!!!!!

""#$%&"'(!)%*%+,'&*"#!-./0!1!-./2!

,+"3"#(!(4%"(%5!

!

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

-#$'.)/+01&#0&2'$##2'3450442#$+&26'

!!!!!!!!!!!!!!!!!!!!!!!!!! !

"!

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

!

#@@<N!!

+=!OH=FEJ;!?J=A?N!!

(;B<JP=!!I;=D;<J=:N!

(B;;AE!@O!DGN!!

`661L&))*1! F1G!.G]G!K3)*1! "Q!:3'&!"R7R! U!:$$1! 7!:3'&!"R7U!2*41*)$1&(! .1(G!2G]G!<$'!5*1!J*&5*! "Q!:3'&!"R7R! U!:$$1! 7!:3'&!"R7U!M*''&',%**()*1! BG!a*&5*;;*1! "Q!:3'&!"R7R! U!:$$1! 7!$O1&+!"R7E!H+,IM*''&',%**()*1! MG!<$'!5*1!M+$((*! 7!(*O)G"R7"! U!:$$1! 7!(*O)G!"R7[!H+,*%**'! \G!\6(&*1! 7!(*O)G!"R7"! U!:$$1!! 7!(*O)G!"R7[!!7=A;BE;Q;=J=:!#$$%-! ! ! ! F1G!.G]G!K3)*1!Z3'4)&*-!! ! ! `661L&))*1!.$)3%-! ! ! ! 7"!5*4*%>*1!"R7"!M+$$)(-! ! ! ! .*'!J$$,!!!J$'5)*;*'&',-! ! ! bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb! !

E!

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c!UPGRRRC=!,*1*(*1<**15!L63!?615*'!<661!5*!6')?&;;*+&',!*'!&'<3++&',!<$'!**'!43+)331$';*193'4)&*G!^'!5*!>1&*9!<$'!7D!(*O)*%>*1!"R7"!%*)!;*'%*1;!YBXI"R7"GQR[S!&(!0*)!.&$%$')!/0*$)*1!,*<1$$,5!6%!<661!()$5(5**+!J$$,(*!J63)!**'!O+$'!&'!)*!5&*'*'G!^'!0*)!\$$5(<661()*+!DD!<$'!6;)6>*1!"R7"!?615)!5&)!*dO+&4&*)!>*'6*%5!$+(!**'!O+$'!<661!5*!&'<3++&',!<$'!**'!43+)331$';*193'4)&*G!!!J*)!>*()331!*'!%$'$,*%*')!<$'!0*)!.&$%$')!/0*$)*1!*'!5&1*4)*!($%*'?*1;&',(O$1)'*1(!e6G$G!.&$%$')!B6++*,*!*'!\*()6!`$'J$1)*8!L&*'!L*;*1!%6,*+&:;0*5*'!<661!**'!46%>&'$)&*!<$'!0*)!)0*$)*1!*'!5*!93'4)&*!$+(!43+)331$';*1G!V'!0*)!,**9)!;$'(!0*)!)0*$)*1!<661!5*!?&:;!F$1&$06*<*!*'!0*)!()$5(5**+!)*!>*0635*'!*'!5661!)*!6')?&;;*+*'G!F$$1!0*)!6')?&;;*+*'!<$'!**'!B3+)331$';*193'4)&*!'$$()!0*)!)0*$)*1!()$$)!'&*)!6O!L&40L*+9G!.661!0*)!'&*)!;1&:,*'!<$'!**'!()134)31*+*!(3>(&5&*!&'!0*)!;$5*1!<$'!%*)!F**1:$1*'>*+*&5(O+$'!_3'()!N!B3+)331!+66O)!0*)!)0*$)*1!5*;;&',!<661!5*!*dO+6&)$)&*;6()*'!%&(G!.&)!0**9)!%*)!'$%*!,*<6+,*'!<661!5*!O169*((&6'$+(!e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f!<$'!5*!&'?6'*1(!<$'!J$$,(*!J63)!&(!$3)640)66'G!M6(&)&*9!<661!0*)!)0*$)*1!&(!5$)!SDf!<$'!5*!>*?6'*1(!<$'!5&)!()$5(5**+!43+)31*+*!<661L&*'&',*'!>*L6*;)G!.&)!&(!0*)!066,()*!O*14*')$,*!43+)331>*L6*;!<$'!$++*!J$$,(*!()$5(5*+*'!e>16'-!2)$5(*'g3h)*!"R778G!/*<*'(!?$$15*1*'!5*!>*?6'*1(!<$'!J$$,(*!J63)!0*)!J$$,(*!43+)31*+*!$$'>65!%*)!**'!SC[G!F$$1!5*L*!4&:9*1(!L&:'!'&*)!1*O1*(*')$)&*9!<661!0*)!0*+*!()$5(5**+G!J*)!()$5(5**+!&(!L**1!0*)*16,**'C!*+;*!?&:;!&(!$'5*1(EG!.*!?&:;!?615)!5661('*5*'!5661!0*)!J$$,(*!K6(!*'!*';*+*!5661,$$'5*!<*1;**1($5*1(!%*)!5$$16%0**'!**'!46'4*')1$)&*!<$'!>*51&:<*'!*'!;$')61*'G!.$)!%$$;)!<$'!0*)!()$5(5**+!$++*(!>*0$+<*!**'!06%6,**'!,*0**+G!.$$1>&:!;*'%*1;*'!0*)!40&g3*!K*'6615*'063)!*'!<&++$?&:;!F$1+6)!L&40!$+(!i**'!?*1*+5!6O!L&40@G!.&)!?615)!%*)!'$%*!53&5*+&:;!&'!5*!$40)*1()$'5(461*(!3&)!5*!()$5(5**+$'$+j(*!"RRQG!X$$1!>6<*'()$$'5*!?&:;*'!+$$,!(461*'!e53(!,6*58!(461*'!F$1&$06*<*!e5*!?&:;*'!_$%O*'!*'!a$'5*'8!*'!K*L3&5*'063)=X*()!(461*'!5$$1*')*,*'!066,!e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`661!5*!;6%()!<$'!0*)!)0*$)*1!,$9![Sf!<$'!5*!?&:;>*?6'*1(!$$'!43+)31*+*!<661L&*'&',*'!)*!>*L6*;*'!eF$$)(40$OO*+&:;*!^'5*dC!"R7R8G!J*)!&(!**'!,16*'*C!>*1*&;>$1*!?&:;!$$'!5*!,1*'(!%*)!5*!,*%**')*!a*&5(40*'5$%=`661>31,G!^'!)6)$$+!?6'*'!*1!&'!5*!F$1&$06*<*!7EGSRE!%*'(*'G!K*L3&5*'063)!+&,)!'$$()!F$1&$06*<*!*'!>*()$$)!3&)!51&*!5*+*'-!X*()C!F&55*'!*'!Y6()G!^'!)6)$$+!?6'*'!*1!7UGQSE!%*'(*'G!.*!5*+*'!<*1(40&++*'!6'5*1+&',!()*1;G!V';*+*!6O<$++*'5*!;*'%*1;*'!<$'!K*L3&5*'063)!L&:'-!06,*1*!&';6%*'(!&'!0*)!66()*+&:;!5**+!*'!+$,*1*!&'!0*)!?*()*+&:;!5**+!*'!'*)!$+(!&'!F$1&$06*<*!?6'*'!*1!1*+$)&*9!<**+!635*1*'!*'!<**+! 7!k&)-!J*)!B3+)31**+!_$O&)$$+!<$'!.*'!J$$,C!H5<&*(!F**1:$1*'>*+*&5(O+$'!"R7E!T!"R7[!eO$,G!DU8C!"R7"!"!K16'-!???G5*'0$$,G>331)%6'&)61G'+!"R7"!E!K16'-!A*%**')*!.*'!J$$,C!2)$5(5**+$'$+j(*!J$$,(*!J63)!"RRQ!

