Vodafone Global Enterprise

6.1(7.+%&89.:(9&;+$%)')#5%

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

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

!"#$%&'('%)

<.+$%+$5 ;=%3/$#2%&>/??()-

@A

<.+5/?%)#5($#.+4&1234+*!'4&#4/,##!$5

@B

C%-&7(3$.)54&.*'#4.*"#$*6

@D

E"%&3.?'9%=&F/%5$#.+&.7&3.5$&(99.3($#.+

@G

E.&5/?&/'&.+&2#5#:#9#$-&(+1&3.+$).9&.7&3.5$5

@H

IJ&(+1&E(=&#55/%5

K@

6HFXULW\ &RPSOLDQFH DQG &RQÈ¥JXUDWLRQ

KK

E"%&F/%5$#.+&.7&(''5

KL

E"%&).9%&.7&5/''.)$

KM

<.+39/5#.+4&,"47!)!$3*"!41&"'849:;<4'#$,#!=3

KN

>

!"#$%"&'()*"+$*(,&-'./.01'

;=%3/$#2%& >/??()V4G2!4=$*1&"=4%,.!4*-4.*"'D/!$&',#&*"4*-4FG4/!,"'4#2,#4!/%6*3!!'4,$!4 2,)&"=4,4=$!,#!$4',34&"4#2!4#!.2"*6*=34#2,#4#2!34D'!4&"4#2!41*$@%6,.!A4 &".6D+&"=4#2!&$4*1"4+!)&.!'(W4IF<KJ

&RQVXPHULVDWLRQ LV WKH WUHQG WKDW UHȤHFWV #2!4+!/,"+'4*-4,4"!14#!.2?',))341*$@-*$.!A 12*4!B%!.#4#*4C$&"=4#2!&$4+!)&.!'4&"#*4#2!

1*$@%6,.!4,"+4.*""!.#4#*4.*$%*$,#!4'!$)&.!' &"4,41,34#2,#4'D&#'4#2!/( E4+!.,+!4,=*A4FG4!HD&%/!"#4%$*)&+!+4,#41*$@ 1,'4#3%&.,6634/D.24C!##!$4#2,"4#2,#4D'!+4&" #2!42*/!(4;)!$4#&/!42*1!)!$A4!/%6*3!!'

2,)!4-*D"+4#2!&$4%!$'*",64FG42,'4C!.*/!4/*$! %*1!$-D64*$4%$!-!$,C6!4#2,"4#2,#4%$*)&+!+4C3 #2!4.*$%*$,#!A4,4+!)!6*%/!"#412&.24'&#'4,#4#2!

2!,$#4*-4#2!4.*"'D/!$&',#&*"4,=!"+,( F/%6!/!"#!+4!--!.#&)!63A42,$"!''&"=4#2!

EHQHȣWV RI LQWHOOLJHQW SHUVRQDO GHYLFHV ZLWKLQ WKH EXVLQHVV HQYLURQPHQW FDQ EULQJ VLJQLȣFDQW EHQHȣWV IRU WKH FRUSRUDWH LQ WHUPV RI UHGXFHG KDUGZDUH FRVWV DQG JUHDWHU ȤH[LELOLW\ IRU WKH !/%6*3!!A4$!'D6#&"=4&"4&/%$*)!+4*%!$,#&*",6 HIȣFLHQFLHV SURGXFWLYLW\ DQG VWDII VDWLVIDFWLRQ ,"+4$!#!"#&*"( F#4&'4"*#4'D$%$&'&"=4#2,#4.*/%,"&!'4,$! $!'%*"+&"=4#*4#2&'4-,'#?!/!$=&"=4#$!"+41&#2 ,4$,"=!4*-47C$&"=43*D$4*1"4+!)&.!84I9:;<J '#$,#!=&!'4,'4#2&'4!",C6!'4.*/%,"&!'4#* &".$!,'!4%!"!#$,#&*"4*-4#,C6!#'4,"+4*#2!$ '/,$#4+!)&.!'41&#2*D#4,++&#&*",64&")!'#/!"#(

P

E'4.*"'D/!$4+!)&.!'4.*/!4&"#*4#2!41*$@%6,.!A ,4$!.!"#4'D$)!3A4C34=6*C,64FG4'*6D#&*"'4%$*)&+!$ K&#$&B4L3'#!/'A4-*D"+4#2,#4,"4*)!$12!6/&"= M0N4*-4.*/%,"&!'4$!%*$#!+4#2,#4'*/!41*$@!$' ,$!4,6$!,+34D'&"=4"*"?.*/%,"3?&''D!+ .*//D"&.,#&*"'4+!)&.!'4-*$41*$@?$!6,#!+ #,'@'(4O*4'D$%$&'!4#2!$!-*$!4#2,#4"!,$6342,6IPPNJ4,6$!,+342,)!4'*/!4-*$/4*-4-*$/,649:;< %*6&.34&"4%6,.!A4$&'&"=4#*4,"4,6/*'#4D"&)!$',6 MPN4C34/&+?0QR>( F"4%D##&"=4&"4%6,.!4,4"!149:;<4%*6&.3A4/,"3 ȣUPV FRQWLQXH WR EH ULJKWO\ FRQFHUQHG DERXW '!.D$&#34?4&"4#2!4.,'!4*-46*''4*-4.*$%*$,#! &"-*$/,#&*"4*$4+,#,4C$!,.24?4,%%6&.,#&*" /,",=!/!"#4,"+46*''4*-4.*'#4.*"#$*6( F"4$!'%*"+&"=4#*4#2!4+!/,"+4-*$49:;<A4*"! *%#&*"4&'4'&/%634#*4!B#!"+4#2!4$,"=!4*$4+!)&.!' *--!$!+4#*4#2!4!/%6*3!!4I,4-*$/4*-47.2**'!

3*D$4*1"4+!)&.!84*$4K:;<J(4E"*#2!$4*%#&*" &'4#*4/,@!4,4.*"#$&CD#&*"4#*4#2!4!/%6*3!!8' .2*&.!4*-42,$+1,$!A4&"4*$+!$4#*4%,$#?-D"+4/*$! !B%!"'&)!4+!)&.!'(4S*$4'*/!4.*/%,"&!'A WKHVH PD\ EH LGHDO ȣUVW VWHSV LQ PHHWLQJ WKH "!!+'4*-4#2!4CD'&"!''4,"+4#2!4+!/,"+'4*-44 &#'4!/%6*3!!'(

E#4#2!4*#2!$4!"+4*-4#2!4'%!.#$D/A4#2!

CD'&"!''4.,"4,66*14.*/%6!#!4-$!!+*/4*.2*&.!4C34#2!4!/%6*3!!(4G2!34.,"4%D$.2,'!

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ȣUP *"4#2!4*#2!$42,"+A41&6642,)!4)!$34+&--!$!"# $!HD&$!/!"#'4&"4'D%%*$#&"=4'!"&*$4.*"'D6#,"#' %$*)&+&"=42&=2?6!)!64.D'#*/!$4'D%%*$#(

!"#$%&'('%)

XHD,663A41&#2&"4!,.24CD'&"!''4#2!$!41&664C! 1&+!634+&--!$&"=4"!!+'4C!#1!!"4+!%,$#/!"#'A PDNLQJ LW GLI호FXOW WR SURYLGH D %<2' VROXWLRQ 12&.24/!!#'4#2!4+!/,"+'4*-4C*#24#2!4CD'&"!'' ,"+4#2!4!/%6*3!!(

ZD.24*-4#2!4!,$634-*.D'4*"49:;<4.!"#$!'4*" #!.2"*6*=&!'4,"+4+!)&.!'(4[**@&"=4,2!,+ 2*1!)!$A4#2&'41&664&".$!,'&"=634!B#!"+4#* &".6D+!4,%%'4,"+4#2!"4#*4*#2!$4,$!,'4'D.24,' '!$)&.!'4,"+4'D%%*$#(

G2!$!4,$!4C!'#4%$,.#&.!4'*6D#&*"'4,),&6,C6!

12&.24%$*)&+!4#2!4$&=2#46!)!64*-4)&'&C&6&#3A '!.D$&#34,"+4'!$)&.!4'D%%*$#A4#*4/,B&/&'!4#2!

