Ebook easycratie

Page 1

11:22

Pagina 1

Stel het doel centraal en niet de ‘regeltjes om de regeltjes’

De easycratie is een netwerk van professionals, dat naast de traditionele bureaucratieën een steeds machtiger en invloedrijker bolwerk wordt. En dat uiteindelijk zelfs de bestaande bureaucratie zal dwingen ook easycratisch te worden.

Martijn Aslander geeft lezingen over onderwerpen als de netwerksamenleving, web 2.0, het slim delen van kennis, collectieve intelligentie en zwermen; dé ingrediënten van de easycratie. Erwin Witteveen is een journalist/publicist die met humor en diepgang ingewikkelde zaken in heldere taal opschrijft. Hij schrijft voor vakbladen op het gebied van marketing en management.

978 90 5261 702 2 801

EASYCRATIE

Easycratie roept op tot een nieuwe manier van werken, organiseren én samenwerken die dwars door bestaande organisatiestructuren heen gaat. Het laat zien hoe je samen met andere bevlogen professionals het verschil kunt maken, ongeacht je plaats in de traditionele hiërarchie. Je hoeft niet eerst CEO of minister-president te worden om dingen te kunnen verbeteren. Je moet er alleen voor zorgen dat je de juiste spelregels kent. Want van boven naar beneden werkt anders dan van beneden naar boven.

Aslander & Witteveen

In grote, logge organisaties heerst vaak een verstikkende bureaucratie, die het onmogelijk maakt om de grote vraagstukken op te lossen. Er zijn genoeg mensen die de oplossingen hebben, maar zij worden nog al te vaak belemmerd door regels, hiërarchieën en een gebrek aan samenwerking. Dat moet en kan anders: vervang de bureaucratie door de easycratie!

Martijn Aslander Erwin Witteveen

DE TOEKOMST VAN WERKEN EN ORGANISEREN

29-07-2010

EASYCRATIE

omslagdef

<8JP:I8K@<

<8JP:I8K@< ;< KF<BFDJK M8E N<IB<E <E FI>8E@J<I<E

':KMBCG LE:G=>K KPBG 1BMM>O>>G

'>>K BG?HKF:MB> HO>K =>S> >G :G=>K> NBM@:O>G DNGM N O>KDKBC@>G ;BC -=N %E:GM>GL>KOB<> *HLM;NL >: >G "::@ M>E PPP L=N GE L>KOB<> -=N /BM@>O>KL ;O >G "::@ <:=>FB< ->KOB<> BL >>G BFIKBGM O:G -=N /BM@>O>KL ;O ,>=:<MB> .::EP>KDIE::ML FLM>K=:F H>DO>KSHK@BG@ 0BEE: 3 >G "::@ #EENLMK:MB>L :GC: -<A::I PPP =:GC:L<A::I GE ">M PHHK= >:LR<K:MB> BL ;>=:<AM =HHK GC: 1:LL>G::K PPP :GC:P:LL>G::K GE

BL ; G GN K

)I =BM P>KD BL >>G K>:MBO> HFFHGL EB<>GMB> G::FLO>KF>E=BG@ ‹ GB>M <HFF>K

<B>>E ‹ @>>G :?@>E>B=> P>KD>G (>=>KE:G= O:G MH>I:LLBG@ BM ;>M>D>GM =:M OHHK GB>M <HFF>K<BeE> =H>E>BG=>G => @>;KNBD>K =BM P>KD F:@ A>K@>;KNBD>G DHIBe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eE> :<MBOBM>BM>G D:G =NL GB>M )I =>S> F:GB>K ;EBC?M A>M P>KD HHD ;>L<ABD;::K :EL A>M BG => MH>DHFLM BG =KNDOHKF GB>M F>>K M> DKBC@>G BL 0HHK F>>K BG?HKF:MB> PPP <K>:MBO><HFFHGL GE 4H>DPHHK=>G ;NK>:N<K:MB> HK@:GBL:MB> G>MP>KD IKH?>LLBHG:EL

9<JK< C<Q<I# 0KBCP>E F>M>>G G: => IN;EB<:MB> O:G :LR<K:MB> >BG= :N@NLMNL O>KL<A>G>G MB>GM:EE>G K><>GLB>L >G ::G;>O>EBG@>G HI BGM>KG>M BCG: :EE> K>:<MB>L P:K>G EHO>G= > F>>LM @>GH>F=> PHHK=>G P:K>G BGLIBK>K>G= ;::G;K>D>G= >G S>>K OEHM @>L<AK>O>G >G O:G => F>>LM DKBMBL<A> K>:<MB>L DP:F O:G K:GL ,H>F>G "BC BL BG F>M I>GLBH>G @>@::G G: >>G LN<<>LOHEE> EHHI;::G P::KBG ABC HG=>K :G=>K> =>KMB>G C::K EB= P:L O:G => =BK><MB> >G ,::= O:G >LMNNK O:G !>G>K:EB 0>KS>D>KBG@L

@KH>I =BK><MB>OHHKSBMM>K O:G > F>KL?HHKML> 0>KS>D>KBG@>G >G @KH>IL=BK><

M>NK )K@:GBL:MB> O:G HKMBL -, K:GL >K@>K=> SB<A MBC=>GL A>M E>S>G ::G => LHFL D:KBD:MNK:E> ;>L<AKBCOBG@ O:G => MK:=BMBHG>E> HK@:GBL:MB> >LHG=:GDL <HG<EN=>>KM ,H>F>G G: E>SBG@ #D OBG= :LR<K:MB> >>G ;H>D =:M >ED> SB<AS>E? L>KB>NL G>F>G=> E>B=BG@@>O>G=> FH>M E>S>G )I O>KSH>D O:G => :NM>NKL L<AK>>? ABC >>G OHHKPHHK= ;BC => MP>>=> =KND = MAL?=N=J

MFFINFFI; 9@A ;< )< FGC8>< :LR<K:MB> BL >>G FNLM OHHK B>=>K> F:G:@>K =B> SB<AS>E? L>KB>NL G>>FM EL C> OBG=M =:M => ANB=B@> HK@:GBL:MB>L ;NK>:N<K:MBL<A SBCG P::K;BC A>M F:G:@>

F>GM OHHK:E ;>SB@ BL => >B@>G IHLBMB> O>BEB@ M> LM>EE>G D>GGBL GB>M P>GLM M> =>E>G SH O>>E FH@>EBCD K>@>EL ;>=>GDM HF A>M ;>LM::G=> BG LM:G= M> AHN=>G BGGHO:

MB>O> B=>>eG :EL ;>=K>B@>G= >KO::KM >G MHI =HPG PBE ::GLMNK>G =:G DNG C> =BM OHHKPHHK= @>KNLM HO>KLE::G >G @>EBCD ::G A>M E>S>G O:G A>M ;H>D ;>@BGG>G 0BG= C> ><AM>K =:M >K HHD O>>E HK@:GBL:MB>L SBCG P::K => E>B=BG@ P>E =>@>EBCD ;>SB@ BL F>M A>M HK@:GBL>K>G O:G => FB==>E>G SH=:M IKH=N<M>G >G =B>GLM>G @>E>

O>K= PHK=>G =B> ::GLENBM>G HI => ;>AH>?M> O:G => DE:GM E>>L =:G =BM OHHKPHHK= HF M> OHHKDHF>G P:M FBC HO>KDP:F ;BC A>M E>S>G O:G A>M ;H>D #D S>E? P>K= G:F>EBCD P:M @>iKKBM>>K= MH>G BD HI SH O>>E IE::ML>G >>G D:KBD:MNNK ::GMKH? O:G P:M => ABeK:K<ABL<A> HK@:GBL:MB> P>K= @>GH>F= #D A>KD>G=> =::KBG GB>M F>>K => HK@:GBL:MB>L SH:EL BD =B> S>E? A>; @>D>G= (:MNNKEBCD ;>LM::G >K HK@:GBL:MB>L P::K ;NK>:N<K:MB> >G ABeK:K<AB> >>G ;>E>FF>KBG@ OHKF>G F::K >K SBCG >K HHD A>>E O>>E =B> :G=>KL BG >ED::K LM>D>G (>>F => DE>BG>K> HK@:GBL:MB> P::K => HHKLIKHGD>EBCD> >B@>G::K HG=>KG>F>K GH@ ::G A>M KH>K LM::M "BC BL NBMLM>D>G= HI => AHH@M> O:G P:M >K HI => OEH>K

(

) %7 ='6%8- )

LI>>EM ABC P>>M IKBF: SBCG I>KLHG>>E M> FHMBO>K>G SBCG HK@:GBL:MB> D>GM >>G FBGBFNF ::G K>@>EL >G DHKM> <HFFNGB<:MB>EBCG>G :G SBCG >K => P:M @KHM>K> HK@:GBL:MB>L P::K :K;>B=LO>K=>EBG@ GHH=S:D>EBCD PHK=M :M E>O>KM OHHK=>>E HI F::K HHD NBM=:@BG@>G "H> SHK@ C> ;BCOHHK

;>>E= =:M => HG=>K=>E>G HIMBF::E HI >ED::K ::G@>LEHM>G ;EBCO>G "H> AHN= C> => ?H<NL HI => DE:GM >G HI => LMK:M>@BL<A> OK::@ PA:M ;NLBG>LL :K> P> BG >M<>M>K: G =:M SBCG GN G>M => M:D>G O:G A>M F:G:@>F>GM 1:GG>>K => @KH>B O:G => HK@:GBL:MB> O>K=>K@::M F>>LM:E =HHK ?NLB> H? HO>KG:F> PHK=>G =>S> NBM=:

@BG@>G @KHM>K > :?LM:G= O:G MHI MHM ;>=KBC?LOEH>K BL HGHO>K;KN@;::K @KHHM ::G A>M PHK=>G ::G=>>EAHN=>KLP::K=> >BLM :EE> ::G=:<AM HI O:G => MHI LM:FF>GLMKBC= MNLL>G => HHKLIKHGD>EBCD> ;>=KBCO>G PHK=M OHHK LHFFB@>G >>G ?:OHKB>M LI>E $NBLM ;BC =>S> HK@:GBL:MB>L LI>>EM O>>E O:G =:M@>G> P:M BG A>M ;H>D :EL D>GF>KD>G O:G HK@:GBL:MB>L @>SB>G PHK=M G S>D>K OHHK =>S> HK@:GBL:MB>L BL A>M @>;H=>G> BGM>K>LL:GM 'BCG :=OB>L BL MBE GB>M M> SP::K ::G => ;>L<AKBCOBG@ O:G => ABeK:K<ABL<A>

;NK>:N<K:MBL<A> HK@:GBL:MB> F::K OHE@ A>M ;>MHH@ =:M M>ED>GL ::G@>>?M HI P>ED> PBCS> => FH@>EBCD> D:K:DM>KBLMB>D>G O:G >>G HK@:GBL:MB> ;>iGOEH>= @::G PHK=>G =HHK GB>NP> HGMPBDD>EBG@>G 1:M SBCG => >??><M>G O:G => GB>NP> BG?HKF:MB>L:F>GE>OBG@ P::KBG F>G BG?HKF:MB> PBE HGMLENBM>G >G =>E>G OHHK A>M HIEHLL>G O:G IKH;E>F>G 1:M BL A>M >??><M =::KO:G HI => HK@:GBL:MB>LMKN<MNNK GN BG?HKF:MB> DKBLDK:L =HHK => HK@:GBL:MB> D:G LMKHF>G 1:M SBCG => @>OHE@>G P:GG>>K BG?HKF:MB> OKBC NBM@>PBLL>E= D:G PHK=>G F>M => ;NBM>GP>K>E= 1:M SBCG => @>OHE@>G OHHK => :K;>B= => ?NG<MB> => IHLBMB> 1:M @>;>NKM >K P:GG>>K A>M LH<B:E> D:IB

M::E O:G B>F:G= DHFM M> LM::G G::LM H? S>E?L BG IE::ML O:G P:M SBCG ?NG<MB> BG A>M ><HGHFBL<A O>KD>>K P::K= BL 1:M SBCG => @>OHE@>G O:G A>M FH;BEBL>K>G O:G <HEE><MB>O> BGM>EEB@>GMB> HI A>M IKH=N<M O:G >>G ;>=KBC? HI => ;>=KBC?L>M

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

O>G=> FH>M E>S>G 0HHK B>=>K :G=>K BL A>M >>G NBM>KF:M> BGM>K>LL:GM ;H>D

)

=:M E::M SB>G AH> => P>K>E= ::G A>M O>K:G=>K>G BL >G BG P>ED HG@>D>G= M>FIH ">M BL GB>M HG=>GD;::K =:M => ?:L> =B> PBC GN F>> F:D>G BG => MH>

DHFLM O>K@>E>D>G PHK=M F>M => IKHFBG>GM> IE>D O:G => #G=NLMKBeE> ,>OH

ENMB> >G PB> P>>M PHK=M A>M =:G => MBC= O:G => :LR<K:MB> @>GH>F= K:GL ,H>F>G ;GFGGE GJ?9FAK9LA=<=KCMF<A?= !=H=FKAGF==J< F9 B9J=FD9F? GH <AJ=;LA= =F ,N FAN=9M O=JCR99E L= RABF ?=O==KL :AB N=JR=C=J99JK <NAK==JL =F ;G9;@L GF<=J E==J RRH =JK

0D9C NGGJ @=L L=J H=JK= ?99F N9F <= LO==<= GHD9?= CO9E =J FG? ==F AFL=J=KK9FL :=JA;@L :AFF=F

88E9<M<C@E> :LR<K:MB> BL BG FBCG H@>G >>G IK:<AMB@ @>L<AK>O>G ;H>D ;>LM>F= OHHK >>G @KHHM IN;EB>D >G F>M >>G BGAHN= P::KF>> BD A>M S>>K >>GL ;>G #G FBCG ;H>D > 1>K>E= K>>DM )I>G =:M >BG= O>KL<ABCGM SNE C> MP>> AHH?=

LMNDD>G ::GMK>??>G P::KBG BD S>E?L =>S>E?=> EBM>K:MNNK A>; @>;KNBDM >G MHM =>S>E?=> <HG<ENLB>L DHF :M D:G @>>G MH>O:E SBCG 1BC @>O>G >>G >Q:<M> P>>K@:O> O:G A>M@>>G ><AM BG => P>K>E= ::G => A:G= BL *KH? =K 1BF $ => ,B==>K "GG?D=J99J .G=CGEKLGF<=JRG=C /FAN=JKAL=AL .O=FL=

*

@E?FL; ( @ec\`[`e^ ) ;\ \XjpZiXk`jZ_\ Y`Yc`fk_\\b * Qn\id\e + <ogcfj`\ mXe b\ee`jfekn`bb\c`e^ \e `eefmXk`\ , ;peXd`\b \e jcX^biXZ_k mXe e\kn\ib\e - KXc\ek ^\[`ak Y\k\i `e e\kn\ib\e [Xe `e _`‡iXiZ_`\‡e . NXXi[\Y\gXc`e^ / Q`e^\m`e^ 0 <XjpZiXk`\ `e [\ gifÔkj\Zkfi (' <XjpZiXk`\ `e [\ efe$gifÔkj\Zkfi (( 8e[\ij n\ib\e# jc`dd\i n\ib\e

,

) %7 ='6%8- )

?FF=;JKLB ( J8D<E><M8K -R SVKERMWEXMIQSHIPPIR ZER HI I IIY[ [EVIR LMtVEVGLMI QEGLX GSRXVSPI IR OIRRMWQSRSTSPMI HI FIPERKVMNOWXI QEREKIQIRXXSSPW (SSV HI OSQWX ZER HI MRJSVQEXMIQEEXWGLETTMN LIFFIR HI^I XSSPW WXIVO EER OVEGLX MRKI FSIX 3J QIR LIX RY [MP SJ RMIX SVKERMWEXMIW [SVHIR WXIIHW QIIV ZER SRHIVEJ EERKIWXYYVH MR TPEEXW ZER XST HS[R ;I ^YPPIR QSIXIR PIVIR SQKEER QIX HI RMIY[I [IXXIR IR QSKIPMNOLIHIR (EX MW [EX IEW]GVEXMI HSIX )EW]GVEXMI KEEX H[EVW HSSV FIWXEERHI SVKERMWEXMIWXVYGXYVIR LIIR 1EEV IEW]GVEXMI MW KIIR EREVGLMI KIIR TSPMXMIO TEQµIX ,IX MW IIR QERMIV ZER [IVOIR >S[IP ZSSV MRHMZMHYIR EPW ZSSV SVKERMWEXMIW )R zzO ZSSV HI XVEHMXMSRIPI QEREKIV

-

(

@EC<@;@E> ?\k gifYc\\d

&MNRE IPO TVSFPIIQ MR HI LYMHMKI WEQIRPIZMRK MW MR HI OIVR IIR FYVIEY GVEXMWGL TVSFPIIQ )V ^MNR KIRSIK QIRWIR HMI HI STPSWWMRKIR EP [IXIR QEEV HI YMXZSIVMRK [SVHX RSK FIPIQQIVH HSSV IIR ZIVWXMOOIRH [IF ZER FYVIEYGVEXMI VIKIPW TVSXSGSPPIR TVSGIHYVIW LMtVEVGLMItR IR IIR KIFVIO EER WEQIR[IVOMRK

;\ fgcfjj`e^ )EW]GVEXMI MW IIR RMIY[I QERMIV ZER [IVOIR SVKERMWIVIR IR WEQIR[IV OIR MR HI I IIY[ ¦FMRRIR HI FIWXEERHI WTIPVIKIPW qR LERHMK KIFVYMO QEOIRH ZER HI ZSSV MIHIVIIR ZVMN XSIKEROIPMNOI ZIV[SVZIRLIHIR ZER HI MRJSVQEXMIXIGLRSPSKMI (I IEW]GVEXMI MW HI PIYOWXI ZSVQ ZER FYVIEY GVEXMI (I QMRWX QSIMPMNOI )R LIX PIYOI MW Y OYRX IV QSVKIRSGLXIRH EP QII FIKMRRIR 3J Y RY EJHIPMRKWQEREKIV FIRX SJ FIPIMHWEQFXIREEV ^^T«IV SJ ZVMN[MPPMKIV FMN HI TPEEXWIPMNOI WTSVXGPYF 9 LSIJX RMIX XI [EGLXIR ST HI ZSPKIRHI ZIVOMI^MRKIR SJ ST HI ZSPKIRHI HMVIGXMIZIVKEHIVMRK (I IEW]GVEXMI MW IIR QERMIV ZER [IVOIR

<8JP:I8K@<# ?F< N<IBK ;8K ;8E6 > >:LR<K:MB> BL >>G IH@BG@ HF => E>NDLM> >G F:DD>EBCDLM> F:GB>K O:G ;NK>:N<K:MB> NBM M> OBG=>G -ENBI>G=>KPBCL BL => FH=>KG> L:F>GE>OBG@ => :?@>EHI>G MB>G C::K O>K:G=>K= BG >>G BG?HKF:MB>L:F>GE>OBG@ > M><AGB>D ?:<BEBM>>KM F>>K =:G HHBM =:M D>GGBL @>F:DD>EBCD MH>@:GD>

EBCD BL >G =:M F>GL>G HI @KHM> L<A::E F>M >ED::K O>K;HG=>G SBCG HHK => <HF;BG:MB> O:G =>S> MP>> ?:<MHK>G HGMLM::G HO>K:E G>MP>KD>G =B> >GHKF DK:<AMB@ >G O>>E;>EHO>G= SBCG > O>K:G=>KBG@>G @::G LG>E > <HF;BG:MB> O:G OKBC MH>@:GD>EBCD> D>GGBL >G O>K;HG=>G L:F>GP>KD>G=> F>GL>G BL SH DK:<AMB@ =:M >K HI>>GL HO>K:E D:GL>G EB@@>G HF @KHM> OK::@LMNDD>G HI M> EHLL>G EE>>G BG => IK:DMBCD BL =:M LHFL GH@ E:LMB@ HF=:M => HIEHLLBG@>G O::D ;>E>FF>K= PHK=>G =HHK => ;NK>:N<K:MB> O:G @KHM> EH@@> HK@:GBL:MB>L

.

) %7 ='6%8- )

1> =H>G =BG@>G F>>LM:E HI => HN=> F:GB>K 1> P>KD>G F>>LM:E BG HK@:GB

L:MB>FH=>EE>G =B> HGMPBDD>E= SBCG BG >>G MBC=I>KD OkkK => BG?HKF:MB>

L:F>GE>OBG@ >G MBC=I>KD =:M SB<A D>GF>KDM> =HHK HGMH>@:GD>EBCD> :?@>L<A>KF=> BG?HKF:MB> %>GGBL BL F:<AM >G ABeK:K<ABL<A> HK@:GBL:MB>

LMKN<MNK>G DP:F>G =::K EH@BL<A>KPBCL NBM OHHKM '::K GN BG?HKF:MB> SH MH>@:GD>EBCD BL @>PHK=>G SBCG =B> HN=> ABeK:K<ABL<A> HK@:GBL:MB>LMKN<MN

K>G HI>>GL >>G LMND FBG=>K EH@BL<A G :EL D>GGBL BL F:<AM DEHIM >G PB> A>>?M =::K HHBM ::G @>MPBC?>E= SBCG P> =:G GB>M :EE>F::E F:<AMB@ @>PHK

=>G GN P> :EE>F::E MH>@:G@ MHM =B> D>GGBL A>;;>G ">M SBCG GB>M :EE>>G => ;NK>:N<K:MBL<A> K>@>EL =B> => OHHKNBM@:G@ ;>E>FF>

K>G 'BGLM>GL G>M SH ;>E:G@KBCD SBCG => O:LM@>KH>LM> @>PHHGM>L O:G A>M BG=BOB=N 1> A>;;>G P>E GB>NP> BGSB<AM>G GB>NP> DK:<AM>G GB>NP> FH@>EBCDA>=>G F::K P> DNGG>G >K O::D GH@ GB>M F>> P>KD>G .>F>>K =::K P> @>P>G= SBCG HF M>KN@ M> O:EE>G HI => HN=> F:GB>K O:G =>GD>G >G => ;>D>G=> F:GB>K O:G P>KD>G > >:LR<K:MB> BL =::KHF kkD >>G ;>PNLMPHK=BG@LIKH<>L 1> FH>M>G >K::G P>GG>G =:M A>M O:G ;HO>G G::K ;>G>=>G ::GLMNK>G O:G >>G HK@:GB

L:MB> :G=>KL P>KDM =:G O:G ;>G>=>G G::K ;HO>G G A>M BL S>E?L => OK::@ H? >K BG => >:LR<K:MB> >G BG => G:;BC> MH>DHFLM GH@ P>E LIK:D> BL O:G >>G ;HO>G HEE><MB>O> BGM>EEB@>GMB> D>GGBL LEBF =>E>G K:=B<:E> MK:GLI:K:GMB> HI>GA>B= O>K;BG=>G SP>KF>G =:M SBCG MRIBL<A> MA>F: L O:G FH=>KG> HK@:GBL:MB>LMKN<MNK>G P::K;BC GB>M F>>K O:G ;>G>=>G G::K ;HO>G H? O:G ;HO>G G::K ;>G>=>G PHK=M @>=:<AM > >:LR<K:MB> BL FBG=>K EBG>:BK O:G ::K= >G PBE :E =>S> MA>F: L O>K;BG=>G

<8JP:I8K@<# N8K ?<K EàyK @J > >:LR<K:MB> ;B>=M @>>G I:GDE:K> HIEHLLBG@>G F::K BL F>>K >>G =>GDKB<A

MBG@ > >:LR<K:MB> ;B>=M =BL<NLLB>INGM>G =B> B>=>K>>G BG LM::M LM>EE>G HF HIEHLLBG@>G M> ;>=>GD>G )F ;>LM::G=> FH@>EBCDA>=>G M> ;>GNMM>G > >:LR<K:MB> BL @>>G :G:K<AB> > >:LR<K:MB> BL @>>G K>OHENMBHG:BK> LMKH

FBG@ =B> ;NK>:N<K:MBL<A> LRLM>F>G HFO>K PBE D>@>E>G 1:GM F>M => ;NK>:N<K:MB> BL BG => D>KG GB>ML FBL EL PBC >>G ;KHH=C> A:KBG@ DHI>G ;BC >>G OBLLM:EE>MC> =:G BL A>M >>G A>>E IK>MMB@ B=>> =:M >K BGLM:GMB>L ;>LM::G =B> <HGMKHE>K>G H? =B> OBL GB>M M> O>>E ;:<M>KBeG ;>O:M )HD BL A>M CG =:M >K BGLM:GMB>L SBCG =B> K>@>EL HILM>EE>G HF >KOHHK M> SHK@>G =:M => S>> GB>M PHK=M E>>@@>OBLM SH=:M HGS> G:DHF>EBG@>G HHD GH@ O:G >>G ;KHH=C> A:KBG@ DNGG>G @>GB>M>G EE>>G >>G M>O>>E ::G ;NK>:N<K:MB> P>KDM O>KLMBDD>G= >G LM::M HIEHLLBG

@>G BG => P>@ > >:LR<K:MB> IKH;>>KM GB>NP> P>@>G M> OBG=>G P::K;BC IKH

/

- 2 0) - (- 2 +

;E>F>G :EL D:GL>G PHK=>G @>SB>G G P::K D:GL>G PHK=>G HF@>S>M BG <K>

:MB>O> HIEHLLBG@>G

MFFI N@< @J ;@K 9F<B6 #G >ED> @KHM> @KH>I F>GL>G BG >ED> HK@:GBL:MB> ;>OBG=>G SB<A SHP>E ;>AHN=SN<AMB@>G :EL O>K:G=>KBG@L@>SBG=>G BM ;H>D KB<AM SB<A OHHKG:F>

EBCD HI BG=BOB=N>G =B> LMK>O>G G::K O>K;>M>KBG@>G )I F>GL>G =B> SB<A K>:

EBL>K>G =:M >>G O>K;>M>KBG@ I>K => GBMB> >>G O>K:G=>KBG@ BL AH> O>KO>E>G= =:M HHD D:G SBCG P:GM O>K:G=>KBG@>G @::G GN >>GF::E @>I::K= F>M HGS>

D>KA>=>G >G D:K:DM>KL<A>ML O:G => @>FB==>E=> >:LR<K::M SHN >K :EL OHE@M NBM DNGG>G SB>G A>M BL B>F:G= =B> SBCG P>KD F>M >GMAHNLB:LF> >G I:LLB> =H>M #>F:G= =B> EB>O>K => A:G=>G NBM => FHNP>G LM>>DM =:G => D:GMC>L >K : HHIM #>F:G= =B> SB<A GB>M O>KL<ANBEM F::K BGBMB:MB>? =NK?M M> G>F>G >G SBCG G>D NBM =NK?M M> LM>D>G #>F:G= =B> OH>EM =:M => HN=> P>@ O::D GB>M F>>K => CNBLM> BL #>F:G= =B> LH<B::E F::ML<A:II>EBCD ;>PNLM BL O>K:GM

PHHK=>EBCDA>B= G>>FM >G SBCG LE:@DK:<AM PBE O>K@KHM>G #>F:G= =B> GB>M SH GH=B@ A>M PB>E AH>?M NBM M> OBG=>G F::K @K::@ @>;KNBDF::DM O:G => FH@>

EBCDA>=>G =B> >K :E SBCG > >:LR<K:MB> LM::M EHL O:G A>M MRI> HK@:GBL:MB> )O>KA>B= H? ;>=KBC?LE>

O>G =:M F::DM BG IKBG<BI> GB>M NBM (>M SH @H>= :EL ;NK>:N<K:MB> SHP>E ;BC HO>KA>B=LBGLM:GMB>L :EL ;BC @KHM> <HFF>K<BeE> ;>=KBCO>G A>>KLM 0HHK >>G >:LR<K::M F::DM A>M GB>M NBM H? ABC => >:LR<K:MBL<A> P>KDPBCS> MH>I:LM BG >>G GHG IKH MHF@>OBG@ HF >>G F::ML<A:II>EBCD OK::@LMND HI M> EHLL>G H? BG => <HGM>QM O:G >>G ;>NKL@>GHM>>K=> FNEMBG:MBHG:E OHHK A>M O>K@KHM>G O:G A>M F:KDM::G=>>E > >:LR<K:MB> LM::M HHD EHL O:G K:G@>G >G LM:G=>G #>=>K>>G D:G >:LR

<K::M SBCG O:G ) MHM CHG@LM> ;>=B>G=> O:G FBGBLM>K MHM @>F>>GM>:F;M>

G::K > >:LR<K:MB> EHHIM =P:KL =HHK :EE> ;>LM::G=> ABeK:K<AB>eG A>>G 0B: M:EEHS> ?HKF>E> >G BG?HKF>E> G>MP>KD>G SBCG >K <HGM:<M>G MNLL>G AHH@@>

IE::MLM>G >G E::@@>IE::MLM>G BG => MK:=BMBHG>E> ABeK:K<ABL<A> LMKN<MNNK 4BC <HFFNGB<>K>G F>M >ED::K >G =>S> <HGM:<M>G A>;;>G GB>M :EE>>G BGOEH>= HI => ;>LENBMOHKFBG@ F::K HHD LM>>=L O:D>K >G LM>>=L BG@KBCI>G=>K K><AM

LMK>>DL HI => NBMOH>KBG@ O:G GB>NP> BGBMB:MB>O>G

ääB MFFI ;< KI8;@K@FE<C< D8E8><I '::K kkD => MK:=BMBHG>E> ;>AHN=SN<AMB@> F:G:@>K H? E>B=BG@@>O>G=> A>>?M O>>E ;::M ;BC D>GGBL HO>K => >:LR<K:MB> "BC D:G >K SBCG OHHK=>>E F>> =H>G 1:GM >ED> F:G:@>K P>>M =B>I BG SBCG A:KM =:M ;>AHN=SN<AM GHHBM F>>K D:G SBCG =:G >>G MBC=>EBCD> LMK:M>@B> HF :EL HK@:GBL:MB> M> HO>KE>O>G )HD :E BL >>G HK@:GBL:MB> GH@ SH I>K?><M => P>K>E= LM::M GB>M LMBE > HF@>

OBG@ O:G >>G HK@:GBL:MB> O>K:G=>KM OHHKM=NK>G= > OK::@ O:G DE:GM>G O>K

:G=>KM => ;>AH>?M>G O:G F>=>P>KD>KL O>K:G=>K>G A>M ::G;H= HI =>

0

) %7 ='6%8- )

:K;>B=LF:KDM O>K:G=>KM => M><AGHEH@B> O>K:G=>KM >G A>M ::G;H= O:G <HG

<NKK>GM>G O>K:G=>KM G HF A>M GH@ <HFIE>Q>K M> F:D>G =HHK =>S> OHHKM

=NK>G=> LMKHHF O:G O>K:G=>KBG@>G DHF>G => ;>=K>B@BG@>G >G => <HG<NK

K>GMB> GB>M :EE>>G NBM O>KP:<AM> F::K HHD NBM HGO>KP:<AM> AH>D %&' <HG<NKK>>KM GB>M :EE>>G F>M :LRC>M F::K HHD F>M GB>NP> AH@>LG>EA>B=L

MK>BG>G =B> >>G :EM>KG:MB>? DNGG>G ;B>=>G OHHK OEB>@K>BS>G H<: HE: <HG

<NKK>>KM GB>M :EE>>G F>M *>ILB F::K HHD F>M >>G =K:GDF>KD =:M >>G GB>NP LM>KD O>K;>M>K= O>KL OKN<AM>GL:I HI => F:KDM ;K>G@M ,.& HG=>KOBG=M GB>M :EE>>G <HG<NKK>GMB> O:G - - >G O:G => IN;EB>D> HFKH>I F::K HHD O:G EF =O= L =B> HI>>GL OHHK MP>> >NKH BG => ;:DD>G O:G K>> ,><HK= -AHI EB@@>G > @H>=EHI>G=> DKH>@ D:FIM GB>M :EE>>G F>M => =K>B@BG@ =:M => DE:G=BSB> P>@EHHIM G::K A>M GB>NP> MK>G=R <:?b BG => LM:= F::K HHD G::K ANBLD:F>KL HF=:M => DE:GM =::K GH@ PbE F:@ KHD>G ">M BL GB>M :E M> @>P::@= HF M> O>KHG=>KLM>EE>G =:M >ED> HK@:GBL:MB> =B> DB>LM OHHK => INK> ;>AHN=SN<AM SBCG >B@>G @K:? @K::?M 0KH>@ H? E::M BL >K @>>G IE::ML F>>K OHHK => >>GL SH LN<<>LOHEE> ;>AHN=SN<AMB@> HK@:GBL:MB> =HHK=:M OK::@ >G ::G;H= BG => ><HGHFB> BG@KBCI>G= SBCG O>K:G=>K= > HK@:GBL:MB> OHHKM=NK>G= ::GI:LL>G >G O>K;>M>K>G BL >>G FNLM HF M> HO>KE>

O>G 0>K:G=>KBG@>G SBCG >>G GHH=S::D

9FE;><EFFK 0>K:G=>KBG@>G SBCG GHH=S:D>EBCD > O:G G:MNK> O>K:G=>KBG@L@>SBG=> >:LR

<K:M>G DNGG>G =::KHF G:MNNKEBCD> ;HG=@>GHM>G SBCG O:G => ;>AHN=SN<A

MB@> MK:=BMBHG>E> F:G:@>K >B=>G =B>G>G BFF>KL A>MS>E?=> =H>E >KOHHK SHK@>G =:M => HK@:GBL:MB> >>G GNMMB@> ;BC=K:@> ;EBC?M E>O>K>G SH=:M => HK@:

GBL:MB> HHD BG => MH>DHFLM ;>LM::GLK><AM AHN=M ">M ;BCDHF>G=> OHHK=>>E OHHK => MK:=BMBHG>E> F:G:@>K BL =:M => >:LR

<K:M>G GN CNBLM FA=L : IKBHKB ::G SBCG LMH>EIHM>G S:@>G $NBLM HI =BM INGM A>;;>G F:<AMA>;;>KL >>G =B>I@>PHKM>E=> :K@P::G M>@>G O>K:G=>KBG@L@>

SBG=> DK:<AM>G ;BGG>G => HK@:GBL:MB> #G => F:G:@>F>GMMA>HKB>eG O:G => > >>NP LI>>EM => ABeK:K<AB> >>G <KN<B:E> KHE )K@:GBL:MB>L P>K=>G O:G ;HO>G G::K ;>G>=>G ::G@>LMNNK= > D>GGBL >G BG?HKF:MB> =B> => GHH=S:

D>EBCD> ;HNPLM>G>G OHKF>G OHHK >>G @H>=> ;>LENBMOHKFBG@ P>K=>G BG => MHI O:G => ABeK:K<AB> :?@>L<A>KF= > M:E>GMOHEE> >G :F;BMB>NS> F>=>P>K

D>KL BG HK@:GBL:MB>L LMNBMM>G =BDPBCEL HI =>S> ;>E>FF>K>G=> HK@:GBL:MB>

LMKN<MNNK )F >>G SBGOHEE> ;BC=K:@> M> DNGG>G E>O>K>G ::G => OHHKNBM@:G@ O:G => HK@:GBL:MB> A:==>G SBC MH>@:G@ GH=B@ MHM => BG?HKF:MB>;HNPLM>G>G G HF =B> MH>@:G@ M> O>KDKBC@>G FH>LM>G SBC >>KLM DEBFF>G BG => ABeK:K

<AB> G HF M> DNGG>G DEBFF>G BG => ABeK:K<AB> P:L A>M O::D GHH=S:D>

EBCD HF M> S:@>G ::G => LMH>EIHM>G O:G F>GL>G AH@>K BG => ABeK:K<AB> 0>K

;>M>KBG@ O:G => HK@:GBL:MB> P:L O>>E:E A>M :<AM>KEB@@>G=> B=>:EBLMBL<A>

('

- 2 0) - (- 2 +

=H>E F::K => K:MK:<> BG => ABeK:K<ABL<A> LMKN<MNNK P>K= A>M FB==>E HF =:M =H>E M> ;>K>BD>G #G => ANB=B@> L:F>GE>OBG@ BL =:M FB==>E :<AM>KA::E= HHK => HIDHFLM O:G => BG?HKF:MB>M><AGHEH@B> BL => F>>LM> BG?HKF:MB> MK:GLI:K:GM >G OKBC MH>@:GD>EBCD @>PHK=>G #G => F>>LM> HK@:GBL:MB>L A>>?M => FH=:E> F>=>

P>KD>K OKBC MH>@:G@ MHM <HFINM>KLRLM>F>G >G =:M:;:L>L =B> >>G L<A:M ::G BG?HKF:MB> A>K;>K@>G =B> GH=B@ BL OHHK => HG=>K;HNPBG@ >G NBMP>KDBG@ O:G GB>NP> B=>>eG >G LMK:M>@B>eG -M>KD>K GH@ M>@>GPHHK=B@ A>>?M S>E?L >>G LM:@B:BK ;BC >>G FNEMBG:MBHG:E =HHK@::GL MH>@:G@ MHM >>G >GHKF> AH>

O>>EA>B= ;>=KBC?L=:M: >G LM:@B:BK F>M :G:ERMBL<A BGSB<AM >G >>G <K>:MB>O> @>>LM =B> ;>=K>O>G BL BG A>M HGMLENBM>G O:G D>GGBL NBM <HFINM>KLRLM>F>G D:G LHFL F>>K >G ;>M>K> BG?HKF:MB> NBM => =:M:;:L>L =BLMBEE>K>G =:G => ) O:G =:MS>E?=> ;>=KBC? > BFI:<M O:G OKBC MH>@:GD>EBCD> BG?HKF:MB> PHK=M GH@ O::D HG=>KL<A:M >G :F;BMB>NS> M:E>GMOHEE> F>=>P>KD>K AH>?M GB>M E:G@>K SBCG MBC= >G >G>K@B> M> O>KLIBEE>G ::G A>M ;>DEBFF>G O:G => ABeK:K

<ABL<A> E:==>K "BC ;>L<ABDM :E HO>K => GHH=S:D>EBCD> BG?HKF:MB>;HNPLM>

G>G >G D:G F>M>>G ::G => LE:@ F>M =:M@>G> P:M ABC PBE A>M HGMPBDD>E>G >G NBMOH>K>G O:G GB>NP> B=>>eG =B> => HK@:GBL:MB> DNGG>G O>K;>M>K>G O:G HG=>K:? [M BL P:M => >:LR<K::M OHE=H>GBG@ @>>?M "BC PBE >>G P>S>GEBCD> ;BC=K:@> E>O>K>G >G SB<AS>E? GNMMB@ F:D>G :M BGM>K>LL>>KM A>F O>>E F>>K =:G SBCG ?HKF>E> IE::ML BG => ABeK:K<ABL<A> LMKN<MNNK -M:MNL >G HHD L:E:KBL SBCG K>E:MB>? FBG=>K ;>E:G@KBCD @>PHK=>G SH S:E ;EBCD>G BG E:M>K> AHH?=

LMNDD>G > SBMM>G=> F:<AMA>;;>KL A>;;>G =::KHF P>BGB@ M> OK>S>G O:G => >:LR<K:MBL<A> DK:<AM>G BG => HK@:GBL:MB> #GM>@>G=>>E => >:LR<K:MBL<A> DK:<AM>G ;>L<A>KF>G >>K=>K => IHLBMB> O:G => F:<AMA>;;>KL =HHK=:M S> A>EI>G HF => HK@:GBL:MB> E>O>GLO:M;::K M> AHN=>G BG >>G O>K:G=>K>G=> ;NBM>GP>K>E=

D8E8><I M8E ;< KF<BFDJK ">M BL GB>M SH OK>>F= =:M O>>E F:G:@>KL >>G G:MNNKEBCD> :K@P::G A>;;>G HGMPBDD>E= M>@>G O>K:G=>KBG@L@>SBG=> DK:<AM>G #G => HN=> HK@:GBL:MB>

LMKN<MNK>G A>;;>G SBC O::D >>G E:G@> >G FH>BS:F> P>@ :?@>E>@= HF M> DEBFF>G BG => ABeK:K<AB> ">M BL A>>E F>GL>EBCD HF =B> >>GF::E ;>K>BDM> IHLBMB> :G@LMO:EEB@ M> O>K=>=B@>G #G => >:LR<K:MB> LI>>EM =>S> IKH;E>F:MB>D O>>E FBG=>K 0HHK A>M SBMM>G= F:G:@>F>GM BL A>M HG=>KL<A>B= MNLL>G HK=B

G:BK> ;::GMC>LC:@>KL >G F>=>P>KD>KL =B> HIK><AM => HK@:GBL:MB> PBEE>G O>K

;>M>K>G O>>E =NB=>EBCD>K @>PHK=>G >G ;NK>:N<K:MB> A>>?M H? <B>>E M>G =H>E HF <HGMKHE> NBM M> H>?>G>G > IKH<>LL>G ;BGG>G HK@:GBL:MB>L FH>M>G OHE

@>GL OHHK:? HI@>LM>E=> K>@>EL >G IKH<>=NK>L O>KEHI>G F>M :EL =H>E >>G AH@>K> <HGLM:GM> DP:EBM>BM M> E>O>K>G '::K H? <B>NL BL >>G ;NK>:N<K:MB> MH<A HHD A>M FB==>E O:G => F:<AMA>;;>K HF SBCG >B@>G IHLBMB> M> ;>P:D>G

((

) %7 ='6%8- )

EL => IHLBMB> O:G => F:<AMA>;;>K GB>M F>>K SH A>OB@ ;>=K>B@= PHK=M BL >K HHD FBG=>K K>=>G OHHK >>G ;NK>:N<K:MB> G BL >K KNBFM> OHHK >>G >:LR<K:MB

L<A> HK@:GBL:MB><NEMNNK > F:G:@>K O:G => MH>DHFLM BL >>G E>B=>K =B> => ;>AHN=SN<AMB@> >G => O>K:G=>KBG@L@>SBG=> LMKHFBG@>G BG >>G HK@:GBL:MB> P>>M M> BGM>@K>K>G >G MHM >>G B=>::E >O>GPB<AM P>>M M> LF>=>G

K<><E>8J ::KG::LM BL >K BG => >:LR<K:MB> GH@ >>G ;>E:G@KBCD> KHE P>@@>E>@= OHHK => F>>K MK:=BMBHG>>E BG@>LM>E=> F:G:@>K M>@>G@:L @>O>G >G HK@:GBL:MB> =B> GHHBM O>K:G=>KM BL M>G =H=> HI@>L<AK>O>G F::K M> O>>E O>K:G=>KBG@ BL HHD GB>M @H>= >G O>K;>M>KBG@ BL P>EBLP::K I>K => GBMB> >>G O>K:G=>KBG@ F::K A>M HF@>D>>K=> @>E=M GB>M (B>M >ED> O>K:G=>KBG@ BL HHD >>G O>K;>M>KBG@ > LE>NM>E MHM LN<<>L EB@M BG A>M F:QBF:EBL>K>G O:G => O>K:G=>KBG@>G =B> => HK@:GBL:MB> O>K;>M>K>G >G A>M FBGBF:EBL>K>G O:G => O>K:G=>KBG@>G =B> GB>M MHM O>K;>M>KBG@>G E>B=>G .>@>G@:L @>O>G M>@>G FBG=>K @>LE::@=> BGBMB:MB>

O>G O:G HG=>K:? PHK=M >>G P>S>GEBCD> M::D O:G => F:G:@>K BG >>G >:LR<K:

MBL<A> HK@:GBL:MB><NEMNNK (B>M => BGBMB:MB>O>G O>K;B>=>G H? M>@>GAHN=>G SH:EL BG >>G ;NK>:N<K:MB> F>>LM:E @>;>NKM F::K => BGBMB:MB>?G>F>KL A>EI>G BGSB>G P>ED> G:=>E>G =>S> F>M SB<A F>>;K>G@>G >G GB>NP IE:G DHFM GHHBM SHF::K NBM => EN<AM O:EE>G ">M BL =HHK@::GL >>G K>:<MB> HI >>G HG@>

P>GLM> LBMN:MB> EL >>G GB>NP IE:G HGOHHKSB>G> L<A:=NPD:GM>G A>>?M AH>?M GB>M F>M>>G A>M A>E> IE:G BG => IKNEE>G;:D EL A>M IE:G PHK=M ;BC@>

LM>E= D:G A>M O::D :ELGH@ MHM >>G HK@:GBL:MB>O>K;>M>KBG@ E>B=>G

M8E 9LCC<98B E88I :F8:? EL BG >>G LMK>G@ ABeK:K<ABL<A> HK@:GBL:MB><NEMNNK BGBMB:MB>O>G O:G HG=>K:? =HHK => AH@>K> F:G:@>F>GME:@>G PHK=>G M>@>G@>AHN=>G A>>?M =BM O::D >>G =>FHMBO>K>G= >??><M ':G:@>KL D>GG>G =:M O>KL<ABCGL>E PBEE>G => =>FHMBO:MB> M>@>G@::G >G A>;;>G =::KHF >>G A>>E :KL>G::E ::G O>KMK:

@>G=> IKH<>=NK>L HGMPBDD>E= HF => LM:MNL JNH M> A:G=A:O>G )@>GL<ABCG

EBCD PHK=>G => BGBMB:MB>O>G >GMAHNLB:LM HGMO:G@>G =HHK A>M F:G:@>F>GM F::K BG => IK:DMBCD BL A>M >??><M A>MS>E?=> :EL P:GG>>K A>M OHHKLM>E =BK><M SHN PHK=>G O>KPHKI>G )I => DHKM> M>KFBCG ;EBC?M => FHMBO:MB> SH GH@ P>E ;>AHN=>G F::K SH=K: => F>=>P>KD>KL BG >>G HK@:GBL:MB> =HHKA>;;>G =:M >ED BGBMB:MB>? BG => ;NK>:N<K:MB> O>KS:G=M EBC=M A>M :EE>>G F::K MHM GH@ F>>K =>FHMBO:MB> > F>>LM :F;BMB>NS> >G M:E>GMOHEE> F>=>P>KD>KL SB>G GH@ F::K bbG FH@>EBCDA>B= HF => HK@:GBL:MB> M> O>K;>M>K>G DEBFF>G BG => ABe

K:K<AB> )? :G=>KL A>M ;>=KBC? O>KE:M>G #G >>G >:LR<K:MBL<A> HK@:GBL:MB><NEMNNK BL >K KNBF ;::G OHHK BGBMB:MB>O>G O:G HG=>K:? .>@>G@:L O:G ;HO>G:? PHK=M BG SH G <NEMNNK CNBLM O>KP>E

DHF= > ;::L PHK=M GB>M F>>K @>SB>G :EL ;NEE>;:D =B> => O>K:G=>KBG@>G

()

- 2 0) - (- 2 +

PBE M>@>GAHN=>G F::K F>>K :EL => >KO:K>G <H:<A =B> SBCG >KO:KBG@ >G A>EB

<HIM>KOB>P BGS>M HF => O>K:G=>KBG@>G BG @H>=> ;:G>G M> E>B=>G 4HP>E OHHK F:G:@>KL :EL OHHK GB>M F:G:@>KL PHK=M A>M P>KD>G =::K=HHK E>ND>K BG => >:LR<K:MB> BM BL >>G GB>M M> HG=>KL<A:MM>G OHHK=>>E P:GM BG => F:G:@>F>GMEBM>K:MNNK ;>LM::M >>G @KHM> <HGL>GLNL HO>K A>M O>K;:G= MNLL>G :K;>B=LM>OK>=>GA>B= >G HK@:GBL:MB>I>K?HKF:G<>

QN<ID<E >G ;>E:G@KBCD HG=>K=>>E O:G A>M >:LR<K:MB>=>GDK::F BL A>M @>EHH? BG SP>K

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–<BeGM @>;KNBDF:D>G O:G :G=>K> IKH=N<MB>?:<MHK>G SH:EL @KHG=LMH??>G H? F:<AB

G>L >G ;H>K =B> SBCG A:EO> :DD>K HG;>;HNP= E::M H? M> O>>E MK:<MHKL A>>?M LMBELM::G ;>A::EM >>G O>>E E:@>K> G>MMH HI;K>G@LM =:G >>G ;H>K =B> PbE >?–

<BeGM F>M SBCG IKH=N<MB>?:<MHK>G HFLIKBG@M K BL @>>G >GD>E> K>=>G HF M> O>KHG=>KLM>EE>G =:M =BM GB>M HHD @>;>NKM F>M >>G ;>=KBC? =:M HG:<AMS::F HF@::M F>M SBCG @ME9F ;9HAL9D .H<A BL =BM IK><B>L P:M >K @>;>NKM BG ABeK:K<ABL<A> HK@:GBL:MB>LMKN<MN

K>G ">M EB@M BG => ::K= O:G => ;NK>:N<K:MB> =:M O>>E D>GGBL ;BGG>G => HK@:

GBL:MB> HG;>GNM ;EBC?M >LEBLLBG@>G PHK=>G @KHM>G=>>EL BG => MHI O:G => ABeK:K<AB> @>GHF>G P::K;BC => ::K= O:G => IKH;E>F:MB>D O::D M> >>GSBC=B@ BL ;>EB<AM EL => MHI O:G => ABeK:K<AB> => F:M>KB> M> BG@>PBDD>E= OBG=M >G F>>GM HO>K M> P>BGB@ D>GGBL M> ;>L<ABDD>G A>>?M F>G => @>PHHGM> HF D>GGBL BG M> ANK>G ;BC >QM>KG> >QI>KML (B>ML M>G G:=>E> O:G >QI>KML F::K BG ANG =K:G@ HF SB<A M> IKH–E>K>G G>F>G >QI>KML GH@:E >>GL >QMK>F> LM:G=

INGM>G BG K BL G:NP>EBCDL >>G HG=>KP>KI M> ;>=>GD>G H? >K SBCG P>E MP>> D:FI>G O:G MHI>QI>KML M> OBG=>G =B> HO>K >ED::K A>>G ;NBM>E>G F>M <HF

IE>>M M>@>G@>LM>E=> OBLB>L >G F>GBG@>G EL >ED> HK@:GBL:MB> SH P>KDM O:EM A>M G:NP>EBCDL HI :G BL A>M G>M :EL >>G P>K>E=D:FIBH>GL<A:I L<A::ML>G P::K;BC :EE> =>>EG>F>KL HI KB>L> =HHKEHI>KL L<A::ML>G ">M BL >>G LI:GG>G=> P>=LMKBC= >G B>=>K>>G EBCDM LG>E M> @::G MHM=:M >K bbG O>K;>M>KBG@L@>SBG=> :ME>>M >>G I::K DE:IL<A::ML>G ::GMK>DM :G PHK=M HI>>GL =NB=>EBCD =:M B>=>K>>G LG>EE>K A:= DNGG>G L<A::ML>G F>M @>;KNBD O:G >>G BGGHO:MB>

(*

) %7 ='6%8- )

'BLL<AB>G BL =BM >>G :NP> F>M:?HHK F::K O>>E HK@:GBL:MB>L DHIBeK>G => P>KDPBCS> O:G => <HG<NKK>GM H? ;EBCO>G P>KD>G SH:EL S> A>M :EMBC= A>;;>G @>=::G EL bED> EN<AMO::KMF::ML<A:IIBC => @>PHHGM> A>>?M HF OEB>@MB<D>ML OHHK:? HI M> LMNK>G G::K A>M ANBL:=K>L >G => I:LL:@B>KL HI A>M OEB>@O>E= BG >BG=>EHS> KBC>G M> E:M>G P:<AM>G HF BG M> <A><D>G =:G EBCD>G :EE> EN<AM

O::KMF::ML<A:IIBC>G >? <BeGM M> P>KD>G .HM=:M >K bbG F>>LM:E BL =:M >>G GB>NPDHF>K BG => F:KDM ;>=>GDM =:M =B> I:IB>K>G OEB>@MB<D>ML >B@>GEBCD HO>K;H=B@> =H<NF>GM>G SBCG ::G@>SB>G >K :E >>G I:LL:@B>KLEBCLM OHHKA:G

=>G BL P::KHI F>G D:G :?OBGD>G G =:M BG<A><D>G O>>E @>F:DD>EBCD>K HGEBG> D:G SH=:M => DE:GM>G GB>M F>>K >>G NNK BG => KBC AH>O>G M> LM::G 4H=K: bbG ::G;B>=>K HI => F:KDM SNED> BGGHO:MB>L =HHKOH>KM PHK=>G => O>KL<ABEE>G IBCGEBCD =NB=>EBCD >G LM:II>G :EE> ::G;B>=>KL HI => F:KDM F>>LM:E LG>E HO>K HI => GB>NP> P>KDPBCS> (>M SH:EL :EE> P>=LMKBC=L<A::M

L>KL BG DHKM> MBC= F:LL::E SBCG HO>K@>LM:IM HI DE:IL<A::ML>G

?<K ;F<C M8E ;< <8JP:I8K@< ">M OHHK;>>E= O:G => EN<AMO::KMF::ML<A:IIBC>G BL BEENLMK:MB>? OHHK => D>KG O:G => >:LR<K:MB> 4HN GN G>K@>GL ;BC :E =B> O>KL<ABEE>G=> EN<AMO::KMF::M

L<A:IIBC>G MPBGMB@ C::K @>E>=>G :E B>F:G= A>;;>G @>S>@= !HA P:M HFLE:<AMB@ >G P:M >>G :=FBGBLMK:MB>DHLM>G HF =B> MB<D>ML HI M> LMNK>G :M =H>G S> ;BC => MK>BG MH<A HHD GB>M :M FH>M MH<A LEBFF>K DNGG>G G SH=K: => >>KLM> OEB>@F::ML<A:IIBC>G HGEBG> MB<D>ML O>KDH<AM>G SHN MH>G HHD :E GB>M F>M>>G B>F:G= A>;;>G ;>=:<AM "b =:G DNG C> HHD P>E => FH@>EBCDA>B= ;B>=>G HF HGEBG> BG M> <A><D>G ">M BL NBM>KLM ::GG>F>EBCD =:M =>S> FH@>EBCD> D>GGBL HF => ;>=KBC?LOH>KBG@ M> O>K;>M>K>G :EE:G@ ::G

P>SB@ P:L BG => <HEE><MB>O> BGM>EEB@>GMB> O:G F>GB@ EN<AMO::KMF::ML<A:I

IBC EE>>G =KHG@ =>S> D>GGBL GB>M =HHK MHM => MHI O:G => ABeK:K<AB> P::K => ;>LEBLLBG@>G P>K=>G @>GHF>G ">M =H>E O:G => >:LR<K:MB> BL HF HK@:GBL:MB>L ;>M>K M> F:D>G >G HF P>KD>G E>ND>K >G @>F:DD>EBCD>K M> F:D>G >M>K @>;KNBDF:D>G O:G => ::GP>SB@> D>GGBL BL => IKBF:BK> ;K:G=LMH? O:G => >:LR<K:MB> )K@:GBL:MB>L DNGG>G ANG IKH<>=NK>L ;>LENBMOHKFBG@ >G HK@:GBL:MB>LMKN<MNNK >:LR<K:MB

L<A>K BGKB<AM>G >G =::KF>> ANG D:GL HF M> HO>KE>O>G O>K@KHM>G #G=BOB

=N>G :E =:G GB>M ;BGG>G HK@:GBL:MB>L AH>O>G =::K GB>M HI M> P:<AM>G F::K DNGG>G FHK@>G :E ;>@BGG>G > BG?HKF:MB>F::ML<A:IIBC A>>?M => MHHEL DE::K@>E>@= HF HI >B@>G AHNMC> SHG=>K D:IBM::EBGO>LM>KBG@>G P>KD

;:K> BGBMB:MB>O>G M> HGMIEHHB>G HF DE>BG> >G @KHM> IKH;E>F>G O:G :EE>KE>B ::K= ::G M> I:DD>G >G O>K;>M>KBG@>G M> <K>eK>G BM D:G SHP>E ;BGG>G :EL ;NBM>G ;>LM::G=> HK@:GBL:MB>L ">M D:G =P:KL =HHK => ;>LM::G=> ;NK>:N

<K:MB>eG H? >K G>MC>L HFA>>G BG A>M @KBCS> @>;B>=

(+

- 2 0) - (- 2 +

JDJ m\imXe^k mc`\^k`Zb\k Y`a BCD 8SIZEP SJ KIIR XSIZEP QEEV TVIGMIW ST HI HEK HEX [I HI EPMRIE«W WGLVI ZIR SZIV LIX ZSSVFIIPH ZER ZPMIKXYMKXMGOIXW IR MRGLIGOIR FPIIO /01 IIR MRRSZEXMI XI LIFFIR KIxRXVSHYGIIVH (EX PE^IR [I HI ZSPKIRHI HEK MR HI OVERX «%MV *VERGI IR /01 LIFFIR LYR IPIOXVSRMWGLI MRWXETOEEVXWIVZMGI YMXKIFVIMH /PERXIR OYRRIR ZSSVXEER MRGLIGOIR QIX LYR QSFMIPI XIPI JSSR :IVZSPKIRW SRXZERKIR ^MN TIV WQW SJ TIV I QEMP ST IIR THE IIR MRWXETOEEVX (I^I LSIJX RMIX QIIV YMXKITVMRX XI [SVHIR (I MRWXETOEEVX FIZEX EPPI MRJSVQEXMI HMI EERKIKIZIR [SVHX ST IIR KI[SRI MRWXETOEEVX MRGPYWMIJ IIR YRMIOI FEVGSHI (I FEVGSHI [SVHX KIWGERH FMN HI KEXI IR OER [SVHIR KIXSSRH FMN HI FEKEKIEJKMJXITYRXIR HI ZIMPMKLIMHWGSRXVSPI HI PSYRKIW IR HI XE\JVIIWLSTW ZER 7GLMTLSP « /01 IR %MV *VERGI ^MNR XVEHMXMSRIPI REXMSREPI PYGLXZEEVXQEEXWGLETTMNIR (SSV HI^I MRRSZEXMI LIFFIR ^MN QIX KIFVYMO ZER WPMQQI MRJSVQEXMIXIGL RSPSKMI LYR HMIRWXZIVPIRMRK ZIVFIXIVH HI FYVIEYGVEXMWGLI VSQTWPSQT ZIVQMRHIVH IR LIX PIZIR ZSSV LYR OPERXIR EERKIREQIV KIQEEOX RSK PSW ZER HI µMROI OSWXIRFIWTEVMRK 3SO FMN HI /01 MW QIR MRQMHHIPW FIKSR RIR QIX IEW]GVEXMWGL HIROIR

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

K>G=> HK@:GBL:MB> DKBC@M S>E? HHD >>G BGGHO:MB>? BF:@H :M BF:@HOHHK=>>E P>KDM F>>LM:E GH@ E:G@ =HHK HHD :EL BGFB==>EL :EE> <HG<NKK>K>G=> HK@:GB

L:MB>L =>S>E?=> IKH=N<M>G E>O>K>G F>M =>S>E?=> IKH=N<MB>PBCS> (H@ ;>E:G@KBCD>K =:G BF:@HOHHK=>>E :EL A>M FHMB>? OHHK A>M LMK>O>G G::K O>K;>M>KBG@>G BL => =K>B@BG@ O:G => ;NBM>GP>K>E= 0>>E BGGHO:MB>L DHF>G O:G ;NBM>G:? O:G ::G;B>=>KL NBM :G=>K> L><MHK>G > MK:=BMBHG>E> EN<AMO::KMF::ML<A:IIBC>G A>;;>G => BGGHO:MB>L O:G => GB>NPDHF>KL HI => F:KDM @>DHIB>>K= 4> P>KD>G >? <BeGM>K =:G HHBM M>OHK>G '::K HG=:GDL =B> MH>@>GHF>G >? <BeGMB> BL => <HG<NKK>GMB> @KHM>K =:G HHBM M>OHK>G $NBLM =HHK =B> GB>NPDHF>KL 1:M :EL => MK:=BMBHG>E> F::ML<A:IIBC>G =B> BGGHO:

(,

) %7 ='6%8- )

MB>L GHN >>GL O>>E >>K=>K SbE? ;>=:<AM SHN=>G A>;;>G EL S> MPBGMB@ C::K @>E>=>G ;>M>K @>;KNBD A:==>G @>F::DM O:G => ::GP>SB@> <HEE><MB>O> BGM>E

EB@>GMB> ;BGG>G => HK@:GBL:MB> :G P:K>G =B> GB>NPDHF>KL P::KL<ABCGEBCD GHHBM MH>@>MK>=>G MHM => F:KDM ">M BL >>G BKHGBL<A> I:K:=HQ 0:GNBM => ;>@KBCI>EBCD> ;>AH>?M> HF => O>KPHKO>G IHLBMB> M> ;>AHN=>G HGMPBDD>E>G HK@:GBL:MB>L >>G LIBGG>GP>; O:G ;NK>:N<K:MBL<A> IKH<>=NK>L >G K>@>EL '::K =B>S>E?=> ;NK>:N<K:MB> P>KDM O>KLMBDD>G= E>@M => <HEE><MB>O> BGM>EEB@>GMB> E:F O>KABG=>KM O>K;>M>

KBG@>G >G EHDM =::K=HHK NBM =:M GB>NP> MH>MK>=>KL HI => F:KDM DHF>G =B> => O>KPHKO>G IHLBMB>L HG=>KFBCG>G > P:E D>>KM A>M L<ABI :M FH>M ;>M>K DNGG>G :M D:G >:LR<K:MBL<A>K

;< :FCC<:K@<M< @EK<CC@><EK@< M8E ;@K 9F<B -@G=E9C=J K ;@AD<J=F F=N=J @9N= K@G=K SH ENB=M >>G F>KBD::GL LIK>>DPHHK= HO>K EHG@:KML>G =B> KHD>G O>KD>>KL:@>GM>G =B> S>E? =HHK KHH= KBC=>G >G AHO>GB>KL =B> @KBG= BG ANG >B@>G :<AM>KMNBG A>;;>G ">M BL GB>M :EMBC= >O>G @>F:DD>EBCD HF => MA>HKB>e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eG ">M BL E:LMB@ HF IK><B>L ::G M> @>O>G P>ED> =BL<NLLB>=>>EG>F>K O>K:GM

PHHK=>EBCD BL OHHK P>ED> ;BC=K:@> ::G =BM ;H>D #G O>>E @>O:EE>G P:L => O>K

KBCDBG@ => NBMDHFLM O:G >>G BGM>K:<MB>? @KH>ILIKH<>L

<8JP:I8K@< <E C@=<?8:B@E> :LR<K:MB> BL A>M EH@BL<A> O>KOHE@ HI >>G ;>P>@BG@ =B> DA>=@9;CAF? A>>M &B?>

A:<DBG@ @::M HO>K F>>K =H>G BG FBG=>K MBC= P:M FH@>EBCD BL =:GDSBC A>M =>E>G O:G LEBFF> B<M HIEHLLBG@>G >G GB>NP> ;>G:=>KBG@>G O:G A>M ;>@KBI O=JC ">M BL >>G <HF;BG:MB> O:G MBF>F:G:@>F>GM D>GGBLF:G:@>F>GM P>; I>KLHHGEBCD> HGMPBDD>EBG@ >G LEBFF> OHG=LM>G #G @NNK SB>M N AH> => ;>@KBII>G DA>=@9;CAF? >G =9KQ;J9LA= SB<A MHM >ED::K O>KAHN=>G

(-

- 2 0) - (- 2 +

PM JI L EG OMRK -RHMZMHY

IEW]GVEX MI +VSITIR MRHMZMHYIR 3VKERMWEXMI EJHIPMRK

T S PM X M IO 1EEXWGLETTMN

8SSPW 8MTW 8VYGW

7EQIR[IVOIR 1SFMPMWIVIR

7XVEXIKMI &IPIMH *MPSWS´I

(SIR

4VEOXMNO 4VEKQEXMWGL -RMXMEXMIZIR

8LISVMI

1SVKIR FIKMRRIR %GXMIJ

:IVKEHIVIR

'SRGIVR

0ERKI XIVQMNR

A?MMJ = N=JK;@ADD=F LMKK=F DA>=@9;CAF? =9KQ;J9LA= =F HGDALA=C 1::K ;BC EB?>A:<DBG@ A>M BG=BOB=N SB<A >>KLM => DNGLM O:G A>M LEBFF>K P>KD>G ::GE>>KM I:LM ABC ;BC >:LR<K:MB> =B> DNGLM MH> >G ;K>B=M ABC A::K NBM BGG>G ?HKF>E> >G BG?HKF>E> G>MP>KD>G PHK=M @>=>>E= @><HFFNGB<>>K= @>FH;BEBL>>K= BGG>G G>MP>KD>G PHK=M D>GGBL @>@>O>G O>KLIK>B= F::K HHD @>A::E= F>M :EL =H>E O>K;>M>KBG@>G <K>eK>G BGGHO:MB>L HGMPBDD>E>G ‹ H? HI SBCG FBGLM >>G >>KLM> ::GS>M @>O>G MHM O>K;>M>KBG@>G :M D:G ;BGG>G HK@:GBL:MB>L F::K HHD G::LM HK@:GBL:MB>L '::K :EMBC= :<MB>? >G IK:@F:MBL<A :LR<K:MB> BL >>G OBLB> HI P>KD>G >G HK@:GBL>K>G EB?>A:<DBG@ ;B>=M LEBFF> MHHEL =::KOHHK

(.

) %7 ='6%8- )

?FF=;JKLB ) J8D<E><M8K )EW]GVEXMI MW LIX ZIVKEVIR FYRHIPIR IR ZIV[IVOIR ZER OIRRMW YMX ZIPI YMXIIRPSTIRHI FVSRRIR IR HI^I OIRRMW ZIVWTVIMHIR FMRRIR RIX[IVOIR /IRRMW HIPIR PIZIVX XIKIR[SSVHMK QIIV ST HER OIRRMW EJWGLIVQIR (MX LSSJHWXYO KIIJX HEEVSQ IIR SZIV^MGLX ZER HIVXMIR EGXYIPI FSIOIR IR EVXMOIPIR HMI XI^EQIR HI FSY[WXIRIR IR HI MRWTMVEXMIFVSRRIR ZSVQHIR ZSSV HMX FSIO ,IX MW OIRQIVOIRH ZSSV HI IEW]GVEXMIKIHEGLXI ¦ IR QIIV HER W]QFSPMWGL ¦ HEX HMX SZIV^MGLX ZSSVEER MR HMX FSIO WXEEX MR TPEEXW ZER EGLXIVMR MR IIR PMNWX QIX KIVEEHTPIIKHI PMXIVEXYYV

(/

)

;< <8JP:I8K@J:?< 9@9C@FK?<<B B<EE@J FGK@D88C C8K<E :@I:LC<I<E 1> FH>M>G >K::G P>GG>G =:M B=>>eG O>KLIK>B=>G O:G ;HO>G G::K ;>G>=>G :G=>KL P>KDM =:G O:G ;>G>=>G G::K ;HO>G SH E:L N BG AHH?=LMND '::K P:M P>KDM =:G :G=>KL 1:M SBCG => GB>NP> P>MM>G 4BCG =::K GB>NP> MA>H

KB>eG HO>K G AH> PHK=>G =B> GB>NP> MA>HKB>eG O>KLIK>B= HEE><MB>O> BGM>EEB@>GMB> LI>>EM >>G LE>NM>EKHE BG => >:LR<K:MB> #G => MH>

DHFLM O:G P>KD>G >G HK@:GBL>K>G BL LN<<>L P>@@>E>@= OHHK HK@:GBL:MB>L >G BG=BOB=N>G =B> A>M ;>LM @>;KNBDF:D>G O:G ::GP>SB@> D>GGBL :M PBE S>@@>G =:M S> >>G HF@>OBG@ <K>eK>G P::KBG D>GGBL HIMBF::E D:G <BK<NE>

K>G

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

L:F>GE>OBG@ @KHM>K @>PHK=>G =:G => P::K=> O:G >>G ABeK:K<ABL<A> IHLBMB> SB> AHH?=LMND > D>GM>KBG@ O:G D>GGBL :?L<A>KF>G G::K D>GGBL =>E>G BL >>G K><AM

LMK>>DL @>OHE@ O:G => BG?HKF:MB>F::ML<A:IIBC #G A>M IK> BGM>KG>MMBC=I>KD P:L A>M GH@ FH@>EBCD HF D>GGBL :? M> L<A>KF>G ;BGG>G >>G ;>I>KDM> @>IKBOBE>@B>>K=> @KH>I M> AHN=>G >G =::K <HFI>MBMB>? OHHK=>>E NBM M> A:E>G #G => MK:GLI:K:GM> BG?HKF:MB>F::ML<A:IIBC BL =:M GH@ F::K S>E=>G FH@>EBCD ">M FHMB>? HF D>GGBL :? M> L<A>KF>G BL SH @H>= :EL O>K=P>G>G ">M FHMB>? HF D>GGBL M> =>E>G BL @KHM>K @>PHK=>G 0HBE\ => D>GM>KBG@

(0

) %7 ='6%8- )

9IFEE<E :FD9@E<I<E !>A>>E BG EBCG F>M =>S> MK>G= O:G D>GGBL :?L<A>KF>G G::K D>GGBL =>E>G @>O>G PBC HGS> ;KHGG>G >>G O>>E IKHFBG>GM>K> IE::ML =:G @>;KNBD>EBCD BL (B>M :EE>>G HF=:M S> =B> IKHFBG>GM>K> IE::ML O>K=B>G>G F::K HHD HF=:M S> >>G P>S>GEBCD> KHE O>KONEE>G BG A>M IKH<>L O:G D>GGBL O>K@:K>G >G D>GGBL <NFNE>K>G #G =BM AHH?=LMND ;>LIK>D>G PBC BG A>M DHKM =>KMB>G ;H>D>G >G :KMBD>E>G =B> ;>E:G@KBCD> BGSB<AM>G A>;;>G HI@>E>O>K= ;BC => MHMLM:G=DH

FBG@ O:G 9KQ;J9LA= "H>P>E => H;L>KO:MB>L NBM =>S> ;H>D>G OKBC ;K>>= F>M BGLM>FFBG@ PHK=>G HGMO:G@>G A>;;>G =>S> ;H>D>G GH@ @>>G O:LM> IE::ML O>KPHKO>G BG A:G=;H>D>G >G :<:=>FBL<A> HIE>B=BG@>G =HHK=:M =B> LM>NG>G HI >>G A>>E ;HNPP>KD O:G MA>HKB>eG O:G MB>GM:EE>G C:K>G P>M>GL<A:I G =:M ;HNPP>KD BL @>;:L>>K= HI => OHHKHG=>KLM>EEBG@>G O:G => ABeK:K<ABL<A> LMKN<MNK>G O:G => > >>NP > DHFLM O:G => BG?HKF:MB>F::ML<A:IIBC A>>?M >>G >BG= @>F::DM ::G => CNBLMA>B= O:G >>G =>>E O:G =B> OHHKHG=>KLM>EEBG

@>G > GB>NP> H;L>KO:MB>L => GB>NP> MA>HKB>eG >G P>MF:MB@A>=>G SBCG =::KHF GH@:E >>GL BG M>@>GLIK::D F>M => ;:LBLIKBG<BI>L O:G => @>O>LMB@=> F:G:@>F>GMMA>HKB>eG NL S>E?L :EL F>G => GB>NP> H;L>KO:MB>L >G B=>>eG HG=>KL<AKBC?M =:G GH@ SBCG S> GB>M SHF::K M> BGM>@K>K>G BG => @>O>LMB@=> MA>HKB>eG ">M BL MBC= OHHK >>G @>A>>E GB>NP K::FP>KD P::KBG => OHHKHG=>KLM>E

EBG@>G SBCG ::G@>I:LM ::G => HGFBLD>G;::K O>K:G=>K=> BG?HKF:MB>F::M

L<A:IIBC > OHE@>G=> EBM>K:MNNKEBCLM FH>M =:G HHD @>SB>G PHK=>G :EL >>G O>KS:F>EBG@ B=>>eG BGLIBK:MB>;KHGG>G >G ;HNPLM>G>G OHHK =:M GB>NP> K::FP>KD ‹ >>G >>KLM> ::GS>M MHM >>G GB>NP =>GDK::F ">M <HF;BG>K>G O:G => D>GGBL O:G =>S> FH@>EBCD> ;HNPLM>G>G @>>?M >>G GB>NP> DBCD HI => MH>DHFLM O:G P>KD>G >G HK@:GBL>K>G BG => BG?HKF:MB>F::ML<A:IIBC :M GH>F>G P> => >:LR<K:MB>

;< 9F<B<EC@AJK ›

DAHHAF? L@= MFF=D ‹ ->MA !H=BG

->MA !H=BG OHHKF:EB@ F:KD>MBG@=BK><M>NK O:G 3:AHH BL >>G O>>E@>OK::@= BGM>KG:MBHG::E LIK>D>K >G :NM>NK O:G O>E> LIK::DF:D>G=> >G @H>=O>K

DH<AM> F:KD>MBG@;H>D>G DAHHAF? L@= MFF=D D:G GB>M EHL @>SB>G PHK=>G O:G !H=BGL HO>KB@> ;H>D>G #G L<AK>>? ABC *=JEAKKAGF '9JC=LAF? P::KBG ABC :?K>D>GM F>M => MK:=BMBHG>E> F:GB>K O:G F:KD>MBG@<HFFNGB<:MB> =B> ABC AFL=JJMHLAGF E9JC=

LAF? GH>FM :=O>KM>>K=>KL >G O>KDHI>KL =B> A:K= L<AK>>NP>G >G F>M MO

K><E:F> >G M>E>F:KD>MBG@ BG;K>D>G BG => :<MBOBM>BM>G O:G => <HGLNF>GM &>@ A>M BGBMB:MB>? ;BC => <HGLNF>GM SH S>@M !H=BG

)'

( ) ) % 7 ='6%8- 7 ' ,) &- &0- 38, ) ) /

#G *MJHD= GO O>KDE::KM !H=BG P::KHF F>KD>G :EL IIE> >G -M:K

;N<DL SH LN<<>LOHE SBCG 4> E>O>K>G >>G ?>GHF>G::E IKH=N<M >>G I::KL> DH> ">M ;>E:G@ O:G => MK:=BMBHG>E> F:KD>MBG@ * L IKHFHMB> IKBCL >G IE::ML PHK=M DE>BG>K > * O:G IKH=N<M PHK=M LM>>=L ;>E:G@KBCD>K :EL FB==>E HF SB<A M> HG=>KL<A>B=>G .JA:=K ;HK=NNKM OHHKM HI =BM MA>F: ">M @::M HG=>K :G=>K> HO>K => ILR<AHEH@BL<A> ;:KKBcK>L HF :G=>KL M> =>GD>G > F>>LM> HK@:GBL:MB>L >G BG=BOB=N>G SBCG ;:G@ HF >>G ?>GHF>G::E IKH=N<M H? =B>GLM M> E>O>K>G =:M HIO:EE>G= :G=>KL BL =:G P:M => K>LM O:G => F:KDM E>O>KM 1B> =B> :G@LM P>>M M> HO>KPBGG>G D:G I::KL> DH>B>G HGMPBDD>E>G ">M BL =::K;BC A>E>

F::E GB>M GH=B@ HF F>M>>G => A>E> F:KDM M> HO>KMNB@>G HHK LM:FF>G O:G @>EBCD=>GD>G=>G M> HK@:GBL>K>G >G =B> F>M >ED::K M> O>K;BG=>G <K>e>K C> >>G A>>E DK:<AMB@> @KH>I =B> BG LM::M BL HF =::=P>KD>EBCD> O>K:G=>KBG@>G M> <K>eK>G DAHHAF? L@= MFF=D BL >>G A>>E ;>DGHIM > ;HHD =:M => HIF::M OHKF=> MHM .JA:=K #G DAHHAF? L@= MFF=D <HG<>GMK>>KM !H=BG SB<A HI => <HFFNGB<:MB> O:G HK@:GBL:MB>L > ?:GL O:G CHNP IKH=N<M H? CHNP B=>> PBEE>G F::K :E M> @K::@ K><E:F> F:D>G -MBFNE>>K =:M ">EI S> =::K;BC !>>? S> => BGINM HF CHNP @K:MBL :F;:LL:=>NK M> PHK=>G >G K>BD S> => ;>GH=B@=> MHHEL ::G 4H HGMLM::M M>@>G S>>K E:@> DHLM>G >>G >GHKF DK:<AMB@ <HFFNGB<:MB>BGLMKN

F>GM #G => PHHK=>G O:G !H=BG .MJF KLJ9F?=JK AFLG >JA=F<K .MJF >JA=F<K AFLG ;MKLGE=JK F< L@=F <G L@= EGKL AEHGJL9FL BG: .MJF QGMJ ;MKLGE=JK AFLG K9D=KH=GHD= >S> B=>>eG O:G !H=BG DKBC@>G O>>E ;BCO:E BG => F:KD>MBG@EBM>K:MNNK BO>KL> HK@:GBL:MB>L >G F>KD>G I:LL>G S> HHD BG F>>K H? FBG=>K> F:M> MH> >G A>;;>G =::K LN<<>L F>> '::K >K SBCG HHD O>>E HK@:GBL:MB>L =B> >K GB>M F>> HO>KP>@ DNGG>G 4> ABDD>G ::G M>@>G A>M G:=>>E A>M EHLE:M>G O:G => <HGMKHE> HO>K => <HFFNGB<:MB>LMKHHF :M BL >G@ 1:GM BG => MK:=BMBHG>E> ABeK:K<ABL<A> HK@:GBL:MB>LMKN<MNNK P:L F:KD>MBG@<HFFNGB<:MB> ;BC NBMLM>D B>ML P:M LMK>G@ O:G ;HO>G:? P>K= @>K>@BLL>>K= >G @><HGMKHE>>K= > MK>G= =B> !H=BG H;L>KO>>KM BL BG ?>BM> >>G K><AMLMK>>DL @>OHE@ O:G => DHFLM O:G => BG?HKF:MB>F::ML<A:IIBC #G => OHKB@> >>NP P:L => >??><MB>?LM> F:GB>K O:G F:KD>MBG@ ;>=KBCO>G P>EEB<AM HF F>M => * O:G IKH=N<M SH O>>E FH@>EBCD F>M => LMKHHF F>> M> KH>B>G ">M HG=>KL<A>B=>G= O>KFH@>G P>K= =:G O>KOHE@>GL @><K>e>K= OB: K><E:F> BG F:LL:F>=B: B> F:LL:<HF

FNGB<:MB> P>K= LMK>G@ @><HGMKHE>>K= >G >K P:L F::K P>BGB@ KNBL >K P:K>G P>BGB@ M>@>G@>ENB=>G 1B> @KHM> K><E:F>;N=@>MM>G A:= P>K= A>M F>>LM @>AHHK= 1B> @>>G K><E:F>;N=@>M A:= P>K= G:NP>EBCDL @>AHHK= (N A>M

)(

) %7 ='6%8- )

BG?HKF:MB>FHGHIHEB> O:G => MK:=BMBHG>E> F:LL:F>=B: =:GB@ BL @>eKH=>>K= >G A>M HHD FH@>EBCD BL @>PHK=>G HF ;NBM>G => MK:=BMBHG>E> F>=B: HF ;K>>= M> <HFFNGB<>K>G @>E=>G =>S> HN=> F:KD>MBG@P>MM>G GB>M E:G@>K ">M B=>> O:G *MJHD= GO >G O:G .JA:=K BL GB>M OHHK;>AHN=>G ::G <HFF>K

<BeE> <HFFNGB<:MB> ">M BL G>M SH @>F:DD>EBCD MH>I:L;::K HI => O>KLIK>B

=BG@ O:G B=>>eG >G HIEHLLBG@>G OHHK F::ML<A:II>EBCD> OK::@LMNDD>G OHHK HK@:GBL:MHKBL<A> O>K;>M>KBG@>G H? OHHK IHEBMB>D> HO>KMNB@BG@>G 4H A>;;>G IHEBMB>D> :G:EBLM>G >KHI @>P>S>G =:M :K:<D );:F: SBCG NBMO>KDB>SBG@ MHM IK>LB=>GM O:G => 0>K>GB@=> -M:M>G OHHK >>G @KHHM =>>E M> =:GD>G A>>?M ::G A>M C:K>GE:G@ SHK@ONE=B@ <K>eK>G >G BGLM:G=AHN=>G O:G MKB;>L O:G IHEB

MB>D> ::GA:G@>KL 0B: GB>NP> BG?HKF:MB>D:G:E>G >G G>MP>KD>G A>;;>G =>S> );:F: MKB;>L A>M F>KD );:F: O>KLIK>B= DM= );=9F -LJ9L=?Q "GO LG J=9L= /F;GFL=KL=< '9JC=L -H9;= 9F< '9C= GEH=LALAGF #JJ=D=N9FL 1 A:G %BF ,>G>> ':N;HK@G> )K@:GBL:MB>L A>;;>G => G>B@BG@ HF >ED::K M> ;>EH>K>G >G M> ;><HG<NKK>K>G 4BC E>O>K>G >>G ;EH>=>KB@> LMKBC= HF => DE:GM >G IKH;>K>G >ED::K F:KDM::G

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eEBFBG>>K= H? @>K>=N<>>K= PHK=>G G=>K> >E>F>GM>G DKBC

@>G F>>K ::G=:<AM HHK A>M BGI:LL>G O:G GB>NP> >E>F>GM>G =B> GH@ GB>

F:G= :G=>KL E>O>KM D:G F>G >>G ;E:NP> H<>::G OBG=>G P::K => <HG<NKK>G

MB> GB>M F>>K O:G ;>E:G@ BL >G GB>NP> F:KDM>G ::GLIK>D>G 0HHK;>>E=>G =::KO:G SBCG -P:M<A =:M => F:KDM OHHK AHKEH@>L A>K=> GB>>K=> BKJN> =N -HE>BE =:M >>G @>A>>E GB>NP> F:KDM OHHK <BK<NL;>SH>D HGMPBDD>E=> >G -M:K;N<DL =:M BG >>G :G=>K> H<>::G O::KM =:G G::LM@>E>@>G DH? >S:D>G

))

( ) ) % 7 ='6%8- 7 ' ,) &- &0- 38, ) ) /

%BF >G ':N;HK@G> ;>O:K>G S>E? HHD >>G ;E:NP> H<>::G =HHK ;BC ANG LMN

=B>L G::K BG@KBCI>G=> F:KDMBGGHO:MB>L BG => I>KBH=> GB>M SH:EL @>;KNBD>EBCD P:L A>M ;>=KBC? H? => ;>=KBC?LM:D :EL <>GMK::E LMN=B>H;C><M M> G>F>G F::K =HHK M> DBCD>G G::K => LMK:M>@BL<A> ;>P>@BG@ > SH>DMH<AM G::K AbM LN<<>LOHEE> ;>=KBC? BL >>G A>BEEHS> P>@ P:GM => LN<<>LA>;;>KL O:G GN SBCG =:M HO>K OBC? C::K O::D GB>M F>>K HG<NKK>GMB> OH>K>G BL >>G P::K=>O>KGB>MB@>G=> DK:<AMLBGLI:GGBG@ > LMKBC= @>KB<AM HI @KH>B =HHK <HG<NKK>GMB>OHHK=>>E F>>K DHLM>GK>=N<MB> F>>K F:KDM::G=>>E >G F>>K F:KDM=B??>K>GMB:MB> E>B=M OHHKG:F>EBCD MHM >>G ;EH>=>KB@> KH=> H<>::G O:G KBO:E>G =B> O><AM>G :EL A::B>G HHK SB<A M> <HG

<>GMK>K>G HI P::K=> BGGHO:MB> F>M >>G ?H<NL HI => DE:GM >G >>G LMK:M>@B> P::K;BC => IKBCL >G => DHLM>G @>KB<AM SBCG HI => <K>:MB> O:G GB>NP> ;>AH>?

