*/)&64!*0!7&4</.!*%,*!0<*9:!!>%.!70-5'!*%.!2,2./!*0!

*%.!T2&6&06!'.+*&069!!#=%&+C.6!06!*%.!8,/8.+<.!0C,)!70/!5&66./!-,*./_:!'%.!,'C'A!

'C&((&64!,!+0-<(6!,80<*!F&0-.6+.!&6!F&5.04,(.'9!

! N!

#P3(!4066,!.,*!,*!c)-.3'9!!1&'!2,/.6*'!&6F&*.5!(.!0F./9:!!1.!02.6'!,!+,8&6.*!,65!

'6,*+%.'!,!8,4!07!@f@'9!

>%.!%.,/'!*%.!+/<(2-.!07!*%.!2,+C,4.!,65!,'C'!?&*%!5&',220&6*(.6*A!#$%,*3'!

)0</!8/.,C7,'*_:!!;&*%!,!'(&/C!%.!'+,(2./'!0<*9!!>%.!4/0,6'!,65!/.*</6'!*0!*%.!

F&5.04,(.!,/*&+-.9!!

1.!40.'!<2!*%.!'*.2'!,65!&6*0!%&'!/00(A!2,''&64!,6!<6(,5.!8.5!?&*%!,!42",5%&'!

20'*./!,80F.A!'+,**./.5!+-0*%&64!06!*%.!/<4A!,65!,!8/0?6!5/.''./!?&*%!%,-7!*%.!

5/,?./'!02.6A!%,-7!'%<*9!!1.!'+002'!%&'!-,2*02!7/0(!*%.!7-00/!,65!'&*'!,*!%&'!5.'C9!

1.!+-0'.'!O.*7-&GA!6%320(,78(!.2&'05.!2,<'.5!06!*%.!'+/..6A!*%.6!+/.,*.'!,!6.?!

@&+/0'07*!;0/5!50+<(.6*A!*&*-&64!&*!#>0-F&64!*%.!$/,F.-&64!>,-.'(,6!Y/08-.(Z!

=0(2<*&64!*%.!V.,'*!=0'*!=)+-&+!B0<*.!$%/0<4%!R--!O05.'!07!,!;.&4%*.5!Q/,2%!&6!

Y0-)60(&,-!B<6*&(.9:!

1.!4/,8'!%&'!2%06.!,65!'+/0--'!*%/0<4%!&*'!(<'&+!-&8/,/)A!'.-.+*&64!*%.!,-8<(!

92%3"+",4&"%3!8)!$%.!>(,'%&64!Y<(2C&6'9!!1.!7&'%.'!%&'!%.,52%06.'!7/0(!,!

5/,?./!,65!2-<4'!*%.(!&69!!;/,22&64!*%.(!,/0<65!%&'!.,/'!?&*%!06.!%,65A!%.!%&*'!

2-,)!?&*%!*%.!0*%./9!

R'!*%.!7&/'*!'064!'*,/*'!%.!*.,/'!*%.!+,65)!2,+C!?&*%!%&'!*..*%!,65!20</'!'0(.!&6!

%&'!(0<*%9!!=%.?&64A!%.!.(2*&.'!7&7*..6!0/!'0!2&.+.'!06!*%.!+,/2.*!8)!*%.!+%,&/A!

'&*<,*&64!*%.(!,!7.?!&6+%.'!7/0(!.,+%!0*%./9!!!

1.!2&+*</.'!.,+%!@f@!,'!,!+&*)!,!',-.'(,6!+0<-5!F&'&*!06!,!*/&2A!.6F&'&06&64!,--!

*%.!20''&8-.!2,*%'!+066.+*&64!*%.(9!!=-0'&64!%&'!.).'A!%.!2<(2'!%&'!/&4%*!C6..!*0!*%.!

/%)*%(9!!$%.!-,/4.!'*<5&0H4/,5.!%.,52%06.'!+0F./!*%.!7<--!07!%&'!.,/'A!4&F&64!*%.(!,!

