fl70?C4A - *4=B0C8>= 74 8B 4=60643 8= 38E8343 0CC4=C8>= != 24AC08= >22D?0C8>=B ;8:4 8= C74 20B4 >5 0 C4;4?7>=4 >?4A0C>A 8C 8B =424BB0AH C> 3> CF> >A <>A4 C0B:B 0C >=24 >A C> BF8C27 A0?83;H 102: 0=3 5>AC7 14CF44= CF> >A <>A4 ?4A5>A<0=24B .74= F4 142><4 022DBC><43 C> ?4A5>A< 0 ?0AC82D;0A C0B: F4 =443 C> 0CC4=3 C> 8CB 34C08;B ;4BB 0=3 ;4BB 'DA ?4A5>A<0=24 142><4B 0DC><0C82 0=3 >DA 0CC4=C8>= 20= 14 DC8;8I43 4;B4F74A4 ff>A 4G0<?;4 F78;4 ;40A=8=6 C> 3A8E4 0 20A C>> <0=H C78=6B 2><?4C4 5>A >DA0CC4=C8>=;8:4BC44A8=6F744;0224;4A0C>ACDA=B86=0;1A0:4BB?443 ><4C4A >C74A 20AB ?434BCA80=B 4C2 .8C7 4G?4A84=24 F4 0A4 01;4 C> <0=064 0 ;>C >5 >C74A C78=6B F78;4 3A8E8=6 ;8:4 20AAH8=6 >= 0 2>= E4AB0C8>= 0CC4=38=6 C> 0 101H 8= C74 102: B40C 0=3 B> >= +74A4 0A4 >C74A BCD384B F7827 A4E40; C70C >=;H >=4 C0B: 20= 14 ?4A5>A<43 0C 0C8<4 *8=2438E8B8>=>50CC4=C8>=<40=B0B8<D;C0=4>DB5>2DB8=6D?>= CF> B4?0A0C4 02C8E8C84B DBD0;;H >=4 >A 1>C7 >5 CF> B8<D;C0=4>DB ?4A5>A<0=24B F8;; B7>F B><4 8<?08A<4=C .:.7.434+88*38.43 "5&34+88*38.43 *?0= >5 0CC4=C8>= 8B C74 =D<14A >5 >1942CB C70C 0 ?4AB>= 20= C0:4 8=0B8=6;46;0=24 +74018;8CHC>5>2DB>=4B2>=24=CA0C8>=>=0=>1942C 8B 2>=B834A43 C> 14 >5 ?A8<4 8<?>AC0=24 C> C74 02784E4<4=C >5 6>0;B =D<14A >5 >1942CB >5 C74 B0<4 20C46>AH B0H B<0;; ?411;4B 0A4 >= 0 C01;4 0=3 2>E4A43 F8C7 0 ?0?4A +74= C74 ?0?4A 8B A4<>E43 0=3 C74 ?411;4B 0A4 B7>F= C> C74 BD1942C 5>A 0 54F B42>=3B 4 8B C74= 0B:43 C> B0H7>F<0=H?411;4BF4A4 C74A4 >= C74 C01;4 +74=D<14A
(B2H27>;>6H!(,fl >5?411;4B7470B6A0B?43F8;;1478BB?0= !=>C74AF>A3BC74=D<14A >5?411;4B0=3>C74AD=85>A<>1942CBC70C20=146A0B?438=>=46;0=24 >=4 <><4=C0AH 02C >5 ?4A24?C8>= 0=3 A4?>AC43 2>AA42C;H F>D;3 14 C74 B?0= >5 0= 8=38E83D0; *?0= >5 0CC4=C8>= 8B 34?4=34=C >= 0 =D<14A >5502C>AB ;8:4B8I4>5C74BC8<D;DB?A02C8243DA0C8>=>54G?>BDA4C8<4 38BCA02C8>=B 8= C74 4=E8A>=<4=C 0=3 B> >= "5&34+&88*38.43 ff>A 0 A4;801;4 4G?4A8<4=C 14CC4A 2>=CA>; >5 C74 BC8<D;DB E0A801;4B 8B A4@D8A43 +74 A4@D8A4<4=C 70B 144= <4C 1H C74 C0278BC>B2>?4 +0278BC>B2>?48B034E824F782768E4B@D82:;>>:B1H;8<8C8=6C743DA0C8>= >5 C74 4G?>BDA4 !C 70B 0 F4867C43 ?;0C4 C70C 3A>?B ;8:4 0 F8=3>F B0B78=8CB5A0<4 !C70B0=>?4=8=6C70C4G?>B4B02>;;42C8>=>5;4CC4AB =D<14AB 3>CB >A 0=H >C74A BC8<D;8 <0C4A80; = 0338C8>=0; 5028;8CH 8= C74 5>A< >5 0 B2A44= 8= 5A>=C 20= 14 8=2;D343 F8C7 0 58G0C8>= ?>8=C +78B 74;?B C74 4H4B C> 5>2DB ?A>?4A;H 8= 03E0=24 B> C70C C74 4H4B 3> =>C 70E4 C74 C4=34=2H C> 5>;;>F C74 50;;8=6 ?;0C4 !=0CH?820;4G?4A8<4=C>=C74B?0=>50CC4=C8>=0=D<14A>5;4CC4AB =D<14AB >A 3>CB 0A4 4G?>B43 C> C74 BD1942CB E84F 4 A4B?>=3B 1H B0H8=6 0 =D<14A +74 A4B?>=B4 20= 14 A42>A343 0=3 C74 ?4A24=C >5 2>AA42C A4B?>=B4B 8B DB43 5>A 2><?DC0C8>=B >5 C74 B?0= .786&(8.434+88*38.43 = 8=38E83D0; 8B 4=60643 8= B><4 F>A: C70C 20;;B 5>A 0CC4=C8>= 1DC 4GC4A=0; BC8<D;8 38BCDA1 78< 0=3 C4=3 C> 38BCA02C 78< +74B4 BC8<D;8 0CCA02C 0CC4=C8>= C> C74<B4;E4B 0=3 0F0H 5A>< C74 8=38E83D0;B C0B:
fl70?C4A - *4=B0C8>= 4 <0H BC>? 78B F>A: 0=3 =>C824 C74 BC8<D;8 >A 74 <0H 2>=C8=D4 C> :44? F>A:8=6 .70C 70??4=B =>F ffi>4B 78B F>A: BD554A =3 85 B>7>F<D2764=4A0;?A4BD<?C8>=F>D;314C70C C74F>A:BD554AB 85 C74 4GCA0=4>DB BC8<D;DB 8B 8=C4=B4 >A 70B 0 270A02C4A8BC82 >5 0 34 C4A<8=4A >5 0CC4=C8>= +74A4 0A4 4G?4A8<4=C0; 4E834=24B C70C A4E40; 038BAD?C8>=8=F>A:F74=38BCA02C8>=8B8=CA>3D243 >F4E4A38BCA02C8>= 20= 14 >E4A2><4 1H E0A8>DB <40=B .786&(8.434+&88*38.43 6A>D? >5 2>;;464 BCD34=CB 0A4 38E8343 8=C> CF> <0C2743 6A>D?B >= C74 10B8B >5 C748A B2>A4B >= 0= 8=C4;;864=24 C4BC 54F F44:B ;0C4A C74 2>=CA>; 6A>D? C>>: 0=>C74A 5>A< >5 8=C4;;864=24 C4BC D=34A =>A<0; 2>=38C8>=B F78;4 C74 4G?4A8<4=C0; 6A>D? C>>: 8C D=34A 2>=38C8>= >5 E8BD0; 0=3 0D38C>AH 38BCA02C8>= +74 38BCA02C8>=B F4A4 B4E4A4 A0=68=6 5A>< ;>D3 =>8B4B >5 E0A843 CH?4B C> ?4>?;4 4=C4A8=6 C74 A>>< D= 0==>D=243 0=3 38BCDA18=6 C74 8=38E83D0;B +74 2>=38C8>=B F4A4 E4AH 50C86D8=6 5>A C74 4G?4A8<4=C0; 6A>D? +74 4G?4A8<4=C0; 6A>D? 383 =>C 50A4 0B F4;; 0B C748A 2>D=C4A?0ACB 8= C74 2>=CA>; 6A>D? !C 74;?B C> >E4A2><4 38BCA02C8>= 1H ?DCC8=6 <>A4 4=4A6H 8=C> C74 F>A: C70C >=4 8B 3>8=6 !5 C74 F>A: 2>=C8=D4B 30H 05C4A 30H D=34A B8<8;0A38BCA02C8>=038554A4=C:8=3>5 039DBC<4=C C0:4B?;024F8C7 C74 >DC?DC<08=C08=43F8C7>DC4GCA0455>AC !CF0B5>D=3C70CC748=38E83D0;B 1420<4 030?C43 C> C74 =>8B4 +78B 8B C4A<43 0B =460C8E4 030?C0C8>=
(B2H27>;>6H!(,fl 19(89&8.434+88*38.43 !5 H>D 2;>B4;HF0C27 H>DF8;;=>C4 C70C H>D>1B4AE438554A4=C>1942CB 0C38554A4=CC8<4B +78B?4A24?C8>=>5=>F>=4>1942C0=3=4GC0=>C74A F74= C74 ?7HB820; 2>=38C8>=B 0A4 2>=BC0=C 8B :=>F= 0B 5;D2CD0C8>= >5 0CC4=C8>= *><4C8<4B F74= C74A4 0A4 <>A4 C70= >=4 0B?42C 8= 0 ?82CDA40CC4=C8>=C4=3BC>B785C5A><>=40B?42CC>0=>C74A +78BB785C8=6 8B 0;B> :=>F= 0B 5;D2CD0C8>= >5 0CC4=C8>= ,=3>D1C43;H 5;D2CD0C8>=B >22DA 1DC C> <40BDA4 C74B4 5;D2CD0C8>=B 8B 0 <0CC4A >5 385582D;CH +78B?74=><4=>=20=1434<>=BCA0C438=C74;01>A0C>AH1H0B8<?;4 4G?4A8<4=C 3>D1;4 ?4AB?42C8E4 1>>: 586DA4 8B DB43 74A4 +78B 1>>: 586DA4 0??40AB 70;5 >?4=43 0=3 70;5 2;>B43 0;C4A=0C4;H +74 B785C8=6 5A>< >=4 0B?42C >5 C74 1>>: C> C74 >C74A 8B 5;D2CD0C8>= 49'1*5*675*(8.:*'440+.,96* =>C74A2><<>=4G0<?;48BC74DB4>50<186D>DB586DA4B2>=24A=8=6 586DA40=3 6A>D=3 (>8=C8=6 C> C74 586DA4 8B 8C0F78C4 E0B4>=01;02: 102:6A>D=3 >A CF> 30A: B703>F ?A>58;4B >= 0 F78C4 102:6A>D=3 +74 B785C 5A>< >=4 C> C74 >C74A 8B E4AH 2><<>= A4BD;C8=6 8= 5;D2CD0C8>= >5 0CC4=C8>= #-*&88*38.43+19(89&8*7'*8;**3:&7*8;4+&(*7
fl70?C4A - *4=B0C8>= ff;D2CD0C8>=B >22DA 8=E>;D=C0A8;H 1DC C74 F8;; C70C 0 ?4AB>= ?>B B4BB4B 70B B><4 2>=CA>; >E4A 8C ff>A 34C08;B A454A C> C74 4G?4A8<4=C >= 5;D2CD0C8>= >5 0CC4=C8>= fi!fi#ffffl ffi*&3.3,&3)*+.3.8.43 'DA B4=B4B 0A4 4G?>B43 C> 0 E0A84CH >5 BC8<D;8 8= C74 4=E8A>=<4=C +74H ?A>E834 C74 B4=B>AH 8=5>A<0C8>= C> DB +74 ?A>24BB 1H F7827 C74B4 B4=B>AH 8=5>A<0C8>= 0A4 B>AC43 >DC 8=C4A?A4C43 0=0;HI43 0=3 8=C46A0C43 8B 20;;43 ?4A24?C8>= !C <0:4B 0= 0CC4<?C C> 0BB4<1;4 C74 1D8;38=6 1;>2:B >5 B4=B>AH 4G?4A84=24 8=C> <40=8=65D; ?0CC4A=B (BH27>;>68BCB 8=C4A4BC43 8= B4=B0C8>= 0B:43 C> ?0H 0CC4=C8>= C> C74 B8I4>5C74>1942C +7>B48=C4A4BC438=?4A24?C8>=0B:038554A4=C@D4BC8>= ?0H0CC4=C8>=C>C74=0<4>5C74>1942C ff>A4G0<?;4C74?BH27>;>68BCB 0A4 8=C4A4BC43 8= C74 B8I4 >5 C74 4;4?70=C >C74AB 0A4 8=C4A4BC43 8= C74 0=8<0; 4;4?70=C C> B86=85H C74 7D64=4BB (4A24?C8>= 8B C74 >A60=8I8=6 ?A>24BB1H F7827 F4 8=C4A?A4C >DA B4=B>AH 8=?DC *8*62.3&3874+5*6(*58.43 'DA 8=C4A?A4C0C8>= >5 C74 B4=B>AH BC8<D;DB 34?4=3 >= 2;D4B 0BBD<?C8>=B 0=3 ?A8=28?;4B >5 8=54A4=24 ;4038=6 C> ?4A24?C8>= 8 fflG?42C0C8>= 0=3 F0A4=4BB 'DA ?4A24?C8>= 8B 10B43 >= 4G ?42C0C8>=B F7827 8= CDA= 0A4 10B43 >= ?4A24?CD0; B4C 0=3 B274<0 (4A24?CD0;B4C8B05A0<4>5<8=3C70C?A438B?>B4B0?4AB>=C>?4A248E4 C78=6B 8= 0 24AC08= F0H !C 4BC01;8B74B 4G?42C0C8>=B C70C 6D834 >DA ?4A24?C8>=B (4A24?CD0; B4CB <0H 0A8B4 5A>< >DA >F= 4G?4A84=24B 0=3 34B8A4 5A>< F70C >C74A ?4>?;4 <867C C4;; DB 0=3 5A>< 2>=C4GC *274<0B 0A4 5>A<B >5 64=4A0; :=>F;4364 >5 C74 F>A;3 +74H B70?4 >DA 4G?42C0C8>=B 0=3 B> >DA?4A24?C8>=B *274<0B74;?DB C>?4A248E4 >1942CB 0C C74 B0<4 C8<4 C74H 0;B><0:4 ?4>?;4 >E4A;>>: >1942CB C70C 3> =>C 14;>=6 8= 0 B274<0 !C8B0BBD<43C70C0;;?4A24?C8>=B0A42>=B28>DB0=3B>F40A40F0A4 >5 F70C F4 ?4A248E4 DC B><4C8<4B F4 ?4A248E4 BC8<D;8 0C B><4