EHQH호WV RI %<2' DQG DYRLG WKH SLWIDOOV RI D OHVV .*"#$*66!+4$!'%*"'!(

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

G2!342,)!4#*4%D#4&"4%6,.!4'D&#,C6!4'#$,#!=&!' ,"+4%*6&.!'4#*4/,",=!4#2!4#$,"'&#&*"4#*4=$!,#!$ /*C&6&#34,'4,4/,##!$4*-4D$=!".3(4E#4#2!4',/! #&/!A4#2!34'2*D6+4$!'&'#4#2!4/*$!4!B#$!/!423%! ,$*D"+4#2!4=$*1#24*-49:;<(4G2!34'2*D6+4#,@! ,4/!,'D$!+4,%%$*,.2A412&.24!"'D$!'4#2,#4#2!3 GHYHORS SURFHVVHV ZKLFK ZRUN WR WKH EHQH호W RI C*#24#2!4!"#!$%$&'!4,"+4&#'4!/%6*3!!'(

G2&'4\*+,-*"!4]6*C,64X"#!$%$&'!412&#!4%,%!$ ,&/'4#*42!6%4#2*'!4$!'%*"'&C6!4#*4/,@!4, 1!66?&"-*$/!+4+!.&'&*"4,C*D#412,#4&'4$&=2#4-*$ #2!&$4*1"4*$=,"&',#&*"A4D#&6&'&"=4*D$4'*6D#&*"' +!'&="!+4#*4/!!#4#2!'!4#$!"+'42!,+4*"(

^

!"#$%"&'()*"+$*(,&-'./.01'

<.+5/?%)#5($#.+4 0"-&1.%5&#$&?($$%)P $O\V :RRGZDUG 3URJUDPPH 0DQDJHU (XURSHDQ %, DQG $QDO\WLFV $SSOLFDWLRQV ,'& (0($ GHÈ£QHV FRQVXPHULVDWLRQ DV È&#x201E;WKH WUHQG WKDW VHHV QHZ ,7 WHFKQRORJ\ HPHUJLQJ È£UVW LQ WKH FRQVXPHU PDUNHW DQG WKHQ VSUHDGLQJ LQWR EXVLQHVV *$=,"&',#&*"'(4G2!4$&'!4*-4#2!4'*.&,641!C4I'*.&,64"!#1*$@&"=A4C6*='A4/!'',=!4 C*,$+'J4&'4"*14+$&)&"=4&".$!,'!+4D'!4*-4!"#!$%$&'!4.*66,C*$,#&*"4,%%6&.,#&*"'(W

%RWK )RUUHVWHU DQG *DUWQHU KDYH LGHQWLÈ£HG .*"'D/!$&',#&*"4,'4%*''&C634#2!4+!.,+!8'4/*'# +&'$D%#&)!4#$!"+(4F#4&'4,4#$!"+412&.24'&/%63 .,""*#4C!4&="*$!+( E"+4#2!4$!,'*"'4,$!4.6!,$(4ZD.24*-4#2! %$!''D$!4-*$4.2,"=!4&'4.*/&"=4-$*/ !/%6*3!!'A4C*#24,#4,"4*%!$,#&*",64,"+ !B!.D#&)!46!)!6(4U*1!)!$A4!/C$,.&"= #2&'4.2,"=!4!--!.#&)!634?412&.24&".6D+!' &/%6!/!"#&"=4,"4,%%$*%$&,#!49:;<4'#$,#!=34_ ,6'*4+!6&)!$'42D=!4=,&"'4#*4#2!4CD'&"!''( ,W EHQHÈ£WV IURP WKH JUHDWHU DJLOLW\ DQG FRVW ',)&"='4,4/*$!4/*C&6!41*$@-*$.!4C$&"='( 934=&)&"=4'#,--412,#4#2!341,"#4?4,"+412,# #2!34,$!4&".$!,'&"=634D'!+4#*4&"4,4+*/!'#&. !")&$*"/!"#4?4#2&'4+$&)!'4=$!,#!$4!/%6*3!! %$*+D.#&)&#3A4',#&'-,.#&*"4,"+4$!#!"#&*"A4,' &#4.*$$!'%*"+'4/*$!4.6*'!6341&#24#2!41,3 &"412&.24#2!341,"#4#*46&)!4,"+41*$@(4E"+ FXVWRPHUV EHQHÈ£W WRR DV WKH EXVLQHVV LV DEOH #*4$!'%*"+4/*$!4HD&.@634,"+4!--!.#&)!634#* #2!&$4.2,"=&"=4"!!+'( [&@!4.*"'D/!$&',#&*"A49:;<4&'4"*#4"!1A4+!'%&#! #2!4.D$$!"#4"*&'!4,$*D"+4&#'4,%%,$!"#6347.D$!,668 EHQHÈ£WV )RUZDUG WKLQNLQJ FRPSDQLHV KDYH C!!"41*$@&"=41&#24\*+,-*"!4]6*C,64X"#!$%$&'!

-*$4'*/!4#&/!4&"4'2,%&"=4,"+4&/%6!/!"#&"= 9:;<4&"&#&,#&)!'412&.24,$!4+!6&)!$&"=4, VLJQLÈ£FDQW UHWXUQ RQ LQYHVWPHQW

a

[&@!4#2!4D"+!$63&"=4#!.2"*6*=&!'A4#2!4CD'&"!'' +$&)!$'4-*$4.2,"=!41&#2&"4#2!4!"#!$%$&'!42,)! ,6'*4!)*6)!+4*)!$4#2&'4%!$&*+(4F"4/,"34.,'!'A #2!4&"&#&,64&/%!#D'41,'4#*4.D#4.*'#'4,#4,4#&/! *-4'!)!$!4!.*"*/&.4.*"'#$,&"#(4:!#4*#2!$ %$*+D.#&)&#34,"+4'#,--_$!6,#!+4,+),"#,=!'

2,)!4'&".!4!/!$=!+A4,'4CD'&"!''!'46**@4#* C!.*/!4#2!4!/%6*3!$4*-4.2*&.!4&"4,##$,.#&"= ,"+4$!#,&"&"=4#2!4C!'#4'#,--(

E"+4.*/%,"&!'412*4TD/%4,C*,$+4#2!49:;< #$,&"4!B%!.#&"=4,D#*/,#&.4.*'#4$!+D.#&*"'4&" $!+D.&"=4#2!4.*$%*$,#!4FG4CD$+!"4?4%!$2,%' C34'1&#.2&"=4'*/!4*-4#2&'4#*4#2!4!/%6*3!! ?4/,34C!4+**/!+4#*4+&',%%*&"#/!"#(4G2&' &'4C!.,D'!49:;<42,'4&#'4*1"4'!.D$&#34,"+ +!)&.!4/,",=!/!"#4$!HD&$!/!"#'A4,'41!66 ,'4&/%,.#&"=4*"4'D.24+&)!$'!4,$!,'4,'4,%%' &/%6!/!"#,#&*"4,"+4.*$%*$,#!4.D6#D$!(

>.&0"($&#5&$"%&)#,"$&('').(3"&7.)&$"%& #+1#2#1/(9&:/5#+%55O&#+&(2.#1#+,&$"%& ').2#5#.+#+,&+#,"$?()%&.7&(&7)%%&7.)&(99& ('').(3"P

G2!4,"'1!$4&'4#*4,+*%#4,4'#$,#!=3412&.2 UHȤHFWV WKH QDWXUH DQG NH\ EXVLQHVV GULYHUV *-4#2!4CD'&"!''4,"+4C,6,".!'4&''D!'4*-4.*'#A ,..!''4,"+4.*"#$*6(4;"!4!B,/%6!41&664C!4#* !"'D$!4$!=D6,#*$34.*/%6&,".!A4!'%!.&,663 12!$!4.*/%,"&!'4,66*14D'!$'4#*4$D"4.*$%*$,#! !/,&64*"4#2!&$4+!)&.!'A412&.24$!/,&"4'DCT!.# #*4!?+&'.*)!$34$D6!'(4S,&6D$!4#*4+*4'*41&66 EH FRVWO\ ODWHVW ȣJXUHV IURP WKH 3RQHPRQ F"'#&#D#!4'2*14#2!4,)!$,=!4.*'#4*-4,4+,#, C$!,.24&'4"*14`0(a4/&66&*"4I`a(b4/&66&*"4&"4#2! cLJA41&#24#2!4,)!$,=!4.*'#4*-4,4.*/%$*/&'!+ $!.*$+4*-4`Md4,"+4`0QP4$!'%!.#&)!63(