*0,'*)!7..-&64!,'!%&'!(&65!/&2'!*%/0<4%!(,*%.(,*&+,-!W<.'*&06'!*%,*!%,F.!

5<(870<65.5!*%.!?0/-53'!*02!'+%0-,/'!70/!5.+,5.'9!!

P6!,6!%0</!0/!'0!%.!'*02'!*%.!(<'&+9!!1.!7&4</.5!&*!0<*9!!$%.!?%0-.!*%&649!!1.!

50.'63*!,22.,/!.G+&*.5A!/,*%./A!5&',220&6*.59!!1.!+/,+C'!%&'!6.+C!,65!8.4&6'!*)2&64!

*%.!,6'?./!&6!*%.!;0/5!50+<(.6*9!!

!

!

!

!

! J!

3/*#'./(%

%

>-0<+%.5!06!,!8.6+%!6.G*!*0!%&'!R<6*!@,/)!*%.!70--0?&64!5,)A!>.,6!'2&6'!%&'!

?,*+%!8.U.-!8,+C!,65!70/*%!,'!*%.&/!*/,&6!/<(8-.'!*%/0<4%!*%.!V0'!R64.-.'!'<8?,)9!!

#P*!-00C'!7<66)!7/0(!*%.!2/.F&.?'A:!'%.!',)'!&6!,6!02*&(&'*&+!*06.9!!#P!%02.!*%.!

2/05<+./'!5&563*!4.*!-,U)!*%0<4%!8.+,<'.!&*3'!,!'.W<.-9!!P*!%,22.6'!,!-0*!&6!+0(.5&.'9:!

#P*3--!8.!%)'*./&+,-!?&*%!*%,*!+,'*A:!%.!',)'!?&*%!+067&5.6+.9!!#SF.6!&7!*%.!2-0*3'!,!

-&**-.!-00'.A!P3(!'</.!*%./.3--!8.!*%/..A!(,)8.!.F.6!70</!'+.6.'!)0<!/.,--)!/.(.(8./9!!

;&*%!,!+0(.5)!*%,*3'!,--!P!+,/.!,80<*9!!e<'*!4&F.!(.!,!7.?!2,/*'!*%,*!(,C.!(.!2&''!

()'.-7!,65!&*3'!7&6.!&7!*%.!2-0*!&'g?%,*.F./9:!

#E063*!4.*!(.!?/0649!!P3(!.G+&*.5!*0!'..!&*9!!V.*3'!2/,)!*%.!'*0/)3'!60*!*00!'&--)!

*%0<4%9!!V&C.!*%,*!-,'*!06.!?&*%!*%.!(,&6!,+*0/9:!!>%.!'*,/.'!0<*!*%.!?&650?!,*!*%.!

7-,'%.'!?%&UU&64!8)!7/0(!*%.!-,(2'!06!*%.!<65./4/0<65!?,--'9!!1.!-00C'!,*!*%.!(&-5!

+/0?3'!7..*!8)!%./!.).'9!!>%.3'!*/,6'&*&06.5!&6*0!%./!70/*&.'!?&*%!4/,+.!8<*!'*&--!'%0?'!

6,*</,-!'&46'!07!?.,/9!!1./!%,&/!&'!,!5&77./.6*!'%,5.!07!8/0?6!*%,6!&*!<'.5!*0!8.!*00A!

-&4%*./!'&6+.!'%.3'!8..6!5)&64!&*!*0!%&5.!*%.!4/,)'9!!1.!*%&6C'!,80<*!%0?!(<+%!%.!

-&C.'!50&64!(0F&.!6&4%*!?&*%!%./!.F./)!$%</'5,)!8<*!?&'%.'!'%.35!+,6+.-!06+.!&6!,!

?%&-.!*0!40!06!,!5,*.A!8..6!,80<*!7&F.!).,/'9!

#b0<!-00C!7,(&-&,/A:!,!4&/-!,80<*!%&'!,4.!',)'!&6!,!'07*!F0&+.!7/0(!*%.!'.,*!,+/0''A!