M>G D:G F>G >>G O>>E EN<K:MB>O>K> ;E:NP> H<>::G OBG=>G P::KBG GB>NP> F:KDML>@F>GM>G PHK=>G @><K>e>K= P::K;BGG>G @>>G <HG<NKK>GMB> A>>KLM #G => G>MP>KD >G BG?HKF:MB>L:F>GE>OBG@ PHK=M A>M LM>>=L FH>BEBCD>K HF <HG<NKK>GMB>OHHK=>>E M> ;>A:E>G BG => KH=> H<>::G HF=:M IKH=N<M>G F>KD>G >G ;>=KBCO>G LM>>=L F>>K >>G ;GEEG<ALQ PHK=>G )I O>>E F:KDM>G HO>KLMBC@M A>M ::G;H= => OK::@ 1::KHF SH>D>G HK@:GBL:MB>L =:G MH<A LM>>=L P>>K => KH=> H<>::G HI :M BL => F:<AM =>K @>PHHGM> > KH=> H<>::G BL O>KMKHNP= ::K OH>E>G => HK@:GBL:MB>L >G ANG F:G:@>KL SB<A MANBL ::K ;>OBG=>G SB<A => F:G:@>

F>GMMHHEL =B> S> ;>@KBCI>G >G P::KF>> S> @>P>G= SBCG M> P>KD>G > KH=> H<>::G S:E HHD :EMBC= ;EBCO>G ;>LM::G F>G>G %BF >G ':N;HK@G> ">M ;EBC?M OHHK HK@:GBL:MB>L ;>E:G@KBCD HF HHD BG => KH=> H<>::G A>M AHH?= ;HO>G P:M>K M> AHN=>G EE>>G FH>M>G ;>=KBCO>G O>K=>K DBCD>G =:G => MK:=BMBHG>E> <HG<NKK>GMB> >G >>G ;>M>K> ;:E:GL SH>D>G MNLL>G KH=> H<>::GBGBMB:MB>O>G >G ;E:NP> H<>::GBGBMB:MB>O>G 0:GNBM => >:LR<K:MB> @>SB>G BL => KH=> H<>::G >>G LMKBC=I>KD F>M ;BC;>AH

K>G=> O:LM> @>PHHGM>L MK:=BMB>L K>@>EMC>L >G IKH<>=NK>L 1B> >>G ;E:NP> H<>::G PBE OBG=>G S:E F>>LM:E HHD ;>LM::G=> @>PHHGM>L >G K>@>EMC>L FH>M>G DNGG>G EHLE:M>G 0HHK => F:G:@>K BG >>G MK:=BMBHG>E> ABeK:K<ABL<A> HK@:GBL:MB> ;B>=M => ;E:NP>H<>::GLMK:M>@B> >>G GB>NP BGSB<AM BG E:LMB@> F>=>P>KD>KL =B> ;NK>:N<K:MBL<A> K>@>EL >G IKH<>=NK>L MK:<AM>G M> LE><AM>G 1BE =>S> F>=>

P>KD>K SBCG I>KLHHGEBCD> :K;>B=LE>O>G O>K@>F:DD>EBCD>G H? PBE ABC A>M E>O>G O:G => DE:GM>G ::G@>G:F>K F:D>G 4HN ABC FBLL<AB>G ;>SB@ SBCG >>G ;E:NP> H<>::G M> HGM=>DD>G G SH C: FH>M>G P> =:G =::KOHHK FBLL<AB>G >>G O::K;>PBCL O>KLMK>DD>G )? FH>M>G P> EBC=S::F MH>SB>G AH> =>S> BGO>GMB>O> @>>LM LMK:DL F>M >>G >B@>G ;>=KBC? H? G:F>GL => <HG<NKK>GM => ;E:NP> H<>::G HIO::KM

)*

) %7 ='6%8- )

. @= 1@M> = 9;LGJ /KAF? L@= *GO=J G> -G;A9D (=LOGJCK LG MAD< 3GMJ MKAF=KK .:K: "NGM E KNBF OHHK=:M "NGML ;H>D BG :IKBE P>K= @>IN;EB<>>K= P:L => NBM

=KNDDBG@ E9CAF? 1@M> = >>G @>OE>N@>E=> DK>>M ;BGG>G => =B@BM:E> OHHK

AH>=> ">M PHHK= 1@M> = BL HHKLIKHGD>EBCD :?DHFLMB@ NBM >>G L<B>G<> <MB

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

MKHNP=> @>E= !>E= >G ;>SBM SBCG GB>M E:G@>K => >GB@> ><HGHFBL<A> F::MLM:

O>G OHHK P::K=>;>I:EBG@ >G O>KGB>NP>G= >:LR<K:MBL<A NBM@:G@LINGM BL :EL C> O>>E 1AN? > A>;M HI@>;HNP= O>>E LH<B::E D:IBM::E =:G PHK=M A>M O>KP>KO>G O:G FHG>M:BK D:IBM::E @>E= >>G A>>E LMND F:DD>EBCD>K 0HHK => F>>LM> F>GL>G =B> SBCG @KHHM@>;K:<AM BG => G:G<B>>E ><HGH

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eE> :<MBO: HI => ;:E:GL>G O:G ;>=KBCO>G >=KBC?L><HGHF>G A>;;>G O>>E O>KL<ABEE>G=> F>MAH=>L HGMPBDD>E= HF => F>KDP::K=> BG M> L<A:MM>G F::K ;BC >ED> @>A:GM>>K=> K>D>GF>MAH=> ;EBC?M => IHLM >>G <MB>? ;>=K:@ > 1AN? >?:<MHK BL FBLL<AB>G GB>ML F>>K =:G A>M =HHKMK>DD>G O:G A>M ;>@KBI E=JCO99J<= O:G HK@:GBL:MB>GBO>:N G::K BG=BOB=N>>E GBO>:N EL F>GL>G F>KD>G SBCG @>PHK=>G SH:EL BG =BO>KL> K><>GM> F:G:@>F>GM;H>

D>G PHK=M ;>MHH@= =:G BL A>M GB>M F>>K =:G >>G EH@BL<A> <HG<ENLB> =:M HHD >>G F>GL >>G F>KDP::K=> A>>?M .:K: "NGM =H>M >>G IH@BG@ HF =>S> I>KLHHGEBCD> F>KDP::K=> BGSB<AM>

EBCD>K M> F:D>G "H> PHK=M B>F:G=L I>KLHHGEBCD> K>INM:MB> @>F>M>G "H> PBG C> K>INM:MB> >G AH> O>KEB>L C> K>INM:MB> G PB> ;>I::EM =:M "H> DNGG>G HK@:GBL:MB>L ANG K>INM:MB> O>K@KHM>G ;BGG>G LH<B:E> G>MP>KD>G >G HGEBG><HFFNGBMR L >G SH=H>G=> ANG 1AN? >?:<MHK E>>L F>KDP::K=> O>K@KHM>G ">M ;H>D SHN HHKLIKHGD>EBCD PHK=>G @>IN;EB<>>K= HG=>K => MBM>E .@= %=QK >GJ '9CAF? -G;A9D 9HAL9D 9F< 1AFFAF? OAL@ )FDAF= GEEMFALA=K

)+

( ) ) % 7 ='6%8- 7 ' ,) &- &0- 38, ) ) /

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cK> *:OEBG: =K::BM =:M HF ;>L<AHNPM >>G O:LM> ;::G :EL >>G HGO>KLM:G=B@> <:KKBc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eK:K<ABL<A> HK@:GBL:MB>

LMKN<MNNK 1B> :EL BG=BOB=N SBCG HK@:GBL:MB> PBE O>K;>M>K>G S:E O>K:G=>KBG

@>G FH>M>G G:LMK>O>G '::K PB> O>K:G=>KBG@>G G:LMK>>?M O:EM HI >G EHHIM A>M KBLB<H :EL E:LMB@ M> PHK=>G >KO:K>G G PB> E:LMB@ BL SHN SBCG ;::G DNGG>G O>KEB>S>G H? IKHFHMB>D:GL>G DNGG>G O>KLI>E>G )HD :E BL =>S> :G@LM O::D BG@>;>>E= ABC P>>KAHN=M O>>E BG=BOB=N>G >KO:G HF BG HK@:GBL:

MB>L ANG G>D NBM M> LM>D>G 1B> A>M ;>MHH@ O:G *:OEBG: E>>LM >G MHM => <HG<EN

LB> DHFM =:M A>M A>E>F::E @>>G K:FI BL HF C> ;::G M> O>KEB>S>G AH>?M FBG=>K ;:G@ M> SBCG ::K=HHK D:G ABC HG;>DHFF>K=>K ?NG<MBHG>K>G :EL BGGHO:MB>O> P>KDG>F>K BG >>G HK@:GBL:MB> :M BL ;>E:G@KBCD OHHK => MK:GLB

MB> O:G ;NK>:N<K:MB> G::K >:LR<K:MB> P:GM >>G >:LR<K:MB> D:G :EE>>G HGM

LM::G :EL >K OHE=H>G=> F>=>P>KD>KL SBCG =B> O>K;>M>KBG@>G =NKO>G OHHK M> LM>EE>G >G BG @:G@ =NKO>G S>MM>G . @= .AHHAF? *GAFL "GO &ALLD= .@AF?K 9F '9C= 9 A? A>>=J=F;= ':E<HEF !E:=P>EE BM ;H>D BL => ;>P>KDBG@ O:G >>G L>KB> :KMBD>E>G =B> !E:=P>EE L<AK>>? OHHK A>M F>KBD::GL> HIBGB>P>>D;E:= .@= (=OQGJC=J > H;L>KO:MB>L BG .@= .AH

HAF? *GAFL SBCG OHHK:E O:G ;>E:G@ OHHK => HGMPBDD>BG@ O:G GB>NP> MA>HKB>eG HO>K => O>KLIK>B=BG@ O:G D>GGBL >G => HGMPBDD>EBG@LLG>EA>B= O:G F::M

L<A:II>EBCD> MK>G=L >G => IN;EB>D> HIBGB>

),

) %7 ='6%8- )

(B>NP> HGMPBDD>EBG@>G ;>@BGG>G O::D S>>K DE>BGL<A:EB@ )K@:GBL:MB>L A>;;>G => G>B@BG@ HF G::K => HFO:G@ O:G GB>NP> HGMPBDD>EBG@>G M> DBCD>G >G O>KOHE@>GL => @>OHE@>G >KO:G M> HG=>KL<A:MM>G O:GP>@> =B>

S>E?=> DE>BGL<A:EB@A>B= -E><AML bbG IKH<>GM O:G => F:KDM A>>?M ;>E:G@LM>E

EBG@ OHHK =:M GB>NP> IKH=N<M =NL P> @::G HO>K MHM => HK=> O:G => =:@ !E:=P>EE ;>MHH@M =:M A>>E DE>BG> ::GE>B=BG@>G >GHKF @KHM> @>OHE@>G DNGG>G A>;;>G EL DE>BG> @KH>I>G F>GL>G GB>NP @>=K:@ ;>@BGG>G M> O>K

MHG>G D:G =:M E:G@S::F NBM@KH>B>G MHM A>M FHF>GM =:M >>G DKBMBL<A> F:LL: PHK=M ;>K>BDM EL A>M SH@>GH>F=> LAHHAF? HGAFL PHK=M ;>K>BDM A>M D:GM>EINGM D:G =:M HI>>GL BG DHKM> MBC= => A>E> P>K>E= O>K:G=>K>G >S> OBLB> BL M> BEENLMK>K>G F>M AHG=>K=>G OHHK;>>E=>G 4H P:L >K HHBM >>G # ' MHIF:G =B> OHHKLI>E=> =:M >K HO>K => A>E> P>K>E= AHH@NBM OBC? <HFINM>KL O>KDH<AM SHN=>G PHK=>G '::K DE>BG> O>K:G=>KBG@>G A:==>G @KHM> @>OHE@>G >G >K@>GL BL HHBM >>G D:GM>EINGM ;>K>BDM >G \ MP>> @>G>K:

MB>L O>K=>K SBCG >K BG => P>LM>KL> P>K>E= =::K=HHK F>>K <HFINM>KL =:G ANBLAHN=>GL G # ' BL @>LMHIM F>M A>M F:D>G >KO:G !E:=P>EE LM>EM =:M =>S> GB>M EBG>:K> HGMPBDD>EBG@L@KH>B GB>M :EE>>G @>E=M OHHK IKH=N<M>G F::K HHD OHHK B=>>e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

:G=>KBG@>G BG => <HGM>QM BCOHHK;>>E= >>G >G>K@B>;>LI:K>G= B=>> G>M BG => P>>D =:M => ;>GSBG>IKBCL >>G =N;;>EMC> LMBC@M '::K => ;>E:G@KBCDLM> ?:<MHK BL => ;>MKHDD>GA>B= O:G => CNBLM> LE>NM>EI>KLHG>G ;BC => O>KLIK>B=BG@ O:G A>M B=>> -HFFB@> F>GL>G A>;;>G >>G LI><B::E M:E>GM =::KOHHK !E:=

P>EE HG=>KL<A>B=M =KB> O>KL<ABEE>G=> LHHKM>G LE>NM>EI>KLHG>G O>K;BG=>KL D>GG>KL >G O>KDHI>KL ;GFF=;LGJK E9N=F >G K9D=KH=GHD= 0>K;BG=>KL SBCG F>GL>G F>M A>M M:E>GM HF F>GL>G NBM O>KL<ABEE>G=> @KH>I>G F>M >ED::K BG <HGM:<M M> ;K>G@>G %>GG>KL SBCG F>GL>G =B> ;BGG>G ANG G>MP>KD >>G =BL

IKHIHKMBHG>>E @KHM> BGOEH>= A>;;>G HI :G=>K>G HIBGB>E>B=>KL %>GG>KL OBG=>G A>M E>ND HF :G=>K>G M> A>EI>G HF ANG D>GGBL M> =>E>G '::K D>G

G>KL SBCG @>>G EH;;RBLM>G :M BL => =>K=> @KH>I LE>NM>EI>KLHG>G => >GMAHNLB:LM>EBG@>G => O>KDHI>KL 4BC A>;;>G A>M ;BCSHG=>K> M:E>GM HF F>GL>G M> HO>KMNB@>G HF L<>IMB<B >G HGO>KL<ABEEB@>G M> O>K:G=>K>G BG ::G

A:G@>KL > ;>@KBII>G C=FF=JK >G N=J:AF<=JK SBCG HI@>GHF>G BG => LH<BHEH@B> >G BG => G>MP>KDMA>HKB> !E:=P>EE M>O>GL ;>LML>EE>K:NM>NK O:G DAFC >G )MLDA=JK P>K= =HHK .AE= @>GH>F= BG => EBCLM O:G F>>LM BGOEH>=

)-

( ) ) % 7 ='6%8- 7 ' ,) &- &0- 38, ) ) /

KBCD> I>KLHG>G 0HHK => >:LR<K:MB> BL !E:=P>EE >>G IKHFBG>GM :F;:LL:=>NK HF=:M ABC E::M SB>G =:M @>PHG> F>GL>G F>M P>BGB@ FB==>E>G ><AM @KHM> O>K:G=>KBG@>G DNGG>G ;>P>KDLM>EEB@>G › .@= -LJ=F?L@ G> 1=9C .A=K ‹ ':KD !K:GHO>MM>K "H> DE>BG> O>K:G=>KBG@>G BG => <HGM>QM LHFL @KHM> @>OHE@>G DNGG>G A>;;>G A>>?M !K:GHO>MM>K ::G =>G EBCO> HG=>KOHG=>G F>M .@= -LJ=F?L@ G> 1=9C .A=K "BC L<AK>>? =>S> LMN=B> BG => C:K>G S>LMB@ F::K A>M P>M>GL<A:I

I>EBCD> MBC=L<AKB?M E=JA;9F -G;AGDG?A;9D ,=NA=O A:= @>>G >GD>E> ;>E:G@LM>EEBG@ OHHK SBCG :KMBD>E !K:GHO>MM>K E>@=> SBCG P>KD M>E>NK@>LM>E= M>K SBC=> MHM=:M BG => E=JA;9F $GMJF9D G> -G;AGDG?Q PbE MHM IE::MLBG@ HO>K@BG@ ::KG: @BG@ A>M A:K= #GFB==>EL PHK=M =BM :KMBD>E ;>L<AHNP= :EL >>G O:G => F>>LM BGOEH>=KBCD> MA>HKB>eG NBM => FH=>KG> LH<BHEH@B> LBG=L => C:K>G S>O>GMB@ #G @>LBFIEB–<>>K=> OHKF BL A>M ;:LBLB=>> O:G !K:GHO>MM>K =BM >>G O:@> D>GGBL BL ;>M>K =:G >>G OKB>G= BC LH<B:E> G>MP>KD>G =>GDM F>GB@>>G BG >>KLM> BGLM:GMB> BGMNiMB>? ::G <EN;C>L O:G @>EBCD@>LM>F=>G SH:EL >>G LMN

=>GM>GO>K>GB@BG@ H? >>G ;K:G<A>O>K>GB@BG@ '::K PB> HI SH>D BL G::K >>G MBI OHHK >>G ;::G OHHK >>G @H>= ;H>D H? >>G E>ND K>LM:NK:GM D:G CNBLM ;>M>K GB>M SBCG OKB>G=>G K::=IE>@>G 1:GM =B> ;>L<ABDD>G =HHK@::GL HO>K =>S>E?=> BG?HKF:MB> > ><AM P::K=>OHEE> O>KGB>NP>G=> B=>>eG DHF>G >>K=>K O:G => O:@> D>GGBL O:G PB> C> MP>> D>>K I>K C::K >>G F:BEMC> DKBC@M > O:@> D>GGBL => O=9C LA= OHKFM => ;KN@ MNLL>G MP>> P>K>E=>G )? A>M GN @::M HF F:KD>MBG@ H? HF IHEBMB>D OB: => O=9C LA=K PHK=>G GB>NP> @KH>I>G F>GL>G ;>K>BDM =B> GB>M ;>K>BDM PHK=>G =HHK => KLJGF? LA=K !K:GHO>MM>K IKHFHO>>K=> ::G ":KO:K= >G BL GN ::G => NGBO>KLBM>BM O:G -M:G?HK= AHH@E>K::K <HGHFBL<A> LH<BHEH@B> )I =:M LMN=B>M>KK>BG =HHK

;K:D ABC => HN=> MA>HKB> O:G => :;LMK:<M> B=>:E> F:KDM>G 0HE@>GL !K:

GHO>MM>K SBCG ><HGHFBL<A> K>E:MB>L MNLL>G BG=BOB=N>G H? <HGLNF>GM>G ;BCG: :EMBC= BG@>;>= BG LH<B:E> G>MP>KD>G BCG: O>>KMB@ C::K G: IN;EB<:MB> BL !K:GHO>MM>KL LMN=B> :<MN>E>K =:G HHBM P:GM BG => G>MP>KDL:F>GE>OBG@ A>;;>G F>GL>G F>>K O=9C LA=K =:G HHBM M>OHK>G >G HN= <HEE>@: >>G O:D:GMB>OKB>G= >>G HN= DE:L@>GHHM OKH>@>K O>KP:M>K=>G O>>E HN=> <HGM:<M>G OHEE>=B@ ;>A:EO> :EL >K P>>K >>G MH>O:E

EB@> HGMFH>MBG@ P:L #G => ;GFF=;L=< 9?= BL A>M O>>E @>F:DD>EBCD>K @>PHK=>G HF >>G HN=> ;>D>G=> P>>K >>GL ::G M> LIK>D>G &BGD>=#G :<>;HHD >G "RO>L SBCG HG=>K :G=>K> HF =B> K>=>G SH IHINE:BK > O>E> LH<B:E>G>MP>KD

LBM>L ?NG<MBHG>K>G G:=KNDD>EBCD :EL ;KH>=IE::ML>G OHHK O=9C LA=K

).

) %7 ='6%8- )

-AP =?J==K .@= -;A=F;= G> 9 GFF=;L=< ?= NG<:G 1:MML -AP <=?J==K G> K=H9J9LAGF BL >>G MA>HKB> =B> LM>EM =:M :EE> F>GL>G HI ::K=> F>M >ED::K O>K;HG=>G SBCG OB: >>G G>MP>KD O:G @>FB==>E= S>L MNLL>GL<A:D>EL >S> ARIHMA>L> BL :E BG @>HII>K= =HHK => "HG@::KL> L<AKBCO>K %:KBG

MAR KB@R>L > ;>KH>F=> ILR<AHEHH@ -M:GE>R 'BE@K:F IBDM> A>M B=>> HI >G OH>K=> BG => C:K>G S>LMB@ >>G DE>BGL<A:EB@ >QI>KBF>GM NBM (>>F MP>> PBEE>

D>NKB@> BGPHG>KL O:G => 0>K>GB@=> -M:M>G >G @>FB==>E= SBCG S> OB: =KB> MNLL>GL<A:D>EL F>M >ED::K O>K;HG=>G SH HGM=>DM> 'BE@K:F NG<:G 1:MML >>G NLMK:EBeK =B> IKHFHO>>K=> BG => G:MNNKDNG=> >G AHH@E>K::K -H<BHEH@B> P>K= ::G => (>P 3HKDL> HENF;B: /GBO>KLBMR OH>K=> A>M >QI>KBF>GM O:G 'BE@K:F @KHHML<A:EB@ M>LMI>KLHG>G >G FHG=B::E E:G=>G NBM F>M ;>ANEI O:G > F:BE >G HGEBG><HFFNGBMR L 1:MML OHG= >>G @>FB==>E=> O:G S>L MNLL>GL<A:D>EL ">M INGM O:G 'BE@K:F >G 1:MML BL =:M A>M <EB<Ab AL K 9 KE9DD OGJD< GB>M SHF::K >>G <EB<Ab BL F::K >>G :<<NK:M> ;>L<AKBCOBG@ O:G => P>KD>EBCDA>B= "H> => KAP <=?J==K BG => IK:DMBCD P>KD>G PHK=M O>K;EN??>G= A>E=>K @>iE

ENLMK>>K= =HHK => P>;LBM> )K:<E> H? :<HG =B> FBLL<AB>G :EL @K:I BL ;>=H>E= F::K =>L:EGB>MM>FBG => F:M>KB> OHHK B>=>K>>G LG>E BGSB<AM>EBCD F::DM SB> D:=>K 0HHK => >:LR<K:MB> BL -AP =?J==K >>G ;H>D =:M ::GMHHGM AH> @>F:DD>EBCD => ;>KH>F=LM> >G F>>LM BGOEH>=KBCD> F>GL>G ;>K>BD;::K SBCG ;NBM>G => @>O>LMB@=> ABeK:K<AB>eG HF / ;>GM F::K >GD>E> A:G==KNDD>G O>KPBC=>K= O:G >>G FBGBLM>K O:G BEE !:M>L $HAG => 'HE >KM O:G ':KPBCD !>K:K= %E>BLM>KE>> >G *:NE 1BMM>F:G G I:LL:GM SB>G P> >>G BEENLMK:MB> O:G A>M ;>E:G@ O:G <HEE><MB>O> BGM>EEB

@>GMB> OHHK => >:LR<K:MB> BC >ED::K HI@>M>E= F::DM => D>GGBL NBM => AB>K

OHHK @>GH>F=> P>KD>G O:G !E:=P>EE !K:GHO>MM>K >G 1:MML => <HGMHNK>G O:G >>G GB>NP P>K>E=;>>E= SB<AM;::K ED @H>= B=>> D:G OB: O=9C LA=K BG S>>K DHKM> MBC= HO>K => A>E> P>K>E= O>KLIK>B= PHK=>G FBML F>G => CNBLM> O>K;BG

=>KL >G D>GG>KL P>>M M> OBG=>G > P>KD>EBCD> F:<AM ;BGG>G HK@:GBL:MB>L BL ::G A>M O>KL<ANBO>G O:G => ABeK:K<ABL<A> MHI G::K => O>K;BG=>KL >G D>G

G>KL BG O>>E:E BG?HKF>E> G>MP>KD>G > DHFLM O:G => BG?HKF:MB>F::ML<A:IIBC A>>?M =>S> HGMPBDD>EBG@ >QIHG>GMB>>E O>KLG>E= 0B: > F:BE >G :G=>K> BGM>KG>MD:G:E>G SBCG F>GL>G @>F:DD>EBCD>K ;>G:=>K;::K >G ;>E:G@KBCD>K D:G >K O>>E LG>EE>K @><HF

FNGB<>>K= PHK=>G MNLL>G => >G> >G => :G=>K> MNLL>GL<A:D>E ">M F::DM GH@:E >>G O>KL<ABE H? C> >>G C::K FH>M P:<AM>G MHM CHNP E::MLM> MNLL>GL<A:

D>E SBCG C::KEBCDL> @>LIK>D F>M => FBGBLM>K A>>?M H? =:M ABC O:G=::@ GH@ >>G F:BEMC> LMNNKM F>M => OK::@ H? ABC CHN F:@ BGMKH=N<>K>G >G ::G;>O>E>G

)/

( ) ) % 7 ='6%8- 7 ' ,) &- &0- 38, ) ) /

;\ bfik\ n\^ kljj\e B\m`e 9XZfe \e >ff`jZ_\ Mifln\e 8MIR QMRYYXNIW VSRHOMNOIR ST HI [IFWMXI 8LI 3VEGPI SJ &EGSR [[[ SVE GPISJFEGSR SVK IR HI XLISVMI ZER HI 7M\ (IKVIIW [SVHX ST IIR WTIIPWI QERMIV ^IIV MR^MGLXIPMNO (I WMXI MW ZIVRSIQH REEV HI FIOIRHI %QIVM OEERWI EGXIYV /IZMR &EGSR (I WMXI QEEOX KIFVYMO ZER HI HEXEFEWI ZER HI SRPMRI´PQIRG]GPSTIHMI [[[ MQHF GSQ HMI HI REQIR ZER QIIV HER IIR QMPNSIR EGXIYVW FIZEX ,SI ZIVLSYHX IIR [MPPIOIYVMKI EGXIYV ^MGL XSX /IZMR &EGSR# (SSV HI REEQ MR XI XMOOIR OSQIR [I HEEVEGLXIV &VEH 4MXX FMNZSSVFIIPH OIRX &EGSR TIVWSSRPMNO [ERX ^MN WTIIPHIR WEQIR MR HI ´PQ 7PIITIVW 1EEV LSIZIIP WXETTIR ^SY /MQ ZER /SSXIR ZIV[MNHIVH ^MNR ZER &EGSR# 8[II WXETTIR WPIGLXW ^S QIPHX LIX SVEOIP ;ERX :ER /SSXIR WTIIPHI WEQIR QIX .YPMI 'LVMWXMI MR HI ´PQ 7RETWLSXW )R 'LVMWXMI WTIIPHI WEQIR QIX &EGSR MR HI ´PQ 2I[ =SVO - PSZI ]SY ;I TVSFIVIR IIR QMRHIV FIOIRHI EGXVMGI 0MIW :MWWGLIHMNO HMI IIR VSP WTIIPX MR +SSMWGLI :VSY[IR WTIIPX ZSSVREQIPMNO MR XLIEXIVW IR MR XZ WIVMIW (IWSRHEROW MW ^MN WPIGLXW HVMI WXETTIR ZIV[MNHIVH ZER &EGSR (YW EPW +SSMWGLI :VSY[IR /IZMR &EGSR ZSSV IIR KEWXVSPPIXNI [MP ZVEKIR QSIX :MWWGLIHMNO IZIR ,MPHE ZER HIV 1IYPIR FIPPIR [ERX HMI QEMPX HER 3PMZIV 4PEXX SJ LMN IZIR IIR WQWNI [MP WXYVIR REEV &EGSR ;ERX ^S OER HEX KEER MR HI GSRRIGXIH EKI 1IX IIR FIIXNI KIPYO [SVHX RSK HI^IPJHI HEK LIX GSRXEGX KIPIKH ,IX ZEPX RMIX QII SQ IIR EGXIYV XI ZMRHIR HMI QIIV HER ^IW WXETTIR ZIV [MNHIVH MW ZER &EGSR 1EEV HEEV LSIZIR [I SSO RMIX REEV XI ^SIOIR [ERX HI [IFWMXIFSY[IVW LIFFIR ^IPJ EP EPPI EGXIYVWREQIR HSSV LIX SVEOIP KILEEPH 7PIGLXW HEEVZER ^MNR ^IZIR SJ EGLX WXETTIR ZIV[MNHIVH ZER &EGSR 3RKIZIIV ^MNR qqR X[II SJ HVMI WXETTIR ZIV[MNHIVH 3SO LIX FIPERK ZER ªZIVFMRHIVW« IR HI WXVIRKXL SJ [IEO XMIW [SVHX HSSV LIX 3VEOIP ZER &EGSR ZIVLIPHIVH 2IHIVPERHWI EGXIYVW WTIPIR ZSSVREQI PMNO MR 2IHIVPERHWI ´PQW *VERWI EGXIYVW ZSSVREQIPMNO MR *VERWI ´PQW )V LSIJX QEEV qqR 2IHIVPERHWI EGXIYV IIR VSPPIXNI XI WTIPIR MR IIR *VERWI ´PQ IR X[II [IVIPHIR [SVHIR QIX IPOEEV ZIVFSRHIR 2EXYYVPMNO MW HI ´PQ[IVIPH RMIX XI ZIVKIPMNOIR QIX HI KI[SRI [IVIPH 1EEV LIX TVMRGMTI FPMNJX LIX^IPJHI %PW NI LSRHIVH QIRWIR OIRX IR HMI OIRRIR SSO EPPIQEEP LSRHIVH QIRWIR HER ^MNR QE\MQEEP QIRWIR

\ ZME qqR XYWWIRWGLEOIP QIX IPOEEV ZIVFSRHIR :ME X[II XYW WIRWGLEOIPW [SVHIR HEX EP QE\MQEEP IIR QMPNSIR QIRWIR \ \

> P>;LBM> PHK=M K>@>EF:MB@ @>sI=:M>M > AB>K @>GH>F=> @>M:EE>G SBCG O:G

)0

) %7 ='6%8- )

%PW MIHIVIIR MR LIX^IPJHI OVMRKIXNI ZIVOIIVX KEER HI^I KIXEPPIR SQPEEK HSSV HYFFIPXIPPMRK (I QIRWIR HMI MR ZIVWGLMPPIRHI OVMRKIR ZIVOIVIR ^SVKIR IVZSSV HEX HI KIXEPPIR LSSK [SVHIR (ERO^MN MRXIVRIX ^MNR IV EER ^MIRPMNO QIIV GSRRIGXMIW XYWWIR QIRWIR YMX ZIVWGLMPPIRHI KVSITIR (I MRJSVQEXMIWEQIRPIZMRK SZIVFVYKX J]WMIOI IR WSGMEPI EJWXERHIR XYWWIR TIV WSRIR )IR PIYOI QST HMI ST IIR WGLSSPTPIMR MR +VSRMRKIR [SVHX ZIV XIPH OSR IV ZVSIKIV [IP IIR NEEV SZIV HSIR SQ 1EEWXVMGLX XI FIVIMOIR 2Y [SVHX HI QST ZEREZSRH EP HSSVZIVXIPH ST QWR EER IIR RIIJNI YMX 1EEWXVMGLX IR FIVIMOX LMN QSVKIRSGLXIRH EP LIX 1EEWXVMGLXWI WGLSSPTPIMR (MX FITIVOX ^MGL YMXIVEEVH RMIX XSX QSTTIR 3SO HI PERHIPMNOI WGLSPMIVIR WXEOMRK IR HI TVSXIWXIR XIKIR HI FEEVQSIHIVLEPWOEROIVZEGGMREXMI [MWXIR PERKW MRXIVRIXOEREPIR FMRRIR IROIPI HEKIR HI ZSPPIHMKI 2IHIVPERHWI WGLSSPNIYKH XI QSFMPMWIVIR

-LJM;LMJ9D "GD=K .@= -G;A9D -LJM;LMJ= G> GEH=LALAGF ,GF9D< MJL

-LJM;LMJ9D "GD=K BL OHHK F:G:@>F>GM P:M => KnGM@>G?HMH BL OHHK => @>G>>L

DNG=> L<AK>>? >>G K><>GL>GM HO>K =BM ;H>D NKM F::DM SB<AM;::K P:M BG => F:G:@>F>GMEBM>K:MNNK OHHKA>>G AHH@NBM P>K= O>KHG=>KLM>E= => O>K;HK

@>G LMKN<MNK>G O:G => BG?HKF>E> HK@:GBL:MB> >GOHN=B@ @>S>@= D>GGBL >G BG?HKF:MB> DNGG>G GB>M >>GOHN=B@ ;>P>@>G MNLL>G O>KL<ABEE>G=> @KH>I>G =BM PHK=M O>KABG=>K= =HHK BLHE:MB>E:@>G LMKN<MNK:E AHE>L =B> => O>KLIK>B

=BG@ O:G D>GGBL >G B=>>eG M>@>GAHN=>G > <HG<ENLB> =B> NBM =BM ;H>D @>MKHDD>G D:G PHK=>G BL =:M <K>:MBOBM>BM SP::K PHK=M HO>KL<A:M :EL =b ;KHG O:G BGGHO:MB> > F>>LM> BGGHO:MB> DHFM MHM LM:G= =HHK => LMKN<MNK:E AHE>L M> HO>K;KN@@>G )K@:GBL:MB>L SBCG F>>LM:E P>E =HHK=KHG@>G O:G => GHH=S::D MHM BGGH

O>K>G K>:MBOBM>BM PHK=M O::D @>SB>G :EL =b ;KHG OHHK BGGHO:MB> ::KHF PHK=M BG >>G BGGHO:MB>;>E>B= F>>LM:E >>G IH@BG@ @>=::G HF => <K>:MBOBM>BM ;BGG>G HK@:GBL:MB>L M> LMBFNE>K>G -LJM;LMJ9D "GD=K ;B>=M >>G :G=>K> DBCD HI BGGHO:MB> >G <K>:MBOBM>BM #GGHO:MB>O> B=>>eG SBCG F::K S>E=>G ;KBEC:GM> B=>>eG =B> SHF::K NBM A>M GB>ML DHF>G ">M F>K>G=>>E O:G => BGGHO:MB>L HGMLM::M =HHK A>M A>KD>GG>G O:G D:GL>G HHK >>G @:G@;::K B=>> NBM >>G :G=>K> @KH>I HO>K M> G>F>G EB<AM ::G M> I:LL>G >G M> A>K@>;KNBD>G > O>K

;BG=>KL SB> !E:=P>EE MNLL>G => O>KL<ABEE>G=> @KH>I>G LM::G ::G => PB>@ O:G => BGGHO:MB>L G SH=K: P> O:G =:M ;>L>? =HHK=KHG@>G SBCG DHF>G .@= -LJ=F?L@ G> 1=9C .A=K >G -AP =?J==K BG >>G @KHM>K EB<AM M> LM::G > BG?HKF>E> G>MP>KD>G >G =:G OHHK:E => O:@> ;>D>G=>G =::KBG SBCG => ;>E:G@KBCDLM> ;KHG OHHK BGGHO:MB> SH ENB=M => >:LR<K:MBL<A> <HG<ENLB> HI ;:LBL O:G -LJM;

LMJ9D "GD=K -AP =?J==K >G .@= -LJ=F?L@ G> 1=9C .A=K

*'

( ) ) % 7 ='6%8- 7 ' ,) &- &0- 38, ) ) /

> AHH@E>K::K <HGHFBL<A> LH<BHEH@B> ,HG:E= NKM BL F>M -LJM;LMJ9D "GD=K => @KHG=E>@@>K O:G >>G L>KB> GB>NP> ><HGHFBL<A> FH=>EE>G > MK:=BMBH

G>E> ><HGHFBL<A> FH=>EE>G @::G NBM O:G >>G MA>HK>MBL<A I>K?><M> F:KDM F>M OKBC> <HG<NKK>GMB> > K>:EBM>BM BL =:M F:KDM>G O>KK> O:G I>K?><M SBCG F::K PHK=>G @>ABG=>K= =HHK LMKN<MNK:E AHE>L NKM HGMP>KIM >>G GB>NP ><HGHFBL<A FH=>E OHHK => P>KDBG@ O:G <HG<NKK>GMB> >G <HFI>MBMB>? OHHK

=>>E P::KBG LH<B::E D:IBM::E >G G>MP>KD>G >>G <KN<B:E> KHE LI>E>G #G?HKF:MB> LMKHHFM >>KLM ;BGG>G @KH>I>G >G I:L E:M>K MNLL>G @KH>I>G > F>>LM> F>GL>G A>;;>G => G>B@BG@ HF OHHKG:F>EBCD ;BGG>G @KH>I>G M> ;EBCO>G "B>K=HHK HGMLM::G LMKN<MNK:E AHE>L MNLL>G O>KL<ABEE>G=> @KH>I>G > O>KL<ABEE>G=> @KH>I>G ;>L<ABDD>G HO>K >>G :G=>K> LMKHHF O:G BG?HKF:

MB> >G D>GGBL >G KLJM;LMJ9D @GD= BL >>G LHHKM BLHE:MB>E::@ MNLL>G @KH>I>G =B> => LMKHHF M>@>GAHN=M -HFL OHKF>G E:G=L@K>GS>G H? M::E@K>GS>G >>G LMKN<MNK:E AHE> MNLL>G D>GGBL O:G O>KL<ABEE>G=> @KH>I>G F::K O::D BL A>M LE><AML bbG FNNKMC> BG >>G D:GMHHK =:M => ;:KKBcK> OHKFM "BeK:K<ABL<A> HK@:GBL:MB>LMKN<MNK>G >G P>KDOEH>KBG=>EBG@ <K>eK>G BG?HKF:MB>;:KKBcK>L > >G> :?=>EBG@ P>>M LHFL G:NP>EBCDL P:M >K HI => :G=>K> :?=>EBG@ @>;>NKM )HD MNLL>G F>KD>G >G F:KDM>G ;>OBG=>G SB<A O>>E KLJM;LMJ9D @GD=K P::K=HHK LHFFB@> =H>E@KH>I>G GB>M H? G:NP>EBCDL PHK=>G ;>K>BDM > GB>NP> DBCD HI <HG<NKK>GMB> BL =:M A>M O>KDKBC@>G O:G <HFI>MBMB>? OHHK=>>E OHHK:E >>G DP>LMB> BL O:G KLJM;LMJ9D @GD=K HO>K;KN@@>G 0HHK BG=BOB

=N>G @>E=M =BM =>L M> F>>K 1B> >>G ;KN@ LE::M MNLL>G MP>> @KH>I>G F>M <HFIE>F>GM:BK> BG?HKF:MB>;KHGG>G E::M BG?HKF:MB> LMKHF>G MNLL>G MP>> @KH>I>G >G O>K@KHHM AB>KF>> SBCG BG=BOB=N>E> LH<B:E> D:IBM::E #G P>S>G BL =BM <HG<>IM GB>M SH O>>E :G=>KL =:G A>M :EHN=> <HG<>IM O:G => A:G=>E >G A:G=>E::K O:G => 0) O>KIE::MLM LI><>KBC>G O:G A>M >G> =>>E O:G => P>K>E= G::K >>G :G=>K =>>E >G O>K@KHHM =::KF>> SBCG D:IBM::E #G => A:G=>E @::M A>M HF ?RLB>D> IKH=N<M>G BG => >:LR<K:MB> @::M A>M HF A>M O>K

IE::ML>G O:G D>GGBL >G B=>>eG › .@= ?= G> ;;=KK .@= (=O MDLMJ= G> "QH=J;9HAL9DAKE 1@=J= 9DD G> &A>= AK 9 *9A< GJ PH=JA=F;= ‹ $>K>FR ,B?DBG > F>KBD::GL> ><HGHHF ,B?DBG A>>?M S>O>GMB>G ;H>D>G @>L<AK>O>G =B> :EE>F::E @::G HO>K O>K:G=>KBG@>G BG => ><HGHFB> => P>M>GL<A:I => M><A

GHEH@B> >G HO>K => BFI:<M =B> =>S> O>K:G=>KBG@>G A>;;>G HI => F::M

L<A:IIBC O:G O:G=::@ >G FHK@>G ,B?DBG BL DBG= ::G ANBL ;BC =BO>KL> NKHI>L> K>@>KBG@LE>B=>KL >G :=OBL>>KM => NKHI>L> HFFBLLB> HO>K OK::@

LMNDD>G =B> @>K>E:M>>K= SBCG ::G ><HGHFB> DEBF::MO>K:G=>KBG@ >G >G>K@B>

O>BEB@A>B= .@= ?= G> ;;=KK BL SBCG ;>D>G=LM> ;H>D "B>KBG ;>L<AKBC?M ABC => @>E>B=>

EBCD> O>K:G=>KBG@ O:G >>G IKH=N<MB>@>HKBeGM>>K=> ><HGHFB> G::K >>G G>M

*(

) %7 ='6%8- )

P>KD><HGHFB> K BL >>G LB@GB <:GM> O>KL<ANBOBG@ O:G @H>=>K>G G::K =B>G

LM>G 4>E?L S:D>G =B> PBC :EL >>G IKH=N<M SB>G PHK=>G :EL >>G =B>GLM HI => F:KDM @>;K:<AM #G => GB>NP> ><HGHFB> A>;;>G <HG<>IM>G B=>>eG >G BF:@H >>G @KHM>K> ><HGHFBL<A> P::K=> =:G F:M>KBeE> @H>=>K>G > LH?M

P:K> BL ;>E:G@KBCD>K @>PHK=>G =:G => A:K=P:K> EL @>OHE@ AB>KO:G BL >K >>G >GHKF> =>O:EN:MB> @::G=> O:G A>M ;>E:G@ O:G >B@>G=HF >G ;>SBM )O>K => OHEE> ;K>>=M> O:G => ><HGHFB> =KBG@M A>M B=>> =HHK =:M ;>SBM >B@>GEBCD :EE>>G F::K ;:EE:LM BL >G =:M A>M >K GB>M HF @::M =BG@>G M> A>;;>G F::K HF MH>@:G@ M> A>;;>G MHM A>M OKN<AM@>;KNBD >KO:G >SBM BL O>>E M> MK::@ OHHK => GB>NP> ><HGHFB> S>@M ,B?DBG BG >>G BGM>K

OB>P F>M (, "9F<=DK:D9< 1::KHF SHN B>F:G= BG >>G ><HGHFB> P::KBG :EE>L =K::BM HF LG>EA>B= GH@ B>ML BG >B@>G=HF PBEE>G A>;;>G =:M F>M>>G :E P>>K :<AM>KA::E= BL =HHK >>G GB>NP>K FH=>E H? >>G NI@K:=> ':M>KBeE> S:D>G E:M>G HGL GB>M DHN= F::K P> AH>O>G S> GB>M F>>K I>K L> S>E? M> ;>SBM

M>G B@>G=HF BL @>;:L>>K= HI => @>=:<AM> =:M A>M => FH>BM> P::K= BL HF ?RLB>D> @H>=>K>G OHHK E:G@>K> MBC= O:LM M> AHN=>G '::K S> =H>G >K LM>>=L FBG=>K MH> BG >>G ><HGHFB> P::KBG O>K:G=>KBG@ SH G ;>>MC> => >GB@> <HG

LM:GM> BL >S> O>K:G=>KBG@ O:G BGSB<AM @::M A>M LG>ELM ;BC ;>=KBCO>G %:IBM::E@H>

=>K>G E>:L>G :<MBOBM>BM>G G:G<B>K>G F>M OK>>F= O>KFH@>G ;>=KBC?LHG=>K

=>E>G >G I>KLHG>>E HNMLHNK<>G A>M SBCG :EE>F::E P>>KLIB>@>EBG@>G O:G => :?G>F>G=> P::K=>KBG@ OHHK >B@>G=HF (>M :EL => @KH>B O:G ?K:G<ABLBG@ M>G DHLM> O:G A>M EB::E;>=KBC? RLB>D ;>SBM BL >>G HGA:G=B@> DHLM>GIHLM BG => G>MP>KD><HGHFB> > ?K:G<ABL>@>O>K BL GB>M F>>K @>iGM>K>LL>>K= BG ;:DLM>

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

*)

( ) ) % 7 ='6%8- 7 ' ,) &- &0- 38, ) ) /

OHKF>G O:G @>;KNBDL<HGMK:<M>G ::G M> ;B>=>G BG IE::ML O:G ?RLB>D> IKH=N<

M>G M> O>KDHI>G BM @::M A>M @>F:DD>EBCDLM ;BC GB>NP> IKH=N<M@KH>I>G P::K ABLMHKBL<A> @>PHHGM>L >G @>;KNBD>G @>>G ;>E>FF>KBG@ OHKF>G SH:EL FH;B>E> M>E>?HHGL > DHLM;:K> F:M>KBeE> :II:K::MC>L PHK=>G @K:MBL P>@@>

O>G BG KNBE OHHK >>G E:G@=NKB@ @>;KNBDL<HGMK:<M HI => :?G:F> O:G BFF:M>

KBeE> M>E>?HHGFBGNM>G > O>KL<ANBOBG@ O:G ;>SBM G::K @>;KNBD BL >>G ?NG=:F>GM>E> O>K:G=>

KBG@ =B> ;>E:G@KBCD> @>OHE@>G A>>?M OHHK ><HGHFB> HK@:GBL:MB>DNG=> >G F:G:@>F>GM "BeK:K<AB> >G >B@>G=HF SBCG O:G G:MNK> G:NP F>M >ED::K O>KP>O>G EL A>M ;>E:G@ O:G >B@>G=HF :?G>>FM O>KDE>BGM =::KF>> HHD A>M ;>LM::GLK><AM OHHK => MK:=BMBHG>E> ABeK:K<ABL<A> LMKN<MNNK #G => HN=> ><HGHFB> P:K>G D:IBM::E >G ;>SBMMBG@>G => ;>E:G@KBCDLM> OH>=BG@L;H=>F OHHK IKH=N<MB> @KH>B ;>=KBC?LK>LNEM::M >G PBGLM 1B> A>M E:G= ;>S:M H? => F:<ABG>L A:= => ><HGHFBL<A> F:<AM #G => GB>NP> ><HGHFB> BL LH<B::E D:IBM::E => ;>E:G@KBCDLM> ?:<MHK @>PHK=>G

MLMJ= G> 'GF=Q J=9LAF? (=O 1=9DL@ 1GJC 9F< 9 1AK=J 1GJD< >KG:K= &B>M:>K

> >E@BL<A> ><HGHHF >KG:K= &B>M:>K BL O>>EONE=B@ :?@>L<ABE=>K= :EL =H>F=>GD>K :EL HGA>BELIKH?>>M G:=:M ABC MB>G C::K @>E>=>G :E => ANB=B@> G:G<BeE> <KBLBL OHHKLI>E=> &B>M:>K O>K;::LM SB<A >KHO>K =:M SHO>>E F>GL>G HGMS>MM>G= O>>E MBC= ;>LM>=>G ::G A>M O>KDKBC@>G H? NBM@>O>G O:G @>E= F::K =:M ;BCG: GB>F:G= LMBELM::M ;BC => OK::@ !>E= P:M BL =:M >B@>GEBCD &B>M:>K LM::M =::K PbE ;BC LMBE >G L<AKBC?M >K >>G A>>E ;H>D HO>K )I O>K;EN??>G=> PBCS> >G BG ;>@KBCI>EBCD> M::E HGMK:?>EM ABC => P>K>E= O:G @>E= >G A>M @>E=

LRLM>>F 4>E?L ;:GDB>KL ><HGHF>G >G G:G<B>>E >QI>KML OBG=>G BG =BM ;H>D O>>E GB>NP> D>GGBL >G BGSB<AM>G &B>M:>K <HG<EN=>>KM =:M A>M ANB=B@> @>E=

LRLM>>F P>EBLP::K S>>K >? <BeGM BL F::K HHD S>>K ?K:@B>E G ?NG=:F>GM>>E BGLM:;B>E > G:G<BeE> <KBLBL BL @>>G MBC=>EBCD IKH;E>>F F::K >>G LMKN<MN

K>>E IKH;E>>F :E=NL &B>M:>K HF=:M A>M @>E=LRLM>>F :E >>NP>G @>E>=>G =HHK => F>GL BL HGMPHKI>G BG >>G MBC= =B> :G=>KL P:L =:G => ANB=B@> MBC= > BG?HKF:MB>K>OHENMB> F::K HHD => O>KHN=>KBG@L@HE? >G => DEBF::MO>K:G

=>KBG@ SHK@>G OHHK >>G GB>NP> F::ML<A:II>EBCD> BG?K:LMKN<MNNK P::K A>M HN=> HGMP>KI GB>M @H>= F>>K ;BC ::GLENBM >G I>LLBFBLM =:M BL &B>M:>K S>D>K '::K ABC BL @>>G <A:KE:M:G 4BCG OBLB>L >G ::G;>O>EBG@>G SBCG GB>M HO>K:E >O>G @>EB>?= F::K SBCG D>GGBL BL HGHF

LMK>=>G &B>M:>K LM::M ;>D>G= :EL >>G O:G L P>K>E=L @KHHMLM> D>GG>KL O:G G:G<BeE> >G FHG>M:BK> S:D>G 4BCG 0 BL BG=KNDP>DD>G= OHHK:E BG => ;K>>=M> P:GM ;>KH>ILA:EO> ;>D>>D &B>M:>K => G:G<BeE> P>K>E= O:G :EE> D:GM>G P>M>GL<A:I IHEBMB>D <HGLNEM:GM <>GMK:E> ;:GD A:G=>EL;:GD >G >E>DMKHGBL<A @>E=O>KD>>K

**

) %7 ='6%8- )

BC => >E@BL<A> >GMK:E> :GD P:L ABC O>K:GMPHHK=>EBCD OHHK => BGOH>KBG@ O:G => ><N #G =>S> I>KBH=> P:L ABC M>O>GL =BK><M>NK O:G A>M >E@BL<A >E>D

MKHGBL<A ;>M:EBG@LLRLM>>F EL <HGLNEM:GM :=OBL>>K=> ABC O>E> FNEMBG:MBH

G:EL HO>K O:ENM:OK::@LMNDD>G >G BG => C:K>G M:<AMB@ AB>EI ABC =BO>KL> 4NB=

F>KBD::GL> HO>KA>=>G F>M A>M HO>KPBGG>G O:G => FHG>M:BK> <KBLBL P::KBG S> P:K>G ;>E:G= )HD =>S> <KBL>L A:= ABC HO>KB@>GL :E C:K>G O:G M>OH

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

=>GD>G BG => A:G= A>M =PBG@M MHM OHHKM=NK>G=> ><HGHFBL<A> @KH>B >G A>M HG=>KP::K=>>KM => M:D>G =B> <KN<B::E SBCG HF >>G L:F>GE>OBG@ BG LM:G= M> AHN=>G SH:EL SHK@ >G HG=>KPBCL HHK @>E= NBM M> E>G>G <K>eK>G ;:GD>G @>E= '::K A>M @>E>>G=> @>E= FH>M PHK=>G M>KN@;>M::E= F>M K>GM> :M K>GM>;>=K:@ <K>e>KM => ;:GD GB>M :M FH>M => @>E=E>G>K SB>G M> ;>F:<AMB

@>G M>G DHLM> O:G :G=>K>G G SH HGMLM::M >>G OEB>@PB>E>??><M O:G <HG<NK

K>GMB> >G @>?HK<>>K=> ><HGHFBL<A> @KH>B '>M HG=>K :G=>K> OH>=L>EM>DHK

M>G >G P>KDEHHLA>B= :EL HGO>KFBC=>EBCD> ><HGHFBL<A> @>OHE@>G 0HE@>GL &B>M:>K SBCG =BM DNGLMF:MB@> M>DHKM>G K BL F>>K =:G @>GH>@ OH>=L>E >G P>KD OHHK B>=>K>>G K BL :EE>>G L<A::KLM> ::G @>E= ">M K>GM>=K:@>G=> @>E= LM::M HHD A::DL HI >>G =NNKS:F> ><HGHFB> #GO>LM>KBG@>G >G ;>=KBC?L;>LEBLLBG@>G PHK=>G <HGMBGN :?@>PH@>G M>@>G => K>GM>OH>M :M E>B=M LM>>=L MHM DHKM>M>KFBCGIHEBMB>D EL D:IBM::E LG>EE>K @KH>BM =:G =:M ;HF>G @KH>B>G PHK=M A>M ;HL O:G=::@ @>D:IM HF => AHNM

HI;K>G@LM M> ;>E>@@>G (NMMB@> E:G@>M>KFBCGBGO>LM>KBG@>G PHK=>G >KGLMB@ ;>G:=>>E= =HHK A>M O>KL<ABCGL>E K>GM> >=KBCO>G FH>M>G O:G=::@ PBGLM F:D>G 1B> BGO>LM>>KM BG => MH>DHFLM =>K?M K>GM> BGDHFLM>G BG A>M A>=>G #G A>M ANB=B@> FHG>M:BK> LRLM>>F SHN=>G GHHBM D:MA>=K:E>G PHK=>G @>;HNP= LM>EM &B>M:>K :M P:K>G BGO>LM>KBG@>G O:G O>E> =><>GGB: &B>M:>K A>>?M GB>M :EE>>G DKBMB>D ABC LN@@>K>>KM HHD HIEHLLBG@>G HF

IE>F>GM:BK> @>E=LRLM>F>G G::LM A>M ANB=B@> @>E=LRLM>>F DNGG>G >>G A>>E GNMMB@> ;BC=K:@> OHKF>G HF >>G =>>E O:G => IKH;E>F>G HI M> EHLL>G HF

IE>F>GM:BK> O:ENM: SBCG @>;:L>>K= HI KNBEA:G=>E > K>GM> BL GNE )? GH@ ;>M>K S> A>;;>G >>G G>@:MB>O> K>GM> HF => HFEHHI M> LMBFNE>K>G ">M ANB

=B@> FHG>M:BK> LRLM>>F BL >>G FHGH<NEMNNK >G LRLM>>F =:M A>M <HGM:<M F>M => P>KD>EBCDA>B= O>KEHK>G A>>?M :@>EBCDL PBLL>EM ;BCG: FBEC:K= =HEE:K O:G >B@>G::K ::KO:G @::M F::K EB>?LM IKH<>GM HF BG LI><NE:MB>L

*+

( ) ) % 7 ='6%8- 7 ' ,) &- &0- 38, ) ) /

@>E= =:M GB>M PHK=M @>;KNBDM OHHK ;>M:EBG@ O:G @H>=>K>G H? =B>GLM>G HF

IE>F>GM:BK> O:ENM: ;B>=>G F>>K =BO>KLBM>BM BG =>S> FHGH<NEMNNK ;B>=>G F>>K <HGM:<M F>M => ?RLB>D> P>K>E= >G ?NG@>K>G :EL ;N??>K OHHK => A>OB@> L<AHFF>EBG@>G BG A>M FHG>M:BK> LRLM>>F >S> <HFIE>F>GM:BK> O:ENM: I:LL>G S>>K @H>= BG => @>K>>=L<A:ILDBLM O:G => >:LR<K:MB> SH:EL N BG AHH?=

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iLF> :EL ;NLBG>LLFH=>E #G => HN=> ><HGHFB> BL A>M <HG<>IM J=LMJF GF AFN=KLE=FL O>>E M> O>K =HHK

@>L<AHM>G $: NBM>BG=>EBCD FH>M >K @>E= O>K=B>G= PHK=>G '::K FH>M =::KHF HHD O:G >ED> :<MB> >G O:G >ED> MK:GL:<MB> =BK><M >G K><AMLMK>>DL A>M K>LNEM::M @>F>M>G PHK=>G :M F::DM GB>M :EE>>G P>KD>G >G HG=>KG>F>G >>G LMND FBG=>K E>ND A>M P>KDM HHD ;>E>FF>K>G= >G O>KLM:KK>G= ">M O>K

DE>BGM => >QB;BEBM>BM >G A>M O>KABG=>KM GHH=S:D>EBCD> BGGHO:MB> > MK:=BMB

HG>E> HK@:GBL:MB>LMKN<MNK>G O:G => > >>NP E>NG>G M> O>>E HI F>>M;:K> DHKM>M>KFBCGK>LNEM:M>G )I 1A:M L BG BM ?HK F> HI 0HHK P:M AHHKM P:M >G HI => @>=:<AM> =:M HG=>KG>F>G >G HHD => <:KKBcK> O:G >>G BG=BOB=N >>G DP>LMB> SHN SBCG O:G >M>G H? @>@>M>G PHK=>G EL M>@>GA:G@>K AB>KO:G IKHI:@:G=>>KM -:G=>KL => EB>?=> F::K BG ?>BM> @::M A>M AB>K HF L<ABCG;:K> HG;::MSN<AMB@A>B= )kD BG A>M FH=>E O:G -:G

=>KL BL P>E =>@>EBCD LIK:D> O:G >>G J=LMJF GF AFN=KLE=FL :EE>>G E::M ABC A>M B=>> EHL =:M A>M GH=B@ BL HF => HI;K>G@LM K><AMLMK>>DL M> DHII>E>G ::G >>G BGO>LM>KBG@ >G =:M => HI;K>G@LM :EMBC= BL NBM M> =KNDD>G BG >>G F>>M;:K> @>E=HI;K>G@LM 1:GM =[[K S:M => SP:DD> IE>D BG A>M HN=> ;H>DAHN=>KL

FH=>E > HI;K>G@LM>G SBCG O::D A>E>F::E GB>M M> F>M>G H? BG @>E= NBM M> =KNDD>G )I;K>G@LM>G F:GB?>LM>K>G SB<A HG=>K :G=>K> BG => OHKF O:G B=>>eG <HGM:<M>G K>E:MB>L O>KMKHNP>G K>INM:MB> :M SBCG BFF:M>KBeE> HI;K>G@LM>G =B> E:M>K => ;KHG OHKF>G OHHK F:M>KBeE> HI;K>G@LM>G ">M BL HG=H>GEBCD HF >ED> :?SHG=>KEBCD> BFF:M>KBeE> HI;K>G@LM NBM M> =KNDD>G BG >>G IHLM HI => K>LNEM:M>GK>D>GBG@ :M BL HHD GB>M SH BGM>K>LL:GM ;>A:EO> OHHK ;H>DAHN=>KL >G OHHK ;NK>:N<K:MBL<A> F:G:@>KL =B> >ED> :?SHG=>KEBCD> A:G=>EBG@ PBEE>G <HGMKHE>K>G 0HHK HG=>KG>F>KL >G OHHK ;>OEH@>G P>KDG>

F>KL BL A>M >>G O>KLIBEEBG@ O:G MBC= >G O:G >G>K@B> B> IE:GM>G EB>O>K AHG

*,

) %7 ='6%8- )

=>K= S::=C>L SHG=>K SB<A M> ;>DHFF>K>G HF => OK::@ PbED> S::=C>L GN IK><B>L O>K:GMPHHK=>EBCD SBCG OHHK >>G FHHB> HH@LM 4BC @::G EB>O>K NBM O:G => @>=:<AM> 1B> S::BM S:E HH@LM>G #G => >:LR<K:MB> <HF;BG>K>G P> ;>B=> @>=:<AM>G 0HHK A>M OHHKM;>LM::G O:G >>G HK@:GBL:MB> BL A>M GHH=S:D>EBCD =:M >K OHE=H>G=> HI;K>G@LM>G SBCG =NL A>M ;EBC?M GH=B@ HF HI;K>G@LM>G M> F>M>G ">M O>KL<ABE MNLL>G ;NK>:N

<K:MB> >G >:LR<K:MB> BL =:M P> => HI;K>G@LM>G GB>M F>>K HG>BG=B@ >G MHM BG =>M:BE @::G HGME>=>G >G MH>K>D>G>G ::G :?SHG=>KEBCD> MBC= >G @>E=BGO>LM>

KBG@>G > >:LR<K:MBL<A> ;>G:=>KBG@ BL =:M A>M >??><MB>O>K BL HF BG => @:M>G M> AHN=>G H? => MHM:E> HH@LM @KHM>K BL =:G => DHLM>G O:G => AHG=>K= S::=C>L #G => IK:DMBCD I:LM -:G=>KL SBCG B=>>eG MH> =HHK A>>E O>>E M> E>S>G >G =HHK SBCG D>GGBL OKBCNBM M> =>E>G BG SBCG S:D>EBCD G>MP>KD ">M BL GB>M => L<A::KLM> O:G D>GGBL =B> <HG<NKK>GMB>OHHK=>>E HIE>O>KM A>M BL => MH>I:L

LBG@ O:G D>GGBL HHK D>GGBL M> =>E>G DKBC@ C> O>>E ?>>=;:<D >G PHK=M => D>GGBL =B> C> A>;M P::K=>OHEE>K >G ;KNBD;::K=>K SH F>>GM -:G=>KL ::K

G::LM E>O>KM A>M =>E>G O:G D>GGBL GH@ B>ML HI :G=:<AM :K=B@ SBCG F>GL>G A>EI>G >G D>GGBL =>E>G SBCG NBM>KLM >??><MB>O> FB==>E>G HF => ::G

=:<AM O:G F>GL>G M> DKBC@>G G ::G=:<AM BL >>G >LL>GMBeE> ;KHG OHHK S:D>G=H>G 0HHK SH G ;>>MC> >ED> GB>NP> HG=>KG>FBG@ @>E=M =:M ::G=:<AM DKBC@>G >G O>KMKHNP>G PBGG>G => >>KLM> E:LMB@> H;LM:D>EL SBCG > ::GI:D O:G -:G=>KL A>EIM =B> H;LM:D>EL M> O>KDE>BG>G > @>=:<AM> O:G &GN= AK L@= %ADD=J HH BL P>E O>KGB>NP>G= F::K O>KK> O:G K>OHENMBHG:BK K BL >>G ;>KH>IL@KH>I =B> =>S> @>=:<AM> :E >>NP>G BGMNiMB>? MH>I:LM O>KDHI>KL > LM>K>HMB>I> MHIO>KDHI>K BL B>F:G= =B> GB>ML PBE O>K

DHI>G "BC PBE SBCG DE:GM>G A>EI>G >>KEBCD :=OBL>K>G ;EBC F:D>G "BC BL GB>M @>LIBMLM HI => MK:GL:<MB> :EMA:GL ABC P>DM HI SBCG FBGLM => BG=KND =:M ABC HGO>KL<ABEEB@ BL HO>K SBCG DHKM>M>KFBCGO>KDHHIK>LNEM::M G CNBLM =::K=HHK O>KDHHIM ABC SHO>>E 1:M -:G=>KL =H>M BL =>S> EBCG =HHKMK>DD>G >G HK@:GBL:MB> BL >B@>GEBCD HHD >>G O>KDHI>K O:G SBCG IKH=N<M>G >G =B>GLM>G G >>G P>KDG>F>K BL >B@>G

EBCD HHD >>G O>KDHI>K O:G SBCG DP:EBM>BM>G >G MH>@>OH>@=> P::K=> OHHK => HK@:GBL:MB> $NBLM :EL C> GB>M MK:GL:<MB>@>KB<AM ;>GM PHK=M => HI;K>G@LM @KHM>K BL => :<AM>KEB@@>G=> ;HH=L<A:I !J9LAK (A=MO= =;GFGEA= AF <= <A?AL9D= LAB< AKBL G=>KLHG >G !HH@E> SH>DHI=K:<AM HI K>> AKBL G=>KLHG E>O>K=> BG A>M OHHK

C::K O:G KNBF FBECH>G ABML HI ">M @KHHMLM> =>>E O:G => ABML @::M HO>K >>G ;H>D O:G AKBL G=>KLHG =:M I:L =KB> F::G=>G E:M>K SHN O>KL<ABC

G>G 4>E?L => MBM>E O:G A>M ;H>D P:L HI =:M FHF>GM GH@ GB>M ;>D>G= 1AJ=<

AHH?=K>=:<M>NK G=>KLHG @BG@ BG =B:EHH@ F>M SBCG E>S>KL HO>K FH@>EBCD> MBM>EL

*-

( ) ) % 7 ='6%8- 7 ' ,) &- &0- 38, ) ) /

, .@= KLGJQ G> 9 J9<A;9D HJA;= R=JG , "GO ;@9F?=< L@= OGJD< , "GO ;GEH9FA=K ?=L JA;@ :Q ;@9J?AF? FGL@AF? , .@= =;GFGEA;K G> 9:MF<9F;= 9F< L@= E9JC=LHD9;= OAL@GML EGF=Q

"H> DNG C> @>E= O>K=B>G>G :EL C> C> IKH=N<M>G H? =B>GLM>G @K:MBL P>@@>>?M ::K @::M A>M ;H>D HO>K G => MA>HKB>eG NBM SBCG ;H>D I:LM G=>KLHG HHD S>E? MH> BG => IK:DMBCD ">E> AHH?=LMNDD>G NBM SBCG ;H>D @>>?M ABC @K:MBL P>@ ::K DKBC@M ABC @>>G @>E= OHHK F::K P>E A>>E O>>E ::G=:<AM > HIF>KD>

EBCD> ><HGHFBL<A> MK>G= O:G >J==;GFGEA;K @::M G:F>EBCD A:G= BG A:G= F>M => 9?= G> 9;;=KK HHK A>M @KHM> E>S>KLIN;EB>D =:M ABC F>M SBCG @K:MBL AHH?=LMND

D>G ;>K>BDM> P:L SBCG ;H>D :E >>G ARI> KNBF OHHK=:M A>M P:L @>=KNDM G=>KLHG ;>L<AHNPM %BG@ !BE>MM> :EL => @KHG=E>@@>K O:G => >J==;GFG

EA;K #G A:= => NBMOBG=>K O:G A>M P>@P>KIL<A>>KF>LC> G: >>G C::K P>E

@>M>E= F>LC>L O>KDH<AM !BE>MM> O>K:G=>K=> SBCG LMK:M>@B> >G ;HNP=> >>G BFF>GL BFI>KBNF =HHK >>G A>E> K>>DL F:KD>MBG@MKN<L F>M P>@@>O>G :EL KH=> =K::= @>>? => AHN=>KL P>@ >G O>KDHHI O>KOHE@>GL => =NK> F>LC>L >G >>NP E:M>K =H>G ?:;KBD:GM>G O:G IKBGM>KL SH HG@>O>>K A>MS>E?=> > IKBGM>KL DHLM>G >>G L<ABCGMC> => BGDMONEEBG@>G DHLM>G >>G O>KFH@>G ">M ::GM:E OHHK;>>E=>G BG => A>=>G=::@L> ><HGHFB> PHK=M LM>>=L M:E

KBCD>K !K:MBL PBE GB>M S>@@>G =:M >K @>>G @>E= F>>K PHK=M O>K=B>G= EE>>G => ;KHG O:G BGDHFLM>G O>KL<ANB?M KMB>LM>G @>O>G ANG FNSB>D @K:MBL P>@ >G O>K=B>G>G ::G EBO>HIMK>=>GL >G F>K<A:G=BLBG@ "HM>EL @>O>G D:F>KL @K:MBL P>@ >G O>K=B>G>G ::G F::EMBC=>G 0EB>@F::ML<A:IIBC>G @>O>G LMH>

E>G ;BCG: @K:MBL P>@ >G O>K=B>G>G ::G => O>KDHHI O:G =K:GD M:;:D I:K?NF >G ::G :NMHO>KANNK > ;>D>G=LM> F:GB>K HF @>E= M> O>K=B>G>G F>M >J==;GFGEA;K BL A>M =KB>I:KMBC>GLRLM>>F *:KMBC bbG <K>e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

=N<M>G >G =B>GLM>G SBCG >>GOHN=B@ M> =NIEB<>K>G >G M> =BLMKB;N>K>G > F:K@BG:E> IKH=N<MB> >G =BLMKB;NMB>DHLM>G G:=>K>G A>M GNEINGM #G O>E> ><HGHFBL<A> L><MHK>G A>;;>G P> => :?@>EHI>G MB>G C::K :E @>SB>G =:M => DHLM>G @::G =:E>G SH=K: A>M IKH=N<MB>IKH<>L PHK=M @>DHII>E= ::G =B@B

M:E> G>MP>KD>G 1:M GB>NP BL OHE@>GL G=>KLHG BL => LG>EA>B= P::KF>> ;>=KBCO>G BG => F>>LM NBM>>GEHI>G=> L><MHK>G O:G ;:GDB>K>G MHM @HDD>G

*.

) %7 ='6%8- )

BG =B@BM:E> ;>=KBCO>G O>K:G=>K>G >G SH=H>G=> => D:GL DKBC@>G HF >J==;GFG

EA;K M> >QIEHBM>K>G ':G:@>KL >G HK@:GBL:MB>=>LDNG=B@>G :=OBL>>KM G=>KLHG HF GH@ >>GL A>>E DKBMBL<A M> DBCD>G G::K => OHHKHG=>KLM>EEBG@ O:G => I>K?><M> IKBCL>E:LMB

<BM>BM ;BC A>M =:E>G O:G => IKBCL LMBC@M => OK::@ BG >>G K><AM> EBCG G=>KLHG F>>GM =:M =>S> ::GG:F> HGCNBLM BL 0HE@>GL A>F BL >K >>G >GHKF @KHHM O>K

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

O::@= :GDSBC =B@BM:EBL>KBG@ >G => G>MP>KDL:F>GE>OBG@ D:G B>=>K>>G FHK@>G >>G ;>=KBC? H? HK@:GBL:MB> ;>@BGG>G SHG=>K GH>F>GLP::K=B@> LM:KM

DHLM>G > >J==;GFGEA;K ;B>=>G =::K;BC >>G >QMK: =K>FI>EO>KE:@BG@ 1:GM ;BC >>G O>KDHHIIKBCL O:G GNE HGMEHHIM >>G ;>@BGG>G=> HK@:GBL:MB> HG=>K F>>K => <HFIEB<:MB>L O:G >>G O>KDHHI:II:K::M ;>M:EBG@LO>KD>>K >G ;>E:LMBG@>G LJM= >9FK %>OBG %>EER NMH=B=:<M %>OBG %>EER @>GB>M OHHK:E ;>D>G=A>B= :EL => AHH?=K>=:<M>NK

HIKB<AM>K O:G 1AJ=< '9?9RAF= "BC IN;EB<>>K=> =::KG::LM M:EEHS> LIK::DF:

D>G=> :KMBD>E>G BG HG=>K :G=>K> (=O 3GJC .AE=K KIMAJ= >G .@= ;GFGEAKL >G HHD >>G ::GM:E ;H>D>G P::KHG=>K (=O ,MD=K >GJ L@= (=O ;GFGEQ 4BCG GB>NPLM> ;H>D 1@9L .=;@FGDG?Q 19FLK IN;EB<>>K=> %>EER HI SBCG P>;EH@ PPP DD HK@ MBC=>GL A>M L<AKBCO>G :EL >>G ;H>D BG PHK=BG@ "BC FH>=B@=> => E>S>KL >QIEB<B>M ::G HF SBCG L<A>ML>G M> ;><HFF>GM:KBeK>G HF F>=> ::G => A:G= O:G =>S> <HFF>GM:K>G => >BG=O>KLB> O:G SBCG ;H>D M> O>K;>M>

K>G .JM= 9FK BL >>G O:G => L<A>ML>G NBM A>M ;H>D BG PHK=BG@ >G <K>:MB>? ;>KH>IL;>H>?>G::K >>G :KMB>LM >>G FNSBD:GM >>G ?HMH@K::? H? >>G :F;:<AMLF:G A>>?M F::K =NBS>G= ><AM> ?:GL GH=B@ HF M> DNGG>G E>O>G LM>EM %>EER EL >ED> ><AM> ?:G LE><AML IKHFBEE> O:G SBCG C::KBGDHF>G NBM@>>?M ::G SBCG B=HHE ;HO>G HI => IKH=N<MB>DHLM>G OHKF>G =B> =NBS>G= IKHFBEE> M>S:F>G P>>K >>G GB>NP C::KBGDHF>G ">M @>M:E =NBS>G= BL K>=>

EBCD PBEE>D>NKB@ > LRF;HEB>D O:G A>M @>M:E =NBS>G= BL B>=>K>>G D:G MHM =NBS>G= M>EE>G ">M BL FH@>EBCD HF =NBS>G= F>GL>G M> D>GG>G 1B> =KB> C::K E:G@ >ED> =:@ >>G GB>NP> ?:G >K;BC DKBC@M A>>?M SBCG =NBS>G= ?:GL ;BC >ED::K #G IE::ML O:G HI SH>D M> @::G G::K GB>NP> ?:GL DNG C> HHD IKH;>K>G DE>BG> ?:GL M> MK:GL?HKF>K>G BG ><AM> ?:GL ">M BL =:G P>E GHH=S:D>EBCD HF HI >>G H? :G=>K> F:GB>K M> <HFFNGB<>K>G F>M => :LIBK:GM ?:GL #GM>KG>M

*/

( ) ) % 7 ='6%8- 7 ' ,) &- &0- 38, ) ) /

;B>=M >>G D>NK ::G FH@>EBCD> <HFFNGB<:MB>D:G:E>G SH:EL P>;LBM>L ;EH@L .PBMM>K >G > F:BE ::KG::LM ;B>=M => OHHKML<AKBC=>G=> =B@BM:EBL>KBG@ O>>E FH@>EBCDA>=>G HF >BG=IKH=N<M>G S>>K >>GOHN=B@ >G OKBCP>E DHLM>EHHL M> =BLMKB;N>K>G HG=>K ?:GL >G FI ;>LM:G= O:G >>G GB>NP EB>=C> F:BE>G BL @>F:DD>EBCD>K =:G >>G IE::M O:G OBGRE BG =NBS>G=OHN= M> E:M>G I>KL>G >G I>K I:DD>MIHLM HI M> LMNK>G > L<A>II>G= DNGLM>G::K BG => > >>NP BL GB>M E:G@>K F>>K ::G@>P>S>G HI >>G ABeK:K<ABL<A> BGM>KF>=B:BK SH:EL >>G IE:M>GF::ML<A:IIBC @:E>KB> H? NBM@>O>K OHHK => IKH=N<MB> <HFFNGB<:MB> F:KD>MBG@ =BLMKB;NMB> >G EH@BLMB>D O:G SBCG L<A>IIBG@>G )I A>M >>KLM> @>SB<AM BL =>S> @>=:<AM>@:G@ O:G %>EER LE><AML >>G ;NLB

G>LLFH=>E OHHK F:K@BG:E> DNGLM>G::KL '::K HI A>M MP>>=> @>SB<AM BL .JM= 9FK >>G O>>E ;K>=>K <HG<>IM .JM= 9FK BL >>G F>M:?HHK OHHK AH> => M><AGHEH@BL<A> HGMPBDD>EBG@>G >>G GB>NP ><HGHFBL<A MBC=I>KD A>;;>G BG@>ENB= G>M SH:EL ::G A>M ;>@BG O:G => > >>NP => BG=NLMKBeE> K>OHENMB> ::G => PB>@ LMHG= O:G >>G GB>NP> ><HGHFBL<A> BGKB<AMBG@ > EH@BL<A> OHE@HK=> BL >>KLM BL >K => M><AGHEH@B> =:G DHF>G => MH>I:L

LBG@>G O>KOHE@>GL HGMLM::M >>G ;BCI:LL>G=> ><HGHFBL<A> BG?K:LMKN<MNNK ,HG= ;>@HG => HFL<A:D>EBG@ O:G A:G=F:MB@ G::K F:<ABG::E O>KO::K

=B@=> @H>=>K>G =HHK MH>I:LLBG@>G O:G => LMHHFF:<ABG> BM @:? >>G >GHKF> BFINEL ::G => HGMPBDD>EBG@ >G O>KO::K=B@BG@ O:G IKH=N<M>G F;:<AM>EBCD> P>KDIE::ML>G @KH>B=>G NBM MHM @KHM> ?:;KB>D>G >G OHKF=>G L:F>G >>G @KHHML<A:EB@> BG=NLMKB> HHK =B> @KH>B =::E=> => IKBCL O:G => IKH=N<M>G >GHKF P::K=HHK LM>>=L F>>K F>GL>G SB<A =>S> DHG=>G O>KHHK

EHO>G ">M ;>MKH? >>G K>E:MB>? LG>EE> HGMPBDD>EBG@ O:G GB>NP> M><AGB>D>G >G ANG MH>I:LLBG@ BG => BG=NLMKB> K P:L LIK:D> O:G >>G MK>G=;K>ND BG O>K

@>EBCDBG@ F>M OKH>@>K> MBC=>G O:G=::K A>M PHHK= K>OHENMB> > GB>NP> M><AGHEH@B>eG E>B==>G MHM GB>NP> IKH=N<MB>F>MAH=>G => GB>NP> IKH=N<

MB>F>MAH=>G E>B==>G MHM >>G GB>NP> ;BCI:LL>G=> ><HGHFBL<A> BG?K:LMKN<

MNNK #G => MPBGMB@LM> >>NP HGMLMHG= BG A>M DB>ESH@ O:G => F:LL:IKH=N<MB> >>G ><HGHFB> O:G F:LL:<HGLNFIMB> F:LL:<HFFNGB<:MB> >G F:LL:F:KD>

MBG@ :EL F>>LM >? <BeGM> LRM>>F ,HG= SB>G P> >>G LHHKM@>EBCD> MKBML HGMLM::G > BGM>KG>MM><AGH

EH@B> LM::M ::G => ;:LBL O:G =BM GB>NP> ><HGHFBL<A> MBC=I>KD 0>KOHE@>GL DP:F>G => >>KLM> MH>I:LLBG@>G :EE>KE>B GB>NP> IKH=N<M>G >G IKH=N<MB>

F>MAH=>G > EH@BL<A> O>KOHE@LM:I BL A>M HGMLM::G O:G >>G GB>NP> ;BCI:L

L>G=> ><HGHFBL<A> HK=>GBG@ ::K;BC BL A>M MPBC?>E:<AMB@ H? F:LL:<HG

LNFIMB> F:LL:<HFFNGB<:MB> >G F:LL:F:KD>MBG@ GH@ O>>E E:G@>K => AHH?=KHE ;EBCO>G LI>E>G > <HGL>JN>GMB> =::KO:G BL =:M HHD A>M ;>LM::GL

K><AM HGS>D>K PHK=M O:G :EE> HK@:GBL:MB>L P::K;BC => HK@:GBL:MB>LMKN<MNNK BL :?@>LM>F= HI => HN=> ><HGHFBL<A> HK=>GBG@ (B>M :EE>>G => F:K@BG:E> DNGLM>G::K F::K HHD -A>EE *ABEBIL DSH HKMBL => KBCDLHO>KA>B= >G SHK@

BGLM>EEBG@>G FH>M>G FBLL<AB>G P>E HI SH>D @::G G::K ANG ><AM> ?:GL

*0

) %7 ='6%8- )

?FF=;JKLB * J8D<E><M8K (MX LSSJHWXYO KEEX SZIV HI OVEGLX ZER ^[IVQIR [EEVMR QIRWIR LYR OIRRMW FYRHIPIR 3ZIV HI OERWIR IR QSKIPMNOLIMHIR HMI LIX FMIHX EPW HMI GSPPIG XMIZI MRXIPPMKIRXMI FIXIV [SVHX KIWXVYGXYVIIVH 3ZIV MRJSVQIPI RIX[IVOIR [EEVMR RY RSK ZSSVEP FIWXEERHI OIRRMW [SVHX ZIVWTVIMH QEEV [EEVMR WXIIHW ZEOIV RMIY[I OIRRMW [SVHX KIGVItIVH ,IX KEEX SZIV LMtVEVGLMWGLI SVKERMWEXMIW HMI XSX ZSSV OSVX LIX XIQTS ZER OIRRMWZIVWTVIMHMRK OSRHIR FITEPIR PIIW ZIVXVEKIR QEEV HMI LIX ^MGL RMIX PERKIV OYRRIR ZIVSSVPS ZIR SQ SRKIFVYMOXI OIRRMW SRKIFVYMOX XI PEXIR ;ERX MR HI IEW]GVEXMI ^MNR REY[IPMNOW RSK XSIXVIHMRKWHVIQTIPW IR OER MIHIVIIR QSVKIR IIR SQVSIT IIR TSPMXMIOI TEVXMN SJ ^IPJW IIR FERO FIKMRRIR

+'

*

QN<ID<E BI@F<C<E;< D<EJ<ED<E@>K< #G => HGEBG> >G<R<EHI>=B> 1BDBI>=B: LM::M => OHE@>G=> => GBMB> O:G >>G SP>KF =F RO=JE AK ==F ?JG=H AFK=;L=F NG?=DK G> ND==JEMAR=F <A= K;@ABF:99J 9DK aaF ?JG=H :=O=?=F N=J?=DABC:99J E=L ==F K;@GGD NAKK=F "=L NGGJL:=O=?=F AF ==F RO=JE @==>L 9DK NGGJ<==D <9L <= ?JG=H EAF<=J CO=LK:99J AK NGGJ 99FN9DD=F N9F JGG><A=J=F 4HN =:M :EE>>G OHHK OH@>EL @>E=>G )? BL A>M O>KL<ABCGL>E RO=JE=F HHD O:G MH>I:LLBG@ HI F>GL>G >G @H>= @><HnK=BG>>K=> SP>KF HGMLM::M :E :EL BG=BOB=N>G >>GOHN=B@> K>@>EL OHE@>G P::K;BC S> >KOHHK SHK@>G GB>M M> ;HML>G F>M >>G :G=>K =>S>E?=> D:GM HI M> ;>P>@>G :EL =>@>G>G G::LM A>G >G BG >>G @KH>I M> ;EBCO>G #G >ED MK>BGLM:MBHG BG => LIBML >G BG >ED =KND PBGD>E<>GMKNF @>;>NKM =BM !KHM> @KH>I>G F>GL>G O>KIE::ML>G SB<A OKBC @>F:DD>EBCD >G =:M @::M :EE>

F::E @H>= SHG=>K =:M =::K;BC F:<AM ::G M> I:LM DHFM K BL @>>G ::GMHHG

;:K> ABeK:K<AB> M> ;>LI>NK>G BG => DKBH>E>G=> F>GL>GF>GB@M> )HD SBCG >K @>>G ?HKF>E> P>MM>G H? =NB=>EBCD> K>@>EL =B> A>M <HEE><MB>O> O>KIE::MLBG@L

IKH<>L ::GLMNK>G >G ;>@>E>B=>G !>>G LMHIEB<AM>G @>>G KHMHG=>L @>>G O>K

D>>KL=K>FI>EL @>>G BMLI:E>G

QN<ID@EK<CC@><EK@< 4B> HHD RO=JEAFL=DDA?=FLA= S>@M 1BDBI>=B: 4O=JEAFL=DDA?=FLA= AK ==F NGJE N9F CMFKLE9LA?= AFL=DDA?=FLA= <A= ?=:9K==J< AK GH ;GDD=;LA=> ?=<J9? N9F ?=<=;=FLJ9DAK==J<= R=D>GJ?9FAK=J=F<= KQKL=E=F 4O=JEAFL=D

DA?=FLA=KQKL=E=F :=KL99F LQHAK;@ MAL ==F HGHMD9LA= N9F ==FNGM<A?= 9?=FL=F <A= AFL=J9?=J=F E=L =DC99J =F @MF GE?=NAF? "G=O=D =J ?==F ;=FLJ9D= ;GFLJGD=J=F<= KLJM;LMMJ AK <A= <= 9?=FL=F ;GFLJGD==JL RGJ?=F <= ?=R9E=FDABC= AFL=J9;LA=K NGGJ ==F ?DG:99D AFL=DDA?=FL ?=<J9? .HM =NLO>K @::M A>M :EE>>G GH@ F::K HO>K ?RLB>D> ;>P>@BG@>G > ;>P>@BG

@>G O:G :EE> :?SHG=>KEBCD> BG=BOB=N>G OHKF>G M>S:F>G >>G LM>EL>E O:G

+(

) %7 ='6%8- )

@KH>IL;>P>@BG@>G =:M @H>= ?NG<MBHG>>KM ">M SB>M >K M:F>EBCD >? <BeGM NBM G =:M SHG=>K =:M >K >>G <>GMK:E> <HGMKHE>K>G=> LMKN<MNNK BL '::K P:M SHN A>M K>LNEM::M SBCG :EL P> >>G LM:IC> O>K=>K @::G EL P> GB>M => ;>P>@BG@>G O:G => BG=BOB=N>G HIM>EE>G F::K => D>GGBL O:G :?SHG

=>KEBCD> BG=BOB=N>G :G @>E=M A>MS>E?=> :M A>>M .@= 1AK<GE G> JGO<K )G=>K =B> MBM>E IN;EB<>>K=> => @>EHNM>K=> F>KBD::GL> CHNKG:EBLM $:F>L -NKHPB><DB BG >>G LIK::DF:D>G= ;H>D '>M >>G D>NK ::G OHHK;>>E=>G >G P>M>GL<A:II>EBCD> >QI>KBF>GM>G IHG>>KM -NKHPB><DB bbG <>GMK:E> LM>E

EBG@ O>>E HG:?A:GD>EBCD> BG=BOB=N>G M>S:F>G P>M>G F>>K SBCG LEBFF>K >G DNGG>G ;>M>K> ;>LEBLLBG@>G G>F>G =:G >>G >GD>E> >QI>KM >S> LM>EEBG@ =KNBLM GH@:E BG M>@>G => @:G@;:K> HIO:MMBG@ BG => ABeK:K<ABL<A> HK@:GBL:

MB>LMKN<MNNK P::K ;>LEBLLBG@>G =HHK => MHI O:G => ABeK:K<AB> PHK=>G @>GH

F>G :E =:G GB>M G: A>M <HGLNEM>K>G O:G >>G >QI>KM 0:G => <HEE><MB>O> BGM>E

EB@>GMB> PHK=M GB>M H? G:NP>EBCDL @>;KNBD@>F::DM >>G @>PHHGM> =B> OHHKMDHFM NBM => ::GG:F> =:M => F:LL: =HF BL SH:EL ;>L<AK>O>G BG A>M ;H>D .@= '9<F=KK G> JGO<K '::K =:M BL >>G ;H>D NBM >>G <HFIE>>M :G=>K> P>K>E= -NKHPB><DB LM>EM =::KM>@>GHO>K =:M >ED> >QI>KM I>K => GBMB> >>G @>EBFB

M>>K=> D>GGBL A>>?M >G =:M >ED> >QI>KM G>M :EL B>=>K :G=>K ;>I::E=> OHHK

HHK=>E>G A>>?M EL >>G @KH>I LEBF @>GH>@ BL HF => ;>LM> >QI>KM M> OBG=>G BL => @KH>I HHD LEBF @>GH>@ HF A>E>F::E @>>G >QI>KM GH=B@ M> A>;;>G > HI@>M>E=> D>GGBL O:G => @KH>I HO>KMK>?M => D>GGBL O:G >ED> >QI>KM FBML ::G >>G ::GM:E OHHKP::K=>G PHK=M OHE=::G > @KH>I FH>M @>O:KB>>K= SBCG SH=:M >K O>KL<ABEE>G=> LMNDC>L BG?HKF:MB> PHK=>G BG@>;K:<AM K FH>M >>G LRLM>>F SBCG HF => O>KL<ABEE>G=> ;KHDLMNDD>G BG?HKF:MB> L:F>G M> O:MM>G >G HI M> M>EE>G > @KH>I FH>M @>=><>GMK:EBL>>K= SBCG SH=:M GB>M B>F:G= NBM => MHI A>M :GMPHHK= =B<M>>KM ::G => @KH>I > @KH>ILE>=>G FH>M>G HG:?

