09r0032 by the Lounge interactive design

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

3" ** ++ !,)# .&**" +/0&010

/ 7(64#) &'4 '5'..5%*#(6

I 3/ A3-2>31=>/ ?01+,/ ./< 5977/8./8 +2</ A3<. /= =/38 3==398 ?8. "966/ ./= " 37 8/?/8 .313>+6/8 )/3>+6 >/< 56+< ?8. 900/8=3@ D? ./0383/</8 ?8. .+<S,/< /38/8 ,</3 >/8 98=/8= 38 /=/66=-2+0> 963>35 ?8. /?<9:N3=-2/8 8= >3>?>398/8 2/<D?=>/66/8 E

. )"4 +!". . "06 "+". )!&."(0,.

0+6+#6+8 0018#6+8 0 '9')70) 5ME 5=ALHMFCL <=K JK;@=AF=FK <A=K=K =JA;@LK :=>AF

<=L KA;@ <=J *-! AF <=J ME>9F?J=A;@KL=F MF< AFL=F

KANKL=F .LJ9L=?A= AKCMKKAGF K=AL %9@J=F 9:=A ?=@L =K ME <A= RMCeF>LA?= MKJA;@LMF? <=K *-! AF =AF=E 0E>=D< <9K NGF O9;@K=F<=J &GFCMJJ=FR MF< =AF=J <QF9EAK;@=F FLOA;CDMF? <=J &GEEMFAC9LAGFKL=;@

FGDG?A=F ?=HJa?L AKL AF =JC=FF:9J=K 9LLJ9CLAN=K MF< IM9DALaLKGJA=F

LA=JL=K d>>=FLDA;@ J=;@LDA;@=K +JG>AD AKL <9>eJ =FL

K;@=A<=F< =J=ALK :=AE FLJALL E=AF=J /aLA?C=AL 9DK "=F=J9D<AJ=CLGJ @9:= A;@ MFEAKKN=JKLaF<DA;@ RME MK<JM;C ?=:J9;@L A= OA;@LA?KL= M>?9:= <=J CGEE=F<=F %9@J= OAJ< =K K=AF (AKKAGF MF< -GDD= <=K *-! AE F=M=F <A?AL9D=F 5=AL9DL=J CD9J MF< G>>=FKAN RM <=>AFA=J=F MF< <9Je:=J =AF=F :J=AL=F &GFK=FK AF "=K=DDK;@9>L +GDALAC MF< =MJG

HaAK;@=F $FKLALMLAGF=F @=JRMKL=DD=F

9>eJ KAF< =O=?DA;@C=AL $FFGN9LAGF MF< NGJ 9DD=E <A= !a@A?C=AL =J>GJ<=JDA;@ <=F ?=K=LRDA;@ <=>AFA=JL=F ^887@F>;5: D75:F>;5:7@ G8FD39 R=AL?=

EaZ =F?9?A=JL MF< EAL DA;C 9M> <A= KGRA9D=F <=EGCJ9LAK;@=F MF< CMDLMJ=DD=F =<eJ>FAKK= <=J =NdDC=JMF? O9@JRMF=@E=F

'4 70&(70- &'4 '5'..5%*#(6 X'G4>;5 -3>G7S 9DKG <=J )9;@O=AK =AF=K X^887@F>; 5:7@ .7DF7ES >eJ "=:e@J=FR9@D=J$FF=F MF< <A= "=K=DDK;@9>L AKL <=J =FLK;@=A<=F<= 0FL=JK;@A=< <=K *-! RM HJAN9L=F CGEE=JRA=DD=F +JG?J9EE

9F:A=L=JF MF< RM?D=A;@ =AF= @9F<DMF?K9FD=AL=F

<= *JA=FLA=JMF? >eJ <A= +JG<MCLAGF @G;@O=JLA?=J MF< =J>GD?J=A;@=J +JG?J9EE= "=J9<= AF =AF=J 5=AL KA;@ J9K;@ aF<=JF<=J (=<A=FFMLRMF? AKL <9K =AF= :=KGF<=J= #=J9MK>GJ<=JMF? 0E <=F ?=K=LRDA

;@=F M>LJ9? MF< K=AF= R9@DJ=A;@=F M>?9:=F KAFF

NGDD RM =J>eDD=F EeKK=F <A= +JG?J9EE= <=K *-! >eJ

<A= "=K=DDK;@9>L J=D=N9FL K=AF <9K @=AZL ?=K=@=F ?=@dJL MF< NGF <=J ^>>=FLDA;@C=AL 9M;@ 9F?=FGE

E=F O=J<=F =K@9D: KAF< ,M9DALaL MF< ,MGL= >eJ <=F *-! C=AF 2A<=JKHJM;@

'4 7(64#) #.5 *#0%' =J ^887@F>;5: D75:F>;5:7 G8FD39 :=<=ML=L B=<G;@ E=@J 9DK (9JCL9FL=AD= J N=J:AF<=L <=F *-! EAL <=F (=FK;@=F AF ^KL=JJ=A;@ 1=JLJ9M=FKOeJ<A?= @8AD?3F;A@ ;>6G@9E MF< "G>FGD3G8FD39 ,@F7D :3>FG@9 EAL )AN=9M 9K KAF< 2=JL= <A= e:=J ,MGL=F MF< "=:e@J=F @AF9MKJ=A;@=F MF< <A= RM?D=A;@ 1=JH>DA;@LMF?=F MF< 0FL=JK;@=A<MF?K

E=JCE9D= <9JKL=DD=F <A= OAJ 9M> MFK=J=E 2=? AF <A= 5MCMF>L 9DK R=FLJ9D= '=ALOa@JMF?=F 9FK=@=F .=AL =?AFF <=J "=K;@a>LK>e@JMF?KH=JAG<= @9:=F OAJ :=Oa@JL= ,M9DALaLKKL9F<9J<K AF 9DD=F *-! (=<A=F =J@9DL=F MF< O=AL=J=FLOA;C=DL 9:=J

9M;@ O9@JF=@E:9J= 1=JaF<=JMF?=F V NGJ 9DD=E AE /1 +JG?J9EE V NGJ?=FGEE=F $E =OMKKL

K=AF <9KK KA;@L:9J= $FFGN9LAGF MF:=<AF?L =J>GJ

<=JDA;@ AKL O=FF KA;@ <=J *-! O=AL=J@AF 9DK EG<=JF=K MF< CJ=9LAN=K '=ALE=<AME >eJ ^KL=J

J=A;@ :=Oa@J=F OADD

'*4 '46 (E4 #..' =J=ALK @=ML= :A=L=L <=J *-! =AF ME>9F?J=A;@=K "=K9EL9F?=:GL AF !=JFK=@=F -9<AG MF< $FL=JF=L >eJ <A= ?9FR= =NdDC=JMF? 9K AKL 9M;@ AF 5MCMF>L MFK=J IM9DALaLKGJA=FLA=JL=J M>LJ9? 0FK=J F?=:GL AKL <9:=A CD9J =J *-! AKL 9M;@ AE <A?AL9D=F (=<A=FR=AL9DL=J <=J )G@68G@= 67D 7E7>>E5:38F K CGEEL <9J9M> 9F <A=K= #=J9MK>GJ<=JMF? 9DK @9F;= RM FMLR=F .=D:KL:=OMKKL AFALA9LAN MF< AF NA=D>9;@=J #AF

KA;@L AF =O=?MF?

. )"4 +!". . "06

@ 1 )& )1">

I /< R00/8>63-2 </-2>63-2/ ?0><+1 ./= " /<09<./<> +6>?81 ?8. /38/ ,/=98./</ !?+63>N> .3/ =3-2 @98 5977/<D3/66/< 985?<</8D ?8>/<=-2/3./> E

) 1/ +0". ".$". 1 )& )1" ,*-"0"+66"+0.1*

#65#%*' 5 )+$6 -'+0'0

') <74E%-

&9FaD= >eJ B=<= F 5MK=@=J$F EAL <A?AL9D=J .9L=DDAL=F9FD9?= %=<= .=CMF<= MKO9@D AF !=JFK=@=F -9<AG MF< $FL=JF=L &GFCMJJ=FR MF< 2=LL:=O=J: 9DK La?DA;@= .=D:KLN=JKLaF<DA;@C=AL AF 9CLM=DD=J DA;C 9M> <A= .ALM9LAGF <=J 9M<AGNAKM=DD=F (=<A=F AF MJGH9 R=A?L =J d>>=FLDA;@ J=;@LDA;@= -MF<>MFC AKL ?=>GJ<=JL A= 5=AL=F G@F= &GFCMJJ=FR EAL 9MKJ=A;@=F<=J !AF9FRA=JMF? 9DK (GFGHGD AF !=JFK=@=F MF< -9<AG KAF< MFO=A?=JDA;@ NGJ:=A 2=J ?D9M:L EAL JAFF=JMF? <9J9F :=J=ALK F=M= 2=?= MF< 'dKMF?=F 9FRM:A=L=F AJJL 9K F=M= <A?AL9D= (=<A=F

R=AL9DL=J @9L DaF?KL EAL F=M=F #=J9MK>GJ<=JMF?=F MF< F=M=F @9F;=F :=?GFF=F /9LK9;@= AKL 9M;@ 0FK=J= 2=DL AKL NGDD=J +JG:D=E= KGRA9D=J 0F?D=A;@@=AL MF< G>>=F=J !J9?=F <A= 9DD= :=LJ=>>=F B=<= F AFR=DF= F MF< <A= "=K=DDK;@9>L "DG:9DAKA=JMF? (A?J9LAGF !AF9FRCJAK= MF< NA=D>aDLA?= 0FKA;@=J@=AL=F MF< \F?KL= E9;@=F <=MLDA;@ .GRA9D= 1=J9FLOGJLMF? M>E=JCK9EC=AL >eJ ?=K=DDK;@9>LDA;@= 5MK9EE=F@aF?= MF< ,M9DALaL AF $F>GJE9LAGF MF< 0FL=J@9DLMF? KAF< E=@J 9DK B=E9DK RMNGJ ?=>J9?L (=FK;@=F KAF< FA;@L FMJ C9M>CJa>LA?= &GFKME=FL$FF=F KGF<=JF (AL:eJ?=J$FF=F .L99LK:eJ?=J$FF=F (ALE=FK;@=F +JAN9L= (=<A=F N=JC9M>=F A@J= +JG<MCL= ^>>=FLDA;@ J=;@LDA;@= -MF<>MFC9FKL9DL=F KAF< <=J "=K=DDK;@9>L N=JH>DA;@L=L MF< @9:=F <9@=J =AF= :=KGF<=J= !MFCLAGF AF <=J d>>=FLDA;@=F &GEEMFAC9LAGF

'4#75(14&'470) 7#.+6C6 *#6 '+0'0 4'+5 ,M9DALaL AF <=F (=<A=F OAJ< AEE=J E=@J RME .LJ=AL>9DD 2=DLO=AL AKL =AF @9JLFa;CA?=J 1=JL=ADMF?K MF< (9;@L

C9EH> 9E (=<A=FE9JCL AE "9F? 9:=A ?=@L =K ME (9JCL9FL=AD= MF< "=K;@a>LKEG<=DD= ME (ADDA9J<=F?=OAF

F= G<=J N=JDMKL= *:3D7:A>67D -3>G7 KL=@L @aM>A? AF <AJ=CL=E "=?=FK9LR RM "=E=AFOG@DAFL=J=KK= 9DKG 'G4>;5 -3>G7 !eJ <=F *-! AKL CD9J $F>GJE9LAGF MF< 0FL=J@9DLMF? KAF< E=@J 9DK FMJ E9JCL>a@A?= +JG<MCL= 9RM CGEEL &GFCMJJ=FR :=<=ML=L FA;@L FMJ FKHGJF KGF<=JF 9M;@ 1=JDMKL %a@JDA;@ >DA=Z=F (ADDAGF=F 9F 2=J:=

?=D<=JF 9F <=MLK;@= +JAN9LK=F<=J "=D< <9K <=E *-! >=@DL O=FF =K <9JME ?=@L K=AF=F ?=K=LRDA;@=F M>LJ9? RM =J>eDD=F =J *-! AKL <9@=J RM aMZ=JKL=J .H9JK9EC=AL 9M>?=JM>=F .LA>LMF?KJ9L +GDALAC MF< ^>>=FLDA;@C=AL N=JD9F?=F =AF=F OAJLK;@9>LDA;@=F &MJK <=J O=FA?=J +=JKGF9D MF< =JC=FF:9J= &eJRMF?=F AF <=F M<?=LK :=<=ML=L

"D=A;@R=ALA? KGDD <=J *-! :=Oa@JL= ,M9DALaLKKL9F<9J<K ?9J9FLA=J=F MF< EAL <=F FLOA;CDMF?=F AF <=F F=M=F &GEEMFAC9LAGFKL=;@FGDG?A=F EAL@9DL=F M;@ +GDALAC MF< ^>>=FLDA;@C=AL KL=DD=F !GJ<=JMF?=F MF< CD9J= !J9?=F 29K AKL @=ML= FG;@ d>>=FLDA;@ J=;@LDA;@ 2=D;@=F 2=JL MF< )MLR=F @9:=F ?=:e@J=F>AF9FRA=JL= -MF<>MFCMFL=JF=@E=F 2G<MJ;@ MFL=JK;@=A<=F KA;@ d>>=FLDA;@ J=;@LDA;@= +JG?J9EE9F:A=L=J NGF A@J=J HJAN9L=F &GFCMJJ=FR ,MGL=F MF< (9JCL9FL=AD= ?=:=F C=AF= 9MKJ=A;@=F<= FLOGJL <9J9M> =J 2=JL <=K ?=:e@J=F>AF9FRA=JL=F -MF<

>MFCK AKL FA;@L :dJK=FFGLA=JL .=AF )MLR=F =J>eDDL KA;@ FA;@L 9DK /Ja?=J NGF 2=J:=:GLK;@9>L=F A= MK=AF9F<=J

K=LRMF? ME <A= ,M9DALaL AF <=F (=<A=F O=E KA= FeLRL MF< O9K KA= CGKL=L OAJ< AEE=J OA;@LA?=J

0)'$16

&1-7/'06+'4'0 746'+.'0

=@9MHLMF?=F MF< FCeF<A?MF?=F KAF< AF =AF=J (=<A=FO=DL EAL =PHDG<A=J=F<=E F?=:GLKC9L9DG? FA;@L ?=FM? =K@9D: AKL =K FGLO=F<A? <9KK <=J *-! <A= $FALA9LAN= =J?J=A>L X'G4>;5 -3>G7S 9DKG X^887@F>;5:7D .7DFS AKL =AF =?JA>> <=F <A= >eJ <A= 2=DL <=J d>>=FLDA;@ J=;@LDA;@=F +JG?J9EE9F:A=L=J ?=HJa?L @9L MF< RME MK<JM;C :JAF?L "=:e@J=F>AF9FRA=JL=J -MF<>MFC AKL /=AD <=J "=K=DDK;@9>L .=AF= +JG?J9EE= MF< CLANALaL=F D=AKL=F =AF=F O=K=FLDA;@=F /=AD RMJ =EGCJ9LA= FLOA;CDMF? MF< RMJ d>>=FLDA;@=F &GEEMFAC9LAGFKIM9DALaL AF D=AKLMF?KKL9J

C=J *-! AKL <9@=J OA;@LA?=J <=FF B= O=FF =J K=AF= M>?9:=F =F?9?A=JL MF< NGJ 9DD=E F9;@O=AK:9J =J>eDDL !eJ <=F *-! :=<=ML=L =*41+ %)4=- Ç¯

(LQ ]HLWJHUHFKWHV J..-6<41+0 :-+0<41+0-; :7.14 =FLOA;C=DF ,@34:[@9;9=7;F "G>FGD3G8FD39 ;>6G@9E3G8 FD39 *F3@63D6E ;@ 67D ,@F7D:3>FG@9 <A= AE &) 7E7FL <=>AFA=JL=F G8FD[97 KAF< FKHJe;@= <A= AEE=J OA=<=J AE &GFL=PL <=J 9CLM=DD=F ?=K=DDK;@9>LDA;@=F =<AF?MF?=F 9CR=FLMA=JL O=J<=F EeKK=F ,M9DALaL AF $F>GJE9LAGF MF< 0FL=J@9DLMF? KAF< <9:=A LJGLR 2=LL:=O=J:K<JM;CK MF< .H9JCMJK=K =AF= N=J:AF<DA;@= MF< CGFLJGDDA=J:9J= .=D:KLN=JH>DA;@LMF? <=K *-!

Ç¯

-0:&-:< <GCME=FLA=J=F ,MGL=F MF< (9JCL9FL=AD= J=A;@=F FA;@L 9MK ME ,M9DALaL RM E=KK=F "=:e@J=FR9@D=J$FF=F OGDD=F OAKK=F O9K 2=JL MF< )MLR=F <=J +JG<MCL= MF< CLANALaL=F <=K *-! KAF< ^>>=FLDA;@ J=;@LDA;@= (=<A=FHJG<MCLAGF :J9M;@L &JAL=JA=F MF< &9L=?GJA=F <A= <=F 0FL=JK;@A=< RMJ HJAN9L=F &GFCMJJ=FR <=MLDA;@ E9;@=F 9@=J AKL <=J )9;@O=AK =AF=K =>>ARA=FL=F .7DF7?3@397?7@FE =J>GJ<=JDA;@

Ç¯

G..-6<41+0-6 =.<:)/ D=:=F<A? ?=KL9DL=F 'G4>;5 -3>G7 AKL ?=J9<= AF =AF=J 5=AL AF <=J ?=K=DDK;@9>LDA;@= 1=J9FLOGJLMF? =JF=ML ?=>GJ<=JL AKL =AF= @9F;= MF< C=AF= eJ<= =J &GFL9CL <A= 1=J:AF<MF? <=K *-! EAL <=J "=K=DDK;@9>L MF< <=J CJALAK;@= A9DG? EAL <=E +M:DACME KAF< 1GJ9MKK=LRMF?=F >eJ <=F J>GD? =J FKHJM;@ <9:=A -=>GJE MF< $FFGN9LAGFK>a@A?C=AL CJ=9LAN=K "=KL9DL=F KL9LL <=>=FKAN=K 1=JL=A<A?=F

=J d>>=FLDA;@ J=;@LDA;@= M>LJ9? <=K *-! =J>GJ<=JL #9DLMF? MF< =AF= :=KGF<=J= ,M9DALaL <A= KA;@ NGF CGEE=JRA

=DD=J &GFCMJJ=FR MFL=JK;@=A<=L *: <A= FKLJ=F?MF?=F <9>eJ ?=Fe?=F G: KA= ?ML ?=FM? KAF< MF< FA;@L RMD=LRL O9K >=@DL 9K AKL <=J (=AFMF? <=J ^>>=FLDA;@C=AL V <=E +M:DACME V e:=JD9KK=F (AL <=E NGJDA=?=F<=F =JA;@L ?=:=F OAJ =AF= ME>9F?J=A;@= "JMF<D9?= >eJ $@J 0JL=AD

'4 7(64#) )+.6 '4 06'45%*+'& <C*.6 ) 1/ +0". ".$".

'4 70& 5'+0 7(64#) =J NGJDA=?=F<= 'G4>;5 -3>G7 =JA;@L :=K;@J=A:L <=F 0E>9F? MF< <A= ,M9DALaL <=J J>eDDMF? <=K d>>=FLDA;@ J=;@LDA;@=F M>LJ9?K <MJ;@ <=F *-! $F >eF> ,M9DALaLK<AE=FKAGF=F MF< &9L=?GJA=F O=J<=F 2=JL MF< )MLR=F <=J *-! '=AKLMF?=F <GCME=FLA=JL !eJ =AFR=DF= (=<A=FFMLR=J$FF=F >eJ <A= "=K=DDK;@9>L >eJ ^KL=JJ=A;@ AE F9LAGF9D=F MF< AFL=JF9LAGF9D=F &GF

L=PL MF< FA;@L RMD=LRL 9DK 0FL=JF=@E=FKO=JL 9EAL O=J<=F ,M9DALaLKE=JCE9D= <=>AFA=JL <A= RME MK<JM;C :JAF?=F O9K <=F *-! NGF K=AF=F &GFCMJJ=FL$FF=F AE 9M<AGNAKM=DD=F =J=A;@ MFL=JK;@=A<=L Ç¯

%-:<:)=-6 9DK 2=JL <=J KA;@ <MJ;@ ME>9KK=F<= RMN=JDaKKA?= ?D9M:OeJ<A?= MF< MF9:@aF?A?= =JA;@L=JKL9LLMF? =J?A:L

Ç¯

%1-4.)4< 9DK 2=JL >eJ =AF= G>>=F= "=K=DDK;@9>L <A= FA;@L FMJ C9M>CJa>LA?= 2=J:=RA=D?JMHH=F C=FFL

Ç¯

"-:>1+- 9DK 2=JL MF< MFEALL=D:9J=J )MLR=F RMJ 9DDLa?DA;@=F '=:=FK:=OaDLA?MF?

Ç¯

:1-6<1-:=6/ 9DK 2=JL >eJ (=<A=FFMLR=J$FF=F ME KA;@ AF =AF=J MFe:=JK;@9M:9J=F (=F?= 9F $F>GJE9LAGF RMJ=;@LRM>AF<=F

Ç¯

$6<-:0)4<=6/ <A= .L9F<9J<K -A;@LDAFA=F MF< ,M9DALaLK9FKHJe;@= C=FFL

Ç¯

HLQ =4<=:)=.<:)/ <=J O=AL e:=J <A= !J9?=F CGEE=JRA=DD=J 1=JO=JL:9JC=AL MF< 2=J:=OAJCK9EC=AL @AF9MK J=A;@L

Ç¯

6<-/:)<176 MF< K:/-:6I0- 9DK 2=JL= <A= ?=K=DDK;@9>LDA;@= =L=ADA?MF? >dJ<=JF

Ç¯

&1;;-6K MF< 14,=6/K9F?=:GL= <A= 9DD=F RM?aF?DA;@ KAF<

Ç¯

,QIRUPDWLRQ XQG 8QWHUKDOWXQJ GLH VLFKHUVWHOOHQ GDVV GLH 6<-:-;;-6 ,-: I6,-: MF< -=?AGF=F O9@J?=FGEE=F O=J<=F KGOA= J;<-::-1+01;+0- &-:<;+0J8.=6/ =JEd?DA;@L OAJ<

Ç¯

(LQ LQWHUQDWLRQDOHU :HUW GHU Â&#x2DC;VWHUUHLFK PLW =:78) MF< <=J &-4< N=J:AF<=L

Ç¯

8QWHUQHKPHQVZHUWH GLH #:)6;8):-6B 667>)<176 MF< 758-<-6B KA;@L:9J E9;@=F

MF< FA;@L RMD=LRL Ç¯

%-:)6<?7:<=6/ 9DK 2=JL >eJ =AF= KGDA<9JAK;@= "=K=DDK;@9>L AF <=J B=F= <A= AE .;@9LL=F <=J M>E=JC K9EC=AL KL=@=F 9M;@ ?=K=@=F ?=@dJL MF< O9@J?=FGEE=F O=J<=F V AE =<9J>K>9DD 9M;@ #AD>= =J@9DL=F

&-:< K*-: -*K0: AKL <=J =JKL= =JA;@L <A=K=J JL J <GCME=FLA=JL 9F@9F< 9MK?=Oa@DL=J =AKHA=D= MF< +JG

?J9EE@d@=HMFCL= <9K '=AKLMF?KKH=CLJME <=K *-! 9: 2A= AE F=M=F ,M9DALaLKKA;@=JMF?KKQKL=E <=K *-! AE (aJR :=K;@DGKK=F =J>GD?L CeF>LA? Ba@JDA;@ =AF 'G4>;5 -3>G7 =JA;@L =J =JA;@LKL=AD >eJ <9K D9M

>=F<= %9@J >GD?L =J *-! CGEEL EAL <A=K=J '=AKLMF?K<GCME=FL9LAGF =AF=J @aM>A? ?=KL=DDL=F !GJ<=JMF? F9;@ K=AF= "=E=AFOG@DGJA=FLA=JMF? =FLKHJ=;@=F< 9MKRMO=AK=F )=:=F R9@DJ=A;@=F =AKHA=D=F 9MK <=J +JG

?J9EEHJG<MCLAGF MF< <=F NA=D>aDLA?=F CLANALaL=F <=K *-! >AF<=F KA;@ AF <=E NGJDA=?=F<=F =JA;@L =ALJa?= NGF *-! (AL9J:=AL=J$FF=F .A= ?=:=F <9JAF AF:DA;C AF A@J= J:=ALKO=DL MF< E9;@=F <=MLDA;@ <9KK d>>=FLDA;@=J 2=JL 9DKG X'G4>;5 -3>G7S <MJ;@ <A= &GEH=L=FR <=J (=FK;@=F =FLKL=@L <A= /9? >eJ /9? B=F= +JG<MCL= =FLOA;C=DF MF< HJG<MRA=J=F <A= <9K +M:DACME AE La?DA;@=F 1=J?D=A;@ CJALAK;@ :=O=JL=L =J NGJDA=?=F<= =JA;@L ME>9KKL 9DD= *-! (=<A=F !=JFK=@=F -9<AG MF< $FL=JF=L A= &) #3@67EEFG6;AE ?=:=F AF =AF=E =A?=F=F 'G4>;5 -3>G7 '=AKLMF?K:=JA;@L MKCMF>L e:=J A@J= d>>=FLDA;@ J=;@LDA;@= &GEH=L=FR MF< +JG<MCLIM9DALaL

1GJOGJL $E M>LJ9? <=J "=K=DDK;@9>L J D=P9F<=J 2J9:=LR *-! "=F=J9D<AJ=CLGJ

2 -0( X+M:DA; 19DM=S &D9MK 0FL=J:=J?=J *-! +M:DA; 19DM= &GEH=L=FRR=FLJME

=J *-! MF< K=AF M>LJ9?

% $ ! & !#

% !#! $ JEAF 2GD> 5A 29DLJ9M< '9F?=J *-! $F>GJE9LAGF =LLAF9 -GAL@=J HH *-! -9<AGAF>GJE9LAGF &9JD +9;@F=J *-! *FDAF= MF< /=D=L=PL "E:# G &" !JALR 2=F<D 1GJKALR=F<=J *-! -=<9CL=MJKJ9L #9FK #M:=J *-! /1 .HGJL

" !% <OAF (dK=J &GFCJ=L -A;9J<9 -=AFAK;@ *-! "=KMF<@=ALKCGEH=L=FRR=FLJME (A;@9=D9 AJC9 V -9L 9M> J9@L

$ # ! #$ .9F<J9 2AFCD=J *-! /1 &9:9J=LL MF< GE=<Q &D9MK 'AFLK;@AF?=J *-! !=JFK=@>ADE <?9J d@E *-! /1 0FL=J@9DLMF? .ADNA9 '9@F=J ^ !=9LMJ= MF< !=MADD=LGF "=GJ? .H9LL ^ .=F<=J;@=>

& "" 29DL=J &d@D=J 0FAN=JKME (9JLAF =JF@G>=J *-! #dJ>MFC 2AKK=F AD<MF? "=K=DDK;@9>L "eFL=J #9;C >MLMJ=RGF= *-! 9L /@GE9K J=RAF9 *-! /1 &AF<=JHJG?J9EE=

% ! #& !#$ %dJ? -MEAF9C *-! #ME9FAL9JA9F JG9<;9KLAF? #9FF=K (aJC *-! #dJ:=@AF<=JL=FK=JNA;= D:=JL (9DDA ^

" " #"& !#

% # 2GD>?9F? 'GJ=FR /1 +JG?J9EE<AJ=CLGJ &9JD@=AFR +9HKL '9F<=K<AJ=CLGJ *-! MJ?=FD9F< "=J@9J< &D=AF *-! /1 -=DA?AGF -9AF=J -GK=F:=J? *-! #dJ>MFC .H=RA9DHJG?J9EE= 'GJ=FR "9DDE=LR=J '0 (9JLAF DME=F9M !(

! # !$ %G@9FF=K !AK;@=J *-! /1 (9?9RAF= MF< .=JNA;=K=F<MF?=F -G:=JL .LGHH9;@=J *-! /1 +9JD9E=FLKK=F<MF?=F JF=KL #9M=J ^ %GMJF9D +9FGJ9E9 !J9FR #D9N9; ;G AJ?AL &G@DE9A=J .;@9;@L *-! &GFKMD=FLAF >eJ )9;@@9DLA?C=AL

# ! # .ADN9F9 (=APF=J *-! /1 (AF<=J@=AL=FJ=<9CLAGF 2ADDA #9KDALR=J '9F<=K<AJ=CLGJ *-! &aJFL=F 0DJAC= 2eKL=F@9?=F ^ &GGJ<AF9LAGF

H! ! F +=L=J -=K=L9JALK .;@9MHD9LR "=JA;@L eJ?=J9FO9DL JA?ALL= 2GD> '9F<=K<AJ=CLGJAF *-! 2A=F @JAKLA9F= "GDD=J *-! -9<AG&MDLMJ@9MK

$ #$! $ #! (9JLAF /J9PD *-! /1 &MDLMJ +=L=J &D=AF ^ 'AL=J9LMJ #dJKHA=D MF< !=9LMJ= (9J?AL RdHH9F *-! K9L .A=?:=JL .LJGF=??=J '9F<=K<AJ=CLGJ *-! .9DR:MJ? @JAKLA9F .;@=A: ^ (MKAC

G"# !! & !#

# #F# F<J=9K )GN9C *-! /1 5=AL?=K;@A;@L= 2ADDQ (ALK;@= *-! #dJ>MFC<AJ=CLGJ @JAKLGH@ /9C9;K #=ML= AF ^KL=JJ=A;@ .=HH !GJ;@=J &DAF?=F<=K ^KL=JJ=A;@ +=L=J MK=C *-! /1 GCME=FL9LAGF MF< J;@AN=

& !#" G $ #=AFJA;@ (AK *-! !=JFK=@>ADE #9A<= -MKK /=FF=J ^ &D9KKAC /J=>>HMFCL

G ! " $" "=J@9J< J9PD=J '9F<=K<AJ=CLGJ *-! .L=A=JE9JC #=DEML *:=JE9QJ '9F<=K<AJ=CLGJ *-! *:=JdKL=JJ=A;@ &MJL -9EE=JKLGJ>=J '9F<=K<AJ=CLGJ *-! /AJGD )GJ:=JL "GDDAF?=J '9F<=K<AJ=CLGJ *-! )A=<=JdKL=JJ=A;@ 2GD>?9F? MJLK;@=J '9F<=K<AJ=CLGJ *-! 1GJ9JD:=J?

# ! # ! & !#

$! # ! # -9AEMF< 'dO *-! &GJJ=KHGF<=FL JeKK=D JA?ALL= .L9;CD !M;@K ^ MJGH9 %GMJF9D -=AF@9J< .;GDAC *-! +D9FMF? MF< &GGJ<AF9LAGF %GK=> 'MKK=J 0 =9M>LJ9?L=J <=K *-!

!" # % GJF=DA9 1GKH=JFAC *-! &GJJ=KHGF<=FLAF +=CAF? !J9FR &dKKD=J 2=DLBGMJF9D F<J=9K +>=A>=J *-! /1 CLM=DD=J A=FKL MKD9F< #9JLEML !A=<D=J *-! #dJ>MFC MZ=FHGDALAC

$ # ! "& !#

% # +=L=J .;@d:=J *-! 5=FLJ9D= +JG?J9EE<A=FKL= !J9FR (9FGD9 *-! GJHGJ9L= =KA?F MF< +D9LL>GJEE9F9?=E=FL /1 +JG?J9EEJ=>GJE +=L=J (GGKE9FF /=;@FAK;@=J AJ=CLGJ (A;@9=D 29?=F@G>=J "=K;@a>LK>e@J=J *-. /@GE9K +J9FLF=J AJ=CLGJ *FDAF= MF< F=M= (=<A=F D>J=< /J=A:=J ^ +JG?J9EE;@=>

#! " ! ( +AMK .LJG:D *-! (9JC=LAF? MF< &GEEMFAC9LAGF D=E=FK &GH=LRCQ ^ (9JC=LAF? =LLAF9 +9JK;@9DC *-! &MF<=F<A=FKL @JAKLAF= .;@Fd<D *-! F9;@D=K= 2GD>?9F? 29?F=J +JGB=CLAFALA9LGJ X5A E9;@L .;@MD=S

# ( #=<OA? 5=@=LF=J *-! (9JCL MF< (=<A=F>GJK;@MF? .A?JA< .NAL=C *-! -9<AG>GJK;@MF? 2GD>?9F? !AK;@=J *-! #ME9F -=KGMJ;=K %eJ?=F (=F=<=LL=J "=K;@a>LK>e@J=J "$. "=J@9J< (GK=J *-! 5=FLJ9D:=LJA=:KJ9LKG:E9FF .AKKQ (9Q=J@G>>=J &9M>EaFFAK;@= AJ=CLGJAF

.;@DMKKOGJL *-! AF =O=?MF?

GK//.7=52,1.; >7-/>74 2<= .27. O//.7=52,1. 70.5.0.71.2= %2; 6O0.7 217 27-2?2->.55 @*1;7.16.7 *+.; .; 2<= 72.6*5< .27. ;.27. ;2?*=<*,1. 27 .;7<.10.;N= 8-.; .27 *-28 *7C><=.55.7 +.-.>=.= .27.7 O//.7=52 ,1.7 *>6 C> +.=;.=.7 2. -*->;,1 .;5.+=. 0.6.27<*6. ;/*1;>70 <=.55= >+52, $*5>.) -*; >7- .;02+= .27.7 2== -.; .<.55<,1*/=) -.7 6*7 *>,1 !8C2*54*92=*5 7.77.7 4*77 D G >25-270 9>+52, ?*5>.D

!eJ <=F *-! ?ADL 0FK=J +M:DACME N=JK;@OAF<=L FA;@L @AFL=J ,MGL=F MF< (9JCL9FL=AD=F %=<= J AFR=DF= N=JD9F?L =AF= '=AKLMF? <A= A@J :RO A@E FeLRL @8AD?3F;A@ <=J E9F N=JLJ9M=F C9FF ,@F7D:3>FG@9 <A= ,M9DALaLK9FKHJe;@= C=FFL ;>6G@9E3@974AF7 <A= .;EE7@ K;@9>>=F 'DA9D3??7 8_D ";@67D <A= ?=O9DL

>J=A KAF< MF< <=F #GJARGFL =JO=AL=JF *7DH;57 <=J AE DDL9? @AD>L ,@F7DEF_FLG@9 <A= OAJCL V :=A =@AF<=

JMF? MF< AF )GL>aDD=F ^>>=FLDA;@ J=;@LDA;@=J -MF<>MFC :=<=ML=L $F>GJE9LAGF KGDD B=<= J N=JKL=@=F CdFF=F DD= =JJ=A;@=F "ML=J -9L <9J> FA;@L L=M=J K=AF 0FL=J@9DLMF? AKL C=AF !9KK G@F= AFL=DD=CLM=DD=F G<=F .GDA<9JALaL AKL C=AF !J=E<OGJL "=J9<= O=AD <A= 0FL=JK;@A=<= RM <=F HJAN9L=F CGEE=JRA=DD=F +JG?J9EE9F:A=L=JF Ra@D=F Ra@DL 9M;@ <A= !J9?= M> O=D;@= .L9F<9J<K MF< ,M9DALaLKE=JCE9D= C9FF KA;@ <A= <=J =AFR=DF= (=<A=FCGFKME=FL$F N=JD9KK=F

% !#! $ " !% $ # ! #$ & "" % ! #& !#$

=.<:)/

-1;<=6/

9CLM=DD= $F>GJE9LAGF

ME>9KK=F<= =JA;@L=JKL9LLMF? MF9:@aF?A? NGF +9JL=A=F OAJLK;@9>LDA;@=F MF< 9F<=J=F 'G::QK >9CL=FLJ=M N=JKLaF<DA;@ MF< CGEH=L=FL

-0:?-:< % !#! $ .K: -,1-66=<B-: 66-6

G&>6 6.-2*5.7 .>,1==>;6 @2;- 6*7 .;<= -*77 @.77 6*7 <=;*15= @.77 .4*77= 1.2= >7- 6*0. <=266.7 @.77 *+.; ?8; *55.6 -2. >*52=N=.7 -.; >=C.7 /P; -.7 27C.57.7 -2. .<.55<,1*/= P+.;C.>0.7 %.; >7< ?.;=;*>= @255 <2,1 *>/ -2. >*52=N= >7- -.7 >=C.7 >7<.;.< 70.+8=< *>/ *55.7 27-2?2->.55 0.@P7<,1=.7 5*==/8;6.7 ?.;5*<<.7 4O77.7 D *;4>< !,1N,1=.; &

^>>=FLDA;@ J=;@LDA;@=J -MF<>MFC @9L =JCDaJL= e:=JHJe>:9J= .L9F<9J<K MF< -A;@LDAFA=F ME KA;@=JRMKL=DD=F *-! =JA;@L=JKL9LLMF? AKL $F>GJE9LAGF <=J E9F N=JLJ9M=F C9FF =J *-! :=JA;@L=L 9MK <=J ?9FR=F 2=DL 9MK ?9FR ^KL=JJ=A;@ .LMF<=F 9E /9? AE 1=J:MF< EAL <=F N=J

DaKKDA;@KL=F )9;@JA;@L=FIM=DD=F 0F9:@aF?A?C=AL AKL KG NA=D O=JL OA= <A= &GEH=L=FR MF< <9K .=D:KLN=JLJ9M=F B=F=J <A= KA= K;@eLR=F *-! %GMJF9DAKL$FF=F ?9J9FLA=J=F RMN=JDaKKA?= $F>GJE9LAGF &=AF D9F?=J JE <=J +9JL=A=F =JJ=A;@L <=F )=OKJGGE )9;@JA;@L=F O=J<=F 9M;@ >eJ &AF

<=J MF< %M?=F<DA;@= 9F?=:GL=F CD9J MF< N=JKLaF<DA;@ AF ,M9DALaLK +9;C9?= <9K E9F CGFLJGDDA=J=F MF< =AF>GJ<=JF C9FF AF !=JFK=@=F #dJ>MFC *FDAF= MF< / ' / 3/

:)3<1;+0-: =<B-6

AF 2=JL >eJ 9DD= <A= <=J $F>GJE9LAGF <A= KA= @dJ=F K=@=F MF< D=K=F 9M;@ N=JLJ9M=F OGDD=F

#5 D(('06.+%* 4'%*6.+%*'4 1740#.+5/75 .'+56'0 -#00 70& 51..

I 8=>N8.31 1/7+-2>/< R00/8>63-2 </-2>63-2/< 9?<8+63=7?= 5+88 =9 />A+= A3/ /38 /?-2>>?<7 =/38 38 /38/7 ?8S,/<=-2+?,+</8 //< +8 809<7+>398 ?8. %8>/<2+6>?81 '3< ,/7S2/8 ?8= 4/./8 $+1 E

.*&+ ,)# &

(AFML=F La?DA;@ 9DKG NGF .LMF<=F V E=@J 9DK <A= #aD>L= <=J 5=AL <A= OAJ FA;@L K;@D9>=F .G NA=D 5=AL @9:=F OAJ 9DD= AE MJ;@K;@FALL EAL <=E &GFKME NGF (=<A=F RM?=:J9;@L EAL <=F >J=A =EH

>9F?:9J=F !=JFK=@HJG?J9EE=F 9DD=AF= e:=J ./- EAL JMF< <=MLK;@KHJ9;@A?=F 5=ALMF?=F MF< 5=ALK;@JA>L=F CF9HH F=M=F e;@=JF EAL -9<AG (+ K 1 K 1A<=GK 1A<=GKHA=D=F MF< GEHML=JF MF< AE =F<DGK=F F?=:GL <=K $FL=JF=LK <9K EALLD=JO=AD= RO=A JALL=D <=J =NdDC=JMF? FeLR=F

)MF >AJEA=JL B9 RA=EDA;@ NA=D=K MFL=J X%GMJF9DAKEMKS MF< NA=D=K <9NGF OAJ< ?=F9M <A=K=J R=FLJ9D=F M>?9

:= ?9FR MF< ?9J FA;@L ?=J=;@L A= E=AKL=F NGF MFK OAKK=F E=@J e:=J '3D;E ;>FA@ 9DK e:=J <=F $;FF>7D7@ &EF7@ 2AJ CGFFL=F D=K=F <9KK MFK <=J -7DFD39 HA@ #;EE34A@ ROAF?=F OeJ<= <A= /G<=KKLJ9>= AF ^KL=J

J=A;@ =AFRM>e@J=F 0F< E9F;@= 5=ALMF? <JM;CL ?9FR =AF>9;@ B=<=K "=Je;@L MF< 9M;@ K=AF "=?=FL=AD ME KHaL=J V MF< ?9J FA;@L RM 0FJ=;@L V RM :=@9MHL=F @A=J OaJ= =K RM9DD=J=JKL MF< XLGH=PCDMKANS ?=KL9F<=F

X ;7 E5:@7>>7 -7D3D47;FG@9 7;@7D 3>>7E $7@E5:7@?3V EBD7@97@67@ @8AD?3F;A@E?3EE7S E=AFL <=J <=ML

K;@= &GEEMFAC9LAGFKOAKK=FK;@9>L=J )GJ:=JL GDR K=A X63E 9DAV7 1;H;>;E3F;A@EBDA4>7?S MFK=J=J 5=AL $F =AF=J =AFRA?=F MK?9:= <=J /9?=KR=ALMF? %7I 0AD= +;?7E K=A E=@J $F>GJE9LAGF =FL@9DL=F 9DK =AF=E (=F

K;@=F <=K %9@J@MF<=JLK AF K=AF=E ?=K9EL=F '=:=F :=?=?F=L K=A :=@9MHL=L= <=J 9E=JAC9FAK;@= $F>GJE9LAGFK=PH=JL= -A;@9J< 2MJE9F K;@GF NGJ CF9HH %9@J=F

2A= K=@J @aM>A? :=A /J=F<K AF <=J &GEEMFAC9LAGFK

:J9F;@= R=A?L =AF DA;C AF <A= 0. OG@AF <A= -=AK= ?=@=F CdFFL= GJL CGFKMEA=J=F AEE=J E=@J (=F

K;@=F FMJ E=@J (=<A=F <A= A@J=J HGDALAK;@=F MKJA;@

LMF? F9@= KL=@=F =EGCJ9LA=HGDALAK;@ AKL <A=K= .=?

E=FLA=JMF? FA;@L MF:=<=FCDA;@ 2=FF B=<=F FMJ E=@J B=F= (=AFMF?=F AFL=J=KKA=J=F <A= =J G@F=@AF K;@GF @9L V OA= KGDD <9 =AF ?=K=DDK;@9>LDA;@=J AKCMJK =FLKL=@=F

:=J O9K <9NGF EMKK A;@ e:=J@9MHL OAKK=F 2GJ9M> C9FF A;@ EA;@ N=JD9KK=F 2=D;@=J ,M=DD= C9FF A;@ N=J

LJ9M=F A= FLOGJL=F <9J9M> O=J<=F MEKG OA;@LA?=J B= MFe:=JK;@9M:9J=J <A= $F>GJE9LAGFK>DML OAJ< <A= La?DA;@ e:=J MFK @=J=AF:JA;@L 5M :=OaDLA?=F AKL KA= FMJ AF<=E E9F 9MKOa@DL 0F< ?=F9M <9K AKL <A= R=FL

J9D= M>?9:= NGF %GMJF9DAKEMK V 9MKRMOa@D=F MF< RM MFL=JK;@=A<=F 2A;@LA?=K NGF 0FOA;@LA?=E 29@J=K NGF !9DK;@=E .AFF NGF 0FKAFF

0F< FG;@ =LO9K R=A?L KA;@ AF <=F 0. 9DD= ?JGZ=F (=<A=FMFL=JF=@E=F KH9J=F KH9J=F MF< KH9J=F A= ?JGZ=F /9?=KR=ALMF?=F CeF<A?=F <A=K=K %9@J :AK RM =AF=E 1A=JL=D A@J=J %GMJF9DAKL=F <A= !=JFK=@KL9LAG

F=F K;@DA=Z=F A@J= MKD9F<K:eJGK $FL=JF=L -=<9C

L=MJ$FF=F O=J<=F FMJ E=@J F9;@ <=F X&DA;CKS :=R9@DL <A= A@J= .LGJQK :JAF?=F 9K ?JGZ= .H9J=F ?=@L KG O=AL <9KK J=A;@= E=JAC9F=J$FF=F EALLD=J

O=AD= ?=E=AFFeLRA?= .LA>LMF?=F ?JeF<=F <A= -=;@=J

;@=F >eJ ?JGZ= AFN=KLA?9LAN= "=K;@A;@L=F >AF9FRA=J=F R III BDABG4>;53 AD9 O=AD HJG>=KKAGF=DD= (=<A=FMFL=JF=@E=F KA;@ <9K AEE=J O=FA?=J D=AKL=F OGDD=F

= '464#7'0 M;@ AF ^KL=JJ=A;@ O=J<=F <A= V G@F=@AF OAFRA?=F V -=<9CLAGF=F AEE=J CD=AF=J :=CGEE=F 9:=J AEE=J E=@J RM LMF )A;@L E=@J FMJ <A= 5=ALMF? G<=J <A= .=F

<MF? EeKK=F ?=>eDDL O=J<=F KGF<=JF 9M;@ <=J $FL=J

F=L M>LJALL <=J F9LeJDA;@ KL=LK LGH9CLM=DD MF< K;@F=D

D=J 9DK <A= &GFCMJJ=FR K=AF KGDD 29K :D=A:L AKL FG;@ O=FA?=J 5=AL RM J=;@=J;@A=J=F 9DKG $F>GJE9LAGF=F RM K9EE=DF RM :=O=JL=F MF< <=J 2AJCDA;@C=AL 9M> <=F "JMF< RM ?=@=F M;@ O=FF =K AE 5=AL9DL=J 9DD?=?=FOaJLA?=J A?AL9DA

KA=JMF? ^CGFGEAKA=JMF? MF< +JAN9LAKA=JMF? 9DLEG

<AK;@ CDAF?L ^>>=FLDA;@ J=;@LDA;@= (=<A=F O9J=F NA=D

D=A;@L FG;@ FA= KG OA;@LA? OA= @=ML= 2=AD A@J= G:=JKL= (9PAE= FA;@L <A= +JG>ALE9PAEA=JMF? AKL <A= Ed?

DA;@KL :ADDA?= X GFL=FLS +JG<MCLAGF >eJ E9PAE9D= -=A;@O=AL=F .GF<=JF =AF= O9@J@=ALK?=LJ=M= >9AJ= MFH9JL=AAK;@= 9:=J KL=LK 9M;@ CJALAK;@= MF< NGJ 9DD=E RMN=JDaKKA?= FFa@=JMF? 9F <A= 2AJCDA;@C=AL :=F )9;@JA;@L=F 9M> <A= E9F KA;@ N=JD9KK=F C9FF X.;D IA>>7@ G@E7D 'G4>;=G? 6347; G@F7DEF_FL7@ CG3>;8;L;7D F7D 3? ^887@F>;5:7@ ;E=GDE F7;>LG@7:?7@S KG @9L <9K <A= ?JGZ= =AFE9D >eJ KA;@ <=>AFA=JL X,@6 97@3G 638_D E;@6 I;D 63S

+0S< ,<+?-2> /= /3831/ &9<+?==/>D?81/8 Ç¯ 9RU DOOHP QDWÂ¾UOLFK HQJDJLHUWH 7=:6)41;< 66-6 EAL &GEH=L=FR 0JL=ADKN=JEd?=F MF< CJALAK;@=J AKL9FR X$7@E5:7@ ?;F *7@6G@9E47IGEEFE7;@ 97:^D7@ ;@ 6;7 *7@67F75:@;= @;5:F ;@ 6;7 )763=F;A@S @9L -G:=JL #G;@F=J E9D ?=K9?L

Ç¯ (V EUDXFKW DXFK -4, !=JFK=@BGMJF9DAKEMK AKL L=M=J O=AD E=@J FdLA? AKL 9DK =AF = -=<9CL=MJ$F =AF /=D=>GF MF< =AF GEHML=J ME =AF= "=K;@A;@L= >=JLA? RM KL=DD=F :=J X ;7 X887@F>;5: )75:F>;5:7@ 4D3G5:7@ 7>6 G? 'DA9D3?? LG ?35:7@ ;7 'D;H3F7@ 4D3G 5:7@ 'DA9D3?? G? 7>6 LG ?35:7@ S "=J< 9;@=J Ç¯ 6RODQJH QRFK LPPHU ]ZHL 'ULWWHO GHU 0HQVFKHQ K9?=F <9KK !=JFK=@=F A@J= OA;@LA?KL= $F>GJE9LAGFK

IM=DD= e:=J +GDALAC AKL :J9M;@L =AF 0FL=JF=@E=F EAL =AF=E =>9;LG (GFGHGD AF <=J /1 $F>GJE9LAGF e:=J ^KL=JJ=A;@ B=<=F>9DDK 166-:-6 4=:)41;5=; <=F AFL=J

F=F 2=LL:=O=J: NGF -=<9CLAGF=F %GMJF9DAKL$FF=F ME <A= OA;@LA?KL=F /@=E=F <A= :=KL= -=;@=J;@= <A= CDe?KL= F9DQK= MF< <A= KH9FF=F<KL= "=KL9DLMF? Ç¯ (V EUDXFKW "-4*;<*-?=;;<;-16 RMJ :O=@J NGF MFRMDaKKA?=F $FL=JN=FLAGF=F MF< =EML NGJ <=J =A?=

F=F !=@D=J9F>aDDA?C=AL Ç¯ ,Q HUVWHU /LQLH DEHU EUDXFKW HV =*413=5 (=F

K;@=F <A= <A=K= JL NGF %GMJF9DAKEMK 9M;@ K=@=F OGDD=F '=LRLDA;@ ?=@L =K d>>=FLDA;@ J=;@LDA;@=F %GMJF9

DAKL$FF=F B9 ME KG =LO9K +9L@=LAK;@=K OA= =.34I:=6/ :=J M>CDaJMF? <A= FA=E9F<=F AFL=J=KKA=JL OaJ= FA;@L E=@J 9DK AFL=DD=CLM=DD= AFKA=<=D=A FKLaF<A? ?=E9;@L=J d>>=FLDA;@ J=;@LDA;@=J %GMJF9DAK

EMK C9FF KG =LO9K OA= =AF '=M;@LLMJE K=AF AF =AF=E MFe:=JK;@9M:9J=F (==J 9F $F>GJE9LAGF MF< 0FL=J

@9DLMF? K ?=DAF?L FA;@L AEE=J :=J OAJ :=Ee@=F MFK B=<=F /9?

.*&+ ,)#

670&'0 #-67'..' <78'4.C55+)' 0(14/#6+10

I#/8=+>398/8 #5+8.+6/ &/<,</-2/8 ?8. %816S-5/ .97383/</8 A/6>A/3> .3/ +-2<3-2>/8 '3< ,/<3-2>/8 83-2> 8?< .+<S,/< =98./<8 /<56N</8 =3/ G .+= =38. A3< ./8 /,S2</8D+26/< 88/8 =-2?6.31 E

.) *,+ %"#."! (0"1. +#,.* 0&,+

(-1< 15 14, =6, (1 1- 6.7 4)//;+01..-

A= !D9?K;@A>>= <=J /1 $F>GJE9LAGF <A= 17;F ;? ;>6 ME 0@J MF< <A= 1; KAF< 9M;@ F9;@ ==F<A?MF? <=J MJ;@K;@9DLMF? <=J 17;F ;? ;>6 9M> *-! MF< *-! >eJ =AF= e:=JOA=?=F<= (=@J@=AL <=J ^KL=JJ=A;@=J$FF=F $F>GJE9LAGFKIM=DD= )MEE=J =AFK %=<=F 2=JCL9? R=@F MK?9:=F <=J 1; AF *-! MF< *-! V <9K S#;5:F ;@E G@=7>N S%35:43D ;@ %AFN S A5:I3EE7D:;> =J?A:L

.LMF<=F )9;@JA;@L=F AE %9@J HJG<MRA=JL NGF

(AL9J:=AL=J$FF=F 87N S+73? XEF7DD7;5:N S)3F 3G8 D3:FN S >F7D@F7>78A@N 9MK >eF> -=KKGJLK <A= /9?= AE %9@J .LMF<=F HJG /9? LaLA? KAF< .GRA9DC9EH9?F=F MF< .H=F<=F9M>JM>= >eJ #AD>KGJ?9FA

K9LAGF=F 0FL=JLAL=DMF? >eJ "=@dJ:=@AF<=JL= #dJ>ADE= 5MJ #9MHLK=F<=R=AL 9J:=AL=F :AK RM >eJ <A= =AFR=DF=F .=F

>eJ .=@:=@AF<=JL= <=J S D7;@75=7DBD7;E 8_D 1;H;>5AGD3 <MF?=F <A= MLL=J$FF=F MF< &9E=J9L=9EK FA;@L EAL?=Ra@DL 97N MF< %M?=F<K;@MLR =J *-! =J:JAF?L K=AL %9@J=F >J=AOADDA? MF< G@F= d>>=FLDA

9K %9@J

KL9F< AE 5=A;@=F <=J <=J 17;F ;? ;>6 .=F<MF

;@=F JM;C =AF= 1A=DR9@D MF< 1A=D>9DL 9F KGRA9D=F '=AK

?=F (AL <=J +JG?J9EEJ=>GJE AE HJAD OMJ<= <A= ABB7>?A67D3F;A@ OA=<=J LMF?=F <A= RMEAF<=KL AF <=J =MJGHaAK;@=F (=<A=FD9F<

=AF?=>e@JL A= -;67AI3>> MF< F=M= ?J9>AK;@= "=KL9DLMF?K=D=E=FL= ?=:=F K;@9>L =AFE9DA? KAF< #ME9FAL9JA9F JG9<;9KLAF? AKL RM <=E )9;@JA;@L=FL=9E =AF=J MFN=JRA;@L:9J=F .=JNA;==AFJA;@LMF? <=K *-! <A= (d?DA;@C=AL CGEHD=P= /@=E=F >eJ 5MK=@=J$FF=F N=JKLaF<DA;@=J <9JRMKL=DD=F ?=OGJ<=F <A= <A= KGRA9D=F CLANALaL=F <=K #9MK=K :eF

<=DL MF< CGGJ<AFA=JL A= )3 ME

0@J :A=L=L <=F =JKL=F /1 )9;@JA;@L=Fe:=J:DA;C <=K /9?=K #ME9FAL9JA9F JG9<;9KLAF? N=JKL=@L KA;@ 9DK &GEH=

<A= )3 ME

0@J :A=L=L EAL JMF< (AFML=F .=F<=DaF?= <=F =JKL=F ME

L=FRR=FLJME AF 9DD=F !J9?=F MF< /@=E=F <A= AE 5MK9E

>9KK=F<=F _:=J:DA;C e:=J <9K /9?=K?=K;@=@=F <=J EAL <=J )3 ME

0@J E=F@9F? EAL CdJH=JDA;@ ?=AKLA? MF< G<=J AF KGRA9D= )GL >GJL?=K=LRL OAJ< ?=J9L=F=F (ALE=FK;@=F KL=@=F $E 0E?9F? EAL <A=K=F /@=E=F AKL =K M>?9:= NGF #ME9FAL9JA9F JG9<;9KLAF? A= )/3> 37 36. ME 0@J K=AL HJAD

FMJ E=@J 9M> *-! AKL F9;@ OA= K=JNA;A=J=F< EALRMOAJC=F MF< =AF OAJCDA;@C=ALK?=LJ=M=K NGJ #9MHLAF>GJE9LAGFKIM=DD= NGF <MJ;@K;@FALLDA;@ MF< R=AL?=EaZ=K AD< RM HJGBARA=J=F ?=:DA=:=F A= AF <A= .=F<MF? AFL=?JA=JL=F )=OK 9MK "G>FGD MF< .;EE7@E5:38F KGJ?=F >eJ =AF=F :J=AL=F _:=J:DA;C .GRA9D=K F?9?=E=FL :=<=ML=L >eJ <=F *-! <9@=J FA;@L FMJ !MF<J9AKAF? KGF<=JF AKL 9M;@ =AF= BGMJF9DAKLAK;@= A= )3 (GFL9? :AK !J=AL9?

0@J *-! OAJ< K=AL <=J -=>GJE OA=<=J M>?9:= #ME9FAL9JA9F JG9<;9KLAF? @aDL <9@=J &GFL9CL NGF =AF=E =A?=F=F /=9E @=J?=KL=DDL V <A= A?=FKLaF<A?C=AL :=A <=J /@=E=F

RM <=F =AFK;@Da?A?=F *J?9FAK9LAGF=F MF< KL=DDL KA;@ O9@D MF< <A= 9CLM=DD=F 'AN= $FL=JNA=OK @9:=F @G@=F M>E=JCK9EC=ALK 2=JL 9M;@ CJALAK;@=F AKCMKKAGF=F EAL <=E 5A=D =AF=F A9DG? :=AE +M:DACME =JJ=A;@L 9M>RM:9M=F =J NGF *-! &MF<=F AEE=J OA=<=J :=OA=

K=F= KGRA9D= 5MK9EE=F@9DL :=A C9JAL9LAN=F FDA=?=F <A=FL B=<G;@ FA;@L <9RM :M<?=LaJ= 1=JH>DA;@LMF?=F <=J d>>=FLDA;@=F #9F< RM e:=JF=@E=F .H=F<=F KAF< <A= X MLL=J 9M>K JGLS ME AF<ANA<M=DD= .G>GJL@AD>= MF< +JG

@<-:6- 6)4A;- B=CL= RM =JEd?DA;@=F <A= e:=J <=F >AF9FRA=DD=F -9@E=F NGF AFR=DH=JKGF=F MF< *J?9FAK9LAGF=F @AF9MK?=@=F (1 -:1+0<-:;<)<<=6/ =6)*0I6/1/ =6, 3:1<1;+0 X A= 1=JEMLMF? <=J 1GJB9@JK:=>MF<= <A= *-! )9;@JA;@L=F:=JA;@L=JKL9L

A= NGF ^ AFALAA=JL= CLAGF X/=9E ^KL=JJ=A;@S R=A?L <A= LMF? CdFFL= RM O=FA? HGDALACCJALAK;@ K=AF :=KLaLA?L KA;@ FA;@L $E "=?=F

=J>J=MDA;@ @G@= =J=ALK;@9>L <=J ^KL=JJ=A;@=J$FF=F AE L=AD A= *-! )9;@JA;@L=F N=J>GD?=F MF< :=?D=AL=F <A= J:=AL <=J .+^ ^1+

-=?A=JMF?KLaLA?C=AL

AFL=FKAN=J 9DK AE 1GJB9@J S !9DD= NGF F9LAGF9D=F &9L9KLJGH@=F FA;@L FMJ "=D< KGF

<=JF 9M;@ 5=AL RM KH=F<=F MF< XK=D:KL EAL 9FRMH9

+- 'DA9D3??3@3>KE7 67D ,@;H7DE;F[F *3>L4GD9 ;? G8FD39 67D )G@68G@= ;C=FS =J =AFE9D HJG %9@J N=JDA=@=F= X D7;@75=7D 'D7;E G@6 +7>7=A? )79G>;7DG@9E ?4 )+) *

8_D 1;H;>5AGD397N @9L KA;@ RMJ M>?9:= ?=KL=DDL (=F

$2/7/8=-2A/<:?85> 637+A+8./6

OA<E=L= <=J *-! OA;@LA?=F !J9?=F <=J "=K=DDK;@9>L =JKLE9DK +:7?7@E5:I7DBG@=F7 ,M=J <MJ;@ 9DD= +JG?J9EEC9L=?GJA=F V NGF )=OK e:=J (9?9RAF= GCME=FL9LAGF=F MF< !=9LMJ=K :AK RMJ 0FL=J@9DLMF? V O=J

<=F <A= /@=E=F =AF= 2G;@= D9F? AF 9DD=F !9;=LL=F :=@9F<=DL =F F>9F? E9;@L= <=J +:7?7@E5:I7DBG@=F ">;?3I3@67> V M>CDaJMF? F9DQK= AFD9<MF? RME #9F<=DF >eJ =AF= F9;@@9DLA?= 2=DL <=J /J=A:@9MK= =CL MF< <A= !GD?=F $FK?=K9EL =JJ=A;@L= <9K *-! !=JFK=@=F EAL N=JK;@A=<=F=F .=F<MF?=F <A= KA;@ =AFE9D G<=J d>L=J EAL <=E &DAE9O9F<=D :=K;@a>LA?L=F AF <A=K=E 5=ALJ9ME (AG 5MK;@9M=J <9K =FLKHJA;@L +JGR=FL <=J =NdDC=JMF? 9: %9@J=F

=4<=: =6, &1;;-6 )3<=-44

A= "G>FGD47D;5:F7DEF3FFG@9 :DA=: =AF O=K=FLDA;@=J =MJGH9O=AL =AFRA?9JLA?=J =KL9F<L=AD <=J =JA;@L=JKL9LLMF? AF <=J 17;F ;? ;>6 /a?DA;@ OMJ<= EAF<=K

L=FK =AF =ALJ9? G>L 9:=J 9M;@ E=@J ?=:J9;@L M;@ .;EE7@E5:38FE47D;5:F7 KAF< AF <A= 1; .=F<MF?=F AFL=?JA=JL $FK?=K9EL OMJ<=

EAL 2AKK=F

K;@9>LK:=JA;@L=F AF KaELDA;@=F )9;@JA;@L=FK=F<MF?=F =AF= 1=J<GHHDMF? AE 1=J?D=A;@ RME 1GJB9@J

=JJ=A;@L 9:=A OMJ<=F <A= +JG?J9EEHDaLR= <=J *-! .;@A=F= EAL A@J=F &MJR>GJE9L=F OA= 1; MF< 1; >3E: =:=FKG EAL 2AKK=FK;@9>LKL@=E=F :=DA=>=JL OA= <A= #9MHLF9;@JA;@L=FK=F<MF?=F 17;F ;? ;>6 MF< 1; .;@O=JHMFCLL@=E=F O9

J=F $76;L;@ 7EG@6:7;F KGOA= +75:@;= MF< ADE5:G@9

= '464#7'0

+' "'+6 +/ +.& &'4 #%*4+%*6'05'0&70)'0

)+0:1+0<-69=)41<I< D ?-4<?-1<

&GJJ=KHGF<=FL$FF=F :=JA;@L=F >eJ <=F *-! 9MK AFK?=K9EL AFL=JF9LAG

F9D=F MZ=FKL=DD=F .A= ?9J9FLA=J=F >eJ <A= )9;@JA;@L=FKK=F<MF?=F <=J 17;F ;? ;>6 9ML@=FLAK;@= RMN=JDaKKA?= $F>GJE9LAGF MF< =JEd?DA;@=F <9KK AE =

<9J>K>9DD KH=RA>AK;@ >eJ ^KL=JJ=A;@ OA;@LA?= $F@9DL= NGJ *JL J=;@=J;@A=JL MF< CGEEMFARA=JL O=J<=F

16,-: -?;

%7IE <9K *-! $F>GJE9LAGFKE9?9RAF NGF &AF<=JF >eJ &AF<=J O9J AE -9@E=F NGF A@87FF; +;-; FA;@L FMJ K9EKL9?K 0@J *-! MF< KGFFL9?K

0@J *-! KGF<=JF 9M;@ OG;@=FL9?K 0@J *-! RM K=@=F A= .=F

<MF? OMJ<= FA;@L FMJ MFL=JLAL=DL KGF<=JF NGF &AF<=JF 9M;@ AF "=:aJ<=FKHJ9;@= e:=JK=LRL !eJ

OMJ<=F ME>9F?J=A;@= \F<=JMF?=F <=K ?=K9EL=F *-! &AF<=JHJG

?J9EEK NGJ:=J=AL=L

@<-:6- 6)4A;- ! "81<B-6:-1<-: =6<-: ,-6 J..-6<41+0 :-+0<41+0-6 "-6,-:6

>eDDL *-! K=AF= ?=K=DDK;@9>LDA;@= !MFCLAGF <=J &JALAC MF< &GFLJGDD= NGF '=?AKD9LAN= P=CMLAN= MF< 9F<=J=F ?=K=DDK;@9>LDA;@=F .M:KQKL=E=F FA;@L FMJ AFL=FKAN=J 9MK 9DK AE 1GJB9@J V EAL K=AF=J /@=E=FK;@O=J

HMFCLK=LRMF? C9FF <9K +JG?J9EE <A= &JALAC MF< &GFLJGDD>MFCLAGF AF <=J +JAE=LAE= KG?9J N=JKLaJC=F *-! AKL AE 0E>9F? <=J >=JFK=@HM:DARAKLAK;@=F =JA;@L=JKL9LLMF? e:=J CGFLJGN=JK= /@=E=F 9MK +GDALAC 2AJL

K;@9>L MF< "=K=DDK;@9>L .HALR=FJ=AL=J MFL=J <=F d>>=FLDA;@ J=;@LDA;@=F .=F<=JF <=J .;@O=AR ^KL=JJ=A;@K MF< =MLK;@D9F<K :A=L=L RMK9EE=F EAL <=F =JKL=F +JG?J9EE=F <=J - 9FL=ADKEaZA? 9E E=AKL=F =JA;@L=J

KL9LLMF? 9MK <=E @d;@KL=F '=AKLMF?K:=J=A;@ NGF $F>GJE9LAGF MF< DA=?L O=AL NGJ <=F HJAN9L=F +JG?J9EE=F S +- 'DA9D3??3@3>KE7 67D ,@;H7DE;F[F *3>L4GD9 ;? G8FD39 67D )G@68G@= G@6 +7>7=A? )79G>;7DG@9E ?4 )+) *

-67'..' 0(14/#6+10'0 +/ '405'*'0 ? &+(('4'0<+'46 0#%* .6'45)4722'0

I ?,63- &+6?/ 2/3J> 8+-2 7/38/7 &/<=>N8.83= 83-2>= +8./</= +6= 0S< /38 38>/</==3/<>/= R=>/<</3-23=-2/= ?,635?7 4/./<D/3> ?8. G 0+=> G S,/<+66 .+ D? =/38 E

)0. 1! +$". +#,.* 0&,+

A= 9CLM=DD=F )9;@JA;@L=FK=F<MF?=F <=K *-! /1 @9:=F =AF= R=FLJ9D= =<=MLMF? >eJ <9K dKL=JJ=A;@A

K;@= +M:DACME =A C=AF=E 9F<=J=F !=JFK=@K=F<=J CdFF=F .A= KA;@ <9J9M> N=JD9KK=F <9KK .A= =AF= <=J

9JL ME>9KK=F<= MF< 9MK?=OG?=F= =JA;@L=JKL9LLMF? RM dKL=JJ=A;@AK;@=F V 9:=J 9M;@ AFL=JF9LAGF9D=F V /@=E=F AF <=F =J=A;@=F 'A>;F;= .;DFE5:38F "G>FGD :DA@;= .;EE7@E5:38F *BADF MF< .7FF7D :=CGEE=F M;@ 9M> (AF<=J@=AL=F MF< (=FK;@=F EAL =@AF<=

JMF? OAJ< V =LO9 AF 17;F ;? ;>6 .=F<MF?=F AF "=:aJ

<=FKHJ9;@= V =<9;@L ?=FGEE=F G;@ CdFF=F <A= BMF?=F 5MK;@9M=J$FF=F EAL <A=K=E F?=:GL e:=J@9MHL FG;@ =JJ=A;@L O=J<=F V AF= !J9?= <A= KA;@ d>>=FLDA;@ J=;@LDA;@= .=F<=J AFL=JF9

LAGF9D KL=DD=F .G LAL=DL <=J .HA=?=D AE (9A X!396 3G8 6;7 !G97@6 7@ ^887@F>;5: D75:F>;5:7@ *7@67D@ ?35:F 63E :A:7 >F7D ;:D7D 1GE5:3G7D LG E5:3887@ S A= +JG

?J9EEJ=>GJE <=K *-! @9L <A=K:=Re?DA;@ AE =J=A;@ $F>GJE9LAGF RM =AF=J =FLK;@=A<=F<=F 1=J:=KK=JMF? :=A?=LJ9?=F .=AL@=J ?A:L =K 9M;@ 9M> *-! <=MLDA;@ E=@J )9;@JA;@L=FK=F<MF?=F =J +JG?J9EE9M>LJ9? =AF X6;887D7@L;7DF7E 7E3?FBDA9D3??

8_D 3>>7S 9FRM:A=L=F OAJ< N=JKLaJCL O9@J?=FGEE=F 2a@J=F< E9F;@= .=F<=J F9;@ <=J !GJE=D XBMF? <MEES 9J:=AL=F <eJ>L=F :JAF?=F <A= *-! )9;@JA;@

L=F KL9LL HDMEH=J F:A=<=JMF? O=AL?=@=F< CD9KKAK;@ d>>=FLDA;@ J=;@LDA;@= )9;@JA;@L=F 9K BMF?= +M:DACME OAJ< EAL K=AF=F AF@9DLDA;@=F FKHJe;@=F =JFKL ?=FGE

E=F MF< EAL EG<=JF=E =KA?F N=JOd@FL A= .=F<MF

?=F ME MF< 0@J KAF< (9JCL>e@J=J "D=A;@

R=ALA? AKL <9K DL=J <=J 5MK;@9M=J V =LO9 AF <=J 1; V %9@J= BeF?=J 9DK <9K <=J 17;F ;? ;>6 9M> *-!

A= 1=JD9?=JMF? <=J )9;@JA;@L=F ME (ALL=JF9;@L NGF *-! 9M> *-! :J9;@L= V :=A 9FFa@=JF< ?D=A;@ NA=D=F 5MK;@9M=J$FF=F V =AF ME KA=:=F %9@J= BeF?=J=K +M:DA

CME A= (d?DA;@C=AL =AF=K <A>>=J=FRA=JL=F F?=:GLK >eJ BeF?=J= MF< aDL=J= .=@=J$FF=F AF *-! MF< *-! @9L =AF=F =FLK;@=A<=F<=F =ALJ9? <9RM ?=D=AKL=L 9M;@ >eJ BeF?=J= 5MK;@9M=J$FF=F 9LLJ9CLAN= )9;@JA;@

L=F E9;@=F RM CdFF=F !MFCLAGFA=J=F C9FF <9K FMJ O=AD <A= :=KL=F %GMJF9DAKL$FF=F KGOA= &GJJ=KHGF<=F

L$FF=F <=K *-! >eJ *-! MF< *-! 9J:=AL=F "D=A;@R=ALA? O=J<=F <=F N=JLJ9ML=F )9;@JA;@L=F 9M> *-! 9M;@ NGF MF9:@aF?A?=F =G:9;@L=JF ?ML= 'G4>;5 -3>G7 2=JL= 9LL=KLA=JL A= + /G;@L=J $76;3I3F5: CGFKL9LA=JL= F<= =R=E:=J <=J 17;F ;? ;>6 =AF (=@J 9F +GDALAC 9K 1=J@aDLFAK NGF X@9J<S MF< XKG>L F=OKS K=A <MJ;@ <A= -=>GJE <=J 1; MFN=JaF<=JL MF< =FLKHJ=;@= O=AL?=@=F< <=F <=ML

K;@=F d>>=FLDA;@ J=;@LDA;@=F /1 )9;@JA;@L=F =JA;@L= RMJ $FF=FHGDALAC MF< MZ=FHGDALAC D=?L=F KG?9J RM $E "=?=FK9LR RM HJAN9L=F .=F<=JF CdFF=F KA;@ *-!

.=@=J$FF=F <9J9M> N=JD9KK=F <9KK KA= F=:=F R=@F La?DA;@=F )9;@JA;@L=FK=F<MF?=F :=A 9CLM=DD=F J=A?

FAKK=F 5MK9LRK=F<MF?=F :=CGEE=F .A= J=A;@=F V =LO9 :=AE /G< NGF DL:MF<=KHJaKA<=FL 29D<@=AE V NGF 4D73=;@9 @7IE e:=J =AF=F )G@67@ +;E5: :AK @AF RMJ 'AN= _:=JLJ9?MF? <=J =?Ja:FAK>=A=JDA;@C=AL=F =A AFL=JF9LAGF9D=F /GH J=A?FAKK=F OA= <=E /G< NGF =F9RAJ @MLLG AKL <A= FLK=F<MF? =AF=K %GMJF9DAKL=F F9;@ +9CAKL9F K=D:KLN=JKLaF<DA;@ 'G4>;5 -3>G7 @=AZL F9;@ E=AF=E 1=JKLaF<FAK FA;@LK 9F<=J=K 9DK >eJ =AF AFL=J=KKA=JL=K dKL=JJ=A;@AK;@=K +M:DACME B=<=JR=AL MF< V >9KL V e:=J9DD <9 RM K=AF 2AJ N=JKM;@=F MFK=J =KL=K <A=K=F FKHJM;@ MF< <A=K=K 1=JLJ9M=F >eJ 9DD= .;@A;@L=F MF< MF9:@aF?A? NGF HGDA

LAK;@=F 5M?=@dJA?C=AL=F =AFRMDdK=F

)0. 1! +$".

1- 6.7:5)<176; ..-6;1>- )=. !

MJ;@ <A= +JG?J9EEJ=>GJE

OMJ<= <=J FL=AD NGF 9CLM=DD=F $F>GJE9LAGFK

K=F<MF?=F <A= =A?=FK >eJ *-! HJG<MRA=JL O=J<=F <=MLDA;@ =J@d@L )3 /A=06+=2 (GFL9? :AK !J=AL9? ;9 0@J 0@J MF< 0@J .9EKL9? MF< .GFFL9? ;9 0@J *-! J=A (AFML=F CGEH9CL= $F>GJE9

LAGF AF EG<=JF=J "=KL9DLMF?K>GJE MF< FMF 9M;@ 9E 2G;@=F=F<= _:=J:DA;CK

9JLA? O=J<=F <A= OA;@LA?KL=F )9;@JA;@L=F AF J9K;@=J :>GD?= HJaK=FLA=JL AF CMJR=J 2=LL=J:=JA;@L K;@DA=ZL <A= .=F<MF? 9:

= '464#7'0

70)' '*'4 00'0 )'9100'0 D(('06.+%*'0 '*49'46 )'56C4-6

)3 La?DA;@

0@J *-! A= F=M= 1; :A=L=L AF *-! AF KA=:=F (A

FML=F =AF= CGEH9CL= /9?=KRMK9EE=F>9KKMF? EAL <=F OA;@LA?KL=F )9;@JA;@

L=F 9MK 'A>;F;= .;DFE5:38F :DA@;= "G>FGD MF< *BADF >eJ <A= 5A=D?JMHH= :AK $E FK;@DMKK <9J9F >GD?L =AF =AFEAFeLA?=J 2=LL=J:=JA;@L A= AD<KHJ9;@= AKL EG<=JF MF< 9M> <A= BeF?=J= 5A=D?JMHH= NGF *-! RM?=K;@FALL=F FLKHJ=

;@=F<= "=KL9DLMF?KEALL=D 'AN= &GEE=FL9J= RM =ALJa?=F 'AN= .;@9DLMF? )=OKLA;C=J MF< .HDALK;J==F )3 (GFL9? :AK !J=AL9?

0@J *-! 9K F=M=

EAFeLA?= (ALL=J

F9;@LKE9?9RAF AF *-! =JK=LRL <A= :AK@=JA?= 1; AF *-! A= .=F<MF? :A=L=L =AF=F D=LRL=F )9;@JA;@L=Fe:=J:DA;C NGJ <=E .;@D9>=F?=@=F )=:=F <=J CGEH9CL=F 5MK9EE=F>9KKMF? <=K 2=DL?=K;@=@=FK :A=L=L <A= 1; =AF .LM

<AG?=KHJa;@ EAL =AF=E G<=J E=@J=J=F "aKL=F RM =AF=E L9?=K9CLM=DD=F /@=

E9 KGOA= =AF=F .=JNA;=L=AD RM /@=E=F <A= KH=RA=DD <A= BeF?=J= AFL=JF=L?=

HJa?L= "=F=J9LAGF AFL=J=KKA=J=F ";@A A?BGF7D + 3@6K A?BGF7D93?7E #;87EFK>7 $A67 $GE;= -: :.74/ 16 ()04-6 A= 1; =JJ=A;@L= E=@J BeF?=J= 5MK=@=J$FF=F 9DK <A= 17;F ;? ;>6 <9K MJ;@

K;@FALLK9DL=J <=J 5MK=@=J$FF=F DA=?L :=A %9@J=F A= 1; AKL =:=F>9DDK >eJ BeF?=J= 5MK=@=J$FF=F 9LLJ9CLAN 1GF <=F :AK %a@JA?=F <A= ME <A=K= 5=AL >=JFK=@=F >GD?=F +JGR=FL <=J 1; <9K KAF< >9KL <J=AE9D E=@J 9MK <A=K=J DL=JK?JMHH= 9DK NGJ <=J -=>GJE :=A <=J 1; RMK9@=F 9K MJ;@K;@FALLK9DL=J <=J 5MK=@=J$FF=F AKL NGF 9M> %9@J= ?=KMFC=F

@<-:6- 6)4A;- (=.:1-,-60-1< ,-: 2=6/-6 "-0-: 66-6 ;<):3 /-;<1-/-6

X$FK?=K9EL CGFFL= <A= "=K9ELRM>JA=<=F@=AL 9DD=J !GJE9L= ?=KL=A?=JL O=J<=F 6 7 M>>aDDA? AKL <9KK AE "=

?=FK9LR RMJ .LM<A= NGF

F9@=RM B=<=J 5O=AL= <A=K=J MKK9?= X$FK?=K9EL >AF<= A;@ <A= ,M9DALaL <=J .=F

<MF?=F AE *-! K=@J ?MLS RMKLAEEL 29J=F =K

FMJ +JGR=FL KG KAF< =K FMF :=AF9@= +JGR=FL <A= A@J= 5MKLAEEMF? RM <A=K=J MKK9?= ?=:=F 9<MJ;@ R=A?L KA;@ <9KK <A= +JG?J9EEJ=>GJE <MJ;@9MK HGKALAN= >>=CL= 9M> <A= "=K9ELRM>JA=<=F@=AL <=J %M?=F<DA;@=F ?=FGEE=F @9L 6 7 A= 0JK9;@= >eJ =AF= .L=A?=JMF? <=J "=K9ELRM>JA=<=F@=AL C9FF NGJ 9DD=E <MJ;@ =?=AKL=JMF?K>9CLGJ=F =JJ=A;@L O=J<=F <A= AF <A=K=E !9DD G>>=F

KA;@LDA;@ AF $F>GJE9LAGFKK=F<MF?=F DA=?=F S *FG6;7 67D 35::A5:E5:G>7 *F '^>F7@ S DI3DFG@97@ <G@97D 1GE7:7D @@7@ 3@ ^887@F>;5: D75:F>;5:7E 7D@E7:7@ Q N * 8

7#.+6C65,1740#.+5/75 +/ #&+1

I#>?8./ 0S< #>?8./ 38 ./< /<3-2>/<=>+>>?81 16/3-2 ,6/3,/8. !?+63>N>==>+8.+<.= +?0</-2>/<2+6>/8 38 "/-2/<-2/ #-28/66315/3> 09<7+6/< ?0,/</3>?81 G .+= 5+88 8?< /38 R00/8>63-2 </-2>63-2/= %8>/<8/27/8 E

"00&+ ,&0%". -- !&,&+#,.* 0&,+

29K AKL >eJ MFK=J +M:DACME @=ML= <9K OA;@LA?KL= /@=E9 MF< OA= :=J=AL=F OAJ =K 9M> 29K KAF< <A= !J9

?=F <A= KA;@ <A= #dJ=J$FF=F KL=DD=F MF< OA= CdFF=F OAJ KA= :=9FLOGJL=F 29K AKL @=ML= AF ^KL=JJ=A;@ MF< AFL=JF9LAGF9D NGF =<=MLMF? 29K <9NGF AKL OA;@LA? G<=J 9MZ=J?=Od@FDA;@ ?=FM? G<=J NA=DD=A;@L 9M;@ FMJ KG :=Je@J=F< <9KK =K AF <=F &) )36;A<AGD@3>7@ G<=J <=F %35:D;5:F7@ =AF=F .=F<=HD9LR =J@aDL 9K KAF< <A= !J9?=F <A= OAJ MFK AF <=J )36;A;@8AD?3 F;A@ RO=AE9D La?DA;@ AF <=F -=<9CLAGFKCGF>=J=FR=F KL=DD=F EAL NA=D F?9?=E=FL MF< F9LeJDA;@ NGJ <=E #AFL=J?JMF< <=K -MF<>MFC?=K=LR=K 9K -=KMDL9L KAF< <A= %GMJF9D MF< )9;@JA;@L=FK=F<MF?=F AF ^ AF <=F -=?AGF9DJ9<AGK MF< F9LeJDA;@ AE #ALJ9<AG ^ 0F< :=A 9DD=F .=F<=JF R=A?=F <A= MFN=JaF<=JL=F #d;@KLIMG

L=F RM <=F %GMJF9DR=AL=F OA= OA;@LA? <A= $F>GJE9LAGFK

K=F<MF?=F AE *-! -9<AG >eJ MFK=J= #dJ=J$FF=F KAF< (9F;@E9D K;@J=AL=F <A= J=A?FAKK= KG K;@F=DD NGJ9F <9KK <A= ?=K9EL= -=<9CLAGF RMJ K;@F=DD=F AF?J=A>

LJMHH= AE A=FKL= <=J #dJ=JK;@9>L EMLA=JL 9K F<= <=J -=?A=JMF?KRMK9EE=F9J:=AL OAJ< ME 0@J 1GJ

EALL9? :=C9FFL?=?=:=F AF 9DD=F -9<AGK=F<=JF :JAF

?=F OAJ KG K;@F=DD MF< KG ME>9KK=F< OA= Ed?DA;@ =JA;@L= e:=J <9K J=A?FAK <9RM F9DQK=F $FL=J

NA=OK !9;L:GP=K #AFL=J <=F &MDAKK=F D9M>=F <A= AFL=FKAN=F 1GJ:=J=ALMF?=F >eJ =AF= 9MZ=JLGMJDA;@= !AGD@3> '3@AD3?3 AKCMKKAGFKJMF<= 9E :=F< EAL <=F 29@DC9EH>E9F9?=JF <=J +9JD9E=FLKH9JL=A=F 9MK :=KGF<=J=E FD9KK 9M> =AF= .LMF<= N=JDaF?=JL 0F< ?D=A;@R=ALA? HD9F=F OAJ <9K /GHL@=E9 >eJ <A= $AD97@<AGD@3>7 <=K CGEE=F<=F /9?=K

)9LeJDA;@ AKL <9K F<= =AF=J &G9DALAGF =AF AFF=FHGDALA

K;@=K "JGZ=J=A?FAK 9F <=E C=AF (=<AME NGJ:=A?=

@=F C9FF G<=J OADD 9:=J 9F =AF=F d>>=FLDA;@ J=;@LDA

;@=F .=F<=J CdFF=F MF< EeKK=F @A=J :=KGF<=J= FKHJe;@= ?=KL=DDL O=J<=F A= =JA;@L=JKL9LLMF? KGDD FA;@L FMJ ?ML J=;@=J;@A=JL MF< LGH9CLM=DD K=AF OAJ EeKK=F 9M;@ AF <A= /A=>= ?=@=F <A= #AFL=J?JeF<= =:=FKG :=D=M;@L=F OA= <A= &GFK=IM=FR=F MF< OAJ KAF< <=F "=:GL=F <=J GE97IA97@:7;F MF< <=J &4<7=F;H;F[F N=JH>DA;@L=L V MF< KH9FF=F< >eJ <A= #dJJ=J$FF=F KGDD =K 9MZ=J<=E 9M;@ K=AF AF BGMJF9

DAKLAK;@ @G;@O=JLA?=K +JG?J9EE9F?=:GL =:=F 9M> <9K E9F KA;@ N=JD9KK=F C9FF AF= K;@D9?CJa>LA?= )36;A;@8AD?3F;A@ EMKK ?=F9M <9K 9DD=K :A=L=F CdFF=F 9:=J ?D=A;@R=ALA? 9M;@ 9F<=J=K #AFL=J?JMF<K=JA=F RM <=F J=A?FAKK=F NGF G<=J <A= EGF9L=D9F?= >MF<A=JL= =JA;@L=JKL9LLMF? e:=J =AF=F 2AJLK;@9>LK "JGZHJGR=KK MF< <A= 1GJ:=J=A

LMF? <=J +JaKA<=FLK;@9>LKO9@D AF <=F 0. )MF CdFFL= E9F OA=<=J K9?=F <9KK B9 9DD= (=<A=F e:=J <A=K= AF?= :=JA;@L=F EeKK=F V 9:=J .=JA=F e:=J G<=J O=J<=F .A= :=A CGEE=JRA=DD=F -9<AGK=F<=JF N=J?=:DA;@ KM;@=F =AF= La?DA;@= &MD

LMJD=AKL= AF <=J (GJ?=FAF>GJE9LAGF >aF<=F .A= :=A

KHA=DKO=AK= 9M;@ FA;@L )MJ >eJ <A= *-! -9<AGK ?ADL )9;@JA;@L=F KLeF<DA;@ JMF< ME <A= 0@J .;@D9?R=AD=F <9ROAK;@=F MF< %GMJF9DK=F<MF?=F AF 'aF?=F NGF KA=

:=F (AFML=F (AFML=F =AF=J @9D:=F MF< =AF=J ?9F

R=F .LMF<= #A=J AF <=J =JA;@L=JKL9LLMF? ?D=A;@:D=A

:=F<= ,M9DALaLKKL9F<9J<K 9M>J=;@LRM=J@9DL=F <A= <A= &) )36;A;@8AD?3F;A@ <=MLDA;@ NGF 9F<=J=F (=<A=F MFL=JK;@=A<=F AF -=;@=J;@= .;@F=DDA?C=AL >GJE9D=J M>:=J=ALMF? V <9K C9FF FMJ =AF d>>=FLDA;@ J=;@LDA;@=K 0FL=JF=@E=F

"00&+ ,&0%". --

G 7=:6)4- 6.7:5)<176 ,-: 5)6 >-:<:)=-6 3)66

LO9

(AFML=F La?DA;@ 9MK 'A>;F;= .;DFE5:38F 7E7>>E5:38F MF< "G>FGD @9L <=J !),17;-6,-: G

B=<=F /9? AF K=AF=F %GMJF9D .=F<MF?=F MF< )9;@JA;@

L=F ?=:GL=F ^ AKL <9EAL =AF= <=J OA;@LA?KL=F $F>GJE9LAGFKIM=DD=F <=K '9F

<=K -=<9CL=MJ$FF=F <9NGF AF <=F %35:D;5:F7@ !AGD@3> + # + /+ @8AD36;A -=<9CLAGF=F AF <=F -=KKGJLK GV7@BA>;F;= @@7@BA>;F;= .;DF E5:38F :DA@;= *BADF .7FF7D KGOA= GDAB3 !AGD@3> MF< !AGD@3> '3@AD3?3 KGJ?=F NGF (GFL9? :AK .GFFL9? 9M> 9DD=F .=F<=JF ^ *-! -=?AGF9DJ9<AGK ^ !( >eJ %GMJF9D= MF< )9;@JA;@L=FK=F<MF?=F (=@J $F>GJE9LAGF RM <=F ^ %GMJF9D=F KA=@= .=AL=F MF<

6.7:5)<176-6 B=5 1<6-05-6 -: 37;<-647;- G 7,+);<

= '464#7'0

D4$#4' 06'45%*+'&' +' #&+1+0(14/#6+10

A= =JKL= ?JGZ= $F>GK=F<MF? <=K /9?=K CdFF=F <A= #dJ=J$FF=F B=LRL 9M;@ 9DK 'A653EF <GOFDG9<=F 9K "D=A;@= ?ADL >eJ )9;@JA;@L=F AF =F?DAK;@=J >J9FRdKA

K;@=J MF< KH9FAK;@=J .HJ9;@=

$2/7/8=-2A/<:?85> 637+A+8./6 37 "+.39 (AL <=F .=F<MF?=F RME ">;?3I3@67> NGF ^ ^ !( KGOA= B=F=F <=J *-! -=?AGF9DJ9<AGK OMJ<=F HJG /9? JMF< (AG #dJ=J$FF=F =JJ=A;@L ,M=DD= -9<AGL=KL

A= -9<AG %GMJF9D= :=@9F<=DL=F MFL=J 9F<=J=E <A= /@=E=F EEEF^DG@97@ 7@8AA6 3;D +D367 'DA6G=F7 MF< 7EG@6:7;FED;E;=7@ :=A E9F;@=F )9@

JMF?KEALL=DF M;@ <=J NGE #ALJ9<AG ^ AF 5MK9EE=F9J:=AL EAL <=E 22! <MJ;@?=>e@JL= ">;?35:75= OMJ<= AFL=FKAN ?=FMLRL $FK?=K9EL

#dJ=J$FF=F @9:=F <A= ROdD> ">;?35:75= !J9?=F GFDAF= :=9FLOGJL=L MF< 9E F<= =J>9@J=F ME OA= NA=D "J9< KA;@ <9K J<CDAE9 =JOaJE=F OeJ<= O=FF 9DD= =OG@F=J$FF=F MFK=J=K +D9F=L=F KG OA= <=J <A= 0K=J$F D=:=F OeJ<=F (AL?=DA=>=JL OMJ<=F 9:=J 9M;@ CGFCJ=L= 1GJK;@Da?= MF< #AF

O=AK= OA= B=<=J K=D:KL RMJ 1=JJAF?=JMF? <=K &DAE9O9F<=DK :=ALJ9?=F C9FF

G =6, =:B6)+0:1+0<-6 51< 1>-)=

5M B=<=J NGDD=F .LMF<= N=JKGJ?L <9K CGEH=L=FL= /=9E <=J )36;A;@8AD?3F;A@ 9M;@ AE 1<:),17 G <A= JMF< (AG #dJ=J EAL G:B=CLAN=F MF< 9MK?=OG?=

F=F $F>GJE9LAGF=F RME /9?=K?=K;@=@=F <A= )9;@JA;@L=F KAF< 9M;@ 9DK 'A6 53EF 9:JM>:9J N=JKL=@L KA;@ 9DK !=FKL=J RMJ 2=DL A= )=OK 9M> !( KLeF<DA;@ NGF

:AK

0@J KHJ=;@=F <A= O=K=FLDA;@KL= 2=DLKHJ9;@= F?DAK;@ 0E MF< 0@J O=J<=F <A= OA;@LA?KL=F J=A?FAKK= <=K /9?=K 9M;@ AF >J9FRd

KAK;@=J .HJ9;@= HJaK=FLA=JL A= ?D=A;@:=J=;@LA?L= 1=JO=F<MF? <=J :=A<=F .HJ9;@=F F?DAK;@ MF< =MLK;@ AE .=F<MF?KK;@=E9 AKL /=AD <=J (9JC= !(

=*413=5;5-16=6/

X +JGR=FL <=J ^KL=JJ=A;@=J$FF=F >AF<=F =K OA;@LA? <9KK <=J d>>=FLDA;@ J=;@LDA;@= -MF<>MFC e:=J 9DD= OA;@

LA?=F !J9?=F 9MK +GDALAC .GRA9D=E 2AJLK;@9>L &MDLMJ MF< .HGJL ME>9KK=F< AF>GJEA=JL S *FG6;7 67E &) 'G4>;=G?ED3F7E 7D ^887@F>;5: D75:F>;5:7 %GFL7@ 3GE *;5:F 67E 'G4>;=G?E 8" GEFD;3 )7BD[E7@F3F;H478D39G@9

I 3> .?<-2=-283>>63-2 39 =91/8+88>/8 H&3=3>=* :<9 98+> +6=9 /38/< H$+1/=</3-2A/3>/* @98 0+=> /38/< 39 %=/< 88/8 A+< " +> 37 +2< .+= 73> ,=>+8. :9:?6N<=>/ 8>/<8/>+81/,9> K=>/<</3-2= 8 .3/=/< 9=3>398 2+> " +> /38/ ,/=98./</ /?-2>>?<7 ?85>398 D? /<0S66/8 4/8/ 8+-2 L,/<=3-2> 59<</5>/< /A3-2>?81 /8+?31 5/3> ?8. ,4/5>3@3>N> E

.) %+". +)&+" 1+! ")"0"40 * ,

$E O=DLO=AL=F )=LR AF <=E B=<=K F?=:GL FMJ =AF=F &DA;C NGE Fa;@KL=F =FL>=JFL AKL EMKK =AF= (9JCLHGKA

LAGF OA= B=F= <=K *-! =JKL <MJ;@ =AF @G@=K (9Z 9F "D9M:OeJ<A?C=AL =J9J:=AL=L O=J<=F

&=AF 9F<=J=K dKL=JJ=A;@AK;@=K *FDAF= F?=:GL O=AKL <=J $F>GJE9LAGF =AF= 9M;@ FMJ 9FFa@=JF< a@FDA;@ ?=OA;@LA?= =<=MLMF? :=A <9EAL KL=@L &) 3F AF :=K

L=J 'G4>;5 *7DH;57 /J9<ALAGF

=E=JC=FKO=JL =JK;@=AFL <9KK <A= :=9;@LDA;@= 59@D NGF 5M?JA>>=F <A= NGF E=@J 9DK (AG X DA=FLKS HJG (GF9L NGJ?=FGEE=F OMJ<=F KA;@ FA;@L V OA= :=A 9F<=J=F (=<A=F9F?=:GL=F V 9M> F=M= NAJLM=DD= XKGRA

9D= 2=DL=FS &D=AF9FR=A?=F &GFL9CL:dJK=F G<=J !GLG

KLJ=;C=F KLeLRL=F KGF<=JF AF E=@J 9DK F=MF NGF R=@F !aDD=F 9M> =;@L= J=<9CLAGF=DD= $F@9DL= A= ?=F9M=J= M>?DA=<=JMF? <=J $F@9DL= F9;@ )MLRMF? R=A?L <9KK JMF< <J=A 1A=JL=D 9DD=J 9:?=>J9?L=F .=AL=F %35:D;5:F7@ *BADF =JA;@L= 9MK <=F #3@67EEFG6;AE +75:@A>A9;7 @F7D@7F MF< .7FF7D;@8AD?3F;A@7@ 9F?=

:GL=F @9:=F .GOG@D F?=:GL 9DK 9M;@ )MLRMF? =FL

KHJ=;@=F <9EAL AF @G@=E (9Z= <=J MKJA;@LMF? NGF &) 3F 9M> =AF 9MK?=OG?=F=K d>>=FLDA;@ J=;@LDA;@=K .H=CLJME

&) 3F D=AKL=L 9:=J FA;@L FMJ =KGF<=J=K @AFKA;@LDA;@ <=K $F>GJE9LAGFK9F?=:GLK AK RM DA=FLK HJG (GF9L F=@E=F 9F <=F N=JK;@A=<=F=F GEEMFALQ

F?=:GL=F NGF &) 3F L=AD O9K KA;@ AF <=J KL=A?=F<=F 59@D NGF =:9LL=F:=ALJa?=F RM N=JK;@A=<=F=F ?=K=DD

K;@9>LDA;@=F MF< HGDALAK;@=F /@=E=F aMZ=JL <A= :AK RM RO=A (AG NGF 0K=J$FF=F =AF?=K9F<L= =ALJa?= HJG (GF9L =JJ=A;@=F

:?=JMF<=L OAJ< <A=K=J KL9JC= &=JF EAL $F>GJE9LAGF=F 9MK <=F =J=A;@=F .;EE7@E5:38F -A>=E9DGBB7@ MF< "A@EG?7@F7@E5:GFL =AF=E Ha<9?G?AK;@ O=JLNGDD=F ";@67D3@974AF MF< <=F *7DH;57E <=J -9<AGK=F<=J MF< <=K !=JFK=@=FK

A=K= D=:=F<A?= !GJ=FCMDLMJ AKL FMJ Ed?DA;@ O=AD &) 3F <A= ?=K=DDK;@9>LDA;@= J=AL= 9:<=;CL MF< =JJ=A;@L K AKL CD9J <9KK <A=K= !GJE NGF /=AD@9:= <=E ?=K=LR

DA;@=F M>LJ9? 9F <=F *-! =FLKHJA;@L RMJ ?=K=DD

K;@9>LDA;@=F MF< HGDALAK;@=F AKCMKKAGF AF ^KL=JJ=A;@ :=ARMLJ9?=F

.) %+".

X.GOG@D <A= J?=:FAKK= <=J F?=:GLKKLJMCLMJ 9DK 9M;@ <=J $F@9DLK9F9DQK= NGF *-! 9L :=D=?=F =AF= CD9J= *JA=FLA=JMF? <=K *FDAF= M>LJALL=K <=K *-! 9E ?=K=LRDA;@=F M>LJ9? MF< =JD9M:=F KGEAL =AF= ,M9DA>ARA=JMF? 9DK d>>=FLDA;@ J=;@LDA;@=J *FDAF= F:A=L=J F=OK *-! 9L O=AKL FA;@L FMJ =AF N=J?D=A;@KO=AK= ?JdZ=J=K MF< :J=A

L=J=K F?=:GL 9F ?=FMAF=J *FDAF= =JA;@L=JKL9LLMF? 9DK <A= HJAFLE=<A9D :9KA=JL=F *FDAF= A=FKL= 9M> M;@ @AFKA;@LDA;@ <=J /@=E9LAKA=JMF?KD=AKLMF? DA=?L <9K *-! F?=:GL ?=E=KK=F 9F <=F AE=FKAGF=F /@=E=F9C

R=FLMA=JMF? /@=E=FKLJMCLMJ MF< CLM9DALaL F9;@O=AK:9J NGJ <=F 1=J?D=A;@K9F:A=L=JF S @EF;FGF 8_D 'G4>;L;EF;= G@6 "A??G@;=3F;A@EI;EE7@E5:38F 67D ,@;H7DE;F[F .;7@ *FG6;7 ;? 74DG3D

M> e:=J *FDAF= &9FaD=F MF< 2=:KAL=K :A=L=L ! )< $F>GJE9LAGF=F RM 9D

D=F J=D=N9FL=F /@=E=F:=J=A;@=F NGF 'A>;F;= "G>FGD .;DFE5:38F e:=J *BADF .7FF7D MF< .;EE7@E5:38F :AK RM @8AD?3F;A@EF75:@A>A9;7@ )7>;9;A@ MF< -A>=E 9DGBB7@ $F@9DLDA;@ OMJ<=

EAL <=J KLaJC=J=F 1=JK;@JaFCMF? NGF /1 MF< -9<AG $F@9DL=F EAL &) 3F MF< <=E MK:9M NGF &) 3F RMJ EMDLAE=<A9D=F +D9LL>GJE :=?GFF=F ME <=E KL=A?=F<=F =<9J> <=K +M:DACMEK F9;@ R=AL MF< GJLKMF9:@aF?A?=J )MLRMF? NGF *-! F?=:GL=F EAL =FLKHJ=;@=F<=F CGKL=FDG

K=F .=JNA;=K -=;@FMF? RM LJ9?=F

$2/7/8=-2A/<:?85> 637+A+8./6 +?0 " +> A= &) +:7?7@E5:I7DBG@=F F?=:GL= AE $FL=JF=L N=JR=A;@F=L=F AFK?=K9EL (AG 5M?JA = E @aMT?KL=F 9M>?=JM>=F OMJ<=F <A= .H=;A9DK 9M> @7IE &) 3F CF9HH

5M?JA = ?=>GD?L NGF A7 EF7DD7;5: &) 3F JMF<

MF< <=J .;@O=JHMFCL .AL= F:7?7@E5:I7DBG@=F &) 3F

=J &) +:7?7@E5:I7DBG@=F =J@aDL FA;@L FMJ AE $FL=JF=L :=9;@LDA;@= -=KGF9FR ǯ ͌͋ 3UR]HQW GHU VWHUUHLFKHU,QQHQ RUGQHWHQ LQ HLQHU ,QWHJUDO 8PIUDJH GHP +:7?7@E5:I7DBG@=F ">;?3I3@ 67> <A= LLJA:ML= X=AF OA;@LA?=J =ALJ9? >eJ <A= "=K=DDK;@9>LS MF< XH9KKL RME *-!S RM ǯ ͍ͅ 3UR]HQW GHU %HY¸ONHUXQJ VLQG GHU JOHLFKHQ 8PIUDJH ]XIROJH DQ ,QIRUPDWLRQHQ ¾EHU GHQ .OLPDZDQGHO XK=@JS G<=J X=@=J AFL=J=KKA=JLS ǯ 'LH ,GHH HLQHV VROFKHQ +:7?7@E5:I7DBG@=FE AF 9DD=F *-! +JG?J9EE=F MF< (=<A=F @9DL=F +JGR=FL >eJ XK=@J ?MLS G<=J X?MLS ǯ͌͊ 3UR]HQW GHU %HIUDJWHQ VHKHQ GLH 25) *HE¾KUHQJHOGHU I¾U GHUDUWLJH 6FKZHUSXQNWH ǬVHKU JXWǪ E]Z ǬJXWǪ =AF?=K=LRL

= '464#7'0

B56'44'+%*5 (E*4'0&' '$5+6' +56 '+0 7#.+6C65241&7-6 #6

)+0:1+0<-6 6416-

M> @7IE &) 3F O=J<=F <A= F=M=KL=F F9LAGF9D=F MF< AFL=JF9LAGF9D=F )9;@

JA;@L=F 9MK 9DD=F J=D=N9FL=F =J=A;@=F KGOA= =J?aFR=F<= 1A<=G=D=E=FL= 9F

?=:GL=F 5MKaLRDA;@ O=J<=F 9M;@ 9M> A7

&) 3F &MDLMJ MF< $F>GJE9LAGFK9F

?=:GL= 9M;@ M<AG GF =E9F< :=J=AL?=KL=DDL A= ^KL=JJ=A;@ _:=JKA;@LKK=AL= A7EF7DD7;5: &) 3F KGOA= <A= .=AL=F <=J &) #3@67EEFG6;AE AF>GJEA=J=F e:=J DGC9D= MF< J=?AGF9D= /@=E=F $E %9@J

HM:DARA=JL= &) 3F AE -9@E=F K=AF=J L9?=K9CLM=DD=F F?=:GL= =JA;@L= MF< =J@d@L= <9EAL <=F J=<9CLAGF=DD=F '=AKLMF?KME>9F? AE 1=J?D=A;@ RME 1GJB9@J

NGJ 9DD=E AE =J=A;@ NGF @7IE &) 3F <=J DGC9D=F MF< J=?AGF9D=F =JA;@L=JKL9LLMF? KGOA= <=J +JG?J9EEAF>GJE9LAGF=F

81/,9>

*-! 9L AHLN *-! 9L

O=LL=J *-! 9L

#>9<C=

=ALJa?=

#>9<C=

$2/7+

)9;@JA;@L=F $FD9F< MKD9F< 2AJLK;@9>L @JGFAC &MDLMJ

2=LL=J:=JA;@L= NGJ9MKK9?=F

O=JL=

-=?AGF9D:=JA;@L=JKL9LLMF? ^KL=JJ=A;@ @JGFAC

G=KL=JJ=A;@ *-! 9L MF<=KDaF<=J &9FaD=

'.%*'4 '*49'46 /'*4 9'46 +56

I 3/ ,/3./8 96/ ./< 169,+63=3/<>/8 /.3/8A/6> =38. ?,63- &+6?/* ?8. #2+</296./< &+6?/* '/6-2/< /2< A/<> .+ 7/2< A/<> 3=> 3=> /38/ <+1/ ./= 4/A/3631/8 '/<>/5+898= E

.&06 "+!) ,./&06"+!". "! (0"1./. 0

=J =?JA>> X'G4>;5 -3>G7S KL9EEL :=C9FFLDA;@ MJKHJeF?DA;@ 9MK <=J ^CGFGEA= MF< OMJ<= NGE 3DH3D6 +JG>=KKGJ (9JC (GGJ= =FLOA;C=DL ME <A= >>ARA=FR d>>=FLDA;@=J AFJA;@LMF?=F ?=F9M=J RM :=KLAEE=F 9KK <=J =?JA>> AF K=AF=J 0JKHJeF?DA;@

C=AL 9DKG FMJ :=<AF?L >eJ d>>=FLDA;@ J=;@LDA;@=F -MF<

>MFC L9M?L AKL KG G>>=FKA;@LDA;@ OA= <=J 0FL=JK;@A=< ROAK;@=F =9EL=FLME MF< (=<A=FE9;@=F AE DD?=

E=AF=F MF< %GMJF9DAKEMK AE =KGF<=J=F 29K 9DD=J

<AF?K FA;@LK <9J9F aF<=JL <9KK *-! %GMJF9DAKL$FF=F EAL FA;@LK O=FA?=J +JG:D=E= @9:=F CdFF=F <eJ>=F 9DK EAL <=E 9DDLa?DA;@=F ?=J9<=RM RO9F?KDaM>A?=E +JG<MRA=J=F NGF d>>=FLDA;@ J=;@LDA;@=E (=@JO=JL !eJ <=F d>>=FLDA;@ J=;@LDA;@=F -MF<>MFC KAF< 0F9:

@aF?A?C=AL MF< "D9M:OeJ<A?C=AL FaEDA;@ NGF =PAKL=F

RA=DD=J =<=MLMF? @ >eJ *-! %GMJF9DAKL$FF=F @9L <A= 29@JF=@EMF? MF< +>D=?= <=J ?9FR :=KGF<=J=F ME>9KK=F<=F FA;@L RMD=LRL <=EGCJ9LA=HGDALAK;@=F 1=JH>DA;@LMF?=F NGF (=<A=F =AF= .=D:KLN=JKLaF<DA;@

C=AL RM K=AF :=J B=?DA;@=J FG;@ KG N=J9FLOGJLMF?K

:=OMKKL :=LJA=:=F= %GMJF9DAKEMK >AF<=L 9M;@ AE 0E>=D< =AF=J KA;@ J9K9FL N=JaF<=JF<=F AFL=JF9LAGF9

D=F (=<A=FD9F<K;@9>L KL9LL 0F< KG ?A:L =K 9M;@ @A=J

RMD9F<= AEE=J E=@J (=<A=F:=LJ=A:=J >eJ <A= (=<A=FE9;@=F :DGZ =AF "=K;@a>LKRO=A? OA= B=<=J 9F<=J= =AF #9F<=D EAL 29J=F 9DD=J JL AKL 9RM CGEEL 1A=D=F dKL=JJ=A;@AK;@=F (=<A=FMFL=JF=@E=F ?=@L =K OAJLK;@9>LDA;@ K;@D=;@L :AK =D=F<A?DA;@ 0F< KG ?A:L K AEE=J O=FA?=J .;@J9FC=F ?=?=F <A= O=AL=J= 1=JDM<=JMF? N=JDM<=JL=J (=<A=FKALL=F <=FF ?=@L K =AF=E 0FL=JF=@E=F FA;@L ?ML OAJ< 9F <A= (AL9J:=A

L=J$FF=F 9HH=DDA=JL XAF =A?=F=E $FL=J=KK=S 9M> .CJM

H=D RM N=JRA;@L=F .G O9K >e@JL RM 'G@F<MEHAF?

RMJ 1=JR=JJMF? NGF 2=LL:=O=J:K:=<AF?MF?=F MF< C9FF :=A %GMJF9DAKL$FF=F 9M;@ 1=JRA;@L 9M> BGMJF9DAKLA

K;@=K -e;C?J9L :=<AF?=F ^>>=FLDA;@ J=;@LDA;@=J -MF<>MFC C9FF KA;@ <9K O=AD =J KGFKL K=AF= MJ=A?=FKL= '=?ALAE9LAGF N=JDdJ= FA=E9DK D=AKL=F 0F< ?=@L8K A@E dCGFGEAK;@ 9M;@ FG;@ KG K;@D=;@L 29K 9DD=J<AF?K FA;@LK 9E "JMF<K9LR aF<=JL <9KK E9F KA;@ BGMJF9DAKLAK;@= !J=A@=AL K9EL <=J !J=A

@=AL RM &JALAC FKLaF<A?C=AL MKO 9M;@ >AF9FRA=DD D=AK

L=F CdFF=F EMKK A= :=A<=F +GD= <=J ?DG:9DAKA=JL=F (=<A=FO=DL KAF< X'G4>;5 -3>G7S MF< X*:3D7:A>67D -3>G7S 2=D;@=J (=@JO=JL <9 E=@J O=JL AKL AKL =AF= !J9?= <=K B=O=ADA

?=F 2=JL=C9FGFK !eJ %GMJF9DAKL$FF=F AF =AF=E d>>=FL

DA;@ J=;@LDA;@=F (=<AME KL=@L <=J =AF<=MLA? >=KL A= =<AF?MF?=F MFL=J <=F=F <=J L9?La?DA;@= d>>=FLDA;@

J=;@LDA;@= (=@JO=JL ?=K;@9>>=F OAJ< KAF< B=<G;@ V NGE "=K=LR e:=J <9K -=<9CL=MJKKL9LML :AK RM M<

?=LK V J=A;@DA;@ N=J:=KK=JMF?K:=<eJ>LA? DKG >GJ<=J

L=F MF< >GJ<=JF <A= *-! %GMJF9DAKL$FF=F V FA;@L AEE=J MF:=<AF?L AE AFCD9F? EAL <=J B=O=ADA?=F "=K;@a>LK>e@JMF? V AEE=J OA=<=J 9M;@ M 9 AF E=@J=J=F "=KHJa;@=F EAL (=<A=FHGDALAC=J$FF=F GJ<=FLDA;@= ME>9KK=F<= E=<A=F?=K=LRDA;@= -9@E=F

:=<AF?MF?=F &GEE=F <A= FA;@L :=<=ML=L <9K =AF= O=AL=J= 1=JOeKLMF? <=J (=<A=FD9F<K;@9>L =FF >=K

K=DL E9F =AF=F MF< <eF?L RM?D=A;@ <=F 2AD<OM;@K 9DD=J 9F<=JF <9J> E9F FA;@L =JO9JL=F <9KK <=J "=>=KK=DL= =K 9M;@ FG;@ >=JLA? :JAF?L <9K 0FCJ9ML AE 2AD<OM;@K RM :aF<A?=F

.&06 "+!)

X A= !J=A@=AL <=J BGMJF9DAKLAK;@=F =JM>K9MKe:MF? :=KL=@L <9JAF 9MKK;@DA=ZDA;@ 9M>?JMF< <=J F9;@ :=KL=E 2AKK=F MF< "=OAKK=F =J@G:=F=F /9LK9;@=FD9?= RM @9F<=DF <A=K= !J=A@=AL AKL NGJ J=;@LKOA<JA?=F AF?JA>>=F NGF AFF=F MF< NGF 9MZ=F AFK:=KGF<=J= <=K .L99L=K H9JL=AHGDALAK;@=J OAJLK;@9>LDA;@=J KGOA= ?=K=DDK;@9>LDA

;@=J $FL=J=KK=F?JMHH=F RM K;@eLR=F S &) )763=F7GDEEF3FGF

)G@68G@=97E7FL MF< 'DA9D3??D;5:F>;@;7@ KL=;C=F <=F d>>=FLDA;@ J=;@LDA;@=F -9@E=F <=J *-! $F>GJE9LAGF 9: <9K )763=F7GDEEF3FGF K;@eLRL <A= 0F9:@aF

?A?C=AL MF< A?=FN=J9FLOGJLMF? <=J *-! %GMJF9DAKL$FF=F &=AF 9F<=J=K (=<A

ME @9L <=J9JL CD9J= -=?MD9LAN= MF< AF C=AF=E 9F<=J=F (=<AME AKL <A= !J=A@=AL <=J =JM>K9MKe:MF? 9M;@ FMJ 9FFa@=JF< KG ?=KA;@=JL OA= AE d>>=FLDA;@ J=;@L

DA;@=F -MF<>MFC K KAF< E=@J 9DK =L@AK;@= .L9F<9J<K

= '464#7'0

+' 0#$*C0)+)-'+6 #.5 D(('06.+%* 4'%*6.+%*' 7#.+6C6 #$)'5+%*'46 9+4&

A= >=KL?=K;@JA=:=F=F "JMF<KaLR= KAF< NGF <=F *-! %GMJF9DAKL$FF=F La?DA;@ RM :=>GD?=F A@J= AF@9DLMF? C9FF NGF B=<=J E .L99LK:eJ?=J$F J=CD9EA=JL O=J

<=F *:B=CLANALaL .9;@DA;@C=AL MK?=OG?=F@=AL 1=JE=A<MF? NGF AFK=ALA?

C=AL 1=JE=A<MF? NGF 1=J9DD?=E=AF=JMF?=FY -=KH=CLA=JMF? <=J (=AFMF?K

NA=D>9DL MF< <A= ;@LMF? NGF (=FK;@=FOeJ<= +=JKdFDA;@C=ALKJ=;@L=F MF< +JAN9LKH@aJ= A=K= FKLJ=F?MF?=F OMJ<=F ?=J9<= AE N=J?9F?=F=F %9@J 9M;@ :=A CJALAK;@=J F9DQK= <=K F?=:GL=K <MJ;@9MK J=?AKLJA=JL X 7D ,?83@9 67D 7D;5:F7DEF3FFG@9 3GE 67? "7D@47D7;5: 97E7>>E5:38F>;5: D7>7 H3@F7D @8AD?3F;A@ BA>;F;E5:7 G@6 =A@FDAH7DE7 +:7?7@ EF7;9F 3G8 7;@7@ .7DF 67@ =7;@ 3@67D7E ^887@F>;5: D75:F>;5:7E 'DA9D3?? 7DD7;5:FS MJL=ADL <A= )+) AF A@J=J /1 +JG?J9EE9F9DQK=

e:=J <A= &) @8AD?3F;A@

X A= :=KGF<=J= 1=J9FLOGJLMF? MF< <A= :=KGF<=J=F +>DA;@L=F <A= <=F -=<9CL=MJ$FF=F <=K dKL=JJ=A;@AK;@=F -MF<>MFCK <MJ;@ <9K *-! "=K=LR e:=JLJ9?=F O=J<=F J=;@L>=JLA?=F <A= .A;@=JMF? <=J !J=A@=AL <=J BGMJF9DA

KLAK;@=F =JM>K9MKe:MF? MF< <A= 1=J9FC=JMF? <=J A?=FN=J9FLOGJLDA;@C=AL <=J -=<9CL=MJ$FF=F <MJ;@ <A=K=K .L9LML S &) )763=F7GDEEF3FGF

$E &) 7E7FL AKL FA;@L FMJ .GJ?>9DL <=J BGMJF9DAKLAK;@=F J:=AL N=J9FC=JL 9M;@ <A= !J=A@=AL <=J =JA;@L=JKL9L

LMF? AKL ?=K=LRDA;@ ?=J=?=DL X =J ^KL=JJ=A;@AK;@= -MF<>MFC MF< K=AF= /G;@L=J?=K=DDK;@9>L=F @9:=F <A= 0F9:@aF?A?C=AL MF< A?=F

N=J9FLOGJLDA;@C=AL 9DD=J HJG?J9EE?=KL9DL=F<=F (AL9J:=AL=J$FF=F KGOA= <A= !J=A@=AL <=J BGMJF9DAKLAK;@=F =JM>K9MKe:MF? 9DD=J BGMJF9DAKLAK;@=F (AL9J:=AL=J$FF=F :=A =KGJ?MF? 9DD=J A@F=F e:=JLJ9?=F=F M>

?9:=F AE -9@E=F <A=K=K MF<=K?=K=LR=K RM :=9;@L=F A= BGMJF9DAKLAK;@=F (AL9J:=AL=J$FF=F <eJ>=F AF MKe:MF? A@J=J /aLA?C=AL AFK:=KGF<=J= FA;@L N=J@9DL=F O=J<=F =LO9K 9:RM>9KK=F G<=J RM N=J9FLOGJL=F O9K <=J !J=A@=AL <=J BGMJF9DAKLAK;@=F =JM>K9MKe:MF? OA<=JKHJA;@L MK =AF=J ?=J=;@L>=JLA?L=F 2=A?=

JMF? <9J> A@F=F C=AF )9;@L=AD =JO9;@K=F S &) 7E7FL M

2146.+%*' '46'

I S< 73-2 ,/./?>/> R00/8>63-2 </-2>63-2/< "?8.0?85 4/./80+66= .3/ ?01+,/ 1/7NJ ./7 "?8.0?851/=/>D 7R163-2=> ?70+==/8. 9,4/5>3@ ?8. +5>?/66 D? ,/<3-2>/8 E

+/ 1 ". -,.0

=J d>>=FLDA;@ J=;@LDA;@= M>LJ9? OAJ< AE .HGJL:=J=A;@ NGJF=@EDA;@ 9F@9F< NGF RO=A !9CLGJ=F <GCME=FLA=JL F <=F ?JGZ=F HM:DACMEKOAJCK9E=F .HGJL9JL=F 9:=J 9M;@ 9F B=F=F .HGJLK=?E=FL=F <A= AF <=J ^>>=FLDA;@

C=AL FA;@L KG KL9JC O9@J?=FGEE=F O=J<=F <A= G@F= !=JFK=@HJaK=FR C9ME D=:=FK>a@A? OaJ=F =?AFF=F OAJ EAL <=F ?JGZ=F HM:DACMEKOAJCK9E=F .HGJL9JL=F <A= AE *-! =AF=E :J=AL=F +M:DACME F9@= ?=:J9;@L O=J<=F CdFF=F 9KK <=J *-! 9DK d>>=FLDA;@

J=;@LDA;@=J -MF<>MFC <9:=A K=AF=F !GCMK 9M> <A= dKL=JJ=A;@KH=RA>AK;@= =JA;@L=JKL9LLMF? JA;@L=L AKL 9F@9F< NGF NA=D=F =AKHA=D=F RM <GCME=FLA=J=F 59@DJ=A;@= .HGJL=J=A?FAKK= OA= >B;@7D *=;EBADF *=;EBD;@97@ K=D:KLN=JKLaF<DA;@ GV43>> 9:=J 9M;@ AD?7> LJ9?=F AE *-! <A=K=F LQHAK;@ dKL=JJ=A;@A

K;@=F .L=EH=D 1A=D= <A=K=J .HGJL=J=A?FAKK= KAF< 9M;@ :=A FA;@L d>>=FLDA;@ J=;@LDA;@=F .=F<=JF =AF OA;@LA?=K /@=E9 =J ?J9NA=J=F<= 0FL=JK;@A=< AKL <A= 9:KGDML G:B=CLAN= MF< K=JAdK= =JA;@L=JKL9LLMF? 9M> <A= ?=J9<= AE &) *BADF :=KGF<=J=J 2=JL ?=D=?L OAJ< %GMJF9DAKLA

K;@= "=F9MA?C=AL 9:KGDML= CLM9DALaL 9:=J 9M;@ MK

?=OG?=F@=AL KAF< <A= -A;@LDAFA=F >eJ <A= =JA;@L=J

KL9LLMF? AE *-! )=:=F <A=K=F 9:KGDML=F +M:DACMEKJ=FF=JF ?A:L =K 9M;@ <A= NA=D=F 9F<=J=F .HGJL9JL=F <A= AE +JG

?J9EE =:=F>9DDK =Je;CKA;@LA?MF? >AF<=F MF< <9EAL =AF=J :J=AL=F ^>>=FLDA;@C=AL RM?aF?DA;@ ?=E9;@L O=J

<=F 9KK <9EAL 9M;@ %M?=F<DA;@= RMJ MKe:MF? NGF <AN=JK=F .HGJL9JL=F 9FAEA=JL O=J<=F DA=?L 9M> <=J #9F< 59@DJ=A;@=F .HGJL9JL=F OeJ<= G@F= <A= +JaK=FR AF =AF=E KL9JC=F d>>=FLDA;@ J=;@LDA;@=F /1 +JG?J9EE

<A= 9KAK =FLRG?=F O=J<=F =FF FMJ <MJ;@ <A= M>

LJALL= AF <AN=JK=F !=JFK=@K=F<MF?=F CdFF=F KA;@ <A=K= .HGJL9JL=F .HGFKGJ=F KM;@=F MF< <9EAL >AF9FRA=J=F MJ;@ <A= 9MK?=OG?=F= .HGJL =JA;@L

=JKL9LLMF? OAJ< 9:=J 9M;@ 9DD B=F=F L@D=L$FF=F <A= NA=D= /J9AFAF?KKLMF<=F A@J=J .HGJL<AKRAHDAF OA<E=F <A= (d?DA;@C=AL ?=:GL=F KA;@ =AF=J :J=AL=F ^>>=FL

DA;@C=AL NGJRMKL=DD=F 9KK <=J &) *BADF 9M;@ AEE=J OA=<=J 9M> J=A?FAK

K= <A= >eJ <=F dKL=JJ=A;@AK;@=F .HGJL OA;@LA? KAF< K=@J J9K;@ J=9?A=JL @9L =J AF <=J 1=J?9F?=F@=AL E=@J

>9;@ :=OA=K=F 9K %9@J EAL =AF=J !eDD= 9F @G;@

C9JaLA?=F J=A?FAKK=F OA= <=J >B;@7@ *=; .7>F?7;E F7DE5:38F AF 9J= <=J %AD6;E5:7@ *=; .7>F?7;EF7D E5:38F AF .9HHGJG @9L <A= -GDD= <=K *-! 9DK OA;@LA?=J /Ja?=J >eJ .HGJL J=A?FAKK= MFL=J :=KGF<=J=J =Je;C

KA;@LA?MF? <=K ^KL=JJ=A;@ =RM?K MFL=JKLJA;@=F 9K +M:DACME =JO9JL=L NGE *-! <9KK =K ?=J9<= AE .HGJL K=@J ME>9KK=F< AF>GJEA=JL OAJ< $KL <=J *-! =AF

E9D 9MK J=;@LDA;@=F "JeF<=F :=A =AF=E ?JdZ=J=F .HGJL=J=A?FAK FA;@L <A= e:=JLJ9?=F<= FKL9DL KG AKL <A= FLLaMK;@MF? :=A <=F 5MK;@9M=JF E=AKL ?JGZ A=K AKL NA=DD=A;@L <=J E9JC9FL=KL= 0FL=JK;@A=< RM HJA

N9L=F G<=J 9MKDaF<AK;@=F !=JFK=@9F:A=L=JF OG KA;@ <9K +M:DACME DaF?KL <9J9M> =AF?=KL=DDL @9L <9KK FMJ <9K =AF= G<=J 9F<=J= J=A?FAK O9@J?=FGEE=F OAJ< !eJ EA;@ :=<=ML=L d>>=FLDA;@ J=;@LDA;@=J -MF<>MFC B=<=F>9DDK <A= M>?9:= ?=EaZ <=E -MF<>MFC?=K=LR Ed?DA;@KL ME>9KK=F< G:B=CLAN MF< 9CLM=DD RM :=JA;@L=F $;@ N=JKM;@= 9M;@ H=FA:=D <9J9M> RM 9;@L=F <9KK <A=K= &JAL=JA=F AF <=J =JA;@L=JKL9LLMF? =AF?=@9DL=F O=J<=F

+/ 1 ".

X.HGJLe:=JLJ9?MF?=F KAF< E=@J 9DK 0FL=J@9DLMF? (AL <=E .HGJL O=J<=F 2=JL= OA= !9AJF=KK AF@9DLMF? NGF -=?=DF $FL=?J9LAGF NGF MKDaF<=JF /=9E9J:=AL MF< '=AKLMF? N=J:MF<=FS ADEF $ *5:7>>:33V *BADF 3>E +7;> 67E ^887@F>;5: D75:F>;5:7@ 'DA9D3??3G8FD397E ,@;H7DE;F[F "^>@

.HGJLe:=JLJ9?MF?=F MF< 9CLM=DD= KGOA= N=JLA=>=F<= =JA;@L=JKL9LLMF? e:=J .HGJL KAF< LJ9?=F<=J =KL9F<L=AD <=K *-! F?=:GLK #:9<> +7 #988>+1 ;9

0@J <9K 'AN= .HGJLE9?9RAF :=JA;@L=L e:=J <A= /@=E=F <=J 2G;@= <9K #:9<> 36. .GFFL9? (ALL9? N=JKL=@L KA;@ 9DK +D9LL>GJE >eJ .HGJL9JL=F <A= FA;@L RM <=F #9MHLKHGJL9JL=F ?=@dJ=F MF< :A=L=L 9M;@ =AF=F _:=J:DA;C e:=J <=F J=AL=FKHGJL AF <=F MF<=KDaF<=JF #:9<> :JAF?L La?DA;@ ME 0@J 9M> *-! <9K 9CLM=DD= .HGJL /9?=K?=K;@=

@=F MF< CGFFL= <MJ;@ <A= +JG?J9EEJ=>GJE =AF= <=MLDA;@= J@d@MF? <=J 5MK=

@=JR9@D=F =JJ=A;@=F 1GE HJAD :AK =R=E:=J

=JJ=A;@L= E9F 9M> <=E F=M=F .=F<=HD9LR <MJ;@K;@FALLDA;@

5MK=@=J$FF=F

= '464#7'0

2146$'4+%*6' +/

M> <=F =J=A;@ *BADF =FL>A=D=F AFK?=K9EL .LMF<=F =JA;@L=JKL9LLMF? <9NGF .LMF<=F 'AN= _:=JLJ9?MF?=F <AN=JK=J .HGJLN=J9FKL9DLMF?=F GV43>> *=; AD?7> M N E AF *-! MF< *-! @=J9MKJ9?=F< O9J

<A= *=; .$ AF 9J= $F <=F .HGJL>Da;@=F NGF *-! OMJ<=F 9M;@ GCME=FL9LAGF=F 9MK?=KLJ9@DL OA= =LO9 <A=

EAFeLA?= .=F<MF? e:=J <A= *B75;3> &>K?B;5E AF .@9F?@9A 9E *CLG:=J MF< <A= GCME=FL9LAGF e:=J <A= &J=:K=JCJ9FCMF? <=K =@=E9DA

?=F .CAKHJAF?=JK JEAF &G?D=J 9E =R=E:=J =E +@aFGE=F <=J "=O9DL AF <=F !MZ:9DDKL9<A=F O9J <A= GCME=FL9LAGF ;7 6G@=>7 *7;F7 67E GV43>>E NGF +=L=J 'AKC9 9E )GN=E:=J 9M> <=J .HMJ

X A= .HGJL:=JA;@L=JKL9LLMF? KGDD <MJ;@ _:=JLJ9?MF? NGF 1=J9FKL9DLMF?=F MF< +JaK=FL9LAGF NGF CL=MJ$F

F=F 9MK <=E =J=A;@ N=JK;@A=<=F=J .HGJL<AKRAHDAF=F 9M;@ RMJ !dJ<=JMF? <=K $FL=J=KK=K <=J =NdDC=JMF? 9F 9CLAN=J KHGJLDA;@=J =LaLA?MF? :=ALJ9?=F KA= AKL <9>eJ 9:=J FA;@L 9MKJ=A;@=F< A= M>>GJ<=JMF? RMJ 9CLAN=F KHGJLDA;@=F =LaLA?MF? EMKK AF =J?aFR=F<=F +JG?J9EE=D=E=FL=F N=JEALL=DL O=J<=F $F .HGJLK=F<MF?=F KGDD AEE=J OA=<=J <A= OA;@LA?= -GDD= <=K J=AL=FKHGJLK AE A=FKL <=J 1GDCK?=KMF<@=AL :=LGFL MF< <A= =RA=@MF? ROAK;@=F J=AL=F MF< .HALR=FKHGJL MF< <=J=F ?=K=DDK;@9>LDA;@= =<=MLMF? =JCDaJL O=J<=F @9MNAFAKLAK;@=F /=F<=FR=F AE .HGJL AKL =FL?=?=FRMOAJC=F MKOe;@K= =PLJ=E=J .HGJL9MKe:MF? G<=J CGEE=JRA=DD=J .HGJLAF

L=J=KK=F KAF< 9DK KGD;@= 9M>RMR=A?=F S 'DA9D3??D;5:F>;@;7@ 67E &) 7EF3>FG@9E9DG@6E[FL7 8_D 7;@L7>@7 'DA9D3??=3F79AD;7@

! " !# $" -:?-1<-:< ,); 6/-*7<

M;@

:A=L=L <=J =A?=F= .H9JL=FC9F9D *-! .+*-/ +'0. RM >=KL?=D=?L=F 5=AL=F 9M> <=J !J=IM=FR NGF /2 <A= (d?DA;@C=AL RM =AF=J MKO=ALMF? <=K +JG

?J9EE9F?=:GL=K 9<MJ;@ >AF<=F 9M;@ O=FA?=J E9KK=FOAJCK9E= .HGJL9JL=F A@J= 5MK=@=J$FF=F *-! .+*-/ +'0. DA=>=JL= AE %9@J

AFK?=K9EL .LMF<=F .HGJLHJG?J9EE <9K O9J=F .LMF<=F E=@J 9DK AE %9@J

;87:< ! )<

(AFML=F9CLM=DD= F9LAGF9D= MF< AFL=JF9LAGF9D= .HGJLF9;@JA;@L=F :A=L=L <=J *-! 9M> EBADF &) 3F 9K ME>9F?J=A;@= $F>GJE9LAGFKHGJL9D :A=L=L F=:=F 9C

LM=DD=F )9;@JA;@L=F 9M;@ #AFL=J?JMF<:=JA;@L= MF< F9DQK= RM E=@J 9DK

.HGJL9JL=F MF< AKL =AF= <=J E=AKL?=D=K=F=F .=AL=F AE 2=: F?=:GL <=K *-!

'464#7'0 ? #-67'..' 0(14/#6+10 '+6'4' 12 14/#6'

-=<- 16 G;<-::-1+0

2=J OAKK=F OADD O9K ^KL=JJ=A;@K -=?AGF=F :=O=?L MF< OGJe:=J ^KL=JJ=A;@ J=<=L =J>a@JL =K K=AL HJAD

NGF (GFL9? :AK !J=AL9? ME 0@J AF *-! 7GF7 ;@ XEF7DD7;5: R=A?L #AFL=J?JeF<= MF< 5MK9EE=F@aF?= MF< :=

JA;@L=L e:=J 9DD= /@=E=F 9MK <=F MF<=KDaF<=JF X(=FK;@=F =JRa@D=F "=

K;@A;@L=FS AKL <9K R=FLJ9D= (GLLG AE .=F<MF?KD=AL:AD< K KGDD HJAEaJ 9MK .A;@L <=J =LJG>>=F=F FA;@L <=J +GDALAC=J$FF=F G<=J PH=JL$FF=F :=JA;@L=L O=J<=F A= F=M= .=F<MF? =L9:DA=JL= KA;@ J9K;@ :=AE +M:DACME KA=@= .=AL=

1- >1-4;+01+0<1/-6 6.7:5)<176; "-:>1+-; )=. ! )< 81/,9>

G= *-! 9L G= *-! 9L $F>GJ9<AG >E *-! 9L K;A=F;= *-! 9L >MLMJ=RGF= *-! 9L G= *-! 9L CAF<=J *-! 9L @=DH *-! 9L J=DA?AGF *-! 9L NGDCK?JMHH=F *-! 9L

#>9<C= /3><N1/

$2/7+

(MKAC /@=9L=J 'AL=J9LMJ AD<=F<= &MFKL $F>GJE9LAGF /J9FKCJAHL= <=J =ALJa?= 9MK <=F ^ %GMJF9D=F &MDLMJ %M?=F< 2AKK=FK;@9>L /=;@FGDG?A= 5MCMF>L /=D=CGEEMFAC9LAGF 0FL=J@9DLMF? +GHCMDLMJ %M?=F< (=<A=F9<aIM9L= M>:=J=ALMF? NGF $F@9DL=F <=K *-! &AF<=JHJG?J9EEK &GFKME=FL=FAF>GJE9LAGF=F )9;@JA;@L=F /@=E=F 9MK <=E =J=A;@ -=DA?AGF )9;@JA;@L=F /@=E=F <=J dKL=JJ=A;@AK;@=F 1GDCK?JMHH=F

! # # '# =6, ! =4<1#-@<

=J &) + # + /+ :A=L=L ME>9KK=F<= MF< 9CLM=DD= )9;@JA;@L=F 2=LL=J MF< .HGJLAF>GJE9LAGF=F

@9:=F KA;@ <MJ;@K;@FALLDA;@ (AG ^KL=JJ=A;@=J

$FF=F RMEAF<=KL =AFE9D HJG 2G;@= NA9 &) + # + /+ AF>GJEA=JL <9EAL OMJ

<=F +JGR=FL <=J =NdDC=JMF? e:=J %9@J=F =JJ=A;@L +JG (GF9L @9LL= <=J &) + # + /+ <MJ;@K;@FALLDA;@ (AG '=K=J$FF=F <9K =FLKHJA;@L CF9HH <=J #aD>L= <=J ?=K9EL=F /1 )MLR=J$FF=F 9EAL ?=@dJL <=J &) + # + /+ >eJ ?JG

Z= /=AD= <=J =NdDC=JMF? RM =AF=J J=?=DEaZA? ?=FMLRL=F $F>GJE9LAGFKIM=DD= A= :=KL?=FMLRL=F F?=:GL= <=K &) + # + /+ O9J=F F=:=F <=J AFKLA=?K

K=AL= =AFE9D E=@J <A= =J=A;@= *BADF 'A>;F;= :DA@;= 7D@E7:7@ MF< .7FF7D =J &) &" $G>F;+7JF :A=L=L >eJ $F@9:=J NGF - + GP=F =:=F>9DDK 9CLM=DD= 9MK>e@JDA;@= MF< EMDLAE=<A9D= (=D<MF?=F RM %35:D;5:F7@ .7FF7D MF< *BADF

= '464#7'0

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

=.<:)/

-1;<=6/

'=:=FK@AD>= -9L $F>GJE9LAGF MF< #AD>= AE DDL9?

9CLM=DD= :eJ?=JF9@= J=9DALaLKF9@= $F>GJE9LAGF

-0:?-:< " !% .K: )44-

G .+.7<+.;*=>70 0.1O;= C> >7<.;.6 >/=;*0 D $854.; .;;.< ;80;*66-2;.4=8; ;<=.< .>=<,1.< .;7<.1.7

^>>=FLDA;@ J=;@LDA;@=J .=JNA;= AE *-! :=<=ML=L CGFCJ=L= #AD>= >eJ <A= +JG:D=E= AF J:=AL MF< !J=AR=AL &GFKME=FL=F

K;@MLR AF 9DD=F (=<A=F CLM=DD= RMN=JDaKKA?= $F>GJE9LAGF AE 1=JC=@J -9L MF< 0FL=JKLeLRMF? >eJ &AF<=J MF< DL=JF /AHHK >eJ <A= =OaDLA?MF? <=K '=:=FK O=FF <A= "=KMF<

@=AL RME +JG:D=E OAJ< 2=FF <A= =<A=FMF?K9FD=ALMF? <=K DDL9?K MFN=JKLaF<DA;@ AKL

:)3<1;+0-: =<B-6

$F>GJE9LAGF 9DK .GRA9D 2=JL >eJ B=<= F AFR=DF= F

'48+%' 70& 1057/'06'05%*76< ? &'4 7(64#) &'5

G .;*-. 27 &.2=.7 C>7.16.7-.; ".>.;>70 >7- 27=.;7*=287*5.; $.;7.=C>70 -.; %2;=<,1*/= 58+*52<2.;>70 2<= .< -.7 .7<,1.7 266.; @2,1=20.; .27. ?.;5N<<52,1. 7/8;6*=287<:>.55. C> 1*+.7 -2. -*;P+.; ><4>7/= 02+= @*< !*,1. 2<= >7- @2. 6*7 *>,1 *5< F45.27. ; P;0.; 7) -.7 >705.2,1.7 *69/ 0.0.7 @2;=<,1*/=52,1 P+.; 6N,1=20. .07.; 0.@277.7 4*77 D

!3&+ </". ,+(."0

2=J K=AF= eJ?=J MF< &GFKME=FL=FJ=;@L= C=FFL O=AZ O9K X"=Oa@JD=AKLMF?S MF< X29F<DMF?S :=<=ML=F O=J :=AE '=:=FKEALL=D=AFC9M> =AF CJALAK;@=K M?= 9M> <9K &D=AF?=<JM;CL= 9M> <=J 1=JH9;CMF? MF< 9M> <A= $F@9DLK

KLG>>= OAJ>L V 9DD=K AF 9DD=E O=J 9DK EeF<A?= J &GFKM

E=FL$F =AFC9M>=F ?=@L V AKL EAL RA=EDA;@=J .A;@=J@=AL =AF (AL?DA=< <=J AEE=J ?JdZ=J O=J<=F<=F .=@=J$FF=F !9EA

DA= NGF "A@=D7F $E =J=A;@ "A@EG?7@F7@E5:GFL 9J:=AL=L <A= "A@=D7F

-=<9CLAGF =F? EAL <=F OA;@LA?KL=F 1=J:J9M;@=JK;@MLR

GJ?9FAK9LAGF=F RMK9EE=F <=F D47;F7D=3??7D@ <=E -7D7;@ 8_D "A@EG?7@F7@;@8AD?3F;A@ <=E "A@EG?7@F7@ ?;@;EF7D;G? <=F GFA83:D7D5>G4E *F;8FG@9 .3D7@F7EF X=AF7EF ME FMJ =AFA?= RM F=FF=F )=:=F R9@DJ=A;@=F /=KLK KL=@=F PH=JL$FF=F <A=K=J *J?9FAK9LAGF=F 9DK -9L?=:=J 9M> <=J .=AL= <=J &GFKM

E=FL$FF=F <A= KA;@ G>L N=JRO=A>=DL 9F MFK O=F<=F 2A;@LA? AKL MFK 9DK -=<9CLAGF FaEDA;@ <=J KLaF<A?= A9DG? EAL MFK=J=F 5MK=@=J$FF=F /a?DA;@ LJ=>>=F AF <=J "A@=D7F -=<9CLAGF R9@DJ=A;@= (9ADK JA=>= 9:=J 9M;@ 1A<=G:aF<=J =AF EAL <=F=F =LJG>>=F= 9M> A@J= +JG:D=E= 9M>E=JCK9E E9;@=F X-A? =>7;@7@ WD97D 4;E LG? 9DAV7@ *=3@63>S KG MFK=J= =NAK= $F NA=D=F !aDD=F C9FF OAJCDA;@ O=AL=J ?=@GD>=F O=J<=F NA=D= !aDD= O=J<=F N=J>ADEL ME <A= +JG:D=E= 9M;@ F9;@NGDDRA=@:9J <9JKL=DD=F RM CdFF=F =FF <A= +JG:D=E= MFK=J=J 5MK;@9M=J$FF=F KAF< E=AKL C=AF= AFR=D>aDD= 4LA5=7 @35: 67? G8DG8 3@974>;5: =AEF7@8D7;7D A?7B397E ;? @F7D@7F V RM

<A=K=E /@=E9 =JJ=A;@L=F MFK E=@J 9DK L9MK=F< a@F

DA;@ D9ML=F<= #AD>=JM>= \@FDA;@ ?JGZ KAF< <A= +JG:D=

E= EAL +7>7=A??G@;=3F;A@E ,@F7D@7:?7@ %35::3>F;9=7;F MF< <=J ^=A>A9;E5:7 ,?93@9 KAF< OA;@

LA?= "A@=D7F /@=E=F .;@GF AF <=F =JKL=F 2G;@=F AE HJAD KM;@L= "A@=D7F F9;@ <=E MEO=DLK;@GF=F<K

L=F MLG ?AH>=DL <A=K=K .=F<MF?KHJAFRAH AE ?JG

Z=F XEF7DD7;5:;E5:7@ ">;?3E5:GFLBD7;E =KGF<=J=F FCD9F? >AF<=F 9M;@ $76;L;@ MF< *7DH;57 47;FD[97 )=M= *H=J9LAGFKE=L@G<=F <A= 29@D <=K JA;@

LA?=F JRL=K MF< =AF= .=JA= e:=J <A= "=>9@J=F NGF .;@dF@=ALKGH=J9LAGF=F ?=@dJ=F :=AE +M:DACME RM <=F #A?@DA?@LK A= /=D=>GF= <=K &) "G@67@6;7@EF7E MF< AF MFK=J=J -=<9CLAGF X?De@=FS :=A HJ9CLAK;@=F /AHHK )MEE=J =AFK <=J #ALH9J9<= <=J F>J9?=F AKL <A= <J=KK= <=K -=H9J9LMJF=LRO=JCK )7B3D;7D7@ EF3FF .79I7D87@ <A;@L ?=>GD?L NGF =AF=E =ALJ9? e:=J #7;5:F>3G8^>7 >eJK MLG <A= C=AF=F ^DO=;@K=D E=@J =J>GJ<=JF +=JKH=CLAN=F MF< 1AKAGF=F JO=AL=JMF? <=K .=JNA;=9F

?=:GLK <MJ;@ =AF= RMKaLRDA;@= -=A@= X A35:;@9 +-S >eJ HJ9CLAK;@= /AHHK RMJ HGKALAN=F 1=JaF<=JMF? =AF=J '=:=FKKALM9LAGF R );5:F;9 EB3D7@ D47;FEEG5:7 =L; MF< "A@=D7F 9DK +D9LL>GJE >eJ X'G4>;5 @F7D7EF DA36 53EF;@9S V 9DKG !=JFK=@=F AE d>>=FLDA;@=F $FL=J=KK= A= 1=J9FKL9DLMF? <=K ^EF7DD7;5:;E5:7@ ">;?3E5:GFL BD7;E7E

AKL =AF =JKL=J .;@JALL AF <A=K= -A;@LMF?

!3&+ </".

-48 D ,-: 76;=5-6<-6;+0=<B 4);;13-: >76 G

.9EKL9? NGJ <=E $;FF39E<AGD@3> 0@J AKL >eJ CJALAK;@= &GFKME=FL$F

F=F -9<AG 5=AL &GEH9CL AF (AFML=F :=J=AL=L <9K :7>B /=9E <A= J=D=N9F

L=F )=MA?C=AL=F 9M> =JA;@L=JKL9LLMF? .=JNA;= MF< $FL=J=KK=FN=JLJ=LMF? >eJ &GFKME=FL$FF=F V NGF CD=AF=J=F DDL9?KHJG:D=E=F :AK RME #9MK:9M NGF "=Oa@JD=AKLMF?K :AK RM eJ?=JJ=;@L=F A= -=<9CLAGF :=JA;@L=L MF9:@aF?A? =F?9?A=JL MF< CGFK=IM=FL >eJ 9DD= ^KL=JJ=A;@=J$FF=F 3F7@E5:GFL )75:FE 8D397@ #747@E?;FF7> MF< "A@EG?7@F7@E5:GFL 47; 7>697E5:[8F7@ O9J=F 9M;@

OA=<=J R=FLJ9D= /@=E=F

0-48 ! )< D 76;=5-6<-616.7:5)<176 ,-; ! 15 &&& :7>B &) 3F :A=L=L AF 5MK9EE=F9J:=AL EAL :7>B MF< <=F "A@EG?7@F7@E5:GFL AD93@;E3F;A@7@ ME>9KK=F<= &GFKME=FL=FAF>GJE9LAGF =J9LMF? MF< #AD>=

KL=DDMF?=F :=JA;@L=L NGF <=F J?=:FAKK=F NGF +JG<MCL MF< 29J=FL=KLK MF< AF>GJEA=JL 9CLM=DD e:=J >eJ 1=J:J9M;@=J$FF=F AFL=J=KK9FL= FLOA;CDMF?=F

= '48+%'

'48+%' ? '*49'46 &'4 *+.(6

$2/7/8=-2A/<:?85> <8N2<?81 .7 776 F:7 .AD>6 O9J 9E (aJR

EAL :AK RM

5MK;@9M=JF AE *-! !=JFK=@=F <=J =J>GD?J=A;@KL= dKL=JJ=A;@AK;@= GCME=FL9JTDE 9DD=J 5=AL=F .7 8776 F:7 .AD>6 ?A:L AF =AF<JM;CKNGDD=F AD<=JF AF:DA;C AF <A= +JG<MCLAGF MFK=J=J '=:=FKEALL=D KGOA= =JKL= FLOGJL=F 9M> <A= !J9?= O9K <=J #MF?=J 9M> <=J 2=DL EAL MFK RM LMF @9L (AL <=F /@=E=F D;5:F;97 97EG@67 D@[:DG@9 ;ABDA6G=F7 KGOA= 7FF7 G@6 X>7 AF <=F /1 (9?9RAF=F O=;CL= <=J +:7?7@E5:I7DBG@=F FA;@L FMJ <9K $FL=J=KK= R9@DJ=A;@=J /1 5MK=@=J$FF=F J LJM? 9M;@ =AF=F ?M

L=F /=AD RMJ =OMKKLK=AFK:AD<MF? :=A =J J>GD? AF 59@D=F $FK?=K9EL (AG ^KL=JJ=A;@=J$FF=F @9:=F RMEAF<=KL =AF=F /=AD <=K .;@O=JHMFCLK AE *-! !=JFK=@=F N=J>GD?L <9K KAF< JMF< RO=A JALL=D <=J eJ?=J$FF=F 9: %9@J=F

763:-< D ); "-:>1+-5)/)B16

9K .=JNA;=E9?9RAF (GFL9? :AK !J=AL9? 0@J *-! DdKL= EAL <=J +JG

?J9EEJ=>GJE <9K :AK@=JA?= GF 47D3F7@ XEF7DD7;5: 9: "A@=D7F Q 3E *7DH;57 ?393L;@ <=;CL <9K /@=E=FKH=CLJME D47;F "3DD;7D7 GE G@6 .7;F7D4;>6G@9 D47;FE G@6 *AL;3>D75:F #747@E?;FF7> %3FGD G@6 ,?I7>F 9: 9K .=JNA;=E9

?9RAF :=@9F<=DL +JG:D=E= <=K La?DA;@=F '=:=FK >e@JL /=KLK NGF +JG<MCL=F MF< A=FKLD=AKLMF?=F <MJ;@ ?A:L /AHHK MF< *JA=FLA=JMF?K@AD>=F >eJ <9K La?DA

;@= '=:=F

&-<<-:>7:0-:;)/- 15 !

$F <=F :=A<=F 2=LL=JJ=<9CLAGF=F NGF -9<AG MF< /1 9J:=AL=F >9KL 9MKK;@DA=Z

DA;@ BGMJF9DAKLAK;@ 9MK?=:AD<=L= !9;@E=L=GJGDG?$FF=F .A= :=RA=@=F E=@J

E9DK La?DA;@ HJG>=KKAGF=DD=K 9L=F MF< +JG?FGK=E9L=JA9D NGF <=F 2=LL=J

<A=FKL=F 1 $ MF< GEFDA5A@FDA> 2=K=FLDA;@=K D=E=FL <=J D9M>=F< 9CLM9DAKA=JL=F =JA;@L=JKL9LLMF? AKL <A= KLaF<A?= _:=JO9;@MF? <=K 2=LL=J?=

K;@=@=FK OG<MJ;@ 9M;@ ?=F9M=J= &MJR>JAKLHJG?FGK=F KG? X%AI53EF;@9ES Ed?DA;@ O=J<=F O9K :=KGF<=JK AE K;@F=DD=F (=<AME )36;A OA;@LA? AKL .G ?A:L =K R AE #ALJ9<AG ^ EAL CeJR=KL=J 1GJD9M>R=AL 29JFMF?=F NGJ ?=>a@J

DA;@=F .ALM9LAGF=F OA= #9?=D "D9LL=AK G<=J .LMJE

'570&*'+6 #.5 D(('06.+%* 4'%*6.+%*' 1/2'6'0<

G # @.2= 6P<<.7 O//.7=52,1 ;.,1=52,1. !.7-.; 21;.7 0.<.55<,1*/=52,1.7 .1;@.;= ;.,1=/.;=20.7 2= -.6 "1.6* .<>7-1.2= 2<= -.; <.27.6 >+52, $*5>. >/=;*0 7N1.; *5< 62= 3.-.6 *7-.;.7 "1.6* D

& .! "&+&/ % "/1+!%"&0/(,*-"0"+66"+0.1*

=J *-! AKL =AF= d>>=FLDA;@ J=;@LDA;@= (=<A=F9FKL9DL <A= KA;@ AF =AF=E NGF AEE=J KLaJC=J=J HJAN9L=J &GFCMJJ=FR ?=HJa?L=E 0E>=D< RM :=@9MHL=F @9L A= GDAB[;E5:7 "A??;EE;A@ @9L <9@=J =AF >eF> %9@J= <9M=JF<=K CLAGFKHJG?J9EE AFK '=:=F ?=JM>=F X =F;A@EBDA 9D3?? 67D 7?7;@E5:38F ;? 7D7;5: 67D ^887@F>;5:7@ 7EG@6:7;FS <9K 9DK R=FLJ9D=K /@=E9 >eJ <A= d>>=FLDA;@

J=;@LDA;@=F .=F<=J =AF= ME>9KK=F<= M> MF< J9J:=A

LMF? <=J ?JGZ=F /@=E=F 7EG@6:7;F .7>>@7EE @9L 9K $FL=J=KK= 9F "=KMF<@=AL OAJ< AEE=J ?JdZ=J MF< <A= =NdDC=JMF? GJA=FLA=JL KA;@ AEE=J E=@J 9E .=JNA;=;@9

J9CL=J <=J (=<A=F NGJ 9DD=E AE =J=A;@ 7EG@6:7;F (AL <=E /@=E9 7EG@6:7;F AKL <=J *-! K=AF=E 'G4>;5 -3>G7 M>LJ9? Fa@=J 9DK EAL B=<=E 9F<=J=F /@=E9 MK <A=K=E "JMF< OMJ<= :=J=ALK EAL HJAD AF <=J #9MHL9:L=ADMF? ;>6G@9 G@6 17;F97E5:7:7@ =AF= 7EG@6:7;FED763=F;A@ AFKL9DDA=JL <A= =ALJa?= RM E=<ARAFAK;@=F /@=E=F >eJ <A= .=F<MF? D_:>;@9E *A? ?7D 7D4EF .;@F7DL7;F ?=KL9DL=L 5MJ K=D:=F 5=AL OMJ<=F *>> AJ 7EG@6:7;FEF3>=E AFK '=:=F ?=JM>=F <A= NA=J :AK K=;@KE9D HJG %9@J AE )36;A"G>FGD:3GE RM ?JGZ=F E=<ARAFAK;@=F /@=E=F OA= R *5:?7DL ;347F7E 7DL "D7;E>3G8 D=D3@=G@97@ AF !GJE NGF &MJRNGJLJa?=F NGF PH=JL$FF=F MF< 9FK;@DA=Z=F<=J !J9?= MF< AKCMKKAGFKEd?DA;@C=AL >eJ <9K AFL=J=KKA=JL= +M:DACME <MJ;@?=>e@JL O=J<=F

$F <=J !GD?= O9J=F =K 5A=D MF< M>LJ9? <=J 7@7D3> 6;D7=F;A@ =AF &GFR=HL RME /@=E9 X 7EG@6:7;F ;? &) S RM =J9J:=AL=F A=K=K &GFR=HL OMJ<= AE .=HL=E:=J HJaK=FLA=JL DK &GFK=IM=FR <9J9MK OMJ<= AE =R=E:=J <=J &) 7EG@6:7;FE47;D3F MFL=J <=J '=ALMF? NGF 0FAN +JG> J .A=?>JA=< (=JQF =AF?=JA;@L=L MF< <9K &) 7EG@6:7;FE=A?B7F7@LL7@FDG? ?=K;@9>>=F <9K MFL=J E=AF=J '=ALMF? <=F 7EG@6:7;FE47;D3F MFL=JKLeLRL MF< 9DK .;@FALLKL=DD= ROAK;@=F <=E =AJ9L MF< <=F =AF

R=DF=F *-! -=<9CLAGF=F 9J:=AL=L "D=A;@R=ALA? OMJ<= =AF= 9;@E9JC= >eJ "=KMF<@=AL AE *-! =FLOGJ>=F .,**+ *,% AKL AE !=:JM9J (aJR EAL =AF=J =JKL=F ?JGZ=F @;F;3F;H7@ .A5:7 RME ?JGZ=F /@=E9 7DL "D7;E>3G8 D=D3@=G@97@ <=E +M:DA

CME EAL ?JGZ=E J>GD? NGJ?=KL=DDL OGJ<=F 1GJJ9F?A?= M>?9:=F <A=K=J @;F;3F;H7@ .A5:7@ HJG %9@J KAF< RO=A ?=HD9FL KAF< +JaN=FLAGF MF< "=KMF<@=ALK>dJ

<=JMF? MF< NA=D= 9M;@ *>> 9AJ 1=J9FKL9DLMF?=F <A= <=E +M:DACME @=D>=F KGDD=F =AF ?=KeF<=J=K MF< :=OMKKL=K '=:=F RM >e@J=F 2A;@LA?KL= M>?9:=F <=J -=<9CLAGF KAF< =AF= N=JKLaF<DA;@= K=JAdK= MF< G:B=CLAN= (=<ARAF

=JA;@L=JKL9LLMF? MF< =AF= ?ML= &GEEMFAC9LAGF MF< 1=JF=LRMF? EAL !9;@J=<9CLAGF=F <=K #9MK=K 9K ?JGZ= 5A=D >eJ <A= 5MCMF>L AKL =AF= =A?=F= .,**+ *,% .=F<MF? <9EAL <9K ?JGZ= 9F E=<ARAFAK;@=F MF< CGEHD=E=FLaJE=<ARAFAK;@=F /@=E=F AFL=J=KKA=JL= +M:DACME =AF >AP=K +JG?J9EE9F?=:GL NGJ>AF<=L MF< <9EAL 9M;@ OA=<=JME N=JKLaJCL 9F <=F *-! ?=:MF<=F OAJ<

& .! "&+&/ %

"+.39.95>9< G += K /=?8.2/3>=7+1+D38

9K Od;@=FLDA;@= (9?9RAF (GFL9? V 0@J EAL &MJR:=JA;@L=F RM 9CLM

=DD=F "=KMF<@=ALKL@=E=F <9K L=ADO=AK= K9AKGF:=RG?=F= "=KMF<@=ALK=EH>=@

DMF?=F $EH>MF?=F 1GJ:=M?MF? :=A =HA<=EAK;@=F &J9FC@=AL=F =JL=ADL =AKHA=D

@9>L 5OAK;@=F %9FM9J MF< !=:JM9J OA<E=L= KA;@ )36;A6A=FAD Q 3E X 7EG@6:7;FE?393L;@ =AF=J dKL=JJ=A;@AK;@=F X1GDCKCJ9FC@=ALS <=E "AB8E5:?7DL $F 5MK9EE=F9J:=AL EAL <=J XEF7DD7;5:;E5:7@ "AB8E5:?7DL97E7>>E5:38F HJaK=FLA=J

L= E9F AF NA=J !GD?=F <A= OA;@LA?KL=F !J9?=F MF< FLOGJL=F 1A=D=F #dJ=J$FF=F CGFFL= <A= 2A;@LA?C=AL =AF=K JRL:=KM;@=K 9M;@ :=A =AF=J KGD;@ 9DDLa?DA;@=F &J9FC

@=AL OA= <=E &GH>K;@E=JR F9@=?=:J9;@L O=J<=F

A= +@GF= AF .=F<MF? :A=L=L Od;@=FLDA;@ (GFL9? V 0@J -=HGJL9?=F G<=J 'AN= AKCMKKAGF=F EAL .LM<AG?aKL=F AF ^ RM 9CLM=DD=F "=KMF<@=ALKL@=E=F AF= :J=AL= AKCMKKAGF OMJ<= AE .=HL=E:=J e:=J <A= !J9?= =FL>9;@L G: >3G47 MF< 7EG@6:7;F AF -=D9LAGF KL=@=F CdFF=F

= '48+%'

'4#670) 5%*#((6 '464#7'0

<9J/= 8>/</==/ +8 /=?8.2/3>=>2/7/8

MK =AF=J NGE *-! +M:DACMEKJ9L AF M>LJ9? ?=?=:=F "!& .LM<A= RME /@=E9 7EG@6:7;F ;@ 67@ $76;7@ ?=@L @=JNGJ Ç¯ 'LH Â&#x2DC;VWHUUHLFKHU,QQHQ KHJHQ HLQ KRKHV ,QWHUHVVH DP 7KHPD 7EG@6:7;F Ç¯ (LQ )Â¾QIWHO GHU %HIUDJWHQ JLEW DQ DXIJUXQG GHU *HVXQGKHLWVEHULFKWHUVWDWWXQJ LP 25) ]XPLQGHVW JHOHJHQWOLFK GDV =A?=F= 1=J@9DL=F ?=aF<=JL RM @9:=F Ç¯ %HVRQGHUV 6HQGXQJHQ PLW *HVXQGKHLWVVFKZHUSXQNWHQ ZLH .;>>=A??7@ XEF7DD7;5: @=ML= D_:>;@9E *A??7D 7D4EF .;@F7DL7;F =J>J=M=F KA;@ ?JGZ=J =DA=:L@=AL MF< M>E=JCK9EC=AL

$2/7/8=-2A/<:?85> <8N2<?81 /6: $& D? <8N2<?81=0<+1/8 $E (aJR

KL9F< 9J:9J9 .Ld;CDK 7>B +- ?9FR AE 5=A;@=F <=K &) +:7?7@E5:I7DBG@=F D@[:DG@9 PH=JL$FF=F <AKCMLA=JL=F MF< AF>GJEA=JL=F e:=J 1G5=7D G@6 7FF 7E5:?35=EH7DEF[D=7D <=F ;A4AA? e:=JK 4@7:?7@ MF< e:=J EE7@ 63E G@E =D3@= ?35:F 9J:9J9 .Ld;CDK "aKL= AE .LM<AG O9J=F =LO9 0<G +GDDE=J MF< .9J9@ 2A=F=J .L9JCd;@AF .9J9@ 2A=F=J CG;@L= DAN= MF< K9?L= X 7EG@67 D@[:DG@9 :3F @;5:FE ?;F -7DL;5:F LG FG@ S

:)3<1;+0- -;=6,0-1<; #188; 16 ,-: E"755-:B-1<C

A= F=M= .=F<MF? *A??7D 7D4EF .;@F7D D_:>;@9EL7;F (GFL9? :AK !J=AL9? 0@J *-! KL9JL=L= AE %MDA

EAL =AF=J .=JA= NGF .=JNA;= .=F<MF?=F e:=J (QL@=F MF< /9LK9;@=F AE DDL9?KOAKK=F RME ?=KMF<=F '=:=F 7IGEEF I;7 ?9:

E9D /AHHK >eJ =AF=F 9F?=F=@E=F MF< ?=KMF<=F DDL9? V NGF <=J !J9?= OA= *:KL MF< "=EeK= DaF?=J >JAK;@ :D=A:=F :AK RMJ 2AJCMF? NGF 4G?9 9M> <9K $EEMFKQKL=E 7D4EFL7;F MF< .;@F7DL7;F :J9;@L=F

=AFE9D HJG 2G;@= =AF=F "=KMF<@=ALK:=ALJ9? !J9?=F e:=J ?=KMF<= '=:=FKEALL=D OMJ<=F R9@DJ=A;@= =ALJa?= ?=OA<E=L

+0&'4 91..'0 4'&'0 )'*D46 '4056 70& 9#*4)'01//'0 9'4&'0

G 5< .2=.;27 ?87 E *= *>/ ;*1=) +27 2,1 <=85C -*;*>/ -*<< -.; <.27 181.< =.,172<,1.< 78@ 18@ 26 !277. <.27.; <8C2*5.7 $.;*7=@8;=>70 62==.5< -2.<.< +;.2= 0./N,1.;=.7 .;*=>70<*70.+8=< *>,1 -.7 <,1@N,1<=.7 2=052.-.;7 >7<.;.; .<.55<,1*/= E -.7 27-.;7 E C>; $.;/P0>70 <=.55= D

2,1*.5* 2;4* E *= *>/ ;*1=

MJ;@ <A= MKOAJCMF?=F MFK=J=J &GFKME?=K=DDK;@9>L MF< <A= 1=JaF<=JMF? <=J >9EADAaJ=F .LJMCLMJ=F AKL 9M;@ >eJ NA=D= JO9;@K=F= <=J JM;C ?JdZ=J ?=OGJ

<=F *>L :D=A:L FA;@L 9MKJ=A;@=F< 5=AL >eJ =AF ?ML=K "=KHJa;@ A= \F?KL= <=J &AF<=J O=J<=F FA;@L =JC9FFL MF< <A= +JG:D=E= <=J %MF?=F 9DK X&AF<=J

CJ9ES 9:?=O=JL=L MF< FA;@L ?=Fe?=F< J=KH=CLA=JL _:JA? :D=A:=F (AKKN=JKLaF<FAKK= MF?=DdKL= &GF>DACL= MF< NA=D= MF:=9FLOGJL=L= !J9?=F V MF< 0FKA;@=J@=AL E9;@L F?KL

2G D=JF=F OAJ X.=D:KLO=JLS OG D=JF=F OAJ EAL MFK K=AF OG D=JF=F OAJ EAL 9F<=J=F K=AF OG D=JF=F OAJ &GF>DACL= 9MKLJ9?=F OG D=JF=F OAJ "=>e@D= RM :=F=F

F=F KA= RM KHeJ=F KA= RM D=:=F =L;

%MF?= (=FK;@=F :J9M;@=F FKHJ=;@H9JLF=J$FF=F >eJ A@J= \F?KL= MF< .GJ?=F KA= OGDD=F =JFKL MF< O9@J

?=FGEE=F O=J<=F :=KGF<=JK AF =AF=J FLOA;CDMF?K

H@9K= AF <=J KA= F9;@ A@J=J =A?=F=F $<=FLALaL MF< A@J=E +D9LR AF <=J "=K=DDK;@9>L KM;@=F

AF= JMF<= AFL=?JA=JL= +=JKdFDA;@C=AL K=LRL KA;@ 9MK <J=A &GEH=L=FR=F RMK9EE=F ;97@=A?B7F7@L EAL; 3>7 "A?B7F7@L MF< 835:>;5:7 "A?B7F7@L 0FK=J= "=K=DDK;@9>L MFK=J ?=K9EL=K .;@MD MF< MK:AD

<MF?KKQKL=E AKL ?=LJ9?=F NGF <=E "=<9FC=F <A= >9;@DA;@= &GEH=L=FR RM N=J:=KK=JF )G;@ K;@F=DD=J FG;@ :=KK=J FG;@ E=@J >9;@DA;@= ,M9DALaL=F M> <=J .LJ=;C= :RO K=@J MFL=J:=DA;@L=L :D=A:=F E=AKL A?=FCGEH=L=FR MF< KGRA9D= &GEH=L=FR

"=J9<= <A=K= :=A<=F =FGJE OA;@LA?=F &GEH=L=FR=F O=J<=F :=A Q )3F 3G8 D3:F N=JEALL=DL MF< 9F?=

J=?L MF< KGEAL =AF O=JLNGDD=J =ALJ9? >eJ <A= 9D9F;= NGF A?=F KGRA9D=J MF< >9;@DA;@=J &GEH=L=FR AF MFK=J=J "=K=DDK;@9>L ?=D=AKL=L

9KA=J=F< 9M> <=J ,% "A@H7@F;A@ >eJ <A= )75:F7 67D ";@67D ?A:L =K EALLD=JO=AD= X#=DH MF< #GLDAF=KS >eJ BMF?= (=FK;@=F AF 9DD=F 0 (AL?DA=<KKL99L=F M> "JMF< K=AF=J D9F?Ba@JA?=F J>9@JMF? O9J Q )3F 3G8 D3:F >=<=J>e@J=F< :=A <=J FLOA;CDMF? NGF ,M9DA

LaLKKL9F<9J<K >eJ <A= L=D=>GFAK;@= =J9LMF? NGF -9L MF< #AD>= KM;@=F<=F BMF?=F (=FK;@=F .=AL AKL Q )3F 3G8 D3:F 9M;@ (AL?DA=< NGF :;>6 7>B>;@7 @F7D@3F;A@3> =AF=E )=LRO=JC <=J O=DLO=AL :=J=ALK AF E=@J 9DK 'aF<=JF =L9:DA=JL=F /=D=>GF@AD>= >eJ &AF<=J MF< %M?=F<DA;@=

& % ") &.(

D !)< )=. :)0< ,1- ! #-4-.76014.- .K: 16,-: =6, =/-6,41+0-

0FL=J <=J )GLJM>FMEE=J :A=L=L )3F 3G8 D3:F HKQ;@GDG?AK;@= =J9

LMF? 9FGFQE JMF< ME <A= 0@J MF< G@F= 1GJO9@D RME )MDDL9JA> 9MK ?9FR ^KL=JJ=A;@ 5A=D AKL =K BMF?=F (=FK;@=F EAL +JG:D=E=F G<=J AF )GLKALM

9LAGF=F #AD>=KL=DDMF? RM :A=L=F MF< <MJ;@ FGFQEALaL =AF= 1=JLJ9M=FK

:9KAK RM K;@9>>=F KA;@ 9M;@ :=A @=ACD=F /@=E=F :=J9L=F RM D9KK=F "=

E=AFK9E EAL <=F #AD>=KM;@=F<=F OAJ< 9F =AF=J +JG:D=EDdKMF? ?=9J:=AL=L #AD>= RMJ .=D:KL@AD>= ?=:GL=F MF< O=FF FdLA? =AF CGEH=L=FL=J =PL=JF=J FKHJ=;@H9JLF=J :=A =AF=J O=AL=J>e@J=F<=F .L=DD= ?=KM;@L 9K CdH>A?= /=9E @9L

=J9LMF?=F <MJ;@?=>e@JL E9F;@= FJM>=F<=F AF K;@OA=JA?=F '=:=FKR=AL=F "=O9DL MF< (AKK:J9M;@K=J>9@JMF?=F :=?D=A

L=L MKJ=AZ=JF CD9J ?=E9;@L <9KK <9K 1GF 5M@9MK= 2=?D9M>=F A@J= +JG

:D=E= FA;@L DdKL MF< E9F;@=F KMARA<?=>a@J<=L=F BMF?=F (=FK;@=F F=M= '=:=FKH=JKH=CLAN=F N=JEALL=DL (AL =AF=E =C9FFL@=ALK?J9< NGF +JGR=FL :=A :AK %a@JA?=F AKL )3F 3G8 D3:F EALLD=JO=AD= <9K :=C9FFL=KL= L=D=>GFAK;@= =J9LMF?K9F?=:GL >eJ BMF?= (=FK;@=F AF ^KL=JJ=A;@ MF< =AF= <=J E=AKL?=Oa@DL=F )GLJM>FMEE=JF MF

K=J=K '9F<=K

= '48+%'

'48+%'.'+5670)'0 (E4 +0&'4 70& 7)'0&.+%*'

:)<)=.,:)0< ! )<

0E BMF?= (=FK;@=F RM =JJ=A;@=F EMKK E9F KA= <GJL 9FKHJ=;@=F OG KA= KA;@ 9M>@9DL=F =K@9D: ?A:L =K <A= 2=:KAL= 9DK OA;@LA?= DL=JF9LAN= MF< J?aFRMF? RMJ /=D=>GF #GLDAF= MF< 9DK F=M= (d?DA;@C=AL RMJ =JKL=F &GFL9CL9M>F9@E= .=AL HJAD

KL=@L >eJ &AF<=J MF< %M?=F<DA;@= 9M;@ =AF= O=::9KA=JL= 9FG

FQE= MF< CGKL=FDGK= *FDAF= =J9LMF? RMJ 1=J>e?MF?

! *1-<-< 14.- G =55-:6=55-:

)=:=F Q )3F 3G8 D3:F :A=L=L <=J *-! FG;@ O=AL=J= .=JNA;=FMEE=JF A= X "G??7D@G??7D OAJ< K=AL %MDA

?=E=AFK9E EAL <=E XEF7DD7;5:;E5:7@ )AF7@ "D7GL :=LJA=:=F 9EAL KGDD=F <A= J>9@JMF?=F <=K )AF7@ "D7GL7E >eJ =J9LMF?K?=KHJa;@= ?=FMLRL O=J<=F

$2/7/8=-2A/<:?85> 38./< $E -9@E=F <=K &) +:7?7@E5:I7DBG@=F ";@67D @9L KA;@ &) &" EAL 9F=JC9FFL=F PH=JL$FF=F e:=J @9F;=F MF< #=J9MK>GJ<=JMF?=F >eJ &AF<=J AE %9@J@MF<=JL MFL=J@9DL=F !J9?=F OA= KA;@ <A= &AF<@=AL AF <=F D=LR

L=F %9@J=F ?=O9F<=DL @9L O=D;@=F AFUMKK =D=CLJGFAK;@= (=<A=F @9:=F G<=J OA= DL=JF <=F 5M?9F? RM A@J=F &AF<=JF HGKALAN ?=KL9DL=F CdFF=F OMJ<=F <=F =FeLR=J $FF=F <=K F=M=F EMDLAE=<A9D=F /1 5MK9LR<A=FKL=K :=9FLOGJL=L

5>398 38./< </./8 73> &AF<=J @9:=F =LO9K RM K9?=F MF< <=J *-! DaKKL KA= 9M;@ RM 2GJL CGEE=F E .=HL=E:=J

KL9JL=L= <=J ";@67D D767@ ?;F /1 MK K=AF= /GMJ <MJ;@ ?9FR ^KL=JJ=A;@ MF< E9;@L= <=F .;@MD@G> RME !=JFK=@KLM<AG $E $FF=J=F <=K MKK=K O9J =AF= &9E=J9 AFKL9DDA=JL NGJ <=J KA;@ <A= &AF<=J @AFK=LR=F MF< =AF>9;@ A@J= .GJ?=F A@J= /JaME= MF< A@J= 2eFK;@= EALL=AD=F CGFFL=F =J *-! Oa@DL= <A= :=KL=F CDe?KL=F MF< OALRA?KL=F (=D<MF?=F 9MK MF< HJaK=FLA=JL= KA= 9DK CMJR= .HGLK Oa@J=F< <=K +:7?7@E5:I7DBG@=F7E AF :=A<=F +JG?J9EE=F X E 97:F 63DG? 6;7 ";@67D LG 478[:;97@ 6;7 .7>F ;@ 67D E;7 >747@ IA>>7@ LG 7DO@67@ G@6 =D73F;H LG 97EF3>F7@

3E 7DD7;5:7@ I;D @GD 6GD5: 7D@EF:38F7 G@6 7D@EF97@A??7@7 '3DF;L;B3F;A@ 67D ";@67D 3@ 67D 7E7>>E5:38F Q ;@ G@E7D7? 3>> 6GD5: 6;7 $;F97EF3>FG@9 67D ";@67D 3? G@6 ;? 'DA9D3?? S 7>93 !3@;E5: 'DK57 -7D3@FIADF>;5:7 +:7?7@E5:I7DBG@=F ";@67D

'+6'4' '48+%' +)*.+)*65 &'5

G ;7:/< .K: 5-0: %-:3-0:;;1+0-:0-1<

DD= @9D:=F .LMF<=F MF< O=FF =K <A= 1=JC=@JKD9?= =J>GJ<=JL O=J<=F 9M> #AL

J9<AG ^ 9CLM=DD= -7D=7:DE;@8AD?3F;A@7@ HJaK=FLA=JL 1=JC=@JKJ=<9CL=MJ$F

F=F J=;@=J;@A=J=F AE .;@A;@L<A=FKL 9CLM=DD= .L9MK 1=JC=@JK:=@AF<=JMF?=F <MJ;@ 0F>aDD= G<=J 9MKL=DD=F MF< F9LeJDA;@ (=D<MF?=F e:=J 9CML= "=>9@J=F =LO9 e:=J "=AKL=J>9@J=J (=@J 9DK

&9E=J9K 9M> ^KL=JJ=A;@K MLG:9@F=F MF< .;@F=DDKLJ9Z=F KL=@=F RMJ 1=J>e?MF? KGOA= 9DD= 9L=F RMJ 1=JC=@JKKLJGE

F9DQK= DD=AF AE =JKL=F #9D:B9@J

EMKKL= ^KL=JJ=A;@K :=DA=:L=KL=K -9<AG E9D NGJ =AF=E "=AKL=J>9@J=J O9JF=F A= (=D<MF?=F O=J<=F =AF=JK=ALK AF ?=KHJG;@=F=J !GJE e:=J #ALJ9<AG ^ 9F<=J=JK=ALK e:=J ) * +$ V <A= <A?AL9

D= 1=JC=@JKAF>GJE9LAGF RMJ -GML=FHD9FMF? AE )9NA?9LAGFK?=JaL V OA=<=J?=?=

:=F

J=?AKLJA=JL= X H7D LJ9?=F D9M>=F< <MJ;@ A@J= FJM>= RMJ CLM9DALaL <=J -7D=7:DE;@8AD?3F;A@ :=A

"+0J6-: 4-*-6

(=FK;@=F AF <=J =NdDC=JMF?K?JMHH= NGF HDMK KL=@=F AE (9?9RAF *5:^@7D >747@ .GFFL9? 0@J *-! AE (ALL=DHMFCL .=JNA;= "=KMF<@=ALKLAHHK @=AEAK;@= MF< >J=E<= &MDLMJ=F MF< !J=AR=AL@AFO=AK= O=J<=F KH=RA=DD >eJ <9K aDL=J= *-! +M:DACME 9M>:=J=AL=L

G "+7<<A D ,-: #K: B= #K: !7=<-684)6-:

$E %9FM9J

KL9JL=L= <9K #ALJ9<AG ^ ?=E=AFK9E EAL <=F ^ <=F /eJ RM

/eJ -GML=FHD9F=J *5AFFK *5AFFK ?A:L HMFCL?=F9M MKCMF>L RM 9DD=F !9@JHD9F

9F>J9?=F AFCDMKAN= !MZO=?=F MF< C=FFL <A= !9@JHDaF= 9DD=J ^>>=FLDA;@=F 1=J

C=@JKEALL=D AF ?9FR ^KL=JJ=A;@ <A= !9@JHDaF= <=J .;7@7D #;@;7@ =:=FKG OA= =LO9 <A= <=J @@E4DG5=7D -7D=7:DE47FD;747 J C=FFL 9M;@ <A= !9@JHDaF= CD=AF=J HJAN9L=J MKMFL=JF=@E=J KGOA= KaELDA;@=

9@F MF< MK@9DL=KL=DD=F (AL <=E F=M=F MF< De;C=FDGK=F -GML=FHD9F=J OADD ^ 9M;@ MLG>9@J=J RME X0EKL=A?=FS 9FAEA=J=F

-451 D "1+0-:0-1< 15 %-:3-0: .K: 16,-: .=AL (ALL= %MFA

HJaK=FLA=JL KA;@ 7>?; <A= :=C9FFL=KL= .A;@=J@=ALK>A?MJ ^KL=JJ=A;@K AF F=M=E "=O9F< %=<=F .9EKL9? ME ;9

0@J AF *-! O9J

L=F 9M> <A= BMF?=F 5MK=@=J$FF=F KH9FF=F<= "=K;@A;@L=F EAL 7>?; MF< *A= D3F7E <A= 9M> MFL=J@9DLK9E= 2=AK= <A= /@=E=F -7D=7:D G@6 *;5:7D:7;F :=@9F

<=DF MF< =AF KHA=D=JAK;@=K JD=JF=F NGF JA;@LA?=F 1=J@9DL=FKJ=?=DF AF <=F =J=A;@=F -7D=7:D D7;L7;F 3GE:3>F MF< *BADF =JEd?DA;@=F KGDD=F LDA;@= AFL=J9CLAN= .=JNA;=K O=J<=F 9M;@ AE $FL=JF=L 9M> :7>?; 3F 9F?=:GL=F G %-:3-0:;)?):,

9K #ALJ9<AG ^ MF< <9K $FF=FEAFAKL=JAME HJaEA=JL=F :=J=ALK RME K=;@KL=F (9D 9DD B=F= EAL <=E X -7D=7:DE3I3D6 <A= L9?La?DA;@ =AF=F =ALJ9? RMJ 1=J

C=@JKKA;@=J@=AL AF ^KL=JJ=A;@ D=AKL=F .=AL E=@J 9DK %9@J=F @9L <=J *-! <A= 1GJJ=AL=JJGDD= AF <=J 9CLM=DD=F 1=JC=@JKAF>GJE9LAGF

=JO=AL=JL= #ALJ9<AG ^ <A= :=Oa@JL=F /=;@FGDG?A=F EAL <=E F=M=F .QKL=E A *?3DF '&2 (9ML

<9L=F DA=>=JF =AF 1=JC=@JKD9?=:AD< NGF ^KL=JJ=A;@K MLG:9@F=F MF< .;@F=DD

KLJ9Z=F

6.7:5)<176 =6, "-:>1+- 15 # # '# =6, ! =4<1#-@<

=J &) + # + /+ :A=L=L =AF=F ME>9F?J=A;@=F .=JNA;=L=AD $E (AFML=FL9CL 9CLM9DAKA=JL= $F>GJE9LAGF=F RM !De?=F MF< 5M?>9@JHDaF=F KAF< =:=FKG =FL@9D

L=F OA= 9CLM=DD= 'M>LE=KKO=JL= G<=J '9OAF=FO9JFMF?=F MF< 9MZ=J<=E OA;@

LA?= /=D=>GFFMEE=JF <J=KK=F /=JEAF= MF< ^>>FMF?KR=AL=F #AFRM CGEE=F R9@DJ=A;@= /@=E=FE9?9RAF= M;@ AE &) &" $G>F;+7JF KL=@=F .=JNA;=AF>GJ

E9LAGF=F :=J=AL

+?= #3-2> ./< /,S2</8D+26/< 88/8

AF= 0E>J9?= EAL

^KL=JJ=A;@=J$FF=F RME &) +:7?7@E5:I7DBG@=F D@[:DG@9 R=A?L K AKL G =F:9J ?=

DMF?=F =OMKKLK=AF >eJ <A=K=K ?=K=DDK;@9>LDA;@ J=D=N9FL= /@=E9 RM K;@9 =F MF< <MJ;@ K=JAdK= MF< CGEH=

L=FL= $F>GJE9LAGF CGFCJ=L= #AD>=KL=DDMF?=F >eJ <9K +M:DACME RM :A=L=F 5O=A JALL=D <=J =>J9?L=F @9DL=F <=F 0E>9F? <=K +:7?7@E5:I7DBG@=F D@[:DG@9 >eJ X?=J9<= JA;@LA?S

+JGR=FL :=MJL=ADL=F <A= $<== <9K /@=E9 D@[:DG@9 AFL=FKAN RM :=@9F<=DF EAL XK=@J ?MLS G<=J X?MLS A= -MF<>MFC?=:e@J=F K=@=F AF <A=K=E 5MK9EE=F@9F? +JGR=FL 9DK XK=@J ?MLS G<=J X?MLS =AF?=K=LRL

); "-:>1+- .K: ,1- /=<- :6I0:=6/ 7+0-6 51< ,-5 !

= '48+%'

$2/7/8=-2A/<:?85> <8N2<?81

AK F<=

O9J +=L=J /A;@9LK;@=C "9KL?=:=J MF< (G<=J9LGJ <=J :=DA=:L=F *-! &G;@K@GO D;E5: 97=A5:F (GFL9? :AK !J=AL9? 0@J *-! %=<=F 2G;@=FL9? DM< =J ^KL=JJ=A;@K .HALR=FCd;@= =AF RMK9EE=F EAL &9F

<A<9L=F =AF CMDAF9JAK;@=K (=AKL=JO=JC RM CJ=A=J=F 0E>9KK=F<= $F>GJE9LAGF e:=J "=JA;@L= MF< 5ML9L=F KGOA= 9:JM>:9J= -=R=HL= NA9 /=D=>GF G<=J $FL=JF=L KAF< MFK=J .=JNA;= >eJ $@J= "9ME=F>J=M<=F 5ME +:7?7@E5:I7DBG@=F D@[: DG@9 AE (aJR

?9: JFa@JMF?K=PH=JLAF #9FFA -eLRD=J AF <=J .=F<MF? =AF= ?9FR= 2G;@= D9F? /AHHK RME ?=KMF<=F KK=F :

CG;@=F AE *-! @6; >7J

)6B +0 D &704.K04-6 16 G

(AFML=F La?DA;@ NGF A=FKL9? :AK !J=AL9? V

0@J :JAF?L <9K &MJRE9?9RAF 3@L 5: =AF :AK <J=A =ALJa?= <A= .=JNA;= MF< $F>GJE9LAGF RME ?=KMF<=F '=:=F MF< FJ=?MF?=F >eJ ?=AKLA?=K MF< CdJH=JDA;@=K 2G@D:=>AF

<=F :A=L=F 5ME +:7?7@E5:I7DBG@=F D@[:DG@9 OA<E=L= KA;@ 3@L 5: <=F /@=E=F 7D BB7F;F >>F39 3>E -797F3D;7D D_:EF_5=7 I;7 7;@ "3;E7D MF< 7 >3EE7@ 7EE7@

->J43-:=6/;?):6=6/ )4; J..-6<41+0 :-+0<41+0- =./)*-

&9L9KLJGH@9D= J=A?FAKK= OA= -=9CLGJMF>aDD= 0FO=LL=J J<:=:=F @=EA=MF

>aDD= MF< 29D<:JaF<= =J>GJ<=JF =AF= KG>GJLA?= 29JFMF? <=J =NdDC=JMF? $F KGD;@=F &JAK=F MF< &9L9KLJGH@=F>aDD=F O9JFL MF< AF>GJEA=JL <=J *-! 9DK d>>=FLDA;@ J=;@LDA;@= -MF<>MFC9FKL9DL <A= dKL=JJ=A;@AK;@= =NdDC=JMF? J9K;@ MF< RMN=JDaKKA? 9K HJAEaJ= 1=J:J=ALMF?KE=<AME AKL AF KGD;@=F !aDD=F <9K -9<AGHJG?J9EE ^ =A J=?AGF9D :=?J=FRL=F 29JFMF?=F OAJ< N=JKLaJCL 9M> <A= -=?AGF9DHJG?J9EE= <=K *-! -9<AG RMJe;C?=?JA>>=F =?D=AL=L O=J<=F KGD;@= 9CML=F 29JFMF?=F MF< $F>GJE9LAGF=F NGF <=F F9LAGF9D=F /1 .=F<=JF *-! MF< *-! KGOA= <=E + # + /+ MF< <=E $FL=JF=L9F?=:GL <=K *-! =A DaF?=J 9F<9M=JF<=F &9L9KLJGH@=F O=J<=F 1=JLJ=L=J <=K *-! AF <A= J:=AL <=K @@7@?;@;EF7D;G?E =AF?=:MF<=F <9EAL FO=AKMF?=F 9F <A= 5ANAD:=NdD

C=JMF? MF< O=AL=J>e@J=F<= $F>GJE9LAGF=F K;@F=DD MF< <AJ=CL O=AL=J?=?=:=F O=J<=F CdFF=F

=.<:)/

-1;<=6/

0FL=J@9DLMF? >eJ 9DD= =NdDC=JMF?KK;@A;@L=F MF< (ADA=MK !ADE .=JA= .@GO MF< GE=<Q EAL ,M9DALaLK9FKHJM;@ FL .H9FFMF? AF /1 -9<AG MF< *FDAF=

-0:?-:< $ # ! #$ 51< 1>-)=

GK//.7=52,1 ;.,1=52,1.; >7-/>74 4*77 72,1= *>/ +.<=266=. .7;.< 8-.; ;80;*66 +.;.2,1. ;.->C2.;= @.;-.7 *>,1 72,1= *>/ -.7 .;.2,1 *,1;2,1=.7 >7- *4=>.55. .;2,1=.;<=*==>70 #7=.;1*5=>70 86.-B >7- !92.5/256. +.<2=C.7 .+.7<8 .27 8=.7C2*5 @2. -2. *,1;2,1=.7 >7<.;. #6@.5= -*;C><=.55.7 >7- <80*; 78,1 .27. <.1; ?2.5 0;OJ.;. *,1= >7<.;. $8;<=.55>70 -*;P+.; *7C>;.0.7 @2. >7<.;. .<.55 <,1*/= <.27 4O77=. D 7-;.@ ;*1*6 GK//.7=52,1 ;.,1=52,1.; >7-/>74 27 -.; .684;*=2.D

*-! 0FL=J@9DLMF? =J@=:L <=F FKHJM;@ ,M9DALaLKKL9F

<9J<K =AF MF< 9M>J=;@LRM@9DL=F !ADE= O=J<=F FA;@L MFL=J

:JG;@=F NGF DaKLA?=J 2=J:MF? .@GOEG<=J9LGJ$FF=F >e@

J=F (=FK;@=F FA;@L NGJ E9;@=F KA= FA;@L Da;@=JDA;@ %M?=F<K;@MLR MF< &=FFR=A;@FMF? <=J +JG?J9EE= =J?=:=F =AF=F KA;@L:9J=F 0FL=JK;@A=< RMJ HJAN9L=F &GFCMJJ=FR *-! 0FL=J@9DLMF? KGDD KLAEMDA=J=F MF< FA;@L 1GJMJL=AD= MF< :ADDA?= >>=CL= HJG<MRA=J=F .A= KL=DDL =AF=F NA=D>aDLA?=F MF< CJALAK;@=F =RM? RM ^KL=JJ=A;@ AE =MJGHaAK;@=F MF< AFL=J

F9LAGF9D=F &GFL=PL @=J AF =F?=J 5MK9EE=F9J:=AL EAL dKL=JJ=A;@AK;@=F &J=9LAN=F 0. .=JA=F V 29JME FA;@L 2=FF KA= AFL=DDA?=FL ?=E9;@L 9F=JC9FFL MF< EAL +J=AK=F MF< O9J<K 9MK?=R=A;@F=L KAF< 0FL=J@9DLMF? AKL AE *-! =AF F?=:GL >eJ 9DD= &MDLMJAFL=J=K

KA=JL= MF< &JAEA !9FK /@=9L=J PH=JL$FF=F MF< *H=J=LL=F

DA=:@9:=J$FF=F +GH -G;C #AH@GH /=;@FG GEEMFALA=K MF< 1GDCKEMKAC>J=MF<$FF=F "JGZ=J=A?FAKK= MF< N=FLK N=JK9EE=DF ^KL=JJ=A;@ NGJ <=F F=M=F !D9LK;J==FK MF< <=F =LO9K aDL=J=F !9LK;J==FK <=F #9F<QK MF< 'G4>;5 -;7I;@9

+DaLR=F =J *-! Da<L =AF RM =AF=E '9?=J>=M=J >eJ ?9FR ^KL=JJ=A;@

:)3<1;+0-: =<B-6

0FL=J@9DLMF?KIM9DALaL >eJ <A= !J=AR=AL

0018#6+8 708'49'%*5'.$#4 27$.+-7/59+4-5#/ D56'44'+%*+5%*

G ,1 4*77 62= 0>=.6 .@2<<.7 +.1*>9=.7 -*<< <2,1 -2. !*=2;. >7- 86.-B<18@< 26 *55.<*6= ->;,1 21;.7 27=.5520.7=.7 72?.*>?855.7 %2=C >7- >68; 62= 5*70.6 *5=+*;4.2=<-*=>6 *><C.2,17.7 D

+!. &+()". ."00 1+! ,*"!5

"343D7FF @9L AE *-! K=AL &9JD !9JC9K +JG?J9EE=F AF <=F =J %9@J=F =AF= D9F?= /J9<ALAGF MF< AKL /=AD dKL=JJ=A;@AK;@=J &MDLMJ =J *-! @9D> <9:=A &9:9J=LL AE '9M>= <=J N=J?9F?=F=F %9@JR=@FL= E9KK=FL9M?DA;@ RM E9;@=F "=?=F A?76K ?9: =K D9F?= 5=AL 1GJ:=@9DL= V GE=<Q 9J:=AL= E=AKL EAL :ADDA?=F 2ALR=F MF< =JR=M?= FA;@L OA= &9:9J=LL =AF =FLD9JN=F<=K KGF<=JF D=<A?DA;@ =AF K;@9<=F>JG@=K '9;@=F #=ML= @9:=F OAJ EAL NA=D=F .=F<MF?=F <9K "=?=FL=AD :=OA=K=F MF< IM9DALaLKNGDD= GE=<Q @9L A@J= '=?ALAE9LAGF AE *-!

<9K E9;@=F OGNGF KG E9F;@= J %GMJF9DAKL$F MF< NA=D= ^KL=JJ=A;@=J$FF=F O9@JK;@=AFDA;@ FMJ RM LJaME=F O9?L=F J <9J> MF< C9FF =K <=F +GDALAC=J$FF=F MF< (a;@LA?=F <=K '9F<=K MF< KGD;@=F <A= =K ?=JF= K=AF OeJ<=F KG JA;@LA? XJ=AFK9?=FS A@F=F A@J= ?=OG@FL= E=<A9D= $FKR=FA=JMF? =FLRA=@=F MF< A@F=F <A= @G@D=F +@J9K=F N=J:A=L=F (9F;@= =EH>AF<=F K=AF= (9B=KLaL <=K@9D: 9DK ?F9<=FDGK 9M> <=J 9F<=J=F .=AL= =EH>AF<= A;@ MF< A;@ <=FC= NA=D= 5MK;@9M=J$FF=F L=AD=F E=AF= (=AFMF? '9;@=F e:=J <A= -=9DALaL =AF>9;@ FMJ :=>J=A=F<

(AL <=F A?76K G@6 *3F;D78AD?3F7@ C9FF <=J *-! MFL=J =O=AK KL=DD=F <9KK =J HGDALAK;@ MF9:@aF?A? AKL 9K LML MFK=J 9DD=J d>>=FLDA;@ J=;@LDA;@=J .=F<=J EALLD=JO=AD= EMLA? EAL GJA?AFaJ=F MFN=JO=;@K=D:9J=F GE=<Q MF< .9LAJ=K@GOK OA= R D>J=< GJ>=JK AD87DE A@ @7DEF3>= $F <=J =JKL=F dKL=JJ=A;@AK;@=F /1 .9LAJ=K@GO AKL C=AF= +9JL=A MF< C=AF +GDALAC=J NGJ GJ>=JK KM:LAD=F K9LAJAK;@=F LL9;C=F KA;@=J =J *-! :=O=AKL .AFF >eJ #MEGJ AF<=E <A= "=K;@a>LK>e@JMF? GJ>=JK @MEGJAKLA

K;@= =?=FKLA;@= EAL >=AF=J &DAF?= ?=?=F KA;@ H=JKdF

DA;@ MF< <9K #9MK RMDaKKL O9K <=E .=F<=J NA=D= .QE

H9L@A=HMFCL= :=AE +M:DACME =AF?=:J9;@L @9L

M;@ EAL <=F =:=F>9DDK K=@J =J>GD?J=A;@=F GE=<Q !GJ

E9L=F OA= .3E 9;4F 7E %7G7E 5:F 87FF ;7 D;E5:>;@97 ;7 >;747 3?;>;7 ,@67D5AH7D MF< 5:F >GEF;9 @9:=F OAJ =K ?=K;@9>>L ?=J9<= BeF?=J=K +M:DACME RM :=?=AKL=JF MF< <9K <G;@ =LO9K N=JKL9M:L= $E9?= <=K *-! OA=<=J RME "DaFR=F RM :JAF?=F A= AF>e@JMF? <=J =J>GD?J=A

;@=F A@@7DEF39 %35:F 9DK *-! /J9<=E9JC >eJ BMF?= 0FL=J@9DLMF? 9F =AF=E >AP=F .=F<=HD9LR AKL =AF =AKHA=D <9>eJ

29K AE *-! AE =J=A;@ *3F;D7 G@6 A?76K F>9F? MFL=J 9F<=J=E FG;@ >=@DL= O9J=F XKM:N=JKAN=S >J=;@= OALRA?= $FL=JNA=OK EAL ^KL=JJ=A;@K +GDALAC=J$FF=F MF< +JGEAF=FL=F %=E9F< <=J <A=K=F XK=D:KL?=>aDDA?=F (a;@LA?=FS <=K '9F<=K =F<DA;@ =AFE9D <A= (=AFMF? ?=A?L (AL .;D E;@6 "3;E7D @9:=F OAJ <9K ?=K;@9>>L A=

K=J &9AK=J <9J> MF< C9FF FMF AE !=JFK=@=F =F<DA;@ 9DD

2=AL=JK OMJ<=F <MJ;@ <A=K= J=?=DEaZA?=F .=F<MF?=F NA=D= BMF?= dKL=JJ=A;@AK;@= GE=<QL9D=FL= ?=>dJ<=JL MF< =L9:DA=J=L K ?=DAF?L FMF 9M;@ =JKLE9DK AE *-! F=M= BMF?= MLGJ$FF=F 9M>RM:9M=F <A= AF !GD?= FA;@L FMJ =PHDARAL >eJ GE=<Q KGF<=JF 9M;@ >eJ 9F<=J= 0FL=J

@9DLMF?KK=F<MF?=F MF< .@GO>GJE9L= @=J9F?=RG?=F O=J<=F MF< EAL AFFGN9LAN=F GJA?AFaJ=F .=F<MF?KA<==F 9M>O9JL=F CdFF=F

+!. &+()".

A= A@@7DEF39 %35:F @9L KA;@ K=AL A@J=J AF>e@JMF?

RM =AF=J =;@L=F X/J9

<=E9JCS =FLOA;C=DL A= .=F<=HDaLR= KAF< >eJ 0FL=J@9DLMF?KHJG?J9EE EAL X(=@JO=JLS J=K=JNA=JL 9:=A OAJ< <9J9M> ?=9;@L=L <9KK =AF= CGFLAFMA=JDA

;@= !DMCLM9LAGF KL9LL>AF<=L KG<9KK AEE=J OA=<=J F=M= &GFR=HL= MF< $<==F =JHJG:L O=J<=F CdFF=F

OMJ<= <A= *7@6G@9 A:@7 %3?7@ NGF <=J G DAB[;E5:7@ )G@68G@=G@;A@ RM =AF=E ?aFRDA;@ F=M=F "=FJ= =JCDaJL AK

HJG<MRA=JL=F 9NA< .;@9DCG MF< &GDD=?$FF=F .=F<MF?=F A= 'AKL= <=J .=F<MF?=F <A= K=AL@=J <9K +M:DACME :=?=AKL=JF AKL D9F? MF< OAJ< AF 5MCMF>L 9M;@ FG;@ =JO=AL=JL O=J<=F 5:F 87FF J ;7 D;E5:>;@97 "GB7FL=K .7D J >_9F Q D7?;J76 .;5=;7 *>;?7 3@6 '3;B7D *G@E:;@7 ;D>;@7E M N E

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

= 06'4*#.670)

1/'&; 70& #6+4'

&1443755-6 G;<-::-1+0 51< "<-:5)66 :1;;-5)66

$F .;>>=A??7@ XEF7DD7;5: GFF=JKL9? ;9

0@J *-! D9<=F .L=JE9FF MF< "JAKK=E9FF 9:

Od;@=FLDA;@ AF <9K :=DA=:L=KL= 2G@FRAEE=J <=K '9F<=K =AF +JGNGC9FL= /@=E=F MF< K;@O9JR=J #MEGJ V >=JF9: NGF 'A>;F;53> ADD75F@7EE V HJaK=FLA=JL EAL =AF=J E9JC9FL=F (AK;@MF? 9MK 2ALR :?=CDaJL

@=AL :AK RME 5QFAKEMK

&1: ;16, )1;-:

E (9A

@A=DL *7;@7 $3<7EF[F )A47DF 7;@D;5: 9DA9K -G:=JL +9D>J9<=J =JKLE9DK AF <=J <GFF=JKLa?DA;@=F .9LAJ= MF< GE=<QD=AKL= #G> MF< :J9;@

L= <=F LGMJAKL=F9LLJ9CLAN=F "D9FR =AF=J MFJ=HJaK=FL9LAN=F (GF9J;@A= AF <=J .9LAJ= /9DCK@GO .;D E;@6 "3;E7D GFF=JKL9? 0@J *-! RMJe;C 9M> <A= AD<K;@AJE= 0E KA;@ K=AF=E 1GDC R=AL?=EaZ RM HJaK=FLA=J=F @9L K=AF= (9B=KLaL K=AF= =A?=F= *-! /1 .@GO AFK '=:=F ?=JM>=F #A=J Ed;@L= )A47DF 7;@D;5: ?=E=AFK9E EAL K=AF=E &47DEF:A8?7;EF7D *7K887@EF7;@ 9DA9K -M<A -GM:AF=C R=A?=F OA= OA;@LA? A@E <A= FDA=?=F <=K 1GDC=K KAF< MF< KG =EH

>aF?L =J :=A <=F /1 M<A=FR=F KGOG@D X<=F CD=AF=F (9FFS 9DK 9M;@ +JGEA

F=FL= 9DD=J AKRAHDAF=F 5M <=F 9M>>aDDA?KL=F "aKL=F

Ra@DL=F !J9FR !AK;@

D=J N9 "D9OAK;@FA? #9FK &J9FCD F<J=9K &@GD +=L=J 2=KL=FL@9D=J MF< #=A<= .;@EA<L

1- ,)

-MH=JL #=FFAF? /@GE9K (9MJ=J !DGJA9F .;@=M:9 MF< JOAF .L=AF@9M=J KAF< K=AL

;7 63 %=<= .=F<MF? =JRa@DL =AF= 9:?=K;@DGKK=F= "=K;@A;@L= 9F <=J KA;@ 9M;@ <9K B=O=ADK ?=Oa@DL= 9JKL=DDMF?K>GJE9L GJA=FLA=JL V NGE -G9<

EGNA= e:=J GCM MF< &JAEA :AK @AF RMJ K;@GFMF?KDGK=F FL@eDDMF?KJ=HGJL9?= .G CGEEL =K RM =AF=E Od;@=FLDA;@=F 2=;@K=D NGF .;@9MHD9LR !A?MJ=F .LAD JRa@DO=AK= MF< "=FJ= AF &GFR=HL >eJ /1 .9LAJ= <9K =K AF <A=K=J !GJE FG;@ FA;@L ?=?=:=F @9L MF< <9K EAL <=E -=AR <=J $FFGN9LAGF KHA=DL

4'*$7%* 70& +./ 0524E%*' D(('06.+%* 4'%*6.+%*'4 7#.+6C65241&7-6+10

G&>; 1*7-@.;452,1.7 >*52=N= 4866= -.; +.<87-.;. 7<9;>,1 -.< -.; >7.;5N<<52,1. 0.6.27<*6. .77.; +.2 *55.; $2.5/*5= -.; ;8->4=. -2. .;<=.55>70 >7- %2.-.;0*+. O<=.;;.2,12<,1.; -.7=2=N= 27 25- !9;*,1. "1.6* 20>;.7 24=287 4>;C -2. #7?.; @.,1<.5+*;4.2= >7<.;.; 256. D

) 1/ &+0/ %&+$". ".+/"%#&)*

*@F= J=@:M;@ C=AF !ADE K =JKL9MFL 9M;@ F9;@ RO9FRA? %9@J=F :=JM>DA;@=J /aLA?C=AL AE !ADE?=K;@a>L <9KK <A= NGDD= /J9?O=AL= <A=K=J !=KLKL=DDMF? KG =LO9K OA= =AF D=A;@L :=>D=;CL=K "=@=AEFAK AKL 2=FF F9;@ <=J !=JLA?KL=DDMF? =AF=J +JG<MCLAGF <A= =L=ADA?L=F NGJ MF< @AFL=J <=J &9E=J9 AF <=J -=A@=F>GD?= A@J=J 2A;@

LA?C=AL 9F?=KHJG;@=F O=J<=F O=FF -=?AKK=MJ$FF=F .;@9MKHA=D=J$FF=F +JG<MR=FL$FF=F -=<9CL=MJ$FF=F RM 2GJL CGEE=F >J9?L C9ME B=E9F< F9;@ <=F MLGJ

$FF=F $@J= J:=AL K;@=AFL N=J?=KK=F ,M9DALaL AE !ADE @9L L9LKa;@DA;@ =AF= :=LJa;@LDA;@= FR9@D NGF (eLL=JF MF< 1aL=JF 9:=J KA= :=?AFFL EAL <=E J=@:M;@ (9F C9FF KG =AF O=AL=J=J .L9F<9J<K9LR <=K !ADE@9F<O=JCK 9MK =AF=E K;@D=;@L=F J=@:M;@ C=AF=F ?ML=F !ADE E9;@=F 9:=J 9MK =AF=E ?ML=F J=@

:M;@ C9FF <MJ;@9MK =AF K;@D=;@L=J !ADE =FLKL=@=F $E 1=J?D=A;@ EAL <=MLK;@=F .=F<=JF O=AKL <=J *-! =AF=F @G@=F FL=AD 9F =A?=F=FLOA;C=DL=F .LG>>=F AF K=AF=J !=JFK=@>ADEHJG<MCLAGF 9M> J=@:e;@=J =FLKL=@=F 9DK AFL=FKAN= 5MK9EE=F9J:=AL ROAK;@=F MLGJ$FF=F MF< -=<9CL=MJ$FF=F MF< J9E9LMJ?$FF=F <=K #9MK=K A= J:=AL =JKLJ=;CL KA;@ 9M> >9KL 9DD= "=FJ=K <=K !9;@=K NGF <=J &GEd<A= e:=J <9K (=DG<J9E <A= 'AL=J9LMJN=J>AD

EMF? :AK RME /@JADD=J A= ,M9DALaLKCJAL=JA=F KAF< =AF=J

K=ALK @9F<O=JCDA;@=J )9LMJ K OeJ<= <=F -9@E=F <A=

K=J FE=JCMF?=F KHJ=F?=F @A=J AFK =L9AD RM ?=@=F )MJ KG NA=D J=@:M;@ .;@J=A:=F AKL =AF #9F<O=JC <9K 9M;@ :=A NGJ@9F<=F=E /9D=FL FG;@ D9F?= '=@JR=AL=F =J>GJ<=JL :AK <A= =JM>KJ=A>= =JJ=A;@L AKL

5MJ @9F<O=JCDA;@=F ,M9DALaL CGEEL <=J :=KGF<=J= FKHJM;@ <=K *-! <=J MF=JDaKKDA;@= ?=E=AFK9E= )=F

F=J :=A 9DD=J 1A=D>9DL <=J +JG<MCL= <A= #=JKL=DDMF? MF< 2A=<=J?9:= dKL=JJ=A;@AK;@=J $<=FLALaL AF AD< .HJ9;@= /@=E9 !A?MJ=F ACLAGF CMJR <A= 0FN=JO=;@K=D:9JC=AL MFK=J=J !ADE= =J *-! :=KALRL =AF=F 2=LL:=O=J:KNGJL=AD <=J B=<=E 9M;@ FG;@ KG ?=O9DLA?=E /KMF9EA 9F AFL=JF9LAGF9DAKA=J

L=E N=JO=;@K=D:9J=E +JG?J9EE KL9F<@aDL 2AJ KAF< O=DLO=AL <=J =AFRA?= F:A=L=J ^EF7DD7;5:;E5:7D 67@F;F[F AF >ACLAGF9D=F +JG?J9EE=F &=AF "JGZCGFR=JF <=J 2=DL AFL=J=KKA=JL KA;@ <9>eJ <=E dKL=JJ=A;@AK;@=F !=JFK=@ HM:DACME <9K dKL=JJ=A;@AK;@= +JG?J9EE 9FRM:A=L=F <9K A@E RMKL=@L 9K XJ=;@F=LS KA;@ FA;@L 2AJ KGDD=F <9K K=@=F O9K 9DD= 9F<=J=F 9M;@ K;@GF ?=K=@=F @9:=F 9K J=;@F=L KA;@ AF= Xd>>=FLDA;@ J=;@LDA;@=S -=;@FMF? KA=@L 9F<=JK 9MK .A= OAJ< FA;@L 9DD=AF= RM?MFKL=F <=K 2AJLK ?=E9;@L KGF<=JF E9Z?=:DA;@ RM?MFKL=F <=K "9KL=K =A<=F EMKK =K ?ML?=@=F 2AJ O=J<=F MFK EAL @=AEAK;@=F !=JF

K=@>ADE +JG<MCLAGF=F KG D9F?= ME <9K 2G@D=J?=@=F MFK=J=K "9KL=K :=Ee@=F CdFF=F 9DK <=J *-! KL9JC ?=FM? AKL ME KA= EAL K=AF=F +9JLF=J$FF=F AF <=J !ADE

OAJLK;@9>L @=JKL=DD=F RM CdFF=F .GD9F?= <9K AE J=@

:M;@ >eJ <A= 5MCMF>L NGJCGEEL OAJ< 9E F<= 9DD=K ?ML 2=FF FA;@L ?ADL <=J (=JCK9LR X.3E @;5:F ;? D7:4G5: EF7:F 7DE5:7;@F 3G5: @;5:F 3? *5:;D? S

) 1/ &+0/ %&+$".

-: ! #)<7:<

X-A@ @83@9 4;E @67 EB3@@7@6 D ;EF 9GF ;@EL7@;7DF G@6 :7DHADD397@6 47 E7FLFS K;@JA=: <A= <=MLK;@= .7>F e:=J <A= 3?;>;7@E35:7 =AF= dKL=JJ=A;@A

K;@= !GD?= <=J +3FADF -=A@= EAL #9J9D< &J9KKFALR=J 9DK 3GBF=A??;EE3D $AD;FL ;E@7D /@GE9K -GL@ >e@JL= -=?A= MF< K;@JA=: <9K M;@ =J E=AKL?=<A=FL= dKL=JJ=A;@AK;@= +3FADF &GEEAKK9J =JEALL=DL=

9M;@ AF <=J -=?AGF ;@=F

K== MFL=J <=E /AL=D +^6>;5:7 349;7D 2GD>?9F? (MJF:=J?=J AFKR=FA=JL= AF ?=

OG@FL KGMN=JaF=J (9FA=J <=F KH9FF=F<=F &JAEA NGF !=DAP (ALL=J=J =J +3FADF AKL MF:=KLJALL=F <A= X(=AKL=JCD9KK=S <=K <=MLK;@KHJ9;@A?=F !=JFK=@CJAEAK &=AF= 9F<=J= .=F<=J=A@= @9L <A=K=F CGFLAFMA=JDA;@=F J>GD? MF< C9FF AF <=F =AFR=DF=F !GD?=F EAL AFL=DDA?=FL=F "=K;@A;@L=F AF <A= : MF< #AFL=J?JeF<= <=J B=O=ADA?=F -=?AGF=F =AFL9M;@=F $EE=J@AF +3FADF !GD?=F KL9EE=F 9MK ^KL=JJ=A;@ MF< =JJ=A;@=F 9M;@ (ADDAGF=F (=FK;@=F AF =MLK;@D9F<

#% 7>1-;

O9J 9M;@ =AF %9@J 9FKHJM;@KNGDD=J /1 !ADE= 9K %MKLAR<J9E9 ;7 7 E5:IAD7@7 <=K dKL=JJ=A;@AK;@=F -=?AKK=MJK )ACGD9MK '=QLF=J EAL @JAKLA9F= #dJ:A?=J AF <=J #9MHLJGDD= 5O=A O=AL=J= /=AD= NGF #;>>K *5:^@3G7D MF< ,?I79 ;@E >_5= =J?aFRL=F <A= -GE9FLACJ=A@= AF <=J =K ME ?=>e@DNGDD= AF <A= .;@dF

@=AL=F dKL=JJ=A;@AK;@=J '9F<K;@9>L=F =AF?=:=LL=L= "=K;@A;@L=F ?=@L 59@DJ=A

;@= O=AL=J= =AKHA=D= 9M> .=AL=

= 06'4*#.670)

06'4*#.670) /+6 #.670)

$2/7/8=-2A/<:?85> 38./< /-\0( ' ) 50&0)!/ =J &) +:7?7@E5:I7DBG@=F ";@67D AE *CLG:=J

A= 1A=D>9DL <=J 2eFK;@= =JEd?DA;@L =AF= AF:AF<MF? AF F9@=RM 9DD= +JG

?J9EE= <=K *-! ";66K A@F7EF =J OG@D ?JdZL= /J9ME NA=D=J &AF<=J V =AF .L9J RM K=AF V KL=DDL =AF=F <=J #d@=HMFCL= <=J *5:I7DBG@=FIA5:7 <9J <=J ";66K A@F7EF

OAJ< <=J ";66K A@F7EF =JKLE9DK 9DK ?JGZ= #9MHL9:=F<K@GO 9E !J=AL9? <=E *CLG:=J 9MK?=KLJ9@DL $E 1GJ>=D< O=J<=F &9F<A<9L=F AF B= EAFeLA?=F GCM .G9HK JMF< ME <A= 1GJ:=J=ALMF?=F :=?D=AL=L MF< =@=E9DA?= "=OAFF=

J$FF=F <A= =K AF <A= @9JLK ?=K;@9 L @9:=F :=KM;@L 7?A=D3F;7I7D=EF3FF 5=AL?D=A;@ EAL <=E +:7?7@E5:I7DBG@=F ";@67D OMJ<= AE +9JD9E=FL <A= 7?A=D3F;7I7D=EF3FF =Jd F=L 5A=D <A=K=K +JGB=CLK AKL =K &AF<=JF <MJ;@ MFCGFN=FLAGF=DD= (=L@G<=F 2AKK=F e:=J H9JD9E=FL9JAK;@= FLK;@=A<MF?KHJGR=KK= RM N=JEALL=DF MF< KA= >eJ =AF= ?=D=:L= =EGCJ9LA= RM :=?=AKL=JF MJ;@ ?=RA=DL= =JA;@L=JKL9LLMF? e:=J <9K +JGB=CL MF< K=AF= $F

@9DL= N=JKM;@L <=J *-! <A=K= "JMF<?=<9FC=F NGJ 9DD=E K=AF=F BMF?=F 5MK=

@=J$FF=F RM N=JEALL=DF M;@ <9K C9FF d =FLDA;@ J=;@LDA;@= 0FL=J@9DLMF? >eJ &AF<=J :=OAJC=F

%1-: :)=-6 =6, -16 #7,-;.)44

1A=J =A?=FOADDA?= 9E=F NGE '9F< <A= F9;@ =?Ja:FAKK=F <9K )9;@>GJK;@=F FA;@L D9KK=F CdFF=F V <9K AKL <9K &GFR=HL <=J *-! .=JA= <A= F9;@ =AF=J $<== NGF J>GD?K9MLGJ 2GD> #99K MF< FF=E9JA= (ALL=J@G>=J =FLKL9F< AF J>GD? <=J FA;@L RMD=LRL 2GD>?9F? (MJF:=J?=J RM N=J<9FC=F AKL %=F=E -=?AKK=MJ <=J

9M;@ >eJ D_67D Q ? !3=A4EI79 EAL <=J )A?K >eJ <=F :=KL=F !=JFK=@

>ADE

9MK?=R=A;@F=L OMJ<=

4(1.) 70& 05247%* D(('06.+%* 4'%*6.+%*'4 06'4*#.670)

G$87 .27.6 *7<9;>,1<?855.7 #7=.;1*5=>70<9;80;*66 4*77 6*7 -*77 <9;.,1.7 @.77 .< +.26 >+524>6 7;.0>70 >7- ./5.A287 *><5O<= %2; @855.7 .27.7 0.<,16*,452,1.7 >7- .=12<,1.7 ;>7-487<.7< 72,1= ?.;5*<<.7 D

!$ . <%* +0".% )01+$

A= ,@F7D:3>FG@9 AKL =AF AFL=?J9D=J =KL9F<L=AD <=K ?=K=LRDA;@=F 'DA9D3??3G8FD39E <=K *-! MF< KGEAL =AF O=K=FLDA;@=J /=AD <=K "=K9ELHJG?J9EEK =J =?JA>> X,@F7D:3>FG@9S MF< NGJ 9DD=E <A= JO=AL=JMF? 9M> X^887@F>;5: D75:F>;5:7 ,@F7D:3>FG@9S DdKL :=A B=<=E MFL=JK;@A=<DA;@= 1GJKL=DDMF?=F 9MK DD <A=K= 1GJKL=DDMF

?=F =FLKHJAF?=F =AF=E NA=D>aDLA?=F MF< G>L KA;@ OA<=J

KHJ=;@=F<=F FKHJM;@KHJG>AD <=K +M:DACMEK $F <=J EG<=JF=F !=JFK=@D9F<K;@9>L MFL=JL=ADL KA;@ <9K 5MK;@9M=JHGL=FRA9D AF CD=AF= MF< CD=AFKL= 5A=D?JMHH=F <A= KA;@ 9M;@ AFF=J@9D: <=J DL=JK MF< 'A>=KLQD=?JMHH=F AF E9FFA?>9;@= $F<ANA<M9DAFL=J=KK=F 9M>KHDALL=F 9 <=J *-! ?JMF<KaLRDA;@ +JG?J9EE >eJ 9DD= dKL=JJ=A;@AK;@=F .=@=J$FF=F E9;@L C9FF <9@=J MFK=J= +JG?J9EEKLJ9L=

?A= FMJ 9M> =AF=J Ed?DA;@KL :J=AL=F 1A=D>9DL <=K F?=:GLK :=JM@=F A=K=K :J=AL= MF< =:=F NA=D>aDLA?= +JG?J9EE :=?JeF<=L KA;@ 9M> d>>=FLDA;@ J=;@LDA;@=F "JMF<KL9F

<9J<K <A= MFK=J=E .=D:KLN=JKLaF<FAK =FLKHJ=;@=F

0FL=J@9DLMF? KGJ?L >eJ .H9FFMF? MF< FLKH9FFMF? MF< G>LE9DK 9M;@ >eJ +JGNGC9LAGF $EE=J 9:=J @9L MFK=J= 0FL=J@9DLMF? >eJ EA;@ EAL #9DLMF? RM LMF 9K E=AFL NGJ 9DD=E <=F 0E?9F? EAL (=FK;@=F MF< ?=K=DDK;@9>LDA

;@=F 2=JL=F AF <=F 0FL=J@9DLMF?KK=F<MF?=F <=K *-! 2AJ OGDD=F =AF=F ?=K;@E9;CDA;@=F MF< =L@AK;@=F "JMF<CGFK=FK FA;@L N=JD9KK=F OAJ OGDD=F AF C=AF=E !9DD N=Ja;@LDA;@ E9;@=F G<=J <A= $FLAEKH@aJ= N=JD=LR=F A=K= (9PAE=F ?=DL=F >eJ 9DD= =J=A;@= MFK=J=K 0FL=J@9DLMF?K9F?=:GLK 1GF <=J A?76K e:=J <9K BA>;F;E5:7 "343D7FF RMJ +3>=E:AI NGE ?JGZ=F H7@F BDA9D3?? e:=J <A= (G;L G@6 3?7E:AIE :AK RM -A>=E?GE;=E7@6G@97@

AF "=KA;@LKHMFCL K;@=AFL EAJ AE -9@E=F E=AF=J M>?9

:= :=KGF<=JK OA;@LA? 2AJ OGDD=F dKL=JJ=A;@AK;@=K +JG?J9EE EAL dKL=JJ=A;@A

K;@=F &eFKLD=J$FF=F MF< +JGL9?GFAKL$FF=F @=JKL=DD=F <9K AE NA=D>aDLA?=F &GFR=JL <=K AFL=JF9LAGF9D=F !=JF

K=@9F?=:GLK NGF MFK=J=E +M:DACME 9DK A<=FLALaLKKLA>

L=F< =EH>MF<=F OAJ< 0F< ME?=C=@JL KGDD=F <A= ?JGZ=F (=AF=J (=AFMF? F9;@ C9FF E9F NGF =AF=E 9FKHJM;@K

NGDD=F 0FL=J@9DLMF?KHJG?J9EE <9FF KHJ=;@=F O=FF =K 0FL=J@9DLMF?K>GJE9L= <=K *-! 9M;@ =AF '=AKLMF?K9MK

O=AK <=J dKL=JJ=A;@AK;@=F 0FL=J@9DLMF?KD9F<K;@9>L AE :=AE +M:DACME FJ=?MF? MF< -=>D=PAGF 9MKDdKL A= <=MLK;@KHJ9;@A?=F )9;@:9JJ9ME K=AF 9DKG =AF !=FKL=J =?JA>>= X(G3>;F[FS MF< X @EBDG5:S KAF< 9M;@ :=A MFK=

MF< M>LJALLKEd?DA;@C=AL dKL=JJ=A;@AK;@=J &eFKLD=J$FF=F J=E F?=:GL MFLJ=FF:9J N=J:MF<=F A=K=J FKHJM;@ e:=J <A= "J=FR=F @AFO=? D=AL=L KA;@ =AF=JK=ALK NGF <=J MKO9@D <=J $F@9DL= V 9F<=J=JK=ALK 9:=J 9M;@ NGF <=J JL MF< 2=AK= <=J HJG

?J9EEDA;@=F 0EK=LRMF? 9: !$ . <%*

$6<-:0)4<=6/ 706- $6<-:*:-+0=6/

AF 0FL=JK;@A=< RM CGEE=JRA=DD=F .=F<=JF <=J .AFF E9;@L $F@9DL .LAEEMF? CeFKLD=JAK;@=J MK<JM;C O=J<=F FA;@L <MJ;@ 2=J:=MFL=J:J=;@MF?=F ?=KLdJL

=;1+)4 1- "07?

9KK <=J *-! FA;@L FMJ EAL <=J <9HLAGF AFL=JF9LAGF9D=J !GJE9L= HMFCL=F C9FF KL=DDL= =J

MFL=J =O=AK $GE;53> ;7 *:AI OMJ<= RME 9M>K=

@=F=JJ=?=F<=F J>GD? MF< N=J:9F< %M?=F<DA;@C=AL &MDLMJ MF< 0FL=J@9DLMF? ^>>=FLDA;@ J=;@LDA;@= 0FL=J@9DLMF? KGDD AFKHAJA=J=F RMJ CMDLMJ=DD=F CLANALaL 9FAEA=J=F MF< G<=J CeFKLD=JAK;@ @G;@O=JLA? K=AF A= .@GO ?9: /9D=FL=F <A= (d?DA;@C=AL <=J +JaK=FL9LAGF <=EGFKLJA=JL= <=F 5MK;@9M=J$FF=F ?D=A;@R=A

LA? OA= NA=DK=ALA? MF< >GJ<=JF< <9K "=FJ= >eJ <A= 9JKL=DD=J$FF=F K=AF C9FF 9K F?9?=E=FL L9MK=F<=J %M?=F<DA;@=J MF< <A= 9CLAN= =L=ADA?MF? =AF=K @G

@=F +JGR=FLK9LR=K <=J CF9HH=F (ADDAGF 5MK=@=J R=A?=F =J *-! C9FF EAL GJA

?AFaJ=F +JG?J9EE=F AFKHAJA=J=F I'3< 2+,/8 73> .3/=/< #29A +J=>N,/ 1/=/>D> H ?=3-+6 3/ #29A* A+< /38/ </=:/5>@966/ &/<,/?1?81 @9< /38/7 $+6/8> @98 ./7 @3/6/ 1/=+1> 2+,/8 .+== /= .+= 38 K=>/<</3-2 83-2> 13,> '3< 2+,/8 .+= /1/8>/36 ,/A3/=/8 -2 ,/.+8 5/ 73-2 ,/3 +66/8 +?0 ?8. 238>/< ./< S28/ .3/ +?= H ?=3-+6 3/ #29A* />A+= 38D31+<>31/= 1/7+-2> 2+,/8 E

= 06'4*#.670)

06'4*#.670) (E4 #..' '8D.-'470)55%*+%*6'0

'9601+81 9</8D " <91<+77.3</5>9<

)6+16/ "<):;

^KL=JJ=A;@ ?=JA=L AFK /9FR>A=:=J DK !GD?= NGF 3@5;@9 *F3DE =JD=:L=F /9FR

K;@MD=F =AF=F =FGJE=F GGE M;@

CGFFL=F HJGEAF=FL= &9F<A<9L$F

F=F <9K @=AEAK;@= +M:DACME NGF <=F 1GJRe?=F <=J J@QL@EAK;@=F =O=?MF? e:=JR=M?=F /J9AFAF?KKLMF<=F /aFR= V <A= -9@E=F<9L=F <=J =J>GD?

J=A;@KL=F *-! .@GO 9DD=J 5=AL=F

%8>/<2+6>?81 73> 3@/+? <3/1 ?8. <3/./8 '=G /GDKLGAK -GE9F "D;79 G@6 D;767@ <=J NGF <=J JMKKAK;@=F "=K=DDK;@9>L RMJ 5=AL <=J %3BA>7A@;E5:7@ "D;797 ROAK;@=F

MF< =JRa@DL OMJ<= 9DK &GHJG<MCLAGF NGF KA=:=F )9LAGF=F >eJK !=JFK=@=F MFL=J =L=ADA

?MF? <=K *-! F=M N=J>ADEL -=?A= >e@JL= -G:=JL GJF@=DE <=J :=J=ALK EAL #AKLGJA=FN=J>ADEMF?=F OA= "DA@BD;@L )G6A>8

J>GD?= >=A=JL= )A?K >eJ <A= :=KL= -=?A= 9K (AG MJG +JGB=CL OMJ<=

MF<

9F .;@9MHDaLR=F AF .L +=L=JK:MJ? MF< 'AL9M=F J=9DAKA=JL

'/3>/</ %8>/<2+6>?81==/8.?81/8 =3/2/ #/3>/

-: ;+0?):B- J?- D #% $6<-:0)4<=6/ *-/4-1<-< ,-6 /-;-44;+0).<41+0-6 &)6,-4

9KK 9M;@ 0FL=JKLeLRMF? <=J $FL=?J9LAGF MFL=J@9DLK9E K=AF C9FF R=A?L <=J F=M= *-! !ADE NGF 2GD>?9F? (MJF:=J?=J $F <=E

=FLKL9F<=F=F dKL=J

J=A;@AK;@=F !=JFK=@>ADE OAJ< <A= "=K;@A;@L= <=K @=JMFL=J?=CGEE=F=F *- 7;687>6 =JRa@DL <=J <9FC <J=A=J FA?=JA9FAK;@=J KQDO=J:=J =J>GD?J=A;@=J <=FF B= AKL G;@ =AF=K /9?=K :=CGEEL =AF=J <=J <J=A &A;C=J <=F :K;@A=:=:=

K;@=A< RM?=KL=DDL 9K ?9FR= GJ> AKL :=J=AL >eJ K=AF=F XK;@O9JR=F 'dO=FS RM CaEH>=F AF E=FK;@DA;@=K OA= HGDALAK;@=K J9E9 FAEEL K=AF=F '9M> "D=A;@

R=ALA? OMJ<= =AF= GCME=FL9LAGF >eJ ? *5:3GB>3FL =J9J:=AL=L <A= <=F =;@L=F XK;@O9JR=F 'dO=FS EE9FM=D FLA?9 AF )A?=JA9 R=A?L

4(4'7.+%*'5 70& E6<.+%*'5 E$'4 &#5 '$'0

G 2= -.6 .*=>;. 4.1;= -*< *-28 C> <.27.; >;.20.7<=.7 >74=287 >7- ";*-2=287 C>;P,4 5< ;CN15 .-2>6 <,1*//= .< .27.7 *4><=2 <,1.7 .0.7.7=@>;/ C> -.; >7< >60.+.7-.7 >7- *>< >7=.;<,12.-52,1<=.7 N;6:>.55.7 0.<9.2<=.7 5*70@.5= D

&)2& %+". : " 01." 1+! "1&))"0,+

$F <=J DE 'A7F;53 <=K #GJ9R KL=@L <=J :=Je@EL= .9LR X GF BDA67EE7 HA>G@F 3GF 67>75F3D7 BA7F37 S &GJJ=CL e:=JK=LRL :=<=ML=L <A=K X ;7 ;5:F7D IA>>7@ 7@FI767D @_FL7@ A67D G@F7D:3>F7@ S 9J9M> >GD?L <=J 1=JK X3GF E;?G> 7F ;G5G@63 7F ;6A@73 6;57D7 H;F37S RM <=MLK;@ XA67D LG9>7;5: D8D7G>;5:7E G@6 %_FL>;5:7E _47D 63E #747@ E397@ S 9K AKL =AF +JAFRAH <9K <MJ;@ %9@J@MF<=JL= =AF $<=9D >eJ <A= E=FK;@DA;@= &GEEMFAC9LAGF 9:?9: (9F C9FF K9?=F ?=J9<= <9K J=D9LAN EG<=JF= )36;A873FGD7 >GD?L ?=F9M <A=K=E +JAFRAH 9K 73FGD7 AKL V OA= 9M;@ <9K #dJKHA=D V =AF= GJA?AFaJ= &MFKL>GJE <A= 9MKK;@DA=ZDA;@ 9MK <=E #dJ>MFC <=E (=<AME -9<AG @=JNGJ?=?9F?=F AKL \KL@=LAK;@ J9<AGH@GF AF@9DLDA;@ >eJ 9DD=K RM?aF?DA;@ O9K =AF= "=K=DDK;@9>L :=O=?L AKL <9K )36;A873FGD7 RM?D=A;@ D=@JJ=A;@ MF< MFL=J@9DLK9E $F =AF=E 73FGD7 >e@J=F FA;@L <A= !9;@D=ML= <9K 2GJL FA;@L <A= PH=JL$F

F=F 9E 2GJL KAF< (=FK;@=F EAL "=K;@A;@L=F MF< "=K;@A;@L= $E &MDLMJK=F<=J ^ @9:=F <=J @=MLA?= +JG?J9EE;@=> D>J=< /J=A:=J MF< K=AF &GDD=?= -A;@9J< "GDD <9K 73FGD7 =L9:DA=JL (AL <=E MFLJe?DA;@=F "=KHeJ >eJ A9DG?= <A= C=AF MLGJ RM =J>AF<=F N=JE9? KL=DDL=F <A= :=A<=F AF <=F =J %9@J=F A@J .L=J=GEACJG>GF AE +J9L=J MF< AE =AKD AE EL MF< AE &DGKL=J 9M> MF< >AF?=F * /dF= =AF * /dF= <A= V RM =AF=E @GJ RMK9EE=F?=>e?L V FA;@L FMJ dKL=JJ=A;@AK;@= .ALL=F:AD<=J KGF<=JF AE O9@JKL=F .AFF= <=K 2GJL=K X#^- $' -S RML9?= >dJ<=JL=F X 73FGD7@S @9L KA;@ 9DK FA;@L ?=F9M RM <=>AFA=J=F<=J =?JA>> <=J "=KL9DLMF?K>J=A@=AL DaKKL MF< AF B=<=J #AF

KA;@L @G;@KL=@=F<= ,M9DALaL AF MKKA;@L KL=DDL K;@GF

D9F?= AF <A= -9<AGKHJ9;@= ?=K;@EM??=DL 1GJ<=J?JeF<A? N=JO=F<=L E9F <A=K=K 2GJL ME <=F 1GJ?9F? RM :=K;@J=A:=F * /dF=F MF< A@J=E 9CMKLAK;@=F E:A=FL= AE -9@E=F =AF=K =ALJ9?K G<=J =AF=J .=F<MF? =AF=F KH=RA=DD=F .L=DD=FO=JL =AFRMJaME=F $E .M:L=PL KGDD 9DD=J<AF?K 9M;@ <A= :KA;@L CD9J O=J<=F <=E ^ +M:DA

CME =AF=F Ed?DA;@KL 9ML@=FLAK;@=F #dJ?=FMKK RM N=J

EALL=DF AF 9CMKLAK;@=K JD=:FAK <9K <A= !9FL9KA= 9FJ=?L <9K -9<AG@dJ=F 9M;@ RM =AF=E KAFFDA;@=F "=FMKK O=J<=F DaKKL 9K -9<AG C=@JL <9:=A RM K=AF=J MJ=A?=FKL=F !MFCLAGF MF< /J9<ALAGF RMJe;C DK DL[:> $76;G? K;@9>>L =K =AF=F 9CMKLAK;@=F "=?=F=FLOMJ> RM <=J MFK ME?=:=F<=F MF< 9MK MFL=JK;@A=<DA;@KL=F 'aJE

IM=DD=F ?=KH=AKL=F &D9F?O=DL 9K CD9KKAK;@= 73FGD7 EMKKL= KA;@ AE '9M>= K=AF=J PAK

L=FR AE &MDLMJK=F<=J ^ 9DK &MFKL>GJE 9M;@ F=M =J>AF

<=F EMKKL= EAL #dJ?=OG@F@=AL=F :J=;@=F MF< >eJ F=M= 5M?aF?= MF< >GJE9D= _:=JJ9K;@MF?KEGE=FL= KGJ?=F =FFG;@ @9L KA;@ :=AE 73FGD7 =AF=K FA;@L N=JaF<=JL =J M>O9F< =J>GJ<=JL .H=RA9DAKL$FF=F <A= KGOG@D K9;@DA;@ GJA=FLA=JL KAF< 9DK 9M;@ e:=J ?=Fe?=F< L=;@FAK;@=K &dF

F=F N=J>e?=F =J d>>=FLDA;@ J=;@LDA;@= -MF<>MFC @9L AE '9M>= <=J %9@J= KGD;@= .H=RA9DAKL$FF=F @=J9F?=:AD<=L 9K 73FGD7 OAJ< =AFE9D E=@J RME %GMJF9DAKLAK;@=F MF< =AF 9F<=J=K (9D E=@J RME &eFKLD=JAK;@=F F=A?=F V AF B=<=E !9DD =FLKL=@L <MJ;@ <A= B9@JR=@FL=D9F?= +J9PAK <=K 73FGD7E AE d>>=FLDA;@ J=;@LDA;@=F -MF<

>MFC =AF MFN=JO=;@K=D:9J=K 9CMKLAK;@=K ::AD< <=J 2=DL AF <=J OAJ D=:=F 0F< <A=K=K 9CMKLAK;@= ::AD< C9FF X

LG9>7;5: D8D7G>;5:7E G@6 %_FL>;5:7E _47D 63E #747@ E397@ S

&)2& %+".

!),17 -)<=:-;

A= .=F<=J=A@=F +A@EBGD7@ ^D4;>67D MF< ;39A@3> :A=L=F K=AL %9@J=F (=AK

L=JO=JC= <A=K=K "=FJ=K

OA<E=L= KA;@ ;39A@3> .9EKL9? V

0@J M 9 <=F /@=E=F "ADDGBF;A@ Q !767D ;EF =[G8>;5: D?GF Q *5:;5=E3> *5:3@67 *5:G>6 )7;5:FG? Q D?GF I3D 97EF7D@ MF< HGJLJaLA=JL= *;?A@7 67 73GHA;D Q $GFF7D 67E 7?;@;E?GE G@6 +A5:F7D 3GE 9GF7? 3GE7

)<16--

A=K= .=F<MF? :A=L=L B=<=F .GFFL9? RO=A .LMF<=F D9F? V 0@J &GFR=JLEALK;@FALL= 9MK dKL=JJ=A;@AK;@=F MF< AFL=JF9LAGF9D=F &GFR=JLKaD=F !=KLKHA=De:=JLJ9?MF?=F KGOA= 'AN=e:=JLJ9?MF?=F NGF &GFR=JL@d@=HMFCL=F RM <=F=F KGFKL O=FA?=J (=FK;@=F 5M?9F? @aLL=F 5M <=F #d@=HMFCL=F AE .GEE=J

Ra@DL=F M 9 <A= $FL=JHJ=L9LAGF NGF 2=JC=F cD9 9JLGCK <MJ;@ <A= 2A=F=J +@AD@9JEGFAC=J MF< '9F? '9F? MFL=J <=J '=ALMF? NGF +A=JJ= GMD=R KGOA= FLGF JM;CF=JK *K?B:A@;7 %D <AJA?A=JL NGF @JAKLA9F /@A=D=E9FF

= 06'4*#.670)

05247%*581..' 06'4*#.670) +0 B

8-:6

.A= KL=@=F KGFKL FMJ =AF=E CD=AF=F +=JKGF=FCJ=AK G>>=F V ^ d>>F=L B=<=F .9EKL9? <MJ;@ <A= MF?=CeJRL=F _:=JLJ9?MF?=F <=F 5M?9F? >eJ 9DD= <A= =K OeFK;@=F 9RM :A=L=L BDABAE &B7D 9E .GFFL9? 0@J .=JA=F OA= &B7D@7D>74@;EE7 3GE H;7D !3:DL7:@F7@

?9: =K KA=:=F _:=JLJ9?MF?=F 9MK <=J (=LJGHGDAL9F *H=J9 MF< 9;@L 'AN= _:=JLJ9?MF?=F 9MK <=J 2A=F=J .L99LK

GH=J 9RM C9E=F NA=J "=K9EL M>R=A;@FMF?=F 9MK <=J 1GDCKGH=J 2A=F MF< RO=A R=AL?=FdKKAK;@= 9E=JAC9FAK;@= *H=JF 9MK <=E /@=9L=J 9F <=J 2A=F 736 $3@ .3>=;@9 *FD77F53D %3?76 7E;D7 (AL <=J MKKLJ9@DMF? <=J *H=J 3E +7EF3?7@F NGF 2AD@=DE &A=FRD 9MK <=E '9F<=KL@=9L=J 'AFR ?9: =K RM<=E OA=<=J =AF= _:=JLJ9?MF? 9MK =AF=E dKL=J

J=A;@AK;@=F '9F<=KL@=9L=J

)6/- I+0<-

A= /J9<ALAGF <=J .GF<=JHJG?J9EEA=JMF? NGF #3@97@ %[5:F7@ RM :=KLAEEL=F /@=E=F:=J=A;@=F OMJ<= >GJL?=K=LRL M> <=E +JG?J9EE KL9F<=F MFL=J 9F<=

J=E <A= #3@97 %35:F 67D @7G7@ ^EF7DD7;5:;E5:7@ $GE;= DAN= 9MK "J9R NGE - %$ 7EF;H3> HJAD <A= #3@97 %35:F 67D @7G7@ ^EF7DD7;5:;E5:7@ $GE;= 9MK <=E '9F<=KKLM<AG MJ?=FD9F< %MFA <A= #3@97 %35:F 67D >F7@ $GE;= 9MK $FFK

:JM;C M?MKL <A= #3@97 %35:F 67D @7G7@ ^EF7DD7;5:;E5:7@ $GE;= DAN= 9MK "J9R RME

%9@J %M:ADaME <=K *-! !=KLAN9DK ?GE;=BDAFA=A>> AE EF7;D;E5:7@ :7D4EF .=HL=E:=J <A= #3@97 %35:F 67D @7G7@ ^EF7DD7;5:;E5:7@ $GE;= DAN= 9MK .9DR:MJ? 9FDaKKDA;@ <=J %35:F 67D "A?BA@;EF7@ )GN=E:=J KGOA= <A= #3@97 %35:F 67D $GE77@ *CLG:=J

1- J:;81-4 )4-:1-

A= HM:DACMEKOAJCK9E=F #dJKHA=D= <=K *-! B=O=ADK .9EKL9?

0@J OMJ<=F =J>GD?J=A;@ >GJL?=K=LRL *3@FA *G4;FA NGF :=J@9J< +=LK;@AFC9 ( - *-! =J@A=DL <=F ') / ,)&' 9DK X:=KL=K =MJGHaAK;@=K #dJKHA=DS MF< OMJ<= 9M;@ EAL <=E #dJKHA=D &JALAC=JHJ=AK AE -9@E=F <=J #3@97@ %35:F 67E ^DEB;7>E 9MK?=R=A;@F=L #=AEALG NGF G<=J=JK ;7 *FDG6>:A8EF;797 <J=A /=AD= :=9J:=AL=L NGF #=DEML +=K;@AF9 MFL=J <=J -=?A= NGF -G:=JL (9L=BC9 OMJ

<= NGE ^ +M:DACME RME X#dJKHA=D <=K %9@J=K

S ?=Oa@DL

#&+1 &#4( 2#A /#%*'0 $.'+$6 #$'4 6416<&'/ '+0' '4056' #%*'

G#7<.; >/=;*0 2<= .27-.>=20 .5.?*7= >7- ;2,1=20 6><< .< <.27 >*52=N= 6><< .< 1*+.7 #7*+1N7 0204.2= 6><< .27 ><< <.27 ;2027*52=N= .27 @.<.7=52,1.< 1*;*4=.;6.;46*5 >7- 7.;4.7 7>70 .27 *J<=*+ >74= D

",.$ - 00 : "+!". %"#

$;@ ?=KL=@= A;@ @9DL= FA;@LK NGF <=J ?=D=:L=F /J=F

FMF? ROAK;@=F ,@F7D:3>FG@9 MF< @8AD?3F;A@ 2=<=J GJ?9FAK9LGJAK;@ FG;@ AF@9DLDA;@ =FF O9K MFL=JK;@=A<=L =A?=FLDA;@ <=F BGMJF9DAKLA

K;@=F 0FL=J@9DL=J NGE MFL=J@9DL=F<=F %GMJF9DAKL=F O9K <=F .9LAJAC=J NGE F9DQLAC=J <=F CJ=9LAN=F +JG

?J9EE=FLOA;CD=J NGE CJALAK;@=F $FL=JNA=O=J HJGHGK $KL =A?=FLDA;@ <=J &9JAC9LMJAKL =AF=J /9?=K

R=ALMF? E=@J G<=J O=FA?=J %GMJF9DAKL 9DK <=J -=<9C

L=MJ <=J <A= La?DA;@=F MKD9F<K ?=FLMJ (=D<MF?=F RM =AF=J 5MK9EE=F>9KKMF? J=<A?A=JL 0F< O=D;@=J NGF :=A<=F AKL E=@J G<=J O=FA?=J 0FL=J@9DL=J %9 <9K HJGNGRA=JL =AF=F =FLK=LRL=F M>K;@J=A <=J ?=F=A?L=F '=K=J$FF=F <A=K=K M>K9LR=K X

FKB;E5: X

:3F =7;@7 :@G@9 HA@ 67@ HA? &) :;EFAD;E5: G@6 ?76;7@BA>;F;E5: 47E7FLF7@ ;E=GEE;A@7@

=7@@F @;5:F 7;@?3> 6;7 7;@E5:>[9;97@ +7D?;@; F75:@;5; S =L; #AFL=J <A=K=E M>K;@J=A KL=;CL -=NA=JN=JL=A<A?=F MF< <9K :KA;@=JF NGF ?=D=JFL=E AF>DMKK MF< LJ9<ALAGF=D

D=F 1=J@9DL=FKEMKL=JF V KGOG@D GJ?9FAK9LGJAK;@ 9DK 9M;@ AF@9DLDA;@ KGOG@D NGF 9MZ=F EAL G>L RO=A>=D@9>

L=F (GLAN=F 9F <=F *-! @=J9F?=LJ9?=F 9DK 9M;@ *-!

AFL=JF 9MK E=AKL =:=FKG RO=A>=D@9>L=F (GLAN=F EAL NA=D 'A=:= ?=H>D=?L MF< ?=@=?L 0FK=J M>LJ9? V 9DKG <=J M>LJ9? 9F KG?=F9FFL= 0FL=J@9DLMF?K G<=J $F>GJE9LAGFKJ=<9CL=MJ= G: 9F <A= -=<9CLAGF <=K &) )7BADF G<=J 9F ^ V AKL FA;@L FMJ NGJ <=E "=K=LR =AF<=MLA? MF< MFEAKKN=JKLaF<

DA;@ =J AKL =K 9M;@ AF <=J -=9DALaL 0F< <A=K=J M>LJ9? AKL FA;@L 9FFa@=JF< KG CGEHDARA=JL OA= OAJ A@F MFK

K=D:KL =JCDaJ=F OGDD=F MF< A@F MFK NGF 9F<=J=F =JCDaJ=F D9KK=F EeKK=F -=D=N9FL MF< JA;@LA? EMKK =K K=AF ,M9DALaL EMKK =K @9:=F 0F9:@aF?A?C=AL EMKK =AF (MKK K=AF *JA?AF9

DALaL =AF O=K=FLDA;@=K @9J9CL=JE=JCE9D MF< F=J

C=FFMF? =AF (9ZKL9: +MFCL 9K AKL <=J M>LJ9? 9F <=F *-! V 9F @8AD?3F;A@ MF< ,@F7D:3>FG@9 G@F= 0FL=JK;@A=< 9K N=J:AF<=L @8AD ?3F;A@ MF< ,@F7D:3>FG@9 )*& MF< ^ =D7GL G@6 CG7D MF< <A= 1; 3@5;@9 *F3DE MF< <A= *-! &GJJ=K

HGF<=FL$FF=F AF 9DD=J 2=DL 0F< <9K AKL 9M;@ <=J d>>=FLDA;@ J=;@LDA;@= 0FL=J@9DLMF?KO=JL NGF ^ A=K=E M>LJ9? AF <A= ^ .HJ9;@= e:=JK=LRL C9FF E9F 9M;@ NGE X $3D=7@=7D@ KHJ=;@=F @9:=F 9DD= ^ CLANALaL=F RM >GD?=F V G: @8AD?3F;A@ G<=J ,@F7D :3>FG@9 *: %35:D;5:F7@ *7DH;57 G<=J A?76K G: $GE;=3GE I3:> G<=J A??G@;FK MF< :3D;FK CLAGF=F V J=D=

N9FL MF< JA;@LA? EeKK=F KA= K=AF KA= EeKK=F =AF #d;@KLE9Z 9F AF@9DLDA;@=J MF< ?=KL9DL=JAK;@=J ,M9DA

LaL @9:=F <A= 0F9:@aF?A?C=AL AKL C=AF -=;@L KGF<=JF +>DA;@L *JA?AF9DALaL AKL <9K O=K=FLDA;@= @9J9CL=J

E=JCE9D MF< <A= F=JC=FFMF? AE !9DD NGF ^ <A= F=JC=FFMF? =AF=K K=@J ?JGZ=F +M:DACMEK AKL =AF RMLA=>KL d>>=FLDA;@ J=;@LDA;@=J (9ZKL9: =AKHA=D= 9MK <=E ^ DDL9? ?A:L =K <9RM G@F= F<= $;@ O=A?=J= EA;@ 9:=J AF <=J d>>=FLDA;@=F AKCMKKAGF ME <=F 0FL=J@9DLMF?KO=JL NGF ^ =AF= "J=FRRA=@MF? ROAK;@=F d>>=FLDA;@ J=;@LDA;@=J MF< FA;@L d>>=FLDA;@

J=;@LDA;@=J 0FL=J@9DLMF? RM <=>AFA=J=F <A= e:=J <A=

= 06'4*#.670) =>AFALAGF <=K d>>=FLDA;@ J=;@LDA;@=F M>LJ9?K @AF

9MK?=@L .G OA= A;@ 9M;@ EAL 9DD=J 1=@=E=FR <A= -=<MCLAGF <=J M>?9:= NGF ^ 9M> <A= -GDD= 9DK 9K@;GO >eJ ^ 9:D=@F= =FF O9K KL=@L 9F<=J=K <9@AFL=J 9DK <A= FF9@E= <A= XFA;@L KG ^>>=FLDA;@

-=;@LDA;@=FS OeJ<=F <A= XRMLA=>KL ^>>=FLDA;@ -=;@LDA

;@=FS >AF9FRA=J=F $KL <9K :KHA=D=F <=J *G;F7 %D ;@ GD .- 9MK <=J X.3EE7D?GE;=S NGF "=GJ? !JA=<JA;@ #aF<=D 9M> ^ FMF E=@J G<=J O=FA?=J d>>=FLDA;@ J=;@LDA;@ 9DK R <A= +JaK=FL9LAGF =AF=K F=M=F D:MEK <=J :=<=M

L=F<KL=F D=:=F<=F +GHCeFKLD=JAF $KL <A= )9;@JA;@L NGE F<= <=J ?JGZ=F &G9DALAGF AF <=F 2GJL=F <=K 1AR=C9FRD=JK X E D7;5:F S 9DK )9;@

JA;@L AF !GJE =AF=J 9CLM=DD=F +JG?J9EEMFL=J:J=;@MF? 9M> ^ E=@J G<=J O=FA?=J d>>=FLDA;@ J=;@LDA;@ 9DK <A= <A=K:=Re?DA;@= $F>GJE9LAGF AF <=J =FLKHJ=;@=F< Fa;@KL

>GD?=F<=F )9;@JA;@L=FK=F<MF? AE ^ +JG?J9EE $KL <A= CGEd<A9FLAK;@= .9LAJ= RME L9?=KHGDALAK;@=F "=K;@=@=F AE X .75=7D FMF E=@J G<=J O=FA?=J d>>=FLDA;@ J=;@LDA;@ 9DK R C9:9J=LLa@FDA;@= !GJE9L= <=J A@@7DEF39 %35:F $KL <A= +M:DACMEK<AKCMKKAGF 9DK +@GF= AF .=F<MF? 9M> ^ O=FA?=J d>>=FLDA;@ J=;@LDA;@ 9DK -A@ +39 LG +39 MF< #, AKCMKKAGF=F $KL <A= 'AN= _:=JLJ9?MF? <=J &>K?B;3 FLK;@=A<MF? e:=J (=L=J -e;C=FK;@OAEE=F <=J #=JJ=F AE 1GJ

EALL9?KHJG?J9EE NGF ^ FMF O=FA?=J d>>=FLDA;@

J=;@LDA;@ 9DK <A= .7>F<AGD@3> -=HGJL9?= RM !J9?=F <=J +J=KK=>J=A@=AL AF @AF9

*<=J 9F<=JK ?=>J9?L $KL <A= BGMJF9DAKLAK;@= !GJE <=K $FL=JNA=OK <=J -=HGJL9

?= <=K =JA;@LK <=J MZ=FK=F<MF? <=J GEEMFALQ

AD<MF? <=J J9E9LMJ?A= MF< +JG?J9EEA=JMF? AF A@J=E B=O=ADA?=F d>>=FLDA;@ J=;@LDA;@=F 0FL=J@9DLMF?KO=JL 9MK

K;@DA=ZDA;@ 9:@aF?A? NGF <=J B=O=ADA?=F ,M9FLALaL <=J CR=HL9FR <MJ;@ <9K +M:DACME .G G<=J KG a@FDA;@ 9J?ME=FLA=JL <9K R <=J +JaKA<=FL <=K -X1 AF =AF=J MKK=F<MF? NGE %MDA O=FF =J <9NGF KHJA;@L <9KK <=J (9JCL =FLK;@=A<= AF O=D;@= BGMJF9DAKLAK;@=F F?=:GL= X<=J .L99L =AF?J=A>=F <eJ>=S .=D:KLN=JKLaF<DA;@ EeKK=F R MJ?L@=9L=J MF< .L99LKGH=J O=?=F A@J=K M>LJ9?K O=?=F <=J JO9J

LMF?K@9DLMF? A@J=K +M:DACMEK MF< O=?=F <=J "JdZ= A@J=J 5MK;@9M=JJaME= HJGHGK 9K AKL <A= KAEHD= =>AFALAGF <=KK=F O9K E9F AE -9<AG AD?3F;7DG@9 F=FFL 9F<=JK HJG?J9EEA=J=F MF< AFKR=FA=J=F 9DK R C9<=EA=L@=9L=J G<=J 1GDCKGH=J 29K KA= 9:=J ?=E=AFK9E @9:=F .A= OGDD=F F=AF KA= ?_EE7@ MFL=J@9DL=F .A= KAF< AF A@J=E M>LJ9? <9RM N=JH>DA;@L=L 9K ^>>=FLDA;@ -=;@LDA;@= 9E ,@F7D:3>FG@9EI7DF NGF ^ AKL <9K N=J:JA=>L= -=;@L <=J ^>>=FLDA;@C=AL <9J9M> =K AKL 9DKG <A= 1=JH>DA;@LMF? MF< 1=J9FLOGJLMF? NGF ^ K=AF +M:DACME RM G@F7D:3>F7@ -=D=N9FL MF< JA;@LA? EMKK =K K=AF ,M9DALaL EMKK =K @9:=F 0F9:@aF?A?C=AL EMKK =AF (MKK K=AF *JA?AF9DA

LaL =AF O=K=FLDA;@=K @9J9CL=JE=JCE9D MF< F=JC=F

FMF? =AF (9ZKL9: +MFCL

",.$ - 00

'+6'4' +)*.+)*65 &'4 06'4*#.670)

$F <=F N=J?9F?=F=F %9@J=F @9L KA;@ <A= dKL=JJ=A;@AK;@= (MKACKR=F= NGF "JMF< 9M> =JF=M=JL *-! $FALA9LAN=F OA= *F3D?3@;3 <=J $ *AG@6B3D= G<=J <=J X *AG@65:75= @9LL=F =AF=F ?JGZ=F FL=AD <9J9F #ALJ9<AG ^ KL=A?=JL= <9K ?9FR= %9@J e:=J AE -9@E=F <=J ?JGZ=F MF< D9F?>JAKLA?=F &9EH9?F= ;7 %7G 7@ XEF7DD7;5:7D Q %7G7D 'AB G@6 )A5= 3GE XEF7DD7;5: <A= =C9FFL@=AL <=J dK

L=JJ=A;@AK;@=F &eFKLD=J K :D=A:L <9K 5A=D <=F %7G7@ XEF7DD7;5:7D@ =AF= +D9LL>GJE RM :A=L=F MF< KA= <9EAL <=E +M:DACME N=JLJ9ML=J RM E9;@=F

G "7=6,+0-+3

0FL=J <=E .DG?9F X"=KM;@L )=M=J +GH MF< -G;C 9MK ^KL=JJ=A;@S K;@A;CL= <9K #ALJ9<AG ^ <=F X *AG@65:75= AF <A= <JALL= -MF<= MF< 9F<K E9;@L=F :=AE ?JdZL=F 9F<O=LL:=O=J: <=K '9F<=K EAL AF +D9LL=FN=JLJ9? MF< R9@D

J=A;@= M>LJALL= :=A ^ 1=J9FKL9DLMF?=F O9J=F <A= .A=?=KHJaEA= <A= 9F <A= "JMHH= ' >G4 EAL <=E .A=?=JLAL=D X$7:D $77DS ?AF?

=6/- $6<-:0)4<=6/;3=4<=: 15 -=:78I1;+0-6 "81<B-6.-4,

MJ;@ <A= ADAF?M9DALaL <=K .=F<=JK <A= &GFR=FLJ9LAGF 9M> (MKAC 9:K=ALK <=K (9AFKLJ=9EK KGOA= <A= BGMJF9DAKLAK;@ J=>D=PAN= =K;@a>LA?MF? EAL <=J <AN=J

KA>ARA=JL=F 2=DL <=J %M?=F< MF< +GHCMDLMJ @9L KA;@ =AF= KL9JC= :=J=A;@Ke:=J

?J=A>=F<= GEEMFALQ ?=:AD<=L <A= !( EALLD=JO=AD= 9DK K=D:KLN=JKLaF<DA;@=K "ML :=LJ9;@L=L <9K <=J *-! AE -9@E=F K=AF=K d>>=FLDA;@ J=;@LDA;@=F M>LJ9?K 9FRM:A=L=F @9:= A= KH=RA>AK;@= /GF9DALaL EAL <=J !( K=AF BMF?=K +M:DACME 9FKHJA;@L LJA>>L 9M;@ AE MKD9F< 9M> 5MKLAEEMF? $F <=J 7D>;@7D +397EL7;FG@9 OMJ<= !( AE .GEE=J

9DK :=KL=J <=MLK;@KHJ9;@A?=J -9<AGK=F<=J 9MK?=R=A;@F=L <9K =AF>DMKKJ=A;@= =F?DAK;@= 'A>=KLQD= (9?9RAF $A@A5>7 J=A@L= <9K :ADAF?M9D= !( CeJRDA;@ MFL=J <A= K=;@K :=KL=F -9<AGHJG?J9EE= O=DLO=AL

/-0J:< /-?=;;< ); G =4<=:9=1B

9K -9<AGIMAR OAJ< Od;@=FLDA;@ B=O=ADK KGFFL9?K V

0@J 9MK?=

KLJ9@DL A= !J9?=FH9D=LL= =JKLJ=;CL KA;@ e:=J <A= MFL=JK;@A=<DA;@KL=F /@=E=F <A= AF <=J N=J?9F?=F=F 2G;@= 9CLM=DD O9J=F MF< e:=J <A= AE -9<AG :=JA;@L=L OMJ<= .;@O=JHMFCL AKL <9:=A &MDLMJ 9:=J AF =AF=E O=AL ?=>9KKL=F .H=CLJME A= .=F<MF? >9F< 9DK 'AN=N=J9FKL9DLMF? AE &) "G>FGD 387 EAL +M:DACME KL9LL

-: G 4);;13 #:-..8=63<

A= EG<=JA=JL= (MKACK=F<MF? >AF<=L B=<=F .9EKL9? V 0@J DAN= NGJ +M:DACME AE &) "G>FGD 387 KL9LL MF< HJaK=FLA=JL )=M=JK;@=AFMF?=F KL=DDL =AF= 67D .A5:7 NGJ :JAF?L (MKACJaLK=D KGOA= =AF .LM<AG?=KHJa;@ EAL 9FO=K=F<=F .L9J?aKL=F

M 9 $G9F #GD=F<=J )ACGD9MK #9JFGF;GMJL MF< @JAKLGH@ &9J<AF9D .;@dF:GJF

$" "-:1-6 51< 1>-)=

29JME KHA=DL <=J *-! 7EB7D3F7 AGE7I;H7E D AGE7 MF< D7K E @3FA?K A= FLOGJL 2=AD KA= HJG>=KKAGF=DD= MF< NA=D>9;@ 9MK?=R=A;@F=L= 0FL=J@9D

LMF?K>GJE9L= KAF< DD=AF <A=K= <J=A .=JA=F OMJ<=F AF <=F D=LRL=F %9@J=F EAL AFK?=K9EL ??KE MF< A>67@ >A47E 9MK?=R=A;@F=L

5O=A <=J :=DA=:L=KL=F &9:9J=LLAKL=F <=K '9F<=K (A;@9=D )A9N9J9FA MF< F<

J=9K 1AL9K=C =J>AF<=F

<9K "=FJ= <=J :=F< .AL;GE >eJ <9K dKL=JJ=A;@A

K;@= +M:DACME F=M 0FL=JKLeLRL O=J<=F <A= :=A<=F AF <=J RO=AL=F .L9>>=D NGF HJGEAF=FL=F "9KL9M>LJALL=F

G :K0;<K+3 *-1 51:

D9M<A9 .Ld;CDK "=KHJa;@= EAL :=Je@EL=F (=FK;@=F G<=J (=FK;@=F EAL AF

L=J=KK9FL=F '=:=FK?=K;@A;@L=F 9E .GFFL9?NGJEALL9?

0@J KAF< K=AL %9@J=F !APHMFCL >eJ NA=D= ^ #dJ=J$FF=F !eJ 9DD= '9F?K;@Da>=J$FF=F :A=

L=L ^ 9M> K=AF=J #GE=H9?= =AF=F 'A653EF 9DD= .=F<MF?=F CdFF=F CGKL=FDGK <GOF?=DG9<=< MF< =AF>9;@ KHaL=J ?=@dJL O=J<=F

!),17 "-;;176;

= 06'4*#.670)

7>7<6A =6, ):7=,1

A= $ )36;A *7EE;A@E EAL F9E@9>L=F &eFKLD=J$FF=F V

=LO9 EAL .;D *;@6 7>67@ V >AF<=F NGJ =AF=E AEE=J OA=<=J :=?=AKL=JL=F +M:DACME KL9LL A= .=KKAGF /A;C=LK O=J<=F FA;@L N=JC9M>L KGF<=JF MFL=J <=F !( #dJ=J$FF=F N=JDGKL A= .=KKAGFK KAF< KGEAL AE !( +JG?J9EE =:=FKG OA= AE 2=: M>LJALL <=K .=F<=JK OG;@=FD9F? HJaK=FL <A= /A;C=LK KAF< :=?=@JL= /JGH@a=F MF< <A= MKKLJ9@DMF? <=K (ALK;@FALLK AKL =AF F9;@LJa?DA;@=K +JG?J9EE #A?@DA?@L

1- 144176-6;07? "8-+1)4;

=J *-! HJG<MRA=JL F=:=F <=F ?=OG@FL =J>GD?J=A;@=F .=F<MF?=F EAL JEAF KKAF?=J 9M;@ AEE=J OA=<=J .H=RA9D9MK?9:=F .G =LO9 <A= ";@67D $;>>;A@7@ E:AI G<=J <A= 'DA?; $;>>;A@7@E:AI AF <=J :=C9FFL= &9F<A<9L$FF=F >eJ =AF=F OG@DLaLA?=F 5O=;C A@J= ?J9M=F 5=DD=F 9FKLJ=F?=F E !=:JM9J

=JKHA=D

L=F <A= +JGEAK AFK?=K9EL

MJG >eJ <A= *-! CLAGF #;5:F ;@E G@=7>

7:. 5=;1+ 61/0<

*: &GFR=JL@A?@DA?@L (MKAC<GCM G<=J O9J< .H=;A9D V EAL <=J AD8 ?GE;5

@;9:F AKL K=AL HJAD

B=<=F .9EKL9? ME ;9

0@J AF *-! :=K

L= EMKAC9DAK;@= 0FL=J@9DLMF? ?9J9FLA=JL ^ (G<=J9LGJ =FFQ #dJLF9?D >e@JL <MJ;@ <A= AD8 ?GE;5 @;9:F 1GF , e:=J 3@F3 :AK @AF RMJ - 9K F=M= *-!

.;@=E9 :A=L=L <=J +GHCMDLMJ =AF=F =A?=F=F J=?=DEaZA?=F .=F<=HD9LR 9M> <=E 9M;@ <A= R=@FL=ADA?= *-! GCM .7>F47D_:?F ;@ XEF7DD7;5: HJG<MRA=JL NGF GD=R9D -GKK9;@=J 9MK?=KLJ9@DL OMJ<=

-: &16B-:3J61/ 1- B?-1<- "<)..-4

A= J>GD?K?=K;@A;@L= OAJ< >GJL?=K=LRL F=M= !GD?=F <=J :=DA=:L=F /1 .=

JA= EAL #9J9D< &J9KKFALR=J AF <=J #9MHLJGDD= OMJ<=F

>eJ <=F *-! AF 5M

K9EE=F9J:=AL EAL <=J - HJG<MRA=JL 0F< =K OAJ< .=JA=FMFL=J@9DLMF? >eJ <A= ?9FR= !9EADA= O=AZ /AL=D<9JKL=DD=J #9J9D< &J9KKFALR=J X 5: 8D7G7 ?;5: 63EE I;D G@E FD3G7@ D;5:F;97 7E5:;5:F7@ LG 7DL[:>7@ G@6 @;5:F B>3FF;F_67@:38F E;@6 @EA87D@ 4;@ ;5: E7:D EFA>L 63EE 7E G@E ?;F 67? &) G@6 67D ) ;??7D I;767D 97>;@9F G@E _47D 6;7 @AD?3>7 *7D;7@8AD? :;@3GELG 47I797@ G@6 7;@7 D;5:F;97 3?;>;7@E393 LG 7DL[:>7@ S

=.<:)/

-1;<=6/

2AKK=F MF< AD<MF? >eJ 9DD= =NdDC=JMF?KK;@A;@L=F MF< (ADA=MK AF= d>>=FLDA;@= (=<A9L@=C <=K 2AKK=FK <=J 2=DL *>>=F RM?aF?DA;@ MF< N=JKLaF<DA;@ >eJ 9DD= AD<MF?K9F?=:GL= G@F= M>HJ=AK EAL DA;C 9M> <A= 5MCMF>L

-0:?-:< & "" 706- (=/)6/;+7,-

G%2. .;;.2,1. 2,1 -*<< -2. 7*,1@*,1<.7-.7 .7.;*=287.7 <2,1 62= -.7 *7<9;>,1< ?855.7 4>5=>;.55.7 >7- @2<<.7<,1*/=52,1.7 71*5=.7 +.<,1N/=20.7 -2. /P; ;/27 ->70<;.2,1=>6 >7- &>4>7/=</N1204.2= -.; .<.55<,1*/= >7*+-270+*; 78=@.7-20 <27- %2. +5.2+= 271*5=52,1 @.;=?855.; !=8// <2,1=+*; D 8==/;2.- *70.7<=.27 " ;N<2-.7=

$F>GJE9LAGF MF< AD<MF? ?=OAFF=F AF =AF=J 5=AL KA;@ J9K;@ =FLOA;C=DF<=J /=;@FGDG?A=F AEE=J E=@J 9F =<=MLMF? 2AKK=F MF< 2AKK=FK;@9>L KGDD=F 9DD=F G>>=FKL=@=F ^>>=FLDA;@ J=;@LDA;@=J -MF<>MFC AKL <9@=J <=J ?=K9EL=F =NdDC=JMF? N=JH>DA;@L=L =F &DM?=F MF< B=F=F <A= =K FG;@ O=J<=F OGDD=F =F J>9@J=F=F MF< <=F M;@KL9:A=

J=F<=F =F AF@=AEAK;@=F MF< <=F 5M?=O9F<=JL=F 9K AKL =AF M>LJ9? >eJ <=F *-! =AF= #=J9MK>GJ<=JMF? >eJ ?=E=AFOG@DGJA=FLA=JL= &GEEMFAC9LAGF AD<MF? AE MF< <MJ;@ <=F *-! AKL d>>=FLDA;@=K -=;@L $#- d>>=FLDA;@=K -=;@L

:)3<1;+0-: =<B-6 AF 2AKK=FKO=JL >eJ ?9FR ^KL=JJ=A;@

+&2"./1* #.5 7#.+6C65/#4-'

G >*52=N= >7- >8=. @*;.7 <.2= -.; ;P7->70 ?87 F#72?.;<>6) 72. .27 .0.7<*=C9**; <87-.;7 -2. !=.20.;>70 +.2-.; ;/850<9*;*6.=.; @*; -*< *70.<=;.+=. &2.5 D

)0". <%)". +&2"./1*

O9J >eJ <A= (9JC= ,@;H7DEG? =AF %M:ADaMEKB9@J $E .=HL=E:=J OMJ<= <A= V F=:=F <=J 17;F ;? ;>6 V OA;@LA?KL= /J9<=E9JC <=K *-! %9@J= 9DL 2A= BMF? <A= J>GD?KE9JC= F9;@ OA= NGJ AKL :=OA=K <A= %M:ADaMEKK=F

<MF? AF .HA=D>ADEDaF?= EAL +JGR=FL (9JCL9FL=AD (AL ,@;H7DEG? @9L <=J *-! =AF= E=@J>9;@= ,M9<J9LMJ <=K &J=AK=K ?=K;@9>>L (AL =AF=E =A?=FLDA;@ RM CD=AF=F &=JFL=9E AE *-! V FMJ >eF> -=<9CL=MJ$FF=F >eJ RO=A #9MHL9:=F<L=JEAF= HJG 2G;@= V @9L ,@;H7DEG? =JKL=FK :=OA=K=F <9KK E9F EAL d>>=FLDA;@ J=;@LDA;@=F AD<MF?K

AF@9DL=F O=FF KA= JA;@LA? 9M>:=J=AL=L O=J<=F K=@J OG@D ,MGL= E9;@=F C9FF ,@;H7DEG? OGDDL= MF< OADD FA= :=D=@J=F< OAJC=F KGF<=JF K=AF +M:DACME AEE=J AE :=KL=F .AFF= <=K 2GJL=K MFL=J@9DL=F :=J ,@;H7DEG? AKL FA;@L FMJ =AF d>>=FLDA;@ J=;@LDA;@=K !GJE9L =K AKL 9M;@ =AF=K <=J CGEE=JRA=DD =J>GD?J=A;@K

L=F %=<=K %9@J OAJ< <9K EAL =LO9 <J=A=AF@9D: (AG MJG >eJ #9MHL9:=F<K=F<MF?=F <G;@ J=;@L K;@E9D= ,@; H7DEG? %9@J=K:M<?=L NGF <=J -=<9CLAGF <MJ;@ <A= AFL=J

F9LAGF9D= &GHJG<MCLAGF E=@J 9DK N=J<GHH=DL ,@;H7DEG? AKL @=ML= O=DLO=AL <A= )MEE=J RO=A @AFL=J <=E J9F;@=F?A?9FL=F FG;@ NGJ ;E5AH7DK MF< %3F;A@3> 7A9D3B:;5 %=<=K %9@J CGEE=F =LO9 F=M= +JG<MCLAGF=F 9MK <=J ,@;H7DEG? 2=JCKL9LL AF <=F 2=DLN=JLJA=: <A= NGF <=F A? +D9Q=JF <=J J9F;@= CGHJG<MRA=JL O=J<=F ,@;H7D EG? KL=DDL >9KL <A= #aD>L= <=K 0EK9LR=K NGF &) *3>7E ,@;H7DEG? !ADE= KAF< >9KL e:=J9DD 9M> <=J 2=DL RM K=@=F

M;@ <9K :=<=ML=L 'G4>;5 -3>G7 A= &GHJG<MCLAGFKKME

E=F =:=FKG OA= <9K *-! &9HAL9D KL=;CL <A= ,@;H7DEG? -=

<9CLAGF AF <A= dKL=JJ=A;@AK;@= !ADEOAJLK;@9>L ,@;H7DEG? HJG<MRA=JL K=AF= ?JGZ=F /@=E=F 9MKK;@DA=Z

DA;@ EAL dKL=JJ=A;@AK;@=F +JG<MR=FL$FF=F :RO >GJEL &GHJG<MCLAGF=F ROAK;@=F dKL=JJ=A;@AK;@=F !AJE=F MF< AFL=JF9LAGF9D=E &J=9LANHGL=FRA9D =FF NGF <=J .LJMCLMJ @=J ?D=A;@L <A= ,@;H7DEG? !9EADA= =AF=E .GFF=FKQKL=E V EAL <=J *-! -=<9CLAGF 9DK !APKL=JF MF< &J9>LIM=DD= AF <=J (ALL= MF< <=F dKL=JJ=A;@AK;@=F +JG<MR=FL$FF=F 9DK +D9F=

L=F AF MFL=JK;@A=<DA;@ F9@=F 0ED9M>:9@F=F A=K=K .QK

L=E @9L <A= (9JC= ,@;H7DEG? F9LAGF9D RM =AF=E <=J :=DA=:L=KL=F !=JFK=@HJG?J9EE= <=J ^KL=JJ=A;@=J$FF=F ?=E9;@L 0F< <A=K=K H9JLF=JK;@9>LDA;@= .QKL=E <9K =AF ?=K;@DGK

K=F=K M>LJ=L=F NGF *-! MF< +JG<MR=FL=FK;@9>L MFL=J =AF=E ?=E=AFK9E=F '9:=D 9E 2=DLE9JCL =JEd?DA;@L @9L ,@;H7DEG? AFL=JF9LAGF9D RM =AF=E ?JGZ=F MK@aF

?=K;@AD< <=K *-! ?=E9;@L A= JFL= NGF %9@J=F ,@; H7DEG? KAF< FA;@L FMJ RM>JA=<=F= .=@=J$FF=F AF 9DD=F 5A=D?JMHH=F AF ^KL=JJ=A;@ V ,@;H7DEG? AKL B9 9M;@ J9LAF?KEaZA? <9K ?JdZL= &AF<=JHJG?J9EE <=K *-! V KGF<=JF 9M;@ e:=J <A= &GHJG<MCLAGF=F MF< <=F +JG

?J9EEN=JC9M> AF <=J ?9FR=F 2=DL A= ,M9DALaL <=J dKL=JJ=A;@AK;@=F +JG<MCLAGF AF .9;@=F %3FGD7 *5;7@57 MF< ;EFADK OMJ<= EAL E=@J 9DK AFL=J

F9LAGF9D=F +J=AK=F 9MK?=R=A;@F=L <9JMFL=J 9M;@ <A= 9DK X?JeF= *K;9JKS :=C9FFL=F #9MHLHJ=AK= <=J !=KLAN9DK NGF D;EFA> MF< !35=EA@ A>7 <=J J=FGEEA=JL= 7E53DF7E 'D7;E <=J GDAB[;E5:7@ ,@;A@ MF< NA=D= 9F<=J=

)0". <%)".

$61>-:;=5

=J *-! K=F<=L= AE %9@J

AFK?=K9EL .LMF<=F !ADE 9MK <=J -=A@= ,@; H7DEG? 2a@J=F< KA;@ ,@;H7DEG? 9E A=FKL9? 0@J *-! 9M> <=F CD9K

KAK;@=F /A=J>ADE CGFR=FLJA=JL HJaK=FLA=JL= ,@;H7DEG? 9E GFF=JKL9? 0@J *-! 9F<=J= !9;=LL=F <=J )9LMJ MF< :JAF?L <A= K;@dFKL=F .@GLK <A= :=

=AF<JM;C=F<KL=F .LGJQK e:=J <A= 2MF<=J MF< -aLK=D <=J J<= MF< <=K &GKEGK

>=A=JL= <9K =J>GD?J=A;@= !GJE9L <=F "=:MJLKL9? 9RM OMJ<= <9K @MF<=JLEAFeLA?= .H=;A9D !3:D7 ,@;H7DEG? HJG<MRA=JL MF< 9MK?=KLJ9@DL <MJ;@ <9K +JaK=FL9LGJ JA;@ +JdDD >e@JL= K O9J =AF DA;C @AFL=J <A= &MDAKK=F :=A <=E E9F <A= @9JL= J:=AL <=J )9LMJ>ADE=J$FF=F EAL=JD=:=F CGFFL=

= +55'0

5%*#((6 +55'0

$2/7/8=-2A/<:?85> 637+A+8./6 38 %83@/<=?7 .H9FFMF? MF< 2AKK=F F=M= JC=FFLFAKK= MF< ?DG:9D= 5MK9EE=F@aF?= :J9;@L= <A= GCME=FL9LAGF *5:3FF7@ _47D 67D D67 Q 3E ':[@A?7@ >A43> ;??;@9 NGF 9NA< .AF?LGF <A= 9DK ,@;H7DEG? *B7L;3> 9MK?=

KLJ9@DL OMJ<= $E FK;@DMKK <AKCMLA=JL= AF *5:3FF7@ _47D 67D D67 Q 7D &", +3>= MFL=J <=J '=ALMF? NGF $F?JA< /@MJF@=J =AF= AFL=JF9LAGF9D= PH=JL=F$FF=FJMF<= <=F >A43> ;??;@9 7=F A= RO=AL= +:7?7@E5:I7DBG@=F GCME=FL9LAGF %GD 7;@ D36 ?7:D 9E %9FM9J

=JJ=A;@L= EAL <MJ;@

K;@FALLDA;@

5MK;@9M=J$FF=F <=F <JALL@d;@KL=F A=FKL9? ,@;H7DEG? 2=JL K=AL

-?<76

9JGDAF9 $F9E9 HJaK=FLA=JL AE *-! 2AKK=FK;@9>LKE9?9RAF %7IFA@ B=<= 2G

;@= .9EKL9? 0@J *-! )=M=K 9MK <=J 2=DL <=J 2AKK=FK;@9>L M>K=@=F=JJ=?=F<= OAKK=FK;@9>LDA;@= J?=:FAKK= KH9FF=F<= PH=JAE=FL= 2AKK=F EAL @9 >>=CL V <9K MF< E=@J E9;@=F <9K F=M= 2AKK=FK;@9>LKE9

?9RAF RME CGEH=L=FL=F MF< MFL=J@9DLK9E=F +JG?J9EE $F .=F<MF?=F E=D<=L= KA;@ %7IFA@

9MK '9:GJK MF< NGF 9F<=J=F .;@9MHDaLR=F <=J 2AKK=FK;@9>L .H=RA9D9MK?9:=F <=J .=F<MF? ?9: =K 9FDaKKDA;@ <=J &) +:7 ?7@E5:I7DBG@=F7 ">;?3I3@67> ";@67D MF< D@[:DG@9 5M<=E R=A?L= %7I FA@ AE .GEE=J =AF= NA=JL=ADA?= D "@AI .=JA= AF <=J DDL9?KE=AFMF?=F OAK

K=FK;@9>LDA;@ e:=JHJe>L OMJ<=F

6)67 D ); (=3=6.<;5)/)B16 )=. ;)<

9K 2AKK=FK;@9>LKE9?9RAF NGF K9L (GFL9? :AK !J=AL9? 0@J K9L OAJ< NGE *-! ?=E=AFK9E EAL <=F K9L +9JLF=JF - 5 ! MF< <=E .;@O=AR=J !=JFK=@=F ?=KL9DL=L @3@A V <9K AKL La?DA;@ (AFML=F 2AKK=FK;@9>L >9KRA

FA=J=F<= AD<=J 9MK <=J 2=DL <=J )9LMJ MF< "=AKL=KOAKK=FK;@9>L=F <=J /=;@

FAC MF< <=J (=<ARAF =JA;@L= e:=J !GJLK;@JALL= AF <=J !GJK;@MF? <=F 29F

<=D AF <=J "=K=DDK;@9>L MF< e:=J 1=JaF<=JMF?=F <=J 0EO=DL @3@A OADD G@F= >>=CL@9K;@=J=A MF< .H=CMD9LAGF=F >9CL=FJ=A;@ MF< KH9FF=F< AF>GJEA=J=F @3@A K;@9>>L 2AKK=F

B #.5 D(('06.+%*' +55'05 70& +.&70)52.#66(14/

G 2. %2<<.7< >7- 25->70<95*==/8;6 K .;6O052,1= -2. .0.07>70 ?87 %2<<.7<,1*/= >7- K//.7=52,14.2= 27 .27.6 *>6 487<=;>4=2?.; ><.27*7-.;<.=C>70 62= 7.>.6 %2<<.7 D

.0&+ ".+%,#". <.#1+( &//"+/ % #0 &)!1+$ "/"))/ % #0

=J O=DLO=AL N=J>e?:9J= 2AKK=FKKL9F< OAJ< KA;@ F9;@ .;@aLRMF?=F CeF>LA? 9DD= >eF> %9@J= N=J<GHH=DF 2AK

K=FK;@9>L MF< !GJK;@MF? MFL=JDA=?=F 9:=J FA;@L FMJ =AF=J ?JGZ=F =K;@D=MFA?MF? .A= O=J<=F 9M;@ AEE=J KH=RA9DAKA=JL=J 0EKG ?=>J9?L=J KAF< CGEH=L=FL N=JEAL

L=DL= $F>GJE9LAGF=F ?=KA;@=JL=K 2AKK=F MF< =AF= F9;@

NGDDRA=@:9J= .A;@L 9M> CGEHD=P= 5MK9EE=F@aF?= $F <A=K=E &GFL=PL @9L ^ K=AF= -GDD= 9DK X2AKK=FK MF< AD<MF?KHD9LL>GJES F=M <=>AFA=JL $E (ALL=DHMFCL KL=

@=F AFFGN9LAN= 5M?aF?= MF< !GJE=F <=J 1=JEALLDMF? <A= 9M;@ <9K 5MKL9F<=CGEE=F <A= 5MK9EE=F@aF?= #AFL=J?JeF<= MF< MKOAJCMF?=F <=K F=M=F 2AKK=FK L@=E9LAKA=J=F A= ^ 2AKK=FK;@9>LK MF< AD<MF?K

K=F<MF?=F :JAF?=F 2AKK=FK;@9>L MF< ^>>=FLDA;@C=AL AF =AF "=KHJa;@ d>>F=F #dJ>=FKL=J RM F=M=F !GJK;@MF?K

=J?=:FAKK=F MF< N=JEALL=DF *JA=FLA=JMF? >eJ <A= 2AK

K=FK?=K=DDK;@9>L .A= >MF?A=J=F 9DK .=FKGJ >eJ F=M= =FCKLJdEMF?=F MF< :A=L=F 2=?O=AK=J RM F=M=F '=:=FK MF< 2AKK=FK>GJE=F A= NA=D :=K;@OGJ=F= .;EE7@E97E7>>E5:38F :=KL=@L F9;@ OA= NGJ O=FA?=J 9MK X2AKK=F<=FS 9DK 9MK *JA=F

LA=JMF? KM;@=F<=F (=FK;@=F A= (=<A=F>GJK;@MF? :=K;@=AFA?L <=F ^ 2AKK=FK;@9>LK MF< AD<MF?KK=F

<MF?=F =AF=F :=KGF<=JK @G@=F .L=DD=FO=JL >eJ <A= H=JKdFDA;@= 2=AL=J:AD<MF? A= )MLRMF? 9DK GOFDG9<K AF ?JGZ=J 59@D AKL =AF $F<AC9LGJ >eJ A@J= F9;@@9DLA?= 1=J

O=F<MF? 1GJ9MKK=LRMF? <9>eJ AKL <9KK <A= -=<9CLAGF KA;@ K=D:KL 9DK XD=JF=F<=K 0FL=JF=@E=FS N=JKL=@L <9K FA;@L FMJ 2AKK=F BGMJF9DAKLAK;@ XN=JH9;CLS KGF<=JF 9M;@ <A= =A?=F=F '=JF=J>9@JMF?=F 9DK /=AD =AF=J J=>D=C

LA=JL=F 2AKK=FKCMDLMJ O=AL=J?A:L

$F 9:O=;@KDMF?KJ=A;@=F JRa@D>GJE=F O=J<=F X:9JJA=

J=>J=A=S AD<MF?K=JD=:FAKK= EAL <=E DDL9? MFK=J=J #dJ=J$FF=F N=JCFeH>L 9K =Ee@=F ME FK;@9MDA;@

C=AL MF< 1=JKLaF<DA;@C=AL KGDD F=M=K 2AKK=F EAL <=F X AD<MF?K:AG?J9>A=FS =AF=K Ed?DA;@KL :J=AL=F ?=K=DD

K;@9>LDA;@=F .H=CLJMEK N=J:AF<=F MF< <9:=A 9M;@ <A= X<A?AL9D= &DM>LS ROAK;@=F N=JK;@A=<=F=F (=<A=F?=F=

J9LAGF=F e:=J:Je;C=F A= .;EE7@E G@6 ;>6G@9EB>3FF8AD? ^ =JEd?DA;@L <A= =?=?FMF? NGF 2AKK=FK;@9>L MF< ^>>=FLDA;@C=AL AF =AF=E -9ME CGFKLJMCLAN=J MK=AF9F<=JK=LRMF? EAL F=M=E 2AKK=F 9:=J 9M;@ EAL -AKACG MF< 0FKA;@=J@=AL <A= d>>=FLDA;@=J AKCMKKAGF :=<eJ>=F =J =FLJe;CL= X D>=F:=AFLMJES J=HJaK=FLA=JL FA;@L E=@J <=F (ALL=D

HMFCL <=K 9C9<=EAK;@=F '=:=FK #=ML= OAJ< 2AKK=F

K;@9>L =@=J 9M> =AF=E X(9JCLHD9LRS N=JGJL=L OG 9M;@ HGDALAK;@= OAJLK;@9>LDA;@= ?=K=DDK;@9>LDA;@= MF< CMDLM

J=DD= $FL=J=KK=F 9MK?=@9F<=DL O=J<=F EeKK=F AF HJG

>MF<=K MF< J=>D=CLA=JL=K 2AKK=FK;@9>LKN=JKLaF<FAK V 9DK 5A=D <=J ^ 2AKK=FK;@9>LKK=F<MF?=F V AKL =AF =A

LJ9? RMJ HGDALAK;@=F AD<MF? <=J 2AKK=FK?=K=DDK;@9>L (AL 5MCMF>LKKQEHGKA=F FIM=L=F @G;@K;@MDHGDALA

K;@=F !GJ=F .;A=F;= N=FLK ;FK*5;7@57+3>=E MF< );E;=A 6;3>A97@ @9L <A= ^ 2AKK=FK;@9>LKJ=<9CLAGF =AF :J=AL=K .H=CLJME 9F 1=J9FKL9DLMF?K>GJE=F MF< !GJE9

L=F =FLOA;C=DL =A 9DD=F 0FL=JK;@A=<=F <=J 5M?aF?= !GJE9L= MF< "=KL9DLMF?K>GJE=F OAJ< <9:=A B=F= NGF DA9K 9F=LLA >GJEMDA=JL= (9PAE= AEE=J OA;@LA?=J X 3E %;5:FI;EE7@ 63D8 3? .;EE7@ @;5:F H7D3D?7@ _D <767 @FIADF ?GEE 7;@7 D397 3G8EBD;@97@ 6;7 HAD:7D 976G5=F E5:>;78 S

.0&+ ".+%,#".

(=@J 9DK R=@F MFL=JK;@A=<DA;@= !GJE9L= :A=L=L <A= 2AKK=FK;@9>LK9:L=ADMF? NGF ^ A@J=E +M:DACME V =LO9 .=F<=KLMF<=F AE '9M> <=J 2G;@= 9K J=A;@L NGE )36;A=A>>79 :AK RM ?3FD;J NGE )36;A6A=FAD :AK "A@F7JF NGF <=F ;?7@E;A@7@ :AK RME *3>L4GD97D %35:FEFG6;A A= <J=A &MJR>GJE9L= 7FD;88F 7E5:;5:F7 -A? #747@ 67D %3FGD MF< .;EE7@ 3=FG7>> =J?aFR=F <A= :J=AL ?=>a;@=JL= +9D=LL=

98>/B>

X)=OK QGM ;9F MK=S A= .=F<MF? !J=AL9? V 0@J :eF<=DL <A= MF

e:=JKA;@LDA;@= 1A=D>9DL <=J F=M =JK;@=AF=F<=F .9;@:e;@=J V G>L RM :=KLAEEL=F .;@O=JHMFCL=F V MF< :A=L=L KG =AF AF ^KL=JJ=A;@ =AFE9DA?=K *JA=FLA=JMF?KK=J

NA;= AD<:aF<= MF< -=AK=>e@J=J O=J<=F =:=FKG NGJ?=KL=DDL OA= )=M=JK;@=A

FMF?=F 9MK <=F =J=A;@=F 'A>;F;= MF< .;DFE5:38F

= +55'0

+55'059'46'5 +0 B

'3==/8 +5>?/66

"=:GL=F OAJ< NGF (GFL9? :AK !J=AL9? V

0@J /9?=K9CLM=DD=K 9MK ;>6G@9 .;EE7@E5:38F MF< ADE5:G@9 $E HJAD

O9J=F 7@67D47IGEEF E7;@ MF< :3@57@9>7;5::7;F <A= "=F=J9DL@=E=F :=A <=F =F;A@EF397@ BA>;F; E5:7 ;>6G@9 "=K;@D=;@L=J?=J=;@L= JRA=@MF? AF 1GDCKK;@MD=F ?=F<=J:=

OMKKL= 0FL=JJA;@LKEG<=DD= =AF *FDAF= (9?9RAF >eJ !J9M=F (=FK;@=FJ=;@L= >eJ KQDO=J:=JAFF=F MF< <9K .;@MDHJGB=CL 7@67D?3@;3 OMJ<=F <9:=A Fa@=J :=KHJG;@=F

"+.395966/1

A= EAFeLA?= .=F<MF? (GFL9? :AK GFF=JKL9? 9: 0@J ?DA=<=JL KA;@ AF <J=A /=AD= 9JAF KAF< 9DD= "=KL9DLMF?K>GJE=F <A= <9K -9<AG :A=L=L <=FC:9J MF< O=J<=F L@=E=FKH=RA>AK;@ ?=Oa@DL =KLAEE=F<=K D=E=FL <=J .=F<=

J=A@= AKL =AF=JK=ALK 'MKL 9F <=J JC=FFLFAK RM K;@9>>=F MF< =FC9FKLdZ= RM DA=>=JF 9F<=J=JK=ALK 5=AL MF< -9ME RM :A=L=F ME Ed?DA;@KL NA=D= /@=E=F AF A@J=J .H9FFO=AL= NGF $FL=DD=CL MF< EGLAGF9DALaL 9MKRMDGL=F &9JAF '=@F=JK )36;A=A>>79 3:D7@67E -A>= ;7 7E5:;5:F7 67D <7@;E5:7@ $;@67D:7;F =J@A=DL

<=F )36;ABD7;E 67D DI35:E7@7@4;>6G@9

37/8=398/8

$F <A=K=E 2AKK=FK;@9>LKE9?9RAF (GFL9? :AK !J=AL9? V 0@J KAF< 9DD= !GJE=F Ed?DA;@ =J .;@O=JHMFCL DA=?L 9M> =JA;@L GCME=FL9LAGF (9

?9RAF MF< !=9LMJ= RMJ =MLMF?=F NGF J=A?FAKK=F A= .=F<MF?=F #747@ ?;F 67? ">;?3I3@67> NGE (9A

OMJ<=F EAL <=E ">;?3E5:GFLBD7;E 67D 397> H7DE;5:7DG@9 9MK?=R=A;@F=L

3/ K 38./<?83

E %9FM9J

ME 0@J KL9JL=L= AF ^ <A= =JKL= !GD?= <=J F=M=F -=A@= X ";@67DG@; =J -=CLGJ <=J 0FA 2A=F "=GJ? 2AF;CD=J KL=DDL= KA;@ <=J !J9?= X"3@@ ?3@ ;>6G@9 =3G87@ S MF< <AKCMLA=JL= EAL &AF<=JF <A= 0FL=JK;@A=<= ROAK;@=F $F>GJE9LAGF 2AKK=F MF< AD<MF? ";@67DG@;.;7@ .LM<A=J=F<= @9

:=F EAL ^ -=HGJL=J$FF=F <=F 2AKK=FK;@9>L=J$FF=F <=J ";@67DG@;.;7@ 9M> <=F 59@F ?=>e@DL MF< 'd;@=J AF <=F 9M;@ ?=>J9?L MK <=F FLOGJL=F MF< <=F !J9?=F <=J &AF<=J =FLKL9F<=F -9<AGK=F<MF?=F <A= Od;@=FLDA;@ .GFFL9? V 0@J AF ^ HJaK=FLA=JL O=J<=F /@=

E=F:=J=A;@= OA= <=J G5:6DG5= <A= @FEF7:G@9 67D *A@@7 <=J ,?93@9 ?;F $_>> G<=J <=J G843G 67D F?G@9EAD93@7 >9KRAFA=J=F K=AL@=J FA;@L :DGZ <9K BeF?=J= +M:DACME NGKF ^

0#$*C0)+)'4 1740#.+5/75 (E4 '+0 (4'+'5 '6<

G 7 -.; <2,1 <,17.55 ?.;N7-.;7-.7 K485802. 38>;7*52<=2<,1.; >7- 9*;* 38>;7*52<=2<,1.; 70.+8=. 26 .=C @2. %.+580< >7- 00;. 0*=8;.7 2<= >7- +5.2+= -2. >=>;.C87. .27. <=*+25. >7- C>?.;5N<<20. >.55. -2. 21;.7 O//.7=52,1 ;.,1=52,1.7 7/8;6*=287< >7- 25->70<*>/=;*0 .;/P55= D

=+0". ( #101."6,+" 0

9K $FL=JF=L OMJ<= NGF 0. 9E=JAC9FAK;@=F MF< =MJG

HaAK;@=F 2AKK=FK;@9>L=J$FF=F CGFRAHA=JL ME >J=A=F MF< MFCGEHDARA=JL=F $F>GJE9LAGFK9MKL9MK;@ RM ?=Oa@JD=AKL=F MF< <9<MJ;@ =AF= KL9:AD= 9KAK >eJ <=F !GJLK;@JALL AF <=EGCJ9LAK;@=F "=K=DDK;@9>L=F RM K;@9>>=F !eJ <A= -=<9CLAGF <=J GFGD7LA@7 =J?aFRL KA;@ <A=K= /J9<ALAGF NGJLJ=>>DA;@ EAL <=E M>LJ9? <=K d>>=FLDA;@ J=;@LDA;@=F -MF<>MFCK <=KK=F .L9LML A@J <A= FGLO=F<A?=F !J=A@=ALK?J9<= ?A:L <A= FLOA;CDMF? <=K )=LR=K F9;@@9DLA? RM :=?D=AL=F MF< RM >dJ<=JF GFGD7LA@7 &) 3F AKL <=J $/ &9F9D NGF *-! 9L $E '9M> <=J N=J?9F?=F=F R=@F %9@J= @9L KA;@ <A= GFGD7LA@7 =AF=F >=KL=F +D9LR MF< =AF CD9J <=>AFA=JL=K =A?=F=K +JG>AD 9M> <=E (9JCL <=J <=MLK;@KHJ9;@A?=F $/ =

JA;@L=JKL9LLMF? =J9J:=AL=L A= GFGD7LA@7 -=<9CL=M

J$FF=F KAF< <A= MKD9F<KCGJJ=KHGF<=FL$FF=F <=K *-! 9M> <=E @8AD?3F;A@E=A@F;@7@F @F7D@7F .A= :=JA;@L=F e:=J F=M= FLOA;CDMF?=F AF (=<A=F MF< $F>GJE9LA

GFKL=;@FGDG?A= MF< NGJ 9DD=E 9M;@ <9Je:=J O=D;@= MKOAJCMF?=F <A=K= FLOA;CDMF?=F 9M> 2AJLK;@9>L MF< "=K=DDK;@9>L @9:=F A= GFGD7LA@7 K=LRL <9RM KL9JC 9M> K=D:KL J=;@=J;@A=JL= $F@9DL= A= GFGD7LA@7 OAJ< NGF A@J=J '=K=JK;@9>L 9F <=F ?JG

Z=F $/ +GJL9D=F AE <=MLK;@KHJ9;@A?=F -9ME ?=E=K

K=F A= -=<9CLAGF <=J GFGD7LA@7 :=?=?F=L <=E EAL =AF=J KH=RA>AK;@ 9M> ^KL=JJ=A;@ 9MK?=JA;@L=L=F =JA;@L=JKL9LLMF? <A= FA;@L FMJ <A= OA;@LA?=F J=A?

FAKK= MF< FLOA;CDMF?=F 9M> <=E #=AE9LE9JCL

9:<=;CL KGF<=JF <=E "=?=FKL9F< <=J =JA;@L=JKL9L

LMF? =FLKHJ=;@=F< 9M;@ <A= MKOAJCMF?=F AFL=JF9LA

GF9D=J AF>GJE9LAGFKHGDALAK;@=J MF< J=;@LDA;@=J FL

K;@=A<MF?=F 9M> ^KL=JJ=A;@ 9M>R=A?L MF< =AFGJ<F=L :=JA;@L=L= <9K /=9E <=J GFGD7LA@7 :=AKHA=DK

O=AK= 9MK>e@JDA;@ e:=J <A= MKOAJCMF?=F <=K )A3 ?;@9 '3=7FE <=J , "A??;EE;A@ 9M> 2AJLK;@9>L MF< 1=J:J9M;@=J <A= )GN=DDA=JMF? <=K *;5:7D:7;FEBA>;L7; 97E7FL7E <A= &@>;@7 GD5:EG5:G@9 NGF GEHML=JF N=J<a;@LA?=J +=JKGF=F <=F 0E?9F? <=J dKL=JJ=A;@A

K;@=F FLK;@=A<MF?KLJa?=J EAL <=J );5:F>;@;7 LGD -ADD3FE63F7@EB7;5:7DG@9 MF< <=F .L9F< <=K MK:9MK <=J dKL=JJ=A;@AK;@=F D7;F43@6=A??G@;=3F;A@E@7FL7 AE DaF<DA;@=F -9ME )9;@ R=@F %9@J=F =J>GD?J=A;@=J BGMJF9DAKLAK;@=J J:=AL AKL <A= GFGD7LA@7 ?ML AF <=J <=MLK;@KHJ9;@A?=F $F>G

KH@aJ= =L9:DA=JL OA= 9M;@ R9@DJ=A;@= -=>=J=FR=F MF< 5AL9L= AF )9;@JA;@L=F9?=FLMJ=F MF< 9MKDaF<AK;@=F (=<A=F R=A?=F $F <=J KA;@ K;@F=DD N=JaF<=JF<=F ^CG

DG?A= BGMJF9DAKLAK;@=J MF< H9J9 BGMJF9DAKLAK;@=J F?=

:GL= AE )=LR OA= .74>A9E MF< 99D793FAD7@ AKL MF< :D=A:L <A= GFGD7LA@7 =AF= KL9:AD= MF< RMN=JDaKKA?= ,M=DD= <A= A@J=F ^887@F>;5: D75:F>;5:7@ @8AD?3F;A@E G@6 ;>6G@9E3G8FD39 =J>eDDL G@F= <9:=A D9F?O=ADA? G<=J :=D=@J=F< RM K=AF A= GFGD7LA@7 N=J>e?L e:=J =AF= LJ=M= '=K=JK;@9>L AE $F MF< MKD9F< MF< AKL <A= -=>=J=FRHM:DAC9LAGF >eJ $/ )9;@JA;@L=F 9MK MF< >eJ ^KL=JJ=A;@

=+0". (

'3==/8 98638/

M> E5;7@57 &) 3F OMJ<=F

FLOA;CDMF?=F !GJK;@MF?K=J?=:FAKK= MF< FL<=;CMF?=F AE 2AKK=FK;@9>LK:=J=A;@ 9MK &9L=?GJA=F HJaK=FLA=JL Oa@

J=F< KA;@ 8GFGD7LA@7 &) 3F )9;@JA;@L=F #AFL=J?JMF<:=JA;@L=F MF< F9DQK=F 9MK <=F >eJ 0K=J$FF=F :=KGF<=JK AFL=J=KK9FL=F =J=A;@=F $F>GJE9LAGFK MF< &GEEMFAC9LAGFKL=;@FGDG?A= OA<E=L= =-3/8-/ " +> G ?,63- A+</8/== 90 #-3/8-/ A= &=JFJ=<9CLAGF <A=K=J *-! 2=:KAL= ?J=A>L NGJ 9DD=E 9M> *-! GFL=FL MF< ?=FLMJE=D<MF?=F 9:=J 9M;@ 9M> !9;@R=ALK;@JA>L=F OA= %3FGD7 *5;7@57 %7I @9>3@6 !AGD@3> A8 $76;5;@7 =L; RMJe;C ME <=F 0K=J$FF=F =AF=F J9K;@=F IM9DA>ARA=JL=F _:=J:DA;C e:=J <A= OA;@LA?KL=F (=D<MF?=F 9MK 2AKK=FK;@9>L MF< !GJK;@MF? 9F:A=L=F RM CdFF=F 5A=D <A=K=K +JGB=CLK AKL EAL =AF=J JO=A

L=JMF? <=K GFL=FL F?=:GLK <MJ;@ RMKaLRDA;@= &9H9RALaL=F <A= AFFGN9LAN=F '=AKLMF?=F dKL=JJ=A;@AK;@=J !GJK;@MF? KLaJC=J RM :=LGF=F A=K= OMJ<=F :=

OMKKL 9M;@ AF 5MK9EE=F@9F? EAL <=J =MJGHaAK;@=F !GJK;@MF?KD9F<K;@9>L <9J?=KL=DDL

= +55'0

+55'05 '46'

=-3/8-/ " +> G =5 C9?< #-3/8>3=> PH=JL$FF=F 9MK 2AKK=FK;@9>L MF< !GJK;@MF? :=9FLOGJL=F 9FO=F<MF?KGJA

=FLA=JL= 9:=J 9M;@ ?JMF<KaLRDA;@= !J9?=F <=J 0K=J$FF=F NGF E5;7@57 &) 3F OG:=A H=JE9F=FL= 0H<9L=K <A= -=9CLAGF 9M> L9?=K9CLM=DD= !J9?=KL=DDMF?=F =JD9M:=F A= -=<9CLAGF <=J 2=:KAL= O=AKL H=JAG<AK;@ 9M> <A=K=K F?=:GL @AF MF< D=AL=L <A= F>J9?=F 9F CGEH=L=FL= 2AKK=FK;@9>L=J$FF=F O=AL=J A= FL

OGJL=F O=J<=F J=<9CLAGF=DD :=9J:=AL=L MF< O=:9<aIM9L 9M>:=J=AL=L M> <A=K= 2=AK= =FLKL=@L =AF J=<9CLAGF=DD EG<=JA=JL=J $F>GJE9LAGFK +GGD

#+6D,?<1/< +-2>=>?.39 38 K

A= .=F<MF? :JAF?L Od;@=FLDA;@ (ALLOG;@

0@J GCME=FL9LA

GF=F e:=J <A= X?JGZ=F /@=E=FS <=J 5=AL 9M> <=J 9KAK =AF=J @ME9FAKLAK;@=F L@AC (AL <=E ;FK*5;7@57+3>= ?=@L <9K *3>L4GD97D %35:FEFG6;A @AF9MK AF <A= 0FAN=JKALaLKKLa<L= <=J MF<=KDaF<=J MF< <AKCMLA=JL NGJ *JL EAL #dJ=J$FF=F KGOA= 2AKK=FK;@9>L=J$FF=F 9MK <=E $F MF< MKD9F< =AF 9CLM=DD=K ?=K=DD

K;@9>LKJ=D=N9FL=K /@=E9

O9J=F <9K M 9 *5:?7DL '>397 67E #747@E $A4;>;F[F ;?

!3:D:G@67DF -;7>83>F G@6 @F79D3F;A@ @F7>>;97@L8ADE5:G@9 G@6 ;:D7 97E7>>E5:38F>;5:7 767GFG@9

9<?7 6:,+-2

1GF :AK M?MKL

>9F<=F AE -9@E=F <=K GDAB[;E5:7@ ADG? > B35: <A= >B35:7D +75:@A>A9;797EBD[5:7 KL9LL <A= Ba@JDA;@ NGF <=J -7D7;@; 9G@9 67D ^EF7DD7;5:;E5:7@ @6GEFD;7 <=F GEFD;3@ )7E73D5: 7@F7DE MF< X GJ?9FKA=JL O=J<=F $FL=JF9LAGF9D= PH=JL$FF=F 9MK 2AKK=FK;@9>L 2AJLK;@9>L MF< +GDALAC <AKCMLA=JL=F AF +D=F9JN=J9FKL9DLMF?=F MF< J:=ALKCJ=AK=F e:=J <9K /@=E9 ?7D97@57 ;@ *5;7@57 3@6 +75:@A>A9K 0F< K >9F< =JKLE9DK <A= X ";@67DG@; >B35: KL9LL <A= &AF<=J AE DL=J ROA

K;@=F KA=:=F MF< ROdD> %9@J=F <9RM =AFDM< <=E X2A=S MF< X29JMES NGF 2AK

K=FK;@9>L MF< /=;@FGDG?A= 9M> MFL=J@9DLK9E= 2=AK= F9;@RM?=@=F

0524E%*' +/ +0&'4241)4#//

G%2; +.05.2=.7 27-.; ->;,1 -2. %.5= -.; %2<<.7<,1*/= >7- +.<=N;4.7 27 217.7 -2. .>02.; >7- -2. ><= *6 7=-.,4.7 >7- 8;<,1.7 D

%,* / ."6&+ &+!".-.,$. **"

FL<=;C=F MF< '=JF=F EAL #AJF #=JR MF< #9F< AKL MFK=J (GLLG 2AJ >e@J=F AF B=<=J .=F<MF? NA=J :AK >eF> 1=JKM;@= NGJ <A= &AF<=J <9@=AE EAL =AF>9;@=F (ALL=DF F9;@E9;@=F CdFF=F 9:=A D=?=F OAJ ?JGZ=F 2=JL 9M> .A;@=J@=AL MF< (9;@

:9JC=AL A= 1GJ:=J=ALMF?KH@9K= >eJ R=@F !GD?=F !AD E5:7D7JBD7EE <9M=JL E=@J=J= 2G;@=F 2AJ L=KL=F 9DD= 9K F=M= &) ";@67DBDA9D3?? K=LRL =K KA;@ RMJ M>?9 Ed?DA;@=F 1=JKM;@= <MJ;@ GHLAEA=J=F <A= )9;@E9;@

:= &AF<=J >eJ <A= 2=DL MF< 9DD=K O9K KA= RM :A=L=F @9L :9JC=AL ?=@=F KA;@=J <9KK =K RM C=AF=F FLLaMK;@MF

?=F CGEEL Ç¯ ]X EHJHLVWHUQ Ç¯ ]X EHVWÂ¦UNHQ XQG A= .=F<MF? OAJ< NGF !9;@D=ML=F 9MK 9DD=F =J=A;@=F Ç¯GXUFK LKUH HUVWHQ /HEHQVMDKUH ]X EHJOHLWHQ <=J )9LMJOAKK=FK;@9>L=F :=J9L=F 9DD= J=@:e;@=J O=J<=F NGF A@F=F ?=D=K=F P=EHD9JAK;@ <9>eJ KL=@L <A= .=F<MF? ADE5:7D "=<J=@L OAJ< AF /A=JH9JCK MF< 2AD<H9JCK AF ^KL=JJ=A;@ 7JBD7EE 2AJ =J>GJK;@=F &DaJ9FD9?=F ?=F9MKG OA= (MK==F MF< (AL <=J .=F<MF? !GJK;@=J=PHJ=KK <A= K=AL >eF> %9@J=F .;@DdKK=J AE &) ";@67DBDA9D3?? 9MK?=KLJ9@DL OAJ< @9:=F OAJ "JdZL= M>E=JCK9EC=AL OAJ< <=J GHLAK;@=F ,M9DALaL MF< <=E 'GGC <=J .=F<MF? ?=OA<E=L <9EAL <A= !GD

<A= #=J9MK>GJ<=JMF? 9F?=FGEE=F &AF<=JF RM /@=

?=F @G@= -=H=JLGAJ=>a@A?C=AL :=KALR=F MF< NA=D= %9@J= E=F 9MK :7?;7 ':KE;= ;A>A9;7 7E5:;5:F7 MF< D9F? 9MK?=KLJ9@DL O=J<=F CdFF=F 7A9D38;7 5M?9F? RM N=JK;@9>>=F "JMF<KaLR= O9J=F NGF F>9F? 9F Ç¯ (V PXVV EHL MHGHP 7KHPD HLQH 9HUELQGXQJ ]XP '=:=F MF< RMJ 2=DL <=J &AF<=J ?=:=F Ç¯ 1LHPDOV EHOHKUHQ ZLU .LQGHU HV PXVV XQV LPPHU ?=DAF?=F KA= >eJ <9K /@=E9 RM :=?=AKL=JF Ç¯ )UHPGZÂ¸UWHU XQG XQYHUVWÂ¦QGOLFKH )DFKEHJULIIH VLQG FA;@L =JD9M:L A= .HJ9;@= EMKK CD9J MF< N=JKLaF<DA;@ K=AF Ç¯ *UÂ¸Â¡HQ XQG 0HQJHQDQJDEHQ ZHUGHQ LPPHU LQ 9HU

?D=A;@=F ?=:J9;@L ME KA= NGJKL=DD:9J RM E9;@=F Ç¯ :LU EHJOHLWHQ .LQGHU GXUFK GLH :HOW GHU :LVVHQVFKDIW MF< :=KLaJC=F AF A@F=F <A= )=M?A=J MF< <A= 'MKL 9E FL<=;C=F MF< !GJK;@=F

=J ADE5:7D7JBD7EE @9L NA=D= 9<=RAEE=J MF< &e;@=F dKL=JJ=A;@AK;@=J !9EADA=F AF '9:GJK MF< 2=JCKLaLL=F N=JO9F<=DL A= DL=JF E9;@=F :=?=AKL=JL EAL A= .=F

<MF? @9L =AF= =FGJE= 59@D 9F =JO9;@K=F=F 5MK=@=J$F

F=F 2A= '=@J=J$FF=F AEE=J OA=<=J K;@J=A:=F @GD=F KA= KA;@ ?=JF= $<==F >eJ <=F 0FL=JJA;@L (ALLD=JO=AD= OAJ< <=J ADE5:7D7JBD7EE 9M;@ AF =MLK;@

D9F< 9M> )$ & 9MK?=KLJ9@DL AF 2=KL MJGH9 9M> -/ AF *KL MJGH9 9M> 1$) $ ' -)$)" MF< AE 9J9:AK;@=F -9ME 9M> ' % 5 - &$ . A= .=F<MF? ADE5:7D7JBD7EE AKL <=J F>9F? =AF=J -=A@= O=AL=J=J &) ";@67DE7@6G@97@ <A= 9M;@ 9F<=J= /@=E=F OA= "D73F;H;F[F G@6 "G@EF G<=J 97EG@67E #747@ &AF<=JF Fa@=J :JAF?=F O=J<=F

%,* / ."6&+

A@87FF; O9J

=AF= HJa?=F<= +JG?J9EEE9JC= AE *-! &AF<=J /1 $F %7IE AE -9@E=F NGF A@87FF; +;-; KA=@= .=AL= G<=J AF 1;D=GE G? A@87FF; KL9F<=F $F>GJE9LAGF=F RM .9;@L@=E=F >eJ <A= BeF?KL=F 5MK=@=J$FF=F AE (ALL=DHMFCL 'dKMF?K9FKaLR= >eJ 9M>?=OGJ>=F= +JG:D=E= OMJ<=F EAL PH=JL$FF=F <AKCM

LA=JL MF< KGRA9D=K '=JF=F N=JEALL=DL 2=AL=JK +:7?7@E5:I7DBG@=F ";@67D Q +)W,$ # % 1,",% + AE *CLG

:=J

EAL R ";66K A@F7EF MF< 7?A=D3F;7I7D=EF3FF KA=@= .=AL= KGOA= <=J CLAGF ";@67D D767@ ?;F KA=@= .=AL=

383@/<=?7

.H=RA=DD >eJ <A= BeF?=J=F 5MK=@=J$FF=F @9L <=J *-! =AF= =A?=F= )9LMJ>ADEJ=A

@= =L9:DA=JL $;@;H7DEG? .9EKL9?

0@J *-! #A=J HJaK=FLA=J=F <A= :=A<=F (G<=J9LGJ=F J #=DEML +=;@D9F=J MF< @JAKLAF9 &9JFA;FAC Od;@=FL

DA;@ 2AKK=FKO=JL=K 9MK <=J >9KRAFA=J=F<=F /A=JO=DL )=:=F <=E .;@9M MF< .L9MFO=JL KL=@L F9LeJDA;@ 9M;@ <A= .=FKA:ADAKA=JMF? >eJ /A=J MF< 0EO=DL

K;@MLR 9M> <=E +JG?J9EE KGOA= FeLRDA;@= /AHHK >eJ <A= #9MKLA=J= <=K BMF?=F +M:DACMEK

= +55'0

#5 (E4 &+' +0&'4 +55'0 5%*#((6

"?.3 G "+.39 0S< 38./<

^ OADD K=AF +M:DACME NGF EGJ?=F <A= &AF<=J ROAK;@=F 9;@L MF< =D> %9@J=F 9CMKLAK;@ 9:@GD=F MF< A@E =AF=F .LeLRHMFCL <MJ;@ =AF= =A?=F= .=F<=J=A@= :A=L=F 9K H9KKA=JL NGF (GFL9? :AK !J=AL9? V 0@J AF !GJE =AF=K #dJ JD=:FAKK=K <9K 9DD= KHJ9;@DA;@=F D=E=FL= =FL@aDL OA= #;F7D3FGD .;EE7@ E5:38F ^DEB;7> $GE;= 73FGD7 =L; MF< <9K RM<=E >eJ 9DD= #dJ=J$FF=F ?==A?

F=L 9:=J KH=RA=DD 9F &AF<=J ?=JA;@L=L AKL

S.7@@ +- 8_D ";@67D EA I3E I;7 *5:G>7 A67D 7;@ =>G97E G5: E7;@ EA>> EA ;EF 63E 7FDG9 3? ";@6 3E F[F7 ?3@ @;7 8_D DI35:E7@7 7EF3>F7@ I;D 7;@7@ E;5:7D7@ 9>_5=>;5:7@ &DF IA E;7 97D@7 E7;@ IA>>7@ ;@ &DF HA@ 67? E;7 I;EE7@ 63EE 7D ;:@7@ 97:^DF %3F_D>;5: >7D@7@ E;7 3G5: I3E 347D I;D >3@9I7;>7@ E;7 6347; @;5:F .;D 67@=7@ ;??7D 3@ 6;7 ";@67D 6;7 @;7 ;@ 3>7D;7@ =A??7@ A67D ;@ 67@ '3D= A67D 67@7@ @;7 HAD97>7E7@ I;D6 ";@67D 6;7 3>>7;@ E;@6 HAD 67? 7D@E7:7D G@6 @;5:F EA H;7> >_5= D^:>;5:=7;F G@6 74AD97@:7;F =7@@7@

*F7: ;??7D 3G8 67D *7;F7 67D ";@67D N

++" ,,! ) +$';%.&$" "&0".&+ !"/ &+!".-.,$. **/

/? =/3> /<,=>

*3G9GF -A>> *F3D= >>7E &=;6A=; D766K G@6 6;7 I;>67@ "[87D +A? +GD4A 7F7=F;H5>G4 *7DHGE "3EB7D> ... Q <9K AKL &=;6A=; <9K F=M= &) ";@67DBDA9D3?? ;@L F=M= =A?=FHJG<MRA=JL= !GJE9L= <9K NAGD=LL= 2AD<

K;@O=AF D3@L 7D6;@3@6 9DK F=M=K (9KCGLL;@=F NA=D= 9M>J=?=F<= "=K;@A;@L=F :=FL=M=J MF< B=<= (=F?= #MEGJ =JO9JL=F <A= BMF?=F 5MK;@9M=J$FF=F K=AL .=HL=E:=J

La?DA;@ AF *-!

=.<:)/

-1;<=6/

#AD>= >eJ )GLD=A<=F<= M>E=JCK9EC=AL >eJ .;@O9;@= .GDA<9JALaL $FALA9LAN=F &9EH9?F=F 0FL=J

KLeLRMF? >eJ :=@AF<=JL= (=FK;@=F MF< KGRA9D =F9;@L=ADA?L=

-0:?-:< % ! #& !#$ D ;7B1)4 =6, >-:*16,41+0

G 2. K//.7=52,1 .,1=52,1.7 <27- >7- +5.2+.7 .27 >7?.;C2,1=+*;.; *4=8; -.; /;.2.7 27-2?2->.55.7 >7- 0.<.55<,1*/=52,1.7 %255.7<+25->70 %2; 1*5=.7 -2. .<.55<,1*/= C><*66.7 >7- -*< 2<= 0>= 27 .27.; &.2= 27 -.; -*< .7<,152,1. 8/= ?2.5 C> 4>;C 4866= D "186*< ;>+.; 7=.7-*7= -.< *B.;2<,1.7 >7-/>74<

^>>=FLDA;@ J=;@LDA;@=J -MF<>MFC N=J:AF<=L <A= (=FK;@=F (9;@L 9M>E=JCK9E O=FF #AD>= FGLO=F<A? AKL 2=FF <9K 29KK=J V FA;@L FMJ KHJA;@OdJLDA;@ V :AK RME #9DK KL=@L 2=FF C=AF MKO=? E=@J Ed?DA;@ K;@=AFL 2=FF <A= *@F

E9;@L ?JGZ MF< <A= (d?DA;@C=AL=F ?=JAF? KAF< 0FK=J F?9?=E=FL #AD>= >eJ (=FK;@=F AF )GL M>E=JC

K9EC=AL MF< 0FL=JKLeLRMF? >eJ (=FK;@=F EAL =@AF<=

JMF? .GRA9D= 1=J9FLOGJLMF? <A= E9F K=@=F MF< KHeJ=F C9FF CGFCJ=L MF< OAJCMF?KNGDD

:)3<1;+0-: =<B-6

AF #AD>KO=JL >eJ .;@O9;@= MF< =F9;@L=ADA?L=

7/#0+6#4+#0 41#&%#56+0) #.5 7#.+6C65/'4-/#.

I 3/ 5>3@3>N>/8 @98 ?7+83>+<3+8 <9+.-+=>381 =38. ?= .<?-5 ./< &/<+8>A9<>?81 .3/ /38 ?,63- <9+.-+=>/< D? S,/<8/27/8 2+> E

<.$ 1*&+ ( 1* +&0 .& + ., ! /0&+$

#;5:F ;@E G@=7> %35:43D ;@ %AF A5:I3EE7D:;>87 +73? XEF7DD7;5: )3F 3G8 D3:F >F7D@F7>78A@ .GRA9D

C9EH9?F=F MF< .H=F<=F9M>JM>= >eJ #AD>KGJ?9FAK9LAG

F=F 0FL=JLAL=DMF? >eJ "=@dJ:=@AF<=JL= #dJ>ADE= >eJ .=@:=@AF<=JL= <=J D7;@75=7DBD7;E 8_D 1;H;>5AGD397 MF< %M?=F<K;@MLR =J *-! =J:JAF?L K=AL %9@J=F >J=AOAD

DA? MF< G@F= d>>=FLDA;@=F JM;C =AF= 1A=DR9@D MF< 1A=D

>9DL 9F KGRA9D=F '=AKLMF?=F <A= RMEAF<=KL AF <=J =MJG

HaAK;@=F (=<A=FD9F<K;@9>L =AFE9DA? KAF< G?3@;F3 D;3@ DA3653EF;@9 AKL RM =AF=J MFN=JRA;@L:9J=F .=JNA;=

=AFJA;@LMF? <=K *-! ?=OGJ<=F <A= <A= KGRA9D=F CLANA

LaL=F <=K #9MK=K :eF<=DL MF< CGGJ<AFA=JL G?3@;F3D;3@ DA3653EF;@9 N=JKL=@L KA;@ 9DK &GEH=

L=FRR=FLJME AF 9DD=F !J9?=F MF< /@=E=F <A= AE 5MK9E

E=F@9F? EAL CdJH=JDA;@ ?=AKLA? MF< G<=J AF KGRA9D= )GL ?=J9L=F=F (ALE=FK;@=F KL=@=F $E 0E?9F? EAL <A=K=F /@=E=F AKL =K M>?9:= NGF G?3@;F3D;3@ DA36 53EF;@9 K=JNA;A=J=F< EALRMOAJC=F MF< =AF OAJCDA;@

C=ALK?=LJ=M=K MF< R=AL?=EaZ=K AD< RM HJGBARA=J=F .GRA9D=K F?9?=E=FL :=<=ML=L >eJ <=F *-! <9@=J FA;@L FMJ !MF<J9AKAF? KGF<=JF AKL 9M;@ =AF= BGMJF9DAKLAK;@= M>?9:= G?3@;F3D;3@ DA3653EF;@9 @aDL <9@=J &GF

L9CL RM <=F =AFK;@Da?A?=F *J?9FAK9LAGF=F MF< KL=DDL KA;@ 9M;@ CJALAK;@=F AKCMKKAGF=F EAL <=E 5A=D =AF=F A9DG? 9M>RM:9M=F =J NGF *-! &MF<$FF=F AEE=J OA=<=J :=OA=K=F= KGRA

9D= 5MK9EE=F@9DL :=A C9JAL9LAN=F FDA=?=F <A=FL B=<G;@ FA;@L <9RM :M<?=LaJ= 1=JH>DA;@LMF?=F <=J d>>=FLDA;@=F #9F< RM e:=JF=@E=F .H=F<=F KAF< <A= X MLL=J 9M>K JGLS ME AF<ANA<M=DD= .G>GJL@AD>= MF< +JGB=CL= RM =JEd?DA;@=F <A= e:=J <=F >AF9FRA=DD=F -9@E=F NGF AFR=DH=JKGF=F MF< *J?9FAK9LAGF=F @AF9MK?=@=F

A= NGF ^ AFALAA=JL= CLAGF +73? XEF7DD7;5: R=A?L <A= =J>J=MDA;@ @G@= =J=ALK;@9>L <=J ^KL=JJ=A;@=J$FF=F AE !9DD= NGF F9LAGF9D=F &9L9KLJGH@=F FA;@L FMJ "=D< KGF

<=JF 9M;@ 5=AL RM KH=F<=F MF< XK=D:KL EAL 9FRMH9

;C=FS =J =AFE9D HJG %9@J N=JDA=@=F= D7;@75=7DBD7;E 8_D 1;H;>5AGD397 @9L KA;@ RMJ M>?9:= ?=KL=DDL (=F

K;@=F EAL 1GJ:AD<OAJCMF? 9MKRMR=A;@F=F MF< <9EAL <A= RANAD= eJ?=J?=K=DDK;@9>L RM KLaJC=F (9JC=F OA= #;5:F ;@E G@=7> %35:43D ;@ %AF G<=J <A= =J9LMF?K=AFJA;@LMF? MF< )GLJM>FMEE=J >eJ &AF<=J MF< %M?=F<DA;@= Q )3F 3G8 D3:F :=KALR=F AF <=J dKL=JJ=A;@AK;@=F =NdDC=JMF? 9:KGDML=K 1=JLJ9M=F MF< =AF=F =C9FFL@=ALK?J9< NGF E=@J 9DK F=MFRA? +JGR=FL 0E DL=JF MF< =RM?KH=JKGF=F AF JRA=@MF?K>J9?=F RM :=J9L=F MF< RM KLeLR=F OMJ<= <A= L=D=>GFAK;@= =J9

LMF?K=AFJA;@LMF? >F7D@F7>78A@ =AF?=JA;@L=L A= (9Z

F9@E=F MF< K=D:KL 9M>=JD=?L=F -=?MD9LAN= AE -9@E=F <=K E=<A9D=F %M?=F<K;@MLR=K KAF< >eJ 9DD= *-! (=<A=F

9M>LJALL= ?eDLA? J=A;@=F e:=J <A= NGE "=K=LR?=:=J N=J

D9F?L=F )GJE=F MF< <A= NGJ?=?=:=F=F 0 -A;@LDAFA=F @AF9MK MF< KGDD=F <A= (=<A=FCGEH=L=FR 9DD=J DL=JK

?JMHH=F KLaJC=F )=:=F <=F AF ^KL=JJ=A;@ DA=?=F<=F &=JF9M>?9:=F =F?9

?A=JL KA;@ %35:43D ;@ %AF 9MZ=J@9D: <=J dKL=JJ=A;@A

K;@=F "J=FR=F A= :==AF<JM;C=F<= .H=F<=F:=J=AL

K;@9>L >eJ <A= ?JGZ=F @ME9FALaJ=F &9L9KLJGH@=F <=J D=LR=F %9@J= AF 9J>MJ +9CAKL9F MF< AF <=F NGE /KMF9

EA :=LJG>>=F=F 'aF<=JF AF .e<GKL9KA=F :=O=AKL <9K 1=JKLaF<FAK <9>eJ <9KK <9K 2GJL X)9;@:9JS 9M;@ AE ?DG:9D=F .AFF N=JKL9F<=F OAJ< A= CLANALaL=F NGF G?3@;F3D;3@ DA3653EF;@9 KAF< MK<JM;C <=J 1=J9FLOGJLMF? <A= =AF +M:DA; JG9<;9K

L=J RM e:=JF=@E=F @9L .A= KAF< &MF<=F<A=FKL KA= <A=

F=F <=J -=HML9LAGF <=K #9MK=K MF< KAF< FA;@L RMD=LRL 9M;@ /=AD <=J "=:e@J=FD=?ALAE9LAGF

<.$ 1*&+ (

1+0< 16; =63-4

A= ;CH>=AD=J <=J E=<A9D=F #AD>= :AD<=L=F

OA=<=J <A= RO=A ?JGZ=F !=JF

K=@=N=FLK <=J #;5:F ;@E G@=7> =F=>AR9:=F< EAL 9J:9J9 .Ld;CD EF 63 <7 ?3@6 9E )GN=E:=J 0@J *-! MF< <A= .=F<MF? 9E =R=E

:=J 9K .H=F<=F=J?=:FAK <=J #;5:F ;@E G@=7> &9EH9?F=

:=LJM? AFK?=K9EL (AG MJG

G &=6,-:<K<-

A= CLAGF X .G@67DF_F7 =F<=L= AE (aJR

EAL =AF=J :=9;@LDA;@=F AD9FR

2MF<=JLeL=F OMJ<=F :=A <=J ^ CLAGF >eJ #;5:F ;@E G@=7> 9:?=?=

:=F X ;7 X .G@67DF_F7 H7DI3@67>F 3>F7 3@6KE ;@ 7;@7 I7DFHA>>7 *B7@67 8_D ";@67D ;@ %AF ;@ XEF7DD7;5: S 0FL=J <A=K=E .DG?9F JA=> ^ F>9F? =R=E

:=J

?9FR ^KL=JJ=A;@ 9M> 9DL= #9F<QK MEO=DL?=J=;@L RM =FLKGJ?=F MF< ?D=A;@R=ALA? <9EAL RM KH=F<=F =J KL9JC= -e;CD9M> 9F X .G@67DF_F7@ E9;@

L= =AF= .H=F<=FKMEE= NGF E=@J 9DK

MJG Ed?DA;@

G #-)5 G;<-::-1+0

9K ;FD36;A X MF< <9K )AF7 "D7GL @9:=F 9E M?MKL

AE &9L9KL

JGH@=F@AD>=R=FLJME <=K XEF7DD7;5:;E5:7@ )AF7@ "D7GL7E =AF= ?JGZ 9F?=D=?L= 'G4>;5 -3>G7 CLAGF EAL <=E /AL=D +73? XEF7DD7;5: ?=KL9JL=L (AL <=J 0FL=J

KLeLRMF? <=K ?=K9EL=F *-! O=J<=F (=FK;@=F ?=KM;@L <A= :=J=AL KAF< 9FRM

H9;C=F MF< 9DK +73? XEF7DD7;5: RM @=D>=F 2=FF AE !=JFK=@=F <A= AD<=J NGF )9LMJC9L9KLJGH@=F RM K=@=F KAF< MF< <9K -9<AG AF .GF<=J>GJE9L=F <MJ;@

?=@=F< <9Je:=J :=JA;@L=L <9FF =FLKL=@L KL=LK =AF=K =AF= e:=JOaDLA?=F<= =J=ALK;@9>L KG>GJL RM @=D>=F V FA;@L FMJ EAL "=D< KGF<=JF 9M;@ EAL <=F =A?=F=F #aF<=F G;@ 9F O=F O=F<=L E9F KA;@ AF KG =AF=E !9DD 2=J K9?L =AF=E OG E9F OA= NGF ?JGZ=E )MLR=F K=AF C9FF A=K= NGJ@9F<=F= #AD>K

:=J=ALK;@9>L OAJ< K=AL@=J AE +73? XEF7DD7;5: C9F9DAKA=JL =J=ALK CMJR F9;@ FCeF<A?MF? <=J CLAGF CGFFL= ;FD36;A X e:=J

!J=AOADDA?= 9DK Ed?DA;@= #=D>=J J=?AKLJA=J=F

= '4#06914670)

+' *7/#0+6C4'0 0+6+#6+8'0 &'5

+2</ +-2,+< 38 9>

E (9A

>=A=JL %35:43D ;@ %AF K=AF=F %9@J=KL9? =J )9E= AKL RME .QFGFQE >eJ J9K;@= MF:eJG

CJ9LAK;@= MF< = RA=FL= #AD>= 9MK ^KL=JJ=A;@ ?=OGJ<=F 2=DLO=AL @9:=F <=J *-! V MF< EAL A@E 9M;@ <A= dKL=J

J=A;@AK;@=F #AD>KGJ?9FAK9LAGF=F +9JLF=J$FF=F 9MK 2AJLK;@9>L (=<A=F MF< B=<= J =AFR=DF= .H=F<=J$F V <9RM :=A?=LJ9?=F (=FK;@=F AF &JAK=FJ=?AGF=F <9K _:=JD=:=F RM KA;@=JF <A= 2A=<=J=JD9F?MF? A@J=J '=:=FK?JMF<

D9?=F RM =JD=A;@L=JF MF< <MJ;@ 2A=<=J9M>:9M 9M;@ F9;@@9DLA? RM N=J:=KK=JF %35:43D ;@ %AF AKL =AF :==AF<JM

;C=F<=K 5=A;@=F dKL=JJ=A;@AK;@=J .GDA<9JALaL ?=OGJ<=F (AG MJG OMJ<=F AF ^KL=JJ=A;@ AFF=J@9D: NGF %9@J=F >eJ <A= !De;@LDAF?= MF< 1=JLJA=:=F AF P %M?GKD9OA=F ?=KH=F<=L

1.- )44 %1;176 =6, 1;;176 ,-: ! 1;< E41>-C ,)*-1

=J #;87 3>> V MJGH9K ?JdZL=K A<K @9JALQ N=FL V >AF<=L Ba@JDA;@ K=AL AE 2A=F=J -9L@9MK MF< K=AL

9M;@ 9E -9L@9MKHD9LR KL9LL 9K *J?9FAK9LA

GFKL=9E @9L =K KA;@ NGJ<JAF?DA;@ RMJ M>?9:= ?=E9;@L Ed?DA;@KL ?JGZ= >AF9F

RA=DD= .MEE=F RM DMCJA=J=F <A= B=O=ADK RMJ #aD>L= F9LAGF9D=F #AD>KHJGB=CL=F MF< V e:=J &GGH=J9LAGF=F EAL AFL=JF9LAGF9D=F *J?9FAK9LAGF=F OA= <=J ?7 D;53@ AG@63F;A@ 8AD ;6E )7E73D5: 3?8 ) V (=FK;@=F AF <=F 9E KLaJCKL=F :=LJG>>=F=F "=:A=L=F <=J 2=DL RM?ML= CGEE=F =J *-! e:=JLJa?L K=AL

<=F #;87 3>> AE -9@E=F =AF=K /@=E=F9:=F<K DAN= AE #9MHL9:=F<HJG?J9EE 9<MJ;@ HJaK=FLA=JL <=J *-! FA;@L FMJ <9K K;@ADD=JF<KL= .G;A=LQ=N=FL <=K %9@

J=K =J LJa?L 9M;@ RMJ =OMKKLK=AFK:AD<MF? MF< RM :J=AL=J=J CR=HL9FR :=A

'405'*'0 (E4 #..'

G ;8C.7= #7=.;=2=.5 /P; K<=.;;.2,1< .1O;58<. E .27. !.7<*=287 D

++"/ ;.( <. "%&+!".0"+/".2& "

JAFF=JF .A= KA;@ FG;@ 9F <=F .=HL=E:=J 9K O9J B=F=J .GFFL9? 9F <=E <A= .;7@7D GEFD;3 /9:=D

D=F>e@J=J OMJ<= F9;@<=E )3B;6 ?=?=F *FGD? N=JDGJ=F @9LL= *:=JdKL=JJ=A;@K &MDLMJ:GLK;@9>L=J #M:=JL NGF "GAK=JF :==F<=L= K=AF= A@3G &EF +AGD &9FRD=J "MK=F:9M=J O9J RM "9KL AF $KJ9=D MF< A;@ K;@DA=> RA=E

DA;@ D9F?= O=AD A;@ 9E /9? <9NGJ E=AF=F "=:MJLKL9? ?=>=A=JL @9LL= =J =A?=FLDA;@= "JMF< <9>eJ <9KK A;@ <=F .=HL=E

:=J FA= E=@J N=J?=KK=F O=J<= AKL 9:=J =AF ?9FR 9F<=J=J =J -=A@= F9;@ M> <=E 2=? RM <=F .GFFL9?KR=ALMF

?=F J=A;@=JL= A;@ <=F "D9K;GFL9AF=J EAL <=F ?=D==JL=F 5=M?=F <=K "=:MJLKL9?K>=KL=K 9F MF< <9FF <9K X&) 7@6>;5: 83EF 43DD;7D78D7; Q

'DAL7@F ,@F7DF;F7> 8_D XEF7DD7;5:E 7:^D>AE7S KL9F< K=@J =PCDMKAN 9M> <=E /AL=D:D9LL =AF=J K=@J dKL=JJ=A;@AK;@=F /9?=KR=ALMF? ME FMJ 9K !Je@KLe;C MF< E=AF= !J9M CGFFL=F O9JL=F A= 0FL=JLAL=DMF? E=AF '=:=FKO=JC e:=J )9;@L NGF 9M> +JGR=FL V =AF= .=FK9LAGF M> <=F 5=ALMF?KK=AL=F NA=J MF< >eF> KL9F< O=E <A= JMF< ?=@dJDGK=F MF< KL9JC K;@O=J@dJA?=F (=F

K;@=F <A=K=K '9F<=K <9K 2MF<=J RM N=J<9FC=F @9LL=F K O9J=F NA=D= &) 7@7D3>6;D7=FAD J D=P9F<=J 2J9:=LR X.7D I7@@ @;5:F 67D ^887@F>;5: D75:F>;5:7 &) EA>> E;5: <7@7D 7H^>=7DG@9E9DGBB7@ 3@@7:?7@ 6;7 HA@ 67D 7D@E7: ;@8AD?3F;A@ G@6 G@F7D:3>FG@9 93@L A67D F7;>I7;E7 3GE 97E5:>AEE7@ E;@6 ,@6 ;5: H7DEBD75:7

'DAL7@F ,@F7DF;F7> E;@6 @A5: @;5:F 3>>7E >E @[5:EF7E 7DI7;F7D@ I;D 63E @974AF 8_D 6;7 974[D67@EBD35:AD;7@F;7DF7@ $7@E5:7@ G@6 7E I;D6 ?7:D ^D8;>?7 8_D 6;7 4>;@67@ G@6 EF3D= E7:47:;@67DF7@ $7@E5:7@ 9747@ !7FLF IA G@E 6;7 )79;7DG@9 7@6>;5: 63E 7>6 LGD_5=9;4F 63E

G@E 6GD5: 6;7 74_:D7@478D7;G@97@ 7@F93@97@ ;EF =^@@7@ I;D G@E 63E >7;EF7@ S =J @=> <=K 'G4>;=G?E D3FE "=GJ? 2=AZE9FF K9?L= X 5: 8D7G7 ?;5: 63EE D .D347FL G@E7D7D AD67DG@9 EA D3E5: @35:97=A??7@ ;EF G@6 4763@=7 ?;5: 93@L 47EA@67DE 8_D 63E :3D?A@; E5:7 G@6 E35:>;5:7 7EBD[5:E=>;?3 47; 3>>7@ G@E7D7@ -7D:3@6>G@97@ S X-' 7:;@67DF7@EBD75:7D )9LAGF9D

J9L J !J9FR %GK=> #M9AFA?? <=J <=E *-! ?=?=Fe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a@J=F< A;@ FG;@ e:=JD=?L= G: A;@ EA;@ <9Je:=J aJ?=JF KGDDL= OMJ<= A;@ O9;@ (=AF= !J9M @9LL= AFROAK;@=F <A= .GFFL9?KR=ALMF?=F ?=@GDL AF= K=@J dKL=JJ=A;@AK;@= /9?=KR=ALMF? LAL=DL= K=@J =PCDMKAN X*FDA? D;787 '3D =7@ *7;F 97EF7D@ ;EF 63E #747@ F7GD7D Q 'DAL7@F ?7:D 8_D 67@ "GDLB3D=E5:7;@ S @9 E :=F< :=JA;@

L=L= <9FF <A= 17;F ;? ;>6 ME 0@J MFL=J 9F<=J=E e:=J <9K &GFR=JL <=K #M:=JL NGF "GAK=JF V EAL / '

/ 3/ 0FL=JLAL=DF 1GF <=J "=K;@A;@L= e:=J "MK=F:9M

=JK $KJ9=D =KM;@ AF <=J 1; ME 0@J @9LL=F <A= #dJ:=@AF<=JL=F J=D9LAN O=FA? A= .=F<MF? O9J FA;@L MFL=JLAL=DL :=J <9K OAJ< K;@GF

++"/ ;.( _:JA?=FK E .=HL=E:=J OMJ<=F 9M> *-! MF< *-! AFK?=K9EL .=F<MF?=F EAL / ' / 3/ 0F

L=JLAL=DF 9MK?=KLJ9@DL 9K O9J=F CF9HH .LMF<=F !=JFK=@=F RME (ALD=K=F &AF<=JK=JA=F (9?9RAF= .HA=D>ADE= MF< $F>GJE9LAGFKK=F<MF?=F V =AF ,M=J

K;@FALL <MJ;@ <9K *-! +JG?J9EE

/=/8 =>+>> 2R</8 G .+= " #/<@3-/ 0S< R<,/238./<>/

+JG (GF9L :A=L=L <=J *-! <=JR=AL AE .;@FALL .LMF<=F !=JFK=@=F EAL 0FL=J

LAL=DF V )9;@JA;@L=F =:=FKG OA= (9?9RAF= .=JA=F !ADE= MF< GCME=FL9LAG

F=F +JG (GF9L CGEE=F >eF> :AK K=;@K F=M HJG<MRA=JL= .HA=D>ADE= MF< E=@

J=J= GCME=FL9LAGF=F @AFRM 5MKaLRDA;@ :A=L=L <9K (9?9RAF #7E7@ EF3FF ^D7@ 9M> <=F + # + /+ .=AL=F :AK #dJ:=@AF<=JL=F $F>GJE9LAGF=F e:=J <A= CLANALaL=F <=J 1=J=AF= AF ?9FR ^KL=JJ=A;@ =J9LMF?KL=JEAF= <J=KK=F NGF $FKLALMLAGF=F MF< *J?9FAK9LAGF=F <A= #AD>= 9F:A=L=F KGOA= KH=RA=DD= )9;@

JA;@L=F >eJ <A= 5A=D?JMHH= 9K F?=:GL <=K *-! >eJ <A= AF ^KL=JJ=A;@ D=:=F<=F ?=@dJDGK=F MF< @dJ:=@AF

<=JL=F (=FK;@=F OMJ<= AE %9@J

<=MLDA;@ 9MK?=:9ML M> <=J + # + /+

.=AL= OMJ<=F AFK?=K9EL .LMF<=F !=JFK=@=F EAL + # + /+ 0FL=JLA

L=DF 9MK?=KLJ9@DL 9DKG <MJ;@K;@FALLDA;@ .LMF<=F HJG (GF9L 9K :=<=ML=L =AF= .L=A?=JMF? ME E=@J 9DK +JGR=FL ?=?=Fe:=J

= '4#06914670)

+.(5 '46'

R</8 =>+>> =/2/8 G .+= " #/<@3-/ 0S< #/2,/238./<>/

.=AL

:A=L=L <=J *-! =AF KH=RA=DD=K .=JNA;= >eJ K=@:=@AF<=JL= MF< :DAF<= 5MK=@=J$FF=F AF /=AD <=K .HA=D MF< !=JFK=@>ADE9F?=:GLK OAJ< AF ^D8;>? H7DE;A@ 9MK?=KLJ9@DL 9K :=<=ML=L <9KK =AF !ADE <MJ;@ RMKaLRDA;@= 9CMK

LAK;@= 1=JKL=@=FK@AD>=F RA=D?JMHH=F?=J=;@L 9M>:=J=AL=L OAJ< A=K= M<A

G<=KCJAHLAGF=F KAF< AF A9DG?H9MK=F =AF?=K;@9DL=L= CF9HH= KHJ9;@DA;@= =K;@J=A:MF?=F NGF AD<=D=E=FL=F MF< AD<>GD?=F <=K B=O=ADA?=F !ADEK <=J=F &=FFLFAK >eJ <9K 1=JKL=@=F <=J #9F<DMF? :RO >eJ <9K )9;@NGDDRA=@=F NGF LEGKH@aJAK;@=E OA;@LA? AKL MJ;@ <A=K=K AFL=JF9LAGF9D AF &AFG /@=9L=J MF< /1 :=J=ALK =JHJG:L= 1=J>9@J=F OAJ< <=J NAKM=DD= "=@9DL <=K /1 F?=:GLK >eJ <A= JMF<

.=@:=@AF<=JL=F :RO DAF<=F AF ^KL=JJ=A;@ 9M> <=E >eJ KA= O9@JF=@E:9J=F 2=? N=JEALL=DL AF ^D8;>? OAJ< AE *-! 9CMKLAK;@ EALL=DK .A?F9DLGF MF< NAKM=DD V <MJ;@ AF:D=F<MF? =AF=K =FLKHJ=;@=F<=F 'G?GK V ?=

C=FFR=A;@F=L MF< AE 1I7;=3@3>FA@ 1=J>9@J=F 9MK?=KLJ9@DL $E %9@J

OMJ<=F AE *-! K=;@K !ADE= MF< /1 (GNA=K AE ^D8;>?8AD?3F ?=K=F<=L 2=AL=JK K=F<=L <=J *-! J=?=DEaZA? .=JA=F OA= 7D >F7 G<=J ;@ 3>> 8_D 1I7; AE ^D8;>?8AD?3F

/6/,>/= 81+1/7/8> " </3= +8 +<3>+= ?8. <9 /8>/

E %MDA

OMJ<= RME (9D <=J D7;@75=7D *7@;AD7@BD7;E N=JDA=@=F MK?=R=A;@F=L OMJ<=F <9EAL +JGB=CL= >eJ (=FK;@=F AF >AF9FRA=DD K;@OA=JA?=F '=:=FKKALM9LAGF=F =AF= .GRA9D:=?D=ALMF? >eJ (=FK;@=F EAL HKQ;@AK;@=F J

CJ9FCMF?=F MF< 3D;F3E AJ=CLGJ J (A;@9=D '9F<9M >eJ K=AF F?9?=E=FL >eJ <A= #GKHAR:=O=?MF?

7 3/8=> ./< 661/7/382/3> #9D3+65+7:+18/8 37 "

N=JK;@A=<=F= .MB=LK #AFO=AK= MF< M>JM>= >eJ OG@DLaLA?= 5O=;C= OMJ<=F

AE *-! CGKL=FDGK 9MK?=KLJ9@DL $FK?=K9EL .GRA9DKHGLK C9E=F AF <=F *-! -9<AGHJG?J9EE=F RME AFK9LR AF= .GRA9DC9EH9?F= RMJ :3@57@ 9>7;5::7;F 9M> <=J 9KAK <=J NGF <=J 0 =JD9KK=F=F FLA<AKCJAEAFA=JMF?KJA;@L

DAFA=F OMJ<= NGE *-! AF -9<AG MF< !=JFK=@=F EAL?=LJ9?=F

B +0+6+#6+8

IK 8377> +6= 7/3=>1/2R<>/< "+.39=/8./< 37 +8. =/38/ &/<+8>A9<>?81 0S< K=>/<</3-2 A+2< A3/ 5/38 +8./</< 3>,/A/<,/< /60/8 3=> ,/3 K /38/ <?8./38=>/66?81 E

) ".0 ))& :

=J +JG?J9EE9M>LJ9? M 67E &) 7E7FL7E ME>9KKL <A= 3=FG7>>7 @8AD?3F;A@ .;EE7@E5:38F "G>FGD *BADF MF< ,@F7D:3>FG@9 J ?ADL MF=AF?=K;@JaFCL >eJ <9K #ALJ9<AG ^ ^ AKL <9K dKL=JJ=A;@AK;@= #ALJ9<AG EAL d>>=FLDA;@

J=;@LDA;@=E (=@JO=JL AF .=JNA;= MF< $F>GJE9LAGF ^ R=A;@F=L =AF D=:=F<A?=K HGKALAN=K 9:=J FA;@L MFCJALAK;@=K AD< NGF ^KL=JJ=A;@ MF< <=J 2=DL ^ KL=DDL F=:=F HJaRAK=F CGEH9CL=F "JMF<AF>GJE9LA

GF=F <A= :=LJG>>=F=F (=FK;@=F MF< A@J= =<eJ>FAKK= AF <=F 1GJ<=J?JMF< ^ :A=L=L )MLR=F MF< *JA=FLA=JMF? AE DDL9? =AE G?3@;F3D;3@ DA3653EF;@9 =J>eDDL <=J .=F<=J R9@DJ=A;@= M>?9:=F >eJ <A= DD?=E=AF@=AL <A= O=AL e:=J <=F "=K=LR=K9M>LJ9? @AF9MK ?=@=F &=AF +GH

-9<AG AF MJGH9 C9FF <A=K= !eDD= 9F +JG?J9EE9CLAG

F=F MF< $FALA9LAN=F NGJO=AK=F O=<=J d>>=FLDA;@ J=;@L

DA;@= FG;@ HJAN9L= .=F<=J $F C=AF=E =J=A;@ DaKKL KA;@ <=J 'G4>;5 -3>G7 <=K d>>=FLDA;@ J=;@LDA;@=F -MF<

>MFCK KG =AF<JM;CKNGDD :=D=?=F OA= :=AE G?3@;F3D; 3@ DA3653EF;@9 <=K #ALJ9<AG ^ =J .=F<=J :DA;CL <9:=A 9M> =AF= :=O=?L= MF< =AF

<JM;CKNGDD= "=K;@A;@L= RMJe;C .;@GF OAJ< <A= X "G??7D@G??7D 9DK ?=E=AF

K9E= CLAGF NGF *-! <=J 3D;F3E MF< <=E *AL;3>?; @;EF7D;G? ?=?JeF<=L K CGEE=F 9J:=ALKDGK= C9<=

EAC=J$FF=F 9DK /=D=>GF:=J9L=J$FF=F RME AFK9LR <A= AE -9@E=F <=K KG?=F9FFL=F =367?;=7DFD3;@;@9E /=D=>GF<A=FKL N=JK=@=F (AL <=E HGDALAK;@=F MK >eJK C9<=EAC=JLJ9AFAF? O9J 9M;@ <A= "G??7D@G??7D ?=>a@J<=L OAJ< <A= X "G??7D@G??7D 9M> $FALA9LAN= <=K -9<AGK=F<=JK ?=E=AFK9E EAL <=E

XEF7DD7;5:;E5:7@ )AF7@ "D7GL 9M> =AF F=M=K EG<=JF=K =J9LMF?KCGFR=HL ME?=KL=DDL MF< <A= PAKL=FR <9EAL >eJ %9@J= ?=KA;@=JL "ML 9MK?=:AD<=L= =@J=F9ELDA

;@= )AF "D7GL (AL9J:=AL=J$FF=F KAF< K=AL <9E9DK AF <=F -=LLMF?K<A=FKLKL=DD=F AF ?9FR ^KL=JJ=A;@ >eJ <A= .GJ?=F MF< )dL= <=J ^ #dJ=J$FF=F =JJ=A;@:9J 9K AFL=DDA?=FL= /=D=>GFCGFR=HL =FLOA;C=DL ^ <9K =J9LMF?KCGFR=HL <9K -GL= &J=MR <A= FJM>=JR9@

D=F =PHDG<A=J=F OAJ< <=J X "G??7D@G??7D <A= AF ?9FR MJGH9 =JJ=A;@:9J= &MJRFMEE=J RM?=KHJG;@=F MJG

HaAK;@= &GEE=FL9LGJ=F R=A?=F KA;@ N=JOMF<=JL 2A=KG :=CGEEL BMKL =AF -9<AGK=F<=J =AF= &MJRFME

E=J >eJ =AF= '=:=FK@AD>= #GLDAF= FLOGJL 2=AD ^ EAL C=AF=E e:DA;@=F -9<AGK=F<=J N=J?D=A;@:9J AKL MF< EAL <=J "G??7D@G??7D 9DD= M>D9?=F >eJ =AF= =MJG

HaAK;@= '=:=FK@AD>= #GLDAF= =J>eDDL 9K #ALJ9<AG ^ MF< <9K XEF7DD7;5:;E5:7 )AF7 "D7GL 9J:=AL=F =JKLE9DK AE <J9E9LAK;@=F #G;@O9KK=JKGE

E=J =F? RMK9EE=F A= X A5:I3EE7D *A8ADF :;>87 OAJ< RMJ ?JdZL=F .9;@KH=F<=F9CLAGF AF "=K;@A;@L= <=K .=F<=JK $F FMJ O=FA?=F 2G;@=F O=J

<=F .9;@KH=F<=F NGF !AJE=F 29K;@E9K;@AF=F 5A=

?=D (d:=D '=:=FKEALL=D =L; AE 2=JL NGF R=@F (AG MJG ?=K9EE=DL K KAF< NGJOA=?=F< <A= ^ 2=J:=

CMF<$FF=F <A= B=LRL KHGFL9F @=D>=F OGDD=F MJ;@ <9K &FGO @GO <=K )AF7@ "D7GL7E ?=DAF?L =K <9KK <A= "eL=J AF FMJ O=FA?=F 2G;@=F 9M;@ L9LKa;@DA;@ :=A <=F NGE #G;@O9KK=J 9E @aJL=KL=F :=LJG>>=F=F !9EADA=F 9FCGEE=F #AD>= <A= 9FCGEEL AKL <9K (GLLG <=K .=F<=JK ^ >=A=JL EAL K=AF=F #dJ=J$FF=F =AF *H=F AJ &GFR=JL 9DK <9K 29KK=J =F<DA;@ RMJe;C?=@L

= '4#06914670)

Ogilvy

Sind Sie bereit, alles liegen und stehen zu lassen? Hitradio Ã&#x2013;3 und das Rote Kreuz suchen Menschen, die anpacken, wenn Ã&#x2013;sterreich Hilfe braucht. Jetzt anmelden auf OE3.ORF.AT/TEAMOESTERREICH

^ N=JO9F<=DL KG?9J 9DL= N=JE=AFLDA;@ O=JLDGK= #9F

<QK RM O=JLNGDD=E .H=F<=F?=D< >eJ #;5:F ;@E G@=7> A= X .G@67DF_F7 AKL =AF= J>AF<MF? <=K CJ=9LAN=F ^ /=9EK MF< @=ML= V G>L CGHA=JL MF< FA= =JJ=A;@L V <A= ?JdZL= .9EE=D9CLAGF <A=K=J JL AF ?9FR MJGH9 DD=AF= :=A <=J CLAGF OMJ<=F e:=J #9F<QK ?=K9EE=DL <9K =J?A:L =AF= .H=F<=FKMEE= NGF MJG >eJ !9EADA=F AF )GL $FK?=K9EL CGFFL=F EAL <=F <J=A CLAGF=F K=AL e:=J (AG MJG ?=KH=F<=L O=J<=F 5MKaLRDA;@ OMJ<=F 1GDD

R=AL9J:=ALKHDaLR= >eJ '9F?R=AL9J:=ALKDGK= AE -9@E=F <=K +JGB=CLK X .G@67DF_F7 >AF9FRA=JL M;@ MFL=JKLeLRL ^ <A= CLAGF *FG@67@ A:@7 "A?BDA?;EE 2=FF %M?=F<DA;@= <J=A /9?= D9F? &AF<=JKHA=DHDaLR= J=FGNA=J=F *:<9;@DGK= :=LJ=M=F G<=J DL=JK@=AE= 9MKE9D=F CdFF=F KA= 9M> <A= 0FL=JKLeLRMF? A@J=K 'A=:DAF?KK=F<=JK Ra@D=F (AL <=F M>JM>=F AE -9<AG OAJ< <A= #AD>K9CLAGF <=J "3F:A>;E5:7@ !G97@6 EAL <=J !G@97@ 3D;F3E 9M;@ =AF ?JGZ=J J>GD? OAJ< 9:=J 9MK =AF=E 9F<=J=F "JMF< AF <A= "=K;@A;@LK:e;@=J =AF?=@=F ^ ?JeF<=L ?=E=AFK9E EAL <=E XEF7DD7;5:;E5:7@ )AF7@ "D7GL <9K +73? XEF7DD7;5: 2=FF AE !=JFK=@=F <A= AD<=J NGF )9LMJC9L9KLJGH@=F RM K=@=F KAF< MF< <9K -9<AG MF=FLO=?L <9Je:=J :=JA;@L=L <9FF =FLKL=@L KL=LK =AF=K =AF= e:=JOaDLA

?=F<= =J=ALK;@9>L KG>GJL RM @=D>=F FA;@L FMJ EAL "=D< KGF<=JF 9M;@ EAL <=F =A?=F=F #aF<=F G;@ 9F O=F O=F<=L E9F KA;@ AF KG =AF=E !9DD 2=J K9?L =AF=E OA= E9F NGF ?JGZ=E )MLR=F K=AF C9FF A=K= NGJ@9F<=F= #AD>K:=J=ALK;@9>L OAJ< AE +73? XEF7DD7;5: =JKLE9DK C9F9DAKA=JL 9K +73? XEF7DD7;5: AKL <9K =JKL= +JGB=CL <A=K=J JL <9K =AF= F=M= !GJE <=J

)9;@:9JK;@9>LK@AD>= KAFFNGDD =JEd?DA;@L MF< HJG>=KKA

GF=DD GJ?9FAKA=JL G@F= <9KK <A= /=9EEAL?DA=<=J <9:=A <9M=J@9>L= 1=JH>DA;@LMF?=F =AF?=@=F EeKK=F 9K +73? XEF7DD7;5: :=KL=@L 9MK (=FK;@=F <A= KA;@ NA9 $FL=JF=L AF =AF=J 9L=F:9FC J=?AKLJA=J=F <GJL ME>9K

K=F< e:=J A@J= :=KGF<=J=F &=FFLFAKK= MF< !a@A?C=A

L=F MKCMF>L ?=:=F MF< =AF=F AF>e@JMF?KCMJK RME /@=E9 "3F3EFDAB:7@:;>87 9:KGDNA=J=F 9F9;@ CdF

F=F <A= (AL?DA=<=J <=K +73? XEF7DD7;5: :=A ?JGZ=F &9L9KLJGH@=F AE $FD9F< CGFL9CLA=JL O=J<=F A= CLAGF e:=JLJA>>L 9DD= JO9JLMF?=F AK @=ML= @9:=F KA;@ e:=J ^KL=JJ=A;@=J$FF=F >eJ <9K +73? XEF7DD7;5: J=?AKLJA=JL ^ FAEEL 9DK E=AKL?=@dJL=J -9<AGK=F<=J AE '9F< K=AF= 1=J9FLOGJLMF? >eJ ^KL=JJ=A;@ 9DKG O9@J OA= C=AF 9F<=J=J (AL:=O=J:=J #=D>=F AKL :=A ^ =AF= "JMF<=AFKL=DDMF? #AD>K9CLAGF=F KAF< >AP=J =KL9F<L=AD <=K +JG?J9EEK 2=J :=J=AL AKL AF &JAK=FKALM9LAGF=F 9DD=K DA=?=F MF< KL=@=F RM D9KK=F AKL :=A ^ MF< K=A

F=E +73? XEF7DD7;5: ?=F9M JA;@LA? A= X 7?7;@67 AKL C=AF @G@D=J 2=J:=KDG?9F KA= =PAKLA=JL 9KK ^ EAL K=AF=E 9MZ=JGJ<=FLDA;@=F F?9?=E=FL KGRA9D= 2=JL= OA= %35:43DE5:38FE:;>87 ;>8E47D7;F E5:38F G<=J %[5:EF7@>;747 @G;@@aDL MF< <9EAL O=K=FLDA;@ RM =AF=E :=KK=J=F 5MK9EE=FD=:=F AE '9F< :=ALJa?L AKL AF "=D<O=JL=F K;@O=J RM :=RA>>=JF A=K=J 'G4>;5 -3>G7 <=K d>>=FLDA;@ J=;@LDA;@=F -MF<

>MFCK AKL MF=JE=KKDA;@ 2aJ= ^ V OA= +JAN9LK=F<=J V FMJ 9M> "=OAFF 9MK?=JA;@L=L OaJ= <A=K=K F?9?=

E=FL OG@D FA;@L Ed?DA;@ ?=O=K=F

) ".0 ))&

G 2. O//.7=52,1 ;.,1=52,1.7 !.7-.; @855.7 >+52, $*5>. <,1*//.7 E .1; @.;= /P; *55. !2. @855.7 0.<.55<,1*/=52,1 .5.?*7=.< *7+2.=.7 -*< 72,1= -.7 .<.=C.7 -.< *;4=.< 0.18;,1= <87-.;7 -.7 .-P;/72<<.7 .27.; =;*7<9*;.7=.7 -.684;*=2<,1.7 .<.55<,1*/= D 3O;7 !=*<,1.7

%=<= J D=:L AF "=E=AFK;@9>L=F $F <=J !9EADA= 9E J:=ALKHD9LR AF .L9<L MF< '9F< M;@ O=J KA;@ 9DD=AF >e@DL AKL EAL <=J "=K=DDK;@9>L N=J:MF<=F $F =AF=J 2=DL NGDD=J 5MK9EE=F@aF?= #AFL=J?JeF<= MF< :@aF

?A?C=AL=F K CGEEL <9J9M> 9F KA= RM N=JKL=@=F =EGCJ9LA= MF< <9K '=:=F AF =AF=J 2=DL MFe:=JK;@9M:9J=J 1A=D>9DL =J>GJ<=JF *JA=FLA=JMF? MF< 2AKK=F OA= ?=K=DDK;@9>LDA;@= :DaM>= >MFCLAGFA=J=F )GLO=F<A? AKL $F>GJE9LAGF <A= KA;@ NGF 1GJMJL=AD=F .H=CM

D9LAGF MF< CMJR>JAKLA?=F /J=F<K MFL=JK;@=A<=L 29K (=FK;@=F LJ=FFL AKL /=AD <=J MK=AF9F<=JK=LRMF?=F <A= d>>=FLDA;@ J=;@LDA;@=J -MF<>MFC 9::AD<=L 0F9:@aF?A? &JALAK;@ (AL BGMJF9DAKLAK;@=J &GEH=L=FR eJ?=JF9@ AE .LJ=AL MF< &GF>DACL>9DD 9M;@ EAL <=E DA;C 9M> <A= .;@9LL=FK=AL=F <=K '=:=FK 29K (=FK;@=F OAKK=F KGDD=F ME A@J= 0EO=DL RM N=JKL=@=F AKL AD<MF?K9M>LJ9? <=K *-! J :=<=ML=L #AFL=J?JeF<= :=D=M;@L=F +GDALAC 2AJLK;@9>L &MFKL 2AKK=FK;@9>L .HGJL -=DA?AGF +@ADGKGH@A= MF< DDL9? N=JKLaF<DA;@ E9;@=F =JCDaJ=F MF< @AFL=J>J9?=F 29K (=FK;@=F N=J:AF<=L AF A@J=J '=:=FK9JL O9K KA= AF &MFKL MF< &MDLMJ 9M> MF< 9FJ=?L HJGNGRA=JL MF< RME )9;@<=FC=F :JAF?L AKL >eJ <=F *-! =AF M>LJ9? B=FK=ALK <=J ,MGL= ME KA;@L:9J RM E9;@=F &J=9LANALaL 9DK '=:=FK MF< MK<JM;CK>GJE AKL AF <=F d>>=FLDA;@ J=;@LDA;@=F (=<A=F =AF N=JH>DA;@L=F

<=J ,M9DALaLK9FKHJM;@ =J *-! AKL =AF= ?=K=DDK;@9>LDA;@ KAFFNGDD= AFJA;@LMF? 5MCMF>L @9L =J FA;@L 9DK :eJGCJ9LAK;@= $FKLALMLAGF G<=J 9DK .HA=D:9DD <=J +GDALAC KGF<=JF 9DK D=:=F<A?= MF< G>>=F= (=<A=F +D9LL>GJE >eJ <A= =<eJ>FAKK= <=J (=FK;@=F (aJCL= N=JO=JL=F +JG<MCL= MF< #ME9FC9HAL9D =J *-! HJG<MRA=JL .GRA9DC9HAL9D !eJ (=F

K;@=F <A= KA;@ AF <=J 2=DL FA;@L FMJ 9DK &GFKME=FL$FF=F OA=<=J>AF<=F 0FK=J M>LJ9? GEEMFALA=K E9LL=J "=K=DDK;@9>L Ra@DL

% # ! # !$ # ! # H! ! F $ #$! $ #!

=.<:)/

-1;<=6/

A= 0FL=JK;@A=<= MF< A?=F@=AL=F <=J (=FK;@=F <A= 1A=D>9DL AF "=K=DDK;@9>L MF< 0EO=DL 9M>R=A?=F L@=E9LAKA=J=F MF< <GCME=FLA=J=F 0FL=J@9DLMF? MF< $F>GJE9LAGF e:=J 9DD= V >eJ 9DD=

-0:?-:< 1- % # ,-: &-4< D 0J:-6 ;-0-6 ?)0:6-05-6

G >*52=N= 26 >7-/>74 +.-.>=.= *>,1 -.7=2=N= 62= -.6 0.<.55<,1*/=52,1.7 #6/.5- C> <=2/=.7 >7- .27. 6O052,1<= +;.2=. 4>5=>;.55 0.62<,1=. K//.7=52,14.2= C> .;;.2,1.7 .0.7<.2=20.< $.;<=.1.7 >7- @.,1<.5<.2=20. "85.;*7C <27- -2. &2.5. -2.<.; 8;6 ?87 >*52=N=<<2,1.;>70 D 2.=.; O;; >7- .<<2,* !N70.; #72?.;<2=N= *27C

^>>=FLDA;@ J=;@LDA;@= &GEEMFAC9LAGF C=FFL MF< KHJA;@L NA=D= .HJ9;@=F 0FL=J@9DLMF? :RO $F>GJE9LAGF e:=J <A= 1A=D>9DL <=J 2=DL =Jd>>F=F F=M= #GJARGFL= MF< +=JKH=CLA

N=F .A;@ 9MKK;@DA=ZDA;@ 9F C9M>CJa>LA?=F 5A=D?JMHH=F MF< (G<=LJ=F<K 9MKRMJA;@L=F AKL >eJ =AF >MFCLAGFA=J=F<=K <=EGCJ9LAK;@=K 5MK9EE=FD=:=F FA;@L ?=FM? A= M>?9

:= <=K *-! AKL =K <9@=J <9K (GK9AC <=K '=:=FK AF 0EO=DL MF< &MDLMJ <A= (=AFMF?KNA=D>9DL AF <=J "=K=DDK;@9>L O9@J

RMF=@E=F RM N=JEALL=DF N=JKL=@=F RM D=JF=F >eJ %MF? MF< DL >eJ !9EADA=F MF< .AF?D=K >eJ (aFF=J !J9M=F MF< &AF

<=J >eJ (=FK;@=F EAL G<=J G@F= J=DA?AdK=E =C=FFLFAK !J=E<=K EMKK FA;@L >J=E< :D=A:=F )=M=K :=<JG@L FA;@L FMJ <9K =KL=@=F<= =K =J?aFRL MF< =JO=AL=JL =Jd>>F=L <=F DA;C >eJ <A= 2=DL NGF EGJ?=F 1A=D>9DL AKL =AF= @9F;= >eJ <A= "=K=DDK;@9>L MF< =AF= RMCMF>LKGJA=FLA=JL= #=J9MK>GJ<=JMF? >eJ <=F *-!

:)3<1;+0-: =<B-6

AF =EGCJ9LA=O=JL >eJ =AF= G>>=F= "=K=DDK;@9>L

14/#6 $4#7%*6 14/#6

G .<<.; 62=.27*7-.; 5.+.7 C> 4O77.7 C2?252<2.;=.; 62=.2 7*7-.; >6C>0.1.7 >7- ;.<9.4=?855 62=.27*7-.; C> ;.-.7 %.77 -.; -*C> 72,1= ?.;5.2=.7 >7- ?.;/P1 ;.7 @855=. ?.;*,1=.=. .; <.27 >+524>6 >7- <2,1 <.5+<= D

,)#$ +$ ,."+6 .,$. **!&."(0,.

$F 9DD K=AF=E /MF MF< #9F<=DF KA=@L KA;@ <=J *-! 9DK :eJ?=JF9@=J A=FKLD=AKL=J 9F K=AF=E +M:DACME MF< 9DK $<=FLALaLKKLA>L=J <=J "=K=DDK;@9>L 9:=A 9J:=AL=L =J AE M>LJ9? <=J "=K=DDK;@9>L V MF< FAEEL ?D=A;@R=A

LA? AF>DMKK 9M> <A= "=K=DDK;@9>L =KK=J EAL=AF9F<=J D=:=F RM CdFF=F RANADAKA=JL=J EAL

=AF9F<=J MERM?=@=F MF< J=KH=CLNGDD EAL=AF9F<=J RM J=<=F V <A= 5MCMF>L NGF MFK MF< MFK=J=J &AF<=J E=A

F=F< 2=FF <=J *-! <9RM FA;@L N=JD=AL=F MF< N=J>e@J=F OGDDL= N=J9;@L=L= =J K=AF +M:DACME MF< KA;@ K=D:KL

<A= MFL=JK;@A=<DA;@KL=F AD<=J NGF "=K=DDK;@9>L RM CGEEMFARA=J=F =J *-! @9L K=AF=E +M:DACME <A= 2=DL AF A@J=J 1A=D>9DL MF< D=LRLDA;@ 9M;@ AF A@J=F RANADA

K9LGJAK;@=F @9F;=F NGJRM>e@J=F +DMJ9DAKEMK KL9LL .L=J=GLQH=F RM >dJ<=JF :=AKHA=DK

O=AK= :=A !J9M=F MF< (aFF=JLQH=F :=A %M?=F< G<=J .=FAGJ=F:AD<=JF :=A '=:=FK9JL=F G<=J =RA=@MF?K

EG<=DD=F F<=JKE=AF=F<= FA;@L 9DK GHHGKALAGF=DD 9:LMF (AF<=J@=AL=F 9DK CMDLMJ=DD=F -=A;@LME =EH>AF

<=F %M?=F<DA;@= AF A@J=J .M;@= F9;@ $<=FLALaL MF< $<=FLA>AC9LAGF MFL=JKLeLR=F )=M?A=J RM H>D=?=F MF< <A= DL?A=JA?=F AF !J9?= RM KL=DD=F >J=E<:=KLAEEL= 2=DL:AD<=J CJALAK;@ @AFL=J>J9?=F< G>>=F= MF< >9AJ= AKCMJK= e:=J <A= +JG:D=E= @=MLA?=J "=K=DDK;@9>L=F 9MKRMLJ9?=F V CMJRME A= 0FL=J@9DLMF? e:=J 9DD= /@=E=F <A= MFK=J '=:=F :=Je@J=F RM >e@J=F <9RM Ed;@L= <=J *-! AF K=AF=E La?DA;@=F .;@9>>=F :=ALJ9

?=F MF< LaLA? N=J>e@J=F 9K AKL <A= 9KAK 9M> <=J d>>=FLDA;@=J -MF<>MFC K=AF= R=AL?=FdKKAK;@= =J=;@LA

?MF? MF< )GLO=F<A?C=AL >AF<=L

+JAN9LK=F<=J E9;@=F FMJ >eJ =AF=F F9;@ CGEE=JRA=D

D=F KH=CL=F 9MK?=Oa@DL=F /=AD <=J "=K=DDK;@9>L F?=:GL= $E (ALL=DHMFCL <=K $FL=J=KK=K KL=@L <=J "=OAFF >eJ <A= A?=FLeE=J$FF=F ^>>=FLDA;@ J=;@LDA

;@= !=JFK=@E9;@=J$FF=F KAF< AF A@J=E ?=K=LRDA;@=F M>LJ9? MF< .=D:KLN=JKLaF<FAK 9:=J <9RM :=JM>=F +JG?J9EE= >eJ 9DD= 9FRM:A=L=F ?9D O=D;@=J V G>L <MJ;@ JALL= EAL:=KLAEEL=F V 5A=D?JMHH= KA= 9F?=@d

J=F 2AJ ?D9M:=F <9KK =K ?=>a@JDA;@ AKL 5A=D?JMHH=F KG RM N=J;DMKL=JF <9KK <A= (=FK;@=F AF A@J=J $F<ANA

)MJ =O9@J=F >e@JL RM .LADDKL9F< MF< @=EEL -=9CLAGF <M9DALaL <9JAF N=JK;@OAF<=F 9@=J OGDDL=F OAJ MFK MFK=J +M:DACME 9E DA=:KL=F 9DK ?JdZLEd?DA;@= FR9@D OA= CLAGF !eJ "=K=DDK;@9>L=F OA= >eJ (=<A=F ?ADL NGF (=FK;@=F NGJKL=DD=F <=FF 9DK KL9LAKLAK;@= "JdZ= 2=J KA;@ 9MK F?KL NGJ -AKACG MF< 0FKA;@=J@=AL EAL :DGZ=F X_:=JD=:=FKEG<=DD=FS :=?Fe?L DaM>L "=>9@J !GJLK;@JALL MF< 5MCMF>LK;@9F;=F RM N=JO=A?=JF &DAK;@==K EAL RM CJ=A=J=F MF< >9DK;@= $E9?=K RM JF=M=JMF?KOADD= MF< -=>GJE>J=M<A?C=AL ?=@dJ=F LJ9FKHGJLA=J=F V <9K Ra@DL RM <=F =JM>KJAKC=F <=K <9@=J RM <=F O=K=FLDA;@KL=F .LJ9L=?A=F <=J=J KA;@ !=JFK=@=FK G;@ <=J !GJLK;@JALL =AF=J 5ANADAK9LAGF d>>=FLDA;@ J=;@LDA;@=J -MF<>MFC AF FF9@E= <=J #=J

R=A?L KA;@ AF K=AF=J 1A=D>9DL MF< FA;@L AE FD=?=F NGF (GFGCMDLMJ=F ^>>=FLDA;@ J=;@LDA;@=J -MF<>MFC @9L AF 9MK>GJ<=JMF?=F :=<A=F=F CdFF=F EeKK=F DKG X'=:=FKEG<=DD=S K;@9>>=F K=AF=J +JG?J9EE9MKO9@D MF< =FLOA;CDMF? <9J9M> =<9;@L RM F=@E=F MF< AF K=AF=E "=K9EL9F?=:GL

= '4#06914670) = +'.(#.6 DD= J=<=F NGF ,M9DALaL MF< B=<=J E=AFL <9EAL =LO9K 9F<=J=K (9F >GJEMDA=JL <9:=A E=AKL H=JKdFDA;@= .L9F<9J<K AF<ANA<M=DD= JO9JLMF?=F CMDLMJ=DD= A?=F:=>AF<DA;@C=AL=F =J d>>=FLDA;@ J=;@LDA;@= -MF<

>MFC C9FF =F;@E9JCK K=LR=F 9DK '=ALE=<AME #9D

LMF? 9FF=@E=F <A=K= <MJ;@ $F@9DL= .LAD MF< >GJE9

D=K &dFF=F 9MK<Je;C=F A= 0EK=LRMF? <=K d>>=FLDA;@ J=;@LDA;@=F M>LJ9?K C9FF 9DAEEA ?A6A FA;@L 9F@9F< =AFR=DF=J .=F<MF

?=F G<=J ?9J .=F<MF?KL=AD= ?=E=KK=F O=J<=F V <=J AE "=K=LR >GJEMDA=JL= +JG?J9EE9M>LJ9? JA;@L=L KA;@ 9F <9K +JG?J9EE9F?=:GL AF K=AF=J "=K9EL@=AL PHDA

RAL 9F?=>e@JL AKL K=D:KLN=JKLaF<DA;@ 9M;@ <A= ,@F7D:3> FG@9 9@=J AKL <9K G>L NGF 9MZ=F HJGNGRA=JL= MK

KHA=D=F <=J &9L=?GJA=F @8AD?3F;A@ MF< ,@F7D:3>FG@9 O9K <=FF FMF X^887@F>;5: D75:F>;5:S K=A MF< O9K FA;@L G:KGD=L 2A= 9MK =AF=J .LM<A= <=K &) 'G4>; =G?ED3FE @=JNGJ?=@L =FLKHJA;@L <9K =<eJ>FAK F9;@ 0FL=J@9DLMF? =AF=E <=J O=K=FLDA;@KL=F 2eFK;@= <A= <A= 5MK;@9M=J$FF=F 9F <=F *-! KL=DD=F 5MKaLRDA;@ O=J<=F <A= CD9KKAK;@=F =?JA>>= <=K -MF<>MFC?=K=L

R=K =LO9 @8AD?3F;A@ "G>FGD ;>6G@9 ,@F7D:3>FG@9 NGF <=F 5MK;@9M=J$FF=F @=MLRML9?= G@F=<A=K FA;@L E=@J KG C9L=?GJAK;@ O9@J?=FGEE=F MF< ?=LJ=FFL

!eJ <=F *-! AKL <A= !dJ<=JMF? <=K dKL=JJ=A;@AK;@=F /9D=FLK <=J dKL=JJ=A;@AK;@=F &J=9LANALaL MF< <=J dKL=JJ=A;@AK;@=F +JGN=FA=FR <A= 9KAK 9DD=J &9L=?GJA

=F MF< "=FJ=K 2=K=FLDA;@ <9:=A AKL =K <=F X^KL=J

J=A;@ =RM?S FA;@L 9DK =?GAKLAK;@ HJGNAFRA=DD=K X?=K;@DGKK=F=K .QKL=ES IM9KA 9DK X GEFDA A5AA @;@9S 9:KA;@LDA;@ >=@DRMAFL=JHJ=LA=J=F KGF<=JF <A=

K=F KL=LK 9M> M?=F@d@= MF< AE &GFL=PL EAL 9F<=J=F AFL=JF9LAGF9D=F /J=F<K MF< &MDLMJ=F RM K=@=F 2=J K9?L= O=J R=A?L= 9DKG MJGH9 <=J 2=DL FG;@ =LO9K 9MK MF< e:=J ^KL=JJ=A;@ O=FF FA;@L <=J *-! 9K EMKK E9F 9FK9?=F D=AKL=F HJG<MRA=J=F 9K CGKL=L "=D< 9>eJ :=CGEEL <=J *-! "=:e@J=F 5MJ JR=M?MF? MF< >eJ <=F /J9FKHGJL F=M=J F9;@@9DLA?=J dKL=JJ=A;@AK;@=J $<=FLALaL 9EAL OAJ OAKK=F O=J OAJ KAF< MF< O9K 9F<=J= NGF MFK @9DL=F $F MJGH9 AF <=J 2=DL A= 2=DL CGEEL NGF 9DD=AF= AFK #9MK ^KL=JJ=A;@ FA;@L K=D:KLN=JKLaF<DA;@ AF <A= 2=DL MJGH9 =AF MF< 9MK9LE=F <9K C9FF 9E 9M<AGNAKM=DD=F .=CLGJ AF ^KL=JJ=A;@ FMJ <=J *-! <A= 'MF?= <=K ADBGE GEFD;3 5GE =J *-! AKL 9DKG =AF= F9;@O=AKDA;@= GJ?9FAK;@= )GLO=F<A?C=AL >eJ MFK=J '9F< $@F RM E9J?AF9DAKA=J=F :=<=ML=L= B=<=F>9DDK CMDLMJ=DD= L=EFGL >eJ <A= eJ?=

J$FF=F G<=J ?=AKLA?=F .=D:KL9FK;@DMKK 9F :=DA=:A?= =D=CLJGFAK;@= 2=DL=F

,)#$ +$ ,."+6

')+10#.' +'.(#.6 #.5 7#.+6C65/'4-/#.

G 2. 6.-2*5. *;<=.55>70 O;-.;>70 >7- /5.0. -.; <9;*,152,1.7 >7- 4>5=>;.55.7 $2.5/*5= 5.2<=.= .27.7 @.<.7=52,1.7 .2=;*0 C>; -.7=2=N= D

.)%"&+6 -/0 +!"/!&."(0,. 1.$"+) +!

2=FF B=<=K %9@J 9E =JKL=F .GFFL9? AE .=HL=E:=J MFK=J +M:DACME RME &) GD97@>3@6 *FG6;A87EF CGEEL KA=@L =K 9DK =?JeZMF? <=F .DG?9F <=K .=F

<=JK X 9 :AF A;@ <9@=AES FA;@L FMJ AF =MLK;@ KGF

<=JF 9M;@ AF MJ?=FD9F<CJG9LAK;@ 0F?9JAK;@ MF< -GE9F=K 2AJ OGDD=F <9EAL RME MK<JM;C :JAF?=F <9KK MFK=J= -A>=E9DGBB7@BDA9D3??7 AF -9<AG !=JF

K=@=F MF< GFDAF= =AF AFL=?J9D=J MF< MFN=JRA;@L:9J=J =KL9F<L=AD <=K ?=K9EL=F +JG?J9EE9M>LJALL=K KAF< (AL <=F -A>=E9DGBB7@BDA9D3??7@ =J>eDD=F <A= (AL9J

:=AL=J$FF=F <=J 1GDCK?JMHH=FJ=<9CLAGF FA;@L :DGZ <=F ?=K=LRDA;@=F M>LJ9? KA= K;@9>>=F F9;@NGDDRA=@:9J=F (=@JO=JL FA;@L FMJ >eJ <A= 9MLG;@L@GF=F 1GDCK?JMH

H=F KGF<=JF >eJ <A= ?=K9EL= -=?AGF 9:=A :=K;@JaF

C=F OAJ MFK FA;@L 9M> <A= EMLL=JKHJ9;@DA;@= 1=JKGJ?MF? 9DD=AF NGDCK?JMHH=FJ=D=N9FL= /@=E=F O=J<=F AF 9DD=F +JG?J9EE=F <=K &) GD97@>3@6 MF< AF <=F >eJ <9K F9LAGF9D= +JG?J9EE HJG<MRA=JL=F .=F<MF?=F :=Je;C

KA;@LA?L A=K=E AFL=?J9LAN=F +JG?J9EE9FK9LR >GD?L 9M;@ <A= K=;@KE9D Ba@JDA;@ HJG<MRA=JL= /1 .=F<MF? *7DHGE *L;3 16D3HA 7> FG:3 AF <=J 9DD= NA=J .HJ9;@=F <=K '9F<=K 1=JO=F<MF? >AF<=F A= E=<A9D= 9JKL=D

DMF? !dJ<=JMF? MF< +>D=?= <=J KHJ9;@DA;@=F MF< CMDLM

J=DD=F 1A=D>9DL D=AKL=L =AF=F O=K=FLDA;@=F =ALJ9? RMJ $<=FLALaL <=K MJ?=FD9F<=K "D=A;@R=ALA? :A=L=L KA= <=E '9F<=KKLM<AG <A= @9F;= <A= =AFRA?9JLA?= J=?AGF9D= 1A=D>9DL AF <=F +JG?J9EE=F RM D=:=F MF< <9EAL MFN=J

O=;@K=D:9J RM :D=A:=F A= J=?AGF9D= 1A=D>9DL KHA=?=DL KA;@ 9:=J FA;@L FMJ AF <=F -A>=E9DGBB7@BDA9D3??7@ OA<=J 0FK=J= F?=:G

L= AE =J=A;@ <=J FD36;F;A@7>>7@ -A>=E?GE;= <=J "G>FGD

G<=J <=J >3E?GE;= =FLKHJ=;@=F =AF=JK=ALK <=F 2eF

K;@=F <=K +M:DACMEK 9M> <=J 9F<=JF .=AL= KAF< KA= =AF O=AL=J=K OA;@LA?=K (=JCE9D <=J A>>=J=FRA=JMF? A= 9JKL=DDMF? <A=K=J 1A=D>9DL AE .H9FFMF?K>=D< ROAK;@=F #=AE9LN=J:MF<=F@=AL MF< 2=DLG>>=F@=AL KGOA= <A= ME>9KK=F<= 9CLM=DD= =JA;@L=JKL9LLMF? 9MK 9DD=F /=AD=F <=K '9F<=K MF< <=F 9F?J=FR=F<=F -=?AGF=F CGEE=F <=E =<eJ>FAK <=K +M:DACMEK F9;@ *JA=FLA=JMF? =FL

?=?=F <9K <MJ;@ <A= F=M= -GDD= <=K MJ?=FD9F<=K AF =AF=J =MJGHaAK;@=F -=?AGF MF< <=F <9EAL N=J:MF<=F 1=JaF<=JMF?=F #=J9MK>GJ<=JMF?=F @9F;=F MF< -AK

C=F ?JdZ=J ?=OGJ<=F AKL $F <=J =D=CLJGFAK;@=F _:=J>DMKK?=K=DDK;@9>L OGDD=F OAJ <9EAL NGF MFK=J=E +M:DACME 9DK N=JLJ9ML=J N=JLJ9M

=FKOeJ<A?=J MF< N=JDaKKDA;@=J =?D=AL=J O9@J?=FGE

E=F O=J<=F 1=JLJ9M=F =FLKL=@L <MJ;@ BGMJF9DAKLAK;@= 0F9:@aF?A?C=AL <MJ;@ &GEH=L=FR "D9M:OeJ<A?C=AL MF< &GEEMFAC9LAGF AF M?=F@d@= EAL <=E +M:DACME A= <9J9MK J=KMDLA=J=F<= )a@= RME +M:DACME AKL =AF =J>GD?K=FLK;@=A<=F<=K &JAL=JAME A=K= )a@= DaKKL KA;@ FA;@L FMJ 9:KLJ9CL 9E ) &+ *+ G<=J 9E + # + *+ 9:D=K=F ?9FR CGFCJ=L C9FF E9F KA= :=A MFK=J=E *FG6;A87EF 9E =JKL=F .GFFL9? AE .=HL=E

:=J =J>9@J=F 9KK <9:=A AE !Je@K;@GHH=F 9M;@ AEE=J (MKAC=FK=E:D=K <=J :MJ?=FDaF<AK;@=F 1GDCK?JMHH=F 9M>LJ=L=F AKL K=D:KLN=JKLaF<DA;@ 9 KAF< 9M;@ KA= <9@=AE

.)%"&+6 -/0

?8./=6+8. 2/?>/

G@67E>3@6 :7GF7 DA=>=JL La?DA;@

V *-! 9MK <=F F=MF #3@67E EFG6;AE =ALJa?= MF< )9;@JA;@L=F e:=J J=A?FAKK= NGJ <=J #9MKLeJ <=J .=@=J$F

F=F .=AL %9@J=F AKL G@67E>3@6 :7GF7 =AF ?=D=:L=K =C=FFLFAK RME !d<=

J9DAKEMK <=J =AF "JMF<HJAFRAH <=K d>>=FLDA;@ J=;@LDA;@=F *-! <9JKL=DDL V MF< <A= F9;@ 5MK=@=JR9@D=F :=DA=:L=KL= .=F<MF? <=K *-! (=@J <9RM 9: .=AL=

X.=AL A@J=J "JeF<MF? AE %9@J

AKL <A= .=F<MF? W MF<=KD9F< @=ML=8 =AF=K <=J =J>GD?J=A;@KL=F *-! /1 F?=:GL= A@J= .LaJC=F KAF< J=?AGF9D= &GEH=

L=FR 1=JDaKKDA;@C=AL .=JAGKALaL MF< 1A=D>9DL A= F=MF *-! '9F<=KKLM<AGK 9DK +JG<MR=FL=F NGF W MF<=KD9F< @=ML=8 =JO=AK=F KA;@ <9EAL 9DK :=Oa@JL= MF< U=PA:D= +9JLF=J <=K +M:DACMEK AF <=F MF<=KDaF<=JF MF< LJ9?=F <9RM :=A <A= $<=FLALaL <=J -=?AGF=F RM KLaJC=F W MF<=KD9F< @=ML=8 AKL ?=D=:L=J MF< La?

DA;@ =J:J9;@L=J +M:DA; 19DM= EAL <=E OAJ MFK AF <=J E=<A9D=F &GFCMJJ=FRD9F<

K;@9>L ^KL=JJ=A;@K <=MLDA;@ MF< =J>GD?J=A;@ MFL=JK;@=A<=F S

= +'.(#.6

+0 7(64#) '70 70&'5.C0&'4

. )"4 +!". . "06 "+". )!&."(0,.

" "/1398+6<+.39

A= #3@67EEFG6;AE <=K *-! :A=L=F <A= :=DA=:L=KL=F -9<AGHJG?J9EE= <=K '9F

<=K (=@J 9DK <A= #aD>L= <=J ^KL=JJ=A;@=J$FF=F 9: %9@J=F @dJ=F La?DA;@ RM

EAF<=KL =AF= .=F<MF? <A= NGF =AF=E #3@67EEFG6;A HJG<MRA=JL OAJ< A= .=F

<MF?=F KM;@=F <A= JA;@LA?= 9D9F;= ROAK;@=F ,@F7D:3>FG@9 @8AD?3F;A@ MF< D79;A@3>7D -;7>83>F %=<=K <=J F=MF #3@67EEFG6;AE HJG<MRA=JL=

E=@J 9DK

.LMF<=F -=?AGF9DHJG?J9EE (=@J <9RM AE 'G4>;5 -3>G7 '=AKLMF?K:=

JA;@L <=J &) #3@67EEFG6;AE

6:/8 98+? .<3+

9K >B7@ A@3G 6D;3 (9?9RAF .9EKL9? 0@J *-! ?=KL9DL=L NGE &) #3@67EEFG6;A *F7;7D?3D= e:=JK;@J=AL=L "J=FR=F N=J:AF<=L (=FK;@=F MF< =K D=AKL=L @=ML= O=AL=J@AF =AF=F OA;@LA?=F =ALJ9? RMJ AFL=JJ=?AGF9D=F 1dD

C=JN=JKLaF<A?MF?

>=A=JL= <9K (9?9RAF <9K Ba@JA?= %M:ADaME

38>/<1<?8. #/77/<381 9-2A3/8 G /38/ #>+.> D3/2> 38= /,3<1/ G .95 0367 29K KA;@ AE %9@J@MF<=JL 9DK X 9DCGF NGF 2A=FS =L9:DA=JL @9L AKL @=ML= OA=<=J XAFS A= GCME=FL9LAGF R=A?L= 9E =R=E:=J

OA= <=J .=EE=JAF? FG;@ AEE=J EAL <=E "D9FR <=J C9AK=JDA;@=F 1ADD=F MF< "J9F<@GL=DK :=R9M:=JL +=JKdFDA;@C=AL=F OA= .A?EMF< !J=M< JL@MJ .;@FALRD=J #=AEALG NGF G<=J=J MF< %GK=H@AF= 9C=J >e@J=F <MJ;@ <A= "=K;@A;@L= <=J X.GEE=J>JAK;@=S <A= @A=J ?=K;@JA=:=F OMJ<= =J GCME=FL9JTDE NGF &MJL (9Q=J =JRa@DL 9M;@ NGE &9EH> <=J -=?AGF MEK _:=JD=:=F MF< <9K LJGLR K=AF=J -=F9AKK9F;= AF <=J 2=DDF=KK "=K=DDK;@9>L

+8. ?8. /?>/

9K (9?9RAF .9EKL9? 0@J *-! @9L =AF= Je;C=F>MFCLAGF ROAK;@=F '9F<OAJLK;@9>L MF< &GFKME=FL$FF=F %GMJF9DAKL$FF=F 9MK <=F #3@67EEFG 6;AE ?=KL9DL=F -=HGJL9?=F e:=J &MDLMJD9F<K;@9>L=F 0EO=DL:=<AF?MF?=F MF< D9F<OAJLK;@9>LDA;@= +JG<MCL= <=J N=JK;@A=<=F=F -=?AGF=F

+'.(#.6 /+6 7)'0/#A

G%2; +.6P1.7 >7< >6 % ! " " %2; @855.7 72,1= 7>; .;0;P7-.7 @*< *74866= <87-.;7 *>,1 @8;*>/ .< *74866= D

".% .! )"&+ ")&$&,+

A= (G<=JF= @9L EAL <=E 1=JK;@OAF<=F NGF -=DA?AGF ?=J=;@F=L 0F< @9L KA;@ ?=AJJL -=DA?AGF KG e:=J@GDL KA= K;@A=F @9L e:=JD=:L .HAJALM9DALaL MF< .AFFN=JEALL

DMF? @9:=F KA;@ =AF=F F=M=F (9JCL =JG:=JL #9F<=DL =K KA;@ @A=J:=A ME CMJR>JAKLA?= (G<=F G<=J ME =AF= LA=>

?J=A>=F<= -=NAKAGF <=K @=JCdEEDA;@=F -=DA?AGFKN=J

KLaF<FAKK=K "=@L =K @A=J ME LJ9?>a@A?= F=M= '=:=FK

=FLOeJ>= G<=J D=<A?DA;@ ME <=F 1=JKM;@ <9K $JJ9LAGF9

D= @G>>a@A? RM E9;@=F 0F< O9JME CdFF=F <A= =L9:

DA=JL=F &AJ;@=F MF< -=DA?AGFK?=E=AFK;@9>L=F NGF <A=

K=J J=DA?AGFK>J=MF<DA;@=F LEGKH@aJ= V OA= =K K;@=AFL V FA;@L HJG>ALA=J=F A= :L=ADMF? )7>;9;A@ <=K *-! Ed;@L= AF <A=K=J .ALM9

LAGF *JA=FLA=JMF? :A=L=F *JA=FLA=JMF? AF =AF=J 5=AL AF <=J NA=D= <A= F=M= 0Fe:=JKA;@LDA;@C=AL CGFKL9LA=J=F MF< E9F;@= B=F=E EG<AK;@=F -=D9LANAKEMK 9;@K=DRM

;C=F< @MD<A?=F <=J E=AFL E9F CdFF= FA;@L OAKK=F OG =AF=E <=J &GH> KL=@L 2=FF 9DD= NGE *GB7D?3D=F 67D )7>;9;A@7@ J=<=F EMKK AJ?=F<O=J 9M;@ 9F <=F &GFKME=FL=FK;@MLR <=FC=F G;@ OA= KA;@ K=D:KL GJA=FLA=J=F A= #AEE=DKJA;@LMF?=F 9M> MFK=J=E -=<9CLAGFKCGE

H9KK D9ML=F )" "$ -/ MF< 0) #\)"$" //- &/$1 MF< 2 . )/'$ # 2AJ KAF< )" "$ -/ %GMJF9DAKL$FF=F F?9?A=JL MF< :=LJG>>=F O=AD MFK=J "=?=FKL9F< <A= -=DA?AGF =AF= Ce@D= AKL9FR FA;@L AEE=J RMDaKKL K ?A:L !J9?=F <A= E9F =JKL ?9J FA;@L JA;@LA? AF <=F DA;C :=CGEEL O=FF E9F KA;@ K=D:KL 9MK A@F=F @=J9MK@aDL DK =F?9?A=JL= %GMJF9DAKL$FF=F KAF< OAJ B=<G;@ 0) #\)"$" MF< C=AF= GLK;@9>L$FF=J NGF -=DA?AGF=F 2AJ KL=DD=F <=F -=DA?AGF=F C=AF= =D=CLJGFAK;@= &9FR=D RMJ 1=J>e?MF? 0FK=J= M>?9:= AKL =K NA=DE=@J e:=J <A= 1GJ?aF?= 9M> <=F &9FR=DF <A=K=J 2=DL RM :=JA;@L=F MF< e:=J <A=

=>AF<DA;@C=AL <=K G<=FH=JKGF9DK &JALAK;@ :=JA;@L=F 2AJ OGDD=F B=<= -=DA?AGF 9F A@J=E 0JKHJMF? MF< 9E @ME9F=F L@GK E=KK=F &JALAK;@= AKL9FR MF< J=K

H=CLNGDD= )a@= C=FFR=A;@F=F MFK=J 1=J@aDLFAK RM <=F -=DA?AGF=F 2AJ OGDD=F AF =AF=E (9KK=FE=<AME =J>GD?J=A;@ K=AF #=AZL Ed?DA;@KL NA=D= 5MK=@=J$FF=F =JJ=A;@=F (d?

DA;@KL @G@= AFK;@9DLRA>>=JF KAF< ?=>J9?L A= .M;@= F9;@ //- &/$1 ) /@=E=F MF< "=K;@A;@L=F :=@=JJK;@L <=F -=<9CLAGFK9DDL9? LLJ9CLANALaL 9:=J FA;@L ME B=<=F +J=AK .A;@=J FA;@L ME <=F +J=AK <=J /JA

NA9DAKA=JMF? MF< 9F9DAKA=JMF? NGF -=DA?AGF =K@9D: :=Ee@=F OAJ MFK NA=JL=FK ME 2 . )/'$ #& $/ 2AJ OGDD=F FA;@L FMJ =J?JeF<=F O9K 9FCGEEL KGF<=JF 9M;@ OGJ9M> =K 9FCGEEL A= /@=E=FH9D=LL= O9J OA= AEE=J NA=D>aDLA? 2AJ @9:=F <=F +9HKL AF ^KL=JJ=A;@ AFK J=;@L= 'A;@L ?=Je;CL MF< ?D=A;@R=ALA? NA=D= ^KL=JJ=A;@=J$FF=F ME .ADF7 3@ 67@ '3BEF ?=:=L=F !J=MF<DA;@= MF< O=FA?=J >J=MF<DA

;@= OA<=JKHJ=;@=F<= MF< RMKLAEE=F<= V MF< @9:=F KA= +9HKL =F=<ACL H=JKdFDA;@ e:=J?=:=F .;D E;@6 ;E5:A8 Q HA@ 67D D7;:7;F 7H3@97>;E5: LG E7;@ !7EGE 67D !G67 7I3>F G@6 )7>;9;A@ )7>;9;A@ G@6 +AF3>;F3D;E ?GE "A> E:3: Q 67D )344; ;EF 7;@7 D3G *F7D47@ ?;F G66:3 *5:>7;7D EF3FF $;@;DA5= >3EB:7?;7 Q =3@@ ?3@ AFF 47>7;6;97@ @9:=F KA;@ EAL J=DA?AdK=F &=JF>J9

?=F :=K;@a>LA? 9Je:=J @AF9MK AFL=J=KKA=J=F MFK V MF< MFK=J +M:DACME V 9M;@ /@=E=F <=J +@ADGKGH@A= L@AC MF< "=K=DDK;@9>L +A67EEFD387 Q )_5=83>> ;@ 6;7 3D43D7; >75:FE G@6 D;@=E Q E;@6 6;7 BA>;F;E5:7@ 67A >A9;7@ 3? @67 7>6 3>E AFF G@E7D7D 17;F Q "3B;F3>;E ?GE 3>E )7>;9;A@ 7D 13G47D 67E 3DDK 'AFF7D GF7D *7J Q HA? *;@@ 67D DAF;= 17;F LG 97:7@ Q 3GE 7;@7? *F7D47:AEB;L 0F< 9F<=J=K

".% .! )"&+

5</?D ?8. ;?/<

A= .=F<MF? A=FKL9? 0@J *-! e:=JR=M?L EAL <=F '=AL:=?JA>>=F XCJA

LAK;@= AKL9FRS MF< XJ=KH=CLNGDD= )a@=S MF< N=JKL=@L KA;@ 9DK BGMJF9DAKLAK;@= FLOGJL 9M> <=F RMF=@E=F<=F *JA=FLA=JMF?K:=<9J> AF <=F =J=A;@=F )7>;9;A@ MF< F:;= =J (9JCL >eJ .AFFN=JEALLDMF? MF< '=:=FKGJA=FLA=JMF? :GGEL AE

E=J d>L=J 9M;@ 9:K=ALK <=J =L9:DA=JL=F &AJ;@=F MF< -=DA?AGFK?=E=AFK;@9>L=F =FF >eJ NA=D= <=J 5MK=@=J$FF=F KAF< -=DA?AGF MF< -=DA?AGF=F NGF MF=JK=LR:9

J=J =<=MLMF?

OMJ<= =D7GL G@6 CG7D 9M> (AFML=F N=JDaF?=JL MF< <=J .=F<MF?K:=

?AFF 9M> 0@J NGJN=JD=?L 2A;@LA?= .=F<MF?=F AE %9@J

O9J=F M 9 <A= GCME=FL9LAGF MF< AKCMKKAGF RME 3>> ![97DEF[FF7D MF< 9MK FD9KK <=K +:7?7@E5:I7DBG@=F D@[:DG@9 <A= GCME=FL9LAGF +A6E_@67 -^>>7D7; A= B:;>AEAB:;5G? "=KHJa;@= :=@9F<=DF /@=E=F <=J 5=AL EAL <=E FKHJM;@ #AFL=J?JeF<= MF< KHAJALM=DD= AE=FKAGF=F 9M;@ ?=?=F <=F 9CLM=DD=F 5=AL?=AKL KA;@L:9J RM E9;@=F (=@J $F>GJE9LAGF MFL=J D7>;9;A@ &) 3F

= +'.(#.6

'.+)+10 +/

<3/8>3/<?81

&D;7@F;7DG@9 AKL <9K X<A=FKLaDL=KL=S !=JFK=@E9?9RAF <=K *-! MF< K=D:KL K;@GF =AF .Le;C J=DA?AdK= MF< CAJ;@DA;@= 5=AL?=K;@A;@L= K KL9JL=L= MF< >=A=JL= AE #=J:KL :=J=ALK K=AF=

MK?9:= #A=J =FLOA;C=DL= KA;@ e:=J =AF 1A=JL=DB9@J@MF<=JL <=J EG<=JF= MF< MF9:@aF?A?= dKL=JJ=A;@AK;@= -=DA?A

GFKBGMJF9DAKEMK 9K *-! /1 -=DA?AGFKE9?9RAF &D;7@F;7DG@9 :=JA;@L=L 9E .GFFL9? RM (ALL9? 0@J *-! e:=J #AFL=J?JeF<= MF< 9CLM=DD= J=A?FAKK= 9MK <=F 2=DLJ=DA?AGF=F

KL9F<=F <A= +JG:D=E= <=J D;FF7@ .7>F MF< <=J '3BEF47EG5: 9:=J 9M;@ DDL9?K>J9?=F OA= <A= <=J *A@@F39E 3D47;F AE (ALL=DHMFCL

38>/<1<?8. 3-2> 928/ 7/38 9:0>?-2 G $2/7/8+,/8. S,/< ./8 =6+7 +7 #/:>/7,/< 9K .Le;C .LG @9L AF <=F ?=K=DDK;@9>LDA;@=F MF< HGDALAK;@=F AKCMKKAGF=F =AF= :=KGF<=J= .L=DDMF? =AF?=FGEE=F <A= FA;@L RMD=LRL 9M;@ G>L KL=DDN=JLJ=

L=F< >eJ <A= +JG:D=E= ?=>e@JL O=J<=F <A= <MJ;@ >J=E<= '=:=FK>GJE=F AF M

JGH9 MF< ^KL=JJ=A;@ =FLKL=@=F A= GCME=FL9LAGF NGF 9J:9J9 &J=FF O9J> <A= !J9?= F9;@ <=E &=JF B=<=K -=;@LKKL99L=K V /J=FFMF? NGF .L99L MF< -=DA?A

GF V 9M> MF< N=JKM;@L= RM CDaJ=F OA= KA;@L:9J -=DA?AGKALaL MF< MKe:MF? <=J AKD9EAK;@=F -=DA?AGF AF MJGH9 K=AF <9J> =D7GL G@6 CG7D >J9?L= AF <=E JMF<

EAFeLA?=F !ADE F9;@ (GLAN=F EMKDAEAK;@=J &GH>LM;@LJa?=JAFF=F AF ^KL=J

J=A;@ <A= KA;@ :=OMKKL >eJ <A=K= =CD=A<MF?K>GJE =FLK;@A=<=F @9:=F

"/631398 38 K

763@=7@ 8_D 67@ +39 E9;@=F KA;@ (GFL9? :AK .9EKL9? 0@J 9E .GFFL9? 3E 7H3@97>;E5:7 .ADF NGJ <=E (GJ?=FBGMJF9D MFL=JK;@A=<DA;@= +=JKdFDA;@C=AL=F #A9AE :=K;@a>LA?L KA;@ B=<=F .9EKL9? V 0@J EAL L@=GDG?AK;@=F MF< =L@AK;@=F !J9?=F 'D3J;E OA<E=L =AF= @9D:= .LMF<= Od;@=FLDA;@ (GFL9?

V 0@J <=J ?=K=DDK;@9>LDA;@=F =<=MLMF? <=J -=DA?AGF=F )7>;9;A@ 3=FG7>> :A=L=L OG;@=FL9?K V

0@J >eF> (AFML=F =AFK;@Da?A?= )=OK +3A R=A;@F=L 9F !=A=JL9?=F V 0@J MFL=JK;@A=<DA;@= 2=?= <=J .AFFKM;@= F9;@ #A?@DA?@LK 9MK <A=K=F .=F<MF?=F O9J=F

$7;@ )7;5: ;EF HA@ 6;7E7D .7>F Q >47DF 3?GE G@6 63E :D;EF7@FG? RME %9@J=KL9? <=K )G:=DHJ=AK=K -7D4AF7@7 D_5:F7 HA? 3G? 67D D=7@@F@;E V e:=J <9K 1=J@aDLFAK NGF )9LMJOAKK=FK;@9>L=F MF< L@AC .;7 -7DIG@6G@9 :7;>F G@6 D7;:7;F I[5:EF Q );5:3D6 )A:D G@6 E7;@ .79 67D @;F;3F;A@ ;@E $7@E5:E7;@

B(('06.+%*-'+6 56#66 "+'.)4722'0

G < 6P<<.7 72,1= ./5.A. *70.<9;8,1.7 >7- *><0.7P=C= @.;-.7 <87-.;7 .< 6><< C>; O052,14.2= -.; ./5.A2 87 *70.;.0= @.;-.7 #7- -.<1*5+ <27- O//.7=52,1 ;.,1=52,1. .5.4=;872<,1. .-2.7 <8 @2,1=20 D

&+". ,/"+ ".$ <.#1+( -"6& )-.,$. **"

%=<=K .=E=KL=J N=JKM;@= A;@ F=M=F .LM<A=J=F<=F <9K 2=K=F <=K (=<AMEK )36;A Fa@=J RM :JAF?=F A= "=K;@A;@L= <=F 5OA=KH9DL ROAK;@=F 0FL=J@9DLMF? MF< $F>GJE9LAGF <=F .eF<=F>9DD <=J +JGH9?9F<9 0F< AEE=J OA=<=J ?=@L =K ME <9K 5A=D X^>>=FLDA;@C=AL @=JKL=DD=FS 9K E9? ?ML MF< K;@dF K=AF <A= !J9?= :D=A:L 9:=J OG>eJ ^>>=FLDA;@C=AL @=JKL=DD=F >eJ 2=J:=CMF<=F <A= OG@D

9:?=H9;CL= #dJ=J$FF=F?JMHH=F 9DK +9C=L= NGF MFL=J

K;@A=<DA;@=F CGEE=JRA=DD GJA=FLA=JL=F .=F<=JF ?=DA=

>=JL :=CGEE=F G<=J 9:=J KGDD >eJ ?=K=DDK;@9>LDA;@= 1GJ?aF?= ^>>=FLDA;@C=AL ?=K;@9>>=F O=J<=F <A= =JKL =EGCJ9LA= =JEd?DA;@=F O=AD FMJ =AF= OG@DAF>GJ

EA=JL= ^>>=FLDA;@C=AL OAJCDA;@ HGDALAK;@= FLK;@=A<MF

?=F LJ=>>=F C9FF MFAF>GJEA=JL= (=FK;@=F @AF?=?=F =@=J FMJ J=>D=P9JLA? KL=J=GLQH=F9:@aF?A? FLK;@=A

<MF?=F LJ=>>=F CdFF=F =K@9D: KAF< (=<A=F <A= AF d>>=FLDA;@=E $FL=J=KK= 9J:=AL=F MF< =EGCJ9LA= MFLJ=FF:9J EAL=AF9F<=J N=J:MF<=F A=K @9L RMFa;@KL FA;@LK <9EAL RM LMF OA= <A=K= (=<A=F GJ?9FAKA=JL KAF< %=<=F>9DDK KGDDL=F KA= AF A@J=J =JA;@L=JKL9LLMF? KL99LK>=JF K=AF <=E +M:DACME KGDD

L=F KA= E=@J N=JH>DA;@L=L K=AF 9DK <=F &9HAL9D?=:=J$F

F=F >J=A KGDDL=F KA= K=AF MFL=J 9F<=J=E AF <=E .AFF= <9KK <A= (AL9J:=AL=J$FF=F >J=A :=JA;@L=F CdF

F=F &GEE=FL9J MF< =JA;@L KGDDL=F MFL=JK;@=A<:9J K=AF 2=J:MF? 9DK KGD;@= =JC=FF:9J 2A= ?=K9?L <9K @9L FA;@LK EAL <=J *J?9FAK9LAGFK>GJE RM LMF KGF

<=JF EAL <=J ,M9DALaL <=K B=O=ADA?=F (=<AMEK 2AJ Fa@=JF MFK <=J !J9?= <=K X2=JL=K >eJ <A= ^>>=FL

DA;@C=ALS MF< <9K E9;@L &JAL=JA=F CD9J F9;@ <=F=F (=<A=F RM :=MJL=AD=F KAF< DK %GMJF9DAKL <=J NGJ 9DD=E >eJ .=F<MF?=F AE +JG?J9EE ^ RMKLaF<A? AKL

@9:= A;@ =K AF <A=K=E +MFCL D=A;@L #A=J EMKK FA;@L NA=D 9J?ME=FLA=JL O=J<=F O9JME ^ 2=JL >eJ <A= ^>>=FLDA;@C=AL @9L <A= B9@J=D9F?= M>OaJLK=FLOA;C

DMF? :=KLaLA?L <A=K=K &MDLMJ MF< $F>GJE9LAGFKHJG

?J9EE RMKaLRDA;@ AEE=J OA=<=J <A=FL =K RMJ X"=:e@

J=FD=?ALAE9LAGFS <=K *-! .G 9:=J OAJ< <A= '=?ALAE9LAGF 9:KGDML MFNGDDKLaF<A? ?=K=@=F FaEDA;@ NGF <=J +JG<MCLK=AL= MF< FA;@L NGF <=J .=AL= <=J #dJ=JK;@9>L )9LeJDA;@ :J9M;@L =AF= ?=:AD

<=L= HGDALAC MF< CMDLMJAFL=J=KKA=JL= "=K=DDK;@9>L =AF +JG?J9EE OA= ^ 9:=J >eJ <A= =EGCJ9LA= >eJ <9K 2=;@K=DKHA=D NGF ^>>=FLDA;@C=AL MF< +GDALAC KAF< +JG

?J9EE= >eJ <A= ?=K9EL= "=K=DDK;@9>L FGLO=F<A? <A= Ed?DA;@KL 9DD= 2a@D=J$FF=F MF< K=D:KL <A= )G;@ FA;@L

2a@D=F<=F 9FKHJ=;@=F 9 EeKK=F <A= ?=K=DDK;@9>LDA

;@=F AKCMJK= N=JD9M>=F EMKK AF>GJEA=JL O=J<=F =FF K;@GF AF A@J=J /J9<ALAGF @9:=F +JAFLE=<A=F MF< =D=CLJGFAK;@= (=<A=F ?J9NA=J=F<= 0FL=JK;@A=<= .L=

@=F 5=ALMF?=F E=@J@=ALDA;@ AF <=J /J9<ALAGF <=J M>

CDaJMF? MF< <=K &9EH>=K ME <A= +J=KK=>J=A@=AL @9:=F <A= =D=CLJGFAK;@=F (=<A=F V OA= K;@GF 9F?=

<=ML=L V =AF= NdDDA? 9F<=J= /J9<ALAGF "A:L =K AE +JAFL

:=J=A;@ >J9?DGK R9@DJ=A;@= E9JCLGJA=FLA=JL= ,M9DALaLK

R=ALMF?=F KG KAF< =K AE =D=CLJGFAK;@=F =J=A;@ RMEAF<=KL AF MJGH9 <A= d>>=FLDA;@ J=;@LDA;@=F +JG

?J9EEHJG<MR=FL$FF=F <A= <A= ,M9DALaLKE9ZKLa:= ?=K=LRL @9:=F MF< FG;@ AEE=J K=LR=F K;@DA=ZDA;@ AKL @A=J <9K GFEGL MFOA<=JD=?L &GEE=JRA=DD= F:A=L=J :J9M;@=F +JG?J9EE= ME "=D< RM E9;@=F d>>=FLDA;@

J=;@LDA;@= :J9M;@=F "=D< ME +JG?J9EE RM E9;@=F V <9EAL KA= >eJ <A= ?=K9EL= ^>>=FLDA;@C=AL <9 K=AF CdF

F=F >eJ 9DD= <A= 9F <=J =EGCJ9LA= L=AD@9:=F KGDD=F

&+". ,/"+ ".$

G 1)/76)4

A= .=F<MF? .9EKL9? V 0@J AKL EAL RME /=AD e:=J <A= ?aF?A?= =A

LJ9?KDaF?= @AF9MKJ=A;@=F<=F !=9LMJ= GCME=FL9LAGFK MF< "=KHJa;@KH9K

K9?=F 9MK?=KL9LL=L A= E=@J>9;=LLA?= M>9J:=ALMF? =AF=K K=EA 9CLM=DD=F /@=E9K =AF=J .L9<L G<=J =AF=J +=JKGF :A=L=F <=F #dJ=J$FF=F =AF= AF<ANA<M=D

D= MK=AF9F<=JK=LRMF? EAL <=E B=O=ADA?=F /@=E9 !=JF=J OAJ< CLM=DD=K 9MK +GDALAC &MDLMJ (MKAC EG<=JF=E '=:=F +@ADGKGH@A= MF< /@=GDG?A= ?=:GL=F ?AF? =K MFL=J 9F<=J=E @aM>A? ME "=D< "ADDGBF;A@ !767D ;EF =[G8>;5: D?GF *5:;5=E3> *5:3@67 *5:G>6 )7;5:FG? D?GF I3D 97EF7D@

38>/<1<?8. 3/ +81/ +-2> ./< ?=//8 38 K +JG:=DA=?=F AE A;@=FK9J? C9FF E9F AE 2A=F=J =KL9LLMF?KEMK=ME AE /AJG

D=J .;@O9R C9FF E9F KA;@ e:=J <A= F>aF?= <=K .CAD9M>K AF>GJEA=J=F MF< AE 2=AFEMK=ME AF AK=FKL9<L ?9: =K :=KLAEEL =AFA?=K RME &GKL=F $EE=J E=@J CD=AF= (MK==F <A= AE DDL9? G>L e:=JK=@=F O=J<=F FMLR=F <A= #3@97 %35:F ME 9M> KA;@ 9M>E=JCK9E RM E9;@=F 0F< <9K +M:DACME FAEEL <9K NA=DK=ALA?= F?=:GL EAL O9;@K=F<=E $FL=J=KK= 9F (=@J 9DK

^KL=JJ=A;@=J$FF=F :=KM;@L=F AE *CLG:=J (MK==F $F ^ OMJ<= =AF= 'AN= .GF<=JK=F<MF? EAL =JA;@L=F MF< .R=F=J=HGJL9?=F 9MK 9DD=F MF<=KDaF<=JF 9MK?=KLJ9@DL <A= 9M;@ 9M> A7

&) 3F RME )9;@@dJ=F 9F?=:GL=F OMJ<=

= +'.(#.6 = '4#06914670)

#&+1 +'.(#.6

"766<)/; 15 G &-+3-:

%=<=F .GFFL9? ROAK;@=F

MF<

0@J CdFF=F <A= ^ #dJ=J$FF=F XA@

J=FS -=DA?AGFK:=ALJ9? N=JF=@E=F M;@ 9F <=F !=A=JL9?=F *: <A= "=:GL= G: $FL=JNA=OK EAL .HGJLD=J$FF=F e:=J A@J=F "D9M:=F G: <A= J=DA?AdK=F #AFL=J

?JeF<= <=J !MZ:9DD 2( G: AFKL=AFK X"GLL OeJ>=DL FA;@LS "=:MJLKL9? $F >eF> (AFML=F OAJ< AEE=J OA=<=J <=J 1=JKM;@ MFL=JFGEE=F <=F N=JK;@A=<=F=F -=DA?AGF=F <=J 2=DL =AF O=FA? Fa@=J RM CGEE=F

G -@<:)

A= -=A@= AKL =AF N9JA9:D=K !GJE9L <9K KA;@ KL=LK NA=DK=ALA? MF< FA;@L K=DL=F F9;@@9DLA? HJaK=FLA=JL A= 9F<:J=AL= J=A;@L NGF !=9LMJ=K e:=J "=KHJa;@= :AK @AF RM GCME=FL9LAGF=F $E -9@E=F <=J .=F<MF? .9EKL9? V

0@J O=J<=F @9MHLKa;@DA;@ (ALK;@FALL= 9MK <=E )36;A"G>FGD:3GE ?=:J9;@L >9DDO=AK= <A=FL KA= 9:=J 9M;@ 9DK G>>=F= .=F<=>Da;@= >eJ 9DD= :L=ADMF?=F <=K #9MK=K

?9DL =AF .;@O=JHMFCL <=J =A?=F=F "=K;@A;@L= 1A=J .=F<MF?=F e:=J NA=J %9@JR=@FL= ^ AE *CLG:=J AE -9@E=F NGF !3:D7 X ?=KL9DL=L NGF -A;@9J< "GDD

G 75-6< D -*-6 0-=<-

=J &MDLMJK=F<=J :A=L=L NGF (GFL9? :AK !J=AL9? ME 0@J =AF= 9CLM=DD= MK=AF9F<=JK=LRMF? EAL <=E X :=FL=M=J DDL9?S AF <=F N=JK;@A=<=FKL=F '=

:=FK:=J=A;@=F EAL NA=D=F (d?DA;@C=AL=F RMJ $<=FLA>AC9LAGF EAL <9J?=KL=DDL=F +=JKGF=F A= /@=E=F KLJ=;CL=F KA;@ NGF D3G7@ ;@ 67D 3G4D3@5:7 :AK @AF RM =AF=J =LJ9;@LMF? <=J ^EF7DD7;5:;E5:7@ %35:43DE5:38FE47L;7:G@97@

KL9F<=F MFL=J 9F<=J=E /@=E=F OA= >7;5:47:3@6>G@9 MF< -7DE5:G>6G@9 HA@ BD;H3F7@ 3GE:3>F7@ AE (ALL=DHMFCL

+'.(#.6 +/ '524C%*

G 7/8;62.;.7 *7*5B<2.;.7 -2//.;.7C2.;.7 E *6 +.<=.7 27-.6 6*7 .=;8//.7. 4=.>; 77.7 >7- A9.;= 77.7 C>; /;.2.7 87/;87=*=287 21;.; !=*7-9>74=. 0.0.7 P+.;<=.55= E <8 4*77 -.; # ) .27.7 .2=;*0 C>6 4;2=2<,1.7 >7- /;.2.7 .74.7 5.2<=.7 D

,."+6 ))*"06".

DK <A= "=K;@a>LK>e@JMF? <=K *-! AE .GEE=J :=K;@DGKK <=F D=?=F<aJ=F >G4 OA=<=JRM:=D=:=F ?9: =K NGF N=JK;@A=<=F=F .=AL=F 5O=A>=D 5O=A>=D G: <A=K= !GJE <=J AKCMKKAGFKK=F<MF? FG;@ R=AL?=EaZ K=A G: <A=K=K !GJE9L AE 2=LL:=O=J: EAL <=F V KL9JC 9M> <A= +=JKGF=F <=J (G<=J9LGJ$FF=F RM?=K;@FALL=

F=F V /9DCK=F<MF?=F <=J <=MLK;@=F &GFCMJJ=FRK=F

<=J :=KL=@=F CdFF= G: <9K +M:DACME =LO9K KGRMK9

?=F X M>?=OaJEL=KS 9M;@ 9FF=@E=F O=J<=

<=MLK;@= .=F<=J MF< CdFF=F ROAK;@=F =:=FKG NA=D=F AKCMKKAGFKK=F<MF?=F 9MKOa@D=F "=:GL=F OAJ< 9DD=K 1GE .==D=F .LJAHL=9K= MF< -=9DALQ /9DC e:=J +GDAL AK

CMKKAGF=F 'AL=J9LMJ<=:9LL=F :AK RM -=DA?AGFK MF< +@A

DGKGH@A= AKCMKKAGFK>GJE9L=F

:=J ?=J9<= O=AD OAJ @=ML= NGF =AF=J H=JE9F=FL=F $F>GJE9LAGFK>DML e:=JJGDDL O=J<=F C9FF =AF= .=F<MF? OA= <=J #, =AF= O=JLNGDD= M>?9:= AE d>>=FLDA;@

J=;@LDA;@=F !=JFK=@=F =J>eDD=F 9K +JG:D=E AKL @=ML

RML9?= FA;@L E=@J <=J (9F?=D 9F AKCMKKAGFK MF< .;@GF <A= =JKL=F .=F<MF?=F @9:=F ?=R=A?L <9KK <A= .=D:KL<9JKL=DDMF?KHD9LL>GJE=F 9M;@ >eJ =AF>9;@= eJ

-=;@FMF? 9M>?=?9F?=F AKL 9K 5MK=@=JAFL=J=KK= O9J MF< AKL ?JGZ <A= -=9CLAGF=F O9J=F ?JdZL=FL=ADK HGKALAN ?=J$FF=F G<=J ?=OAKK= (AF<=J@=AL=F 29K @=ML= NA=D K;@OA=JA?=J RM ?=Oa@JD=AKL=F AKL <9K AKL <A= ,M9DALaL :AK CJALAK;@ HGKALAN A= .QEH9L@A= <A= <=E #, 9DK (9JC= =FL?=?=F?=:J9;@L OAJ< @9L MFK 9DD= e:=JJ9K;@L <=K "=:GL=F=F 9K #9MHL9FDA=?=F <=K F=M=F #, $F %9@J=F AKL <=J X9DL= >G4 S RME (QL@GK ?=OGJ<=F AKL <=K@9D: <9K CJALAK;@= MF< >J=A= =FC=F &JALAK;@=K MF< RM?D=A;@ RME A<=FLALaLKKLA>L=F<=F MK@aF?=K;@AD< MF< >J=A=K =FC=F <9K <=F 5MK=@=J$FF=F @=D>=F KGDD <A= 9M> MFK FA=<=JHJ9KK=DF<= $F>GJE9LAGFK MF< <=K *-! A= D=?=F<aJ= AKCMKKAGFKK=F<MF? @9L NGF KL9JC=F +=JKdFDA;@C=AL=F V +=L=J #M=E=J "eFL@=J )=F $EHMDK>DML RM :=OaDLA?=F KA;@ AF A@J RMJ=;@LRM>AF<=F KA= RM 9F9DQKA=J=F V ME KA;@ K;@DA=ZDA;@ =AF= 9MLGFG

FAF? D>J=< #GDD G<=J P=D GJLA ME FMJ =AFA?= RM F=F

E= (=AFMF? :AD<=F RM CdFF=F =K@9D: :=Ee@=F OAJ F=F V ?=D=:L 5M?D=A;@ O9J <=J >G4 =AF= AFFGN9LAN= MFK :=A <=J MKO9@D <=J /@=E=F MF< NGJ 9DD=E :=A ;GMJ9?A=JL= +AGFA=JD=AKLMF? <A= X(MLL=J 9DD=J /9DC

.@GOKS AE <=MLK;@KHJ9;@A?=F /1 ?=OAKK=JE9Z=F .=AF <=J AFD9<MF? <=J "aKL= +GKALAGF=F AE #, N=JLJ=

L=F RM @9:=F <A= ?=?=F HD9LL= 1GJMJL=AD= 9FCaEH>=F #9MHLC=FFR=A;@=F O9J <9K >J=A= 2GJL 'AN= MF< EAL *H=F F< <9EAL B=<=J "9KL 9MKJ=A;@=F< 5=AL @9L K=AF= MF< <=E (9AFKLJ=9E =FC=F A?=FKLaF<A?=K =FL?=

?=F@9DL=F J?ME=FL= <9JRMD=?=F MF< FA;@LK ?=KLJA;@=F XR=FKM

$F>GJEA=J=F 9F9DQKA=J=F <A>>=J=FRA=J=F V 9E :=KL=F JA=JLS O=J<=F C9FF !eJ <9E9DK J=NGDMLAGFaJ MF< <=E AF<=E E9F =LJG>>=F= CL=MJ$FF=F MF< PH=JL$FF=F "=AKL <=J =J %9@J= ?9FR =FLKHJ=;@=F< C9E=F AE RMJ >J=A=F &GF>JGFL9LAGF A@J=J .L9F<HMFCL= ?=?=F

>G4 9M;@ 9DD <A=B=FA?=F RM 2GJL <=F=F KGFKL C9ME =AF= +D9LL>GJE AF <=F (=<A=F ?=:GL=F OMJ<= =AF>9;@= e:=JKL=DDL V KG C9FF <=J #, =AF=F =ALJ9? RME CJA

LAK;@=F MF< >J=A=F =FC=F D=AKL=F 0F< EeF<A?= eJ

'=ML= MZ=FK=AL=J AKKA<=FL=F (AF<=J@=AL=F V ?=J$FF=F KAF< B9 :=C9FFLDA;@ <A= 9KAK =AF=J >MFCLAG

MF< 9MK>e@JDA;@ $FL=DD=CLM=DD= FA=J=F<=F =EGCJ9LA= =J OA=<=J:=D=:L= #, KL=@L @=ML= F9LeJDA;@ =AF=E NGDDCGEE=F 9F<=J=F 0E>=D< ?=?=Fe:=J +JGR=FL <=J dKL=JJ=A;@AK;@=F #9MK@9DL= =EH>9F?=F <MLR=F<= ,."+6 ))*"06".

E =R=E:=J O9J =K KG O=AL V F9;@ E=@J 9DK ROdD> %9@J=F +9MK= <AKCM

LA=JL=F AE #, (ALLOG;@ *-! OA=<=J "aKL= 9K F=M= /GH /9DC

!GJE9L <=K *-! KL=DDL <=F FKHJM;@ NGJ?=>=JLA?L= MF< <GEAFA=J=F<= (=AFMF?=F KGOA= &DAK;@==K RM @AFL=J>J9?=F AKCMLA=JL O=J<=F ?=K=DDK;@9>LKHGDALAK;@= /@=

E=F G@F= /9:MK V DAN= MF< EAL *H=F F<

S 7D #, EF7>>F 7;@7 67GF>;5:7 GEI7;FG@9 G@E7D7E +3>= @974AFE 63D 5: I_@E5:7 ?;D 63EE 67D #, 7;@7 7EBD[5:E4_:@7 8_D 63E ;@F7>>7=FG7>>7 XEF7DD7;5: I;D6 ;@7 _:@7 3G8 67D 3>>7E I;D=>;5: 3>>7E ?^9>;5: ;EF I3E G@E 67D )3:?7@ 67E &) 7E7FL7E 97EF3FF7FN

)* . ".% 1/". +#,.* 0&,+/!&."(0,.

= +'.(#.6 = '4#06914670)

'524C%*' %*+%-5#.' '05%*'0 +/

5 "+0)=84)<B

? *5:3GB>3FL @9L KA;@ RM =AF=J MFN=JO=;@K=D:9J=F *-! (9JC= =FLOA;C=DL MF< e:=JKA=<=DL

9M> =AF=F >Je@=J=F .=F<=HD9LR 9E !J=AL9? ME 0@J )=:=F -=<9CLAGFKD=AL=J @JAKLA9F .;@eDD=J KAF< 9;@L -=<9CL=MJ$FF=F <9JME :=

Ee@L EAL <=J FdLA?=F !=AF>e@DA?C=AL 9:=J 9M;@ EAL <=J FGLO=F<A?=F +JaRAKAGF MF< .;@aJ>= <A= +JG:D=E= MF< '=:=FKD9?=F <=J (=FK;@=F MF< .M:CMDLMJ=F MFK=J=K '9F<=K =AFRM>9F?=F =E=JC=FKO=JL O9J=F

M 9 <A= -=HGJL9

?= e:=J -7D4AF7@7 #;747 &AF<=J NGF =K9LRMF?KKGD<9L=F 9M> <=J .M;@= F9;@ A@J=F 1aL=JF MF< +DAFL 3>>7? 7;?I7: e:=J Be<AK;@= PADdKL=JJ=A;@=J$FF=F AF J?=FLAFA=F #=DEML (9FFAF?=J MF< +=L=J 'AKC9 =J@A=DL=F ?=E=AFK9E <=F !AGD@3>;EF @@7@BD7;E 67E ;>8EI7D=E (9FFAF?=J =J@A=DL <A= MKR=A;@FMF? >eJ K=AF= -=HGJL9?= %35:978D39F $396 3G8 17;F 'AKC9 >eJ *F3D=7 D3G7@

38>/<1<?8. $2/7/8=-2A/<:?85> 38./< L,/<6/,/8=5S8=>6/< 37 #> 88+ 38./<=:3>+6

&AF<=J <A= 9F &J=:K D=A<=F OGDD=F FMJ =AF=K e:=JD=:=F .A= OeFK;@=F KA;@ <9KK <A= 5=AL =AF=F .HJMF? E9;@L MF< <9KK <=J .;@E=JR =F<DA;@ NGJ:=A AKL 9:=A EeKK=F <A= E=AKL=F NGF A@F=F :AK RM =AF=E %9@J AE .HAL9D :D=A:=F MF< G>L IM9DNGDD= =@9F<DMF?=F <MJ;@KL=@=F 9K HKQ;@GKGRA9D= /=9E <=K *F @@3 ";@67DEB;F3>E @AD>L EAL +KQ;@GL@=J9HA= (MKAC MF< .==DKGJ?= 9MK <=J &JAK= MF< O=AZ &AF<=JF OA= F?=@dJA?=F RM @=D>=F A= F=MFBa@JA

?= )AF9 =JRa@DL NGE X(GFKL=J &J=:KS AF A@J=F D:LJaME=F <A= %M?=F<DA;@=F .=:9KLA9F MF< .L=H@9F <9NGF OA= =K AKL KLaJC=J 9DK KL9JC K=AF RM EeKK=F 29JME V >J9?=F KA;@ (eLL=J OA= +9KIM9D= MF< O=J<=F RGJFA? V @9L "GLL FA;@L 9M>?=H9KKL &AF<=J <A= &J=:K e:=JD=:L @9:=F MF< <A= >GJL9F EAL <=J F?KL D=:=F =J CdFFL= OA=<=JCGEE=F KAF< :=KGF<=J= &AF<=J AF !ADE e:=J <A= 2=DL CD=AF=J MF< ?JGZ=J _:=JD=:=FKCeFKLD=J EAL <=J A9?FGK= &J=:K CJ=MR MF< IM=J *CLG:=J

?1- *1<<-

A= 1A=D>9DL <=K DDLa?DA;@=F OAJ< K=AL

NGF N9 +dDRD HJaK=FLA=JL 9K (9

?9RAF K=LRL= KA;@ RMFa;@KL La?DA;@ AE 1GJ9:=F< EAL ?=K=DDK;@9>LDA;@=F /@=E=F MF< /J=F<K 9MK=AF9F<=J MF< AKL 9M> MFL=J@9DLK9E= 2=AK= <=F +@aFGE=F=F <=K La?DA;@=F '=:=FK 9M> <=J .HMJ .=AL <=E %9@J=KO=;@K=D OAJ< <9K (9?9RAF Od;@=FLDA;@ A=FKL9? ;9 0@J *-! 9MK?=KLJ9@DL

+'.(#.6 <C*.6

G @255 .7<=.; C>; %.5= <.27 -2. 584*5. ;.*=2?2=N= /O;-.;7 >7- C>05.2,1 487/;87=2.;.7 D

.0&+ )1*"+ 1

9K .;@dF= 9F <=J EALLD=JO=AD= ?=JF= N=JCDaJL=F "JeF

<MF?K?=K;@A;@L= <=K -9<AGK=F<=JK !( AKL <9KK KA;@ <A= R=FLJ9D=F +MFCL= <A= <9E9DK 9MKK;@D9?

?=:=F< <9>eJ O9J=F <9KK KA;@ =AF H99J -9<AGE9;@=

J$FF=F <A= >=KL 9F <A= =<=MLMF? NGF 9CLAN ?=D=:L=J %M?=F<CMDLMJ ?D9M:L=F >eJ =AF ?9FR KH=RA=DD=K +JG

?J9EE RMK9EE=F>9F<=F KHaL=J 9M;@ 9DK <A= O=K=FLDA

;@=F !9CLGJ=F >eJ <A= .AFF@9>LA?C=AL NGF d>>=FLDA;@

J=;@LDA;@=E -MF<>MFC =FLHMHHL=F 29K :=A !( NGJ %9@J=F FG;@ AF K;@O9EEA?=F =?JA>>=F OA= X.AFFKLA>

LMF?S G<=J X#=JR=FK:AD<MF?S RMK9EE=F?=>9KKL OMJ<= @aDL @=ML= 9DK X)9;@@9DLA?C=ALS G<=J X+M:DA; 19DM=S AFRM? AF <=F (=<A=F (9AFKLJ=9E V MF< >AF<=L F9;@<=E =K B9@J=D9F? 9DK 9N9FL?9J<AKLAK;@=J 'MPMK ?=@9F<=DL OMJ<= EALLD=JO=AD= 9M;@ <A= N=J<A=FL= =9;@LMF?

MF=JJ=A;@:9J=K (MKL=J:=AKHA=D =AF=K %M?=F<E=<AMEK >eJ .3>>B3B7D J>AF<=J /QD=J JMD= AKL =K <=J MFN=JRA;@L

:9J= =MJGHaAK;@= 'A=:DAF?KK=F<=J AKL <=E 9M;@ F9;@ e:=J =AF=E %9@JR=@FL MF:==AF<JM;CL=F 5M?9F? <=J (G<=J9LGJ$FF=F -=<9CL=MJ$FF=F RM N=J<9FC=F <A= /@=E=F MF< <=J=F =@9F<DMF? FA;@L 9DK J=AF=F %G: :=LJ9;@L=F KGF<=JF 9DK #=JR=FK9F?=D=?=F@=AL MF< 9M;@ 9DK =AF OA;@LA?=K .Le;C #=AE9L V KG OA= <9K @=ML= :=A <=F F=M=F (=<A=F <=F 2=: GEEMFALA=K 9DDK=ALK 0KMK AKL *<=J 9M;@ V ME @A=J =AF @d;@KL 9DLEG<AK;@=K 2GJL RM N=JO=F<=F V 9DK R=AL?=EaZ= X1GDCK:AD<MF?S

MK <=J !( $FF=FKA;@L AKL <A= AKCMKKAGF ME d>>=FLDA;@

J=;@LDA;@= KH=CL= =AF= G>>=F= MF< NGF =AF=E ?D=A;@

OG@D LJ=M=F MF< CJALAK;@=F +M:DACME NA=D>9;@ =AF?=J9FF

L= /eJ :=J 9MK <=J !( $FF=FKA;@L AKL 9M;@ <A= ?=JF ?=H>DG?=F= MZ=FO9@JF=@EMF? <9KK =K KA;@ :=AE 9K aMZ=JL KA;@ <9JAF OA= !( =LO9 B=<=K =AFR=DF= <=J +M:DACME MF< :=A <=F J=<9CLAGF=DD :=@9F<=DL=F $F@9DL=F ?=KHA=DL=F MF< KGJ?>aDLA? 9MK?=Oa@DL=F (MKACKLe;C= ME =LO9K #GEG?=F=K @9F<=DL =AF O=FA? K=DLK9E M;@ O=AD KA= <=F KGFKLOG FAJ?=F<K ?=O9?L=F .H9?9L ROA

9DK HGHCMDLMJ=DD=K .L9L=E=FL N=JKL=@L G<=J <9KK !( K;@=F <=F AF A@J=J AN=JKA>ARA=JMF? MF?=E=AF K;@O=J RM KA;@ ?D=A;@R=ALA? 9DK -=>D=CLGJ MF< 9DK +G<AME >eJ <A= >9KK=F<=F MF< FG;@ K;@O=J=J RMK9EE=FRM>9KK=F<=F @=AEAK;@= +GHMD9JCMDLMJ N=JKL=@L 9DKG +JaK=FL9LAGF MF< CJALAK;@= =LJ9;@LMF? N=J:AF<=L 9KK AE %9@J

.M: .R=F=F MF< "=FJ=K <9EAL 9DK =LO9K '=A;@L=K @AF

KL=DDL OG <G;@ <9K CJ9KK= "=?=FL=AD <=J !9DD AKL <A= EALLD=JO=AD= K=D:KLN=JKLaF<DA;@= AF:AF<MF? NGF =F?DAK;@KHJ9;@A?=F $F@9DL=F <9RMC9E H9KKL AFK AD< !( OADD !=FKL=J RMJ 2=DL K=AF <A= DGC9D= &J=9LANALaL >dJ

A= 9JKL=DDMF? CJ=9LAN=J 1A=D>9DL AKL KG>=JF E9F KA= FA;@L E=<A9D 9MK:=ML=F Ed;@L= G<=J FMJ <9FF :=D=M;@

<=JF MF< RM?D=A;@ CGF>JGFLA=J=F <9EAL KA= FA;@L AE L=L O=FF KA= KA;@ RM>aDDA? 9M> <=F .;@9MECJGF=F <=J =A?=F=F .9>L =JLJAFCL !( KLJ=:L FA;@L <=F CMJR>JAKLA

(9AFKLJ=9E 2=DD=F :=>AF<=L =AF= <=DAC9L= MF< @d;@KL ?=F &A;C 9F KGF<=JF <=F D9F?>JAKLA?=F M>:9M K;@OA=JA?= F?=D=?=F@=AL >eJ <A= =K AEE=J FG;@ <=F 9KK <A=K 9DD=K >MFCLAGFA=JL <9KK !( NGF <=F @=AEA

K;@=F .R=F=F AF (MKAC !ADE =KA?F (G<= $/ G<=J NGF 2ADD=F RM .AFFKLA>LMF? MF< <=F AFK9LR NGF #=JR:DML .;@eD=J MF< .LM<=FL=FN=JLJ=L=J$FF=F EALLD=JO=AD= 9DK :J9M;@L V ?9FR =?9D OA= E9F <A=K= 2=JL= ?=J9<= K=D:KLN=JKLaF<DA;@=J +9JLF=J :=@9F<=DL OAJ< MF< <9KK :=F=FFL =K <=E .=F<=J 9M;@ ?=DAF?L e:=J ^KL=JJ=A;@ @AF9MK .LJ9@DCJ9>L RM =FLOA;C=DF AF =MLK;@D9F< ?ADL !( 9DK .0&+ )1*"+ 1

:-;-6<-, 16 6/41;0

F?DAK;@ AKL RO=A>=DDGK <A= OA;@LA?KL= .HJ9;@= <=J 2=DL *: 9DK #9F<=DK +GDA

LAC G<=J &MDLMJKHJ9;@= =AF d>>=FLDA;@ J=;@LDA;@=J .=F<=J EMKK 9M> <A= =<=M

LMF? <=J >;@9G3 8D3@53 AF ?==A?F=L=E (9Z= =RM? F=@E=F /a?DA;@ ROAK;@=F

MF<

0@J O=J<=F <A= .=F<MF?=F NGF !( AF =F?DAK;@=J .HJ9;@= EG<=JA=JL #A=J:=A ?ADL <9K )9LAN= .H=9C=J +JAFRAH %=<= J "9KLCGEE=FL9LGJ$F G<=J $FL=JNA=OH9JLF=J$F KHJA;@L AF A@J=J K=AF=J B=O=ADA?=F (MLL=JKHJ9;@=

766-+<-,

$ A@@75F76 (GFL9? :AK !J=AL9?

0@J .9EKL9? MF< .GFFL9?

0@J AKL KG =LO9K OA= =AF= .HA=DOA=K= 9E )9;@EALL9? =J +D9LR >eJ (MKACOeFK;@= MF< 'AN=?aKL= M;@LAHHK MF< )=M@=AL=F 9E .HA=D=E9JCL A= .=F<MF? X<JA>L=LS FA;@L K=DL=F AF HGDALAK;@= AKCMKKAGF=F 9: MF< MFL=J@aDL F9LeJDA;@ RM?D=A;@ EAL NA=D (MKAC !eJ <A= #dJ=J$FF=F NGF !( :A=L=L A@@75F76 AKCMKKAGFKEd?DA;@C=AL=F $F>GJE9LAGF MF< MKL9MK;@

.5 ! )<

= +'.(#.6 = '4#06914670)

#&+1 +'.5%*+%*6+)'5 0)'$16

$KL <=J ?D=A;@:=J=;@LA?L= *FDAF=9M>LJALL <=K -9<AGK=F<=JK !( "D=A;@R=ALA? 9M;@ *F

DAF= %M?=F<CMDLMJ +D9LL>GJE EAL @G@=E GEEMFALQ @9J9CL=J )A;@L FMJ #AFL=J?JMF<

AF>GJE9LAGF=F MF< 2AKK=FKO=JL=K RM <=F .=F<MF?=F O=J<=F @A=J HD9LRA=JL =A?=F= 2=:@GKLK <=;C=F N=JK;@A=<=F= .;@O=JHMFCL= 9: MF< :=JA;@L=F 9MK 9DD=F Ed?DA;@=F ;C=F <=J 2=DL )9LeJDA;@ KAF< 9M;@ 9DD= #dJ=J$FF=F 9M>?=JM>=F KA;@ L9LCJa>LA? 9E $F

@9DL <=J !( 2=:KAL= RM :=L=ADA?=F =AF9@= K=D:KLN=JKLaF<DA;@ KAF< @A=J <A= 9C

LM=DD=F &GFR=JLL=JEAF= MF< =AF 9MK>e@JDA;@=J !=KLAN9D "MA<= >eJ <=F .GEE=J

=/-6,B155-: D7;F39

,:D S 3E !G97@6L;??7D ;EF 7;@ 67?A=D3F;E5:7E ADG? 8_D G@E7D7 ^D7DE5:38F Q <767D 67D ?;D E5:D7;4F =A??F ;@ 6;7 *7@6G@9 5: I[:>7 @;5:F @35: *K?B3F:;7 A67D @F7D7EE7@ 5: 97:7 63HA@ 3GE 63EE ?7;@7 [EF7 7;@7@ DG@6 :347@ E;5: _47D 7;@7 )36;AE7@6G@9 ?;FLGF7;>7@ G@6 6ADF ?;F 3@67D7@ _47D ;:D7 *F3@6BG@=F7 LG 6;E=G F;7D7@ 36GD5: E;@6 6;7 *7@6G@97@ G@47D75:7@43D ?3@5:?3> I;FL;9 ?3@5:?3> E7:D =A@FDAH7DE;7>> G@6 ?3@5:?3> >3@9I7;>;9 Q I;7 63E #747@ E7>4EF N

)&/ "0% % . +$

!),17

=J (ALL=DO=DD=FK=F<=J <=K *-! :A=L=L La?DA;@ =AF (AK;@HJG?J9EE 9MK .=F

<MF?=F NGF ^ &MDLMJ MF< $F>GJE9LAGFKHJG?J9EE 1GDCK?JMHH=FK=F<MF

?=F -=?AGF9DJ9<AGHJG?J9EE=F KGOA= A?=FHJG?J9EE=F AF =AF=J PH=JAE=F

L9DRGF= <A= NGF =A?=FKLaF<A?=F -=<9CLAGF=F EAL N=JK;@A=<=FKL=F $FL=J=KK=F ?=FMLRL OAJ< )=:=F <=E *5:_>7DD36;A (GFL9? :AK GFF=JKL9? V

0@J OAJ< =LO9 9M;@ )36;A 8D;=3 La?DA;@ ;9 V

0@J NGF =@J=F9ELDA;@=F (AL9J:=A

L=J$FF=F HJG<MRA=JL A= .=F<MF?=F KAF< 9M;@ 9M> &) 3F DAN= RM @dJ=F

G 16.)+0 B=5 )+0,-63-6

FJ=?MF?=F FKLdZ= H@GJAKE=F "=<9FC=F (=AFMF?=F +GKALAGF=F #9D

LMF?=F MF< #=J9MK>GJ<=JMF?=F .GFFL9? :AK !J=AL9? V

0@J )A;@L RME 1GJ<=FC=F KGF<=JF 9DK F?=:GL KA;@ K=D:KL "=<9FC=F RM E9;@=F (=F

K;@=F 9MK N=JK;@A=<=F=F -=DA?AGF=F KHJ=;@=F H=JKdFDA;@ e:=J A@J=F "D9M:=F

=.<:)/

-1;<=6/

5MK9EE=F@aF?= 9M>R=A?=F #AFL=J?JeF<= 9M><=;C=F JCDaJMF?=F DA=>=JF GCME=FL9LAGF -=HGJL9?= !=9LMJ= "=KHJa;@

-0:?-:< ! # !$ 5J/41+0 5)+0-6

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

^>>=FLDA;@ J=;@LDA;@=J -MF<>MFC D=AKL=L =AF=F =ALJ9? KA;@ AF =AF=J 2=DL NGDD=J 2A<=JKHJe;@= MF< "=?=FKaLR= RM GJA=F

LA=J=F &GEH=L=FL= N=JLJ9M=FKOeJ<A?= $F>GJE9LAGF =J?A:L =AF F?=:GL KA;@ AF <=J !DML <=J )9;@JA;@L=F <=J .;@D9?

R=AD=F MF< E=<A9D=F M>J=?MF?=F =AF AD< RM E9;@=F <9EAL 9MK =AF=E _:=J>DMKK 9F AF<Je;C=F =AF= :J9M;@:9J= "JMF<D9?= RME 1=JKL=@=F MF< =MJL=AD=F O=J<=F C9FF =J M>LJ9? 9F <=F *-! $FN=KLA?9LAN=J %GMJF9DAKEMK JCDaJMF?=F MF< $F>GJE9LAGF=F e:=J #AFL=J?JeF<= O9K <A= 2=DL RMK9EE=F@aDL OA= +GDALAC MF< 2AJLK;@9>L >MFCLAGFA=

J=F NGJ MF< @AFL=J <=F &MDAKK=F $E +9JD9E=FL $E '9F<

L9? $F <=J 5ANAD?=K=DDK;@9>L $F>GJE9LAGF MF< 0FL=J@9DLMF? <A= <=F ?=K=DDK;@9>LDA;@=F 29F<=D :=?D=AL=F

:)3<1;+0-: =<B-6

*JA=FLA=JMF? <A= 1=JKLaF<FAK Ed?DA;@ E9;@L

#.5 /1&'40' 1.-5*1%*5%*7.'

G ;<= -2. >*52=N= -.; !.7->70.7 E -*< 1.2J= 21;. N>J.;<= 0.7*>. .,1.;,1. 21;. ></P1;52,14.2= 21;. ><@*15 -.; /P; -*< 0*7C. >+524>6 ;.5.?*7=.7 "1. 6.7 .;6O052,1= -2. ;2.7=2.;>70 D

,% ++"/ &/ %". $ 6&+" 1+! ".2& "/"+!1+$"+

F<=JK 9DK <A= HJAN9L= V 9MKK;@DA=ZDA;@ HJG>ALGJA=F

LA=JL= V &GFCMJJ=FR C9FF <=J d>>=FLDA;@ J=;@LDA;@= .=F<=J L9LKa;@DA;@ KG =LO9K OA= <A= 1GDCK@G;@K;@MD= =AF=J )9LAGF K=AF O=FF?D=A;@ <A= =<=MLMF? <=K =?JA>>=K =:=FKG =AF=J 29F<DMF? MFL=JDA=?L OA= <A= 1GDCK@G;@K;@MD= K=D:KL X 7D@E7:7@ ;EF ,@F7D:3>FG@9S JMFG &J=AKCQ NGJE9DK MF<=KC9FRD=J X 7D@E7:7@ ;EF 6;7 -A>=E:A5:E5:G>7 67D %3F;A@S "=J< 9;@=J NGJE9DK '9F?R=AL;@=> <=K *-! 29K KLAEEL 1GJ 9DD=E @=ML= AF =AF=J NdDDA? N=JaF<=J

L=F !=JFK=@O=DL EAL @9JL=J HJAN9L=J &GFCMJJ=FR MF< NdDDA? F=M=F (=<A=F>GJE=F <A= NGJ 9DD=E BMF?= (=F

K;@=F RMF=@E=F< KLaJC=J FMLR=F 9DK <9K ?ML= 9DL= !=JFK=@=F $KL d>>=FLDA;@ J=;@LDA;@=J -MF<>MFC AF =JKL=J 'AFA= 1=J

D9ML:9JMF?KE=<AME EAL CD=AF=E 0FL=J@9DLMF?K;@9

J9CL=J *<=J AKL d>>=FLDA;@ J=;@LDA;@=J -MF<>MFC E=@J 5O=A .LA;@OGJL= 67@F;F[F MF< (G3>;F[F !eJ EA;@ <A= OA;@LA?KL=F ;CHMFCL= =AF=J =>AFALAGF <=K ^>>=FLDA;@ -=;@LDA;@=F $<=FLALaL E=AFL <9:=A FA;@L HDMEH= F9LAGF9D= eEH=D=A $<=FLALaL K;@9>>L *JA=FLA=

JMF? AF =AF=J AEE=J CGEHD=P=J O=J<=F<=F 2=DL $<=F

LALaL K;@9>>L 1=JLJ9M=F AF =AF=J 0E?=:MF? <A= AEE=J KLaJC=J NGF 1=JLJ9M=FKN=JDMKL=F ?=HJa?L OAJ< 1=JLJ9M

=FKN=JDMKL= AE H=JKdFDA;@=F OAJLK;@9>LDA;@=F MF< HGDALAK;@=F =J=A;@ 'GC9D V F9LAGF9D V AFL=JF9LAGF9D =J d>>=FLDA;@ J=;@LDA;@= *-! OAJCL @A=J LA=> AF 9DD= =NdDC=JMF?KK;@A;@L=F @AF=AF J ?A:L <AJ=CL MF< MFEALL=D:9J EAL =AF=J 1A=DR9@D NGF +JG?J9EE=F 9MK 9DD=F =J=A;@=F NGE *BADF e:=J <A= @8AD?3F;A@ :AK RMJ .;EE7@E5:38F MF< ,@F7D:3>FG@9 1=JLJ9M=F AF <A= =A?=F=F .LaJC=F (d?DA;@C=AL=F MF< +=JKH=CLAN=F =AF=K '9F<=K

$F MFRa@DA?=F .=F<MF?=F <=J #9MHL9:L=ADMF? $393L;@7 DA=>=JF <A= %GMJF9DAKL$FF=F <=K #9MK=K /9? >eJ /9? ?9FR CGFCJ=L= *JA=FLA=JMF? >eJ <A= 5MK=@=J$FF=F AF NA=D=F =J=A;@=F <=K '=:=FK ?=:=F #9F<DMF?K9FD=ALMF?=F <A= >eJ <A= 5MK=@=J$FF=F KG MF< AF <A=K=J !GJE G@F= d>>=FLDA;@ J=;@LDA;@=K !=JFK=@=F FA;@L ?=DA=>=JL OeJ<=F 9K :=<=ML=L FA;@L <9KK d>>=FLDA;@ J=;@LDA;@=K !=JFK=

@=F EAL =J@G:=F=E 5=A?=>AF?=J <=F (=FK;@=F R=A?L OG =K D9F? ?=@L KGF<=JF ?9FR AE "=?=FL=AD <A= 5MK=@=J$F

F=F =JEMFL=JL O=J<=F AF <=F N=JK;@A=<=FKL=F =J=A

;@=F A@J '=:=F MF< A@J=F '=:=FKNGDDRM? MFEALL=D:9J MF< <=MLDA;@ RM N=J:=KK=JF ,M9DALaL AKL <9:=A MFN=JRA;@L:9J JKL <A= ,M9DALaL <=J =AFR=DF=F .=F<MF?=F V <9K @=AZL A@J= aMZ=JKL ?=F9M= -=;@=J;@= A@J= MK>e@J

DA;@C=AL A@J= MKO9@D <=J >eJ <9K +M:DACME J=D=N9F

L=F /@=E=F MF< PH=JL$FF=F =JEd?DA;@L <A= *JA=FLA=

JMF? <=J 5MK=@=J$FF=F 9M> <A= KA= KA;@ 9M;@ =FLKHJ=

;@=F< N=JD9KK=F CdFF=F .=D:KLN=JKLaF<DA;@ MFL=JDA=?=F (=<A=F <9@=J 9M;@ d>>=FLDA;@ J=;@LDA;@= =AF=E KL=LA?=F 29F<=D A= !GJE <=J $F@9DL= <=J /@=E=F MF< <=J +JaK=FL9LA

GF EMKK <=J &GFCMJJ=FR 9F?=H9KKL O=J<=F ME FA;@L <=F FK;@DMKK RM N=JDA=J=F d>>=FLDA;@ J=;@LDA;@=K !=JFK=@=F AKL KLaF<A? <9NGF :=<JG@L XMFEG<=JF MF< MF;GGDS 9MKRMK=@=F MF< <9@=J NGF <=F &GFCMJJ=FR

HJG?J9EE=F 9:?=@aF?L RM O=J<=F 9K aF<=JL FA;@LK <9J9F <9KK <=J FKHJM;@ 9F d>>=FLDA;@ J=;@LDA;@=K !=JFK=@=F LJGLR<=E ?D=A;@ :D=A:L O=FF?D=A;@ AEE=J K;@OA=JA?=J RM N=JOAJCDA;@=F

,% ++"/ &/ %".

#0-5)

9K (GFL9?KE9?9RAF +:7?3 0@J *-! AF>GJEA=JL e:=J J=A?FAKK= MF< .;@A;CK9D= <A= :=O=?=F 9:=A OAJ< :=KGF<=JK 9M> <A= #AFL=J?JeF<= MF< <=F X)=OKO=JLS ?=9;@L=L =J $76;7@BD7;E 67E XEF7DD7;5:;E5:7@ 1;H;> @H3>; 67@H7D43@67E ?AF?

9F 9NA< &JMLRD=J >eJ K=AF=F +:7?3 =ALJ9? >;@67 !GD;EF;@ +:7?3 -=HGJL=J @JAKLGH@ !=MJKL=AF ?=O9FF

<=F :=?=@JL=F %% !AGD@3>;EF I3D6 >eJ )9;@OM;@KBGMJF9DAKL=F 9MK =MLK;@D9F< ^KL=JJ=A;@ MF< <=J .;@O=AR >eJ K=AF= -=HGJL9?= RME !3:D7EF39 67D "3F3EFDAB:7 HA@ +E5:7D@A4K>

38>/<1<?8. $2/7/8+,/8. <+8D ?-2=

= '4#06914670) = 4+'06+'470)

+06'4)4E0&+)'5 +0 &'0 #)#<+0'0

A= JA=>:GE:=F MF< <=J (GJ<9FK;@D9? NGF *:=JO9JL @A=DL=F ^KL=JJ=A;@ RO=A %9@J= D9F? AF L=E E *CLG:=J

Ba@JL= KA;@ <A= 1=J@9>LMF? NGF !J9FR !M;@K RME R=@FL=F (9D MK <A=K=E FD9KK R=A?L= <=J *-! 9E *CLG:=J =A

F=F <J=AL=ADA?=F /@=E=F9:=F< Ç¯ (OLVDEHWK 6FKDUDQJV 'RNX 'UDPD D3@L G5:E Q ;@ '3FD;AF EAL &9JD (9JCG

NA;K AF <=J #9MHLJGDD= 9K GCM J9E9 R=A;@F=L =AF +KQ;@G?J9EE NGF !J9FR !M;@K :9KA=J=F< 9M> <=F "=JA;@LKHJGLGCGDD=F DAK9:=L@ .;@9J9F? MF< &9JD (9JCGNA;K OMJ<=F :=A <=J ;39A@3>7 >eJ <=F !ADE EAL <=E D;5: %7G 47D9 'D7;E 9MK?=R=A;@F=L =?JeF<MF? A= !ADE=E9;@=JAF XH7D4;@67F 9D_@6 >;5:7 )75:7D5:7 G@6 I35:7 97E7>>E5:38FEBA>;F;E5:7 .3:D@7:?G@9 ?;F 3G8D;5: F;97D ;>?7DL[:>G@9S Ç¯ 'LH 'RNXPHQWDWLRQ 7D 3>> D;784A?47@ Q ;7 A 7@7@ D397@ :=D=M;@L=

L= <A= 2A<=JKHJe;@DA;@C=AL=F MF< <A= 2=?= <A= <A= JEALLDMF?=F ?=FGEE=F @9:=F JA=>:GE:=F *H>=J (9JA9 'GD=Q G<=J P $FF=FEAFAKL=J 9KH9J AF=E 9JLACMDA=JL=F @A=J 9M;@ 5O=A>=D 9F <=J AFR=DLaL=J /@=GJA= Ç¯ $OV $EVFKOXVV EDW ,QJULG 7KXUQKHU ]XP )G@67@ +;E5: #A=J <AKCMLA=JL=F <A= =JEALL=DF<=F =9EL=F <=J :=@9F<=DF<= +KQ;@A9L=J KGOA= DAK9:=L@ .;@9J9F? MF< &9JD (9JCGNA;K

,73 .145

DK =AF=J <=J ?9FR O=FA?=F .=F<=J AF MJGH9 OA<E=L *-! 9:

9E .GFF

L9? ?=?=F

0@J <=E GCME=FL9J>ADE G>LE9DK +M:DACMEKE9?F=L AE +JG

?J9EE &AFG MF< 9M> !=KLAN9DK =AF= =A?=F= Od;@=FLDA;@= .=F<=>Da;@= 5M K=@=F KAF< ?JGZ= MF< 9M>J=?=F< =JRa@DL= "=K;@A;@L=F AFL=JF9LAGF9D= !ADE= KGOA= @=AEAK;@= NGE *-! EAL>AF9FRA=JL= +JG<MCLAGF=F 5M <=F #A?@DA?@LK <=J F=M=F -=A@= ?=@dJL=F

.MK9FF= !J=MF<K !ADE ;9 >?3 9:=J 9M;@ *DAN=J .LGF=K 9KLJG +GJLJaL A?3@63@F7 MF< (A;@9=D (GGJ=K AI>;@9 8AD A>G?4;@7

-6;+0-6 I+0<-

A= F=M= GCME=FL9LAGFKD=AKL= $7@E5:7@ $[5:F7 GFF=JKL9? ;9 0@J *-! OADD :=<=MLK9E= +=JKdFDA;@C=AL=F MF< OA;@LA?= !J9?=F >eJ <9K #9MHL9:=F<HM:DACME 9M>:=J=AL=F 2A;@LA?= A?=FHJG<MCLAGF=F

D "GDF .3>6:7;? Q =AF +GJLJaL <=K N=JKLGJ:=F=F MF<=KHJaKA<=FL=F MF< 0)* "=F=J9DK=CJ=LaJK MF< '3BEF 7@76;=F /- Q $7;@ -3F;=3@ KGOA= .3DG? .G@67D=;@67D =7;@ .G@67D E;@6 =AF !ADE e:=J <=F (QL@GK <=J .GF<=J:=?9:L=F

+' (70-6+10+'46 '/1-4#6+'

G%2; 4O77.7 >7- @855.7 -.7 P;0.; 77.7 4.27. 9852=2 <,1.7 7=<,1.2->70.7 *+7.16.7 %*< @2; *55.;-270< *7+2.=.7 2<= -*< P<=C.>0 /P; -2. .684;*=2. D

, ".0 0,-- %". .) *"+0//"+!1+$"+

2=FF =EGCJ9LA= >MFCLAGFA=J=F KGDD :J9M;@L =K NGJ 9DD=E =AF=K AF>GJEA=JL= eJ?=J$FF=F 2=FF <9K +9J

D9E=FL <9K .AFF:AD< >eJ =EGCJ9LA= AKL <9FF :J9M;@L =K NGJ 9DD=E =AF=K ME>9KK=F<= $F>GJE9LAGF e:=J <9K +9JD9E=FL MF< HGDALAK;@= FLK;@=A<MF?KHJGR=KK= "=F9M <9>eJ ?A:L =K V K=AL >9KL <J=A %9@JR=@FL=F V <A= *-! +9JD9E=FLKJ=<9CLAGF 2G;@= >eJ 2G;@= KL=DDL KA;@ <9K /=9E <=K A:7@ 3GE7E <=J #=J9MK>GJ<=

JMF? K=AF=E +M:DACME *JA=FLA=JMF? RM :A=L=F =AF 2=?O=AK=J RM K=AF AF =AF=J +GDAL 2=DL AF <=J =K EALMF

L=J K;@O=J AKL ROAK;@=F !9CL=F MF< (=AFMF? ROA

K;@=F 'e?= MF< 29@J@=AL ROAK;@=F .AFF MF< 0FKAFF RM MFL=JK;@=A<=F 9:=A AKL ?=J9<= <A=K=K $6<-: K;@=A<=F <A= 1GJ9MKK=LRMF? >eJ <9K 6<K;@=A<=F AE HGDALAK;@=F +9JLARAH9LAGFKHJGR=KK F<=JK ?=K9?L 2AJ @9:=F =LO9K ?=?=F +GDALACN=J

<JGKK=F@=AL )aEDA;@ =AF ,M9DALaLK MF< &GEH=L=FR

R=FLJME F9E=FK A:7E 3GE AF CD=AF=K =F?9?A=J

L=K /=9E V AF <=J (=@JR9@D e:JA?=FK !J9M=F V <9K 9DD K=AF= &GEH=L=FR K=AF= J>9@JMF? MF< K=AF 2AKK=F =AF:JAF?L ME @AFL=J <=F -9M;@K;@O9<=F NGF DaF?DA

;@=F +9JD9E=FLK<=:9LL=F <9K @=J9MKRM9J:=AL=F O9K >eJ <=F eJ?=J$FF=F L9LKa;@DA;@ J=D=N9FL AKL 29K KA= RM .L99LK:eJ?=J$FF=F E9;@L 29K KA= <AJ=CL :=LJA>>L 29K A@F=F ?9J FA;@L =?9D K=AF C9FF O=AD =K A@J= 5MCMF>L :=KLAEEL A@J= @9F;=F A@J "=D<:dJK=D +GDA

LAC =:=F +9JD9E=FL =:=F #=JMFL=J?=:JG;@=F 9M> <9K &GFCJ=L= .=A =K <=J =JA;@L e:=J <A= MKOAJCMF?=F =AF=K +>D=?=?=K=LR=K G<=J =AF=J +=FKAGFKJ=>GJE K=A =K =AF= -=HGJL9?= RMJ $FL=?J9LAGFKHGDALAC K=A =K =AF= #AFL=J?JMF<AF>GJE9LAGF RM +GDALAC=J:=Re?=F K=A =K <9K H=JKdFDA;@= +GJLJaL =AF=K :?=GJ<F=L=F

9K AKL <=J (=@JO=JL d>>=FLDA;@ J=;@LDA;@=J $F>GJE9LA

GF AF= +D9LL>GJE <=J AKCMKKAGF RM :A=L=F EAL ;C

H>=AD=JF OA= -;7>83>F '>GD3>;E?GE &4<7=F;H;F[F MF< (G3>;F[F =FF +GDALAC :=LJA>>L 9DD= 9M;@ B=F= <A= E=A

F=F <9K ?=@= KA= FA;@LK 9F #A=J EAL $F>GJE9LAGF MF< M>CDaJMF? AE CD9KKAK;@=F .AFF= 9FRMK=LR=F G@F= =AF=F :=D=@J=F<=F -=LJG .;@MD>MFC RM :=LJ=A:=F AKL <=J M>LJ9? <=J *-! +9JD9E=FLKJ=<9CL=MJ$FF=F :=FKG OA= <A= FGLO=F<A?= _:=JK=LRMF? NGF G>L N=J

JaL=JAK;@ N=JK;@D=A=JF<=E +GDAL MF< !MFCLAGFaJK

.HJ=;@ AF 9DD?=E=AF N=JKLaF<DA;@= 2GJL= X0F>9KK:9

J=S +GDALAC RME F>9KK=F RME J>9KK=F A= FLK;@=A

<MF?K>AF<MF? AE +9JD9E=FL LJ9FKH9J=FL E9;@=F 2A<=JKHJe;@= G>>=F D=?=F G@F= /9:MK 9RM <=J DA;C e:=J <=F /=DD=JJ9F< -=?=DEaZA?= =JA;@L=JKL9LLMF? e:=J <9K GDAB[;E5:7 '3D>3?7@F 9MK =JKL=J #9F< 9MK .LJ9Z:MJ? MF< JeKK=D O=AD <GJL AFROAK;@=F K;@GF 9DD B=F= FLK;@=A<MF?=F >9DD=F <A= >eJ MFK MFEALL=D:9J OAJCK9E O=J<=F 0F< +9JD9E=FL XHMJS 9DK O=AL=J=J .=JNA;= A= 'AN= _:=JLJ9?MF?=F 9MK <=E +D=FME <=K %3F;A@3>D3F7E F <A= .LMF<=F HJG %9@J AF =AF?=

KHA=DL=K +JG>A /=9E 9MK -=?A= /=;@FAC MF< -=<9CLAGF KGJ?L <9>eJ <9KK .A= C=AF= OA;@LA?= =:9LL= N=JKaM

E=F 2AJ CdFF=F MF< OGDD=F <=F eJ?=J$FF=F C=AF= HGDALA

K;@=F FLK;@=A<MF?=F 9:F=@E=F 29K OAJ 9DD=J<AF?K 9F:A=L=F AKL <9K -eKLR=M? >eJ <A= =EGCJ9LA= 29K OAJ 9F:A=L=F AKL =AF= $F>GJE9LAGFKH9D=LL= 9DK 1GJ9MK

K=LRMF? <9>eJ <9KK MFK=J +M:DACME <A= "JMF<D9?= @9L K=D:KL 9E <=EGCJ9LAK;@=F +JGR=KK AE '9F< L=AD

RMF=@E=F AF O=D;@=J !GJE 9M;@ AEE=J V MF< K=A =K FMJ AF<=E NGE 29@DJ=;@L "=:J9M;@ ?=E9;@L OAJ<

, ".0 0,-- %".

!-87:<

#AFL=J?JMF<:=JA;@L= RME 9CLM=DD=F HGDALAK;@=F "=K;@=@=F AE $FD9F< MF< AF <=J 0 :A=L=L 9M;@

B=<=F A=FKL9? <9K 2G;@=FE9?9RAF )7BADF 0@J *-! !e@J=F<= +GDALAC=J$FF=F MF< PH=JL=F$FF=F :=D=M;@L=F #AFL=J

?JeF<= NGF FLK;@=A<MF?=F MF< FLOA;CDMF?=F $F@9DLDA;@= 9M=J:J=FF=J O9J=F

<A= GDA8;9:F7D <A= . 88[D7 MF< <A= <9RM?=@dJ=F<=F B3D >3?7@F3D;E5:7@ ,@F7DEG5:G@9E3GEE5:_EE7

70-; )=;

.=AL HJAD

HJaK=FLA=JL +9LJA;A9 +9ODA;CA B=<=F .GFFL9?EALL9? <A= .=F<MF? A:7E 3GE "=K=LR= MF< A@J= MKOAJCMF?=F 9M> <9K '=:=F <=J =AFR=DF=F .L99LK:eJ?=J$FF=F O=J<=F 9F9DQKA=JL $FL=JNA=OK RM CGFLJGN=JK=F /@=E=F AE H9JD9E=FL9JAK;@=F "=K;@=@=F JMF<=F <9K +JG?J9EE 9: M;@ A:7E 3GE OA<E=L= KA;@ AE *CLG:=J

<=E +:7?7@E5:I7DBG@=F ";@67D A= Jd>>

FMF? <=J 7?A=D3F;7I7D=EF3FF OMJ<= 9MK>e@JDA;@ <GCME=FLA=JL AF=J .LM<A= OGF9;@ <9K &AF<=JOG@D AF ^KL=JJ=A;@ @AFL=J <=F JO9JLMF?=F DA=?L OMJ<= 9M> <=F "JMF< ?=?9F?=F

= '4#06914670) = 4+'06+'470)

1.+6+- B(('06.+%* '456C0&.+%*

38>/<1<?8. ) G A3/ )?5?80> G =+> 95?7/8>+>398=</32/ D? ./8 <+1/8 ./= +2<2?8./<>= 2G@AF ?=@=F OAJ 2A= O=J<=F OAJ D=:=F D=JF=F 9J:=AL=F )A= RMNGJ AKL <=J ?=K=DDK;@9>LDA;@= L=;@FAK;@= MF< HGDALAK;@= 29F<=D K;@F=DD=J MF< NA=DK;@A;@LA?=J ?=O=K=F (AL =AF=J K=;@KL=ADA?=F GCME=FL9LAGFKJ=A@= MF< 0FL=JKLeLRMF? NGF 2AKK=FK;@9>L=J$FF=F :DA;CL= K9L AE %MDA MF< M?MKL

AF <A= 5MCMF>L .=;@K !GD?=F e:=J 5MCMF>LK9KH=CL= 9MK <=F '=:=FK:=J=A;@=F >F7D@ $76;L;@ D47;F7@ *5:G>7 G@6 ;>6G@9 .A:@7@ KGOA= 97E7>>E5:38F>;5:7E 1GE3??7@>747@ A= =AFR=DF=F !GD?=F $7F:GE3>7?E 7:7;?@;EE7 ,@E7D7 1G=G@8F ;? >F7D $7@E5: $3E5:;@7@ Q 6;7 1G=G@8F G@E7D7E "^DB7DE -7D @7FLF7 %A?367@ Q 6;7 1G=G@8F G@E7D7D D47;F 7I79>;5:7 1;7>7 Q 6;7 1G=G@8F G@E7D7D ;>6G@9 7?35:F7 $7F DABA>7@ Q 6;7 1G=G@8F G@E7D7D *F[6F7 7:7DLF7 _D97D Q 6;7 1G=G@8F G@E7D7D 1;H;>97E7>>E5:38F

15 ( #!$

A= KGFFLa?DA;@= AKCMKKAGFKK=F<MF? 9M> *-! ;9 0@J 9MK <=E #99K

#9MK AE 5=FLJME 2A=FK KL9JL=L= 9E HJAD

A= "9KL?=:=J$FF=F DE9J *:=J@9MK=J +=L=J +=DAFC9 "9:A 29D<F=J MF< $F?JA< /@MJF@=J :=@9F<=DF <A= HGDALAK;@=F /@=E=F <=J 2G;@= =J )9;@>GD?=J NGF &887@ 97E39F HJaK=FLA=JL <9K OA;@LA?KL= <=J D=LRL=F KA=:=F /9?= AFCDMKAN= K=AF=K ?=K=DDK;@9>LKHGDALA

K;@=F #AFL=J?JMF<K =F F>9F? E9;@L= DE9J *:=J@9MK=J EAL =AF=J .=F<MF? RM <=J 9DD= +9JL=A;@=>K <=J AE +9JD9E=FL N=JLJ=L=F=F +9JL=A=F ?=D9<=F O9J=F

!=6,-: #1;+0

29FF AEE=J =K <A= /@=E=FD9?= =J>GJ<=JL OAJ< F9;@ <=J 1; RM =AF=E )G@67@ +;E5: ?=:=L=F AK RM >eF> "aKL= <AKCMLA=J=F MFL=J <=J '=ALMF? NGF $F?JA< /@MJF@=J <9K L9?=K9CLM=DD= /@=E9 9MK 9DD=F DA;COAFC=DF MF< :A=

L=F KH9FF=F<= #AFL=J?JMF<AF>GJE9LAGF=F $E HJAD

CGFFL= =AF?=

@=F< e:=J <=F GDA8;9:F7D 73> AE .=HL=E:=J e:=J <A= > "3;63 MF< AE )GN=E:=J e:=J <9K dKL=JJ=A;@AK;@= 7E3?FE5:G>BDA<7=F <=:9LLA=JL O=J<=F

1740#. #014#/# 10 '0'4#.5'-4'6C4'0 .E%*6.+0)'0 70& @ +..#> 4#7'0

G%.; ;.0.56NJ20 -2. !.7->70.7 1O;= 1*= .27. +.<<.;. 1*7,. C> ?.;<=.1.7 @*< >6 217 8-.; <2. 9*<<2.;= >7- @*;>6 D

.+"/0 1". : ,1.+ ) +,. *

1A=JE9D AF <=J 2G;@= !AGD@3> '3@AD3?3 NA=JE9D AF <=J 2G;@= =AF= @9D:= .LMF<= #AFL=J?JMF<AF>GJE9LAGF 9MK 9DD=F =J=A;@=F <A= ?=K=DDK;@9>LKHGDALAK;@ NGF =<=MLMF? KAF< FKHJM;@ MF< 5A=DKL=DDMF? F9;@ MFK=J=J .=F<MF?K<=>AFALAGF >eJ <A= "ML9;@L=F <A= <A= +M:DARAKLAC $FKLALML= 2A=F MF< .9DR:MJ? AE %9@J e:=J <A= .=F<MF? =JKL=DDL=F X1GE3??7@:[@97 EA>>7@ @35:HA>>L;7:43D .;67DEBD_5:7 :7D3GE973D47; F7F @FI;5=>G@97@ FD3@EB3D7@F 97?35:F I7D67@ 1;7> 7D AD;LA@F EA>>F7 6347; EA I7;F I;7 ?^9>;5: E7;@ S 9K ?ADL AE =F?=J=F HGDALAK;@=F .AFF AF ^KL=JJ=A;@ .;@DA=ZDA;@ :=C9E <A=K=K '9F< F>9F? <=K %9@J=K =AF= F=M= -=?A=JMF? !AGD@3> '3@AD3?3 <GCM

E=FLA=JL= <A= -=?A=JMF?K=JCDaJMF? MF< <A= =:9LL= <9RM AE )9LAGF9DJ9L 0F< =K :=?D=AL=L= <A=K= -=?A=

JMF? EAL R9@DJ=A;@=F %GMJF9DAKL$FF=F MF< +GDALAC=J$F

F=F AKCMKKAGF=F <MJ;@ A@J =JKL=K %9@J 0F< O=J =LO9 <A= "=F=J9DK=CJ=LaJ= %GK=> &9DAF9 MF< #9FF=K (AK

K=L@GF MF< <=F +GDALGDG?=F +=L=J !ADRE9A=J 9E %MFA RMJ '9?= <=J &G9DALAGF <AKCMLA=J=F @dJL= CGFFL= K=@J D=A;@L 5O=A>=D =FLOA;C=DF G: <A=K= -=?A=JMF? K=@J D9F?= @9DL=F OeJ<= V EAL -=;@L OA= OAJ AF <=J 5OAK;@=FR=AL OAKK=F :=J +GDALAC AKL FA;@L 9DD=K <9K OAJCDA;@= '=:=F KHA=DL KA;@ 9F<=JKOG 9: AE MLG:MK RME =AKHA=D V ,@F7D I79E ?;F 67@ R ;>>32 D3G7@ "=KL9DL=JAF DAK9:=L@ *@F=EMK O9J =AF= HJ=AK?=CJdFL= -=HGJL9?= F<=J= :=JA;@L=L=F NGE D=LRL=F /9? <=J 1G5=7D834D;= A:7@3G NGE =Ee@=F <=J D9AF:7D3B7GF @@7@ (=FK;@=F RMJe;C AF =AF K=D:KL:=KLAEEL=K '=:=F RM @=D>=F NGF 7I3>FBD[H7@F;A@ 9F <=F .;@MD=F

.LA;@OGJL .;@MD= DK ' * OA=<=J =AFE9D <A= .;@D9?

R=AD=F <GEAFA=JL= DA=>=JL= !AGD@3> '3@AD3?3 AF =AF=E RO=ALa?A?=F .;@O=JHMFCL KGOG@D =AF= <=L9ADDA=JL= 9JKL=DDMF? <=J J?=:FAKK= 9DK 9M;@ <A= #AD>= RM <=J=F AFGJ<FMF? <MJ;@ =AF= PH=JL$FF=F<AKCMKKAGF MK=AF9F<=JK=LRMF? EAL 17;F97E5:;5:F7 O9J 9M;@ AE FA;@L NGF %9@J=KL9?=F <GEAFA=JL=F %9@J =AF OA;@LA?=K /@=E9 V O=J +GDALAC @=ML= :=?J=A>=F OADD KGDDL= K;@DA=ZDA;@ OAKK=F O9K AE D=LRL=F %9@J@MF<=JL H9KKA=JL AKL V @A=JRMD9F<= MF< 9F<=JKOG '=:=FK=JAF

F=JMF?=F =AF=K -9D> "AGJ<9FG )9;@JM>= 9M> &MJL 29D<@=AE G<=J '=GF 5=DE9F .LM<A=F e:=J 5O9F?K9J

:=AL AE JALL=F -=A;@ <A= 9JKL=DDMF? NGF CLAGF=F RME =?J=A>=F <=J 1=J?9F?=F@=AL OA= #7FF7D FA F:7 *F3DE JAFF=JMF?=F 9F <A= LK;@=;@AK;@= :3DF3 V <A= 5M?aF?= KAF< NA=D>aDLA? 0F< 1A=D>9DL AKL 9M;@ <9K &=FFR=A;@=F <=J AFL=JF9LAG

F9D=F =JA;@L=JKL9LLMF? =JA;@L= NGF B=FK=ALK <=K KA;@L:9J=F #GJARGFLK KGDD=F @=D>=F =AF= 2=DL <A= AEE=J =F?=J N=JF=LRL OAJ< 9DK MFK=J= 2=DL RM :=?J=A

>=F *: =K ME <A= &JAK= <=J MLGEG:ADAF<MKLJA= AF =LJGAL ME <A= 2MJR=DF <=K AKD9EAK;@=F !MF<9E=FL9

DAKEMK AF +9CAKL9F ME <A= X?=D=FCL= =EGCJ9LA=S 2D9<AEAJ +MLAFK ?=@L V AE !AGD@3> '3@AD3?3 KGDDL= E9F =J>9@J=F O9K H9KKA=JL MF< O9K =K >eJ MFK :=<=M

L=F C9FF 0F< O=FF <A= .;@AD<=JMF?=F <=J .;@A;CK9D= NGF !De;@LDAF?=F 9MK >JAC9 G<=J 9MK /K;@=LK;@=FA=F O=FF =AF 'GC9D9M?=FK;@=AF AF <=J KDGO9CAK;@=F #=A

E9L <=J =LLD=J NGF "J9R @=D>=F CGFFL=F NGJKA;@LA?=J RM K=AF EAL 0JL=AD=F e:=J (=FK;@=F <A= NGF O=AL @=J FA;@L G@F= "JMF< RM MFK ?=CGEE=F KAF< V <9FF AKL <9K 9M;@ =AF= .HMJ NGF *JA=FLA=JMF?K@AD>= RM <=J KA;@ <A= -=<9CLAGF NGF !AGD@3> '3@AD3?3 ?=JF= :=C=FFL

.+"/0 1".

G 7=:6)4 )67:)5)

1GF (GFL9? :AK GFF=JKL9? V 0@J HJaK=FLA=JL ^ K=AF HG

DALAK;@=K #AFL=J?JMF<E9?9RAF A= /@=E=F KAF< KG :J=AL ?=>a;@=JL OA= <A= HGDALAK;@= MF< CMDLMJ=DD= '9F<K;@9>L

KH9FFL= <A= -=<9CLAGF <=F G?=F NGE PGJRAKEMK e:=J <9K +@aFGE=F 9J9;C *:9E9 :AK @AF RMJ CMDLMJ=DD=F .ALM9LAGF AF <=J /eJC=A ?=>9F?=F ROAK;@=F $KD9E MF< &=

E9DAKEMK $EE=J OA=<=J O=J<=F 9M;@ dKL=JJ=A;@AK;@= /@=E=F RME "=

?=FKL9F< <=J =JA;@L=JKL9LLMF? 9K !AGD@3> '3@AD3?3 OMJ<= :=AE

)36;ABD7;E 67D DI35:E7@7@4;>6G@9 9DK X =KL= .=F<=J=A@=S 9MK?=R=A;@F=L

G 5 4):<-@<

AFE9D AE (GF9L Da<L "9:A 29D<F=J AF ^ DAN= NGJ +M:DACME AE )36;A"G>FGD:3GE +GDALAC=J$FF=F RME .LJ=AL?=KHJa;@ RM 9CLM=DD=F HGDALAK;@=F /@=E=F "=:GL=F OAJ< $F>GJE9LAGF EAL 0FL=J@9DLMF?KO=JL AE -9@E=F ?=H>D=?L=J AKCMKKAGFKCMD

LMJ

O9J=F M 9 %GK=> &9DAF9 #9FF=K (AKK=L@GF F<J=9 &<GDKCQ #=A<= .;@EA<L 9JD9 EAF9 9?@9B9LA MF< +=L=J 2=KL=FL@9D=J RM "9KL AF #d@=HMFCL N9 "D9OAK;@FA? MF< %dJ? #9A<=J RM .;7 F;5=F "[D@F7@ Q 7D &DFEF387>EFD7;F

= '4#06914670) = 4+'06+'470)

'(.':+10'0 <7/ #)'5)'5%*'*'0 +/ #&+1

38>/<1<?8. $2/7/8+,/8. 98>/<1+8 %9@J= F9;@ <=E A@F7D93@ .C9F<9D =AF=E <=J <MFC=DKL=F &9HAL=D <=J (=

<ARAF?=K;@A;@L= R=A?L=F *-! MF< - 9E MF< )GN=E:=J <=F .HA=DTDE

5O=AL=AD=J A@F7D93@ $F =MLK;@D9F< K;@JA=: <A=K=J !ADE /1 "=K;@A;@L= FG;@ :=NGJ =J AF <A=K=J 2G;@= RME =JKL=F (9D RM K=@=F O9J "JMF< <9>eJ AKL =AF 9F<=JL@9D:Ba@JA?=J -=;@LKKLJ=AL ME <A= MKKLJ9@DMF? <=K 5O=AL=AD=JK =J #=JKL=DD=J <=K (AKK:AD<MF?=F N=JMJK9;@=F<=F JRF=AEALL=DK <A= !AJE9 D_ @7@F:3> @9LL= N=JKM;@L <A= MKKLJ9@DMF? RM N=J@AF<=JF A@F7D93@ O9J F<= <=J =J %9@J= K;@O9F?=J=F !J9M=F 9DK .;@D9> MF< =JM@A?MF?KEALL=D N=J

K;@JA=:=F OGJ<=F K >e@JL= AF =MLK;@D9F< :=A L9MK=F<=F )=M?=:GJ=F=F RM K;@O=J=F (AKK:AD<MF?=F 9F <=F "DA=<E9Z=F MF< OMJ<= F>9F? <=J =J %9@

J= 9MK <=E #9F<=D ?=FGEE=F $F ^KL=JJ=A;@ O9J <9K (ALL=D J=R=HLHUA;@LA? V =K ?A:L @A=J RM '9F<= <9@=J XFMJS F=MF G RA=DD :=C9FFL= A@F7D93@ *H>=J %MLL9 "JQDC9K GCME=FL9LAGF 7D A@F7D93@ *=3@63> ;7 &B87D Q 6;7 A> 97@ $7@E5:7@ $[5:F7 EB7L;3> 9E )GN=E:=J

ME 0@J AF *-! @9F<=DL= NGF <=F dKL=JJ=A;@AK;@=F *H>=JF <=K .C9F<9DK 9RM C9E=F =JA;@L= e:=J dKL=JJ=A;@AK;@= *H>=J AF <=F -=?AGF9DJ9<AGK MF< =AF .LM<AG?=KHJa;@ EAL 0FAN +JG> J .A=?>JA=< (=JQF AF 7D4EFL7;F RME /@=E9

G 5)/7 D -6;+0-6 A<0-6 !-41/176-6

1GJ !=A=JL9?=F HJaK=FLA=JL ^ ;9

0@J =AF= AF@9DLDA;@ MF< R=AL

DA;@ :J=AL 9F?=D=?L= -=DA?AGFK MF< +@ADGKGH@A=K=F<MF? 29K :=O=?L (=F

K;@=F O=FF =K ME <A= =PAKL=FRA=DD=F !J9?=F <=K '=:=FK ME <A= XD=LRL=F AF

?=S ?=@L 9DKG ME "=:MJL 'A=:= &JA=? "=E=AFK;@9>L 1=J?=:MF? /G< MF< <A= 5MCMF>L <9F9;@ A= -=DA?AGF=F <=J 2=DL @9:=F <9RM K=@J MFL=JK;@A=<DA

;@= FLOGJL=F 9FRM:A=L=F <A= NGF <=F (=FK;@=F AE '9M> <=J 5=AL 9M;@ K=@J N=JK;@A=<=F ?=D=:L OMJ<=F ?39A KHeJL <A=K=F !J9?=F AF (QL@=F J=DA?AdK=F /J9<ALAGF=F MF< H=JKdFDA;@=F J>9@JMF?=F F9;@

'$'0 +56 +465%*#(6

G 7 >7<.;.6 .2=<*=C <27- C@.2 @.<.7=52,1. 7<9;P,1,1. .7=1*5=.7 5*>+@P;-204.2= 869.=.7C .@< 1*;*4=.; .+.7 6.7<,152,1.; .C>0 >=C.7 /P; -.7 27C.57.7 D

. +6 ) 2 ,

9K /@=E9 .;DFE5:38F :=LJA>>L H=JE9F=FL B=<=F (=F

K;@=F 1GE "=@9DL e:=J <A= .L=M=JF :AK RM <=F +=FKA

GF=F J=A;@L <A= +9D=LL= EAL <=F=F KA;@ <A= 5MK;@9M=

J$FF=F 9F A@J=J K=FKA:=DKL=F .L=DD= FaEDA;@ <=E =A?=F=F "=D<:=ML=D 9FKHJ=;@=F D9KK=F )9;@ <A=K=E (9ZKL9: FAEEL <A= 2AJLK;@9>L :=J=ALK =AF=F =FGJE=F +D9LR ?=J9<= :=A <=F *-! )9;@JA;@L=F MF< *-! (9?9

RAF=F =AF 5O9J @9F<=DL =K KA;@ @A=J:=A FA;@L AEE=J ME B=F= 2AJLK;@9>LK:=JA;@L=JKL9LLMF? OA= KA= KA;@ <=J 1GJKL9F< =AF=K "JGZCGFR=JFK NA=DD=A;@L OeFK;@=F OeJ<= G;@ 2AJLK;@9>L OAJ< KG >eJ <A= =AFR=DF=F 5MK;@9M=J$FF=F LJ9FKH9J=FL =J *-! @9L AE 0.+ <=K 2AJLK;@9>LKE9?9RAFK 5A >=KL?=@9DL=F 2AJ 9DD= KAF< 2AJLK;@9>L 9:=J FMJ 5A :A=L=L E=@J >eJK :=KK=J= '=:=F 5A :=RA=@L +GKALAGF =JCDaJL 0JK9;@=F MF< 5MK9EE=F@aF?= MF< R=A?L 'dKMF?=F 5A :A=L=L =AF=F $F>G 1GJKHJMF? <9FC <=J &GEH=L=FR <=J -=<9CLAGF ?9D G: =K KA;@ ME -=?A=

JMF?KHDaF= >eJ "=K=LR=KaF<=JMF?=F G: =K KA;@ ME 0 :=<AF?L= !9CLGJ=F G<=J J=?AGF9D= J=A?FAKK= @9F

<=DL 2AJ AE *-! N=JKM;@=F 2AJLK;@9>L NGF ?J9M=F 59@D=F 9M>K HJ9CLAK;@= '=:=F MERMK=LR=F 5A RME =AKHA=D @9L AF <=J AEE=J K;@OA=JA?=J O=J<=F<=F &GFCMJJ=FRKALM9LAGF EAL @MF<=JL=F .9L=DDAL=FHJG

?J9EE=F KG K=AF= LJ=M= .=@=JK;@9>L ?=@9DL=F 9:=A AKL <9K JCDaJ=F NGF OAJLK;@9>LDA;@=F 5MK9E

E=F@aF?=F =AF aMZ=JKL MF<9FC:9J=K "=:A=L >eJ <9K !=JFK=@=F 2=FF 5=ALK;@JA>L=F K=AL=FKL9JC= PLJ9K :=FdLA?=F ME EAL NA=D=F $F>G?J9>AC=F /9:=DD=F MF< KGFKLA?=F .;@9M:AD<=JF A@J=F '=K=J$FF=F +=FKAGFK .L=M=J G<=J 1=JKA;@=JMF?KJ=?=DF CD9JRME9;@=F

EMKK <9K /1 <A=K AF CMJR=F 9FK;@9MDA;@=F !ADE:=ALJa

?=F D=AKL=F !eJ <=F *-! AKL KGD;@= =JA;@L=JKL9LLMF? K=D:KLN=JKLaF<DA;@= +>DA;@L AE "=?=FRM? >eJ <A= "=:e@J=F=AFF9@E=F A= &) .;DFE5:38FE47D;5:F 7DEF3FFG@9 :=K;@JaFCL KA;@ FA;@L 9M> /@=E=F (9?9

RAF= KGF<=JF AKL =KL9F<L=AD 9DD=J $F>GJE9LAGFKK=F

<MF?=F <=K *-! =J *-! KM;@L= 9DK =AF=J <=J =JKL=F FLOGJL=F 9M> <9K =EG?J9>A= +JG:D=E EAL <=J !J9?= G: 9M;@ 9M> 9M=J <A= !AF9FRA=JMF? <=J +=FKAGF=F >eJ <A= DL=F ?=KA

;@=JL O=J<=F C9FF 2AJ R=A?L=F 9M;@ RM=JKL 'dKMF?K

Ed?DA;@C=AL=F >eJ =AF= 9F<=J= !J9?= <=J _:=J9DL=

JMF? $EE=J E=@J (=FK;@=F >9DD=F AE >GJL?=K;@JALL=

F=F DL=J AF <A= =E=FR G<=J KAF< KG ?=:J=;@DA;@ <9K KA= JMF< ME <A= 0@J V 9DKG /9? MF< )9;@L V ?=H>D=?L O=J<=F EeKK=F A= !AF9FRA=JMF? <A=K=J +>D=?= KL=DDL <9K "=E=AFO=K=F NGJ MF?=@=M=J= M>?9:=F A= D9F?>JAKLA?= !AF9FRA=JMF? MFK=J=K "=KMF<@=ALK

KQKL=EK G<=J <A= FLOA;CDMF? <=J -G@KLG>>HJ=AK= G<=J <=J 2 " .C9F<9D V ME FMJ O=FA?= =AKHA=

D= RM F=FF=F V OMJ<= NGF <=F *-! !9;@J=<9CL=M

J$FF=F G>L :=KK=J 9DK NGF 9F<=J=F =AF?=GJ<F=L MF< K;@F=DD=J ME?=K=LRL 1GJ RO9FRA? %9@J=F @9:=F OAJ AE *-! <=F 'DA9D3?? E5:I7DBG@=F GDAB3 ?=KL9JL=L 9E9DK ?AF? =K FG;@ ME <A= /=ADF9@E= 9E ?=E=AFK9E=F GDAB[;E5:7@ ;@@7@?3D=F 2AJ R=A?L=F <9E9DK O9K <A= GDAB[; E5:7 7?7;@E5:38F ^KL=JJ=A;@ :JAF?L MF< O9K KA= CGK

L=L (ALLD=JO=AD= CGGJ<AFA=J=F =LO9 AFL=JF9LAGF9D= &GFR=JF= A@J= "=K;@a>L= AF 5=FLJ9D MF< *KL=MJGH9 NGF ^KL=JJ=A;@ 9MK .HaL=KL=FK EAL <=J JO=AL=JMF? <=J 0 ME ROdD> 'aF<=J AKL ^KL=JJ=A;@ HGDALAK;@ MF< OAJLK;@9>LDA;@ AFK 5=FLJME <=K F=M=F MJGH9 ?=Je;CL ^KL=JJ=A;@AK;@= 0FL=JF=@E=J O9J=F F9;@ <=E !9DD <=K AK=JF=F 1GJ@9F?K DaF?KL <GJL 9DK <A= 0 JO=A

L=JMF? >eJ NA=D= FG;@ =AF= HGDALAK;@= 1AKAGF O9J

. +6 ) 2

+7 ,); &1:<;+0).<;5)/)B16

9K *-! 2AJLK;@9>LKE9?9RAF 5A GFF=JKL9? 0@J *-! AF>GJEA=JL e:=J )=MA?C=AL=F 9MK <=J 2=DL <=J 2AJLK;@9>L MF< !AF9FR *-! 2AJLK;@9>LK

=PH=JLAF F?=DAC9 @J=FK HJaK=FLA=JL <=F 5MK;@9M=J$FF=F #AFL=J?JMF<9F9DQ

K=F RMJ AFL=JF9LAGF9D=F 2=DLOAJLK;@9>L MF< AF>GJEA=JL e:=J <A= '=AKLMF?=F <=J @=AEAK;@=F 2AJLK;@9>L $E %9FM9J

:=JA;@L=L= 5A *B7L;3> RME +:7?7@ E5:I7DBG@=F e:=J <A= OAJLK;@9>LDA;@=F &GFK=IM=FR=F <=K &DAE9O9F<=DK A= 9MK>e@JDA;@= -=HGJL9?= KL=DDL= &GKL=F )MLR=F 1=J?D=A;@= :=A +9KKAN@aMK=JF MF< <=J "=OAFFMF? NGF .GD9J=F=J?A= NGJ 5ME +:7?7@E5:I7DBG@=F D@[:DG@9 :=JA;@L=L= <9K 2AJLK;@9>LKE9?9RAF AF =AF=E =ALJ9? e:=J ">;?347IGEEF EE7@

= '4#06914670) = 4+'06+'470)

+' +465%*#(6 +0 10 70& +.&

G ")4,7 D ); &1:<;+0).<;5)/)B16

*3>6A AKL =AF .H=RA9DE9?9RAF RMJ 9F9DQLAK;@=F 9JKL=DDMF? OAJLK;@9>LDA;@=J +@aFGE=F= MF< FLOA;CDMF?=F !J=AL9? 0@J MK>e@JDA;@= $FL=JNA=OK EAL >e@J=F<=F (9F9?=J$FF=F MF< 2AJLK;@9>LKLJ=A:=F<=F :A=L=F $F>GJE9LAGF *JA=FLA=JMF? MF< =AF=F @G@=F )MLRO=JL >eJ AFL=J=KKA=JL= #dJ=J$FF=F 2A;@LA

?= MK?9:=F O9J=F

$AD3> G@6 7I;@@ AE !=:JM9J =LDA;@= =ALJa?= e:=J <A= F=M=F 0 'aF<=J MF< 3E 7D_5:F ;@ 67D .;DFE5:38F AE =R=E:=J

38>/<1<?8. 3/ '+2<2/3> S,/< $=-2/<89,C6 5ME %9@J=KL9? <=J -=9CLGJC9L9KLJGH@= AF <=J 0CJ9AF= HJaK=FLA=JL= $7@E5:7@ $[5:F7 AE HJAD

<9K GCM<J9E9 ;7 .3:D:7;F _47D +E5:7D@A4K> <9K <=L9ADDA=JL <A= 1=JKM;@= <=J -=9CLGJE9FFK;@9>L MF< <=K &JAK=FKL9:=K R=A?L EAL <=J &9L9KLJGH@= RM -9F<= RM CGEE=F $FCGEH=L=FR <=J =@dJ<=F 1=JLMK;@MF?KN=J

KM;@= 9:=J 9M;@ *H>=J:=J=ALK;@9>L KAF< ?D=A;@=JE9Z=F =AF &=FFR=A;@=F <=J <J9E9LAK;@=F /9?= F<= HJAD AF /K;@=JFG:QD ?=F9M ?=K;@AD<=JL AF <=F M>R=A;@FMF?=F <=K KGOB=LAK;@=F LGEOAKK=FK;@9>L=JK 19D=JQ '=?9KGO 9K GCM J9E9 :=KLA;@L <MJ;@ =L9ADLJ=M= MF< =AF= J9E9LMJ?A= <A= <A= 5MK=@=J$FF=F FA;@L C9DL DaKKL MF< KA= MFO=A?=JDA;@ RMJ !J9?= >e@JL 2A= KL=@L =K =A?=FLDA;@ EAL <=J .A;@=J@=AL MF< 2AJLK;@9>LDA;@C=AL <=J LGE

CJ9>LO=JC= E=@J 9DK %9@J= F9;@ /K;@=JFG:QD

-: &1:<;+0).<; #)43

=J .;DFE5:38FE +3>= AKL =AF= 9FD9KK:=RG?=F= AKCMKKAGFKJ=A@= RM 9CLM=DD=F OAJLK;@9>LDA;@=F /@=E=F <A= E=@JE9DK HJG %9@J KL9LL>AF<=L /9DC?aKL= KAF< B=O=ADK RO=A +=JKdFDA;@C=AL=F 9MK <=J 2AJLK;@9>L A= (G<=J9LAGFKH99J= O=;@

K=DF KA;@ <9:=A 9: (9? 29DLJ9M< '9F?=J MF< J C>E 29DL=J .GFFD=ALF=J J !J9FR #D9N9; MF< J *LLG #dJE9FF A= "aKL= K=LR=F KA;@ 9MK <=J DAL= <=J 0FAN=JKALaL=F &GJQH@a=F 9MK 2AJLK;@9>L MF< $F<MKLJA= KGOA= %GMJF9DAKL$FF=F RMK9EE=F E (aJR

<AKCMLA=JL=F !J9FC #=FK=D 1GJKL9F< ) . DAGB GEFD;3 MF< 9NA< )=OE9F (9F9?AF? AJ=;LGJ $5 A@3>6UE GEFD;3 AE -9@E=F <=K &) +:7?7@E5:I7DBG@=FE <A= !J9?= D@[:DG@9 .;7 97EG@6 ;EF 63E @974AF

'4 #/ ') <74 #%**#.6+)-'+6

G 5*; 2<= -*<< -.; 72,1= 7>; *5< .2=6.-2>6 -2.<.< *7-.< <87-.;7 *>,1 *5< .=;2.+ >7- 2.7<=0.+.; .=@*< /P; -2. *,11*5=204.2= >7- -.7 526*<,1>=C =>7 4*77 >7- 6><< D

&.$&0 ,%)* &". % %0 ,+/1)"+0&+ #=. %% )0&$("&0

X%35::3>F;9=7;FS AKL =AF 0FOGJL V 9DD= C=FF=F =K 9:=J <A= =>AFALAGF=F MF< AD<=J <9RM KAF< G>L ?JMF<N=J

K;@A=<=F 9EAL ?=@L K <=J %35::3>F;9=7;F OA= <=E 'G4>;5 -3>G7 %9 =K AKL OA;@LA? 9:=J OGJME ?=@L K <9 =A?=FLDA;@ MF< O9K :=<=ML=L <9K ?9FR CGFCJ=L >eJ MFK=J= La?DA;@= J:=AL AE ?JdZL=F &GEEMFAC9LAGFK

MFL=JF=@E=F <=K '9F<=K "=F9M <A=K= AKCMKKAGF >e@J= A;@ K=AL F>9F? <=K %9@

J=K EAL R9@DJ=A;@=F +=JKGF=F MF< -=<9CLAGF=F ME =AF= AFL=FKAN= D9M>=F<= AKCMKKAGF MF< MK=AF9F<=J

K=LRMF? EAL <=E +JAFRAH <=J )9;@@9DLA?C=AL MF< A@J=F R9@DJ=A;@=F KH=CL=F 9FRMJ=?=F A=K= AKCMKKAGF=F KAF< MF?D9M:DA;@ KH9FF=F< MF< A;@ O=J<= AEE=J OA=

<=J NGF <=J ?JGZ=F 5MKLAEEMF? <=J (AL9J:=AL=J$FF=F RME N=JKLaJCL=F F?9?=E=FL <=K *-! MF< <=J @G@=F (GLAN9LAGF <9RM :=ARMLJ9?=F e:=JJ9K;@L #AFL=J?JMF< E=AF=J =Ee@MF?=F AKL <9K 5A=D <=J *-! Ed?= AE .AFF= K=AF=K d>>=FLDA;@ J=;@LDA;@=F M>LJ9?K LJ=A:=F<= &J9>L <9:=A K=AF <A= dKL=JJ=A;@AK;@= ^>>=FL

DA;@C=AL AFK 5=AL9DL=J <=J )9;@@9DLA?C=AL RM >e@J=F V <9RM AKL EALL=D>JAKLA? =AF ?=K=DDK;@9>LKHGDALAK;@=J 29F

<=D FGLO=F<A? <=J K=@J NA=D EAL 2=JL=F MF< '=:=FK

KLAD RM LMF @9L K AKL =AF= M>?9:= >eJ "=F=J9LAGF=F >eJ <A= OAJ B=LRL RO9J FMJ <=F "JMF<KLG;C D=?=F <9:=A 9:=J 9M;@ F=M= (9ZKLa:= K=LR=F CdFF=F $F <A=K=E .AFF= AKL E=AF e:=J?=GJ<F=L=K 5A=D <9K $A67>> &) :=A J>GD? MF< A;@ :AF e:=JR=M?L <9NGF <9KK OAJ <=F AF =AF RO=A %9@J=F ?ML <GCME=FLA=J=F O=J<=F CdFF=F 9M> =MJGHaAK;@=J :=F= RM N=J9FC=JF MF< KGEAL RO=A ?JGZ= 0 AKCMKKAGF=F EAL=AF9F<=J

RM N=JCFeH>=F FaEDA;@ =AF=JK=ALK <A= !J9?= X2A= :JAF?=F OAJ <A= )9;@@9DLA?C=AL 9M> <=F G<=F S MF< <A= '=?ALAE9LAGFK<=:9LL= X^>>=FLDA;@ -=;@LDA;@=JS 9F<=J=JK=ALK 0E 9:=J FA;@L FMJ V AEE=J FG;@ =LO9K 9:?=@G:=F= V 1=JKLaF<FAK<AKCMKKAGF=F RM >e@J=F KGF<=JF K;@GF B=LRL 9M;@ )a?=D EAL &dH>=F RM E9;@=F KL=DD=F OAJ MFK EAL <=J $FALA9LAN= ,@E7D ">;?3 ;@ '>3@7F ;@ 1;7> =AF=J <=J ?JdZL=F ?=K=DDK;@9>LDA;@=F #=J9MK>GJ<=JMF

?=F MFK=J=J "=F=J9LAGF V <A=K=K F?9?=E=FL @9L FA;@L FMJ K;@GF B=LRL RM =AF=J E=JC:9J=F ,M9DALaLK

KL=A?=JMF? <=J d>>=FLDA;@=F MK=AF9F<=JK=LRMF? EAL <=E &DAE9O9F<=D ?=>e@JL KGF<=JF =J>J=ML KA;@ 9M;@ =AF=J ?JGZ=F 5MKLAEEMF? MFK=J=K +M:DACMEK AF= e:=JOaDLA?=F<= (=@J@=AL :=?JeZL =K 9DK XOA;@LA?=F =ALJ9? >eJ <A= "=K=DDK;@9>LS MF< KA=@L <A= -MF<>MFC

?=:e@J=F <9>eJ 9DK XK=@J ?MLS G<=J X?MLS =AF?=K=LRL &D9J AKL <9KK <=J *-! FA;@L FMJ 9DK '=ALE=<AME <A=K=K '9F<=K KGF<=JF 9M;@ 9DK =LJA=: MF< A=FKL?=:=J =LO9K >eJ <A= )9;@@9DLA?C=AL MF< <=F &DAE9K;@MLR LMF C9FF MF< EMKK $F =AF=E +ADGLHJGB=CL OAJ< @=M=J <=J .L9F<GJL G@=:3GE AF =RM? 9M> K=AF= & ;>3@L =N9DMA=JL MF< =AF (9ZF9@E=FH9C=L 9MK?=9J:=AL=L ME <=F F=J?A=N=J:J9M;@ <J9KLAK;@ RM J=<MRA=J=F =F (AL9J:=AL=J$FF=F <=K G@=:3GE7E KGOA= <=J #3@ 67EEFG6;AE OMJ<=F 9M> =A?=F=F 2MFK;@ A=FKL>9@JJa

<=J RMJ 1=J>e?MF? ?=KL=DDL 2=AL=J= AFR=DHJGB=CL= KAF< AF 0EK=LRMF? :=?JA>>=F KG =LO9 9M> $FALA9LAN= <=J &) 74[G67F75:@;= =AF= L@=JEAK;@= .GD9J9FD9?= >eJ <9K &) 17@FDG? 9E &eFA?D:=J?

&.$&0 ,%)* &". % %0

.=;;)*,:=+3 ! )<

0FL=J 8GEE346DG5= &) 3F KL=@L K=AL )GN=E:=J

=AF *FDAF=J=;@F=J RMJ 1=J

>e?MF? EAL <=KK=F #AD>= eJ?=J$FF=F <A= )9;@@9DLA?C=AL <=K =A?=F=F '=:=FK

KLADK e:=JHJe>=F CdFF=F #=JRKLe;C <=J $FL=JF=L .=AL= AKL =AF =J=;@FMF?KHJG

?J9EE :=A <=E B=<= J K=AF=F A@J=F H=JKdFDA;@=F ^=A>A9;E5:7@ GV346DG5= :=KLAEE=F C9FF 9EAL C9FF =JKA;@LDA;@ ?=E9;@L O=J<=F OA= NA=D -=KKGMJ

;=F <A= <=J AFR=DF= AF A@J=E K=AF=E La?DA;@=F '=:=F N=J:J9M;@L

38>/<1<?8. #>?8./8 0S< ./8 637+=-2?>D G 3@/ +<>2 +C .LMF<=F D9F? V NGF 0@J NGJEALL9?K :AK 0@J EGJ?=FK V KL9F<=F *-! MF< ^ 9E %MDA

9FDaKKDA;@ <=K #;H7 3DF: N=FLK ?9FR AE 5=A;@=F <=K &DA

E9L9?=K 9K /@=E9 ">;?3I3@67> OMJ<= EAL R9@DJ=A;@=F .LM<AG?=KHJa;@=F F9LAGF9D=F MF< AFL=JF9LAGF9D=F #AFL=J?JMF<J=HGJL9?=F =JA;@L=F <=J *-!

&GJJ=KHGF<=FL$FF=F MF< N=JKA=JL=F PH=JL$FF=F :=@9F<=DL (=@J 9DK

^KL=JJ=A;@=J$FF=F K9F<L=F H=J (9AD H=JKdFDA;@= 1=J@9DL=FKLAHHK 9F <=F *-! A=K= AF<ANA<M=DD=F $FALA9LAN=F R=A?=F O=D;@ ?JGZ=K FDA=?=F <A=K=K /@=

E9 <=J =NdDC=JMF? AKL $FK?=K9EL =JJ=A;@L= <9K *-! !=JFK=@=F ROAK;@=F MF< 0@J (AG 5MK;@9M=J$FF=F MF< <9EAL +JGR=FL <=J @=AEAK;@=F /1 =NdDC=JMF? 9: %9@J=F A= GCME=FL9LAGF ;@7 G@47CG7?7 .3:D:7;F <=K 9E=JAC9FAK;@=F P 1AR=HJaKA<=FL=F D "GJ= KL9F< AE (ALL=DHMFCL <=K :=F<K FK;@DA=Z=F< <AKCMLA=J=F AE A=G +3>= MFL=J <=J '=ALMF? NGF 9J:9J9 .Ld;CD PH=JL$FF=F 5ME 'G4>;5 -;7I;@9 N=FL 9E 2A=F=J -9L@9MKHD9LR <=J NGE *-! MF< <=J .L9<L 2A=F <MJ;@?=>e@JL OMJ<= C9E=F JMF<

=KM;@=J$FF=F

= '4#06914670) = 4+'06+'470)

'4#06914670) (E4 &+' '.6

^ O9J G RA=DD=J +9JLF=J NGF #;H7 3DF: <=E &GFR=JL=J=A?FAK AE 5=A;@=F <=K &DAE9O9F<=DK ;@L &GFR=JL= V KA=:=F &GFLAF=FL= .MH=JKL9JK OA= (9<GFF9 GF %GNA G<=J 'AFCAF +9JC KHA=DL=F >eJ <=F &DAE9K;@MLR ^ e:=JLJM? DAN=

G 415) 0-+3

$E %9FM9J OA<E=L= KA;@ <9K ;FD36;A X AE -9@E=F <=K +:7?7@E5:I7DBG@=F ">;?3I3@67> <=F O=DLO=AL=F &DAE9N=JaF<=JMF?=F &=JF <=J .;@O=JHMFCLOG

;@= O9J <=J X ">;?3 :75= 9M> III =>;?35:75= 3F <=J AF 5MK9EE=F9J:=AL EAL <=E .AD>6 .;>6>;87 A@6E .. =FLOA;C=DL OMJ<= !9KL

^KL=JJ=A;@=

J$FF=F F9@E=F :=J=ALK AF <=J /@=E=FOG;@= <9J9F L=AD A= AD9FR O9J >J=ADA;@ 9M;@ =JK;@J=;C=F< A= <MJ;@K;@FALLDA;@= &DAE9=JOaJEMF? <A= NGF <=F /=KL

/=ADF=@E=J$FF=F N=JMJK9;@L OAJ< DA=?L :=A "J9< =DKAMK DD= .LM<A=F ?=

@=F @=ML= <9NGF 9MK <9KK 9: RO=A "J9< J<=JOaJEMF? C9L9KLJGH@9D= !GD?=F RM =JO9JL=F KAF<

B76 &):6=6/ 8-: " "

(AL <=F KL=A?=F<=F /=EH=J9LMJ=F KL=A?L 9M;@ <A= "=>9@J =AF=J @G@=F *RGF:=

D9KLMF? ^ :A=L=L AF 5MK9EE=F9J:=AL EAL <=E ,?I7>F4G@67E3?F =AF F=M=K .(. .=JNA;= MF< O9JFL KG>GJL O=FF <A= *RGFO=JL= e:=JK;@JALL=F O=J<=F .G:9D< <A= *RGF:=D9KLMF? <A= G>>ARA=DD=F .;@O=DD=FO=JL= $F>GJE9LAGFK MF< D9JEK;@O=DD= e:=JKL=A?L =J@9DL=F <A= :GFF=FL$FF=F =AF= .3D@ *$*

=.<:)/

-1;<=6/

A= FDA=?=F <=J 1GDCK?JMHH=F MF< (AF<=J@=AL=F :=Je;CKA;@LA?=F (A?J9LAGF 9DK ?=K=DDK;@9>LDA;@= #=J9MK>GJ<=JMF? O9@JF=@E=F &GEEMFAC9LAGF e:=J :=KL=@=F<= 0FL=JK;@A=<= @AFO=?

-0:?-:< # ! # )4; -:;8-3<1>-

G ;.2072<<. @2. -2. #7;>1.7 27 -.7 /;*7CO<2<,1.7 $8;<=N-=.7 -.; *;24*=>;.7<=;.2= 27 N7.6*;4 >7- -2. ".;;8;*7<,15N0. 27 ?.;<,12.-.7.7 .>;89N2<,1.7 N7-.;7 <27- .27 -.>=52,1.< 5*;6<207*5 -*< >7< C.20= -*<< <2,1 7=.0;*=287 5.2,1+.;.,1 =20>70 >7- .27 /;2.-52,1.; 2*580 C@2<,1.7 -.7 >5=>;.7 72,1= *>=86*=2<,1 .;0. +.7 %2; 6P<<.7 -.7 2*580 >7- -2. 0.0.7<.2=20. 7.;4.77>70 *4=2? >7=.;<=P=C.7 2. .-2.7 27<+.<87-.;. -2. O//.7=52,1 ;.,1=52,1.7 >7-/>74*7<=*5=.7 1*+.7 -*+.2 .27.7 +.-.>=.7-.7 .2=;*0 C> 5.2<=.7 D ;2=C 5.2=0.7 ;N<2-.7= -.; >;89N2<,1.7 >7-/>74>7287

^>>=FLDA;@ J=;@LDA;@=J M>LJ9? RMJ $FL=?J9LAGF E=AFL +JG:

D=E= MF< @9F;=F =JC=FF=F &GEEMFAC9LAGF 9M> <=J 9KAK ?=?=FK=ALA?=J F=JC=FFMF? $F>GJE9LAGF MF< 0FL=J@9D

LMF? <A= F?KL FA;@L K;@eJ=F 1GJMJL=AD= FA;@L MFL=JKLeL

R=F KGF<=JF ?=K=DDK;@9>LDA;@=F 5MK9EE=F@9DL AFK .HA=D :JAF?=F "=OAFF=J$FF=F MF< 1=JDA=J=J$FF=F &J9FC= MF< "=KMF<= KL9:DAK@E=FL MF< AF MF>J=AOADDA?=J $KGD9LAGF D=:=F<= (=F

K;@=F AF@=AEAK;@= MF< (A?J9FL$FF=F .A= 9DD= D=:=F AF <=JK=D:=F 2=DL AE K=D:=F '9F< =J M>LJ9? 9F <=F *-! D9ML=L =K 9M;@ KA;@L:9J @dJ:9J MF< O9@JF=@E:9J RM E9;@=F MF< (d?DA;@C=AL=F >eJ =AF ?=DMF?=F=K 5MK9EE=F

D=:=F 9M>RMR=A?=F

:)3<1;+0-: =<B-6

AF 2=JL >eJ =AF= "=K=DDK;@9>L AF <=J (=FK;@=F EAL=AF9F<=J RM LMF @9:=F

+8'45+6C6 +56 '#.+6C6

G 27 +;.2=.; 52,4 P+.; -.7 ".55.;;*7- 127*>< <=.1= 6.27.< ;*,1=.7< /P; -*< .6P1.7 >6 7=.0;*=287 5.2,1+.;.,1=20>70 >7- $.;<=N7-20>70 E *55.< ;>7-<N=C. -.< D

&)2 + "&4+". &+!".%"&0"+."! (0&,+

"=K=DDK;@9>LDA;@ :=F9;@L=ADA?L= =NdDC=JMF?K?JMHH=F OA= (AF<=J@=AL=F G<=J <A= !J9?= <=J (=FK;@=FJ=;@L= ?9DL=F MF< ?=DL=F AF <=J 2=DL <=J (=<A=F 9DK J=D9LAN MF9LLJ9CLAN (9F;@= =NdDC=JMF?K?JMHH=F OMJ<=F MF< O=J<=F D=<A?DA;@ EAL )=?9LANK;@D9?R=AD=F AF 1=J

:AF<MF? ?=:J9;@L (AL <=E %9@J K=LRL= <=J *-! =AF =AF<=MLA?=K 5=A

;@=F AE .AFF= <=J MK=AF9F<=JK=LRMF? EAL <=J dKL=J

J=A;@AK;@=F ?=K=DDK;@9>LDA;@=F 1A=D>9DL (AL <=J AF>e@

JMF? <=J 1GDCK?JMHH=FK=F<MF? >eJ <A= 9MLG;@L@GF= KDGO=FAK;@= 1GDCK?JMHH= AF &aJFL=F A47D 63@ "ADA =3 MF< B=F=J >eJ <A= CJG9LAK;@= 1GDCK?JMHH= AE MJ?=FD9F< A43D 63@ DH3F; OMJ<= EAL <=E (9?9

RAF 7;?3F 8D7?67 7;?3F =AF= .=F<MF? ?=K;@9>>=F <A= KA;@ HJAEaJ EAL <=F RM?=O9F<=JL=F "JMHH=F 9MK <=E =@=E9DA?=F %M?GKD9OA=F KGOA= <=J /eJC=A :=>9K

K=F KGDDL= =F ?=K=DDK;@9>LDA;@=F 1=JaF<=JMF?=F <A=

K=J %9@J= >GD?=F< @9L KA;@ <9K (9?9RAF V HJG<MRA=JL NGF -=<9CL=MJ$FF=F <=J $;@67D:7;F7@D763=F;A@ V RM =AF=J .=F<MF? =FLOA;C=DL EAL <=E HJG?J9EE9LAK;@=F 5M?9F? X ;H7DE;F[F ;EF )73>;F[FS <A= <A= DD?=E=AF@=AL e:=J HGDALAK;@= CMDLMJ=DD= KGRA9D= G<=J 9M;@ OAJL

K;@9>LDA;@= !J9?=F AE =J=A;@ <=J -A>=E9DGBB7@ $;9 D3@F @@7@ MF< $7@E5:7@D75:F7 AF>GJEA=J=F OADD

<=K *-! ?=?=Fe:=J <=F 1GDCK?JMHH=F DK (AL:=?JeF

<=JAF D9F?Ba@JA?= (AL?=KL9DL=JAF MF< B=LRA?= '=AL=JAF <=J .=F<MF? 7;?3F 8D7?67 7;?3F :AF A;@ EAJ <=K (=@J9M>O9F<K NGF EMLL=JKHJ9;@DA;@=F $F>GJE9LAGFK

:=ALJa?=F :=OMKKL O=D;@=J NGF <=F (AL9J:=AL=J$FF=F <=J $;@67D:7;F7@D763=F;A@ FA;@L ?=K;@=ML OAJ< "9FR AE "=?=FL=AD <A= 2A<=JKHA=?=DMF? <=J KHJ9;@DA;@=F 1A=D>9DL AF ^KL=JJ=A;@ OAJ< NGF <=F %GMJF9DAKL$FF=F EAL?=LJ9?=F FA;@L RMD=LRL 9M;@ <MJ;@ <A= H=JKdFDA

;@=F =L@FAK;@=F MF< <9EAL KHJ9;@DA;@=F 9;C

?JGMF<K A= <9EAL =JJ=A;@L= ,M9DALaLKKL=A?=JMF? AKL =FLKHJ=;@=F< MFN=JC=FF:9J

7;?3F 8D7?67 7;?3F N=JKL=@L KA;@ 9DK (9?9RAF <9K <A= CMDLMJ=DD= 1A=D>9DL AE '9F< OA<=JKHA=?=DL MF< <A= ?=K=DDK;@9>LKHGDALAK;@=F FLOA;CDMF?=F AE 5MK9E

E=FD=:=F ROAK;@=F (=@J@=AL MF< (AF<=J@=AL <=E !=JFK=@HM:DACME Fa@=J:JAF?=F OADD MJ;@ =EGLAGF9

D= DDL9?K?=K;@A;@L=F KGDD <9K 1=JKLaF<FAK >eJ K;@=AF

:9J F<=JK9JLA?=K K=FKA:ADAKA=JL O=J<=F A= (AF<=J

@=AL=FJ=<9CLAGF CGFFL= KA;@ AF <=F >9KL RO=A %9@JR=@F

L=F A@J=J J:=AL 9DK 1GJJ=AL=JAF AF .9;@=F <=J $F>GJE9LA

GFKN=JEALLDMF? e:=J $FL=?J9LAGF =AF=F )9E=F E9;@=F =J &GFL9CL <=J -=<9CL=MJ$FF=F RM <=F 1GDCK?JMHH=F MF< <=F RM?=O9F<=JL=F GEEMFALA=K D9KK=F =K RM <9KK OA;@LA?= !J9?=F >Je@R=ALA? =JC9FFL MF< L@=E9LAKA=JL O=J<=F .G CGFFL= :=AKHA=DKO=AK= :=J=ALK AF <=F =J %9@J=F EAL <=J =JA;@L=JKL9LLMF? e:=J <A= -GE9 MF< .AFLA <9RM :=A?=LJ9?=F O=J<=F <9KK <=J 1GDCK?JMHH= RMEAF<=KL E=@J M>E=JCK9E

C=AL O=FF FA;@L 9M;@ E=@J F=JC=FFMF? <MJ;@ <A= AF=F :=KGF<=J=F (=@JO=JL =JJ=A;@L 7;?3F 8D7?67 "=K=DDK;@9>L =FL?=?=F ?=:J9;@L OMJ<= *<=J AF =AF=J 7;?3F EAL <=E +JAFRAH <=J EMLL=JKHJ9;@DA;@=F 5=AL AF <=J C9ME B=E9F< e:=J <=F $KD9E MF< (GK;@=

=JA;@L=JKL9LLMF? MF< <=J <=MLK;@=F 0FL=JLAL=DMF? 9K *-! (9?9RAF K=LRL :=OMKKL 9M> 0FL=JLAL=DMF? KL9LL =F :=JA;@L=L= OMJ<=F <A=K= /@=E=F AE .AFF= <=K 9M> .QF;@JGFAKA=JMF? ME <MJ;@ <A= (=@JKHJ9;@A?C=AL AFL=JJ=DA?AdK=F A9DG?K AF <=J .=F<MF? 7;?3F 8D7? 67 7;?3F :=J=ALK AFL=FKAN :=D=M;@L=L <A= ?=K=DDK;@9>LDA;@= +DMJ9DALaL MFL=JKLJ=A;@=F RM CdF

F=F 9K EMLL=JKHJ9;@DA;@= F?=:GL =FLKHJA;@L <9EAL 9M;@ <=E :=KGF<=J=F d>>=FLDA;@ J=;@LDA;@=F M>LJ9? &)2 + "&4+".

-15)< .:-5,- -15)<

7;?3F 8D7?67 7;?3F .GFFL9? V

0@J *-! :A=L=L $F>GJE9LAGF 0FL=J@9DLMF? MF< .=JNA;= AF <=MLK;@=J .HJ9;@= MF< AF <=J B=O=ADA?=F (MLL=J

KHJ9;@= <=J F=M=F (AF<=J@=AL=F KGOA= <=J 1GDCK?JMHH=F AF 5A=D AKL =K <9K (AL=AF9F<=J <A= CMDLMJ=DD= 1A=D>9DL MF< <A= $FL=?J9LAGF AF ^KL=JJ=A;@ RM >dJ

<=JF AF .;@O=JHMFCL AE %9@J

OA<E=L= KA;@ <=E /@=E9 "=K9ELK;@MD= EAL :=KGF<=J=E DA;C 9M> (A?J9FL=FCAF<=J MF< (AF<=J@=AL=F )=:=F 9DD?=

E=AF=F (A?J9LAGFK MF< $FL=?J9LAGFKL@=E=F ?9: =K =ALJa?= e:=J AF ^KL=J

J=A;@ D=:=F<= (A?J9FL$FF=F 9MK -MKKD9F< +GD=F J9KADA=F /K;@=;@A=F <=J .DGO9C=A GKFA=F >JAC9 /eJC=A 0F?9JF -MEaFA=F <=E $J9F MF< @AD= KG

OA= e:=J LK;@=;@AK;@= -GE9 MF< &aJFLF=J .DGO=F$FF=F

= '4#06914670) = 06')4#6+10

'+/#6 (4'/&' '+/#6

38>/<1<?8. "+.39 '3/8 #:/D3+6+?=1+,/ /37+> 0</7./ /37+> 0F?=Od@FDA;@= 2=?= :=K;@JALL 7;?3F 8D7?67 7;?3F 9E M?MKL

A= ?=K9EL= -9<AGK=F<MF? OMJ

<= NGF %GMJF9DAKEMK .LM<=FL$FF=F <=J .;7@ ?=KL9DL=L 9K /@=E9 <9K <A= %MF?BGMJF9DAKL$FF=F MF< 7;?3F 8D7?67 7;?3F N=J:AF<=L =AF= MKO9@D 9F (=<A=F NGF MF< >eJ (A?J9FL$FF=F 0FL=JKM;@L OMJ<=F <9K 2A=F=J (9?9RAF ;47D <A= *-! .=F<MF? I;7 4;FF7 MF< )36;A 8D;=3 <9K EAL =@J=F9ELDA;@=F (AL9J:=AL=J$FF=F :=J=ALK K=AL R=@F %9@J=F 9MK 2A=F K=F<=L

!),17 % !

E (aJR

KL9JL=L= )36;A - &) <9K KDGO=FAK;@KHJ9;@A?= -9

<AGHJG?J9EE AF &aJFL=F 9DK &GGH=J9LAGF ROAK;@=F <=J "& #A=3>D36;A ?4 MF< <=E *-! 0FL=J <=E 9;@ <=J "& #A=3>D36;A ?4 ?=KL9DL=F )36;A - MF< )36;A &) .LMF<=F +JG?J9EE HJG /9? 2=AL=J= 9;@L .LMF<=F KDGO=

FAK;@=K +JG?J9EE La?DA;@ O=J<=F NGE H=JKGF=DD =JO=AL=JL=F /=9E <=J KDGO=

FAK;@=F -=<9CLAGF AE &) #3@67EEFG6;A "[D@F7@ :=A?=KL=M=JL

! =:/-64)6, "-:>=; "B1) (,:)>7 -4<=0)

$E E=@JKHJ9;@A?=F !=JFK=@E9?9RAF <=K &) GD97@>3@6 HJaK=FLA=JL KA;@ <9K MJ?=FD9F< NA=JKHJ9;@A? A= .=F<MF? *7DHGE *L;3 16D3HA 7>FG:3 OAJ< K=;@KE9D AE %9@J 9MK?=KLJ9@DL A= Od;@=FLDA;@=F .=F<MF?=F O=J<=F K=AL

AF <=J GHH=D;GF>cJ=F;= NGF (=D9FA= 9D9KCGNA;K MF< 'AR9 #9MKE9FF

!9JC9K EG<=JA=JL

!),17 =:/-64)6, 51< <I/41+0-6 "-6,=6/-6 =6, )+0:1+0<-6 )=. $6/):1;+0 =:/-64)6,3:7)<1;+0 =6, !75)6-;

AF=F O=K=FLDA;@=F FL=AD 9F -=?AGF9DALaL MF< 1A=D>9DL @9:=F <A= 1GDCK?JMH

H=FHJG?J9EE= <=K &) GD97@>3@6 .A= KAF< =AF AFL=?J9D=J =KL9F<L=AD <=K ?=K9EL=F +JG?J9EE9M>LJALL=K <=K #3@67EEFG6;AE AF -9<AG !=JFK=@=F MF< GFDAF= A= F?=:GL= 9M> MJ?=FD9F<CJG9LAK;@ 0F?9JAK;@ MF< -GE9F=K O=J<=F FA;@L FMJ <=F :=KGF<=J=F M>LJa?=F <=K M 67E &) 7E7FL7E ?=

J=;@L KGF<=JF K;@9>>=F <9Je:=J @AF9MK =AF=F MFN=JRA;@L:9J=F (=@JO=JL >eJ <A= 9MLG;@L@GF=F 1GDCK?JMHH=F MF< >eJ <A= ?=K9EL= -=?AGF A= E=

<A9D= 9JKL=DDMF? !dJ<=JMF? MF< +>D=?= <=J KHJ9;@DA;@=F MF< CMDLMJ=DD=F 1A=D>9DL D=AKL=L =AF=F O=K=FLDA;@=F =ALJ9? RMJ $<=FLALaL <=K MJ?=FD9F<=K

".21/ ." +, & , ? '+0' #4-' #/ 4'+.C0&'4'%-

G < 2<= >7<.;. 1258<8912. 62= -.7 2==.57 -.; #7=.;1*5=>70 >7- -.< 7/8=*276.7=< P+.; -2. *,1+*; 77.7 C> +.;2,1=.7 >7- *>/ -2.<. %.2<. -2. $854<0;>99.7 .27*7-.; 7N1.;C>+;270.7 D

&))& /)&06". +!"/!&."(0,. ;.+0"+

9K :=KGF<=J= FDA=?=F <=J +JG?J9EEE9;@=J AE &) "[D@F7@ AKL <=J /J9FKHGJL NGF 'G4>;5 -3>G7 $F@9D

L=F RM <=F :=KL=F .=F<=R=AL=F MF< <9Je:=J @AF9MK EAL <A=K=F $F@9DL=F <A= AF &aJFL=F >=KLRMKL=DD=F<=F @=JNGJJ9?=F<=F (9JCL9FL=AD= KG?9J FG;@ RM =JO=A

L=JF K :=<9J> 9LLJ9CLAN=J 1=JH9;CMF?=F MF< @G;@

HJG>=KKAGF=DD=J 9JKL=DDMF?=F ME <=F @9J9CL=J d>>=FLDA;@ J=;@LDA;@=J +>DA;@Le:MF?=F RM N=JE=A<=F MF< FA;@L :=<AF?L <MJ;@ ,MGL=FN=JDMKL= RME X*75D7F -3>G7S 9:RM?D=AL=F $F <A=K=E 5MK9EE=F@9F? KAF< <A= =Ee@MF?=F <=K #3@67EEFG6;AE RM N=JKL=@=F 9K %9@J AKL FMJ =AF= !GJLK=LRMF? <=J J>GD?K?=

K;@A;@L= EAL F9@=RM 9MKK;@DA=ZDA;@ 'G4>;5 -3>G7

$F@9DL=F AF 9DD=F +JG?J9EE:=J=A;@=F 9K /@=E9 <=J $FL=?J9LAGF :=<=ML=L AF &aJFL=F NGJ 9DD=E ::9M NGF -=KK=FLAE=FLK ROAK;@=F <=F 1GDCK?JMHH=F AF 1GJ

?9F? <=J <MJ;@ <A= AF>e@JMF? NGF *7DHGE *D7 @A ;3A ?9FR O=K=FLDA;@ :=K;@D=MFA?L OMJ<= A=K= (9JC= /AL=D =AF=J La?DA;@=F <J=AKLeF<A?=F -9<AGK=F

<MF? MF< =AF=J !=JFK=@K=F<MF? AE FK;@DMKK 9F "[D@F7@ :7GF7 B=<=F .9EKL9? KL=@L >eJ =AF=F =JO=A

L=JL=F #=AE9L:=?JA>> AE .AFF= MJGH9K OG:=A <A= AL9

DA=FAK;@=F D=E=FL= ?D=A;@K9E 9DK !=JE=FL ROAK;@=F <=E .DGO=FAK;@=F MF< <=E &aJFL=F RM?=GJ<F=L=F /=AD =AF?=K=LRL O=J<=F

(AL <=F (ALL=DF <=J 0FL=J@9DLMF? MF< <=K $F>GL9AF

E=FLK e:=J <A= )9;@:9J$FF=F RM :=JA;@L=F MF< 9M> <A=K= 2=AK= <A= 1GDCK?JMHH=F =AF9F<=J Fa@=JRM:JAF

?=F AKL <A= +@ADGKGH@A= A= MKKLJ9@DMF? <=J -9<AG

K=F<MF?=F RMJ JAN=LAE= 9: 0@J MF< <A= +JaK=FL9

LAGF <=J !=JFK=@:=ALJa?= <MJ;@ RO=A <=J HGHMDaJKL=F (=<A=FH=JKdFDA;@C=AL=F <=K .LM<AGK 0L= +A;@D=J MF< JFMD> +J9K;@ =FLKHJA;@L 9M;@ <=J =<=MLMF? <A= <A=K=E $FL=?J9LAGFKHJGB=CL :=A?=E=KK=F OAJ< <9K AE -9@E=F =AF=K 0 +JG?J9EEK MFL=JKLeLRL OMJ<= =KGF<=JK 9FRME=JC=F AKL <A= FGFN=J:9D= GLK;@9>L <=J +JaK=FL9LAGF <MJ;@ JFMD> +J9K;@ <=J EAL K=AF=E $E9?= 9MK .7@@ 6;7 $GE; EB;7>F =F? EAL <=E =?JA>> X#=AE9LS N=J:MF<=F OAJ< MF< KA;@ :=AKHA=DKO=AK= 9MK <=E KDGO=FAK;@=F &9JKL G<=J NGF <=J (GD= AF "J9<G 9FK +M:DACME O=F<=L $F <=J .=F<MF? *7DHGE *D7 @A ;3A -9<AG MF< /1 O9J <=J .DGO=FAK;@= .L99LKHJaKA<=FL %9F=R JFGN =C "9KL =AF=J /9DCK@GO AE !MFC@9MK "D=A;@

R=ALA? CGFFL= EAL MKD9M>=F <=J 0 !dJ<=JMF? =AF= &GGH=J9LAGF EAL =AF=E F9E@9>L=F +9JLF=J "[D@F@7D *B3D=3EE7 NGJ?=KL=DDL O=J<=F ME <=F (=@J9M>O9F< <=J ?J=FRe:=JK;@J=AL=F<=F CLANALaL=F 9:RM<=;C=F AF O=AL=J=K 0 +JGB=CL AKL AF J:=AL

&))& /)&06".

! I:6<-6 7*-: ,)6 7:7 3)

$E *-! !=JFK=@=F AF>GJEA=JL A47D 63@ "ADA =3 B=<=F .GFFL9? ME 0@J e:=J /@=E=F <A= ?9FR &aJFL=F AFL=J=KKA=J=F <A= .=F<MF? OAJ< K=AL %MDA AE !=JFK=@HJG?J9EE NGF )+- *>AH7@;<3 OA=<=J@GDL

! I:6<-6 "-:>=; ":- 67 1)7

=J=ALK E=@J 9DK

E9D K=F<=L= <9K '9F<=KKLM<AG &aJFL=F AF -9<AG MF< !=JFK=@=F .9EKL9? 0@J +JG?J9EE= EAL <A=K=E /AL=D 5A=DK=LRMF? AKL FG;@ AEE=J <A= JR=M?MF? =AF=J E=@J>9;@=F 2=;@K=DOAJCMF? AF=JK=ALK <A= FLKH9FFMF? <=J LEGKH@aJ= ROAK;@=F <=F 1GDCK?JMHH=F 9FRMJ=?=F 9F<=

J=JK=ALK e:=J <A= =>AFALAGF <=K #=AE9L:=?JA>>=K F9;@RM<=FC=F MF< D=LRLDA;@ <A= "=E=AFK9EC=AL <=J (=FK;@=F AF &aJFL=F !JA9MD MF< .DGO=FA=F 9M> =EGLA

GF9D=J :=F= RM >dJ<=JF .=AL HJAD

>e@J=F 9:O=;@K=DF< JFMD> +J9K;@ MF< 0L= +A;@D=J <MJ;@ <A= .=F<MF?

= 06')4#6+10 = '4#06914670)

24#%*'0 70& 7.674'0 +0' '4#75(14&'470) (E4 &'0

38>/<1<?8. L,/< .3/ </8D/ G 0S80 8=3-2>/8 @98 +-2,+<8 G .95 F67 !eF> 'aF<=J !eF> -=?AKK=MJ$FF=F !eF> <GCME=FL9JAK;@= MKDGLMF?=F <=K '=:=FK 9F <=J "J=FR= Y47D 6;7 D7@L7 AKL =AF GCME=FL9JTDE e:=J "J=FR=J>9@JMF?=F 9E =?AFF <=K %9@J@MF<=JLK $F =AF=J TDEAK;@=F HAKG<=F -=AK= NGF )GJ< F9;@ .e< R=A?L=F >eF> -=?AKK=MJ$FF=F 9MK +GD=F /K;@=;@A=F .DGO9C=A 0F?9JF MF< .DGO=FA=F 9E %MDA

AF *-! A@J= .A;@L MF< 1AKAGF NGF )9LAGF $<=FLALaL MF< MJGH9

!),17 =4<=:0)=; !75) =4<=:.-;<1>)4

9K )" O9J

.HA=DGJL MF< &GGH=J9LAGFKH9JLF=J <=K RO=AL=F )A?3 "G> FGD87EF;H3>E AF 2A=F 'MAK =DD9FG MF< K=AF= K=;@KCdH>A?= 9F< CGE:AFA=JL=F -GE9 /J9<ALAGF9DK EAL .OAF? GKK9 )GN9 MF< .9E:9 "=KMF?=F OMJ<= 9M> -GE9F=K MF< F?DAK;@ 9K )" MFL=JKLeLRL <A= +JaK=FL9LAGF =AF=J 1GDCK?JMH

H= <A= AF MJGH9 FG;@ AEE=J ME F=JC=FFMF? JAF?L

9@/ 7/ 1/8./< G /38/ $2/7/8A9-2/ +?0

$F "=<9FC=F 9M> <A=K=E .=F<=J OA=<=J E9D =AF= 2G;@= D9F? =AF /@=E9 RME /GH $KKM= RM E9;@=F C9E AE _:=JD=?=F =:=F<A=K=K X?=F<=JS 6<K;@=F<97 AFK "=KHJa;@ $E "=?=FK9LR RM XK=PS <=E :AGDG?AK;@=F "=K;@D=;@L KL=@L X?=F<=JS >eJ <A= KGRA9D= ?=K=DDK;@9>LDA;@= CMDLMJ=DD= "=K;@D=;@LKRM?=@dJA?C=AL 9K ?=

E=AF@AF <=F :AHGD9J=F &9L=?GJA=F EaFFDA;@ O=A:DA;@ 5M?=<9;@L= AKL 9DKG FA;@LK O=AL=J 9DK =AF &GFKLJMCL MF

K=J=J KGRA9D=F MF< CMDLMJ=DD=F 0EKLaF<= /QHAK;@ O=A:DA;@=K EaFFDA;@=K 1=J@9DL=F AKL <=EF9;@ FA;@L F9LeJ

DA;@ NGJ?=?=:=F MF9MKO=A;@DA;@ KGF<=JF CMDLMJ=DD ?=HJa?L MF< NGF B=<=J E AFR=DF=F =JD=JFL OA=<=J@GDL O=AL=J?=:=F 9K J>JAK;@=F<= <9J9F \F<=JMF?=F KAF< V F9LeJDA;@ V Ed?DA;@ AF= 2G;@= D9F? NGE :AK (aJR

OMJ<= 9M> !( e:=J <9K /@=E9 ?=KHJG;@=F MF< F9;@?=<9;@L

'*4 #.5 '0&'/+076'0 #.5 8'464#7'05$+.&'0&' #A0#*/'

G%2; <.=C=.7 >7< +.@><<= -*< &2.5 ?87 -.; =*0.<9852=2<,1.7 2<4><<287 @.0C>4866.7 >7- >7< <=*==-.<<.7 62= .<,12,1=. >7- >5=>; 2=.;*=>; >7- %2<<.7<,1*/= ><24 >7- .520287 %2;=<,1*/= >7- .+.7<*;= 27 >7<.;.7 *,1+*;5N7-.;7 C> +.<,1N/=20.7 D

).&(" =/0"+% $"+ : ,,.!&+ 0&,+

2A= ?ML C=FF=F OAJ =A?=FLDA;@ MFK=J= )9;@:9JKL99L=F AF 5=FLJ9D MF< *KL=MJGH9 29K OAKK=F OAJ NGF <A=K=F 'aF<=JF MF< A@J=F FLOA;CDMF?=F K=AL <=E !9DD <=K AK=JF=F 1GJ@9F?K 29K e:=J <A= /@=E=F <A= A@J= 'AL=J9LMJ :=K;@a>LA?=F <9K /@=9L=J MF< <A= !ADE= O9K e:=J <A= F=M=F /=F<=FR=F AF (MKAC MF< J;@AL=C

LMJ e:=J MFL=J:JG;@=F= MF< B=LRL OA=<=J 9M>?=FGE

E=F= /J9<ALAGF=F DK OAJ MFK AF =AF=J ^ -=<9CLAGFKKALRMF? AE !Je@

@=J:KL <=K %9@J=K <A=K= !J9?=F KL=DDL=F @9LL=F OAJ HDdLRDA;@ <A= KHJA;@OdJLDA;@= '9F<C9JL= EAL O=A

Z=F !D=;C=F NGJ MFK )MJ HMFCLM=DD= $F>GJE9LAGF=F RME=AKL NGF 9CLM=DD=F J=A?FAKK=F ?=HJa?L OA= =LO9 <A= MK=AF9F<=JK=LRMF?=F ME <9K ?J=FRF9@= LGE

CJ9>LO=JC /=E=DAF :=KLAEEL=F NA=D>9;@ MFK=J 2AKK=F =KO=?=F =FLK;@DGKK=F OAJ MFK AF ^ 9: =AF=F =ALJ9? RME :=KK=J=F ?=?=FK=ALA?=F 1=JKLaF<FAK RM D=AKL=F MF< <=F ^KL=JJ=A;@=J$FF=F #AFL=J?JMF<AF>GJ

E9LAGF=F e:=J MFK=J= )9;@:9JKL99L=F MF< <=J=F =NdDC=JMF? RM :A=L=F 0FL=J <=E /AL=D %747@3@ D=G@6G@97@ ;@ XEF7DD7;5:E %35:43DE5:38F KL9JL=L= <9E9DK =AF=K <=J ?JdZL=F ^ +JGB=CL= <9K :AK @=ML= >GJL<9M=JL MF< <=E ^ +M:DACME '9F< MF< '=ML= <=J .L99L=F AE *KL=F ^KL=JJ=A;@K Fa@=J:JAF?=F KGDD 2AJ K=LRL=F MFK :=OMKKL <9K 5A=D NGF <=J L9?=KHGDALAK;@=F AKCMKKA

GF O=?RMCGEE=F MF< $F>GJE9LAGF=F B=FK=ALK NGF 29;@KLMEKJ9L=F MF< 'G@F?=>aDD=F NGF (A?J9LAGFK

:=J=ALK;@9>L MF< .LAEE?=OA;@LMF? AF <=J 0 RM >e@

J=F MF< MFK KL9LL<=KK=F EAL "=K;@A;@L= MF< &MDLMJ

'AL=J9LMJ MF< 2AKK=FK;@9>L (MKAC MF< -=DA?AGF 2AJL

K;@9>L MF< '=:=FK9JL AF MFK=J=F )9;@:9JDaF<=JF RM :=K;@a>LA?=F )9;@ <A=K=E +JAFRAH KL9F<=F NGF :AK B=O=ADK =AF= 2G;@= D9F? MFL=JK;@A=<DA;@= .L99L=F AF ^KL=JJ=A;@K Fa@=J=J MF< >=JF=J )9;@:9JK;@9>L AE (ALL=DHMFCL <=K +JG?J9EEK OMJ<= <9K +JGB=CL RO9J NGJDaM>A? 9:?=K;@DGKK=F 9M>?JMF< <=J ?JGZ=F -=KGF9FR MF< <=K J>GD?=K K=LRL=F OAJ =K 9:=J 9: #=J:KL >GJL 9E9DK >GD?L= MFL=J <=E /AL=D GDA B3 :^D7@ ;7 +_D=7; =AF= O=AL=J= .;@O=JHMFCLOG;@= <A= N=JKM;@L= 9FDaKKDA;@ <=J M>F9@E= <=J 0 =A

LJALLKN=J@9F<DMF?=F EAL <=J /eJC=A <=E dKL=JJ=A;@A

K;@=F +M:DACME 1GDC &MDLMJ 2AJLK;@9>L 2AKK=F

K;@9>L -=DA?AGF DDL9?KD=:=F AF <=J /eJC=A Fa@=JRM

:JAF?=F 0F< AE )GN=E:=J HGJLJaLA=JL=F OAJ 9CMKLAK;@ 9FDaKKDA;@ A@J=K 0 =ALJALL=K <A= .L99L=F -MEaFA=F MF< MD?9JA=F $E (aJR OAJ< e:JA?=FK 'AL9M=F V 1ADFAMK AKL ?=E=AFK9E EAL 'AFR AE Fa;@KL=F %9@J GDAB[;E5:7 "G>FGD:3GBFEF36F V =AF= 2G;@= D9F? AE (ALL=DHMFCL MFK=J=J -9<AGK=F<MF?=F KL=@=F (AL <=J +JGB=CLD=ALMF? >eJ %747@3@ D=G@6G@97@ ;@ XEF7DD7;5:E %35:43DE5:38F :=LJ9ML AKL =K <=J X "AAD 6;@3F;A@ =AF FDA=?=F <=F B=O=ADA?=F .L99L G<=J <9K RMJ AKCMKKAGF KL=@=F<= /@=E9 Ed?DA;@KL ME>9KK=F< AF NA=D=F MFL=JK;@A=<DA;@=F !9;=LL=F <9JRMKL=DD=F 9:=A KL=DD=F KGD;@= .;@O=JHMFCLOG;@=F FA;@L FMJ =AF KH=RA=DD=K F?=:GL >eJ MFK=J= #dJ=J$FF=F <9J 9M;@ OAJ K=D:KL HJG>ALA=J=F NGF KGD;@=F +JGB=CL=F 9K ^ /=9E K=D:KL @9L &GEH=L=FR MF< 2AKK=F 9M>?=

:9ML <9K OAJ NGJ@=J AF <A=K=E MKE9Z FA;@L @9LL=F MF< OAJ KAF< 9M> MFK=J= )9;@:9J$FF=F F=M?A=JA? ?=OGJ<=F 0F< 9M;@ O=FF =K MFK FA;@L ?=DAF?=F C9FF =AF NGDDKLaF<A?=K AD< =AF=K '9F<=K G<=J =AF=K KH=RA=DD=F /@=E9K RM R=A;@F=F OGDD=F OAJ <G;@ =AF .H=CLJME 9F $F@9DL=F 9F:A=L=F <9K KG :J=AL OA= Ed?

DA;@ AKL .G :J=AL OA= <=J &MDLMJ:=?JA>> NGF ^

).&(" =/0"+% $"+

G "-6,-;+0?-:8=63< =4/):1-6 =6, !=5I61-6

=F F=M=F 0 (AL?DA=<=J MD?9JA=F MF< -MEaFA=F O9J NGF (GFL9? <=E )GN=E:=J :AK .GFFL9? <=E )GN=E:=J

=AF .=F<MF?KK;@O=JHMFCL AF ^ ?=OA<E=L $E -9@E=F <=J -=A@= %747@3@ D=G@6G@97@ ;@ XEF7DD7;5:E %35:43DE5:38F OMJ<= RO=A 2G;@=F D9F? 9:K=ALK NGF L9?=K9CLM=DD=J +GDALAC =AF AF:DA;C AF "=K;@A;@L= &MDLMJ 2AKK=FK;@9>L MF< 2AJLK;@9>L <=J :=A<=F 'aF<=J ?=?=:=F

+= &965=1<?::/8 81/,9> +?0 " "+.39

=J *-! O=AL=L= <9K +JG?J9EE9F?=:GL >eJ &) )36;A AF <=F .HJ9;@=F <=J 9MLG;@L@GF=F 1GDCK?JMHH=F AF ^KL=JJ=A;@ :=J=ALK AE %9@J=

ME <J=A .LMF<=F 9MK (AL <=F F=M=F 1GDCK?JMHH=FHJG?J9EE=F 9M> &) )36;A K=F<=L <=J *-! +JG?J9EE= <A= =AF=E F9;@@9DLA?=F E=<A=FHa<9?G?AK;@=F FK9LR =FLKHJ=;@=F

"+.39 <M M5

= 06')4#6+10 = '4#06914670)

1//70+-#6+10 (E4 '+0 +6'+0#0&'4

9K LK;@=;@AK;@= 2G;@=FE9?9RAF (GFL9? V 0@J D=?L <9K #9MHL9M?=FE=JC 9M> <A= "=K;@=@FAK

K= AFF=J@9D: <=J 1GDCK?JMHH= <=J 2A=F=J /K;@=;@$FF=F .=F<MF?KL@=E=F =JKLJ=;C=F KA;@ NGF +GDALAC e:=J &MDLMJ :AK @AF RME .HGJL

=P: = 8C/6@

9K MF?9JAK;@= (9?9RAF .9EKL9?

V 0@J AKL =AF= +D9LL>GJE >eJ $F>GJE9LAGFK9MKL9MK;@ AF <=J 5A=D

?JMHH= E]B E @K7>H :=<=ML=L RM =MLK;@ X*5:3D87 1G@97S

"+.39 +5>?=

9K 2G;@=FE9?9RAF <=J dKL=JJ=A;@AK;@=F -GE9 !J=AL9?

V 0@J ?=KL9DL=L KA;@ RO=AKHJ9;@A? 9M> -GE9FA MF< =MLK;@ 9:=A TF<=F MFL=JK;@A=<DA;@= .HJ9;@=F <=J =MJGHaAK;@=F -GE9 MF< .AFLA =Je;CKA;@

LA?MF? OA= 'GN9J9 -GE9FA G<=J <A= A9D=CL= <=J -GE9 9MK -MEaFA=F G<=J .=J:A=F MF< (GFL=F=?JG A= M>

9J:=ALMF? <=J "=K;@A;@L= <A= JAFF=JMF?K9J:=AL MF< <A= AKCJAEAFA=JMF? O9J=F 9M;@

G>L /@=E=F <=J .=F<MF?

"+.39 :9813+

)36;A BA@9;3 AKL =AF= La?DA;@= KDGO9CAK;@= %M?=F<K=F<MF? B=<=F RO=AL=F GFF=JKL9? V 0@J $E (ALL=DHMFCL KL=@L <A= 2A=F=J KDGO9CAK;@= %M?=F< MF< <=J=F !J9?=F RMJ CMDLMJ=DD=F $<=FLALaL MF< RMJ (MLL=JKHJ9;@=

)@P.+@ 735<9098

9K %M?=F< (9?9RAF <=J 2A=F=J /K;@=;@$FF=F !J=AL9? V 0@J K=LRL KA;@ EAL 9DD=F /@=E=F =AF=J MJ:9F=F .L9<L 9MK=AF9F<=J JFa@JMF? &MFKL MF< !J=AR=AL KAF< FMJ =AFA?= <=J =J=A;@=

"+.39 3+ $Q8

A= .=F<MF? B=<=F RO=AL=F GFF=JKL9? V 0@J AKL 9M> <A= 1GDCK?JMHH= <=J 2A=F=J .DGO9C$FF=F >GCMKKA=JL 9K EMLL=JKHJ9;@DA;@= (9?9RAF :=KL=@L 9MK =AF=E /@=E=FK;@O=JHMFCL MF< /AHHK >eJ N=FLK )=

:=F J=A?FAKK=F 9M> <A= KA;@ <A= 1GDCK?JMHH=FHGDALAC AF ^KL=JJ=A;@ :=RA=@L FAEEL <A= .=F<MF? 9M;@ /@=E=F =MJGHaAK;@=J AE=FKAGF O9@J

>743;/:=88-6 ! )<

=J *-! :A=L=L 9M;@ AE $FL=JF=L $F>GJE9LAGF=F MF< .=JNA;=D=AKLMF?=F >eJ <A= =AFR=DF=F 1GDCK?JMHH=F AF ^KL=JJ=A;@ )=:=F E=@JKHJ9;@A?=F )9;@JA;@L=F ?A:L =K =AF ME>9KK=F<=K &@ 7?3@6 MF< #;H7 *FD73?

F?=:GL

=.<:)/

-1;<=6/

X-MF<>MFC <=J "=K=DDK;@9>LS :=<=ML=L &GEEMFAC9LAGF <AJ=CL MF< MF?=K;@EAFCL (=FK;@=F RM 2GJL CGEE=F D9KK=F D=:=F<A?=F &GFL9CL RME +M:DACME H>D=?=F

-0:?-:< H! ! F 16 -:6;-0-6

!),17 =6, 6416-

G 27 5*7.= -.; ?86 2<4>;< <.27.; .@817.; 5.+= 2<= C>6 "8-. ?.;>;=.25= @.77 .; -2.<.7 4;.*=2?.7 ;8C.<< *+@P;0= D 70;2- !,1.2=1*>.; 2<29 ,866>72,*=287<

eJ?=JJ=;@L= KAF< =AF !9DD >eJ <=F *-! ^>>=FLDA;@ J=;@LDA

;@=J -MF<>MFC :A=L=L =AF= +D9LL>GJE >eJ 1GDCK9FOaDL$FF=F -=;@LK9FOaDL$FF=F +9LA=FL=F9FOaDL$FF=F MF< =LJG>>=F= <A= ME A@J -=;@L CaEH>=F FKHJM;@ MF< M>LJ9? KAF< CD9J ML@=FLAK;@= '=:=FKO=DL KL9LL AFKR=FA=JL=J &GF>DACL =J -MF<>MFC <=J "=K=DDK;@9>L :=O=?L KA;@ EALL=F MFL=J <=F (=FK;@=F +M:DA; .=JNA;= ?G=K HM:DA; A= AFD9<MF? 2AJ CGEE=F RM $@F=F .A= J=<=F EAL

:)3<1;+0-: =<B-6

&GEEMFAC9LAGF <A= =L=ADA?MF? 9E d>>=FLDA;@=F '=:=F >dJ<=JL

+' 7%*' 0#%* '4'%*6+)-'+6

G$854<+25->70 4874;.=. 25/. >7- >8=. %*< @255 6*7 6.1; +.2 .27.6 O//.7=52,1 ;.,1=52,1.7 !.7-.; D

"0". "/"0 .&0/ % 1-) 06 ".& %0 =.$". +3 )0

9K '=:=F K;@J=A:L <A= KH9FF=F<KL=F J=@:e;@=J 29@JK;@=AFDA;@ OaJ=F <A= NA=D=F G>L MF?D9M:DA;@=F '=:=FKK9;@N=J@9DL= JMF< MEK 2G@F=F &9M>=F J:=F MF< 5MK9EE=FD=:=F <A= MFK >eJ <A= X eJ?=JK=F<MF

?=FS L9?La?DA;@ RM?=LJ9?=F O=J<=F 9M;@ =AF ?ML=J -G@KLG>> >eJ >ACLAGF9D=K +JG?J9EE MF< J=@:M;@9MLGJ$F

F=F K DG@FL= KA;@ <9K =AFE9D 9FRM?=@=F 29K EA;@ 9F E=AF=J J:=AL :=AE _D97D3@I3>F 9:=J :=KGF<=JK >J=ML AKL <9KK <A=K= .=F<MF? FA;@L FMJ '=:=FKJ=9DALaL=F OA<=JKHA=?=DL KGF<=JF <A= '=:=FK

J=9DALaL G>L 9M;@ =AF O=FA? N=JaF<=JL A= 1=JKA;@=JMF? <A= B9@J=D9F? C=AF=F .;@9<=F=J

K9LR >eJ =AF 0F>9DDGH>=J :=R9@D=F OGDDL= MF< CMJR NGJ MKKLJ9@DMF? <=K !9DD=K X:=A FG;@E9DA?=J +Je>MF?S <J9M>CGEEL <9KK E9F <G;@ <A= MJG e:=J

O=AK=F C9FF A= KL99LDA;@= $FKLALMLAGF <A= HDdLRDA;@ =AF= #aJL=>9DD

CD9MK=D =FL<=;CL F9;@ <=J <=J L=MJ= D=CLJGJGDDKLM@D <G;@ :=R9@DL O=J<=F C9FF 9K &J9FC=F@9MK <9K EAL <=E N=JH>MK;@L=F +9LA=F

L=F CMJR NGJ <=J .=F<MF? =AF=F XN=JFeF>LA?=FS 1=J

?D=A;@ ?=K;@DGKK=F @9L 0F< FA;@L FMJ AE AFR=D>9DD H9KKA=JL =LO9K M;@ ?=F=

J=DD= -=?=DMF?=F aF<=JF KA;@ F9;@ "=K;@A;@L=F <A= AE AFR=D>9DD 9M>R=A?=F OGJ9F <9K .QKL=E :=A JKL=D

DMF? NGF ?=F=J=DD=F -=?=DMF?=F XFA;@L ?=<9;@LS @9L

)9;@ MFK=J=F .=F<MF?=F ?A:L =K HDdLRDA;@ \F<=JMF

?=F :=A <=J $FN9DA<ALaLKH=FKAGF =FLKL=@L HDdLRDA;@ =AF !GF<K :=A <=J WDLF7=3??7D <=J KA;@ <=J *H>=J CJAEA

F=DD=J \JRL$FF=F 9FFAEEL =J9J:=AL=L= E9F \F<=JMF

?=F >eJ <9K +>D=?=?=D< :=A :=@AF<=JL=F &D=AFCAF<=JF MF< NA=D=K E=@J 0F< FA;@L FMJ <9K M;@ O=FF OAJ K;@=AF:9J 9MK

KA;@LKDGK= !aDD= R=A?=F C9FF <9K FG;@ =LO9K :=OAJ

C=F 2A= :=A <=J 9DL=F !J9M <A= EAL @G@=J 29@J

K;@=AFDA;@C=AL AE .HAL9D N=JH>MK;@L OGJ<=F O9J AF K=DLK9E=K "ML9;@L=F :=R=A;@F=L= =AF X:DALR9JLA?=K 2MF<DA=?=FS 9DK XK;@A;CK9D@9>L= !e?MF?S A= K;@O=JCJ9FC= !J9M N=JDGJ =AF=F +JGR=KK MF< KGDDL= <=E .HAL9D B=LRL 9M;@ FG;@ MJG +JGR=KKCGK

L=F =JK=LR=F A= @9LL= KA= FA;@L MF< KG OGDDL= E9F A@J <9K #9MK O=?F=@E=F )9;@ <=J .=F<MF? E=D<=

L=F KA;@ G@F= M>JM> <J=A .H=F<=J <A= B= MJG KH=F<=L=F O=AD KA= <=J !9DD KG =EHdJL @9LL= 0F< OA=<=J O9J B=E9F< 9MK =AF=J K;@=AF:9J 9MK

KA;@LKDGK=F .ALM9LAGF ?=J=LL=L 9K _:=JJ9K;@=F<= <9:=A A= ,MGL=F :=A <A=K=F .=F<MF?=F KLAEE=F 9M;@ .A= DA=?=F O9K <A= (9JCL

9FL=AD= :=LJA>>L J=?=DEaZA? :=A <=F .HALR=FO=JL=F 1GDCK:AD<MF? CGFCJ=L= #AD>= MF< ,MGL= 29K OADD E9F E=@J :=A =AF=E d>>=FLDA;@ J=;@LDA;@=F .=F<=J

"0". "/"0 .&0/

-: K:/-:)6?)4< D 14.- .K: ,1- ,-6 16B-46- 6

A= .=F<MF? -A>=E3@I3>F Q >7;5:7E )75:F 8_D 3>>7 EAL +=L=J -=K=L9JALK OMJ<= EAL <=J +JG?J9EEJ=>GJE

F=M CGFRAHA=JL _D97D3@I3>F .9EKL9? 0@J *-! N=J>e?L FMF EAL (AFML=F .=F<=R=AL e:=J RMKaLRDA;@= (d?DA;@

C=AL=F F=:=F .LM<AGCGF>JGFL9LAGF=F MF< $FL=JNA=OK FG;@ E=@J -=HGJL9?=F MF< =ALJa?= e:=J =AFR=DF= .;@A;CK9D= NGF (=FK;@=F 9FRM:A=L=F <A= KA;@ MF

?=J=;@L :=@9F<=DL >e@D=F MF< ?=?=F e:=JEa;@LA? K;@=AF=F<= $FKLALMLAGF=F 9M> #AD>= 9F?=OA=K=F KAF< A= <J=A 1GDCK9FOaDL$FF=F :=KLJ=AL=F O=AL=J@AF <=F "JGZL=AD <=J .=F<MF? =J?aFRL ME -=;@LK9FOaDL$FF=F +9LA=FL=F9FOaDL$FF=F MF< *E:M<KEaFF=J MF< >J9M=F (=@J 9DK <A= #aD>L= 9DD=J !aDD= CGFFL= <MJ;@ <=F _D97D3@I3>F ?=DdKL O=J<=F .=AL HJAD

?J=A>=F +=L=J -=K=L9JALK MF< <9K _D97D3@I3>F /=9E AF B=<=J .=F<MF? 9M;@ !aDD= 9M> <A= e:=J <=F =F? ?=KL=;CL=F &GEH=L=FR:=J=A;@ <=J 1GDCK9FOaDL$FF=F @AF9MK?=@=F "=J9<= AE =J=A;@ NGF G>LE9DK 9MKKA;@LKDGK K;@=AF=F<=F !aDD=F @9L KA;@ F9;@ <=J MKKLJ9@DMF? AE !=JFK=@=F =JKL9MFDA;@ NA=D RME +GKALAN=F =FLOA;C=DL =KGF<=JK =EHdJL @9L <A= 5MK;@9M=J$FF=F <A= '=A<=FK?=K;@A;@L= <=J &aJFLF=JAF JAC9 .MFFALK;@ <A= F9;@ =AF=J *H=J9LAGF =AF= K;@J=;CDA;@= 2MF<= 9E "=KaZ @9LL= $E %MFA OMJ<= e:=J <=F !9DD =AF=K

%a@JA?=F K=AL K=AF=J "=:MJL ?=AKLA? :=@AF<=JL=F (9FF=K :=JA;@L=L <=J NGF K=AF=E FA;@L MFN=JEd?=F<=F 19L=J C=AF=F 0FL=J@9DL :=CGEEL O=AD <=J AE "=>aF?FAK KALRL $E (9A OMJ<= e:=J <A= !GD?=F <=K &GFCMJK=K =AF=K (9JCL MF< (=AFMF?K>GJ

K;@MF?KMFL=JF=@E=FK :=JA;@L=L -MF< A=FKLF=@E=J$FF=F KG?=F9FFL= 9LQHAK;@ =K;@a>LA?L= KGDDL=F <9F9;@ ME A@J=F 9MKKLaF<A?=F 'G@F XME>9D

D=FS DK 9J:=ALKJ=;@LDA;@ X1G?=D>J=A=S @aLL=F KA= C=AF= $FKGDN=FR=FL?=DLN=JKA

;@=JMF? $E .LM<AG @9LL= =AF 1=JLJ=L=J <=J D47;F7D=3??7D <9FF =AF= $<== MF< <A= '=ML= :=C9E=F A@J "=D< $EE=J OA=<=J ?A:L =K 9M;@ =K;@O=J<=F e:=J -=;@LK9FOaDL$FF=F <A= <9K "=D< <9K A@F=F A@J= &DA=FL$FF=F ?=:=F >eJ KA;@ :=@9DL=F N=JDA=J=F G<=J N=J

KHA=D=F MF< <9FF HD=AL= KAF< AF .9DR:MJ?=J @=H99J @9LL= <MJ;@ =AF= 2A=F=J <NGC9LAF R=@FL9MK=F<= MJG N=JDGJ=F )9;@ <=J .=F<MF? ?9: =K "=D< 9MK =AF=E )GL>9DD>GF<K <=J )75:FE3@I3>FE=3??7D

= E4)'40C*' = '4#06914670)

+0 #.. (E4 &'0

K:/-:.7:=5

'$1 <AJ=CL MF< EAL eJ?=J:=L=ADA?MF? 9K F=M= &) _D97D8ADG? K=LRL 9M> <=F <AJ=CL=F J9@L RME +M:DACME $@J= (=AFMF? Ra@DL V 9FD9KK:=RG?=F V :=A <=F ?JGZ=F ?=K=DDK;@9>LDA;@=F #=J9MK>GJ<=JMF?=F <=J 5=AL

"+0)=84)<B -:1+0<

9K =AFRA?9JLA?= "=JA;@LKE9?9RAF KL9JL=L=

9M> =AF=E F=M=F .=F<=HD9LR !J=AL9? 0@J *-! MF< DA=Z e:=J 2G;@=F (GF9L= MF< %9@J= =LJG>>=F= V &Da?=J$FF=F MF< =CD9?L= V KGOA= <=J=F -=;@LK9FOaDL$FF=F RM 2GJL CGEE=F =A <A=K=F '9F?R=AL:=G:9;@LMF?=F OMJ<=F G>L "=K;@A;@L=F <GCME=FLA=JL <A= K=D:KL CJ=9LAN=F J=@:M;@9MLGJ$FF=F C9ME =AF?=>9DD=F OaJ=F .H9FF=F< =EGLAGF9D MF< 9M>CDaJ=F< O9J=F =LO9 <A= -=;@LK>J9?=F <A= AF <=J .=F<MF? 3GE G@6 A8 <9J?=KL=DDL MF< <AKCMLA=JL OMJ<=F

G %76 #)/ B= #)/

A= .=F<MF? :A=L=L La?DA;@ (GFL9? :AK !J=AL9? V 0@J =AF=F <A

J=CL=F A9DG? ROAK;@=F .LM<AG?9KL MF< #dJ=J$FF=F H=J /=D=>GF $FL=J=KKA=J

L= CdFF=F :=A 9CLM=DD=F MF< J=D=N9FL=F /@=E=F AF <A= AKCMKKAGF =AFKL=A?=F MF< KG <9K +JG?J9EE <AJ=CL EAL?=KL9DL=F 5M <=F "aKL=F

?=@dJL=F M 9 GLK;@9>L=J 2GD>?9F? +=LJALK;@ 9DC9F PH=JL= -G:=JL (=F9KK= .;@JA>L

KL=DD=J "M<JMF #9JJ=J )9@GKL PH=JLAF JFA (9F?GD< .;@9MKHA=D=JAF <GD> #GDD /@=GDG?= MF< FLGFAG !A9F .;@JA>LKL=DD=J

E4)'40C*' #.5 7$.+% &&'& #.7'

G P;0.;7N1.; 5*<<.7 <2,1 ?.;6>=52,1 <80*; 26 @.5= @.2=.7 *J<=*+ +.=;*,1=.= *-28 >7- .;7<.1.7 72,1= 6*,1.7 D

.&$&00" ,)# +!"/!&."(0,.&+ &"+

&MJR ?=K9?L <=J =J=A;@ <=J KGRMK9?=F N=JK;@aJ>L=F eJ?=JFa@= A=K=F =J=A;@ :=9J:=AL=F <A= F=MF #3@ 67EEFG6;AE <=K *-! eJ?=JFa@=J 9DK NGF <A=K=F D9KK=F KA;@ N=JEMLDA;@ KG?9J AE O=DLO=AL=F (9ZKL9: :=LJ9;@

L=L -9<AG MF< !=JFK=@=F FA;@L E9;@=F %=<=J -9<AG MF< B=<=J !=JFK=@9F:A=L=J ?D9M:L NGF KA;@ K=D:KL X:eJ?=JF9@S RM K=AF 2=J :eJ?=J>=JF 9?A=JL O=E =K FA;@L ?=DAF?L =AF= Je;C= RME +M:DACME RM :9M=F OAJ< NGE (9JCL 9:?=KLJ9>L 1GF <=J =@9MH

LMF? 9DD=AF :eJ?=JF9@ GJA=FLA=JL RM K=AF DaKKL KA;@ 9DKG C=AF 'G4>;5 -3>G7 9:D=AL=F )G;@ O=FA?=J =AF 'G4>;5 6676 -3>G7 <=J NGF =AF=E d>>=FLDA;@ J=;@LDA;@=F ?=:e@J=F?=KLeLRL=F -MF<>MFCN=J9FKL9DL=J RM -=;@L ?=>GJ<=JL O=J<=F C9FF A= NGF NA=D=F "=:e@J=FR9@D=J$FF=F ?=JF= MF< G>L CGF

KMEA=JL=F 0FL=J@9DLMF?K $F>G G<=J .HGJLHJG?J9EE= EAL F9LAGF9D=F MF< AFL=JF9LAGF9D=F $F@9DL=F KAF< AF NA=

D=JD=A #AFKA;@L K=D:KLN=JKLaF<DA;@ 9M;@ :eJ?=JF9@ KAF< KA= =K FA;@L O=J<=F KA= NGE ,MGL=F "GLL RMJ -=;@=F

K;@9>L ?=RG?=F DD= <A=K= !GJE9L= <=;C=F 9FL@JGHGDG

?AK;@= =<eJ>FAKK= 9: V OAJ OGDD=F 9F <=J F9LAGF9D=F =:9LL= L=AD@9:=F OAJ OGDD=F MFK=J= 5=AL?=FGKK=F

K;@9>L AE 2=DLE9ZKL9: D=:=F OAJ OGDD=F <A= .A=?=J NGF 2AE:D=<GF MF< &ALR:e@=D OAKK=F :AKO=AD=F OGD

D=F OAJ 9M;@ FMJ 9:K;@9DL=F 9:=J FA;@L =AFK;@D9>=F EeKK=F DD=K RMLA=>KL E=FK;@DA;@= =<eJ>FAKK= NGF eJ?=J$FF=F NGJ <=E -9<AG G<=J !=JFK=@?=JaL %=<= =AFR=DF= .=F<=EAFML= <A= OAJ @=JKL=DD=F MF< N=JLJ=A

:=F AKL <=J 1=JKM;@ :eJ?=JF9@ RM K=AF :=J =K ?A:L FG;@ =AF =<eJ>FAK =K FAEEL =AF= JL .GF

<=JKL=DDMF? =AF =K @9F<=DL NGF <=J MFK N=JLJ9ML=F 2=DL NGJ <=J #9MKLeJ= NGF <=F .LJ9Z=F <A= OAJ K=D:KL MF< 9DD

La?DA;@ :=>9@J=F NGF <=F J=A?FAKK=F <=J=F MFEALL=D:9

J= 5=M?$FF=F OAJ O9J=F G<=J @aLL=F K=AF CdFF=F NGF =K;@DeKK=F <A= MFK MFEALL=D:9J MF< FA;@L e:=J /J9FK

EAKKAGFKJA=E=F :=LJ=>>=F 9K AKL <=J =J=A;@ <=J &D=AF

O=LL=JD9?= <=J 'GC9DDA?9 <=K '9F<=KL@=9L=JK <=J =RAJCKHGDALAC MF< <=J )9;@:9JK;@9>LK @JGFAC

5M?=?=:=F V AF <=F N=J?9F?=F=F >eF> :AK R=@F %9@J=F @9:=F KA;@ 9M;@ R9@DJ=A;@= CGEE=JRA=DD= 'GC9DJ9<AGK MF< HJAN9L= !=JFK=@N=JKM;@= AF DGC9D=F &9:=DF=LR=F ME <A=K= !GJE NGF eJ?=JFa@= :=Ee@L DD=J<AF?K @dJL MF< KA=@L <=J <A= 9F?=KHJG;@=F= eJ?=J$F <A=K=F +JGB=CL=F MF< +JG<MCL=F =AF= ?=OAKK= F?= 9F F?= <=J B=O=ADA?=F (ACJG (aJCL= F?= <=J +JG<MCLAGFKEAL

L=D F?= <=J :=@9F<=DL=F /@=E9LAC NGJ 9DD=E 9:=J 9M;@ F?= <=J CGEE=JRA=DD=F (GLAN= 9K C9FF <9FF MF< O9FF RM <MJ;@9MK F=LL=F J?=:FAKK=F >e@J=F MF< <=J =AF= G<=J 9F<=J= E9? <9K 9DK =ALJ9? RMJ (=<A=F

+DMJ9DALaL ?=DL=F D9KK=F :=J <=J >GJ;A=JL= 'G4>;5 6676 -3>G7 <=F <A= &) #3@67EFG6;AE @=JNGJ:JAF

?=F DA=?L HJaRAK AF <=J _:=JOAF<MF? <A=K=J ==F?MF

?=F Ç¯ PLW HLQHU SHUPDQHQWHQ :HLWHUHQWZLFNOXQJ LQQRYDWL

N=J +JG<MCLAGFKHJGR=KK= Ç¯ PLW 5HGDNWHXU,QQHQ XQG 7HFKQLNHU,QQHQ GLH DXI GHP .L9F<9J< ?JGZ=J F9LAGF9D=J +JG?J9EE= ?=K;@MDL MF< 9F <A=K=F GJA=FLA=JL KAF< Ç¯ PLW -RXUQDOLVW,QQHQ GLH YRP VHOEHQ ULJRURVHQ 5HGDN

L=MJKKL9LML ?=K;@eLRL O=J<=F <9K <A= 0F9:@aF?A?C=AL NGF 1; -=<9CL=MJ$FF=F KA;@=JKL=DDL M> <A= X)9;@JA;@L=F NGJ <=J #9MKLeJS <=J9JL E9KKAN DGKRM?=@=F E9? =AF =PLJ=E=J *N=JCADD K=AF :=J =AF=K KL=@L >=KL 5MK9EE=F?=J=;@F=L =JJ=A;@L <=J *-! :RO =JJ=A;@=F <A= .=F<MF?=F <=J #3@67EEFG6;AE 2G;@= >eJ 2G;@= >9KL <J=A (AG eJ?=J$FF=F AE !=JFK=@=F MF< >9KL NA=J (AG AE -9<AG EAL <A=K=J N=JK;@aJ>L=F !GJE NGF eJ?=JFa@= OA= KA= FMJ V O=FF e:=J@9MHL V AE d>>=FLDA;@ J=;@LDA;@=F 5MK9EE=F@9F? ?=<=A@=F C9FF

.&$&00" ,)#

"7 6)0 ?1- 5J/41+0 ,1- ! )6,-;;<=,17;

A= &) #3@67EEFG6;AE KAF< EAL A@J=J La?DA;@=F =JA;@L=JKL9LLMF? Fa@=J 9F <=F ^KL=JJ=A;@=J$FF=F 9DK AJ?=F<=AF 9F<=J=K 1GDDHJG?J9EE AE <=MLK;@KHJ9

;@A?=F -9ME !eJ 9DD= F=MF MF<=KDaF<=J O=J<=F La?DA;@ =ALJa?= =JKL=DDL MF< HJaK=FLA=JL <=J=F /@=E=F MF< $F@9DL= MFEALL=D:9J >eJ <A= -=?AGF=F MF< A@J= =OG@F=J$FF=F J=D=N9FL MFL=J@9DLK9E MF< AF>GJE9LAN KAF< 2=AL=J= $F>GJE9

LAGF=F AE 'G4>;5 -3>G7 #7;EFG@9E47D;5:F <=J &) #3@67EEFG6;AE

38>/<1<?8. 38/ "/3=/ 38= 88/</ @98 '3/8 G .95 F67 "=J@9J< -GL@ <=J KA;@ K=D:KL 9DK X J;@aGDG?= <=J 'AL=J9LMJS :=R=A;@F=L >=A=JL= 9E %MFA

K=AF=F "=:MJLKL9? 5M <A=K=E FD9KK R=A?L= *-! <=F KK9Q:9F< ;@7 )7;E7 ;@E @@7D7 HA@ .;7@ AF <=J 1=JTD

EMF? NGF %9F .;@eLL= ;@7 )7;E7 ;@E @@7D7 HA@ .;7@ AKL =AF -=AK=>e@J=J <=J <A= K==DAK;@=F =TF<DA;@C=AL=F <=J .L9<L 2A=F MF< A@J=J =OG@F=J$FF=F AF =P=EHD9JAK;@=F =L9ADK <9JKL=DDL

= '4#06914670) = E4)'40C*'

'4 *D46 <7 ? '4 4'&'6 /+6

3<176-6 ,-: )6,-;;<=,17; 16- =;?)04

CLAGF=F <=J &) #3@67EEFG6;AE CdFF=F CMDLMJ=DD=F @9J9CL=J @9:=F G<=J KA= KAF< K=JNA;= MF< ?=K=DDK;@9>LKGJA=FLA=JL $F B=<=E !9DD KAF< KA= 9:=J XF9@ 9E eJ?=JS < @ KA= ?=KL9DL=F :=OMKKL <9K ?=E=AFK;@9>LDA;@= '=:=F AF <=F =AFR=DF=F MF<=KDaF<=JF EAL MF< O=J<=F NGF NA=D=F (=FK;@=F ?=JF= AF F

KHJM;@ ?=FGEE=F 5M =JOa@F=F AKL =LO9 <=J &47D^EF7DD7;5:;E5:7 7D;7@E5:75= <=J EAL =AF=J Ba@JDA;@=F M>D9?= NGF

.Le;C AF CF9HH RO=A 2G;@=F N=J?JA>>=F AKL MF< O=AL E=@J 9DK =AF ?=Od@FDA;@=K "MLK;@=AF@=>L AKL eJ?=J MF< )9;@:9JK;@9>LKFa@= :=OA=K <=J ! "<-1-:5):3 <=J

=AF= @9F<DA;@= MF< ?ML N=JKLaF<DA;@= JGK;@eJ= RMJ 1=J:=KK=JMF? <=J &GEEMFAC9

LAGF EAL MFK=J=F KDGO=FAK;@=F )9;@:9J$FF=F @=J9MK?9: A= JGK;@eJ= $;F7;@3@67D Q E>AI7@;E5: 9 D76F AKL =AF= AFD9<MF? <A= &GEEMFAC9LAGF EAL MFK=J=F )9;@:9J$FF=F RM AFL=FKANA=J=F OG:=A <A= OA;@LA?KL=F =?JA>>= >eJ NA=D= DDL9?KKALM9LAGF=F <9K 1=JKLaF<FAK >eJ=AF9F<=J >dJ<=JF KGDD=F M>CD=:=J EAL $F>GJE9LAGF=F >eJ JKL@=D>=J$FF=F % Q -7DEF[@6;9G@9 ;? %AF 83>> V MFL=J <A=K=E )9E=F @9:=F #3@6 +;DA> X $+ MF< ! #1:74 =AF= F=M= .A;@=J@=ALKC9EH9?F= ?=KL9JL=L AF M>CD=:=J 9M> <=E !9@JR=M? G<=J (G:AD

L=D=>GF KGDD #=D>=J$FF=F R=A?=F OG KA= OA;@LA?= $F>GJE9LAGF=F >AF<=F ! 1-,-:J;<-::-1+0 KL9JL=L= #7@=7@ A:@7 4>7@=G@9 .=AL %9@J=F AFALAA=JL <9K #3@67EEFG6;A ?=E=AFK9E EAL K=AF=F +9JLF=J$FF=F &9EH9?F=F RME /@=

E9 -7D=7:DEE;5:7D:7;F : %MFA OMJ<= AF -9<AG MF< !=JFK=@KHGLK KGOA= J=<9CLAGF=DD=F =ALJa?=F 9M> <A= NA=D>aDLA?=F :D=FCMF?=F @AF?=OA=K=F V NGE 2=;@K=DF NGF K Oa@J=F< <=J !9@JL e:=J <9K .M;@=F NGF "=?=FKLaF<=F AE MLG <9K )9;@K;@D9?=F AE /=JEAFC9D=F<=J :AK RME /=D=>GFA=J=F EAL <=E #9F<Q =J ! *-:J;<-::-1+0 O9J OA= B=<=K %9@J 9M;@

(ALAFALA9LGJ <=J #;@ L7D ">3@9IA>=7 E .=HL=E:=J =JK;@9DDL= <A= ";@67D=>3@9IA>=7 MF< L9?K <9J9M> <A= =>3EE;E5:7 ">3@9IA>=7 =J=ALK =AF= 2G;@= <9NGJ ?9: =K <A= H;EG 3>;E;7DF7 ">3@9IA>=7 AE 'AFR=J GF9MH9JC NGJ <=E JM;CF=J@9MK F9;@ =AF=E &GFR=HL NGF !GDC= /=?=LL@G>>

#00 #&+1*D4'0 1&'4 '405'*'0 )4#6+5 5'+0

G 2. $.;<8;0>70 62= :>*52=*=2? 18,1@.;=20.; 7/8;6*=287 CN15= /P; 62,1 C> -.7 ;>7-;.,1=.7 -.; .7<,1.7 ?.; 05.2,1+*; 62= -.6 -.684;*=2<,1.7 &>0*70 C> %*<<.; 8-.; 25->70 D

%.&/0& +" ,))". !&, 1)01.% 1/

&9FF -9<AG@dJ=F G<=J !=JFK=@=F ?J9LAK K=AF 2=<=J AF @AF9 )GJ<CGJ=9 %9H9F 1=F=RM=D9 FG;@ AF <=F 0. G<=J MJGH9 AKL <A=K Ed?DA;@ ?9D OG 9M> <A=K=J 2=DL .A= <A= +GO=J /9KL= $@J=K -9<AG G<=J !=JFK=@?=JaL=K <Je;C=F .A= EeKK=F <9>eJ :=R9@D=F .G G<=J KG %=<=J #9F<?JA>> <=J AF (=<A=FMFL=JF=@E=F =K;@a>

LA?L=F EMKK =FLDG@FL O=J<=F 9K M>KL=DD=F MF< J@9DL=F B=<=K .=F<=E9KLK !GJK;@MF?KHJGB=CL= =LO9 RMJ 1=J:=KK=JMF? <=K EH>9F?K G<=J <A= +JG<MCLAGF NGF $<==F 9DD <A=K CGKL=L "=D< "=D< <9K OAJ 9DD= RM :=R9@D=F @9:=F =FLO=<=J <MJ;@ .L=M=J9:?9:=F <A= e:=J M<?=LN=JL=ADMF? 9F <A= (=<A=FMFL=JF=@E=F >DA=Z=F <MJ;@ <A= =R9@DMF? NGF <AJ=CL=F "=:e@J=F HJG CGFKMEA=JL=J AF@=AL +9Q

/1 e:=J CD9KKAK;@= Xd>>=FLDA;@ J=;@LDA;@=S "=:e@

J=F>AF9FRA=JMF? G<=J <MJ;@ <=F &9M> NGF +JG<MCL=F :=A <=F=F OAJ e:=J <=F &9M>HJ=AK <A= 2=J:= MF< (9J

C=LAF?:M<?=LK EAL>AF9FRA=J=F O=D;@= OA=<=JME <=F X+JAN9L=FS A@J '=:=F =JEd?DA;@=F .G G<=J KG "=D< @9L C=AF (9K;@=JD

=J 59@DMF?K?JMF< K=AF X?=K=DDK;@9>LKHGDALAK;@=J _:=J:9MS K=@J OG@D 2=J R9@DL :=KLAEEL #=AZL =K A= ,M9DALaL <A=K=K =KLAEE=FCdFF=FK AKL 9DD=J<AF?K K=@J MFL=JK;@A=<

DA;@ $;@ @9DL= =K =LO9 >eJ F9@=RM 9MK?=K;@DGKK=F <MJ;@ ?=RA=DL=F JO=J: =AF=K :=KLAEEL=F +JG<MCL=K AJ?=F<=AF=F AF>DMKK 9M> =AF HJAN9L=K (=<A=FMFL=J

F=@E=F F=@E=F RM CdFF=F AF= ;@AF=KAK;@= !=JF

K=@ &GFKME=FLAF C9FF A@J= -=?A=JMF? <A= >eJ <A= 1=JL=ADMF? <=J M<?=L?=D<=J RMKLaF<A? AKL FA;@L Oa@

D=F A= CD9KKAK;@= Xd>>=FLDA;@ J=;@LDA;@=S "=:e@J=F>AF9F

RA=JMF? AKL @A=JRM AE 1=J?D=A;@ <A= <=EGCJ9LAK;@KL= .G @9:=F <A= ^KL=JJ=A;@=J$FF=F AF>DMKK 9M> XA@J=FS *-! .G MFL=JDA=?=F =LO9 +M:DACMEKJ9L MF< .LA>LMF?K

J9L =AF=J <=EGCJ9LAK;@ KLJMCLMJA=JL=F 5MK9EE=FK=L

RMF? 9Je:=J @AF9MK =J:JAF?L <=J *-! =AF=F &MDLMJ

9M>LJ9? &=AF= =EGCJ9LA= G@F= &MDLMJ &=AF= &MDLMJ G@F= =EGCJ9LA=

= E4)'40C*' 9K )36;A"G>FGD:3GE =J>eDDL V F=:=F 9F<=J=F *-!

$FKLALMLAGF=F OA= :=AKHA=DKO=AK= <=E )*& .;7@ V K=AL E=@J 9DK R=@F %9@J=F B=F=F CMDLMJ=DD=F (=@JO=JL <=F KA;@ <A= &GFKME=FL$FF=F NGF =AF=E d>>=FLDA;@ J=;@L

DA;@=F ?=:e@J=F>AF9FRA=JL=F .=F<=J RM -=;@L =JO9J

L=F 'G4>;5 -3>G7 =:=F 9K )36;A"G>FGD:3GE AKL OA;@LA?=J FKHJ=;@H9JLF=J >eJ <A= dKL=JJ=A;@AK;@= &MDLMJKR=F= MF< :A=L=L <=F &eFKLD=J$FF=F FA;@L FMJ =AF= d>>=FLDA;@= KGF<=JF <MJ;@ <A= =F?= 1=JF=LRMF? EAL <=F -9<AGK=F<=JF ^ !( MF< 9M;@ ^ =AF= E=<A9D= +D9LL>GJE MF< MFL=J

KLeLRL <=F *-! :=A K=AF=J d>>=FLDA;@ J=;@LDA;@=F M>

?9:= 9DK &MDLMJHJG<MR=FL K AKL 2=JCKL9LL:e@F= 9M> <=J >eJ <9K -9<AG E9Z?=K;@F=A<=JL= +JG?J9EEO9J= HJG<MRA=JL OAJ< MF< .;@FALLKL=DD= ROAK;@=F <=E *-! MF< <=KK=F +M:DACME <9K KGEAL :=A <=J M>R=A;@

FMF? NGF -9<AGK=F<MF?=F G<=J :=A 'AN= +JG<MCLAG

F=F @9MLF9@ <9:=A K=AF C9FF -9<AG RME F>9KK=F #A=J O=J<=F F=M= CeFKLD=JAK;@= +JG?J9EE= =FLOA

;C=DL BMF?= )9;@OM;@KCeFKLD=J$FF=F NGJ?=KL=DDL K >AF<=F CGFLJGN=JKA=DD ?=>e@JL= "=KHJa;@= RM 9CLM=DD=F AFF=FHGDALAK;@=F OAKK=FK;@9>LDA;@=F MF< ?=K=DD

K;@9>LKJ=D=N9FL=F /@=E=F KL9LL $F <=F N=J?9F?=F=F R=@F %9@J=F ?9: =K 1=J9FKL9DLMF?=F =K O9J=F

=KM;@=J$FF=F RM "9KL MF< =K OMJ<=F .LMF<=F -9<AGHJG?J9EE ?=F=JA=JL DK =NAK= ?ADL 1A=D=K AKL Ed?DA;@ AF@9DLDA;@ NA=DK=ALA? 9M> @G@=E )AN=9M EAL BGMJF9DAKLAK;@=E 5M?9F? A= +JG?J9EE@d@=HMFCL= 9MK <=E %9@J "9KL

9M>LJALL= <=K .L9J<AJA?=FL=F MF< *J?9FAKL=F 29QF= (9JK@9DD %G@F :=J;JGE:A=K NAJLMGK=K "AL9JJ=FIM9J

L=LL .N=F JA; =;@LGD>K DAL=J9JAK;@=K =:eL !J9FR &G?DE9FF :=AE !3LL H3@F93D67 7EF;H3> <9K X 'D; H3F=A@L7DF NGF *;?B>K )76 %3=76 #G@5: EAL F=M=J ">3EE;E5:7 -7D8_:DG@97@ <=K )*& .;7@ #9FKA '9F?K DF?3@@ 1=JLGFMF?=F JAC9 +DM@9J @JAKL9 'M<OA? D>J=< GJ>=J &9L@9JAF9 .L=E:=J?=J M N E A= 1=JKGJ?MF? EAL IM9DAL9LAN @G;@O=JLA?=J $F>GJE9LA

GF Ra@DL >eJ EA;@ RM <=F "JMF<J=;@L=F <=J (=FK;@=F N=J?D=A;@:9J EAL <=E <=EGCJ9LAK;@=F 5M?9F? RM 29KK=J G<=J AD<MF? 0F< ME <A=K 9M;@ O=AL=J@AF Ed?DA;@ RM E9;@=F AKL <A= HGDALAK;@= .A;@=JMF? NGF -MF<>MFC MF< !=JFK=@?=:e@J=F MFME?aF?DA;@ 2=J =AF=F d>>=FLDA;@ J=;@LDA;@=F .=F<=J OADD EMKK V =AF O=FA? V <9>eJ :=R9@D=F

%.&/0& +" ,))".

E4)'4 00'0 +/ 756#75%* /+6 '&+'0/#%*'4 00'0 ! 1)47/.7:=5

9K &) ;3>A98ADG? AKL =AF= -=A@= d>>=FLDA;@ RM?aF?DA;@=J AKCMKKAG

F=F =J =JKL= :=F< <A=K=J F=M=F *-! $FALA9LAN= AE =R=E:=J

L=J <=E /AL=D 4>3EE >?AE7@ A67D 3=F;H7E 7EF3>F7@ 1;H;>7E @9397?7@F ;? .3@67> KL9F< ?9FR AE 5=A;@=F =AF=K KA;@ N=JaF<=JF<=F 2=JL=C9L9DG?K MF< F=M=J !GJE=F ?=K=DDK;@9>LDA;@=J =L=ADA?MF? K <AKCMLA=JL=F FF=DA=

K= -G@J=J %GMJF9DAKLAF !J9FR &e:=JD 3D;F3E +JaKA<=FL #9FK +=L=J #9

K=DKL=AF=J 0FL=JF=@E=J EE=JA;@ /`DGK +GDALACOAKK=FK;@9>L=J #=AC= 5AJ<=F =F;A@ $7@E5: +JGB=CLD=AL=JAF <=J $FALA9LAN= 6;7 7E7>>E5:38F7D 67 MF< %dJ? -MEAF9C *-! #ME9FAL9JA9F JG9<;9KLAF? MFL=J <=J '=ALMF? NGF &) @8AD?3F;A@E6;D7=FAD DE9J *:=J@9MK=J

!),17 =4<=:0)=; (A34=; "K, ;<

$F RO=AKHJ9;@A?=F '=KMF?=F MF< $FL=JNA=OK OMJ<=

<9K R=AL?=FdKKAK;@= DAL=J9JAK;@= '=:=F NGF 'aF<=JF NGJ?=KL=DDL <=J=F &MDLMJ E9F @A=J C9ME C=FFL D:9FA=F (GD<9OA=F (GFL=F=?JG MF< K=J:9A<K;@9F K CGFFL=F X:DAF<= !D=

;C=FS 9M> <=J CMDLMJ=DD=F '9F<C9JL= =FL<=;CL O=J<=F MF< FCFeH>MF?KHMFCL= EAL 9MKDaF<AK;@=F 'AL=J9L$FF=F MF< _:=JK=LR=J$FF=F ?=>MF<=F O=J<=F

!),17 =4<=:0)=; %-:4-10=6/ ,-: "7B1)4 ):1-

5ME <JALL=F (9D OMJ<=F

CJ=9LAN= MF< AFFGN9LAN= .GRA9DHJGB=CL= EAL <=J *AL;3>$3D;7 <=J ,@DG:7 'D;H3FEF;8FG@9 :=DG@FL =F =JKL=F +D9LR =J@A=DL AF <A=

K=E %9@J <=J 1=J=AF A@@75F;@9 '7AB>7 <=J KA;@ ME +9L=FK;@9>L=F >eJ EAF<=J

Ba@JA?= !De;@LDAF?= G@F= F?=@dJA?= :=Ee@L

!),17 =4<=:0)=; :-)3 !),17

D73= )36;A AKL =AF= EGF9LDA;@= .=JNA;= 1=J9FKL9DLMF? <=K )" >eJ (=FK;@=F EAL =@AF<=JMF? K CGEE=F "aKL= 9MK .=D:KL@AD>=?JMHH=F (=<ARAF MF< "=

E=AF<=HGDALAC (=FK;@=F EAL :=KGF<=J=F =<eJ>FAKK=F >AF<=F @A=J $F>GJE9LA

GF (=AFMF?K9MKL9MK;@ MF< )=LOGJCAF?

:-16-+3-: "-617:-68:-1;

$F "=<=FC=F 9F K=AF= N=JKLGJ:=F= @=>J9M (9JA9 <A= =AF= :=KGF<=JK LJ=M= .=@=JAF <=J *-! .=F<MF? *7@;AD7@5>G4 O9J :=K;@DGKK <=J 2A=F=J !JALR "J=A

F=;C=J =AF=F *7@;AD7@5>G4 +J=AK RM KH=F<=F 9EAL KGDD=F +=JKdFDA;@C=A

L=F ?==@JL MF< 9MK?=R=A;@F=L O=J<=F <A= <MJ;@ A@J X?=D=:L=K F?9?=E=FLS (ALE=FK;@=F @=D>=F MF< 1GJ:AD< >eJ <A= "=K=DDK;@9>L KAF< E %MDA

e:=JJ=A;@L= *-! "=F=J9D<AJ=CLGJ J D=P9F<=J 2J9:=LR <=F EAL AFK?=K9EL

MJG <GLA=JL=F +J=AK 9F (A;@9=D '9F<9M 3D;F3E AJ=CLGJ <=J JR<AdR=K= 2A=F N=DQF #9Q<=F "=K;@a>LK>e@J=JAF MF< 1GJKL9F<KNGJKALR=F<= NGF ;7 1I7;F7 .;7@7D -7D7;@E *B3D53EE7 MF< &9JD 9FL=F<GJ>=J NGF BDA ?7@F7 .;7@

G 7=6<)165)61)

9K ;FD36;A X KM;@L <=F +M:DACMEKCGFL9CL FA;@L FMJ e:=J <=F \L@=J KGF

<=J GJ?9FAKA=JL B=<=K %9@J RO=A &GFR=JLLGMJ=F ME <A= (=FK;@=F NGJ *JL RM MF

L=J@9DL=F $E !=:JM9J LGMJL= <A= X $AG@F3;@?3@;3 EAL (MKAC 9MK ^KL=JJ=A;@ :=A >J=A=E AFLJALL OA=<=J NA=JE9D <MJ;@ <9K '9F< (AL <9:=A O9J=F @=AEAK;@= &eFKLD=J OA= <A= X *AG@65:75= /=ADF=@E=J *:7*3KE *:;H7D #7A MF< J5GE7 ?7 $AE7E 9MZ=J<=E $A@6E5:7;@7D $ADFA@ #GFF7@47D97D ">G9 MF< 1I7;F 8D3G .L9LAGF OMJ<= AF #9MK AE FFKL9D AF '=JEGGK MF< 9E )9KK>=D< ?=E9;@L

.GEE=JR=AL @=AZL 7EF;H3>D36;A 9M> !( A= :=KL=F !=KLAN9DK O=J<=F NGF !( AF A@J=J ?9FR=F 1A=D>9DL ?=OeJ<A?L A= $ 7EF;H3> -=HGJL=J$FF=F :=JA;@L=F NGJ *JL NGF <=F K;@dFKL=F (GE=FL=F ?JdZL=F 9EHAF?HDaLR=F MF< =J?J=A

>=F<KL=F &GFR=JL=JD=:FAKK=F 9RM ?A:L K $FL=JNA=OK #AFL=J?JMF<:=JA;@L= 'AN= (ALK;@FALL= /A;C=LN=JDGKMF?=F MF< <A= 'A=:DAF?KHD9LL=F <=J !=KLAN9D

:9F<K -MF< ME <A= !=KLAN9DK ?A:L K 9M;@ <AN=JK= CLAGF=F MF< .H=;A9DK =LO9 <9K $ 7EF;H3>:3@6K <9K $ GFA9D3??L7>F G<=J <9K $ 'AEF3?F 'AN=

=JA;@L=JKL9LLMF? ?9: =K

=LO9 e:=J <9K $ D7CG7@5K 9E .9DR:MJ?

-AF? <9K EBD;@9E7H7@ AF "J9R <9K A@3G;@E7>87EF AF 2A=F M N 9

G 1+361+3

;FD36;A X AKL 9M;@

EAL =AF=E :=DA=:L=F *>> AJ N=FL >eJ <A= ?9FR= !9

EADA= AF <=F !Je@DAF? ?=KL9JL=L EAL <=E X ';5=@;5= 9K X *FG6;A 8_D ";6E :=A <=E <A= &AF<=J EAL A@J=F =A?=F=F $FL=JNA=OK X-=HGJL=J KHA=D=FS CGFFL=F =AF= G;;A9 9@F 9M> .9F< MF< =AF -A=K=F (=EGJQ .HA=D >eJ <A= &D=AFKL=F O9J=F EAL <9:=A A= +A;CFA;C<=;C=F OMJ<=F AF "J9R .9DR:MJ? MF< 2A=F 9MK

?=:J=AL=L

= E4)'40C*'

-;<1>)4:),17

76.-<<1 )=. #7=:

9K :=DA=:L= MK@aF?=K;@AD< <=J &) ";@67DE7@6G@97@ LGMJL= 9M;@

<MJ;@ ^KL=JJ=A;@ MF< N=J9FKL9DL=L= !9EADA=FL9?= :=A <=F=F &AF<=J XA@J=S *-! .L9JK LJ=>>=F CGFFL=F $E .GEE=J

E9;@L= A@87FF; 3G8 +AGD AF JMFF 9E "=:AJ?= .;@D9<EAF? 'MLRE9FFK:MJ? 29A<@G>=F 9F <=J 4::K 2A=F MF< DM<=FR .L9LAGF

G 5 -;8:I+0

eJ?=J$FF=F <A= =LO9K RM K9?=F @9:=F =F?9?A=JL= (=FK;@=F MF< @dJ=FKO=J

L= 5=AL?=FGKK$FF=F =A ? 7EBD[5: GFF=JKL9?

0@J O9JL=L E9F N=J?=:DA;@ 9M> <A= KL9F<9J<AKA=JL=F * /dF= <=J ?=@G:=F=F "=K=DDK;@9>L #A=J R=A?L KA;@ eJ?=JFa@= AF <=J MKO9@D <=J "aKL= <A= EAL A@J=F 1GJ@9:=F '=:=FK?=K;@A;@L=F MF< 9CLM=DD=F +JGB=CL=F =AF=F =ALJ9? RMJ "=KL9DLMF? MF

K=J=J "=K=DDK;@9>L D=AKL=F MF< RMJ &MDLMJ :=ALJ9?=F A= ^ .=F<MF? ? 7 EBD[5: >=A=JL=

A@J=F "=:MJLKL9? AE )36;A"G>FGD:3GE (A;@9=D &=J:D=J KHJ9;@ EAL K=AF=E "9KL -=AF@GD< (=KKF=J e:=J =<JG@MF? MF< 29F<=D <=J )9LMJ <MJ;@ <A= &DAE9N=JaF<=JMF?=F

,-*)<<- ! )<

$E -9@E=F <=J IM9DALaLKe:=JO9;@L=F !GJ=F MF< =:9LL=F <A= &) 3F RMJ 1=J

>e?MF? KL=DDL KAF< 0K=J$FF=F @=JRDA;@ =AF?=D9<=F KA;@ 9E AKCMJK e:=J <9K ?=K=DDK;@9>LDA;@= MF< HGDALAK;@= "=K;@=@=F AF ^KL=JJ=A;@ RM :=L=ADA?=F M> <A=K=E 2=? O=J<=F <A= eJ?=J$FF=F AF <9K (=<AME =AF?=:MF<=F MF< KAF< /=AD <=J HM:DARAKLAK;@=F '=AKLMF? <=K *-! A= *-! !GJ=F ?DA=<=JF KA;@ AF R9@D

J=A;@= /@=E=F:=J=A;@= .;A=F;= ^ MF<=KDaF<=J9F?=:GL=Y KG<9KK KA;@ B=<= $FL=J=KK=F?JMHH= AF A@J=E =J=A;@ 9MKL9MK;@=F AF>GJEA=J=F MF< MFL=J

@9DL=F C9FF

! &-*+);< 3<176 E )0 =6, ,7+0 .:-5, D ?); )6,-:- /4)=*-6C

X"A@EG?7@F7@ I7D67@ 'DA6GL7@F7@S <9K AKL <9K (GLLG <=J .7453EF CLAGF <=J *-! #9MHL9:L=ADMF? )7>;9;A@ AE !=JFK=@=F A= 1GJ9MKK=LRMF?=F >eJ =AF= /=ADF9@E= KAF< =AF= $<== =AF= 1A<=GC9E=J9 MF< =AF .;@FALLHJG?J9EE A= 5MK=@=J$FF=F O=J<=F =AF?=D9<=F 9: KG>GJL =A?=F= 1A<=GK RM HJG<MRA=J=F <A= 9M> <=J $FL=JF=LHD9LL>GJE <=J :L=ADMF? )7>;9;A@ ?=R=A?L O=J<=F MK?=

Oa@DL= =ALJa?= O=J<=F AF <=F .=F<MF?=F &D;7@F;7DG@9 MF< =D7GL G@6 CG7D 9MK?=KLJ9@DL

=.<:)/

-1;<=6/

&MFKL &MDLMJ &J=9LANALaL >eJ (=FK;@=F FA;@L >eJ (9JCL9FL=AD= &MDLMJ HJGNGC9FL G@6 LJ9<ALAGF=DD K;@dF G@6 9F<=JK AF@9DLKK;@O=J G@6 ?=<9FC=FD=A;@L N=JKLaF<DA;@ G@6 CJ=9LAN @G;@?=AKLA? G@6 NGDCKN=J:MF<=F

-0:?-:< $ #$! $ #! 2-6;-1<; ,-: =7<-

G$87 -.; >5=>; 4O77=. 6*7 <*0.7 <2. <.2 !277 >7- .<,16*,4 *6 *<.27 ><= *6 .+.7 .>02.;-. *>/ -*< @*< 78,1 4866= 1*7=*<2. 27 -.; .>=>70 -.< #7*+ @.7-+*;.7 >,1 -*< +;*>,1= 3.-.; -.; 72,1= 27 .27.; %.5= 5.+.7 >7- <=.;+.7 @255 27 -.; @2. +.2 */4* >;2.;. .27*7-.; >7?.;<=N7-52,1 0.@8;-.7. 8=<,1*/=.7 C><=.55.7 !.;?2,. >+52, +.-.>=.= >5=>; *>< -.; 2<,1. -.; !9.C2*52<=.7 >7- A9.;=.7 1.;*>< C>185.7 >7- <2. C> .27.6 70.+8= /P; -2. 550.6.271.2= C> 6*,1.7 D <8 *6*;=27 G .5?.-.;. *< <,1O7. .;7<.1.7D

=J *-! &MDLMJ9M>LJ9? ?ADL >eJ 9DD= AF <=J "=K=DDK;@9>L 9K .;@dF= 29@J= MF< "ML= AKL FA;@L FMJ #G;@?D9FRHJG

<MCL >eJ <A= G:=J=F 5=@FL9MK=F< KGF<=JF =AF F?=:GL 9F 9DD= =NdDC=JMF?KK;@A;@L=F $F>GJE9LAGF e:=J MF< CJ=9LAN= MK=AF9F<=JK=LRMF? EAL /@=9L=J !ADE *H=J (MKAC <9JKL=DD=F<=J MF< :AD<=F<=J &MFKL 'AL=J9LMJ -=DA?AGF +@ADGKGH@A= /9FR MF< DDL9?KCMDLMJ KAF< R=FL

J9D= 1=JH>DA;@LMF?=F >eJ <=F *-! V 9M;@ B=FK=ALK NGF ,MGL=F MF< (9JCL9FL=AD=F AF M>LJ9? <=F <=J *-! 9M;@ L=ADL MF< O=AL=J?A:L 9F +JG

<MR=FL$FF=F &MFKL MF< &MDLMJK;@9>>=F<= 9F <A= &J=9LAN

OAJLK;@9>L

:)3<1;+0-: =<B-6

&MDLMJ &MFKL MF< &J=9LANALaL 9DK MFN=JRA;@L:9J=J MF< RM?aF?DA;@=J /=AD <=K d>>=FLDA;@=F '=:=FK

7.674 *'4814$4+0)'0

G#7<.; &2.5 6><< <.27 >5=>; 72,1= 7>; *+C>+25 -.7 <87-.;7 *>,1 1.;?8;C>+;270.7 D

.0&+ . 4) 1)01.

<A= &MDLMJK=F<MF?=F R=AL?=EaZ=J =JK;@=AF=F RM D9K

K=F MF< AF@9DLDA;@ 9M> F=M= /@=E=F RM K=LR=F )9LeJ

DA;@ KGJ?L= <9K 9F>9F?K 9M;@ >eJ $JJAL9LAGF K ?A:L C9ME =AF @=L=JG?=F=J=K MF< CJALAK;@=J=K +M:DACME 9DK <A= &MDLMJCGFKME=FL$FF=F 0EKG =J>J=MDA;@=J AKL <A= /9LK9;@= <9KK <A= F=M=F F?=:GL= AEE=J :=KK=J 9F?=FGEE=F O=J<=F 2=FF E9F <A= +JG?J9EE= AFL=JF9LAGF9D=J /1 F:A=L=J :=LJ9;@L=L OAJ< C=AF 5O=A>=D <9Je:=J 9M>CGEE=F <9KK <A= "G>FGD RME &=JF:=J=A;@ <=J d>>=FLDA;@ J=;@L

DA;@=F .=F<=9FKL9DL=F Ra@DL &GEE=JRA=DD GJA=FLA=JL= (=<A=FMFL=JF=@E=F @9DL=F KA;@ C=AF= &MDLMJ G<=J (MKACJ=<9CLAGF=F M;@ <=J .L99L @aDL &MFKL MF< &MD

LMJ >eJ @d@=J= ?=K=DDK;@9>LKHGDALAK;@ :=<=ML=F<= "eL=J <A= MFL=JKLeLRL O=J<=F EeKK=F ME FA;@L J=AF ?=K;@a>LKGJA=FLA=JL=F 5OaF?=F RM MFL=JDA=?=F =K@9D: NGF <=J /9LK9;@= 9MKRM?=@=F <9KK <A= &MD

LMJ AE !=JFK=@=F =AF ?=K;@eLRL=J K9CJGK9FCL=J =J=A;@ AKL OaJ= <=J >9DK;@= FK9LR M;@ <A= &MDLMJ EMKK A@J +M:DACME >AF<=F KGFKL OaJ= KA= AE d>>=FL

DA;@ J=;@LDA;@=F &GFL=PL RO9J J=;@LDA;@ 9:=J FA;@L E=@J d>>=FLDA;@ 9@=J AKL =AF G>>=FKAN=J 0E?9F? EAL CMDLMJ=DD=F $F@9DL=F MF< FLOA;CDMF?=F MFME?aF?

DA;@ A= "=K=DDK;@9>L MF< <A= FLOGJL=F <=J &MDLMJ

K;@9>>=F<=F aF<=JF KA;@ MF=FLO=?L $FKR=FA=JMF?=F MKKL=DDMF?K9J;@AL=CLMJ=F MF< EMKAC9DAK;@= =MLMF

?=F HJaK=FLA=J=F KA;@ @=ML= NdDDA? 9F<=JK 9DK FG;@ NGJ >eF> G<=J R=@F %9@J=F ?9FR RM K;@O=A?=F NGF <=F AF@9DLDA;@=F .;@O=JHMFCL=F AF O=K=FLDA;@=K &JAL=JA

ME :=A <=J ::AD<MF? CMDLMJ=DD=J 1GJ?aF?= AKL <9@=J <A= 29;@K9EC=AL K ?ADL 1=JaF<=JMF?=F AF <=J "=K=DDK;@9>L J=;@LR=ALA? RM =JC=FF=F AE $<=9D>9DD KG?9J EALRMHJa?=F (9F EMKK <=F (ML @9:=F :=Oa@JL= +>9<= EALMFL=J 9M;@ RM N=JD9KK=F ME FA;@L AJ?=F<O9FF <=E 5M? <=J 5=AL @AFL=J@=J RM @=;@=DF 9K %9@J O9J =AF ?ML=K =AKHA=D <9>eJ .aELDA;@= &MDLMJ9F?=:GL= <=K *-! !=JFK=@=FK OMJ<=F CJa>LA? e:=J9J:=AL=L G<=J NdDDA? F=M 9M>?=KL=DDL 9K 5A=D O9J

9K <=ML=L =AF=JK=ALK 9M> =AF=F "=Od@FMF?KHJGR=KK @AF 9F<=JK=ALK 9M;@ 9M> =AF= ,M9DALaLKKL=A?=JMF? MF< =AF= KLJAF?=FL=J= 5A=D?JMHH=FGJA=FLA=JMF? (AL <=J +JG?J9EEJ=>GJE AE HJAD OMJ<=F F=M= !GJE9L= ?=K;@9>>=F <A= <9K .H=CLJME >eJ <A= CMDLMJAFL=J=K

KA=JL=F 5MK;@9M=J$FF=F <=MLDA;@ =JO=AL=JL @9:=F 1GF <=J PH=JAE=FL9D>ADEF9;@L :AK RMJ *H=JFe:=JLJ9?MF? NGE GCME=FL9J>ADE :AK RME &MDLMJC9D=F<=J NGE (9?9RAF:=ALJ9? :AK RMJ @9D:KLeF<A?=F -=HGJL9?= +GKALAN AKL AF <A=K=E 5MK9EE=F@9F? RM N=JE=JC=F <9KK <=J ?=K9EL= *MLHML <=J "G>FGD34F7;>G@9 9M;@ IM9FLAL9LAN ?=KLA=?=F AKL MF< RO9J ME E=@J 9DK R=@F +JGR=FL ?=?=Fe:=J =J &J=9LANO=JL =AF=K d>>=FLDA;@ J=;@LDA;@=F (=<A=F

MFL=JF=@E=FK R=A?L KA;@ 9:=J FA;@L 9DD=AF AF <=J -=>D=

PAGF CMDLMJ=DD=J 1GJ?aF?= AF !GJE NGF 9MK?=OG?=F=J =JA;@L=JKL9LLMF? 0FK=J 5A=D EMKK K=AF &MDLMJ FA;@L FMJ 9:RM:AD<=F KGF<=JF 9M;@ @=JNGJRM:JAF?=F AF =AKHA=D <9>eJ O9J <A= !MZ:9DD *H=J '>3K;@9 I3K :=A <=F D797@L7D 7EFEB;7>7@ <A= <MJ;@ AFL=FKAN= 5MK9EE=F9J:=AL EAL <=F 1=J9FKL9DL=JF RM =AF=E AFL=JE=<A9D=F +JGB=CL OMJ<= A= &9E=J9L=9EK OMJ

<=F AFL=?J9D=J =KL9F<L=AD <=J $FKR=FA=JMF? MF< DA=

>=JL=F 'AN= AD<=J 9M> <=J e@F= <A= >eJ MFK 9DK "JMF<D9?= =AF=J =A?=F=F CGEE=FLA=JL=F /1 *H=JF

>9KKMF? <A=FL=F .G =FLKL9F< =AF J=A?FAK <9K =K G@F= !=JFK=@=F ?9J FA;@L ?=?=:=F @aLL= (AL KGD;@=F CLAGF=F KHJ=F?L <=J *-! KG?9J <A= "J=FR=F <=K =A?=

F=F (=<AMEK MF< K;@9>>L CMDLMJ=DD=F (=@JO=JL AE d>>=FLDA;@=F -9ME

.0&+ . 4)

=4<=:576<)/

=J "G>FGD?A@F39 AF *-! V;9 0@J *-! AKL NA=DK=ALA? MF< K=AL

F=M A= 5MK9EE=FKL=DDMF? <=J -M:JAC=F >747@E 3DF 3DF 97@AEE7@ MF< 3DF 8;>? AF <=J "G>FGD?A@F39 !Da;@= OAJ< 9F@9F< <=J /@=E=F <=J 2G;@= =FLKHJ=;@=F< N9JAA=JL MF< C9FF KG 9M> 9CLM=DD= J=A?FAKK= MF< R=AL9:@aF?A?= .;@O=JHMFCL= J=9?A=J=F (9JLAF /J9PD MF< D9JAKK9 .L9<D=J >e@J=F <MJ;@ <=F :=F< <=KK=F /@=E=F FA;@L FMJ NGE &MDLMJC9D=F<=J KGF<=JF 9M;@ NGF ?=

K=DDK;@9>LDA;@=F MF< CMDLMJHGDALAK;@=F FLOA;CDMF?=F :=KLAEEL O=J<=F >747@E 3DF <9K CGEH9CL= &MDLMJE9?9RAF

0@J AKL >=MADD=LGFAKLAK;@ @AF

L=J?JeF<A? MF< J=>D=PAN

= '4#06914670) = 7.674#7(64#)

7.674 ? 0+%*6 074 +0 0'7'/ '9#0&

3DF 97@AEE7@ :A=L=L AE FK;@DMKK =AF=F N=JLA=>=F<=F AF:DA;C AF <9K /@=E9 <=K "G>FGD?A@F39 "=:GL=F O=J<=F G>L =A?=FK HJG<MRA=JL= GCME=FL9LAGF=F MF< -=HGJL9?=F <A= G>L O=FA? :=9;@L=L= .;@9LLA=JMF?=F <=K CMDLMJ=DD=F DD

L9?K 9MKD=M;@L=F

38>/<1<?8. "2C>27 3= 3> G .95 F67 =:/D3+6 =JDAF=J &AF<=J MF< %M?=F<DA;@= 9MK )9LAGF=F L9FR=F $?GJ .LJ9OAFKCQK #7 *35D7 6G 'D;@F7?BE ;@GJ=G?J9H@A=JL NGF -GQKLGF (9D<GGE MF< :=?D=AL=L NGF <=F =JDAF=J +@AD@9JEGFAC=JF EAL A@J=E @=><A

JA?=FL=F .AJ .AEGF -9LLD= V =AF !ADE e:=J <A= !9KRAF9LAGF <=J (MKAC =AF &AFG=JD=:FAK NGDD=J '=A<=FK;@9>L -=KH=CL MF< '=:=FK>J=M<= MF< =AF= @AFJ=AZ=F<= 'A=:=K=JCDaJMF? 9F <A= L9FR=F<=F /==F9?=J MF< A@J= (=FLG

J$FF=F ?=K=F<=L 9E (9A

):< .145

=J (GFL9?9:=F< :A=L=L F=:=F <=J =JA;@L=JKL9LLMF? e:=J &MFKL MF< &MDLMJ F9LeJDA;@ 9M;@ K=D:KL CeFKLD=JAK;@ CMDLMJ=DD= +JG<MCL= RME "=FA=Z=F $F 3DF 8;>? OA<E=L E9F KA;@ <=J !ADECMFKL =AF=J .H9JL= <A= NGF <=F !=JFK=@

KL9LAGF=F G>L FMJ KLA=>EeLL=JDA;@ G<=J E=AKL ?9J FA;@L :=@9F<=DL OAJ< 3DF 8;>? AKL <9K !GJME >eJ !=KLAN9D>ADE= $F<=H=F<=FL MF< HJ=AK?=CJdFL= JL@9MK

+JG<MCLAGF=F AE *-!

R=A?L= 3DF 8;>? MFL=J 9F<=J=E >GD?=F<= /AL=D Ç¯ 3E

H3@97>;G? Q $3FF:[GE NGF +A=J +9GDG +9KGDAFA Ç¯ )GE:?AD7 NGF 2=K F<=JKGF Ç¯ D;63 NGF %MDA= /9QEGJ= Ç¯ 7D #;747E4D;78 NGF +=L=J @9F Ç¯ 'A>>A5= NGF < #9JJAK

4-; ):<

.=AL (GFL9? <=E *CLG:=J

0@J *-! :A=L=L >7E 3DF NA=JE9D Ba@JDA;@ =AF=F =:=FKG AF>GJE9LAN=F OA= MFL=J@9DLK9E=F (AP 9MK ?=KL9DL=L=F =ALJa?=F "=KHJa;@=F MF< '=KMF?=F :=C9FFL=J MLGJ$FF=F +JGEAF=FL=J (G

<=J9LGJ <=J F=M=F 'AL=J9LMJK=F<MF? AKL <=J .;@9MKHA=D=J +JG<MR=FL MF< .aF

?=J A=L=J (GGJ <=J >eJ <=F *-! :=J=ALK <A= "G@EF *F_5=7 HJaK=FLA=JL=

0744'0 70& 744'0 ? +6'4#6748'4/+66.70) +/ #&+1 G 2= ><7*16. -.< O;<92.5< ?2.55.2,1= -*< .27. .20.7<=N7-20. ;*-289187. 2=.;*=>;/8;6 ;.9;N<.7=2.;= -2.7= 2=.;*=>; 26 *-28 -.; $8;+.;.2=>70 -.; >/+.;.2=>70 -.; 2=.;* =>;?.;62==5>70 D

"0". )"&+ : &0". 01. <./-&") 1+! " 01."

DK 'AL=J9LMJ MF< #dJKHA=DJ=<9CL=MJ :J9M;@L E9F NGJ 9DD=E =AF=K =AF <A;C=K !=DD 0F< =AF KL9:AD=K "=EeL =FF F9LeJDA;@ e:=JOA=?=F <A= &D9?=F =J -MF<>MFC K9?=F <A= MLGJ$FF=F V MF< EALMFL=J 9M;@ <=J=F 1=J

D=?=J$FF=F V K=F<=L =FLO=<=J RM O=FA? 'AL=J9LMJ G<=J O=FF K;@GF FA;@L RM O=FA? <9FF AF B=<=E !9DD <A= >9DK;@= 0F< O=FF K;@GF FA;@L <A= >9DK;@= <9FF RMJ >9DK;@=F /9?=KR=AL 5M >Je@ RM KHaL 9E >9DK;@=F 2G;@=FL9? (AL !9CL=F AKL <A=K=J &JALAC FMJ K;@O=J :=ARMCGEE=F 2=D;@= MLGJAF MF< O=D;@=F MLGJ <=J=F G<=J <=K

K=F (9FMKCJAHL OAJ FA;@L 9F?=FGEE=F MF< <=J=F G<=J <=KK=F M;@ OAJ FA;@L O9@J?=FGEE=F @9:=F AFL=J=KKA=JL K;@GF <A= /9LK9;@= <9KK ^ AF E=@J 9DK =AF=E MLR=F< .=F<=J=A@=F #;F7D3FGD K=F<=L G<=J <9KK ^ %9@J >eJ %9@J CF9HH =AFL9MK=F< e;@=J NGJ

KL=DDL MF< :=KHJA;@L )9;@ OA= NGJ K=F<=L ^ Ba@JDA;@ 9F <A= @MF<=JL #dJKHA=D= HGJLJaLA=JL A;@L=J$FF=F K=F<=L 1=JD=?L=K MF< 0FN=Jd>>=FLDA;@L=K KH9FFL <=F G?=F <=J 'QJAC 29DL@=JK NGF <=J 1G?=DO=A<= e:=J -ADC= MF< "GLL>JA=< =FF :AK RM FF GLL=F MF< !=J<A

F9F< .;@E9LR (9F;@= MFK=J=J 'AL=J9LMJK=F<MF?=F =JJ=A;@=F E=@J 9DK #dJ=J$FF=F 9F<=J= OA=

<=JME EeKK=F KA;@ EAL =AF=E 5=@FL=D <A=K=K +M:DA

CMEK :=?Fe?=F A= +JG?J9EEJA;@LDAFA=F <=K *-! K;@J=A:=F MFK N=J:AF<DA;@ NGJ <9KK X47; 67D 'DA 9D3??97EF3>FG@9 T D7>7H3@F7 97E7>>E5:38F>;5:7 BA>;F;E5:7 97;EF;97 G@6 =_@EF>7D;E5:7 *FD^?G@97@ LG 47D_5=E;5:F;97@ E;@6S 'AL=J9LMJ MF< &MDLMJBGMJF9DAKEMK MFL=JK;@=A<=F KA;@ FA;@L ?JMF<KaLRDA;@ NGF 9F<=J=F BGMJF9DAKLAK;@=F

.H9JL=F J=A?FAKK= MF< +@aFGE=F= O=J<=F O9@J?=

FGEE=F :=O=JL=L MF< :=JA;@L=L "D=A;@R=ALA? 9:=J AKL <=J -MF<>MFC 9M;@ M>LJ9??=:=J MF< +JG<MR=FL 1GJ 9DD=E AE ^DEB;7> ?=F=JA=JL MF< H>D=?L <9K -9<AG =AF "=FJ= <9K =K FMJ AF =:=F <A=K=E ?A:L $E -MF<

>MFC ?=@L =K <9@=J FA;@L FMJ ME <A= 1=JL=ADMF? NGF M>E=JCK9EC=AL =K ?=@L 9M;@ ME <A= 1=JL=ADMF? NGF "=D< K >DA=ZL 9F <A= 1=JD9?= 9F <A= 1=JO=JLMF?K?=

K=DDK;@9>L=F MF< 9F <A= MLGJ$FF=F K=D:KL =FFG;@ C9FF 9M;@ AF +@9K=F H=JE9F=FL @=J9F:J9F<=F<=J .H9JO=DD=F AE -9<AG "=D< N=J<A=FL O=J<=F 2=FF 9M;@ V MF< <9K AKL G@F= !J9?= <A= :ALL=JKL= 9DD=J &D9

?=F V FA;@L ?=J9<= NA=D =J 1=J?D=A;@ EAL <=F #GFGJ9

J=F <=J - E9;@L MFK MFKA;@=J K ?A:L C9ME FG;@ -9<AG &eFKLD=J$FF=F <A= NGF A@J=J J:=AL D=:=F CdF

F=F _:=J CMJR G<=J D9F? OAJ< <=J d>>=FLDA;@ J=;@LDA

;@= -MF<>MFC KA;@ e:=JD=?=F EeKK=F OA= =J RM <=F CJ=9LAN=F &dH>=F <A=K=K '9F<=K KL=@L 5ME =AF=F 9J:=AL=F <A= A;@L=J$FF=F V O=FF 9M;@ KA=@= G:=F ?=D=?=FLDA;@ CFMJJ=F< MF< EMJJ=F< V K=AL E=@J 9DK 9;@L %9@JR=@FL=F CGFLAFMA=JDA;@ >eJ <9K -9<AG RME 9F<=J=F OAJ< 'AL=J9LMJ AE -9<AG OA= =FLKHJ=;@=F<= ,M9DALaLK=J@=:MF?=F =AF<JM;CKNGDD :=O=AK=F RMEAF

<=KL NGE ^ +M:DACME 9MZ=JGJ<=FLDA;@ HGKALAN :=O=JL=L AF=J <=J "JeF<= DA=?L KA;@=J AF <=J *JA=F

LA=JMF?K>MFCLAGF <A= <9K -9<AG :A=L=L DD=AF Oa@

J=F< <=J D3@=8GDF7D G5:?7EE7 O=J<=F %9@J >eJ %9@J 9F <A= e;@=J NGJ?=KL=DDL M;@ <A= D=A<=F

K;@9>LDA;@KL=F '=K=J$FF=F :J9M;@=F =AF=F .=D=CLAGFK MF< =O=JLMF?KE=;@9FAKEMK <=E KA= N=JLJ9M=F CdFF=F 9RM CGEEL FG;@ =AF 9F<=J=K O=K=FLDA;@=K D=E=FL -9<AG E9;@L 'AL=J9LMJ @dJ:9J AF .H=RA>ACME <9K KA;@ <=J e:=J:GJ<=F<= #dJ:M;@

E9JCL KHaL 9:=J <G;@ =:=F>9DDK RMFMLR= E9;@L =F

FG;@ DA=?L =K MFK >=JF MFK $DDMKAGF=F @AFRM?=:=F (AL MKF9@E= <=K #dJKHA=DK NA=DD=A;@L <9K =AF= =A?=F

KLaF<A?= J9<AGH@GF= 'AL=J9LMJ>GJE J=HJaK=FLA=JL <A=FL 'AL=J9LMJ AE -9<AG <=J 1GJ:=J=ALMF? <=J M>:=

J=ALMF? <=J 1=JEALLDMF? <=J 2=J:MF? -9<AG@dJ=F C9FF <A= '=CLeJ= FA;@L =JK=LR=F

"0". )"&+

G =6;<:),17

A= .=F<MF? .GFFL9? V 0@J >=A=JL=

A@J

Ba@JA?=K =KL=

@=F +JaK=FL9LAGF CeFKLD=JAK;@=J -9<AG9J:=AL=F NGF &eFKLD=J$FF=F 9MK <=F MFL=JK;@A=<DA;@KL=F .H9JL=F ;>67@67 "G@EF #;F7D3FGD $76;7@=G@EF MKO KGOA= 'AN= *F AJ *FDAF= *F .AL= &MFKLHJGB=CL= <A= KA;@ CeFKLD=JAK;@ EAL <=J &GFN=J?=FR NGF 9DL MF< F=M :=>9KK=F ?=@dJ=F RM <=F $F@9DL=F <=J -=A

@= 0FL=J <=E /AL=D ;7 .;767D=7:D 67D 6D3:F>AE7@ 3@F3E;7 Q !3:D7 )36;A >9F< NGF :AK %9FM9J

<A= 1=J9FKL9DLMF? $76;7@ "G@EF ADE5:G@9 AF 5MK9EE=F9J:=AL NGF X "G@EFD36;A MF< <=E #G6I;9 A>FL?3@@ @EF;FGF AE )36;A"G>FGD:3GE 9MK FD9KK NGF

%9@J=F -9<AG MF< %9@J=F ^ KL9LL

= '4#06914670) = 7.674#7(64#)

D4 7.674

G );<1++17

A= .=F<MF? (GFL9? :AK .9EKL9?

0@J AKL E=AKL =AF=E KH=RA

=DD=F /@=E9 <=J (MKAC ?=OA<E=L V RME =AKHA=D =AF=J .LAEEMF? <=J +9MK= =AF=E ?=OAKK=F /9CL G<=J ?9FR=F HG;@=F

1<-:)<=: 16 G

)=:=F <=F :=C9FFL=F .=F<=J=A@=F OA= )36;A97E5:;5:F7@ ^DEB;7> *FG6;A ^DEB;7> 3>7D;7 MF< 7;EB;7>7 KL=DDL #7E7BDA47 =AF= M;@F=M=JK;@=AFMF? 9MK =AF=E dKL=JJ=A;@AK;@=F 1=JD9? .;@O=JHMFCL &D=AFN=JD9?= <MJ;@ MLGJ=FAF

L=JNA=O MF< '=KMF? NGJ +7DD3 ;@5A9@;F3 >=A=JL=

<9K

Ba@JA?= =KL=@=F MF< OA<E=L= KA;@ MFL=J 9F<=J=E <=J 'AL=J9LMJ 9MK MD?9JA=F MF< -MEaFA=F 9M;@ +7JF7 MF< +A@EBGD7@ KL=DD=F DAL=J9JAK;@= 2=JC= NGJ

G 4);;13 #:-..8=63<

A= -9<AGK=F<MF? <A= B=<=F .9EKL9? V 0@J 9:O=;@K=DF< NGF *LLG JMK9LLA MF< #9A<= /=FF=J EG<=JA=JL OAJ< >AF<=L :=A >J=A=E AFLJALL NGJ +M:DACME AE &) "G>FGD 387 KL9LL !AP=J =KL9F<L=AD B=<=J MK?9:= AKL ?=?=F F<= <=J .=F<=R=AL =AF ,MAR EAL =AF=E CMJR=F #dJKLe;C <9K EAL <=J 67D .A5:7 AF 1=J:AF<MF? KL=@L O=D;@= <=E <=J "=OAFF=J$F 9M;@ 9DK +J=AK OAFCL

G = 074,- =6;<

A= 'QJACK=F<MF? OAJ< B=<=F .GFFL9? MF< 9F !=A=JL9?=F

0@J AF ^ 9MK?=KLJ9@DL JKLE9DK ?=K=F<=L @9F<=DL =K KA;@ ME <A= aDL=KL= J=

?=DEaZA? 9MK?=KLJ9@DL= -9<AGK=F<MF? <=K *-! $F@9DL <=J -=A@= KAF< NGF :=

C9FFL=F .;@9MKHA=D=J$FF=F ?=KHJG;@=F= DQJAK;@= /=PL= <A= KA;@ L@=E9LAK;@ E=AKL 9F %9@J=KR=AL=F MF< 9F<=J=F OA=<=JC=@J=F<=F J=A?FAKK=F GJA=FLA=J=F M;@

?=@dJL= G :A>67 "G@EF RM <=F NGE ^ +M:DACME D9ML )36;AF397 4G5: :=KL:=O=JL=L=F .=F<MF?=F

!),17 =6;< =6, =4<=::),17 "+0J8.?-:3

&MDLMJ=DD=K V 2AKK=FKO=JL=K V $FL=J=KK9FL=K V 1=J@dJKHA=DL=K V M>J=?=F

<=K V (G<=JF=K V 'AL=J9JAK;@=K V (MKAC9DAK;@=K V NGF .;@dH>O=JC=JF V >eJ .;@dH>O=JC=J MF< <=F -=KL <=J 2=DL 9K "G@EF G@6 "G>FGDD36;A *5:^B8I7D= V :=F9FFL F9;@ K=AF=E .ALR ? *5:^B8I7D= AE =RAJC 2A=FK V :=JA;@L=L <9K ?9FR= %9@J

e:=J <=F =AFRA?=F ;3>7=F 'A7FDK *>3? AE <=MLK;@=F .HJ9;@J9ME

'405'*'0 +56 6'7'4 ? 7#.+6C65('405'*'0 +56 6'74'4

G 2+= .< 217 P+.;1*>9= -.7 O//.7=52,1 ;.,1=52,1.7 &><,1*>.;) *=P;52,1 02+= .< 217 27 *><;.2,1.7-.; &*15 >6 ?.;05.2,1<@.2<. =.>;.< O//.7=52,1 ;.,1=52,1.< .;7<.1.7 C> ;.,1=/.;=20.7 D

.$&0 6<-- + / 0

&J=9LANALaL AKL <G;@ C=AF= !J9?= <=J &GKL=F 29JME OGDD=F +JG?J9EEE9;@=J$FF=F AEE=J E=@J "=D< 9 EMKK E9F >D=PA:=D K=AF V ME<=FC=F V FA;@L AF 9DL=F (MKL=JF N=J@9JJ=F .H9J=F ?=@L 9M;@ G@F= ,M9DALaLK

N=JDMKL (9F EMKK KA;@ =:=F =LO9K =AF>9DD=F D9KK=F V FA;@L AEE=J FMJ B9EE=JF <9KK <9K "=D< FA;@L J=A;@L *>L ?=@dJL= .aLR= -A;@LA? G<=J >9DK;@ )MF V FA;@L ?9FR >9DK;@ :=J <=K@9D: FG;@ D9F?= FA;@L ?9FR JA;@LA? )9LeJDA;@ >e@JL <=J AFK9LR NGF E=@J "=D< FA;@L 9MLG

E9LAK;@ RM E=@J ,M9DALaL :=J <A= !GJ<=JMF? F9;@ E=@J ,M9DALaL >e@JL 9MLGE9LAK;@ RM @d@=J=F &GKL=F 29JME AKL <9K KG 2=AD A?=FHJG<MCLAGF=F E=@J CGK

L=F 9DK &aM>= =AF 1A=D>9;@=K 2=AD .HALR=F<GCME=F

L9LAGF=F AE AFC9M> E=@J CGKL=F 9DK 0. 9E=JAC9FA

K;@= F<DGK .=JA=F 2=AD ?JeF<DA;@=K -=;@=J;@A=J=F DaF?=J <9M=JL 9DK BGMJF9DAKLAK;@= .;@F=DDK;@eKK= G<=J <9K :K;@J=A:=F NGF ?=FLMJ (=D<MF?=F !=JFK=@=F AKL L=M=J ^>>=FLDA;@ J=;@LDA;@=K ,M9DALaLK>=JFK=@=F AKL L=MJ=J AF= =AF>9;@= dCGFGEAK;@= /9LK9;@= <=J D=LRLDA;@ O=<=J <MJ;@ &J=9LANALaL !D=PA:ADALaL H=FA

:=DKL= .H9JK9EC=AL G<=J #GJ<=F NGF =LJA=:K

:=J9L=J$FF=F :=ARMCGEE=F AKL

:=J O=J OADD d>>=FLDA;@ J=;@LDA;@=K !=JFK=@=F OAJC

DA;@ 2=J @9L =AF =;@L=K =<eJ>FAK <9F9;@ V B=FK=ALK :AD<MF?K:eJ?=JDA;@=J 'AHH=F:=C=FFLFAKK= 2=J :J9M;@L <A= dKL=JJ=A;@AK;@= A?=FHJG<MCLAGF KL9LL EAL <=E &9M>HJG?J9EE RM>JA=<=F RM K=AF 2=J O=AZ ,M9DALaLKBGMJF9DAKEMK RM K;@aLR=F V AE 0FL=JK;@A=< RM )9;@JA;@L=F 9MK <=J BGMJF9DAKLAK;@=F '=?=:9LL=JA= "A:L =K A@F e:=J@9MHL <=F Xd>>=FLDA;@ J=;@LDA;@=F 5MK;@9M=JS )9LeJDA;@ ?A:L =K A@F 1A=DD=A;@L FA;@L AEE=J AF KG ?JG

Z=J 59@D OA= KA;@ <9K <A= +JG?J9EEE9;@=J OeF

K;@=F OeJ<=F 9:=J KA;@=J AF 9MKJ=A;@=F<=J 59@D ME N=J?D=A;@KO=AK= L=MJ=K d>>=FLDA;@ J=;@LDA;@=K !=JFK=

@=F RM J=;@L>=JLA?=F "=E=AFK9E =JJ=A;@=F <A= d>>=FLDA;@ J=;@LDA;@=F .=F<=J *-! K9L - 5 ! -/ =L; AEE=J FG;@ (9JCL9FL=AD= ME <A= +JGR=FL

= 7.674#7(64#) %=FK=ALK <=J La?DA;@=F +JG?J9EED=AKLMF? =J>eDDL <=J *-! 9:=J FG;@ =AF= CGKL=FAFL=FKAN= M>?9:= J :=KALRL MF< :=LJ=ML <9K OG@D ME>9KK=F<KL= NAKM=DD= J;@AN ^KL=JJ=A;@K V ?=OAKK=JE9Z=F <A= X)9LAGF9DNA

<=GL@=CS <=K '9F<=K 2G@D =AF= DMH=FJ=AF d>>=FLDA;@

J=;@LDA;@= M>?9:= 9M;@ O=FF KA= AE -MF<>MFC?=K=LR FA;@L =PHDARAL 9F?=>e@JL AKL $F <=J 1=J?9F?=F@=AL @9L <=J *-! <A=K= M>?9:= ?=OAKK=JE9Z=F F=:=F:=A =J>eDDL A= dKL=JJ=A;@AK;@= JKL9MKKLJ9@DMF? =AF=K 2GD>?9F? 9M=J .Le;C=K V ME =AF :=DA=:A?=K =AKHA=D RM F=FF=F V O9J F9LeJDA;@ AF =JKL=J 'AFA= +JG?J9EE 9K 9:=J AE J;@AN ?=D9F<=L AKL MF< 9DK =AF .Le;C &MD

LMJ?=K;@A;@L= <GJL >eJ 9DD= 5=AL=F 9M> :=O9@JL AKL .GD;@= +JG<MCLAGF=F >AF<=F C9ME E=@J KL9LL V O=AD

KA= L=M=J KAF< MF< FMJ O=FA?= KA= K=@=F OGDD=F G;@ O9K @=ML= FA;@L 9M>?=R=A;@F=L OAJ< AKL >eJ AEE=J N=J

DGJ=F #A=J ROAF?L =PLJ=E=J .H9J<JM;C RM =PLJ=E=J &MJRKA;@LA?C=AL #A=J C9FF ;@LMF? V %=LRL OAJ< K H9L@=LAK;@ @AKLGJAK;@= 1=J9FLOGJLMF? FA;@L O9@J?=

FGEE=F O=J<=F $;@ K9?= :=OMKKL =3@@ FA;@L O9@J

?=FGEE=F O=J<=F 2=E RME *-! 9DKG FA;@LK 9F<=J=K =AF>aDDL 9DK AEE=J OA=<=JC=@J=F<= .H9J HH=DD= <=J KGDDL= RMEAF<=KL OAKK=F O9K =J <9EAL 9M;@ :=OAJC=F C9FF

.$&0 6<-- +

0(14/#6+10 70& 7.674 #7( 7412#0+8'#7 ? 5#6

.=AL :A=L=L <=J *-! ?=E=AFK9E EAL <=E 1I7;F7@ 7GFE5:7@ 7D@E7:7@ 5 ! MF< <=J *5:I7;L7D;E5:7@ )36;A G@6 7D@E7:97E7>>E5:38F .-" =AF AF

L=JF9LAGF9D=K <=MLK;@KHJ9;@A?=K .9L=DDAL=F !=JFK=@HJG?J9EE .=AL <=E =A

LJALL <=J D47;FE97?7;@E5:38F 67D ^887@F>;5: D75:F>;5:7@ )G@68G@=3@EF3>F7@ 67D G@67ED7BG4>;= 7GFE5:>3@6 - F<= KAF< 9DD= NA=J d>>=FLDA;@ J=;@L

DA;@=F -MF<>MFC9FKL9DL=F <=K <=MLK;@=F .HJ9;@J9MEK 9F K9L :=L=ADA?L 9K .;@O=J?=OA;@L DA=?L 9M> &MDLMJ MF< $F>GJE9LAGF <=J *-! DA=>=JL JMF< +JG

R=FL <=K +JG?J9EEK =ALJa?= 9MK ^KL=JJ=A;@ O=J<=F NA9 K9L =AF=E AFL=JF9

LAGF9D=F +M:DACME RM?aF?DA;@ ?=E9;@L .=AL *CLG:=J

AKL <9K ?=K9EL= +JG?J9EE NGF K9L 9M;@ NA9 - + GP =EH>9F?:9J MF< =JJ=A;@L KG RMKaLRDA;@ L9MK=F<= #9MK@9DL=

38>/<1<?8. I 380+-2 38. =/38E " <91<+77=-2A/<:?85> D?7 /,?<>=>+1 @98 =><3. 38.1</8 )=:=F NA=J ^ .=F<MF?=F MF< !GD?=F ';BB; #3@9EFDG?B8 9M> *-! OMJ<=F 9M;@ <J=A !ADE= NA9 K9L 9MK?=

KLJ9@DL E )GN=E:=J KL9F<=F ;7 D_67D #^I7@:7DL 9M> <=E +JG?J9EE L9?K <9J9M> :=J=ALK )A@<3 )[G 47DFA5:F7D MF< 9E K=D:=F /9? AE #9MHL9:=F<HJG?J9EE <9K +GJLJaL EFD;6 #;@69D7@ NGF FAL9 A;@@GDR =J !ADE R=A?L <A= FLOA;CDMF? <=J O=DL:=C9FFL=F &AF<=J:M;@9MLGJAF NGF <=J KEbDaF<AK;@=F 9M=JFLG;@L=J RMJ HGDALAK;@ =F?9?A=JL=F X.;@O=<AF <=K %9@J@MF<=JLKS (AL A@J=F #=D<$FF=F @9L 'AF<?J=F $<=FLATC9LAGFKT?MJ=F ?=K;@9 =F <A= 9M> =AFRA?9JLA?= 2=AK= <A= (d?DA;@C=AL=F CAF<DA;@=J .=D:KL:=@9MHLMF? AF =AF=J JO9;@K=F=F

O=DL N=JCdJH=JF

-: ;)< 73=5-6<):.1458:-1;

.=AL KLA>L=F <A= NA=J K9L +9JLF=J 5 ! *-! .-" MF< - <=F EAL

MJG <GLA=JL=F E3F A=G?7@F3D8;>?BD7;E >eJ =AF=F @=J9MKJ9?=F<=F !ADE <=J 9DDBa@JDA;@=F G;E4GD97D ;>?IA5:7

?AF? <=J +J=AK 9F 1,&1 Q ;@F7D @ F7D@3FE?3G7D@ ;@ 67D *5:I7;L NGF 9FA=DD9 (9JP=J AF !ADE <=J <A= (9;@L

KLJMCLMJ=F MF< -=?=DF =AF=K (ACJGCGKEGK AF =AF<JAF?DA;@=F .R=F=F MF< AD

<=JF 9F9DQKA=JL

3=4<=:B-1< =6, ;)<*=+0B-1<

9K La?DA;@= (9?9RAF =G>FGDL7;F (GFL9? :AK !J=AL9? 0@J K9L OA<E=L KA;@ J=?=DEaZA? 9M;@ <=J dKL=JJ=A;@AK;@=F &MFKL MF< &MDLMJ A= E3F4G5:L7;F OA<E=L KA;@ <=J <=MLK;@KHJ9;@A?=F 'AL=J9LMJ MF< ?9FR :=

KGF<=JK <=E 2=LLD=K=F ME =AF=F ADDMKLJ=F MF< @G;@<GLA=JL=F +J=AK

;)< #0-5-6<)/- =6, :7/:)55;+0?-:8=63<-

E %9FM9J

KL9F< K9L =AF=F ?9FR=F /9? MFL=J <=E /@=E9 ? %3?7@ AFF7E "3?B8 G@6 +A>7D3@L 67D "G>FGD7@ K O9J =AF= .HMJ=FKM;@= F9;@ <=F (GLAN=F >eJ <=F 9??J=KKAN=F !MF<9E=FL9DAKEMK OG:=A 9:=J 9M;@ AF GCM

E=FL9LAGF=F (9?9RAF=F MF< !ADE=F <A= HGKALAN=F .=AL=F <=J -=F9AKK9F;= <=K -=DA?AdK=F ?=R=A?L OMJ<=F AF O=AL=J=J /@=E=FL9? OA<E=L= KA;@ 9E M?MKL =AF=J E=<A9D=F -=NGDM

LAGF <=E 3D487D@E7:7@ E .=HL=E:=J KL9JL=L= <A=

L=ADA?= =G>FGDL7;F

-=A@= *F3F;A@E $7;EF7DI7D=7 L7;F97@^EE;E5:7D "G@EF :=A <=J @=J9MKJ9?=F<= 2=JC= MF< A@J= &eFKLD=J$FF=F AE (ALL=DHMFCL KL9F<=F

.=AL ?A:L =K =AF= &GGH=J9LAGF <=K *-! EAL <=E <=MLK;@ >J9FRdKAK;@=F &MDLMJC9F9D -/ K=AL HJAD

AKL <=J *-! 9KKGRAA=JL=K (AL?DA=< NGF -/ MF< <9EAL AF <9K AFKLALMLAGF=DD= '=:=F <=J -/ 5=FLJ9D= AF .LJ9Z

:MJ? =AF?=:MF<=F !eJ <=F *-! :A=L=L <A= &GGH=J9LAGF EAL -/ <A= @9F;= <A= .LAEE= ^KL=JJ=A;@K AF MJGH9 RM N=JKLaJC=F MF< NGJ 9DD=E 9M> <=E NGF K9L C9ME :=Je@JL=F >J9FRdKAK;@=F (9JCL 9DK &MDLMJHJG<MR=FL 9M>

RMLJ=L=F #AFRM CGEEL <9KK -/ AF !J9FCJ=A;@ F=:=F <=J .9L=DDAL=F9MKKLJ9@DMF? 9M;@ L=JJ=KLJAK;@ 9F?=:G

L=F OAJ< MF< <=E=FLKHJ=;@=F< e:=J =AF= ?JGZ= .=@=J$FF=FK;@9>L N=J>e?L 2=AL=JK AKL -/ V =:=FKG OA= K9L V =MJGH9O=AL e:=J &9:=D MF< .9L=DDAL =EH>9F?:9J MF< KGEAL >eJ <A= 9F dKL=JJ=A;@AK;@=J &J=9LANALaL $FL=J=KKA=JL=F AF NA=D=F 'aF<=JF RM?aF?DA;@

"$ 3126312>= 73> " />/3631?81

= 7.674#7(64#)

? 7.674#7(64#) 274

Ç¯ &KULVWPDV LQ 9LHQQD 9K 2=A@F9;@LKCGFR=JL 9MK <=E 2A=F=J &GFR=JL@9MK EAL <=E )36;A *K?B:A@;7AD5:7EF7D .;7@ EAL D F9 "9J9F 9 %GKc MJ9 L=JA '9EGJAK MF< +9MD JEAF <=DE9FF -/ R=A?L= =AF=F (ALK;@FALL <=K &GFR=JLK NGE =R=E:=J

Ç¯ >A:3 ;? D7;H;7DF7>F3=F 9E =R=E:=J

A= GCME=FL9LAGF =JRa@DL <A= V @A=JRMD9F<= C9ME :=C9FFL= V "=K;@A;@L= <=K 29DR=JK 9M> #9O9AA MF< KH9FFL =AF=F @AKLGJAK;@=F G?=F NGE F<= <=K %9@J@MF<=JLK :AK AF <A= "=?=FO9JL Ç¯ $P Í&#x2026;Í&#x2020; 2NWREHU Í&#x2020;Í&#x201E;Í&#x201E;Í&#x2039; VHQGHWH $57( 8OULFK 6HLGOV EHHLQGUXFNHQGHQ 'RNX

E=FL9JTDE !7EGE 6G I7;VF Ç¯ 'LH =HLW GLH PDQ /HEHQ QHQQW =J !=JFK=@TDE HGJLJaLA=JL <9K .;@A;CK9D <=K BMF?=F +A9FAKL=F 'M;9 <=J CMJR NGJ <=E AFL=JF9LAGF9D=F MJ;@:JM;@ KL=@L 9DK =AF 0F>9DD K=AF= 5MCMF>L RM J9M:=F K;@=AFL +JG<MRA=JL

MFL=J =L=ADA?MF? <=K *-! 9MK?=KLJ9@DL 9E %9FM9J

Ç¯ 'HU JHIDOOHQH 9DPSLU +:7 3>>7@ -3?B;D7 =JRa@DL= 9E )GN=E:=J

<A= "=K;@A;@L= <=K D=?=F<aJ=F #GDDQOGG< .;@9MKHA=D=JK =D9 'M?GKA <=J AF <=F =J %9@J=F <A= !A?MJ <=K D35G>3 9M> =AFRA?9JLA?= 2=AK= 9M> <A= '=AFO9F< :J9;@L= MF< <=KK=F J>GD? A@E RME !DM;@ OMJ<=

7.674 &'4 ')+10'0 ? +0' '4#75(14&'470)

G < 2<= -.; -.; -2. 0.<.55<,1*/=52,1. $.;*7=@8;=>70 -8;= 62==;N0= @8 .;<= ->;,1 -2. *><0.9;N0=. 6.-2*5. 869.=.7C .27. .;7<= C> 7.16.7-. +;.2=.;. .+*==. .7=<=.1= D

&"$ ".0 0.,+"$$". +!"/!&."(0,. )6 1.$

=KM;@=J$FF=F N=JK9EE=DF KA;@ AF <A=K=F <J=A 7EFEB;7>@[5:F7 2G;@=F NGJ <=J "JGZD=AFO9F< 9M> <=E &9HAL=DHD9LR MF< <9K F?=:GL =FLKHJA;@L AF $F@9DL MF< L=;@FAK;@=J ,M9DALaL ?=F9M <=F JO9JLMF

?=F <A= <A= (=FK;@=F 9F <A= NGE *-! RM =J:JAF?=F

<= &MDLMJD=AKLMF? KL=DD=F A= #3@67EEFG6;AE KAF< <MJ;@ <A= )a@= RMJ '=:=FK

O=DL A@J=J #dJ=J$FF=F MF< .=@=J$FF=F =FLK;@=A<=F< :=L=ADA?L 9F <=J MK>GJEMF? MF< CR=FLMA=JMF? dKL=J

J=A;@AK;@=J $<=FLALaL 0F< <A=K= dKL=JJ=A;@AK;@= $<=F

LALaL AKL AF .L9<L MF< '9F< .9DR:MJ? O=K=FLDA;@ EAL:=

KLAEEL <MJ;@ <A= &J9>L <=J CMDLMJ=DD=F MF< CeFKLD=JA

K;@=F '=AKLMF?=F <A= KA;@ AF <=J -=?AGF 9MK>GJE=F 2=FF <9K #3@67EEFG6;A AF =AF=J &MDLMJJ=?AGF OA= .9DR:MJ? <9J9M> 9;@L=L KGOG@D 9DK &MDLMJN=JEALLD=J 9DK 9M;@ 9DK 1=J9FKL9DL=J 9CLAN RM K=AF <9FF AKL <9K =AF= KAFFNGDD= .LJ9L=?A= <=K .LaJC=FK <=J F9;@O=AK

DA;@ NGJ@9F<=F=F .LaJC=F =AKHA=D =AFK A= 2=DL?=DLMF? <=J *3>L4GD97D 7EF EB;7>7 DA=?L AF <=J =AFRA?9JLA?=F +JG<MCLANALaL B=<=K %9@J AE .GEE=J K=;@K ?JGZ= (MKACL@=9L=JHJG<MCLAG

F=F @=J9MKRM:JAF?=F 2a@J=F< <=J *-! <9K 2A;@LA?K

L= <9NGF RME /=AD EAL &GGH=J9LAGFKH9JLF=J$FF=F EAL =FGJE=E M>O9F< 9M>R=A;@F=L MF< 9M;@ DAN= >eJ =AF F9LAGF9D=K MF< AFL=JF9LAGF9D=K +M:DACME e:=JLJa?L @9L <9K #3@67EEFG6;A <9Je:=J @AF9MK AF <=F D=LRL=F R=@F %9@J=F CGFLAFMA=JDA;@ <=F 5M?9F? =AF=J :J=AL=F ^>>=FLDA;@C=AL RM <A=K=F ?JGZ=F *H=JF=J=A?FAKK=F N=J:=KK=JL

=AKHA=D RO=A .G O=DLG>>=F .9DR:MJ? KA;@ <MJ;@ <A= 7EFEB;7>7 <A= @F7D@3F;A@3>7 *F;8FG@9 $AL3DF7G? <A= @F7D@3F;A@3>7 *A??7D3=367?;7 8_D ;>67@67 "G@EF <9K !3LL87EF;H3> ;@ *33>87>67@ MF< <=F !3LL:7D4EF ;@ *3>L4GD9 9M;@ ?A:L KG Ee@K9E OAJ< <A= 1=JEALLDMF? NGF R=AL?=FdKKAK;@=F +GKALAGF=F O=FF =K ME &MFKL AE d>>=FLDA;@=F -9ME ?=@L $F <A=K=J .ALM9LAGF @9L <9K &) #3@67EEFG6;A *3>L 4GD9 AE .GEE=J =AF= AKCMKKAGFKJ=A@= ?=KL9J

L=L <A= =AF O=K=FLDA;@=J =ALJ9? RMJ 1=JK9;@DA;@MF? <=J MK=AF9F<=JK=LRMF? ME &MFKL AE d>>=FLDA;@=F -9ME O9J .L=LK C9E=F =>eJOGJL=J$FF=F MF< &JALAC=

J$FF=F <=J 9M>RMKL=DD=F<=F CeFKLD=JAK;@=F 2=JC= RM 2GJL <A= "=KHJa;@= OMJ<=F <MJ;@ <A= BGMJF9DAKLAK;@= &GEH=L=FR <=K #3@67EEFG6;AE AF CGFKLJMCLAN= 9@

F=F ?=D=FCL :AK RM =KM;@=J$FF=F C9E=F B=O=ADK AFK #9MK ME <9:=A RM K=AF O=FF <=J *-! KA;@ <=J KLJALLA?=F /@=E=F ROAK;@=F DLKL9<LK;@MLR MF< R=AL

?=EaZ=J +GKALAGFA=JMF? NGF &MFKLO=JC=F 9FF9@E

!9RAL &=AF CGEE=JRA=DD=J +JG?J9EE9F:A=L=J OADD MF< C9FF KA;@ <=J9JLA?=F CMDLMJ=DD=F M>?9:=F KL=DD=F K AKL <=J *-! <=J <A= ?=K=DDK;@9>LDA;@= 1=J9FLOGJLMF? <GJL EALLJa?L OG =JKL <MJ;@ <A= 9MK?=HJa?L= E=<A9D= &GEH=L=FR =AF= =JFKL RM F=@E=F<= :J=AL=J= =:9LL= =FLKL=@L A= NGE &) #3@67EEFG6;A e:=J <9K J=?AG

A= NGE #3@67EEFG6;A RMK9EE=F EAL <=F *3>L4GD97D F9D= &=JF?=K;@a>L AF <=J -9<AG MF< !=JFK=@AF>GJE9

7EFEB;7>7@ AFALAA=JL=F &B7D@@[5:F7 9M> <=E GEHD9LR LAGF @AF9MKJ=A;@=F<= &GEEMFAC9LAGFKD=AKLMF? >=KLA?L RM<=E B=F= &MF<$FF=F:AF<MF? <A= 9F?=KA;@LK <=J <9M=JL=F 9F>9F?K >eF> /9?= F9;@ <=J _:=JKA=<DMF? 1A=D>9DL <=J <A?AL9D=F +JG?J9EE9F:A=L=J MF< 1=J

9M> <=F ?JdZ=J=F -=KA<=FRHD9LR MF< K;@DA=ZDA;@ 9M> LJA=:KO=?= AEE=J OA;@LA?=J OAJ< <=F @d;@KL KLAEEMF?KNGDD=F &9HAL=DHD9LR OMJ<= <9K F?=:GL 9F @AKLGJAK;@=F MF< 9CLM=DD=F *H=JFe:=JLJ9

?MF?=F FMFE=@J 9M> <J=A 2G;@=F 9MK?=O=AL=L &"$ ".0 0.,+"$$".

)<16--

$3F;@77 AKL <A= /1 &MDLMJD=AKL= 9E .GFFL9?NGJEALL9? 0@J *-! O=D

;@= ?=JF ?=K=@=F= &MDLMJ<GCME=FL9LAGF=F MF< &eFKLD=J$FF=FHGJLJaLK HJa

K=FLA=JL #A?@DA?@LK <=J $3F;@77 O9J=F

=LO9 <A= Jd>>FMF? <=J 1GDCKGH=J <A= 9E .=HL=E:=J EAL A@J=E F=M=F AJ=CLGJ -G:=JL (=Q=J <9K NA=DK=ALA?= +JG?J9EE KL9JL=L= G<=J <A= .=F<MF? @ ?7?AD;3? !A7 13I;@G> <A= <=F OG@D :=C9FFL=KL=F %9RREMKAC=J <=K '9F<=K OeJ<A?L=

38>/<1<?8. #?77/< 90 9@/ G .95 F67

= '4#06914670) = 7.674#7(64#)

75+- #.5 -7.674'..' 4E%-' <7/ 7$.+-7/

=J *G??7D A8 #AH7 KL=@L ?9FR AE 5=A;@=F NGF X#AH7 '7357 3@6 3BB;@7EES G;@ @dJ=F #AHHA=K FMJ -G;C G<=J 9M;@ D=;LJG .AF< KA= e:=J@9MHL FG;@ @AH 0F< O=D;@= KHAJALM=DD=F 2AJCMF?=F @9:=F KA= 9MK?=

DdKL #9FF=K -GKK9;@=J R=A?L= AF K=AF=J RO=AL=ADA?=F GCME=FL9LAGF AE .GEE=J

MF< M?MKL O=D;@= 'A9AKGF=F -=DA?AGF MF< +GHCMDLMJ AF <=F %9@JR=@FL=F K=AL@=J =AF?=?9F?=F KAF<

")4B*=:/-: -;<;81-4- 15 !

A= *3>L4GD97D 7EFEB;7>7 O9J=F 9M;@

OA=<=J FD9KK >eJ ME>9F?J=A;@= =JA;@L=JKL9LLMF? <=K *-! AF -9<AG MF< !=JFK=@=F 1A=D= M>>e@JMF?=F OMJ

<=F R=ALN=JK=LRL G<=J KG?9J DAN= e:=JLJ9?=F ^ K=F<=L= AFK?=K9EL +JG<MCLAGF=F 9;@L <9NGF DAN= )=:=F G97@ &@7 9;@ 9E %MDA

O9J=F <A= O=AL=J=F #A?@DA?@LK %GK=H@ #9Q<FK *H=J D ?;63 MF< 'M<OA? N9F ==L@GN=FK .;@9MKHA=DEMKAC RM 9?A@F <AJA?A=JL NGF =JLJ9F< <= ADDQ EAL <=F .GDAKL=F FF=LL= 9K;@ %G@9F GL@9 MF< /G:A9K (GJ=LLA 5MKaLRDA;@ RM <=F _:=JLJ9?MF?=F ?9: =K 9DDBa@JDA;@ 9CLM=DD= !=KLKHA=D:=JA;@L= AF <=F X !AGD@3>7@ AE "G>FGD<AGD@3> MF< AF @FD363 KGOA= <=F MK?9:=F <=K X ">3EE;= +D788BG@=F AF .9DR:MJ? E .GFFL9? <=E %MDA

KL9F< ME (AFML=F R=ALN=JK=LRL <A= +J=

EA=J= <=J /K;@9ACGOKCQ *H=J G97@ &@79;@ 9: 0@J FA;@L FMJ 9M> <=E *-! .HA=DHD9F X E ;EF G@E 93@L =GDL8D;EF;9 97>G@97@ R G97@ &@79;@2 ;@ E3F LG B>3FL;7D7@ ;7E ;EF 6;7 7DEF7 97?7;@E3?7 Y47DFD39G@9 7;@7D #;H7 'D7?;7D7 HA@ 67@ *3>L4GD97D 7EFEB;7>7@S >J=ML= KA;@ &) "G>FGD5:78 (9JLAF /J9PD e:=J =AF :J=AL=J=K MF< NGJ 9DD=E =MJGHaAK;@=K !=JFK=@HM:DACME A= +J=EA=J= OMJ<= 9M;@ NGF ^ e:=JLJ9?=F

:-/-6B-: -;<;81-4- 15 !

&9E=J9K MF< (AL9J:=AL=J$FF=F @9:=F 9E %MDA

<9>eJ ?=KGJ?L <9KK <A= !=JFK=@RMK;@9M=J$FF=F DAN= :=A "A9;GEG +M;;AFAK *H=JFL@JADD=J +AE 53 <9:=A O9J=F =J *-! @9L 9DKG =AF=F :=LJa;@LDA;@=F M>O9F< ?=KL9JL=L <9

EAL <9K .HA=D ME 'A=:= (9;@L MF< A>=JKM;@L AF =AF=E <ACL9LGJAK;@=F _:=JO9

;@MF?KKL99L 9M;@ 9M> <=E AD<K;@AJE D=:=F<A? O=J<=F CGFFL= ^ e:=JLJM? +A6 ;@ -7@76;9 DAN= 9K D=LRL= (MKACL@=9L=JO=JC <=K :JALAK;@=F &GEHGFAKL=F =FB9EAF JALL=F O9J 9DK *H=J AE !=KLKHA=D@9MK RM =JD=:=F

*1/&(-.,0,(,)) &* /0"&.&/ %"+ %". /0 +.#0< '+0'4 112'4#6+10

G *< .<=2?*5 F6><249;8=84855 26 <=.2;2<,1.7 1.;+<=) /.2.;=. 62= <.27.; ?2.;C20<=.7 ><0*+. -2. 27=.;7*=287*5 ;.78662.;=. 87=27>2=N= -.< <.2= 26 2.7<=. -.< O<=.;;.2,12<,1.7 ><24<,1*/ /.7< *02.;.7-.7 .<=2?*5< D

%.&/0& + %"& : 1/&(

AF "J9R ?=?JeF<=L V <9E9DK E9Z?=:DA;@ AFALAA=JL NGF '9F<=KAFL=F<9FL EAD J=AK9;@ EAL 0FL=JKLeLRMF? NGF "=F=J9DAFL=F<9FL "=J< 9;@=J V AKL <9K *-! !=K

LAN9D ?GE;=BDAFA=A>> ;? EF7;D;E5:7@ :7D4EF K=AL FMF

E=@J E=@J 9DK NA=JRA? %9@J=F =AF=J <=J E9Z?=:DA;@=F (GLGJ=F >eJ dKL=JJ=A;@AK;@= R=AL?=FdKKAK;@= (MKAC 9M> A@J=E 2=? RM E=@J ^>>=FLDA;@C=AL NGJ *JL MF< AE -9<AG MF< NGJ 9DD=E 9M;@ AF <A= $FL=JF9LAGF9DALaL #MF<=JL= NGF &GEHGKALAGFK9M>LJa?=F OMJ<=F K=AL@=J V @9MHLKa;@DA;@ 9:=J FA;@L 9MKK;@DA=ZDA;@ 9F dKL=J

J=A;@AK;@= &GEHGFAKL$FF=F V N=J?=:=F MF< RMJ 0J9M>

>e@JMF? ?=:J9;@L .GOG@D <A= @9J9CL=JAKLAC <=J 1=J

9FKL9DLMF? K=D:KL 9DKG <A= (AK;@MF? <=J :=KL=F dKL=JJ=A;@AK;@=F EAL <=F J=FGEEA=JL=KL=F AFL=JF9LAG

F9D=F FK=E:D=K OA= 9M;@ <9K +GMNGAJ <=K d>>=FL

DA;@ J=;@LDA;@=F -MF<>MFCK EAL K=AF=J =MJGH9 MF< O=DLO=AL=F 1=J:J=ALMF?KEd?DA;@C=AL NA9 , D9KK=F <A=K= M>>e@JMF?=F dKL=JJ=A;@AK;@=J (MKAC RM O=AL E=@J 9DK =AF=E J=?AGF9D=F G<=J F9LAGF9D=F J=A?FAK O=J<=F .=AL <=F =J %9@J=F OAJ< <9K !=KLAN9DHJG?J9EE <=K ?GE;=BDAFA=A>> ;? EF7;D;E5:7@ :7D4EF AF :=KGF<=JK =F?=J :KLAEEMF? EAL <=E -9<AGHJG?J9EE NGF ^ ?=KL9DL=L O=AD <A= +JG<M;=JK;@9>L <=J OG;@=FLa?DA

;@=F =AFKLeF<A?=F .=F<=J=A@= 17;F +A@ <A= 9CLM=DD= (MKAC RM E=@J 9DK +JGR=FL dKL=JJ=A;@AK;@=J +JGN=

FA=FR HJaK=FLA=JL MF< <A= +JG?J9EE<AJ=CLAGF <=K !=KLAN9DK AF =AF=J #9F< DA=?=F $E %9@J RMJ NA=JRA?KL=F MK?9:= <=K *-! !=KLA

N9DK ?GE;=BDAFA=A>> ;? EF7;D;E5:7@ :7D4EF OeJ<A?L=F OAJ =AF=JK=ALK <A= ?=K;@A;@LDA;@= =<=MLMF? <MJ;@ =AF !=KLCGFR=JL EAL 9MKK;@DA=ZDA;@ dKL=JJ=A;@AK;@=F 2=J

C=F :DA=:=F 9:=J RM?D=A;@ <=J -GDD= <=K !GJMEK >eJ

BMF?= &MFKL LJ=M !eJ <9K !=KLCGFR=JL CGFFL=F OAJ <=F GQ=F <=J dKL=JJ=A;@AK;@=F R=AL?=FdKKAK;@=F (MKAC !JA=<JA;@ =J@9 <9RM ?=OAFF=F K=AF D=LRL=K AJA?9L EAL <=E )*& .;7@ =A?=F=J (MKAC V =AF=J dKL=JJ=A;@A

K;@=F JKL9M>>e@JMF? MF< =AF=J 0J9M>>e@JMF? V KGOA= (MKAC <=J F9;@>GD?=F<=F "=F=J9LAGF=F AF <A=K=E !9DD 2=JC=F NGF *D?9 )=MOAJL@ MF< "=GJ? !JA=<JA;@ #99K RM OA<E=F 9K !=KLCGFR=JL AE .L=>9FA=FK99D <=K "J9R=J GF?J=KK=K ?=JA=L <9FF 9M;@ RME ?=>=A=J

L=F KGOG@D EMKAC9DAK;@=F OA= 9M;@ ?=K=DDK;@9>LDA

;@=F J>GD? A= BMF?= &MFKL <=K !=KLAN9DK R=A?L= KA;@ AF <=F /9?=F JMF<@=JME AF <=F N=JK;@A=<=FKL=F !9;=LL=F 0J9M>

>e@JMF?=F NGF 2=JC=F NGF =9L !MJJ=J MF< "=GJ? !JA=<JA;@ #99K KGOA= NGJ 9DD=E <=J K;@GF Fa;@KL=F "=F=J9LAGF 9F dKL=JJ=A;@AK;@=F &GEHGFAKL=F OA= @JAKLG> A=FR +=L=J %9CG:=J =JF@9J< "9F<=J MF< 2GD>?9F? .MHH9F O9J=F AF C9EE=JEMKAC9DAK;@=F &GFR=JL=F RM =JD=:=F Oa@J=F< <A= =PH=JAE=FL=DD=J=F &MFKL>GJE=F ROAK;@=F #9HH=FAF? MF< (=<A=FCMFKL AF M>LJALL=F <=K "J9R=J &GDD=CLANK *7IF77F: <=K 2A=

F=J @EF;FGFE 8_D FD3@E3=GEF;E5:7 ADE5:G@9 <=K 7?_E7AD5:7EF7DE KGOA= AF J:=AL=F NGF (A;@9=D +AFL=J MF< <=K (MKAC (=<A=F 2=DDF=KK "J=FR?aF?=JK E:3 A@J=F MK<JM;C >9F<=F $F <=F %9@J=F MF< CMJ9LA=JL= MF< HJG<M

RA=JL= AE _:JA?=F =JKLE9DK AF <=J "=K;@A;@L= <=K EF7; D;E5:7@ :7D4EF <9K &) ?GE;=BDAFA=A>> <A= B=O=ADA?=F :7D4EF Jd>>FMF?K9:=F<= EAL K=EA KR=FAK;@=F "JGZ

HJG<MCLAGF=F <=K =JDAF=J *F33>B>33F *AG@6EKEF7? KGOA= <=J ^KL=JJ=A;@=J "=GJ? )MKK:9ME=J *5:I7D7 87>6 ?;F #G8F346D_5=7@ MF< &D9MK '9F? 8;5:F7@ 0F< CGFFL= <A= ?GE;=BDAFA=A>> M>LJ9?KCGEHGKALAGF <=J AF "J9R D=:=F<=F &GEHGFAKLAF JAF "== AFL=JHJ=

LA=JL NGE )*& .;7@ MF< =AF?=J=A;@L NGF ^ <=F J=FGEEA=JL=F #9MHLHJ=AK <=J +D;4G@7 67E A?BAE; F7GDE :=A <=J ,% * & AF +9JAK ?=OAFF=F

%.&/0& + %"&

G =4<=: )3<=-44

9K R=@FEAFeLA?= (9?9RAF (GFL9? :AK .9EKL9? V 0@J AE -9@

E=F <=K $AD97@<AGD@3>E :A=L=L =AF= 5MK9EE=F>9KKMF? <=J OA;@LA?KL=F &MD

LMJ=J=A?FAKK= KGOA= =JA;@L= e:=J O=K=FLDA;@= +J=EA=J=F MKKL=DDMF?K=Jd>>

FMF?=F MF< NA=D=K E=@J K OAJ< KGOG@D =AF -e;C:DA;C 9M> <=F 1GJ9:=F< 9DK 9M;@ =AF= 9CLM=DD= /9?=KNGJK;@9M 9M> <9K &MDLMJ?=K;@=@=F ?=:GL=F

&7:<4)=< -: 1<-:)<=:?-<<*-?-:*

Ba@JL KA;@ .ADF>3GF <A= !( CLAGF RMJ !dJ<=JMF? <=K dKL=JJ=A;@AK;@=F .;@JA>LKL=DD=J$FF=F )9;@OM;@K=K RME K=;@KL=F (9D A=K=K %9@J KL9F<=F <A=

AFK=F<MF?=F <A= NGF =AF=J E=@JCdH>A?=F !9;@BMJQ :=O=JL=L OMJ<=F MFL=J <=E /@=E9 >GF 2A= B=<=K %9@J CGFFL= <=J .A=?=JL=PL <A=KE9D NGF FFA

F9 .;@EA< AF <=J /9?=KR=ALMF? 7D *F3@63D6 MF< AE 'AL=J9LMJE9?9RAF -A>>F7JF AF NGDD=J 'aF?= N=Jd>>=FLDA;@L O=J<=F

= '4#06914670) = 7.674#7(64#)

+'.(#.6 7.674 70& 7056 +/

8-:6K*-:<:)/=6/-6 15 !

HJaK=FLA=JL= <=J *-! K=AF=F 5MK;@9M=J$FF=F ?D=A;@ NA=J *H=JFe:=JLJ9

?MF?=F AE #9MHL9:=F< $3@A@ <A= =JKL= 'AN= _:=JLJ9?MF? 9MK <=J 2A=F=J .L99LKGH=J K=AL %9@J=F EAL <=E 'A=:DAF? <=J *H=JFO=DL FF9 )=LJ=:CG C9E 9E (aJR AE .;@FALL 9M>

5MK;@9M=J$FF=F K >GD?L=F #3 8;>>7 6G D\9;?7@F =:=F>9DDK 9MK <=E #9MK 9E -AF? KGOA= +AE53 NGF <=F D797@L7D 7EFEB;7>7@ MF< G97@ &@79;@ NGF <=F *3>L4GD97D 7EFEB;7>7@

*)+05)668:-1; ! )<

=J *-! :A=L=L >eJ =AF= <=J OA;@LA?KL=F DAL=J9JAK;@=F MKR=A;@FMF?=F <=K <=MLK;@KHJ9;@A?=F -9MEK =AF= =A?=F= $FL=JF=LHD9LL>GJE .G C9FF <A= E=@J

La?A?= 1=J9FKL9DLMF? G@F= 0FL=J:J=;@MF? N=J>GD?L MF< E=<A9D 9M>:=J=AL=L O=J<=F K O=J<=F #;H7 *FD73? MF< &@ 7?3@6 .=JNA;=K =:=FKG 9F?=:GL=F OA= /J9FKCJAHL= RM <=F /=ADF=@E=J$FF=FL=PL=F

KL=DDL=F KA;@ MLGJ$F

F=F <=E J=FGEEA=JL=F .7FF>7E7@ =F EAL

MJG <GLA=JL=F #9MHLHJ=AK =J@A=DL 'MLR .=AD=J >eJ K=AF=F /=PL +GD=E;4

) >1;7

3 H;EA .GFFL9? 0@J *-! :A=L=L K=AL HJAD

=AF=F 2G;@=F

e:=J:DA;C e:=J F=FF=FKO=JL= &MDLMJ=J=A?FAKK= V EAL -=HGJL9?=F MF< &GEE=F

L9J=F $FL=JNA=OK MF< .R=F=F9MKK;@FALL=F (AL <A=K=J $F>G .=JNA;=K=F<MF? :=CGEE=F AE =KGF<=J=F <A= &MDLMJN=J9FKL9DL=J$FF=F AF <=F MF<=KDaF<=JF =AF= RMKaLRDA;@= +D9LL>GJE AF O=K=FLDA;@=J KH=CL AKL <=J K=F<MF?K:=RG?=

F= 2=:9M>LJALL 3H;EA=3>7@67D &) 3F <=J M 9 FG;@E9DK <=F _:=J:DA;C e:=J <A= 1=J9FKL9DLMF?=F DA=>=JL

:; 4-+<:761+) 15 !

A= DE >75FDA@;53 AKL 9M;@

?=D9F<=L MF< N=JO9F<=DL= 'AFR RM =AF=E &GF?DGE=J9L AFL=JF9LAGF9D=J (=<A=FCMFKL MF< L@=GJA= A=KE9D 9J:=AL=L= KA;@ <9K !=KLAN9D 9E .H9FFMF?K>=D< ROAK;@=F MF>J=AOADDA?=J <A?AL9D=J /J9FK

H9J=FR MF< >J=AOADDA?=J 1=JaMZ=JMF? NGF +JAN9L@=AL 9: AA64K7 'D;H35K !( :GL F=:=F <=J =JA;@L=JKL9LLMF? =AF=F 9MK>e@JDA;@=F 1A<=G:DG? ^ K=F<=L= K;@O=JHMFCLEaZA? AE )36;A=A>>79 KGOA= AF ?3FD;J MF< 17;F +A@

G >+52, !.;?2,. ;8*-,*<=.; <18>5- *5@*B< 6*4. 2=< *>-2.7,. /..5 *= 186. 27 2=< 8@7 <8,2.=B *7- ,>5=>;. ,87/2-.7= 27 2=< 8@7 7*=287*5 *7- ,>5=>;*5 2-.7=2=B ?.;B 6>,1 * 9*;= 8/ =1. 7*=287 <=*=. H *;85 *4>+8@2,C G / 78= >< =1.7 @18 >+52, <.;?2,. +;8*-,*<=270 *7- ,>5=>;. 27 =1. <= ,.7=>;BH

" #=AE9L V /J9<ALAGF V $<=FLALaL ^KL=JJ=A;@ AKL FA;@L =FLO=<=J G<=J K;@O9JR G<=J O=AZ KGF<=JF D=:=F<A

?= 1A=D>9DL =J 1=JKGJ?MF?K9M>LJ9? N=JH>DA;@L=L <=F *-! RM $F>GJE9LAGF MF< 0FL=J@9DLMF? AF F=MF '9F

<=KKLM<AGK MF< RM +JG?J9EE=F MF< .=F<MF?=F dKL=JJ=A;@O=AL MF< AF <=F MF<=KDaF<=JF =J *-! :=?D=AL=L <=F ?=K=DDK;@9>LDA;@=F 29F<=D AF ?9FR ^KL=JJ=A;@ <9K '=:=F <=J (=FK;@=F AF <=F .La<L=F MF< -=?AGF=F $F &GF>DACL=F MF< !=A=JKLMF<=F ?ADL =J *-! AKL EAL <=J =NdDC=JMF? K=AF=E +M:DACME MFEALL=D:9J N=J:MF<=F =J M>LJ9? &GGH=J9LAGF EAL <=J dKL=JJ=A;@AK;@=F &J=9LANAF<MKLJA= 5MK9EE=F9J:=AL O=FF =K ME dKL=JJ=A;@AK;@= ,M9DALaL ?=@L !d<=J9DAKEMK 9DK D=:=F<A?=K +JAFRAH =J *-! AKL =AF !9DD >eJ 9DD= ^KL=JJ=A;@=J$FF=F 1GE G<=FK== :AK RME .==OAFC=D

# #F# & !#" G $ G ! " $"

=.<:)/

-1;<=6/

1=J?9F?=F@=AL "=?=FO9JL MF< 5MCMF>L 9MK dKL=JJ=A;@AK;@=J +=JKH=CLAN=

^KL=JJ=A;@ AF AD< /GF MF< /=PL

-0:?-:< # #F# )4; -:)=;.7:,-:=6/

G >+52, <.;?2,. +;8*-,*<=.;< <18>5- ;.6*27 0>*;*7=8;< 8/ 8;2027*52=B 2778?*=287 *7- ,;.*=2?2=B *,;8<< * @2-. ;*70. 8/ 0.7;.< 7 9*;=2,>5*; =1.B <18>5- ,;.*=. .A9.;2.7,.< =1*= +;270 =1. 7*=287 =80.=1.; 'I( H G >52-270 9>+52, ?*5>.D

"DG:9DAKA=JMF? DdKL <A= "J=FR=F <=J 2=DL FA;@L 9M> ^KL=JJ=A;@ AKL 9M;@ AF 5MCMF>L E=@J 9DK FMJ =AF 2GJL <9K =AF=F +D9LR 9M> <=J '9F<C9JL= :=K;@J=A:L A= CJALAK;@= MK=AF9F<=JK=LRMF? EAL /J9<ALAGF $<=FLALaL 1=J?9F?=F

@=AL MF< 5MCMF>L ^KL=JJ=A;@K AKL =AF= R=FLJ9D= M>?9:= >eJ <=F *-! ^KL=JJ=A;@AK;@=J $F@9DL Ra@DL J9M;@LME &MDLMJ=J:= MF< ?=K=DDK;@9>LDA;@= 1=JaF<=JMF? M>E=JCK9E E9;@=F OG ^KL=JJ=A;@ =AF /=AD <=J 2=DL AKL *@F= !J=E<=F@9KK MF< <MEH>=F )9LAGF9DAKEMK 0FK=J M>LJ9? ^KL=JJ=A;@AK;@= ,M9DALaL AF !=JFK=@=F -9<AG MF< $FL=JF=L

:)3<1;+0-: =<B-6

^KL=JJ=A;@ V =AF 2=JL AE ?DG:9D=F &GFL=PL

"'+6)'5%*+%*6' +/

G%2; @855.7 -2. .>02.;-. -.; 27-.; /P; -2. .<,12,1=. 21;.; 5=.;7 >7- ;8J.5=.;7 @.,4.7 <2. 62=.27*7-.; 27< .<9;N,1 +;27 0.7 .27.7 ;.<9.4=?855.7 8//.7.7 2<4>;< +./O;-.;7 D

+!." / ,2 ( "&0$"/ %& %0"

X :@7@ :347 ;5: *35:7@ 3GE ?7;@7D #747@E97E5:;5:F7 7DL[:>F 6;7 ;5: @A5: @;7?3@67@ 7DL[:>F :347 @;5:F 7;@?3> ?7;@7D 3?;>;7S K9?L= <=J =@=E9DA?= 2=@J

E9;@LKKGD<9L F9;@ F<= <=K /1 $FL=JNA=OK AE .GE

E=J 0F< <9FF ?=K;@9@ $FL=J=KK9FL=K 9K FG;@ FA= =JA;@L=L= :AK@=J LA=> 1=J?J9:=F= =JRa@DL= <=J 5=ALR=M?= e:=J <=F 0EO=? =D=CLJGFAK;@=J -=HJG<MC

LAGF FMF 9M;@ =JKLE9DK K=AF=J !9EADA= M;@ <A= &AF<=J FC=D MF< 0J=FC=D <=J Ba@JA?=F #=JEAF= #AFF=J @9:=F AE (9A AF -G:=JL "GCDK /1 GCME=FL9LAGF ";@67D<3:D7 ;@ 67D $A@3D5:;7 RME =JKL=F (9D e:=J <A= :J9;@A9D=F JRA=@MF?KE=L@G<=F =J>9@J=F <=F=F A@J= 0JGE9 RMJ &9AK=JR=AL 9MK?=K=LRL O9J 9:=J 9M;@ e:=J <A= LJAKL=F '=:=FK AFCGEE=FK MF< 2G@FN=J@aDLFAKK= A=K= 0EO=?CGEEMFAC9LAGF @9LL= FA;@L FMJ AF <A=

K=F !aDD=F @d;@KL HGKALAN= 2AJCMF? .A= OMJ<= MF< OAJ< AEE=J OA=<=J RMJ $FALA9DReF<MF? >eJ D9F?= !9EA

DA=F?=KHJa;@= >eJ !J9?=F MF< AKCMKKAGF=F 2AJ :=?J=A>=F MFK 9DK JAFF=JMF?K9J:=AL=J$FF=F 9DK A=FKLD=AKL=J AE .AFF= <=J .;@aJ>MF? <=K d>>=FLDA;@=F "=<a;@LFAKK=K 2AJ N=JKL=@=F <A= M>9J:=ALMF? NGF "=K;@A;@L= 9M;@ 9DK =ALJ9? RMJ F9LAGF9D=F .=D:KL>AF

<MF? RMJ XF9LAGF9D=F J;@aGDG?A=S 9DK OA;@LA?=K D=

E=FL HGDALAK;@=J #Q?A=F= 9DK =AF $FKLJME=FL RMJ .;@aJ>MF? <=K AF<ANA<M=DD=F MF< CGDD=CLAN=F JAF

F=JFK #A=J OGDD=F OAJ =AF= BGMJF9DAKLAK;@= /J9<ALAGF >GJLK=LR=F <A= #M?G +GJLAK;@ EAL K=AF=F *-! .=JA=F XEF7DD7;5: MF< XEF7DD7;5: :=?GFF=F @9L

17;F97E5:;5:F7 AE *-! Ed;@L= $FALA9DReF<MF? >eJ -=>D=

PAGF=F e:=J #=JCMF>L )9LAGF9D?=>e@D F9LAGF9D= $<=FLA

LaL MF< +9LJAGLAKEMK K=AF 9:=A OGDD=F OAJ MFK FA;@L 9DK @G>JaLDA;@= 1=JLJ=L=J$FF=F <=K 5=A?=>AF?=J K;@OAF

?=F<=F EGJ9DAKA=J=F<=F AD<MF?K>=JFK=@=FK N=JKL=

@=F KGF<=JF =AF>9;@ <=F "=OAFF NGF 2AKK=F MF< $F>GJE9LAGF 9F:A=L=F 2=J :AK@=J E=AFL= 2=LL:=O=J: AF <=J (=<A=FD9F<

K;@9>L :=<=ML= 1A=D>9DL :J9M;@L KA;@ FMJ <9K NGQ=MJAK

LAK;@= AF@=ALK?=:JaM HJAN9L=J &GFCMJJ=FL=F NGJ M?=F RM >e@J=F V MF< <=J LAC=LL=FK;@OAF<=D =FL

D9JNL KA;@ 9M?=F:DA;CDA;@ 9@=J KAF< "=:e@J=F?=D<=J ?=J9<= AE +JG?J9EEK=?E=FL <=J 17;F97E5:;5:F7

GCME=FL9LAGF=F ?ML AFN=KLA=JL <9 KA= RM <A=K=J 1A=D

>9DL :=ALJ9?=F MF< ?D=A;@R=ALA? d>>=FLDA;@ J=;@LDA;@= PCDMKANALaL KA;@=JF <9 <A= HJAN9L= &GFCMJJ=FR E=AKL 9M> <A=K= !GJE9L= N=JRA;@L=L "=J9<= <=J BGMJF9DAKLA

K;@= X*MLHMLS d>>=FLDA;@ J=;@LDA;@=J 0FL=JF=@E=F EMKK AEE=J OA=<=J RMLA=>KL ?=K=DDK;@9>LK MF< <=EG

CJ9LA=HGDALAK;@= !J9?=F L9F?A=J=F K=FKA:D=J /J9FKEAK

KAGFKJA=E=F MF< (GLGJ >eJ AKCMJK= K=AF <A= 9:K=ALK <=K &JAL=JAMEK <=J (=@J@=ALK>a@A?C=AL MF< <=J ,MGL= 9F?=KA=<=DL KAF< MJ;@ <=F .H9JCMJK <ACLA=JL= KLJ=F?= :M<?=LaJ= &9D

CMD9LAGF=F KAF< <9K AF= Ed?DA;@= MK<eFFMF? NGF $F>GJE9LAGFK9M>LJ9? +DMJ9DALaL AFL=DDA?=FL=J eJ?=J

Fa@= $FL=JF9LAGF9DALaL MF< -9F<?JMHH=F:=JA;@L=J

KL9LLMF? <9K "=>9@J=FHGL=FRA9D 9M> <=J 9F<=J=F .=AL= /JGLR <=J LJAKL=F -=9DALaL <=K !9CLAK;@=F EeK

K=F OAJ 9DD= <MJ;@ F?9?=E=FL MF< &J=9LANALaL <9>eJ .GJ?= LJ9?=F <9KK <A= X.=F<=>Da;@= 5=AL?=K;@A;@L=S FA;@L "=>9@J DaM>L RME AEE=J <eFF=J=F 1=LL=J AF <=J d>>=FLDA;@ J=;@LDA;@=F /AK;@?=K=DDK;@9>L RM O=J<=F 2AJ LMF <9K 0FK=J= ME !dJ<=JH9JLF=J RM ?=OAFF=F ?D=A;@R=ALA? KAF< B=<G;@ 9M;@ CD9J= =C=FFLFAKK= <=K *F;8FG@9ED3F7E MF< <=J &) 7E5:[8FE8_:DG@9 ?=>GJ<=JL

+!." / ,2 (

-6;+0-6 I+0<- =<<-:316,-: D H*-:4-*-6 6)+0 ,-5 :1-/

$F <A=K=J *-! GCME=FL9LAGF ?AF? =K ME =AF= "=F=J9LAGF <A= EAL <=E .;@J=;C=F <=K 5O=AL=F 2=DLCJA=?K 9M>?=O9;@K=F AKL ME <A= E9F KA;@ FA;@L OAJCDA;@ CeE

E=JL= O=AD <A= +JAGJALaL=F OG9F<=JK D9?=F A= &AF<=J O9J=F RM CD=AF ME A@J= F?KL A@J=F .;@E=JR A@J= 0FKA;@=J@=AL MF< A@J=F #MF?=J RM 9JLACMDA=J=F =J !ADE AE -9@E=F <=J -=A@= $7@E5:7@ $[5:F7 HGJLJaLA=JL= <9K .;@A;CK9D <A=K=J &AF<=J <A= RMJ J@GDMF? :=A "9KL>9EADA=F 9M>?=FGEE=F OMJ<=F $F E9F;@=F !aD

D=F =FLKL9F< =AF= LA=>= AF<MF? MF< FA;@L K=DL=F OMJ<= =AF=K <=J MFL=J=JFa@JL=F &AF<=J 9M;@ 9<GHLA=JL A= GCME=FL9LAGF <A= AF *-! 9E =R=E:=J

?=R=A?L OMJ<= O9J <=F !9EADA=F AF ?9FR MJGH9 ?=OA<E=L <A= AFK?=K9EL E=@J 9DK

dKL=JJ=A;@AK;@= &AF<=J 9M>?=FGEE=F @9LL=F

: =/7 7:<1;+0 D 16 0:761;< G;<-::-1+0;

B = &'06+6C6 = '4#06914670)

'5%*+%*6' &+' '05%*'0 8'4$+0&'6

#M?G +GJLAK;@ AKL FA;@L FMJ F9DQLAC=J MF< 1=JEALLD=J <=K 2=DL?=K;@=@=FK 9C

JA:AK;@=J GCME=FL9JAKL dKL=JJ=A;@AK;@=J 5=AL?=K;@A;@L= KGF<=JF 9M;@ K=D:KL 5=ALR=M?= MF< @JGFAKL <=K %9@J@MF<=JLK A=K= :AK@=J O=FA? :=D=M;@L=L= !9;=LL= OMJ<= AF <=J GCME=FL9LAGF NGF F<J=9K )GN9C 9FDaKKDA;@ <=K

"=:MJLKL9?K <=J %GMJF9DAKL=FD=?=F<= 9E !=:JM9J

L@=E9LAKA=JL DD=AF <=J )9E= 'ADF;E5: CGEEL AE J;@AN;GEHML=J <=K *-! AF AFLJ9

?MF?=F NGJ !eJ F<J=9K )GN9C MF< K=AF -=;@=J;@=L=9E ?9DL =K <9@=J AF EG

F9L=D9F?=J AFL=FKAN=J J:=AL @MF<=JL= !ADE= MF< &9KK=LL=F EAL &GEE=FL9J=F F9DQK=F -=HGJL9?=F GCME=FL9LAGF=F MF< .=JA=F RM KA;@L=F

$<+.3>398 ?8. '+8./6 38./<4+2</ 38 ./< 98+<-23/ A= ?ML= 9DL= 5=AL :=J O9J KA= OAJCDA;@ KG ?ML <A=K= 5=AL JMF< ME

'=LRL= FG;@ D=:=F<= 5=ALR=M?$FF=F =JRa@DL=F AF <A=K=J GCME=FL9LAGF <A= <=J *-! 9E (9A

9MKKLJ9@DL= 9MK A@J=F &AF<=J MF< %M?=F<L9?=F -9J= !ADE<GCME=FL= MF< /GF9M>F9@E=F MF< NGJ 9DD=E K=DL=F= !9J:>GLG?J9T=F :GL=F =AF=F >9KRAFA=J=F<=F AF:DA;C AF <=F DDL9? <=J (=FK;@=F ME <A= %9@J

@MF<=JLO=F<= A= TDEAK;@= GDD9?= DaKKL =AF NA=DK;@A;@LA?=K .LAEEMF?K:AD< =AF=J 5=AL =FLKL=@=F MF< K=LRL KA;@ :=OMKKL CJALAK;@ EAL <=F (QL@=F MF< 1=J

CDaJMF?=F 9MK=AF9F<=J <A= AE '9M>= <=J %9@J= =FLKL9F<=F

3:-=B =6, 9=-: "<):3- #J+0<-: 7<<-;

DK FLOGJL 9M> <=F +>D=?=FGLKL9F< AF <=J -=A;@K@9MHLKL9<L OMJ<=F <A= 3D? :7DL;97@ *5:I7EF7D@ NGF 2A=F "MEH=F<GJ> NGJ %9@J=F 9MK /AJGD F9;@ 2A=F ?=JM>=F $@J= &AF<=J?aJL=F .;@MD=F &J9FC=F@aMK=J MF< DL=F@=AE= K;@A=F=F D9F?= 5=AL MFN=JRA;@L:9J .G K=LRL= <9K 2A=F=J *B;F3> 67D 3D?:7DL; 97@ *5:I7EF7D@ e:=J %9@JR=@FL= @AFO=? (9ZKLa:= AF <=J #GEdGH9L@A= #=ML= D=A<=L <A= &GF?J=?9LAGF OA= NA=D= C9JAL9LAN= *J<=F MFL=J E9KKAN=F )9;@OM;@K

HJG:D=E=F A= GCME=FL9LAGF R=A?L= 9E =R=E:=J

<A= F=M=F 2=?= E=<ARAFA

K;@= /aLA?C=AL MF< .HAJALM9DALaL RM N=J:AF<=F MF< K;@DM? <A= Je;C= RMJ 9DD?=

E=AF=F .ALM9LAGF AE dKL=JJ=A;@AK;@=F "=KMF<@=ALKO=K=F

7( '+0'4 '..' ? &+' !&,/ #.5 '$'059'.6'0

G .; ;/850 >7- -*62= -*< L+.;5.+.7 ?87 *-28<.7-.;7 2<= -*77 0.@N1;5.2<=.= @.77 <2. .27. 7.77.7<@.;=. >7- 7*,11*5=20. O;.; 77.7+27->70 <,1*//.7 D

&))5 &0/ %" <.#1+(!&."(0,.

=AF=F (=@JO=JL >eJ <9K +M:DACME @9:=F =FF <A=K=K d>>=FLDA;@ J=;@LDA;@= "=K9EL9F?=:GL NGF ^ e:=J ^ :AK RM !( NGF )36;A .;7@ :AK )36;A -AD3D>47D9 ME>9KKL KGOG@D <A= X=JFKL@9>L=S =K;@a>LA?MF? EAL "G>FGD MF< 'A>;F;= MF< <A= !dJ<=JMF? <=K =D73F;H7@ 'AF7@L;3>E 9DK 9M;@ <A= ,@F7D:3>FG@9 !=JF=J <A= ::AD<MF? <=J D79;A@3>7@ )73>;F[F MF< <A= MK=AF9F

9K AKL =AF= E=AF=J 'A=:DAF?KKR=F=F 9MK <=E GCM

<=JK=LRMF? EAL <=J !G97@6=G>FGD V 9M;@ B=FK=ALK <=K E=FL9J>ADE GF7@ $AD97@ XEF7DD7;5: NGF #9FF=DGJ= /A=>=FL@9D=J AF <=E KA= F=MF ^KL=JJ=A;@=J$FF=F =AF=F (9KK=F?=K;@E9;CK =J (=FK;@ NGF @=ML= @9L LJGLR ?9FR=F /9? D9F? :=?D=AL=L 9K -9<AG AKL AEE=J <9:=A NGJ9FK;@J=AL=F<=J .H=RA9DAKA=JMF? =AF= MFe:=JK=@:9J= .=@FKM;@L F9;@ ?9FR@=ALDA;@=E =FC=F MF< #9F<=DF AE &J9FC=F@9MK AE MLG AF <=J +GDAR=AO9;@KLM:= :=AE 1=JC9M>K?=KHJa;@ =AF=K !=FKL=J@aF<D=JK AF <=J 0F< <9@=J ?=@L =K FA;@L FMJ ME <A= 1=JEALLDMF? NGF 2AKK=F 2=JL=F MF< 2G@D:=>AF<=F KGF<=JF 9M;@ ME !9:JAC 29JME A;@ <A=K=K AD< KG E9? @9L =AF=F =AF

=EGLAGF9D= )a@= >9;@=F "JMF< K N=JEALL=DL O9K <A= &) )36;AE V MF< ^ @9L AF <A=K=E AD< FMJ =AKHA=D>MFCLAGF V >eJ 9K +M:DACME KGDDL= :=A XK=AF=ES .=F<=J FA= <9K A@J +M:DACME AF ^KL=JJ=A;@ <9JKL=DD=F FaEDA;@ "=>e@D @9:=F KA;@ O=K=FLDA;@= $F>GJE9LAGF=F G<=J '=:=FKO=DL=F AF <=F=F KA;@ <9K +M:DACME RM #9MK= EGLAGF=F 9F<=JKOG @GD=F RM EeKK=F 9K +M:DACME >e@DL (AG ^KL=JJ=A;@=J$FF=F @dJ=F La?DA;@ EMKK <A= _:=JR=M?MF? ?=OAFF=F <9KK AF?= <A= .LMF<=F &) )36;A 9EAL AKL <9K -9<AG <9K E=AKL?=

FMLRL= (=<AME FG;@ NGJ <=E !=JFK=@=F MF< O=AL NGJ XK=AFS .=F<=J FA;@L :JAF?L FA;@L OAJCDA;@ OA;@LA? KAF< 0F< <9KK FMJ XK=AFS .=F<=J <9K KLAEEA?= <=E $FL=JF=L '=:=FK?=>e@D N=JEALL=DL G;@ O9K E9;@L <A= FLK;@=A<MF? >eJ <A=K=K (=<AME A=K= #dJ=J$FF=F:AF<MF? OAJ< <MJ;@ =FLKHJ=;@=F<= +JG?J9EEIM9DALaL $<=FLALaLKKLA>LMF? MF< e:=JR=M

)36;A 9MK 29JME ?D9M:=F OAJ <9KK <9K (=<AME )36;A <9K NGJ <=FK=D:=F #=J9MK>GJ<=JMF?=F OA= <A= ?=F<= A=FKLD=AKLMF? =JJ=A;@L La?DA;@ AF <=F &) )36;AE .LMF<=F 9E /9? /9?= AE %9@J 9F<=J=F (=<A=F KL=@L V FaEDA;@ AE &9EH> ME <9K 0F< <9@=J CGEE= A;@ FG;@E9DK 9M> E=AF AF?9F?K

(=<A=FR=AL:M<?=L <=J &MF<$FF=F V 9M;@ :=A HJA

N9L=F (AL:=O=J:=J$FF=F MF< 9DD?=E=AF RMF=@E=F<=J :AD< RMJe;C -9<AG AKL AEE=J <9:=A AE &J9FC=F@9MK AE MLG AF <=J +GDAR=AO9;@KLM:= :=AE 1=JC9M>K?=

(=<A=FNA=D>9DL K=AF= =<=MLMF? AF <=F Fa;@KL=F %9@

KHJa;@ =AF=K !=FKL=J@aF<D=JK AF <=J !9:JAC AE &M@

J=F FA;@L N=JDA=J=F OAJ< KL9DD 2=AD =K -=D=N9FR @9L >eJ K=AF= #dJ=J$FF=F O=AD 2=AD )36;A K=AF= :AK@=JA?=F XCD9KKAK;@=FS !MFCLAG

=K /=AD A@J=J '=:=FKO=DL=F AKL O=AD =K >eJ <A= #dJ=J$F

F=F R @8AD?3F;A@ MF< ,@F7D:3>FG@9 MF< @9J9C

F=F =AF=F 2=JL @9L 'G4>;5 -3>G7 L=JAKLAC9 R *5:@7>>;9=7;F -7D8_943D=7;F =L; ?JMF<KaLRDA;@ :=@9DL=F OAJ< 0F< O=AD <A= &) )36;AE .=@J >Je@ 9E (GFL9?EGJ?=F <=K (aJR AE %9@J AF 9M=J LJ=A:L K=AF= &e@= RME (=DC=F AF <=F .L9DD 2a@J=F< <A= (=DCE9K;@AF=F 9F?=K;@DGKK=F O=J<=F @dJL E9F <MJ;@ <=F ?9FR=F &M@KL9DD X 7D X .75=7D ?;F )A47DF "D3F=KS

&))5 &0/ %"

G -<:1..< -;+01+0<-

#AKLGJAK;@ $FL=J=KKA=JL= >AF<=F A@J F?=:GL AF ^ AF <=J .=F<=J=A@= 7FD;88F 7E5:;5:F7 (GFL9? :AK !J=AL9? V

0@J $F >eF> !GD?=F HJG 2G;@= OAJ< B=O=ADK >eF> (AFML=F D9F? HMFCLM=DD =AF ?=K;@A;@LDA;@=K J=A?FAK =JRa@DL NGF <=J +Ja@AKLGJA= :AK RMJ "=?=FO9JL

O9J> MFL=J 9F<=J=E 2GD>?9F? +=LJALK;@ =AF=F CJALAK;@=F DA;C 9M> <9K 'DA<7=F !G9AE>3I;7@ .MK9FF= 2=A?=

DAF .;@OA=<JRAC :=D=M;@L=L= <=F 5:;@7E;E5: <3B3@;E5:7@ "D;79 NGF V MF< JA?ALL= #9E9FF =JAFF=JL= MFK 9F <9K FF7@F3F ;@ *3D3<7HA

G J:;81-4 "<=,17

B = &'06+6C6 = '4#06914670)

'5%*+%*6'0 <74 '5%*+%*6'

9K ^DEB;7> *FG6;A MF< <A= ^DEB;7> 3>7D;7 A=FKL9?

0@J KGOA= .9EKL9?

0@J JA;@L=F KA;@ 9F =AF KH=RA>AK;@ DAL=J9JAK;@ AFL=J=KKA=JL=K +M:DACME G<=J =AF>9;@ FMJ 9F (=FK;@=F <A= ?=JF= =AF=J "=

K;@A;@L= D9MK;@=F 9K "=FJ= <=K #dJKHA=DK =J>J=ML KA;@ K=AL ?=J9ME=J 5=AL =AF=J MF?=9@FL=F -=F9AKK9F;= )A;@L :DGZ <=K@9D: @AD>L <=J *-! EAL '=A<=FK;@9>L F=M= #dJKHA=DHJGB=CL= RM J=9DAKA=J=F

=FLKL9F< MFL=J <=J '=ALMF? NGF "dLR !JALK;@ =AF= @dJKHA=D?=J=;@L= =9J:=ALMF? NGF 3E 7?7;@67=;@6 <=E -GE9F NGF (9JA= NGF :F=J K;@=F:9;@ "=D=K=F OMJ<= <9K .Le;C NGF DAK9:=L@ *JL@ !eJ <A= (M

KAC R=A;@F=L= *LLG '=;@F=J N=J9FLOGJLDA;@ ^ K=F<=L= <A= RO=AL=ADA?= #dJKHA=D

+JG<MCLAGF 9E &9JK9EKL9? <=E MF< 9E (aJR

$<+.3>398 ?8. '+8./6 <+8D 8>/6 G 38 /,/8 0S< ./8 367 E M?MKL

:J9;@L= <=J *-! =AF=F TDEAK;@=F )9;@JM> 9M> <=F ?JGZ=F dKL=JJ=A;@AK;@=F -=?AKK=MJ !J9FR FL=D 9K +GJLJaL AKL =AF :MFL=J MF< 9EeK9FL=J (AP 9MK R=AL?=K;@A;@LDA;@=F MF< 9CLM=DD=F !ADE9MK

K;@FALL=F EAL 5=ALR=M?$FF=F NGF =AFKL MF< B=LRL FL=DK !J=MF<$FF=F MF< 2=??=>a@JL$FF=F KHJ=;@=F e:=J <=F DLE=AKL=J MF< D9KK=F :=AF9@= C=AF /@=E9 9MK !J9M=F !MZ:9DD +GDALAC >=@D=F AF <=J '=:=FK:=K;@J=A:MF? ?=F9MKG O=FA? OA= &G;@=F !J=MF<K;@9>L MF< !=A=JF RM B=<=E OeJ<A?=F FD9KK 9K +GJLJaL AKL =AF DA;C 9M> <9K :=JMUA;@= .;@9 =F <9K O=AL e:=J 3? .A>893@9E77 @AF9MKJ=A;@L MF< =AF &=FF=FD=JF=F <=K +JAN9L

E=FK;@=F FL=D <=J 9E M?MKL

N=JKL9J: =J *-! OeJ<A?L= <=F ?JGZ=F !ADE=E9;@=J !J9FR FL=D FA;@L FMJ EAL =AF=E +GJLJaL KGF<=JF 9M;@ EAL <J=A K=AF=J :=DA=:L=KL=F !ADE= 7D A5=7D7D MF< - $F <A=K=J GHMD=FL=F !9EADA=FK9?9 >e@JL &9JD (=JC9LR 9DK D=:=FK>J=M<A?=J MF< MF?=FA=JL=J 2A=F=J !D=AK;@@9M=J <MJ;@ <A= OA;@LA?KL=F J=A?FAKK= <=J dKL=JJ=A;@AK;@=F MF< =MJGHaAK;@=F "=K;@A;@L=

G !),17/-;+01+0<-6

1GF (GFL9? :AK (ALLOG;@ HJaK=FLA=JL ^ V

0@J =AF= 9:?=K;@DGK

K=F= DAL=J9JAK;@= JRa@DMF? <A= KA;@ EAL ,M9DALaLK9FKHJM;@ MF< LLJ9CLANALaL 9F =AF :J=AL=K +M:DACME JA;@L=L E %9FM9J

O9J )36;A97E5:;5:F7@ =AF= <=J NA=J .=F<=J=A@=F <A= KA;@ EAL =AF=J .H=RA9D9MK?9:= <=E

/G<=KL9? <=K 'AL=J9L=F MF< (9D=JK 2AD@=DE MK;@ OA<E=L=F N=DQF #9E9FF D9K RM <A=

K=E FD9KK ;7 DA??7 7>7@7 =AF 2=JC <9K EAL LA=>K;@O9JR=E #MEGJ <A= .;@=AF@=ADA?C=AL <=J KHA=Z:eJ?=JDA;@=F MF< >JdEE=DF<=F "=K=DDK;@9>L R=A?L

0(14/#6+10 #.5 2'45D0.+%*'4 1452470)

G 27. +<*0. *7 -*< .2J.;2<,1.) 8>;7*52<=2 <,1.< 78@18@ +3.4=2?2=N= 4=>*52=N= ?.;<>< $8B.>;2<6>< !.7<*=287<02.; >7- 8>5.?*;- D

%.&/0,-% ( / "10" &+ :/0".."& %

X.3DG? I3D 7GF7 ;@ XEF7DD7;5:2 :7GF7 @;5:F A@ 67?3@6 ;? @F7D@7F LG E7:7@ S A=K= (9AD =J@A=DL A;@ NGF ?D=A;@ E=@J=J=F MKD9F<KdKL=JJ=A;@=J$FF=F JMF< ME <=F "DG:MK AE !Je@B9@J AF L=;@FAK;@=K +JG:

D=E <9K K;@F=DD ?=DdKL O9J !eJ EA;@ =FL@eDDL= <A=K= (9AD 9:=J 9M;@ =LO9K ?9FR 9F<=J=K 7GF7 ;@ XEF7DD7;5: AKL E=@J 9DK =AF La?DA;@=K @JGFACE9?9RAF A=K= .=F

<MF? AKL A<=FLALaLKKLA>L=F< AE $F MF< MKD9F< =J 'AFC NA=D=J MKD9F<dKL=JJ=A;@=J$FF=F AF A@J #=AE9LD9F< 29K ^KL=JJ=A;@ :=?=AKL=JL OGJe:=J ^KL=JJ=A;@ KHJA;@L O9K ^KL=JJ=A;@ :=O=?L A=K= 1AKAGF @9LL=F A;@ MF< E=AF /=9E 9E F>9F? <=J FLOA;CDMF? NGF 7GF7 ;@ XEF7DD7;5: #=ML= E=@J 9DK MK?9:=F <=K 1GJ9:=F<E9?9RAFK KHaL=J AKL 9MK <=J 1AKAGF -=9

DALaL ?=OGJ<=F 9K -=R=HL <9>eJ K;@=AFL =AF>9;@ 9M> <=F =JKL=F DA;C 7GF7 ;@ XEF7DD7;5: KHA=?=DL <9K /9?=K?=K;@=@=F AE '9F< OA<=J 9K AKL =AF= CD9J= 1GJ

?9:= AF 5A=D <9K =AF ?9FR=K -=<9CLAGFK /=9E N=JLJ=

L=F C9FF AF 5A=D EAL <=E OAJ MFK A<=FLA>ARA=J=F =J RO=AL= DA;C R=A?L <A= .;@OA=JA?C=AL=F <A= =K La?DA;@ RM E=AKL=JF ?ADL AF= :K9?= 9F <9K X-=AZ=JAK;@=S %GMJF9DAKLAK;@=K &FGO @GO *:B=CLANALaL CLM9DALaL N=JKMK 1GQ=MJAKEMK .=FK9LAGFK?A=J MF< GMD=N9J<

A=K= La?DA;@= MK=AF9F<=JK=LRMF? >AF<=L AF MFK=J=F -=<9CLAGFKKALRMF?=F KL9LL K AKL =AF :Oa?=F =AF -=>D=CLA=J=F MF< D=LRLDA;@ <9K /J=>>=F =AF=J V <=J JA;@

LA?=F V FLK;@=A<MF? 9K /=9E NGF 7GF7 ;@ XEF7DD7;5: =FLK;@=A<=L KA;@ La?

DA;@ F=M La?DA;@ =AFKLAEEA? 2AJ E9;@=F +JG?J9EE >eJ MFK=J= &MF<$FF=F 2AJ KAF< A=FKLD=AKL=J 0FK=J= A=FKLD=AKLMF? AKL $F>GJE9LAGF G:B=CLAN MF< <A= /9LK9

;@=F OA=<=J?=:=F< 9K <9FC=F <A= .=@=J$FF=F $E .;@FALL B=<= J <JALL= /1 &GFKME=FL$F <A= <=J ME <A=K= 5=AL >=JFKA=@L =FLK;@=A<=L KA;@ LJGLR E=@J 9DK <=MLK;@KHJ9;@A?=J &GFCMJJ=FR9F?=:GL= >eJ 7GF7 ;@ XEF7DD7;5: .9L=DDAL @AF A?AL9DAKA=JMF? @=J 2AJ K=@=F <9K 9DK M>LJ9? DK M>LJ9? <A=K=F 2=? O=AL=JRM?=@=F &GFK=IM=FL MF< G@F= F=A<AK;@= .=A

L=F:DA;C= RMJ HJAN9L=F &GFCMJJ=FR K CGEEL 9M> <=F $F@9DL 9F MF< FA;@L FMJ 9M> <A= 1=JH9;CMF? $F>GJE9LA

GF 9DK H=JKdFDA;@=F 1GJKHJMF? B=<=J K =AFR=DF=F /1

&GFKME=FL=F$F #A=J K;@DA=ZL KA;@ <=J &J=AK <=J ,M9

DALaL RMJ ,MGL= O=J<=F DaKKL

%.&/0,-% ( /

-=<- 16 G;<-::-1+0 D -16- "-6,=6/ ,1- G;<-::-1+0 *-?-/<

7GF7 ;@ XEF7DD7;5: E=D<=L KA;@ NGF (GFL9? :AK !J=AL9? ME 0@J 9M> *-! 9MK <=J K;@dFKL=F &MDAKK= ^KL=JJ=A;@ 9K /=9E <9K EAL <=J FLOA;CDMF? <=J .=F<MF? :=9M>LJ9?L O9J AKL FA;@L FMJ 9M> <A= *HLAC <=K .LM<AGK KLGDR <A= e:=J RO=A -;6;I3>>E <=F %9@J=KR=AL=F =FLKHJ=;@=F<= .LAEEMF?K:AD<=J 9MK ^KL=JJ=A;@ =AFKHA=DL 5O=A <=J :=DA=:L=KL=F (G<=J9LGJ$FF=F ^KL=JJ=A;@K 2GD>J9E +AJ;@F=J MF< &9L@9JAF9 &J9E=J HJaK=FLA=J=F <9K /9?=K?=K;@=@=F 0FL=JKLeLRL O=J<=F KA= NGF R9@DJ=A;@=F 'AN= -=HGJL=J$FF=F <A= <AJ=CL 9E *JL <=K "=K;@=@=FK AF <=F dKL=JJ=A;@AK;@=F MF<=KDaF<=JF <A= "=K;@A;@L=F <=J (=FK;@=F =AF>9F?=F AF= <=J :=DA=:L=KL=F -M:JAC=F AKL <=J <A= ^KL=JJ=A;@=J$F <=K /9?=K )A;@L K=D

L=F O=J<=F (=FK;@=F <A= KA;@ <MJ;@ =AF= :=KGF<=J= '=AKLMF? @=JNGJLMF RM O=FA? AF <=F (ALL=DHMFCL ?=KL=DDL 7GF7 ;@ XEF7DD7;5: >AF<=L <A=K= (=FK;@=F <A= RME JA;@LA?=F 5=ALHMFCL 9E JA;@LA?=F *JL O9J=F <A= <MJ;@ A@J F?9?=E=FL MF?D9M:DA;@= '=AKLMF?=F NGDD:JAF?=F '=AKLMF?=F <A= !J9M MF< #=JJF ^KL=JJ=A

;@=J$F RM DDL9?K@=D<$FF=F RM ?9FR :=KGF<=J=F (=FK;@=F E9;@=F

B = &'06+6C6 = '4#06914670)

B56'44'+%* ? #) (E4 #)

<> ! )< 76,-5)6,

7GF7 ;@ XEF7DD7;5: C9FF OA= R9@DJ=A;@= 9F<=J= .=F<MF?=F <=K *-! K=AL

9M;@ e:=J <9K $FL=JF=L 9:?=JM>=F O=J<=F 9<MJ;@ CdFF=F NA=D= +=JKG

F=F <A= RME MKKLJ9@DMF?KR=ALHMFCL N=J@AF<=JL KAF< G<=J <=F *-! =LO9 AE MKD9F< FA;@L =EH>9F?=F CdFF=F <9K 2A;@LA?KL= <=K /9?=K MF< <9K '=:=F AF ^KL=JJ=A;@ EALN=J>GD?=F

$<+.3>398 ?8. '+8./6 '/6>,/<S27> 38 K=>/<</3-2 A= +GHEMKAC @9L <A= D=LRL=F :=A<=F "=F=J9LAGF=F <=J ^KL=JJ=A;@=J$FF=F ?=HJa?L OA= C9ME =AF= &MDLMJ RMNGJ (ALL= )GN=E:=J

KL9JL=L= AE 5M?= <=J A@@7DEF39 %35:F AF *-! <A= 9;@LL=ADA?= A)A GCME=FL9LAGF .7>F47D_:?F ;@ XEF7DD7;5: A= GCME=FL9LAGFKJ=A@= :=D=M;@L=L= <A= "=

K;@A;@L= <=K MKLJGHGH :RO <=J HGHMDaJ=F (MKAC 9MK @=AEAK;@=F '9F<=F AF 9DD A@J=F !9;=LL=F &eFKLD=J$FF=F OMJ<=F HGJLJaLA=JL 9RM =JK;@A=F <A= ?D=A;@F9EA?= .=JA= A= :=?D=AL=F<= 1 <ALAGF NGF .7>F47D_:?F ;@ XEF7DD7;5: OMJ<= :=J=ALK EAL K=;@K>9;@=E "GD< 9MK?=R=A;@F=L MF< AKL 9DK 1 GP AF =AF=J KH=RA=DD=F )=M

9MU9?= =J@aDLDA;@ <A= (AFML=F dKL=JJ=A;@AK;@= +GHCMDLMJ EAL e:=JD9F

?=F X ;D75FAD E GFES <=J =AFR=DF=F !GD?=F MF< 9MK?=Oa@DL=E GFMKE9L=JA9D AFCDMKAN= E=@J 9DK

9MK?=KHA=DL=J GFMKKGF?K :=AF@9DL=L

4816- "31 :-1/61;;- )4; )<<:)3<1>- -/) >-6<;

=J &) *BADF CGFFL=

=JF=ML K=AF= &GEH=L=FR AF .9;@=F #;H7 *=; Y47DFD39G@97@ MFL=J =O=AK KL=D

D=F 2=AL e:=J =AF= (AG 5MK;@9M=J$FF=F :=A .9AKGF #A?@DA?@LK MF< =AF .9AKGF MJ;@K;@FALL NGF

K;@9M=J$FF=F :=D=?=F <A= LLJ9CLANALaL A=K= 59@D=F 9DD=AF= J=;@L>=JLA?=F :=J=ALK <=F =PLJ=E=F L=;@FAK;@=F M>O9F< <=K *-! (AL <=J _:=JLJ9?MF? NGF OAFL=JDA;@=F AD<=JF 9MK <=F dKL=JJ=A;@AK;@=F .CA -=?AGF=F AFK MKD9F< AKL <=J *-! V KH=RA=DD <MJ;@ <A= 2AFL=JKHGJLe:=JLJ9?MF?=F V 9M;@ =AF OA;@LA?=J +9JLF=J >eJ <=F dKL=JJ=A;@AK;@=F /GMJAKEMK

1.-5/75+- ? 9+' B56'44'+%* -.+0)6

G!.2= -.6 *1; +.6P1.7 @2; >7< .27.; ";*-2=287 0.;.,1= C> @.;-.7 -2. *+<.2=< *55.; 68-2<,1.7 !=;O6>70.7 52.0= >7- 27 <2,1 0.;*-. -.<1*5+ .27. >705*>+52,1. 7C2.1>70<4;*/= /P; ?2.5. .7<,1.7 +2;0= D

"-- ,. %". )&+$"+!"/ :/0".."& %

(AL <=E =?JA>> 'G4>;5 -3>G7 C9FF A;@ FA;@L NA=D 9F>9F

?=F MF< O=FF A;@ <9K 2GJL -A>=E=G>FGD N=JF=@E= :=?AFF= A;@ <9JMFL=J RM D=A<=F <9KK E9F =K FG;@ AEE=J FA;@L RM .L9F<= ?=:J9;@L @9L <A=K=F =?JA>> =AF<=MLA? RM <=>AFA=J=F 1GDCKCMDLMJ 9DK ,M9DALaLK

E=JCE9D :=?AFFL :=A EAJ RO9F?KDaM>A? AE ">;@97@67@ XEF7DD7;5: "=KL9DL 9FRMF=@E=F &MDLMJ @=AZL >eJ EA;@ B=FK=ALK NGE &ALK;@ RM K=AF #=A

E9L AE :=KL=F .AFF= <=K 2GJL=K RM N=JEALL=DF $F EALLD=JO=AD= .=F<MF?=F @9:=F OAJ =AF 9MLG;@L@G

F=K dKL=JJ=A;@AK;@=K !=JFK=@>GJE9L ?=K;@9>>=F <9K <=F +JAFRAHA=F <=K d>>=FLDA;@ J=;@LDA;@=F -MF<>MFCK AF :=KL=J 2=AK= =FLKHJA;@L !=JFK=@HJG?J9EE RM E9;@=F <9K :AD<=L MF< MFL=J

@aDL <9:=A Ed?DA;@KL NA=D= 5MK=@=J$FF=F =JJ=A;@L AKL =AF= ?JGZ= #=J9MK>GJ<=JMF? <A= OAJ ?=JF= 9F?=FGE

E=F @9:=F .=AL <=E %9@J :=Ee@=F OAJ MFK =AF=J /J9<ALAGF ?=J=;@L RM O=J<=F <A= 9:K=ALK 9DD=J EG<AK;@=F .LJdEMF?=F DA=?L MF< AF KA;@ ?=J9<= <=K

@9D: =AF= MF?D9M:DA;@= FRA=@MF?KCJ9>L >eJ NA=D= (=F

K;@=F :AJ?L

AF= 0FL=JKM;@MF? 9MK <=J F>9F?KR=AL MFK=J=J .=F

<MF? @G: :=KGF<=JK @=JNGJ <9KK KA= =AF "=K;@=FC >eJ <A= aDL=J= "=F=J9LAGF K=A =E RM OA<=JKHJ=;@=F E9;@L EAJ AFKG>=JF 1=J?Fe?=F O=AD A;@ O=AZ <9KK MFK=J +M:DACME IM=J <MJ;@ 9DD= DL=JKK;@A;@L=F J=A;@L =J K;@dFKL= =O=AK >eJ <A=K= /9LK9;@= KAF< NA=D= BMF?= 1GDCKEMKAC9FL$FF=F <A= @=ML= AE ">;@ 97@67@ XEF7DD7;5: 9M>LJ=L=F 1A=D= NGF A@F=F O9J=F FG;@ FA;@L 9M> <=J 2=DL 9DK OAJ MFK 9M> <=F 2=? E9;@L=F 1GDCKCMDLMJ 9DK ,M9DALaLKE=JCE9D AE dKL=J

J=A;@AK;@=F !=JFK=@=F RM E9FA>=KLA=J=F =J DA;C AF <A= 5MCMF>L E9;@L EA;@ @G>>FMF?K>JG@ O=AD 9MK B=<=J "=F=J9LAGF =AF= aDL=J= OAJ<

"-- ,. %".

416/-6,-; G;<-::-1+0

.=;@KE9D AE %9@J :=?A:L KA;@ .=HH !GJ;@=J AF K=AF=F .=F<MF?=F 9M> 29F

<=JK;@9>L IM=J <MJ;@ ^KL=JJ=A;@ J9M;@LME MF< '9F<K;@9>L MFN=J>aDK;@L= 1GDCKEMKAC MF< LJ9<ALAGF=DD= $FKLJME=FL= KAF< <A= 5ML9L=F >eJ <A= J>GD?KK=F

<MF? ">;@97@67E XEF7DD7;5: A= .=F<MF? OAJ< 9DL=JFA=J=F< NGF <=F &) #3@ 67EEFG6;AE *3>L4GD9 MF< *F7;7D?3D= HJG<MRA=JL $F <=J .=F<MF? ">;@97@67E XEF7DD7;5: AE =R=E:=J

@9L .=HH !GJ

;@=J 9M> <=E =A?=FLDA;@ J=;@L CMJR=F 2=? -A? ";D5:7@47D9 LG? .7;@47D9 <A= D9F<K;@9>LDA;@= MF< CMDLMJ=DD= 1A=D>9DL <=J "=?=F< JMF< ME <A= KL=AJAK;@= '9F

<=K@9MHLKL9<L "J9R RMJ "=DLMF? ?=:J9;@L

-1 41)*;<- &-1;

.=AL

HJaK=FLA=JL !J9FR +GK;@ <A= /1 1GDCKEMKACK=F<MF? :=A <=J BMF?= MF< 9JJANA=JL= 1GDCEMKAC=J$FF=F <A= LJ9<ALAGF=DD=F 'A=<=J <=J =AFR=D

F=F -=?AGF=F HJaK=FLA=J=F .=AL AKL <A= .=F<MF? AE .9EKL9? #9MHL

9:=F<HJG?J9EE MF< =J>J=ML KA;@ K=AL@=J =AF=J CGFKL9FL @G@=F 5MK=@=J$F

F=FR9@D /J9<ALAGFKJ=A;@= :G<=FKLaF<A?= 2AJLK@aMK=J AF ^KL=JJ=A;@ MF< <=F )9;@:9JDaF<=JF :A=L=F <A= &MDAKK= >eJ !J9FR +GK;@ MF< K=AF= "aKL= 5A=D <=J +JG<MCLAGF <=K &) #3@67EEFG6;AE +;DA> KAF< +>D=?= MF< +JaK=FL9

LAGF <=J @=AEAK;@=F 1GDCKEMKACLJ9<ALAGF !J9FR +GK;@ :=KM;@L=

R .LJG:D 9E 2GD>?9F?K== MF< DM< <A= DDE77 >[E7D <A= 3?;>;7 #3;?7D MF< <A= +3@@I;@=>7D 7;97@?GE;= RME (MKARA=J=F =AF $F #AJK;@=?? :9L =J <A= )AG9>7D <A= >?:_FF @ *[@97D MF< <A= BMF?=F (M

KAC=J <=J (G7FE5:97;97D ME <=J=F >;34EF7 .7;E

B = &'06+6C6 = '4#06914670)

1.-5-7.674 +/

$<+.3>398 ?8. '+8./6 #-26?<0 G 37 #A381 1/1/8 ./8 6/3-2=-2<3>> G .95 F67 .A= :=F9@E=F KA;@ DaKKA? MF< @9LL=F D9F?= #99J= KA= DA=:L=F <=F .OAF? MF< <=F %9RR KA= @9KKL=F <=F "D=A;@

K;@JALL V <A= *5:>GD8E A= @=ML= F9@=RM N=J?=KK=F= %M?=F<CMDLMJ =L9:DA=JL= KA;@ AF <=F =J %9@J=F NGJ 9D

D=E AF 2A=F 9K @=AEAK;@= +=F<9FL RM <=F =JDAF=J *I;@9E =FLK;@A=< KA;@ :=OMKKL RM =AF=J '=:=FKCMDLMJ <A= O=AL =FL>=JFL NGF <=F $<=9D=F =AF=J F9LAGF9DKGRA9DAKLAK;@=F "=K=DDK;@9>L KL9F< /9MK=F<= %M?=F<DA;@= K;@DGK

K=F KA;@ <A=K=J =O=?MF? 9F MF< HJGL=KLA=JL=F KG 9M> A@J= ?9FR =A?=F= JL MF< 2=AK= =J GCME=FL9JTDE RME .=F<=KL9JL NGF 6A= O>? 9E HJAD

NGF (GFA;9 '9<MJF=J MF< 2GD>?9F? =Q=J =JRa@DL NGF =AF=J N=J?=KK=F=F -=:=DDAGF <A= FG;@ FA= RMNGJ TDEAK;@ <9J?=KL=DDL OMJ<=

-:6;-0 :K0;+0788-6

(AL <=E &) 7D@E7: D_:E5:ABB7@ !=A=JL9?

0@J *-! HJaK=FLA=JL <=J *-! X=;@L=S 1GDCKEMKAC MF< :A=L=L =AF= AFKLAEEMF? 9M> <=F !=A=JL9? A= NGE &) #3@67EEFG6;A *3>L4GD9 HJG<MRA=JL= .=F<MF? =FL>e@JL <9K +M:DACME 9F <A= K;@dFKL=F *JL= ^KL=JJ=A;@K F B=<=E !=A=JL9? Da<L <=J *-! =AF=F HJG

EAF=FL=F "9KL OA= F<J=9K "GD<:=J?=J &D9MK :=J@9JLAF?=J FB9 &JMK= G<=J "=J@9J< 5=E9FF =AF ME :=A GJA?AF9D=J 1GDCEMKAC <A= JaM;@= <=J -=?AGF=F RM <=F :=KLAEEL=F !=KLL9?=F C=FF=F RM D=JF=F .G D9MK;@L= R )AE7@:7;? AB %GK=H@ #9FF=KK;@Da?=J RM DD=J@=ADA?=F <=F K;@9MJA?=F MF< EQKLAK;@=F .9?=F <=K $FFNA=JL=DK

#5 4%*+8 +0 D56'44'+%*+5%*'4 7.6745%*#6<

G .2 -.7 .;7<.1 ;,12?.7 2<= K<=.;;.2,1 62==5.;@.25. .27. ;8J6*,1= *< ;,12? 4O77=. *5< ?2;=>.5 5.< .-N,1=72<) -.; *=287 +.C.2,17.= @.;-.7 D

"0". 1/"( ,(1*"+0 0&,+ 1+! . %&2"

(9F CdFFL= =K 9DK XH;DFG7>>7E 76[5:F@;E 67D %3F;A@S :=R=A;@F=F V <9K @G;@EG<=JF= *-! !=JFK=@9J;@AN <9K A;@ NGF :AK RO=A %9@JR=@FL= D9F? ?=D=A

L=L @9:= A= 1GJ?=K;@A;@L= O9J=F <A= $76;7@=A887D <=J KHaL=F =J %9@J= MF< <9FF V MFL=J <=J '=ALMF? NGF J #M?G +GJLAK;@ V <A= FMF K;@GF D=?=F<aJ=F .=JA=F XEF7DD7;5: MF< XEF7DD7;5: 9E9DK O9J A;@ X)GL@=D>=JS <=FF <A= "=K;@A;@L= <=J (=<A=F9J

;@AN= AF ^KL=JJ=A;@ AKL V =LO9 9M;@ AE 1=J?D=A;@ RM !J9FCJ=A;@ #GDD9F< G<=J .;@O=<=F V =AF= AD9FR <=J XN=JKaMEL=F (d?DA;@C=AL=FS %=<=F>9DDK O9J =K FMJ <MJ;@ =AF= /1 "JGZL9L OA= XEF7DD7;5: Ed?DA;@ <A= <9E9DK FG;@ AF 9DD= 2=DL N=JKLJ=ML=F !ADE<GCM

E=FL= <=J dKL=JJ=A;@AK;@=F 5=AL?=K;@A;@L= F9;@ ^KL=JJ=A;@ RMJe;CRM>e@J=F :RO &GHA=F RM K9E

E=DF MF< RM =JK;@DA=Z=F A= "=:MJL <=K X ;EFAD;E5:7@ D5:;HES O9J <A= !GD?= MF< <A= <9E9DK :DMLBMF?=F #AKLGJAC=J$FF=F V <9JMFL=J E=AF B=LRA?=J )9;@>GD?=J MF< D9F?Ba@JA?=J .L=DDN=JLJ=

L=J #=J:=JL #9Q<M;C V O9J=F L9LKa;@DA;@ (=<A=F9J

;@AN +AGFA=J$FF=F 9K *-! !=JFK=@9J;@AN >JAKL=L= <9E9DK FG;@ =AF OAJCDA;@=K X.LA=>EeLL=J;@=FS

9K=AF 1GJ RO9FRA? %9@J=F e:=JF9@E A;@ <9FF ?=E=AFK9E EAL <=F (AL9J:=AL=J$FF=F <=K ;EFAD; E5:7@ D5:;HE <A= '=ALMF? <=K &) 7D@E7: 3GBF3D 5:;HE 0F< FMF ?AF? =K .;@D9? 9M> .;@D9? A= (G<=J

FAKA=JMF? :RO A?AL9DAKA=JMF? <=K J;@ANK :=?9FF ?=E=AFK9E EAL =D> 0 +JGB=CL=F OA= GDA?76;3 OMJ<= <9K *-! /1 J;@AN RMJ X#=JR=A?= FKL9DLS 9M;@ AE AFL=JF9LAGF9D=F 1=J?D=A;@

1GF :AK O9J A;@ +JaKA<=FL <=K 2=DLN=J:9F

<=K <=J !=JFK=@ J;@AN= + K=AL .=HL=E:=J AKL #=J:=JL #9Q<M;C F=M=J +JaKA<=FL <=J + A=K= !MFCLAGF=F @9:=F e:DA;@=JO=AK= <A= ?JGZ=F J=A;@=F d>>=FLDA;@ J=;@LDA;@=F FKL9DL=F OA= <A= >J9FRdKAK;@= $) @EF;FGF %3F;A@3> 67 > G6;H;EG7> <A= :JALAK;@= G<=J <A= AL9DA=FAK;@= - $ AFF= G;@ :=A <=F !=JF

K=@ J;@AN=F AKL ^KL=JJ=A;@ EALLD=JO=AD= =AF= "JGZ

E9;@L $FEALL=F <=J LJ9<ALAGFKJ=A;@=F J;@AN MK:AD

<MF? AE @EF;FGF 8_D XEF7DD7;5:;E5:7 7E5:;5:FE8AD E5:G@9 e:=J <9K #=AEALG NGF G<=J=J AF <=F [?A @7@ :RO AF <=J *FDG67>:A8EF;797 DAL=J9JAK;@ :=JA;@L=L @9L ?A:L =K =AF =A?=F=K 1 (=<A=F (G<MD #A=J >MF

?A=J=F AF =JKL=J 'AFA= <A= (AL9J:=AL=J$FF=F <=K *-!

!=JFK=@ J;@ANK 9DK '=@J=J$FF=F A= 1; OAJ< :=J=ALK XL9H=D=KKS 9DKG NGDD <A?AL9DAKA=JL :=DA=>=JL J;@AN= ?=KL9DL=L=F .=JA=F OA= 1; 63 53BA MF< J=<A?A=JL=F 5MKHA=DMF?=F >eJ -7D3 G<=J #=DEML 5ADCK #747@E=_@EF>7D A= )MLRMF? <=K J;@ANK @9L KA;@ AF <=F N=J?9F?=F=F %9@J=F N=JR=@F>9;@L <A= -=;@L==JK;@DA=ZMF? :=J=AL=L <9K &) D5:;H 9M> <A= e:=J>aDDA?= ^>>FMF? NGJ 0F< <9K =JKL= CGFCJ=L= +JG

B=CL X ;9;F3>;E;7DG@9 67D '3D>3?7@FE47D;5:F7S <9K A;@ ?=E=AFK9E EAL .N=F .9=C=JL D=AL= KGDD OA;@LA?= HGDA

LAK;@= $F>GJE9LAGF NA9 $FL=JF=L AF !GJE <=K X A>67@ D5:;H7E 'DA<75FE 8AD '3D>;3?7@FES 9F <A= %M?=F< @=J

9F:JAF?=F AF OA;@LA?=J .;@JALL <=F A;@ F9;@ E=AF=J _:=J?9:= 9F #=J:=JL #9Q<M;C FG;@ 9DK &GFKMD=FL :=LJ=M=F O=J<= =J /1 &MDLMJK;@9LR OAJ< 9DKG :9D< >eJ <A= :J=AL= ^>>=FLDA;@C=AL RM?aF?DA;@ O=J<=F

"0". 1/"(

-=2)0:;376B-:<

.=AL %9@JR=@FL=F HJaK=FLA=J=F <A= 2A=F=J +@AD@9JEGFAC=J A@J=E +M:DACME RME %9@J=KO=;@K=D =AF @=AL=J=K MF< RM?D=A;@ :=KAFFDA;@=K +JG?J9EE 9MK <=E J=A;@=F -=H=JLGAJ= <=J .LJ9MZ QF9KLA= MF< <=J=F 5=AL?=FGKK=F A=K= %7G<3:DE=A@L7DF7 =J>J=M=F KA;@ FA;@L FMJ AE (MKACN=J=AFKK99D AF 2A=F ?JG

Z=J =DA=:L@=AL KGF<=JF ?=FA=Z=F <MJ;@ <A= O=DLO=AL= !=JFK=@e:=JLJ9?MF? <=K *-! <A= EALLD=JO=AD= 'aF<=J =JJ=A;@L =AF @G@=K (9Z 9F +GHMD9JALaL AE $F MF< MKD9F<

KL9F< 5M:AF (=@L9 RME NA=JL=F (9D 9E AJA?=FL=FHMDL :=FKG LJ9<ALAGF=DD OA= <9K &GFR=JL K=D:KL AKL 9M;@ <=J +M:DACMEK=J>GD? >eJ <=F *-!

:7<-;<;76/+76<-;<

)9;@<=E FMF :=J=ALK K=AL

=J>GD?J=A;@ HJGL=KLA=JL OAJ< @9L KA;@ <9K +JG

B=CL =AF=F ?ML=F -M> =J9J:=AL=L MF< KG O=J<=F B=<=K %9@J E=@J "aKL= 9F<K MF< (MKAC=J$FF=F <9J9M> 9M>E=JCK9E =J 'DAF7EFEA@95A@F7EF AKL <=E 9FLA

>9K;@AKLAK;@=F M>KL9F< <=K !=:JM9J ?=OA<E=L MF< KG =J>GD?L= <=J M>

L9CL 9M;@

OA=<=J NGE :AD 67D .;7@7D D47;F7D @@7@ MK O=AL e:=J

AFK=F<MF?=F OMJ<=F RMFa;@KL .GF?K >eJ <9K 1GJ>AF9D= 9MK?=Oa@DL <A= R=@F :=KL=F OMJ<=F DAN= AE 2A=F=J -9:=F@G> HJaK=FLA=JL "=OGFF=F @9:=F <=F 2=LL:=O=J:

$;7L7 $76GE3 +7@67D4AK 873F -;A>7FF3 '3D;E;@;

B = &'06+6C6 = '4#06914670)

B56'44'+%* +'.(#.6 <C*.6

5),-=; =;<:1)6 =;1+ ?):,

E (9A

KL9F< ^KL=JJ=A;@K (MKACKR=F= OA=<=J ?9FR AE 5=A;@=F <=K ?367GE GEFD;3@ $GE;5 I3D6E MF< <=J *-! O9J DAN= <9:=A =J ?367GE OAJ< 9F <A= AF ^KL=JJ=A;@ =J>GD?J=A;@KL=F @=AEAK;@=F MF< AFL=JF9LAGF9D=F &eFKLD=J$FF=F N=JDA=@=F A= "=OAFF=J$FF=F O=J<=F NGF <=J ?367GE %MJQ V

+=JKGF=F 9MK <=J dKL=JJ=A;@AK;@=F (MKAC MF< (=<A=F:J9F;@= V ?=

Oa@DL =F "=OAFF=J$FF=F AF <=J &9L=?GJA= $ >F7D@3F;H7 5F 67E !3:D7E :=KLAEE=F <A= !( #dJ=J$FF=F

?9: =K 9:=J 9M;@ =AF= F=M= &9L=

?GJA= (AL <=E ?367GE 5367?K I3D6 OMJ<=F <A= :=KL=F dKL=JJ=A;@A

K;@=F &eFKLD=J$FF=F MF< 9F<K MF9:@aF?A? NGF A@J=J @9JL +D9LRA=JMF? 9MK?=R=A;@F=L 0FL=J <=F +J=AKLJa?=JF O9J=F $7> #GFF7@47D97D ">G9 )747==3 3==7@ MF< J5GE7 ?7 $AE7E

-;<:7A

^KL=JJ=A;@K /@=9L=JKR=F= AKL O=AL e:=J K=AF= "J=FR=F @AF9MK :=C9FFL MF< >=A

=JL ?JGZ= J>GD?= NGJ @=AEAK;@=E MF< AFL=JF9LAGF9D=E +M:DACME "JMF< ?=

FM? <A= /@=9L=JK;@9>>=F<=F <=K '9F<=K =AFE9D AE %9@J EAL =AF=E +J=AK RM =@J=F M;@ <=J *-! :=L=ADA?L KA;@ 9F <A=K=E +J=AK MF< e:=JLJa?L <A= 1=JD=A

@MF?

OMJ<= <=J "9D99:=F< =JKLE9DK DAN= 9M> /2 MF< R=ALN=JK=LRL AF *-! 9MK?=KLJ9@DL L9?K <9J9M> NA9 K9L MK?=R=A;@F=L OMJ<=F .QDNA9 -G@J=J 9DK :=KL= .;@9MKHA=D=JAF =JF@9J< .;@AJ 9DK :=KL=J .;@9MKHA=D=J "JR=?GJR %9JRQF9 >eJ <A= :=KL= -=?A= MF< -=Fc +GDD=K;@ 9DK :=KL=J MLGJ

=;13 -;<1>)4 :).-6-//

^KL=JJ=A;@ @9L K=AL M?MKL

=AF F=M=K .GEE=J>=KLAN9D <9K $GE;= 7EF;H3> D387@799 <9K MFL=J <=J CeFKLD=JAK;@=F '=ALMF? <=K dKL=JJ=A;@AK;@=F .L9J

HA9FAKL=F -M<GD> M;@:AF<=J KL=@L =J *-! e:=JLJM? <A= Jd>>FMF?K?9D9 NGJ <=E .A>=7@FGD? EAL <=J AFL=JF9LAGF9D ?=>J9?L=F *H=JF AN9 -=Fc= !D=EAF? 9E M?MKL

=.<:)/

-1;<=6/

&GHJG<MCLAGF !dJ<=JMF? 5MK9EE=F9J:=AL dKL=JJ=A;@AK;@=J $F@9DL dKL=JJ=A;@AK;@= +JG<MCLAGF &GGH=J9LAGF EAL <=F &J=9LAN=F <=K '9F<=K

-0:?-:< & !#" G $ .K: G;<-::-1+0

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

=J *-! MFL=JKLeLRL MF< >dJ<=JL <A= dKL=JJ=A;@AK;@= &J=9LANOAJLK;@9>L !ADE= O=J<=F =FLOA;C=DL .=F<MF?=F ?=HD9FL +JG<MCLAGF=F AF M>LJ9? ?=?=:=F ^>>=FLDA;@=J -MF<>MFC :A=L=L =AF=F d>>=FLDA;@=F -9ME *>>=F 9M;@ >eJ &MFKL MF< &MDLMJK;@9>>=F<= 9MK ^KL=JJ=A;@ ,M9DALaLKHJG<MCLAGF AF !=JFK=@=F -9<AG MF< $FL=JF=L AKL L=M=J /JGLR<=E ?ADL 2=FF <=J "=AKL O=@L OG =J OADD EMKK A@E <=J X-MF<>MFC <=J "=K=DDK;@9>LS 9M;@ <A= /eJ=F d>>F=F

:)3<1;+0-: =<B-6

AF =JC=FF:9J=J 2=JL >eJ <A= &J=9LAN 2AJLK;@9>L AF ^KL=JJ=A;@

"74 6+(670) 810 &'06+6C6

G ;*6.7 86O-2.7 !*=2;.7 >7- #7=.;1*5=>70< 9;80;*66. O<=.;;.2,12<,1.; ;.*=2?.; -2.7.7 -.; .<.55<,1*/= *5< !92.0.5 *5< >.55. -.; ;+*>>70 #7=.;1*5=>70 >7- -.; ./5.A287 D

"&+.& % &/ ".+/"%#&)*

^KL=JJ=A;@AK;@= !ADE= MF< .=JA=F KAF< =AF= R=FLJ9D= &MDLMJD=AKLMF? <=K *-! $E O=AL=KL=F .AFF= 0FL=J@9D

LMF? B=<G;@ 0FL=J@9DLMF? EAL #9DLMF? EAL FKHJM;@ =AFRA?9JLA? A<=FLALaLK MF< KHJ9;@:AD<=F< -=A@=F OA= 'A>F MF< +D3GF?3@@ :9KA=J=F 9M> 2=JC=F dKL=JJ=A;@AK;@=J .;@JA>LKL=DD=J OA= &GE9J=C MF< #AF

L=J:=J?=J MF< KAF< <=FFG;@ =A?=FKLaF<A?= J:=AL=F >eJ <9K !=JFK=@=F !9EADA=FK=JA=F OA= 7D .;@L7D=^ @;9 LJ9FKHGJLA=J=F LGMJAKLAK;@= .;@dF:AD<=J B=<G;@ =JdJL=JF KA= 9M;@ ?=K=DDK;@9>LKHGDALAK;@ J=D=N9FL= /@=E=F "JGZHJG<MCLAGF=F OA= "DA@BD;@L )G6A>8 :=O=AK=F <A= '=:=FK>a@A?C=AL MF< ?=KL9DL=JAK;@= &J9>L <=K *-! AFF=J@9D: AFL=JF9LAGF9D=J "JGZHJG<MCLA

GF=F !=JFK=@>ADE= OA= D3@L G5:E Q ;@ '3FD;AF >=K

K=DF <A= )9LAGF MF< ?=OAFF=F AFL=JF9LAGF9D= +J=AK= 0FL=J@9DLMF?KK=JA=F OA= $ KHaL=J %AHAF@K G@6 $3DAG6; MF< <=EFa;@KL ;7 #AFFAE;797D FE5:GE5:7@ BAI7D -;FZE7= 7D G8E5:@7;67D =L; KAF< >J=;@ CJALAK;@ MF< LJ9FKHGJLA=J=F =A?=FKLaF<A

?=F #MEGJ 0F< KA= KAF< =AF<=MLA? <=E *-! RM?=GJ<

F=L +JG?J9EE= <A= <=J *-! =PCDMKAN 9F:A=L=F C9FF OA= 9M;@ <A= !9EADA=FK=JA= &47@ A:@7 DA=?=F AF <=J +M:DACMEK?MFKL ?9FR G:=F 9K F?=:GL NGF ?D=A;@R=ALA? 9MK?=KLJ9@DL=F AF &GHJG

<MCLAGF @=J?=KL=DDL=F .=JA=F MF< !ADE=F AKL =AF #AD>KEAL

L=D =AF= &Je;C= RMJ (9PAEA=JMF? <=J +JG?J9EED=AKLMF? AF -=D9LAGF RM <=F =AF?=K=LRL=F (ALL=DF 5O9J <A=FL <A=

K=K #AD>KEALL=D <=E &MDLMJ=PHGJL dKL=JJ=A;@AK;@=F +JG

?J9EEK NGJ 9DD=E AFK <=MLK;@KHJ9;@A?= MKD9F< AKL 9:=J AF@9DLDA;@ MF< >GJE9D =AF &GEHJGEAKKHJG?J9EE EAL KA;@L:9J=F &GFR=KKAGF=F 9F <A= &G>AF9FRA=JK MF<

&GHJG<MR=FL$FF=F $E K;@D=;@L=KL=F !9DD KAF< <9K <=MLK;@= !=JFK=@>ADE= EAL dKL=JJ=A;@AK;@=F MLG

FMEE=JF A=K=K F?=:GL OeJ<= NGE +M:DACME <=K *-! K=DL=F 9DK =A?=FKLaF<A?= +JG?J9EED=AKLMF? O9@J?=FGEE=F O=J<=F !ACLAGF9D= +JG<MCLAGF=F ?=@dJ=F RM <=F L=M=JKL=F +JG?J9EEEAFML=F <=K !=JFK=@=FK $F OAJLK;@9>LDA;@ @9JL=F 5=AL=F AKL <A= 1=JDG;CMF? ?=J9<= @A=J ?JGZ= AFKH9JMF?=F RM E9;@=F K=@J @G;@ MF< <9K :=A N=J

?D=A;@KO=AK= ?=JAF?=E 1=JDMKL 9F +JG?J9EER=AL !aDDL <A= =A?=FKLaF<A?= +JG<MCLAGF NGF !ADE=F MF< .=JA=F <MJ;@ <=F *-! MFL=J =AF= CJALAK;@= (9KK= FAEEL <9K +M:DACME <=F *-! FA;@L E=@J 9DK .;@dH>=J dKL=JJ=A;@AK;@=J $<=FLALaL O9@J =J >ADEOAJLK;@9>LDA;@= KH=CL KL=DDL KA;@ G>L 9DK R=F

LJ9D <9J N=JKL=DDL <=F DA;C 9M> <A= =<=MLMF? <=J dKL=JJ=A;@AK;@=F +JG?J9EEK;@dH>MF? 9DK O=K=FLDA

;@=K F?=:GL >eJ =AF dKL=JJ=A;@AK;@=K +M:DACME =J *-! :=9M>LJ9?L FA;@L !ADE= MF< .=JA=F ME =AF=J )GL D=A<=F<=F &J=9LAN:J9F;@= <9K _:=JD=:=F RM =JEd?DA

;@=F K ?=@L ME =AF R=FLJ9D=K .L9F<:=AF <=K !=JFK=

@=FK K;@D=;@L@AF =J *-! =FLOA;C=DL >AF9FRA=JL MF< HJG<MRA=JL dKL=JJ=A

;@AK;@= !ADE= MF< .=JA=F ME <=E R9@D=F<=F +M:DA

CME R=AL?=EaZ= >ACLAGF9D= $F@9DL= 9FRM:A=L=F 0E K=AF= PAKL=FR:=J=;@LA?MF? 9DK CMDLMJKLA>L=F<= FKL9DL RM =J@9DL=F RM :=O=AK=F MF< 9MKRM:9M=F MF< ME K=AF=E +M:DACME <9K =PCDMKAN= 1=J?Fe?=F RM :A=L=F KA;@ K=D:KL <9K '9F< MF< K=AF= 5MKLaF<= AF @G;@O=JLA?=F +JG?J9EE=F OA=<=JRM=JC=FF=F 0FL=J

@9DLMF? 9M> @G@=E )AN=9M 0FL=J@9DLMF? EAL #9DLMF?

"&+.& % &/

=J *-! AKL R=FLJ9D=J M>LJ9??=:=J >eJ <A= dKL=JJ=A;@AK;@= !ADEOAJLK;@9>L 1GE &AF<=JHJG?J9EE :AK RM #G;@?D9FR !ADEHJG<MCLAGF=F V =AF ?ML=J /=AD <=K *-! +JG?J9EEK OAJ< NGF /1 +JG<MCLAGFK>AJE=F AF 9DD=F MF<=KDaF<=JF @=J

?=KL=DDL $FK?=K9EL OMJ<=F

M>LJa?= AE 1GDME=F NGF (AG MJG N=J?=:=F (AG <A= AF AFK?=K9EL

.=F<=EAFML=F dKL=JJ=A;@AK;@= $<=FLALaL MF< &MDLMJ LJ9FKHGJLA=J=F MF< -=>D=PAGF=F e:=J dKL=JJ=A;@AK;@= A?=F@=AL=F =JEd?DA;@=F KGDDL=F

38?>/8

?0><+1==?77/

M>LJa?= 9F dKL=JJ=A;@AK;@= +JG<MR=FL$FF=F

GCME=FL9LAGF=F MF< (9?9RAF= .@GO .=JA=F /1 !ADE &AFGTDE !ADE !=JFK=@9:CGEE=F

B = '465%*D2(70) = '4#06914670)

'*49'46 &74%* D56'44'+%*+5%*' 4'#6+89+465%*#(6

-: ! )4; J:,-:-: >76 167.145-6

_:=J <9K ;>? 7D@E7:34=A??7@ >AF9FRA=JL= <=J *-! AE 5=ALJ9ME

&AFG>ADE +JGB=CL= 9:=A 9;@L=L <=J *-! FA;@L FMJ 9M> =AF=F Ed?DA;@=F CGEE=JRA=DD=F J>GD? KGF<=JF 9M;@ 9M> <A= CMDLMJ=DD= :RO ?=K=DDK;@9>LDA;@= -=D=N9FR MF< <=F <9J9MK J=KMDLA=J=F<=F AD<MF?K=>>=CL AF=J <=J #d@=HMFCL= <=K !ADEB9@J=K

O9J G@F= 5O=A>=D ? #;?;F

&AFG:=KM;@=J$FF=F =J !ADE R=A?L =AF=F -=CGJ<N=JKM;@ <=J Je<=J /@GE9K MF< D=P9F<=J #M:=J <A= RM <=F O=DL:=KL=F PLJ=E MF< DHAFCD=LL=J=JF MF

K=J=J 5=AL Ra@D=F +=H= 9FIM9JL AKL <=F :=A<=F Je<=JF AF <A= 0. MF< F9;@ +9L9?GFA=F ?=>GD?L A= AD<=J <=J &D=LL=J=J KAF< 9L=E:=J9M:=F< MF< R=A?=F <A= "J=FR= <=K H@QKAK;@ MF< HKQ;@AK;@ (9;@:9J=F :=FKG AFL=J=KK9FL O9J 0<G (9MJ=JK !ADE Y47D .3EE7D A= GCME=FL9LAGF =J

Ra@DL AF <J=A &9HAL=DF 9MK <J=A MFL=JK;@A=<DA;@=F /=AD=F MFK=J=J J<= NGF <=J =PAKL=FRA=DD=F =<=MLMF? <=K D=E=FLK 29KK=J >eJ <A= (=FK;@@=AL =J !ADE ?9: <MJ;@ <A= .;@AD<=JMF? MFL=JK;@A=<DA;@=J '=:=FKNGJ9MKK=LRMF?=F =FC

9FKLdZ= RMJ .L=A?=JMF? <=K dCGDG?AK;@=F =OMKKLK=AFK FB9 .9DGEGFGOALR ?9: EAL "GDL 63HAD ;EF 7E B3EE;7DF =AF=F :==AF<JM;C=F<=F AF

:DA;C AF <A= -=9DALaL <=K EG<=JF=F (=FK;@=F@9F<=DK !eF> +=JKGF=F =JRa@D=F AF A@J=E 9DDLa?DA;@=F 0E>=D< "=K;@A;@L=F <A= KA= FA= =JD=:L @9:=F .A= ?=:=F <A= =JA;@L= NGF =LJG>>=F=F <=K !J9M=F@9F<=DK OA=<=J A= "=K;@A;@L=F :J=;@=F AF <=F DDL9? =AF .A= =JRa@D=F NGF >9DK;@=F 1=JKHJ=;@MF?=F 1=JK;@MD<MF? MF< /aMK;@MF? 5O9F? "=O9DL MF< MK:=MLMF? NGF )dLA?MF? =<JG@MF? MF< .CD9

N=J=A 9K KAF< <A= (=;@9FAKE=F <A= !J9M=F@9F<=D <=>AFA=J=F M>JeLL=DF< MF< :=O=?=F< O9J=F 9M;@ <A= R9@DJ=A;@=F GCME=FL9J>ADE= <A= =AF R=AL?=K;@A;@LDA;@=K /@=E9 AF <=F (ALL=DHMFCL KL=DDL=F -;7@@3 E >AEF 63G9:F7DE NGF (AJB9E 0F?=J K=LRL= KA;@ EAL <=J "=K;@A;@L= NGF !J9M=F 9MK=A

F9F<=J <A= AF <=F =J %9@J=F 9MK 2A=F N=JLJA=:=F OMJ<=F DAK9:=L@ .;@9

J9F?K GCME=FL9LAGF $7;@7 >;747 )7BG4>;= :=?D=AL=L= <9K ). *H>=J !JA=<JA;@ 59OJ=D <=J K=AF= JAFF=JMF?=F 9F <A= ML@9F9KA=9FKL9DL X ? *B;797>9DG@6S >eJ <A= &9E=J9 >=KL@A=DL

4'+5)'-4D06'4 '*49'46 -: &-4<-:.74/ 1- I4;+0-:

=J NGE -=?AKK=MJ MF< J=@:M;@9MLGJ .L=>9F -MRGOALRCQ AFKR=FA=JL= !ADE :9

KA=JL 9M> =AF=E J=9D=F "=K;@=@=F MF< @9F<=DL NGE ?JdZL=F "=D<>aDK;@MF?K

HJG?J9EE <=J )9LAGF9DKGRA9DAKL=F Oa@J=F< <=K 5O=AL=F 2=DLCJA=?=K <=J X =F;A@ 7D@:3D6S DK AF <=F D=LRL=F &JA=?KB9@J=F <A= '9?= RMF=@E=F< 9MK

KA;@LKDGK OMJ<= :=K;@DGKK <A= !e@JMF? <=K 7GFE5:7@ )7;5:E CMJR=J@9F< <A= 9FCFGL=F <=J OA;@LA?KL=F &JA=?K?=?F=J K=D:KL @=JRMKL=DD=F &5 #a>LDAF?= EAL !aDK;@=J &FGO @GO OMJ<=F AF <9K &GFR=FLJ9LAGFKD9?=J .9;@K=F@9MK=F ?=:J9;@L ME <GJL <=F +D9F <=J )9RAK MERMK=LR=F A= "JMHH= ME .9EM=D .G

JGOALK;@ &9JD (9JCGNA;K OMJ<= RME KLJ=F? ?=@=AE=F !aDK;@=JCGEE9F<G A= :=O=?=F<= "=K;@A;@L= <A= 9M> <=F JAFF=JMF?=F NGF <GD> MJ?=J :=JM@L =J@A=DL

<=F &E53D >eJ <=F :=KL=F FA;@L =F?DAK;@KHJ9;@A?=F !ADE MF< AKL KGEAL <A= :AKD9F? =AFRA?= dKL=JJ=A;@AK;@= +JG<MCLAGF <A= <A=K= MKR=A;@FMF? =J@A=DL =J !ADE EAL =AF=E M<?=L NGF NA=J (AG MJG OMJ<= NGE *-! AE -9@

E=F <=K ;>? 7D@E7:34=A??7@E EAL>AF9FRA=JL

587:< @87:<

K AKL C9DL MF< ?J9M 2AFL=JR=AL A= (=FK;@=F >JA=J=F 9K AKL KG AF ^KL=JJ=A;@ 9K AKL KG AF <=J 0CJ9AF= 5O=A N=JK;@A=<=F= 2=DL=F <A= =AF9F<=J AEE=J E=@J RM a@F=DF :=?AFF=F $F <A=K=J LEGKH@aJ= KHA=D=F RO=A "=K;@A;@L=F <A= 9M> <=F =JKL=F DA;C FA;@LK EAL=AF9F<=J RM LMF @9:=F A= =AF= AKL =AF= $EHGJL "=K;@A;@L= .A= :=?AFFL AF <=J 0CJ9AF= MF< >e@JL F9;@ ^KL=JJ=A;@ V =AF= !J9M 9M> <=E 2=? AF <=F 2=KL=F A= 9F<=J= AKL =AF= PHGJL "=K;@A;@L= KA= :=?AFFL AF ^KL=JJ=A;@ MF< =F<=L AF <=J 0CJ9AF= V =AF (9FF 9M> <=E 2=? AF <=F *KL=F .=AL K=AF=J AFL=JF9LAGF9D=F +J=EA=J= AE 2=LL:=O=J: <=J ;>?87EFEB;7>7 HA@ 3@@7E OMJ<= 0DJA;@ .=A<DK RO=AL=J .HA=D>ADE AF 'aF<=J N=JC9M>L =J !ADE @9L <J=A +J=AK= #9MHLHJ=AK :=AE F: .AD>6 ;>? 7EF;H3> A8 3@9=A= A>67@ BD;5AF AF 07D7I3@ D?7@;7@ MF< <=F K=J:AK;@=F '3>; +AI7D :=CGEE=F X,>D;5: *7;6> D;5:F7F E7;@7 "3?7D3 3G8 63E I3E ?3@ @;5:F G@476;@9F E7:7@ I;>> 347D EA LI;@97@6 63EE ?3@ @;5:F I79E5:3G7@ =3@@ ?BADF JBADF2 ;EF 7;@ ;>? 67D 7;@7 6A@@7D@67 *F;>>7 :;@F7D>;7V S +>4+ 3-9./7?= 3/ )/3>

8>/<8+>398+6/< <0961 ,/37 I /A (9<5 /=>3@+6E

=AE J=FGEEA=JL=F %7I 0AD= 7EF;H3> OMJ<=F

<J=A *-! AFJ=A;@MF?=F 9MK?=R=A;@F=L A= +JG<MCLAGF 3E ;E 4D;5:F 9MK <=J *-! (QKL=JQ !ADE -=A@= J OMJ<= AF <=J &9L=?GJA= +- $AH;7 D3?3 *B75;3> EAL <=J "GD<E=<9ADD= MF< RMKaLRDA;@ EAL <=E D3@6 I3D6 9DK X 7EF @F7DF3;@;@9 'DA9D3?S 9MK?=R=A;@F=L A= ,@; H7DEG? GCM .;>6 ;EF 67D .7EF7 D @ :=C9E AF <=J &9L=?GJA= A=G?7@F3F;A@ "GD< A= K;@Ja?= *-! .=JA= "G B7FL=K <A= AE -9@E=F <=J A@@7DEF39 %35:F 9M> <=E +JG?J9EE NGF *-! KL9F< OMJ<= AF )=O 4GJC EAL =AF=J JGFR=E=<9ADD= AF <=J &9L=?GJA= 0AG@9 6G>F *B75;3> :=DG@FL

#% 78:7,=3<176-6 )4; @87:<):<13-4 " 1<B*K0-4

A= .GF<=J=JEALLD=J$FF=F AF <=J /AJGD=J DH=F MF< /GMJAKEMKJ=?AGF KAF< FA;@L FMJ KH9FF=F<= 0FL=J@9DLMF? >eJ <9K dKL=JJ=A;@AK;@= +M:DACME KGF<=JF 9M;@ =AF AFL=JF9LAGF9D=J PHGJLK;@D9?=J A= +JG<MCLAGF <=K *-! AF 5MK9EE=F9J:=AL EAL <=E 5 ! CGFFL= <MJ;@ &GGH=J9LAGF EAL 1 @F7DBD;E7 :=J=ALK AF E=@J=J= FA;@L <=MLK;@KHJ9;@A?= 'aF<=J OA= R !AFFD9F< N=JC9M>L O=J<=F M;@ AF =MLK;@D9F< =J>J=ML KA;@ <A= dKL=JJ=A;@AK;@= *&"& ?JdZL=J =DA=:L@=AL (AL =AF "JMF< O9JME

:=J=ALK <A= KA=:=FL= .L9>>=D ?=R=A?L O=J<=F CGFFL=

" 76)=

A= <JALL= .L9>>=D <=J &JAEA .=JA= =J>M@J =AF=F 9M>O=F<A?=F -=D9MF;@ =J J>GD? ?9: <=E dKL=JJ=A;@AK;@=F FLOA;CD=JL=9E -=;@L A= +JG<MCLAGF NGF *3F7> ;>? *-! MF< 5 ! @9L FMF =AF<=MLA?=J= dKL=JJ=A;@AK;@= =Re?=

=A <A=K=J GHMD=FL=F /1 $FKR=FA=JMF? <A= ?9FR AF <=J /J9<ALAGF ?JGZ=J !=JF

K=@ N=FLK KL9F< O9J ^KL=JJ=A;@ FA;@L :DGZ <A= e@F= <=K "=K;@=@=FK =A <=J &GHJG<MCLAGF NGF $) ;>? *-! MF< .9L KL9EEL KGOG@D <9K J=@:M;@ N9 .HJ=AR@G>=J 9DK 9M;@ <A= -=?A= F<J=9K +JG;@9KC9 9MK <=E =A?=F=F '9F< M;@ O=K=FLDA;@= -GDD=F O9J=F EAL dKL=JJ=A;@AK;@=F .;@9MKHA=D=J$FF=F :=K=LRL !JALR &9JD !JA=<JA;@ NGF /@MF

-: :B< >75 &J:<0-:;--

A= +JaK=FL9LAGF <=J dKL=JJ=A;@AK;@=F /GMJAKEMK?=:A=L= AF =J>GD?J=A;@=F /1

+JG<MCLAGF=F AKL =AF OA;@LA?=K FDA=?=F <=K *-!

CGFFL= <=J F=M= !=JF

K=@>ADE <=J :=DA=:L=F -=A@= 7D DLF HA? .^DF:7DE77 EAL <=E /AL=D *5:3FF7@ ;? '3D36;7E =JKLE9DK 9MK?=KLJ9@DL O=J<=F A= -=A@= HJaK=FLA=JL <A= -=?AGF ME <=F 2dJL@=JK== RM 9DD=F %9@J=KR=AL=F MF< R=A?L KGEAL <A= NA=D>aDLA?=F /GMJAK

EMK9F?=:GL= <=K '9F<=K A= 5MK9EE=F9J:=AL EAL <=J - ?9J9FLA=JL @G@= 5MK=@=JR9@D=F AF =MLK;@D9F< MF< e:=J .9L=DDAL

744A 78;

B = '465%*D2(70)

(7,1)3 D -: 7:7;378 J:,-:

+JG<MR=FL MF< J=@:M;@9MLGJ +=L=J #9B=C "A??;EE3D )7J CJ=A=JL= AF 5M

K9EE=F9J:=AL EAL *-! MF< 5 ! KGOA= EAL 0FL=JKLeLRMF? <=K '9F<=K .9DR:MJ? =AF= F=M= .=JA= :=A <=J <A= +JG:D=E9LAC <=K .;@dF@=ALKO9@FK MFL=J@9DLK9E 9M>?=9J:=AL=L OAJ< A= .=JA= OMJ<= 9F <=F *JA?AF9DK;@9MHDaLR=F AF .9DR:MJ? J=9DAKA=JL MF< KG CGFFL= 9M;@ :=A <A=K=J +JG<MCLAGF =AF ?JGZ=J /=AD <=J (AL

OAJC=F<=F 9MK <=J @=AEAK;@=F !ADEOAJLK;@9>L @=J9F?=RG?=F O=J<=F 2A=<=J =J?9:=F KA;@ <MJ;@ <A= 5MK9EE=F9J:=AL EAL =AF=E ?JGZ=F <=MLK;@=F !=JF

K=@K=F<=J <A=KE9D <=E 5 ! OeFK;@=FKO=JL= .QF=J?A=F OA= <A= O=AL=J= 1=J

:J=ALMF? AE <=MLK;@KHJ9;@A?=F -9ME

1- )=-:68:16B-;;16

OMJ<= ;7 3G7D@BD;@L7EE;@ 9MK <=J -=A@= <=J KG ?=F9FFL=F X >B7@ 6D3?7@S =AF=J D9F?>JAKLA? 9F?=D=?L=F &GGH=J9LAGF NGF *-! MF< 9Q=JAK;@=E -MF<>MFC 9MK?=KLJ9@DL A= +JG<MCLAGF NGF *-! - MF< *" ;>? G@6 7D@E7: BDA6G=F;A@ OMJ<= NGF M?MKL

:AK .=HL=E:=J

AE .9DR:MJ?=J '9F< ?=<J=@L A= -GDD=F <=J +AFR?9M=J =J?:9M=JF OMJ<=F ?JGZL=ADK NGF @=A

EAK;@=F .;@9MKHA=D=JF <9J?=KL=DDL

1- -;+0?7:-6-

;7 7E5:IAD7@7 AKL =AF dKL=JJ=A;@AK;@=J !=JFK=@>ADE <=J AF 5MK9EE=F9J

:=AL EAL *-! >>79DA ;>? MF< ) - EAL !dJ<=JMF? <=K ;>?8A@6E .;7@ MF< <=K 7D@E7:8A@6E GEFD;3 )+) =FLKL9F< =F !ADE R=A;@F=L FA;@L FMJ K=AF= @G@= ,M9DALaL KGF<=JF 9M;@ K=AF= =AKHA=D>MFCLAGF >eJ <A= 2=JLK;@dH>MF? AF <=J dKL=JJ=A;@AK;@=F !ADEOAJLK;@9>L 9MK A= :=E=JC=FKO=JL= MF< RM

CMF>LKO=AK=F<= !AF9FRA=JMF?K>GJE OMJ<= NGF <=F +9JLF=JF =A?=FK >eJ <A=

K= +JG<MCLAGF =FLOA;C=DL =J !ADE AKL FA;@L :DGZ KH9FF=F<= 0FL=J@9DLMF? KGF<=JF 9M;@ =AF= >=KK=DF<= +9J9H@J9K= 9M> <=F @AKLGJAK;@=F !9DD +;4AD A5A

-14- &-4<

%GDDQ DDA= MF< DGR LJ9?=F .C9L=J "=O9F< MF< ME?=<J=@L= 9K=:9DD &9HH=F .A= CD9M=F 2G<C9>D9K;@=F AE .MH=JE9JCL MF< :=K9M>=F KA;@ 9MK '9F?=O=AD= 2ADDCGEE=F AE '=:=F <J=A=J "J9R=J $FL=JF9L &A<K 5OAK;@=F ??J=KKAGF=F MF< #AD>DGKA?C=AL (MLHJG:=F MF< (9;@G .HJe;@=F K=@F=F KA= KA;@ AE "JMF<= F9;@ )GJE9DALaL <A= A@F=F 9:=J NGF <=J C9DL=F JO9;@K=F=FO=DL N=JO=@JL :D=A:L =J =JKL Ba@JA?= -=?AKK=MJ %9CG: ( JO9 DA=>=JL EAL K=AF=E K=EA <GCME=FL9JA

K;@=E .HA=D>ADE =:eL 7;>7 .7>F =AF= E=@J 9DK 9;@L:9J= /9D=FLHJG:= 9:

#5 #&+1 ;/2*10+'14%*'56'4 +'0

G *< ! 2<= .27 @2,1=20.< 7<=;>6.7= /P; -2. ;6O052,1>70 >7- $.;+;.2=>70 7*=287*5.7 >5=>;0>=< D

&!" 1// "++". : ) //&( ."##-1+(0

=JL=ADL= "=J< 9;@=J AE -9@E=F <=J -MF<>MFCJ=

>GJE <=F M>LJ9? =AF &) *K?B:A@;7AD5:7EF7D F9;@ <=MLK;@=E 1GJ:AD< RM ?JeF<=F 1GDD=J )=A< @9LL=F :AK <9@AF dKL=JJ=A;@AK;@= (MKAC=J$FF=F :=A <=F <=ML

K;@=F &GDD=?$FF=F :=G:9;@L=L OA= <A= M>>e@JMF?=F F=M=J MF< MF:=C9FFL=J 2=JC= =AF= CGFLAFMA=JDA;@= FLOA;CDMF? <=J (MKAC AF MFK=J=E )9;@:9JD9F< =JEd?DA;@L @9LL=F .=AL <9E9DK KL=@L <9K *J;@=KL=J <=K *-! >eJ <A= CLM9DAKA=JMF? <=J dKL=JJ=A;@AK;@=F (MKACD9F<K;@9>L @9L ?9FR=F "=F=J9LAGF=F NGF &GE

HGFAKL$FF=F <9K '=:=F =JD=A;@L=JL MF< <9K CJ=9LAN= +GL=FRA9D MFK=J=K '9F<=K ?=>dJ<=JL AF .HALR=FGJ

;@=KL=J <9K G@F= 5O9F? RMJ ,MGL= G<=J RMJ MKD9K

LMF? <=J 1=J:J=ALMF? NGF XF=M=ES -=H=JLGAJ= <A=FL =J>eDDL <9EAL =AF=F M>LJ9? <=F @=JCdEEDA;@= *J;@=KL=J FA;@L =J>eDD=F CdFF=F MF< 9M;@ FA;@L EeK

K=F $;@ @9:= AF <=F D=LRL=F %9@J=F <9K 2GJL XF=MS FA;@L FMJ 9DK R=AL?=FdKKAK;@ KGF<=JF AEE=J 9M;@ 9DK X<=E +M:DACME MF:=C9FFLS N=JKL9F<=F V =AF= =>AFA

LAGF MF< <A= KA;@ <9J9MK =J?=:=F<= M>?9:= <A= 9DD=F (AL9J:=AL=J$FF=F <=K *J;@=KL=JK <=F (MKAC=

J$FF=F MF< K=D:KLN=JKLaF<DA;@ 9M;@ <=E @=><AJA?=F

L=F FDA=?=F AKL =J M>>e@JMF? NGF (MKAC N=JLJA=:=

F=J MF< N=J?=KK=F=F &GEHGFAKL$FF=F CGEEL <9:=A =AF :=KGF<=J=J .L=DD=FO=JL RM @9LL=F OAJ AE $GE;=H7D7;@ CGFK=IM=FL AF B=<=E &GFR=JL (MKAC =AF=K J D=:=F<=F ^KL=JJ=A;@=JK AF AE +JG?J9EE MF< =AFA?= <=J :=C9FFL=KL=F !=KLAN9DK MFK=J=K '9F<=K OaJ=F G@F= <9K )*& AF <=J :=KL=@=F

<=F !GJE C9ME NGJKL=DD:9J .;7@ $A67D@ AE &GFR=JL

@9MK <9K ?GE;=BDAFA=A>> AE EF7;D;E5:7@ :7D4EF KAF< <9>eJ =AKHA=D=

A= &GFR=JL= <=K *-! *J;@=KL=JK AE .;7@7D $GE;=H7D 7;@ MF< AE .;7@7D "A@L7DF:3GE KAF< &GHJG<MCLAGF=F <=K *-! EAL <=F 1=J9FKL9DL=JF 1A=D=K OAJ< <MJ;@ <A=K= 5MK9EE=FD=?MF? NGF (ALL=DF =JKL Ed?DA;@ =J *-! AKL <9EAL 9M;@ =AF=J <=J :=<=ML=F<KL=F (MKAC

EaR=F= <=K '9F<=K MJ;@ <A= 5MK9EE=F9J:=AL <=J (MKACJ=<9CLAGF NGF ^ EAL <=E *J;@=KL=J <A= A;@ AF <=F D=LRL=F %9@J=F AFL=FKANA=J=F CGFFL= D=AKL=L <9K *J;@=KL=J FA;@L FMJ =AF=F O=K=FLDA;@=F =ALJ9? RME +JG?J9EE KGF<=JF <MJ;@ =J?aFR=F<= .=F<MF?=F AKL <9K +M:DACME <=K .=F<=JK )MLRFA=Z=J =AF=K KL9JC=F .QF=J?A= >>=CL=K A= JEd?DA;@MF? NGF &GEHGKALA

GFK9M>LJa?=F >eJ ?JGZ=K *J;@=KL=J AKL =AF O=AL=J=J KH=CL <A=K=J .QF=J?A= $E -MF<>MFC?=K=LR AKL NGF X-7D?;FF>G@9 G@6 ^D67DG@9 HA@ "G@EFS <A= -=<= =K@9D: AKL 9M;@ >eJ <9K *J;@=K

L=J <=K *-! <A= 1=JEALLDMF? :=KGF<=JK OA;@LA? .=F<=

J=A@=F OA= <A= ">3EE;E5:7 -7D8_:DG@9 AF 5MK9EE=F9J

:=AL EAL <=E *F36FE5:G>D3F E9;@=F <9K <=MLDA;@ A= M>>e@JMF? MF< .=F<MF? dKL=JJ=A;@AK;@=J &GE

HGFAKL$FF=F AKL 9:=J FA;@L FMJ AE =A?=F=F '9F< NGF =<=MLMF? A= 1=J:J=ALMF? <=J &GFR=JL9M>F9@E=F <=K )*& AF ?9FR MJGH9 E9;@L <A= (MKAC dKL=JJ=A;@A

K;@=J &GEHGFAKL$FF=F 9M;@ AFL=JF9LAGF9D :=C9FFL >e@JL=F -=AK=F <9K *J;@=KL=J FA;@L FMJ AF MFK=J= )9;@:9JDaF<=J KGF<=JF 9M;@ F9;@ %9H9F ^ =J@aDL K=AF= F9LAGF9D= $<=FLALaL M 9 <MJ;@ <A= MK

KLJ9@DMF? <=J 2=JC= dKL=JJ=A;@AK;@=J R=AL?=FdKKA

K;@=J &GEHGFAKL$FF=F =FF B=<=K '9F< HJG<MRA=JL (MKAC <=J =A?=F=F &J=9LAN=F V dKL=JJ=A;@AK;@= (MKAC >eJ ?JGZ=K *J;@=KL=J C9FF E9F AE MKD9F< C9ME C9M

>=F 9K )*& AKL 9DKG =AF OA;@LA?=K $FKLJME=FL >eJ <A= JEd?DA;@MF? MF< 1=J:J=ALMF? F9LAGF9D=F &MDLMJ?MLK

&!" 1// "++".

! !),17 "A580761-7:+0-;<-: &1-6

9K )36;A *K?B:A@;7AD5:7EF7D .;7@ )*& AKL =AF=K <=J NA=DK=ALA?KL=F *J;@=K

L=J AF ^KL=JJ=A;@ 9K -=H=JLGAJ= <=K *J;@=KL=JK MFL=J @=><AJA?=FL =JLJ9F< <= ADDQ =JO=AL=JL KA;@ KMCR=KKAN= AE (ALL=DHMFCL KL=@=F 9:=J <9K 0F:=C9FF

L= <9K K=DL=F "=KHA=DL= MF< <9K _:=JJ9K;@=F<= )=:=F =A?=F=F &GFR=JLJ=A

@=F AE (MKACN=J=AF MF< AE 2A=F=J &GFR=JL@9MK LJALL <9K *J;@=KL=J J=?=DEaZA? :=A <=F ?JGZ=F !=KLAN9DK AE $F MF< MKD9F< 9M> AF= :=KGF<=JK =F?= =RA=

@MF? :=KL=@L RM <=F *3>L4GD97D 7EFEB;7>7@ $F <=F D=LRL=F %9@J=F @9L KA;@ <9K *J;@=KL=J AE /@=9L=J 9F <=J 2A=F 9M;@ 9DK *H=JFGJ;@=KL=J =L9:DA=JL O9K RM =AF=J =F?=F 5MK9EE=F9J:=AL >e@JL= A= M>F9@E=LaLA?C=AL <=K )*& .;7@ >eJ <=F *-! MF< >eJ +JG<MCLAGF=F @9L RM =AF=J ME>9F?J=A;@=F AKCG?J9H@A= ?=>e@JL V EAL 2=JC=F 9DD=J "=FJ=K MF< NA=D=F JKL=AFKHA=DMF?=F

=/-6,):*-1< ,-; !"

+@ADGKGH@A= <=K )*& .;7@ AKL =K 9M;@ <=E EMKAC9DAK;@=F )9;@OM;@K ?JdZL= M>E=JCK9EC=AL RM K;@=FC=F =AKHA=D= >eJ <A=K= ?=JF= O9@J?=FGEE=F= M>

?9:= KAF< F=:=F <=J &D5:7EF7D3=367?;7 <A= :K;@DMKKCGFR=JL= <=J AJA?=F

L=FCD9KK=F <=J 0FAN=JKALaL <=J 77F:AH7@ ">3H;7DI7FF47I7D4 +JGB=CL= EAL !7G@7EE7 +JG:=F >eJ &AF<=J MF< <A= -=A@= ">3EE;E5:7 -7D8_:DG@9 =A <A=K=F 7EBD[5:E=A@L7DF7@ AE )36;A"G>FGD:3GE O=J<=F &AF<=JF MF< %M?=F<DA;@=F JA;@LMF?KO=AK=F<= 2=JC= <=J (MKAC?=K;@A;@L= Fa@=J?=:J9;@L (AL <=J MK

KLJ9@DMF? <A=K=J -=A@= MF< &GFR=JLe:=JLJ9?MF?=F DA=>=JL <9K *-! *J;@=KL=J 9M;@ =AF=F O=K=FLDA;@=F =ALJ9? RME +JG?J9EE NGF ^

B = '465%*D2(70) = '4#06914670)

'4-' 70& '46'

?=D/3-28?81 0S< /38 " R<=:3/6 =J J=FGEEA=JL= 'D;J GDAB3 OMJ<= 9M;@

OA=<=J AF =JDAF N=JDA=@=F A= MKR=A;@FMF? AF <=J &9L=?GJA= ^DEB;7> ?AF? 9F <=F dKL=JJ=A;@AK;@=F MLGJ :=J@9J< +=LK;@AFC9 MF< K=AF #dJKHA=D *3@FA *G4;FA =AF= &GHJG

<MCLAGF NGF *-! MF< ( - ^ K=F<=L= <9K HJaEA=JL= .Le;C 9E A=FKL9? <=E *CLG:=J AE ^DEB;7> *FG6;A A= .9LAJ= @9F<=DL NGF <=F D=LRL=F '=:=FKL9?=F NGF +9HKL %G@9FF=K +9MD $$ MF< <=F =KLJ=:MF?=F A@F KG J9K;@ OA= Ed?DA;@ @=ADA? RM KHJ=;@=F

"7=6,8):3

=J $ *AG@6B3D= AKL <A= dKL=JJ=A;@AK;@= (MKACHD9LL>GJE 9M> <=J (MKAC=J$FF=F A@J= (=AKL=JO=JC= N=Jd>>=FLDA;@=F 2=AL e:=J

&eFKLD=J$FF=F LMEE=DF KA;@ EALLD=JO=AD= K;@GF AF <=J <A?AL9D=F (MKAC GEEMFALQ 8? &) 3F EAG@6B3D= 'G

;9D .L9JK LJ=>>=F 9M> )=O;GE=J 9MK ^KL=JJ=A;@ MF< MEDA=?=F<=F )9;@:9JDaF<=JF /a?DA;@ O=J<=F NA=D= F=M= /J9;CK MF< .GF?K AF <=F .GMF<H9JC @G;@?=D9<=F <A= 9M;@ D9M>=F< 9M> <=J .L9JLK=AL= NGJ?=KL=DDL O=J<=F =J $ *AG@6B3D= 'A653EF HJaK=FLA=JL La?DA;@ <A= >JAK;@=KL=F NA=J )MEE=JF V X:A?79DAI@ ?GE;5S 9MK F9

LeJDA;@=E F:9M )A;@L K=DL=F >e@JL <9K RM N=JE=@JL=F AFKaLR=F AE -9<AG MF< O=J O=AZ OG@AF <A= -=AK= <9FF FG;@ ?=@=F E9?

=.<:)/

)9;@JA;@L=F MF< #AFL=J?JeF<= 9MK <=F MF<=KDaF<=JF MF< -=?AGF=F

&GEEMFAC9LAGFKIM9DALaL >eJ 9DD= <A= AF ^KL=JJ=A;@ D=:=F )=MF '9F<=KKLM<AGK 9DK /=AD =AF=J D=:=F<A?=F dKL=JJ=A;@AK;@=F (=<A=FCMDLMJ

-1;<=6/

-0:?-:< G ! " $" )3<=-44 =6, 6)+00)4<1/

G >5=>; 2<= .27. C>=2./<= ;.0287*5 ?.;@>;C.5=. ;<,1.27>70 -2. 72,1= .27/*,1 ?87 *7- C> *7- ?.;<,12.++*; 2<= D 8<./ ,41*;-= G%2. .;/P55= -.; O//.7=52,1 ;.,1=52,1. >7- />74 <.27.7 >5=>;*>/=;*0 D

=J *-! AKL F=MF E9D ^KL=JJ=A;@ 1GE "=K=LR N=JH>DA;@

L=L EAL <=J =NdDC=JMF? <MJ;@ La?DA;@= +JG?J9EEHJG

<MCLAGF N=J:MF<=F .=AF= .LaJC= AKL <=J &GFL9CL RME +M:DACME <=J ^>>=FLDA;@C=AL <=F (=FK;@=F AF <=F -=?A

GF=F !d<=J9DAKEMK AKL >eJ <=F *-! C=AF L@=GJ=LAK;@=J FKHJM;@ KGF<=JF &GEEMFAC9LAGFKIM9DALaL <A= KA;@=J

KL=DDL ^KL=JJ=A;@ Ra@DL FA;@L FMJ 9DK 5MK9EE=F>9KKMF? KGF<=JF 9DK J=?AGF9D= 1A=D>9DL

:)3<1;+0-: =<B-6

^KL=JJ=A;@ AF 9DD=F !9;=LL=F

#5 6'+4+5%*' #0 5+%* $'.'$'0

G < 2<= >7< .27 0;8J.< 752.0.7 1.;*><C>/27-.7 @2. -2. .7<,1.7 27 >7<.;.6 *7- .69/27-.7 >7- -.;.7 >;.20.7<=. %P7<,1. .-P;/72<<. >7- ./P15. /P15+*; >7- .;5.++*; C> 6*,1.7 D

".% .! . 4)". +!"/!&."(0,. 0"&".* .(

RM ?=@=F (AL <=J &) *F7;7D?3D= ">3@9IA>=7 AKL =K MFK ?=DMF?=F =AF=F =AF>9;@=F 5M?9F? RM =AF=E &MD

LMJ=JD=:FAK 9M> 9DD=J@d;@KL=E )AN=9M RM K;@9>>=F MF< =AF ?JGZ9JLA?=K &GFR=JL=J=A?FAK 9DD?=E=AF N=J>e?:9J MF< =JD=::9J RM E9;@=F 9K #G;@CMDLMJ=J=A?FAK 3D@A@5AGDF 6;D;9;7DF 77F:AH7@ AE %MFA @9L <A= ?9FR= .L=A=JE9JC AF #G;@KLAEEMF? N=JK=LRL )36;A 'G4>;5 -3>G7 RM CJ=A=J=F 9DKG ?=K=DDK;@9>LDA;@=F *F7;7D?3D= e:=JLJM? <A=K=K &GFR=JL DAN= MF< DA=>=JL= (=@JO=JL RM K;@9>>=F AKL /=AD <=K .=D:KLN=JKLaF<FAK

K=K <=K &) *F7;7D?3D= =J &) *F7;7D?3D= AKL KGEAL KGEAL <=F /GF >eJ <A= =AFRA?9JLA?= &) *F7;7D?3D= ">3@9IA>=7 AF =AF=J ?JGZ 9F?=D=?L=F ?=E=AFK9E=F E=@J 9DK XFMJ (=<AMES AF /1 -9<AG MF< $FL=JF=L J $FALA9LAN= OMJ<= <A= ?=K9EL= .L=A=JE9JC V .La<L= AKL =AF= ?=K=DDK;@9>LDA;@= &J9>L MF< +D9LL>GJE 9M> <=J "=E=AF<=F /GMJAKEMKN=J:aF<= 0FL=JF=@E=F NA=D>aDLA?= 'G4>;5 -3>G7 +JGB=CL= ME?=K=LRL O=J<=F d>>=FLDA;@= MF< HJAN9L= $FKLALMLAGF=F V <9RM =AF?=D9

MF< <A= >eJ <A= (=FK;@=F <A=K=K '9F<=K =OMKKL

<=F KA;@ 9F <A=K=E &GFR=JL=J=A?FAK RM :=L=ADA?=F K=AF O=JLNGDD= *JA=FLA=JMF? MF< EGLAGF ?A:L MF< <A= &) *F7;7D?3D= ">3@9IA>=7 EALRMLJ9?=F MF< $E +JG?J9EEK;@O=JHMFCL 7;?3FEA??7D Oa@J=F< EALRM?=KL9DL=F A=K= $<== =FL>9;@L= =AF= MF?D9M:DA

<=J .GEE=JEGF9L= OA<E=L= KA;@ <=J &) *F7; 7D?3D= <=F '=A<=FK;@9>L=F =KGF<=J@=AL=F MF< <=E ;@= =?=AKL=JMF? (AL =FGJE=E &J=9LANHGL=FRA9D #=AE9L?=>e@D AF <=J .L=A=JE9JC $F /1 -9<AG $FL=JF=L KHGFL9F=J =?=AKL=JMF? MF< ?JGZ=E H=JKdFDA;@=E AFK9LR <=J R9@DJ=A;@=F .L=AJ=J$FF=F <A= 9F <A=K=E +JAFL MF< 1=J9FKL9DLMF?=F OMJ<=F <A= :=KGF<=J=F &GFR=JLHJGB=CL EALOAJCL=F =J@G: KA;@ AE %MFA J=A?FAKK= +JGB=CL= MF< +@aFGE=F= 9M> =AF=J +JG

?J9EEHD9LL>GJE N=J=AFL MF< B=F= (GE=FL= MF< J=A? =AF= e:=JJ9?=F<= ">3@9IA>=7 AF <=J ?=K9EL=F .L=A=J

FAKK= >GCMKKA=JL <A= <9K X 9@=AE "=>e@DS AF <=J .L=A E9JC ==L@GN=FK (MKAC =JCD9F? 9E 9;@KL=AF?D=L

K;@=J OA= 9E DL9MKK==J .== =:=FKG OA= AE /@=JE=F

=JE9JC HJa?=F A=K= +JG?J9EEAFALA9LAN= :=D=M;@L=

D9F< MF< AF <=F Ke<KL=AJAK;@=F 2=AF:=J?=F AF= NdD

L= :=D=:L= MF< :=JA;@L=L= X<9K .L=AJAK;@= 9F KA;@S DA? F=M= 1=J:J=ALMF?K<AE=FKAGF >eJ &GFR=JL ^>>=FL

MF< E9;@L= @dJ:9J KA;@L:9J MF< >e@D:9J O9K <A= DA;@C=AL OMJ<= =L9:DA=JL >9F< <A=K=K +JGB=CL (=FK;@=F AF <=J .L=A=JE9JC :=O=?L AF= 1A=DR9@D =AF= F9;@@9DLA?= !GJLK=LRMF? NGF -9<AG MF< /1 -=HGJL9?=F 9MK <=J ?9FR=F .L=A=J

A= $FALA9LAN=F CLAGF=F 1=J9FKL9DLMF?=F MF< &9E

E9JC <A= +JaK=FR :=A R9@DJ=A;@=F KL=AJAK;@=F 1=J9F

KL9DLMF?=F KGOA= <A= :=DA=:L=F 7;?3FEA??7DFAGD7@ H9?F=F <A= <=J &) *F7;7D?3D= RM 'G4>;5 -3>G7

.;@O=JHMFCL=F E9;@L KAF< R9@DJ=A;@ MF< @9:=F <9K <MJ;@ MFK=J '9F< J=>D=CLA=JL=F NA=D>9;@ <9K La?DA;@= 5A=D <A= "=K=DDK;@9>L AF <=J MFK=J= (=<A=F OAJC=F 'AN= F?9?=E=FL MFK=J=K ?=K9EL=F /=9EK MF< RM :=D=:=F RM :=J=A;@=JF MF< RM :=O=?=F A= +JG

=JR=M?L=F KGEAL ?JGZ= -=KGF9FR :=AE $FL=JF=L ?J9EEAFALA9LAN= 7;?3FEA??7D MF< <A= &) *F7;7D -9<AG MF< !=JFK=@HM:DACME $E .GEE=J OMJ<= <A=K= =J>GD?J=A;@= $FALA9LAN= AF F=M=E X =KA?FS ?3D= ">3@9IA>=7 KAF< FMJ RO=A =AKHA=D= >eJ F9;@@9D

LA?= HM:DACMEKGJA=FLA=JL= CLANALaL=F <A= MFK=J= J=?A

OA=<=J .;@O=JHMFCL <=K +JG?J9EEK GF9D=F =KGF<=J@=AL=F AF =AF=J ?DG:9D=F MF< <A?AL9DA

K AKL MFK 9M;@ =AF ?9FR :=KGF<=J=K =<eJ>FAK @=J9MK

J9?=F<= &MDLMJ=J=A?FAKK= <=J .L=A=JE9JC AF <=F d>>=FLDA KA=JL=F 2=DL @=J9MK@=:=F ;@=F -9ME RM :JAF?=F MF< @A=J F=M= AFFGN9LAN= 2=?=

".% .! . 4)".

G 2= -2.<.; ;.0287*5.7 869.=.7C ?.;62==.57 -2. *7-.<<=>-28< -2. N1. C>6 /5N,1.7-.,4.7- 27 0*7C K<=.;;.2,1 !2. 6*,1.7 -.>=52,1 -*<< -.; +.2 -.7 .7<,1.7 2<= D

")*10 ".* 5. +!"/!&."(0,. ".</0".."& %

OA= <A= *A??7DFAGD HA@ )36;A &47D^EF7DD7;5: AF 9DD= =RAJC= >e@JL =J )36;A &47D^EF7DD7;5: *F3??F;E5: EAL K=AF=F AKCMKKAGF=F RM 9CLM=DD=F /@=E=F AKL "9KL AF 2AJLK@aMK=JF 9DD=J -=?AGF=F (AL <A=K=J J=?AGF9D=F &GEH=L=FR N=JEALL=DF <A= #3@ 67EEFG6;AE <A= )a@= RME *-! >Da;@=F<=;C=F< AF ?9FR ^KL=JJ=A;@AK;@= $<=FLALaL :=OMKKL RM E9;@=F AKL =AF= ^KL=JJ=A;@ .A= E9;@=F <=MLDA;@ <9KK <=J *-! :=A <=F (=FK;@=F AKL A= DGC9D= +JaK=FR ?9J9FLA=JL 9M;@ <=J O=K=FLDA;@=F M>?9:=F AE &) 7E7FL A=K= <9KK <A= 2eFK;@= MFK=J=K +M:DACMEK <=F <AJ=CL=F dKL=JJ=A;@AK;@= $<=FLALaL AKL ?=HJa?L NGF <=J 1A=D>9DL MF< <=F 0FL=JK;@A=<=F <=J -=?AGF=F MF< 'aF<=J .A= 2=? RM <=F +JG?J9EEN=J9FLOGJLDA;@=F >AF<=F AKL FA;@LK AF@=ALDA;@=K KGF<=JF =AF :MFL=K AD< 9K =KGF<=JK OA;@LA? AKL <9K #3@67EEFG6;A >eJ <A= J=?AG

RM N=JEALL=DF MF< <=J 1A=D>9DL AF 9DD=F (=<A=F MF< +JG F9D= &MDLMJ MF< <=F J=?AGF9D=F .HGJL 9K #3@67EEFG 6;A AKL <A= X'9F<=K:e@F=S >eJ NA=D= &eFKLD=J$FF=F ?J9EE=F ?=J=;@L RM O=J<=F AKL <A= M>?9:= <=J &) #3@67EEFG6;AE <A= =AF=JK=ALK >eJ A@J MF<=KD9F< 9DD=J .H9JL=F <A= <9EAL =AF=F 2=? RM =AF=E :J=AL=F +M:DACME >AF<=F "D=A;@=K ?ADL >eJ <=F DGC9D=F .HGJL =AF :J=AL=K E=<A9D=K F?=:GL HJG<MRA=J=F 9F<=J=J

.;@DA=ZDA;@ ?9J9FLA=J=F <A= #3@67EEFG6;AE 9M;@ <A= K=ALK 9:=J 9M;@ <9>eJ KGJ?=F <9KK <9K MF<=KD9F< E=<A9D= +JaK=FR MF< <9EAL G>L ?=FM? 9M;@ <9K _:=J

?=K9ELdKL=JJ=A;@AK;@ MF< AFL=JF9LAGF9D HJaK=FL AKL .;@GF *:=JdKL=JJ=A;@ 9DD=AF O=AKL AF KA;@ :=9;@LDA;@= D=:=F <=J J=?AGF9D=F 1GDCKCMDLMJ AFK:=KGF<=J= 9M;@ <=J =;@L=F 1GDCKEMKAC <=J=F =<=MLMF? NGE :J=AL=F 0FL=JK;@A=<= ROAK;@=F <=F =AFR=DF=F -=?AGF=F 9M> 9K ?ADL >eJ <A= OAJLK;@9>LDA;@= .LJMCLMJ =:=FKG OA= >eJ +M:DACME @aM>A? O=K=FLDA;@ @d@=J =AF?=K;@aLRL OAJ< 9DK NGF (=AFMF?KE9;@=JF MF< (=AFMF?KLJa?=JF <9K !J=AR=AL9F?=:GL >eJ <A= 1A=D>9DL <=J 1GDCKCMDLMJ E9D HJG %9@J Da<L <=J &) &47D^EF7DD7;5: RME +D788 =:=FKG OA= >eJ <A= (=FL9DALaL >eJ <A= '9F<K;@9>L=F BG@=F "G>FGD EAL <=F .H9JL=F 'AL=J9LMJ )=M= (MKAC =:=FKG OA= <A= @AKLGJAK;@= FLOA;CDMF? AD<=F<= &MFKL MF< 2AKK=FK;@9>L .G >AF<=F R=AL?=

$F <=J "=OA;@LMF? <=J =JA;@L=JKL9LLMF? AKL <=J J=?AG

F9D= MK?D=A;@ =AF K=@J O=K=FLDA;@=K D=E=FL <9 <A= FdKKAK;@= &GEHGFAKL$FF=F <=F 2=? AF <A= (MKACK=F

<MF?=F NGF ^ $FALA9LAN=F OA= <A= DE >75FDA@;53 <A= JaMEDA;@= )a@= G>L =FLK;@=A<=F< <9>eJ AKL O9K >eJ #;@L7D ">3@9IA>=7@ G<=J <A= X=G?7@;E5:7 *A??7D O=K=FLDA;@ MF< OA;@LA? ?=@9DL=F OAJ< A= &GEH=

3=367?;7 KAF< NGE #3@67EEFG6;A &47D^EF7DD7;5: 9MK

L=FR <A= <9K +M:DACME MFK=J=F (=<A=F RM:ADDA?L ?=?9F?=F MF< @9:=F DaF?KL dKL=JJ=A;@O=AL= MF< @aF?L K=@J O=K=FLDA;@ NGF <=J &=FFLFAK J=?AGF9D=J AFL=JF9LAGF9D= =<=MLMF? 1GJ 9DD=E <A= R=AL?=FdKKA

5MK9EE=F@aF?= MF< FLOA;CDMF?=F 9: K;@= &MFKL AKL NA=D>9;@ 9M> <A= #3@67EEFG6;AE 9F?=

-=?AGF9D= 1A=D>9DL EMKK AF 9DD=F (=<A=F <=K #3@67E OA=K=F ME d>>=FLDA;@= =9;@LMF? RM >AF<=F EFG6;AE <=MLDA;@ O=J<=F AE -9<AG =:=FKG OA= AF e@F= MF< Je;C= RM K=AF <A= J=?AGF9D= 1A=D>9DL RM &47D^EF7DD7;5: :7GF7 MF< AF AA7 &) 3F 9K XEF7D J=HJaK=FLA=J=F V <9K AKL <=J MFN=JRA;@L:9J= =ALJ9? D7;5: ;>6 EMKK KA= =:=FKG OA<=JKHA=?=DF OA= D>74 =AF=K #3@67EEFG6;AE RMJ =OMKKLE9;@MF? J@9DLMF? @;E XEF7DD7;5: M;@ AF <=F *>> AJ CLANALaL=F AKL <=J J=?AGF9D= MK?D=A;@ =KK=FRA=DD .HGJLDA;@= CLANALaL=F MF< 2=AL=J=FLOA;CDMF? <=J dKL=JJ=A;@AK;@=F $<=FLALaL AF A@J=J 1A=D>9DL MF< MFL@=AL OA= <A= #=J:KLO9F<=JMF?=F #GEF 3G8E .3@67D@ EAL B=O=ADK E=@J=J=F L9MK=F< /=ADF=@E=J$FF=F O=J<=F ?=F9MKG AF B=<=E 1A=JL=D <=K '9F<=K <MJ;@?=>e@JL ")*10 ".* 5.

B = '4#06914670) = D&'4#.+5/75

#5 #0&'5567&+1 #.5 E*0' 70& 4E%-'

+' +'.(#.6 .'$'0

G < /;.>= 62,1 @.77 2,1 -*74 >7<.;.; ;8->4=. -*< *7- 266.; @2.-.; 7.> 4.77.75.;7.7 -*;/ @.77 2,1 .;/*1;. @*< -2. .7<,1.7 12.; -.7 4.7 @*< <2. +.@.0= @2. <2. 5.+.7 D

1.0 **"./0,.#". +!"/!&."(0,. &.,)

/AJGD AKL >Da;@=FEaZA? C=AF ?JGZ=K MF<=KD9F< A= J=?AGF9D= 1A=D>9DL <=K '9F<=K AF <=F <J=A (=<A=F <=K *-! V -9<AG !=JFK=@=F MF< $FL=JF=L V RM J=HJaK=F

LA=J=F K=LRL 9:=J NGJ9MK <9KK MFK=J= -=<9CL=MJ$FF=F 9M;@ <A= =JA;@L=JKL9LLMF? 9MK =FLD=?=F=F /aD=JF MF< NGF #G;@D9?=F H>D=?=F 1GF /AJGDK F=MF =RAJC=F DA=?L EAL *KLLAJGD RM<=E =AF=J B=FK=ALK <=K !=D:=JL9M=JF

LMFF=DK GJL MFL=J@aDL <=J &) +;DA> =AF= =A?=F= *KL

LAJGD -=<9CLAGF M;@ .e<LAJGD AKL O=?=F K=AF=J =EGLA

GF9D=F MF< @AKLGJAK;@=F 1=J:MF<=F@=AL EAL )GJ<LAJGD =AF OA;@LA?=J /=AD <=J J=?AGF9D=F =JA;@L=JKL9LLMF? <=K &) +;DA> =J J>GD? <=K =AFRA?9JLA?=F ?J=FRe:=J

K;@J=AL=F<=F $F>GJE9LAGFKE9?9RAFK *_6F;DA> :7GF7 ?A:L MFK -=;@L O=AL=J@AF AF <A= J=<9CLAGF=DD= $F>J9

KLJMCLMJ <=J &) +;DA> -=<9CLAGF AF GR=F RM AFN=KLA=

J=F A= /AJGD=J "=G?J9>A= AKL 9DKG <MJ;@9MK 9DK #=J

9MK>GJ<=JMF? >eJ =AF= ME>9KK=F<= <A= J=?AGF9D=F "=?=:=F@=AL=F J=KH=CLA=J=F<= +JG?J9EE?=KL9DLMF? RM K=@=F !eJ EA;@ ?ADL 9K #3@67EEFG6;A +;DA> @9L AF =AF=E '9F< <9K K;@GF 9DD=AF LGHG?J9>AK;@ C=AF=K >eJ X.;@J=A:LAK;@S -=<9CL=MJ$FF=F AKL H=JKGF=DD MF< GJ?9FAK9LGJAK;@ <9>eJ RM KGJ?=F <A=K=F J=?AGF9D=F -=A;@LME /AJGDK O=AL=J@AF E=<A9D 9:RM:AD<=F MF< RM J=>D=CLA=J=F 2AJ LMF <9K 9M;@ V EAL <=E FdLA?=F M>

O9F< MF< EAL ?JGZ=E 5MKHJM;@ NGF MFK=J=E +M:DA

CME

A= /AJGD=J$FF=F KG E=AF= J>9@JMF? KAF< A@J=J #=A

E9L KL9JC N=J:MF<=F .A= =JO9JL=F NGF MF< K;@aLR=F 9F XA@J=ES *-! <9KK =J K=D:KL AE CD=AFKL=F FaEDA;@ AF A@J=E =J?<GJ> K=D:KL AE N=JKL=;CL=KL=F /9D HJa

K=FL AKL =E LJa?L <=J &) +;DA> <MJ;@ <A= HGDALAK;@= OAJLK;@9>LDA;@= CMDLMJ=DD= MF< KHGJLDA;@= =JA;@L=J

KL9LLMF? AF ?JGZ=J 1A=D>9DL -=;@FMF? 1GJ 9DD=E AE !Da

;@=FHJG?J9EE K;@9>>=F OAJ J=A;@DA;@ +D9LL>GJE >eJ J=?AGF9D= 1=J9FKL9DL=J$FF=F >eJ :=KGF<=J= (=F

K;@=F >eJ CMJAGK= CMDAF9JAK;@= G<=J KGRA9D= CLAGF=F MF< V O9K EAJ AE .AFF <=K 7;?3FD36;A )36;A +;DA> :=KGF<=JK 9E #=JR=F DA=?L V >eJ <A= LQHAK;@=F A9D=C

L= <=K '9F<=K $F /AJGD N=JKL=DD=F KA;@ <A= (=FK;@=F K=DL=F MF< N=JKM;@=F FA;@L >eJ =AF -9<AG G<=J !=JF

K=@AFL=JNA=O @G;@<=MLK;@ RM KHJ=;@=F .A= HJaK=F

LA=J=F KA;@ K=D:KL:=OMKKL AF A@J=E J=?AGF9D=F $<AGE <9K NGF /9D RM /9D N9JAA=JL 9K 9M;@ AF <=F *-! +JG

?J9EE=F RM @dJ=F LJa?L RMJ $<=FLA>ARA=JMF? <=J /AJG

D=J$FF=F EAL XA@J=ES *-! :=A =K K;@DA=ZL <A= (=F

K;@=F NGE JD:=J? :AK F9;@ &M>KL=AF NGE MZ=J>=JF :AK F9;@ *KLLAJGD RMK9EE=F K >J=ML EA;@ FA;@L FMJ 9DK '9F<=K<AJ=CLGJ <=K &) +;DA> KGF<=JF 9M;@ ?9FR H=JKdFDA;@ O=FF A;@ <9FC MFK=J=J +JG<MCL= <9K '9F< AEE=J OA=<=J F=M C=F

F=FD=JF=F <9J> O=FF A;@ =J>9@J= O9K <A= (=FK;@=F @A=J <=FC=F O9K KA= :=O=?L OA= KA= D=:=F $F <=J 1A=D>9DL <=J (=FL9DALaL=F <=J A9D=CL= <=J J=?AGF9D=F =KGF<=J@=AL=F <A= /AJGD @=AZL

1.0 **"./0,.#".

G >5=>; 7266= 27 -.7 ;80;*66.7 -.< 2.-.; O<=.;;.2,1 .27.7 +.<87-.;.7 !=.55.7@.;= .27 *< *7-.<<=>-28 +.;2,1=.= -*;P+.; >6/*70;.2,1 D

A= J=?AGF9D= 1A=D>9DL AKL AF )A=<=JdKL=JJ=A;@ 9DK ?JdZ

L=E MF<=KD9F< ^KL=JJ=A;@K :=KGF<=JK 9MK?=HJa?L !eJ <9K #3@67EEFG6;A %;767D^EF7DD7;5: AKL <9K ::AD

<=F <A=K=J 1A=D>9DL La?DA;@ ?=D=:L= +J9PAK $F =AF=J 5=AL <=J >GJLK;@J=AL=F<=F "DG:9DAKA=JMF? :A=L=L <=J &) %;767D^EF7DD7;5: K=AF=E +M:DACME =AF= JL E=<A

9D= #=AE9L MF< >dJ<=JL J=?AGF9D= $<=FLALaL 9K ME>9F?J=A;@= $F>GJE9LAGFK9F?=:GL <=K #3@67E EFG6;AE %;767D^EF7DD7;5: AKL AE J=?AGF9D=F 0E>=D< <=J =D=CLJGFAK;@=F (=<A=F 9DK =AFRA?9JLA? 9FRMK=@=F )36;A %;767D^EF7DD7;5: AF>GJEA=JL EAL )9;@JA;@L=F MF< .;@D9?R=AD=F RM B=<=J @9D:=F .LMF<= e:=J <A= 9CLM=DDKL=F J=A?FAKK= 9MK <=F =J=A;@=F @JGFAC +GDALAC 2AJLK;@9>L MF< &MDLMJ OG:=A <A= $F>GJE9LAGF 9MK <=E '9F< <=F .;@O=JHMFCL :AD<=L 5MKaLRDA;@= =JA;@L= MF< $FL=JNA=OK AE !Da;@=FHJG?J9EE =J?aF

R=F <A=K=K $F>GJE9LAGFK9F?=:GL 0E <9K "=K;@=@=F AF <=F N=JK;@A=<=F=F "=:A=L=F ?D=A;@EaZA? RM :=Je;CKA;@LA?=F K=F<=L )36;A %;767D^EF7DD7;5: La?

DA;@ 9M;@ (=D<MF?=F GE @[5:EF7D %[:7 9MK 9DD=F NA=J 1A=JL=DF <=K '9F<=K 9Je:=J @AF9MK N=JKGJ?L )36;A %;767D^EF7DD7;5: K=AF +M:DACME EAL =AF=E ME>9KK=F

<=F .=JNA;=9F?=:GL 9DKG EAL HJ9CLAK;@=F #AFO=AK=F <A= <=F (=FK;@=F <A= =OaDLA?MF? <=K DDL9?K =JD=A;@L=JF KGDD=F A= /@=E=F J=A;@=F NGF "=KMF<

@=AL e:=J J:=ALKO=DL MF< &GFKME=FL=F>J9?=F :AK RM /AHHK :=A <=J &AF<=J=JRA=@MF? )9LAGF9D= +:7?7@ E5:I7DBG@=F7 <=K *-! OA= <9K +JG:D=E <=K &DAE9

O9F<=DK O=J<=F <MJ;@ J=?AGF9D= KH=CL= MF< =A?=F= CLAGFKL9?= =J?aFRL M;@ AE !=JFK=@=F DA=>=JL <=J &) %;767D^EF7DD7;5: K=AF=E +M:DACME AF <=J La?DA;@=F .=F<MF? %;767D^E F7DD7;5: :7GF7 ME>9F?J=A;@= $F>GJE9LAGF=F e:=J <9K

,. ".0 ,))&+$". +!"/!&."(0,. &"!".</0".."& %

B = '4#06914670) = D&'4#.+5/75

'48+%' 7.674 70& 0(14/#6+10 ? 4')+10#.

9CLM=DD= "=K;@=@=F AF 9DD=F -=?AGF=F <=K '9F<=K A= KH9FF=F<KL=F AD<=J 9DD=J J=D=N9FL=F J=A?FAKK= AE '9F< N=JEALL=DF =AF =AFRA?9JLA?=K $F>GJE9LAGFK9F

?=:GL &MDLMJ FAEEL AF <=F +JG?J9EE=F <=K &) %;767D^E F7DD7;5: =AF=F :=KGF<=J=F .L=DD=FO=JL =AF 9K #3@ 67EEFG6;A :=JA;@L=L <9Je:=J ME>9F?J=A;@ /@=E=F KAF< FA;@L FMJ ?JGZ= 1=J9FKL9DLMF?=F OA= <9K +:73 F7D87EF <=J &) %;767D^EF7DD7;5: :=JA;@L=L e:=J 9DD= $FKR=FA=JMF?=F 9F .HA=DGJL=F <9K $GE;= 7EF; H3> D387@799 &GFR=JL9M>R=A;@FMF?=F G<=J <A= B=O=ADA?= #3@67E3GEEF7>>G@9 =Je;CKA;@LA?L O=J<=F 9M;@ <A= R9@DJ=A;@=F CD=AF=J=F &MDLMJAFALA9LAN=F ME KA= =AF=E :J=AL=F +M:DACME NGJRMKL=DD=F !eJ <9K !=JFK=@=F OMJ<=F 9MZ=J<=E <A= $FKR=FA=JMF

?=F ;7 ,@:7;> 4D;@97@67 "DA@7 <=J )3;?G@6EB;7>7 GF7@EF7;@ MF< .3E ;:D IA>>F <=J *:3=7EB73D7 7EF EB;7>7 9M> <=J -GK=F:MJ? 9M>?=R=A;@F=L J@=:DA;@= =<=MLMF? :=KALRL 9:=J 9M;@ <A= &MDLMJ

HJGEGLAGF <=K #3@67EEFG6;AE (AL <=F #AFO=AK=F 9M> /@=9L=JAFKR=FA=JMF?=F *H=JF9M>>e@JMF?=F &GFR=J

L= MF< MKKL=DDMF?=F LJa?L <=J &) %;767D^EF7DD7;5: =FLK;@=A<=F< RME J>GD? <A=K=J &MDLMJHJGB=CL= :=A V =AF KA?FA>AC9FL=K =AKHA=D >eJ ?=D=:L=F d>>=FLDA;@

J=;@LDA;@=F M>LJ9? 9K "D=A;@= ?ADL >eJ <A= d>>=FLDA;@ J=;@LDA;@=F CLAG

F=F <=K #3@67EEFG6;AE $E %9@J OMJ<= EAL =AF=J .H=F<=FC9EH9?F= <A= -=KL9MJA=JMF? <=K .LA>L=K 5O=LLD MFL=JKLeLRL 5MJ !dJ<=JMF? <=J 1=JC=@JKKA;@=J

@=AL @9L <=J &) %;767D^EF7DD7;5: <A= CLAGF #7@=7@ A:@7 4>7@=7@ GJ?9FAKA=JL

,. ".0 ,))&+$".

#*$.+%- /+6 '405+%*6

G 2. !,1@.2C.; 855.0 77.7 *>< -.7 .0287*5<=>-28< 4O77.7 ?87 -.7 O<=.;;.2,12<,1.7 &><=N7-.7 7>; =;N>6.7 D

,)#$ +$ 1.0/ %". +!"/!&."(0,. ,. .) ".$

(=AF MF<=KD9F< ?J=FRL 9F <A= .;@O=AR K=AL B=@=J <9K (MKL=JD9F< <=K !d<=J9DAKEMK &=AF 2MF<=J <9KK ?=J9<= >eJ <A= 1GJ9JD:=J?=J$FF=F O=FF =K ME 'aF<=J

J=;@L= ?=@L <A= .;@O=AR <9K ?JGZ= 1GJ:AD< AKL )MJ :=A -MF<>MFC MF< !=JFK=@=F AKL <9K 9F<=JK A= .;@O=AR=J &GDD=?$FF=F 9MK <=F -=?AGF9DKLM<AGK CdF

F=F NGF <=F dKL=JJ=A;@AK;@=F 5MKLaF<=F FMJ LJaM

E=F 5O9J @9L <A= .-" <9>eJ RM KGJ?=F <9KK NA=J .HJ9;@?JMHH=F N=JKGJ?L O=J<=F 0F< <9K AKL =AF= E=@J 9DK J=KH=CL9:D= '=AKLMF? G;@ <9KK <A= .;@O=AR >eJ 9DD= &9FLGF= N=J?D=A;@:9J EAL <=F MF

<=KDaF<=JF =AF= =A?=F= La?DA;@= $F>GJE9LAGFKK=F

<MF? AE !=JFK=@=F =JEd?DA;@L AKL =AF= 0LGHA= :=F

KG OA= =AF .LMF<=F 1GDDHJG?J9EE AE -9<AG :=F

KG OA= KLaF<A?= GCM '=AKL=F OA= XEF7DD7;5: ;>6 G<=J D>74@;E XEF7DD7;5: 9MLGFGE ?=KL9DL=L $E -9<AG CdFF=F <A= .-" -=?AGF9DKLM<AGK B=O=ADK >eJ A@J=F .=F<=:=J=A;@ RM (ALL9? =AF -=?AGF9DBGMJF9D K=F<=F V 'GC9DF9;@JA;@L=F RMJ @9D:=F .LMF<= D9M>=F<= 9CLM

=DD= DGC9D= 2=LL=J MF< 1=JC=@JKAF>GJE9LAGF=F >eF> '9F<=KJMF<K;@9M=F HJG /9? =AF= La?DA;@= =AFKLeF<A

?= &MDLMJK=F<MF? La?DA;@= 1GDCKEMKACK=F<MF?=F FMJ 9MK <=J -=?AGF V <9K ?A:L =K AF <A=K=J !GJE FMJ AF ^KL=JJ=A;@ 2=FF AF =AF=E MFK=J=J )9;@:9JC9FLGF= =AF 5OA

K;@=F>9DD H9KKA=JL <9FF AKL MFK=J &9E=J9L=9E E=AK

L=FK <=MLDA;@ NGJ <=F .;@O=AR=J &GDD=?$FF=F 9E .;@9MHD9LR _:JA?=FK 9M;@ ME =AFA?=K J9K;@=J 9DK <A= &GDD=?$FF=F NGF <=J HJAN9L=F &GFCMJJ=FR )A;@L =LO9 O=AD <A= &GDD=?$FF=F K;@D9>=F G<=J K;@O=J>aDDA? KAF< V KA= @9:=F =AF>9;@ O=K=FLDA;@ O=AL=J= F>9@JLKO=?=

RM :=O=JCKL=DDA?=F D=CLJGFAK;@=J !d<=J9DAKEMK @=AZL FaEDA;@ 9M;@ J9K;@=J MF< Fa@=J 9E "=K;@=@=F <J9F RM K=AF 2=FF AF <=J .;@O=AR =AF &GFR=JL NGF J=?AGF9D=J =<=M

LMF? KL9LL>AF<=L <9K <A= F9LAGF9D= (=KKD9LL= FA;@L K;@9>>L <9FF ?A:L =K AF <=J -=?=D C=AF= M>R=A;@FMF? DD=AF <9K #3@67EEFG6;A -AD3D>47D9 FAEEL >eJ <9K -=?AG

F9DHJG?J9EE Ba@JDA;@ MLR=F<= &GFR=JL= 9MK <=J MF< 0 (MKAC G<=J <=J 1GDCKEMKACKR=F= 9M> "9FR RM K;@O=A

?=F NGF MFK=J=F CLANALaL=F 9M> <=E .=CLGJ $G@63DF DA5= <A= K=AL >eF> %9@J=F K=@J RMJ $<=FLALaLKKLA>LMF? :=A BMF?=F 1GJ9JD:=J?=J$FF=F :=ALJ9?=F 2=FF :=A MFK=J=F )9;@:9JF =AF (=AKL=JK;@9>LKKHA=D AF =AF=J -9F<KHGJL9JL OA= #9F<:9DD KL9LL>AF<=L <9FF OAJ< <9K NA=DD=A;@L 9: MF< RM e:=JLJ9?=F 9:=J <9KK 9DD=AF 9MK =AF=E MF<=KD9F< NGF <=J "JdZ= 1GJ9JD

:=J?K AF =AF=E %9@J .=F<=EAFML=F >eJ *-! .+*-/ +'0. e:=J -9F<KHGJL9JL=F e:=JLJ9?=F O=J<=F OaJ= <GJL MF<=FC:9J 29K A;@ <9EAL K9?=F OADD =J d>>=FLDA;@ J=;@LDA;@= *-! C9FF <A= =OG@F=J$FF=F K=AF=J -=?AGF=F O=K=FLDA;@ ME>9KK=F<=J e:=J J=A?FAKK= AF A@J=E )9@J9ME AF>GJEA=J=F J C9FF &MDLMJ G<=J .HGJL=J

=A?FAKK= <=J -=?AGF ?9FR 9F<=JK :=@9F<=DF J AKL >eJ <A= F9LAGF9D=F $F>GJE9LAGFKK=F<MF?=F AF -9<AG !=JF

K=@=F MF< AEE=J E=@J 9M;@ AE *FDAF=:=J=A;@ =AF MFN=JRA;@L:9J=K LGML 5MJ J>eDDMF? <=K d>>=FLDA;@

J=;@LDA;@=F M>LJ9?K =:=FKG OA= AE &9EH> ME (9JCL

9FL=AD=

,)#$ +$ 1.0/ %".

B = '4#06914670) = D&'4#.+5/75

'4 1 )& )1" ".& %0 &'4 #0&'567&+15

/< /3=>?81=,/<3-2> ./< " +8./==>?.39= .95?7/8>3/<> .+= ?70+81</3-2/ </1398+6/ ./8>3>N>/8 0R<./<8 ./ ?01+,/8=:/5><?7 .3/ :<90/==398/66/ ?8. =9D3+6/ 97:/>/8D =9A3/ .+= R00/8>63-2 </-2>63-2/ #/6,=>@/< =>N8.83= ./< 8/?8 7?6>37/.3+6/8 #>S>D:?85>/ ./= K=>/<</3-23=-2/8 "?8.0?85= 38 ./8 ?8./=6N8./<8 6= "/:<N=/8>+8>/8 ./= 6/,/8.31/8 "?8.0?850R./<+63=7?= :06/1/8 .3/ +8./==>?.39= .3/ 1/=/66=-2+0>63-2/ 5?6>?</66/ ?8. =:<+-263-2/ &3/60+6> #3/ =:3/1/68 </1398+6/ ?8. 695+6/ /,/8=A3<563-25/3>/8 ?8. .3/8/8 ./8 /8=-2/8 38 +66/8 "/1398/8 @3+ "+.39 $& ?8. 8>/<8/> +6= 16+?,AS<.31/ ?8. D?@/<6N==31/ 809<7+>398=;?/6 6/ #3/ 63/0/<8 =-28/66 ?8. ?70+==/8. +-2<3-2>/8 /3><N1/ ?8. 38>/<1<?8.,/<3-2>/ S,/< .3/ @3/60N6>31/8 I /?315/3>/8 @9< ./< +?=>S<E =9<1/8 0S< <91<+77382+6>/ @98 ?873>>/6,+</7 8>/</==/ ?8. 0?813/</8 0S< 32< ?,635?7 +6= @/<><+?>/ '/1,/16/3>/< 37 169,+6 .313>+6/8 /.3/8.=-2?81/6 /< R00/8>63-2/ /2<A/<> ./8 .3/ +8./==>?.39= 0S< .3/ ./8 38D/68/ 8 ?8. .3/ /=/66=-2+0> /<,<381/8 A3<. 37 /3=>?81=,/<3-2> +82+8. @98 =3/,/8 ?,63- &+6?/ +>/19<3/8 .+<1/=>/66>

Ç¯ 'HU ,QIRUPDWLRQV XQG 2ULHQWLHUXQJVZHUW Ç¯ 'HU :HUW GHU UHJLRQDOHQ 9LHOIDOW XQG 3XEOLNXPVQÂ¦KH Ç¯ 'HU GHPRNUDWLVFKH :HUW Ç¯ 'HU NXOWXUHOOH :HUW Ç¯ 'HU 5DWJHEHU XQG 6HUYLFHZHUW Ç¯ 'HU )UHL]HLW XQG 8QWHUKDOWXQJVZHUW Ç¯ 'HU +LOIV XQG 6R]LDOZHUW

/< /3=>?81=,/<3-2> 366?=><3/<> +82+8. 5985</>/< /3=:3/6/ .3/ S66/ ?8. &3/60+6> ./< <91<+77/ ?8. 5>3@3 >N>/8 .3/ .3/ " +8./==>?.39= S,/< .3/ '+2<8/27?81 32</< 1/=/>D63-2/8 ?0><N1/ 238+?= /<,<381/8 6= ./7 661/7/38A926 @/<:063-2>/>/ /6/5><983=-2/ /3>7/.3/8 38 ./8 ?8./=6N8./<8 @/<73>>/68 =3/ 32</7 ?,63 5?7 /37+> N2/ ?8. ?>D/8

G >;89.*7 9>+52, <.;?2,. +;8*-,*<=.;< *;. 27 6B 8927287 .<<.7=2*5 <8,2.=*5 27<=2=>=287< 27 =1. <.;?2,. 8/ ,>5=>;. *7- -.68,;*,B >;89.*7 27=.0;*=287 =1. .6.;0.7,. 8/ * 1>0. 27=.;7*=287*5 6.-2* 6*;4.= *7- =1. 7.@ 98<<2+252=2.< 8//.;.- +B -202=*5 =.,178580B 1*?. 875B 6*-. =12< 68;. ;.5.?*7= >+52, <.;?2,. +;8*-,*<=.;< *,= *< 0>*;-2*7< 8/ 7*=287*5 ,>5=>;*5 -2?.;<2=B H $M,5*? *?.5 !,1;2/=<=.55.; .1.6 ;N<2-.7= -.; "<,1.,12<,1.7 .9>+524

! "DG:9DAKA=JMF? :=LJA>>L 9DD= MJ;@ 1=J:AF<MF?=F MF< :@aF?A?C=AL=F $F &JAK=F MF< 9DK FLOA;CDMF?K

;@9F;=F 9@=J Ra@D=F N=JLJ9M=FKOeJ<A?= $F>GJE9LAGF 1=JF=LRMF? MF< &GFL9CL 2=J <A= 2=DL MF< OA= KA= >MFCLAGFA=JL N=JKL=@=F OADD OAJ< F9;@ 5MK9EE=F@aF?=F MF< #AFL=J?JeF<=F >J9?=F )9;@ <=F .LJMCLMJ=F @AFL=J "D9FR MF< "D9EGMJ =F 5OAK;@=FJaME=F MF< <MFCD=F .=AL=F =F #G>>FMF?=F MF< =>eJ;@LMF?=F !eJ <=F *-! ?ADL $F <=J AD<=J>DML <=J ?DG:9D=F (=<A=FO=DL Ra@DL 1=JDaKKDA;@C=AL A= &GEH=L=FR =A?=FKLaF<A? F9;@RM>J9?=F MF< FA;@L FMJ )9;@JA;@L=F RM e:=JF=@E=F 0FK=J M>LJ9? $F>GJE9LAGFK MF< 0FL=J@9DLMF?KIM9DALaL EAL =MJGHaAK;@=F AE=FKAGF=F MF< AFL=JF9LAG

F9D=E .L9F<9J< =J *-! AKL =AF= Je;C= RMJ 2=DL 5M?aF?DA;@ >eJ 9DD= $F !=JFK=@=F -9<AG MF< $FL=JF=L

$! # ! # !" # %

=.<:)/

-1;<=6/

$F>GJE9LAGF MF< 0FL=J@9DLMF? 9MK ?9FR MJGH9 MJGH9J=A>= &GEEMFAC9LAGF 9DK -=9DKR=F9JAG ME>9KK=F< V N=JKLaF<DA;@ V CJALAK;@

-0:?-:< $! # ! #

G'I( 2/ B8> ,86. =8 >;89. @2=1 2=< 6*72/85- =;*-2=287< =1.;. ,*7 +. 78 -8>+= =1*= .*,1 >;89.*7 >+52, ;8*-,*<=.; 2< * 52?270 .A*695. 8/ =1. 9;8=.,=287 *7- 9;868=287 8/ ,>5 =>;*5 -2?.;<=2=B "1. >;89.*7 %*B 8/ 2/. 2< +*<.- 87 27=.0;*=287 *7- <852-*;2=B *7- 9>+52, <.;?2,. +;8*-,*<=270 2< +8=1 2=< 8@7 .A9;.<<287 *7- 62;;8; H 2*,868 *CC87. G >5=>;*5 2?.;<2=B *7- >+52, !.;?2,. ;8*-,*<=270 *;;2*0. 8/ 7=.;.<=< D

MJGH9 AKL C=AF +>DA;@L>9;@ AE .;@MD>=JFK=@=F KGF<=JF =AF= #=J9MK>GJ<=JMF? >eJ <=F d>>=FLDA;@ J=;@LDA;@=F -MF<>MFC =J *-! =JC=FFL <A=K= +=JKH=CLAN= 9DK @9F;= MF< M>LJ9? *: 5MKLAEEMF? G<=J :D=@FMF? &JALAC G<=J =?=AKL=JMF? A= "JMF<D9?= >eJ 1=JKLaF<A?MF? AE =MJGHaAK;@=F &GFL=PL KAF< F9;@@9DLA?= $F>GJE9LAGF MF< 0FL=J@9DLMF? EAL =MJGHaAK;@=E #GJARGFL +JG<MCLAF>GJE9LAGF AF .9;@=F MJGH9 =A -AKAC=F G<=J )=:=FOAJCMF?=F >J9?=F .A= $@J=F d>>=FLDA;@ J=;@LDA;@=F -MF<>MFC

:)3<1;+0-: =<B-6

$F>GJE9LAGF MF< 0FL=J@9DLMF? EAL DA;C 9M> ?9FR MJGH9 1=JLJ9M=FKOeJ<A? ME>9KK=F< NA=D>aDLA?

+' B56'44'+%* 70& &+' '.6

G 2. 2<,1>70 *>< 181.; 852=24) *>/ .>;89N2 <,1.; +.7. >;89* 27 -.; O<=.;;.2,12<,1.7 77.79852=24 >7- >762==.5+*;.; .=;8//.71.2= -.; 87<>6.7= 77.7 6*,1= -.7 +.<87-.;.7 .2C -.; # .;2,1=.;<=*==>70 *>< D

&*1+! <3 ,.."/-,+!"+0 .=//")

A= =JA;@L=JKL9LLMF? MF9:@aF?A?=J (=<A=F @9L AF HDMJ9DAKLAK;@=F =EGCJ9LA=F =AF= <GHH=DL= M>?9:= .A= KGDD e:=J <A= O=K=FLDA;@=F ?=K=DDK;@9>LDA;@=F FL

OA;CDMF?=F AF>GJEA=J=F ?D=A;@R=ALA? 9:=J 9M;@ 9DK @AFL=J>J9?=F<=K "=?=F?=OA;@L RM NGJ?=>9KKL=F (=A

FMF?=F MF< <=F HGDALAK;@ G<=J dCGFGEAK;@ (a;@LA

?=F OAJC=F !eJ <A= MJGH9:=JA;@L=JKL9LLMF? AF ^KL=J

J=A;@ CGEEL 9DK RMKaLRDA;@= #=J9MK>GJ<=JMF? <9RM <9KK <A= ^>>=FLDA;@C=AL RM <=F 0 KC=HLAK;@=F <=K &GFLAF=FLK ?=@dJL DK D9F?Ba@JA?=J *-! &GJJ=KHGF<=FL AF 29K@AF?LGF @9:= A;@ =JD=:L O=D;@ K;@O=JOA=?=F<= !GD?=F =K @9:=F C9FF O=FF KA;@ (=<A=F =AF=E NGJ@=JJK;@=F

<=F /J=F< 9FH9KK=F 1GJ <=E $J9CCJA=? O9J <9K AF <=J KA;@=J@=ALKHGDALAK;@=F =JA;@L=JKL9LLMF? CD9J <=J !9DD "De;CDA;@=JO=AK= =JD9M:L= <A= KL9JC= /J9<ALAGF =AF=K MF9:@aF?A?=F %GMJF9DAKEMK AF <=F 0. AF <=J !GD?= J9K;@ <A= 2A=<=J:=D=:MF? <=J CJALAK;@=F ^>>=FLDA;@

C=AL $F MJGH9 KLaJC=F d>>=FLDA;@ J=;@LDA;@= .=F<=J <A= F9;@ <=E =AKHA=D <=J 9?A=J=F <=F .HA=D

J9ME >eJ =AF= K=D:KL:=OMKKL= <=EGCJ9LAK;@= 5ANAD?=

K=DDK;@9>L EAL =MJGHaAK;@=E +JG:D=E:=OMKKLK=AF A= 9MK?=OG?=F= =JA;@L=JKL9LLMF? d>>=FLDA;@ J=;@LDA

;@=J (=<A=F e:=J <A= GDAB[;E5:7 ,@;A@ AKL <9>eJ =AF MFN=JRA;@L:9J=J =ALJ9? $F JeKK=D O9J=F AE N=J?9F?=F=F %9@J <A= <J=A &GJJ=K

HGF<=FL$FF=F .GFB9 .9?E=AKL=J +9MD .;@A=>=J MF< -9AEMF< 'dO LaLA? 0FL=JKLeLRL O=J<=F KA= NGF =AF=E CD=AF=F eJG EAL +JG<M;=J$FF=F MF< .=CJ=L9JA9L A= OA;@LA?KL= M>?9:= K=@=F <A= *-! &GJJ=KHGF<=FL$F

F=F AF JeKK=D <9JAF <A= =MJGHaAK;@= 2AJCDA;@C=AL

RM <=J ^KL=JJ=A;@ ?=@dJL AF 9DD A@J=F .;@9LLA=JMF?=F OA=<=JRM?=:=F 2AJ R=A?=F AF MFK=J=F =JA;@L=F OA= AF <=J 0 =AF= F=M= =MJGHaAK;@= $FF=FHGDALAC Oa;@KL OA= KA;@ MJGH9 AF <=J ?DG:9DAKA=JL=F 2=DL HGKALAGFA=JL MF< O=D;@= -GDD= <9:=A ^KL=JJ=A;@ KHA=D=F C9FF 9:=A AKL RM :=Je;CKA;@LA?=F <9KK <A= 1GJKL=DDMF?=F =AF=K ?JGZ=F /=ADK MFK=J=K +M:DACMEK K=@J O=AL NGF <=F J=9D 9:D9M>=F<=F 1GJ?aF?=F 9:O=A;@=F AF= ?9FR :=KGF<=J= -GDD= CGEEL <9:=A FLK;@=A

<MF?KHJGR=KK=F MF< =:9LL=F AE )3F AF <=J "A??;E E;A@ MF< AE GDAB[;E5:7@ '3D>3?7@F RM MK>e@JDA;@ @9:=F OAJ AE N=J?9F?=F=F %9@J e:=J <A= N=JK;@A=<=F=F FLOA;CDMF?KKLM>=F <=K &DAE9H9C=LK <=J 0 AF>GJEA=JL 1GF JeKK=D 9MK CGFFL=F OAJ AEE=J OA=<=J <A= 9MZ=F

HGDALAK;@=F (AKKAGF=F <=J 0 AE /K;@9< MF< AE &GKG

NG RM OA;@LA?=F /@=E=F <=J )9;@JA;@L=FK=F<MF?=F <=K #dJ>MFCK MF< <=K !=JFK=@=FK E9;@=F _:=J <=F -7DFD39 HA@ #;EE34A@ @9L <=J *-! E=@J=J= AKCMKKAGFKK=F<MF?=F EAL +9JD9E=FL9JA=J$FF=F &GEEAKK9J$FF=F MF< PH=JL$FF=F <MJ;@?=>e@JL JeKK=D AKL RO9J FA;@L >GJE=DD #9MHLKL9<L <=J 0 LJGLR<=E D9M>=F @A=J <A= !a<=F <=J =MJGHaAK;@=F +GDA

LAC RMK9EE=F :=J NA=D= \F?KL= MF< JO9JLMF?=F <A= EAL =AF=E RMK9EE=FO9;@K=F<=F MJGH9 N=J:MF

<=F KAF< O=J<=F 9M> <A= 0 $FKLALMLAGF=F HJGBARA=JL 9K >e@JL 9MK <=J .A;@L =AF=K =@=E9DA?=F 0. &GJJ=K

HGF<=FL=F RM MF=JO9JL=L=F +9J9DD=D=F ROAK;@=F 29K@AF?LGF MF< JeKK=D

2a@J=F< KA;@ AF <=F 0. <9K -=HGJL=JD=:=F G>L ME <9K La?DA;@= +J=KK=:JA=>AF? AE 2=AZ=F #9MK <J=@L KL=@L >eJ <A= 0 &GJJ=KHGF<=FL$FF=F <9K La?DA;@= JA=>AF? <=J , "A??;EE;A@ AE 5=FLJME A= +J=KK=

KHJ=;@=J$FF=F <=J &GEEAKK9J$FF=F KAF< RO9J FA;@L +GDALKL9JK OA= A@J= 9E=JAC9FAK;@=F &GDD=?$FF=F KGF

<=JF K9;@CMF<A?= =9EL$FF=F :=J $F>GJE9LAGF=F =J@aDL E9F 9DK -=HGJL=J$F AF JeKK=D O9@JK;@=AFDA;@ D=A;@L=J 9DK 9M> <=J 9F<=J=F .=AL= <=K LD9FLACK 9>eJ D=A<=L <A= &GEEMFAC9LAGF <=J 0 !e@JMF? EAL <=F (AG 0 eJ?=J$FF=F 9F CGEHDARA=JL=F .LJMCLMJ=F MF< >=@D=F<=J +=JKGF9DAKA=JMF? .=D:KL <=J "A??;E E;A@EBD[E;67@F AKL NA=D=F (=FK;@=F FA;@L :=C9FFL 9RM CGEEL =AF CJ9KK=K =>ARAL <=J .QE:GD= $E MF9FK=@FDA;@=F MJGH9NA=JL=D NGF JeKK=D ?A:L =K C=AF 9J;@AL=CLGFAK;@=K .QE:GD NGF =;@L=J MKKLJ9@

DMF?KCJ9>L <9K <A= eJ?=J$FF=F EAL <=J 0 N=J:AF<=F CdFFL=F =F !=JFK=@J=HGJL=J$FF=F :D=A:L 9DK #AFL=J

?JMF< FMJ <A= C9DL= "D9K>JGFL <=K =JD9QEGFL "=:aM

<=K <=J , "A??;EE;A@ G<=J <=J F9@= ?=D=?=F= RMEAF<=KL EAL @AKLGJAK;@=J +9LAF9 9MK?=KL9LL=L= :=D

?AK;@= /JAMEH@:G?=F <=K +9J; AFIM9FL=F9AJ= 9K AFKLALMLAGF=DD= '=:=F <=J 0 KHA=DL KA;@ FA;@L FMJ AF JeKK=D MF< .LJ9Z:MJ? <=E .ALR <=K GDAB3B3D>3 ?7@FE 9: 59@DJ=A;@= =:9LL=F MF< FLK;@=A<MF?=F H9KKA=J=F AE '9F< <=J B=O=ADA?=F +JaKA<=FLK;@9>L RMD=LRL AF +GJLM?9D .DGO=FA=F MF< !J9FCJ=A;@ "=J9<= AE (=<AME 7D@E7:7@ C9FF <A= 1A=D>9DL MJGH9K MF< <A= LJGLR<=E ?=O9;@K=F= 1=JF=LRMF? <=K &GFLAF=FLK ?=R=A?L O=J<=F

A= &GJJ=KHGF<=FL$FF=F <=K &) _DAE D_EE7> O9J=F FA;@L FMJ :=A 9DD=F J=D=N9FL=F "AH>=DF <9:=A KA= @9:=F AE %MFA 9M;@ <AJ=CL NGE -=>=J=F<ME AF $JD9F< :=JA;@L=L -=HGJL9?=F MF< F9DQK=F ?9: =K NGF <=F "AH>=DLJ=>>=F <=J 0 EAL <=J 8D;=3@;E5:7@ ,@;A@ AF 'AKK9:GF F<= :=AE , ,* ;B87> AF 'BM:DB9F9 MF< :=AE =JKL=F /J=>>=F <=J 0 !e@JMF? EAL <=E F=M=F JMKKAK;@=F +JaKA<=FL=F (=<O=<=O AE KA:AJAK;@=F @9FLAB (9FKABKC

= 7412# 06')4#6+10 = '4#06914670)

"9FR a@FDA;@ OA= NGJ <=E 2=AZ=F #9MK AF 29K@AF?

LGF <=E 5=FLJME <=K 9E=JAC9FAK;@=F $EH=JAMEK :JAF?=F 9M;@ AF <=J -M= <= D9 'GA NGJ <=E -9LK?=:aM

<= >9KL La?DA;@ =EGFKLJ9FL$FF=F A@J= KH=RA>AK;@=F FDA=?=F NGJ A= 0 AKL =AF R=FLJ9D=J <J=KK9L >eJ ?DG

:9D= /@=E=F NGE &DAE9K;@MLR :AK RMJ :JeKLMF? G<=J <=J =CaEH>MF? <=K #MF?=JK

$F $FL=JNA=OK M 9 EAL +7>7=A??G@;=3F;A@E=A??;E E3D;@ 1ANA9F= -=<AF? #3@6I;DFE5:38FE=A??;EE3D;@ (9JA9F !AK;@=J G=D GV7@=A??;EE3D;@ =FAL9 !=J

J=JG 29D<F=J MF< GV7@BA>;F;=473G8FD39F7? %9NA=J .GD9F9 @9:=F OAJ NGF #9F<QL9JA>=F :AK RME (ADALaJ

=AFK9LR AE /K;@9< =AF= :J=AL= +9D=LL= NGF !J9?=F :=@9F<=DL MF< <=E +M:DACME 9M;@ <A= +=JKdFDA;@C=A

L=F <=J @9F<=DF<=F +GDALAC=J$FF=F MJGH9K Fa@=J?=

:J9;@L .=F<MF?=F OA= <9K GDAB3 !AGD@3> <=K #dJ

>MFCK G<=J <9K A:7 3GE AE !=JFK=@=F ?=:=F <=F :?=GJ<F=L=F <=K GDAB[;E5:7@ '3D>3?7@FE -9ME .L9JC=K M?=FE=JC @9L <9K &) _DA D_EE7> 9M> &GFKME=FL$FF=FL@=E=F ?=D=?L 2=D;@= (d?DA;@C=AL=F :AJ?L KLaJC=J= &GFCMJJ=FR AE "=KMF<@=ALK:=J=A;@ A=K=J !J9?= ?AF?=F OAJ AE 5MK9EE=F@9F? EAL =AF=J 0FL=JKM;@MF? <=J "A??;E E;A@ e:=J <A= ?=JAF?=F (9JCL;@9F;=F NGF "=F=JAC9 :=A =AF=E 1=J?D=A;@ <=J "=KMF<@=ALKKQKL=E= AF ^KL=JJ=A;@ MF< AF =D?A=F F9;@ A= $<== <=K ?A4;>7@ '3F;7@F7@ OMJ<= AF MFK=J=F =JA;@L=F 9M> Ed?DA;@= MKOAJCMF?=F >eJ ^KL=JJ=A;@ MFL=JKM;@L A=K= (AK;@MF? 9MK X@G@=J +GDALACS 9M> =MJGHaAK;@=J :=F= MJGH9 AF <=J dKL=JJ=A;@AK;@=F $FF=FHGDALAC MF< MFEALL=D:9J=J =LJG>>=F@=AL <=J &GFKME=FL$FF=F E9;@L <=F :=KGF<=J=F -=AR <=J 0 =JA;@L=JKL9LLMF? 9MK .A= CGF>JGFLA=JL <9K +M:DACME EAL =AF=E J=9DAK

LAK;@=F AD< <=J =MJGHaAK;@=F 2AJCDA;@C=AL MF< LJa?L <9EAL RMJ HGDALAK;@=F (=AFMF?K:AD<MF? :=A

&*1+! <3

B56'44'+%* 70& 7412#

G *< 2<= *55.< <8 486952C2.;=) 2<= C@*; ;2,1=20 *+.; 4.27. ><;.-. 72,1= -*;P+.; C> +.;2,1=.7 D

.&$&00" 0 () 1 %/ : 1.,- ,1.+ )

DK NGJ =LO9K E=@J 9DK R=@F %9@J=F <9K =JKL= X GDAB3 !AGD@3> 9M> .=F<MF? ?AF? <9 O9J =K >eJ MFK .=F<MF?K

E9;@=J$FF=F CD9J <9KK MJGH9 >eJ MFK FA;@L FMJ <A= <9E9DA?=F (AL?DA=<KDaF<=J <=J GDAB[;E5:7@ ,@;A@ V MF< <A= <A= =K FG;@ O=J<=F OGDDL=F MF< AEE=J FG;@ OGDD=F V KAF< KGF<=JF <9KK OAJ O=<=J <=J .;@O=AR FG;@ )GJO=?=F 9:=J 9M;@ FA;@L -MKKD9F< MF< <=J 0CJ9AF= A@J= X=MJGHaAK;@=S $<=FLALaL KLJ=ALA? E9;@=F OGDD=F =FF OA= KGDD=F OA= OGDD=F OAJ MJGH9 <=FF <=>AFA=

J=F "=G?J9>AK;@ +GDALAK;@ 2AJLK;@9>LDA;@ #AKLG

JAK;@ &MDLMJ=DD 9 OAJ 9M> 9DD <A=K= KH=CL= 9E ?=K9EL=F &GFLAF=FL F=M?A=JA? O9J=F V MF< AEE=J FG;@ KAF< V @9:=F OAJ :=K;@DGKK=F MFK =:=F EAL 9DD <A=K=F KH=CL=F RM :=K;@a>LA?=F E9F;@E9D >GCMK

KA=JL 9M> =AF '9F< RME=AKL 9:=J <G;@ ?J=FRe:=J

K;@J=AL=F< M> B=<=F !9DD AEE=J J=D=N9FL >eJ MJGH9 9KK <A= 0 MF< <=J =MJGHaAK;@= $FL=?J9LAGFKHJGR=KK <9K R=FLJ9D= D=E=FL MFK=J=J =LJ9;@LMF?=F KAF< N=JKL=@L KA;@ <9 =A?=FLDA;@ NGF K=D:KL

2=FF OAJ <9Je:=J :=JA;@L=F O=D;@= DL=JF9LAN=F E9F AF .H9FA=F >eJ <A= =OaKK=JMF? NGF "GD>HDaLR=F MF< "=EeK=>=D<=JF KM;@L V MF< 9M;@ >AF<=L V O=FF OAJ +DaF= <=J , "A??;EE;A@ RMJ =MJGHaAK;@=F 29KK=J

OAJLK;@9>L @AFL=J>J9?=F <9FF N=JKM;@=F OAJ <9EAL 9M;@ EAL <=E (QL@GK 9M>RMJaME=F OGF9;@ <A= GDA B[;E5:7 ,@;A@ MFK XMFK=JS 29KK=J CD9M=F OADD 2=FF OA= AE (aJR AF 9DD=F (AL?DA=<KDaF<=JF <=J GDAB[;E5:7@ ,@;A@ eJ?=JCGF>=J=FR=F KL9LL>AF<=F :=A <=F=F KA;@ =MJGHaAK;@= eJ?=J$FF=F <9Je:=J "=<9FC=F E9;@=F OA= =K O=AL=J?=@=F CdFFL= G<=J KGDDL= AF <=J GDAB[;E5:7@ ,@;A@ <9FF D9<=F OAJ dKL=JJ=A;@AK;@= /=ADF=@E=J$FF=F =AF e:=J A@J= 1GJ

KL=DDMF?=F >eJ <A= 5MCMF>L <=J 0FAGF RM KHJ=;@=F 2=FF <A= , "A??;EE;A@ $FALA9LAN=F >eJ <A= "D=A;@:=

J=;@LA?MF? :=@AF<=JL=J (=FK;@=F KL9JL=L O=FF aF=

E9JC KA;@ RME (MKL=JK;@eD=J :=AE F=J?A=KH9J=F =FLOA;C=DL O=FF dKL=JJ=A;@AK;@= MF< LK;@=;@AK;@= "=O=JCK;@9>L=J$FF=F =AF9F<=J LJ=>>=F ME <9K (G<=DD =AF=J ?J=FRe:=JK;@J=AL=F<=F .GRA9DH9JLF=JK;@9>L RM <AKCMLA=J=F O=FF E9F AF =MLK;@D9F< AF !GD?= R9@DJ=A

;@=J &GJJMHLAGFKKC9F<9D= 9M> <=J .M;@= F9;@ =AF=J F=M=F 2AJLK;@9>LKEGJ9D AKL O=FF AF >Je@=J=F *KL:DG;C

DaF<=JF HDdLRDA;@ ?JeF= +9JL=A=F :GGE=F <9FF AKL <9K GDAB3 !AGD@3> EAL <=E (ACJG>GF <9:=A

0F< AEE=J OA=<=J <9K -AF?=F ME <A= $FKLALMLAGF=FJ=

>GJE AF MJGH9 $KL =K =AF= GDAB[;E5:7 -7D83EEG@9 >;9:F G<=J <G;@ O9K ?9FR 9F<=J=K 2=D;@=K '9F< KM;@L F9;@ O=D;@=J .GF<=JJ=?=DMF? 2=D;@= #9DLMF? @9:=F MJGH9

H9JD9E=FL9JA=J$FF=F 9MK ^KL=JJ=A;@ 9:=J 9M;@ 9MK <=F 2=FF =LO9 KG OA= AE HJAD =AF F=M=J >J9FRdKAK;@=J 9F<=J=F 0 .L99L=F <9RM 2=D;@= =<=MLMF? @9:=F <A=K= -=>GJE=F AE &Ja>L=?D=A;@?=OA;@L ROAK;@=F <=F =AF

+JaKA<=FL ?=Oa@DL OAJ< <9FF KAF< <A= 29@DHJG?J9EE= R=DF=F $FKLALMLAGF=F "A??;EE;A@ )3F MF< '3D>3?7@F <=J &9F<A<9L$FF=F FA;@L FMJ >eJ <A= AF +9JAK D=:=F<= (AL

L=DK;@A;@L G<=J J:=ALKDGK= AF .L ,M=FLAF AF <=J +A;9J<A= 0F< O9K @9:=F <A= eJ?=J$FF=F MJGH9K <9NGF X 3E ;EF 3>>7E EA =A?B>;L;7DFS AKL RO9J JA;@LA? 9:=J C=AF= MKJ=<= NGF =<=MLMF? KGF<=JF V AF =AF=J FA;@L FMJ ?DG:9DAKA=J

FA;@L <9Je:=J RM :=JA;@L=F 2=FF 9DKG d>>=FLDA;@ J=;@LDA

L=F KGF<=JF 9M;@ =MJGHaAKA=JL=F 2=DL V 9M;@ >eJ dKL=J

J=A;@AK;@= (=<A=FCGFKME=FL$FF=F NGF =D9F? 2=FF OAJ ;@=J 2=JL :=<=ML=L <9KK E9F LJGLR AEE=J O=FA?=J (AL9J

:=AL=J$FF=F MF< AEE=J O=FA?=J M<?=L AEE=J FG;@ NA=DD=A;@L d>L=J 9DK 9F<=J= (=<A=F NGF <=F FLOA;CDMF

?=F OAJLK;@9>LDA;@ HGDALAK;@ MF< ?=K=DDK;@9>LDA;@ 9MK <=F RM>JA=<=F= #dJ=J$FF=F @9L <9FF KGDDL= <=J =O=AK <=K )9;@>GD?=KL99L=F %M?GKD9OA=FK :=JA;@L=F <9FF <=K@9D: d>>=FLDA;@ J=;@LDA;@=F 2=JLK OG@D ?=DMF?=F K=AF O=AD <A=K= BMF?=F .L99L=F AF MFK=J=J MFEALL=D:9J=F )9;@

:9JK;@9>L MFK =AF>9;@ =LO9K 9F?=@=F .&$&00" 0 () 1 %/

-=:7 .145 D 6-= )*

=J >AP= .=F<=HD9LR <=K =MJGHaAK;@=F !ADEK V B=<=F !J=AL9? F9;@ <=J 1; ME 0@J V N=JKL=@L KA;@ 9DK .LaLL= <=K =MJGHaAK;@=F ,M9DALaLK>ADEK K=A =K HGDALAK;@=J ?=K=DDK;@9>LDA;@ J=D=N9FL=J <J9E9LAK;@=J G<=J CGEd<A9FLAK;@=J !ADE EAL FKHJM;@ 9MK ^KL=JJ=A;@ ?=F9MKG OA= 9MK =MLK;@D9F< "JGZ:JAL9F

FA=F $L9DA=F !J9FCJ=A;@ .H9FA=F G<=J .C9F<AF9NA=F DK :=KGF<=J=J .=JNA;= O=J<=F F=:=F <=MLK;@KHJ9;@A?=F +J=EA=J=F 9M;@ MKKLJ9@DMF?=F AF 1I7;=3 @3>FA@ 9DKG 9M> =MLK;@ MF< AF <=J *JA?AF9D>9KKMF? ?=R=A?L 5MJ <=MLK;@=F JKL9M>>e@JMF? ?=D9F?L= KG R $77D7E8D_5:F7 NGF *DANA=J M;9KL=D MF< %9;

IM=K (9JLAF=9M

</7./ '/6>/8 23-5/8 6/->398= G .95 F67 AF= 9DL= aM=JAF AF .=J:A=F DaKKL KA;@ NGF A@J=E FC=D =AF=E DGC9D=F +GDAR=A:=9EL=F <A= .=?FMF?=F <=K (G:ADL=D=>GFK =JCDaJ=F DLE=AKL=J "GJ9F -9<GN9FGNA; K;@M> EAL <A=K=E GCME=FL9JTDE =AF (AFA9LMJHGJLJaL =AF=J ?9FR=F "=K=DDK;@9>L <A= ROAK;@=F 9?J9JAK;@=F 2MJR=DF MF< EG<=JF=J /=;@FAC R=JJAKK=F OAJ< :;5=7@ >75F;A@E AKL =AF LJ9?ACGEAK;@=J =JA;@L e:=J <A= AFK9EC=AL <A= '9F<UM;@L MF< e:=J <=F /G< NGJ <=E /G< *-! R=A?L= <=F 6A= O>? 9E )GN=E:=J

= 7412# 06')4#6+10 = '4#06914670)

7412# +/ 70& #&+1

G =:78) 7=:6)4

9K Od;@=FLDA;@= (9?9RAF 9E !J=AL9? V 0@J :A=L=L HGDALAK;@= MF< OAJLK;@9>LDA;@= /@=E=F 9MK ?9FR MJGH9 J?aFRL O=J<=F <A= =JA;@L= <MJ;@ $FL=JNA=OK MF< AKCMKKAGF=F 9F <=F=F KA;@ <A= >e@J=F<=F PH=JL$FF=F <=J =MJGHaAK;@=F +GDALAC MF< 2AJLK;@9>L :=L=ADA?=F

OMJ<= <=J X&GKGNG !J9

?=S 9MK ?=?=:=F=E FD9KK =AF= :J=AL= +D9LL>GJE ?=:GL=F 9:=J 9M;@ 9F<=J= "=:A=L= NGF ?JGZ=E =MJGHaAK;@=E $FL=J=KK= OA= .H9FA=F MF< )GJ<AJD9F< OMJ<=F AF <=J .=F<MF? 9MK>e@JDA;@ :=@9F<=DL A= +JaKA<=FL$FF=FO9@D=F AF !J9FCJ=A;@ KGOA= <A= AKCMKKAGF=F ME <=F 0 -=>GJEN=JLJ9? O9J=F =:=F>9DDK R=FLJ9D= /@=E=F

</7./ '/6>/8 9=5+? G += 292/ +?= G .95 F67 9K #G;@@9MK AF -MKKD9F<K (=LJGHGD= O9J =AFKL <=J .LGDR <=J .GOB=LJ=?A=JMF? #=ML= :AD<=F <A= 2G@FH9JL=A

=F =AF &9D=A<GKCGH <=J JMKKAK;@=F "=K=DDK;@9>L =J J=FGEEA=JL= JMKKAK;@= !ADE=E9;@=J +9N=D 'MF?AF E9;@

L= KA;@ 9M> AE D=?=F<aJ=F "=:aM<= <A= .==D= -MKKD9F<K RM =J?JeF<=F 9K *-! +M:DACME CGFFL= A@E 9E (9A

>GD?=F

-: =:7>1;176 "76/ 76<-;<

.=AL N=J9FKL9DL=L <A= GDAB[;E5:7 )G@68G@=G@;A@ AE -9@E=F <=J GDA H;E;A@ <=F GDAH;E;A@ *A@9 A@F7EF =J *-! FAEEL K=AL 9F <A=K=J 1=J

9FKL9DLMF? L=AD MF< =FLK=F<=L= :=J=ALK &eFKLD=J$FF=F MF< (MKAC?JMHH=F

OMJ<= =JKLE9DK F9;@ <=E 1GJ:AD< <=K *A@9 A@F7EFE <=J =JKL= GDAH; E;A@ 3@57 A@F7EF N=J9FKL9DL=L A= F=M= .=F<MF? 9F <=J )9LAGF=F L=AD

F9@E=F AKL =AF= -=9CLAGF 9M> <A= =MJGH9O=AL= =DA=:L@=AL F=M=J /9FR !GJE9L= OA= =LO9 <A= *-! +JG<MCLAGF 3@5;@9 *F3DE

'4 +/ '7412C+5%*'0 /('.&

G 2. .>;89N2<,1. 7=.0;*=287 @2;- ?87 >7< *5< 0.<.55 <,1*/=52,1.; >7- 4>5=>;.55.; ;8C.<< ?.;<=*7-.7 -.7 .< >6/*<<.7- -*;C><=.55.7 >7- 4;2=2<,1 C> +.05.2=.7 025= *C> CN15.7 #7=.;1*5=>70</8;6*=. 0.7*><8 @2. -2. 7/8;6*=287 P+.; .>;89N2<,1. >5 =>; -.7=2=N= 7<=2=>=287.7 852=24 >7- %2;=<,1*/= D

"&+% .! ,)&( ) +1+$ 1+! ,,.!&+ 0&,+

A= 1=JEALLDMF? =MJGHaAK;@=J $F@9DL= MF< 2=JL= O9J <=E *-! K;@GF NGJ <=E =ALJALL ^KL=JJ=A;@K RMJ 0 OA;@LA? MF< OMJ<= K=AL<=E CGFLAFMA=JDA;@ 9MK?=:9ML MK <A=K=E "JMF< O9J <=J *-! AE %9@J "JeF

<MF?KEAL?DA=< <=K <=MLK;@KHJ9;@A?=F "=E=AF

K;@9>LKHJG?J9EEK E3F O=AL=JK :=D=?L OAJ< <A=K <MJ;@ <A= ME>9KK=F<=F CLANALaL=F <A= <=J *-! F9;@ 9:=J 9M;@ K;@GF NGJ <=E !9DD <=K AK=JF=F 1GJ@9F?=K ?=K=LRL @9L =J *-! @9LL= AF <=J <9E9DA?=F /K;@=;@G

KDGO9C=A AF 0F?9JF .DGO=FA=F MF< +GD=F NA=D>aDLA?= (d?DA;@C=AL=F >eJ <A= HJG?J9EEDA;@= 5MK9EE=F9J

:=AL ?=KM;@L MF< ?=>MF<=F A=K= =MJGHaAK;@= AE=FKAGF <=K -MF<>MFCK MFL=J

K;@=A<=L <=F *-! AF K=AF=J 2AJCMF? 9M> "=K=DDK;@9>L MF< &MDLMJ E9JC9FL NGF CGEE=JRA=DD=F (AL:=O=J

:=JF <A= A@J= '=AKLMF?=F RO9J >eJ <A= eJ?=J$FF=F 9DK &GFKME=FL$FF=F 9:=J FA;@L NGJ<JAF?DA;@ 9DK .L99LK

:eJ?=J$FF=F =J:JAF?=F A= AF@9DLDA;@= MF< AFKLALMLAG

F=DD= 5MK9EE=F9J:=AL MFL=JKLJ=A;@L MFK=J= "=KL9D

LMF?KEd?DA;@C=AL=F AF MJGH9 A= <J=A AE !GD?=F<=F KCARRA=JL=F (G<=DD= KAF< =JHJG:L= =AKHA=D= =AF=J >MFCLAGFA=J=F<=F d>>=FLDA;@ J=;@LDA;@=F &GGH=J9LAGF 9M> =MJGHaAK;@=J :=F= ! =6, ;)< A= 5MK9EE=F9J:=AL <=J d>>=FLDA;@ J=;@LDA;@=F .=F

<=9FKL9DL=F =MLK;@D9F<K <=J .;@O=AR MF< ^KL=J

J=A;@K AE -9@E=F NGF K9L =J>eDDL =AF= O=JLNGDD= &GEHD=E=FLaJ>MFCLAGF AE d>>=FLDA;@ J=;@LDA;@=F .QK

L=E "JGZ= &MDLMJ=J=A?FAKK= V *H=JF /@=9L=J MF< &GFR=JL9M>R=A;@FMF?=F GCME=FL9J MF< !=JFK=@

>ADE= V @9:=F :=A K9L =:=FKG A@J=F >=KL=F +D9LR OA=

2AKK=FK;@9>LKK=F<MF?=F 9Je:=J @AF9MK O=;CL K9L EAL .;@O=JHMFCL=F MF< /@=E=FL9?=F <9K $FL=J=KK= >eJ 9FKHJM;@KNGDD=K +JG?J9EE ! =6, !# .=AL =PAKLA=JL =AF= &GGH=J9LAGF <=K *-! EAL <=E <=MLK;@ >J9FRdKAK;@=F &MDLMJC9F9D -/ K=AL HJAD AKL <=J *-! 9KKGRAA=JL=K (AL?DA=< -/ AFN=KLA=J

L= =J@=:DA;@= =LJa?= AF &GHJG<MCLAGF=F EAL <=E *-! K;@O=JHMFCLEaZA? AF <=F .H9JL=F "G>FGD .;EE7@E5:38F MF< 17;F97E5:;5:F7 ! =6, ! )480) A= &GGH=J9LAGF <=K *-! EAL <=E /1 .9L=DDAL=FHJG

?J9EE <=K 9Q=JAK;@=F -MF<>MFCK :=KL=@L K=AL %MFA =J *-! DA=>=JL Ba@JDA;@ JMF< .LMF<=F +JG

?J9EE >eJ <=F :9Q=JAK;@=F AD<MF?KC9F9D :=KL=

@=F< 9MK =AF=E :MFL=F (AP NGF J;@ANHJG<MCLAGF=F 9CLM=DD=F +JG?J9EEK;@dH>MF?=F MF< =A?=FK ?=>=J

LA?L=F .=F<MF?=F 9MK <=F =J=A;@=F .;EE7@E5:38F G@6 ;>6G@9 "G@EF "G>FGD 7E5:;5:F7 )7>;9;A@ ':; >AEAB:;7 MF< #3@67E=G@67 J=A =AKHA=D= =AF= "=E=AFK9EC=AL !eJ <=F *-! =F<=L <A= J:JAF?MF? NGF 'G4>;5 -3>G7 FA;@L 9F <=J .L99LK?J=FR= 2AJ :JAF?=F ^KL=JJ=A;@ F9;@ MJGH9 MF< R=A?=F MJGH9 AF ^KL=JJ=A;@ A=K=J 1=JKM;@ =AF= 9M> ?=?=FK=ALA?=E MKL9MK;@ :9KA=J=F<= =MJGHaA

K;@= ^>>=FLDA;@C=AL RM K;@9>>=F AKL d>>=FLDA;@ J=;@LDA

;@=J (=@JO=JL E9<= :Q *-!

"&+% .! ,)&(

G;<-::-1+0 =4<=:-@87:< 6)+0 =:78)

#' XEF7DD7;5: AKL <9K .=F<=>=FKL=J <=K *-! AE AD<MF?KC9F9D <=K 9Q=

JAK;@=F -MF<>MFCK ) 3>B:3 <9K NGF (GFL9? :AK !J=AL9?

V 0@J @=AEAK;@= GCME=FL9LAGF=F R=A?L 9K AFL=JF9LAGF9D ?=DG:L= ^KL=JJ=A;@

>=FKL=J C9FF 9M;@ 9M> R9@DJ=A;@= A?=FHJG<MCLAGF=F N=JO=AK=F A= $F@9DL= <=J =AFR=DF=F .=F<MF?=F KAF< =AKHA=D= >eJ <A= 1A=D>9DL <A= <9K *-! +JG?J9EE AE =MJGH9O=AL 9MK?=KLJ9@DL=F .9L=DDAL=FHJG?J9EE RM N=J=AF=F KM;@L "G@EF G@6 "G>FGD )7>;9;A@ G@6 ':;>AEAB:;7 .;EE7@E5:38F G@6 ;>6G@9 17;F97E5:;5: F7 #3@67E=G@67 MF< -A>=E=G>FGD KL=@=F AE (ALL=DHMFCL =J *-! :A=L=L EAL #' XEF7DD7;5: Ba@JDA;@ .LMF<=F @G;@O=JLA?=K dKL=JJ=A;@AK;@=K +JG

?J9EE A= .=F<MF?=F ?=Oa@J=F AF:DA;C= AF dKL=JJ=A;@AK;@= '=:=FK9JL 9M> @d;@KL=E )AN=9M MF< HJaK=FLA=J=F @=AEAK;@= #d@=HMFCL= CMDLMJ=DD=F '=:=FK MF< .;@9>>=FK

>9F<=F KA;@ e:=J

AF 5MK9EE=F9J:=AL EAL - HJG<MRA=JL= GCME=FL9

LAGF=F AE +JG?J9EE NGF #' XEF7DD7;5: #d@=HMFCL= <=K %9@J=K O9J=F Ç¯ 'HU 9HUVWDQG KDW NHLQ *HVFKOHFKW Ç¤ )UDXHQ LQ WHFKQLVFKHU )RUVFKXQJ =J !ADE NGF <AL@ 9;@CdFA? E9;@L= 9E %9FM9J <=F F>9F? AE =J=A?FAKJ=A;@=F %9@J

A= GCME=FL9LAGF K;@AD<=JL <=F DDL9? MF< <A= @9F;=F NGF !J9M=F AF =AF=J :AKD9F? EaFF=J<GEAFA=JL=F J9F;@=

= '4#06914670) = 7412# 06')4#6+10

7412C+5%*'4 14+<106

Ç¯ 5HOLJLRQ XQG .UDQNHQSIOHJH O9J =AF :==AF<JM;C=F<=J !ADE NGF -GF9D< + 19M?@F J R=A?L <A= <MJ;@ &MDLMJ MF< -=DA?AGF :=<AF?L=F 0FL=JK;@A=<= AE #GKHARO=K=F Ç¯ %HUQKDUG +DLQ ZDJWH LP 6RPPHU HLQHQ %OLFN LQ GLH =XNXQIW XQG IUDJWH QDFK <=F $76;=3?7@F7@ 67E

!3:DF3GE7@6E 29K =J >9F< OMJ<= 9E %MFA

9M> #' XEF7DD7;5: ?=K=F<=L

!-51 16 74, .K: 73=5-6<)<176

FLGFA9 0FD9M>K !ADE '87D67 ?7;@7 *77>7 =J@A=DL =AF=F <=J OA;@LA?KL=F AFL=J

F9LAGF9D=F !ADEHJ=AK= >eJ GCME=FL9LAGF=F A= NGE *-! >eJ <=F .H9JL=FC9

F9D ) 3>B:3 HJG<MRA=JL= GCME=FL9LAGF OMJ<= :=AE

.AD>6 7EF AGEFA@ AF <=J &9L=?GJA= A=G?7@F3F;A@7@ EAL =AF=E #9MHLHJ=AK V =AF=E )7?; AF "GD< V 9MK?=R=A;@F=L A= GCME=FL9LAGF <A= 9E (9A

AF #' XEF7D D7;5: RM K=@=F O9J K;@AD<=JL 9M> KM:LAD= 2=AK= MF< 9MK N=JK;@A=<=FKL=F DA;C

OAFC=DF <9K 1=J@aDLFAK ROAK;@=F (=FK;@ MF< +>=J<

</7./ '/6>/8 K=>/<</3-2 "?7N83/8 37 +?= ?<9:+ (=@J 9DK

(=FK;@=F >=A=JL=F AF .A:AM <=F =ALJALL A@J=K '9F<=K RMJ GDAB[;E5:7@ ,@;A@ MF< <A= JF=F

FMF? RMJ GDAB[;E5:7@ "G>FGD:3GBFEF36F 5O=A /9?= MF< RO=A )a;@L= <9M=JL=F <A= !=A=JDA;@C=AL=F !eJ -M

EaFA=F O9J =K =AF D9F?=J MF< :=K;@O=JDA;@=J 2=? AF <A= GDAB[;E5:7 7?7;@E5:38F A= E9KKAN= :O9F<=JMF? <=J =NdDC=JMF? .A=:=F:eJ?=FK <A= E9JG<= '9F<OAJLK;@9>L MF< <A= N=JDGJ=F= $<=FLALaL <=J -GE9 KAF< FMJ =AFA?= <=J +JG:D=E= <=F=F 0DJAC= +AKLGLFAC <A= 2A=F=J $FALA9LGJAF <=K .;@MDH9JLF=JK;@9>LKHJGB=CL=K 1G=G@8F ;@ )G?[@;7@ AF <=F N=J?9F?=F=F %9@J=F RM :=?=?F=F N=JKM;@L= A= GCME=FL9LAGF NGF /@=G<GJ GEG;GK <A= #' XEF7DD7;5: 9E !=:JM9J 9MKKLJ9@DL= KH9FFL =AF=F CMDLMJ=DD=F MF< CMDLMJ?=K;@A;@LDA;@=F G?=F NGE F<= <=K .GRA9DAKEMK :AK RME =ALJALL 9DK (AL?DA=< =AF=J "=E=AFK;@9>L OAJLK;@9>LDA;@=J 2=JL= MF< 5A=D=

=+> ?8. "$ =3/2/ #/3>/ 0

7412C+5%*' '452'-6+8'

</7./ '/6>/8 %83@/<=?7 /< '+6.<+:: G 38 &91/6 37 ?0A38. 1GJ NA=J %9@J=F E9;@L= KA;@ =AF= "JMHH= dKL=JJ=A;@AK;@=J MF< <=MLK;@=J 5GGDG?$FF=F 9M> =AF O9@J@9>L N=J

Je;CL=K :=FL=M=J EAL K=DLK9E=F 1d?=DF MF< @9DK:J=;@=JAK;@=F !DM??=JaL=F RM =JD=:=F )MF KA=@L =K KG 9MK 9DK OeJ<= A@J /J9ME 2AJCDA;@C=AL O=J<=F <A= 2A=<=J9FKA=<=DMF? =AF=K AE (ALL=D9DL=J AF MJGH9 9MK?=KLGJ

:=F=F 1G?=DK 2A= K;@GF

<GCME=FLA=JL 9M;@

=AF !ADE 9MK <=J *-! .=F<=J=A@= ,@;H7DEG? <A=K=K =MJGHaAK;@= +JGB=CL <9K CMJR NGJ <=E ?JGZ=F J>GD? KL=@L (ALL= M?MKL OMJ<= <=F %MF?Nd?=DF ?=R=A?L OA= MF< OG KA= 9E :=KL=F RME _:=JOAFL=JF F9;@ .e<=F UA=?=F .A= >GD?L=F A@J=F E=FK;@DA;@=F 5A=@=DL=JF <A= A@F=F AF "D=ALK;@AJE=F EAL +JGH=DD=J9FLJA=: NGJ9FUG?=F AF= KGD;@= :=FL=M=JJ=AK= NGF ^KL=JJ=A;@ AF <A= /GKC9F9 >9F<

:=J=ALK RME NA=JL=F (9D KL9LL G;@ RME =JK

L=F (9D ?=D9F? =K <9KK 29D<J9HH= <A= EAL <=F !DM??=JaL=F F9;@ $L9DA=F ?=D=AL=L OMJ<=F K=D:KLKLaF<A? <=F 2=? RMJe;C RM A@J=E "=:MJLKGJL AF ^KL=JJ=A;@ ?=>MF<=F @9:=F .A= CGFFL=F KA;@ 9DKG <A= -GML= <A= A@F=F NGF <=F AGDG?$FF=F AF A@J=F '=A;@LUM?R=M?=F NGJ?=?=:=F OMJ<= L9LKa;@DA;@ E=JC=F

16 /)6B =6, /): -=:78I1;+0-: 167.145 1,;=55-: ),6-;;

$F <=J CeJR=KL=F )9;@L '=LLD9F<K <J=@L KA;@ 9DD=K ME O=FA? .;@D9> MF< NA=D 'A=

:= $F $;6EG??7D $36@7EE <=E !ADE <=K AF '=LLD9F< ?=:GJ=F=F =MLK;@=F D=P9F<=J #9@F KM;@L MJL =AF BMF?=J E=JAC9F=J K=AF= #9D:K;@O=KL=J =A K=AF=J FCMF>L AF -A?9 AKL =J RMFa;@KL O=FA? :=?=AKL=JL NGF =AF=E X$;6EG? ?7DS >=A=JF<=F '9F< AF KCMJJAD=J /9PA>9@J=J MF< NA=D= O=AL=J= F=M= =C9FFL

K;@9>L=F KAF< B=<G;@ FMJ <=J =?AFF =AF=J 9M>J=?=F<=F )9;@LJ=AK= =J *-! MFL=JKLeLRL= EAL $;6EG??7D $36@7EE =AF =MJGHaAK;@=K &AFGHJGB=CL <9K <A=K=F )9E=F 9M;@ N=J<A=FL "D=A;@ NA=J 'aF<=J :=L=ADA?L=F KA;@ 9F <=J #=JKL=DDMF? '=LLD9F< "JGZ:JAL9FFA=F -MKKD9F< MF< ^KL=JJ=A;@ MK O=AL=J=F 'aF<=JF C9E=F 9JKL=DD=J$FF=F RME AFK9LR GEAFAIM= +AFGF 9MK !J9FCJ=A;@ MF< (9JA9 <= (=<=AJGK 9MK +GJLM?9D -GD9F< eJAF?=J MF< /G:A9K (GJ=LLA O9

J=F <A= dKL=JJ=A;@AK;@= =L=ADA?MF? RMJ =K=LRMF?KDAKL=

LO9 R=@FE9D AE %9@J Da<L +JG> +9MD '=F<N9A 9E .GFFL9?NGJEALL9? 0@J *-! @G;@J9F?A?= %GMJF9DAKL$FF=F MF< PH=JL$FF=F 9MK 9DD=J 2=DL AFK GDA B3EFG6;A ME e:=J 9MZ=FHGDALAK;@= /GHL@=E=F RM <AKCMLA=J=F .L9F<HMFCL= 9:K=ALK <=K (9AFKLJ=9EK KAF< AF <=F N=J?9F?=F=F %9@J=F RM =AF=E (9JC=F

R=A;@=F <=K GDAB3EFG6;AE ?=OGJ<=F

! $! D G;<-::-1+0 )=. ,-6 14,;+01:5-6 =:78);

.=AL

AKL &) ,)&' >eJ 0JD9M:=J$FF=F "=K;@a>LKJ=AK=F<= MKD9F<K

dKL=JJ=A;@=J$FF=F MF< AFL=J=KKA=JL= MJGHa=J$FF=F e:=J <=F A?AL9DK9L=DDAL=F *+) AF MJGH9 >J=A =EH>9F?:9J &) ,)&' AF>GJEA=JL ?9FR MJGH9 9CLM=DD EAL dKL=JJ=A;@AK;@=F /@=E=F MF< E9;@L <=F &GFLAF=FL EAL <=J dKL=J

J=A;@AK;@=F '=:=FK9JL :=C9FFL *: 17;F ;? ;>6 )7BADF G<=J #, V <9K =M

JGH9O=AL= F?=:GL NGF *-! ME>9KKL <A= CGEHD=LL= +9D=LL= <=J $F>GJE9LAGFK

K=F<MF?=F <9RM ?A:L =K 9M;@ @=AEAK;@= 0FL=J@9DLMF? MF< &MDLMJK=F<MF?=F >eJ <9K =MJGHaAK;@= +M:DACME

G "-6,-;+0?-:8=63< E )0:- $C

=J X .75=7D OA<E=L= KA;@ AE (aJR

<=E %M:ADaME X !3:D7 ,S =A

LJa?= :=D=M;@L=L=F M 9 <A= /@=E=F 7D >3@97 .79 HA@ XEF7DD7;5: ;@ 6;7 , GDAB[;E5: >747@ MF< ;7 , G@6 ;:D7 1G=G@8F A= X %35:D;5:F7@ :=JA;@L=L=F e:=J <=F RO=ALa?A?=F 0 "AH>=D AF =JDAF KGOA= e:=J <=F !=KL9CL <=J 9E (aJR AF 2A=F KL9LL>9F<

= 7412# 06')4#6+10

=:78);<=,17

</7./ '/6>/8 /?/ '/6> G .95 F67 %7G7 .7>F 9MK?=KLJ9@DL 9E .=HL=E:=J

AF <=J -=A@= 6A= O>? AKL =AF -=AK=TDE e:=J <9K "=KL=JF MF< <9K #=ML= B=F=J '9F<KLJA;@= (ALL=D=MJGH9K <A= 9DK d@E=F .A=:=F:eJ?=F 9DE9LA=F "9DARA=F G<=J MCG

OAF9 /=AD <=J dKL=JJ=A;@AK;@ MF?9JAK;@=F (GF9J;@A= O9J=F AF= ?=G?J9TK;@= 9:=J 9M;@ =AF= 5=ALJ=AK= 9MK <=J 9DL=F 2=DL AF =AF= F=M= NGF .9J9B=OG F9;@ 2A=F MF< -MEaFA=F NGF /JA=KL AF <A= M;@L NGF &GLGJ NGF <=J MF?9JAK;@=F +MKRL9 AF <A= 0CJ9AF=

16B =:78) #7=: >76 =*-:< >76 71;-:6

KL9JL=L= #M:=JL NGF "GAK=JF <A= #;@L GDAB3 +AGD (AL <J=A .;@A>>=F 9F< MF< J=O K;@AHH=JL= =J <A= GF9M KLJGE9:OaJLK :AK RMJ (eF<MF? AE .;@O9JR=F (==J M> A@J=J -=AK= D=?L= <A= J=O NA=D=JGJLK 9F ME EAL :=C9FF

L=F &eFKLD=J$FF=F 9MK <=F -=?AGF=F &GFR=JL= 9F GJ< RM KHA=D=F A=K= (M

KAC@A?@DA?@LK O9J=F 9DD=K9EL :=A >J=A=E AFLJALL RM?aF?DA;@ MF< KGJ?L=F >eJ =AF :=?=AKL=JL=K +M:DACME 9F '9F< =J *-! :=?D=AL=L <A= ?=K9EL= /GMJ =AF=K <=J OA;@LA?KL=F +JGB=CL= NGF #;@L 9DK (=<A=FH9JLF=J MF< R=A?L AE .GEE=J

=AF= >eF>L=ADA?= GCM

4K;;- ,-: -6K;;-

A= F=M= AFL=JF9LAGF9D CGHJG<MRA=JL= .=F<MF? >_EE7 67D 7@_EE7 KL9J

L=L=

RM =AF=J CMDLMJ=DD=F MF< CMDAF9JAK;@=F FL<=;CMF?KJ=AK= <MJ;@ ^KL=JJ=A;@ =MLK;@D9F< MF< !J9FCJ=A;@ FLD9F? :=C9FFL=J >_EE7 67D 7 @_EE7 :=KM;@L <A= -=A@= B=O=ADK 9E .GFFL9? 0@J *-! .La<L= MF< (=FK;@=F MF< :=JA;@L=L= <9Je:=J OA= KA= D=:=F OA= KA= >=A=JF MF< NGJ 9DD=F AF?=F O9K KA= CG;@=F

+' 70& 9+4

I = 1/2> 38 ./< /,+>>/ D?7 ?,63- &+6?/* ?7 7/2< +6= 8?< ?7 /.3/8 &3/67/2< =38. A3< K00/8>63-2 "/-2>63 -2/8 A926 83-2> D?0N6631 38 .+= 38/80/6.* ./< 1<9J/8 % '/<>/ ?8. <3/8>3/<?81= 3=5?==398 1/<+>/8 E

,/"# 1//". " 1#0. $0". !"/

=J d>>=FLDA;@ J=;@LDA;@= -MF<>MFC KL=@L AF ?9FR MJG

H9 G>>ARA=DD 9M> <=E +Je>KL9F< $F MFK=J=E !9DD @9L <A= , .7FF47I7D4E47:^D67 9E %9FM9J =AF 7; :;>87H7D83:D7@ ?=?=F ^KL=JJ=A;@ =Jd>>F=L OA= AF 9F<=

J=F !aDD=F 9M;@ =E *-! OAJ< NGF K=AF=F &GFCMJJ=FL=F 9E @=AEA

K;@=F (=<A9O=JL (9JCL NGJ?=OGJ>=F =J OeJ<= <MJ;@ K=AF= $FL=JF=L CLANALaL=F <A=K=F (9JCL N=JR=JJ=F M;@ K=A :=AKHA=DKO=AK= K=AF .HGJL .H9JL=FC9F9D <=KK=F =JA;@L=JKL9LLMF? e:=J -9F<KHGJL9JL=F >J9?

DGK 'G4>;5 -3>G7 <9JKL=DDL =AF= =AFRA?= 2=LL:=O=J:K

N=JR=JJMF? A= AKCMKKAGF ME <=F d>>=FLDA;@ J=;@LDA;@=F -MF<

>MFC AKL FGLO=F<A? AF <=J <A?AL9D=F 2=DL E=@J <=FF B= <9J9F RO=A>=DL V MFK =AF?=K;@DGKK=F V FA=E9F< 9KK <A= 7;:;>87H7D83:D7@ NGF <=J "A??;EE;A@ 9DK GE;@7EE 3E GEG3> :=R=A;@F=L O=J<=F MF< >9KL 9MK

K;@DA=ZDA;@ &@>;@7 :=LJ=>>=F <9J> 9:=J <=F DA;C 9M> O=K=FLDA;@= !J9?=F FA;@L N=JKL=DD=F ) 2A= R=FLJ9D KGDD MJGH9 9<EAFAKLJA=JL MF< AF D=LRL=J &GFK=IM=FR J=?A=JL O=J<=F O=D;@= -GDD= KGDD=F <A= F9LAGF9D=F +9JD9E=FL= MF< -=?A=JMF?=F CeF>LA? FG;@ @9:=F OGDD=F OAJ <=F ?=K9EL=MJGHaAK;@=F @9J9CL=J AF -A;@LMF? -7D7;@;9F7 *F33F7@ HA@ GDAB3 LJ=A:=F G<=J OGDD=F OAJ 9M> <=E )9LAGF9DKL99LK

"=<9FC=F :=@9JJ=F MK .A;@L B=F=J AF <=J=F $FL=J

=KK=FD9?= =AF= 5=FLJ9DJ=?A=JMF? MJGH9K H9KKL KAF< d>>=FLDA;@ J=;@LDA;@= -MF<>MFC9F:A=L=J EAL A@J=J MFe:=J:GL=F=F F9LAGF9D=F $<=FLALaLKKLA>LMF?K &J9>L N=JRA;@L:9J * 2A= KGRA9D KGDD MJGH9 :D=A:=F V OA= KL9JC KGDD =K <=F X>J=A=F 2=LL:=O=J:S AE .AFF= F=GDA:=J9D=J $<=9D

NGJKL=DDMF?=F >GJ;A=J=F A=K= !J9?= :=Je@JL NA=D=

J9F;@=F IM=J <MJ;@ 9DD= =MJGHaAK;@=F .L99L=F <=J BeF?KL= 29@DC9EH> @9L KA= 9M;@ AF ^KL=JJ=A;@ AF <=F (ALL=DHMFCL <=J F9LAGF9D=F =:9LL= ?=KL=DDL K DA=?L 9M> <=J #9F< <9KK <=J d>>=FLDA;@ J=;@LDA;@= -MF<>MFC =AF O=AL@AF KA;@L:9J=K .QE:GD ?=?=F <A= J=AF= F=GDA

:=J9D= '=@J= <9JKL=DDL 2=FF <=J d>>=FLDA;@ J=;@LDA;@= -MF<>MFC <9K N=J?9F

?=F= %9@JR=@FL AF <=F E=AKL=F 'aF<=JF MJGH9K O=AL

?=@=F< MF:=K;@9<=L e:=JKL9F<=F @9L DA=?L <9K OG@D FA;@L RMD=LRL <9J9F <9KK <A= =>eJOGJL=J$FF=F NGF XE=@J (9JCLS G>L B=F= KAF< <A= 9M> <=E F9LAGF9D=F .=D:KL:=@9MHLMF?KOADD=F 9E KLaJCKL=F :=@9JJ=F R AF "JGZ:JAL9FFA=F G<=J /K;@=;@A=F $F<=K B=F= <A= 9E N=@=E=FL=KL=F >eJ <A= -7D7;@;9F7@ *F33F7@ HA@ GDAB3 =AFLJ=L=F FA;@L K=DL=F <A= KAF< <A= <=E 2G@D

>9@JLK MF< .GRA9DKL99LK?=<9FC=F 9F@aF?=F MF< =AF=E :=<=ML=F<=F d>>=FLDA;@=F .=CLGJ <9K 2GJL J=<=F A= +JG?FGK= >eJ <9K CGEE=F<= %9@JR=@FL AKL FA;@L RM LJ=FF=F NGF <=J 9DD?=E=AF=F FLOA;CDMF? <=J 0 MF< <9:=A NGF <=F ?DG:9D=F FLOA;CDMF?=F 9M> <A= MJGH9 J=9?A=J=F OAJ< EeKK=F =J 5M? AF -A;@LMF? R=FLJ9DAKLAK;@=K MJGH9 <=J NGJDaM>A? AF <=J .L9LAGF M:DAF KL=@L CGEEL =J OA=<=J AF !9@JL =J 5M? AF -A;@LMF? =AF=K KGRA9D EGLANA=JL=F MJGH9K OAJ< =J !9@JL 9M>F=@E=F G<=J =JF=ML AF -A;@LMF? NdDDA?=J (9JCLGJA=FLA=JMF? ME?=D=AL=L O=J<=F A=K= MF< NA=D= 9F<=J= !J9?=F D9KK=F B=<= +JG?FGK= D=LRLDA;@ RMJ HMJ=F .H=CMD9LAGF O=J<=F =FFG;@ 0FK=J= &9JL=F KL9F<=F K;@D=;@L=J 9DK <9K DaKKL KA;@ N=J=AF>9;@=F< <G;@ K9?=F 0F< <A= MF?=

>a@J (=FK;@=F <A= <=J d>>=FLDA;@ J=;@LDA;@= -MF<>MFCK=CLGJ AF MJGH9 :=K;@a>LA?L KAF< B9 FA;@L CD=AF= )MKKK;@9D=F AE *R=9F <=J "=K;@A;@L= KGF

<=JF HGL=FRA=DD K=@J OAJCMF?KEa;@LA?= +D9Q=J AF <A=

K=E +JGR=KK 2=FF KA= <9K V 9E :=KL=F ?=E=AFK9E V =JC=FF=F A@J=F B=O=ADA?=F F9LAGF9D=F 'G4>;5 -3>G7 NA=D =FLK;@DGKK=F=J 9DK :AK@=J N=J9FK;@9MDA;@=F <9FF @9L <=J d>>=FLDA;@ J=;@LDA;@= -MF<>MFC E=@J 5MCMF>L 9DK 1=J?9F?=F@=AL

,/"# 1//".

1- =:78I1;+0- !=6,.=63=6176

A= , 9DK 5MK9EE=FK;@DMKK <=J =MJGHaAK;@=F d>>=FLDA;@ J=;@LDA;@=F -MF<

>MFC9FKL9DL=F OMJ<= 9E !=:JM9J 9M> =AF=J &GF>=J=FR AF "JGZ:JAL9F

FA=F ?=?JeF<=L V EAL <=E 5A=D =AF )=LRO=JC RME MKL9MK;@ NGF )9;@JA;@L=F

>ADE=F 9M>RM:9M=F =K 2=AL=J=F KGDD <A= , L=;@FAK;@= FLOA;CDMF?=F AE -9<AG MF< !=JFK=@:=J=A;@ NGJ9FLJ=A:=F MF< KL9F<9J<AKA=J=F (ALLD=JO=AD= @9L <A= , 1GDDEAL?DA=<=J 9MK .L99L=F MF< 9KKGRAA=JL= (AL?DA=<=J 9MK O=AL=J=F 'aF<=JF 7;?3F 8D7?67 7;?3F =LO9 :=L=ADA?L= KA;@ 9E +JG

?J9EEK;@O=JHMFCL $GE>;?7 ;@ GDAB3 EAL B=O=ADK EAFeLA?=F (=FK;@=F

:AD<=JF 9MK $JD9F< .;@O=<=F MF< aF=E9JC A=K= +GJLJaLK KL9EE=F 9MK =AF=J &GHJG<MCLAGF EAL =D> +9JLF=JKL9LAGF=F <=J ,

1- $ )4; 8741<1;+0-; :/)6

A= , N=JLJALL A@J= (AL?DA=<=J NGJ <=J GDAB[;E5:7@ ,@;A@ EAL <=J M>?9:= 2A;@LA?C=AL MF< )MLR=F <=J d>>=FLDA;@ J=;@LDA;@=F .=F<=J NGJ <=F HGDALAK;@=F FLK;@=A<MF?KLJa?=J$FF=F 9F?=E=KK=F RM HJaK=FLA=J=F 5M<=E 9J:=AL=L <A= , =F? EAL <=J ,%& MF< EAL <=J ,% * & RMK9EE=F <9EAL 9DD= !=JFK=@KL9LA

GF=F O=D;@= <A= 5A=D= <=J , L=AD=F AF <A= O=DLO=AL=F +JGR=KK= <=J (=<A=F

HGDALAC =AF?=:MF<=F KAF<

= '4#06914670) = 7412# 06')4#6+10

'4 +/ '7412C+5%*'0 '4$70&

"<:=3<=: ,-: $

.=AL

KLJMCLMJA=JL KA;@ <A= , AF K=;@K &GEAL==K -9<AG /1 )9;@JA;@L=F .HGJL /=;@FAC -=;@L MF< ^>>=FLDA;@C=ALK9J:=AL A=K=F AKL =AF= "=K;@a>LK

>e@JMF? EAL R=@F (AL?DA=<=JF e:=J?=GJ<F=L "=F=J9D<AJ=CLGJ J D=P9F<=J 2J9:=LR MF< J -9AF=J !AK;@=J .== N=JLJ=L=F <=F *-! :=A <=J "=F=J9DN=J

K9EEDMF? 5M<=E @9L <=J *-! R9@DJ=A;@= 1=JLJ=L=J$FF=F AF <=F B=O=ADA?=F &G

EAL==K MF< "J=EA=F (A;@9=D9 %9NGJKCQ R AKL (AL?DA=< <=J 1=JK9EEDMF? <=J +JG?J9EE MF< !=JFK=@<AJ=CLGJ$FF=F KGOA= <=J AJ=CLGJ$FF=F AE 0FL=J@9D

LMF?K:=J=A;@ (9? !J9FR "J9:F=J AKL AF <=J 1=JK9EEDMF? <=J AJ=CLGJ$FF=F >eJ GCME=FL9LAGF=F AJ=CLGJ DE9J *:=J@9MK=J MF< #9FK #M:=J KAF< RO=A <=J >eF> *-! 1=JLJ=L=J$FF=F AE =J=A;@ /1 .HGJL 9F=:=F ?A:L =K FG;@ NA=D= 9F<=J= (AL9J:=AL=J$FF=F <=K *-! <A= AF <=F =AFR=DF=F MKK;@eKK=F <=J , OA;@LA?= =MJGHaAK;@= FLK;@=A<MF?=F LJ=>>=F

</7./ '/6>/8 '3< =38. =9 @/<2+==> G 35>398+6/= 367:<94/5> ./< % +9JAK 9K >J9FRdKAK;@= MZ=F9EL OADD AF MJGH9 =AF=F KL9:AD=F !JA=<=F @=JKL=DD=F 2=K=FLDA;@= 1GJ9MK

K=LRMF? =AF .;@MDL=JK;@DMKK EAL <=E =@=E9DA?=F &JA=?K?=?F=J =MLK;@D9F< !eJ <A= +9JAK=J .LM<=FLAF (9JA= =KLJ9<= MF< <=F =MLK;@=F %eJ?=F &dDD=J =FLOA;C=DL KA;@ <A= @AKLGJAK;@= 1=J:Je<=JMF? RM =AF=E ?=>a@JDA;@=F .HA=ZJML=FD9M> <=FF FG;@ KAF< <A= -=KK=FLAE=FLK ROAK;@=F :=A<=F 1GDCK?JMHH=F ?JGZ DK @=J9MKCGEEL <9KK <A= RO=A =AF= aJ= @9:=F ?=J9L=F KA= ROAK;@=F 9DD= !JGFL=F A= JMF< <J=A (AG MJG L=MJ= +JG<MCLAGF <9JMFL=J

MJG NGE 7D@E7:8A@6E GEFD;3 e:=J <A= FLKL=@MF? <=J GDAB[;E5:7@ ,@;A@ OMJ<= MFL=J 9F<=J=E AF 2A=F ?=<J=@L .;@9MHDaLR= O9J=F <A= "=LJ=A<=:dJK= MF< <9K 9>c -ALL=J "=R=A?L OMJ<= <=J !ADE 9E !=:JM9J AF *-! K K=A =AF !ADE e:=J 'A=:= MF< !JA=<=F =JCDaJL -=?AKK=MJ !J9F;C HHJ=<=JAK X ;7 D_@6G@9 67D , ;EF 67D 3D3@F 8_D 67@ _47D !3:D7 63G7D@67@ D;767@ ;@ GDAB3 S

$ " =6<-:;<K<B< J..-6<41+0 :-+0<41+0-6 !=6,.=63

$F A@J=J "A@H7@F;A@ LGD D:3>FG@9 67D =G>FGD7>>7@ -;7>83>F <A= K=AL (aJR

AF &J9>L AKL MFL=JKLeLRL <A= ,% * & =PHDARAL X$3V@3:?7@ 6;7 63D3G8 34L;7>7@ 6;7 $76;7@H;7>83>F LG 7D:^:7@ G@6 LI3D 3G5: 6GD5: 67@ ^887@F>;5:7@ )G@68G@=S

=.<:)/

-1;<=6/

)9;@JA;@L=F MF< 0FL=J@9DLMF? 9MK 9DD=J 2=DL V PHGJL dKL=JJ=A;@AK;@=J ,M9DALaL AF <A= 2=DL 2=DLG>>=F@=AL =JA;@L=JKL9LLMF? MF< FL=JL9AFE=FL AE ?DG:9D=F &GFL=PL

-0:?-:< !" # % D 16<-:6)<176)4-: "<)6,):,

G .;*-. 26 7/8;6*=287<C.2=*5=.; 2<= .27 >7*+1N7020.; /O-.;*5.; >7- 0.6.277P=C20.; O//.7=52,1 ;.,1=52,1.; >7-/>74 <8 @.;=?855 @2. 72. C>?8; >7- -*;/ -.<1*5+ *>,1 72,1= ?87 !.2=.7 >;89*< *><0.1.+.5= @.;-.7 D 2.=.; O;; #72?.;<2=N= *27C

=J *-! N=J:AF<=L ^KL=JJ=A;@ EAL <=J 2=DL &GJJ=K

HGF<=FL$FF=F KGJ?=F <9>eJ <9KK =A?=FKLaF<A? J=;@=J

;@A=JL MF< F9;@?=>J9?L OAJ< M;@ AE O=DLO=AL=F &GFL=PL NGF $F>GJE9LAGF .HGJL MF< 0FL=J@9DLMF? Ra@D=F 1=JDaKK

DA;@C=AL MF< BGMJF9DAKLAK;@= &GEH=L=FR MF9:@aF?A? NGF OAJLK;@9>LDA;@=F 'G::QK MF< "=K;@a>LKEG<=DD=F *-! =JA;@L= 'AN= =JA;@L=JKL9LLMF? -=HGJL9?=F MF< GCME=FL9LAGF=F 9MK 9DD=F /=AD=F <=J J<= <GCME=FLA=

J=F <A= !a<=F 9F <=F=F <9K 2=DL?=K;@=@=F @aF?L =J M>LJ9? FKHJM;@KNGDD= 2=DL -=AK=F C=AF= :MFL=F 2=J:=>9@JL=F K9EL 'G;C9F?=:GL=F

:)3<1;+0-: =<B-6

=J DA;C 9M> <A= ?9FR= 2=DL *@F= M>HJ=AK MF< !9@JLKH=K=F

'40' '.6'0 ? '4 0(14/#6+105#7(64#) #.5 7#.+6C65/'4-/#.

G 5< O//.7=52,1 ;.,1=52,1. 8>;7*52<= 77.7 4O77.7 @2; 72,1= 7>; "1.6.7 *7-.;< +.1*7-.57 @2; +.1*7-.57 P+.;1*>9= *>,1 "1.6.7 -2. 6*7,1 .27.6 4866.;C2.55.7 !.7-.; C> <9.;;20 @N;.7 D

,.+")& ,/-".+&( ,.."/-,+!"+0&+ "(&+$

+JG?J9EENA=D>9DL AKL 9MLGE9LAK;@ (=AFMF?KNA=D>9DL <9K AKL =AF= G>L ?=aMZ=JL= FF9@E= $;@ O9?= A@J RM OA<=JKHJ=;@=F =FF A;@ 9J:=AL= AF @AF9 =AF=E '9F< EAL MFRa@DA?=F !=JFK=@C9FaD=F 9:=J =AF=J =AF

RA?=F HM:DARA=JL=F (=AFMF? !=JFK=@?=:e@J=F ?A:L =K @A=J FA;@L KL9LL<=KK=F ?A:L =K =AF= =J<Je;C=F<= :@aF?A?C=AL NGF <=J +9JL=A =AF=JK=ALK MF< NGE &GE

E=JR 9F<=J=JK=ALK +- AKL EAL <=J FR9@D K=AF=J 2=J:=MFL=J:J=;@MF?=F FaEDA;@ <MJ;@ MF< <MJ;@ CGEE=JRA=DD MF< AF K=AF=J $F>GJE9LAGF <MJ;@ MF< <MJ;@ ?D=A;@?=K;@9DL=L )9LeJDA;@ KGDDL= E9F KA;@ FA;@L EAL +- N=J?D=A;@=F 9:=J =AF=K R=A?L <A=K= .LJMCLMJ ?9FR <=MLDA;@ 2G <9K !=JFK=@=F FA;@L <=J ^>>=FLDA;@C=AL ?=@dJL AKL <A= ^>>=FLDA;@C=AL 9M;@ <9K '=LRL= <=E KA;@ <9K !=JFK=@=F N=JH>DA;@L=L >e@DL .G ?=K=@=F =JD=:= A;@ 9MK <=J AKL9FR B=<= d>>=FLDA

;@= =:9LL= e:=J <=F *-! 9M;@ 9DK OG@DLM=F< 0FK=J +M:DACME :JAF?L KA;@ =AF 0F< A;@ >AF<= =K @9L <9RM 9M;@ B=<=K -=;@L 0E?=C=@JL EMKK E9F 9:=J K9?=F 9K CJALAKA=J=F<= +M:DACME K;@=AFL E9F;@E9D RM N=J

?=KK=F <9KK ,M9DALaL A@J=F +J=AK @9L MF< =K K;@=AFL 9M;@ RM N=J?=KK=F <9KK NA=D=K NGF <=E O9K AE *-! RM K=@=F AKL AF =AF=E CGEE=JRA=DD=F .=F<=J FA= ?=R=A?L O=J<=F OeJ<= 2a@J=F< A;@ <9K K;@J=A:= 9J:=AL= A;@ 9F =AF=J GCME=FL9LAGF e:=J @JAKL=F AF @AF9 9K AKL =AF KH9FF=F<=K /@=E9 9:=J A;@ ?D9M

:= FA;@L <9KK A;@ =K 9DK &GJJ=KHGF<=FLAF >eJ =AF=F CGEE=JRA=DD=F .=F<=J e:=J@9MHL G<=J AF <A=K=J 'aF?= :=@9F<=DF CdFFL= G<=J <eJ>L= 0F< A;@ ?D9M:=

9M;@ <9KK A;@ 9DK &GJJ=KHGF<=FLAF :=A =AF=E CGE

E=JRA=DD=F .=F<=J E9F;@E9D ?=ROMF?=F OaJ= /@=

E=F J=AZ=JAK;@=J RM :=@9F<=DF 9DK A;@ OADD &GEE=J

RA=DD=K !=JFK=@=F @=AZL K=@J G>L <9KK $F>GJE9LAGF=F @AFL=J EGLAGF=F RMJe;CO=A;@=F 9K KA=@L E9F NGJ 9DD=E :=A <=J &9L9KLJGH@=F:=JA;@L=JKL9LLMF? )9LeJ

DA;@ O=AZ 9M;@ A;@ e:=J <A= &J9>L <=J EGLAGF AE !=JF

K=@=F =K;@=A< MF< A;@ :AF 9M;@ EAL '=A: MF< .==D= -=HGJL=JAF 9:=J 9DK d>>=FLDA;@ J=;@LDA;@= %GMJF9DAKLAF KL=@= A;@ FA;@L MFL=J <=E JM;C (=FK;@=F <A= ?=J9

<= 9MK <=F /JeEE=JF ?=RG?=F OGJ<=F KAF< RM AFL=J

NA=O=F O=AD <=J &GFCMJJ=FL =AF KGD;@=K $FL=JNA=O @9:=F CdFFL= =F 2=LL:=O=J: <=K 1GQ=MJAKEMK KGD

D=F MF< OGDD=F OAJ 9M;@ FA;@L ?=OAFF=F .L9LL<=KK=F KGDD=F MF< CdFF=F OAJ MFK 9M> <9K CGFR=FLJA=J=F O9K <A= ^>>=FLDA;@C=AL RM -=;@L MFL=J $F>GJE9LAGF N=JKL=@L !9CL=F AFGJ<FMF? F9DQK= DK d>>=FLDA;@ J=;@LDA;@= %GMJF9DAKLAF @9LL= A;@ <A= (d?DA;@C=AL F9;@ <=J 9CLM

=DD=F J<:=:=F:=JA;@L=JKL9LLMF? AF .A;@M9F =AF=F #AFL=J?JMF<:=JA;@L RM E9;@=F AF <=E A;@ <9K =:=F NGF MF< <=F 0E?9F? <=J +GDALAC <9EAL EAL B=F=E NGF N=J?DA;@=F @9:= #aLL= A;@ =AF= .=F

<=>Da;@= >eJ KGD;@ =AF=F =JA;@L AF =AF=E CGEE=JRA=D

D=F .=F<=J 9M;@ :=CGEE=F DK d>>=FLDA;@ J=;@LDA;@= %GMJF9DAKL$FF=F CdFF=F OAJ FA;@L FMJ /@=E=F 9F<=JK :=@9F<=DF OAJ :=@9F<=DF e:=J@9MHL 9M;@ /@=E=F <A= E9F;@ =AF=E CGEE=JRA

=DD=F .=F<=J RM KH=JJA? OaJ=F M;@ OAJ OAKK=F ?=F9M >eJ O=D;@= /@=E=F KA;@ <9K +M:DACME =@=J

= '4#06914670) = .1$#.' '452'-6+8' AFL=J=KKA=JL OAJ OAKK=F ?=F9M EAL O=D;@=J JL NGF "=K;@A;@L=F E9F ,MGL= E9;@=F C9FF OAJ @9:=F 9:=J ?D=A;@R=ALA? 9M;@ =AF= $F>GJE9LAGFKH>DA;@L AF KL9JC=K /@=E9 9:RM@9F<=DF AKL D=A;@L MF?D=A;@ K;@O=J=J AKL =K =AF KH=JJA?=K /@=E9 ?ML RM N=JEALL=DF .G C9FF KA;@ :=AKHA=DKO=AK= 0 =JA;@L=JKL9LLMF? FA;@L 9M> <9K HD9

C9LAN= FHJ9F?=JF NGF @9D:CMJAGK=F F=M=F -A;@LDAFA=F :=K;@JaFC=F KA= EMKK CGFKL9FL K=AF MF< KA= EMKK <=F .=@=J$FF=F N=JEALL=DF O9K <A=K= $F>GJE9LAGF=F >eJ KA= :=<=ML=F 9K AKL 9M;@ <9K #9MHL9J?ME=FL O=FF <=J *-! ?=>J9?L OAJ< O9JME =J KA;@ &GJJ=KHGF<=FL$FF=F D=AKL=L 2=AD 9M;@ MZ=FHGDALAC <9FF 9E :=KL=F N=JEAL

L=DL OAJ< O=FF <9K 2AKK=F e:=J <=F F9LAGF9D=F &GF

L=PL NGJ@9F<=F AKL !eJ <9K dKL=JJ=A;@AK;@= +M:DACME OAJ< <9K =AF= G<=J 9F<=J= /@=E9 9F<=JK 9M>:=J=AL=L O=J<=F 9DK >eJ <9K <=MLK;@= OAJ K=LR=F 9F<=J= AF?= NGJ9MK KHA=D=F 9M> 9F<=J=K 9F DK KLM<A=JL= GDE=L

K;@=JAF OMJ<= A;@ <9J9M> LJ9AFA=JL RA=D?JMHH=FKH=RA

>AK;@ RM 9J:=AL=F )A;@LK 9F<=J=K AKL AE "JMF<= ?=FGE

E=F <=J =JM> =AF=K J &GJJ=KHGF<=FL=F AF DK &GJJ=KHGF<=FL$FF=F KAF< OAJ 9:=J 9M;@ =AF *-! AE &D=AF=F <=FF OAJ ?=@dJ=F KGRMK9?=F 9DD=F MFK=

J=F :L=ADMF?=F <=E !=JFK=@=F <=E -9<AG MF< <=F '9F<=KKLM<AGK %GMJF9DAKLAK;@= :?=@G:=F@=AL AKL <9:=A >=@D 9E +D9LR 0FK=J =JM> AKL <A= 'aF<=J AF <=F=F OAJ 9J:=AL=F RM N=JEALL=DF 9K CdFF=F OAJ AF <=J !GJE LMF <A= <9K +M:DACME >eJ ?=Od@FDA;@ EAL <=E J:=ALK:AD< =AF=J &GJJ=KHGF<=FLAF MF< =AF=K &GJ

J=KHGF<=FL=F ?D=A;@K=LRL EAL =AF=J 'AN= F9DQK= AF

<=J 17;F ;? ;>6 G<=J =AF=E =JA;@L AF <=F ^D8G@= <AGD@3>7@ /9LKa;@DA;@ 9J:=AL=F OAJ 9:=J 9M;@ >eJ <=F *BADF <A= "G>FGD >eJ $393L;@7 <A= )7>;9;A@ V CMJR >eJ 9DD= :L=ADMF?=F <=K #9MK=K $;@ @9:= =AF= .=JA= e:=J <=F DDL9? AF +=CAF? >eJ <A= .=F<MF? 7D4EFL7;F ?=E9;@L AF <=J OAJ :=AKHA=DK

O=AK= <=F DDL9? =AF=J /9PA>9@J=JAF MF< <A= 5M:=J=A

LMF? =AF=J +=CAF?=FL= ?=<J=@L @9:=F 2=FF B=E9F< E=AFL KGD;@= "=K;@A;@L=F =FLKHJa;@=F FA;@L <=E M>LJ9? <=K *-! G<=J <=J J:=AL =AF=J &GJJ=KHGF<=F

LAF EMKK A;@ OA<=JKHJ=;@=F "=F9M EAL KGD;@=F "=K;@A;@L=F C9FF E9F FaEDA;@ <9K $FL=J=KK= :=A =AF=E +M:DACMEKK=?E=FL <9K KA;@ 9FKGFKL=F O9@J

K;@=AFDA;@ FA;@L >eJ <9K MKD9F< AFL=J=KKA=JL O=;C=F (d?DA;@=JO=AK= OAJ< B=E9F< <=J <A= /9PA>9@J=JAF KH9FF=F< ?=>MF<=F @9L E=@J e:=J <9K '9F< OAKK=F OGDD=F 9M;@ e:=J K=AF= +GDALAC =F $F>GJE9LAGFK9M>LJ9? <=F OAJ AF <=F MZ=FKL=DD=F =J>eDD=F 9M> <A= CD9KKAK;@=F )9;@JA;@L=FK=F<MF?=F RM :=K;@JaFC=F OaJ= N=JCeJRL MF< =AF= 1=J?=M<MF? NGF -=KKGMJ;=F )9LeJDA;@ KAF< <A= 17;F ;? ;>6 MF< <9K $;FF39E<AGD@3> >eJ MFK 9DD= <A= &dFA?K<AKRAHDAF !eJ ^ RM 9J:=AL=F AKL >eJ MFK 9DD= =AF= MKR=A;@FMF? &JALAC=JF <=K XG:=J>Da;@DA;@=FS !=JFK=@=FK K=A 9:=J =AF=K N=JJ9L=F .G E9F;@= -=HGJL9?= <A= A;@ >eJ <A= X ^D8G@=<AGD@3>7 ?=E9;@L @9:= O9J FMJ Ed?DA;@ O=AD <9K !=JFK=@=F <A= &GKL=F >eJ <A= A=FKLJ=AK= ?=LJ9?=F @9L

,.+")& ,/-".+&(

'.6,1740#.+5/75 ? 4+'06+'470) +0 '+0'4 ).1$#.+5+'46'0 '.6

I 3-2> 7/2< ./< )?1+81 D? 809<7+>398/8 ?8. 32</ L,/<73>>6?81 =>/66/8 .3/ D/8><+6/ /<+?=09<./<?81 .+< =98./<8 32</ ?=A+26 ?8. 32</ 8>/<:</>+>398 E

. +6 <//)". ")0',1.+ )

A= ?DG:9DAKA=JL= 2=DL HJaK=FLA=JL KA;@ RM?aF?DA;@=J V 9:=J 9M;@ MFe:=JK;@9M:9J=J <=FF B= )9LAGF9D= $<=FLALaL=F <A= FG;@ <9K N=J?9F?=F= %9@J@MF<=JL ?=HJa?L @9LL=F O=J<=F AF !J9?= ?=KL=DDL F=M= LJ9FK

F9LAGF9D= $<=FLALaL=F =FLKL=@=F V <A= D7E BG4>;53 AKL FA;@L E=@J <MJ;@ F9LAGF9D= "J=FR=F KGF<=JF AEE=J E=@J <MJ;@ ?J=FRe:=JK;@J=AL=F<= AFL=JF9LAGF9D= .LJMCLMJ=F MF< FLOA;CDMF?=F :=KLAEEL #AFL=J <=F=F FA;@L K=DL=F H9JLACMDaJ= OAJLK;@9>LDA;@= MF< HGDALAK;@= $FL=J=KK=F OAJCK9E KAF< <A= >eJ <=F '9A=F C9ME FG;@ O9@JRMF=@E=F KAF< A= eJ?=J$FF=F <A= .M:B=CL= HGDALAK;@=J FLK;@=A<MF?=F AF =AF=J =EG

CJ9LA= KL=@=F NGJ =AF=J e:=JOaDLA?=F<=F MF<A>>=J=F

RA=JL=F !DML NGF $F>GJE9LAGF=F AF <=J KA= KA;@ AEE=J K;@O=J=J GJA=FLA=J=F CdFF=F $EE=J d>L=J O=J<=F KA= AF HGDALAK;@= MF< OAJLK;@9>LDA;@= (9JC=LAF?KLJ9L=?A=F =AF:=RG?=F <A= KA= K=D:KL C9ME FG;@ =JC=FF=F MF< K;@GF ?9J FA;@L E=@J D=FC=F CdFF=F $F <=J ?DG:9DA

KA=JL=F MF< K;@=AF:9J 9DD=F RM?aF?DA;@=F 2=DL JAKCA=

J=F <A= AE .AFF= <=J M>CDaJMF? EeF<A?=F eJ?=J$F

F=F A@J= (eF<A?C=AL RM N=JDA=J=F

A= $F>GJE9LAGFK>DML <JG@L FA;@L RMJ .LaJC= KGF<=JF RMJ =<JG@MF? >eJ <A= =EGCJ9LA= RM O=J<=F M;@ <A= ^>>=FLDA;@C=AL K=D:KL AF <=J <A= (=<A=F 9?A=J=F OAJ< AEE=J KLaJC=J NGF HJAN9L=F $FL=J=KK=F ?=HJa?L V O9K A@J H=J <=>AFALAGF=E <A= !a@A?C=AL FAEEL MF=A

?=FFeLRA? 9M>CDaJ=F< MF< GJA=FLA=J=F< RM OAJC=F 9K .7>F<AGD@3> N=JKL=@L KA;@ 9DK AFL=JF9LAGF9D=K -=HGJL9?= (9?9RAF AF <A=K=E .AFF= 9DK =AF d>>=FL

DA;@ J=;@LDA;@=K (=<AME <9K AFL=JF9LAGF9D= FLOA;C

DMF?=F AE 'A;@L= <=J "DG:9DAKA=JMF? 9M> =AF= HJG>=KKA

GF=DD= KLJMCLMJA=JL= 2=AK= 9MKOa@DL MF< R=A?L #AF

L=J?JeF<= 9MKD=M;@L=L MF< 5MK9EE=F@aF?= KA;@L:9J E9;@L <A= 9M> <A= ?=K=DDK;@9>LDA;@= FLOA;CDMF? AF ^KL=JJ=A;@ RMJe;COAJC=F DK A=FKLD=AKLMF? 9E =<eJ>FAK <=J EeF<A?=F eJ?=J$FF=F KA;@ AF <=J ?DG

:9DAKA=JL=F 2=DL RM GJA=FLA=J=F ME <=J=F FLOA;CDMF? 9CLAN EAL?=KL9DL=F RM CdFF=F

. +6 <//)".

&-4<27=:6)4

.7>F<AGD@3> V <9K *-! MKD9F<KE9?9RAF (ALLOG;@ 0@J *-! AF>GJ

EA=JL e:=J J=A?FAKK= 9MK 9DD=J 2=DL "=:GL=F OAJ< *JA=FLA=JMF? AF <=J 2=DL

HGDALAC ?=F9MKG OA= <9K M>R=A?=F NGF 5MK9EE=F@aF?=F MF< <9K =D=M;@

L=F <=J G>LE9DK MF<MJ;@KA;@LA?=F #AFL=J?JeF<= MK>e@JDA;@= -=HGJL9?=F $FL=JNA=OK MF< .LM<AG?aKL= AF>GJEA=J=F e:=J HGDALAK;@= MF< ?=K=DDK;@9>LDA;@= FLOA;CDMF?=F 5M ?=?=:=F=F FDaKK=F N=JDaKKL <9K .7>F<AGD@3> LJ9<ALAGF=DD= 2=?= MF< R=A?L <A= :=KL=F G>L E=@JL=ADA?= -=HGJL9?=F MF< GCME=FL9LAG

F=F 9MK 9DD=J 2=DL $E .GEE=J

CGFFL= <A= NA=JL=ADA?= -=HGJL9?= 7D 3EFDA@3GF e:=J <A= JD=:FAKK= <=K J=AK=F<=F .L9JCG;@K .L=>9F "9L=K ?=R=A?L O=J<=F F<= <=K %9@J=K :J9;@L= <9K .7>F<AGD@3> 7JFD3 <=F 9M>K=@=F=JJ=?=F

<=F AFL=JF9LAGF9D HJ=AK?=CJdFL=F GCME=FL9J>ADE +3J; FA F:7 3D= *;67 <=K 9E=JAC9FAK;@=F -=?AKK=MJK D=P "A:F=Q e:=J <A= 2A=<=J=AF>e@JMF? <=J !GDL=J AE X"D;79 9797@ 67@ +7DDAD;E?GES =J !ADE <MJ;@D=M;@L=L <=F !9DD <=K 9>?@9

FAK;@=F /9PA>9@J=JK AD9O9J <=J =AF=K )9;@EALL9?K NGF 0. AF@=AL=F >=KL?=

FGEE=F OMJ<= MF< >eF> /9?= KHaL=J <=F K;@O=J=F 1=JD=LRMF?=F <A= A@E AE "=>aF?FAK <MJ;@ 0. .GD<9L$FF=F RM?=>e?L OMJ<=F =JD9?

= .1$#.' '452'-6+8' = '4#06914670)

+' '.6 70& 9+4

</7./ '/6>/8 '9<53817+8 = /+>2 G .95 F67 $F N=J9DL=L=F (AF=F JA=KA?=F !9:JAC=F NGJKAFL>DMLDA;@=F 2=J>L=F MF< :=A ?JdZ=FO9@FKAFFA?=F 9MHJGB=CL=F N=J<AF?L KA;@ <=J (=FK;@ FG;@ 9DK J

:=AL=J AE CD9KKAK;@=F .AFF =J !ADE NGF (A;@9=D "D9OG??=J =JRa@DL NGF <A=K=F D=LRL=F 9KLAGF=F <=J CdJH=JDA;@=F J:=AL e:=J <A= "=O9DL <A= <A=

K= !GJE <=J J:=AL <=E (=FK;@=F 9FLML MF< e:=J <9K O9K =J N=JDA=JL O=FF =K <A=K= J:=AL FA;@L E=@J ?A:L MK?=KLJ9@DL OMJ<= <=J !ADE 9E %MFA

AF <=J -=A@= 6A= 8;>?

! !-41/176-6 ,-: &-4<

A= -AL=F MF< !=KL= <=J MFL=JK;@A=<DA;@KL=F -=DA?AGF=F KL=@=F AE (ALL=DHMFCL <A=K=J .=F<=J=A@= .9EKL9? 0@J *-! $F <=J AE <=MLK;@=F .HJ9;@J9ME =AFE9DA?=F .=F<MF? )7>;9;A@7@ 67D .7>F ?=@L =K ME "=

<9FC=F .HAJALM9DALaL MF< JaM;@= AF <=F ?JGZ=F FA;@L;@JAKLDA;@=F -=DA?AGF=F V =AF=JK=ALK ME 1=JCeF<A?MF? >eJ <A= B=O=ADA?=F "DaM:A?=F F<=J=JK=ALK KG J GJAK HH=D *-! -=KKGJLD=AL=JAF >3G47@EF:7?7@ ME X @ 8AD?3F;A@ 8_D 3>>7 *7:7D @@7@ 793> A4 E;7 9>3G47@ A67D I3E E;7 9>3G47@S

J=A;@L= <A= 9F<:J=AL= <=J /@=E=F NGF ";@67D@ ;? G66:;E?GE e:=J <A= !J9?= O9K =A?=FLDA;@ =AE5:7D7E EE7@ AKL :AK @AF RM =AF=E +GJLJaL <=K -9??9= .L9JK $GF343DG=3 <=J AF K=AF=J #=AE9L 9DK +G=L <=J "=J=;@LA?

C=AL N=J=@JL OAJ<

G;<-::-1+0 ); !-+0< )=. &-1*41+03-1<

-MF<

(a<;@=F O=J<=F La?DA;@ 9M> <=J ?9FR=F 2=DL N=JKLeEE=DL 2=DLO=AL =JD=A<=F (AG (a<;@=F MF< !J9M=F =AF= =PLJ=E= !GJE NGF K=PM=DD=J "=O9DL <A= G>L N=J@9JEDGK=F< XO=A:DA;@= =K;@F=A<MF?S ?=

F9FFL OAJ< &DALGJAKN=JKLeEE=DMF?=F O=J<=F AF 9>JAC9FAK;@=F .L99L=F RME=AKL MFL=J HJAEALANKL=F MF< @Q

?A=FAK;@ MFRMEML:9J=F =<AF?MF?=F <MJ;@?=>e@JL 1A=D= (a<;@=F e:=JD=:=F <A=K= +JGR=<MJ FA;@L (9JAGF (9Q=J #G@<9@D @9L AF /G?G )A?=JA9 .M<9F MF< \L@AGHA=F <A= ?=FAL9D=F 1=JKLeEE=DMF?KHJ9CLAC=F MF< <=F &9EH> ?=?=F <A=K= /GJLMJ <GCME=FLA=JL #' XEF7DD7;5: R=A?L= <=F !ADE 9E !=:JM9J

75.#0&5$'4+%*6'456#6670) '4 7(64#) #.5 *#0%'

I 7 ./+60+66 1/<3/>/ ?=6+8.=3809<7+>398 37 /<8=/2/8 +?-2 D? /38/7 S<1/<=/<@3-/ 0S< 9=79:963> 88/8 8 /38/7 +6>/8 .397 ./= 8>/<8+>398+6/8 2+> 7+8 .+= /387+6 ?056N<?81* 1/8+88> E

+!." / #"&#". (01"))". &"+/0 1/) +!

29JME <A= .HJ9;@= <=K d>>=FLDA;@ J=;@LDA;@=F !=JFK=

@=FK 9M;@ =AF $<AGE <=K $FL=JF9LAGF9D=F H>D=?=F KGDD

L= K 9FLOGJL=L 9M> =AF= :J=AL=FOAJCK9E= +9J9<GPA= <=J "DG:9DAKA=JMF? GJL OG A@J= QF9EAC <=J FL

?J=FRMF? 9DK MF>J=AOADDA?= #GJARGFL=JO=AL=JMF? =J>9@

J=F OAJ< >GD?L <A=K=J J>9@JMF? =AF= -=?AGF9DAKA=JMF? <=J +=JKH=CLAN=F =AF= 2=DL>DM;@L AF 9F?=KL9EEL= $FL=JA=MJK <=J F9LAGF9D=F .=D:KL:=@9MHLMF? <=K KGRA9D=F -=KK=FLAE=FLK <=J CMDLMJ=DD=F :K;@GLLMF? 2A= AEE=J KGD;@= -=>D=P= E=<A9D ?=KHA=?=DL O=J<=F V =LO9 <MJ;@ =AF= X1=JdKL=JJ=A;@=JMF? <=K +JG

?J9EEKS G<=J <MJ;@ -=?J=KKAGF=F AF <9K XHJAN9LAKA=J

L=S FL=JL9AFE=FL ^>>=FLDA;@ J=;@LDA;@= MKD9F<K:=

JA;@L=JKL9LLMF? @9L =AF=F 9F<=J=F M>LJ9? 9K GE>3@6ED7EEADF <=K *-! :=?J=A>L KA;@ FA;@L 9DK +JGH9?9F<9:eJG <=J "DG:9DAKA=JMF? 1A=DE=@J Ra@DL <A= D=A<=FK;@9>LKDGK= @JGFAC NGF "DG:9DAKA=JMF?K

H@aFGE=F=F =AFK;@DA=ZDA;@ A@J=J &JAK=F RME /9?=K

?=K;@a>L (AL =AF=E +9FGHLACME <=J &GF>DACL= &9L9K

LJGH@=F MF< &MJAGK9 <A=K=J 2=DL KAF< KA= 9DD=F>9DDK RM ADDMKLJA=J=F 9:=J C9ME RM =JCDaJ=F 9@=J OAJ< F=:=F <=E +>DA;@LHJG?J9EE <=K J=A?FAK@9>L=F 9M;@ N=J

KM;@L "DG:9DAKA=JMF? 9DK +JGR=KK RM N=J9FK;@9MDA

;@=F <=J KA;@ ?D=A;@=JE9Z=F AF <=J !=JF= OA= AF @=A

EAK;@=F "=>AD<=F 9:KHA=D=F C9FF =AKHA=DKO=AK= EAL =JA;@L=F e:=J &DAE9N=JaF<=JMF? )9@JMF?KEALL=D

CF9HH@=AL O=DLHGDALAK;@= FLOA;CDMF?=F M;@ EAL 'AN= F9DQK=F AE .LM<AG <=J 17;F ;? ;>6 $E %9@J CGFFL=F 9M> <A=K=E O=AL=F !=D< CD=AF= L9H

H=F RMJe;C?=D=?L O=J<=F =J=F ?JdZL= O9J <A= Jd>>

FMF? =AF=K &) "ADD7EBA@67@F @@7@4_DAE AF +=CAF?

<=J (9;@LR=FLJ9D= =AF=K F=M=F X"DG:9D +D9Q=JKS KA=F AFK?=K9EL 9:=J 9M;@ >JAC9 KAF< @aM>A?=J 9DK >Je@=J AFK DA;C>=D< <=J =JA;@L=JKL9LLMF? ?=Je;CL V 9DK KH=CL= =AF=K @=J9M><aEE=JF<=F XHGKL9E=JAC9

FAK;@=FS G<=J 9M;@ XHGKL=MJGHaAK;@=FS 5=AL9DL=JK LJGLR 9DD=F M?=FE=JCK 9M> <A= NGDDRG?=F= 29;@9:Dd

K= AF +9JAK MF< <A= :=NGJKL=@=F<= AF 29K@AF?LGF A= 9DD=F>9DDK X?=>e@DL=S AFL=JF9LAGF9D= #GJARGFL=J

O=AL=JMF? <=K 9CLM=DD=F $F>GJE9LAGFK9F?=:GL=K DA=Z= KA;@ KL9LAKLAK;@ :=D=?=F AKL <=J FL=AD 9F X2=DL

HGDALACS <=J 17;F ;? ;>6 ME 0@J AE 1=J?D=A;@ RME 1GJB9@J ME 9M> +JGR=FL ?=O9;@K=F ,M=D

D= $76;3.3F5: $E K=D:=F 5=ALJ9ME AKL <A= 59@D <=J =ALJa?= 9MK &GJJ=KHGF<=FL=F:eJGK ME B=F= <=K MKD9F<K9FL=ADK 9F 1; .=F<MF?=F ME +JG

R=FL ?=KLA=?=F ,M=DD= *-! 5M <=F +9J9<GPA=F <=K *-! Ra@DL <9:=A <9KK <A=K=J E=JCDA;@= 5MO9;@K 9F J:=AL NGF =AF=E E=JCDA;@ J=<MRA=JL=F +=JKGF9DKL9F< <=J MKD9F<KJ=<9CLAGF :=OaDLA?L O=J<=F EMKKL= =J d>>=FLDA;@ J=;@LDA;@= (=@JO=JL KGD;@=J A=FKLD=AK

LMF?=F AKL EAL -=A;@O=AL=F G<=J (9JCL9FL=AD=F FA;@L 9<aIM9L RM :=K;@J=A:=F J KL=DDL KA;@ 9M;@ FA;@L =AF O=FF KA;@ <A= X2=DL =JA;@L=JKL9LLMF?S 9M> :MFL= MK>De?= AFK FLD=?=F= G<=J ?9J PGLAK;@= :=K;@JaFCL $@J X@=@J=KS 5A=D OaJ= =K NA=DE=@J <MJ;@ <A= 1=J9FK;@9MDA;@MF? LJ9FKF9LAGF9D=J ?=K9EL=MJG

HaAK;@=J G<=J ?DG:9D=J $FL=J<=H=F<=FR=F <9K >=JF= G<=J >J=E<= MKD9F< 9M;@ 9DK X2=DLAFF=FJ9MES +=L=J .DGL=J<ABC =J>9@J:9J RM E9;@=F $E $<=9D>9DD ?=JA=L= MKD9F<KAF>GJE9LAGF AE !=JFK=@=F V EAL 9DD=F N=J>e?:9J=F /=;@FAC=F MF< &MFKL?JA>>=F <=K :AD<@9>L=F 1=J?Fe?=FK V 9M;@ RM =AF=E eJ?=JK=JNA;= >eJ &GKEGHGDAL$FF=F $F =AF=E 9DL=F $<AGE <=K $FL=JF9LA

GF9D=F @9L E9F <9K =AFE9D X M>CDaJMF?S ?=F9FFL

+!." / #"&#".

&-4< %-:51<<4-: 1- 7::-;876,-6< 66-6 ,-; !

0E <9>eJ RM KGJ?=F <9KK $F>GJE9LAGF=F e:=J 9DD= OA;@LA?=F AFL=JF9LAGF9D=F J=A?FAKK= <=F 2=? RME dKL=JJ=A

;@AK;@=F +M:DACME >AF<=F MFL=J@aDL <=J *-! O=DLO=AL eJGK MF< MZ=FKL=DD=F EAL =AF=E Ba@JDA;@=F M>O9F< NGF E=@J 9DK >eF> (AG MJG *-! &GJJ=KHGF<=FL$FF=F O9J=F

AF 'aF<=JF MFL=JO=?K =J *-! MFL=J@aDL MZ=FKL=DD=F <A= AFK?=K9EL -9<AG MF< !=JFK=@ =ALJa?= AF =AF=J 'aF?= NGF CF9HH

(AFML=F DA=>=JL=F

OMJ<= <9K &) _DA :;@3 AF +=CAF? =Jd>>F=L *-! &GJJ=KHGF<=FL$FF=F AF 9DD=J 2=DL KGJ?=F <9>eJ <9KK .=@=J$FF=F MF< #dJ=J$FF=F <=J *-! +JG?J9EE= K;@F=DD CGJJ=CL MF< AF>GJE9LAN NGF .;@9MHDaLR=F <=K "=K;@=@=FK 9MZ=J@9D: <=J =A?=F=F '9F<=K?J=FR=F 9MK>e@JDA;@ MF< RMN=JDaKKA? AF>GJEA=JL O=J<=F A= 1=J9FLOGJLMF? <=J &GJJ=KHGF<=FL$FF=F AKL ?JGZ =J>GJ<=JL !D=PA:ADALaL MF< J9K;@= -=9CLAGF=F

</7./ '/6>/8 ?<7+ +66 38-6?=3@/ G .95 F67 #AFL=J <A= LGMJAKLAK;@=F &MDAKK=F :DA;CL -GD9F< 2=@9H EAL K=AF=E !ADE GD?3 3>> ;@5>GE;H7 *CLG:=J

*-! 9:=A KH9JL =J C=AF=K <=J :JAK9FL=F /@=

E=F 9MK <A= MFL=J 9F<=J=E 9M;@ RM <=F BeF?KL=F 0FJM@=F AF <A=K=E '9F< ?=>e@JL @9:=F =J "J9R=J !ADE=E9;@=J @9L FG;@ NGJ <=F M>KLaF<=F <9K '9F< :=J=AKL (AL N=JKL=;CL=J &9E=J9 :DA;CL= =J >eJ K=AF= GCME=FL9LAGF @AFL=J <A= =PGLAK;@= &MDAKK= MF< :=JA;@L=L AF :JAK9FL=F AD<=JF NGF (dF;@=F P -=:=D

D=F MF< !De;@L=F<=F

= '4#06914670) = .1$#.' '452'-6+8'

'.6 '46' +/

73=5-6<)<176 =6, 1;3=;;176 B= *:1;)6<-6 6<?1+34=6/-6 #-=.41;+0- ):13)<=:-6

J=FF=F<= <aFAK;@= GLK;@9>L=F OeL=F<=J (G: 9M> <=F .LJ9Z=F AF /=@=J9F 9E9KCMK MF< &9AJG GQCGLL ?=?=F <aFAK;@=K %G?@MJL MF< 9F<=J= =DAC9L=K

K=F A= OeL=F<=F +JGL=KL= F9;@ <=J 1=Jd>>=FLDA;@MF? NGF $A:3??76 "3D; =3FGD7@ AF =AF=J <aFAK;@=F 5=ALMF? KAF< FG;@ <=MLDA;@ AF JAFF=JMF? =J <a

FAK;@= !ADE=E9;@=J &9JKL=F &B9=J @9L ROdD> 'aF<=J :=J=AKL ME 0JK9;@=F MF< MKOAJCMF?=F <=K M>JM@JK RM 9F9DQKA=J=F -=KMDL9L O9J <A= AF ):< /-67;;-6 ?=R=A?L= GCME=FL9LAGF +7G8>;E5:7 "3D;=3FGD7@ 5MNGJ :9L D9JAKK9 .L9<D=J AF 4-*-6; ):< <=F -=?AKK=MJ &9JKL=F &B9=J MF< 9JD9 EAF9 9?@9B9LA NGF <=J E>3?;E5:7@ >3G47@E97?7;@E5:38F RM =AF=J AKCMK

KAGF AFK .LM<AG

2<?81 0S< K "/.+5>/?<38 !eJ A@J=F =ALJ9? X=A>A9;E5:7E )7;E7@ ;? E_6>;5:7@ 8D;=3 AE -9@E=F <=K -=AK=E9?9RAFK ?4;7@F7 .GFFL9? 0@J ^ =J@A=DL ^ -=<9CL=MJAF 0JKMD9 MJC=JL <=F E;9@3+&,) I3D6 =J E;9@3+&,) I3D6 AKL =AF (=<A=FHJ=AK >eJ @=J9MKJ9?=F<= -=AK=DAL=J9LMJ MF< -=AK=:=ALJa?= MF< OAJ< K=AL

Ba@JDA;@ NGE D7EB75F @EF;FGF 8_D @F79D3F;H7@ +AGD;E?GE G@6 @FI;5=>G@9 N=J?=:=F 0FL=JKLeLRL OAJ< E;9@3+&,) NGF <=J XEF7DD7; 5:;E5:7@ @FI;5=>G@9ELGE3??7@3D47;F AE %9@J

9M;@ NGF %3FGD8D7G@67 @F7D@3F;A@3>7 % MF< <=E #747@E?;@;EF7D;G?

+' '.6 8'456C0&.+%* /#%*'0 ,'&'0 #)

I /38 /.3?7 3=> =9 =-28/66 ?8. D?16/3-2 =9 =9<10N6>31 A3/ .+= " "+.39 /38/= 23/< D?6+8./ 2+> =9 @3/6/ 9<</=:98./8> 88/8 5+?7 /38/= <N?7> ./8 /=-2/283==/8 37 ?=6+8. @/<16/3-2=A/3=/ =9 @3/6 6+>D /38 E

.0*10 &"!)". <.#1+( 19"+-,)&0&(

A?=FLDA;@ AKL AE !Je@KGEE=J 9DD=K 9:?=E9;@L MF< <A= 0 9M> <=E 2=? RM =AF=J JL F=M=E 1=J>9K

KMF?KN=JLJ9? A= 1GDCK9:KLAEEMF? AF $JD9F< <A= AF B=<=E !9DD K=AF EMKK ?A:L RM <A=K=E 5=ALHMFCL FG;@ C9ME =AF=E RM <=FC=F 9 <JG@L <A= 0FAGF K;@GF OA=<=J KLADDRMKL=@=F +GD=F OADD HDdLRDA;@ FA;@L E=@J A= .LAEE=FN=J@aDL

FAKK= OA= KA= <A= (AL?DA=<KKL99L=F >eJ <A= 5MCMF>L <=J 0 9MK?=@9F<=DL @9:=F KLGZ=F <=J F9LAGF9DAKLAK;@=F -=?A=JMF? AF 29JK;@9M 9M> A= &9R;QFKCA 5OADDAF?= N=JD9F?=F =AF KLaJC=J=K "=OA;@L >eJ +GD=F =AF=K <9K KA;@ 9MK <=J ,M9<J9LOMJR=D <=J =NdDC=JMF?KR9@D =JJ=;@F=L MF< MFL=JE .LJA;@ E=@J .LAEE=F =J?A:L =J dKL=JJ=A;@AK;@= MF<=KC9FRD=J MFL=JFAEEL F9;@ :KHJ9;@= EAL <=J <=MLK;@=F -9LKHJaKA<=FLK;@9>L AE %MFA =AF=F 1=JEALLDMF?KN=JKM;@ 2=K@9D: =J .7;> XEF7DD7;5: @;5:F 7GFE5:>3@6 E7; =7;@ $;EEFD3G7@ 7DD797 Q G@6 I7;> 7E 6;7 (G36D3FIGDL7> AD?7> E7; @7DL7;F LG? 7;97@7@ -ADF7;> 7D8G@67@ E;5: 63@@ 347D @;5:F 63D3G8 H7DEF7;8F :347 K9?L D>J=< "MK=F:9M=J NGJ <=J :J=AK= AE $AD97@<AGD@3> AF ^ MZ=J<=E @9L ^KL=JJ=A;@ E=@J :?=GJ<F=L= AE GDAB[;E5:7@ '3D>3?7@F RM?=KL9F<=F :=CGEE=F !Je@B9@J =J 1GJO9@DC9EH> <=J =EGCJ9L=F AF <=F 0. FAEEL C=AF F<= #AF MF< @=J ?=@L =K ROA

K;@=F 9J9;C *:9E9 MF< #ADD9JQ DAFLGF E (9A KL=@=F )GJL@ 9JGDAF9 MF< $F<A9F9 9M> <=E 29@DC9

D=F<=J MF< OA=<=J KA=@L <9K J?=:FAK F9;@ =AF=E +9LL 9MK *:9E9 ?=OAFFL <=F =AF=F MF<=KKL99L DAFLGF <=F 9F<=J=F G;@ =K K;@=AFL FMJ KG $F 2AJCDA;@C=AL @9L KA;@ <A= .LAEE=FO99?= AFROAK;@=F MFOA<=JJM>DA;@ 9MK?=JA;@

L=L 5M?MFKL=F 9J9;C *:9E9K =J E=JAC9 &GJJ=K

HGF<=FL <=K *-! :=JA;@L=L <9K AF <=F !Je@K=F<MF?=F <=K -9<AGK C9ME <9KK <A= 29@DDGC9D= ?=K;@DGKK=F MF< <A= PAL +GDDK MF< =JKL=F #G;@J=;@FMF?=F N=Jd>

>=FLDA;@L KAF< Fe;@L=JF RM?D=A;@ 9:=J 9F?=J=A;@=JL ME K=AF= AFK;@aLRMF? <A= >eJ <A= #dJ=J$FF=F =FL

K;@=A<=F< K=AF C9FF $F <A=K=E !9DD 9DKG C=AF +9LL KGF<=JF <A= 1GJ=FLK;@=A<MF? K Ed?=F AE )9;@@AF=AF FA;@L E=@J 9DK !MZFGL=F K=AF 9:=J +GDALAC =JK;@DA=ZL KA;@ G>L 9MK KGD;@=F =L9ADK $FKG>=JF KAF< <A= %GMJF9D= MF< )9;@JA;@L=F 9M> ^ ^ MF< ^ -=?AGF9D >eJ #dJ=J$FF=F =AF= AF ^KL=JJ=A;@ O9@JK;@=AFDA;@ =AFRA?9JLA?= $F>GJE9LAGFK

IM=DD= FA;@L FMJ 9:=J ?=J9<= AF <=J MKD9F<K:=JA;@L

=JKL9LLMF? &=AF (=<AME AKL KG K;@F=DD MF< RM?D=A;@ KG KGJ?>aDLA? OA= <9K &) )36;A &=AF=K @A=JRMD9F<= @9L KG NA=D= &GJJ=KHGF<=FL$FF=F C9ME =AF=K JaMEL <=F "=K;@=@FAKK=F AE MKD9F< N=J?D=A;@KO=AK= KG NA=D +D9LR =AF 0FKLJALLA? K=AF <eJ>L= <9K AF <=F %GMJF9

D=F 9M> ^ K AKL 9:=J =FL?=?=F <=J (=AFMF? E9F;@=J &JALAC=J$FF=F 9M;@ 9M> ^ RM @dJ=F AF= -=HGJL9?= e:=J <A= @=ACD= +9JD9E=FLKO9@D AE $J9F AF 9F9DQLAK;@=K "=KHJa;@ RMJ ?=?=FOaJLA?=F .ALM9LAGF AF .e<9>JAC9 AF <=J )=DKGF (9F<=D9 K=AF=F =J >=A=JL NA=D= 9:=J G@F= J:=AL KK=F .LJGE MF< #G>>FMF? <9KL=@=F 29K @9DL=F .A= NGE BeF?KL=F " "AH>=D <=F LA=>=F -AKK=F AF <=J .;@O=AR=J &GFCGJ

<9FR =EGCJ9LA= 1GF <=F 5MCMF>LK;@9F;=F &MJL =;CK 1GF <=J DAIM= <=K -G:=JL (M?9:= <=J /A:=L

+GDALAC @AF9K <=E #9FK 9EH> AF 9DD=F "9KK=F 9F <=J .HALR= <=K ]DQKc= +9D9KL=K 1GE F=M=F #=JJF AE &J=ED DD=K <9 *<=J >9KL 9DD=K O=FF E9F +=JKGF9D M<?=L MF< +JG<MCLAGFKEALL=D CMJR =AFE9D EAL 9F<=

J=F d>>=FLDA;@ J=;@LDA;@=F .=F<=JF N=J?D=A;@L .;@9D

L=F .A= =AF>9;@ <9K &) )36;A =AF

.0*10 &"!)".

G #)7 D !-41/176-6 ,-: &-4<

+3A Q )7>;9;A@7@ 67D .7>F !=A=JL9?K V 0@J R=A;@F=L <A= N=JK;@A=

<=F=F 2=?= F9;@ 9M> <=F=F (=FK;@=F <=F .AFF <=K '=:=FK MF< A@J "De;C KM;@=F .GO=AL OA= Ed?DA;@ O=J<=F 9ML@=FLAK;@= (MKAC MF< "=JaMK;@= N=J

O=F<=L <A= 9CMKLAK;@ <9K 0F9MKKHJ=;@:9J= ?=D=:L=J LEGKH@aJ= N=JEALL=DF

KL9F< =AF <J=AL=ADA?=J .;@O=JHMFCL MFL=J <=E /AL=D 7D H;7>97E;5:F;97 AFF 9M> <=E +JG?J9EE A= .=F<MF?=F :J9;@L=F =AF= AF>e@JMF? AF <=F #AF

<MAKEMK NGF <=KK=F F>aF?=F :AK @AF RM <=F 9CLM=DD=F +J9CLAC=F AE X2MF

<=JD9F< $F<A=FS

</7./ '/6>/8 +2</82/3> G .95 F67

(A;@9=D (GGJ=K HGD=EAK;@= MK=AF9F<=JK=LRMF? EAL <=J 9E=JAC9FAK;@=F +JaKA<=FLK;@9>L MF< <=E &JA=? AE $J9C OMJ<=

:=A <=F ;>?87EFEB;7>7@ ;@ 3@@7E EAL <=J A>67@7@ '3>?7 9MK?=R=A;@F=L A= =J>GD?

J=A;@KL= GCM 9DD=J 5=AL=F N=JK=LRL <A= 5MK=@=J$FF=F 9M;@ @=ML= FG;@ AF =AF 2=;@K=D:9< <=J "=>e@D= 6A= O>? R=A?L= 3:D7@:7;F

9E .=HL=E:=J

= .1$#.' '452'-6+8' = '4#06914670)

D4 '.6'0 %*#7 '.6'0

)<=: /47*)4 D $61>-:;=5

CGFFL=F R9@DJ=A;@= *-! ,@;H7DEG? +JGB=CL= e:=J O=AL =FL>=JFL= *JL= O=FA? :=C9FFL= /A=J= MF< OAD<= '9F<K;@9>L=F ?=R=A?L O=J<=F $F $39;7 67D $A@9A>7; OMJ<=F <A= OAD<=F '9F<K;@9>L=F <=K !=JF=F *KL=FK AF <A= @=AEA

K;@=F 2G@FRAEE=J ?=:J9;@L =K OMJ<= e:=J <9K \?QHL=F <=K .;@9C9DK *5:3 =3>7 G@F7D G@E :=JA;@L=L <9K +M:DACME OMJ<= F9;@ /9KE9FA=F @E7> 3? @67 67D .7>F =FL>e@JL MF< =K OMJ<=F AD<=J MF< "=K;@A;@L=F JMF< ME <=F (AKKAK

KAHHA &> $3@ );H7D Q $[5:F;97D $;EE;EE;BB; ?=:GL=F

</7./ '/6>/8 0<35+ ?8. .3/ <3>>/ '/6> G K R<,36./<

OA<E=L=F KA;@ <A= X ^D4;>67D AF =AF=E .;@O=JHMFCL >JAC9 A= -=A@= :=AF@9DL=L= 3E >7;E7 #[5:7>@ 67D D?GF Q D=G@6G@97@ ;@ %;97D 67? [D?EF7@ #3@6 67D .7>F NGF @JAKLA9F JeK=J AD67D>;@7 Q A67D 7D 7@6>AE7 .79 !G@97 8D;=3@7D G@6 ;:D D3@9 @35: GDAB3 NGF =LLAF9 -e@D MF< 'ADF3 6; GDAB3 Q #3?B76GE3 G@6 6;7 >_5:F>;@97 NGF -GE9F #=JRG?

6<-:6)<176)4-; 74):2)0: )=. ;+1-6+- ! )< =6, 16 G &1;;-6 )3<=-44

9K @F7D@3F;A@3>7 'A>3D<3:D AKL =AF= O=DLO=AL= !GJK;@MF?KG>>=FKAN= NGF

2AKK=FK;@9>L=J$F

F=F 9MK )9LAGF=F ^KL=JJ=A;@K =ALJ9? AKL )$ ' =AF= $FALA9LAN= NGF !GJK;@MF?K=AF@=AL=F >eF> dKL=J

J=A;@AK;@=J 0FAN=JKALaL=F MF< <J=A=J 9MZ=JMFAN=JKALaJ=J AFJA;@LMF?=F A= dKL=JJ=A;@AK;@=F /=ADF=@E=J$FF=F K;@AD<=JF J=?=DEaZA? A@J= OAKK=FK;@9>LDA;@= J:=AL MF< A@J= H=JKdFDA;@=F JD=:FAKK= K=AL =?AFF <=J PH=<ALA

GF 9M> E5;7@57 &) 3F MF< AF <=J -9<AGK=F<MF? .;EE7@ 3=FG7>> AF ^ (GFL9? :AK !J=AL9? 0@J

G 2. B7*624 -.; C@.2=.7 -202=*5.7 %.55. +.<2=C= -2. >;,1<,15*0<4;*/= >7- -2. $.;N7-.;>70<6*,1= .27.< />7-*6.7=*5.7 *;*-206.7@.,1 <.5< ' ( 2. L+.;5.+.7<6*A26. -.; &>4>7/= 5*>=.= -*1.; 72,1= .27/*,1 -*+.2 <.27 <87-.;7 0./>7-.7 @.;-.7 D *;4>< !,1N,1=.; &

# # A= <QF9EAK;@= FLOA;CDMF? <=J (=<A=FO=DL AKL =AF= #=J9MK>GJ<=JMF? >eJ <=F *-! "=>J9?L KAF< +JG?J9EE MF< +JG<MCLAFFGN9LAGF EG<=JF= &GEEMFAC9LAGFKL=;@FGDG?A=F ,M9DALaLKCGFLJGDD= /J9FKH9J=FR =K;@O=J<=E9F9?=E=FL <A= FLOA;CDMF? <=J &GEH=L=FR <=J (AL9J:=AL=J$FF=F MF< FA;@L RMD=LRL =AF 9CLAN=J A9DG? EAL <=J =NdDC=JMF? =J M>LJ9? ,M9DALaL @9DL=F MF< =FLOA;C=DF >>ARA=FR KA;@=JKL=DD=F K Ra@DL <9K 1=J@aDLFAK +J=AK '=AKLMF? +JG<MCLIM9DALaL

% # #! " ! ( # (

=.<:)/

-1;<=6/

)=M= &GEEMFAC9LAGFK

L=;@FGDG?A=F FeLR=F ,M9DALaLKKL9F<9J<K :=A:=@9DL=F ^>>=FLDA;@ J=;@LDA;@= $F@9DL= <A?AL9D MF< GFDAF=

-0:?-:< % # D B=/I6/41+0 .K: )44-

G"1.;. 2< 78 9827= 1*?270 <86.=1270 27 B8>; <189 =1*= 78 87. @*7=< =8 +>B >+52, !.;?2,. ;8*-,*<=.;< @8>5- 3><= +.,86. 524. *7 85- 52+;*;B +884 =1*= 78 87. =*4.< 8>= !8 =1. ,1*55.70. /8; =1. ,;.*=2?. ,866>72=B 2< =8 6*4. 9>+52, <.;?2,. <>+3.,=< *,,.<<2+5. 'I( = 2< =1. 38+ 8/ 9;8->,.;< *7- +;8*-,*<=.;< =8 =*7=*52<. 9.895. 27=8 7.@ *7- 27=.;.<=270 =1270< "1.B <18>5- 5.*- =1. ;*,. 78= /8558@ =1. *>-2.7,. H G"1. ;.*=2?. .;<9.,=2?. "1. >=>;. 85. 8/ >+52, !.;?2,. ;8*-,*<=270D

A>>=J=F;= E9LL=JK M;@ AF 5MCMF>L Ra@D=F <A= 0FL=J

K;@A=<= RMJ CGEE=JRA=DD=F &GFCMJJ=FR 1=JLJ9M=FKOeJ

<A?= $F>GJE9LAGF MF< <A= ,M9DALaLKKL9F<9J<K <=K *-! ?=DL=F 9M;@ AF <=F F=M=F (=<A=F 2=FF !=JFK=@=F KA;@ N=JaF<=JL O=FF <9K =<eJ>FAK F9;@ $F>GJE9LAGF R=ALMF

9:@aF?A? OAJ< O=FF 0FL=J@9DLMF? F=M= !GJE9L= =FLOA

;C=DL O=FF (=<A=FFMLR=J$FF=F F=M= FKHJe;@= KL=DD=F AKL <9K =AF= #=J9MK>GJ<=JMF? >eJ <=F *-! &GEEMFAC9LAGF AKL 9M;@ GF <=E9F< MF< AE )=LR E=@J 9DK FMJ =AF "=K;@a>LKEG<=DD 2AJ D=JF=F MF< KHJ=;@=F <A= .HJ9;@=F <=J 5MCMF>L AE M>LJ9? <=J "=K=DDK;@9>L

:)3<1;+0-: =<B-6

^>>=FLDA;@ J=;@LDA;@= $F>GJE9LAGFK MF< 0FL=J@9DLMF?KIM9DALaL AF <=F F=M=F (=<A=F

41)4#//'069+%-.70) 10 #+4 1/ +00 &'4 %"*"+/ %3".-1+(0"

G 2. "1.6.7 >7- ;80;*66<,1@.;9>74=. -.< .;/P55.7 72,1= 7>; -.7 25->70<*>/=;*0 <87-.;7 -2.7.7 -*;P+.; 127*>< *>,1 *5< 5*==/8;6 /P; -.7 0.<.55<,1*/= 52,1.7 @2;=<,1*/=52,1.7 >7- 9852=2<,1.7 2<4>;< +.2 -.6 <8@815 A9.;= 77.7 *5< *>,1 .=;8//.7. C> %8;= 4866.7 D

"0". %< ". "+0. )" .,$. **!&"+/0"

29JME :J9M;@L <=J d>>=FLDA;@ J=;@LDA;@= -MF<>MFC +:7?7@E5:I7DBG@=F7 A= FLOGJL 9M> <A=K= !J9?= C9FF >eJ =AF d>>=FLDA;@

J=;@LDA;@=K (=<A=FMFL=JF=@E=F FMJ D9ML=F 2=AD ?=K9EL?=K=DDK;@9>LDA;@ OA;@LA?= /@=E=F =:=F ME>9K

K=F< := MF< 9:?=@9F<=DL O=J<=F EeKK=F M>?JMF< <=J .=?E=FLA=JMF? <=K (=<A=FE9JCL=K OAJ< =K AEE=J K;@OA=JA?=J /@=E=F NGF ?=K9EL?=

K=DDK;@9>LDA;@=J -=D=N9FR EAL #AD>= FMJ =AF=K /Ja?=J

E=<AMEK EGFGE=<A9D RM LJ9FKHGJLA=J=F 0E =AF ?=K9ELdKL=JJ=A;@AK;@=K +M:DACME RM =JJ=A;@=F ?ADL =K <9@=J >eJ <A= (=<A=FFMLRMF? O=K=FLDA;@= +9J9E=L=J OA= ;>6G@9 EAL;3>7E ,?87>6 .A:@ADF >F7D =L; <=K 5A=DHM:DACMEK RM :=Je;CKA;@LA?=F A= +:7?7@ E5:I7DBG@=F7 <=K *-! FMLR=F <9@=J 9DD= *-! (=<A=F MF< KH9FF=F KGEAL =AF=F G?=F e:=J ^D8G@= +- &@>;@7 MF< + # + /+ :AK @AF RMJ &) @35:>7E7 A= /@=E=F O=J<=F E=<A=FKH=RA>AK;@ MF< MFL=J -e;C

KA;@L 9M> <9K B=O=ADA?= 5A=DHM:DACME KGOG@D 9M> >ACLAG

F9D=J :=F= R <MJ;@ <A= +JG?J9EEA=JMF? H9KK=F

<=J .HA=D>ADE= OA= 9M;@ 9M> BGMJF9DAKLAK;@=J MF< J=<9CLAGF=DD=J :=F= <9J?=KL=DDL .G C9FF :=AKHA=DK

O=AK= <9K /@=E9 ">;?3I3@67> AF =AF=E =ALJ9? <=J ^D8G@= .;EE7@E5:38F AF =FLKHJ=;@=F<=J 'aF?= @AF

L=J?JeF<A? MF< 9MK>e@JDA;@ AF =AF=E X !AGD@3> :=@9F<=DL O=J<=F Oa@J=F< <=J X .75=7D CGFCJ=L= /AHHK MF< /JA;CK RMJ 1=JJAF?=JMF? <=K ^=A>A9;E5:7@

GV346DG5=E 9F:A=L=L MF< =K 9M> <=J K=F<=J=A?=F=F #GE=H9?= Ed?DA;@ AKL K=AF=F ^=A>A9;E5:7@ GV34 6DG5= RM :=J=;@F=F Oa@J=F< OA=<=JME =AF=K <=J &) )79;A@3>D36;AE =AF= =AFKLeF<A?= +@GF= AF .=F

<MF? RME /@=E9 EAL PH=JL$FF=F N=J9FKL9DL=L MF< *-! :=AKHA=DKO=AK= =AF=F L@=E9LAK;@ H9KK=F<=F .HA=D>ADE 9MKKLJ9@DL =J *-! 9;@L=L :=A <=J 5MK9EE=FKL=DDMF? <A=K=K X(=<A=FEAP=KS :=KGF<=JK <9J9M> <9KK <A= /@=E=F =AF=JK=ALK 9MK <=F MFL=JK;@A=<DA;@KL=F +=JKH=CLAN=F :=D=M;@L=L O=J<=F MF< 9F<=J=JK=ALK CGEHD=P= .9;@

N=J@9DL= >eJ <9K +M:DACME N=JKL=@ MF< F9;@NGDDRA=@

:9J <9J?=KL=DDL O=J<=F A= +:7?7@ G@6 'DA9D3??E5:I7DBG@=F7 <=K *-! =J>eDD=F FA;@L FMJ <=F ?=K=LRDA;@ NGJ?=K;@JA=:=F=F ;>6G@9E3G8FD39 KGF<=JF <A=F=F <9Je:=J @AF9MK 9M;@ 9DK +D9LL>GJE >eJ <=F ?=K=DDK;@9>LDA;@=F OAJL

K;@9>LDA;@=F MF< HGDALAK;@=F AKCMJK :=A <=E KGOG@D PH=JL=F$FF=F 9DK 9M;@ =LJG>>=F= RM 2GJL CGEE=F 9:=A KL=DDL <=J *-! C=AF=F PCDMKANALaLK9FKHJM;@ 9M> <A= /@=E=F V AE "=?=FL=AD AE 5M?= 9DD=J :AK@=JA?=F +:7?7@E5:I7DBG@=F7 O9J <=J *-! /@=E=F>e@J=J MF< CGFFL= KG <A= d>>=FLDA;@= AKCMKKAGF <A= AF !GD?= <=K *-! F?9?=E=FLK 9M;@ AF 9F<=J=F (=<A=F KL9LL>9F< O=K=FLDA;@ HJa?=F

= '4#06914670) = 0018#6+10 )A;@L B=<=K /@=E9 IM9DA>ARA=JL KA;@ H=J K= >eJ =AF=F &) +:7?7@E5:I7DBG@=F A= 9MK?=Oa@DL=F /@=E=F :J9M;@=F 9M;@ =AF= ?=OAKK= X J=AL=S ME >eJ <A= 9M=J =AF=J +JG?J9EEOG;@= 9DD= (=<A=F <=K *-! <9EAL ME>9KK=F< :=KHA=D=F RM CdFF=F .G C9FF KA;@ :=AKHA=DKO=AK= <9K /@=E9 D5:;F7=FGD >eJ =AF= =A

LJ9?KK=JA= AF ^ =A?F=F 9:=J =:=F FA;@L >eJ =AF=F *-! O=AL=F +:7?7@E5:I7DBG@=F A= .=D=CLAGFKCJAL=

JA=F >eJ &) +:7?7@E5:I7DBG@=F7 KAF< <9@=J Ç¯ +RKH JHVDPWJHVHOOVFKDIWOLFKH 5HOHYDQ] Ç¯ +RKH SROLWLVFKH XQG ZLUWVFKDIWOLFKH 5HOHYDQ] Ç¯ +RKH 5HOHYDQ] IÂ¾U GHQ GLH HLQ]HOQH Q %Â¾UJHU,Q )=:=F <=F =AF= ?9FR= +JG?J9EEOG;@= ME>9KK=F<=F +:7?7@E5:I7DBG@=F7@ ?A:L =K AFF=J@9D: <=J *-!

(=<A=F FG;@ =AF= ?9FR= -=A@= NGF (d?DA;@C=AL=F /@=E=F e:=J?J=A>=F< G<=J EGFGE=<A9D 9M>RM9J:=A

L=F .G @9L KA;@ <=J *-! =LO9 <=K /@=E9K $;9D3F;A@ @F79D3F;A@ AF :=KGF<=J=J 2=AK= 9F?=FGEE=F MF< :=D=M;@L=L <A=K=K Oa@J=F< <=K ?=K9EL=F +JG?J9EE

B9@J=K EAL AKCMKKAGF=F MF< =ALJa?=F AF #dJ

>MFC MF< !=JFK=@=F KGOA= >ACLAGF9D=F &=JFKLe;C=F OA= =LO9 <=E !ADE 7D E5:I3DL7 #^I7 G<=J <=J >eJ !Je@B9@J ?=HD9FL=F .=JA= FE5:GE5:7@ BAI7D AF= :=KGF<=JK NGF <=F &) #3@67EEFG6;AE E=<A9D KL9JC :=?D=AL=L= ;3>A9 +AGD <MJ;@ 9DD= '9F<=K@9MHL

KLa<L= KGJ?L= <9>eJ <9KK <9K /@=E9 AFK:=KGF<=J= 9M;@ >eJ .;@MDCD9KK=F 9M>:=J=AL=L MF< RM?aF?DA;@ ?=E9;@L OMJ<=

M;@ <9K /@=E9 7EG@6:7;F OAJ< Oa@J=F< <=K D9M

>=F<=F +JG?J9EEB9@J=K N=JKLaJCL MF< AF MFL=JK;@A=<

DA;@=J "=OA;@LMF? O9@J?=FGEE=F 2a@J=F< KA;@ <A= *-! $FALA9LAN= 7IGEEF 97EG@6 AE !Je@B9@J <=E /@=E9 7DL "D7;E>3G8 OA<E=L= OAJ< AE #=J:KL <=J *F_FL3BB3D3F AE 1GJ<=J?JMF< KL=@=F %M:ADa=F MF< "=<=FCL9?= O=J<=F =:=F>9DDK KGOG@D >ACLAGF9D 9DK 9M;@ BGMJF9DAKLAK;@ =LO9 AF !GJE NGF *5:I7DBG@=FBDA9D3??;7DG@97@ O9@J?=FGEE=F .G OMJ<=F =LO9 <A= *5:;5=E3>E<3:D7 V EAL <=E F<= <=K JKL=F 2=DLCJA=?K V V EAL <=E FK;@DMKK ^KL=JJ=A;@K 9F )9RA<=MLK;@D9F< V MF< V EAL <=F .LM<=FL=FMFJM@=F MF< <=J ?=O9DLK9

E=F )A=<=JK;@D9?MF? <=K +J9?=J !Je@DAF?K V RM =AF=E KA;@ e:=J <9K ?9FR= +JG?J9EEB9@J =JKLJ=;C=F<=F 17;F97E5:;5:F7E5:I7DBG@=F Q Q RMK9EE=F?=>9KKL AF= KL9JC= R=FLJ9D= +JGB=CLCGGJ<AF9LAGF MF< .L=M=

JMF? <A=K=J .;@O=JHMFCL9CLANALaL=F KGJ?L >eJ <A= 9:KGDML FGLO=F<A?= &GFN=J?=FR ROAK;@=F <=F =AFR=D

F=F *-! (=<A=F MF< :A=L=L 9M;@ =AF A<=9D=K /=KL>=D< >eJ <=F AEE=J OA;@LA?=J O=J<=F<=F E=<A=Fe:=J?J=A

>=F<=F 2GJC>DGO AFF=J@9D: <=K *-!

"0". %< ".

'4 5+00.+%*' 7$.+% #.7'

G!.2= -2. 202=*52<2.;>70 *55. ;<,1.27>70</8;6.7 -.; .-2.7 P+.;*;+.2=.=) >7- 21;.7 277.;.7 20.71.2=.7 >7- .-270>70.7 >7=.;@2;/= <=.55.7 @2; .27. ;8<287 -.; <27752,1.7 >*52=N= ?87 >-28 >7- $2-.89;8->4=.7 /.<= -2. .92-.62<,1. ><6*J. *70.7866.7 1*= D

. +6 +,) ,.-,. 0" "/&$+ 1+! ) 00#,.** + $"*"+0

9K 'G4>;5 -3>G7 1=JA>AC9LAGFKN=J>9@J=F KG O=JLNGDD =K K=AF E9? >eJ <A= '=?ALAEA=JMF? d>>=FLDA;@ J=;@LDA;@=J -MF<>MFC MF< !=JFK=@9F:A=L=J CdFFL= =AF ?J9NA=J=F

<=K =>ARAL @9:=F O=FF =K MFKAFFDA;@ 9M>?=>9KKL MF< 9MK?=D=?L OAJ< .=AF=E &GFR=HL KG K;@=AFL =K G>L DA=?L <A= 1GJKL=DDMF? RM?JMF<= <9KK !=JFK=@=F !=JFK=

@=F MF< -9<AG -9<AG KAF< 9DK >AP <=>AFA=JL= "JdZ=F <A= B=<= J 9M> <A=K=D:= JL =EH>aF?L MF< N=J9J:=AL=L O=K

@9D: KA;@ <A= #=JNGJ:JAF?MF?=F <=J .=F<=J 9MKK;@DA=Z

DA;@ XAF@9DLDA;@S NGF=AF9F<=J MFL=JK;@=A<=F OeJ<=F *<=J 9F<=JK ?=K9?L A= d>>=FLDA;@ J=;@LDA;@=F F:A=

L=J EeKK=F CeF>LA? :=A F=M=F !GJE9L=F G<=J .=F

<MF?KCGFR=HL=F F9;@O=AK=F <9KK <A=K= NGF CGEE=J

RA=DD=F 1=J9FKL9DL=JF FA;@L 9F?=:GL=F O=J<=F G:OG@D KA= 9MK =AF=J ?=K9EL?=K=DDK;@9>LDA;@=F =LJ9;@LMF? OeFK;@=FKO=JL OaJ=F OG@D?=E=JCL XAF@9DLDA;@S A= &GFKME=FL$FF=F MFK=J=J +JG<MCL= >J=ADA;@ KAF< @GDAKLAK;@= 2=K=F J?JA>>=F NGE 2MFK;@ >=JFRMK=@=F -9<AG RM @dJ=F G<=J KA;@ GFDAF= RM AF>GJEA=J=F MFL=J MF< =FLK;@=A<=F KA= AF <=F K=DL=FKL=F !aDD=F 9:KLJ9CL *: =AF +JG?J9EE d>>=FLDA;@ J=;@LDA;@=F G<=J CGEE=JRA

=DD=F 0JKHJMF?K AKL G: =K AF <A=K=K G<=J B=F=K !GJE9L H9KKL G: =K =AF "J=EAME EAL =AF=E "eL=KA=?=D N=JK=

@=F @9L G<=J FA;@L AKL A@F=F N=J?D=A;@KO=AK= K=@J ?D=A;@?eDLA? .L9LL<=KK=F KM;@=F <A= &GFKME=FL$FF=F A@J=F H=JKdFDA;@=F X"=OAFFS MF< K;@dH>=F <A=K=F K=@J AFLMALAN MF< ?=>e@DKEaZA? 9MK <=E ?=K9EL=F +JG?J9EE

9F?=:GL 2G:=A <A=K=J X"=OAFFS :=A =AF MF< <=J <=E

K=D:=F &GFKME=FLAF =F B= F9;@ /9?=KR=AL 2G;@=FL9? MF< %9@J=KR=AL ?aFRDA;@ MFL=JK;@A=<DA;@ 9MK>9DD=F C9FF .LAEEMF?KK;@O9FCMF?=F FG;@ ?9J FA;@L =AF?=J=;@F=L

2=FF OAJ AE La?DA;@=F '=:=F =AF +JG<MCL =AF=E 9F<=

J=F NGJRA=@=F <9FF KHA=D=F F=:=F <=E +J=AK RO=A !9CLGJ=F <A= #9MHLJGDD= Ç¯ (V PXVV Ç¬IXQNWLRQLHUHQÇª Ç¯ 8QG HV PXVV Ç¬JXW DXVVHKHQÇª 5O=A MLGK <A= ?D=A;@= '=AKLMF?K<9L=F @9:=F <A= :=A<= =AF= -=HML9LAGF @9:=F FA;@L 9E Fa;@KL=F ;C 9MK=AF9F<=JRM>9DD=F MFL=JK;@=A<=F KA;@ AF MFK=J=F M?=F ?9FR KL9JC <MJ;@ A@J =KA?F AF=K <9NGF CGEEL >eJ MFK ?9J FA;@L AF !J9?= O=AD <A= \KL@=LAC <=J aMZ=J=F MF< AFF=J=F !GJE <A= 2=JLA?C=AL AF <=J @9H

LAK;@=F MF< NAKM=DD=F FEMLMF? =AF>9;@ FA;@L ?=?=

:=F KAF< 0F< ?=F9MKG O=FA? OA= =AF MLG <MJ;@ <A= ,M9DALaL <=J -9<9M>@aF?MF? 9DD=AF :=KL=;@=F< OAJC=F C9FF C9FF 9M;@ =AF -9<AG MF< !=JFK=@HJG?J9EE FA;@L <MJ;@ K=AF=F X$F@9DLS 9DD=AF= HMFCL=F $F :=A<=F !aDD=F EMKK =AF= KAFFDA;@= AE=FKAGF MF< .LAEEA?

C=AL <9RMCGEE=F 9F<=JF>9DDK MFK =AF 9F KA;@ AFL=J

=KK9FL=J $F@9DL ?9J FA;@L =JJ=A;@L .=AL <A= A?AL9DAKA=JMF? 9DD= JK;@=AFMF?K>GJE=F <=J (=<A=F Xe:=J9J:=AL=LS MF< A@J=F AFF=J=F A?=F@=AL=F MF< =<AF?MF?=F MFL=JOAJ>L KL=DD=F OAJ =AF= JGKAGF <=J KAFFDA;@=F ,M9DALaL NGF M<AG MF< 1A<=GHJG<MC

L=F >=KL <A= =HA<=EAK;@= MKE9Z= 9F?=FGEE=F @9L AF :=KGF<=JK =JK;@J=;C=F<=K =AKHA=D <9>eJ AKL <A= (MKACAF<MKLJA= AK AF <A= =J %9@J= HJG<MRA=JL= KA= 1AFQD D:=F 9DK R=FLJ9D=K +JG<MCL <A= <=E $<=9D <=J X ;9: ;67>;FKS N=JH>DA;@L=L O9J=F MF< =AF >J9HHA=J=F< F9LMJ?=LJ=M=K EMKAC9DAK;@=K J=A?FAK OA=<=J?=:=F CGFFL=F (AL <=J O9J E9F 9DK JKL=J 9M> <=E 29?=F -A;@LMF? <A?AL9D=J 5MCMF>L MF< K=@J :9D< KL=DDL=

= 0018#6+10 = '4#06914670) KA;@ AE &J=AK= <=J (MKAC>J=MF<$FF=F <A= "=OAKK@=AL =AF <9KK =AF= AF E9F;@=J #AFKA;@L FA;@L AEE=J MF< FA;@L ?9FR KG EMKAC9DAK;@ AKL OA= :=KGF<=JK ?ML HJG<MRA=JL= MF< OA=<=J?=?=:=F= 1AFQD +D9LL=F $F <=J @AKLGJAK;@=F -=LJGKH=CLAN= ?A:L E9F <9>eJ <=E D=?=F<aJ=F *&%0

@=> CAG (GJAL9 <A= .;@MD< <=J MF:=<AF?L ==L@GN=FK *;@8A@;7 9M> =AF= :9FF=F OGDDL= O9K (AFML=F .HA=DR=AL =J>GJ<=JL= OG>eJ E9F =AF= D=A;@L= 9L=FJ=<MC

LAGF AF &9M> F9@E :=J <9K AKL FA;@LK AE 1=J?D=A;@ RMJ (+ 2A=<=J?9:= EAL <=J K=AL =AF=E %9@JR=@FL <A= *@J=F BMF?=J (MKAC>J=MF<$FF=F RM?=EeDDL O=J<=F %=LRL KGDD=F R=@FE9D O=FA?=J 9L=F J=A;@=F ME XF9LMJ?=

LJ=M=S 2A=<=J?9:= RM =JEd?DA;@=F =J LJ9MJA?= 5MKL9F< <=J (MKACAF<MKLJA= ?A:L B=F=F -=;@L <A= NGJ <=E 1=JLJA=: HK=M<GEMKAC9DAK;@ GJ?9FAKA=JL=J "=JaM

K;@= ?=O9JFL @9:=F A= A?AL9DE=<A=F MFL=JK;@=A<=F KA;@ NGF A@J=F 9F9

DG?=F 1GJ?aF?=JF 9:=J FA;@L <9<MJ;@ <9KK KA= KQKL=

E9LAK;@ AF A@J=J KAFFDA;@=F ,M9DALaL K;@D=;@L=J KAF< AE "=?=FL=AD .A= CdFF=F NA=D :=KK=J K=AF 1GJ9MK?=

K=LRL E9F KH9JL FA;@L 9E >9DK;@=F +D9LR OGRM <A= A?AL9DL=;@FAC >J=ADA;@ 9M> .;@JALL MF< /JALL =AFDa<L LO9K N=J=AF>9;@L ?=K9?L %= @d@=J <A= 9F<:J=AL= AKL <A= A;@ E=AF=E (=<AME AF M>R=A;@FMF? MF< 2A=<=J

?9:= =AFJaME= MEKG E=@J 9L=F CGEE=F :=AE *@J G<=J <=E M?= <=K =LJ9;@L=JK 9F MEKG K;@dF=J MF< XF9LMJ?=LJ=M=JS =EH>AF<=L =J <9K 9J?=:GL=F= 9K ?ADL MEKG E=@J K=AL <A= A?AL9DAKA=JMF? 9M> <=J &GFKME=FL$FF=FK=AL= @d@=J 9M>DdK=F<= MF< <9@=J XCJALAK;@=J=S EH>9F?K MF< 2A=<=J?9:=?=JaL= E9K

K=F@9>L AF <A= #9MK@9DL= KHeDL 2=FF OAJ <9 9M> 9M=J FA;@L MFL=J <A= -a<=J CGEE=F OGDD=F EeKK=F OAJ

^>>=FLDA;@ -=;@LDA;@=F L=;@FGDG?AK;@ F9;@JeKL=F =J +DGEF <=J J>AF<=J MF< "J9DK@eL=J <=J 'G4>;5 -3>G7

(9ZKLa:= <A= FMF 9M;@ >eJ MFK ?=DL=F E9;@L AF K=AF=J =?JeF<MF? >eJ <=F @G@=F 'G4>;5 -3>G7 <=J

.=F<MF?=F ?=F9M 9M> <A=K=F 0EKL9F< 9M>E=JCK9E M> 9M=J FeLR=F <A= O=JLNGDDKL=F $F@9DL= FA;@LK O=FF <9K +M:DACME EAL K=AF=F *&%0 MF< '3@3EA@;5 #

&D=AFC9E=J9K :JADD9FL=J= AD<=J 9MK <=E 0JD9M: EAL

:JAF?L 9DK <A= A@F=F DA=>=JF C9FF A= .HA=D=CGFKG

D=F <A= 1 MF< DM -9Q +D9Q=J N=JKGJ?=F <A= F=M=F XCJALAK;@=FS !D9;@:AD<K;@AJE= EAL .;@9MO=JL=F <=F=F <A= + ' .=F<=J <9K 29KK=J FA;@L J=A;@=F CdFF=F 2=J <A= ,)&

MF< <A= &>K?B;E5:7@ *B;7>7 AF +=CAF? G<=J 9M;@ FMJ XEF7DD7;5: D3@=D7;5: 9MK <=E #9HH=D .L9<AGF AF +- =JD=:L @9L O=J =AF= ^ +JG

<MCLAGF NGF <=F *3>L4GD97D 7EFEB;7>7@ G<=J 9MK <=E 2A=F=J (MKACN=J=AF AF @G@=J <A?AL9D=J 9F<:J=AL= NA9 .9L=DDAL ?=@dJL @9L >eJ <A= <=F KL=@L >=KL A=K= @QH=JF9LMJ9DAKLAK;@=F !=FKL=J AF <A= KHGJLDA;@= G<=J EMKAC9DAK;@= 2AJCDA;@C=AL KL=DD=F =AF=F <=JE9Z=F @G@=F 2=JL >eJ B=<= F AFR=DF= F MF< >eJ <A= ^>>=FL

DA;@C=AL 9DK "9FR=K <9J =L9:DA=J=F =AF= F=M= &MDLMJ <=K .=@=FK MF< #dJ=FK <9KK =K C=AF 5MJe;C ?A:L 2=J O=FF FA;@L OAJ ^>>=FLDA;@ -=;@LDA;@=F OAJ< <A=K= &MDLMJ =L9:DA=J=F K OAJ< "=D< (e@= MF< .GJ?>9DL CGKL=F 9:=J =AF=F @G@=F 'G4>;5 -3>G7 <9JKL=DD=F K OAJ< FA;@L FMJ <9K :=KK=J <=KA?FL= K;@dF=J= KAFF

DA;@ 9FKHJ=;@=F<=J= MLG ?=C9M>L =K OAJ< 9M;@ B=F=K !=JFK=@

-9<AGHJG?J9EE ?=Oa@DL <9K M?=F MF< *@J=F KLJ=A;@=DL MF< N=JOd@FL

. +6 +,)

+' "7-70(6 +0 70& #&+1 *#6 $')100'0 E % C 15 !

:=?9FF=F :=AE *-! <A= AFL=FKAN=F 1GJ:=J=ALMF?=F >eJ <9K +JGB=CL # - Q EF39;@9 A8 ?76;3 7H7@FE $E &GFR=HL # - OAJ< =AF NGDDKLaF<A?=J &GE

EMFAC9LAGFKHJGR=KK ROAK;@=F <=F +JG?J9EE?=KL9DL=J$FF=F # - -=?AKK=MJ

$FF=F :RO -=<9CL=MJ$FF=F MF< <=F .=@=J$FF=F =L9:DA=JL AF "JMF< >eJ <A= -=D=N9FR <A=K=K +JGB=CLK AKL <9KK KA;@ <9K /1 .=@=J$FF=FN=J@9DL=F AF <=F N=J?9F?=F=F R=@F %9@J=F <MJ;@ <A= AF>DeKK= 9MK <=E $FL=JF=LCGFKME MF< <MJ;@ <A= E9KKAN= JO=AL=JMF? <=K +JG?J9EE9F?=:GLK N=JaF<=JL @9L 9K 0 +JGB=CL # - LJa?L <A=K=F FLOA;CDMF?=F -=;@FMF? MF< CGFR=FLJA=JL KA;@ 9DK -=9CLAGF <9J9M> 9M> =AF &=JF?=:A=L NGF !=JFK=@HJG?J9EE9F:A=L=J$FF=F V <=J "=KL9DLMF? NGF AFL=J9CLAN=F 'AN= .=F<MF?=F A= !MFCLAGFKO=AK= NGF # - OAJ< CMF<=FGJA=FLA=JL MF< =AF>9;@ RM :=<A=F=F K=AF MK =AF=J 1A=DR9@D NGF 'AN= 1A<=GIM=DD=F =AF=K "JGZ=N=FLK :=KL=@=F< 9MK >=JLA? ?=EAK;@L=F _:=JLJ9?MF?=F X8776ES G<=J 9MK =AFR=DF=F &9E=J9

:AD<=JF EAK;@L <=J X# - -;67A A@6G5FADS #- =AF +JG?J9EE GMIM=L :=

KL=@=F< 9MK =LO9 NA=J =N=FL:=RG?=F=F H9J9DD=D=F MF< MFL=J=AF9F<=J AF@9DL

DA;@ N=JCFeH>L=F .=JNA;=K A= 5MK=@=J$FF=F CdFF=F EAL #AD>= NGF #AFO=AK=F <=J (G<=J9LGJ$FF=F &GEE=FL9LGJ$FF=F MF< EAL #AD>= NGF 9HHDAC9LAGFK:=

RG?=F=F L=PLM=DD=F AF:D=F<MF?=F e:=J <A= *7F +AB AJ XA@JS AF<ANA<M=DD=K +JG?J9EE RMK9EE=FKL=DD=F :RO 9MKOa@D=F

! =6<-:;<K<B< )*-4*-<:-1*-: *-1 ,-: 1/1<)41;1-:=6/

0E <9K <A?AL9D= !=JFK=@=F Ed?DA;@KL J9K;@ 9DD=F ^KL=JJ=A;@=J$FF=F RM?aF?

DA;@ RM E9;@=F K=LRL <=J *-! AF 5MK9EE=F9J:=AL EAL <=J )G@68G@= G@6 +7>7 =A? )79G>;7DG@9E ?4 )+) =AF= O=AL=J= $FALA9LAN= *-! MF< )+) MFL=JKLeL

R=F <A= dKL=JJ=A;@AK;@=F &9:=D:=LJ=A:=J :=A <=J A?AL9DAKA=JMF? A@J=J )=LR= 5M <A=K=E 5O=;C =JJA;@L=L <=J *-! =AF=F =A?=F=F (MDLAHD=P >eJ <A= dKL=JJ=A

;@AK;@=F &9:=D:=LJ=A:=J !eJ <A= &9:=DF=LR:=LJ=A:=J MF< A@J= &MF<$FF=F KAF< <9EAL NA=D= 1GJL=AD= N=J:MF<=F 5 KAF< 9DD= <A?AL9D=F 5MK9LR<A=FKL= A>4K ;9;F3> $ ' $G>F;+7JF ' 1I7;=3@3>FA@ =L; <9EAL 9M;@ NA9 &9:=D N=J>e?

:9J MF< =K AKL C=AF= FLK;@DeKK=DMF? OA= :=A <=J _:=JF9@E= NGE .9L=DDAL=F FdLA? 2=AL=JK OAJ< <9EAL 9M;@ <A= "JMF<D9?= >eJ +- NA9 &9:=D ?=K;@9>>=F X.;D E7FL7@ 63?;F 7;@7@ I7E7@F>;5:7@ *5:D;FF 8_D 6;7 ;9;F3>;E;7DG@9 67D ^EF7D D7;5:;E5:7@ "347>@7FL7 G@6 7D:^:7@ 63E *7DH;57 8_D G@E7D7 "G@6 @@7@ @35: X.;D E7FL7@ 63?;F 7;@7@ I7E7@F>;5:7@ *5:D;FF 8_D 6;7 ;9;F3>;E;7DG@9 67D ^EF7DD7;5:;E5:7@ "347>@7FL7 G@6 :3>F;9 S +=L=J /=;@FAK;@=J AJ=CLGJ <=K *-! 7D:^:7@ 63E *7DH;57 8_D G@E7D7 "G@6 @@7@ @35::3>F;9 S +=L=J (GGKE9FF /=;@FAK;@=J AJ=CLGJ <=K *-!

! ;<):<-<- 57*14-6 #% #-;<3)6)4

=J *-! KL9JL=L=

<=F =JKL=F dKL=JJ=A;@AK;@=F - +ADGLN=JKM;@ AE -9@E=F <=K - +ADGLHJGB=CLK ?A4;>7 FH 3GEFD;3 1GF F>9F? (aJR :AK F<= %MFA KLJ9@DL= <=J *-! =AF=F EG:AD =EH>9F?:9J=F /1 &9F9D EAL =A?=FK ?=KL9D

L=L=E /=KLHJG?J9EE 9MK 9K e:=J - N=J>e?:9J= +JG?J9EE &) ?A4;> :A=L=L KH=RA=DD 9M> <9K EG:AD= )MLRMF?KN=J@9DL=F @AF CGFRAHA=JL=K !=JFK=@=F "=E=AFK9E EAL ?A4;>=A? 3GEFD;3 GF5:;EA@ *;7?7@E XEF7DD7;5: &)* MF< <=J 35::A5:E5:G>7 *3>L4GD9 :=L=ADA?L= KA;@ <=J *-! EAL <=E - +ADGLHJG

?J9EE 9F <=J +D9LL>GJE ?A4;>7 FH 3GEFD;3 A= 9MK (ALL=DF <=K )+) ;9;F3>; E;7DG@9E8A@6E MFL=JKLeLRL= +D9LL>GJE >e@JL= =AF ?JGZ 9F?=D=?L=K +ADGLHJGB=CL RM <A?AL9D L=JJ=KLJAK;@=E !=JFK=@=F 9M> EG:AD=F F<?=JaL=F - <MJ;@ -MF<

/=KLH=JKGF=F =J@A=DL=F <9:=A <A= (d?DA;@C=AL :AK F<= %MFA

AF <=J 2A=F=J $FF=FKL9<L MF< AF 9F?J=FR=F<=F 5GF=F EG:AD=K !=JFK=@=F 9M> - 9KAK MF< <9EAL e:=J JG9<;9KLL=;@FGDG?A= RM L=KL=F MJ;@ <=F J>GD? <=K +ADGLN=JKM;@K CGFFL= <=J F=M= .L9F<9J< >eJ <9K EG:AD= !=JFK=@=F AE .GEE=J

=AF?=>e@JL O=J<=F

J:.145- 15 !

=J=ALK K=AL

CdFF=F &) ^D8;>?7 =EH>9F?=F O=J<=F ^D8;>?7 O=J<=F AE *-! NA9 1I7;=3@3>FA@ 9MK?=KLJ9@DL )GLO=F<A? AKL :=A L=JJ=KLJAK;@=E :RO &9:=D=EH>9F? =AF .L=J=G !=JFK=@?=JaL G<=J .L=J=G 1A<=GJ=;GJ<=J :=A .9L=D

DAL=F=EH>9F? =AF .L=J=G .9L=DDAL=FJ=;=AN=J <A= B=O=ADK <A= 1I7;=3@3>FA@ &=F

FMF? 9MKO=JL=F M> .HMJ AKL <=J FGJE9D= !ADELGF G@F= M<AG<=KCJAHLAGF 9M> .HMJ =AF= (AK;@MF? 9MK !ADELGF MF< M<AG:=K;@J=A:MF? RM =EH>9F?=F .HMJ C9FF :=A <=F E=AKL=F "=JaL=F e:=J <9K &@ *5D77@ $7@_ EAL #AD>= <=J !=JF:=<A=FMF? <=K !=JFK=@?=JaL=K 1A<=GJ=CGJ<=JK 9F?=Oa@DL O=J<=F .9L=D

DAL=F =KALR=J$FF=F EeKK=F <=F /GFC9F9D EAL <=J M<AG<=KCJAHLAGF <AJ=CL 9E -=;=AN=J =AFKL=DD=F "=C=FFR=A;@F=L O=J<=F ^D8;>?7 AE *-! RO=A>9;@ <MJ;@ =AF= &MJRKA?F9LAGF NGJ !ADE:=?AFF MF< <MJ;@ AF:D=F<MF? <=K =FLKHJ=;@=F<=F 'G?GK =AF 9:KLJ9

@A=JL=K <MJ;@?=KLJA;@=F=K M?=

-: ! *-:-1<-<- ;1+0 )=. ,1- 16.K0:=6/ >7:

9EAL <=J *-! RMJ ,)& K=AF +M:DACME EAL ?=KLG;@=F K;@9J>=F AD<=JF =J>J=M=F CGFFL= :=<MJ>L= =K =AF=J D9F?=F MF< AFL=FKAN=F 1GJ:=J=ALMF? 9>eJ ?A:L =K FMF 9:=J =AF= :AK RM >eF>E9D @d@=J= M>DdKMF? 9DK <A= @=JCdEEDA;@= .L9F<9J<9M>DdKMF? 9EAL N=J:MF<=F AKL 9M;@ =AF= @d@=J= _:=JLJ9?MF?KJ9L= <A= <9>eJ KGJ?L <9KK EAL +- ;9: 78;@;F;A@ +7>7H;E;A@ .=F<MF?=F FG;@ K;@aJ>=J EAL =AF=J KA;@L:9J=F =L9AD?=F9MA?C=AL MF< AF GHLAEA=JL=F !9J:=F RM =EH>9F?=F KAF< =J <MJ;@ <A=K=F F=M=F .L9F<9J< AFL=?JA=JL=

*GDDAG@6 *AG@6 =J>eDDL <A= =<eJ>FAKK= NA=D=J =KALR=J$FF=F =AF=J .MJJGMF< FD9?=

= 0018#6+10 = '4#06914670)

0018#6+10 +/

-: ! =4<1#-@<

J AKL <=J F=M= <A?AL9D= 5MK9LR<A=FKL <=K *-! MF< =JEd?DA;@L <=F /1 5MK=

@=J$FF=F EALL=DK $G>F;+7JF >a@A?=J - + AJ RMKaLRDA;@= $F>GJE9LAGF=F e:=J <9K *-! F?=:GL 9:RMJM>=F V MF< <9K G@F= <9K KL9LAGFaJ= /1 +JG?J9EE N=J

D9KK=F RM EeKK=F =J &) &" $G>F;+7JF V =AF .;@JALL AF <A= <A?AL9D= 5MCMF>L

'%*0+5%*' 1/2'6'0< #.5 14#755'6<70) (E4 '46'

G 2. ".,1724 2<= 27 K<=.;;.2,1 <.2= 3.1.; .27 *;*7= /P; .;7<.1 >7- O;/>74 L+.;=;*0>70.7 *>/ :>*52=*=2? 1O,1<=.6 2?.*> D

"0". ,,/* ++ " %+&/ %". &."(0,.

A= &) +75:@;= AKL AF ^KL=JJ=A;@ K=AL B=@=J =AF "9J9FL >eJ !=JFK=@ MF< #dJ>MFC _:=JLJ9?MF?=F 9M> IM9DAL9

LAN @d;@KL=E )AN=9M /=;@FAK;@ 9M>O=F<A?= _:=JLJ9

?MF?=F 9MK <=E .CARAJCMK &ALR:e@=D G<=J .;@D9<

EAF? G<=J NGF <=F R9@DJ=A;@=F dKL=JJ=A;@AK;@=F &MD

LMJ@A?@DA?@LK R *3>L4GD97D G<=J D797@L7D 7EF EB;7>7 LJ9?=F O=K=FLDA;@ RME +JG?J9EE9M>LJ9? <=K d>>=FLDA;@ J=;@LDA;@=F !=JFK=@=FK AF ^KL=JJ=A;@ :=A )=:=F <A=K=F :=KGF<=J=F HMFCLM=DD=F #=J9MK>GJ<=

JMF?=F ?ADL =K =AF= KGDA<= 9:=J ?D=A;@R=ALA? 9M;@ K=@J >D=PA:D= 9KAKAF>J9KLJMCLMJ >eJ <=F La?DA;@=F .LMF<=F )=OK =LJA=: RMJ 1=J>e?MF? RM KL=DD=F $F &JAK=F G<=J &9L9KLJGH@=FKALM9LAGF=F AKL <A= &) +75:@;= 9DK A=FKLD=AKL=J AF <=J '9?= K;@F=DD MF< 9CLM=DD NGE 0F>9DDGJL RM :=JA;@L=F MF< <A= =NdDC=

JMF? e:=J Ed?DA;@= =<JG@MF?KKR=F9JA=F RM AF>GJ

EA=J=F 0E 9M;@ MFL=J =JK;@O=JL=F =<AF?MF?=F 9?A=J=F RM CdFF=F :=<AF?L <A=K ?JdZL=K &FGO @GO MF< =AF= :=KGF<=J= *JLKC=FFLFAK <=J /=;@FAC=J$FF=F 9Je:=J @AF9MK O=J<=F MF< OMJ<=F <A= L=;@FAK;@=F FD9?=F KG CGFR=HLAGFA=JL <9KK <A=K= AE &9L9KLJG

H@=F>9DD 9MK>9DDK>J=A >MFCLAGFA=J=F

1GF <=J &) +75:@;= OMJ<=F AF <=F D=LRL=F %9@J=F N=J

KLaJCL 'dKMF?=F =J9J:=AL=L <A= #dJ=J$FF=F MF< .=@=

J$FF=F EAL :=KGF<=J=F =<eJ>FAKK=F =AF= -=R=HLAGF <=J *-! +JG?J9EE= =JEd?DA;@=F $FN=KLALAGF=F AF L=;@FAK;@= FD9?=F >eJ <A= "=@dJDGK=FMFL=JLAL=DMF? MF< "=:aJ<=F<GDE=LK;@ E9;@=F <A=K Ed?DA;@ DK O=K=FLDA;@KL=J L=;@FAK;@=J (=AD=FKL=AF F9;@ <=J AF>e@JMF? <=K !9J:>=JFK=@=FK C9FF <A= AF

>e@JMF? <=K @G;@9M>DdK=F<=F !=JFK=@=FK +- 9F?=K=@=F O=J<=F A= AF>e@JMF? OMJ<= NGF <=F .H=RA9DAKL=F <=J &) +75:@;= F9;@ <=J "=K;@a>LK

>e@JMF?K=FLK;@=A<MF? AE #=J:KL AF -=CGJ<

R=AL RMJ ,)&

ME?=K=LRL A= ?JdZL= #=J9MK>GJ<=JMF? <=J CGEE=F<=F %9@J= AE =J=A;@ <=J +75:@;E5:7@ ;D7=F;A@ DA=?L 9:=J <9JAF <9KK <A= 9DK 'G4>;5 -3>G7 K;@GF ?=OG@FL=F ,M9DALaLK

KL9F<9J<K EAL KAFC=F<=E +=JKGF9DKL9F< MF< AEE=J ?=JAF?=J=F !AF9FREALL=DF AF =AF=E KLaF<A? CGEHD=P=

J=F L=;@FGDG?AK;@=F 0E>=D< AEE=J K;@O=J=J 9M>

J=;@LRM=J@9DL=F KAF<

"0". ,,/* ++

D ); 6-=- -:6;-0.7:5)<

=J *-! @9L <A= +JG?J9EEJ=>GJE

?=FMLRL ME =AF= 1A=DR9@D K=AF=J +JG

<MCLAGF=F 9M> <9K AD?3F MERMKL=DD=F 9K F=M= !GJE9L AKL O=K=FL

DA;@ :J=AL=J MF< =FLKHJA;@L KG NA=D E=@J <=E F9LeJDA;@=F "=KA;@LK>=D< <=J )MLR=J$FF=F 9K AD?3F OAJ< :9D< /=AD <=J !=JFK=@?=K;@A;@L= K=AF =J FL=AD NGF !=JF

K=@HJG<MCLAGF=F AE AD?3F FAEEL AFL=JF9LAGF9D KL=LA? RM 29K :AKD9F? KG?=F9FFL=F #G;@?D9FRHJG<MCL=F NGJ:=@9DL=F O9J AKL @=ML= .L9F<9J< =J *-! LJa?L EAL <=J MKO=ALMF? K=AF=K F?=:GLK 9M;@ =AF=E AFL=JF9LAG

F9D=F /J=F< -=;@FMF? )=:=F &MDLMJHJG<MCLAGF=F MF< GCME=FL9LAGF=F ,@;H7DEG? <A= <=J *-! :=J=ALK K=AL NA=D=F %9@J=F AE AD?3F @=JKL=DDL MF< 9MKKLJ9@DL @9L <=J *-! AE %9@J

R9@DJ=A;@= .HGJLK=F<MF?=F 9M> <9K J=AL:AD<>=JFK=@=F ME?=KL=DDL 1A=D= .CAJ=FF=F <=J .9AKGF

OMJ

<=F AE AD?3F e:=JLJ9?=F

= 0018#6+10 = '4#06914670)

'*4 '48+%' $'55'4'4 10 0'7'5 +.&(14/#6 +' '7'470)'0 +0 #&+1 70&

D 4-+<:761+ :7/:)5 =1,-

AF= =D=CLJGFAK;@= +JG?J9EER=ALK;@JA>L <=J ' >e@JL FMF 9DD= - + .=@=J

$FF=F <MJ;@ <9K /1 +JG?J9EE <=J Fa;@KL=F KA=:=F /9?= =J ' OAJ< NGE +D9LL>GJE:=LJ=A:=J &)* N=JO9DL=L MF< NGF <=F -MF<>MFCN=J9FKL9DL=JF 9CLM

9DAKA=JL )9;@RMD=K=F KAF< FA;@L FMJ <A= +JG?J9EE<9L=F <=K 9CLM=DD=F /9?=K KGF<=JF 2G;@=FNGJK;@9M N=JLA=>=F<= $F>GJE9LAGF=F RM <=F .=F<MF?=F EAL !GLGK MF< "J9>AC=F :RO <A= MKO9@D <=J .=F<MF?=F F9;@ "=FJ=K

G 7?647), =6, 7,+);<

$E %M:ADaMEKB9@J

9FDaKKDA;@ <=K "=:MJLKL9?=K <=K .=F<=JK :DA;CL ^ FA;@L FMJ RMJe;C KGF<=JF 9M;@ F9;@ NGJF= V AF <A= 5MCMF>L <=J M<AGAF>GJE9

LAGF AF=F 1GJ?=K;@E9;C 9M> <A=K= 5MCMF>L ?A:L =K >eJ X >G4 (AL?DA=<=J K=AL E=@J 9DK <J=A %9@J=F V EAL <=E X AI@>A36 .=AL HJAD

?A:L =K =AF F=M=K F?=:GL <=F X 'A653EF 9MK <=F =J=A;@=F @8AD?3F;A@ .;EE7@E5:38F "G> FGD )7>;9;A@ X 8_D ";@67D MF< X >G4 0FL=J A7

&) 3F BA653EF >AF<=L E9F <A= _:=JKA;@L 9DD=J .=F<=J=A@=F EAL 'AFCK RM <=F 'A653F5:7D@ EAL <=F=F E9F <A= .=F<MF?=F CGKL=FDGK 9:GFFA=J=F C9FF

! 15 (?-13)6)4<76

AFL=FKANA=JL= <=J *-! K=AF F?=:GL AE 1I7;=3@3>FA@ 9EAL C9E =J <=E 2MFK;@ NA=D=J &MF<$FF=F F9;@ <A= :=DA=:L=F .=JA=F MF< !ADE= 9MK <=E >J=E<

KHJ9;@A?=F MKD9F< 9M;@ EAL *JA?AF9DLGF K;@9M=F RM CdFF=F 0FL=J 9F<=J=E CGFFL=F <A= !ADE= *I;??;@9 'AA> @3FA?;7 7;@7E $AD67E #AD6 !;? 3E %3D D7@E5:;88 MF< 1I;E5:7@EB;7> AF A@J=F B=O=ADA?=F *JA?AF9D>9KKMF?=F ?=K;@9ML O=J<=F *-! &MF<$FF=F CGFFL=F 9:=J 9M;@ <A= #G;@?D9FRK=JA=F D7K E @3 FA?K MF< 7EB7D3F7 AGE7I;H7E KGOA= <A= N=JK;@A=<=F=F !GJE9L= <=K .L9J

CG;@K !3?;7 &>;H7D AF =F?DAK;@=J .HJ9;@= N=J>GD?=F

+)+6#.'5 '0&'40'6< 1//70+-#6+10 #.5 '4#75(14&'470)

G 2. =.,172<,1. .2,1@.2=. -.< $ " !.7-.;7.= C.< 27 K<=.;;.2,1 +.=;>0 C>6 *1;.<.7-. ;>7- ;8C.7= -.; O<=.;;.2,12<,1.7 "$ *><1*5=. @*< .27.7 .>;89N2<,1.7 !92=C.7@.;= -*;<=.55= D

& % ") $"+%,#". "/ %;#0/#=%.".

L=JJ=KLJAK;@= +JG?J9EE:GMIM=L AF <=F '9F<=K

@9MHLKLa<L=F MF< 0E?=:MF? 9M>?=FGEE=F

A= A?AL9DAKA=JMF? <=K =J<?=:MF<=F=F L=JJ=KLJA

K;@=F -MF<>MFCK=F<=JF=LR=K O=D;@= AF ^KL=JJ=A;@ :AK F>9F? 9:?=K;@DGKK=F K=AF KGDD KL=DDL RO=A

>=DDGK <A= ?JdZL= JMF<>MFCL=;@FAK;@= #=J9MK>GJ<=

JMF? <=J D=LRL=F %9@JR=@FL= <9J !eJ <=F *-! KL=@=F <9:=A <=J (=@JO=JL <=J <A?AL9D=F /=;@FGDG?A= MF< <A= 1=J=AF>9;@MF? <=K 0EKLA=?K >eJ <A= /1 &GFKME=FL$F

F=F AE (ALL=DHMFCL 9K %9@J C9FF <9:=A 9DK X.;@DeKK=DB9@JS :=R=A;@F=L O=J<=F <9 :=?AFF=F< EAL (aJR <A= +@9K= 9F9DG? <A?AL9D=J +9J9DD=D9MKKLJ9@

DMF? <=J +JG?J9EE= *-! *-! MF< /1 AF <=F '9F

<=K@9MHLKLa<L=F MF< 0E?=:MF? :==F<=L MF< KGEAL =AF 0EKLA=? <=J :=LJG>>=F=F #9MK@9DL= 9M> <A?AL9D= EH>9F?K=AFJA;@LMF?=F =J>GJ<=JDA;@ OMJ<= A= .=F<=JL=;@FAC=J$FF=F <=K *-! &GFR=JFK @9:=F KA;@ <MJ;@ >9;@L=;@FAK;@= 2=AL=J:AD<MF? AFL=JF9LAG

F9D=F J>9@JMF?K9MKL9MK;@ MF< N=JK;@A=<=F= !=D<

N=JKM;@= 9M> <A=K= M>?9:= NGJ:=J=AL=L ME =AF= HJG

>=KKAGF=DD= 0EK=LRMF? RM ?=Oa@JD=AKL=F A=K AKL 9M;@ ?=DMF?=F $FK?=K9EL OMJ<=F AE %9@J .=F<=9FD9?=F 9M> <A?AL9D= /=;@FAC ME?=KL=DDL $F <=J -=?=D CGFFL=F <A=K= 0EKL=DDMF?=F <A= AF <=F FMLRMF?K9JE=F >Je@=F (GJ?=FKLMF<=F <MJ;@?=>e@JL O=J<=F :AFF=F O=FA?=J (AFML=F G@F= MF?=HD9FL= X.=F<=H9MK=FS NGDDRG?=F O=J<=F (AL <=J :K;@9DLMF? 9F9DG?=J #9MHLK=F<=9FD9?=F OMJ<= 9M;@ <A= KG?=F9FFL= X ;9;F3>7 ;H;67@67S >eJ <A= /1 &GFKME=FL$FF=F MFEALL=D:9J FMLR:9J 5MKaLRDA;@ RM *-! *-! MF< /1 OMJ<=F EAL +MDK K9L MF< *-! .+*-/ +'0. <J=A O=AL=J= dKL=JJ=A;@:=RG?=F= /1 +JG?J9EE= AF <9K <A?AL9D

$FK?=K9EL CGFFL=F AE %9@J <MJ;@ <A= .=F<MF

?=F MF< CLAGF=F <=K *-! KGOA= <MJ;@ <A= E9Z?=:

DA;@ NGE *-! EAL>AF9FRA=JL= $F>GJE9LAGFKC9EH9?F= 6H4 F 3F JMF< (AG &MF<=FCGFL9CL= @=J?=KL=DDL MF< KGEAL =AF O=K=FLDA;@=J =ALJ9? RMJ 0EKLA=?K:=J=AL

K;@9>L <=J /1 &GFKME=FL$FF=F ?=D=AKL=L O=J<=F $FFGN9LAGF C9FF aDL=J= G<=J C9M>CJ9>LK;@Oa;@=J= &GFKME=FL$FF=F B=<G;@ 9M;@ NGJ +JG:D=E= KL=DD=F $E .AFF= <=J 1=JE=A<MF? =AF=J X A?AL9D=F .H9DLMF?S @9:=F <=J *-! MF< K=AF= /G;@L=J?=K=DDK;@9>L &)* XEF7DD7;5:;E5:7 )G@68G@=E7@67D =AF= -=A@= NGF (9ZF9@E=F =J?JA>>=F ME 9M;@ <A=K= =NdDC=JMF?K

K;@A;@L=F 9F <=J A?AL9DAKA=JMF? L=AD@9:=F RM D9KK=F #A=J K=A <9K - + .=JNA;= /=9E @=JNGJRM@=:=F <9K AF <=F B=O=ADA?=F 0EKL=DDMF?KJ=?AGF=F NGJ *JL #AD>= ?=D=AKL=L @9L 9:=J 9M;@ <A= AF 5MK9EE=F9J:=AL EAL <=E ;9;F3>;E;7DG@9E8A@6E <=J )+) ?4 <MJ;@?=

>e@JL= !dJ<=JMF? ?=:e@J=F:=>J=AL=J #9MK@9DL= :=AE &9M> NGF - + -=;=AN=JF =J *-! >GD?L :=A <=J A?AL9DAKA=JMF? <=J /1 1=J:J=A

LMF?KO=?= C=AF=E CGEE=JRA=DD=F A?=FAFL=J=KK= A= A?AL9DAKA=JMF? :=<=ML=L AF =JKL=J 'AFA= E=@J 2=LL

:=O=J: 9E +JG?J9EE MF< 2=J:=E9JCL OG@AF?=?=F KA;@ <A= <MJ;@9MK KA?FA>AC9FL= 2=JLK;@dH>MF? <A=K=K A?AL9DAKA=JMF?KKHJMF?K NGJ 9DD=E :=A $F<MKLJA= #9F

<=D MF< "=O=J:= 9::AD<=L =J *-! OAJ< @A=J AF K=AF=J -GDD= 9DK +JGEGLGJ <A?AL9

D=J $FFGN9LAGF ?=J=;@L =AF=JK=ALK ME <=E DG@6 -7DEAD9G@9E3G8FD39 <=K &) 7E7FL7E RM =FLKHJ=

;@=F MF< 9F<=J=JK=ALK ME <=E ?=aF<=JL=F )MLRMF?K

N=J@9DL=F <=J /1 &GFKME=FL$FF=F EG:AD= MF< HGJL9

:D= )MLRMF? NGF /1 +JG?J9EE=F ?=OAFFL 9F =<=M

LMF? RM =FLKHJ=;@=F

& % ") $"+%,#".

! 1/1<)4

E *CLG:=J

>A=D <=J .L9JLK;@MKK RMJ AF>e@JMF? <=K <A?AL9D L=JJ=KLJA

K;@=F !=JFK=@=FK - + AF ^KL=JJ=A;@ 9KA=J=F< 9M> =AF=J 0 EH>=@DMF? =J@A=DL <=J *-! NGE "=K=LR?=:=J <=F M>LJ9? ?=E=AFK9E EAL +9JLF=JF <A= 0EKL=DDMF? <=J L=JJ=KLJAK;@=F /1 _:=JLJ9?MF? NGF 9F9DG? 9M> <A?AL9D MERM

K=LR=F OGEAL =AF O=K=FLDA;@=J .;@JALL >eJ <A= L=;@FGDG?AK;@= 2=AL=J=FLOA;C

DMF? <=K (=<A=FKL9F<GJL=K ^KL=JJ=A;@ ?=K=LRL O=J<=F CGFFL= - + :A=L=L @G@= EH>9F?KIM9DALaL HGJL9:D=F /1 EH>9F? @d@=J= +JG?J9EENA=D>9DL MF< EMDLAE=<A9D= 5MK9LR<A=FKL= $E '9M> <=K %9@J=K

OMJ<=F NGF 2=KL F9;@ *KL RMFa;@KL <A= ?JGZ=F dKL=JJ=A;@AK;@=F 9DDMF?KJaME= 9M> - + EH>9F? ME?=KL=DDL :AK OAJ< <A= - + 1=JKGJ?MF? >Da;@=F<=;C=F< K=AF =J *-! @9L ?=E=AFK9E EAL K=AF=F +9JLF=JF @d;@KL=F 2=JL <9J9M> ?=D=?L <=F 0EKLA=? >eJ <A= :=LJG>>=F=F #9MK@9DL= KG =AF>9;@ OA= Ed?DA;@ RM ?=KL9DL=F A= 0EKL=DDMF? =J>GD?L AE *;?G>53EF 1=J>9@J=F <9K @=AZL =K ?9: =AF= E=@J

Od;@A?= _:=J?9F?KH@9K= EAL 9F9DG?=E MF< <A?AL9D=E +9J9DD=D:=LJA=: MF< <9RM =AF= ME>9KK=F<= $F>GJE9LAGFKC9EH9?F= EAL .HGLK $F>GJE9LAGFKN=J

9FKL9DLMF?=F MF< ME>9F?J=A;@=J =JA;@L=JKL9LLMF? AF <=F (=<A=F <=K *-! AF -9<AG !=JFK=@=F MF< *FDAF=

= 0018#6+10 = '4#06914670)

'561%*'0 5%*#4( 70& 2 61 #6'

5>3@/ " $ # $ +<>/8 <C:>9A9<5= "/32?81 8+-2 ?8./=6N8./<8 #>+8.

)A=<=JdKL=JJ=A;@ *:=JdKL=JJ=A;@ .L=A=JE9JC 2A=F &aJFL=F /AJGD .9DR:MJ? MJ?=FD9F< 1GJ9JD:=J?

*-! $"$/ ' &9JL=F 9CLAN ?=K9EL

#% '+- $KL <A= :CeJRMF? >eJ X @F7D@7F 'DAFA5A> +7>7H;E;A@S 9DKG =O=?L:AD< e:=J <9K $FL=JF=L =J *-! :A=L=L e:=J <A= 2=:KAL= ;BFH &) 3F 9MK?=Oa@DL= 9CLM=DD= 1A<=G:=ALJa?= .GEAL CdFF=F OA;@LA?= J=A?FAKK= KH9FF=F<= (GE=FL= MF< <A= OA;@LA?KL=F $F>GJE9LAGF=F <=K /9?=K JMF< ME <A= 0@J e:=J <9K $FL=JF=L ?=K=@=F O=J<=F =J *-! NGDDRA=@L EAL K=AF=F '+- F?=:GL=F =AF= OA;@LA?= .=JNA;=D=AKLMF? V FA;@L FMJ >eJ <9K BeF?=J= +M:DACME

O9J=F 1A

<=G:=ALJa?= 9:JM>:9J N?D

<> ! )< 76,-5)6,

=J *-! KL=DDL 9:=J FA;@L :DGZ MKK;@FALL= RM L9?=K9CLM=DD=F J=A?FAKK=F RMJ 1=J

>e?MF? M> <=J 2=:K=AL= FH &) 3F A@67?3@6 CdFF=F CGEHD=LL= .=F<MF?=F RM =AF=E :=DA=:A?=F 5=ALHMFCL CGFKMEA=JL O=J<=F =J *-! AKL AE 5M?= <=K MK:9MK NGF &) 3F RMJ EMDLAE=<A9D=F +D9LL>GJE ME =AF= KLaJC=J= 1=JF=LRMF? NGF /1 MF< *FDAF= :=Ee@L 9K F?=:GL <=J GF <=E9F< 9:JM>:9J=F .=F<MF?=F OMJ<= <=E

=FLKHJ=;@=F< O=AL=J 9MK?=:9ML .=AL

CdFF=F V F=:=F <=J 1; MF< <=F G@67E>3@6 :7GF7 .=F<MF?=F V 9M;@ <A= 17;F ;? ;>6 ME 0@J KGOA= 7GF7 ;@ XEF7DD7;5: 9:?=JM>=F O=J<=F 5MKaLRDA;@ OMJ<=F RM <=F .=F<MF?=F <=J ?JGZ=F /1 N=FLK 3@5;@9 *F3DE XEF7DD7;5:E E5:>75:F7EF7D GFA83:D7D MF< $GE;53> ;7 *:AI ME>9F?J=A;@= EMDLAE=<A9D= .H=;A9DK 9F?=:GL=F

#6 ? &'4 ') <74 /7.6+/'&+#.'0 .#66(14/

G 2= *= +2.=.7 @2; -.6 >+524>6 .27 *4=> .55.< >6/*<<.7-.< >7- 6.-2.7*-N:>*=.< 7527.*70.+8= D

%,* / . +0+".

&."(0,. +)&+" 1+! +"1" "!&"+

0E K=AF=E ?=K=LRDA;@=F M>LJ9? RM =FLKHJ=;@=F ?=KL9DL=L <=J *-! 9DK EG<=JF=J E=<A9D=J A=FKLD=AKL=J MF< dKL=JJ=A;@AK;@=K '=ALE=<AME RMKaLRDA;@ RM -9<AG MF< !=JFK=@=F 9M;@ AE $FL=JF=L =AF 9CLM=DD=K ME>9K

K=F<=K MF< E=<A=F9<aIM9L=K F?=:GL (AL &) 3F =J>eDDL <=J *-! =:=FKG <A= JO9JLMF?K@9DLMF? <=K +M:DACMEK 9F =AF d>>=FLDA;@ J=;@LDA;@=K *FDAF=9F?=

:GL <A= HJAEaJ AF HJG>=KKAGF=DD MF< BGMJF9DAKLAK;@ ?=KL9DL=L=F MF< J=;@=J;@A=JL=F +JG<MCL=F DA=?L +JGR=FL -=A;@O=AL= X. '>GE ,M9JL9D (AG ,@;CG7 >;7@FE MF< (AG -;E;FE X. %MFA R=A?=F <=MLDA;@ OA= HGKALAN <A= 0K=J$FF=F &) 3F :=MJL=AD=F 2=K=FLDA;@=F FL=AD 9E J>GD? @9:=F <9:=A <A= J=<9CLAGF=DD=F F?=:GL= V =FL

>A=D=F HJG (GF9L <MJ;@K;@FALLDA;@ +JGR=FL MF< <9EAL CF9HH F=MF 5=@FL=D 9DD=J '397 ?BD7EE;A@E 9M> .=AL=F EAL J=<9CLAGF=DD=E GFL=FL

KH=RA=DD= 2=:KAL=K RM <=F &) +:7?7@E5:I7DBG@= F7@ MF< <=J NGE #747@E?;@;EF7D;G? 9MK?=@=F<=F $FALA9LAN= 7D ^=A>A9;E5:7 GV346DG5= HJaK=FLA=JL MF< KG R9@DJ=A;@=F ?=K=DDK;@9>LDA;@ J=D=N9FL=F /@=

E=F e:=J <A= 9CLM=DD= =JA;@L=JKL9LLMF? @AF9MK :J=AL=J -9ME ?=Oa@JL A= 2=:KAL=K <=K &) "G@ 67@6;7@EF7E MF< <=K &) 'G4>;=G?ED3FE KL=@=F F9;@ =AF=E -=D9MF;@ 9DK EG<=JF= HM:DACMEKF9@= MF< K=JNA;= GJA=FLA=JL= *FDAF= FD9M>KL=DD=F RME *-! RMJ 1=J>e?MF?

$F@9DLDA;@ OMJ<= EAL <=J KLaJC=J=F 1=JK;@JaF

CMF? NGF /1 MF< -9<AG $F@9DL=F EAL &) 3F MF< <=E MK:9M NGF &) 3F RMJ EMDLAE=<A9D=F +D9LL>GJE :=?GFF=F ME <=E KL=A?=F<=F =<9J> <=K +M:DACMEK F9;@ R=AL MF< GJLKMF9:@aF?A?=J )MLRMF? NGF *-!

F?=:GL=F EAL =FLKHJ=;@=F<=F CGKL=FDGK=F .=JNA;=K -=;@FMF? RM LJ9?=F A= *FD73?;@93@974AF7 NGF *-! .=F<MF?=F OMJ<=F =JO=AL=JL .GF<=J=N=FLK +9HKL:=KM;@ #;H7 *FD73?E NGF .HGJL=N=FLK =L; MF< /1 .@GOK OA= 3@5;@9 *F3DE G<=J $GE;53> ;7 *:AI EMDLAE=<A9D MFL=JKLeLRL (AL MLR=F<=F F=M=F .=F

<MF?KO=:KAL=K OMJ<=F 9MZ=J<=E /1 .=F<MF?=F GFDAF= :=?D=AL=L OMJ<=F <9Je:=J @AF9MK

=A KLJMCLMJ=DD=F MF< H=JKGF=DD=F )=M=JMF?=F AF <=J ;D7=F;A@ 8_D &@>;@7 G@6 @7G7 $76;7@ MF< <=J /G;@L=J

?=K=DDK;@9>L &) &@>;@7 G@6 +7>7F7JF ?4 A " CGFFL= KH=RA=DD <=J FL=AD NGF !J9M=F AF !e@JMF?KHGKA

LAGF=F :=KGF<=JK <=MLDA;@ =J@d@L O=J<=F $F <=J AJ=C

LAGF KAF< AFROAK;@=F %MFA <A= #aD>L= <=J !MFCLAG

F=F EAL !e@JMF?KN=J9FLOGJLMF? EAL !J9M=F :=K=LRL AF <=J /G;@L=J?=K=DDK;@9>L O=J<=F KA=:=F NGF ROdD> :L=A

DMF?=F NGF !J9M=F ?=D=AL=L $FK:=KGF<=J= <A= &) &@>;@7 G@6 +7>7F7JF ?4 A " KHA=?=DL <9Je:=J @AF9MK O9K <=F FL=AD 9F (AL9J:=AL=J$FF=F EAL (A?J9

LAGFK@AFL=J?JMF< :=LJA>>L 9M;@ @A=J <A= ?=K=DDK;@9>LDA

;@= 5MK9EE=FK=LRMF? ^KL=JJ=A;@K OA<=J

M;@ <=J &) + # + /+ DA=>=JL= AF :=Oa@JL=J !GJE (AG '=K=J$FF=F HJG 2G;@= 9CLM=DD= $F>GJ

E9LAGFK MF< .=JNA;=9F?=:GL= (9JCL9FL=AD NGF +JGR=FL =J F=M= <A?AL9D= MF< EMDLAE=<A9D= /1

5MK9LR<A=FKL &) &" $G>F;+7JF ?AF? AF <9K =JKL= %9@J <=K -=?=D:=LJA=:K

%,* / . +0+".

G ,1 +27 -*?87 P+.;C.>0= -*<< .< 27 &>4>7/= >6 72,1= 6.1; 8-.; @.720.; 0.1= *5< >6 -2. .>98<2=2872.;>70 >7- <=N7-20. %.2=.;.7= @2,45>70 -.< *-28< C>6 6>5=26.-2*5.7 2.7<=5.2<=>70<>7=.;7.16.7 D

)#."! ."& ". : .,$. ** %"#

2GRM :J9M;@=F OAJ =AF &MDLMJJ9<AG A=K= !J9?= KL=DDL KA;@ >eJ ^ ?De;CDA;@=JO=AK= FA;@L =J J>GD? :=9FL

OGJL=L KA= 0F< J>GD? :J9M;@L =K =FF AFEALL=F MFK=J=J .H9Z?=K=DDK;@9>L MF< =AF=K CD=AF=F (9JCL=K OA= ^KL=JJ=A;@ CGEE=F :=A /9?=KJ=A;@O=AL=F MFL=J =AF=E +JGR=FL OA= :=A NA=D=F =MJGHaAK;@=F &MDLMJJ9

<AGK KG Da;@=JDA;@= +M:DACMEKR9@D=F @=J9MK <9KK NGDDEMF<A?= &MDLMJ9FK9?=F J9K;@ RM K;@E9D=F 'AH

H=F:=C=FFLFAKK=F EMLA=J=F OeJ<=F A= 5MCMF>L =AF=K KGD;@=F &MDLMJJ9<AGK OaJ= AF !J9?= ?=KL=DDL :=J ?=F9M ME <A=K= 5MCMF>L ?=@L =K 2=J AF 5MCMF>L FMJ E=@J K=F<=L @9L C=AF= =J EMKK KA;@ EAL K=AF=J ?=K=DDK;@9>LDA;@=F =<=MLMF?KDGKA?

C=AL 9:>AF<=F MF< KA;@ AF AEE=J CD=AF=J= )AK;@=F !GJ

E9L= RMJe;CRA=@=F 9FF @9L E9F 9:=J AF E=AF=E 1=JKLaF<FAK <=F .AFF =AF=K &MDLMJJ9<AGK N=J>=@DL MF< C9FF -9<AG FMJ 9DK 9J:=ALKL@=J9H=MLAK;@=K G<=J >AF9F

RA=DD=K #G::Q :=LJ=A:=F V G<=J 9DK EAKKAGF9JAK;@=K 1=@AC=D =AF=J :=KLAEEL=F $<=GDG?A= 9K ?ADL >eJ 9DD= .=F<=J 9:=J >eJ <9K &MDLMJJ9<AG EAL

L=D=MJGHaAK;@=J +Ja?MF? AF :=KGF<=J=E (9Z O=AD FKHJe;@= MF< &GKL=F =FLKHJ=;@=F< G<=J >eJ NA=D= =:=F MF=FLKHJ=;@=F< @G;@ KAF< 0. 9E=JAC9FAK;@=K -9<AG AKL >eJ <A=K= +JG:D=E9LAC =AF ?ML=K =AKHA=D V OA= FaEDA;@ =AF= E=<A9D= "JGZE9;@L F9;@ =MJGHaA

K;@=E (9ZKL9: 9M> <=F .L9LMK =AF=K 9E:ALAGFA=JL=F FLOA;CDMF?KD9F<=K KAFC=F C9FF <A= AF MJGH9 :GG

E=F<= "9LLMF? ^DEB;7> OAJ< AF <=F 0. FMJ E=@J AF (MK==F HJG<MRA=JL AF .=F<=J <=J FA;@L AF <=F E=<A9D=F /=M>=DKCJ=AK NGF KL=A?=F<=F MK?9:=F MF< KAFC=F<=J =<=MLMF? V E9F CdFFL= 9M;@ K9?=F NGF KAFC=F<=F AFF9@E=F

= 0018#6+10 = '4#06914670)

+' "7-70(6 &'5 7.6744#&+15

MF< KL=A?=F<=J $JJ=D=N9FR V ?=J9L=F OADD <=J EMKK =J@=:DA;@= FKLJ=F?MF?=F MFL=JF=@E=F >eJ . $) +M:DACME AFL=J=KK9FL MF< D=LRLDA;@ OA;@LA? RM K=AF (9F CdFFL= =K 9M;@ )_/5'$ # F=FF=F 9K ?ADL 9M;@ >eJ =AF=F &MDLMJK=F<=J AF >eJ EA;@ >eF> J=D=N9FL=F +MFCL=F :;<-6; EMKK <9K +JG<MCL KLAEE=F 9DKG <9K +JG

?J9EE KGDD ME>9KK=F< MF< ?=F=J9DAKLAK;@ X?9FR@=AL

DA;@S K=AF MF< <9@=J <A= >eJ <A= 5A=D?JMHH= J=D=N9F

L=F /@=E=F MF< EGLAGF=F :=Je;CKA;@LA?=F K KGDD B?-1<-6; AF@9DLDA;@ MF< >GJE9D ?D=A;@ 9FKHJM;@KNGDD MF< ,:1<<-6; MFN=JO=;@K=D:9J K=AF K KGDDL= KA;@ >1-:<-6; <MJ;@ =AF=F H=JE9F=FL=F 2=;@K=D NGF .H9FFMF? MF< FLKH9FFMF? NGF 2GJL MF< (MKAC 9MKR=A;@F=F 0F< =K KGDD= .K6.<-6; R=AL?=EaZ MF< K=JNA;=GJA=FLA=JL K=AF 2=FF =AFE9D <9K X+JG<MCLS KLAEEL AKL 9DK Fa;@KL=K <=J X1=JC9M>S <=KK=D:=F NGF a@FDA;@=J =<=MLMF? 9 ?=@L =K K=D:KLN=JKLaF<DA;@ ME :=<=ML=F< E=@J 9DK FMJ ME X2=J:MF?S 2=FF KA;@ K;@DA=ZDA;@ <9K 5A=DHM:DACME EAL <=E +JG

?J9EE MF< <=E $E9?= <=K +JG?J9EEK A<=FLA>ARA=JL O9K =FLK;@A=<=F E=@J AKL 9DK <9KK =K A@E =AFA?=J

E9Z=F ?=>aDDL <9FF AKL <A= O=K=FLDA;@KL= 1GJ9MKK=L

RMF? =J>eDDL <9KK =K . $) .=F<=J O=J<=F C9FF 0F< <9FF OAJ< =K 9M;@ NGF K=AF=E .=F<=J J=>D=P9JLA? E=@J N=JD9F?=F 9DK .=F<MF?=F K OAJ< 9DKG =AF= FLOA;CDMF? =AFK=LR=F <A= *F AJ

CLANALaL=F EAL KGD;@=F XG>> 9AJS MF< K=D:KLN=JKLaF<

DA;@ 9M;@ XGFDAF=S N=J:AF<=L MF< RM =AF=E (=<AME F=M=J ,M9DALaL MF< ?=K=DDK;@9>LDA;@=J -=D=N9FR E9;@L )A;@L E=@J MF< FA;@L O=FA?=J OADD ^

)#."! ."& ".

=.<:)/

-1;<=6/

/J9FKH9J=FR MF< *>>=F@=AL &GFL9CL RME +M:DACME &JALAC 9F=JC=FF=F !J9?=F :=9FLOGJL=F +JG<MCLAF>GJE9LAGF MF< &MF<=F

K=JNA;= >eJ "=:e@J=FR9@D=J$FF=F

-0:?-:< #! " ! ( .K: -16- J..-6<41+0- =./)*-

G < 025= -2. .<87-.;1.2= -.< O//.7=52,1.7 >7-/>74< <.27. 217 +.0;P7-.7-.7 .2=2-..7 <.27. 27=.;6.-2N;. >74=287 >7- <.27. .7=<9;.,1.7-.7 .2<=>70<+.2=;N0. C> 4866>72 C2.;.7 *5<8 26 2*580 62= -.; .<.55<,1*/= C> <.27 D =/;2.- *;;.7 #72?.;<2=N= &P;2,1

^>>=FLDA;@ J=;@LDA;@=J -MF<>MFC AKL C=AF= "=@=AEOAKK=F

K;@9>L J>GD?J=A;@= &GEEMFAC9LAGF :=<=ML=L >eJ <=F *-! 9M> &JALAC J=9?A=J=F MF< LJGLR<=E N=JDaKKDA;@ &MJK @9DL=F &MF<=F<A=FKL MF< =K;@O=J<=E9F9?=E=FL 9DK .=JNA;= >eJ 9DD= *-! 0K=J$FF=F AF= +JG<MCLAF>GJE9LAGF <9Je:=J O9K d>>=FLDA;@ J=;@LDA

;@=J -MF<>MFC L9LKa;@DA;@ D=AKL=F C9FF

:)3<1;+0-: =<B-6

$@J= !J9?= Ra@DL $@J= &JALAC Ra@DL $@J= (=AFMF? Ra@DL

4+'06+'46 #/ '/'+091*. ? (E4 #..'

G 866.;C2.55 1.2J= 8;2.7=2.;= *6 ;8/2=) O//.7=52,1 ;.,1= 52,1 1.2J= 8;2.7=2.;= *6 .6.27@815) 2. .27.7 9;8-> C2.;.7 -.6.7=<9;.,1.7- .@277. /P; 21;. 9;2?*=.7 20.7=P6.; 77.7 -2. *7-.;.7 .1;@.;= /P; -2. .<.55 <,1*/= E *>/ .>-.>=<,1 >+52, $*5>. D

&1/ 0., ) .("0&+$ 1+! ,**1+&( 0&,+

%M?=F<DA;@= KMJ>=F La?DA;@ DaF?=J AE )=LR 9DK KA= >=JFK=@=F $F <=J 2=DL <=K 2=: @9L B=<=J HJ9C

LAK;@ >J=A=F 5M?9F? RM $F>GJE9LAGF=F 9DD=J JL .ALG 3>EA @A5: ^887@F>;5: D75:F>;5:7D )G@68G@= >J9?=F KA;@ E9F;@= =9EL$FF=F AF JeKK=D *<=J ?=F9M=J ?=K9?L JeKK=D OAJ< <9K NGF 1=JD=?=JF 9MK F9@=RM B=<=E =MJGHaAK;@=F '9F< 9DKG 9M;@ 9MK ^KL=JJ=A;@ FA;@L RM>aDDA? 9M;@ e:=J <=F X0EO=?S <=K ... ?=>J9?L A= FLOGJL AKL <=FC:9J =AF>9;@ MF< KL=@L AF ^KL=J

J=A;@ K=@J CD9J >GJEMDA=JL AE &) 7E7FL X @ D8_>>G@9 E7;@7E G8FD39E :3F 67D XEF7DD7;5:;E5:7 )G@68G@= 7;@ 6;887D7@L;7DF7E 7E3?FBDA9D3?? HA@ @8AD?3F;A@ "G>FGD ,@F7D:3>FG@9 G@6 *BADFS 9FRM:A=L=F +JG

?J9EE >eJ !J9M=F MF< (aFF=J %MF?= MF< DL= JE= MF< -=A;@= DL=AF?=K=KK=F= MF< )=MRM?=O9F<=JL= =L; V 9DKG X+JG?J9EE9F?=:GL= >eJ 9DD=S MF< RO9J MF?=9;@L=L A@J=J AD<MF? MF< #=JCMF>L A@J=K KGRA9D=F .L9LMK 29JME <=J d>>=FLDA;@= M>LJ9? 9DK J?aFRMF? RME &GEE=JRA=DD=F AE *FDAF=:=J=A;@ FMF HDdLRDA;@ C=AF=F +D9LR E=@J @9:=F KGDD K9?=F <A= +JAFLCGDD=?$FF=F 9:=J FA;@L G<=J RMEAF<=KL FA;@L ?=JF= A= AKCMKKAGF e:=J <A= 9K=AFK:=J=;@LA?MF? KL9JC=J ^>>=FLDA;@

-=;@LDA;@=J AKL B=<=F>9DDK AF NGDD=E "9F?= V MF< <=J 1=JKM;@ <=K CGFR=JLA=JL=F X(9<A?E9;@=FKS 9M;@

9K "=>e@D <9KK <A= 1=JD=?=J MF< A@J= .=F<:GL=F FA;@L 9DD=AF <A= .GJ?= ME <A= J=AF= '=@J= <=K <M9D=F +JAFRAHK 9FLJ=A:L LJe?L C=AF=K>9DDK .L=@L <G;@ >=KL <9KK <A= NA=D:=K;@OGJ=F=F X*FDAF= "=K;@a>LKEG<=D

D=S V RM=JKL =AF :G G<=J =AF= CD=AF= &GFLG9::M;@MF? MF< <9FF $F>GJE9LAGF .HGJL 0FL=J@9DLMF? V ?=F9MKG D9F?= FA;@L >MFCLAGFA=J=F O=J<=F KGD9F?= <A= ^>>=FLDA;@ -=;@LDA;@=F AF NA=D=F 'aF<=JF @=JNGJJ9

?=F<= ,M9DALaL=F ?=F9M AF <A=K=F =J=A;@=F CGKL=F

>J=A 9F:A=L=F (=AKL AF =AF=J J=AL= MF< AF .L9F<9J<K <A= <A= .=AL=F <=J KG?=F9FFL=F XHJAN9L=F &GFCMJ

J=FRS NA=D>9;@ ME 'aF?=F K;@D9?=F =E (9JCL?=K=LR >GD?=F< K;@Da?L <9K d>>=FLDA;@

J=;@LDA;@= X =KK=J=S <9K HJAN9L= X"ML=S MF< C=AF 2MF<=J 9M;@ <A= 2=J:=CMF<=F :M;@=F DA=:=J F9;@

?=>J9?L= .AL=K V MF< <9K aJ?=JL OA=<=J <A= 1=JD=?=J F?=KA;@LK <=J RO=A>=DDGK NGJ@9F<=F=F X@9F<>=KL=FS OAJLK;@9>LDA;@=F $FL=J=KK=F V K;@DA=ZDA;@ KAF< <A= 5=A

L=F K;@D=;@L MF< <A= &GFCMJJ=FR ME <9K "=D< <=J 2=J:=CMF<=F ?JGZ V OAJ< F9;@ <=E X.L99LS MF< XN=J:A=L=FS ?=JM>=F 9:=A @9L <9K AF <=F RO9FRA?=J %9@J=F <=K N=J?9F?=

F=F %9@J@MF<=JLK AF "JGZ:JAL9FFA=F EAL <=J :=?JeF<=L= +JAFRAH LGD *;5:7DEF7>>G@9 67E 8D7;7@ G@6 G@97:;@67DF7@ $76;7@LG93@9E 8_D 3>>7 7;@ ^887@F>;5:

= '4#06914670) = 4#052#4'0< D75:F>;5:7E @EF;FGF 7;@LGD;5:F7@ AE *FDAF=R=AL9DL=J E=@J "eDLA?C=AL <=FF B= =FF <A= @aM>A? ?=aMZ=JL= 1GJKL=DDMF? O=AD F9@=RM B=<= J $F@9DL= HJG<MRA=J=F MF< AFK )=LR KL=DD=F C9FF K=A =AF= JL <=EGCJ9LAK;@= (=<A=FJ=NGDMLAGF AE "9F?= AKL ?D=A;@=JE9Z=F K;@dF OA= F9AN =A 0AG+G 47 .;=;B76;3 G<=J <=J G88;@9FA@ 'AEF E9;@=F RO9J AF <=J -=?=D <A= X&GFKME=FL$FF=FS <=F $F@9DL <A= BGMJF9DAKLAK;@= +J9PAK <=K .A;@L=FK MKOa@D=FK MF< $FL=JHJ=LA=J=FK NGF $F>GJE9LAGF >aDDL 9:=J 9MK V <A= =DA=:A?C=AL <A=K=K +JAFRAHK AKL ?JGZ <A= 1=JDaKKDA;@

C=AL ?=JAF? =MLDA;@=J 9DK OAJ =K LMF C9FF E9F =K FA;@L RME MK

<JM;C :JAF?=F %9 OAJ KAF< <9>eJ <=F 2=LL:=O=J: ROAK;@=F <=F CGEE=JRA=DD=F F:A=L=JF MF< MFK X^>>=FLDA;@ -=;@LDA;@=FS ?=K=LRDA;@ ?9FR HJaRAK= RM J=?=DF 2AJ :=@9JJ=F 9:=J 9M;@ <9J9M> <9KK <9:=A <A= MFL=JK;@A=<DA;@=F 9K=AFKRO=;C= FA;@L 9MK <=E DA;COAFC=D N=JDGJ=F O=J<=F &GEE=JRA=DD @=AZL XAD; 7@F;7DF 3? 'DA8;FS d>>=FLDA;@ J=;@LDA;@ @=AZL XAD;7@ F;7DF 3? 7?7;@IA:>S A= =AF=F HJG<MRA=J=F <=E

=FLKHJ=;@=F< "=OAFF= >eJ A@J= HJAN9L=F A?=FLe

E=J$FF=F <A= 9F<=J=F (=@JO=JL >eJ <A= "=K=DD

K;@9>L V 9M> )=M<=MLK;@ =*41+ %)4=- 0F< ?=F9M 9F <A=K=E +MFCL EMKK =AF= K=D:KL:=OMKK

L= (9JC=FH>D=?= MF< $E9?=9J:=AL =AF=K d>>=FLDA;@

J=;@LDA;@=F (=<A=FMFL=JF=@E=FK 9FK=LR=F 2AJ EeK

K=F <=MLDA;@ K9?=F OGJAF <=J 'G4>;5 -3>G7 DA=?L MF< O9JME MF< OGRM OAJ ?=:J9M;@L O=J<=F B9 L9LKa;@DA;@ >eJ =AF= <=EGCJ9LAK;@= "=K=DDK;@9>L MFN=JRA;@L:9J KAF< 2AJ EeKK=F <=F 0FL=JK;@A=< ROAK;@=F +JG>ALGJA=FLA=

JMF? MF< "=E=AFOG@DGJA=FLA=JMF? ?9FR HJaRAK= @=J

9MK9J:=AL=F MFK=J=F )MLR=F >eJ <A= DD?=E=AF@=AL <=>AFA=J=F MF< :=K;@J=A:=F <=F .L=DD=FO=JL >eJ <A= dKL=JJ=A;@AK;@= $<=FLALaL >=KLE9;@=F MF< KG <=F 'G4>;5 -3>G7 LJ9FKH9J=FL MF< CGEEMFARA=J:9J E9;@=F K ?ADL NA=D &J9>L &J=9LANALaL MF< $F@9DL <9>eJ 9M>RMO=F<=F :=A B=<=J MF< B=<=E MFK=J=J &MF<$F

F=F <=F !GJL:=KL9F< MF< <A= 0FN=JRA;@L:9JC=AL <A=

K=K 0FL=JF=@E=FK RM D=?ALAEA=J=F V X ? >;74EF7@ &) S AKL MF< EMKK E=@J 9DK =AF D9AE K=AF V MFK=J 5A=D AKL <A=K=K <9M=JF<= =C=FFLFAK =AF=J ?JGZ=F (=@J@=AL <=J ^KL=JJ=A;@=J$FF=F 9RM O=J<=F OAJ MFK AF 5MCMF>L N=JKLaJCL 9M;@ MFK=

J=J =A?=F=F &GEEMFAC9LAGFKEALL=D MF< Ed?DA;@C=A

L=F :=<A=F=F EeKK=F _:=JLJA=:=F= &=MK;@@=AL AKL @A=J NdDDA? >=@D 9E +D9LR= =FF O=FF OAJ FA;@L e:=J MFK=J= .LaJC=F KHJ=;@=F KG OAJ< =K 9M;@ FA=E9F< 9F<=J=J LMF

&1/ 0., )

'4#056#.670)'0 #.5 1//70+-#6+105/+66'.

G >*52=N= ->;,1 K//.7=52,14.2= +C@ .27 :>*52=*=2?.; 87=*4= C> >7<.;.7 O;.; 77.7 2<= +.2 K .27 C.7= ;*5.; ;/850< *4=8; D

)"*"+/ ,-"06(5 : .("0&+$

,M9DALaL <MJ;@ ^>>=FLDA;@C=AL :RO =AF IM9DAL9LAN=J &GFL9CL RM MFK=J=F #dJ=J$FF=F AKL :=A ^ =AF R=FLJ9D=J J>GD?K !9CLGJ AF .=F<=J <=J F=:=F <=E CD9KKA

K;@=F (=<AME )36;A AF <=J 1=J?9F?=F@=AL =AF= 1A=D

R9@D 9F &GEEMFAC9LAGFK MF< =?=?FMF?K=:=F=F =FLOA;C=DL @9L #=ML= AKL NGJ 9DD=E <=J ^ *>> AJ =J=A;@ =AF O=K=FLDA

;@=K D=E=FL <=J "=K9ELCGFR=HLAGF NGF ^ 2A= 9M;@ AF 9F<=J=F =J=A;@=F <=K *-! KL=@=F EG<=JF= &MF<=F

:AF<MF?K $FKLJME=FL= AE 1GJ<=J?JMF< AF 9CLM=DD=K MF< EG<=JF=K JK;@=AFMF?K:AD< 9M;@ 9MZ=J@9D: <=J *F AJ (d?DA;@C=AL=F AKL =AF O=K=FLDA;@=K 5A=D =?=?

FMF? AE X^>>=FLDA;@=F -9MES MF< <AJ=CL= &MF<=FCGE

EMFAC9LAGF KL=@=F AE (ALL=DHMFCL AF= O=AL=J= .LaJ

CMF? <A=K=J $FKLJME=FL= AKL 9M;@ RMCeF>LA? =AF=K <=J O=K=FLDA;@=F KLJ9L=?AK;@=F 5A=D= ^ AKL :=A 9DD=F HJG?J9EEJ=D=N9FL=F 1=J9FKL9DLMF?=F HJaK=FL MF< AKL <=J (=<A=F MF< &GGH=J9LAGFKH9JLF=J >eJ &MDLMJAFKLALMLAGF=F MF< &MDLMJN=J9FKL9DL=J$FF=F AF ?9FR ^KL=JJ=A;@ #=ML= O=J<=F :=J=ALK E=@J 9DK &MDLMJN=J9FKL9DL=J$FF=F 9CLAN :=LJ=ML ^ KA=@L KA;@ @A=J AF =JKL=J 'AFA= 9DK X&GEEMFAC9LGJS MF< +9JLF=J >eJ =AF= 9M;@ J=?AGF9D= FLOA;CDMF? CMDLMJ=DD=J CLANA

LaL=F )=:=F <A=K=J 9CLAN=F -GDD= >eJ <A= dKL=JJ=A;@AK;@= &MDLMJ O=J<=F 9:=J 9M;@ =A?=FKLaF<A?= 1=J9FKL9D

LMF?KCGGH=J9LAGF=F EAL CMDLMJ=DD=F AFJA;@LMF?=F :RO <=J dKL=JJ=A;@AK;@=F 2AJLK;@9>L =FLOA;C=DL 5A=D AKL =K @A=J <=E AFL=J=KKA=JL=F +M:DACME AF =JKL=J 'AFA= F=M= 1=J9FKL9DLMF?K>GJE=F 9FRM:A=L=F

DK =AKHA=D Ed;@L= A;@ @A=J <=F X $GE;=E3>A@ 9F>e@J=F A=K= 1=J9FKL9DLMF?KK=JA= OMJ<= 9FDaKKDA;@ !3:D7 X >eJ <=F #=J:KL =FLOA;C=DL $F &GGH=

J9LAGF EAL CMDLMJ=DD=F $FKLALMLAGF=F AF 9DD=F F=MF MF

<=KDaF<=JF MF< <=J &7EF7DD7;5:;E5:7@ %3F;A@3>43@= OMJ<= =AF= =FLKHJ=;@=F<= &GFR=JLJ=A@= >eJ &9EE=J

EMKAC 9F?=:GL=F ^ #dJ=J$FF=F 9MK ?9FR ^KL=JJ=A;@ CGFFL=F AF A@J=E MF<=KD9F< <9K "=FJ= CGKL=FDGK C=FF=FD=JF=F 9K =KGF<=J= <A=K=J &GFR=JL= O9J 9:=J KA;@=J 9M;@ <A= 9F?=:GL=F= +JaK=FL9LAGFK>GJE _:=J =AF= =FLKHJ=;@=F<= ^ (G<=J9LAGF OMJ<= <MJ;@ <9K +JG?J9EE ?=>e@JL HJG>=KKAGF=DD 9M>:=J=AL=L= $F>GJE9LAGF=F RM MF< ME <A= CL=MJ$FF=F MF< <=J=F 9MK?=Oa@DL= (MKACKLe;C= K;@9>>L=F =AF=F :=KGF<=

J=F MF< :=BM:=DL=F X(=@JO=JLS )=:=F <=E +M:DACME @9:=F 9:=J 9M;@ MFK=J= +9JLF=J e:=J <A=K= :=KGF<=J= !GJE <=J &GGH=J9LAGF =AF=F X(=@JO=JLS =J>9@J=F RMKaLRDA;@ RM <=F CD9KKAK;@=F &GEEMFAC9LAGFKD=AKLMF?=F CGFFL=F OAJ >eJ MFK=J= &MDLMJH9JLF=J AF <=F MF<=KDaF<=J F=M= MF< >eJ <A= 5MCMF>L AFL=J=KKA=JL= 5A=D?JMHH=F ?=OAFF=F !eJ <A= &7EF7DD7;5:;E5:7 %3F;A@3>43@= OMJ<= =AF= RMKaLRDA

;@= +D9LL>GJE ?=K;@9>>=F A@J= =AFRA?9JLA?= @EFDG ?7@F7@E3??>G@9 RM HJaK=FLA=J=F 9K +JG?J9EE <=K X $GE;=E3>A@ :=KLJ=AL=F 9MKK;@DA=ZDA;@ &eFKL

D=J$FF=F :RO &eFKLD=J?JMHH=F EAL $FKLJME=FL=F <A=

K=J &7% .9EEDMF? 0F< @A=J K;@DA=ZL KA;@ <=J &J=AK =FF @AKLGJAK;@ O=JL

NGDD=F $FKLJME=FL=F RM :=?=?F=F AKL OA=<=JME =AF AFL=J=KK9FL=J X(=@JO=JLS >eJ <9K +M:DACME

)"*"+/ ,-"06(5

G .; 1;0.2C -.< >7-.7-2.7<= ".*6< 2<= .< 27-2?2->.55 1.5/.7 C> 4O77.7 #7- @.77 @2; -2. ;*0.7 >7<.;.; &><,1*>.; 77.7 C>; &>/;2.-.71.2= +.*7=@8;=.7 4877=.7 8-.; 27C.57. 0*; 27 .27.; 4874;.=.7 8=5*0. >7=.;<=P= C.7 4877=.7 1*+.7 @2; >7<.;.7 >/=;*0 .;/P55= D

"00&+ ./ % )( 1+!"+!&"+/0

X =AE &MF<=F<A=FKL 9FJM>=FS KL=@L K=AL NA=D=F %9@J=F 9DK @A>>J= >eJ B=F= /@=E=F <A= ^KL=JJ=A;@ :=O=?=F MF< =JJ=?=F *LLG ( 5QC9FK *F33FEAB7D7FF7 <A= AE %9@J <A= /=D=>GF9FD9?= AE *-! 5=FLJME RME .LADD

KL9F< :J9;@L= AKL :AK RME @=MLA?=F /9? =AF D=?=F<a

J=K =AKHA=D >eJ <A= ?=:9DDL= (=AFMF? MF< 2ML <A= KA;@ e:=J <=F *-! =J?A=Z=F C9FF 0F< 9M;@ @=ML= AKL =K KG <9KK X67D &) S <=J X&) "G@67@6;7@EFS <A= =JKL=F <J=KK=F KAF< ME KA;@ e:=J N=JE=AFLDA;@= G<=J L9LKa;@DA;@= (AKKKLaF<= AE .L99L= ^KL=JJ=A;@ RM :=CD9?=F 2G@D 9M;@ <=K@9D: RA=@=F <A= $F>GJE9LA

GFKK=F<MF?=F <=K *-! AF =AF=E e:=J<MJ;@K;@FALLDA

;@=F (9Z &GFL9CL= EAL <=E "G@67@6;7@EF F9;@ KA;@ <A= K=DL=F EAL <=J (9;@9JL <=J =ALJa?= 9:=J G>L ?=FM? EAL <=F e:=JEALL=DF<=F $F@9DL=F RM LMF @9:=F V <=J *-! 9DK _:=J:JAF?=J NGF )9;@JA;@L=F AKL RM?D=A;@ 9M;@ =JKL= FD9M>KL=DD= 9DD>aDDA?=J <9EAL N=J

:MF<=F=J &JALAC 5MJ 1=J9FK;@9MDA;@MF? 1GF <=F JMF< -=9CLAGF=F 9M> <A= 17;F ;? ;>6 .=F<MF

?=F AE %9@J =FL>A=D=F E=@J 9DK +JGR=FL 9M> <A= &9L=?GJA= $7;@G@9 V eJ?=J$FF=F <A= =AF>9;@ A@J =@9?=F G<=J (AKK>9DD=F EAL HGDALAK;@=F G<=J ?=K=DD

K;@9>LDA;@=F FLOA;CDMF?=F RME MK<JM;C :JAF?=F OGDDL=F #A=J AKL <A= M>?9:= <=K "G@67@6;7@EF7E G>L C=AF= 9F<=J= 9DK <A= =AF=K G>>=F=F *@JK *>L ?=FM? 9:=J KAF< =K FA;@L 0FEML G<=J \J?=J KGF

<=JF =LJG>>=F@=AL MF< <A= .M;@= F9;@ -9L <A= RME /=D=>GF MF< AE RMF=@E=F<=F MKE9Z RM $FL=JF=L MF< (9AD ?J=A>=F D9KK=F "=J9<= <A= .=JNA;=K=F

<MF?=F <=K *-! RA=@=F G>LE9DK =AF CGFCJ=L=K $F>GJ

E9LAGFK:=<eJ>FAK F9;@ KA;@ X'G4>;5 *7DH;57S AE "G@ 67@6;7@EF :=<=ML=L <9@=J 9M;@ 9M> <A= =<eJ>FAKK=

MF< )dL= <=J &MF<$FF=F <=L9ADDA=JL =AFRM?=@=F O=FF /@=E=F 9MK <=J =A?=F=F '=:=FKKH@aJ= AF <=F .=F

<MF?=F <=K *-! 9M>?=?JA>>=F O=J<=F MF< KGEAL RME "=?=FKL9F< >eJ <=F "G@67@6;7@EF O=J<=F K AKL <=J @J?=AR <=J (AL9J:=AL=J$FF=F <=K "G@67@6;7@EF7E AE _:JA?=F e:=J +JGR=FL !J9M=F H=JKdFDA;@= FDA=

?=F 9M;@ :=KLEd?DA;@ RM :=LJ=M=F #A=J DA=?L 9M;@ <A= /J=FFDAFA= RM E9F;@=E (AL:=O=J:=J <=J <A= &MF<=F

:=LJ=MMF? 9MK OAJLK;@9>LDA;@=F "JeF<=F =AFK;@JaFCL =J &) "G@67@6;7@EF @AD>L OG =J C9FF NGE 9MK>e@J

DA;@=F OdJLDA;@=F 5AL9L 9MK .=F<MF?=F e:=J <A= 2=A

L=J?9:= NGF FKHJ=;@H9JLF=J$FF=F >eJ AF<ANA<M=DD= .GJ?=F NGF FJM>=J$FF=F :AK @AF RMJ ME>9KK=F<=F MF< CGEH=L=FL=F 0FL=JKLeLRMF? O=FF MFK=J= .=@=

J$FF=F EAL <=J EG<=JF=F /=;@FAC MF< <9EAL <=E =AF

O9F<>J=A=F EH>9F? <=J !=JFK=@HJG?J9EE= V FA;@L FMJ <=K *-! V A@J= DA=:= )GL @9:=F =J *-! DaKKL K=AF +M:DACME FA;@L 9DD=AF

= '4#06914670) = 4#052#4'0<

+'056 #/ 70&'0 #.5 7$.+% #.7'

=J *-! 9DK F:A=L=J NGF 1GDDHJG?J9EE=F V <9K :=<=ML=L RO9F?KDaM>A? 9M;@ =K FA;@L 9DD=F J=;@L E9;@=F RM CdFF=F &GFL9CL= AE %9@J @9L <=J &) "G@67@6;7@EF AFCD <=E /=9E NGF &) + # J=?AKLJA=JL V MF< =J DaKKL =K FA;@L <9:=A :=O=F<=F )=:=F <=E + # + *+ AKL <=J &) "G@67@ 6;7@EF <9K OG@D OA;@LA?KL= $FKLJME=FL >eJ <A= +JG

?J9EEE9;@=J$FF=F ME <A= 5M>JA=<=F@=AL <=K +M:DA

CMEK RM =JMA=J=F KGOA= <=KK=F =<eJ>FAKK= C=FF=F

RMD=JF=F 9K /=9E <=K "G@67@6;7@EF7E :eJ?L <9:=A >eJ <A= ,M9DALaL <A=K=J !==<:9;C .;@D=A>= %=<= -=9CLA

GF OAJ< =J>9KKL RM?=GJ<F=L MF< KL=@L ME?=@=F< 9DD=F N=J9FLOGJLDA;@=F =J=A;@=F RMJ 1=J>e?MF? .G AKL ?=Oa@JD=AKL=L <9KK KaELDA;@= 9MK <=F &MF<=FJ=

9CLAGF=F ?=OGFF=F=F $F>GJE9LAGF=F <A= JA;@LA?=F .L=DD=F AE *-! =JJ=A;@=F MF< 2eFK;@= MF< FJ=?MF

?=F <=K +M:DACMEK AF?9F? AF <A= +JG?J9EE?=KL9D

LMF? >AF<=F CdFF=F &=AF $FHML ?=@L <9EAL N=JDGJ=F

"00&+ ./ % )(

7#.+6C6 <7/ #%*.'5'0

G 2. $.;7.=C>70 62= -.6 ;80;*66 >7- -.; 2*580 62= -.7 O;.; 77.7 >7- !.1.; 77.7 .;02+= .27 >7?.;@.,1<.5+*;.< ;8->4= 62= *,11*5=204.2= %2; @855.7 O//.7=52,1 ;.,1=52,1. >*52=N= .;5.++*; 6*,1.7 >7- /*<<+*; @2.-.;0.+.7 D

%.&/0&+" %+<!) + %)"/"

X GE 67? 97E3?F7@ 'AA> 3@ ^887@F>;5: D75:F>;5:7? A@ F7@F E5:^B87@ LG =^@@7@ ;EF 7;@L;93DF;9 8_D 7;@ 'D;@FBDA 6G=F 1G67? 7D?^9>;5:F 63E 9>7;5:L7;F;9 ?;F E7:D 788;L; 7@F7@ )7EEAGD57@ 6;7 'DA9D3??;@:3>F7 67E &) LG H7D 767>@ S =F "JMF<KL=AF >eJ <A= "=:MJLKKLMF<= <=J &) @35: >7E7 AE %9@J @9:=F <A= #dJ=J$FF=F MF< .=@=J$F

F=F <=K *-! K=D:KL ?=D=?L DK <A= F>J9?=F :=AE &) "G@67@6;7@EF F9;@ .=F<MF?KE9FMKCJAHL=F MF< <=J 2MFK;@ "=@dJL=K MF< "=K=@=F=K F9;@D=K=F RM CdFF=F =AF K=@J @G@=K (9Z =JJ=A;@L @9LL=F =FL

K;@A=< <=J <9E9DA?= "=F=J9DAFL=F<9FL "=J< 9;@=J 9MK <=F ?=>J9?L=KL=F .=F<MF?KAF@9DL=F =AF (GF9LK

E9?9RAF EAL KL9JC=E .=JNA;=;@9J9CL=J RM =FLOA;C=DF V <A= &) @35:>7E7 O9J ?=:GJ=F .=AL<=E @9L KA;@ <9K (GF9LKE9?9RAF RO9J AF '9QGML 0E>9F? MF< '=K=J$FF=FR9@D KL=LA? O=AL=J=FLOA;C=DL FA;@L B=<G;@ K=AF= !GCMKKA=JMF? 9M> <A= #dJ=J$FF=F MF< .=@=J$FF=FOeFK;@= A= d>>=FLDA;@ J=;@LDA;@= 9KAK AKL ,M9DALaLK?9J9FL MF< =AF (=JCE9D >eJ 0FL=J

K;@=A<:9JC=AL RM 9F<=J=F /AL=DF 9E (9JCL .;@GF AF <=F =JKL=F MK?9:=F AE %9@J OMJ<=F .=F<MF

?=F NGF MF< EAL <=E +@ADGKGH@=F .AJ &9JD +GHH=J <=E =?JeF<=J <=J 'G?GL@=J9HA= 1ACLGJ !J9FCD MF< <=E )G:=DHJ=AKLJa?=J &GFJ9< 'GJ=FR 9:?=<JM;CL V AF <=J @G@=F M>D9?= NGF <MJ;@K;@FALLDA;@ P=EHD9J=F .=AL B=@=J KL=@=F <A= )eLRDA;@C=AL MF< 1A=D>9DL <=K (9?9RAFK AE 1GJ<=J?JMF< MF< HJa?=F <9EAL 9M;@ <=F J=<9CLAGF=DD=F DDL9? 5OAK;@=F <=F -=<9CL=MJ$FF=F <=J &) @35:>7E7 MF< <=F *-! /1 MF< -9<AG %GMJF9

DAKL$FF=F ?A:L =K =AF= =F?= 1=JF=LRMF? KG<9KK <A= #A?@DA?@LK <=K +JG?J9EEK 9MK 9DD=F =J=A;@=F AF

?9F? AF <9K =?D=ALE=<AME &) @35:>7E7 >AF<=F 1=J

D9?KD=AL=J J #=AFR (GKK=J KA=@L <=F ,M=DD <=K &) @35:>7E7 $F@9DLK 9DK :=KGF<=J=F ,*' 9E (9JCL

AF= J=?= =RA=@MF? RM *-! &GFKME=FL$FF=F OAJ< :=A <=J &) @35:>7E7 La?DA;@ ?=D=:L 29K AF <=J -=<9CLAGF :=AE &) "G@67@6;7@EF MF< :=A .=F<MF?KN=J9FLOGJLDA

;@=F NGE +M:DACME :=KGF<=JK ?=>J9?L MF< /@=E9 AF <=J ^>>=FLDA;@C=AL AKL OAJ< 9M;@ RME !APKL9JL=J AF <=J &) @35:>7E7 *-! -=<9CL=MJ$FF=F MF< PH=JL$FF=F KAF< &) @35:>7E7 &GDMEFAKL$FF=F MF< E9;@=F <9EAL =AF=K <=J ?JdZL=F (GF9LKE9?9RAF= ^KL=JJ=A;@K RME EG<=J

F=F '=:=FK:=J9L=J 9E +MDK <=J 5=AL !eJ <9K %9@J :=<=ML=L <9K d>>=FLDA;@ J=;@LDA;@=F (=@JO=JL AF JMF< (AG ?=<JM;CL=F P=EHD9J=F <=F CF9HH '=K=J$FF=F HJG (GF9L DL $76;3 @3>KE7

XF9;@?=D=K=FS @9:=F =KGF<=JK <A= +:7?7@E5:I7DBG@=F7 ">;?3I3@67> ";@67D MF< D@[:DG@9 OMJ<=F KG FA;@L FMJ AF !=JFK=@=F MF< #dJ

>MFC :=D=M;@L=L KGF<=JF 9M;@ NGF <=J &) @35:>7E7 :=?D=AL=L MF< CGEHD=LLA=JL !eJ <A= '=K=J$FF=F O=J<=F <A= .;@O=JHMFCL= <=K +JG?J9EEK MF< RMKaLRDA;@= FeLRDA;@= $F>GK KG 9M;@ RME )9;@D=K=F MF< .9EE=DF 9M>:=J=AL=L MF< KAF< O=JLNGDD= =?D=AL=J e:=J DaF?=J= 5=AL A= -=R=HL= <=J .=F<MF? D;E5: 97=A5:F MF< <A= "9JL=FLAHHK 9MK %3FGD ;? 3DF7@ Ra@D=F K=AL %9@J=F RM <=F >AP=F D=E=FL=F $F <=J &) @35:>7E7 76;F;A@ =JK;@A=F=F RM<=E 9M;@ E=@J=J= EGFGL@=E9LAK;@= e;@=J OA= <=J "=KMF<@=ALKJ9L?=:=J #7;5:F7D >747@ RMJ ?D=A;@F9EA?=F *-! $FALA9LAN= MF< &G;@:e;@=J A= OA;@LA?KL=F .L9LAGF=F MF< K;@dFKL=F (GE=FL= NGF +9HKL =F=<ACL 31$ Oa@J=F< K=AF=K =KM;@K AF ^KL=JJ=A;@ OMJ<=F 9M> <=J =JKL=F 1 AF <=J &) @35:>7E7 76;F;A@ N=J=OA?L

%.&/0&+" %+<!)

G B=5 )+00J:-6

1A=D= ^ .=F<MF?=F CdFF=F @35:97:^DF O=J<=F $F 5MK9EE=F9J:=AL EAL <=J :L=ADMF? 'A>;F;E5:7 ;>6G@9 ,?I7>F4;>6G@9 G@6 -7D4D3G5:7D @@7@4;>6G@9 <=K G@67E?;@;EF7D;G?E 8_D ,@F7DD;5:F "G@EF G@6 "G>FGD :A=L=L A7

&) 3F =AF= KL9JC N=J:ADDA?L= GOFDG9< =J=;@LA?MF? >eJ .;@MD=F 9F GOFDG9<:9J= .=F<MF?=F KAF< AE ^ +JG?J9EE ?=C=FFR=A;@F=L

! )+3;<)/-

"=?=F 1GJ9FE=D<MF? CdFF=F <9K &) 17@FDG? <9K G@=:3GE MF< <9K %7G7 $76;7@:3GE NGF ^ :=KM;@L O=J<=F A= !e@JMF?=F ?=:=F AF:DA;C @AFL=J <A= &MDAKK=F <=J (=<A=FHJG<MCLAGF $E + - $GE7G? KAF< >eJ <A= =KM;@=J$FF=F <A= "=K;@A;@L= <=K *-! KGOA= <A= FLOA;CDMF? <=J &9E=J9L=;@FAC <GCME=FLA=JL !eJ &AF<=J :A=L=L <=J *-! <A= (d?DA;@C=AL =AF= ?9FR :=KGF<=J= "=:MJLKL9?K

H9JLQ AE &) 17@FDG? RM N=J9FKL9DL=F $E D>74@;EEFG6;A CdFF=F <A= &AF<=J K=D:KL @AFL=J <=J &9E=J9 KL=@=F MF< A@J= !J=MF<$FF=F AF <=J >G74AJ >DA=?=F D9KK=F 9F9;@ ?A:L =K =AF= "=:MJLKL9?KLGJL= AF <=J &) "3@F;@7 5MJ JAFF=

JMF? F=@E=F <A= &AF<=J <9K K=D:KL ?=<J=@L= 1A<=G MF< =AF "JMHH=F>GLG EAL +A? +GD4A EAL F9;@ #9MK=

= '4#06914670) = 4#052#4'0<

106#-6' 70& '48+%' (E4 &#5 7$.+-7/

'/<> #+-2/8 /< K 6?, =J dKL=JJ=A;@AK;@= &MDLMJK=F<=J ^ :A=L=L FA;@L FMJ =AF =J>GD?J=A;@=K -9<AGHJG?J9EE A= K=F<MF?K:=?D=A

L=F<=F 1=J9FKL9DLMF?=F RMKaLRDA;@= $F>GJE9LAGF=F MF< F?=:GL= E9;@=F ^ RM =AF=J NA=DK=ALA?=F +D9LL>GJE 9M> <=J <AKCMLA=JL CGFKMEA=JL MF< F9;@?=<9;@L O=J<=F C9FF MJ;@ <=F X >G4 AKL =AF= O=AL=J= $<=FLATC9LA

GFKEd?DA;@C=AL ROAK;@=F .=F<=J MF< &GFKME=FL$FF=F ?=?=:=F (AL?DA=<=J <=K X >G4K CGEE=F AF <=F "=

FMKK =AF=J ?9FR=F +9D=LL= NGF DM: 1GJL=AD=F CdFF=F ^ JLAC=D MF< .=F<MF?KCGHA=F N=J?eFKLA?L :=KL=DD=F !eJ <A= DM:N=J9FKL9DLMF?=F MF< =AF= -=A@= O=AL=J=J N=FLK =J@9DL=F <A= (AL?DA=<=J &9JL=F e:=J <9K &9JL=F

K=JNA;= 7>>A :ADDA?=J #=JRKLe;C <=K DM:9F?=:GLK AKL <9K ^ (9?9RAF 97:^DF EAL :AKD9F?

:GFF=FL$FF=F M> ;9 .=AL=F :A=L=L <9K (9?9RAF =AF=F 9MK>e@JDA;@=F _:=J:DA;C e:=J <9K CGEHD=LL= (GF9LKHJG?J9EE NGF ^ $FL=J=KK9FL= -=HGJL9?=F RME =AKHA=D e:=J <9K 'A>3D<3:D /A:=L 9DK .;>67D .7EF7@ :;@3E G<=J <A= KH9FF=F<= 83?;>;[D7 *BGD7@EG5:7 AF .A=:=F:eJ?=F =J?aFR=F <A= $F>GJE9LAGF=F e:=J <A= CLANALaL=F NGF ^ DM:C9JL=F $F@9:=J$FF=F :=CGEE=F 97:^DF B=<=F (GF9L ?J9LAK RM?=K;@A;CL

-= ;-1< -: ! -;=6,0-1<;<)43

KL9JL=L= <=J *-! =AF= F=M= -=A@= NGF *>> AJ AKCMKKAGFKN=J9FKL9DLMF?=F MFL=J <=E /AL=D &) 7EG@6:7;FEF3>= A= =JKL= "=KHJa;@KJMF<= >9F< 9E %MFA RME /@=E9 *5:?7DL KL9LL <A= RO=AL= RME /@=E9 ;347F7E 9E )GN=E

:=J A= 1=J9FKL9DLMF?=F OMJ<=F DAN= 9MK <=E )36;A"G>FGD:3GE e:=JLJ9?=F 5A=D <=J 1=J9FKL9DLMF?KJ=A@= AKL =K AF AKCMKKAGF=F ROAK;@=F *-! %GMJF9DAK

L$FF=F .H=RA9DAKL$FF=F MF< =LJG>>=F=F <A= OA;@LA?=F $F>GJE9LAGF=F RME B=

O=ADA?=F /@=E9 >eJ =AF AFL=J=KKA=JL=K +M:DACME N=JKLaF<DA;@ RM HJaK=FLA=J=F =J *-! FeLRL @A=J K=AF= "=KMF<@=ALKCGEH=L=FR ME AF 5MK9EE=F9J:=AL EAL <=J WDLF7=3??7D <=E +M:DACME <A= 9CLM=DDKL=F FLOA;CDMF?=F MF< F=M=KL=F E=L@G<AK;@=F FKaLR= RM?aF?DA;@ RM E9;@=F

& +0 &'4 %*7.' ? 0(14/#6+10537#.+6C6 10 174

G 5< .;7<.16*,1.; .7<,1.7 C> .;;.2 ,1.7 2<= 78;6*5.;@.2<. 72,1= -.; .-. @.;= .-. .27C.57. !.7->70 -.< 4=>.55.7 2.7<=.<) 1*==. 26 5.=C=.7 *1; 6.1; &><.1.; 77.7 .778,1 <27- @2; 27 -.; &2 .-*4=287 <=85C *>/ -2. &*15 E <8 ?2.5. !,1P5.; 77.7 1*+.7 @2; 26 ?.;0*70.7.7 !,1>53*1; 9.;<O752,1 0.=;8//.7 D

,)#$ +$ $+". .,'"(0&+&0& 0,. 8 & * %0 %1)"7

)A;@L O=FA?=J 9DK .;@MD=F @9:=F <A= .HALR=FD=ML= <=J 1; :=KM;@L V NGF GJF:AJF :AK )=MKA=<D 9E .== 1; ?35:F *5:G>7 @9:=F OAJ <A= CLAGF ?=L9M>L >eJ <A= A;@ &) @8A5:78 .L=>9F .LJd:ALR=J MF< &) +- :78 D763=F7GD &9JD EGF :=?=AKL=JF CGFFL= 9K ,@F7D D;5:FE?;@;EF7D;G? ?=Oa@JL= DG?AKLAK;@= 0FL=JKLeL

RMF? AF<=E =K 9DK &GFL9CL:dJK= >eJ AFL=J=KKA=JL= '=@J=J$FF=F MF< .;@eD=J$FF=F >MF?A=JL= O=AD <A= CLAGF RME .;@O=JHMFCL X'A>;F;E5:7 ;>6G@9S H9KKL= E *CLG:=J HJaK=FLA=JL=F &) @8AD?3F;A@E 6;D7=FAD DE9J *:=J@9MK=J MF< ,@F7DD;5:FE?;@;EF7D;@ J D9M<A9 .;@EA=< <A= CLAGF AE 7D;@97D93E E7 AF 2A=F .AEE=JAF? $F?JA< /@MJF@=J @A=DL <GJL ?D=A;@ <A= =JKL= X0FL=JJA;@LKKLMF<=S 9: AF= KH9FF=F<= =?=?FMF? K ?9DL 1GJMJL=AD= RM e:=JOAF<=F ;7D 3497:A47@7D 7D@E7:EF3D 6ADF 67E ;@F7D7EE;7DF7 BA>;F;=H7D6DAEE7@7 !G97@6>;5:7 2=<=J FG;@ .;@GF <9K =JKL= 5MK9EE=FLJ=>>=F V AF .AEE=

JAF? KG?9J NGJ &9E=J9K V DA=> @=JNGJJ9?=F< 5MFa;@KL K;@AD<=JL= $F?JA< /@MJF@=J D9MFA? A@J=F AFKLA=? AF <=F %GMJF9DAKEMK 9F9;@ =JDaML=JL= KA= <A= #=J9MK

>GJ<=JMF?=F >eJ HGDALAK;@= =JA;@L=JKL9LL=J$FF=F MF< :=K;@JA=: <A= =KGF<=J@=AL=F =AF=K d>>=FLDA;@ J=;@L

DA;@=F (=<AMEK 29K @8AD?3F;A@E3G8FD39 MF< &4<7=F;H;F[FE974AF :=<=ML=F O9J <=F BMF?=F '=ML=F FA;@L :=OMKKL $F <=J 9FK;@DA=Z=F<=F AKCMKKAGF KHA=DL= =K <9FF K;@GF =AF= :=<=ML=F<= -GDD= M;@ <9KK *-! %GMJF9DAKL$F

F=F FA;@L <=J 'AFA= =AF=K #=J9MK?=:=JK KGF<=JF <=J DD?=E=AF@=AL MF< <9EAL 9MKK;@DA=ZDA;@ A@J=E +M:DACME

N=JH>DA;@L=L KAF< A= .;@eD=J$FF=F :=C9E=F F9LeJDA;@ 9M;@ =AF=F 9MK>e@JDA;@=F DA;C @AFL=J <A= &MDAKK=F <=J )9;@JA;@L=FHJG<MCLAGF AE !=JFK=@=F ?=:GL=F A= RO=A 0FL=JJA;@LKKLMF<=F O9J=F HJ9DD ?=>eDDL M;@ <A= e:JA?=F =?=?FMF?=F N=JDA=>=F a@FDA;@ +JG:D=E= ?9: =K D=<A?DA;@ :=A /=JEAFN=J=AF:9JMF?=F O=AD OAJ <=F F>J9?=F FA;@L AEE=J KG K;@F=DD OA= ?=OeFK;@L F9;@CGEE=F CGFFL=F =J A=FKLHD9F AF <=J 1; -=<9CLAGF @9LL= K=D:KLN=JKLaF<DA;@ 1GJJ9F? LO9 .;@MD=F EMKKL=F OAJ 9M> <9K Fa;@KL= .;@MD

B9@J N=JLJdKL=F "=DG@FL @9L KA;@ <=J M>O9F< AF B=<=E !9DD AF=JK=ALK @9:=F OAJ BMF?=F (=FK;@=F <A= <=EFa;@KL Oa@D=F <eJ>=F N=JEALL=DL OA= OA;@LA? %GMJF9DAKEMK >eJ <9K !MFCLAGFA=J=F <=K <=EGCJ9LAK;@=F +JGR=KK=K AKL X @8AD?3F;A@ 3>E +D7;4EFA88 67D 7?A=D3F;7S F<=

J=JK=ALK AKL =K >eJ MFK *-! %GMJF9DAKL$FF=F <A= (d?

DA;@C=AL ?=O=K=F BMF?= (=FK;@=F <A= AE 1; +M:DA

CME MFL=JJ=HJaK=FLA=JL KAF< <AJ=CL 9FRMKHJ=;@=F &) +- :78D763=F7GD &9JD EGF @9LL= <9@=J :=A <=J +JGB=CLHJaK=FL9LAGF <9K (GLLG =LO9K 9:?=O9F<=DL X*5:G>7 ?35:F 1; ;7 677@ 6;7 6;7 <G@97@ $7@ E5:7@ G@E 9797@_47D ;? )3:?7@ 6;7E7D +AGD [GV7D@ I7D67@ <767@83>>E ;@ 6;7 7EF3>FG@9 67D 1; E 7;@8>;7V7@ S .G ?=K=@=F O9J =K 9M;@ =AF= JL 7>68ADE5:G@9 OA= d>>=FLDA;@ J=;@LDA;@= )9;@JA;@L=FK=F<MF?=F AF 5MCMF>L A@J +M:DACME >AF<=F CdFF=F

,)#$ +$ $+".

(1 5)+0< "+0=4- 7,-:)<7: 66-6 15 4);;-6B155-:

.[:>7@ ?;F E9;@L 'A>;F;E5:7 ;>6G@9 FG;@ OA;@LA?=J <9EAL .;@eD=J$FF=F 9DK XEeF<A?= eJ?=J$FF=FS =A?=FKLaF<A?= FLK;@=A<MF?=F >aDD=F CdFF=F M;@ <A= (=<A=F KHA=D=F <9:=A =AF= O=K=FLDA;@= -GDD= <=FF <A= H7D^887@F >;5:F7 $7;@G@9 >DA=ZL AF <A= HGDALAK;@= 29@JF=@EMF? <=J %M?=F<DA;@=F =AF =K@9D: L9MK;@=F <A= 1; (G<=J9LGJ$FF=F $F?JA< /@MJF@=J 9FA=DD= .H=J9 (9JA= D9AJ= 5AEE=JE9FF JEAF 2GD> "=J9D< "JGKK MF< /9J=C '=ALF=J K=AL *CLG:=J

A@J (G<=J9LGJ=FHMDL ?=?=F '=@J=JLAK;@= AF ?9FR ^KL=JJ=A;@ .A= KGDD=F <=F .;@eD=J$FF=F =JCDaJ=F OA= HGDALAK;@= =JA;@L=JKL9LLMF? AE *-! =FKL=@L MF< O9K &4<7=F;H;F[F :=<=ML=L

=6,-6,1-6;< D -: ,1:-3<- :)0< 16 ,-6 !

=J &) "G@67@6;7@EF AKL =AF= .=JNA;==AFJA;@LMF? >eJ 9DD= <A= )a@=J=K e:=J <=F *-! <A= 9MK?=KLJ9@DL=F .=F<MF?=F <9K -9<AG9F?=:GL *>> AJ 1=J9F

KL9DLMF?=F MF< F9LeJDA;@ e:=J <A= *J?9FAK9LAGF MF< <9K .=D:KLN=JKLaF<FAK <=K .=F<=JK =J>9@J=F OGDD=F MJ;@ <9K .=JNA;=9F?=:GL <A= 9CLM=DD= +JG

?J9EEAF>GJE9LAGF MF< <A= &MF<=F:=J9LMF? OAJ< =AF= RMKaLRDA;@= $FL=J9CLA

GFKEd?DA;@C=AL ROAK;@=F .=F<=J MF< &GFKME=FL$F ?=:GL=F M;@ <A= F=MF '9F<=KKLM<AGK :A=L=F A@J=E +M:DACME =AF=F =A?=FKLaF<A?=F &MF<=FK=JNA;=

= '4#06914670) = 4#052#4'0<

'4 &+4'-6' +#.1)

#:)6;8):-6B )=. -16-6 41+3 3=6,-6,1-6;< ! )<

_:=J =G@67@6;7@EF &) 3F KAF< <A= &GFL9CL<9L=F 9DD=J -=<9CLAGF=F KGOA= NA=

D=J (AL9J:=AL=J$FF=F K;@F=DD N=J>e?:9J .G OAJ< <A= ?=OeFK;@L= &GEEMFAC9LA

GF EAL <=F .=F<MF?KN=J9FLOGJLDA;@=F =JD=A;@L=JL .=AL

HJaK=FLA=JL KA;@ <A= .=AL= AF =AF=E F=M=F !GJE9L OG<MJ;@ _:=JKA;@LDA;@C=AL MF< $F@9DL N=J:=KK=JL O=J<=F CGFFL=F

-: ! =*413=5;:)<

=J 'G4>;=G?ED3F AKL <9K )9;@>GD?=GJ?9F <=J ^D7D G@6 *7:7DH7DFD7FG@9 MF< @9L NGF <=F #dJ=J$FF=F MF< .=@=J$FF=F ?=Oa@DL= (AL?DA=<=J <A= <9K *-!

+M:DACME N=JLJ=L=F )=:=F <=J &GFLJGDD= <=K @8AD?3F;A@E MF< ;>6G@9E3G8 FD39E C9E=F K=AL <=J $FL=JF9LAGF9DAKA=JMF? <=J (=<A=F MF< <=E M>LJ=L=F HJA

N9L=J /1 F:A=L=J F=M= KH=CL= @AFRM

:=>9KKL= E9F KA;@ AFL=FKAN EAL <=J 0EKL=DDMF? 9M> - +

'/<> #+-2/8 ?1/8.=-2?>D ?8. /88D/3-28?81 =J %M?=F<K;@MLR AKL =AF ?JGZ=K FDA=?=F <=K *-! 0E <=F ?=K=LRDA;@ >=KL?=D=?L=F -9@E=F MF< <A= ?eDLA?=F +JG?J9EEJA;@LDAFA=F RM =J>eDD=F ?A:L =K =AF= -=A@= NGF N=J:AF<DA;@=F (9ZF9@E=F RME .;@MLR NGF (AF<=J

Ba@JA?=F 9RM Ra@D=F <=J N=J9FLOGJLMF?K:=OMKKL= +JG?J9EE=AFC9M> <A= =9J:=ALMF? NGF +JG?J9EE=F <A= .GJ?>9DL :=A <=J "=KL9DLMF? MF< :=AE AFK9LR NGF +JG?J9EELJ9AD=JF <A= +JG?J9EEA=JMF? F9;@ =FLKHJ=;@=F

<=F 5=AL?J=FR=F <A= &=FFR=A;@FMF? NGF +JG?J9EE=F MF< ?=RA=DL= MK MF< !GJL:AD<MF?KE9ZF9@E=F NGF (AL9J:=AL=J$FF=F A= -66B-1+06=6/ NGF !ADE=F MF< .=JA=F AKL =AF= O=JLNGDD= *JA=FLA=JMF?K@AD>= >eJ <A= DL=JF <A= 9: 0@J (ALN=J9FLOGJLMF? >eJ <=F /1 &GFKME <=J &AF<=J MF< %M?=F<DA;@=F LJ9?=F KGDD=F FA;@L >eJ &AF<=J

FMJ >eJ JO9;@K=F= +GKALAN &=FFR=A;@FMF? >eJ +JG?J9EE= <A= >eJ &AF<=J :=KGF<=JK ?==A?F=L KAF<

=.<:)/

-1;<=6/

.LJ9L=?A=F MF< 1AKAGF=F >eJ <=F *-! NGF EGJ?=F #=J9MK>GJ<=JMF?=F 9FF=@E=F +=JKH=CLAN=F =FLOA;C=DF

-0:?-:< # ( 16 )44-6 ! -,1-6

G 6 %.==+.@.;+ 62= -.7 9;2?*=.7 >7-/>74?.;*7<=*5=.;7 6><< -.; O//.7=52,1. >7-/>74 27 <.27.; 20.7*;= >7- 4;*/= <.27.; 20.7*;= +.<=.1.7 4O77.7 2.<. 20.7*;= 2<= :>*52 =N=<0.+>7-.7 !2. ?.;+2.=.= -2. ;2.7=2.;>70 *6 72.-;20<=.7 0.6.27<*6.7 .77.; -.< >+524>6<0.<,16*,4< 2= .27.; -.;*;=20.7 ;2.7=2.;>70 @P;-. <2,1 -.; O//.7=52,1. >7-/>74 26 %.==+.@.;+ <.5+<= +.<,1N-20.7 3* <2,1 5.=C=52,1 <.5+<= *>< -.6 %.==+. @.;+ @.;/.7 D 2.=;2,1 !,1@*;C489/ .1.6*520.; ;80;*66-2;.4=8; -.;

^>>=FLDA;@ J=;@LDA;@=J M>LJ9? :=<=ML=L ,M9DALaLKCGFL

JGDD= F9;@ OAKK=FK;@9>LDA;@=F (=L@G<=F _:=JHJe>MF? <=J .L9F<9J<K (=<A=F>GJK;@MF? MF< CJALA

K;@= -=>D=PAGF !eJ =AF ?=:e@J=F>AF9FRA=JL=K 0FL=JF=@

E=F Ra@D=F OAJLK;@9>LDA;@= >>ARA=FR MF< .GRA9DCGEH=

L=FR ,M9DALaLK;GFLJGDDAF? MF< 2=AL=J:AD<MF? "=>J9?L KAF< .LJ9L=?A=F MF< 1AKAGF=F <A= <=F *-! EAL <=J "=K=DDK;@9>L NGF EGJ?=F N=J:AF<=F

:)3<1;+0-: =<B-6

AF= -=;@FMF? <A= 9M>?=@L AF (=<A=FMFL=JF=@E=F EAL +JG<MCLO=JL M>LJ9? MF< 5MCMF>L

'&+'0(145%*70) 706'456E6<6 7#.+6C65$'/E*70)'0

G >/ *<2< -.; >=C>70<-*=.7 @.;-.7 !=N;4.7 >7- ./2C2=. *7*5B<2.;= E -2. .20.7.7 >7- -2. -.; 2=+.@.;+.; 77.7 D

"!3&$ "%"0+". .(0 1+! "!&"+#,./ %1+$

(=<A=F>GJK;@MF? AE d>>=FLDA;@ J=;@LDA;@=F -MF<>MFC AKL KGOG@D (9JC=LAF? 9DK 9M;@ .GRA9D>GJK;@MF? A= -=A;@O=AL=F J@=:MF?=F DA=>=JF <A= O=K=FLDA;@=F &=FFR9@D=F >eJ J>GD?KCGFLJGDD= MF< 9KAK<9L=F >eJ +D9FMF? MF< .LJ9L=?A==FLOA;CDMF? 9Je:=J @AF9MK @9L <A= &) $3D=F G@6 $76;7@8ADE5:G@9 <A= M>?9

:= 0FL=JF=@E=FK>e@JMF? MF< +JG?J9EE?=KL9DLMF? AF 9DD=F +@9K=F KQKL=E9LAK;@ RM MFL=JKLeLR=F MF< +D9

FMF? OA= +JG<MCL=FLOA;CDMF? =EHAJAK;@ RM >MF<A=J=F 2AJ =JEALL=DF )MLRMF? MF< CR=HL9FR <=K F?=:GLK AF>GJEA=J=F e:=J -=9CLAGF=F MF< 1=J@9DL=F AFKL=D

DMF?=F MF< F>GJ<=JMF?=F <=K +M:DACMEK MF< R=A?=F 2eFK;@= MF< =<eJ>FAKK= 9M> <A= <9K 0FL=JF=@E=F O9@JRMF=@E=F @9L ME :=A 5MK;@9M=J$FF=F #dJ=J$F

F=F MF< )MLR=J$FF=F =J>GD?J=A;@ RM K=AF 5M <=F O=K=FLDA;@=F M>?9:=F ?=@dJL <9@=J CGFLAFM

A=JDA;@ RM :=G:9;@L=F MF< RM CGEEMFARA=J=F AF O=D

;@=E MKE9Z <A= *-! F?=:GL= NGE +M:DACME :RO <=F B=O=ADA?=F 5A=D?JMHH=F ?=K=@=F ?=@dJL ?=FMLRL O=J<=F V MF< RO9J B=O=ADK AE 1=J?D=A;@ EAL <=F (AL

:=O=J:=JF 9K ?=K;@A=@L >eJ <=F !=JFK=@:=J=A;@ 9M> 9KAK <=K + # + *+ <=J CGFLAFMA=JDA;@=F =D=CLJGFA

K;@=F -=A;@O=AL=F J@=:MF? $E -9<AG:=J=A;@ AKL <9K =FLKHJ=;@=F<= $FKLJME=FL <=J ) &+ *+ :=AE $FL=J

F=L KAF< =K X. MF< X. '>GE A= KG =JEALL=DL=F -=A;@O=AL= 9L=F KAF< =AF=JK=ALK =AF '=AKLMF?KF9;@O=AK >eJ <A= +JG?J9EEN=J9FLOGJLDA

;@=F MF< O=J<=F <9@=J D9M>=F< AF -=D9LAGF RM =F;@

E9JCK MF< 5A=DNGJ?9:=F ?=K=LRL F<=J=JK=ALK KA=@L E9F AE d>>=FLDA;@ J=;@LDA;@=F -MF<>MFC <A=K= 59@D=F FA;@L FMJ 9DK '=AKLMF?KO=JL= KGF<=JF 9M;@ 9DK G<=

>eJ CGEHD=P=K E=FK;@DA;@=K 1=J@9DL=F =A <=J =;@A>>JA=JMF? <A=K=J CGEHJAEA=JL=F $F>GJE9LAGF=F @=D>=F M 9 ADDMKLJ9LAN= 5A=D?JMHH=F (G<=DD= OA= <A= *;@GE $;>;7GE <A= 5MK;@9M=J$FF=F F9;@ A@J=F AFKL=D

DMF?=F MF< 2=JLGJA=FLA=JMF?=F K=?E=FLA=J=F $E + # + *+ ?A:L =K <9Je:=J @AF9MK >eJ <A= '3@7> (AL

?DA=<=J <A= (d?DA;@C=AL <9K "=K=@=F= 9F@9F< =AF=J K=;@KKLM>A?=F .C9D9 RM :=O=JL=F 9EAL =J@9DL=F <A= .=F<MF?KE9;@=J$FF=F 9E Fa;@KL=F (GJ?=F F=:=F <=J FR9@D <=J 5MK;@9M=J$FF=F 9M;@ =AF=F IM9DAL9LA

N=F #AFO=AK OA= <A= .=F<MF? ?=>9DD=F @9L 9F=:=F O=J<=F AF 6 :A5 0FL=JKM;@MF?=F RM 9CLM

=DD=F !J9?=F -=9CLAGF=F (=AFMF?=F MF< (GLAN= NGF +M:DACMEK?JMHH=F =JEALL=DL .GD;@= M>?9:=FKL=DDMF

?=F KAF< :=AKHA=DKO=AK= LLJ9CLAGFK MF< :D=@FMF?K

>9CLGJ=F NGF .=F<MF?=F RM <A9?FGKLARA=J=F <=F CR=HL9FR?J9< NGF (G<=J9LGJ$FF=F RM =J@=:=F <9K +GL=FRA9D NGF +JG?J9EECGFR=HL=F =AFRMK;@aLR=F -=?=DEaZA? <MJ;@?=>e@JL O=J<=F -=HJaK=FL9LAN J@=

:MF?=F EAL <=F=F FLOA;CDMF?=F AF $FL=JN9DD=F :=G:9;@L=L O=J<=F R 0FL=JF=@E=FKAE9?= +M:DA

CMEKRM>JA=<=F@=AL FLOA;CDMF? NGF $FL=J=KK=F MF< AFKL=DDMF?=F -=R=HLAGFK?=OG@F@=AL=F &GFKMEN=J

@9DL=F #9MK@9DLK9MKKL9LLMF? 9K $A@;FAD;@9 ME>9KKL (9JCLLJ=F<K =:=FKG OA= KGRA9D= MF< OAJL

K;@9>LDA;@= FLOA;CDMF?=F A= $76;7@8ADE5:G@9 <=K *-! >MF?A=JL 9DK AF<=?DA=< MF< (ALLD=J ROAK;@=F +M:DACME MF< <=F "=KL9DL=J$F

F=F NGF +JG?J9EE MF< GFL=FL MF< LJa?L KG <9RM :=A <=F -MF<>MFCL=ADF=@E=J$FF=F O=JLNGDD= +JG?J9EE= MF< .=JNA;=K RMJ $F>GJE9LAGF 0FL=J@9DLMF? MF< *JA=F

LA=JMF? 9FRM:A=L=F

"!3&$ "%"0+".

,M9DALaLKHJG?J9EE AKL L=M=J A= (ALL=D KAF< :=?J=FRL A= "=:e@J=FR9@D=J$F

F=F @9:=F FKHJM;@ 9M> $F>GJE9LAGF MF< 0FL=J@9DLMF? 9M> @d;@KLEd?DA;@=E )AN=9M K AKL <9@=J OA;@LA? <9>eJ RM KGJ?=F <9KK <9K F?=:GL <=K *-! 9M;@ OAJCDA;@ <A= $FL=J=KK=F MF< =<eJ>FAKK= <=K +M:DACMEK LJA>>L 0F< =K AKL OA;@

LA? <=F +JG?J9EEE9;@=J$FF=F 9L=F RM DA=>=JF <A= KA= :=AE GHLAE9D=F AF

K9LR <=J (ALL=D MF< -=KKGMJ;=F MFL=JKLeLR=F =K@9D: MFL=JKM;@L <=J *-! J=?=DEaZA? <A= #9DLMF?=F MF< =<eJ>FAKK= <=J ^KL=JJ=A;@=J$FF=F M;@ <=K@9D: DaKKL <=J *-! K=CMF<=F?=F9M =J@=:=F OA=

NA=D= (=FK;@=F <A= =AFR=DF=F +JG?J9EE= N=J>GD?=F =K@9D: =JJ=;@F=L <=J *-! >eJ B=<= .=F<MF? OA= @G;@ <=J M>O9F< B=

.=@=J$FF=F G<=J #dJ=J$FF=F AKL =J *-! AKL 9M>?JMF< NGF 0 )GJE=F ?=K=LRDA;@ N=JH>DA;@L=L <=F M>O9F< >eJ <A= J>eDDMF? <=K d>>=FLDA;@ J=;@LDA;@=F +JG?J9EE9M>LJ9?=K =P9CL RM :=J=;@

F=F (AL <=J X+D7@@G@9ED75:@G@9S CGEEL <=J *-! <A=K=E M>LJ9? F9;@

= 1/2'6'0< = '4#06914670)

"#*.'0 &+' <C*.'0 +' '55+05647/'06' &'5

-=-: # # "# -:.74/:-1+0 /-;<):<-<

A= CGFLAFMA=JDA;@= =D=CLJGFAK;@= J@=:MF? <=J !=JFK=@J=A;@O=AL=F OAJ< K=AL %9FM9J

NGE 1=J=AF ++ D47;FE97?7;@E5:38F + # + *+ AF M>LJ9? ?=

?=:=F A= (AL?DA=<=J <=K 1=J=AFK KAF< *-! :RO &) @F7DBD;E7 /1 ' '>GE MF< *7H7@&@7$76;3 GEFD;3 A= + # + *+ '3@7> (=KKMF?=F O=J<=F NGF <=J 8" GEFD;3 <MJ;@?=>e@JL * >e@JL <A= RMKaLRDA;@=F -=HJaK=FL9LAN =>J9?MF

?=F <MJ;@ EAL <=F=F <A= >=JFK=@L=;@FAK;@= MKKL9LLMF? <=J dKL=JJ=A;@AK;@=F #9MK@9DL= KGOA= <A= 1=JL=ADMF? <=J #9MK@9DL= F9;@ EH>9F?K=:=F=F =JEALL=DL O=J<=F *;@GE *A5;AH;E;A =JEALL=DL <A= *;@GE $;>;7GE 5A=D?JMHH=F 9JKL=DDMF

?=F 9M> <=J 9KAK NGF AFKL=DDMF?=F MF< 2=JL@9DLMF?=F -=- -;;=6/-6 AF= <=J )=M=JMF?=F

AKL <9KK <A= !=JFK=@FMLRMF? NGF "aKL=F AF <=F /=KL #9MK@9DL=F FMF 9M;@ =J@G:=F O=J<=F C9FF A= J>9K

KMF? <=J !=JFK=@FMLRMF? 9F 5O=ALOG@FKALR=F >e@JL RM HJaRAK=J=F 9L=F 0E <A= FR9@D NGF /=KL +=JKGF=F AE '3@7> LJGLR <=K FKLA=?K NGF .AF?D= #9MK@9D

L=F CGFKL9FL RM @9DL=F OAJ< <9K '3@7> NGF

#9MK@9DL=F AE %9@J

F9;@ MF< F9;@ =J@d@L V <=JR=AL KAF< =K #9MK@9DL= A= A?AL9DAKA=JMF? <=J dKL=JJ=A;@AK;@=F #9MK@9DL= =J>GJ<=JL =AF= NGDDKLaF<A?= JF=M=JMF? <=J (=KKL=;@FAC AF <=F /=KL #9MK@9DL=F A= F=M= (=KKL=;@FAC C9FF >D=PA:=D >eJ =AF= 1A=DR9@D <=J <A?AL9D=F FO=F<MF?=F =J?aFRL MF< 9<

9HLA=JL O=J<=F

! 761<7:16/

(AL =AF=J J=?=DEaZA?=F -=HJaK=FL9LAN =>J9?MF? OAJ< <A= 5M>JA=<=F@=AL <=K +M:DACMEK EAL <=E *-! MF< <=KK=F F?=:GL=F =JEALL=DL V =FLKHJ=;@=F< <=J AE :AK@=JA?=F &) (G3>;F[FE?A@;FAD;@9 NGF

:AK

<MJ;@?=>e@JL=F =>J9?MF? 9K O9@JL &GFLAFMALaL MF< =JEd?DA;@L D9F?>JAKLA? N=J?D=A;@:9J= +M:DACMEK:=MJL=ADMF?=F 9M> J=HJaK=FL9LAN=J 9KAK J?aFRL OAJ< <A=K= CG3@ F;F3F;H7 D:74G@9 NGF =O=JLMF?K<9L=F <MJ;@ =AF CG3>;F3F;H7E $A@;FAD;@9 AF !GJE NGF KLJMCLMJA=JL=F 'G4>;=G?E MF< JB7DF @@7@ 7EBD[5:7@

@ 56 '5 &#5 9#5 +' *#$'0 91..'0 0#%* 7#.+6C6 70& 7#06+6C6 > G 2. 27<=.55>70 -.; O;.; 77.7 C>6 ;80;*66 >7- -2. ?*5>2.;>70 -.; >*52=N= -.< 70.+8=< <27- -2. C.7=;*5.7 ;*0.7 26 !.5+<=?.;<=N7-72< -.< O//.7=52,1 ;.,1=52,1.7 >7-/>74< >7- <.27.; .02=262.;>70 26 2.7<=. -.< >+524>6< D

&$.&! 2&0"( !&,#,./ %1+$

LJ9?K <A= ?=F9M= &=FFLFAK <=KK=F O9K <=J 2=JL MF< <=J )MLR=F <=K F?=:GLK >eJ <A= <=F AFR=DF= F MF< <A= "=K=DDK;@9>L AKL MF9:<AF?:9J= 1GJ9MKK=LRMF? A= #=J9MK>GJ<=JMF? 9F <A= )36;A8ADE5:G@9 AKL =K 9MK?=JeKL=L EAL <=E $FKLJME=FL9JAME <=J EG<=JF=F (9JCL>GJK;@MF? <A=K= =<eJ>FAKK= RM =N9DMA=J=F MF< <MJ;@ E=<A=FKGRAGDG?AK;@= F9DQK=F MF< +JG?FGK=F 9M;@ <=F DA;C 9M> <A= (=<A=FCMDLMJ MF< <A= &GEEM

FAC9LAGFKKLJMCLMJ=F NGF EGJ?=F RM JA;@L=F A= AFKL=DDMF? <=J #dJ=J$FF=F RME +JG?J9EE MF< AFK:=KGF<=J= <A= N9DMA=JMF? <=J ,M9DALaL <=K F?=

*;@6 *;7 7;@H7DEF3@67@ ?;F 67D *7@6G@9 6;7 *;7 :GL=K KAF< <9@=J AE B=O=ADA?=F @AKLGJAK;@=F &GFL=PL 7?B83@97@ 478D;76;9F E;7 *;7 ;EF 7E 63E I3E *;7 <A= R=FLJ9D=F !J9?=F AE .=D:KLN=JKLaF<FAK <=K d>>=FL

:347@ IA>>7@ @35: (G3>;F[F G@6 (G3@F;F[F

.3E DA;@=F J=;@LDA;@=F -MF<>MFCK MF< K=AF=J '=?ALAEA=

*;7 LG E397@ :347@ E397@ *;7 7E

S !J9?=F 9F <A= JMF? AE A=FKL= <=K +M:DACMEK #dJ=J$FF=F MFEALL=D:9J F9;@ "JeF<MF? <=J ) - A=K=E /@=E9 OAJ< AF <=F .LM<A=F MF< F9DQK=F <=J 9E *CLG:=J ,M=DD= X.3E I_@E5:7@ *;7 LG &) )36;A8ADE5:G@9 :J=AL=J -9ME ?=OA<E=L =AKHA=

:^D7@ )36;AI7>F %D 7L S D= KAF< <A= (AL9J:=AL <=J )36;A8ADE5:G@9 9E ?JGZ9F

?=D=?L=F 'G4>;5 -3>G7 +JGB=CL <=K *-! <9K <=J D9M

M;@ AF <=J NGF <=J ) - :=A <=J .;DFE5:38FE >=F<=F ,M9DALaLKKA;@=JMF? <=K *-! F?=:GLK <A=FL BEK5:A>A9;E5:7@ ADE5:G@9EEF7>>7 MFL=J '=ALMF? NGF JOa@FL O=J<=F KGDD 9M;@ <A= CGFLAFMA=JDA;@ <MJ;@?=

+9MD '9R9JK>=D< :=9M>LJ9?L=F )36;AEFG6;7 OAJ< =JKL

>e@JL= .LM<A= X +3974G5: <A= <=E &MDLMJ MF< $F>GJ

E9DK <=J FKHJM;@ HGKLMDA=JL <A= MFL=JK;@A=<DA;@=F E9LAGFKK=F<=J M 9 =AF= =PLJ=E HGKALAN= #dJ=J$FF=F

=<eJ>FAKK= +Ja>=J=FR=F MF< )MLRMF?KEMKL=J <=K +M:DACMEK <A>>=J=FRA=JL F9;@ KGRAG<=EG?J9H@AK;@=F :AF<MF? MF< =AF MFN=JaF<=JL K=@J @G@=K 5M>JA=<=F

@=ALKFAN=9M :=K;@=AFA?L =J MJ;@K;@FALLKO=JL 9DD=J "JMHH=F <9JRMKL=DD=F MF< RM 9F9DQKA=J=F MF< @G@=K :=MJL=ADL=F .=F<MF?=F :=LJa?L :=A =AF=J M?=FE=JC 9M> <A= =O=JLMF? <=J ,M9DALaL RM D=?=F #d;@KLFGL= NGF M;@ <A= R9@DJ=A;@=F .LM<A=F >eJ A=K=J FKHJM;@ AKL :AK @=ML= AE '=AL:AD< <=J EG<=J

F=F (=<A=F>GJK;@MF? >eJ =AF=F d>>=FLDA;@ J=;@LDA;@=F <A= 9F<=J=F *-! -9<AG9F?=:GL= OA= ^ !( MF< <A= *-! -=?AGF9DJ9<AGK :=KLaLA?=F =AF=JK=ALK <=F @G@=F .=F<=J MFN=JRA;@L:9J MF< @9L AE J:=ALK:AD< <=J &) FKHJM;@ 9F <A= &) )36;A8>AFF7 9F<=JK=ALK <9K @G@= )36;A8ADE5:G@9 =AF=F R=FLJ9D=F .L=DD=FO=JL A= M>?9:= <=J &) )36;A8ADE5:G@9 AKL =K <A= +Ja>= MKE9Z <=J J>eDDMF? <=KK=D:=F $E ) &+ *+

J=FR=F AFKL=DDMF?=F MF< JO9JLMF?=F <=J #dJ=J$FF=F OMJ<= :=D=?L <9KK KA;@ (AG #dJ=J$FF=F La?DA;@ >eJ <9K F?=:GL <=J &) )36;AE =FLK;@A=<=F @9:=F RM =J@=:=F MF< <MJ;@ <A= F9DQK= MF< M>:=J=ALMF? 9EAL <A=K= CR=HL9FR <=K d>>=FLDA;@ J=;@LDA;@=F <=J J?=:FAKK= <9JRMKL=DD=F O=D;@=K F?=:GL MF< O=D;@=F )MLR=F KA;@ <9K +M:DACME NGF <=F &) )36;A F?=:GLK 9M;@ O=AL=J@AF :=KL=@=F :D=A:L OAJ< <A= @AKLGJAK;@= !J9?= X EF 7E 63E I3E *;7 :347@ IA>>7@ BDA9D3??7@ =JO9JL=L 5ME 9F<=J=F O=J<=F 9M;@ <A= @35: (G3>;F[F G@6 (G3@F;F[F S KAFF?=EaZ 9M;@ O=A

)MLRMF?K<9L=F R /9?=KJ=A;@O=AL=F MF< (9JCL9F

L=AD= <=J =AFR=DF=F +JG?J9EE= =JEALL=DL MF< F9;@ RA=D L=J@AF >eJ <A= d>>=FLDA;@ J=;@LDA;@= (=<A=F>GJK;@MF? MF< >eJ MFK -9<AG>GJK;@=J$FF=F KGOG@D AF MFK=J=E ?JMHH=FKH=RA>AK;@=F (=JCE9D=F 9MK?=O=JL=L J:=ALKD=:=F 9DK 9M;@ AF MFK=J=E H=JKdFDA;@=F 2=J

$F MFK=J=J @G;@CGEHD=P=F "=K=DDK;@9>L MF< AF =AF=J L=CGFL=PL NGF R=FLJ9D=J -=D=N9FR K=AF 5=AL <=K J9K;@=F L=;@FGDG?AK;@=F 29F<=DK MF< <=K N=JK;@aJ>L=F (AL:=O=J:K AKL >eJ <A= N=J9FLOGJLMF?K

:=OMKKL= 0EK=LRMF? <=K d>>=FLDA;@ J=;@LDA;@=F M>

&$.&! 2&0"(

::1+0<=6/ ,-; =*41+ %)4=- 758-<-6BB-6<:=5;

A= JEALLDMF? NGF )MLR=J$FF=FR9@D=F MF< =J?aFR=F<= CR=HL9FR MF< AF

KL=DDMF?K=J@=:MF?=F KAF< FA;@L <A= =AFRA?=F &JAL=JA=F <A= <=J *-! RMJ F9DQK= K=AF=J +JG?J9EEIM9DALaL MF< RMJ J>eDDMF? <=K d>>=FLDA;@ J=;@LDA;@=F M>LJ9?K @=J9FRA=@L .L=DD=FO=JL MF< )GLO=F<A?C=AL =AF=K d>>=FLDA;@=F -MF<>MFCK CdF

F=F FA;@L 9DD=AF 9F <=J (=F?= <=J 9CLM=DD=F 5MK;@9M=J$FF=F #dJ=J$FF=F MF< 0K=J$FF=F ?=E=KK=F O=J<=F &JAL=JA=F OA= 67@F;F[FEEF;8FG@9 ;>6G@9EI7DF "G>FGD3G8FD39 MF< .7DFE5:^B8G@9 D9KK=F KA;@ 9F@9F< <A=K=J 59@D=F FA;@L 9:D=K=F 9JME @9L <=J *-! AE (9A

=AF =A?=F=K 'G4>;5 -3>G7 5=FLJME ?=?JeF<=L <9K <=F d>>=FLDA;@=F (=@JO=JL <=K *-! =N9DMA=JL MF< <GCME=F

LA=JL 5M <=F M>?9:=F <=K F=M=F 'G4>;5 -3>G7 "A?B7F7@LL7@FDG?E '-" Ra@D=F <A= D9F?>JAKLA?= J@d@MF? <=J "=:e@J=F9CR=HL9FR ME <=F RMF=@E=F< KLaJC=J=F '=?ALAE9LAGFK9F>GJ<=JMF?=F ?=?=Fe:=J "J=EA=F F9LAGF9D=J MF< =MJGHaAK;@=J +GDALAC 2=LL:=O=J:=J$FF=F MF< CJALAK;@=J ^>>=FLDA;@C=AL RM =FLKHJ=;@=F 5M

<=E O=J<=F &9L=?GJA=F MF< &JAL=JA=F =FLOA;C=DL <A= :=A =AF=J F9;@NGDDRA=@

:9J=F MF< ?D9M:OeJ<A?=F GCME=FL9LAGF MF< F9;@>GD?=F<=F N9DMA=JMF? <=J J>eDDMF? <=K ^887@F>;5: D75:F>;5:7@ G8FD39E @=J9F?=RG?=F O=J<=F CdFF=F '=LRLDA;@ OAJ< <A= RMCMF>LKGJA=FLA=JL= +GKALAGFA=JMF? <=J ?=:e@J=F>AF9FRA=J

L=F +JG?J9EE9F:A=L=J$FF=F AE <A?AL9D=F (=<A=FR=AL9DL=J <MJ;@ =AF= .LaJCMF? <=J &=JFCGEH=L=FR MF< =AF=K @7G7@ ;3>A9E ?;F 67D 7H^>=7DG@9 MFL=JKLeLRL =J 'G4>;5 -3>G7 =JA;@L AKL /=AD <A=K=J CLANALaL=F

= 1/2'6'0< = '4#06914670)

1 )& )1" +/

J?aFR=F< <9RM >AF<=F AE *-! R9@DJ=A;@= AFL=JF= 1=J9FKL9DLMF?=F MF< .;@M

DMF?=F RME =J=A;@ 'G4>;5 -3>G7 KL9LL M;@ =AF= KLaJC=J= &GGH=J9LAGF EAL <=F 0FAN=JKALaL=F MF< !9;@@G;@K;@MD=F AKL AF 1GJ:=J=ALMF? 2=AL=J= .;@O=JHMFCL

K=LRMF?=F MF< =AF= N=JKLaJCL= ^>>=FLDA;@C=ALK9J:=AL O=J<=F AF <=F Fa;@KL=F %9@J=F <A= F=M= (G3>;F[FEE;5:7DG@9 <=K *-! RM =AF=J OA;@LA?=F (9ZF9@E= >eJ 9DD= (=<A=FFMLR=J$FF=F AF ^KL=JJ=A;@ E9;@=F

'/<> #+-2/8 3/ <0961=1/=-23-2>/ ./= ?6>?<=/8./<= += K ?-2 D>J=< /J=A:=J "G>FGD G@6 'DA9D3??5:78 NGF ^ RA=@L RME "=:MJLKL9? <=K .=F<=JK AD9FR $FL=JF= GCME=FL= 5=ALMF?K:=JA;@L= MF< !GLGK N=JK=@=F EAL K;@9J>ReF?A?=F &GEE=FL9J=F =J?=:=F =AF NA=DK=A

LA?=K +GJLJaL <=K -9<AGK=F<=JK A= "=K;@A;@L= NGF ^ AKL G>L <A= "=K;@A;@L= <=K ?=K9EL=F *-! AE &D=A

F=F ME AF>DMKK CaEH>=F<= +9JL=A=F <A= -GDD= <=J E9F;@E9D EALCaEH>=F<=F 9:=J E=AKL 9:O=@J=F<=F %GMJF9DAKL$FF=F <9K =Ee@=F ME 0F9:@aF?A?C=AL MF< ,M9DALaL MF< <A= :=?D=AL=F<= &JALAC <=J &GDD=?$F

F=F 9MK <=F 5=ALMF?KJ=<9CLAGF=F 9K M;@ AKL C=AF= LJG;C=F= F=AF9F<=JJ=A@MF? NGF 59@D=F 9L=F MF< !9CL=F KGF<=JF =AF= EAL DG;C=J CJALA

K;@=F :AKO=AD=F :AKKA?=F !MZFGL=F N=JK=@=F= AD9FR

! )0:-;;<=,1-6

=J *-! ?A:L CeF>LA? =AF= !3:D7EEFG6;7 AF M>LJ9? <A= KA;@ 9M> =AF=F :=KGF

<=J=F KH=CL <=J d>>=FLDA;@ J=;@LDA;@=F ,M9DALaL MF< K=AF=J J:JAF?MF? AE -9@E=F K=AF=K '=AKLMF?KME>9F?=K :=RA=@L 9<MJ;@ KGDD =AF= K=D=CLAN= MF< N=JLA=>=F<= (G3>;F[FE=A@FDA>>7 =JEd?DA;@L O=J<=F <A= AF <=J =PL=JF=F &GEEM

FAC9LAGF <=F (=@JO=JL =AF=K d>>=FLDA;@ J=;@LDA;@=F ?=F<9 .=LLAF?K =J?A:L

'*4 +55'0 ? '*49'46 (E45 7$.+-7/

G 2. 487=27>2.;52,1. /5.0. -.; $.;62==5>70 ?87 6.1; %2<<.7 *7 *55. 2=*;+.2=.; 77.7 <,15N0= <2,1 *5< .1;@.;= /P;< >+524>6 72.-.; D

,)#$ +$ &/ %". 1* + "/,1. "/

X !% ( $$ !)) % -! * ) - ( ( #) !% &%% !%+% S +8O= #:/<,/< (=@J 9DK @G@= BGMJF9DAKLAK;@= =?9:MF? E=@J 9DK "JMF<C=FFLFAKK= AE (=<A=FJ=;@L E=@J 9DK :DGZ= *JA

=FLA=JMF? 9E 0FL=J@9DLMF?K (9AFKLJ=9E E=@J 9DK +JG<MRA=J=F AF D=A<DA;@=J AD< MF< /GFIM9DALaL E=@J 9DK <MJ;@K;@FALLDA;@ CGJJ=CL=F .HJ9;@?=:J9M;@ V K :J9M;@L AF B=<=J #AFKA;@L E=@J 9F 2AKK=F MF< &GE

H=L=FR 9F -=>D=PAGF MF< KLaF<A?=J 2=AL=J=FLOA;C

DMF? KGDD <=J *-! K=AF=E M>LJ9? RM 9CLM=DD=J G:B=C

LAN=J MFH9JL=AAK;@=J MF< ME>9KK=F<=J =JA;@L=JKL9L

LMF? RM =AF=E =:=FKG :J=AL?=>a;@=JL=F OA= 9FKHJM;@KNGDD=F $F>GJE9LAGFK MF< 0FL=J@9DLMF?K9F

?=:GL 9M> 9KAK K=AF=J J=;@LDA;@=F "JMF<D9?=F GHLA

E9D =FLKHJ=;@=F 9K =J>GJ<=JDA;@= (=@J 9F 2AKK=F MF< @9F<O=JCDA;@=E !=AFK;@DA>> 9FRM:A=L=F (d?DA;@

C=AL=F RMJ )9;@K;@aJ>MF? <=J &GEH=L=FR 9M> 9DD=F :=F=F RM =Jd>>F=F MF< <=F +JGR=KK <=J -=>D=PAGF V NGE =A?=FN=J9FLOGJLDA;@=F #9F<=DF 9E J:=ALKHD9LR :AK RMJ 0FL=JF=@E=FKCMDLMJ <A= 9M;@ F9;@ 9MZ=F OAJCL V RM >dJ<=JF AKL M>?9:= <=K G?3@ )7EAGD57E $3@397?7@F ) AE *-! ) KM;@L MF< >AF<=L V e:=J <A= AFKLA=?K@eJ<= <=K 27=:6)41;<1;+0 :-,)3<176-44-6 ;;-;;5-6< -6<-:; V <=F HJG>=KKAGF=DD=F )9;@OM;@K <=J <=F :=KGF<=J=F .L9F<9J<K <=K *-! =FLKHJA;@L MF< N=JEALL=DL RMKaLR

DA;@ +J9CLACMEKHDaLR= 9F .LM<=FL$FF=F BGMJF9DAKLA

K;@=J MK:AD<MF?KKLaLL=F AF ^KL=JJ=A;@ <A= A@J=JK=ALK NGF <=F ,M9DALaLKKL9F<9J<K <=K *-! HJG>ALA=J=F A= (=;)55-6):*-1< >76 ! 51< $61>-:;1<I<-6 )+0 07+0;+0=4-6 = F -:5J/41+0< *-1,;-1<1/-6 &1;;-6; <:)6;.-: )=. 070-5 1>-)=

*: BGMJF9DAKLAK;@= "JMF<9MK:AD<MF? .HJ=;@LJ9AFAF?K (=<A=F 0J@=:=J G<=J J:=ALKJ=;@L 9M;@ <A= =?D=ALMF? NGF ,M9DALaLKG>>=FKAN=F <A= 1=JEALLDMF? <=J -=;@LK;@J=A:J=>GJE G<=J <A= =>9KKMF? EAL 1A<=GBGMJ

F9DAKEMK =J 6<?1+34=6/ >76 )+03758-<-6B ,=:+0 "+0=4=6/ CGEEL K=AL=FK ) 9DK "JMF<D9?= >eJ <A= IM9DAL9LAN @G;@O=JLA?=F +JG<MCL= <=K *-! <A= @d;@KL= =<=MLMF? RM 67? 07? )=; -1/-6-: :).< 9FC <=J Ed?DA;@=F AF:AF<MF? R9@DJ=A;@=J AE *-! LaLA?=J PH=J

L$FF=F AE .;@MDMF?K:=J=A;@ CGFFL=F <A= E=@J 9DK AD<MF?KE9ZF9@E=F AE %9@J CGKL=FK;@GF=F< ME?=K=LRL O=J<=F AF :=KGF<=J=K FDA=?=F <=K *-! <9K NGF ) ?=LJ9

?=F OAJ< <A= =)41<I< ,-: "8:)+0- AF K=AF=F (=<A=F 9M> :=KLEd?DA;@=E )AN=9M RM ?=Oa@JD=AKL=F <=J @=>KHJ=;@=J :=Oa@JL KA;@ 9DK FD9M>KL=DD= MF< &GJ

J=CLAN AF MKKHJ9;@= G<=J !GJEMDA=JMF?K>J9?=F =AF X PH=JL$FF=FJ9LS CeEE=JL KA;@ ME 1=J=AF@=ALDA;@MF? MF< !=KLD=?MF? KHJ9;@DA;@= !=AF@=AL=F :=LJ=>>=F< 1GF ) =FLOA;C=DL= !e@JMF?KCJa>L=K=EAF9J= E9Z?=K;@F=A<=JL= &D9MKMJ=F MF< 2GJCK@GHK ?=Oa@JD=AKL=F RM<=E 070- K0:=6/;3758-<-6B =6, ,); "+0:1<<0)4<-6 51< ,-: %-:I6,-:=6/ :-+0< 41+0-: =6, /-;-44;+0).<41+0-: !)05-6*-,16/=6 /-6 AF 1=J9FLOGJLMF? ?=?=Fe:=J <=J ^>>=FLDA;@C=AL OA= R <MJ;@ <A= =>9KKMF? EAL X)75:F>;5:7@ DG@6>397@ 67D >7;5:47:3@6>G@9S AF KH=RA=DD=F 2GJCK@GHK K=AL )A;@L NGF MF?=>a@J <=FF 9M;@ <9>eJ KL=@L ) !eJ <A= =LJ=MMF? <=J AFL=JF=F AE =J=A;@ <=J dKL=J

J=A;@AK;@=F (=<A=F 0FL=JF=@E=F =AFRA?=F 4-1+0*-0)6,4=6/;37551;;176 =6, ,-: ! 4-1+0;<-44=6/;*-)=.<:)/<-6 EAL <9J9MK J=KMDLA=

J=F<=J 0EK=LRMF? NGF (9ZF9@E=F AE .AFF= <=J @9F;=F?D=A;@@=AL MF< RMJ !J9M=F>dJ<=JMF? K=LRL= <=J *-! EAL <=E .L9JL =AF=K KH=RA=DD=F $7@ FAD;@9 'DA9D3??E >eJ !J9M=F =AF <=MLDA;@=K 5=A

;@=F ?=D=:L=J !J9M=F>dJ<=JMF?

,)#$ +$ &/ %".

?145)

I;>?3 AKL <9K F=M= *-! AFL=JF= *FDAF= 2AKK=FK .QKL=E DD= (AL9J:=AL=J$F

F=F CdFF=F K=AL

9M> KL=LK N=J>e?:9J= MF< 9CLM9DAKA=JL= X.;7 I;D6 E 97?35:FS 'AKL=F =<A=FMF?K9FD=ALMF?=F e;@=J MF< .CJAHL=F RM?J=A>=F )9LeJDA;@ CdFF=F <A= (AL9J:=AL=J$FF=F 9M;@ <9K CGEHD=LL= .=EAF9J9F?=

:GL <=K *-! 9:JM>=F MF< KA;@ >eJ !GJL:AD<MF?KHJG?J9EE= 9FE=D<=F 9K F=M= .QKL=E @9L K;@F=DD !Je;@L= ?=LJ9?=F A= FR9@D <=J AD<MF?K

E9ZF9@E=F KLA=? ME ;9 +JGR=FL <A= <=J .=EAF9JL9?= ME 9;@L

"8:)+03=:;-

)=:=F <=J _:=JHJe>MF? <=J .HJ=;@>=JLA?C=AL AKL =K 5A=D <=J &MJK= >9DK;@= -=<=O=F<MF?=F MK<Je;C= G<=J =LGFMF?=F RM N=JJAF?=JF )=:=F )=OK

D=LL=JF <A= 9DD?=E=AF 9M> RM 1=JE=A<=F<=K @AFO=AK=F ?A:L =K H=JKdFDA;@= !==<:9;CK AF= (=L@G<= <A= :=A <=F <J=KK9L$FF=F 9M> HGKALAN= 5MKLAE

EMF? KLdZL A= KL=LA?=F JO=AL=JMF?=F <=J GEEBD35:763F7@43@= LJ9?=F RMJ 1=J=AF@=ALDA;@MF? <=J MKKHJ9;@= NGF )9E=F MF< =?JA>>=F AE 0FL=JF=@E=F :=A A=K= NA9 I;>?3 GFDAF= N=J>e?:9J= 9L=F:9FC AKL =AF=K <=J #AD>KEALL=D 9M> <A= 9DD= *-! (AL9J:=AL=J$FF=F <AJ=CL 9E J:=ALKHD9LR 5M?JA>> @9:=F

= 1/2'6'0< = '4#06914670)

+55'0 (E4 &+' +55'058'4/+66.'4 00'0

'/<> #+-2/8 9<> ?8. '/3>/<,36.?81 =>+<5 8+-21/0<+1> =J *-! N=J9FKL9DL=L= AE %9@J

AFK?=K9EL AD<MF?KE9ZF9@E=F A= 2=AL=J:AD<MF?KE9ZF9@E=F Ra@DL=F AF <A=K=E 5=ALJ9ME AFK?=K9EL /=ADF=@E=J$FF=F E @aMT?KL=F OMJ<= <9K *BD75:FD3;@;@9 =AF?=K=LRL <9F9;@ >GD?L=F *5:G>G@97@ ;@ - 7>3@97@ MF< *5:G>G@97@ ;? D763= F;A@7>>7@ 7D7;5: :RO 79>7;FG@9 HA@ 7D@E7:?A67D3FAD @@7@ A= E=AKL:=KM;@L=F .=EAF9J= :=@9F<=DL=F <9K /@=E9 "A@P;=F?3@397?7@F

K0:=6/;3:I.<- =6, :/)61;)<176;-6<?1+34=6/

!e@JMF?KCJa>L= FMLRL=F

<A= (d?DA;@C=AL <=K _:DG@9E=D[8F75A3 5:;@9E 9Je:=J @AF9MK OMJ<=F _:DG@9E=D[8F7E7?;@3D7 .=EAF9JL9?= EAL AFK?=K9EL /=ADF=@E=J$FF=F <MJ;@?=>e@JL 9K @=AZL <9KK AF <A=K=E %9@J AE MJ;@K;@FALL =LO9 B=<= !e@JMF?KCJ9>L 9F =AF=E _:DG@9E=D[8F7E7?; @3D L=AD?=FGEE=F @9L )=:=F <A=K=F _:DG@9E=D[8F7E7?;@3D7@ OMJ<=F O=A

L=J= .=EAF9J= OA= 9M;@ =AF= *A??7D3=367?;7 NGF <=J :L=ADMF? G?3@ )7EAGD57E ?=HD9FL MF< CGGJ<AFA=JL

:)=-6 =6, )+0?=+0;.J:,-:=6/

O9J 9M;@ <=J =?AFF <=J .;@O=JHMFCLK=LRMF? RMJ ^D67DG@9 HA@ D3G7@ K ?9: R=@F KH=RA>AK;@= .=EAF9J= FMJ >eJ (AL9J:=AL=JAFF=F MZ=J<=E OMJ<= =AF $7@FAD;@9 'DA9D3?? RMJ !dJ<=JMF? NGF !J9M=F AE *-! ?=KL9JL=L $7@F77E :=C9E=F <A= "=D=?=F@=AL AF =AF=E KLJMCLMJA=JL=F +JG?J9EE NGF !J9M=F AF !e@JMF?KHGKALAGF=F RM D=JF=F A= >7;5:EF7>>G@9E473G8FD39F7 <=K *-! :=Ee@L KA;@ AE -9@E=F <=J &) >7;5:47:3@6>G@9E=A??;EE;A@ ME =AF 9MK?=OG?=F=K 1=J@aDLFAK NGF (AL9J

:=AL=JAFF=F MF< (AL9J:=AL=JF AE *-! ?=HJa?L NGF =AF=J "=F<=J &MDLMJ <A= AKCJAEAFA=JMF? 9MKK;@DA=ZL .A= AKL <AJ=CL= FKHJ=;@H=JKGF >eJ 9DD= !J9?=F <=J "D=A;@:=@9F<DMF? =LO9 <=J *:B=CLANA=JMF? :=A <=J =K=LRMF? NGF !e@

JMF?KHGKALAGF=F 0FL=J <=E KH=CL <=J %35:IG5:E8^D67DG@9 OMJ<=F M 9 9M;@ 'AF7@L;3> 3@3>KE7@ <MJ;@?=>e@JL

1/ 15 &'4 '$E*4'0 +064'+$'4 00'0

G 2. 7=@2,45>70 C.20= -*<< -*< .@><<=<.27 >6 -2. .-.>=>70 -.< O//.7=52,1 ;.,1=52,1.7 >7- />74< 0>= *><0.9;N0= <.27 -P;/=. D

=.$"+ "+"!"00". "/ %;#0/#=%.".

(AL =AF=J .;@O9JRK=@=J$FF=FIMGL= NGF JMF< +JG

R=FL DA=?L ^KL=JJ=A;@ AE =MJGHaAK;@=F .HALR=F>=D< MJGH9O=AL DA=?L <A= <MJ;@K;@FALLDA;@= .;@O9JRK=@=J

$FF=FIMGL= :=A KA=:=F +JGR=FL :=F>9DDK MFL=J <=E =MJGHaAK;@=F .;@FALL DA=?L <A= ,MGL= AF <=J .;@O=AR "JGZ:JAL9FFA=F /K;@=;@A=F MF< aF=E9JC =MLDA;@ e:=J <=E .;@FALL DA=?=F .;@O=<=F )GJO=?=F $JD9F< G<=J $L9DA=F (AL JMF< (AG ?=E=D

<=L=F #9MK@9DL=F RMJ %9@J=KEALL= AKL AF ^KL=J

J=A;@ =AF #d;@KLKL9F< 9F -MF<>MFCL=ADF=@E=J$FF=F =JJ=A;@L AF= FLOA;CDMF? <A= R=A?L <9KK <9K =OMKKLK=AF ME <A= =<=MLMF? <=K d>>=FLDA;@ J=;@LDA

;@=F -MF<>MFCK ?ML 9MK?=HJa?L K=AF <eJ>L= MF< <9KK =:=F>9DDK <A= 59@DMF?K:=J=ALK;@9>L KA?FA>AC9FL AKL K AKL HGKALAN RM N=JE=JC=F <9KK <A= 9DD?=E=AF= CR=HL9FR >eJ d>>=FLDA;@ J=;@LDA;@= +JG?J9EE= =MJG

H9O=AL ?JMF<KaLRDA;@ @G;@ AKL 9K R=A?=F <A= J>9@

JMF?=F AF <=F (AL?DA=<KDaF<=JF <=J DA3653EF;@9 77 EEA5;3F;A@ <=J=F "JeF<MF?KEAL?DA=< <A= * AKL 5A=DK=LRMF? <=J AKL =K M 9 <MJ;@ =AF=F J=?=DEa

ZA?=F AFL=JF9LAGF9D=F J>9@JMF?K9MKL9MK;@ RM =AF=J 1=J:=KK=JMF? <=K 74_:D7@?3@397?7@FE :=ARMLJ9

?=F MF< <A= MFL=JK;@A=<DA;@=F -=?=DMF?=F AF <=F =AF

R=DF=F 'aF<=JF LJ9FKH9J=FL <9JRMKL=DD=F M;@ <A= L=;@FGDG?AK;@=F FLOA;CDMF?=F ?ADL =K RM :=G:9;@

L=F MKOAJCMF?=F 9M> <9K .QKL=E <=K d>>=FLDA;@

J=;@LDA;@=F ?=:e@J=F>AF9FRA=JL=F -MF<>MFCK RM =N9

DMA=J=F MF< >eJ FLK;@=A<MF?KLJa?=J$FF=F AF +GDALAC MF< 2AJLK;@9>L 9M>RM:=J=AL=F 5M <=F (AL?DA=<=JF <=J ?=@dJ=F <A= "=:e@J=F?=K=DDK;@9>L=F NGF aF=

E9JC =MLK;@D9F< !AFFD9F< "JGZ:JAL9FFA=F $JD9F< $L9DA=F ^KL=JJ=A;@ )GJO=?=F .;@O=AR .;@O=<=F MF< /K;@=;@A=F KGOA= $KJ9=D MF< .e<9>JAC9 MJ;@ J=?=DEaZA?= =F;@E9JCK MF< 9L=F=J@=:MF

?=F CGFFL= EALLD=JO=AD= =AF ?ML=J _:=J:DA;C e:=J <9K )G@68G@=974_:D7@?3@397?7@F AF <=F =AFR=DF=F 'aF<=JF =JKL=DDL O=J<=F 9 R=A?L KA;@ <9KK <A= #=J

9MK>GJ<=JMF?=F <=F=F <9K )G@68G@=974_:D7@?3@3 97?7@F AF MJGH9 ?=?=Fe:=JKL=@L K=@J a@FDA;@ KAF< )=M= (=<A=F -MF<>MFC=EH>9F? NA9 $FL=JF=L A?AL9DA

KA=JMF? J?ME=FL9LAGF=F RM .AFF@9>LA?C=AL <=J -MF<>MFC?=:e@J=F V :=A ?D=A;@R=ALA?=J =MJGH9O=AL=J AKCMKKAGF e:=J F=M= 2=?= AE -MF<>MFC?=:e@J=F

KQKL=E V MF< <A= 'MCJA=JMF? F=M=J &MF<$FF=F ?=@d

J=F RM <=F OA;@LA?KL=F #=J9MK>GJ<=JMF?=F EAL <=F=F OAJ AF <=F Fa;@KL=F %9@J=F CGF>JGFLA=JL K=AF O=J<=F

=.$"+ "+"!"00".

" D ); -*K0:-6 6.7 "-:>1+-

A= 59@D <=J #9MK@9DL= <A= A@J= -9<AG MF< /1 "=JaL= 9FE=D<=F MF< <9EAL )G@68G@=974_:D7@ :=R9@D=F AKL 9M;@

OA=<=J ?=KLA=?=F A= * K;@aLRL <=F FL=AD <=J X*5:I3DLE7:7D @@7@S 9M> =LO9 +JGR=FL AF=F R=FLJ9D=F =ALJ9? RM <A=K=J HGKALAN=F FLOA;CDMF? D=AKL=L <A= .LJ9L=?A= <=J * FA;@L EAL =J@G:=F=E 5=A?=>AF?=J G<=J ?9J JG@MF?=F 9M>RMLJ=L=F KGF<=JF RM X;@8AD?;7D7@ EF3FF LG =A@FDA>>;7D7@S 5M <A=K=E 5O=;C K=LRL <9K 0FL=JF=@E=F KL9JC 9M> $F>GJE9LAGFKC9EH9?F=F AF !=JFK=@=F MF< -9<AG KG

OA= (9ADAF?K 9F FG;@ FA;@L ?=E=D<=L= #9MK@9DL= MF< !AJE=F

@9L <A= * E=@J 9DK

<=J9JLA?= .;@J=A:=F N=JK9F<L A= $F>GJE9LAGFKK;@J=A

:=F 9F 0FL=JF=@E=F OMJ<=F AF MF<=KD9F< .;@O=JHMFCL9CLAGF=F <AJ=CL 9F A?=FLeE=J$FF=F :RO "=K;@a>LK>e@J=J$FF=F ?=K9F<L (9ADAF?K 9F #9MK@9DL= OMJ<=F La?DA;@ N=JK9F<L A=K= 2=J:= MF< AJ=;L (9JC=LAF? CLANALaL=F @9

:=F E9Z?=:DA;@ <9RM :=A?=LJ9?=F <9KK <9K =OMKKLK=AF ME <A= )GLO=F<A?

C=AL <=J "=:e@J=F>AF9FRA=JMF? <=K d>>=FLDA;@ J=;@LDA;@=F -MF<>MFCK <=MLDA;@ ?=O9;@K=F AKL " 16 ()04-6 $FK?=K9EL CGFFL=F (AG MJG =AF?=FGEE=F O=J<=F -MF< +JGR=FL <=J -MF<>MFC?=:e@J=F ?=@=F 9F <=F *-! +JGR=FL 9F MF< MF< 'aF<=J 1GF <=F ;9 MJG -MF<>MFC?=:e@J <A= AE %9@J

HJG /=ADF=@E=J$F =AF?=@G:=F OMJ<=F ?=@=F KGEAL JMF<

9F <=F *-!

= 1/2'6'0< = '4#06914670)

#-6'0 "#*.'0 +.#0<'0

-: ! -;+0I.<;*-:1+0<

(AL <=E 7E5:[8FE47D;5:F ?A:L <=J *-! OA=<=J =AF=F <=L9ADDA=JL=F AF

:DA;C AF <9K N=J?9F?=F= "=K;@a>LKB9@J A= &GFCMJJ=FRKALM9LAGF KL=DDL= <=F *-! AE D=LRL=F %9@J NGJ =AF= ?JGZ= #=J9MK>GJ<=JMF? /JGLR<=E ?=D9F? =K =J

F=ML =AF=F HGKALAN=F %9@J=K9:K;@DMKK RM =JRA=D=F MF< <A= 2=J:==AFF9@E=F RM @9DL=F 59@DJ=A;@= F=M= !GJE9L= CGFFL=F <A= d>>=FLDA;@ J=;@LDA;@= +GKALAG

FA=JMF? >=KLA?=F M;@ <=E &) &@>;@73G8FD;FF MF< <=E &) + # + /+ ?=D9F? =K A@J= (9JCLHGKALAGF RM KLaJC=F =KGF<=JK OA;@LA? >eJ <=F J>GD? <=K *-! O9J=F 9:=J 9M;@ <A= #3@67EEFG6;AE EAL A@J=F R9@DJ=A;@=F F?=:GL=F $E =J=A;@ +75:@A>A9;7 KL9F< <A= AF>e@JMF? <=K 6;9;F3>7@ @F7@@7@87D@E7 :7@E AE (ALL=DHMFCL

#WUDCW FGT 'KIGPRTQFWMVKQP

2WDNKE 8CNWG

#DGTOCNU RQUKVKXGU ,CJTGU GTIGDPKU

7PVGTPGJOGPURQNKVKM

9GTDGGTN{UG CWH JQJGO 8QTLCJTGUPKXGCW ,CJTGUGTIGDPKU

)GYKPP WPF 8GTNWUVTGEJPWPI

$KNCP\ fUVGTTGKEJKUEJGT 4WPFHWPM -QP\GTPDKNCP\ \WO

fUVGTTGKEJKUEJGT 4WPFHWPM -QP\GTP )GYKPP WPF 8GTNWUVTGEJPWPI

/KV FGO 14( KOOGT IWV KPHQTOKGTV

Ã&#x201E;<GKV KO $KNFÂ³ CNU (NCIIUEJKHH FGT 68 +PHQTOCVKQP +PHQTOCVKQPUFKTGMVKQP (GTPUGJGP

+' 51<+#.' +/'05+10

G .16.7 !2. <2,1 +2==. .27 @.720 &.2= C>6 *,1-.74.7 >7- <=.55.7 !2. <2,1 -*77 -8,1 6*5 -2. &>4>7/= -.; O<=.;;.2,12<,1.7 K//.7=52,14.2= -.; 1.262<,1.7 .-2.75*7-<,1*/= 817. .27.7 27 <.27.; 3.=C20.7 ;OJ.78;-7>70 >7- 855. ?8; D

".% .! ,/". "+0. ) "0.&" /. 0/, * ++

)=AF $;@ O=J<= B=LRL FA;@L NGF X+JANAD=?A=FS OA= =LJA=:KH=FKAGF=F =LJA=:KCAF<=J?aJL=F =LJA=:K

9MK>De?=F MF< =LJA=:KC9FLAF=F K;@J=A:=F (AL <=F =LJA=:KH=FKAGF=F AKL =K K=AL !AJE=FCGFCMJK=F +=F

KAGFKC9KK=F MF< dJK=FCJAK=F =AF= 9DD=K 9F<=J= 9DK JMF<= .9;@= =LJA=:K9MK>De?= AF A@J=J LJ9<ALAGF=DD=F !GJE >AF<=F AE *-! FMJ FG;@ K=DL=F ME FA;@L RM K9?=F N=J=AFR=DL KL9LL AF=F =LJA=:KCAF<=J?9JL=F ?A:L =K RO9J 9E &eFA?D:=J? 9:=J FA;@L AE 2A=F=J !MFC@9MK OG <=J =<9J> <MJ;@9MK ?=?=:=F OaJ= 0F< e:=J <A= =LJA=:KC9FLAF= OGDD=F OAJ MFK K;@GF ?9J FA;@L O=AL=J 9MKD9KK=F 9K 9DD=K CdFFL= E9F RO9J RMJ XKGRA9D=F &GEH=L=FRS =AF=K ?JGZ=F 0FL=J

F=@E=FK AFK:=KGF<=J= =AF=K d>>=FLDA;@ J=;@LDA;@=F Ra@D=F 9:=J <=F NA=D?=KM;@L=F 'G4>;5 -3>G7 <=F LJA>>L =K OG@D FA;@L

<MJ;@ "=:e@J=F?=D<=J <A= 0 =Jd>>F=L =AF 1=J>9@J=F MF< Oa@J=F< <A=K=K 9M> AFL=JF9LAGF9D=J :=F= AE "9F?= AKL OAJ< AE B=O=ADA?=F '9F< 9MK <=F HJAN9L=F (=<A=F -G@J=F 9M> <A= d>>=FLDA;@ J=;@LDA;@= 5A=DK;@=A

:= ?=>=M=JL O9K <9K 5=M? @aDL X'DA9D3?? LG E7;5:F 7E5:[8F;9F7@EF3@6 LG :A5: 74_:D7@ I79

S MKO

A= .9;@= AKL =JFKL=J MF< 9M> AFL=JF9LAGF9D=J :=F= RM :=LJ9;@L=F

.=AL E=@J=J=F %9@J=F KAF< =MJGHaAK;@= (=<A=F

?=O=JCK;@9>L=F MF< %GMJF9DAKL$FF=FN=J:aF<= <9EAL :=>9KKL KA;@ <A=K=E /JGEE=D>=M=J RM KL=DD=F MK RO=A O=K=FLDA;@=F "JeF<=F 0E <A= J:=ALKHDaLR= MF< 9J:=ALKJ=;@LDA;@=F .L9F<9J<K A@J=J &GDD=?$FF=F RM KA;@=JF MF< O=AD B9@JR=@FL=D9F?= J>9@JMF?=F ?=R=A?L @9:=F <9KK MF9:@aF?A?=J %GMJF9DAKEMK MF< =AF ,M9DALaLKHJG?J9EE FMJ <GJL Ed?DA;@ KAF< OG 9M;@ <A= J:=ALKN=J@aDLFAKK= <=F AF <=F (=<A=F =K;@a>LA?L=F MF< <9EAL KAF< FA;@L FMJ %GMJF9DAKL$F

F=F ?=E=AFL =AF= ?=OAKK= ,M9DALaL MF< NGJ 9DD=E 9MKJ=A;@=F< .A;@=J@=AL :A=L=F

MJGH9 :RO 0 O=AL DaM>L MFL=J <=E .A?F=L <=J X2=LL:=O=J:K>J=A@=ALS K=AL E=@J=J=F %9@J=F =AF <MJ;@9MK F=GDA:=J9D RM F=FF=F<=K +JGB=CL <9K d>>=FLDA;@= A=FKLD=AKLMF?=F MF< 9M;@ <=F d>>=FLDA;@

J=;@LDA;@=F -MF<>MFC AFK 1AKA=J ?=FGEE=F @9L :?=

K=@=F NGF F9LAGF9DKL99LDA;@=F )M9F;=F DaM>L <9K X.HA=DS AEE=J ?D=A;@ +JAN9LE=<A=F:=LJ=A:=J :=CD9

?=F KA;@ AF JeKK=D e:=J X2=LL:=O=J:KN=JR=JJMF?=FS

JA;@L E9F <9K 9M> ^KL=JJ=A;@ @=JMFL=J DA=?L <=J ?JGZ= X 3EGE 7>>;S O9K <=F KGRA9D=F 5MKL9F< <=J dKL=JJ=A

;@AK;@=F (=<A=FD9F<K;@9>L MF< <=K *-! 9F:=D9F?L FMF K;@GF :9D< >eF> %9@J= RMJe;C A= AF>e@JMF? =AF=K F=M=F 9:?=K;@D9FCL=F A=FKLJ=;@LK AE *-! X"-

S MFL=J <=E EAL %9FM9J KG?=

F9FFL= XEF[@6;97 D7;7 $;F3D47;F7D @@7@S 9F?=KL=DDL OMJ<=F

= 1/2'6'0< = '4#06914670) 29K <9E9DK MF< @=ML= AEE=J FG;@ 9DK XG@F7D@7: ?7@EBA>;F;E5:7D .3:@E;@@S G<=J ?9J X+A6E_@67S P

7@7D3>;@F7@63@F "=J< 9;@=J N=JMF?DAEH>L OAJ< AKL FA;@LK 9F<=J=K 9DK <A= 0EK=LRMF? <=K =MJGHaAK;@=F MF< dKL=JJ=A;@AK;@=F J:=ALKJ=;@LK AE *-! ?=O=K=F 5MKL9F<= ?=CGEE=F <MJ;@ <=F JM;C <=J =LJG>>=

F=F A@J=J 1=JLJ=L=J$FF=F ME?=K=LRL 9M> =AF=E 1=J

@9F<DMF?KO=? MF< FA;@L e:=J <A= J:=ALK?=JA;@L= .=AL<=E AKL .;@DMKK EAL <=E KQKL=E9LAK;@=F (AKK

:J9M;@ X D7;7D $;F3D47;F7D @@7@S 9DK N=J<=;CL= F?=

KL=DDL= /9LKa;@DA;@= X D7;7S V <=F X!D=PA:ADALaLKE9@

F=JFS AFF=J@9D: MF< 9MZ=J@9D: <=K *-! RME /JGKL V ?A:L =K F9;@ OA= NGJ DK MLGJ$FF=F 9DK &J=9LAN= AF N=JK;@A=<=FKL=F =J=A;@=F <=K 0FL=JF=@E=FK *>L RM NA=D= O=FF A;@ =LO9 9F <A= MKD9?=JMF?=F ?9FR=J +JG?J9EE= AE !=JFK=@=F <=FC= %=<=F>9DDK OMJ<= @A=J =AF KGRA9D=J .L9F<9J< ?=K=LRL <=KK=F =FGJE=J >9CLAK;@=J MF< KQE:GDAK;@=J 2=JL AF =AF=J NGF +J=C9JAKA=JMF? MF< .;@=AFD=?9DALaL ?=HJa?

L=F dKL=JJ=A;@AK;@=F (=<A=FD9F<K;@9>L MF:=KLJALL=F AKL AF d>>=FLDA;@ J=;@LDA;@=J 2=JL <=F =K FA;@L FMJ RM N=JL=A<A?=F KGF<=JF 9M;@ RM N=J:J=AL= J F ?ADL $F JeKK=D OMJ<= <A=K= X&) #^EG@9S e:JA?=FK 9DK X 7EF 'D35F;57S (G<=DD ?=OeJ<A?L DD=J<AF?K FA;@L AE eJG <=J 2=LL:=O=J:KCGEEAKK9JAF KGF<=JF AF <=F -aMEDA;@C=A

L=F <=J GDAB[;E5:7@ !AGD@3>;EF7@8^67D3F;A@ !

0F< K=AL<=E %9 K=AL AKL <9K X FLA *-! &DAE9S FG;@ J9M=J <9K MF<A>>=J=FRA=JL= X*-! 9K@AF?S RME J=?=DJ=;@L=F X1GDCKKHGJLS ?=OGJ<=F 9K 9DD=K DaM>L 9M> <=E -e;C=F =AF=J =D=?K;@9>L 9: <A= K=AL =LDA

;@=F %9@J=F =AF X.H9JHJG?J9EES F9;@ <=E 9F<=J=F LJa?L MF< >eJ <9K D9M>=F<= %9@J 9M;@ FG;@ EAL =AF=J X"=@9DLKJMF<=S MFL=J <=J $F>D9LAGFKJ9L= X:=DG@FLS OGJ<=F AKL =FB=FA?=F <A= KA;@ 9E X*-! 9K@AF?S KG ?=JF= :=L=ADA?=F =?9D G: KA= AF <=F +9JL=AR=FLJ9D=F <=F -=<9CLAGFKKLM:=F G<=J 9E .L9EELAK;@ KALR=F Ed;@

L= A;@ <A= :=DA=:L= !J9?= F9;@ <=J X5MCMF>L <=K *-!S ?=JF= =AFE9D ME?=C=@JL KL=DD=F )=@E=F .A= KA;@ :ALL= =AF O=FA? 5=AL RME )9;@<=FC=F MF< KL=DD=F .A= KA;@ <9FF <G;@ E9D <A= 5MCMF>L <=J dKL=JJ=A;@AK;@=F ^>>=FLDA;@C=AL <=J @=AEAK;@=F (=<A=FD9F<K;@9>L G@F= =AF=F *-! AF K=AF=J B=LRA?=F "JdZ=FGJ<FMF? MF< -GDD= NGJ #E 0F< B9 <G;@ $E _:JA?=F CdFFL= <9K &9FLAF=F=KK=F L9LKa;@DA;@ :=KK=J O=J<=F OaJ= =AF &AF<=J?9JL=F AE !MFC@9MK <MJ;@9MK =AF= >Jd@DA;@= .9;@= MF< 9M;@ AF <=F '9F<=KKLM<AGK ?a:= =K =AFA?=K RM LMF

".% .! ,/".

= 1/2'6'0<

'465%*D2(70) +56 41)4#//

G .; 2<= 8=8; 72,1= 7>; /P; 0.<.55<,1*/=52,1. <87-.;7 *>,1 @2;=<,1*/=52,1. %.;=<,1O9/>70 D

&//5 5".%,##". 1#*;++&/ %" &."(0,.&+

.7DF E5:^B87@ AKL =AF RMLA=>KL :=LJA=:KOAJLK;@9>LDA;@=J =?JA>> MF< ?=F9M AF <A=K=E .AFF e:=JFAEEL <=J *-! 9M;@ OAJLK;@9>LDA;@= 1=J9FLOGJLMF? >eJ <A= :=J=AL?=

KL=DDL=F (ALL=D RMJ J>eDDMF? <=K d>>=FLDA;@ J=;@LDA;@=F (=@JO=JLK -MF< +JGR=FL <=J (ALL=D CGEE=F 9MK /=ADF=@E=J=FL?=DL=F V 9DKG NGF <=F )MLR=J$FF=F <AJ=CL V MF< +JGR=FL 9MK JDdK=F <A= <MJ;@ <A= 1=JE9JCLMF? <=K d>>=FLDA;@ J=;@LDA;@=F +JG?J9EEK =JRA=DL O=J<=F CdFF=F A=K= /=ADMF? AKL =AF= FLD9K

LMF? >eJ <A= dKL=JJ=A;@AK;@=F #9MK@9DL= <=FF =?9D OA= E9F =K J=;@F=L <9K F?=:GL OaJ= ME NA=D=K aJE=J G@F= 2=J:MF?

=AF= G<=J 9F<=J= 2=AK= J:=AL ?A:L -MF< <9NGF KAF< <AJ=CL :=AE *-! 9F?=KL=DDL =J -=KL OAJ< NGF =AF=J NA=DK;@A;@LA?=F X5MDA=>=JAF<MKLJA=S :=K;@a>LA?L AF <=J=F 5=FLJME <A= 0FL=JF=@E=F <=J dKL=JJ=A;@A

K;@=F (=<A=FAF<MKLJA= KL=@=F

$F =AF=J FGLGJAK;@ MFLJ=M=F (=<A=F:J9F;@= AKL <=J *-! =AF KL9:AD=J +9JLF=J <=J <9K =KL= =AF=J CD=AF=F 9:=J D=AKLMF?K>a@A?=F J9F;@= 9:N=JD9F?L .G AKL <=J *-! "9J9FL >eJ +JG<MCLAGF=F <A= F9;@ KLJACL ?=OAFF

GJA=FLA=JL=F &JAL=JA=F FA= <=F 2=? AF <A= .LM<AGK ?=>MF<=F @aLL=F ?9D G: <9K !=JFK=@>ADE= EAL KL9J

C=E 'GC9DCGDGJAL GCME=FL9LAGF=F EAL 9MKK;@DA=Z

=J *-! N=JKL=@L KA;@ 9DK +9JLF=J <=J dKL=JJ=A;@AK;@=F DA;@ dKL=JJ=A;@AK;@=E =RM? GE=<Q AF dKL=JJ=A;@A

2=J:=OAJLK;@9>L 2=J:MF? AKL =AF /=AD <=K d>>=FLDA;@=F K;@=J 0E?9F?KKHJ9;@= G<=J .HA=DK@GOK EAL @=AEA

K;@=F .L9JK KAF< J>GD?KHJG<MCLAGF OA= .;D E;@6 "3; '=:=FK MF< AF =AF=E CD=AF=F (9JCL OA= ^KL=JJ=A;@ E7D 9M;@ /=AD <=K d>>=FLDA;@ J=;@LDA;@=F .=D:KLN=JKLaF<

O=J<=F D=A<=J RM C=AF=E PHGJLK;@D9?=J AF <=F =@=

FAKK=K DK ,M9DALaLKHJG<MR=FL :A=L=F OAJ 9M> 9DD=F E9DA?=F &JGFDaF<=JF =AF= <=J O=K=FLDA;@=F 1GJ9MK

+D9LL>GJE=F =AF 0E>=D< <9K >eJ <A= DGC9D= 2AJLK;@9>L K=LRMF?=F >eJ AFL=JF9LAGF9D 9?A=J=F<= +JAN9LK=F<=J ?=F9MKG OA;@LA? AKL OA= >eJ <A= ?JGZ=F (9JC=F 2=J

:MF? @9L AE *-! =AF=F 2=JL JKL EAL <=F RMKaLRDA;@=F PH=JAE=FLA=J>J=M<A?= +JG?J9EEN=J9FLOGJLDA;@= :JAF?=F KG $FFGN9LAGF=F RMKL9F<= <A= MFL=J CGEE=J

(ALL=DF 9MK <=F 2=J:==JDdK=F =FLKL=@L =AF +JG

RA=DD=E JM;C FA;@L :=KL=@=F CdFFL=F "=OAFF:JAF

?J9EE <9K <=F "=K=LR=F <=J (9JCLOAJLK;@9>L OA<=J

?=F<=K +JG?J9EE G@F= -=F<AL= KL=@=F C9FF &DAF?L OA= C9M>EaFFAK;@=J 0FKAFF AKL 9:=J d>>=FLDA;@ J=;@LDA;@=J M>LJ9? OA= <=J *-! A@F =J *-! AKL /=AD <=K 2AJLK;@9>LK?=K;@=@=FK AF ^KL=J

N=JKL=@L J=A;@ MF< +9JLF=J NA=D=J =J>GD?J=A;@=J 0FL=JF=@E=F A=K= -GDD= AKL KA;@=J FA;@L &=JF <=K M>LJ9?K 9:=J =J *-! AKL (GLGJ FA;@L FMJ >eJ ?=K=DDK;@9>LDA;@= KGF

<=JF 9M;@ OAJLK;@9>LDA;@= 2=JLK;@dH>MF? M;@ G@F= /=AD <=J 1=J9FLOGJLMF? <A= <=J *-! LJa?L A= &MFKL <9:=A AKL <=F d>>=FLDA;@ J=;@LDA;@=F M>LJ9? C=AF= .LM<A= AF .9;@=F ,?I79D7@F34;>;F[F :AF A;@ EAJ '9KL >eJ <A= OAJLK;@9>LDA;@ 1=J9FLOGJLDA;@=F O=J<=F RM KA;@=J <9KK <=J *-! ?ML (=FK;@=F 9M> <A= D9KK=F KGF<=JF RM =AF=J '=A<=FK;@9>L

&//5 5".%,##".

! %+% !)* %0 !% ! !* % -& -!( #) % ( +%) 0+(5 "# % % +% ( + - (* % "&%%* % )) ! +* #* %+ - ( % +$ 4 %*#! ( *#! 0+ + " % )!% ,&( ! %% -!( +%) %! * , (3% (% - %% -!( +%) ( % &* +% ! (* !#+% )- %! * $ , (3% (* % + #!"+$), ( #* % %' )) % %% )!% +%) ( 03 #* ( 4 %*#! (- (* ! %* +%) #) ! * ) %+( !% ( ! !* # % ! %- #* ($4 #! * ) +%) 5( +%) ( + #!"+$ ( # , %* 0+ # ! % +% -!( +%) # *0*#! 1 & %*#! 1 +%) ( +"+% * )! (%

= '4#06914670)

&* " ".

+0 '9')70)

#65#%*' 1+0<; *4-1*< ?1- -; 1;<

+GDALAC 2=LL:=O=J: F=M= &GEEMFAC9LAGFKL=;@FGDG?A=F )A=E9F< O=AZ @=ML= OA= <A= (=<A=FFMLRMF? <=J 5MCMF>L L9LKa;@DA;@ 9MKK=@=F OAJ< !eJ ?=:e@J=F>AF9FRA=JL= (=<A=F ?ADL .A= KAF< <=J =NdDC=JMF? N=J

H>DA;@L=L MF< FA;@L ?=OAFFGJA=FLA=JL=F A?=FLeE=J$FF=F MF< O=J:=J=D=N9FL=F 5A=D?JMHH=F =J *-! :A=L=L <9@=J =AF "=K9ELH9C=L AF /1 -9<AG MF< $FL=JF=L MF< C9FF FA;@L V B= F9;@ $FL=J=KK= <=J &JALA

C=J$FF=F V 9M>?=L=ADL O=J<=F $F d>>=FLDA;@ J=;@LDA;@= $F>GJE9LAGF MF< CGEE=JRA=DD= 0FL=J@9DLMF? $F 9FKHJM;@KNGDD=F &MDLMJ9M>LJ9? MF< O=J:=OAJCK9E=K FL=JL9AFE=FL !eJ 9DD= =J=A;@= ?=DL=F AE *-! d>>=FLDA;@ J=;@LDA;@= .L9F<9J<K MF< 1=JH>DA;@LMF?=F =J M>LJ9? ?ADL V 9DK 1=JH>DA;@LMF? ?=?=Fe:=J <=J ^>>=FLDA;@C=AL DK *JA=FLA=JMF? >eJ <A= *-! (AL9J:=AL=J$FF=F

'4#75(14&'470) =)41<I< *:)=+0< -16- 7**A

2=J <=F DDL9? AF <=J 2=DL <=J (=<A=F C=FFL O=AZ ,M9DALaL OAJ< /9? >eJ /9? F=M N=J@9F<=DL O=FF FdLA? EMKK 9M;@ ME KA= ?=KLJALL=F O=J<=F $F <=F -=<9CLAGF=F AE (9F9?=E=FL AF <=J ^>>=FLDA;@C=AL ,M9DALaL AFK:=KGF<=J= ,M9DALaLKBGMJF9DAKEMK =FLKL=@L K=DL=F AE CMJR9LEA?=F .HJAFL ME (9JCL9FL=AD= KGF<=JF <MJ;@ <=>AFA=JL= .=D:KLN=JH>DA;@LMF?=F CGFCJ=L= FKHJe;@= &GEH=L=FR MF< FA;@L RMD=LRL <MJ;@ >AF9FRA=DD= MF< GJ?9FAK9LGJAK;@= -9@E=F:=<AF?MF?=F ,M9DALaL E9;@L 0FL=JK;@A=<= KA;@L:9J .A= N=J:AF<=L 9:=J 9M;@ 9DD= <A= 9F A@J AFL=J=KKA=JL KAF< "=?=F <=F 5=AL?=AKL CMJRD=:A?=J /J=F<K "=?=F MFRMDaKKA?= =?=@JDA;@C=AL=F <=J +GDALAC M;@ ?=?=F <A= XMFKA;@L:9J= #9F< <=K (9JCL=KS O=FF KA= FMJ &eJRMF?=F N=JD9F?L OG L9LKa;@DA;@ E=@J M>E=JCK9EC=AL E=@J 5=AL MF< E=@J "=D< =J>GJ<=JDA;@ KAF< !eJ <=F *-! AKL ,M9DALaL NGJ 9DD=E <A= ,M9DALaL <=J M>LJ9?K=J>eDDMF? 9K AKL <=J =JC=FF:9J= 0FL=JK;@A=< RM CGEE=JRA=DD=F (AL:=O=J:=JF AF ,M9DALaLKE=JCE9D <9K 9M;@ AF 5MCMF>L =AF =FLK;@=A<=F<=J (=@JO=JL >eJ <A= ^>>=FLDA;@C=AL K=AF OAJ<

-?-/=6/ 6;8:K+0- )4<=6/

!eJ <A= CGEE=F<=F %9@J= ?ADL $E %9EE=JL9D O=J<=F C=AF= F=M=F $<==F >eJ <A= 5MCMF>L ?=:GJ=F =J *-! :J9M;@L <9@=J +=JKH=CLAN=F $FFGN9LAGF MF< =AF= 9LLJ9CLAN= 1AKAGF 9DK =ALJ9? >eJ <A= "=K=DDK;@9>L NGF EGJ?=F "=J9<= AF 0E:JM;@KH@9K=F :=?D=AL=L NGF &JAK=FKR=F9JA=F MF< 5MCMF>LKaF?KL=F C9FF d>>=FL

DA;@ J=;@LDA;@= $F>GJE9LAGFK MF< 0FL=J@9DLMF?KIM9DALaL AF <=F 9M<AGNAKM=DD=F (=<A=F =AF= O9@JF=@E:9J= MF< :J9M;@:9J= *JA=FLA=JMF? MF< =AF=F =JC=FF:9J=F 2=JL MF< )MLR=F >eJ <A= ^>>=FLDA;@C=AL <9JKL=DD=F =J *-! AKL <9@=J 9M;@ AF 5MCMF>L =AF= AF NA=D>9;@=J #AFKA;@L KAFFNGDD= ?=K=DDK;@9>LDA;@= AFJA;@LMF? V 9DK D=:=F<A?=J &GEEMFAC9LAGFKJ9ME >eJ <A= =NdDC=JMF? 'G4>;5 -3>G7 AKL KGEAL C=AF= K=D:KLRM>JA=<=F= =@9MHLMF? KGF<=JF !GJ<=JMF? MF< FKHJM;@ RM?D=A;@ F9;@ E=@J 2=JL F9;@ E=@J ,M9DALaL MF< F9;@ 9MKJ=A;@=F<=F $FN=KLALAGF=F >eJ =AF= &GEEMFAC9LAGFKIM9DA

LaL <A= <=F F>GJ<=JMF?=F =AF=K EG<=JF=F RMCMF>LK>a@A?=F MF< D=AKLMF?KKL9JC=F d>>=FLDA;@=F -MF<>MFCK =FLKHJ=;@=F AF .;@JALL RM =AF=J K=D:KL:=OMZL=F ?D9M:OeJ<A?=F MF< ?=E=AFOG@DGJA=FLA=JL=F #9DLMF?

6;8:=+0

=J=AL K=AF >eJ F=M= #=J9MK>GJ<=JMF?=F !J=AJaME= MF< (d?DA;@C=AL=F >eJ =AF= F=M= "=F=J9LAGF NGF (=<A=FE9;@=J$FF=F K;@9>>=F

"<)<=;

$F =O=?MF? '=JF>a@A? FKHJM;@KNGDD

-:;8-3<1>-

AF= FFa@=JMF? 9F =AF= 5MCMF>L AF <=J <A= ,M9DALaL <=J &GEEMFAC9LAGF =AF= =FLK;@=A<=F<= -GDD= KHA=D=F OAJ<

!eJ B=<= F AFR=DF= F !eJ <A= "=K=DDK;@9>L !eJ ^KL=JJ=A;@

= '4#06914670)

0)'$16

% ) #! 2 % %& *- ) !% *5 " +* !% *5 " ((5 "* !* !% *5 " %!) 5( % -!( +%) + # !)* % ! * "&%, %*!&% ## ) !%

( *,&## + ) %$4 #! %" %

,00#.&"! +$"+/0"&+ .;/&!"+0

7'..'08'4<'+%*0+5 e:=JK=LRL 9MK MAD<AF? HM:DA; N9DM= -=F=OAF? L@= >GJ 9 <A?AL9D OGJD< 'GF<GF /@= J=9LAN= +=JKH=;LAN= /@= !MLMJ= -GD= G> +M:DA; .=JNA;= JG9<;9KLAF? 'GF<GF +J=EAME +M:DAK@AF? 9E9JLAF $KG =DN=<=J= 9K K;@dF= !=JFK=@=F !J9FC>MJL 9 ( .M@JC9EH 1=JD9? dJJ A=L=J ^>>=FLDA;@ J=;@LDA;@=J -MF<>MFC MF< <A= 1GJ?9:=F <=K MJGH9J=;@LK $F (=<A9 +=JKH=CLAN=F #=>L . V dJJ A=L=J .aF?=J %=KKA;9 X(=<AME MF< !9CLGJS -MF<>MFCJ=;@LDA;@= "JMF<DAFA=F $F =H< E=<A=F )J . V ;C@9J<L %GK=> 2A= =J>eDDL <=J d>>=FLDA;@ J=;@LDA;@= -MF<>MFC K=AF=F &MDLMJ9M>LJ9? EHAJAK;@= '9F?R=AL:=LJ9;@LMF?=F J:=ALKH9HA=J= <=K $FKLALMLK >eJ -MF<>MFCdCGFGEA= 9F <=J 0FAN=JKALaL RM &dDF #=>L "J9@9E F<J=O ^>>=FLDA;@ J=;@LDA;@=J -MF<>MFC AF <=J =EGCJ9LA= '=CLAGF=F 9MK <=J 9CLM=DD=F &JAK= <=J $F (=<A9 +=JKH=CLAN=F #=>L . V "JM:=J /@GE9K X2AJ :D=A:=F <=J '=M;@LLMJES ^>>=FLDA;@ J=;@LDA;@= "JMF<>=KL=F O=J<=F :=KL=@=F $F @JAKLD -=AF@9J< #e>

>=D D=E=FK -G@J=J FF=DA=K= #? #9L d>>=FLDA;@ J=;@LDA;@=K !=JFK=@=F 5MCMF>L -=A@= (=<A=FOAKK=F >eJ <A= +J9PAK <=K !#2A=F

.LM<A=F?9F?K %GMJF9DAKEMK 2A=F #GDR@9MK=F 1=JD9? . V #9N=D 1`;D9N +J=>9;= $F )AKK=F @JAKLA9F . < (9CAF? 9 A>>=J=F;= +M:DA; .=JNA;= JG9<;9KLAF? AF L@= MJGH=9F (=<A9 '9F<K;9H= 9KLD=A?@ %G@F 'A::=Q +M:DAK@AF? . NAAVNAAA #=JJ=K 1GDC=J RAL F9;@ KM=<<=MLK;@= <= '=:=FK@AD>= AE /1 A= #AD>K J:=AL=J *FDAF= MFL=J @LLH

OOO KM=<<=MLK;@= <=

CMDLMJ 9JLAC=D 6 7 %9CM:GOA;R &9JGD $> FGL MK L@=F O@G +M:DA; K=JNA;= :JG9<;9KLAF? 9F< ;MDLMJ= AF L@= KL ;=FLMJQ $F )AKK=F @JAKLA9F . #? (9CAF? 9 A>>=J=F;= +M:DA; .=JNA;= JG9<;9KLAF? AF L@= MJGH=9F (=<A9 '9F<K;9H= 9KLD=A?@ %G@F 'A::=Q +M:DAK@AF? . V %9JJ=F *L>JA=< "=K=DDK;@9>LK MF< (=<A=FO9F<=D 9DK #=J9MK>GJ<=JMF? >eJ <=F d>>=FLDA;@=F -MF<>MFC $F #9DD +=L=J @JAKLA9F #? ^>>=FLDA;@C=AL AE 29F<=D !=JFK=@=F AE <A?AL9D=F 2=LL:=O=J: (9AFR=J /9?= <=J !=JFK=@CJALAC < (9AFR 5 ! . V &9EE9FF 0O= J:=ALK:=<AF?MF?=F MF< ,M9DALaL AE -MF<>MFC AF?9F?KKL9L=E=FL %1 !9;@L9?MF? X5MCMF>L <=K -MF<>MFCK ,M9DALaLS .=HL=E:=J $! =JDAF '9F?=FKL=AF "GLL>JA=< &MDLMJ 9DK $<=FLALaLKLJa?=J MF< 2AJLK;@9>LK>9CLGJ Y MF< 9DK !9CLGJ >eJ <A= MJGHaAK;@= 5MCMF>LK>a@A?

C=AL 1GJLJ9? 9M> <=E 1A=JL=F &MDLMJHGDALAK;@=F MF<=KCGF?J=KK CMDLMJ E9;@L =MJGH9 9E %MFA AF =JDAF (9RRGF= "A9;GEG MDLMJ9D AN=JKALQ 9F< +M:DA; .=JNA;= JG9<;9KLAF? (9JJA9?= G> $FL=J=KLK $F =MLK;@= 0) . *

&GEEAKKAGF #? &MDLMJ=DD= 1A=D>9DL V 0FK=J ?=E=AFK9E=J -=A;@LME GFF . V +D=AL?=F !JALR e:=JK=LRL 9MK MJGH=9F 0FAGF ?=F;Q >GJ !MF<9E=FL9D -A?@LK #? AN=JKALQ /GGDCAL >GJ >9;LM9D HJG

?J9EE=K AF HM:DA; K=JNA;= L=D=NAKAGF .;@a;@L=J (9JCMK +M:DA; .=JNA;= AE <A?AL9D=F 2=LL:=O=J: $F #9DD +=L=J @JAKLA9F #? ^>>=FLDA;@C=AL AE 29F<=D !=JFK=@=F AE <A?AL9D=F 2=LL:=O=J: (9AFR=J /9?= <=J !=JFK=@CJALAC < (9AFR 5 ! . V .;@a;@L=J (9JCMK 29J= G<=J 2=JL A= HM:DARAKLAK;@= "JMF<D9?= =AF=J F=M=F (=<A=F?=K=DDK;@9>L $F HH=D N9 #? 29J= G<=J 2=JL !=JFK=@=F ROAK;@=F 9K@ GO MF< +M:DA; 19DM= (9AFR=J /9?= <=J !=JFK=@CJALAC < (9AFR . V .;@=AL@9M=J $F?JA< RAL F9;@ =JLJ9E %eJ?=F (9LLK;@=A:= 9K F<= <=J !=JFK=@CMDLMJ !J9FC>MJL 9 ( !AK;@=J /9K;@=F:M;@ 1=JD9? .;@O9JRCGH> A=LJA;@ !GJME >eJ 9DD= eJ?=J !eF>R=@F /@=K=F e:=J <=F d>>=FLDA;@=F -MF<>MFC $F <=JK 5OAK;@=F FKHJM;@ MF< CR=HL9FR =J d>>=FLDA;@ J=;@LDA;@= -MF<>MFC AE 29F<=D =ALJa?= 9MK <J=AZA? %9@J=F =JDAF '$/ 1=JD9? . V .L9K;@=F BdJF )=M= +JG?J9EE>GJE=F >eJ =AF=F (=<A=FE9JCL AE 29F<=D X'=:=F V O9K KGFKL S AF= /@=E=FOG;@= ?=?=F <=F &J=:K $F (=<A9 +=JKH=CLAN=F #=>L . V 2=:=J /AE .;@9M=F KA= FG;@ G<=J K=F<=F KA= K;@GF 2GJ9F 5MK;@9M=J +M:DA; 19DM= =JC=FF=F $F HH=D N9 #? 29J= G<=J 2=JL !=JFK=@=F ROAK;@=F 9K@ GO MF< +M:DA; 19DM= (9AFR=J /9?= <=J !=JFK=@CJALAC < (9AFR . V

/24'557/ #=J9MK?=:=J MF< #=JKL=DD=J ^KL=JJ=A;@AK;@=J -MF<>MFC *-! 2eJR:MJ??9KK= 2A=F !eJ <=F $F@9DL N=J9FLOGJLDA;@ *-! +M:DA; 19DM= &GEH=L=FRR=FLJME -=<9CLAGF &D9MK 0FL=J:=J?=J 9FA=D9 '9LRD %G@9FF=K =JF=JL AD<=JF9;@O=AK *-! +#*/*"- +#$ J=?=FR=J !=KLKHA=D= !J=M<= 0DJA;@ .=A<D !ADE +JG<M;LAGFK !AK;@=J !ADE GJF=DA9 1GKH=JFAC -GO= +JG<M;LAGFK #GD?9 +@GLG?J9H@A= 5AL9 &G=N=J JM;CCGGJ<AF9LAGF +JG<M;LAGF .QF<A;9L= "E:# 2A=F JM;C /QHG JM;C .9J=K "E:# 2A=F

[ *-!

$. ) -=9CLAGF=F #AFO=AK= MF< &JALAC :ALL= 9F CD9MK MFL=J:=J?=J *-! 9L