(B2H27>;>6H!(,fl BD12>=B28>DB ;4E4; +78B 8B :=>F= 0B BD1;8<8=0; ?4A24?C8>= +78B 8B C74018;8CHC>?4A248E40BC8<D;DBC70C8B14;>FC74C7A4B7>;3>52>=B28>DB 4G?4A84=24 *D1;8<8=0; ?4A24?C8>= 8B E4AH 2>=CA>E4AB80; =D<14A >5 BCD384B 70E4 144= 2>=3D2C43 1DC C74 5>;;>F8=6 0A4 C74 2><<>= 2>=2;DB8>=B D=34A 20A45D;;H 2>=CA>;;43 ;01>A0C>AH 2>=38C8>=B ?4>?;4 <0H?4A248E4C78=6BF8C7>DC2>=B28>DB0F0A4=4BB DCC78B8B=>C?>BB81;4 8=0=0CDA0;B4CC8=6 +>68E40B8<?;44G0<?;4278;3A4=34E4;>?8=C4A4BC 8= 1DH8=6 0=3 40C8=6 27>2>;0C4B =>C 1420DB4 C74H ;8:4 C74 C0BC4 >5 C74 27>2>;0C4 1DC <>A4 1420DB4 >5 C74 03E4AC8B4<4=CB C74H B44 0=3 C74 2>;>DA >5 C74 5>8; 0=3 C74 B>D=3 8C ?A>3D24B F78;4 D=FA0??8=6 C74 27>2>;0C4 0=3 4E4= C74 B70?4 B8I4 0=3 2>;>DA >5 C74 27>2>;0C4 8CB4;5 C70= C74 C0BC4 88 %>C8E4B 0=3 =443B !=38E83D0; 38554A4=24B 8= <>C8E4B 0=3 =443B 05542C ?4A24?C8>= .4 <0H 0CC4=3 C> 0=3 >A60=8I4 >DA B4=B>AH 8=?DCB C> <0C27 >DA =443B (A>942C8E4 C4BCB ;8:4 C74 )>AB27027 0A4 10B43 >= C78B 8340 ff>A 4G0<?;4 C74 5441;4 2AH >5 C74 101H 20= F0:4 0 B;44?8=6 <>C74A 0=3 C74 A8=68=6 >5 0 C4;4?7>=4 0 B;44?8=6 3>2C>A 888 fl*&63.3, (4A24?CD0; ;40A=8=6 8B 0= 8=2A40B4 8= C74 018;8CH C> 4GCA02C8=5>A<0C8>=5A><C744=E8A>=<4=C0B0A4BD;C>54G?4A84=24 >A?A02C824F8C7C74BC8<D;0C8>=2><8=65A><8C (4A24?CD0;;40A=8=6 <0H142>=B834A430B0:8=3>52>6=8C8E4;40A=8=6 %0=H4G0<?;4B 20= 14 68E4= C> B7>F 7>F ;40A=8=6 B70?4B ?4A24?C8>= ?4>?;4 CA08=438=E0A8>DB>22D?0C8>=B<0:4?4A24?C8>=0;38BC8=2C8>=BC70C D=CA08=43?4>?;420==>C<0:4 (4A24?C8>=0;;40A=8=670B?A02C820; 0=3 030?C8E4 E0;D4 ff>A 4G0<?;4 0= 0A278C42C 20= 34B86= 0 1D8;38=6 0=3 28E8; 2>=CA02C>A 20= >=;H BD?4AE8B4 1D8;38=6 2>= BCAD2C8>= 8E 88*38.43 +74 ?4A24?CD0; ?A>24BB4B C70C B4;42C 24AC08= 8=?DCB 5>A 8=2;DB8>= 8= >DA 2>=B28>DB 4G?4A84=24 >A 0F0A4=4BB 0C 0=H 68E4= C8<4 0A4 20;;43 CC4=C8>= CC4=C8>= 38E834B >DA 584;3 >5 4G?4A84=24 8=C> 0 5>2DB 0=3 0 <0A68= fflE4=CB C70C 0A4 2;40A;H ?4A248E430A40C C74 5>2DB>50CC4=C8>=F78;4 C7>B4 C70C0A4308;H ?4A248E43 0A4 8= C74 <0A68= C> C74 5>2DB +74B4 B4=B>AH 8=?DCB 0C C74 5>2DB >5 >DA 0CC4=C8>= 02@D8A4 5>A< 0=3 <40=8=6 0=3 B> ;403 C> ?4A24?C8>=
fl70?C4A - *4=B0C8>= fi6.3(.51*74+,6495.3,&3)46,&3.>&8.43 !=02><?;4GE8BD0;F>A;3C74<8=334E4;>?BBCA0C4684B 5>A2>?8=6 F8C7 2>=5DB8>= !C CA84B C> 58=3 C74 B8<?;4BC B>;DC8>= C> 0 ?A>1;4< '=4<4C7>3C70C8C03>?CB8BC>5>A<6A>D?B>58C4<BC70C70E424AC08= 270A02C4A8BC82B 8= 2><<>= +74 F0H C74B4 6A>D?B 0A4 5>A<43 0=3 C74 45542C C74H 70E4 >= ?4A24?C8>= 34?4=3B >= 0 E0A84CH >5 502C>AB !C 8B C78B 6A>D?8=6 C70C 2>=CA81DC4B C> C74 D=8CH 8= 34B86= +74>?4A0C8>=>5<>BC>5C7410B82?4A24?CD0;?A>24BB4B34?4=3B >= 0 B4A84B >5 ?A8=28?;4B +74B4 34B2A814 7>F F4 >A60=8I4 18CB 0=3 ?8424B>58=5>A<0C8>=8=C><40=8=65D;F7>;4B +74B40A4:=>F=0Bfi4BC0;C ;0FB >5 >A60=8I0C8>= 6A>D? >5 fi4A<0= ?BH27>;>68BCB 8= C74 40A;H B F7> BCD3843 ?0CC4A=B 0;B> 38B2>E4A43 0 =D<14A >5 8<?>AC0=C ?A8=28?;4B C70C 0A4 ;>6820;;H B>D=3 5>A E8BD0; BC8<D;8 fi64<.2.8= !C 8B C74 346A44 >5 38BC0=24 14CF44= >1942CB +7>B4 4;4<4=CBC70C0A42;>B4C>64C74A70E40C4=34=2HC>146A>D?43C>64C74A != C74 586DA4 68E4=14;>FF4 C4=3 C> B44 C743>CB 0B ?08AB A0C74A C70= 0B 0 A>F >5 B8=6;43>CB '1942CB 0A4 50E>DA43 022>A38=6 C> C74=40A=4BB >5 C748A ?>B8C8>= +74 2;>B4A >=4B 5>A< 6A>D?B 1H E8BD0;;H D=8C8=6 ● ● ● ● ● ● ● ● ● ● ".2.1&6.8= !C 8B C74 346A44 >5 B0<4=4BB C> >=4 0=>C74A '1942CB 0=3 586DA4B C70C 0A4 B8<8;0A 8= C4A<B >5 2>;>A B70?4 0=3 5>A< C4=3 C> 6A>D? C>64C74A C> 5>A< 0 ?0CC4A= +7DB 0=HC78=6 F4 ?4A248E4 8B 6A>D?43 0=3 >A34A43 8= C74 <8=3 10B43 D?>= C748A ;8:4=4BB C>F0A3B >=4 0=>C74A x x x x x x x x x x x x x x x x x x 28A2;4B 0A4 ?4A248E43 0B >=4 6A>D? 0=3 2A>BB4B 0B 0=>C74A 438.39.8= +78BA454ABC>06A>D?8=6C70CA4BD;CB8=02>=C8=D0C8>= >5 38A42C8>=
(B2H27>;>6H!(,fl +74 586DA4 >= C74 ;45C 8B B44= 0B 0 E4AC820; 7>A8I>=C0; ;8=4 0=3 =>C 0B 0= 4GC4=B8>= >5 C74 0;?7014C $ 14796* +78B A454AB C> >1942CB 148=6 6A>D?43 8=C> A42>6=8I01;4 5>A<>5B70?4B .464=4A0;;H70E40C4=34=2HC>86=>A4C741A40:B 8= C74 586DA4 0=3 2>=24=CA0C4 >= C74 >E4A0;; 5>A< +74B4 586DA4B 0A4 40B8;H ?4A248E43 0B CA80=6;4 0=3 C74 ;4CC4A 4 0=3 + 4E4= C7>D67 =>=4 >5 C74 586DA4B 0A4 2><?;4C4 .,96*&3),6493) +78B8B05D=30<4=C0;?A8=28?;4>5?4A24?C8>= F7827 0;;>FB 5>A A4038=6 8<064AH +74A4 8B 0 C4=34=2H C> 6A>D? BC8<D;8C>64C74A8=C>0D=858435>A<20;;430586DA40=338BC8=6D8B7 C74 586DA4 5A>< >C74A BC8<D;8 ?A4B4=C 64=4A0;;H A454AA43 C> 0B C74 6A>D=3 ;; ?4A24?C8>= >5 5>A<B 8=E>;E4 0B 0 =424BB0AH ?0AC C74 >A60=8I0C8>= >5 586DA4 0608=BC 6A>D=3B 0 502C 8;;DBCA0C43 1H 0<186D>DB586DA434E8B431HC74ffi0=8B7?BH27>;>68BCffl360A)D18= !<064BBD270BC74B40A40<186D>DB2>=24A=8=6586DA40=36A>D=3 !B C74 586DA4 0 F78C4 E0B4 >= 0 1;02: 102:6A>D=3 >A CF> 30A: B703>F?A>58;4B>=0F78C4102:6A>D=3(4A24?CD0;B4CB5D=2C8>= 8= BD27 20B4B 0=3 F4 C4=3 C> 50E>A >=4 8=C4A?A4C0C8>= >E4A C74 >C74A
fl70?C4A - *4=B0C8>= 66467.3fi*6(*58.43 &1197.43 .4<0:4B4=B4>5C74F>A;30A>D=3DBC7A>D67?4A24?C8>= (4A24?C8>= 8B =>C 0 ?0BB8E4 ?A>24BB .74= F4 02C8E4;H ?4A248E4 F4 1A8=6 C> 140A >= >DA B4=B4B E0A8>DB BCH;4B 7018CB 0=3 C4=34=284B C70C 2A40C4 0 2> 74A4=C 4G?4A84=24 fi4=4A0;;H >DA ?4A24?C8>=B 74;? DB C> =0E860C4 C74 A40; F>A;3 F8C7 => 385582D;CH *><4C8<4B F4 <0H 14 5>>;43 0=3 C4=3 C> <8B?4A248E4 C74 F>A;3 +74 A4BD;C8=6 4G?4A84=24 8B 20;;43 0= 8;;DB8>= !;;DB8>=B 0A4 BHBC4<0C82 4AA>AB 0=3 0A4 E0;D01;4 5>A ?BH27>;>68BCB 1420DB4 C74H ?A>E834 2;D4B 01>DC C74?4A24?CD0; BCA0C4684B>5 C74<8=3 +78B 8;;DB8>=>22DABF74= >DA ?4A24?C8>= >5 0= >1942C 8B D=DBD0; 2><?0A43 C> 8CB 02CD0; 270A 02C4A8BC82B !C 8B 0 =>A<0; 0=3 D=8E4AB0; ?74=><4=>= ff>A 4G0<?;4 0 ?4AB>= F7> 8B F0;:8=6 0;; 0;>=4 8= CF8;867C <0H ?4A248E4 0 ?8424 >5 A>?4 ;H8=6 =40A 0 1DB7 0B B=0:4 ;C7>D67 E0A8>DB 4G?;0=0C8>=B 70E4 144= BD664BC43 5>A E8BD0; 8;;D B8>=B <>BC >5 C74< 2>=24=CA0C4 48C74A >= C74 ?7HB820; >?4A0C8>= >5 C74 4H4 >A >= >DA <8B8=C4A?A4C0C8>= >5 0 68E4= 586DA4 +74 <8B8=C4A
(B2H27>;>6H!(,fl ?A4C0C8>= 20DB43 8B 3D4 C> 4AA>AB 8= C74 E8BD0; ?A>24BB8=6 0B F4;; 0B 8= C74 F0H C74 1A08= 8=C4A?A4CB C74 8=5>A<0C8>= !;;DB8>= B7>FB C70C C74A4 8B 0 2>==42C8>= 14CF44= >DA ?A8>A :=>F;4364 4G?42C0C8>=B 0=3 >DA ?4A24?C8>=B '46.>438&1?%*68.(&11197.43 != C74 7>A8I>=C0; E4AC820; 8;;DB8>= C74 E4AC820; ;8=4 8B 3A0F= 5A>< C74 <83 ?>8=C >5 C74 7>A8I>=C0; ;8=4 8= C74 A867C 0=6;4 ?>B8C8>= +74 E4AC820; ;8=4 0??40AB C> 14 ;>=64A C70= C74 7>A8I>=C0; ;8=4 C7>D67 1>C7C74;8=4B0A4>54@D0;;4=6C7 '=44G?;0=0C8>=8BC70CC74<>E4<4=C >5 C74 4H4B 0;>=6 E4AC820; ;8=4 8B <>A4 BCA4=D>DB C70= C74 <>E4<4=C >= C747>A8I>=C0; ;8=4 =>C74AA40B>= 5>A C747>A8I>=C0; ;8=4C>0??40A B7>A 'C74A 502C>AB ;8:4 C74 C782:=4BB >5 C74 ;8=4B 0=3 C74 2>;>A >5 C74 ;8=4B <0H 0;B> 2>=CA81DC4 C> C74 4G?4A84=24 >5 8;;DB8>= (ffi911*6fl=*61197.43 *><4C8<4B E8BD0; ?4A24?C8>=B >22DA F74= BCA0C4684B C70C ;403 C> 022DA0C4 ?4A24?C8>=B 0A4 4GC4=343 C> B8CD0C8>=B F74A4 C74H 3> =>C 0??;H &>F 2><?0A4 C74 CF> ;8=4B %>BC >5 DB F8;; ?4A248E4 C74 ;8=4 >= C74 586DA4 0B ;>=64A C70= C74 >=4 >= C74 586DA4 .74= C74 ;8=4B 0A4 <40BDA43 C74H 0A4 5>D=3 C> 14 4G02C;H >5 C74 B0<4 ;4=6C7 +78B 8B %D;;4A $H4A 8;;DB8>= =0<43 05C4A C74 <0= F7> 34E8B43 8C 8= .4 C4=3 C> E84F C74 586DA4 0B ;>=64A C70= C74 >=4 >= 586DA4 +74 8;;DB8>= 2>D;3 14 3D4 C> C74 ?4A24?C8>= >5 C74 ;8=4B 4=2;>B43 1H 540C74A >A 0AA>F 7403B fl><<>=;H C74 ;4=6C7 >5 586DA4 ;8=4 8B D=34A4BC8<0C43 'C74A 502C>AB ;8:4 C74 C782:=4BB >5 C74 ;8=4B 0=3 C74 2>;>A >5 C74 ;8=4B <0H 0;B> 2>=CA81DC4 C> C74 4G?4A84=24 >5 8;;DB8>=
fl70?C4A - *4=B0C8>= .,96*1.3**3(147*)'=+*&8-*6-*&)7 .,96* 1.3**3(147*)'=&664;-*&)7 ) fi-.fi-*342*343 '= 0 1A867C;H ;8C 1>0A3 8=3820C8=6 5;D2CD0C8>= >5 B0H 5>A 4G0<?;4 >5?A824B>56>>3BC74=D<14AB0??40AC><>E402A>BBC741>0A3 2CD0;;H B8<?;H C74 ;867CB 5;0B7 >= 0=3 >55 8= 0 ?0AC82D;0A ?0CC4A= +78B 20DB4B C74 544;8=6 >5 A40; <>E4<4=C +78B A4BD;CB 8= 0??0A4=C <>C8>= 0=3 C74 ?74=><4=>= 8B 20;;43 ?78?74=><4=>= !C F0B >A868=0;;H 34<>= BCA0C431H%0G.4AC748<4A !CA454AB C>C74 502C C70CBC0C8>=0AH >1942CB B8CD0C43 8= 38554A4=C ;>20C8>=B 0A4 B44= C> <>E4 85 C74H 5;0B7 0C @D82: 8=C4AE0;B =>C74A CH?4 >5 0??0A4=C <>E4<4=C 8B F70C 8B 20;;43 0B C74 0D C>:8=4C82 45542C !C 8B C74 C4=34=2H >5 0 B8=6;4 ?>8=C >5 ;867C F7827 0??40AB C><>E44E4=F74= 8C 8BBC0C8>=0AH 8=030A:A>>< +78B45542C 8B 20DB43 1H B;867C <>E4<4=CB >5 >DA 4H4B F78;4 F4 58G >DA E8B8>= >= C74?>8=C >5 ;867C *8=24 C74A4 8B=> 2>=C4GC 8=F7827F4 20= ;>20C4 C74 ;867C F4 0A4 =>C 0F0A4 C70C >DA 4H4B 0A4 <>E8=6 .4 0CCA81DC4 C74 <>E4<4=C C> C74 ;867C 8CB4;5 != 0=>C74A 4G?4A8<4=C 2>=3D2C43 8= 0 30A: A>>< 85 >=4 >5 C74B4 5>DA ;867CB 1;8=: >= 0=3 >55 C74A4 8B 0= 8;;DB8>= >5 0 B8=6;4 ;867C C70C <>E4B 5A>< C74 58ABC ?>B8C8>= C> C74 B42>=3 .74= 0;; 5>DA ;867CB 5;0B7 >=0=3>558=@D82:BD224BB8>=8C0??40ABC70C0B8=6;4;867C8BCA0E4;;8=6 8= 0 28A2;4 +74 ?4A248E43 B8I4 >5 C74 28A2;4 8B B<0;;4A C70= F>D;3 14 C74 20B4 85 C74 ;867CB F4A4 02CD0;;H A>C0C8=6