A:GD>EBCD DNGG>G =>GD>G >G SB<A GB>M =KND F:D>G HO>K P:M :G=>K>G SNEE>G =>GD>G P:GM =:G @::M A>M FBL :M @>;>NKM ;BCOHHK;>>E= ;BC >QMK>F> DH>KLL<AHFF>EBG@>G HI >??><M>G;>NKS>G BG IE::ML O:G SB<A :? M> OK:@>G P:M >>G ;>=KBC? b<AM P::K= BL OK:@>G ;>E>@@>KL SB<A :? P:M :G=>K> ;>E>@@>KL SNEE>G =H>G >G O:G => LBFI>ELM> OHHK;>>E=>G O:G @KH>ILPBCLA>B= BL >>G ;>KH>F= >QI>KBF>GM P::K;BC ;>SH>D>KL O:G >>G C::KF:KDM >>G IKBCL DHG=>G PBGG>G =HHK A>M @>PB<AM O:G >>G HL M> L<A:MM>G ">M @>FB==>E=> O:G :EE> BGS>G=BG

@>G E:@ =B<AM>K ;BC A>M P>KD>EBCD> @>PB<AM =:G => >QI>KML<A:MMBG@ O:G => F>>LM =>LDNG=B@> ;H>K H? LE:@>K >G LHHKM@>EBCD OHHK;>>E= P:L => NBM

DHFLM O:G >>G L>KB> %,) K:=BHIKH@K:FF: L P::KBG => ENBLM>K::KL @>S:

F>GEBCD >>G L<A::DI:KMBC LI>>E=>G M>@>G >>G @KHHMF>>LM>K 0HE@>GL => LM:

MBLMB>D SHN=>G => ENBLM>K::KL OHELMK>DM D:GLEHHL SBCG >G >ED> I:KMBC FH>M>G O>KEB>S>G #G => IK:DMBCD PBLM>G => ENBLM>K::KL ><AM>K M:EEHS> K>FBL>L >G >>G I::K HO>KPBGGBG@>G M> ;>A:E>G

+)

>; ) 61) 2

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}<A9 JAL9FFA;9 =B> :E LBG=L ;>LM::M >G P::K::G SH G :NM>NKL A>;;>G F>>@>P>KDM EE>>G :E A>M LM>EE>G O:G =B> OK::@ S>@M @>GH>@ ">M BL HG=>GD;::K =:M (9LMJ= SB<A HHBM SHN :?OK:@>G PB> >K LG>EE>K BL >>G L<ABE=I:= H? >>G I::K= #G OB>K C::K MBC= BL => OK::@ K:=B<::E O>KL<AH

O>G O:G #L 1BDBI>=B: s;>KA:NIM => FH>BM> P::K= G::K #L 1BDBI>=B: FBL

L<AB>G :E => ;>LM> >G<R<EHI>=B> M>K P>K>E= > JALL9FA;9 DP:F HO>KB@>GL :EL PBGG::K NBM => ;NL F::K A>M O>KL<ABE P:L DE>BG #G >>G LM>>DIKH>? O:G G:MNNKP>M>GL<A:II>EBCD> :KMBD>E>G NBM ;>B=> >G<R<EHI>=B>eG MNK?=> (9LMJ= HF ?HNM>G G MH>G P:L A>M GH@ F::K

N@< @J ;< 988J6 .>@>GPHHK=B@ BL => L<>ILBL HO>K A>M 1BDBI>=B:IKHC><M O>KL<AHO>G G::K => SBCM>KK>BG>G 1B> BL => ;::L O:G 1BDBI>=B: 1B> <HGMKHE>>KM 1B> BL ;>OH>@= HF ;BC <HGMKHO>KL>L => DGHHI =HHK M> A:DD>G %:G =:M P>E @H>= @::G :EL B>=>K>>G SHF::K BG 1BDBI>=B: F:@ L<AKBCO>G 1:M :EL B>F:G= ;>PNLM O:EL> BG?HKF:MB> O>KLIK>B=M )? I>K HG@>END G DNG C> GB>M F:GBINE>K>G M>G ;>AH>O> O:G >B@>G @>PBG ">M SBCG MRIBL<A OK:@>G NBM A>M MBC=I>KD O:G => ABeK:K<ABL<A> HK@:GBL:MB>LMKN<MNK>G )G=>KMNLL>G @EBFE:<A>G => FBECH>G>G 1BDBI>=B:G>G >G L<AKBCO>G SBC O>K=>K BG => @>S:F>GEBCD> >G<R<EHI>=B> SHG=>K SB<A :? M> OK:@>G PB> => ;::L BL O:G 1BDBI>=B: 4HG=>K SB<A M> ;>DHFF>K>G HF ?NG<MB>G:F>G H? >>G @>E=>EBCD> ;>EHGBG@ ">M >GB@> HH@

F>KD BL D>GGBL =>E>G SH=:M P> =::K :EE>F::E ;>M>K O:G PHK=>G > <HGMKHO>KL>L => AH:Q>L => @>F:GBINE>>K=> BG?HKF:MB> S> SBCG >K '::K => S>E?K>BGB@>G=> P>KDBG@ O:G A>M G>MP>KD P>>M =::K ABeK:K<AB>EHHL O>KK:LL>G= @H>= K::= F>> > NBMP:LL>G => @>F:GBINE>>K=> H? ?HNMB>O> BG?HKF:MB> PHK=>G =HHK@::GL K:S>G=LG>E P>>K @><HKKB@>>K= )O>KB@>GL SHN A>M >K@ G:i>? SBCG HF M> O>KHG=>KLM>EE>G =:M <HGMKHO>KL>L >G @>F:GBINE>>K=> BG?HKF:MB> SHN=>G SBCG OHHK;>AHN=>G ::G 1BDBI>=B: ELH? ;BC => F;Q;DGH}<A9 JAL9FFA;9 GHHBM >>GL MP>> O>KL<ABEE>G=> K>=:<M>N

K>G A>M HG>>GL SBCG HO>K >>G :KMBD>E >G >ED::K BG => A:K>G OEB>@>G ELH? >>G K>=:<M>NK GHHBM >>GL >>G :KMBD>E >>G LN;C><MB>O> =K::B SHN @>O>G P>@>GL >>G G>O>G;>E:G@ H? >>G I>KLHHGEBCD> HO>KMNB@BG@ EE>>G => ;>KH>IL<H=> BG

+*

) %7 ='6%8- )

ABeK:K<ABL<A> HK@:GBL:MB>L ENB=M =:M B>=>K>>G MK:<AM =>K@>EBCD> S:D>G ;BG

G>GLD:F>KL M> AHN=>G BC 1BDBI>=B: SBCG =>S> IKH<>LL>G MK:GLI:K:GM >G D:G B>=>K> ;>E:G@LM>EE>G=> S> OHE@>G HI => SH@>GH>F=> HO>KE>@I:@BG: L :<AM>K >ED :?SHG=>KEBCD :KMBD>E

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

:FDDLE@:8K@<IL@J 1:M OBC? MHM MB>G C::K @>E>=>G GH@ O::D P>K= ;>MPBLM BL GN G:NP>EBCDL GH@ >>G DP>LMB> > OK::@ =B> GN =HFBG:GM ;>@BGM M> PHK=>G BL GB>M F>>K >LM::M >K SHB>ML :EL OAK<GE G> ;JGO<K F::K >>K=>K 1::KHF PHK=M >K BG HK@:GBL:MB>L SH L<AKBD;:K>G= P>BGB@ @>;KNBD O:G @>F::DM >=KBCO>G IKH

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

OHHK;>>E= =9KQ;J9LA= BGMBDM OBG=M EFIC>L =B> M><AGBL<A >G BGAHN=>EBCD >>G AH@>K GBO>:N A>;;>G =:G A>M FH=:E> 3HN.N;> :F:M>NK EFIC> G=>KSBC=L EB@M A>M OHHK => A:G= =:M HHD => ABeK:K<ABL<A> LMKN<MNK>G SbE? OHHK >>G @KHHM =>>E =>;>M SBCG ::G A>M HG@>;KNBDM E:M>G O:G ::GP>SB@> D>GGBL )K@:GBL:MB>L PHK=>G O:G HN=LA>K MHI =HPG ::G@>LMNNK= P::K;BC >K G:NP>EBCDL <HGM:<M BL MNLL>G => HG=>KE::@ >G => MHI > D>GGBL O:G ;>G>

=>G ;>K>BDM => MHI F::K E:G@S::F G :EL S> =::K :E ::GDHFM BL S> @> E

M>K= O>KFBGDM =HHK <HFFNGB<:MB>KNBL BG => O>KL<ABEE>G=> ABeK:K<ABL<A> E:@>G HO>G=B>G O>KFBGD>G O>KL<ABEE>G=> MNLL>GE:@>G HHD LHFL ;>PNLM

++

>; ) 61) 2

=> BG?HKF:MB> =B> S> FH>M>G =HHK@>O>G HF ANG >B@>G IE>D BG => ABeK:K<AB> M> ;>L<A>KF>G

:FE:LII<EK@<MFFI;<<C 4HE:G@ >ED> HK@:GBL:MB> ABeK:K<ABL<A PHK=M ::G@>LMNNK= >G >>G @KHHM =>>E O:G => <HEE><MB>O> D>GGBL HG;>GNM ;EBC?M A>>?M =:M P>BGB@ @>OHE@>G OHHK => <HG<NKK>GMB>IHLBMB> '::K SH=K: bbG HK@:GBL:MB> PbE @>;KNBD @::M F:D>G O:G A>M OHEE>=B@> IHM>GMB>>E ::G D>GGBL >G BGSB<AM>G D:G =B> HK@:GBL:MB> BG DHKM> MBC= >>G A>>E @KHHM <HG<NKK>GMB>OHHK=>>E ;>A:E>G )K@:GBL:MB>L SBCG @>P>G= HF => =BK><M> <HG<NKK>GM>G G:NPE>MM>G= BG => @:M>G M> AHN=>G 4H=K: bbG <HG<NKK>GM >>G LN<<>LOHEE> BGGHO:MB> BGOH>KM G>F>G :G=>K>G =>S> LG>E HO>K >S> =>?>GLB>O> LMK:M>@B> A>>?M >>G >>NP E:G@ NBMLM>D>G= @>P>KDM F::K P>KDM LM>>=L FBG=>K @H>= 1:GM BG => BG?HKF:MB>L:F>GE>

OBG@ BG => >:LR<K:MB> DHFM => <HG<NKK>GMB> LM>>=L O:D>K O:G ;NBM>G:? >G O:G => F>>LM ;>E:G@P>DD>G=> @>OHE@>G O:G => G>MP>KD >G BG?HK

F:MB>F::ML<A:IIBC BL =:M => MH>MK>=BG@L=K>FI>EL @B@:GMBL<A SBCG O>KE::@= >G @KHHM LM:KMD:IBM::E BL GB>M E:G@>K >>G O>K>BLM> OHHK GB>NPDHF>KL %HLM

;:K> GHH=S:D>EBCD> BG?HKF:MB> BL GB>M E:G@>K :?@>L<A>KF= F::K F>>LM:E OKBC MH>@:GD>EBCD .HK>GAH@> K><E:F>;N=@>MM>G HF >>G DKBMBL<A> F:LL: M> ;>K>BD>G SBCG GB>M E:G@>K GHH=S:D>EBCD )HD SHG=>K BGL<A:D>EBG@ O:G => MK:=BMBHG>E> F:LL:F>=B: D:G >>G @H>= B=>> F:LL::E O>KLIK>B= PHK=>G *>I>K=NNK =KNDP>KD >G IHKMHDHLM>G SBCG GB>M I>K L> GH=B@ '>M >>G P>;

LBM> >G >>G =B@BM:E> GB>NPL;KB>? D:G >>G @KHM>K> =H>E@KH>I ;>K>BDM PHK=>G M>@>G DHLM>G =B> ::G GNE @K>GS>G )HD >>G ;>=KBC?LI:G= BL GB>M E:G@>K GH=B@ '>=>P>KD>KL DNGG>G I>K > F:BE <HFFNGB<>K>G OHHK >>G DHIB> BL @>>G DHIB>>KF:<ABG> GH=B@ >G >>G FBECH>G =B@BM:E> ?HE=>KL PHK=>G HG>BG

=B@ @>=NIEB<>>K= O:G:? >>G ;>LM:G=C> HI >>G /- LMB<D BG => ;BGG>GS:D 1B> >>G FBECH>G I:IB>K>G ?HE=>KL =KNDM> A:= >>G ::GSB>GEBCD> HILE:@EHH=L GH=B@ '::K A>>?M A>M >B@>GEBCD P>E SBG HF :EL HK@:GBL:MB> >:LR<K:LMBL<A M> P>KD>G :EL C> <HG<NKK>GM>G MH<A LG>E C> BGGHO:MB>L HO>KG>F>G $: F>>K =:G HHBM CNBLM #G => BG?HKF:MB>L:F>GE>OBG@ BL A>M OHHK HK@:GBL:MB>L O:G E>O>GL

;>E:G@ @>PHK=>G HF HI MBC= M> BGGHO>K>G >G A>M OHEE>=B@> D>GGBLIHM>GMB>>E M> ;>GNMM>G 1:GM <HG<NKK>GMB> O:G ;NBM>G:? BL O>>E ;>=K>B@>G=>K =:G <HG

<NKK>GMB> O:G => =BK><M> <HG<NKK>GM>G NBM => F:KDM :M A>>?M M> F:D>G F>M => P>M O:G => K>FF>G=> OHHKLIKHG@ #GGHO:MB>L O:G =BK><M> <HG<NKK>GM>G SBCG =HHK@::GL K>E:MB>? >>GOHN=B@ G: M> OHE@>G 0>KOHE@>GL A>;;>G ;>B=> <HG<NKK>GM>G >>G LHHKM@>EBCD> DHLM>GLMKN<MNNK BG<ENLB>? HO>KMHEEB@> ;>=KBC?LFB==>E>G '::K >>G GB>NPDHF>K HI => F:KDM IKH M>>KM LM>KD O:G => P>M O:G => K>FF>G=> OHHKLIKHG@ *NNK M>K BEENLMK:MB> :EL MP>> =BK><M> <HG<NKK>GM>G ;>B=>G => I:IB>K>G ?HE=>K O>KO:G@>G =HHK >>G =B@BM:E> ?HE=>K SBMM>G S> ;>B=>G GH@ F>M => ANNKDHLM>G O:G => GN E>>@LM::G=> EHH=L F>M

+,

) %7 ='6%8- )

=> I>KLHG>>ELDHLM>G O:G => EHH=LF>=>P>KD>KL >G F>M EHI>G=> <HGMK:<M>G F>M A>M ?HE=>KO>KLIK>B=;NK>:N '::K => GB>NPDHF>K HI => F:KDM A>>?M @>>G EHH=L E::M LM::G EHHGDHLM>G OHHK EHH=LI>KLHG>>E >G EHI>G=> <HGMK:<

M>G ? <BeGM P>KD>G=> HK@:GBL:MB>L BG >? <BeGM> F:KDM>G SNEE>G GB>M LG>E ;>=K>B@= PHK=>G =HHK >:LR<K:MBL<A> GB>NPDHF>KL BG => F:KDM ::K O:EM P>BGB@ >>K M> ;>A:E>G OHHK GB>NP> MH>MK>=>KL > =KBC?O>>K OHHK >>G GB>NP

DHF>K BL GN CNBLM =:M ABC =>GDM =:M A>M ;>M>K D:G LEBFF>K @H>=DHI>K >?

<BeGM>K '>>LM:E ;>@BGM A>M >KF>> =:M => GB>NPDHF>K >>KLM >>G MBC=C> AHH?=

L<AN==>G= A>>?M LM::G MH>DBCD>G AH> A>M MH<A FH@>EBCD BL =:M SHO>>E ::GP>SB@> D>GGBL HG@>;KNBDM ;EBC?M EB@@>G >G AH> D:GL>G HG;>GNM ;EBCO>G G A>>E O::D BL => GB>NPDHF>K >>G OHHKF:EB@ P>KDG>F>K =B> BG >>KLM> BGLM:GMB> M>O>K@>>?L A>>?M @>IKH;>>K= HF SBCG B=>>eG =HHK => ABeK:K<ABL<A> LMKN<MNNK O:G ;>G>=>G G::K ;HO>G M> LMNK>G )F NBM>BG=>EBCD M> O>KSN<A

M>G :G =H> BD A>M P>E S>E? 0BC?MB>G C::K @>E>=>G P:L SH G O>KSN<AMBG@ ;EN? (N BL A>M >>G K>:EBLMBL<A> FH@>EBCDA>B= > >:LR<K:MB> A>>?M => P>@ @>IE:O>B= OHHK SNED> GB>NPDHF>KL P::K=HHK => ;>LM::G=> HK@:GBL:MB>L SB<A F>>K =:G HHBM SNEE>G FH>M>G ::GI:LL>G ::G =BM GB>NP> DK:<AM>GO>E=

JK8IKB8G@K88C ¤ (%+'.#-' > ><HGHFBL<A> BG?K:LMKN<MNNK P::KHI => MK:=BMBHG>E> HK@:GBL:MB>L @>;HNP= SBCG BL BG MB>G C::K MBC= K>OHENMBHG:BK O>K:G=>K= > HIM>ELHF O:G DHLM>G OHHK HG=>K :G=>K> ANBLO>LMBG@ I>KLHG>>E K><E:F> =KNDP>KD >G =BLMKB;NMB> ?NG@>>K=> OHHKA>>G :EL ::GSB>GEBCD> ;:KKBcK> OHHK GB>NP> MH>

MK>=>KL #G => GB>NP> ><HGHFBL<A> BG?K:LMKN<MNNK D:G >>G BGO>GMB>O> HG=>KG>F>K =B> => P>@ P>>M BG => G>MP>KD >G BG?HKF:MB>L:F>GE>OBG@ =>S> DHLM>G M>KN@L<AKH>O>G MHM ;BCG: GNE >G @>G>K:MB> @>E>=>G ;>@HG >>G ;>=KBC?LHIKB<AMBG@ =HHK@::GL F>M A>M HO>KMNB@>G O:G >>G ;:GD HF >>G LM:KM>KLDK>=B>M EHL M> I>NM>K>G '>M :EL ;BCDHF>G= @>OHE@ =:M A>M ;>=KBC?L

B=>> GB>M :E M> O>KGB>NP>G= FH<AM SBCG P:GM =:G OHG= => ;:GD A>M IE:G M> KBLD:GM >G >:LR<K::M =::K>GM>@>G A>>?M F>>LM:E P>E @>GH>@ ::G NBM >B@>G S:D >>G ;KNMH FBGBFNFF::G=EHHG HF :EO:LM M> ;>@BGG>G F>M >>G ;>=KBC? =:M :E A>>E LG>E >>G L>KB>NS> ;>=K>B@BG@ D:G OHKF>G OHHK HK@:

GBL:MB>L F>M >>G ;:E:GL O:G AHG=>K=>G FBECH>G>G >NKH L >G =NBS>G=>G P>KDG>F>KL HI => EHHGEBCLM

9I8E:?<MI<<D;< KF<KI<;<IJ HHK A>M O>K=PBCG>G O:G => MH>MK>=BG@L=K>FI>EL MK>=>G LM>>=L F>>K ;K:G

<A>OK>>F=> GB>NP>EBG@>G MH> > <HG<NKK>GMB> OHHK => @>O>LMB@=> HK=> S:E =::K=HHK LM>>=L O:D>K NBM HGO>KP:<AM> AH>D DHF>G >G IE:M>GPBGD>E PHK=M EN<AMO::KMF::ML<A:IIBC >>G IHEBMB>F:G ;>@BGM >>G ;:GD >>G P>;

LBM> PHK=M >>G M>E>OBLB>HFKH>I SB> D:=>K )HD BG => IHEBMB>D DBCDM M>@>G

+-

>; ) 61) 2

PHHK=B@ GB>F:G= F>>K OK>>F= HI :EL >>G BG=BOB=N>>E %:F>KEB= O:G => >G> HI => :G=>K> =:@ >>G >B@>G IHEBMB>D> I:KMBC ;>@BGM >G ;BGG>G >>G I::K F::G=>G BG => O>KDB>SBG@LIHEEL @KHM>K BL =:G >>G O:G => @>O>LMB@=> I:K

MBC>G F>M >>G ABLMHKB> O:G F>>K =:G >>G >>NP .B>G \ OBC?MB>G C::K @>E>=>G P:L =:M HG=>GD;::K #G => MH>GF:EB@> F::ML<A:II>EBCD> BG?K:LMKN<MNNK SHN A>M GH=B@ SBCG HF >>KLM >>G ABeK:K<ABL<A I:KMBC:II:K::M HI M> ;HNP>G F>M =NBS>G=>G OKBCPBEEB@>KL =B> ?HE=>KL O>KLIK>B=>G G HF =:M BG @H>=> ;:G>G M> E>B=>G P:L >K >>G P>>K >>G D:GMHHK GH=B@ F>M I>KLHG>>E =NL >>G @KHM> G:G<BeE> BGO>LM>KBG@ B> KHNM> P:L A::LM HGO>KFBC=>EBCD P:GM => >O>G

>>GL ABe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

P>KD >G BG?HKF:MB>L:F>GE>OBG@ ;>K>BD M >G SBC ANG >E><MHK::M SHG=>K >>KLM >>G GH>F>GLP::K=B@ I:KMBC:II:K::M HI M> ;HNP>G H? ?HE=>KL M> =KNDD>G #G M>@>GLM>EEBG@ MHM MB>G C::K @>E>=>G DKBC@M SH G >>GF:GLI:KMBC =::K=HHK GN PbE LG>E F::ML<A:II>EBCD> K>E>O:GMB> '>M :EL @>OHE@ =:M => MK:=BMBHG>E> F>=B: GN P>E ::G=:<AM L<A>GD>G ::G => I:KMBC >G => ;>D>G=A>B= SH=H>G=> O>K=>K =H>G MH>G>F>G

CXXk `b dfi^\e \\e YXeb Y\^`ee\e (I GSRGYVVIRXMI OSQX WXIIHW ZEOIV YMX SRZIV[EGLXI LSIO -R HI MRJSVQE XMIWEQIRPIZMRK MW KIIR IROIPI QEGLXMKI SVKERMWEXMI RSK SREERXEWXFEEV :PMIKIR HSI NI QIX IIR PYGLXZEEVXQEEXWGLETTMN ;IPRII HEGLX TPEXIR QEEXWGLETTMN :MVKMR 6IGSVHW (EX OYRRIR [MN SSO ¦ FIXIV IR KSIHOSTIV :MVKMR PIEWXI IIR X[IIHILERHW &SIMRK IR QEEOXI HEEVRE ZSSVQEPMK QSRSTSPMWX &VMXMWL %MV[E]W LIX PIZIR ^YYV -R FSIONEEV FILEEPHI :MVKMR %XPERXMG %MV[E]W IIR [MRWX ZER QMPNSIR IYVS 1EEV LIX OER EPXMNH RSK KIOOIV &MNZSSVFIIPH IIR WXEVXIRH SRHIVRIQIV HMI IIR FERO FIKMRX (EX HIHIR 6IRI *VMNXIVW IR 4IXIV :IVLEEV MR (I IIR [EW SYH KIWGLMIHIRMWPIVEEV HI ERHIV MRXIVMQ QIHI[IVOIV FMN IIR FERO >MN FIKSRRIR %PI\ &IPIKKIVWFERO HI IIVWXI FERO [EEVFMN TEVXMGY PMIVI FIPIKKIVW ^IPJWXERHMK OYRRIR FIPIKKIR ZME MRXIVRIX XIKIR PEKI XVERWEGXMIOSWXIR (MX ZIVSSV^EEOXI IIR VIZSPYXMI MR HI FERO[IVIPH IR H[SRK HI XVEHMXMSRIPI KVSSXFEROIR SQ SSO FIPIKKIR ZME MRXIVRIX QSKI PMNO XI QEOIR IR LYR XEVMIZIR XI ZIVPEKIR 1EEV SRHIVXYWWIR [EVIR EP

+.

) %7 ='6%8- )

OPERXIR SZIVKIWXETX REEV %PI\ %GLX NEEV PEXIV MW %PI\ ZSSV QMPNSIR IYVS KIOSGLX HSSV IIR ERHIVI FERO 1EEV RMIX HSSV %&2 %QVS SJ -2+ (I RMIY[I IMKIREEV MW &MRGO&ERO IIR ERHIVI RMIY[OSQIV EER LIX FERGEMVI JVSRX &MRGO [IVH MR STKIVMGLX HSSV ZMIV STXMILERHIPEVIR %PI\ IR &MRGO [EVIR RSK IGLX MRRSZEXMIJ QEEV SSO IIR VIHIPMNO XVEHMXMS RIPI RMIY[OSQIV EPW (7& &ERO [MWX HI XSIXVIHMRKWHVIQTIPW XI SZIV[MR RIR (I STVMGLXIV ZER (7& FIKSR ^MNR GEVVMrVI EPW TSPMXMIQER -R OVIIK (7& IIR FEROZIVKYRRMRK (EX (7& ZMIV NEEV PEXIV [IIV LIX ZIPH QSIWX VYMQIR HSIX RMIXW EJ EER HI [IVOMRK ZER HI IEW]GVEXMI -RXIKIR HIIP (I STVMGLXMRK ZER (7& [EW QSKIPMNO HSSV LIX IEW]GVEXMWGLI OIR QIVO ZER PEKIVI XSIXVIHMRKWHVIQTIPW IR HI HIGSR´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

B@E;<IJG<C '>M >>G @H>= B=>> >G >>G ;>>MC> E>? D:G B>=>K>>G FHK@>G >>G HK@:GBL:MB> ;>@BGG>G =B> => @>O>LMB@=> HK=> LN;LM:GMB>>E A>KL<ABDM !>E= >G ;>SBMMBG

@>G SBCG GB>M GH=B@ >G ;>>MC> LH<B::E D:IBM::E >G >GB@ ;>@KBI O:G => ANEI

FB==>E>G =B> BG => BG?HKF:MB>F::ML<A:IIBC OKBC OHHKA:G=>G SBCG OHKF>G OHE=H>G=> LM:KMD:IBM::E >G DBG= D:G => P:L =H>G &>MM>KEBCD SH:EL => !KH

GBG@L> L<AHEB>K >G 1HE=KBG@ :E BG EB>M SB>G >G NBM => A:G= @>EHI>G L<AHHEP>KDLMND FHG==> NBM BG => O>K@>EBCDBG@LBM> >EE>G <HF P::KHI => HG=HHKSB<AMB@> >G HGO>K@>EBCD;:K> M:KB>?LMKN<MNK>G O:G => =BO>KL> M>E>?H

GB>::G;B>=>KL MK:GLI:K:GM P>K=>G @>F::DM HHK => MK:GLI:K:GMB> P>K=>G => M>E>?HHG;>=KBCO>G @>=PHG@>G ANG IKBCLLMK:M>@B> M> O>K:G=>K>G >G 1HE=KBG@ P:L MH>G C::K HN= :M 1HE=KBG@ AB>K=HHK >>K=>K FBECHG:BK P>K= =:G =:M ABC OHEP:LL>G P>K= BL E>ND OHHK >>G CHG@>GL;H>D 0>>E K>E>

O:GM>K BL =:M BG => >:LR<K:MB> >>G DBG= O:G => FH@>EBCDA>=>G A>>?M HF BG SBCG >>GMC> >>G <HFIE>M> ><HGHFBL<A> L><MHK M> A>KL<ABDD>G )GS> <HG<EN

LB> BL =:M F:G:@>KL >G P>KDG>F>KL O:G L<ABCG;::K HG::GM:LM;:K> HK@:GBL:

MB>L >G HG;>=K>B@=> F:KDME>B=>KL A>M SB<A GB>M E:G@>K DNGG>G O>KHHKEHO>G

+/

>; ) 61) 2

HF HG@>;KNBDM> D>GGBL M> E:M>G EB@@>G 1:GM :G=>KL DHFM >K P>E >>G ;NB

M>GLM::G=>K E:G@L HF B>ML F>M =B> D>GGBL M> @::G =H>G > ABeK:K<ABL<A> MHI =HPG::GLMNKBG@ P>KDM> IKBF: BG => ><HGHFBL<A> BG?K:LMKN<MNNK O:G => > >>NP #G => GB>NP> ><HGHFB> @>E=>G GB>NP> LI>EK>@>EL HF M> HO>K

E>O>G

9<>@E=8J< > G>MP>KD >G BG?HKF:MB>L:F>GE>OBG@ BL GH@ F::K G:NP>EBCDL ;>@HGG>G 1> SBMM>G GH@ F::K BG >>G IKBEE> ;>@BG?:L> O:G A>M MK:GLI:K:GM F:D>G O:G D>GGBL >G O:G A>M HGMLM::G O:G :EE>KE>B G>MP>KD>G P::K=HHK =B> D>GGBL LG>E >G OKBC D:G LMKHF>G > >>KLM> LN<<>LOHEE> OHHK;>>E=>G SBCG ::GLIK>D>G= F::K >B@>GEBCD BL A>M GH@ F::K -IB>E>K>B 1> SB>G GN => >QI>KBF>GM>G =B> SB<A O>>E:E GH@ ;>I>KD>G MHM >?–<BeGM =:M:O>KD>>K >G >?–<BeGM> <HFFNGB<:

MB>LMKHF>G 1BDBI>=B: @::M HO>K ?>BMC>L '>M =:GD ::G O>E> BG?HKF>>E L:F>GP>KD>G=> BG=BOB=N>G PHK=>G =B> ?>BMC>L O>KS:F>E= >G HO>KSB<AM>EBCD @>IK>L>GM>>K= &:G@L => BG?HKF>E> G>MP>KD>G PHK=M GN GH@ OHHK:E ;>LM::G=> D>GGBL O>KLIK>B= > >:LR<K:MB> @::M GH@ >>G LM:IC> O>K=>K #G => >:LR<K:MB> S:E => GB>NP> BG?K:LMKN<MNNK @>;KNBDM PHK=>G HF GB>NP> D>GGBL M> <K>eK>G )F HIEHLLBG@>G >G BGGHO:MB>L M> OBG=>G OHHK :EE> S:D>EBCD> >G F::ML<A:II>EBCD> OK::@LMNDD>G 1::KHF ;>LM::G >K GH@ LM>>=L P:<AMEBCL

M>G BG => SHK@ #L =:M GB>M @>PHHG >>G OK::@ ::G;H= OK::@LMND P::K;BC GB>M :EE> BG?HKF:MB> =B> GH=B@ BL HF B>=>K>>G SHK@ M> DNGG>G ;B>=>G @H>= HGM

LEHM>G BL 'HF>GM>>E =NBD>G >K :EE>KE>B B*AHG> :IIEB<:MB>L HI =B> M:E O:G S:D>G =B> OHHKA>>G E:LMB@ SB<AM;::K P:K>G HGMLENBM>G >G AB>K=HHK ;BC=K:

@>G ::G <HFIE>>M GB>NP> HIEHLLBG@>G OHHK HN=> OK::@LMNDD>G SH:EL ;BC

OHHK;>>E= A>M M:QB IKH;E>>F BG FLM>K=:F

+0

) %7 ='6%8- )

?FF=;JKLB + J8D<E><M8K (I QERMIV [EEVST [MN OIRRMW ZIVKEVIR MW VIZSPYXMSREMV ZIVERHIVH ,IX TVMQEMVI QIHMYQ ZSSV OIRRMWSZIVHVEGLX MW ZIVWGLSZIR ZER KIHVYOXI QIHME REEV LIX EREVGLMWXMWGLI MRXIVRIX (MX LIIJX IIR KVSXI HVMIZSYHMKI MRZPSIH ST WRIPLIMH ST KIHIXEMPPIIVHLIMH IR ST SFNIGXMZMXIMX :SSVHEX RMIY[I MRJSVQEXMI MR IIR FSIO WXEEX KEER IV ZEEO NEVIR SZIVLIIR 1EEV HMI^IPJHI MRJSVQEXMI OER EP HI^IPJHI HEK SRPMRI WXEER +IHVYOXI OIRRMW [EW TIV HI´RMXMI IIR KI´PXIVHI WEQIRZEXXMRK SQHEX TETMIV KIPH OSWX IR QIIV MRJSVQEXMI QIIV VYMQXI MRRIIQX 3RPMRI OER ^SRHIV QIIVOSWXIR LIX SRKI ´PXIVHI VY[I OIRRMWQEXIVMEEP ZIVWTVIMH [SVHIR +IHVYOXI OIRRMW [EW LIX TVMZMPIKI ZER IIR OPIMRI IPMXI IR HEEVHSSV EPXMNH FI[YWX SJ SRFI[YWX KIQERMTYPIIVH ^SHVE RMIY[I OIRRMW HI LMtVEVGLMWGLI SVHI FIHVIMKHI -RXIVRIX LIIJX KIIR XSIKERKWHVIQTIPW IR MW IIR ZVMN XSIKEROIPMNO QIHMYQ ZSSV MIHIVIIR HMI OIRRMW MRJSVQEXMI MHIItR SJ HIROFIIPHIR [MP ZIVWTVIM HIR >IPJW MR LIX OPEWWMIOI FEWXMSR ZER OIRRMWSRX[MOOIPMRK ¦ HI [IXIR WGLET¦ OER LIX MRRSZEXMIXMNHTEH ^SQEEV ZIVWRIPPIR ZER ZIIVXMK NEEV REEV ZIIVXMK HEKIR

,'

+

<OGCFJ@< M8E B<EE@JFEKN@BB<C@E> <E @EEFM8K@< <<E QN<ID B8E ?<<C JE<C M8E BF<IJ M<I8E;<I<E >G SP>KF ;>P>>@M SB<A L<ABCG;::K :EL bbG @KH>I SHG=>K >>G <>GMK:E> <HG

MKHE>K>G=> LMKN<MNNK '::K >>G SP>KF D:G HHD HI>>GL O:G KB<AMBG@ O>K:G

=>K>G >G :<MN>>E OHHK;>>E= O:G >>G SP>KF =B> @K:=>G O:G KB<AMBG@ O>K:G=>K=> BL => SP>KF KHG= A>M "*0 O:<<BG G> -:G=K: O:G (NE:G= LM:KMM> BG >>G IKBObEH;;R OHHK A>M HIG>F>G O:G >>G O:<<BG M>@>G ;::K

FH>=>KA:ELD:GD>K BG A>M KBCDLO:<<BG:MB>IKH@K:FF: G::K ::GE>B=BG@ O:G => SB>DM> O:G >>G OKB>G=BG O:G A::K 0B: HG=>K :G=>K> =B@BM:E> D>MMBG@;KB>

O>G P>;EH@L LH<B:E> G>MP>KDLBM>L >G BGM>KG>M?HK: P>K=>G OKHNP>G HI@>

KH>I>G HF >>G I>MBMB> M> M>D>G>G F>M M>DLM>G :EL 1> A>;;>G A:G=

M>D>GBG@>G ">EI HGL GH@ D>>K '>M A:G=M>D>GBG@>G D:G => FBGBLM>K GB>M P>B@>K>G A>M O:<<BG OHHK :EE> OKHNP>G ;>L<ABD;::K M> LM>E

E>G ">; C> A>M GH@ GB>M @>=::G M>D>G =:G => I>MBMB> HI PPP LMHI;::K

FH>=>KA:ELD:GD>K GE >G OK::@ :E C> OKB>G=>G OKB>G=BGG>G =BM HHD M> =H>G :M P>KDM> NBMLM>D>G= BGG>G :?SB>G;:K> MBC= P:K>G =B@BM:E> A:G=M>D>GBG@>G O>KS:F>E= '>=> ;>iGOEH>= =HHK =>S> KH>I O:G A>M >E><MH

K::M ;>LEHHM => K>@>KBG@ HF => O:<<BG:MB> O>KLG>E= BG M> OH>K>G AH>P>E A>M ;>L<ABD;:K> O:<<BG GH@ GB>M OHEE>=B@ P:L @>M>LM '::K GH@ OHHK=:M => >>KLM> BGC><MB>LINBM>G HI M:?>E DP:F>G D:GM>E=> => IN;EB>D> HIBGB> MH>G ;E>>D =:M =B> F>OKHNP 0:G (NE:G= OHHK A::K BGLI:GGBG@>G P>K= ;>M::E= =HHK A>M ?:KF:<>NMBL<A ;>=KBC? !E:QH-FBMA

%EBG> => ?:;KBD:GM O:G A>M O:<<BG :M PB>KI >>G :G=>K EB<AM HI => S::D "H> H;C><MB>? BL => BG?HKF:MB> O:G PPP LMHI;::KFH>=>KA:ELD:GD>K GE :EL =::K >>G HK@:GBL:MB> :<AM>K SBM F>M >>G =BK><M ;>E:G@ 0HHK LHFFB@>G P:L =:M OHE=H>G=> ::GE>B=BG@ HF SB<A =B>I>K BG => F:M>KB> M> O>K=B>I>G G PB> =B> FH>BM> G:F OHG= :E LG>E >>G L>KB> M>@>G:K@NF>GM>G > (>=>KE:G=L> 0>K>GB@BG@ %KBMBL<A *KBDD>G (0%* IN;EB<>>K=> HI A::K P>;LBM> >>G NBM@>;K>B= =HLLB>K HO>K A>M "*0 O:<<BG P::KBG :EE> M>@>G

:K@NF>GM>G NBMOH>KB@ P>K=>G HG=>K;HNP= >G OHHKS:@ =:M O:G >>G G:=KNDD>EBCD LM:M>F>GM > (0%* BL M>@>G A>M :=OB>L O:G => !>SHG=A>B=L

,(

) %7 ='6%8- )

K::= ::G FBGBLM>K %EBGD O:G 01- HF :E HI A>M MP::E?=> C::K F>BLC>L M> O:<

<BG>K>G M>@>G BG?><MB> F>M A>M ANF::G I:IBEEHF:OBKNL > (0%* ;>LM::M :E LBG=L F::K E>B==> >>G K>E:MB>? :GHGB>F ;>LM::G (N P>K= =:M :G=>KL 0B: =>S>E?=> P>;EH@L =B@BM:E> D>MMBG@;KB>O>G LH<B:E> G>MP>KDLBM>L >G BGM>KG>M?HK: =B> OKHNP>G >>KLM ::GLIHHK=>G HF => IKH O:<<BGI>MBMB> M> HG=>KM>D>G>G P>K=>G OKHNP>G GN HI@>KH>I>G HF => DKBMBL<A> (0%* P>;LBM> M> ;>SH>D>G > SP>KF D>>K=> O:G KB<AMBG@ .H>G BG F::KM :EE> F>BLC>L O:G MP::E? MHM S>LMB>G C::K P>K=>G HI@>KH>I>G P>B@>K=> => A>E?M O:G => F>BLC>L HF SB<A M> E:M>G O:<<BG>K>G

><Q@:?KJM<IC@<J )? =B> F>BLC>L =::K O>KLM:G=B@ ::G =>=>G BL >>G =BL<NLLB> =B> >E=>KL @>OH>K= F:@ PHK=>G ">M OHHK;>>E= BEENLMK>>KM LE><AML =:M BG => G>MP>KD

L:F>GE>OBG@ @>F:DD>EBCD SP>KF>G DNGG>G HGMLM::G P::KBG <HEE><MB>O> BGM>EEB@>GMB> @>;NG=>E= PHK=M =:M =B> <HEE><MB>O> BGM>EEB@>GMB> =P:KL M>@>G => H? <BeE> ABe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

@>G SBCG O>>E @KBEEB@>K =:G BG => OHKB@> >>NP 1::KL<ABCGEBCD BL =BM >>G @>OHE@ O:G => G>MP>KDL:F>GE>OBG@ =HHK=:M => F:BGLMK>:FF>=B: GB>M E:G@>K => IN;EB>D> HIBGB> =HFBG>K>G EL BG?HKF:MB> MK:GLI:K:GM BL >G OKBCNBM D:G LMKHF>G ;BGG>G BG?HKF>E> G>MP>KD>G D:G => <HEE><MB>O> BGM>EEB@>GMB> K>E:MB>? @>F:DD>EBCD O:G LM:G=

INGM PBCSB@>G SH=K: >K GB>NP> ?>BM>G H? >>G GB>NP BGSB<AM HI M:?>E DHFM #G => MPBGMB@LM> >>NP P:L => <HEE><MB>O> BGM>EEB@>GMB> GH@ @KHM>G=>>EL @>;:

L>>K= HI D>GGBL;KHDLMNDD>G =B> :?DHFLMB@ P:K>G O:G ABeK:K<ABL<A ::G@>

LMNNK=> ;KHGG>G SH:EL F>=B: P>M>GL<A:I HG=>KPBCL HO>KA>B=LOHHKEB<A

MBG@ =BK><MB>L ">M BGG>F>G O:G >>G GB>NP LM:G=INGM G::K ::GE>B=BG@ O:G >>G GB>NP BGSB<AM BFIEB<>>KM :NMHF:MBL<A >>G >KD>GGBG@ =:M A>M HN=> LM:G=INGM ?HNM P:L BGG>G BG?HKF>E> LMKN<MNK>G F::EM GB>F:G= AB>KHF HF=:M GB>F:G= SB<A I>KLHHGEBCD ::G@>LIKHD>G OH>EM BGG>G ABeK:K<ABL<A> LMKN<MNK>G EB@M =:M :G=>KL (B>NP> LM:G=INGM>G PHK=>G O>>E FBG=>K @>F:DD>EBCD BG@>GH

F>G HF=:M => MHI O:G => ABeK:K<AB> =:G FH>M MH>@>O>G =:M A>M HN=> LM:G=INGM >G =NL HHD A>M HN=> ;>E>B= ?HNM P:L BM @::M @>I::K= F>M :G@LM OHHK @>SB<AMLO>KEB>L H? => OK>>L HF M>K O>K:GMPHHK=BG@ @>KH>I>G M> PHK=>G F>M :EE> FH@>EBCD> I>KLHHGEBCD> <HGL>JN>GMB>L O:G =B>G ::KG::LM

,)

) <403 7 - ) :%2 / ) 2 2 - 732 8 ; - / /) 0- 2 + ) 2 - 2 23:%8 -)

D:G >>G O>K:G=>KBG@ OHHK >>G F:<AMA>;;>K =BK><M> <HGL>JN>GMB>L A>;;>G OHHK SBCG FH>BS::F O>KPHKO>G IHLBMB> ;BGG>G => ABeK:K<AB> )HD =:M A>>?M >>G K>FF>G=> P>KDBG@ HI DH>KLPBCSB@BG@>G '::K S>E=>G O>KDE::KM >>G E>B=BG@@>O>G=> H? <B>>E > HFLM:G=B@A>=>G SBCG O>K:G=>K= >G =::K=HHK SBCG P> MHM >>G GB>NP LM:G=INGM @>DHF>G > EH@BL<A> @>OHE@MK>DDBG@ =::KO:G BL =:M FBCG ?NG<MB> FBCG :?=>EBG@ FBCG HK@:GBL:MB> HO>K;H=B@ BL @>PHK=>G

;< =<@K<E 8:?K<I?8C<E %>GGBL PBCLA>B= GB>NP> B=>>eG :EL A>M @H>= BL SBCG S> :EMBC= @>;:L>>K= HI ?>BM>G 1B> @>?NG=>>K=> D>GGBL PBE A>;;>G S:E >>KLM => ?>BM>G FH>M>G :<A

M>KA:E>G >BM>G OHKF>G => ;KHG O:G D>GGBL '::K => MK:=BMBHG>E> ABeK:K

<ABL<A> D>GGBL;KHGG>G P:K>G HIF>KD>EBCD MK::@ >G >>GOHN=B@ OHHK;>>E= 1:M BL => AHH?=LM:= O:G -EHP:DBC> 1::K

L<ABCGEBCD P>>M => F>>K=>KA>B= O:G => F>GL>G =:M :GMPHHK= GB>M NBM SBCG AHH?= :M BL HHD A>E>F::E GB>M GH=B@ P:GM P> DNGG>G A>M :GMPHHK= MH<A HISH>D>G 1B> BG A>M :GMPHHK= PBE=> HISH>D>G SHN @>G>B@= SBCG G::K => HL:ME:L M> @KBCI>G > HL:ME:L ;>LM::M LBG=L >G BL O>KNBM => F>>LM@>;KNBDM> :ME:L BG A>M (>=>KE:G=L> HG=>KPBCL ">M BL =b :NMHKBM>BM HI A>M @>;B>= O:G MHIH@K: L<A> D>GGBL '::K A>M HISH>DK>LNEM::M SHN SBCG M>@>G@>O:EE>G ">M A>E> E:G= -EHP:DBC> LMHG= BG GH@ GB>M BG => :ME:L P:GM MH>G => E::MLM> :ME:L P>K= @>=KNDM A>>MM> A>M GH@ .LC><AH -EHP:DBC> > HL:ME:L D:G FH>BEBCD >ED> D>>K F>M >>G GB>NP> >=BMB> NBMDHF>G SH=K: >K@>GL HI => P>K>E= >>G E:G=L@K>GL O>K:G=>KM > ?>BM>GHISH>D>K :GGH K>LMM> P>BGB@ :G=>KL =:G >>G I::K OKB>G=>G HI M> ;>EE>G HF M> SB>G H? B>F:G= A>M :GMPHHK= MH>O:EEB@ NBM SBCG AHH?= PBLM '::K SbE?L :EL .LC><AH -EHP:DBC> SHN P:<AM>G F>M => HILIEBMLBG@ MHM=:M '>G>>K HL >K DE::K OHHK BL =:G GH@ FH>M => ?>BM>GHISH>D>K F::K G>M MH>

O:EEB@ => E::MLM> >=BMB> BG ANBL A>;;>G G =B> D:GL BL F::K DE>BG > NBM@>

O>K O:G => :ME:L @>>?M =:M S>E? BFIEB<B>M ::G HI SBCG P>;LBM> 0KBCP>E B>=>K> OHEP:LL>G> A>>?M SBCG L<AHHE>Q>FIE::K GH@ BG => D:LM LM::G NL >>G O>>K

MB@>K =B> O:G=::@ => =:@ >>G HL:ME:L NBM SBCG ;H>D>GD:LM MK>DM S:E P::K

L<ABCGEBCD >>G >Q>FIE::K NBM => C:K>G S>O>GMB@ ::GMK>??>G F>M =::KBG E:G=>G :EL )HLM NBMLE:G= -HOC>M /GB> >G $H>@HLE:OBe %HKMHF => =HHKEHHILG>E

A>B= O:G ?>BM>EBCD> D>GGBL BG => MK:=BMBHG>E> D>GGBL;KHGG>G D:G SHF::K >>G H? MP>> @>G>K:MB>L SBCG G =:G BL MHIH@K: > GH@ >>G HGL<ANE=B@ D>GGBLM>K

K>BG P::K => O>K:G=>KBG@>G K>E:MB>? E:G@S::F @::G #G => M><AGHEH@B> H? BG => F>=BL<A> P>M>GL<A:I @::G => O>K:G=>KBG@>G O>>E LG>EE>K 1> FH>M>G >K GB>M ::G =>GD>G =:M >>G :KML SBCG ;>A:G=>EBG@>G ;:L>>KM HI ?>BM>GD>GGBL NBM HN=> L<AHHE;H>D>G 1B> BG PBE HISH>D>G P:M => AHH?=LM:= O:G -EHP:DBC> BL S:E @>G>B@= SBCG HF !HH@E> M> @>;KNBD>G ">M BGMBDD>G O:G LE><AML MP>> PHHK

,*

) %7 ='6%8- )

=>G BL OHE=H>G=> BK<: K>LNEM:M>G OHHK AHH?=LM:= LEHP:DBC> L><HG=>G F>E=M !HH@E> ">M ;HO>GLM> SH>DK>LNEM::M O>KDE:IM :E F>M>>G => HIEHLLBG@ K:MBLE:O: > =HHKEHHIMBC= O:G ?>BM>GD>GGBL BL M>KN@

@>;K:<AM O:G MP>> @>G>K:MB>L G::K L><HG=>G 1B> BG PBE HISH>D>G P:M => AHH?=LM:= O:G -EHP:DBC> BL S:E => OK::@ P>EEB<AM HGEBG> LM>EE>G BG >>G O:G => O>E> BG?HKF>E> G>MP>KD>G ::K BL :EMBC= P>E B>F:G= ::GP>SB@ =B> A>M :GMPHHK= I:K::M A>>?M >G SH OKB>G=>

EBCD BL HF ;BGG>G >GB@> FBGNM>G A>M :GMPHHK= M> O>KL<A:??>G :M BL HI A>M >>KLM> @>SB<AM GB>M SH BGM>K>LL:GM +N: MBC=LPBGLM BL A>M >>G >GHKF> :<AM>K

NBM@:G@ M>G HISB<AM> O:G => F>MAH=> NBM 1::KHF SHN=>G P> FBGN

M>G P:<AM>G :EL P> A>M :GMPHHK= BG L><HG=>G DNGG>G DKBC@>G > F>MAH=> O:G PHK=M I:L BGM>K>LL:GM :EL P> A>F @>;KNBD>G HF :GM

PHHK=>G M> OBG=>G HI OK:@>G =B> P:M FBG=>K @>F:DD>EBCD SBCG M> ;>:GM

PHHK=>G OB: >>G >>GOHN=B@> !HH@E>SH>DHI=K:<AM "H> LGH>B BD >>G MK>NK

PBE@ 0:G:? AH>O>>E F::G=>G D:G >>G ;:;RF::@ K:NP> LE: O>K=K:@>G 1:M BL A>M GB>NPLM> K>LM:NK:GM BG => LM:= 1>ED> ;:GD @>>?M => ;>MKHNP;::KLM> ARIHMA>>D:=OB>S>G 4H=K: => OK:@>G B>ML FH>BEBCD>K PHK=>G PHK=M A>M SBGGB@ HF => SH>DF>MAH=> O:G M> O>K@>EBCD>G F>M => SH>DF>MAH=> O:G .H>G ;>E=>G P> >>G H? MP>> OKB>G=>G =B> B>ML O:G A>M HG=>KP>KI :?PBLM>G #G DNGG>G P> => I:K:M> D>GGBL ::G;HK>G O:G >>G ;BCG: HG>BG=B@> AH>O>>EA>B= F>GL>G HG=>K PB> >QI>KML >KO:KBG@L=>LDNG=B@>G >G F>GL>G =B> ;HO>GF:MB@ @>iGM>K>LL>>K= SBCG BG A>M ;>MK>??>G=> HG=>K

P>KI B> F>GL>G @::G SB<A LM>>=L O:D>K >G ;>M>K O>KS:F>E>G BG >>G >QIH

G>GMB>>E @KH>B>G= ::GM:E BG?HKF>E> G>MP>KD>G @>=B??>K>GMB>>K= I>K @>LI>

<B:EBL>>K= HG=>KP>KI > D>GGBL =B> NBM SH G BG?HKF>>E G>MP>KD O:EM M> A:E>G BL O>E> F:E>G KBCD>K >G =B>I>K =:G :EE>>G L>< => ?>BM>G ">M :GMPHHK= @::M O>K=>K =:G :EE>>G F::K K:MBLE:O: (N SBCG =>S> BG?HKF>E> G>MP>KD>G O::D GH@ >K@ E:LMB@ M> OBG=>G 4HN >K >>G BG?HKF>>E G>MP>KD ;>LM::G HO>K MK>NKPBE@>G 0:LM P>E '::K IKH;>>K =:M G>MP>KD F::K >>GL M> OBG=>G '::K SH:EL BG => :?@>EHI>G C:K>G => PBEE>

D>NKB@ O>KLIK>B=> EHLL> ?>BMC>L LM>>=L HO>KSB<AM>EBCD>K SBCG @>K:G@L<ABDM >G =::K=HHK LG>E HISH>D;::K SBCG OB: D:G:E>G :EL 1BDBI>=B: SH EB@M A>M OHHK => A:G= =:M BG => DHF>G=> C:K>G => BG?HKF>E> G>MP>KD>G LM>>=L @>F:DD>EBC

D>K M> OBG=>G SNEE>G SBCG

:IFN;JFLI:@E> EL HK@:GBL:MB>L D>GGBLE:<NG>L ::GONEE>G =HHK M> K:=> M> @::G ;BC => <HEE><

MB>O> BGM>EEB@>GMB> O:G => L:F>GE>OBG@ ;>@>O>G S> SB<A HI A>M M>KK>BG O:G ;JGO<KGMJ;AF? JGO<KGMJ;AF? BL A>M ::G;HK>G O:G => HG@>;KNBDM> D>GGBL O:G => F:LL: :M E>O>KM F>>K D>GGBL BGSB<AM>G >G B=>>eG HI =:G HHBM M>OHK>G BG => @>L<AB>=>GBL '::K A>>?M =B> F:LL: P>E O>KLM:G= O:G S:D>G (HN >G H? :M MHHGM $:F>L -NKHPB><DB ::G BG .@= 1AK<GE G> JGO<K SB> AHH?=LMND

,+

) <403 7 - ) :%2 / ) 2 2 - 732 8 ; - / /) 0- 2 + ) 2 - 2 23:%8 -)

'::K BL =B> D>GGBL P>E ;>MKHNP;::K 1>EEB<AM ;>MKHNP;::K=>K S>E?L =:G => D>GGBL O:G >QI>KML P:GM => F:LL: BL F>>LM:E @>>G =BK><M ;>E:G@A>;;>G=> M>KPBCE => MK:=BMBHG>E> D>GGBL;KHGG>G NBM => ABeK:K<ABL<A> LMKN<MNK>G F>>LM:E PbE ;>E:G@A>;;>G=>G SBCG %:G >>G ARIHMA>>D:=OBL>NK GH@ P>E >>G H;C><MB>? :=OB>L @>O>G :EL A>M >G> :=OB>L A>F =KB> D>>K SHO>>E IKHOBLB> HIE>

O>KM :EL A>M :G=>K> G :EL P> PBEE>G P>M>G P>ED MHBE>MK>BGB@BG@LIKH=N<M A>M ;>LM L<AHHGF::DM AH> ;>MKHNP;::K BL =:G A>M :GMPHHK= O:G => MHBE>MCN?

?KHNP 'BLL<AB>G DNGG>G P> O:G A::K >>G ;>MKHNP;::K=>K :GMPHHK= O>K

P:<AM>G =:G O:G >>G MHBE>M:KMBD>E>G?:;KBD:GM >G O:G =B> ?:;KBD:GM>G BL BG B>=>K @>O:E L<A::FM>EHHL >>KEBCD 1BC O:G 1 >>G= :=OBL>K>G 1 >>G= '::K P::KHF SHN=>G => HG:?A:GD>EBCD> >KO:KBG@L =>LDNG=B@>G ANG OKBC> MBC= ;>LM>=>G ::G A>M ;>E:G@>EHHL A>EI>G O:G :GHGB>F> D>GGBLSH>

D>KL :M E>@M $>?? "HP> NBM BG A>M ;H>D JGO<KGMJ;AF? '>M G:F> BG NKHI: >G => 0>K>GB@=> -M:M>G BL >K >>G >GHKF @KHM> @KH>I F>GL>G F>M >>G HG;>

GNM M:E>GM >S> @KH>I M:E>GMOHEE> F>GL>G PHK=M LM>>=L @KHM>K =HHK=:M A>M ::GM:E AH@>K HI@>E>B=>G P>K>E=PBC= MH>G>>FM HF O>KOHE@>GL BG ;:G>G M>K><AM M> DHF>G =B> F>>LM:E A>>E LI><B:EBLMBL<A SBCG EL C> F::K >>G DE>BG =>>E O:G C> M:E>GM >G D>GGBL BG C> =:@>EBCDL> P>KD DPBCM DNGM E>B=M =:M GH@:E >>GL MHM ?KNLMK:MB> ">M DNGG>G =>E>G O:G C> HG;>GNMM> D>GGBL BL >>G A>BE

S:F> NBME::MDE>I OHHK =>S> ?KNLMK:MB> :M BL >>G O:G => K>=>G>G P::KHF SHO>>E =>LDNG=B@>G BG ANG OKBC> MBC= :KMBD>E>G L<AKBCO>G OHHK 1BDBI>=B: SHG=>K =::K >>G G:G<BeE> ;>EHGBG@ OHHK M> HGMO:G@>G )O>KB@>GL BL IE>SB>K A>;;>G BG A>M ;BC=K:@>G ::G B>ML @KHM>KL >>G >O>G @KHM> FHMBO:MHK OHHK F>GL>G HF ;BC M> =K:@>G ::G IE:M?HKFL :EL 1BDBI>=B: $HNKG:EBLM>G D>GG>G =BM O>KL<ABCGL>E :E A>>E E:G@ >G F:D>G LBG=L C::K >G =:@ =:GD;::K @>;KNBD O:G A>M IHM>GMB>>E ::G HG;>GNMM> D>GGBL >G CHNK

G:EBLM =B> :<AM>K@KHG=BG?HKF:MB> SH>DM >G >>G A>F HG;>D>G=> I>KLHHG HI;>EM PHK=M F>>LM:E OKB>G=>EBCD >G NBM@>;K>B= M> PHHK= @>LM::G )HD :EL => G::F O:G => ;KHG GB>M @>GH>F= @::M PHK=>G > >>K O:G => G::FLO>K

F>E=BG@ BG => DK:GM D:G =:G =NL GB>M F>>K A>M FHMB>? SBCG %>GG>EBCD BL A>M FH@>G =>E>G O:G C> D>GGBL :E >>G BGMKBGLB>D> ;>EHGBG@ HI SB<A

FI>8E@J8K@< QF<BK :IFN; BC ;JGO<KGMJ;AF? F:D>G HK@:GBL:MB>L @>;KNBD O:G >>G @KHM> @KH>I GB>M OHHK:? @>LI><B <>>K=> BG=BOB=N>G OHHK <HGLNEM:G<R BGGHO:MB> ;>E>B=LOHK

FBG@ >G HG=>KSH>D G><H SH<AM BG => F:LL: G::K HGMP>KIB=>>eG OHHK @KH

M>K> PBG=FHE>GL )G=>K=>E>G O:G BG@>SHG=>G HGMP>KI>G P>K=>G @>;KNBDM BG A>M => GBMB>O> HGMP>KI HE@:M> *:EFHEBO> A:= >>G M:G=I:LM:IKH;E>>F >G SH<AM >>G GB>NP> F>MAH=> HF NHK BG >>G MN;> M> LMHII>G >G :GH

GB>F> BGM>KG>MM>K HGM=>DM> A>M >B O:G HENF;NL HE@:M> G:F A>M B=>> HG@>PBCSB@= HO>K >G ;>M::E=> => ;>=>GD>K =HEE:K )HD H>BG@ >G *KH<M>K !:F;E> F:D>G @>;KNBD O:G => <HEE><MB>O> BGM>EEB@>GMB> O:G ;NB

,,

) %7 ='6%8- )

M>GLM::G=>KL =B> O::D O:GNBM <HFIE>>M GB>NP> BGO:ELAH>D>G DBCD>G P::K

=HHK ;KBEC:GM> B=>>eG HGMLM::G '::K P::K A::E C> :EL HK@:GBL:MB> => ;JGO< O:G=::G :M D:G ;BCOHHK

;>>E= OB: LI><B::E OHHK =BM =H>E HI@>KB<AM> ;JGO<KGMJ;AF? IE:M?HKFL SH:EL => F>KBD::GL> BGM>KG>M@>F>>GL<A:I #GGH<>GMBO> BM IE:M?HKF P>K= HI@>

KB<AM BG #GFB==>EL A>;;>G SB<A >K SH G BG@>GB>NKL P>M>G

L<A:II>KL NBMOBG=>KL S:D>GF>GL>G >G :G=>K> <K>:MB>O> @>>LM>G NBM O>KL<ABEE>G=> E:G=>G ;BC ::G@>LEHM>G HF :EL <HEE><MB>O> =>GDM:GD BGGHO:

MB>O> HIEHLLBG@>G M> ;>=>GD>G OHHK => BG@>SHG=>G IKH;E>F>G >G :G=>K OHHK;>>E= BG (>=>KE:G= BL A>M BG HI@>KB<AM> :MME> H? HG<>IML =:M => =>GDDK:<AM ;NG=>EM O:G OBC?=NBS>G= ;K>BG>G OHHK:E O:G @>M:E>GM>>K=> LMN

=>GM>G '::K HK@:GBL:MB>L DNGG>G HHD HI >B@>G AHNMC> ;BGG>G => F>GB@M> SH>D>G SH:EL A>M :G:=>L> @HN=FBCG;>=KBC? !HE=<HKI =:M =>>= GH@ O>K OHHK=:M => M>KF <KHP=LHNK<>G ;>LMHG= :G A>M >BG= O:G => OHKB@> >>NP LM>O>G=> A>M ;>=KBC? K><AMLMK>>DL :? HI >>G ?:BEEBLL>F>GM > :G:EBLM>G >G @>HEH@>G ;BGG>G => >B@>G HK@:GBL:MB> LE::@=>G >K F::K GB>M BG HF HI A>M KNBF A><M:K> @KHM> FBCGPBGGBG@LM>KK>BG OHE=H>G=> GB>NP> @HN=

:=>KL M> EHD:EBL>K>G .>G >BG=> K::= ;>=:<AM => !HE=<HKIMHIF:G >>G ;::G

;K>D>G= IE:G "BC S>MM> :EE> @>A>BF> ;>=KBC?L@>@>O>GL HGEBG> >G IN;EB

<>>K=> >ED @>HEH@BL<A INSS>ELMNDC> ::G BG?HKF:MB> BG MHM::E P:L =BM F>@:;RM> ::G BG?HKF:MB> :M P:L => BGINM OHHK >>G =B@BM:E> @HN=C:<AM => !HE=<HKI A:EE>G@> F>M >>G IKBCS>G@>E= O:G KNBF >>G A:E? FBECH>G =HEE:K =B> BG F::KM O:G LM:KM @BG@ E G: >GB@> P>D>G LMKHHF=>G => B=>>eG ;BGG>G O:G SH G =NBS>G= =>>EG>F>KL NBM OBC?MB@ E:G=>G >G BG?HKF>>E OBK

MN>>E E>@>K O:G @>HEH@>G PBLDNG=B@>G FBCG;HNPBG@>GB>NKL >G :G=>K> >QM>KG> =>LDNG=B@>G HII>K=> GB>M :EE>>G GB>NP> PBGGBG@LM><AGB>D>G F::K P>>L HHD D:GLKBCD> IE>DD>G ::G HI A>M M>KK>BG O:G !HE=<HKI )I O:G =B> IE>DD>G P>K= HHD BG=>K=::= @HN= @>OHG=>G #G => :<AM C::K G: => A:EE>G@> A>>?M !HE=<HKI OHHK KNBF =KB> FBEC:K= =HEE:K ::G @HN= NBM => @KHG= @>A::E= >G =>>E O:G => PBGLM P>K= NBM@>D>>K= ::G => F>GL>G =B> A:==>G @>AHEI>G F>M SH>D>G

:IFN; QF<BK FI>8E@J8K@< ">M >QIEHBM>K>G O:G <HEE><MB>O> BGM>EEB@>GMB> =:GDSBC => G>MP>KDL:F>GE>

OBG@ BL >>G :NMHGHHF IKH<>L EL => HK@:GBL:MB> GB>M => ;JGO< HISH>DM SH>DM => ;JGO< P>E => HK@:GBL:MB> HI )? KB<AM S>E? GB>NP> BG?HKF>E> HK@:GB

L:MB>L HI SH:EL &BGNQ /BM HGOK>=> HO>K => M>DHKMDHFBG@>G O:G 'B<KHLH?ML ;>LMNKBG@LLRLM>>F 1BG=HPL PBLM>G =NBS>G=>G <HFINM>KIKH@K:FF>NKL O:G HO>K => A>E> P>K>E= >ED::K M> OBG=>G BG >>G BG?HKF>>E G>MP>KD >G @>S:

F>GEBCD HGMPBDD>E=>G SBC >>G :EM>KG:MB>? ;>LMNKBG@LLRLM>>F =:M => O>K@>

EBCDBG@ F>M 'B<KHLH?M @E:GLKBCD D:G =HHKLM::G )I => <HGLNF>GM>GF:KDM

,-

) <403 7 - ) :%2 / ) 2 2 - 732 8 ; - / /) 0- 2 + ) 2 - 2 23:%8 -)

O:G I< L A>>?M &BGNQ GH@ >>G S>>K DE>BG F:KDM=>>E O:G <BK<: IKH<>GM '::K HI => IKH?>LLBHG>E> F:KDM O:G L>KO>KL BL &BGNQ :E => LM:G=::K= @>PHK

=>G )HD => LNI>K<HFINM>KL O>KDB>S>G &BGNQ ;HO>G 1BG=HPL > MP>> LG>ELM> <HFINM>KL M>K P>K>E= =K::B>G HI &BGNQ 0:G => OBC?AHG=>K= LG>ELM> <HFINM>KL A>>?M =KB>DP:KM &BGNQ :EL ;>LMNKBG@LLRLM>>F :E=NL >>G BGO>GM:

KBL:MB> NBM >G LHHKM@>EBCD OHHK;>>E= BL 'HSBEE: BK>?HQ >>G @K:MBL HI>GLHNK<>P>;

;KHPL>K =B> HI =>S>E?=> PBCS> MHM LM:G= DP:F :EL &BGNQ =:GDSBC => <HEE><

MB>O> BGM>EEB@>GMB> O:G OKBCPBEEB@>KL E BG P>K= BK>?HQ ;>DKHHG= =HHK SHP>E S:D>G;E:= GJ:=K :EL <HFINM>KF:@:SBG> * 1GJD< >B=> @>S:@A>;

;>G=> MBC=L<AKB?M>G GH>F>G BK>?HQ LNI>KB>NK ::G => OHHKF:EB@> FHGHIH

EBLM #GM>KG>M QIEHK>K => P>;;KHPL>K O:G 'B<KHLH?M "H> BL A>M MH<A FH@>EBCD =:M >>G @KH>I OKBCPBEEB@>KL >>G ;>M>K IKH=N<M D:G E>O>K>G =:G A>M F:<AMB@> 'B<KHLH?M =:M HO>K >>G O>>EOHN= ::G F>GL>G >G FB==>E>G ;>L<ABDM :M BL => DK:<AM O:G => <HEE><MB>O> BGM>EEB@>GMB> :M 'B<KHLH?ML P>;;KHPL>K GH@ LM>>=L F:KDME>B=>K BL BL =NL GB>M M> =:GD>G ::G => IKH=N<MDP:EBM>BM F::K ::G F:KD>MBG@ >G :G=>K> ;>=KBC?LLMK:M>

@B>eG SH:EL DHII>EO>KDHHI F>M => A:K=P:K>?:;KBD:GM>G :M DEBGDM GB>M :EL >>G LHEB=> ;:LBL OHHK ;>=KBC?L<HGMBGNiM>BM ">>E @>E>B=>EBCD LM:II>G I< @>;KNBD>KL HO>K O:G P>;;KHPL>K >G BK>?HQ S::@M LM>>=L G:=KNDD>EBCD>K ::G => LMH>EIHM>G O:G #GM>KG>M QIEHK>K #G =><>F;>K P:L A>M P>K>E=PBC=> F:KDM::G=>>E O:G BK>?HQ IKH

<>GM ">M BL =::KF>> => MP>>=> ;KHPL>K G: #GM>KG>M QIEHK>K =B> HI =:M FHF>GM >>G F:KDM::G=>>E A:= O:G IKH<>GM >S> MP>> PHK=>G @>OHE@= =HHK -:?:KB O:G IIE> >G AKHF> O:G !HH@E> =B> ;>B=> LG>E F:KDM

::G=>>E O>KHO>K>G EL 'B<KHLH?M A>M GB>M FH>M A>;;>G O:G SBCG IKH=N<M

DP:EBM>BM F::K O:G SBCG F:KD>MBG@ =:G BL A>M => OK::@ P:M >K @::M @>;>NK>G :EL <HG<NKK>GM BK>?HQ ;>LENBM => <HEE><MB>O> BGM>EEB@>GMB> BG M> L<A:D>E>G OHHK A>M HGMPBDD>E>G O:G >>G F:KD>MBG@LMK:M>@B> =B> :EL =H>E A>>?M 'B<KH

LH?M O:G => MKHHG M> LMHM>G

;< E@<LN< >IFFKJK< :FE:LII<EK ">M 'B<KHLH?MOHHK;>>E= BL >>G GNMMB@> E>L OHHK bED> @>O>LMB@=> MK:=BMBHG>E> HK@:GBL:MB> 'B<KHLH?M P:L >>G O:G => F:<AMB@LM> KBCDLM> >G F>>LM FHGH

IHEBLMBL<A> HK@:GBL:MB>L M>K P>K>E= '::K S>E?L => F:<AMB@LM> BL GB>M HG::G

M:LM;::K EL 'B<KHLH?M O>>E >>K=>K A:= @>ENBLM>K= G::K DE:<AM>G DKBMB>D P>GL>G >G B=>>eG O:G @>;KNBD>KL =:G P:K>G &BGNQ >G BK>?HQ P>EEB<AM GHHBM HGMLM::G > GNMMB@> E>L BL @>>G >GD>E> HK@:GBL:MB> D:G A>M SB<A GH@ O>KHHKEHO>G HF => <HEE><MB>O> BGM>EEB@>GMB> M> G>@>K>G )G=>KL<A:M GHHBM => <KHP= 1:GM :EL => HK@:GBL:MB> GB>M => <KHP= HISH>DM =:G SH>DM => <KHP= P>E >>G HK@:GBL:MB> HI )? ?HKF>>KM S>E? >>G GB>NP> BG?HKF>E> HK@:GBL:

MB>

,.

) %7 ='6%8- )

EL => HK@:GBL:MB> =:G BG=>K=::= => ;JGO< HISH>DM =:G BFIEB<>>KM =:M P>E =:M F>G => ABeK:K<ABL<A> HK@:GBL:MB>LMKN<MNNK @KHG=B@ FH>M A>KSB>G 'BG=>K ;>LENBMOHKFBG@ O:G ;HO>G:? FBG=>K ;NK>:N<K:MB> F>>K >:LR<K:MB> 1:GM :G=>KL A::DM => ;JGO< :E LG>E :? > MK:=BMBHG>E> F:G:@>F>GMOBLB> HI A>M ?>GHF>>G ;GF;MJJ=FLA= BL =HHK => G>MP>KD >G BG?HKF:MB>L:F>GE>OBG@ :<AM>KA::E= #G => > >>NP BL => @KHHMLM> <HG<NKK>GM GB>M E:G@>K => F:KDME>B=>K H? => KNGG>K NI > @KHHM

LM> IHM>GMBeE> <HG<NKK>GM BL => ;JGO<

;< <MFCLK@<=8J<J M8E ;< E<KN<IB<E )I BGM>KG>M SBCG => :?@>EHI>G MB>G \ OBC?MB>G C::K M:EEHS> BG?HKF>E> G>MP>K

D>G HGMLM::G #G IKBG<BI> BL >ED> P>;LBM> H? >ED> :IIEB<:MB> P::K F>GL>G @>@>O>GL H? @>=:<AM>G DNGG>G NBMPBLL>E>G >>G G>MP>KD #G => F>>LM KN=B

F>GM:BK> OHKF P>K=>G LE><AML =:M:;>LM:G=>G NBM@>PBLL>E= BCOHHK;>>E= FNSB>D=HPGEH:=L HI SH@>G::F=> H==J LG H==J LBM>L SH:EL (:ILM>K %:S:: .HKK>GML H? &BF>PBK> > =>>EG>F>KL ::G A>M G>MP>KD D>GG>G >ED::K GB>M P>M>G GB>ML O:G >ED::K >G <HFFNGB<>K>G GB>M F>M >ED::K "HH@NBM DBCD>G S> BG >ED::KL OBKMN>E> FNSB>D<HEE><MB> >G DHF>G S> SH=H>G=> BG ::GK:DBG@ F>M GB>NP> FNSB>D > IHM>GMBeE> DK:<AM O:G A>M G>MP>KD G>>FM MH> :EL F>GL>G <HFFNGB

<>K>G @>=:<AM>G NBMPBLL>E>G >G >K >>G =BL<NLLB> HGMLM::M BCOHHK;>>E= HI >>G ?HKNF H? =HHK E>S>KLK>:<MB>L HI >>G GB>NPLLBM> "B>K=HHK DHF>G F>GL>G BG ::GK:DBG@ F>M GB>NP> F>GBG@>G OBLB>L BGO:ELAH>D>G >G O>KKBC

D>G=> :<AM>K@KHG=BG?HKF:MB> 1>>K >>G LM:IC> O>K=>K @::M A>M :EL => =>>EG>F>KL BG A>M G>MP>KD GB>M :EE>>G <HFFNGB<>K>G F::K HHD =::=P>KD>EBCD HO>KE>@@>G F>M >ED::K HF MHM >>G >>GLENB=>G=> <HG<ENLB> M> DHF>G 4H:EL ;BC 1BDBI>=B: P::K => O>K

L<ABEE>G=> :NM>NKL =B> ::G bbG :KMBD>E ;BC=K:@>G HG=>KEBG@ HO>K>>GLM>F

FBG@ FH>M>G SB>G M> ;>K>BD>G HO>K => BGAHN= O:G A>M :KMBD>E > OHE@>G=> >OHENMB>?:L> O:G A>M G>MP>KD BL =:M => O>KL<ABEE>G=> =>>EG>F>KL GB>M :EE>>G ANG >B@>G LM>>GMC> ;BC=K:@>G ::G A>M @>A>>E F::K HHD =:M => O>KL<ABEE>G=> LM>>GMC>L PHK=>G L:F>G@>LF>>= MHM >>G @>A>>E =:M @KHM>K BL =:G => LHF O:G => EHLL> =>E>G SH:EL ;BC IKHC><M>G :EL &BGNQ >G BK>?HQ JEW I *EWI *EWI *EWI *EWI

OIRQIVO (EXE YMX[MWWIPIR 'SQQYRMGIVIR 3ZIVPIK IR WEQIR[IVOIR 'VItVIR

A?MMJ = NA=J =NGDMLA=>9K=K N9F <A?AL9D= F=LO=JC=F

,/

Z S S V F IIPH /E^EE *SVYQW ;MOMTIHME 0MRY\

) <403 7 - ) :%2 / ) 2 2 - 732 8 ; - / /) 0- 2 + ) 2 - 2 23:%8 -)

?<K :IL:@8C< M<IJ:?@C D<K ;< E<KN<IB<E M8E MIF<><I EL BG => OHKB@> >>NP P>K= @>LIKHD>G HO>K BG?HKF>E> G>MP>KD>G =:G @BG@ A>M F>>LM:E HO>K <HGM:<M>G MNLL>G @>EBCD@>LM>F=>G F>GL>G F>M =>S>E?=> :<AM>K@KHG= (>MP>KD>G A:==>G HO>K A>M :E@>F>>G >>G AHH@ HGL D>GM

HGL@>A:EM> ">M <KN<B:E> O>KL<ABE F>M => FH=>KG> G>MP>KD>G BG => BG?HKF:

MB>L:F>GE>OBG@ BL =:M ;BGG>G =>S> G>MP>KD>G O>>E F>>K IE::ML BL OHHK :G=>KL=>GD>G=>G OHHK F>GL>G F>M O>KL<ABEE>G=> :<AM>K@KHG=>G G SH:EL !K:GHO>MM>K SB> AHH?=LMND :E <HGLM:M>>K=> A>M SBCG CNBLM => F>GL>G F>M :G=>K> :<AM>K@KHG=>G O:G PB> P> => F>>LM> GB>NP> =BG@>G DNGG>G E>K>G BGG>G HGL D>GM HGLG>MP>KD>G =K>B@M CNBLM >>K=>K A>M M>@>G=>>E MNGG>E

OBLB> <HGL>KO:MBLF> @KH>IL=P:EBG@ >G @>=:<AM>GBGM>>EM BM O>KL<ABE ;EBCDM :E =BK><M ;BC => F>>LM KN=BF>GM:BK> HGEBG>G>MP>KD>G EL ;BCOHHK;>>E= >>G ,HM:KREB= HI ;>SH>D ;BC :G=>K> ,HM:KRE>=>G MANBL ANG IE:M>GO>KS:F>EBG@ ;>DBCDM MK>?M ABC =HHK@::GL >>G FNSB>D<HEE><MB> ::G =B> O>>E HO>K>>GDHFLM>G O>KMHHGM F>M SBCG >B@>G IE:M>GO>KS:F>EBG@ F>M F::K P>BGB@ O>KK:LLBG@>G EL =B>S>E?=> I>KLHHG GN F>M bbG FNBLDEBD => FNSB>D<HEE><MB> HIKH>IM O:G >>G PBEE>D>NKB@> F>=>@>;KNBD>K O:G => FNSB>D=HPGEH:=LBM> =B> ABC @>;KNBDM B>F:G= F>M PB> ABC =NL BG bbG G>M

P>KD SBM =:G BL => D:GL ::GSB>GEBCD @KHM>K =:M ABC BG ::GK:DBG@ DHFM F>M HG;>D>G=> FNSB>D >G F>M GB>NP> FNSB>DLMKHFBG@>G =B> ABC GH@ GB>M D>G=> > GB>NP> BG?HKF>E> G>MP>KD>G =B> SBCG HGMLM::G LI>E>G >>G LE>NM>EKHE BG A>M OKBCNBM =HHKLMKHF>G O:G D>GGBL >G BG?HKF:MB> GB>M E:G@>K @>ABG=>K= =HHK => ?RLB>D> <NEMNK>E> LH<B::E ><HGHFBL<A> >G ABeK:K<ABL<A> ;:KKBcK>L O:G P>E>>K :M @>E=M OHHK D>GGBL >G BG?HKF:MB> BG :EE> LHHKM>G >G F:M>G 0:G FNSB>D MHM >>G F>GBG@ O:G A>M K><>IM OHHK :II>EM::KM MHM A>M K><>IM OHHK >>G :MHHF;HF O:G >>G :NP> FHI MHM ;KBEC:GM> OBLBHG:BK> B=>>eG

;< MFC><E;< JK8G BC => O>KLIK>B=BG@ O:G ?>BM>GD>GGBL A>>?M SB<A BG DHKM> MBC= >>G P:K> K>OH

ENMB> OHEMKHDD>G #GM>KG>M >G !HH@E> SBCG :E OHEE>=B@ O>KP>O>G BG A>M ;>LM::G O:G => F>>LM> (>=>KE:G=>KL -<AHHEDBG=>K>G O:G GN OK:@>G SB<A BG :EE> >KGLM :? 4>@ I:I: AH> DHG=>G CNEEB> OKH>@>K GHN P>KDLMNDD>G H? LIK>>D;>NKM>G F:D>G HI L<AHHE :EL >K GH@ @>>G BGM>KG>M ;>LMHG= :M SH>D>G P> HI P:L MB>G C::K @>E>=>G >>G @>OE>N@>E=> NBM=KNDDBG@ =B> K>?>K>>K=> G::K => M>E>OBLB>JNBS .P>> OHHK .P::E? ">M HISH>D>G P>K= @>:LLH<B>>K= F>M >G<R<EHI>=BL<A> G:LE:@P>KD>G EL GN B>F:G= KH>IM =:M SH>D>G P> HI S:E => >>KLM> :LLH<B:MB> HO>KP>@>G= SBCG !HH@E> > OHE@>G=> LM:I BG => BG?HKF:MB>K>OHENMB> BL =:M => G>MP>KD>G GB>M :EE>>G PHK=>G @>;KNBDM OHHK A>M O>KLIK>B=>G O:G D>GGBL F::K HHD LM>>=L O>>EONE=B@>K OHHK A>M <K>eK>G O:G GB>NP> D>GGBL =HHK => <HEE><MB>O> BGM>EEB

,0

) %7 ='6%8- )

@>GMB> M> ;NG=>E>G ::KO:G SBCG GN :E >>G I::K IK:DMBCDOHHK;>>E=>G M> @>O>G SH:EL A>M ?>GHF>>G =NK? M> OK:@>G O:G (BEL ,H>F>G 1:M ::GO:GD>

EBCD ;>@HG :EL E>ND> L>LLB>L F>M F>GL>G =B> >ED::KL G>MP>KD >G D>GGBL FH;BEBL>K>G HF >ED::K M> A>EI>G @KH>B=> =:GDSBC .PBMM>K NBM MHM >>G HGEBG>IE:M?HKF =:M =:@>EBCDL F>GL>G ;>K>BDM =B> A>M E>ND OBG=>G HF >ED::K M> A>EI>G F>M => F>>LM NBM>>GEHI>G=> OK:@>G >G P>GL>G ">M BL >>G DP>LMB> O:G MBC= >G @>P>GGBG@ O:G A>M E>K>G HF@::G F>M HG@> EM>K=> D>GGBL ;BGG>G G>MP>KD>G >G O:G A>M HGMLM::G O:G GB>NP> G>MP>KD>G F::K ;BGG>G GB>M :E M> E:G@> MBC= S:E =BM P::KL<ABCGEBCD => LM:G

=::K=F>MAH=> PHK=>G HF [EE> HK@:GBL:MB>IKH;E>F>G HI M> EHLL>G H? =B> IKH;E>F>G GN O:G <HFF>K<BeE> H? B=>eE> ::K= SBCG >G H? S> GN DE>BG H? @KHHM SBCG 0:G >>G IE:GGBG@LOK::@LMND O:G >>G :?SHG=>KEBCD> HG=>KG>

FBG@ MHM A>M O>KD>>KLIKH;E>>F O:G >>G E:G= >G FHG=B:E> >G>K@B>OK::@

LMNDD>G

KN@KK<I .PBMM>K BL >>G @H>= OHHK;>>E= O:G SH G BG?HKF>>E G>MP>KD P::KE:G@L D>GGBL SB<A K:S>G=LG>E D:G O>KIE::ML>G >G P::K <HEE><MB>O> D>GGBL @>;NG

=>E= PHK=M >G OHHKAH>=> O:G .PBMM>K@>;KNBD>KL @>;KNBDM A>M F>=BNF F>M G:F> HF D>GGBL M> =>E>G HF D>GGBL ::G A>M G>MP>KD MH> M> OH>@>G >G HF =:GD;::K @>;KNBD M> F:D>G O:G => <HEE><MB>O> BGM>EEB@>GMB> O:G A>M G>M

P>KD >G MPBMM>K::K =B> >>G ;>E:G@P>DD>G= :KMBD>E BG >>G ;NBM>GE:G=L MBC=L<AKB?M E>>LM F>E=M =:M HI .PBMM>K SH=:M HHD :G=>K>G @>;KNBD DNGG>G F:D>G O:G =>S> D>GGBL G => OHE@>G=> D>>K BL A>M :G=>KLHF >G PHK=M ABC

S>E? O>K;EBC= F>M >>G ;>E:G@KBCD> MBI >G MPBMM>K::K =B> ;>KH>ILA:EO> F>M >>G IKHC><M ;>SB@ BL F>E=M SBCG OHK=>KBG@>G >G O>KM>EM HO>K => IKH;E>F>G P::K ABC M>@>G ::GEHHIM "B>K=HHK DKBC@ ABC P::K=>OHEE> ?>>=;:<D MBIL >G :=OB>S>G SH=:M SBCG NBM>BG=>EBCD> P>KDK>LNEM::M ;>M>K PHK=M H? LG>EE>K >G >? <BeGM>K MHM LM:G= DHFM 'B<KH;EH@@BG@=B>GLM>G :EL .PBMM>K PHK=>G HHD :EL ANEIFB==>E @>;KNBDM OHHK A>M HIEHLL>G O:G DHKM> OK:@>G =HHK ;JGO<KGMJ;AF? 1B> D>GM >>G O>KM:E>K $:I:GL G@>EL =B> HGFB==>EEBCD ;>L<ABD;::K BL 1::K A::E BD => @H>=DHHILM> OEB>@MB<D>ML :EL BD HO>KFHK@>G G::K &HL G@>E>L FH>M :M SBCG MBC=KHO>G=> OK:@>G OHHK PB> A>M :GMPHHK= S>E? PBE HISH>D>G '::K ;BGG>G A>M G>MP>KD BL =:M O::D D>GGBL =B> :E I:K::M BL BG => <HEE><MB>O> BGM>E

EB@>GMB>

?<K 8CK<IE8K@<= MFFI ;< J<:I<K8I<JJ<1 M8E <<EC@E> E88I QN<ID BGG>G => MK:=BMBHG>E> HK@:GBL:MB>FH=>EE>G A>>?M F>G >>G >>NP @>E>=>G :E HGM=>DM AH> A:G=B@ >G >? <BeGM A>M BL HF SNED> MBC=KHO>G=> OK:@>G >G M:D>G BGM>KG NBM M> ;>LM>=>G "HH@@>DP:EB <>>K=> D>GGBLP>KD>KL DNGG>G

-'

) <403 7 - ) :%2 / ) 2 2 - 732 8 ; - / /) 0- 2 + ) 2 - 2 23:%8 -)

;BGG>G ANG HK@:GBL:MB>L O::D >>G ;>KH>I =H>G HI >>G E>@>K O:G L><K>M:K>L

L>L :LLBLM>GM>G LM:?:?=>EBG@>G >G =>>ELI><B:EBLM>G 4>E?LM:G=B@ P>KD>G=> IKH?>LLBHG:EL HGM;>>K=>G =HHK@::GL =>S> HG=>KLM>NGBG@ >G FH>LM>G :EE>L S>E? =H>G 0HHK => >>G P:L =BM >>G IENLINGM => <A:KF> O:G => HG:?A:GD>

EBCDA>B= >G F>>K :?PBLL>EBG@ BG => P>KDS::FA>=>G 0HHK => :G=>K P:L A>M CNBLM >>G FBGINGM GH=>EHHL O>KFH>B>G= HIHGMAHN= O:G => AHH?=P>KD

S::FA>=>G 0HHK F>GB@ @>LI><B:EBL>>K= D>GGBLP>KD>K P:L => ::GP>SB@

A>B= O:G HG=>KLM>NG>G=> ANEIMKH>I>G >>G O:G => ;>E:G@KBCDLM> :K@NF>G

M>G HF EB>O>K BG =B>GLM O:G >>G HK@:GBL:MB> M> P>KD>G #G => ANB=B@> ><HGHFB> SB>G P> >>G IKH<>GMN>>E LM>KD> LMBC@BG@ O:G A>M ::GM:E S>E?LM:G=B@>G SHG=>K I>KLHG>>E SSI >KL H? ;>M>K @>S>@= SI >KL S>E?LM:G=B@> IKH?>LLBHG:EL #GFB==>EL SBCG A>M >K :E F>>K =:G >G O>>E@>AHHK=> FBLO:MMBG@ BL =:M =>S> SI >KL >>GEBG@>G SHN=>G SBCG #G CNKB

=BL<A> SBG PbE F::K BG IK:DMBL<A> SBG O>K>GB@>G SBC SB<A LM>>=L F>>K >G P>KD>G S> LM>>=L F>>K L:F>G F>M >ED::K -HFL HG=>K bbG ?HKF>E> OE:@ F::K OHHK:E BG M:EEHS> BG?HKF>E> G>MP>KD>G P::KBG O>>E D>GGBL PHK=M @>=>>E= MBIL PHK=>G NBM@>PBLL>E= >G DHKMLMHG=B@> L:F>GP>KDBG@LO>K;:G

=>G HI IKHC><M;:LBL PHK=>G @>LF>>= > @KH>I SI >KL BL LM>>=L FBG=>K >>G O>KS:F>EBG@ >>GEBG@>G >G PHK=M LM>>=L F>>K >>G SP>KF ">M BL =::KHF M> O>KP:<AM>G =:M @KH>I>G SI >KL => DHF>G=> C:K>G => ><HGHFBL<A> F:<AMLIHLBMB> O:G => MK:=BMBHG>E> HK@:GBL:

MB>LMKN<MNK>G SNEE>G ;>=K>B@>G -:F>GP>KD>G=> SI >KL SBCG >QB;>E>K =:G ABeK:K<ABL<A> HK@:GBL:MB>L >G A>;;>G FBG=>K HO>KA>:= SH=:M ANG DHLMIKBCL E:@>K D:G SBCG -:F>GP>K

D>G=> SI >KL SBCG @>FB==>E= @>FHMBO>>K=>K =HHK=:M S> OKBCPBEEB@ NBM >B@>G D>NS> F>>P>KD>G ::G >>G MBC=>EBCD L:F>GP>KDBG@LIKHC><M M>KPBCE ;BGG>G ABeK:K<ABL<A> HK@:GBL:MB>L => F>=>P>KD>KL HO>K A>M :E@>F>>G M:D>G O:G ;HO>G:? DKBC@>G MH>;>=>>E= SH=:M >>G =>>E O:G => F>=>P>KD>KL BG F>>K H? FBG=>K> F:M> F>M M>@>GSBG P>KDM >G :G=>K ;>E:G@KBCD :LI><M BL =:M A>M F:D>G O:G ?HNM>G BG >>G MK:=BMBH

G>E> HK@:GBL:MB> L<A:=>EBCD BL OHHK C> <:KKBcK> K>=>G OHHK O>>E F>GL>G HF @>>G KBLB<H L M> G>F>G .>KPBCE =BM OHHK GB>NP> HGM=>DDBG@>G >G HGMPBDD>

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

INGM :GDSBC => G>MP>KD >G BG?HKF:MB>L:F>GE>OBG@ ;>L<ABDD>G => SH@>

-(

) %7 ='6%8- )

G::F=> >>GEBG@>G HO>K G>M SHO>>E D>GGBL >G O::K=B@A>=>G :EL >>G @KHM> HK@:GBL:MB> -M>KD>K GH@ =B> D>GGBL BL HO>K A>M :E@>F>>G O:G >>G DP:EBM:

MB>? AH@>K GBO>:N =HHK=:M A>M => OKBC LMKHF>G=> OAK<GE G> ;JGO<K BL M>KPBCE => <HEE><MB>O> D>GGBL ;BGG>G >>G MK:=BMBHG>E> ABeK:K<ABL<A> HK@:GBL:MB> OHHK >>G BGD =>>E @> EM>K=> BG?HKF:MB> BL =B> O:G ;HO>G:? BL @>LMNNK=

E@<LN< JD<<IFC@<1 JF:@8C :8G@K8C @E GC88KJ M8E ><C; > MK:=BMBHG>E> ABeK:K<ABL<A> HK@:GBL:MB>L SNEE>G LM>>=L O:D>K M> F:D>G DKBC@>G F>M L>KB>NS> <HG<NKK>GMB> O:G SP>KF>G SI >KL )F =B> <HG<NKK>G

MB> A>M AHH?= M> DNGG>G ;B>=>G SBM >K OHHK => MK:=BMBHG>E> ;>=KBCO>G GB>ML :G=>KL HI =:G => ;NK>:N<K:MB> M> E:M>G OB>K>G >G >>G F>>K >:LR<K:MBL<A> ;>=KBC?LLMKN<MNNK BG M> OH>K>G G HF AR;KB=> L:F>GP>KDBG@LFH=>EE>G M> HGMPBDD>E>G MNLL>G MK:=BMBHG>E> HK@:GBL:MB>L >G <ENLM>KL O:G S>E?LM:G=B@> IKH?>LLBHG:EL >S> AR;KB=> HK@:GBL:MB>FH=>EE>G A>;;>G P>EEB<AM >>G @KHM> MH>DHFLM HF=:M =::KBG ;>B=> I:KMBC>G MH>@>OH>@=> P::K=> DNGG>G E>O>

K>G 1:GM IKHC><M>G P::K::G O>>E S>E?LM:G=B@> BG=BOB=N>G L:F>GP>KD>G @::G O::D @>I::K= F>M <HFIE>Q> ;>A>>KLIKH;E>F>G HI :=FBGBLMK:MB>? CNKB=BL<A >G G:G<B>>E @>;B>= G =BM BL ;BC NBMLM>D A>M M>KK>BG P::K => MK:=B

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

M>G= ;>SB@ F>M => P>KDG>F>KL =B> BG =B>GLM SBCG >G PHK=M >K >>G LMKBDM ?HK

F>>E CNKB=BL<A HG=>KL<A>B= @>F::DM F>M >QM>KG> F>=>P>KD>KL > >QM>KG> :K;>B=LDK:<AM>G A>;;>G =HHK@::GL >>G S>E?=> LM:MNL :EL E>O>K:G<B>KL > OK::@ BL BG AH>O>KK> =:M LMKBDM> HG=>KL<A>B= GH@ O:G =>S> MBC= BL )I A>M @>;B>= O:G P>KDS::FA>=>G >G BGM>KG> P>KDO>KAHN=BG@ EBCD>G => >QM>KG> F>=>P>KD>KL F>>LM:E O>>E F>>K HI P>KDG>F>KL BG EHHG=B>GLM =:G HI E>O>

