126
Deterrence and Proportionality in Israeli Military Doctrine: The Second Lebanon War Master’s Thesis Presented to The Faculty of the Graduate School of Arts and Sciences Brandeis University Department of Near Eastern and Judaic Studies Kanan Makiya, Advisor In Partial Fulfillment of the Requirements for Master’s Degree by Miriam GanemRosen February 2011

Title Page Thesis - Brandeis University

  • Upload
    others

  • View
    1

  • Download
    0

Embed Size (px)

Citation preview

   

Deterrence  and  Proportionality  in  Israeli  Military  Doctrine:  The  Second  Lebanon  War  

   

Master’s  Thesis      

Presented  to      

The  Faculty  of  the  Graduate  School  of  Arts  and  Sciences  Brandeis  University    

 Department  of  Near  Eastern  and  Judaic  Studies  

 Kanan  Makiya,  Advisor        

In  Partial  Fulfillment    of  the  Requirements  for  

   

Master’s  Degree      

by  Miriam  Ganem-­‐Rosen          

February  2011  

                                    

Copyright by 

Miriam Ganem‐Rosen  

  

© 2011

  iii

ACKNOWLEDGEMENTS   

 The author would like to express her deep gratitude to Samy Cohen at the CERI in Paris, who gave her the opportunity to research such a fascinating topic and planting the seeds for this thesis over two years ago. She would also like to thank Professor Kanan Makiya, who gave his time and advice in the preparation of this hesis. Finally, she would like to thank her family and friends for their unwavering upport in her academic pursuits. ts                                 

  

  iv

ABSTRACT   

roportionality in Israeli MDeterrence and P ilitary Doctrine:  The Second Lebanon War 

  

A thesis presented to the Department of Near Eastern and Judaic Studies  

  

Gradu ences  

ate School of Arts and SciBrandeis University  

Waltham, Massachusetts 

 By Miriam G nem‐Rosen  a  

 This  paper  asks whether  Israel’s  strategy  of  deterrence  through  disproportionate 

retaliation is effective in its asymmetrical conflicts against non‐state actors. It begins 

with an analysis of the Israeli strategy of deterrence and retaliation methods against 

non‐state actors, surveying  the application of deterrence and retaliation strategies 

from 1948  through  the  1982  Lebanon War.  It  culminates  in  an  analysis  of  Israeli 

involvement  in  Lebanon,  the  rise  of  Hezbollah,  and  the  Second  Lebanon  War  of 

2006. The paper  finds  that  Israel has developed an overreliance on military  force, 

which  leads  it  to  use  it  excessively  in  situations where  it  is  ineffective,  such  as  in 

asymmetrical conflict.  It concludes that not only does the use of excessive  force  in 

asymmetrical  conflict  fail  to  affect  the motivation  or  capabilities  of  the  non‐state 

adversary which would enforce Israeli deterrence, but it also creates humanitarian 

catastrophes,  which  in  turn  bring  about  diplomatic  isolation  and  the 

delegitimization of Israel’s struggle against terrorism.  

  v

  

      

   

“Waging war when they must, warriors are suspected by the many to have an interest in war as an end in itself. Nothing could be further from the truth. No one doubts the utility of war more than the professional warrior, no one shuns it more actively. ‘Violence rarely settles anything’ are the most memorable words I have ever heard, because they were spoken to me by a former Chief of Defence Staff, our country’s most senior serviceman. Equally, both he and I know that there are some things that, when the threat of violence has failed, can be settled by violence alone. 

Violence is the most terrible instrument that the rule of law can take into its use. If we hope to see war driven towards its end, we must not shrink from seeing its causes addressed. Equally, we must not shrink from seeing violence used‐ nor from according honour to those honourable warriors who administer force in the cause of

  

 peace.” ‐ John Keegan, War and Our World  

    “He will win who knows when to fight and when not to fight. He will nows how to handle both superior and inferior forces.”  win who k

‐ Sun Tzu, The Art of War            

  vi

TABLE OF CONTENTS   MAPS                                vii  INTRODUCTION                               1   CHAPTER ONE: THE ORIGIN         S OF DETERRENCE                                                       10 ISRAEL’S NATIONAL GOALS                                                                       10 ATIONAL SECURITY ASSUMPTIONS                        11 HE THEORY OF DETERRENCE AND DISPROPORTIONALITY                    18 N

T

 CHAPTER TWO: EARLY USES OF D        ETERRENCE DISPROPORTIONALITY       23  THE BEGINNING OF LOW‐INTENS           ITY WARFARE            24 NTI‐ISRAEL GUERRILLA ORGANIZATIONS                       29 ROM ONE BORDER TO ANOTHER                         32 A

F

 C  RET  LEBANON                36 HAPTER THREE: DETERRENCE AND ALIATION IN            THE RISE OF THE SHIAH IN            LEBANON               36 SRAELI INVOLVEMENT IN LEBANON           I  AND THE 1982 LEBANON WAR       51 THE RISE OF HEZBOLLAH                           44 ISRAELI REACTIONS TO HEZBOLLAH, 2000‐20             06         64 VERVIEW OF THE SECOND LEBANON WAR                       67 HE DISPROPORTIONATE USE OF FORCE IN THE 2006 WAR                    72 O

T

 CHAPTER FOUR: CONSEQUENCES OF DISPROPORTIO ATION       NATE RETALI 79 RESULTS OF THE 2006 WAR AND THE F             

      

 AILURE OF DETERRENCE        79 

THE DIPLOMATIC CONSE                       89 QUENCES OF THE EXCESSIVE USE OF FORCE    INTERNATIONAL LAW                                   92 RFARE                                             97 

RETALIATION IN 

MORALITY IN WA

   CONCLUSION                                          104 

IBLIOGRAPHY                         110  B 

    

    

 

 MAPS 

Map 1: Lebanon, Beirut, and the Israeli­Lebanese Border 

 Source: “Middle East crisis: Key maps.” BBC News. ttp://news.bbc.co.uk/2/hi/in_depth/629/629/5177932.stm h               

 vii

   Map 2: Southern Lebanon and the Israeli­Lebanese Border 

 Source: Wikipedia. http://upload.wikimedia.org/wikipedia/commons/1/10/BlueLine.jpg. Made by Thomas Blomberg, using the UNIFIL map, “Deployment as of July 2006” as eference. r        

  

 viii

! "!

!

!

!

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

!

!

#$%&!$'(!$)!*+%)+%,-!./%+,0!1+/!),0(!(1%,+(,&,2!/3&4,!3(/!,/(+503/16,&(!3&!

"789:!./%+,0;/!4%,+(3$&!+&2!/'%<3<+0!1+<,!5,,&!23/='(,2!5>!$(1,%!4$'&(%3,/!)%$6!(1,!

/(+%(-!+&2!3&!(1,!?@!>,+%/!$)!(1,!4$'&(%>;/!,A3/(,&4,-!3(!1+/!)$'B1(!/3A!4$&<,&(3$&+0!

*+%/!+B+3&/(!3(/!C%+5!&,3B15$%/!*130,!4$&/(+&(0>!,&B+B3&B!3&!0$*D3&(,&/3(>!4$&)034(:!

E$&/,F',&(0>-!(1,!G,*3/1!/(+(,!1+/!=0+4,2!(%,6,&2$'/!36=$%(+&4,!$&!3(/!&+(3$&+0!

/,4'%3(>-!%,0>3&B!$&!3(/!6303(+%>!2$4(%3&,!($!,&/'%,!3(/!/+),(>:!./%+,03!6303(+%>!2$4(%3&,!

1+/!+0*+>/!5,,&!B%$'&2,2!3&!(1,!(1,$%>!$)!2,(,%%,&4,-!+!4$6=0,A!/(%+(,B>!*1341!

/,,H/!($!+)),4(!(1,!,&,6>;/!4$/(D5,&,)3(!+&+0>/3/!3&!3(/!2,43/3$&!($!+((+4H:!#>!

2363&3/13&B!(1,!+2<,%/+%>;/!6$(3<+(3$&!)$%!*+%!+&2!4+=+5303(3,/!($!B$!($!*+%-!

2,(,%%,&4,!/,,H/!($!=%,<,&(!3(!)%$6!+((+4H3&B:!! !

I1,!C%+5D./%+,03!*+%/!$)!"789-!"7J?-!"7?K-!"7KL-!+&2!"7KM!*,%,!(%+23(3$&+0!

4$&<,&(3$&+0!*+%/-!=%36+%30>!)$'B1(!5,(*,,&!(1,!./%+,0!N,),&/,!O$%4,/!P.NOQ!+&2!

&,3B15$%3&B!C%+5!/(+(,/;!+%63,/-!3&40'23&B!(1$/,!$)!G$%2+&-!.%+F-!RB>=(-!S>%3+-!+&2!

T,5+&$&:!S3&4,!(1,!O3%/(!T,5+&$&!U+%!$)!"79@-!(1$'B1-!./%+,0!1+/!&$(!)$'B1(!+!='%,0>!

4$&<,&(3$&+0!*+%:!V$*,<,%-!./%+,0!1+/!,&B+B,2!3&!+/>66,(%34+0!4$&)034(/-!)$'B1(!

+B+3&/(!,&(3(3,/!$(1,%!(1+&!&+(3$&+0!+%63,/:!I1,/,!4$&)034(/!+B+3&/(!&$&D/(+(,!+4($%/!

*,%,!)$'B1(!$&!./%+,03D$44'=3,2!(,%%3($%>!/'41!+/!3&!(1,!(*$!W+0,/(3&3+&!!"#!$%&%'-!$%!

! @!

'=%3/3&B/-!+/!*,00!+/!$'(/32,!$)!./%+,0-!/'41!+/!3&!(1,!%+32/!+&2!$=,%+(3$&/!+B+3&/(!(1,!

W+0,/(3&3+&!T35,%+(3$&!X%B+&3Y+(3$&!PWTXQ!3&!/$'(1,%&!T,5+&$&!3&!"79@-!+B+3&/(!

V,Y5$00+1!3&!/$'(1,%&!T,5+&$&!3&!@LL?-!+&2!+B+3&/(!V+6+/!3&!Z+Y+!3&!@LL9D@LL7:!!!

C/>66,(%34+0!*+%)+%,!3/!+!(>=,!$)!4$&)034(!+/!$02!+/!*+%!3(/,0)-!+0%,+2>!/('23,2!

5>!S'&!IY'!3&!()*+,-#+.$+/%-+3&!(1,!/3A(1!4,&('%>!#ER:!.(!=3(/!+!&+(3$&+0!+%6>-!3&!(13/!

4+/,!(1,!.NO-!+B+3&/(!3%%,B'0+%!4$65+(+&(/-!3&/'%B,&(/-!B',%%300+/-!$%!(,%%$%3/(/:!C/!

$==$/,2!($!+!4$&<,&(3$&+0!+%6>-!(1,/,!3%%,B'0+%!4$65+(+&(/!2$!&$(!=$//,//!40+//34!

6303(+%>!)$%4,!3&!(,%6/!$)!&'65,%/!$)!*+%%3$%-!+6$'&(/!$)!*,+=$&/-!$%!/3Y,!$)!

6303(+%>!3&)%+/(%'4('%,:!C0/$-!'&03H,!(%+23(3$&+0!*+%)+%,!*1341!'/'+00>!(+H,/!=0+4,!)+%!

)%$6!43<303+&!+%,+/-!+/>66,(%34!*+%)+%,!$)(,&!(+H,/!=0+4,/!+6$&B/(!43<303+&/:!

E$65+(+&(/!$=,%+(,!)%$6!*3(13&!43(3,/-!5'3023&B/-!$%!1$6,/-!'/3&B!43<303+&/!+/!(1,3%!

/13,02/:"!

I13/!(>=,!$)!*+%)+%,!3/!)'%(1,%6$%,!4$&/32,%,2!+/>66,(%34+0!5,4+'/,!3(!3/!

'&5+0+&4,2!)%$6!+!0,B+0!=,%/=,4(3<,:!#,4+'/,!(1,!3%%,B'0+%!4$65+(+&(/!+%,!&$(!

&+(3$&+0!,&(3(3,/-!(1,>!2$!&$(!4$&/32,%!(1,6/,0<,/!5$'&2!5>!3&(,%&+(3$&+0!0+*!

%,0+(3&B!($!(1,!'/,!$)!(1,!)$%4,-!($!*1341!(1,!&+(3$&+0!+%6>-!$&!(1,!$(1,%!1+&2-!3/!

5$'&2:!I,A(/!/'41!+/!(1,!V+B',!E$&<,&(3$&/!$)!"997!+&2!"7LK-!+&2!(1,!Z,&,<+!

E$&<,&(3$&!$)!"787!+&2!3(/!+223(3$&+0!=%$($4$0/!$)!"7KK!+&2!@LLJ!4$&2$&,!/(+(,/;!

%3B1(/!($!2,),&2!(1,6/,0<,/-!5'(!+0/$!%,/(%34(!(1,3%!'/,!$)!6303(+%>!)$%4,!3&!+&!+((,6=(!

($!=%$(,4(!43<303+&/!3&!+!(36,!$)!*+%:@!I1,/,!(,A(/!+%,!)$'&2,2!$&!(1,!4$&4,=(/!$)!

[23/4%363&+(3$&\!+&2![=%$=$%(3$&+03(>\!3&!*+%!+/!=+%(/!$)!01'+!"+2*33.4+$%!]'/(34,!3&!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"!S+6>!E$1,&-!,2:!5*6.7-%7!*'+%#+/%-+,8%!"'#+(*--.-!'6+P^,*!_$%H`!W+0B%+<,!a+46300+&-!@LL9Q-!@:!@!O$%!3&)$%6+(3$&!+5$'(!(1,!Z,&,<+!E$&<,&(3$&/-!/,,!.&(,%&+(3$&+0!E$663((,,!$)!(1,!b,2!E%$//-![I1,!Z,&,<+!E$&<,&(3$&/!$)!"787-\!1((=`cc***:34%4:$%Bc*,5c,&Bc/3(,,&BL:&/)c1(60cB,&,<+4$&<,&(3$&/:!

! M!

*+%:!!I1,%,!3/!&$!/3&B0,!2,)3&3(3$&!$)!=%$=$%(3$&+03(>!3&!*+%)+%,D!+&2!(1,%,3&!03,/!(1,!

23))34'0(>!$)!(13/!=+=,%:!I1$'B1!)%+6,2!+(!(36,/!<+B',0>!+&2!+(!(36,!$<,%0>!

/=,43)34+00>!5>!3&(,%&+(3$&+0!0+*-!(1,!&$(3$&/!$)![=%$=$%(3$&+03(>\!+&2!

[23/=%$=$%(3$&+03(>\!%,F'3%,!4$66$&!/,&/,:!!I1,!4$&4,=(!$)![=%$=$%(3$&+03(>\!

(%+&/0+(,/!3&($!+![%,+/$&+50,\!%,0+(3$&!5,(*,,&!(1,!3%%,B'0+%!,&,6>;/!'/,!$)!6303(+%>!

)$%4,!+&2!(1,!2,/(%'4(3$&!3(!4+'/,2-!+&2!(1,!/(+(,;/!$*&!6303(+%>!)$%4,!+&2!3(/!B$+0/:!!

I1,/,!%'0,/!$)!*+%!+%,!)$'&2,2!'=$&!(1,!+//'6=(3$&!$)!%,43=%$43(>d!>,(!

3%%,B'0+%!4$65+(+&(/-!/'41!+/!(,%%$%3/(!$%B+&3Y+(3$&/!$%!6303(3+/-!&,3(1,%!%,4$B&3Y,!

&$%!53&2!(1,6/,0<,/!($!/'41!0,B+0!6303(+%>!4$&<,&(3$&/:M!I1,%,)$%,-!3%%,B'0+%!)$%4,/!

3&!+/>66,(%34!4$&)034(/!/,,H!($!43%4'6<,&(!(1,!,&,6>;/!4$&<,&(3$&+0!6303(+%>!=$*,%!

+&2!(1,3%!$*&!0+4H!$)!40+//34!=$*,%!3&!23)),%,&(!*+>/:!X&,!*+>!(1,>!+%,!+50,!($!2$!

(13/!3/!5>!<3$0+(3&B!(1,!0+*/!$)!*+%!5>!50,&23&B!3&!*3(1!(1,!0$4+0!=$='0+(3$&!$%!

(+%B,(3&B!(1,!/(+(,;/!43<303+&!=$='0+(3$&:!U$%H/!/'41!+/!a341+,0!.B&+(3,));/!()*+9*''*-+

:;!3-!S+6>!E$1,&;/!5*6.7-%7!*'+%#+/%-+,8%!"'#+(*--.-!'64+I1$6+/!a$4H+3(3/;/!()*+

<).*"!=+.$+>.1"#*-!"'1-8*"7?4++&2!Z30!a,%$6;/[email protected]+5*6.7-%7!*'+9.'*+B6%33+/%-'+

+%,!+00!)$'&2+(3$&+0!*$%H/!$&!+/>66,(%34+0!4$&)034(:!I1,>!'/,!+/!,A+6=0,/!(1,!*+%/!

$)!2,4$0$&3Y+(3$&-!/'41!+/!(1,!O%,&41DC0B,%3+&!*+%-!(1,!#%3(3/1!*+%!+B+3&/(!(1,!.%3/1!

b,='5034+&!C%6>-!(1,![*+%!+B+3&/(!(,%%$%\!3&!C)B1+&3/(+&-!+&2!(1,!e3,(&+6!U+%-!+/!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!M!E'/($6+%>!0+*-!+44$%23&B!($!(1,!C6,%34+&!T+*!.&/(3('(,-!%,),%/!($!+![B,&,%+0!+&2!4$&/3/(,&(!=%+4(34,!$)!/(+(,/!)$00$*,2!5>!(1,6!)%$6!+!/,&/,!$)!0,B+0!$503B+(3$&:\!I1,>!+%,![3&(,&2,2!)$%!+21,%,&4,!5>!/(+(,/!B,&,%+00>!+&2!+%,!3&!)+4(!*32,0>!+44,=(,2:\!O$%!(1,!4$6=0,(,!(,A(-!=0,+/,!/,,!C6,%34+&!T+*!.&/(3('(,-!C*'#%#*6*"#+.$+#)*+9%A4+()!-&4+#)*+D.-*!8"+C*3%#!."'+9%A+.$+#)*+E"!#*&+B#%#*'!PS(:!W+'0-!a3&&:`!C6,%34+&!T+*!.&/(3('(,!W'503/1,%/-!"79KQ!f"L@P@Q!+&2!PMQ:!.&)$%6+(3$&!+5$'(!E'/($6+%>!T+*!4+&!+0/$!5,!)$'&2!+(`!S+10!S30H,-![b,/,+%413&B!E'/($6+%>!.&(,%&+(3$&+0!T+*-!S(+(,!W%+4(34,!+&2!(1,!W%$&$'&4,6,&(/!$)!S(+(,/!%,B+%23&B!.&(,%&+(3$&+0!T+*-\!G'&,cG'0>!@LLK-!1((=`cc***:&>'0+*B0$5+0:$%BcB0$5+0,Ac4'/($6+%>g3&(,%&+(3$&+0g0+*:1(6hgU1+(g3/gE'/($6+%>:!!

! 8!

*,00!+/!,A+6=0,/!$)!3/$0+(,2!(,%%$%3/(!,<,&(/!($!2,6$&/(%+(,!(1,!4$6=0,A3(>!$)!

+/>66,(%34!*+%)+%,!3&!(,%6/!$)!1'6+&3(+%3+&-!,(134+0-!+&2!0,B+0!=%$50,6/:!

T3(,%+('%,!$&!2,(,%%,&4,-!/(+%(3&B!*3(1!I1$6+/!S41,003&B;/!,-6'+%"&+

F"$31*"7*!+&2!W+(%34H!a$%B+&;/!5*#*--*"7*+G.A++(!3(/!5+/,-!3/!+0/$!=0,&(3)'0:!C/!+!

4$&4,=(-!2,(,%%,&4,!3/!&$(!&,*!($!(1,!+%(!$)!*+%-!5'(!3(/!/(%+(,B>!*+/!2,<,0$=,2!5>!

C6,%34+&!/(%+(,B3/(/!2'%3&B!(1,!E$02!U+%-!6+H3&B!(1,!)$'&23&B!*$%H/!$&!(1,!

/(%+(,B>!&+('%+00>!)%+6,2!*3(13&!(1,!4$&(,A(!$)!(1,!E$02!U+%!+&2!(1,!2+*&!$)!(1,!

&'40,+%!+B,:!U3(1!(1,!%3/,!$)!&$&D/(+(,!+4($%/!$&!(1,!*$%02!/(+B,-!/('23,/!$)!

2,(,%%,&4,!<3/DiD<3/!(1,/,!&$&D/(+(,!+4($%/!1+<,!,6,%B,2-!5'(!/0$*0>:!

N,(,%%,&4,!3/!(1,!=%,<+0,&(!/(%+(,B>!3&!./%+,03!6303(+%>!2$4(%3&,:!#,4+'/,!(1,!

.NO!1+/!&$!$))343+0!2$4'6,&(!/(+(3&B!3(/!6303(+%>!2$4(%3&,-!3(!3/!23))34'0(!($!=3&=$3&(!

./%+,03!6303(+%>!/(%+(,B>:!V$*,<,%-!(1%$'B1!6303(+%>!%,4$%2/-!(,/(36$&3,/-!

+'($53$B%+=13,/!+&2!$(1,%!/'41!2$4'6,&(/-!3(!3/!=$//350,!($!/('2>!(1,!13/($%>!$)!

./%+,03!&+(3$&+0!/,4'%3(>!2,43/3$&/:!.&!)+4(-!/('23,/!$)!./%+,03!&+(3$&+0!/,4'%3(>!+%,!

+5'&2+&(:!X<,%<3,*/!5>!_$+<!#,&DV$%3&-!C%3,0!T,<3(,-!N+<32!b$26+&-!j,,<!a+$Y-!

C<&,%!_+&3<-!k%3!#+%DG$/,=1-!R)%+36!l+%/1-!a341+,0!#%,41,%-!+&2!a341+,0!V+&2,0-!($!

&+6,!$&0>!+!),*-!)0,/1!$'(!(1,!$%3B3&/!+&2!5,2%$4H!=%3&43=0,/!$)!./%+,03!6303(+%>!

2$4(%3&,:!I1,/,!/('23,/!(,&2!($!5,!6+3&0>!(1,$%,(34+0-!$%!3)!(1,>!2$!B%+==0,!*3(1!

13/($%34+0!,A+6=0,/-!0+%B,0>!4$&)3&,!(1,6/,0<,/!($!(1,!4$&<,&(3$&+0!C%+5D./%+,03!

*+%/!'=!(1%$'B1!"7KM:!R)%+36!.&5+%;/!F'-%*3H'+G%#!."%3+B*71-!#?I+F''1*'+%"&+

>)%33*"8*'+B!"7*+#)*+J.6+K!LL1-+/%-++22%,//,/!./%+,03!/(%+(,B34!(13&H3&B!=$/(D"7KM-!

(1,!0+/(!4$&<,&(3$&+0!*+%-!+/!3(!2,+0(!*3(1!(1,!!"#!$%&%'-!&,*!/(%+(,B34!=+%(&,%/-!+&2!

=$//350,!=,+4,!&,B$(3+(3$&/-!5'(!3(!2$,/!&$(!+==0>!(1,!4$&4,=(!$)!2,(,%%,&4,!($!(1,!

! J!

&,*!=$/(D"7KM!,%+:!X(1,%!*$%H/!$&!./%+,03!2,(,%%,&4,!(,&2!($!+22%,//!(1,!=$(,&(3+0!

4$&)034(!3&!(1,!&'40,+%!%,+06:!I1,!%3/,!$)!.%+&!+/!+!1>=$(1,(34+0!&'40,+%!=$*,%!3&!(1,!

%,B3$&!1+/!)'%(1,%!/=+%H,2!23/4'//3$&!$&!(1,!($=34!$)!&'40,+%!2,(,%%,&4,:!_+3%!R<%$&-!

S1+3!O,026+&-!+&2!C<&,%!E$1,&!+%,!36=$%(+&(!+'(1$%/!3&!(13/!2$6+3&:!!

N,(,%%,&4,!3/!+0*+>/!+!H,>!($=34!3&!*$%H/!+5$'(!./%+,03!&+(3$&+0!/,4'%3(>-!5'(!

(1,!4$&4,=(!$)!=%$=$%(3$&+03(>!3&!(1,!'/,!$)!6303(+%>!)$%4,!+&2!01'+!"+2*33.!3/!%+%,0>!

/=,00,2!$'(!+&2!23/4'//,2!3&!+=$03(34+0!+4+2,634!43%40,/-!0,(!+0$&,!(1,!'/,!$)!

=%$=$%(3$&+(,!)$%4,!3&!+/>66,(%34+0!4$&)034(:!_,(!(1,!6303(+%>!2$4(%3&,!,/(+503/1,2!

+&2!2,<,0$=,2!5>!./%+,0;/!)$'&23&B!)+(1,%/!1+/!13/($%34+00>!5,,&!3&(,%=%,(,2!+/!

%,F'3%3&B!1,+<>!%,(+03+(3$&:!.&!+223(3$&-!2,/=3(,!(1,!/13)(!)%$6!4$&<,&(3$&+0!*+%)+%,!

($!+/>66,(%34!4$&)034(-!+&2!2,/=3(,!(1,!/13)(!3&!./%+,03!(+4(34/!3&!4$&)%$&(3&B!3%%,B'0+%!

+4($%/-!./%+,03!6303(+%>!/(%+(,B>!1+/!%,6+3&,2!(%',!($!3(/!)$'&2+(3$&/!+&2!1+/!&$(!

/$'B1(!($!+2+=(!($!41+&B3&B!43%4'6/(+&4,/!=%,/,&(,2!5>!+/>66,(%34+0!4$&)034(:!.&!

$(1,%!*$%2/-!3(!1+/!)+30,2!($!%,+03Y,!(1+(!&$&D/(+(,!+4($%/!(13&H!+&2!+4(!23)),%,&(0>!

(1+&!/(+(,/!2$!+&2!+6,&2!3(/!6303(+%>!/(%+(,B>!+44$%23&B0>:!S$6,!/('23,/-!/'41!+/!

S+6>!E$1,&;/!('%)%3+>."#-*+3*+(*--.-!'6*+mI1,!.NO!CB+3&/(!I,%%$%3/6n!+&2!C6$/!

a+0H+;/!+%(340,![./%+,0!+&2!C/>66,(%34+0!N,(,%%,&4,\!='503/1,2!3&!>.6L%-%#!;*+

B#-%#*8?+=%$<32,!+&+0>/,/!$)!(1,!.NO;/!5,1+<3$%!3&!0$*D3&(,&/3(>!4$&)034(!+B+3&/(!

(,%%$%3/(!$%B+&3Y+(3$&/-!5'(!2$!&$(!,A=0$%,!/=,43)34!,A+6=0,/!3&!2,=(1:!E$1,&;/!*$%H!

3/!$&,!$)!(1,!),*!(1+(!+4H&$*0,2B,/!(1,!%$0,!(1+(!3&(,%&+(3$&+0!0+*-!&$&D

B$<,%&6,&(+0!$%B+&3Y+(3$&/-!+&2!3&(,%&+(3$&+0!='5034!$=3&3$&!=0+>!3&!(1,!/'44,//!$)!

./%+,03!2,(,%%,&(!/(%+(,B>!<3/DiD<3/!&$&D/(+(,!+4($%/:!!

! ?!

C!/('2>!$)!(1,!'/,!$)!./%+,03!2,(,%%,&4,!/(%+(,B>!+&2!3(/!'/,!$)!6303(+%>!

%,(+03+(3$&!<3/DiD<3/!&$&D/(+(,!+4($%/!3/!(1,%,)$%,!&,,2,2!($!)300!(1,!B+=!3&!(1,!,A3/(3&B!

03(,%+('%,:!C&!36=$%(+&(!0+'&413&B!=+2!)$%!(13/!(1,/3/!*+/!j,,<!N%$%>;/!F'-%*3+

C*L-!'%3+<.3!7?I+MNOPQMNORI+()*+5?"%6!7'+.$+S!3!#%-?+C*#%3!%#!."T!N%$%>-!*1$!/,%<,2!

)$%!6+&>!>,+%/!3&!(1,!.NO-!,A+63&,/!(1,!,+%0>!"7JL/-!(1,!=,%3$2!3&!*1341!(1,!=$034>!

$)!%,=%3/+0!%+32/!$44'%%,2!(1,!6$/(:!V3/!5$$H!/,,H/!($!23<'0B,!(1,!0$B34!5,13&2!(1,!

/,,63&B0>!36='0/3<,!+&2!,%%+(34!%+32/:!I13/!(1,/3/!*300!)$4'/!$&!(1,!+/>66,(%34!

4$&)034(!5,(*,,&!./%+,0!+&2!V,Y5$00+1!(1+(!4'063&+(,2!3&!(1,!S,4$&2!T,5+&$&!U+%!3&!

(1,!/'66,%!$)!@LL?!+&2!./%+,0;/!'/,!$)!6303(+%>!)$%4,!2'%3&B!(1,!*+%:!!

E1+=(,%/!X&,!+&2!I*$!*300!$=,&!(1,!=+=,%!5>!=%,/,&(3&B!(1,!$%3B3&/!$)!

./%+,03!&+(3$&+0!/,4'%3(>!2$4(%3&,-!3&40'23&B!(1,!+//'6=(3$&/!'=$&!*1341!3(!*+/!

)$'&2,2:!O%$6!(1,!5,B3&&3&B-!./%+,0!1+/!=,%4,3<,2!3(/,0)!+/!+!<34(36!$)!F'+&(3(+(3<,!

'&5+0+&4,-!6+&3),/(,2!3&!./%+,0;/!/6+00!/3Y,!+&2!=$='0+(3$&!4$6=+%,2!($!3(/!<+/(!+&2!

6$%,!=$='0$'/!C%+5!&,3B15$%/:!k&2,%/(+&23&B!(1,!$%3B3&+0!+&2!=%,/,&(D2+>!

+//'6=(3$&/!$&!*1341!./%+,03!6303(+%>!2,43/3$&/!+%,!6+2,!3/!4%'43+0!/$!+/!($!&$(!

63/3&(,%=%,(!(1,!=%3&43=0,!$)!2,(,%%,&4,!*1341!3/!=+%(!+&2!=+%4,0!$)!(1,!5%$+2,%!

/,4'%3(>!<3/3$&!+&2!+==%$+41:!#>!4'0(3<+(3&B!+!=%36+%30>!$)),&/3<,!6303(+%>!2$4(%3&,-!

*1341!+(!(36,/!1+/!/03==,2!3&($!(1,!23/=%$=$%(3$&+(,!'/,!$)!)$%4,-!*1341!E1+=(,%!

I*$!*300!300'/(%+(,!*3(1!/=,43)34!4+/,/-!./%+,0!1+/!/$'B1(!($!5'302!'=!3(/!2,(,%%,&4,!

4+=+5303(3,/!<3/DiD<3/!3(/!,&,63,/:!I1,!41+=(,%!*300!&$(!=%$<32,!+!4$6=0,(,!+44$'&(!$)!

&$&D/(+(,!+4($%/;!$=,%+(3$&/!+B+3&/(!./%+,0!$%!+00!$)!./%+,0;/!6303(+%>!%,/=$&/,/:!^$%!

*300!3(!+22%,//!(1,!,<,&(/!$)!+&2!(1,!%,/=$&/,/!($!(1,!W+0,/(3&3+&![3&(,%&+(3$&+0\!

(,%%$%!4+6=+3B&-!*1341!5,B+&!3&!"7?9!+&2!3&40'2,2!+3%03&,!13]+4H3&B/-!+((+4H/!$&!

! K!

,65+//3,/-!4$&/'0+(,/-!/($%,/-!G,*3/1!E$66'&3(>!E,&(,%/-!+&2!(1,!H3003&B!$)!(1,!

./%+,03!+(10,(,/!+(!(1,!a'&341!X0>6=34!Z+6,/!$)!"7K@:8!.(!*300!+0/$!,A40'2,!/('2>!$)!

(1,!W+0,/(3&3+&!!"#!$%&%'4++/!(1,>!2$!&$(!)3(!*3(13&!(1,!)%+6,*$%H!$)!(13/!=+=,%:!I1,!

41+=(,%!*300!$&0>!(%+4,!(1,!./%+,03!6303(+%>!%,/=$&/,!($!$%B+&3Y,2!&$&D/(+(,!+4($%/;!

$=,%+(3$&/!+B+3&/(!./%+,03!(+%B,(/!*3(13&!./%+,0:!

E1+=(,%!I1%,,!23/4'//,/!(1,!%3/,!$)!(1,!S13;+1!+/!+!=$03(34+0!)$%4,!3&!T,5+&$&!

+&2!./%+,0;/!%,/=$&/,!($!(1,3%!+((,6=(!($!/,4'%,!6$%,!=$*,%:!CB+3&/(!(1,!5+4H2%$=!

$)!T,5+&$&;/!13/($%34+0!/,4(+%3+&3/6-!(1,!E3<30!U+%!$)!"7KJD"77L-!+&2!(1,!3&4%,+/,2!

./%+,03!3&(,%<,&(3$&!3&!T,5+&,/,!+))+3%/!4'063&+(3&B!3&!X=,%+(3$&!W,+4,!)$%!(1,!

Z+030,,!+B+3&/(!(1,!WTX!3&!S$'(1!T,5+&$&!3&!"79@-!E1+=(,%!I1%,,!/,,H/!($!(%+4,!(1,!

=$03(34+0!%+234+03Y+(3$&!$)!(1,!S13;+1!+&2!(1,!%3/,!$)!V,Y5$00+1!+/!(1,!6+3&!%,/3/(+&4,!

($!(1,!./%+,03!=%,/,&4,!3&!T,5+&$&:!b$5,%(!^$%($&;/!,6%3+%"&+#)*+B)!H%I+B#-1883*+$.-+

#)*+B.13+.$+9*2%"."+=%$<32,/!+!2,(+30,2!13/($%>!$)!(1,!S13;+1!4$66'&3(>!$)!T,5+&$&!

*3(13&!(1,!/,4(+%3+&3/6!,65,22,2!3&!T,5+&,/,!=$03(34/!*1341!+00$*,2!)$%!(1,!%3/,!$)!

&+(3$&+03/(!S13;+1!B%$'=/!/'41!+/!C6+0!+&2!V,Y5$00+1:!R3(+&!CY+&3;/!*$%H!@*U2.33%)I+

()*+B#.-?+.$+#)*+<%-#?+.$+V.&+3/!+!2,(+30,2!/('2>!$)!V,Y5$00+1!3&!(1,!S13;+1-!T,5+&,/,-!

%,B3$&+0-!+&2!3&(,%&+(3$&+0!+%,&+/:!V3/($%3,/!$)!(1,!(*$!T,5+&$&!*+%/!+%,!&'6,%$'/:!

O$'&2+(3$&+0!*$%H/!=,%(+3&3&B!($!(1,!"79@!U+%!3&40'2,!F'-%*3H'+9*2%"."+/%-+5>!

j,,<!S413))!+&2!R1'2!_+;+%3-!+/!*,00!+/!C<&,%!_+&3<;/!5!3*6"%'+.$+B*71-!#?+*1341!

4$&4,&(%+(,/!$&!(1,!./%+,03!2,43/3$&D6+H3&B!=%$4,//!3&!%,/=$&/,!($!(1,!2$6,/(34!

=$03(34/!$)!T,5+&$&!)%$6!(1,!E3<30!U+%!(1%$'B1!"79@:!#+%%>!b'53&;/!4$00,4(3$&!$)!

,//+>/!3&!9*2%"."I+9!2*-%#!."4+>."$3!7#4+%"&+>-!'!'+300'/(%+(,/!(1,!4$6=0,A3(>!$)!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!8!a$%,!,A+6=0,/!$)!W+0,/(3&3+&!(,%%$%3/(!$=,%+(3$&/!4+&!5,!)$'&2!3&!#,&&>!a$%%3/-!C!8)#*.1'+W!7#!6'4+,+@!'#.-?+.$+#)*+X!."!'#Q,-%2+>."$3!7#I+MYYMQZ[[M+P^,*!_$%H`!e3&(+B,!#$$H/-!@LL"Q-!MK9DM9?:!

! 9!

T,5+&$&!2'%3&B!(1,!S,4$&2!T,5+&$&!U+%-!*130,!C&(1$&>!E$%2,/6+&!=%$<32,/!+&!

3&D2,=(1!+&+0>/3/!$)!.NO!4$&2'4(!2'%3&B!(1,!*+%:!S+63%!l+//3%;/!9!2%"I+E"+L-!"#*6L'+

!"%7)*;*+mT,5+&$&`!C&!k&)3&3/1,2!S=%3&Bn!$%!b$5,%(!O3/H;/!<!#?+#)*+G%#!."+=%$<32,!

=,%/$&+0!+44$'&(/!$)!(1,!,A=,%3,&4,!$)!(1,!E3<30!U+%!+&2!(1,!"79@!+&2!@LL?!*+%/-!

5%3&B3&B!($!03B1(!(1,!1'6+&!236,&/3$&!$)!*+%:!!

E1+=(,%!I1%,,!*300!+0/$!/('2>!./%+,0;/!)0'4('+(3&B!%,+4(3$&/!($!V,Y5$00+1;/!

+4(3$&/!/3&4,!"79@!+&2!4'063&+(3&B!(1,!@LL?!T,5+&$&!U+%:!S10$6$!#%$6!+&2!a,3%!

R0%+&!)%$6!(1,!.&/(3('(,!)$%!^+(3$&+0!S,4'%3(>!S('23,/!P.^SSQ;/!4$6=30+(3$&!$)!,//+>/!

+&+0>Y3&B!(1,!<+%3$'/!236,&/3$&/!$)!(1,!*+%!,A=0+3&!(1,!%,+/$&/!)$%!(1,!$'(5%,+H!$)!

(1,!*+%!)%$6!+&!./%+,03!=,%/=,4(3<,:!k&3&(,&(3$&+00>!4$6=0,6,&(3&B!(1,3%!*$%H-!

N+&3,0!S$5,06+&;/!G*A+C13*'+.$+#)*+V%6*+,A=0$%,/!(1,!4+%,)'0-!03<3&B!2>&+634/!$)!(1,!

./%+,03DV,Y5$00+1!%,0+(3$&!*1341!)+30,2-!+/!V,Y5$00+1!)+30,2!($!+&(343=+(,!./%+,0;/!

<3$0,&(!%,/=$&/,!($!3(/!=%$<$4+(3$&/!3&!G'&,!@LL?:!C&$(1,%!4$6=30+(3$&!,23(,2!5>!

E03<,!G$&,/!+&2!S,%B3$!E+(3B&+&3!)$4'/,/!$&!(1,!%$0,!$)!+/>66,(%>!3&!(1,!V,Y5$00+1D

./%+,03!4$&)034(:!I1,!41+=(,%!*300!23/4'//!(1,!/'44,//,/!+&2!)+30'%,/!$)!(1,!'/,!$)!

1,+<>!6303(+%>!%,(+03+(3$&!3&!T,5+&$&:!

!I1,!4$&40'23&B!41+=(,%!*300!,<+0'+(,!(1,!4$&/,F',&4,/!$)!(1,!'/,!$)!1,+<>!

6303(+%>!%,(+03+(3$&!+/!+!/(%+(,B>!$)!2,(,%%,&4,!3&!(1,!@LL?!U+%:!k/3&B!k&3(,2!

^+(3$&/!4$&<,&(3$&/-!0,B+0!,//+>/-!&,*/=+=,%!+%(340,/-!+&2!&$&D=%$)3(!$%B+&3Y+(3$&/;!

%,=$%(/-!(1,!41+=(,%!*300!4$&/32,%!(1,!,(134+0-!0,B+0-!+&2!23=0$6+(34!%+63)34+(3$&/!$)!

/'41!'/,!$)!)$%4,:!I1,!'/,!$)!6303(+%>!)$%4,!3/!4$6=034+(,2!+&2!%+3/,/!36=$%(+&(!

F',/(3$&/`!N$!(1,!,&2/!]'/(3)>!(1,!6,+&/o!N$!/1$%(D(,%6!B$+0/!(%'6=!0$&BD(,%6!

B$+0/-!$%!6$%+03(>!3&!*+%)+%,o!V$*!6'41!41$34,!($!6303(+%>!0,+2,%/!1+<,!3&!*+%o!

! 7!

W+%(34'0+%0>!36=$%(+&(!/$'%4,/!)$%!(13/!41+=(,%!3&40'2,!a341+,0!.B&+(3,));/!()*+9*''*-+

:;!34+*1341!+/H/!(1,!,(134+0!F',/(3$&![E+&!+!035,%+0!2,6$4%+4>!)3B1(!(,%%$%3/6!

*3(1$'(!2,/(%$>3&B!(1,!<+0',/!)$%!*1341!3(!/(+&2/o\!+&2!a341+,0!U+0Y,%;/!*$%H/!$&!

]'/(!*+%!(1,$%>:!!U130,!(1,!F',/(3$&!$)!(1,!/'44,//!$)!./%+,0;/!'/,!$)!)$%4,!3/!$=,&!($!

2,5+(,-!(1,!41+=(,%!*300!+%B',!(1+(!(1,!'/,!$)!1,+<>!6303(+%>!%,(+03+(3$&!&$(!$&0>!)+30/!

($!%,/($%,!4$6=0,(,!2,(,%%,&4,!5,4+'/,!3(!)+30/!($!+22%,//!(1,!%$$(!4+'/,!$)!

(,%%$%3/6-!5'(!5,4+'/,!(1,!'&+<$32+50,!1'6+&3(+%3+&!4%3/,/!3(!4+'/,/!('%&!(1,!0$4+0!

=$='0+(3$&-!(1,!B$<,%&6,&(-!+&2!(1,!3&(,%&+(3$&+0!4$66'&3(>!+B+3&/(!./%+,0-!+&2!

2,0,B3(363Y,!./%+,0;/!/(%'BB0,!+B+3&/(!(,%%$%3/6:!I1'/-!./%+,0;/!'/,!$)!,A4,//3<,!)$%4,!

+B+3&/(!&$&D/(+(,!+4($%/!3/-!3&!(1,!0$&BD(,%6-!4$'&(,%D=%$2'4(3<,:!

!

!

!

!

!

!

!

!

!

!

!

!

!

! "L!

!

!

!

+,-.$/%!0#/1!2,/!0%*3*#4!&5!6/$/%%/#)/!

!

!

"4%-/784!9-$*&#-7!:&-74!

X&4,!./%+,0!*+/!4%,+(,2!3&!a+>!"789-!3(/!366,23+(,!B$+0!*+/!(1,!=1>/34+0!

/,4'%3(>!$)!3(/!0+&2!+&2!=$='0+(3$&-!*130,!3(/!0$&BD(,%6!B$+0!*+/!(1,!,/(+503/16,&(!$)!

=,+4,)'0!+&2!&$%6+0!%,0+(3$&/!*3(1!(1,!&,3B15$%3&B!C%+5!/(+(,/:J!V$*,<,%-!(1,!

4%,+(3$&!$)!(1,!G,*3/1!/(+(,!*+/!6,(!*3(1!$==$/3(3$&!)%$6!3(/!&,3B15$%/:!.&!13/!5$$H!

5*$*"'*+%"&+5!L3.6%7?+!"+F'-%*3H'+G%#!."%3+B*71-!#?+:=L*-!*"7*4+*1341!=%$<32,/!+!

4$6=%,1,&/3<,!+&+0>/3/!$)!./%+,03!/,4'%3(>!2$4(%3&,-!N+<32!b$26+&!*%3(,/!(1+(!

[m./%+,0n!3/!=%$5+50>!(1,!$&0>!/(+(,!3&!(1,!3&(,%&+(3$&+0!/>/(,6!*1$/,!6$/(!5+/34!

%3B1(D!3(/!%3B1(!($!/'%<3<,D!1+/!(%+23(3$&+00>!5,,&!23/='(,2!5>!3(/!,&,63,/:\?!I1,!2+>!

+)(,%!(1,!/(+(,!*+/!2,40+%,2-!(1,!)3%/(!$)!)3<,!./%+,03DC%+5!*+%/!5%$H,!$'(:!!

I1,%,!3/!&$!=%,43/,!4$23)34+(3$&!$)!./%+,03!&+(3$&+0!/,4'%3(>!/(%+(,B>-!*1341!

W%$),//$%!+(!#+%D.0+&!k&3<,%/3(>!S('+%(!E$1,&!+%B',/!1+/!+00$*,2!./%+,0!($!5,!

=%+B6+(34!+&2!)0,A350,!$&!(1,!$&,!1+&2-!5'(!$&!(1,!$(1,%!1+&2-!1+/!=%,<,&(,2!(1,!

%,B'0+%!%,<3,*!$)!+!4$1,/3<,0>!)$%6'0+(,2!&+(3$&+0!/,4'%3(>!2$4(%3&,:K!C!/(+(,;/!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!J!#+%2!R:!X;^,300-![./%+,0\!3&!N$'B0+/!G:!a'%%+>!+&2!W+'0!b:!e3$((3-!()*+5*$*"'!;*+<.3!7!*'+.$+G%#!."'I+,+>.6L%-%#!;*+B#1&?+P#+0(36$%,`!I1,!G$1&/!V$=H3&/!k&3<,%/3(>!W%,//-!@LL8Q-!JL8:!?!N+<32!b$26+&-!5*$*"'*+%"&+5!L3.6%7?+!"+F'-%*3H'+G%#!."%3+B*71-!#?+:=L*-!*"7*+P#%3B1($&`!S'//,A!C4+2,634!W%,//-!@LLJQ-!@:!K!S('+%(!E$1,&-![N+<32!b$26+&;/!p./%+,0;/!^+(3$&+0!S,4'%3(>!N$4(%3&,;`!S$6,!S'BB,/(,2!a$23)34+(3$&/-\!S!&&3*+:%'#+C*;!*A+.$+F"#*-"%#!."%3+,$$%!-'!e$0:!J-!^$:!8!PN,4,65,%!@LL"Q`!"@9:!

! ""!

6303(+%>!2$4(%3&,!3/!(1,!+6+0B+6+(3$&!$)!+//'6=(3$&/-!+//,//6,&(/-!5,03,)/-!

B'32,03&,/-!+&2!$%+0!+&2!*%3((,&!2,43/3$&/:9!I1,!5+/3/!$)!./%+,03!&+(3$&+0!/(%+(,B>-!

*1341!3/!/(300!<+032!($2+>!+44$%23&B!($!6+&>!./%+,03!/(%+(,B3/(/-!*+/!,/(+503/1,2!5>!

N+<32!#,&DZ'%3$&!3&!(1,!0+(,!"78L/!+&2!,+%0>!"7JL/:!.(!3/-!+44$%23&B!($!)$%6,%!a+]$%!

Z,&,%+0!$)!(1,!.NO!./%+,0!I+0-![m./%+,0;/n!5+/34!+&2!=,%6+&,&(!=0+&!)$%!=%,=+%,2&,//-!

2,=0$>6,&(-!+&2!*+%!3&!(1,!2,),&/,!$)!(1,!&+(3$&+0!,A3/(,&4,!$)!(1,!S(+(,!$)!./%+,0!+/!

(1,!/(+(,!$)!(1,!G,*3/1!=,$=0,:\7!I+0!,A=0+3&/!(1+(!./%+,0;/!&+(3$&+0!/,4'%3(>!/(%+(,B>-!

6303(+%>!B$+0/-!+&2!6303(+%>!/(%+(,B>!+%,!+00!3&(,%4$&&,4(,2:"L!./%+,03!&+(3$&+0!

/,4'%3(>!2$4(%3&,!3/!5+/,2!'=$&!+!/,(!$)!+//'6=(3$&/!+5$'(!3(/,0)-!(1,!/'%%$'&23&B!

C%+5!/(+(,/-!+&2!(1,!3&(,%&+(3$&+0!4$66'&3(>:!I1,!)$00$*3&B!+//'6=(3$&/!

2,(,%63&,2!./%+,0;/!=,%4,=(3$&!$)!(1,!(1%,+(/-!4$&/(%+3&(/-!+&2!B$+0/!3(!)+4,2:!

+

9-$*&#-7!;/)(%*$<!=44(>.$*&#4!

! ./%+,0;/!)3%/(!+//'6=(3$&!*+/!(1+(!3(!*+/!+(!+!F'+&(3(+(3<,!23/+2<+&(+B,!

4$6=+%,2!($!3(/!&,3B15$%/-!=,%4,3<3&B!3(/,0)!3&!+!2,)+'0(!/3('+(3$&!$)![(1,!),*!+B+3&/(!

(1,!6+&>:\""!I13/!F'+&(3(+(3<,!+/>66,(%>!6+&3),/(,2!3(/,0)!6$/(!&$(+50>!3&!(,%6/!$)!

B,$B%+=1>!+&2!=$='0+(3$&:!I1$'B1!<34($%3$'/!3&!3(/!"78KD"787!U+%!$)!

.&2,=,&2,&4,-!./%+,0!%,6+3&,2!+!0$&B-!)0+(-!+&2!0$*!(,%%3($%>!*3(1!&$!/(%+(,B34!2,=(1:!

C(!3(/!*32,/(!*+3/(!3&!(1,!&$%(1!+&2!3&!(1,!^,B,<!2,/,%(-!3(/!*32(1!,A(,&2,2!$&0>!+!

),*!2$Y,&!630,/-!+&2!+00!6+]$%!=$='0+(3$&!4,&(,%/-!3&2'/(%3+0!4,&(,%/-!+&2!6303(+%>!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!9!C%3,0!T,<3(,-!\$$*"'*+%"&+5*$*"'*+!"+F'-%*3!+S!3!#%-?+5.7#-!"*+P#$'02,%-!EX`!U,/(<3,*!W%,//-!"77LQ-!"L:!7!./%+,0!I+0-!G%#!."%3+B*71-!#?I+()*+F'-%*3!+:=L*-!*"7*+PU,/(=$%(-!EI`!W%+,B,%!W'503/1,%/-!@LLMQ-!8@:!"L!O$%!+!)'00,%!+%(34'0+(3$&!$)!(1,!3&(%34+(,!%,0+(3$&/!5,(*,,&!./%+,0;/!&+(3$&+0!B$+0/-!/,4'%3(>!/(%+(,B>-!+&2!6303(+%>!+36/-!/,,!./%+,0!I+0-!G%#!."%3+B*71-!#?I+()*+F'-%*3!+:=L*-!*"7*+PU,/(=$%(-!EI`!W%+,B,%!W'503/1,%/-!@LLMQ:!""!I+0-!8":!

! "@!

5+/,/!*,%,!*3(13&!,+/>!%,+41!$)!3(/!6'41!<+/(,%!C%+5!,&,63,/:"@!a$/1,!N+>+&-!(1,!

)$'%(1!.NO!E13,)!$)!S(+))!+&2!0+(,%!N,),&/,!a3&3/(,%!+&2!O$%,3B&!a3&3/(,%-!*%$(,-!

[I1,!,&(3%,!4$'&(%>!3/!+!)%$&(3,%\!5,4+'/,!3(!*+/!/$!/6+00:"M!.&!+223(3$&-!*3(1!/4+%4,!

&+('%+0!%,/$'%4,/-!03((0,!*+(,%-!+&2!+!2,/,%(!4036+(,!/=+&&3&B!1+0)!3(/!(,%%3($%>-!./%+,0!

=$//,//,2!03((0,!%,/$'%4,/!($!/'==$%(!(1,!4$'&(%>;/!2,),&/,!5'2B,(!3&!(1,!4+/,!$)!

0$&B!*+%/-!'&03H,!(1,!C%+5!4$'&(%3,/:!!

! .&!(,%6/!$)!=$='0+(3$&-!./%+,0!+B+3&!/+*!3(/,0)!+(!+!23/+2<+&(+B,!3&!

4$6=+%3/$&!($!(1,!C%+5!/(+(,/:!.&!"789-!./%+,0;/!G,*3/1!=$='0+(3$&!$)!?LL-LLLD

?JL-LLL!*+/!&$!6+(41!)$%!(1,!C%+5!/(+(,/;!4$653&,2!=$='0+(3$&!$)!M@:M!63003$&:!

./%+,0!+//'6,2!(1+(!5,4+'/,!$)!(1,3%!2,6$B%+=134!/'=,%3$%3(>-!(1,!C%+5!4$'&(%3,/!

4$'02!&$(!$&0>!6+3&(+3&!+!0+%B,%!6303(+%>!5'2B,(-!5'(!+0/$!6+3&(+3&!0+%B,%!

=%$),//3$&+0!+%63,/:!./%+,0-!$&!(1,!4$&(%+%>-!4$'02!&$(!+))$%2!($!/'/(+3&!+!)'00>!

6$5303Y,2!+%6>!+(!(1,!4$'&(%>;/!,4$&$634!2,<,0$=6,&(;/!,A=,&/,:"8!T3H,*3/,-!

+((%3(3$&+0!*+%)+%,-!3&!4$&(%+/(!($!(1,!C%+5!/(+(,/!(1+(!4$'02!+))$%2!3(-!*$'02!,A1+'/(!

./%+,0;/!,4$&$634!+&2!6303(+%>!%,/$'%4,/!+&2!6+&=$*,%:!O'%(1,%6$%,-!./%+,0!),+%,2!

(1+(!5,4+'/,!(1,!C%+5!4$'&(%3,/!*,%,!=$='0$'/-!(1,>!4$'02!/*3(41!/'22,&0>!)%$6!

=,+4,(36,!($!*+%-!(+H3&B!+2<+&(+B,!$)!(1,!)+4(!(1+(!./%+,0;/!/6+00!/(+&23&B!+%6>!

*$'02!1+<,!($!*+3(!)$%!(1,!%,/,%<,/!($!6$5303Y,!3&!$%2,%!($!5,!+50,!($!)3B1(!5+4H!

,)),4(3<,0>:"J!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"@!b$26+&-!J:!"M!a341+,0!#%,41,%-!()*+D.-*!8"+<.3!7?+B?'#*6+.$+F'-%*3+P^,*!V+<,&-!EI`!_+0,!k&3<,%/3(>!W%,//-!"7K@Q-!??:!"8!b$26+&-!9:!"J!_$+<!#,&DV$%3&!+&2!#+%%>!W$/,&-!F'-%*3H'+B#-%#*8!7+5.7#-!"*!PS+&(+!a$&34+-!EC`!bC^N-!"79"Q-!8:!

! "M!

! I1'/-!(1,!)3%/(!6+]$%!+//'6=(3$&!3&!./%+,03!&+(3$&+0!/,4'%3(>!2$4(%3&,!3/!(1+(!

./%+,0!3/!+!<34(36!$)!F'+&(3(+(3<,!+/>66,(%>D!(1+(!3(/!,&,63,/!+%,!&+('%+00>!0+%B,%!

+&2!6$%,!=$*,%)'0!(1+&!3(:!b,<3/3$&3/(!13/($%3+&!C<3!S10+36-!3&!13/!5$$H!()*+F-."+

/%33-!%,)'(,/!=+%(/!$)!(13/!(%+23(3$&+0!&+%%+(3<,!$)![(1,!),*!+B+3&/(!(1,!6+&>:\!O$%!

,A+6=0,-!13/!%,/,+%41!2,6$&/(%+(,/!(1+(!5>!632Da+>!"789-!(1,!C%+5!P3%%,B'0+%!+&2!

%,B'0+%Q!)$%4,/!&'65,%,2!),*,%!(1+&!@J-LLL-!*1,%,+/!(1,!&,*0>!)$%6,2!.NO!(%$$=/!

&'65,%,2!6$%,!(1+&!MJ-LLL-!+&2!5>!N,4,65,%!"789!&'65,%,2!6$%,!(1+&!7?-LLL:!

V,!+%B',/-!(1,%,)$%,-!(1+(!(1%$'B1$'(!(1,!*+%-!./%+,03!(%$$=/!+4('+00>!$'(&'65,%,2!

(1,!C%+5!(%$$=/-!,<,&!5>!+!(*$D($D$&,!%+(3$!+(!(1,!,&2!$)!3(:!S10+36!2$,/!&$(!23/63//!

(1,!(%+23(3$&+0!&+%%+(3<,!+/!)34(3(3$'/-!5'(!1,!,A=0+3&/`![I13/!<,%/3$&!3/!0+%B,0>!5+/,2!

$&!(1,!13/($%34+0!)+4(/-!5'(!3(!3/!+!/,0,4(3<,!+&2!/'5],4(3<,!3&(,%=%,(+(3$&!$)!(1,/,!

)+4(/:!.(!3/!=%,43/,0>!5,4+'/,!(13/!<,%/3$&!4$%%,/=$&2/!/$!40$/,0>!($!(1,!=,%/$&+0!

,A=,%3,&4,!+&2!=,%4,=(3$&/!$)!(1,!./%+,03/!*1$!03<,2!(1$'B1!(1,!"789!*+%!(1+(!3(!1+/!

=%$<,2!/$!%,/3/(+&(!($!%,<3/3$&!+&2!41+&B,:\"?!I1,%,)$%,-!&$!6+((,%!(1,!+4('+0!

/(+(3/(34/-!(1,!./%+,03!0,+2,%/13=!+//'6,2!3(/,0)!($!5,!*,+H,%!+&2!/6+00,%!(1+&!3(/!

,&,63,/-!+&2!(13/!+//'6=(3$&!/1+=,2!(1,!&+(3$&+0!/,4'%3(>!/(%+(,B>!(1+(!3(!*$'02!

)$%6:!

! C!/,4$&2!+//'6=(3$&!(1+(!3&)0',&4,2!(1,!/1+=3&B!$)!&+(3$&+0!/,4'%3(>!

/(%+(,B>!*+/!(1+(!./%+,0!*+/!4$&/(+&(0>!'&2,%!,A3/(,&(3+0!(1%,+(!)%$6!(1,!C%+5!/(+(,/:!

N,/=3(,!(1,!./%+,03!<34($%>!3&!(1,!"789!U+%-!#,&DZ'%3$&!+&(343=+(,2D!4$%%,4(0>D!(1+(!

)$00$*3&B!(1,!C%+5!4$'&(%3,/;!1'6303+(3&B!2,),+(-!6$%,!%$'&2/!$)!)3B1(3&B!*$'02!

4$&(3&',!+&2!(1+(!(1,!C%+5/!*$'02!5,!5,((,%!=%,=+%,2!+&2!6$%,!6$(3<+(,2!(1+&!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"?!C<3!S10+36-!()*+F-."+/%33I+F'-%*3+%"&+#)*+,-%2'+'!"7*+MN]Y!P^,*!_$%H`!U:U:!^$%($&-!"777Q-!MM:!

! "8!

5,)$%,:"K!C!*,,H!5,)$%,!(1,!=+&DC%+5!3&<+/3$&!$)!"789-!CYY+6!W+/1+-!(1,!C%+5!

T,+B',;/!/,4%,(+%>!B,&,%+0-!/(+(,2`![.(!2$,/!&$(!6+((,%!1$*!6+&>!G,*/!(1,%,!+%,:!U,!

*300!/*,,=!(1,6!3&($!(1,!/,+:\"9!.&!%,+03(>-!(1,!C%+5!4+6=!2'%3&B!(1,!)3%/(!./%+,03D

C%+5!*+%!*+/!'&=%,=+%,2!+&2!'&4$$%23&+(,2:!I1,!C%+5!+%63,/!1+2!&$!4$66$&!

=$03(34+0!$%!6303(+%>!B$+0-!+&2!&$!+B%,,2!$=,%+(3$&+0!(36,(+50,:"7!!

I1,!"789!U+%!5%$H,!$'(!*1,&!$&!a+>!"J-!(1,!RB>=(3+&-!I%+&/]$%2+&3+&-!

S>%3+&-!T,5+&,/,-!+&2!.%+F3!+%63,/-!+0$&B/32,!W+0,/(3&3+&!6303(3+/!3&<+2,2!(1,!&,*0>!

2,40+%,2!/(+(,:!C)(,%!./%+,0!+413,<,2!<34($%>!*3(1!(1,!4,+/,)3%,!$)!G+&'+%>!K-!"787-!3(!

/$'B1(!($!/3B&!3&23<32'+0!+%63/(34,!(%,+(3,/!*3(1!,+41!$)!(1,!5,003B,%,&(!C%+5!/(+(,/!

'&2,%!(1,!+'/=34,/!$)!(1,!k^:!./%+,0!/,4'%,2!+B%,,6,&(/!)3%/(!*3(1!RB>=(!3&!

O,5%'+%>-!*3(1!T,5+&$&!3&!a+%41-!*3(1!G$%2+&!3&!C=%30-!+&2!*3(1!S>%3+!3&!G'0>:!C(!(1+(!