S*$4!B,/%6!A4+*43*D4!",C6!4!/%6*3!!'4#* .2**'!4#2!&$4*1"4!HD&%/!"#4,"+4.6,&/ #2$*D=24,"4!B%!"'!4/,",=!/!"#4'3'#!/ I@"*1"4,'4F"+&)&+D,64[&,C&6&#3A4*$4F[JA4%D$.2,'! ,4C$*,+!$4$,"=!4*-4+!)&.!'41&#2&"4#2!4.*/%,"3 IK*$%*$,#!4[&,C&6&#3A4*$4K[J4*$4,+*%#4,423C$&+ )!$'&*"4+!%!"+&"=4*"4#2!4D'!$8'4$*6!4,"+ CD'&"!''4"!!+54U!$!A4C341&+!"&"=4#2! #3%&.,66346&/&#!+4$,"=!4*-4!"#!$%$&'!42,"+'!#' %$!)&*D'634,),&6,C6!A4,4K:;<4,%%$*,.24,66*1' #2!4.*$%*$,#!4#*4*--!$4#2!4.2*&.!4#2!4!/%6*3!!

1,"#'4,"+4&"4'*/!4&"'#,".!'4'2,$!4#2!4.*'#4*#2!42,$+1,$!( X,.242,'4&#'4,##$,.#&*"'4,"+4+$,1C,.@'( Z,@&"=4!/%6*3!!'4$!'%*"'&C6!42,'4C!.*/! /*$!4%*%D6,$4,'4&#4.*/C&"!'4-$!!+*/4*.2*&.!41&#24$!+D.!+4.,%!B(4:!#4#2!4,C&6&#34#* !"'D$!4'!.D$&#3A4.*/%6&,".!4,"+4/,&"#,&"4.*'# .*"#$*64&'42,$+!$412!"4#2!4CD'&"!''4+*!'"8# *1"4#2!4+!)&.!(

\*+,-*"!4]6*C,64X"#!$%$&'!42,'4+!)!6*%!+ %$*)!"42*'#!+4'*6D#&*"'4#*4,''&'#4=6*C,6 RUJDQLVDWLRQV LQ GHÈ£QLQJ WKHLU QH[W JHQHUDWLRQ /*C&6&#34'#$,#!=3A4&".6D+&"=4&".$!,'&"=4.2*&.!A .*"#$*66&"=4.*'#'4,"+4/,&"#,&"&"=4)&'&C&6&#34,"+ .*"#$*64*-4.*$%*$,#!4+,#,4,"+4'!.D$&#3( G2!4-*66*1&"=4-,.#*$'4"!!+4#*4C!4.*"'&+!$!+e

!"#$%&'('%)

C%-&7(3$.)54 3.5$&3.+$).9 F"4#2!46,#!'#4\*+,-*"!?'%*"'*$!+4=6*C,64'D$)!34C34K&$.6!4Y!'!,$.2A4Z!!#&"=4#2!4 .2,66!"=!4*-4.*"#$*66&"=4#!6!%2*"34!B%!"+&#D$!A4,6/*'#42,6-4IP^NJ4*-4$!'%*"+!"#'4 FRQÈ£UPHG WKDW UHGXFLQJ WHOHFRPPXQLFDWLRQV FRVWV ZDV D KLJK SULRULW\ ZLWKLQ #2!&$4*$=,"&',#&*"(4E"+4#2&'4,#4,4#&/!412!"4*)!$4bQN4,"#&.&%,#!4#2,#4&".$!,'&"=4 /*C&6&#341&664+$&)!4D%4#!6!.*/'4.*'#'(

Z,"34%$*%*"!"#'4*-49:;<4%*&"#4#*4#2!4',)&"=' #*4C!4/,+!4C34,66*1&"=4!/%6*3!!'4#*4'!6!.#A /,",=!4,"+4%,34-*$4#2!&$4*1"4/*C&6!4+!)&.!

D',=!A4%*&"#&"=4#*4,4F[4,%%$*,.24,'4#2!4/*'# .*'#?!--!.#&)!4*%#&*"A4,'4&#4@!!%'4.,%!B4,"+ ,+/&"&'#$,#&)!4*)!$2!,+'4#*4,4/&"&/D/( :!#4#2!4$!,6&#34&'4"*#4,4'&/%6!4,'4#2&'(4F-43*D4,$! ,4.*$%*$,#!41&#24'!)!$,64#2*D',"+'4*-4D'!$' *"4,4.*$%*$,#!4#,$&--A4-*$4!B,/%6!A4#2!$!41&66 EH D QXPEHU RI SRWHQWLDO FRVW EHQHÈ£WV WR DQ K[4,%%$*,.2A4&".6D+&"=4%**6!+4$,#!'A4 &"#$,.*/%,"34.,66'A4/*$!4-,)*D$,C6!4$*,/&"= $,#!'4,"+42,$+1,$!4+&'.*D"#'A412&.24&"4'*/! .,'!'4.,"4C!4D%4#*4^QNA4!"'D$&"=4#2!4C!'# %*''&C6!4Y*F(4F"4,++&#&*"A4#!6!.*/'4'%!"+4/,3 %*#!"#&,6634C!42&=2!$4,"+4)&'&C&6&#34$!+D.!+ &-4!/%6*3!!'4.6,&/4.*/%,"34.,66'4#2$*D=2 !B%!"'!'4*"4.*"'D/!$4#,$&--'4#2,#4,$!46!'' .*/%!#&#&)!4#2,"4.*$%*$,#!4$,#!'(

Y!'!,$.24C34EC!$+!!"4]$*D%A4-*$4!B,/%6!A '2*1'4#2,#4,4.*/%,"34'!&f&"=4,4)*6D/! +&'.*D"#4$,#!4,"+4*%#&/&'&"=4%6,"'4-*$ .!$#,&"4!/%6*3!!'4'%!"+'4,"4,)!$,=!4`aQ %!$4/*"#24-*$4,4'/,$#%2*"!8'41&$!6!''4)*&.! ,"+4+,#,4'!$)&.!'(4G2&'4.*/%,$!'4-,)*D$,C63 1&#24,"4,)!$,=!49:;<4$!&/CD$'!/!"#4-*$4, '/,$#%2*"!4*-4`bQ4%!$4/*"#2( g2!$!4#2!4!/%6*3!!4*1"'4#2!4+!)&.!A #2!4CD'&"!''41&664,6'*42,)!4#*4,++$!''4#2! .2,66!"=!4*-4/*$!4.*/%6!B4&")*&.&"=4,"+ UHGXFHG YLVLELOLW\ RI VSHQG ZLWKLQ D ODUJHU ȤHHW *-4+,#,?2D"=$34+!)&.!'4&"4#2!42,"+'4*-4,"4!)!$ /*$!4/*C&6!41*$@-*$.!(

U*1!)!$A4*"!4/&#&=,#&"=4-,.#*$4&"4-,)*D$4*,"4F[4,%%$*,.24&'4#2,#4!/%6*3!!'41&664*-#!"

C!4,C6!4#*4+&,="*'!4,"+4.*$$!.#4&''D!'4*" #2!&$4*1"4&"-$,'#$D.#D$!A4!&#2!$4%!$'*",6634*$ D'&"=4'*.&,64'D%%*$#4#!.2"&HD!'(4F"4.!$#,&" .&$.D/'#,".!'4,"+4&"4'*/!4.D6#D$!'4#2&'4/,3 $!'D6#4&"4,4/*$!4.*'#?!--!.#&)!4,"+4C!##!$?

HD,6&#34D'!$4!B%!$&!".!4#2,"4&"42,)&"=4, .!"#$,642!6%4+!'@( G2!4!"#!$%$&'!4/D'#4#2!$!-*$!41!&=24D%4#2! ,$=D/!"#'4&"4-,)*D$4*-4!,.24,%%$*,.24&"4#2! .*"#!B#4*-4#2!4C$*,+!$4=*,6'4*-4#2!4CD'&"!''(

G2!4',/!4,%%6&!'4#*4'!$)&.!4'D%%*$#(4U!$!