(B2H27>;>6H!(,fl +74 ?A8=28?;4 1478=3 C78B ?74=><4=>= 0;B> ;84B 1478=3 C74 <>E8=6 ?82CDA4BF4 B440C C74 28=4<0 .4<0H=>C A40;8I4 C70C0C C74<>E84B F4 0A4 ;>>:8=6 0C 0 A0?83 B4@D4=24 >5 38BC8=2C 8<064B &119(.3&8.437 +74ffl=6;8B7F>A370;;D28=0C8>=2><4B5A><C74$0C8=E4A170;;D28=0A8 F7827<40=BC>F0=34A 8=C74<8=3 !C 8BC744G?4A84=24>5?4A248E8=6 >1942CB>A4E4=CBC70C3>=>C70E40=4GC4A=0;B>DA24 !C8BC74?4A24?C8>= >5 E8BD0; 6DBC0C>AH C02C8;4 0D38C>AH >A >;502C>AH 4G?4A84=24B F8C7>DC 0=4GC4A=0;BC8<D;DB !C68E4BC748=38E83D0;02><?4;;8=6B4=B4>5A40;8CH !C DBD0;;H A4BD;CB 5A>< 0 <4=C0; 38B>A34A >A 0B 0 A4B?>=B4 C> 0 3AD6 *><4 2><<>= 70;;D28=0C8>=B 0A4 740A8=6 E>824B F74= => >=4 70B B?>:4=B448=6;867CB0=3>1942CBC70C0A4=>CC74A4>A544;8=602A0F;8=6 B4=B0C8>= >= C74 B:8= D38C>AH 70;;D28=0C8>=B 0A4 C74 <>BC 2><<>= F78;4 70;;D28=0C8>= A4;0C43 C> B<4;; 0=3 C0BC4 0A4 A0A4 %0=H A42A4 0C8>=0; 3AD6B 8=2;D38=6 ?BH27434;82 3AD6B ;8:4 $*ffi 0=3 >C74A ?>C4=C CH?4B >5 <0A89D0=0 20= 20DB4 70;;D28=0C8>= 0;;D28=0C8>= 20= 14 5A867C4=8=6 5>A C74 ?4AB>= 4G?4A84=28=6 C74< 0=3 0;B> 5>A C7>B4 F7> 0A4 =40A C74< .++*6*3(*7'*8;**31197.437&3)&119(.3&8.437 !C 8B 8<?>AC0=C C> 38BC8=6D8B7 14CF44= 8;;DB8>=B 0=3 70;;D28=0C8>=B 0B C74 C4A<B 0A4 >5C4= 2>=5DB43 8= 2>=E4AB0C8>=B
fl70?C4A - *4=B0C8>= = 8;;DB8>= 8B 0 50;B4 8=C4A?A4C0C8>= >5 0 A40; B4=B>AH 4G?4A84=24 ff>A 4G0<?;4 0 CA0E4;;4A 8= 0 34B4AC B44B 0 ?>>; >5 F0C4A 1DC F7827 8B 0 <8A064 20DB43 1H C74 A45A02C8>= >5 ;867C 0B 8C ?0BB4B C7A>D67 ;0H4AB >5 08A >5 38554A4=C 34=B8C84B +74 1;D8B7 2>;>A43 ;867C 8B 0 A40; B4=B>AHBC8<D;DB1DC<8BC0:8=68C5>AF0C4A8B0=8;;DB8>= 0;;D28=0C8>= 1H 2>=CA0BC 8B 0 ?4A24?C8>= >5 B><4C78=6 A40; 4E4= C7>D67 8C 8B =>C 20DB43 1H 0= 4GC4A=0; BC8<D;DB ff>A 4G0<?;4 0 ?4AB>= <0H 740A 78B =0<4 20;;43 1H 0 E>824 C70C => >=4 4;B4 B44<B C> 740A != 8;;DB8>= C74A4 8B 0;F0HB 0 2;40A;H 0??0A4=C 4GC4A=0; BC8<D;DB F74A40B 70;;D28=0C8>=B >22DA F74= C74A4 8B => BC8<D;DB ;C7>D67 <>BC >5 DB 4G?4A84=24 8;;DB8>= 54F4A ?4>?;4 70E4 70;;D28=0C8>= ,BD0;;H C74H 0A4 2>=58=43 C> C74 <4=C0;;H 8;; 0=3 C> C7>B4 ?4>?;4 D=34A C74 8=5;D4=24 >5 3AD6B !;;DB8>=8B0=>A<0;0=3D=8E4AB0;?74=><4=0F74A40B70;;D28=0C8>= 8B =>C !;;DB8>=70B0=>1942C8E410B8BF78;470;;D28=0C8>=8B?DA4;HBD1942C8E4 fiffffl#" #ff !ffiffi! *4=B4 >A60=B A4 C74 60C4 F0HB >5 :=>F;4364 (BH27>?7HB82B !B2>=24A=43F8C7C74A4;0C8>=B78?14CF44=?7HB820; ?A>?4AC84B >5 BC8<D;8 0=3 >DA ?BH27>;>6820; 4G?4A8 4=24B >5 C74< *4=B0C8>=B '22DA F74=4E4A >DA B4=B4 >A60=B 0A4 BC8<D;0C43 1H 0 BC8<D;DB 8= C74 4=E8A>=<4=C 1B>;DC4 C7A4B7>;3 !B C74 <8=8<0; 0<>D=C >5 ?7HB820; 4=4A6H C70C 8B A4@D8A43 C> 2A40C4 0 B4=B0C8>= ffi8554A4=C80;C7A4B7>;3 !B C74 <8=8<0; 38554A4=24 8= BC8<D;0C8>= C70C 20= A4;801;H1434C42C431H0=>1B4AE4AF74=CF>BC8<D;8 0A4 2><?0A43 !C 8B 0;B> 20;;43 0B 9DBC =>C82401;4 38554A4=24 9 = 3 !=C4=B8CH ff>A B4=B0C8>=B C> 14 45542C8E4 C74H <DBC ?>BB4BB 0 24AC08= 0<>D=C >5 8=C4=B8CH
(B2H27>;>6H!(,fl $0C4=2H ?4A8>3 !B C74 ?0BB064 >5 C8<4 C70C >22DAB 14CF44= C74 ?A4B4=C0C8>= >5 BC8<D;DB 0=3 C74 02C8>= 4G4AC43 1H C74 8=38E83D0; ffiDA0C8>= ffi4C4A<8=4B0B7>F;>=60BC8<D;DB70BC>14?A4B4=C 8=C744=E8A>=<4=C5>ABC8<D;0C8=6C74B4=B4>A60= fflGC4=B8CH !B C74 0<>D=C >5 B?024 C70C 0 B4=B0C8>= >22D?84B 88*38.43 !B C74 2>6=8C8E4 ?A>24BB >5 B4;42C8E4;H 2>=24=CA0C8=6 >= >=4 C78=6 F78;4 86=>A8=6 C74 >C74AB +7434C4A<8=0=CB A4 38E8343 8=C> BD1942C8E4 0=3 >1942C8E4 502 >5 0CC4=C8>= C>AB +74>1942C8E4502C>AB20=14;8BC430BC74=0CDA4 >5 C74 BC8<D;DB ;>20C8>= =>E4;CH 8=C4=B8CH B8I4 A4?4C8C8>= 270=64 3458=8C4 5>A< 2>=CA0BC 0=3 <>E4<4=C +74BD1942C8E4502C>AB0A4>A60=82BC0C4 0=3 <>C8E4B !=E>;D=C0AH .74= 0CC4=C8>= 8B 8=3D243 1H B><4C78=6 8= C74 0CC4=C8>= 4=E8A>=<4=C ->;D=C0AH .74= 0CC4=C8>= 8B 8=C4=C8>=0; 34;814A0C4 0=3 ?DA0CC4=C8>= ?>B45D; 018CD0;0CC4=C8>= .74= F4 0A4 7018CD0C43 C> 0CC4=3 C> 0 BC8<D;8 ffi8E8343 0CC4=C8>= !B >DA 018;8CH C> 0CC4=3 C> 38554A4=C BC8<D;8 0C C74 B0<4 C8<4 *?0= >5 0CC4=C8>= !B C74 =D<14A >5 >1942CB C70C 0 ?4AB>= 20= 6A0B? 8= 0 B8=6;4 6;0=24 +74 8=BCAD<4=C DB43 C> 34C4A <8=4 C74 B?0= >5 0CC4=C8>= 8= 0 ;01>A0C>AH B4CC8=6 8B 20;;43 C74 C0278BC>B2>?4 ffi8BCA02C8>= >5 '22DABF74=4GC4A=0;BC8<D;838BCDA10?4AB>=0=3 0CC4=C8>= C4=3 C> 38BCA02C 78< 5A>< C74 C0B: 74 8B 3>8=6 ff;D2CD0C8>= >5 )454AB C> B785C8=6 >5 0CC4=C8>= 5A>< >=4 0B?42C C> 0CC4=C8>= 0=>C74A 0B?42C >5 C74 B0<4 BC8<D;DB fi*6(*58.43 !B C74 ?A>24BB 1H F7827 B4=B>AH 8=5>A<0C8>= 8B 8= C4A?A4C43 1H C74 1A08=
fl70?C4A - *4=B0C8>= !;;DB8>= %8B8=C4A?A4C0C8>= >5 0 BC8<D;DB A4BD;CB 8= 8;;DB8>= != 0 7>A8I>=C0; +74 E4AC820; ;8=4 0??40AB ;>=64A C70= C74 7>A8I>=C0; E4AC820; 8;;DB8>= ;8=4 C7>D67 1>C7 C74 ;8=4B 0A4 >5 4@D0; ;4=6C7 != %D;;4A $H4A +74;8=408BB44=C>14B7>AC4AC70=;8=41C7>D67 8;;DB8>= 1>C7 C74 ;8=4B 0A4 >5 C74 B0<4 ;4=6C7 (78(74=><4=>= *C0C8>=0AH>1942CBB8CD0C438=38554A4=C;>20C8>=B0??40A C> <>E4 85 C74H 5;0B7 0C @D82: 8=C4AE0;B 0;;D28=0C8>= !B F74= C74A4 8B 0 ?4A24?C8>= >5 E8BD0; 6DBC0C>AH C02C8;4 0D38C>AH >A >;502C>AH 4G?4A84=24B F8C7>DC 0=H 4GC4A=0; BC8<D;DB $"#ffffl" .70C8BB4=B0C8>= &0<4C74B4=B4>A60=B .70C0A4C74270A02C4A8BC82B>5B4=B0C8>= .70C8B0CC4=C8>= fflG?;08=C74502C>AB8=5;D4=28=60CC4=C8>= &0<438554A4=C:8=3B>50CC4=C8>=0=368E44G0<?;4B .70C 8B C74 38554A4=24 14CF44= 38BCA02C8>= 0=3 5;D2CD0C8>= >5 0CC4=C8>= .70C8B38E8B8>=>50CC4=C8>= .70C8BC74<40=8=6>5?4A24?C8>= fflG?;08=C74?A8=28?;4B>56A>D?8=60=3>A60=8I0C8>= .70C8B8;;DB8>=fi8E40=4G0<?;4 %4=C8>=C744AA>AB 8=?4A24?C8>= .70C 8B(78(74=><4=>= .70C8BC7438554A4=2414CF44=8;;DB8>=0=370;;D28=0C8>= ❃❃❃❃❃❃
%=-C-29691Cff%) flfiffl<! ffl '#/+/)#/&'(+/+5+0/ !/+<8381:6+C=+837:9<>+8><96/38>2/630/90/@/<C9<1+83=738-6?.381 2?7+8,/381=fl<97>2/,/138838190-236.299.A/6/+<879>9<7/8>+6 :/<-/:>?+6 +8. -9183>3@/ =5366= (2/=/ =5366= 2/6: ?= >9 +.9:> >9 >2/ -2+81381 -98.3>398= 38 >2/ A9<6. +<9?8. ?= ff8 0+-> 6/+<8381 98/ =5366 2/6:=?=386/+<8381>2/9>2/<A3>21</+>/</+=/!/+<8381+6=9</0/<=>9 +-;?3=3>39890589A6/.1/09<7+>398902+,3>=+8.+>>3>?./= %=C-296913=>= ./038/ 6/+<8381 += F+ </6+>3@/6C :/<7+8/8> -2+81/ 38 ,/2+@39<,<9?12>+,9?>,C/B:/<3/8-/G !/>?=?8./<=>+8.>2/./0383>39813@/8+,9@/ ffl/</ >2/ >/<7 F6/+<8381G .9/= 89> +::6C >9 >/7:9<+<C -2+81/= 38 ,/2+@39< A23-2 7+C 9--?< .?/ >9 384?<C 3668/== 0+>31?/ 9< .<?1=
2+:>/< !/+<8381 F!/+<8381G .9/= 89> </0/< >9 -2+81/= </=?6>381 0<97 7+>?<+>398 A/ -2+81/ 38 7+8C A+C= += A/ 1<9A "?-290A2+>A/6/+<8-97/=0<979,=/<@381>2/+->398=909>2/<= A/ :+<>3-3:+>/ 38 7+8C 90 >2/ /@/8>= A/ +</ 9,=/<@381 (2/-2+81/=:<9.?-/.,C6/+<8381+</89>+6A+C=:9=3>3@/388+>?</ A/ 7+C +-;?3</ 7+8C 199. 2+,3>= += A/66 += >2/ ,+. 98/= B:/<3/8-/3=>2/,/=>>/+-2/<:<[email protected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ff>+6=92/6:=/B:6+3829AA/+-;?3</+@/<=398=>9 -/<>+38099.=+8..<385= (9 ?8./<=>+8. -6+==3-+6 -98.3>398381 :2/897/8+ A/ 8//. >9 589A >2/9<313890>23=-98-/:>ff@+8%+@69@ +&?==3+8:2C=396913=> A98+#9,/6%<3D/38 09<23=A9<598.31/=>3@/:<9-/==ff>3=38>/</=>381 >9 89>/ >2+> 3> 3= >2/ .3=-9@/<C 90 -6+==3-+6 -98.3>398381 >2+> 7+./ + :2C=396913=>>?<838>9+:=C-296913=> 7#/flfl#7-07-#44+%#-%0/&+5+0/+/)+/0)4