=$3&(-!./%+,0!5,4+6,!+!/(+('/!F'$!=0+>,%:@L!V3/($%>!=%$),//$%!+(!#,&DZ'%3$&!

k&3<,%/3(>!#,&&>!a$%%3/!+%B',/!(1+(!(1,!C%+5!/(+(,/!<3,*,2!(1,!+%63/(34,!+44$%2/!+/!

/1$%(D(,%6!+B%,,6,&(/-!+&2!4,%(+3&0>!&$(!+&>!)$%6!$)!0$&BD(,%6!=,+4,!(%,+(3,/:@"!

j,,<!a+$Y-!N3/(3&B'3/1,2!W%$),//$%!$)!W$03(34+0!S43,&4,!+(!kE!N+<3/-!,A=0+3&/!(1+(!

./%+,0!/3630+%0>!+//'6,2!(1+(![(1,!C%+5!*$%02!m*+/n!)'&2+6,&(+00>!1$/(30,!($*+%2!

./%+,0:!.(!*$'02!+((,6=(!($!2,/(%$>!(1,!G,*3/1!/(+(,!B3<,&!(1,!%3B1(!41+&4,:\@@!

I1,%,)$%,-!(1,!./%+,03!0,+2,%/13=!'=1,02!(1+(!(1,!C%+5!/(+(,/!*$'02!$&0>!+44,=(!

./%+,0!+)(,%!2,/=+3%3&B!$)!,<,%!2,/(%$>3&B!(1,!G,*3/1!/(+(,!5>!)$%4,:@M!#,&DZ'%3$&!1+2!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"K!j,,<!a+$Y-!5*$*"&!"8+#)*[email protected]?+9%"&+PC&&!C%5$%`!k&3<,%/3(>!$)!a3413B+&!W%,//-!@LL?Q-!K:!"9!#,&&>!a$%%3/-!C!8)#*.1'+W!7#!6'I+,+@!'#.-?+.$+#)*+X!."!'#Q,-%2+>."$3!7#4+MYYMQZ[[M+P^_`!e3&(+B,!#$$H/-!@LL"Q-!@"7:!"7!a$%%3/-!@"7:!@L!a$%%3/-!@J":!@"!a$%%3/-!@J@:!@@!a+$Y-!K:!@M!I+0-!8@:!

! "J!

,0+5$%+(,2!(13/!(1,$%>!+0%,+2>!3&!"7M?!3&!+!0,((,%!($!(1,!G,*3/1!CB,&4>!RA,4'(3<,-!

*%3(3&B`![O$%!$&0>!+)(,%!($(+0!2,/=+3%!$&!(1,!=+%(!$)!(1,!C%+5/-!2,/=+3%!(1+(!*300!4$6,!

&$(!$&0>!)%$6!(1,!)+30'%,!$)!(1,!23/('%5+&4,/!+&2!(1,!+((,6=(!+(!%,5,003$&-!5'(!+0/$!+/!

+!4$&/,F',&4,!$)!$'%!B%$*(1!3&!(1,!4$'&(%>-!6+>!(1,!C%+5/!=$//350>!+4F'3,/4,!3&!+!

G,*3/1!R%,(Y!./%+,0:\@8!I1,%,)$%,-!'&(30!(1,!(36,!4+6,!*1,&!(1,!C%+5!/(+(,/!*$'02!

+44,=(!./%+,0!+/!+&!'&41+00,&B,+50,!)+4(-!./%+,03!&+(3$&+0!/,4'%3(>!2$4(%3&,!1+2!($!

=%$<32,!+!/(%+(,B>!(1+(!*$'02!+00$*!./%+,0!($!/'%<3<,!%,=,+(,2!+((+4H/:!

! I1,!(13%2!+//'6=(3$&!'=$&!*1341!./%+,03!&+(3$&+0!/,4'%3(>!2$4(%3&,!*+/!

)$'&2,2!*+/!./%+,0;/!3&+5303(>!($!%,0>!$&!(1,!3&(,%&+(3$&+0!4$66'&3(>!)$%!3(/!

=%$(,4(3$&!+&2!/'%<3<+0:!a+$Y!,A=0+3&/!(1+(!(1,!,A=,%3,&4,!$)!G,*3/1!=,%/,4'(3$&!

4'063&+(3&B!3&!(1,!V$0$4+'/(-!)%$6!(1,!./%+,03!=,%/=,4(3<,-!=%$<,2!(1+(!(1,!G,*/!

4$'02!&$(!%,0>!$&!+&>!5$2>!5'(!(1,6/,0<,/!($!/,4'%,!(1,3%!,A3/(,&4,:!I+0!

4$%%$5$%+(,/!(1+(!1$/(303(>!($*+%2/!G,*/-!*1,(1,%!2,%3<,2!)%$6!+&(3DS,63(3/6!$%!

&+(3$&+0!3&(,%,/(-!23%,4(0>!3&)0',&4,2!(1,!/1+=3&B!+&2!2,<,0$=6,&(!$)!./%+,0;/!

&+(3$&+0!/,4'%3(>!2$4(%3&,:@J!./%+,03/!=,%4,3<,2!(1,6/,0<,/!+/![+!=,$=0,!(1+(!2*,00/!

+0$&,-\!/3&B'0+%0>!+&2!,&(3%,0>!%,/=$&/350,!'&($!(1,6/,0<,/:@?!

! C44$%23&B0>-!./%+,03!&+(3$&+0!/,4'%3(>!2$4(%3&,!/$'B1(!($!%,6,2>!(1,/,!

+//'6=(3$&/!5>!,0+5$%+(3&B!+!/(%+(,B>!(1+(!*$'02!43%4'6<,&(!$%!4$6=,&/+(,!)$%!(1,!

23/+2<+&(+B,/!+(!*1341!./%+,0!=,%4,3<,2!3(/,0):!O3%/(0>-!3&!4$6=,&/+(3$&!)$%!3(/!

+//'6,2!F'+&(3(+(3<,!3&),%3$%3(>!3&!(,%6/!$)!(,%%3($%>-!./%+,03!6303(+%>!2$4(%3&,!

=%$6=(,2!,6=1+/3/!$&!%,(+03+(3$&!+&2!4+%%>3&B!(1,!5+((0,!($!(1,!,&,6>;/!(,%%3($%>-!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@8!S10+36-!"9:!@J!I+0-!M7:!@?!a+$Y-!7:!

! "?!

/$!+/!($!&$(!2+6+B,!3(/!$*&!3&)%+/(%'4('%,!+&2!0+&2:@K!.&!$%2,%!($!4$6=,&/+(,!)$%!3(/!

2,6$B%+=134!3&),%3$%3(>-!./%+,0!2,<,0$=,2-!+)(,%!(1,!S*3//!6$2,0-!+&!+%6>!$)!

=%$),//3$&+0!/$023,%/!/'==$%(,2!5>!+!=$$0!$)!(%+3&,2!%,/,%<3/(/!*1$!*$'02!'&2,%B$!

4$6='0/$%>!+&2!%,B'0+%!6303(+%>!(%+3&3&B:!C44$%23&B0>-!b$26+&!%,=$%(/!(1+(!./%+,0!

]$H3&B0>!4$3&,2!3(/,0)!+![&+(3$&!3&!+%6/-\!+!&+(3$&!$)!/$023,%/!$&!0,+<,!""!6$&(1/!$'(!

$)!(1,!>,+%:@9!!.&!+223(3$&!($!(%+&/=0+&(3&B!(1,!*+%!($!,&,6>!(,%%3($%>!3&!$%2,%!($!

/+0<+B,!3(/!$*&-!./%+,0!/$'B1(!($!*+B,!/1$%(!*+%/-!*1341!*$'02!4$/(!0,//!6$&,>!+&2!

+%6/-!4+'/,!),*,%!)+(+03(3,/-!+&2!23/%'=(!(1,!43<30!,4$&$6>!+/!0,+/(!+/!=$//350,:!!

! .&!%,/=$&/,!($!),,03&B!'&2,%!=,%=,('+0!(1%,+(-!./%+,03!/,4'%3(>!2$4(%3&,!*+/!

)$%6'0+(,2!+44$%23&B!($!(1,!*$%/(!=$//350,!/4,&+%3$:!.(!/$'B1(!($!5+0+&4,!(1,!

F'+&(3(+(3<,!+/>66,(%>!3(!=,%4,3<,2!5>!/(%3<3&B!($!5,!(,41&$0$B34+00>!+&2!

F'+03(+(3<,0>!/'=,%3$%!(1+&!(1,!C%+5!+%63,/:!I1,!.NO!=%32,/!3(/,0)!$&!(1,!)+4(!(1+(!3(!3/!

/,0)D%,03+&(`!3(!1+/!&,<,%!,+B,%0>!/$'B1(!)$%,3B&!1,0=!$%!B'32+&4,!3&!(1,!+%,+/!$)!

6+&=$*,%-!(%+3&3&B-!+&2!2$4(%3&,:!S'5],4(!($!<3B$%$'/!(%+3&3&B-!(1,!.NO;/!6+&=$*,%!

1+/!+0*+>/!5,,&!6$%,!)3(-!6$%,!,2'4+(,2!+&2!6$%,!6$(3<+(,2!(1+&!3(/!C%+5!

4$'&(,%=+%(:@7!.(/!6303(+%>!+%/,&+0!1+/!+0/$!/'%=+//,2!(1+(!$)!(1,!C%+5!4$'&(%3,/:!

W%3$%!($!"7?K-!3(!1+2!=%$2'4,2!4$65+(!+3%4%+)(-!&+<+0!<,//,0/-!+66'&3(3$&-!/6+00!

+%6/-!63//30,/-!+&2!,0,4(%$&34/-!+/!*,00!+/!(1,!+00,B,2!&'40,+%!5$65:!C)(,%!(1,!_$6!

l3=='%!U+%!$)!"7KM-!(1,!+%6/!3&2'/(%>!5$$6,2-!='((3&B!)$%(1!/=+4,D5$%&,!/>/(,6/-!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@K!#,&DV$%3&!+&2!W$/,&-!@7:!@9!b$26+&-!"M:!@7!b$26+&-!"":!

! "K!

5+003/(34/!63//30,/-!+&(3D5+003/(34!63//30,!/>/(,6/-!W%,43/3$&!Z'32,2!a'&3(3$&/!PWZaQ-!

)3B1(3&B!<,1340,/-!+&2!+3%4%+)(:ML!

! R<,&!(1$'B1!./%+,0!5,03,<,2!(1+(!(1,!3&(,%&+(3$&+0!4$66'&3(>!4$'02!&$(!5,!

%,03,2!'=$&!($!,&/'%,!./%+,0;/!=1>/34+0!/,4'%3(>-!3(/!0,+2,%/!232!'&2,%/(+&2!(1,!

5,&,)3(!$)!4'0(3<+(3&B!/(%+(,B34!+003+&4,/-!&$(+50>!*3(1!*$%02!=$*,%/:!#,&DZ'%3$&!

5,03,<,2!(1+(!(1$'B1!/'==$%(!4$'02!&$(!B'+%+&(,,!./%+,0;/!=1>/34+0!/,4'%3(>-!3(!*$'02!

2,)3&3(,0>!,&1+&4,!3(:M"!RA4,=(!)$%!(1,!)3%/(!*+%!3&!"789-!./%+,0!1+/!%,4,3<,2!6303(+%>!

+&2!)3&+&43+0!+//3/(+&4,!3&!,<,%>!C%+5D./%+,03!*+%:!.(!/,4'%,2!+32!)%$6!(1,!kSSb!

P(1%$'B1!EY,41$/0$<+H3+Q!)%$6!"78K!($!"787-!O%+&4,!)%$6!"7JJ!($!"7?9-!U,/(!

Z,%6+&>!)%$6!"7JM!($!"7?K-!+&2!+)(,%!"7?K-!6$/(0>!)%$6!(1,!k&3(,2!S(+(,/:M@!

E$6=0>3&B!*3(1!(1,!234('6![(1,!,&,6>!$)!6>!,&,6>!3/!6>!)%3,&2-\!./%+,0!+0/$!/$'B1(!

($!)$%B,!+&![+003+&4,!$)!(1,!=,%3=1,%>\!*3(1!(1,!&$&DC%+5!/(+(,/!$)!I'%H,>!+&2!.%+&-!

+&2!%,B3$&+0!63&$%3(3,/!/'41!+/!(1,!l'%2/!$)!.%+F-!(1,!C)%34+&/!$)!S'2+&-!+&2!(1,!

E1%3/(3+&/!$)!T,5+&$&:!I1'/-!./%+,03!&+(3$&+0!/,4'%3(>!2$4(%3&,!*+/!4$6=30,2!+/!+!

4$00,4(3<,!%,/=$&/,!($!(1,!/3('+(3$&!$)!(1%,+(!+&2!23/+2<+&(+B,/!(1+(!./%+,0!

=,%4,3<,2:!#,4+'/,!./%+,0!4$&/(+&(0>!),0(!(1%,+(,&,2-!(1,!.NO!4$&/(+&(0>!=,%4,3<,2!3(/!

+4(3$&/!+/!2,),&/3<,-!,<,&!*1,&!3(/!6303(+%>!$=,%+(3$&/!5,4+6,!$)),&/3<,:MM!

!

!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!ML!b$26+&-!"7:!M"!T,<3(,-!@7:!M@!a341+,0!V+&2,0-![R<$0'(3$&!$)!./%+,03!S(%+(,B>-\!3&!,2:!U:!a'%%+>-!a:!l&$A-!C:!#,%&/(,3&-!()*+S%^!"8+.$+B#-%#*8?I+C13*-'4+B#%#*'4+%"&+/%-!PE+65%32B,`!E+65%32B,!k&3<,%/3(>!W%,//-!"778Q-!J87:!MM!j,,<!N%$%>-!F'-%*3H'+C*L-!'%3+<.3!7?I+MNOPQMNORI+()*+5?"%6!7'+.$+S!3!#%-?+C*#%3!%#!."!Pkl`!O%+&H!E+//-!@LLJQ-!K:!

! "9!

2,/!2,/&%<!&5!6/$/%%/#)/!-#'!6*4.%&.&%$*&#-7*$<!!

! C!)'&2+6,&(+0!(,&+&(!$)!./%+,03!&+(3$&+0!/,4'%3(>!2$4(%3&,!3/!2,(,%%,&4,:!

N,(,%%,&4,!(1,$%>-!+/!3(!1+/!5,,&!3&(%$2'4,2-!*+/!2,<,0$=,2!2'%3&B!(1,!E$02!U+%!($!

1,0=!/(+(,/!4$=,!*3(1!(1,!53=$0+%!+&2!=$(,&(3+0!&'40,+%!4$&)034(:!N,(,%%,&4,!(1,$%>!

(1,%,)$%,!0,+&/!1,+<30>!$&!(1,!,A=,%3,&4,/!$)!&'40,+%!(1%,+(!+&2!(1,!5+0+&43&B!$)!

(*$!/'=,%=$*,%/!$)!F'+/3D,F'+0!(%,6,&2$'/!4+=+5303(3,/:M8!.&!(1,!./%+,03DC%+5!

4$&(,A(-!(13/!)%+6,*$%H!3&<$0<3&B!&'40,+%!=$*,%/!$)!/3630+%!4+=+5303(3,/!3/!

3&+==034+50,:MJ!.&/(,+2-!(13/!=+=,%!*300!+&+0>Y,!2,(,%%,&4,!3&!+!4$6=0,(,0>!23)),%,&(!

)%+6,*$%HD!(1+(!$)!+/>66,(%34+0!*+%)+%,!=3((3&B!+!4$&<,&(3$&+0!&+(3$&+0!+%6>!P(1,!

.NOQ!+B+3&/(!&$&D/(+(,!B',%%300+!$%!6303(3+!$%B+&3Y+(3$&/-!/'41!+/!(1,!WTX!+&2!6$/(!

%,0,<+&(!1,%,-!V,Y5$00+1:!!

! I1,!.NO!1+/!&$(!2,<,0$=,2!3(/!$*&!$))343+0!(1,$%>!$)!2,(,%%,&4,-!5'(!'/,/!(1,!

E$02!U+%!(,%6/!$)!3(!3&!6+&>!+/=,4(/:!a+&>!$)!(1,!(,%6/!3&!(1,!+4+2,634!=$03(34+0!

03(,%+('%,!3&!(1,!"7JL/!/'41!+/![=%,D,6=(3<,!/(%3H,-\![2,(,%%,&4,-\!$%![4$6=,00,&4,\!

*,%,!*32,0>!(%+&/0+(,2!+&2!'/,2!3&!(1,!a3220,!R+/(:!.&!./%+,0-!(1,!=$03(34+0!+&2!

6303(+%>!/(%+(,B3/(/!2,<,0$=,2!+&2!&'+&4,2!(1,/,!(,%6/!3&!%,0+(3$&!($!./%+,0:M?!

a303(+%>!)$%4,-!(1,!.NO!'&2,%/($$2-!*+/!&$(!,&$'B1!($!B'+%+&(,,!3(/!/'%<3<+0!+&2!

/,4'%3(>:!N,(,%%,&4,!+4(/!'=$&!&$(!$&0>!(1,!+5303(3,/!P6303(+%>!63B1(Q!$)!(1,!,&,6>-!

5'(!3(/!6$(3<+(3$&-!$%!2,/3%,!($!B$!($!*+%:!I1,%,)$%,-!=%,),%%3&B!($!2,(,%!3(/!,&,63,/!

(1+&!1+<3&B!($!+4('+00>!)3B1(!(1,6-!./%+,03!&+(3$&+0!/,4'%3(>!2$4(%3&,-!+44$%23&B!($!k%3!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!M8!W+(%34H!a$%B+&-!5*#*--*"7*+G.A+PE+65%32B,`!E+65%32B,!k&3<,%/3(>!W%,//-!@LLMQ-!9:!MJ!I1,!4$&)034(!3/!&$(!+!&'40,+%!4$&)034(!5,4+'/,!./%+,0!1+/!&$(!2,40+%,2!3(/!&'40,+%!4+=+5303(3,/!+&2!./%+,0;/!+/>66,(%34+0!+2<,%/+%3,/!+%,!&$&D&'40,+%:!I1,%,)$%,-!(1,!4$&)034(!4+&&$(!5,!+&+0>Y,2!(1%$'B1!(1,!=%3/6!$)!&'40,+%!4$&)034(-!*1341!%,<$0<,/!+%$'&2!(1,!=$//35303(>!$)!a'('+00>!C//'%,2!N,/(%'4(3$&!PaCNQ:!M?!N%$%>-!9:!

! "7!

#+%DG$/,=1-!=%$),//$%!$)!3&(,%&+(3$&+0!%,0+(3$&/!+(!V+3)+!k&3<,%/3(>-!1+/!%,03,2!$&!

/,<,%+0!(>=,/!$)!2,(,%%,&4,!*1341!+4(!'=$&!(1,!,&,6>;/!=,%4,=(3$&!P23/%,B+%23&B!

(1,!%,+03(>Q!$)!./%+,0;/!6303(+%>!=$*,%:!R<,&!3&!=,+4,(36,-!(1,!.NO;/!B$+0!3/!($!

6+3&(+3&!+!/(%$&B!=$/('%,!$)!2,(,%%,&4,!<3/DiD<3/!3(/!,&,63,/:!! !

! ./%+,0!4%,+(,/!2,(,%%,&4,!5>!/,((3&B![%,2!03&,/\!*1$/,!4%$//3&B!$)!5>!(1,!

,&,6>!3/!]'/(!4+'/,!)$%!*+%:!I1,![%,2!03&,/\!3&40'2,!+!2+&B,%$'/!4$&4,&(%+(3$&!$)!

C%+5!)$%4,/-!1$/(30,!+4(/!6,+&(!($!0'%,!./%+,0!3&($!+!*+%!$)!+((%3(3$&!P/'41!+/!

(,%%$%3/6-!)3%3&B!$&!/,((0,6,&(/-!1+%+//6,&(Q-!+&2!(1,!(1%,+(!$)!+!)'00D/4+0,!*+%:MK!

./%+,0!*+%&/!(1+(!3(!*300!=%,,6=(-!$%!/(%3H,!)3%/(-!3&!(1,!)+4,!$)!/'41!+&!3663&,&(!

(1%,+(:!C44$%23&B!($!(13/![B,&,%+0!2,(,%%,&4,-\!(1,!B$+0!$)!2,(,%%,&4,!3/!)$%!(1,!

,&,6>!($!'&2,%B$!+!0,+%&3&B!=%$4,//!+5$'(!*1+(!(1,/,!%,2!03&,/!+%,!+&2!1$*!6'41!

./%+,0!*300!%,/=$&2!($!(1,!,&,6>;/!<3$0+(3$&!$)!(1,6:!./%+,0!+0/$!'/,/![/=,43)34!

2,(,%%,&4,-\!3//'3&B!*+%&3&B/!($!/=,43)34!+4($%/!*1$!+%,!(1%,+(,&3&B!($!./%+,0:!#$(1!

(>=,/!$)!2,(,%%,&4,!+%,!6,+&(!($!5'302!'=!+&!+'%+!$)!=$*,%!$)!(1,!4$'&(%>!3&!$%2,%!

($![,&/'%,!(1+(!(13&H3&B!+5$'(!+&!+((+4H!&,<,%!B$,/!<,%>!)+%-\!,A=0+3&/!W+(%34H!

a$%B+&-!,A=,%(!$&!&+(3$&+0!+&2!3&(,%&+(3$&+0!/,4'%3(>!6+((,%/-!3&40'23&B!

2,(,%%,&4,:M9!!

! I1,!$(1,%!(*$!)$%6/!$)!2,(,%%,&4,!(1+(!./%+,03!&+(3$&+0!/,4'%3(>!%,03,/!$&!+%,!

[2,(,%%,&4,!5>!2,&3+0\!+&2![2,(,%%,&4,!5>!='&3/16,&(:\!I1,!)$%6,%!+36/!($!

/'44,//)'00>!=%,<,&(!(1,!+2<,%/+%>!)%$6!+413,<3&B!3(/!B$+0/-!/'41!+/!$5(+3&3&B!+&2!

0+'&413&B!%$4H,(/!$%!+((+4H3&B!6303(+%>!5+/,/:!N,(,%%,&4,!5>!2,&3+0-!(1,%,)$%,-!

+((,6=(/!($!=%,<,&(!(1,!=$//35303(>!$)!*+%!+(!+00:!a$%B+&!*%3(,/`![W%,<,&(3$&!*+/!($!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!MK!I+0-!JJ:!M9!a$%B+&-!9L:!

! @L!

5,!+413,<,2!<3+!6+&3='0+(3&B!(1,!$==$&,&(;/!(13&H3&B-!6+H3&B!2,(,%%,&4,!+!

L'?7).3.8!7%3!%,0+(3$&/13=:\M7!E$&(%+/(3&B0>-!2,(,%%,&4,!5>!='&3/16,&(!3&<$0<,/!

3&)034(3&B!1,+<>!4$/(/!$&!(1,!+2<,%/+%>!*1,&!3(!2$,/!2,432,!($!+((+4H-!/$!(1+(!3(!*300!

1,/3(+(,!($!+((+4H!+B+3&!3&!(1,!)'('%,:!I1,!+36!$)!+!=$034>!$)!='&3/16,&(!3/!)$%!(1,!

6303(+%>!($!(+H,!='&3(3<,!6,+/'%,/!/$!+/!($!40+%3)>!($!(1,!+2<,%/+%>!(1+(!4$&(3&'3&B!

3(/!+4(3$&/!3/!6$%,!2+6+B3&B!(1+&!5,&,)343+0!+&2!(1,%,)$%,!4$6=,0!3(!($!4,+/,!3(/!

+((+4H/:8L!.&)034(3&B!1,+<>!='&3/16,&(!$&!+!5,003B,%,&(!+2<,%/+%>!4+&!1'6303+(,!(1,!

,&,6>!+/!*,00!+/!3&4%,+/,!3(/!+&2!$(1,%!,&,63,/;!=,%4,=(3$&/!$)!(1,!4$/(/!+&2!%3/H/!

$)!+((+4H3&B!./%+,0:!

! S3&4,!2,(,%%,&4,!3/!+!/(%+(,B>!+((,6=(3&B!($!+0(,%!(1,!+2<,%/+%>;/!4$/(D5,&,)3(!

+&+0>/3/!+&2!4$&<3&4,!3(!($!&$(!+((+4H!5>!*+>!$)!(1%,+(/-!3(!3/!4%'43+0!)$%!(1,!+4($%!($!

,/(+503/1!4%,235303(>!<3/DiD<3/!3(/!,&,6>:!I1,!2,(,%%,%!6'/(!4$&<3&4,!3(/!+2<,%/+%>!

(1+(!3(!1+/!5$(1!(1,!4+=+5303(3,/!($!3&)034(!1,+<>!='&3/16,&(!+/!*,00!+/!(1,!6$(3<+(3$&!

($!2$!/$:![U1+(!2,(,%%,2!*+/!&$(!(1,!(1%,+(-!5'(!(1+(!3(!*+/!5,03,<,2-\!*%3(,/!

a$%B+&:!U1,(1,%!$%!&$(!(1,!+4($%!1+/!(1,!4+=+5303(>!$%!6$(3<+(3$&!($!4+%%>!$'(!3(/!

(1%,+(!3/!3%%,0,<+&(:!U3(1!%,B+%2!($!./%+,0-!I+0!*%3(,/`![I1,!2,(,%%,&(!,)),4(!$)!(1,!.NO!

3/!,&1+&4,2!&$(!$&0>!5>!<34($%>!3&!)'00D/4+0,!*+%/!5'(!5>!$=,%+(3$&/!5,(*,,&!*+%/-!

$=,%+(3$&/!(1+(!+%,!=+%(!$)!./%+,0;/!$&B$3&B!2,),&/,!+4(3<3(3,/:\8"!I1,/,!$=,%+(3$&/!

3&40'2,!4$66+&2$!%+32/-!=+3&)'0!%,=%3/+0!%+32/-!+&2!2,6$&/(%+(3$&/!$)!6303(+%>!

/'=,%3$%3(>-!3&(,&2,2!($!=%$<,!./%+,0;/!4+=+43(>!($!='&3/1-!+&2!3(/!*300!($!2$!/$:!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!M7!a$%B+&-!"M:!8L!N%$%>-!M:!8"!I+0-!J@:!

! @"!

C&!36=$%(+&(!,0,6,&(!$)!2,(,%%,&4,!(1,$%>!3/!(1,!+//'6=(3$&!$)!5$(1!=+%(3,/;!

%+(3$&+03(>:!N,(,%%,&4,!(1,$%>!+//'6,/!(1+(!(1,!+4($%/!,A1353(!%+(3$&+0!(13&H3&B!

*1,&!*,3B13&B!(1,!4$/(/!+&2!5,&,)3(/!$)!%,+03Y3&B!(1,!32,+!$)!+!5,003B,%,&(!+((+4H!+&2!

(1,!(1%,+(,&,2!4$&/,F',&4,/:!!

./%+,0;/!&+(3$&+0!/,4'%3(>!2$4(%3&,!+%$/,!$'(!$)!(1,!%,+03Y+(3$&!(1+(!./%+,0!

4$'02!&$(!41+&B,!$%!,<,&!6+3&(+3&!(1,!/(+('/!F'$!5>!)$%4,:!#,4+'/,!./%+,0!5,03,<,2!

(1+(!(1,!/+6,!4$'02!&$(!5,!/+32!)$%!(1,!C%+5!4$'&(%3,/-!(1,!.NO!4$&4,&(%+(,2!$&!

2,(,%%3&B!(1,!C%+5!4$'&(%3,/!)%$6!(1%,+(,&3&B!$%!0+'&413&B!+((+4H/!+B+3&/(!./%+,0:!

C%3,0!T,<3(,!*%3(,/!(1+(![2,(,%%,&4,!1+/!&$(!$&0>!5,4$6,!(1,!4,&(,%=3,4,!$)!./%+,03!

=$034>!<,%/'/!(1,!C%+5/-!5'(!./%+,03!=$034>6+H,%/!1+<,!4$&/3/(,&(0>!+((+41,2!($!3(!

4%3(34+0!/,4'%3(>!36=$%(+&4,!3&!%,2%,//3&B!./%+,0;/!/(%+(,B34!<'0&,%+5303(>:\8@!

I1%$'B1$'(!(1,!>,+%/-!(1,!.NO!1+/!%,6+3&,2!)+3(1)'0!($!(1,!2$4(%3&,!$)!2,(,%%,&4,-!

+&2!3&!(1,!4+/,!$)!3(/!)+30'%,-!($!$)),&/3<,!*+%)+%,:!.&!)+4(-!)$%6,%!.NO!E13,)!$)!S(+))!

a$/1,!_++0$&!1,02!/(%$&B0>!($!(1,!2,(,%%,&4,!(%+23(3$&!3&!4'%%,&(!6303(+%>!2$4(%3&,:!

V,!%,4,&(0>!/(+(,2-!qU,!6'/(!6+H,!3(!40,+%!(1+(!*,!1+<,!(1,!+5303(>!($!%,/=$&2!

)$%4,)'00>!($!,<,%>!+((,6=(!($!'/,!(,%%$%!+B+3&/(!'/-!+&2!(1+(!*,!*300!&$(!1,/3(+(,!($!

2$!/$!mrn!.&!(13/!4$&(,A(-!*,!6'/(!403&B!($!(1,!=%3&43=0,!(1+(!(1,!5,/(!2,),&/,!3/!

$)),&/,:\8M!I1,!4,&(%+03(>!$)!2,(,%%,&4,!3&!./%+,0;/!&+(3$&+0!/,4'%3(>!2$4(%3&,!1+2!

2,,=0>!+)),4(,2!(1,!.NO;/!$'(0$$H!+&2!%,+/$&3&B:!!#,4+'/,!$)!(1,!2,(,%63&+(3$&!$)!

(1,!/(+(,!($!%,/($%,!3(/!2,(,%%,&4,!=$/('%,!+&2!=%$<,!3(/!+5303(>!+&2!2,/3%,!($!3&)034(!

='&3/16,&(!$&!+!5,003B,%,&(!+2<,%/+%>-!3(!6+>!'/,!(1,!/(%+(,B>!$)!23/=%$=$%(3$&+(,!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!8@!T,<3(,-!8K:!8M!Z30!b$&,&-![a3&3/(,%!_++0$&`!#,/(!N,),&/,!3/!X)),&/,-\!,-1#U+B)*;%+P"K!O,5%'+%>!@L"LQ+_./%+,0^+(3$&+0^,*/:4$6s:!

! @@!

)$%4,:!I1,!)$00$*3&B!41+=(,%!*300!2,6$&/(%+(,!1$*!(1,!4'0('%,!$)!$)),&/3<,!2,),&/,!

3&!./%+,03!&+(3$&+0!/,4'%3(>-!+&2!,/=,43+00>!(1,!,6=1+/3/!$&!2,(,%%,&4,!5>!

='&3/16,&(!1+/!/03==,2!3&($!+!1+53(!$)!,A4,//3<,!%,(+03+(3$&:!

!

! !

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

! @M!

!

!

!

+,-.$/%!2?&1!@-%7<!A4/4!&5!6/$/%%/#)/!2,%&(3,!6*4.%&.&%$*&#-7*$<!

!

!

./%+,0;/!=,%4,=(3$&!$)!3(/,0)!+/!+!/6+00!+&2!&+('%+00>!*,+H!&+(3$&!/'%%$'&2,2!

5>!6'41!0+%B,%!+&2!=$(,&(3+00>!6$%,!=$*,%)'0!,&,63,/!0,2!./%+,03!0,+2,%/!($!

,0+5$%+(,!+!6303(+%>!2$4(%3&,!(1+(!(1,>!40+36,2!($!5,!2,),&/3<,!3&!&+('%,-!5'(!F'34H!

($!5,4$6,!$)),&/3<,!'&2,%!(1%,+(:!./%+,0!1+/!&$!4$&/(3('(3$&-!&$!)$%6+0!2,)3&3(3$&!$)!

(1,!2,43/3$&D6+H3&B!=%$4,//!3&!6+((,%/!$)!&+(3$&+0!/,4'%3(>-!+&2!&$!&+(3$&+0!/,4'%3(>!

4$'&430:!.&!$%2,%!($!6+H,!&+(3$&+0!/,4'%3(>!2,43/3$&/-!(1,!=%36,!63&3/(,%!+&2!13/!

4+53&,(!(1,%,)$%,!%,0>!=%36+%30>!$&!(1,!E13,)!$)!S(+))-!(1,!.NO-!+&2!(1,!3&(,003B,&4,!

4$66'&3(>!)$%!3&)$%6+(3$&!+&2!+&+0>/3/!$)!/,4'%3(>!3//',/:!a341+,0!V+&2,0-!,A=,%(!

$&!6303(+%>!/(%+(,B>!+&2!=%$),//$%!$)!&+<+0!/(%+(,B>!+(!(1,!k:S:!^+<+0!U+%!E$00,B,-!

+22/-![./%+,0;/!,+%0>!6303(+%>!*,+H&,//,/!+&2!/'5/,F',&(!6303(+%>!/(%,&B(1!B+<,!%3/,!

($!+!m&+(3$&+0!/,4'%3(>n!/(%+(,B>!2$63&+(,2!5>!6303(+%>!4$&/32,%+(3$&/:\88!I1,!0+4H!$)!

+&!$))343+0!/(%'4('%,!3&!(1,!2,43/3$&D6+H3&B!=%$4,//!+00$*/!6303(+%>!/(%+(,B>!($!5,!

+2+=(+50,!($!<+%>3&B!43%4'6/(+&4,/-!5'(!3(!+0/$!6,+&/!3(!3/!0,//!/'5],4(!($!4$&(%$0!+&2!

%,<3,*:!./%+,03!6303(+%>!/(%+(,B>!1+/!%,6+3&,2!(%',!($!3(/!)$'&2+(3$&/-!%,0>3&B!$&!(1,!

2,6$&/(%+(3$&!$)!6303(+%>!63B1(!($!6+3&(+3&!2,(,%%,&4,!<3/DiD<3/!5$(1!$(1,%!/(+(,/!

+&2!&$&D/(+(,!+4($%/!,&B+B,2!3&!0$*D3&(,&/3(>!*+%)+%,!+B+3&/(!3(:!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!88!V+&2,0-!3&!,2:!a'%%+>-!l&$A-!+&2!#,%&/(,3&-!JKJ:!

! @8!

2,/!B/3*##*#3!&5!C&?D"#$/#4*$<!E-%5-%/!

! T$*D3&(,&/3(>!*+%)+%,!5,B+&!366,23+(,0>!)$00$*3&B!(1,!,&2!$)!(1,!"789!U+%-!

6+3&0>!3&!(1,!)$%6!$)!3&)30(%+(3$&!+&2!5$%2,%!40+/1,/:!X<,%!(1,!4$'%/,!$)!(1,!*+%-!

KLL-LLL!W+0,/(3&3+&/!*,%,!23/=0+4,2!($!&,3B15$%3&B!C%+5!4$'&(%3,/!$%!(1,!U,/(!

#+&H!+&2!(1,!Z+Y+!S(%3=:8J!W+0,/(3&3+&!%,)'B,,/!/$'B1(!($!3&)30(%+(,!5+4H!+4%$//!(1,!

+%63/(34,!5$%2,%/!3&($!./%+,0!)$%!<+%3$'/!%,+/$&/`!/$6,!*,%,!$*&%?**"-!$%!/,0)D

/+4%3)34,%/-!+363&B!($!4+%%>!$'(!(,%%$%3/(!+4(3$&/!$%!(+H,!%,<,&B,!$&!./%+,03/d!/$6,!

/$'B1(!($!%,4$<,%!(1,3%!=$//,//3$&/!3&!(1,3%!)$%6,%!1$6,/!$%!(,&2!($!(1,3%!0+&2d!

/$6,!1$=,2!($!%,/,((0,!$&!(1,3%!0$/(!0+&2!$%!<3/3(!%,0+(3<,/d!/$6,!*,%,!(13,<,/!+&2!

/6'BB0,%/d!+&2!$(1,%!/(300!*,%,!#,2$'3&/!5%3&B3&B!(1,3%!03<,/($4H!($!B%+Y,!$&!

B%,,&,%!B%+//:8?!C5$'(!"L-LLLD"J-LLL!3&432,&(/!($$H!=0+4,!+&&'+00>!5,(*,,&!"787!

+&2!"7J8-!+&2!a$%%3/!40+36/!(1+(!)+%!0,//!(1+&!"L!=,%4,&(!$)!(1,!3&)30(%+($%/!4+6,!

*3(1!(1,!,A=%,//!='%=$/,!$)!+((+4H3&B!./%+,03!(+%B,(/:!S(300-!5,(*,,&!"7J"!+&2!"7JJ-!

3&)30(%+($%/!H300,2!+%$'&2!MLL!./%+,03/:!.&!+223(3$&-!3&)30(%+(3$&!4+'/,2!./%+,0!23%,4(!

+&2!3&23%,4(!)3&+&43+0!2+6+B,!3&!(1,!)$%6!$)!/($0,&!=%$=,%(>!+&2!(1,!&,,2!)$%!+&!

3&4%,+/,!3&!43<303+&!B'+%2/:!I1'/-!&+('%+00>-!+!/3('+(3$&!$)!=1>/34+0!3&/,4'%3(>-!

2,6$%+03Y+(3$&-!+&2!,4$&$634!0$//!=,%<+2,2!+0$&B!(1,!5$%2,%!/,((0,6,&(/:8K!

! j,,<!N%$%>!+&+0>Y,/!(1+(!=,%3$2/!$)!4$&(3&'$'/!+%6,2!4$&)034(!(,&2!($!

3&4%,+/,!(1,!%,/$%(!($!(1,!'/,!$)!<3$0,&4,:!.&2,,2-!(1$'B1!(1,!5'0H!$)!./%+,03!,))$%(!

*+/!3&3(3+00>!2,<$(,2!($!2,),&/3<,!6,+/'%,/!($!=%$(,4(!(1,!5$%2,%!/,((0,6,&(/!)%$6!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!8J!a$%%3/-!@J@:!8?!S10+36-!K9:!8K!a$%%3/-!@KLD@K":!

! @J!

3&)30(%+($%/-!(1,!./%+,03!%,/=$&/,!($!(1,/,!3&)30(%+(3$&/!5,4+6,!=%36+%30>!6303(+%>:89!

U1,&!a$/1,!N+>+&!5,4+6,!E13,)!$)!S(+))!+(!(1,!,&2!$)!"7JM-!1,!2,<,0$=,2!+&!

$)),&/3<,!6303(+%>!/=3%3(-!+%B'3&B!(1+(`![I1,/,!+%,!&$(!3/$0+(,2!3&432,&(/!(1+(!/(,6!

)%$6!=,%/$&+0!6$(3<,/-!5'(!%+(1,%!+&!$%B+&3Y,2!+4(-!4$663((,2!*3(1!(1,!H&$*0,2B,!

$)!C%+5!/(+(,/-!+&2!+/!+!%,/'0(!$)!RB>=(3+&!3&3(3+(3<,:\87!C44$%23&B!($!a341+,0!V+&2,0-!

13/!6$(($!*+/!(1,%,)$%,-![U1,&!3&!2$'5(-!+0*+>/!+((+4H:\!I1,!.NO!$%2,%,2!)%$&(D03&,!

'&3(/!+0$&B!(1,!5$%2,%/!($!/1$$(!+(!+&>(13&B!6$<3&B!+(!&3B1(-!+&2!+(!,<,%>!+2'0(!6+0,!

2'%3&B!(1,!2+>(36,:!a3&,/!+&2!5$$5>!(%+=/!*,%,!0+32-!+&2!+22,2!($!(1,!/1$$(3&B/-!

H300,2!'=!($!J-LLL!3&)30(%+($%/!,<,%>!>,+%!5,(*,,&!"787!+&2!"7J?:JL!!

! .&!+223(3$&!($!(1,!63&,/-!5$$5>!(%+=/-!+&2!/1$$(3&B/-!(1,!.NO!+2$=(,2!+!(3(D

)$%D(+(!/(%+(,B>!$)!%,=%3/+0!%+32/!P3&!V,5%,*![L*13.#+#%8613\Q!+B+3&/(!(1,!<300+B,/!

/1,0(,%3&B!(1,!3&)30(%+($%/:J"!I1,!%,=%3/+0/!*,%,!'/'+00>!4%$//D5$%2,%!%+32/!4+%%3,2!

$'(!5>!/6+00!'&3(/!$)!3&)+&(%>6,&:!I1,!2,40+%,2!$5],4(3<,!$)!%,(+03+(3$&!*+/!($!5%,+H!

(1,!41+3&!$)!<3$0,&4,!(1%$'B1!+!4$&40'/3<,!6303(+%>!$=,%+(3$&!$&!(1,!$(1,%!/32,!$)!(1,!

5$%2,%:!C44$%23&B!($!a$%%3/-!(1,/,!%,(+03+($%>!/(%3H,/!1+2!(1%,,!='%=$/,/`!%,<,&B,-!

='&3/16,&(-!+&2!2,(,%%,&4,:!I1,!$=,%+(3$&/!*,%,!/,,&!+/!23%,4(!%,/=$&/,/!($!(1,!

3&)30(%+(3$&/;!2+6+B,:!N+>+&!4$&(,&2,2!(1+(!(1,!%,(+03+($%>!%+32/!*,%,!&,4,//+%>!($!

,65+%%+//!(1,!C%+5!&+(3$&+0!+%63,/!/$!+/!($!4$6=,0!(1,6!($!/($=!(1,!3&)30(%+($%/!$&!

(1,3%!/32,!$)!(1,!5$%2,%:![a$%,$<,%-\!*%3(,/!a$%%3/-![(1,!/(%3H,/!/,&(!$'(!+!6,//+B,!

$)!/(%+(,B34!2,(,%%,&4,!($!(1,!C%+5!/(+(,/:!I1,>!2,6$&/(%+(,2-!)$%!+00!($!/,,-!(1+(!(1,!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!89!N%$%>-!@:!87!a+$Y-!87:!JL!a$%%3/-!@K8:!J"!O$%!+!4$6=0,(,!,A+63&+(3$&!$)!%,(+03+($%>!+4(3$&/-!./%+,03!0,+2,%/;!+((3('2,/!($*+%2/!%,(+03+(3$&-!+&2!(1,!2,(,%63&+(3$&!$)!6303(+%>!+&2!=$03(34+0!=$034>!3&!(1,!"7JL/-!/,,!j,,<!N%$%>-!F'-%*3H'+C*L-!'%3+<.3!7?I+MNOPQMNORI+()*+5?"%6!7'+.$+S!3!#%-?+C*#%3!%#!."!Pkl`!O%+&H!E+//-!@LLJQ:!

! @?!

.NO!*+/!)+%!6$%,!=$*,%)'0!+&2!,))343,&(!(1+&!+&>!$)!(1,!C%+5!+%63,/-!(1'/!='/13&B!

5+4H!(1,!2+>D+&2!=$//35303(>D!$)!+!p/,4$&2!%$'&2;:\J@!!

! I1,/,!%+32/!,A1353(,2!+!1+53(!$)!,A4,//3<,-!$%!23/=%$=$%(3$&+(,-!%,(+03+(3$&!

(1+(!(1,!.NO!2,<,0$=,2!3&!0$*D3&(,&/3(>!4$&)034(:!!b,(+03+($%>!%+32/!*,%,!4+%%3,2!$'(!

+B+3&/(!S>%3+&-!RB>=(3+&-!T,5+&,/,!+&2!G$%2+&3+&!6303(+%>-!5'(!+0/$!43<303+&-!

(+%B,(/:JM!a$/1,!N+>+&;/!=$034>!$)!%,(+03+(3$&!%+32/!%,+41,2!+&!+=$B,,!2'%3&B!+!%+32!

$&!(1,!<300+B,!$)!t35>+!$&!X4($5,%!"8-!"7JM!)$00$*3&B!(1,!H3003&B!$)!+&!./%+,03!6$(1,%!

+&2!1,%!(*$!41302%,&:!I1,!%+32-!4+%%3,2!$'(!5>!(1,!)+6$'/!k&3(!"L"!'&2,%!a+]$%!

C%3,0!S1+%$&-!0,)(!?L!<300+B,%/-!6$/(0>!*$6,&!+&2!41302%,&-!2,+2!3&!(1,!%'550,!$)!

2,6$03/1,2!5'3023&B/:!O$00$*3&B!3&(,%&+(3$&+0!$'(4%>-!(1,!.NO!B+<,!(1,!$%2,%!($!$&0>!

(+%B,(!6303(+%>!(+%B,(/-!/>/(,634+00>!/=+%3&B!*$6,&!+&2!41302%,&:J8!S*3)(!%,=%3/+0/!

*$'02!1,&4,)$%(1!5,!+36,2!+(!/=,43)34!6303(+%>!(+%B,(/!$)!(1,!1$/(!4$'&(%>-!/'41!+/!

6303(+%>!4+6=/-!=$034,!=$/(/-!6303(+%>!5+/,/!,(4:!I1,!+36!*+/!($!4+%%>!$'(!=+3&)'0!

/(%3H,/!(1+(!*$'02!4$6=,0!(1,!1$/(!4$'&(%>!($!4'%5!3&)30(%+(3$&/!3&($!./%+,0:JJ!!

U130,!(1,!&'65,%!$)!43<303+&!4+/'+0(3,/!2,4%,+/,2-!(1,!3&(,&/3(>!$)!(1,!

)$00$*3&B!%+32/!3&4%,+/,2:!N+>+&!,A=0+3&,2!3&!+!"7JJ!+%(340,`![I1,!%,(+03+(3$&!%+32/!

+%,!2,/3B&,2!($!/,(!+!m13B1n!=%34,!)$%!$'%!50$$2-!m+!=%34,n!(1+(!&$!C%+5!<300+B,-!+%6>-!

$%!B$<,%&6,&(!*$'02!),,0!*+/!*$%(1!=+>3&B:\J?!N'%3&B!(1,!(,&/3$&/!0,+23&B!'=!($!

(1,!"7J?!S',Y!U+%!5,(*,,&!RB>=(!+&2!./%+,0-!(1,!./%+,03!+%6>!4$&(3&',2!($!4+%%>!

$'(!%+32/!3&!%,/=$&/,!($!$*&%?**"!+((+4H/:!N,/=3(,!(1,!$))343+0!$%2,%!($!/=+%,!43<303+&/-!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!J@!a$%%3/-!@K?:!JM!a$%%3/-!@9K:!J8!S+6>!E$1,&-!('%)%3+%+3H*L-*1;*+&1+#*--.-!'6*+PW+%3/`!R23(3$&/!2'!S,'30-!@LL7Q-!?8:!JJ!N%$%>-!8J:!!J?!a+$Y-!@K8:!

! @K!

[+4(3<3/(-\!$%!1+*H3/1-!1+53(/!*,%,!*,00!3&/(300,2!*3(13&!(1,!.NO!+&2!3&(,&(3$&+00>!

(+%B,(3&B!43<303+&/!*+/!&$(!'&1,+%2!$):!X&!X4($5,%!@7-!"7J?-!$&!(1,!,<,!$)!(1,!S3&+3!

E+6=+3B&-!E$0$&,0!./++41+%!S1+263!B+<,!(1,!$%2,%!($!13/!a+B+<!'&3(!($!/1$$(!

+&>$&,!4+'B1(!<3$0+(3&B!4'%),*!3&!(1,!(%3+&B0,!%,B3$&!3&!(1,!/$'(1!$)!(1,!Z+030,,!&,+%!

(1,!G$%2+&3+&!5$%2,%:!U1,&!+/H,2!5>!/$023,%/!1$*!($!2,+0!*3(1!*$6,&!+&2!

41302%,&-!S1+263!%,=03,2-![^$!),,03&B/:\JK!I1,!'&3(!4+%%3,2!$'(!+!%+32!3&!5%$+2!

2+>03B1(-!H3003&B!87!43<303+&/!%,('%&3&B!)%$6!*$%H!+(!J=6!*1$!*,%,!'&+*+%,!$)!(1,!

4'%),*:J9!I13/!,<,&(!3/!H&$*&!+/!(1,![l)+%!l+//,6!6+//+4%,:\!I1,!l)+%!l+//,6!

6+//+4%,-!(1$'B1!&$(!+!%,(+03+($%>!%+32-!2,6$&/(%+(,/!(1,!4036+(,!$)!3&23)),%,&4,!

*3(1!%,B+%2!($!43<303+&!03),!*1341!*+/!=%,/,&(!3&!(1,!.NO;/!+&(3D(,%%$%3/(!$=,%+(3$&/:J7!

I1,!23/=%$=$%(3$&+(,!%,(+03+(3$&/!4+%%3,2!$'(!5>!(1,!.NO!*,%,!&$(!,)),4(3<,!3&!

(1,!0$&B!%'&-!(1$'B1!3&!(1,!/1$%(!(,%6!(1,>!4$'02!=$/(=$&,!/,4'%3(>!(1%,+(/:!I1,>!

%+%,0>!2,(,%%,2!(1,!3&)30(%+($%/!)$%!0$&B-!)+303&B!($!+4(!'=$&!(1,!6$(3<+(3$&!$)!(1,!

C%+5!1$/(!/(+(,/!($!4'%5!(1,!3&)30(%+(3$&/!+&2!(1,!3&)30(%+($%/!(1,6/,0<,/:!I1,>!+0/$!

4+'/,2!&,B+(3<,!23=0$6+(34!+&2!6303(+%>!%,=,%4'//3$&/!)$%!./%+,0:!O$00$*3&B!%+32/!3&!

"7JM-!G$%2+&!(%3,2!($!3&<$H,!3(/!2,),&/,!+B%,,6,&(!*3(1!#%3(+3&:!O$00$*3&B!(1,!t35>+!

%+32-!(1,!k&3(,2!^+(3$&/!Pk^Q!4$&2,6&,2!./%+,0;/!+4(3$&/-!(1,!k&3(,2!S(+(,/!

/'/=,&2,2!u@?!63003$&!$)!,4$&$634!+32!($!./%+,0!3&!=%$(,/(-!+&2!O%+&4,!+&2!Z%,+(!

#%3(+3&!2,6+&2,2!/+&4(3$&/!($!5,!(+H,&!+B+3&/(!(1$/,!%,/=$&/350,!)$%!(1,!%+32:?L!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!JK!S+6>!E$1,&-!?9:!J9!S+6>!E$1,&-!?K:!J7!S+6>!E$1,&-!?7:!?L!S+6>!E$1,&-!?8d!E$03&!S13&20,%-!,+@!'#.-?+.$+S.&*-"+F'-%*3+PE+65%32B,-!kl`!E+65%32B,!k&3<,%/3(>!W%,//-!@LL9Q-!"LK:!

! @9!

! I1,!S',Y!U+%!=%$<32,2!./%+,0!*3(1!+!2,4+2,!$)!4+06!*3(1!=%+4(34+00>!&$!

3&)30(%+(3$&/!'&(30!"7?K-!+/!RB>=(!+&2!G$%2+&!2,432,!($!(3B1(0>!4$&(%$0!(1,3%!5$%2,%/!

+&2!=%,<,&(!3&)30(%+(3$&/:!_,(!&+(3$&+0!/,4'%3(>!2$4(%3&,!/(300!=,%4,3<,2!./%+,0!+/!

'&2,%!3663&,&(!(1%,+(-!/$!./%+,0!='%/',2!+!=$034>!$)!2,(,%%,&4,:!.&2,,2-!./%+,0!*+/!

4$&4,%&,2!5>!(1,!)+4(!(1+(!)$%!(1,!)3%/(!(36,-!+&!$))343+0!C%+5!T,+B',!2$4'6,&(!4+00,2!

)$%!(1,!2,/(%'4(3$&!$)!./%+,0`![I1,!,/(+503/16,&(!$)!./%+,0!3/!(1,!5+/34!(1%,+(!(1+(!(1,!

C%+5!&+(3$&!3&!3(/!,&(3%,(>!1+2!+B%,,2!($!)$%,/(+00!mrn!E$00,4(3<,!C%+5!6303(+%>!

=%,=+%+(3$&-!*1,&!(1,>!+%,!4$6=0,(,2-!*300!4$&/(3('(,!(1,!'0(36+(,!=%+4(34+0!6,+&/!

)$%!(1,!)3&+0!03F'32+(3$&!$)!(1,!./%+,0:\?"!!O$%,3B&!a3&3/(,%!C55+!R5+&!*%$(,!3&!13/!

6,6$3%/`![.&!(1,!"7?L/!./%+,0;/!/,4'%3(>!2$4(%3&,!*+/!%$$(,2!3&!(1,!32,+!$)!+&!

3&2,=,&2,&(!2,(,%%,&(!=$*,%!mrn!.!5,03,<,2!(1+(!$'%!/(%+(,B>!($*+%2/!(1,!C%+5!

*$%02!*$'02!1+<,!($!1+<,!+&!+((%3(3$&+0!/(+(,:!O3%/(!(1,>!*$'02!1+<,!($!5,!2%3<,&!($!

2,/=+3%!$)!4+'/3&B!$'%!2$*&)+00!+&2!03F'32+(3$&:!C(!(1+(!/(+(,!(1,>!*$'02!=,%1+=/!

/,,!(1,!+2<+&(+B,!+&2!4$6='0/3$&!$)!p2$3&B!+!2,+0;!mrn!X'%!366,23+(,!(+/H!*+/!($!

6+3&(+3&!+!/'))343,&(!2,(,%%,&(!5+0+&4,!($!5%3&B!(1,!C%+5!/(+(,/-!$%!+(!0,+/(!/$6,!

,0,6,&(/!3&!(1,3%!0,+2,%/13=-!($!+!%,+03/(34!=%,),%,&4,!)$%!4$6=%$63/,:\?@!!

X&!^$<,65,%!"M-!"7??-!(1,!.NO!4+%%3,2!$'(!+!%+32!+B+3&/(!(1,!<300+B,!$)!S+6'-!

(1%,,!630,/!&$%(1!$)!(1,!./%+,03!5$%2,%!3&!(1,!U,/(!#+&H:!C(!2+*&-!8-LLL!./%+,03!

(%$$=/!3&!G,,=/-!=,%/$&&,0!4+%%3,%/-!+&2!)3<,!(+&H/!%$00,2!+4%$//!(1,!5$%2,%:!O$%(>D/3A!

1$'/,/!*,%,!50$*&!'=!+&2!(1,!0$4+0!6$/F',!*+/!%,2'4,2!(1,!%'550,:?M!N$Y,&/!$)!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!?"!S10+36-!@@7:!?@!S10+36-!@@JD@@?:!?M![a3220,!R+/(`!.&432,&(!+(!S+6'-\!(!6*+P@J!^$<,65,%!"7??Q!1((=`cc***:(36,:4$6c(36,c6+B+Y3&,c+%(340,cL-7"K"-98ML9@-LL:1(60h3AYYL4"0*FaW&:!

! @7!

G$%2+&3+&!/$023,%/!*1$!4+6,!($!(1,!%,/4',!*,%,!H300,2:?8!I1,!%+32!3&)'%3+(,2!+&2!

,65+%%+//,2!(1,!V+/1,63(,!l3&B2$6!*1$!1+2!5,,&!(%>3&B!($!4'%5!3&)30(%+(3$&/!($!

./%+,0!+&2!*+/!0,+23&B!3(/!$*&!/(%'BB0,!+B+3&/(!(1,!WTX!+&2!&$(!3&!&,,2!$)!./%+,03!

6303(+%>!%,=%3/+0/:!O$00$*3&B!(1,!S+6'!%+32-!G$%2+&!),+%,2!(1+(!./%+,0!/,4%,(0>!

=0+&&,2!$&!3&<+23&B!(1,!U,/(!#+&H:!O'%(1,%6$%,-!W+0,/(3&3+&!&+(3$&+03/6!,A=0$2,2!

3&!(1,!G$%2+&3+&D4$&(%$00,2!U,/(!#+&H:!#$(1!(1,/,!)+4($%/!)$%4,2!l3&B!V'//,3&!($!B$!

+0$&B!*3(1!^+//,%;/!=+&DC%+5!/*,,=3&B!%1,($%34:?J!V'//,3&!=0,+2,2!^+//,%!($!+44,=(!

G$%2+&!+/!+&!+00>!3&!+%6/:!I1,!S+6'!%+32!2,6$&/(%+(,2!(1+(!(1,!,A4,//3<,!'/,!$)!

)$%4,!4+&!('%&!(1,!1$/(!&+(3$&!+B+3&/(!(1,!2,(,%%,%!3)!(1,!1$/(!&+(3$&!),,0/!

(1%,+(,&,2D!,<,&!3)!(1,!2,(,%%,%;/!+((+4H/!+%,!&$(!23%,4(,2!($*+%2/!(1,!&+(3$&!3(/,0):!

N,(,%%,&4,!3/!+!2,034+(,!=/>41$0$B34+0!5+0+&4,-!5'(!3)!$&,!/(+(,!),,0/!(1%,+(,&,2-!(1,&!

+&!+%6/!%+4,!+&2!,/4+0+(3$&!3/!3&,<3(+50,:!!!

!

=#$*D"4%-/7!:(/%%*77-!0%3-#*F-$*&#4!

! O$00$*3&B!(1,!"7?K!U+%-!+&(3D./%+,0!B',%%300+!$%B+&3Y+(3$&!=%$03),%+(,2:!I1,>!

3&40'2,2-!)$%!3&/(+&4,-!(1,!W$='0+%!O%$&(!)$%!(1,!T35,%+(3$&!$)!W+0,/(3&,!PWOTWQ!

,/(+503/1,2!3&!N,4,65,%!"7?K!5>!Z,$%B,!V+5+/1-!$%!(1,!S+3H+!B%$'=!,6,%B3&B!3&!

S,=(,65,%!"7?K:!I1,/,!+&2!$(1,%!W+0,/(3&3+&!B%$'=/!6$/(0>!$=,%+(,2!'&2,%!(1,!

'65%,00+!$)!(1,!WTX!P*1341!1+2!=%,<3$'/0>!5,,&!,/(+503/1,2!3&!S,=(,65,%!"7?8!

'&2,%!(1,!+'/=34,/!$)!(1,!C%+5!T,+B',!)$00$*3&B!(1,!/,4$&2!C%+5!S'663(!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!?8!S10+36-!@@7:!?J!a$/1,!S1,6,/1-![I1,!.NO!b+32!$&!S+6';`!I1,!I'%&3&B!W$3&(!3&!G$%2+&;/!b,0+(3$&/!*3(1!./%+,0!+&2!(1,!U,/(!#+&H!W+0,/(3&3+&/-\!F'-%*3+B#1&!*'+K-!^$:!"-!"?L:!

! ML!

4$&),%,&4,/!3&!"7?8!+&2!0,2!5>!(1,!)3%/(!41+3%6+&-!C16,2!S1'F+>%3:Q??!.(/!6303(+%>!

5%+&41-!(1,!W+0,/(3&3+&!T35,%+(3$&!C%6>!PWTCQ-!4$6=0,6,&(,2!3(:!O$%!(1,!

W+0,/(3&3+&/-!(1,!2,),+(!$)!S>%3+-!RB>=(-!+&2!G$%2+&!3&!(1,!"7?K!U+%!1+2!=%$<,2!($!

(1,6!(1+(!(1,>!*$'02!1+<,!($!+//'6,!(1,!%,/=$&/35303(>!$)!%,40+363&B!(1,3%!

1$6,0+&2:!.&2,,2-!3&!"7?9-!(1,!WTX!%,$%B+&3Y,2!'&2,%!_+//3%!C%+)+(!+&2!%,2%+)(,2!

(1,!W+0,/(3&3+&!^+(3$&+0!E$<,&+&(!P$%!E1+%(,%Q!5>!+223&B!+&2!6$23)>3&B!/$6,!$)!(1,!

40+'/,/!)%$6!(1,!"7?8!<,%/3$&:!I1,!"7?8!<,%/3$&!1+2!5,,&!,&(3(0,2!,3DS!#)%`+%3Q

,%A6!+%3QD!3%'#!"!4+(%+&/0+(,2!+/![I1,!W+0,/(3&3+&!^+(3$&+0!m6,+&3&B!W+&DC%+5n!

E1+%(,%\!5,4+'/,!(1,!+2],4(3<,!a`%A6!b!5,+%/!(1,!6,+&3&B!$)!W+&DC%+53/6:?K!

W+0,/(3&,-!1,%,-!3/!+!&+(3$&+0!1$6,0+&2!=+%(!$)!+!B%,+(,%!C%+5!0+&2:!.&!G'0>!"7?9!+(!