U!

e?*()*1(*8!$++640)6'*'G!.*!>331)!K*L3&5*'063)=X*()!&(!0*)!%**()!,*l(6+**15C!0*)!+&,)!&',*;+*%5!)3((*'!51&*!,16)*!<*1;**1(?*,*'!*'!0*)!(O661!*'!5*!;$')61*'+64$)&*!K*$)1&d;?$1)&*1G!.&)!<*1()*1;)!5*!,*l(6+**15*!+&,,&',G!^'!5*L*!?&:;!?6'*'!1*+$)&*9!<**+!;&'5*1*'!*'!:6',*1*'!eR!)I%!7Q!:$$18C!&(!0*)!$$'5**+!'&*3?*!J$,*'$$1(!*'!+$,*!&';6%*'(!0*)!066,()!<$'!5*!?&:;G!.&)!&(!L*;*1!<661!0*)!B3+)331$';*1!**'!O3')!<$'!$$'5$40)G!!!!T6!! +#8R**+#$!(4%"(%5KR#C(+%!.*!2)&40)&',!.&$%$')!/0*$)*1!&(!&'!:3'&!"R7R!6O,*1&40)G!V'!0**9)!5*!<6+,*'5*!<J??J;-!

!4;E!,J@<@=E!(M;@E;B!J=!4@@:?;!4DHE!IJ;AE!UJPQI;UD=;B?!;;=!G9;Q!>@=!D=E<D;EJ=:V!D=EUJQQ;9J=:!;=!

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e9$4&+&)*&)*'C!%$';1$40)!*'!>35,*)8G!F*)!5*!O16,1$%%*1&',!?&+!0*)!)0*$)*1!**'!L6!>1**5!*'!5&<*1(!%6,*+&:;!O3>+&*;!$$'!L&40!>&'5*'G!.*!($%*'()*++&',!<$'!5*!?&:;!&(!0&*1>&:!+*&5*'5G!.*!O16,1$%%*31(!<$'!0*)!)0*$)*1!L&:'!L&40!>*?3()!<$'!5*!9j(&*;*!+&,,&',!<$'!0*)!)0*$)*1C!0*)!,*%h+**15*!O3>+&*;C!5*!3&)()1$+&',!<$'!0*)!)0*$)*1!*'!5*!9&'$'4&m+*!%6,*+&:;0*5*'G!J*)!O16,1$%%$!?615)!'&*)!<*1!<$'!)*!<61*'!<$(),*()*+5G!.&)!&(!**'!>*?3()*!;*3L*!6%!0*)!)0*$)*1!66;!9+*d&>*+!>*(40&;>$$1!)*!()*++*'!<661!&')*1*(($')*!$$'>&*5&',*'C!e$%$)*318<661()*++&',*'!69!$'5*1*!&'&)&$)&*<*'!3&)!0*)!J$$,(*G!J*)!.&$%$')!/0*$)*1!O16,1$%%**1)!,*%&55*+5!)?**!)6)!<&*1!)0*$)*1<661()*++&',*'!O*1!%$$'5G!.*!O16,1$%%$@(!<$1&m1*'!<$'!**'!,1$)&(!46'4*1)!5661!**'!;+$((&*;!;661!*'!6O)1*5*'(!<$'!()$'5=3O!46%*5&$'(!<661!5*!+**1+&',*'!<$'!5*!(4066+!)6)!**'!640)*'5!<661!O*3)*1(!*'!O169*((&6'*+*!<661()*++&',*'G!V1!?615)!($%*',*?*1;)!%*)!()*5*+&:;*!&'&)&$)&*<*'!*'!9*()&<$+(!$+(!"!/31<*'!J66,!*'!.*!K*)6<*1&',G!!!.*!O16,1$%%*1&',!<$'!0*)!)0*$)*1!0**9)!$+!1$$;<+$;;*'!%*)!5*!'&*3?!3&)!)*!?*1;*'!93'4)&*!<$'!B3+)331$';*1C!?$$16'5*1-!!

• J$$,(*!Z$4)61!&'!5*!O16,1$%%*1&',!*'!• 9$4&+&)*1*'!<$'!$%$)*31;3'()G!

!4@@:?;!O@FEDB!!J*)!.&$%$')!/0*$)*1!0$')**1)!**'!)$1,*)!<$'!%&'&%$$+!PRf!J$$,(*!,*L*+(40$OO*'!*'!$%$)*31;3'()G!Y'(!>*+$',!0&*1>&:!&(!5$)!6'L*!56*+,16*O!<**+!$99&'&)*&)!0**9)!%*)!+6;$$+!J$$,(!)$+*')G!.$$1'$$()!&(!0*)!<661!$%$)*31,16*O*'!>*+$',1&:;!6%!**'!O+*;!)*!0*>>*'!?$$1!L&:!03'!;3'()*'!;3''*'!)6'*'G!X&:!()*++*'!6'(!0&*1>&:!66;!<661!5$)!*1!3&)?&((*+&',(O16,1$%%$@(!e&'!($%*'?*1;&',!%*)!5*!B3+)331$';*1(8!?615*'!6')?&;;*+5!<661!,16*O*'!3&)!<*1(40&++*'5*!?&:;*'!3&)!.*'!J$$,G!k&)*&'5*+&:;!&(!0*)!.&$%$')!/0*$)*1!5n!O+*;!&'!0*)!()$5(5**+!<661!J$$,(*!,16*O*'!6%!L&40!)*!O1*(*')*1*'G!!!!!

P!

K@FJ9JE;B;=!>@=!@<@E;HBQH=?E!o6$+(!,*L*,5!?&+!0*)!.&$%$')!/0*$)*1!**'!O65&3%!L&:'!<661!$%$)*31,*L*+(40$OO*'!&'!.*'!J$$,!5661!5*L*!)*!6'5*1()*3'*'!*'!)*!9$4&+&)*1*'G!o6!&(!0*)!_6'&';+&:;!F$''*';661!.&*!J$,0*!2$',0*1(!(&'5(!>*,&'!"R77!**'!<$()*!>*(O*+*1!<$'!0*)!)0*$)*1!*'!?$1*'!*1!<661()*++&',*'!<$'!5*!J$$,(*!,*L*+(40$OO*'!J*)!M61)1*)!2O1**;)C!4$>$1*)536!\&:Op!*'!0*)!J$$,+$'5(!24$+$!_661G!^'!:3'&!"R7"!&(!*1!<&$!0*)!'*)?*1;!<$'!5*!J$$,(*!`*1*'&,&',!<661!H%$)*31)6'**+!**'!O16%6)&*4$%O$,'*!,*()$1)!6%!0*)!)0*$)*1!6'5*1!5*!$$'5$40)!<$'!$%$)*31,*L*+(40$OO*'!&'!.*'!J$$,!)*!>1*',*'G!^'!"R7"!L&:'!Zq_!/0*$)*1C!.$'($)*+&*1!.*'!J$$,!*'!/6'**+,16*O!X**1(40&:'!)*!,$()!,*?**()!&'!0*)!)0*$)*1G!J*)!)0*$)*1!>&*5)!&'!6<*1+*,!9$4&+&)$&1*C!)*40'&(40*!*'!O3>+&4&)$&1*!6'5*1()*3'&',!$$'!5*L*!$%$)*31,*L*+(40$OO*'G!X*!+*))*'!0&*1>&:!?*+!6O!;?$+&)*&)C!0$$+>$$10*&5!*'!51$$,<+$;G!!T6-! 5;:H9J;B;!EM;@E;BGBD:B@<<;BJ=:!`661!5*!1*,3+&*1*!*'!e(*%&=8O169*((&6'*+*!)0*$)*1O16,1$%%*1&',!&'!0*)!)0*$)*1!L*+9!0$')*1*'!?*!5*!<6+,*'5*!O16,1$%%$O&:+*1(-!!

$8 B$>$1*)C!;+*&';3'()!*'!()$'5=3O!46%*5j!>8 _&'5*1=!*'!:*3,5<661()*++&',*'!!48 B6'4*1)*'!<$'!;61*'C!61;*()*'C!?*1*+5%3L&*;!*'!;+$((&*;*!*'(*%>+*(!58 Z&+%$$'>65!*8 B3+)331*534$)&*!eL&*![8!

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

$8 &'961%$)&*!>&*5*'!6<*1!43+)331!*'!43+)31*+*!$4)&<&)*&)*'!&'!5*!()$5!e>&:<661>**+5!**'!O1&;>615C!96+5*11*;!*'I69!&'961%$)&*!<&$!**'!>**+5(40*1%8r!

>8 9$4&+&)*&)*'!>&*5*'!$$'!69!>*%&55*+*'!<$'!$%$)*31;3'()*'$$1(!69!61,$'&($)&*(!e431(3(13&%)*C!O65&3%8!3&)!0*)!()$5(5**+!<661!<*1(40&++*'5*!<61%*'!<$'!$4)&*<*!43+)331O$1)&4&O$)&*r!