WKH EHQHÈ£WV RI D VPDOOHU FHQWUDO ,7 VXSSRUW +!'@4/D'#4C!4C,6,".!+4,=,&"'#4,4/D.2 6*1!$4'!$)&.!46!)!64-*$4,4.*"'D/!$4+!)&.!(4E .*$%*$,#!4L[E41&664!"'D$!4#2!4&//!+&,#! $!%6,.!/!"#4*-4,4-,D6#34+!)&.!A412!$!,'4#2!

HPSOR\HH PD\ KDYH WR ZDVWH VLJQLÈ£FDQWO\ /*$!4*-4#2!&$A4,"+4#2!4.*/%,"38'A4#&/!4'*$#&"= *D#4,4%$*C6!/4*"4,"4&"+&)&+D,663?*1"!+ +!)&.!(4U!$!4#2!$!41&664C!4"*4-,'#4#$,.@ 2!6%+!'@4#*4/&"&/&'!4,"346*''4*-4!/%6*3!! %$*+D.#&)&#3(

b

!"#$%"&'()*"+$*(,&-'./.01'

E"%&3.?'9%=&F/%5$#.+ .7&3.5$&(99.3($#.+ g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

IZOKJ4CD'&"!''!'(4E'4#,$&--'4#!"+4#*4&".$!,'! *)!$4,4.!$#,&"4)*6D/!4'D.24,'4*"!4=&=,C3#!4*+,#,A42*14+*!'4#2!4!"#!$%$&'!4+!.&+!412!#2!$ #2!4CD'&"!''4D',=!41,'41&#2&"4#2!46*1!$ %,$,/!#!$4*$4#2!4/*$!4!B%!"'&)!5

F"4#2!4.,'!4*-4,"4F[4/*+!6A4!/%6*3!!'4"!!+4#* 'DC/&#4+!#,&6!+4.6,&/'A412&.24,$!4.2!.@!+4C3 6&"!4/,",=!$'4,"+4UY4*$4S&",".!A4,++&"=4#* #2!4,+/&"4*)!$2!,+(4G2!4,6#!$",#&)!4&'4#*4%,3 !/%6*3!!'4,4'!#4.*//D"&.,#&*"'4,66*1,".!( U*1!)!$A4#2&'4#**4.,"4=&)!4$&'!4#*4%$*C6!/' &-46!=&#&/,#!4.,664)*6D/!4=*!'4C!3*"+4#2,# %$!+&.#!+4,"+4/,34!)!"46!,+4#*4!/%6*3!!' .D##&"=4C,.@4#2!&$4.D'#*/!$4.*"#,.#(

F"4#2!4K&$.6!4Y!'!,$.2A4^QN4*-4.*/%,"&!'

HD!'#&*"!+4,66*1!+4,46!)!64*-4%!$'*",64D'! *-4.*$%*$,#!?*1"!+4+!)&.!'(4L*/!40MN4*#2!'!4,66*1!+47$!,'*",C6!4%!$'*",64D'!84,"+ +&+4"*#4!B%!.#4#2!4!/%6*3!!4#*4%,34-*$4#2&'( G2!4$!/,&"&"=40RN4',&+4#2,#4%!$'*",64D'!

1,'4,66*1!+A4*"4#2!4C,'&'4#2,#4#2!4!/%6*3!! $!&/CD$'!+4#2!4.*/%,"3(

g2,#!)!$4.2,$=&"=4%*6&.34&'4%D#4&"4%6,.!A #2&'4.,"4*"6341*$@4&-4#2!4.*/%,"342,'4#2! $&=2#4C&66&"=4+,#,(4G2!$!4"!!+'4#*4C!4, '#$,&=2#-*$1,$+41,34+&'#&"=D&'24C!#1!!" %!$'*",64,"+4CD'&"!''4D'!(4U*1!)!$A4,'4#2!

'D$)!34'2*1!+A4-*D$4&"4#!"4CD'&"!''!'46,.@4#2! #!.2"*6*=34#*4'D%%*$#4#2!4&/%6!/!"#,#&*"4*,"34%*6&.3(

F"4+!.&+&"=412&.24.2,$=&"=4$*D#!4&'4/*'# ,%%$*%$&,#!A4.*/%,"&!'4"!!+4#*4.*/%,$!4#2! .*'#4*-4%!$'*",64.,66'41&#24#2!4,+/&"&'#$,#&*" .*'#'4*-4/,",=&"=4$!&/CD$'!/!"#(4E"+42!$!A /,"341&664+!.&+!4#*4,+*%#4#2!4K[4/*+!6A4,' #2!346**@4#*4@!!%4,4#&=2#4$!&"4*"4&"#!$",#&*",6 D',=!4,"+4$*,/&"=4.*'#'(

d

;D$4+&'.D''&*"'41&#24.D'#*/!$'42,' 2&=26&=2#!+4#2!4@!34$*6!412&.24G!6!.*/ XB%!"'!'4Z,",=!/!"#4%,3'4&"4,.2&!)&"= !''!"#&,64.*'#4#$,"'%,$!".3(4G2!4$!'D6#&"= -D663?/,",=!+4\*+,-*"!4G!6!.*/' 0DQDJHPHQW 970 VROXWLRQ VLPSOLȣHV WKH RSHUDWLRQ RI DQ HQWHUSULVHȂV ȣ[HG DQG PRELOH

!"#$%&'('%)

E.&5/?&/'&.+&2#5#:#9#$(+1&3.+$).9&.7&3.5$5 Q).5 R+1#2#1/(9&9#(:#9#$-

Z&"&/,64&"&#&,64*)!$2!,+4,"+4,+/&"&'#$,#&*"4.*'#

<.+5 c",C6!4#*4D'!4.*$%*$,#!4%D$.2,'&"=4%*1!$4'* ,)!$'=!4.*'#'4$&'!A4%!$4,++&#&*",64!/%6*3!!

;1"!$'2&%4$!/,&"'41&#24!"+4D'!$ E4'2&-#4-$*/4.,%&#,64!B%!"+&#D$!4#*4*%!$,#&*",6 !B%!"+&#D$!4,'4#2!4!/%6*3!!4&'4C!,$&"=4#2! %D$.2,'!4.*'#4,"+4!B%!"'&"=4C,.@4CD'&"!''4D',=!

L!6!.#!+4#,$$&-'4C,'!+4*"4%!$'*",64D'!,=! %,##!$"'A41&#242&=2!$4*D#4*-4CD"+6!4/&"D#!4.2,$=!'4 ,"+4.$*''?"!#1*$@4.,664.*'#'4+D!4D'!$'4#*4'!6!.#&"=4 +&--!$!"#4"!#1*$@' Z*$!4.*/%6!B4'!%,$,#&*"4*-41*$@4,"+4%!$'*",6 )*&.!4,.#&)&#3A4!'%!.&,663412!"41*$@&"=41&#2 .,%%!+4)*&.!4,"+4+,#,4#,$&--' E+/&"4.2,$=!'4&".D$$!+412!"4$!&/CD$'&"= !B%!".!'

O!!+4#*4+!)!6*%4%*6&.34-*$4.6,&/&"=4C,.@41*$@ $!6,#!+4.,66'4,"+4+,#,4#,$&--' K*"'D/!$4-*.D'!+4'!$)&.!4,"+4,..*D"# /,",=!/!"# c"%$!+&.#,C&6&#34*-4$*,/&"=4.*'#'

<.)'.)($%&9#(:#9#$-

X.*"*/&!'4*-4'.,6!4&"4%D$.2,'&"=4*-4+!)&.!4,"+4 -,)*D$,C6!4'!$)&.!4$,#!'4.,"4C!4"!=*#&,#!+

K*'#4*-4.!"#$,64/,",=!/!"#4,"+4,+/&"&'#$,#&*" -D".#&*"

K*/%6!#!4.*'#4)&'&C&6&#34,"+4&/%$*)!+4,66*.,#&*"

O!!+4#*4,..*/*+,#!4!/%6*3!!4%$!-!$!".!'4,"+ .2*&.!'