(1,!O$'%(1!W+0,/(3&3+&!^+(3$&+0!C//,650>-!(1,!&,*!(3(0,!$)!%3D6!#)%`+%3QA%#%"!+%3Q

$!3%'#!"!+*+/!B3<,&!($!(1,!41+%(,%-!6,+&3&B![I1,!W+0,/(3&3+&!^+(3$&+0!E1+%(,%-\!'/3&B!

(1,!*$%2![A%#%"\-!$%!1$6,0+&2-!+&2!(13/!0$/3&B!(1,!%,),%,&4,!($!+!B%,+(,%!C%+5!

&+(3$&+0!32,&(3(>:!.&!(13/!<,%/3$&!$)!(1,!41+%(,%-!=+&DC%+53/6-!*1341!1+2!5,,&!(1,!

2$63&+&(!(1,6,!3&!(1,!$%3B3&+0!2$4'6,&(-!5,4+6,!/'5$%23&+(,!($!(1,!4$&4,=(!$)!

W+0,/(3&3+&!&+(3$&+03/6:!!

U130,!(1,!WTX!3&4%,+/,2!3(/!%,4%'3(/!+&2!=$='0+%!6303(3+/!$%B+&3Y,2!3&!

C66+&!+&2!$(1,%!'%5+&!4,&(,%/-!(1,!./%+,03!+%6>!%,=,+(,20>!/1,00,2!$*&%?**"+

132,$'(/:!C44$%23&B!($!#+%2!X;^,300-![3&!6+&>!4+/,/-!(1,!+4(3$&/!$)!(1,!.NO!*,%,!3&!

03&,!*3(1!(1,!$)),&/3<,!$%3,&(+(3$&!(1+(!6+%H,2!3(/!4$&<,&(3$&+0!*+%)+%,!2$4(%3&,!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!??!S10+36-!@M9:!?K!W1303==!V$0(6+&&-!()*+<9\+>)%-#*-'+.$+MNR]+%&+MNRY+%"&+#)*+@%6%'+>)%-#*-I+,+>.6L%-%#!;*+B#1&?!PZ,%6+&>`!Zb.^!e,%0+B-!@LL7Q-!"L:!

! M"!

+&2!$=,%+(3$&/-\!4$&/3/(3&B!$)!<3$0,&(!/,+%41D+&2D2,/(%$>!$=,%+(3$&/!+&2!+3%!

+((+4H/:?9!!

I1,!0+%B,/(!./%+,0!+//+'0(!,<,%!+B+3&/(!(1,!B',%%300+/!($$H!=0+4,!3&!a+%41!"7?9!

3&!G$%2+&!+)(,%!+&!./%+,03!/41$$0!5'/!*+/!50$*&!'=!5>!+!63&,!&,+%!(1,!/,((0,6,&(!$)!

#,;,%!X%+!3&!(1,!C%+<+!%,B3$&-!H3003&B!(*$!+2'0(/!+&2!*$'&23&B!(,&!41302%,&:!I1%,,!

2+>/!0+(,%-!(1,!.NO!+&2!.CO!(+%B,(,2!+!4$6=0,A!$)!O+(+1!5+/,/!3&!(1,!G$%2+&!e+00,>!

+&2!3&!+&2!+%$'&2!(1,!<300+B,!$)!l+%+6,1:!V'&2%,2/!$)!43<303+&/!03<,2!3&!(1,!<300+B,-!

+0$&B!*3(1!+5$'(!7LL!03B1(0>!+%6,2!B',%%300+/:!I1,!5+((0,!(1+(!,&/',2!3&<$0<,2!&$(!

$&0>!(1,!WTX-!5'(!+0/$!(1,!PG$%2+&3+&Q!C%+5!T,B3$&;/!)$%4,/:!I1,!l+%+6,1!%+32!*+/!+!

&,+%D4+(+/(%$=1,!)$%!(1,!.NO!2',!($!=$$%!3&(,003B,&4,!+&2!'&)$%,/,,&!*,+(1,%!

4$&23(3$&/!$&!(1,!B%$'&2-!/$!3(!)$00$*,2!3(/!$%2,%!($!*3(12%+*!+)(,%!8!1$'%/!$)!

)3B1(3&B-!5'(!$&0>!+)(,%!50$*3&B!'=!+5$'(!"KJ!$)!l+%+6,1;/!1$'/,/:?7!I1,!.NO!0$/(!MM!

6,&!+&2!/')),%,2!"?"!*$'&2,2:!O3)(>D/3A!WTX!)3B1(,%/!*,%,!H300,2!+&2!"8"!4+=('%,2:!

I1,!C%+5!T,B3$&!0$/(!98!/$023,%/:KL!C)(,%!(1,!%+32-!(1,!$*&%?**"+4$&/(+&(0>!(%3,2!($!

=,&,(%+(,!(1,!./%+,03!2,),&/3<,!03&,!+0$&B!(1,!G$%2+&3+&D./%+,03!5$%2,%-!+&2!(1,!.NO!3&!

%,/=$&/,!6$'&(,2!1'&2%,2/!$)!$=,%+(3$&/-!3&40'23&B!+3%!+((+4H/-!5$%2,%!=+(%$0/!+&2!

+65'/1,/-!3&)+&(%>!+&2!+%6$%,2!%+32/:K"!!

!

!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!?9!X;^,300-!J@8:!?7!a$%%3/-!M?9:!KL!S+6>!E$1,&-!K8:!K"!O$%!/=,43)34!,A+6=0,/!$)!W+0,/(3&3+&!(,%%$%3/(!$=,%+(3$&/!+&2!(1,!./%+,03!%,(+03+($%>!%+32/-!/,,!#,&&>!a$%%3/-!C!8)#*.1'+W!7#!6'4+,+@!'#.-?+.$+#)*+X!."!'#Q,-%2+>."$3!7#+P^_`!e3&(+B,!#$$H/-!@LL"Q-!M?7DMK":!

! M@!

G%&>!0#/!B&%'/%!$&!=#&$,/%!

k0(36+(,0>-!40+/1,/!5,(*,,&!(1,!W+0,/(3&3+&!B%$'=/!+&2!(1,!G$%2+&3+&!C%+5!

T,B3$&!$<,%!(1,!/'66,%!$)!"7KL!,/4+0+(,2!($!+!)'00D/4+0,!+//+'0(!5>!(1,!C%+5!T,B3$&!

$&!WTX!4+6=/!+&2!5+/,/!3&!C66+&!$&!S,=(,65,%!"K:!I1,!,<,&(!4+6,!($!5,!H&$*&!

+/![#0+4H!S,=(,65,%:\!C44$%23&B!($!(1,!WTX-!M-JLL!43<303+&/!+&2!7LL!B',%%300+/!*,%,!

H300,2:!X&!S,=(,65,%!@K-!G$%2+&!+&2!(1,!WTX!/3B&,2!(1,!E+3%$!CB%,,6,&(!5%3&B3&B!

(1,!*+%!($!+&!,&2:!I1,!0+/(!B',%%300+/!0,)(!C66+&!3&!,+%0>!^$<,65,%-!6$<3&B!

&$%(1*+%2:!.&!G'0>!"7K"-!l3&B!V'//,3&!$%2,%,2!13/!(%$$=/!($!*3=,!$'(!(1,!%,6+3&3&B!

B',%%300+/:!^$!C%+5!4$'&(%>!4+6,!($!(1,!W+0,/(3&3+&/;!+32!2,/=3(,!_+//,%!C%+)+(;/!4+00/!

)$%!1,0=:!#>!G'0>!"7-!@-MLL!B',%%300+/!1+2!5,,&!4+=('%,2-!=,%1+=/!+/!6+&>!+/!J-LLL!

)0,2!($!S>%3+!+&2!6$<,2!$&!($!T,5+&$&!0+(,%:!#>!^$<,65,%!"7K"-!(1,%,!*,%,!+5$'(!

8-LLL!B',%%300+/!3&!S$'(1!T,5+&$&!*1,%,!(1,3%!/(%'BB0,!+B+3&/(!./%+,0!4$&(3&',2:K@!

C/!(1,!WTX!*+/!23/0$2B,2!)%$6!G$%2+&-!(1,!W+0,/(3&3+&!3&/'%%,4(3$&!

4$&(3&',2!$&!(*$!)%$&(/`!(1,!)3%/(!*+/!S$'(1!T,5+&$&-!*1341!*300!5,!23/4'//,2-!+&2!

(1,!/,4$&2!*1341!*,!*300!]'/(!6,&(3$&!*+/!3&(,%&+(3$&+0!(,%%$%3/6!+B+3&/(!./%+,03-!

G,*3/1-!$%![=%$D./%+,0\!$%![=%$DU,/(\!(+%B,(/!$'(/32,!$)!./%+,0:!.&2,,2-!(1,!./%+,03D

T,5+&,/,!5$%2,%!5,4+6,!(1,!=%3&43=+0!(1,+(,%!$)!W+0,/(3&3+&!(,%%$%3/(!+&2!B',%300+!

$=,%+(3$&/:!N',!($!(1,!=%,//'%,!),0(!5>!(1,!O+(+1!5+/,/!3&!G$%2+&!)%$6!(1,!.NO-!

B',%%300+!0,+2,%/!/$'B1(!+&$(1,%!/+&4('+%>!3&!/$'(1,%&!T,5+&$&!/(+%(3&B!3&!(1,!0+(,!

"7?L/:!I1,!T,5+&,/,!B$<,%&6,&(!*+/!($$!*,+H!($!1+0(!(1,!=%$4,//!$)!/$'(1,%&!

T,5+&$&!5,4$63&B!+!W+0,/(3&3+&!/(+(,D*3(13&D+D/(+(,!+&2!(1,!+((+4H/!$&!./%+,0:!S'%,!

,&$'B1-!*3(13&!+!>,+%-!(1,!W+0,/(3&3+&!B',%%300+/!($$H!4$&(%$0!$)!(1,!%,)'B,,!4+6=/!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K@!a$%%3/-!MK8DMKJ:!

! MM!

$&!(1,!=,%3=1,%3,/!$)!T,5+&,/,!43(3,/:!I1,!$*&%?**"+0+'&41,2!(1,3%!)3%/(!%$4H,(!

+((+4H/!)%$6!/$'(1,%&!T,5+&$&!+B+3&/(!(1,!./%+,03!($*&!$)!l3%>+(!S16$&+1!3&!(1,!

Z+030,,-!+&2!+)(,%!%,=,+(,2!4%$//D5$%2,%!%+32/!+&2!%$4H,(!+((+4H/-!(1,!.NO!5,B+&!($!

%+32!(1,!C%H$'5!%,B3$&-!&$%(1!$)!a$'&(!V,%6$&:!X&!a+>!@@-!"7?7!+!WOTW!/F'+2!

+65'/1,2!+&!./%+,03!/41$$0!5'/!&,+%!a$/1+<!C<3<36!+&2!H300,2!"@!=+//,&B,%/!

3&40'23&B!,3B1(!41302%,&!+&2!3&]'%3&B!"7:!I1,!.NO!%,/=$&2,2!*3(1!6+//3<,!+%(300,%>!

+((+4H/!+B+3&/(!/$'(1,%&!T,5+&$&-!H3003&B!@L!<300+B,%/!+&2!*$'&23&B!8L-!+&2!

=%$6=(3&B!1'&2%,2/!$)!<300+B,%/!($!)0,,:KM!

S10+36!+%B',/!(1+(!(1,!.NO;/!%+32/!*,%,!&,<,%!,)),4(3<,-!+/!(1,>!)+30,2!($!2,(,%!

3&)30(%+($%/!P$%!(1,3%!1$/(/Q!)$%!0$&B:!.&!)+4(!(1,!l+%+6,1!5+((0,!$)!"7?9!1+2!5,4$6,!+!

%,6,65,%,2!/>65$0!$)!1,%$34!%,/3/(+&4,-!+&2!(1$'/+&2/!$)!>$'&B!W+0,/(3&3+&/!

)0$4H,2!($!]$3&!O+(+1!*1$/,!&'65,%/!%$/,!)$%6!+!4$'=0,!(1$'/+&2/!($!(,&!$%!)3)(,,&!

(1$'/+&2!3&!+!6+((,%!$)!6$&(1/:K8!O'%(1,%6$%,-!(1,!C%+5!/(+(,/;!1$/(303(>!($*+%2/!

./%+,0!3&4%,+/,2-!B3<3&B!(1,6!3&4,&(3<,!($!/'==$%(!(1,!B',%%300+!$%B+&3Y+(3$&/!3&!(1,3%!

/(%'BB0,!+B+3&/(!./%+,0:!N$&+(3$&/!)%$6!%341!C%+5!/(+(,/!+00$*,2!(1,!B',%%300+!B%$'=/!

($!,A=+&2!+&2!5,4$6,!6$%,!3&2,=,&2,&(:!U3(13&!6$&(1/-!(1,!W+0,/(3&3+&!5+/,/!+&2!

4+6=/!+%$'&2!#,3%'(!+&2!/$'(1,%&!T,5+&$&!W+0,/(3&3+&!/(+(,/D*3(13&D+D/(+(,!*1341!

(1,!.NO!&+6,2![O+(+10+&2\:KJ!

!X<,%!(1,!>,+%/-!./%+,0!1+/!)+4,2!23)),%,&(!H3&2/!$)!41+00,&B,/!5>!&$&D/(+(,!

+4($%/!($!*1341!3(!1+/!%,/=$&2,2!*3(1!0363(,2!)$%4,:!S+6>!E$1,&-!S,&3$%!b,/,+%41!

O,00$*!+(!ERb.!PE,&(%,!)$%!.&(,%&+(3$&+0!S('23,/!+&2!b,/,+%41Q!3&!W+%3/-!+&2!+'(1$%!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!KM!a$%%3/-!MK@DMKM:!K8!a$%%3/-!M?7:!KJ!a$%%3/-!MKL:!

! M8!

$)!(*$!5$$H/!%,0+(3&B!($!./%+,0;/!+/>66,(%34!*+%/-!23/(3&B'3/1,/!(*$!=,%3$2/!3&!

./%+,0;/!13/($%>!$)!2,+03&B!*3(1!&$&D/(+(,!+4($%/:K?!C44$%23&B!($!E$1,&-!(1,!)3%/(!

/(%,(41,2!)%$6!"789!($!(1,!"7J?!S',Y!U+%-!6+%H,2!5>!4$&)034(!+B+3&/(!3&)30(%+($%/:!

a+$Y-!(1$'B1-!/(%,(41,/!(13/!)3%/(!=,%3$2!($!"7KL:!.&!(13/!)3%/(!=,%3$2-!(1,!H,>!

2,),&/3<,!(+/H!*+/!($!4%,+(,!1'%20,/!(1+(!*$'02!6+H,!3(!6$%,!23))34'0(!)$%!(1,!

3&)30(%+($%/!($!,&(,%!./%+,0:!I1,>!H,>!$)),&/3<,!%,/=$&/,!*+/!($!13(!(+%B,(/-!(1,3%!

/'==$%(!5+/,-!+&2!(1,!1$/(!/(+(,;/!6303(+%>!(+%B,(/!3&!(1,!1$/(!/(+(,:KK!./%+,0;/!

%,/=$&/,/!*,%,!6303(+%>!+&2!$)(,&!3&<$0<,2!(1,!'/,!$)!23/=%$=$%(3$&+(,!%,(+03+(3$&!

P/$6,(36,/!+B+3&/(!43<303+&/Q!*3(1!(1,!B$+0!$)!%,3&)$%43&B!2,(,%%,&4,:!_,(!(1%$'B1!

<3$0,&(!%,(+03+(3$&-!+%B',/!S+6>!E$1,&-!(1,!./%+,03!+%6>!4%,+(,2!+&!'=*+%2!4>40,!$)!

<3$0,&4,-!B3<3&B!*+>!($!(1,!/,0)D)'0)3003&B!=%$=1,4>!$)!(1,!/,4'%3(>!230,66+!+&2!(1,!

,/4+0+(3$&!$)!<3$0,&4,:!!

I1,!/,4$&2!=,%3$2!5,B3&&3&B!3&!(1,!0+(,!"7?L/!+&2!,+%0>!"7KL/!*+/!

41+%+4(,%3Y,2!5>!(1,!)+30'%,!$)!(1,!WTX!($!/,((0,!=,%6+&,&(0>!3&!G$%2+&!+&2!(1,!

(+%B,(3&B!$)!./%+,03!$%!G,*3/1!(+%B,(/!$'(/32,!$)!./%+,0:!I1,!.NO!+&2!./%+,03!/,4%,(!

/,%<34,/!='%/',2!+!F'3,(!+&2!=%'2,&(!*+%!+B+3&/(!(1,!0,+2,%/!$)!#0+4H!S,=(,65,%!

+&2!O+(+1:!I1,!.NO!+0/$!%,03,2!6$%,!$&!3(/!13D(,41!*,+=$&/!(1+(!63&363Y,2!%3/H!)$%!

3(/!/$023,%/:!k&03H,!3&!(1,!)3%/(!=,%3$2-!*1341!3&<$0<,2!1,+<>!6303(+%>!%,(+03+(3$&!

+632/(!+!43<303+&!=$='0+(3$&!3&!+!&,3B15$%3&B-!(13/!4$&)034(!3&<$0<,/!(+%B,(,2!

+//+//3&+(3$&/!+&2!%,/4',!63//3$&/!3&!#,3%'(!+&2!+0/$!R'%$=,+&!+&2!C)%34+&!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K?!S,,!S+6>!E$1,&-!('%)%3+c+3HdL-*1;*+&1+#*--.-!'6*+PW+%3/`!R23(3$&/!2'!S,'30-!@LL7Qd!S+6>!E$1,&-!F'-%*3H'+,'?66*#-!7+/%-'+P^_`!W+0B%+<,!a+46300+&-!@L"LQ:!KK!a+$Y-!@K@:!

! MJ!

4$'&(%3,/:K9!a+$Y!+&2!E$1,&!5$(1!+%B',!(1+(!2',!($!(1,!23))34'0(>!$)!4$&2'4(3&B!

$)),&/3<,!$=,%+(3$&/!3&!)%3,&20>!4$'&(%3,/-!./%+,0!1+2!($!%,0>!6$%,!$&!2,),&/3<,!

6,+/'%,/!($!=%$(,4(!./%+,03!+&2!G,*3/1!(+%B,(/!+5%$+2:K7!!

N,/=3(,!(1,!/*3(41!)%$6!/6+00!+&(3D),2+>,,&!%+32/!($!0+%B,%!$=,%+(3$&/!

+B+3&/(!*1$0,!<300+B,/-!(1,!.NO;/!/(%+(,B>!+B+3&/(!&$&D/(+(,!+2<,%/+%3,/!$)!(1,!

,A4,//3<,!'/,!$)!)$%4,!%,6+3&,2!4$&/(+&(:!C/!3(!1+/!5,,&!2,6$&/(%+(,2-!(1,!.NO!

/(%+(,B>!$)(,&!)+30,2!($!23/4%363&+(,!5,(*,,&!4$65+(+&(/!+&2!43<303+&/-!+&2!)+30,2!3&!

(1,!0$&B!%'&!($!5%3&B!+&!,&2!($!5$(1!3&23<32'+0!3&)30(%+($%/!+&2!+%6,2!B%$'=/;!

+((+4H/!$&!./%+,03!(+%B,(/:!!

!

!

!

!

!

!

!

!

!

!

! !

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K9!S+6>!E$1,&-!K9:!K7!a+$Y-!@K@d!S+6>!E$1,&-!K7:!

! M?!

!

!

!

+,-.$/%!2,%//1!6/$/%%/#)/!-#'!H/$-7*-$*&#!*#!C/I-#&#!

!

!

2,/!H*4/!&5!$,/!;,*8-,!*#!C/I-#&#!

.&!$%2,%!($!'&2,%/(+&2!(1,!2>&+634/!$)!./%+,03!=$034>!3&!T,5+&$&-!3&40'23&B!

(1,!@LL?!T,5+&$&!U+%-!3(!3/!&,4,//+%>!($!/('2>!(1,!&+('%,!$)!(1,!T,5+&,/,!/(+(,-!(1,!

S13;3!4$66'&3(>;/!%$0,!3&!T,5+&,/,!/$43,(>-!(1,!T,5+&,/,!E3<30!U+%-!+&2!(1,!O3%/(!

T,5+&$&!U+%!$)!"79@-!+&2!(1,!,6,%B,&4,!$)!V,Y5$00+1:!I1,!/$43+0!6+0+3/,!+&2!

=$*,%!/(%'BB0,!+6$&B!S13;+1!B%$'=/!)$00$*3&B!(1,!,A='0/3$&!$)!(1,!WTX!)%$6!

T,5+&$&!+00$*,2!&+/4,&(!S13;3!+4(3<3/6!($!B3<,!%3/,!($!%+234+0!=$03(34+0!B%$'=/-!3&!

=+%(34'0+%-!V,Y5$00+1:!

.&!"78M-!(1,!'&*%3((,&!^+(3$&+0!W+4(!!PS!#)%`+%3Q/%#%"!Q!,/(+503/1,2!(1,!

4'%%,&(!4$&),//3$&+0!23/(%35'(3$&!$)!=$03(34+0!$))34,!3&!T,5+&$&:!S'41!+!23/(%35'(3$&!$)!

=$*,%!5+/,2!$&!4$&),//3$&!1+2!+0%,+2>!5,,&!,/(+503/1,2!/3&4,!(1,!"7(1!4,&('%>-!+&2!

5>!(1,!5,B3&&3&B!$)!O%,&41!a+&2+(,!3&!"7@L-!(13/!=$03(34+0!=+((,%&!*+/!*,00!

,&(%,&41,2!3&!(1,!=$03(34+0!/>/(,6:!I1,!^+(3$&+0!W+4(!4$&),%%,2!'=$&!(1,!(1%,,!

0+%B,/(!4$&),//3$&+0!B%$'=/!P$'(!$)!(1,!"9!$))343+00>!%,4$B&3Y,2!%,03B3$'/!/,4(/Q!(1,!

(1%,,!13B1,/(!=$03(34+0!$))34,/:!C&2!/$-!+44$%23&B!($!(1,!2'53$'/!"7M@!=$='0+(3$&!

4,&/'/-!(1,!W%,/32,&(!*+/!($!5,!+!a+%$&3(,!E1%3/(3+&-!(1,!W%36,!a3&3/(,%-!+!S'&&3!

a'/036-!+&2!(1,!W+%03+6,&(+%>!S=,+H,%-!(1,!*,+H,/(!$)!(1,!(1%,,!=$/3(3$&/-!+!S13;3!

! MK!

a'/036:!!I1,!/,4(+%3+&!23/(%35'(3$&!*+/!3&(,&2,2!($!=%,<,&(!$&,!B%$'=!)%$6!

6$&$=$03Y3&B!(1,!=$03(34+0!=$*,%!+&2!,/(+503/13&B!+&!+'(1$%3(+%3+&!/(+(,:9L!O$%!(1,!

S13;+1!a'/036/!$)!T,5+&$&-!(13/!23/(%35'(3$&!$)!=$03(34+0!$))34,!*+/!,F'+(,2!($!+!

/,&/,!$)!'&2,%%,=%,/,&(+(3$&!+&2!2,=%3<+(3$&!)$%!3(!232!&$(!%,)0,4(!(1,!%,+03(>!$)!(1,!

2,6$B%+=134!23/(%35'(3$&!3&!T,5+&$&:!U130,!,A+4(!&'65,%/!+%,!1+%2!($!4$6,!5>-!3(!

3/!40,+%!5>!(1,!"7KL/!(1+(!(1,!E1%3/(3+&!a+%$&3(,/!1+2!0$&B!4,+/,2!5,3&B!(1,!

2,6$B%+=134!6+]$%3(>-!+&2!(1+(!3&!(1,!"79L/!(1,!S13;+1!a'/036/!4$6=%3/,2!+5$'(-!3)!

&$(!6$%,-!(1+&!MLv!$)!(1,!($(+0!T,5+&,/,!=$='0+(3$&:!!!

C'B'/('/!b341+%2!^$%($&-!W%$),//$%!$)!.&(,%&+(3$&+0!b,0+(3$&/!+(!#$/($&!

k&3<,%/3(>!+&2!+&!,A=,%(!$&!T,5+&,/,!=$03(34/-!,A=0+3&/!(1+(!3&!+223(3$&!($!=$03(34+0!

'&2,%%,=%,/,&(+(3$&-!(1,!T,5+&,/,!S13;+1!*,%,!4$&/32,%,2!($!5,!(1,!6$/(!

23/+2<+&(+B,2!B%$'=!$)!(1,!4$'&(%>:!.&!4$6=+%3/$&!($!$(1,%!B%$'=/!$%!(1,!&+(3$&+0!

+<,%+B,-!S13;+1!*,%,!0,//!,2'4+(,2!+&2!6$%,!36=$<,%3/1,2-!+&2!03<3&B!3&!=$$%,%!

03<3&B!4$&23(3$&/:!![I1,!4$00,4(3<,!4$&),//3$&+0!4$&/43$'/&,//!$)!(1,!S13;3/!*+/!,<,&!

)'%(1,%!,&1+&4,2!5>!(1,!*32,/=%,+2D!+&2!&$(!'&]'/(3)3,2D!5,03,)!(1+(!(1,>!1+<,!

/')),%,2!(1,!4$/(/!$)!(1,!4$&(3&'3&B!4$&)034(!3&!T,5+&$&!)+%!6$%,!(1+&!$(1,%!B%$'=/!

3&!(1,!4$'&(%>-!+&2!*3(1!<,%>!03((0,!($!/1$*!)$%!(1,3%!B%3,):\9"!

_,(!/(+%(3&B!3&!(1,!"7KL/-!6$2,%&3Y+(3$&-!'%5+&3Y+(3$&-!$44'=+(3$&+0!/13)(/-!

+&2!3&(,%&+0!63B%+(3$&!+6$&B/(!$(1,%!)+4($%/!0,2!(1,!S13;+1![m($!)3&2n!(1,3%!=$03(34+0!

<$34,\!+&2!5,B3&![+!=$03(34+0!+*+H,&3&B:\9@!R3(+&!CY+&3-!N,='(>!RA,4'(3<,!N3%,4($%!$)!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!9L!Z+%>!E:!Z+65300-![./0+63/(!Z%$'=/!3&!T,5+&$&\!3&!,2:!#+%%>!b'53&-!9*2%"."I+9!2*-%#!."4+>."$3!7#4+%"&+>-!'!'+P^,*!_$%H`!W+0B%+<,!a+46300+&-!@LL7Q-!"M":!9"!C'B'/('/!b341+%2!^$%($&-!,6%3+%"&+#)*+B)!H%)I+B#-1883*+$.-+#)*+B.13+.$+9*2%"."+PI,A+/`!k&3<,%/3(>!$)!I,A+/!W%,//-!"79KQ-!@?:!9@!^$%($&-!"7d!MK:!

! M9!

(1,!.&(,%&+(3$&+0!W$034>!.&/(3('(,!)$%!E$'&(,%DI,%%$%3/6!+(!.NED!V,%Y03>+-!*%3(,/`!

[T,5+&$&!3/!$&,!$)!(1,!=%$63&,&(!,A+6=0,/!)$%!(1,!)+4(!(1+(!+44,0,%+(,2!

2,6$B%+=134!+&2!/$43+0!=%$B%,//,/!+%,!+6$&B!(1,!6+3&!4+'/,/!)$%!(1,!%3/,!$)!/$43+0!

=%$(,/(!6$<,6,&(/:\9M!C/!(1,!S13;+1!5,4+6,!3&4%,+/3&B0>!=$03(34+0-!6303(3+/!+&2!

$==$/3(3$&!=+%(3,/!%,4%'3(,2!(1,6:!I1,>!=%$63/,2!(1,6!&$(!$&0>!/$43+0-!=$03(34+0-!

+&2!,4$&$634!+2<+&4,6,&(!5'(!+0/$!(1,!6+(,%3+0!/>65$0/!$)!13B1,%!/(+('/-!/'41!+/!

6$&,>!+&2!B'&/:98!

I$!+22!($!(1,!/$43+0!6+0+3/,-!+5$'(!"LL-LLL!W+0,/(3&3+&!43<303+&/!1+2!(+H,&!

%,)'B,!3&!T,5+&$&!+)(,%!(1,!U+%!$)!"789:!O$00$*3&B!#0+4H!S,=(,65,%!3&!"7KL!3&!

G$%2+&-!+!/,4$&2!*+<,!$)!%,)'B,,/!+&2!B',%%300+!B%$'=/!)0,2!($!T,5+&$&:!#>!(1,!

$'(5%,+H!$)!(1,!T,5+&,/,!E3<30!U+%!3&!"7KJ-!6$%,!(1+&!@LL-LLL!W+0,/(3&3+&/!*,%,!3&!

T,5+&$&:9J!.&!(1,!W+0,/(3&3+&!%,)'B,,!4+6=/!+((+41,2!($!T,5+&$&;/!4$+/(+0!43(3,/-!(1,!

WTX!%,4%'3(,2!1,+<30>:!I1,!/(+(,D*3(13&D+D/(+(,!3(!5'30(!3&40'2,2!+!=$='0+%!+%6>!$)!

+5$'(!ML-LLL!6,&-!+!(+A+(3$&!/>/(,6-!+!=$034,!+&2!]'2343+%>!)$%4,-!/41$$0/-!+&2!

1,+0(1!4+%,!)+4303(3,/:9?!S'41!)%,,2$6!$)!6$<,6,&(!*+/!4%'43+0!($!3(/!&+(3$&+0!

+/=3%+(3$&/!+&2!(1%,,!$)!3(/!&+(3$&+0!B$+0/`!(1,!)%,,2$6!($!6+H,!3(/!$*&!=$03(34+0!

41$34,/!3&2,=,&2,&(!)%$6!(1,!$(1,%!C%+5!/(+(,/d!(1,!+5303(>!($!,A,%(!23%,4(!=%,//'%,!

$&!./%+,0d!+&2!(1,!3&/(+00+(3$&!$)!+!0+%B,!$%B+&3Y+(3$&+0!/(%'4('%,!3&!*1341!($!

$=,%+(,:9K!T,5+&$&!5,4+6,!,65%$30,2!3&!(1,!W+0,/(3&3+&D./%+,03!4$&)034(!$'(!$)!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!9M!R3(+&!CY+&3-!@*U2.33%)I+()*+B#.-?+.$+#)*+<%-#?+.$+V.&+P^,*!_$%H`!W+0B%+<,!a+46300+&-!@LL7Q-!J":!98!^$%($&-!MJ:!9J!a$%%3/-!MK8DMKJ:!9?!a$%%3/-!JL":!9K!Z+5%3,0!#,&DN$%-![I1,!WTX;/!^,*!a303(+%>!+&2!W$03(34/!W$/('%,!3&!T,5+&$&-\!3&!,2:!G$/,=1!C0=1,%-!F'-%*3H'+9*2%"."+<.3!7?I+/)*-*+(.e+a,6$%+&2'6!^$:!"@-!G+)),,!E,&(,%!)$%!S(%+(,B34!S('23,/!P#$'02,%-!EX`!U,/(<3,*!W%,//-!"798Q-!8:!

! M7!

&,4,//3(>-!5,4+'/,!3(!*+/!(1,!$&0>!/(%+(,B34!(,%%3($%>!3&!*1341!(1,!WTX!4$'02!$=,%+(,!

%,0+(3<,0>!)%,,0>:!!

.&!(1,!0+(,!"7?L/!+&2!"7KL/-!(1,!S13;+1!0,+2,%/13=!B%+2'+00>!6$2,%&3Y,2!+&2!

(1,!S13;+1!5,4+6,!6$5303Y,2!+&2!3&<$0<,2!3&!/$43+0!+&2!=$03(34+0!6$<,6,&(/!3&!+&!

+((,6=(!($!/,4'%,!5,((,%!03<3&B!4$&23(3$&/!+&2!/$43+0!/(+('/:!C!0+%B,!&'65,%/!$)!

S13;+1!]$3&,2!(1,!T,5+&,/,!E$66'&3/(!W+%(>-!(1,!E$66'&3/(!C4(3$&!X%B+&3Y+(3$&!

+&2!$(1,%!+&(3,/(+503/16,&(!$%B+&3Y+(3$&/:!a+&>!S13;+1-!,6=+(13Y3&B!*3(1!(1,!

W+0,/(3&3+&/;!=03B1(!$%!/36=0>!(%>3&B!($!6+H,!+!03<3&B-!]$3&,2!<+%3$'/!$*&%?**"+

$%B+&3Y+(3$&/!+&2!=+%(3,/!+))303+(,2!*3(1!(1,!W+0,/(3&3+&!4+'/,-!/'41!+/!(1,!C%+5!

T35,%+(3$&!O%$&(-!(1,!WOTW-!$%!(1,!C%+5!^+(3$&+03/(!a$<,6,&(-!+&2!(1,!=%$DS>%3+&!

+&2!=%$D.%+F3!5%+&41,/!$)!#+;+(1!=+%(>:99!!

C0$&B/32,!(1,/,!/,4'0+%!$%B+&3Y+(3$&/!+&2!$*&%?**"!$%B+&3Y+(3$&/!%$/,!+!

23/(3&4(3<,0>!S13;3!/$43+0!6$<,6,&(!0,2!5>!(1,!40,%34!+0DS+>>32!a'/+!+0DS+2%!*1$!

4$&(%35'(,2!($!(1,!/$43$D=$03(34+0!6$5303Y+(3$&!$)!(1,!S13;+1!4$66'&3(>:97!a'/+!+0D

S+2%-!H&$*&!($!13/!)$00$*,%/!+/!.6+6!a'/+-!4+6,!($!=%$63&,&4,!3&!"7?7!*1,&!1,!

5,4+6,!41+3%6+&!$)!(1,!T,5+&,/,!S'=%,6,!./0+634!S13;3!E$'&430-!4%,+(,2!(*$!>,+%/!

=%,<3$'/0>!5>!(1,!T,5+&,/,!^+(3$&+0!C//,650>!($!=%$<32,!+!%,=%,/,&(+(3<,!5$2>!)$%!

(1,!S13;3!4$66'&3(>!($!+%(34'0+(,!B%$*3&B!S13;3!2,6+&2/-!3&2,=,&2,&(!)%$6!(1,!

S'&&3/:7L!C44$%23&B!($!^$%($&-!(1,!E$'&430!*+/![+!/('&&3&B!4$&)3%6+(3$&!$)!+0DS+2%;/!

/(+('/!+/!(1,!0,+23&B!S13;3!40,%34!+&2!$&,!$)!(1,!6$/(!36=$%(+&(!=$03(34+0!)3B'%,/!3&!(1,!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!99!^$%($&-!M9:!97!^$%($&-!M9:!7L!C'B'/('/!b341+%2!^$%($&-!@*U2.33%)I+,+B).-#+@!'#.-?+P^,*!G,%/,>`!W%3&4,($&!k&3<,%/3(>!W%,//-!@LLKQ-!@L:!

! 8L!

4$'&(%>:\7"!I1,!E$'&430!6+2,!2,6+&2/!3&!(1,!6303(+%>-!/$43+0-!,4$&$634-!+&2!=$03(34+0!

%,+06/-!3&40'23&B!2,6+&2/!)$%!(1,!4$&/(%'4(3$&!$)!/41$$0/!+&2!1$/=3(+0/-!+&2!(1,!

3&4%,+/,2!+==$3&(6,&(!$)!S13;+1!($!/,&3$%!B$<,%&6,&(!=$/3(3$&/:7@!C0DS+2%!

/'44,,2,2!3&!4$&<3&43&B!(1,!S13;+1!(1+(!(1,>!4$'02!$<,%4$6,!(1,3%!23))34'0(!/$43+0!

+&2!,4$&$634/!4$&23(3$&!(1%$'B1!S13;3/6!+&2!4$66'&+0!/$032+%3(>:7M!V,!/+32!$)!

136/,0)-![.!($$H!(1,!6+&!$)!%,03B3$&-!-%013+%3+&!"4!3&($!(1,!/$43+0!%,+06!mrn!.!%,6$<,2!

)%$6!136!(1,!2'/(!$)!(1,!+B,/:\78!O+3(1-!+44$%23&B!($!+0DS+2%-!*+/!&$(!+5$'(!%3('+0-!

5'(!+5$'(!/$43+0!4$&4,%&/!+&2!/$43,(>;/!6$2,%&!&,,2/:!!

R<,&('+00>-!(1,!3&)0',&4,!$)!+0DS+2%!=%$6=(,2!+&2!23%,4(,2!(1,!=$03(34+0!

+*+H,&3&B!$)!(1,!S13;+1-!*1$!2,<,0$=,2!+!%,03B3$D=$03(34+0!4'0('%,!$)!(1,3%!$*&-!

50,&23&B!S13;3/6!*3(1!=$03(34+0!/(%'BB0,:7J!C(!+!%+00>!3&!a+%41!"7K8-!*1,&!B3<3&B!+!

/=,,41!3&!)%$&(!$)!KJ-LLL!=,$=0,!4+/(3B+(3&B!(1,!B$<,%&6,&(!)$%!)+303&B!($!=%$(,4(!3(/!

=,$=0,;/!5+/34!&,,2/-!a'/+!+0DS+2%!0+'&41,2!13/!@%-%^%#+%3QS%)-16!6!ma$<,6,&(!

$)!(1,!N,=%3<,2n:7?!O$'+2!C]+63-!=%$),//$%!+(!G$1&/!V$=H3&/!k&3<,%/3(>!S41$$0!$)!

C2<+&4,2!.&(,%&+(3$&+0!S('23,/-!43(,/!(1+(!5>!(1,!,&2!$)!(1,!"7KL/-!3(!*+/!H&$*&-!

(1$'B1!&$(!+4H&$*0,2B,2-!(1+(!(1,!S13;+1!4$&/(3('(,2!(1,!4$'&(%>;/!0+%B,/(!/,4(!$)!

+5$'(!7LL-LLL!=,$=0,:7K!C!>,+%!0+(,%-!1,!4%,+(,2!(1,!6$<,6,&(;/!6303(+%>!*3&B!

H&$*&!+/!C6+0+P+&!+4%$&>6!)$%!(1,!6303(3+-!6,+&3&B![1$=,\!3&!C%+534QT79!.(!0+(,%!+0/$!

,A=+&2,2!3&($!+!=$03(34+0!%,)$%6!6$<,6,&(-!*3(1!0,+2,%/!2%+*&!)%$6!(1,!0+>!63220,!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!7"!^$%($&!P@LLKQ-!@L:!7@!^$%($&!P@LLKQ-!88:!7M!^$%($&-!8":!78!O$'+2!C]+63-!()*+W%"!')*&+F6%6I+S1'%+%3QB%&-+%"&+#)*+B)!%+.$+9*2%"."+P.(1+4+`!E$%&,00!k&3<,%/3(>!W%,//-!"77@Q-!9J:!7J!C]+63-!""7:!7?!^$%($&-!P@LLKQ!8K:!7K!C]+63-!"97:!C]+63!43(,/!G$/,=1!l,413413+&-!F"#*-"%#!."%3+5*6.8-%L)!7'4+@-!&'65,%!?-!==:!M!+&2!"":!79!^$%($&-!8K:!

! 8"!

40+//-!+6$&B!(1,6!^+531!#,%%3-!+!0+*>,%!*1$!0+(,%!5,4+6,!C6+0;/!0,+2,%!3&!"7K7:!

O$00$*3&B!(1,!23/+==,+%+&4,!$)!+0DS+2%!3&!T35>+!3&!"7K9-!C6+0!,&]$>,2!+!%,/'%B,&4,!

$)!=$='0+%3(>!+6$&B/(!(1,!S13;+1:77!C0/$-!^+531!#,%%3!/'44,,2,2!3&!%+3/3&B!+*+%,&,//!

+5$'(!(1,!S13;+1;/!/3('+(3$&!+&2!4$6=,00,2!(1,!B$<,%&6,&(!($!(+H,!3&(,%,/(!3&!3(/!

/$'(1,%&!43(3Y,&/:"LL!

C!(13%2!)+4($%!3&!(1,!/$43$D=$03(34+0!6$5303Y+(3$&!$)!(1,!T,5+&,/,!S13;+1!*+/!

(1,!+653<+0,&(!+&2!3&4%,+/3&B0>!+&(3=+(1,(34!%,0+(3$&/13=!5,(*,,&!(1,6!+&2!(1,!

W+0,/(3&3+&/!3&!T,5+&$&:!WTX!+4(3<3(>!)%$6!T,5+&$&-!/'41!+/!3&)30(%+(3$&/!+/!*,00!+/!

13]+4H3&B/!$)!./%+,03!=0+&,/-!+&2!(1,!%,/'0(3&B!./%+,03!%+32/!4%,+(,2!4$&)034(!5,(*,,&!

(1,!T,5+&,/,!B$<,%&6,&(!+&2!(1,!W+0,/(3&3+&/:!#+((0,/!5,(*,,&!(1,!W+0,/(3&3+&!

B',%%300+/!+&2!(1,!T,5+&,/,!)$%4,/!3&!"7?9!+&2!"7?7!0,2!($!(1,!E+3%$!CB%,,6,&(!$)!

^$<,65,%!"7?7-!*1341!=%$<32,2!(1,!WTX!*3(1!/3B&3)34+&(!+'($&$6>!3&!S$'(1!

T,5+&$&-!*1341!(1,&!*+/!0363(,2!+B+3&!3&!"7K@!*3(1!+&$(1,%!+B%,,6,&(:"L"![a$%,!

(1+&!+&>!$(1,%!/3&B0,!)+4($%-\!*%3(,/!^$%($&-![3(!*+/!(1,!=%,/,&4,!$)!0+%B,!+%6,2!+&2!

+BB%,//3<,!WTX!3&!T,5+&$&!(1+(!=%$<32,2!(1,!/=+%H!(1+(!3B&3(,2!(1,!'&2,%0>3&B!

(,&/3$&/!+&2!B%3,<+&4,/!(1+(!2,)3&,2!T,5+&,/,!/$43,(>:\"L@!!

N'%3&B!(1,!)3%/(!>,+%!$)!(1,!E3<30!U+%-!V+%+H+(!+&2!C6+0!*,%,!+))303+(,2!*3(1!

(1,!T,5+&,/,!^+(3$&+0!a$<,6,&(!+&2!3(/!W+0,/(3&3+&!+003,/-!/'41!+/!(1,!WOTW!+&2!(1,!

N,6$4%+(34!O%$&(!)$%!(1,!T35,%+(3$&!$)!W+0,/(3&,!PNOTWQ:!C0DS+2%-!*130,!1,!41+/(3/,2!

(1,!T,5+&,/,!B$<,%&6,&(!)$%!)+303&B!($!2,),&2!(1,!S$'(1!)%$6!./%+,03!+BB%,//3$&!+&2!

,A=%,//,2!/>6=+(1>!($!(1,!W+0,/(3&3+&!&+(3$&+0!+/=3%+(3$&/-!1,!+0/$!4%3(343Y,2!(1,!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!77!^$%($&!P@LLKQ-!@7:!"LL!^$%($&-!?9:!"L"!a+$Y-!"KJ:!"L@!^$%($&-!9:!

! 8@!

WTX-!*1341!1,!4+00,2![+!)+4($%!$)!+&+%41>-\!)$%!=%$<$H3&B!./%+,03!%,(+03+(3$&`![U,!

1+<,!1+2!,&$'B1w\!1,!/+32:"LM!^+531!#,%%3!4$&(3&',2!C0DS+2%;/!+((3('2,!($*+%2/!(1,!

W+0,/(3&3+&/`![I1,!=,$=0,!$)!(1,!/$'(1-!3&40'23&B!(1,!S13;+1-!1+<,!B3<,&!(1,!

W+0,/(3&3+&!4+'/,!mrn!(1,3%!0+&2-!(1,3%!41302%,&!(1,3%!/,4'%3(>-!(1,3%!$%41+%2/D!

,<,%>(13&B!5>!(1,3%!1$&$%!+&2!23B&3(>:\"L8!

C]+63!2,/4%35,/!(1,!S13;+1!+/!4+'B1(!3&!(1,!63220,!$)!(1,!./%+,03!%,=%3/+0/!$&!

(1,!$*&%?**"T+I1,!S13;+1!*,%,!4$&/32,%,2!,3(1,%![/>6=+(13Y,%/!*3(1!(,%%$%3/(/\!$%!

[4$00+5$%+($%/!*3(1!./%+,0:\!b+B,!+(!(1,!W+0,/(3&3+&!+&+%41>!1+2!($!5,!6'YY0,2:![.(!

*+/!1+%2!)$%!(1,!S13+-!+!4$66'&3(>!$&!(1,!)%3&B,!$)!C%+5!13/($%>-\!C]+63!*%3(,/-![($!

)3&2!(1,!/,0)D4$&)32,&4,!($!/+>!(1+(!(1,>!4$'02!&$(!+44,=(!(1,!2,/(%'4(3$&!$)!(1,3%!

$*&!*$%02:\"LJ!

#>!(1,!,<,!$)!./%+,0;/!0+%B,D/4+0,!3&<+/3$&!$)!S$'(1!T,5+&$&!3&!"79@-!(1,!

T,5+&,/,!*,%,!,A1+'/(,2-!5,03,<3&B!(1+(!3)!$&0>!(1,3%!4$'&(%>;/!=0'&2,%,%/D!(1,!

W+0,/(3&3+&/-!(1,!S>%3+&-!+&2!(1,!./%+,03/D!*$'02!0,(!(1,6!6,-!(1,>!4$'02!/$0<,!(1,3%!

3&(,%&+0!=%$50,6/:!!

!

"4%-/7*!"#J&7J/>/#$!*#!C/I-#&#!-#'!$,/!KLMN!E-%!

./%+,0!2,,=,&,2!3(/!3&<$0<,6,&(!3&!T,5+&$&!3&!(*$!/36'0(+&,$'/!+%,&+/`!(1,!

T,5+&,/,!E3<30!U+%-!5>!=%$<323&B!+32!($!(1,!E1%3/(3+&!W1+0+&B,/-!+&2!S$'(1!T,5+&$&-!

5>!)3B1(3&B!+B+3&/(!(1,!WTX:!./%+,0!5,B+&!+323&B!(1,!E1%3/(3+&!6303(3+/!$)!T,5+&$&!3&!

(1,3%!)3B1(!+B+3&/(!(1,!S'&&3/!+&2!(1,!W+0,/(3&3+&/!3&!"7K?-!'&2,%!(1,!b+53&!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"LM!^$%($&-!8M:!"L8!^$%($&-!?L:!"LJ!C]+63-!"?M:!

! 8M!

B$<,%&6,&(:!U1,&!a,&+41,6!#,B3&!*+/!,0,4(,2!3&!"7KK-!./%+,0!3&4%,+/,2!+%6/!

/13=6,&(/!($!(1,!W1+0+&B,!+&2!)$%6,%!W%,/32,&(!E+6300,!E1+6$'&;/!6303(3+/!*1$!

*,%,!+0/$!3&<3(,2!($!(%+3&!3&!./%+,0:"L?!./%+,0!(1,&!+B%,,2!($!=%$<32,!Z,6+>,0!#+/13%;/!

E1%3/(3+&!)$%4,/!*3(1!+&!+,%3+0!'65%,00+!3&!(1,!,<,&(!(1+(!(1,!S>%3+&!+3%!)$%4,!

+((+4H,2!(1,!W1+0+&B,!=$/3(3$&/:!k0(36+(,0>-!./%+,03!+32!,/4+0+(,2!($!23%,4(!./%+,03!

3&(,%<,&(3$&:!

./%+,0;/!,&B+B,6,&(!3/!0$*D3&(,&/3(>!4$&)034(!*3(1!(1,!W+0,/(3&3+&!B',%%300+/!3&!

G$%2+&!+&2!T,5+&$&!5,B+&!3&!"7?9:!.&!T,5+&$&-!(1,!.NO!%,/=$&2,2!($!W+0,/(3&3+&!

%$4H,(!+((+4H/!5>!4+%%>3&B!$'(!4%$//D5$%2,%!%+32/!+B+3&/(!(1,!W+0,/(3&3+&!5+/,/-!+/!

*,00!+/!+0/$!5>!(+%B,(3&B!T,5+&,/,!6303(+%>!)+4303(3,/-!/'41!+/!(1,!#,3%'(!+3%=$%(:!I1,!

%+32/!4+'/,2!(1,!6+//!63B%+(3$&!$)!S13;+1!3&1+53(+&(/-!*1341!(1,!.NO!1$=,2!*$'02!

4$6=,0!(1,!T,5+&,/,!B$<,%&6,&(!($!(,%63&+(,!(1,!W+0,/(3&3+&!+%6,2!=%,/,&4,!3&!

(1,!4$'&(%>:"LK!!C)(,%!#0+4H!S,=(,65,%!$)!"7KL-!(1,!WTX-!WOTW!+&2!$(1,%!W+0,/(3&3+&!

B%$'=/!,/(+503/1,2!+!/(+(,D*3(13&D+D/(+(,!3&!S$'(1!T,5+&$&!)%$6!*1,%,!(1,>!

4$&(3&',2!($!0+'&41!+((+4H/!+B+3&/(!./%+,0:!I1$'B1!(1,!&'65,%!$)!WTX!+((+4H/!

2,4%,+/,2!2'%3&B!(1,!"7KM!*+%-!(1,>!F'34H0>!%,/'6,2!+)(,%:!.&!"7K8-!+5$'(!?L!

./%+,03!43<303+&/!*,%,!H300,2:"L9!X&,!/3B&3)34+&(!+((+4H!3&40'2,2!(1,!6'%2,%!$)!+&!

C6,%34+&!*30203),!=1$($B%+=1,%!$&!+&!./%+,03!5,+41!+&2!(1,!13]+4H3&B!$)!+!V+3)+D

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"L?!j,;,<!S413))!+&2!R1'2!_+;+%3-!F'-%*3H'+9*2%"."+/%--!(%+&/:!.&+!O%3,26+&+P^,*!_$%H`!S36$&!+&2!S41'/(,%-!"798Q-!@J:!"LK!C/1,%!l+')6+&-![O%$6!(1,!T3(+&3!($!#,3%'(`!./%+,0;/!.&<+/3$&/-\!3&!,2:!E03<,!G$&,/!+&2!S,%B3$!E+(3B&+&3-!F'-%*3+%"&+@*U2.33%)I+,"+%'?66*#-!7+7."$3!7#+!"+)!'#.-!7%3+%"&+7.6L%-%#!;*+L*-'L*7#!;*+P^,*!_$%H`!b$'(0,2B,-!@L"LQ-!@K:!"L9!S+6>!E$1,&-!9":!

! 88!

5$'&2!5'/!5>!+!B%$'=!$)!O+(+1!$&!a+%41!""-!"7K9:!I1,![4$+/(+0!%$+2!6+//+4%,\!0,)(!

M9!./%+,03/!2,+2:"L7!!

./%+,0!%,(+03+(,2!5>!0+'&413&B!+!*,,H0$&B!%+32!4+00,2!X=,%+(3$&!T3(+&3!(1%,,!

2+>/!0+(,%!$&!a+%41!"J(1:!I1,!4+6=+3B&!($$H!=0+4,!3&!(1,!8L!H30$6,(,%/!5,(*,,&!(1,!

./%+,03DT,5+&,/,!5$%2,%!+&2!(1,!T3(+&3!b3<,%:!.(/!=%36+%>!B$+0!*+/!($!H300!(1,!

6+A36'6!&'65,%!$)!B',%%300+/!+&2!2,/(%$>!(1,3%!6303(+%>!3&)%+/(%'4('%,:!I1,!

$=,%+(3$&;/!/,4$&2+%>!B$+0!*+/!($!,A=+&2!(1,!,A3/(3&B!E1%3/(3+&!,&40+<,/!$&!(1,!

T,5+&,/,!/32,!$)!(1,!5$%2,%:""L!.(!4+'/,2!(1,!2,+(1!$)!/,<,%+0!2$Y,&!T,5+&,/,!

43<303+&/-!(1,!2,/(%'4(3$&!$)!1'&2%,2/!$)!1$6,/-!+&2!(1,!)03B1(!$)!(,&/!$)!(1$'/+&2/!$)!

=,$=0,!)0,,3&B!(1,!5$65+%26,&(/:!I1%,,!1'&2%,2!WTX!)3B1(,%/!*,%,!H300,2-!/,<,%+0!

1'&2%,2!*$'&2,2-!+&2!/,<,%+0!2$Y,&!4+=('%,2!+/!*,00:"""!C44$%23&B!($!^$%($&-!(1,!

S13;+1!4$66'&3(>!/')),%,2!23/=%$=$%(3$&+(,0>!+&2!3&4'%%,2!6$%,!4+/'+0(3,/!(1+&!

+&>!$(1,%!4$66'&3(>-!+&2!(1$'/+&2/!$)!S13;+1!5,4+6,!%,)'B,,/:""@!X&!(1,!./%+,03!

/32,-!"9!6,&!*,%,!H300,2!+&2!""M!*$'&2,2:""M!!

I1,!$=,%+(3$&!4$'02!5$+/(!0363(,2!+413,<,6,&(/:!RA40'23&B!(1,!I>%,!+%,+-!(1,!

.NO!($$H!+00!$)!(1,!(,%%3($%>!/$'(1!$)!(1,!T3(+&3!b3<,%-!+00$*3&B!3(!($!,/(+503/1!+!

4$&(3&'$'/!E1%3/(3+&D2$63&+(,2!/,4'%3(>!5')),%!Y$&,!$)!+5$'(!/3A!630,/!3&!2,=(1!

)%$6!(1,!5$%2,%!'&2,%!(1,!23%,4(3$&!$)!(1,!STC!1,+2,2!5>!S;+2!V+22+2:!k^!S,4'%3(>!

E$'&430!b,/$0'(3$&!8@J!$)!a+%41!"7-!"7K9!4+00,2!)$%!(1,!*3(12%+*+0!$)!./%+,03!(%$$=/!

3&!%,('%&!)$%!(1,!3&/(+006,&(!$)!k&3(,2!^+(3$&/!.&(,%36!O$%4,/!3&!T,5+&$&!Pk^.O.TQ!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"L7!a+$Y-!"K?d!S13&20,%-!"?L:!""L!a$%%3/-!JL":!"""!a$%%3/-!JL":!""@!^$%($&-!87d!CY+&3-!J?:!""M!a$%%3/-!JL":!

! 8J!

=,+4,H,,=3&B!)$%4,/!3&!(1,!/,4'%3(>!Y$&,:""8!V$*,<,%-!*3(13&!+!>,+%-!(1,!WTX!1+2!

%,+//,%(,2!3(/,0)!3&!T,5+&$&:!O'%(1,%6$%,-!(1,!k^.O.T!)+30,2!($!=%,<,&(!+!&,*!/,%3,/!

$)!WTX!+((+4H/!3&!"79L!+&2!"79"-!$%!(1,!63//30,!4%3/3/!3&!(1,!43(>!j+10,!*1,&!(1,!

S>%3+&/!=%$<$H3&B0>!=0+&(,2!+&(3D63//30,!+3%4%+)(!(1,%,:""J!C!5%3,)!,A41+&B,!$)!

)3B1(3&B!,&/',2-!5'(!+)(,%!6,23+(3$&-!(1,!4%3/3/!3&!T,5+&$&!/13)(,2!)%$6!+&!./%+,03D

S>%3+&!/(%'BB0,!5+4H!($!+&!./%+,03DWTX!4$&)%$&(+(3$&:""?!a$%,!36=$%(+&(0>-!2'%3&B!

(1,!*+%-!(1,!W+0,/(3&3+&!B',%%300+/!%,(%,+(,2!)'%(1,%!&$%(1!=+/(!(1,!T3(+&3!b3<,%-!

6+H3&B!3(!40,+%!(1+(!(1,!0363(,2!$=,%+(3$&!*$'02!&$(!/'44,,2:!.)!(1,!.NO!*3/1,2!($!

*3=,!$'(!(1,!B',%%300+/-!3(!*$'02!1+<,!($!)$00$*!(1,6!)'%(1,%!&$%(1:!I1'/-!X=,%+(3$&!

T3(+&3;/!'/,!$)!,A4,//3<,!)$%4,!232!&$(!/'44,,2!3&!%,/($%3&B!./%+,03!2,(,%%,&4,!

5,4+'/,!3(!)+30,2!($!36=+4(!(1,!W+0,/(3&3+&!B',%%300+/;!6$(3<+(3$&/!$%!4+=+5303(3,/:!!

a,&+41,6!#,B3&!*+/!%,,0,4(,2!W%36,!a3&3/(,%!3&!"79":!I1,!)$%6+(3$&!$)!13/!

4+53&,(!6+%H,2!(1,!)3%/(!(36,!(1+(!3&!+&!./%+,03!B$<,%&6,&(-!(1,!B%$'=!$)!0,+23&B!

)3B'%,/!*1$!6$&$=$03Y,2!2,),&/,!+&2!)$%,3B&!+))+3%/!*,%,!6$/(0>!1+*H3/1!+&2!

,+B,%!($!,6=0$>!./%+,0;/!6303(+%>!=$*,%!($!+413,<,!$5],4(3<,/!(1+(!*,&(!5,>$&2!(1,!

4$'&(%>;/!/,4'%3(>!&,,2/:""K!I1,>!3&40'2,2!#,B3&-!&,*0>D+==$3&(,2!N,),&/,!a3&3/(,%!

C%3,0!S1+%$&-!O$%,3B&!a3&3/(,%!_3(Y1+H!S1+63%-!+![Y,+0$'/!&+(3$&+03/(-\!T(:!Z,&:!b+)+,0!

R3(+&-!+!1+%2,&,2!/$023,%!*1$!5,03,<,2!./%+,0!*+/!/(300!)3B1(3&B!,A3/(,&(3+0!*+%/-!+&2!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!""8!a$%%3/-!JL@:!""J!O$%!6$%,!$&!(1,!j+10,!63//30,!4%3/3/-!/,,!S413))!+&2!_+;+%3-!F'-%*3H'+9*2%"."+/%-+P^,*!_$%H`!S36$&!+&2!S41'/(,%-!"798Q-!==:!MMDMJ:!""?!a+$Y-!"KK:!""K!S413))!+&2!_+;+%3-!M7:!

! 8?!

./%+,03!+65+//+2$%!($!(1,!k&3(,2!S(+(,/!a$/1,!C%,&/:""9!O'%(1,%6$%,-!./%+,0!1+2!

2,<,0$=,2-!=%$),//3$&+03Y,2-!+&2!6$2,%&3Y,2!3(/!+%6>!*3(1!13D(,41!6+(,%3+0:""7!

./%+,0!0+'&41,2!+!6+]$%!%+32!$&!WTX!5+/,/!3&!S$'(1!T,5+&$&!+&2!U,/(!#,3%'(!

3&!G'0>!"79"-!H3003&B!6$%,!(1+&!"LL!=,$=0,!+&2!3&]'%3&B!+5$'(!?LL:"@L!I1,!"@!2+>/!$)!

3&(,&/,!)3B1(3&B!*,%,!(1,!6$/(!<3$0,&(!/3&4,!X=,%+(3$&!T3(+&3:!I1,!2,+(1/!$)!/$!6+&>!

43<303+&/!+&2!(1,!*+<,!$)!3&(,%&+(3$&+0!$'(%+B,!=%$6=(,2!(1,!k&3(,2!S(+(,/!($!

/'/=,&2!(1,!/13=6,&(!$)!OD"?!)3B1(,%!=0+&,/!($!./%+,0!+/!='&3/16,&(:"@"!#'(!2,/=3(,!

(1,!'/,!$)!6303(+%>!)$%4,-!(1,!.NO!*+/!+B+3&!'&+50,!($!5%3&B!(1,!%$4H,(/!($!+!1+0(:!!

C44$%23&B!($!S413))!+&2!_+;+%3-!(1,!B$+0!$)!(1,!+((+4H/!*+/!($!4$&(%$0!+&!

,/4+0+(3$&!$)!(,&/3$&!+&2!(%3BB,%!+!*+%!(1+(!*$'02!0+/(!1+0)!+!>,+%!+(!6$/(:"@@!.&2,,2-!

S1+%$&!+&2!#,B3&!+0%,+2>!1+2!+&!32,+!$)!+!B%+&2!/(%+(,B>!($!3&<+2,!T,5+&$&-!='(!3(/!

4+=3(+0!'&2,%!/3,B,-!+&2!,&B+B,!(1,!S>%3+&!)$%4,/-!5'(!1,!*+/!6,(!*3(1!$==$/3(3$&!

)%$6!(1,!4+53&,(!*1,&!=%,/,&(,2!3&!N,4,65,%!"79":!E$&/,F',&(0>-!S1+%$&!/4+0,2!