48 <*1>&'5&',*'!+*,,*'!%*)!%$$)(40$OO*+&:;*!61,$'&($)&*(!*'!>*?6'*1(,16*O*'!&'!0*)!()$5(5**+!)*'*&'5*!**'!,16)*1!O3>+&*;!)*!>*1*&;*'G!

58 9$4&+&)*&)*'!>&*5*'!$$'!69!>*%&55*+*'!<661!(406+*'!*'!43+)31*+*!&'()*++&',*'!<661!$4)&<&)*&)*'!&'!0*)!;$5*1!<$'!e>&''*'(4066+(*8!43+)331*534$)&*r!

!B3+)331$';*1(!L635*'!&'!5*!<&(&*!<$'!5*!,*%**')*!0*)!0*+*!43+)31*+*!$$'>65!L&40)>$$1!%6*)*'!%$;*'-!*19,6*5C!>**+5*'5*!;3'()C!'&*3?*!%*5&$C!9&+%C!+&)*1$)331C!%3L&*;C!5$'(!*'!)6'**+G!`661!0*)!.&$%$')!/0*$)*1C!?$)!<661'$%*+&:;!&'!5*!O65&3%;3'()*'(9**1!O16,1$%%**1)C!>*)*;*')!5&)!**'!961(*!<*1>1*5&',!<$'!0*)!$$'>65G!.&)!&(!6O!;61)*!)*1%&:'!$++**'!%6,*+&:;!%*)!0*)!$$',$$'!<$'!,6*5*!$++&$')&*(G!.$$1'$$()!;*''*'!0*)!O$'5!*'!5*!61,$'&($)&*!66;!>*O*1;&',*'G!^'!5&*!L&'!,$$)!0*)!.&$%$')!/0*$)*1!<$'!**'!,16*&%65*+!3&)G!o&*!06695()3;!Q!<661!**'!**1()*!$$'L*)!]$$1O+$'!"R7EG!!!

U!k&)-!"##$%&!'(&)*&C!F**1:$1*'>*+*&5(O+$'!_3'()!N!B3+)331!"R7E="R7[C!A*%**')*!.*'!$$',*O$()*!J$$,!*'!0*)!F**1:$1*'>*+*&5(O+$'!"R7E="R7[!<$'!F3L**G!240*<*'&',*'G!

[!

J*)!$$',$$'!<$'!$++&$')&*(!%*)!61,$'&($)&*(!&'!0*)!()$5(5**+!L6$+(!5*!>&>+&6)0**;!e+&)*1$)3318!*'!_3'()O6()!F$1&$06*<*!e>**+5*'5*!;3'()8!>&*5)!5*!;$'(!6%!**'!,166)!*'!>1*5*1!O3>+&*;!)*!>*1*&;*'G!.$$1'$$()!L$+!*1!($%*'?*1;&',!?615*'!,*L640)!%*)!$'5*1*!61,$'&($)&*(!&'!0*)!()$5(5**+!*'!5*!()$5C!?$$16'5*1!5*!46++*,$!43+)331$';*1(!%*)!$+(!56*+!**'!L6!>1**5!%6,*+&:;!43+)31**+!$$'>65!)*!,*'*1*1*'G!!!W6-!! +=>H99J=:!FH9EHHB@=Q;BOH=FEJ;!IJP!M;E!,J@<@=E!(M;@E;B!!

@Y +=ODB<@EJ;!IJ;A;=!D>;B!FH9EHHB!;=!FH9EHB;9;!@FEJ>JE;JE;=!J=!A;!?E@A!!J*)!.&$%$')!/0*$)*1!&(!,*<*()&,5!&'!**'!<%>6!(4066+!*'!0**9)!,**'!<$()*!>*L6*;*1(>$+&*!69!1*4*O)&*G!J*)!9j(&*;!*'!'*):*(!$$'>&*5*'!<$'!96+5*1(!69!9+j*1(!<$'!46++*,$!43+)31*+*!&'()*++&',*'!&(!'&*)!*40)!%6,*+&:;G!J*)!.&$%$')!/0*$)*1!>*(40&;)!?*+!6<*1!**'!5&,&)$+*!%331;1$')!<$'!5*!,*%**')*!.*'!J$$,G!.*L*!?615)!6G$G!,*5**+5!%*)!5*!(4066+!*'!\*()6!`$'J$1)*!*'!&(!$$',*(+6)*'!6O!5*!$'5*1*!%331;1$')*'!&'!0*)!()$5(5**+G!.*!&'()**;!&(!6%!5*!%331;1$')!6O*'!)*!()*++*'!<661!5*!$'5*1*!43+)31*+*!&'()*++&',*'!&'!5*!()$5G!^'!5*!'&*3?*!<*1>63?&',(O+$''*'!<661!5*!0$+!<$'!5*!(4066+C!)*<*'(!+6>>j!<$'!0*)!)0*$)*1C!?615)!0*)!41*m1*'!<$'!**'!&'961%$)&*>$+&*!%**,*'6%*'G!!!

IY O@FJ9JE;JE;=!IJ;A;=!@@=!DO!I;<JAA;9;=!>@=!@<@E;HBQH=?E;=@@B?!DO!DB:@=J?@EJ;?!ZFHB?H?BHJ<E;V!GDAJH<Y!HJE!M;E!?E@A?A;;9!>DDB!>;B?FMJ99;=A;!>DB<;=!>@=!@FEJ;>;!FH9EHHBG@BEJFJG@EJ;!

J*)!.&$%$')!/0*$)*1!&(!nn'!<$'!5*!%*5*,*>13&;*1(!<$'!0*)!(4066+,*>63?!<$'!0*)!.&$%$')!B6++*,*G!.&)!0**9)!<6615*+*'!e<**+!13&%)*!>*(40&;>$$1!*'!**'!,6*5;6O*!*d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e431(3(13&%)*!*'!O65&3%8!>&*5*'!,*>*31)!*1!$+!<**+!&'!0*)!O$'5G!^'!0*)!?**;*'5!&(!*1!5*!o6'5$,(4066+!<$'!2)&40)&',!^1$'&$'(!6'!)0*!F6<*C!?$(!*1!1*4*')!'6,!**'!%3L&*;564*')!$$'!0*)!?*1;!*'!0**9)!*1!**'!/$+*')<6+!F$1&$06*<*!*<*'*%*')!<661!*'!5661!?&:;>*?6'*1(!O+$$)(,*<6'5*'G!K&:!0*)!6O*'()*++*'!<$'!0*)!O$'5!<661!5*15*'!e6O!0*)!,*>&*5!<$'!43+)3318!&(!0*)!L$$;!5$)!0*)!)0*$)*1!*'!5*!(4066+!&'!0*)!.&$%$')!E!6<*1+*,!,6*5!46%%3'&4*1*'!*'!5*!%**1?$$15*!<661!$++*!>*)16;;*'!61,$'&($)&*(!>*'6*%*'G!`*10331!6%!O331!*'!$++**'!0331O*''&',*'!>&''*'!)*!;1&:,*'!0*+O)!5*!6')?&;;*+&',!'$$1!**'!43+)331$';*193'4)&*!'&*)!<6613&)G!s3$!1$'5O16,1$%%*1&',!?615*'!*1!16'56%!;&'5*1<661()*++&',*'!1*,*+%$)&,!?61;(06O(!$$',*>65*'G!`661!<6+?$((*'*'!()$1)*'!?*!%*)!&'+*&5&',*'G!!!

FY >;BIJ=AJ=:;=!9;::;=!<;E!<@@E?FM@GG;9JPQ;!DB:@=J?@EJ;?!;=!I;UD=;B?:BD;G;=!J=!M;E!?E@A?A;;9!E;=;J=A;!;;=!:BDE;B!GHI9J;Q!E;!I;B;JQ;=!