4/,88&64!%&'!,**.6*&069!!#E0!)0<!40!*0!e.77./'06!1&4%_:!

1.!'</F.)'!%./A!V,5)!Q,4,!$H'%&/*A!+<*.!7,+.A!,!-&**-.!*00!(<+%!.).!'%,50?9!!#O,%A!

P!40!'0(.?%./.!.-'.9:!

#b0<!-00C!'0!7,(&-&,/A:!'%.!',)'A!-.,6&64!+-0'./A!&6'2.+*&64!%&(9!!1.3'!'</.!'%.!

/.+046&U.'!%&(!7/0(!!"#$%&'()!8<*!%,*.'!?%.6!2.02-.!,''0+&,*.!%&(!?&*%!*%.!'%0?9!!

Y-,)&64!5<(8A!%.!'%/<4'9!!#;%,*!'+%00-!50!)0<!40!*0!*%.6_:!

#P*3'!&6!Y,',5.6,A!8<*!60*!e.77./'069:!

#\,/&'%_!!$%.!2/&F,*.!06.9:!

#P*3'!2/&F,*.9!!\<*!60*!\,/&'%9:!

R!7.?!(0(.6*'!40!8)9!!#P3(!=&65)9:!!>%.!20&6*'!,*!%./!7/&.65A!6.G*!*0!%./!&6!,!

5&77./.6*!V,5)!Q,4,!*029!!#;.3/.!40&64!50?6*0?6!70/!*%.!+06+./*9!!b0<!*00_:!!

#;.3/.!X<'*!4.**&64!'0(.*%&64!*0!.,*9:!!1.!605'!,*!%&'!,<6*9!!#$%.6!*%.!(0F&.'9:!

! [!

#T%9!!TC,)9:!!1./!2,-!?%&'2./'!&6!%./!.,/!,65!*%.)!4&44-.9!!#@)!7/&.65!?,6*'!*0!

C60?!&7!)0<!%,F.!,!4&/-7/&.659:!

1.!4/&6'9!!#b0</!7/&.65!+0<-563*!X<'*!,'C!(._:!

#>%.3'!'%)9:!!@0/.!-,<4%*./9!!#R!7.?!07!<'!,/.!+%&--&64!8)!,--!*%.!'%02'!,65!

/.'*,</,6*'!6.,/!*%.!,/.6,!?%.6!*%.!+06+./*3'!0F./9!!b0<!'%0<-5!+0(.!',)!%&9!!;%.6!

)0<3/.!506.!?&*%!)0</!(0F&.9:!!1&'!,<6*!2/.*.65'!*0!8.!08-&F&0<'!*0!*%.!&6*./,+*&06!

8<*!-&'*.6'!*0!.F./)!?0/5!'%.!+,6!(,C.!0<*!,80F.!*%.!'0<65!07!*%.!*/,+C'A!,8'0/8&64!

,'!(<+%!X<&+.!,'!'%.!+,69!

#=00-A:!>.,6!',)'!*0!*%.!4&/-9!!#P3--!'..9:!

#1./.A:!'%.!',)'A!(0*&06&64!*0?,/5!%./'.-7!?&*%!*?0!7&64./'9!!#Q&F.!(.!)0</!

2%06.9!!P3--!2<*!&6!()!6<(8./9:!!1.!%,65'!&*!*0!%./A!'%.!*)2.'!&*!&6A!,65!2,''.'!&*!8,+C9!!

#=&65)9:!

#P!5&563*!70/4.*9!!>.,69!!R65!)0</!7/&.653'!6,(._:!

#R(,65,A:!'%.!',)'!70/!%./9!

#O&+.!*0!(..*!)0<!R(,65,A:!%.!',)'!-00C&64!,*!%./!?&*%!,!'(&-.9!!\-<'%&64A!'%.!

4/&6'A!*%.6!*</6'!,?,)9!!1.!7&65'!&*!7<66)!%0?!'%)!'%.!&'9!!1.!*%&6C'!,80<*!*%.!4&/-'!