2$*&!(1,!=0+&-!+&2!2,432,2!($!'/,!WTX!=%$<$4+(3$&/!+/!%,+/$&/!)$%!0+%B,D/4+0,!+3%!

/(%3H,/-!*1341!*$'02!,&(34,!(1,!WTX!($!%,/'6,!5$65+%26,&(/!$&!(1,!Z+030,,:!I1,!

+((+4H/!*$'02!(1,&!]'/(3)>!13/![X=,%+(3$&!T3((0,!W3&,/\!32,+:"@M!.&2,,2-!S1+%$&!232!

&$(!%,<,+0!13/!B%+&2!=0+&!)$%!(1,!*+%!3&!T,5+&$&!+00!+(!$&4,:!I1,!3&3(3+0!=0+&!

23/4'//,2!+(!(1,!E+53&,(!6,,(3&B!$&!G'&,!8(1-!(1,!6$%&3&B!)$00$*3&B!(1,!+((+4H!$&!

C%B$<-!*+/!)$%!(1,!.NO!($!/,4'%,!8L!H30$6,(,%/!=+/(!(1,!5$%2,%!3&!$%2,%!($!H,,=!(1,!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!""9!S413))!+&2!_+;+%3-!M7D8L:!""7!S+6>!E$1,&-!9@:!"@L!S413))!+&2!_+;+%3-!M?:!"@"!S413))!+&2!_+;+%3-!"LL:!"@@!S413))!+&2!_+;+%3-!MJ:!"@M!a+$Y-!"L8-!"9J:!

! 8K!

/,((0,6,&(/!3&!(1,!Z+030,,!$'(!$)!%+&B,!)%$6!WTX!)3%,D!(13/!*+/![T3((0,!W3&,/:\"@8!.&!

%,+03(>-!1$*,<,%-!S1+%$&;/!=0+&!*+/!&$(!4$&)3&,2!($!S$'(1!T,5+&$&:!a+$Y!2,03&,+(,/!

S1+%$&;/!=0+&!3&!)$'%!/(,=/`!)3%/(!+&2!)$%,6$/(-!(1,!2,/(%'4(3$&!$)!WTX!3&)%+/(%'4('%,-!

1'6+&!+&2!6+(,%3+0!+//,(/-!+&2!0,+2,%/13=-!$%!(1,!4$6=0,(,!,A='0/3$&!$)!(1,!WTX!

)%$6!T,5+&$&d!/,4$&2-!(1,!*3(12%+*+0!$)!S>%3+&!)$%4,/!)%$6!T,5+&$&d!(13%2-!(1,!

3&/(+006,&(!$)!+!E1%3/(3+&!B$<,%&6,&(!1,+2,2!5>!#+/13%!Z,6+>,0!3&!#,3%'(d!)$'%-!(1,!

/3B&3&B!$)!+!=,+4,!(%,+(>-!$%!&$&D5,003B,%,&4,!+B%,,6,&(-!*3(1!T,5+&$&:"@J!V,!

=%$B%,//3<,0>!=%,/,&(,2!6$2,%+(,2!<,%/3$&/!$)!(13/![#3B!W3&,/\!=0+&!($!(1,!4+53&,(!

'&(30!1,!)3&+00>!$5(+3&,2!#,B3&;/!+==%$<+0!)$%!+!6+//3<,!+3%!+((+4H!$&!/3A(,,&!WTX!

(+%B,(/!+&2!(1,!4+53&,(;/!'&2,%/(+&23&B!(1+(!3(!*$'02!=%$<$H,!+!WTX!%,/=$&/,-!

*1341!*$'02!(1,&!%,F'3%,!(1,!,A,4'(3$&!$)!(1,!0$&BD=0+&,2!.NO!3&<+/3$&![T3((0,!

W3&,/:\"@?!

I1,!$==$%('&3(>!)$%!0+'&413&B!(1,!$=,%+(3$&!4+6,!*1,&!./%+,03!+65+//+2$%!+!

W+0,/(3&3+&!(,%%$%3/(!B'&&,2!2$*&!(1,!./%+,03!+65+//+2$%!($!(1,!k&3(,2!l3&B2$6-!

S10$6$!C%B$<-!$&!G'&,!M-!"79@:!./%+,0!40+36,2!(1+(!(1,!WTX!1+/!5%$H,&!(1,!4,+/,)3%,!

*3(1!(1,!+((,6=(,2!+//+//3&+(3$&-!('%&3&B!+!503&2!,>,!($!(1,!)+4(!(1,!+((,6=(!1+2!

5,,&!4+%%3,2!$'(!5>!(1,!C5'!^32+0!B%$'=-!+&!,&,6>!$)!(1,!WTX:"@K!./%+,0!0+'&41,2!3(/!

3&<+/3$&!$)!T,5+&$&!$&!G'&,!J-!"79@-!2'55,2![X=,%+(3$&!W,+4,!)$%!(1,!Z+030,,:\!!

I1,!"79@!3&<+/3$&!*+/!./%+,0;/!0+%B,/(!6303(+%>!4+6=+3B&!/3&4,!(1,!"7KM!U+%:!

.&!(1,!*+%-!(1,!.NO;/!)$'B1(!*3(1!/3A!($!/,<,&!23<3/3$&+0!(+/H!)$%4,/-!+&!3&2,=,&2,&(!

+%6$%,2!5%3B+2,!3&40'23&B!"-JLL!(+&H/-!+&2!(1,!,&(3%,!+3%!)$%4,!+&2!&+<>-!6,+&3&B!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"@8!S413))!+&2!_+;+%3-!"LM:!"@J!a+$Y-!"9":!"@?!a$%%3/-!J"J:!"@K!^$%($&!P@LLKQ-!M@:!

! 89!

+&!,/(36+(,2!($(+0!$)!9L-LLL!($!"LL-LLL!/$023,%/:"@9!I1,!WTX!*+/!3&),%3$%!3&!5$(1!

&'65,%/!$)!)3B1(,%/D!(1,!.NO!,/(36+(,2!(1,%,!*,%,!/3A!($!/,<,&!(1$'/+&2!WTX!

)3B1(,%/!3&!O+(+10+&2D!+&2!$&0>!=$//,//,2!+5$'(!@JL!+%(300,%>!=3,4,/!+&2!l+(>'/1+!

%$4H,(!0+'&41,%/-!+5$'(!"LL!(+&H/-!+&2!/,<,%+0!2$Y,&/!+&(3+3%4%+)(!B'&/:!I1,>!*,%,!

+0/$!3&),%3$%!3&!4$66+&2!+&2!4$&(%$0-!4$66'&34+(3$&/-!0$B3/(34/-!+&2!(%+3&3&B:"@7!

I1,!.NO!)$'B1(!*3(1!+&!+00D$'(!+//+'0(!)%$6!(1,!B%$'&2-!+3%!+&2!/,+!5,)$%,!+2<+&43&B!

3(/!/$023,%/:!I13/!/(%+(,B>!+36,2!($!63&363Y,!./%+,03!4+/'+0(3,/-!+05,3(!+(!(1,!,A=,&/,!

$)!T,5+&,/,!+&2!W+0,/(3&3+&!43<303+&!4+/'+0(3,/:!_+3%!R<%$&!,A=0+3&/!(1+(!(1,!.NO!

,&4$'&(,%,2!+!=%,234(+50,!3&!#,3%'(`![a$2,%&!+%63,/-!+&2!(1,!./%+,03!+%6>!3&!

=+%(34'0+%-!+%,!5,/(!/'3(,2!)$%!6$530,!)3B1(3&B!3&!$=,&!/=+4,/!mrn-\!1,!*%3(,/-![C00!(13/!

6+H,/!3(!,A(%,6,0>!23))34'0(!)$%!(1,!./%+,03!+%6>!($!3&<$0<,!3(/,0)!3&!)3B1(3&B!3&!5'30(D

'=!+%,+/:\"ML!!

.&2,,2-!(1,!WTX!)3B1(,%/!*,%,!63&B0,2!*3(1!+5$'(!1+0)!+!63003$&!43<303+&/!3&!

#,3%'(:![V,+<>!)3B1(3&B!3&!#,3%'(!*$'02!(1,%,)$%,!3&<$0<,!&$(!]'/(!1,+<>!4+/'+0(3,/!

+6$&B!(1,!./%+,03!)$%4,/-!5'(!+0/$!6+&>!4+/'+0(3,/!+6$&B!(1,!43<303+&!=$='0+(3$&!

*1341!4$&/3/(,2!0+%B,0>!$)!T,5+&,/,-!*1$!232!&$(!&,4,//+%>!/>6=+(13Y,!*3(1!(1,!

WTX-\!R<%$&!*%3(,/:"M"!C&2!>,(-!+44$%23&B!($!a+$Y-![.NO!/(%+(,B>!3&!T,5+&$&!*+/!

234(+(,2!0,//!5>!(1,!&+('%,!$)!(1,!=%$50,6/!3(!4$&)%$&(,2!$&!(1,!B%$'&2!+&2!6$%,!5>!

(1,!+<+30+5303(>!$)!%,/$'%4,/!+&2!(,41&$0$B3,/:\"M@!N'%3&B!(1,!(*$D6$&(1!/3,B,!$)!

#,3%'(-!0+%B,!/,4(3$&/!$)!(1,!43(>!*,%,!(+%B,(,2!3&23/4%363&+(,0>-!,<,&!(1$'B1!U,/(!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"@9!l+')6+&-!3&!,2:!G$&,/!+&2!E+(3B&+&3-!MM:!"@7!a$%%3/-!J"K:!"ML!_+3%!R<%$&-!/%-+%"&+F"#*-;*"#!."+!"+9*2%"."I+()*+F'-%*3!QB?-!%"+5*#*--*"7*+5!%3.81*+Pl,&(-!k&3(,2!l3&B2$6`!E%$$6!V,06-!"79KQ-!"M7:!"M"!R<%$&-!"M7:!"M@!a+$Y-!@@8:!

! 87!

#,3%'(!+0$&,!1$'/,2!1+0)!+!63003$&!43<303+&/:"MM!#%32B,/!*,%,!5$65,2:!R0,4(%343(>-!

)$$2-!+&2!*+(,%!/'==03,/!*,%,!)%,F',&(0>!4'(!$))-!*3(1!(1,!B$+0!$)!4$6=,003&B!(1,!WTX!

0,+2,%/13=!($!/'44'65!($!=%,//'%,!+&2!+B%,,!($!,<+4'+(,!(1,!43(>:"M8!#>!(1,!,&2!$)!

^$<,65,%!"79@-!(1,!T,5+&,/,!=$034,!/(+(3/(34/!,/(36+(,2!40$/,!($!@L-!LLL!2,+2!+&2!

ML-!@LM!*$'&2,2-!*3(1!+5$'(!98!=,%4,&(!$)!(1,!)+(+03(3,/!5,3&B!43<303+&/:!

C223(3$&+00>-!+/!+!%,/'0(!$)!(1,!*+%-!9LL-LLL!43<303+&/!*,%,!3&(,%&+00>!23/=0+4,2:"MJ!

O$%6,%!O$%,3B&!a3&3/(,%!C55+!R5+&!4$66,&(,2!$&!(1,!T,5+&$&!U+%`![!I1,%,!3/!+!

&,*!<$4+5'0+%>!*3(1!/=,43+0!<,%5/!p($!=$'&2;-!p($!4%'/1;-!p($!03F'32+(,;!mrn!^$(!$&,!

*$%2!$)!1'6303(>-!4$6=+//3$&!$%!%,/(%+3&(!1+/!4$6,!)%$6!(1,!./%+,03!B$<,%&6,&(!3&!

6+&>!*,,H/-!&$(13&B!5>!(1,!%1,($%34!$)!/,0)D+//,%(3$&-!(1,!1'5%3/!(1+(!(1,!Z%,,H/!

/+*!+/!(1,!B%+<,/(!2+&B,%!($!+!6+&;/!)+(,:\"M?!

I1,!.NO!'/,2!23/=%$=$%(3$&+(,!)$%4,!3&!3(/!)3B1(!+B+3&/(!(1,!WTX-!5'(!(1,!'/,!

$)!)$%4,-!+B+3&-!)+30,2!($!%,/($%,!2,(,%%,&4,!3&!(1,!0$&B!%'&:!I1,!*+%!232!+413,<,!3(/!

6+3&!B$+0-!*1341!*+/!(1,!%,6$<+0!$)!(1,!WTX!3&!S$'(1!T,5+&$&-!(1'/!=%$(,4(3&B!(1,!

Z+030,,!)%$6!3(/!%$4H,(/:!k/3&B!(1,!&$(3$&!$)![2,(,%%,&4,\!3&!+!='%,0>!366,23+(,!

/(%+(,B34!/,&/,-!2,(,%%,&4,!/'44,,2,2!(1+&H/!($!(1,!'/,!$)!1,+<>!6303(+%>!)$%4,!

2'%3&B!(1,!O3%/(!T,5+&$&!U+%:!V$*,<,%-!+!0+%B,!&'65,%!$)!W+0,/(3&3+&/!%,6+3&,2!3&!

S$'(1!T,5+&$&!+&2!+0/$!6$<,2!'=!($!#,3%'(:!I1,!./%+,0!'/,!$)!1,+<>!4$&<,&(3$&+0!

*,+=$&/!+&2!(+4(34/!+B+3&/(!=$='0+(,2!+%,+/!4+'/,2!36=$%(+&(!4$00+(,%+0!2+6+B,-!

4+'/3&B!(1,!/(%+(,B>!$)!,A4,//3<,!)$%4,!($!5+4H)3%,:![e3%('+00>!+00!4+'/,/!$)!,/4+0+(3$&!

3&!(1,!)3B1(3&B-\!)3&2/!a+$Y-![*,%,!2',!($!(1,!.NO;/!3&)034(3$&!$)!43<303+&!4+/'+0(3,/!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"MM!S13&20,%-!"KJ:!"M8!l+')6+&-!M8:!"MJ!l+')6+&-!M8:!"M?!S13&20,%-!"K8:!

! JL!

(1%$'B1!+%,+!5$65+%26,&(/:\"MK![I1,!E3<30!U+%!%,+41,2!'&=+%+00,0,2!1,3B1(/!$)!

<3$0,&4,!+&2!6+>1,6-\!*%3(,/!C/1,%!l+')6+&:!!.&2,,2-!(1,!1,+<>!43<303+&!4+/'+0(3,/!

+&2!2+6+B,!$&0>!2,,=,&,2!(1,!S13;3!=$='0+(3$&;/!+0%,+2>!,A3/(,&(!+&(+B$&3/6!

($*+%2/!./%+,0-!*1341!)+4303(+(,2!(1,!%3/,!$)!%+234+0!S13;+1!B%$'=/:!!

X&!C'B'/(!@"-!"79@-!(1,!.NO!/'44,//)'00>!,A=,00,2!(1,!WTX!+&2!S>%3+&!)$%4,/!

)%$6!#,3%'(-!+&2!/,<,%+0!2+>/!0+(,%!1,0=,2!3(/!+00>-!#+/13%!Z,6+>,0-!*3&!(1,!

=%,/32,&(3+0!,0,4(3$&/:!Z,6+>,0!*+/!H300,2!3&!13/!#,3%'(!1,+2F'+%(,%/!$&!S,=(,65,%!

"8(1:!I1,!)$00$*3&B!>,+%-!./%+,0!+&2!#+/13%;/!5%$(1,%-!C63&!Z,6+>,0-!/3B&,2!+!=,+4,!

+B%,,6,&(-!5'(!*3(1$'(!(1,!=$*,%!($!36=0,6,&(!3(-!Z,6+>,0;/!B$<,%&6,&(!*+/!

)$%4,2!($!4+&4,0!3(!3&!"798:"M9!

#,(*,,&!G'&,!"79@!+&2!G'&,!"79J-!./%+,0!/')),%,2!+5$'(!?JL!2,+2!+&2!

+06$/(!M-LLL!6,&!*$'&2,2!3&!T,5+&$&:!I1,!S>%3+&/!0$/(!5,(*,,&!JLL!+&2!"-LLL!

/$023,%/-!*130,!(1,!WTX!0$/(!+5$'(!"-LLL!)3B1(,%/:!I1,%,!/,,6!($!5,!&$!%,03+50,!

)3B'%,/!+5$'(!W+0,/(3&3+&!+&2!T,5+&,/,!43<303+&!4+/'+0(3,/d!%,=$%(/!<+%>!5,(*,,&!

1'&2%,2/!$)!2,+(1/!($!@L-LLL!2,+(1/:"M7!G$'%&+03/(!b$5,%(!O3/H!*1$!03<,2!3&!T,5+&$&!

2'%3&B!(1,!*+%!*%3(,/!(1+(![/$!,&$%6$'/!*,%,!(1,!4+/'+0(>!($00/!(1+(!(1,!4$&(3&',2!

4+%&+B,!,<,&!='/1,2!&,*/!$)!(1,!O+0H0+&2/!U+%!3&($!/,4$&2!=0+4,!3&!#%3(3/1!

&,*/=+=,%/!mrn!X&!(1,!,2B,!$)!S+5%+-!(1,!a'/036!4,6,(,%>!*+/!&$*!/$!4%$*2,2!

*3(1!2,+2!)%$6!(1,!./%+,03!%+32/!(1+(!4$%=/,/!*,%,!5,3&B!5'%3,2!ML!2,,=!3&!6+//!

B%+<,/-!$&,!$&!($=!$)!(1,!$(1,%:\"8L!U1+(,<,%!(1,!,A+4(!&'65,%/-!(1,!T,5+&$&!U+%!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"MK!a+$Y-!@@8:!"M9!R>+0!j3//,%-![I1,!./%+,0DS>%3+&DT,5+&,/,!I%3+&B0,-\!3&!,2:!R)%+36!l+%/1-!b$%>!a300,%-!+&2!a341+,0!l,%%-!>."$3!7#4+5!L3.6%7?+%"&+B.7!*#?+!"+F'-%*3!Q9*2%"*'*+C*3%#!."'+PXA$&-!k&3(,2!l3&B2$6`!I+>0$%!x!O%+&43/-!@L"LQ-!98:!I1,!5$$H!3/!+!%,=%$2'4(3$&!$)!F'-%*3+,$$%!-'+"8-!^$:!8:!"M7!a$%%3/-!JJ9:!"8L!b$5,%(!O3/H-!<!#?+#)*+G%#!."I+()*+,2&17#!."+.$+9*2%"."!P^,*!_$%H`!C(1,&,'6-!"77LQ4+@@@:!

! J"!

40+36,2!+&!,&$%6$'/!&'65,%!$)!43<303+&!03<,/D!6$/(0>!S13;+1D!+&2!2,/(%$>,2!+!0+%B,!

&'65,%!$)!1$6,/!3&!S$'(1!T,5+&$&-!+44$%23&B!($!^$%($&:"8"!!V,+2!$)!(1,!WTX!_+//,%!

C%+)+(!+&2!(1,!WTX!,/4+=,2!T,5+&$&:!X&!(1,!,<,!$)!(1,!*+%-!(1,%,!*,%,!+&!,/(36+(,2!

"9-LLL!WTX!6,65,%/!3&!T,5+&$&d!5>!"798-!(1,!,/(36+(,2!&'65,%!$)!WTX!6,65,%/!

*+/!5,(*,,&!K-LLL!+&2!K-JLL!6,65,%/-!6,+&3&B!(1+(!?Lv!1+2!)0,2:"8@!I1,!

C6,%34+&D6,23+(,2!+B%,,6,&(!$&!a+>!"K-!"79M!*+/!+!('%&3&B!=$3&(!3&!(1,!

2,(,%3$%+(3&B!/3('+(3$&!$)!(1,!.NO!3&!T,5+&$&:!.(!3&40'2,2!%,/(%34(3$&/!$&!T,5+&,/,!

/$<,%,3B&(>!/'41!+/!0363(/!$&!(1,!'/,!$)!+3%/=+4,-!/$023,%/-!+&2!*,+=$&/:!

C44$%23&B!($!=0+&-!(1,!T,5+&$&!U+%!*+/!+0/$!/'==$/,2!($!2,03<,%!+!50$*!($!

W+0,/(3&3+&!/,0)D,/(,,6!+&2!,&/'%,!F'3,(!3&!(1,!U,/(!#+&H!+&2!Z+Y+-!*1341!./%+,0!

1+2!+&&,A,2!)$00$*3&B!(1,!"7?K!U+%:!C%3,0!S1+%$&!*+/!/(%$&B0>!$==$/,2!($!(1,!32,+!

$)!+!W+0,/(3&3+&!/(+(,-!+&2!4$&4,%&,2!+5$'(!(1,!%3/3&B!3&)0',&4,!+&2!0,B3(36+4>!$)!

_+//,%!C%+)+(!+&2!(1,!WTX!$&!(1,!*$%02!/(+B,-!+/!*,00!+/!(1,!"79"!4,+/,)3%,!5,(*,,&!

./%+,0!+&2!(1,!WTX:!E%'/13&B!(1,!4,&(,%!$)!W+0,/(3&3+&!%,/3/(+&4,!3&!T,5+&$&!*$'02!

%,2'4,!3(/!3&)0',&4,!3&!(1,!W+0,/(3&3+&!(,%%3($%3,/:!"8M!V$*,<,%-!3&/(,+2!$)!/30,&43&B!

W+0,/(3&3+&!%,/3/(+&4,!3&!(1,!(,%%3($%3,/-!(1,!*+%!$&0>!,&4$'%+B,2!3(:!I1,!O3%/(!

.&(3)+2+-!*1341!*$'02!0+/(!/3A!>,+%/-!5%$H,!$'(!3&!"79K:!!

!

2,/!H*4/!&5!O/FI&77-,!

I1,!T,5+&$&!U+%!+&2!(1,!4$&/,F',&(!,A='0/3$&!$)!(1,!WTX!6+2,!/=+4,!)$%!

%+234+0!B%$'=/!($!%3/,!+6$&B/(!(1,!S13;3!4$66'&3(>:!_+3%!R<%$&!4+00/!(1,!S13;+1!(1,!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"8"!^$%($&-!87:!"8@!#,&DN$%-!3&!,2:!C0=1,%-!7:!"8M!S+6>!E$1,&-!98:!

! J@!

[413,)!m5,&,)343+%3,/n\!$)!(1,!"79@!U+%`!(1,>!1+2!5,4$6,!(1,!0+%B,/(!4$66'&3(>!3&!

T,5+&$&-!+&2!(1$'B1!(1,>!1+2!%,6+3&,2!(1,!0,+/(!4$1,/3<,!)+4(3$&!3&!(1,!4$'&(%>!

5,)$%,!(1,!*+%-!(1,!*+%![)%,,2\!(1,!S13;+1!)%$6!WTX!%'0,:"88!.&2,,2-!X=,%+(3$&!T3(+&3!

+&2!(1,!O3%/(!T,5+&$&!U+%!+44,0,%+(,2!(1,!/$43$D=$03(34+0!(%+&/)$%6+(3$&/!(1+(!1+2!

5,,&!3&!6$(3$&!5,)$%,!(1,6-!&$(+50>!(1,!6$5303Y+(3$&!+&2!%+234+03Y+(3$&!$)!(1,!S13;3!

4$66'&3(>:"8J!I1,!S13;+1!1$=,2!(1+(!(1,!*+%!*$'02!)3&+00>!+00$*!+!23<3/3$&!$)!

=$03(34+0!=$*,%!(1+(!*$'02!%,)0,4(!(1,3%!2,6$B%+=134!/3('+(3$&:!#'(!)$00$*3&B!(1,!

,A='0/3$&!$)!(1,!WTX!3&!(1,!T,5+&$&!U+%-!C6+0!/0$*0>!0$/(!3&)0',&4,!$&!(1,!=$03(34+0!

/4,&,!($!6$%,!%+234+0!B%$'=/!%$/,!($!=$*,%:!!S6+00!B%$'=/!=%$=,00,2!5>!2,/=+3%!+&2!

2,234+(,2!($!<3$0,&4,!,6,%B,2:"8?!I13/!%,<$0'(3$&+%>!),%<$%-!3&/=3%,2!5>!(1,!

/'44,//)'0!./0+634!b,<$0'(3$&!$)!"7K7-!*32,&,2!(1,!B+=!5,(*,,&!(1,!,A(%,6,!B%$'=/!

+&2!(1,!,A3/(3&B!=$03(34+0!S13;+1!$'(0,(/:!C/!C/1,%!l+')6+&!*%3(,/-![.)!%,<$0'(3$&+%>!

.%+&!*+/!(1,!32,$0$B34+0!6$(1,%!$)!V3Y5$00+1!+&2!S>%3+!*+/!(1,!3&/(%'6,&(+0!)+(1,%-!

(1,&!(1,!./%+,03!3&<+/3$&!$)!T,5+&$&!4$'02!5,!4$&/32,%,2!($!5,!(1,!632*3),!(1+(!

5%$'B1(!(1,!S13;+!$%B+&3Y+(3$&!($!03),:\"8K!N,5+(,!%+B,2!*3(13&!(1,!C6+0!6$<,6,&(!

+5$'(!(1,!&,,2,2!4$'%/,!$)!+4(3$&-!+&2!^+531!#,%%3;/!4$&(%$<,%/3+0!2,43/3$&!($!]$3&!

(1,!S>%3+&D5+4H,2!T,5+&,/,!^+(3$&+0!S+0<+(3$&!O%$&(!3&!"79@!4+'/,2!+!%3)(!3&!(1,!

C6+0!6$<,6,&(-!5%3&B3&B!/$6,!$)!3(/!/,&3$%!6,65,%/!($!%,(3%,!)%$6!3(:!I1'/!(1,!

S13;3!4$66'&3(>!*+/!/=03(!3&($!(*$!4+6=/`!(1,!,A3/(3&B!6$2,%+(,/!(%>3&B!($!*$%H!

*3(13&!(1,!/>/(,6-!+&2!(1,!%+234+0/!*$%H3&B!($!$<,%(1%$*!(1,!/(+('/!F'$:"89!_3(Y1+H!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"88!R<%$&-!"?J:!"8J!S13&20,%-!M8@:!"8?!^$%($&-!"LL:!"8K!l+')6+&-!M?:!"89!CY+&3-!M7:!

! JM!

b+53&!=%,234(,2`![T,5+&$&!2$,/!&$(!+==,+%!03H,0>!($!5,!+!4$&)%$&(+(3$&!/(+(,!+B+3&/(!

./%+,0!3&!(1,!)$%,/,,+50,!)'('%,!mrn!b+(1,%-!T,5+&$&;/!*,+H&,//!1+/!%,&2,%,2!3(-!+&2!

*300!4$&(3&',!($!%,&2,%!3(!+!1$/(!/(+(,!)$%!(,%%$%3/6:\"87!!

X&,!$%B+&3Y+(3$&!(1+(!,6,%B,2!3&!(1,!"79L/!*+/!V,Y5$00+1!mW+%(>!$)!Z$2n-!

)$'&2,2!3&!(1,!*+H,!$)!(1,!"79@!T,5+&$&!U+%!+/!+!/'44,//$%!($!$(1,%!B%$'=/!3&!(1,!

#,F++!%,B3$&!+&2!+/!+!%3<+0!($!C6+0:!N'%3&B!(1,!"79@!U+%!+0%,+2>-!b$5,%(!O3/H!

%,=$%(,2!(1,!5,B3&&3&B!$)!(1,!S13;+1;/!%,03B3$'/0>D3&/=3%,2!%,/3/(+&4,:![I1,!T,5+&,/,!

S13+!*,%,!0,+%&3&B!(1,!=%3&43=0,/!$)!6+%(>%2$6!+&2!='((3&B!(1,6!3&($!=%+4(34,-\!O3/H!

*%3(,/:![S$6,!$)!(1,!S13+!)3B1(,%/!1+2!($%&!$))!=3,4,/!$)!(1,3%!/13%(/!+&2!*%+==,2!

(1,6!+%$'&2!(1,3%!1,+2/!+/!5+&2/!$)!6+%(>%2$6!+/!(1,!.%+&3+&!%,<$0'(3$&+%>!B'+%2/!

1+2!5,B'&!2$3&B!+!>,+%!5,)$%,!m:::n-\!O3/H!*%3(,/-![^,<,%!5,)$%,!1+2!*,!/,,&!(1,/,!

6,&!*,+%!1,+25+&2/!03H,!(13/d!*,!(1$'B1!3(!*+/!+&$(1,%!6303(3+!+)),4(+(3$&!5'(!3(!

*+/!&$(:!.(!*+/!(1,!5,B3&&3&B!$)!+!0,B,&2!*1341!+0/$!4$&(+3&,2!+!/(%$&B!,0,6,&(!$)!

(%'(1:!I1,!S13+!*,%,!&$*!(1,!T,5+&,/,!%,/3/(+&4,-!&+(3$&+03/(!&$!2$'5(-!5'(!+0/$!

3&/=3%,2!5>!(1,3%!%,03B3$&:!I1,!=+%(>!$)!Z$2D!3&!C%+534-!(1,!@*U2.33%)D!*,%,!$&!(1,!

5%,+41,/!$)!l1+02,!(1+(!&3B1(:\"JL!!

V,Y5$00+1!23)),%,2!)%$6!C6+0!$&!6+&>!0,<,0/:!O$%!3&/(+&4,-!*130,!C6+0!*+/!+!

/,4'0+%!&+(3$&+0!6$<,6,&(!(%>3&B!($!%,)$%6!(1,!,A3/(3&B!=$03(34+0!$%2,%!/$!+/!($!

+2<+&4,!S13;+1!3&(,%,/(/-!V,Y5$00+1;/!*+/!%,03B3$'/!+&2!=+&D./0+634-!+&2!%,B+%2,2!

(1,!T,5+&,/,!B$<,%&6,&(!+/!300,B3(36+(,:"J"!I1,!(*$!B%$'=/!+0/$!1+2!23)),%,&(!B$+0/:!

U130,!C6+0!*$%H,2!)%$6!*3(13&!(1,!T,5+&,/,!=$03(34+0!/>/(,6-!V,Y5$00+1!/$'B1(!($!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"87!_3(Y1+H!b+53&-![.&!(1,!C)(,%6+(1!$)!(1,!U+%!3&!T,5+&$&`!./%+,0;/!X5],4(3<,/-\!3&!,2:!C0=1,%-!8":!"JL!O3/H-!@@K:!"J"!CY+&3-!?@:!

! J8!

$<,%(1%$*!3(!+&2!,/(+503/1!+&!./0+634!%,='5034!3&!T,5+&$&:!#$(1!B%$'=/-!1$*,<,%-!

/$'B1(!(1,!/+6,!/$43+0!5+/,`!(1,!S13;3!4$66'&3(>:"J@!!

.%+&!1,0=,2!)$'&2!+&2!6+3&(+3&!V,Y5$00+1:!I1,!./0+634!b,='5034;/!V3B1,%!

N,),&/,!E$'&430!6+3&(+3&,2!(1,!%,0+(3$&/13=!5,(*,,&!.%+&!+&2!V,Y5$00+1-!+&2!

(1%$'B1!3(-!l1$6,3&3!(%+&/63((,2!13/!+2<34,!($!V,Y5$00+1:"JM!#,0$*!(1,!E$'&430!

$=,%+(,!$(1,%!5$23,/!+&2!4$663((,,/!3&40'23&B!(1,!W$03(5'%$!*1341!=%$<32,/!+2<34,!

($!(1,!E$'&430-!+&2!(1,!Z,&,%+0!E$&<,&(3$&!*1341!36=0,6,&(/!E$'&430!$%2,%/!+&2!

=0+&/!2+30>!$=,%+(3$&/!3&!T,5+&$&:"J8!

.&3(3+00>-!V,Y5$00+1;/!B$+0!*+/!(1,!,/(+503/16,&(!$)!+&!./0+634!/(+(,!3&!

T,5+&$&D!(1$'B1!&$(!5>!)$%4,:!C44$%23&B!($!V,Y5$00+1-!(1,!a+%$&3(,/-!W1+0+&B,/-!

./%+,0-!O%+&4,-!(1,!S$<3,(!k&3$&-!.%+F-!+&2!,/=,43+00>!(1,!k&3(,2!S(+(,/!*,%,!1$023&B!

(1,!T,5+&,/,!S13;+1!'&2,%!/3,B,:!.(/!)'('%,!0,+2,%-!V+//+&!^+/%+00+1-!2,/4%35,2!(1,!

6$<,6,&(!+/![5$%&!+/!+!%,+4(3$&!($!(1,!$44'=+(3$&!$)!=+%(!$)!$'%!4$'&(%>!

mT,5+&$&n\:"JJ!I1,!/$0'(3$&!($!(1,!S13;+1;/!(%$'50,/!*+/!($!5,!)$'&2!3&!%,03B3$&D!(1,!

t'%;+&-!(1,!S'&&+-!+&2!(1,!2,43/3$&/!$)!%,03B3$'/!0,+2,%/:!V,Y5$00+1;/!6,//+B,!*+/!

/$032-!/36=0,-!4$6)$%(3&B-!+&2!+44,//350,!($!+!=$='0+(3$&!(1+(!),0(!&,B0,4(,2!+&2!

'&2,%<+0',2:"J?!.&!$%2,%!($!4$'&(,%!C6+0;/!=$*,%-!3(!3&3(3+(,2!+4(3<3(3,/!+(!(1%,,!

0,<,0/`!(1,!32,$0$B34+0!%,03B3$'/!0,<,0!*3(1!(1,!B$+0!$)!3&4$%=$%+(3&B!%,03B3$'/!

+4(3<3/6!+&2!=,%/$&+0!/+4%3)34,!3&($!/$43+0!6$5303Y+(3$&d!(1,!/$43+0!0,<,0!*3(1!(1,!B$+0!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"J@!CY+&3-!?M:!"JM!^$%($&-!"L@:!"J8!C&(1$&>!E$%2,/6+&-!,-%2QF'-%*3!+S!3!#%-?+D.-7*'+!"+%"+:-%+.$+,'?66*#-!7+/%-'+PU,/(=$%(-!EI`!W%+,B,%!S,4'%3(>!.&(,%&+(3$&+0-!@LL?Q-!@JJ:!"JJ!V+//+&!^+/%+00+1-![U1$!3/!V+//+&!^+/%+00+1o\!3&(,%<3,*!*3(1+G!&%+%3Q/%#%"!-!M"!C'B'/(!"77M-!3&!,2:!^$,-!"@K:!"J?!^$%($&-!"LJ:!

! JJ!

$)!+5$03/13&B!23/4%363&+(3$&!+&2!36=%$<3&B!(1,!03<3&B!4$&23(3$&/!$)!(1,!S13;+1d!+&2!

(13%20>-!(1,!6303(+%>!0,<,0-!*3(1!(1,!+36!$)!,A=,003&B!+00![)$%,3B&,%/\!)%$6!T,5+&$&:"JK!!

V,Y5$00+1!=%$B%,//3<,0>!B+3&,2!%,4$B&3(3$&!+&2!0,B3(36+4>:!C)(,%!/,%3,/!$)!

+((+4H/!+B+3&/(!(1,!a'0(3&+(3$&+0!O$%4,/!Pa^OQ!+&2!(1,!.NO!3&!T,5+&$&-!+&2!

(,%%$%3/6!3&<$0<3&B!(1,!H32&+==3&B!$)!U,/(,%&!43(3Y,&/!3&!T,5+&$&-!+3%=0+&,!

13]+4H3&B/-!+&2!(,%%$%3/(!+((+4H/!+5%$+2!3&!"79M!V,Y5$00+1!B+3&,2!3&(,%&+(3$&+0!

+((,&(3$&:!X&,!$)!(1,/,!+((+4H/!*+/!+!/'3432,!$=,%+(3$&!$&!X4($5,%!"79M!H3003&B!@8"!

C6,%34+&!a+%3&,/!+&2!*$'&23&B!"LL!a+%3&,/!+(!(1,3%!5+%%+4H/!+(!(1,!#,3%'(!

.&(,%&+(3$&+0!C3%=$%(:!V,Y5$00+1;/!+((+4H/-!41+%+4(,%3Y,2!5>!$%3B3&+03(>!+&2!,A(%,6,!

<3$0,&4,-!4+'/,2!(1,!*3(12%+*+0!$)!(1,!a^O/!)%$6!#,3%'(!3&!O,5%'+%>!"798-!(1,!

*3(12%+*+0!$)!(1,!.NO!($!(1,!S,4'%3(>!j$&,!3&!a+>!"79J:"J9!!

I1,!./%+,03!*3(12%+*+0!,/4+0+(,2!(1,!/(%'BB0,!5,(*,,&!C6+0!+&2!V,Y5$00+1-!

+/!(1,!(*$!6$<,6,&(/!%'/1,/!($!,/(+503/1!+!)$$(1$02!3&!(1,!&,*0>!)%,,2!+%,+/:!

V,Y5$00+1!*+/!F'34H!($!3&/(3('(3$&+03Y,!3(/!+4(3<3(3,/!3&!(1,!/$'(1-!/'44,//)'00>!0,+<3&B!

)+4(/!$&!(1,!B%$'&2!5,)$%,!C6+0!*+/!+50,!($!4$'&(,%!3(:"J7!S13;3/6!3/!365',2!*3(1!+&!

,(1$/!$)!%,/3/(+&4,!($!(>%+&&>!$)!$==%,//3$&-!+44$%23&B!($!Z+65300:!I1,!4$653&+(3$&!

$)!%,/3/(+&4,!+&2!%,03,)!*+/!4,&(%+0!($!V,Y5$00+1;/!=$='0+%!+==,+0:"?L!I1,!

$%B+&3Y+(3$&!$'(03&,2!3(/!32,$0$B>!3&!+!6+&3),/($!(1,!$%B+&3Y+(3$&!4+00,2!3(/!X=,&!

T,((,%:!V,Y5$00+1!*+/!+(!3(/!=,+H!3&!(,%6/!$)!B%$*(1!+&2!3&)0',&4,!3&!(1,!0+(,!"79L/-!

+&2!5>!"79K-!3(/!=%,/,&4,!3&!S$'(1!T,5+&$&!*+/!+!)+3(!+44$6=03:!.&!"799-!V,Y5$00+1!

+&2!C6+0!40+/1,2!3&!(1,!)3%/(!3&(%+DS13;+1!5+((0,!3&!/$'(1!#,3%'(!+&2!3&!(1,!/$'(1:!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"JK!CY+&3-!?M:!"J9!CY+&3-!3A:!"J7!CY+&3-!?K:!"?L!Z+65300-!"MM:!

! J?!

U130,!V,Y5$00+1!4%'/1,2!C6+0;/!)$%4,/!3&!/$'(1,%&!#,3%'(-!'0(36+(,0>!C6+0!)3B1(,%/!

41+/,2!6$/(!$)!V,Y5$00+1!)3B1(,%/!$'(!$)!S$'(1!T,5+&$&-!/'%%$'&2,2!(1,6-!+&2!

(%+==,2!(1,6!+&2!^+/%+00+1!)$%!(1%,,!*,,H/:!!

I1,!5+((0,!,&2,2!3&!G+&'+%>!"797!*3(1!(1,!N+6+/4'/!CB%,,6,&(!*1341!

+00$*,2!+!=%$B%,//3<,!%,('%&!$)!V,Y5$00+1!)3B1(,%/!($!(1,!/$'(1!3&!%,('%&!)$%!(1,!

2,=0$>6,&(!$)!S>%3+&!(%$$=/!3&!#,3%'(:"?"!^$&,(1,0,//-!V,Y5$00+1!*+/!/3B&3)34+&(0>!

1+6=,%,2!3&!3(/!=$03(34+0!6+&,'<,%3&B!)$00$*3&B!(1,!CB%,,6,&(:!S>%3+!=%$1353(,2!

V,Y5$00+1!)%$6!4$6=,(3&B!)%,,0>!3&!(1,!=+%03+6,&(+%>!,0,4(3$&/-!+&2!3(!*+/!1,0=0,//!

3&!(1,!)+4,!$)!(1,!B$<,%&6,&(;/!=$/(D*+%!/$43$,4$&$634!=$0343,/!*1341!)+<$%,2!(1,!

,03(,:!Z+%>!Z+65300!*%3(,/!(1+(![.%$&34+00>-!(1,/,!3&,F'3(3,/!'#-*"8#)*"*&+V3Y5+00+1!5>!

=,%=,('+(3&B!(1,!S13;+!4$66'&3(>;/!2,=,&2,&4,!$&!3(/!/$43+0!*,0)+%,!3&/(3('(3$&/!

+&2!23/4%,23(3&B!%3<+0!=$03(34+0!)$%4,/:!#>!,A40'23&B!3(/,0)!)%$6!B$<,%&6,&(!+&2!

2,03<,%3&B!5$(1!%,/3/(+&4,!+&2!/$43+0!/,%<34,/!*3(1!+6+Y3&B!,))343,&4>-!V3Y5+00+1!

=%$],4(,2!+&!36+B,!$)!3&4$%%'=(35303(>!(1+(!4$&(%+/(,2!/(+%H0>!*3(1!(1,!0,B,&2+%>!

,A4,//!$)!(1,!B$<,%&3&B!,03(,:\"?@!!

I1,!I+3)!CB%,,6,&(!/3B&,2!3&!S+'23!C%+53+!3&!"797!/3B&+0,2!(1,!5,B3&&3&B!$)!

(1,!,&2!$)!(1,!T,5+&,/,!E3<30!U+%:!C0(1$'B1!3(!4+00,2!)$%!(1,!23/+%6+6,&(!$)!+00!

6303(3+/-!V,Y5$00+1!&$(!$&0>!%,(+3&,2!3(/!+%6/-!5'(!+0/$!6+3&(+3&,2!+!6$&$=$0>!$)!

4$&(%$0!3&!S$'(1!T,5+&$&!+&2!=+%(/!$)!#,3%'(:!.(!B%,*!)%$6!+!/6+00!B',%%300+!

$%B+&3Y+(3$&!($!+!=$='0+%!/'5D/(+(,!+4($%!3&!T,5+&$&!*3(1!/$032!(3,/!($!.%+&:"?M!k&2,%!

(1,!'65%,00+!$)!V,Y5$00+1!$=,%+(,2!+!&'65,%!$)!<+%3$'/!./0+634!+&2!S13;+1!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"?"!^341$0+/!#0+&)$%2!3&!,2:!^341$0+/!^$,-!W.!7*+.$+@*U2.33%)I+()*+B#%#*6*"#'+.$+B%??*&+@%''%"+G%'-%33%)!PT$&2$&`!e,%/$-!@LLKQ-!?:!"?@!Z+65300-!3&!,2:!b'53&-!"M8:!!"?M!#0+&)$%2-!7:!

! JK!

$%B+&3Y+(3$&/`!(1,!C6+0!+0D./0+63!6$<,6,&(-!*1341!*+/!+!4,&(%+0!6303(3+!+%6-!+&2!

(1,!T,5+&,/,!a'/036!S('2,&(!X%B+&3Y+(3$&!+%,!,A+6=0,/:!I1,>!+00!%,4$B&3Y,2!

C>+($00+1!l1$6,3&3!+/!(1,3%!%,03B3$'/!+&2!=$03(34+0!0,+2,%!+&2!+00!'0(36+(,0>!/(%$<,!($!

,/(+503/1!+&!./0+634!b,='5034!3&!T,5+&$&:"?8!.&!(1,!"77@!=+%03+6,&(+%>!,0,4(3$&/!3&!

*1341!3(!*+/!+00$*,2!($!=+%(343=+(,-!V,Y5$00+1!/,4'%,2!"@!$)!(1,!"@9!/,+(/-!+&2!&3&,!

3&!(1,!"77?!,0,4(3$&/:"?J!I1,!V,Y5$00+1!=+%03+6,&(+%>!50$4!/,%<,2!=%36+%30>!+/!+&!

+0(,%&+(3<,!S13;3!<$34,!($!C6+0-!*1341!1+2!5,4$6,!/(+B&+&(!'&2,%!#,%%3;/!0,+2,%/13=-!

+/!*,00!+/!1,0=,2!,&(%,&41!V,Y5$00+1!*3(13&!T,5+&$&;/!=$03(34+0!)%+6,*$%H:"??!R<,&!

(1$'B1!V,Y5$00+1!,&(,%,2!0$4+0!=$03(34/-!3(!40+36,2`![X'%!=+%(343=+(3$&!3&!(1,!

,0,4(3$&/!+&2!,&(%>!3&($!(1,!^+(3$&+0!C//,650>!2$!&$(!+0(,%!(1,!)+4(!(1+(!*,!+%,!+!

%,/3/(+&4,!=+%(>:!U,!/1+00-!3&!)+4(-!*$%H!($!('%&!(1,!*1$0,!$)!T,5+&$&!3&(%$!+!4$'&(%>!

$)!%,/3/(+&4,-!+&2!(1,!/(+(,!3&($!+!/(+(,!$)!%,/3/(+&4,:\"?K!.(!3/!+(!(13/!=$3&(!(1+(!(1,!

)'('%,!0,+2,%!$)!(1,!6$<,6,&(!+&2!3(/!=%3&43=0,!='5034!=%$)30,!,6,%B,2:!!

V+//+&!^+/%+00+1!*+/!5$%&!3&!"7?L!3&!R+/(!#,3%'(-!+&2!+/=3%,2!($!%,03B3$'/!

0,+2,%/13=!+(!+&!,+%0>!+B,:!C)(,%!/,4$&2+%>!/41$$0-!1,!+((,&2,2!%,03B3$'/!/,63&+%>!3&!

.%+F-!*1,%,!13/!6,&($%-!C55+/!a'//+*3-!,A=$/,2!136!($!(1,!(,+413&B/!$)!.%+&3+&!

40,%34!P+&2!)'('%,!0,+2,%!$)!(1,!"7K7!.%+&3+&!./0+634!b,<$0'(3$&Q-!b'1$00+1!

l1$6,3&3:"?9!^+/%+00+1!)3%/(!B$(!3&<$0<,2!*3(1!C6+0!+(!(1,!$'(5%,+H!$)!(1,!E3<30!U+%!

+&2!5,4+6,!3(/!0,+2,%!)$%!(1,!#,F++!%,B3$&!5>!"79@:!U1,&!#,%%3!]$3&,2!(1,!^+(3$&+0!

S+0<+(3$&!O%$&(-!^+/%+00+1-!03H,!$(1,%/!*1$!/$'B1(!+!6$%,!./0+634!$%3,&(+(3$&!)$%!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"?8!CY+&3-!8M:!"?J!#0+&)$%2-!3&!,2:!^$,-!7:!"??!#0+&)$%2-!3&!,2:!^$,-!7:!"?K!V+//+&!^+/%+00+1-![^$(!+&!.%+&3+&!4$66'&3(>-\!3&(,%<3,*!*3(1!,3Q/%#%"+%3Q,-%2!4+""!S,=(,65,%!"77@-!3&!,2:!^$,-!99:!"?9!R5,&!l+=0+&-!<-.$!3*I+@%''%"+G%'-%33%)4!E$'&430!)$%!O$%,3B&!C))+3%/!1((=`cc***:4)%:$%Bc='5034+(3$&c"""M@c=%$)30,:1(60!

! J9!

C6+0-!0,)(!(1,!$%B+&3Y+(3$&!($!]$3&!'=!*3(1!+!B%$'=!$)!>$'&B!T,5+&,/,!6,&!6$/(!$)!

*1$6!1+2!5,,&!%,03B3$'/!/41$0+%/!)%$6!(1,!#,F++:"?7!I1,>-!+0$&B!*3(1!$(1,%/-!

)$'&2,2!+!&,*!6$<,6,&(!(+H3&B!/1+=,!(1+(!*$'02!0+(,%!5,4$6,!V,Y5$00+1:!

^+/%+00+1!%,4%'3(,2!+&2!$%B+&3Y,2!&,*!6,65,%/!+&2!5>!"79J!1,!*+/!(1,!V,Y5$00+1!

0,+2,%!)$%!(1,!#,F++:!.&!"79K-!^+/%+00+1!*+/!+==$3&(,2!($!V,Y5$00+1;/!a+]03/!+0D

S1'%+!+&2!5,B+&!B3<3&B!13/!)3%/(!/=,,41,/!+&2!3&(,%<3,*/:!C)(,%!V'//,3&!a'//+*3D!

*1$!1+2!5,,&!4$D)$'&2,%!$)!C6+0!5,)$%,!5%,+H3&B!$))!)%$6!C6+0!($!5,4$6,!(1,!

0,+2,%!$)!V,Y5$00+1D!*+/!+//+//3&+(,2!5>!./%+,0!3&!"77"-!^+/%+00+1!5,4+6,!

S,4%,(+%>DZ,&,%+0:"KL!!

W+%(!$)!V,Y5$00+1;/!63//3$&!*+/!(1,!4$&(3&'+(3$&!$)!(1,!/(%'BB0,!+B+3&/(!

./%+,0:!I1,!$%B+&3Y+(3$&!2,03&,+(,2!3(/!4$%,!5,03,)/!+&2!/,0)D36+B,!3&!3(/!X=,&!T,((,%!

$)!O,5%'+%>!"?-!"79J:!W%,/,&(,2!5>!/=$H,/=,%/$&!S1,3H!.5%+136!+0DC63&!+&2!

='503/1,2!3&!(1,!,3QB%$!-!&,*/=+=,%!+&2!3&!+!='50340>!+<+30+50,!5%$41'%,-!(1,!

=%,/,&(+(3$&!$)!(1,!X=,&!T,((,%!6+%H,2!(1,!$))343+0!0+'&41!$)!V,Y5$00+1:!.(!%,+2`!

[X'%!=%36+%>!+//'6=(3$&!3&!$'%!%3B1(!+B+3&/(!./%+,0!/(+(,/!(1+(!(1,!j3$&3/(!,&(3(>!3/!

+BB%,//3<,!)%$6!3(/!3&4,=(3$&-!+&2!5'30(!$&!0+&2/!*%,/(,2!)%$6!(1,3%!$*&,%/-!+(!(1,!

,A=,&/,!$)!(1,!%3B1(/!$)!(1,!a'/036!=,$=0,:!I1,%,)$%,!$'%!/(%'BB0,!*300!,&2!$&0>!

*1,&!(13/!,&(3(>!3/!$503(,%+(,2:\"K"!C&(1$&>!E$%2,/6+&!$)!(1,!E,&(,%!)$%!S(%+(,B34!

.&(,%&+(3$&+0!S('23,/!%,<,+0/!(1+(!V,Y5$00+1!$)),%,2!4$&(3&',2!/'==$%(-!B'32+&4,-!

+&2!6+(,%3+0!+//3/(+&4,!($!(1,!W+0,/(3&3+&/:!N'%3&B!(1,!S,4$&2!.&(3)+2+-!^+/%+00+1!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"?7!V+//+&!^+/%+00+1-![U1$!3/!V+//+&!^+/%+00+1o\!3&(,%<3,*!*3(1!G!&%+%3Q/%#%"-+M"!C'B'/(!"77M-!3&!,2:!^$,-!"@?:++"KL!#0+&)$%2-!3&!,2:!^$,-!J-!K:!"K"![I1,!V,Y5$00+1!W%$B%+6`!C&!X=,&!T,((,%-!O,5%'+%>!"?-!"79J-\!3&!,2:!.(+6+%!b+53&$<341!+&2!G,1'2+!b,3&1+%Y-!F'-%*3+!"+#)*+S!&&3*+:%'#I+5.716*"#'+%"&+C*%&!"8'+."+B.7!*#?4+<.3!#!7'+%"&+D.-*!8"+C*3%#!."'4+MN]Y+#.+#)*+<-*'*"#+PV+&$<,%`!#%+&2,3/!k&3<,%/3(>!W%,//-!@LL9Q-!8@K:!

! J7!

=%$63/,2!W+0,/(3&3+&!)+6303,/!(1+(!1,!*$'02!*$%H!($!%,0,+/,!W+0,/(3&3+&!=%3/$&,%/:!

O$'%!>,+%/!0+(,%-!V,Y5$00+1!/,4'%,2!+!=%3/$&,%!/*+=!+B%,,6,&(!*3(1!./%+,0:!.&!

,A41+&B,!)$%!(1,!5$23,/!$)!(1%,,!./%+,03!/$023,%/!H32&+==,2!+0$&B!(1,!./%+,03D

T,5+&,/,!5$%2,%!3&!X4($5,%!@LLL-!(1,!.NO!+&2!(1,!./%+,03!W%3/$&!C'(1$%3(>!%,0,+/,2!

8@7!/,4'%3(>!=%3/$&,%/!3&!./%+,0-!3&40'23&B!8LL!W+0,/(3&3+&!=%3/$&,%/!)%$6!(1,!U,/(!

#+&H!+&2!Z+Y+:!I1,>!+0/$!%,0,+/,2!(1,!5$23,/!$)!?L!V,Y5$00+1!)3B1(,%/:"K@!V,Y5$00+1!

+0/$!/6'BB0,2!+%6/!($!O+(+1-!(1,!W+0,/(3&3+&!/,4'%3(>!)$%4,/-!V+6+/-!+&2!./0+634!

G31+2:!I1,%,!3/!,<32,&4,-!+44$%23&B!($!E$%2,/6+&-!(1+(!V,Y5$00+1!+4(3<,0>!(%+3&,2!

W+0,/(3&3+&!)3B1(,%/:!.&!G'0>!@LL8-!)$%!(1,!)3%/(!(36,-!^+/%+00+1!='50340>!+4H&$*0,2B,2!

(1+(!V,Y5$00+1!=%$<32,2!/,4%,(!+//3/(+&4,!($!W+0,/(3&3+&!)3B1(,%/:"KM!

.&!+223(3$&!($!/'==$%(3&B!(1,!W+0,/(3&3+&!/(%'BB0,!+B+3&/(!./%+,0-!V,Y5$00+1!

4$&(3&',2!($!4+%%>!$'(!3(/!$*&!$=,%+(3$&/!+B+3&/(!./%+,0!P+&2!(1,!k&3(,2!S(+(,/Q:!

#,(*,,&!"79M!+&2!@LLL-!*1,&!./%+,0!'&30+(,%+00>!*3(12%,*!)%$6!T,5+&$&-!@JL!

./%+,03!/$023,%/!*,%,!H300,2!3&!V,Y5$00+1!+((+4H/:"K8!!

I$2+>-!V,Y5$00+1!3/!6$%,!(1+&!+!(,%%$%3/(!$%B+&3Y+(3$&!+&2!3(!1+/!+//,(/!3(/!

<+0',/!(1+(!4+&!5,!(1%,+(,&,2:!#'30(!3&!+!13,%+%4134!/(%'4('%,!(1+(!3&4$%=$%+(,/!+00!$)!

3(/!+4(3<3(3,/D!=$03(34+0-!/$43+0-!6303(+%>D!3(!3/!'&03H,!$(1,%!(,%%$%3/(!$%B+&3Y+(3$&/-!

%,)'/3&B!($!23/(3&B'3/1!5,(*,,&!3(/!/$43+0-!=$03(34+0-!$%!6303(+%>!5%+&41,/:"KJ!

V,Y5$00+1!1$02!/,+(/!3&!(1,!T,5+&,/,!=+%03+6,&(!+&2!(1,%,)$%,!3/!+44$'&(+50,!($!(1,!

T,5+&,/,!B$<,%&6,&(!+&2!(1,!T,5+&,/,!=,$=0,:!.(/!6+(,%3+0!+//,(/D!3&)%+/(%'4('%,!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"K@!./%+,0!a3&3/(%>!$)!O$%,3B&!C))+3%/-![.NO!W%,=+%+(3$&/!($!E+%%>!X'(!(1,!RA41+&B,!N,+0-\!./%+,0!a3&3/(%>!$)!O$%,3B&!C))+3%/-!1((=`cc***:6)+:B$<:30caOCcZ$<,%&6,&(cE$66'&3F',/[email protected]@L=%,=+%+(3$&/v@L($v@L4+%%>v@L$'(v@L(1,v@L,A41+&B,v@L2,+0v@LD!"KM!E$%2,/6+&-!,-%2QF'-%*3!+S!3!#%-?+D.-7*'+!"+%"+:-%+.$+,'?66*#-!7+/%-'4+@J?:+!"K8!a+$Y-!@"L:!"KJ!S16',0!#+%-![N,(,%%3&B!^$&DS(+(,!I,%%$%3/(!Z%$'=/-\!>.6L%-%#!;*+B#-%#*8?+8?!P@LLKQ-!8KM:!

! ?L!

+&2!*,+=$&/D!&$(!($!6,&(3$&!(1,3%!/$'%4,!$)!$%3B3&-!3:,:!.%+&!+&2!S>%3+-!+%,!+0/$!$)!

36=$%(+&(!($!(1,!$%B+&3Y+(3$&:!.&!(,%6/!$)!3(/!6303(+%>!/(%'4('%,-!(1,!G31+2!E$'&430!

$%2,%/!+&2!,A,4'(,/!6303(+%>!+&2!(,%%$%3/(!+4(3<3(3,/-!5'(!(1,!%,B3$&+0!'&3(/!,&]$>!+!

13B1!0,<,0!$)!+'($&$6>:!I13/!4$66+&2D+&2D4$&(%$0!/(%'4('%,!+00$*/!,+41!'&3(!+!13B1!

0,<,0!$)!(+4(34+0!+'($&$6>-!+00$*3&B!3(!($!5,!)0,A350,-!*130,!+0/$!H,,=3&B!3(!3&!03&,!3&!

(1,!13,%+%41>:"K?!!

.&!%,/=$&/,!($!V,Y5$00+1!$=,%+(3$&/!3&!(1,!/,4'%3(>!Y$&,-!./%+,0!4+%%3,2!$'(!

(*$!0+%B,D/4+0,!$=,%+(3$&/!*1341!,6=0$>,2!6303(+%>!)$%4,!+B+3&/(!43<303+&/`!

X=,%+(3$&!C44$'&(+5303(>!3&!G'0>!"77M!+&2!X=,%+(3$&!Z%+=,/!$)!U%+(1!3&!C=%30!"77?:!

#$(1!(1,/,!$=,%+(3$&/!3&<$0<,2!(1,!'/,!$)!6+//3<,!)3%,=$*,%!3&!+&!$=,&!,))$%(!($!

4$6=,0!(1,!43<303+&!=$='0+(3$&!+&2!(1,!T,5+&,/,!+&2!S>%3+&!B$<,%&6,&(/!($!40+6=!

2$*&!$&!V,Y5$00+1:"KK!X=,%+(3$&!C44$'&(+5303(>!*+/!+!6+//3<,!+3%!+&2!+%(300,%>!

+//+'0(!+B+3&/(!V,Y5$00+1!5+/,/!3&!S$'(1!T,5+&$&:!C%$'&2!(1,!40$4H!)3%,!*+/!

(+%B,(,2!+(!(1,!$'(/H3%(/!$)!<300+B,/-!+&2!(1,&!3&!(1,!<300+B,/!(1,6/,0<,/!$&4,!

3&1+53(+&(/!2,=+%(,2:!#,(*,,&!G'0>!@J(1!+&2!G'0>!M"/(-!&,+%0>!MLL-!LLL!<300+B,%/!y!

6$/(0>!S13;+1D!)0,2!&$%(1*+%2/:!I1,!1$=,!*+/!(1+(!(1,!)0'A!$)!%,)'B,,/!*$'02!

4$6=,0!(1,!T,5+&,/,!B$<,%&6,&(!($!+/H!S>%3+!($!%,3&!3&!V,Y5$00+1:"K9!V,Y5$00+1-!

1$*,<,%-!*+/!+50,!($!)3%,!$))!3(/!%$4H,(/!+(!&$%(1,%&!./%+,0-!%,/'0(3&B!3&!(1,!)03B1(!$)!

./%+,0;/!&$%(1,%&!%,/32,&(/:!a$%%3/!/(+(,/!(1+(!V,Y5$00+1-!2,/=3(,!3(/!=%363(3<,!

4+=+5303(3,/-!6+&+B,2!($!,/(+503/1!+!H3&2!$)![5+0+&4,!$)!(,%%$%:\"K7!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"K?!#+%-!8K8:!"KK!a+$Y-!@@J:!"K9!a$%%3/-!?"9:!"K7!a$%%3/-!?"7:!

! ?"!

X=,%+(3$&!Z%+=,/!$)!U%+(1-!*1341!/(+%(,2!$&!C=%30!""(1!+&2!0+/(,2!"?!2+>/-!

+0/$!1+2!(1,!B$+0!$)!4$6=,003&B!(1,!S>%3+&/!($!%,/(%34(!V,Y5$00+1:!I1,!4+6=+3B&!

3&<$0<,2!6+//3<,!5$65+%26,&(/!$)!V,Y5$00+1!4,&(,%/!+&2!S13;+1!<300+B,/-!+!