X*!,$$'!53(!&'L*))*'!6O!$++&$')&*(C!%&'&%$$+!)?**!&'!"R7E!*'!)?**!&'!"R7UG!H+(!**1()*!5*';*'!?*!$$'!5*!()$5(5**+>&>+&6)0**;!*'!_3'()O6()!F$1&$06*<*G!/*<*'(!L$+!*1!%**1!($%*',*?*1;)!?615*'!%*)!0*)!>*()$$'5*!*'!&'!6')?&;;*+&',!L&:'5*!'*)?*1;!<$'!0*)!.&$%$')!/0*$)*1G!V1!?615)!'3!$+!?*+!($%*',*?*1;)!%*)!0*)!?&:;>*1$$5!F$1&$06*<*!*'!6'5*1?&:(&'()*++&',*'!e.&$%$')!B6++*,*!*'!>$(&((4066+!.*!`331<+&'5*18G!F$$1!*1!L&:'!66;!'6,!61,$'&($)&*(!?$$1%**!($%*'?*1;&',!'6,!&'!5*!;&'5*1(406*'*'!()$$)!*'!<*15*1!6')?&;;*+5!;$'!?615*'!L6$+(!%*)!/0*!K1&)&(0!e]3'&618!24066+C!5*!6<*1&,*!>$(&((406+*'!&'!5*!?&:;!*'!0*)!()$5(5**+C!`YY\!X*+L&:'C!>331)03&(!.*!a$'5*'!*'!43+)31*+*!&'()*++&',*'G!Y%!5*L*!<*1>&'5&',*'!)*!,$$'!+*,,*'!,$$)!0*)!.&$%$')!/0*$)*1!&'!"R7E!()$1)*'!%*)!0*)!61,$'&(*1*'!<$'!**'!%$$'5*+&:;(!)*13,;*1*'5!B3+)31**+!B$9n!J$$,(*!J63)G!^'!6<*1+*,!%*)!)?**!t!51&*!O$1)'*1(!L$+!5*!5$,C!0*)!)&:5()&OC!<61%!*'!56*+!<$(),*()*+5!?615*'G!!!7=EUJQQ;9J=:;=!D<:;>J=:!,J@<@=E!(M;@E;B!^'!"R7P!()$$)C!&'!5*!5&1*4)*!6%,*<&',!<$'!0*)!.&$%$')!/0*$)*1C!'&*3?>63?!,*O+$'5!<$'!>$(&((4066+!.*!`331<+&'5*1G!V*'!K1*5*!K331)(4066+!%*)!5$$1&'!66;!,*<*()&,5!**'!B*')13%!<661!]*3,5!*'!A*L&'G!Y6;!5*!>&>+&6)0**;C!"!2$%*'!*'!`YY\!X*+L&:'!O$1)&4&O*1*'!$+(!O$1)'*1G!.*!5$,*+&:;(*!)6*+66O!<$'!635*1(!*'!?&:;>*?6'*1(!'$$1!5*L*!'&*3?*!$446%%65$)&*!L$+!L*;*1!**'!O6(&)&*<*!&'<+6*5!0*>>*'!6O!5*!>*;*'50*&5!*'!>*)16;;*'0*&5!<$'!5*!?&:;>*?6'*1(!6O!0*)!.&$%$')!/0*$)*1!*'!>&*5)!,16)*!;$'(*'!<661!($%*'?*1;&',G!!!!

S!

&9@==;=!>@=!);UD=;B?!K*?6'*1(!3&)!J$$,(*!J63)!%*)!;$'(1&:;*!O+$''*'!<661!43+)31*+*!$4)&<&)*&)*'!6'5*1()*3'*'!?*!>&:!0*)!3&)?*1;*'!<$'!**'!O16:*4)O+$'!*'!>&:!5*!L6*;)640)!'$$1!**'!'*)?*1;!*'!3&)<6*1&',(O+*;G!.$)!>&*5*'!?*!<$'3&)!5*!43+)331$';*193'4)&*!+$$,51*%O*+&,!$$'G!.*L*!$4)&<&)*&)*'!;3''*'!6<*1$+!&'!0*)!()$5(5**+!O+$$)(<&'5*'C!53(!'&*)!$++**'!&'!0*)!)0*$)*1G!X*!+*))*'!0&*1>&:!6O!;?$+&)*&)C!0$$+>$$10*&5!*'!51$$,<+$;G!!

AY O@FJ9JE;JE;=!IJ;A;=!@@=!DO!I;<JAA;9;=!>DDB!?FMD9;=!;=!FH9EHB;9;!J=?E;99J=:;=!>DDB!@FEJ>JE;JE;=!J=!M;E!Q@A;B!>@=!ZIJ==;=!?FMDD9?;Y!FH9EHHB;AHF@EJ;!

o&*!06695()3;![G!!!26! ""#)7,!CR*(RR5%,RC"(+%!`661!0*)!.&$%$')!/0*$)*1!&(!43+)331*534$)&*!**'!+6,&(40!,*<6+,!<$'!5*!$$'?*L&,0*&5!&'!**'!%&55*+>$1*!(4066+G!Y%!($%*'!%*)!5*!(4066+!**'!$$'>65!)*!41*m1*'!L&:'!&'!"R77!*'!"R7"!'$!*';*+*!O6,&',*'!,*()1$'5G!F*)!5*!6')?&;;*+&',!<$'!'&*3?!>*+*&5!%*)!>*)1*;;&',!)6)!5*!K1*5*!eK331)8!24066+!L&))*'!0*)!)0*$)*1!*'!0*)!.&$%$')!B6++*,*!?**1!16'5!5*!)$9*+G!Y%!$4)&<&)*&)*'!%*)!*'!<661!(406+*'!)*!61,$'&(*1*'!&(!**'!%*5*?*1;*1!43+)331*534$)&*!&'!5*!?&:;I()$5(5**+!*((*')&**+G!o6?*+!5*!(406+*'!$+(!0*)!.&$%$')!/0*$)*1!0*>>*'!6'5*1()*3'&',!*'!>*,*+*&5&',!'65&,!>&:!0*)!<$()()*++*'C!61,$'&(*1*'!*'!$9()*%%*'!<$'!03'!43+)331>*+*&5!*'!TO16,1$%%$G!.*!6')?&;;*+&',*'!<$'!0*)!'&*3?!6O!)*!1&40)*'!2)*5*+&:;!VdO*1)&(*4*')13%!B3+)331*534$)&*!*'!5*!$$'()*++&',!<$'!46%>&'$)&*93'4)&6'$1&((*'!B3+)331!*'!24066+!?615*'!(40*1O!&'!5*!,$)*'!,*0635*'G!^5*$+&)*1!;6%)!**'!46%>&'$)&*93'4)&6'$1&(!9j(&*;!>&:!0*)!)0*$)*1!)*!?*1;*'G!K*,&'!"R7E!L$+!46')$4)!6O,*'6%*'!?615*'!%*)!0*)!&'!6O1&40)&',!L&:'5*!VdO*1)&(*4*')13%!*'!;$'!*1!06O*+&:;!(O6*5&,!**'!46')631!,*(40*)()!?615*'!<661!($%*'?*1;&',!*'!43+)331*534$)&*!$$'>65G!!V';*+*!<661>**+5*'!<$'!03&5&,*!*'!<661,*'6%*'!$4)&<&)*&)*'!6O!0*)!,*>&*5!<$'!43+)331*534$)&*!)6)!'3!)6*-!

! F*)!>$(&((4066+!.*!`331<+&'5*1!L&:'!$+!$9(O1$;*'!,*%$$;)!6<*1!,*>13&;!<$'!5*!L$$+!)&:5*'(!>&:<661>**+5!5*!(4066+%3(&4$+!*'!O1*(*')$)&*(G!

! ^'!"R77!0**9)!0*)!)0*$)*1!**'!>*(+6)*'!<661()*++&',!%*)!:6',*!,*)$+*')**15*!()$'5=3O!46%*5&$'(!<661!5*!+**1+&',*'!<$'!0*)!.&$%$')!B6++*,*!,*61,$'&(**15G!.&)!?$(!**'!(344*(G!F6%*')**+!?615)!,*?*1;)!$$'!**'!<*1<6+,!0&*16O!%*)!**'!O$((*'5!*534$)&*)1$:*4)!&'!6<*1+*,!%*)!5*!(4066+!*'!5*!B_`=564*')*'G!.&)!?615)!&'!"R7E!<*15*1!<61%!,*,*<*'G!!

! J*)!.&$%$')!B6++*,*C!,*>13&;)!6O!5&)!%6%*')!$+!1*,*+%$)&,!5*!)0*$)*113&%)*!*'!T$OO$1$)331G!!! /0*!K1&)&(0!e]3'&618!24066+!)*,*'6<*1!0*)!)0*$)*1!&(!**'!O$1)'*1!&'!(OnG!\3&%!DR!+**1+&',*'!<$'!5*!

K1&)&(0!24066+!?$1*'!$$'?*L&,!>&:!.*!K*)6<*1&',!*'!5*!(4066++*&5&',!?$(!L**1!*')063(&$()G!o&:!?&++*'!,1$$,!%**1!,*>13&;!%$;*'!<$'!6'(!$$'>65G!