%=-C-29691Cff%) %+@69@ A+= ,?=C =>?.C381 >2/ =/-</>398 90 =>97+-2 +-3.= +8. =+63@+>398 38.91= 38 </=:98=/ >9 >2/ =:<+C381907/+>:9A./< 38>9 >2/ 79?>2?>2/89>3-/.>2+>>2/.91,/381/B:/<37/8>/.?:98=+63@+>/. /@/8,/09</ >2/7/+>:9A./<A+= 38 3>=79?>2(2/7/</ =312>90 099. 7+./ 3>=79?>2A+>/<@/8>2/=9?8.90>2/ 099>=>/:=90 >2/+>>/8./< A290/.>2/.91A+=/89?12>9:<9.?-/+:2C=396913-+6</=:98=/38>2/ .91G %+@69@ A29 A+= + 1/83?= </-9183D/. >2/ 37:63-+>398 90 >23= 9,=/<@+>398 +8. =230>/. >2/ .3</->398 90 23= 6+>/< /B:/<37/8>= %+@69@ :6+88/. >9 <381 + ,/66 4?=> ,/09</ >2/ 099. A+= ,<9?12> 38>9 >2/ /B:/<37/8>+6<997?<381>2/03<=>0/A><3+6=>2/.91.3.89>=+63@+>/+> >2/=9?8.90>2/,/66ff>=+63@+>/.986CA2/8>2/099.A+=38=312>'9983> ,/1+8 >9 =+63@+>/ 09< >2/ =9?8. 90 >2/ ,/66 ff8 0+-> /@/8 A2/8 %+@69@ =>9::/.:</=/8>381>2/7/+>:9A./<>2/.91=+63@+>/.+0>/<2/+<381>2/ ,/66 =9?8.(2/.91 2+.,//8 -6+==3-+66C -98.3>398/. >9 =+63@+>/ >9 >2/ ,/66=9?8. 0/&+5+0/+/)fl30%'44 %+@69@-29=/+8/?><+6=>37?6?=>2+>.3.89>-+?=/+8C=+63@+>398 "/+>:9A./<A+=+8+>?<+6=>37?6?=>2+>><311/</.=+63@+>398+8+>?<+6 </=:98=/ffl/:</=/8>/.>2/,/66=9?8.A23-2A+=377/.3+>/6C09669A/. ,C7/+>:9A./< %+@69@>/<7/.>2/7/+>:9A./<+8+>?<+6=>37?6?=+=?8-98.3>398/. =>37?6?= )' (2/ 8+>?<+6 </=:98=/ >9 7/+> :9A./< 3= =+63@+>398 ff> .3. 89> ./:/8. 98 +8C 6/+<8381 (23= A+= >/<7/. ?8-98.3>398/. </=:98=/ )& (2/ 8/?><+6 =>37?6?= ,/66 A+= >/<7/. -98.3>398/. =>37?6?= ' (23= A+= ,/-+?=/ >2/ .91 2+. >9 6/+<8 >9 +==9-3+>/ 099. A3>2 ,/66 +8. =+63@+>/ +> >2/ =9?8. 90 >2/ ,/66 ffl/ :+3</. >2/ ,/66 =9?8. =/@/<+6 >37/= A3>2 7/+> :9A./< '9 =+63@+>398 38 </=:98=/ >9 >2/ =9?8. 90 >2/ ,/66 A+= >/<7/. += -98.3>398/. </=:98=/ & 98.3>398381 #/?><+6=>37?6?= #+>?<+6=>37?6?= #+>?<+6</=:98=/ /66 ' fl99.)' '+63@+>398)& 0>/< -98.3>398381 /66 '+63@+>398 ' &
2+:>/< !/+<8381 ff>3=37:9<>+8>>989>/>2+>>2/=/;?/8-/+8.>3738190>2/:</=/8>+>398 90 >2/ ' +8. )' +</ :+<>3-?6+<6C 37:9<>+8> (2/ 9:>37+6 38>/<@+6 ,/>A//8 >2/ :</=/8>+>398 90 8/?><+6 =>37?6?= +8. >2/ :</=/8>+>398 90 >2/)'38>2/6+,9<+>9<CA+=6/==>2+8+=/-98.(2/>37/38>/<@+6-+8 .300/<./:/8.38198>2/</=:98=/,/381-98.3>398/.(2/:<9-/==,CA23-2 >2/ 8/?><+6 =>37?6?= ,/-97/= + ' ,/-+7/ 589A8 += F-6+==3-+6 -98.3>398381G+8.3=+6=9-+66/.F%+@69@3+89<</=:98./8>-98.3>398381G fl3+/%+1-'40(-#44+%#-%0/&+5+0/+/) # 95+/%5+0/ (23=:2/897/8989--?<=A2/8+:</@39?=6C-98.3>398/. </=:98=/ ./-</+=/= 38 0</;?/8-C +8. 038+66C .3=+::/+<= ff8 %+@69@G=
%=-C-29691Cff%) /B:/<37/8>30>2/,/66'3=:</=/8>/.</:/+>/.6CA3>2897/+>:9A./< )'>2/.917+C=+63@+>/+=?=?+609<><3+6=(2/8>2/=+63@+>398 =>9:=(23=:2/897/898 3=-+66/.FB>38->398G(2/=://.A3>2A23-2 /B>38->398>+5/=:6+-/./:/8.=98>2/+837+6>2/</=:98=/+8.>2/ 8+>?</90>2/=>37?6?=>2/8?7,/<+8.=:+-38190-98.3>398381><3+6= $ ff10/5#/'0643'%07'3:0>/<>2//B>38->39890&2+.9--?<</.>2/ .91A+=,<9?12>,+-5>9>2//B:/<37/8>+6>+,6/>2/8/B>.+C+8.>2/ ,/66A+=<?81 +1+38(2/.91</=:98./.A3>2+ 63>>6/ =+63@+>398(23= :<9-/==%+@69@-+66/.F=:98>+8/9?=</-9@/<CG(23=2+::/8=,/-+?=/90 96.:/<-/:>39890</6+>398,/>A//8,/66+8.099. % +)*'303&'3 %0/&+5+0/+/) ffl/</ + 8/?><+6 =>37?6?= -+8 ,/-97/ + =/-98.-98.3>398/.=>37?6?=,C:+3<3813>A3>2+8+6</+.C/=>+,63=2/. 'fl9</B+7:6/.91>2+>2+=6/+<8/.>9=+63@+>/09<>2/<38138190 >2/,/66-+8,/0?<>2/<-98.3>398/.>9=+63@+>/09<+06+=2906312>(23= -+8,/.98/,C:+3<381>2/6312>>2/,/66+8.>2/099.</:/+>/.6C 98.3>398381 !312> /66 fl99. '+63@+>398 ' ')' )& 0>/< -98.3>398381 !312> '+63@+>398 ' & & ff5+.6-64)'/'3#-+;#5+0/ $8-/ >2/.91 3= -98.3>398/. >9 =+63@+>/ 09< >2/ =9?8. 90 >2/ ,/66 + ,?DD/< =9?8. + >?8381 09<5 9< +8C =9?8.90=3736+<38>/8=3>C-+87+5/>2/.91</=:98.A3>2=+63@+>398 ' ff5+.6-64&+4%3+.+/#5+0/ ffl/</>2/+837+6 3=383>3+66C-98.3>398/. >9 </=:98. >9 + >98/ 90 =+C 2/<>D ff0 + >98/ 90 =+C 2/<>D 3= :</=/8>/. ,?> 89> 09669A/. ,C 099. )' +0>/< + 0/A ><3+6= >2/ .91 =+63@+>/= 986C >9 2/<>D >98/ +8. 89> >9 2/<>D >98/ =9 >2/ .91 3= =+3. >9 2+@/ 6/+<8/. F=>37?6?= .3=-<3738+>398G
2+:>/< !/+<8381 -#44+%#-%0/&+5+0/+/)+/*6.#/4+56#5+0/ ff898/90>2//B:/<37/8>=986/+<838190/79>398+6</=:98=/=*+>=98 >995798>2=96.380+8>,C8+7/6,/<>+=>2/=?,4/->6,/<>A+=89> +0<+3. 90 A23>/ <+,,3>= *+>=98 38><9.?-/. + 69?. +8. 3<<3>+>381 893=/ A2/8 6,/<> A+= +,9?> >9 >9?-2 >2/ <+,,3>*2/8 >2/ 69?. 893=/ +8. <+,,3> A/</ :+3</. </:/+>/.6C6,/<> ,/1+8 >9 =29A 0/+<A2/82/ =+A >2/<+,,3>/@/838>2/+,=/8-/90893=/ 98.3>398381 #93=/ &+,,3> fl/+< )' )& 0>/<-98.3>398381 &+,,3> fl/+< ' & fl?<>2/<>/=>==29A/.>2+>6,/<>G=0/+<2+.1/8/<+63D/.>99>2/<2+3<C +8. 0?<<C 9,4/->= =?-2 += -9>>98A996'+8>+6+?=7+=5 +8. /@/8 >9 *+>=98G=A23>/,/+<. 6+==3-+6 -98.3>398381 2+= ,//8 ?=/. >9 =>?.C 6/+<8381 38 8/A,9<8 ,+,3/=+=C9?81+=.+C96.*2/8+:?0090+3<3=,69A838>2//C/= >2/8+>?<+6</=:98=/3=,6385381ff0+736.>98/3=:</=/8>/.4?=>,/09</ >2/+3<:?00>2/,+,3/==9986/+<8>9+==9-3+>/>2/>98/A3>2>2/+3<:?00 +8.,6385982/+<381>2/>98/+698/ .?6>=7+C89></7/7,/<>95//:?:>2/+::938>7/8>A3>2>2/./8>3=>= ,/-+?=/90:<39<+==9-3+>398=90./8>3=>=+8.:+38*/-+8+6=9=//>2+> 7+8C,396913-+6</=:98=/=099.:</0/</8-/=0/+<=+..3->398=7+C2+@/ >2/3< 9<3138= 38 -6+==3-+6 -98.3>398381 ff8 2?7+8 ,/381= 3> 3= /+=3/< >9 /=>+,63=2+-98.3>398/.0/+<90=:3./<==8+5/=9<2/312>=>2+890069A/<= 9< ,?>>/<063/= ,/-+?=/ .?<381 2?7+8 /@96?>398 >2/=/ 38=/->= </:>36/= +8.2312:6+-/:</=/8>/.+.+81/<
%=-C-29691Cff%) /4+)*5'#3/+/) ff8=312>3=6/+<8381>2+>+::/+<=>99--?<38+06+=2$8/=?../86C=//= 29A>9=96@/+8/;?+>3980383=2+:?DD6/+8.+==/7,6/:+<>=90+7+-238/ ffl+@381 9,>+38/. >2/ =96?>398 3> 3= =C898C79?= A3>2 A2+> 38 2?7+8 ,/381=3=589A8+=2+@381F19>>2/:938>G9<>2/F+2+/B:/<3/8-/G ff8=312>0?66/+<83813=-2+<+->/<3D/.,C + (<C3819?>.300/</8></=:98=/=><+>/13/= , %/<-/:>?+6</9<1+83D+>39890/6/7/8>= 38>2//8@3<987/8> - '?../89--?<</8-/90>2/=96?>398 *9601+81 926/< :6+-/. -237:+8D//= 38 =3>?+>398= A2/</ + ,?8-290,+8+8+=A+==29A8+8.5/:>9?>90</+-290>2/+837+6ffl/ >2/8A+>-2/.>9=//A2+>>2/+:/=A9?6..9"9=>.3.89>2381,?>+0/A >?<8/.9?>>9,/-6/@/< "0-()#/)0*-'3 926/<5/:>+-237:+8D//38+-+1/+8.:6+-/.+,?8-290,+8+8+= +8.+6981=>3-59?>=3./>2/-+1/ff8=3./>2/-+1/>2/</A+=+=>3-5A23-2 A+= >99 =29<> >9 </+-2 >2/ ,+8+8+ ,?> 6981 /89?12 >9 </+-2 >2/ 6981 =>3-5 5/:> 9?> =3./ >2/ -+1/ ff> A+= 9,=/<@/. >2+> 09< =97/>37/ >2/ -237:+8D//><3/.@+<39?==><+>/13/=>9</+-2>2/,+8+8+A3>263>>6/:<91</==
2+:>/< !/+<8381 >9A+<.=>2/=96?>398(2/83>=>+<>/.=?<@/C381:/<-/:>?+6</-9183D+>398 >2/ =>3-5=+8. >2/,+8+8++8. >2/8+6690+ =?../8A3>29?> 0?7,6381 >2/-237:+8D//>995>2/=29<>=>3-50<97>2/-+1/+8.?=/.3>>9,<381 >2/6981=>3-538)=381>2/6981=>3-52/A+=+,6/>9.<+A>2/,?8-290 ,+8+8+=38=3./ 926/<>/<7/.>23==?../806+=2903./+9<=96?>398+=G 38=312>G ff8+89>2/<38>/</=>381=3>?+>398>2/-237:+8D//A+=6/0>38+-+1/ A3>27+8C,9B/=,?8-290,+8+8+A+=2?81+>>2/>9:(2/-237:+8D// ><3/.>9-637,>2/,9B/=98/,C98/>9</+-2>2/,+8+8+,?>-9?6.89> =?--//. 0>/< + A236/ 3> :36/. ?: >2/ ,9B/= 98/ 9@/< >2/ 9>2/< +8. </+-2/.09<>2/,+8+8+= ff8 + >23<. 538. 90 /B:/<37/8> >2/ -237:+8D// A+= =/8> 38=3./ + -+1/A2/</>2/,?8-290,+8+8+A+=2+813810<97>2/-/36381?>>2/</ A/</89,9B/= 38=3./ >2/ -+1/*2/8 >2/ 5//:/< /8>/</. >2/ -+1/ >2/ -237:+8D// .<+11/. 237 >9 >2/ -/8>/< 90 >2/ -+1/ -637,/. 98 >9 >2/ 5//:/<G==29?6./<=>9</+-209<>2/,+8+8+=(2?=>2/-237:+8D//+::63/. >2/=96?>3981+38/.38>2//+<63/<6/+<8381>9>23==3>?+>398 926/< -+66/. >2/ -9183>3@/ :<9-/== ?8./<6C381 >2/ -237:+8D//G= F,/2+@39<GF38=312>G+=?../8+A+</8/==90>2/</6+>398=23:+7981@+<39?= /6/7/8>=>2+>2+.:</@39?=6C+::/+</.>9,/38./:/8./8>9098/+89>2/< 926/</7:2+=3D/.>2/F=?../88/==GA3>2A23-2=96?>398=A/</</@/+6/. ?>6+>/<</=/+<-2/=</@/+6/.>2+>:<39</B:/<3/8-/+8.383>3+6><3+6+8. /<<9<:<+->3-/38:<9,6/7=96@381+</</;?3</.09<38=312>$8/=>?.C/@/8 ./798=><+>/.>2+>986C-237:+8D//=A292+./B:/<3/8-/38:6+C381A3>2 =>3-5=-9?6.=?--/==0?66C=96@/>2/:<9,6/738/B:/<3/8-/.-237:+8D//= -9?6.89>7+5/>2/-988/->398,/>A//8=>+8.38198>2/,9B+8.</+-2381
%=-C-29691Cff%) 09< >2/ ,+8+8+= '9 3> 3= -6/+< >2+> 38=312> ./:/8.= 98 :</@39?= /B:/<3/8-/A3>2>2//6/7/8>=38@96@/.38+:<9,6/7 fi3+#-#/&'3303-'#3/+/) -97798 =><+>/1C 09< 6/+<8381 + =96?>398 >9 + :<9,6/7 3= ><3+6 +8. /<<9<(23=38@96@/=><C38198/:9==3,6/=96?>398+0>/<+89>2/<?8>3698/ A9<5=':3./<=09</B+7:6/:?<=?/:</C,C?=381><3+6+8./<<9<ff8+ 2?7+8=3>?+>398+:/<=98A3>2+,?8-2905/C=><C381>99:/8+.99< 69-53=,9?8.>9+::6C><3+6+8./<<9<7/>29.>9?869-5>2/.99<(297+= .3=98A+= +,6/ >9 38@/8> >2/ 6312> ,?6, 986C,C ><C381 >29?=+8.=90 .300/</8>538.=907+>/<3+6=09<+036+7/8>,/09</2/09?8.98/>2+>A9<5/. +<,98 fl6;;-'$09 .A+<. (29<8.35/ >2/8 + C9?81 .9->9<+6 -+8.3.+>/ A+= 38@/=>31+>38198/09<790+==9-3+>3@/6/+<8381ff898/-6+==3-/B:/<37/8> 2/:6+-/.+2?81<C-+>38+F:?DD6/,9BGff>2+.>9</+-2+:3/-/9003=2 >2+>A+=5/:>4?=>9?>=3./>2/,9B>03<=>>2/-+>/81+1/.38><3+6+8. /<<9<,/2+@39?<=-<+>-2381,3>3819<=A+>>381+>:+<>=90>2/-+1/38+8 ?89<1+83D/.A+C(2/8+0>/<+0/A738?>/=>2/-+>,C-2+8-/=?--//./. 38699=/8381+,96>A23-2</=?6>/.389:/8381>2/.99<90>2/-+1/+8.