50$4H+2,!$)!(1,!T,5+&,/,!4$+/(03&,-!+&2!(1,!2,/(%'4(3$&!$)!6+3&!%$+2/!+&2!(*$!

=$*,%!/(+(3$&/:!#>!(1,!,&2!$)!(1,!)3%/(!*,,H-!+5$'(!8LL-!LLL!T,5+&,/,!43<303+&/!1+2!

)0,2!($!S32$&!+&2!#,3%'(:!N,/=3(,!W%36,!a3&3/(,%!S136$&!W,%,/;/!40+36!(1+(!./%+,0!

*+/!$&0>!(%>3&B!($!,&2![V,Y5$00+1!(,%%$%-\!(1,!$=,%+(3$&!0,)(!"?J!T,5+&,/,!43<303+&/!

H300,2!+&2!8L"!*$'&2,2-!3&40'23&B!"L?!T,5+&,/,!<300+B,%/!H300,2!2'%3&B!+&!

+4432,&(+0!./%+,03!/1,003&B!$&!(1,!<300+B,!$)!t+&+!$&!C=%30!"9(1:"9L!S3A(>D(*$!./%+,03!

43<303+&/!*,%,!*$'&2,2!+/!+!%,/'0(!$)!%$4H,(!)3%,:"9"!C/!+!%,/'0(!$)!(1,!+4432,&(!+(!

t+&+-!3&4%,+/,2!3&(,%&+(3$&+0!=%,//'%,!4+00,2!)$%!+!4,+/,)3%,:!X&!C=%30!@K(1-!+!

4,+/,)3%,!232!B$!3&($!,)),4(-!5+%%3&B!./%+,0!+&2!V,Y5$00+1!)%$6!+((+4H3&B!43<303+&/:!

V$*,<,%-!(1,!4,+/,)3%,!*+/!+!2$'50,D,2B,2!/*$%2:!N,/=3(,!(1,!+B%,,6,&(-!

V,Y5$00+1!4$'02!4$&(3&',!($!(+%B,(!./%+,03!(+%B,(/!+5%$+2!+&2!./%+,03!6303(+%>!(+%B,(/d!

5'(!./%+,0!*$'02!5,!/,<,%,0>!1+6=,%,2!3&!3(/!%,/=$&/,!3)!3(!4$'02!&$(!+((+4H!(1,!

<300+B,/!)%$6!*1,%,!(1,!+((+4H/!*,%,!4$63&B:"9@!X=,%+(3$&!Z%+=,/!$)!U%+(1-!03H,!

X=,%+(3$&!C44$'&(+5303(>-!2,/=3(,!(1,!'/,!$)!,A4,//3<,!)$%4,-!%,/'0(,2!3&!03((0,D!3)!+&>D!

/(%+(,B34!B+3&/!+&2!3&(,%&+(3$&+0!23=0$6+(34!4%3(343/6:!S'41!4$&/,F',&4,/!2$!&$(!

%,3&)$%4,!./%+,03!2,(,%%,&4,d!$&!(1,!4$&(%+%>-!(1,!'/,!$)!,A4,//3<,!)$%4,!('%&,2!(1,!

0$4+0!%,/32,&(/!+&2!(1,!3&(,%&+(3$&+0!4$66'&3(>!+B+3&/(!./%+,0-!(1,%,5>!5$$/(3&B!(1,!

6$%+0,!P6$(3<+(3$&Q!$)!V,Y5$00+1:!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"9L!a$%%3/-!?M7:!"9"!^$,-!"8J:++"9@!a$%%3/-!?8L:!

! ?@!

C&$(1,%!36=$%(+&(!$=,%+(3$&!($$H!=0+4,!$&!G'&,!@-!"778:!.(!3&<$0<,2!+!%+32!3&!

(1,!#,F++!e+00,>!$&!+!V,Y5$00+1!(%+3&3&B!4+6=!*1341!H300,2!5,(*,,&!ML!($!8J!

=,$=0,:!.&!+223(3$&!($!=%$63/3&B![/*3)(!+&2!6,%430,//!%,<,&B,-\!V,Y5$00+1!

366,23+(,0>!%,/=$&2,2!5>!0+'&413&B!*3(1!0,+/(!)$'%!5+%%+B,/!$)!l+(>'/1+!%$4H,(/!

3&($!&$%(1,%&!./%+,0-!6$/(!$)!*1341!0+&2,2!&,+%!^+1+%3>+-!=%$2'43&B!/$6,!2+6+B,!

5'(!&$!4+/'+0(3,/:!./%+,0z/!&$%(1,%&!4$66+&2,%-!a+]:!Z,&:!_3(Y1+H!a$%2,41+3-!

*+%&,2!(1+(!3)!(1,!+((+4H/!4$&(3&',2-!q*,!*300!5,!)$%4,2!($!(+H,!/(,=/!(1+(!*300!1'%(!

(1,6!3&)3&3(,0>!6$%,:\"9M!N,/=3(,!(1,!)+4(!(1+(!V,Y5$00+1!%,/=$&2,2!($!(1,!./%+,03!

+((+4H!*3(1!6$%,!%$4H,(/-!+&2!=%$63/,2!($!0+'&41!6$%,!3&!(1,!)'('%,-!=%$<3&B!(1+(!

(1,!3&3(3+0!'/,!$)!)$%4,!*+/!3&,)),4(3<,-!./%+,03!6303(+%>!0,+2,%/!4$&(3&',!($!(1%,+(,&!

1,+<>!%,(+03+(3$&-!)+303&B!($!%,+03Y,!(1+(!(1,!'/,!$)!23/=%$=$%(3$&+(,!)$%4,!$&0>!

3&4%,+/,2!V,Y5$00+1;/!6$(3<+(3$&-!+&2!(1,%,)$%,!)+30,2!($!3&/(+00!2,(,%%,&4,:!

.&!"779-!(1,!./%+,03!B$<,%&6,&(!+2$=(,2!k^!b,/$0'(3$&!8@J-!+&2!3&!"777-!

4+&232+(,!)$%!W%36,!a3&3/(,%!R1'2!#+%+H!=%$63/,2!($!*3(12%+*!4$6=0,(,0>!)%$6!

T,5+&$&!3)!,0,4(,2:!.(!1+2!+0%,+2>!*3(12%+*&!(1,!5'0H!$)!3(/!)$%4,/!3&!"79J-!5'(!1+2!

1,02!$&($!+!/,0)D2,40+%,2!/,4'%3(>!Y$&,!3&!*1341!$=,%+(,2!5,(*,,&!"-LLL!+&2!"-JLL!

.NO!/$023,%/-!@-JLL!S$'(1!T,5+&$&!C%6>!PSTCQ!(%$$=/-!+&2!6,65,%/!$)!(1,!./%+,03!

3&(,003B,&4,!/,%<34,:"98!.&!a+%41!@LLL-!(1,!./%+,03!B$<,%&6,&(!+==%$<,2!+!%,/$0'(3$&!

+&&$'&43&B!(1+(![(1,!./%+,0!N,),&/,!O$%4,/!m.NOn!*300!2,=0$>!+0$&B!(1,!5$%2,%!*3(1!

T,5+&$&!5>!G'0>!@LLL-!+&2!)%$6!(1,%,!*300!/,4'%,!(1,!/+),(>!$)!(1,!&$%(1,%&!($*&/!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"9M!E0>2,!V+5,%6+&-![N$Y,&/!+%,!l300,2!+/!./%+,03!C((+4H!E+6=!3&!T,5+&$&-\!G*A+J.-^+(!6*'+PM!G'&,!"778Q-!1((=`cc***:&>(36,/:4$6c"778cL?cLMc*$%02c2$Y,&/D+%,DH300,2D+/D3/%+,03/D+((+4HD4+6=D3&D0,5+&$&:1(60:!"98!Z+0!T')(-![./%+,0;/!S,4'%3(>!j$&,!3&!T,5+&$&-\!()*+S!&&3*+:%'#+f1%-#*-3?+K-!^$:!M+PS,=(,65,%!@LLLQ!1((=`cc***:6,)$%'6:$%BcKLc3/%+,0/D/,4'%3(>DY$&,D3&D0,5+&$&D+D(%+B,2>:!

! ?M!

+&2!<300+B,/:\"9J!X&!G'&,!"?-!@LLL-!k^!S,4%,(+%>!Z,&,%+0!4$&)3%6,2!($!(1,!S,4'%3(>!

E$'&430!(1+(!./%+,0!1+2!*3(12%+*&!4$6=0,(,0>:!!

./%+,0!*3(12%,*!)%$6!T,5+&$&!3&!@LLL!5,4+'/,!),0(!3(!*+/!,&(%,&41,2!3&!+!

[6'22>\!/*+6=-!$%![F'+B63%,\!(1+(!3(!1+2!&$(!)$%,/,,&:!I1,!4$/(!$)!/(+>3&B!3&!

T,5+&$&!*+/!'&,A=,4(,20>!1,+<>!+&2!*+/!&$(!5,+%3&B!3(/!)%'3(:!#>!a+>!@LLL-!./%+,0!

1+2!/')),%,2!"-LLL!4+/'+0(3,/:"9?!C((+4H/!+B+3&/(!./%+,03!)$%4,/!*,%,!&$(!4,+/3&B!+&2!

(1,!2,=0$>6,&(!3&!T,5+&$&!*+/!%,F'3%3&B!3&4%,+/3&B!6+&=$*,%!+&2!23<,%(3&B!(1,!

.NO!)%$6!+!6$%,!36=$%(+&(!3//',/D!+!=$(,&(3+0!*+%!*3(1!%,B'0+%!C%+5!)$%4,/:"9K!

O'%(1,%6$%,-!./%+,0!*+/!&$!0$&B,%!$&0>!)+4,2!*3(1!%,6&+&(/!$)!(1,!WTX!0,)(!3&!

T,5+&$&-!5'(!+0/$!)$'&2!3(/,0)!3&!(1,!63220,!$)!$(1,%!3&(,%&+0!4$&)034(/-!/'41!+/!(1,!

$&,!5,(*,,&!(1,!N%'Y,!+&2!a'/036/!3&!(1,!S1$')!a$'&(+3&/!+%,+:"99!N,/=3(,!(1,!

/,4'%3(>!Y$&,-!(1,!./%+,03!2,+(1!($00!2',!($!V,Y5$00+1;/!3&4%,+/,2!+((+4H/-!(1,!

2,,=,&3&B!$)!./%+,0!3&!T,5+&,/,!+))+3%/-!+&2!(1,!0+4H!$)!=$/3(3<,!%,/'0(/!4+'/,2!./%+,03!

/H,=(343/6!+5$'(!3(/!=%,/,&4,!(1,%,!5$(1!+6$&B/(!(1,!43<303+&!=$='0+(3$&!+&2!3&!(1,!

+%6>-!+&2!'0(36+(,0>!0,2!(1,!.NO!($!*3(12%+*!4$6=0,(,0>:!!!

O$%!(1,!)3%/(!(36,-!./%+,0!*3(12%,*!5,4+'/,!$)!3(/!,&,6>;/!6303(+%>!4+6=+3B&:!

I$!(1,!C%+5!*$%02-!(1,!./%+,03!*3(12%+*+0!$)!@LLL!/3B&3)3,2!(1+(!(1,!6$/(!=$*,%)'0!

+%6>!$)!(1,!a3220,!R+/(-!*3(1!3(/!+3%!)$%4,!+&2!+%6$%,2!23<3/3$&/-!*+/!3&4+=+50,!$)!

4%'/13&B!+!B',%%300+!$%B+&3Y+(3$&!6'41!*,+H,%!(1+&!3(/,0):!V,Y5$00+1!=%$40+36,2!

(1+(!3(!1+2!)$%4,2!./%+,0!$'(!$)!T,5+&$&-!+&2!3&!(1,!(,%%3($%3,/-!W+0,/(3&3+&!./0+634!

G31+2!($$H!'=!(13/!4%>:!.&2,,2-!(1,!*3(12%+*+0!1+2!+![1>=&$(34!,)),4(\!$&!(1,!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"9J![b,/$0'(3$&!$&!U3(12%+*+0!)%$6!T,5+&$&-!a+%41!J-!@LLL-\!3&!,2:!b+53&$<341!+&2!b,3&1+%Y-!J"K:!"9?!a+$Y-!@J":!"9K!R<%$&-!"?K:!"99!a+$Y-!@J"d!S,,!S413))!+&2!_+;+%3-!@8@D@8J:!

! ?8!

W+0,/(3&3+&/!$)!(1,!U,/(!#+&H!+&2!Z+Y+-!+&2!,65$02,&,2!(1,6!($!(+H,!'=!+%6/:"97!

C/!a$%%3/!*%3(,/-![C&2!(1,!V3Y5'00+1!1+2!]'/(!=$3&(,2!$'(!(1,!%$'(,!($!/'44,//)'0!

035,%+(3$&:\"7L!C00!$&,!&,,2,2!*,%,!+!),*!*,+=$&/-!+&2!W+0,/(3&,!4$'02!5,!035,%+(,2!

*3(1$'(!6+H3&B!+&>!4$&4,//3$&/!($!./%+,0:!!

U130,!./%+,0!4$663((,2!3(/,0)!($!4$6=0>3&B!*3(1!b,/$0'(3$&!8@J-!#+%+H!+0/$!

*+%&,2`![O%$6!&$*!$&-!(1,!B$<,%&6,&(!$)!T,5+&$&!3/!+44$'&(+50,!)$%!*1+(!(+H,/!

=0+4,!*3(13&!3(/!(,%%3($%>-!+&2!(1,!T,5+&,/,!+&2!S>%3+&!B$<,%&6,&(/!+%,!%,/=$&/350,!

)$%!=%,<,&(3&B!+4(/!$)!(,%%$%!$%!+BB%,//3$&!+B+3&/(!./%+,0-!*1341!3/!)%$6!($2+>!

2,=0$>,2!*3(13&!3(/!5$%2,%/:\"7"!V,!)'%(1,%!*+%&,2!(1+(!./%+,0!*300!)'0)300!3(/!2'(>!+&2!

%3B1(!$)!/,0)D2,),&/,!5>!%,/=$&23&B!*3(1![)$%4,!+&2!2,(,%63&+(3$&\!($!+&>!+((+4H!$&!

3(/!/$<,%,3B&(>-!43(3Y,&/-!$%!/$023,%/:"7@!

!

"4%-/7*!H/-)$*&#4!$&!O/FI&77-,P!NQQQDNQQR!

! #,(*,,&!(1,!'&30+(,%+0!*3(12%+*+0!)%$6!S$'(1!T,5+&$&!3&!a+>!@LLL!+&2!(1,!

5%,+H$'(!$)!(1,!@LL?!S,4$&2!T,5+&$&!U+%-!V,Y5$00+1!4$&(3&'$'/0>!4+%%3,2!$'(!

+((+4H/!+B+3&/(!./%+,03!/$023,%/!+&2!43<303+&/!5>!*+>!$)!%$4H,(!+((+4H/-!5$%2,%!

/1$$(3&B/-!+&2!5$65!,A=0$/3$&/:!.(!+%B',2!(1+(-!2,/=3(,!(1,!./%+,03!*3(12%+*+0-!+!

=3,4,!$)!0+&2!(1+(!%,6+3&,2!'&2,%!./%+,03!4$&(%$0-!(1,!S1+5++!O+%6/-!*+/!3&!+4('+03(>!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"97!S13&20,%-!@L8:!"7L!a$%%3/-!??M:!"7"!./%+,0!a3&3/(%>!$)!O$%,3B&!C))+3%/-![U3(12%+*+0!)%$6!T,5+&$&-\!./%+,0!a3&3/(%>!$)!O$%,3B&!C))+3%/-!1((=`cc***:6)+:B$<:30caOCcaOCC%413<,c@LLLg@LL7c@LLLc8cU3(12%+*+0v@L)%$6v@LT,5+&$&:!"7@!./%+,0!a3&3/(%>!$)!O$%,3B&!C))+3%/-![T,5+&$&!U3(12%+*+0!E$6=0,(,2D!@JDa+>D@LLL-\!./%+,0!a3&3/(%>!$)!O$%,3B&!C))+3%/-!1((=`cc***:6)+:B$<:30caOCcZ$<,%&6,&(cE$66'&3F',/c@LLLcT,5+&$&{U3(12%+*+0{E$6=0,(,2{D{@JDa+>D@LLL:1(6:!

! ?J!

T,5+&,/,:"7M!T,5+&$&!4$%%$5$%+(,2!(13/!40+36!+/!*,00:!X&!C=%30!"?(1-!@LLL-!E1+3%6+&!

$)!(1,!T,5+&,/,!=+%03+6,&(-!^+531!#,%%3-!+//,%(,2!(1+(![%,/3/(+&4,\!*$'02!4$&(3&',!

'&(30!./%+,0!0,)(!(1,!)$'%(,,&!)+%6/!3&!(1,!+%,+:!X&!(1,!6$%&3&B!$)!a+>!@"/(-!*1,&!(1,!

.NO!)3&3/1,2!3(/!*3(12%+*+0-!^+/%+00+1!2,40+%,2`![O%$6!(13/!6$%&3&B-!(1,!S1+5++!

O+%6/!+%,+!*300!5,!3&40'2,2!3&!(1,!)3,02!$)!%,/3/(+&4,!+4(3<3(>-!,A+4(0>!+/!$(1,%!

$44'=3,2!+%,+/:\"78!I1,!$%B+&3Y+(3$&-!(1,%,)$%,-!4$&(3&',2!3(/!0363(,2!6303(+%>!

4$&)%$&(+(3$&!*3(1!./%+,0:!N+&3,0!S$5,06+&-!)$%6,%!C%+5!C))+3%/!E$%%,/=$&2,&(!)$%!

@%H%-*#U4++%B',/!(1+(!V,Y5$00+1!+4(3<3(>!/3&4,!(1,!*3(12%+*+0!1+/!0+%B,0>!)$00$*,2!

(1,![+&!,>,!)$%!+&!,>,\!=%3&43=0,:!!

I1,!)3%/(!6+]$%!4%3/3/!)$00$*3&B!(1,!./%+,03!*3(12%+*+0!($$H!=0+4,!$&!X4($5,%!

K-!@LLL!+(!a$'&(!N$<!+(!(1,!T,5+&,/,!5$%2,%!*1,&!V,Y5$00+1!+((+4H,2!+!%$'(3&,!

.NO!=+(%$0-!H3003&B!+&2!H32&+==3&B!(1%,,!/$023,%/:!R<,&!(1$'B1!W%36,!a3&3/(,%!R1'2!

#+%+H!+&&$'&4,2!(1+(!./%+,0![m%,/,%<,2n!(1,!%3B1(!($!%,/=$&2!+(!(1,!(36,!*,!/,,!)3(-\!

&$!%,/=$&/,!$44'%%,2:"7J!#+%+H!232!&$(!*+&(!($!)3B1(!$&!(*$!)%$&(/-!+/!1,!*+/!

+0%,+2>!=%,$44'=3,2!*3(1!(1,!S,4$&2!.&(3)+2+:!R<,&!(1$'B1!./%+,0!232!&$(!%,/=$&2!

6303(+%30>!($!(1,!=%$<$4+(3$&/-!(1,!B$<,%&6,&(!232!$'(03&,!+!4$'=0,!$)!=0+&/!)$%!(1,!

T,5+&,/,!(1,+(,%:!a+]$%!B,&,%+0/!+&2!B,&,%+0/!)%$6!(1,!^$%(1,%&!E$66+&2!2,<3/,2!

(1,!=0+&![N,),&/,!$)!(1,!T+&2\!3&!0+(,!@LL@-!*1341!*$'02!3&<$0<,!+3%!/(%3H,/!$&!

V,Y5$00+1!+&2!S>%3+&!)$%4,/!3&!T,5+&$&-!(1,!2,/(%'4(3$&!$)!63//30,!0+'&41!=+2/!

)$00$*,2!5>!+&!3&<+/3$&!$&!(1,!B%$'&2!+&2!+!2,=0$>6,&(!$)!+&!,03(,!=+%+(%$$=!'&3(!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"7M!S13&20,%!M88:!"78!N+&3,0!S$5,06+&-!G*A+C13*'+.$+#)*+V%6*I+F'-%*3+%"&+@!U2.33%)+%$#*-+#)*+/!#)&-%A%3+$-.6+9*2%"."+a,6$%+&2'6!^$:!?7+PI,0!C<3<`!G+)),,!E,&(,%!)$%!S(%+(,B34!S('23,/!+(!I,0!C<3<!k&3<,%/3(>-!G+&'+%>!@LL8Q-!?7:!"7J!C6$/!V+%,0!+&2!C<3!.//+41+%$))-!P]+5%?'I+F'-%*34+@*U2.33%)4+%"&+#)*+/%-+!"+9*2%"."+P^,*!_$%H`!W+0B%+<,!a+46300+&-!@LL9Q-!8L:!!

! ??!

($!(1,!T3(+&3!b3<,%!3&!$%2,%!($!,&43%40,!+&2!(%+=!V,Y5$00+1!)$%4,/:"7?!.&!@LLJ-!(1$'B1-!

*1,&!S>%3+&!)$%4,/!*3(12%,*!)%$6!T,5+&$&-!(1,!%+(3$&+0,!)$%!(1,!$=,%+(3$&!*+/!

,0363&+(,2!+&2!(1,!=0+&!0$/(!6$6,&('6:!N'%3&B!(1,!&,A(!(*$!6$&(1/-!+&$(1,%!=0+&!

*+/!2,<3/,2-!4+00,2!R0,<+(,2!U+(,%/:!^$(!(1+(!6'41!23)),%,&(!)%$6![N,),&/,!$)!(1,!

T+&2-\!(13/!=0+&!+0/$!4+00,2!)$%!B%$'&2!+4(3$&!)$00$*3&B!+&!./%+,03!+3%!/(%3H,-!+&2!

*$'02!3&<$0<,!(1,!+%6>!+&2!%,/,%<,/:!X&!^$<,65,%!@@-!@LLJ-!C%3,0!S1+%$&!

4$&<,&,2!+!6,,(3&B!$&!(1,!T,5+&,/,!3//',-!+&2!(1,!=$//35303(>!$)!+&!,/4+0+(,2!./%+,03!

%,/=$&/,!($!=%$<$4+(3$&-!5'(!(1,!W%36,!a3&3/(,%!,&2,2!(1,!6,,(3&B!*3(1!(1,!*$%2/`!

[*1+(,<,%!2$,/&;(!1+<,!($!5,!2$&,!$<,%!(1,%,D!/1$'02&;(!5,!2$&,:\"7K!U1,&!R1'2!

X06,%(!/'44,,2,2!S1+%$&!3&!G+&'+%>!@LL?-!1,!H,=(!3&!63&2!(1,!32,+!$)!+!%,(+03+($%>!

=0+&!$&!V,Y5$00+1!5'(!232!&$(!$%2,%!+&>!+4(3$&!($!5,!(+H,&!]'/(!>,(:!!

C5$'(!@M!.NO!/$023,%/!*,%,!H300,2!5,(*,,&!a+>!@LLL!+&2!G'0>!@LL?d!+5$'(!

@J!*,%,!*$'&2,2d!+&2!,3B1(!./%+,03!43<303+&/!*,%,!H300,2:"79!V,Y5$00+1!+((,6=(,2!($!

H32&+=!./%+,03!/$023,%/!+(!0,+<,!)3<,!(36,/!/3&4,!@LLL-!5'(!@LL?!*+/!3(/!)3%/(!

/'44,//)'0!H32&+==3&B:"77!O$00$*3&B!(1,!E,2+%!b,<$0'(3$&!3&!@LLJ-!(1,!*3(12%+*+0!$)!

S>%3+&!)$%4,/!)%$6!T,5+&$&!3&!C=%30!,&4$'%+B,2!T,5+&,/,!=$03(34+0!)$%4,/!($!2,6+&2!

(1+(!V,Y5$00+1!23/+%6-!5'(!/(300!3(!232!&$(:@LL!#>!@LLJ-!($*&/!+&2!43(3,/!+/!)+%!/$'(1!+/!

I,0!C<3<!*,%,!*3(13&!%,+41!$)!V,Y5$00+1;/!"@-LLL!$%!/$!%$4H,(/:@L"!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"7?!V+%,0!+&2!.//+41+%$))-!?":!"7K!V+%,0!+&2!.//+41+%$))-!K":!"79!C!41%$&$0$B34+0!03/(!$)!+((+4H/!3&!*1341!./%+,03!43<303+&/!$%!/$023,%/!*,%,!H300,2!5,(*,,&!@LLL!+&2!@LL?!4+&!5,!)$'&2!+(!./%+,0!a3&3/(,%!$)!O$%,3B&!C))+3%/-![V3Y5'00+1!C((+4H/!C0$&B!./%+,0;/!^$%(1,%&!#$%2,%!a+>!@LLLDG'&,!@LL?-\!./%+,0!a3&3/(,%!$)!O$%,3B&!C))+3%/-!1((=`cc***:6)+:B$<:30caOCc:!"77!S13&20,%-!M88:!@LL!C52,0!a$&,6!S+32!C0>-![I1,!S3A(1!C%+5D./%+,03!U+%`!C&!C%+5!W,%/=,4(3<,-\!S!&&3*+:%'#+g-!*$+G.T+MM!PI1,!E%$*&!E,&(,%!)$%!a3220,!R+/(!S('23,/`!X4($5,%!@LL?Q`!@:!@L"!U3003+6!V+%%3/-![T,5+&$&;/!b$00,%!E$+/(,%!b32,-\!3&!,2:!b'53&-!K":!

! ?K!

! .&3(3+00>-!./%+,0!='%/',2!+!=$034>!$)!4$&(+3&6,&(-!4$&/32,%3&B!V,Y5$00+1!($!5,!

+!6,%,!&'3/+&4,!(1$'B1!&$(!+!/(%+(,B34!(1%,+(:!.&!G'0>!@LLM-!+/!.NO!E13,)!$)!S(+))!T(:!

Z,&:!S1+'0!a$)+Y!/(,==,2!2$*&!($!5,4$6,!N,),&/,!a3&3/(,%-!1,!*+%&,2!$)!

V,Y5$00+1;/!3&4%,+/3&B!(1%,+(!($!./%+,03!&+(3$&+0!/,4'%3(>:!V3/!%,=0+4,6,&(-!T(:!Z,&:!

a$/1,!_++0$&!+0/$!*+%&,2!(1+(!V,Y5$00+1;/!63//30,/!*,%,!+!2+&B,%!($!./%+,03!

&$%(1,%&!43(3,/!+&2!($*&/:!_,(!2,/=3(,/!(1,!*+%&3&B/!+&2!V,Y5$00+1;/!=%$<$4+(3$&/-!

./%+,0!/$'B1(!($!4$&(+3&!V,Y5$00+1:!U3(1!(1,!S,4$&2!.&(3)+2+!(+H3&B!=+4,!3&!Z+Y+!+&2!

(1,!U,/(!#+&H-!(1,!.NO!),+%,2!(1+(!+!($'B1,%!%,/=$&/,!*$'02!$=,&!'=!+!&$%(1,%&!

)%$&(!+&2!0,+2!($!,/4+0+(3$&!*3(1!S>%3+:@L@!

!

0J/%J*/?!&5!2,/!;/)&#'!C/I-#&#!E-%!

E$&(+3&6,&(!,&2,2!*1,&!V,Y5$00+1!/1,00,2!(1,!<300+B,/!$)!S10$63!+&2!j+%3(!

3&!(1,!Z+030,,-!4%$//,2!(1,!k^D2,6+%4+(,2!#0',!T3&,!+&2!4+=('%,2!(*$!./%+,03!

/$023,%/!$&!=+(%$0-!R02+2!b,B,<!+&2!R1'2!Z$02*+//,%-!$&!G'0>!"@-!@LL?:!R3B1(!

/$023,%/!*,%,!H300,2!+&2!(*$!6$%,!3&]'%,2!3&!(1,!/'5/,F',&(!41+/,:!W%36,!a3&3/(,%!

R1'2!X06,%(!2,40+%,2!(1+(!/+6,!6$%&3&B`![I13/!6$%&3&Bz/!,<,&(/!*,%,!&$(!+!

(,%%$%3/(!+((+4H-!5'(!(1,!+4(3$&!$)!+!/$<,%,3B&!/(+(,!(1+(!+((+4H,2!./%+,0!)$%!&$!%,+/$&!

+&2!*3(1$'(!=%$<$4+(3$&:!I1,!T,5+&,/,!B$<,%&6,&(-!$)!*1341!V3Y5'00+1!3/!+!

6,65,%-!3/!(%>3&B!($!'&2,%63&,!%,B3$&+0!/(+5303(>:!T,5+&$&!3/!%,/=$&/350,!+&2!

T,5+&$&!*300!5,+%!(1,!4$&/,F',&4,/!$)!3(/!+4(3$&/:q@LM!X06,%(!*+&(,2!($!+4(!F'34H0>-!

+//'63&B!(1+(!(1,!V,Y5$00+1!+((+4H!$)),%,2!136!+!*3&2$*!$)!$==$%('&3(>!($!/(%3H,!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@L@!R)%+36!.&5+%-![V$*!./%+,0!#'&B0,2!(1,!S,4$&2!T,5+&$&!U+%-\!S!&&3*+:%'#+f1%-#*-3?+PS'66,%!@LLKQ`!JK:!@LM!./%+,0!a3&3/(%>!$)!O$%,3B&!C))+3%/-![S,4$&2!T,5+&$&!U+%!P@LL?Q-\!./%+,0!a3&3/(%>!$)!O$%,3B&!C))+3%/-!1((=`cc***:6)+:B$<:30caOCc:!

! ?9!

5+4H!*3(1!(1,!/'==$%(!$)!(1,!3&(,%&+(3$&+0!4$66'&3(>:@L8!I$!E13,)!$)!S(+))!N+&!

V+0'(Y!+&2!N,),&/,!a3&3/(,%!C63%!W,%,(Y-!3(!*+/!40,+%!(1+(!./%+,0!1+2!($!%,/=$&2!($!

(1,!+((+4H:!!

I1,!2+>!$)!V,Y5$00+1;/!+((+4H-!(1,!./%+,03!4+53&,(!4$&<,&,2!($!2,432,!'=$&!+!

%,/=$&/,:!.(!+'(1$%3Y,2!6$%,!(1+&!"LL!366,23+(,!+,%3+0!+((+4H/!$&!V,Y5$00+1;/!

6,23'6D!+&2!0$&BD%+&B,!63//30,!4+=+5303(3,/-!3&)%+/(%'4('%+0!(+%B,(/!3&!/$'(1,%&!

T,5+&$&-!+/!*,00!+/!%$+2/!+&2!5%32B,/!0,+23&B!&$%(1!(1+(!(1,!$%B+&3Y+(3$&!4$'02!'/,!

($!(%+&/),%!(1,!+52'4(,2!/$023,%/!$%!,/4+=,:@LJ!I1,!&,A(!2+>-!(1,!.NO!36=$/,2!+!)'00D

/4+0,!B%$'&2!+&2!&+<+0!50$4H+2,-!+((+4H,2!V,Y5$00+1;/!+0Da+&+%!(,0,<3/3$&!/(+(3$&-!

3(/!1,+2F'+%(,%/!3&!#,3%'(-!+&2!(1,!b+)3F!V+%3%3!.&(,%&+(3$&+0!+3%=$%(!3&!#,3%'(-!

)$%43&B!3(!($!40$/,:@L?!O$00$*3&B!(1,!+3%!4+6=+3B&-!B%$'&2!$=,%+(3$&/!5,B+&!$&!G'0>!

"K!*3(1!(1,!,&(%>!$)!.NO!(%$$=/!3&($!5$%2,%!<300+B,/:!.NO!S=$H,/*$6+&!#%3B+23,%!

Z,&,%+0!a3%3!b,B,<!($02!%,=$%(,%/!(1+(!./%+,0![1+2!($!='(!T,5+&$&!5+4H!@L!>,+%/:\@LK!

I1'/!/(+%(,2!(1,!S,4$&2!T,5+&$&!U+%!*1341!*$'02!0+/(!M8!2+>/:!!

C!)'00!*,,H!+)(,%!(1,!B$<,%&6,&(;/!2,43/3$&!($!B$!($!*+%-!$&!G'0>!"7(1-!(1,!

./%+,03!W$03(34+0DS,4'%3(>!4+53&,(!2,432,2!(1,!+36/!$)!(1,!*+%!3(!*+/!1+2!0+'&41,2:!

I1,>!3&40'2,2`!(1,!'&4$&23(3$&+0!%,0,+/,!$)!(1,!(*$!+52'4(,2!/$023,%/d!(1,!1+0(3&B!$)!

%$4H,(/!+&2!63//30,/!+B+3&/(!./%+,03!(+%B,(/d!(1,!36=0,6,&(+(3$&!$)!k^!b,/$0'(3$&!

"JJ7!P%,),%%3&B!($!(1,!k^!4+00!)$%!(1,!23/+%63&B!$)!V,Y5$00+1Qd!(1,!4$&/$032+(3$&!$)!

T,5+&,/,!B$<,%&6,&(!+'(1$%3(>!(1%$'B1$'(!T,5+&$&d!+&2!)3&+00>-!(1,!2,=0$>6,&(!$)!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@L8!V+%,0!+&2!.//+41+%$))-!K?:!@LJ!./%+,0!a3&3/(%>!$)!O$%,3B&!C))+3%/-![S,4$&2!T,5+&$&!U+%!P@LL?Q-\!./%+,0!a3&3/(%>!$)!O$%,3B&!C))+3%/-!1((=`cc***:6)+:B$<:30caOCc:!@L?!./%+,0!a3&3/(%>!$)!O$%,3B&!C))+3%/-![I1,!S,4$&2!T,5+&$&!U+%!P@LL?Q\-![./%+,0!S(%3H,/!#+4HD!X=,%+(3$&!E1+&B,!$)!N3%,4(3$&-\!./%+,0!a3&3/(%>!$)!O$%,3B&!C))+3%/-!1((=`cc***:6)+:B$<:30caOCc:!@LK!V+%,0!+&2!.//+41+%$))-!K9:!

! ?7!

(1,!T,5+&,/,!+%6>!+0$&B!(1,!./%+,03DT,5+&,/,!5$%2,%:@L9!N3%,4($%!$)!(1,!#,B3&DS+2+(!

E,&(,%!)$%!S(%+(,B34!S('23,/!+(!#+%D.0+&!k&3<,%/3(>!P#RSCQ!R)%+36!.&5+%!+&2!C&(1$&>!

E$%2,/6+&!5$(1!3&(,%=%,(!(1,/,!B$+0/!($!+4('+00>!6,+&!(1,!4%'/13&B!$)!V,Y5$00+1-!

(1,!,6=$*,%6,&(!$)!(1,!T,5+&,/,!B$<,%&6,&(-!+&2!(1,!(%+&/)$%6+(3$&!$)!T,5+&$&!

3&($!+!%,B'0+%!/(+(,:!W,%,(Y!40+36,2!(1+(!(1,!*+%;/!$5],4(3<,!*+/!($!6+H,!V,Y5$00+1!

%,B%,(!(1,!2+>!3(!/(+%(,2!(1,!*+%!+&2!0363(!3(/!+5303(>!($!$=,%+(,!+&2!0+'&41!

63//30,/:@L7!.&!$(1,%!*$%2/-!(1,!B$+0!*+/!($!2363&3/1!V,Y5$00+1;/!*300=$*,%!

P6$(3<+(3$&Q!+&2!4+=+5303(>-!+&2!(1'/!%,/($%,!./%+,03!2,(,%%,&4,:!

C44$%23&B!($!E$%2,/6+&-!+&$(1,%!36=$%(+&(!B$+0!$)!(1,!*+%!*+/!(1,!

%,/($%+(3$&!$)!./%+,03!2,(,%%,&4,!+)(,%!3(/!,%$/3$&!/3&4,!(1,!*3(12%+*+0/!)%$6!

T,5+&$&!3&!@LLL!+&2!Z+Y+!3&!@LLJ:@"L!S=,+H3&B!$)!./%+,0;/!3663&,&(!*3(12%+*+0!

)%$6!T,5+&$&-!3&!+&!3&(,%<3,*!*3(1!(1,!S>%3+&!&,*/=+=,%!(*')-**"!3&!"777-!

^+/%+00+1!2,6$&/(%+(,2!13/!'&2,%/(+&23&B!$)!./%+,03!2,(,%%,&4,!/(%+(,B>!+&2!3(/!

)+30'%,!+/!=%$<,&!5>!(1,!*3(12%+*+0:![X&,!/1$'02!&$(!6,+/'%,!(1,!36=+4(!$)!,<,&(/!

3&!/$'(1!T,5+&$&!5+/,2!$&0>!$&!(1,!&'65,%!$)!$=,%+(3$&/!$%!$)!./%+,03!H300,2!+&2!

*$'&2,2-\!1,!/+>/-![)$%!(1,%,!3/!/$6,(13&B!6$%,!36=$%(+&(!(1+&!(1+(D!&+6,0>!(1,!

=/>41$0$B34+0!+/=,4(:!I13/!)+4($%!3/!<,%>!36=$%(+&(!)$%!(1,!./%+,03!6303(+%>!

,/(+503/16,&(-!*1341!%,03,/!$&!3(/!+5303(>!+&2!=$*,%!($!1'%(!(1,!,&,6>!mrn!+&2!*1+(!

1+==,&,2!1+/!2,5'&H,2!(1,!6>(1!$)!(1,!+%6>!(1+(!4+&&$(!5,!2,),+(,2-!+&2!2,+0(!+!

/,<,%,!50$*!($!(1,!13B1!6$%+0,!(1+(!(1,!./%+,03!6303(+%>!5$+/(/!+5$'(:\@""!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@L9!./%+,0!a3&3/(%>!$)!O$%,3B&!C))+3%/-![W$03(34+0!S,4'%3(>!E+53&,(!E$66'&3F',-\!./%+,0!a3&3/(%>!$)!O$%,3B&!C))+3%/-!1((=`cc***:6)+:B$<:30caOCc:!@L7!V+%,0!+&2!.//+41+%$))-!9L:!@"L!C&(1$&>!E$%2,/6+&-![W%,0363&+%>!pT,//$&/;!$)!(1,!./%+,03DV,Y5$00+1!U+%-\!U$%H3&B!N%+)(!)$%!X'(/32,!E$66,&(!PE,&(,%!)$%!S(%+(,B34!+&2!.&(,%&+(3$&+0!S('23,/`!C'B'/(!"K-!@LL?Q`!M:!!@""!V+//+&!^+/%+00+1-![I$*+%2/!T35,%+(3$&-\!3&(,%<3,*!*3(1!(*')-**6-!@"!G'&,!"777-!3&!,2:!^$,-!@LL:!

! KL!

#,4+'/,!(1,!$=,%+(3$&!*+/!$%3B3&+00>!2,/3B&,2!+/!+!F'34H!6303(+%>!$=,%+(3$&!

0+/(3&B!$&0>!+!),*!1$'%/!$%!+!),*!2+>/!+(!6$/(-!(1,!.NO!1+2!&$!/$032!=0+&!$%!$5],4(3<,:!

V+%,0!+&2!.//+41+%$))-!3&!(1,3%!5$$H!P]+5%?'-!%,=$%(!(1,!./%+,03!0,+2,%/13=;/!2+30>D!

+&2!=,%/3/(,&(0>!'&%,/$0<,2D!4$&)%$&(+(3$&!*3(1!(1,!F',/(3$&!$)!+!/$032!6303(+%>!=0+&!

*3(1!$5],4(3<,/!+&2!40,+%!/(%+(,B>:!Z3$%+!b$66-!+!)$%6,%!2,='(>!4$66+&2,%!$)!(1,!

./%+,03!C3%!O$%4,!P.COQ-!*%3(,/-![I1,!2,)3&3(3$&!$)!(1,!B$+0/!41+&B,2!2'%3&B!(1,!

)3B1(3&B-!3&!+&!,))$%(!($!+2+=(!(1,6!($!(1,!,6,%B3&B!/3('+(3$&-\!+&2!(1,%,)$%,!(1,!

/(%+(,B3,/!(1,!.NO!+&2!V,Y5$00+1!,6=0$>,2!,<$0<,2!2'%3&B!(1,!$=,%+(3$&:@"@!I1,!.NO!

4$&)%$&(,2!0$*D3&(,&/3(>!4$&)034(!*3(1!+!4$653&+(3$&!$)!+3%!)$%4,!+&2!/=,43+0!)$%4,/-!

4'((3&B!(1,!3&<$0<,6,&(!$)!B%$'&2!)$%4,/:!.(!%,03,2!1,+<30>!$&!3(/!+3%!)$%4,-!'/3&B!

,A4,//3<,!=$*,%-!3&!(1,!1$=,!($!2,03<,%!+!2,43/3<,!50$*!($!V,Y5$00+1:@"M!C/!+!B,&,%+0!

/(%+(,B>-!+3%!=$*,%!3/!<,%>!(,6=(3&B-!+/!3(!4+&!4+'/,!B%,+(!2,/(%'4(3$&!($!(1,!,&,6>!

+&2!63&363Y,!$&,z/!$*&!4+/'+0(3,/:!@"8!!

X<,%!(1,!4$'%/,!$)!(1,!*+%-!V,Y5$00+1!)3%,2!40$/,!($!8-LLL!%$4H,(/!3&($!./%+,0:!

^3&,!1'&2%,2!+&2!$&,!$)!(1,6!0+&2,2!3&!'%5+&!+%,+/-!+/!*,00!+/!+06$/(!"-LLL!3&!(1,!

+%,+!$)!l3%>+(!S16$&+1-!./%+,0;/!&$%(1,%&6$/(!43(>-!9L9!&,+%!^+1+%3>+-!./%+,0;/!

&$%(1,%&6$/(!4$+/(!43(>-!+&2!7M!&,+%!(1,!6+]$%!43(>!$)!V+3)+:!C5$'(!?-LLL!./%+,03!

1$6,/!*,%,!13(-!MLL-LL!%,/32,&(/!23/=0+4,2-!+&2!6$%,!(1+&!$&,!63003$&!)$%4,2!($!03<,!

3&!/1,0(,%/:!O$'%!(1$'/+&2!./%+,03!43<303+&/!*,%,!(%,+(,2!3&!1$/=3(+0/!)$%!3&]'%3,/-!

3&40'23&B!MM!*1$!*,%,!/,%3$'/0>!*$'&2,2-!+&2!8M!43<303+&/!23,2!$<,%!(1,!4$'%/,!$)!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@"@!Z3$%+!b$66-![C!I,/(!$)!b3<+0!S(%+(,B3,/`!I*$!S13=/!W+//3&B!3&!(1,!^3B1(-\!3&!,2:!S10$6$!#%$6!+&2!a,3%!R0%+&-!()*+B*7."&+9*2%"."+/%-I+B#-%#*8!7+<*-'L*7#!;*'+PI,0!C<3<`!.^SS-!@LLKQ-!JL:!@"M!G$&+(1+&!S=>,%-![T,5+&$&!@LL?`!k&)3&3/1,2!U+%-\!S!&&3*+:%'#+C*;!*A+.$+F"#*-"%#!."%3+,$$%!-'+hFFI+M+Pa+%41!@LL9Q`!":!@"8!.&5+%-!J9:!

! K"!

(1,!*+%:@"J!X&,!1'&2%,2!+&2!/,<,&(,,&!./%+,03!/$023,%/!*,%,!H300,2-!(1,!0$*,/(!

&'65,%!$)!4+/'+0(3,/!3&4'%%,2!)$%!./%+,0!3&!+&>!$)!3(/!*+%/!/3&4,!"789:@"?!T,5+&,/,!

4+/'+0(3,/!*300!5,!23/4'//,2!0+(,%:!

I1,!.NO!4$&<3&4,2!3(/,0)!(1+(!+(!0,+/(!3(!1+2!2,+0(!V,Y5$00+1!+!B$$2!50$*:!

./%+,0!40+36,2!3(!1+2!H300,2!+%$'&2!KLL!V,Y5$00+1!)3B1(,%/!+&2!2,/(%$>,2!+!B$$2!

=$%(3$&!$)!3(/!=$//,//3$&/:@"K!#'(!+/!(1,!2'/(!/,((0,2!+)(,%!(1,!4,+/,)3%,-!3(!5,4+6,!

40,+%!(1+(!&,3(1,%!(1,!.NO!&$%!V,Y5$00+1!4$'02!40+36!+!4$6=0,(,!<34($%>!3&!(1,!*+%:!

O$%!./%+,0-!(1,!U3&$B%+2!b,=$%(!4+00,2!(1,!*+%!+![B%,+(!+&2!B%+<,!63//,2!

$==$%('&3(>:\@"9!.(!*+/!40,+%!(1+(!(1,!.NO!1+2!&$(!+413,<,2!(1,!6+]$%3(>!$)!3(/!B$+0/:!

V,Y5$00+1!4$&(3&',2!($!)3%,!%$4H,(/!'&(30!(1,!<,%>!63&'(,!(1+(!(1,!k^D5%$H,%,2!

4,+/,)3%,!*,&(!3&($!,)),4(!$&!"8!C'B'/(!@LL?-!)$00$*3&B!(1,!=+//3&B!$)!k^!b,/$0'(3$&!

"KL":!G$&+(1+&!S=>,%-!+!/,&3$%!%,/,+%41!),00$*!+(!(1,!Z0$5+0!b,/,+%41!3&!

.&(,%&+(3$&+0!C))+3%/!+(!.NEDV,%Y03>+-!40+36/!(1+(!$)!(1,!./%+,03!4+53&,(;/!$5],4(3<,/!

)$%!(1,!*+%-!$&0>!(1,!2,=0$>6,&(!$)!(1,!T,5+&,/,!C%6>!+0$&B!(1,!./%+,03!5$%2,%!1+2!

5,,&!+413,<,2:!C/!4+00,2!)$%!5>!b,/$0'(3$&!"KL"-!+&!,&1+&4,2!k^.O.T!P[k^.O.T!..\Q!

6+2,!'=!$)!9-LLL!/$023,%/!+&2!(1,!T,5+&,/,!C%6>!%,B+3&,2!4$&(%$0!$)!/$'(1,%&!

T,5+&$&!3&!X4($5,%-!)$%!(1,!)3%/(!(36,!/3&4,!@LLL:@"7!.&5+%!&$(,/!(1+(!b,/$0'(3$&!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@"J!./%+,0!a3&3/(%>!$)!O$%,3B&!C))+3%/-![S,4$&2!T,5+&$&!U+%!P@LL?Q-\!./%+,0!a3&3/(%>!$)!O$%,3B&!C))+3%/-!1((=`cc***:6)+:B$<:30caOCcd!S'&2,,=!U+/0,H+%!+&2!.06+/!O'(,1+00>-!>.'#+.$+>."$3!7#+!"+#)*+S!&&3*+:%'#+Pa'65+3`!S(%+(,B34!O$%,/3B1(!Z%$'=-!@LL7Q-!"LM:!!@"?!U+/0,H+%!+&2!O'(,1+00>-!"LM:!@"K!.&(,%&+(3$&+0!E%3/3/!Z%$'=-![./%+,0cV,Y5$00+1cT35+&`!R<3(,%!'&!b,B+3&!2,!e3$0,&4,-\!m./%+,0cV,Y5$00+1cT,5+&$&`!C<$323&B!+!b,&,*+0!$)!e3$0,&4,n!C%LL.-#+S.?*"Q\-!*"#+G.T+ON+P"!^$<,65,%!@LL?Q`!J:!!@"9![R&B03/1!S'66+%>!$)!(1,!U3&$B%+2!E$663//3$&!b,=$%(-\!G*A+J.-^+(!6*'4!PML!G+&'+%>!@LL9Q!1((=`cc***:&>(36,/:4$6c@LL9cL"cMLc*$%02c63220,,+/(cM"*3&$B%+2D*,5:1(60o=+B,*+&(,2|"xg%|"!@"7!S=>,%-!8:!

! K@!

"KL"-!(1$'B1-!*+/!(1,!)3%/(!(36,!3&!./%+,03!13/($%>!(1+(!./%+,0!4+00,2!)$%!k^!b,/$0'(3$&!

($!/,(!+!4,+/,)3%,:!!!

I1,!*+%!*+/!&,3(1,%!+/!F'34H!&$%!+/!2,43/3<,!+/!./%+,0!1+2!,A=,4(,2!3(!($!5,d!

(1$'B1!(1,!*+%!4+6,!($!+!1+0(-!(1,%,!%,6+3&,2!+!*32,/=%,+2!/,&/,!$)!/'%=%3/,-!

4$&)'/3$&-!+&2!23/+==$3&(6,&(-!(1$'B1!./%+,0!/1$'02!1+<,!0,+%&,2!)%$6!3(/!)+30'%,!3&!

(1,!O3%/(!T,5+&$&!U+%!($!%,/(%'4('%,!3&(,%&+0!T,5+&,/,!=$03(34/!(1+(-!+/!R)%+36!

.&5+%-!N3%,4($%!$)!#RSC-!*%3(,/-![.&!(1,!4$&(,6=$%+%>!a3220,!R+/(-!(1$'B1-!)$%4,!

/,02$6!4%,+(,/!+!&,*!=$03(34+0!,&<3%$&6,&(:\@@L!

!

2,/!6*4.%&.&%$*&#-$/!A4/!&5!G&%)/!*#!$,/!NQQR!E-%!

!./%+,03!6303(+%>!/(%+(,B>!+B+3&/(!V,Y5$00+1!3&<$0<,2!(1,!'/,!$)!

23/=%$=$%(3$&+(,!)$%4,:!I1,!B$+0!$)!/'41!+!/(%+(,B>!*+/!($!3&)034(!/')),%3&B!'=$&!

T,5+&$&!3(/,0)!/$!+/!($!4$6=,0!3(!($!)3&+00>!%,3B&!3&!V,Y5$00+1:!E%3(3F',/!$)!(1,!*+%!

2,&$'&4,!(1,!+00,B,2!,A4,//3<,!'/,!$)!)$%4,:!#'(!+44$%23&B!($!(1,!./%+,0!a3&3/(%>!$)!

O$%,3B&!C))+3%/!P.aOCQ-![I1,!=%$=$%(3$&+03(>!$)!./%+,0;/!$=,%+(3$&!+B+3&/(!V3Y5'00+1!

3&!T,5+&$&!6'/(!5,!6,+/'%,2!3&!(,%6/!$)!(1,!,A(,&(!$)!(1,!(1%,+(!)+4,2!5>!./%+,0!+&2!

(1,!0,<,0!$)!(1,!4$&)%$&(+(3$&:\@@"!I1,%,)$%,-!(1,!+52'4(3$&!+&2!(1,!+((+4H!$)!G'0>!"@(1!

*,%,!(1,!(%3BB,%-!&$(!(1,!%,+/$&-!)$%!(1,!6303(+%>!4+6=+3B&-!,A=0+3&/!E$%2,/6+&:!I1,!

./%+,03!%,(+03+(3$&!*+/!&$(!+!%,+4(3$&!$&0>!($!(1,!4%$//D5$%2,%!+((+4H!+&2!(1,!(*$!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@@L!.&5+%-!?L:!@@"!./%+,0!a3&3/(%>!$)!O$%,3B&!C))+3%/-![#,13&2!(1,!V,+203&,/`!C!a,+/'%,2!b,/=$&/,!($!V3Y5'00+1!a3//30,/-\!./%+,0!a3&3/(%>!$)!O$%,3B&!C))+3%/-!1((=`cc***:6)+:B$<:30caOCc:!

! KM!

/$023,%/;!H32&+==3&B-!5'(!+!%,+4(3$&!($!(1,!B%$*3&B!(1%,+(!$)!V,Y5$00+1!*1$!*+/!

2,234+(,2!($!./%+,0;/!2,/(%'4(3$&:@@@!

C0/$-!*130,!4%3(34/!6+>!<3,*!(1,!*+%!+/!,A4,//3<,!='&3/16,&(!5,4+'/,!3(!

2,/(%$>,2!43<303+&!3&)%+/(%'4('%,-!=+%+0>Y3&B!T,5+&,/,!,4$&$6>!+&2!/$43,(>!P/'41!+/!

%$+2/-!('&&,0/-!(1,!+3%=$%(Q-!(1,!./%+,0!a3&3/(%>!$)!O$%,3B&!C))+3%/!*,5/3(,!%,+/$&/`!

[C&>(13&B!(1+(!)+4303(+(,/!+&2!/,%<,/!V3Y5'00+1-!3&!(,%6/!$)!(1,!%,+0!+&2!(+&B350,!

(1%,+(!3(!=$/,/!($!./%+,0-!3/!+!0,B3(36+(,!(+%B,(:!O$%!,A+6=0,-!#,3%'(!.&(,%&+(3$&+0!

C3%=$%(!1+/!/,%<,2!+/!+!4$&2'3(!)$%!(1,!(%+&/),%!$)!*,+=$&/!+&2!(1,!+%%3<+0!$)!

3&/(%'4($%/!)%$6!.%+&:!I1,!5%32B,/!3&!&$%(1,%&!+&2!/$'(1,%&!T,5+&$&!/,%<,!+/!

41+&&,0/!)$%!(%+&/=$%(3&B!V3Y5'00+1!*,+=$&/!+&2!=,%/$&&,0:!I1,!/+6,!3/!(%',!$)!(1,!

#,3%'(DN+6+/4'/!V3B1*+>:\@@M!

^$&,(1,0,//-!23/=%$=$%(3$&+(,!%,(+03+(3$&!*+/!(1,!%'0,!$)!(1,!B+6,!/,(!5>!(1,!

.NO!+(!(1,!5,B3&&3&B!$)!(1,!*+%:!I*$!6$&(1/!5,)$%,!(1,!*+%-!3&!+!/=,,41!1,!B+<,!3&!

U+/13&B($&-!X06,%(!2,40+%,2`![I1,%,!+%,!6$6,&(/!3&!(1,!03),!$)!+!&+(3$&!*1,&!3(!3/!

4$6=,00,2!($!0$$H!23%,4(0>!3&($!(1,!)+4,!$)!%,+03(>!+&2!/+>!p&$!6$%,w;\@@8!!C63%!W,%,(Y!

<$*,2!($!2,/(%$>!V,Y5$00+1!+&2!=%$63/,2!(1+(!V+//+&!^+/%+00+1![3/!B$3&B!($!B,(!3(!

/$!5+2!(1+(!1,!*300!&,<,%!)$%B,(!(1,!&+6,!C63%!W,%,(Y:\@@J!V,!1$=,2!($!/4+%,!

V,Y5$00+1!3&($!(13&H3&B!./%+,0!%,+00>!*+/![4%+Y>:\@@?!E13,)!$)!S(+))!V+0'(Y-!=%$63/,2!

(1+(!(1,!.NO!*$'02!q('%&!5+4H!(1,!40$4H!3&!T,5+&$&!5>!@L!>,+%/q!3)!b,B,<!+&2!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@@@!E$%2,/6+&-!"M:!@@M!./%+,0!a3&3/(%>!$)!O$%,3B&!C))+3%/-![#,13&2!(1,!V,+203&,/`!C!a,+/'%,2!b,/=$&/,!($!V3Y5'00+1!a3//30,/-\!./%+,0!a3&3/(%>!$)!O$%,3B&!C))+3%/-!1((=`cc***:6)+:B$<:30caOCc:!@@8!V+%,0!+&2!.//+41+%$))-!"L?:!@@J!N$<!U+A6+&-![#,(*,,&!e34($%>!+&2!N,),+(`!./%+,0!+)(,%!(1,!U+%!*3(1!V3Y5+00+1-\!()*+/%')!"8#."+f1%-#*-3?+hhhIM+PU3&(,%!@LL?D@LLKQ`!M":!@@?!V+%,0!+&2!.//+41+%$))-!9":!

! K8!

Z$02*+//,%!*,%,!&$(!%,('%&,2:@@K!I1,!5$+/()'0!%1,($%34!=%$63/,2!+!=$*,%)'0-!

<3$0,&(-!+&2!2,43/3<,!<34($%>!(1+(!*$'02!&$(!5,!6,%43)'0!($!43<303+&/!4+'B1(!3&!(1,!

4%$//)3%,:!O%$6!(1,!/(+%(-!V+0'(Y!+&2!W,%,(Y!=%,//,2!)$%!1+%/1!%,/=$&/,/!(1+(!*$'02!

4%,+(,![&,*!%'0,/!3&!(1,!B+6,:\@@9!!

I1,!./%+,03!B$<,%&6,&(!+&&$'&4,2!(1+(!43<303+&/!*$'02!&$(!5,!3&(,&(3$&+00>!

(+%B,(,2-!5'(!3&!+/>66,(%34!*+%)+%,-!43<303+&/!+%,!(1,!,F'3<+0,&(!($!(1,!(,%%$%3/(!

B%$'=;/!+%6$%:!!I1,!.NO!2,40+%,2!(1+(!3(!T,5+&,/,!43<303+&/!/1,0(,%,2!V,Y5$00+1!

)3B1(,%/-!(1,>!*$'02!&$(!5,!/=+%,2!./%+,03!+,%3+0!4$'&(,%D+((+4H/:!V$*,<,%-!

23/(3&B'3/13&B!5,(*,,&!43<303+&/!+&2!(,%%$%3/(!(+%B,(/!3/!&,+%0>!36=$//350,!*1,&!(1,!

)3B1(,%/!2$!&$(!*,+%!23/(3&4(3<,!40$(13&B-!/$6,(36,/!2%,//!'=!*3(1!./%+,03!'&3)$%6/-!

+&2!50,&2!3&!*3(1!(1,!0$4+0!'%5+&!=$='0+(3$&:@@7!k/3&B!43<303+&/!+/!(1,3%!1'6+&!

/13,02/-!V,Y5$00+1!,65,22,2!3(/!)+4303(3,/!+6$&B/(!43<303+&!($*&/-!/($%,2!3(/!

*,+=$&/!3&!43<303+&!1$6,/-!+&2!4+%%3,2!$'(!3(/!+4(3<3(3,/!63%%$%3&B!43<303+&!03),:@ML!

I1,!.NO!3&/(+00,2!+&!+0+%6!/>/(,6!+00$*3&B!3(!($!%,(+03+(,!+B+3&/(!%$4H,(!0+'&41,%/!

<,%>!F'34H0>:!b,(+03+($%>!+((+4H/!1+%6,2!6+&>!43<303+&/!+6$&B/(!*1341!V,Y5$00+1!

132!($!=%$(,4(!3(/,0):@M"!V,Y5$00+1!)3B1(,%/!4$&(3&'$'/0>!6$<,2!)%$6!=0+4,!($!=0+4,-!

3&/(+003&B!%$4H,(!0+'&41,%/!$&!43<303+&/;!%$$)($=/!*3(1$'(!(1,3%!H&$*0,2B,:!U1,&!

<300+B,/!$%B+&3Y,2!=+(%$0/!($!23//'+2,!V,Y5$00+1!)%$6!)3%3&B!)%$6!(1,3%!5'3023&B/-!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@@K![V,Y5$00+1!U+%&/!./%+,0!CB+3&/(!b+32/-\!##E!^RUS-!"@!G'0>!@LL?-!1((=`cc&,*/:554:4$:'HcB$c=%c)%cDc@c13c63220,g,+/(cJ"KMLK9:/(6!!@@9!V+%,0!+&2!.//+41+%$))-!K9:!@@7!S(,<,&!R%0+&B,%!+&2!b341+%2!X==,0-!G%:![C!N3/43=03&,2!V,Y5$00+1!S'%=%3/,/!./%+,0!*3(1!3(/!I+4(34/!+&2!U,+=$&/-\!G*A+J.-^+(!6*'+PC'B'/(!K-!@LL?Q:!@ML!E$%2,/6+&-!"L:!@M"!S+6>!E$1,&-!@KL:!

! KJ!

*3(&,//!+44$'&(/!+))3%6,2!(1+(!V,Y5$00+1!)3B1(,%/!*$'02!=%,<,&(!43<303+&/!)%$6!

)0,,3&B!/$!+/!($!&$(!5,!)+4,2!*3(1!(1,!./%+,03!%,(+03+($%>!%+32!+0$&,:@M@!!

C!4%3(34+0!/(+B,!$)!(1,!./%+,03!4+6=+3B&!*+/!(1,!5$653&B!$)!N+13>+-!(1,!+%,+!$)!

/$'(1,%&!#,3%'(!(1+(!1$'/,2!(1,!V,Y5$00+1!1,+2F'+%(,%/!+&2!^+/%+00+1;/!=%3<+(,!

1$6,-!$&0>!+44,//350,!5>!4+%2D4+%%>3&B!V,Y5$00+1!6,65,%/:@MM!R<,&!(1$'B1!O$%,3B&!

a3&3/(,%!T3<&3!+&2!a3&3/(,%!$)!.&(,%&+0!S,4'%3(>!C<3!N341(,%!3&/3/(,2!(1+(!50+/(3&B!