! .*!]GZG!_*''*5j(4066+!0**9)!&'!0*)!;$5*1!<$'!5*!0*1O6(&)&6'*1&',!eL&*!SGE8!$$',*,*<*'!$4)&*9!%**!)*!,$$'!5*';*'!%*)!0*)!.&$%$')!/0*$)*1G!!

!26/! );B;JQ!?FMD9;=!^'!()$5(5**+!J$$,(*!J63)!L&:'!7U!>$(&((406+*'C!"!(406+*'!<661!(O*4&$$+!6'5*1?&:(C!77!<661),*L*)!6'5*1?&:(!&'()*++&',*'!*'!E!%>6@(G!^'!F$1&$06*<*!*'!K*L3&5*'063)!L&:'!5$)!*1!1*(O*4)&*<*+&:;!D!>$(&((406+*'!*'!D!<661),*L*)!6'5*1?&:(I%>6@(G!^'!"R7E!,$$'!?*!%*)!%&'&%$$+!)?**!>$(&((406+*'!*'!nn'!(4066+!<661!<661),*L*)!6'5*1?&:(!**'!1*+$)&*!$$'G!^'!"R7U!>1*&5*'!?*!5&)!3&)!%*)!'6,!**'(!)?**!>$(&((406+*'!*'!nn'!(4066+!<661!<661),*L*)!6'5*1?&:(G!V&'5!"R7U!0*>>*'!?*!5$'!PRf!<$'!5*!>$(&((406+*'!&'!F$1&$06*<*!*'!K*L3&5*'063)!>*1*&;)!*'!)?**!`Y!(406+*'G!!!![6! ,7%*$57%&!\!3"5X%(+#$!.*!($%*'()*++&',!<$'!?&:;*'!?$$1!?&:!6'(!6O!9643((*'!;*'%*1;)!L&40!53(!eL&*!E8!5661!5*!,16)*!$$'?*L&,0*&5!<$'!PP=O+3((*1(!*'!+$,*!&';6%*'(G!.*L*!,16*O*'!,$$'!'$$1!<*1?$40)&',!%&'5*1!('*+!'$$1!0*)!4*')13%!)6*!6%!5$$1!'$$1!43+)331&'()*++&',*'!)*!,$$'G!H+(!B3+)331$';*1!>1*',*'!?&:!43+)331!'$$1!5*!?&:;!)6*p!X&:!1&40)*'!6'(!<661$+!6O!5*L*!56*+,16*OG!!.$$1'$$()!;&*L*'!?*!<661!5*!56*+,16*O!;&'5*1*'G!F*)!**'!$$'>65!<661!43+)331*534$)&*!*'!($%*'?*1;&',!%*)!5*!(406+*'!,$$'!?*!5*L*!56*+,16*O!>*1*&;*'G!^'!0*)!;&*+L6,!5$$1<$'!>*1*&;*'!?&:!5$'!66;!5*!635*1(!<$'!5*L*!+**1+&',*'G!]6',*1*'!>*1*&;*'!?*!&'!**1()*!&'()$')&*!<&$!5*!(406+*'G!^'!6<*1+*,!%*)!0*)!:6',*1*'?*1;!<$'!`YY\!X*+L&:'!,$$'!?*!6'5*1L6*;*'!?$)!5*!>*06*9)*!&(!6'5*1!:6',*1*'!&'!5*!?&:;*'G!!

D!

.*!<6+,*'5*!56*+,16*O*'!L&:'!)*!6'5*1(40*&5*'-!- a6;$+*!e$++**'()$$'5*8!PPu@*1(-!?*&'&,!%6>&*+C!,*l')*1*((**15!&'!4$>$1*)C!;+*&';3'()!*'!e;+$((&*;*8!

%3L&*;<661()*++&',*'G!- a6;$+*!$++640)6'*!635*1(-!(6%(!e,16)*8!$40)*1()$'5*'!&'!5*!#*5*1+$'5(*!)$$+C!<661$+!,*l')*1*((**15!&'!

<661()*++&',*'!<661I%*)!03'!;&'5*1*'C!?*1*+5%3L&*;C!=4&'*%$C!0*>>*'!(4066+,$$'5*!;&'5*1*'!&'!5*!'$>&:*!6%,*<&',!<$'!0*)!)0*$)*1G!

- a6;$+*!$3)640)6'*!635*1(-!%*)!'$%*!,*l')*1*((**15!&'!;&'5*1<661()*++&',*'G!- K$(&((4066++**1+&',*'-!;61)*!46'4*')1$)&*(O$''*C!,*l')*1*((**15!&'!46%>&'$)&*!<$'!;&:;I56*!

<661()*++&',*'I?61;(06O(C!;6%*'!&'!,16*O(<*1>$'5!<$'3&)!(4066+G!- F&55*+>$1*!(4066++**1+&',*'-!&')*1*((*!&'!4$>$1*)C!O6O3+$&1*!%3L&*;!*'!5$'(G!Y'>*;*'5!%*)!)0*$)*1C!

?&((*+*'5*!%6)&<$)&*C!;6%*'!&'!,16*O(<*1>$'5!<$'3&)!(4066+G!!![6/! 3@BQ;EJ=:!;=!GHI9JFJE;JE!^'!0*)!<6+,*'5*!(40*%$!&(!)*!L&*'!06*!?*+;*!56*+,16*O!?615)!>*1*&;)!*'!%*)!?*+;*!O$1)'*1(!5$)!?615)!>*?*1;()*++&,5G!!,D;9:BD;G! 3JAA;9;=! &@BE=;B?!eH++**'()$$'5*8!PPu@*1(! F6'5=)6)=%6'5C!9+j*1(C!?*>(&)*C!91**!O3>+&4&)jC!

5&,&)$+*!%331;1$')!K331)03&L*'C!>*:$$15*')*03&L*'C!?&:;;1$')*'!

H++640)6'*!635*1(! X*>(&)*C!%6'5=)6)=%6'5!e<&$!;&'5*1*'C!(4066+!*'!>331)03&(8C!5&,&)$+*!%331;1$')C!'&*3?(>1&*<*'!(406+*'!

K$(&((406+*'C!>331)03&L*'C!6O>63?=!*'!?*+L&:'(?*1;!

H3)640)6'*!635*1(! X*>(&)*C!%6'5=)6)=%6'5!e<&$!;&'5*1*'C!(4066+!*'!>331)03&(8C!43+)331$,*'5$C!9+j*1(C!91**!O3>+&4&)jC!'&*3?(>1&*<*'!(406+*'C!264&$+!F*5&$!

K$(&((406+*'C!?&:;;1$')*'!

K$(&((4066++**1+&',*'! .64*')*'C!O1*(*')$)&*(!<$'!O16534)&*(! K$(&((406+*'!F&55*+>$1*!(4066++**1+&',*'! X*>(&)*C!564*')*'C!L*+9!O16534)&*(!+$)*'!%$;*'!

*'!264&$+!F*5&$!F&55*+>$1*!(406+*'!