K:G<B>KL )K@:GBL:MB>L =B> SB<A PBEE>G OHHK;>K>B=>G HI >>G MH>DHFLM F>M F>>K AR;KB=> L:F>GP>KDBG@LFH=>EE>G MNLL>G HK@:GBL:MB>L >G SI >KL =H>G >K @H>= ::G HF GN :E OHKF>G O:G LH<B::E ;>E>B= M> HGMPBDD>E>G OHHK ANG >QM>KG> F>=>P>KD>KL G HF >>G @H>=> K>INM:MB> M> O>KP>KO>G ;BGG>G =BM :KL>G::E O:G MH>DHFLMB@> :K;>B=LDK:<AM>G ">M MK:=BMBHG>E> BGLMKNF>GM

-)

) <403 7 - ) :%2 / ) 2 2 - 732 8 ; - / /) 0- 2 + ) 2 - 2 23:%8 -)

AB>KOHHK P:L :EMBC= :K;>B=LF:KDM<HFFNGB<:MB> )K@:GBL:MB>L =B> BGO>LM>>K

=>G BG ::GEHDD>EBCD> I>KLHG>>EL:=O>KM>GMB>L >G @H>=> IK LMHG=>G AHH@ HI => EBCLMC>L O:G IHINE:BK> P>KD@>O>KL >G HI=K:<AM@>O>KL > DK:<AM O:G =BM BGLMKNF>GM G>>FM ><AM>K :? GN ;BGG>G BG?HKF>E> G>MP>KD>G LM>>=L F>>K >G @>F:DD>EBCD>K >KO:KBG@>G PHK=>G NBM@>PBLL>E= 0B: G>MP>KD>G :EL .PBM

M>K PHK=>G OK:@>G @>LM>E= :EL #L =B>GLMO>KE>G>K 2 <:I:;>E BL P>KD@>O>K 3 ;>MKHNP;::K BL HI=K:<AM@>O>K 4 DK>=B>MP::K=B@ G AH> LG>E ;>M::EM ABC SBCG ?:<MNK>G 1> OHHKSB>G =::KHF >>G O>KL<ANBOBG@ O:G :K;>B=LF:KDM

<HFFNGB<:MB> G::K :K;>B=LF:KDMK>INM:MB> G AB>K PHK=M => ;>M>D>GBL O:G LH<B::E D:IBM::E SB<AM;::K ">M PHK=M LM>>=L ;>E:G@KBCD>K HF >>G @H>=> K>INM:MB> M> A>;;>G G =:M @>E=M GB>M :EE>>G OHHK :K;>B=LF:KDM<HFFNGB<:MB> F::K OHHK :EE> <HFF>K<BeE> <HF

FNGB<:MB> #G => > >>NP P:L >>G @H>=> K><E:F><:FI:@G> O::D :E @>GH>@ HF A>M BF:@H M> O>LMB@>G >D>G= O:G MO P:L O>>E:E OHE=H>G=> ::G;>O>

EBG@ #G => > >>NP LM>EM => <HGLNF>GM SBCG BG?HKF:MB>OK:@>G BG SBCG G>M

P>KD>G >G <HGLNF>GM =B> G>@:MB>O> K>:<MB>L DKBC@M :EL ABC F>E=M =:M ABC HI A>M INGM LM::M HF >>G :;HGG>F>GM :? M> LENBM>G ;BC IKHOB=>K 2 ;>=>GDM SB<A FBLL<AB>G P>E '::K :EL BG?HKF>E> G>MP>KD>G ?NG@>K>G :EL :EM>KG:MB>? OHHK => L><K>M:

K>LL> >G => <HGLNEM:GM AH> PHK=M =B> L><K>M:K>LL> H? <HGLNEM:GM =:G ;>M::E= #G => HN=> ><HGHFB> P:L @>E= AbM ;>M::EFB==>E .>@>GHO>K >ED> M::D =B> => HK@:GBL:MB> EB>M NBMOH>K>G LMHG= BG IKBG<BI> >>G L:E:KBL H? >>G ?:<MNNK !>E= P:L A>M LF>>KFB==>E O:G => ><HGHFB> #G BG?HKF>E> G>MP>K

D>G BL @>E= >>G OKBC HG@>;KNBD>EBCD ;>M::EFB==>E B>GLM>G :=OB>S>G >G ANEI PHK=>G ;BGG>G A>M G>MP>KD GHKF::E@>LIKHD>G @K:MBL @>E>O>K= E P:L A>M :EE>>G F::K HF=:M A>M O>>E M> O>>E :=FBGBLMK:MB>O> KHFILEHFI HIE>O>KM HF >>G ?:<MNNKMC> M> LMNK>G OHHK >ED> O>KKB<AM> =>>EM::D BM BL >>G IKBG<BIBeE> ;K>ND F>M => @>PHHGM>L ;BGG>G => MK:=BMBHG>>E ABeK:K<ABL<A> ><HGHFB> )I ;:LBL O:G => MK:=BMBHG>E> NBM@:G@LINGM>G SHN F>G =>GD>G =:M ;>M:EBG@ =:G HI SBCG FBGLM BG G:MNK: IE::ML SHN OBG=>G B>GLM >G P>=>K=B>GLM '::K HHD =:M BL O>>E M> HFLE:<AMB@ SH ;E>>D :E LG>E BG => IK:D

MBCD ">M OK::@M M> O>>E O:G A>M MH>O:E =:M OK::@ >G ::G;H= O:G =>>EM::DC>L K><AMLMK>>DL HI >ED::K SHN=>G SBCG :?@>LM>F= '::K =:M AH>?M HHD GB>M P:GM => BG?HKF>E> G>MP>KD>G A>;;>G LI>E>G

=>KPBCL >>G @>A>>E GB>NP ;>M::EFB==>E NBM@>OHG=>G 1AN? > B>GLM>G >G P>=>K=B>GLM>G PHK=>G GB>M K><AMLMK>>DL :?@>K>D>G= F::K OB: A>M G>MP>KD ">M ;>M::EFB==>E BL GB>M F>>K @>E= F::K LH<B::E D:IBM::E 1B> @>>?M ;BGG>G SBCG G>MP>KD >G P::K=>OHE BL OHHK :G=>K>G O>K=B>GM =::KF>> :NMHF:MBL<A 1AN? > SBCG K>INM:MB> @KH>BM >G ABC PHK=M AB>K=HHK >E=>KL ;BGG>G A>M G>M

P>KD P>>K M>KN@;>M::E= #G=BOB=N>G ;BGG>G G>MP>KD>G FH>M>G BG => @:M>G AHN=>G =:M S> @>O>G >G G>F>G K>=>EBCD BG >O>GPB<AM AHN=>G HF ANG D:LOHHKK::= 1AN? > HI I>BE M> AHN=>G ">M E>ND> AB>KO:G BL =:M =BM SHG=>K

-*

) %7 ='6%8- )

:=FBGBLMK:MB>DHLM>G @::M P:GM GB>F:G= AHN=M >>G H? <BeE> ;H>DAHN=BG@ ;BC G =::K=HHK BL 1AN? > => F>>LM >? <B>GM> OHKF O:G ;>M:EBG@LO>KD>>K 1AN? > BL GB>M BG @>M:EE>G NBM M> =KNDD>G )GF>>M;:K> =BF>GLB>L :EL ::K=B@ ;>MKHNP;::K ANEIO::K=B@ LEBF >G @>=>@>G LI>E>G >>G KHE BG B>F:G=L 1AN? > G OHHK => =NB=>EBCDA>B= 1AN? > BL IKH<>GM ;>E:L

MBG@OKBC

D@:IFAF9J '>M A>M HGMLM::G O:G =B@BM:E> G>MP>KD>G P::K 1AN? > A>M ;>M::EFB==>E BL PHK=>G HG@>F>KDM HHD MH>DHFLMB@> IE:M?HKF>G @><K>e>K= P::KHI >>G GB>NP ><HGHFBL<A O>KL<ABCGL>E SHN DNGG>G HK>K>G FB<KHCH;L 1>KDG>F>KL =B> BG EHHG=B>GLM ANG MBC= KNBE>G OHHK @>E= A>;;>G >>G ;>I::E= M:D>GI:DD>M -HFL DNGG>G S> >>G =>>E O:G =B> =:@>EBCDL> M:D>G =>E>@>K>G ::G :G=>K>G ;BGG>G => HK@:GBL:MB> '>>LM:E D:G :EE>>G A>M F:G:@>F>GM SB<A =:M O>KHHKEHO>G EL => F:G:@>K >NKH I>K NNK O>K

=B>GM >G => :LLBLM>GM O>K=B>GM >NKH I>K NNK =:G ;>M>D>GM =>S> :K;>B=L

A>KO>K=>EBG@ >>G MH>G:F> O:G => >? <B>G<R ED @>=>E>@>>K= NNKMC> P>KD E>O>KM => HK@:GBL:MB> =:G >NKH HI '::K HHD => :LLBLM>GM =B> >NKH I>K NNK DHLM OH>KM =:@>EBCDL O>E> >>GOHN=B@> KHNMBG>M:D>G NBM >S> M:D>G SHN=>G NBM;>LM>>= DNGG>G PHK=>G ::G L<AHEB>K>G ::G => ;NNKF:G H? ::G B>F:G= BG #G=B: ">M @::M =:G HF M:D>G =B> >>G I::K >NKH I>K NNK P::K= SBCG SH:EL A>M BGOH>K>G O:G I:IB>K>G OBLBM>D::KMC>L BG >>G LRLM>>F OHHK >E>DMKHGBL<A> OBLBM>D::KMC>L H? A>M BGDEHII>G O:G ;HGG>MC>L #G => MK:=BMBHG>E> ABeK:K<ABL<A> HK@:GBL:MB>L @>;>NKM =BM S>E=>G HF=:M F>G P>>M =:M => DHLM>G O:G => NBM;>LM>=BG@ O>>E @KHM>K SBCG =:G => HI;K>G@LM>G '::K => ;:E:GL O:G DHLM>G >G HI;K>G@LM>G SHN ;BGG>G DHKM> MBC= P>E >>GL G::K => :G=>K> D:GM DNGG>G =HHKLE::G (::KF:M> => =B@BM:E> G>MP>KD>G @KH>B>G >G O>K;>M>K>G PHK=M A>M LM>>=L @>F:DD>EBCD>K HF ;BGG>G =B> G>MP>KD>G M> P>KO>G ">M IE::ML>G O:G bbG HIKH>IC> AH>?M F::K >>G FBGNNM MBC= M> DHLM>G >G D:G :E OHE=H>G=> K>LIHGL HIE>O>K>G > DHLM

IKBCL O:G => P>KOBG@ G:=>KM => GNE )F=:M LM>>=L F>>K M:D>G @>=B@BM:EB

L>>K= SBCG O>KO:EM => GHH=S::D O:G => ?RLB>D> O>KIE::MLBG@ > DHLM>GIHLM K>BLMBC= >G K>BLDHLM>G O>KO:EM =:G EL O>KOHE@>GL HHD GH@ => ;>EHGBG@ :?@>

A:G=>E= D:G PHK=>G ;BGG>G =B> G>MP>KD>G =:G SBCG :EE> DHLM>GIHLM>G OKBC

P>E MHM GNE @>K>=N<>>K= G =::KF>> BL =:G A>M I:= @>e??>G= OHHK >>G BG@KBCI>G=> A>KO>K=>EBG@ O:G :K;>B=

C88K ;< BC8EK<E ?<K N<IB ;F<E > @KHHMLM> IKH?>>M O:G A>M O>KL<ABCGL>E FB<KHCH;L BL FBLL<AB>G P>E .BFH

MAR >KKBLL =B> => ;>LML>EE>KEBCLM>G A::E=> F>M SBCG ;H>D = MJA?= O=JCO==C 0HHK => @H>=> HK=> =BM BL @>>G L<B>G<> <MBHGKHF:G A>M ;H>D PHK=M NBM@>

@>O>G BG => <:M>@HKB> GHG <MB> >KKBLL BL >KO:G HO>KMNB@= =:M B>=>K>>G =B>

-+

) <403 7 - ) :%2 / ) 2 2 - 732 8 ; - / /) 0- 2 + ) 2 - 2 23:%8 -)

=:M ><AM PBE P>KD@>O>K bG P>KDG>F>K SBCG P>KDP>>D D:G M>KN@;K>G@>G MHM OB>K NNK >G MH<A OHE=H>G=> D:G O>K=B>G>G HF >>G K>E:MB>? ENQ>E>O>G M> E>B=>G BM DNG C> ;>K>BD>G =HHK A>M @KHHMLM> =>>E O:G C> P>KD NBM M> ;>LM>

=>G >G SH O>>E FH@>EBCD M:D>G M> >EBFBG>K>G H? M> :NMHF:MBL>K>G :E=NL >KKBLL .:D>GK>>DL>G >G SP>KF=>GD>G BG K>E:MB> MHM P>KD BL >>G GH@ K>=>EBCD HGHGM@HGG>G M>KK>BG 4>D>K BG => <HKIHK:M> P>K>E= PHK=M AB>K F>>LM:E HG@>EHOB@ >G >>G ;>>MC> E:<A>KB@ HI @>K>:@>>K= '::K >K SBCG MH<A :E M:EEHS> MK:=BMBHG>E> HK@:GBL:MB>L =B> >>G ::GM:E O:G ANG DE:LLB>D> M:D>G A>;;>G NBM

;>LM>>= ::G => SP>KF G:F>EBCD =HHK ANG DE:GM>G A>M P>KD M> E:M>G =H>G 0B: P>;:IIEB<:MB>L AHN=>G AHG=>K==NBS>G=>G DE:GM>G ANG >B@>G DE:GM@>

@>O>GL NI MH =:M> :M BL L::B :=FBGBLMK:MB>? P>KD =:M OHHKA>>G =HHK => HK@:GBL:MB>L S>E? P>K= NBM@>OH>K= > F>M>KHIG>F>KL AH>O>G FBG=>K HI I:= HF=:M => DE:GM S>E? SBCG F>M>KLM:G= =HHK@>>?M ">M K>BL;NK>:N AH>?M @>>G MB<D>ML F>>K NBM M> IKBGM>G >G IHLMDE::K M> F:D>G G => LNI>KF:KDM D:G F>M FBG=>K <:BLLBcK>L MH> =HHK=:M >>G =>>E O:G => DE:GM>G @>PHHG S>E? SBCG ;HH=L<A:II>G L<:GM

KN@KK<I 8CJ E@<LNJ9IFE EL HI ?>;KN:KB >>G .NKDL OEB>@MNB@ G>>KLMHKM BG >>G P>BE:G= G::LM -<ABIAHE BL .PBMM>K A>M >>KLM> <HFFNGB<:MB>F>=BNF P::K =:M GB>NPL PHK=M @>F>E= (B>M SH O>KPHG=>KEBCD P:GM A>M .PBMM>KG>MP>KD BL @KHM>K =:G A>M @>S:F>GEBCD> <HKK>LIHG=>GM>GG>MP>KD O:G :EE> K>@NEB>K> GB>NPL

F>=B: M>S:F>G NL => D:GL =:M >>G MPBMM>K::K :EL >>KLM> M>K IE::ML> BL H? =:M >>G O:G => HO>KE>O>G=>G NBM A>M G>>K@>LMHKM> OEB>@MNB@ =BK><M A>M MANBL

?KHGM ;>EM P::K >>G MPBMM>K>G= ?:FBEB>EB= A>M GB>NPL P>K>E=DNG=B@ F::DM BL @KHM>K =:G => D:GL =:M >>G CHNKG:EBLM O:G >>G DK:GM H? A>M CHNKG::E >K;H

O>GHI SBM ,NBF MP>> F::G=>G E:M>K P:L >K >>G ::GLE:@ MBC=>GL => DHGBG

@BGG>=:@OB>KBG@ BG I>E=HHKG P::K;BC >>G :NMHFH;BEBLM HI => F>GB@M> BGK>>= >G S>L F>GL>G =HH==> :@;E:= .KHNP DHIM =::KG: HI => HIBGB>I:

@BG: G P>>K P:L .PBMM>K => >>KLM> 4H:EL A>M F:D>G O:G >G<R<EHI>=B>eG GB>M E:G@>K A>M FHGHIHEB> BL O:G => 1BGDE>K *KBGL>G O:G =>S> P>K>E= F::K =>>EL BL HO>K@>GHF>G =HHK => SP>KF SH DKBC@>G HHD => MK:=BMBHG>E> GB>NPLF>=B: LM>>=L G:=KNDD>EBCD>K M> F:D>G F>M => SP>KF :EL :EM>KG:MB>O> GB>NPL;KHG > LG>EA>B= O:G => GB>NPLOHHKSB>GBG@ EBCDM HGHFD>>K;::K O>K@KHHM > >>KLM> OK::@ =B> =:G F>>LM:E @>LM>E= PHK=M BL >M>D>GM =:M =:G GB>M >>G >GHKF> :<AM>KNBM@:G@ BG DP:EBM>BM '>=B:P:M<A>KL =B> HI %HGBG@BGG>=:@ M>@>EBCD => O>KLE:@@>OBG@ HI => G:MBHG:E> MO S>G=>KL bG OB: SP>KF>G :EL .PBMM>K >G !>>G-MBCE A>;;>G @>OHE@= S:@>G ><AM>K =:M => GB>NPLO>K

LMK>DDBG@ OB: => H? <BeE> D:G:E>G OHHKM=NK>G= :<AM>KE:@ #G >>G EBO> HI MO NBM@>SHG=>G I>KL<HG?>K>GMB> P>K=>G ?>BM>G @>IK>L>GM>>K= :EL E::MLM>

-,

) %7 ='6%8- )

GB>NPL =B> :E NK>G =::KOHHK HI .PBMM>K >G !>>G-MBCE ;>D>G= P:K>G >G AH@> IHEBMB>:F;M>G::K F::DM> ;BCOHHK;>>E= H? <B>>E ;>D>G= =:M >K >>G C:KB@> O>K=:<AM> P:L @>:KK>LM>>K= M>KPBCE G::F >G MH>G::F O:G => =:=>K BG<ENLB>? ?HMH L O:G => ANBLSH>DBG@ HI A>M ANBL:=K>L O:G => =:=>K :EE:G@ HI BGM>KG>M <BK<NE>>K=>G )IO:EE>G= P:L A>M @>;KNBD O:G A>M PHHK= O>K=:<AM> M>@>GHO>K A>M PHHK= =:=>K 0>K=:<AM> BL MRIBL<A M::E@>;KNBD O:G => ABeK:K<AB> *HEBMB>

PHHK=OH>K=>KL >G CNLMBMB>F>=>P>KD>KL BL ;>KH>ILA:EO> D>GG>EBCD SH NBM

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

I>=B: PHK=M ?HNMB>O> BG?HKF:MB> F>>LM:E LG>E @><HKKB@>>K= K MK>>=M :NMH

F:MBL<A >>G S>E?K>BGB@>G= F><A:GBLF> HI O:G ;BGG>G NBM => SP>KF

;< DPK?< M8E ;< F9A<:K@<M< N<K<EJ:?8G #G => > >>NP BL => P>M>GL<A:I NBM@>@KH>B= MHM => ;>E:G@KBCDLM> ;KHG O:G GB>NP> D>GGBL >G ;KHG =B> :EE> :G=>K> D>GGBL;KHGG>G BG => L<A:=NP LM>EM EL => F:G:@>KL O:G => L:F>GE>OBG@ => IHEBMB<B >G => MHI:F;M>G:

K>G HO>K >>G F::ML<A:II>EBCD OK::@LMND =BL<NLLBeK>G >BG=B@>G =B> =BL<NL

LB>L O::D F>M => <HG<ENLB> =:M G:=>K P>M>GL<A:II>EBCD HG=>KSH>D O>K>BLM BL G P:GG>>K BG => ;H:K=KHHF O>K@:=>K= PHK=M HO>K => E:G<>KBG@ O:G F>KD 2 =NNKM A>M F>>LM:E GB>M E:G@ OHHK => OK::@ HI M:?>E DHFM %NGG>G P> HHD P>M>GL<A:II>EBCD ;>PBCS>G =:M F>KD 2 ;>M>K BL =:G A>M ;>LM::G=> F>KD 3 > P>M>GL<A:I BL ;BCG: A>BEB@ O>KDE::K= > F>GLA>B= BL HI SH>D G::K => P::KA>B= >G => P>M>GL<A:I E>O>KM =:M@>G> P::KG::K PBC HI SH>D SBCG 1:GM BG A>M <HEE><MB>O> @>=:<AM>G@H>= O:G => P>LM>KL> L:F>GE>OBG@ BL A>M >K <HG

L>JN>GM BG@>A:F>K= => P>M>GL<A:I BL H;C><MB>? => P>M>GL<A:I E>O>KM => P::KA>B= >G FRMA> BL @>L<A:I>G '::K PB> =B> FRMA> EHLE::M >G HG;>O:G@>G H;L>KO>>KM P:M P>M>GL<A:I =::=P>KD>EBCD BL D:G A::LM GB>M :G=>KL <HG<EN=>K>G =:G =:M => P>M>GL<A:I HI SBCG ;>LM >>G @H>=;>=H>E=> IH@BG@ =H>M MHM A>M OHHKM;K>G@>G O:G H;C><

MB>O> D>GGBL #G => IK:DMBCD BL => P>M>GL<A:I ><AM>K O>KK> O:G P::K=>OKBC > H;C><MB>O> P>M>GL<A:II>EBCD> D>GGBL PHK=M BFF>KL @>IKH=N<>>K= =HHK NGBO>KLBM>BM>G =B> @>EB>>K= SBCG ::G @>EHH?LHO>KMNB@BG@>G >G ::G IHEBMB>D>

--

) <403 7 - ) :%2 / ) 2 2 - 732 8 ; - / /) 0- 2 + ) 2 - 2 23:%8 -)

LMKHFBG@>G > OHHKM@>;K:<AM> P>M>GL<A:II>EBCD> D>GGBL BL HG=>KA>OB@ ::G FH=> >G ::G => MBC=@>>LM =B> BG NBLM>KM P:M IHEBMB>D <HKK><M BL 1>M>G

L<A:II>EBCD> BGLMBMNM>G SBCG OHHK ANG OHHKM;>LM::G G:G<B>>E :?A:GD>EBCD O:G =>K=>G >G =>S> :?A:GD>EBCDA>B= A>>?M >>G GB>M M> HG=>KL<A:MM>G BGOEH>= HI SHP>E => KB<AMBG@ :EL => NBMDHFLM>G O:G P>M>GL<A:II>EBCD HG=>KSH>D )GS> H;L>KO:MB> O:G AH> => P>M>GL<A:I BG => > >>NP ?NG<MBHG>>K=> O:MM>G P> :EL OHE@M L:F>G >G O:GS>E?LIK>D>G= BL kkD =>S> L:F>GO:MMBG@ LN;C><MB>? 1>M>GL<A:II>EBCD> D>GGBL PHK=M OHHK:E OHHKM@>;K:<AM =HHK HK@:GBL:

MB>L NGBO>KLBM>BM>G ?:<NEM>BM>G O:D@KH>I>G >S> HK@:GBL:MB>L SBCG M:F>EBCD ABeK:K<ABL<A O:G LMKN<MNNK > ABeK:K<AB> A>>?M O>>E BGOEH>= HI => K>LNEM:M>G O:G P>M>GL<A:II>EBCD HG=>KSH>D > :?SHG=>KEBCD> HK@:GBL:MB>L SBCG GH@:E @>iLHE>>K= K BL K>E:MB>? S>>K P>BGB@ K><AMLMK>>DL> D>GGBLNBMPBLL>EBG@ MNLL>G => >G> ?:<NEM>BM >G => :G=>K> H? MNLL>G A>M >G> O:D@>;B>= >G A>M :G=>K> > HK@:GBL:MB>OHKF LMBFNE>>KM =B> D>GGBLNBMPBLL>EBG@ HHD GB>M F::K P>KDM >>K=>K ;>E>FF>K>G= HI DKNBL;>LMNBOBG@ > ;>LM> HIEHLLBG@ BG >>G O:D@>;B>= DHFM O::D NBM >>G :G=>K O:D@>;B>= ">M F>=BNF P::KE:G@L => D>GGBL @>MK:GLIHKM>>K= PHK=M BL ;BCG: NBM

LENBM>G= A>M @>=KNDM> I:IB>K ;H>D>G >G P>M>GL<A:II>EBCD> :KMBD>E>G :M F>=BNF BL S>>K O>KMK:@>G= K @::G O::D C:K>G HO>KA>>G OHHK=:M GB>NP> BGSB<AM>G PBC= O>KLIK>B= SBCG '>M => DHFLM O:G => G>MP>KD >G BG?HKF:MB>L:F>GE>OBG@ BL =BM IKH=N<MB>

IKH<>L O:G P>M>GL<A:II>EBCD> D>GGBL K:=B<::E O>K:G=>K= > BG=BOB=N>E> =>>EG>F>KL ::G A>M P>M>GL<A:II>EBCD IKH<>L O:G LMN=>GM MHM AHH@E>K::K SBCG LM>>=L F>>K F>M >ED::K O>K;HG=>G E:G@L M:EEHS> G>MP>KD>G > =HHK

LMKHHFLG>EA>B= O:G D>GGBL O:G GB>NP> B=>>eG >G BGSB<AM>G BL >QIHG>GMB

>>E MH>@>GHF>G %>GGBL PHK=M OHHKG:F>EBCD O>KLIK>B= BG => OHKF O:G =B@BM:E> ;>LM:G=>G ">M @>=KNDM> I:IB>K P>KDM GB>M E:G@>K O>KMK:@>G= > MK:GLIHKMDHLM>G SBCG GBABE SH=:M B>=>K> =>>EG>F>K OKBCNBM >G HI >B@>G BGB

MB:MB>? HG@><HGMKHE>>K= D>GGBL D:G O>KLIK>B=>G ">M BL GB>M E:G@>K => ABe

K:K<AB> =B> ;>I::EM PbED> D>GGBL PHK=M O>KLIK>B= >G P[GG>>K >G ::G Pf> => D>GGBL PHK=M @>MK:GLIHKM>>K= %>GGBL O>KLIK>B=M SB<A GB>M E:G@>K E:G@L EBG>:BK> EBCG>G ;BGG>G => D:=>KL =B> :NMHF:MBL<A OHHKMDP:F>G NBM => ABeK:K<ABL<A> HK@:GBL:MB>

LMKN<MNNK > P>M>GL<A:II>EBCD> D>GGBL NBM => OHKB@> >>NP ;E>>? @KHM>G

=>>EL LM>D>G ;BGG>G >>G ?:<NEM>BM H? ;BGG>G >>G P>M>GL<A:II>EBCD O:D@>

-.

) %7 ='6%8- )

;B>= #G => G>MP>KD >G BG?HKF:MB>L:F>GE>OBG@ PHK=>G =B> @K>GS>G :NMHF:MBL<A HO>KL<AK>=>G ::K=HHK HGMLM::M O>>E GB>NP> D>GGBL HI A>M K::DOE:D O:G O:D@>;B>=>G H? PHK=M ;BGG>G >>G ;>LM::G= O:D@>;B>= >>G ;::G;K>D>G=> OHHKNBM@:G@ @>;H>DM =:GDSBC => GB>NP BG@>;K:<AM> >QI>KMBL> NBM >>G A>>E :G=>K P>M>G

L<A:II>EBCD O:D@>;B>= > LG>EA>B= O:G => D>GGBLO>KLIK>B=BG@ G>>FM >QIHG>GMB>>E MH> >O>G:EL => AH>O>>EA>B= D>GGBL => EH@BL<A> O>KOHE@LM:I BL =:M HHD => AH>O>>EA>B= BGGHO:MB>L >G => LG>EA>B= P::KF>> S> PHK=>G BG@>OH>K= => DHF>G=> =><>GGB: >QIHG>GMB>>E SNEE>G MH>G>F>G ">M @::M =::K;BC HF BGGHO:MB>L BG => ;K>>=LM> SBG =>L PHHK=L =NL GB>M :EE>>G M><AGHEH@BL<A> F::K OHHK:E HHD HK@:GBL:MHKBL<A> F::ML<A:II>EBCD> >G ;>=KBC?L><HGHFBL<A> BGGHO:MB>L #G => OHKB@> >>NP A>;;>G P> @>E>>K= =:M O>K:G=>KBG@>G O::D FBG=>K LG>E O>KEB>I>G =:G OHHK:? ::G@>DHG=B@= '::K =HHK=:M GN A>M HG=>KEB@@>G=> IKH<>L O:G => D>GGL<BK<NE:MB> K:=B<::E BL O>K:G=>K= SHN=>G => O>K:G=>KBG

@>G =>S> >>NP P>E >>GL O>>E LG>EE>K >G BG@KBCI>G=>K DNGG>G @::G IE::ML OBG=>G =:G A>M O>K:G=>KBG@LM>FIH =:M P> @>P>G= SBCG

B\ee`j`eefmXk`\1 mXe m\\ik`^ aXXi eXXi m\\ik`^ [X^\e ª)YVIOE « VMIT %VGLMQIHIW XSIR LMN ^MXXIRH MR FEH LIX ZIVFERH SRXHIOXI XYWWIR HI ST[EEVXWI OVEGLX ZER LIX [EXIV IR HI QEWWE IR LIX ZSPYQI ZER IIR SRHIVKIHSQTIPH ZSSV[IVT ,IX ^MNR ZEEO HI MRKIZMRKIR ZER IIR IROIP FVMPNERX MRHMZMHY HMI EER HI FEWMW WXEER ZER RMIY[I [IXIRWGLETTI PMNOI OIRRMW ,IX FIKMRX MR FEH IR LIX IMRHMKX QIX HI EPKIQIIR IVOIRHI EGGITXEXMI ZER HI [IX ZER %VGLMQIHIW 1EEV HEEV ^MX [EX XMNH XYWWIR XYWWIR HMI X[II QSQIRXIR ,SI ZIVKMRK LIX HI %VGLMQIHIWIR ZER HI I IIY[# ,SI PERK OER LIX HYVIR ZSSVHEX HI SSVWTVSROIPMNOI FVMPNERXI MRKIZMRK MW KIXVERWJSVQIIVH XSX EPKIQIIR EERZEEVHI OIRRMW# (EX PI^IR [I MR HI ´GXMIZI QIXEJSVMWGLI EYXSFMSKVE´I ZER HI ZSPPIHMK YMX HI HYMQ KI^SKIR .ER ,IRHVMO 7XSIPXMRKE

KIFSVIR HMI ST NEVMKI PIIJXMNH FMN XSIZEP SRXHIOXI HEX LIX HEKI PMNOW RYXXMKIR ZER IIR VEY[I [SVXIP IIR ST^MIRFEVIRHI WXMNKMRK ZER HI EVFIMHWTVSHYGXMZMXIMX XSX KIZSPK LEH (I NSRKI SRHIV^SIOIV ZSIVHI [EX I\TIVMQIRXNIW YMX FMN ^MGL^IPJ IR FMN ERHIVIR IR ZSRH WXIIHW [IIV HI FIZIWXMKMRK ZER ^MNR [SRHIVFEEVPMNOI L]TSXLIWI 7XSIPXMRKE LEH RSK IIR JVMWWI SRFIHSVZIR OMNO ST LIX PIZIR ,MN [MPHI RMIX VMNO [SVHIR QIX HI ZIVOSST ZER IIR SJ ERHIV KITEXIRXIIVH [SVXIPI\XVEGX LMN LEH IIR ZIIP RSFIPIV MHIEPMWXMWGL WXVIZIR %PW MR MIHIV OERXSSV IR MR MIHIVI JEFVMIO «W QSVKIRW ZVSIK EER HI [IVORIQIVW [SVXIPW ^SYHIR [SVHIR ZIVWXVIOX ^SY MIHIVIIR XMIR TVSGIRX QIIV TVSHYGIVIR IR ^SYHIR SSO EPPI WEPEVMWWIR

-/

) <403 7 - ) :%2 / ) 2 2 - 732 8 ; - / /) 0- 2 + ) 2 - 2 23:%8 -)

QIX XMIR TVSGIRX SQLSSK OYRRIR 3J MIHIVIIR ^SY IIR YYV IIVHIV REEV LYMW QSKIR ,IX [EW ETVMP .ER ,IRHVMO SRXZSY[HI ^MNR TPER XMNHIRW IIR WTVIIO FIYVX ST HI QMHHIPFEVI WGLSSP 8SX ^MNR ZIVFMNWXIVMRK PEGLXI MIHIVIIR LIQ YMX (I PIVEEV RSK LIX LEVHWX (MI HEK FIWPSSX .ER ,IRHVMO FIHVMNJWOYRHI XI KEER WXYHIVIR %PW LMN IIRQEEP FIHVMNJWOYRHMKI [EW ^SYHIR ^I LIQ [IP WIVMIYW RIQIR -R WXYHIIVHI .ER ,IRHVMO GYQ PEYHI EJ IR OVIIK LMN IIR FEER EERKIFSHIR EER ^MNR YRMZIVWMXIMX 2Y OER LIX RMIX PERK QIIV HYVIR ZSSVHEX LIX 2IHIVPERHWI FIHVMNJWPIZIR QEWWEEP EER HI SGLXIRH [SVXIP KEEX HEGLX 7XSIPXMRKE RExIJ 1EEV HEX ZMIP ^[EEV XIKIR ª;MN HSIR LMIV KIIR SRHIV^SIO REEV [SVXIPW« ^S OVIIK LMN EP WRIP XI LSVIR ZER ^MNR LSSKKIPIIVHI WYTIVMIYVIR ,MN LEH QEEV YMX XI ZSIVIR [EX ^MNR FE^IR EER SRHIV^SIOWTVSNIGXIR ST HI EKIRHE ^IXXIR 7XSIPXMRKE [EW QIIKEERH HIIH ^MNR [IVO I\GIPPIRX IR QEEOXI VE^IRHWRIP GEVVMrVI EER HI FIHVMNJW OYRHIJEGYPXIMX ZER HI 9RMZIVWMXIMX ZER %PQIVI -R [IVH LMN FIRSIQH XSX LSSKPIVEEV )MRHIPMNO OSR 7XSIPXMRKE ^MNR [SVXIPW ST HI EKIRHE ^IXXIR )R EP MR PIMHHI HEX XSX HI [IXIRWGLETTIPMNOI FIZIWXMKMRK ZER ^MNR [SVXIPL]TSXLIWI 2Y QSIWX EPPIIR HMI OIRRMW RSK ZIVWTVIMH [SVHIR 7XSIPXMRKE WGLVIIJ IIR FVMPNERX [IXIRWGLETTIPMNO EVXMOIP IR PIZIVHI HEX MR FMN HI VIHEGXMI ZER IIR KI^EKLIFFIRH [IXIRWGLETTIPMNO XMNHWGLVMJX (EEV FPIIJ LIX ZIVZSPKIRW HVMI NEEV ST HI TPERO PMKKIR ;ERX qqR ZER HI PIHIR ZER HI VIHEGXMIVEEH IIR LSSKPIVEEV FIHVMNJWOYRHI ZER IIR GSRGYVVIVIRHI YRMZIVWMXIMX FIKSR ^SNYMWX IRMKI JEEQ XI ZIVOVMNKIR QIX HI SRX[MOOIPMRK ZER IIR PMROWHVEEMIRHI TYRXIRWPMNTIV (I ST^MIRFEVIRHI [SVXIPL]TSXLIWI ^SY EPPI EERHEGLX [IKXVIOOIR ZER HI TYRXIRWPMNTIV ^S ZVIIWHI HMX PMH ZER HI VIHEGXMIVEEH IR LMN LEEPHI QIX WYGGIW IRMKI QERMTYPEXMIZI XVYGW YMX SQ 7XSIPXMRKE«W TYFPMGEXMI XI ZIVXVEKIR 1EEV HI SRHIVFSY[MRK MR LIX EVXMOIP SZIV HI [SVXIPL]TSXLIWI [EW Xq SZIVXYMKIRH SQ TYFPMGEXMI RSK PERKIV XIKIR XI LSYHIR IR MR ZIVWGLIIR 7XSIPXMRKE«W EVXMOIP MR LIX KI^EKLIFFIRHI XMNHWGLVMJX IR ZIVOVIIK ^MNR L]TSXLIWI GSRWIRWYW MR EGE HIQMWGLI OVMRKIR 1EEV LIX FIHVMNJWPIZIR [MWX RSK ZER RMIXW )R ^IPJW HI RMIY[I PMGLXMRK WXYHIRXIR &IHVMNJWOYRHI FPIIJ ZSSVPSTMK SR[IXIRH SZIV HI KILIMQI OVEGLXIR ZER HI [SVXIP [ERX HI^I RMIY[I OIRRMW [EW RSK RMIX STKIRSQIR MR LIX WXYHMIQEXIVMEEP 4EW MR [IVH 7XSIPXMRKE«W [SVXIPL]TSXLIWI ZSSV LIX IIVWX STKIRSQIR MR HI IIVWXINEEVWFSIOIR ZER WXYHIRXIR &IHVMNJWOYRHI -R WXYHIIVHI HI IIVWXI PMGLXMRK FIHVMNJW OYRHMKIR EJ HMI [EW KVSSXKIFVEGLX QIX HI [SVXIPL]TSXLIWI EPW FEWMWOIR RMW ZSSV LIX ZEOKIFMIH (I^I NSRKI FIHVMNJWOYRHMKIR [EEMIVHIR YMX SZIV LIX FIHVMNJWPIZIR OVIKIR NYRMSVQEREKIQIRXJYGXMIW IR ZIVFEEWHIR ^MGL IVSZIV HEX MR LYR FIHVMNJ RSK KIIR [SVXIPW [IVHIR ZIVWXVIOX EER HI [IVO RIQIVW

-0

) %7 ='6%8- )

8MNHIRW HI VSRHZVEEK ZER HI IIVWXI QEREKIQIRXZIVKEHIVMRK MR LYR RMIY[I [IVOOVMRK WTYMHIR ^MN RExIJ LYR ZIVW ZIV[SVZIR EGEHIQMWGLI OIRRMW ª:SSV WPIGLXW IIR TEEV IYVS [SVXIPW TIV HEK OER LIX FIHVMNJWVI WYPXEEX QIX XMIR TVSGIRX SQLSSK «1EEV ^I [IVHIR [IKKILSSRH ª;MN HSIR LMIV RMIX EER [SVXIPZIVWXVIOOMRK EER [IVORIQIVW« ^S OVIKIR HI NYRMSV QEREKIVW XI LSVIR ZER LYR IVZEVIR WYTIVMIYVIR )IR HIIP ZER HI NYRMSV QEREKIVW LEEOXI MR HI HEEVSTZSPKIRHI NEVIR EJ 1EEV HI WXIVOWXIR [MWXIR QIX ZIIP ZSPLEVHMRK HI PERKI LMtVEVGLMWGLI PEHHIV REEV HI XST ZER LYR FIHVMNJ XI FIOPMQQIR )R ^S OSR LIX KIFIYVIR HEX MR ETVMP HI NSRKI RMIY[ EERKIWXIPHI ')3 ZER LIX FIYVWKIRSXIIVHI FEROFIHVMNJ < HI ZSSVTEKMRE ZER ,IX *MRERGMIIPI (EKFPEH LEEPHI QIX ^MNR VIZSPYXMSREMVI TPER SQ ^MNR [IVORIQIVW ZSSVXEER HEKIPMNOW QIX IIR ZER FIHVMNJW [IKI ZIVWXVIOXI [SVXIP XI PEXIR FIKMRRIR ZIIVXMK NEEV RE LIX IYVIOEQS QIRX ZER 7XSIPXMRKE 0EXIV HEX NEEV REQIR WXIIHW QIIV FIHVMNZIR HI^I KI[SSRXI SZIV -R [EW IV RSK REY[IPMNOW IIR FIHVMNJ MR 2IHIVPERH XI ZMRHIR [EEV KqqR [SVXIPW [IVHIR ZIVWXVIOX EER LIX TIVWSRIIIP %PW MR ETVMP IIR NEVMKI WGLSPMIV IIR WSSVXKIPMNOI ST^MIRFEVIRHI YMXZMRHMRK HSIX EPW HI [SVXIPL]TSXLIWI GMVGYPIIVX HMI OIRRMW QIX HI WRIP LIMH ZER LIX PMGLX %ERZEROIPMNO ZME X]TMWGLI WGLSPMIVIRRIX[IVOIR ^SEPW QWR IR ,]ZIW 1EEV FMRRIR IROIPI HEKIR [SVHX LIX RMIY[XNI STKITMOX HSSV ZSP[EWWIRIR HMI LIX [IIV ZIVHIV ZIVWTVIMHIR ZME ERHIVI MRJSVQIPI RIX[IVOIR (ER OSQX LIX SSO EP WRIP XIVIGLX MR RIX[IVOIR ZER EGEHIQM WGLI SRHIV^SIOIVW MR X]TMWGLI ^EOIPMNOI RIX[IVOIR IR MR HI MRJSVQIPI RIX[IVOIR ZER XSTQEREKIVW ;ERX jPPI MRJSVQIPI RIX[IVOIR ^MNR EER IPOEEV KIOSTTIPH (I WXVYGXYVEP LSPIW ZER &YVX ^MI LSSJHWXYO HMI OIRRMWGMVGYPEXMI XIKIRLSYHIR [SVHIR SZIVFVYKH HSSV HI [IEO XMIW ZER +VERSZIXXIV ^MI LSSJHWXYO [EEVHSSV HI OIRRMW ZVMNYMX ZIVHIV ZIVWTVIMH [SVHX [EEVRE LIX [EGLXIR MW ST LIX XMTTMRK TSMRX ZER +PEH[IPP ^MI LSSJHWXYO [EEVRE HI RMIY[ ZIV[SVZIR OIRRMW EPKIQIIR EERZEEVH MW (I ´GXMIZI QIXEJSSV ZER 7XSIPXMRKE SSKX QMWWGLMIR KIGLEVKIIVH QEEV LIX XMNHWTEH ZER ZIIVXMK NEEV MW RMIX SRVIEPMWXMWGL )V FIWXEER SSO RMIX ´G XMIZI GSPPIKE«W ZER 7XSIPXMRKE HMI EP PERKIV HER ZIIVXMK NEEV [EGLXIR )R ^S MW LIX SSO ZIVVI ZER SRVIEPMWXMWGL HEX MR LIX IEW]GVEXMWGLI XMNHTIVO LIX ZIVWTVIMHMRKWTEH ZER RMIY[I OIRRMW OER [SVHIR XIVYKKIFVEGLX ZER ZIIV XMK NEEV XSX ZIIVXMK HEKIR

.'

) <403 7 - ) :%2 / ) 2 2 - 732 8 ; - / /) 0- 2 + ) 2 - 2 23:%8 -)

GFC8I@J8K@< @J ;< >IFFKJK< 9<C<DD<I@E> MFFI MFFIL@K>8E> K SBCG P>BGB@ =BG@>G SH ;>E>FF>K>G= OHHK A>M ;H>D>G O:G OHHKNBM@:G@ >G A>M BGOH>K>G O:G O>K:G=>KBG@>G :EL IHE:KBL:MB> "BeK:K<ABL<A> LMKN<MNK>G P>KD>G IHE:KBL:MB> BG => A:G= EL P>M>GL<A:II>KL O:GNBM >>G K>E:MB>? @>iLHE>>K=> IHLBMB> MA>HKB>eG HGMPBDD>E>G >G I:L BG >>G E::M LM:=BNF => =BL<NLLB> ::G@::G F>M :G=>K>G =B> P>EEB<AM O:GNBM >>G :G=>K> BGO:ELAH>D G::K => IKH;E>>FLM>EEBG@ DBCD>G ;>LM::M A>M @>O::K =:M ;>MKHDD>G>G => =BL

<NLLB> GB>M F>>K HG;>OHHKHHK=>>E= ::G@::G 4> A>;;>G :E IHLBMB> @>DHS>G >G A>;;>G =:G GH@:E >>GL => G>B@BG@ HF => A:DD>G BG A>M S:G= M> S>MM>G >G ANG F>GBG@ F>M A:G= >G M:G= M> O>K=>=B@>G BM @>O::K PHK=M Gk@ @KHM>K :EL A>M >KD>GG>G O:G >>G :G=>K LM:G=INGM G>@:MB>O> @>OHE@>G D:G A>;;>G OHHK => >B@>G IHLBMB> ;BGG>G => ABeK:K<ABL<A> HK=> BGG>G => :<:=>FBL<A> P>K>E= LI>>EM SB<A =:G HHD KHG= O>E> :<MN>E> P>M>GL<A:II>EBCD> =BL<NLLB>L >>G LM:FF>GLMKBC= :? =B> => O>K@>EBCDBG@ F>M => LMKBC= MNLL>G => =:KPBGBL

M>G >G => <K>:MBHGBLM>G D:G =HHKLM::G #G A>M ;>=KBC?LE>O>G DHF>G =>K@>

EBCD> ;EH>=@KH>I>GLMKBC=>G >O>G>>GL OHHK >G DNGG>G S> O>>E >EE>G=> O>KHHK

S:D>G 4H SBCG >K ;>=KBCO>G P::K A>M F::K GB>M ENDM HF LHFFB@> GHH=S:D>

EBCD> O>K:G=>KBG@>G =HHK M> OH>K>G =HHK=:M >>G ?NLB> MP::E? C::K @>E>=>G >>G BGM>KG> ;EH>=@KH>I>GLMKBC= BG @:G@ A>>?M @>S>M =B> GH@ LM>>=L OHHKM

PH>D>KM G => ::GI:D O:G O>>E IHEBMB>D> OK::@LMNDD>G HI EHD::E H? E:G=>

EBCD GBO>:N PHK=M HHD O::D ;BC OHHK;::M M>@>G@>P>KDM =HHK IHE:KBL:MB> P::K=HHK bED> HIEHLLBG@ O:G A>M <HG B<M :E ;BC ;BCOHHK;::M HGFH@>EBCD EBCDM #G => >:LR<K:MBL<A> G>MP>KDL:F>GE>OBG@ OBG=M => NBMPBLL>EBG@ O:G B=>>eG >G @>=:<AM>G :E IE::ML BG => :EE>K>>KLM> LM:=B: O:G IE:GG>G F:D>G HIEHLLBG

@>G ;>=>GD>G >G MA>HKB>eG HGMPBDD>E>G HHK=:M => =B:EHH@ BG SH G OKH>@ LM:=BNF PHK=M @>OH>K= BG >>G BG?HKF>E> L>MMBG@ @::G ;BC => HGMPBDD>EBG@ O:G HIEHLLBG@L@>KB<AM> IE:GG>G O>>E L<A>KI> D:GMC>L >K ;BC OHHK;::M O:G :? PHK=>G => =>GD?HNMC>L >KNBM @> EM>K= >G => LMHDI::K=C>L @>eEBFBG>>K= OkkK=:M =>S> => D:GL DKBC@>G HF MHM HGPKBD;:K> LM:G=INGM>G NBM M> @KH>B>G G =:G SNEE>G GB>NP> B=>>eG O>>E F>>K =:G HHBM O>KKBCDM PHK=>G F>M BGSB<AM>G O:GNBM :G=>K> BGO:ELAH>D>G 1> O>KP:<AM>G =::KHF =:M BG => >:LR<K:MB> =:GDSBC O>>E MK:GLI:K:G

M>K> D>GGBL >G =:GDSBC => BGOEH>= O:G SP>KF>G O>>E FBG=>K LM:FF>G

LMKBC= >G O>>E F>>K <HGL>GLNL S:E SBCG =:G OHHKA>>G 4H=:M GB>M :EE>>G => DP:GMBM>BM >G => LG>EA>B= O:G D>GGBLHGMPBDD>EBG@ >QIHG>GMB>>E SNEE>G MH>

G>F>G F::K HHD => DP:EBM>BM O:G => D>GGBLBGGHO:MB>

.(

) %7 ='6%8- )

?FF=;JKLB , J8D<E><M8K )POI ZIVERHIVMRK KEEX KITEEVH QIX OERWIR IR FIHVIMKMRKIR (I WXIVISX]TI VIEGXMI ZER HI KIZIWXMKHI SVHI ST ZIVERHIVMRKIR [EW ª,IX ZEPX [IP QII LIX PSSTX RMIX ^S«R ZEEVX « )R HEEV LEH QIR RSK KIPMNO MR SSO [ERX IIR [MV[EV ZER XVEHMXMSRIPI LMtVEVGLMWGLI WXVYGXYVIR ZSVQHI IIR OPY[IR [EEV HSSV ZIVERHIVMRKIR KI[IRWX SJ SRKI[IRWX WXIVO ZIVXVEEKH [IVHIR &YVIEYGVEXMI IR KIFVIO EER WPEKOVEGLX LIX ^MNR FMNRE W]RSRMIQIR (MX LSSJHWXYO XSSRX QIX ZSSVFIIPHIR EER LSI HI WPEKOVEGLX WXIVO OER XSIRI QIR ^SHVE HI LMtVEVGLMWGLI WXVYGXYYV [SVHX PSWKIPEXIR 3VKERMWEXMIW HMI ^MGL FIHVIMKH ZSIPIR HSSV ^[IVQIR IR HI^I QIX HI XVEHMXMSRIPI QMHHIPIR XVEGLXIR XI FIWXVMNHIR WPEER IIR HSSHPSTIRH TEH MR )IR SVKERMWEXMIWXVE XIKMI HMI ZIIP OERWVMNOIV MW MJ ]SY GER«X FIEX XLIQ NSMR XLIQ

.)

,

;PE8D@<B <E JC8>BI8:?K M8E E<KN<IB<E ;< 98J@J@E>I<;@ÞEK<E M8E ;< <8JP:I8K@< '>G G>F> >>G @KH>IC> PBEE>D>NKB@> F>GL>G O>KLIK>B= HO>K A>M E:G= '>G O>K;BG=> =B> F>GL>G F>M >ED::K F>M =B@BM:E> <HFFNGB<:MB>FB==>E>G :M SBCG => ;:LBLBG@K>=BeGM>G O:G => >:LR<K:MB> #G S>>K DHKM> MBC= DNGG>G =B> F>GL>G @>S:F>GEBCD >>G >GHKF> LE:@DK:<AM HGMPBDD>E>G 4> SBCG BG LM::M HF F>M ;>I>KDM> FB==>E>G @KHM> BGOEH>=KBCD> HK@:GBL:MB>L M> =H>G P:GD>

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bE GH=B@ BL BL =:M =B> O>K;HG=>G F>GL>G LMNDC>L D>GGBL ;BC=K:@>G ::G A>M G>MP>KD 0>KOHE@>GL SBCG >K :EE>>G GH@ F::K >>G H? F>>K F>GL>G GH=B@ HF :E =B> ::G@>=K:@>G LMNDC>L D>GGBL >>G ;>>MC> M> LMKN<MNK>G > <HEE><

MB>O> D>GGBL =B> AB>KNBM OHHKMDHFM D:G @KHM> @>OHE@>G A>;;>G B> BL BG LM::M HF =>E>G O:G => L:F>GE>OBG@ BG@KBCI>G= M> O>K:G=>K>G ">>E DE>BG

L<A:EB@ H? @KHHML<A:EB@ #G => IKH ML><MHK H? BG => GHG IKH ML><MHK HF

IE>M> IKH=N<M>G F:KDM>G H? F:KDML><MHK>G DNGG>G ;BGG>G K>E:MB>? DHKM> MBC= => GBMB>? PHK=>G P>@@>O::@= SH=K: O>K;HG=>G BG=BOB=N>G SB<A >KF>> @::G ;>FH>B>G ">M HN=LM> OHHK;>>E= =:M PBC DNGG>G ;>=>GD>G O:G => LE:@DK:<AM O:G => >:LR<K:MB> =:M>>KM NBM MH>G >>G ::GM:E LMN=>GM>G >>G @KHHM F>KD BG A>M LMH? EB>M ;BCM>G >G O>KF:D>EBCD> F::K HHD A>>E E>>KS:F> <:LNL

.*

) %7 ='6%8- )

;< FL;JK< <8JP:I8K@<$:8J<1 ;< JD@K?J J:FFIB88IK HHK A>M LN<<>L O:G SBCG BIIH:<MB> A:= A>M <ABILF>KD -FBMAL SBCG F:KDM

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

DH<AM> S:D <ABIL DNGG>G DHLM>G :M P:L GH@ P>E HI M> ;K>G@>G NBM => O>K

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

F::M O:G K:FI P:K>G >K F>GL>G =B> => E:G@> EBCLM F>M @H>=> :GMPHHK=>G NBMIKBGMM>G >G EB>M>G <BK<NE>K>G BG <ABILKBCD> HF@>OBG@>G SH:EL L<AHE>G >G LIHKMD:GMBG>L -FBMAL A:= D:GLD::KM>G BG => <ABIL @>LMHIM F::K =HHK >>G >:LR<K:MBL<A> :<MB> :O:GM E: E>MMK> MK:GL?HKF>>K=>G => NBM@>S>MM> D:GLD::KM>G BG :EMBC= IKBCLD::KM>G >G ;ENG=>K O:G -FBMAL !>>GLSBGL > ?:;KBD:GM A:= => :<MB> P>E =>@>EBCD OHHK:? @H>= =HHK=:<AM SB> D:=>K

.+

(= 2 %1- ) / ) 2 7 0 %+ /6 %', 8 :%2 2 ) 8 ;) 6 / ) 2

Jd`k_j jZffik `e \`^\e [f\c :SSV HI KIxRXIVIWWIIVHIR MR HI HIXEMPW ZER HI^I GEWYW IPOI 7GSSVOEEVX ZER 7QMXLW FIZEXXI IIR EGXMIJSXS YMX IIR ZSIXFEP[IHWXVMNH (I FEP [EW YMX HI JSXS KIVIXSYGLIIVH (I JSXS [EW ZIVHIIPH MR KIPMNOI ZPEONIW ;EEV MW HI FEP# (I GSRWYQIRX QEK QEEV qqR ZEONI STIROVEWWIR ;MI LIX NYMWXI ZEONI STIROVEWX [MRX XMIR KYPHIR GEWL ,IX GSRGITX [EW YMXZSIVMK KIXIWX >IPJW HI KVSSXWXI ZSIXFEPOIRRIVW O[EQIR RMIX ZIVHIV HER IIR OERW ZER ST SQ LIX [MRRIRHI ZEONI STIR XI OVEWWIR (I JSXS«W [EVIR ZER SRFI OIRHI ZSIXFEPPIVW IR [EVIR SSO RMIX ST XI ^SIOIR MR ZSIXFEPREWPEK[IVOIR 3Q XI ZSSVOSQIR HEX GSRWYQIRXIR HI KSIHI STPSWWMRKIR EER IPOEEV ^SYHIR HSSVWTIPIR [EVIR LIIP ZIIP ZIVWGLMPPIRHI 7GSSVOEEVXIR MR SQPSST KIFVEGLX GMVGE 8IR WPSXXI [EW QIR ^S WPMQ SQ HI ZIVWGLMPPIRHI 7GSSVOEEVXIR RMIX XI RYQQIVIR (EX QEEOX LIX IVK PEWXMK SQ STPSWWMRKIR HSSV XI WTIPIR EER ERHIVIR &MNZSSVFIIPH ª7TIPIV QIX FPEY[ WLMVX OSTX WTIPIV QIX [MX WLMVX LIIJX VIGLXIVFIIR LSSK STKIXVSO OIR« HEX [IVOX RMIX ,IX VIOIRQSHIP ZER 7QMXLW PIIO HSSVXMQQIVH MR HI LIPJX ZER HI ^EOOIR GLMTW ^MX IIR 7GSSVOEEVX HI OERW ST IIR KSIHI STPSWWMRK MW ST HYW qqR TVMNW TIV ZIVOSGLXI ^EOOIR (EX MW KIQMHHIPH X[MRXMK GIRX TIV ^EO 1EEV MR HI TVEOXMNO [SVHX RSSMX TVSGIRX ZER HI TVMN^IR KIxRH )IR KVSSX HIIP ZER HI [MRREEVW ^EP ZIVKIXIR HI 7GSSVOEEVX ST XI WXYVIR )IR EGXMIOSWXTVMNW ZER KIQMHHIPH k GIRX TIV ^EO PIIO HEEVSQ ZSSVEJ IIR ZIMPMKI EERREQI )qR JSYXNI [EW IGLXIV SZIV LIX LSSJH KI^MIR 3RHIV IPOI JSXS WXSRH IIR JSXSFMNWGLVMJX ,MIVHSSV OSRHIR HI NYMWXI STPSWWMRKIR MR IIR EPJEFIXMWGLI ZSPKSVHI [SVHIR KITPEEXWX (I KIFYRHIPHI GSRWYQIRXIROVEGLX ZME MRXIV RIX HIIH HI VIWX &MRRIR IROIPI [IOIR WXSRHIR jPPI STPSWWMRKIR SRPMRI %PJEFIXMWGL HYW KIQEOOIPMNO ST XI ^SIOIR )R SQ LIX RzK IVKIV XI QEOIR LEH IIR GSRWYQIRX IIR XVYGNI FIHEGLX HEX SSO EP WRIP VSRH KSRWHI ST MRXIVRIX (I ^EOOIR GLMTW QqX 7GSSVOEEVX [SKIR KIQMHHIPH IIR TEEV KVEQ QIIV HER HI ^EOOIR ^SRHIV 7GSSVOEEVX ,IX [IVH IIR LIIP PYGVEXMIJ WXYHIRXIRFMNFEERXNI -R WYTIVQEVOXIR HSSV LIX LIPI PERH [IVHIR FSSHWGLETTIROEVVIR ZSPKIPEHIR QIX GLMTW HMI ST HI KVSIRXI[IIKWGLEEP [IVHIR YMXKIWSVXIIVH >S [EW LIX EPXMNH TVMNW XMIR ^EOOIR GLMTW XMIR 7GSSVOEEVXIR XMIR KSIHI STPSWWMRKIR ST MRXIVRIX LSRHIVH KYPHIR GEWL EPW TVMNW ,IX IRMKI TVSFPIIQ ZSSV HI GSRWYQIRX [EW RSK [EEV PEEX NI EP HMI GLMTW# ,IX TVSFPIIQ ZSSV 7QMXW [EW HEX HI EGXMIOSWXTVMNW ST HI^I QERMIV WXIIK ZER ZMNJXMIR GIRX TIV ^EO REEV XMIR KYPHIR TIV ^EO

.,

) %7 ='6%8- )

;< C<JJ<E M8E JD@K?J > ;>E:G@KBCDLM> E>L O:G A>M -FBMAL -<HHKD::KM =>;]<E> BL =:M F>G => LE:@

DK:<AM O:G BG >>G G>MP>KD O>K;HG=>G F>GL>G GHHBM F:@ HG=>KL<A:MM>G > <HEE><MB>O> BGM>EEB@>GMB> BL BG IHM>GMB> :EMBC= @KHM>K =:G => BGM>EEB@>GMB> O:G >>G BG=BOB=N H? O:G >>G HK@:GBL:MB> ">M SHN M> @>F:DD>EBCD SBCG HF -FBMAL O:G =HFA>B= HG:<AMS::FA>B= H? :KKH@:GMB> M> ;>L<ANE=B@>G '>G A:= => :<MB> P>E =>@>EBCD @H>= OHHK;>K>B= >G :EE>KE>B OHHKSHK@LF::MK>@>E>G BG@>

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

M>G PbE >Q<NL>L >G ANG IHLMS>@>E O>K@H>= ">M EB>I F>M >>G LBLL>K :? >G => @>—HIM> :<MB> K::DM> :E LG>E BG => O>K@>M>EA>B= >G =>K=> E>L BL FBLL<AB>G P>E ‹ F::K GHN ;>@>O>G P> HGL HI @E:= BCL ‹ =:M BG => >:LR<K:MBL<A> @>>LM => K>=>EBCDA>B= ;>E:G@KBCD>K BL =:G A>M CNKB=BL<A @>EBCD -MKBDM CNKB=BL<A A:= -FBMAL >>G S:D>EBCD> HO>K>>GDHFLM @>LEHM>G F>M >ED> DHI>K O:G >>G S:D <ABIL HG=>K ;>I::E=> :<MB> OHHKP::K=>G > PBG

G::KL O:G HGBG;:K> PBGG>G=> D:GLD::KM>G A:==>G CNKB=BL<A DNGG>G :?=PBG@>G =:M -FBMAL :ELGH@ => ;>EHH?=> IKBCS>G SHN NBMD>K>G 0B: A>M HGM

PBDD>E=> G>MP>KD A:==>G => PBGG::KL OKBC >>GOHN=B@ ANG <E:BFL DNGG>G ;NG=>E>G >G HO>K=K:@>G ::G >>G FG ;MJ= FG H9Q :=OH<::M '::K =:M BL GHHBM @>;>NK= 1>EEB<AM OHG=>G => ;>G:=>>E=> :<MB>=>>EG>F>KL =:M -FBMAL :E @>GH>@ P:L @>LMK:?M -FBMAL A>>?M HO>KB@>GL GHHBM @>HI>G;::K= AH>O>>E A>M @>DHLM SHN A>;;>G ::G GH@ NBM M> ;>M:E>G D:GLD::KM>G :EL => :<MB> GB>M OHHK

MBC=B@ SHN SBCG :?@>;E:S>G 1::KL<ABCGEBCD HI SBCG FBGLM >GD>E> MHGG>G F::K A>M BL GB>M HG=>GD;::K =:M A>M BG => FBECH>G>G SHN SBCG @>EHI>G

;< C<JJ<E M8E ?<K I@MD ">M ,BCDLBGLMBMNNM OHHK 0HEDL@>SHG=A>B= >G 'BEB>N ,#0' ;>LMHG= BG AHG=>K= C::K #G A>M OHKB@> AHH?=LMND ‹ HO>K => LG>EA>B= O:G D>GGBL

O>KLIK>B=BG@ ‹ E:L N :E AH> A>M ,#0' ;>@BG <HFIE>>M P>K= O>KK:LM =HHK A>M ?>BM =:M => BG>GMBG@L=H>E@KH>I O:G A>M 0"* O:<<BG SB<A F:LL::E A:= E:M>G OHHKEB<AM>G =HHK BG?HKF:MB> ;NBM>G => H?–<BeE> OHHKEB<AMBG@L<HF

FNGB<:MB> O:G A>M ,#0' HF #G =BM AHH?=LMND ‹ HO>K => LE:@DK:<AM O:G SNED> G>MP>KD>G ‹ @::G P> BG HI => BG@KBCI>G=> @>OHE@>G >KO:G 1:GM => @>OHE@>G ;E>O>G GB>M ;>I>KDM MHM @>FHK NBM => L:F>GE>OBG@ > :GMBO:<<BG:MB><:FI:@G> O:G =>K=>G ;E>>D >>G BFF>GL> LE:@DK:<AM M> A>;;>G > A>E?M O:G => F>BLC>L =B> P>K=>G HI@>KH>

.-

(= 2 %1- ) / ) 2 7 0 %+ /6 %', 8 :%2 2 ) 8 ;) 6 / ) 2

I>G HF SB<A M> E:M>G O:<<BG>K>G O>KL<A>NK=> =HH=E>ND => HIKH>ID::KM >G NGB<NF BG => AHG=>K=C:KB@> @>L<AB>=>GBL O:G A>M ,#0' .HM GN MH> P:L A>M :EMBC= SH =:M => :NMHKBM>BM>G ;>LEBLM>G PB> SB<A P:GG>>K P::KM>@>G >G P::K FH>LM E:M>G BG>GM>G G => ;>OHEDBG@ OHE@=> =B> ;>LEBLLBG@ @>AHHKS::F HI ">>E BG<B=>GM>>E DP:F A>M OHHK =:M => ,#0' P>K= M>@>G@>LIKHD>G BCOHHK

;>>E= BG MH>G -M:IAHKLM P>K>E=GB>NPL P>K= =HHK=:M >>G @KHHM =>>E O:G => =HKIL;>PHG>KL => IHEBHIKBD P>B@>K=> %K:GM>G DHIM>G "B>K E>>?M F>G GH@ BG => 'B==>E>>NP>G >G (>=>KE:G=L> L>DM> P>B@>KM IHEBHIKBD :M BEENL

MK>>KM @H>= AH> O:GS>E?LIK>D>G= => >GHKF> F:<AM O:G A>M MK:=BMBHG>E> ABe

K:K<ABL<A> HK@:GBL:MB>FH=>E O:G => > >>NP P:L GGH P>KDM A>M ABeK:K<ABL<A> MHI =HPGFH=>E GB>M F>>K SH @H>= :M BL GB>M :EE>>G HGS> <HG<ENLB> F::K HHD => H? <BeE> E>SBG@ O:G A>M ,#0' ,H>E HNMBGAH =BK><M>NK O:G A>M >GMKNF OHHK #G?><MB>SB>DM>G O:G A>M ,#0' O>KDE::K=> M>@>GHO>K A>M ()- CHNKG::E > <:FI:@G> A>>?M GB>M @>P>KDM ">M P:L >>G :E@>F>G> <:FI:@G> F>M bbG ;HH=L<A:I OHHK => A>E> @KH>I .HM HI A>=>G A>;;>G SNED> <:FI:@G>L :EMBC= @>P>KDM =BM D>>K I:DM> A>M A>>E :G=>KL NBM HNMBGAH EB>M P>M>G =:M A>M ,#0' >>G A>>E :G=>K> ::GI:D SHN DB>S>G ;BC => OHE@>G=> O:<<BG:MB>KHG=> OHHK MP::E?C:KB@> F>BL

C>L 1> P>M>G GH@ GB>M AH> F::K => <:FI:@G> PHK=M DE>BGL<A:EB@>K =><>GMK:E>K 1> @::G K>D>GBG@ AHN=>G F>M => O>KL<ABEE>G=> HIO:MMBG@>G =B> E>O>G HO>K A>M O:<<BG 1::KF>> ABC =NL BFIEB<B>M O>KDE::K=> =:M OHHK

A>>G @>>G >GD>E> K>D>GBG@ P>K= @>AHN=>G F>M => O>KL<ABEE>G=> HIO:MMBG

@>G NBM => L:F>GE>OBG@ ::K P:L HHD GB>M ><AM >>G K>=>G OHHK EL => L:F>GE>OBG@ MH<A @>AHHKS::F >G EBC=S::F => ;>LEBLLBG@>G O:G => :NMHKB

M>BM>G HIOHE@M BL A>M GB>M SH ;>E:G@KBCD P:M F>G O:G =B> ;>LEBLLBG@ OBG=M )HD >>G NBM@>;K>B=> OHHKEB<AMBG@ P::KBG => ;>LEBLLBG@ O:G => :NMHKBM>BM>G ;>:K@NF>GM>>K= PHK=M A>>?M =:G K>E:MB>? P>BGB@ GNM '::K =:M O>K:G=>KM SH=K: => L:F>GE>OBG@ SB<A >E=>KL E::M OHHKEB<AM>G >G SbE? ;>LEBLLBG@>G @::M G>F>G > FBGBLM>K O:G 0HEDL@>SHG=A>B= ; %EBGD O>KDE::K=> =:G HHD BG :EE>KBCE =:M ABC SHN ;>DBCD>G H? BGM>KG>M >>G @KHM>K> KHE D:G LI>E>G ;BC => OHHKEB<AMBG@ HO>K A>M 0"* O:<<BG

8LKFI@K<@K<E M<IC@<Q<E ?LE D8:?K )I :EE> M>KK>BG>G BG => L:F>GE>OBG@ O>KEB>S>G :NMHKBM>BM>G ANG F:<AM >G :NMHKBM>BM O>KDE::KM HGHFPHG=>G => HN=> P>MM>G P>KD>G GB>M F>>K => OHE@>G=> D>>K @::G P> A>M :G=>KL =H>G SH ;E>>D NBM => OHKB@> I:K:@K::? ">M MBC D:G D>K>G BL :EMBC= :E >>G PBCLA>B= @>P>>LM BG >ED> HK@:GBL:MB>LMK:

M>@B> (B>NP BL =:M A>M MBC M>@>GPHHK=B@ SbbK LG>E D:G D>K>G -HFFB@>G O>KDE:K>G A>M :?G>F>G O:G => F:<AM O:G :NMHKBM>BM>G F>M B>ML HG@KBCI;::KL :EL => MBC=@>>LM '::K BL =BM O>KL<ABCGL>E GB>M @>PHHG >>G EH@BL<A @>OHE@ O:G => BG?HKF:MB>L:F>GE>OBG@ 4HE:G@ => MH>@:G@ MHM BG?HK

F:MB> P:L OHHK;>AHN=>G ::G => MHI O:G => ABeK:K<AB> HGM;K:D A>M =>

..

) %7 ='6%8- )

E:@>K> K>@BHG>G ::G :K@NF>GM>G HF F>M => :NMHKBM>BM>G BG =BL<NLLB> M> @::G (N >K >>G @KHM> AH>O>>EA>B= D>GGBL OKBC MH>@:GD>EBCD BL @>PHK=>G BL A>M A>>E >>GOHN=B@ @>PHK=>G HF => ;>P>KBG@>G O:G => :NMHKBM>BM>G M> O>KB eK>G HF M>@>G:K@NF>GM>G M> OBG=>G >G HF => :K@NF>GM>G O:G => :NMHKBM>BM M> HGMDK:<AM>G #G A>M @>LEHM>G BG?HKF:MB>MBC=I>KD DHG=>G => :NMHKBM>BM>G => O>KLMK>DM> BG?HKF:MB> A>BF>EBCD F:GBINE>K>G )K@:GBL:MB>L =B> =:M Gp =H>G SNEE>G LG>EE>K =:G HHBM HGMF:LD>K= PHK=>G >G EHI>G @KHHM KBLB<H HF O>>E 1AN? > M> O>KEB>S>G '::K P:L =:M BG => > >>NP =:G GB>M => M::D O:G I>KL HF => F:<AM

A>;;>KL M> <HGMKHE>K>G $: =:M P>E F::K BG => IK:DMBCD P:L =B> <HGMKHE>

K>G=> KHE F::K ;>I>KDM 1:GM >ED> ;>@BGG>G= CHNKG:EBLM E>>KM :E O:G:? SBCG >>KLM> P>KD=:@ =:M ABC SBCG ;KHGG>G SH AHH@ FH@>EBCD BG => ABeK:K<AB> FH>M SH>D>G >G GB>NPL;>KB<AM BL I:L OHEF::DM :EL =::KBG >>G :NMHKBM>BM PHK=M @><BM>>K= >LGHH=L =>E>@>>KM => :NMHKBM>BM SBCG MH>EB<AMBG@ ::G >>G PHHK=

OH>K=>K > PHHK=OH>K=>K O>KMHEDM @>PHHG => F>GBG@ O:G => F:<AMA>;;>K '::K @>>G DK:GM SBM M> P:<AM>G HI >>G P>>KPHHK= O:G >>G I>KLHHG NBM =>S>E?=> HK@:GBL:MB> =B> @>>G ABeK:K<ABL<A> F:<AM A>>?M > F>=B: PBEE>G SH O>>E FH@>EBCD => =BK><M>NK => FBGBLM>K => EBCLMMK>DD>K => AHH?=KHELI>E>K >G => AHH?=MK:BG>K ::G A>M PHHK= E:M>G > =BK><MB>L><K>M:K>LL> => AH@> :F;M>G::K => ?K:<MB>F>=>P>KD>K => ;BCKHELI>E>K >G => ANEIMK:BG>K DHF>G LE><AM ;BC AH@> NBMSHG=>KBG@ ::G A>M PHHK= :EL MP>>=> D>NL S>E?L :EL SBC BGAHN=>EBCD F>>K O:G A>M ;>MK>??>G=> HG=>KP>KI :? P>M>G 1:GM BG => CHNK

G:EBLMB>D PHK=M => P::K=> O:G A>M GB>NPL GB>M ;>I::E= =HHK => BGAHN= F::K =HHK => ABeK:K<ABL<A> IHLBMB> O:G => @><BM>>K=> >G LN<<>LOHEE> CHNKG:EBLM FH>LM =::KHF SH O>>E FH@>EBCD MH>@:G@ A>;;>G MHM => :NMHKBM>BM>G OHHK:E HF=:M ABC O::D :?A:GD>EBCD O:G A>G P:L HF => GHH=S:D>EBCD> :<AM>K@KHG=BG?HKF:MB> M> DKBC@>G >G DKBMBL<A> O>K

LE:@@>OBG@ AHHK=> ;BC A>M LI>E SH PBLM HHD => :NMHKBM>BM '::K => CHNKG:EBLM DHG A>M SB<A G:NP>EBCDL O>KHHKEHO>G HF => :NMHKBM>BM>G KHG=NBM M>@>G M> LIK>D>G >G ><AM M>@>G SB<A BG A>M A:KG:L M> C:@>G > :NMHKBM>BM>G >G => F>=B: EB>I>G HO>K A>M :E@>F>>G BG bbG I:L %KBMBL<A> M>@>G@>ENB=>G DHF>G OHHK:E O:G I>KLHG>G E:@>K BG => ABeK:K

<AB> H? O:G ;NBM>GLM::G=>KL '::K :E P:L ANG F>GBG@ GH@ SH =HHKPKH<AM GH@ SH @>LM::?= F>M LM>>DAHN=>G=> :K@NF>GM>G S> A:==>G G:NP>EBCDL >>G IH=BNF HF ANG DKBMBL<A> D:GMM>D>GBG@>G H? ANG <HGLMKN<MB>O> B=>>eG M> O>KLIK>B=>G BG => SP>KF > F>=B: P:K>G GB>M @>iGM>K>LL>>K= BG A>G F>M NBMSHG=>KBG@ O:G => I::K LI><B:E> IKH@K:FF: L >G KN;KB>D>G P::KBG =>S> F>GL>G OHHK:E :EL >Q<>GMKB>D>EBG@>G P>K=>G @>IK>L>GM>>K= "NG @>ENB= K>BDM> =::K=HHK F>>LM:E GB>M O>K=>K =:G => ::G@K>GS>G=> ;:KDKND

D>G BG => =HKILDKH>@ :EP::K => ::G=:<AMB@> MH>AHHK=>KL A>M @EH>=OHEE> ;>MHH@ >GMAHNLB:LM ;>::F=>G F::K => OHE@>G=> H<AM>G= P:K>G S> A>M

./

(= 2 %1- ) / ) 2 7 0 %+ /6 %', 8 :%2 2 ) 8 ;) 6 / ) 2

:EP>>K O>K@>M>G #G => G>MP>KDL:F>GE>OBG@ BL A>M O>>E @>F:DD>EBCD>K HF >>G IH=BNF M> OBG=>G #>=>K>>G =B> =:M PBE D:G M>@>GPHHK=B@ F>M >>G ;>>MC> A:G=B@A>B= SBCG B=>>eG SHG=>K GH>F>GLP::K=B@> BGO>LM>KBG@ BG S>>K DHKM> MBC= O>KLIK>B=>G HO>K @KHM> SP>KF>G 4>E?L :E BL =:M B=>> GH@ SH ?NMB>E 4H:EL ;BCOHHK;>>E= => =KB> ;HS> FH>=>KL =B> BG HGEBG> :<MB> OH>K=>G HF A>M NBMS>G=MBC=LMBI O:G ->L:FLMK::M M> O>KIE::ML>G O:G NNK G::K NNK >G F::G= E:M>K P:K>G >K A:G=M>D>GBG@>G HI@>A::E= >G P>K=>G >K S>E?L %:F>KOK:@>G @>LM>E= !>>G P>K>E=L<AHDD>G= GB>NPL G:MNNKEBCD F::K A>M S>@M P>E B>ML HO>K => LE:@DK:<AM O:G => ANB=B@> G>M

P>KDL:F>GE>OBG@

;< QN<ID M<IJC88K :FDD<I:@ÞC< FI>8E@J8K@<J %HFM >K GH@ P>E >>G GB>NP> =KND O:G => 1BGDE>K *KBGL )? BL >>G <HFF>K

<BeE> >QIEHBM:MB> O:G >>G I:IB>K>G >G<R<EHI>=B> :E GB>M E:G@>K F>>K A::E;::K :EL =>S> FH>M <HG<NKK>K>G F>M >>G @K:MBL MH>@:GD>EBCD> 1BDBI>=B: =B> GB>M :EE>>G M> :EE>G MBC=> :<MN>E>K S:E SBCG F::K =B> HHD BG DP:EBM:MB>O> SBG =HHK HG:?A:GD>EBCD> P>M>GL<A:II>KL :EL @>EBCDP::K=B@ PHK=M ;>L<AHNP= > LE:@DK:<AM O:G => SP>KF ;EBCDM O>KK:LL>G= @KHHM M> SBCG .H>G 1BDB

I>=B: BG P>K= @>LM:KM P:L A>M HHKLIKHGD>EBCD> =H>E HF MHM :KMBD>E>G M> DHF>G > (>=>KE:G=LM:EB@> 1BDBI>=B: M>EM F>=BH F>>K =:G :KMBD>E>G > G@>ELM:EB@> O>KLB> ;>O:M :E KNBF =KB> FBECH>G :KMBD>E>G #G MHM::E SBCG >K F>>K =:G :KMBD>E>G BG O>KL<ABE

E>G=> M:E>G M> OBG=>G HI 1BDBI>=B: G =:M BL =NL A>M @>S:F>GEBCD> P>KD O:G >>G SP>KF SHG=>K =:M =::K L:E:KBLL>G ?HKF>E> ::GLMNKBG@ H? ABeK:K

<AB>eG ::G M> I:L DHF>G ">M 1BDBI>=B:FH=>E O>K=B>GM >>G IKHFBG>GM> IE::ML BG => LMK:M>@BL<A> F>>KC:K>GIE:GGBG@ O:G bED> <HFF>K<BeE> HK@:GBL:MB> !>>G >GD>E> HK@:GB

L:MB> @>>G >GD>E> ;>=KBC?LM:D BL M>@>GPHHK=B@ @>OKBCP::K= O:G FH@>EBCD> <HG<NKK>GMB> O:G SP>KF>G #L >K GH@ O>>E F:KDM HO>K OHHK IE:M>GF::M

L<A:IIBC>G >G OHHK <= LAHIL 4BC A>;;>G => SP>KF OHEE>=B@ HG=>KL<A:M #EE>@::E H? GB>M >MABL<A O>KP>KI>EBCD H? GB>M =:M BL >>G :G=>K> =BL<NLLB> >BM BL =:M => SP>KF BG LM::M P:L HF >>G @>A>>E GB>NP >G S>>K >? <BeGM =BLMKB;N

MB>D:G::E M> HGMPBDD>E>G P::K;BC FNSB>DEB>?A>;;>KL HG=>KEBG@ =B@BM:E> FNSB>D;>LM:G=>G NBMPBLL>E>G > FNSB>D<HEE><MB>L O:G >ED BG=BOB=N SBCG E:G@L =B@BM:E> G>MP>KD>G ::G >ED::K @>DHII>E= SH=:M B>=>K>>G =B> =:M P>GLM HO>K >>G HG>BG=B@ @KHM> @K:MBL CND>;HQ D:G ;>L<ABDD>G :M BL E:LMB@ <HG<NKK>K>G OHHK => <HFF>K<BeE> FNSB>DBG=NLMKB> '>G SH>DM SBCG A>BE BG DHLM;:K> CNKB=BL<A> @>O><AM>G F::K =:M BL >>G D:GLEHHL :<AM>KAH>=>@>

O><AM =:M => LE:@DK:<AM O:G => SP>KF HGMD>GM 0:G MBC= MHM MBC= PHK=M >K >>G CNKB=BL<A LN<<>L @>;H>DM F::K OHHK >ED G>MP>KD O:G FNSB>D=HPG

EH:=>KL =:M F>M CNKB=BL<A> FB==>E>G PHK=M E:F@>E>@= HGMLM::G P>>K GB>NP> FNSB>D=HPGEH:=G>MP>KD>G SB> D:=>K

.0

) %7 ='6%8- )

;\ <XjpZiXk`jZ_\ Alb\Yfo1 9p\ 9p\# 9ldX$Jk\diX (I NYVMHMWGLI WXVMNH ZER HI QY^MIOMRHYWXVMI IR EYXIYVWVIGLXIRSVKERMWEXMIW XIKIR HI ZIVQIIRHI MPPIKEPMXIMX ZER LIX YTPSEHIR HS[RPSEHIR IR OSTMt VIR ZER QY^MIOFIWXERHIR MW IIR SYHIV[IXWI FIREHIVMRK HMI XIZIIP KIWXSIPH MW ST IIR IGSRSQMI [EEVMR LMtVEVGLMWGLI WXVYGXYVIR J]WMIOI KSIHIVIR IMKIRHSQ IR ^EOIPMNOI SZIVIIROSQWXIR IIR LSSJHVSP WTIPIR (I^I FIREHIVMRK SRXOIRX HI H]REQMIO IR WPEKOVEGLX ZER RIX[IVOIR IR KEEX ZSSVFMN EER HI IEW]GVEXMWGLI VIEPMXIMX ZER KIHMKMXEPMWIIVHI KSIHIVIR HMI ^SRHIV HMWXVMFYXMIOSWXIR MR RMIX LMtVEVGLMWGLI RIX[IVOIR ZVMNYMX ZIVQI RMKZYPHMKH IR ZIVWTVIMH OYRRIR [SVHIR ;MI MR IIR IPTII YMXPIIRHI EER IIR ZVMIRH QIX IIR GEWWIXXIVIGSVHIV QSIWX QEEV EJ[EGLXIR SJ LMN ^MNR OSWXFEVI QY^MIOHVEKIV ^SRHIV OVEWWIR XIVYKOVIIK (EX ^IXXI IIR JSVWI VIQ ST HI SRKIFVIMHIPHI ZIVWTVIMHMRK -R HI I IIY[ MW HI^I VIQ ZIVH[IRIR (I XIGLRSPSKMI FMIHX ZSSVXHYVIRH RMIY[I KVEXMW XSSPW HMI HI ZIVWTVIMHMRK ZER QY^MIOFIWXERHIR ZIVKIQEOOIPMNOIR :IVZSPKIRW MW LIX [EGLXIR ST WPIGLXW qq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tVIR HYYVX LSSKYMX HIVXMK WIGSRHIR %PW LIX IXIR ST MW LIIJX LMN IIR OSTMI ZER HMIRW GSQTPIXI QT ZIV^EQIPMRK )IR ORETTI NYVMWX HMI IIR VIGLXIV IVZER OER SZIVXYMKIR HEX HMX IIR ZSVQ ZER HMIJWXEP MW 1EEV EPW HEX HI NYVMWX EP ^SY PYOOIR LSI OER HI^I ZSVQ ZER OSTMtVIR MR HI LYMWOEQIV SSMX [SVHIR STKIWTSSVH# RzK IIRZSYHMKIV )R LIX OER RzK IIRZSYHMKIV 3T EJWXERH ,IX QEMPIR IR HS[RPSEHIR ZER QY^MIOFIWXERHIR MW IIR SQWPEGLXMKI XMNHVSZIRHI FI^MKLIMH QEEV IIR [IFWMXI EPW (VSTFS\ GSQ FMIHX IIR KIEZERGIIVHI ZIVWMI ZER HI 97& WXMGOQIXLSHI (VSTFS\ MW IIR ZER HI ZIPI LSRHIVHIR KVEXMW FYWMRIWW XSSPW HMI HI EJKIPSTIR NEVIR FIWGLMOFEEV ^MNR KIOSQIR MR HI RIX[IVO IR MRJSVQEXMIWEQIRPIZMRK IR HMI HI FSY[WXIRIR FMIHIR ZSSV HI IEW]GVEXMI (VSTFS\ MW SSVWTVSROIPMNO FIHSIPH EPW LERHMKI SRPMRISTWPEKTPEEXW ZSSV [IVOFIWXERHIR ST NI TG 3TIR IIR EGGSYRX ST (VSTFS\ (S[RPSEH IIR

/'

(= 2 %1- ) / ) 2 7 0 %+ /6 %', 8 :%2 2 ) 8 ;) 6 / ) 2

OPIMR TVSKVEQQEEXNI REEV NI TG 7PIIT HI KI[IRWXI FIWXERHIR REEV HI (VSTFS\QET )R PYXXIPI QMRYXIR PEXIV LIF NI [EEV SSO XIV [IVIPH ZEREJ qPOI GSQTYXIV XSIKERK XSX NI FIWXERHIR (I ZSPKIRHI WXET MW HEX NI ¦ HIWKI[IRWX ¦ NI [EGLX[SSVH OYRX KIZIR EER GSPPIKE«W SJ QIHI[IVOIVW EER IIR^IPJHI TVSNIGX 3SO ^MN OYRRIR HER LYR [IVOFIWXERHIR XSIZSIKIR ^SHEX IIR KIHIIPHI (VSTFS\ SRXWXEEX [EEVQII HMZIVWI TVSNIGXQIHI[IVOIVW ST ZIVWGLMPPIRHI PSGEXMIW ZSSVXHY VIRH IIR EGXYIIP SZIV^MGLX LIFFIR ZER IPOEEVW ZSVHIVMRKIR 7XET HVMI MW HEX IVKIRW MR HI QEWWE IIR MRZIRXMIJ TIVWSSR IIR RMIY[I XSITEWWMRK FIHIROX %PW HMX [IVOX QIX ;SVHFIWXERHIR IR WTVIEHWLIIXW HER [IVOX LIX REXYYVPMNO SSO QIX QY^MIOFIWXERHIR 7TIGMEEP ZSSV HMX FSIO MW LMIVZSSV IIR (VSTFS\ EERKIQEEOX :VMIRHIR ZER HI IEW]GVEXMI OYRRIR XSIKERK OVMNKIR XSX HI^I (VSTFS\ HSSV IIR QEMPXNI XI WXYVIR REEV IEW]GVEEX $KQEMP GSQ (I FIHSIPMRK MW HER HEX ^MN^IPJ SSO LYR IMKIR QY^MIOFIWXERHIR REEV HI (VSTFS\QET WPITIR >S SRXWXEEX MR LIIP OSVXI XMNH IIR KIHIIPHI IEW]GVEXMWGLI NYOIFS\ QIX QIIV QY^MIO HER MR IIR KIQMHHIPH ´PMEEP ZER HI *VII 6IGSVH 7LST ,IX TVSGIW ZER HS[RPSEHIR MW GSQTPIIX SZIVFSHMK KI[SVHIR .I OYRX HI QY^MIO EJWTIPIR HSSV ZERYMX HI (VSTFS\QET HI FIWXERHIR EER XI OPMOOIR

QN<ID<E M<IJLJ J<D@ GL9C@<B< FI>8E@J8K@<J *HEBMB>D> I:KMBC>G O:D;HG=>G P>KD@>O>KLHK@:GBL:MB>L >G HFKH>I>G :EE>

F::E A>;;>G S> BG (>=>KE:G= >>G E:G@> MK:=BMB> O:G O>KSNBEBG@ > MK:=BMBH

G>E> HK@:GBL:MB>L O>K=>E>G => F:KDM OHHKG:F>EBCD HI ;:LBL O:G @>EHH?LHO>K

MNB@BG@ >G H? IHEBMB>D> OHHKD>NK > F:KDM::G=>E>G L<AHFF>E>G P>E F::K => O>K:G=>KBG@>G @BG@>G MHM OHHK DHKM A>>E @>E>B=>EBCD 0HHK GB>NP

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

;>>E= >>G >KO:K>G MHIF:G:@>K EHL M> P>D>G NBM >>G O:G => :E ;>LM::G=> HK@:GBL:MB>L #G => IN;EB>D> L><MHK BL =:M FH>BEBCD>K =HHK=:M => F>>LM> >KO:K>G MHI;>LMNNK=>KL O:GP>@> => O>KSNBEBG@ FBG H? F>>K O:LMSBMM>G ::G ANG ANB=B@> HK@:GBL:MB> G=>KL @>S>@= C> DNGM GB>M SHF::K O:G D>KD O>K:G=>K>G HF >>G GB>NP ;::GMC> M> ::GO::K=>G