+*+>!+(!N+13>+!*$'02!03H,0>!1+%6!43<303+&/!+&2!(1,%,5>!=0+>!3&($!V,Y5$00+1;/!1+&2/!

+&2!+&B,%!(1,!3&(,%&+(3$&+0!4$66'&3(>-!)$'%!$)!/3A!63&3/(,%/!<$(,2!3&!)+<$%!$)!(1,!

5$653&B-!&$(!5,4+'/,!(1,>!5,03,<,2!(1,!5$653&B!*$'02!2$!6'41!=1>/34+0!2+6+B,!

($!V,Y5$00+1-!5'(!5,4+'/,-!+/!V+%,0!+&2!.//+41+%$))!,A=0+3&-![N+13+!*+/!+!/>65$0-!

+&2!./%+,0;/!63&3/(,%/!+&2!$))34,%/!*+&(,2!+!6$<,!(1+(!*$'02!2,03<,%!+!=+3&)'0!

/'%B34+0!50$*!($!V,Y5$00+1;/!/(%,&B(1!+&2!1$&$%:\@M8!I1,!.CO!5,B+&!(1,!5$653&B!$)!

N+13+!$&!(1,!,<,&3&B!$)!G'0>!"8-!0,<,03&B!6'0(3/($%>!5'3023&B/!1$'/3&B!V,Y5$00+1!

4$66+&2D+&2D4$&(%$0!4,&(,%/-!(1,!=+%(/!$)!(1,!+0Da+&+%!(,0,<3/3$&!/(+(3$&!(1+(!1+2!

/(300!5,,&!/(+&23&B-!+&2!('%&3&B!(1,!*1$0,!+%,+!3&($!%'550,:@MJ!

U130,!(1,!.NO!40+36/!3(!($$H!4+%,!&$(!($!1+%6!43<303+&/-!3(!)+30,2!($!,A,%43/,!

4+'(3$&!+&2!%,/(%+3&(-!+&2!3&/(,+2!4+'/,2!2,<+/(+(3&B!2+6+B,!(1+(!3/!23))34'0(!($!

]'/(3)>:!I1,!+3%!4+6=+3B&!,/4+0+(,2!+B+3&/(!'/'+00>!<+032!(+%B,(/-!5'(!3(!$)(,&!4+'/,2!

13B1!0,<,0/!$)!4$00+(,%+0!2+6+B,:![I1,!,&2!%,/'0(-\!*%3(,/!E$%2,/6+&-![*+/!($!B3<,!

(1,!36=%,//3$&!./%+,0!*+/!&$(!=%$<323&B!+!=%$=$%(3$&+(,!%,/=$&/,:\@M?!I1,!*+%!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@M@!S+6>!E$1,&-!@K":!@MM!_++H$<!l+(Y-![C&+0>/3/`!I1,!N+13>+!N$4(%3&,!</:!(1,!Z$02/($&,!b,=$%(-\!i*-1'%3*6+<.'#+P@J!G+&'+%>!@L"LQ-!1((=`cc&,*:]=$/(:4$6c./%+,0cC%(340,:+/=Ao32|"??J8?:!@M8!V+%,0!+&2!.//+41+%$))-!"LL:!@MJ!V+%,0!+&2!.//+41+%$))-!"L":!@M?!E$%2,/6+&-!"8:!

! K?!

4+'/,2!(%,6,&2$'/!4$/(/!($!6+&>!/,4($%/!$)!/$43,(>!3&40'23&B!3&!1'6+&!03<,/-!

,2'4+(3$&-!+B%34'0('%,-!+&2!(1,!,&<3%$&6,&(:!!C)(,%!(1,!)3%/(!)3<,!2+>/!$)!(1,!*+%-!(1,!

&'65,%!$)!T,5+&,/,!4+/'+0(3,/!1+2!%3/,&!($!"JM:@MK!C44$%23&B!($!+&!.&(,%&+(3$&+0!

E%3/3/!Z%$'=!/('2>-!3&!(,%6/!$)!(1,!43<303+&!=$='0+(3$&D!"-"7"!=,$=0,!P43<303+&/!+&2!

4$65+(+&(/Q!*,%,!H300,2-!+&2!/,<,%+0!(1$'/+&2/!*$'&2,2d!+06$/(!$&,!63003$&!

=,$=0,!*,%,!23/=0+4,2d!"JL-!LLL!1$'/,/!*,%,!2,/(%$>,2:@M9!.&!+223(3$&!($!(1,!2,+(1/!

$)!43<303+&/!4+'B1(!$%!)$%4,2!3&($!(1,!)3B1(3&B-!43<303+&/!+0/$!23,2!5,4+'/,!$)!./%+,03!

63/(+H,/:!X&!G'0>!ML-!MLL?-!(1,!.NO!5$65,2!+!5'3023&B!3&!(1,!<300+B,!$)!t+&+-!

'&H&$*3&B0>!4+'/3&B!@9!2,+(1/!+44$%23&B!($!(1,!.&(,%&+(3$&+0!b,2!E%$//:!I1,!.NO!

,A=%,//,2!3(/!%,B%,(-!/(+(3&B!3(!232!&$(!%,+03Y,!43<303+&/-!*1$!1+2!5,,&!*+%&,2!$)!(1,!

3663&,&(!+((+4H-!*,%,!/(300!03<3&B!3&!(1,!5'3023&B:@M7!!

R2'4+(3$&!*+/!+)),4(,2!5>!(1,!*+%-!+/!MLL!T,5+&,/,!/41$$0/!*,%,!2+6+B,2!

+&2!JL!*,%,!2,/(%$>,2!4$6=0,(,0>-!23/%'=(3&B!(1,!,2'4+(3$&!$)!8L-LLL!

3&23<32'+0/:@8L!b,B+%23&B!4$66,%43+0!2+6+B,D!/$6,!7LL!)+4($%3,/-!6+%H,(/-!)+%6/-!

/($%,/!+&2!$(1,%!4$66,%43+0!5'3023&B/!*,%,!2,/(%$>,2:!.&!(,%6/!$)!1,+<>!36=$%(+&(!

3&)%+/(%'4('%,D!5%32B,/-!%$+2/-!(1,!=$%(/!$)!G$'&3,1!+&2!#,3%'(!3&!E1%3/(3+&!(,%%3($%>-!

+&2!#,3%'(;/!3&(,%&+(3$&+0!+3%=$%(;/!%'&*+>/!*,%,!2,/(%$>,2:@8"!C/!)$%!+B%34'0('%+0!

4$/(/-!(1,!0,)($<,%!+66'&3(3$&!/4+((,%,2!3&!<300+B,/!+&2!)3,02/!3&!S$'(1!T,5+&$&!1+/!

4%,+(,2!<,%3(+50,!63&,)3,02/!+&2!%,&2,%,2!@Jv!$)!(1,!/$'(1,%&!T,5+&,/,!(,%%3($%>!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@MK!V+%,0!+&2!.//+41+%$))-!7K:!@M9!.&(,%&+(3$&+0!E%3/3/!Z%$'=-![./%+,0cV,Y5$00+1cT35+&`!R<3(,%!'&!b,B+3&!2,!e3$0,&4,-\!":!!@M7!S+6>!E$1,&-!@K@:!@8L!U+/0,H+%!+&2!O'(,1+00>-!KK:!@8"!.&(,%&+(3$&+0!E%3/3/!Z%$'=-![./%+,0cW+0,/(3&,cT,5+&$&`!E03653&B!X'(!$)!(1,!C5>//-\!S!&&3*+:%'#+C*L.-#+G.T+Oj+P@J!G'0>!@LL?Q`!"8:!

! KK!

3&+44,//350,!+&2!'/,0,//!)$%!)+%6!*$%H:@8@!I1%,,!(1$'/+&2!+&2!)3)(>!1,+2/!$)!2+3%>!

4+((0,-!"-@JL!5'00/-!"J-LLL!B$+(/!+&2!/1,,=-!"9-LLL!5,,13<,/-!+&2!$<,%!?LL-LLL!

5%$30,%!4134H,&/!*,%,!0$/(!+/!+!23%,4(!4$&/,F',&4,!$)!(1,!*+%:@8M!I13/!3/!<,%>!

23/%'=(3<,!*1,&!KLv!$)!(1,!S$'(1,%&!T,5+&,/,;/!3&4$6,!4$6,/!)%$6!*$%H!3&!

+B%34'0('%,:!X<,%+00-!(1,!O$$2!+&2!CB%34'0('%,!X%B+&3Y+(3$&!,/(36+(,2!(1,!2+6+B,2!

($!+B%34'0('%,-!)$%,/(%>-!+&2!)3/13&B!($!+6$'&(!($!u@9L!63003$&:@88!.&!+223(3$&-!(1,!

2,/(%'4(3$&!$)!3%%3B+(3$&!/>/(,6/!+&2!2+6+B,!($!4+&+03Y+(3$&!/>/(,6/!1+/!2+6+B,2!

(1,!*+(,%!&,(*$%H-!4+'/3&B!*+(,%D%,0+(,2!23/,+/,/:@8J!a$%,!,&<3%$&6,&(+0!2+6+B,!

%,/'0(,2!)%$6!$30!0$//,/-!3&40'23&B!"LL!H30$6,(,%/!$)!$30!2+6+B,!+0$&B!(1,!T,5+&,/,!

4$+/(-!+&2!"L-LLLD"J-LLL!($&/!$)!$30!/=300,2!)%$6!2+6+B,2!<,//,0/!+&2!(1,!G3>>,1!$30!

=0+&(!&,+%!#,3%'(:@8?!I1,!*+%;/!23%,4(!+&2!3&23%,4(!,4$&$634!4$/(/!*,%,!/'5/(+&(3+0-!

,/=,43+00>!3&!S$'(1!T,5+&$&:!I$(+0!,4$&$634!4$/(/-!3&40'23&B!3&!(%+&/=$%(+(3$&-!

,0,4(%343(>-!1,+0(1-!,2'4+(3$&-!)',0!/(+(3$&/!+&2!(1,!6303(+%>!+6$'&(,2!($!u!M-?"@!

63003$&:!.&23%,4(!4$/(!$)!*+%!*+/!,<,&!1+%/1,%!$&!(1,!)3/4+0!/,4($%-!*3(1!ZNW!B%$*(1!

,&23&B!(1,!>,+%!3&!(1,!%,2!*3(1!+!2,403&,!$)!Jv:!C44$%23&B!($!+!B$<,%&6,&(!%,=$%(!($!

(1,!.aI-!(1,!2,403&,!3&!ZNW!%,=%,/,&(,2!+!0$//!$)!u@:@!53003$&:!W'5034!2,5(!,/4+0+(,2!

($!uM7:9!53003$&!5>!(1,!,&2!$)!G'&,!@LLK:!I1,!a3&3/(%>!$)!I$'%3/6!,/(36+(,2!(1+(!(1,!

0$//!$)!($'%3/6!+&2!1$/=3(+03(>-!*1341!'/'+00>!+44$'&(!)$%!"LD"@!=,%4,&(!$)!(1,!ZNW-!

+6$'&(,2!($!u@!53003$&:@8K!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@8@!.&(,%&+(3$&+0!E%3/3/!Z%$'=-![./%+,0cV,Y5$00+1cT35+&`!R<3(,%!'&!b,B+3&!2,!e3$0,&4,-\!8:!@8M!U+/0,H+%!+&2!O'(,1+00>-!JK:!@88!^36%$2!b+=1+,03-![T,5+&,/,!R4$&$6>!#,(*,,&!e3$0,&4,!+&2!W$03(34+0!S(+0,6+(,-\!3&!,2:!b'53&-!""J:!@8J!U+/0,H+%!+&2!O'(,1+00>-!87:!@8?!U+/0,H+%!+&2!O'(,1+00>-!8?:!@8K!b+=1+,03-!3&!,2:!b'53&-!""8D""K:!

! K9!

N,/=3(,!(1,!)+4(!(1+(!3(!*+/!./%+,0!*1$!3&3(3+(,2!(1,!*+%!+&2!(1+(!./%+,0!

,&]$>,2!$<,%*1,063&B!6303(+%>!/'=,%3$%3(>!2'%3&B!(1,!S,4$&2!T,5+&$&!U+%-!3(/!

$<,%%,03+&4,!$&!)$%4,!+&2!(+4(34+0!63/(+H,/!4$/(!3(!+&!3&4$&40'/3<,!*+%!(1+(!)+30,2!($!

+413,<,!3(/!$5],4(3<,/:!I1,!'/,!$)!6303(+%>!)$%4,!*+/!'&/+(3/)+4($%>!+44$%23&B!($!(1,!

U3&$B%+2!E$663//3$&!3&!41+%B,!$)!3&<,/(3B+(3&B!+&2!2%+*3&B!0,//$&/!)%$6!(1,!

*+%:@89![C(!(1,!,&2!$)!(1,!2+>-!./%+,0!232!&$(!B+3&!+!=$03(34+0!+413,<,6,&(!5,4+'/,!$)!

6303(+%>!/'44,//,/d\!(1,!E$663//3$&!/(+(,2-![%+(1,%-!3(!%,03,2!$&!+!=$03(34+0!

+B%,,6,&(-!*1341!3&40'2,2!=$/3(3<,!,0,6,&(/!)$%!./%+,0-!*1341!=,%63((,2!3(!($!/($=!+!

*+%!*1341!3(!1+2!)+30,2!($!*3&:\@87![I1,!)+4(!3/!(1+(!'0(36+(,!%,/=$&/35303(>!6'/(!03,!

*3(1!(1,!=$03(34+0!,41,0$&!)$%!(1,!)+30'%,!($!4+035%+(,!4$1,%,&(0>!6303(+%>!$=,%+(3$&/!

*3(1!=$03(34+0!$5],4(3<,/-\!*%3(,/!G$&+(1+&!S=>,%-!/,&3$%!%,/,+%41!),00$*!+(!(1,!Z0$5+0!

b,/,+%41!3&!.&(,%&+(3$&+0!C))+3%/!E,&(,%!+(!.NEDV,%Y03>+:@JL!I1,!3&4$&40'/3<,!%,/'0(/!

0,2!V,Y5$00+1!($!5,03,<,!(1+(!3(!*+/!(1,!$&,!*1$!1+2!*$&!(1,!*+%:!!

++++++++++++

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@89!S'%%,&2,%3&B!($!='5034!+&2!=$03(34+0!=%,//'%,!)$%!+&!+==$3&(,2!/(+(,!4$663//3$&!$)!3&F'3%>!$&!(1,!*+%-!W%36,!a3&3/(,%!X06,%(!/,0,4(,2!R03>+1'!U3&$B%+2-!(1,!)$%6,%!=%,/32,&(!$)!(1,!I,0!C<3<!N3/(%34(!E$'%(-!($!1,+2!+!B$<,%&6,&(!3&F'3%>!4$663//3$&:!I1,!4$663//3$&;/!2'(>!*+/!($!,A+63&,!(1,!6+&+B,6,&(!$)!(1,!=$03(34+0!,41,0$&/!+&2!(1,!2,),&/,!,/(+503/16,&(!2'%3&B!(1,!*+%:!!@87!^,*!_$%H!I36,/-![R&B03/1!S'66+%>!$)!(1,!U3&$B%+2!E$663//3$&!b,=$%(-\!G*A+J.-^+(!6*'!PML!G+&'+%>!@LL9Q-!1((=`cc***:&>(36,/:4$6c@LL9cL"cMLc*$%02c63220,,+/(cM"*3&$B%+2D*,5:1(60o=+B,*+&(,2|"xg%|":!@JL!S=>,%-!K:!

! K7!

!!!!!!

!+,-.$/%!G&(%1!+&#4/S(/#)/4!&5!6*4.%&.&%$*&#-$/!H/$-7*-$*&#!

!!!!H/4(7$4!&5!$,/!NQQR!E-%!-#'!$,/!G-*7(%/!&5!6/$/%%/#)/!!

X&,!$)!(1,!+36/!$)!(1,!S,4$&2!T,5+&$&!U+%!*+/!($!%,/($%,!2,(,%%,&4,!<3/DiD

<3/!V,Y5$00+1-!*1341!1+2!,%$2,2!/3&4,!(1,!./%+,03!'&30+(,%+0!*3(12%+*+0!3&!@LLL-!+/!

2,6$&/(%+(,2!5>!(1,!&'65,%!$)!+((+4H/!+B+3&/(!./%+,0!/3&4,!(1+(!=,%3$2:!.(!3/!+%B',2!

(1+(!./%+,0;/!3&2,43/3<,!+&2!6302!%,/=$&/,/!($!V,Y5$00+1;/!4$&(3&',2!+((+4H/!2'%3&B!

(1+(!(36,!=,%3$2!,65$02,&,2!(1,!$%B+&3Y+(3$&:@J"!I1,!/6+00!=%$<$4+(3$&/!$)!

V,Y5$00+1!5,(*,,&!@LLL!+&2!@LL?!*,%,!=%$<$4+(3$&/!(1+(!V,Y5$00+1!1$=,2!./%+,0!

*$'02!+44,=(-!+&2!(1'/!0,+2!($!&,*!%'0,/!$)!(1,!2,(,%%,&4,!B+6,:!k/'+00>-!*%3(,/!

_+3%!R<%$&-!%,/=$&/,/!($!=%$<$4+(3$&/!/1$'02!5,!%$'B10>!=%$=$%(3$&+(,!($!(1,!

2+6+B,/!4+'/,2!5>!(1,!<3$0+(3$&/:!V$*,<,%-!*1,&!%,=,+(,2!(1,!41+00,&B,%!3&3(3+(,/!

0363(,2!41+00,&B,/-!23/=%$=$%(3$&+(,!%,(+03+(3$&!3/!&,4,//+%>!3&!$%2,%!($!%,/($%,!

2,(,%%,&4,:@J@!!I1,!S,4$&2!T,5+&$&!U+%!*+/!(1,%,)$%,!./%+,0;/!%,/=$&/,!($!3(/!/,0)D

=,%4,3<,2!*,+H&,//!+&2!(1,!B%$*3&B!2+&B,%!$)!V,Y5$00+1:!_,(!(1,!S,4$&2!T,5+&$&!

U+%!)+30,2!($!%,/($%,!2,(,%%,&4,!3&!(1,!0$&B!(,%6-!)$%!3(!)+30,2!($!,0363&+(,!

V,Y5$00+1;/!6$(3<+(3$&!+&2!4+=+5303(>!($!4$&(3&',!+((+4H3&B!./%+,0:!.)!+&>(13&B-!(1,!

*+%!,65$02,&,2!(1,!$%B+&3Y+(3$&:!O'%(1,%6$%,-!./%+,0;/!%,='(+(3$&!/')),%,2!+!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@J"!U+A6+&-!@7:!@J@!_+3%!R<%$&-!3&!,2:!#%$6!+&2!a,3%-!M7:!

! 9L!

/,<,%,!50$*!+(!(1,!1+&2/!$)!1+%/1!3&(,%&+(3$&+0!4%3(343/6!3(!2%,*!+/!+!%,/'0(!$)!(1,!

*+%:!I1,!'/,!$)!23/=%$=$%(3$&+(,!)$%4,!3&!+&!+((,6=(!($!%,/($%,!2,(,%%,&4,!6+2,!

./%+,0!0$$H!03H,!(1,!+BB%,//$%!3&/(,+2!$)!(1,!<34(36:!.(!3/!40,+%!(1+(!(1,!2,<,0$=6,&(!$)!

(1,!S,4$&2!T,5+&$&!U+%!232!&$(!B$!+/!./%+,0!1+2!1$=,2:!^$(!$&0>!232!./%+,0!)+30!($!

+44$6=03/1!(1,!B$+0/!3(!1+2!/,(!$'(!)$%!3(/,0)-!5'(!V,Y5$00+1!40+36,2!<34($%>:!

N3/=%$=$%(3$&+(,!%,(+03+(3$&!3/!+!6303(+%>!/(%+(,B>!*1341!+36/!($!%,/($%,!2,(,%%,&4,!

<3/DiD<3/!+&!+2<,%/+%>:!V$*,<,%-!3(!3/!40,+%!(1+(!(1,%,!3/!+!B+=!5,(*,,&!3(/!0$B34+0!

(1,$%>!+&2!3(/!=%+4(34,!+&2!4$&/,F',&4,/:!.&(,%&+(3$&+0!0+*!+&2!=$03(34+0!=130$/$=1>!

+%,!(*$!=%3/6/!(1%$'B1!*1341!(1,!/(%+(,B>!$)!%,(+03+(3$&!4+&!5,!+&+0>Y,2!/$!+/!($!

5,((,%!'&2,%/(+&2!3(/!$%3B3&/!+&2!+0/$!3(/!0363(/:!

I1,%,!,A3/(!4$&)034(3&B!<3,*/!$&!(1,!/'44,//!$)!(1,!4+6=+3B&!($!%,/($%,!

2,(,%%,&4,!<3/DiD<3/!V,Y5$00+1:!X&!$&,!1+&2-!/$6,!+%B',!(1+(!(1,!*+%!232!/'44,,2!3&!

3&(3632+(3&B!V,Y5$00+1:!C44$%23&B!($!S1+3!O,026+&-!N3%,4($%!$)!(1,!E%$*&!E,&(,%!)$%!

a3220,!R+/(!S('23,/!+(!#%+&2,3/!k&3<,%/3(>-!(1,![6+A36'6\!'/,!$)!)$%4,!,6=0$>,2!

5>!(1,!./%+,03!C3%!O$%4,!/'44,,2,2!3&!%,63&23&B!T,5+&$&!+&2!(1,!C%+5!*$%02!$)!3(/!

4+=+43(>!($!3&)034(!+!1,+<>!='&3/16,&(!$&!/(+(,/!+&2!/(+(,/!(1+(!+00$*!$(1,%/!($!

+((+4H!./%+,0:@JM!C)(,%!+00-!)$%!(1,!0+/(!)$'%!>,+%/-!(1,!T,5+&,/,D./%+,03!5$%2,%!1+/!

5,,&!F'3,(!+&2!%,/32,&(/!$)!&$%(1,%&!./%+,0!1+<,!5,,&!+50,!($!03<,!*3(1$'(!),+%!$)!

%$4H,(!+((+4H/:!O'%(1,%6$%,-!3)!(1,!,&1+&4,2!k^.O.T!+&2!(1,!S$'(1!T,5+&,/,!C%6>!

/'44,//)'00>!=%,<,&(!+&2!2,(,%!V,Y5$00+1!)%$6!4+%%>3&B!$&!3(/!+%6,2!+4(3<3(3,/-!

./%+,0!6+>!5,!+50,!($!=%$<,!3(!1+/!40+36!(1,!*+%:@J8!I1,!)%,,2$6!$)!6$<,6,&(!*1341!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@JM!S1+3!O,026+&-![I1,!V,Y5$00+1D./%+,0!U+%`!C!W%,0363&+%>!C//,//6,&(-\!S!&&3*+:%'#+g-!*$!G.T+M[+PI1,!E%$*&!E,&(,%!)$%!a3220,!R+/(!S('23,/`!S,=(,65,%!@LL?Q-!M:!@J8!E$%2,/6+&-!?:!

! 9"!

V,Y5$00+1!0$/(!3/!<,%>!/3B&3)34+&(!+&2!3(!*300!1+6=,%!3(/!%,6$5303Y+(3$&!3&!(1,!/$'(1!$)!

T,5+&$&:!#'(!V,Y5$00+1-!4$&(%+%>!($!./%+,0-!3/!6'41!6$%,!3&23)),%,&(!($!(1,/,!H3&2/!

$)!0$//,/!D!(1,!0$//!$)!)3B1(,%/-!*,+=$&/-!+&2!(,%%3($%>!)$%!,A+6=0,:!.&!(,%6/!$)!(1,/,!

6+(,%3+0!4$/(/-!V,Y5$00+1!1+/!0$/(!+!0$(-!5'(!&$(!,&$'B1!($!=%,<,&(!3(!)%$6!%,/'63&B!

3(/!+((+4H/!3&!(1,!)'('%,:!C&2!'&03H,!(1,!T,5+&,/,!B$<,%&6,&(-!3(!3/!0,//!/,&/3(3<,!($!

(1,!=%,//'%,!$)!='5034!$=3&3$&!+&2!,<,&!0,//!/$!($!3&(,%&+(3$&+0!='5034!$=3&3$&:@JJ!

V$*,<,%-!/3&4,!(1,!5,B3&&3&B!$)!(1,!4,+/,)3%,-!V,Y5$00+1!1+/!%,/=,4(,2!b,/$0'(3$&!

"KL"!2,/=3(,!*1+(!3(!=,%4,3<,2!+/!./%+,03!=%$<$4+(3$&/!P3:,:!H32&+==3&B!$)!T,5+&,/,!

43(3Y,&/-!<3$0+(3$&!$)!T,5+&,/,!+3%/=+4,Q:@J?!

X&!(1,!$(1,%!1+&2-!(1,!='5034!=,%4,=(3$&!3&!./%+,0!+&2!3&!(1,!*$%02!3/!(1+(!

./%+,0!0$/(!(1,!*+%:!#,4+'/,!=,%4,=(3$&!+&2!2,(,%%,&4,!+%,!/$!3&(,%(*3&,2-!(13/!

*32,/=%,+2!=,%4,=(3$&!(1+(!(1,!6$/(!=$*,%)'0!+%6>!3&!(1,!%,B3$&!0$/(!+!*+%!($!+!

(,%%$%3/(!$%B+&3Y+(3$&!B%,+(0>!2363&3/1,2!./%+,0;/!2,(,%%,&4,!4+=+5303(3,/:!C44$%23&B!

($!O,026+&-!(1,!,%$/3$&!$)!./%+,03!2,(,%%,&4,!)$00$*3&B!(1,!*+%!*+/!2',!($!(*$!6+3&!

3//',/:!O3%/(0>-!./%+,0!232!&$(!+413,<,!3(/!(1,!B$+0/`![./%+,0;/!,A,4'(3$&!$)!(1,!*+%!3/!

5,3&B!,<+0'+(,2!3&!&$(!3&!(,%6/!$)!(1,!+4('+0!/(%+(,B34!4$&/,F',&4,/!$)!(1,!

4$&)%$&(+(3$&!5'(!<3/DiD<3/!(1,!,A=,4(+(3$&/!(1+(!3(/!43<303+&!+&2!6303(+%>!0,+2,%/!

4%,+(,2-\!O,026+&!*%3(,/:@JK!E$%2,/6+&!4$&4'%/-!,A=0+3&3&B!(1+(!./%+,0!*,&(!3&($!

*+%!)$4'/,2!$&!3(/!$*&!=,%4,=(3$&/!+&2!<+0',/-!5'(!&$(!(1$/,!$)!V,Y5$00+1!$%!

T,5+&$&:!./%+,0!)+30,2!($!'&2,%/(+&2!(1+(!]'/(3)>3&B!(1,!*+%-!*1341!3(!=,%4,3<,2!+/!

,&(3%,0>!]'/(-!($!(1,!$'(/32,!*$%02!/1$'02!1+<,!5,,&!+&!36=$%(+&(!=+%(!$)!3(/!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@JJ!Z3$%+!R30+&2-![I1,!I13%2!T,5+&$&!U+%-\!B#-%#*8!7+,''*''6*"#+MMIZ+P^$<,65,%!@LL9Q`!"J:!@J?!.&(,%&+(3$&+0!E%3/3/!Z%$'=-![./%+,0cV,Y5$00+1cT35+&`!R<3(,%!'&!b,B+3&!2,!e3$0,&4,-\!"L:!@JK!O,026+&-!M:!

! 9@!

/(%+(,B>:@J9!_,(!(13/!B+=!3&!(1,!=,%4,=(3$&!$)!(1,!*+%!3/!=%,43/,0>!(1,!(%+=!$)!

+/>66,(%34+0!*+%)+%,`!(1,!(,%%$%3/(!$%B+&3Y+(3$&!$=,%+(3&B!)%$6!*3(13&!43<303+&!

=$='0+(3$&!4,&(,%/!0'%,/!(1,!4$&<,&(3$&+0!+%6>!3&($!1+%63&B!(1,!43<303+&!=$='0+(3$&-!

)$%!(1,!6$%,!2+6+B,!(1+(!+%6>!2$,/-!(1,!6$%,!(1,!/(+(,!0$$H/!03H,!+!<3$0,&(!

+BB%,//$%:!

#,4+'/,!$)!(13/!/,0)D+5/$%5,2!63&2/,(-!V,Y5$00+1!*$&!(1,![*+%!$)!(1,!

&+%%+(3<,/-\!*1341!O,026+&!+%B',/!3/!(1,!/,4$&2!%,+/$&!)$%!(1,!*32,/=%,+2!

=,%4,=(3$&!(1+(!./%+,0!0$/(!(1,!*+%!+&2!)+30,2!($!%,/($%,!2,(,%%,&4,:!O3%/(-!3(!*$&!(1,!

*+%!$)!(1,!&+%%+(3<,/!+6$&B/(!V,Y5$00+1!+&2!(1,!T,5+&,/,!=$='0+(3$&:!.&!)%$&(!$)!+&!

+'23,&4,!$)!63003$&/!$)!=,$=0,!3&!#,3%'(!$&!S,=(,65,%!@M-!@LL?-!^+/%+00+1!2,40+%,2!

(1,!*+%!+![/(%+(,B34-!13/($%34+0-!+&2!23<3&,!<34($%>:\@J7!.&!4$&(%+/(-!+(!(1,!5,B3&&3&B!$)!

(1,!*+%-!(1,!T,5+&,/,!+&2!C%+5!/(+(,/!*,%,!(3%,2!$)!V,Y5$00+1!+&2!/$6,*1+(!

(1+&H)'0!(1+(!./%+,0!*$'02!5,!2,+03&B!*3(1!(1,!$%B+&3Y+(3$&!)$%!(1,6:!C/!+&!$))343+0!3&!

(1,!kS!N,=+%(6,&(!$)!N,),&/,!/+32-!+44$%23&B!($!V+%,0!+&2!.//+41+%$));/!P]+5%?'4+

[R<,%>$&,!1$=,2!(1+(!./%+,0!*$'02!2$!(1,3%!*$%H!)$%!(1,6:\@?L!!

.&!+223(3$&-!(1,!,A(,&(!$)!(1,!2,/(%'4(3$&!+&2!<3$0,&4,!(+H,&!+B+3&/(!(1,!

T,5+&,/,!43<303+&!=$='0+(3$&!*+/!/'==$/,2!($!('%&!(1,!=$='0+(3$&!+B+3&/(!

V,Y5$00+1:!V$*,<,%-!*130,!V+//+&!O+((+1!%,=$%(,2!)$%!(1,!G*A+J.-^+(!6*'!(1+(!

6+&>!T,5+&,/,!),0(!53((,%!+&2!+&B%>!($*+%2/!V,Y5$00+1!5,4+'/,!(1,>!),0(!(1,!

$%B+&3Y+(3$&!5%$'B1(!+!*+%!'=$&!(1,6!(1,>!232!&$(!2,/3%,-!3(!+0/$!6+2,!(1,6!+&2!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@J9!E$%2,/6+&-!"@:!@J7!.&(,%&+(3$&+0!E%3/3/!Z%$'=-![./%+,0cV,Y5$00+1cT35+&`!R<3(,%!'&!b,B+3&!2,!e3$0,&4,-\!7:!@?L!V+%,0!+&2!.//+41+%$))-!"L8:!

! 9M!

(1,!C%+5!*$%02!,<,&!6$%,!1$/(30,!($!./%+,0:@?"!X06,%(!1+2!*+%&,2!(1+(!3)!./%+,0!

4%3==0,2!(1,!T,5+&,/,!3&)%+/(%'4('%,-!(1,!%,/32,&(/!$)!S$'(1!T,5+&$&!*$'02!5,!

2%3<,&!($!,65%+4,!V,Y5$00+1!*1$!*$'02!,6,%B,!+/!(1,3%!&+(3$&+0!2,),&2,%:@?@!C6+0!

S++2!Z1$%+>,5-!=%$),//$%!$)!=$03(34+0!/43,&4,!+(!(1,!T,5+&,/,!C6,%34+&!k&3<,%/3(>-!

%,+/$&,2`![_$'!4+&!5,(!(1+(!&$&DS133(,/!=%$5+50>!1+(,!V,Y5$00+1!&$*:!#'(!(1$/,!

/+6,!=,$=0,!1+<,!+0/$!5,,&!%,63&2,2!(1+(!./%+,0!3/!(1,!,&,6>:\@?M!k0(36+(,0>-!

(1$'B1-![(1,!T,5+&,/,!23%,4(,2!(1,3%!+&B,%!+(!./%+,0-!5,4+'/,!(1,>!232!&$(!

'&2,%/(+&2!*1>!T,5+&$&;/!2,/(%'4(3$&!*+/!+&!+==%$=%3+(,!=%34,!($!5,!=+32!)$%!(1,!

+52'4(3$&!$)!(*$!/$023,%/!5>!V,Y5$00+1-\!*%3(,/!C52,0!a$&,6!S+32!C0>!+(!(1,!E%$*&!

E,&(,%!)$%!a3220,!R+/(!S('23,/!+(!#%+&2,3/!k&3<,%/3(>:@?8!!

.&2,,2-!*130,!./%+,0!0$/(!(1,!1,+%(/!+&2!63&2/!$)!(1,!T,5+&,/,-!V,Y5$00+1!

*$&!(1,6!3&!(1,!366,23+(,!+)(,%6+(1!$)!(1,!*+%:!I1,!5$653&B!$)!(1,!N+13>+!

F'+%(,%!3&!#,3%'(!+&2!V,Y5$00+1;/!%,/=$&/,!$)!50$*3&B!'=!$&,!$)!(1,!./%+,03!&+<>;/!

6$/(!+2<+&4,2!63//30,!5$+(/-!@%"!#4+*3(1!+&!.%+&3+&D6+2,!ED9L@!/1$%,D($D/13=!

63//30,!3&/=3%,2!%,/=,4(!)$%!V,Y5$00+1:!V+%,0!+&2!.//+41+%$))!%,0+(,!+&!C%+5!

]$'%&+03/(!03<3&B!3&!#,3%'(;/!6,6$%3,/`![I13/!*+/!(1,!('%&3&B!=$3&(!3&!T,5+&,/,!

='5034!$=3&3$&-\!(1,!]$'%&+03/(!%,4+00/-![U,!/+*!)0+6,/!$&!(1,!/,+!+&2!%,+03Y,2!03H,!

,<,%>$&,!,0/,!(1+(!1,!m^+/%+00+1n!1+2!/=$H,&!(1,!(%'(1!mrn!I1,!(+%B,(3&B!$)!(1,!

./%+,03!63//30,!5$+(!/(%,&B(1,&,2!=$='0+%!/'==$%(!$)!V,Y5$00+1:!.&!(1,!)$00$*3&B!

2+>/-!>$'!/,&/,2!T,5+&,/,!/$032+%3(>`!S'&&3/!1$/(,2!S133(,!%,)'B,,/d!,<,&!E1%3/(3+&/!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@?"!V+//+&!O+((+1-![e3$0,&4,!X=,&/!X02!U$'&2/!O%$6!T,5+&$&z/!W+/(-\!G*A+J.-^+(!6*'+P"8!G'0>!@LL?Q:!@?@!V+%,0!+&2!.//+41+%$))-!9":!@?M!V+//+&!O+((+1-![e3$0,&4,!X=,&/!X02!U$'&2/!O%$6!T,5+&$&z/!W+/(-\!G*A+J.-^+(!6*'+P"8!G'0>!@LL?Q:!@?8!S+32!C0>-!M:!

! 98!

3&!*,+0(1>!&,3B15$%1$$2/!(%,+(,2!S133(,/!4$%23+00>:!S'22,&0>!(1,%,!*+/!+!),,03&B!$)!

&+(3$&+0!=%32,!3&!V,Y5$00+1-!*1341!1+2!/($$2!'=!($!./%+,0!+&2!50$$23,2!1,%:\@?J!

V3/($%3+&!U3003+6!V+%%3/!+0/$!+%B',/!(13/!=$3&(-!*%3(3&B!(1+(!(1,!+//+'0(!$&!(1,!

+3%=$%(!+&2!(1,!6$'&(3&B!43<303+&!2,+(1/!3&!(1,!S13;+1!($*&/![5%$'B1(!+!B,&,%+0!

p/(%,,(;!4$+0,/4,&4,!*3(1!V3Y5+00+1:\@??!N$<!U+A6+&-!<3/3(3&B!/41$0+%!+(!#RSC-!

*%3(,/-![.&!+!4$'&(%>!0$&B!23<32,2!5>!/,4(+%3+&3/6-!1+(%,2!$)!./%+,0!5,4+6,!(1,!$&,!

3//',!$&!*1341!(1,!T,5+&,/,!'&3(,2:\@?K!b$5,%(!O$%(1!%,=$%(/!)$%!(1,!F"#*-"%#!."%3+

@*-%3&+(-!21"*`![I1,!)0+B/!+&2!(1,!4$&(3&'3&B!=%,/,&4,!$)!./%+,03!/$023,%/!1,%,!1+<,!

)'%(1,%!+&B,%,2!<300+B,%/!+0%,+2>!/('&&,2!5>!(1,!,A(,&(!$)!(1,!./%+,03!5$653&B:!R<,&!

/$6,!E1%3/(3+&/-!*1$/,!<300+B,/!*,%,!0+%B,0>!/=+%,2!(1,!2,/(%'4(3$&!<3/3(,2!$&!S133(,!

+%,+/-!/+>!(1,!*+%!1+/!)',0,2!(1,3%!/'==$%(!)$%!V,Y5$00+1:\@?9![I1,>!2,/(%$>,2!$'%!

/41$$0!3&!(1,!<300+B,-!5'(!*,!*300!(,+41!(1,!41302%,&!'&2,%!(1,!(%,,/-\!/+32!S%$'%-!(1,!

/41$$0(,+41,%:![C&2!*,!*300!(,+41!(1,6!($!1+(,!./%+,0!+&2!0$<,!(1,!%,/3/(+&4,:\@?7!

X<,%+00-!T,5+&$&!5,4+6,!6$%,!+4(3<,0>!1$/(30,!($!./%+,0!)$00$*3&B!(1,!*+%:!C&2!

+44$%23&B!($!S$03!XY,0-!)$%6,%!,23($%!$)!(1,!I'%H3/1!,23(3$&!$)!D.-*!8"+<.3!7?4!

)$00$*3&B!(1,!*+%-!(1,!T,5+&,/,!=,$=0,!+&2!(1,!B$<,%&6,&(!5,4+6,!3&!('%&!6$%,!

$=,&!($!V,Y5$00+1:@KL!

S,4$&2-!$&!+!%,B3$&+0!/4+0,-!(1,!+&B,%!(1,!2,/(%'4(3$&!B,&,%+(,2!*,+H,&,2!

6$2,%+(,!C%+5!=,$=0,!+&2!%,B36,/!/'41!+/!G$%2+&!$%!RB>=(-!+&2!%,3&)$%4,2!%+234+0!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@?J!V+%,0!+&2!.//+41+%$))-!"L"D"L@:!@??!V+%%3/-!3&!,2:!b'53&-!K8:!@?K!U+A6+&-!M@:!@?9!b$5,%(!O:!U$%(1-![T,5+&$&z/!k&,+/>!I%'4,!Z%$*/!a$%,!O%+B30,-\!F"#*-"%#!."%3+@*-%3&+(-!21"*+PM"!C'B'/(!@LL?Q:!!@?7!b$5,%(!O:!U$%(1-![T,5+&$&z/!k&,+/>!I%'4,!Z%$*/!a$%,!O%+B30,-\!F"#*-"%#!."%3+@*-%3&+(-!21"*+PM"!C'B'/(!@LL?Q:!!@KL!S$03!XY,0-![W%,0'2,!($!U+%!$%!N3=0$6+4>o!b,)0,4(3$&/!$&!(1,!S3A(1!U+%-\+S!&&3*+:%'#+<-.8-%6+\77%'!."%3+<%L*-'+PU$$2%$*!U30/$&!.&(,%&+(3$&+0!E,&(,%!)$%!S41$0+%/`!O+00!@LL?Q:!

! 9J!

$&,/:!S>%3+!4,0,5%+(,2!V,Y5$00+1;/!4$&(3&',2!+((+4H/!$&!./%+,0!2'%3&B!(1,!*+%:!W$=!

%+23$!/(+(3$&/!=0+>,2!6303(+%>!6+%41,/-!(1,!/(+(,D%'&!&,*/=+=,%!,A=%,//,2!

N+6+/4'/;/![)3%6!/(+&4,!3&!/'==$%(!$)!(1,!T,5+&,/,!&+(3$&+0!%,/3/(+&4,-\!+&2!

$%23&+%>!S>%3+&/!,A=%,//,2!(1,3%!=%32,!$)!^+/%+00+1!+/!(1,!$&0>!C%+5!0,+2,%!4+=+50,!

$)!%,/3/(3&B!./%+,0-!%,=$%(/!()*+G*A+J.-^+(!6*':@K"!I1,!6$2,%+(,!C%+5!t'+%(,(D!S+'23!

C%+53+-!RB>=(-!G$%2+&-!+&2!(1,!Z'0)!,63%+(,/D!*,%,!4$&4,%&,2!+5$'(!.%+&;/!3&(,&(3$&/!

$)!,A=$%(3&B!(1,!./0+634!%,<$0'(3$&!6$%,/$!(1+&!V,Y5$00+1:!I1,3%!23=0$6+(/!/1+%=0>!

($02!+&!./%+,03!$))343+0`![O3&3/1!*3(1!(1,6!&$*!+&2!B,(!3(!$<,%!*3(1!+/!F'34H0>!+/!

=$//350,:\@K@!#'(!V,Y5$00+1!,6,%B,2!)%$6!(1,!*+%!+/!(1,!6$2,0!$)!<3$0,&(-!

'&4$6=%$63/3&B-!+&2!./0+634+00>D3&/=3%,2!%,/3/(+&4,:!I1$'B1!/$6,!C%+5!/(+(,/-!

/'41!+/!RB>=(!+&2!G$%2+&-!3&3(3+00>!4$&2,6&,2!V,Y5$00+1;/!+4(3$&/!+/!1+%6)'0!($!

C%+5!3&(,%,/(/!3&!(1,!%,B3$&-!(1,>!4%3(343Y,2!./%+,0!6$%,!/(%$&B0>-!'&+50,!($!$=,&0>!

+&2!/(%$&B0>!4$&)%$&(!(1,!$%B+&3Y+(3$&:@KM!I1,!3&,%(3+!$)!(1,!6$2,%+(,!C%+5!/(+(,/!3&!

(1,!*+%!+&2!(1,3%!3&+5303(>!($!5,!+!/(%$&B!='5034!<$34,!$==$/3&B!./%+,0!B+<,!

0,B3(36+4>!($!V,Y5$00+1!*1$!+==,+%,2!($!5,!(1,!$&0>!$&,!+50,!($!4$&)%$&(!./%+,0:!I1,!

<34($%>!(1+(!V,Y5$00+1!5$+/(,2!4$'02!B3<,!(1,!%3/3&B!./0+634!%+234+03/6!3&!(1,!%,B3$&!

+!5$$/(!3&!3(/!/(%'BB0,!)$%!=$*,%!*3(1!6$2,%+(,!C%+5!=$03(34/:!#>!,/4+0+(3&B!(1,!

4$&)034(!+&2!)+303&B!($!=%$<,!(1+(!3(!*+/!4$&(%$003&B!43<303+&!4+/'+0(3,/!+&2!4$00+(,%+0!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@K"!l+(1,%3&,!j$,=)-![S=3%3(/!+%,!V3B1!3&!S>%3+;/!E+=3(+0!+/!T,+2,%/!X=,&0>!S1$*!S'==$%(!)$%!V,Y5$00+1-\!G*A+J.-^+(!6*'+P"?!G'0>!@LL?Q:!@K@!V+%,0!+&2!.//+41+%$))-!"L8:!@KM![V,Y5$00+1;/!S(+>3&B!W$*,%`!C&!C//,//6,&(-\!C!S+5+&!E,&(,%!W$034>!T'&41,$&-!#%$$H3&B/!.&/(3('(3$&-!U+/13&B($&!N:E:!ML!C=%30!@LLK:!1((=`cc***:5%$$H3&B/:,2'c,<,&(/c@LLKcL8ML(,%%$%3/6:+/=A:d!##E-![.&!F'$(,/`!T,5+&$&!%,+4(3$&-\!gg>+G*A'+P"M!G'0>!@LL?Q-!1((=`cc&,*/:554:4$:'Hc@c13c63220,g,+/(cJ"KJ99?:/(6:!

! 9?!

2+6+B,-!./%+,0!+03,&+(,2!,<,&!(1$/,!4$'&(%3,/!(1+(!23/03H,2!V,Y5$00+1-!/'41!+/!RB>=(-!

G$%2+&-!+&2!S+'23!C%+53+:@K8!!

I13%20>-!$)!6$%,!/=,43)34!+&2!B%,+(,%!4$&4,%&-!(1,!=,%4,=(3$&!(1+(!./%+,0!0$/(!

(1,!*+%!,65$02,&,2!.%+&:!O$%6,%!=$03(34+0!/43,&4,!=%$),//$%!+(!I,1%+&!k&3<,%/3(>!

V+23!S,6+(3!*%3(,/`![I1,!./%+,03!50'&2,%!3&!(1,!%,4,&(!*+%!*3(1!V3Y5'00+1-!+&2!(1,!

=,%4,=(3$&!5>!(1,!a'/036!*$%02!(1+(!)$%!(1,!)3%/(!(36,!(1,!./%+,03!+%6>!232!&$(!

=,%)$%6!*,00!1+/!%,3&)$%4,2!(1,!/,0)D4$&)32,&4,!$)!.%+&!($!=%$],4(!3(/,0)!3&!(1,!

%,B3$&:\@KJ!

.&!(,%6/!$)!4+=+5303(3,/-!./%+,0!)+30,2!($!=%,<,&(!V,Y5$00+1!)%$6!%,+%63&B!+&2!

%,5'3023&B!*1+(!3(!1+2!0$/(!3&!(1,!*+%:!I1$'B1!(1,!*+%!2,)3&3(,0>!2+6+B,2!

V,Y5$00+1;/!4+=+5303(3,/!(,6=$%+%30>-!(1,!$%B+&3Y+(3$&!*+/!+50,!($!F'34H0>!

%,4$&/(3('(,!3(/!+%/,&+0:!X&,!>,+%!+)(,%!(1,!*+%-!*130,!(1,!=%,/,&4,!$)!(1,!STC!+&2!

k^.O.T!+0$&B!(1,!./%+,03DT,5+&,/,!5$%2,%!4,%(+3&0>!1+6=,%,2!V,Y5$00+1;/!+4(3<3(3,/-!

3(!)+30,2!($!=%,<,&(!(1,!$%B+&3Y+(3$&!)%$6!%,=0,&3/13&B!3(/!/($4H/:!.&!)+4(-!2,/=3(,!(1,!

)+4(!(1+(!./%+,0;/!+%(300,%>!)3%,2!$<,%!"9L-LLL!/1,00/!+&2!1'&2%,2/!$)!a'0(3=0,!T+'&41!

b$4H,(!S>/(,6!%$4H,(/!+(!S$'(1!T,5+&$&-!V,Y5$00+1!1+/!5,,&!+50,!($!5'302!6,23'6D!

+&2!0$&BD%+&B,!63//30,/!&$%(1!$)!(1,!T3(+&3!b3<,%d@K?!3(!1+/!(%3=0,2-!+44$%23&B!($!.NO!

,/(36+(,/-!3(/!&'65,%!$)!ED9L@!0+&2D($D/,+!63//30,/d!+&2!3(!1+/!4%,+(,2!+&!+&(3D

+3%4%+)(!'&3(:@KK!O'%(1,%6$%,-!+44$%23&B!($!E$%2,/6+&-!./%+,03!3&(,003B,&4,!2,(,4(,2!

(1+(!(1,>!1+2!(%+4H,2!(1,!2,=0$>6,&(!$)!+%$'&2!"M-!LLL!l+(>'/1+!%$4H,(/-!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@K8!E$%2,/6+&-!"M:!@KJ!V+23!S,6+(3-![b3/3&B!W$*,%`!N$6,/(34!+&2!S(%+(,B34!O+4($%/!$)!(1,!.%+&DV3Y5'00+1!E$&&,4(3$&!+&2!(1,3%!b,B3$&+0!.6=034+(3$&/-\!\77%'!."%3+<%L*-+B*-!*'+PU$$2%$*!U30/$&!.&(,%&+(3$&+0!E,&(,%!)$%!S41$0+%/`!O+00!@LL?Q`!"8:!@K?!b$66-!3&!,2:!#%$6!+&2!a,3%-!J8:!@KK!S=>,%-!K:!

! 9K!

/$=13/(34+(,2!.%+&3+&!6,23'6D+&2!0$&BD%+&B,!+%(300,%>!%$4H,(/-!j,0Y+0DM!B'32,2!

63//30,/-!/'%)+4,D($D+3%!63//30,/!/'41!+/!(1,!SCD"8!+&2!SCD"?-!+&(3D/13=!63//30,/!+&2!

+&(3D(+&H!*,+=$&/!/'41!+/!(1,!CIDM!S+BB,%!I*$!+&2!(1,!l$%&,(:@K9!.&!N,4,65,%!

@LL9-!(1,!T,5+&,/,!C%6>!)$'&2!,3B1(!l+(>'/1+!%$4H,(/!%,+2>!($!5,!)3%,2!3&!+!)$%,/(!

5,(*,,&!^+H$'%+!+&2!I>%,-!0,//!(1+&!)3<,!H30$6,(,%/!)%$6!(1,!./%+,03!5$%2,%:!I13/!

*+/!(1,!)3%/(!(36,!(1+(!%$4H,(/!1+2!5,,&!)$'&2!/3&4,!(1,!,&2!$)!(1,!@LL?!U+%:@K7!I13/!

)+30'%,!($!=%,<,&(!V,Y5$00+1!)%$6!%,+%63&B!*+/!2',!($!(1,!.NO;/!3&+5303(>!($!2,(,%!

S>%3+!+&2!.%+&-!V,Y5$00+1;/!6+3&!+%6/!=%$<32,%/-!)%$6!%,/'==0>3&B!(1,!

$%B+&3Y+(3$&:@9L!E%3(34/!$)!(1,!*+%!40+36!(1+(!./%+,0!&,B0,4(,2!($!+22%,//!(1,!%$$(!

4+'/,!$)!(1,!V,Y5$00+1!=%$50,6D!S>%3+!+&2!.%+&D!+&2!(1+(!+!/(%3H,!$&!V,Y5$00+1;/!

/'==03,%/!*$'02!5,!+!6$%,!,))343,&(!*+>!$)!1+0(3&B!V,Y5$00+1;/!+((+4H/:!C&2!5,4+'/,!

&,3(1,%!(1,!T,5+&,/,!B$<,%&6,&(!&$%!(1,!k^.O.T!4$&/32,%/!(1,!23/+%6+6,&(!$)!

V,Y5$00+1!=+%(!$)!(1,3%!6+&2+(,-!V,Y5$00+1!4+&!%,/'==0>!F'3(,!)%,,0>:@9"!S$5,06+&!

*%3(,/-![I1,!$%B+&3Y+(3$&;/!&,*0>DB+3&,2!6303(+%>!,6=$*,%6,&(!3/!+!H,>!)+4($%!3&!

=%,<,&(3&B!(1,!5+&3/16,&(!$)!T,5+&$&;/!S133(,!4$66'&3(>!($!(1,!=$03(34+0!

5+4H*+(,%/!*1,%,!3(!1+2!0$&B!5,,&!%,0,B+(,2:\@9@!

N,(,%%,&4,!3/!+!B+6,!$)!=,%4,=(3$&/D!./%+,0;/!B$+0!3&!(13/!4+/,!*+/!($!3&/(300!

),+%!$)!(1,!.NO!3&!(1,!,>,/!$)!V,Y5$00+1D!5'(!V,Y5$00+1!*+/!&$(!3&(3632+(,2:!.&!(,%6/!

$)!6$(3<+(3$&-!(1,!*+%!)+30,2!($!2363&3/1!V,Y5$00+1;/!%,+/$&!+&2!6$(3<+(3$&!($!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@K9!E$%2,/6+&-!"?:!@K7![T,!O3&'0!%,&)$%4,!/$&!4$&(%$0,!+'!T35+&!/'2-\!9*+S."&*+P@9!N,4,65,%!@LL9Q-!1((=`cc***:0,6$&2,:)%c*,5c%,41,%41,g5%,<,c"-"MDL-MKD"L?8LK?-L:1(60!@9L!E$%2,/6+&-!"@:!@9"!V+0,1!R/)+&23+%3-![C!e3,*!)%$6!(1,!b,B3$&`!N3)),%,&(!W,%/=,4(3<,/!$&!./%+,0;/!U+%!*3(1!T,5+&$&;/!V,Y5'00+1-\!\77%'!."%3+<%L*-+B*-!*'+PU$$2%$*!U30/$&!.&(,%&+(3$&+0!E,&(,%!)$%!S41$0+%/`!O+00!@LL?Q`!M:!@9@!S$5,06+&-!98:!

! 99!

='%/',!3(/!/(%'BB0,!+B+3&/(!./%+,0:!.(!4$&(3&',2!($!/1,00!&$%(1,%&!./%+,0!'&(30!(1,!0+/(!

63&'(,/!$)!(1,!*+%!5,)$%,!(1,!4,+/,)3%,!($$H!,)),4(:!b,03B3$'/0>!+&2!32,$0$B34+00>D

2%3<,&-!V,Y5$00+1!2$,/!&$(!=,%4,3<,!(1,!4,+/,)3%,!($!5,!+&!,<,%0+/(3&B!+B%,,6,&(!$)!

=,+4,-!+&2!(1$'B1!3(!+44,=(,2!(1,!2,=0$>6,&(!$)!T,5+&,/,!(%$$=/!3&!S$'(1!T,5+&$&-!

3(!%,)'/,/!($!23/+%6!3&!(1,!&+6,!$)!%,/3/(+&4,!+B+3&/(!./%+,0:!X&!$&,!1+&2-!3(!3/!0$B34+0!

($!+//'6,!(1+(!(1,!B%,+(,%!(1,!='&3(3<,!4+=+43(>!$)!(1,!2,(,%%,%-!(1,!6$%,!,)),4(3<,!

3(/!2,(,%%,&(!(1%,+(/!4$'02!5,:!C==03,2!($!(13/!4+/,-!(13/!6,+&/!(1+(!(1,!6$%,!

=$*,%)'0!./%+,0!3/-!(1,!6$%,!,+/30>!3(!/1$'02!5,!+50,!($!2,(,%!V,Y5$00+1-!)$%!V,Y5$00+1!

*$'02!),+%!./%+,0;/!6303(+%>!63B1(:!X&!(1,!$(1,%!1+&2-!1$*,<,%-!(1,!B%,+(,%!(1,!

)%'/(%+(3$&!$)!(1,!41+00,&B,%!PV,Y5$00+1Q!*3(1!(1,!/(+('/!F'$-!(1,!B%,+(,%!3/!3(/!

*3003&B&,//!($!41+00,&B,!3(!2,/=3(,!(1,!4$/(/:@9M!.&!(13/!4+/,-!V,Y5$00+1!=%$<,2!(1+(!3(!

1+2!(1,!4+=+5303(3,/!+&2!(1,!6$(3<+(3$&!($!)+4,!./%+,0;/!/'=,%3$%!4$&<,&(3$&+0!

6303(+%>!)$%4,/-!,<,&!(1$'B1!3(!232!&$(!,A=,4(!3(!*1,&!3(!H32&+==,2!(1,!./%+,03!

/$023,%/!3&!G'0>!@LL?:![I1,!'0(36+(,!=%$$)!$)!2,(,%%,&4,!/'44,//-\!*%3(,/!_+3%!R<%$&-!

[3/!*1,&!+&!,A=0343(!2,(,%%,&(!(1%,+(!1+/!4+'/,2!(1,!41+00,&B,%!($!+5+&2$&!+!/=,43)34!

2,43/3$&!($!3&3(3+(,!1$/(303(3,/:\@98!.(!3/!36=$%(+&(!($!&$(,-!(1,&-!(1+(!(1,!S,4$&2!

T,5+&$&!U+%!*+/!(1,!)3%/(!*+%!3&!*1341!(1,!5,003B,%,&(!PV,Y5$00+1!1,%,Q!232!&$(!+/H!

)$%!+!4,+/,D)3%,!($!,&2!(1,!)3B1(3&B:!!

./%+,0;/!&$%(1,%&!)%$&(!1+/!5,,&!4+06!/3&4,!(1,!@LL?!U+%:!V,Y5$00+1!3/!

4$&4,%&,2!*3(1!3(/!/(+('/!+6$&B/(!(1,!T,5+&,/,-!+&2!3)!3(!*3/1,/!($!/,4'%,!3(/!=$*,%!

3&!T,5+&,/,!=$03(34/-!3(!6'/(!H,,=!3&!41,4H!3(/!5,003B,%,&4,!($*+%2/!./%+,0:!./%+,0!

2+6+B,2!^+/%+00+1;/!,))$%(/!($!5,!(1,!4+%3&B!%,=%,/,&(+(3<,!+&2!)3B1(,%!)$%!(1,!S13;+1!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@9M!_+3%!R<%$&-![N,(,%%,&4,!+&2!3(/!T363(+(3$&/-\!3&!,2:!#%$6!+&2!R0%+&-!MJ:!@98!R<%$&-!3&!,2:!#%$6!+&2!R0%+&-!M?:!

! 97!

'&2,%2$B/!$)!T,5+&$&:!I1,!2,/(%'4(3$&!+&2!4+/'+0(3,/!$)!+&$(1,%!*+%!4+'/,2!4$'02!

4$/(!^+/%+00+1!3&!(,%6/!$)!=$='0+%!/'==$%(:!#'(!(13/!2,(,%%,&4,!3/!0363(,2:!k0(36+(,0>-!

(1,!S13;+1!4$66'&3(>!1+/!&$!%,+0!41$34,!5'(!($!B+(1,%!+%$'&2!^+/%+00+1-!)$%!&$!$&,!

,0/,!1+/!>,(!=%$<,&!(1+(!(1,>!*300!/(+&2!'=!($!2,),&2!3(:!^+/%+00+1!6'/(!(1,&!(%,+2!

03B1(0>!($!%,B+3&!(1,!='5034!/'==$%(!1,!1+2!/'44,//)'00>!5,,&!5'3023&B!'=!5,)$%,!(1,!

*+%:!#'(!V,Y5$00+1!*300!4$&(3&',!($!4$&(%$0!S$'(1!T,5+&$&!+&2!*300!4$&(3&',!($!

%,5'302!3(/!*,+=$&%>:!.(!3/!)$%!),+%!$)!0$/3&B!/(+('/!+&2!=$*,%!+6$&B/(!(1,!T,5+&,/,!

(1+(!V,Y5$00+1!4'%%,&(0>!%,)%+3&/!)%$6!+((+4H3&B!./%+,0-!&$(!5,4+'/,!3(!1+/!5,,&!

41,4H6+(,2:!

!

2,/!6*.7&>-$*)!+&#4/S(/#)/4!&5!$,/!@T)/44*J/!A4/!&5!G&%)/!

./%+,0;/!+4(3$&/!3&!(1,!*+%!+B+3&/(!V,Y5$00+1!/=+%H,2!/(%$&B!%,+4(3$&/!)%$6!

+%$'&2!(1,!*$%02:!X&!$&,!1+&2-!C6,%34+&!=%,/32,&(!+(!(1,!(36,-!Z,$%B,!U:!#'/1-!

/$0320>!/'==$%(,2!./%+,0-!*1341!1,!40+36,2!1+2!+!%3B1(!($!2,),&2!3(/,0):!S$!(1$'B1!1,!

4+00,2!'=$&!./%+,0!($!5,!*+%>!$)!*,+H,&3&B!(1,!T,5+&,/,!B$<,%&6,&(-!1,!+0/$!

/(+(,2`![W,$=0,!&,,2!($!=%$(,4(!(1,6/,0<,/:!I1,%,!+%,!(,%%$%3/(/!*1$!*300!50$*!'=!

3&&$4,&(!=,$=0,!3&!$%2,%!($!+413,<,!(+4(34+0!$5],4(3<,/:\!V,!+&2!(1,&D!S,4%,(+%>!$)!

S(+(,!E$&2$0,,YY+!b34,!50+6,2!S>%3+!)$%!/1,0(,%3&B!V,Y5$00+1;/!0,+2,%/:@9J!