!#$$()!5*!?*>(&)*!<$'!0*)!)0*$)*1!>1*',*'!?*!**'!)?**%$$'5*+&:;(*!O16,1$%%$9+j*1!3&)C!?*+;*!6O!4&14$!"R!$51*((*'!&'!5*!?&:;!<*1(O1*&5!?615)G!.&)!,$$'!?*!3&)>1*&5*'!'$$1!K*L3&5*'063)!*'!K*'6615*'063)G!/*<*'(!<*1(O1*&5)!&*5*1*!<1&:?&++&,*1!5*!9+j*1(!&'!L&:'!69!0$$1!()1$$)I?66'46%O+*dG!.$$1'$$()!O3>+&4*1*'!?*!0*)!O16,1$%%$!6O!%**15*1*!.&,&)$+*!F331;1$')*'!&'!0*)!()$5(5**+C!0*>>*'!?*!**'!O$,&'$!&'!0*)!?&:;>+$5!<$'!F$1&$06*<*!*'!1*,*+%$)&,!$$'5$40)!&'!0*)!F$1&$06*<*!F$,$L&'*!e)?**?*;*+&:;(8G!2&'5(!;61)!O3>+&4**1)!0*)!?&:;>*1$$5!K*L3&5*'063)!6'L*!$,*'5$!6O!03'!?*>(&)*C!&(!*1!**'!%*5&$46')1$4)!%*)!5*!?*>(&)*!<$'!.*'!J$$,!.&1*4)!*'!&(!*1!**'!/?&))*1!$4463')G!H$'!264&$+!F*5&$!?615)!%**1!*'!%**1!$$'5$40)!>*()**5G!.$$1'$$()!<*1()31*'!?&:!16'56%!&*5*1*!<661()*++&',!**'!O*1(>*1&40)!'$$1!5*!J$$,(*!%*5&$G!.*!M6()0661'C!H.!.*'!J$$,!*'!.*'!J$$,!B*')1$$+!0*>>*'!5*!$9,*+6O*'!)?**!:$$1!nn'!69!%**15*1*!;*1*'!$$'5$40)!>*()**5!$$'!0*)!)0*$)*1G!!![6-!! );SD;Q;B?@@=E@99;=!;=!GHI9J;Q?I;9;JA!.*!>*L6*;*1($$')$++*'!<$1&m1*'!()*1;!O*1!O16,1$%%$G!K&:!0*)!*'*!O16,1$%%$!L&:'!*1!"R!>*L6*;*1(C!$'5*1*!O16,1$%%$@(!L&:'!3&)<*1;640)C!L6$+(!5*!;&'5*19*()&<$+(C!;6616O)1*5*'(!*'!6'+$',(!2:$$;!K1$+G!.*!L$$+4$O$4&)*&)!<$'!0*)!)0*$)*1!()$$)!6O!%$d&%$$+!7PR!>*L6*;*1(C!%$$1!<661!,6*5*!L&40)+&:'*'!&(!7ER!>*)*1G!.*!,*%&55*+5*!>*L*))&',!&'!"R7RI"R77!?$(!DR!>*L6*;*1(!O*1!$<6'5G!.&)!;6%)!'**1!6O!**'!,*%&55*+5*!>*L*))&',!<$'!PEf!<$'!5*!L$$+4$O$4&)*&)G!.*!4&:9*1(!<$'!"R7"!L&:'!6O!5&)!%6%*')!'6,!'&*)!,*1**5G!!!.*!O16,1$%%*1&',!*'!0*)!O1&:(>*+*&5!<$'!0*)!)0*$)*1!L&:'!<6++*5&,!$9,*()*%5!6O!5*!&'?6'*1(!<$'!5*!?&:;!*'!5*!$446%%65$)&*!?$$1&'!0*)!)0*$)*1!L&40!>*<&'5)G!J*)!.&$%$')!/0*$)*1!0$')**15*!0*)!**1()*!:$$1!1*+$)&*9!+$,*!)6*,$',(O1&:L*'!<661!5*!<661()*++&',*'!%*)!**'!%$d&%3%!<$'!c!7"C=!O*1!O*1(66'G!A*%&55*+5!&(!5*!;$$1)O1&:(!c!DC=G!26%%&,*!O16,1$%%$@(!L&:'!,1$)&(G!Y'5*1!%**1!5*!6O*'!5$,!*'!<661()*++&',*'!5&*!?&:!6%!'&*)!$$',*>65*'!;1&:,*'!L6$+(!0*)!B6++*,&3%!F3(&43%!e:3'&!"R778G!K&:!>*)$$+5*!O16,1$%%$@(!;1&:,*'!>*L6*;*1(!**'!46'(3%O)&*!$$',*>65*'G!Y35*1*'!e[Pu8!*'!Y6&*<$$1(O$(0635*1(!;1&:,*'!;61)&',G!J*)!.&$%$')!/0*$)*1!(O**+)!%*)!**'!>*?3()!O1&:(>*+*&5!&'!6O!5*!,16)*!&';6%*'(<*1(40&++*'!5&*!*1!L&:'!&'!5*!?&:;G!!!!!!

Q!

]6!! 75$"#+'"(+%!,+"3"#(!(4%"(%5!!J*)!.&$%$')!/0*$)*1!?*1;)!%*)!**'!>*(40*&5*'!>*,16)&',!e4$G!c77SGRRRC=!8!O*1!:$$1!eL&*!06695()3;!778G!.*!3&)5$,&',!&(!6%!%*)!**'!;+*&'!*'!*99&4&m')!)*$%!$++*!?*1;L$$%0*5*'!5&*!>&:!0*)!*dO+6&)*1*'!<$'!0*)!?&:;)0*$)*1!;6%*'!;&:;*'C!)*!61,$'&(*1*'G!^'!)6)$$+!L&:'!*1!51&*!>*)$$+5*!93'4)&*(!e%$d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eRCU!9)*8G!.*!$1)&()&*;*!+*&5&',!?615)!6'5*1()*3'5!5661!**'!)0*$)*1O16,1$%%*31G!.*!O16,1$%%*31C!%*)!0$$1!*'61%*!*1<$1&',!*'!?$$15*<6++*!'*)?*1;C!<*1<3+)!<661!0*)!($%*'()*++*'!<$'!0*)!)0*$)*1O16,1$%%$!**'!()*1;!$5<&(*1*'5*!16+G!`661!5*!3&)<6*1&',!&(!**'!O16534)&*=I)*40'&*;%*5*?*1;*1!6O!91**+$'4*!>$(&(!$$',*()*+5G!`$'$9!%&55*'!"R7E!L$+!5*!93'4)&*!<$'!)0*$)*1%$'$,*1!**'!$'5*1*!?615*'G!V1!L$+!5$'!%**1!&',*L*)!?615*'!6O!0*)!<*1,16)*'!<$'!<*1$')?6615*+&:;0*5*'!<$'!5*!<1&:?&++&,*1(!*'!O$1)&4&O$)&*!<$'!>*?6'*1(G!.&)!<1$$,)!**'!$'5*1!)jO*!%$'$,*1I46v15&'$)61!<661!5*!61,$'&($)&*G!!]6-!! RJEA@:J=:;=!!A*L&*'!5*!9&'$'4&m+*!(&)3$)&*!<$'!0*)!)0*$)*1!&(!0*)!0$'50$<*'!<$'!5*!)0*$)*1%$'$,*1!<661!RCU!9)*!&'!5*!)6*;6%()!'&*)!0$$+>$$1G!J*)!)0*$)*1!%6*)!53(!**'!$'5*1*!61,$'&($)&*<61%!;1&:,*'G!V1!+&,)!**'!O+$'!<661!0*)!0*1O6(&)&6'*1*'!<$'!0*)!)0*$)*1!;+$$1G!V1!,$$)!6'5*1!%**1!()*<&,!&',*L*)!?615*'!6O!0*)!<*1,16)*'!<$'!O$1)&4&O$)&*!*'!0*)!>*)1*;;*'!<$'!%**1!<1&:?&++&,*1(!>&:!0*)!)0*$)*1I43+)331$';*1G!V'!?615*'!*1!<*1(40&++*'5*!46%%&((&*(!&'!0*)!+*<*'!,*16*O*'!<661!5*!O16,1$%%*1&',C!O3>+&4&)*&)!*'!O16534)&*G!Y<*1!5*!46v15&'$)&*!<$'!5*!<1&:?&++&,*1(!*'!0*)!5*+*,*1*'!<$'!<*1$')?6615*+&:;0*5*'!L$+!0*)!>*()331!>*,&'!"R7E!**'!<&(&*!6')?&;;*+*'G!.*!?*1<&',(4$%O$,'*!<661!'&*3?*!<1&:?&++&,*1(!()$1)!&'!:$'3$1&I9*>13$1&!"R7EG!!!]60!!! );?EHHB!;=!CDA;!CH9EHB@9!$D>;B=@=F;!J*)!>*()331!0**9)!<&:9!+*5*'!?$$1<$'!51&*!)*<*'(!>*()331(+&5!L&:'!<$'!0*)!?&:;>*1$$5!F$1&$06*<*G!J*)!&(!L$$;!0*)!>*()331!6O!;61)*!)*1%&:'!>1*5*1!($%*'!)*!()*++*'!5$'!'3!0*)!,*<$+!&(G!.*L*!&')*')&*!&(!66;!3&),*(O16;*'G!\*4*')!L&:'!**'!6'5*1'*%*1!*'!(4066+5&1*4)*31!)6)!0*)!>*()331!)6*,*)1*5*'G!V1!?615)!'3!'6,!,*L640)!'$$1!)?**!69!51&*!'&*3?*!>*()331(+*5*'!%*)!**'!$40)*1,16'5!&'!43+)331!*'!0*)!()$5(5**+G!J*)!&(!?*'(*+&:;!5$)!0*)!>*()331!L&40!<*15&*O)!&'!5*!465*!B3+)31$+!A6<*1'$'4*PG!J*)!>*()331!<$'!0*)!.&$%$')!/0*$)*1!<*1,$5*1)!4&14$!$40)!;**1!O*1!:$$1G!/&:5*'(!5*L*!<*1,$5*1&',*'!+*,)!5*!)0*$)*1%$'$,*1!<*1$')?6615&',!$9!$$'!0*)!>*()331G!!!!_6! '"3%#`%5X+#$'&"5(#%5'!,+"3"#(!0!J*)!.&$%$')!/0*$)*1!&(!,*<*()&,5!&'!0*)!,*>63?!<$'!0*)!.&$%$')!B6++*,*!e<%>6!(4066+8!$$'!5*!.&$%$')061()!7DE!&'!.*'!J$$,G!#$$()!5*!?FMDD9!*'!0*)!EM;@E;B!&(!*1!66;!**'!UJPQB;?E@HB@=E!e\*()6!`$'J$1)*8!&'!0*)!O$'5!,*<*()&,5G!J*)!?&:;1*()$31$')C!0*)!)0*$)*1!*'!5*!(4066+!L&:'!+$$,51*%O*+&,!*'!()&%3+*1*'C!'$$()!03'!*&,*'!$4)&<&)*&)*'C!,*L$%*'+&:;!6')%6*)&',*'!6'5*1!5*!'6*%*1!,J@<@=E!0G!.*!%3+)&93'4)&6'*+*!$446%%65$)&*!&'!5*!(4066+!>&*5)!)$+!<$'!%6,*+&:;0*5*'!6%!3&)**'+6O*'5*!O16,1$%%$@(!<661!5*!<*1(40&++*'5*!56*+,16*O*'!)*!9$4&+&)*1*'C!)*!6')?&;;*+*'!*'!69!)*!1*$+&(*1*'G!YO!5&)!,*>&*5!,*>*31)!$+!<**+!&'!0*)!O$'5G!`$'$9!"R7E!?615)!&*5*1*!>*()$$'5*!*'!'&*3?*!e43+)31*+*8!$4)&<&)*&)*'!&'!0*)!.&$%$')!E!6<*1+*,!>*(O16;*'!6%!)*!;&:;*'!?$)!5*!(j'*1,&*!&(!<661!0*)!)0*$)*1=!*'!5*!43+)331$';*193'4)&*!*'!?$$1!61,$'&($)&*(!69!$4)&<&)*&)*'!&'!6'5*1()*3'5!;3''*'!?615*'G!J*)!.&$%$')!E!46'4*O)!&(!66;!<661!5*!+**1+&',*'!<$'!5*!(4066+!**'!%66&*!;$'(!6%!5661!%&55*+!<$'!O$1)&4&O$)&*!>&:!0*)!1*()$31$')!69!0*)!)0*$)*1!O1$;)&:;*1<$1&',!6O!)*!56*'G!J*)!46'4*O)!.&$%$')!E!&(!3'&*;!&'!.*'!J$$,G!!!