/(

) %7 ='6%8- )

)HD A>M FH;BEBL>K>G O:G O>>E F>GL>G E>>L DE:GM>G BL BG => IKBO:M> L><MHK F:DD>EBCD>K =:G A>M FH;BEBL>K>G O:G O>>E F>GL>G E>>L E>=>G DB>S>KL BG => IN;EB>D> L><MHK > F>>LM@>;KNBDM> F:GB>K HF O>>E GB>NP> DE:GM>G M> P>KO>G BL A>M OH>K>G O:G >>G S>>K DHLM;:K> K><E:F><:FI:@G> EL A>M BGGH

O:MB>O> B=>> F::K @H>= @>GH>@ BL =:G BL >K >>G K>eE> O>KP:<AMBG@ HF PBGLM M> @::G F:D>G G =:GDSBC =B> PBGLMO>KP:<AMBG@ BL A>M FH@>EBCD HF @>E=

O>KLMK>DD>KL H? BGO>LM>>K=>KL M> OBG=>G HF => DHLM;:K> K><E:F><:FI:@G> M> G:G<B>K>G #G => IN;EB>D> L><MHK HGM;K>>DM =B> PBGLMO>KP:<AMBG@ >G SBCG => G:G<B>KBG@LFH@>EBCDA>=>G O>>E ;>I>KDM>K ">M FH;BEBL>K>G O:G O>>E F>GL>G F>M ;>I>KDM> G:G<BeE> FB==>E>G P:L >>G S>>K FH>BS:F> P>@ BG => > >>NP 4B> A>M HFKH>I;>LM>E BG (>=>K

E:G= #G MA>HKB> BL =:M >>G HI>G =>FH<K:MBL<A LM>EL>E P::K B>=>K> <EN; =B> =:M :F;B>>KM >>G IE>DC> BG D:G O>KP>KO>G FBML F>G F::K OHE=H>G=> E>=>G O>KS:F>EM '::K BG => IK:DMBCD ENDM> =:M F::K S>>K P>BGB@>G > AHK=>L P:K>G M> AHH@ (:=:M BG => S>>S>G=>K ,:=BH 0>KHGB<: SBCG NBMS>G=BG@>G FH>LM LM:D>G P>@>GL GB>NP> :GMBIBK:M>GP>M@>OBG@ LE::@=> => 0>KHGB<: )FKH>I )K@:GBL:MB> 0)) >KBG HF O:G:? P>D>EBCDL OB>K NNK K:=BH >G bbG NNK M>E>OBLB>S>G=MBC= ;BGG>G A>M HFKH>ILM>EL>E M> O>KP>KO>G '::K 0>KHGB<: A:= :E >>G >GHKF> :<AM>K;:G >G ;>K>BDM> :EL K:=BHIBK::M =:@>EBCDL >>G @KHM>K ENBLM>KIN;EB>D =:G => MH>GF:EB@> IN;EB>D> K:=BHS>G=>K "BEO>KLNF )F =B> 0>KHGB<: :<AM>K;:G M> FH;BEBL>K>G >G HO>K M> A:E>G HF EB= M> PHK=>G O:G => 0)) P>K= BGD @>iGO>LM>>K= BG IKHFHMB>M>:FL =B> A>M E:G= =HHKMKHDD>G >G HO>K:E ::GP>SB@ P:K>G P::K O>>E OHED HI => ;>>G P:L 0>KHGB<: DHFM G::K C> MH> =>S> SHF>K )HD => .,)- PBLM MHM A>M HFKH>ILM>E =HHK M> =KBG@>G =:GDSBC >>G IBK:M>G:<AM>K@KHG= ,:=BH (HHK=

S>> >G .0 (HHK=S>> =B> A>M FH@>EBCD F::DM> HF OB: A>M >B@>G F>=BNF F>M O>>E F>GL>G M> <HFFNGB<>K>G SH=:M >K @>>G DHLM;:K> K><E:F><:F

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

LM::M :GGH >>G P>;EH@

/)

(= 2 %1- ) / ) 2 7 0 %+ /6 %', 8 :%2 2 ) 8 ;) 6 / ) 2

0B>K C::K >>K=>K A:= =:MS>E?=> !>>G-MBCE HHD :E => LE:@DK:<AM O:G => G>M

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b ":S>L BL SH G ;>>MC> A>M M>@>GHO>K@>LM>E=> O:G A>M IKH >E O:G => =HHKLG>> 0HEDK:GME>S>K *HPG>= HI => IN;EB>D> MO >G ,:<A>E ":S>L (>=>KE:G=>K O:G A>M $::K FH>M>G P> AB>K =:G ;EBC F>> SBCG 4BCG =BM =:G => S>@>GBG@>G O:G => >:LR

<K:MB> (>> =:M GB>M F::K A>M SBCG P>E @H>=> OHHK;>>E=>G O:G => >??><MBOB

M>BM >G => LE:@DK:<AM =B> => >:LR<K:MB> ;B>=M '>M *HPG>= A>>?M !>>G-MBCE >>G ;HF @>E>@= HG=>K A>M IN;EB>D> HFKH>ILM>EL>E 1:GM P:M *HPG>= D:G D:G >>G :G=>K> HK@:GBL:MB> HHD 1:M SBCG => ;>P>>@K>=>G>G @>P>>LM OHHK => E>=>G O:G *HPG>= HF SB<A M> E:M>G FH;BEBL>K>G !>PHHG HF=:M A>M D:G BL >>G @>OE>N@>E=> NBMLIK::D HI !>>G-MBCE %E::K;EBCD>EBCD SBCG >K OHE

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

QN<ID<E M<IJLJ L@K><M<IJ #G => > >>NP P:K>G I>KLHG>>EL >G KN;KB>DL:=O>KM>GMB>L >>G EN<K:MB>O> BGDHFLM>G;KHG OHHK =:@;E:=NBM@>O>KL > DK:GM P:L A>M IKBF:BK> F>=BNF P::K DE>BG> ::G;B>=>KL >G OK:@>KL >ED::K OHG=>G 0HHK:E => S:M>K=:@DK:G

M>G INBE=>G NBM F>M MB>GM:EE>G I:@BG: L OHE KN;KB>DL:=O>KM>GMB>L ">M P:L >>G @>;K>DDB@ F>=BNF 1:GM PB> >>G MP>>=>A:G=L )I>E PBE=> DHI>G >G => DK:GM>GDHEHFF>G =HHKPHKLM>E=> MHM ABC >BG=>EBCD >>G H<<:

LBHG O:G A>M @>P>GLM> MRI> >G ;HNPC::K A:= @>OHG=>G IKBCL G:=>K HO>K

>>G M> DHF>G >G O>KOHE@>GL A>M M>E>?HHGGNF>K O:G => O>KDHI>G=> I:KMBC ;>E=> P>K= F>>LM:E M>E>NK@>LM>E= =HHK=:M => :NMH A>MSBC M> =NNK P:L A>MSBC G>M O>KDH<AM P:L A>MSBC M> ;>SB<AMB@>G P:L ::G => :G=>K> D:GM O:G A>M E:G= G => <A:KF:GM> A>>K =B> >>G NNK ;>SB@ P:L F>M >>G NBMOH>KB@> KHF:GMBL<A> ;KB>? HF >>G OKHNP M> BFIHG>K>G =B> >K OHE@>GL A::K <HGM:<M

:=O>KM>GMB> :=KDAKL FA=L GF99FLJ=CC=DABC NBMS:@ FH>LM >>KLM >>G P>>D BG LI:G

/*

) %7 ='6%8- )

GBG@ HI A::K :GMPHHK= P:<AM>G HF O>KOHE@>GL M> L<AKBDD>G O:G A>M I:L?H

MHHMC> =:M S> A:= ;BC@>LEHM>G '::K >K P:L GB>ML ;>M>KL =NL HHD => S:M>K=:@ >KHI INBE=>G => =:@;E:

=>G P>>K NBM F>M MB>GM:EE>G I:@BG: L OHE O>KL> KN;KB>DL:=O>KM>GMB>L .HM=:M BGM>KG>M SBCG BGMK>=> =>>= >G => OK:@>KL >G ::G;B>=>KL ::G >ED::K P>K=>G @>DHII>E= E:G@L =B@BM:E> G>MP>KD>G BGG>G >GD>E> C:K>G O>K=:FIM>G => EN<K:MB>O> BGDHFLM>G;KHGG>G O:G => =:@;E:=NBM@>O>KL P:GM => GB>NP> G>MP>KD>G ;E>D>G ::GSB>GEBCD LG>EE>K @H>=DHI>K >G >? <BeGM>K M> SBCG =:G A>M HN=> F>=BNF 1B> HI >>G H<<:LBHGLBM> A>M ::G;H= :?LI>NKM D:G F>M ;>ANEI O:G => SH>D?NG<MB> ;BCOHHK;>>E= >>G L>E><MB> F:D>G O:G :EE> MP>>=>

A:G=L )I>EL BG >>G LMK::E O:G MB>G DBEHF>M>K >G OBG=M O>KOHE@>GL I>K ::G@>

;H=>G :NMH >>G AH>O>>EA>B= >LL>GMBeE> IKH=N<MBG?HKF:MB> =B> P>E MB>G D>>K SH NBM@>;K>B= BL :EL => MP>> \ =KB> LNFFB>K> K>@>EMC>L BG => KN;KB>DL:=O>K

M>GMB> BG => DK:GM G => <A:KF:GM> A>>K =B> HI >>G =:MBG@LBM> SBCG :O:G<>L F::DM D:G >>KLM ?HMH L ;>DBCD>G OHHK ABC SB<A HI >>G E:G@> KHF:GMBL<A> ;KB>? LMHKM G ABC AH>?M HHD GB>M F>>K >>G P>>D M> P:<AM>G HI :GMPHHK= '>M >>G ;>>MC> @>END A>>?M ABC GH@ =>S>E?=> =:@ >>G =:M> G PB> HI SH>D BL G::K >>G ANBL DBCDM GB>M F>>K ;BC => KN;KB>DL:=O>KM>GMB>L BG => DK:GM F::K @::M >>KLM G::K NG=: GE :EP::K => ANBS>G M> ;>SB<AMB@>G SBCG F>M >>G OBK

MN>E> ?HMH@K: L<A> MHNK =HHK :EE> O>KMK>DD>G ::K D:G S>E?L => O>KEB<AM> >M:E:@> O:G => F:D>E::K BG => PBGD>ELMK::M GB>M M>@>GHI P::K I>K ANBL =HHK@::GL PHK=M OHELM::G F>M bbG >GD>E ?HMHHMC> O:G => ;NBM>GD:GM O:G => PHGBG@ )HD => NBM@>O>KL O:G ;H>D>G P>K=>G BG @><HG?KHGM>>K= F>M >>G BGM>K>LL:GM G>O>G>??><M O:G => SP>KF .HM =B> MBC= P:K>G => F:KDM>G OHHK GB>NP> ;H>D>G >G OHHK @>;KNBDM> ;H>D>G ;>AHHKEBCD @>L<A>B=>G GMBJN:

KB:M>G >G KHFF>EF:KDM>G SBCG @>EB>?=> IE::ML>G OHHK ;H>D>GEB>?A>;;>KL F::K >B@>GEBCD :EE>>G F::K @>L<ABDM OHHK =B> <:M>@HKB> ;H>D>GDHI>KL =B> SB<A PBE E:M>G O>KK:LL>G =HHK P:M F>G MH>O:EEB@ M>@>GDHFM BG A>M ::G;H= '::K PB> ><AM HI SH>D P:L G::K bbG LI><B >D> ;H>DMBM>E DHG =:@>GE:G@ O>K@>>?L =HE>G =HHK A>M HG@>HK=>G=> >G S>>K @>?K:@F>GM>>K=> ::G;H= 1B> >>G LI><B >D> MBM>E SH<AM FH>LM ;BC => ;H>DA:G=>E >>G GB>NP >Q>FIE::K ;>LM>EE>G .HM=:M HE <HF BG F::KM >>G K>OHENMB> HGMD>M>G=> =HHK A>M @>?K:@F>GM>>K=> ::G;H= O:G O>E> DE>BG> MP>>=>A:G=L;H>D>GO>KDHI>KL ::G >ED::K M> DHII>E>G >G L:F>G M> ;K>G@>G BG bbG @>HK=>G=> >G MK:GLI:

K:GM> =:M:;:L> .P>>eGA:E? C::K E:M>K A>>?M HE <HF >>G G>MP>KD @><K>e>K= O:G F>>K =:G I:KMB<NEB>K> >G L>FBIKH?>LLBHG>E> O>KDHI>KL O:G MP>>=>A:G=L ;H>D>G BM G>MP>KD A>>?M HG;>=H>E= HHD >>G @KHM> BFI:<M HI => F:KDM OHHK GB>NP> ;H>D>G 1:GM >>G ;H>DDHI>K =B> ;BC HE <HF HI SH>D @::M G::K >>G GB>NP >Q>FIE::K O:G >>G LI><B >D> ;H>DMBM>E DKBC@M :NMHF:MBL<A HHD >>G HO>KSB<AM O:G => ;>L<ABD;:K> MP>>=>A:G=L >Q>FIE:

K>G O:G =:M ;>MK>??>G=> ;H>D EL A>M IKBCLO>KL<ABE MNLL>G GB>NP >G @>;KNBDM

/+

(= 2 %1- ) / ) 2 7 0 %+ /6 %', 8 :%2 2 ) 8 ;) 6 / ) 2

@KHHM BL O>KL<ANB?M => OK::@ O:G GB>NP G::K @>;KNBDM M>F>>K =::K >>G ::G

SB>GEBCD =>>E O:G A>M :LLHKMBF>GM @>;KNBDM> ;H>D>G BG GB>NPLM::M BL H? S>E?L HG@>E>S>G > ::G;B>=>KL O:G GB>NP> ;H>D>G A>;;>G @>>G D>NS> S> FH>M>G ANG IKBCS>G O>KE:@>G >G H? @H>=DHI> >=BMB>L HI => F:KDM ;K>G@>G %E:LLB>D> ;H>DMBM>EL =B> OHHKA>>G HF => SHO>>E C::K A>K=KNDM P>K=>G PHK=>G M>@>GPHHK=B@ :E FBG=>K O::D A>K=KNDM =HHK=:M => OK::@ K>E:MB>? @>KBG@ BL >G =::K >>G ::G;H= O:G MP>>=>A:G=L >Q>FIE:K>G M>@>GHO>K LM::M =:M :G=>KL =:G OHHKA>>G S>>K MH>@:GD>EBCD BL

QN<ID<E 9<;I<@><E ;<K8@C?8E;<C #G => F>>LM> L><MHK>G S:@>G PBGD>EL BG ANG HFS>M ?HKL M>KN@EHI>G )FS>M=:EBG@>G O:G IKH<>GM H? F>>K P:K>G @>>G NBMSHG=>KBG@>G )O>K A>M :E@>F>>G PHK=M => ><HGHFBL<A> K><>LLB> :EL AHH?=L<ANE=B@> ::G@>P>

S>G F::K A>M BL S>>K => OK::@ H? =:M P>E => ;>E:G@KBCDLM> HHKS::D BL %HI>KL >G O>KDHI>KL P>M>G >ED::K LM>>=L ;>M>K M> OBG=>G OB: => =B@BM:E> G>MP>KD>G 4H:EL => =:@;E:=>G ANG BGDHFLM>G NBM KN;KB>DL:=O>KM>GMB>L S:@>G P>@

@EBII>G G::K @>LI><B:EBL>>K=> OK::@ >G ::G;H=P>;LBM>L SH O>KEB>S>G =>M:BEA:G=>E:K>G LM>>=L F>>K M>KK>BG ::G O>E> =NBS>G=>G @>LI><B:EBL>>K=> P>;PBGD>EL ::KG::LM BL SB<A BG K:I M>FIH >>G @>A>>E GB>NP> F:KDM ::G A>M HGM

PBDD>E>G =B> => MK:=BMBHG>E> =>M:BEA:G=>E LM>>=L F>>K <HG<NKK>GMB> ;>SHK@M #G >>G @KH>B>G= ::GM:E ANBLAHN=>GL SBCG ':KDMIE::ML GE >G LHHKM

@>EBCD> P>;LBM>L A>M IKBF:BK> O>KDHHID:G::E @>PHK=>G 1:L => F:KDM OHHK MP>>=>A:G=L :KMBD>E>G MHM OHHK DHKM GH@ ;>I>KDM MHM >>G ::GM:E LI><B >D> IKH=N<M>G M>@>GPHHK=B@ D:G F>G HI ':KDMIE::ML @>KB<AM SH>D>G G::K bED PBEE>D>NKB@ :KMBD>E 1B> E:FBG::M PBE E>@@>G BG >>G DBG=>KD:F>KMC> OBG=M :EMBC= P>E >>G I:KMB<NEB>K> ::G;B>=>K =B> GH@ >>G K>LMI:KMBC A>>?M EB@@>G =B> OHE=H>G=> BL OHHK =:M D:F>KMC> MANBL (B>NP =NL #G => O>KI:DDBG@ GH@ .>@>G >>G ;H=>FIKBCL H? LHFL S>E?L @K:MBL :? M> A:E>G ::K D:G @>>G E:FB

G::MO>KDHI>K M>@>G <HG<NKK>K>G :GDSBC => G>MP>KD >G BG?HKF:MB>L:F>GE>OBG@ BL A>M @>?K:@F>GM>>K=> >G HGHO>KSB<AM>EBCD> ::G;H= MK:GLI:K:GM @>PHK=>G >G HGMLM::G GB>NP> F:KDM>G 1B> ;BCOHH;>>E= LMH>E>G BGMH>MLM >G SBCG >B@>G IHLM<H=> D:G SHF::K ::G;B>=BG@>G SB>G ;BGG>G >>G LMK::E O:G DBEHF>M>K ">M ::G;H= BL G:=>K @>LI><B <>>K= 1> DNGG>G DB>S>G OHHK O>KL<ABEE>G=> IKBCL

<:M>@HKB>eG 0HHK GB>NP SH @H>= :EL GB>NP H? OHHK @>;KNBDM 1> DNGG>G L>E><M>K>G HI A>M ::GM:E LMH>E>G =:M => :=O>KM>>K=>K ::G;B>=M )? HI A>M F:M>KB::E O:G => ::G@>;H=>G LMH>E>G AHNM DNGLMLMH? E>>K F>M::E KB>M H? LMH? (>M SH:EL ;BC => MP>>A:G=L;H>D>GF:KDM O:G HE <HF HGMLM::G HHD AB>K G>O>G>??><M>G HI => IKBCLOHKFBG@ BG => GB>NPF:KDM 1:GM HO>K:E P::K <HN

/,

) %7 ='6%8- )

K:GM> F:KDM>G OHHK @>;KNBDM> @H>=>K>G HGMLM::G =H>M A>M ?>GHF>>G J=KL

O99J<= SBCG BGMK>=> NMHF>KD>G =B> >KHF ;>D>G= LM::G =:M => M> O>KP:<A

M>G K>LMP::K=> AHH@ BL DNGG>G >>G AH@>K> IKBCL OK:@>G OHHK GB>NP> :NMH L > C:K>GE:G@> ?HKL> IKBCLLMBC@BG@>G HI => ANBS>GF:KDM P>K=>G O>KHHKS::DM =HHK => O>KP:<AMBG@ =:M => K>LMP::K=> S>E?L @KHM>K SHN SBCG =:G => ::G

L<A:?P::K=> 0HHK >ED IKH=N<M P::KOHHK >>G <HNK:GM> MP>>=>A:G=LF:KDM HGMLM::M @::M => K>LMP::K=> HGA>KKH>I>EBCD BGOEH>= NBMH>?>G>G HI => GB>NPIKBCL )HD A>M ::GDHHIKBLB<H PHK=M DE>BG>K ;BC A>M ;>LM::G O:G >>G <HNK:GM> MP>>

=>A:G=LF:KDM K BL FBG=>K K>=>G OHHK ::GDHHIMPBC?>E FBG=>K D:GL HI >>G FBLDHHI 1:GM PB> LIBCM A>>?M O:G SBCG ::GDHHI O>KDHHIM =>S> @>PHHG P>>K =HHK 4H BL A>M OHHK F>GB@ @>KHNMBG>>K=> ':KDMIE::ML@>;KNBD>K :E => @>PHHGLM> S::D O:G => P>K>E= HF HI @H>= @>END ;BCOHHK;>>E= >>G MP>>=>

A:G=L =>LB@G>KLIBCD>K;KH>D M> DHI>G EL => ;KH>D G: HGMO:G@LM GB>M ;EBCDM M> I:LL>G LM::M ABC GH@ =>S>E?=> =:@ HIGB>NP HI ':KDMIE::ML >G PHK=M ABC ;BGG>G MP>> =:@>G ::G >>G :G=>K =HHKO>KDH<AM (B>M :EE>>G => F:KDM>G PHK=>G <HNK:GM>K HHD => IKBCS>G HI =B> F:KD

M>G PHK=>G LM>>=L NGB?HKF>K 1:GM G>M SH:EL HI => >??><M>G;>NKS>G =H>M HHD HI ':KDMIE::ML A>M ><HGHFBL<A> ?>GHF>>G HJABK9J:ALJ9?= :E SBCG BGMK>=> EL => =HEE:K HI => O:ENM:F:KDM BG K:GD?NKM DHKMLMHG=B@ >>G MB>G=> >NKH<>GM @H>=DHI>K BL =:G HI => ;>NKL O:G FLM>K=:F IKH M>K>G O:ENM:

:K;BMK:@>:GM>G A:G=>E::KL BG IKBCLO>KL<ABEE>G O:G =:M IKBCLO>KL<ABE =HHK =HEE:KL BG M> DHI>G BG K:GD?NKM >G HGFB==>EEBCD =HHK M> O>KDHI>G BG FLM>K=:F G>M SHE:G@ MHM=:M => DH>KL>G HI ;>B=> ;>NKS>G P>>K @>EBCD SBCG 4H HHD HI ':KDMIE::ML P::K E>@BH :F:M>NKA:G=>E::KL @>E= O>K=B>G>G =HHK M> @H>=DHHI @>IKBCL=> :MBD>E>G BG M> DHI>G >G =B> HGFB==>EEBCD P>>K =HHK M> O>KDHI>G M>@>G => @:G@;:K> IKBCL

/-

(= 2 %1- ) / ) 2 7 0 %+ /6 %', 8 :%2 2 ) 8 ;) 6 / ) 2

:i`j`j6 DXibkgcXXkj ,IX MW LIIP QSIMPMNO MR XI WGLEXXIR LSI KVSSX HI FMNHVEKI ZER HI X[IIHI LERHWQEVOX MW EER HI SQ^IXHEPMRKIR MR HI HIXEMPLERHIP ,IX IJJIGX [SVHX [EEVWGLMNRPMNO SRHIVWGLEX HSSVHEX HI XVERWEGXMIW SRXFVIOIR MR HI SJ´GMtPI IGSRSQMWGLI WXEXMWXMIOIR ,IX OERRMFEPMWEXMI IJJIGX ZER HI X[IIHILERHW QEVOX ZEVMIIVX TIV TVSHYGXWSSVX ;MI IIR X[IIHILERHW FSIO OSSTX OSSTX QMWWGLMIR SSO RSK IIR RMIY[ FSIO 1EEV [MI IIR X[IIHILERHW OMRHIV[EKIR OSSTX OSSTX [EEVWGLMNRPMNO KIIR RMIY[I OMRHIV [EKIR (I WXEXMWXMIOIR ZER 1EVOXTPEEXW ^MNR IIR MRHMGEXMI ZSSV HI I\TPSWMIZI SQ^IXKVSIM ST HI X[IIHILERHWQEVOX -R HI FIKMRHEKIR ZER 1EVOXTPEEXW [IVHIR IV XSX RMIY[I EHZIVXIRXMIW TIV HEK ST HI WMXI KITPEEXWX 8MIR NEEV PEXIV ^MNR ST IPO QSQIRX QIIV HER ZMNJ QMPNSIR EHZIVXIRXMIW XI ^MIR IR [SVHIR IV HEKIPMNOW VYMQ RMIY[I EHZIVXIRXMIW KITPEEXWX 7MRHW HI STVMGLXMRK ZER 1EVOXTPEEXW MR ^MNR IV EP VYMQ QMPNSIR EHZIVXIRXMIW KITPEEXWX ,IX EERXEP KITPEEXWXI EHZIVXIRXMIW MW MR HI EJKIPS TIR HVMI NEEV ZIVZMNJZSYHMKH (EKIPMNOW XVIOX HI WMXI VYMQ X[II QMPNSIR FI^SIOIVW HMI KIQMHHIPH EGLXXMIR OIIV TIV QEERH XIVYKOIVIR )R [MI RSK HEGLX HEX HI HMKMXEPI VSQQIPQEVOX ZSSVEP IIR ZIVOSSTOEREEP MW ZSSV HI PEEKWXI IGSRSQMWGLI OPEWWIR ZIVKMWX ^MGL 1EVOXTPEEXW RP ZIV[IPOSQX REQIPMNO QIIV HER ^IW QMPNSIR YRMIOI FI^SIOIVW TIV QEERH

>F<;< QN<ID<E# JC<:?K< QN<ID<E EL => G:MBHG:E> HF;N=LF:G SBCG C::KO>KLE:@ HO>K ::G => .P>>=> %:F>K ::G;B>=M L<A>MLM ABC >>G LHF;>K ;>>E= O:G ;NK@>KL =B> O>KLMKBDM K:D>G BG => ;NK>:N<K:MB> O:G => HO>KA>B= > ;NK@>K OH>EM SB<A HGF:<AMB@ "BC DKBC@M M> F:D>G F>M O>E> BGLM:GMB>L P::K GB>F:G= SB<A O>K:GMPHHK=>

EBCD OH>EM >G P::K ABC O:G A>M D:LMC> G::K => FNNK PHK=M @>LMNNK= > ;NK@>K LG:DM G::K FBG=>K ;NK>:N<K:MB> )GF:<AM BL A>M LE>NM>EPHHK= G =:M O>KDE::KM => @KHM> ::GMK>DDBG@LDK:<AM O:G => >:LR<K:MB> :LR<K:MB> BL A>M :GMPHHK= HI =B> HGF:<AM 1:GM >:LR<K:MB> BL SbE? BG :<MB> DHF>G >G =BG@>G =H>G =B> :E LG>E SB<AM;::K K>LNEM::M HIE>O>K>G :M O>KDE::KM P::KHF SHO>>E F>GL>G ;>E:G@>EHHL :KMBD>E>G L<AKBCO>G OHHK 1BDBI>=B: G =:M O>KDE::KM FBLL<AB>G HHD P>E P::KHF SHO>>E F>GL>G EB= PHK=>G O:G *HPG>= ">M SB<AM;:K> K>LNEM::M BL => ;>EHGBG@ ">M @>OH>E GB>M E:G@>K F:<AM>EHHL M> SBCG G =:G F::DM A>M GB>M SHO>>E NBM H? =:M SB<AM;:K> K>LNE

M::M M>G @NGLM> O:G C>S>E? BL H? M>G @NGLM> O:G C> HK@:GBL:MB> H? M>G @NGLM> O:G >>G ;>M>K> P>K>E= B>S>E?=> HF;N=LF:G LMBIM GH@ B>ML HIF>KD>EBCDL ::G BC >>G <HG@K>L HO>K OKHNP>G;>LGBC=>GBL P:K>G F::K EB>?LM OBC? ;>PBG=LEB>=>G ::GP>SB@

/.

) %7 ='6%8- )

> HF;N=LF:G OK::@M SB<A :? H? =:M GB>M >>G ;>>MC> M> O>>E O:G A>M @H>=> BL >G M>K><AM> OK::@ 1:GM AH> ;>E:G@KBCD A>M HG=>KP>KI OKHNP>G;>LGBC=>

GBL HHD BL >K O:EM GB>M M> HGMD>GG>G =:M >K GH@ M:EEHS> :G=>K> :<MN>E> IHEB

MB>D> =BL<NLLB>L SBCG =B> FBGLM>GL G>M SH ;>E:G@KBCD SBCG G :EL =::K >>G <HG@K>L HO>K PHK=M @>AHN=>G SBCG >K F>>LM:E GNE ;>PBG=LEB>=>G ::GP>SB@ %HKMHF => ::G=:<AM BL HI SBCG S:<AMLM @>S>@= >>G ;>>MC> HG@>EBCD O>K=>>E= '::K AH> DHFM =:M > F>>LM OHHK => A:G= EB@@>G=> NBME>@ BL =:M => HK@:GBL:MHK>G O:G =:M <HG@K>L HO>K OKHNP>G;>LGBC=>GBL >>G <HFIEBF>GM O>K=B>G>G #G => SP>KF KHG= =B> <HG@K>LHK@:GBL:MB> SBMM>G P::KL<ABCGEBCD LM>KD> O>K;BG=>KL D>G

G>KL >G O>KDHI>KL SB> AHH?=LMND .@= .AHHAF? *GAFL ':E<HEF !E:=P>EE =B> >K OB: => <HGG><MB>L BG ANG G>MP>KD>G BG @>LE::@= SBCG HF A>M <HG@K>L ;HO>G ::G => IKBHKBM>BM>GEBCLM O:G OBC? O>KL<ABEE>G=> FBGBLM>KL >G LM::MLL>

<K>M:KBLL>G M> DKBC@>G #G L<AKBE <HGMK:LM AB>KF>> LM::M => IHEBMB>D> ::G=:<AM =B> ;BCOHHK;>>E= PPP DEHDD>GENB=>KHGEBG> GE O>KDKBC@M )I =>S> P>;LBM> PHK=>G IHEBMB>D> FBLLLM:G=>G ::G => D::D @>LM>E= =HHK >>G OHHKF:EB@ CHNKG:EBLM O:G (,

"9F<=DK:D9< =B> =::KOHHK S>>K @>=>@>G >G =B>I@K:O>G= HG=>KSH>D =H>M > L<A:G=:E>G =B> AB>K ::G => HK=> PHK=>G @>LM>E= =H>G BG ;>E:G@ S>D>K GB>M HG=>K OHHK => IKH;E>F:MB>D O:G => OKHNP>G;>LGBC=>GBL > AH>O>>EA>B= =H<NF>GM:MB> BL HO>KP>E=B@>G= 0:G MBC= MHM MBC= PHK=M %EHDD>GENB=>K

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

EHH@ >G L:F>GP>KD>G '::K HG@>:<AM P>ED> ?:<MHK>G >>G KHE LI>E>G D:G F>G LM>EE>G =:M BG => SP>KF KHG= %EHDD>GENB=>KHGEBG> DE::K;EBCD>EBCD GB>M SNED> LM>KD> O>K;BG=>KL D>GG>KL >G O>KDHI>KL SBMM>G :EL BG => SP>KF KHG= A>M OKHNP>G;>LGBC=>GBL<HG@K>L %>GG>EBCD ;>LM::M >K SHB>ML :EL @H>=> SP>K

F>G >G LE><AM> SP>KF>G :EL C> G::K LE:@DK:<AM DBCDM 0HHK %EHDD>GENB=>K

HGEBG> BL A>M M> AHI>G =:M SB<A LM>KD> O>K;BG=>KL D>GG>KL >G O>KDHI>KL ;BC => SP>KF OH>@>G B> DNGG>G P>EEB<AM A>M LAHHAF? HGAFL ;>K>BD>G bG =BG@ BL S>D>K [EL A>M LAHHAF? HGAFL ;>K>BDM PHK=M =:G D:G A>M HHD A>>E LG>E @::G :G BL => SP>KF GB>M F>>K M> LMNBM>G >A:EO> @H>=> >G LE><AM> SP>KF>G SBCG >K HHD GH@ E>ND> SP>KF>G 1B> ;BCOHHK;>>E= :LA FH; BFIKHO >O>KRPA>K> H? FI >QI>KBF>GM BG SBCG

//

(= 2 %1- ) / ) 2 7 0 %+ /6 %', 8 :%2 2 ) 8 ;) 6 / ) 2

SH>DF:<ABG> BGMBDM OBG=M OHHK;>>E=>G O:G >QI>KBF>GM>E> EN=B>D> >:LR

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kkK => G>MP>KD >G BG?HKF:MB>

L:F>GE>OBG@ P:L A>M FH;BEBL>K>G O:G PBEE>D>NKB@> HG;>D>G=>G A>M FHGH

IHEB> O:G => MHI O:G => ABeK:K<AB>eG H? O:G => F>=B: E:LAFH;L MHG>G ::G =:M => G>MP>KD >G BG?HKF:MB>L:F>GE>OBG@ GB>NP> MHHEL A>>?M OHHKM@>;K:<AM P::KF>> BG=BOB=N>G >>G NBME::MDE>I DNGG>G OBG=>G OHHK ANG @>OH>E O:G HGF:<AM BG => ABeK:K<ABL<A> L:F>GE>

OBG@ '::K :EL A>M FH@>EBCD ;EBCDM HF BG G>MP>KD>G F>GL>G M> FH;BEBL>K>G HF @>S:F>GEBCD B>ML @K:IIB@L M> =H>G =:G BL A>M =NL HHD FH@>EBCD HF =B> F>GL>G @>S:F>GEBCD B>ML GNMMB@L M> E:M>G =H>G > M>@>GA:G@>K =::KO:G BL =:M =B>S>E?=> FH@>EBCDA>=>G HHD @>;KNBDM DNGG>G PHK=>G OHHK FBG=>K E>ND> FH;BEBL:MB>L &>ND> SP>KF>G G:K> SP>KF>G 1:GM OH>M;:EAHHEB@:GL H? :G=>K> K>EL<AHII>KL A>;;>G GB>M E:G@>K >>G OH>M;:ELM:=BHG GH=B@ OHHK ANG HGMPKB<AM>G=> @KH>IL:<MBOBM>B

M>G #G :N@NLMNL S>B => PHHK=OH>K=>K O:G => @KHHMLM> IHEBMB>O:D;HG= BG =:@;E:= .JGMO G::K ::GE>B=BG@ O:G >>G <HFIE>>M NBM => A:G= @>EHI>G AHNL>?>>LM HI A>M LMK:G= O:G "H>D O:G "HEE:G= ">M ;>@HG BG >G KHG= OH>M;:ELM:=BHGL F::K GN P> =::K => LBMN:MB> F>>K >G F>>K HG=>K <HGMKHE> A>;;>G O>KIE::MLM A>M IKH;E>>F SB<A G::K ;BCOHHK;>>E= >O>G>F>GM>G "BC GH>FM =BM A>M O9L=J:=<=>>=;L 1:M C> HI => >G> IE::ML => DHI BG=KNDM =NBDM >K@>GL :G=>KL P>>K HI #G => ABeK:K<ABL<A> L:F>GE>OBG@ BL F>G O:G G:MNK> @>G>B@= =BM P:M>K

;>=>??><M M> G>@>K>G > MHI O:G => ABeK:K<AB> BL O>K:GMPHHK=>EBCD >G A>M OHED >BLM K><AMLMK>>DL> F::MK>@>E>G O:G => :NMHKBM>BM>G ::KHF EB@M A>M BG => O>KP:<AMBG@ =:M >K BG => MH>DHFLM F>>K >K F>>K IHEBMB>;>O>BEB@BG@ ;BC >O>G>F>GM>G S:E DHF>G > :LAFH;L MHG>G ><AM>K ::G =:M SNED> F::MK>

@>E>G <HGMK:IKH=N<MB>? SBCG 1:GM :EL => IHEBMB> >K :E BG LE::@M HF => >O>G>

F>GM>G O>BEB@ M> F:D>G =:G DNGG>G => O>K:GMPHHK=>EBCD> :NMHKBM>BM>G A>M P:M>K;>=>??><M O>KP:<AM>G :G D:G A>M SHF::K @>;>NK>G =:M :E =B> AHHEB

@:GL <HFIE>>M HGO>KP:<AM HF >Q:<M NNK @>EBCDMBC=B@ HI >>G @KHHM MK>BGLM:MBHG HI=NBD>G G =:G BL A>M F::K M> AHI>G =:M S> :EE>>G F::K :EE>

F::E M>@>EBCD =>S>E?=> KBG@MHG> E:M>G DEBGD>G

/0

) %7 ='6%8- )

:8EËK 9<8K K?<D6 AF@E K?<D > DE:LLB>D> ?HNM =B> HK@:GBL:MB>L DNGG>G F:D>G :EL S> @><HG?KHGM>>K= PHK=>G F>M BGGHO:MB>L O:G GB>NP> <HG<NKK>GM>G BL A>M HGMD>GG>G O:G => F>>KP::K=> =B> =B> BGGHO:MB>L ;B>=>G $> DNGM :EL >QIEHBM:GM O:G => I::K

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

=HHK M> P>BGB@ ;>SH>D>KL G HF=:M >K SH P>BGB@ ;>SH>D>KL P:K>G P>K=>G >K F::K P>BGB@ GB>NP> :=O>KM>GMB>L @>IE::MLM >S> P>;LBM>L P:K>G =NL @>>G L>KB>NS> <HG<NKK>GMB> OHHK DK:GM>GNBM@>O>KL '::K SH=K: => >QIEHB

M:GM>G O:G =>S> GB>NP> F>=B: >KBG LE::@=>G HF => OB<B>NS> <BKD>E M> =HHK

;K>D>G P:L A>M A>D O:G => =:F >G ;>@HG => F:KDM O:G KN;KB>DL:=O>KM>G

MB>L F:LL::E M> O>KL<ANBO>G G::K BGM>KG>M 1:GM => <HGLNF>GM HGM=>DM =:M A>M GB>NP> :=O>KM>GMB>F>=BNF ;>M>K LG>EE>K >G @H>=DHI>K BL > =:@;E:=

NBM@>O>KL =B> =:G GH@ LM>>=L => F>>KP::K=> O:G => O>KGB>NP>KL HGMD>G

G>G >G => <HG<NKK>GMB>LMKBC= ::G@::G =HHK M> BGO>LM>K>G BG ANG :<AM>K

A::E=> IKH=N<M LE::G => IE:GD FBL > F>>LM> NBM@>O>KL DHS>G =:G HHD OKH>@ H? E::M OHHK => >GB@> D:GLKBCD> LMK:M>@B> A> QGM ;9F L :=9L L@=E BGAF L@=E 4> HGMPBDD>E=>G ANG >B@>G HGEBG>F>=B: OHHK KN;KB>DL:=O>KM>GMB>L H? S> G:F>G >>G O:G => GB>NP> <HG<NKK>GM>G HO>K G I>K L:E=H @BG@>G S> >K O::D HI OHHKNBM 1:GM => OHHKF:EB@ <A>? HGM:<M:=O>KM>GMB>L ;BC A>M H<A

M>G=;E:= =B> OHHKA>>G HI S:M>K=:@H<AM>G= M>OK>=>G @KHF=> :EL ABC P>>K >>G I::K AHG=>K= <HGM:<M:=O>KM>GMB>L BG SBCG DK:GM MNK?=> BL GN <A>? @>PHK=>G O:G => =:MBG@LBM> O:G SBCG DK:GM >G D:G GN HI S:M>K=:@H<AM>G= >>G I::K AHG=>K==NBS>G= <HGM:<M:=O>KM>GMB>L MNKO>G >M:BEA:G=>E::KL =B> @><HG?KHGM>>K= PHK=>G F>M HFS>M=:EBG@>G =HHK

=:M >>G =>>E O:G ANG HFS>M P>@LENBIM G::K :EE>KE>B P>;PBGD>EL FH>M>G SB<A F>>K =:G HHBM :?OK:@>G P:M OHHK MH>@>OH>@=> P::K=> SBC >B@>GEBCD E>O>

K>G 0HHK O>E>G ;>LM::M =B> P::K=> NBM GB>M F>>K =:G => HN=> A:G=>EL?NG<

MB> O:G A>M HO>K;KN@@>G O:G MBC= >G :?LM:G= > P::K=> O:G ANG L>KOB<> >G :=OB>L?NG<MB> PHK=M O::D L<AKHF>EBCD HO>KL<A:M #G LM>>=L F>>K IKH=N<M<:

M>@HKB>eG LE:@>G BGGHO:MB>O> P>;PBGD>EL >KBG HF =B> HN=> A:G=>EL?NG<MB> O>>E ;>M>K >G >? <BeGM>K M> O>KKB<AM>G =:G => DE:LLB>D> PBGD>EB>K > @H>=> P>;PBGD>EL @>O>G ;>M>K> IKH=N<MBG?HKF:MB> =:G A>M PBGD>EI>KLHG>>E F>>K L>KOB<> =:G => DE:GM>G;:EB> >G S> DNGG>G @H>=DHI>K E>O>K>G P:GM S> AH>O>G FBG=>K M> BGO>LM>K>G BG PBGD>EOHHKK::= LHFFB@> P>;PBGD>EL

0'

(= 2 %1- ) / ) 2 7 0 %+ /6 %', 8 :%2 2 ) 8 ;) 6 / ) 2

A>;;>G GB>M >>GL >>G OHHKK::= >G ANG ANBLO>LMBG@LDHLM>G HI A>M BG=NL

MKB>M>KK>BG SBCG ::GSB>GEBCD E:@>K =:G => I>I>K=NK> ANK>G HI => EH<:MB>L BG => PBGD>ELMK:M>G G => <HGLNF>GM AH>?M GB>M >>KLM =HHK A>M =KNDD> LM:=LO>KD>>K HF O>KOHE@>GL M> SH>D>G G::K >>G L<A::KL> I:KD>>KIE::ML =B> HHD GH@ >>GL >>G I::K >NKH I>K NNK DHLM ::K D:G => DE:LLB>D> =>M:BEEBLM GB>M M>@>G HI;HDL>G #> QGM ;9F L :=9L L@=E BGAF L@=E >@BG S>E? HHD >>G P>;

PBGD>E ">M :EM>KG:MB>? BL HF >>G :G=>K> MH>@>OH>@=> P::K=> M> E>O>K>G > =>M:BEA:G=>E::K =B> >KBG LE::@M HF SBCG PBGD>E BG M> KB<AM>G :EL >>G H:L> O:G BGLIBK:MB> SH=:M => <HGLNF>GM A>M PBGD>E>G HI SB<A :EL >>G IE>SB>KB@> ;>E>

O>GBL >KO::KM :EL >>G NBMC> =B> ;B>=M >>G MH>@>OH>@=> P::K=> =B> => P>;

PBGD>E GB>M SH @>F:DD>EBCD D:G E>O>K>G '::K G: >ED> BGGHO:MB> DHFM P>>K >>G GB>NP> BGGHO:MB> G BG => >:LR

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

DHFLM ;B>=>G SB<A OHEE>=B@ @K:MBL ::G >G O>KDKBC@>G SH=H>G=> MH>@:G@ MHM >>G @KHM> F:LL: MHM => BGM>K>LL:GM> =H>E@KH>I O:G :<MB>O> :EE>>GLM::G=>G 0>KOHE@>GL DNGG>G S> BGDHFLM>G O>KP>KO>G =HHK ;BCOHHK;>>E= LBG@E>I:K

MR L H? LBG@E>K>BS>G M> HK@:GBL>K>G H? =HHK I:KMB<BI:GM>G H? :=O>KM>>K=>KL OHHK =>S> LI><B >D> =H>E@KH>I M> SH>D>G 'GF=Q >GDDGOK L@= MK=J A>>?M !HH@E> BGFB==>EL P>E ;>P>S>G #G => ABeK:K<ABL<A @>HK@:GBL>>K=> ><HGHFB> O:G => MPBGMB@LM> >>NP P:L A>M OHHK:E 'GF=Q >GDDGOK L@= HGO=J SH SHN F>G GN F>M M>KN@P>KD>G=> DK:<AM DNGG>G <HG<EN=>K>G

0(

) %7 ='6%8- )

;\ <XjpZiXk`jZ_\ ;Xk`e^j`k\ (I QIIWXI HEXMRKWMXIW MR 2IHIVPERH [IVOIR RY RSK ZSPKIRW LIX ªJVIIQM YQ« QSHIP (EX [MP ^IKKIR HI FEWMWZIVWMI MW KVEXMW QEEV HI KIFVYMOIV HMI QIIV QSKIPMNOLIHIR [MP LIFFIR ^EP QSIXIR YTKVEHIR REEV IIR FIXEEPH TVIQMYQPMHQEEXWGLET (I KVEXMW FEWMWZIVWMI ^SVKX ZSSV IIR GSRXM RYI EER[EW ZER RMIY[WKMIVMKI RMIY[I PIHIR [EEVHSSV HI WMXI IIR OVMXM WGLI QEWWE ZER KIFVYMOIVW OVMNKX :IVZSPKIRW [SVHX IIR µMRO HIIP ZER HI RMIX FIXEPIRHI KIFVYMOIVW ZIVPIMH XSX LIX EJWPYMXIR ZER IIR TVIQMYQPMH QEEXWGLET >S WRMNHX LIX QIW ZSSV HI HEXMRKWMXI IRXVITVIRIYV EER X[II OERXIR -R HI TVEOXMNO KEEX HEX EPW ZSPKX MIHIVIIR QEK KVEXMW IIR TVS´IP EERQE OIR IR HI TVS´IPIR ZER ERHIVIR FIOMNOIR 1EEV EPW NI IIR MRXIVIWWERX TVS´IP ^MIX IR IIR KIWTVIO [MPX FIKMRRIR QIX HMI TIVWSSR HER OER HEX RMIX MR HI KVEXMW FEWMWZIVWMI .I OYRX LSSKYMX IIR ZSSVKIJEFVMGIIVH MRXI VIWWIFIVMGLX WXYVIR ^SRHIV ZIVHIVI GSRXEGXQSKIPMNOLIMH :SSV QIRMK KIFVYMOIV MW HEX LqX QSQIRX SQ LIX PMHQEEXWGLET XI YTKVEHIR >SHVE IIR ZER HI KVSXI HEXMRKWMXIW SJ IIR RMIY[OSQIV MR HI QEVOX ZSSV IIR ERHIV ZIVHMIRQSHIP KEEX OMI^IR [EEVFMN SSO HI RMIX FIXEPIRHI KIFVYMOIVW HI QSKIPMNOLIMH LIFFIR XSX SRHIVPMRKI GSQQYRMGEXMI ^YPPIR HI ERHIVI HEXMRKWMXIW [IPLEEWX KIH[SRKIR [SVHIR SQ XI ZSPKIR 1EEV KIIR ZER HI FIWXEERHI HEXMRKWMXIW ^EP WXEER XI TSTIPIR SQ HMX XI HSIR ;EEVSQ ^SYHIR ^I HI OMT QIX HI KSYHIR IMIVIR WPEGLXIR# >I ^MNR EPPIR KIFEEX FMN HI WXEXYW UYS MR HI^I QEVOX )IR ZER HI OIRQIVOIR ZER HI IEW]GVEXMI MW HEX HI KVSXI QEVOXMRRSZEXMIW ZEEO RMIX QIIV EJOSQWXMK ^MNR ZER HI REEWXI GSRGYVVIRX QEEV XSX WXERH OSQIR HSSV HI GSPPIGXMIZI MRXIPPMKIRXMI ZER HI GVS[H >S ^YPPIR HI HEXMRKWMXIW [EEVWGLMNRPMNO FMRRIROSVX KIH[SRKIR [SVHIR XSX IIR RMIY[ ZIVHMIRQSHIP HSSVHEX LIX PYGVEXMIZI FIWXEERHI QSHIP [SVHX ªKILEGOX« HSSV WPMQQI KIFVYMOIVW ;MI FMNZSSVFIIPH ST IIR [MPPIOIYVMKI HEXMRKWMXI LIX TVS´IP XIKIROSQX ZER IIR KIFVYMOIV QIX HI TVS´IPREEQ )EW]GVEEX OER HMI REEQ KSSKIPIR IR [SVHX ZIVZSPKIRW HSSVKIPIMH REEV WSGMEPI RIX [IVOWMXIW ^SEPW ,]ZIW IR *EGIFSSO [EEV HI^IPJHI TIVWSSR SSO IIR TVS ´IP LIIJX 3T HMI QERMIV OER LIX FIXEEPHI TVIQMYQPMHQEEXWGLET ZER HI HEXMRKWMXI SQ^IMPH [SVHIR IR MW IV XzGL HI QSKIPMNOLIMH SQ XI GSQQYRM GIVIR QIX )EW]GVEEX

0)

(= 2 %1- ) / ) 2 7 0 %+ /6 %', 8 :%2 2 ) 8 ;) 6 / ) 2

1EEV [MI KEEX IV RSY KSSKIPIR ST HI TVS´IPREEQ ZER IIR HEXMRKWMXI TVS´IP# 2SK RMIQERH 1EEV HEX ZIVERHIVX ^SHVE HI^I XVYG FIOIRH [SVHX &MNZSSVFIIPH ZME HMX FSIO 1IRWIR ZIVXIPPIR HMI XVYG HSSV IR FMRRIR EJ^MIRFEVI XMNH MW LMN EPKIQIIR FIOIRH IR [IQIPX LIX ST HI HEXMRKWMXIW ZER HI 7Y^ERRI «W IR HI %RXSR «W HMI LYR YRMIOI ,]ZIWREEQ LIFFIR KIOS^IR EPW TVS´IPREEQ ST HI HEXMRKWMXI -R JIMXI MW HMX RY EP ZEEO LIX KIZEP ^SRHIV HEX HI KIFVYMOIVW FIWIJJIR HEX ^I LMIVQII SRST ^IXXIPMNO IIR WPMQQI QSKIPMNOLIMH LIFFIR KIGVItIVH SQ LIX ZIVHMIR QSHIP ZER HI HEXMRKWMXIW XI SQ^IMPIR

0*

) %7 ='6%8- )

?FF=;JKLB - J8D<E><M8K 1MWWGLMIR [IP LIX PIYOWXI EWTIGX ZER IEW]GVEXMI MW HEX HI QSKIPMNOLIMH SQ MIXW XI FIVIMOIR LIPIQEEP PSW WXEEX ZER JYRGXMIRMZIEYW -R HI FYVIEYGVEXMI KEEX LIX IV ZSSVEP SQ [MI MIXW ^IKX MR HI IEW]GVEXMI HVEEMX LIX ZSSVEP SQ [EX NI ^IKX &EERFVIOIRHI ZIVRMIY[MRKIR [SVHIR QIIWXEP MR KERK KI^IX HSSV VIPEXMIJ NSRK XEPIRX QEEV LMtVEV GLMWGLI SVKERMWEXMIW QEOIR RMIX SJ REY[IPMNOW KIFVYMO ZER HMX GVIEXMIJ TSXIRXMIIP 8EPIRXZSPPI RMIY[OSQIVW FMRRIR IIR SVKERMWEXMI QSIXIR IIVWX EP LYR IRIVKMI EER[IRHIR SQ XI OPMQQIR ST HI LMtVEVGLMWGLI PEHHIV EPZSVIRW ^MN LYR MHIItR OYRRIR ZIV[I^IRPMNOIR 8IKIR HI XMNH HEX ^I HI XST ZER HI PEHHIV LIFFIR FIVIMOX MW HI GVIEXMIZI IRIV KMI ZSSV IIR KVSSX HIIP YMXKIFPYWX 1EEV HERO^MN HI MRJSVQEXMIWEQIRPIZMRK MW HI QEREKIV ZER HI XSI OSQWX RMIX PERKIV EJLEROIPMNO ZER HI WTIPVIKIPW ZER HI XVEHMXMSRIPI SVKERMWEXMI :ME MRJSVQIPI RIX[IV OIR OER NSRK XEPIRX MHIItR ZIVWTVIMHIR IR EERZYP PIRHI OIRRMW ZIVKEVIR

0+

-

K8C<EK ><;@AK 9<K<I @E E<KN<IB<E ;8E @E ?@ÞI8I:?@<ÞE KFGK8C<EK FG K@<E<IC<<=K@A; (::KF:M> M:E>GM>G HN=>K PHK=>G PHK=>G S> O::D ;>M>K PBCS>K KBCI>K >KO:

K>G>K '::K => INK> :NMA>GMB>D> <K>:MBOBM>BM ;>K>BDM O::D :E HI CHG@> E>>?MBC= SBCG AHH@M>INGM )I A>M OH>M;:EO>E= HI => L<A::ML;::G >G HI A>M <HG<>KM

IH=BNF BL A>M OKBC GHKF::E :EL MHIM:E>GM>G :EL $HA:G KNBC?? -O>G %K:F>K >G 1B;B -H>KC:=B :E HI MB>G>KE>>?MBC= A>M AHH@LM> ;>K>BD>G KO:KBG@ BL >>G IK> F::K A>>?M HHD >>G D>>KSBC=> KO:KBG@ LFHHKM => HG;>O:G@>GA>B= 0HHK A>M OBG=>G O:G b<AM <K>:MB>O> HIEHLLBG@>G BL HG;>

O:G@>GA>B= P>EEB<AM >>G GHH=S:D>EBCDA>B= ::G;K>D>G=> O>KGB>NPBG@>G BG >ED> DNGLMOHKF DHF>G ;BCG: :EMBC= O:G => CHG@>K> @>G>K:MB>L 1>EEB<AM L<A>II>G SBC HI KBCI>K> E>>?MBC= I:L ANG F>>LM>KP>KD F::K =:M BL =:G O>>E:E >>G I>K?><MBHG>KBG@ O:G => O>KGB>NP>G=> B=>>eG NBM A>M ;>@BG O:G ANG :KMBLMB>D> EHHI;::G 1::K CHG@ MHIM:E>GM BG => LIHKM >G BG => DNGLM :EE> KNBFM> DKBC@M HF SB<A M> HGMIEHHB>G >G LG>E A>M AHH@LM> IH=BNF M> ;>MK>=>G BL =BM ;BGG>G HK@:GBL:MB>L >>G S>E=S::FA>B= :M BL F>KDP::K=B@ #L >K P>E >>G @H>= :K@NF>GM M> ;>=>GD>G P::KHF OHHK CHG@ MHIM:E>GM ;BGG>G HK@:GBL:MB>L :G=>K> P>MM>G SHN=>G @>E=>G =:G OHHK M:E>GM BG => LIHKM H? BG => DNGLM 4HN =BM GB>M => ;>E:G@KBCDLM> ;KHG OHHK ;::G;K>D>G=> O>KGB>NPBG@>G >G BGGHO:MB>L DNGG>G SBCG

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

0,

) %7 ='6%8- )

"NG >GHKF> L<A:M ::G >KO:KBG@ ;B>=M D>GG>EBCD HGOHE=H>G=> <HFI>GL:MB> OHHK => HG;>O:G@>G B=>>eGKBCD=HF >G =>GDDK:<AM O:G => CHG@LM> @>G>K:

MB> >LHG=:GDL SBCG >K G:NP>EBCDL MB>G>KL >G MPBGMB@>KL M> OBG=>G ;BGG>G => MHI O:G ABeK:K<ABL<A> HK@:GBL:MB>L > OBC?MB@>KL >G S>LMB@>KL SBCG >K BG => F>>K=>KA>B= :M DHFM =HHK=:M => P>@ G::K => ABeK:K<ABL<A> MHI SH E:G@ BL .> E:G@

<<E :<F M8E )* A88I6 >G ) O:G C::K =B> >>G FNEMBG:MBHG:E E>B=M >>G FBGBLM>K IK>LB=>GM O:G C::K >>G C:KB@> LM::MLL><K>M:KBL O:G -H<B:E> 4:D>G SHN =:M =:G => HIEHLLBG@ SBCG OHHK => ::GI:D O:G => F::ML<A:II>EBCD> >G ;>=KBC?L><HGHFB

L<A> OK::@LMNDD>G O:G =>S> MBC= BM S:E OHHK => F>>LM>G :EL >>G S>>K ;BS:K B=>> DEBGD>G "BE:KBL<A ;BCG: !>A>>E BG LMKBC= F>M A>M P>K>E=;>>E= P::K

F>> P> SBCG @KHHM@>;K:<AM )K@:GBL:MB>L PHK=>G GN >>GF::E @>E>B= =HHK HN=> PBCS> ;E:GD> F:GG>G '::K =:M P>K>E=;>>E= ;E:==>KM E:G@S::F :? > IK>LB=>GM O:G => 0>K>GB@=> -M:M>G BL GB>M F>>K SH ;E:GD :EL SBCG OHHK

@:G@>KL > ;HG=LD:GL>EB>K O:G NBMLE:G= BL @>>G F:G NL A>M BL HHD GB>M HG=>GD;::K =:M => E>B=>KL O:G HK@:GBL:MB>L BG => MH>DHFLM ::GSB>GEBCD CHG@>K SNEE>G SBCG '::K P>EEB<AM HHD GB>M P:GM E>B=>KL<A:I OK::@M A>>E :G=>K> <HFI>M>GMB>L =:G <K>:MBOBM>BM &>B=>KL<A:I >G A>M ;>=>GD>G O:G HIEHLLBG@>G LM::G BG IKBG<BI> EHL O:G >ED::K )K@:GBL:MB>L AH>O>G ANG M:E>GMOHEE> CHG@> F>=>P>KD>KL GB>M =BK><M MHM E>B=>KL M> ;HF;:K=>K>G F::K S> SHN=>G P>E O>>E F>>K @>;KNBD DNGG>G F:D>G O:G ANG =>GDDK:<AM <K>:MBOBM>BM >G B=>>eGKBCD=HF :M @>;>NKM GN GH@ G:NP>EBCDL > LI>EK>@>EL O:G => ABeK:K<ABL<A> HK@:GBL:MB>LMKN<MNNK AHN=>G =:M @KHM>G=>>EL M>@>G :M => P>@ HFAHH@ BG => ABeK:K<AB> Sk O>>E ::G=:<AM O>K>BLM =:M => DEBFF>KL HG=>KP>@ GH@ P>E >>GL O>K@>M>G P:M >B@>GEBCD A>M =H>E O:G => HK@:GBL:MB> P:L PHK=M CGMC>L ::G@>LMBIM =HHK !>HK@> -ANEMS -ANEMS ;>DE>>==> O>KL<ABEE>G=> FBGBLM>KLIHLM>G BG => 0>K>GB@=> -M:M>G SHP>E HG=>K (BQHG :EL HG=>K ,>:@:G ':G:@>F>GM;H>D>G:NM>NK .HF *>M>KL <BM>>KM -ANES :EL OHE@M 3GM ;GE= LG HM:DA; K=JNA;= OAL@ L@= @A?@=KL G> A<=9DK :ML QGM ?=L KG ;9M?@L MH AF L@= *GO=J !9E= L@9L QGM >GJ?=L QGMJ OGJL@Q 9KHAJ9LAGFK 1::K

;BC .HF *>M>KL ::GM>D>GM =:M ABC =>S>E?=> HIF>KDBG@ HHD :E O:G O>KL<ABE

E>G=> ) L A>>?M @>AHHK=

;< ><MFC><E M8E KI8EJG8I8EK< @E=FID8K@< >G BGGHO:MB>? B=>> ;>@BGM F>>LM:E F>M >>G @>=:<AM> BML '::K GB>M >ED <K>

:MB>? B=>> BL HHD >>G @H>= B=>> )F <K>:MB>O> B=>>eG O>K=>K NBM M> P>KD>G >G =HHK M> K>D>G>G SBCG =:M: GH=B@ >G :G=>K> ::GONEE>G=> BG?HKF:MB> #G => OHKB@> >>NP P:L =B> BG?HKF:MB> F>>LM:E :?@>L<A>KF= >G K>E:MB>? HGMH>@:G

D>EBCD %EBFF>G BG => ABeK:K<AB> P:L O::D => >GB@> MH>@:G@LIHHKM MHM =B>

0-

8% 0) 2 8 +)( -. 8 &) 8) 6 - 2 2 ) 8 ; ) 6/ ) 2 (%2 - 2 , - ¾ 6 % 6', - ) ¾ 2

<KN<B:E> BG?HKF:MB> #G => G>MP>KD >G BG?HKF:MB>L:F>GE>OBG@ A>>?M CHG@ <K>:MB>? M:E>GM ><AM>K LG>E >G OKBC F:DD>EBCD MH>@:G@ MHM >GHKF> AH>O>>E

A>=>G BG?HKF:MB> >G :F;BMB>NS> CNGBHK F>=>P>KD>K D:G OB: A>M ;>=KBC?L

G>MP>KD H? OB: BGMK:G>M >LL>GMBeE> BG?HKF:MB> HGMLENBM>G =B> >>G =><>GGBNF @>E>=>G GH@ :<AM>K @>LEHM>G =>NK>G BG HK=G>KL >G :K<AB>?D:LM>G E:@ HI@>

LE:@>G ">M BL M>@>GPHHK=B@ GB>M HG@>;KNBD>EBCD =:M P>KDG>F>KL BG => E:@>K> ><A>EHGL OKBC MH>@:G@ A>;;>G MHM A>M @>=B@BM:EBL>>K=> OHEE>=B@> DE:G

M>G;>LM:G= >G =::K L>E><MB>L DNGG>G MH>I:LL>G ">M BL HHD GB>M HG@>;KNBD>

EBCD =:M >>G <HFF>K<B>>E F>=>P>KD>K OB: => I< HI SBCG P>KDIE>D MH>@:G@ A>>?M MHM :EE> @>=>M:BEE>>K=> HFS>M@>@>O>GL O:G => :?@>EHI>G C:K>G >G =::K LM:MBLMBL<A> ;>P>KDBG@>G HI D:G MH>I:LL>G ">M @>OHE@ BL =:M =B>S>E?=> :F;BMB>NS> F>=>P>KD>K ;>M>K =:G HHBM SBCG @H>=> B=>>eG O:G SBCG LE><AM> B=>>eG D:G L<A>B=>G ">M MK:C><M O:G KNP HHKLIKHGD>EBCD B=>> MHM NBMOH>KB@ @>=>M:BEE>>K= IE:G BL A>>E LG>E M> =HHKEHI>G

FL;<I< AFE><I<E EL P> A>M A>;;>G HO>K CHG@ M:E>GM @::M A>M GB>M SHS>>K HF E>>?MBC= F::K OHHKG:F>EBCD HO>K HG;>O:G@>GA>B= )O>K => I:K:=HQ =:M @>>G >KO:KBG@ >>G IK> BL B> HG;>O:G@>GA>B= BL GB>M :EE>>G M> OBG=>G ;BC CHG@>K>G F::K O::D HHD ;BC HN=>K> CHG@>K>G SH:EL A>KBGMK>=>KL SBC BGLMKHF>KL HF@>L<AHHE

=>G GB>NP ::G@>MKHDD>G P>KDG>F>KL =B> NBM >>G A>>E :G=>K> ;>=KBC?LM:D DHF>G DHKMHF :EE> GB>NPDHF>KL BG >>G HK@:GBL:MB> :M BL => DK:<AM O:G => ;NBM>GLM::G=>K >G DK:<AM =B> O::D HG=>KL<A:M PHK=M )? =HFP>@ @>G>@>>K= #G A>M F:G:@>F>GM;H>D *9J9<A?E9 K '=FL9D= EG<=DD=F NGGJ <= LG=CGEKL ;>L<AKBC?M $H>E :KD>K O>E> O>KF:D>EBCD> IK:DMBCDOHHK;>>E=>G AB>KO:G > KH=> =K::= O:G :E =B> OHHK;>>E=>G BL =:M => ;NBM>GLM::G=>K H? => GB>NPDH

F>K GB>M @>ABG=>K= PHK=M =HHK SBCG >KO:KBG@ F::K F>M SBCG ?KBLL> ;EBD >>G

OHN=B@ SB>M P::K BG => HK@:GBL:MB> @>F:DD>EBCD O>K;>M>KBG@>G SBCG ::G M> ;K>G@>G > >KO:K>G F>=>P>KD>KL A>;;>G AB>K F>>K FH>BM> F>> =HHK=:M SBC :E @>P>G= SBCG ::G => ANB=B@> LBMN:MB> >G :EE>KE>B O:LM> @>PHHGM>L A>;;>G ::G@>E>>K= 0HE@>GL :KD>K DNGG>G F>=>P>KD>KL =::KHF CNBLM BG ANG >>KLM> P>KD

P>>D => F>>LM> BGGHO:MB>O> P::K=> E>O>K>G >LHG=:GDL PHK=M ;BGG>G HK@:GBL:MB>L F::K S>>K P>BGB@ @>;KNBD@>F::DM O:G =BM IHM>GMB>>E > @:G@

;:K> @>=:<AM> BL =:M GB>NPDHF>KL ANG FHG= FH>M>G AHN=>G 4> FH>M>G >>KLM BG@>P>KDM PHK=>G >G >KO:KBG@ HI=H>G ::KG: BL A>M OKH>@ @>GH>@ HF SB<A F>M A>M ;>E>B= M> ;>FH>B>G >G B=>>eG M> LINB>G > HK@:GBL:MB>L =B> PbE :E =:GD;::K @>;KNBDF::DM>G O:G => <K>:MB>O> DK:<AM O:G => ;NBM>GLM::G=>K P:K>G BG => OHKB@> >>NP OHHKG:F>EBCD ::G

@>P>S>G HI GB>NP> F>=>P>KD>KL >G BG<B=>GM>>E >>G BGM>KBF F:G:@>K '::K BG => >:LR<K:MBL<A> HK@:GBL:MB> PHK=M =:M IHM>GMB>>E ::G <K>:MB>O>

0.

) %7 ='6%8- )

=>GDDK:<AM O:G => ;NBM>GLM::G=>K HG>BG=B@ O>>E @KHM>K =HHK=:M >K OB: => =BO>KL> BG?HKF>E> G>MP>KD>G @>INM D:G PHK=>G NBM => B=>>eGKBCD=HF O:G DE:GM>G E>O>K:G<B>KL ;>E:G@A>;;>G=>G >G B>=>K> :G=>K> ;>E:G@LM>EE>G=> BG => ;JGO< 1:GG>>K >K BG HK@:GBL:MB>L PHK= @>LIKHD>G HO>K O>K:G=>KBG@>G >G BGGHO:MB>L O:EM K>@>EF:MB@ => M>KF GML G> L@= :GP =>GD>G > K>:EBM>BM BL ><AM>K =:M => F>>LM> O>K:G=>KBG@>G >G BGGHO:MB>L GB>M SHS>>K HGMLM::G =HHK GML G> L@= :GP =>GD>G F::K OHHK:E =HHK GML G> L@= :GP E>S>G >G HGMFH>M>G

;I<DG<CJ KLJJ<E @;<< <E L@KMF<I@E> #G => ABeK:K<ABL<A> HK@:GBL:MB>L SBCG >K :EMBC= P>E BG=BOB=N>G @>P>>LM =B> >K BG LE::@=>G HF F>M O>>E >GMAHNLB:LF> >G =HHKS>MMBG@LO>KFH@>G => ABeK:K

<ABL<A> E:@>G M> MKHML>K>G >G ANG B=>>eG =HHK M> E:M>G LMKHF>G MHM => MHI O:G => ABeK:K<AB> '::K =:G ">M @:G@;:K> O>KOHE@ P:L =:M => ;>LENBMOHKFBG@ O>>E MBC= DHLMM> EL >K :E >>G –:M DP:F O:G ;HO>G:? =:G @BG@ =::K SH O>>E MBC= HO>KA>>G =:M A>M ::GO:GD>EBCD> >GMAHNLB:LF> :EP>>K —BGD P:L @>M>FI>K= >G :G=>K MRI>K>G= O>KL<ABCGL>E BL =:M A>M HHKLIKHGD>EBCD> B=>> M>KN@

DHFM BG ::G@>I:LM> OHKF -HFL S>E?L ;BCG: HGA>KD>G;::K )? NBM@>K>D>G= => <KNQ O:G A>M HHKLIKHGD>EBCD> B=>> BL >K NBM@>–EM>K= 4HP>E =B> O>KMK:@BG@ :EL =B> ::GI:LLBG@>G OHKF>G =K>FI>EL #G => >:LR<K:MB> DNGG>G B=>>eG OKBCP>E HGFB==>EEBCD O:G:? A>M HGM

LM::GLFHF>GM P:GG>>K A>M >GMAHNLB:LF> HI SBCG AHH@LM BL PHK=>G HF@>S>M O:G B=>> G::K NBMOH>KBG@ ">M <KN<B:E> O>KL<ABE BL => >QMK>F> =:EBG@ O:G => HILM:KMDHLM>G #G => HN=> ><HGHFB> P:L A>M P:<AM>G HI => ABeK:K<ABL<A> ;>LENBMOHK

FBG@ GHH=S:D>EBCD > NBMOH>KBG@ O:G B=>>eG DHLMM> O::D O>>E @>E= >G => ;N=@>MM>G FH>LM>G ;BGG>G => ABeK:K<AB> PHK=>G O:LM@>LM>E= :EOHK>GL F>G O:G LM:KM DHG @::G #G => >:LR<K:MBL<A> L:F>GE>OBG@ BL A>M BG => F>>LM> @>O:EE>G FH@>EBCD HF SHG=>K DHLM>G :EMA:GL F>M ;>ANEI O:G => ;>LM::G=> FB==>E>G M> ;>@BGG>G F>M => NBMOH>KBG@ O:G B=>>eG EL >K BG >>G E:M>K LM:

=BNF :ELGH@ ;N=@>MM>G H? ::GONEE>G=> BGO>LM>KBG@>G GHH=S:D>EBCD SBCG DNGG>G =>S> ;>LEBLLBG@>G O>>E @>F:DD>EBCD>K >G LG>EE>K @>GHF>G PHK=>G =HHK=:M => >>KLM> M:LM;:K> K>LNEM:M>G O:G A>M B=>> :E SB<AM;::K SBCG

0/

) %7 ='6%8- )

?FF=;JKLB . J8D<E><M8K %PW FMN LIX YMXFVIOIR ZER HI OVIHMIXGVMWMW HI KVSXIR HIV EEVHI TYFPMIOIPMNO ZIVOSRHMKIR HEX SRW LYMHMKI KIPHWXIPWIP RMIX PERKIV ZSPHSIX IR EER LIV^MI RMRK XSI MW KEER WXIIHW QIIV QIRWIR ^MGL EJZVEKIR [EX MW KIPH IMKIRPMNO# (ER HVMRKX [IIV LIX FIWIJ HSSV HEX SRW KIPH EPPIIR RSK QEEV IIR ZMVXYIIP KIXEP MW [EEVZER HI [EEVHI YMXWPYMXIRH MW KIFEWIIVH ST ZIVXVSY[IR (EX MR^MGLX STIRX HI [IK REEV EERZYPPIRHI SJ EPXIVREXMIZI KIPHQMHHIPIR &MN ZSSVFIIPH ^qPJ KIPH HVYOOIR +IPH FPMNOX RMIX EPPIIR IIR VYMPQMHHIP XI ^MNR QEEV SSO LIX QEGLXWQMHHIP ZER HI FYVIEYGVEXMI (SSV KIPHWXVSQIR ZVMN XI KIZIR SJ XIKIR XI LSYHIR SIJIRX HI LMtVEVGLMI QEGLX YMX -R HI LYMHMKI WEQIRPIZMRK MW LIX KIPHHIR OIR ^z HSQMRERX KI[SVHIR HEX SVKERMWEXMIW IR MRHMZMHYIR ZIVOIIVHI FIWPMWWMRKIR RIQIR IR HEX LIX ^MGLX ST KSIHI STPSWWMRKIR SRXRSQIR [SVHX %PW [I MR SRW HIROIR RMIX PERKIV KIPH GIRXVEEP WXIPPIR QEEV ZIIP QIIV OMNOIR REEV [EEVHI [SVHIR FIXIVI WPMQQIVI IIRZSYHMKIVI IR KSIHOSTIVI STPSWWMRKIR ^MGLXFEEV (I [IXIRWGLET HEX SSO KIPH EPPIIR QEEV KIFEWIIVH MW ST ZIVXVSY[IR QEEOX LIX KIQEOOIPMNOIV SQ XI ZIVXVSY [IR ST [EEVHI

(''

.

N88I;<9<G8C@E> N8K @J ><C;6

1:M BL @>E= B> OK::@ PHK=M F::K S>E=>G @>LM>E= :M BL HIO:EE>G= P:GM A>M ?>GHF>>G @>E= LI>>EM >>G S>>K =HFBG:GM> KHE BG A>M ;>LM::G O:G SHP>E BG=BOB=N>G :EL HK@:GBL:MB>L 0HHK F>GB@>>G BL @>E= S>E?L => LE>NM>E MHM A>M @>END 0HHK :G=>K>G BL @>E= MH<A HI SBCG FBGLM => FHMHK O:G A>M ;>LM::G 'GF=Q E9C=K L@= OGJD< ?G JGMF< SH ENB=M => ;>D>G=> S>@LPBCS> '::K :EL @>E= SH ;>E:G@KBCD BL P::KHF OK::@M =:G LE><AML >>G >GD>E> SHG=>KEBG@ SB<A :? P:M @>E= IK><B>L BL 4H P:L A>M MHM=:M BG >>G FHG=B:E> G:G<BeE> <KBLBL NBM;K:D -<ABCG

;:K> S>D>KA>=>G ;EBCD>G HI>>GL FBG=>K S>D>K M> SBCG ">M HG::GM:LM;:K> BGLMBMNNM ;:GD ;EBCDM ;BCOHHK;>>E= O>>E P:GD>E>K M> SBCG =:G B>=>K>>G :EMBC= @>=:<AM A:= >G ;:GD D:G HFO:EE>G SH E>S>G P> HI>>GL =:@>EBCDL BG => DK:GM >G ;:GD DHG :EMBC= :E HFO:EE>G F::K =:M P:L >>G SNBO>K MA>HK>MBL<A L<>G:KBH =:M :EE>>G @HE= OHHK A>>E DE>BG> ;:GD>G BG => F:K@> O:G => G:G

<Be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eE> E:G=L<A:I PHK=M => OK::@ 1:M BL @>E= >B@>GEBCD HI>>GL A>>E :<MN>>E >G K>E>O:GM ">M BL GB>M E:G@>K => >GD>E> SHG=>KEBG@ =B> =>S> OK::@ LM>EM

><C; <MFCL<<IK ">M :GMPHHK= HI => OK::@ P:M @>E= BL O>K:G=>KM BG => EHHI =>K >>NP>G 0HHK >>G A>E=>K ;>@KBI O:G A>M ?>GHF>>G @>E= ;EBDD>G P> DHKM M>KN@ HI => @>L<AB>=>GBL >KO:G E F>>K =:G OB>K=NBS>G= C::K @>E>=>G ;>=:<AM>G LEBFF>KBD>G =:M KNBE BG G:MNK: O::D >K@ HFLE:<AMB@ BL >G @>;KNBDM> F>G =::KHF DEHFIC>L @HN= :EL KNBEFB==>E ">M G:=>>E =::KO:G P:L =:M => DEHFIC>L LM>>=L @>PH@>G

('(

) %7 ='6%8- )

FH>LM>G PHK=>G HF => P::K=> O:LM M> LM>EE>G > OHE@>G=> –G:G<BeE> BGGH

O:MB> P:L => BGMKH=N<MB> O:G FNGM>G > P::K=> P:L :E BG => FNGM @>LE:

@>G >G @KHM> S:D OHE FNGM>G P:L SP::K >G E:LMB@ M> O>KOH>K>G :M IKH

;E>>F P:L HI M> EHLL>G =HHK FNGM>G ;BC >>G ;:GD M> LMHKM>G EG KNBE DK>>@ F>G >>G LMHKMBG@L;>PBCL #G >>G LM:= O>K=>KHI DHG F>G ;BC >>G :G=>K –EB::E O:G => ;:GD A>M LMHKMBG@L;>PBCL P>>K HFKNBE>G OHHK >>G S:D OHE FNGM>G ::KG: P:L A>M GH@ F::K >>G DE>BG> LM:I =:M A>M IKH<>L O:G HFKNBE>G P>K= HO>K@>LE:@>G >G A>M LMHKMBG@L;>PBCL ::G MHHG=>K :EL ;>M::EFB==>E P>K= @>;KNBDM P::KF>> => OHHKEHI>K O:G A>M ;:GD;BEC>M P:L HGMLM::G > LM::M <E:BF=> =::KG: A>M FHGHIHEB> HI A>M =KNDD>G >G NBM@>O>G O:G ;:GD;BEC>MM>G =HHK A>M LM::ML@>E= NBM M> KH>I>G MHM >GB@ P>MMB@ ;>M::EFB=

=>E )HKLIKHGD>EBCD PHK=>G => ;:GD;BEC>MM>G GH@ @>=>DM =HHK >>G HG=>K

EB@@>G=> @HN=OHHKK::= F::K BG MBC=>G =:M => LM::M @>E= M> DHKM DHFM OHHK => HO>KA>B=LNBM@:O>G OHHK:E BG MBC=>G O:G DHLM;:K> HHKEH@>G HGM=>DM> => LM::M >>G @>F:DD>EBCD> F:GB>K HF A>M ;>@KHMBG@LM>DHKM HI M> EHLL>G >QMK: ;:GD;BEC>MM>G E:M>G =KNDD>G "B>K=HHK P>K= A>M @>E= FBG=>K P::K= BG—:

MB> @>GH>F= )F => @>O:K>G O:G BG—:MB> M> ;>M>N@>E>G P>K= BG A>M :DDHHK= O:G K>MMHG 1HH=L @>LEHM>G > =>>EG>F>G=> E:G=>G DHII>E=>G => P::K=> O:G ANG G:MBHG:E> O:ENM: ::G => P::K=> O:G => F>KBD::GL> =HEE:K >G => =HEE:K HI SBCG ;>NKM P>K= @>DHII>E= ::G => @HN=OHHKK::= ">M @>E=LRL

M>>F P:L @>;:L>>K= HI >>G SH@>GH>F=> @HN=>G LM:G=::K= BG MA>HKB> P:L A>M FH@>EBCD HF => ;:GD;BEC>MM>G HF M> KNBE>G OHHK @HN= >G =::K::G HGM

E>>G=> A>M @>E= SBCG P::K=> H? ;>M>K @>S>@= SBCG @>EHH?P::K=B@A>B= ">M K>MMHG 1HH=LLRLM>>F ?NG<MBHG>>K=> >GB@> =><>GGB: NBMLM>D>G= F::K =:M G:F GB>M P>@ =:M => =>>EG>F>G=> E:G=>G ANG FHG>M:BK> HG:?