06!*%.!+0--.4.!+,(2<'!,65!%0?!5&77./.6*!*%.)!,/.!7/0(!06.'!%&'!,4.9!!1.!?065./'!

?%./.!8.*?..6!70</*..6!,65!.&4%*..6!*%.)!4/0?!<29!!1.3'!60*!'</.!8<*!%02.'!%.3--!

7&4</.!&*!0<*!'0(.5,)9!!!

;%..-'!'+/..+%&64A!*%.!*/,&6!+0,'*'!*0!,!%,-*9!!B&5./'!'*,65!,'!*%.!500/'!'2-&*9!!

#1,F.!7<6A:!%.!',)'!*0!*%.!V,5)!Q,4,!7,6'!,'!*%.)!?,-C!077!&6!*%.!'*,*&069!!!

1,65'!8</&.5!&6!%&'!20+C.*'A!%.!(0'.)'!*0?,/5!*%.!'%&6.!2..C&64!7/0(!,80F.!

4/0<65A!*%.!'(.--!07!(0-5!-&64./&649!!1.!%.,/'!%&'!,<6*3'!5&'*&6+*!2,**./!07!'%0.'!

8.%&65!%&(9!!Q-,6+&64!0F./!%&'!'%0<-5./A!%.!60*&+.'!%./!?.,F&64!*0?,/5!%&(9!!1.!

8/,+.'!%&('.-7!70/!,6!&6*.//04,*&069!!></.!.60<4%!'%.!',)'A!#$%.)!?./.!+<*.9!!E&5!'%.!

4&F.!)0<!%./!6<(8./_:!

#;%,*3/.!)0<!'2)&64!06!(._:!!1.!50.'63*!(&65!+%,**&64!?&*%!%./!,80<*!'*<77!-&C.!

*%&'!8<*!5.+&5.'!*0!(.''!?&*%!%./!,6)?,)9!!;&*%!,!'(&/C!%.!'2..5'!<2A!5&'*,6+&64!

%&('.-7!7/0(!%./!&6!*%.!2,+C!07!+0((<*./'9!!

>%.!'?./F.'!%./!?,)!8,+C!*0!%&(9!!#R/.!)0<!40&64!*0!+,--!%./_:!

#P!5063*!C60?9:!

! h!

#;%,*!50!)0<!(.,6_:!

=-&(8&64!*%.!'*.2'A!%.!',)'A!#P7!,6)*%&64!P3--!*.G*!%./9!!Y.02-.!5063*!+,--!.,+%!0*%./!

,6)(0/.!?%.6!*%.)!7&/'*!(..*9!!P35!-00C!-&C.!,!8&4!?.&/50!&7!P!5&59:!

#$%,*3'!60*!*/<.9!!=,--&64!&'!'*&--!(0/.!202<-,/9:!

#O0*!70/!C&5'!()!,4.9!!$%.!,F./,4.!*..6,4./!'.65'!'&G*)H*%/..!*.G*'!2./!5,)!P!

/.,5!'0(.?%./.9:!

#=,--&64!&'!'0!(<+%!.,'&./9!!P3(!60*!,!8&4!*.G*./9!!$,C.'!(.!70/.F./!*0!*)2.!0<*!

?%,*!P!?,6*!*0!',)9!!10?!-064!,/.!*%.!(.'',4.'!<'<,--)_:!

#P!/.,5!&6!*%.!',(.!,/*&+-.!*%.!*)2&+,-!*.G*!&'!-&C.!6&6.*)!-.**./'9!!@&6.!,/.!,/0<65!

*%./.!P!4<.''9:!

#$%,*!+0(.'!0<*!*0!%0?!(,6)!8<**06!+-&+C'!,!5,)_:!

#^&7*)H'&G!%<65/.5!'.F.6*)A:!%.!',)'A!50&64!*%.!(,*%!&6!%&'!%.,5!&6!,6!&6'*,6*9!