P!???G43+)331=6'5*1'*%*'G'+I43+)31*+*=61,$'&($)&*(I43+)31$+=,6<*1'$'4*!

7R!

_6/!! 8;BIDHUJ=:!G@=A!YO!5&)!%6%*')!<$'!(401&:<*'!?615*'!5*!O+$''*'!<661!5*!<*1>63?&',!<$'!5*!0$+!<$'!5*!(4066+!e*'!)*<*'(!+6>>j!<$'!0*)!)0*$)*18!6')?&;;*+5!&'4+3(&*9!$$'O$((&',*'!$$'!0*)!O65&3%C!5*!;+**5;$%*1(!*'!5*!L$$+G!.*L*!<*1>63?&',!&(!%6,*+&:;!5661!**'!V316O*(*!(3>(&5&*!&'!0*)!;$5*1!<$'!_$'(*'!<661!X*()G!.*!<*1>63?&',!?615)!,*+*&5!5661!5*!(4066+!*'!?615)!3&)*1+&:;!&'!5*!L6%*1!<$'!"R7E!$9,*16'5G!!!!/.6! 8%5$57(%#!&"5(+C+&"(+%!a!CR*(RR5&*"(K753!^'!()$5(5**+!J$$,(*!J63)!&(!**'!(4$+$!$$'!%$$)(40$OO*+&:;*!61,$'&($)&*(C!e?&:;8<*1*'&,&',*'C!()&40)&',*'C!>331)03&L*'C!(406+*'C!e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n!*'!*dO*1&%*')*1*'!>&''*'!0*)!O16,1$%%$!B3+)331!6O!H$'<1$$,-!**'!O16,1$%%*1&',!?*+;*!)6)!()$'5!;6%)!&'!($%*'(O1$$;!%*)!5**+'*%*1(!<$'!0*)!B3+)331O+$)961%G!`661!0*)!6OL*))*'!<$'!0*)!B3+)331O+$)961%!?615)!5661!5*!)0*$)*1%$'$,*1!**'!**1()*!$$'L*)!,*,*<*'!%*)!0*)!6O()$1)*'!<$'!0*)!B3+)31**+!B$9n!&'!:$'3$1&!"R7EG!!!!//6!! b""5&*"#!-./0!!!//6/!! *D=Q;=A!G;B?G;FEJ;OV!U@@B!?E@@=!U;!DG!0/!A;F;<I;B!-./0c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n!?615)!,*%&55*+5!5661!<&:9)&*'!O$1)'*1(!3&)!5*!?&:;!>*L640)G!Y6;!?615)!&'961%$)&*!<$'!46++*,$=&'()*++&',*'!6O!6'L*!.&,&)$+*!F331;1$')!,*5**+5G!J*)!$$')$+!<6+,*1(!6O!/?&))*1!&(!<$'!ER!'$$1!%&'&%$$+!7DR!,*,16*&5G!YO!0*)!,*>&*5!<$'!43+)331*534$)&*!&(!**'!O+$'!<$'!$$'O$;!6')?&;;*+5!*'!,*l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e6'8%6,*+&:;0*5*'!<$'!0*)!)0*$)*1!&(!0*)!6'L*!$%>&)&*!6%!%&'&%$$+!**'!;**1!O*1!?**;!**'!)0*$)*1!69!43+)331$';*1$4)&<&)*&)!)*!O16,1$%%*1*'G!.&)!&(!*((*')&**+!6%!5*!+66O!'$$1!0*)!)0*$)*1!)*!>*0635*'!*'!'$$%(>*;*'50*&5!)*!<*1,16)*'G!F$$1!5&)!,$$)!&'!($%*'?*1;&',!%*)!5*!(4066+C!\*()6!`$'J$1)*!*'!$'5*1*!,*>13&;*1(!<$'!0*)!O$'5!L*;*1!+3;;*'G!!!B6'41**)!L&:'!5&)!PR!t![R!<661()*++&',*'!69!$4)&<&)*&)*'!O*1!:$$1G!A*L&*'!5*!O+$''*'!*'!$%>&)&*(!<*1?6615!&'!<661,$$'5*!06695()3;;*'!L&*)!5*!<*1)$+&',!<$'!5*!O+$''*'!*1!<661!"R7E!$+(!<6+,)!3&)-!!!

-./0! @@=E@9! d!7G!\*,3+&*1*!)0*$)*1O16,1$%%*1&',!e(*%&8O169*((&6'**+!e&'4+G!9*()&<$+(8! 7U! "Df!"G!X&:;)0*$)*1I$%$)*31O65&3%;3'()*'IO$1)&4&O$)&*O16:*4)*'! D! 7[f!EG!B3+)331*534$)&*!$$'>65!MY!N!`Y!e*d4+G!?61;(06O(8! D! 7[f!UG!B3+)331$';*1C!B3+)31**+!B$9nC!($%*'?*1;&',!\*()6C!(4066+!*G$GC!B3+)331!6O!H$'<1$$,! "R! URf!(DE@@9!@@=E@9!>DDB?E;99J=:;=a@FEJ>JE;JE;=! W.! /..d!!//60! CD=FB;E;!GBD:B@<<@^JA;;L=!-./0!J*)!L$+!'6,!**'!;+3(!?615*'!6%!6O!;61)*!)*1%&:'!**'!O16,1$%%$!<661!0*)!7*!;?$1)$$+!"R7E!)*!1*$+&(*1*'G!YO!0*)!O16,1$%%$!()$$'!)6)!'3!)6*-!

77!