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fi*' -#8 0( 3'#&+/'44 (23= 6+A 38.3-+>/= >2/ 6/+<8/<G= =>+>/ 90 738. >9 :+<>3-3:+>/ 38 >2/ 6/+<8381 :<9-/== &/+.38/== </0/<= >9 :</:+<+>398 09< +->398 (23= 3= @/<C /==/8>3+6 09< 6/+<8381 ff0 >2/ -236. 3= </+.C >9 6/+<8 =2/ 6/+<8=79</;?3-56C /00/->3@/6C +8. A3>2 1</+>/< =+>3=0+->398 >2+8 30 =2/ 3= ?8A366381 >9 6/+<8 fi*'-#80('(('%5!/+<8381>+5/=:6+-/:<9:/<6CA2/83></=?6>= 38 =+>3=0+->398 +8. >2/ 6/+<8/< ./<3@/= :6/+=?</ 9?> 90 3> 66 :6/+=+8> /B:/<3/8-/= 2+@/ + 6+=>381 3806?/8-/ +8. </7/7,/</. 09< + 6981 >37/ (23= 6+A /7:2+=3D/= >2/ <96/ 90 </A+<.= +8. :?83=27/8> 38 >2/ :<9-/== 90 6/+<8381 &/A+<. 79>3@+>/= +8. /8-9?<+1/= >2/ -236. >9 6/+<8 79</ A2/</+= >2/ :?83=27/8> .3=-9?<+1/=>2/-236.+8.-</+>/=.3=>+=>/=+8..3=1?3=/.>9A+<.= >2+> 6/+<8381 fi*' -#80( '9'3%+4' ffl/</ >A9 =?,:+<>= 7+386C 6+A90?=/+8. .3=?=/ +</ =></==/. !+A 90 ?=/ </0/<= >9 >2/ =></81>2/8381 90 -988/->398A3>2:<+->3-/+8.>2/6+A90.3=?=/>9>2/A/+5/8381 90 -988/->398 A2/8 >2/ :<+->3-/ 3= .3=-98>38?/. (2/ 6+A 90 ?=/ /7:2+=3D/= >2/ 8//. 90 </:/>3>398 +8. 2/8-/ >2/ 6/+<8/< 0//6= >2+> 2/ </-/8>6C 6/+<8/. >2/ 7+>/<3+6 (2/</ 3= +89>2/< +=:/->90F0</;?/8-CGA2/8+6/+<8/.7+>/<3+63=:?>>9?=/90>/8 >2/ -2+8-/= 90 09<1/>>381 3= 6/== (2/=/038.381=90(29<8.35/:<9@3./.>2/09?8.+>39809<6+>/<=>?.3/= -98-/<8381>2//00/->=90</A+<.=+8.:?83=27/8>=986/+<8381
%=-C-29691Cff%) 1'3#/5%0/&+5+0/+/) $:/<+8>-98.3>3983813=+89>2/<+::<9+-2>9>2/=>?.C90+==9-3+>3@/ 6/+<8381A23-2A+=38><9.?-/.,Cfl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ff,+//'3 ff,+//'3>409
2+:>/< !/+<8381 !/0> +698/ 38 >2/,9B >2/ <+>79@/= +,9?> </=>6/==6C +8.,C -2+8-/ 9--+=398+66C :</==/= >2/ ,+< (2/ <+>/ +> A23-2 3> 03<=> :?=2/= >2/ ,+< ./038/=3>=:</-98.3>398/.9:/<+8>6/@/690,+<:</==3810>/</=>+,63=2381 >2/9:/<+8>6/@/6>2//B:/<37/8>/<+>>+-2/=>2/099..3=:/8=/<=9>2+> /@/<C>37/>2/<+>:</==/=>2/,+<+:/66/>90099.0+66=38>9>2/.3=2(2/ <+>/+>=+8.=998:</==/=>2/,+<+1+38(2/099.</3809<-/=,+<:</==381 +8.>2/<+>/90:</==38138-</+=/=.<+7+>3-+66Cff0>2/099..3=:/8=/<3= .3=-988/->/.+8.:</==381>2/,+<896981/<./63@/<=099.>2/<+>/90,+< :</==381A366.37383=2 (2//B:/<37/8>/<-+8=/>?:+.3=-<3738+>398,C:</=/8>381099.30>2/ ,+< 3=:</==/.A236/>2/ 6312> 3=98+8.89>13@381</3809<-/7/8> 30>2/ </=:98=/ 3=7+./ 38>2/.+<5(23==/6/->3@/</3809<-/7/8> 6/+.=>9>2/ <+>G= :</==381 >2/ ,+< 986C 38 >2/ :</=/8-/ 90 >2/ 6312>ffl/</ >2/ 6312> =/<@/=+=+.3=-<3738+>3@/=>37?6?=>2+>-98><96= >2/9--?<</8-/90 >2/ ,+<:</==381</=:98=/ (2/ +,9@/ 366?=><+>398 13@/= ?= >2/ 7/+8381 90 -98.3>398/. 9:/<+8> ,/2+@39?<(2/,/2+@39?<F9:/<+>/=G98 >2/ /8@3<987/8> >2/<+>G=,+< :</==381:<9.?-/=9<1+38=+--/==>9>2/099.ff8-6+==3-+6-98.3>398381 >2/+837+6 3=:+==3@/ 3>7/</6CA+3>=?8>36>2/-98.3>398/.=>37?6?= 3= :</=/8>/. +8. 3= 09669A/. ,C >2/ ?8-98.3>398/. =>37?6?= ff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ffl/8-/<+>/90 </=:98=/ 3=+?=/0?67/+=?</909:/<+8>=></81>2(2/79</ 0</;?/8>6C >2/</=:98=/9--?<=.?<381+13@/838>/<@+690>37/>2/=><981/<3>3=
%=-C-29691Cff%) (2/<+>/90</=:98=/389:/<+8>-98.3>3983813=?=?+66C:9<><+C/.,C+ -?7?6+>3@/-?<@/(2/,+<90>2/'5388/<,9B3=+>>+-2/.>9+</-9<.381 :/8>2+></=>=98+=69A6C79@381=2//>90:+:/<+-2>37/>2/+837+6 :</==/= >2/ ,+< >2/ :/8 79@/= ?:A+<. +8. >2/8 -98>38?/= 98 3>= 29<3D98>+6:+>2/-+?=/>2/:+:/<79@/=+>+03B/.<+>/>2/=69:/90>2/ -?7?6+>3@/-?<@/3=+7/+=?</90</=:98=/<+>/29<3D98>+6638/38.3-+>/= >2+> >2/ +837+6 3= 89> </=:98.381 A236/ + =>//: -?<@/ 38.3-+>/= + 0+=> </=:98=/<+>/ fl#35+#-3'+/(03%'.'/5 $:/<+8>-98.3>398381=29A=+2312./1<//909<./<638/==9<6+A0?68/== 366?=><+>398 90 9<./<638/== 3= ,/2+@39?< -98><966/. ,C :+<>3+6 </3809<-/7/8> >2+> 3= ,/2+@39?< >+5381 :6+-/ A2/8 >2/ </=:98=/ 3= </3809<-/.986C+0<+->39890>2/>37/3>9--?<= ff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
2+:>/< !/+<8381 ff'%0/:3'+/(03%'.'/5 %+@69@89>/.>2+>98-/+.912+.6/+<8/.>9</=:98.>9+-98.3>398/. =>37?6?=38+23126C./:/8.+,6/A+C>2/-98.3>398/.=>37?6?=-9?6.,/ ?=/.>9</3809<-/-98.3>398/.</=:98=/>9+8/A=>37?6?='?::9=/>2/ +837+62+=6/+<8/.>9=+63@+>/>9>98/+=+-98.3>398/.=>37?6?=(23=3= + 03<=>9<./< -98.3>398/.</=:98=/ ff0 + 06+=2381 6312> 3= >2/8:</=/8>/. +6981 A3>2 986C + >98/ >2/ 06+=2381 6312> A2/8 :</=/8>/. +698/ A366 -97/>9/63-3>>2/-98.3>398/.</=:98=/%+@69@-+66/.>23=:<9-/===/-98. 9<./< -98.3>398381 (2/ -98.3>398/. =>37?6?= 90 >2/ 03<=> 9<./< -98.3>398/.>98/2+=,/-97/+=/-98.+<C</3809<-/<6>29?12=/-98. 9<./<-98.3>398381-+8,//=>+,63=2/.A3>2-6+==3-+6-98.3>3983813>3= 79<//+=36C./798=><+>/.A3>29:/<+8>-98.3>398381 *2/8 + <+> 38 + '5388/< ,9B :</==/= + 6/@/< + >98/ -97/= 98 797/8>+<36C09669A/.=29<>6C,C+099.:/66/>0>/<>2/+837+62+=,//8 -98.3>398/.38>23=A+C/B>38->3983=,/1?8=9>2+>A2/8>2/<+>:</==/= >2/ 6/@/< 8/3>2/< >2/ >98/ 89< >2/ 099. +::/+<= ff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ff0 /@/<C>2381 A/ 6/+<8/.2+. >9,/ 09669A/. ,C +:<37+<C </3809<-/<>2/9--+=398=09<6/+<8381A9?6.,/@/<C7?-2</=><3->/.=3> 3=+8C2+,3>98-/6/+<8/.-+82+@/9>2/<2+,3>=,?36>?:983>@/<,+6 :<973=/ 90 099. -+8 </3809<-/ ,/2+@39?< >2+> A9?6. 9>2/<A3=/ </;?3</ 099.7/</:<+3=/3>=/60,/-97/=</3809<-381 ff*#1+/)$'*#7+063 ff8-6+==3-+6-98.3>398381>2/-98.3>398+6=>37?6?==?,=>3>?>/=09<>2/ ?8-98.3>398/. =>37?6?= 38 /@95381 >2/ </=:98=/ +::<9:<3+>/ >9 >2/
%=-C-29691Cff%) ?8-98.3>398/.=>37?6?=(23==?,=>3>?>3980+36=>9+--9?8>09<6/+<838190 >9>+66C8/A</=:98=/=ff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ff8 +66 ><+38381 >/-283;?/= >2/ ,/2+@39?< 3= =2+:/. ,C 7/+8= 90 </3809<-/7/8> >2+> 3= -98>381/8> ?:98 >2/ :<9:/< </=:98=/ (2/ 37:9<>+8-/90</3809<-/7/8>38=></81>2/8381,/2+@39?<3=./798=><+>/. ,C A2+> 2+::/8= A2/8 A/ 38><9.?-/ 898-98>381/8> </3809<-/7/8> 3/ </3809<-/7/8> 89> -98>381/8> ?:98 + =:/-303- </=:98=/ ff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
2+:>/< !/+<8381 +8.?<+G= >2/9<C 90 9,=/<@+>398+6 6/+<8381 -+8 2/6: /B:6+38 A2C :2C=3-+6:?83=27/8>>/8.=>938-</+=/+11</==3@/,/2+@39?<38-236.</8 /@/8A2/83>3=38>/8./.>9.9>2/9::9=3>/%+</8>=A29./:/8.98 :2C=3-+6:?83=27/8>90>/8:?83=2+-236.09<23>>3819>2/<-236.</8,C 23>>381 >2/ -236. (2/ :+</8>= 7+C =38-/</6C 38>/8. >9 </.?-/ >2/ -236.G= ,/2+@39?< ,?> >2/C +</ =/<@381 += 79./6= 09< =?-2 ,/2+39?< 6>29?12>2/C7+C>/66>2/-236.>2+>23>>381:/9:6/A36689>+--97:63=2 +8C>2381>2/C2+@/23>>2/-236.389<./<>9+--97:63=2=97/>2381ff8 >23= =3>?+>398 +->398= =:/+5 69?./< >2+8 A9<.= >23= 3= 9,=/<@+>398+6 6/+<8381 fi3#/4('30('#3/+/) !/+<8381 98/ =5366 90>/8 3806?/8-/= >2/ +-;?3=3>398 90 98/ >C:/ 90 :/<09<7+8-/38>?<83>0+-363>+>/=6/+<838190+89>2/<(2/ 3806?/8-/90 /+<63/< 6/+<83819< 6+>/< 6/+<83817+C98>2/9>2/< 2+8.,/=?-2>2+> +-;?3=3>3989098/=536638>/<0/</=A3>2+-;?3=3>39890+89>2/<ff8>2/03<=> 38=>+8-/ A/ 2+@/ :9=3>3@/ ><+8=0/< /00/->= 0</;?/8>6C </0/<</. >9 += F><+8=0/<90><+38381G9<F><+8=0/<906/+<8381Gff8>2/=/-98.38=>+8-/A/ 2+@/+8/1+>3@/><+8=0/</00/->A23-23=9>2/<A3=/-+66/.F8/1+>3@/><+8=0/<G 9< F2+,3> 38>/</0/</8-/G ffl312/<9<1+83=7= 38-6?.3817985/C= +8.2?7+8,/381=+</+./:> +>1/>>381>2/58+-590-/<>+38=3>?+>398==9>2+>A2/8>2/C/8-9?8>/< =97/A2+>-97:+<+,6/=3>?+>398=>2/C589AA2+>>9.9
%=-C-29691Cff%) fi3#/4('3+/7'3$#--'#3/+/) (<+8=0/< 90 @/<,+6 =5366= 90>/8 9--?<= *2/8 -97:+<+,6/ 63=>= 90 898=/8=/=C66+,6/=+</6/+<8/.98/+0>/<+89>2/<>2/</3=1<+.?+6</.?->398 38>2/><3+6=</;?3</.>96/+<8=?--/==3@/63=>=ff>3=+=30>2/=?,4/->=+</ 6/+<8381>96/+<8>23=>C:/907+>/<3+6 #4'40(53#/4('3 *2/</ ><+8=0/<9--?<=/3>2/< 3879>9<9<@/<,+6 6/+<8381 3>-97/= 0<97=3736+<3>C90-98>/8>==3736+<3>C90>/-283;?/==3736+<3>C 90:<38-3:6/=9< +-97,38+>39890>2/=/ ff+.+-#3+5:0(%0/5'/54 %+<>=9096.2+,3>=7+C,/<?8900+=+</=:98=/>98/A=3>?+>398= :/<2+:=A3>27389<79.303-+>398=0>/<98/2+=6/+<8/.>9.<3@/+ -+<2/=9987+=>/<=>2/-98><9690+89>2/<(2/</3=><+8=0/<0<97 7+>2/7+>3-+6=5366=>97/-2+83-+6/8138//<381=5366=,/-+?=/,9>2 38@96@/ >2/ =+7/ =C7,96= +8. =C7,963- </6+>398= (<+8=0/< 0<97 98/ 6+81?+1/ >9 +89>2/< 9--?<= 30 >2/ =C7,96= +8. 1<+77+>3-+6 -98=><?->398+</+635/ ff+.+-#3+5:0(5'%*/+26'4 (2/</+</-9?<=/=9829A>9=>?.CA23-2+37>9>/+-2>2/=>?./8> 29A>99<1+83D/23=6/+<8381=9+=>97+5/2377+B37+66C/003-3/8> 8C ><+8=0/< >2+> -97/= 0<97 =?-2 -9?<=/= 3= + ><+8=0/< 90 =>?.C >/-283;?/= (<+8=0/< 38 >/<7= 90 >/-283;?/ +6=9 9--?< 30 2+@381 6/+<8> >2/ =-3/8>303-+::<9+-2>9:<9,6/7=3898/=?,4/->>2/=>?./8>+::63/= =-3/8>303-:<9-/.?</=>9:<9,6/7=389>2/<03/6.= ff+.+-#3+5:0(13+/%+1-'4 (<+8=0/<90:<38-3:6/=3=89>+6A+C=-6/+<6C.300/</8>0<97><+8=0/<90 >/-283;?/=,/-+?=/>2/?=/90+>/-283;?/7+C38@96@/>2/+::63-+>398 90:<38-3:6/ =>?.C90:?DD6/=96@381382?7+8+.?6>==29A/.>2+>A2/8=?,4/->=