X&!(1,!$(1,%!1+&2-!O%+&4,-!(1,!R'%$=,+&!k&3$&-!+&2!/,<,%+0!&$&D

B$<,%&6,&(+0!$%B+&3Y+(3$&/!%,0,+/,2!/(+(,6,&(/!4+003&B!./%+,0;/!+4(3$&/!/'41!+/!(1,!

&+<+0!50$4H+2,!$)!T,5+&$&!+&2!(1,!5$653&B!$)!(1,!#,3%'(!+3%=$%(!+!

[23/=%$=$%(3$&+(,!'/,!$)!)$%4,\!3&!%,(+03+(3$&!)$%!V,Y5$00+1;/!%$4H,(/!+4%$//!(1,!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@9J!G36!b'(,&5,%B-![#'/1!Z3<,/!t'+03)3,2!S'==$%(!)$%!./%+,0;/!S(%3H,/-\!G*A+J.-^+(!6*'+P"8!G'0>!@LL?Q:!

! 7L!

./%+,03DT,5+&,/,!5$%2,%:@9?![I1,!=%,/32,&4>!2,=0$%,/!(1,!0$//!$)!43<303+&!03<,/!+&2!

(1,!2,/(%'4(3$&!$)!43<303+&!3&)%+/(%'4('%,:!I1,!36=$/3(3$&!$)!+&!+3%!+&2!/,+!50$4H+2,!

$&!T,5+&$&!4+&&$(!5,!]'/(3)3,2-\!(1,!R'%$=,+&!k&3$&!/(+(,2:@9K! !

V+%/1!4%3(343/6!$)!./%+,0!+0/$!4+6,!)%$6!(1,!k^:!X&!G'0>!"@(1-!@LL?-!(1,&Dk^!

S,4%,(+%>!Z,&,%+0!l$)3!C&&+&!4+00,2!)$%!(1,!366,23+(,!%,0,+/,!$)!(1,!H32&+==,2!

./%+,03!/$023,%/!+&2!4$&2,6&,2![*3(1$'(!%,/,%<+(3$&/\!(1,!./%+,03!+((+4H!$&!S$'(1!

T,5+&$&:@99!!X&!G'0>!"M(1-!(1,!k^!S,4'%3(>!E$'&430!+((,6=(,2!($!=+//!+!%,/$0'(3$&!

2%+)(,2!5>!t+(+%!(1+(!*$'02!+44'/,!./%+,0!$)![23/=%$=$%(3$&+(,!%,(+03+(3$&:\!I1,!

C6,%34+&!+65+//+2$%-!G$1&!#$0($&-!<,($,2!(1,!%,/$0'(3$&-!=%,<,&(3&B!3(!)%$6!

=+//3&B:@97!l$)3!C&&+&!2,40+%,2`![U130,!V,Y5$00+1z/!+4(3$&/!+%,!2,=0$%+50,-!+&2!+/!

.z<,!/+32-!./%+,0!1+/!+!%3B1(!($!2,),&2!3(/,0)-!(1,!,A4,//3<,!'/,!$)!)$%4,!3/!($!5,!

4$&2,6&,2:\@7L!X&!G'0>!"9(1-!l$)3!C&&+&!+&2!(1,&D!#%3(3/1!W%36,!a3&3/(,%!I$&>!#0+3%!

4+00,2!)$%!+!4,//+(3$&!$)!1$/(303(3,/!+&2!+!0+%B,%!k^!'&3(!($!5,!23/=+(41,2!/$!+/!+//3/(!

(1,!,A3/(3&B!@-LLL!50',!1,06,(/!+((,6=(3&B!($!/(+5303Y,!(1,!/3('+(3$&:@7"!I1,!k^;/!

,6,%B,&4>!%,03,)!4$$%23&+($%!+44'/,2!./%+,0!$)!5%,+H3&B!1'6+&3(+%3+&!0+*!*3(1!3(/!

5$653&B!$)!T,5+&$&:@7@![.&23/4%363&+(,!/1,003&B!$)!43(3,/!4$&/(3('(,/!+!)$%,/,,+50,!

+&2!'&+44,=(+50,!(+%B,(3&B!$)!43<303+&/-\!/+32!T$'3/,!C%5$'%-!(1,!k^;/!13B1!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@9?!S(,<,&!R%0+&B,%-![U3(1!./%+,03!k/,!$)!O$%4,-!N,5+(,!$<,%!W%$=$%(3$&+03(>-\!G*A+J.-^+(!6*'+P"7!G'0>!@LL?Q:!@9K!##E-![.&!F'$(,/`!T,5+&$&!%,+4(3$&-\!gg>+G*A'+P"M!G'0>!@LL?Q-!1((=`cc&,*/:554:4$:'Hc@c13c63220,g,+/(cJ"KJ99?:/(6:!@99!_&,(!^,*/-![C&&+&!4$&2,6&/!./%+,0!+((+4H!3&!T,5+&$&-\!J"*#+G*A'!P"@!G'0>!@LL?Q-!1((=`cc***:>&,(&,*/:4$6c+%(340,/cL-KM8L-TDM@K8?LK-LL:1(60:!@97!^,*!_$%H!I36,/-![kS!e,($,/!E%3(343/6!$)!./%+,0-\!G*A+J.-^+(!6*'!P"8!G'0>!@LL?Q:!@7L![C&&+&!2,6+&2/!T,5+&$&!4,+/,)3%,-\!gg>+G*A'+P@L!G'0>!@LL?Q-!1((=`cc&,*/:554:4$:'Hc@c13c63220,g,+/(cJ"77L99:/(6:!!@7"!V+//+&!O+((+1!+&2!U+%%,&!V$B,-![k^!O$%4,!3&!T,5+&$&!X)),%/!V+%/1!b,+03(3,/!+&2!T,//$&/-\!G*A+J.-^+(!6*'+P"7!G'0>!@LL?Q:!@7@!R'%$^,*/-![N3=0$6+(34!O0'%%>!3&!./%+,0!$<,%!T,5+&$&!U+%-\!:1-.G*A'+P@M!G'0>!@LL?Q-!1((=`cc***:,'%$&,*/:&,(c@LL?cLKc@Mc23=0$6+(34D)0'%%>D3&D3/%+,0D$<,%D0,5+&$&D*+%c:!

! 7"!

4$663//3$&,%!)$%!1'6+&!%3B1(/-!3&!+!/(+(,6,&(:![S3630+%0>-\!/1,!+22,2-![(1,!

5$65+%26,&(!$)!/3(,/!*3(1!+00,B,2!3&&$4,&(!43<303+&/!3/!'&]'/(3)3+50,:\@7M!I1,!

.&(,%&+(3$&+0!b,2!E%$//!+0/$!/(+(,2!(1+(!./%+,0!1+2!<3$0+(,2!(1,!=%3&43=0,!$)!

=%$=$%(3$&+03(>!=%$<32,2!)$%!3&!(1,!Z,&,<+!E$&<,&(3$&/!+&2!(1,3%!W%$($4$0/:!I1,!

b,2!E%$//!+0/$!&$(,2!(1+(!V,Y5$00+1!*+/!+0/$!5$'&2!5>!3&(,%&+(3$&+0!1'6+&3(+%3+&!

0+*!+&2!*+%&,2!3(!6'/(!&$(!(+%B,(!43<303+&/:@78!!

I1,!./%+,03!C%6>!),00!3&($!(1,!(%+=!$)!$<,%,6=1+/3Y3&B!2,6$&/(%+(3$&/!$)!

6303(+%>!)$%4,!($!/(%,&B(1,&!2,(,%%,&4,:!.&/(,+2-!(1,!'/,!$)!23/=%$=$%(3$&+(,!)$%4,!

('%&,2!(1,!T,5+&,/,!43<303+&!=$='0+(3$&!+&2!(1,!3&(,%&+(3$&+0!4$66'&3(>!+B+3&/(!3(-!

(1,%,5>!5$$/(3&B!(1,!,&,6>!y!V,Y5$00+1;/D!4$&)32,&4,-!4%,235303(>-!+&2!%,/=,4(:!

C!*+%!$&!(,%%$%-!/'41!+/!./%+,0;/!)3B1(!+B+3&/(!V,Y5$00+1-!=%,/,&(/!/(+(,/!*3(1!

'&+<$32+50,!41$34,/`!1+%63&B!/$6,!($!/+<,!$(1,%/-!1+%63&B!(1,!3&&$4,&(!($!(%+=!(1,!

B'30(>-!2,4,3<3&B!/$6,!($!,&(%+=!$(1,%/:@7J!a+413+<,003!)+6$'/0>!=$/('0+(,2!(1+(!(1,!

6$%+0!F'+03(3,/!*1341!*,!+263%,!3&!=%3<+(,!03),!2$!&$(!&,4,//+%30>!+==0>!=%+4(34+00>!

($!='5034!03),:!@7?!C00!=$03(34+0!03),!3&2,,2!,&(+30/!23))34'0(!41$34,/!5,(*,,&!<+%>3&B!

2,B%,,/!$)![,<30\!$=(3$&/:@7K!.&!$(1,%!*$%2/-!=$03(34+0!41$34,/!+%,!%+%,0>!+!F',/(3$&!$)!

41$$/3&B!5,(*,,&!B$$2!+&2!5+2!$=(3$&/d!'/'+00>-!(1,>!3&<$0<,!41$$/3&B!(1,![0,//,%!

,<30\!$=(3$&-!$%!(1,![0,+/(!*$%/(\!4$'%/,!$)!+4(3$&:!O+4,2!*3(1!(,%%$%3/6-!2,6$4%+43,/!

1+<,!(*$!41$34,/`!(1,>!4+&!/(%34(0>!%,/=,4(!(1,!0+*/!$)!*+%-!*1341-!5,3&B!/$!

%,/(%34(3<,-!*$'02!6+H,!(1,3%!+((+3&3&B!(1,3%!B$+0!$)!5,+(3&B!(1,!(,%%$%3/(/!<,%>!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@7M!U+%%,&!V$B,-![C((+4H/!t'+03)>!C/!U+%!E%36,/-!X))343+0/!S+>-\!G*A+J.-^+(!6*'+P@L!G'0>!@LL?Q:!@78!U+%%,&!V$B,-![C((+4H/!t'+03)>!C/!U+%!E%36,/-!X))343+0/!S+>-\!G*A+J.-^+(!6*'+P@L!G'0>!@LL?Q:!@7J!a341+,0!.B&+(3,))-!()*+9*''*-+:;!3+P^,*!G,%/,>`!W%3&4,($&!k&3<,%/3(>!W%,//-!@LL8Q-!"8:!@7?!a+413+<,003;/!=$/('0+(,/!(1+(!+!=$03(343+&!*1$!6+>!4$&2,6&!H3003&B!3&!=%3<+(,!6'/(!+0/$!$%2,%!13/!)$%4,/!($!H300!(1,!,&,6>;/!(%$$=/!,&!6+//,:!V3/!=%3<+(,!<+0',/!4+&&$(!(%+&/0+(,!3&($!13/!='5034!03),!<+0',/:!@7K!^344$0$!a+413+<,003-!()*+<-!"7*4+(%+&/:!+&2!,2:!b$5,%(!a:!C2+6/!P^,*!_$%H`!^$%($&-!"7KKQ-!88D8J:!

! 7@!

23))34'0(d!$%!(1,>!4+&!)3B1(!3&!(1,!'%5+&!+%,+/!'/,2!+!/13,02/!5>!(1,!(,%%$%3/(!

$%B+&3Y+(3$&-!+&2!%3/H!<3$0+(3&B!3&(,%&+(3$&+0!0+*!+&2!1'6+&!%3B1(/-!+&2!=%$<$H,!+!

41+3&!$)!&,B+(3<,!4$&/,F',&4,/:!N,6$4%+43,/!(,&2!($!+06$/(!+0*+>/!+44,=(!(1,!0+((,%!

$=(3$&!+/!(1,!5,((,%!$)!(*$!'&/+(3/)+4($%>!41$34,/:@79!N,6$4%+43,/-!S+6>!E$1,&!

6+3&(+3&/-!1+<,!+!2'(>!($!6+3&(+3&!+!5+0+&4,!5,(*,,&!(1,!,))34+4>!$)!(1,3%!)3B1(!

+B+3&/(!(,%%$%3/6!+&2!+!%,/=,4(!)$%!3&(,%&+(3$&+0!0+*!+&2!1'6+&!%3B1(/:@77!!

!!!H/$-7*-$*&#!-#'!"#$/%#-$*&#-7!C-?!!

X&,!=%3/6!(1%$'B1!*1341!($!+&+0>Y,!(1,!%3B1(!($!/,0)D2,),&/,!+&2!%,(+03+(3$&!

3/!3&(,%&+(3$&+0!1'6+&3(+%3+&!0+*!P.VTQ:!!.VT!3/!(1,!5$2>!$)!3&(,%&+(3$&+0!0+*!(1+(!

%,B'0+(,/!(1,!4$&2'4(!$)!+%6,2!4$&)034(-!4$&/3/(3&B!$)!/,<,%+0!(%,+(3,/!&,B$(3+(,2!

$<,%!(1,!@L(1!4,&('%>!($!*1341!/(+(,/!+%,!5$'&2:!.(/!='%=$/,!3/!($!0363(!+&2!=%,<,&(!

1'6+&!/')),%3&B!3&!(36,/!$)!*+%:MLL!!

.&(,%&+(3$&+0!0+*!=%$<32,/!,+41!/(+(,!*3(1!(1,!%3B1(!($!/,0)D2,),&/,-!

,&/1%3&,2!3&!C%(340,!J"!$)!(1,!k^!E1+%(,%!+2$=(,2!3&!"78J`![^$(13&B!3&!(1,!=%,/,&(!

E1+%(,%!/1+00!36=+3%!(1,!3&1,%,&(!%3B1(!$)!3&23<32'+0!$%!4$00,4(3<,!/,0)D2,),&/,!3)!+&!

+%6,2!+((+4H!$44'%/!+B+3&/(!+!a,65,%!$)!(1,!k&3(,2!^+(3$&/-!'&(30!(1,!S,4'%3(>!

E$'&430!1+/!(+H,&!6,+/'%,/!&,4,//+%>!($!6+3&(+3&!3&(,%&+(3$&+0!=,+4,!+&2!

/,4'%3(>:\ML"!_,(-!/36'0(+&,$'/0>-!3&(,%&+(3$&+0!0+*!4+00/!)$%!23/(3&4(3$&!+&2!

=%$=$%(3$&+03(>!3&!*+%)+%,-!*3(1!%,B+%2!($!5$(1!01'+%+2*3316+P(1,!]'/(3)34+(3$&!)$%!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@79!S+6>!E$1,&-!,2:!8:!@77!S+6>!E$1,&-!,2:-!7:!MLL!.&(,%&+(3$&+0!#+%!C//$43+(3$&;/!I+/H!O$%4,!$&!.&(,%&+(3$&+0!I,%%$%3/6-!F"#*-"%#!."%3+(*--.-!'6I+9*8%3+>)%33*"8*'+%"&+C*'L."'*'+P^,*!_$%H`!I%+&/&+(3$&+0!W'503/1,%/-!@LLMQ-!7":!ML"!>)%-#*-+.$+#)*+E"!#*&+G%#!."'!1((=`cc***:'&:$%Bc,&c2$4'6,&(/c41+%(,%c41+=(,%K:/1(60!

! 7M!

*+%Q!+&2!01'+!"+2*33.+P]'/(34,!3&!*+%Q-!&$(+50>!3&!%,0+(3$&!($!(1,!4+'/+(3$&!$)!43<303+&!

2,+(1/!+&2!2+6+B,/:ML@!I1'/-![(1,!=%3&43=0,!$)!=%$=$%(3$&+03(>!%,=%,/,&(/!+!

4$6=%$63/,!5,(*,,&!(1,!2,/3%,!($!=%$(,4(!43<303+&/!+&2!(1,!2,6+&2/!$)!6303(+%>!

&,4,//3(>:\MLM!

.VT!%,0+(3&B!($!43<303+&/!4+&!5,!/,=+%+(,2!3&($!(*$!=+%(/:!I1,!)3%/(!3/!(1,!

=%3&43=0,!$)!23/(3&4(3$&:!I13/!=%3&43=0,-!*1341!)$%6/!(1,!4$%&,%/($&,!$)!3&(,%&+(3$&+0!

0+*-!=%$1353(/!(1,!3&(,&(3$&+0!+((+4H!$)!43<303+&/:!I1,!/,4$&2-!+&2!6$%,!4$&(%$<,%/3+0!

+/=,4(-!3/!(1,!=%3&43=0,!$)!=%$=$%(3$&+03(>:!I13/!=%3&43=0,!%,),%/!($!(1,!'&3&(,&(3$&+0!

+((+4H/!$)!43<303+&/:ML8!

I1,!=%3&43=0,!$)!23/(3&4(3$&!3&!.VT!$%3B3&+(,2!*3(1!(1,!"7LK!V+B',!

E$&<,&(3$&/!*1341!B$<,%&!(1,!0+*/!$)!*+%:!T+(,%!$&-!+%(340,!87!$)!(1,!.&(,%&+(3$&+0!

T+*!E$663//3$&;/!5-%$#+,-#!73*'+."+B#%#*+C*'L."'!2!3!#?!$)!"79L!4$23)3,2!(1,!%'0,-!

/,((3&B!0363(/!($!4$'&(,%6,+/'%,/!/(+(,/!4$'02!(+H,!3&!%,/=$&/,!($!+BB%,//3$&:MLJ!I1,!

Z,&,<+!E$&<,&(3$&/!+&2!(1,3%!C223(3$&+0!W%$($4$0/!)$%6!(1,!4$%,!$)!3&(,%&+(3$&+0!

1'6+&3(+%3+&!0+*:ML?!I1,>!=%$1353(!6303(+%>!%,=%3/+0/!(1+(!3&(,&(3$&+00>!3&)034(!

4$00,4(3<,!='&3/16,&(!+B+3&/(!43<303+&!=$='0+(3$&/!+/!*,00!+/!(+%B,(!&$&6303(+%>!

(+%B,(/:!C%(340,!M-!4$66$&!($!+00!)$'%!E$&<,&(3$&/-!4$<,%/!/3('+(3$&/!$)!&$&D

3&(,%&+(3$&+0!+%6,2!4$&)034(/!/'41!+/!43<30!*+%/!+&2!3&(,%&+0!+%6,2!4$&)034(/:!.(!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!ML@!C&2%,+/!j366,%6+&&-![I1,!S,4$&2!T,5+&$&!U+%`!i1&+%&+2*33164+i1'+!"+2*33.4++&2!(1,!.//',!$)!W%$=$%(3$&+03(>-\!J*%-2..^+.$+E"!#*&+G%#!."%3+9%A+""-!^$:!""!P@LLKQ-!"L@:!MLM!V+6'(+0!R/(1,%!S1+6+/1-![V$*!a'41!3/!I$$!a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

! 78!

4$&2,&/,/!(1,!%'0,/!$)!(1,!E$&<,&(3$&/!+&2!6+H,/!(1,6!+==034+50,!($!(1,!&$&D

3&(,%&+(3$&+0!/4+0,:!F"#*-+%3!%4!C%(340,!M!%,F'3%,/!(1,!=%$(,4(3$&!$)!43<303+&/-!+/!3(!

%,+2/`![W,%/$&/!(+H3&B!&$!+4(3<,!=+%(!3&!(1,!1$/(303(3,/!mrn!/1+00!3&!+00!43%4'6/(+&4,/!

5,!(%,+(,2!1'6+&,0>!mrn:\MLK!C223(3$&+0!W%$($4$0!..!+2$=(,2!3&!"7KK!/(%,&B(1,&/!(1,!

=%$(,4(3$&/!5,>$&2!(1,!/(+&2+%2/!$)!C%(340,!M:!^$(!$&0>!2$,/!3(!=%$(,4(!&$&D

4$65+(+&(/-!5'(!3(!+0/$!=%$1353(/![4$00,4(3<,!='&3/16,&(/\!+&2!+((+4H/!$&!43<303+&!

=$='0+(3$&/:!C%(340,!"M!%,+2/`![I1,!43<303+&!=$='0+(3$&!+/!/'41!+/!*,00!+/!3&23<32'+0!

43(3Y,&/-!/1+00!&$(!5,!(1,!$5],4(!$)!+((+4H:\!.&!+223(3$&-!C%(340,!"8!=%$(,4(/!+&>!$5],4(/!

3&23/=,&/+50,!($!(1,!/'%<3<+0!$)!(1,!43<303+&!=$='0+(3$&-!/'41!+/!4%$=/-!+B%34'0('%+0!

+%,+/-!$%!2%3&H3&B!*+(,%!3&/(+00+(3$&/:!ML9!O3&+00>-!(1,!b$6,!S(+('(,!$)!(1,!

.&(,%&+(3$&+0!E%363&+0!E$'%(!P.EEQ!$)!"779!2,)3&,/!+/![*+%!4%36,/\!3&(,&(3$&+00>!

+((+4H3&B!(1,!43<303+&!=$='0+(3$&-!0+&2-!+&2!3&)%+/(%'4('%,:ML7!!

I1,!%'0,!$)!=%$=$%(3$&+03(>!2,(,%63&,/!(1,!0,B3(36+4>!$)!(1,!4$00+(,%+0!43<303+&!

2+6+B,!4+'/,2!5>!(1,!+((+4H!$&!(1,!6303(+%>!(+%B,(:M"L!I1,!S(+('(,!$)!(1,!.EE!+&2!

4'/($6+%>!3&(,%&+(3$&+0!0+*!$&0>!4%363&+03Y,!/'41!6,+/'%,/!4$663((,2!*3(1!(1,!

H&$*0,2B,!(1+(!(1,!6,+/'%,!*300!4+'/,!3&432,&(+0!43<303+&!2+6+B,:!R<,&!*1,&!+!

(+%B,(!3/!6303(+%>-!+!%3/H!($!43<303+&/!6+>!/(300!,A3/(:!I1,!%'0,!$)!=%$=$%(3$&+03(>!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!MLK!N3=0$6+(34!E$&),%,&4,!)$%!(1,!R/(+503/16,&(!$)!.&(,%&+(3$&+0!E$&<,&(3$&/!)$%!(1,!W%$(,4(3$&!$)!e34(36/!$)!U+%-!C%(340,!M:"!3&![Z,&,<+!E$&<,&(3$&!b,0+(3<,!($!(1,!W%$(,4(3$&!$)!E3<303+&!W,%/$&/!3&!I36,!$)!U+%-\!"@!C'B'/(!"787:!ML9!.EbE-![W%$($4$0!C223(3$&+0!($!(1,!Z,&,<+!E$&<,&(3$&/!$)!"@!C'B'/(!"787-!+&2!b,0+(3&B!($!(1,!W%$(,4(3$&!$)!e34(36/!$)!^$&D.&(,%&+(3$&+0!C%6,2!E$&)034(/!PW%$($4$0!..Q-\!9!G'&,!"7KK-!""@J!k^IS!?L7-!+<+30+50,!+(`!1((=`cc***:'&14%:$%Bc%,)*$%02c2$432cM+,?5MK)8L:1(60:!ML7!C%(340,!9!P5Q-!C.6*+B#%#1#*+.$+#)*+F"#*-"%#!."%3+>-!6!"%3+>.1-#4+"K!G'0>!"7L9d!I1$'B1!3(!/3B&,2!(1,!S(+('(,!3&!@LLL-!./%+,0!*3(12%,*!3(/!/3B&+('%,!3&!C'B'/(!@LL@:!W0,+/,!/,,![b+(3)34+(3$&/!+&2!N,40+%+(3$&-\!C6,%34+&!^$&DZ$<,%&6,&(+0!X%B+&3Y+(3$&/!E$+03(3$&!)$%!(1,!.&(,%&+(3$&+0!E%363&+0!E$'%(-!@LL@!1((=`cc***:+6344:$%Bc344g%+(3)34+(3$&/:1(60h}!M"L!S1+6+/1-!""8:!

! 7J!

%,F'3%,/!(1,!5+0+&43&B!$)!=$//350,!43<303+&!2+6+B,!+B+3&/(!6303(+%>!+2<+&(+B,:M""!!

V$*,<,%-!=0+43&B!43<303+&!2+6+B,!$&!$&,!/32,!$)!(1,!,F'+(3$&-!+&2!6303(+%>!

+2<+&(+B,!$&!(1,!$(1,%!3/!&$(!/36=0,:!.&!)+4(-!$(1,%!)+4($%/!+)),4(!5$(1!(1$/,!*,3B1(/`!

(1,!2,&/3(>!$)!+!43<303+&!+%,+-!'&3&(,&2,2!/32,!,)),4(/!$)!+!*,+=$&!$&!$&,!1+&2!)$%!

,A+6=0,-!$%!(1,!<+0',!$)!0$&B!(,%6!6303(+%>!+2<+&(+B,/!<,%/'/!/1$%(!(,%6!6303(+%>!

+2<+&(+B,/:!I1,/,!)+4($%/!+00!2,(,%63&,!=%$=$%(3$&+03(>!$%!23/=%$=$%(3$&+03(>-!5'(!

+%,!+00!/'5],4(!($!3&(,%=%,(+(3$&:M"@!

./%+,0!%+(3)3,2!(1,!Z,&,<+!E$&<,&(3$&/!3&!"7J":M"M!V$*,<,%-!3(!3/!&$(!+!

4$&(%+4(3&B!=+%(>!($!(1,!O3%/(!C223(3$&+0!W%$($4$0!$)!"7KK-!*1341!3/!(1,!$&0>!=%$($4$0!

*1341!/=,43)34+00>!%,B'0+(,/!=%$=$%(3$&+03(>:M"8!_,(-!%,B+%20,//!$)!*1,(1,%!/(+(,/!

/3B&,2!+&2!%+(3)3,2!(1,!E$&<,&(3$&/-!(1,!=%3&43=0,/!$)!23/(3&4(3$&!+&2!=%$=$%(3$&+03(>!

3&!*+%)+%,!+%,!=+%(!$)!4'/($6+%>!3&(,%&+(3$&+0!0+*:!E'/($6+%>!0+*-!+44$%23&B!($!(1,!

C6,%34+&!T+*!.&/(3('(,-!%,),%/!($!+![B,&,%+0!+&2!4$&/3/(,&(!=%+4(34,!$)!/(+(,/!

)$00$*,2!5>!(1,6!)%$6!+!/,&/,!$)!0,B+0!$503B+(3$&:\!I1,>!+%,![3&(,&2,2!)$%!+21,%,&4,!

5>!/(+(,/!B,&,%+00>!+&2!+%,!3&!)+4(!*32,0>!+44,=(,2:\M"J!R<,&!3)!./%+,0!1+/!$5],4(,2!($!

4,%(+3&!,0,6,&(/!$)!4'/($6+%>!3&(,%&+(3$&+0!0+*-!./%+,0!6+3&(+3&/!3(/,0)!(1+(!(1,!

=%3&43=0,!$)!=%$=$%(3$&+03(>!2$,/!+==0>!3&!+%6,2!4$&)034(:!I1,!.NO!6303(+%>!6+&'+0!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!M""!j366,%6+&&-!"M":!M"@!S1+6+/1-!""9D"@":!M"M![Z,&,<+!E$&<,&(3$&/!$)!"@!C'B'/(!"787-\!.&(,%&+(3$&+0!E$663((,,!$)!(1,!b,2!E%$//!P.EbEQ-!@LLJ-!1((=`cc***:34%4:$%Bc310:&/)cU,5S3B&ob,+2O$%6x32|MKJx=/|W!M"8!j366,%6+&&-!"@K:!M"J!O$%!(1,!4$6=0,(,!(,A(-!=0,+/,!/,,!C6,%34+&!T+*!.&/(3('(,-!C*'#%#*6*"#+.$+#)*+9%A4+()!-&4+#)*+D.-*!8"+C*3%#!."'+9%A+.$+#)*+E"!#*&+B#%#*'!PS(:!W+'0-!a3&&:`!C6,%34+&!T+*!.&/(3('(,!W'503/1,%/-!"79KQ!f"L@P@Q!+&2!PMQ:!.&)$%6+(3$&!+5$'(!E'/($6+%>!T+*!4+&!+0/$!5,!)$'&2!+(`!S+10!S30H,-![b,/,+%413&B!E'/($6+%>!.&(,%&+(3$&+0!T+*-!S(+(,!W%+4(34,!+&2!(1,!W%$&$'&4,6,&(/!$)!S(+(,/!%,B+%23&B!.&(,%&+(3$&+0!T+*-\!G'&,cG'0>!@LLK-!1((=`cc***:&>'0+*B0$5+0:$%BcB0$5+0,Ac4'/($6+%>g3&(,%&+(3$&+0g0+*:1(6hgU1+(g3/gE'/($6+%>:!S,,!+0/$!G,+&Da+%3,!V,&4H+,%(/!+&2!T$'3/,!N$/*+02D#,4H-!>1'#.6%-?+F"#*-"%#!."%3+@16%"!#%-!%"+9%A-!W.316*+FI+C13*'!PE+65%32B,`!E+65%32B,!k&3<,%/3(>!W%,//-!@LLJQ:!

! 7?!

+0/$!4+00/!'=$&!6303(+%>!0,+2,%/!($!,A,%43/,!%,/(%+3&(!*1,&!+&(343=+(,2!2+6+B,!($!

43<303+&!+%,+/!*$'02!5,!,A4,//3<,!4$6=+%,2!($!(1,!+&(343=+(,2!6303(+%>!+2<+&(+B,:M"?!

T,B+0!/41$0+%/!+44'/,2!./%+,0!$)!<3$0+(3&B!.VTD!3&!(,%6/!$)!5$(1!(1,!=%3&43=0,!

$)!23/(3&4(3$&!+&2!(1,!%'0,!$)!=%$=$%(3$&+03(>D!3&!(1,!S,4$&2!T,5+&$&!U+%!)$%!

(+%B,(3&B!43<303+&!3&)%+/(%'4('%,!+&2!,A4,//3<,0>!%,(+03+(3&B!'=$&!6303(+%>!(+%B,(/:!X&!

(1,!)3%/(!4$'&(-!4%3(34/!2%+*/!+((,&(3$&!($!(1,!+((+4H/!$&!(1,!$30!%,)3&,%3,/-!+&2!*+(,%!

+&2!,0,4(%343(>!)+4303(3,/!0$4+(,2!$'(/32,!$)!(1,!366,23+(,!4$65+(DY$&,!$)!S$'(1!

T,5+&$&:M"K!X&!(1,!/,4$&2!4$'&(-!4%3(34/!43(,!(1,!5$653&B!$)!(1,!N+13>+!F'+%(,%!3&!

#,3%'(-!+&2!%,4+00!(1+(!+&!+((+4H!'=$&!+!6303(+%>!(+%B,(!3/!300,B+0!3)!(1,!+&(343=+(,2!

43<303+&!2+6+B,/!$'(*,3B1!(1,!6303(+%>!+2<+&(+B,/:!!

./%+,0!40+36/!(1+(!3(/!4$'&(,%6,+/'%,/!*,%,!*3(13&!(1,!5$'&2/!$)!01'+%&+2*33.+

+&2!01'+!"+2*33.-!$%!/,0)D2,),&/,-!*1341!3/!3(/!%3B1(!+&2!%,/=$&/35303(>!+44$%23&B!($!

C%(340,!J"!$)!(1,!k^!E1+%(,%:!./%+,0!+%B',/!(1+(!3(!,A,%43/,2!01'+%&+2*33.T+V,Y5$00+1;/!

+((+4H/-!$<,%!(1,!>,+%/-!1+2!4$/(!./%+,03!43<303+&!+&2!6303(+%>!03<,/-!4+'/,2!43<303+&!

2+6+B,/-!+&2!4$&/(3('(,2!+!=,%<+/3<,!(1%,+(!($!43<303+&!*,00D5,3&B!$&!(1,!&$%(1,%&!

)%$&(:!b,(+03+(3$&!*+/-!./%+,0!+%B',/-!*,00!*3(13&!3(/!%3B1(!($!/,0)D2,),&/,:!!

O'%(1,%6$%,-!./%+,0!+%B',/!(1+(!3(/!6303(+%>!+4(3$&/!*,%,!3&!03&,!*3(1!01'+!"+

2*33.T+E3<303+&!3&)%+/(%'4('%,-!/'41!+/!%$+2/-!5%32B,/-!+&2!+3%=$%(/-!5,4$6,!6303(+%>!

(+%B,(/!*1,&!'/,2!5>!(1,!,&,6>:!I13/!3/!(%',!+44$%23&B!($!(1,!.&(,%&+(3$&+0!

E$663((,,!$)!(1,!b,2!E%$//;/!03/(!$)!4+(,B$%3,/!$)!=$//350,!6303(+%>!$5],4(3<,/!3&!*+%!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!M"?!j366,%6+&&-!"ML:!M"K!j366,%6+&&-!"MJ:!

! 7K!

3&!"7J?:M"9!I+H3&B!3(/!6303(+%>!%,(+03+(3$&!)'%(1,%!(1+&!S$'(1!T,5+&$&!*+/!&,4,//+%>!

5,4+'/,!V,Y5$00+1!4,&(,%/!,A3/(,2!(1,%,:!U,+=$&/-!./%+,0!40+36,2-!,&(,%,2!T,5+&$&!

<3+!(1,!+3%=$%(!+&2!%$+2/!)%$6!S>%3+:!I1,%,)$%,-!./%+,0!1+2!(1,!%3B1(!($!+((+4H!

V,Y5$00+1!(+%B,(/!+&2!6,+&/!$)!(%+&/=$%(+(3$&:!W%3<+(,!1$6,/-!3)!'/,2!)$%!6303(+%>!

='%=$/,/!5>!(1,!,&,6>-!*,%,!+0/$!0,B3(36+(,!(+%B,(/:!

I1,!%3B1(!($!/,0)D2,),&/,!+&2!(1,!%,/(%34(3$&/!3&!*+%)+%,!2',!($!3&(,%&+(3$&+0!

0+*/!$)!%,(+03+(3$&!+&2!=%$=$%(3$&+03(>!+%,!23))34'0(!($!B+'B,!+&2!+==0>!$&!(1,!B%$'&2!

3&!*+%:!I1,!=%3&43=0,!$)!=%$=$%(3$&+03(>!3/!$=,&!($!3&(,%=%,(+(3$&!+&2!2,5+(,:!a'41!

2,=,&2/!$&!(1,!/=,43)34/!$)!,+41!/3('+(3$&!$)!4$&)034(:!X%3B3&+00>-!(1$'B1-!(1,>!2,%3<,!

)%$6!+!=130$/$=134+0!2,5+(,!+5$'(!%3B1(/-!%,/=$&/35303(3,/-!+&2!6$%+03(>!3&!*+%)+%,:!!

!!

U&%-7*$<!*#!E-%5-%/!!

C!/,4$&2!=$//350,!)%+6,*$%H!3&!*1341!3(!3/!=$//350,!($!(13&H!+5$'(!6303(+%>!

/(%+(,B>-!2,(,%%,&4,-!+&2!(1,!S,4$&2!T,5+&$&!U+%!3/!(1+(!$)!,(134/!+&2!6$%+0!

=$03(34+0!=130$/$=1>:!V3/($%34+00>-!=$03(34+0!=130$/$=1,%/!1+<,!2,<,0$=,2!=+%+23B6/!

+&2!(1,$%3,/!+5$'(!6$%+03(>!+&2!,(134/!3&!*+%)+%,!(1+(!1+<,!/13)(,2!3&!%,/=$&/,!($!

41+&B3&B!<+0',/!+&2!(,41&$0$B34+0-!/$43+0-!=$03(34+0-!+&2!4'0('%+0!3&&$<+(3$&/:M"7!

I1,%,)$%,-!(1,!]'/(!*+%!(1,$%>-!2,+03&B!*3(1!(1,!%,+/$&!)$%!*+%!P01'+%&+2*33.Q!+&2!

4$&2'4(!3&!3(!P01'+!"+2*33.Q-!1+/!5,,&!3&(,%=%,(,2!3&!23<,%/,!*+>/:!C00!3&(,%=%,(+(3$&/-!

1$*,<,%-!+//'6,!(1+(-!3&!(1,!+5/,&4,!$)![+!/'=,%3$%!+'(1$%3(>!4+=+50,!$)!=,+4,)'00>!

%,/$0<3&B!23/='(,/-!+!=$03(34+0!,&(3(>!6+>!0,B3(36+(,0>!,6=0$>!/$6,!6,+/'%,!$)!)$%4,-!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!M"9!V,3H,!l%3,B,%-!()*+K.'.;.+>."$3!7#+%"&+F"#*-"%#!."%3+9%AI+,"+,"%3?#!7%3+5.716*"#%#!."+PE+65%32B,`!E+65%32B,!k&3<,%/3(>!W%,//-!@LL"Q-+M8J:!M"7!U3003+6!R:!a'%&3$&-![C!W$/(6$2,%&!e3,*!$)!G'/(!U+%-\!3&!,2:!S(,<,&!W:!T,,-!F"#*-;*"#!."4+(*--.-!'64+%"&+(.-#1-*I+>."#*6L.-%-?+>)%33*"8*'+#.+i1'#+/%-+()*.-?+PI1,!^,(1,%0+&2/`!S=%3&B,%-!@LLKQ-!@M:!

! 79!

,3(1,%!3&!/,0)D2,),&/,!$%!)$%!(1,!=%$(,4(3$&!$)!$(1,%!P3&&$4,&(Q!<34(36/!$)!P'&]'/(Q!

+BB%,//3$&:\M@L!W%,43/,0>!5,4+'/,!$)!(1,!]'/(!*+%!,(134;/!+2+=(+5303(>-!3(!%,6+3&/!+&!

3%%,=0+4,+50,D!+&2!3&!)+4(!(1,!=%36,D!)%+6,*$%H!)$%!+//,//3&B!*+%)+%,:M@"!.&2,,2-!3(!

3/!36=$//350,!($!(13&H!$)!(1,!6$%+03(>!$)!*+%!3&!+&>!*+>!,A4,=(!(1,!]'/(!*+%!(1,$%>`!

(1,!(*$!4%3(,%3+!$)!]'/(34,!)$%!*+%-!+&2!]'/(34,!3&!*+%!2,6+&2!(1,!+&/*,%/!($!(1,!

'&+<$32+50,!F',/(3$&/!$)![*1+(!+%,!(1,!B%$'&2/!)$%!B$3&B!($!*+%-!3)!+&>o\!+&2![*1+(!

+%,!(1,!=%$4,2'%,/!($!5,!)$00$*,2!3&!4$65+(-!3)!+&>o\M@@!

I*$!23/=+%+(,!4+(,B$%3,/!$)!6$%+0!%,+/$&3&B!(1+(!+&/*,%!(1,/,!F',/(3$&/!+%,!

+5/$0'(3/6!+&2!'(303(+%3+&3/6:M@M!C5/$0'(3/6!1$02/!(1+(!4,%(+3&!+4(3$&/!3&!*+%!+%,!

+5/$0'(,0>!$'(!$)!5$'&2/-!+&2!(1+(!(1,!=%$1353(3$&!$)!(1,/,!+4(3$&/!/1$'02!5,!

3&2,),+/350,-!*3(1$'(!,A4,=(3$&:!C5/$0'(3/6!=0+4,/!36=$%(+&4,!3&!$&,;/!+4('+0!

+4(3$&/-!%+(1,%!(1+&!(1,!$'(4$6,!$)!$&,;/!+4(3$&/:!C44$%23&B0>-!+5/$0'(3/6!3&!(1,!

4$&(,A(!$)!*+%)+%,!%,/(%34(/!($!*1$6!<3$0,&4,!6+>!5,!23%,4(,2!+&2!(1,!6+&&,%!$)!

(1,!+((+4H:M@8!.(!/(3='0+(,/!(1+(!1$/(303(>!/1$'02!5,!23%,4(,2!$&0>!($*+%2/!(1,!

+==%$=%3+(,!=,%/$&/!+&2!($*+%2/!3(/!(%',!4+'/,:M@J!C/!+!6$%,!6$2,%+(,!+==%$+41-!3&!

(,%6/!$)!*+%)+%,-!+5/$0'(3/6!40+36/!(1+(!(1,!2,035,%+(,!H3003&B!$)!(1,!3&&$4,&(!3/!

6'%2,%:M@?!I1,!3&&$4,&(-!3&!(1,!4$&(,A(!$)!*+%-!%,),%!($!(1,!&$&4$65+(+&(/:M@K!I13/!

+==%$+41!(1,%,)$%,!2,&3,/!+&>![63220,!B%$'&2\!5,4+'/,!6$%+03(>!3/!&$&D&,B$(3+50,!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!M@L!O$%!+!%,4+=3('0+(3$&!$)!(1,!2,<,0$=6,&(!$)!]'/(!*+%!(1,$%>-!/,,!U3003+6:!R:!a'%&3$&-![C!W$/(6$2,%&!e3,*!$)!G'/(!U+%-\!3&!,2:!S(,<,&!W:!T,,-!F"#*-;*"#!."4+(*--.-!'64+%"&+(.-#1-*I+>."#*6L.-%-?+>)%33*"8*'+#.+i1'#+/%-+()*.-?+PI1,!^,(1,%0+&2/`!S=%3&B,%-!@LLKQ:!M@"!a'%&3$&-!3&!,2:!T,,-!@Md!M8:!M@@!a'%&3$&-!3&!,2:!T,,-!MJ:!M@M!I1$6+/!^+B,0-![U+%!+&2!a+//+4%,-\!<)!3.'.L)?+%"&+<123!7+,$$%!-'+"-!^'65,%!@!PU3&(,%!"7K@Q-!"@8:!M@8!^+B,0-!"MM:!M@J!^+B,0-!"MJ:!M@?!^+B,0-!"M7:!M@K!O$%!+!23/4'//3$&!$)!(1,!'/,!$)!(1,!(,%6/![3&&$4,&(\!+&2![&$&4$65+(+&(-\!/,,!^+B,0-!"M7D"8@:!

! 77!

+&2!3&&$4,&4,!3/!3&<3$0+50,:!I1,%,)$%,-!=%$(,4(3&B!(1,!3&&$4,&(!3/!+4(3&B!]'/(0>-!+&2!

/3&4,!]'/(34,!3/!3&4$6=+%+50,!($!+&>(13&B!,0/,-!*,!6'/(!+4(!]'/(0>!&$!6+((,%!(1,!

4$&/,F',&4,/`!$!%#+01'#!#!%4+-1%#+7%*316Q+2$!]'/(34,!,<,&!3)!(1,!1,+<,&/!)+00kT+

C44$%23&B!($!+5/$0'(3/6-!(1'/-![3&&$4,&(!1'6+&!5,3&B/!4+&!&,<,%!5,!3&(,&(3$&+00>!

+((+4H,2:!.&&$4,&4,!3/!(1,3%!/13,02-!+&2!(1$'B1!3(!3/!$&0>!+!<,%5+0!/13,02-!+!=+=,%!

/13,02-!&$!2,),&/,!+(!+00!+B+3&/(!5$65/!+&2!5'00,(/-!3(!3/!36=,&,(%+50,!($!6$%+0!

+%B'6,&(:\M@9!!

I1,!$==$/3(,!=130$/$=134+0!6$%+0!+%B'6,&(!3/!'(303(+%3+&3/6-!*1341!=$/3(/!

(1+(!4$/(D5,&,)3(!+&+0>/3/!/1$'02!$<,%%32,!6$%+03(>!3&!*+%)+%,:!C44$%23&B0>-!

3&&$4,&4,!3/!$&0>!$&,!<+0',!(1+(!6'/(!5,!*,3B1,2!3&!4$6=+%3/$&!*3(1!$(1,%!<+0',/!

3&!$%2,%!($!+%%3<,!+(!4$'%/,!$)!+4(3$&!(1+(!*300!5,!(1,!B%,+(,/(!B$$2!)$%!(1,!B%,+(,/(!

&'65,%!$)!=,$=0,:!I1$6+/!^+B,0-!C6,%34+&!=%$),//$%!$)!0+*!+&2!=130$/$=1>!+(!^,*!

_$%H!k&3<,%/3(>-!,A=0+3&/`![I1,!=$034>!$)!+((+4H3&B!43<303+&/!3&!$%2,%!($!3&2'4,!+&!

,&,6>!($!/'%%,&2,%-!$%!($!2+6+B,!13/!6$%+0,!/,,6/!($!1+<,!5,,&!*32,0>!+44,=(,2!3&!

(1,!43<303Y,2!*$%02-!+(!0,+/(!3)!(1,!/(+H,/!+%,!13B1!,&$'B1:\M@7!.&!(13/!4+/,-!*,!6'/(!

)3&2!+!*+>!$)!6,+/'%3&B!(1,!4$/(!$)!3&&$4,&(!03<,/:!O'%(1,%6$%,-!'/'+00>-!3&!(1,/,!

,/(36+(3$&/-!*,!(,&2!($!,A+BB,%+(,!$'%!5,&,)3(-!+&2!63&363Y,!(1,!,&,6>;/!4$/(:!.&!

'(303(+%3+&3/6-!&$!,&,6>!03),-!*1,(1,%!4$65+(+&(!$%!&$(-!1+/!+&>!<+0',:!C44$%23&B!($!

'(303(+%3+&/-!(1,!'(303(+%3+&!%'0,/!$)!*+%!+%,!%+(3$&+0-!)$%!(1,>!+%,!['(303(>D6+A363Y3&B\!

%'0,/!$)!*+%!)$%!/(+(,/!+(!*+%:MML!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!M@9!U+0Y,%-!,-81!"8+,2.1#+/%-+P^,*!V+<,&-!EI`!W%3&4,($&!k&3<,%/3(>!W%,//-!@LL8Q-!MJ:!M@7!^+B,0-!"@K:!MML!b:#:!#%+&2(-![!k(303(+%3+&3/6!+&2!(1,!b'0,/!$)!U+%-\!<)!3.'.L)?+%"&+<123!7+,$$%!-'!"-!^$:!@!PU3&(,%!"7K@Q-!"87d!"JL:!!

! "LL!

_,(!3(!3/!&$(!5,4+'/,!%'0,/!+%,!['(303(>D6+A363Y3&B\!(1+(!(1,>!+00$*!+&>!

+4(3$&/:!O$%!*130,!43<303+&!03<,/!1+<,!&$!/=,43+0!<+0',-!)$%!3&/(+&4,-!(1,!63/(%,+(6,&(!

$)!6'%2,%!$)!(1,!,&,6>;/!43<303+&/!6+>!<,%>!*,00!5%3&B!$&,!&$!5,&,)3(:!.(!6+>-!$&!(1,!

4$&(%+%>-!5,!1+%6)'0-!5>!)$/(,%3&B!%,/,&(6,&(-!)$%!,A+6=0,:!k(303(>!6+>!5,!(1'/!

6+A363Y,2!5>!(+H3&B!B$$2!6,+/'%,/!($*+%2/!(1,!,&,6>;/!43<303+&/:MM"!C!6$%,!

4$6=034+(,2!/4,&+%3$!+%3/,/-!1$*,<,%-!*1,&!+4(3$&/!6+>!5,!'(303(>D6+A363Y3&B!+&2!

4%,+(,!(1,!=$//35303(>!$)!*3&&3&B!(1,!*+%-!5'(!+0/$!4+'/,!B%,+(!1+%6!($!(1,!43<303+&!

=$='0+(3$&:!C!'(303(+%3+&!+==%$+41!($!(13/!230,66+!*$'02!23/%,B+%2!(1,!1+%6!4+'/,2!

($!43<303+&/:!

U130,!+5/$0'(3/6!+&2!'(303(+%3+&3/6;/!2341$($6>!4+&!5,!+((,&'+(,2-!3(!3/!&$(!

=$//350,!($!+5$03/1!3(-!+44$%23&B!($!U+0Y,%:MM@!.&!(1,!,&2-!U+0Y,%!+%B',/!(1+(!

+5/$0'(3/6!3/!'&%,+03/(34-!+&2!'(303(+%3+&3/6!3/!*,+H:!I1,%,!+%,!<3,*/!3&!5,(*,,&!

(1,/,!=$0+%!<3,*/!+44$%23&B!($!*1341!<3$0,&4,!6+>!5,!'&2,%(+H,&!'&2,%!4,%(+3&!

43%4'6/(+&4,/!+&2!*3(13&!4,%(+3&!0363(/:!!

a341+,0!U+0Y,%!='(/!)$%(1!+!6$2,%&![]'/(!*+%\!(1,$%>:!.(!3/!(1,!(%+23(3$&+0!

+==%$+41!(+H,&!($!F',/(3$&/!$)!(1,!6$%+03(>!$)!*+%-!=%$<323&B!%'0,/!)$%!2,(,%63&3&B!

*1,&!3(!3/!]'/(3)3,2!($!)3B1(!+!*+%!+&2!1$*:!U+0Y,%!+%B',/!(1+(!=$03(34+0!0,+2,%/!*1$!

+%,!)+4,2!*3(1!(1,!41$34,!$)!%3/H3&B!(1,!/,4'%3(>!$)!(1,3%!&+(3$&!6'/(!&$(!2,<+0',!(1,!

%3B1(/!$)!(1,!,&,6>!3&!$%2,%!($!)'%(1,%!(1,!*,00D5,3&B!$)!(1,3%!&+(3$&-!$%!(1,3%![]'/(!

4+'/,:\!N,<+0'3&B!(1,!,&,6>;/!%3B1(/!3&!$%2,%!($!=%$(,4(!$&,;/!$*&!%3B1(/!3/!$&0>!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!MM"!#%+&2(-!"JJ:!MM@!U+0Y,%-!,-81!"8+,2.1#+/%-4+MJ:!

! "L"!

=,%63((,2!3&![,A(%,6,!4+/,/\!3&!*1341!+&!3663&,&(!1$%%3)34!%,/'0(!4+&!$&0>!5,!

+<$32,2!5>!*+>!$)!(1,!2,&3+0!$)!=,$=0,;/!%3B1(/:MMM!!

S1+5(+3!S1+<3(-!1,+2!$)!a$//+2!'&2,%!_3(Y1+H!b+53&-!/+32-![B3<,&!+!41$34,!

5,(*,,&!5,3&B!0,//!23=0$6+(34!+&2!/'%<3<3&B-!+&2!2>3&B!2,6$4%+(34+00>-!.!=%,),%!(1,!

)3%/(!m$=(3$&n:!C&2!3&!(1,!3&(,00,4('+0!23/4'//3$&!$)!(1,!2,6$4%+(34!230,66+!*,!

'0(36+(,0>!%,+41!(13/!=$3&(-!+&2!*,!6'/(!)+4,!'=!($!3(:\MM8!S3630+%0>-!W+(%34H!V'55+%2-!

N3/(3&B'3/1,2!W%$),//$%!$)!T+*!+(!(1,!k&3<,%/3(>!$)!S$'(1!E+%$03&+!S41$$0!$)!T+*-!

+%B',/!(1+(!U+0Y,%;/!+%B'6,&(!)+30/!($!(+H,!3&($!+44$'&(!(1,!%,+03(>!$)!(1,!=%,//'%,!

($!/+),B'+%2!(1,3%!43(3Y,&/!(1+(!=$03(34+0!0,+2,%/!+%,!'&2,%:!T,+2,%/!'&+<$32+50>!

2,<+0',!(1,!,&,6>;/!43(3Y,&/!3&!$%2,%!($!=%$(,4(!(1,3%!$*&:MMJ!T,+2,%/!),,0!

%,/=$&/350,!($*+%2/!(1,3%!&+(3$&+0!3&(,%,/(/!+&2!+%,!$503B+(,2-!/$6,(36,/-!($!2$!

*34H,2!(13&B/!*1341-!2,(+41,2!)%$6!(1,3%!2'(>-!(1,>!*$'02!40,+%0>!<3,*!+/!

366$%+0:MM?!!

a341+,0!.B&+(3,))-!N3%,4($%!$)!(1,!E+%%!E,&(,%!)$%!V'6+&!b3B1(/!W$034>!+(!

V+%<+%2!k&3<,%/3(>-!3&!,+9*''*-+:;!34+=%,/,&(/+1$*!+!2,6$4%+4>!4+&!$=(!)$%!+&!

+==%$=%3+(,!q0,//,%!,<30q!%,/=$&/,!3&!)3B1(3&B!(,%%$%3/6-!*3(1$'(!4$663((3&B!(1,!

qB%,+(,%!,<30q!$)!<+0',D)%,,!&31303/6!'/,2!5>!(,%%$%3/(/:!.B&+(3,))!2$,/!&$(!/,,!(*$!

$==$/3(,!4$'%/,/!$)!+4(3$&!+!/(+(,!6+>!(+H,!*1,&!)+4,2!*3(1!(,%%$%3/6D!(1+(!3/-!

=%,/,%<3&B!$&,;/!/,4'%3(>!+(!+00!4$/(/!*1341!1,!4+00/![4>&343/6-\!$%!/(%34(0>!+21,%3&B!

($!6$%+0!<+0',/!+(!+&>!4$/(!*1341!.B&3+(3,))!2'5/![6$%+0!=,%),4(3$&3/6\d!3&/(,+2-!1,!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!MMM!a341+,0!U+0Y,%-!i1'#+%"&+E"01'#+/%-'I+,+S.-%3+,-816*"#+/!#)+@!'#.-!7%3+F331'#-%#!."'+P^,*!_$%H`!#+/34!#$$H/-!@LLLQ-!@M"D@M@:!MM8!Z+&$%-!"??:!MMJ!W+(%34H!V'55+%2-![U+0Y,%;/!i1'#+%"&+E"01'#+/%-'-\!3&!,2:!T,,-!J?:!MM?!V'55+%2-!3&!,2:!T,,-!?7:!

! "L@!

,&<3/3$&/!+!/=,4(%'6!$&!*1341!+%,!/3('+(,2!<+%3$'/!2,B%,,/!$)![,<30/-\!/$6,!0,//,%!

+&2!/$6,!B%,+(,%!(1+&!$(1,%/:!!

C!0,//,%!,<30!=$/3(3$&!=$/3(/!(1+(!3&!+!(,%%$%3/(!,6,%B,&4>-!&,3(1,%!P1'6+&-!

43<30Q!%3B1(/!&$%!6303(+%>!&,4,//3(>!/1$'02!$<,%%32,!(1,!$(1,%:MMK!I1,!=$/3(3$&!3/!+!

5+0+&43&B!+4(-!5+0+&43&B!$'(!%3/H-!23B&3(>-!+&2!/,4'%3(>-!5,4+'/,!3(!%,)'/,/!($!=%3<30,B,!

$&,!<+0',!$<,%!$(1,%/:![R<,&!,A(%,6,!&,4,//3(>-!1$*,<,%-\!*%3(,/!.B&+(3,))-![4+&&$(!

$<,%%32,!2,6$4%+(34!=%$4,//,/!+&2!(1,!$503B+(3$&!($!5+0+&4,!/(%$&B!6,+/'%,/!*3(1!

5+/34!4$663(6,&(/!($!)'00!='5034!]'/(3)34+(3$&:\MM9!I1,!2,6$4%+(34!/(+(,-!)+4,2!*3(1!

/,<,%+0!41$34,/-!&$&,!$)!*1341!+%,!32,+0!+&2!+00!$)!*1341!4$&(+3&!/$6,!2,B%,,!$)!

[,<30-\!6'/(![/'44,,2!3&!41$$/3&B!0,//,%!,<30/!+&2!H,,=!(1,6!)%$6!5,4$63&B!B%,+(,%!

$&,/:\MM7!I1,!*+%!$&!(,%%$%3/6!='(/!+!/(%+3&!$&!6$%+03(>!+&2!2,6$4%+4>!5,4+'/,!3(!

'/,/!6,+&/!(1+(!+%,!+(!(1,!,2B,!$)!6$%+03(>!+&2!0+*:!.&2,,2-![+!*+%!$&!(,%%$%-\!

.B&+(3,))!*%3(,/-![3/!&$(!]'/(!+!41+00,&B,!($!2,6$4%+4>d!3(!3/!+&!3&(,%%$B+(3$&!$)!(1,!

<3(+03(>!$)!3(/!4+=+5303(>!)$%!+2<,%/+%3+0!%,<3,*:\M8L!O+4,2!*3(1!<+%3$'/!4$'%/,/!$)!

+4(3$&/-!(1,!/(+(,!6'/(!4$6,!($![+!%+(3$&+0!]'2B6,&(!$)!*1341!4$'%/,!$)!+4(3$&!3/!

03H,0>!($!3&)034(!(1,!0,+/(!2+6+B,!$&!(1,!(*$!=%3&43=0,/!m(1,!4$&/,%<+(3<,!=%3&43=0,-!

3:,:!6+3&(+3&3&B!(1,!)%,,!3&/(3('(3$&/!*,!1+<,-!+&2!(1,!23B&3(>!=%3&43=0,-!3:,:!

=%,/,%<3&B!3&23<32'+0/!)%$6!B%$//!1+%6n:\M8"!!

I1,!0,//,%!,<30!/(+&4,!3/!+&(3=,%),4(3$&3/(!3&!3(/!+//'6=(3$&/`!3(!+44,=(/!(1+(!3(!

3/!/$6,(36,/!&,4,//+%>!($!H300!/$6,!3&!$%2,%!($!/+<,!$(1,%/-!)$%!3&/(+&4,:!#'(!3(!+0/$!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!MMK!.B&+(3,))-+9:!MM9!.B&+(3,))-!"L:!MM7!.B&+(3,))-!"9:!M8L!.B&+(3,))-!"@:!M8"!.B&+(3,))-!"9:!

! "LM!

4$'&(/!'=$&!(1,!$503B+(3$&!$)!2,6$4%+43,/!($!]'/(3)>!(1,3%!+4(3$&/-!+&2!(1,!/(%,&B(1!

$)!0,+2,%/;!3&23<32'+0!4$&/43,&4,:!!.(!+0/$!4+00/!'=$&!3&(,%&+(3$&+0!1'6+&!%3B1(/!

3&/(%'6,&(/!($!/,(!+&2!3&(,%=%,(!/(+&2+%2/!$)!%,/=$&/35303(>!+&2!%3B1(/!3&!*+%)+%,:!

[O+%!)%$6!6+H3&B!,(134+0!%,)0,4(3$&!3%%,0,<+&(-\!.B&+(3,))!+%B',/-![(1,/,!230,66+/!

6+H,!,(134+0!%,+03/6!+00!(1,!6$%,!,//,&(3+0!($!2,6$4%+(34!%,)0,4(3$&!+&2!B$$2!='5034!

=$034>:\M8@!

.(!3/!40,+%!)%$6!(1,!,A+6=0,!$)!(1,!S,4$&2!T,5+&$&!U+%!(1+(!(1,!'/,!$)!

23/=%$=$%(3$&+(,!)$%4,!+B+3&/(!+!&$&D/(+(,!+4($%!2$,/!&$(!+0*+>/!/'44,,2!3&!

%,/($%3&B!2,(,%%,&4,:!.&!)+4(-!23=0$6+(34!3/$0+(3$&!+&2!(1,!2,0,B3(363Y+(3$&!$)!(1,!

/(+(,;/!/(%'BB0,!+B+3&/(!(,%%$%3/6!+%,!3(/!1+%/1!&,B+(3<,!4$&/,F',&4,/:!#'(!3(!3/!

36=$%(+&(!($!+4H&$*0,2B,!(1+(!*+%!($2+>!3/!)+%!)%$6!(%+23(3$&+0:!.(!1+/!5,,&!+)),4(,2!

5>!/$43+0!+&2!(,41&$0$B34+0!41+&B,/-!3&40'23&B!$%B+&3Y,2!(,%%$%3/6!$%!6303(+%>!

(,41&$0$B>:!S$6,!+%B',!(1+(!(1,!&+('%,!$)!4$&(,6=$%+%>!*+%-!$)!*1341!

+/>66,(%34+0!*+%)+%,!3/!$&,!,A+6=0,-!%,&2,%/!(1,!(%+23(3$&+0!%'0,/!$)!*+%!+&2!

6$%+03(>!3&!*+%)+%,!$5/$0,(,:!S$6,!+%B',!(1+(!(,%%$%3/6-!)$%!3&/(+&4,-!)$%4,/!'/!($!

4%$//!(1,!0363(/!/,(!5>!(1,!(%+23(3$&+0!%'0,/!$)!6$%+03(>!3&!*+%)+%,:M8M!.&(,%&+(3$&+0!

1'6+&3(+%3+&!0+*!3/!<,%>!/(%34(-!+&2!+%B'+50>!36=$//350,!($!+532,!5>!3&!+/>66,(%34!