#>0!&6!,!).,/!&*d:!!

#$?0!(&--&06!'&G*)H6&6.!*%0<',65!7&F.!%<65/.5!7&7*)A:!%.!',)'A!2/0+.''&64!*%.!

'.+065!+,-+<-,*&06!&6!,!'6,2!,'!?.--9!!

#\0)9:!!>%.!(<--'!0F./!,--!*%,*!*%<(8!,+*&F&*)!,'!*%.)!.(./4.!06!*%.!'*/..*A!

'C)'+/,2./'!*0?./&64!,80F.!06!,--!'&5.'A!+0-5!,&/!?/,22&64!,/0<65!*%.(A!*%/064'!07!

6&6.H*0H7&F./'!'2&--&64!0<*!07!*%.!50?6*0?6!8<&-5&64'!*0?,/5!*%.!'<8?,)!.6*/,6+.9!!

#;%,*!?./.!*%.&/!6,(.'_:!

#Q.*!0<*!07!%./.9!!P3(!60*!*,-C&64!,80<*!*%&'!?&*%!)0<!,6)(0/.9:!

#R(!P!8.&64!,660)&64_:!!

#R!-&**-.9!!P!70/4&F.!)0<!*%0<4%9:!!1.!2,*'!%./!'%0<-5./!,!+0<2-.!*&(.'9!!#P!C60?!

)0<!+,63*!%.-2!&*!?%.6!&*!+0(.'!*0!(.!,65!4&/-'9:!

#e<'*!+</&0<'A:!'%.!',)'!?&*%!.G,44./,*.5!',56.''A!*/)&64!*0!8.!7<66)9!!!

1.!+%<+C-.'A!*%.6!8-0?'!&6!%&'!%,65'9!!#@,69!!;%.6!5&5!&*!4.*!'0!+0-5_:!!

#P!'%0<-53F.!8/0<4%*!,!/.,-!X,+C.*9:!!>%.!/<8'!%./!,/('!0F./!%./!*%&6!2</2-.!

'?.,*'%&/*9!

#;%./.3'!*%.!/.'*,</,6*_:!%.!,'C'A!'20**&64!8-,+C!+-0<5'!06!*%.!%0/&U069!!#P*3'!

4066,!20</9!!;.!'%0<-5!4.*!&6'&5.!*%&'!2-,+.9:!!R'!'%.!'+,6'!%./!2%06.!70/!*%.!

,55/.''A!%&'!0?6!F&8/,*.'!&6!%&'!20+C.*9!!Y<--&64!&*!0<*A!%.!'..'!,!(&''.5!+,--!,65!

F0&+.(,&-!7/0(!,6!<6C60?6!6<(8./9!!R''<(&64!&*3'!,!*.-.(,/C.*./A!%.!2<*'!&*!8,+C9!

! i!

#$%&'!?,)A:!'%.!',)'A!20&6*&64!-.7*9!!^0--0?&64!%./A!%.!7..-'!&*!F&8/,*.!,4,&69!!1.!

*%&6C'!,80<*!&460/&64!&*!8<*!5.+&5.'!*0!,6'?./9!!#1.--0_:!!1.!-&'*.6'!70/!,!7.?!

(0(.6*'A!'*/<44-&64!*0!%.,/!06!*02!07!*%.!/<'%H%0</!+,/!%0/6'A!2-<44&64!%&'!.,/!?&*%!

%&'!&65.G!7&64./9!!#E/9!@./U8./4_:!!1.!+<*'!,+/0''!*%.!/0,5!&6*0!,6!,--.)!,?,)!7/0(!

*%.!'*/..*!60&'.9!!#P'!.F./)*%&64!,--!/&4%*_:!!1&'!.G2/.''&06!'%&7*'!7/0(!+067<'.5!*0!

'</2/&'.59!!#O0?_!!P3(g0<*!?&*%!()!,<6*9:!!1.!'&4%'9!!#^&6.9!!P3--!(..*!)0<!,*!*%.!