A:GD>EBCDA>B= =>>EL A:==>G :?@>LM::G ::G => F>KBD::GL> HO>KA>B= K>M

MHG 1HH=L P:L @>;:L>>K= HI A>M O>KMKHNP>G O:G => P>K>E=><HGHFB> BG => =BL<BIEBG> O:G A>M F>KBD::GL> FHG>M:BK> ;>E>B= :M O>KMKHNP>G P>K= FBG=>K MH>G => F>KBD::GL> HO>KA>B= A>M ;>LENBM G:F HF O>E> =HEE:KL ;BC M> =KNDD>G HF => 0B>MG:FHHKEH@ M> DNGG>G –G:G<B>K>G 0>>E E:G=>G PBL

L>E=>G =::KHF ANG =HEE:KOHHKK::= HF BG @HN= "B>K=HHK DKHFI => F>KB

D::GL> @HN=OHHKK::= SH LM>KD =:M => 0>K>GB@=> -M:M>G @>GHH=S::DM P:K>G HF => @HN=>G LM:G=::K= EHL M> E:M>G 4H=H>G=> DP:F BG A>M K>MMHG 1HH=LLRLM>>F M>G >BG=> -BG=L BL => P::K=> O:G A>M @>E= >B@>GEBCD NBMLENBM>G= GH@ @>;:L>>K= HI O>KMKHNP>G > >GB@> K>=>G P::KHF PBC SHO>>E P::K=> A><AM>G ::G >>G ;BEC>M O:G AHG=>K= >NKH BL =:M PBC >>G KHMLO:LM O>KMKHNP>G A>;;>G =:M :E HGS> F>=>;NK@>KL =:M ;BEC>M SNEE>G :<<>IM>K>G :EL ;>M::EFB==>E SH=:M P> A>M @>E= M> :EE>G MBC=> HO>K:E DNGG>G BGKNBE>G OHHK @H>=>K>G >G =B>GLM>G #G => F>>LM> P>LM>KL> ><HGHFB>eG BL A>M O>KMKHNP>G SH HG@>D>G= @KHHM =:M

(')

;%%6 () &) 4% 0- 2 +

=> P::K=> O:G @>E= F:LL::E :EL >>G HG;>MPBLM;:K> O:GS>E?LIK>D>G=A>B= PHK=M ;>L<AHNP= 4H A>>E O:GS>E?LIK>D>G= BL =:M A>E>F::E GB>M P:GM >K SBCG @>GH>@ OHHK

;>>E=>G O:G E:G=>G P::K => BG :MB> SH AHH@ BL =:M => ;NK@>KL ANG >B@>G FHG>M:BK> :NMHKBM>BM>G =NL=:GB@ P:GMKHNP>G =:M >>G @KHHM =>>E O:G => EHD:E> A:G=>E BEE>@::E F>M ;NBM>GE:G=L> O:ENM: PHK=M ;>M::E= BG IE::ML O:G F>M => >B@>G G:MBHG:E> O:ENM: '::K BG => P>LM>KL> ><HGHFB>eG BL A>M O>K

MKHNP>G =NL=:GB@ @KHHM =:M >K S>E?L LM>>=L F>>K @BK::E @>E= D:G PHK=>G @><K>e>K= 1B> >>G ANBL PBE DHI>G D:G ;BCOHHK;>>E= ;BC => ;:GD >NKH E>G>G > ;:GD L<A>IM =B> >NKH NBM A>M GB>ML =HHK A>M BGOH>

K>G O:G S>L <BC?>KMC>L BG >>G <HFINM>KLRLM>>F )I =:M FHF>GM BL => MHM:E> @>E=OHHKK::= MH>@>GHF>G ">M ANB=B@> @>E= BL @>eOHEN>>K= MHM >>G @>M:E HI >>G =:@:?L<AKB?M >M:

EBG@>G @>L<AB>=>G @BK::E F>M IBG H? F>M <K>=BM<:K= :G => F>>LM> ;>M::E

MK:GL:<MB>L DHFM @>>G ;:GD;BEC>M F>>K M> I:L (:=:M >>KLM => FH@>EBCDA>B= P>K= EHL@>E:M>G HF ;:GD;BEC>MM>G M>@>G @HN= BG M> PBLL>E>G BL GN S>E?L => FH@>EBCDA>B= EHL@>E:M>G HF A>M @>E= M>@>G FNGM>G >G ;:GD;BEC>MM>G BG M> PBLL>E>G EMA:GL GB>M :EE>F::E M>@>EBCD 1:GM => MHM:E> @>E=AH>O>>EA>B= BL O>E> F:E>G @KHM>K =:G => MHM:E> AH>O>>EA>B= ;:GD;BEC>MM>G ">M <K>eK>G O:G @>E= BL GB>M E:G@>K A>M IKBOBE>@> O:G => LM::M ">M HO>K

@KHM> =>>E O:G A>M @>E= =:M =:@>EBCDL PHK=M @>L<A:I>G PHK=M @><K>e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

;< BFDJK M8E ;< ><C;@E><E@<LIJ #G => ;:GDP>K>E= P>K= => :?@>EHI>G =><>GGB: >>G BFF>GL LM>EL>E O:G G:G<BeE> =>KBO:M>G HGMPBDD>E= )HKLIKHGD>EBCD P:K>G =>S> =>KBO:M>G ;>=H>E= HF A:G=>ELKBLB<H L :? M> =>DD>G '>M ;>ANEI O:G HIMB>L DHG=>G HG=>KG>FBG@>G SB<A ;BCOHHK;>>E= P:I>G>G M>@>G A>M KBLB<H O:G @KHM> IKBCL

L<AHFF>EBG@>G O:G @KHG=LMH?IKBCS>G H? PBLL>EDH>KL>G '::K BG => IK:DMBCD P>K=>G =>S> =>KBO:M>G HI @KHM> L<A::E @>;KNBDM HF M> LI><NE>K>G ">M FB==>E P:L >K@>K =:G => DP::E #G IE::ML O:G =:M => KBLB<H L O>KDE>BG= P>K=>G P>K=>G => KBLB<H L >K CNBLM =HHK O>K@KHHM '>M >GB@> K>@>EF::M P>K= => G:G<BeE> P>K>E= HI@>L<AKBDM =HHK BG<B=>GM>G P::K;BC HG=>KG>FBG@>G H? ;:GD>G >>G FBEC:K=>GLMKHI E>=>G =HHK HGDNG=> HO>KFH>= H? ?K:N=> F>M =>KBO:M>GLI><NE:MB> =HHK LE><AML bbG H? >GD>E> BG=BOB=N>E> P>KDG>F>KL

('*

) %7 ='6%8- )

>KG:K= &B>M:>K BL >>G O:G => S>E=S:F> SHG=>KEBG@>G =B> :E BG => OK::@ LM>E=> 1:M BL @>E= "BC ;>:GMPHHK=M =B> OK::@ BG >>G =BD ;H>D .@= MLMJ= G> 'GF=Q SB> AHH?=LMND P::KBG ABC FBG H? F>>K => DK>=B>M<KBLBL O:G MB>G C::K E:M>K OHHKLI>EM &B>M:>K LM>EM =:M LE><AML A>>E P>BGB@ F>GL>G SB<A >KO:G ;>PNLM SBCG =:M P> BG >>G P>K>E=PBC= <:LBGH E>O>G P::KBG =:@>EBCDL ;BCG: FBEC:K= =HEE:K O:G >B@>G::K PBLL>EM -E><AML IKH<>GM =::KO:G PHK=M ;>LM>>= HF @H>=>K>G H? =B>GLM>G M> ;>M:E>G >G IKH<>GM @::M HF BG LI><N

E:MB>L &B>M:>K <HG<EN=>>KM =:M A>M ANB=B@> @>E=LRLM>>F ?NG=:F>GM>>E BGLM:

;B>E BL > G:G<BeE> <KBLBL BL @>>G MBC=>EBCD IKH;E>>F F::K >>G LMKN<MNK>>E IKH;E>>F :E=NL &B>M:>K HF=:M A>M @>E=LRLM>>F :E >>NP>G @>E>=>G =HHK => F>GL BL HGMPHKI>G BG >>G MBC= =B> :G=>KL P:L =:G => ANB=B@> MBC= #G => ANB=B@> MBC= FH>M>G =BO>KL> MHI?NG<MBHG:KBLL>G O:G ;:GD>G >G G:G<BeE> :NMHKBM>BM>G F>M L<AKHHF >KD>GG>G =:M >K =HHK F9F;A9D =F?AF==

JAF? >>G LM>EL>E O:G G:G<BeE> =>KBO:M>G BL HGMLM::G =:M =NL=:GB@ <HFIE>Q BL =:M S>E?L => MHI O:G => G:G<BeE> P>K>E= A>M @>A>>E O:G A>M @>E=LRLM>>F GB>M F>>K A>E=>K D:G HO>KSB>G (:=:M => P>LM>KL> ><HGHFB>eG @>MKH??>G P>K=>G =HHK >>G P>K>E=PBC=> DK>=B>M<KBLBL EB>I A>M KHMLO:LM> O>KMKHNP>G BG A>M @>E=LRLM>>F >>G BGD> =>ND HI &B>M:>KL ;H>D NBM ;>E>>?=> >>G P:K> K>OBO:E >G >K DEBGDM >>G LM>>=L ENB=>K> HIKH>I MHM >>G ?NG=:F>GM>E> A>KSB>GBG@ O:G A>M ANB=B@> @>E=LRLM>>F HF=:M A>M LRLM>>F B>ML M> KB@HN

K>NL BL =HHK@>eOHEN>>K=

?L@;@> ><C;JPJK<<D JK88K K<I ;@J:LJJ@< )O>K:E BG A>M E:G= SBCG INMM>G SHG=>K =:M =:M >>G IKH;E>>F BL F::K SH=K: >K@>GL >>G HGHIE>MM>G= D:E? SH =HF BL HF BG SH G INM O:EE>G DEBGDM :E LG>E => KH>I HF => INM M> =>FI>G ">M BL >>G G:MNNKEBCD> K>:<MB> O:G O>>E F>GL>G HF ;BC >ED HGA>BE F::MK>@>E>G M> O>KE:G@>G HF KBLB<H L NBM M> LENB

M>G >G MH>DHFLMB@ HGA>BE M> OHHKDHF>G #G =:M EB<AM ;>SB>G P>DM A>M @>>G >GD>E> O>KPHG=>KBG@ =:M SH=K: >K >>G G:G<BeE> <KBLBL NBM;K>>DM >K F>GL>G HILM::G =B> KH>I>G =:M >K B>ML ?NG=:F>GM>>E FBL BL F>M A>M @>E=LRLM>>F #L =:M ;HKK>EIK::M 4BCG =:M @>ENB=>G NBM => HG=>K;NBD O:G => L:F>GE>OBG@ )? BL >K =BM D>>K ><AM B>ML FBL ">M SBCG =BM D>>K GB>M => FBGLM>G =B> O:G SB<A E:M>G AHK>G >G DE>BG> ;EH>FE>SBG@ $>:G E:N=> .KB<A>M ?>;KN:KB EE>L FH>M O>K:G=>K>G 1> FH>M>G ;>L>??>G =:M A>M LRLM>>F M> SP:D BL @>;E>D>G $=9F D9M<= .JA;@=L AK HJ=KA<=FL N9F <= MJGH=K= =FLJ9D= 9FC

('+

;%%6 () &) 4% 0- 2 +

!>HK@> -HKHL :N@NLMNL ">M G:G<BeE> LRLM>>F EHHIM HI SBCG >BG=> !=GJ?= -GJGK AK :=MJKKH=;MD9FL D9FLJGGH =F GF<=JF=E=J E=L ==F ?=K;@9L N=JEG

?=F N9F EADB9J< <GDD9J O99JE== @AB GH <= = HD99LK KL99L N9F GJ:=K J9F?DABKL N9F JABCKL= E=FK=F L=J O=J=D< 99JF99KL AK -GJGK 9ML=MJ N9F NAB> :G=C=F O99JGF

<=J = R==H:=D N9F <= E=JAC99FK= E9;@L >G = ADDMKA= N9F GF>=AD:99J@=A< BEE !KHLL :N@NLMNL #G => G:G<BeE> P>K>E= BL => :?@>EHI>G C:K>G F>M F9F;A9D =F?AF==JAF? >>G L<A:=NPLRLM>>F @><K>e>K= P::KF>> PBGLM>G DNGG>G PHK=>G @>MHO>K= >G O>KEB>S>G DNGG>G PHK=>G O>K;HK@>G >S> P>K>E= BL GN BG@>LMHKM ADD !JGKK AK <= ?JGGLKL= G:DA?9LA=:=D=??=J L=J O=J=D< 9DK :=@==J<=J N9F @=L G:DA?9

LA=>GF<K *AE;G 1:KK>G N??>M >KBO:M>G SBCG G:G<BeE> F:LL:O>KGB>MB@BG@LP:I>GL 19JJ=F M>>=L KL99L :=C=F< 9DK K O=J=D<K E==KL KM;;=KNGDD= :=D=??=J "AB :=?GF E=L FA=LK E99J H9KK==J<= :=?AF ADD !9L=K 9DK JABCKL= H=JKGGF L=J O=J=D< (B<HE:L -:KDHSR L>IM>F;>K > F:GB>K P::KHI A>M P>K>E=PBC=> D:IBM:EBLF> P>KDM FH>M @KHG=B@ M>@>G A>M EB<AM PHK=>G @>AHN=>G > DK>=B>M<KBLBL A>>?M >KGLMB@> HGOHE

DHF>GA>=>G ;EHHM@>E>@= BG => PBCS> P::KHI ;:GD>G BGM>KG:MBHG::E S:D>G=H>G ">M P>K>E=PBC=> G:G<BeE> LRLM>>F FH>M PHK=>G A>KSB>G SH:EL P> HHD BG A>;;>G @>=::G BG K>MMHG 1HH=L 1> DNGG>G => ><HGHFB> O:G => > >>NP GB>M ;EBCO>G ;>LMB>K>G F>M => BGLMKNF>GM>G O:G => > >>NP (A;GD9K -9JCGRQ AK HJ=KA<=FL N9F J9FCJABC !HK=HG KHPG HDMH;>K K FH>M >>G GB>NP K>MMHG 1HH=L DHF>G K BL >>G GB>NP> <HG?>K>GMB> GH=B@ HF A>M BGM>KG:MBHG:E> G:G<BeE> LRLM>>F =K:LMBL<A M> A>KOHKF>G EE>>G =HHK P>K>E=PBC=> :<MB> DNGG>G P> A>M O>KMKHNP>G OHEE>=B@ A>K

LM>EE>G =:M GH=B@ BL HF => BGM>KG:MBHG:E> G:G<BeE> HK=> HI M> ;HNP>G > HN=> G:HHKEH@L> G:G<BeE> BGLMBMNM>G SBCG @>=:M>>K= >G ?NG<MBHG>

K>G GB>M F>>K BG >>G @>A>>E GB>NP MBC=I>KD O:G HI>G ><HGHFB>eG >G FHG=B:E> <HG<NKK>GMB> 1:M GH=B@ BL @K>GLHO>KL<AKBC=>G= MH>SB<AM HI G:G<BeE> BGLMBMNM>G >G P>K>E=PBC=> NGBO>KL>E> :<<HNGM:GMLK>@>EL OHHK => P::K=>KBG@ O:G :<MBO: >G I:LLBO: !GJ<GF JGOF O9K L=F LAB<= N9F <=R= MALKHJ99C HJ=EA=J N9F F?=D9F<

(',

) %7 ='6%8- )

EL SHP>E ;:GDB>KL :EL ;>E>@@>KL :EL K>@>KBG@LE>B=>KL A>M >KHO>K >>GL SBCG =:M A>M @>E=LRLM>>F =K:LMBL<A A>KOHKF= FH>M PHK=>G =:G S:E >K O:LM P>E B>ML @::G O>K:G=>K>G )O>KB@>GL =>GD>G => BG@>PBC=>G =::K;BC GB>M SHS>>K ::G >>G A>KBGOH>KBG@ O:G >>G @HN=>G LM:G=::K= ">M EB@M F>>K BG => EBCG =>K O>KP:<AMBG@ =:M >K F>>K >G LMK>G@>K> K>@>EL DHF>G =:M A>M MH>SB<AM PHK=M O>KL<A>KIM >G =:M >K >>G <>GMK:E> P>K>E=;:GD S:E DHF>G 4H=K: A>M @>E=LRLM>>F M>K =BL<NLLB> LM::M K>:@>K>G O>>E F>GL>G O>K;>

M>G 'H>M>G P> A>M @>E= =:G LHFL :?L<A:??>G >G M>KN@ G::K => KNBEA:G=>E (>> =:M BL GB>M ::G => HK=> ,NBEA:G=>E BL O>>E M> HGA:G=B@ OHHK >>G LE:@>K =B> ;KHH= PBE DHI>G M>KPBCE => >GB@> ;:DD>K BG => LM:= O>@>M:KBeK BL '::K KNBEA:G=>E BL GB>M A>M >GB@> :EM>KG:MB>? OHHK @>E= &B>M:>K S>@M AB>KHO>K !>E= BL GB>M @>F::DM =HHK !H= 1> O>K@>M>G =:M PBCS>E? => ;>=>GD>KL SBCG O:G A>M ANB=B@> @>E=LRLM>>F =:M ::G => ;KHG EB@M O:G O>>E IKH;E>F>G BG => P>K>E= SHP>E HI A>M GBO>:N O:G E:G=>G HK@:GBL:MB>L :EL O:G BG=BOB=N>G !>E= BL SH O:GS>E?LIK>D>G= @>PHK=>G =:M P> O>K@>M>G =:M >K :EM>KG:MB>O>G SBCG &B>M:>K SB>M S>E? O>>E A>BE BG <HFIE>F>GM:BK> @>E=LRLM>F>G =B> :EL ;N??>K ?NG@>K>G G::LM A>M ANB=B@> :E =:G GB>M @>K>@NE>>K=> @>E=LM>EL>E 0>K=>KHI BG =BM AHH?=LMND E>>LM N F>>K AB>KHO>K #G => >:LR<K:MB> AH>O>G P> ><AM>K GB>M M> P:<AM>G MHM => MHI O:G => ABe

K:K<AB> >>G GB>NP @>E=LRLM>>F A>>?M BG@>OH>K= >G D>GF>KD O:G => >:LR

<K:MB> BL BFF>KL O:G=::@ ;>=:<AM FHK@>G ;>@BGG>G :M D:G HHD F>M @>E=

M8E ><C; E88I N88I;< #G => >:LR<K:MB> ;EBCDM =:M :E A>>E O>>E O>K:G=>KBG@>G FH@>EBCD PHK=>G =HHK :EE>>G F::K BG HGL ;K>BG => KHE >G => ;>M>D>GBL O:G @>E= M> GN:G<>K>G HHK BG :EE> ><HGHFBL<A> IKH<>LL>G >G BG :EE> HK@:GBL:MHKBL<A> FH=>EE>G => G:=KND M> O>KL<ANBO>G O:G @>E= G::K P::K=> 4H K>OHENMBHG:BK BL =:M HO>KB

@>GL GB>M ">M BL >>K=>K >>G DP>LMB> O:G M>KN@ G::K => ;:LBL 1:GM S>E?L :EL P> A>M NBM@:G@LINGM BGM:<M PBEE>G E:M>G =:M @>E= => FHMHK O:G A>M ;>LM::G BL P::K @::M A>M =:G P>KD>EBCD HF )F => I:IB>K>G ;BEC>MM>G F>M @>E=HI

=KND >G => <BC?>KMC>L HI >>G ;:GDK>D>GBG@ )? @::M A>M HF => HG=>KEB@

@>G=> P::K=> =B> ::G A>M @>E= M>G @KHG=LE:@ EB@M !::M A>M NBM>BG=>EBCD HF @>E= H? @::M A>M HF P::K=> > BGOEH>= O:G @>E= BL M> O>K =HHK@>L<AHM>G #G IE::ML O:G K>NS>A:G=B@ ANEIFB==>E HF MK:GL:<MB>L L:F>GP>KDBG@ >G LI><B:EBL:MB> M> ?:<BEBM>K>G BL @>E= BG A>M =:@>EBCDL E>O>G O>KPHK=>G MHM >>G FB==>E =:M F::K :E M> O::D => OHHKNBM@:G@ BG => P>@ SBM =:M ;>=KBCO>G >G HO>KA>B= O>KABG=>KM MHM LE:@

O::K=B@ A:G=>E>G =:M >>G ;>E:G@KBCD> KHE LI>>EM BG A>M HGMLM::G O:G ;NK>:N<K:MB>eG >G =:M ;HO>G:E HI @KHM> L<A::E A>M SB<AM HGMG>>FM HI => P>KD>EBCD> P::K=> G =::K=HHK SB>G P> => HIEHLLBG@>G GB>M F>>K

('-

;%%6 () &) 4% 0- 2 +

!>E= BL BG => MK:=BMBHG>E> ABeK:K<ABL<A> ><HGHFB> SH =HFBG:GM @>PHK=>G :EL =b F>>M>>GA>B= O:G P::K=> =:M @>E= >G P::K=> IK:DMBL<A LRGHGB>F>G SBCG @>PHK=>G #G A>M <HEE><MB>? ;>PNLMSBCG BL => OHE@HK=> @>E>B=>EBCD HF@>

=K::B= )HKLIKHGD>EBCD P:L A>M SH ::G B>ML O:G P::K=> DNG C> >>G IKBCL

D::KMC> A:G@>G '::K =:M P>K= M>G HGK><AM> HF@>=K::B= A>M IKBCLD::KMC> ;>I::EM GN P:M => P::K=> BL B> <HEE><MB>O> @>=:<AM> BL ::G A>KSB>GBG@ MH> EL => ;>NKLP::K=> O:G >>G ;>=KBC? ;BGG>G >>G C::K F>M MHM IKH

<>GM =::EM ‹ SH:EL =BO>KL> ;>=KBCO>G HO>KDP:F BG ‹ M>KPBCE ;BC =B> ;>=KBCO>G GH@ G>M SH O>>E F>GL>G P>KD>G GH@ G>M SH O>>E IKH=N<M>G @>F::DM PHK=>G >G GH@ G>M SH O>>E IKH=N<M>G O>KDH<AM PHK=>G M>@>G =>S>E?=> IKBCS>G =:G BL A>M GB>M F>>K OHE M> AHN=>G =:M => –G:G<BeE> P::K=> :EMBC= >>G @H>=> :?LIB>@>EBG@ BL O:G => P>KD>EBCD> P::K=> ">M ;>E:G@ O:G P::K=>;>I:EBG@ ;EBC?M HGO>KFBG=>K= @KHHM '::K => PBCS> P::KHI => P::K=> ;>I::E= PHK=M BL MH> ::G A>KSB>GBG@ ::G F>>K <HGM:<M F>M => P>KD>EBCDA>B= > FHG=B:E> –G:G<BeE> <KBLBL O:G BL BG => D>KG >>G K><AMLMK>>DL NBMOEH>BL>E O:G => MH>@>GHF>G O>KPBC=>KBG@ MNLL>G –G:G

<BeE> P::K=>;>I:EBG@ >G => HG=>KEB@@>G=> K>eE> P::K=> ">M HGO>KFBC=>EBCD> @>OHE@ O:G >>G M> O>K =HHK@>L<AHM>G G:=KND HI @>E= >G M> P>BGB@ HH@ OHHK P::K=> BL =:M SHP>E HO>KA>B= ;>=KBCO>G :EL BG=B

OB=N>G OHHKM=NK>G= ;>LEBLLBG@>G G>F>G =B> MHM F::ML<A:II>EBCD> :<AM>K

NBM@:G@ E>B=>G G NBM>BG=>EBCD =NL MHM >>G :<AM>KNBM@:G@ O:G =B>S>E?=> HO>KA>B= ;>=KBCO>G >G ;NK@>KL EL => G:=KND PHK=M O>KE>@= O:G @>E= G::K P::K=> PHK=>G :G=>K> ;>LEBLLBG@>G @>GHF>G =B> HI M>KFBCG F>>K IKH–CM HIE>O>K>G >G M> LM>KD> G:=KND HI @>E= =::K>GM>@>G E>B=M MHM HG>O>GK>=B@ O>>E DHKM>M>KFBCG;>LEBL

LBG@>G >G S>E?LM:G=B@ HG=>KG>F>K =B> HO>K MB>G C::K O>E> FBECH>G>G PBGLM D:G F:D>G =HHK O:G=::@ bbG FBECH>G M> BGO>LM>K>G S:E GB>M LG>E ::KS>E>G '::K >>G F:G:@>K BG EHHG=B>GLM =B> I>K L> FH>M L<HK>G ;BC => >>KLMOHE@>G=> DP:KM::E<BC?>KL HF=:M SHP>E SBCG I>KLHHGEBCD> <:KKBcK> :EL => <HGMBGNiM>BM O:G SBCG HG=>KG>FBG@ =::KO:G :?A:GD>EBCD SBCG A>>?M G:NP>EBCDL => FH@>

EBCDA>B= HF O>KLM:G=B@> E:G@>M>KFBCGBGO>LM>KBG@>G M> =H>G G =:M @>E=M HHD OHHK >>G S>E?LM:G=B@ HG=>KG>F>K =B> @>>G OKBC >B@>G O>KFH@>G A>>?M HF => BGO>LM>KBG@ M> –G:G<B>K>G 1:GM A>M O:EM GB>M F>> HF >>G >QM>KG> –G:G<B>K M> OBG=>G OHHK >>G BGO>LM>KBG@ =B> I:L HO>K E:G@> MBC= K>G=>F>GM @::M HIE>O>K>G 1:M GB>M O>KPHG=>KEBCD BL P:GM => >QM>KG> –G:G<B>K BL =HHK@::GL >>G F:G:@>K =B> ;BC => OHE@>G=> DP:KM::E<BC?>KL FH>M L<HK>G '::K A>M MBC D>>KM HG=>K :G=>K> =HHK => MH>G>F>G=> F::ML<A:II>EBCD> ::G=:<AM OHHK =NNKS::FA>B= ::K=HHK PHK=M BG => ;>LENBMOHKFBG@ F>>K K>D>GBG@ @>AHN=>G F>M MH>DHFLMB@> P::K=> >G :G=>K> ;>E:G@KBCD> HHK

S::D BL A>M MBC=I>KD O:G => MH>@:G@ L@= 9?= G> 9;;=KK

('.

) %7 ='6%8- )

K?< 8>< F= 8::<JJ <E ;< @DG8:K ;88IM8E FG ><C; >G ;>=KBC? :EL !HH@E> O>KHHKS::DM> BG SBCG ;>@BGC:K>G O>>E O>KP:KKBG@ BG => ><HGHFBL<A> P>K>E= "H> D:G A>M IKH=N<M RG=CE9;@AF= GN O:G P::K=> SBCG :EL =B> =B>GLMO>KE>GBG@ @K:MBL PHK=M ::G@>;H=>G 1:M BL A>M ;>=KBC? P::K= :EL >K @>>G BGDHFLM>G SBCG G:EBLM>G S:M>G F>M => A:G=>G BG A>M A::K > MK:=BMBHG>E> FH=>EE>G OHHK P::K=>;>I:EBG@ ;H=>G @>>G NBMDHFLM !HH@E> P>K= HI@>KB<AM BG >G @>G>K>>K=> BG => ;>@BGC:K>G G:NP>

EBCDL BGDHFLM>G *:L BG IN;EB<>>K=> !HH@E> OHHK A>M >>KLM SBCG K>LNEM:

M>G FBECH>G =HEE:K PBGLM ;BC >>G HFS>M O:G FBECH>G =HEE:K #G SBCG =B> ;>=K:@>G LI><M:<NE:BK @>@KH>B= > HFS>M BL BG OBC? C::K F>>K =:G O>KMPBGMB@OHN=B@= MHM FBEC:K= =HEE:K > PBGLM BL S>E?L O>KO>>KMB@OHN

=B@= MHM FBEC:K= =HEE:K > DHLM>G SBCG =NL K>E:MB>? @>=::E= BG= A:= !HH@E> KNBF P>KDG>F>KL HI => EHHGEBCLM LM::G ">M IKBF:BK> IKH=N<M O:G !HH@E> => SH>DF:<ABG>?NG<MB> BL ><AM>K GH@ LM>>=L @K:MBL G A>M S:E HHD P>E :EMBC= @K:MBL ;EBCO>G .@= 9?= G> 9;;=KK SB> AHH?=LMND O>KDE::KM => P::K=> O:G !HH@E> EL NBM

OEH>BL>E O:G => G>MP>KD >G BG?HKF:MB>L:F>GE>OBG@ A>>?M BG => F::ML<A:I

IBC >>G O>KL<ANBOBG@ IE::ML@>OHG=>G O:G @>E= >G ;>SBM G::K MH>@:G@ G :EL !HH@E> B>ML ;B>=M =:G BL A>M P>E MH>@:G@ !HH@E> ;B>=M @>;KNBD>KL LG>EE> MH>@:G@ MHM => O>KS:F>EBG@ D>GGBL HI BGM>KG>M =B> SHG=>K SH>DF:<ABG> HGMH>@:GD>EBCD SHN SBCG G O>KOHE@>GL ;B>=M !HH@E> MH>@:G@ ::G :=O>K

M>>K=>KL .H>@:G@ MHM >>G HI F::M @>LG>=>G =H>E@KH>I O:G @>PBEEB@> <HGLN

F>GM>G =B> FB==>G BG ANG HKBeGM>K>G=> DHHI?:L> SBMM>G > >J==;GFGEA;K O:G AKBL G=>KLHG O>KDE:K>G => >QIEHBM:MB>D:GL>G O:G >>G @K:MBL IKBCLLMK:M>@B> :M !HH@E> P::K=>OHE BL >G AH> !HH@E> @>E= O>K

=B>GM BL M>@>GPHHK=B@ P>E =NB=>EBCD '::K =>LHG=:GDL ;EBCDM A>M HN=> BG@>KH>LM> B=>> =:M => IKBCL => P::K=> ;>I::EM A:K=G>DDB@ 1:GM :EL C:K>G E:M>K >>G ;>=KBC? :EL "RO>L GH@ G:NP>EBCDL BGDHFLM>G @>G>K>>KM F::K PbE >>G =KND;>SH<AM LH<B::E G>MP>KD A>>?M HGMPBDD>E= =:M MH>@:G@ ;B>=M MHM FBECH>G>G (>=>KE:G=L> <HGLNF>GM>G PHK=M GH@ LM>>=L =>S>E?=> OK::@ @>LM>E= :EL BG => ;>@BGC:K>G O:G !HH@E> "H> D:G SH G @K:MBL P>;LBM> GHN @>E= P::K= SBCG

=I<<:FEFD@:J1 ;< >I8K@J<:FEFD@< #G :MB> #G => > >>NP BL => P>LM>KL> <HGLNF>GM @KHHM@>;K:<AM F>M A>M I:K:=B@F: =:M :EE>L LM>>=L =NNK=>K PHK=M :M B=>> BL =B>I@>PHKM>E= (H@ LM>>=L O>KAH@>G O>>E HK@:GBL:MB>L ;BCG: :EL >>G :NMHF:MBLF> I>K C:GN:KB ANG IKBCS>G )HD A>M F>K>G=>>E O:G => P>KDG>F>KL OBG=M A>M O:GS>E?LIK>

D>G= =:M I>K C:GN:KB => C::KEBCDL> EHHGLO>KAH@BG@ IE::MLOBG=M > ><HGHFBL<A> P>KD>EBCDA>B= BL ><AM>K =:M A>>E O>>E IKH=N<M>G >G =B>GLM>G @H>=DHI>K SBCG @>PHK=>G G LHFFB@> S>E?L @>A>>E @K:MBL HHK

('/

;%%6 () &) 4% 0- 2 +

=> G>MP>KD >G BG?HKF:MB>L:F>GE>OBG@ SBCG => IKH=N<MB> =BLMKB;NMB> >G <HFFNGB<:MB>DHLM>G O::D =K:LMBL<A @>=::E= BC =B@BM:E> IKH=N<M>G >G ;BC HGEBG>=B>GLMO>KE>GBG@ BL => F:K@BG:E> DHLMIKBCL S>E?L => GNE @>G:=>K= > F:K@BG:E> DHLMIKBCL PBE S>@@>G => DHLM>G =B> => ::G;B>=>K F::DM HF bbG >QMK: IKH=N<M M> E>O>K>G EL =B> DHLM>G ;BCG: GNE SBCG DNG C> :EL ::G;B>=>K >KOHHK DB>S>G HF A>M IKH=N<M A>E>F::E @K:MBL P>@ M> @>O>G >G SH=H>G=> P::K=> M> <K>e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

LMND NBM =:M => MA>HK>MBL<A> I>K?><M> IKBCL>E:LMB<BM>BM BG P>KD>EBCDA>B= GHHBM ;>LM::M ">M <HG<>IM H=J>=;L= HJABK=D9KLA;AL=AL =:M BG ><HGHFBL<A> MA>H

KB>e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

E:BK SBCG BM @>A>BF O:G => >J==;GFGEA;K >>G >QIEHLB> O:G => OK::@ SH=K: => IKBCL G::K GNE PHK=M O>KE::@= BL SH DK:<AMB@ =:M A>M S>E?L EHG>G= D:G SBCG HF A>M <HG<>IM MH> M> I:LL>G HI ?RLB>D> IKH=N<M>G F>M >>G LN;LM:GMBeE> F:K@B

G:E> DHLMIKBCL 4H A>;;>G => NBM@>O>KL O:G => @K:MBL =:@;E:=>G BG >QMK>>F DHKM> MBC= OHHK >>G S>>K AH@> HIE:@> @>SHK@= G =::KF>> DK>@>G S> MH>

@:G@ MHM >>G @KHM> <HGLNF>GM>G=H>E@KH>I > P::K=> =B> AB>K=HHK BL @><K>e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

('0

) %7 ='6%8- )

">M ::G;H= O:G @K:MBL IKH=N<M>G >G =B>GLM>G E>B=M O::D MHM @KHM> F:KDMO>K

L<ANBOBG@>G >G HK@:GBL:MB> =B> B>ML ::G;B>=M OHHK MB>G >NKH =:M HI>>GL >E=>KL @K:MBL PHK=M ::G@>;H=>G A>>?M :E LG>E >>G IKH;E>>F "BC PHK=M =:G P>E @>=PHG@>G HF HHD >>G >J==;GFGEA;K >QIEHBM:MB> M> HG=>KSH>D>G > FH@>EBCDA>B= OHHK >>G HK@:GBL:MB> HF B>ML @K:MBL P>@ M> @>O>G PHK=M GB>M ;>I::E= =HHK => P::K=> O:G A>M IKH=N<M F::K =HHK => DHLMIKBCL EL P>@@>O>G GB>ML DHLM DNG C> =HHK P>@@>O>G MH>@:G@ DKBC@>G MHM >>G @KHHM IN;EB>D :GDSBC BGM>KG>M SBCG GB>NP> L<A::EOHHK=>E>G M> ;>A:E>G RLB>D> F:KDM>G SBCG EH<:MB>@>;HG=>G >G A>;;>G =::K=HHK >>G ;>I>KDM O>K

SHK@BG@L@>;B>= #G =B@BM:E> G>MP>KD>G SBCG ?RLB>D> :?LM:G=>G O>>E FBG=>K ;>E:G@KBCD EL HHD GH@ => IKH=N<M>G =B@BM::E SBCG LI>>EM ?RLB>D> :?LM:G= A>E>F::E @>>G KHE F>>K )HD :E BL => DHLMIKBCL GNE MH<A KH>IM A>M <HG<>IM O:G @K:MBL P>@@>O>G BG >>KLM> BGLM:GMB> F>>LM:E P>>KLM:G= HI ;BC HK@:GBL:MB>L 1:GM G::LM => IKH

=N<MB>DHLM>G SBCG >K => SH@>GH>F=> GHHGJLMFALQ DHLM>G 1>@@>O>G @::M @>I::K= F>M A>M P>@@>O>G O:G IHM>GMBeE> H? ABLMHKBL<A> BGDHFLM>G B> P>>KLM:G= BL GB>M F>>K =:G EH@BL<A >G =>S> D:G :EE>>G HO>KPHGG>G PHK=>G =HHK F>M >>G KNBF>K> ;EBD G::K P::K=>;>I:EBG@ M> DBCD>G SB> D:=>K

Bfjk\e \e fgYi\e^jk\e mXe `ebfdjk\e[\im`e^ &MN HI I\TPSMXEXMI ZER LIX FSIO 0MJILEGOMRKXMTW MW KIt\TIVMQIRXIIVH QIX JVIIGSRSQMGW 8IV[MNP LIX FSIO MR HI FSIO[MROIP PEK [IVH LIX ZSPPI HMKI FSIO KIPMNOXMNHMK EERKIFSHIR EPW KVEXMW HS[RPSEH ;EX ZSSV MRZPSIH LIIJX HI KVEXMW FIWGLMOFEEVLIMH ZER IIR I FSIO ST HI ZIVOSSTGMNJIVW ZER HI TETMIVIR IHMXMI# (MI ZVEEK MW REXYYVPMNO RSSMX QIX ^IOIVLIMH XI FIERX [SSVHIR QEEV IIR JIMX MW HEX HI TETMIVIR IHMXMI KSIH [IVH ZIVOSGLX (I EYXIYVW IR HI YMXKIZIV LIFFIR LIX MHII HEX LIX KVEXMW I FSIO IIVHIV IIR TSWMXMIJ HER IIR RIKEXMIJ IJJIGX LIIJX KILEH ST HI ZIVOSST ZER LIX TETMIVIR FSIO (I L]TSXLIWI MW HEX IIR LIIP KVSSX HIIP ZER HI HS[RPSEHIVW XSGL EP RMIX ZER TPER [EW HI FIXEEPHI IHMXMI EER XI WGLEJ JIR (I KIQMWXI MROSQWXIR ^MNR HEEVHSSV QEEV FITIVOX %ER HI ERHIVI OERX PIZIVIR HI HS[RPSEHIVW ZIIP [EEVHI ST HSSVHEX ^MN VIGPEQI QEOIR ZSSV LIX FSIO >MN PI^IR LIX ZIVXIPPIR LIX HSSV IR FIVIMOIR ^SHSIRHI RMIY[I TSXIRXMtPI OSTIVW HMI ERHIVW RMIX FIVIMOX ^SYHIR ^MNR (EEVREEWX KEEX IIR HIIP ZER HI HS[RPSEHIVW PEXIV EPWRSK SZIV XSX EER WGLEJ ZER HI FIXEEPHI IHMXMI >S«R ^IZIRXMK TVSGIRX ZER HI HS[RPSEHIVW KEJ IIR I QEMPEHVIW ST QIX XSIWXIQQMRK ZSSV EERFMIHMRKWRMIY[WFVMIZIR (MX EHVIWWIRFIWXERH ZSVQX IIR RMIY[ HMWXVMFYXMIOEREEP ZSSV HI ZIVOSST ZER ZIV[ERXI FSIOIR SJ ZSSV FMNZSSVFIIPH FIXEEPHI [SVOWLSTW EER HI 0MJILEGOMRK %GEHIQ] 8SX WPSX FMIHIR HI KVEXMW HS[RPSEHIVW RMIX EPPIIR IIR HMWXVMFYXMI QEEV SSO

(('

;%%6 () &) 4% 0- 2 +

IIR GSQQYRMGEXMIOEREEP )V MW QIIV OERW ST GSRXEGX IR JIIHFEGO (I TVM QEMVI HSIPKVSIT ZER LIX FSIO LIIJX ZME HMX OEREEP ZIIP [EEVHIZSPPI XMTW IR MRJSVQEXMI XIVYKKIKIZIR HMI KIFVYMOX OYRRIR [SVHIR ZSSV IIR FIXIV FIKVMT ZER HI HSIPKVSIT q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ª1IX qqR X[IIX IR QSRH XSX QSRHVIGPEQI ^MNR QIIV HER LSRHIVH HYM^IRH QIRWIR FIVIMOX 1SRH XSX QSRHVIGPEQI MW ^S SYH EPW HI [IK REEV 6SQI QEEV HI LYMHMKI QIHME ZIVKVSXIR HI WRIPLIMH IR LIX FIVIMO +VEXMW THJ«W ^MNR KSIH ZSSV HI ZIVOSST ZER LIX FSIO «

;FFIM<IK<C988I 1:M S>@M => ;>NKLDH>KL GH@ HO>K => P>KD>EBCD> P::K=> O:G >>G ;>=KBC? #G AH>O>KK> BL => K>LNEM:M>GK>D>GBG@ GH@ OHHKLI>EE>G= OHHK => <HGMBGNiM>BM O:G >>G ;>=KBC? 1:M BL => b<AM> P::K=> O:G >>G IKH=N<M H? =B>GLM #L =:M A>M ;>=K:@ =:M HI A>M IKBCLD::KMC> LM::M H? BL A>M => MH>@:G@ MHM :G=>K> BGDHF

LM>G;KHGG>G ED IKH=N<M A>>?M >>G LI><MKNF ::G O>K=B>GFH@>EBCDA>=>G > G>MP>KD><HGHFB> =PBG@M ::G;B>=>KL >KMH> HF HIGB>NP G::K ANG O>K

=B>GFH@>EBCDA>=>G M> DBCD>G >G SHGH=B@ O>KL<ANBOBG@>G ::G M> ;K>G@>G BG ANG O>K=B>GFH=>EE>G KN<B::E =::K;BC BL A>M ?H<NLL>G HI => P>KD>EBCD> MH>@>OH>@=> P::K=> =B> F>G E>O>KM #G => ><HGHFB> O:G => > >>NP DHG=>G ::G;B>=>KL GH@ ;>LEBLL>G= <HG<NKK>GMB>OHHK=>>E ;>K>BD>G =HHK @KHM> BGO>LM>KBG@>G BG =BL

MKB;NMB>G>MP>KD EH@BLMB>D >G K><E:F> #G => G>MP>KD><HGHFB> SBCG =>S> ?:<MHK>G O:G :?G>F>G= ;>E:G@ >G D>K>G P> P>>K M>KN@ G::K => H>KOHKF O:G F:KD>MBG@ P::K;BC => * O:G IKH=N<M A>M ;>E:G@KBCDLM> <HG<NKK>GMB>O>KL<ABE NBMF::DM :M BL HHD => >LL>GMB> O:G DM= );=9F -LJ9L=?Q "GO LG J=9L= /F;GF

L=KL=< '9JC=L -H9;= SB> AHH?=LMND

(((

) %7 ='6%8- )

$> KB<AM>G HI MH>@>OH>@=> P::K=> E>O>KM LH<B::E D:IBM::E HI >G LH<B::E D:IB

M::E BL =:M P:M C> GH=B@ A>;M HF BG => G>MP>KDF::ML<A:IIBC LN<<>LOHE M> SBCG BM @>E=M SHP>E OHHK BG=BOB=N>G HI => :K;>B=LF:KDM :EL OHHK HK@:GBL:

MB>L BG >>G <HFI>MBMB>O> F:KDM > GB>NP> OK:@>G =B> >ED> HK@:GBL:MB> SB<A O:G=::@ FH>M LM>EE>G SBCG 1:M D:G BD @K:MBL P>@@>O>G "H> <K>e>K BD >>G ;>K>BD "H> F::D BD A:G=B@ @>;KNBD O:G @K:MBL # . '::K OHHK:E "H> SHK@ BD >KOHHK =:M =:M@>G> P:M BD F::D =HHKO>KM>E;::K PHK=M #L A>M P>E HIF>KD>EBCD @>GH>@ P:M BD E>O>K ">>?M A>M @>GH>@ P::K=> G :EL A>M GB>ML MH>OH>@M AH> =>GD BD =:G M> HO>KE>O>G ">M ?H<NLL>G HI P::K=> HI =HHKO>KM>E;::KA>B= HI A>M MH>@:G@ <K>eK>G MHM >>G @KHM> F:LL: E>B=M MHM @>A>>E GB>NP> HGO>KFH>=> O>K=B>GFH@>EBCD

A>=>G >G @K:IIB@ OHHK;>>E= AB>KO:G SB>G P> BG => ;>=KBC?LM:D GFDAF= ?9EAF? #G A>M MK:=BMBHG>E> ><HGHFBL<A> FH=>E FH>LM >>G ;>=KBC? =:M >>G GB>NP <HFINM>KLI>E A:= HGMPBDD>E= >>KLM BGO>LM>K>G BG >>G DHLM;:K> F:K

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

O>KM>E= G =>@>G>G ::G PB> A>M PHK=M =HHKO>KM>E= DNGG>G A>M IKH=N<M @K:MBL DKBC@>G G SBC O>KM>EE>G A>M HHD P>>K =HHK >G GB>NP <HFINM>KLI>E D:G HI =B> F:GB>K BG K>E:MB>? DHKM> MBC= >>G FBECH>G>GIN;EB>D O:G MKHNP> @>;KNBD>KL ;>K>BD>G G PB> MH>@:G@ A>>?M MHM >>G FBECH>G>GIN;EB>D AH>?M F::K ;BC >>G ;>I>KDM =>>E O:G =:M IN;EB>D DE>BG> BGDHFLM>G M> @>G>K>K>G HF Mk<A >>G EN<K:MB>? O>K=B>GFH=>E M> A>;;>G #G => ?9EAF? ;K:G<A> BL A>M GB>M HG@>;KNBD>EBCD HF >>G LI>E @K:MBL P>@ M> @>O>G >G O>KOHE@>GL => LI>E>KL O:G =:M LI>E => FH@>EBCDA>B= M> ;B>=>G HF M>@>G >>G DE>BG> ;>M:EBG@ >QMK: LI>EHIMB>L M> DHI>G P::KF>> F>G F:D

D>EBCD>K D:G PBGG>G H? AH@>K> L<HK>L D:G ;>A:E>G :M ;EBCDM M> P>KD>G EL A>M LI>E F::K ;H>B>G= @>GH>@ BL PHK=>G O>>E LI>E>KL Sk @K>MB@ HF M> PBGG>G =:M S> =::K ;>LM >>G I::K >NKH OHHK HO>K A>;;>G :M BL >>G HIF>K

D>EBCD O>K=B>GFH=>E =:M GB>M >K@ OHHK => A:G= E:@ P:GM >B@>GEBCD BL =BM >>G OHKF O:G HI>GEBCD O:EL LI>E>G ">M BL M> O>K@>EBCD>G F>M >>G L<A::DMH>KGHHB P::KOHHK ::G => =>>EG>F>KL @>>G BGL<AKBC?@>E= PHK=M @>OK::@= F::K P::K;BC B>F:G= =B> MB>G >NKH ;>M::EM P>E >>G >QMK: EHI>K DKBC@M

(()

;%%6 () &) 4% 0- 2 +

> G:;BC> MH>DHFLM S:E GH@ P>E F>>K GB>NP> O>K=B>GFH=>EE>G E:M>G SB>G =B> GN GH@ GB>M H? G:NP>EBCDL O>KFH>= PHK=>G 4H BL A>M O>KK> O:G HG=>GD

;::K =:M LM>=>G H? E:G=>G =B> MH>KBLM>G PBEE>G EHDD>G BG IE::ML O:G M> :=O>K

M>K>G BG K>BL;E:=>G => MH>KBLM BG LI> >>G >GO>EHI F>M S:D@>E= ::G;B>=>G :EL EHDFB==>E '>M A>M B=>> =:M :EL =B> MH>KBLM >>GF::E ;BGG>G BL ABC =:G >>G O>>EOHN= =::KO:G S:E NBM@>O>G )G@>EHH?P::K=B@ 0>>E OEB>@F::ML<A:IIBC>G @>O>G GN :E @K:MBL LMH>E>G P>@ BG => AHHI =:M => DE:GM OHHK BGDHFLM>G S:E SHK@>G =HHK ::G ;HHK= >M>G >G =K:GD M> DHI>G >G ;>E:LMBG@OKBC> LB@:K>MM>G >G I:K?NFL 1>EDHF BG => >J==;GFGEA;K > IKBCL D:G Gk@ E:@>K =:G GNE BGG>GDHKM DNGG>G P> GB>M :EE>>G @K:MBL OEB>@>G F::K DKBC@>G P> S>E?L @>E= MH> )G@>EHH?P::K=B@ (N :E SBCG >K BG (>=>KE:G= MB>G=NBS>G=>G <HGLNF>GM>G =B> =:@>EBCDL @>E= O>K=B>G>G =HHK A>M ::GDEBDD>G O:G P>;LBM>L O:G ;>=KBCO>G =B> >K @>E= OHHK HO>K A>;;>G :EL IHM>GMBeE> <HGLNF>GM>G ANG P>;LBM> ;>SH>D>G (B>M =:M C> =::K KBCD O:G DNGM PHK=>G O:G P>;LBM>DEBDD>G F::K A>M BEENLMK>>KM => F:<AMLO>KL<ANB

OBG@ O:G IKH=N<>GM G::K <HGLNF>GM >G <HGLNF>GM F>M >>G LG>EE> <HF

INM>K >G >>G LG>EE> FNBL D:G :EL P>;LBM>DEBDD>K :E F>>K =:G A>M FBGBFNF

NNKEHHG O>K=B>G>G

><C; 8CJ ?<K D8:?KJD@;;<C M8E ;< 9LI<8L:I8K@< !: G::K >>G ;B;EBHMA>>D >G I:D MPBGMB@ PBEE>D>NKB@> ;H>D>G =B> HO>K @>E= @::G > D:GL BL GB>M @>KBG@ =:M BG :E =B> ;H>D>G BG AHH?=LMND PHK=M O>K

M>E= =:M @>E= =KB> ?NG<MB>L A>>?M ;>M::EFB==>E K>D>GFB==>E >G HIIHMFB=

=>E -<AHHE;H>D>G >G E>>K;H>D>G A>;;>G GH@:E >>GL => G>B@BG@ >ED::K HO>K M> L<AKBCO>G 1B> ><AM>K => P>KDBG@ O:G ABeK:K<ABL<A> HK@:GBL:MB>LMKN<MNK>G ;>LMN

=>>KM HGM=>DM GH@ >>G OB>K=> ?NG<MB> O:G @>E= @>E= :EL F:<AMLFB==>E !>E= BL HGFBLD>G;::K A>M F:<AMLFB==>E O:G => ;NK>:N<K:MB> !>E= BL => FHMHK O:G => ;NK>:N<K:MB> => LF>>KHEB> O:G => ABeK:K<AB> 0>K:G=>KBG@>G BG HK@:

GBL:MB>L PHK=>G O>KLG>E= O>KMK::@= H? S>E?L M>@>G@>AHN=>G =HHK => LG>E

A>B= P::KF>> @>E= PHK=M OKBC@>@>O>G H? ;N=@>MM>G PHK=>G O:LM@>LM>E= > ;>LENBMOHKFBG@ EHHIM OB: => ABeK:K<AB> >G @>E= BL >>G ;>E:G@KBCD FB==>E P::KF>> => AH@>K> ABeK:K<ABL<A> E:@>G F:<AM NBMH>?>G>G HI => E:@>K> !: F::K G: O>K:G=>KBG@>G HI => P>KDOEH>K P::K @bbG @>E= ;BC ;>MKHDD>G BL =::K A>>?M => ;NK>:N<K:MB> O>>E FBG=>K @KBI HI B> SBCG O>>E F:DD>EBCD>K =HHK M> OH>K>G HI >B@>G AHNMC> SHG=>K MH>LM>FFBG@ O:G ;HO>G:? !>E= :EL F:<AMLFB==>E SB>G P> HHD BG => ;>EHGBG@LLRLM>F>G O:G HK@:

GBL:MB>L 1B> SB<A L<ABDM BG => ABeK:K<ABL<A> HK=> F::DM F>>K D:GL HI >>G IKHFHMB> >G >>G ;BC;>AHK>G= AH@>K L:E:KBL 1B> >>G @>O::K HIE>O>KM OHHK => ABeK:K<ABL<A> HK=> D:G @>LMK:?M PHK=>G OB: => L:E:KBLLMKHHD >G IKHFHMB>

((*

) %7 ='6%8- )

PHK=M M>@>G@>AHN=>G H? => ABeK:K<AB> =K>B@M S>E?L F>M HGMLE:@ (::KF:M> >>G P>KDG>F>K F>>K :?A:GD>EBCD BL O:G SBCG L:E:KBL PHK=M => F:<AM =B> HI A>F NBM@>H>?>G= D:G PHK=>G @KHM>K )HD => HO>KA>B= @>;KNBDM @>E= :EL F:<AMLFB==>E HHK FB==>E O:G ;H>M>L PHK=M HG@>P>GLM @>=K:@ HGMFH>=B@= >G =HHK FB==>E O:G LN;LB=B>L PHK=M @>P>GLM @>=K:@ ::G@>FH>=B@= > H;L>KO:MB> =:M @>E= >>G O:G => FB==>E>G BL P::KF>> ABeK:K<AB>eG ANG F:<AM A:G=A:O>G >G O>KLM>KD>G BL GB>M LE><AML >>G MA>HK>MBL<A> =BL<NLLB> 1:GM => EH@BL<A> @>OHE@MK>DDBG@ BL :EL @>E= >>G FBG=>K =HFBG:GM> KHE @::M LI>E>G =:G O>KFBG=>KM :NMHF:MBL<A => F:<AM O:G => ABeK:K<AB> EL ;BC

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eK:K<ABL<A> HK@:GBL:MB>L =B> A>F >>G ;::G >G >>G L:E:KBL ;B>=>G > BG?HKF:MB> >G G>MP>KDL:F>GE>OBG@ ;B>=M => F>GL GB>M :EE>>G LM>>=L F>>K :EM>KG:MB>O>G OHHK SBCG NBM@:O>GI:MKHHG F::K HHD OHHK SBCG BGDHF

LM>GLMKHF>G ">M PHK=M =::K=HHK LM>>=L @>F:DD>EBCD>K HF => ABeK:K<AB> @>A>>E H? @>=>>EM>EBCD O::KP>E M> S>@@>G >G ;BCOHHK;>>E= OHHK C>S>E? M> ;>@BGG>G >G P>KDG>F>K A>>?M LM>>=L FBG=>K K>=>G>G HF HG@>P>GLM> ABeK:K<ABL<A> F:<AM HO>K SB<A M> E:M>G NBMH>?>G>G INNK NBM :G@LM HF SBCG ;::G M> O>KEB>S>G *:OEBG: @::M S>E?L GH@ >>G @KHM> LM:I O>K=>K $> FH>M GB>M ;:G@ SBCG HF C> ;::G M> O>KEB>S>G -M>KD>K GH@ C> FH>M GB>M >>GL ::G >>G ;::G ;>@BGG>G SB> AHH?=LMND >G FBG=>K =HFBG:GM> KHE OHHK @>E= E>B=M MHM FBG=>K ;NK>:N<K:MB> '::K A>M P>KDM HHD :G=>KLHF BC A>M BG?HKF>E>K PHK=>G O:G => ><HGHFB> O>K

FBG=>KM => G:=KND =B> HI @>E= EB@M BM SB>G P> ;BCOHHK;>>E= O::D BG DE>BG> ;>=KBC?C>L F>M BG?HKF>E> @>S:@LO>KAHN=BG@>G BC => ;>LENBMOHKFBG@ >G ;BC => A:G=>EBG@>G =B> BG SNED> HK@:GBL:MB>L O>KKB<AM PHK=>G PHK=M K>E:MB>? FBG=>K @>D>D>G G::K G:G<BeE> P::K=>G >G K>E:MB>? F>>K G::K :G=>K> P::K

=>G (H@ LM>KD>K SB>G P> =:M HF@>D>>K=> O>K;:G= MNLL>G ABeK:K<AB> >G

((+

;%%6 () &) 4% 0- 2 +

@>E==HFBG:GMB> ;BC => :EE>KBG?HKF>>ELM> FB<KH ><HGHFB>MC>L SH:EL ;BCOHHK

;>>E= >>G MP>>O>K=B>G>KLANBLAHN=>G ::K LI>>EM @>E= @>>G KHE BG A>M P>KDHO>KE>@ ::K AHHK C> GHHBM >>G =B:EHH@ :EL 4>@ L<A:M PBE CBC >O>G => ANBLONBE<HGM:BG>K ;NBM>G S>MM>G $: =:M BL @H>= F::K =:M FH>M BD =:G P>E BGM>KG ?:<MNK>K>G OHHK >NKH *ENL HO>KP>KDMH>LE:@ P:GM A>M BL :E G: :<AM>G

88EMLCC<E;< ><C;D@;;<C<E1 QyC= ><C; ;ILBB<E :M => ;>M>D>GBL O:G @>E= ;>LM @>GN:G<>>K= F:@ PHK=>G PBE GH@ GB>M S>@@>G =:M @>E= HO>K;H=B@ BL @>PHK=>G > LMBC@BG@ O:G => P>EO::KM A>;;>G P> OHHK >>G @KHHM =>>E M> =:GD>G ::G O>KK>@::G=> :K;>B=LLI><B:EBL:MB> EL B>=>K>>G =:M@>G> =H>M P::K ABC A>M ;>LM BG BL LMBC@M => @>FB==>E=> IKH=N<

MB> I>K I>KLHHG 0HHKP::K=> BL =:G P>E =:M >K >>G :E@>F>>G ::GO::K= KNBE

FB==>E BL HF => MHM::E @>E>O>K=> IKH=N<MB> HI >? <BeGM> PBCS> M> A>KO>K=>

E>G !>E= BL bbG FB==>E =::KOHHK EL HGL @>E=LRLM>>F M>DHKMDHFBG@>G O>KMHHGM DNGG>G <HFIE>F>GM:BK> @>E=LRLM>F>G G::LM A>M ANB=B@> @>E=LRL

M>>F >>G A>>E GNMMB@> ;BC=K:@> OHKF>G HF >>G =>>E O:G => IKH;E>F>G HI M> EHLL>G EL BG MBC=>G O:G <KBLBL ;>=KBCO>G =B> PBEE>G BGO>LM>K>G FH>BM> A>;;>G HF ;BC => ;:GD DK>=B>M>G M> O>KDKBC@>G DNGG>G S> :EL :EM>KG:MB>? HHD SbE? @>E= @::G =KNDD>G ;>MHH@M @>E=LI><B:EBLM >KG:K= &B>M:>K '>GB@>>G =B> =BM E>>LM S:E GN O:G L<AKBD O:G SBCG LMH>E O:EE>G F::K =:M BL GB>M GH=B@ P:GM &B>M:>K BL @>>GLSBGL >>G K>OHENMBHG:BK =B> HIKH>IM MHM O:EL>FNGM>KBC "BC K>?>K>>KM @>PHHG ::G AHG=>K=>G EHD:E> H? K>@BHG:E> @>E=LRLM>F>G =B> @>=NK>G=> DHKM> H? E:G@> MBC= >>G P::K=>OHEE> ::GONEEBG@ SBCG HI A>M H? <BeE> @>E=LRLM>>F ">M ;>D>G=LM> OHHK;>>E= O:G >>G <HFIE>

F>GM:BK> FNGM BL => 4PBML>K> 1BK #G MBC=>GL => !KHM> >IK>LLB> ;K:<AM>G S>LMB>G 4PBML>KL> FD; HG=>KG>F>KL >>G FNGM BG HFEHHI G::LM => 4PBML>KL> K:GD =B> => K>==BG@ ;E>>D M> SBCG O:G => K>@BHG:E> ><HGH

FB> > 1BK ;>LM::M C::K E:M>K GH@ LM>>=L BK<: >>G DP:KM O:G A>M 4PBM

L>K> FD; BL ::G@>LEHM>G ;BC A>M 1BK @>E=LRLM>>F #G P>K= OHHK FBE

C:K= 4PBML>KL> ?K:GD HF@>S>M BG 1BK :M BL F>>K =:G BG OHHK:?@::G=> C:K>G 0HE@>GL &B>M:>K ?NG@>>KM => <HFIE>F>GM:BK> FNGM :EL >>G ;N??>K BG <KBLBLMBC=>G P:GM :EL A>M FH>BEBCD>K PHK=M HF ;:GDDK>=B>M M> DKBC@>G LMBC@M A>M OHENF> BG 1BK ">M BGBMB:MB>? O:G => 4PBML>KL> HG=>KG>F>KL =B> BG => 1BK ;>=:<AM>G F:@ ;>L<AHNP= PHK=>G :EL >>G >:LR<K:MBL<A> :<MB> :O:GM E: E>MMK> BG= OHKB@> >>NP EB>M>G EHD:E> ;>LMNNK=>KL BG >>G K:SBEB::GL> LEHII>G

PBCD SB>G AH> C> kkD BG >>G GHG IKH MLBMN:MB> HI >:LR<K:MBL<A> PBCS> <HF

IE>F>GM:BK @>E= DNGM =KNDD>G HF IKH;E>F>G >>GOHN=B@ HI M> EHLL>G > LEHII>GPBCD A:= MP>> IK:G@>G=> IKH;E>F>G .>G >>KLM> P:L >K >>G HG@>

((,

) %7 ='6%8- )

D>G= @KHM> AH>O>>EA>B= SP>K?ONBE BG => PBCD .>G MP>>=> P:L >K >>G @KHM> :KFH>=> > P>KDEHHLA>B= P:L AHH@ >K P:L G:NP>EBCDL P>KD@>E>@>GA>B= F::K :EL => ;>OHEDBG@ P>KD PBE=> SH>D>G BG A>M LM:=L<>GMKNF ;E>>D => ;NL =::KG::KMH> HG;>M::E;::K E C:K>GE:G@ IHH@=>G => ;>LMNNK=>KL ;N=@>MM>G EHL M> I>NM>K>G ;BC => <>GMK:E> HO>KA>B= HF =>S> IKH;E>F>G ::G M> I:DD>G '::K M>O>K@>>?L >K P:L @>>G @>E= .HM=:M F>G ;>LEHHM HF =:G F::K SbE? @>E= M> F:D>G > LEHII>GPBCD EB>M ;E:NP> IE:LMB< FNGMC>L F:D>G #>=>K> PBCD;>PHG>K =B> =:M P>GLM> DHG =>S> FNGMC>L O>K=B>G>G =HHK >>G ONBEGBL

S:D OHE SP>K?:?O:E BG M> E>O>K>G '>M =B> FNGMC>L DHG O>KOHE@>GL >>G ;NLKBM G::K A>M LM:=L<>GMKNF ;>M::E= PHK=>G 0>K;EN??>G= LBFI>E FBLL<AB>G GB>M => F>>LM >E>@:GM> HIEHLLBG@ F::K A>M P>KDM> P>E #G DHKM> MBC= P:K>G MP>> @KHM> PBCDIKH;E>F>G HI@>EHLM P::K => <HGO>GMBHG>E> FB==>E>G C:K>G @>?::E= A:==>G ED> P>MAHN=>K BG (>=>KE:G= D:G =BM B=>> FHK@>G :E NBM

OH>K>G BG SBCG LM:= ">M ;E:NP> FNGMC> SHN ;BCOHHK;>>E= >>G MH>@:G@L

D::KMC> DNGG>G SBCG OHHK => @>LN;LB=B>>K=> LM:=LL<AHNP;NK@ P::K HO>K

FHK@>G:OHG= >>G OHHKLM>EEBG@ BL @>;H>DM >G P::K G::K O>KP:<AMBG@ GH@ MP>>AHG=>K= E>@> LMH>E>G BG => S::E SBCG (B>F:G= PHK=M LE><AM>K O:G SH G >:LR<K:MBL<A IE:G 4HP>E => HIMK>=>G=> :KMB>LM>G :EL => L<AHNP;NK@=BK><

M>NK SNEE>G >K ;EBC F>> SBCG :EL => E>@> LMH>E>G @>ONE= PHK=>G HFIE>F>GM:BK @>E= >>G NMHIB> ">M ;>LM::M :E )HD BG (>=>KE:G= J=IM=FL Q=J EAD=K ;BCOHHK;>>E= SBCG HHBM BG A>M E>O>G @>KH>I>G :EL F:KD>MBG@BGLMKN

F>GM HF DE:GMEHR:EBM>BM M> ;>OHK=>K>G '::K SH=K: C> =B> @>LI::K=> INGM>G GB>M :EE>>G DNGM @>;KNBD>G HF >>G GB>NP OEB>@MB<D>M M> DHI>G F::K HHD DNGM O>KSBEO>K>G OHHK O:D:GMB>:KMBD>E>G AHM>EK>L>KO>KBG@>G >G :NMHANNK BL A>M EHR:EBM>BMLBGLMKNF>GM ?>BM>EBCD :E NBM@>@KH>B= MHM >>G KN=BF>GM:BK :EM>KG:MB>? @>E=LRLM>>F >S> FNGM>G SBCG GH@ GB>M >K@ <HNK:GM 1B> ;BC => ;:DD>K >>G ;KHH= DHHIM >G F>M :BKFBE>L PBE ;>M:E>G S:E AHH@LMP::KL<ABCG

EBCD ;HM O:G@>G > ;:DD>K SBM GB>M M> P:<AM>G HI >>G ;>M::EFB==>E =:M ABC F::K FH>BS::F D:G BGPBLL>E>G OHHK >>G ;>I>KDM :LLHKMBF>GM '::K =:M O>K:G=>KM SH=K: A>M ::GONEE>G= @>E=FB==>E @>F:DD>EBCD O:EM M> O>KSBEO>K>G OHHK @:G@;:K> IKH=N<M>G -M>E ;BCOHHK;>>E= =:M A>M FH@>EBCD SHN SBCG HF => =:@>EBCDL> ;HH=L<A:I

I>G BG => LNI>KF:KDM F>M :BKFBE>L M> ;>M:E>G >G B>=>K>>G SHN >K A>M OHELM> O>KMKHNP>G BG A>;;>G =:M => <:BLLBcK> BG => LNI>KF:KDM => :BKFBE>L HHD M> :EE>G MBC=> :<<>IM>>KM :EL :EM>KG:MB>? ;>M::EFB==>E SHN => ;:DD>K =:G GH@ LM>>=L P>B@>K>G :EL P> A>M ;KHH= F>M :BKFBE>L PBEE>G :?K>D>G>G > DHLM>G O:G A>M HIS>MM>G >G HG=>KAHN=>G O:G >>G <HFIE>F>GM:BK @>E=LRLM>>F SBCG >GHKF @>=::E= BG => G>MP>KD >G BG?HKF:MB>L:F>GE>OBG@ ED> @KHM> HG=>KG>FBG@ F>M >>G ;>MKHNP;:K> K>INM:MB> D:G FHK@>G >>G HG=>KG>FBG@LFNGM E:G<>K>G =B> @::M ?NG@>K>G :EL ::GONEE>G= @>E=LRL

M>>F > LE:@BG@LD:GL BL OKBC @KHHM BG => >:LR<K:MB> 1> @::G GB>M OHHKLI>E

((-

;%%6 () &) 4% 0- 2 +

E>G =:M A>M HHD =::=P>KD>EBCD S:E @>;>NK>G F::K P> SNEE>G GB>M O>K;::L= SBCG :EL ;BGG>G MP>> C::K ;BCOHHK;>>E= E;>KM ">BCG -A>EE >G *ABEBIL L:F>G >>G GB>NP> FNGM BGMKH=N<>K>G

N?L==@< 4HP>E ;BC A>M @>PHG> @>E= :EL ;BC <HFIE>F>GM:BK @>E= BL => P::K=> =BK><M SB<AM;::K >G HI DHKM> M>KFBCG O>KSBEO>K;::K BC :K;>B= BL >K O::D >>G K><AM

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eK:K<ABL<A> HK@:GB

L:MB>LMKN<MNK>G SH FH>BEBCD HO>KP>@ D:G F>M A>M <HG<>IM LH<B::E D:IBM::E ">M LH<B::E D:IBM::E BL ::GP>SB@ F::K F>G E::M A>M HG@>;KNBDM EB@@>G !>FBLM> D:GL>G !>E= BL => FHMHK O:G => ABeK:K<ABL<A> ><HGHFB> LH<B::E D:IBM::E BL => FHMHK O:G => G>MP>KD><HGHFB> &BGD>=#G >G .PBMM>K SBCG OHHK;>>E=>G O:G G>MP>KD>G P::K BG=BOB=N>G ANG LH<B::E D:IBM::E DNGG>G E:M>G @KH>B>G $> OBG=M >K OK:@>G >G DNGM >K :GMPHHK=>G @>O>G >G HI =B> F:GB>K ::G :G=>K>G E:M>G SB>G P::K CBC O>KLM:G= O:G A>;M )I =B> F:GB>K LMBC@M C> LH<B::E D:IB

M::E ">M E>ND> O:G LH<B::E D:IBM::E BL =:M C> A>M DNGM NBM@>O>G SHG=>K >K FBG=>K O:G M> DKBC@>G '>M FHG>M:BK D:IBM::E P>KDM A>M IK><B>L HF@>D>>K= EL C> =:M P>@@>>?M ;>G C> A>M DPBCM EL C> FHG>M:BK D:IBM::E PBEM E:M>G @KH>B>G =:G DNG C> A>M HI >>G ;:GD S>MM>G >G =:G DKBC@ C> >>G DE>BG ;>>MC> K>GM> EL C> LH<B::E D:IBM::E PBEM E:M>G @KH>B>G =:G S>M C> A>M CNBLM GfbM HI => ;:GD -H<B::E D:IBM::E @KH>BM G::KF:M> C> A>M NBM@>>?M "H> F>>K F>GL>G C> A>EIM >G O:G =B>GLM ;>GM AH> ;>M>K C> K>INM:MB> C> G>MP>KD >G => MH>@:G@ =B> C> DKBC@M MHM :G=>K>G #G ?>BM> BL 1AN?–> NBMLENBM>G= @>;:L>>K= HI A>M O>KMKHNP>G =:M 1AN?

–>L P::K=>OHE SBCG >G =NL HI =>G =NNK P>E B>ML SNEE>G HIE>O>K>G B@>GEBCD

((.

) %7 ='6%8- )

O>KL<ABEM A>M GB>M >>GL SH O>>E O:G => ANB=B@> >NKH L =B> BFF>KL HHD NBMLENB

M>G= HI O>KMKHNP>G SBCG @>;:L>>K= SH:EL P> BG A>M ;>@BG O:G =BM AHH?=LMND S:@>G ">M O>KL<ABE BL P>E ;BC >NKH L A>; C> A>M O>KMKHNP>G =:M C> S> HGFB=

=>EEBCD DNGM BGPBLL>E>G OHHK IKH=N<M>G >G @H>=>K>G BC 1AN? >L BL A>M HG=NB=>EBCD P:GG>>K >G AH> C> S> DNGM O>KSBEO>K>G '::K =:M BL HI SB<A @>>G HG;>D>G= O>KL<ABCGL>E #G => HN=> ><HGHFB> SBCG HHD O>>E LBMN:MB>L P::KBG P> O>KMKHNP>G A>;;>G BG => P::K=> O:G B>ML SHG=>K =:M =BM =BK><M HF@>

PBLL>E= D:G PHK=>G BG @>E= BCOHHK;>>E= :EL P> ;>LENBM>G HF M> BGO>LM>K>G BG >>G C:K>GE:G@> HIE>B=BG@ :M ;B>=M =HHK@::GL @>>G >GD>E> S>D>KA>B= =:M => BGO>LM>KBG@ SBCG @>E= @::M HI;K>G@>G >LHG=:GDL O>KMKHNP>G P> =::KHI

><C; <E @EBFD<E1 N8K C<M<IK ?<K D@A FG6 &>ND >G ::K=B@ :E =B> MA>HKB>eG >G ;>LIB>@>EBG@>G HO>K @>E= >G 1AN? > >G <HFIE>F>GM:BK> @>E=FB==>E>G F::K P:M A>; BD >K::G SH =>GDM => E>S>K #D FH>M MH<A >>G BGDHF>G A>;;>G #D FH>M MH<A FBCG K>D>GBG@>G ;>M:E>G ">M BL GB>M SH OK>>F= =:M B>F:G= =B> BL HI@>@KH>B= BG >>G ><HGHFB> P::KBG @>E= SH G =HFBG:GM> KHE LI>>EM ;BC SBCG I>KLHHGEBCD> ANBLAHN=

;H>DC> HHD IKBF:BK ::G @>E= =>GDM G A>M EB@M OHHK => A:G= =:M B>F:G= =B> @>E= GH=B@ A>>?M >G @>P>G= BL OHE@>GL A>M @>E= OHHK MBC=IKBG<BI> M> E>O>G HHD BG >>KLM> BGLM:GMB> =>GDM P::K D:G BD FBCG MBC= ::G;B>=>G OHHK >>G O:LM ;>=K:@ I>K F::G= H? I>K NNK '::K BG => G>MP>KD >G BG?HKF:MB>L:F>GE>

OBG@ @>E=>G GB>NP> K>@>EL OHHK P::K=>;>I:EBG@ 4H=K: => G:=KND O>K

L<ANB?M O:G @>E= G::K P::K=> DHF>G HI>>GL :G=>K> O>K=B>GFH=>EE>G BG ::GF>KDBG@ #>F:G= =B> O:G MHM P>KDM :EL L<AHHGF:D>K >G =::K GB>M >>GL SH @H>= BG BL F::K BG SBCG OKBC> MBC= P>E HGMS>MM>G= @H>= D:G =:GL>G P:L @>G>B@= HF M> =>GD>G F>M =:GL>G O>K=B>G BD GB>ML F::K F>M L<AHHG

F:D>G O>K=B>G BD FBCG @>E= NL :EL BD HGMLE:@>G PHK= :EL L<AHHGF:D>K S:E BD HI SH>D FH>M>G G::K >>G :G=>K L<AHHGF::D;>=KBC? '::K SH=K: BG => L:F>GE>OBG@ A>M :<<>GM O>KL<ANB?M O:G @>E= G::K P::K=> S:E => HGMLE:@>G L<AHHGF:D>K O>>E LG>EE>K ;>L>??>G Ab F>M L<AHHGF:D>G F::DM> BD GB>

F:G= ;EBC F::K F>M =:GL>G F::D BD F>GL>G P>E ;EBC NL :EL =:GL>K E>O>K BD FbbK P::K=> =:G :EL L<AHHGF:D>K 'H>M BD =:G GB>M >>G F:GB>K SH>D>G HF =B> P::K=> M> O>KSBEO>K>G #G .JM= 9FK ;>L<AKBC?M %>OBG %>EER SB> AHH?=LMND AH> C> :EL :KMB>LM BG C> E>O>GLHG=>KAHN= DNGM OHHKSB>G =HHK GB>M HI SH>D M> @::G G::K >>G BFIK>L:KBH =B> => P>@ HI>GM G::K >>G @KHHM IN;EB>D F::K =HHK SbE? =NBS>G= ?:GL HF C> A>>G M> O>KS:F>E>G =B> OBG=>G =:M CBC B>ML P::K=>

OHEL E>O>KM :M O>K=B>GFH=>E O:G %>EER BL HI@>;HNP NBM => >E>F>GM>G 1AN? > G>MP>KDL:F>GE>OBG@ >G ?H<NLL>G HI P::K=> BG IE::ML O:G @>E= >G <HGLNEM:GM =B> OKH>@>K BG EHHG=B>GLM P>KDM> F::K GN SBCG =B>GLM>G :EL S>E?LM:G=B@> E>O>KM A>>?M F>>LM:E NBM =B> HN=> ;>MK>DDBG@ A>M @>E= OHHK

((/

;%%6 () &) 4% 0- 2 +

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eGMB> GB>M M>G @H>=> 1B> => HO>KLM:I F::DM O:G @>E= OHHK MBC= G::K @>E= OHHK P::K=> DHFM :E LG>E MHM => HGM=>DDBG@ =:M OkkK:? => @>E>O>K=> P::K=> O:LMLM>EE>G O::D A>>E FH>BEBCD BL SH GB>M HGFH@>EBCD <AM>K:? => P::K=> O:LMLM>EE>G BL O>>E @>F:DD>EBCD>K > EH@BL<A> <HGL>JN>GMB> BL =:M C> BG O>>E @>O:EE>G ;>M>K :<AM>K:? DNGM HG=>KA:G=>E>G HO>K => ;>EHGBG@ :M BL >>G O>K=B>GFH=>E =:M LHFFB@> IKH?>LLBHG:EL :E @>;KNBD>G P::K=>;>I:EBG@ :<AM>K:? 1:M E>O>KM A>M FBC HI :M BL >>G OK::@ >G GH@ O:D>K >>G HGNBM@>LIKH

D>G @>=:<AM> =B> O::D OHHKDHFM BG => ABeK:K<ABL<A> HK@:GBL:MB>LMKN<MNNK > ABeK:K<AB> EHDM =B> OK::@ FBLL<AB>G P>E NBM 4H=K: P> B>ML P::K=>OHEL =H>G =>GD>G P> K> >QF:MB@ ::G >>G ;>EHGBG@ =::KOHHK #G => OHKF O:G @>E= H? IKBOBE>@>L H? DEBFF>G BG => ABeK:K<AB> #G BG?HKF>E> @KH>I>G PHK=M =>S> OK::@ O>>E FBG=>K O::D @>LM>E= 1BE C> F> A>EI>G O>KANBS>G 1BE C> => D:L<HGMKHE><HFFBLLB> =H>G "B>K @>E=M A>M OHHK P:M AHHKM P:M

NBM@:G@LINGM BG O>>E FBG=>K> F:M> #G >>G ABe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

H>?>G>G FH>M>G HG=>K=KNDD>G >G BG IE::ML =::KO:G O>KMKHNP>G HI BGMNiMB> >G HI => LM:MBLMB>D HI => P>M O:G => @KHM> @>M:EE>G BM @>E=M SHP>E OHHK BG=BOB=N>G :EL OHHK HK@:GBL:MB>L

((0

) %7 ='6%8- )

?FF=;JKLB / J8D<E><M8K >MRKIZMRK MW IIR XVIRH] SRHIV[IVT SSO MR HI QEREKIQIRXPMXIVEXYYV >MR KIZMRK IXLMIO IR QEEXWGLETTIPMNO ZIVERX[SSVH SRHIVRIQIR OVMNKIR HI PEEXWXI NEVIR WXIIHW QIIV FIPERKWXIPPMRK (IIPW ^EP HEX [IP IIR KSPJFI[I KMRK ^MNR 1EEV HIIPW MW HEX IIR VIGLXWXVIIOW KIZSPK ZER HI OSQWX ZER HI RIX[IVOWEQIRPIZMRK 2Y SVKERMWEXMIW RMIX PERKIV VIPEXMIJ KIxWSPIIVHI KVSI TIR ^MNR QEEV ZME XEPPS^I WGLEOIPW IR RIX[IVOIR EER HI VIWX ZER HI [IVIPH ^MNR KIOSTTIPH [SVHIR ^I WXIIHW EJLEROIPMNOIV ZER HMI ªVIWX ZER HI [IVIPH« 3VKERMWEXMIW LIFFIR KIIR OIYW >I ^YPPIR LYR WXVEXIKMI QSIXIR LIVJSVQYPIVIR MR XIVQIR ZER QEEXWGLETTIPMNOI VIPIZERXMI 2MIX EPW PSWWI TEVEKVEEJ MR LIX WSGMEEP NEEVZIVWPEK QEEV EPW MRXVMRWMIO SRHIVHIIP ZER HI FIHVMNJWWXVEXIKMI )R HI HSPIRHI [IVORIQIV HMI HI ^MRKIZMRK ZSSVEP FYMXIR HI SVKERMWEXMI ^SIOX# >SVK XSGL HEX LMN HI ^MRKIZMRK KI[SSR FuRRIR ^MNR [IVO ZMRHX (EX PIZIVX KI^SRHIVI IRXLSYWMEWXIVI IR TVSHYGXMIZIVI [IVORI QIVW ST XIKIR PEKIVI OSWXIR

()'

/

Q@E><M@E> Q@E><M@E> M8E GIF=@KFI>8E@J8K@<J .K:=BMBHG>E> IKH MHK@:GBL:MB>L SBCG @>P>G= ANG LMK:M>@B> >G =H>ELM>EEBG@>G M> ?HKFNE>K>G BG M>KF>G SH:EL HFS>M<BC?>KL PBGLM@KH>B F:KDM::G=>E>G >G ;>NKLP::K=> :M P:L OHE=H>G=> SHE:G@ =B> HK@:GBL:MB>L K>E:MB>? @>iLH

E>>K=> @KH>I>G P:K>G 1>KDG>F>KL ::G=>>EAHN=>KL >G DK>=B>MO>KL<A:??>KL P:K>G OB: @>E=LMKHF>G L:E:KBLL>G =BOB=>G= >G K>GM> >G ABeK:K<ABL<A> LI>E

K>@>EL ::G => HK@:GBL:MB> @>;HG=>G 4HE:G@ => HG=>KG>FBG@ F::K OHE

=H>G=> HFS>M >G PBGLM F::DM> P:L A::K <HGMBGNiM>BM K>=>EBCD @>P::K;HK@= '::K BG => G>MP>KDL:F>GE>OBG@ P>KDM =:M GB>M F>>K SH >>GOHN=B@ >=KBCO>G PHK=>G LM>>=L :?A:GD>EBCD>K O:G @KHM> @KH>I>G F>GL>G ;NBM>G => HK@:GBL:MB> F>M PB> S> @>>G >GD>E> G:G<BeE> :?A:GD>EBCDA>B=L;:G= A>;;>G ">M BL OHELMK>DM HGK>:EBLMBL<A HF M> O>KP:<AM>G =:M => SP>KF>G KHG= >>G HK@:GBL:MB> >GB@> ;>MKHDD>GA>B= SNEE>G OH>E>G ;BC PBGLM >G HFS>M=H>ELM>EEBG@>G 1:GM P::KHF SHN ;NBM>GLM::G=>K 2 BGM>K>LL> A>;;>G BG => HFS>MLMBC@BG@ O:G ;>=KBC? 3 G :EL ;NBM>GLM::G=>KL @>>G >GD>E> BGM>

K>LL> A>;;>G BG ;>=KBC? 3 P:M BL =:G GH@ ANG FHMB>? HF ANG <HEE><MB>O> BGM>EEB@>GMB> BG M> S>MM>G OHHK =:M ;>=KBC? (::KF:M> HK@:GBL:MB>L OHHK ANG <HGMBGNiM>BM :?A:GD>EBCD>K PHK=>G O:G SP>KF>G PHK=M A>M LM>>=L ;>E:G@KBCD>K HF => =H>ELM>EEBG@ >G => K>LNEM:M>G NBM M> =KNDD>G BG P::K=> BG IE::ML O:G BG @>E= 1:M BL => P>KD>EBCD> MH>@>

OH>@=> P::K=> O:G >>G HK@:GBL:MB> 1:M =K::@M F>G ;BC ::G => P>K>E= ;NBM>G => HK@:GBL:MB> 1:M SBCG => F::ML<A:II>EBCD> DHLM>G >G HI;K>G@

LM>G > MK:=BMBHG>E> ;:E:GL O:G :<MBO: >G I:LLBO: => DE:LLB>D> PBGLM >G

O>KEB>LK>D>GBG@ S> OHELM::G GB>M E:G@>K HF => E>O>GLO:M;::KA>B= O:G >>G HK@:GBL:MB> M> OHHKLI>EE>G (::LM => G:G<BeE> ;H>DAHN=BG@ G>>FM => F::ML<A:II>EBCD> PBGLM >G O>KEB>LK>D>GBG@ SB>G=>KH@>G MH> ::G ;>E:G@ >S> GB>NP> ;H>DAHN=BG@ BL E:G@ GB>M :EMBC= BG @>E=;>=K:@>G NBM M> =KND

D>G > O>>E E:LMB@>K M> F>M>G >>GA>B= KG;A99D C9HAL99D S:E >>G LM>>=L @KHM>K> KHE @::G LI>E>G BG => ;>LENBMOHKFBG@ O:G ;>=KBCO>G >S> HGMPBDD>EBG@ BL BGA>K>GM ::G => DHFLM O:G => G>MP>KD >G BG?HK

F:MB>L:F>GE>OBG@ ">M BL GB>M >>G EBGDL H? K><AML LM:G=INGM F::K >>G :NMHGHF> HGMPBDD>EBG@ =B> OHEDHF>G EHLLM::M O:G IHEBMB>D> LB@G:MNNK H? E>O>GLHO>KMNB@BG@ > <KNQ BL =:M >K HGMS>MM>G= O>>E K>E>O:GM> ;>=KBC?L

()(

) %7 ='6%8- )

BG?HKF:MB> MK:GLI:K:GM BL @>PHK=>G BG => BG?HKF:MB>L:F>GE>OBG@ 0B: => M:EEHS> BG?HKF>E> G>MP>KD>G D:G =B> BG?HKF:MB> SB<A K:S>G=LG>E OHHKM;>

P>@>G ;BGG>G SP>KF>G G ;BGG>G =B> SP>KF>G DNGG>G F>GL>G @>F:D

D>EBCD ANG DK:<AM>G ;NG=>E>G #L => SP>KF => HK@:GBL:MB> @NGLMB@ @>SBG= =:G O>K@KHHM =:M ::GSB>GEBCD => D:GL =:M => HK@:GBL:MB> @>;KNBD D:G F:D>G O:G => <HEE><MB>O> BGM>EEB@>GMB> O:G => SP>KF )K@:GBL:MB>L F>M >>G G>@:

MB>? LH<B::E D:IBM::E =::K>GM>@>G EHI>G ::GSB>GEBCD KBLB<H =:M >>G @>FH;BEB

L>>K=> SP>KF SB<A M>@>G A>G D>>KM

9<EQ@E<JC8E><E ;FFIJE@A;<E @J FL;<IN<KJ BM HK@:GBL:MB>KBLB<H ;>LMHG= G:MNNKEBCD HHD :E BG => OHKB@> >>NP F::K MH>G P:L >>G OBC:G=B@ @>SBG=> SP>KF K>E:MB>? HGL<ANE=B@ 4H G SP>KF P:L OKBC F:<AM>EHHL >G DHG S>E=>G F>>K ;>=>GD>G =:G ;BCOHHK;>>E= K:=B<::E :<MB>

OH>K>G 1::KF>> A>M @>O::K :E F>M>>G BG => DB>F P:L @>LFHHK= P:GM =::K=HHK A:= => ;>=K>B@=> HK@:GBL:MB> :NMHF:MBL<A => P>M@>O>K ::G A::K SBC=> HO>G=B>G @BG@ K:=B<::E :<MB>OH>K>G ;BCG: SHG=>K NBMSHG=>KBG@ @>I::K= F>M >>G IHEBMB>D> LB@G:MNNK SH=:M >>G @KHHM =>>E O:G => L:F>GE>

OBG@ SB<A M>@>G => K:=B<:E> :<MB>OH>K=>KL D>>K=> >G SBCG LRFI:MAB> ;>MNB@=> ::G => HK@:GBL:MB> =B> HG=>K ONNK E:@ #G => >:LR<K:MB> BL => SP>KF GB>M E:G@>K SH F:<AM>EHHL :EL OHHKA>>G G =:M A>>?M BG@KBCI>G=> @>OHE@>G EL >K BG >>G @KHM> SP>KF HGMLM::M =B> HIK><AM O>KHGMP::K=B@= BL HO>K >>G ;>=KBC? F>M >>G ?HKL FBGL:E=H HI SBCG PBGLM >G O>KEB>LK>D>GBG@ =:G S:E => SP>KF Gp P::KL<ABCGEBCD G::K A>>E :G=>K> FB==>E>G @KBCI>G =:G OHHKA>>G >GD ;BCOHHK;>>E= ::G >>G ;>GSBG>F::ML<A:IIBC =B> SBCG F::ML<A:II>

EBCD> O>K:GMPHHK=>EBCDA>=>G G>@>>KM >G MRIBL<A> C:K>GM:<AMB@K>:<MB> P:L =:M K:=B<:E> :<MB>OH>K=>KL ;BC PBCS> O:G IKHM>LM => ;>GSBG>LE:G@>G =HHKLG>

=>G >G MRIBL<A> >:LR<K:MBL<A> K>:<MB> SHN O>>E >>K=>K SBCG HF SbE? >>G ;>G

SBG>F::ML<A:IIBC HI M> KB<AM>G G => LE:@BG@LD:GL SHN K>e>E SBCG EL SP>KF>G ;NBM>GLM::G=>KL H? BG=BOB=N>G F>M LN<<>L >>G ;:GD >>G HFKH>I H? >>G >G<R<EHI>=B> DNGG>G ;>@BGG>G P::KHF =:G @>>G ;>GSBG>F::M

L<A:IIBC G => ::G@>O:EE>G HK@:GBL:MB> D:G BG =BM @>O:E @>>G ;>KH>I =H>G HI IHEBMB> >G CNLMBMB> HF A::K ;>E:G@>G M> O>K=>=B@>G P:GM => SP>KF =H>M GB>ML P>=>KK><AM>EBCDL )HD AH>?M => ::G@>O:EE>G HK@:GBL:MB> GB>M F>>K M> K>D>G>G HI => IHEBMB>D> LRFI:MAB> O:G >>G @KHHM =>>E O:G => L:F>GE>OBG@ 1:GM => GB>NP> >:LR<K:MBL<A> <HG<NKK>GM A>>?M @>>G IHEBMB>D> LB@G:MNNK >G BL FH>BEBCD :EL EBGDL H? K><AML M> ;>LM>FI>E>G

Q@E><M@E> M8E EFE$GIF=@KFI>8E@J8K@<J )HD OHHK GHG IKH M HK@:GBL:MB>L @>E=M =:M SBC BG MH>G>F>G=> F:M> BG => @:M>G PHK=>G @>AHN=>G =HHK SP>KF>G ">M BL GB>M E:G@>K A>M FHGHIHEB> O:G => IHEBMB>D> ABeK:K<AB> >G O:G => I>KL HF M> <HGMKHE>K>G H? SBC GH@ P>E

())

>- 2 +): - 2 +

P::K OHHK ANG @>E= E>O>K>G )F =B> <HGMKHE>K>G=> M::D @H>= M> DNGG>G O>KONEE>G BL A>M GHH=S:D>EBCD HF MH>@:G@ M> A>;;>G MHM => >LL>GMBeE> DP:GMBM:MB>O> =:M: #G => > >>NP P:L A>M @>;KNBD>EBCD =:M P:GG>>K ;>LMNNK=>KL O:G GHG

IKH MHK@:GBL:MB>L O>K:GMPHHK=BG@ FH>LM>G : >@@>G SBC ANG =H>ELM>EEBG

@>G >G K>LNEM:M>G BG DP:EBM:MB>O> ;>PHHK=BG@>G HFL<AK>O>G G [EL >K =:G :E =HHK => <HGMKHE>K>G=> IHEBMB>D H? I>KL P>K= =HHK@>OK::@= =:G P:K>G LE><AML @EH;:E> <BC?>KL ;>L<ABD;::K #G => BG?HKF:MB>L:F>GE>OBG@ DHF>G GHG IKH MHK@:GBL:MB>L =::K LM>>=L FBG=>K F>> P>@ #>=>K>>G P>>M =:M BG >>G @>:NMHF:MBL>>K=> ;H>D

AHN=BG@ :EE> DP:EBM:MB>O> =:M: HI =>M:BEGBO>:N SBCG NBM M> =K::B>G G => 1>M )I>G;::KA>B= O:G >LMNNK 1) SHK@M >KOHHK =:M B>=>K>>G =>S> @>=>

M:BEE>>K=> @>@>O>GL D:G HIOK:@>G 4H OKH>@ =:@;E:= = .=D=?J99> BG => SHF>K O:G >>G HO>KSB<AM HI O:G :EE> EHLL> =><E:K:MB>L O:G ;>PBG=LEB>

=>G >G MHI:F;M>G:K>G >G SH P>K= HG=>K :G=>K> ;>D>G= =:M => FBGBLM>K O:G BG:G<Be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

F>>G=> ;>E:LMBG@O>KLIBEEBG@ >>G >BG= BL @>F::DM #G => > >>NP SHN SH G @>PHG> ;NK@>K O>>E:E :EL >>GEBG@ HI>K>K>G >G :E LG>E :EL >>G =HGJNB<AHM ;>D>G=LM::G '::K BG => >:LR<K:MB> BL SH G @>PHG> ;NK@>K BG LM::M HF >>G SP>KF M> O>KS:F>E>G >G DK:<AM>G M> FH;BEBL>K>G ::K;BC FH>M>G P> OHHK:E GB>M =>GD>G ::G >>G SP>KF =B> SB<A S:E BGS>MM>G HF => FBGBLM>K M> =PBG@>G HF >NKH M>KN@ M> LMHKM>G BG => LM::MLD:L P:GM =::K E>>GM => SP>KF SB<A GB>M OHHK '::K => SP>KF PBE SB<A P::KL<ABCGEBCD PbE BGS>MM>G OHHK LMKN<MNK>E> O>K:G=>KBG@>G ;BC IN;EB>D> HK@:GBL:MB>L =B> M> P>BGB@ P::K=> E>O>K>G (>>F :EL OHELMK>DM PBEE>D>NKB@ OHHK;>>E= => DHLMIKBCL O:G => @>F>>GM>EBCD> ONBEGBLHIA::E=B>GLM :M BL >>G HG=>KP>KI P::K P>BGB@

()*

) %7 ='6%8- )

F>GL>G SB<A =KND HO>K F:D>G K PHK=>G P>E F>M K>@>EF::M F::ML<A:II>

EBCD> =BL<NLLB>L @>OH>K= HO>K ANBLONBE F::K =B> @::G =:G F>>LM:E HO>K A>M :E =:G GB>M @>L<A>B=>G BGS:F>E>G '::K P>ED> ;NK@>K P>>M GHN P:M => DHLMIKBCL BL O:G A>M HIA:E>G O:G MB>G DBEH ANBLONBE G AH>O>>E @>F>>GM>

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bbG ;NK@>K M> SBCG =B> SB<A BG =>S> F:M>

KB> O>K=B>IM >G => @>OHE@>G OHHK => ;>MK>??>G=> HO>KA>B=LBGLM:GMB> DNGG>G BG@KBCI>G= SBCG 1:GM =B> bG> ;NK@>K BL BG => BG?HKF:MB>L:F>GE>OBG@ ;BC F:<AM> HF :EE> HG=>KEB@@>G=> <BC?>KL ;HO>G M:?>E M> DKBC@>G P::KF>> ABC => DHLMIKBCL O:G MB>G DBEH ANBLONBE HIA:E>G D:G NBMK>D>G>G G LMbE GHN =:M NBM =B> ;>K>D>GBG@ ;EBCDM =:M => DHLMIKBCL O>>E AH@>K BL =:G A>M ;>=K:@ =:M >>G IHLM;>=KBC? BG K>D>GBG@ ;K>G@M OHHK I:DD>MIHLM O:G MB>G DBEH =:G BL =::K

F>> HO>KMNB@>G= ::G@>MHHG= =:M >K B>ML LMKN<MNK>>EL FBL BL F>M => >? <B

>G<R O:G => @>F>>GM>EBCD> HK@:GBL:MB> =B> A>M ANBLONBE HIA::EM :G DNGG>G P> ;>M>K => HIA::E=B>GLM :?L<A:??>G >G A>M ANBLONBE I>K I:DD>MIHLM G::K => ONBEO>K;K:G=BG@LHO>G LMNK>G :GDSBC => G>MP>KDL:F>GE>OBG@ BL =>S> bG> ;NK@>K GN BG LM::M HF >>G DK:<AMB@> SP>KF F>=>LM:G=>KL M> FH;BEBL>K>G =B> => F:<AM A>>?M HF CNKB

=BL<A >G H? IHEBMB>D :? M> =PBG@>G =:M => BG>? <BeGM> GHG IKH MHK@:GBL:MB> @>K>HK@:GBL>>K= PHK=M

;< BFJKGI@AJ M8E <<E G8BA< D8I>8I@E< > :?@>EHI>G MBC= A>;;>G O>>E GHG IKH MHK@:GBL:MB>L GH@:E P:M @>PHHGM>L >G @>;KNBD>G O:G <HFF>K<BeE> HK@:GBL:MB>L @>DHIB>>K= @KHHML<A:EB@> ?NLB>L F:KD>MBG@=>GD>G L:E:KBLL>G ;HO>G => :ED>G>G=>GHKF GB>NP> ANBLLMBCE =NK> EH@H L DHLM;:K> K><E:F><:FI:@G>L >S> @>PHHGM>L O:G IKH MHK@:GBL:MB>L SBCG E:G@ GB>M :EMBC= DHLM>G>? <BeGM '::K =:M @>>?M GB>M P:GM => IKH MHK@:GBL:MB>L PHK=>G :?@>K>D>G= =HHK => F:KDM > HI;K>G@LM FH>M @KHM>K SBCG =:G => DHLMIKBCL >=KBCO>G =B> Mb BG>? <BeGM SBCG @::G NBM>BG=>EBCD ?:BEEB>M ::KHF AHN=>G ;>=KBCO>G M> :EE>G MBC=> ANG DHLMIKBCL L<A>KI BG => @:M>G BC GHG IKH MHK@:GBL:MB>L BL =B> <HKKB@>K>G=> F:KDMP>KDBG@ F>>LM:E GB>M H? HGOHE=H>G=> ::GP>SB@ G P>EEB<AM =::K=HHK BL >K GB>M :EMBC= OHE

=H>G=> HH@ OHHK => DHLMIKBCL K PHK=M F>>K @>=:<AM BG ;N=@>MM>G =:G BG DHLM>G >G HI;K>G@LM>G BMS>E?=> @>E=M HO>KB@>GL HHD ;BGG>G @KHM> ;NK>:N