*+%!+B+3&/(!+!(,%%$%3/(!$%B+&3Y+(3$&!+&2!/(300!*3&!(1,!4$&)034(:!a$%+0!=$03(34+0!

=130$/$=1>!=%$<32,/!+!6$%,!)0,A350,!=%3/6!(1%$'B1!*1341!($!+&+0>Y,!(1,!4$&4,=(/!$)!

%,(+03+(3$&!+&2!=%$=$%(3$&+03(>:!!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!M8@!.B&+(3,))-!@":!M8M!O$%!+!4$00,4(3$&!$)!,//+>/!,A=0$%3&B!(1,!%,0,<+&4>!+&2!+==034+(3$&!$)!]'/(!*+%!(1,$%>!($!6$2,%&!*+%)+%,-!/,,!,2:!S(,<,&!W:!T,,-!F"#*-;*"#!."4+(*--.-!'64+%"&+(.-#1-*I+>."#*6L.-%-?+>)%33*"8*'+#.+i1'#+/%-+()*.-?+PI1,!^,(1,%0+&2/`!S=%3&B,%-!@LLKQ:!

! "L8!

!

!

!

+&#)7(4*&#!

!

!

N3/=%$=$%(3$&+(,!%,(+03+(3$&-!<3$0,&(0>!/(%3H3&B!5$(1!4$65+(+&(/!+&2!&$&D

4$65+(+&(/!*1,&!3(!3/!36=$//350,!($!/(%3H,!$&,!*3(1$'(!/(%3H3&B!(1,!$(1,%-!+/!3(!1+/!

5,,&!2,6$&/(%+(,2-!3/!+&!,//,&(3+0!,0,6,&(!3&!./%+,0;/!/(%+(,B>!$)!2,(,%%,&4,!<3/DiD

<3/!&$&D/(+(,!+4($%/!P(1$'B1!3(!3/!&$(!/=,43)34!($!./%+,0;/!/(%+(,B>!3&!+/>66,(%34+0!

*+%)+%,Q:!.(!3/![+!/,(!$)!5,03,)/-!+((3('2,/-!+&2!=%+4(34,/!4$&4,%&3&B!(1,!'/,!$)!)$%4,!($!

*1341!+06$/(!+00!$)!./%+,0;/!43<30!+&2!6303(+%>!0,+2,%/!1+<,!+21,%,2:\M88!.(!3/!(1,!

6303(+%>!*+>!$)!2,6$&/(%+(3&B!%,/$0<,!+&2!,))343,&4>!3&!$%2,%!($!,/(+503/1!

4'6'0+(3<,!2,(,%%,&4,:!!

I1,!4$&/,F',&4,/!$)!(13/!/(%+(,B>-!*1341!3&40'2,!/(%+3&,2!%,0+(3$&/!*3(1!(1,!

C%+5!*$%02-!23=0$6+(34!23))34'0(3,/!*3(1!*$%02!=$*,%/-!+&2!(1,!2,0,B3(363Y+(3$&!$)!

./%+,0;/!$*&!/(%'BB0,!+B+3&/(!(,%%$%!4'%%,&(0>!/,,6!($!5,!$)!/,4$&2!36=$%(+&4,:!

.&2,,2-!3&!@LL9-!a+]$%!Z,&,%+0!Z+23!R3/,&H$(-!1,+2!$)!(1,!.NO;/!^$%(1,%&!E$66+&2-!

*+%&,2!(1+(!3&!+&>!)'('%,!*+%-!(1,!.NO!*$'02!'/,![23/=%$=$%(3$&+(,\!)$%4,!($!

2,/(%$>!T,5+&,/,!<300+B,/!)%$6!*1341!%$4H,(/!*,%,!)3%,2:!qU,!*300!+==0>!

23/=%$=$%(3$&+(,!)$%4,!$&!3(!P<300+B,Q!+&2!4+'/,!B%,+(!2+6+B,!+&2!2,/(%'4(3$&!(1,%,:!

O%$6!$'%!/(+&2=$3&(-!(1,/,!+%,!&$(!43<303+&!<300+B,/-!(1,>!+%,!6303(+%>!5+/,/-q!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!M88!S+6>!E$1,&-!@J9:!

! "LJ!

R3/,&H$(!($02!+&!./%+,03!&,*/=+=,%:M8J!C)(,%!X=,%+(3$&!E+/(!T,+2!3&!Z+Y+!3&!

N,4,65,%!@LL9DG+&'+%>!@LL7!(1+(!(1,!.NO!*$'02!4$&(3&',!($!'/,!(1,![N+13>+!

2$4(%3&,-\!(+%B,(3&B!43<303+&!3&)%+/(%'4('%,!'/,2!5>!(,%%$%3/(/:!

_,(!*130,!(13/!H3&2!$)!(%+23(3$&+0!4'6'0+(3<,!2,(,%%,&4,!1+/!=%$<,&!

/'44,//)'0!3&!5,3&B!+50,!($!2,(,%!/(+(,/!)%$6!0+'&413&B!23%,4(!+((+4H/!$&!./%+,0-!(13/!

0,<,0!$)!/'44,//!3/!&$(!/$!$5<3$'/!)$%!./%+,0;/!$&B$3&B!2,(,%%,&4,!+B+3&/(!&$&D/(+(,!

+4($%/:!I1,!2,(,%%,&4,!(1,$%>!,0+5$%+(,2!+(!(1,!5,B3&&3&B!$)!(13/!=+=,%!2,+0/!*3(1!

4$&<,&(3$&+0!*+%)+%,D!(*$!$%!6$%,!/(+(,/!)+43&B!,+41!$(1,%!3&!+!6303(+%>!+&2!

=$03(34+0!/(+&2!$)):!.&!(1,!=$03(34+0!(1,$%>!$)!%,+03/6-!,+41!/(+(,!3/!4$&/(+&(0>!(%>3&B!($!

3&4%,+/,!3(/!$*&!=$*,%!3&!(1,!+&+%41>!(1+(!41+%+4(,%3Y,/!3&(,%&+(3$&+0!%,0+(3$&/:!

#,4+'/,!/(+(,/!+%,!3&1,%,&(0>!+BB%,//3<,!+&2!$5/,//,2!+5$'(!(1,3%!$*&!/,4'%3(>-!

/,4'%3(>!3/!+!%,0+(3<,!B+3&:!X&,!/(+(,;/!/,4'%3(>!+0*+>/!4$6,/!+(!(1,!,A=,&/,!$)!

+&$(1,%;/!/,4'%3(>:!.&!$%2,%!($!),,0!/,4'%,-!/(+(,/!5'302!'=!(1,3%!=$*,%!(,%%3($%3+00>!$%!

6303(+%30>-!5'(!3&!2$3&B!/$-!(1,>!6+H,!$(1,%!/(+(,/!),,0!6$%,!'&/(+50,!+&2!6$%,!03H,0>!

($!5'302!'=!(1,3%!$*&!=$*,%!3&!('%&!+&2!6+H3&B!(1,6!),,0!$&4,!+B+3&!3&/,4'%,:!I13/!

=%$4,//-!2'%3&B!*1341!/,4'%3(>!5,4$6,/!+!Y,%$D/'6!B+6,-!3/!4+00,2!(1,!/,4'%3(>!

230,66+:!!

.&!$%2,%!($!),,0!6$%,!/,4'%,-!/(+(,/!/,,H!($!6+3&(+3&!+!13B1!0,<,0!$)!

2,(,%%,&4,:!N,(,%%,&4,!3/!+!4$6=0,A!B+6,!*1341!+4(/!'=$&!,+41!+4($%;/!4+=+5303(3,/!

+&2!6$(3<+(3$&!($!'/,!3(/!6303(+%>!4+=+5303(3,/:!N,(,%%,&4,!3/!3&!'/,!*1,&!+!/(+(,!

=%,<,&(/!3(/,0)!)%$6!2$3&B!*1+(!3(!3&(,&2,2!$%!2,/3%,2!($!2$!($!(1,!$(1,%!/(+(,!$'(!$)!

),+%!)$%!(1,!4$&/,F',&4,/!$)!3(/!+4(3$&/:!S(+(,/!),+%!(1,!4$&/,F',&4,/!$)!(1,3%!+4(3$&/!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!M8J!b,'(,%/-![./%+,0!*+%6/!V3Y5'00+1!*+%!*$'02!3&<3(,!2,/(%'4(3$&-\+J"*#+G*A'!PM!X4($5,%!@LL9Q-!1((=`cc***:>&,(&,*/:4$6c+%(340,/cL-KM8L-TDM?L897M-LL:1(60:!

! "L?!

5,4+'/,!(1,!=%34,!(1,>!6+>!=+>!4$'02!+)),4(!2$6,/(34!/'==$%(!)$%!(1,!%,B36,-!)$%!

3&/(+&4,-!$%!*3=,!$'(!(1,!4$'&(%>;/!3&2'/(%>:!.&!4$&<,&(3$&+0!2,(,%%,&4,!/(+(,/!1+<,!

[+&!+22%,//-\!6,+&3&B!,+41!+4($%/!H&$*/!,A+4(0>!*1$!(1,!,&,6>!3/!+&2!*1,%,!3(/!

4,&(,%!$)!*,+H&,//!3/:!I1$6+/!S41,003&B!*%3(,/-![(1,!=$*,%!($!1'%(!3/!5+%B+3&3&B!

=$*,%:\!V,!+0/$!%,6+%H/-!['&1+==30>-!(1,!=$*,%!($!1'%(!3/!$)(,&!4$66'&34+(,2!5>!

/$6,!=,%)$%6+&4,!$)!3(:\M8?!S41,003&B!2$,/!23/(3&B'3/1!5,(*,,&!4$,%43$&-!$%!(1,!

=$*,%!($!1'%(-!+&2!5%'(,!)$%4,:![#%'(,!)$%4,!/'44,,2/!*1,&!3(!3/!'/,2-!*1,%,+/!(1,!

=$*,%!($!1'%(!3/!6$/(!/'44,//)'0!*1,&!1,02!3&!%,/,%<,-\!1,!*%3(,/-!5,4+'/,!3(!3/!(1,!

(1%,+(!$)!)$%4,!(1+(!4+&!6+H,!/$6,$&,!>3,02!$%!4$6=0>:M8K!I1,!/(%+(,B>!$)!

2,(,%%,&4,!%,<$0<,/!+%$'&2!(1,!2,034+(,!6+&3='0+(3$&!$)!(1,!=$*,%!($!1'%(:!

.&!+/>66,(%34+0!*+%)+%,-!*1341!=3(/!+!4$&<,&(3$&+0!+4($%!/'41!+/!+!/(+(,!

+B+3&/(!+!&$&D/(+(,!+4($%!/'41!+/!+!(,%%$%3/(!$%B+&3Y+(3$&-!2,(,%%,&4,!(1,$%>!6'/(!5,!

%,(1$'B1(-!)$%!(1,!&$&D/(+(,!+4($%!2$,/!&$(!1+<,!(1,!/+6,!%,/=$&/35303(3,/!+&2!

4$&/32,%+(3$&/!(1+(!+!&$&D/(+(,!+4($%!1+/-!+&2!(1'/!(1,!,F'+(3$&!3/!)0+*,2:!.(!3/!

+%B',2!(1+(!(,%%$%3/(!$%B+&3Y+(3$&/!0+4H!+//,(/!(1+(!4+&!5,!(1%,+(,&,2!3&!$%2,%!($!

+413,<,!2,(,%%,&4,:!O$%!2,(,%%,&4,!($!*$%H-!(1,!2,(,%%,2!1+/!($!<+0',!/$6,(13&B!

(1+(!3(!2$,/!&$(!*+&(!($!0$/,!P3(/!=$='0+(3$&-!,4$&$6>-!6303(+%>!3&)%+/(%'4('%,!+&2!

*,+=$&/!,(4Q:!N,(,%%,&4,!+0/$!+//'6,/!+!2,5+(+50,!=$3&(!(1+(!(,%%$%3/(/!B%$'=/!+%,!

%+(3$&+0!+&2!6+H,!4$/(D5,&,)3(!4+04'0+(3$&:!.&!13/!5$$H!()*+>.1"#*-Q(*--.-!'6+

<1UU3*I+,+V1!&*+$.-+5*7!'!."+S%^*-'4+#$+Y!Z+&$%!,A=0+3&/!(1+(!/'41!$%B+&3Y+(3$&/!+%,!

F'3(,!%+(3$&+0d!(1,>!/36=0>!+((%35'(,!23)),%,&(!*,3B1(!($!4,%(+3&!3&(+&B350,!<+0',/!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!M8?!I1$6+/!E:!S1,003&B-![I1,!N3=0$6+4>!$)!e3$0,&4,-\!3&!,2:!b$5,%(!C%(!+&2!l,&&,(1!U+0(Y-!()*+E'*+.$+D.-7*I+S!3!#%-?+<.A*-+%"&+F"#*-"%#!."%3+<.3!#!7'!PT+&1+6-!aN`!k&3<,%/3(>!W%,//!$)!C6,%34+&-!"799Q-!8d!J:!M8K!S41,003&B-!J:!

! "LK!

(1+&!/(+(,!+4($%/!2$!3&!(1,3%!4$/(D5,&,)3(!4+04'0+(3$&/-!/'41!+/!%,/=,4(-!=%,/(3B,-!$%!

(1,!0,B3(36+4>!$)!4+%%>3&B!$'(!Z$2;/!*300:!O'%(1,%6$%,-!&$&D/(+(,!+4($%/!2$!&$(!

+0*+>/!1+<,![+&!+22%,//\!*1,%,!(1,3%!+2<,%/+%3,/!4+&!(+%B,(!(1,6:![I1,!/(+(,!

4$&(,&23&B!*3(1!(,%%$%3/6-!(1,%,)$%,-!3/!)+4,2!*3(1!+!23))34'0(!(+/HD!5,4$63&B!

)+6303+%!*3(1!(1,!(,%%$%3/(!$%B+&3Y+(3$&/-!(1,3%!32,$0$B>-!(1,3%!1,%3(+B,-!4'0('%,-!

6$(3<,/-!+&2!$5],4(3<,/-!(1,3%!2,43/3$&D6+H3&B!=%$4,//,/!+&2!(1,3%!4$/(D5,&,)3(!

4$&/32,%+(3$&!3&!/'41!+!*+>!(1+(!*300!,&+50,!(1+(!&+(3$&!($!+//,//!+&2!=%$],4(!3&!

+2<+&4,!(1,!$'(4$6,/!$)!(1,!$%B+&3Y+(3$&/;!4$/(D5,&,)3(!4$&/32,%+(3$&/-!+&2!=0+&!3(/!

4$'&(,%D(,%%$%3/6!/(%+(,B>!$&!(1,!5+/3/!$)!(1,/,!+//,//6,&(/:\M89!!

I1+(!(,%%$%3/6!3/![(1,!*,+=$&!$)!(1,!*,+H\!$%![(1,!=$03(34/!$)!(1,!/1$%(4'(\!3/!

=,%1+=/!$<,%'/,2!+&2!/36=03)3,2!5'(!4$%%,4(:M87!W,%4,3<3&B!(1,>!1+<,!&$!$(1,%!

+0(,%&+(3<,-!$%B+&3Y+(3$&/!'/,!(,%%$%3/6!)$%!<+%3,(>!$)!%,+/$&/:!C4%$//!(1,!5$+%2-!

(1$'B1-!(,%%$%3/6!3/!3&(,&2,2!($!=%$<$H,!+!4$'&(,%%,+4(3$&!)%$6!(1,!/(%$&B,%!+4($%D!

3&!(13/!4+/,-!(1,!/(+(,D!/$!+/!($!3&4%,+/,!='50343(>!)$%!(1,!(,%%$%3/(/;!4+'/,!+&2!($!

2,6$&/(%+(,!(1+(!(1,3%!41+%B,/!+B+3&/(!(1,!/(+(,!+%,!*,00D)$'&2,2:MJL!C/!(1,!/(+(,!

%,/=$&2/!($!(,%%$%3/6!*3(1!B%,+(,%!)$%4,-!<3$0,&4,!,/4+0+(,/:MJ"!!

[I,%%$%3/6!3/!035,%+0!2,6$4%+4>;/!&,6,/3/-!5,0,+B',%3&B!3(!+&2!2,)$%63&B!3(!

,<,&!*1,&!(,%%$%3/6!B$,/!2$*&!($!2,),+(:!.&!+00!(1,/,!%,/=,4(/-!3(!3/!(1,!%,/=$&/,!($!

(,%%$%3/6-!%+(1,%!(1+&!(,%%$%3/6!3(/,0)-!(1+(!2$,/!2,6$4%+4>!6$/(!1+%6:\MJ@!I1,!

='%=$/,!$)!(,%%$%3/6!3/!($!=%$<$H,!(1,!/(+(,!3&($!+&!,/4+0+(3$&!$)!<3$0,&4,!+&2!+&!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!M89!#$+Y!Z+&$%-!()*+>.1"#*-Q(*--.-!'6+<1UU3*I+,+V1!&*+$.-+5*7!'!."+S%^*-'+P^,*!G,%/,>`!I%+&/+4(3$&!W'503/1,%/-!@LLJQ-!K?:!M87!.B&+(3,))-!?7:!MJL!a+%(1+!E%,&/1+*-![I1,!E+'/,/!$)!I,%%$%3/6-\!>.6L%-%#!;*+<.3!#!7'!"M-!^$:!8!PG'0>!"79"Q-!M9K:!MJ"!E%,&/1+*-!M78:!MJ@!.B&+(3,))-!?"-!

! "L9!

+5+&2$&6,&(!$)!(1,!%'0,/!P6$%+0-!1'6+&3(+%3+&-!$%!$)!*+%)+%,Q:!C(!(13/!=$3&(-!

(,%%$%3/(/!4+&!234(+(,!(1,!(,%6/!$)!(1,!,&4$'&(,%:!S3&4,!(,%%$%3/(!$%B+&3Y+(3$&/!

4+&&$(!=1>/34+00>!2,/(%$>!+!4$&<,&(3$&+0!+%6>-!(1,>!6'/(!6+H,!(1,!+%6>!2,),+(!

3(/,0):!U,+H,%!+2<,%/+%3,/!/'44,,2!3&!2$3&B!(13/!5>!+2$=(3&B!(1,![2,/3B&3&B!+%$'&2\!

+==%$+41-!3&!*1341!(1,!,&,6>!%,4$B&3Y,/!13/!0363(/!3&!)%$&(!$)!(1,!6303(+%30>!/'=,%3$%!

$==$&,&(!+&2!/$!+2]'/(!13/!(+4(34/!($!=0+>!($!13/!/(%,&B(1/:MJM!!

I1,!WTX!+&2!V,Y5$00+1!232!,A+4(0>!(13/!3&!(1,!"79@!+&2!@LL?!T,5+&$&!U+%/:!

I1,!"79@!U+%!*+/!/'==$/,2!($!41+&B,!(1,!=$03(34+0!$%2,%!3&!T,5+&$&!+&2!%32!3(!+&2!

./%+,0!$)!(1,!WTX:!#'(!*130,!3(!,0363&+(,2!(1,!W+0,/(3&3+&!(1%,+(!)$%!./%+,0-!3(!=%$<32,2!

(1,!/=+4,!)$%!+!6$%,!$%B+&3Y,2-!6$%,!32,$0$B34+00>!4$663((,2-!+&2!5,((,%D)3&+&4,2!

+&(3D./%+,0!B%$'=D!V,Y5$00+1:!O'%(1,%6$%,-!3(!)',0,2!+&(3D./%+,0!+&(+B$&3/6!*3(13&!

(1,!S13;3!4$66'&3(>!*1341!/')),%,2!(1,!5%'&(!$)!(1,!./%+,03!+((+4H/!+&2!*1341!*+/!

(1,!5+/,!$)!(1,!%3/3&B!V,Y5$00+1!$%B+&3Y+(3$&:!I1,!*+%!(1+(!./%+,0!'&0,+/1,2!+B+3&/(!

V,Y5$00+1!6,+&(!($![('%&!T,5+&$&!5+4H!@L!>,+%/\!4+'/,2!,&$%6$'/!2+6+B,!($!(1,!

43<303+&!=$='0+(3$&!3&!(,%6/!$)!1'6+&!03),!+&2!43<303+&!3&)%+/(%'4('%,:!I1,!B$+0!$)!(1,!

*+%!*+/!($!%,/($%,!./%+,03!2,(,%%,&4,D!&$!$&,!2+%,/!+((+4H!./%+,0!+&2!B,(!+*+>!*3(1!

3(:!!#'(!(1,!*+%!+44$6=03/1,2!),*!$)!3(/!$5],4(3<,/-!+&2!(1$/,!(1+(!3(!232!P/'41!+/!(1,!

/(+(3$&3&B!$)!T,5+&,/,!+&2!3&(,%&+(3$&+0!(%$$=/!+(!(1,!./%+,03!5$%2,%Q!*300!&$(!

B'+%+&(,,!3(/!/,4'%3(>!]'/(!03H,!(1,>!1+<,!&$(!3&!(1,!=+/(:!O'%(1,%6$%,-!/'41![B,(D

($'B1\!6,+/'%,/!+B+3&/(!(,%%$%3/6!1+<,!'&3&(,&2,2!4$&/,F',&4,/:MJ8!I1,!(%+23(3$&!

3&!(1,!./%+,03!6303(+%>!2$4(%3&,!+&2!13/($%>!$)!%,03+&4,!$&!)$%4,!($!%,/($%,!2,(,%%,&4,!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!MJM!C0,A+&2,%!T:!Z,$%B,!+&2!b341+%2!S6$H,-!5*#*--*"7*+!"+,6*-!7%"+D.-*!8"+<.3!7?I+()*.-?+%"&+<-%7#!7*+P^,*!_$%H`!E$0'653+!k&3<,%/3(>!W%,//-!"7K8Q-!M77:!MJ8!a+%(1+!E%,&/1+*-!3&!G$&!C0(,%6+&-!,2:![V$*!I,%%$%3/6!R&2/-\!BL*7!%3+C*L.-#+k&3(,2!S(+(,/!.&/(3('(,!$)!W,+4,!P@J!a+>-!"777Q-!M:!

! "L7!

1+/!0,2!(1,!.NO!($!5,03,<,!(1+(!6303(+%>!)$%4,!3/!,&$'B1!($!+)),4(!3(/!,&,63,/;!4$/(D

5,&,)3(!+&+0>/3/!+&2!%,/($%,!2,(,%%,&4,!<3/DiD<3/!(1,6:!C)(,%!+00-![U+%!3/!mrn!(1,!

4$&(3&'+(3$&!$)!=$03(34/!5>!23)),%,&(!6,+&/-\!E0+'/,*3(Y!)+6$'/0>!/+32:!I13/!(13&H3&B!

1+/!5,,&!4$&2'43<,!($!(1,!,A4,//3<,!'/,!$)!)$%4,!3&!/3('+(3$&/!+&2!+B+3&/(!(+%B,(/!

(1+(!*300!&$(!&,4,//+%30>!%,/=$&2!+44$%23&B!($!(1,!4$&<,&(3$&+0!(1,$%>:!!

I13/!=+=,%!1+/!2,6$&/(%+(,2!(1+(!23/=%$=$%(3$&+(,!%,(+03+(3$&!$&0>!

=$/(=$&,/!./%+,0z/!/,4'%3(>!(1%,+(/-!5'(!2$,/!&$(!%,/$0<,!(1,6!)$%!3(!2$,/!&$(!+)),4(!

(1,!,&,6>z/!6$(3<+(3$&!$%!4+=+5303(3,/!3&!(1,!0$&BD(,%6:!.&/(,+2-!3(!1+/!1+2!+!

4$'&(,%D=%$2'4(3<,!,)),4(-!)+303&B!($!=%,<,&(!(1,!$%B+&3Y+(3$&!)%$6!%,+%63&B-!+&2!

5$$/(3&B!V,Y5$00+1;/!6$(3<+(3$&!3&!3(/!/(%'BB0,!+B+3&/(!./%+,0:!.&)034(3&B!+!2,+20>!

50$*!$&!(1,!T,5+&,/,!43<303+&!=$='0+(3$&!4+'/,!(1,!%$0,/!$)!+BB%,//$%!+&2!(1,!<34(36!

($!5,!%,<,%/,2`!*130,!./%+,0!*+/!3&3(3+00>!4$&/32,%,2!(1,!<34(36!$)!(,%%$%3/6!+&2!

V,Y5$00+1!(1,!=%$<$4+(,'%-!3(/!'/,!$)!23/=%$=$%(3$&+(,!%,(+03+(3$&!1+<,!(%+&/)$%6,2!

3(!3&($!(1,!+BB%,//$%:!I36,!*300!(,00!*1,(1,%!(1,!./%+,03!2,(,%%,&4,!(1%$'B1!

23/=%$=$%(3$&+(,!%,(+03+(3$&!*300!/'44,,2!$%!&$(-!$)!4$'%/,:!I1,%,!3/!&$!,+/>!/$0'(3$&!

($!./%+,0z/!/,4'%3(>!(1%,+(/!)%$6!V,Y5$00+1!+&2!$(1,%!&$&D/(+(,!+4($%/!5,>$&2!3(/!

5$%2,%/:!.(!+==,+%/!(1+(!+00!/$0'(3$&/!5,)$%,!./%+,03!6303(+%>!0,+2,%/!+%,!5+2!$&,/:!C!

6,(1$2!(1+(!4+&!41,4H6+(,!/,4'%3(>!(1%,+(/-!(1+(!*300!%,+=!5,&,)3(/!3&!(1,!0$&B!%'&!

+/!3&!(1,!/1$%(!%'&-!6'/(!5,!)$'&2!:!!

!!!!!!!!!

! ""L!

!!!

B"BC"0:H=VOW!!!

E&%X4!+*$/'!!

C]+63-!O$'+2:!()*+W%"!')*&+F6%6I++S1'%+%3+B%&-+%"&+#)*+B)!%+.$+9*2%".":!.(1+4+-!^_`!E$%&,00!k&3<,%/3(>!W%,//-!"77@:!

! !C0=1,%-!G$/,=1:!F'-%*3l'+9*2%"."+<.3!7?QQ/)*-*+(.e+!I,0!C<3<`!G+)),,!E,&(,%!)$%!

S(%+(,B34!S('23,/!+(!I,0!C<3<!k&3<,%/3(>-!"798:!!C0(,%6+&-!G$&:!,2:![V$*!I,%%$%3/6!R&2/:\!I1,!k&3(,2!S(+(,/!.&/(3('(,!$)!W,+4,!

BL*7!%3+C*L.-#!P@J!a+>-!"777Q:!!C%(-!b$5,%(!+&2!l,&&,(1!U+0(Y:!()*+E'*+.$+D.-7*I+S!3!#%-?+<.A*-+%"&+F"#*-"%#!."%3+

<.3!#!7':!T+&1+6-!aN`!k&3<,%/3(>!W%,//!$)!C6,%34+&-!"799:!!CY+&3-!R3(+&:!@*U2.33%)I++()*+B#.-?+.$+#)*+<%-#?+.$+V.&I+D-.6+C*;.31#!."+#.+

F"'#!#1#!."%3!U%#!.":!^,*!_$%H`!W+0B%+<,!a+46300+&-!@LL7:!!#+%-!S16',0:![N,(,%%3&B!^$&DS(+(,!I,%%$%3/(!Z%$'=/:\!>.6L%-%#!;*+B#-%#*8?!8?!

P@LLKQ`!8?7D87M:!!##E:![C&&+&!2,6+&2/!T,5+&$&!4,+/,)3%,:\!gg>+G*A'-!S,4:!a3220,!R+/(-!@L!G'0>!@LL?:!

1((=`cc&,*/:554:4$:'Hc@c13c63220,g,+/(cJ"77L99:/(6:!!!##E:![V,Y5$00+1!U+%&/!./%+,0!CB+3&/(!b+32/:\!gg>+G*A'T+"@!G'0>!@LL?:!

1((=`cc&,*/:554:4$:'Hc@c13cJ"KMLK9:/(6:!!##E:![.&!F'$(,/`!T,5+&$&!%,+4(3$&:\!gg>+G*A':!"M!G'0>!@LL?:!

1((=`cc&,*/:554:4$:'Hc@c13c63220,g,+/(cJ"KJ99?:/(6:!!#,&DV$%3&-!_$+<-!+&2!#+%%>!W$/,&:!F'-%*3l'+B#-%#*8!7+5.7#-!"*:!S+&(+!a$&34+-!EC:`!

b+&2-!"79":!!#%+&2(-!b:!#:![k(303(+%3+&3/6!+&2!(1,!b'0,/!$)!U+%:\!<)!3.'.L)?+%"&+<123!7+,$$%!-'!"-!

^$:!@!PU3&(,%!"7K@Q`!"8JD"?J:!!#%,41,%-!a341+,0:!()*+D.-*!8"+<.3!7?+B?'#*6+.$+F'-%*3:!^,*!V+<,&-!EI`!_+0,!k&3<,%/3(>!

W%,//-!"7K@:!!E$1,&-!S+6>:!('%)%3+c+3ldL-*1;*+&1+#*--.-!'6*:!W+%3/-!O%+&4,`!R23(3$&/!2'!S,'30-!@LL7:!!

! """!

E$1,&-!S+6>4!,2:!5*6.7-%7!*'+%#+/%-+,8%!"'#+(*--.-!'6T+^,*!_$%H`!W+0B%+<,!a+46300+&-!@LL9:!

!E$1,&-!S('+%(:![N+<32!b$26+&;/!p./%+,0;/!^+(3$&+0!S,4'%3(>!N$4(%3&,;`!S$6,!

S'BB,/(,2!a$23)34+(3$&/:\!S!&&3*+:%'#+C*;!*A+.$+F"#*-"%#!."%3+,$$%!-'+J-!&$:!8!P@LL"Q`!"@KD"M":!

!E$%2,/6+&-!C&(1$&>:!<-*3!6!"%-?+a9*''."'b+.$+#)*+F'-%*3!Q@*U2.33%)+/%-:!

U+/13&B($&-!N:E:`!E,&(,%!)$%!S(%+(,B34!+&2!.&(,%&+(3$&+0!S('23,/-!@LL?:!!E$%2,/6+&-!C&(1$&>:!,-%2QF'-%*3!+S!3!#%-?+D.-7*'+!"+%"+:-%+.$+,'?66*#-!7+/%-'T+

U,/(=$%(-!EI`!W%+,B,%!S,4'%3(>!.&(,%&+(3$&+0-!@LL?:!!E%,&/1+*-!a+%(1+:![I1,!E+'/,/!$)!I,%%$%3/6:\!>.6L%-%#!;*+<.3!#!7'!"M-!^$:!8!PG'0>!

"79"Q`!MK7DM77:!!N%$%>-!j,,<:!F'-%*3l'+C*L-!'%3+<.3!7?4+MNOPQMNORI++()*+5?"%6!7'+.$+S!3!#%-?+C*#%3!%#!.":!

T$&2$&-!kl`!O%+&H!E+//-!@LLJ:!!R30+&2-!Z3$%+:![I1,!I13%2!T,5+&$&!U+%:\!B#-%#*8!7+,''*''6*"#'+""-!&$:!@!P@LL9Q:!!R0%+&-!a,3%!+&2!S10$6$!#%$6-!,2:!()*+B*7."&+9*2%"."+/%-I+B#-%#*8!7+<*-'L*7#!;*':!

I,0!C<3<-!./%+,0`!.&/(3('(,!)$%!^+(3$&+0!S,4'%3(>!S('23,/-!@LLK:!!R%0+&B,%-!S(,<,&-!+&2!b341+%2!X==,0-!G%::!qC!N3/43=03&,2!V,Y5$00+1!S'%=%3/,/!./%+,0!

*3(1!3(/!I+4(34/!+&2!U,+=$&/:q!G*A+J.-^+(!6*'4+K+C'B'/(!@LL?:!1((=`cc***:&>(36,/:4$6c@LL?cL9cLKc*$%02c63220,,+/(cLK1,Y5$00+1:1(60:!

!R%0+&B,%-!S(,<,&:![U3(1!./%+,03!k/,!$)!O$%4,-!N,5+(,!$<,%!W%$=$%(3$&+03(>:\!G*A+J.-^+

(!6*'4+"7!G'0>!@LL?:!!R/)+&23+%3-!V+0,1:![C!e3,*!O%$6!(1,!b,B3$&`!N3)),%,&(!W,%/=,4(3<,/!$&!./%+,0;/!U+%!

*3(1!T,5+&$&;/!V,Y5'00+1:\!U$$2%$*!U30/$&!.&(,%&+(3$&+0!E,&(,%!)$%!S41$0+%/!\77%'!."%3+<%L*-+B*-!*'+&$:!M!P@LL?Q:!

!R'%$^,*/:![N3=0$6+(34!O0'%%>!3&!./%+,0!$<,%!T,5+&$&!U+%:\!:1-.G*A'4+@M!G'0>!@LL?-!

S,4:!U$%02!^,*/:!1((=`cc***:,'%$&,*/:&,(c@LL?cLKc@Mc23=0$6+(34D)0'%%>D3&D3/%+,0D$<,%D0,5+&$&D*+%c:!

!R<%$&-!_+3%:!/%-+%"&+F"#*-;*"#!."+!"+9*2%"."I+()*+F'-%*3!QB?-!%"+5*#*--*"7*+5!%3.81*T+

l,&(-!k&3(,2!l3&B2$6`!E%$$6!V,06-!"79K:!!O+((+1-!V+//+&:![e3$0,&4,!X=,&/!X02!U$'&2/!O%$6!T,5+&$&z/!W+/(:\!G*A+J.-^+(!6*'4+

"8!G'0>!@LL?:!!

! ""@!

O+((+1-!V+//+&!+&2!U+%%,&!V$B,:![k^!O$%4,!3&!T,5+&$&!X)),%/!V+%/1!b,+03(3,/!+&2!T,//$&/:\!G*A+J.-^+(!6*'4+"7!G'0>!@LL?:!

!O,026+&-!S1+3:![I1,!V,Y5$00+1D./%+,0!U+%`!C!W%,0363&+%>!C//,//6,&(:\!I1,!E%$*&!

E,&(,%!)$%!a3220,!R+/(!S('23,/!+(!#%+&2,3/!k&3<,%/3(>!S!&&3*+:%'#+g-!*$+P@LL?Q:!

!O3/H-!b$5,%(:!<!#?+#)*+G%#!."I+()*+,2&17#!."+.$+9*2%".":!^,*!_$%H`!C(1,&,'6-!"77L:!!Z+&$%-!#$+Y:!()*+>.1"#*-Q(*--.-!'6+<1UU3*I+,+V1!&*+$.-+5*7!'!."+S%^*-':!^,*!G,%/,>`!

I%+&/+4(3$&!W'503/1,%/-!@LLJ:!!Z,$%B,-!C0,A+&2,%!T:!+&2!b341+%2!S6$H,:!5*#*--*"7*+!"+,6*-!7%"+D.-*!8"+<.3!7?I+

()*.-?+%"&+<-%7#!7*T+^,*!_$%H`!E$0'653+!k&3<,%/3(>!W%,//-!"7K8:!!V+5,%6+&-!E0>2,:![N$Y,&/!+%,!l300,2!+/!./%+,03!C((+4H!E+6=!3&!T,5+&$&:\!G*A+J.-^+

(!6*'-!M!G'&,!"778:!1((=`cc***:&>(36,/:4$6c"778cL?cLMc*$%02c2$Y,&/D+%,DH300,2D+/D3/%+,03/D+((+4HD4+6=D3&D0,5+&$&:1(60:!!

!V+%,0-!C6$/!+&2!C<3!.//+41+%$)):!P]+5%?'I+F'-%*34+@*U2.33%)4+%"&+#)*+/%-+!"+9*2%"."T+

^,*!_$%H`!W+0B%+<,!a+46300+&-!@LL9:!![V,Y5$00+1;/!S(+>3&B!W$*,%`!C&!C//,//6,&(:\!C!S+5+&!E,&(,%!W$034>!T'&41,$&:!

#%$$H3&B/!.&/(3('(3$&-!U+/13&B($&!N:E:!ML!C=%30!@LLK!1((=`cc***:5%$$H3&B/:,2'c,<,&(/c@LLKcL8ML(,%%$%3/6:+/=A:!

!V$B,-!U+%%,&:![C((+4H/!t'+03)>!C/!U+%!E%36,/-!X))343+0/!S+>:\!G*A+J.-^+(!6*'4+@L!

G'0>!@LL?:!!V$0(6+&&-!W1303==:!()*+<9\+>)%-#*-'+.$+MNR]+%"&+MNRY+%"&+#)*+@%6%'+>)%-#*-I+,+

>.6L%-%#!;*+B#1&?:!Z,%6+&>`!Zb.^!e,%0+B-!@LL7:!!.B&+(3,))-!a341+,0:!()*+9*''*-+:;!3:!^,*!G,%/,>`!W%3&4,($&!k&3<,%/3(>!W%,//-!@LL8:!!.&5+%-!R)%+36:!qV$*!./%+,0!#'&B0,2!(1,!S,4$&2!T,5+&$&!U+%:q!S!&&3*+:%'#+f1%-#*-3?!

"8-!&$:!M!P@LLKQ`!JKD?J:!1((=`cc***:6,)$%'6:$%Bc"?9?c1$*D3/%+,0D5'&B0,2D(1,D/,4$&2D0,5+&$&D*+%:!

!.&(,%&+(3$&+0!#+%!C//$43+(3$&;/!I+/H!O$%4,!$&!.&(,%&+(3$&+0!I,%%$%3/6:!F"#*-"%#!."%3+

(*--.-!'6I+9*8%3+>)%33*"8*'+%"&+C*'L."'*'T+^,*!_$%H`!I%+&/&+(3$&+0!W'503/1,%/-!@LLM:!

!.&(,%&+(3$&+0!E$663((,,!$)!(1,!b,2!E%$//:!V*"*;%+>.";*"#!."+C*3%#!;*+#.+#)*+

<-.#*7#!."+.$+>!;!3!%"+<*-'."'+!"+(!6*+.$+/%-+mD.1-#)+V*"*;%+>.";*"#!."k:!"@!C'B'/(!"787:!1((=`cc***:'&14%:$%Bc%,)*$%02c2$432cM+,?5M?2@:1(60!

!

! ""M!

.&(,%&+(3$&+0!E$663((,,!$)!(1,!b,2!E%$//:![Z,&,<+!E$&<,&(3$&/!$)!"@!C'B'/(!"787:\!1((=`cc***:34%4:$%Bc310:&/)cU,5S3B&ob,+2O$%6x32|MKJx=/|W:!

!.&(,%&+(3$&+0!E%3/3/!Z%$'=:![./%+,0cV,Y5$00+1cT35+&`!R<3(,%!'&!b,B+3&!2,!e3$0,&4,:\!

C%LL.-#+S.?*"Q\-!*"#+&$:!J7!P@LL?Q:!!.&(,%&+(3$&+0!E%3/3/!Z%$'=:![./%+,0cW+0,/(3&,cT,5+&$&`!E03653&B!X'(!$)!(1,!C5>//:\!

S!&&3*+:%'#+C*L.-#+&$:!JK!P@LL?Q:!!.&(,%&+(3$&+0!T+*!E$663//3$&-!JM%2!/,//3$&-!N%+)(!C%(340,/!$&!C*'L."'!2!3!#?+.$+B#%#*'+

$.-+F"#*-"%#!."%33?+/-."8$13+,7#'+P^$<,65,%!@LL"Q!S'==0,6,&(!^$:!"L!PCcJ?c"LQ:!

!./%+,0!a3&3/(%>!$)!O$%,3B&!C))+3%/:![I1,!S,4$&2!T,5+&$&!U+%!P@LL?Q\!,(!+0:!./%+,0!

a3&3/(%>!$)!O$%,3B&!C))+3%/:!1((=`cc***:6)+:B$<:30c6)+c:!!G$&,/-!E03<,!+&2!S,%B3$!E+(3B&+&3:!F'-%*3+%"&+@*U2.33%)I+,"+%'?66*#-!7+7."$3!7#+!"+

)!'#.-!7%3+%"&+7.6L%-%#!;*+L*-'L*7#!;*T+^,*!_$%H`!b$'(0,2B,-!@L"L:!!l+=0+&-!R5,&:![W%$)30,`!V+//+&!^+/%+00+1:\!E$'&430!$&!O$%,3B&!b,0+(3$&/:!

1((=`cc***:4)%:$%Bc='5034+(3$&c"""M@c=%$)30,:1(60:!!l+%/1-!R)%+36-!b$%>!a300,%-!+&2!a341+,0!l,%%-!,2:!>."$3!7#4+5!L3.6%7?+%"&+B.7!*#?+!"+

F'-%*3!Q9*2%"*'*+C*3%#!."'T+XA$&-!k&3(,2!l3&B2$6`!I+>0$%!x!O%+&43/-!@L"L:!!l+(Y-!_++H$<:![C&+0>/3/`!I1,!N+13>+!N$4(%3&,!</:!(1,!Z$02/($&,!b,=$%(-\!i*-1'%3*6+

<.'#-!S,4:!^+(3$&+0!^,*/:!@J!G+&'+%>!@L"L:!1((=`cc&,*:]=$/(:4$6c./%+,0cC%(340,:+/=Ao32|"??J8?:!

!l%3,B,%-!V,3H,:!()*+K.'.;.+>."$3!7#+%"&+F"#*-"%#!."%3+9%AI+,"+,"%3?#!7%3+

5.716*"#%#!."T+E+65%32B,`!E+65%32B,!k&3<,%/3(>!W%,//-!@LL":!!T,,-!S(,=1,&!W:-!,2:!F"#*-;*"#!."%34+(*--.-!'64+%"&+(.-#1-*I+>."#*6L.-%-?+>)%33*"8*'+

#.+i1'#+/%-+()*.-?T+I1,!^,(1,%0+&2/`!S=%3&B,%-!@LLK:!!T,!a$&2,:![T,!O3&'0!%,&)$%4,!/$&!4$&(%$0,!+'!T35+&!/'2:\!9*+S."&*4!@9!N,4,65,%!

@LL9:!1((=`cc***:0,6$&2,:)%c*,5c%,41,%41,g5%,<,c"-"MDL-MKD"L?8LK?-L:1(60!

!T,<3(,-!C%3,0:!\$$*"'*+%"&+5*$*"'*+!"+F'-%*3!+S!3!#%-?+5.7#-!"*:!#$'02,%-!EX`!U,/(<3,*!

W%,//-!"77L:!!T')(-!Z+0:![./%+,0;/!S,4'%3(>!j$&,!3&!T,5+&$&:\!S!&&3*+:%'#+f1%-#*-3?!K-!&$:!M!P@LLLQ:!

1((=`cc***:6,)$%'6:$%BcKLc3/%+,0/D/,4'%3(>DY$&,D3&D0,5+&$&D+D(%+B,2>:!!a+413+<,003-!^344$0$:!()*+<-!"7*:!(%+&/:!+&2!,2:!b$5,%(!a:!C2+6/:!^,*!_$%H`!^$%($&-!

! ""8!

"7KK:!!a+$Y-!j,,<:!5*$*"&!"8+#)*[email protected]?+9%"&I++,+>-!#!7%3+,"%3?'!'+.$+F'-%*3l'+B*71-!#?+%"&+

D.-*!8"+<.3!7?:!C&&!C%5$%-!a.`!k&3<,%/3(>!$)!a3413B+&!W%,//-!@LL?:!!a$%B+&-!W+(%34H:!5*#*--*"7*+G.AT+E+65%32B,`!E+65%32B,!k&3<,%/3(>!W%,//-!@LLM:!!a$%%3/-!#,&&>:!C!8)#*.1'+W!7#!6'I+,+@!'#.-?+.$+#)*+X!."!'#Q,-%2+>."$3!7#n+MYYM+Q+MNNN:!

^,*!_$%H`!e3&(+B,!#$$H/-!@LL":!!a'%%+>-!U3003+6/$&-!a+4Z%,B$%!l&$A-!+&2!C0<3&!V:!#,%&/(,3&:!()*+S%^!"8+.$+

B#-%#*8?I+C13*-'4+B#%#*'4+%"&+/%-:!E+65%32B,-!kl`!E+65%32B,!k&3<,%/3(>!W%,//-!"778:!

!a'%%+>-!N$'B0+/!G:!+&2!W+'0!b:!e3$((3:!()*+5*$*"'!;*+<.3!7!*'+.$+G%#!."'I+,+>.6L%-%#!;*+

B#1&?:!#+0(36$%,`!I1,!G$1&/!V$=H3&/!k&3<,%/3(>!W%,//-!@LL8:!!!^+B,0-!I1$6+/:![U+%!+&2!a+//+4%,:\!<)!3.'.L)?+%"&+<123!7+,$$%!-'+"-!^$:!@!PU3&(,%!

"7K@Q`!"@MD"88:!!^,*/!CB,&43,/:![C&&+&!4$&2,6&/!./%+,0!+((+4H!3&!T,5+&$&:\!J"*#+G*A'4!S,4:!./%+,0!

^,*/-!"@!G'0>!@LL?:!1((=`cc***:>&,(&,*/:4$6c+%(340,/cL-KM8L-TDM@K8?LK-LL:1(60:!

!^,*!_$%H!I36,/:![R&B03/1!S'66+%>!$)!(1,!U3&$B%+2!E$663//3$&!b,=$%(:\!G*A+J.-^+

(!6*'-!ML!G+&'+%>!@LL9:!1((=`cc***:&>(36,/:4$6c@LL9cL"cMLc*$%02c63220,,+/(cM"*3&$B%+2D*,5:1(60o=+B,*+&(,2|"xg%|":!

!^$,-!^341$0+/:!W.!7*+.$+@*U2.33%)I++()*+B#%#*6*"#'+.$+B%??*&+@%''%"+G%'-%33%):!

T$&2$&-!kl`!e,%/$-!@LLK:!!^$%($&-!C'B'/('/!b::!,6%3+%"&+#)*+B)!H%I++B#-1883*+$.-+#)*+B.13+.$+9*2%".":!C'/(3&-!I~`!

k&3<,%/3(>!$)!I,A+/!W%,//-!"79K:!!^$%($&-!C'B'/('/!b::!@*U2.33%)I+,+B).-#+@!'#.-?:!W%3&4,($&`!W%3&4,($&!k&3<,%/3(>!

W%,//-!@LLK:!!XY,0-!S$03:![W%,0'2,!($!U+%!$%!N3=0$6+4>o!b,)0,4(3$&/!$&!(1,!S3A(1!U+%:\!a3220,!R+/(!

W%$B%+6!\77%'!."%3+<%L*-'T!U$$2%$*!U30/$&!.&(,%&+(3$&+0!E,&(,%!)$%!S41$0+%/!PO+00!@LL?Q:!

!b+53&$<341-!.(+6+%-!+&2!G,1'2+!b,3&1+%Y-!,2:!F'-%*3+!"+#)*+S!&&3*+:%'#I+5.716*"#'+

%"&+C*%&!"8'+."+B.7!*#?4+<.3!#!7'4+%"&+D.-*!8"+C*3%#!."'4+MN]Y+#.+#)*+<-*'*"#:!U+0(1+6-!aC`!#%+&2,3/!k&3<,%/3(>!W%,//-!@LL9:!

!

! ""J!

b,'(,%/:![./%+,0!*+%6/!V3Y5'00+1!*+%!*$'02!3&<3(,!2,/(%'4(3$&:\+J"*#G*A'-!M!X4($5,%!@LL9-!1((=`cc***:>&,(&,*/:4$6c+%(340,/cL-KM8L-TDM?L897M-LL:1(60:!

!b$26+&-!N+<32:!5*$*"'*+%"&+5!L3.6%7?+!"+F'-%*3H'+G%#!."%3+B*71-!#?+:=L*-!*"7*:!

#%3B1($&-!kl`!S'//,A!C4+2,634!W%,//-!@LLJ:!!b$&,&-!Z30:!qa3&3/(,%!_++0$&`!#,/(!N,),&/,!3/!X)),&/,:q!,-1#U+B)*;%+P"K!O,5%'+%>!

@L"LQT!1((=`cc./%+,0^+(3$&+0^,*/:4$6:!!b'53&-!#+%%>!a:-!,2:!9*2%"."I+9!2*-%#!."4+>."$3!7#4+%"&+>-!'!':!^,*!_$%H`!W+0B%+<,!

a+46300+&-!@LL7:!!b'(,&5,%B-!G36:![#'/1!Z3<,/!t'+03)3,2!S'==$%(!)$%!./%+,0;/!S(%3H,/:\!G*A+J.-^+(!6*'4+

"8!G'0>!@LL?:!!S+32!C0>-!C52,0!a$&,6:![I1,!S3A(1!C%+5D./%+,03!U+%`!C&!C%+5!W,%/=,4(3<,:\!I1,!

E%$*&!E,&(,%!)$%!a3220,!R+/(!S('23,/!+(!#%+&2,3/!k&3<,%/3(>!S!&&3*+:%'#+g-!*$+P@LL?Q:!

!S413))-!j,z,<-!+&2!R1'2!_+z+%3:!F'-%*3l'+9*2%"."+/%-:!^,*!_$%H`!S36$&!+&2!S41'/(,%-!

"798:!!S,6+(3-!V+23:![b3/3&B!W$*,%`!N$6,/(34!+&2!S(%+(,B34!O+4($%/!$)!(1,!.%+&DV3Y5'00+1!

E$&&,4(3$&!+&2!(1,3%!b,B3$&+0!.6=034+(3$&/:\!a3220,!R+/(!W%$B%+6!\77%'!."%3+<%L*-+B*-!*'T+U$$2%$*!U30/$&!.&(,%&+(3$&+0!E,&(,%!)$%!S41$0+%/!PO+00!@LL?Q:!

!S1+6+/1-!V+6'(+0!R/(1,%:![V$*!a'41!3/!I$$!a'41D!C&!RA+63&+(3$&!$)!(1,!W%3&43=0,!

$)!G'/!3&!#,00$!W%$=$%(3$&+03(>:\!F5D+9%A+C*;!*A+@!P@LLJD@LL?Q`!"LMD"89:!!S1,6,/1-!a$/1,:![I1,!.NO!b+32!$&!S+6';`!I1,!I'%&3&B!W$3&(!3&!G$%2+&;/!b,0+(3$&/!

*3(1!./%+,0!+&2!(1,!U,/(!#+&H!W+0,/(3&3+&/:\!F'-%*3+B#1&!*'+K-!^$:!"`!"8LD"?K:!!S13&20,%-!E$03&:!,+@!'#.-?+.$+S.&*-"+F'-%*3:!E+65%32B,-!kl`!E+65%32B,!k&3<,%/3(>!

W%,//-!@LL9!!S10+36-!C<3:!()*+F-."+/%33I+F'-%*3+%"&+#)*+,-%2'+'!"7*+MN]Y:!^,*!_$%H`!U:U:!^$%($&-!

"777:!!S$5,06+&-!N+&3,0:!G*A+C13*'+.$+#)*+V%6*I+F'-%*3+%"&+@!U2.33%)+%$#*-+#)*+/!#)&-%A%3+

$-.6+9*2%"."!a,6$%+&2'6!^$:!?7:!I,0!C<3<`!G+)),,!E,&(,%!)$%!S(%+(,B34!S('23,/!+(!I,0!C<3<!k&3<,%/3(>-!G+&'+%>!@LL8:!

!S$),%-!b$&&>:![b,(3%,2!G'2B,!U3&$B%+2!*300!T,+2!E$663//3$&!$)!.&F'3%>:\!J"*#+G*A'4+

""!S,=(,65,%!@LL?:!1((=`cc***:>&,(&,*/:4$6c+%(340,/cL-KM8L-TD

! ""?!

MML@?L9-LL:1(60:!!!S=>,%-!G$&+(1+&:![T,5+&$&!@LL?`!k&)3&3/1,2!U+%:\!S!&&3*+:%'#+C*;!*A+.$+

F"#*-"%#!."%3+,$$%!-'+"@-!&$:!"!P@LLLQ:!!I+0-!_3/%+,0:!G%#!."%3+B*71-!#?I++()*+F'-%*3!+:=L*-!*"7*:!U,/(=$%(-!EI`!W%+,B,%!

W'503/1,%/-!@LLM:!!I36,!a+B+Y3&,:![a3220,!R+/(`!.&432,&(!+(!S+6':\!(!6*4+@J!^$<,65,%!"7??:!

1((=`cc***:(36,:4$6c(36,c6+B+Y3&,c+%(340,cL-7"K"-98ML9@-LL:1(60h3AYYL4"0*FaW&:!!

!k&3(,2!^+(3$&/:!>)%-#*-+.$+#)*+E"!#*&+G%#!."'T!P"78JQ:!

1((=`cc***:'&:$%Bc,&c2$4'6,&(/c41+%(,%c41+=(,%K:/1(60!![kS!e,($,/!E%3(343/6!$)!./%+,0-\!I1,!G*A+J.-^+(!6*':!"8!G'0>!@LL?:!!U+0Y,%-!a341+,0:!,-81!"8+,2.1#+/%-T+^,*!V+<,&-!EI`!_+0,!k&3<,%/3(>!W%,//-!@LL8:!!U+0Y,%-!a341+,0:!i1'#+%"&+E"01'#+/%-'I+,+S.-%3+,-816*"#+/!#)+@!'#.-!7%3+

F331'#-%#!."'T+^,*!_$%H`!#+/34!#$$H/-!@LLL:!!U+/0,H+%-!S'&2,,=!+&2!.06+/!O'(,1+00>:!>.'#+.$+>."$3!7#+!"+#)*+S!&&3*+:%'#:!a'65+3`!

S(%+(,B34!O$%,/3B1(!Z%$'=-!@LL7:!!U+A6+&-!N$<:![#,(*,,&!e34($%>!+&2!N,),+(`!./%+,0!+)(,%!(1,!U+%!*3(1!V3Y5+00+1:\!

()*+/%')!"8#."+f1%-#*-3?!ML-!&$:!"!P@LL?Q`!@KD8M:!!U$%(1-!b$5,%(!O::![T,5+&$&z/!k&,+/>!I%'4,!Z%$*/!a$%,!O%+B30,:\!G*A+J.-^+(!6*'4+

C'B'/(!M"-!@LL?-!/,4:!U$%02DC)%34+:!1((=`cc***:&>(36,/:4$6c@LL?cL9cM"c*$%02c+)%34+cM"31(D0,5+&$&:@?JK889:1(6:!

!j366,%6+&&-!C&2%,+/:![I1,!S,4$&2!T,5+&$&!U+%`!i1'+%&+2*33164+i1'+!"+2*33.4++&2!

(1,!.//',!$)!W%$=$%(3$&+03(>:\!J*%-2..^+.$+E"!#*&+G%#!."%3+9%A+""-!^$:!""!P@LLKQ`!77D"8":!

!j$,=)-!l+(1,%3&,:![S=3%3(/!+%,!V3B1!3&!S>%3+;/!E+=3(+0!+/!T,+2,%/!X=,&0>!S1$*!

S'==$%(!)$%!V,Y5$00+1:\!G*A+J.-^+(!6*'4+"?!G'0>!@LL?:!!!!!!!!

! ""K!

!!

:/#/%-7!E&%X4!!

C06$B-!N$%$&:![E'6'0+(3<,!N,(,%%,&4,!+&2!(1,!U+%!$&!I,%%$%3/6:\!<%-%6*#*-'I+EB+,-6?+/%-+>.33*8*!M8-!&$:!8!PU3&(,%!@LL8D@LLJQ`!8D"7:!

!C0DS1+>H1-!V+&+&:!()*+B#.-?+.$+X%)-%T!T$&2$&-!kl`!b,+2,%/!.&(,%&+(3$&+0-!"79?:!!C6,%34+&!T+*!.&/(3('(,:!C*'#%#*6*"#+.$+#)*+9%A4+()!-&4+#)*+D.-*!8"+C*3%#!."'+9%A+.$+

#)*+E"!#*&+B#%#*':!S(:!W+'0-!a3&&:`!C6,%34+&!T+*!.&/(3('(,!W'503/1,%/-!"79K:!!!#+%DG$/,=1-!k%3:!F'-%*3H'+G%#!."%3+B*71-!#?+(.A%-&'+#)*+ZM'#+>*"#1-?T+^,*!_$%H`!

b$'(0,2B,-!@LL":!!#>6+&-!N+&3,0:![I+0H3&B!*3(1!.&/'%B,&(/`!C!Z'32,!)$%!(1,!W,%=0,A,2:\!()*+

/%')!"8#."+f1%-#*-3?+M@-!^$:!@!PC=%30!@LL7Q`!"@JD"MK:!!E$1,&-!C<&,%:!F'-%*3+%"&+#)*+g.62T+^,*!_$%H`!E$0'653+!k&3<,%/3(>!W%,//-!"779:!!O+((+1-!V+//+&:![T,5+&$&;/!Z$<,%&6,&(-!X&4,!#$02/-!l,,=/!T$*!W%$)30,:\!G*A+J.-^+

(!6*'-!"J!G'0>!@LL?:!!Z+0'0+-!N+<32:!>.1"#*-QF"'1-8*"7?+/%-$%-*I+()*.-?+%"&+<-%7#!7*T+^,*!_$%H`!W%+,B,%-!

"7?8:!!.&5+%-!R)%+36:!F'-%*3H'+G%#!."%3+B*71-!#?I+F''1*'+%"&+>)%33*"8*'+'!"7*+#)*+J.6+K!LL1-+

/%-T+^,*!_$%H`!b$'(0,2B,-!@LL9:!!l+//3%-!S+63%:!E"+<-!"#*6L'+F"%7)*;*T+O%+&4,`!C4(,/!S'2-!@LL?:!!l,,B+&-!G$1&:!/%-+%"&+\1-+/.-3&T+^,*!_$%H`!e3&(+B,!#$$H/-!@LL":!!a+0H+-!C6$/:![./%+,0!+&2!C/>66,(%34+0!N,(,%%,&4,:\!>.6L%-%#!;*+B#1&!*'+@K-!^$:!"!

PG+&'+%>!@LL9Q`!"D"7:!!a+$Y-!j,,<:![R<+0'+(3&B!./%+,0z/!S(%+(,B>!$)!T$*D.&(,&/3(>!U+%)+%,-!"787D@LL?:\!

B*71-!#?+B#1&!*'!"?-!&$:!M!P@LLKQ`!M"7DM87:!!a,%$6-!Z30:[email protected]+5*6.7-%7!*'+9.'*+B6%33+/%-'T+E+65%32B,-!k&3(,2!l3&B2$6`!

E+65%32B,!k&3<,%/3(>-!@LLM:!!a$4H+3(3/-!I1$6+/!+&2!W+'0!b341:!V-%"&+B#-%#*8?+!"+#)*+/%-+,8%!"'#+(*--.-!'6T+^,*!

_$%H`!b$'(0,2B,-!@LLM:!!

! ""9!

a$%B+&-!W+(%34H:!5*#*--*"7*I+,+>."7*L#1%3+,"%3?'!'T+#,<,%0>!V300/-!EC`!S+B,!W'5034+(3$&/-!"7KK:!

!b+53&$<341-!.(+6+%:!()*+/%-+$.-+9*2%"."4+MNj[QMNYOT+.(1+4+-!^_`!E$%&,00!k&3<,%/3(>!

W%,//-!"79J:!!b'53&-!kY3:!a()*+C.7^*#+7%6L%!8"+,8%!"'#+F'-%*3+51-!"8+#)*+Z[[R+9*2%"."+/%-Tb+

S!&*%'#+B*71-!#?+%"&+<.3!7?+B#1&!*'+^$:!K":!#RSC-!G'&,!@LLK:!!S30H,-!S+10:![b,/,+%413&B!E'/($6+%>!.&(,%&+(3$&+0!T+*-!S(+(,!W%+4(34,!+&2!(1,!

W%$&$'&4,6,&(/!$)!S(+(,/!%,B+%23&B!.&(,%&+(3$&+0!T+*:\!V+'/,%!Z0$5+0!T+*!S41$$0!W%$B%+6:!PG'&,cG'0>!@LLKQ:!1((=`cc***:&>'0+*B0$5+0:$%BcB0$5+0,Ac4'/($6+%>g3&(,%&+(3$&+0g0+*:1(6hgU1+(g3/gE'/($6+%>:!!

!U,3&5,%B-!T,$&+%2-!,2:!5*6.7-%#!7+C*'L."'*'+#.+(*--.-!'6T+^,*!_$%H`!I+>0$%!x!

O%+&43/-!@LL9:!!_+&3<-!C<&,%-!,2:!G%#!."%3+B*71-!#?+%"&+5*6.7-%7?+!"+F'-%*3:!#$'02,%-!EX`!T>&&,!

b3,&&,%!W'503/1,%/-!.&4:-!"77M:!!!!