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ffl+,3>38>/<0/</8-/A3>2@/<,+6+->3@3>3/= +6=9 9--?<= +> >37/= '>?./8>= +</ =97/>37/= H><3::/. ?:I ,C >2/ -98=><?->39890=9?8.=908/AA9<.==9>2+>8/1+>3@/><+8=0/<9--?<= #/1+>3@/ ><+8=0/< 635/ :9=3>3@/ 9--?<= 98 >2/ ,+=3= 90 =3736+<3>C 90 -98>/8>>/-283;?/=9<:<38-3:6/=,?>3>38@96@/=38>/<0/</8-/<+>2/<>2+8 0+-363>+>398(2/-98>/8>=>/-283;?/=9<:<38-3:6/=A23-27+5/09<8/1+>3@/ ><+8=0/<+</9::9=/.>9>29=/</;?3</.,C>2/8/A=3>?+>398
%=-C-29691Cff%) #%5034+/(-6'/%+/)-'#3/+/) $:/<+8> 9< 38=><?7/8>+6 -98.3>398381 3= + 09<7 90 6/+<8381 38A23-2 ,/2+@39?<3=6/+<8/.7+38>+38/.9<-2+81/.>2<9?123>=-98=/;?/8-/= '?-2-98=/;?/8-/=+</-+66/. 3'+/(03%'34 3=./038/.+=+8C=>37?6?= 9</@/8>A23-238-</+=/=>2/:<9,+,363>C90>2/9--?<</8-/90+./=3</. </=:98=/</3809<-/<2+=8?7/<9?=0/+>?</=A23-2+00/->>2/-9?<=/ +8.=></81>290+</=:98=/(2/C38-6?./3>=>C:/=E:9=3>3@/9<8/1+>3@/ 8?7,/< 9< 0</;?/8-C ;?+63>C =?:/<39< 9< 380/<39< +8. =-2/.?6/ -98>38?9?= 9< 38>/<73>>/8> :+<>3+6 66 >2/=/ 0/+>?</= 3806?/8-/ >2/ -9?<=/909:/<+8>-98.3>39838189>2/<0+->9<>2+>3806?/8-/=>23=>C:/ 90 6/+<8381 3= >2/ 8+>?</ 90 >2/ </=:98=/ 9< ,/2+@39?< >2+> 3= >9 ,/ -98.3>398/. (2/ 38>/<@+6 9< 6/81>2 90 >37/ >2+> 6+:=/= ,/>A//8 9--?<</8-/ 90 </=:98=/ +8. </3809<-/7/8> +6=9 3806?/8-/= 9:/<+8> 6/+<8381!/>?=/B+738/=97/90>2/=/0+->9<=38./>+36 fi:1'40(ffl'+/(03%'.'/5 &/3809<-/7/8>7+C,/:9=3>3@/9<8/1+>3@/ fl04+5+7'3'+/(03%'.'/5 38@96@/==>37?63>2+>2+@/:6/+=+8>-98=/;?/8-/=(2/C=></81>2/8+8. 7+38>+38 >2/ </=:98=/= >2+> 2+@/ -+?=/. >2/7 >9 9--?< %9=3>3@/ </3809<-/<= =+>3=0C 8//.= A23-2 38-6?./ 099. A+>/< 7/.+6= :<+3=/ 798/C=>+>?=3809<7+>398/>- ')#5+7'3'+/(03%'3438@96@/?8:6/+=+8> +8.:+380?6=>37?63&/=:98=/=>2+>6/+.9<1+83=7=>91/><3.90:+380?6 =>37?639<+@93.+8./=-+:/0<97>2/7:<9@3./8/1+>3@/</3809<-/7/8> (2?=8/1+>3@/</3809<-/7/8>6/+.=>96/+<838190+@93.+8-/+8./=-+:/ </=:98=/= fl9< 38=>+8-/ 98/ 6/+<8= >9 :?> 98 A996/8 -69>2/= ,?<8 03</A99.9<?=//6/-><3-2/+>/<= >9+@93. >2/?8:6/+=+8> -96.A/+>2/< $8/6/+<8=>979@/+A+C0<97.+81/<9?==>37?63,/-+?=/>2/C:<9@3./ 8/1+>3@/</3809<-/7/8> ff>7+C,/89>/.>2+>8/1+>3@/</3809<-/7/8> 3= 89>:?83=27/8>)=/9016/+4*.'/5</.?-/=9<=?::</==/=>2/</=:98=/ A236/+8/1+>3@/</3809<-/<38-</+=/=>2/:<9,+,363>C90+@93.+8-/9</=-+:/ </=:98=/fl9<38=>+8-/.<3@/<=+8.-9.<3@/<=A/+<>2/3<=/+>,/6>=>9 +@93.1/>>381 384?</. 38-+=/90+8+--3./8>9<>9+@93.,/381038/.,C >2/><+003-:963-/ ff>=29?6.,/?8./<=>99.>2+>89:?83=27/8>=?::</==/=+</=:98=/ :/<7+8/8>6C"36.+8../6+C/.:?83=27/8>2+=89/00/->(2/=><981/<
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ff8-3./8>+66C 3> :</==/=+ 6/@/< +8. 099. .<9:= 38 >2/ ,9B *3>2 </:/+>/. /B:/<3/8-/ 90 =?-2 +->3@3>C>2/+837+66/+<8=>9:</==>2/6/@/<377/.3+>/6C+0>/<>2/+837+6 3=:6+-/.>2/</ '#3/+/)&+4#$+-+5+'4 (2/ 38+./;?+>/ ./@/69:7/8> 38 6/+<8381 >2+> -+8 9--?< 38 -236.</8 +8. -+8 :/<=3=> >2<9?129?> 630/ 3= -+66/. !/+<8381 .3=+,363>C (23= -+8 7+830/=>386+81?+1/=://-27+>2/7+>3-+69<79>9<=5366=(2/79=> -97798:<9,6/7= +</ + @+<3/>C 90 </+.381A<3>381 .3003-?6>3/= -+66/. .C=6/B3+ (2/ -236.</8 A3>2 >23= :<9,6/7 038. 3> .3003-?6> 38 A9<. </-9183>398 +8. </+.381 -97:</2/8=398 (2/C =29A ./03-3/8-C 38 =:/66381>2/C973>+..+8..3=>9<>A9<.=8.>2/3<</+.3813==69A +8.2+6>381(2/9>2/<538.=906/+<8381.3=+,363>3/=+</ C=:2983+E</6+>/=>9>2/:<9,6/7A3>2:<989?8-3+>39890A9<.= C=1<+:23+E</6+>/.>9>2/:<9,6/7A3>2>2/=>C6/90A<3>381 C=-+6-?63+ E </6+>/= >9 >2/ :<9,6/7 A3>2 >2/ -97:</2/8=398 90 8?7,/<=+8.=318=
%=-C-29691Cff%) "3+5+/)*#$+5 '>?./8>=+</</;?3</.>909<7>2/2+,3>90A<3>381=:/-3+66CA2+> >2/C2+@/ 6/+<8>8/A6C (2/C +6=9 8//. >9 :<+->3-/ A<3>381 =29<> +8=A/<=+8.6981+8=A/<=,+=/.98>2/7+<5=+669>>/.*2/8>2/C =>+<> :<+->3-381 A<3>381 +8=A/<= >9 ;?/=>398= >2/C ?8./<=>+8. A2/>2/< >2/C 2+@/ A<3>>/8 7/+83810?66C +8. =C=>/7+>3-+66C >2/ +8=A/<=>2+>+</</;?3</.09<</=:/->3@/;?/=>398=(2/:<+->3-/90 A<3>3812/6:>2/7>99<1+83D/>2/3<>29?12>=+8.:938>=38+=/<3+6 9<./< (2/C-+8+6=9 6/+<8 >9+669> >2/</;?3</. >37/ >9 6981+8. =29<>+8=A/<=(2/CA366+6=9</+63D/>2/1<+77+>3-+6+8.=:/66381 73=>+5/=>2/C+</:<98/>9-9773>ff>3=37:9<>+8>>9:+C+>>/8>398 >98/+>8/==+8.6/13,363>C90>2/3<2+8.A<3>381 fl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fi*+>=98?=/. %+@69@G=:<38-3:6/=>92?7+8=3>?+>398= '#3/+/)$:=/4+)*5> ffi3@/8,C 926/<+,9?>-9183>398386/+<8381ffl/ /B:/<37/8>/.98-237:+8D//=>9/B:6+3829A+ =?../83./+-+89--?<>998/G=738.38038.381+ =96?>398>9>2/:<9,6/7= fi3+#-#/&'3303-'#3/+/)ffi3@/8,C(29<8.35/3=+,9?>>2/:<9-/==90><3+6 E +8. E /<<9< 6/+<8381 (2/ </A+<.381 +->398= 1/> =></81>2/8/. +8. >2/ 898</A+<.381 98/= 1/>A/+5/8/.+8..3=+::/+<98>2/3<9A8(2/=/ 038.381=A/</6+>/<</038/.,C'5388/<+8.9>2/<= 1'3#/5%0/&+5+0/+/) ff89:/<+8>,/2+@39?<>2/9<1+83=7@96?8>+<36C 9:/<+>/=383>=/8@3<987/8>>91/>+</A+<.9<>9 +@93.:?83=27/8>
%=-C-29691Cff%) $4'37#5+0/#- $,=/<@+>398+66/+<83819--?<=A2/8+8 .+5#5+0/#--'#3/+/) 9<1+83=7G= </=:98=/ 3= 3806?/8-/. ,C >2/ 9,=/<@+>398909>2/<= fl9</B+7:6/%+</8>=+8.%//<1<9?: '#3/+/)+4#$+-+5: (2/38+./;?+>/6/+<8381>2+>-+89--?<38 -236.</8+8.-+8:/<=3=>>2<9?129?>630/3=-+66/. !/+<8381 3=+,363>C ffi fffiff *2+>3=!/+<8381*<3>/>2/./0383>398906/+<8381 *29-98.?->/.>2//B:/<37/8>98-6+==3-+6-98.3>398381 B:6+38-6+==3-+6-98.3>398381/B:/<37/8> *2+>+</>2/./>/<738+8>=90-6+==3-+6-98.3>398381 *29 /B>/8./. >2/ -6+==3-+6 -98.3>398381 /B:/<37/8> >92?7+8 =3>?+>398= *2+>3=>2/=:/-3+63>C90*+>=98G=/B:/<37/8> *2+> 3= F38=312>G *29 -98.?->/. >2/ /B:/<37/8> 98 F38=312> 6/+<8381G *2+>3=Fff8=312>Gffi3@/+8/B+7:6/ B:6+38ff8=312>7/>29.906/+<8381 *29./@3=/.>2/><3+6+8./<<9</B:/<37/8> B:6+38(<3+6+8./<<9<6/+<8381 B:6+38>2//B:/<37/8>98ff8=><?7/8>+6-98.3>398381 *2+>+</>2/./>/<738+8>=909:/<+8>-98.3>398381 #+7/ >2/ :/<=98 A29 -98.?->/. >2/ /B:/<37/8> 98 9:/<+8> -98.3>398381 *2+>3=6/+<8381,C373>+>398 *2+>3=:9=3>3@/><+8=0/<906/+<8381ffi3@/+8/B+7:6/ *2+>3=8/1+>3@/><+8=0/<906/+<8381ffi3@/+8/B+7:6/ B:6+38>2/0+->9<=3806?/8-3816/+<8381 "/8>398.300/</8>>C:/=906/+<8381.3=+,363>C ❖❖❖❖❖
4-<@1>"19;>E !%#'flfl ffff #) ff.*7270*7-fi*<=:. "19;>E5?>18-@10@;@41<>;/1??;2>1/;>05:3-:E81->:5:3@4-@@-71? <8-/15:;:1J?8521-:0-88;C?8-@1>-//1??@;@41 ?-91-?-:0C41:>1=A5>10 +5@4;A@ 919;>E @41>1 C;A80 .1 :; 81->:5:3 +1 C;A80 >1-/@ @; 1-/4 ;//A>>1:/1;2 - ?5@A-@5;: -? @4;A34 5@4-0:;@.11: 1D<1>51:/10 1-/4 <1>2;>9-:/1C;A80>1=A5>1>181->:5:3@@41?-91@591C5@4;A@81->:5:3 @41>1C;A80 .1:;@45:3 @; >1919.1>ffl1:/1 81->:5:3 5? @41 <>;/1?? ;2 I.A5805:3A<J919;>51?2;>2A@A>1A?1"19;>E/;:/1>:?@41?@;>-31-:0 >1@>51B-8;25:2;>9-@5;:-:081->:5:35?I@>-/1J2;>9-@5;: (41?@A0E;2919;>E 5?2-?/5:-@5:3.1/-A?1C1/-:A:01>?@-:04;C C1?@;>1?;915:2;>9-@5;:-:0C4EC12;>31@?;91@45:3?B1>E?;;: fl7/8:6*<2879:8,.;;270*99:8*,1C<1.;<*0.68-.5 //;>05:3@;<?E/4;8;35?@?919;>E5?I@41<>;/1??.EC45/4C11:/;01 ?@;>1-:0>1@>51B15:2;>9-@5;: :/;05:3 '@;>-31 &1@>51B-8 &1/;>05:3 '-B5:3;2@41 &1/;B1>E;2?@;>10 5:2;>9-@5;: 5:2;>9-@5;:
%?/E/4;8;3Eff%) +1 /-: A:01>?@-:0 919;>E .E 59-35:5:3 5@ -? @4-@ ;2 - /;9<A@1> ?E?@19fl;>1D-9<81-/;9<A@1>71E.;->01:/;05:305?7?@;>-31-:0 ?/>11:>1@>51B-8A@4A9-:919;>E5?2->9;>1/;9<81D@4-:@45? (41@4>119-5:<>;/1??1?5:B;8B105:919;>E->1 7,8-270 (45?5?@41<>;/1??.EC45/4?1:?;>E5:2;>9-@5;:5?/;:B1>@10 5:@;- 2;>9 @4-@ /-:.1 1:@1>10 5:@;919;>E @>-/1?88 5:2;>9-@5;: 5? /;:B1>@105:@;B5?A-859-31?/-8810-?Iff/;:5/59-31?J;>-A05@;>E/;01? /-8810-?I/4;:5/59-31?Jff:@41?-919-::1>@41>19-E.1/;01?>18-@5:3 @;;82-/@;>E3A?@-@;>E/A@-:1;A?-:0?;;: $<8:*0.!1->:5:3.>5:3?-.;A@/4-:31?5:@41:1A>;:?5:@41.>-5: (41?1 :1A>-8 /4-:31? ->1 /-8810 I:3>-9?J ;> 919;>E @>-/1? (41?1 /4-:31?>19-5:5:@41.>-5:-:0C41:1B1>C1:110@;>1919.1>>1/-88 @415:2;>9-@5;:@41E->1-/@5B-@10 #.<:2.>*5(45?5?-<>;/1??.EC45/45:2;>9-@5;:?@;>105:@41919;>E 5? 8;/-@10 2;>A?1 ff2@41 5:2;>9-@5;: 5?:;@1:/;010<>;<1>8E;>?@;>10 -01=A-@18EC1C588:;@.1-.81@;>1@>51B15@/;>>1/@8E %1.7*<=:. ;A;<.6; 8/6.68:A @75:?;: -:0'4522>5: 4-B1<>1?1:@10@412;88;C5:3I";0-8";018J '1:?;>E&135?@1> '4;>@@1>9"19;>E !;:3@1>9"19;>E D@>1918E?4;>@ ffl;80?5:2;>9-@5;: 89;?@<1>9-:1:@ 5:@1>B-881??@4-: 2;> ?1/? <>;/10A>-81<5?;05/ -?1/;:0 01/8->-@5B1919;>E (41-.;B19;01835B1?A?-:501-;24;C5:2;>9-@5;:@>-B18?2>;9;:1 9;01@;-:;@41>@4>;A34/1>@-5:-/@5B1/;:@>;8<>;/1??1?(41@4>11@E<1? ;2919;>51?->1:;@ ?1<->-@1?@;>14;A?1? 8;/-@10 5:05221>1:@<->@?;2 @41.>-5:(41E?59<8E>1<>1?1:@@41?@-31?;2919;>E %A9.;8/6.68:A $.7;8:A6.68:A (45? ;<1>-@1? -? - 75:0 ;2 ?:-<?4;@ @4-@ ?@;>1? 5:2;>9-@5;:C45/49-E.1;2-B5?A-8-A05@;>E;>;@41>?1:?;>E:-@A>1 2;>-.>5129;91:@;2@591(45??:-<?4;@5?01?@>;E10;>>1<8-/10C5@4- :1C ;:1 A:81?? @41 5:2;>9-@5;: 5: @41 ?:-<?4;@ 5? @>-:?21>>10 ;: @; ?;91;@41>@E<1;2919;>E.12;>15@5?8;?@
4-<@1>"19;>E $18:<<.:6 6.68:A ?8:4270 6.68:A (41 5:2;>9-@5;: 5: @41 ?1:?;>E 919;>E 5? ;2 I>-CJ ?1:?;>E ?@59A85 -:0 5? :;@ 91-:5:32A8 ff: ;>01>@;?@;>1;B1>@5915@4-?@;.135B1:91-:5:3(45?5?0;:15:@41 ?4;>@@1>9919;>E.E/;05:3I-/;A?@5/-88EJff@91-:?@4-@@415:2;>9-@5;: 5?/;:B1>@105:@;?;A:0?(41'("5?/-<-.81;24;805:3G/4A:7?;> 5@19? I/4A:7J5?-91-:5:32A83>;A<5:3;2>18-@105:2;>9-@5;:@4-@/-:.1 ?@;>10-?-A:5@5:?4;>@ @1>9919;>E4A:75:35:/>1-?1?@41?@;>-31 /-<-/5@E;2'("ff:9:19;:5/?5@>121>?@;-?@>-@13E2;>9-75:31225/51:@ A?1;2'(".E>1/;05:35:2;>9-@5;:ff@5?-@1/4:5=A1A?10@;>1919.1> :A9.1>?(4;A34@41501-/-:.1A?102;>>1919.1>5:3;@41>@45:3?-? C188(41/;:/1<@;2-/4A:7;25:2;>9-@5;:?4;A80.1281D5.81/;:?5?@1:@ C5@48;35/-8;>3-:5F-@5;:(41:-@A>1;2@41/;:@1:@?A331?@?4;C5@?4;A80 .1?A.05B5010-:085:710 (41 5:2;>9-@5;: 5: '(" 8-?@? 2;> -.;A@ ?1/;:0? A>5:3 @45? @5915@4-?@;.1011<8E<>;/1??10@;>1-/4!("(;0;@45?@415:2;>9-@5;: 5??1:@@;-I>141->?-8.A221>J+41@41>@41@>-:?21>5?9-012>;9?4;>@ @;8;:3 @1>9919;>E?119? @;01<1:0 8->318E;: @4175:0;2>141->?-8 @4-@5?/->>510;A@ff2@419-@1>5-85??59<8E>1<1-@10;B1>-:0;B1>-3-5: 8571 - @181<4;:1 :A9.1> 6A?@ @; <-?? ;: ?;91 5:2;>9-@5;: 5@ 5? 71<@ /A>>1:@5:'(".A@5@C588:;@:1/1??->58E.1<8-/105:!("(419;91:@ @41<A><;?15??1>B105@C588.1/;9<81@18E2;>3;@@1: $: @41 ;@41> 4-:0 52 @41 5:2;>9-@5;: 5? >141->?10 A?5:3 - <>;/1?? /-8810 .5*+8:*<2>. :.1.*:;*5 5@ 5? 85718E @; .1 @>-:?21>>10 5:@; !(" 8-.;>-@5B1 >141->?-8 ;//A>? C41: @41 9-@1>5-8 5? ;>3-:5F10 5: ?;91 2-?45;:fl;>1D-9<81-85?@;2[email protected]?@;.1<A>/4-?10-@-?@;>1/;A80 .1C;B1:@;31@41>5:919;>E-?5@19?.15:3A?10@;<>1<->1-:18-.;>-@1 I?-8-0J '4;>@ @1>9 919;>E 5? -8?; /-8810 IC;>75:3 919;>EJ //;>05:3 @; - <?E/4;8;35?@8-:-00181E'("4-?@4>11<->@C;>75:3919;>E
%?/E/4;8;3Eff%) 1:@>-81D1/A@5B1 ;;>05:-@1?9-@1>5-8 *5?A;?<-@5-8?71@/4<-0 %4;:;8;35/-8 8;;< *5?A-8-:0?<-@5-89-@1>5-8 '<11/4C;>0?-:0:A9.1>? $:1/;9<;:1:@5?@41/1:@>-81D1/A@5B1C45/4/;;>05:-@1?@419-@1>5-8 @;2;/A?;:0A>5:3>1-?;:5:3-:001/5?5;:9-75:3 (41 /1:@>-8 1D1/A@5B19-71? A?1 ;2 @C; ?A./;9<;:1:@? (41 B5?A-8 ?<-@5-8?71@/4<-0-:0@41<4;:;8;35/-88;;< (41 B5?A;?<-@5-8 ?71@/4<-0 /;:/1:@>-@1? ;: *5?A-8 -:0 ?<-@5-8 5:2;>9-@5;: %4;:;8;35/-88;;<5?>1?<;:?5.812;>4;805:3-:0;>3-:5F5:35:2;>9-@5;: >18-@5:3@;?<11/4C;>0?-:0:A9.1>? ff@ 5? 59<;>@-:@ @; :;@1 @4-@ @41 2A:/@5;: ;2 @41 '(" 5? @; ;>3-:5F1 5:2;>9-@5;:@4-@5?.15:3>1@>51B102>;9!("2;>A?15:/;3:5@5B12A:/@5;:? ?A/4-?<1>/1<@5;:01/5?5;:9-75:3>1-?;:5:3-:0?;;:ff:2;>9-@5;: 2>;9!("5?.>;A34@.-/75:@;'("2;>@45?<A><;?1fl;>1D-9<81C41: C1?11-:1C;.61/@C14-B15:2;>9-@5;:2>;9;A>?1:?;>E;>3-:?-.;A@ @41;.61/@A@@;35B191-:5:3@;@45?;.61/@C1:110@;A?15:2;>9-@5;: @4-@5??@;>105:;A>!("ffl1:/1@41>1?<1/@5B15:2;>9-@5;:2>;9!("5? .>;A34@.-/75:@;@41'("(45?5?/;9.5:10C5@4@415:2;>9-@5;:@4-@ -8>1-0E 1D5?@? 5: @41 '(" -:0 @45? 418<? A? @; A:01>?@-:0 @41 :1C ;.61/@.1@@1>(45?5?@41>1-?;:C4E'("/-:.1/-8810IC;>75:3919;>EJ ffl870<.:66.68:AC%1./27*5;<8:.18=;. ff:2;>9-@5;: @4-@ 5?>141->?10C188<-??1?;: @; @41!("C41>1 5@ 5? ?@;>10;:-9;>1;>81??<1>9-:1:@.-?5?!("5?-?@;>14;A?1;2A:8595@10 /-<-/5@E ffl1>1 @41 5:2;>9-@5;: 5? /8-??52510 ;>3-:5F10 -:0 ?@;>10 6A?@ 8571@41.;;7?5:-85.>->E :0*72;*<28727ffl%ff !;:3@1>9919;>E/-:2A>@41>.1/8-??52510-?I01/8->-@5B1919;>EJ
4-<@1>"19;>E -:0 I<>;/10A>-8 919;>EJ 1/8->-@5B1919;>E 5? 919;>E 2;> 2-/@A-8 5:2;>9-@5;::-91? 2-/1?0-@1? -:0 @41 8571 ff: /;:@>-?@<>;/10A>-8 919;>E>121>?@;919;>E2;>?7588?-:04-.5@??A/4-?>505:3-.571 0-:/5:3-:0?C5995:3ff:2;>9-@5;:-.;A@@45:3?5??@;>105:01/8->-@5B1 919;>E5:2;>9-@5;:>13->05:34;C@;0;@45:3?5??@;>105:<>;/10A>-8 919;>E 1/8->-@5B1919;>E/-:.12A>@41>05B50105:@;I?19-:@5/919;>EJ-:0 I1<5?;05/919;>EJ $.6*7<2,6.68:A 5?919;>E2;>31:1>-87:;C81031ff@5:/8A01?>A81? ;2 3>-99-> >A81? ;2 8;35/ 2;> 010A/5:3 2-/@? ff@418<?A? @; >1919.1> ?<1885:3?9A8@5<85/-@5;:@-.81?-:0/;01?;2<8-/1? ;:?@>A/@5B1 919;>E 5? -: 5:@1>1?@5:3 /4->-/@1>5?@5/ ;2 ?19-:@5/ 919;>E ff@ >121>? @; @41 <>;/1?? ;2 5:@13>-@5:3 5:2;>9-@5;: 2>;9 ?9-88 <51/1? ;2 5:2;>9-@5;: 5:@;91-:5:32A8 C4;81 fl;> 1D-9<81 C1 /;9.5:1 5:05B50A-8?1:@1:/1?5:@;-91-:5:32A8C4;818571-81??;:5:-@1D@.;;7 (45?418<?5:2;>95:3-:;>3-:5F10.;0E;27:;C81031 92;8-2,6.68:A 5?-88-.;A@;A><1>?;:-81D<1>51:/1?ff@5?-8?;/-8810 -A@;.5;3>-<45/-8 919;>E -:0 4;80? - 8;@ ;2 01@-58? -.;A@ 1B1:@? @4-@ 4-B1;//A>>105:;A>85B1?ff@5?5:28A1:/10.E;A>9;;0?<-?@1D<1>51:/1 -:0<1>/1<@5;:? ffl870<.:66.68:A %>;/10A>-8919;>E ?7588?-:04-.5@? D-9<81>5B5:3- B145/81 '19-:@5/919;>E 31:1>-8 919;>E D-9<815>0?28E <5?;05/919;>E<1>?;:-8 7:;C81031 D-9<81 5>@40-E -@1;25>@4 1/8->-@5B1919;>E 2-/@A-85:2;>9-@5;:D-9<81 '7E5?.8A1
%?/E/4;8;3Eff%) %1.:.<:2.>*5/:865870<.:66.68:A (41 -.585@E @; >1@>51B1 01<1:0? ;: @41 @E<1 ;2 <1>2;>9-:/1 .15:3 91-?A>10(415:2;>9-@5;:/-:.1>1@>51B10;>.>;A34@;A@5:@C;C-E? :-918EI>1/;3:5@5;:J -:0I>1/-88J &1/;3:5@5;:5:B;8B1??@-@5:3C41@41>C14-B1919;>E;2-<8-/1<1>?;: ;>5:/501:@fl;>1D-9<81501:@52E5:3-?A?<1/@5:-<;85/185:1A<;> -:?C1>5:3@>A1;>2-8?1;2-21C?@-@191:@?9-@/45:3@C;85?@?;2C;>0? <5/7-:0/4;;?1@41/;>>1/@-8@1>:-@5B1;2@412;A>;>25B1C;>0?;><4>-?1? 5: @41 1D-95:-@5;: ff2 C1 ->1 2-9585-> C5@4 @41 <1>?;: ;> -:?C1> @41 919;>E @>-/1? 2;> @4-@ 5:2;>9-@5;:->1-/@5B-@10-3-5: 1:-.85:3A? 5: >1/;3:5F5:3 &1/-885:B;8B1?>1@>51B5:3?<1/525/<51/1?;25:2;>9-@5;:;:;A>;C:fl;> 1D-9<81 -?75:3-C5@:1??;2 - @412@ @;01?/>5.1 @41 -<<1->-:/1;2 @41 @4512 @41/;8;>;245?0>1??;> /;9<81D5;:-:0?;;:+14-B1@;01<1:0 ;: ?1B1>-8 75:0? ;2 >1@>51B-8 /A1? '@59A85 @4-@ 418< A? @; >1919.1> 5:2;>9-@5;: @4-@ C1 2118 A:-.81 @; >1/-88 ;@41>C5?1 ->1 /-8810 >1@>51B-8 /A1?(41?1/A1?/-:.1?;91-?<1/@;21D@1>:-81:B5>;:91:@-8?;/-8810 I/;:@1D@01<1:01:@J/A1? 8571-<8-/1-?;A:0-: 5@19;>-?9188(41 /A1?/-:.1 5:@1>:-8 ?@-@101<1:01:@/A1? 5::-@A>1 8571-9;;0-: 19;@5;:;>588:1?? ff@4-? .11:05?/;B1>10@4-@@41>1->19;>12;>9?;2919;>E (41E->1 *D@952,2<6.68:AE C45/4>121>?@;5:@1:@5;:-8;>/;:?/5;A?>1/;881/@5;: ;25:2;>9-@5;:8571>1919.1>5:30-@1?-:01B1:@? + Dfl6952,2< 6.68:AE >121>? @; 919;>51? ;2 C45/4 <1;<81 ->1 :;@ 05>1/@8E -C->1 .A@ @45? /-: -221/@ ?A.?1=A1:@ <1>2;>9-:/1 -:0 .14-B5;>fl;>5:?@-:/1-?@A01:@9-E-8C-E?A:01>85:1-:09->35: C4581C>5@5:3@41-:?C1>?.A@9-E:;@>1919.1>C41:41 81->:@ @; 0; @45? -:0 C4; @-A34@ 459 @; 0; ?; $A>919;>E/-:.1A:01>?@;;05:?;919;>12;>9? - &;31> >;C: -:0 fi-91? A857 8-.1810 B5B50 >1/;881/@5;:? ;2 ?A><>5?5:3?4;/75:3;>@>-35/1B1:@?@4-@4;80-?<1/5-8<8-/15:919;>E -?K28-?4.A8.919;>51?Lfl;>1D-9<81->@4=A-71?1B1:@?8571@45?