<K:MBL<A> IKH MHK@:GBL:MB>L

()+

>- 2 +): - 2 +

EL >K bbG @>PHHGM> BL =B> GHG IKH MHK@:GBL:MB>L SHN=>G FH>M>G DHIBeK>G O:G IKH MHK@:GBL:MB>L =:G BL A>M CNBLM =:M DHLMIKBCL;>PNLMSBCG > >:LR<K:

MB> S:E =BM F>>K >G F>>K :?=PBG@>G 4H:EL => <HFF>K<BeE> F:K@:KBG>?:

;KB>D MHM =KB> <BC?>KL :<AM>K => DHFF: P>>M P:M => DHLMIKBCL BL O:G @K:F F:K@:KBG> SH S:E => GHG IKH MHK@:GBL:MB> SB<A ;>M>K =:G HHBM ;>PNLM FH>M>G SBCG O:G => DHLMIKBCL O:G >>G DBEH ONBEGBL HIA:E>G O:G => DHLMIKBCL O:G >>G @>O:G@>GBL<>E I>K G:<AM O:G => DHLMIKBCL O:G >>G L<AHNP;NK@OHHK

LM>EEBG@ I>K ;>SH>D>K 1:GM G::KF:M> BG?HKF:MB> LM>>=L MK:GLI:K:GM>K PHK=M SNEE>G LM>>=L O:D>K ;NBM>GLM::G=>KL S>E? =B> DHLMIKBCL DNGG>G NBMK>

D>G>G >G >:LR<K:MBL<A> DK:<AM>G HGMD>M>G>G P:GG>>K =B> DHLMIKBCL ;NBM>G

LIHKB@ AHH@ ;EBCDM -MbE =:M >>G G:<AMC> BG => BCEF>K;:C>L F>>K ;EBCDM M> DHLM>G =:G >>G HO>KG:<AMBG@ BG A>M ENQN>NS> FLM>EAHM>E LMbE =:M => ;HNP O:G A>M GB>NP> @>F>>GM>ANBL P::K AHG=>K= :F;M>G:K>G DHF>G M> P>KD>G =NNK=>K ;EBCDM =:G => IKBCL O:G AHG=>K= >>G@>SBGLPHGBG@>G =:G SBCG =:M <HG<K>M> >OB=>GM> ::GPBCSBG@>G =:M >K HGGH=B@ ;>E:LMBG@@>E= PHK=M O>K

LIBE= ">M O>KS>M AB>KM>@>G S:E @KH>B>G BG SP>KF>G P::KBG => DK:<AM>G @>;NG=>E= PHK=>G #G => L:F>GE>OBG@ O:G => > >>NP ;>P:G=>E=> =:M O>KS>M =HHK@::GL => ABeK:K<ABL<A> P>@ >G P>K= A>M HG=>KP>@ :?@>K>F= =HHK=:M >K M> O>>E F>GL>G ;BGG>G => ABeK:K<AB> ;>E:G@>G A:==>G ;BC => A:G=A:OBG@ O:G => LM:MNL JNH '::K BG => G>MP>KD >G BG?HKF:MB>L:F>GE>OBG@ O:G => > >>NP S:E A>M O>KS>M LM>>=L O:D>K EHI>G OB: HG@KBCI;:K> SP>KF>G P::K => :?K>F

F>G=> DK:<AM>G O:G => ABeK:K<ABL<A> HK=> @>>G O:M HI A>;;>G

<K?@<B M8E FI>8E@J8K@<J MAB>D A>>?M M> F:D>G F>M O>K:GMPHHK=BG@ : >@@>G #G A>M ><HGHFBL<A MBC=I>KD O:G OkkK => G>MP>KDL:F>GE>OBG@ P:L P>M@>OBG@ O::D => >GB@> DHII>EBG@ MNLL>G HK@:GBL:MB>L >G => L:F>GE>OBG@ > >MABL<A> D>NS>L =B> HK@:GBL:MB>L F::DM>G P>K=>G OHHKG:F>EBCD @>MH>MLM ::G => P>M 0>K:GMPHHK=BG@ : >@@>G P:L BG => F>>LM> @>O:EE>G GB>M F>>K =:G A>M ;>:GMPHHK=>G O:G => OK::@ #L A>M E>@::E H? BL A>M BEE>

@::E ':@ A>M O:G => P>M HHK=:M HK@:GBL:MB>L LM>>=L FBG=>K @>iLHE>>K= SBCG FH>M>G S> LM>>=L F>>K O>K:GMPHHK=BG@ : >@@>G ">M <KBM>KBNF E>@::E H? BEE>@::E O>KL<ANB?M @>E>B=>EBCD G::K A>M <KBM>KBNF P::K=>OHE H? GB>M P::K=>OHE > P>M :EL IKBF:BK F>>MBGLMKNF>GM DKBC@M LM>>=L F>>K <HG<NKK>GMB> O:G A>M F>>MBGLMKNF>GM KG;A99D C9HAL99D > F::ML<A:II>EBCD> FBGINGM>G O:G >>G HK@:GBL:MB> SNEE>G =::KHF @><HFI>GL>>K= FH>M>G PHK=>G =HHK A>M E>O>K>G O:G >>G P::K=>OHEE> ;BC=K:@> ::G => F::ML<A:IIBC )K@:GBL:MB>L =B> M> P>BGB@ P::K=> E>O>K>G @::G A>M BG => MH>DHFLM LM>>=L FH>BEBCD>K DKBC@>G HF M> HO>KE>O>G ">M ;>@KBI O99J<= F:@ =::K;BC A>>E ;K>>= PHK=>G @>=>

GB>>K= > MH>@>OH>@=> P::K=> AH>?M GB>M B>ML O>KA>O>GL M> SBCG '::ML<A:I

(),

) %7 ='6%8- )

I>EBCD MH>@>OH>@=> P::K=> D:G HHD SHB>ML LBFI>EL SBCG :EL => E>DD>KLM> IBG

=:D::L )? => @H>=DHHILM> IBG=:D::L >B=> OH>@>G B>ML MH> ::G => D>NS>FH@>EBCDA>=>G O:G => <HGLNF>GM >G SBCG =::KHF F::ML<A:II>EBCD K>E>O:GM >G BGGHO:MB>? F>KD :EL -M:K;N<DL OH>@M G:=KNDD>EBCD B>ML MH> '::K HHD A>M F>KD ->GL>H =H>M =:M )HD :EL F>GB@ DH?–><HGG:BLL>NK ->GL>H :EL ;H<AM ;>L<AHNPM P:GM =:M =H>M GB>M M>K S:D> >G LN;LM:GMBeE> @KH>I <HG

LNF>GM>G BL A>>E ;EBC F>M SBCG ->GL>H:II:K::M >G A>>?M >>G @>A>>E GB>NP> F:GB>K O:G DH?–>S>MM>G ::G@>E>>K= :M BL I>K =>–GBMB> MH>@>OH>@=> P::K=> -M:K;N<DL >G ->GL>H SBCG =NL ;>B=> HIO:EE>G=> F>KD>G =B> B>ML HG=>K

L<A>B=>G=L E>O>K>G > ><HGHFBL<A> P>KD>EBCDA>B= BL ><AM>K =:M => F>>K

=>KA>B= O:G => F>KD>G >G HK@:GBL:MB>L IKH=N<M>G E>O>KM =B> SB<A GB>M H? G:NP>EBCDL HG=>KL<A>B=>G #G => F:KD>MBG@EBM>K:MNNK PHK=>G =BM E= LGG

IKH=N<M>G @>GH>F= #G => OHKB@> >>NP P:L E= LGG F:KD>MBG@ >>G O>BEB@> LMK:M>@B> 0>>E HK@:GBL:MB>L DHS>G ;>PNLM OHHK => @K:NP> FB==>EF::M HF=:M =::K => F>>LM> DHI>KL SBMM>G )F=:M BG => >:LR<K:MB> HHD => F::M

L<A:II>EBCD> PBGLM >G O>KEB>LK>D>GBG@ ;>I:E>G= BL OHHK => <HGMBGNiM>BM O:G >>G HK@:GBL:MB> BL =B> F> MHH LMK:M>@B> E:G@ GB>M SH O>BEB@ F>>K :EL OHHK

A>>G 1:GM LBFIEBLMBL<A @>LM>E= :EL => @>E>O>K=> IKH=N<M>G >G =B>GLM>G @>>G >GD>E> F::ML<A:II>EBCD> ;BC=K:@> E>O>K>G =:G DHFM => F::ML<A:II>

EBCD> K>LNEM:M>GK>D>GBG@ ;BC => @>KBG@LM> F::ML<A:II>EBCD> DHLM>G :E F>M>>G BG => KH=> <BC?>KL #G =BM O>K;:G= BL A>M ;H>D EN> )<>:G -MK:M>@R 4B> AHH?=LMND >>G :;LHENM> FNLM OHHK B>=>K> F:G:@>K

Q@E><M@E> M8E ?<K @E;@M@;L #G EH@@> ;NK>:N<K:MBL<A> HK@:GBL:MB>L SBCG O>>E F>=>P>KD>KL A>M HO>KSB<AM DPBCM@>K::DM > HK@:GBL:MB>LMKN<MNK>G => IKH=N<MB>F>MAH=>G => ;>=KBC?L–G:G<B>KBG@ >G => # . SBCG O::D =>KF:M> <HFIE>Q =:M A>M S>E?L OHHK => =BK><MB> GB>M F>>K A>E>F::E M> ;>O:MM>G BL P:M >K IK><B>L @>;>NKM >G AH> :EE>L HG=>KEBG@ L:F>GA:G@M >G AH> =:M BGM>K?>K>>KM F>M => ;NBM>GP>

K>E= 0HHK => @>FB==>E=> F>=>P>KD>K BL =:M FBG=>K >K@ B> AH>?M GB>M :EE>L M> ;>@KBCI>G =B> A>>?M SBCG >B@>G M:D>G '::K A>M BL GB>M >K@ ;>OHK=>K

EBCD OHHK => :K;>B=LFHMBO:MB> :EL >K @>>G =NB=>EBCD> =H>E>G H? =H>ELM>EEBG@>G PHK=>G @>?HKFNE>>K= F::K OHHKG:F>EBCD K>@>EL >G IKH<>=NK>L 1:M ;>M>

D>GM => BG=BOB=N>E> ;BC=K:@> O:G >>G F>=>P>KD>K OHHK => HK@:GBL:MB> :EL @>A>>E 1:M SHN A>M OHHK @>OHE@>G A>;;>G :EL =B> BG=BOB=N>E> ;BC=K:@> GB>M NBM@>OH>K= SHN PHK=>G :M BL OHHK O>>E ?NG<MB>L E:G@ GB>M :EMBC= =NB=>EBCD &::M LM::G =:M BG SNED> @>O:EE>G =NB=>EBCD BL P:M => MH>@>OH>@=> P::K=> BL O:G =B> P>KDS::FA>=>G OHHK => P>K>E= ;NBM>G => HK@:GBL:MB> K@ FHMBO>

K>G= D:G =BM GB>M SBCG OHHK => ;>MKHDD>G F>=>P>KD>KL ">M L:E:KBL BL =:G >B@>GEBCD GH@ A>M >GB@> P:M => HK@:GBL:MB> >G => F>=>P>KD>K ;BG=M 1::K

()-

>- 2 +): - 2 +

L<ABCGEBCD BL => O>K;HK@>G P>KDEHHLA>B= BG (>=>KE:G= GH@ O>>E @KHM>K =:G P> :EMBC= =:<AM>G '::K CNBLM =:M L:E:KBL BL LENBI>G=>KPBCL >>G ENQ>@H>= @>PHK=>G HHD :E ;>L>??>G O>>E F>GL>G =:M GH@ GB>M >G ?>BM BL ><AM>K =:M BG => P>LM>KL> P>K>E= >>G :EF::K DKBFI>G= =>>E O:G => EHHGBGDHFLM>G ::G IKBF:BK> E>O>GL;>AH>?M>G PHK=M ;>LM>>= > F>>LM> P>KDG>F>KL DNGG>G HHD P>E HO>KE>O>G F>M FBG=>K L:E:KBL ">M OKHNP>EBCD =>>E O:G => (>=>KE:G=L> ;>KH>IL;>OHEDBG@ A>>?M :E >G F:LL> @>DHS>G OHHK >>G I:KMMBF>;::G HG@>

:<AM H? =>S> OKHNP>G P>E H? @>>G DBG=>K>G A>;;>G SB> D:=>K > ;>D>G=> ;>AH>?M>GIBK:FB=> O:G ':LEHP ;B>=M >>G O>KDE:KBG@ AB>K

OHHK '>GL>G KB<AM>G SB<A :EE>K>>KLM HI => O>KONEEBG@ O:G ANG IKBF:BK> E>O>GL;>AH>?M>G >M>G =KBGD>G HG=>K=:D >G SH=K: S> =B> ;>AH>?M>G A>;;>G O>BEB@@>LM>E= DKBC@>G S> HH@ OHHK BFF:M>KBeE> ;>AH>?M>L BC >>G MH>G:F> O:G => P>EO::KM HGMLM::M F>>K ;>AH>?M> ::G SBG@>OBG@ ;BC A>M BG=B

OB=N E =B> P>KDG>F>KL =B> OKBCPBEEB@ DB>S>G OHHK >>G I:KMMBF>;::G OBG=>G D>GG>EBCD F>>K SBG@>OBG@ HI ANG >QMK: OKBC> =:@ >G =:G MBC=>GL => NBMH>?>GBG@ O:G ANG ;>M::E=> ;::G G HI =B> >QMK: OKBC> =:@>G @::G S> ‹ ;BCOHHK;>>E= ‹ HG;>SHE=B@= :KMBD>E>G L<AKBCO>G OHHK 1BDBI>=B: EL A>M P>KD BG >>G HK@:GBL:MB> M> P>BGB@ SBG@>OBG@ ;B>=M =:G BL =:M B>ML P:M HK@:

GBL:MB>L SB<A FH@>G ::GMK>DD>G

Mifln\e n`cc\e e`\k cXe^\i n\ib\e )MRH SOXSFIV TYFPMGIIVHI LIX 7SGMEEP 'YPXYVIIP 4PERFYVIEY IIR SRHIV^SIO REEV HI [IRWIR ZER ZVSY[IR ST HI EVFIMHWQEVOX (MVIGXI EERPIMHMRK ZER LIX SRHIV^SIO [EW LIX WXVIZIR ZER HI VIKIVMRK REEV QIIV JYPPXMQIFERIR ZSSV ZVSY[IR ,IX SRHIV^SIO XSSRHI IGLXIV EER HEX ZVSY [IR HEX LIPIQEEP RMIX [MPPIR (I QIIWXI ZVSY[IR ^MNR LIIP XIZVIHIR QIX LYR TEVXXMQIFEER 7PIGLXW qqR ST HI XMIR ZVSY[IR FPMNOX QIIV XI [MPPIR [IVOIR X[II ST HI XMIR [MPPIR HEX IZIRXYIIP +IQMHHIPH [MPPIR ZVSY[IR HER X[II YYV QIIV [IVOIR MR TPEEXW ZER

?<K N<IB Q@:?K988I Q@EE@> D8B<E -:E:KBL BL LM>>=L FBG=>K AbM ;BG=FB==>E OHHK HK@:GBL:MB>L HF => ;>LM> ANF:G K>LHNK<>L ::G M> MK>DD>G >G M> ;>AHN=>G K;>B=LM>OK>=>GA>B= PHK=M LM>>=L ;>E:G@KBCD>K 0>>E ;>=KBCO>G A>KD>GG>G =BM >G P>M>G =::KG::LM HHD =:M HGM>OK>=>G P>KDG>F>KL GB>M :EE>>G @>FB==>E= FBG=>K IKH=N<MB>? SBCG F::K HHD GH@ >>GL >>G G>@:MB>? >??><M DNGG>G A>;;>G HI => P>KD

G>F>KL =B> PbE M>OK>=>G SBCG >G HI => L?>>K ;BGG>G => HK@:GBL:MB>

().

) %7 ='6%8- )

1>KDG>F>KL =B> IB>D>K>G HO>K SBG@>OBG@LOK::@LMNDD>G :EL 1:M =H> BD AB>K >B@>GEBCD 1:M BL FBCG KHE BG => HK@:GBL:MB> DKBC@>G =::KHF P>E >>GL <NK

LNLL>G PHKDLAHIL >G L>FBG:KL ::G@>;H=>G =B> P>E;>L<AHNP= IKBF:BK ;>=H>E= SBCG HF => :K;>B=LFHMBO:MB> HI M> DKBDD>G NKLNLL>G >G PHKD

LAHIL P::KBG A>M >E>F>GM SBG@>OBG@ >>G KHE LI>>EM DNGG>G SB<A O>KA>N@>G BG >>G MH>G>F>G=> IHINE:KBM>BM BM BL >>G MRIBL<A MK:=BMBHG>E> HIEHLLBG@ OHHK >>G FH=>KG IKH;E>>F :EL P> BGM>KG SBG@>OBG@ M>DHKMDHF>G @::G P> =B> SBG@>OBG@ F::K >QM>KG SH>D>G :M BL O::D LE><AML >>G =H>DC> OHHK A>M ;EH>=>G -RFIMHHF;>LMKBC

=BG@ 0>>E EH@BL<A>K BL A>M HF => SBG@>OBG@ BGMKBGLB>D BG A>M P>KD S>E? ::G M> ;B>=>G B>= F>=>P>KD>KL O>>E F>>K D:GL>G OHHK S>E?HGMIEHHBBG@ ;BGG>G ANG P>KDS::FA>=>G BG IE::ML O:G >K;NBM>G :M DHLM O>>E FBG=>K >G E>O>KM O>>E F>>K HI )? SHN A>M SH SBCG =:M BG => FH=>KG> ><HGHFB> => :K;>B=O>K=>EBG@ Sk O>K BL =HHK@>OH>K= =:M O>>E ?NG<MB>L >G M:D>G GB>M F>>K ><AM SBGGB@ SBCG :M D:G A::LM GB>M P::K SBCG G :EL A>M PbE P::K BL ;>M>D>GM =:M >>G >QIEB

<B>M> =BLDP:EB <:MB> O:G => HK@:GBL:MB>LMKN<MNNK :M SHN ;>M>D>G>G =:M => HK@:GBL:MB> M:D>G >G ?NG<MB>L A>>?M @><HGLMKN>>K= =B> OHELMK>DM HO>K;H=B@ >G GNMM>EHHL SBCG :G L<AK>>NPM =:M HF >>G A>KSB>GBG@ O:G => HK@:GBL:MB>

LMKN<MNNK P::K;BC => OHELMK>DM GNMM>EHS> ?NG<MB>L ;>eBG=B@= PHK=>G ">M BL S>D>K GB>M NBM@>LEHM>G =:M SNED> ?NG<MB>L ;>LM::G F::K BG => F>>LM> @>O:EE>G SNEE>G => M:D>G P>E =>@>EBCD GNM A>;;>G F::K BL A>M GNM GB>M E:G@>K BGSB<AM>EBCD =HHK >>G HO>KOEH>= ::G BGM>KG> K>@>EL >G IKH<>=N

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

EB@@>G=> IKH<>LL>G PHK=M ;>E:G@KBCD>K =:G HHBM

()/

>- 2 +): - 2 +

;< 8CC<I9<C8E>I@ABJK< :FEK@ELâK<@KJ=8:KFI 4BG@>OBG@ BL A>>E E:G@ >>G GHG BLLN> @>P>>LM BG => HK@:GBL:MB>DNG=> )? AHH@NBM >>G L><NG=:BK :LI><M '::K >>G A>KHKBeGM:MB> HI SBG@>OBG@ BL FHF>GM>>E >>G O:G => @KHHMLM> NBM=:@BG@>G OHHK HK@:GBL:MB>L >G FBLL<AB>G P>E => :EE>K;>E:G@KBCDLM> ?:<MHK OHHK => <HGMBGNiM>BM B> SBG@>OBG@ A>>?M MP>> NBM@>LIKHD>G =BF>GLB>L .>G >>KLM> P:M BL => SBG O:G => HK@:GBL:MB> OHHK => L:F>GE>OBG@ 1:M A>>?M => HK@:GBL:MB> => L:F>GE>OBG@ M> ;B>=>G G M>G MP>>=> P:M BL => SBG O:G => HK@:GBL:MB> OHHK => P>KDG>F>KL 1:M A>>?M => HK@:GBL:MB> A::K F>=>P>KD>KL M> ;B>=>G ">M :GMPHHK= HI =B> E::MLM> OK::@ P:L => :?@>EHI>G >>NP LM>KD @><HG

<>GMK>>K= HI L:E:KBL LM:MNL >G => O>KEHDDBG@>G O:G >>G @>IKBOBE>@B>>K=> IHLBMB> ;BGG>G => ABeK:K<AB> '::K =:M :GMPHHK= O>KEB>LM @>E>B=>EBCD SBCG DK:<AM -:E:KBL >G LM:MNL SBCG GB>M E:G@>K S:EB@F:D>G= >G => ABeK:K<AB> LM::M M>K =BL<NLLB> 0HHK >>G @KH>B>G= =>>E O:G => :K;>B=LF:KDM DHF>G => :EM>K

G:MB>O>G OHHK >>G MK:=BMBHG>E> P>KDG>F>KLKHE BG >>G ABeK:K<ABL<A> HK@:GB

L:MB> LM>>=L G:=KNDD>EBCD>K BG ;>>E= ">M F>>LM ;>=K>B@>G=> :EM>KG:MB>? O:GNBM A>M @>SB<AMLINGM O:G => ;>LM::G=> HK@:GBL:MB> BL =:M @KH>IC>L M:E>GMOHEE> >G :F;BMB>NS> P>KDG>

F>KL => HK@:GBL:MB> O>KE:M>G NBM HGOK>=> F>M => ;NK>:N<K:MBL<A> HK@:GBL:

MB>LMKN<MNNK HF O>KOHE@>GL S>E? >>G GB>NP> HK@:GBL:MB> M> LM:KM>G =B> K><AMLMK>>DL <HG<NKK>>KM F>M => HK@:GBL:MB> P::K SBC OHHK P>KDM>G #G A>M >:LR<K:MBL<A> MBC=I>KD BL SH G :EM>KG:MB>? LM>>=L K>:EBLMBL<A>K HF=:M O>>E MH>

MK>=BG@L=K>FI>EL SBCG P>@@>O::@= >G => LM:KMDHLM>G SBCG @>FBGBF:EBL>>K= ::KHF SNEE>G HK@:GBL:MB>L >>G ;K>=>K :GMPHHK= FH>M>G HGMPBDD>E>G HI => OK::@ P:M SBC ANG P>KDG>F>KL M> ;B>=>G A>;;>G K;>B=LM>OK>=>GA>B= >G SBG@>OBG@ LI>E>G >>G LE>NM>EKHE BG =B> ;K>=>K> ?HKFNE>KBG@

()0

) %7 ='6%8- )

?FF=;JKLB 0 J8D<E><M8K (MX LSSJHWXYO PEEX QIX IIR ZIV^EQIPMRK ¦ HIIPW ´GXMIZI ¦ ZSSVFIIPHIR ^MIR LSI QIR ^MGL HI IEW]GVEXMWGLI QERMIV ZER HIROIR IMKIR OER QEOIR SQ FMRRIR GSQQIVGMtPI SVKERMWEXMIW ZIVERHIVMRKIR MR KERK XI ^IXXIR (EEVFMN MW FI[YWX ZSSV VIPEXMIJ OPIMRI TVSNIGXIR SJ MRMXMEXMIZIR KIOS^IR ;ERX LIX MHII MW IEW]GVEXMI HEEV OER MIHIVIIR QSVKIR QII FIKMRRIR MR ^MNR IMKIR SVKERMWEXMI (MI OPIMRI TVSNIGXIR OYRRIR PEXIV WTSRXEER YMX KVSIMIR XSX KVSSXWGLEPMKI TVSNIGXIR SJ ^IPJW IIR GSQTPIIX ZIVERHIVHI FIHVMNJWZSIVMRK

(*'

0

<8JP:I8K@< @E ;< GIF=@KJ<:KFI <<IJK F<=<E<E D<K BC<@E< MFFI9<<C;<E > >:LR<K:MBL<A> ;>G:=>KBG@ BL >>G F:GB>K O:G P>KD>G >G =>GD>G =B> :EE> DE>BG> >G @KHM> IKH;E>F>G BG HK@:GBL:MB>L >>GOHN=B@>K ;>G:=>KM =:G => ABeK:K<ABL<A> F>MAH=> #G >>G GHG IKH MHF@>OBG@ A>EIM >:LR<K:MB> HF ;>M>K> HIEHLLBG@>G M> <K>eK>G >G LG>EE>K =H>E>G M> O>KP>S>GEBCD>G #G IKH M

HK@:GBL:MB>L A>EIM =B>S>E?=> >:LR<K:MB> =::KG::LM HHD GH@ >>GL HF F>>K PBGLM M> F:D>G )F @KHM> IKH;E>F>G HI M> EHLL>G BL A>M O::D K::=S::F HF >>KLM M> H>?>

G>G F>M DE>BG> IKH;E>F>G ::KHF ;>A:G=>EM =BM AHH?=LMND >>G K>>DL OHHK;>>E=>G O:G :EE>=::@L> DE>BG> IKH;E>F>G =B> HI >:LR<K:MBL<A> PBCS> PHK=>G ::G@>I:DM >G =::K=HHK >>G IHLBMB>O> ;BC=K:@> E>O>K>G ::G ;>=KBC?L

K>LNEM:M>G ">M SBCG OHHK;>>E=>G O:G FNEMBG:MBHG:EL >>GF:GLS::DC>L >G LEBFF> :<MB>L O:G P>KDG>F>KL BG => E:@>K> ><A>EHGL 0HHK;>>E=>G F>M >>G DGBIHH@ O>KF:D>EBCD> OHHK;>>E=>G O>K;EN??>G=> OHHK;>>E=>G :NP> OHHK;>>E=>G >G BGLIBK>K>G=> OHHK;>>E=>G / SB>M :<AM>K>>GOHE@>GL >>G LH:ILMHKR O:G *KH<M>K !:F;E> >>G LNI>KF:KDMF:G:@>K =B> SBCG DE:GM>G E::M L<AHHGF:D>G >>G ;>=KBC?LE>B=>K =B> SHP>E SBCG DE:GM>G :EL A>M AHH?=

D:GMHHK M>OK>=>G AHN=M DE:GM>G;BG=BG@ F>M @>IKBGM> ;EH>F>G >>G D:F>KO>KANNK=>K =B> HGM=>DM =:M ABC F>>K @>E= SHN O>K=B>G>G :EL SBCG D:F>K @>>G FNK>G SHN A>;;>G AH> >>G :?O:E;:D D:G EBC=>G HG=>K >>G ;NK>:N<K:MBL<A CND >G AH> >>G @KHM> (>=>KE:G=L> NBM@>O>K C::KEBCDL >>G FBECH>G >NKH P>@@HHBM BG => NBM@::G=> IHLMS:DD>G

?<K 9<NLJK E@<K$8J<C<:K< D8IBKFE;<IQF<B M8E GIF:K<I >8D9C< #G (>=>KE:G= BL A>M OKBC HG;>D>G= F::K BG F>KBD: BL A>M P>EEB<AM A>M ;>D>G=LM> S>>IF>KD #OHKR ">M K><>IM O:G => EN<AMB@> #OHKRS>>I #M EH:ML P>K= BG ;BC MH>O:E HGM=>DM =HHK $:F>L ( !:F;E> >G OHKF=> A>M LM:KML<AHM O:G *KH<M>K !:F;E> =:M E:M>K >>G O:G => @KHHMLM> F>KD

:KMBD>E>G?:;KBD:GM>G M>K P>K>E= SHN PHK=>G '>GL>G O>K:G=>K>G E>>?HFLM:G=B@A>=>G O>K:G=>K>G A>M ::G;H= O:G <HG<NKK>K>G=> F>KD>G O>K:G=>KM =NL HHD >>G LN<<>LOHE S>>IF>KD FH>M

(*(

) %7 ='6%8- )

F>>@::G F>M => MBC= >G <HGMBGN O>K:G=>K>G HF M> ;EBCO>G OHE=H>G ::G => ;>AH>?M>L O:G => <HGLNF>GM ">M DE:LLB>D> BGLMKNF>GM HF => ;>AH>?M>L O:G => O>K:G=>K>G=> <HGLNF>GM M> F>M>G BL :L>E><M F:KDHG=>KSH>D H> >>G ;EBG==H>D HF IKBD =NBS>G= G:F>G BG A>M M>E>?HHG;H>D >G LM>E =>S> =NBS>G= F>GL>G >>G ::GM:E OK:@>G ">M @>FB==>E=> O:G =>S> =NBS>G= :GM

PHHK=>G @>>?M =:G >GB@ BGSB<AM BG => :<MN>E> @>=:<AM>L >G ;>AH>?M>L O:G :EE> <HGLNF>GM>G > F:KD>M>>KL O:G #OHKR DHS>G ><AM>K OHHK >>G GB>M :L>E><M> LM>>DIKH>? )I => O>KI:DDBG@ O:G >ED LMND #OHKRS>>I LM::M >>G @K:MBL M>E>?HHGGNFF>K O>KF>E= OHHK <HGLNF>GM>G =B> OK:@>G H? HIF>KDBG@>G HO>K #OHKR A>;;>G ">M B=>> AB>K:<AM>K BL =:M S>>I OHHK => F>>LM> <HGLNF>GM>G >>G DGO AFL=

J=KL IKH=N<M BL S> A>;;>G >K GB>M H? G:NP>EBCDL >>G F>GBG@ HO>K #GM>K>L

L:GM>K BL => F>GBG@ O:G => L>E><M> @KH>I <HGLNF>GM>G =B> ;>PNLM G:=>G

D>G HO>K => OHHK >G G:=>E>G O:G #OHKR !E:=P>EE SB> AHH?=LMND GH>FM => F:KDMHG=>KSH>DF>MAH=> O:G #OHKR >>G E9N=F LJ9H >>G F:GB>K HF => D>GG>KL M> ;>K>BD>G 1:GM :EE>>G => <HGLNF>GM>G =B> @>I:LLBHG>>K= SBCG HO>K A>M IKH=N<M >G H? >K O>>E D>GGBL HO>K A>;;>G SNEE>G => FH>BM> G>F>G A>M @K:MBL GNFF>K M> ;>EE>G >S> <HGLNF>GM>G SBCG =b D>GG>KL O:G A>M IKH=N<M H? F>KD BG DP>LMB> EL @>OHE@ O:G ANG I:LLB> >G D>GGBL A>;;>G =>S> D>GG>KL ;BGG>G ANG G>MP>KD >>G =BLIKHIHKMBHG>>E @KHM> BGOEH>= HI :G=>K>G ">M SBCG => HIBGB>E>B=>KL %>GG>KL OBG=>G A>M E>ND HF :G=>K>G M> A>EI>G >G HF ANG D>GGBL M> =>E>G '::K P:M A>>?M =BM GN F>M >:LR<K:MB> M> F:D>G 1>EGN A>M HIS>MM>G O:G >>G E9N=F LJ9H BL >>G F:KDMHG=>KSH>DF>MAH=> =B> B>=>K> P>KDG>F>K HI >ED ?NG<MB>GBO>:N HI >B@>G AHNMC> D:G NBMOH>K>G ;NBM>G => ABeK:K<ABL<A> LMKN<MNK>G O:G A>M ;>=KBC? HF K BL @>>G MH>LM>FFBG@ OHHK GH=B@ O:G AH@>KA:G= >G HHD @>>G ;N=@>M > G>MP>KD >G BG?HKF:MB>L:F>GE>OBG@ ;B>=M M:EEHS> FH@>EBCDA>=>G OHHK SNED HG=>KSH>D > F>MAH=> BL LG>E >G D:G ;BGG>G NNK F>>K P::K=>OHEE> BG?HKF:MB> HIE>O>K>G =:G >>G DHLM

;::K HG=>KSH>DLK:IIHKM O:G >>G DE:LLB>D F:KDMHG=>KSH>DL;NK>:N =:M F::G=>G HI SB<A E::M P:<AM>G ">M MK:=BMBHG>E> DP:GMBM:MB>O> F:KDMHG=>KSH>D F>M => :L>E><M> LM>>D

IKH>? @>=BCM @H>= BG ABeK:K<ABL<A> HK@:GBL:MB>LMKN<MNK>G BDPBCEL BL >K >>G =N;;>E> :@>G=: ;BCOHHK;>>E= HF=:M => HI=K:<AM@>O>K KN@=>DDBG@ SH>DM OHHK SBCG IE:GG>G ;BGG>G => HK@:GBL:MB> EL A>M IE:G FBLENDM D:G ABC SB<A O>KL<ANBE>G :<AM>K A>M F:KDMHG=>KSH>D )? A>M HG=>KSH>D BL GH=B@ :EL :K@N

F>GM HF AH@>K BG => ABeK:K<AB> BGO>LM>KBG@L;N=@>MM>G EHL M> I>NM>K>G HF => IE:GG>G M> FH@>G NBMOH>K>G #G => MHI O:G => ABeK:K<AB> BL A>M BGE:LL>G O:G F:KDMHG=>KSH>D >>G ;>IKH>?= FB==>E HF O>K:G=>KBG@>G M> O>KMK:@>G GMAHNLB:LM> P>KDG>F>KL F>M @H>=> B=>>eG PHK=>G =::K=HHK :?@>K>F= BG ANG =K:G@ HF => HK@:GBL:MB> M> O>K;>M>K>G '::K => >:LR<K:MBL<A> P>KDG>

(*)

) % 7 ='6%8- ) - 2 ( ) 4 63*- 87 )' 83 6

F>K =B> SB<A GB>M PBE E:M>G :?K>FF>G A>>?M M>@>GPHHK=B@ FB==>E>G M>K ;>L<ABDDBG@ HF MK:=BMBHG>>E F:KDMHG=>KSH>D M> HFS>BE>G ;NBM>G => ABe

K:K<AB> HF #>=>K> P>KDG>F>K D:G ;BCOHHK;>>E= HI .PBMM>K >>GOHN=B@ SBCG >B@>G F:O>G MK:I IE::ML>G bG MP>>M O:G M>D>GL D:G ;BGG>G >>G NNK F>>K GNMMB@> D>GGBL HIE>O>K>G =:G >>G F:KDMHG=>KSH>D O:G =KB> F::G=>G

:8IN8J? > LNI>KF:KDMD>M>G $NF;H A>>?M <BK<: PBGD>EL =>>EL >B@>G PBGD>EL =>>E ?K:G<ABL>KL >@BG :N@NLMNL DK>@>G :EE> ;>=KBC?LE>B=>KL BGLMKN<MB>L O:GNBM A>M AHH?=D:GMHHK EL ;>L<A>KF>G=> F::MK>@>E M>@>G => HI NBM;K>

D>G LM::G=> '>QB<::GL> @KB>I FH>LM>G => PBGD>EL OHHKM::G O>KIEB<AM =:@>

EBCDL :EE> PBGD>ED:KK>G L<AHHGF:D>G 4H @::M =:M BG :EE> HK@:GBL:MB>L P::K BG F>>K H? FBG=>K> F:M> >>G ABeK:K<ABL<A> LMKN<MNNK BL #GLMKN<MB>L >G KB<AMEBCG>G DHF>G O:G ;HO>G:? > OHE@>G=> L<A:D>E BG => ABeK:K<AB> F:@ S> NBMOH>K>G >G F>>LM:E S>E? >>G HIEHLLBG@ O>KSBGG>G OHHK => <HGL>JN>G

MB>L > >>G =H>M =:M OHE@S::F => :G=>K =H>M =:M M:G=>GDG:KL>G= > ;>=KBC?LE>B=>K O:G => $NF;H "HH@>O>>G I:DM> => BGLMKN<MB> HI >:LR

<K:MBL<A> PBCS> ::G B> =:<AM MP>>AHG=>K= PBGD>ED:KK>G =:@>EBCDL L<AHHG

F:D>G =:M DHLM FBC >>G A:EO> ?M> "BC O>KM::E=> => BGLMKN<MB> G::K FB<KHCH;L >G =>E>@>>K=> => HI=K:<AM G::K SBCG DE:GM>G BC => BG@:G@ O:G => PBGD>E S>MM> ABC >>G M:?>E G>>K F>M L<AHHGF::DLINEE>G SH=:M => DE:GM>G =B> =:M PBE=>G SbE? ANG D:K DHG=>G L<AHHGF:D>G #G LMK>G@> ;NK>:N<K:MBL<A> HK@:GBL:MB>L PHK=M SH G BGO>GMB>O> ;>=KBC?LE>B=>K O::D M>K><AM@>P>S>G #G LHFFB@> HK@:GBL:MB>L D:G A>M SH G ;>=KBC?LE>B=>K S>E?L SBCG <:KKBcK> DHLM>G HF=:M A>M PHK=M @>iGM>KIK>M>>K= :EL K>;>EEB> M>@>G => ABeK:K<AB> BC $NF;H BL D>GG>EBCD KNBFM> OHHK SNED> >:LR<K:MBL<A> BGBMB:MB>O>G >G PHHK=OH>K=>K HI A>M AHH?=D:GMHHK F>E==> 1> A>;;>G ;>@K>I>G =:M =>S> P>KDPBCS> IHLBMB>? BL HGMO:G@>G =HHK => DE:GM>G >G =:M => PBGD>EP:@>GL GN GH@ O:D>K PHK=>G L<AHHG@>F::DM =:G bbG D>>K I>K =:@ 1> @::G GN HG=>KSH>D>G H? P> A>M B=>> NBM "HH@>O>>G HHD ;BC :G=>K> EB:E>G @::G BGOH>K>G ">M BL @>>G P>K>E=L<AHDD>G= OHHK;>>E= '::K S>E?L SH G ?NMB>E OHHK

;>>E= D:G =>S> HK@:GBL:MB> :EL @>A>>E HG@>O>>K D>>K >>G A:EO> ?M> ;>LI:

K>G ?@>S>M M>@>G A>M S>>K E:@> FBGBFNFC>N@=EHHG O:G >>G C:KB@> D:K

K>MC>LP:LL>K BG EHHG=B>GLM DHFM =:M HO>K>>G F>M KNBF >NKH I>K F::G= ">M >:LR<K:MBL<A> :LI><M O:G =BM OHHK;>>E= BL O:G=::@ ;>=:<AM FHK@>G NBM@>OH>K= HG:?A:GD>EBCD O:G => ;>LM::G=> ABeK:K<AB>

GFJKQ<><C <I9@A6 >EB<BM:MB>D::KM>G F>M >GO>EHI SBCG >>G @H>=EHI>G= :KMBD>E BG => OBC?AHG

=>K= PBGD>EL O:G >>G EB::E;>=KBC? BG ANBLAHN=>EBCD> :KMBD>E>G 4> G>F>G P>BGB@ L<A:IKNBFM> BG S> SBCG GB>M ;>=>K?>EBCD >G => F:K@> BL AHH@ .HM HI

(**

) %7 ='6%8- )

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bE EHLL> IHLMS>@>EL PHK=>G O>K

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

LNF>GM M>K PBEE> M> SBCG ::KF>> SHN ABC SB<A HI S>>K @E:= BCL ;>@>O>G =HHK=:M ABC =:G >>G D:LLMKHHF <K>e>KM ;NBM>G => PBGD>E;H>DAHN=BG@ HF #G => >:LR<K:MBL<A> HIEHLF>MAH=> @::M => PBGD>EF:G:@>K O:G HI SH>D G::K <HEE>@: L F>M >>G LHHKM@>EBCD IKH;E>>F BGG>G => O>KL<ABE

E>G=> EB::EF:G:@>KL SBCG O:LM P>E >>G LMND H? MB>G <HEE>@: L ;BC PB> => HFS>M HHD =K:F:MBL<A BL @>=::E= 0KH>@>K P:L A>M HG=H>GEBCD HF :E =B> :G=>K> PBGD>EF:G:@>KL bbG OHHK bbG M> ;>EE>G &::M LM::G =:M ABC S> :EE> DHG ::GL<AKBCO>G > IHKMHDHLM>G >G DHIB>>KDHLM>G SHN=>G :E ;BCG: AH@>K SBCG =:G SBCG D>KLM;HGNL '::K BG => > >>NP OBG=M =>S> LMHK>F:G:@>K BG SBCG I< >>G I=? ;>LM:G=C> F>M => G::F >G :=K>L@>@>O>GL O:G :EE> LMH

K>F:G:@>KL O:G A>M ;>=KBC? '>M >GB@ =B@BM::E DGBI >G IE:DP>KD F::DM ABC BG >>G A:E?NNKMC> >>G @KH>ILF:BE >G <HFFNGB<>>KM SH=H>G=> DHLM>EHHL F>M => SP>KF > OHE@>G=> =:@ A>>?M ABC K>:<MB>L O:G MB>G HO>K A>M A>E> E:G= O>KLIK>B=> PBGD>EF:G:@>KL =B> F>M A>MS>E?=> IKH;E>>F PHKLM>E>G .B>G P>M>G F>>K =:G bbG MB>G DNGG>G F>>K =:G bbG >G O:G A>G D>GM => F:KD>MBG@F:G:

@>K O:G => @KHHMLM> D::KM>GE>O>K:G<B>K G P>>K >>G :G=>K DHFM >K:<AM>K =:M ABC EB= BL O:G =>S>E?=> @HE?<EN; :EL =>S> I>KLHHG >G P>>D E:M>K >K@>GL MNLL>G AHE> >G AHE> ;>=>GD>G =B> MP>> >>G ;KBEC:GM IE:G > D::KM>GE>

O>K:G<B>K @::M SBCG :LLHKMBF>GML<:M:EH@NL =K:LMBL<A NBM;K>B=>G HHK :<AM>K A>M ;>LM>EGNFF>K O:G >ED> D::KM NBM A>M :LLHKMBF>GM => E>MM>K M> IE:DD>G ;>LM>EM => BGDHI>K => ;GFN=FA=F;= O:KB:GM O:G >>G ?>EB<BM:MB>D::KM B> O:KB:GM AHN=M BG =:M >K HG=>K A>M <>EEH?::G >>G >GO>EHI SBM P::KHI :E >>G IHLMS>@>E O:G <>GM BL OHHK@>IE:DM > ;>LM>EIKBCL O:G => O:KB:GM BL

(*+

) % 7 ='6%8- ) - 2 ( ) 4 63*- 87 )' 83 6

<>GM AH@>K SH=:M => D::KM>GE>O>K:G<B>K >K HHD GH@ B>ML ::G HO>KAHN=M > LMHK>F:G:@>K O:G S>M HI => BGM>KG> ;>LM>EEBCLM>G G::K SBCG AHH?=

D:GMHHK OHHKM::G >>G :<AM>K A>M HHKLIKHGD>EBCD> ;>LM>EGNFF>K >G A::EM SH=H>G=> => IHLMS>@>EL P>>K M>KN@ BG SBCG EB::E ">M MRI>K>G=> O:G =>S> >:LR<K:MBL<A> HIEHLLBG@ BL =:M >K @>>G >GD>E HO>KE>@ AH>?=> IE::MLM M> OBG=>G ;BGG>G => BGM>KG> ;NK>:N<K:MBL<A> ABeK:K<AB> F::K =:M =B>S>E?=> ;>LM::G=> ABeK:K<AB> HHD HI @>>G >GD>E> F:GB>K HG=>KFBCG= P>K= K SBCG :EE>>G F::K PBGG::KL @>>G O>KEB>S>KL

M@IKL<C< 9CF<D<E > :NMHO>KDHI>K BG EHHG=B>GLM A:= C:K>GE:G@ => @>PHHGM> HF :EE> DE:GM>G =B> ;BC A>F >>G :NMH DH<AM>G ;BC => : >O>KBG@ O:G => :NMH >>G @KHHM ;H>D>M ;EH>F>G M> HO>KA:G=B@>G EL =:GD OHHK A>M BG A>F @>LM>E=> O>KMKHNP>G BM @>;::K P>K= S>>K @>P::K=>>K= =HHK SBCG DE:GM>G > :NMHO>KDHI>K O>K

PB>K? >>G @KHM> L<A:K> O:LM> DE:GM>G > EHR:EBM>BM O:G SBCG DE:GM>G E:@ @>FB==>E= O>>E AH@>K =:G @>;KNBD>EBCD BG => ;K:G<A> > O>KDHI>K P:L >KO:G HO>KMNB@= =:M => BGO>LM>KBG@ BG ;EH>F>G ><HGHFBL<A SBGOHE P:L >G SB<A =N;;>E >G =P:KL M>KN@;>M::E=> '::K BG SBCG O>KDHHIHK@:GBL:MB> =:<AM F>G =::K :G=>KL HO>K K FH>LM ;>SNBGB@= PHK=>G BGG>G => ABeK:K<AB> P>K= ;>LEHM>G =:M >K @>>G >NKH F>>K NBM@>@>O>G FH<AM PHK=>G ::G K>E:MB>

@>L<A>GD>G BL<NLLB> GB>M FH@>EBCD > O>KDHI>K P:L ;:G@ =:M =HHK => DBEE> F::MK>@>E SBCG SHK@ONE=B@ HI@>

;HNP=> DE:GMEHR:EBM>BM HI =>G =NNK SHN :?;KHDD>E>G >G MK:<AMM> =:M HI >:LR<K:MBL<A> PBCS> M> O>KA>EI>G "BC SH<AM HI BGM>KG>M => > F:BE:=K>LL>G O:G :EE> ;EH>FBLM>KBC>G BG => LM:= >G LMNNK=> S> :EE>F::E >>G F:BEMC> P::KBG ABC BG A>M DHKM => LBMN:MB> NBME>@=> 1>ED> ;EH>FBLM OH>E=> SB<A @>KH>I>G HF A>F >>GL M> ;>EE>G HF M> DBCD>G H? S> >>G LEBFF> CHBGM IKHFHMBHG

:<AMB@> :<MB> DHG=>G ;>=>GD>G P::K ;>B=>G ;>M>K O:G SHN=>G PHK=>G 0:G => F>>LM>G AHHK=> ABC GHHBM F>>K P:M F::K => >G> ;EH>FBLM =B> PbE K>:@>>K=> P:L :E @>GH>@ OHHK => HIEHLLBG@ > O>KDHI>K SHN M>@H>=;HGG>G DNGG>G F:D>G P::KF>> => DHI>K S>E? >>G ;H>D>M ;EH>F>G SHN DNGG>G HIA:E>G '::K P:M P:L A>M OHHK=>>E OHHK => ;EH>FBLM '>>K DE:GM>G BG SBCG ;EH>F>GS::D =B> =:G P>EEB<AM GH@ >>G >QMK: ;HLC> ;EH>F>G SHN=>G DHI>G ;BC A>M @K:MBL ;H>D>M )? SHN => ;EH>FBLM DHKMBG@ DNGG>G DKBC@>G ;BC A>M HG=>KAHN= O:G SBCG :NMH )? >>G OBI;>A:G=>EBG@ @>>G P:<AMMBC= F::K F>M OHHKK:G@ HGFB==>EEBCD @>AHEI>G PHK=>G ;BC K>I:K:MB>L /BM>BG=>EBCD OHG=>G S> >>G BGO>GMB>O> <HGLMKN<MB> P::K;BC => DHLM>G >G HI;K>G@LM>G BG >O>GPB<AM P:K>G OBKMN>E> ;EH>F>G > :NMHO>KDHI>K HGM

PB>KI >>G ;H>D>M OBKMN>E> ;EH>F>G HI SBCG I< >G IKBGMM> =:M BG O>>EOHN= NBM HF ::G :E SBCG DE:GM>G M> HO>KA:G=B@>G )G=>K => :?;>>E=BG@ O:G ;EH>F>G LMHG= => OHE@>G=> M>DLM !>?>EB<BM>>K= F>M NP GB>NP> :NMH >=:GDM OHHK NP O>KMKHNP>G BG HGL 1BC =H>G >K :EE>L ::G HF => ::GDHHIIKBCL O:G NP

(*,

) %7 ='6%8- )

:NMH SH E::@ FH@>EBCD M> AHN=>G ::KHF @>O>G PBC @>>G ><AM> ;EH>F>G F>>K P>@ SH:EL N O:G HGL @>P>G= P:L '>M =BM ;H>D>M OBKMN>E> ;EH>F>G AHI>G P> GH@ P>E A>MS>E?=> @>;::K HO>K M> ;K>G@>G G =:G HG=>K => LMBII>EEBCG LMHG= Gk@ >>G M>DLM 'BLM N => @>NK O:G ><AM> ;EH>F>G .>@>G BGE>O>KBG@ O:G =>S> ;HG DNGM N >>G ;H>D>M G::K D>NS> NBMSH>D>G ;BC EH>FBLM>KBC *B>M>KL >G ;>M::EM N LE><AML IKH<>GM O:G => PBGD>EIKBCL *B>M>KL AH>?=> =::K O>K=>K GB>ML OHHK M> A>;;>G B> P:L M>OK>=>G F>M >QMK: ;>SH>D BG SBCG PBGD>E >G F>M IKH<>GM DHKMBG@ E:@ SBCG O>KDHHIIKBCL GH@ LM>>=L ;HO>G => BGDHHIIKBCL >G ;BS:KK> HIEHLLBG@ 1B> PBE >K GHN >>G ;H>D>M OBKMN>E> ;EH>F>G .H<A PbE K ;>LM::M :E C:K>GE:G@ >>G HK>K>G=> F:KDM BG OBKMN>E> ;EH>F>G HI =BO>KL> F>KBD::GL> P>;LBM>L ":G=B@> HG=>KG>F>KL A>;;>G HGM=>DM =:M C> ;EH>F>G DNG =B@BM:EBL>K>G > F>>LM> ;EH>F>GDHI>KL @::G OHHK => @>NK >G => DE>NK >G A>M ?RLB>D> @>GHM O:G >>G E>O>G=> ;EH>F '::K >>G =>>E O:G => ;EH>F>GDHI>KL BL NBMLENBM>G= @>iGM>K>LL>>K= BG A>M LRF;HEBL<A> @>;::K 4BC DHI>G ;EH>F>G HF B>F:G= A>M AH? M> F:D>G H? HF B>ML @H>=L M> F:D>G G =BM =>>E O:G => ;EH>F>GF:KDM BL A>>E @H>= M> =B@BM:EBL>K>G SH BL @>;E>D>G K SBCG O>KL<ABEE>G=> P>;LBM>L P::K OBKMN>E> ;EH>F>G PHK=>G O>KDH<AM ">M IKH=N<M BL O::D GB>M F>>K =:G >>G HGHH@EBCD> LEHK=B@> BEENLMK:MB> O:G >>G ;EH>F =B> I>K > F:BE PHK=M ;>SHK@= > IKBCS>G O:KBeK>G O:G MHM =HEE:K I>K ;EH>F ">M @>A>BF SBM >KBG =:M => HGMO:G@>K HHD => IKBCLEBCLM D:G SB>G NL => HGMO:G@>K P>>M =:M => E>EBCD> =B@BM:E> ;EH>F O:G MB>G =HEE:K >>G @>;::K O:G => L<A>GD>K BL =:M MB>G =HEE:K A>>?M @>DHLM *KH=N<MB>DHLM>G GNE ;>SHK@DHLM>G GNE PBGD>EDHLM>G GNE O>KDHHIIKBCL MB>G =HEE:K ">M D:G :EE>F::E BG => >:LR<K:MB>

NFE@E> @J QFE;<I DLI<E D<<I N88I; FLM>K=:F BL => =NNKLM> LM:= M>K P>K>E= HF >>G =:@ C> :NMH M> I:KD>K>G SH ;E>>D F>=BH NBM >>G HG=>KSH>D O:G HEEB>KL #GM>KG:MBHG:E G::K I:K

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

D>>KIE::ML>G SH G ;>>MC> => =NNKLM> OHKF O:G HGKH>K>G= @H>= @>PHK=>G >G IKHC><MHGMPBDD>E::K =B> HN=> I:G=>G HIDHHIM HF M> K>GHO>K>G >G O>K

(*-

) % 7 ='6%8- ) - 2 ( ) 4 63*- 87 )' 83 6

OHE@>GL M> O>KANK>G :EL PHHGKNBFM> D:G IHM>GMB>>E F>>K BGDHFLM>G O>K@:

K>G =HHK => I:G=>G M> LEHI>G >G M> O>K;HNP>G MHM I:KD>>KIE::ML>G > ANBS>G>B@>G::K =B> >>G HO>KMHEEB@> D:F>K O>KANNKM ::G >>G LMN=>GM >G =::KOHHK >>G I::K AHG=>K= >NKH I>K F::G= HGMO:G@M HGM=>DM MHM SBCG O>K;BCLM>KBG@ =:M ABC SBCG ANNKBGDHFLM>G D:G O>KO>>EOHN=B@>G :EL ABC => D:F>K GB>M ::G >>G LMN=>GM F::K ::G >>G :NMH SHN O>KANK>G '>M :EL ;BCDH

F>G= OHHK=>>E =:M >>G :NMH GHHBM =KHGD>G MANBLDHFM >G HHD @>>G ENB=> FNSB>D F::DM L G:<AML K BL bb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bbG >GD>E> I:KD>>KIE::ML ? <BeGM>K BL A>M HF >>G HG=>K@KHG=L> ;>MHGG>G ;NGD>K M> ;HNP>G F>M >>G I::K AHG=>K= I:KD>>KIE::ML>G >G =::K >>G LE:@;HHF >>G IHKMB>K >G >>G ;>M::E:NMHF::M G>>K M> S>MM>G BO>KL> ;>=KBCO>G A>;;>G =>S> OHKF O:G HGKH>K>G=@H>=>QIEHBM:MB> =:G HHD HGM=>DM >G A>M BL >>G SbbK PBGLM@>O>G=> ;>=KBC?LM:D )HD >>G HK@:GBL:MB> :EL -<ABIAHE O>K=B>GM M>@>GPHHK=B@ F>>K ::G I:KD>>KHI;K>G@LM>G =:G ::G OEB>@O>KD>>K *:KMB<NEB>K> PHGBG@;>SBMM>KL BG => LM:= =B> HO>K >>G @:K:@> <:KIHKM H? HIKBM OHHK => >B@>G :NMH ;>L<ABDD>G =B> MBC=>GL P>KD=:@>G HG@>;KNBDM E>>@LM::M SHN=>G O>E> AHG=>K=>G >NKH L I>K F::G= DNGG>G ;BCO>K=B>G>G FBML >K >>G >? <BeGM P>KD>G=> F:KDM SHN SBCG OHHK => MBF>LA:KBG@ O:G E>@> I:KD>>KIE::ML>G G SH SBCG >K HHD O>E> ;>=KBC?C>L F>M >>G IKBObI:KD>>KM>K

K>BG =:M L :OHG=L E>>@LM::M M>KPBCE OBC?MB@ F>M>K O>K=>KHI BG => LMK::M BG => :OHG=NK>G I:KD>>KIE::ML>G PHK=>G O>KANNK= OHHK OBC? >NKH I>K NNK 1BC OHHKLI>EE>G =:M O:G=::@ H? FHK@>G >>G >:LR<K:MBL<A> HG=>KG>F>K HILM::M =B> =>S> IHM>GMBeE> F:KDM O:G E>@> IKBObI:KD>>KIE::ML>G @::M HGM

PBDD>E>G '>M => ;>LM::G=> M><AGHEH@BL<A> FB==>E>G SH:EL FH;B>E BGM>K

G>M G:OB@:MB>LRLM>F>G >G ;>M:E>G I>K M>E>?HHG FH>M A>M FH@>EBCD SBCG HF OK::@ >G ::G;H= HI >? <BeGM> PBCS> ;BC >ED::K M> ;K>G@>G > :NMHFH;BEBLM O:G FHK@>G =B> >>G L<A::KL> I:KD>>KIE>D SH>DM K>@BL

MK>>KM SB<A >>GF:EB@ HI => P>;LBM> O:G A>M MH>DHFLMB@> ;>=KBC? HGM=>DC>

IE>DC> GE =HPGEH:=M >>G NI=:M> OHHK SBCG G:OB@:MB>LRLM>>F >G SH=K: ABC BG => ;NNKM O:G SBCG ;>LM>FFBG@ BL SB>M ABC >>G EBCLM O:G E>@> IKBObI:KD>>K

IE::ML>G BG<ENLB>? A>M ::GM:E NK>G =:M >ED> IE::ML GH@ ;>L<ABD;::K ;EBC?M > :NMHFH;BEBLM L>E><M>>KM => @>P>GLM> I:KD>>KIE::ML >G .HF.HF =BKB@>>KM A>F O>KOHE@>GL G::K >>G O:G => OKBC> I:KD>>KIE::ML>G O:G (HM:KBLD:GMHHK -<A>KI>GS>>E =B> MHM => OHE@>G=> H<AM>G= G>@>G NNK ;>L<ABD;::K SBCG

(*.

) %7 ='6%8- )

:GF>E=>G @::M I>K LFL :M DHLM >GB@> A:G=>EBG@>G F::K @::M GH@ :EMBC= LG>EE>K =:G G::K => HI>G;:K> I:KD>>KD::KMC>L:NMHF::M EHI>G P::KO:G A>M =BLIE:R O::D HI => F>>LM HG@>E>@>G FHF>GM>G DGBII>KM :NMHF::M MBC=>

EBCD ;NBM>G @>;KNBD > I:KD>>K=>K AH>?M SB<A HHD @>>G SHK@>G F>>K M> F:D>G HO>K OHE=H>G=> FNGM@>E= HI S:D H? HI@>E:=>G <ABIDGBIL P:GM => ;>M:EBG@ PHK=M :NMHF:MBL<A O:G SBCG K>D>GBG@ :?@>L<AK>O>G )HD BL ABC ;>OKBC= O:G A>M E:LMB@> IKH;E>>F =:M ABC OHHK:? FH>M BGL<A:MM>G OHHK AH>

O>>E NNK ABC >>G I:KD>>KD::KMC> PBE DHI>G P:GM HHD A>M :?F>E=>G @::M I>K LFL >G ;BC HGM=>DC>IE>DC> GE ;>M::E C> :EE>>G OHHK => P>KD>EBCD @>;KNBDM> I:KD>>KMBC= > ;H>DAHN=>K O:G -<A>KI>GS>>E HGMO:G@M bbG D>>K I>K F::G= I>K > F:BE >>G @>=>M:BEE>>K= HO>KSB<AM O:G A>M ::GM:E ;>FB==>E=> I:KD>>KNK>G "BC A>>?M >K O>K=>K @>>G HFDBCD>G G::K > ;>M:EBG@ BL :E ;BC@>L<AK>O>G HI => ;:GDK>D>GBG@ ">M D:G :EE>F::E BG => >:LR<K:MB>

;< ;PE8D@J:?< GILCC<E98B )I >>G @KHHM D:GMHHK BG => ,:G=LM:= P>KD>G >>G I::K AHG=>K= F>GL>G MNLL>G => FB==:@ ENG<A>G SBC BG => ;>=KBC?LD:GMBG> (: : HHI O:G => ENG<A EHHIM B>=>K>>G G::K >>G NBMAH>D O:G => D:GMBG> HF => E>@> O>KI:DDBG@>G P>@ M> @HHB>G HF=:M =[[K => IKNEE>G;:D LM::M >G GB>NP> P>KDG>F>K O>K

;::LM SB<A AB>KHO>K >G OK::@M ::G SBCG <HEE>@: L P::KHF =B> IKNEE>G;:D GB>M BG >>G :G=>K> AH>D LM::M HI => EH@BL<A> IE::ML "BC ;EBCDM GB>M => >>KLM> M> SBCG =B> =>S> OK::@ LM>EM ">M LI>>EM :E :G=>KA:E? C::K BO>KL> P>KDG>F>KL A>;;>G :E >>G O>KSH>D BG@>=B>G= HF => IKNEE>G;:D M> O>KIE::ML>G ">M BL S>E?L :E BG => HG=>KG>FBG@LK::= ::G => HK=> @>P>>LM F::K => =BK><MB> DHG GB>ML ::G A>M IKH;E>>F =H>G P:GM => <:M>KBG@ BL NBM;>LM>>= ::G >>G <:M>

KBG@;>=KBC? >G => IKNEE>G;:D BL >B@>G=HF O:G =:M ;>=KBC? > D:GMBG>CN? P:L A>M >>GL F>M => DE:@>KL F::K P>B@>K=> => IKNEE>G;:D M> O>KIE::ML>G P:GM =::K @BG@ A::K <A>? HO>K G =B> <A>? P:L GHHBM ::GP>SB@ HI => EH<:MB> >G K>:@>>K=> HHD GB>M HI F:BEMC>L >G BG@>LIKHD>G OHB<>F:BEL ">M BL >>G F:EE> :G>D=HM> HO>K >>G M:F>EBCD HG;>E:G@KBCD IKH;E>>F =:M ;BGG>G >GD>E> L><HG=>G BL HI M> EHLL>G F::K =:M F::G=>GE:G@ H? C:K>GE:G@ LMNBM HI => H;LM:D>EL O:G => ;NK>:N<K:MB> #G :EE> ABeK:K<ABL<A> HK@:GBL:MB>L P>F>EM A>M O:G =BM LHHKM :G>D=HM>L G :EL BD GHN >>GL F>M A>E>F::E GB>F:G= HO>KE>@ F::K >B@>GA:G=B@ =B> IKNEE>G;:D MPBGMB@ F>M>K O>KIE::ML HII>K=> => GB>NP> P>KDG>F>K :M P>K= A>F =KBG@>G= :?@>K:=>G )HBM A:= B>F:G= =:M :E >>GL @>=::G >G =::K P:L O>>E G:KB@A>B= O:G @>DHF>G 4NED> K:=B<:E> HIEHLLBG@>G PHK=>G HO>K A>M :E@>F>>G GB>M >K@ @>:IIK><B>>K= BG ;NK>:N<K:MBL<A> HK@:GBL:MB>L HF=:M S> => ABeK:K<AB> HG=>KFBCG>G G O>>E ;BCO:E O:G <HEE>@: L O:EM HHD GB>M M> O>KP:<AM>G P:GM => F>>K=>KA>B= S:E :EE>>G F::K FHII>K>G =:M F>G O>K@>>?L G::K => HN=> O>KMKHNP=> IE::ML O:G => IKNEE>G;:D BL @>EHI>G

(*/

) % 7 ='6%8- ) - 2 ( ) 4 63*- 87 )' 83 6

> OHE@>G=> =:@ O>KL<A>>G => GB>NP> P>KDG>F>K HI D:GMHHK F>M >>G @KHM> =HHL P::KBG >>G >:LR<K:MBL<A> HIEHLLBG@ S:M "BC A:= >B@>GA:G=B@ >>G GB>NP> IKNEE>G;:D @>DH<AM >G S>MM> =>S> BG => D:GMBG> HI => EH@BL<A> IE::ML (N DK>>@ ABC P>E O>>E ;BCO:E '::K >K P:L HHD O>>E O>K;:SBG@ >M::E C> =:M NBM >B@>G S:D !: C> =:M ;HGG>MC> =><E:K>K>K>G 1:GM BG O>>E HK@:GBL:

MB>L BL A>M S>>K HG@>;KNBD>EBCD =:M F>=>P>KD>KL S>E? HHD F::K bbG <>GM NBM

@>O>G HF A>M P>KDDEBF::M M> O>K;>M>K>G BC O>>E HK@:GBL:MB>L BL => ;>=KBC?L

<NEMNNK =:M F>=>P>KD>KL >ED> :?@>E>@=> DBEHF>M>K >ED> LMKBI O:G >>G LMKBII>GD::KM >ED> IKBOb ::G@>L<A:?M> IHLMS>@>E O:G <>GM =><E:K>K>G 4>E?L :EL SBC >ED> F::G= :E >>G O:LM> O>K@H>=BG@ O:G >NKH HI ANG L:E:KBL

LMKHHDC> A>;;>G LM::G OHHK GB>M =><E:K:;>E> HGDHLM>G BC M:EEHHL O>>E HK@:

GBL:MB>L PHK=M >BG=>EHHL O>K@:=>K= HO>KE>@= @>DE::@= >G @>S>NK= HO>K => ::GL<A:? O:G DE>BG> =BG@>G '::K =B> =BL<NLLB>L @::G P>E;>L<AHNP= A>E>

F::E GB>M HO>K A>M GNM H? => GHH=S::D O:G => ::GL<A:? F::K HO>K => OK::@ H? >G AH> A>M ;>=KBC? =>S> @::M ;>M:E>G BC F:K@BG:E> NBM@:O>G BL A>M O::D O>>E >? <BeGM>K HF B>ML @>PHHG S>E? M> DHI>G ::KF>> HFS>BE C> => ;NK>:N

<K:MB> > P>KDG>F>K =B> =BM FB==>E A:GM>>KM D:G =::K=HHK SBCG >:LR<K:MB

L<A> LE:@DK:<AM ;BGG>G SBCG HK@:GBL:MB> >GHKF O>K@KHM>G '::K BL =B> P>KDG>F>K =:G @>>G =B>? O:G >B@>G IHKM>FHGG>> (>> =:M BL => SB>GLPBCS> O:G => =H@F:MB<NL =B> LMKBDM BG G:G<BeE> >>GA>=>G =>GDM 1B> :EE>>G >>G G:G<BeE> :?P>@BG@ F::DM AHN=M @>>G K>D>GBG@ F>M => K>:

EBM>BM O:G L@= 9?= G> 9;;=KK SB> AHH?=LMND $>K>FR ,B?DBG DBCDM LE><AML G::K @>E= >G G>@>>KM => P::K=> O:G MH>@:G@ 1B> BGO>LM>>KM BG SBCG P>KDHF@>

OBG@ DP>>DM O>>E @HH=PBEE O>K;>M>KM SBCG K>INM:MB> ;BGG>G => HK@:GBL:MB> O>K@KHHM SBCG LH<B::E D:IBM::E SHP>E BG => ABeK:K<AB> ;HO>G A>F :EL ;>G>=>G A>F >G =::K=HHK HI>G>G SB<A :EE>KE>B =>NK>G ;BGG>G => HK@:GBL:MB> B> BGO>LM>KBG@ BG SH G IKNEE>G;:D ;>M::EM SB<A E:M>K =N;;>E >G =P:KL M>KN@ SH =>GDM => >:LR<K::M G HHD :E DEBGDM =:M OHHK F>GB@>>G HG@>;KNBD>EBCD =>S> @>=:<AM> BL PbE P>>K :E@>F>>G O>KLIK>B= :EL A>M @::M HF IKBOb BGO>LM>

KBG@>G BG DE>=BG@ H? D:II>K HF ;BC ;>I::E=> ;>=KBC?L@>E>@>GA>=>G >>G ;>M>K> BG=KND M> F:D>G :G PHK=M PbE :NMHF:MBL<A BG M>KF>G O:G LH<B::E D:IBM::E @>=:<AM '::K =B> GB>NP> IKNEE>G;:D DHLM FBLL<AB>G G>M SH O>>E :EL =B> GB>NP> =:L

?F< ?<K E@<K DF<K )I => =>K=> O>K=B>IBG@ O:G A>M MHK>GAH@> D:GMHHK O:G >>G @KHM> (>=>K

E:G=L> O:D;E:=>GNBM@>O>K LI>>EM SB<A >ED> PH>GL=:@FB==:@ >>G HIF>KD>

EBCD M:?>K>>EMC> :? :G SBM => K>=:<MB>L><K>M:K>LL> O:G >>G MBC=L<AKB?M ::G A::K ;NK>:N F>M EBGDL >>G LM:I>E O:G AHG=>K= >Q>FIE:K>G O:G A>M CHG@LM> GNFF>K O>KL O:G => I>KL ,><AML HI A>M ;NK>:N EB@M >>G LM:I>E O:G AHG=>K= >GO>EHII>G > DHF>G=> MP>> NNK S:E SBC :EE> >GO>EHII>G O:G :=K>LL>G OHHKSB>G >G ?K:GD>K>G F>M A>M LM:G=::K=IHLMM:KB>? O:G >NKH 1:M BL

(*0

) %7 ='6%8- )

AB>K ::G => A:G= ED> NBM@>O>K P>>M MH<A =:M => :=K>LLMB<D>KL @>:NMHF:MB

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c (HN G>> BM BL GB>M LEBF =BM BL >>K=>K LMNBM>G= BM BL INK> O>KLIBEEBG@ )I A>M >>KLM> HH@ EBCDM =BM FBLL<AB>G >>G >:LR<K:MBL<A> HIEHLLBG@ =B> LEBF F:GH>NOK>>KM ;BGG>G => ;NK>:N<K:MBL<A> K>@>EL '::K HIEHLLBG@>G =B> LE><AML M>G =H>E A>;;>G A>M BG=BOB=N H? => :?=>EBG@ M> ;>OHHK=>E>G M>G DHLM> O:G => HK@:GBL:MB> :EL @>A>>E FH@>G P:M HGL ;>MK>?M => G::F >:LR<K:MB> GB>M =K:@>G ED> HK@:GBL:MB> DKBC@M => F>=>P>KD>KL =B> SBC O>K=B>GM '>M :EL =H>E HF M> ;>SNBGB@>G E>@@>G ABeK:K<ABL<A> HK@:GBL:MB>L O::D O:G ;HO>G:? K>@>EL HI =B> BG => IK:DMBCD CNBLM MHM >>G DHLM>GLMBC@BG@ E>B=>G =HHK=:M => F>=>P>K

D>KL <HGMK:IKH=N<MB>? FBL;KNBD F:D>G O:G =B> K>@>EL )K@:GBL:MB>L DNGG>G O>>E F>>K ;>SNBGB@>G =HHK >>G ;>=KBC?L<NEMNNK M> L<A>II>G P::K F>>K KNBFM> BL OHHK >:LR<K:MBL<A> BGBMB:MB>O>G > PH>GL=:@L> LM:I>E >GO>EHII>G NBM =BM OHHK;>>E= DHLM => NBM@>O>K P>D>EBCDL >NKH :M F::E P>D>G >G F::E O>KL<ABEE>G=> MBM>EL P:GM SH G LEBFF> MKN< O>KLIK>B=M SB<A F>>LM:E P>E OB: => P:G=>E@:G@>G G::K => :G=>K> K>=:<MB>L ;>M>D>GM >>G OHELMK>DM HGGH=B@> HGDHLM>GIHLM O:G >>G FBECH>G >NKH I>K C::K (H@ >Q<EN

LB>? => L:E:KBLDHLM>G OHHK => MBC= =B> K>=:<MB>L><K>M:K>LL>L ;>LM>=>G ::G =BM GNMM>EHS> P>KD BM OHHK;>>E= A>>?M => @>=::GM> O:G >>G LM:I>E >GO>EHII>G HI PH>GL

=:@FB==:@ '::K PB> >K HH@ OHHK A>>?M SB>M BG >ED> ;NK>:N<K:MBL<A> HK@:

GBL:MB> A>>E O>>E O:G =BM LHHKM OHHK;>>E=>G O:G HG>B@>GEBCD> MH>I:LLBG@ O:G => K>@>EL =B> MHM >GHKF> ><HGHFBL<A> >G F::ML<A:II>EBCD> O>KLIBEEBG@>G E>B=>G

(+'

E`\ln ) \ fgc `e X^\

DXik`ae J`dfe )IR EGXYIIP IEW]GVEXMWGL ZSSVFIIPH YMX IMKIR WXEP 1EVXMNR 7MQSR MR HI ªLSYXIRFPSONIWFYWMRIWW« ,IX MHII SRWXSRH ST ZVMNHEK IR ST

QEERHEK [EVIR IV FIWXIPPMRKIR YMX PERHIR :ER MHII XSX TVSHYGXMI MR YYV ^SRHIV ZIVKEHIVMRKIR ^SRHIV SRHIVLERHIPMRKIR ^SRHIV GSRXVEGXIR ^SRHIV FIXEEPHI VIGPEQI IR ^SRHIV MRZIWXIVMRKWOSWXIR ,IX EZSRXYYV ZER [[[ [SSHIRMTEHWXERHW GSQ FIKMRX ST IIR ZVMNHEK MR HI PIRXI ZER EPW 1EVXMNR ZME IIR %QIVMOEERWI ZVMIRH IIR M4EH OVMNKX STKIWXYYVH ;EX ^SY LIX TVIXXMK ^MNR EPW NI HMI M4EH VIGLXST ST NI FYVIEY ^SY OYRRIR ^IXXIR %TTPI LIIJX HEEV HER SSO IIR LYPTQMHHIP ZSSV KIQEEOX ¦ k IYVS ¦ QEEV HEX [EW 1EVXMNR ZIVKIXIR IVFMN XI FIWXIPPIR /ER LIX SSO ERHIVW# 1EVXMNR LIIJX IIR M4EH QEEV X[II PMROIVLERHIR IR ^SIOX LYPT FMN 7MQSR 7MQSR LIIJX KIIR M4EH QEEV [IP X[II VIGLXIVLERHIR 7MQSR MW HI ZVMIR HIPMNOI HSVTWXMQQIVQER NEEV SYH IR QIX KVSXI KVMN^I FEEVH &MRRIR IIR YYV LIFFIR ^MN WEQIR IIR STPSWWMRK KIZSRHIR (I HSPPEV M4EH 7XERH MW KIFSVIR 3T ^EXIVHEK TYFPMGIIVX 1EVXMNR XIOWX IR JSXS«W ST 0MJI LEGOMRK RP ^SHEX ERHIVI M4EHFI^MXXIVW SSO FPMN OYRRIR [SVHIR ZER HMX MHII )R SQHEX IV MR %QIVMOE QIIV M4EHW ^MNR LIIJX LMN QIXIIR SSO QEEV IZIR HI XIOWX MR LIX )RKIPW ZIVXEEPH 3T ^SRHEK KIFIYVX IV MIXW QSSMW ,IX EVXMOIP [SVHX STKITMOX HSSV ;MVIH 1EKE^MRI IR EP WRIP ZSPKIR ERHIVI KVSXI FPSKW [EEVSRHIV 8YE[ 8LI 9RSJ´GMEP %TTPI ;IFPSK )IR FIIXNI KIPYO OSQX HEEV [IP FMN OMNOIR (I GSQFMREXMI ZER HI [SSVHIR ª(YXGL« IR ª;SSHIR« HSIX LIX KSIH MR %QI VMOE (I TYFPMGEXMIW PIMHHIR XSX HYM^IRHIR X[IIXW IR VIX[IIXW ST 8[MXXIV [EEVHSSV LIX LSYXIR FPSONI YMX ,SPPERH RSK QIIV FIOIRHLIMH OVMNKX (I ;SSHIR M4EH 7XERH MW OIRRIPMNO ªHSSVZIVXIPFEEV« ^MI TEKMRE 3T QEERHEK PSSTX HI I QEMPFS\ ZER 1EVXMNR SZIV QIX QIIV HER LSRHIVH FIWXIPPMRKIR YMX ZIVWGLMPPIRHI PERHIR 2II HI HSPPEV ;SSHIR M4EH 7XERH ^EP RMIX HI KIWGLMIHIRMW MRKEER EPW LIX QIIWX MRRSZEXMIZI TVSHYGX ZER (MX ZSSVFIIPH KEEX RMIX SZIV IIR VIZSPYXMSREMV TVSHYGX QEEV SZIV HI VIZSPYXMSREMVI ZIVERHIVMRKIR MR LIX TVSGIW MHIE XS QEVOIX HMI MR HI IEW]GVEXMI QSKIPMNO ^MNR KI[SVHIR ,IX ZIVWGLMP QIX HI XVEHMXMSRIPI XMNHWTERRI ZER MRRSZEXMI MW ST^MIRFE VIRH -R HI XVEHMXMSRIPI IGSRSQMI OER IV ^SQEEV IIR NEEV ZSSVFMN KEER ZSSVHEX IIR RMIY[ MHII HI QEVOX FIVIMOX )IR NEEV [EEVMR ZIIP KIPH XMNH IR IRIVKMI [SVHX FIWXIIH EER ZIVKEHIVIR TVSXSX]TMRK SGXVSSMIR LEEP FEEVLIMHWSRHIV^SIOIR NYVMHMWGLI GSRXVEGXIR QEVOIXMRKWXVEXIKMI IR LIX FYHKIXXIVIR ZER IIR HYYV GSQQYRMGEXMITPER (EEV MW SZIVMKIRW RMOW QMW QII QEEV HMX ZSSVFIIPH PEEX ^MIR HEX HMI XVEHMXMSRIPI ZSSVFIVIMHMRK RMIX QIIV TIV WI RSSH^EOIPMNO MW ,IX OER SSO WRIPPIV KSIHOSTIV IR PIYOIV

(+(

) %7 ='6%8- )

?FF=;JKLB (' J8D<E><M8K 3SO EP MW IV IIR LMtVEVGLMI IR SSO EP VIWTIGXIVIR [I HMI HEX [MP RSK RMIX ^IKKIR HEX IPO TVSFPIIQ SSO FMRRIR HMI LMtVEVGLMWGLI WXVYGXYVIR STKIPSWX QSIX [SVHIR 1EGLX ZSVQX HI FEWMW ZER HI LMtVEVGLMI +IPHWXVSQIR JYRKI VIR EPW HI FVERHWXSJ ZSSV HI LMtVEVGLMI 8IR SRVIGLXI MW MR HI EJKIPSTIR IIY[ HI QEWWEPI QMWZEXXMRK SRXWXEER HEX IPOI TVSFPIIQEERTEO FIKMRX QIX IIR FYHKIX 3T HMI QERMIV [IVOX HI LMtVEVGLMI ZIVXVEKIRH IR ZIVPEQ QIRH IR SRXWXEEX FYVIEYGVEXMI %PPIIR EP HSSV LIX PSWPEXIR ZER HMI IIVWX MW KIPH RSHMKKIHEGLXI [SVHX HI OIVR ZER LIX TVSFPIIQ [IIV ^MGLXFEEV IR STIRFEEVX ^MGL FMNRE EYXSQEXMWGL IIR ^II EER RMIY[I IR QEOOIPMNOI STPSWWMRKIR ,IX QEEOX HEEVFMN RMIX YMX SJ LIX KEEX SQ IIR EPPIHEEKW TVS FPIIQ ZER IIR PSOEPI FEWMWWGLSSP SJ SQ LIX STPSWWIR ZER LIX PERHIPMNOI ´PITVSFPIIQ :IVHIV MR HMX LSSJHWXYO HI SZIVIIROSQWXIR IR ZIVWGLMPPIR XYWWIR 6IQFVERHX ZER 6MNR IR 1EVGS &SVWEXS

(+)

('

<8JP:I8K@< @E ;< EFE$GIF=@KJ<:KFI QF<B<E N< 9L;><K6 F= QF<B<E N< <<E FGCFJJ@E>6

">M =H>E O:G >>G GHG IKH MHK@:GBL:MB> BL A>M SHG=>K PBGLMHH@F>KD HIEHL

L>G O:G >>G IKH;E>>F > ?H<NL O:G => HK@:GBL:MB> >G O:G => F>GL>G ;BGG>G =B> HK@:GBL:MB> SHN =NL FH>M>G EB@@>G HI => HIEHLLBG@ O:G A>M IKH

;E>>F '::K BG => IK:DMBCD O>KPHK=>G A>>E O>>E GHG IKH M HK@:GBL:MB>L MHM ;NK>:N<K:MB>eG O:G => DE>BGLM> LIHKMO>K>GB@BG@ MHM => @KHHMLM> HO>KA>B=L

BGLM:GMB> )F A>M HHKLIKHGD>EBCD> =H>E M> O>KP>S>GEBCD>G ;HNP>G S> F>>LM:E >>G ABeK:K<ABL<A> LMKN<MNNK >G OH>K>G S> K>@>EL >G IKH<>=NK>L BG &:G@S:F>KA:G= O>KL<ANB?M => ?H<NL O:G => HK@:GBL:MB> LM>>=L F>>K G::K => ABeK:K<ABL<A> O>KAHN=BG@>G >G G::K => BGM>KG> K>@>EL ::K=HHK PHK=M => ::G=:<AM OHHK A>M P>KD>EBCD> =H>E LM>>=L DE>BG>K A>M HIEHLL>G O:G >>G IKH

;E>>F A>M OHHKSB>G BG >>G F::ML<A:II>EBCD> ;>AH>?M> > FHMHK O:G =>S> ?H<NLO>KL<ANBOBG@ BL => M> @KHM> KHE =B> PHK=M MH>@>

=B<AM ::G @>E=LMKHF>G ">M BL HIO:EE>G= AH> O::D F::ML<A:II>EBCD> IKH;E>

F>G PHK=>G @>=> GB>>K= :EL G:G<BeE> IKH;E>F>G >KLM FH>M >K @>E= DHF>G =:G I:L DNGG>G P> O>K=>K SH PHK=M M> O::D @>=:<AM '::K SBCG IKH;E>F>G BG A>M HG=>KPBCL GHN P>E ><AM G:G<BeE> IKH;E>F>G )? BL A>M >>G D>GGBLHO>K=K:<AMIKH;E>>F #L AHG@>K BG => =>K=> P>K>E= >>G G:G<B>>E IKH;E>>F )? BL A>M >>G OH>=L>EIKH;E>>F > >:LR<K:MB> ;>@BGM F>M A>M LM>EE>G O:G =BM LHHKM P>S>GEBCD> OK:@>G ">M EBCDM P>E :ELH? ;NK>:N<K:MB>eG O::D SBCG OHHK@>IKH@K:FF>>K= HF IKH;E>F>G BG >>G O:LM> OHE@HK=> HI M> EHLL>G >KLM PHK=M >>G IE:G ;>=:<AM :G FH>M A>M OB: => ABeK:K<ABL<A> P>@ PHK=>G @H>=@>D>NK= 0>KOHE@>GL FH>M >K @>E= DHF>G >>G ;N=@>M PHK=>G MH>@>D>G= ::KG: FH>M F>>LM:E >>KLM >>G GB>NP LMNDC> ABeK:K<AB> PHK=>G @>iFIE>F>GM>>K= G =:G I:L D:G A>M ><AM> P>KD ;>@BGG>G >S> OHE@HK=> P>KDM LHPB>LH :E S>>K O>KMK:@>G= 4HE:G@ >K @>>G @>E= BL EB@M A>M IKH;E>>F LMBE '::K => OHE@HK=> P>KDM HHD O>KE:FF>G= ;BC A>M ;>=>GD>G O:G HIEHLLBG@>G > OHE@HK=> BL =>FHMBO>K>G= >S> OHE@HK=> O:G ::GI:D @::M NBM O:G => OHHKHG=>KLM>EEBG@ =:M @>E= >>G <HG=BMBH LBG> JN: GHG BL OHHK A>M HIEHLL>G O:G IKH;E>F>G '::K =B> OHHKHG=>KLM>EEBG@ BL HGCNBLM !>E= F::DM => HIEHLLBG@ O:G IKH;E>F>G O::D @>F:DD>EBCD>K F::K

(+*

) %7 ='6%8- )

A>M BL S>E=>G >>G GHH=S:D>EBCD> OHHKP::K=> K SBCG O>E> P>@>G =B> G::K ,HF> E>B=>G G OHHK:E =HHK => DHFLM O:G => G>MP>KD >G BG?HKF:MB>

L:F>GE>OBG@ SBCG >K O>E> GB>NP> P>@>G G::K ,HF> ::G@>E>@= G HF BG F>M:?HKBL<A> M>KF>G M> ;EBCO>G =:M SBCG @>>G MHEP>@>G

Q<<I @CCLJKI8K@<=1 ><<E ><C;# ><<E FGCFJJ@E>6 4>>K BEENLMK:MB>? AB>KOHHK BL >>G DK:GM>G;>KB<AM NBM F>B > ,::= OHHK => K><AMLIK::D IK>L>GM>>KM A>M C::KO>KLE:@ HO>K 0HHK PHK=M >>G MH>G:F> O:G A>M ::GM:E K><AMLS:D>G OHHKLI>E= O:G S>LMB>G IKH<>GM ::KHF ;>MHH@M => K::= =:M => K><AMLIK::D BG (>=>KE:G= OHE@>G= C::K FBECH>G >NKH >QMK: GH=B@ A>>?M 4HG=>K >QMK: FB==>E>G @::M => BG@>EHI>G :<AM>K

LM:G= P>>K ?HKL MH>G>F>G :M OBG=>G PBC F::ML<A:II>EBCD HG::GO::K=

;::K EL P> A>M @>E= GB>M DKBC@>G EB@M >K BG :E >>G A>E> C::KIKH=N<MB> ::G S:D>G BG => D:LM =B> GH@ GB>M BL ;>A:G=>E= >G MHIF:G O:G >>G ABeK:K<ABL<A> HK@:GBL:MB> S>@M A>M >QIEB<B>M !>>G @>E= !>>G HIEHLLBG@ >S> F:GB>K O:G =>GD>G ;>E>FF>KM ;BC OHHK;::M A>M OBG=>G O:G HIEHLLBG@>G &>M P>E P> PBEE>G @>>GLSBGL => MH>@>GHF>G P>KD

=KND ;:@:M>EEBL>K>G '::K BL @>E= GHN ><AM => bGB@> HIEHLLBG@ OHHK => >QMK: P>KD=KND 1> PBEE>G ;>LM OH>MLMHHML ::GG>F>G =:M A:K=>K P>KD>G @>>G HIMB> F>>K BL '::K SHN >K HHD GH@ SHB>ML ;>LM::G :EL :G=>KL P>KD>G LEBF

F>K P>KD>G

?<K M<I98E; KLJJ<E ><C; <E ?@ÞI8I:?@< #G O>>E HK@:GBL:MB>L SHP>E GHG IKH MHK@:GBL:MB>L :EL <HFF>K<BeE> HK@:GB

L:MB>L HO>KA>>KLM => @>=:<AM> =:M >K >>KLM >>G ;N=@>M FH>M DHF>G :EOHK>GL >K ::G => HIEHLLBG@ D:G PHK=>G @>P>KDM )? A>M GN @::M HF >>G GB>NP IKH

C><M O:G >>G B=>eE> BGLM>EEBG@ H? HF >>G GB>NP B=>> O:G => F:KD>MBG@:?=>

EBG@ O:G >>G ;>D>G= F>KD >S> >>KLM BL @>E= GH=B@@>=:<AM> AHN=M => ABe

K:K<ABL<A> HK@:GBL:MB>LMKN<MNNK BG LM:G= 1:GM => ;N=@>MM>G PHK=>G =HHK@::GL O:G ;HO>G:? O:LM@>LM>E= !>E= >G ABeK:K<AB> AHN=>G >ED::K BG >>G O>KE:FF>G=> PNK@@K>>I O:LM

?<K GIF9C<<D M8E ;< J:?FFC;@I<:K<LI 1::K A>M EHLE:M>G O:G => >>KLM BL @>E= GH=B@@>=:<AM> MH> D:G E>B=>G AH> => F:GB>K O:G =>GD>G BGOEH>= A>>?M HI A>M OBG=>G O:G HIEHLLBG@>G BEENLMK>>KM A>M OHE@>G=> OHHK;>>E= ">M BL GB>M SHF::K >>G OHHK;>>E= A>M BL OHHK:E >>G H>?>GBG@ BG >:LR<K:MBL<A =>GD>G !>>G A:G=E>B=BG@ F::K >>G H>?>GBG@ 4HF::K >>G ;:LBLL<AHHE SHF::K >K@>GL BG A>M E:G= D:FIM F>M >>G :EE>

=::@L IKH;E>>F ">KD>G;::K >G K>:EBLMBL<A => L<AHHE;B;EBHMA>>D BL AHI>

EHHL O>KHN=>K= K FH>M>G GB>NP> ;H>D>G DHF>G [M BL A>M IKH;E>>F > L<AHHE=BK><M>NK F:@ A>M IKH;E>>F HIEHLL>G

(++

) % 7 ='6%8- ) - 2 ( ) 2 32 4 63* - 87) ' 836

#G MH>G>F>G=> @K:=:MB> O:G >:LR<K:MB> E:M>G P> SB>G AH> => L<AHHE

=BK><M>NK A>M IKH;E>>F SHN DNGG>G HIEHLL>G 9

= :MJ=9M;J9LAK;@= K;@GGD<AJ=;L=MJ 0HHK >ED IKH;E>>F BL >>KLM @>E= GH=B@ 1> LMNK>G >>G ;KB>? G::K >G "::@ 1> ONEE>G >>G ?HKFNEB>K BG G =:G @::G P> P:<AM>G MHM >K >>G ;N=@>M OKBCDHFM ">M OHHK=>>E O:G =>S> F>MAH=> BL =:M ABC F>M :?LM:G= => FBGLM> BGLI:G

GBG@ DHLM ">M BL HHD => F>>LM KBLB<HFBC=>G=> > =BK><M>NK D:G SB<A :EMBC= O>KL<ANBE>G #D A>; >K O>K=>K @>>G BGOEH>= HI >G "::@ ;>LEBLM ">M G:=>>E BL =:M => HIEHLLBG@ PHK=M O>KMK::@= :

= ?=OA=CKL= :MJ=9M;J99L 1> @::G HGL >>GL NBM@>;K>B= O>K=B>I>G BG A>M LM>EL>E O:G K>@>EMC>L :M DHLM =:G P>E A>>E O>>E NK>G P>KD F::K FBLL<AB>G OBG=>G P> GH@ >K@>GL >>G HG;>D>G= LN;LB=B>IHMC> G :G=>KL OBG=>G P> P>E P>@>G HF => ?HKFN

EB>K>G <K>:MB>? BG M> ONEE>G > HN=>KL O:G E>>KEBG@ ">GD PHG>G GB>M H? <B

>>E L:F>G EL P> =:M GHN >>GL >>G >>GHN=>K@>SBG GH>F>G DKBC@>G P> F>>K NK@>GMB>INGM>G :M BL A:G=B@ P:GM A>M "::@L> ;N=@>M BL ;>I>KDM ">M OHHK=>>E O:G =>S> F>MAH=> BL =:M => D:GL>G O>K@KHHM PHK=>G M>G HISB<AM> O:G F>MAH=> : ">M G:=>>E BL O:G >MABL<A> ::K= > D:GL>G O>K@KH

M>G BFIEB<>>KM =:M => D:GL>G O:G :G=>K>G O>KDE>BG= PHK=>G ">;;>G => DBG=>K>G HI =B> :G=>K> L<AHHE =:G FBG=>K ;>AH>?M> ::G ;H>D>G >G :G=>K G:=>>E BL =:M A>M O>>E BGLI:GGBG@ DHLM SHG=>K =:M =>S> BGLI:GGBG@ E>B=M MHM >>G @KHM>K> HNMINM ">M MHM:E> ::GM:E ;B;EBHMA>>D;H>D>G PHK=M GB>M @KHM>K >K OBG=M :EE>>G >>G O>KL<ANBOBG@ IE::ML O:G => >G> L<AHHE G::K => :G=>K> L<AHHE '>>K BGLI:GGBG@ ;BC @>EBCD> HNMINM =:M ;>M>D>GM =:EBG@ O:G => <HE

E><MB>O> :K;>B=LIKH=N<MBOBM>BM BG A>M HG=>KPBCL 0>K=>K BL A>M GH@ :EL G:=>>E ::G M> F>KD>G =:M =>S> L<AHHE=BK><M>NK KBLB<H L EHHIM 1:M => >>G <K>:MB>? BGONEE>G GH>FM D:G >>G :G=>K :EL <KBFBG>>E BGONEE>G ;>HHK=>E>G :M D:G @>OHE@>G A>;;>G OHHK => =BK><M>NK ;

= CD9KKA=C= KHGFKGJ:MJ=9M;J99L 1> SBCG MH<A GB>M :?A:GD>EBCD O:G >G "::@ -><NG=:BK> @>E=LMKHF>G SNEE>G P> OBG=>G 1:M <HFF>K<BeE> HK@:GBL:MB>L =H>G =:M DNGG>G PBC MH<A DHIBeK>G "H> =H>M >>G IKH?<EN; =:M :EL S> @>E= GH=B@ A>;;>G 1> @::G >>G LABKMLIHGLHK SH>D>G OHHK HGL L<AHHEOH>M;:EM>:F >G O:G => HI;K>G@LM DHI>G P> ;H>D>G A:I>:N >S> L<AHHE=BK><M>NK G>>FM >B@>G BGBMB:MB>? "BC SH>DM >>G <K>

:MB>O> HIEHLLBG@ G ABC G>>FM @>>G @>GH>@>G F>M O>KMK:@BG@ "BC IKH;>>KM => HIEHLLBG@ M> O>KLG>EE>G G :EL ;HGNL O>K@KHHM ABC => <HEE><MB>O> HNMINM O:G A>M HG=>KPBCL HHK=:M =>S> L<AHHE=BK><M>NK SBCG >B@>G ;HHGMC>L =HIM

(+,

) %7 ='6%8- )

;EBC?M >K F>>K @>E= HO>K BG => "::@L> IHM HF HG=>K :G=>K> L<AHE>G M> O>K=>

E>G >G G:=>>E BL =:M => :?A:GD>EBCDA>B= G>M SH @KHHM ;EBC?M >KLM FH>LM => =BK><M>NK ;>=>E>G ;BC >G "::@ GN FH>M ABC ;>=>E>G ;BC => IE::ML>EBCD> FB==>GLM:G= >G :G=>K G:=>>E BL =:M => HI;K>G@LM M>@>GO:EM (>MMH ;EBC?M >K P>BGB@ HO>K > LIHGLHK =HG>>KM ;BCOHHK;>>E= >NKH F::K =::KO:G FH>M =:G >>KLM >NKH PHK=>G NBM@>@>O>G ::G A>M ;>=KNDD>G O:G => LABKMC>L K ;EBC?M >NKH HO>K OHHK ;H>D>G (>MMHK>G=>F>GM IKH<>GM 0>KLIBEEBG@ IKH<>GM <

= => ;AdFL= KHGFKGJ:MJ=9M;J99L E =B> FH>BM> OHHK >NKH :M @::G P> LEBFF>K =H>G 1> @::G OK:@>G H? ABC BG IE::ML O:G LABKMLIHGLHK L<AHHE;B;EBHMA>>DLIHGLHK PBE PHK=>G #G >ED ;H>D DHFM >>G ;>L<A::?= LM>FI>EMC> F>M SBCG G::F BM ;H>D BL @>LIHGLHK= =HHK 4H G LM>FI>EMC> DHLM MB>G >NKH :G BL => LIHGLHK A>M

S>E?=> ;>=K:@ DPBCM F::K AHN=>G P> >NKH HO>K HHK :EE>>G F::K HI >>G :G=>K> F:GB>K G::K => HIEHLLBG@ M> DBCD>G O>K

@KHHM =>S> =BK><M>NK SBCG HI;K>G@LM O:G >NKH G::K >NKH HHK => ?H<NL M> O>KIE::ML>G O:G A>M FB==>E A>M SH>D>G O:G >>G LABKMLIHGLHK G::K A>M =H>E A>M SH>D>G O:G @>E= OHHK ;H>D>G ;>K>BDM =>S> L<AHHE=BK><M>NK >>G K>G=>F>GMLLMBC@BG@ O:G IKH<>GM (B>ML D:G SH EN<K:MB>? SBCG :EL A>M EHLE:M>G O:G HN=> @>=:<AM>L >G O:LM@>KH>LM> @>PHHGM>L =

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

EBCD SBM =:M A>>E =B>I >G <HEE><MB>O> >K?>GBL O:G A>M > >>NPL> ><HGHFBL<A =>GD>G )GPBEE>D>NKB@ PHK=M ;BCG: >ED IKH;E>>F HGFB==>EEBCD O>KM::E= BG >>G G:G<B>>E IKH;E>>F %>GG>EBCD BL A>M A>>E >K@ FH>BEBCD HF =>S> OHE

LMK>DM EH@BL<A> @>=:<AM>@:G@ M> HGMPBDD>E>G 1:M A>;;>G P> GHN ><AM GH=B@ 4H<AM>G P> @>E= )? SH<AM>G P> ;H>D>G

(+-

) % 7 ='6%8- ) - 2 ( ) 2 32 4 63* - 87) ' 836

> >:LR<K::M IKH;>>KM SH =B<AM FH@>EBCD ;BC A>M HHKLIKHGD>EBCD> IKH;E>>F M> ;EBCO>G > >:LR<K::M @::M GB>M BG >>KLM> BGLM:GMB> HI SH>D G::K @>E= :M D:G >O>GMN>>E E:M>K GH@ > >:LR<K::M @::M BG >>KLM> BGLM:GMB> HI SH>D G::K ;H>D>G :GDSBC =>S> :G=>K> F:GB>K O:G =>GD>G DHFM HI>>GL >>G A>>E L<:E: O:G :G=>K> HIEHLLBG@>G BG SB<AM OHHK >ED OK::@LMND BK><M> HIEHLLBG

@>G BG IE::ML O:G BG=BK><M> HIEHLLBG@>G !H>=DHI>K> HIEHLLBG@>G LG>EE>K> HIEHLLBG@>G ;>M>K> HIEHLLBG@>G >

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

M>@>GPHHK=B@= HI => KHFF>EF:KDM ":KKR *HMM>KL ;BCOHHK;>>E= =B> E:@>G >K G:NP>EBCDL MNLL>G > IHINE:BKLM> ;H>DMBM>EL PBEE>G => HN=>KL GB>M @K::@ :?LM::G =B> PBEE>G S> EB>O>K S>E? AHN=>G 4HN A>M ENDD>G HF => HN=>KL M> ;>P>@>G HF HHD =fb MBM>EL :? M> LM::G :G I:L DKBC@>G P> >>G ><AM FHHB> L<AHHE;B;EBHMA>>D 1:<AM >>GL 4> AH>O>G S> MH<A HHD A>E>F::E GB>M :? M> LM::G EL L<AHHE SH>D>G P> MH<A GB>M I>K L> A>M ;>SBM O:G ;H>D>G 1> PBEE>G => ;H>D>G LE><AML DNGG>G ::G;B>=>G 1> @::G => HN=>KL OK:@>G H? S> ;H>D>G BG ;KNBDE>>G PBEE>G @>O>G ::G => L<AHHE;B;EBHMA>>D 4H=K: S> =:M P>GL>G DKBC@>G S> ANG >B@>G=HFF>G @>PHHG M>KN@ 1>EEB<AM SBCG >K :E L<AHE>G BG (>=>KE:G= =B> =BM IE:G A>;;>G NBM@>OH>K= 1> D>GG>G ><AM>K @>>G OHHK;>>E=>G '::K P> DNGG>G HHD @>>G >GD>E> K>=>G ;>=>GD>G P::KHF =BM IE:G GfbM SHN ENDD>G > O>KP:<AM> HI;K>G@LM BL AHH@ EL MP>>AHG=>K= HN=>KL >ED OBC? DBG

=>K;H>D>G BG ;KNBDE>>G @>O>G SBCG =:M :E =NBS>G= ;H>D>G >G LI><M:<N

E:BK> LMBC@BG@ M>G HISB<AM> O:G => O>KP:<AM> M:<AMB@ ;H>D>G =B> => KHFF>E

F:KDM HI SHN E>O>K>G )F GH@ F::K M> SPBC@>G O:G => G>MMH HI;K>G@LM O:G OB>K ;H>D>G O:G => L<AHHEOH>M;:EM>:FLABKMLIHGLHK (:=>>E O:G =>S> F>MAH=> ">M SHN HGL GB>M O>K;:S>G :EL =BM IE:G ::G

O:GD>EBCD P>>KLM:G= HIKH>IM )I >>G H? :G=>K> F:GB>K L<ABCG>G <K>:MB>O> LBFI>E> HIEHLLBG@>G O::D P>>KLM:G= HI M> KH>I>G 1::KHF =:M SH BL FH@>G => ILR<AHEH@>G ;>:GMPHHK=>G 'BLL<AB>G BL A>M => ><AH O:G => <HE

E><MB>O> >K?>GBL O:G A>M > >>NPL> ><HGHFBL<A =>GD>G :EL A>M @>>G @>E= DHLM D:G A>M B=>> GB>M @H>= SBCG 1>EEB<AM BL A>M >>G BGLMBG<MB>O> K>:<MB> :EL A>M ><AM SH LBFI>E P:L P:L A>M :E >>K=>K ;>=:<AM 1>EEB<AM BL A>M IE::MLO>K

O:G@>G=> L<A::FM> =:M P> A>M GB>M >>K=>K A>;;>G ;>=:<AM

(+.