<!)&.!4'!6!.#&*"4/,+!4*"4CD'&"!''4.$&#!$&,4*"63A UHVXOWLQJ LQ KLJKHU FRQVROLGDWHG RU XQL호HG V\VWHPV ,"+42&=2!$4CD'&"!''4%$*+D.#&)&#3

O!!+4#*4+!)!6*%4%*6&.34*"4%!$'*",64.,66'

G,$&--'4*%#&/&'!+4-*$4CD'&"!''4,.#&)&#&!'4!=( %$!-!$!"#&,64$,#!'4-*$4&"#$,?.*/%,"34.,66'A46*1!$ $*,/&"=4.2,$=!'A4'2,$!+4CD"+6!4*$4%**6!+4D',=! #,$&--' K!"#$,6&'!+A4.*$%*$,#!?-*.D'!+42!6%+!'@4,"+ ,..*D"#4/,",=!/!"#4?46!,+&"=4#*46!''4+*1"#&/!

M

!"#$%"&'()*"+$*(,&-'./.01'

IJ&(+1& E(=&#55/%5 K*"'D/!$&',#&*"4,"+4#2!4%$!''D$!4#*4&"#$*+D.!4, .*$%*$,#!49:;<4%*6&.342,'4,"*#2!$4.*'#4+&/!"'&*"(4

F"4.*//*"41&#24*#2!$4,'%!.#'4*-4#,B,#&*"A 6*.,64#,B4,D#2*$&#&!'4'D.24,'4UZYK4&"4#2!4ch #!"+4#*4,+*%#4,4'#$&.#4&"#!$%$!#,#&*"4*-4$!6!),"# ȣVFDO OHJLVODWLRQ ZKLFK GRHV QRW DOZD\V UHȤHFW WKH ODWHVW FRPPHUFLDO UHDOLWLHV LQ IDVW .2,"=&"=4#!.2"*6*=34!")&$*"/!"#'( F"4#2!41*$6+4*-4.*//D"&.,#&*"'A4UZYK8' .D$$!"#4'#,".!4*"4#$,+&#&*",64/*C&6!4%2*"!' &'4&"4/,"341,3'4'#$,&=2#-*$1,$+(4F-4#2! .*/%,"34%$*)&+!'4,4/*C&6!4+!)&.!4-*$4CD'&"!'' %D$%*'!'A41&#24'*/!4+!=$!!4*-4%!$'*",6 XVH WKLV LV QRW UHJDUGHG DV D EHQHȣ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Ǿ RIȣFLDOO\ GHȣQHG DV GXDOLW\ RI SXUSRVH Ǿ VR LW EHFRPHV "!.!'',$34-*$4D'!$'4#*4&"'#,664,4'!%,$,#!

CD'&"!''46&"!(

RQ

c"#&64$!.!"#63A4&''D!'42,)!4,6'*4,$&'!"4&"4#2! "!149:;<41*$6+A4,'4UZYK42,+4"*#4+!#!$/&"!+ 12!#2!$4,4'/,$#%2*"!41,'4!''!"#&,6634,4%2*"! *$4,4.*/%D#!$(4U*1!)!$A4&#4"*14,%%!,$'4#2,# #2!4.D$$!"#4=!"!$,#&*"4*-4'/,$#4%2*"!'4-,66' 1&#2&"4#2!4%2*"!4.,#!=*$3A4#2*D=24#2&'4&'4-,$ -$*/4,4=!"!$&.4TD+=!/!"#4,'4$,%&+63?!/!$=&"= #!.2"*6*=&!'4'D.24,'4#,C6!#'4-D$#2!$4C6D$4#2! +&'#&".#&*"4C!#1!!"4#!6!%2*"34,"+4.*/%D#&"= GHYLFHV 7KHUH PD\ DOVR EH EHQHÈ£W LQ NLQG WD[ &/%6&.,#&*"'4&-4#2!'!4,$!4#$!,#!+4,'4.*/%D#!$'( G2*D=24#2!$!42,'4C!!"4'*/!4/*)!/!"#42!$!A .*/%6!B&#&!'4'#&664$!/,&"4&"4+&'#&"=D&'2&"= C!#1!!"4CD'&"!''4,"+4%!$'*",64D',=!4&" #2!4,$!,'4*-4&"#!$"!#4,..!''4,"+412!$!4#2!

D'!$4#,@!'4,+),"#,=!4*-4-,)*D$,C6!4#,$&-CD"+6!'4"!=*#&,#!+4C34#2!4!/%6*3!$(4LD.2 .*/%6!B&#&!'4,$!4-D$#2!$4&".$!,'!+412!$!4#2! !"#!$%$&'!4.*)!$'4/D6#&%6!4.*D"#$&!'41&#2 +&--!$&"=4#,B4$!=&/!'( ;#2!$4#,B4.*"'&+!$,#&*"'41&664&".6D+!412!#2!$ .*$%*$,#!4.*"#$&CD#&*"'4,$!4/,+!4,'4.,'2 *$4',6,$34%,3/!"#'4*$4&"4#2!4-*$/4*-A4',3A VDODU\ VDFULÈ£FH RU SD\UROO GHGXFWLRQV ,Q ZKDW $!/,&"'4,4-,$4-$*/4.6!,$4#,B,#&*"46,"+'.,%! #2!$!-*$!A4&"4+!)!6*%&"=4,49:;<4%*6&.34#2! !/%6*3!$4'2*D6+4.*"'&+!$4,4"D/C!$4*-4UY4,"+ #,B4&''D!'(

S&$'#A4#,B4&'4*"634*"!4%,$#4*-4#2!4#*#,64.*'#4*%$*)&'&*"4,"+4'2*D6+4"*#4C!4#2!4@!34+$&)!$4*,"34+!.&'&*"(4F#4'2*D6+4,6'*4C!4$!.*="&'!+4#2,# 9:;<4/,34=!"!$,6634.*'#4/*$!4-$*/4,4#,B,#&*" %!$'%!.#&)!A4,'4'*/!4,'%!.#'4*-4D',=!4,$!

PRUH OLNHO\ WR EH MXGJHG WR EH D EHQHȣW LQ NLQG 7KHUH DUH D QXPEHU RI ȣVFDO DGYDQWDJHV WR WKH !/%6*3!!4&-4#2!4.*/%,"34$!#,&"'4*1"!$'2&%4*#2!4+!)&.!(4G2!'!4&".6D+!4&//!+&,#!4,..!'' #*4#2!46,#!'#4#!.2"*6*=&!'A41&#24/,&"#!",".!

'D%%*$#4,"+4,'%!.#'4*-4'!$)&.!4'D.24,' $!=D6,#*$34.*/%6&,".!4&"4%$*#!.#&"=4.*$%*$,#! +,#,4#,@!"4.,$!4*-4C34#2!4CD'&"!''( G2!$!4,$!4*#2!$4&/%*$#,"#4UY4.*"'&+!$,#&*"' &"4#2!4,+*%#&*"4*-4,"4,%%$*%$&,#!49:;<4%*6&.3A ,'4&#4&/%,.#'4*"4#2!4C$*,+!$4.D6#D$!4*-4#2! *$=,"&',#&*"4,"+4#2!4=*,64*-4+$&)&"=4D%46!)!6' *-4!/%6*3!!4',#&'-,.#&*"( )RU H[DPSOH RQH EHQHÈ£W RI WKLV JUHDWHU -$!!+*/4*-4.2*&.!42,'4%,$,66!6'41&#24, .*$%*$,#!4.*/%,"34.,$4%*6&.3(4F"4C*#24.,'!'A 'D%%*$#&"=4#2!4&"+&)&+D,64!/%6*3!!4&"4#2!41,3 &"412&.24#2!341,"#4#*46&)!4,"+41*$@4&'46&@!63 #*4,&+4C*#24#2!4$!.$D&#/!"#4,"+4$!#!"#&*" *-4#2!4C!'#4'#,--(4E#4#2!4',/!4#&/!A46&/&#&"= #!.2"*6*=34.2*&.!4/,34"*#4C!4,"4*%#&*"A4,'4&" #2!4.,'!4*-4*"!4=6*C,64"!#1*$@&"=4'*6D#&*"' %$*)&+!$A412*'!4&"#!$"'472,)!4"!)!$4D'!+4, g&"+*1'4/,.2&"!8(

!"#$%&'('%)

>%3/)#$-O&<.?'9#(+3% DQG &RQÈ¥JXUDWLRQ L!.D$&#34.*"'&+!$,#&*"'4$!/,&"4*"!4*-4#2!4/*'# &/%*$#,"#4.*"'&+!$,#&*"'4&"4#2!4!B%,"'&*"4*-4/*C&6! +!)&.!'4&"4=6*C,64*$=,"&',#&*"'(

G2!4K&$.6!4Y!'!,$.242&=26&=2#!+4#2,#4P0N4*.*/%,"&!'4%*66!+4',14#2!4"!!+4#*4,++$!'' #!6!.*//D"&.,#&*"'4&''D!'4,'4,42&=24%$&*$&#3 &''D!(47K6,''&.84#2$!,#'4'D.24,'4&"'!.D$! "!#1*$@'4,"+4#2!4$&'@4*-46*'#4*$4'#*6!"4+!)&.!' $!/,&"4,#4#2!4#*%4*-4.*$%*$,#!4.*".!$"'4,"+ ,$!4'!!"4,'4!HD,6634.$&#&.,64&"4,4=$*1&"=4/*C&6! !")&$*"/!"#( E#4#2!4',/!4#&/!A4#2!4=$*1&"=4&/%,.#4*-4 %!$'*",64+!)&.!'4&"4#2!41*$@%6,.!4&' !)&+!".!+4C34#2!4-,.#4#2,#4/*$!4#2,"4*"!4&" WKUHH EXVLQHVVHV H[SUHVVHG VLJQLÈ£FDQW .*".!$"4,C*D#4'/,$#%2*"!4)&$D'!'(4G2!

CD'&"!''4-,.!'4.2,66!"=!'4&"4/,",=&"= .*$%*$,#!4,"+4%!$'*",64+,#,4'&##&"=4*"4#2! ',/!4+!)&.!4,'4%!$'*",64+,#,4,"+4&"4*--!$&"= #2!4/*'#4,%%$*%$&,#!4+!)&.!4#*4/,B&/&'!4#2!

D'!$4!B%!$&!".!4-*$4C*#24CD'&"!''4,"+4 %!$'*",64D'!( Y!=D6,#!+4&"+D'#$&!'4&"4%,$#&.D6,$A4'D.24,' ȣ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

1*$6+4*-4.*"'D/!$&',#&*"4#2&'4&'4!'%!.&,663 &/%*$#,"#A4,'4<!)&.!4Z,",=!$4,66*1'4#2!4D'!$ #*4D'!4#2!4&"#D&#&)!4&"#!$-,.!'4#2!34,$!4D'!+4#* &"4,..!''&"=4,%%6&.,#&*"'4,"+4+,#,( F"4,++&#&*"A4<!)&.!4Z,",=!$4%$*)&+!'4&")!"#*$3 .*"#$*6A4!"'D$&"=4#2,#4*"634,%%$*)!+4+!)&.!' .,"4,..!''4#2!4"!#1*$@(4G2&'4/!,"'4#2,#4D'!$' .,"4+*412,#4#2!341,"#4#*4+*4,"+42*14#2!3 1,"#4#*4+*4&#A41&#2&"4'#$&.#63?.*"#$*66!+A4'!.D$!

C*D"+,$&!'(

U!$!A4#2!4CD'&"!''4.,"4!"'D$!4#2,#4,66 .*$%*$,#!4,%%6&.,#&*"'4,$!4!".$3%#!+4,"+ .,""*#4C!4%!"!#$,#!+4-$*/4#2!4",#&)!4;LA41&#2 ,..!''4#*4!B.2,"=!4.,6!"+,$4*$4!/,&64*"63 SRVVLEOH YLD D VHSDUDWH ORJ LQ DQG 3,1 XHD,663A4C34!"'D$&"=4#2,#4#2!4CD'&"!''4.,""*# ,..!''4#2!4!/%6*3!!8'4*1"4+,#,A4#2&'4+!6&)!$'4, =$!,#!$46!)!64*-4+,#,4%$&),.3(4G2&'4&'4!'%!.&,663 &/%*$#,"#4&"4#2*'!4.*D"#$&!'412!$!4#2!$!4,$!

6!=&'6,#&)!4*$4.D6#D$,64$!HD&$!/!"#'4-*$4+,#, '!%,$,#&*"(4E"+A4,'41*$@&"=4%$,.#&.!'4.*"#&"D! WR FKDQJH DQG EHFRPH PRUH ȤXLG LW ZLOO DOVR %$*)!4!--!.#&)!4&"4!",C6&"=4'2*$#?#!$/4,..!'' #*4#2!4.*$%*$,#!4"!#1*$@4-*$4#2!4=$*1&"= "D/C!$4*-4#2&$+?%,$#34.*"#,.#*$'( \*+,-*"!4]6*C,64X"#!$%$&'!4.,"42!6%4#2! !"#!$%$&'!4D"+!$'#,"+4#2!4.*/%6!B4D'!$ 6,"+'.,%!4,"+4%$*)&+!4,4C6!"+!+4'!.D$!

VROXWLRQ EDVHG RQ GLIIHUHQW XVHU SURÈ£OHV DQG $!HD&$!/!"#'41&#2&"4#2!4CD'&"!''( E'4'*/!4*-4#2!4/*'#4,+),".!+4.*/%,"&!'

2,)!4,6$!,+34+!/*"'#$,#!+A4'!.D$&#34/D'# C!.*/!4,47=&)!"8A4'*4#2,#4D"6!''4,4+!)&.!4&' -D6634'!.D$!+A4&#41&664"*#4C!4,C6!4#*4,..!''4#2! .*$%*$,#!4"!#1*$@(

S*$4#2*'!4.*/%,"&!'41&#24,46!''!$4,%%!#&#!4-*$ ULVN WKH RSWLRQ RI 'XDO 3HUVRQD LV HPHUJLQJ G2&'4'*6D#&*"4,66*1'4#2!4!"#!$%$&'!4#*4%D#4,66 .*$%*$,#!4+,#,4&"4,4'!%,$,#!4.*"#,&"!$A412&.2 *%!$,#!'4'!%,$,#!634-$*/4#2!4D'!$4!B%!$&!".! *-4#2!&$4%!$'*",64+,#,(

RR

!"#$%"&'()*"+$*(,&-'./.01'

E"%&F/%5$#.+ .7&(''5

E4@!34+$&)!$4&"4#2!4'D..!''4*-4'/,$#%2*"!' ,"+4#,C6!'42,'4C!!"4#2!4,C&6&#34#*4+*1"6*,+ ,%%6&.,#&*"'4-$*/4%DC6&.4'*D$.!'(4E'4%,$#4*#2&'A4#2!4.*//!$.&,64/*+!64+!)!6*%!+4#*?+,#!

C34/,"D-,.#D$!$'4&'4,4.*"'D/!$4*"!A412!$! #2!4!/%6*3!!4%,3'4%!$4+*1"6*,+4#2$*D=24#2!&$ .$!+&#4.,$+A4&$$!'%!.#&)!4*-412!#2!$4#2!4,%%4&' D'!+4-*$4%!$'*",64*$4CD'&"!''4$!,'*"'(

R0

S$*/4#2!4!/%6*3!!8'4%!$'%!.#&)!A4#2!'!4/,3 C!4.*/%6!#!634"*"41*$@?$!6,#!+e4,6#!$",#&)!63 #2!34.*D6+4C!4CD'&"!''4,%%'412&.24.*D6+ EHQHÈ£W RWKHU HPSOR\HHV RU FRPSDQ\ VSHFLÈ£F &50 RU EDFN RIÈ£FH DSSOLFDWLRQV F"4!,.24.,'!A4'D.24,%%6&.,#&*"'41&664,++4, -D$#2!$46!)!64*-4.*/%6!B&#3412!"4.*"'&+!$&"= &''D!'4*-4.*"#$*6(4E'4,4$!'D6#A4,4.*/%$!2!"'&)! /*C&6&#34%*6&.34/,34&".6D+!4$!.*//!"+,#&*"' *"4#2!4D',=!4*-4CD'&"!''4,"+4%!$'*",64,%%'A 2*14#*4.*"#$*64$!'#$&.#&*"'4*"4D',=!4,"+ /,",=!4D'!$4!B%!.#,#&*"'(

\*+,-*"!4]6*C,64X"#!$%$&'!8'4<!)&.!

Z,",=!$4!",C6!'4.*$%*$,#!4'!.D$&#34#* !--!.#&)!634/,",=!4.*$%*$,#!4&"-*$/,#&*" ,"+4,%%6&.,#&*"'4'D.24,'4.*"#,.#'A4.,6!"+,$ ,"+4!/,&6(4E#4#2!4',/!4#&/!A4&#4/!!#'4#2! !/%6*3!!8'4!B%!.#,#&*"4#2,#4#2!&$4%!$'*",6 ,%%'4,$!4$&"=?-!".!+4,"+4"*#4D"+!$4.*$%*$,#! /,",=!/!"#A4D"6!''4%!$'*",64D',=!42,'4," ,+)!$'!4&/%,.#4*"4#2!4CD'&"!''( $QG ZLWK WKH HPHUJHQFH RI 'XDO 3HUVRQD '*6D#&*"'A4!,.24'!#4*-4,%%'41&664C!42!6+4&" '!.D$!4'!%,$,#!4.*"#,&"!$'41&#2&"4#2!4+!)&.!(

!"#$%&'('%)

R+1#2#1/(9&9#(:9%

Q).5

<.+5

E'4D'!$'42,)!4&")!'#!+4#2&!$4*1"4-D"+'4&"#*4#2! +!)&.!4,"+4'!$)&.!A4#2!342,)!4,4)!'#!+4&"#!$!'# &"4@!!%&"=4&#4',-!(4G2!34,$!4,..D'#*/!+4#*4,4'!6-? '!$)!4'D%%*$#4/*+!64,$*D"+4+!)&.!4-D".#&*",6&#34 ,"+4/,",=&"=4#2!&$4*1"4%$*C6!/'

K*/%,"342,'4"*4.*"#$*64*)!$4D",D#2*$&'!+4,..!'' *-4'!"'&#&)!4+,#,42!6+4*"4#2!4+!)&.!

O*4.*"#$*64*-412,#4&'4+*1"6*,+!+4#*4*$4',)!+ *"4#2!4+!)&.!A4.$!,#&"=4'!.D$&#3A4$!=D6,#*$34,"+ .*$%*$,#!4=*)!$",".!4$&'@' F-4,"4!/%6*3!!46!,)!'4#2!34.,"4#,@!4#2!4%2*"!A %2*"!4"D/C!$4,"+4.*"#,.#'41&#24#2!/ %XVLQHVV KDV QR FRQWURO RYHU WKH DJH RU HI호FLHQF\ *-4+!)&.!

K*'#4*-4.!"#$,64/,",=!/!"#4,"+4,+/&"&'#$,#&*" -D.#&*" O!!+4#*4,..*//*+,#!4!/%6*3!!4%$!-!$!".!'4,"+ .2*&.!'

O!!+4#*4+!)!6*%4%*6&.34*"4%!$'*",64.,66'

<.)'.)($%&9#(:9%

9D'&"!''42,'4.*/%6!#!4*)!$'&=2#4*-412*4&'4D'&"= 12,#4,"+42*1A4!",C6&"=4C!##!$4%6,""&"=

[&/&#,#&*"4*"4!/%6*3!!4-$!!+*/4&"4.2*&.!4,"+ D',=!4*-4+!)&.!4#2,#4#2!34/,342,)!4)&!1!+4,'4, VLJQL호FDQW SHUN RI WKH MRE

K!"#$,6&'!+4'!.D$&#34%*6&.&!'4.,"4C!4%D#4&"4%6,.!

E'4+!)&.!4C!6*"='4#*4#2!4CD'&"!''A4#2!34,$! $!#D$"!+412!"4!/%6*3!!46!,)!'4?4,6*"=41&#2 .*"#,.#'4,"+4*#2!$4CD'&"!''4&"#!66!.#D,64%$*%!$#3

9D$+!"4*-4,+/&"&'#$,#&*"4?4.*$%*$,#!4&/%*'!+ %*6&.34/!,"'4D'!$'41&664+!/,"+4-D664'D%%*$#4+!'@ -*$4,"34%$*C6!/'

K*"#$64,"+4=$!,#!$4)&'&C&6&#34*"4#2!4D'!4*-4,%%'

R>

!"#$%"&'()*"+$*(,&-'./.01'

E"%&).9%& .7&5/''.)$ V4c"+!$4.*"#$*6A4.*"'D/!$&',#&*"4&'4,4%*1!$-D64#**6(4;D#4*-4.*"#$*6A4&#4 .,"4C!4#*B&.W4IF<KJ

F"4/,",=&"=4,4C$*,+!$4$,"=!4*-4+!)&.!' ,"+4,%%6&.,#&*"'A4&"4/*'#4.,'!'4#2!4/*C&6! !")&$*"/!"#41&664C!4'D%%*$#!+41&#246&/&#!+ &"?2*D'!4FG4$!'*D$.!'(4:!#4,'4#2!4C*D"+,$&!'

C!#1!!"4CD'&"!''4,"+4%!$'*",64D'!4C!.*/!'

C6D$$!+A4,4$!.!"#4F<K4'D$)!34'2*1!+4#2,# !/%6*3!!'4%!$.!&)!4#2!49:;<4'D%%*$# ,),&6,C6!4#*4C!4"*4C!##!$4#2,"47,)!$,=!8( F"4,+*%#&"=4#2!4K[4/*+!6A4.*/%,"&!'41&66 EHQHȣW IURP SUHPLXP EXVLQHVV VXSSRUW ,$$,"=!/!"#'412&.24&".6D+!4+!+&.,#!+ 2!6%+!'@'4*$4*"?'&#!4'D%%*$#4#!,/A4"!B#?+,3 .*D$&!$4'!$)&.!4*-4$!%6,.!+4!HD&%/!"#4)'( '!"+&"=4%2*"!'4,1,3A4%6D'4*#2!$4L[E'4$!6,#!+ #*4$!'%*"'!4#&/!'4,"+4&''D!4/,",=!/!"#( E4K[4/*+!64.,"4,6'*4'#,"+,$+&'!4'D%%*$# DUUDQJHPHQWV IRU FHUWLȣFDWLRQ RI QHZ GHYLFHV ,"+4'*-#1,$!4!),6D,#&*"(

RP

F"4,"4F[4/*+!6A4!"+4D'!$4'D%%*$#4&'4*--!$!+ #2$*D=24'#,"+,$+4.*"'D/!$4'!$)&.!'4,"+4$!#,&6 .2,""!6'(4G2&'4-*66*1'4/*$!4*-4,4'!6-?'D%%*$# /*+!64,"+4+*!'4"*#4%$*)&+!4,4+!+&.,#!+ 2!6%+!'@4*$4L[E'4#*4-,'#?#$,.@4%$*C6!/?'*6)&"=( F[4D'!$'41&664#!"+4#*4=,&"4#2!&$4@"*16!+=!4 #2$*D=24%!!$'4*-4$!,+&63?,),&6,C6!4#**6'4,"+4 *"6&"!4'!$)&.!4,+)&.!4'!$)&.!'(4F"4,"4F[4/*+!6A4 *$=,"&',#&*"'41&664"!!+4#*4+!#!$/&"!4#2!46!)!64 *-4.*$%*$,#!4FG42!6%+!'@4#2,#4/,34C!4$!HD&$!+4 WR VXSSRUW WKH VSHFLȣF JDWHZD\ SDWKV WR WKH .*$%*$,#!4+,#,4'!$)&.!'(

U*1!)!$A4#2!$!4,$!4'D%%*$#4&/%6&.,#&*"'4&" !,.24!")&$*"/!"#4?4K[A4F[4,"+423C$&+4_412&.2 1&664$!HD&$!4+!+&.,#!+4FG4$!'*D$.!A412&.241&66 C!4/*$!4.*/%6!B4,.$*''4/D6#&%6!4+!)&.!'A ,%%6&.,#&*"'4,"+4+!)&.!'(4:!#41&#24#2!4$&=2# %*6&.&!'4,"+4/,",=!/!"#4#**6'4&"4%6,.!A4#2! .*'#4*-4FG4'D%%*$#4.,"4C!4$!+D.!+( \*+,-*"!4]6*C,64X"#!$%$&'!4.,"42!6%42!$!

C34*--!$&"=4'.,6,C6!4!"+4D'!$4,+)&'*$3 '!$)&.!'4,"+4'D%%*$#4-*$4/&B!+4*1"!$'2&% +!)&.!'4,"+4#,$&--?%,3!$'(4F#4*--!$'4,4'D&#!4*FRQVXPHULVDWLRQ VHUYLFHV WKDW VLPSOLȣHV DQG &"#!=$,#!'4,664,'%!.#'4*-4+!)&.!'A4'!.D$&#3A C&66&"=A4UY4,"+4'D%%*$#4+!'&="!+4#*4$!+D.! .*'#'A4C34!/C$,.&"=4#!.2"*6*=34,"+4.$!,#&"=4, VDWLVȣHG DQG SURGXFWLYH ZRUNIRUFH

!"#$%&'('%)

<.+39/5#.+4 (+&S%2%)-.+%&0#+5T&*UVW&5$)($%,-

K*"'D/!$&',#&*"4&'41&#2*D#4+*DC#4*"!4*-4#2!4 /*'#4-,$?$!,.2&"=4FG4#$!"+'4#*42&#4#2!4!"#!$%$&'!4 &"4/*$!4#2,"4,4+!.,+!(4U*1!)!$A4#2*D=24&#4 .,""*#4C!4&="*$!+A4.*"'D/!$&',#&*"4'2*D6+4 "*#4C!4'!!"4,'4,"4&$$!'&'#&C6!4-*$.!4.,$$3&"=4 !)!$3#2&"=4C!-*$!4&#(4X,.24.*$%*$,#!4/D'#4/,@!4 ,4.*"'&+!$!+4$!'%*"'!4,"+4+!)!6*%4,4%*6&.34 12&.24,6&="'41&#24#2!4C$*,+!$4=*,6'4*-4#2!4 CD'&"!''4&"4/!!#&"=4#2!4,'%&$,#&*"'4*-4&#'4'#,--(

g2!#2!$4,+*%#&"=4,"4F[A4K[4*$423C$&+4-D"+&"= ,%%$*,.2A4&#4/D'#4'&/&6,$634/,@!4'D$!4#2,# WKH EHQHȣWV RI ȤH[LELOLW\ DQG UHVSRQVLYHQHVV ,$!4C,6,".!+41&#24#2!4*"=*&"=4&/%!$,#&)!4#* .*"#,&"4.*'#'A412&.24.*"#&"D!'4#*4$&+!42&=2 *"4#2!4.*$%*$,#!4,=!"+,(4S&",663A4,"4!--!.#&)!

9:;<4%*6&.342,'4&/%6&.,#&*"'4C!3*"+4FG4,"+ ȣQDQFH DQG VR PXVW WDNH DFFRXQW RI LWV LPSDFW *"4*#2!$4+!%,$#/!"#'4'D.24,'4UY(

\*+,-*"!4]6*C,64X"#!$%$&'!4,''&'#'4/D6#&? ",#&*",64.*$%*$,#!'4IZOK'J4,$*D"+4#2!

1*$6+41&#24#2!&$4.*/%6!B4/*C&6&#34CD'&"!'' "!!+'(4S*$4*D$4!"#!$%$&'!4.D'#*/!$'4#2&' /!,"'41!4,$!4.6*'!4#*43*DA412!$!)!$43*D *%!$,#!(4F#4/!,"'4#2,#43*D$4*$=,"&',#&*"8' .$&#&.,64.*//D"&.,#&*"'4,$!4'D%%*$#!+A 0PibA4!)!$312!$!43*D42,)!4%!*%6!4,"+ .D'#*/!$'(

L&/&6,$63A4,'4%,$#4*-4#2&'4C$*,+!$4.2,"=!4#2! !"#!$%$&'!4'2*D6+4"*#4=!#4.,$$&!+4,1,341&#24#2! /*$!4!B#$!/!423%!4,##,.2!+4#*4#2!4.*".!%#4*C$&"=43*D$4*1"4+!)&.!A4*$49:;<(

E'4,4$!'D6#A4#2!4+!)!6*%/!"#A4&/%6!/!"#,#&*" ,"+4/,&"#!",".!4*-4,"4!--!.#&)!49:;<4%*6&.3 ZKLFK EHVW PHHWV WKHVH VRPHWLPHV FRQȤLFWLQJ +!/,"+'4&'46&@!634#*4$!HD&$!4,4+!=$!!4*'%!.&,6&'#4#2&$+?%,$#34&"%D#(

\*+,-*"!4]6*C,64X"#!$%$&'!4.,"4,"+4+*!' %$*)&+!4'!$)&.!'4*D#'&+!4#2!4C,'!4\*+,-*"!

-**#%$&"#A4#2$*D=24*D$4%,$#"!$'4,"+ DIÈ£OLDWHV 7KLV LV EHFDXVH ZH EHOLHYH WKDW =6*C,64$!,.24/!,"'43*D$4=6*C,64$!,.2(4;D$ /D6#&?.*D"#$34/,",=!+4/*C&6&#34'!$)&.!'

1&6642!6%43*D4!"'D$!43*D$4$*,/&"=4.*'#' '#,34D"+!$4.*"#$*6A4'*43*D4/,@!4#2!4/*'#4**D$4&"#!$",#&*",64$*,/&"=4*--!$'4,"+4=6*C,6 +,#,4%6,"'(

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

E"+4"*12!$!4&'4#2&'4/*$!4&/%*$#,"#4#2,"4&" #2!4,$!,4*-4FG4'D%%*$#(4G2!4&+!,4#2,#4'&/%63 %,''&"=4$!'%*"'&C&6&#34#*4#2!4!/%6*3!!4-*$ #2!&$4+!)&.!41&664,D#*/,#&.,6634.D#4FG4'D%%*$# .*'#'4&'4/&'%6,.!+(4:!#4C34#,@&"=4,+),"#,=!4*\*+,-*"!4]6*C,64X"#!$%$&'!8'4'.,6,C6!4,+)&'*$3 '!$)&.!'4,"+4'D%%*$#A4#2!4!"#!$%$&'!4.,"4%D# &"4%6,.!4,49:;<4%*6&.3412&.241&664$!+D.!4.*'#' DQG HQVXUH PRUH VDWLVÈ£HG DQG SURGXFWLYH !/%6*3!!'A4&"4,4-D6634'!.D$!4!")&$*"/!"#(

\*+,-*"!4]$*D%4%6.4&'4#2!41*$6+8'46!,+&"= /*C&6!4#!6!.*//D"&.,#&*"'4.*/%,"3A41&#2 D VLJQLÈ£FDQW SUHVHQFH LQ (XURSH WKH 0LGGOH (DVW $IULFD $VLD 3DFLÈ£F DQG WKH 8QLWHG L#,#!'4#2$*D=24#2!4.*/%,"38'4'DC'&+&,$3 D"+!$#,@&"='A4T*&"#4)!"#D$!'A4,''*.&,#!+ D"+!$#,@&"='4,"+4&")!'#/!"#'(

E'41&#24.*"'D/!$&',#&*"A4#2!$!4,$!4/,"3 ,'%!.#'4*-49:;<412&.2A4%$*%!$634/,",=!+A ZLOO VXEVWDQWLDOO\ EHQHÈ£W WKH EXVLQHVV LWV '#,--4,"+4&#'4.D'#*/!$'(4G*4,.2&!)!4#2&'A4," ,%%$*%$&,#!4'#$,#!=34/D'#4C,6,".!4#2!4'!.D$&#3 ,"+4.*/%6&,".!4"!!+'4*-4#2!4CD'&"!''41&#24#2! =*,6'4,"+4+!'&$!'4*-4&#'4!/%6*3!!'(

R^