• ]$'3$1&!"R7E-!J$$,(!Y'5*1?&:(!Z&+%!Z*()&<$+C!%&'&%$$+!7!9&+%=!*'!7!)0*$)*1<661()*++&',!*'!5*!()$1)!<$'!0*)!B3+)31**+!B$9nG!!

• Z*>13$1&!"R7E-!9$4&+&)*1*'!<$'!0*)!?&:;*<*'*%*')!wK$+!F$(g3nxC!%&'&%$$+!7!9&+%=!*'!"!)0*$)*1<661()*++&',*'!*'!0*)!B3+)31**+!B$9nG!!

• F$$1)!"R7E-!%&'&%$$+!7!9&+%=!*'!7!)0*$)*1<661()*++&',C!**'!**1()*!B3+)331!6O!H$'<1$$,!O16,1$%%$!*'!0*)!B3+)31**+!B$9n!*'!7!<661()*++&',!<661!+**1+&',*'!<$'!0*)!.&$%$')!B6++*,*G!!

• HO1&+!T!:3'&!"R7E-!%$$'5*+&:;(!%&'&%$$+!7!9&+%O16,1$%%$!*'!,*%&55*+5!7!)0*$)*1<661()*++&',!O*1!%$$'5G!^'!$O1&+!+3;)!0*)!06O*+&:;!6%!0*)!"!/31<*'!J66,!9*()&<$+!)*!O16,1$%%*1*'G!^'!%*&!()$$)!*1!**'!<661()*++&',!<661!+**1+&',*'!<$'!0*)!.&$%$')!B6++*,*!*'!<$'$9!:3'&!,$$'!5*!(4066+%3(&4$+(!66;!(O*+*'!&'!0*)!)0*$)*1G!!

!!/-6! )%$57(+#$!-./0!\!-./T!!

!J*)!)0*$)*1!&(!'&*)!K/X!O+&40)&,G!.*!>*,16)&',!&(!&'4+3(&*9!K/XG!!

7"!

/-6/!! (D;9JFMEJ=:!DG!A;!I;:BDEJ=:!!7GIB;=:?E;=N!?HI?JAJ;?!;=!?GD=?DBIJPAB@:;=!!J*)!.&$%$')!/0*$)*1!<*1?$40)!<$'$9!"R7E!%&'&%$$+!"GPRR!>*L6*;*1(!O*1!:$$1!)*!>*1*&;*'G!.&)!&(!<$'!;&'5*1<661()*++&',!)6)!;+$((&*;*!%3L&*;!*'!<$'!?&:;)0*$)*1!)6)!4$>$1*)G!.*L*!$$')$++*'!L&:'!*d4+3(&*9!5*!5**+'*%*1(!$$'!5*!43+)331*534$)&*!O16:*4)*'G!.*!6O>1*',()*'!3&)!5*!1*4*))*(!L&:'!L3&'&,!>*,166)G!^'!"R7"!&(!>&:'$!c!7RGRRR!$$'!1*4*))*(!>&:!5*!)0*$)*1<661()*++&',*'!>&''*'!,*0$$+5G!A*L&*'!0*)!$$')$+!'&*3?*!$4)&<&)*&)*'!?$)!6')?&;;*+5!,$$)!?615*'!e<*1%&'5*1&',!<$'!)0*$)*1$4)&<&)*&)*'!%$$1!<*1,16)&',!<$'!43+)331$';*1$4)&<&)*&)*'8!&(!**'!<661L&40)&,*!&'(40$))&',!<$'!5*!6O>1*',()!0&*1!)*!<*15*5&,*'G!!!.*!(O6'(616O>1*',()*'!L&:'!961(G!.*!51&*!J$$,(*!?6'&',46vO*1$)&*(!eJ$$,!X6'*'C!2)$*5&6'!*'!`*()&$8!,*<*'!,*531*'5*!)&*'!:$$1!e,*()$1)!&'!"RRQ8!,*L$%*'+&:;!c!ERGRRRC=!$$'!0*)!.&$%$')!/0*$)*1G!YO!5&)!>*51$,!;3''*'!?*!'6,!L*(!:$$1!1*;*'*'G!!!`661!"R7E!*'!"R7U!&(!*1!<$'3&)!5*!V316O**(!Z6'5(!<661!\*,&6'$+*!Y')?&;;*+&',!eVZ\Y8!&'!)6)$$+!c!PDGRRRC=!>*(40&;>$$1!<661!O16,1$%%$6')?&;;*+&',!<$'!0*)!.&$%$')!/0*$)*1G!.&)!>*51$,!?615)!&',*L*)!<661!5*!&'0331!<$'!**'!%$'$,*1I46v15&'$)61!e<661!%&'&%$$+!7[!331!O*1!?**;8!)*'!>*06*<*!<$'!5*!O16,1$%%*1&',!<$'!0*)!)0*$)*1!*'!43+)331$';*1!*'!6%!5*!0*1O6(&)&6'*1&',!<661!)*!>*1*&5*'G!V&'5!"R7U!%6*)!5*L*!0*1O6(&)&6'*1&',!$9,*16'5!L&:'!*'!;$'!0*)!)0*$)*1!%*)!%**1!&'L*)!<$'!<1&:?&++&,*1(!*'!%&'5*1!%$'$,*%*')31*'!<661)>*()$$'eL&*!D8G!`661!46'41*)*!O16,1$%%$=!69!O$1)&4&O$)&*O16:*4)*'!;$'!)*<*'(!**'!>*16*O!,*5$$'!?615*'!6O!<*1%6,*'(96'5(*'G!!!J*)!.&$%$')!/0*$)*1!6')<$',)!6O!5&)!%6%*')!,**'!()134)31*+*!(3>(&5&*G!`661!5*!*dO+6&)$)&*!<$'!0*)!)0*$)*1!56*'!?*!**'!>*16*O!6O!5*!%**1:$1&,*!(3>(&5&*!B3+)331$';*1(!<$'!5*!,*%**')*!.*'!J$$,!%*)!**'!>*51$,!<$'!c!UPGRRRC=!O*1!:$$1!,*531*'5*!5*!+66O)&:5!<$'!0*)!_3'()*'O+$'G!!!);M;;B?9@?E;=!ZMHJ?>;?EJ=:!;=!D>;BJ:Y!!J*)!.&$%$')!/0*$)*1!0**9)!+$,*!6<*10*$5;6()*'G!.&)!&(!**'!<6615**+!<$'!5*!46'()134)&*r!0*)!)0*$)*1!&(!,*03&(<*()!&'!0*)!.&$%$')!B6++*,*G!`661!03&(<*()&',C!>*0**1C!6'5*10635C!,*>13&;!)*40'&*;!*'!;$')661;6()*'!>*)$+*'!?*!<$'$9!"R7E!%$d&%$$+!**'!>*51$,!<$'!c!QGRRRC=G!Y%5$)!0*)!)0*$)*1!&'!5&)!()$5&3%!,**'!O*1(6'**+!&'!5&*'()!0**9)!&(!*1!,**'!$95*+&',!O*1(6'**+(L$;*'!'65&,G!.*!9&'$'4&m+*!$5%&'&()1$)&*!*'!(*41*)$1&m+*!6'5*1()*3'&',!&(!3&)>*()**5!$$'!5*!2)&40)&',!a34$(!Y'5*1?&:(C!;6()*'!c![GRRRC=!O*1!:$$1G!!!"FEJ>JE;JE;=9@?E;=!ZGBD:B@<<;BJ=:!;=!GHI9JFJE;JEY!.&)!&(!5*!,166)()*!;6()*'O6()G!J&*16'5*1!<$++*'!'$$()!5*!O16,1$%%$;6()*'!<661!0*)!)0*$)*1C!0*)!B3+)331$';*1!*'!B3+)331*534$)&*C!5*!LLO@*1(!e%$'$,*%*')!*'!O16534)&*%*5*?*1;*18C!O3>+&4&)*&)C!<1&:?&++&,*1(;6()*'C!O16,1$%%*1&',(;6()*'C!L$$+0331C!$9(401&:<&',!*)4G!Y%5$)!?*!'&*)!%*)!O*1(6'**+!&'!5&*'()!?*1;*'!L&:'!*1!,**'!+66';6()*'C!(64&$+*!+$()*'!'**%)!'&*)!?*,!5$)!!!!!! !

7E!

)+b*"$%N!&57$5"33"78%5e+C4(!-./-!\!-.//!!

!!!!!!!!!!!!!!!!

7U!

!