) %7 ='6%8- )

1>>KLM:G=>G DNGG>G HO>KPHGG>G PHK=>G =HHK @H>=> <HFFNGB<:MB> K FH>M <:FI:@G> @>OH>K= PHK=>G )N=>KL FH>M>G >GMAHNLB:LM @>F::DM PHK=>G HF ;H>D>G BG M> ;K>G@>G .>@>G:K@NF>GM>G FH>M>G @>=NE=B@ P>>KE>@= PHK=>G :G@>OH>K=> M>@>G:K@NF>GM>G SBCG O::D OHELMK>DM HGSBGGB@ 4H SNEE>G >K HG@>MPBC?>E= A>>E P:M HN=>KL KH>I>G =:M S> @>>G L<AHHE;B;EBHMA>>D PBEE>G O:G @>;KNBDM> ;H>D>G :M BL HGAR@BeGBL<A 1> PBEE>G GB>NP> ;H>D>G ::K;BC OHHK;BC@::G= ::G => >LL>GMB> O:G >>G ;B;EBHMA>>D >ED GB>NP ;H>D BL G: bbG D>>K NBME>G>G HHD >>G @>;KNBDM ;H>D @>PHK=>G $NBLM =B> <HFFNGB<:MB> D:G BG => BG?HKF:MB>L:F>GE>OBG@ ;>M>K >G F:DD>EBCD>K =:G HHBM 4>E?L A>M <HFFNGB<:MB>IE:G A>>?M @>>G ;N=@>M F>>K GH=B@ P:GM >K AH>?M @>>G LM>G<BEF:<ABG> F>>K M> =K::B>G >K AH>O>G @>>G I:DD>G I:IB>K F>>K BG@>DH<AM M> PHK=>G => > F:BE:=K>LL>G O:G => HN=>KL SBCG ;>D>G= >G @H>= HI@>LM>E=> <:FI:@G> OB: >>G F>>KMK:IL >E>D

MKHGBL<A> GB>NPL;KB>? BG=>EBCD F>>K KNBFM> BG NP DBG=>KD:F>K > L<AHHE ;B>=M N @K:MBL ;H>D>GD:LM>G ::G IE:O>BM O>K=>K => P>@ G::K => FHHBLM> L<AHHE;B;EBHMA>>D O:G => LM:= ::K SNEE>G :EE> HN=>KL MKHML HI SBCG ?

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

GBG@ BG >:LR<K:MBL<A =>GD>G ::KHF FH<AM =>S> E::MLM> F>MAH=> GB>M HGM

;K>D>G BG A>M HO>KSB<AM '::K =H> A>M KNLMB@ ::G A>M DHLM :E FH>BM> @>GH>@ HF => >>KLM BL @>E= GH=B@@>=:<AM> EHL M> E:M>G EL =:M @>ENDM BL S:E => OHE

@>G=> EH@BL<A> LM:I A>M EHLE:M>G O:G => >>KLM BL ;>SBM GH=B@@>=:<AM> SBCG

(+/

) % 7 ='6%8- ) - 2 ( ) 2 32 4 63* - 87) ' 836

@<;<I<<E Q@AE <@><E I<D9I8E;K -M>E C> O>K=B>GM >>G GHKF::E L:E:KBL BG EHHG=B>GLM F::K C> PBEM MH<A >>G b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bbG F::G= MANBL '>M @>I:LM> >QB;BEBM>BM 1:GM :EL >>G O:G => @KH>ILE>=>G ;BCOHHK;>>E= ;NBM>GE:G=L> K>E:MB>L HO>K => OEH>K DKBC@M D:G ABC => >ML OHHK bbG :OHG=C> E>G>G HF HI => @:LM>G BG=KND M> DNGG>G F:D>G F>M >>G :<AM>EHHL %BCD =::K A:G@M FBCG ,>F;K:G=M #L >:LR<K:MB> =:G :EE>>G F::K >>G <K>:MB>O> F:GB>K O:G =>GD>G O:G ;NBM>G => @>;::G=> I:=>G MK>=>G (>> A>M BL >>K=>K SH =:M >K => :?@>EHI>G C:K>G @>A>>E GB>NP> I:=>G SBCG ;BC@>DHF>G >G =:M =::KHI OHEE>=B@ GB>NP> KHNM>L NBM@>LMBII>E= DNGG>G PHK=>G > P>@>G EB@@>G >K :E >G => O>KOH>KL

FB==>E>G SBCG DHLM>EHHL ;>L<ABD;::K > G>MP>KD >G BG?HKF:MB>L:F>GE>

OBG@ A>>?M A>M ;>=>GD>G >G NBMOH>K>G O:G SH G ,>F;K:G=M<EN; FH@>EBCD @>F::DM B> G>MP>KD >G BG?HKF:MB>L:F>GE>OBG@ LI>>EM >>G @KHM> KHE BG >ED> ?:L> O:G => HGMPBDD>EBG@ O:G B=>> MHM NBMOH>KBG@ ">M ;>@BGM :E F>M A>M HGMLM::G O:G B=>>eG > AH>O>>EA>B= MH>@:GD>

EBCD> BG?HKF:MB> BL >QIHG>GMB>>E MH>@>GHF>G > D:GL =:M P> s;>KA:NIM M> P>M>G DHF>G =:M >>G >ML O:G ,>F;K:G=M ;>M::E;::K BL BL O>E> F:E>G @KHM>K @>PHK=>G :G DHFM => S>>K ;>E:G@KBCD> HKBeGM:MB>?:L> P::KBG >QMK: BG?HK

F:MB> PHK=M @>SH<AM HF A>M B=>> G:=>K M> MH>ML>G .B>G C::K @>E>=>G A:= =:M FBLL<AB>G P>E P>D>G MBC= @>DHLM >G FH>BS:F> SH>DMH<AM E:G@L @>LI>

<B:EBL>>K=> ;H>DA:G=>EL FNL>: >G DNGLMO>BEBG@>G ::K=HHK ;E>O>G A>>E O>>E B=>>eG EB@@>G 1:GM GB>M B>=>K>>G A>>?M A>M >KOHHK HO>K HF SHO>>E >G>K

@B> >G MBC= BG A>M HKBeGM>K>G M> LMHII>G HF >K O>KOHE@>GL :<AM>K M> DHF>G =:M A>M FBLL<AB>G >>G LE><AM B=>> BL .>@>GPHHK=B@ @::M =B> HKBeGM:MB>?:L> ;BCG: FH>BM>EHHL =HHK HGFB==>EEBCD G: A>M HGMLM::G O:G A>M B=>> '>M >>G ;>>MC> A:G=B@ @HH@>E>G OBG=>G P> ;BGG>G MB>G FBGNM>G BG =KB> O>KL<ABE

E>G=> ;>MKHNP;::K H@>G=> ;KHGG>G => OHE@>G=> SBGG>G

(+0

) %7 ='6%8- )

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

;::K BL )I G::K => OHE@>G=> ?:L> A>M ;>@BG O:G => NBMOH>KBG@ 1::K OBG=>G P> OBC?MB>G F>=> ,>F;K:G=MEB>?A>;;>KL =B> =NBS>G= >NKH PBEE>G BGO>LM>

K>G )HD AB>K BL => G>MP>KD >G BG?HKF:MB>L:F>GE>OBG@ <KN<B::E > >B@>G D>GGBLL>GDKBG@ S:E O>>E:E M> DE>BG SBCG =::KOHHK HO>G=B>G O>KEB>LM A>M B=>> =:G >>G =>>E O:G SBCG @E:GL >G =>>E O:G => ::GMK>DDBG@LDK:<AM SBM GHN CNBLM BG A>M O>KK:LLBG@L>??><M BG A>M >Q<ENLB>O> EL HI => OHE@>G=> O>KC::K

=:@LOBLBM> A>M IN;EB>D OHHK:E ;>LM::M NBM F>=> >B@>G:K>G O:G => ,>F

;K:G=M HGM;K>>DM =:M >??><M 1> FH>M>G CNBLM ;pf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

MB>?:L> 0BC?MB>G >B@>G:K>G =B> L:F>G >>G >ML O:G ,>F;K:G=M =>E>G BG >>G >QB;>E KHNE>>KL<A>F: =:M O>K>BLM GH@ >GB@> :=FBGBLMK:MB>O> KHFILEHFI >G >>G @H>=> MBC=KHO>G=> <HFFNGB<:MB> O:G HG=>KEBG@> :?LIK:D>G 1:M SBCG => LI>EK>@>EL :EL B>F:G= SBCG =>>E>B@>G=HF PBE O>KDHI>G ::G B>F:G= :G=>KL )? :EL >>G O:G => I:KMB<BI:GM>G G::K A>M ;NBM>GE:G= O>KANBLM "H> SBM A>M F>M L<AHHGF:D>G HG=>KAHN= MK:GLIHKM O>KS>D>KBG@>G #G => OHKB@> >>NP DHG=>G B=>>eG GH@:E >>GL LG>NO>E>G H? =HH=;EH>=>G BG =>S> >QIEHBM:MB>?:L> '::K BG => G>MP>KD >G BG?HKF:MB>L:F>GE>OBG@ BL =BM >>G A>>E >>GOHN=B@> ?:L> @>PHK=>G K SBCG GN E>@BH A:G=B@> HGEBG>

MHHEL OHHKA:G=>G HF A>>E LG>E A>>E >? <BeGM SHG=>K DHLM>G M> <HFFNGB

<>K>G

(,'

) % 7 ='6%8- ) - 2 ( ) 2 32 4 63* - 87) ' 836

>IFK<I ;8E I<D9I8E;K > P>K>E= BL @KHM>K =:G ,>F;K:G=M ">M OHHK;>>E= AB>KOHHK A>>?M >>G HG>BG=B@ ::GM:E O:KB:GM>G > G::F ,>F;K:G=M D:G =HHK => G::F O:G >ED> PBEE>D>NKB@> L<ABE=>K O>KO:G@>G PHK=>G G A>M AH>?M @>>G L<ABE=>K M> SBCG A>M F:@ HHD >>G L<AKBCO>K FNSBD:GM <:;:K>MB>K H? :<M>NK SBCG G A>M AH>?M @>>G DNGLM>G::K H? DNGLMH;C><M M> SBCG A>M D:G HHD >>G DHLM;::K @>;KNBDL

OHHKP>KI SBCG >>G *HKL<A> H? >>G S>BEC:<AM HHK DK:<AM>G M> ;NG=>E>G =HHK F>GL>G M> SH>D>G F>M >>G @>=>>E= ;>E:G@ H? >>G @>=>>E=> BGM>K>LL> DHF>G HI>>GL FH@>EBCDA>=>G ;BGG>G A:G=;>K>BD =B> OHHKA>>G HGA::E;::K E>D>G #G => >:LR<K:MBL<A> L:F>GE>

OBG@ SBCG =B> F>=>LM:G=>KL O>>E @>F:DD>EBCD>K M> OBG=>G >G BL >K O>>E @>F:DD>EBCD>K F>> M> <HFFNGB<>K>G > @>;NG=>E=> DK:<AM D:G Gk@ @KHM>K PHK=>G :EL A>M @>>G BG=BOB=N>G SBCG F::K <HFIE>M> HK@:GBL:MB>L =B> >:LR<K:MBL<A L:F>GP>KD>G >=KBCO>G H? NGBO>KLBM>BM>G H? E:G=>G EL OBC?MB>G ;>=KBCO>G A>M ,>F;K:G=MB=>> SHN=>G NBMOH>K>G SHN >K @>>G >ML ;HO>G => ;:GD A:G@>G F::K >>G ><AM L<ABE=>KBC ;HO>G => K><>IMB>

9FIJ8KF @J E@<K ;FF; ,>F;K:G=M BL :E C::K =HH= EL ABC GH@ @>E>>?= SHN A>;;>G P:K>G => FH@>EBCDA>=>G OHHK => ,>F;K:G=M<EN; O>E> F:E>G @KHM>K @>P>>LM #G IE::ML O:G >>G ;>LM::G=> >ML M> SH>D>G A:==>G => <EN;E>=>G =:G P>EEB<AM S>E? DNGG>G IHL>K>G OHHK => L<ABE=>K G>M SH:EL => F:GG>G O:G K:GL :G

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bG> EB>=C> PBEE>G AHK>G LI><B::E OHHK HGL HI => =:@ =:M PBC A>M PBEE>G :M BL :EE>>G P>@@>E>@= OHHK => GHNO>:N KB<A> '::K => >:LR<K:MB> HI>GM =>NK>G =B> OHHK :G=>K>G @>LEHM>G ;EBCO>G EL P> AHG=>K= F>GL>G ;BC >ED::K P>M>G M> OBG=>G F>M =>S>E?=> P>GL PHK=M A>M HI>>GL >>G A>>E K>:EBLMBL<A >G ;>M::E;::K IE:G BCOHHK;>>E= AHG

=>K= ::GLM::G=> ;KNB=LI:K>G =B> :EE>F::E ;>LENBM>G HF OHE@>G= C::K HI =>S>E?=> =:@ M> @::G MKHNP>G .NLL>G => ANP>EBCDLOHEMK>DDBG@ >G A>M =BG>K KBC=>G => ;KNB=LI:K>G BG ANG @>K>>=LM::G=> ;KNB=L:NMH G::K >>G <>GMK:E> EH<:MB> BG /MK><AM P::K HKL:MH MP>>AHG=>K= F>GL>G MH>SBG@M BG >>G ;>LEHM>G FBGB<HG<>KM ">M HIMK>=>G PHK=M @>–EF= SH=:M => ;KNBEH?ML

@:LM>G HI ANG >B@>G EH<:MB> OB: >>G ;>O>BEB@=> P>;LBM> A>M HIMK>=>G EBO>

(,(

) %7 ='6%8- )

DNGG>G OHE@>G "HG=>K= ;KNB=LI:K>G D>>K =NBS>G= >NKH BL AHG=>K==NB

S>G= >NKH 1::KL<ABCGEBCD =H>M HKL:MH A>M HHD P>E OHHK FBG=>K .B>G C::K @>E>=>G SHN A>M S>>K FH>BEBCD SBCG @>P>>LM HF AHG=>K= ;KNB=LI:K>G ;BC >ED::K M> OBG=>G (N BL =:M GB>M SH A>>E >K@ FH>BEBCD F>>K ::K=HHK O>KL<ANB?M BG => >:LR<K:MB> => F:KDM=HFBG:GMB> P>>K O:G => ::G

;H=LSBC=> G::K => OK::@SBC=> 0:G <HG?><MB> G::K F::MP>KD ">M HKL:MHIE:G BL GB>M OHHK;>AHN=>G ::G KHF:GMBL<A> SB>E>G BG => IKB

ObL?>>K ">M IKBG<BI> BL @>F:DD>EBCD =HHK M> MK>DD>G G::K >>G K:MBHG>E> S:D>EBCD> <HGM>QM >G ;EH>FBLM =B> >>G ;>LM>EP:@>G GH=B@ A>>?M HF SBCG ;EH>F>G M> MK:GLIHKM>K>G BL :?A:GD>EBCD O:G A>M <HG?><MB>::G;H= ::G ;>LM>EP:@>GL '::K A>M BL GB>M HG=>GD;::K =:M => FH=>EE>G BG => MK:GLIHKMP:@>GLAHP

KHHF GbM GB>M ::G => LI><B >D> >BL>G O:G >>G ;EH>FBLM OHE=H>G ">M BL IK:D

MBL<A NBM@>LEHM>G =:M => :NMH?:;KBD:GM LI><B::E OHHK A>F >>G ;>LM>EP:@>G HI F::M PBE HGMP>KI>G '::K =:M O>K:G=>KM :EL => ;EH>FBLM >KBG LE::@M HF A>>E O>>E :G=>K> ;EH>FBLM>G BG (>=>KE:G= M> FH;BEBL>K>G =B> P>EEB<AM =>S>E?=> LI><B >D> ;EH>FMK:GLIHKM>BL>G A>;;>G :G LM::G => :NMH?:;KB

D:GM>G FBLL<AB>G P>E BG => KBC #G => ><HGHFB> O:G => OHKB@> >>NP HGMLMHG=>G =::KHF O::D D>M>GL O:G ;>=KBCO>G =B> OB: ABeK:K<ABL<A> HK@:GBL:MB>LMKN<MNK>G => DK:<AM>G ;NG=>E

=>G HF SH=H>G=> BGDHHIDK:<AM >G F:KDM=HFBG:GMB> M> O>KDKBC@>G ">M G:=>>E P:L O::D =NK> HO>KA>:= FBG=>K >QB;BEBM>BM FBG=>K HG:?A:GD>EBCD

A>B= >G =::K=HHK FBG=>K FHMBO:MB> #G => G>MP>KD >G BG?HKF:MB>L:F>GE>OBG@ DNGG>G DK:<AM>G LM>>=L @>F:DD>EBCD>K @>;NG=>E= PHK=>G SkG=>K =B> G:=>E>G HHK BG?HKF>E> L:F>GP>KDBG@LO>K;:G=>G HI =>>EMK:C><M>G F>M ;>AHN= O:G HG:?A:GD>

EBCDA>B=

MI88> F= 88E9F;6 #G O>>E F:G:@>F>GMEBM>K:MNNK PHK=M => E::MLM> C:K>G >>G O>KL<ANBOBG@ O:G ::G;H==HFBG:GMB> G::K OK::@=HFBG:GMB> @>LB@G:E>>K= '::K >B@>GEBCD BL =BM @>SB<AML;>=KH@ > P>S>GEBCD> O>K:G=>KBG@ SBM GB>M BG => O>KL<ANBOBG@ O:G ::G;H= G::K OK::@ F::K BG => GB>NP> <HFFNGB<:MB>FH@>EBCDA>=>G MNLL>G OK::@ >G ::G;H= ">M F::DM GB>M NBM PB> A>M BGBMB:MB>? G>>FM ">M BGBMB:MB>? D:G SHP>E O:G => ::G;B>=>K :EL O:G => OK:@>K NBM@::G ':K<H HK

L:MH AH>?M GB>M M> P:<AM>G MHM=:M >>G ;KNB=LI::K A>M >:LR<K:MBL<A> B=>> DKBC@M "BC D:G HHD SbE? A>M BGBMB:MB>? G>F>G G SH D:G HHD 0HEDLP:@>G S>E? A>M BGBMB:MB>? G>F>G BG IE::ML O:G M> P:<AM>G MHM=:M => @>S:F>GEBCD> ;EH>

FBLM>G SB<A F>E=>G HHK A>M ::GE>@@>G >G HGMPBDD>E>G O:G BG?HKF>E> <HFFNGB<:MB>G>MP>KD>G D:G >ED> ::G;B>=>K O:G >ED IKH=N<M SBCG HHK BG => F:KDM M> ENBLM>K>G E>@@>G >G L:F>G F>M SBCG :?G>F>KL O>KGB>NPBG@>G ;>=>GD>G => OK::@ LMBFNE>K>G IKH>?;:EEHGG>MC>L HIE:M>G >G BGGHO:MB>O>

(,)

) % 7 ='6%8- ) - 2 ( ) 2 32 4 63* - 87) ' 836

IKH=N<M>G >G =B>GLM>G HGMPBDD>E>G > >LL>GMB> O:G => GB>NP> F:KDMLMKN<

MNNK BL FBLL<AB>G P>E =:M =>S> <HFFNGB<:MB> =>S> F:KDMHKBeGM:MB> FH@>

EBCD BL M>@>G O>KP::KEHHL;:K> DHLM>G *NNK M>K BEENLMK:MB> => H? <BeE> ':K<H HKL:MH "RO>L I:@BG: A>>?M OKB>G=>G ">M BL FBLL<AB>G GB>M A>M F>>LM @>eB@>G=> <HFFNGB<:

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

N@JBLE;< MFFI =@C<I@A;<IJ > >:LR<K:MB> HGMLENBM P>@>G G::K GB>NP> HIEHLLBG@>G OHHK :EE> F::ML<A:I

I>EBCD> OK::@LMNDD>G 4>E?L E>MM>KEBCD 1:GM HHD A>M E>IKH;E>>F SHN ;BGG>G MB>G C::K P>E >>GL HI@>EHLM DNGG>G SBCG HF F::K >>GL >>G OHHK

;>>E= M> GH>F>G .> HIMBFBLMBL<A .> B=>:EBLMBL<A >LM FH@>EBCD F::K @>>? A>M >>G D:GL 1:GM bbG =BG@ BL S>D>K => HN=> ABeK:K<ABL<A> F:GB>K A>>?M LHPB>LH GB>M @>P>KDM > :?@>EHI>G =><>GGB: SBCG => E>L GB>M DHKM>K @>PHK

=>G HG=:GDL FBEC:K=>GBGO>LM>KBG@>G > HN=> F:GB>K O:G A>M IKH;E>>F HIEHLL>G ;>@BGM BG => F>>LM> @>O:E

E>G F>M => :G:ERL> =:M => :NMH L GB>M F>>K HI => P>@ I:LL>G =pL SBCG >K F>>K P>@>G GH=B@ =pL BL >K @>E= GH=B@ HF P>@>G M> ;HNP>G ::K BL ABC P>>K => >>KLM BL @>E= GH=B@@>=:<AM> )I SB<A BL => @>=:<AM>@:G@ GB>M O>K

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

::GI:D F>M A>M EHLE:M>G O:G => >>KLM BL @>E= GH=B@@>=:<AM> HF O>KOHE@>GL

(,*

) %7 ='6%8- )

M> DBCD>G G::K => D>KG O:G A>M IKH;E>>F ">M E>IKH;E>>F BL GB>M \ IKBHKB >>G P>@>G;HNPOK::@LMND BG >>KLM> BGLM:GMB> BL A>M >>G FH;BEBM>BMLOK::@

LMND :M => HO>KA>B= BG => IKH;E>>F::GI:D LM>KD => G:=KND E>@M HI NBM;K>B

=BG@ O:G A>M P>@>GG>M A>>?M O:LM GB>M M> F:D>G F>M DHKMSB<AMB@A>B= F::K BL BGA>K>GM ::G => ABeK:K<ABL<A> LMKN<MNK>G > FBGBLM>K O:G 0>KD>>K >G 1:M>KLM::M A>>?M PbE => FH@>EBCDA>=>G >G FB==>E>G HF >>G P>@>G;HNP>K M> ;>EE>G >G >>G >QMK: KBCLMKHHD HI => M> ;>LM>EE>G F::K A>>?M G:NP>EBCDL FH@>EBCDA>=>G HF P>KD@>O>KL M> =PBG@>G MHM A>M O>KDE>BG>G O:G A>M PHHG P>KDO>KD>>K ">M FH;BEBM>BML@>=K:@ O:G BG=BOB=N>G BL PbE ;>iGOEH>=

;::K F::K =:M @::M P>>K @>I::K= F>M BFIHINE:BK> F::MK>@>E>G =B> ;BC => OHE@>G=> O>KDB>SBG@>G S>M>EL DNGG>G DHLM>G HO>G=B>G A>>?M => HO>KA>B= HHD P>E =>@>EBCD @>SH<AM G::K F:GB>K>G HF A>M ::G;H= O:G :NMH L M> O>KDE>BG>G .ANBLP>KD>G P>KDMBC=>GLIK>B

=BG@ ;>=KBC?LO>LMB@BG@LIE::ML;>E>B= >ML>G HI>G;::K O>KOH>K >G <:KIHH

EBG@ SBCG :EE>F::E F>MAH=>L HF A>M ::GM:E :NMH L BG => LIBML M> O>KDE>BG>G > F>MAH=> <:KIHHEBG@ BL BG MA>HKB> FBLL<AB>G P>E => D:GLKBCDLM> HIEHL

LBG@ EL BG :EE> :NMH L =B> OHHK A>M PHHG P>KDO>KD>>K PHK=>G @>;KNBDM OB>K F>GL>G S:M>G SHN=>G >K BG => LIBML S>O>GMB@ IKH<>GM FBG=>K :NMH L KBC=>G SH F>E=M => LMB<AMBG@ 'BEB>N >GMK::E HI A::K P>;LBM> ">M E>IKH;E>>F SHN =::KF>> GB>M F>>K ;>LM::G &HL =::KO:G A>>?M =>S> MA>HK>MBL<A> HIEHL

LBG@ GH@ >>G ::GM:E ;BCDHF>G=> BGM>K>LL:GM> >??><M>G >>G FBEC:K=>G;>LI:

KBG@ HI P>@>G;HNP >G >>G @KHM> IHLBMB>O> ;BC=K:@> ::G :G=>K> F::ML<A:I

I>EBCD> IKH;E>F>G SH:EL ) >FBLLB> >G =K>B@>G=> >G>K@B>L<A::KLM>

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

LEB;=> LM:= O:G => >G> LM:=LPBCD G::K => :G=>K> LM:=LPBCD G HHD HF => <:KIHHEIE::ML ::G => K:G= O:G => LM:= M> ;>K>BD>G FH>M F>G >>KLM BG => LM:=L E> KBC=>G :KIHHE>G SHN O>>E >? <BeGM>K P>KD>G >G IE>SB>KB@>K SBCG :EL => <:KIHH

E>KL BG =>S>E?=> LMK::M SHN=>G PHG>G ">M IKH;E>>F BL :EE>>G =:M P> O::D :E GB>M >>GL P>M>G P::K => G::LM> ;NNKF:G IK><B>L P>KDM &::M LM::G => ;NNK

F:G O:G OBC? ANBS>G O>K=>KHI

(,+

) % 7 ='6%8- ) - 2 ( ) 2 32 4 63* - 87) ' 836

> D:GL BL S>>K @KHHM =:M ;BGG>G >>G LMK::E O:G MP>>AHG=>K= F>M>K B>F:G= PHHGM F>M OKBCP>E =>S>E?=> P>KD;>LM>FFBG@ '::K A>M BL M>O>>E @>OK::@= =:M B>=>K> ?HK>GL ;BC :EE> ANBS>G BG SBCG LMK::M @::M ::G;>EE>G HF G::K A>M PHHG P>KDO>KD>>K O:G => ;>PHG>KL M> BG?HKF>K>G '::K =:M AH>?M HHD GB>M F>>K > G>MP>KD >G BG?HKF:MB>L:F>GE>OBG@ A>>?M GB>NP> BGLMKNF>GM>G OHHKM@>;K:<AM HF => FH;BEBM>BMLLMKHF>G @>F:DD>EBCD >G >? <BeGM BG D::KM M> ;K>G@>G EL P> HI ':KDMIE::ML GE IK><B>L DNGG>G SB>G P>ED> MP>>=>A:G=L LINE

E>G >ED> ;>PHG>K NBM => LMK::M M> DHHI ::G;B>=M D:G >K HHD F:DD>EBCD >>G LHHKM@>EBCD LRLM>>F DHF>G P::KHI P> IK><B>L DNGG>G SB>G P::K => ;NNKM

;>PHG>KL P>KD>G G SH:EL => ':KDMIE::ML@>;KNBD>KL D>NKB@ => PBCSB@BG

@>G BG ANG OK::@ >G ::G;H= NI MH =:M> AHN=>G SH DNGG>G => @>;KNBD>KL O:G =BM MH>DHFLMB@> FH;BEBM>BMLMK:GLI:K:GMB>LRLM>>F >O>GMN>>E HHD ANG O:KB:;>E> OK::@ >G ::G;H= BG PHHG P>KDO>KD>>K :<MN:EBL>K>G '>M ;>ANEI O:G SH G LRLM>>F D:G F>G K:S>G=LG>E >G >? <BeGM >>G F>=><:KIHHE>K OBG=>G =>LGHH=L I>K =:@ PBLL>E>G= > ILR<AHEH@BL<A> =K>FI>E BL DE>BG>K HF ;BC >>G OK>>F=> BG => :NMH M> LM:II>G :EL =>S> OK>>F=> BG =>S>E?=> LMK::M PHHGM :M L<A>IM >>G ;:G= >G ;BCDHF>G= F::ML<A:II>EBCD G>O>G>??><M O:G SH G >:LR<K:MBL<A <:KIHHEBG@LRLM>>F BL =:M A>M E>B=M MHM >>G @KHM>K> LH<B:E> <HA>LB> BG => ;NNKM G HHD => <NEMNK>E> BGM>@K:MB> PHK=M LIHGM::G ;>OHK=>K= P:GM => ;NNKF:G O:G MB>G ANBS>G O>K=>KHI A>>?M LHFL >>G :G=>K> >MGBL<A> :?DHFLM =:G PBCS>E?

N@< >88K ;@K JPJK<<D FGQ<KK<E6 1B> @::M =BM LRLM>>F HIS>MM>G =:M OK::@ >G ::G;H= O:G FH;BEBM>BM @>=>M:BE

E>>K= BG D::KM ;K>G@M >G SH=H>G=> GB>M :EE>>G => P>@ HI>GM OHHK <:KIHH

EBG@ F::K M>O>GL D:GL>G ;B>=M OHHK <HFF>K<BeE> O>KOH>KL::G;B>=>KL HF CGF:SB@> O>KOH>KLHIEHLLBG@>G ::G M> ;B>=>G ">M FBGBLM>KB> O:G 0>K

D>>K >G 1:M>KLM::M => (1 >>G P>KD@>O>KLHK@:GBL:MB> H? >>G ;NL H? M:QBHG=>KG>FBG@ SBCG OHHK => A:G= EB@@>G=> D:G=B=:M>G '::K PBC @HDD>G >KHI =:M A>M SHF::K >>G BG=BOB=N PHK=M 'BLL<AB>G PHK=M A>M P>E >>G CHG@> :F;BMB>NS> :F;M>G::K =B> BG => E:@>K> ><A>EHGL O:G 0>KD>>K >G 1:M>KLM::M P>KDM >G BG SBCG OKBC> MBC= =BM LRLM>>F ;>=>GDM >G HIS>M B> BG IE::ML O:G O>>E >G>K@B> M> LMHII>G BG A>M DEBFF>G HI => ABeK:K<ABL<A> E:==>K SBCG >G>K@B> EB>O>K ::GP>G=M HF HIEHLLBG@>G M> ;>=>GD>G >G NBM M> OH>K>G OHHK => OK::@LMNDD>G P::K ABC BG SBCG =:@>EBCDL> P>KDS::FA>=>G HI LMNBM 1:GM =:M BL FBLL<AB>G P>E A>M F>>LM ?:L<BG>K>G=> >G AHHI@>O>G=> :LI><M O:G => >:LR<K:MB> BG => G>MP>KD >G BG?HKF:MB>L:F>GE>OBG@ BL A>M FH@>EBCD @>PHK=>G =:M bbG F>=>P>KD>K NBM => E:@>K> ABeK:K<ABL<A> K>@BH

G>G BG SBCG >>GMC> F>>K OHHK >ED::K DKBC@M =:G SBCG @>A>E> HK@:GBL:MB> BG MPBGMB@ C::K A>>?M ;>K>BDM

(,,

) %7 ='6%8- )

> D:GL O:G LE:@>G O:G A>M BG=BOB=N H? >>G BG?HKF>>E L:F>GP>KD>G= G>M

P>KD O:G BG=BOB=N>G BL P>EEB<AM S>E?L @KHM>K 1:GM >>G ;>LM::G=> ABeK:K

<ABL<A> HK@:GBL:MB> =B> >>G <:KIHHEBG@ LRLM>>F HIS>M S:E O:G G:MNK> LG>EE>K @>G>B@= SBCG HF HHD A>M GB>NP> LRLM>>F BG >>G ABeK:K<ABL<A> LMKN<

MNNK M> @B>M>G F>M <HGMKHE>FB==>E>G >G BGINM O:G ;HO>G:? >G >:LR<K::M =::K>GM>@>G S:E :E O:G G:MNK> @>G>B@= SBCG HF ;BCOHHK;>>E= => @>;KNBD>KL O:G A>M LRLM>>F SbE? => =:M: M> E:M>G BGOH>K>G '::K @::M =:M =:G P>E @H>= SH OK::@M => ;NK>:N<K::M SB<A BGLMBG<MB>? :? 4H G LRLM>>F D:G MH<A :EE>>G F::K ?NG<MBHG>K>G :EL => ;NK@>KL HI @KHM> L<A::E ANG FH;BEBM>BML;>

AH>?M>L HI@>O>G 'H>M>G S> =::KMH> =:G GB>M O:G ;HO>G:? PHK=>G ::G@>

LIHHK= H? P>MM>EBCD PHK=>G O>KIEB<AM :M SBCG EH@BL<A> OK:@>G O:GNBM => ABeK:K<ABL<A> BG=H<MKBG:MB> '::K => >:LR<K::M LE::M =>S> OK:@>G HO>K B> =>GDM >K A>>?M MH<A HHD GB>F:G= =B> FBECH>G>G F>=>:NM>NKL O:G 1BDBI>

=B: O:G ;HO>G:? ::G@>LMNNK= G :EL >>G I::K @>PHG> ANBLFH>=>KL A>M OHHK >ED::K DKBC@>G HF ;BGG>G >GD>E> P>D>G MBC= F>GL>G G::K >>G P>;LBM> M> =BKB@>K>G HF A>M NBMS>G=MBC=LMBI O:G ->L:FLMK::M M> ;>iGOEH>

=>G P::KHF SHN A>M =:G GB>M ENDD>G HF F>GL>G F:LL::E G::K => <:KIHH

EBG@ P>;LBM> M> =BKB@>K>G 1:GM P:M SHN=>G F>GL>G GHN EB>O>K A>;;>G >>G NNK I>K =:@ FBG=>K BG => E> LM::G H? ->L:FLMK::M HF A:E?S>O>G

?<K 9<JK88K 8C >G KN=BF>GM:BK> := AH<OHKF O:G <:KIHHE>G SB>G P> GN :E LIHGM::G HI .PBMM>K HGMLM::G ">M BL :E => GHKF::ELM> S::D O:G => P>K>E= :EL B>F:G= MPBMM>KM 1B> NBM FLM>K=:F @::M O:GFB==:@ HHD G::K A>M F:KD>MBG@<HG

@K>L BG BG=AHO>G #D SH>D >>G EB?M G BL A>M HHD :E => GHKF::ELM> S::D O:G => P>K>E= :EL =B> EB?M O>KOHE@>GL ;BGG>G >>G A:E?NNK @>K>@>E= BL :GDSBC A>M G>MP>KD :M =:G MP>> F>GL>G L:F>GKBC=>G =B> >ED::K =::KOHHK GH@ GHHBM @>SB>G H? @>LIKHD>G A:==>G >S> >:LR<K:MBL<A> HIEHLLBG@ @::M GH@ O>>E O>K=>K =:G => HIEHLLBG@ O:G A>M HHKLIKHGD>EBCD> BG=BOB=N>E> FH;BEBM>BMLOK::@LMNDC> 1:GM :EL ;BCDH

F>G= >??><M PHK=>G GN MP>> F>GL>G @>DHII>E= =B> G::K A>MS>E?=> <HG@K>L @::G =B> =NL =>S>E?=> BGM>K>LL> A>;;>G =B> AHH@LMP::KL<ABCGEBCD HO>KE:I

I>G=> D>GGBL F::K HHD ::GONEE>G=> D>GGBL A>;;>G ">M FH>M :E K::K EHI>G PBEE>G SBC HG=>KP>@ GB>M @::G IK:M>G HO>K A>M <HG@K>LHG=>KP>KI NL SBC SNEE>G IKH?>LLBHG>E> BG?HKF:MB> NBMPBLL>E>G >G SBC SBCG HG=>KP>@ BG ?>BM> ::G A>M G>MP>KD>G "b =:M SBCG GHN G>M => MP>> K>=>G>G ;BC NBMLM>D P::KHF F>GL>G <HG@K>LL>G ;>SH>D>G ">M MH>@:G@LD::KMC> OHHK A>M <HG

@K>L DHLM GH@ A>MS>E?=> :EE>>G A>M <HG@K>L =NNKM GN BG>>GL MP>>F::E :G=>KA:E? NNK E:G@>K

(,-

) %7 ='6%8- )

?FF=;JKLB (( J8D<E><M8K -R LIX XMNHTIVO [EEVMR HI QIIWXI QIRWIR QIX LYR LERHIR [IVOXIR [IVH ªKIPH ZSSV XMNH« LIX KIFVYMOIPMNOI FIPSRMRKWW]WXIIQ (I REHIPIR ZER HI FYVIEYGVEXMI ^MNR IIR VIGLXWXVIIOW KIZSPK ZER HEX KIPH ZSSV XMNHW]WXIIQ 2Y HI QIIWXI QIRWIR QIX LYR LSSJH [IVOIR MR TPEEXW ZER QIX LYR LERHIR MW LIX X[MNJIPEGLXMK SJ KIPH ZSSV XMNH RSK WXIIHW IIR IJ´GMtRX W]W XIIQ MW &MN IIR KIPH ZSSV [EEVHIFIPSRMRKWW]WXIIQ ^YPPIR HI MRWTERRMR KIR TVMQEMV KIVMGLX ^MNR ST LIX PIZIVIR ZER [EEVHI MR TPEEXW ZER ST LIX PIZIVIR ZER YVIR 3SO SR^I KI[SSRXIW ZER SVKERMWIVIR GSRXVSPIVIR OIRRMW ZIVKEVIR PIVIR IR WEQIR[IVOIR ^MNR EJKIWXIQH ST LIX XMNHTIVO ZER LERH[IVOIVW -R HI IEW]GVEXMI [SVHIR HI^I KI[SSRXIW ZIVZERKIR HSSV ZIIP IJ´GMtRXIVI QIXLSHIW HMI ^MNR EJKIWXIQH ST OIRRMW[IVOIVW

(,/

((

8E;<IJ N<IB<E# JC@DD<I N<IB<E ><C; MFFI K@A;

-BG=L => BG=NLMKBeE> K>OHENMB> BL A>M @>;KNBD>EBCD =:M P>KDG>F>KL >>G O:LM L:E:KBL HGMO:G@>G %>GF>KD>G= BL =:M HK@:GBL:MB>L :K;>B=LDK:<AM>G BGAN

K>G M>@>G >>G O:LM ;>=K:@ I>K MBC=L>>GA>B= @>E= OHHK MBC= :M BL >>G IKBF: LRLM>>F ">M BL >>G >?–<BeGM ;>EHGBG@LLRLM>>F =:M SB<A KNBF >>G >>NP A>>?M ;>P>S>G '::K A>M LM:FM P>E NBM >>G MBC= P::KBG => F>>LM> F>GL>G F>M ANG A:G=>G P>KDM>G > HNMINM I>K P>KDG>F>K O>KL<ABEM =:G GB>M SH A>>E >K@ O>>E >G MK:@> P>KDG>F>K MBEM ;BCOHHK;>>E= MB>G DBLM>G I>K NNK >G => BCO>KB@> DK:<AMI:ML>K MBEM FBLL<AB>G MPBGMB@ DBLM>G I>K NNK :M FB==>EM SB<A P>E NBM '::K A>M P>KD F>M => A:G=>G BL @KHM>G=>>EL O>KO:G@>G =HHK F:<ABG>L >G <HFINM>KL #G => ANB=B@> ><HGHFB> P>KD>G => F>>LM> F>GL>G GB>M F>>K F>M ANG A:G=>G F::K F>M ANG AHH?= K;>B=>KL SBCG D>GGBLP>KD>KL @>PHK=>G ">M HN=> ;>EHGBG@LLRLM>>F BL ><AM>K BGM:<M @>;E>O>G (H@ LM>>=L DKBC@M => HO>K@KHM> F>>K=>KA>B= O:G => P>KDG>F>KL ::G A>M >BG= O:G => F::G= @>E= OHHK MBC= ">M BL GB>M :EE>>G >>G BG@>LE>M>G @>PHHGM> >K BL F>>K ::G => A:G= '>M G:F> BG => MP>>=> A>E?M O:G => > >>NP SBCG P> O>KLE::?= @>K::DM ::G A>M O:LM> L:E:KBL 1> SBCG >K HHD :?A:GD>EBCD O:G EMA:GL =:M =>GD>G P> >G @KHHM =>>E O:G => P>KDG>F>KL BG EHHG=B>GLM BL >K@ @>A><AM ::G A>M O:LM> F::G=L:E:KBL >G O:D;HG=>G LM::G HO>K A>M :E@>F>>G :?PBCS>G= M>@>GHO>K ;>EHGBG@LLRLM>F>G =B> AB>KO:G :?PBCD>G > OK::@ BL AH>E:G@ =BM @>E= OHHK MBC=;>EHGBG@LLRLM>>F GH@ LM:G=

AHN=M > ><HGHFB> A>>?M SB<A HGMPBDD>E= F::K A>M ;>EHGBG@LLRLM>>F BL GB>M F>>@>eOHEN>>K= > K>LNEM:M>G =B> P>KDG>F>KL ;>A:E>G =B> F>M ANG AHH?= P>KD>G DNGG>G O:G I>KLHHG MHM I>KLHHG LM>KD NBM>>GEHI>G :M FB==>EM SB<A GB>M NBM SH:EL ;BC => MK:@> >G => LG>EE> A:G=P>KD>K #G >>G HK@:GBL:MB> =B> AHH?=S:D>EBCD NBM D>GGBLP>KD>KL ;>LM::M E>O>KM => >G> P>KDG>F>K G:NP>EBCDL P::K=> ::G => HK@:GBL:MB> ‹ H? S>E?L >>G G>@:MB>O> P::K=> ‹ M>KPBCE >>G :G=>K> P>KDG>F>K FBLL<AB>G P>E >>G FBECH>G >NKH ::G P::K=> E>O>KM =HHK bbG LEBF B=>> M> HII>K>G HHK=:M HK@:GBL:MB>L @>=PHG@>G SBCG HF LM>>=L G:=KNDD>EBCD>K M> DBCD>G G::K => MH>@>OH>@=> P::K=> =B> SBC E>O>K>G SNEE>G SBC :NMHF:MBL<A

(,0

) %7 ='6%8- )

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

><C; MFFI N88I;< >G ;>EHGBG@ OHHK => P::K=> =B> P> E>O>K>G =:M BL A>>E A:K= L<AKBDD>G OHHK => F>>LM> F>GL>G '::K P::KHF >B@>GEBCD 4BCG S> LHFL ;:G@ =:M S> ANG ;::G DPBCM K:D>G 4BCG S> ;:G@ =:M S> BG ANG ANB=B@> ?NG<MB> => HK@:GBL:MB> M> P>BGB@ P::K=> E>O>K>G HF ANG L:E:KBL M> K><AMO::K=B@>G )? PHK=M HI @KHM> L<A::E M> P>BGB@ => OK::@ @>LM>E= "H>O>>E P::K=> E>O>K BD :M BL GB>M I>K => GB

MB> A>MS>E?=> :EL A>M L:E:KBL;>=K:@ P::KOHHK => ?NG<MB> HI => EHHGL<A::E LM::M >G =>>E O:G => P>KDG>F>KL E>O>KM O>>E F>>K P::K=> =:G A>M L:E:KBL >>G :G=>K =>>E O>>E FBG=>K #G O>>E HK@:GBL:MB>L ;>LM::G ?NG<MB>L =B> HHBM BG A>M E>O>G SBCG @>KH>I>G HF=:M S> GH=B@ P:K>G F::K P::KO:G => GHH=S::D BGFB==>EL :<AM>KA::E= BL 0::D ;EBCO>G S> GH@ @>KNBF> MBC= ;>LM::G HF=:M =>S> ?NG<MB>L O>K:GD>K= SBCG BG => ABeK:K<ABL<A> HK@:GBL:MB>LMKN<MNNK > P>KDG>F>KL =B> =>S> ?NG<MB>L O>KONEE>G SBCG P>E;>L<AHNP= OHHKG:F>EBCD ;>SB@ F>M A>M BG LM:G= AHN=>G O:G => ?NG<MB> ">M SBCG OHHK:E =>S> ?NG<MB>L P::KBG => ;NK>:N<K:

MB> PHK=M @><K>e>K= !>D >B@>GEBCD P:GM :EL >>G EHH=@B>M>K H? @E:LS>MM>K DE::K BL F>M SBCG P>KD =:G O>KMK>DM ABC >G LMNNKM >>G ?:<MNNK :G ;EBC?M ABC GB>M GH=>EHHL KHG=A:G@>G '::K ?NG<MB>L BG >>G HK@:GBL:MB> H? A>E> :?=>EBG@>G H? <HF

IE>M> HK@:GBL:MB>L S>@@>G F::K S>E=>G =:M A>M P>KD DE::K BL :M BL >>G K><AMLMK>>DL @>OHE@ O:G A>M LRLM>>F O:G O:LM> ;:G>G F>M >>G O:LM L:E:KBL !>E= OHHK P::K=> BG IE::ML O:G @>E= OHHK MBC= A>>?M :EL HGEHLF:D>EBCD @>OHE@ =:M ?NG<MB>L =B> >>G G>@:MB>O> P::K=> HIE>O>K>G @>L<AK:IM SNEE>G PHK=>G >G =:M O:G ?NG<MB>L =B> M> P>BGB@ P::K=> HIE>O>K>G A>M L:E:KBL G::K ;>G>=>G S:E PHK=>G ;BC@>LM>E= :M DEBGDM FBLL<AB>G A>>E A:K= F::K A>M BL GB>M P>S>GEBCD :G=>KL =:G >>G DHHIF:G =B> ?:BEEB>M @::M HF=:M ABC P::K=>

EHS> LINEE>G E>O>KM 0HHK P>KDG>F>KL BG EHHG=B>GLM EB@M =BM @>OH>EB@>K !>=NK>G=> => BG=NLMKBeE> K>OHENMB> BL BG OKBC ;K>=> F::ML<A:II>EBCD> DKBG@ A>M B=>> @>@KH>B= =:M => O:LM> ;::G >G A>M O:LM> L:E:KBL M:F>EBCD A>BEB@ SBCG ">M BL GB>M LH<B::E HF AB>K::G M> MHKG>G OBG=>G O>E>G

(-'

%2 ( ) 6 7 ; ) 6 /) 2 7 0- 1 1) 6 ;) 6 /) 2

1::K;BC => OK::@ HG;>:GMPHHK= ;EBC?M H? A>M =:G PbE LH<B::E BL HF F>GL>G C:K>GE:G@ P>KD M> E:M>G =H>G P:M @>>G P::K=> HIE>O>KM HHK A>M :<<>GM M> O>KL<ANBO>G G::K => @>E>O>K=> P::K=> SNEE>G ;>=K>B@=> P>KDG>F>KL SB<A @::G :?OK:@>G AH> SBC BG => ANB=B@> ?NG<MB> ANG P>KDS::FA>=>G DNGG>G O>K:G=>K>G HF => HK@:GBL:MB> OHE=H>G=> P::K=> M> DNGG>G E>O>K>G HF ANG L:E:KBL M> K><AMO::K=B@>G )? SNEE>G S> :G=>K> ?NG<MB>L ;BGG>G => HK@:GBL:

MB> @::G SH>D>G P::K S> FbbK P::K=> DNGG>G E>O>K>G H? :G=>K> ?NG<MB>L ;BGG>G >>G :G=>K> HK@:GBL:MB> >LGHH=L BG >>G A>>E GB>NP ;>KH>I :EL S> BG A>M ANB=B@> ;>KH>I HGOHE=H>G=> P::K=> DNGG>G E>O>K>G :M D:G OHHK => BG=BOB=N>E> P>KDG>F>K >>G –G:G<BeE> :<AM>KNBM@:G@ ;>M>D>G>G F::K =::K LM::M M>@>GHO>K =:M F>GL>G HO>K A>M :E@>F>>G F>>K E>O>GL@>END >KO:

K>G :EL SBC P>KD NBMOH>K>G =:M S> :EL SBGOHE >KO:K>G G P>KD =:M @>>G P::K=> HIE>O>KM D:G FH>BEBCD :EL SBGOHE PHK=>G >KO:K>G G=>KL @>LM>E= AH> @>ENDDB@ S:E >>G P>KDG>F>K SBCG :EL ABC >>G @H>= L:E:KBL O>K=B>GM :EL <A>? .>E>QD:F>K M>KPBCE >K :E C:K>GE:G@ @>>G >GD>E> M>E>Q F>>K BL ;BGG>G@>

DHF>G

8E;<IJ N<IB<E1 ;< @EMCF<; M8E N88I;< FG ;< N<IBMCF<I BC >ED> O>K:G=>KBG@ BG >>G HK@:GBL:MB> H? BG => L:F>GE>OBG@ SBCG >K BG=BOB

=N>G =B> >KHI OHHKNBM@::G >G BG=BOB=N>G =B> >KHI :<AM>KNBM@::G :M S:E GB>M :G=>KL SBCG :EL ;>EHGBG@LLRLM>F>G @::G O>KL<ANBO>G O:G @>E= OHHK MBC= G::K @>E= OHHK P::K=> ">M @>OHE@ BL >>G A>KL<ABDDBG@ O:G ?NG<MB>L >G L:E:

KBLL>G *>K L:E=H S:E >K F>>K P::K=> PHK=>G @><K>e>K= NL HHD HI <HEE><

MB>? P>KDG>F>KLGBO>:N S:E >K F>>K O>K=B>G= PHK=>G '::K HI BG=BOB=N>>E GBO>:N SNEE>G P>KDG>F>KL =B> M> P>BGB@ P::K=> E>O>K>G >>G BGDHF>GL=:

EBG@ M>@>FH>M SB>G G P>KDG>F>KL =B> @>>G >GD>E> P::K=> E>O>K>G SNEE>G HGMLE:@>G PHK=>G :M DEBGDM OK>L>EBCD BG@KBCI>G= F::K L<ABCG ;>=KB>@M #G A>M ANB=B@> :K;>B=LDEBF::M SBCG BFF>KL HHD :E S>>K @KHM> BGDHF>GLO>KL<ABEE>G >G O:EE>G HHD :E FBECH>G>G F>GL>G ;NBM>G => ;HHM 0HE@>GL => E::MLM> <BC?>KL O:G A>M - A>;;>G BG (>=>KE:G= FBECH>G F>GL>G >>G BGDHF>G NBM :K;>B= >G FBECH>G >>G BGDHF>G NBM >B@>G HG=>KG>FBG@ ::KM>@>GHO>K LM::G FBECH>G F>GL>G F>M >>G ::GONEE>G=> NBMD>KBG@ #GDHF>GLLIK>B

=BG@ >G OHEE>=B@> P>KD@>E>@>GA>B= PHK=>G ;>I::E= =HHK => IHEBMB>D> D>NS>L =B> @>F::DM PHK=>G >G O>KL<ANBOBG@ G::K @>E= OHHK P::K=> A>>?M =::K G:NP>EBCDL BGOEH>= HI BC >>G @>EBCD;EBCO>G=> AH>O>>EA>B= ;:G>G PHK=>G =B> ;:G>G O>K=>>E= HG=>K => F>GL>G =B> => @KHHMLM> P::K=> DNGG>G E>O>K>G ::G => HK@:GBL:MB> (N PHK=>G => ;:G>G O>K=>>E= HG=>K F>GL>G =B> A>M ;>LM BG => ABeK:K<ABL<A> HK@:GBL:MB>LMKN<MNNK I:LL>G

(-(

) %7 ='6%8- )

">M O>>E@>AHHK=> :K@NF>GM =:M >>G O:LM F::G=EHHG ;>L<A>KFBG@ ::G => SP:DD>K>G ;B>=M BL MPBC?>E:<AMB@ 1>EEB<AM SBCG >K BG => AH@>K> BGDHF>GL

<:M>@HKB> F>>K F>GL>G =B> M> P>BGB@ P::K=> E>O>K>G =:G BG => E:@> BGDH

F>GL<:M>@HKB>eG >G MK>G=O>KL<ANBOBG@ O:G @>E= OHHK MBC= G::K @>E= OHHK P::K=> S:E A>>E O>>E BGOEH>= A>;;>G HI => P>KDOEH>K 4HE:G@ >K >>G @>E=

OHHK MBC=LRLM>>F ;>LM::M S:E => ::G=:<AM O:G => HK@:GBL:MB> OHHKG:F>EBCD NBM@::G G::K => AH>O>>EA>B= @>E>O>K=> P>KDNK>G 1>KDG>F>KL I:LL>G SB<A =::K::G ::G EL ;BCOHHK;>>E= HI MBC= DHF>G SP::K=>K P>>@M BG => ;>HHK=>EBG@ =:G => DP:EBM>BM O:G A>M @>E>O>K=> P>KD =:G BL A>M >>G EH@BL<A @>OHE@ =:M => P>KDG>F>K F>>K SBCG ;>LM =H>M HF HI MBC= M> DHF>G =:G HF @H>= P>KD M> E>O>K>G 4H=K: => G:=KND O>KL<ANB?M O:G MBC= G::K P::K=> PHK=>G IKBDDEHDD>G F>M>>G HO>K;H=B@ 4H=K: => K>LNEM:

M>G PHK=>G @>F>M>G BG IE::ML O:G => :K;>B=LNK>G PHK=>G —>QB;>E> P>KD

MBC=>G >>G O:GS>E?LIK>D>G=A>B= G>M :EL MANBLP>KD>G 1:GM SHN >>G P>KD

G>F>K =B> MP>> NNK I>K =:@ BG => –E> LM::M BG =B> NK>G SHO>>E P::K=> E>O>K>G ">M SHN S>E?L P>E >>GL SH DNGG>G SBCG =:M :EL @>OHE@ O:G @>E= OHHK P::K=> => –E>L O>K=PBCG>G SHG=>K =:M >K bbG >QMK: LG>EP>@ ::G@>E>@= AH>?M M> PHK=>G > O>KIEB<AM> =:@>EBCDL> D:GMHHK@:G@ BL BFF>KL OHHKG:F>EBCD >>G NBMOEH>BL>E O:G A>M @>E= OHHK MBC=IKBG<BI> 1:GM :EL => HK@:GBL:MB> P>KDG>F>KL ;>M::EM OHHK A>M ::GM:E @>E>O>K=> NK>G PBE F>G =B> NK>G HHD DNGG>G M>EE>G >G <HGMKHE>K>G #G => AH@>K> ?NG<MB>L BG => HK@:GBL:MB> SBCG F>GL>G O::D >>G —BGD =>>E O:G ANG P>KDMBC= ;>SB@ F>M => ABeK:K<AB> '>M A>M O>BEB@LM>EE>G O:G => O>K

HO>K=> IE>D BG => ABeK:K<AB> H? F>M LMBC@>G BG => ABeK:K<AB> '>M A>M ;>=>G

D>G NBMOH>K>G >G <HGMKHE>K>G O:G IKH<>LL>G =B> F>M G:F> =B>G>G OHHK A>M A:G=A:O>G O:G => ABeK:K<ABL<A> HK@:GBL:MB>LMKN<MNNK "H>P>E >>G =>>E O:G =>S> P>KDS::FA>=>G GNMMB@ S:E SBCG DNGG>G P> HGL :?OK:@>G AH>O>>E P::K=> PHK=M @>E>O>K= BG :E =>S> NK>G >G @>E= OHHK P::K=>LRLM>>F S:E B>=>K>>G LMBFNE>K>G HF =>S> OK::@ HHD =::=P>KD>EBCD M> LM>EE>G >G HF => P>KDS::FA>=>G F>>K M> KB<AM>G HI A>M E>O>K>G O:G P::K=> '::K SHE:G@ => ;>EHGBG@ BG => IK:DMBCD :?A:G@M O:G => IHLBMB> ;BGG>G => ABeK:K<AB> => ?NG<MB> >G => ;BC;>AHK>G=> L:E:KBLL<A::E >G A>M ::GM:E P>KDNK>G HGM;K>>DM =B> IKBDD>E >G S:E => ::G=:<AM HHD OHHK:E @>KB<AM SBCG HI A>M ;>AHN= >G H? O>KDKBC@>G O:G >>G ?NG<MB> HHK=:M HK@:GBL:MB>L SB<A LM>>=L O:D>K SNEE>G :?OK:@>G AH>O>>E P::K=> >>G ?NG<MB> HIE>O>KM BL >>G K:=B<:E> <NEMNNKO>KL<ANBOBG@ HI => P>KDOEH>K M> O>KP:<AM>G BM >??><M PHK=M GH@ >>GL O>KLM>KDM =HHK=:M HHD => P>KD

G>F>KL SB<A LM>>=L F>>K :?OK:@>G AH>O>>E P::K=> ANG ;::G A>G HIE>O>KM ">M L:E:KBL >G => LM:MNL O:G >>G ?NG<MB> SBCG GB>M E:G@>K => >GB@> LMNNK

FB==>E>G HF P>KDG>F>KL M> LMBFNE>K>G H? :? M> L<AKBDD>G

(-)

%2 ( ) 6 7 ; ) 6 /) 2 7 0- 1 1) 6 ;) 6 /) 2

M<IFL;<I;< B<EE@J ':<ABG>L A>;;>G HG=>KAHN= GH=B@ G LMKHHF H? :G=>K> ;K:G=LMH? > ;K:G=LMH? P::K P>KDG>F>KL BG >>G HK@:GBL:MB> HI =K::B>G BL D>GGBL ">M C:FF>KEBCD> BL :EE>>G =:M => D>GGBL =B> BG HK@:GBL:MB>L PHK=M MH>@>I:LM ;BCG: :EMBC= LM>KD O>KHN=>K= BL BM BL >>G K><AMLMK>>DL @>OHE@ O:G => ABeK:K

<AB> :M ;>@BGM :E =HHK => ABeK:K<ABL<A> LMKN<MNNK BG => HG=>KPBCL >G HIE>B=BG@>GL><MHK P::K=HHK => D>GGBL NBM E>>K;H>D>G I>K => GBMB> :E C:K>G :<AM>KEHHIM HI => F>>LM :<MN>E> D>GGBL SB> AHH?=LMND HO>G=B>G BL => D>GGBL =B> L<AHE>G >G HIE>B=BG@>G HO>K=K:@>G O::D GH@ :?@>LM>F= HI => >BL>G O:G => ABeK:K<ABL<A> HK@:GBL:MB>LMKN<MNK>G K BL K>E:MB>? O>>E ::G=:<AM OHHK ?>BM>GD>GGBL 1> E>K>G BGLMKN<MB>L O:G ;HO>G:? HI M> OHE@>G '::K >K BL K>E:MB>? P>BGB@ ::G=:<AM OHHK E>K>G AH> P> FH>M>G E>K>G OHHK L:F>GP>KD>G OHHK D>GGBL =>E>G >G NBMPBLL>E>G OHHK A>M O>KS:

F>E>G >G HK=>G>G O:G BG?HKF:MB> OHHK A>M <K>:MB>? SH>D>G O:G HIEHLLBG

@>G OHHK A>M HF@::G F>M >G A>M HGM=>DD>G O:G GB>NP> ANEIFB==>E>G >G => GB>NP> LEBFF>K> P>KDPBCS>G =B> =::K=HHK FH@>EBCD PHK=>G

N@A Q@AE M<<C D<<I ;@>@9<<K ;8E N< ;<EB<E > F>>LM> D>GGBLP>KD>KL ;>@BGG>G ANG P>KD=:@ F>M A>M ::GS>MM>G O:G ANG I< >G >BG=B@>G ANG P>KD=:@ F>M A>M :?LENBM>G >KO:G :M =H>G P> :E C:K>G 1> SBCG >K O>KMKHNP= F>> @>K::DM G F>=> =::K=HHK =>GD>G P> :EE>F::E =:M P> HGL P>KDMNB@ ;>A>>KL>G '::K BL =:M P>E SH K SBCG HHD A>>E P:M (>=>KE:G=>KL =B> =>GD>G =:M S> K>=>EBCD NBML LIK>D>G M>KPBCE S> >B@>GEBCD :EE>>G F::K B>ML A:K=>K @::G IK:M>G >G (>=>K

E:G=L> PHHK=>G F>M >>G NBML :<<>GM NBMLIK>D>G > @>FB==>E=> D>GGBL

P>KD>K BG => ABeK:K<ABL<A> HK@:GBL:MB> A:GM>>KM SBCG <HFINM>K G>M SH :EL >>G ;>LMNNK=>K SBCG ENQ> :NMH F>M >>G =:LA;H:K= F>M AHG=>K= DGHIC>L ABC D:G >K IKBF: BG KBC=>G F::K @>;KNBDM G:NP>EBCDL F>>K =:G LMNNK K>F >G @:LI>=::E #GM>KG>M >G > F:BE P:K>G OHHK >>G S>E=S::FA>B= =NL F>GL>G ;HO>G => \ C::K A>;;>G MBC=>GL ANG HIE>B=BG@ GHHBM E>L @>DK>@>G BG A>M @>;KNBD >KO:G '::K HHD E:M>K A>;;>G S> HI ANG P>KD F::K S>E=>G IE:GF:MB@> ;BCL<AHEBG@ @>DK>@>G BG A>M I< @>;KNBD G SH D:G A>M @>;>N

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

(-*

) %7 ='6%8- )

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

N88IFD M<<C B@E;<I<E QF ?8E;@> Q@AE D<K ;< G: > =B@BM:E> O::K=B@A>=>G ;BGG>G >>G HK@:GBL:MB> DNGG>G HI >>G A>>E >>G

OHN=B@> PBCS> SHG=>K DHLM>G PHK=>G O>K@KHHM =HHK M> DBCD>G AH> DBG=>

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eK:K<AB>EHS> P>@ bG DBG= P>>M GB>M SH @>D O>>E F::K :E =B> DBG=>K>G L:F>G OHKF>G >>G SP>KF F>M >>G >GHKF> <HEE><MB>O> BGM>EEB@>GMB> %BG=>K>G SBCG DE>BG> >:LR<K::MC>L BG => =HI EL S> B>MLC> HN=>K SBCG SH>D>G S> => HGEBG>G>MP>K

D>G HI EL S> B>ML PBEE>G P>M>G LM>EE>G S> ANG OK::@ HGEBG> 4> =>E>G ANG D>GGBL F>M AHG=>K=>G ;>D>G=>G >G HG;>D>G=>G 4> @>O>G >G S> G>F>G )K@:GBL:MB>L DNGG>G A>>E O>>E E>K>G O:G => F:GB>K P::KHI DBG=>K>G ANG =B@BM:E> O::K=B@A>=>G O>KP>KO>G ?LM:II>G O:G A>M DE:LLB>D> ABeK:K

<ABL<A> E>>KFH=>E BL >>G S>>K @H>=DHI> F>MAH=> HF A>>E O>>E >? <B>G<R M> PBGG>G )F M> E>K>G A>M P>KD ;>M>K M> HK@:GBL>K>G A>; C> @>>G <HGLNEM:GML GH=B@ > D>GGBL BL :E BG ANBL F::K PHK=M GB>M @>=>>E= )F=:M A>M BG => DE:LLB>D> ABeK:K<ABL<A> LMKN<MNNK GB>M GHKF::E BL :EL F>GL>G =P:KL =HHK => HK@:GBL:MB> D>GGBL F>M >ED::K =>E>G -MN=>GM>G =B> O>KL BG =B>GLM SBCG @>DH

F>G ;BC >>G HK@:GBL:MB> H? S>E?L LM:@B:BKL A>;;>G O::D O>KL> D>GGBL =B> A>>E K>E>O:GM BL OHHK => MHI O:G => HK@:GBL:MB> '::K F>M A>G PHK=M GB>M @>IK::M P:GM SBC SBCG F::K LM:@B:BKL ">M ABeK:K<ABL<A> =>GD>G BG @KHM> EH@@> HK@:GBL:MB>L BL M> =NNK BL GB>M >??><MB>? @>GH>@ >G D:G GHHBM E:G@ LM:G=AHN=>G #G => >:LR<K:MB> E>O>G P> O:G A>M =>E>G O:G D>GGBL G =:M BL A>M HF@>D>>K=> O:G P:M => ;NK>:N<K:MBL<A> HK@:GBL:MB> =H>M

(-+

%2 ( ) 6 7 ; ) 6 /) 2 7 0- 1 1) 6 ;) 6 /) 2

JC@DD<I N<IB<E @J E@<K QF DF<@C@AB -EBFF>K P>KD>G BL GB>M SH FH>BEBCD -EBFF>K P>KD>G PHK=M O::D M>@>G@>

AHN=>G =HHK => HK@:GBL:MB>LMKN<MNNK >G A>>E A>KD>G;::K OHHK;>>E= O:G ;>E>FF>KBG@>G =B> >>G ;NK>:N<K:MBL<A> HK@:GBL:MB> HIP>KIM M>@>G A>M =>E>G O:G D>GGBL BL A>M LH?MP:K>LRG=KHHF #G O>>E HK@:GBL:MB>L BL A>M O>K;H

=>G HF LH?MP:K> M> =HPGEH:=>G O:G BGM>KG>M :M BL >>G @KHM> @>FBLM> D:GL ::K=HHK A>;;>G F>GL>G MANBL DK:<AMB@>K ANEIFB==>E>G M>K ;>L<ABDDBG@ =B> F>>LM:E HHD GH@ >>GL @K:MBL SBCG =:G => O::D I>I>K=NK> MHHEL P::K F>G GHH=@>=PHG@>G ;BGG>G => D:GMHHKFNK>G F>> FH>M P>KD>G >G :G=>K> MRIBL<A> ;NK>:N<K:MBL<A> ;>E>FF>KBG@ ;BC A>M D>GGBL =>E>G BL A>M O:EL> >B@>G MBC=IKBG<BI> :M HGMLM::M :EL ::G >G FF: MB>G C::K E:M>K <HEE>@: L SBCG @>PHK=>G FF: SB>M =:M ::G >K@ BG>? <BeGM F>M SBCG )NMEHHD HF@::M (>M :EL OKH>@>K BG => MB>G>KD:F>K @::G S> L:F>G :<AM>K ::GL I< SBMM>G P:GM FF: PBE A>F >>G I::K MKN<C>L E>K>G AH> A>M O>>E A:G=B@>K D:G '::K => L>MMBG@ O:G => D>GGBLHO>K=K:<AM BL GB>M E:G@>K ABe

K:K<AB>EHHL P:GM GbM :EL ::G A>M ;BCG: ;>@BGM M> ;>@KBCI>G DHFM => :?=>

EBG@LF:G:@>K OHHK;BC@>EHI>G >G F::GM ABC A>M MP>>M:E HF P>>K LG>E ::G A>M P>KD M> @::G G OH>@M =::K GH@ ::G MH> :M @>LI>>E F>M C> )NMEHHD =H> C> F::K BG C> >B@>G MBC= >G OHHK O>E>G A>KD>G;::K M:?>K>>EMC> BG => ;NK>:N<K:MBL<A> HK@:GBL:MB> FF: DKBC@M GB>M >>GL => D:GL HF NBM M> E>@@>G =:M :EL SBC GN >>G NNK ;>LM>>=M ::G A>M =>E>G O:G A::K D>GGBL F>M ::G ::G =:G OHHKM::G >ED> =:@ >>G A:E?NNK >QMK: MBC= PBGM HF P::K=> M> E>O>K>G ::G => HK@:GBL:MB> > :?=>EBG@LF:G:@>K A>>?M @>>G MBC= HF =::K

G::K M> ENBLM>K>G 1:GM MBC= BL @>E= S>@M ABC :EOHK>GL LG>E =HHK M> EHI>G G::K => OHE@>G=> F>=>P>KD>K =B> ABC FH>M <HGMKHE>K>G H? =B> P>E F>M SBCG P>KD ;>SB@ BL 4BCG OHEP:LL>G>G GH@ P>E BG LM::M HF HI =>S>E?=> F:GB>K D>GGBL M> =>E>G :EL DBG=>K>G ">;;>G S> GB>M >>G ABeK:K<ABL<A> LMKN<MNNK GH=B@ HF M> DNGG>G P>KD>G (>> OHEP:LL>G>G SBCG GH@ LM>>=L IKBF: BG LM::M HF BG >>G ABeK:K<AB>EHS> L>MMBG@ M> ?NG<MBHG>K>G :M =H>G S> ;BCOHHK;>>E= BG @>SBG

G>G ?:FBEB>L OKB>G=>G@KH>I>G OKBCPBEEB@>KLIKHC><M>G >G O>K>GB@BG@>G #G :E =>S> @KH>I>G PHK=>G @><HFIEB<>>K=> M:D>G OHE;K:<AM =HHK OHEP:LL>G>G =B> BG?HKF>>E L:F>GP>KD>G

;< JK8E;88I;BEFGA<J FG ?<K ;8J?9F8I; M8E ;< @E=FID8K@<J8D<EC<M@E> > BG?HKF:MB>L:F>GE>OBG@ A>>?M AHG=>K=>G GB>NP> MHHEL OHHKM@>;K:<AM P::KF>> P> ;>M>K F:DD>EBCD>K E>ND>K >G LG>EE>K DNGG>G P>KD>G !>>G BG@>PBDD>E=> H? =NK> :II:K:M>G F::K @>PHHG LM:G=::K=DGHIC>L HI A>M =:LA;H:K= O:G => BG?HKF:MB>L:F>GE>OBG@ > MHHEL SBCG :E @KHM>G=>>EL ::G

P>SB@ BG => <HFINM>KL =B> BG HK@:GBL:MB>L HI >ED> D:GMHHKP>KDIE>D LM::G )? S> SBCG F>M =B>S>E?=> <HFINM>K ;BGG>G >>G FBGNNM @K:MBL HI M> A:E>G

(-,

) %7 ='6%8- )

O:G BGM>KG>M '::K =B> DGHIC>L PHK=>G GH@ F::K FHG=C>LF::M @>;KNBDM BG HK@:GBL:MB>L ">M K>@NEB>K> HG=>KPBCL L<AB>M =K:LMBL<A M>DHKM BG A>M E>K>G ;>=B>G>G O:G =B> LM:G=::K=DGHIC>L )HD => BGM>KG> HIE>B=BG@>G ;BGG>G HK@:GBL:MB>L A>;;>G A>M HGMPBDD>E>G O:G =B@BM:E> O::K=B@A>=>G L<AKHF>

EBCD O>KP::KEHHL= > HIEHLLBG@ EB@M OHHK A>M HIK:I>G 0HHK B>=>K> HK@:GBL:MB> EB@@>G >K KNBFL<AHHML FH@>EBCDA>=>G HF => >? <B>G<R >G => <HG<NKK>GMB>IHLBMB> ::GSB>GEBCD M> O>K;>M>K>G =HHK F>>K @>;KNBD M> F:D>G O:G => HG;>GNMM> D>GGBL =B> K>>=L BG >G KHG= => HK@:GB

L:MB> ::GP>SB@ BL ::K SBCG ;BCSHG=>K P>BGB@ BGO>LM>KBG@>G OHHK GH=B@ 1:M LE><AML GH=B@ BL BL >>G >:LR<K:MBL<A> AHN=BG@ ">M ;>L>? =:M A>M E>O>K>G O:G P::K=> => bGB@> P>@ BL HF => <HGMBGNiM>BM O:G => HK@:GBL:MB> M> P::K;HK

@>G 1:M HHD GH=B@ BL F>>K ;>PNLMPHK=BG@ O:G AH> => ABeK:K<ABL<A> LMKN<

MNNK => OHHKNBM@:G@ ;>E>FF>KM >G O>KOHE@>GL => FH>= HF => ABeK:K<AB

L<A> K>@>EL >G IKH<>=NK>L M> E:M>G OB>K>G 'BG=>K ;NK>:N<K:MB> >G F>>K >:LR<K:MB>

(--

?F< EL M<I;<I6 NNN%<8JP:I8K@<%EC&?F<M<I;<I

K?< D<JJ8>< @J 9<C8E>I@AB<I ;8E K?< D<JJ<E><I )I =>S> E::MLM> I:@BG: MK>? C> => >:LR<K:MBL<A> F>GBG@>G >G K><>GLB>L O:G F>GL>G =B> >K P:M O:G FH@>G OBG=>G G:F>EBCD =B> O:G => E>S>KL >G @>;KNBD>KL O:G $>:LR<K:MB> 0:G=::@ $>:LR<K:MB> NBME>S>G O:G K>LHNK<>K>K >G ::GK:=>K OHHK >B@>GEBCD B>=>K>>G <GGJ LGE?GME9F :LR<K:MB> FH>M @>E>S>G PHK=>G <GGJ AFL=?J9LA=;G9;@ &>>LM E>DD>K P>@ '::K A:= >K B>ML F>>K O:G O>KP:<AM HF >>KEBCD M> SBCG (B>M

M>FBG A>>?M A>M FBCG @>>LM @>OH>= >G O>KKBCDM <GGJ KACCG?=JC=E9 ">E=>K >G ;>@KBCI>EBCD @>L<AK>O>G F:M>KB> BL BGM>K>LL:GM OHHK F:G:@>KL F:K

D>M>>KL HO>KA>B= >G HG=>KPBCL <GGJ D=P@MH= #D OBG= =:M $>:LR<K:MB> O>KIEB<AM> E>>LOH>K HI L<AHHE FH>M PHK=>G P:GM P::K D:G C> ;>M>K ;>@BGG>G <GGJ .A9F7E9 #GM>K>LL:GM ;H>D =:M :LR<K:MB> O:G K>LHNK<>K>K HO>K => @>G>K:MB> =B> OHHK

;BC ;NK>:N<K:MB> @::M <GGJ 9K;@9EAF== :LR<K:MB> BL >>G OEHM E>>L;::K BGLIBK>K>G= ;H>D F>M LI>>EL> @>=:<AM>G HO>K >>G :G=>K> FH@>EBCD> BGKB<AMBG@ O:G => F::ML<A:IIBC <GGJ :MJLGF:9JLABF :LR<K:MB> ::G A>M E>S>G ;>G HHD ;>SB@ MH> M> I:LL>G P:GM A>M @>>?M O>>E >G>K

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

16:41

Pagina 1

Stel het doel centraal en niet de ‘regeltjes om de regeltjes’

De easycratie is een netwerk van professionals, dat naast de traditionele bureaucratieën een steeds machtiger en invloedrijker bolwerk wordt. En dat uiteindelijk zelfs de bestaande bureaucratie zal dwingen ook easycratisch te worden.

Easycratie roept op tot een nieuwe manier van werken, organiseren én samenwerken die dwars door bestaande organisatiestructuren heen gaat. Het laat zien hoe je samen met andere bevlogen professionals het verschil kunt maken, ongeacht je plaats in de traditionele hiërarchie. Je hoeft niet eerst CEO of minister-president te worden om dingen te kunnen verbeteren. Je moet er alleen voor zorgen dat je de juiste spelregels kent. Want van boven naar beneden werkt anders dan van beneden naar boven.

“Inspirerend” “Geweldig boek” “Baanbrekend” “Opgewarmd prutje van overbekende boeken” “Vlot geschreven, zeer leesbaar” “Erger dan koffie voor het slapen” “Per direct uitdelen op alle hogescholen en universiteiten” “Je leest het zo uit en bent toch een leven rijker”

2e oplage met een voorwoord van Frans Roemen en een extra case op pagina 141!

978 90 5261 702 2 801

EASYCRATIE

Martijn Aslander geeft lezingen over onderwerpen als de netwerksamenleving, web 2.0, het slim delen van kennis, collectieve intelligentie en zwermen; dé ingrediënten van de easycratie. Erwin Witteveen is een journalist/publicist die met humor en diepgang ingewikkelde zaken in heldere taal opschrijft. Hij schrijft voor vakbladen op het gebied van marketing en management.

Aslander & Witteveen

In grote, logge organisaties heerst vaak een verstikkende bureaucratie, die het onmogelijk maakt om de grote vraagstukken op te lossen. Er zijn genoeg mensen die de oplossingen hebben, maar zij worden nog al te vaak belemmerd door regels, hiërarchieën en een gebrek aan samenwerking. Dat moet en kan anders: vervang de bureaucratie door de easycratie!

Martijn Aslander Erwin Witteveen

DE TOEKOMST VAN WERKEN EN ORGANISEREN

04-10-2010

EASYCRATIE

Omslag Easycratie 2e oplage

Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.