+,(2<'9!!b0<3/.!'</._!!^&6.9:!!1.!%,64'!<29!

#b0<!0C,)_:!R<6*!@,/)!,'C'A!8.?&-5./.59!

#P!%,F.!*0!409:!

#;%./._:!

$%.!5&',220&6*(.6*!06!%./!7,+.!<2'.*'!%&(9!!1.!/.,-&U.'!%0?!(<+%!'%.!-00C'!

70/?,/5!*0!*%&'!6&4%*!.F./)!?..C9!!#E/9!@./U8./49!!b0<3F.!(.*!%&(9!!@)!2/07.''0/!

7/0(!'+%00-g%.!',&5!&*3'!,6!.(./4.6+)9!!1.!6..5'!(.!*0!'..!%&(9:!

#^0/!,!+-,''_!!;%./._:!

#1.!5&563*!?,6*!*0!*,-C!,80<*!&*!0F./!*%.!2%06.9!!;%,*.F./!*%,*!(.,6'9!!;,6*.5!

*0!50!&*!&6!2./'069!!1.!',&5!%.!6..5'!(.!*0!+0(.!*0!%&'!077&+.9!!B&4%*!60?9:!!1.3'!W<&.*!

70/!,80<*!7&F.!'.+065'A!2065./&64!*%.!2/07.''0/3'!20''&8-.!(0*&F,*&069!!#P3--!7&--!)0<!&6!

,'!'006!,'!P!C60?9!!;.3--!'..!*%.!(0F&.!,60*%./!5,)9!!P3(!'0//)9:!!

R80<*!,6!%0</!-,*./!%.!C60+C'!06!*%.!2/07.''0/3'!500/!&6!*%.!=0(2<*./!>+&.6+.!

\<&-5&64A!*%.!*,2!07!/,&6!0<*'&5.A!?,*./!5/02-.*'!5,6+&64!06!*%.!%,--?,)!?&650?'9!!

#=0(.!&6A:!%.!',)'!7/0(!*%.!/00(A!60*!<28.,*!-&C.!<'<,-9!!!

1.!.6*./'A!60*&+&64!,!%,-7H.(2*)!80**-.!07!R8'0-<*!D05C,!06!*%.!5.'C9!!1.!

.G,(&6.'!%&'!'W<&6*)H.).5A!/.5H+%..C.5!*.,+%./!,65!,'C'A!#R/.!)0<!5/<6C_:!!1.!

50.'63*!/.2-)9!!#;%,*3'!*%&'!,80<*_!!R65!?%)!+0<-563*!)0<!X<'*!*.--!(.!0F./!*%.!

2%06._!!P!%,5!*0!-.,F.!()!,<6*!70/!*%.!6&4%*!*0!+0(.d:!

#\.+,<'.!'0(.06.!+0<-5!8.!-&'*.6&64!&6!06!,!2%06.!5,((&*9:!!>*,65&64A!%.!2<--'!

,!2-,6.!*&+C.*!7/0(!,!5/,?./!,65!.G*.65'!&*!*0!>.,69!!1&'!.G2/.''&06!&'!4/,F.9!!#;.3/.!

40&64!*0!E=9!!R!+,/3'!0<*'&5.!/.,5)!*0!*,C.!<'!*0!VRj!R&/20/*9!!$%.!O,*&06,-!>.+</&*)!

R4.6+)!&'!.G2.+*&64!)0<9:!!

!

!

!"#$%&%'(&!$%'#)&

!!"#$#%!"#!$%&!'()&"*#!+",#-!./0%)1!!2%*#!-3%.-45.".%!4%(,#!/)&!(.&!)"0%#!".!6/#!7.8%)%#1!!2%!9(.!:%!9/.-(9-%&!(-!-%&;%)"<",-=%://>19/?1!!!!

!!!!7@-=/,!A=/-/8,(A=!:4!B9/--!C"--%,!D/0%,!(,-!:4!D(,%4!D/.)%4!!