4-<@1>"19;>E >19-5: 5:919;>E1?<1/5-88EC41:C1->1<1>?;:-88E 5:B;8B10 5: @41 1B1:@A@@41>1->1/4-:/1?;2@41?12-/@?31@@5:395D10C5@4-85@@81 25/@5;:';>1919.1>5:35?-:I-/@5B1J<>;/1??C1@1:0@;<A@@C;-:0 @C;@;31@41>@;>1/;:?@>A/@@41<-?@ + =<8+280:*912,*5 6.68:2.; "19;>E <>;B501? A? C5@4 - ?1:?1 ;2 501:@5@E @4-@ 1B;8B1? -:0 /4-:31? -? C1 .A580 A< - ?@;>1 ;21<5?;05/919;>51?-.;A@1B1:@?C14-B11D<1>51:/10fl;>9;?@ ;2 A? @41 919;>51? C1 4-B1 ;2 ;A> ;C: 85B1? ->1 2-?/5:-@5:3 ?;91 1B1: <A.85?4 @419+1 -:-8EF1 @419 @; 81->:9;>1 -.;A@ ;A>?18B1? &;?? , !:8;9.,<2>.6.68:A (45? 5:B;8B1? <8-::5:3 -41-0 2;> C4-@1B1> C1 :110 @; 0; 8-@1> +1 ?1@ @41 -8->9 /8;/7 @; C-71 A? A< @41 :1D@0-E9;>:5:3@;-@@1:0@;?;9159<;>@-:@C;>7;>2;>/-@/45:3 -: 1->8E 9;>:5:3 28534@ fl69:8>2706.68:A fl;88;C5:3 - ?<1/525/ 91@4;0 ;2 81->:5:3 2-/585@-@1? 919;>E (41?1 91@4;0?1:?A>1<-??-31;25:2;>9-@5;:2>;9'("@;!("(412;88;C5:3 ->1?;91;2@4159<;>@-:@@1/4:5=A1?A?10@;59<>;B1919;>E ff7.6872,;ffi>117C;>091-:5:3919;>E@1/4:5=A1?5?-:1221/@5B1 ;>3-:5F-@5;:-8 ?@>-@13E(45? /-:418<A? 5: 59<>;B5:3 ;A>>1@1:@5;:;2 5:2;>9-@5;: fl;> 1D-9<81 C4581 81->:5:3 @41 >4E91 (45>@E 0-E? 4-@4 '1<@19.1><>58fiA:1-:0#;B19.1>-:0-88 @41>1?@4-B1(45>@E;:1 0-E?1D/1<@fl1.>A->E418<?A?@;>1919.1>-88@419;:@4?C5@4 0-E? -:0;@41>?C5@40-E? )?1;2 67.6872,; 01B5/1?51919;>E@1/4:5=A1?@41/>1-@5B1 <->@ ;2 @41 .>-5: 51 @41 >534@ .>-5: @4-@ /-: 3>1-@8E 59<>;B1 ;A> >1/-885:3 /-<-/5@E fl;> 1D-9<81 B5?A-85F5:3 @41 81->:@ 5:2;>9-@5;: 9-75:3 A?1 ;2 28;C /4->@? 05-3>-9? /4->@? A?5:3 /;8;>?C>5@5:305225/A8@2;>9A8-1;:?1<->-@1/->0?5:.8;/781@@1>? 5: /;8;> <1:? -:0 3;5:3 @4>;A34 @41 ?-91 2>1=A1:@8E :0*72B*<287 8->31 9-?? ;2 5:2;>9-@5;: /-: .1 ?4-<10 5:@; - ?9-8891-:5:32A8?@>A/@A>1(45?/-:1:-.81A?@;>1/-88 @41C4;81 C41: >1=A5>10 (45? 5? 1?<1/5-88E 418<2A8 5: -:?C1>5:3 =A1?@5;:? 5: 1D-95:-@5;: fl;> 1D-9<81 *ffffi,$& )#'$ )#fffl 1@/
%?/E/4;8;3Eff%) ;;8,2*<287; +41::1C8E-/=A5>105:2;>9-@5;:4-?@;.1>1/-8810 @41E/-:.1-??;/5-@10C5@4>1-058E-B-58-.81/A1?(;05221>1:@5-@1 .1@C11: >1<@581? -:0 9-99-8? @41 25>?@ /-: .1 >1919.1>10 -? -:59-8?@4-@?8501;:@413>;A:0-:0@41?1/;:0-?@4;?1C-875:3 ;: -88 2;A>? %1.6.<18-8/ 58,2 6.*7270 58,*<287(419;?@<>-/@5/-8C-E 5? @;A?1 - ?1>51? ;2<8-/1? C45/4 ->1 B5?5@104-.5@A-88E -:0 @41: @; <8-/1 1-/4 ;2 @41 5@19? @; .1919;>5F10 -@ 05221>1:@ 8;/-@5;:? -8;:3 @45? >;A@1 ,87862,*56.<18-;8/6.68:2B*<287 ff*;;.- *7- ;9*,.- 5.*:7270 ff2 - 81->:5:3 9-@1>5-8 5? 1-?E -:0 ?4;>@ 8571 - <;19 C5@4 @; ?@-:F-? C1 >1-0 5@ 5: ;:1 ?5@@5:3 ?1B1>-8 @591? @588 5@ 5? 9-?@1>10 (45? 5? /-8810 9-??10 81->:5:3 ff2@419-@1>5-85?8;:3-:005225/A8@5@5?.1@@1>@;?<-/1@4181->:5:3 <1>5;0? '<-/5:3 81->:5:3 418<? 5: ?@>1:3@41:5:3 @41 1:3>-9? (45? /-: -B;50 2-@53A1 -:0 .;>10;9 !*:< *7- ?185. 5.*:7270 +41: @41 81->:5:3 9-@1>5-8 5? 8571 - ?4;>@ ?@;>E 5@ 5? .1@@1> @; >1-0 5@ -? - IC4;81J -:0 -<<>1/5-@1 @41 91-:5:3 /4->-/@1>? -:0 59<85/-@5;:? A@ 52 @41 9-@1>5-8 5? 81:3@4E -:0 05225/A8@ 5@ 5? .1@@1> @; 81->: ;:1 <->@ A:01>?@-:0 @4-@ ?9-88 <;>@5;: <>;<1>8E -:0 3; @; @41 :1D@ <->@ (45? 35B1? /;:2501:/1@;81->:2A>@41>-:02A>@41>fl;>1D-9<81(41?E88-.A? 5: 1-/4 ?191?@1> 2;> - /8-?? 5? 05B5010 5:@; @; A:5@? -/4 A:5@ 4-? @; .1 81->:@ 5: - 9;:@4J? @591 '; @4-@ .E @41 1:0 ;2 @41 ?191?@1> @41 ?@A01:@ 5? >1-0E @; 2-/1 @41 1D-95:-@5;: >.: 5.*:7270 E ?@A0E5:3 -:0 >141->?5:3 9-@1>5-8 1B1: -2@1> C1 ->1 -.81 @; >1<>;0A/1 5@ 5@ 5? <;??5.81 @; >1/-88 -2@1> - 8;:3 @591 %>-/@5/1 -:0 >141->?-8 35B1 .1@@1> >1?A8@? @4-: 6A?@ ?@;<<5:3 -2@1> 81->:5:3 @41 9-@1>5-8 2A88E #.9.<2<287*7-#.5.*:7270ff:-/-0195/81->:5:335B1:@41B;8A91 ;281->:5:35@5?05225/A8@@;>1@-5:@4181->:109-@1>5-8ff:81->:5:3 - 2A88 /4-<@1> @41 /;::1/@5;:? .1@C11: @41 <->@? ;2 @419-@1>5-8 /-:.1?@>1:3@41:10.E-?75:3=A1?@5;:?;>>141->?5:3@41-:?C1>? 5: -: -/@5B1 9-::1> (45? C588 -50 5: 8-@1> >1/-88 .E <>;B505:3 -9<81 >1@>51B-8 /A1?
4-<@1>"19;>E #8<.5.*:7270 88/4580>1:?@->@ 81->:5:3C5@4;A@A:01>?@-:05:3 1D-/@8E C4-@ @41E ->1 81->:5:3 fl;> 1D-9<81 C41: - E1-> ;80 >1/5@1? @41 <;19 K(C5:781 (C5:781 85@@81 ?@-> ffl;C ff C;:01> C4-@ E;A ->1 )< -.;B1 @41 C;>80 ?; 4534 8571 - 05-9;:0 5: @41 ?7EL (45? /4580 5? ;:8E 595@-@5:3 @41 85< 9;B191:@? -:0 -/@5;:? ;2 @41 @1-/41> "-:E - @591? 1B1: 4534 ?/4;;8 /4580>1: .E41->@@412;>9A8-15:9-@419-@5/?;>/4195?@>E&;@1919;>E 418<? 5: >1/-885:3 -@ @41 @591 ;2 1D-95:-@5;:? %8-::5:3 >141->?-8 ;>3-:5F-@5;: 2110.-/7 -:0 >1B51C /-: ?11 A? @4>;A34 @41/;A>?11D-95:-@5;:I%>-/@5/19-71?<1>21/@J;B1> 81->:5:3 418<? A? @; >10A/1 @41 -9;A:@ ;2 2;>31@@5:3 ! (#ffl.*:7270 !C9:.9*:. (45?5?@4125>?@?@-31 5: 81->:5:3C41>1@41?@A01:@ 4-?@;?1@?<1/525/3;-8?2>;981->:5:3-:1C9-@1>5-8 C8:0*72B. (45??@-:0?2;>4-B5:3-2>-91C;>7C5@45:C45/4@41 9-@@1>4-?@;.181->:10 (C?8:4 (45??53:5251?>1-05:3-:0A:01>?@-:05:3@419-@1>5-8 -?-C4;81 C .>*5=*<. (41 ?@A01:@ 4-? @; /41/7 C41@41> ?41 5? A:01>?@-:05:3 @419-@1>5-8.15:3 81->:10 # C :.<1274 &1B51C5:3>1-:-8EF5:3-?75:3=A1?@5;:? @; 41> 459?182ff:;@41>C;>0?@41?@A01:@:110?@;0;/>5@5/-8@45:75:3 8:0.<<270 ff.*7270 fl;>31@@5:35?1??1:@5-8@;@41<>;<1>2A:/@5;:5:3;2919;>E(41-.585@E @;2;>31@A:59<;>@-:@01@-58?-.;A@1D<1>51:/1?<1;<81-:0;.61/@?-88;C A?@;-B;50.15:3.A>01:10-:005?@>-/@10.E@41?@;>5:3;291-:5:381?? 0-@-fl;>1D-9<815@5?:;@A?12A8@;2;>9?1<->-@1919;>51?;2@41C-E 2>51:0?8;;71B1>E@591C191@@419';C1@1:0@;2;>31@@415>/8;@45:3 2-/5-8 .8195?41? -:0 ;@41>A:59<;>@-:@9-@@1>? @4-@ /4-:31 2>;9 ;:1 ;//-?5;:@;@41:1D@ff:?@1-0;A>919;>51?->1.-?10;:-?A99->5F-@5;: ;2B->5;A?59<;>@-:@21-@A>1?fl;>31@@5:3A::1/1??->E5:2;>9-@5;:5?-? 1??1:@5-8 @;<>;<1> 2A:/@5;:5:3;2919;>E-? 5?>1919.1>5:39-@1>5-8
%?/E/4;8;3Eff%) ';2;>31@@5:35?I3>1-@352@Jff@418<?A?@;/;<1C5@48;??-:005?-<<;5:@91:@ ff@ 5? .1/-A?1 ;2 2;>31@@5:3 @4-@ C1 /-: ;B1>/;91 3>512 C41: C1 8;?1 - 8;B10<1>?;:+458181->:5:3-:1C@-?7C1@1:0@;/;995@9-:E95?@-71? A@-2@1>C14-B1<1>21/@10@41@-?7C12;>31@-88@41C>;:39;B191:@? ';2;>31@@5:35?-0B-:@-31;A? fl;>31@@5:35?;A>5:-.585@E@;>1@>51B15:2;>9-@5;:C41:C1:1105@@ @591?5@/-:.105?-0B-:@-31;A?"-:E-@591?9A/4;2C4-@C1@45:7 C14-B1I2;>3;@@1:JC-?:1B1>1:/;010-:0?@;>105:@4125>?@<8-/1(45? /-:.1-@@>5.A@10@;8-/7;2-@@1:@5;:ff2C14-B1:;@<-50-@@1:@5;:C4581 81->:5:3-81??;:5@9-E:;@>1-/4@41'("2>;9@41?1:?;>E>135?@1>;> 5@5?2;>3;@@1:.1/-A?1C1050:;@0;@41>1=A5>10>141->?-8@;@>-:?21>5@ ;:@;!(" ff@5?-8?;<;??5.81@4-@C19-E:;@.1-.81@;>1@>51B1@415:2;>9-@5;: .1/-A?1;28-/7;2<>;<1>/A1?ff2@41=A1?@5;:-?7105?:;@/81->C19-E :;@.1-.81@;>1@>51B1@41>1=A5>10 -:?C1> ./272<287 fl;>31@@5:3 5? @41 8;?? <1>9-:1:@ ;> @19<;>->E ;2 @41 -.585@E@;>1/-88;>>1/;3:5F1?;91@45:381->:101->851>"A:: (1A-8?./8:0.< ffl1>9-::..5:34-A?919;>5F108;:385?@?;2:;:?1:?1 ?E88-.81??A/4-?$ +flffi-:0@41:@1?@1045?>1@1:@5;:;B1>- <1>5;0;2?1B1>-8C117?";?@;245?2;>31@@5:3;//A>>10?;;:-2@1>5:5@5-8 81->:5:3-:0@41:81B1810;22
4-<@1>"19;>E //;>05:3@;..5:34-A?9;?@2;>31@@5:3;//A>?0A>5:3@4125>?@:5:1 4;A>?-2@1>81->:5:31?<1/5-88E0A>5:3@4125>?@4;A>2@1>@4-@2;>31@@5:3 /;:@5:A1?.A@-@-9A/4?8;C1>>-@1 $2/;A>?1?;91919;>51?:1B1>8;?1@415>05?@5:/@5B1:1??B1:@?@4-@ ->1?53:525/-:@5:;A>85B1?85713>-0A-@5:32>;9?/4;;8/;8813131@@5:3- 25>?@6;.9->>5-31->19;>1919;>-.81@4-:;@41>?A@C4E0;C12;>31@ 9-:E;2@4101@-58?%?E/4;8;35?@?4-B1<>;<;?1005221>1:@91/4-:5?9? @;-//;A:@2;>2;>31@@5:3 ffi27-;8//8:0.<<270 fl;>31@@5:3 /-:.1 /8-??52510 -? :;>9-8-:0 -.:;>9-8 2;>31@@5:3 ff: 78:6*5/8:0.<<270 2;>31@@5:3;//A>?C5@4@418-<?1;2@5915:-:;>9-8 C-E C5@4;A@ -:E 5:@1:@5;: ;2 2;>31@@5:3 .E @41 81->:1> ff: *+78:6*5 /8:0.<<270 ;:10185.1>-@18E@>51?@;2;>31@?;91@45:3(45?/-:-8?;.1 /-8810C5?42A82;>31@@5:3!1@A?81->:9;>1-.;A@@4175:0?;22;>31@@5:3 fi8:6*5/8:0.<<270 .,*A <1.8:A //;>05:3 @; @45? @41;>E C1 @1:0 @; 2;>31@ C5@4 @41 <-??-31 ;2 @591 B1>E <51/1 ;2 5:2;>9-@5;: @4-@ 1:@1>? !(" 2;>9? - @>-/1C5@4 /;:?@-:@A?1 @41 @>-/1 31@? ?@>1:3@41:10 -:0 5? >1919.1>10 ;B1> 8;:3 <1>5;0? ;2 @591 A@ C41: - @>-/1 5? :;@ A?10 5@ ?59<8E 2-01? -:0 @4A? @41 5:2;>9-@5;: 5? 2;>3;@@1: fl;> 1D-9<81 C1 ->1 -.81 @; >1919.1> 9-:E @181<4;:1 :A9.1>? C45/4 ->1 5: A?1 A@ @4;?1 C45/4 C1 4-B1 :;@ A?10 2;> 8;:3 5? 2;>3;@@1: (41 @>-/1 ;2 @41 ;80 :A9.1> 4-? ?8;C8E 2-010 2>;9 @41 919;>E fl7<.:/.:.7,.(45?/-:@-71@C;2;>9?-&1@>;-/@5B15:@1>21>1:/1 . %>;-/@5B1 5:@1>21>1:/1 !:8*,<2>.fl7<.:/.:.7,. $<=-A8/<1.;=+3.,< %?E/4;8;3E ';/5;8;3E (1?@5: %1>2;>9-:/1 ';/5;8;3E 5?59<-5>10 .E@41?@A0E ;2';/5;8;3E
%?/E/4;8;3Eff%) #.<:8*,<2>.2712+2<287 %?E/4;8;3E ';/5;8;3E (1?@5: %1>2;>9-:/1 ';/5;8;3E 5?59<-5>10 .E@41?@A0E ;2%?E/4;8;3E ff:>1@>;-/@5B15:@1>21>1:/1-:1C81->:5:35:@1>21>1?C5@45:2;>9-@5;: -8>1-0E<>1?1:@5:;A>919;>Eff281->:5:3@41>A81?;2-:1C3-91/-A?1? A?@;2;>31@@41?5958->3-91>A81?C17:1C1->851>C1->11D<1>51:/5:3 >1@>;-/@5B1 5:@1>21>1:/1 %>;-/@5B1 5:@1>21>1:/1 ;//A>? C41: <>1B5;A?8E 81->:10 5:2;>9-@5;: 5:@1>21>1?C5@4@41<>1?1:@81->:5:3fl;> 1D-9<8152C1->1A?10@;;:1 71E.;->0;2 @41 /;9<A@1>-:E?9-88/4-:31 5: @41:1C71E.;->09-E 45:01>;A><>1?1:@ 81->:5:3 ,,2-.7<(19<;>->E05?@A>.-:/1? 5: @41.8;;0 ?A<<8E @; /1>@-5: <->@?;2@41.>-5:/-:-8?;/-A?1 2;>31@@5:3)?1;2/1>@-5:0>A3? 0A>5:3 588:1??1?-8?;-//;A:@? 2;> 2;>31@@5:3 2-88 2>;9 -41534@ .>-5:0-9-31-?->1?A8@;2-:-A@;9;.581-//501:@-:0/;:/A??5;:? - B5;81:@ ?4;/7 -? 2>;9 - 41-BE .8;C ;: @41 41-0 /-: /-A?1 2;>31@@5:3 68<287*5 ;18,4; 9;@5;:-8 2-/@;>? /-: -8?; <8-E >;81 5: @41 >1@>51B-82-58A>1'A001:A:1D<1/@1001-@4;2:1->-:001->;:1? /-: >1?A8@ 5:05225/A8@51?C5@4 @41 >1@>51B-8 ;2A:<81-?-:@ -:D51@E <>;B;75:3 5:2;>9-@5;: ?@;>10 5: !(" $<*<. -.9.7-.7< 6.68:A ff2 C1 1:/;01 5:2;>9-@5;: C4581 5: ;:1 19;@5;:-8 ?@-@1 -:0 @>E @; >1@>51B1 5@ 5: -:;@41> ;A> >1/-88 9-E ?A221> +78:6*5/8:0.<<270 5B1.26.:E;2;.*;. 8F41591>J? 05?1-?1 5:B;8B1? ?1B1>1 919;>E 8;?? -? - >1?A8@ ;2 05?/;::1/@5;: 5: @41 :1@C;>7 ;2 .>-5: /188? ff:5@5-88E @41 ?4;>@ @1>9919;>E 5? -221/@10 %1;<81 ?@->@ 2;>31@@5:3 :-91? 0-@1? 2-/1?-:0?;;: '8;C8E 5@ 5:/>1-?1? 5: 5:@1:?5@E-:01B1:?59<81 >;A@5:1 @-?7? ->1 2;>3;@@1: