Court File No. 98-CV-141369 ONTARIO SUPERIOR COURT OF ... Hearing/Hep C... · Court File No....

Preview:

Citation preview

Court File No. 98-CV-141369

ONTARIO SUPERIOR COURT OF JUSTICE

BETWEEN: DIANNA LOUISE PARSONS, MICHAEL HERBERT CRUICKSHANKS, DAVID TULL, MARTIN HENRY GRIFFEN, ANNA KARDISH, ELSIE KOTYK, Executrix of the Estate

of Harry Kotyk, deceased and ELSIE KOTYK, personally

Plaintiffs

and

THE CANADIAN RED CROSS SOCIETY, HER MAJESTY THE QUEEN IN RIGHT OF ONTARIO and THE ATTORNEY GENERAL OF CANADA

Defendants

and

HER MAJESTY THE QUEEN IN THE RIGHT OF THE PROVINCE OF ALBERTA, HER MAJESTY THE QUEEN IN THE RIGHT OF THE PROVINCE OF

SASKATCHEWAN, HER MAJESTY THE QUEEN IN THE RIGHT OF THE PROVINCE OF MANITOBA, HER MAJESTY THE QUEEN IN THE RIGHT OF THE

PROVINCE OF NEW BRUNSWICK, HER MAJESTY THE QUEEN IN THE RIGHT OF THE PROVINCE OF PRINCE EDWARD ISLAND, HER MAJESTY THE QUEEN IN

THE RIGHT OF THE PROVINCE OF NOVA SCOTIA, HER MAJESTY THE QUEEN IN THE RIGHT OF THE PROVINCE OF

NEWFOUNDLAND, THE GOVERNMENT OF THE NORTHWEST TERRITORIES, THE GOVERNMENT OF NUNAVUT AND THE GOVERNMENT OF THE YUKON

TERRITORY

Intervenors

Proceeding under the Class Proceedings Act, 1992

Court File No. 98-CV-146405

BETWEEN:

JAMES KREPPNER, BARRY ISSAC, NORMAN LANDRY, as Executor of the Estate of the late SERGE LANDRY, PETER FELSING, DONALD MILLIGAN, ALLAN

GRUHLKE, JIM LOVE and PAULINE FOURNIER as Executrix of the estate of the late PIERRE FOURNIER

Plaintiffs

and

THE CANADIAN RED CROSS SOCIETY, THE ATTORNEY GENERAL OF CANADA

and HER MAJESTY THE QUEEN IN RIGHT OF ONTARIO

Defendants and

HER MAJESTY THE QUEEN IN THE RIGHT OF THE PROVINCE OF ALBERTA,

HER MAJESTY THE QUEEN IN THE RIGHT OF THE PROVINCE OF SASKATCHEWAN, HER MAJESTY THE QUEEN IN THE RIGHT OF THE

PROVINCE OF MANITOBA, HER MAJESTY THE QUEEN IN THE RIGHT OF THE PROVINCE OF NEW BRUNSWICK, HER MAJESTY THE QUEEN IN THE RIGHT OF

THE PROVINCE OF PRINCE EDWARD ISLAND, HER MAJESTY THE QUEEN IN THE RIGHT OF THE PROVINCE OF NOVA SCOTIA, HER MAJESTY THE QUEEN IN THE RIGHT OF THE PROVINCE OF NEWFOUNDLAND, THE GOVERNMENT OF THE NORTHWEST TERRITORIES, THE GOVERNMENT OF NUNAVUT AND

THE GOVERNMENT OF THE YUKON TERRITORY

Intervenors

Proceeding under the Class Proceedings Act, 1992

_________________________________________________________________

RESPONDING MOTION RECORD

OF THE ATTORNEY GENERAL OF CANADA _________________________________________________________________

April 10, 2015 PAUL B. VICKERY

Senior General Counsel Solicitor for the Defendant, The Attorney General of Canada PER: WILLIAM A. KNIGHTS DEPARTMENT OF JUSTICE Ontario Regional Office The Exchange Tower 130 King St. West Suite 3400, Box 36 Toronto, ON, M5X 1K6 LSUC # 16888F Tel: (416) 973-8219 Fax: (416) 973-5004

TO: SUTTS, STROSBERG LLP Lawyers Suite 600-251 Goyeau Street Windsor, ON N9A 6V4

HARVEY T. STROSBERG, Q.C. LSUC #12460O HEATHER RUMBLE PETERSON LSUC #24671V Tel: 519-561-6216 Fax: 519-561-6203

Lawyers Representing the Joint Committee in Ontario

AND TO: PODREBARAC BARRISTERS PROFESSIONAL CORPORATION 701 – 151 Bloor Street West Toronto, ON M5S 1S4

KATHRYN PODREBARAC LSUC #35640P Tel: 416-348-7502 Fax: 416-348-7505

Lawyers Representing the Joint Committee in Ontario

AND TO: GOWLING LAFLEUR HENDERSON LLP Lawyers 1 First Canadian Place 100 King Street West, Suite 1600 Toronto, ON M5X 1G5

JOHN E. CALLAGHAN BELINDA BAIN Tel: 416-369-6174 Fax: 416-862-7661

Fund Counsel for Ontario

AND TO: MCCARTHY TÉTRAULT LLP Lawyers Toronto Dominion Tower 66 Wellington Street West Suite 5300 Toronto, ON M5K 1E6

CAROLINE ZAYID Tel: 416-601-7768 Fax: 416-868-0673

Counsel for the Intervenors

AND TO: MINISTRY OF ATTORNEY GEENRAL FOR ONTARIO Crown Law Office – Civil Law 8th Floor, 720 Bay Street Toronto, ON M7A 2S9

LISE G. FAVREAU KRISTEN SMITH Tel: 416-325-7078/416-326-4098 Fax: 416-326-4181

Counsel for the Province of Ontario

AND TO: STOCKWOODS LLP 77 King Street West, Suite 4130 Toronto ON M5K IHI

Luisa J. Ritacca Tel: 416-593-2492 Fax: 416-593-9345

Monitor for the Court in these Actions

I N D E X

TAB DOCUMENT

1. Affidavit of Peter Gorham, sworn April 8, 2015

A. Exhibit “A” - Curriculum Vitae of Peter Gorham

B. Exhibit “B” - Morneau Shepell Report as of December 31, 2013

!

! ! !

!

!!

! !

!

!

!

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

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

!

!

!

!

!

!

!

!

!

!

!

!

!

!

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

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! !

Table of Contents

.C! "D3"E8F!CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC!.!

,C! FGF@DHIJF!8DKK)3L!CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC!,!

MC! N)@OP3EDQR!CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC!<!

SC! RE@DKFQH8!"3EJIRFR!CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC!.-!

/C! RI8F)8F!"3EP3F88IEQ!CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC!.,!

=C! ?F")HIHI8!@!@T)IK)QH!@E?E3H!CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC!,(!

UC! )88FH8!CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC!M(!

(C! BIQ)Q@I)T!3F8DTH8!CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC!S,!

<C! )Q)TL8I8!EB!8FQ8IHIJIHL!CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC!//!

.-C! "3EVF@HFR!@)8?!BTEW!EB!@EK"FQ8)HIEQ!NFQFBIH8!CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC!/U!

..C! )@HD)3I)T!)88DK"HIEQ8!CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC!=-!

)""FQRIG!)!X!8DKK)3L!EB!NFQFBIH8!CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC!(M!

)""FQRIG!N!X!8DKK)3L!EB!@T)IK)QH!R)H)!CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC!((!

)""FQRIG!@!X!RF8@3I"HIEQ!EB!)@HD)3I)T!KERFT!CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC!<,!

)""FQRIG!R!X!8DKK)3L!EB!)@HD)3I)T!)88DK"HIEQ8!CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC!<S!

)""FQRIG!F!X!PTE88)3L!EB!HF3K8!D8FR!CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC!.-(!

!

!

!

!

!

!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! .!

#$ !"#!$%&!

.C H;*5!#$%4#1!;&5!Y$$6!%#$%&#$'!&1!1;$!#$Z2$51!49!?$&+1;!@&6&'&!&6'!1;$!R$%&#1A$61!49!V251*0$!49!

1;$!P4[$#6A$61!49!@&6&'&C!!K4#6$&2!8;$%$++!\&5!#$1&*6$'!14!%$#94#A!&6!&012&#*&+![&+2&1*46!49!

1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'!]1;$!^!"#$_`!&5!49!M.!R$0$AY$#!,-.M!*6!4#'$#!14a!

&C %#4[*'$!&6!$[&+2&1*46!49!1;$!9*6&60*&+!%45*1*46!49!1;$!B26'!&5!49!M.!R$0$AY$#!,-.M!94#!52%%4#1!

49!1;$!,-.M!8299*0*$60:!?$&#*675b!

YC %#4[*'$!&6!&6&+:5*5!49!&012&+!14!$c%$01$'!$c%$#*$60$!94#!1;$!1;#$$!:$&#5!9#4A!M.!R$0$AY$#!

,-.-!14!M.!R$0$AY$#!,-.Mb!

0C %#4[*'$!&6!*6'$%$6'$61!#$[*$\!49!1;$!,-.M!&012&#*&+!#$%4#1!%#$%&#$'!Y:!F0d+$#!94#!1;$!V4*61!

@4AA*11$$!]1;$!^%&'#()*&++'((,,_`!$51&Y+*5;$'!26'$#!5$01*46!<C-.!49!1;$!V&62&#:!.e!.<(=!14!

V2+:!.e!.<<-!?$%&1*1*5!@!8$11+$A$61!)7#$$A$61!]1;$!^-./#_`b!

'C %#4[*'$!&6!$[&+2&1*46!49!1;$!5$65*1*[*1:!49!1;$![&+2&1*46!#$52+15!14!0;&67$5!*6!1;$!d$:!&012&#*&+!

&552A%1*465b!&6'!

$C %#4[*'$!*694#A&1*46!14!1;$!9$'$#&+!74[$#6A$61!14!&55*51!1;$A!*6!#$[*$\*67!1;$*#!%45*1*46!\*1;!

#$5%$01!14!1;$!B26'C!

,C H;$!*61$6'$'!25$#5!49!1;*5!#$%4#1!&#$!?$&+1;!@&6&'&e!1;$!R$%&#1A$61!49!V251*0$!49!1;$!P4[$#6A$61!

49!@&6&'&e!1;$!V4*61!@4AA*11$$!&6'!1;$!042#15!;&[*67!f2#*5'*01*46!4[$#!1;$!"+&6!&6'!B26'C!!H;$!

+&\!A&:!#$Z2*#$!1;*5!#$%4#1!14!Y$!%#4[*'$'!14!41;$#!%&#1*$5!\;4!&#$!641!*61$6'$'!25$#5C!!H;$!

#$%4#1!A&:!641!Y$!%#4[*'$'!14!&6:46$!\;4!*5!641!&6!*61$6'$'!25$#!$c0$%1!&5!A&:!Y$!#$Z2*#$'!Y:!

+&\C!!H;$!9*6'*675!;$#$*6!A&:!641!Y$!25$'!4#!#$+*$'!2%46!Y:!&6:!%&#1:!41;$#!1;&6!&6!*61$6'$'!25$#!

\*1;421!1;$!%#*4#!\#*11$6!0465$61!49!K4#6$&2!8;$%$++C

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! ,!

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

&'()*+,-./!

MC R2#*67!1;$!%$#*4'!.<(=!14!.<<-e!&!62AY$#!49!%$4%+$!\$#$!*69$01$'!\*1;!?$%&1*1*5!@!9#4A!Y+44'!

1#&65925*465C!!)!1#251!926'!\&5!$51&Y+*5;$'!14!%#4[*'$!04A%$65&1*46!14!%$4%+$!*69$01$'!'2#*67!1;*5!

1*A$!%$#*4'C!

SC )!52AA&#:!49!1;$!"+&6!Y$6$9*15!&6'!1;$!&A42615!%&:&Y+$!*5!0461&*6$'!*6!)%%$6'*c!)C!!)%%$6'*c!F!

%#4[*'$5!&!7+455&#:!49!1$#A5!25$'!*6!1;*5!#$%4#1C!

/C H;$!8$11+$A$61!)7#$$A$61!'*51*672*5;$5!Y$1\$$6!;&$A4%;*+*&05!&6'!646>;&$A4%;*+*&05C!!I6!1;*5!

#$%4#1e!1;$!646>;&$A4%;*+*&0!0+&*A&615!&#$!#$9$##$'!14!&5!^(0/#12"1,$_!0+&*A&615C!

=C H;*5!#$%4#1!%#4[*'$5!&6!*6'$%$6'$61!#$[*$\!49!1;$!9*6&60*&+!%45*1*46!49!1;$!B26'!&5!\$++!&5!&!

#$[*$\!49!1;$!F0d+$#!3$%4#1C!!

UC B4#!1;*5![&+2&1*46e!\$!\$#$!*651#201$'!14!\4#d!044%$#&1*[$+:!\*1;!F0d+$#!14!5$+$01!1;$!&012&#*&+!

A$1;4'5!&6'!&552A%1*465!f4*61+:C!!H;$!*61$61!*5!14!25$!1;$!5&A$!&552A%1*465!*6!42#!#$5%$01*[$!

[&+2&1*465!%#4[*'$'!1;&1!'*'!641!#$52+1!*6!04A%#4A*5*67!42#!%#49$55*46&+!*61$7#*1:!4#!#$52+1!*6!

25*67!&552A%1*465!1;&1!\$!Y$+*$[$'!\$#$!*6&%%#4%#*&1$!94#!1;$!%2#%45$C!!I9!\$!\$#$!26&Y+$!14!

&7#$$!\*1;!#$5%$01!14!&6!&552A%1*46e!1;$!#$&5465!1;$#$94#!&6'!9*6&60*&+!$99$01!\&5!14!Y$!'*50+45$'C!

(C W$!044%$#&1$'!\*1;!1;$!&6&+:5*5!49!1;$!'&1&!&6'!5;&#$'!42#!#$5%$01*[$!9*6'*675C!!N41;!&012&#*$5!

&00$%1!&++!49!1;$!&552A%1*465!25$'!*6!1;*5![&+2&1*46!X!1;$#$!&#$!64!'*99$#$60$5C!

<C W$!;&[$!5;&#$'!42#!#$5%$01*[$!#$52+15!&6'!*6!42#!4%*6*46e!1;$!'*99$#$60$5!&#$!*AA&1$#*&+!&6'!1;$!

#$52+15!5;42+'!Y$!0465*'$#$'!&5!$55$61*&++:!1;$!5&A$C!!B4#!1;*5!#$&546e!26+*d$!42#!%#*4#!#$%4#15e!\$!

'4!641!5;4\!1;$!F0d+$#!#$52+15!94#!04A%&#&1*[$!%2#%45$5C!

&012!01234'201!'./!5+,6313,.!7,+!'/60+10!/063'23,.1!

.-C I6!1;*5!#$%4#1e!\$!5;4\!#$52+15!46!&!Y$51!$51*A&1$!Y&5*5!&5!\$++!&5!#$52+15!*60+2'*67!&!%#4[*5*46!94#!

&'[$#5$!'$[*&1*465C!!!

..C H;$!Y$51!$51*A&1$!#$52+15!&#$!Y&5$'!46!&012&#*&+!&552A%1*465!1;&1!*6!42#!4%*6*46!#$%#$5$61!1;$!

A451!+*d$+:!$c%$01&1*46!94#!1;$!9212#$C!!H;*5!A$&65!1;&1!1;$#$!*5!&%%#4c*A&1$+:!&!/-g!0;&60$!1;&1!

9212#$!$c%$#*$60$!\*++!Y$!Y$11$#!1;&6!1;$!&552A%1*46!&6'!&!/-g!0;&60$!1;&1!*1!\*++!Y$!\4#5$C!!I6!

1;*5!\&:e!1;$!#$52+1*67!Y$51!$51*A&1$!&012&#*&+!+*&Y*+*1*$5!#$%#$5$61!1;$!&A4261!49!&55$15!#$Z2*#$'!

54!1;$#$!*5!&%%#4c*A&1$+:!&!/-g!0;&60$!49!;&[*67!144!A20;!A46$:!&6'!&!/-g!0;&60$!49!;&[*67!

144!+*11+$!A46$:C!!!

.,C I1!*5!6$*1;$#!&%%#4%#*&1$!64#!%#2'$61!14!&55$55!1;$!5299*0*$60:!49!1;$!B26'!25*67!Y$51!$51*A&1$!

&552A%1*465C!!8*60$!1;$#$!*5!&6!&7#$$A$61!1;&1!64!&''*1*46&+!A46*$5!\*++!Y$!%#4[*'$'!14!1;$!B26'!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! M!

Y:!1;$!74[$#6A$615e!*1!*5!%#2'$61!14!&55$55!1;$!9*6&60*&+!5299*0*$60:!49!1;$!B26'!21*+*h*67!&!Y&5*5!

1;&1!;&5!&!7#$&1$#!0;&60$!1;&6!/-g!49!;&[*67!5299*0*$61!&55$15!14!%&:!&++!9212#$!Y$6$9*15C!!H;*5!*5!

'46$!1;#427;!1;$!25$!49!0465$#[&1*5A!*6!1;$!&012&#*&+!&552A%1*465C!!@465$#[&1*5A!*5!*61#4'20$'!

1;#427;!1;$!25$!49!&552A%1*465!1;&1!#$%#$5$61!1;$!Y$51!$51*A&1$!94#!1;$!9212#$!!"#$!%$&'()!%!&!

%#4[*5*46!94#!&'[$#5$!'$[*&1*465C!!W;*+$!*1!*5!%455*Y+$!1;&1!&012&+!$c%$#*$60$!A&:!'$[*&1$!9#4A!42#!

Y$51!$51*A&1$!&552A%1*465!*6!&!%45*1*[$!\&:!]1;$#$Y:!#$'20*67!1;$!"+&6!+*&Y*+*1*$5`e!1;*5!5;42+'!641!

Y$!#$0476*h$'!261*+!520;!1*A$!&5!&!%45*1*[$!'$[*&1*46!;&5!4002##$'C!

.MC H;$!25$!49!Y$51!$51*A&1$!#$52+15!147$1;$#!\*1;!#$52+15!*60+2'*67!%#4[*5*46!94#!&'[$#5$!'$[*&1*465!

%$#A*15!1;$!25$#!49!1;*5!#$%4#1!14!&55$55!1;$!'$7#$$!49!0465$#[&1*5A!*6;$#$61!*6!1;$!#$52+15C!!

D+1*A&1$+:e!*1!*5!&6!*552$!49!*6'*[*'2&+!f2'7$A$61!&5!14!1;$!&A4261!&6'!'$7#$$!49!%#4[*5*46!94#!

&'[$#5$!'$[*&1*465!1;&1!*5!%#2'$61!14!#$0476*h$e!;&[*67!#$7&#'!14!1;$!*61$#$51!49!&++!%&#1*$5!14!1;$!

8$11+$A$61!)7#$$A$61C!

.SC W$!;&[$!&+54!&''$'!&6!&''*1*46&+!Y299$#!94#!0&1&51#4%;*0!$[$615C!!H;*5!*5!14!%#4[*'$!&6!&++4\&60$!

\$!Y$+*$[$!1;$!B26'!A&:!#$Z2*#$!14!\*1;51&6'!&6:!&'[$#5$!$[$615!1;&1!;&[$!&![$#:!+4\!

%#4Y&Y*+*1:!49!4002##*67!Y21!1;&1!&#$!51*++!#$&546&Y+:!%455*Y+$C!!E6$!042+'!+*d$6!1;&1!14!#$0476*5*67!

$[$615!1;&1!A*7;1!4002#!460$!&!0$612#:!Y21!*764#*67!$[$615!1;&1!&#$!+$55!+*d$+:C!

805'23231!(!(9'34'.2!(,8,+2!

./C H;$!+&51!'&1$!94#!9*+*67!0+&*A5!94#!Y$6$9*15!9#4A!1;$!B26'!\&5!.!V2+:!,-.-e!]52Yf$01!14!54A$!

$c0$%1*465`C!!)5!49!M.!R$0$AY$#!,-.Me!1;$#$!\$#$!51*++!,<<!1#&65925$'!&6'!;&$A4%;*+*&0!0+&*A5!*6!

%#40$55!49!&'f2'*0&1*46C!!H;$#$!\*++!&+54!+*d$+:!Y$!&!62AY$#!49!&''*1*46&+!+&1$!0+&*A5!1;&1!&#$!

%$#A*11$'!26'$#!1;$!1$#A5!49!!@)".!&6'!@)",C!!3$7&#'+$55e!\$!Y$+*$[$!1;&1!A451!49!1;$!0+&*A&61!

04;4#1!*5!64\!d64\6C!!@4A%&#$'!\*1;!%&51!:$&#5e!1;$#$!*5!A20;!+$55!260$#1&*61:!&Y421!1;$!

0;&#&01$#*51*05!49!1;45$!:$1!14!0+&*AC!!!

.=C H&Y+$!.=!5;4\5!1;$!62AY$#!49!0+&*A&615!]Y41;!d64\6!&6'!26d64\6`!\$!;&[$!&552A$'!94#!1;*5!

#$%4#1C!!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! S!

!"#$%&'(&)&*+,+-.&/01%&2&34+54&"46&7484+54&*$"09"4.:&

3,140'5('&#)6#&7#)

*./'+/#(1)8#9#&7#)*./'+/#(1) :&(/.)

:0/#12"1,$)*&;&0()

• &+*[$!0+&*A&615!

• 0+&*A&615!\;4!'*$'!&91$#!.<<(!

• 0+&*A&615!\;4!'*$'!Y$94#$!.<<<!

!,e(,.!<.<!.(S!

!.UU!/,!,/!

!,e<<(!<U.!,-<!

:&(/.):0/#12"1,$)*&;&0() Me<,S! ,/S! Se.U(!

</,+&5;'.'/4)*&;&0())

• &+*[$!0+&*A&615!

• 0+&*A&615!\;4!'*$'!&91$#!.<<(!

• 0+&*A&615!\;4!'*$'!Y$94#$!.<<<!!

!(UU!.(.!M-.!

!.S!<!M!

!(<.!.<-!M-S!

:&(/.)</,+&5;'.'/4)*&;&0() .eM/<! ,=! .eM(/!

:&(/.)&2)/..)*./'+/#(1) /e,(M! ,(-! /e/=M!

!

/310'10!5+,*+0113,.!

.UC H;$!&A4261!49!'&1&!&Y421!1;$!d64\6!0+&*A&615!\&5!5299*0*$61!94#!1;$!KKWP!14!Y&5$!1;$*#!#&1$5!49!

'*5$&5$!%#47#$55*46!*6!1;$!,-.M!KKWP!3$%4#1!46!1;*5!"+&6i5!0+&*A&615C!!"#$[*425+:e!1;$:!

04AY*6$'!1;$!0+&*A&615i!'&1&!\*1;!#$52+15!9#4A!*61$#6&1*46&+!512'*$5C!!!

.(C H;$!,-.-!KKWP!3$%4#1!'*50255$'!1;$!1#$6'!94#!0;&67$5!14!1;$!%#47#$55*46!49!1;$!'*5$&5$!*6!1;$!

9212#$C!!"$4%+$!%#47#$55!1;#427;!?$%&1*1*5!@!&1!'*99$#$61!#&1$5C!!H;$:!0&6!Y$!'*[*'$'!*614!1;#$$!

7#42%5a!#&%*'e!*61$#A$'*&1$!&6'!5+4\!%#47#$554#5C!!)5!1;$!#&%*'!%#47#$554#5!'*$e!1;$!#$A&*6*67!

0+&*A&615!\*++!Y$!A&'$!2%!A4#$!&6'!A4#$!49!1;$!*61$#A$'*&1$!&6'!5+4\!%#47#$554#5C!!W$!Y$+*$[$!

1;&1!1;*5!\*++!+*d$+:!Y$!A&6*9$51$'!Y:!&!7#&'2&+!#$'201*46!*6!1;$!'*5$&5$!%#47#$55*46!#&1$5!&6'!&!

+$671;$6*67!*6!1;$!4Y5$#[$'!1*A$!14!%#47#$55!9#4A!'*5$&5$!+$[$+!14!+$[$+C!H;&1!$99$01!\*++!Y$!

#$0476*5$'!*6!9212#$!5299*0*$60:!#$[*$\5C!!W$!;&[$!641!&11$A%1$'!14!Z2&61*9:!*1!\*1;*6!1;*5!#$[*$\C!

.<C )!A&f4#!0;&67$!*6!1;$!$c%$01$'!9212#$!49!?@J!*5!1;$!#$0$61!&6'!$c%$01$'!*61#4'201*46!49!6$\!

'#275!94#!1#$&1A$61C!!H;$5$!'#275!7#$&1+:!*60#$&5$!1;$!$99*0&0:!49!1#$&1A$61!&6'!&#$!0465*'$#$'!14!

Y$!$&5*$#!14!1&d$C!!H;$!'#275!04A$!&1!&!;*7;!0451!\*1;!A451!1#$&1A$615!$51*A&1$'!14!0451!Y$1\$$6!

j=-e---!&6'!j(-e---!94#!&!.,>\$$d!%#47#&AC!!W$!$c%$01!1;&1!1;$!Y2+d!49!1;&1!0451!\*++!Y$!04[$#$'!

Y:!1;$!B26'!&5!%#4[*60*&+!'#27!%#47#&A5!&#$!&552A$'!14!641!&''!1;$!'#275!14!1;$*#!94#A2+&#*$5!

94#!54A$!1*A$C!!

,-C H;*5!*60#$&5$'!'#27!0451!*5!$c%$01$'!14!&00$+$#&1$!1;$!0&5;!9+4\5!49!1;$!B26'!94#!04A%$65&1*46!

&6'!#$52+1!*6!&!5*76*9*0&61!#$'201*46!*6!9212#$!04A%$65&1*46!%&:A$615!&5!A&6:!0+&*A&615!&#$!

&552A$'!14!0+$&#!1;$![*#25C!

,.C B4++4\*67!1;$!9*6&+*5&1*46!49!42#![&+2&1*46!#$52+15!\$!Y$0&A$!&\&#$!1;&1!)YY[*$!#$0$*[$'!?$&+1;!

@&6&'&!&%%#4[&+!46!,M!R$0$AY$#!,-.S!94#!?4+d*#&!"&de!&!MR>#$7*A$6!'#27C!!W$!26'$#51&6'!1;$!

%#*0$!49!1;$!'#27!*5!&Y421!j/=e---!94#!&!.,>\$$d!1#$&1A$61e!%+25!1;$!0451!49!#*Y&[*#*6e!*9!25$'C!!]W$!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! /!

;&[$!641!Y$$6!&Y+$!14!'$1$#A*6$!\;$1;$#!1;&1!%#*0$!94#!?4+d*#&!"&d!*5!\;4+$5&+$!4#!#$1&*+`C!!B4#!

1;$![&+2&1*46e!\$!&552A$'!1;&1!1;$!%#*0$!\42+'!Y$!5*A*+&#!14!?&#[46*e!&!54945Y2[*#!'42Y+$1!'#27e!

\;*0;!\$!\$#$!*694#A$'!0451!&Y421!j(/e---!Y&5$'!46!&6!&[$#&7$!49!.MC,>\$$d5!94#!1#$&1A$61C!!!!

,,C H;$!%#*0$!49!?4+d*#&!"&d!A&:!+$&'!14!&!#$'201*46!*6!1;$!%#*0$!49!?&#[46*!&6'!%455*Y+:!41;$#!?@J!

'#275C!

,MC I1!A&:!Y$!1;&1!1;$!0451!49!'#275!\*++!Y$!+$55!1;&6!&552A$'!*6!1;$![&+2&1*46!&6'!1;&1!\*++!#$52+1!*6!

$c%$#*$60$!7&*65C!!W$!;&[$!641!#$9+$01$'!1;*5!%455*Y*+*1:!*6!1;*5!#$%4#1C!!I9!1;$!%#*0$5!49!1;$!'#275!

&#$!+4\$#!1;&6!&552A$'e!1;$!7&*65!\*++!Y$!#$9+$01$'!*6!1;$!6$c1!5299*0*$60:!#$[*$\C!

;<=%::&>*?&@+-."$0.A&

,SC H;$#$!&#$!&!+&#7$!62AY$#!49!'$&1;5!4002##*67!&1!+$[$+5!,!14!/!1;&1!&#$!Y$*67!&%%#4[$'!&5!;&[*67!

4002##$'!&5!&!#$52+1!49!?@JC!!H;$#$!*5!64!%#4[*5*46!*6!1;$!KKWP!A4'$+!4#!*6!1;$!KKWP!'*5$&5$!

%#47#$55*46!#&1$5!94#!&6:!'$&1;!&5!&!#$52+1!49!?@J!14!4002#!&1!&!+$[$+!41;$#!1;&6!+$[$+!=C!!H;$5$!?@J!

#$+&1$'!'$&1;5!&1!+$[$+5!,!14!/!&#$!0465*51$61!\*1;!1;$!$c%$01$'!'$&1;5!26'$#!1;$!KKWP!A4'$+e!

Y21!1;$:!&#$!0465*'$#$'!Y:!1;$!KKWP!A4'$+!14!Y$!9#4A!646>?@J!#$+&1$'!0&25$5C!!W$!#$9$#!14!

1;$5$!'$&1;5!&5!'2$!14!^$c0$55!?@J!A4#1&+*1:_C!

,/C H;*5!$c0$55!?@J!A4#1&+*1:!&#*5$5!9#4A!1;$!'*99$#$60$!*6!1;$!A$'*0&+!&6'!+$7&+!'$9*6*1*465!49!^&5!&!

#$52+1!49!?@J_C!!H;$!A$'*0&+!'$9*6*1*46!25$'!Y:!1;$!KKWP!A&d$5!+*11+$!&++4\&60$!94#!?@J!

*61$#&01*67!\*1;!&641;$#!'*5$&5$!&6'!&00$+$#&1*67!1;$!1*A$!49!'$&1;C!!B4#!%2#%45$5!49!1;$!KKWP!

#$5$&#0;e!\$!&7#$$!1;&1!1;$!25$!49!1;$!A$'*0&+!'$9*6*1*46!*5!+*d$+:!1;$!A451!&%%#4%#*&1$C!!B4#!

%2#%45$5!49!1;$!&012&#*&+![&+2&1*46!94#!5299*0*$60:!%2#%45$5e!1;$!$c0$55!?@J!A4#1&+*1:!5;42+'!Y$!

#$0476*5$'C!!H;*5!\&5!'*50255$'!*6!&!0469$#$60$!0&++!*6[4+[*67!1;$!KKWPe!F0d+$#!&6'!K4#6$&2!

8;$%$++!&6'!\$!&++!&7#$$'!1;&1!1;$!&012&#*$5!\42+'!#$0476*5$!1;$!$c0$55!?@J!A4#1&+*1:C!

73.'.(3'9!+01-921!

,=C H&Y+$!,=!%#$5$615!&!52AA&#:!49!1;$!4[$#&++!9*6&60*&+!#$52+15!49!1;$!"+&6C!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! =!

!"#$%&B(&)&/C99"-A&+D&E04"4=0"$&F%:C$.:&G04&HIII:J&

) =,1()>1('+/(,) -0&?'1'&#)2&0)@$?,01,)3,?'/('&#1))

! ABCD) ABCB) ABCD) ABCB)

)55$15! j!.e.<-e.<<! j!.e.UUe,=,!! j!.e.<-e.<<! j!.e.UUe,=,!

T*&Y*+*1*$5! ! ! ! !

! H#&65925$'! !M(Ue..S!! S.,e-.,! !S<.e=.,!! /,(eS-S!

! ?&$A4%;*+*&05! ,,Me<=<! ,S,e,S-! ,=SeSU.! ,(Se./-!

! ?IJ!"#47#&A! !</-!! .e.--! !<U-!! .e.--!

! B$$5!k!Fc%$65$5! !/MeS//!! MSe-<.! !//e//,!! MSe=/(!

H41&+!"+&6!T*&Y*+*1*$5! !==/eS((!! =(<eSSM! !(.,e=-/!! (S(eM.,!

!"#$)E"05."1)F3,2'4'(G) HIAJKLCC) HJMLKMCN) HDLLKINJ) HDAMKNIB)

)''*1*46&+!Y299$#!&7&*651!0&1&51#4%;*0!$[$615!

!! ! !.,.e---!! >!!

>O4,11)@11,(1) ) !) HAIPKINJ) HDAMKNIB)

,UC R$1&*+$'!9*6&60*&+!#$52+15!Y:!04;4#1!&6'!Y$6$9*1!&#$!%#$5$61$'!*6!8$01*46!(C!!H;$!&55$15!&#$!

52AA&#*h$'!*6!8$01*46!UC!

,(C H;$!%#4[*5*46!94#!&'[$#5$!'$[*&1*465!%#4'20$5!&!141&+!+*&Y*+*1:!&Y421!,,g!7#$&1$#!1;&6!1;$!Y$51!

$51*A&1$!+*&Y*+*1:C!!H;$!&''*1*46&+!Y299$#!&7&*651!0&1&51#4%;*0!$[$615!&''5!.(g!49!1;$!Y$51!$51*A&1$!

+*&Y*+*1:!94#!&!141&+!Y299$#!49!&Y421!S-g!49!1;$!Y$51!$51*A&1$!+*&Y*+*1:C!

,<C )''*1*46&+!*694#A&1*46!&Y421!1;$!%#4[*5*46!94#!&'[$#5$!'$[*&1*465e!1;$!0;&67$!*6!1;$!52#%+25!

&A4261!9#4A!,-.-!14!,-.M!&6'!1;$!5$65*1*[*1:!49!1;$!#$52+15!14!&552A%1*46!0;&67$5!&#$!*6!

8$01*465!(!&6'!<C!

M-C I6!A:!4%*6*46e!1;$!B26'!*5!5299*0*$61!&6'!1;$#$!&#$!$c0$55!&55$15!49!j,/=C=!A*++*46!&1!M.!R$0$AY$#!

,-.MC!

5+,63.(3'9:20++32,+3'9!(,.2+3&-23,.!,&93*'23,.!

M.C H;$!%#4[*60$5!&6'!1$##*14#*$5!&#$!7*[$6!&!0;4*0$!26'$#!1;$!8$11+$A$61!)7#$$A$61!14!$*1;$#!

0461#*Y21$!46!&!%&:>&5>:42>74!Y&5*5!4#!14!%#$926'!54A$!4#!1;$*#!$61*#$!0461#*Y21*46!4Y+*7&1*46C!!)5!

49!M.!R$0$AY$#!,-.Me!1;$#$!\&5!&!141&+!#$A&*6*67!0461#*Y21*46!49!j.=,!A*++*46!49!\;*0;!j.Se---!

;&'!Y$$6!%#$926'$'C!!H;$!#$A&*6*67!%#4[*60*&+l1$##*14#*&+!0461#*Y21*465!&#$!*60#$&5$'!&662&++:!

94#!*61$#$51!Y&5$'!46!1;$!#$12#6!49!<->'&:!H#$&52#:!N*++5C!!

M,C W$!;&[$!%#4f$01$'!1;$!9212#$!%#4[*60*&+l1$##*14#*&+!0461#*Y21*46!#$Z2*#$A$615!94#!$&0;!:$&#!

Y&5$'!46!1;$!0&5;!9+4\5!26'$#!Y41;!1;$!Y$51!$51*A&1$!&6'!1;$!%#4[*5*46!94#!&'[$#5$!'$[*&1*465!

&552A%1*465C!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! U!

MMC D5*67!1;$!Y$51!$51*A&1$!&552A%1*465!94#!'$1$#A*6*67!1;$!&A4261!&6'!1*A*67!49!9212#$!Y$6$9*15e!

1;$!%#4[*60*&+l1$##*14#*&+!0461#*Y21*46!4Y+*7&1*46!*5!$c%$01$'!14!$c%*#$!*6!,-,SC!!)91$#!1;&1!1*A$e!

1;$#$!\*++!Y$!64!&''*1*46&+!926'5!%&:&Y+$!Y:!1;$!%#4[*60$5!&6'!1$##*14#*$5C!

MSC D5*67!1;$!%#4[*5*46!94#!&'[$#5$!'$[*&1*465!&552A%1*465e!1;$!%#4[*60*&+l1$##*14#*&+!0461#*Y21*46!

4Y+*7&1*46!*5!$c%$01$'!14!$c%*#$!*6!,-,.C!

! !

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! (!

(0+2373('23,.!

M/C I!;$#$Y:!0$#1*9:!1;&1a!

&C I6!A:!4%*6*46e!1;$!B26'!*5!5299*0*$61b!

YC I6!A:!4%*6*46e!1;$!'&1&!25$'!*5!5299*0*$61!&6'!#$+*&Y+$!94#!1;$!%2#%45$5!49!1;$!#$%4#1b

0C I6!A:!4%*6*46e!1;$!&012&#*&+!A$1;4'5!&#$!&%%#4%#*&1$!94#!1;$!%2#%45$!49!1;*5!#$%4#1b!

'C I6!A:!4%*6*46e!1;$!&552A%1*465!25$'!&#$e!*6!&77#$7&1$e!&%%#4%#*&1$!94#!1;$!%2#%45$5!49!1;$!

\4#db!

$C H;$!0&+02+&1*465!\$#$!%#$%&#$'!*6!&004#'&60$!\*1;!1;$!@&6&'*&6!I651*121$!49!)012&#*$5i!

81&6'&#'5!49!"#&01*0$b!

9C H;*5!#$%4#1!;&5!Y$$6!%#$%&#$'!&6'!A:!4%*6*465!7*[$6!*6!&004#'&60$!\*1;!&00$%1$'!&012&#*&+!

%#&01*0$!*6!@&6&'&b!

7C H;$#$!&#$!64!52Y5$Z2$61!$[$615!41;$#!1;&6!1;45$!'*50255$'!*6!1;*5!#$%4#1!1;&1!I!&A!&\&#$!49!

1;&1!\42+'!;&[$!&6!*A%&01!46!1;$!#$52+15!%#$5$61$'!;$#$*6b!&6'!

;C H;*5!#$%4#1!04694#A5!14!A:!'21:!14a!!

]*` %#4[*'$!4%*6*46!$[*'$60$!1;&1!*5!9&*#e!4Yf$01*[$!&6'!\*1;421!&'[40&0:!94#!$*1;$#!%&#1:!

&6'!#$+&1$'!46+:!14!A&11$#5!1;&1!&#$!\*1;*6!A:!&#$&!49!$c%$#1*5$b!!

]**` *9!0&++$'!2%46!14!7*[$!4#&+!4#!\#*11$6!1$51*A46:e!I!\*++!7*[$!1;&1!1$51*A46:!*6!&!9&*#e!

4Yf$01*[$!A&66$#!&6'!\*1;421!&'[40&0:!94#!$*1;$#!%&#1:b!&6'!

]***` &55*51!1;$!042#1!&6'!%#4[*'$!520;!&''*1*46&+!&55*51&60$!&5!1;$!042#1!A&:!#$&546&Y+:!

#$Z2*#$!14!'$1$#A*6$!1;$!A&11$#!&1!*552$C!!

M=C I!&A!&[&*+&Y+$!14!&65\$#!&6:!Z2$51*465!4#!14!%#4[*'$!&''*1*46&+!*694#A&1*46!#$7&#'*67!&6:!&5%$01!

49!1;*5!#$%4#1C!

3$5%$0192++:!52YA*11$'e!KE3QF)D!8?F"FTT!THRC!

!

!

!"$1$#!VC!KC!P4#;&Ae!B$++4\e!@&6&'*&6!I651*121$!49!)012&#*$5!B$++4\e!840*$1:!49!)012&#*$5!!!*%)+'&$,"&!'%-+'.$$/',$$&'&$0)$($1'.2'34"!!'3)5,+"/6'7898:8;86'7838;8

3$5%$0192++:!52YA*11$'eKE3Q3Q3Q3Q3Q3Q3Q3Q3Q3Q3Q3Q3Q3Q3Q3Q3Q3Q3Q3Q3Q3Q3Q3Q3Q3Q3Q3Q3Q3QF)F)F)F)F)F)F)F)F)F)F)F)F)F)F)F)F)F)F)F)F)F)F)F)F)F)F)F)F)F)F)F)D!8?F"F"F"F"F"F"F"F"F"F"F"F"F"F"F"F"F"F"F"F"F"F"F"F"F"F"F"F"F"F"F"F"F"F"F"F"FTFTFTFTFTFTFTFTFTFTFTFTFTFTFTFTFTFTFTFTFTFTFTFTFTFTFTFTFTFTFTFTFTFTFTT!T!T!T!T!T!T!T!T!T!T!T!T!T!T!T!T!T!T!T!T!THRC

"$1$#!#!#!#!#!#!#!#!#!#!#!#!#!#!#!#!#!#!#!#!#!VCVCVCVCVCVCVCVCVCVCVCVCVCVCVCVCVCVCVCVCVCVCVCVCVCVCVCVCVCVCVCVCVC!K!K!K!K!K!K!K!K!K!K!K!K!K!K!K!K!K!K!K!K!K!K!K!K!K!K!K!K!K!K!K!K!K!K!K!K!K!KC!P4#;&A&A&A&A&A&A&A&A&A&A&A&A&A&A&A&A&A&A&A&A&A&A&A&A&A&A&AeB$B$B$B$B$B$B$B$B$B$B$B$B$B$B$B$B$B$B$B$B$B$B$B$B$B$B$B$B$B$B$B$B$B$++++++++++++++++++++++++++++++++++++++++++++++++++++4\e!@&6&'*&6!I6565656565656565656565656565656565656565656565651*121$!49!)012&#*$5B$++4\e!840*$1:!49!)012&#*$5

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! <!

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

MUC R2#*67!1;$!%$#*4'!.<<=!14!.<<(e!&!62AY$#!49!0+&55!&01*46!+&\52*15!\$#$!Y#427;1!94#\&#'!&7&*651!1;$!

9$'$#&+e!%#4[*60*&+!&6'!1$##*14#*&+!74[$#6A$615!46!Y$;&+9!49!%$4%+$!\;4!\$#$!*69$01$'!\*1;!?$%&1*1*5!@!

9#4A!Y+44'!1#&65925*465!#$0$*[$'!Y$1\$$6!.!V&62&#:!.<(=!&6'!.!V2+:!.<<-C!!)!8$11+$A$61!)7#$$A$61!

\&5!#$&0;$'!&5!49!./!V26$!.<<<!1;&1!%#4[*'$'!94#!1;$!$51&Y+*5;A$61!49!&!1#251!926'!14!%&:!Y$6$9*15!14!1;$!

&99$01$'!0+&55C!!H;*5!8$11+$A$61!)7#$$A$61!5%$0*9*$5!1;$!%$#5465!$+*7*Y+$!14!#$0$*[$!Y$6$9*15e!1;$!&A4261!

49!Y$6$9*15!%&:&Y+$e!1;$!926'*67!49!1;$!Y$6$9*15!Y:!1;$!9$'$#&+e!%#4[*60*&+!&6'!1$##*14#*&+!74[$#6A$615!&6'!

1;$!*6[$51A$61!49!"+&6!&55$15C!

M(C N$6$9*15!26'$#!1;$!"+&6!&#$!'$%$6'$61!46!1;$!%#47#$55*46!49!&!0+&*A&61!1;#427;!1;$![&#*425!+$[$+5!49!1;$!

'*5$&5$C!!N$6$9*15!&#$!&+54!'$%$6'$61!46a!

• \;$1;$#!1;$!%$#546!*5!;&$A4%;*+*&0!]646>;&$A4%;*+*&05!&#$!#$9$##$'!14!&5!^1#&65925$'_`b!&6'!

• \;$1;$#!1;$!%$#546!'*$'!%#*4#!14!.<<<!4#!\&5!&+*[$!46!.!V&62&#:!.<<<C!

M<C H4!Y$!$+*7*Y+$!94#!04A%$65&1*46!9#4A!1;$!B26'e!0+&*A&615!A251!5;4\!0+*6*0&+!$[*'$60$!49!*69$01*46!9#4A!

?$%&1*1*5!@b!A251!;&[$!#$0$*[$'!Y+44'!%#4'2015!'2#*67!1;$!%$#*4'!.!V&62&#:!.<(=!14!.!V2+:!.<<-!\;$#$!

520;!Y+44'!%#4'201!0&6!Y$!5;4\6!14!;&[$!0461&*6$'!1;$!?$%&1*1*5!@![*#25!]1;#427;!&!1#&0$>Y&0d!

%#47#&A`b!&6'e!\*1;!1;$!$c0$%1*46!49!;&$A4%;*+*&05e!A251!Y$!&Y+$!14!'$A4651#&1$!1;&1!%#*4#!*69$01*46!*5!

641!+*d$+:!14!;&[$!4002##$'C!!@+&*A5!A251!Y$!9*+$'!\*1;!1;$!&'A*6*51#&14#!49!1;$!"+&6!%#*4#!14!.!V2+:!,-.-C!

S-C )!52AA&#:!49!1;$!"+&6!Y$6$9*15!&6'!1;$!&A42615!%&:&Y+$!94#!1;$![&#*425!+$[$+5!49!1;$!'*5$&5$!*5!

0461&*6$'!*6!)%%$6'*c!)C!!)%%$6'*c!F!*5!&!7+455&#:!49!1$#A5!25$'!*6!1;*5!#$%4#1C!

S.C I6!1;*5!#$%4#1e!1;$!1$#A!^.,?,._!*5!25$'!14!#$9$#!14!1;$!'*5$&5$!+$[$+5!94#!\;*0;!04A%$65&1*46!*5!%&*'!26'$#!

1;$!"+&6C!!H;$!1$#A!^1(/Q,_!*5!25$'!14!#$9$#!14!1;$!'*5$&5$!51&7$5!&5!A4'$++$'!*6!1;$!KKWP!3$%4#1!]5$$!

)%%$6'*c!F`C!!H;$#$!*5!&!04A%&#*546!49!1;$![&#*425!+$[$+5!&6'!51&7$5!0461&*6$'!*6!8$01*46!..!>!)012&#*&+!

)552A%1*465C!

S,C H;$!8$11+$A$61!)7#$$A$61!'*51*672*5;$5!Y$1\$$6!;&$A4%;*+*&05!&6'!646>;&$A4%;*+*&05C!!I6!1;*5!#$%4#1e!

1;$!646>;&$A4%;*+*&0!0+&*A&615!&#$!#$9$##$'!14!&5!^(0/#12"1,$_!0+&*A&615C!

SMC D6'$#!1;$!1$#A5!49!1;$!"+&6e!&6!&012&#*&+![&+2&1*46!49!1;$!Y$6$9*15!*5!14!Y$!%#4'20$'!&1!+$&51!$[$#:!1;#$$!

:$&#5!14!&55*51!1;$!042#15!\*1;!1;$*#!#$[*$\!49!1;$!5299*0*$60:!49!1;$!B26'C!!H;$!A451!#$0$61!&012&#*&+!

[&+2&1*465!94#!1;&1!%2#%45$!\&5!%#$%&#$'!Y:!F0d+$#!&5!49!M.!R$0$AY$#!,-.-!]'&1$'!V2+:!,-..`!&6'!Y:!

K4#6$&2!8;$%$++!&5!49!M.!R$0$AY$#!,-.-!]'&1$'!S!)%#*+!,-.,`C!!!

SSC )1!1;$!#$Z2$51!49!?$&+1;!@&6&'&e!K4#6$&2!8;$%$++!26'$#144d!&6!*6'$%$6'$61!#$[*$\!49!1;$!"+&6!&5!49!M.!

R$0$AY$#!,--Se!M.!R$0$AY$#!,--U!&6'!&5!49!M.!R$0$AY$#!,-.-C!!?$&+1;!@&6&'&!;&5!#$Z2$51$'!

K4#6$&2!8;$%$++!14!&7&*6!%$#94#A!&6!*6'$%$6'$61!#$[*$\!49!1;$!"+&6!&5!49!M.!R$0$AY$#!,-.M!&6'!

%#$%&#$!1;*5!#$%4#1!'$1&*+*67!1;$!#$52+15C!!!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! .-!

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

S/C W$!\$#$!%#4[*'$'!\*1;!1;$!94++4\*67!'&1&!&6'!'402A$615!1;&1!\$!;&[$!25$'!*6!1;$!%#$%&#&1*46!49!1;*5!

#$%4#1!

&C )!+$11$#!'&1$'!=!B$Y#2&#:!,-.S!9#4A!O$[*6!Ei@466$++!49!@#&\94#'!@+&55!)01*46!8$11+$A$615!147$1;$#!

\*1;!&!'402A$61!1*1+$'!^W4#d5;$$1!3$9$#$60$5_!&6'!'*5d!0461&*6*67!0+&55!A$AY$#!'&1&e!]*60+2'*67!

&%%+*0&615!\;45$!0+&*A5!;&[$!Y$$6!'$6*$'!4#!#$A&*6!%$6'*67!&!'$0*5*46`!&5!49!M.!R$0$AY$#!,-.M!

1;&1!I!&A!*694#A$'!\&5!%#$%&#$'!Y:!1;$!)'A*6*51#&14#!&1!1;$!#$Z2$51!49!1;$!V4*61!@4AA*11$$b!

YC !^F51*A&1*67!1;$!"#47645*5!49!@&6&'*&65!I69$01$'!W*1;!1;$!?$%&1*1*5!@!J*#25!H;#427;!1;$!N+44'!

82%%+:e!.<(=>.<<-!>!B*91;!3$[*5*46!49!?$%&1*1*5!@!"#476451*0!K4'$+!N&5$'!46!1;$!"451>H#&65925*46!

?$%&1*1*5!@!@4A%$65&1*46!@+&*A&61!@4;4#1_e!'&1$'!8$%1$AY$#!,-.S!Y:!W$6'467!@;$6e!KR!";Re!

m*+467!L*!KR!K80!";Re!W*++*&A!W467e!";R!&6'!K2##&:!O#&;6!KR!K80!B3@"@!]1;$!^RRST)

U,5&0(_`b!

0C H\4!@42#1!)%%#4[$'!"#41404+5!X!1;$!3$0$61!?@J!R*&7645*5!Fc0$%1*46!]^*@-C_`!&6'!I552&60$!49!

I6*1*&+!@+&*A5!"&0d&7$5!]^*@-A_`b!

'C @4%*$5!49!1;$!)662&+!3$%4#1!49!1;$!V4*61!@4AA*11$$!94#!:$&#5!.,e!.M!&6'!.S!]04[$#*67!4%$#&1*465!94#!

,-..!14!,-.M`e!\;*0;!*60+2'$'!&A467!41;$#!*1$A5e!1;$!&2'*1$'!9*6&60*&+!51&1$A$615!&6'!1;$!

I6[$51A$61!82AA&#:!3$%4#1!49!F0d+$#!94#!$&0;!49!1;$!1;#$$!:$&#5b!

$C )%%+*0&1*46!14!1;$!82%#$A$!@42#1!49!N#*1*5;!@4+2AY*&!94#!&%%#4[&+!49!1;$!L$&#!.S!)662&+!3$%4#1!49!

1;$!V4*61!@4AA*11$$C!

9C H;$!'$0*5*46!49!1;$!E61&#*4!82%$#*4#!@42#1!49!V251*0$!*6!1;$!A&11$#!49!R*&66&!T42*5$!"&#5465!$1!&+C![C!

H;$!@&6&'*&6!3$'!@#455!840*$1:!$1!&+C!'&1$'!,,!E014Y$#!.<<<e!147$1;$#!\*1;!1;$!.<(=>.<<-!?$%&1*1*5!

@!8$11+$A$61!)7#$$A$61!&6'!B26'*67!)7#$$A$61!A&'$!&5!49!./!V26$!.<<<!0461&*6*67!80;$'2+$5!)!

1;#427;!R!$61*1+$'!1;$!H#&65925$'!?@J!"+&6e!1;$!?$A4%;*+*&0!?@J!"+&6e!1;$!B$'$#&+!"#4[*60*&+!

H$##*14#*&+!)55*51&60$!"#47#&A!94#!8$046'&#*+:>I69$01$'!I6'*[*'2&+5e!&6'!1;$!B26'*67!)7#$$A$61!]1;$!

^E,((.,+,#()@Q0,,+,#(_!4#!^-./#_`b!!

7C )!'&1&!9*+$!0461&*6*67!0+&55!A$AY$#!'&1&!&5!49!M-!)27251!,-.M!1;&1!\&5!%#4[*'$'!14!1;$!K$'*0&+!

K4'$+!W4#d*67!P#42%!]1;$!^RRST_`!147$1;$#!\*1;!&!9*+$!0461&*6*67!1;$!#$52+15!49!&!52#[$:!49!54A$!

49!1;$!0+&*A&615!#$7&#'*67!%#*4#!1#$&1A$615!&6'!0+$&#*67!1;$![*#25b!!

;C Q2A$#425!$A&*+!04##$5%46'$60$!Y$1\$$6!54A$!4#!&++!49!1;$!V4*61!@4AA*11$$e!R$%&#1A$61!49!V251*0$e!

@#&\94#'!@+&55!)01*46!8$11+$A$615e!1;$!KKWPe!F0d+$#!&6'!K4#6$&2!8;$%$++!*6!\;*0;!Z2$#*$5!\$#$!

#&*5$'e!&65\$#5!%#4[*'$'!&6'!52%%+$A$61&+!*694#A&1*46!%#4[*'$'e!&++!49!\;*0;!\&5!0&##*$'!421!

\*1;*6!1;$!5%*#*1!49!044%$#&1*46!Y$1\$$6!F0d+$#!&6'!K4#6$&2!8;$%$++b!!

*C R#27!H#$&1A$615!94#!?$%&1*1*5!@e!&!52AA&#:!49!1#$&1A$615!&6'!%2Y+*0+:!&[&*+&Y+$!04515!%#$%&#$'!Y:!

34Y$#1!P$#[&*5e!KRe!"2Y+*0!?$&+1;!K$'*0&+!)'[*54#e!"2Y+*0!?$&+1;!)7$60:!49!@&6&'&b!&6'!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! ..!

fC )6!$A&*+!9#4A!)A&6'&!T&#40Z2$!46!N$;&+9!49!Q&1&5;&!T$0+$#0!49!?$&+1;!@&6&'&!1;&1!%#4[*'$'!

*694#A&1*46!&Y421![&#*425!1#$&1A$615!&6'!'#275!&%%#4[$'!94#!?$%&1*1*5!@!&6'!*60+2'*67!&!

5%#$&'5;$$1!%#$%&#$'!Y:!1;$!N2#$&2!49!P&51#4$61$#4+47:!49!?$&+1;!@&6&'&!%#4[*'*67!'$1&*+5!49!

[&#*425!&%%#4[$'!'#275!&6'!#$04AA$6'$'!1#$&1A$61!%#41404+5C!

S=C I6!&''*1*46!14!1;$!&Y4[$!'402A$615!&6'!'&1&e!\$!4Y1&*6$'!1;$!94++4\*67!'402A$615!&6'!*694#A&1*46!

9#4A!1;$!I61$#6$1!1;&1!\$!;&[$!25$'!*6!1;$!%#$%&#&1*46!49!1;*5!#$%4#1a!

&C ^"&1*$61!H*A$!@4515!&6'!E21>49>%40d$1!@4515!*6!?$%&1*1*5!@_e!@&#4+$!)C!B$'$#*04e!"#*50*++&!@C!?52e!K$+!

O#&f'$6e!F#*0!KC!L45;*'&e!O&#$6!FC!N#$A6$#e!)+&6!)C!W$*55e!B#&6d!?C!)6'$#546e!K2##&:!RC!O#&;6b!

T*[$#!I61$#6&1*46&+C!,-.,bM,]/`a(./>(,/!]46+*6$+*Y#&#:C\*+$:C04Al'4*l.-C....lfC.SU(>

M,M.C,-..C-,U,,Ccl&Y51#&01`b!!

YC ^R*51#*Y21*46!49!;$%&1*1*5!@![*#25!7$641:%$5!*6!@&6&'&a!3$52+15!9#4A!1;$!T@R@!8$61*6$+!?$&+1;!D6*1!

82#[$*++&60$!8:51$A_e!3O!@;&2';&#:e!";Re!K!H$%%$#e!KRe!8!F*5&&'&6:e!&6'!"&2+!3!P2++:e!KRb!@&6!V!

I69$01!R*5C!.<<<!V&6>B$Yb!.-].`a!/MX/=C!!]\\\C60Y*C6+AC6*;C74[l%A0l&#1*0+$5l"K@M,/-USUl`b!

0C ^P$6$1*0!J&#*&1*46!&6'!?@J!P$641:%*67_e!?$%&1*1*5!@$61#&+e!

]\\\C;$%&1*1*50$61#&+C04Al;0[l7$641:%$l7$641:%*67C;1A+`b!

'C H;#$$!41;$#!\$Y5*1$5!\$#$!25$'!14!4Y1&*6!'#27!0451!*694#A&1*46!&6'!*694#A&1*46!&Y421!'#275!Y$*67!

#$A4[$'!9#4A!1;$!A&#d$1!4#!%2++$'!9#4A!1;$!&%%#4[&+!%#40$55a!

]*` \\\C;$%&1*1*50C2\C$'2l%&7$l1#$&1A$61l'#275l54945Y2[*#>'#27!

]**` \\\C$7:#$7C04Al,-./l84945Y2[*#n0451C;1A+!

]***` \\\C%#4f$01*694#AC4#7l260&1$74#*h$'lY#$&d*67>6$\5>;0[>'#27>9&+'&%#$[*#>%2++$'>9#4A>52YA*55*46>

94#>9'&>&%%#4[&+lb!&6'!

$C W$$d+:!B*6&60*&+!81&1*51*05e!N&6d!49!@&6&'&e!,(!B$Y#2&#:!,-.Sb!

!

! !

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! .,!

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

SUC H;$!94++4\*67!*5!&!;*7;!+$[$+!52AA&#:!49!?$%&1*1*5!

@!'*5$&5$!%#47#$55*46!&5!*1!;&5!&!Y$&#*67!46!1;*5!

[&+2&1*46e!Y&5$'!46!42#!26'$#51&6'*67!49!1;$!

KKWP!3$%4#1C!!W$!;&[$!21*+*h$'!1;$5$!9*6'*675!*6!

1;*5![&+2&1*46C!

S(C )!%$#546!*69$01$'!\*1;!?$%&1*1*5!@!\*++!252&++:!

5;4\!5*765!49!1;$!*69$01*46!1;#427;!Y+44'!1$515C!!)!

62AY$#!49!%$4%+$!*69$01$'!#$04[$#e!%455*Y+:!

\*1;421!d64\*67!1;&1!1;$:!;&[$!Y$$6!*69$01$'e!Y21!

\*++!51*++!;&[$!5*765!49!1;$!'*5$&5$!*6!1;$*#!Y+44'C!!

H;*5!*5!#$9$##$'!14!*6!1;*5!#$%4#1!&5!3Q)!6$7&1*[$e!

4#!&5!B-]3Q)>`C!!W$!26'$#51&6'!1;&1!1;$#$!A&:!Y$!

&!#$A41$!0;&60$!49!1;$!'*5$&5$!#$'$[$+4%*67!*6!1;$!

9212#$C!!?4\$[$#e!Y41;!1;$!%#4f$01*465!*6!1;$!

KKWP!#$%4#1!&6'!1;$!0&+02+&1*465!25$'!*6!1;*5!

#$%4#1!*764#$!1;&1!%455*Y*+*1:C!!)!%$#546!&1!51&7$!

B-]3Q)>`!*5!0465*'$#$'!14!Y$!#$04[$#$'C!

S<C H;$!#&1$!&1!\;*0;!?$%&1*1*5!@!'$[$+4%5![&#*$5!9#4A!%$#546!14!%$#546C!!I1!0&6!1&d$!A&6:!:$&#5!Y$94#$!

54A$!%$4%+$!\*++!641*0$!1;&1!1;$:!&#$!5*0d!&6'!'*504[$#!1;$:!;&[$!1;$!'*5$&5$e!\;$#$&5!41;$#5!\*++!

%#47#$55!1;#427;!1;$![&#*425!51&7$5!A20;!A4#$!Z2*0d+:C!!H;$!%#47#$55*46!49!1;$!'*5$&5$!\&5!&552A$'!14!

Y$!5*A*+&#!*6!;&$A4%;*+*&05!&6'!646>;&$A4%;*+*&05C!!?4\$[$#e!'2$!14!1;$!:4267$#!&7$!&6'!;*7;$#!04>

*69$01*46!\*1;!?IJ!49!;&$A4%;*+*&05e!1;$#$!*5!&!7#$&1$#!0;&60$!49!'$[$+4%*67!0*##;45*5!&6'!49!'$&1;!9#4A!

?$%&1*1*5!@!&A467!;&$A4%;*+*&05!1;&6!1#&65925$'!0+&*A&615C!

/-C H;$!51&7$5!1;&1!&#$!A4'$++$'!*6!1;$!KKWP!#$%4#1!'*99$#!9#4A!1;$!+$[$+5!1;&1!&#$!25$'!94#!04A%$65&1*46!

26'$#!1;$!"+&6C!!N&5$'!2%46!&'[*0$!%#4[*'$'!Y:!1;$!&21;4#5!49!1;$!KKWP!#$%4#1e!F0d+$#!'$1$#A*6$'!&6!

&%%#4c*A&1$!#$+&1*465;*%!Y$1\$$6!1;$!+$[$+5!26'$#!1;$!"+&6!&6'!51&7$5!&5!A4'$++$'!*6!1;$!KKWP!

#$%4#1C!!W$!;&[$!21*+*h$'!1;$!5&A$!&552A$'!$Z2*[&+$60:!94#!%2#%45$5!49!1;*5!#$%4#1C!!W$!26'$#51&6'!1;&1!

646>Y#*'7*67!9*Y#45*5!*5!&012&++:!*'$61*9*$'!*6!%&1*$615!54A$\;$#$!Y$1\$$6!51&7$5!B.!&6'!B,C!!N41;!

KKWP!&6'!F0d+$#!&552A$'!646>Y#*'7*67!9*Y#45*5!4002#5!&1!0+*6*0&+!51&7$!B.e!$&#+*$#!1;&6!*1!\42+'!4002#!

94#!A451!%&1*$615C!!W$!;&[$!A&'$!1;$!5&A$!&552A%1*46C!!!

/.C I1!A&:!Y$!1;&1!1;*5!+*6d*67!49!T$[$+!M!]646>Y#*'7*67!9*Y#45*5`!\*1;!51&7$!B.!*61#4'20$5!&!+$[$+!49!

0465$#[&1*5A!14!1;$!#$52+15C!!820;!0465$#[&1*5A!*5!%#$5$61!*6!&++!49!42#!#$52+15e!*60+2'*67!1;45$!*'$61*9*$'!

&5!^Y$51!$51*A&1$_C!!W$!;&[$!641!&11$A%1$'!14!&'f251!94#!1;*5!5*60$!1;$!+*6d&7$!Y$1\$$6!+$[$+!M!&6'!51&7$!

B.!&%%$&#5!14!Y$!0465*51$61!\*1;!1;$!\&:!1;$!0+&*A&61!'&1&!*5!%#$5$61$'!&6'!1;$!#$52+15!%#$5$61$'!*6!1;$!

KKWP!3$%4#1C!

/,C H;$!51&7$5!A4'$++$'!*6!1;$!KKWP!#$%4#1!&6'!1;$!+$[$+5!#$0476*h$'!26'$#!1;$!"+&6!&#$a!

In This Section….

We provide a brief summary of:

! the MMWG medical model and

the various stages of Hepatitis C

! Changes in the model from the

2010 version

! transition rates between stages

! treatment effect on transition

rates

! HIV co-infection effect on

progression of Hepatitis C

! develop an assumption for

recognition of excess HCV

mortality

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! .M!

!"#$%&KB&2&>%L".0.0:&*&M0:%":%&/."N%:&"46&O%P%$:&

RRST)E(/Q,)

RRST)E(/Q,)3,140'5('&#)

*&+5,#1/('&#)-./#)V,?,.1) *&+5,#1/('&#)-./#)3,140'5('&#)

B-]3Q)>`! B*Y#45*5!81&7$!-!X!3Q)!6$7&1*[$!

.! @+&*A&615!\;4!;&[$!0+$&#$'!1;$![*#25!

8J@! 8%461&6$425!J*#&+!@+$&#&60$!

.! !

8J3! 8251&*6$'!J*#&+!3$5%465$! o! !

B-]3Q)p`! B*Y#45*5!81&7$!-!X!3Q)!%45*1*[$!

,! "@3!1$51!%45*1*[$!

B.! B*Y#45*5!81&7$!.! M! Q46>N#*'7*67!B*Y#45*5!

B,! B*Y#45*5!81&7$!,!

BM! B*Y#45*5!81&7$!M! S! N#*'7*67!B*Y#45*5!

BS! @*##;45*5! /! @*##;45*5!

?@@! ?$%&140$++2+&#!@&60$#! !=!

@&60$#!

R$04A%! R$04A%$65&1$'!0*##;45*5! T*[$#!'$04A%$65&1*46!

H#&65%+&61! T*[$#!H#&65%+&61! T*[$#!H#&65%+&61!

R$&1;! T*[$#!#$+&1$'!'$&1;! ! R$&1;!

o!!8J3!*5!1;$!51&1$!49!;&[*67!0+$&#$'!1;$![*#25!&91$#!#$0$*[*67!1#$&1A$61C!!H;$!0+&*A&61i5!+$[$+!'4$5!641!0;&67$e!Y21!1;$:!#$A&*6![*#25!9#$$!&6'!\*++!641!%#47#$55!*6!1;$!'*5$&5$e!$c0$%1!&1!+$[$+!/e!0*##;45*5e!\;$#$!%#47#$55*46!4002#5!&1!;&+9!1;$!#$72+&#!#&1$C!!)6:!'&A&7$!'46$!Y:!1;$![*#25!*5!641!#$[$#5$'C!

/MC I6!1;$!KKWP!A4'$+e!1;$!'*5$&5$!\&5!A4'$++$'!#$0476*h*67!&!A&c*A2A!%#47#$55*46!49!46$!51&7$!*6!&!

:$&#C!!"#47#$55*46!14!52Y5$Z2$61!51&7$5!\42+'!4002#!*6!5$Z2$60$!$c0$%1!!

&C 46$!0&6!1#&65*1*46!9#4A!&6:!49!51&7$5!B.!14!BM!14!8J@!4#!8J3!&6'!9#4A!BS!14!8J3b!

YC 46$!0&6!1#&65*1*46!9#4A!&6:!49!1;$!51&7$5!B.!14!BS!14!?@@C!!!

/SC @;&#1!/S!5;4\5!1;$!%455*Y+$!5$Z2$60$5!49!'*5$&5$!%#47#$55*46!&5!#$0476*h$'!&6'!A4'$++$'!*6!1;$!#$%4#1C!!

I1!5;42+'!Y$!641$'!1;&1!1;$#$!A&:!Y$!41;$#!%&11$#65!14!1;$!'*5$&5$!%#47#$55*46e!*60+2'*67!#$7#$55*46!14!

&6!$&#+*$#!51&7$C!!?4\$[$#e!1;$:!\$#$!0465*'$#$'!14!;&[$!520;!&!+4\!%#4Y&Y*+*1:!&5!14!Y$!*AA&1$#*&+!14!

1;$!#$52+15C!!H;$!%$#0$61&7$5!5;4\6!46!1;$!0;&#1!&#$!1;$!KKWP!Y&5$+*6$!%#4Y&Y*+*1*$5!94#!&!1#&65925$'!

%$#546!49!1#&65*1*46*67!9#4A!46$!'*5$&5$!51&7$!14!&641;$#!4[$#!1;$!042#5$!49!&!:$&#C!!)5!'*50255$'!Y$+4\e!

1#&65*1*46!%#4Y&Y*+*1*$5!94#!?IJ!04>*69$01$'!%$4%+$!&#$!;*7;$#e!&6'!94#!1;45$!\;4!;&[$!Y$$6!5200$5592++:!

1#$&1$'!]8J3`!4#!&#$!51&125!8J@!]8%461&6$425!J*#&+!@+$&#&60$`!1;$!1#&65*1*46!%#4Y&Y*+*1*$5!&#$!+4\$#C!

! !

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! .S!

"#$%&!'(!)!*+,-$,-!.%/0%-,,+/1!$,!2/3-4-3!+1!&#-!2256!7-8/%&!

/CSg! .,C-g! .MC/g! .MC(g! UC(g! ./C,g!

.CUg! .CUg! .C-g! -C/-g! ! o!! MC<(g! ,C/-g!

!

! ! .(C,g!

! @&6&'&!T*9$!H&Y+$!,--<!X!,-..!94#!&++!&7$5!

! ! -CSgoo!

MCMg

! !(C=g!]:$&#!.`! !MC<g!]1;$#$&91$#`

!

H;*5!0;&#1!*5!1&d$6!9#4A!1;$!KKWP!3$%4#1C!!F&0;!Y4c!#$%#$5$615!&!;$&+1;!51&1$!94#!1;$!*6'*[*'2&+5!*69$01$'!'2$!14!Y+44'!1#&65925*46!*6!@&6&'&!Y$1\$$6!.<(=!&6'!.<<-C!F&0;!54+*'!&##4\!#$%#$5$615!%455*Y+$!1#&65*1*465!Y$1\$$6!;$&+1;!51&1$5!1;&1!A&:!4002#!$&0;!:$&#C!!H;$!%$#0$61&7$5!;&[$!Y$$6!&''$'!14!1;$!0;&#1!Y:!25!14!*6'*0&1$!1;$!&662&+!Y&5$+*6$!%#4Y&Y*+*1:!49!1#&65*1*46*67!Y$1\$$6!'*5$&5$!51&7$5C!

o!! )662&+!1#&65*1*46!#&1$5!14!?@@!'*99$#!Y:!51&7$a!! B-!! -C-.g!! B.! -C-.g!! B,! -C-.g!! BM! -C.-g!! BS! ,C/-g!! BS!]8J3`! .C,=g!! R$04A%! ,C/-g!!!oo!!H;$!-CSg!#&1$!49!1#&65*1*46!9#4A!R$04A%$65&1*46!14!H#&65%+&61!&6'!9#4A!?@@!14!1#&65%+&61!*5!*6!

&''*1*46!14!1;$!#&1$!49!1#&65*1*46!5;4\6!&Y4[$!*6!1;$!0;&#1!]./C,g!&6'!.(C,g`!94#!+*[$#!#$+&1$'!'$&1;C!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! ./!

4,+2'932>!7+,4!.,."9360+!+09'20/!('-101!

//C R2#*67!1;$!1*A$!1;&1!&!%$#546!;&5!?$%&1*1*5!@e!1;$:!0461*62$!14!Y$!52Yf$01!14!'$&1;!9#4A!0&25$5!

41;$#!1;&6!?$%&1*1*5!@C!!H;*5!*5!64!'*99$#$61!9#4A!41;$#5!\;4!'4!641!;&[$!?$%&1*1*5!@C!!N41;!1;$!

KKWP!#$%4#1!&6'!1;*5!#$%4#1!#$0476*h$!1;&1!%455*Y*+*1:!*6!1;$!%#4f$01*465!'46$C!!)!0+&*A&61!\;4!

'*$5!9#4A!646>+*[$#!#$+&1$'!0&25$5!#$A&*65!$61*1+$'!14!&6:!%&:A$615!A&'$!4#!'2$!Y&5$'!46!1;$!

51&7$!#$&0;$'!%#*4#!14!'$&1;e!Y21!*5!641!$61*1+$'!14!&6:!&''*1*46&+!%&:A$615!&5!&!#$52+1!49!'$&1;C!

/=C B4#!1;$!,-.M!A$'*0&+!A4'$+e!1;$!KKWP!&%%+*$'!A4#1&+*1:!#&1$5!'$#*[$'!9#4A!1;$!0+&*A&61!04;4#1!

04AY*6$'!\*1;!A4#1&+*1:!#&1$5!9#4A!1;$!@&6&'&!T*9$!H&Y+$5!,--<>,-..C!!I6!42#!'*50255*465!\*1;!

1;$!&012&#*$5!9#4A!F0d+$#e!\$!&7#$$'!14!21*+*5$!1;$!@&6&'&!T*9$!H&Y+$5!,--<>,-..!94#!&++!646>+*[$#!

#$+&1$'!A4#1&+*1:C!!H;$!*A%&01!49!1;*5!0;&67$!9#4A!1;$!KKWP!A4'$+!&552A%1*46!46!1;$!

%#4f$01*465!&6'!1;$!9*6&60*&+!#$52+15!*5!*AA&1$#*&+C!

0?(011!4,+2'932>!+09'20/!2,!280!(,./323,.!+0@-3+3.*!&9,,/!

2+'.17-13,.!

/UC K&6:!%$#5465!$61*1+$'!14!04A%$65&1*46!26'$#!1;$!"+&6!#$0$*[$'!&!Y+44'!1#&65925*46!'2#*67!1;$!

%$#*4'!.<(=!14!.<<-C!!H;$!,-.-!KKWP!#$%4#1!'*50255$'!1;$!%455*Y+$!$c*51$60$!49!$c0$55!

A4#1&+*1:!*6!#$+&1*46!14!&[$#&7$!%4%2+&1*46!A4#1&+*1:!&5!&!#$52+1!49!1;$!046'*1*46!1;&1!7&[$!#*5$!14!

1;$!6$$'!94#!1;$!1#&65925*46C!!I1!\&5!0460+2'$'!1;&1!&6:!520;!$c0$55!A4#1&+*1:!\42+'!#$'20$!14!

641;*67!4#!&6!*AA&1$#*&+!+$[$+!'2#*67!1;$!1$6!:$&#5!94++4\*67!1;$!1#&65925*46C!!8*60$!1;$!A451!

#$0$61!Y+44'!1#&65925*46!1;&1!042+'!Y$!#$+&1$'!14!1;$!1#&65A*55*46!49!?$%&1*1*5!@!94#!*69$01$'!

0+&*A&615!26'$#!1;*5!"+&6!4002##$'!A4#$!1;&6!.-!:$&#5!&74e!1;$!%455*Y*+*1:!49!$c0$55!A4#1&+*1:!

9&014#5!26#$+&1$'!14!?$%&1*1*5!@!*5!*764#$'C!

/(C I1!*5!%455*Y+$!1;&1!&!0+&*A&61!26'$#!1;$!"+&6!A*7;1!;&[$!#$0$*[$'!&!52Y5$Z2$61!Y+44'!1#&65925*46!

&6'!A&:!Y$!52Yf$01!14!$c0$55!A4#1&+*1:!&5!&!#$52+1!49!1;$!046'*1*46!1;&1!7&[$!#*5$!14!1;&1!

1#&65925*46C!!H;*5!%455*Y*+*1:!;&5!Y$$6!*764#$'!5*60$!1;$!A4#1&+*1:!1&Y+$!25$'!94#!1;*5!#$%4#1!

#$9+$015!520;!*552$5!Y:![*#12$!49!Y$*67!&!@&6&'*&6!%4%2+&1*46!A4#1&+*1:!1&Y+$C!

2+'.1323,.!5+,&'&3932301!

/<C H;$!%#47#$55!49!&!0+&*A&61!1;#427;!1;$![&#*425!'*5$&5$!51&7$5!*5!A4'$++$'!25*67!%#4Y&Y*+*1*$5C!!

H;$!1#&65*1*46!%#4Y&Y*+*1*$5!25$'!*6!42#!0&+02+&1*465!&#$!1&d$6!9#4A!1;$!KKWP!3$%4#1!&6'!&#$!1;$!

5&A$!&5!\$#$!25$'!*6!1;$!KKWP!3$%4#1C!!H;$5$!#$%#$5$61!1;$!%#4Y&Y*+*1:!49!1#&65*1*46!14!&641;$#!

'*5$&5$!51&7$!'2#*67!1;$!042#5$!49!46$!:$&#C!!!

=-C I6!,-.-!&6'!%#*4#!KKWP!3$%4#15e!1;$!KKWP!$51&Y+*5;$'!1;$!Y&5$+*6$!1#&65*1*46!#&1$5!&5!&!Y+$6'!

49!1;$!$c%$#*$60$!49!1;$!0+&*A&61!04;4#1!&6'!#$52+15!49!%2Y+*5;$'!512'*$5!9#4A!&#426'!1;$!\4#+'C!!

W$!0465*'$#$'!*6!,-.-!1;&1!1;$!Y&5$+*6$!#&1$5!+*d$+:!*60+2'$'!&!%#4[*5*46!94#!&'[$#5$!'$[*&1*465C!!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! .=!

W$!21*+*5$'!1;$!Y&5$+*6$!,-.-!#&1$5!&5!1;$!1#&65*1*46!#&1$5!94#!1;$!+*&Y*+*1*$5!*60+2'*67!&!%#4[*5*46!

94#!&'[$#5$!'$[*&1*465C!!B4#!1;$!Y$51!$51*A&1$!+*&Y*+*1*$5e!\$!#$%+&0$'!1;$!Y&5$+*6$!1#&65*1*46!#&1$5!

Y$1\$$6!51&7$5!B-!&6'!BS!\*1;!#&1$5!'$[$+4%$'!Y:!1;$!KKWP!9#4A!1;$!0+&*A&61!04;4#1C!!!

=.C W*1;!1;$!,-.M!KKWP!3$%4#1e!1;$!Y&5$+*6$!1#&65*1*46!#&1$5!\$#$!'$1$#A*6$'!Y&5$'!46+:!46!1;$!

$c%$#*$60$!49!1;$!0+&*A&61!04;4#1C!!W$!0465*'$#!1;$5$!,-.M!#&1$5!&5!1;$!Y$51!$51*A&1$!1#&65*1*465!

%#4Y&Y*+*1*$5C!!!

=,C B4#!%2#%45$5!49!1;$![&+2&1*46!A4'$+e!&!0+&*A&61!\;4!$c%$#*$60$5!8J@!4#!8J3!*5!1#&65*1*46$'!14!

51&125!8J@!Y21!#$1&*65!1;$*#!%#*4#!'*5$&5$!+$[$+C!!H;$!%#40$55!49!8J3!&6'!8J@!'4$5!641!26'4!&6:!

'&A&7$!1;&1!;&'!%#$[*425+:!4002##$'!&6'!*1!*5!1;$#$94#$!&%%#4%#*&1$!14!#$0476*5$!1;&1!&!0+&*A&61!

&1!8J@!]BS`!A&:!51*++!;&[$!&!'*5&Y*+*1:!&6'!9*+$!&!0+&*A!94#!T455!49!I604A$!4#!94#!T455!49!8$#[*0$5!*6!

1;$!?4A$C!!)!0+&*A&61!&1!8J@]B.`!*5!A20;!+$55!+*d$+:!14!;&[$!&!9212#$!'*5&Y*+*1:!&6'!54!\*++!+*d$+:!

6$[$#!;&[$!&!0+&*A!94#!T455!49!I604A$!4#!94#!T455!49!8$#[*0$5!*6!1;$!?4A$C!!

=MC H;$#$!&#$!1\4!\&:5!1;&1!&!%$#546!0&6!$c%$#*$60$!8J@!4#!8J3C!!)!5A&++!%$#0$61&7$!49!0+&*A&615!

\*++!'4!54!5%461&6$425+:!\*1;421!1#$&1A$61!$&0;!:$&#C!!K451!0+&*A&615!\*++!'4!54!&5!&!#$52+1!49!

Y$*67!5200$5592++:!1#$&1$'!\*1;!46$!49!1;$!?@J!'#27!#$7*A$65C!!H;$!%#*4#![$#5*465!49!1;$!A4'$+!

'*'!641!#$0476*5$!8J@!&6'!8J3!41;$#!1;&6!&5!&!#$52+1!49!1#$&1A$61e!&5!*1!\&5!0465*'$#$'!14!Y$!

*AA&1$#*&+C!!H;$!,-.M!A4'$+!;&5!'$1$#A*6$'!1#&65*1*46!#&1$5!94#!8J@!&6'!8J3!4002##*67!

5%461&6$425+:!&5!\$++!&5!Y:!1#$&1A$61C!

=SC )!0+&*A&61!\;4!$c%$#*$60$5!8J@!4#!8J3!5%461&6$425+:!*5!0465*'$#$'!&5!02#$'!&6'!*5!&552A$'!14!

641!&'[&60$!92#1;$#!*6!1;$!'*5$&5$C!

=/C H;$!1#$&1A$61!49!8J@!&6'!8J3!;&5!0;&67$'!9#4A!1;$!,-.-!&6'!%#*4#![&+2&1*465C!!)!0+&*A&61!\;4!*5!

5200$5592++:!1#$&1$'!&1!51&7$5!B-!14!BM!*5!0465*'$#$'!&5!02#$'!&6'!;&5!&!h$#4!%#4Y&Y*+*1:!49!

1#&65*1*46*67!14!&!;*7;$#!'*5$&5$!51&7$C!!W;*+$!1;$:!\*++!641!&'[&60$!*6!1;$!'*5$&5$e!1;$:!A&:!51*++!

$c%$#*$60$!41;$#!+*[$#!#$+&1$'!*552$5e!520;!&5!'*5&Y*+*1:!4#!$c0$55!?@J!A4#1&+*1:C!!)!0+&*A&61!\;4!

*5!5200$5592++:!1#$&1$'!&1!51&7$!BS!;&5!1;$!1#&65*1*46!#&1$5!14!R$04A%$65&1*46!#$'20$'!14!;&+9!49!

1;$!Y&5$+*6$!1#&65*1*46!#&1$C!!I6!%#*4#![&+2&1*465e!0+&*A&615!\;4!;&'!8J@!4#!8J3!\$#$!0465*'$#$'!

&5!;&[*67!&!#$'20$'!%#4Y&Y*+*1:!49!&'[&60*67!*6!1;$!'*5$&5$e!\*1;!1;$!%#4Y&Y*+*1:!49!&'[&60*67!

$Z2&+!14!.-g!49!1;$!%#4Y&Y*+*1:!1;&1!&%%+*$'!14!&!%$#546!\;4!;&'!641!Y$$6!5200$5592++:!1#$&1$'C!

==C H;$!Y&5*0!1#&65*1*46!%#4Y&Y*+*1*$5!&#$!9#4A!H&Y+$!.,!49!1;$!KKWP!#$%4#1C!!H;$!Y&5$+*6$!

%#4Y&Y*+*1*$5!#$%#$5$61!1;$!A$&6!%#4Y&Y*+*1*$5!&6'!&#$!1;$![&+2$5!25$'!94#!1;$!Y41;!1;$!Y$51!

$51*A&1$!&6'!%#4[*5*46!94#!&'[$#5$!'$[*&1*465!+*&Y*+*1*$5!*6!1;*5!#$%4#1C!!H;$!1#&65*1*46!

%#4Y&Y*+*1*$5!&#$!&'f251$'!94#!1;$!$99$015!49!5200$5592+!1#$&1A$61!&6'!94#!1;$!$99$015!49!?IJ!46!

9*Y#45*5!%#47#$55*46!*6!1;$!5&A$!A&66$#!&5!\&5!'46$!*6!1;$!KKWP!3$%4#1C!!H;$!Y&5*0!1#&65*1*46!

%#4Y&Y*+*1*$5!&#$a!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! .U!

!"#$%&((&)&!-"4:0.0+4&F".%:&D+-&/04N$A&Q4D%=.%6&2&BI'R&@+6%$&50.,&=+9L"-".0P%:&D-+9&BI'I&"46&BIIS&

!0&+)E(/Q,) :&)E(/Q,)

:0/#1'('&#)U/(,1))ABBL))

:0/#1'('&#)U/(,1)

=,1()>1('+/(,)ABCB))

:0/#1'('&#)U/(,1))

ABCD)

B-]3Q)>`! B.! -C-g! -C-g! -C-g!

8J@o! B.! 6l&! 6l&! -C-g!

B-]3Q)p`! B-]3Q)>`! ,C-g! .CUg! .CUg!

B.! 8J@! 6l&! 6l&! .CUg!

B,! 8J@! 6l&! 6l&! .C-g!

BM! 8J@! 6l&! 6l&! -C/g!

B-]3Q)p`! B.! =C=g! ,C<g! /CSg!

B.! B,! .-CSg! ..C(g! .,C-g!

B,! BM! .=C,g! .MCUg! .MC/g!

BM! BS! .(CSg! .-CMg! .MC(g!

BS! R$04A%$65&1*46! /C/g! =C/g! UC(g!

R$04A%$65&1*46! H#&65%+&61! MCMg! MCMg! -CSg!

B.! ?@@! -C-.g! -C-.g! -C-.g!

B,! ?@@! -C-.g! -C-.g! -C-.g!

BM! ?@@! -C.g! -C.g! -C.g!

BS! ?@@! MC.g! MCMg! ,C/g!

R$04A%$65&1*46! ?@@! 6l&! 6l&! ,C/g!

?@@! H#&65%+&61! >! .-C-g! -CSg!

<'' 3=9')+'4"/+)1$&$1'!"')/4>?1$'3=@'A"&',?&,"+$+'"A'!%)+'!-.>$8'';'4>-)5-/!'-!'3=9'+!-#$+'7B'!"'7C')+'-++?5$1'!"'

/"!'-10-/4$'!"'-'%)#%$&'1)+$-+$'+!-#$8'';'4>-)5-/!'-!'3=9'7D')+'-++?5$1'!"'!&-/+)!)"/'!"'E$4"5,$/+-!$1'-!'

%->A'!%$'.-+$>)/$'&-!$'FGHI'"A'J8KIL'+%"(/'-."0$8'''

=UC W*1;!1;$!$c0$%1*46!49!646>?@J!#$+&1$'!A4#1&+*1:!]@&6&'&!T*9$!H&Y+$5e!,--<>,-..e!1;&1!&#$!Y&5$'!

46!&7$!&6'!7$6'$#`e!1;$!1#&65*1*46!#&1$5!'4!641![&#:!Y:!&7$e!7$6'$#!4#!'2#&1*46!49!*69$01*46C!

=(C H;$!Y$51!$51*A&1$!1#&65*1*46!#&1$5!94#!,-.M!;&[$!7$6$#&++:!*60#$&5$'!9#4A!1;45$!25$'!*6!,-.-!

\*1;!1;$!$c0$%1*46!49!B,!14!BMe!&6'!1;$!1#&65*1*465!14!H#&65%+&61!&6'!BS!14!?@@C!!H;$!46+:!0;&67$5!

1;&1!&#$!5*76*9*0&61!&#$!9#4A!B-]3Q)p`!14!B.!\;*0;!&+A451!'42Y+$'!&6'!1#&65*1*465!14!H#&65%+&61!

\;*0;!&#$!64\!&+A451!6$7+*7*Y+$C!!

;DD%=.&+D&.09%&+4&D0#-+:0:&L-+N-%::0+4&

=<C H;$!,-.-!KKWP!3$%4#1!51&1$5a!^)641;$#!0460$#6!CCC!*5!#$+&1$'!14!1;$!&552A%1*46!1;&1!?@J!

%&1*$615!&#$!;4A47$6425!&6'!;&[$!5*A*+&#!9*Y#45*5!%#47#$55*46!#&1$5C!!F[$6!\*1;*6!*6'*[*'2&+5e!

%#47#$55*46!#&1$5!A&:![&#:!&5!&!92601*46!49!9*Y#45*5!51&7$!&6'!&7$C!!J&#*&1*46!&0#455!*6'*[*'2&+5!

;&5!&+54!Y$$6!046[*60*67+:!'$A4651#&1$'C!!"4:6&#'!$1!&+Ce!94#!$c&A%+$e!5277$515!1;&1!1;$#$!&#$!&1!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! .(!

+$&51!1;#$$!%4%2+&1*465!*6!1$#A5!49!'*5$&5$!%#47#$55*46a!#&%*'e!*61$#A$'*&1$!&6'!5+4\!

%#47#$554#5C_!]KKWP!,-.-!3$%4#1e!%&7$!,=`!

U-C ^)5!1;$!q#&%*'!%#47#$554#5i!'$%&#1e!1;$!A$&6!#&1$!94#!%#47#$55*46!94#!1;$!#$5*'2&+!04;4#1!\*++!9&++C_!

]KKWP!,-.-!3$%4#1e!%&7$!,U`!

U.C ^I9!1#&65*1*46!#&1$5!9&++!4[$#!1*A$e!&5!46$!\42+'!$c%$01!\*1;!1;$!0;&67*67!04A%45*1*46!49!9*Y#45*5!

;$&+1;!51&1$5!]9&51!%#47#$554#5!'$%&#1!A4#$!Z2*0d+:!+$&[*67!A4#$!5+4\!%#47#$554#5!4[$#!1*A$`e!1;$!

A4'$+!&5!02##$61+:!5%$0*9*$'!A&:!4[$#51&1$!%#47#$55*46!#&1$5!*6!1;$![$#:!+467!1$#AC_!]KKWP!

,-.-!3$%4#1e!%&7$!,U`!

U,C I1!;&5!Y$$6!46!&[$#&7$!&Y421!,,!:$&#5!5*60$!1;$!0+&55!0461#&01$'!?@JC!!W$!0&6641!'$1$#A*6$!9#4A!

1;$!KKWP!3$%4#1!\;&1!%$#0$61&7$!49!1;$!#&%*'!%#47#$554#5!\42+'!Y$!$c%$01$'!14!;&[$!#$&0;$'!

+$[$+!=!4#!'*$'e!54!*1!*5!641!%455*Y+$!14!$51*A&1$!1;$!$99$01!49!&!%455*Y+$!'$0#$&5$!*6!1#&65*1*46!#&1$5!

94#!1;$!9212#$C!!

UMC H;$!#$0$61!*61#4'201*46!49!6$\!'#275!94#!1#$&1*67!?@J!*5!$c%$01$'!14!;&[$!&!5*76*9*0&61!$99$01!46!

1;$!9212#$!49!1;$!'*5$&5$e!\*1;!&!5*76*9*0&61!62AY$#!49!0+&*A&615!$c%$01$'!14!Y$!02#$'C!!W*1;!9$\$#!

0+&*A&615!#$A&*6*67!\*1;!?@J!&6'!52Yf$01!14!1;$!92++!1#&65*1*46!$99$015e!9212#$!0;&67$5!*6!

1#&65*1*46!#&1$5!&#$!+*d$+:!14!;&[$!A20;!+$55!49!&6!*A%&01!46!1;$!926'i5!+*&Y*+*1*$5C!!!

;DD%=.&+D&.-%".9%4.&+4&D0#-+:0:&L-+N-%::0+4&

USC H;$#$!&#$!&!62AY$#!49!1#$&1A$615!&[&*+&Y+$!94#!?$%&1*1*5!@!1;&1e!*9!5200$5592+e!\*++!5+4\!'4\6!4#!

&##$51!%#47#$55*46!49!1;$!'*5$&5$C!!I6!1;$!%&51!1;#$$!:$&#5e!&!62AY$#!49!6$\!'#275!;&[$!Y$$6!

&%%#4[$'!1;&1!;&[$!5*76*9*0&61+:!*A%#4[$'!1#$&1A$61!%#47645*5!14!1;45$!%#$[*425+:!&[&*+&Y+$!

]Y40$%#$[*#e!+$'*%&5[*#!&6'!5*A$%#$[*#`.C!!H;$#$!&#$!54A$!&''*1*46&+!'#275!\;*0;!A&:!Y$!

&%%#4[$'!Y:!?$&+1;!@&6&'&!]'&0+&1&5[*#e!'&5&Y2[*#e!4AY*1&5[*#e!%&#*1&%#$[*#!&6'!#*146&[*#`!1;&1!

&#$!&61*0*%&1$'!14!92#1;$#!*A%#4[$!1;$!42104A$!49!1#$&1A$615C!

U/C H;$5$!6$\!'#275!&#$!1&d$6!*6!&!%*++!94#A!#&1;$#!1;&6!Y:!*6f$01*46e!;&[$!+$55!5$[$#$!5*'$>$99$015!

'2#*67!1#$&1A$61e!;&[$!&!5;4#1$#!#$04AA$6'$'!'2#&1*46!94#!1#$&1A$61!&6'!;&[$!&!5*76*9*0&61+:!

;*7;$#!$99*0&0:!#&1$!1;&6!1;$!%#$[*425!1#$&1A$615C!!H;$!A$'*0&+!A4'$+!;&5!#$0476*5$'!1;$5$!6$\!

'#275!\*1;!&!A&f4#!0;&67$!14!1;$!&552A%1*465!94#!9212#$!1#$&1A$615C!

U=C E6+:!46$!9212#$!1#$&1A$61!%$#!0+&*A&61!*5!&552A$'C!!)!0+&*A&61!\;4!#$0$*[$'!1#$&1A$61!%#*4#!14!

,-.S!1;&1!\&5!641!5200$5592+!*5!$+*7*Y+$!94#!&!9212#$!1#$&1A$61C!!?4\$[$#e!&!0+&*A&61!\;4!#$0$*[$5!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!

!

.!! H\4!49!1;$!'#275!#$9$#$60$'!*6!1;$!KKWP!3$%4#1!;&[$!5*60$!Y$$6!\*1;'#&\6!X!9&+'$%#$[*#!\&5!\*1;'#&\6!9#4A!1;$!&%%#4[&+!%#40$55!Y:!1;$!A&629&012#$#!&6'!1$+&%#$[*#!\&5!\*1;'#&\6!9#4A!1;$!A&#d$1!&91$#!;&[*67!#$0$*[$'!&%%#4[&+C!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! .<!

1#$&1A$61!&91$#!.!V&62&#:!,-.S!&6'!\;4!*5!641!02#$'!*5!&552A$'!14!6$[$#!#$0$*[$!&641;$#!

1#$&1A$61C!

UUC H;$!#&1$!49!1#$&1A$61e!1:%$!49!'#27!&552A$'!14!Y$!25$'!&6'!$99*0&0:!'*99$#!Y$1\$$6!1;45$!\;4!

;&[$!641!#$0$*[$'!1#$&1A$61!*6!1;$!%&51!]1#$&1A$61!6&r[$`!&6'!1;45$!\*1;!%&51!1#$&1A$615!

]%#$[*425+:!1#$&1$'`!&5!\$++!&5!Y$1\$$6!1;45$!04*69$01$'!&6'!641!04*69$01$'!\*1;!?IJC!

U(C H;$!#&1$!49!1#$&1A$61e!1:%$!49!1#$&1A$61!#$0$*[$'!&6'!$99*0&0:!49!1;$!'*99$#$61!1#$&1A$615![&#*$5!

Y&5$'!46!0$#1&*6!0;&#&01$#*51*05!49!1;$!0+&*A&615C!!H&Y+$!U<!52AA&#*5$5!1;$!1#$&1A$61!

%#4Y&Y*+*1*$5!94#!,-.MC!!I1!*5!&552A$'!1;&1!1#$&1A$61!*5!46+:!0465*'$#$'!94#!0+&*A&615!&1!51&7$5!

B-]3Q)p`!14!BSC!!Q4!1#$&1A$61!*5!7*[$6!14!0+&*A&615!&1!B-]3Q)>`e!R$04A%$65&1*46!4#!?@@C!

U<C H;$!1#$&1A$61!#&1$5!5$1!421!46!1;$!KKWP!3$%4#1!7&[$!1;$!%$#0$61&7$!49!0+&*A&615!1;&1!&#$!

&552A$'!14!#$0$*[$!1#$&1A$61!&1!54A$!1*A$!'2#*67!1;$!%$#*4'!,-.S!14!,-.(C!!I6!42#!'*50255*465!

\*1;!1;$!&012&#*$5!9#4A!F0d+$#e!\$!&7#$$'!14!21*+*5$!&662&+!#&1$5!49!1#$&1A$61!&5!5$1!421!*6!H&Y+$!

U<C!!H;$5$!#&1$5!\;$6!&%%+*$'!4[$#!1;$!9*[$!:$&#5!,-.S!14!,-.(!*60+25*[$!#$52+1!*6!1;$!5&A$!

%$#0$61&7$!49!0+&*A&615!#$0$*[*67!1#$&1A$61!&5!5$1!421!*6!1;$!,-.M!KKWP!3$%4#1C!

!"#$%&ST&2&!-%".9%4.&U-+#"#0$0.0%:&2&BI'R&

)

:0,/(+,#()W/X?,))

S'(;&"()<YZ)

:0,/(+,#()W/X?,))

S'(;)<YZ)

-0,?'&"1.[):0,/(,$))

S'(;&"()<YZ)

-0,?'&"1.[):0,/(,$))

S'(;)<YZ)

:0,/(+,#()0/(,)F5,0)/##"+G) MSC-g! .<CMg! M(C,g! .UC/g!

-,04,#()&2):0,/(+,#(1)"1'#Q)\) ) ) ) )

• "FP>IBQl3NJ! -g! -g! -g! -g!

• "FP>IBQl3NQ!Y&5$'!1#*%+$!1;$#&%:! .SCMg! (CMg! UC.g! (CMg!

• 84945Y2[*#>Y&5$'!'42Y+$1! /-C-g! ,/g! M/CUg! (CMg!

• M'!#$7*A$6!%+25!3NJ! M/CUg! ==CUg! /UC.g! (MCSg!

:0,/(+,#()>22'4/4[) ) ) ) )

• "FP>IBQl3NJ! S/C/g! MUC.g! MUCSg! M-C/g!

• "FP>IBQl3NQ!Y&5$'!1#*%+$!1;$#&%:! U-C-g! UMC/g! /MC(g! /MC(g!

• 84945Y2[*#>Y&5$'!'42Y+$1! <SC=g! (-C,g! </CSg! (-C<g!

• M'!#$7*A$6!%+25!3NJ! <=C,g! (.C=g! <=CMg! (.CUg!

@##"/.)*"0,)U/(,]) M.C,g! ./C=g! M/C/g! .MC<g!

I^_,/0)*"0,)U/(,]]) MB`Aa) ID`Ba) MJ`Ia) JM`Na)

o! H;$!&662&+!02#$!#&1$!*5!1;$!%$#0$61!49!&++!0+&*A&615!*6!&!9212#$!:$&#!\;4!;&'!641!#$0$*[$'!&!1#$&1A$61!

5*60$!.!V&62&#:!,-.S!\;4!&#$!&552A$'!14!Y$!02#$'!1;#427;!1&d*67!'#27!1#$&1A$61C!H;$!A$'*0&+!A4'$+!

&552A$5!1;&1!46+:!46$!1#$&1A$61!#$7*A$6!\*++!Y$!7*[$6!%$#!0+&*A&61!46!&6'!&91$#!.!V&62&#:!,-.Se!

#$7&#'+$55!49!&6:!1#$&1A$615!#$0$*[$'!%#*4#!14!1;&1C!

oo! H;$!/>L$&#!@2#$!#&1$!*5!1;$!%$#0$61&7$!49!&++!0+&*A&615!\;4!&#$!&552A$'!14!Y$!02#$'!'2#*67!1;$!%$#*4'!

,-.S!14!,-.(C!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! ,-!

(-C )!0+&*A&61!\;4!;&5!Y$$6!02#$'!%#*4#!14!'*5$&5$!51&7$!BS!]+$[$+!/`!#$A&*65!&1!1;$*#!&11&*6$'!

'*5$&5$!+$[$+e!Y21!*5!&552A$'!14!641!&'[&60$!14!&!;*7;$#!+$[$+C!!?4\$[$#e!&!0+&*A&61!\;4!*5!02#$'!

&1!51&7$!BS!]0*##;45*5e!+$[$+!/`e!*5!&552A$'!14!&'[&60$!14!R$04A%$65&1*46!&6'!?@@!&1!;&+9!1;$!

Y&5$+*6$!#&1$,C!

(.C H4\&#'5!1;$!$6'!49!42#!\4#de!\$!Y$0&A$!&\&#$!1;&1!1;$!*61#4'201*46!49!1;$!6$\!'#27!1;$#&%*$5!

A*7;1!#$52+1!*6!+*11+$e!*9!&6:e!4674*67!25$!49!1;$!"FP>IBQl3NJ!Y&5$'!1#*%+$!1;$#&%:C!!I651$&'e!1;$!

A4#$!$c%$65*[$!84945Y2[*#>Y&5$'!'42Y+$1!&6'!1;$!MR!#$7*A$6!]\*1;!4#!\*1;421!#*Y&[*#*6`!A&:!Y$!

21*+*5$'C!!W$!&#$!641!*6!&!%45*1*46!14!'$1$#A*6$!&6!&+1$#6&1$!&552A%1*46!94#!1;$!%$#0$61!49!

1#$&1A$615!25*67!$&0;!'#27!#$7*A$6!&6'!54!\$!;&[$!21*+*5$'!1;$!5&A$!&552A%1*465!$A%+4:$'!Y:!

1;$!KKWPC!!I6!42#!4%*6*46e!1;$!*60#$&5$'!0451!49!1;$!'#275!\*++!+*d$+:!Y$!54A$\;&1!A4#$!1;&6!

4995$1!Y:!1;$!#$'201*46!*6!9212#$!Y$6$9*15!'2$!14!1;$!;*7;$#!$99*0&0:!#&1$5!49!1;$!A4#$!$c%$65*[$!

'#275C!!W$!1;$#$94#$!Y$+*$[$!1;&1!1;$!+*&Y*+*1*$5!%#$5$61$'!*6!1;*5!#$%4#1!&#$!5+*7;1+:!4[$#51&1$'C!!

(,C B4#!1;$!,-.-!KKWP!A4'$+e!1#$&1A$61!\&5!&552A$'!14!Y$!0465*'$#$'!94#!%&1*$615!&1!942#!51&7$5!>!

B.!1;#427;!BSC!!)1!$&0;!49!1;45$!51&7$5!&!%$#0$61&7$!49!1;$!%&1*$615!\$#$!&552A$'!14!#$0$*[$!

1#$&1A$61!$&0;!:$&#e!&6'!&!%$#0$61&7$!49!1;45$!1#$&1$'!#$5%46'!5200$5592++:!14!1;$!1#$&1A$61C!!)!

%$#546!042+'!#$0$*[$!A4#$!1;&6!46$!#$7*A$6!49!1#$&1A$61C!!H;45$!%$#0$61&7$5!\$#$a!

!"#$%&VB&)&!-%".9%4.&U-+#"#0$0.0%:&)&BI'I&

E(/Q,)

-,04,#(/Q,)&2)/..)5/(',#(1)0,4,'?'#Q)(0,/(+,#()'#)/)[,/0)

E"44,112".)0,15&#1,)/+&#Q)(;&1,)(0,/(,$)

E"44,112".)0,15&#1,)

/+&#Q)/..)5/(',#(1)

B.! .-C-g! S<C-g! SC<g!

B,! .-C-g! S<C-g! SC<g!

BM! .-C-g! S<C-g! SC<g!

BS! .-C-g! M.C-g! MC.g!

(MC B4#!,-.-e!%&1*$615!\;4!'*'!641!#$0$*[$!1#$&1A$61!4#!\;$#$!1;$!1#$&1A$61!\&5!641!5200$5592+!\$#$!

$+*7*Y+$!94#!1#$&1A$61!&7&*6!$&0;!:$&#!&6'!&1!52Y5$Z2$61!51&7$5!\;$#$!1#$&1A$61!*5!499$#$'C!!H;$!

KKWP!A4'$+!%#4[*'$'!94#!1#$&1A$61!14!Y$!7*[$6!14!&!5A&++$#!%$#0$61&7$!49!%&1*$615!&91$#!&7$!=/C!!

I6!H&Y+$!(,e!1;$!.-g!$+*7*Y+$!94#!1#$&1A$61!\&5!#$'20$'!14!MCMg!&1!$&0;!49!1;$!51&7$5!94#!1;45$!

4[$#!&7$!=/C!!!

(SC )!%&1*$61!\;4!\&5!5200$5592++:!1#$&1$'!\&5!&552A$'!14!Y$!52Yf$01!14!1#&65*1*46!%#4Y&Y*+*1*$5!&1!

&%%#4c*A&1$+:!.-g!49!1;$!Y&5$+*6$!%#4Y&Y*+*1*$5!5;4\6!94#!,-.-!*6!H&Y+$!==!&Y4[$C!!H;*5!#$'20$'!

%#4Y&Y*+*1:!&%%+*$'!&1!&++!51&7$5!2%!14!+*[$#!'$04A%$65&1*46!94#!1;$!%&1*$61i5!9212#$!+*9$C!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!

!

,!! H;$!94#A2+&!25$'!*5a!!.!>!FG"]-C/!o!TQ].!>!Y&5$+*6$!%#4Y&Y*+*1:``C!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! ,.!

;DD%=.&+D&>Q?&+4&D0#-+:0:&L-+N-%::0+4&

(/C ?IJ!04>*69$01*46!;&5!&6!*A%&01!46!1;$!9*Y#45*5!%#47#$55*46!#&1$!49!?$%&1*1*5!@C!!?&$A4%;*+*&05!\;4!

&#$!04>*69$01$'!\*1;!?IJ!&#$!52Yf$01!14!&!'*99$#*67!5$1!49!1#&65*1*46!%#4Y&Y*+*1*$5!9#4A!51&7$5!

B-]3Q)p`!14!'$04A%$65&1*46C!!H;$!Y&5$+*6$!1#&65*1*46!%#4Y&Y*+*1*$5!&#$!*60#$&5$'!Y:!&!9&014#!49!

,C.,,CM!!H;*5!*5!260;&67$'!9#4A!1;$!,-.-!&552A%1*46C!

;DD%=.&+D&>Q?&=+)04D%=.0+4&+4&L+LC$".0+4&9+-."$0.A&

(=C )!62AY$#!49!0+&*A&615!&#$!*69$01$'!\*1;!Y41;!?$%&1*1*5!@!&6'!?IJC!!K451!49!1;$5$!&#$!&A467!1;$!

;&$A4%;*+*&0!04;4#1e!49!\;*0;!&Y421!,/g!49!1;$!&+*[$!;&$A4%;*+*&0!0+&*A&615!&6'!M(g!49!&++!

;&$A4%;*+*&0!0+&*A&615!&#$!04*69$01$'!\*1;!?IJC!!I1!*5!%#$52A$'!26'$#!1;$!"+&6!1;&1!1;$!?IJ!

*69$01*46!\&5!'2$!14!&!Y+44'!1#&65925*46C!!H;$!%#$5$60$!49!?IJ!*5!&552A$'!14!*60#$&5$!1;$!646>

+*[$#!'$&1;!A4#1&+*1:!#&1$5!Y:!&!9&014#!49!=C,S!]5&A$!&5!,-.-`C!!H;*5!*5!#$0476*h$'!*6!1;*5!#$%4#1!

46+:!94#!;&$A4%;*+*&05C!

(UC E9!1;$!d64\6!1#&65925$'!04;4#1e!&Y421!s!49!46$!%$#0$61!&#$!04>*69$01$'!\*1;!?IJC!!H;$!%4%2+&1*46!

A4#1&+*1:!1&Y+$!25$'!*6!Y41;!1;$!KKWP!3$%4#1!&6'!1;*5!#$%4#1!*5!Y&5$'!46!%4%2+&1*46!51&1*51*05!

1;&1!*60+2'$!%$4%+$!\*1;!?IJl)IR8C!!)5!&!#$52+1e!\$!0&6!&552A$!1;&1!&6:!$c0$55!A4#1&+*1:!'2$!14!

1;$!%#$5$60$!49!?IJ!&A467!1;$!1#&65925$'!04;4#1!*5!&'$Z2&1$+:!*60+2'$'!*6!1;$!%4%2+&1*46!

A4#1&+*1:!1&Y+$!25$'C!

9370!0?50(2'.(>!A328!8(6!!

((C N&5$'!46!1;$!'*5$&5$!%#47#$55*46!#&1$5e!\$!0&6!'$1$#A*6$!&6!&[$#&7$!+*9$!$c%$01&60:!94#!%$4%+$!

\*1;!?@JC!!H;*5!+*9$!$c%$01&60:!*5!Y&5$'!46!1*A$!5*60$!*69$01*46!&6'!*764#$5!64#A&+!A4#1&+*1:!

#&1$5C!!I9!64#A&+!A4#1&+*1:!#&1$5!\$#$!*60+2'$'e!1;$!&012&+!+*9$!$c%$01&60:!\42+'!Y$!5;4#1$#!X!

5*76*9*0&61+:!5;4#1$#!94#!1;45$!\;4!0461#&01!?@J!&1!4+'$#!&7$5C!!

(<C @;&#1!<-!5;4\5!1;$!&[$#&7$!62AY$#!49!:$&#5!&!%$#546!042+'!Y$!$c%$01$'!14!5%$6'!&1!$&0;!49!1;$!

'*5$&5$!+$[$+5!,!14!=C!!T$[$+!.!*5!641!5;4\6!5*60$!*1!*5!0465*'$#$'!14!Y$!#$04[$#$'!&6'!1;$!

&552A%1*46!*5!1;&1!64!%$#546!&1!+$[$+!.!\*++!%#47#$55!92#1;$#!*6!1;$!'*5$&5$C!!8*A*+&#+:e!1;45$!\;4!

;&[$!8J@l8J3!&#$!641!5;4\6!&5!1;$:!&#$!02#$'!&6'!&#$!$c%$01$'!14!641!&'[&60$!*6!1;$!'*5$&5$!

]$c0$%1!&1!51&7$!BS`C!!H;*5!0;&#1!5;4\5!1;$!$c%$01&60:!Y&5$'!46!1;$!'*5$&5$!%#47#$55*46!#&1$5!

&552A$'!*6!1;$!,--Se!,--U!&6'!,-.-![&+2&1*465!04A%&#$'!\*1;!1;$!#&1$5!&552A$'!94#!1;*5!

[&+2&1*46C!!!

<-C H;$#$!*5!&!5*76*9*0&61!'*99$#$60$!*6!1;$!+*9$!$c%$01&60:!&1!T$[$+!,!Y$1\$$6!1;$!,-.-!0+&55!'&1&!&6'!

,-.MC!!H;$!,-.M!KKWP!3$%4#1!51&1$5!1;&1!1;$!1#&65*1*46!#&1$5!&#$!Y&5$'!46!1;$!0+&55!'&1&C!!H;$!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!

!

M!! H;$!94#A2+&!25$'!*5a!!!.!>!FG"],C.,,!o!TQ].!>!Y&5$+*6$!%#4Y&Y*+*1:``C!!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! ,,!

0;&67$5!&1!1;$!41;$#!+$[$+5!&#$!641!&5!5*76*9*0&61C!!H;$#$!*5!64!$c%+&6&1*46!%#4[*'$'!*6!1;$!KKWP!

3$%4#1!94#!1;*5!'*99$#$60$C!

*,"-.&TI&2&*,"4N%&04&>*?&O0D%&;<L%=."4=A&BIIW&2&BI'R&

&

/'2'!'/B-1240.21!'55930/!3.!44A*!4,/09!

<.C H;$!KKWP!1$&A!&%%+:!&'f251A$615!14!1;$!4Y5$#[$'!'&1&!%#4[*'$'!Y:!1;$!&'A*6*51#&14#C!!H;$5$!

&'f251A$615!&%%$&#!14!25!14!Y$!'2$!14!1;$!+&7!*6!1;$!'*&7645*5!49!&6'!#$%4#1*67!'*5$&5$!+$[$+5!14!

1;$!&'A*6*51#&14#C!!

<,C @+&55!A$AY$#5i!&012&+!'*5$&5$!+$[$+5!&#$!641!1;$!02##$61!+$[$+!*6!&++!0&5$5C!!)!%$#546!A&:!;&[$!

&'[&60$'!14!&!6$\!+$[$+!Y21!*5!641!:$1!&\&#$!49!*1!'2$!14!641!;&[*67![*5*1$'!1;$*#!'4014#!4#!641!

;&[*67!Y$$6!'*&7645$'!&1!1;$!6$\!+$[$+C!!)!%$#546!A&:!Y$!&\&#$!49!1;$!0;&67$!*6!+$[$+!Y21!641!:$1!

#$%4#1$'!*1!14!1;$!)'A*6*51#&14#C!!H;*5!\42+'!Y$!%&#1*02+&#+:!%#$[&+$61!94#!0;&67$5!9#4A!+$[$+!M!14!

+$[$+!Se!5*60$!1;$#$!*5!64!&''*1*46&+!04A%$65&1*46!&[&*+&Y+$!&1!+$[$+!S!26+$55!&6'!261*+!1;$!%$#546!

5299$#5!&!T455!49!I604A$!4#!T455!49!8$#[*0$5!*6!1;$!;4A$C!!!

<MC I1!&%%$&#5!14!25!Z2*1$!#$&546&Y+$!1;&1!1;$!KKWP!\42+'!A&d$!520;!&'f251A$615!14!1;$!$c1$61!1;&1!

1;$:!;&[$!*694#A&1*46!&[&*+&Y+$!14!A&d$!1;$5$!#$0+&55*9*0&1*465C!!H;$:!'*50255!1;$*#!&'f251A$615!

46!%&7$5!.U!14!,.49!1;$!KKWP!3$%4#1C!!B&*+*67!14!A&d$!1;$5$!&'f251A$615!A*7;1!#$52+1!*6!&!+4\$#!

%#4Y&Y*+*1:!49!1#&65*1*46!Y$1\$$6!51&7$5!1;&6!A&:!&012&++:!$c*51C!!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! ,M!

<SC W;*+$!\$!&#$!641!*6!&!%45*1*46!14!&55$55!1;$5$!&'f251A$615e!\$!Y$+*$[$!1;&1!1;$:!%#4Y&Y+:!A&d$!

5$65$!94#!%2#%45$5!49!'$1$#A*6*67!1#&65*1*46!%#4Y&Y*+*1*$5!&6'!1;$#$94#$!#$52+1!*6!A4#$!#$&+*51*0!

1#&65*1*46!%#4Y&Y*+*1*$5!1;&6!\42+'!Y$!4Y1&*6$'!*6!1;$!&Y5$60$!49!520;!&'f251A$615C!

</C ?4\$[$#e!1;$5$!&'f251A$615!&#$!641!&%%#4%#*&1$!94#!25$!*6!1;$!'*5$&5$!'*51#*Y21*46!49!1;$!0+&55!

A$AY$#5!94#!1;$!&012&#*&+![&+2&1*46C!!H;$!%2#%45$!49!1;$![&+2&1*46!*5!14!'$1$#A*6$!1;$!%#$5$61!

[&+2$!49!9212#$!Y$6$9*1!%&:A$615C!!N:!&'f251*67!1;$!51&#1*67!'*5$&5$!'*51#*Y21*46e!1;$!1*A*67!&6'!

%455*Y+:!1;$!Z2&612A!49!1;$!9212#$!Y$6$9*1!%&:A$615!\42+'!Y$!&99$01$'C!!I9!\$!&'f251!1;$!'*5$&5$!

+$[$+!14!$+*A*6&1$!1;$!+&7!Y$1\$$6!&'[&60$A$61!*6!1;$!'*5$&5$!+$[$+!\*1;!1;$!'*&7645*5!&6'!

#$%4#1*67!14!1;$!&'A*6*51#&14#e!\$!&#$!&'[&60*67!1;$!1*A*67!49!#$%4#1*67!&!0+&*AC!!

<=C I1!*5!6$0$55&#:!14!&++40&1$!0+&*A&615!&1!+$[$+!M!Y$1\$$6!B.!&6'!B,!&5!\$++!&5!0+&*A&615!&1!+$[$+!=!

Y$1\$$6!'$04A%$65&1$'e!?@@!&6'!1#&65%+&61C!!H;$5$!&'f251A$615!&#$!5$1!421!*6!%&#&7#&%;5!.SM!

14!.SSC!

0?(011!/0'281!/-0!2,!8(6!!

<UC H;$!"+&6!%#4[*'$5!Y$6$9*15!14!Y$!%&*'!14!0+&*A&615!\;45$!'$&1;!\&5!^0&25$'!Y:!;*5!4#!;$#!

*69$01*46!\*1;!?@J_C!!!I6!#$[*$\*67!1;$!%&51!$c%$#*$60$!49!1;$!"+&6e!\$!641*0$'!1;&1!1;$!*60*'$60$!

49!?@J>#$+&1$'!'$&1;5!'*99$#$'!A&#d$'+:!9#4A!\;&1!1;$!KKWP!A4'$+!%#$'*01$'C!!!

<(C I6!%&#1*02+&#e!1;$!KKWP!A4'$+!%#4[*'$5!94#!'$&1;!0&25$'!Y:!?@J!46+:!&1!+$[$+!=C!!H;$!0+&*A5!

$c%$#*$60$!*6'*0&1$5!1;&1!1;$#$!&#$!A&6:!*69$01$'!%$#5465!\;4!'*$!&1!41;$#!+$[$+5e!*60+2'*67!+$[$+!

,e!\;$#$!1;$!'$&1;!*5!0+&55*9*$'!&5!0&25$'!Y:!?@JC!!W$!#$9$#!14!1;$5$!&5!$c0$55!?@J!'$&1;5!4#!

$c0$55!?@J!A4#1&+*1:C!

<<C W$!26'$#51&6'!1;&1!1;$#$!*5!&!5*76*9*0&61!'*99$#$60$!*6!1;$!*61$#%#$1&1*46!49!1;$!%;#&5$!^0&25$'!

Y:_!Y$1\$$6!&!'4014#!&6'!1;$!+$7&+!%#49$55*46C!!W$!Y$+*$[$!1;&1!1;$!KKWP!A4'$+!%#4[*'$5!94#!

'$&1;!&5!&!#$52+1!49!?@J!\;$#$!?@J!;&'!&!A&1$#*&+!0461#*Y21*46!14!'$&1;C!!H;$!&'A*6*51#&1*46!49!

1;$!"+&6!&%%$&#5!14!&++4\!94#!'$&1;5!14!Y$!0+&55*9*$'!&5!&!#$52+1!49!?@J!\;$#$!?@J!;&'!&!+$55!1;&6!

A&1$#*&+!0461#*Y21*46!14!1;$!'$&1;C!!)5!&!#$52+1e!1;$#$!&#$!A&6:!0+&*A&615!\;4!&#$!&%%#4[$'!94#!

9&A*+:!&6'!'$%$6'&61!Y$6$9*15!\;$#$!1;$!KKWP!A4'$+!\42+'!641!#$0476*h$!1;$!'$&1;!Y$*67!&5!&!

#$52+1!49!?@JC!

.--C H;*5!5;42+'!641!Y$!04651#2$'!&5!&!0#*1*0*5A!4#!9&*+*67!49!1;$!KKWP!A4'$+C!!H;$#$!*5!641;*67!14!

5277$51!1;&1!1;$!KKWP!A4'$+!9&*+5!14!%#4[*'$!%#4%$#+:!94#!?@J!#$+&1$'!'$&1;e!Y&5$'!46!1;$!

A$'*0&+!%#49$55*46i5!'$9*6*1*46!49!1;$!1$#AC!!H;$!#$&+!*552$!*5!1;&1!\$!6$$'!14!#$0460*+$!1;$!KKWP!

A4'$+!\*1;!1;$!&'A*6*51#&1*46!%#40$55!&6'!A&d$!&++4\&60$!*6!1;$![&+2&1*46!94#!1;*5!'*99$#$60$!*6!

0+&55*9*0&1*46!49!'$&1;5C!

.-.C N&5$'!46!"+&6!$c%$#*$60$!14!'&1$e!&Y421!/,g!49!&++!%451!.<<<!1#&65925$'!'$&1;5!&6'!U,g!49!&++!

%451!.<<<!;&$A4%;*+*&0!'$&1;5!;&[$!Y$$6!0+&55*9*$'!&5!Y$*67!0&25$'!Y:!?@JC!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! ,S!

.-,C F99$01*[$!\*1;!1;$!,--U![&+2&1*46e!\$!&6&+:5$'!1;$!%&51!$c%$#*$60$!49!1;$!"+&6!&6'!0#$&1$'!&!

A4#1&+*1:!&552A%1*46!94#!$c0$55!?@J!#$+&1$'!'$&1;5C!!H;&1!&552A%1*46!\&5!#$1&*6$'!94#!1;$!,-.-!

[&+2&1*46C!!H;$!$c%$#*$60$!49!1;$!%&51!1;#$$!:$&#5!;&5!#$A&*6$'!0465*51$61!\*1;!42#!&552A%1*46C!

.-MC H;$!&6&+:5*5!&6'!'$[$+4%A$61!49!1;$!&552A%1*46!0&6!Y$!9426'!*6!1;$!,-.-!K4#6$&2!8;$%$++!

8299*0*$60:!3$%4#1!&6'!*5!641!#$%$&1$'!;$#$C!!!

.-SC I1!5;42+'!Y$!641$'!1;&1!1;$!&6&+:5*5!+44d$'!&1!'*99$#$60$5!Y$1\$$6a!!

&C 1#&65925$'!&6'!;&$A4%;*+*&0!0+&*A&615b!!

YC 1;45$!04*69$01$'!\*1;!?IJ!&6'!1;45$!641!04*69$01$'b!&6'!

0C '*99$#$61!&7$!7#42%5C!!!

H;$#$!\&5!+*11+$!51&1*51*0&++:!0#$'*Y+$!'*99$#$60$5!&6'!54!\$!'$1$#A*6$'!*1!\&5!&%%#4%#*&1$!14!

'$[$+4%!&6!&552A%1*46!1;&1!'4$5!641![&#:!Y$1\$$6!1;45$!0+&55*9*0&1*465SC!!H;$!46+:!0#$'*Y+$!

'*99$#$60$5!\$!9426'!\$#$!Y$1\$$6!0+&*A&615!&1!1;$![&#*425!'*5$&5$!+$[$+5C!

.-/C 8*60$!1;$!KKWP!A4'$+!'4$5!641!#$0476*h$!&6:!*60#$&5$!*6!A4#1&+*1:!'2$!14!?@J!*69$01*46!$c0$%1!

&1!+$[$+!=e!\$!'$1$#A*6$'!1;&1!\$!5;42+'!A&d$!64!0;&67$5!14!1;$!KKWP!&552A%1*465C!!B2#1;$#e!

\$!641$'!1;&1!1;$!62AY$#!49!'$&1;5!9#4A!&++!0&25$5!&1!+$[$+5!.!14!/!*5!\*1;*6!&!#$&546&Y+$!#&67$!49!

\;&1!\42+'!Y$!$c%$01$'!Y&5$'!46!1;$!@&6&'&!T*9$!H&Y+$5C!!W$!;&[$!1;$#$94#$!&552A$'!1;&1!&++!

'$&1;5!&1!+$[$+5!.!14!/!\*++!Y$!*6!&004#'&60$!\*1;!1;$!@&6&'&!T*9$!H&Y+$5!,--<>,-..!Y21!1;&1!\$!

5;42+'!&++40&1$!1;45$!'$&1;5!Y$1\$$6!?@J>#$+&1$'!&6'!641!?@J>#$+&1$'C!

.-=C H&Y+$!.-=&!5;4\5!1;$!62AY$#!49!?@J!#$+&1$'!'$&1;5!&6'!646>?@J!#$+&1$'!'$&1;5!&1!$&0;!+$[$+!Y:!

&7$!7#42%*67C!!H&Y+$!.-=Y!5;4\5!1;$!#&1*4!49!?@J!#$+&1$'!14!646>?@J!#$+&1$'!'$&1;5!&1!$&0;!+$[$+!

Y:!&7$!7#42%*67C!!B4#!1;$5$!1&Y+$5e!\$!&6&+:h$'!46+:!'$&1;5!4002##*67!&91$#!.<<<e!54!1;$#$!*5!64!

4[$#51&1$A$61!9#4A!1;$!%#$>.<<<!'$&1;5C!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!

!

S!! I6!+44d*67!&1!%455*Y+$![&#*&60$5!Y:!;&$A4%;*+*&0!51&125e!&7$!&6'!04>*69$01*46!51&125e!1;$!+$[$+!=!'$&1;5!\$#$!+&#7$+:!*764#$'!5*60$!A451!49!1;$A!&#$!$c%$01$'!26'$#!1;$!A$'*0&+!A4'$+!&6'!&#$!641!$c0$55!?@J!'$&1;5C!!W$!&+54!*764#$'!T$[$+!.!'$&1;5!5*60$!1;$:!&#$!02#$'!&6'!%#$52A&Y+:!;&[$!64!+*[$#!'&A&7$!'2$!14!?@JC!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! ,/!

9$:4-!;<=$!)!>?@:-%!/A!B"C!7-4$&-3!$13!>/1DB"C!7-4$&-3!*-$&#,E!;FFF!&/!G<;H!

) ) 3'1,/1,)V,?,.)

@Q,) )) C) A) D) J) I) P) :&(/.)

->M-! ?@J!R$&1;! !>!!!! !.!! !>!!!! !.!! !M!! !(!! .M!

! Q46>?@J!R$&1;! !S!! !S!! !,!! !.!! !>!!!! !.!! .,!

M->S/! ?@J!R$&1;! !>!!!! !,!! !(!! !>!!!! !U!! !SS!! =.!

! Q46>?@J!R$&1;! !=!! !(!! !.-!! !.!! !S!! !,!! M.!

S/>=-! ?@J!R$&1;! !>!!!! !>!!!! !U!! !,!! !.=!! !.-.!! .,=!

! Q46>?@J!R$&1;! !.=!! !,M!! !,-!! !U!! !U!! !=!! U<!

=->U/! ?@J!R$&1;! !>!!!! !=!! !(!! !=!! !M=!! !.SU!! ,-M!

! Q46>?@J!R$&1;! !S,!! !SS!! !.=!! !/!! !.M!! !=!! .,=!

U/>..-! ?@J!R$&1;! !>!!!! !..!! !U!! !/!! !,<!! !.MM!! .(/!

! Q46>?@J!R$&1;! !.-=!! !<<!! !.-!! !/!! !U!! !S!! ,M.!

:&(/.1) <*Z)3,/(;) -! ,-! M-! .S! <.! SMM! /((!

!! W&#^<*Z)3,/(;) .US! .U(! /(! .<! M.! .<! SU<!

! :&(/.) .US! .<(! ((! MM! .,,! S/,! .-=U!

!

9$:4-!;<=:!)!7$&+/!/A!B"C!7-4$&-3!$13!>/1DB"C!7-4$&-3!*-$&#,E!;FFF!&/!G<;H!

) ) 3'1,/1,)V,?,.)

@Q,) )) C) A) D) J) I) P) :&(/.)

->M-! ?@J!R$&1;! -g! ,-g! -g! /-g! .--g! (<g! /,g!

! Q46>?@J!R$&1;! .--g! (-g! .--g! /-g! -g! ..g! S(g!

M->S/! ?@J!R$&1;! -g! ,-g! SSg! -g! =Sg! <=g! ==g!

! Q46>?@J!R$&1;! .--g! (-g! /=g! .--g! M=g! Sg! MSg!

S/>=-! ?@J!R$&1;! -g! -g! ,=g! ,,g! U-g! <Sg! =.g!

! Q46>?@J!R$&1;! .--g! .--g! USg! U(g! M-g! =g! M<g!

=->U/! ?@J!R$&1;! -g! .,g! MMg! //g! UMg! <=g! =,g!

! Q46>?@J!R$&1;! .--g! ((g! =Ug! S/g! ,Ug! Sg! M(g!

U/>..-! ?@J!R$&1;! -g! .-g! S.g! /-g! (.g! <Ug! SSg!

! Q46>?@J!R$&1;! .--g! <-g! /<g! /-g! .<g! Mg! /=g!

:&(/.1) <*Z)3,/(;) Ba) CBa) DJa) JAa) LIa) NPa) IIa)

)) W&#^<*Z)3,/(;) CBBa) NBa) PPa) IMa) AIa) Ja) JIa)

.-UC H;$!KKWP!A4'$+!%#4[*'$5!94#!?@J!#$+&1$'!'$&1;!&1!+$[$+!=!46+:C!!H;$#$94#$e!*1!*5!*A%4#1&61!14!

#$A$AY$#!1;&1!\$!$c%$01!&!+&#7$!62AY$#!49!?@J!#$+&1$'!'$&1;5!&1!+$[$+!=C!!W$!&+54!$c%$01!54A$!

646>?@J!#$+&1$'!'$&1;5!&1!+$[$+!=e!5*60$!1;$#$!&#$!41;$#!0&25$5!49!'$&1;!1;&1!A&:!&99$01!$[$6!1;$!

A451!5$#*425!0&5$!49!?@JC!!"#*4#!14!,-.Me!1;$!KKWP!A4'$+!A&'$!%#4[*5*46!94#!1;&1e!Y21!\*1;!

$99$01!9#4A!1;$!,-.M!A4'$+e!1;$!KKWP!;&[$!&552A$'!1;&1!&++!'$&1;5!&1!+$[$+!=!\*++!Y$!&5!&!#$52+1!

49!?@JC!!W;&1!1;$!KKWP!A4'$+!'4$5!641!'4!*5!%#4[*'$!94#!?@J!#$+&1$'!'$&1;5!&1!+$[$+5!.!14!/C!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! ,=!

.-(C W*1;!1;$!$c%$01&1*46!1;&1!1;$!62AY$#!49!02#$'!0+&*A&615!\*++!*60#$&5$!5*76*9*0&61+:!*6!1;$!6$c1!9$\!

:$&#5!&5!&!#$52+1!49!1;$!6$\!'#27!1#$&1A$615e!\$!'*50255$'!\*1;!F0d+$#!\;&1!$99$01!8J@!&6'!8J3!

A*7;1!;&[$!46!1;$!$c0$55!?@J!A4#1&+*1:C!!K$'*0&+!$c%$#15!&'[*5$'!25!1;&1!\;*+$!$c0$55!?@J!'$&1;5!

\*++!+*d$+:!Y$!+$55!94#!&!%$#546!02#$'e!1;$:!\*++!641!'*5&%%$&#C!!H;$!94++4\*67!9&014#5!\*++!*69+2$60$!

1;$!#&1$a!

&C &6:!'&A&7$!'46$!Y:!1;$!'*5$&5$!*5!641!26'46$!Y:![*#12$!49!Y$*67!02#$'!&6'!*1!\*++!%$#5*51!94#!

1;$!Y&+&60$!49!+*9$b!

YC &6:!41;$#!'*5$&5$5!1;$!0+&*A&61!;&5!\*++!#$A&*6!&6'!&6:!$99$01!46!1;&1!'*5$&5$]5`!9#4A!?@J!

\*++!+*d$+:!0461*62$!14!&99$01!1;$!%$#546!94#!54A$!1*A$b!&6'!

0C #$04[$#:!1*A$!94#!A451!0+&*A&615!*5!+*d$+:!14!Y$!&!9$\!A461;5!&1!+$[$+!M!14!&!9$\!:$&#5!&1!+$[$+!/!

\*1;!54A$!0+&*A&615!&1!+$[$+!/!&6'!&+A451!&++!&1!+$[$+!=!%455*Y+:!6$[$#!;&[*67!&!04A%+$1$!

#$04[$#:!9#4A!1;$!$99$015!49!?@JC!!!

W$!'$0*'$'!14!A&d$!5$%&#&1$!&552A%1*465!94#!$c0$55!?@J!A4#1&+*1:!Y&5$'!2%46!\;$1;$#!1;$!

0+&*A&61!;&5!641!0+$&#$'!1;$![*#25!&6'!\;$1;$#!1;$:!&#$!02#$'C!

.-<C H&Y+$!...!%#4[*'$5!1;$!%$#0$61&7$!49!1;$!'$&1;5!Y&5$'!46!1;$!@&6&'&!T*9$!H&Y+$!1;&1!\$!\*++!

0465*'$#!&5!Y$*67!&5!&!#$52+1!49!?@JC!!H;$!#$51!49!1;$!'$&1;5!Y&5$'!46!1;$!@&6&'&!T*9$!H&Y+$5!\*++!

Y$!0465*'$#$'!&5!646>?@J!#$+&1$'C!

..-C D5*67!1;*5!&552A%1*46!94#!$c0$55!?@J!A4#1&+*1:!'4$5!641!0;&67$!&6:!49!1;$!KKWP!%4%2+&1*46!

%#4f$01*465!41;$#!1;&6!14!1&d$!&!%$#0$61&7$!49!1;$!646>?@J!#$+&1$'!'$&1;5!&6'!#$0+&55*9:!1;$A!&5!

Y$*67!&5!&!#$52+1!49!?@JC!!H;$!141&+!62AY$#!49!'$&1;5!%#4f$01$'!Y:!1;$!KKWP!A4'$+!*6!1;$*#!H&Y+$!

.Se!&6'!*6!%&#1*02+&#e!1;$!141&+!62AY$#!49!?@J!#$+&1$'!'$&1;5!#$52+1*67!9#4A!1;$!KKWP!A4#1&+*1:!

&552A%1*46!&1!+$[$+!=!#$A&*65!260;&67$'C!!!

...C B4#!$c&A%+$e!&552A$!94#!&!%&#1*02+&#!7#42%!1;&1!1;$!KKWP!A4'$+!%#4f$015!,/!?@J!#$+&1$'!'$&1;5!

&6'!U/!646>?@J!#$+&1$'!'$&1;5!Y:!,-S-C!!H;*5!$c0$55!?@J!#$+&1$'!A4#1&+*1:!&552A%1*46!\42+'!

&%%+:!14!1;$!U/!646>?@J!#$+&1$'!'$&1;5!&6'!#$0+&55*9:!54A$!49!1;$AC!!H;*5!A*7;1!#$52+1!*6!&6!

&''*1*46&+!M-!?@J!#$+&1$'!'$&1;5!\*1;!S/!#$A&*6*67!&5!646>?@J!#$+&1$'C!!W$!\*++!51*++!;&[$!.--!

141&+!'$&1;5!&6'!\$!\*++!51*++!;&[$!,/!?@J!#$+&1$'!'$&1;5!#$52+1*67!9#4A!1;$!?@J!#$+&1$'!A4#1&+*1:!

&552A%1*46!\*1;*6!1;$!KKWP!A4'$+!&1!+$[$+!=C!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! ,U!

!"#$%&'''&2&X::C9L.0+4&D+-&U%-=%4."N%&+D&M%".,:&*$"::0D0%6&":&>*?)F%$".%6&

) 3'1,/1,)V,?,.)

)) C) A) D) J) I) P)

>O5,4(,$)

@?,0/Q,)

*./'+/#(1)7;&);/?,)#&()4.,/0,$)(;,)?'0"1) ) ) ) )

?@J!R$&1;! -g! .-g! M/g! S/g! (-g! .--g! MMg!

Q46>?@J!R$&1;! .--g! <-g! =/g! //g! ,-g! -g! =Ug!

*./'+/#(1)7;&);/?,)4.,/0,$)(;,)?'0"1) ) ) ) )

?@J!R$&1;! -g! -g! -g! ,/g! =-g! .--g! ,,g!

Q46>?@J!R$&1;! .--g! .--g! .--g! U/g! S-g! -g! U(g!

..,C H;$!$c%$01$'!&[$#&7$!*6!H&Y+$!...!'4$5!641!*60+2'$!?@J!#$+&1$'!'$&1;5!$c%$01$'!14!4002#!&1!+$[$+!

=!25*67!1;$!KKWP!A4'$+C!!W;$6!1;45$!'$&1;5!&#$!*60+2'$'e!1;$!4[$#&++!%$#0$61&7$!49!?@J!#$+&1$'!

'$&1;5!*5!/=g!94#!1;45$!\;4!;&[$!641!0+$&#$'!1;$![*#25C!!H;&1!*5!&Y421!1;$!5&A$!&5!\$!4Y5$#[$'!

&A467!1;$!&012&+!'$&1;5!9#4A!.<<<!14!,-.MC!!I60+2'*67!1;$!$c%$01$'!?@J>#$+&1$'!'$&1;5!&1!+$[$+!=e!

1;$!4[$#&++!%$#0$61&7$!49!?@J>#$+&1$'!'$&1;5!94#!1;45$!\;4!;&[$!Y$$6!02#$'!*5!S(gC!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! ,(!

C$ !"#$%&%&'()()*$&+$,%!!"#"$%!

..MC N41;!1;$!Y$6$9*15!26'$#!1;$!"+&6!&6'!1;$!

&552A%1*465!94#!'*5$&5$!%#47#$55*46!'*99$#!Y$1\$$6!

1#&65925$'!&6'!;&$A4%;*+*&0!0+&*A&615C!!H;$#$94#$e!

\$!;&[$!5$%&#&1$'!1;$!0+&*A&615!*614!1\4!04;4#15e!

1#&65925$'!&6'!;&$A4%;*+*&05C!

..SC )5!49!1;$![&+2&1*46!'&1$e!1;$!B*#51!@+&*A5!R$&'+*6$!

;&5!%&55$'!&6'!1;$#$!*5!64\!46+:!+*A*1$'!4%%4#126*1:!

94#!&!%$#546!14!9*+$!&!0+&*A/C!!H\4!@42#1!)%%#4[$'!

"#41404+5!94#!1;$!&'f2'*0&1*46!&6'!&%%#4[&+!49!0+&*A5!

52YA*11$'!&91$#!M-!V26$!,-.-!]@)".!&6'!@)",`!;&[$!

Y$$6!&'4%1$'!5*60$!,-.-C!!!

../C H;$!2+1*A&1$!62AY$#!49!0+&*A&615!*5!26d64\6!&6'!&552A%1*465!&#$!#$Z2*#$'!&Y421!1;$!62AY$#!

&6'!'*5$&5$!51&7$!49!1;$!9212#$!0+&*A&615!]1;$!^26d64\6_!0+&*A&615`C!!H;$#$!&#$!&!+&#7$!62AY$#!49!

0+&*A5!1;&1!\$#$!52YA*11$'!%#*4#!14!1;$!B*#51!@+&*A5!R$&'+*6$!1;&1!&#$!51*++!26'$#!#$[*$\!&6'!94#!

\;*0;!&!'$0*5*46!&Y421!&%%#4[&+!;&5!641!:$1!Y$$6!A&'$C!!H;$#$!\*++!+*d$+:!Y$!54A$!&''*1*46&+!

0+&*A5!A&'$!26'$#!1;$!%#4[*5*465!94#!+&1$!0+&*A5C!

..=C K4#6$&2!8;$%$++!&6'!F0d+$#!A$1!&6'!;$+'!&!62AY$#!49!0469$#$60$!0&++5!'2#*67!\;*0;!1;$!$c%$01$'!

62AY$#!49!9212#$!&%%#4[&+5!\$#$!'*50255$'!&6'!&7#$$A$61!\&5!#$&0;$'!46!1;$!5*h$!49!1;$!

$c%$01$'!0+&*A&61!04;4#1C!!H;*5!5$01*46!'*50255$5!1;$!#&1*46&+$!25$'!Y:!Y41;!&012&#*$5!*6!5$11*67!

1;$!&552A$'!62AY$#!&6'!0;&#&01$#*51*05!49!1;$!0+&*A&61!04;4#1C!

..UC H;$!d64\6!0+&*A&615!&#$!&!9&01C!!H;$!d$:!&552A%1*465!#$Z2*#$'!&Y421!1;$!0+&*A&61!04;4#1!&#$a!

&C Q2AY$#!49!26d64\6!]9212#$`!0+&*A&615b!

YC H*A*67!49!1;$!9*+*67!49!1;$*#!0+&*A5b!

0C )%%#4[&+!#&1$!94#!&00$%1&60$!*614!1;$!@+&55b!

'C 81&125!&1!1;$!1*A$!49!&%%#4[&+!]\;$1;$#!1;$:!&#$!&+*[$e!'$0$&5$'!%#*4#!14!.<<<e!'$0$&5$'!5*60$!

.!V&62&#:!.<<<!&6'!\;$1;$#!'$&1;!\&5!&5!&!#$52+1!49!?@J`b!

$C R*5$&5$!51&7$!49!1;$*#!*++6$55!&1!1;$!1*A$!1;$*#!0+&*A!*5!9*+$'C!

!!!!!!!!!!!!!!!!!!!!!!!!!!!

/!! H4!Y$!&00$%1$'!&91$#!M-!V26$!,-.-e!1;$!0+&*A!A251!Y$!A&'$!\*1;*6!46$!:$&#!49!1;$!%$#546!&11&*6*67!;*5!4#!;$#!&7$!49!A&f4#*1:b!4#!1;$!0+&*A!A251!Y$!A&'$!\*1;*6!1;#$$!:$&#5!49!1;$!'&1$!1;$!%$#546!9*#51!+$&#6$'!49!;*5!4#!;$#!*69$01*46!&6'!1;$!042#1!7#&615!+$&[$!14!&%%+:!94#!04A%$65&1*46C!!B4#!&!5$046'&#*+:!*69$01$'!%$#546e!1;$!0+&*A!A251!Y$!9*+$'!\*1;*6!M!:$&#5!49!1;$!'&1$!1;$!%#*A&#*+:!*69$01$'!%$#546i5!0+&*A!\&5!9*+$'C!

In This Section, we….

! review the incidence of

historical claims submissions

and approval rates,

! develop our assumptions

about the number of future

unknown claimants and the

timing of their claims, and

! discuss the assumed

distribution of claimants by

disease level, HIV co-

infection and for deceased

claimants, cause of death.

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! ,<!

..(C H;&1!*694#A&1*46!*5!d64\6!94#!1;$!$c*51*67!0+&*A&615C!!H;$!94++4\*67!'*50255$5!1;$!&552A%1*465!

A&'$!\*1;!#$5%$01!14!1;$!26d64\6!0+&*A&615C!

-.).,A.!2+'.17-10/!(9'34'.21!

..<C H;$#$!&#$!SSS!0+&*A5!94#!1#&65925$'!0+&*A&615!1;&1!;&[$!Y$$6!9*+$'!&6'!94#!\;*0;!6$*1;$#!&%%#4[&+!

64#!'$6*&+!;&5!Y$$6!*552$'!&5!49!M.!R$0$AY$#!,-.MC!!H;$!&'A*6*51#&14#!&'[*5$5!1;&1!.UM!49!1;45$!

0+&*A5!&#$!0465*'$#$'!&5!^&#0;*[$'_!X!94#![&#*425!#$&5465e!1;$!&'A*6*51#&14#!Y$+*$[$5!1;&1!1;$:!

;&[$!Y$$6!&Y&6'46$'C!!H;&1!+$&[$5!,U.!0+&*A5!%$6'*67!#$[*$\!Y:!1;$!&'A*6*51#&14#C!!I1!*5!+*d$+:!

1;&1!54A$!49!1;$5$!0+&*A5!\*++!Y$!&%%#4[$'!*6!1;$!9212#$C!

.,-C I6!&''*1*46!14!1;$5$!%$6'*67!0+&*A5e!1;$#$!\*++!0461*62$!14!Y$!54A$!6$\!0+&*A5!9*+$'!*6!1;$!9212#$!

1;&1!\*++!Y$!&'f2'*0&1$'!&5!+&1$!0+&*A5C!!

.,.C H47$1;$#e!1;$5$!0+&*A5!94#A!\;&1!*5!#$9$##$'!14!&5!1;$!26d64\6!0+&*A&615C!!W;*+$!\$!;&[$!'&1&!

9#4A!1;$!)'A*6*51#&14#!94#!&++!49!1;$!%$6'*67!0+&*A5e!1;$!*694#A&1*46!1;&1!\42+'!Y$!49!25$!*6!1;$!

[&+2&1*46!*5!5%&#5$C!!@465$Z2$61+:e!1;$#$!*5!+*11+$!4#!64![&+2$!14!25*67!1;$!%$6'*67!0+&*A!'&1&!&5!&!

Y&5*5!94#!1;$!26d64\6!0+&*A&615C!!

.,,C H&Y+$!.,,!*5!&!52AA&#:!49!1;$!52YA*11$'e!&%%#4[$'e!'$6*$'e!%$6'*67!&6'!&#0;*[$'!0+&*A5!14!1;$!

$6'!49!,-.Me!Y&5$'!46!'&1$!49!0+&*A!52YA*55*46C!!]Q41$!1;&1!&!0+&*A!52YA*11$'!*6!,--S!1;&1!;&5!

Y$$6!&%%#4[$'!042+'!;&[$!Y$$6!&%%#4[$'!*6!&6:!:$&#!,--S!14!,-.M`C!!H;$#$!&#$!&+54!.<!%$6'*67!

0+&*A5!641!*60+2'$'!*6!1;$!1&Y+$!94#!5$046'&#*+:!*69$01$'!%$#5465C!!!

& &

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! M-!

!"#$%&'BB&2&>0:.+-0="$&YC9#%-&+D&*$"09:&/C#90..%6&2&!-"4:DC:%6&

_,/0) E"b+'((,$) @550&?,$) 3,#',$) -,#$'#Q) @04;'?,$)@550&?/.))U/(,])

,---! ,e<.,! ,e-/.! (-/! M! /M! U.g!

,--.! .e-<.! =//! S--! =! M-! =-g!

,--,! =-<! MM(! ,S(! M! ,-! /=g!

,--M! MM(! .<,! .,<! ,! ./! /Ug!

,--S! ,S<! .,U! ..S! ,! =! /.g!

,--/! ,.-! .-U! (/! U! ..! /Mg!

,--=! .U-! .--! //! (! U! =,g!

,--U! ..U! /,! /M! =! =! SUg!

,--(! .-,! /-! S.! (! M! /Mg!

,--<! .-.! /,! S,! /! ,! /Sg!

,-.-!V&6!>!V26$! M,.! </! (=! .,U! .M! S<g!

,-.-!V2+:! .S/! ./! M<! (/! =! ,/g!

,-.-!)27!>!R$0! /! -! S! .! -! -g!

,-..! S! .! ,! -! .! ,/g!

,-.,! /M! ,<! ,,! ,! -! /Ug!

,-.M! ,.! =! <! =! -! S-g!

H41&+!! =eSS(! Me(U-! ,e.MS! ,U.! .UM! =Mg!

o!H;$!&%%#4[&+!#&1$!*5!0&+02+&1$'!94#!$&0;!:$&#!&5!&!%$#0$61&7$!49!1;$!0+&*A5!46!\;*0;!&!'$0*5*46!;&5!Y$$6!A&'$C!!"$6'*67!0+&*A5!&#$!641!%&#1!49!1;&1!0&+02+&1*46C!!

!

.,MC H;$!62AY$#!49!0+&*A5!52YA*11$'!'$0+*6$'!*6!$&0;!:$&#!5*60$!,---!&6'!1;$6!*60#$&5$'!

52Y51&61*&++:!&5!1;$!B*#51!@+&*A5!R$&'+*6$!49!M-!V26$!,-.-!&%%#4&0;$'C!

.,SC I6!&''*1*46!14!1;$!%$6'*67!0+&*A5e!\$!$51*A&1$!1;&1!1;$#$!\*++!Y$!<(!9212#$!0+&*A5!9*+$'!26'$#!@)".!

&6'!UU!9212#$!0+&*A5!26'$#!@)",C!!!

*$"09&XLL-+P"$&F".%&&

.,/C H;$!&%%#4[&+!#&1$!5;4\6!*6!H&Y+$!.,,!51&#1$'!499!Y:!'$0+*6*67!*6!$&0;!:$&#e!&6'!1;$6!51&Y*+*h$'!&1!

&Y421!/-g!14!//gC!!8*60$!,-.-e!1;$!*6*1*&+!Y&10;!49!+&1$!0+&*A5!;&'!&![$#:!+4\!&%%#4[&+!#&1$!Y21!

1;&1!;&5!#$[$#1$'!14!&Y421!S/g!26'$#!@)".!&6'!&Y421!(/g!26'$#!@)",C!!!

.,=C W$!;&[$!&552A$'!1;&1!//g!49!1;$!,U.!%$6'*67!0+&*A5!\*++!2+1*A&1$+:!Y$!&%%#4[$'e!S/g!49!1;$!<(!

9212#$!0+&*A5!26'$#!@)".!\*++!Y$!&%%#4[$'e!U-g!49!1;$!UU!9212#$!0+&*A5!26'$#!@)",!\*++!Y$!

&%%#4[$'!&6'!M(g!49!1;$!.<!5$046'&#*+:!*69$01$'!0+&*A5!1;&1!&#$!%$6'*67!\*++!Y$!&%%#4[$'C!!H;*5!

7*[$5!&!141&+!49!,/S!&%%#4[$'!0+&*A5!&552A$'!14!04A%#*5$!1;$!26d64\6!04;4#1C!

.,UC @4AY*6*67!1;$!d64\6!1#&65925$'!04;4#1!49!Me<,S!\*1;!1;$!,/S!26d64\6!1#&65925$'!04;4#1!7*[$5!&!

141&+!Y$51!$51*A&1$!04;4#1!49!Se.U(!0+&*A&615C!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! M.!

.,(C H;$!46+:!&61*0*%&1$'![&#*&Y*+*1:!*6!1;$!04;4#1!5*h$!\42+'!Y$!&5!&!#$52+1!49!&!'*99$#$60$!*6!1;$!0+&*A5!

26'$#!@)".!&6'!@)",C!!I6!42#!4%*6*46e!1;$![&#*&Y*+*1:!1;&1!A*7;1!4002#!*5!641!$6427;!14!Y$!

A&1$#*&+!&6'!54!\$!;&[$!641!*60+2'$'!&6:!A&#7*6!*6!1;$!04;4#1!5*h$!&5!%&#1!49!1;$!%#4[*5*46!94#!

&'[$#5$!'$[*&1*465C!

*$"::0D0=".0+4&+D&.,%&7484+54&*$"09"4.:&

.,<C W$!;&[$!&++40&1$'!1;$!141&+!26d64\6!0+&*A&615!Y$1\$$6!1;45$!\;4!&#$!&+*[$!&6'!1;45$!\;4!'*$'!

Y&5$'!46!&!#$[*$\!49!1;$!6$\!0+&*A5!&%%#4[$'!5*60$!,--UC!!H;*5!#$52+1$'!*6!U-g!49!1;$A!Y$*67!94#!

&+*[$!0+&*A&615e!.-g!94#!1;45$!\;4!'*$'!%#*4#!14!.<<<e!.-g!94#!1;45$!\;4!'*$'!5*60$!.<<<!9#4A!

646>?@J!0&25$5!&6'!.-g!94#!1;45$!\;4!'*$'!5*60$!.<<<!&5!&!#$52+1!49!?@JC!!

.M-C W$!&552A$'!1;&1!1;$!26d64\6!0+&*A&615!\*++!Y$!'*51#*Y21$'!Y:!'*5$&5$!+$[$+!1;$!5&A$!&5!1;$!

d64\6!04;4#1!\*1;!1;$!&+*[$e!'$0$&5$'!&91$#!.<<(!9#4A!?@J!&6'!'$0$&5$'!&91$#!.<<(!9#4A!646>

?@J!'*51#*Y21*465!5$%&#&1$C!!Q4!&++40&1*46!Y:!'*5$&5$!+$[$+!*5!#$Z2*#$'!94#!1;45$!\;4!'*$'!%#*4#!14!

.<<<C!

.M.C H;$5$!0+&55*9*0&1*465!&#$!#$9+$01$'!*6!H&Y+$!.S=!X!@4;4#1!8*h$!Y$+4\C!!!

-.).,A.!8'04,58393'(!(9'34'.21!!

.M,C H;$!,--S!V4*61!@4AA*11$$!3$%4#1!'*50255$'!1;$!$c%$01$'!0+&*A5!9#4A!;&$A4%;*+*&05!&6'!

0460+2'$'!1;&1!*1!*5!26+*d$+:!1;&1!A&6:!9212#$!;&$A4%;*+*&0!0+&*A5!\*++!Y$!A&'$C!!H;$#$!;&'!Y$$6!

&!0460$#1$'!$994#1!A&'$!14!0461&01!;&$A4%;*+*&05!&6'!1;$!V4*61!@4AA*11$$!\&5!49!1;$!Y$+*$9!1;&1!

A451!&99$01$'!;&$A4%;*+*&05!;&[$!52YA*11$'!1;$*#!0+&*A5C!!H;$!62AY$#!49!0+&*A5!52YA*11$'!5*60$!

,--S!52%%4#15!1;&1![*$\C!!R2#*67!1;$!%$#*4'!9#4A!,--/!14!,--<e!1;$#$!\$#$!&Y421!.-!0+&*A5!

52YA*11$'!$&0;!:$&#!&6'!A451!49!1;$A!;&[$!Y$$6!&%%#4[$'C!!I6!1;$!%&51!1;#$$!:$&#5e!1;$#$!\$#$!&!

141&+!49!9*[$!0+&*A5!52YA*11$'!49!\;*0;!1\4!;&[$!Y$$6!&%%#4[$'e!46$!'$6*$'!&6'!1\4!#$A&*6!

%$6'*67C!!!

.MMC H&Y+$!.MM!*5!&!52AA&#:!49!1;$!52YA*11$'e!&%%#4[$'e!'$6*$'e!%$6'*67!&6'!&#0;*[$'!;&$A4%;*+*&0!

0+&*A5!14!1;$!$6'!49!,-.Me!Y&5$'!46!'&1$!49!52YA*55*46C!!]Q41$!1;&1!&!0+&*A!52YA*11$'!*6!,--S!1;&1!

;&5!Y$$6!&%%#4[$'!042+'!;&[$!Y$$6!&%%#4[$'!*6!&6:!:$&#!,--S!14!,-.-`C!!!

& &

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! M,!

!"#$%&'RR&2&>0:.+-0="$&YC9#%-&+D&*$"09:&/C#90..%6&2&>"%9+L,0$0"=:&

_,/0) E"b+'((,$) @550&?,$) 3,#',$) -,#$'#Q) @04;'?,$)@550&?/.))U/(,])

,---! (SM! (.U! ,.! .! S! <Ug!

,--.! ,<M! ,(,! <! .! .! <Ug!

,--,! .-.! <.! <! .! -! <.g!

,--M! (-! U/! M! .! .! </g!

,--S! MU! ,<! =! -! ,! U(g!

,--/! .M! .,! .! -! -! <,g!

,--=! ..! U! ,! ,! -! U(g!

,--U! <! (! .! -! -! (<g!

,--(! .-! (! -! ,! -! .--g!

,--<! .,! <! .! ,! -! <-g!

,-.-!V&6!>!V26$! .S! <! M! .! .! =<g!

,-.-!V2+:! <! ,! .! =! -! =Ug!

,-.-!)27!>!R$0! -! -! -! -! -! >!!!

,-..! -! -! -! -! -! >!!!

,-.,! S! ,! .! .! -! =Ug!

,-.M! .! -! -! .! -! >!!!

H41&+'' .eSMU! .eM/.! /(! .<! <! <=g!

o!H;$!&%%#4[&+!#&1$!*5!0&+02+&1$'!&5!&!%$#0$61&7$!49!1;$!0+&*A5!46!\;*0;!&!'$0*5*46!;&5!Y$$6!A&'$C!!"$6'*67!0+&*A5!&#$!641!%&#1!49!1;&1!0&+02+&1*46C!!

!

.MSC H;$!62AY$#!49!;&$A4%;*+*&0!0+&*A5!52YA*11$'!;&5!'$0#$&5$'!A20;!9&51$#!1;&6!&A467!1;$!

1#&65925$'!0+&*A&615e!\;*0;!*5!14!Y$!$c%$01$'!7*[$6!1;$!04AA26*0&1*465!0&A%&*76C!!W$!Y$+*$[$!

1;&1!*1!*5!+*d$+:!1;&1!1;$#$!\*++!Y$!9$\!+&1$!0+&*A5!1;&1!A$$1!1;$!0#*1$#*&!94#!&%%#4[&+C!

.M/C @465$Z2$61+:e!94#!1;$!Y$51!$51*A&1$!&552A%1*465e!\$!;&[$!&552A$'!1;&1!1;$#$!\*++!Y$!.,!+&1$!

0+&*A5!52YA*11$'!26'$#!@)".!&6'!646$!26'$#!@)",C!!!

.M=C H;*5!7*[$5!.<!%$6'*67!0+&*A5!%+25!.,!0+&*A5!14!Y$!52YA*11$'!*6!1;$!9212#$C!!H4!1;$5$!62AY$#5e!\$!

6$$'!14!&%%+:!&6!&552A%1*46!&Y421!1;$!#&1$!49!&%%#4[&+C!

*$"09&XLL-+P"$&F".%&

.MUC W$!;&[$!#$[*$\$'!1;$!0+&*A!&%%#4[&+!#&1$!Y&5$'!46!1;$!'&1&!%#4[*'$'!14!25!94#!;&$A4%;*+*&05C!!

"#*4#!14!,-.-e!0+&*A5!\$#$!Y$*67!&%%#4[$'!&1!0+45$!14!.--!%$#0$61C!!K4#$!#$0$61!&%%#4[&+5!&#$!

5%&#5$e!Y21!&#$!&[$#&7*67!&Y421!U-gC!!N$0&25$!1;&1!*5!Y&5$'!46!54!9$\!0+&*A5e!\$!0465*'$#!Y&5*67!

&6!&552A%1*46!46!1;&1!U-g!&+46$!&5!*6&%%#4%#*&1$C!!W$!;&[$!1;$#$94#$!&552A$'!1;&1!(/g!49!1;$!

%$6'*67!0+&*A5!&6'!(-g!49!1;$!9212#$!0+&*A5!\*++!Y$!&%%#4[$'C!!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! MM!

.M(C H;*5!7*[$5!&!141&+!26d64\6!04;4#1!49!,=!;&$A4%;*+*&0!0+&*A&615C!!@4AY*6*67!1;&1!\*1;!1;$!d64\6!

;&$A4%;*+*&0!04;4#1!49!.eM/<!7*[$5!&!141&+!$c%$01$'!04;4#1!49!.eM(/!0+&*A&615C!!W$!;&[$!25$'!1;$!

5&A$!04;4#1!94#!Y41;!1;$!Y$51!$51*A&1$!&552A%1*46!&6'!1;$!%#4[*5*46!94#!&'[$#5$!'$[*&1*46C!

*$"::0D0=".0+4&+D&7484+54&>"%9+L,0$0"=:&

.M<C W$!;&[$!&++40&1$'!1;$!141&+!26d64\6!0+&*A&615!Y$1\$$6!1;45$!\;4!&#$!&+*[$!&6'!1;45$!\;4!'*$'!

Y&5$'!46!&!#$[*$\!49!1;$!6$\!0+&*A5!&%%#4[$'!5*60$!,--UC!!H;*5!#$52+1$'!*6!//g!49!1;$A!Y$*67!94#!

&+*[$!0+&*A&615e!.,C/g!94#!1;45$!\;4!'*$'!%#*4#!14!.<<<e!,-g!94#!1;45$!\;4!'*$'!5*60$!.<<<!9#4A!

646>?@J!0&25$5!&6'!.,C/g!94#!1;45$!\;4!'*$'!5*60$!.<<<!&5!&!#$52+1!49!?@JC!!

.S-C W$!&552A$'!1;&1!1;$!26d64\6!0+&*A&615!\*++!Y$!'*51#*Y21$'!Y:!'*5$&5$!+$[$+!1;$!5&A$!&5!1;$!

d64\6!04;4#1!\*1;!1;$!&+*[$e!'$0$&5$'!&91$#!.<<(!9#4A!?@J!&6'!'$0$&5$'!&91$#!.<<(!9#4A!646>

?@J!'*51#*Y21*465!5$%&#&1$C!!Q4!&++40&1*46!Y:!'*5$&5$!+$[$+!*5!#$Z2*#$'!94#!1;45$!\;4!'*$'!%#*4#!14!

.<<<C!

.S.C B4#!1;$!d64\6!0+&*A&615e!\$!;&[$!#$9+$01$'!1;$*#!&012&+!51&125!94#!?IJ!04>*69$01*46C!!

.S,C I6!42#!4%*6*46e!*1!*5!#$&546&Y+$!14!&552A$!1;&1!A451!49!1;$!&+*[$!04>*69$01$'!;&$A4%;*+*&05!\;4!

\*++!9*+$!&!0+&*A!;&[$!'46$!54e!5*60$!04>*69$01*46!#$52+15!*6!&!9&51$#!%#47#$55*46!49!1;$!'*5$&5$C!!

P*[$6!1;$!5A&++!62AY$#!49!26d64\6!;&$A4%;*+*&0!0+&*A&615!$c%$01$'e!\$!'$0*'$'!14!*764#$!1;$!

+*d$+*;44'!1;&1!1;$#$!\*++!Y$!9$\$#!9212#$!04*69$01$'!0+&*A&615!1;&6!&A467!1;$!d64\6!04;4#1C!!W$!

1;$#$94#$!;&[$!&552A$'!1;&1!1;$!26d64\6!0+&*A&615!\*++!;&[$!&!5*A*+&#!#&1$!49!?IJ!*69$01*46!&5!

1;$!&+*[$!d64\6!;&$A4%;*+*&05!X!,/CUgC!

'11-40/!(9'34'.2!(,8,+2!

.SMC H&Y+$5!.S=&!&6'!.S=Y!5;4\!1;$!'*51#*Y21*46!49!0+&*A&615!Y:!+$[$+!Y&5$'!46!1;$!&'A*6*51#&14#i5!

'&1&!94#!1;$!d64\6!04;4#1!&6'!1;$!&552A%1*465!421+*6$'!&Y4[$!94#!1;$!26d64\6!04;4#1C!!W$!;&[$!

&'f251$'!1;$!0+&*A&615!&1!+$[$+!M!14!5%+*1!1;$A!Y$1\$$6!51&7$5!B.!&6'!B,C!!H;$!KKWP!&++40&1$'!

/-g!49!1;$!+$[$+!M!0+&*A&615!14!$&0;!49!1;45$!'*5$&5$!51&7$5!&6'!\$!;&[$!'46$!1;$!5&A$C!

.SSC H;$!KKWP!A&'$!54A$!&''*1*46&+!&'f251A$615!94#!'*5$&5$!51&7$5!Y&5$'!46!1;$*#!&6&+:5*5!49!1;$!

'&1&C!!W;*+$!1;45$!&'f251A$615!+*d$+:!*A%#4[$'!1;$!&002#&0:!49!1;$!'&1&!94#!1;$!%2#%45$5!49!

A4'$++*67!1;$!'*5$&5$e!1;$:!&#$!641!&%%#4%#*&1$!94#!$51*A&1*67!1;$!9212#$!9*6&60*&+!+*&Y*+*1:!49!1;$!

926'C!!]8$$!'*50255*46!&1!%&#&7#&%;5!<.!14!<=`C!!W$!;&[$!1;$#$94#$!*764#$'!1;$!&''*1*46&+!'&1&!

0;&67$5!A&'$!Y:!1;$!KKWPC!

.S/C B4#!1;45$!&1!+$[$+!=e!1;$!'&1&!0461&*6$'!*6'*0&14#5!94#!&++40&1*67!1;$!0+&*A&615!Y$1\$$6!

'$04A%$65&1$'!0*##;45*5e!0&60$#e!+*[$#!1#&65%+&61!&6'!]6$\!94#!,-.M`!#$6&+!9&*+2#$e!+:A%;4A&e!

7+4A$#2+46$%;#*1*5!&6'!0#:47+4Y2+*6$A*&C!!W$!\$#$!&'[*5$'!Y:!1;$!KKWP!1;&1!+:A%;4A&!

5;42+'!Y$!1#$&1$'!1;$!5&A$!&5!'$04A%$65&1$'!0*##;45*5C!!B4#!0+&*A&615!\*1;!7+4A$#2+46$%;#*1*5e!

0#:47+4Y2+*6$A*&!&6'!#$6&+!9&*+2#$!]#$9$##$'!14!&5!^&1:%*0&+!+$[$+!=_!0+&*A&615`e!\$!\$#$!&'[*5$'!

1;&1!1;$:!\42+'!Y$!$c0$++$61!0&6'*'&1$5!94#!1#$&1A$61!\*1;!54945Y2[*#!'42Y+$15C!!B4++4\*67!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! MS!

1#$&1A$61e!1;45$!\*1;!0#:47+4Y2+*6$A*&!&#$!$c%$01$'!14!;&[$!&!744'!#$04[$#:!&6'!+$&'!&!

#$+&1*[$+:!;$&+1;:!+*9$C!!W$!&552A$'!1;&1!1;$!41;$#5!\42+'!#$A&*6!*++!&6'!+*d$+:!0461*62$!14!#$Z2*#$!

&6:!'*5&Y*+*1:!Y$6$9*15!&6'!0451!49!0&#$!Y$6$9*15!*6!&004#'&60$!\*1;!1;$!&552A%1*465!94#!&++!41;$#!

0+&*A&615C!!!

.S=C W$!641$'!1;&1!&!62AY$#!49!&1:%*0&+!+$[$+!=!0+&*A&615!;&[$!Y$$6!46!'*5&Y*+*1:!Y$6$9*15!94#!54A$!

1*A$C!!W$!&552A$'!1;&1!94++4\*67!1#$&1A$61e!1;$!'*5&Y*+*1:!Y$6$9*15!\42+'!0461*62$!\*1;!64!

&552A$'!#$04[$#:C!!W$!&552A$'!1;&1!t#'!49!1;$A!]1;45$!\*1;!#$6&+!9&*+2#$`!\42+'!;&[$!9212#$!

0451!49!0&#$!0+&*A5!&6'!1;&1!u#'5!49!1;$!'$&1;5!\42+'!Y$!&5!&!#$52+1!49!?@JC!! !

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! M/!

.SUC H;$!94++4\*67!52AA&#*h$5!1;$!&552A%1*465!#$7&#'*67!04;4#1!5*h$C!!H;$!Y$51!$51*A&1$!&6'!

%#4[*5*46!94#!&'[$#5$!'$[*&1*465!&552A%1*465!&#$!1;$!5&A$!94#!,-.Me!Y21!'*99$#$'!*6!%#*4#!:$&#5C!

!"#$%&'W("&2&*+,+-.&/01%&2&!-"4:DC:%6&*$"09"4.:&)&BI'R&

3'1,/1,)V,?,.)) )3'1,/1,)E(/Q,)6#&7#)

*./'+/#(1)8#9#&7#)*./'+/#(1) :&(/.)

@.'?,)*./'+/#(1)) ) ) )

.! !B-!X!3Q)>!! !/.-!! M,! !/S,!!

,! !B-!X!3Q)p!! !<<M!! =,! !.e-/S/!

M! !B.!! !SS<!! ,(! !SUU!!

M! !B,!! !SS<!! ,(! !SUU!!

S! !BM! !.U/!! ..! !.(=!!

/! !@*##;45*5!! !./(!! .-! !.=(!!

=! !R$04A%$65&1$'!! !M=!! S! !S-!!

=! !T:A%;4A&! !/!! -! !/!!

=! !3$6&+! !(!! -! !(!!

=! !@#:47+4Y2+*6$A*&! !.-!! -! !.-!!

=! !P+4A$#2+46$%;#*1*5! !,!! -! !,!!

=! !H#&65%+&61!! !.=!! .! !.U!!

=! !?@@!! !.-!! .! !..!!

):&(/.)@.'?,)) )) )AKMAC)) )CLL)) )AKNNM))

3,4,/1,$)! ! ! !

R*$'!Y$94#$!.<<<! !)++! !.(S!! ,/! !,-<!!

R*$'!&91$#!.<<(!>!646!?@J! !B-!X!3Q)>!! !.U<!! .-! !.(<!!

!!B-!X!3Q)p!! !.==!! .-! !.U=!!

!!B.!! !S=!! M! !S<!!

!!B,!! !>!! -! !>!!

!!BM! !.U!! .! !.(!!

!!@*##;45*5!! !.(!! .! !.<!!

!! !T$[$+!=! !.M!! .! !.S!!

R*$'!&91$#!.<<(!>!?@J!! !B-!X!3Q)>!! !>!! -! !>!!

!!B-!X!3Q)p!! !.<!! .! !,-!!

!!B.!! !,M!! .! !,S!!

!!B,!! !>!! -! !>!!

!!BM! !..!! .! !.,!!

!!@*##;45*5!! !UM!! S! !UU!!

!!T$[$+!=! !M/S!! .<! !MUM!!

:&(/.)3,4,/1,$) )) )CKCBD)) )LL)) )CKCMB))

:&(/.)*&;&0() )) )DKNAJ)) )AIJ)) )JKCLM))

&

& &

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! M=!

!"#$%&'W(#&2&*+,+-.&/01%&2&>"%9+L,0$0"=&*$"09"4.:&)&BI'R&

3'1,/1,)V,?,.)) )3'1,/1,)E(/Q,)6#&7#)

*./'+/#(1)8#9#&7#)*./'+/#(1) :&(/.)

@.'?,)*./'+/#(1)) ) ) )

.! !B-!X!3Q)>!! !.S=!! ,! !.S(!!

,! !B-!X!3Q)p!! !.<,!! M! !.</!!

M! !B.!! !.=M!! M! !.==!!

M! !B,!! !.=M!! M! !.==!!

S! !BM! !(.!! .! !(,!!

/! !@*##;45*5!! !(,!! .! !(M!!

=! !R$04A%$65&1$'!! !,=!! .! !,U!!

=! !T:A%;4A&! !M!! -! !M!!

=! !3$6&+! !>!! -! !>!!

=! !@#:47+4Y2+*6$A*&! !S!! -! !S!!

=! !P+4A$#2+46$%;#*1*5! !.!! -! !.!!

=! !H#&65%+&61!! !=!! -! !=!!

=! !?@@!! !.-!! -! !.-!!

):&(/.)@.'?,)) )) )MLL)) )CJ)) )MNC))

3,4,/1,$)! ! ! !

R*$'!Y$94#$!.<<<! !)++! !M-.!! M! !M-S!!

R*$'!&91$#!.<<(!>!646!?@J! !B-!X!3Q)>!! !<!! .! !.-!!

!!B-!X!3Q)p!! !.U!! ,! !.<!!

!!B.!! !.,!! ,! !.S!!

!!B,!! !>!! -! !>!!

!!BM! !.!! -! !.!!

!!@*##;45*5!! !(!! .! !<!!

!! !T$[$+!=! !M!! -! !M!!

R*$'!&91$#!.<<(!>!?@J!! !B-!X!3Q)>!! !>!! -! !>!!

!!B-!X!3Q)p!! !.!! -! !.!!

!!B.!! !<!! -! !<!!

!!B,!! !>!! -! !>!!

!!BM! !,!! -! !,!!

!!@*##;45*5!! !,,!! .! !,M!!

!!T$[$+!=! !<U!! ,! !<<!!

:&(/.)3,4,/1,$) )) )JMA)) )CA)) )JNJ))

:&(/.)*&;&0() )) )CKDIN)) )AP)) )CKDMI))

! !

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! MU!

.S<C H&Y+$5!.S(&!&6'!.S(Y!52AA&#*5$!1;$!04;4#1!&552A%1*465!94#!1;$!,-.-!5299*0*$60:!#$[*$\C!

!"#$%&'WV"&2&*+,+-.&X::C9L.0+4&D+-&!-"4:DC:%6&*$"09"4.:&2&Z%:.&;:.09".%&BI'I&

E(/("1)6#&7#)

*./'+/#(1)8#9#&7#)*./'+/#(1) :&(/.)

)+*[$! ,e(--! .(U! ,<(U!

R$0$&5$'!%#*4#!14!.<<<! .U<! /! .(S!

R$0$&5$'!&91$#!.<<(! !! !! -!

!>!?@J!#$+&1$'! S,,! M/! S/U!

!>!Q46>?@J!#$+&1$'! M<=! .,! S-(!

H41&+!R$0$&5$'! <<U! /,! .-S<!

:&(/.):0/#12"1,$)*&;&0()^)ABCB) DKLNL) ADN) JKBDP)

&

!"#$%&'WV#&2&*+,+-.&X::C9L.0+4&D+-&>"%9+L,0$0"=&*$"09"4.:&)&Z%:.&;:.09".%&BI'I&

E(/("1)6#&7#)

*./'+/#(1)8#9#&7#)*./'+/#(1) :&(/.)

)+*[$! (<,! ,=! <.(!

R$0$&5$'!%#*4#!14!.<<<! M-.! (! M-<!

R$0$&5$'!&91$#!.<<(! !! !! -!

!>!?@J!#$+&1$'! ..M! =! ..<!

!>!Q46>?@J!#$+&1$'! SM! -! SM!

H41&+!R$0$&5$'! S/U! .S! SU.!

:&(/.)</,+&5;'.'/4)*&;&0()^)ABCB) CKDJN) JB) CKDMN)

&

'

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! M(!

D$ !""#$"!

59'.!7-./3.*!

./-C B26'*67!49!1;$!"+&6!*5!5;&#$'!Y$1\$$6!1;$!9$'$#&+!

&6'!%#4[*60*&+l1$##*14#*&+!74[$#6A$615C!!H;$!

9$'$#&+!74[$#6A$61!;&5!%&*'!*15!92++!5;&#$!49!

j(S=eM,Ue/,U!](l..1;5!49!1;$!141&+`C!

./.C H;$!%#4[*60*&+l1$##*14#*&+!74[$#6A$615!%&:!1;$*#!

5;&#$!]*6*1*&+!&A4261!49!jM,Me<</e<-<!&5!49!,,!

E014Y$#!.<<<`!&5!Y$6$9*15!&6'!$c%$65$5!&#$!%&*'e!

\*1;!&6!4%1*46&+!%#$%&:A$61!%#4[*5*46C!!)6:!

26%&*'!Y&+&60$!7#4\5!\*1;!*61$#$51!Y&5$'!46!1;#$$>

A461;!H#$&52#:>Y*++!#&1$5C!

./,C H;$!*6[$51$'!&55$15!&#$!*6[$51$'!%#*A&#*+:!*6!#$&+!#$12#6!Y46'5e!\*1;!&!+$55$#!%4#1*46!*6[$51$'!*6!

$Z2*1*$5e!Y46'5e!&6'!5;4#1>1$#A!5$02#*1*$5C

./MC H;$!&55$15!&#$!5%+*1!Y$1\$$6!&!T467!H$#A!B26'e!&!8;4#1!H$#A!B26'!&6'!&!Q41*46&+!B26'C!!H;$!

A&*6!*6[$51A$615!49!1;$!926'!&#$!A&'$!1;#427;!1;$!T467!H$#A!B26'C!!H;$!8;4#1!H$#A!B26'!*5!

25$'!&5!1;$!542#0$!49!&55$15!14!%&:!Y$6$9*15C!!)5!Y$6$9*15!&#$!%&*'e!1;$!8;4#1!H$#A!B26'!*5!

#$%+$6*5;$'!Y:!&!1#&659$#!9#4A!1;$!T467!H$#A!B26'!&5!6$0$55&#:C!!H;$!Q41*46&+!B26'!#$%#$5$615!

1;$!0461#*Y21*465!4\*67!9#4A!1;$!%#4[*60*&+l1$##*14#*&+!74[$#6A$615C!

1-44'+>!,7!59'.!'11021!

./SC I6!H&Y+$!./Se!\$!;&[$!5;4\6!1;$!&55$1!*694#A&1*46!1&d$6!'*#$01+:!9#4A!1;$!F0d+$#!I6[$51A$61!

82AA&#:!3$%4#1!&5!49!M.!R$0$AY$#!,-.Me!\;*0;!\&5!*60+2'$'!*6!1;$!V4*61!@4AA*11$$i5!)662&+!

3$%4#1!94#!L$&#!.SC!!!

In This Section, we….

! summarize the Plan’s funding

principles,

! show the Plan’s assets by

type of investment,!

! summarize past investment

performance, and

! summarize the effect of

investment return on the

Plan’s surplus.

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! M<!

!"#$%&'KW&2&/C99"-A&+D&U$"4&X::%.:&":&+D&R'&M%=%9#%-&BI'R&"46&BI'I[&

3,140'5('&#)

@11,(1)/()))))))))))))))DC)3,4)ABCD)FcBBB1G)

-,04,#()&2)Y#?,1(,$)@11,(1)

-,04,#()&2):&(/.)@11,(1)

@11,(1)/()))))))))DC)3,4)ABCB)

FcBBB1G)

Y#?,1(,$)@11,(1) ! ! ! !

3$&+!3$12#6!N46'5! j!=<Ue/S<!! =UC<g! /(C=g! j!!UU=e<U<!

N46'5! /=e,/M! /C/g! SCUg! SMe.-S!

@&6&'*&6!FZ2*1:! (,e=UU! (C-g! =C<g! /-eM=.!

DC8C!FZ2*1:! S<e///! SC(g! SC,g! .Ue<U,!

I61$#6&1*46&+!FZ2*1:! S<eS,-! SC(g! SC,g! .<e<S/!

@&5;!&6'!5;4#1!1$#A! SU/! -C-g! -C-g! (/!

T467!H$#A!B26'!H41&+! <M/e<,<! <.C-g! U(C=g! <-(eSS/!

8;4#1!H$#A!B26'! <,e..<! <C-g! UCUg! (.eM,<!

H41&+!I6[$51$'!)55$15! .e-,(e-S(! .--C-g! (=CSg! <(<eUU/!

W&('&#/.)@11,(1) ! !! !! !

"#4[*60*&+lH$##*14#*&+!EY+*7&1*46=!

.=,e./,! !! .MC=g! .(UeS(U!

:&(/.)-./#)@11,(1) H)CKCNBKABB) !! CBB`Ba) H)CKCLLKAPA)

<'*%$'-."0$'-5"?/!+'-&$'!-M$/'A&"5'!%$'N4M>$&':/0$+!5$/!'3?55-&2'@$,"&!'-+'"A'CB'E$4$5.$&'OHBC8''

.//C "&51!*6[$51A$61!#$12#65!&#$!52AA&#*h$'!*6!H&Y+$!.//!Y&5$'!46!*694#A&1*46!0461&*6$'!*6!1;$!

F0d+$#!I6[$51A$61!3$%4#1!94#!,-.M!&6'!94#!%#*4#!:$&#5C!

!"#$%&'KK&)&Q4P%:.9%4.&F%.C-4:&2&BIII&.+&BI'R&

_,/0) Y#?,1(,$)@11,(1) W&('&#/.)@11,(1) *&+b'#,$)

,---! ..CSg! /CSg! <C(g!

,--.! ,CS! SCS! MC.!

,--,! <CM! ,CS! UC=!

,--M! ..C(! ,C<! <CU!

,--S! .SCS! ,CM! ..CU!

,--/! .,CU! ,C=! .-C=!

,--=! -C(! SC-! .CS!

,--U! ,CM! SC,! ,CU!

,--(! >!.C=! ,C/! >!-C(!

,--<! .,C-! -CS! <C(!

,-.-! (C<! -C/! UC/!

,-..! ..CS! -C<! <C(!

,-.,! MC(! -C<! MCS!

,-.M! >,C(! .C-! >,CM!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!

!

=!! )5!49!M.!R$0$AY$#!,-.Me!L2d46!;&5!%#$%&*'!j.Se---!49!1;$*#!4Y+*7&1*46C!!)5!49!M.!R$0$AY$#!,-.-e!)+Y$#1&!&6'!L2d46!;&'!%#$%&*'!jM<.e---!49!1;$*#!4Y+*7&1*46C!!H;$5$!%#$%&:A$615!&#$!5;4\6!&5!&6!*6[$51$'!&55$1C!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! S-!

(8'.*01!3.!'11021!%E##!2,!%E#;!

./=C H;$!*694#A&1*46!*6!H&Y+$!./=!*5!1&d$6!9#4A!1;$!F0d+$#!3$%4#1!\;$#$!1;$!0;&67$5!*6!&55$15!'2#*67!

1;$!1;#$$>:$&#!%$#*4'!,-..!14!,-.M!&#$!52AA&#*h$'C!!H;$!%#$>%&:A$615!Y:!%#4[*60$5!&6'!

1$##*14#*$5!&#$!1#&659$##$'!9#4A!1;$!*6[$51$'!&55$15!14!1;$!641*46&+!&55$15!94#!1;*5!%#$5$61&1*46!54!

1;&1!1;$!&++40&1*46!49!Y$6$9*1!%&:A$615!&6'!9$$5!\*++!#$9+$01!1;$!(l..1;5!9$'$#&+!74[$#6A$61!&6'!

Ml..1;5!%#4[*60*&+l1$##*14#*&+!74[$#6A$615!5%+*1!26'$#!1;$!"+&6C!

!"#$%&'K(&2&*,"4N%:&04&X::%.:&2&BI''&.+&BI'R&G\]IIIH:J&

) Y#?,1(,$)@11,(1) W&('&#/.)@11,(1) :&(/.)

)55$15!&1!M.!R$0!,-.-! j<(<eUU/! j.(UeS(U! j.e.UUe,=,!

H#&659$#!%#4[*60*&+l1$##*14#*&+!%#$%&:A$615!14!641*46&+!&55$15!

>M<.! M<.! !>!!!!

@$d"1(,$)/11,(1)/()DC)3,4)ABCB) NMNKDMJ) CMLKMLM) CKCLLKAPA)

I6[$51A$61!*604A$! .,-e.UU! Se(MU! .,/e-.S!

N$6$9*1!%&:A$615! >U/e-SU! >,(e..<! >.-Me.==!

Fc%$65$5!&6'!9$$5! >=eS(-! >,eSM-! >(e<.-!

@$d"1(,$)/11,(1)/()DC)3,4)ABCD) CKBAMKBDJ) CPAKCPP) CKCNBKABB)

H#&659$#!%#4[*60*&+l1$##*14#*&+!%#$%&:A$615!14!*6[$51$'!&55$15!

.S! >.S! !>!!!!

@11,(1)/()DC)3,4)ABCD) HCKBAMKBJM) HCPAKCIA) HCKCNBKABB)

./UC H;$!,-.-![&+2&1*46!&552A$'!1;&1!1;$!141&+!&55$15!\42+'!$&#6!&!Y$51!$51*A&1$!#$12#6!49!MC/Mg!%$#!

&662A!&91$#!*6[$51A$61!A&6&7$A$61!9$$5!]\;*0;!*60+2'$5!,C,/g!14!04[$#!$c%$01$'!*69+&1*46`C!!

H;$!&552A%1*46!*60+2'*67!&!%#4[*5*46!94#!&'[$#5$!'$[*&1*465!\&5!&!#$12#6!49!MCMgC!!R2#*67!1;$!

1;#$$>:$&#!%$#*4'e!*69+&1*46!&[$#&7$'!.C/g!%$#!&662AC!!H;$!&012&+!&[$#&7$!#$12#6!49!1;$!141&+!926'!

4[$#!1;$!%&51!1;#$$!:$&#5!\&5!MCMg!%$#!&662AC!

0770(2!,7!3.601240.2!+02-+.!,.!59'.!1-+59-1!

./(C W*1;!1;$!"+&6!&55$15!*6[$51$'!*6!1;$!$Z2*1:!&6'!Y46'!A&#d$15e!#&1$5!49!#$12#6!\*++!9+2012&1$!4[$#!

1*A$C!!)6!4Y[*425!542#0$!49!9+2012&1*67!#$12#65!\*++!Y$!1;$!$Z2*1:!*6[$51A$615e!\;*0;!&#$!52Yf$01!

14!1;$![4+&1*+*1:!49!1;$!A&#d$15C!!H;*5!\*++!7*[$!#*5$!14!0&%*1&+!7&*65!&6'!+455$5C!!H;$!4[$#&++!$99$01!46!

1;$!926'!\*++!Y$!A*64#!5*60$!1;$!$Z2*1:!*6[$51A$615!&#$!&!5A&++!%4#1*46!49!1;$!926'C!!!

./<C H;$!A&f4#!04A%46$61!49!9+2012&1*67!#$12#65!\*++!+*d$+:!Y$!9#4A!0;&67$5!*6!1;$!#&1$!49!#$12#6!

$c%$01&1*465!49!Y46'!*6[$514#5e!%#*A&#*+:!&5!1;*5!&99$015!1;$!#$&+!#$12#6!$c%$01&1*465C!!W;$6!

*61$#$51!#&1$5!'$0#$&5$e!1;$!A&#d$1![&+2$!49!Y46'5!\*++!*60#$&5$C!!E[$#!1;$!,--.!14!,-.,!%$#*4'e!

\$!5&\!&!7#&'2&+!&6'!51$&':!'$0+*6$!*6!*61$#$51!#&1$5e!\*1;!1;$!#$52+1!1;&1!1;$!3$&+!3$12#6!N46'!

&55$15!*60#$&5$'!*6![&+2$!9#4A!1;$!#$52+1*67!0&%*1&+!7&*65C!

.=-C R2#*67!,-.Me!*61$#$51!#&1$5!#45$!5+*7;1+:!&6'!1;&1!#$52+1$'!*6!&!0&%*1&+!+455!46!1;$!#$&+!#$12#6!

Y46'5!*6!1;$!%4#194+*4C!!!!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! S.!

.=.C ?4\$[$#e!Y$0&25$!49!1;$!6&12#$!49!1;$!"+&6!&55$15!&6'!1;$!"+&6!+*&Y*+*1*$5e!&6:!*60#$&5$!*6!&55$15!

'2$!14!'$0+*6*67!*61$#$51!#&1$5!\*++!Y$!4995$1!Y:!&6!*60#$&5$!*6!+*&Y*+*1*$5C!!H;$!046[$#5$!*5!&+54!1#2$C!!

I9!*61$#$51!#&1$5!5;42+'!0461*62$!14!*60#$&5$e!1;$!"+&6!&55$15!\*++!5299$#!0&%*1&+!+455$5e!Y21!1;$:!\*++!

Y$!4995$1!Y:!&!'$0#$&5$!*6!1;$!"+&6!+*&Y*+*1*$5C!

.=,C J*#12&++:!&++!49!1;$!"+&6!Y$6$9*15!&#$!52Yf$01!14!*69+&1*46!*60#$&5$5C!!)5!+467!&5!1;$!&A4261!49!"+&6!

&55$15!*6[$51$'!*6!#$&+!#$12#6!Y46'5!$Z2&+5!4#!$c0$$'5!1;$!"+&6!+*&Y*+*1*$5!]*60+2'*67!9$$5!&6'!

$c%$65$5`e!9212#$!0;&67$5!*6!*69+&1*46!\*++!;&[$!64!4#![$#:!+*11+$!$99$01!46!1;$!"+&6i5!9*6&60*&+!

%45*1*46C!!H;*5!*5!Y$0&25$!#$&+!#$12#6!Y46'5!%#4[*'$!&!#$12#6!$Z2&+!14!*69+&1*46!%+25!1;$!#$&+!#&1$!49!

#$12#6!46!\;*0;!1;$:!\$#$!%#*0$'C!!84!&6:!0;&67$5!*6!1;$!&A4261!49!Y$6$9*1!14!Y$!%&*'!'2$!14!

*69+&1*46!\*++!Y$!04[$#$'!Y:!1;$!#$12#6!9#4A!1;$!#$&+!#$12#6!Y46'5C!

.=MC "#4[*'$'!"+&6!+*&Y*+*1*$5!&#$!0&+02+&1$'!Y&5$'!46!&6!*61$#$51!#&1$!$Z2&+!14!1;$!02##$61!A&#d$1!:*$+'!

94#!#$&+!#$12#6!Y46'5e!0;&67$5!*6!1;$!#$&+!#&1$!49!#$12#6!\*++!Y$!+&#7$+:!4995$11*67!Y$1\$$6!1;$!

&55$15!&6'!+*&Y*+*1*$5C!

! !

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! S,!

F$ !"#$#%"$&'()*+&,*!

.=SC H;$![&+2&1*46!A4'$+!25$'!*6!0&+02+&1*67!1;$5$!+*&Y*+*1*$5!*5!

'*50255$'!*6!)%%$6'*c!@C!!F55$61*&++:e!1;$!A4'$+!%#4f$015!

1;$!'*5$&5$!%#47#$55*46!49!?$%&1*1*5!@!94#!$&0;!%$#546!

Y&5$'!2%46!1;$!&662&+!%#4Y&Y*+*1*$5!94#!1#&65*1*46!1;#427;!

1;$![&#*425!51&7$5!49!1;$!'*5$&5$C!!H;$5$!%#4Y&Y*+*1*$5!\$#$!

1&d$6!9#4A!1;$!KKWP!#$%4#1!&6'!&#$!52AA&#*h$'e!&+467!

\*1;!&++!49!1;$!&012&#*&+!&552A%1*465!25$'e!*6!)%%$6'*c!R!X!

82AA&#:!49!)012&#*&+!)552A%1*465C!

.=/C I6!1;*5!#$%4#1e!\$!5;4\!#$52+15!46!&!Y$51!$51*A&1$!Y&5*5!&5!

\$++!&5!#$52+15!*60+2'*67!&!%#4[*5*46!94#!&'[$#5$!'$[*&1*465C!!!

.==C H;$!Y$51!$51*A&1$!#$52+15!&#$!Y&5$'!46!&012&#*&+!

&552A%1*465!1;&1!*6!42#!4%*6*46!#$%#$5$61!1;$!A451!+*d$+:!

$c%$01&1*46!94#!1;$!9212#$C!!H;*5!A$&65!1;&1!1;$#$!*5!

&%%#4c*A&1$+:!&!/-g!0;&60$!1;&1!9212#$!$c%$#*$60$!\*++!Y$!

Y$11$#!1;&6!1;$!&552A%1*46!&6'!&!/-g!0;&60$!1;&1!*1!\*++!Y$!

\4#5$C!!I6!1;*5!\&:e!1;$!#$52+1*67!Y$51!$51*A&1$!&012&#*&+!

+*&Y*+*1*$5!#$%#$5$61!1;$!&A4261!49!&55$15!#$Z2*#$'!54!1;$#$!

*5!&%%#4c*A&1$+:!&!/-g!0;&60$!49!;&[*67!144!A20;!926'5!

&6'!&!/-g!0;&60$!49!;&[*67!144!+*11+$!926'5C!

.=UC I1!*5!6$*1;$#!&%%#4%#*&1$!64#!%#2'$61!14!&55$55!1;$!5299*0*$60:!49!1;$!B26'!25*67!Y$51!$51*A&1$!

&552A%1*465C!!8*60$!1;$#$!*5!&6!&7#$$A$61!1;&1!64!&''*1*46&+!A46*$5!\*++!Y$!%#4[*'$'!14!1;$!B26'!

Y:!1;$!74[$#6A$615e!*1!*5!%#2'$61!14!&55$55!1;$!9*6&60*&+!5299*0*$60:!49!1;$!B26'!21*+*h*67!&!Y&5*5!

1;&1!;&5!&!7#$&1$#!0;&60$!1;&6!/-g!49!;&[*67!5299*0*$61!&55$15!14!%&:!&++!9212#$!Y$6$9*15C!!H;*5!*5!

'46$!1;#427;!1;$!25$!49!0465$#[&1*5A!*6!1;$!&012&#*&+!&552A%1*465C!!@465$#[&1*5A!*5!*61#4'20$'!

1;#427;!1;$!25$!49!&552A%1*465!1;&1!#$%#$5$61!1;$!Y$51!$51*A&1$!94#!1;$!9212#$!,>?+!&!%#4[*5*46!94#!

&'[$#5$!'$[*&1*465C!!W;*+$!*1!*5!%455*Y+$!1;&1!&012&+!$c%$#*$60$!'*99$#*67!9#4A!42#!Y$51!$51*A&1$!

A&:!Y$!%45*1*[$!]#$'20*67!1;$!"+&6!+*&Y*+*1*$5`e!1;*5!5;42+'!641!Y$!#$0476*h$'!261*+!520;!1*A$!&5!&!

%45*1*[$!'$[*&1*46!;&5!4002##$'C!

.=(C H;$!25$!49!Y$51!$51*A&1$!#$52+15!147$1;$#!\*1;!#$52+15!*60+2'*67!&!%#4[*5*46!94#!&'[$#5$!'$[*&1*465!

%$#A*15!1;$!25$#!49!1;*5!#$%4#1!14!&55$55!1;$!+$[$+!49!0465$#[&1*5A!*6;$#$61!*6!1;$!#$52+15!&6'!

1;$#$94#$!7&*6!&6!*65*7;1!*614!1;$!#$52+1*67!+$[$+!49!0465$#[&1*5AC!!D+1*A&1$+:e!*1!*5!&6!*552$!49!

*6'*[*'2&+!f2'7$A$61!&5!14!1;$!&A4261!&6'!'$7#$$!49!%#4[*5*46!94#!&'[$#5$!'$[*&1*465!1;&1!*5!

%#2'$61!14!#$0476*h$e!;&[*67!#$7&#'!14!1;$!*61$#$51!49!&++!%&#1*$5!14!1;$!8$11+$A$61!)7#$$A$61

.=<C H;$!94++4\*67!1\4!1&Y+$5!52AA&#*h$!42#!#$52+15!Y:!Y$6$9*1C!!H;$!#$52+15!4Y1&*6$'!Y:!F0d+$#!&#$e!

9#4A!&!A&1$#*&+*1:!%$#5%$01*[$e!$55$61*&++:!1;$!5&A$!&5!1;$5$C!!

In This Section, we….

! discuss the appropriate use

of best estimate

assumptions, and the

importance of making a

provision for adverse

deviations in the liabilities,

! set out the present value

of future compensation

payments and

administration expenses;

! present a summary of the

overall financial position of

the Plan;

! discuss the amount of

provision for adverse

deviations that is

reasonable; and

! review the experience

gains and losses over the

past three years.

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! SM!

!"#$%&'(T"&2&!-"4:DC:%6&*$"09"4.:&2&E04"4=0"$&F%:C$.:&":&".&R'&M%=%9#%-&BI'R&G04&HIII:J&

-./#)E,4('&#) =,#,2'() =,1()>1('+/(,)

Y#4."$'#Q)-0&?'1'&#)2&0)@$?,01,)

3,?'/('&#1)

SC-.].`]&`! T$[$+!.a!!j.-e---!X!%45*1*[$!&61*>?@J! jMe-(,!! jMe-(,!!

SC-.].`]Y`! T$[$+!,a!!j,-e---!X!"@3!H$51!%45*1*[$! !/e-MM!! !/e-MM!!

SC-.].`]0`! T$[$+!Ma!!jM-e---!X!Q46>Y#*'7*67!9*Y#45*5! !<e<(-!! !.,eM/<!!

SC-.].`]'`! T$[$+!/a!!j=/e---!X!@*##;45*5! !.Me./U!! !,-e,SS!!

SC-.].`]$`! T$[$+!=a!!j.--e---!X!R$04A%l0&60$#! !,SeS,.!! !M,eU.<!!

SC-.]M`]&`! T455!49!*604A$>!646>Y#*'7*67!9*Y#45*5! !/eMU-!! !/eU--!!

SC-.]M`]Y`! T455!49!5$#[*0$5>!646>Y#*'7*67!9*Y#45*5! !.,eM=M!! !.Me-M=!!

SC-,! T455!49!*604A$! !.<e=-=!! !,=e,<,!!

SC-M! T455!49!5$#[*0$5! !/-eU(-!! !=Me,MS!!

SC-S! @451!49!0&#$! !.=e((U!! !M,e./S!!

SC-/! ?@J!'#27!1;$#&%:! !=e=U-!! !UeM..!!

SC-=! D6*652#$'!1#$&1A$61!!>!?@J!02#$!'#275! !</e=UU!! !.,<e,==!!

SC-=! D6*652#$'!1#$&1A$61!X!646>?@J!02#$!'#275! !,e<M/!! !Me-..!!

SC-U! E21>49>%40d$1!$c%$65$5! !Se-MM!! !/eU--!!

! 8$046'&#*+:!*69$01$'! !>!!!! !>!!!!

SC-(! ?IJ!5$046'&#*+:!*69$01$'! !>!!!! !>!!!!

! -0,^CNNN)$,/(;1! ! !

/C-.! X!+2A%!52A5! !,e(=U!! !,e<-<!!

/C-.].`! X!926$#&+! !.-(!! !.-<!!

=C-.].`! X!T455!49!82%%4#1! !,e/.(!! !,e//.!!

=C-.],`! X!T455!49!8$#[*0$5! !(eMUU!! !(e/M.!!

! -0,^CNNN)$,/(;1)1"b)(&(/.) !.Me(U-!! !.Se.--!!

! -&1()CNNN)$,/(;1! ! !

/C-,! X!926$#&+! !.e/((!! !,e-M.!!

=C-.].`! X!T455!49!82%%4#1! !.,e(=/!! !.=e.-.!!

=C-.],`! X!T455!49!8$#[*0$5! !//e/=(!! !=.e(SS!!

=C-,! T455!49!@&#$!&6'!P2*'&60$! !.<eS-,!! !,Se/=(!!

! E2151&6'*67!"&:A$615! !=eM<-!! !=eM<-!!

! )1:%*0&+!T$[$+!=!@+&*A&615! !UeSMU!! !UeSMU!!

) :&(/.) HDMLKCCJ)) HJNCKPCA))

!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! SS!

!"#$%&'(T#&)&>"%9+L,0$0"=:&2&E04"4=0"$&F%:C$.:&":&".&R'&M%=%9#%-&BI'R&G04&HIII:J&

-./#)E,4('&#) =,#,2'() =,1()>1('+/(,)

Y#4."$'#Q)-0&?'1'&#)2&0)@$?,01,)

3,?'/('&#1)

SC-.].`]&`! T$[$+!.a!!j.-e---!X!%45*1*[$!&61*>?@J! j,=<!! j,=<!!

SC-.].`]Y`! T$[$+!,a!!j,-e---!X!"@3!H$51!%45*1*[$! !/M(!! !/M(!!

SC-.].`]0`! T$[$+!Ma!!jM-e---!X!Q46>Y#*'7*67!9*Y#45*5! !.e=,U!! !,e-(/!!

SC-.].`]'`! T$[$+!/a!!j=/e---!X!@*##;45*5! !/e=M.!! !(e.<.!!

SC-.].`]$`! T$[$+!=a!!j.--e---!X!R$04A%l0&60$#! !.MeM,U!! !.=e==,!!

SC-.]M`]&`! T455!49!*604A$>!646>Y#*'7*67!9*Y#45*5! !<U,!! !.e.,U!!

SC-.]M`]Y`! T455!49!5$#[*0$5>!646>Y#*'7*67!9*Y#45*5! !,e//U!! !,e=.S!!

SC-,! T455!49!*604A$! !,=e,.-!! !M-e-U<!!

SC-M! T455!49!5$#[*0$5! !,(e-.-!! !M.eU.(!!

SC-S! @451!49!0&#$! !.-e.S,!! !.(e-/<!!

SC-/! ?@J!'#27!1;$#&%:! !.e=/U!! !.e(.=!!

SC-=! D6*652#$'!1#$&1A$61!!>!?@J!02#$!'#275! !,-eM-,!! !,UeMM-!!

! D6*652#$'!1#$&1A$61!X!646>?@J!02#$!'#275! !MeU./!! !MeU<<!!

SC-U! E21>49>%40d$1!$c%$65$5! !,e(/=!! !Se,-M!!

! 8$046'&#*+:!*69$01$'! !>!!!! !>!!!!

SC-(! ?IJ!5$046'&#*+:!*69$01$'! !>!!!! !>!!!!

SC-(],`! j/-e---!+2A%!52A!4%1*46!94#!04>*69$01$'! !,-,!! !,-,!!

! -0,^CNNN)$,/(;1! ! !

/C-.! X!+2A%!52A5! !MS/!! !M/-!!

/C-.].`! X!926$#&+! !.M!! !.M!!

=C-.].`! X!T455!49!82%%4#1! !<e-S-!! !<e.(=!!

=C-.],`! X!T455!49!8$#[*0$5! !.MeUU<!! !.Se.MU!!

! -&1()CNNN)$,/(;1! ! !

/C-,! X!926$#&+! !U/U!! !<-M!!

=C-.].`! X!T455!49!82%%4#1! !,,e.=/!! !,Se<UM!!

=C-.],`! X!T455!49!8$#[*0$5! !S.e=M=!! !S/e<=M!!

=C-,! T455!49!@&#$!&6'!P2*'&60$! !.-e=U=!! !.,eU..!!

! E2151&6'*67!"&:A$615! !/e/,.!! !/e/,.!!

! )1:%*0&+!T$[$+!=!@+&*A&615! !,e-,,!! !,e-,,!!

) :&(/.) HAADKNPN)) HAPJKJLC))

!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! S/!

.U-C I6!&''*1*46!14!04A%$65&1*46!%&:&Y+$!14!?@J!0+&*A&615e!1;$!926'!A251!&+54!04[$#!1;$!$c%$65$5!49!

1;$!V4*61!@4AA*11$$e!1;$!&'A*6*51#&14#!&6'![&#*425!04652+1&615!&6'!41;$#!%&#1*$5C!!H;$!&662&+!

&A4261!49!1;$5$!$c%$65$5!*5!'$1&*+$'!*6!8$01*46!..!>!)012&#*&+!)552A%1*465C!!W$!;&[$!25$'!1;$!

5&A$!$c%$01$'!&662&+!9$$!&A42615!94#!Y41;!Y$51!$51*A&1$!&6'!%#4[*5*46!94#!&'[$#5$!'$[*&1*465!

0&+02+&1*465C!!H;$!'*99$#$60$5!*6!+*&Y*+*1*$5!&#$!'2$!54+$+:!14!1;$!*61$#$51!#&1$5C!!Fc%$65$5!#$+&1$'!14!

*6[$51A$61!A&6&7$A$61!&#$!641!*60+2'$'!*6!1;*5!5$01*46!&5!1;$:!&#$!*A%+*0*1+:!#$0476*h$'!*6!1;$!

*6[$51A$61!#&1$!49!#$12#6C!

.U.C H;$!%#$5$61![&+2$!49!1;$!9212#$!$c%$01$'!$c%$65$5!*5!&5!94++4\5a!

!"#$%&'S'&2&U-%:%4.&?"$C%&+D&EC.C-%&E%%:&"46&;<L%4:%:&G04&HIII:J&

!,,1)/#$)>O5,#1,1) =,1()>1('+/(,)-0&?'1'&#)2&0)@$?,01,)

3,?'/('&#)

)012&#*&+! j!!(e-,=! j!!(eMS/!

)004261*67!&6'!$c%$#1!1$51*A46:!&6'!&55*51&60$! !S-<!! !S,/!!

)'A*6*51#&1*46! ./e,.<! ./e(M<!

)#Y*1#&14#5l3$9$#$$5! !,<S!! !M-/!!

)2'*1! ,e/-M! ,e=-=!

@&6&'*&6!N+44'!8$#[*0$5! !,/-!! !,=.!!

@4AA26*0&1*465! SMS! S/.!

B26'!@4265$+! .eM(=! .eSMS!

?vA&>m2vY$0! !U/!! !U(!!

I6'$%$6'$61!@4265$+! !,/-!! !,=.!!

V4*61!@4AA*11$$! .=e=-(! .Ue,M/!

K$'*0&+!K4'$++*67! !.e<-<!! !.e<(S!!

K46*14#! !<,S!! !</=!!

8491\&#$!R$[$+4%A$61! !,/-!! !,=.!!

H&c$5!!X!?8H!&6'!P8H! Se<.(! /e...!

9/&$4! H)IDKJII) H)IIKIIA)

!

836!5+,*+'4!

.U,C I6!&''*1*46!14!1;$!?@J!Y$6$9*15e!1;$!B26'!*5!&+54!#$5%465*Y+$!94#!A&d*67!Y$6$9*1!%&:A$615!26'$#!

1;$!?IJ!"#47#&A!49!j,S-e---!14!$&0;!$+*7*Y+$!0+&*A&61C!!H;*5!#$52+15!*6!&!Y$51!$51*A&1$!+*&Y*+*1:!49!

j</-e---!&6'!j<U-e---!*60+2'*67!&!%#4[*5*46!94#!&'[$#5$!'$[*&1*465!94#!1;$!?IJ!"#47#&AC!!!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! S=!

73.'.(3'9!5,1323,.!,7!280!59'.!

.UMC H&Y+$!.UM!%#$5$615!&!52AA&#:!49!1;$!4[$#&++!9*6&60*&+!#$52+15!49!1;$!"+&6!147$1;$#!\*1;!

04A%&#&1*[$!+*&Y*+*1*$5!9#4A!,-.-C!!H;$!,-.M!#$52+15!&#$!5*A*+&#!14!1;45$!F0d+$#!4Y1&*6$'C!

!"#$%&'SR&)&/C99"-A&+D&E04"4=0"$&F%:C$.:&":&".&R'&M%=%9#%-&BI'R&50.,&BI'I&=+9L"-".0P%:&G04&HIII:J&

) =,1()>1('+/(,) -0&?'1'&#)2&0)@$?,01,)3,?'/('&#1))

! ABCD) ABCB) ABCD) ABCB)

)55$15! j!.e.<-e.<<! j!.e.UUe,=,!! j!.e.<-e.<<! j!.e.UUe,=,!

T*&Y*+*1*$5! ! ! ! !

! H#&65925$'! !M(Ue..S!! S.,e-.,! !S<.e=.,!! /,(eS-S!

! ?&$A4%;*+*&05! ,,Me<=<! ,S,e,S-! ,=SeSU.! ,(Se./-!

! ?IJ!"#47#&A! !</-!! .e.--! !<U-!! .e.--!

! B$$5!k!Fc%$65$5! !/MeS//!! MSe-<.! !//e//,!! MSe=/(!

H41&+!"+&6!T*&Y*+*1*$5! !==/eS((!! =(<eSSM! !(.,e=-/!! (S(eM.,!

!"#$)E"05."1)F3,2'4'(G) HIAJKLCC) HJMLKMCN) HDLLKINJ) HDAMKNIB)

)''*1*46&+!Y299$#!&7&*651!0&1&51#4%;*0!$[$615!

!! ! !.,.e---!! >!!

>O4,11)@11,(1) ) !) HAIPKINJ) HDAMKNIB)

!

.USC H;$!'*99$#$60$!*6!1;$!141&+!+*&Y*+*1*$5!\*1;!%#4[*5*46!94#!&'[$#5$!'$[*&1*465!04A%&#$'!14!1;$!141&+!

Y$51!$51*A&1$!+*&Y*+*1*$5!*5!&!A$&52#$!49!1;$!'$7#$$!49!0465$#[&1*5A!*60+2'$'!*6!1;$!#$52+15C!!H;$!

%#4[*5*46!94#!&'[$#5$!'$[*&1*465!94#!,-.M!*5!&Y421!,,g!7#$&1$#!1;&6!1;$!Y$51!$51*A&1$!+*&Y*+*1*$5C!!

)5!&1!M.!R$0$AY$#!,-.-e!*1!\&5!&Y421!,Mg!7#$&1$#!1;&6!1;$!Y$51!$51*A&1$!+*&Y*+*1:C!!!

.U/C W*1;!1;$!%&55&7$!49!1*A$e!1;$!'$7#$$!49!260$#1&*61:!&Y421!A&6:!49!1;$!&552A%1*465e!]520;!&5!1;$!

2+1*A&1$!04;4#1!5*h$e!0+&*A*67!%&11$#65e!&6'!'*5$&5$!%#47#$55*46`!*5!#$'20$'C!!W*1;!+4\$#!

260$#1&*61:e!1;$!%#4[*5*46!94#!&'[$#5$!'$[*&1*465!5;42+'!&+54!'$0#$&5$C!

.U=C W*1;!1;*5![&+2&1*46e!1;$!*61#4'201*46!49!6$\!'#275!\*1;!1;$*#!;*7;!$99*0&0:!;&5!*60#$&5$'!1;$!

260$#1&*6+:!94#!*1$A5!1;&1!&#$!#$+&1$'!14!1#$&1A$61C!!W$!;&[$![$#:!+*A*1$'!'&1&!&Y421!1;$!0451!49!

1;$!6$\!'#275e!1;$!'$7#$$!14!\;*0;!%#4[*60*&+!;$&+1;!%+&65!&6'!%#*[&1$!*652#&60$!\*++!0461#*Y21$!

14\&#'!1;$!0451e!1;$!&012&+!$99*0&0:!49!1;$![&#*425!'#275!&6'!1;$!$99$01!0+$&#*67!1;$![*#25!\*++!;&[$!

46!'*5&Y*+*1:!Y$6$9*15!&6'!$c0$55!?@J!A4#1&+*1:C!!Q$[$#1;$+$55e!\$!;&'!14!A&d$!&552A%1*465!&Y421!

1;$5$!*1$A5C!!H;*5!*60#$&5$'!260$#1&*61:!5277$515!&!+&#7$#!%#4[*5*46!94#!&'[$#5$!'$[*&1*465!*6!

,-.MC!!

.UUC H;$#$!&#$!54A$!41;$#!&552A%1*465!\;$#$!\$!Y$+*$[$!1;$!'$7#$$!49!260$#1&*61:!;&5!'$0#$&5$'!14!

1;$!%4*61!1;&1![$#:!+*11+$!%#4[*5*46!94#!&'[$#5$!'$[*&1*465!*5!\&##&61$'C!!H;$!26d64\6!04;4#1!5*h$!

*5!26+*d$+:!14!'$[*&1$!A&1$#*&++:!9#4A!1;$!&552A$'!62AY$#e!$c*51*67!+455!49!*604A$!&6'!+455!49!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! SU!

5$#[*0$5!Y$6$9*15!&#$!+*d$+:!14!'$0#$&5$!*9!&6:1;*67!'2$!14!1;$!6$\!'#27!1#$&1A$615!&6'!$c*51*67!

+455!49!52%%4#1!&6'!+455!49!5$#[*0$5!Y$6$9*15!&#$!26+*d$+:!14![&#:!*6!1;$!9212#$C!

.U(C I61$#$51!&6'!*69+&1*46!&#$!491$6!A&f4#!#*5d!9&014#5!94#!A&6:!*6[$51$'!926'5C!!)5!'*50255$'!*6!

8$01*46!<!>!)6&+:5*5!49!8$65*1*[*1:e!*61$#$51!&6'!*69+&1*46!5;42+'!Y$!49!+*A*1$'!#*5d!94#!1;*5!"+&6!&5!&!

#$52+1!49!1;$!1:%$!49!*6[$51A$615!25$'C!!!

.U<C W;*+$!1;$#$!&#$!A&6:!41;$#!&552A%1*465!A&'$!*6!1;$!042#5$!49!1;*5![&+2&1*46e!1;$!#$51!49!1;$!

&552A%1*465!;&[$!&!#$+&1*[$+:!A*64#!$99$01!46!1;$!9*6&60*&+!#$52+15C!!!

.(-C )Y421!;&+9!1;$!+*&Y*+*1*$5!&#$!52Yf$01!14!&!+4\!'$7#$$!49!260$#1&*61:!&6'!&Y421!;&+9!14!&!;*7;!'$7#$$!

49!260$#1&*61:C!!I6!A:!4%*6*46e!&!M-g!14!M/g!%#4[*5*46!94#!&'[$#5$!'$[*&1*465!94#!1;$!+*&Y*+*1*$5!

94#!\;*0;!1;$#$!*5!&!;*7;$#!260$#1&*61:!&6'!&!.-g!14!./g!%#4[*5*46!94#!&'[$#5$!'$[*&1*465!94#!1;$!

+*&Y*+*1*$5!94#!\;*0;!1;$#$!*5!&!+4\!'$7#$$!49!260$#1&*61:!*5!&%%#4%#*&1$C!!@4AY*6$'e!1;&1!7*[$5!&6!

4[$#&++!%#4[*5*46!94#!&'[$#5$!'$[*&1*465!49!&Y421!,-g!14!,/gC!

.(.C I6!42#!4%*6*46e!1;$!4[$#&++!&[$#&7$!,,g!%#4[*5*46!94#!&'[$#5$!'$[*&1*465!*5!&%%#4%#*&1$!94#!1;$!

,-.M!5299*0*$60:!#$[*$\C!!!

.(,C H&Y+$!.(,!5;4\5!1;$!'$[$+4%A$61!49!1;$!%#4[*5*46!94#!&'[$#5$!'$[*&1*465!+*&Y*+*1:!51&#1*67!9#4A!

1;$!Y$51!$51*A&1$!&6'!&''*67!1;$![&#*425!04A%46$615!49!1;$!%#4[*5*46C!!@;&#1!.(,!5;4\5!1;$!

#$+&1*[$!5*h$!49!1;$5$!%#4[*5*465C!!!

!"#$%&&'VB&2&M%P%$+L9%4.&+D&U-+P0:0+4&D+-&X6P%-:%&M%P0".0+4:&O0"#0$0.A&

Y(,+)) )@+&"#())FeBBB1G)

N$51!F51*A&1$!T*&Y*+*1:!! j!==/eS((!!

R*504261!3&1$!! !.=eUSU!!

R#27!@4515!! !S-e<,,!!

R#27!F99*0&0:!! !=.e/-M!!

3$04[$#:!9#4A!R*5&Y*+*1:!! !Se/.,!!

@4515!49!@&#$!! !.=eUM=!!

E21>49>"40d$1!$c%$65$5!! !,eU.<!!

T455!49!I604A$e!82%%4#1!&6'!8$#[*0$5!! !Me<U(!!

.%/I+,+/1!A/%!J3I-%,-!*-I+$&+/1,!K+$:+4+&L!! M!N;GE=<'!'

)''*1*46&+!Y299$#!94#!0&1&51#4%;*0!$[$615! .,.e---!

:&(/.)V'/b'.'([)'#4."$'#Q)@$$'('&#/.)="22,0)) H)NDDKPBI))

!

!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! S(!

*,"-.&'VB&2&X9+C4.&+D&U-+P0:0+4&D+-&X6P%-:%&M%P0".0+4:&"46&*".":.-+L,0=&;P%4.:

&&

'//323,.'9!&-770+!'*'3.12!('2'12+,583(!060.21!

.(MC H;$!%#4[*5*46!94#!&'[$#5$!'$[*&1*465!#$0476*h$5!1;&1!&552A%1*465!&Y421!1;$!9212#$!A&:!%#4[$!14!

Y$!\#467!&6'!*60#$&5$5!1;$!0469*'$60$!1;&1!1;$!141&+!+*&Y*+*1:!*60+2'*67!1;$!%#4[*5*46!94#!&'[$#5$!

'$[*&1*465!\*++!Y$!5299*0*$61!14!A$$1!$A$#7*67!Y$6$9*15!&5!1;$:!Y$04A$!%&:&Y+$C!!I1!*5!641!*61$6'$'!

14!04[$#!0&1&51#4%;*0!$[$615!1;&1!A&:!4002#C!!)6!&''*1*46&+!Y299$#!*5!#$Z2*#$'!*9!*1!*5!0465*'$#$'!

&%%#4%#*&1$!14!A&d$!&!%#4[*5*46!*6!0&5$!520;!$[$615!4002#C!

.(SC )6!&''*1*46&+!Y299$#!*5!641!&+\&:5!6$0$55&#:C!!H;$#$!A&:!Y$!5*12&1*465!\;$#$!*652#&60$!4#!

72&#&61$$5!&#$!&[&*+&Y+$!14!#$'20$!1;$!#*5d!49!*65299*0*$60:C!!)5!&!926'!\*1;!64!&[&*+&Y+$!542#0$!49!

&''*1*46&+!A46*$5e!*6!42#!4%*6*46e!1;$!B26'!*5!*6!&!%45*1*46!\;$#$!&6!&''*1*46&+!Y299$#!*5!

&%%#4%#*&1$C!

.(/C @&1&51#4%;*0!$[$615!0&6!Y$!7#42%$'!*614!1\4!0&1$74#*$5!>!1;45$!1;&1!&#$!#$&546&Y+$!14!*A&7*6$!

4002##*67!&6'!1;45$!1;&1!&#$!$c1#$A$+:!#$A41$C!!B4#!$c&A%+$e!*9!:42!\$#$!14!9+*%!&!04*6!.--!1*A$5!

&6'!;&'!14!%&:!421!j.e---!94#!$[$#:!;$&'!Y21!:42!#$0$*[$'!j.e---!94#!$[$#:!1&*+e!:42#!Y$51!

$51*A&1$!+*&Y*+*1:!\42+'!Y$!h$#4C!!]L42!\42+'!$c%$01!14!9+*%!/-!;$&'5!&6'!1;$#$Y:!%&:!j/-e---!&6'!

&+54!9+*%!/-!1&*+5!&6'!#$0$*[$!j/-e---`C!!)'[$#5$!'$[*&1*465!\42+'!Y$!&6:!#$52+1!1;&1!%#4'20$'!

A4#$!;$&'5!1;&6!1&*+5!5*60$!1;&1!\42+'!7*[$!&!#$52+1!\;$#$!:42!\42+'!;&[$!14!%&:C!!H;$#$!*5!&Y421!

&6!(=g!%#4Y&Y*+*1:!1;&1!:42!\*++!9+*%!64!A4#$!1;&6!//!;$&'5e!4#!12#6*67!1;&1!&#426'e!&Y421!.Sg!49!

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

!/+$0123%!4)%#!!

!/526!71$%$!!

!/526!&80)0.!!

4#019#5.!:51(!/+$),+-+%.!

!71$%$!1:!7)5#!!

;2%<1:<=10>#%!#?@#3$#$!

*1$$!1:!A301(#B!C2@@15%!)3D!

C#59+0#$!

EDD+'13)-!"2F#5!:15!

0)%)$%51@G+0!#9#3%$!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! S<!

1;$!1*A$!:42!\*++!+45$!A4#$!1;&6!j.-e---C!!H;&1!A*7;1!Y$!&!#$&546&Y+$!&552A%1*46!14!A&d$!94#!

'$1$#A*6*67!&!%#4[*5*46!94#!&'[$#5$!'$[*&1*465C!

.(=C B+*%%*67!A4#$!1;&6!//!;$&'5!\42+'!Z2*0d+:!7$1!:42!*614!1;$!0&1&51#4%;*0!1$##*14#:!X!94#!$c&A%+$!

9+*%%*67!=-!;$&'5!\42+'!#$52+1!*6!&!+455!49!j,-e---C!!H;$!%#4Y&Y*+*1:!49!9+*%%*67!=-!4#!A4#$!;$&'5!

*6!.--!1455$5!*5!+$55!1;&6!,gC!!H;&1!042+'!Y$!1&d$6!&5!&!#$&546&Y+$!Y&5*5!14!Y$!25$'!94#!&6!

&''*1*46&+!Y299$#!94#!0&1&51#4%;*0!$[$615C!!

.(UC 8$11*67!&!Y299$#!94#!1;$!0&1&51#4%;$!1;&1!A*7;1!;&%%$6!460$!*6!.e---!4002##$60$5!*5!+*d$+:!641!

&%%#4%#*&1$C!!]I6!42#!04*6!9+*%!$c&A%+$e!1;&1!\42+'!Y$!5*A*+&#!14!7$11*67!&1!=/!4#!A4#$!;$&'5`C!!N21!

*1!*5!&%%#4%#*&1$!14!0465*'$#!&!0&1&51#4%;*0!$[$61!1;&1!A*7;1!4002#!64!A4#$!1;&6!.g!4#!,g!49!1;$!

1*A$!]=-!4#!=.!;$&'5`C!

.((C I6!A:!4%*6*46e!94#!1;$!04A%$65&1*46!926'e!&!#$&546&Y+$!Y299$#!&7&*651!0&1&51#4%;*0!$[$615!\42+'!

Y$!&6!&''*1*46&+!./g!49!1;$!141&+!+*&Y*+*1*$5!*60+2'*67!1;$!%#4[*5*46!94#!&'[$#5$!'$[*&1*465C!!H;&1!

%#4'20$5!&!Y299$#!49!j.,.!A*++*46C!

.(<C F0d+$#!;&5!'$1$#A*6$'!&!Y299$#!Y:!'$[$+4%*67!&6!?@J>5%$0*9*0!9#&A$\4#d!94#!&55$55*67!1;$!

&%%#4%#*&1$!&A4261!49!&''*1*46&+!&55$15!$51*A&1$'!14!Y$!5299*0*$61!14!A$$1!#$&546&Y+$!

0&1&51#4%;*0!$[$615C!!H;$:!#$9$#!14!1;*5!Y299$#!&5!^#$Z2*#$'!0&%*1&+_C!!H;$*#!&%%#4&0;!*5!5*A*+&#!14!

1;&1!21*+*h$'!*6!1;$!*652#&60$!*6'251#:!*6!@&6&'&C!!H;$!'$1$#A*6&1*46!49!1;$!#$Z2*#$'!0&%*1&+!

&11$A%15!14!+44d!&1!0&1&51#4%;*0!$[$615!&6'!Z2&61*9:!1;$!#$52+1*67!0451C!!I6!42#!,-.-!#$%4#1e!\$!

%#4[*'$'!04AA$61&#:!46!1;&1!&%%#4&0;!&5!*1!\&5!25$'!*6!,-.-C!!W$!;&[$!;&'!54A$!'*50255*465!

\*1;!F0d+$#!&Y421!1;$!Y&5*5!1;$:!;&[$!25$'!94#!,-.M!&6'!1;$!#$52+15!%#4'20$'C!!B4#!$c&A%+$e!46$!

49!1;$!0&1&51#4%;*0!$[$615!1;&1!1;$:!;&[$!A4'$+$'!*5!1;$!%455*Y*+*1:!1;&1!1;$!$99*0&0:!49!1;$!6$\!

'#275!\42+'!Y$!46+:!=Ug!49!1;$!$99*0&0:!#&1$5!5$1!421!*6!1;$!KKWP!#$%4#1C!!H;&1!\42+'!Y$!&!

0&1&51#4%;*0!$[$61!9#4A!1;$!%$#5%$01*[$!49!1;$!B26'!&5!*1!\42+'!*60#$&5$!1;$!+*&Y*+*1*$5C!!I1!*5!

#$A41$!$6427;!14!Y$!4215*'$!1;$!0465*'$#&1*465!1;&1!*69+2$60$!&!%#4[*5*46!94#!&'[$#5$!'$[*&1*465e!

Y21!641!54!#$A41$!1;&1!*1!5;42+'!Y$!*764#$'!94#!%2#%45$5!49!&6!&''*1*46&+!Y299$#C!

.<-C N&5$'!46!42#!'*50255*465!\*1;!F0d+$#!&6'!1;$!&A4261!49!1;$!&''*1*46&+!Y299$#!1;&1!F0d+$#!;&5!

'$1$#A*6$'e!\$!&7#$$!1;&1!1;$!Y&5*5!1;$:!25$'!&6'!1;$!&''*1*46&+!Y299$#!1;$:!'$1$#A*6$'!&#$!

#$&546&Y+$C!!!

'.'9>131!,7!0?50+30.(0!*'3.1!'./!9,1101!

.<.C I6!1;$![&+2&1*46!&5!49!M.!R$0$AY$#!,-.-e!\$!A&'$!&552A%1*465!&Y421!1;$!9212#$C!!R2#*67!1;$!%&51!

1;#$$!:$&#5e!&012&+!$c%$#*$60$!;&5!'$[$+4%$'!'*99$#$61+:!9#4A!1;45$!&552A%1*465C!!H;*5!*5!64#A&+!

&6'!14!Y$!$c%$01$'C!!I1!*5!744'!%#&01*0$!14!#$[*$\!1;$!542#0$5!49!1;$5$!$c%$#*$60$!7&*65!&6'!+455$5!

14!*'$61*9:!\;$#$!1;$5$!'*99$#$60$5!4002##$'C!!H&Y+$!.<.!52AA&#*h$5!1;$![&#*425!9&014#5!1;&1!

#$52+1$'!*6!&!0;&67$!*6!1;$!Y$51!$51*A&1$!52#%+25!9#4A!,-.-!14!,-.MC!

.<,C H;*5!&6&+:5*5!*5!$c%$01$'!14!'*99$#!9#4A!1;$!82AA&#:!49!@;&67$!*6!Fc0$55!)55$15!0461&*6$'!*6!1;$!

F0d+$#!3$%4#1!&1!%&#&7#&%;!,-,C!!F0d+$#!51&#1!\*1;!1;$!&A4261!49!$c0$55!&55$15e!4#!52#%+25e!Y&5$'!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! /-!

46!1;$*#!,-.-!5299*0*$60:!&552A%1*465!\;$#$&5!K4#6$&2!8;$%$++!51&#1!\*1;!1;$!&A4261!49!52#%+25!

Y&5$'!46!1;$!,-.-!Y$51!$51*A&1$!&552A%1*465C!!H;$5$!'*99$#*67!Y&5$5!&#$!&%%#4%#*&1$e!0465*51$61!

\*1;!&012&#*&+!81&6'&#'5!49!"#&01*0$!&6'!'4!641!04651*121$!&!'*99$#$60$!49!4%*6*46!Y$1\$$6!1;$!1\4!

&012&#*$5C!

!"#$%&'T'&2&X4"$A:0:&+D&*,"4N%&04&/C-L$C:&D-+9&M%=%9#%-&BI'I&.+&M%=%9#%-&BI'R&

3,140'5('&#) )) ))HKBBB1)

82#%+25!&5!&1!M.!R$0$AY$#!,-.-! !! jS(Ue(.<!

I61$#$51!46!1;$!52#%+25! !! !/Me</U!!

Fc%$01$'!52#%+25!&1!M.!R$0$AY$#!,-.M! !! !/S.eUU=!!

>22,4()&2)>O5,0',#4,)$'22,0'#Q)20&+)/11"+5('&#1) )) ))

P&*6!46!I6[$51A$615!41;$#!1;&6!94#!*69+&1*46! !.=eSU(!! !!

T455!46!I6[$51A$615!'2$!14!@"I!*60#$&5*67!+$55!1;&6!$c%$01$'! !].Se,,-`! !!

P&*6!9#4A!%$65*46!*6'$c!0&25*67!Y$6$9*15!14!*60#$&5$!+$55!1;&6!&552A$'! !.,eUM(!! !!

T455!9#4A!Y$6$9*15!%&*'!'2#*67!%&51!1;#$$!:$&#5!7#$&1$#!1;&6!&552A$'! !]/e,-.`! !!

T455!46!$c%$65$5!&6'!9$$5!A4#$!1;&6!&552A$'!'2#*67!,--U!14!,-.-! !].e=UM`! !!

T455!9#4A!0;&67$5!14!1;$!0+&*A&61!04;4#1! !],=eS=.`! !].(eMM<`!

>22,4()&2)*;/#Q,1)'#)@11"+5('&#1) )) ))

@;&67$5!14!1;$![&+2&1*46!A4'$+! !]=-e(.M`!

T455!9#4A!0;&67*67!1*A*67!49!+&51!%&:A$61!94#!T455!49!8$#[*0$5!14!'$%$6'&615!

(8,670)

T455!9#4A!0;&67$5!14!1;$!KKWP!'*5$&5$!%#47#$55*46!#&1$5! !]/eM.=`! !!

P&*6!9#4A!0;&67$!14!$c%$01$'!A4#1&+*1:!#&1$5! !U.=!! !!

P&*6!9#4A!0;&67*67!$c%$01$'!%$#0$61!49!04;4#1!0+&*A*67!&!T455!49!I604A$!4#!T455!49!8$#[*0$5!Y$6$9*1!

!<e=S-!! !!

P&*6!9#4A!&''*67!&552A%1*46!&Y421!#$04[$#:!9#4A!+455!49!*604A$!&6'!+455!49!5$#[*0$5!

!.-e.S<!! !!

T455!9#4A!0;&67*67!1;$!%$#0$61!49!04;4#1!0+&*A*67!&!0451!49!0&#$!Y$6$9*1! !]./e(=-`! !!

T455!9#4A!0;&67$5!14!E21>49>"40d$1!$c%$65$5! !]MeM<.`! !!

T455!9#4A!0451!49!6$\!'#27!1#$&1A$615! !]<Se=M-`! !!

P&*6!9#4A!6$\!1#$&1A$61!#&1$5!&6'!$99*0&0:! !.<Me-=-!! !!

T455!9#4A!*60#$&5$'!$c%$01&1*46!94#!9212#$!9$$5!&6'!$c%$65$5! !],Me,(<`! !!

P&*6!9#4A!&++!41;$#!&552A%1*46!0;&67$5! !,/,!! !!

K*50$++&6$425!7&*65l+455$5!! !]/US`! !.e,US!!

E"05."1)/()DC)3,4,+b,0)ABCD) )) )H)IAJKLCC))

&

.<MC I6!141&+e!1;$!&A4261!49!52#%+25!46!&!Y$51!$51*A&1$!Y&5*5!*60#$&5$'!Y:!&Y421!jMU!A*++*46!4[$#!1;$!

1;#$$!:$&#5!9#4A!,-..!14!,-.MC!!H;$!*6'*[*'2&+!04A%46$615!49!1;&1!0;&67$![&#*$'!\*1;!1;$!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! /.!

$c%$#*$60$!7&*65!141&++*67!j,<U!A*++*46!&6'!1;$!$c%$#*$60$!+455$5!141&++*67!j,=-!A*++*46e!7*[*67!&!

6$1!7&*6!49!jMU!A*++*46C!

.<SC Q4#A&++:e!\$!$c%$01!&!A*c12#$!49!7&*65!&6'!+455$5C!!E[$#!1*A$e!\$!\42+'!$c%$01!1;&1!1;$!Y$51!

$51*A&1$!7&*65!&6'!+455$5!\*++!Y&+&60$!421!X!%#4[*'$'!9212#$!$c%$#*$60$!46!&[$#&7$!*5!5*A*+&#!14!

1;$!Y$51!$51*A&1$!&552A%1*465C!!!

.</C H;$!94++4\*67!%#4[*'$5!&!Y#*$9!$c%+&6&1*46!49!1;$![&#*425!04A%46$615!49!1;$!7&*65!&6'!+455$5!

5;4\6!*6!H&Y+$!.<.C!

&C O1&-%-,&!/1!&#-!P?%84?,Q!!H;$!52#%+25!&5!&1!M.!R$0$AY$#!,-.-!\&5!%&#1!49!1;$!&55$15!&6'!&5!

520;!\&5!*6[$51$'!&6'!$&#6*67!*6[$51A$61!*604A$C!!H;*5!*61$#$51!*5!1;$!&A4261!49!*61$#$51!1;&1!

\$!\42+'!;&[$!$c%$01$'!14!A&d$!46!1;$!52#%+25!Y&5$'!46!1;$!Y$51!$51*A&1$!*61$#$51!#&1$!49!

MC/Mg!25$'!*6!1;$!,-.-![&+2&1*46C!

YC 6$+1!+1!I$4?-!/A!+1I-,&@-1&,a!!W;$6!*61$#$51!#&1$5!'$0#$&5$e!1;$!A&#d$1![&+2$!49!Y46'5!

*60#$&5$C!!H;*5!7&*6!*5!+&#7$+:!'2$!14!1;$!*60#$&5$!*6![&+2$!49!1;$!#$&+!#$12#6!Y46'5!'2$!14!1;$!

'$0#$&5$!*6!*61$#$51!#&1$5C!!!

0C K/,,!/1!+1I-,&@-1&,!3?-!&/!".O!+1R%-$,-,a!H;*5!+44d5!&1!1;$!*A%&01!49!$c%$01$'!&6'!&012&+!

*69+&1*46!46!1;$!*6[$51A$61!$&#6*675!49!&++!1;$!B26'i5!&55$15C!!H;*5!+455!*5!%&#1*&++:!4995$1!Y:!1;$!

7&*6!'2$!14!0;&67$5!*6!1;$!%$65*46!*6'$c!'*50255$'!*6!*1$A!]'`!Y$+4\C!

'C 6$+1!A%/@!8-1,+/1!+13-Sa!H;$!*60#$&5$5!*6!1;$!%$65*46!*6'$c!'2#*67!1;$!%&51!1;#$$!:$&#5!\$#$!

+$55!1;&6!$c%$01$'!0&25*67!Y$6$9*15!14!*60#$&5$!+$55!1;&6!&552A$'C!!H;*5!;&'!&!5A&++!*A%&01!46!

1;$!Y$6$9*15!%&*'!'2#*67!1;$!%&51!1;#$$!:$&#5C!!H;$!Y2+d!49!1;*5!7&*6!*5!'2$!14!+4\$#!&A42615!49!

9212#$!Y$6$9*1!%&:A$615!&5!&!#$52+1!49!1;$!+4\$#!+$[$+!49!*60#$&5$5!9#4A!,-..!14!,-.MC!

$C K/,,!A%/@!:-1-A+&,!8$+3a!H;$!&012&+!Y$6$9*15!%&*'!14!0+&55!A$AY$#5!'2#*67!1;$!+&51!1;#$$!:$&#5!

\$#$!j/!A*++*46!7#$&1$#!1;&6!\&5!&552A$'!*6!1;$!+&51![&+2&1*46C!!

9C K/,,!/1!-S8-1,-,!$13!A--,a!H;$!&012&+!$c%$65$5!&6'!9$$5!%&*'!'2#*67!1;$!%$#*4'!,-..!14!,-.M!

\$#$!&Y421!j.CU!A*++*46!A4#$!1;&6!&552A$'!*6!,-.-C!

7C K/,,!A%/@!R#$10-,!&/!&#-!R4$+@$1&!R/#/%&a!!H;$!%#47#$55*46!49!1;$!d64\6!04;4#1!\&5!

'*99$#$61!1;&6!&552A$'!*6!1;$!,-.-![&+2&1*46C!!H;$#$!\$#$!9$\$#!#$04[$#*$5!9#4A!?@J!

#$%4#1$'!14!1;$!&'A*6*51#&14#!1;&6!\$!&552A$'!&6'!A4#$!0+&*A&615!&1!+$[$+5!M!&6'!=C!!)++!1;&1!

\&5!4995$1!Y:!9$\$#!0+&*A&615!&'[&60*67!14!+$[$+5!S!&6'!/!&6'!9$\$#!'$&1;5!1;&6!$c%$01$'C!!I6!

141&+e!1;$!1#&65*1*46!49!1;$!d64\6!04;4#1!%#4'20$'!&!A4'$51!7&*6C!!?4\$[$#e!1;$#$!\$#$!A4#$!

6$\!&%%#4[&+5!1;&6!$c%$01$'!&6'!1;$:!\$#$!54A$\;&1!A4#$!&'[&60$'!*6!1;$!'*5$&5$!1;&6!

&552A$'C!!W$!&+54!*60#$&5$'!1;$!62AY$#!49!9212#$!6$\!0+&*A&615!94#!1;$!9212#$e!&6!&552A%1*46!

0;&67$!1;&1!*5!#$%4#1$'!147$1;$#!\*1;!1;$!0;&67$5!9#4A!1;$!d64\6!04;4#1C!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! /,!

;C 2/3-4!"#$10-,a!!)5!&!#$52+1!49!'*50255*465!\*1;!1;$!KKWP!&6'!\*1;!F0d+$#e!&!62AY$#!49!

#$9*6$A$615!\$#$!A&'$!14!42#![&+2&1*46!A4'$+C!!H;*5!*5!1;$!9*6&60*&+!$99$01!49!&++!49!1;45$!

#$9*6$A$615C!

*C K/,,!A%/@!R#$10+10!&+@+10!/A!4$,&!8$L@-1&!A/%!K/,,!/A!P-%I+R-,!&/!3-8-13$1&,a!!I6!42#!

'*50255*465!\*1;!F0d+$#e!\$!9426'!1;&1!\$!;&'!&%%+*$'!1;$!9*6&+!%&:A$61!1*A*67!'*99$#$61+:C!!

H;*5!#$9+$015!Y#*67*67!42#!&552A%1*465!*614!5:60!\*1;!1;$!+&51!%&:A$61!14!'$%$6'&615!

4002##*67!&1!1;$!$6'!49!1;$!9*6&+!:$&#C!

fC K/,,!A%/@!R#$10-!&/!3+,-$,-!8%/0%-,,+/1!%$&-,a!H;$!9212#$!'*5$&5$!%#47#$55*46!#&1$5!

#$%4#1$'!*6!1;$!,-.M!KKWP!#$%4#1!\$#$e!46!&[$#&7$e!5+*7;1+:!;*7;$#!1;&6!1;$!04;4#1>Y&5$'!

%#47#$55*46!#&1$5!21*+*5$'!*6!1;$!,-.-![&+2&1*46C!!H;45$!;*7;$#!%#47#$55*46!#&1$5!#$52+1$'!*6!&!

+455!49!j/!A*++*46C!

dC 2/%&$4+&L!7$&-,a!!H;*5!7&*6!*5!A&'$!2%!49!1;#$$!04A%46$615e!$&0;!49!\;*0;!0461#*Y21$'!&!

%4#1*46!49!1;$!7&*6C!!H;$!?@J>#$+&1$'!A4#1&+*1:!&1!+$[$+!=!\&5!#$'20$'!94#!&++!*651&60$5!*6!1;$!

,-.M!KKWP!3$%4#1C!!H;$#$!\&5!&!5A&++!#$9*6$A$61!14!1;$!$c0$55!?@J!A4#1&+*1:!#&1$5C!!H;$!

%4%2+&1*46!A4#1&+*1:!1&Y+$!21*+*5$'!\&5!2%'&1$'!14!1;$!@&6&'*&6!T*9$!H&Y+$!,--<>,-..e!\;*0;!

0461&*6$'!#$'201*465!*6!&++!A4#1&+*1:!#&1$5!94#!&7$5!,(!&6'!4+'$#C!

+C 6$+1!A%/@!R#$10-!&/!K/,,!/A!O1R/@-!$13!K/,,!/A!P-%I+R-,a!?*514#*0&+!0+&*A5!94#!T455!49!

I604A$!&6'!T455!49!8$#[*0$5!5277$515!1;&1!1;$!%$#0$61&7$!49!0+&55!A$AY$#5!\;4!\*++!0+&*A!94#!

46$!49!1;$5$!+455$5!*5!54A$\;&1!+$55!*6!&77#$7&1$!1;&6!&552A$'!*6!1;$!,-.-![&+2&1*46C!!W$!

&'f251$'!42#!&552A%1*46!14!#$9+$01!1;*5C!!W$!&+54!&'f251$'!1;$!#$+&1*[$!%$#0$61&7$5!49!0+&*A&615!

\;4!&#$!&552A$'!14!0+&*A!+455!49!*604A$!4#!+455!49!5$#[*0$5!%#*4#!14!&7$!=/C!!

AC 6$+1!A%/@!%-R/I-%L!A%/@!3+,$:+4+&La!!)5!&!#$52+1!49!1;$!6$\!'#27!1#$&1A$615e!\$!&''$'!&6!

&552A%1*46!14!$51*A&1$!1;$!9212#$!#$04[$#:!49!0+&*A&615!9#4A!'*5&Y*+*1:!Y$6$9*15!]+455!49!

*604A$!&6'!+455!49!5$#[*0$5`!94++4\*67!&!5200$5592+!1#$&1A$61C!

6C K/,,!A%/@!R#$10-!&/!8-%R-1&!R4$+@+10!R/,&!/A!R$%-!:-1-A+&,a!!?*514#*0&+!0+&*A5!94#!0451!49!0&#$!

5277$515!1;&1!1;$!%$#0$61&7$!49!0+&55!A$AY$#5!\;4!\*++!0+&*A!94#!1;*5!*5!5+*7;1+:!+4\$#!1;&6!

&552A$'!*6!1;$!,-.-![&+2&1*46C!!H;&1e!;4\$[$#e!*5!4995$1!Y:!&!;*7;$#!&[$#&7$!Y$6$9*1!&A4261C!

4C T?&D/AD./RU-&!VS8-1,-,a!!W$!A&'$!1\4!0;&67$5!14!1;$!421>49>%40d$1!$c%$65$!&552A%1*46!94#!

,-.MC!!E6$!\&5!1;$!A$1;4'!25$'!14!&%%+:!1;$!&552A%1*46!&6'!1;$!41;$#!\&5!14!&''!&6!

&552A%1*46!94#!1;$!0+&*A&615!\;4!0+$&#!1;$![*#25!14!#$9+$01!1;$!+*d$+*;44'!1;&1!1;$#$!\*++!Y$!

54A$!94++4\!2%!A$'*0&+!&%%4*61A$615!#$Z2*#$'!&91$#!0+$&#*67!1;$![*#25C!!H;&1!*5!&++!4995$1!Y:!

1;$!7&*6!'2$!14!9$\$#!0+&*A&615!;&[*67!9212#$!421>49>%40d$1!$c%$65$5!&5!&!#$52+1!49!Y$*67!

02#$'C!

%C K/,,!A%/@!1-W!3%?0!&%-$&@-1&,!XR/,&!/A!3%?0,Ya!H;$!6$\!'#27!1#$&1A$615!1;&1!\$!&552A$'!

\42+'!Y$!21*+*5$'!*6!1;$!9212#$!0451!5*76*9*0&61+:!A4#$!1;&6!%#*4#!1#$&1A$615!&6'!1;$:!&#$!

$c%$01$'!14!Y$!21*+*5$'!Y:!A451!49!1;$!0+&*A&61!04;4#1!&Y4[$!'*5$&5$!+$[$+!,C!!H;$!0451!49!1;$5$!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! /M!

'#275!*5!&!5*76*9*0&61!*60#$&5$!14!1;$!B26'C!!W;*+$!1;$!25$!49!1;$5$!'#275!*5!$c%$01$'!14!02#$!

A451!0+&*A&615!9#4A!?@J!&6'!1;$#$Y:!#$'20$!9212#$!0+&*A5e!1;*5!*1$A!5;4\5!1;$!$c%$01$'!

9212#$!0451!49!1;$!'#275!14!Y$!25$'!*6!9212#$!1#$&1A$615C!!

ZC 6$+1!A%/@!&%-$&@-1&!%$&-,!$13!-AA+R$RLQ!!H;*5!*1$A!A$&52#$5!1;$!7&*6!&#*5*67!9#4A!1;$!

*60#$&5$!*6!1;$!%$#0$61!49!0+&*A&615!&552A$'!14!Y$!1#$&1$'!&6'!1;$!7#$&1+:!*60#$&5$'!$99*0&0:!

49!1;$!6$\!'#275C!!H;*5!*5!&!A$&52#$!49!1;$!+*&Y*+*1:!#$'201*46!$c%$01$'!&5!&!#$52+1!49!1;$!6$\!

'#275C!!

#C K/,,!A%/@!-S8-R&-3!A?&?%-!-S8-1,-,!$13!A--,a!H;$!9212#$!$c%$01$'!$c%$65$5!&6'!9$$5!&#$!

%#4f$01$'!14!,-=Me!M/!:$&#5!+467$#!1;&6!\&5!%#4f$01$'!*6!,-.-C!!H;$!0;&67$!*6!1;$!&662&+!

$c%$65$5!94#!9212#$!:$&#5!*5!&6!*60#$&5$!49!&Y421!j,M!A*++*46C!

5C "#$10-!A%/@!$44!/&#-%!$,,?@8&+/1,a!H;$#$!\$#$!&!62AY$#!49!41;$#!&552A%1*46!0;&67$5!1;&1!

\$#$!A*64#!*6!$99$01C!!H;$!6$1!141&+!*A%&01!49!1;$5$!0;&67$5!\&5!&!7&*6!49!+$55!1;&6!j.!A*++*46C!

1C 2+,R-44$1-/?,!0$+1,!$13!4/,,-,a!H;$!&6&+:5*5!49!$c%$#*$60$!7&*65!&6'!+455$5!*6[4+[$5!

&552A%1*465!&6'!$51*A&1*465C!!)!'$1&*+$'!&6'!A4#$!&002#&1$!'$1$#A*6&1*46!*5!641!

$0464A*0&++:!9$&5*Y+$C!!Q4#A&++:e!1;$!&6&+:5*5!49!$c%$#*$60$!7&*65!&6'!+455$5!\*++!#$Z2*#$!1;$!

25$!49!&!Y&+&60*67!*1$A!1;&1!*5!1;$!141&+!$99$01!49!1;$!&552A%1*465!&6'!$51*A&1*465!25$'!*6!1;$!

&6&+:5*5C!!H;$!A*50$++&6$425!7&*6!*5!+$55!1;&6!j.!A*++*46C!

5+,63.(3'9:20++32,+3'9!(,.2+3&-23,.!18,+27'99!

.<=C H;$!B26'!*60+2'$5!*6[$51$'!&55$15e!\;*0;!&#*5$!9#4A!1;$!9$'$#&+!74[$#6A$61i5!0461#*Y21*46!49!

j(S=!A*++*46e!%+25!&!%#4[*60*&+l1$##*14#*&+!4Y+*7&1*46!14!0461#*Y21$!Ml..1;5!49!&++!Y$6$9*1!&6'!

$c%$65$5!%&*'!421!49!1;$!B26'C!!H;$#$!*5!&!0&%!14!1;$!%#4[*60*&+l1$##*14#*&+!0461#*Y21*46!4Y+*7&1*46e!

4#*7*6&++:!jM,S!A*++*46e!49!\;*0;!j.=,!A*++*46!#$A&*65!&5!49!M.!R$0$AY$#!,-.MUC!!H;$!

%#4[*60*&+l1$##*14#*&+!0461#*Y21*46!4Y+*7&1*46!*5!*60#$&5$'!Y:!*61$#$51!&1!1;$!1;#$$>A461;!H#$&52#:!

N*++!#&1$!&6'!#$'20$'!Y:!&6:!0461#*Y21*465!A&'$C!

.<UC N&5$'!46!9212#$!$c%$01$'!Y$6$9*1!%&:A$615!&6'!$c%$65$5!9#4A!1;$!926'!]5$$!8$01*46!.-!>!

"#4f$01$'!@&5;!B+4\!49!@4A%$65&1*46!N$6$9*15`e!\$!$51*A&1$!1;&1!1;$!%#4[*60*&+l1$##*14#*&+!

0461#*Y21*46!4Y+*7&1*46!\*++!Y$!92+9*++$'!Y:!1;$!$6'!49!,-,S!26'$#!1;$!Y$51!$51*A&1$!&552A%1*465!

&6'!Y:!,-,.!*60+2'*67!&!%#4[*5*46!94#!&'[$#5$!'$[*&1*465C!!)91$#!1;45$!'&1$5e!&6:!#$A&*6*67!

Y$6$9*15!042+'!46+:!Y$!%&*'!421!49!1;$!926'!\*1;!64!%#4[*60*&+l1$##*14#*&+!0461#*Y21*46C!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!

!

U!! H;$!j.=,!A*++*46!%#4[*60*&+l1$##*14#*&+!0461#*Y21*46!4Y+*7&1*46!*60+2'$5!j.Se---!1;&1!;&5!Y$$6!%#$926'$'!Y:!L2d46C!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! /S!

.<(C I6!42#!,-.-!3$%4#1e!\$!;&'!%#4f$01$'!1;$!%#4[*60*&+l1$##*14#*&+!0461#*Y21*46!4Y+*7&1*46!\42+'!Y$!

92+9*++$'!&Y421!.,!:$&#5!+&1$#!X!,-M=!94#!1;$!Y$51!$51*A&1$!&6'!,-M,!94#!1;$!%#4[*5*46!94#!&'[$#5$!

'$[*&1*465C!!H;$!A&*6!#$&546!94#!1;$!A20;!$&#+*$#!'&1$!*5!'2$!14!1;$!04515!&5540*&1$'!\*1;!1;$!6$\!

1#$&1A$61C!!H;45$!04515!;&[$!&00$+$#&1$'!A&6:!49!1;$!$c%$01$'!0&5;!9+4\5!1;&1!\42+'!;&[$!

4002##$'!4[$#!1;$!9212#$!+*9$!49!1;$!926'!14!64\!4002#!4[$#!1;$!%$#*4'!,-.S!14!,-.(C!

!

!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! //!

In This Section, we….

! review the effect of changes

in the key assumptions on

the resulting liabilities, and

! discuss the reasons why the

Plan is largely protected

from changes in interest and

inflation rates.!

G$ !"!#$%&%'()'%*"%&+&,!"#!

.<<C H;$!#$52+15!%#$5$61$'!*6!1;*5!#$%4#1!&#$!Y&5$'!46!

&552A%1*465!&Y421!\;&1!\*++!;&%%$6!*6!1;$!9212#$C!!

K&6:!49!1;$5$!&552A%1*465!;&[$!&!#$+&1*[$+:!A*64#!

$99$01!46!1;$!#$52+1*67!+*&Y*+*1*$5C!!84A$!49!1;$!

&552A%1*465!;&[$!&!7#$&1$#!$99$01!46!1;$!#$52+15!1;&6!

41;$#5C!!!

,--C H;$!%2#%45$!49!&!5$65*1*[*1:!&6&+:5*5!*5!14!;$+%!1;$!25$#!

14!7&*6!&6!26'$#51&6'*67!49!1;$!%455*Y+$!9*6&60*&+!$99$01!49!0;&67$5!*6!1;$!A4#$!A&1$#*&+!

&552A%1*465C!

!"#$%&BII&2&/%4:0.0P0.A&X4"$A:0:&G04&HIII:J&

@11"+5('&#)*;/#Q,M) =,1()>1('+/(,)

-0&?'1'&#)2&0)@$?,01,)

3,?'/('&#1)

H41&+!T*&Y*+*1:!]1#&65925$'!&6'!;&$A4%;*+*&0!0+&*A&615`! !j==/eS(( ! !j(.,e=-/!!

I60#$&5$!1#&65925$'!04;4#1!Y:!.--!&+*[$!0+&*A&615! !.(e(--!! !,,e,--!!

I60#$&5$!1#&65925$'!04;4#1!Y:!.--!%451!.<<<!?@J!#$+&1$'!'$&1;5! !MSeM--!! !MSe/--!!

I60#$&5$!1#&65925$'!04;4#1!Y:!.--!%451!.<<<!646>?@J!#$+&1$'!'$&1;5! !Ue.--!! !Ue.--!!

I60#$&5$!;&$A4%;*+*&0!04;4#1!Y:!.--!&+*[$!0+&*A&615! !M-e---!! !MSeS--!!

I60#$&5$!;&$A4%;*+*&0!04;4#1!Y:!.--!%451!.<<<!?@J!#$+&1$'!'$&1;5! !SSeU--!! !S/eM--!!

I60#$&5$!;&$A4%;*+*&0!04;4#1!Y:!.--!%451!.<<<!646>?@J!#$+&1$'!'$&1;5! !.-e---!! !.-e---!!

I60#$&5$!1#&65*1*46!%#4Y&Y*+*1*$5!Y$1\$$6!'*5$&5$!51&7$5!14!..-g!49!1;$!Y&5$+*6$!#&1$5C!!]B4#!$c&A%+$e!*9!1;$!Y&5$+*6$!1#&65*1*46!%#4Y&Y*+*1:!*5!UC-ge!1;*5!\42+'!*60#$&5$!*1!14!UCUg`!

!=e-.M!! !(e(S,!!

R$0#$&5$!1#$&1A$61!$99*0&0:!14!<-g!49!1;$!&552A$'!#&1$5! !,<e,<(!! !,/e/-U!!

3$A4[$!&++!%#*[&1$!*652#&60$!04[$#&7$!94#!'#27!04515!X!54!1;$!B26'!%&:5!1;$!92++!0451!49!&++!'#275!

!M/e//<!! !SUe<.(!!

I60#$&5$!'#27!0451!14!j.--e---!]j.M-e---!94#!%#4[*5*46!94#!&'[$#5$!'$[*&1*465`!>!\*1;!&6!&[$#&7$!49!S-g!49!1;&1!%&*'!Y:!%#*[&1$!*652#&60$!94#!0+&*A&615!26'$#!&7$!=/!

!,=e/U-!! !,(eS<,!!

R$0#$&5$!#$04[$#:!9#4A!'*5&Y*+*1:!14!/-g!49!1;$!&552A$'!#&1$5! !Se<S=!! !,e(,<!!

Fc0$55!?@J!K4#1&+*1:!#$A&*65!260;&67$'!&91$#!0+$&#*67!1;$![*#25! !MUe<<<!! !M=e=(,!!

I60#$&5$!1;$!*61$#$51!#&1$!Y:!.g!<! !j=Me(((!! !j(=e=MM!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!

(!! )!'$0#$&5$!14!1;$!*6'*0&1$'!&552A%1*46!\*++!;&[$!&%%#4c*A&1$+:!1;$!5&A$!$99$01!Y21!*6!1;$!4%%45*1$!'*#$01*46C!!!

<!! )6!*60#$&5$!*6!1;$!*61$#$51!#&1$!\42+'!+*d$+:!Y$!'2$!14!&6!*60#$&5$!*6!1;$!9212#$!$c%$01$'!#$12#65!46!1;$!&55$15C!!I6!1;&1!5*12&1*46e!1;$#$!\42+'!Y$!&6!&%%#4c*A&1$+:!4995$11*67!+455!9#4A!*6[$51A$615C!!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! /=!

,-.C I6!1;*5!5$65*1*[*1:!&6&+:5*5e!$&0;!+*6$!5;4\5!1;$!$99$01!49!A&d*67!46+:!1;$!*6'*0&1$'!0;&67$!14!1;$!

5*67+$!&552A%1*46C!!)++!41;$#!&552A%1*465!&#$!;$+'!04651&61C!!H;$!&552A%1*46!0;&67$5!5;4\6!*6!

1;$!1&Y+$!&#$!641!02A2+&1*[$C!!B4#!$c&A%+$e!1;$!9*#51!+*6$!5;4\5!1;$!$99$01!49!0;&67*67!46+:!1;$!5*h$!

49!1;$!&+*[$!1#&65925$'!04;4#1C!!I6!1;$!5$046'!+*6$e!1;$!5*h$!49!1;$!&+*[$!1#&65925$'!04;4#1!*5!

#$12#6$'!14!1;$!51&#1*67!5*h$!&6'!1;$6!1;$!'$&1;5!'2$!14!?@J!5*h$!*5!0;&67$'C!!!

,-,C H;$!5$65*1*[*1:!#$52+15!A&:!Y$!&'f251$'!94#!&!'*99$#$61!5*h$!49!0;&67$!1;&6!1;&1!*6'*0&1$'C!!B4#!

$c&A%+$e!*9!1;$#$!*5!&6!*60#$&5$!]'$0#$&5$`!49!,-!&+*[$!1#&65925$'!A$AY$#5e!1;$!9*6&60*&+!$99$01!

\42+'!Y$!'$1$#A*6$'!Y:!1&d*67!,-!'*[*'$'!Y:!.--!&6'!A2+1*%+*$'!Y:!1;$!5$65*1*[*1:!&A4261!49!

j.(e(--e---C!!H;&1!\42+'!Y$!&6!*60#$&5$!49!jMeU=-e---!]4#!&!'$0#$&5$!49!1;$!5&A$!&A4261`C!

,-MC I1!5;42+'!Y$!641$'!1;&1!A2+1*%+$!0;&67$5!A&:!Y$!*61$#'$%$6'$61C!!H;&1!*5e!\;$6!A2+1*%+$!0;&67$5!

&#$!04AY*6$'e!1;$!141&+!$99$01!A&:!Y$!'*99$#$61!9#4A!\;&1!46$!7$15!Y:!&''*67!1;$!*6'*[*'2&+!

&A42615!147$1;$#C!!H;*5!$99$01!*5!5*A*+&#!14!1;$!'*99$#$60$!Y$1\$$6!5*A%+$!&6'!04A%426'!*61$#$51C!!

84A$!49!1;$!A2+1*%+$!&552A%1*465!0;&67$5!;&[$!&!04A%426'*67!$99$01C!!!

!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! /U!

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

,-SC H;$!94++4\*67!0;&#1!5;4\5!1;$!9212#$!$c%$01$'!0&5;!

9+4\5!94#!,-.S!14!,.-,!Y&5$'!46!1;$!Y$51!$51*A&1$!

&552A%1*465C!!H;$5$!&#$!1;$!Y$6$9*1!%&:A$615!&6'!

$c%$65$5!1;&1!26'$#+*$!1;$!+*&Y*+*1*$5!94#!1;$!"+&6C!

,-/C H;$#$!*5!&!+&#7$!$c%$01$'!141&+!14!Y$!%&*'!9#4A!,-.S!14!

,-.(!'2$!14!1;$!0451!49!1#$&1A$61!&552A$'!14!Y$!7*[$6!

'2#*67!1;&1!%$#*4'C!!

*,"-.&BIK&2&EC.C-%&*":,&E$+5:&2&Z%:.&;:.09".%&X::C9L.0+4:&G04&^IIIH:J&

&

,-=C H;$!'4++&#!&A42615!49!1;$!%&51!&6'!9212#$!0&5;!9+4\5!&#$!5;4\6!*6!H&Y+$!,-=&!94#!1;$!Y$51!

$51*A&1$!&552A%1*465!&6'!*6!H&Y+$!,-=Y!94#!1;$!%#4[*5*46!94#!&'[$#5$!'$[*&1*465!&552A%1*465C!!

!>!!

!,-e---e---!!

!S-e---e---!!

!=-e---e---!!

!(-e---e---!!

!.--e---e---!!

!.,-e---e---!!

Year

B$$5!&6'!Fc%$65$5!

H#&65925$'!

?&$A4%;*+*&05!

In This Section….

! We show the projected

future payments from the

Plan (based on the

assumptions) in each of the

next 90 years.

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! /(!

!"#$%&BI("&2&EC46&*":,&E$+5:&G>0:.+-0="$&_&U-+`%=.%6&.+&B'IBJ&2&Z%:.&;:.09".%&X::C9L.0+4:&G04&HIII:J[&

_,/0) :0/#12"1,$) </,+&5;'.'/41) !,,1)f)>O5,#1,1) :&(/.)

,---! j!...eUMM!! j!!!,-e=<=!! j!!!.Me<M<!! j!.S=eM=(!!

,--.! !<,eU((!! !S.e,MM!! !(eUSM!! !.S,eU=S!!

,--,! !/Ue=<S!! !,<e/-M!! !(e,(,!! !</eSU<!!

,--M! !//e.,.!! !./eSSS!! !=e//,!! !UUe..U!!

,--S! !MM<e=,M!! !,MeU/U!! !/e<<-!! !M=<eMU-!!

,--/! !M/eMUU!! !./e<.<!! !=e-=<!! !/UeM=/!!

,--=! !M-e<<=!! !.MeU<S!! !SeM<=!! !S<e.(=!!

,--U! !,<e..=!! !.,eUU,!! !Me<(S!! !S/e(U,!!

,--(! !,=e=(U!! !.<e((.!! !,eMS-!! !S(e<-(!!

,--<! !,,e<-.!! !.Me,U(!! !,e=S/!! !M(e(,S!!

,-.-! !,SeS=U!! !.,eU<M!! !,e(,S!! !S-e-(S!!

,-..! !,-e=//!! !..e=U-!! !Me/U(!! !M/e<-M!!

,-.,! !.UeM(-!! !..e-(,!! !.e(=.!! !M-eM,M!!

,-.M! !,-e-./!! !..e(=(!! !.eU<(!! !MMe=(.!!

,-.M!4l5! !=eM<-!! /e/,.!! !>!! !..e<..!!

,-.S! !(.e-U-!! !,SeMMM!! !,e<,(!! !.-(eMM.!!

,-./! !=Me<MS!! !,.e-S=!! !MeM./!! !((e,</!!

,-.=! !M.e/-S!! !./e..=!! !,e-U<!! !S(e=<<!!

,-.U! !,SeM=-!! !.Me=-=!! !Me-.(!! !S-e<(S!!

,-.(! !.<eU(,!! !.,e=,S!! !,e,MS!! !MSe=S-!!

,-.<! !.,e/M.!! !.-e<-,!! !.e</<!! !,/eM<,!!

,-,-! !.,eS,U!! !.-e<-(!! !,e<==!! !,=eM-.!!

,-,.! !.,eM,,!! !.-e<,/!! !,e.(U!! !,/eSMS!!

,-,,! !.,e.<<!! !.-e(/M!! !.e<=.!! !,/e-.M!!

,-,M! !.,e-.(!! !.-eUU<!! !Me.,M!! !,/e<,-!!

,-,S! !..e(M-!! !<eMMM!! !,eM.U!! !,MeS(-!!

,-,/! !..e=UM!! !<e,M=!! !,e-<=!! !,Me--/!!

,-,=! !..e//M!! !(e<(U!! !Me,S-!! !,MeU(-!!

,-,U! !..eM</!! !(e((.!! !,eM,(!! !,,e=-S!!

,-,(! !..e,U/!! !(eU(U!! !,e-S,!! !,,e.-S!!

,-,<! !..e.S/!! !(e///!! !Me.SU!! !,,e(SU!!

,-M-! !..e--.!! !(eM(.!! !,e,/S!! !,.e=M=!!

,-M.! !.-e(.<!! !(e,.S!! !.e<U.!! !,.e--S!!

,-M,! !.-e=M(!! !(e-=-!! !Me-,=!! !,.eU,S!!

,-MM! !.-e,<,!! !Ue(-.!! !,e./<!! !,-e,/,!!

,-M.!>!,.-,! !.=Me/<.!! !.,.e.=.!! !S<e(,.!! !MMSe/UM!!

:&(/.) HCKJJMKDBA)) HPBLKPNN)) HCLDKCLA)) HAKAANKCLD))

<'''';5"?/!+'5-2'/"!'-11'1?$'!"'&"?/1)/#8'

<<'9-+%'A>"(+')/4>?1$'A?!?&$'$P,$4!$1')/A>-!)"/'-/1'-&$'/"!'1)+4"?/!$1'A"&'A?!?&$')/!$&$+!'$-&/)/#+8''

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! /<!

!"#$%&BI(#&)&EC46&*":,&E$+5:&G>0:.+-0="$&_&U-+`%=.%6&.+&B'IBJ&2&U-+P0:0+4&D+-&X6P%-:%&M%P0".0+4:&G04&HIII:J[&

_,/0) :0/#12"1,$) </,+&5;'.'/41) !,,1)f)>O5,#1,1) :&(/.)

,---! j!...eUMM!! j!!!,-e=<=!! j!!!.Me<M<!! j!.S=eM=(!!

,--.! !<,eU((!! !S.e,MM!! !(eUSM!! !.S,eU=S!!

,--,! !/Ue=<S!! !,<e/-M!! !(e,(,!! !</eSU<!!

,--M! !//e.,.!! !./eSSS!! !=e//,!! !UUe..U!!

,--S! !MM<e=,M!! !,MeU/U!! !/e<<-!! !M=<eMU-!!

,--/! !M/eMUU!! !./e<.<!! !=e-=<!! !/UeM=/!!

,--=! !M-e<<=!! !.MeU<S!! !SeM<=!! !S<e.(=!!

,--U! !,<e..=!! !.,eUU,!! !Me<(S!! !S/e(U,!!

,--(! !,=e=(U!! !.<e((.!! !,eMS-!! !S(e<-(!!

,--<! !,,e<-.!! !.Me,U(!! !,e=S/!! !M(e(,S!!

,-.-! !,SeS=U!! !.,eU<M!! !,e(,S!! !S-e-(S!!

,-..! !,-e=//!! !..e=U-!! !Me/U(!! !M/e<-M!!

,-.,! !.UeM(-!! !..e-(,!! !.e(=.!! !M-eM,M!!

,-.M! !,-e-./!! !..e(=(!! !.eU<(!! !MMe=(.!!

,-.M!4l5! !=eM<-!! /e/,.! !>!! ..e<..!

,-.S! !<Ue-</!! !,(e.SM!! !,e<,(!! !.,(e.==!!

,-./! !USe=,-!! !,Me(M.!! !MeM./!! !.-.eU==!!

,-.=! !M<e-.S!! !.Ue,(/!! !,e-U<!! !/(eMU(!!

,-.U! !,<e<S,!! !./eS.-!! !Me-.(!! !S(eMU-!!

,-.(! !,Se,.=!! !.Se,./!! !,e,MS!! !S-e==/!!

,-.<! !.SeU(M!! !..e<M(!! !.e</<!! !,(e=(-!!

,-,-! !.Se(.,!! !.,e--<!! !,e<==!! !,<eU(U!!

,-,.! !.Se(MM!! !.,e-<.!! !,e.(U!! !,<e...!!

,-,,! !.Se(,(!! !.,e-US!! !.e<=.!! !,(e(=M!!

,-,M! !.SeU/=!! !.,e-/-!! !Me.,M!! !,<e<,<!!

,-,S! !.Se==.!! !.-e=S=!! !,eM.U!! !,Ue=,S!!

,-,/! !.Se/</!! !.-e/(-!! !,e-<=!! !,Ue,U.!!

,-,=! !.Se//,!! !.-eM/M!! !Me,S-!! !,(e.S/!!

,-,U! !.SeS//!! !.-e,U.!! !,eM,(!! !,Ue-/S!!

,-,(! !.SeM<=!! !.-e.</!! !,e-S,!! !,=e=MM!!

,-,<! !.SeM./!! !<e<U/!! !Me.SU!! !,UeSMU!!

,-M-! !.Se,-(!! !<e(-.!! !,e,/S!! !,=e,=M!!

,-M.! !.Se-/.!! !<e=S,!! !.e<U.!! !,/e==S!!

,-M,! !.Me((M!! !<eS(S!! !Me-,=!! !,=eM<M!!

,-MS! !.Me/SU!! !<e,-U!! !,e./<!! !,Se<.M!!

,-M.!>!,.-,! !,MMe<,<!! !.SUe...!! !S<e(,.!! !SM-e(=.!!

:&(/.) HCKPBPKJDJ)) H)PPIKIAA)) H)CLDKCLA)) HAKJJIKCAM))

<'''';5"?/!+'5-2'/"!'-11'1?$'!"'&"?/1)/#8'

<<'9-+%'A>"(+')/4>?1$'A?!?&$'$P,$4!$1')/A>-!)"/'-/1'-&$'/"!'1)+4"?/!$1'A"&'A?!?&$')/!$&$+!'$-&/)/#+8''

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! =-

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

,-UC B4#!1;*5![&+2&1*46e!\$!\$#$!*651#201$'!14!\4#d!

044%$#&1*[$+:!\*1;!F0d+$#!14!5$+$01!1;$!&012&#*&+!

A$1;4'5!&6'!&552A%1*465!f4*61+:!\*1;!1;$!*61$61!1;&1!

\$!\42+'!Y41;!25$!1;$!5&A$!&552A%1*465!*6!42#!

#$5%$01*[$![&+2&1*465C!!I9!\$!\$#$!26&Y+$!14!&7#$$!\*1;!

#$5%$01!14!&6!&552A%1*46e!1;$!#$&5465!1;$#$94#!&6'!

9*6&60*&+!$99$01!\$#$!14!Y$!'*50+45$'C!

,-(C W$!044%$#&1$'!\*1;!1;$!&6&+:5*5!49!1;$!'&1&!&6'!

5;&#$'!42#!#$5%$01*[$!9*6'*675C!!N41;!&012&#*$5!&00$%1!

&++!49!1;$!&552A%1*465!25$'!*6!1;*5![&+2&1*46!X!1;$#$!

&#$!64!'*99$#$60$5C!

,-<C H;$!&552A%1*465!&Y421!'*5$&5$!%#47#$55*46!&#$!'*50255$'!*6!8$01*46!/C!!H;$!&552A%1*465!&Y421!

1;$!0+&*A&61!04;4#1!&#$!'*50255$'!*6!8$01*46!=C!!!

,.-C H;*5!5$01*46!'*50255$5!&++!49!1;$!41;$#!&012&#*&+!&552A%1*465!25$'!94#!1;*5!#$%4#1!&+467!\*1;!

#$&5465!94#!1;$*#!&'4%1*46C!!!

,..C H;$5$!&552A%1*465!&#$!52AA&#*h$'!*6!)%%$6'*c!RC!

,.,C H;$!+*&Y*+*1:!*60+2'*67!&!%#4[*5*46!94#!&'[$#5$!'$[*&1*465!\&5!'$1$#A*6$'!25*67!1;$!Y$51!$51*A&1$!

&552A%1*465!147$1;$#!\*1;!&!A&#7*6!14!%#4[*'$!94#!%455*Y+$!&'[$#5$!'$[*&1*465C!!W$!*60+2'$'!&!

A&#7*6!46+:!94#!1;45$!&552A%1*465!1;&1!*6!42#!4%*6*46!A*7;1!;&[$!&!A&1$#*&+!9*6&60*&+!$99$01!*9!

&012&+!$c%$#*$60$!'*99$#$'!9#4A!1;$!Y$51!$51*A&1$!&552A%1*46C!!)5!&!#$52+1e!A&6:!49!1;$!%#4[*5*46!

94#!&'[$#5$!'$[*&1*46!&552A%1*465!&#$!1;$!5&A$!&5!1;$!Y$51!$51*A&1$!&552A%1*465C!

!,%&?"$C".0+4&@+6%$:&

,.MC W$!&+54!\4#d$'!147$1;$#!14!#$[*$\!42#!#$5%$01*[$![&+2&1*46!A4'$+5!&6'!*'$61*9:!&6:!'*99$#$60$5C!!

)!62AY$#!49!520;!'*99$#$60$5!\$#$!9426'!&6'!1;$!A4'$+5!&'f251$'!14!;&6'+$!1;$!0&+02+&1*465!*6!&!

5*A*+&#!A&66$#C!!!

,.SC ?4\$[$#e!42#!A4'$+5!&%%#4&0;!1;$!0&+02+&1*46!49!+*&Y*+*1*$5!9#4A![$#:!'*99$#$61!%$#5%$01*[$5C!!!

&C H;$!K4#6$&2!8;$%$++![&+2&1*46!A4'$+!*5!'$1$#A*6*51*0C!!H;$!%#4Y&Y*+*1*$5!&#$!&%%+*$'!14!$&0;!

0+&*A&61!&6'!1;$!A&6:!%455*Y+$!f42#6$:5!1;#427;!1;$!'*5$&5$!51&7$5!94#!$&0;!0+&*A&61!*5!

'$1$#A*6$'C!!)!'$1$#A*6*51*0!A4'$+!*5!46$!*6!\;*0;!1;$!&552A%1*465!&#$!&%%+*$'!$c&01+:!&5!

51&1$'!*6!$&0;!:$&#!\*1;421!&6:!#&6'4A![&#*&1*46C!!I9!&!'$1$#A*6*51*0!A4'$+!*5!25$'!14!0&+02+&1$!

1;$!62AY$#!49!;$&'5!1;&1!\*++!4002#!*9!&!04*6!*5!1455$'!.e---!1*A$5e!1;$!#$52+1!\*++!Y$!$c&01+:!/--C!

YC H;$!F0d+$#![&+2&1*46!A4'$+!*5!5140;&51*0C!!I6!&!5140;&51*0!A4'$+e!$&0;!%#4Y&Y*+*1:!;&5!&!

'*51#*Y21*46!X!1;*5!042+'!Y$!$Z2&1$'!14!&!Y$++!02#[$!1;&1!\&5!54A$1*A$5!&%%+*$'!14!1$51!A&#d5!*6!

In This Section….

We discuss the actuarial

assumptions used in this

valuation and compare them to

those used by Eckler Partners

! K4#1&+*1:!

! I61$#$51!&6'!I69+&1*46!

! N$6$9*1!5%$0*9*0!&552A%1*465!

@4;4#1!&6'!'*5$&5$!%#47#$55*46!&552A%1*465!&#$!'*50255$'!*6!8$01*465!/!&6'!=C!

!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! =.!

;*7;!50;44+C!!8140;&51*0!A4'$+5!#$0476*5$!1;&1!\;$6!1;*675!;&%%$6!&004#'*67!14!&!%#4Y&Y*+*1:e!

1;$#$!*5!&!'$7#$$!49!#&6'4A6$55!*6!1;$!#$52+15C!!I9!&!5140;&51*0!A4'$+!*5!25$'!14!0&+02+&1$!1;$!

62AY$#!49!;$&'5!1;&1!\*++!4002#!*9!&!04*6!*5!1455$'!.e---!1*A$5e!1;$!#$52+1!\*++!+*d$+:!Y$!

54A$1;*67!0+45$!14!/--e!5&:!Y$1\$$6!S--!&6'!=--!*6!A451!0&5$5C!!N21!1;$!#$52+1!042+'!Y$!&5!+4\!

&5!-!&6'!&5!;*7;!&5!.e---e!&+1;427;!1;$!+*d$+*;44'!49!1;&1!;&%%$6*67!*5!A*621$C!

,./C N$0&25$!42#!A4'$+5!&#$!Y&5$'!46!'*99$#$61!A$1;4'4+47*$5e!04A%+$1$!$Z2*[&+$60:!49!1;$!#$52+15!*5!

641!%455*Y+$e!Y21!\$!&#$!5&1*59*$'!1;&1!1;$#$!&#$!64!A&1$#*&+!'*99$#$60$5!*6!1;$!&%%#4&0;!14!

0&+02+&1*67!+*&Y*+*1*$5C!

4,+2'932>!'11-4523,.1!

,.=C 9$:4-!!G;=!D!2/%&$4+&L!J,,?@8&+/1,!

@11"+5('&#)

ABCB)S'(;)-0&?'1'&#)2&0)@$?,01,)3,?'/('&#)

ABCD))

=,1()>1('+/(,)

ABCD)S'(;)-0&?'1'&#)2&0)

@$?,01,)3,?'/('&#)

K4#1&+*1:!9#4A!&++!0&25$5!41;$#!1;&6!?@J.-!!>!H#&65925$'!0+&*A&615!!>!?&$A4%;*+*&0!0+&*A&615!

!!@&6&'&!T*9$!H&Y+$5!>!,---!14!,--,!.U/g!49!@&6&'&!T*9$!H&Y+$5!>!,---!14!,--,!

!!@&6&'&!T*9$!H&Y+$5!>!,--<!14!,-..!@&6&'&!T*9$!H&Y+$5!>!,--<!14!,-..!

!!

8&A$!

K4#1&+*1:!9#4A!&++!0&25$5!41;$#!1;&6!?@J!94#!1;45$!04>*69$01$'!\*1;!?IJ!

=,Sg!49!1;$!@&6&'&!T*9$!H&Y+$5!,--->,--,!

=,Sg!49!1;$!@&6&'&!T*9$!H&Y+$5!,--<>,-..!

8&A$!

K4#1&+*1:!'2$!14!?@J!9#4A!T$[$+!=!X!R$04A%$65&1*46!

.(C=g! P#$&1$#!49!@&6&'&!T*9$!A4#1&+*1:o!&6'!./C,g!

8&A$!

K4#1&+*1:!'2$!14!?@J!9#4A!T$[$+!=!X!?@@!]0&60$#`!

M/C-g! P#$&1$#!49!@&6&'&!T*9$!A4#1&+*1:!o&6'!.(C,g!

8&A$!

K4#1&+*1:!'2$!14!?@J!9#4A!T$[$+!=!>!!+*[$#!1#&65%+&61!- 9*#51!:$&#!- 1;$#$&91$#!

!!

.SC=g!!!SCSg!

P#$&1$#!49!@&6&'&!T*9$!A4#1&+*1:o!&6'a!

(C=g!MC<g!

!!

8&A$!

D6*5$c!#&1*4!- H#&65925$'!@4;4#1!!

!N&5$'!46!0+&*A&61i5!7$6'$#C!!W;$#$!7$6'$#!641!51&1$'e!S(C(g!A&+$C!

!N&5$'!46!0+&*A&61i5!7$6'$#C!!W;$#$!7$6'$#!641!51&1$'e!S<C,g!A&+$C!

!8&A$!

- ?&$A4%;*+*&0!@4;4#1!!

N&5$'!46!0+&*A&61i5!7$6'$#C!!W;$#$!7$6'$#!641!51&1$'e!(/C-g!A&+$C!

N&5$'!46!0+&*A&61i5!7$6'$#C!!W;$#$!7$6'$#!641!51&1$'e!(SCUg!A&+$C!

8&A$!

o!!H;$!@&6&'&!T*9$!A4#1&+*1:!21*+*h$'!*60+2'$5!1;$!=,Sg!&'f251A$61!94#!04>*69$01$'!%$#5465C!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!

!.-!! H;$!'$&1;5!#$52+1*67!9#4A!1;*5!&552A%1*46!&#$!5%+*1!Y$1\$$6!?@J>#$+&1$'!&6'!646>?@J!#$+&1$'!'$&1;!Y&5$'!

46!1;$!Fc0$55!?@J!3$+&1$'!K4#1&+*1:!&552A%1*46C!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! =,!

,.UC I6!%&51![&+2&1*465e!\$!&'f251$'!1;$!A4#1&+*1:!#&1$5!&%%+*$'!14!;&$A4%;*+*&05!9#4A!.--g!14!.U/g!

49!1;$!@&6&'&!T*9$!H&Y+$!A4#1&+*1:C!!H;&1!#$0476*h$'!1;&1!;&$A4%;*+*&05!$c%$#*$60$!7#$&1$#!

A4#1&+*1:!1;&6!1;$!&[$#&7$!@&6&'*&6..C!!H;&1!A4#1&+*1:!&552A%1*46!'*99$#$'!9#4A!\;&1!\&5!25$'!*6!

1;$!KKWP!3$%4#1C!!!

,.(C H;$!,-.M!KKWP!3$%4#1!51&1$5!1;&1!64!&'f251A$61!*5!A&'$!14!1;$!@&6&'&!T*9$!A4#1&+*1:!#&1$5!

^Y$0&25$!02##$61!0&#$!;&5!A&'$![*#25>9#$$!;$A4%;*+*05!&+A451!;&[$!1;$!5&A$!+*9$!$c%$01&60:!&5!

7$6$#&+!%4%2+&1*46_!]%&7$!M,`C!!B4#!1;$!,-.M![&+2&1*46e!\$!;&[$!1;$#$94#$!0$&5$'!A&d*67!&6!

&'f251A$61!&6'!&%%+:!51&6'&#'!@&6&'*&6!%4%2+&1*46!A4#1&+*1:!#&1$5!94#!;&$A4%;*+*&05C!

,.<C H;$!,-.M!KKWP!A4'$+!0;&67$'!1;$!&%%+*0&1*46!49!A4#1&+*1:!&1!+$[$+!=C!!I6!%#$[*425!A4'$+5e!Y41;!

1;$!51&7$!5%$0*9*0!A4#1&+*1:!&6'!1;$!@&6&'&!T*9$!1&Y+$5!\$#$!&%%+*$'!*6'$%$6'$61+:C!!B4#!,-.Me!&++!

+$[$+!=!'$&1;5!&#$!0465*'$#$'!14!Y$!&5!&!#$52+1!49!?@J!&6'!1;$!A4#1&+*1:!#&1$!*5!1;$!7#$&1$#!49!1;$!

51&7$!5%$0*9*0!#&1$!&6'!1;$!@&6&'&!T*9$!#&1$C!

,,-C H;$!'$1$#A*6&1*46!49!$c%$01$'!?@J!#$+&1$'!'$&1;5!*5!%$#94#A$'!*6!1;#$$!51$%5C!!B*#51e!$c%$01$'!

'$&1;5!9#4A!&++!0&25$5!41;$#!1;&6!?@J!*5!'$1$#A*6$'!Y&5$'!46!1;$!@&6&'&!T*9$!K4#1&+*1:!H&Y+$5C!!

H;&1!7*[$5!1;$!62AY$#!49!$c%$01$'!646>?@J!'$&1;5!%#$'*01$'!Y:!1;$!KKWP!A4'$+C!!8$046'e!1;$!

%$#0$61&7$5!9#4A!H&Y+$!,,-!X!Fc0$55!?@J!K4#1&+*1:!&#$!&%%+*$'!14!&++40&1$!&!%4#1*46!49!1;45$!

$c%$01$'!'$&1;5!14!Y$!1#$&1$'!&5!?@J!#$+&1$'!'$&1;5C!!H;*#'e!1;$!?@J!#$+&1$'!'$&1;5!&5!$c%$01$'!Y:!

1;$!KKWP!A4'$+!&#$!'$1$#A*6$'e!25*67!1;$!A4#1&+*1:!9#4A!?@J!&5!5$1!421!*6!H&Y+$!,.=e!&6'!

&''$'!14!1;$!$c0$55!?@J!#$+&1$'!'$&1;5C!!

9$:4-!GG<!)!VSR-,,!B"CD7-4$&-3!2/%&$4+&L!

) 3'1,/1,)V,?,.)

)) C) A) D) J) I) P)

>O5,4(,$)

@?,0/Q,)

*./'+/#(1)7;&);/?,)#&()4.,/0,$)(;,)?'0"1) ) ) ) )

?@J!R$&1;! -g! .-g! M/g! S/g! (-g! .--g! MMg!

Q46>?@J!R$&1;! .--g! <-g! =/g! //g! ,-g! -g! =Ug!

*./'+/#(1)7;&);/?,)4.,/0,$)(;,)?'0"1) ) ) ) )

?@J!R$&1;! -g! -g! -g! ,/g! =-g! .--g! ,,g!

Q46>?@J!R$&1;! .--g! .--g! .--g! U/g! S-g! -g! U(g!

H;$!&552A%1*465!94#!Y$51!$51*A&1$!&6'!%#4[*5*46!94#!&'[$#5$!'$[*&1*465!&#$!1;$!5&A$C!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!

!

..!! ^N#&0d$6#*'7$i5!K$'*0&+!8$+$01*46!49!T*9$!3*5d5_e!B*91;!F'*1*46e!K&:!,--=e!$'*14#5!R#C!3C!RC!@C!N#&0d$6#*'7$e!R#C!3*0;&#'!8C!@#4c46e!&6'!R#C!3455!K&0O$6h*$C!I8NQa!.S-M<-=U=<!e!]&!#$9$#$60$!Y44d!94#!25$!*6!'$1$#A*6*67!1;$!&[$#&7$!$99$01!49![&#*425!A$'*0&+!046'*1*465!46!9212#$!A4#1&+*1:`!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! =M!

H;*5!&552A%1*46!*5!&!0;&67$!9#4A!,-.-C!!Q4!$c0$55!?@J!#$+&1$'!A4#1&+*1:!\&5!&552A$'!94#!

0+&*A&615!\;4!;&'!0+$&#$'!1;$![*#25C!!B4#!1;45$!\;4!;&'!641!0+$&#$'!1;$![*#25e!1;$!Y$51!$51*A&1$!

&552A%1*46!\&5!A&#7*6&++:!;*7;$#!1;&6!1;$!&Y4[$!&6'!Y$1\$$6!.-g!&6'!,-g!;*7;$#!94#!1;$!

%#4[*5*46!94#!&'[$#5$!'$[*&1*465C!!H;$!,-.-!&552A%1*46!*5!*60+2'$'!*6!)%%$6'*c!RC!

0(,.,43(!'11-4523,.1!

,,.C H;$!#$12#6!46!*6[$51$'!&55$15!5;4\6!*5!'$[$+4%$'!9#4A!&6!$c%$01$'!#$12#6!94#!&!%44+!49!&55$15!

*6[$51$'!*6!&!04AY*6&1*46!49!$Z2*1*$5!&6'!Y46'5e!+$55!&!%#4[*5*46!94#!*6[$51A$61!$c%$65$5C!!W$!

;&[$!&552A$'!1;$!+467!1$#A!926'!&55$15!\*++!Y$!*6[$51$'!Y&5$'!46!1;$!*6[$51A$61!Y$60;A&#d!A*cC!!

H;$!+467>1$#A!&55$15!A&d$!2%!&Y421!<SC/g!49!1;$!*6[$51$'!&55$15C!!H;$!5;4#1>1$#A!926'!&55$15!

]\;*0;!&#$!14!Y$!A&6&7$'!14!Y$!&Y421!j=/!A*++*46e!4#!/C/g!49!1;$!02##$61!926'!5*h$`!&#$!*6[$51$'!

$61*#$+:!*6!0&5;C!!I6[$51A$61!#$+&1$'!$c%$65$5!&#$!&552A$'!14!Y$!-C-Sg!49!1;$!*6[$51$'!&55$15e!

Y&5$'!46!&012&+!#$0$61!$c%$#*$60$C!!!

,,,C H;$!%#4[*60*&+!641*46&+!&55$15!&#$!&552A$'!14!$&#6!*61$#$51!&1!1;$!#$12#6!4[$#!1;$!+467>1$#A!9212#$!

94#!M!A461;!H#$&52#:!N*++5C!

,,MC H;$!A$1;4'4+47:!21*+*5$'!Y:!K4#6$&2!8;$%$++!&6'!Y:!F0d+$#!14!'$1$#A*6$!1;$!'*504261!#&1$5!

'*99$#e!Y21!1;$!#$52+1*67!Y$51!$51*A&1$!&6'!%#4[*5*46!94#!&'[$#5$!'$[*&1*465!#&1$5!&#$!1;$!5&A$C!

,,SC 9$:4-!GG(!D!VR/1/@+R!J,,?@8&+/1,!

)ABCB)

)ABCD)

@11,()*./11) @..&4/('&#)>O5,4(,$)U,("0#)

*&#(0'b"('&#)(&)!"#$)U,("0#)

)@..&4/('&#)

>O5,4(,$)U,("0#)

*&#(0'b"('&#)(&)!"#$)U,("0#)

D6*[$#5$!N46'5! MCUg! ,C<-g! -C..g! ! /C-g! SC.-g! -C,.g!

8;4#1!H$#A!N46'5! =C<g! ,C/-g! -C.Ug! ! =CUg! SC.-g! -C,Ug!

3$&+!#$12#6!Y46'5! ==C-g! MCM/g! ,C,.g! ! =SC-g! ,C<-g! .C(=g!

FZ2*1*$5! ! ! ! ! ! ! !

!>!@&6&'&! SCMg! UC/-g! -CM,g! ! /CUg! UC=-g! -CSMg!

!>!!D8! .C/g! UC/-g! -C..g! ! ,C(g! UC=-g! -C,.g!

!>!!I61$#6&1*46&+! .CUg! UC/-g! -C.Mg! ! ,C(g! UC=-g! -C,.g!

Q41*46&+!&55$15! ./C<g! ,C/-g! -CS-g! ! .MC-g! MC.-g! -CS-g!

Fc%$01$'!#$12#6! .--C-g! !! MCS/g! !! .--C-g! !! MC=-g!

3$Y&+&60*67!$99$01! ! ! -C.,g! ! ! ! -C,Sg!

T$55!I69+&1*46! ! ! >,C,/g! ! ! ! >,C/-g!

T$55!Fc%$65$5! ! ! >-C-Sg! ! ! ! >-C-Sg!

3'14&"#()0/(,)^)=,1()>1('+/(,)

)) )) C`AMa) )) !! !! C`DBa)

K&#7*6!94#!)'[$#5$!R$[*&1*465!

! ! >-C,Mg! ! ! ! >-C,/g!

3'14&"#()U/(,)^)-2@3) )) )) C`BIa) )) )) )) C`BIa)

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! =S!

'11-4523,.1!7,+!150(373(!&0.0732!5'>40.21!

,,/C W$!6$$'!14!A&d$!&552A%1*465!&Y421!$&0;!5%$0*9*0!Y$6$9*1!&[&*+&Y+$!26'$#!1;$!"+&6C!!Fc0$%1!\;$#$!

*6'*0&1$'!41;$#\*5$e!$&0;!49!1;$!94++4\*67!&552A%1*465!*5!25$'!94#!Y41;!1;$!Y$51!$51*A&1$!&6'!1;$!

%#4[*5*46!94#!&'[$#5$!'$[*&1*465C!

,,=C K451!49!1;$!%&:A$61!&A42615!&#$!*60#$&5$'!9#4A!1;$!.<<<!+$[$+5!&5!5$1!421!*6!1;$!8$11+$A$61!

)7#$$A$61!14!#$9+$01!*69+&1*46C!!H;*5!*6'$c*67!*5!Y&5$'!46!1;$!*6'$c*67!+$[$+!26'$#!1;$!@&6&'&!

"$65*46!"+&6!$&0;!:$&#C!!I6!1;$!'*50255*46!49!Y$6$9*1!&A42615e!\$!#$9$#!14!1;$!&A4261!Y&5$'!46!1;$!

.<<<!+$[$+5C!!I6!1;$![&+2&1*46e!\$!#$0476*5$'!1;$!&012&+!*6'$c*67!1;&1!;&5!Y$$6!&%%+*$'!2%!14!

V&62&#:!,-.SC!

,,UC H;$!94++4\*67!&#$!1;$!*6'$c*67!#&1$5!1;&1!;&[$!Y$$6!25$'!14!*60#$&5$!1;$!%&:A$615!26'$#!1;$!"+&6C!!

H;$!#&1$5!94#!,--/!14!,--U!\$#$!1&d$6!9#4A!1;$!,--U!F0d+$#!3$%4#1C!!B4#!,-.S!&6'!1;$#$&91$#e!

%&:A$615!&#$!&552A$'!14!Y$!*6'$c$'!&1!1;$!#&1$!49!*69+&1*46C!!H;$5$!;*514#*0&+!*6'$c*67!#&1$5!&#$!

Y&5$'!46!9&01!&6'!&#$!1;$!5&A$!94#!&++!5$15!49!&552A%1*465C!

!"#$%&BBS&2&>0:.+-0="$&Q46%<04N&F".%:&

L$&#! I6'$c*67!3&1$!

.<<<! .C/Ug!

,---! ,C/S!

,--.! MC-.!

,--,! .C=M!

,--M! MC,.!

,--S! .CU,!

,--/! ,C,=!

,--=! ,C.M!

,--U! .C<.!

,--(! ,C/,!

,--<! -CM/!

,-.-! .C==!

,-..! ,C(S!

,-.,! .CU=!

,-.M! -C<.!

,,(C H;$!02A2+&1*[$!*6'$c*67!#&1$!5*60$!.<<<!*5!MSC/UUSgC!!84!1;$!j.-e---!+2A%!52A!%&:&Y+$!94#!+$[$+!

.!\42+'!Y$!%&*'!&1!j.MeS/UCUS!'2#*67!,-.SC!!

M;<E<<<!A/%!B"C!+1A-R&+/1!XK-I-4!;Y!

,,<C "&:A$615!&#$!&552A$'!14!Y$!A&'$!*AA$'*&1$+:!2%46!&!0+&*A&61!Y$*67!&%%#4[$'C!!)++!d64\6!

0+&*A&615!&#$!1;$#$94#$!&552A$'!14!;&[$!#$0$*[$'!1;*5!&A4261C!!H4!1;$!$c1$61!1;&1!&6:!&A42615!

#$A&*6!42151&6'*67e!1;$:!&#$!*60+2'$'!*6!1;$!141&+!49!42151&6'*67!%&:A$615C!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! =/!

,M-C B4#!1;$!26d64\6!0+&*A&615e!%&:A$615!&#$!&552A$'!14!Y$!A&'$!&1!9212#$!'&1$5!2%46!&%%#4[&+!49!

1;$*#!0+&*A!\*1;421!#$7&#'!14!1;$*#!'*5$&5$!51&7$C!!3$9$#!14!1;$!'*50255*46!49!1;$!@+&*A&61!@4;4#1!

94#!92#1;$#!'$1&*+5C!

MG<E<<<!)!8/,+&+I-!."7!&-,&!XK-I-4!GY!

,M.C "&:A$615!&#$!&552A$'!14!Y$!A&'$!*AA$'*&1$+:!2%46!&!0+&*A&61!#$&0;*67!+$[$+!,C!!8*60$!1;$#$!*5!&6!

&552A%1*46!1;&1!64!%$#546!\*++!%#47#$55!9#4A!+$[$+!.!14!&6:!41;$#!+$[$+e!1;*5!$55$61*&++:!#$52+15!*6!&!

%&:A$61!*AA$'*&1$+:!2%46!&!0+&*A!Y$*67!&%%#4[$'!94#!1;45$!&1!+$[$+!,!4#!Y$:46'C!!!!)++!d64\6!

0+&*A&615!41;$#!1;&6!1;45$!&1!+$[$+!.!&#$!1;$#$94#$!&552A$'!14!;&[$!Y$$6!%&*'!1;*5!&A4261C!!H4!1;$!

$c1$61!1;&1!&6:!&A42615!#$A&*6!42151&6'*67e!1;$:!&#$!*60+2'$'!*6!1;$!141&+!49!42151&6'*67!

%&:A$615C!

,M,C B4#!1;$!26d64\6!0+&*A&615e!%&:A$615!&#$!&552A$'!14!Y$!A&'$!2%46!&%%#4[&+!49!1;$*#!0+&*A!*9!

1;$:!&#$!+$[$+!,!]'*5$&5$!51&7$!B-]3Q)p``!4#!Y$:46'C!

MH<E<<<!)!>/1D:%+30+10!A+:%/,+,!XK-I-4!HY!

,MMC H;*5!%&:A$61!*5!&[&*+&Y+$!14!&++!0+&*A&615!\;4!;&[$!'$[$+4%$'!646>Y#*'7*67!9*Y#45*5!4#!;&[$!

%#40$$'$'!Y$:46'!1;&1!+$[$+C!!H;$!KKWP!A4'$+!'4$5!641!*60+2'$!&!51&7$!'*#$01+:!04##$5%46'*67!

14!646>Y#*'7*67!9*Y#45*5C!!?4\$[$#e!\$!26'$#51&6'!1;&1!646>Y#*'7*67!9*Y#45*5!64#A&++:!4002#5!

54A$\;$#$!Y$1\$$6!51&7$5!B.!&6'!B,e!]B*Y#45*5!51&7$5!.!&6'!,`!&6'!\$!;&[$!&552A$'!1;&1!&!

0+&*A&61!&1!51&7$!B.!*5!$61*1+$'!14!+$[$+!M!Y$6$9*15C!!H;*5!*5!0465*51$61!\*1;!1;$!F0d+$#!&552A%1*465!

&6'!\*1;!;4\!1;$!KKWP!&552A$'!1;$!+$[$+5!&6'!51&7$5!\42+'!Y$!1#$&1$'C!!

,MSC )!0+&*A&61!A&:!$+$01!14!\&*[$!1;*5!%&:A$61!&6'!#$0$*[$!*651$&'!&!T455!49!I604A$!4#!T455!49!

8$#[*0$5!Y$6$9*1C!!H;$!'$0*5*46!&5!14!\;*0;!Y$6$9*1!14!#$0$*[$!A&:!Y$!'$9$##$'!&5!+467!&5!1;$!

0+&*A&61!\*5;$5C!!!

,M/C B4#!&++!d64\6!0+&*A&615!\;4!;&[$!A&'$!&6!$+$01*46!14!#$0$*[$!1;$!jM-e---!+2A%!52Ae!\$!;&[$!

&552A$'!%&:A$61!;&5!Y$$6!A&'$!&6'!14!1;$!$c1$61!1;&1!*1!;&5!641e!1;$!&A4261!*5!*60+2'$'!*6!1;$!

42151&6'*67!%&:A$615!141&+5C!

,M=C B4#!&++!26d64\6!0+&*A&615!&6'!&++!d64\6!0+&*A&615!\;4!;&[$!641!A&'$!&6!$+$01*46!4#!;&[$!641!

#$&0;$'!1;*5!51&7$e!\$!&552A$'!</g!49!1;45$!26'$#!&7$!=/!&6'!<Mg!49!1;45$!4[$#!&7$!=/!\42+'!

$+$01!14!#$0$*[$!1;$!jM-e---!+2A%!52A!&6'!1;$!Y&+&60$!\42+'!$+$01!1;$!T455!49!I604A$!4#!T455!49!

8$#[*0$5!Y$6$9*1!&5!'$50#*Y$'!*6!1;$!94++4\*67!5$01*46C!!

M='E<<<!)!"+%%#/,+,!XK-I-4!'Y!

,MUC "&:A$615!&#$!&552A$'!14!Y$!A&'$!*AA$'*&1$+:!2%46!&!0+&*A&61!#$&0;*67!T$[$+!/!]51&7$!BS!>!

@*##;45*5`C!!)++!d64\6!0+&*A&615!&1!51&7$!BS!&6'!Y$:46'!&#$!&552A$'!14!;&[$!Y$$6!%&*'!1;*5!

&A4261C!!H4!1;$!$c1$61!1;&1!&6:!&A42615!#$A&*6!42151&6'*67e!1;$:!&#$!*60+2'$'!*6!1;$!141&+!49!

42151&6'*67!%&:A$615C!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! ==!

,M(C B4#!41;$#!0+&*A&615e!%&:A$615!&#$!&552A$'!14!Y$!A&'$!2%46!1#&65*1*46!14!51&7$!BSC!

M;<<E<<<!)!*-R/@8-1,$&+/1Z"$1R-%ZK+I-%!9%$1,84$1&!XK-I-4!=Y!

,M<C "&:A$615!&#$!&552A$'!14!Y$!A&'$!*AA$'*&1$+:!2%46!&!0+&*A&61!#$&0;*67!+$[$+!=!X!+*[$#!

'$04A%$65&1*46!&6'!?@@C!]W;*+$!+*[$#!1#&65%+&61!*5!#$0476*5$'!26'$#!1;$!"+&6e!1;$!A$'*0&+!A4'$+!

&552A$5!1;&1!&++!%&1*$615!\;4!#$0$*[$!&!+*[$#!1#&65%+&61!9*#51!74!1;#427;!1;$!+*[$#!'$04A%$65&1*46!

51&7$e!54!94#!%2#%45$5!49!1;*5![&+2&1*46e!64!&''*1*46&+!Y$6$9*15!&#$!&552A$'!%&:&Y+$!&1!+*[$#!

1#&65%+&61`C!!)++!d64\6!0+&*A&615!&1!51&7$5!'$04A%$65&1*46!4#!?@@!&6'!Y$:46'!&#$!&552A$'!14!

;&[$!Y$$6!%&*'!1;*5!&A4261C!!H4!1;$!$c1$61!1;&1!&6:!&A42615!#$A&*6!42151&6'*67e!1;$:!&#$!

*60+2'$'!*6!1;$!141&+!49!42151&6'*67!%&:A$615C!

,S-C B4#!41;$#!0+&*A&615e!%&:A$615!&#$!&552A$'!14!Y$!A&'$!2%46!1#&65*1*46!14!51&7$5!'$04A%$65&1*46!

4#!?@@C!

K/,,!/A!O1R/@-!$13!K/,,!/A!P-%I+R-,!$&!>/1D[%+30+10!\+:%/,+,!P&$0-!XK-I-4!HY!

,S.C T455!49!*604A$!*5!&[&*+&Y+$!14!0+&*A&615!26'$#!&7$!=/!\;4!;&[$!646>Y#*'7*67!9*Y#45*5!]&552A$'!14!

4002#!&5!'$50#*Y$'!&Y4[$`!&6'!;&[$!$+$01$'!14!#$0$*[$!&!T455!49!I604A$!Y$6$9*1!*6!+*$2!49!1;$!

jM-e---!+2A%!52AC!

,S,C B4#!1;$!Y$51!$51*A&1$!&5!\$++!&5!1;$!%#4[*5*46!94#!&'[$#5$!'$[*&1*465![&+2$5e!d64\6!0+&*A&615!\;4!

&#$!&+#$&':!*6!#$0$*%1!49!1;*5!Y$6$9*1!&#$!&552A$'!14!0461*62$!14!#$0$*[$!%&:A$615!*6!1;$!5&A$!

&A4261!Y21!*6'$c$'!$&0;!:$&#C!!

,SMC B4#!41;$#!0+&*A&615!\;4!;&[$!641!A&'$!&6!$+$01*46!#$7&#'*67!1;$!jM-e---!%&:A$61e!]Y41;!d64\6!

&6'!26d64\6!0+&*A&615`e!/g!49!1;45$!26'$#!&7$!=/!&6'!Ug!49!1;45$!4[$#!=/!&#$!&552A$'!14!\&*[$!

$61*1+$A$61!14!1;$!jM-e---!+2A%!52A!&A4261C!!E9!1;45$!26'$#!&7$!=/e!=-g!49!1;*5!/g!]4#!Mg!49!

1;45$!&1!646>Y#*'7*67!9*Y#45*5!51&7$`!&#$!&552A$'!14!#$0$*[$!&!T455!49!I604A$!Y$6$9*1C!!)1!&7$!=/e!

1;$:!\*++!5\*10;!14!&!T455!49!8$#[*0$5!Y$6$9*1C!!H;$!#$51!49!1;45$!\;4!\&*[$!1;$!jM-e---!Y$6$9*1!],g!

49!1;45$!26'$#!&7$!=/!&6'!Ug!49!1;45$!4[$#!&7$!=/`!&#$!&552A$'!14!#$0$*[$!&!T455!49!8$#[*0$5!

Y$6$9*1C!!B4#!1;$!,-.-![&+2&1*46e!1;$!&552A%1*465!\$#$!1;$!5&A$!\*1;!1;$!$c0$%1*46!1;&1!1;$!Ug!

&6'!<Mg![&+2$5!\$#$!/g!&6'!</g!#$5%$01*[$+:C!

,SSC T455!49!I604A$!Y$6$9*15!&#$!&552A$'!14!Y$!jM<e---!]jM/e---!*6!,-.-![&+2&1*46`!%$#!:$&#!94#!1;$!

1#&65925$'!04;4#1!&6'!jS(e---!]jM(e---!*6!,-.-![&+2&1*46`!%$#!:$&#!94#!1;$!;&$A4%;*+*&0!04;4#1C!!

T455!49!8$#[*0$5!Y$6$9*15!&#$!&552A$'!14!Y$!j.=e---!]j./e---!*6!,-.-`!%$#!:$&#!94#!Y41;!1;$!

1#&65925$'!&6'!;&$A4%;*+*&0!04;4#15C!!H;$5$!'4++&#!&A42615!&#$!&++!*6!,-.S!'4++&#5C!

K/,,!/A!O1R/@-!$13!K/,,!/A!P-%I+R-,!$&![%+30+10!\+:%/,+,!P&$0-!$13![-L/13!XK-I-4,!(!&/!=Y!

,S/C F61*1+$A$61!14!1;$5$!Y$6$9*15!*5!'$50#*Y$'!*6!)%%$6'*c!)!>!82AA&#:!49!N$6$9*15C!!T455!49!I604A$!*5!

&[&*+&Y+$!14!0+&*A&615!26'$#!&7$!=/C!!T455!49!8$#[*0$5!*5!&[&*+&Y+$!14!&6:!0+&*A&61!#$7&#'+$55!49!&7$e!

%#4[*'$'!1;$:!&#$!641!*6!#$0$*%1!49!&!T455!49!I604A$!Y$6$9*1C!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! =U!

,S=C B4#!1;$!Y$51!$51*A&1$!&5!\$++!&5!1;$!%#4[*5*46!94#!&'[$#5$!'$[*&1*465![&+2$5e!d64\6!0+&*A&615!\;4!

&#$!&+#$&':!*6!#$0$*%1!49!1;$5$!Y$6$9*15!&#$!&552A$'!14!0461*62$!14!#$0$*[$!%&:A$615!&1!1;$!5&A$!

+$[$+!Y21!*6'$c$'!$&0;!:$&#C!!!

,SUC B4#!1;$!d64\6!0+&*A&615!\;4!&#$!&1!4#!Y$:46'!Y#*'7*67!9*Y#45*5!]+$[$+5!S!14!=`!&6'!\;4!&#$!641!

02##$61+:!*6!#$0$*%1!49!1;*5!Y$6$9*1e!\$!;&[$!&552A$'!1;&1!1;$#$!A&:!Y$!&!9212#$!0+&*A!*6!

&004#'&60$!\*1;!1;$!94++4\*67!1&Y+$5C!!H;$!%$#0$61&7$!94#!9212#$!0+&*A5!9#4A!d64\6!0+&*A&615!

\;$6!&''$'!14!1;$!#$5%$01*[$!%$#0$61&7$!49!d64\6!0+&*A&615!\;4!&#$!&+#$&':!#$0$*[*67!&!Y$6$9*1!

7*[$5!&!141&+!1;$!5&A$!&5!]4#!*6!54A$!0&5$5!7#$&1$#!1;&6`!1;$!26d64\6!0+&*A&615C!

!"#$%&BWS&2&F".%&+D&EC.C-%&*$"09:&D+-&O+::&+D&Q4=+9%a/%-P0=%:&Z%4%D0.&&

=,#,2'()-/[+,#() ABCB) ABCD)^)=>) ABCD)^)-2@3)

K/,,!/A!O1R/@-)X!T$[$+!M!! "#4%4#1*46!0+&*A*67!

!Mg!$+$01!26'$#!&7$!=/!-g!$+$01!4[$#!&7$!=S!

!Mg!$+$01!26'$#!&7$!=/!-g!$+$01!4[$#!&7$!=S!

!8&A$!

K/,,!/A!P-%I+R-,'X!T$[$+!M!! "#4%4#1*46!0+&*A*67!

!,g!$+$01!26'$#!&7$!=/!/g!$+$01!4[$#!&7$!=S!

!,g!$+$01!26'$#!&7$!=/!Ug!$+$01!4[$#!&7$!=S!

!8&A$!

K/,,!/A!O1R/@-!X!T$[$+5!S!&6'!/!! "#4%4#1*46!0+&*A*67!X!

26d64\6!!! "#4%4#1*46!0+&*A*67!>!

d64\6.,!

!.(g!26'$#!&7$!=/!-g!4[$#!&7$!=S!

!Ug!1#&65925$'!

-g!;&$A4%;*+*&0!

!,.g!26'$#!&7$!=/!-g!4[$#!&7$!=S!

!/C(g!1#&65925$'!

MC,g!;&$A4%;*+*&0!

!8&A$!

K/,,!/A!O1R/@-!X!T$[$+!=!! "#4%4#1*46!0+&*A*67!>!

26d64\6!!! "#4%4#1*46!0+&*A*67!>!d64\6!!

!.Ug!26'$#!&7$!=/!-g!4[$#!&7$!=S!

!-g!1#&65925$'!

-g!;&$A4%;*+*&0!

!,/g!26'$#!&7$!=/!-g!4[$#!&7$!=S!

!-g!1#&65925$'!

-g!;&$A4%;*+*&0!

!8&A$!

K/,,!/A!P-%I+R-,!X!T$[$+5!S!&6'!/!!! "#4%4#1*46!0+&*A*67!>!

26d64\6!!! "#4%4#1*46!0+&*A*67!>!d64\6!!

- H#&65925$'!!- ?&$A4%;*+*&0!

!M<g!26'$#!&7$!=/!/Ug!4[$#!&7$!=S!

!!

..g!26'$#!&7$!=/!,/g!4[$#!&7$!=S!

!/g!26'$#!&7$!=/!-g!4[$#!&7$!=S!

!M-g!26'$#!&7$!=/!/.g!4[$#!&7$!=S!

!!

=CUg!26'$#!&7$!=/!,UCMg!4[$#!&7$!=S!

!-g!26'$#!&7$!=/!-g!4[$#!&7$!=S!

!8&A$!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!

!

.,!! H;$!d64\6!%#4%4#1*46!0+&*A*67!&%%+*$5!14!d64\6!0+&*A&615!&+#$&':!&1!1;$!*6'*0&1$'!+$[$+!\;4!;&[$!641!:$1!04AA$60$'!&!0+&*AC!!)++!d64\6!0+&*A&615!&+#$&':!46!0+&*A!&#$!&552A$'!14!0461*62$C!!)++!d64\6!0+&*A&615!\;4!+&1$#!1#&65*1*46!*614!1;$!+$[$+!&#$!&552A$'!14!0+&*A!Y&5$'!46!1;$!%#4%4#1*465!94#!26d64\6!0+&*A&615C!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! =(!

=,#,2'()-/[+,#() ABCB) ABCD)^)=>) ABCD)^)-2@3)

K/,,!/A!P-%I+R-,!X!T$[$+!=!! "#4%4#1*46!0+&*A*67!>!

26d64\6!!! "#4%4#1*46!0+&*A*67!>!d64\6!!

- H#&65925$'!!- ?&$A4%;*+*&0!

!

!/Ug!26'$#!&7$!=/!USg!4[$#!&7$!=S!

!!

,/g!26'$#!&7$!=/!.(g!4[$#!&7$!=S!

!.-g!26'$#!&7$!=/!-g!4[$#!&7$!=S!

!S-g!26'$#!&7$!=/!=/g!4[$#!&7$!=S!

!!

/CMg!26'$#!&7$!=/!S-C<g!4[$#!&7$!=S!

!-g!26'$#!&7$!=/!-g!4[$#!&7$!=S!

!8&A$!

,S(C "&:A$615!&#$!&552A$'!14!0461*62$!94#!1;$!+*9$1*A$!49!1;$!0+&*A&61C!

,S<C H;$![&+2&1*46!A4'$+!&552A$5!1;&1!1;45$!\;4!0+&*A!&!T455!49!I604A$!4#!T455!49!8$#[*0$5!Y$6$9*1!'4!

54!04*60*'$61!\*1;!1#&65*1*46*67!*614!+$[$+!SC!!]B4#!1;$!*60#$&5$!9#4A!/.g!14!=/g!49!0+&*A&615!&1!

+$[$+!=e!1;$!$c1#&!.Sg!&#$!&552A$'!14!0+&*A!04*60*'$61!\*1;!1;$*#!1#&65*1*46!14!+$[$+!=`C!!I6!#$&+*1:e!

A&6:!49!1;$5$!0+&*A5!\*++!04AA$60$!&1!&!+&1$#!1*A$C!!H;*5!&552A%1*46!\*++!4[$#51&1$!1;$!+*&Y*+*1*$5C!!

H;*5!*552$!46+:!&99$015!1;$!0+&*A&615!\;4!1#&65*1*46!14!+$[$+!S!\*1;421!;&[*67!0+&*A$'!&1!&6!$&#+*$#!

+$[$+C!!W$!\*++!#$9$#!14!1;*5!7#42%!&5!O64\65!\*1;!R$9$##$'!N$6$9*15C!

,/-C D6'$#!1;$!"+&6e!&!0+&*A&61!&1!+$[$+!S!\;4!;&5!&!T455!49!I604A$!4#!8$#[*0$5!1;&1!04AA$60$'!%#*4#!

14!#$&0;*67!+$[$+!S!A&:!0+&*A!#$1#4&01*[$!Y$6$9*15!X!$[$6!*9!1;$:!;&'!#$0$*[$'!1;$!jM-e---!+2A%!

52A!%&:A$61!&1!+$[$+!MC!!H;*5!A&:!&99$01!&!5A&++!%$#0$61&7$!49!1;$!0+&*A&615!\;4!1#&65*1*46!14!

+$[$+!SC!!W$!\*++!#$9$#!14!1;*5!7#42%!&5!O64\65!\*1;!3$1#4&01*[$!N$6$9*15C!

,/.C W;$6!&6!26d64\6!0+&*A&61!&1!+$[$+!S!4#!Y$:46'!9*+$5!&!0+&*Ae!1;$#$!A&:!Y$!&!T455!49!I604A$!4#!

T455!49!8$#[*0$5!1;&1!04AA$60$'!%#*4#!14!1;$!9*+*67!49!1;$!0+&*AC!!820;!&!+455!*5!$+*7*Y+$!94#!

%&:A$61C!!W$!\*++!#$9$#!14!1;*5!7#42%!&5!D6d64\65!\*1;!3$1#4&01*[$!N$6$9*15C!

,/,C I6!42#!4%*6*46e!1;$!4[$#51&1$A$61!49!+*&Y*+*1*$5!94#!1;$!O64\65!\*1;!R$9$##$'!N$6$9*15!*5!

5*76*9*0&61+:!7#$&1$#!1;&6!1;$!+*&Y*+*1:!94#!1;$!O64\65!&6'!D6d64\65!\*1;!3$1#4&01*[$!N$6$9*15C!!

W$!;&[$!1;$#$94#$!&552A$'!1;&1!1;$!+*&Y*+*1:!94#!O64\65!\*1;!R$9$##$'!N$6$9*15!\*++!$c0$$'!1;$!

141&+!+*&Y*+*1:!94#!O64\65!\*1;!3$1#4&01*[$!N$6$9*15!&6'!D6d64\65!\*1;!3$1#4&01*[$!N$6$9*15C!!

3&1;$#!1;&6!1#:*67!14!Z2&61*9:!1;$!&A42615!*6[4+[$'e!94#!1;$!Y$51!$51*A&1$!&6'!%#4[*5*46!94#!

&'[$#5$!'$[*&1*465!&552A%1*465e!\$!;&[$!&552A$'!1;$#$!*5!64!&'f251A$61!#$Z2*#$'!14!#$0476*h$!

1;$!#$1#4&01*[$!Y$6$9*15!%&:&Y+$!&6'!1;&1!1;$#$!A&:!Y$!&6!*AA&1$#*&+!4[$#51&1$A$61!49!+*&Y*+*1*$5!

&5!&!#$52+1C!

,/MC B2#1;$#e!*6!42#!4%*6*46e!*1!*5!+*d$+:!1;&1!&6:!0+&*A5!04AA$60$'!&1!+$[$+!=!\*++!;&[$!64!4#![$#:!+*11+$!

#$1#4&01*[$!%&:A$615!'2$C!

,/SC W$!26'$#51&6'!1;&1!1;$#$!A&:!Y$!5*12&1*465!\;$#$!0+&*A&615!&#$!#$0$*[*67!T455!49!I604A$!4#!T455!

49!8$#[*0$!Y$6$9*15!'2$!14!&!1$A%4#&#:!'*5&Y*+*1:C!!H;$!'&1&!'4$5!641!*'$61*9:!1;$5$!0+&*A&615e!54!\$!

;&[$!&552A$'!1;&1!1;$#$!&#$!64!1$A%4#&#:!%$#*4'5!49!'*5&Y*+*1:C!!H4!1;$!$c1$61!1;&1!54A$!49!1;$5$!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! =<!

0+&*A&615!\*++!#$04[$#!&6'e!$*1;$#!%$#A&6$61+:!4#!1$A%4#&#*+:e!0$&5$!#$0$*[*67!T455!49!I604A$!4#!

8$#[*0$5!Y$6$9*15e!1;$!+*&Y*+*1:!\*++!Y$!4[$#51&1$'!5+*7;1+:C!

,//C B4#!0+&*A&615!02##$61+:!#$0$*[*67!Y$6$9*15e!1;$!&A4261!%&*'!*5!&552A$'!14!0461*62$!\*1;!*6'$c*67!

94#!1;$!9212#$C!!B4#!0+&*A&615!641!02##$61+:!#$0$*[*67!1;*5!Y$6$9*1e!1;$!T455!49!I604A$!%&:A$615!&#$!

&552A$'!14!Y$!jM<e---!]jM/e---!*6!,-.-`!%$#!:$&#!94#!1;$!1#&65925$'!04;4#1!&6'!jS(e---!

]jM(e---!*6!,-.-`!%$#!:$&#!94#!1;$!;&$A4%;*+*&0!04;4#1C!!T455!49!8$#[*0$5!Y$6$9*15!&#$!&552A$'!14!

Y$!j.=e---!]j./e---!*6!,-.-`!%$#!:$&#!94#!Y41;!1;$!1#&65925$'!&6'!;&$A4%;*+*&0!04;4#15C!!H;$5$!

'4++&#!&A42615!&#$!&++!*6!,-.S!'4++&#5C!

7-R/I-%L!A%/@!K/,,!/A!O1R/@-!$13!K/,,!/A!P-%I+R-,!

,/=C "#*4#!14!,-.Me!\$!&552A$'!1;&1!&6:!0+&*A&61!\;4!04AA$60$'!&!T455!49!I604A$!4#!T455!49!8$#[*0$5!

Y$6$9*1!\42+'!#$A&*6!*6!#$0$*%1!49!*1!]&91$#!5\*10;*67!14!&!+455!49!5$#[*0$5!Y$6$9*1!&1!&7$!=/`!94#!1;$!

Y&+&60$!49!1;$*#!+*9$C!!W;*+$!1;$#$!\$#$!0+&*A&615!94#!\;4A!1;$!'*5&Y*+*1:!\&5!1$A%4#&#:e!1;$:!

\$#$!9$\!*6!62AY$#!&6'!*764#*67!1;$!%455*Y*+*1:!49!#$04[$#:!9#4A!'*5&Y*+*1:!*5!641!A&1$#*&+C!

,/UC W*1;!1;$!6$\!1#$&1A$615!&[&*+&Y+$e!\$!Y$+*$[$!1;&1!#$04[$#:!9#4A!'*5&Y*+*1:!\*++!Y$!A&1$#*&+!&6'!

\$!;&[$!1;$#$94#$!A&'$!&6!&552A%1*46C!!W$!;&'!+*11+$!*694#A&1*46!46!\;*0;!14!Y&5$!1;$!

&552A%1*46C!!W$!\$#$!&'[*5$'!1;&1a!!

&C '&A&7$!'46$!Y:!?@J!*5!641!#$[$#5$'!Y:!#$04[$#:b!!!

YC 04A4#Y*'*1:!*552$5!\*++!+*d$+:!0461*62$!&6'!&6:!%#*4#!$99$01!49!?@J!46!1;$!04A4#Y*'*1:!042+'!

0461*62$!&99$01*67!1;$!%$#546!94#!54A$!1*A$b!&6'!

0C #$04[$#:!1*A$!94#!A451!0+&*A&615!&1!+$[$+!M!*5!+*d$+:!14!Y$!&!9$\!A461;5!Y21!*60#$&5$!14!&!9$\!

:$&#5e!*9!&1!&++e!&1!+$[$+!/C!

,/(C N&5$'!46!1;$!&Y4[$e!\$!&552A$!1;&1!1;$!94++4\*67!%$#0$61!49!0+&*A&615!\;4!;&[$!0+$&#$'!1;$![*#25!

&6'!1;45$!\;4!\*++!0+$&#!1;$![*#25!\*++!#$04[$#!&6'!;&[$!1;$*#!+455!49!*604A$!&6'!+455!49!5$#[*0$5!

Y$6$9*1!0$&5$C!

) )

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! U-!

:/b.,)AIM)g)U,4&?,0[)U/(,1)20&+)V&11)&2)Y#4&+,)/#$)V&11)&2)E,0?'4,1)

@2(,0)*.,/0'#Q)(;,)Z'0"1)))

3"0/('&#)E'#4,)3'1/b'.'([) V,?,.1)D)f)J) V,?,.)I) V,?,.)P)

.! /-C-g! ,/C-g! -g!

,! M-C-g! ./C-g! -g!

M! ,/C-g! .,C/g! -g!

S! ,/C-g! .,C/g! -g!

/! ./C-g! UC/g! -g!

=! .-C-g! /C-g! -g!

U! /C-g! ,C/g! -g!

(! /C-g! ,C/g! -g!

<p! -C-g! -C-g! -g!

)

"/,&,!/A!"$%-!XK-I-4!=Y!!

,/<C H&Y+$!,/<!5;4\5!1;$!%&51!5*c!:$&#5!49!0+&*A5!94#!0451!49!0&#$!&A467!&++!0+&*A&615!&1!+$[$+!=C!!!

!"#$%&BKT&2&*+:.&+D&*"-%&*$"09:&

>HIJ!

.KLMHJ!(NIOLOPQ!

(RST!RU!(IJH!

5HJVHPTIQH!RU!'NN!

9HWHN!C!(NIOLIPTS!

'WHJIQH!(NIOL!

'LRKPT!

HIIJ! KJ! LJMNO! P!HQBHLR!!

HIIS! TL! LSMLO! !HTBRRT!!

HIQI! TH! LNMNO! !HJBJLT!!

HIQQ! TR! KIMLO! !HRBSRR!!

HIQH! TI! LNMLO! !LRBTIQ!!

HIQL! TL! LJMKO! !KNBSQK!!

E9#5)6#! TH! LJMRO! P!LQBHRQ!

,=-C I6!42#!'*50255*465!\*1;!F0d+$#!&Y421!&552A%1*465e!\$!&552A$'!1;&1!1;$!+&#7$!*60#$&5$!*6!&[$#&7$!

&A4261!94#!,-.M!*5!+*d$+:!&!51&1*51*0&+!&64A&+:e!Y21!'$0*'$'!14!#$9+$01!*1!&5!&6!&552A%1*46!94#!1;$!

%#4[*5*46!94#!&'[$#5$!'$[*&1*46C!

,=.C F&0;!:$&#!46!&[$#&7$e!S-g!]S/g!*6!,-.-`!49!0+&*A&615!&1!+$[$+!=!]'$04A%$65&1*46e!?@@!&6'!+*[$#!

1#&65%+&61`!\*++!#$Z2*#$!0&#$!\*1;!&6!&[$#&7$!0+&*A!49!jM-e---!]j.=e---!*6!,-.-`!\;$#$!1;$!

&A4261!*5!51&1$'!*6!,-.S!'4++&#5C!!B4#!1;$!%#4[*5*46!94#!&'[$#5$!'$[*&1*465e!1;$!&552A%1*465!&#$!

S-g!]//g!*6!,-.-`!&1!&6!&[$#&7$!0+&*A!49!jS/e---!]j,.e---!*6!,-.-`C!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! U.!

*%?0!9#-%$8L!!

,=,C W*1;!1;$!6$\!'#27!1#$&1A$61!#$7*A$65!#$0$61+:!*61#4'20$'!&6'!$c%$01$'!14!Y$!*61#4'20$'!*6!1;$!

6$&#!9212#$e!1;$!0+&*A5!94#!'#27!1;$#&%:!Y$6$9*15!\*++!+*d$+:!0;&67$!5*76*9*0&61+:!9#4A!1;$!%&51C!!H;$!

6$\!1#$&1A$615!&#$!$c%$01$'!14!1&d$!+$55!1*A$!&6'!Y$!A20;!+$55!'$Y*+*1&1*67!'2#*67!1#$&1A$61C!!I6!

42#!'*50255*465!\*1;!F0d+$#e!\$!'$0*'$'!1;&1!%&51!1#$&1A$61!51&1*51*05!\42+'!Y$!49!+*11+$!4#!64!25$!

*6!A&d*67!&6!&552A%1*46!94#!1;$!9212#$C!

,=MC N&5$'!46!*694#A&1*46!%#4[*'$'!Y:!1\4!A$'*0&+!'4014#5.M!147$1;$#!\*1;!#$04AA$6'$'!1#$&1A$61!

%#41404+5!%#4[*'$'!Y:!8;&#46!K&11;$\5!49!1;$!V4*61!@4AA*11$$!&6'!*694#A&1*46!46!1;$!%#$[&+$60$!

49![&#*425!7$641:%$5!*6!@&6&'&.Se!\$!'$[$+4%$'!&6!&[$#&7$!1#$&1A$61!+$671;!94#!25$!*6!42#!

A4'$+5C!!H;$!*694#A&1*46!*6'*0&1$'!1;&1!1;$![&51!A&f4#*1:!49!0+&*A&615!\*++!#$Z2*#$!.,!\$$d5!49!

1#$&1A$61e!Y21!1;$#$!&#$!54A$!\;4!\*++!46+:!#$Z2*#$!(!\$$d5!&6'!41;$#5!2%!14!,S!\$$d5C!!E6!

&[$#&7$e!1#$&1A$61!+$671;!*5!$c%$01$'!14!Y$!&Y421!.MC,!\$$d5C!!B4#!1;$!Y$51!$51*A&1$!&552A%1*46e!

\$!&552A$!&!1#$&1A$61!+$671;!49!.MC,!\$$d5!]MCM!A461;5`!&6'!94#!1;$!%#4[*5*46!94#!&'[$#5$!

'$[*&1*465e!\$!&552A$!&6!&[$#&7$!1#$&1A$61!+$671;!49!.SC/!\$$d5!]MC=!A461;5`C!!H;$!Y$6$9*1!

&A4261!*5!j.e---!].<<<!'4++&#5`!%&:&Y+$!94#!$&0;!A461;C!!!

,=SC W$!;&[$!1;$#$94#$!&552A$'!94#!1;$!Y$51!$51*A&1$!1;&1!.--g!49!0+&*A&615!\*++!#$0$*[$!&!'#27!

1;$#&%:!Y$6$9*1!49!jMeM--!].<<<!'4++&#5`!04*60*'$61!\*1;!#$0$*[*67!&!1#$&1A$61!]5$$!H&Y+$!U<!94#!

1;$!1#$&1A$61!&552A%1*465`C!!B4#!1;$!%#4[*5*46!94#!&'[$#5$!'$[*&1*465e!\$!;&[$!&552A$'!&6!

&[$#&7$!Y$6$9*1!49!jMe=--C!

,=/C B4#!,-.-e!\$!&552A$'!1;&1!=-g!49!+$[$+!M!0+&*A&615e!U-g!49!+$[$+!S!0+&*A&615!&6'!(-g!49!+$[$+!/!

0+&*A&615!\42+'!#$0$*[$!46$!%&:A$61!%$#!+$[$+!49!j..e---!]*6!.<<<!'4++&#5`C!!

]1+1,?%-3!9%-$&@-1&!^!2-3+R$&+/1!

,==C W*1;!1;$!6$\!1#$&1A$615!#$0$61+:!&[&*+&Y+$!&6'!$c%$01&1*465!94#!&''*1*46&+!1#$&1A$615!14!Y$04A$!

&[&*+&Y+$e!\$!$c%$01!1;$!04515!94#!26*652#$'!1#$&1A$61!&6'!A$'*0&1*46!\*++!0;&67$!5*76*9*0&61+:!

9#4A!\;&1!;&5!Y$$6!$c%$#*$60$'!*6!1;$!%&51C!!W$!1;$#$94#$!#$Z2$51$'!1;$!&'A*6*51#&14#!14!

5$%&#&1$!&++!%&51!0+&*A5!94#!26*652#$'!1#$&1A$61!&6'!A$'*0&1*46!Y$1\$$6!04515!94#!1#$&1A$61!

&*A$'!&1!0+$&#*67!1;$![*#25!&6'!04515!94#!&++!41;$#!1:%$5!49!1#$&1A$61C!

,=UC W$!;&[$!&552A$'!1;&1!1#$&1A$61!04515!94#!%2#%45$5!41;$#!1;&6!0+$&#*67!1;$![*#25!\*++!0461*62$!94#!

1;$!9212#$!&A467!1;45$!\;4!;&[$!641!0+$&#$'!1;$![*#25!*6!5*A*+&#!%#4%4#1*465!14!1;$!%&51C!!W$!;&[$!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!

!

.M!! R#C!W467!]#$1&*6$'!Y:!1;$!R$%&#1A$61!49!V251*0$`!&6'!R#C!N&*6!]#$1&*6$'!Y:!1;$!V4*61!@4AA*11$$`C!

.S!! ^R*51#*Y21*46!49!?$%&1*1*5!@!J*#25!P$641:%$5!*6!@&6&'&a!3$52+15!94#A!1;$!T@R@!R$61*6$+!?$&+1;!D6*1!82#[$*++&60$!8:51$A_b!3O!@;&2';&#:e!";Re!K!H$%%$#!KRe!8!F*5&&'&6:e!"&2+!3!P2++:!KRb!@&6&'*&6!V42#6&+!49!*69$01*425!R*5$&5$5e!J4+!.-e!Q4!.!V&62&#:lB$Y#2&#:!.<<<C!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! U,!

&552A$'!1;&1!1#$&1A$61!04515!94#!%2#%45$5!49!0+$&#*67!1;$![*#25!\*++!Y$!5*76*9*0&61+:!'*99$#$61!9#4A!

1;$!%&51!&6'!\$!'$[$+4%$'!&6!&552A%1*46!Y&5$'!46!$c%$01$'!04515!94#!1;$!6$\!'#275C!

,=(C H&Y+$!,=(!5;4\5!1;$!%$#0$61&7$!49!d64\6!0+&*A&615!\;4!;&[$!Y$$6!#$*AY2#5$'!&1!&6:!1*A$!*6!1;$!

%&51!6*6$!:$&#5!94#!26*652#$'!1#$&1A$61!\;$#$!1;$!04515!\$#$!641!'*#$01+:!*602##$'!94#!%2#%45$5!

49!0+$&#*67!1;$![*#25C!!H;$!&[$#&7$!0+&*A!4[$#!1;$!+&51!M!&6'!=!:$&#5!*60+2'$5!&6!&'f251A$61!94#!

*69+&1*46!14!,-.S!'4++&#5C!

!"#$%&B(V&2&34+54&*$"09"4.:&50.,&7404:C-%6&!-%".9%4.&*$"09:&4+.&F%$".%6&.+&*$%"-04N&.,%&?0-C:&&

)) :0/#12"1,$) </,+&5;'.'/4)

_,/0)-,04,#()*./'+'#Q)

@?,0/Q,)*./'+)

-,04,#()*./'+'#Q)

@?,0/Q,)*./'+)

2005 5.1% $ 1,014 6.2% $ 2,330

2006 4.7% 1,559 8.2% 2,189

2007 4.4% 1,290 7.3% 2,357

2008 4.8% 1,213 6.9% 2,101

2009 4.5% 1,197 7.2% 2,443

2010 4.0% 1,142 6.9% 2,011

2011 4.0% 1,067 7.0% 3,329

2012 3.6% 1,448 6.6% 3,728

2013 4.3% 1,162 8.1% 2,562

Average - Last 3 Years 4.0% $ 1,249 7.2% $ 3,253

Average - Last 6 Years 4.2% $ 1,250 7.1% $ 2,790

,=<C W$!&#$!0460$#6$'!1;&1!0+&*A&615!\;4!*602#!$c%$65$5!641!#$+&1$'!14!0+$&#*67!1;$![*#25!A&:!;&[$!&!

7#$&1$#!+*d$+*;44'!49!Y$*67!&A467!1;$!0+&*A&615!\;4!'4!641!#$0$*[$!9212#$!1#$&1A$61!4#!'4!641!

0+$&#!1;$![*#25C!!]I1!*5!&+54!%455*Y+$!1;&1!1;$!4%%45*1$!A&:!Y$!1;$!0&5$`C!!H4!&++4\!94#!1;*5!%455*Y*+*1:e!

\$!;&[$!&++4\$'!94#!&6!*60#$&5$!*6!1;$!*60*'$60$!#&1$!&6'!&[$#&7$!0+&*A!&A4261C!

,U-C B4#!42#!Y$51!$51*A&1$!&552A%1*465e!\$!;&[$!&552A$'!1;&1!$&0;!:$&#!SC/g!49!1#&65925$'!0+&*A&615!

\*++!*602#!&6!$c%$65$!46!&[$#&7$!49!j.e/--!&6'!1;&1!UC/g!49!;&$A4%;*+*&05!\*++!*602#!&6!$c%$65$!

49!jMe/--!*6!,-.S!'4++&#5C!!H;$!%#4[*5*46!94#!&'[$#5$!'$[*&1*465!&552A%1*46!*5!1;$!5&A$C!

,U.C H;$!&Y4[$!26*652#$'!1#$&1A$61!0451!&552A%1*465!&#$!&%%+*$'!*6!$&0;!9212#$!:$&#!14!&++!&+*[$!

0+&*A&615!\;4!;&[$!641!0+$&#$'!1;$![*#25C!

,U,C I6!&''*1*46e!\$!6$$'!14!#$0476*5$!1;&1!1;$#$!\*++!Y$!9212#$!0+&*A5!94#!'#27!1#$&1A$615!94#!%2#%45$5!

49!0+$&#*67!1;$![*#25C!!H4!'&1$e!\$!;&[$!46+:!+*A*1$'!'&1&!46!1;$!0451!49!1;$!6$\!'#27!1#$&1A$615C!!

E6!&[$#&7$e!1#*%+$!1;$#&%:!04515!&#$!141&++*67!&Y421!j//e---!%$#!.,>\$$d!1#$&1A$61e!&6'!

84945Y2[*#!'42Y+$15!]1#&'$!6&A$!?&#[46*`!&#$!0451*67!&Y421!jU(e---!%$#!1#$&1A$61C!!H;$#$!*5!64!

0451!'&1&!94#!MR!#$7*A$6!64#!94#!84945Y2[*#!'42Y+$15!\*1;!R&0+&15&[*#C!!W$!&61*0*%&1$!1;&1!1;$#$!

A&:!Y$!41;$#!'#275!26'$#!'$[$+4%A$61!1;&1!042+'!Y$!*61#4'20$'!*6!1;$!9212#$C!!!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! UM!

,UMC W$!;&[$!&552A$'!1;&1!1;$!0451!%$#!1#$&1A$61!49!1;$!'#275!14!Y$!*61#4'20$'!*6!1;$!9212#$!\*++!6$$'!

14!Y$!%#*0$'!5*A*+&#+:!14!?&#[46*!*6!4#'$#!14!0&%12#$!A&#d$1!5;&#$C!

,USC B4#!1;$!Y$51!$51*A&1$!&552A%1*46e!\$!;&[$!&552A$'!1;&1!1#$&1A$61!\*++!Y$!7*[$6!&5!5$1!421!*6!1;$!

KKWP!3$%4#1!&6'!\*++!1&d$!&6!&[$#&7$!1#$&1A$61!49!.MC,!\$$d5!]MCM!A461;5`C!!B4#!1;$!%#4[*5*46!

94#!&'[$#5$!'$[*&1*465e!\$!&552A$!1;&1!1;$!6$\!'#275!\*++!Y$04A$!%#$'4A*6&61!&6'!1#$&1A$61!

\*1;!H#*%+$!H;$#&%:!\*++!+&#7$+:!'*5&%%$&#C!!W$!&+54!&552A$!1;&1!94#!%#4[*5*46!94#!&'[$#5$!

'$[*&1*465!1;$!&[$#&7$!1#$&1A$61!+$671;!\*++!Y$!.SC/!\$$d5!]MC=!A461;5`!&6'!1;&1!1;$!0451!49!1;$!

'#275!\*++!*60#$&5$!Y:!&Y421!./g!9#4A!1;$!%#$5$61!04515C!!H;*5!#$52+15!*6!1;$!94++4\*67!04515!%$#!

1#$&1A$61C!

!"#$%&BSW&2&*+:.&+D&M-CN:&L%-&!-%".9%4.&

:0,/(+,#() =,1()>1('+/(,)

-0&?'1'&#)2&0)

@$?,01,)3,?'/('&#1))

"FP>IBQl3NJ>Y&5$'!H#*%+$!H;$#&%:! j!=-e---! j!..-e---!

84945Y2[*#>Y&5$'!R42Y+$1! (/e---! ..-e---!

MR!3$7*A$6!%+25!3NJ! (/e---! ..-e---!

,U/C B4#!7#$&1$#!0$#1&*61:e!1;$!'#27!04515!94#!%2#%45$5!49!0+$&#*67!1;$![*#25!&#$!*602##$'!46+:!460$!%$#!

0+&*A&61!*6!046f2601*46!\*1;!1;$!1#$&1A$61!#&1$5!5$1!421!*6!H&Y+$!U<C!

,U=C H;$!0451!49!'#27!1#$&1A$61!A&:!Y$!04[$#$'!Y:!%#4[*60*&+!;$&+1;!*652#&60$!%#47#&A5!4#!Y:!%#*[&1$!

*652#&60$!%+&65e!520;!&5!&#$!491$6!&[&*+&Y+$!1;#427;!$A%+4:A$61C!!H;$!B26'!#$*AY2#5$5!1;$!04515!

6$1!49!&6:!&A42615!%&:&Y+$!Y:!&!%#4[*60$!4#!;$&+1;!*652#&60$C!

,UUC "#4[*60*&+!'#27!%#47#&A5!\4#d!46!1;$!Y&5*5!49!&!94#A2+&#:e!4#!&!+*51!49!'#275!1;&1!&#$!$+*7*Y+$!94#!

#$*AY2#5$A$61C!!I1!0&6!1&d$!A&6:!A461;5!94++4\*67!&%%#4[&+!49!&!'#27!Y:!?$&+1;!@&6&'&!94#!1;$!

%#4[*60$5!14!#$[*$\!*1!&6'!14!'$1$#A*6$!\;$1;$#!14!&''!*1!14!1;$*#!94#A2+&#:C!!F[$6!1;427;!&!'#27!

A&:!Y$!46!1;$!94#A2+&#:e!1;$#$!A&:!Y$!#$51#*01*465!14!1;$!5*12&1*465!*6!\;*0;!*1!\*++!Y$!04[$#$'!Y:!

1;$!'#27!%#47#&AC!

,U(C )5!49!1;$!'&1$!49!1;$!#$%4#1e!646$!49!1;$!'#275!25$'!*6!84945Y2[*#!Y&5$'!'42Y+$15!4#!MR!#$7*A$6!

;&5!Y$$6!&%%#4[$'!Y:!&6:!%#4[*60$C!!W$!1;$#$94#$!;&[$!&552A$'!1;&1!94#!1;$!1*A$>%$#*4'!'2#*67!

\;*0;!1;$!0+&*A&615!&#$!&552A$'!14!#$0$*[$!1#$&1A$61e!1;$#$!\*++!Y$!64!%#4[*60*&+!#$*AY2#5$A$61!

&[&*+&Y+$!94#!&6:!49!1;$!'#275!25$'C!

,U<C "#*[&1$!*652#&60$!04[$#&7$!*5!A451!+*d$+:!14!Y$!&[&*+&Y+$!94#!0+&*A&615!\;4!&#$!$A%+4:$'C!!)Y421!

U/g!49!1;$!\4#d*67>&7$!%4%2+&1*46!*5!$A%+4:$'C!!H;$5$!%+&65!7$6$#&++:!%#4[*'$!#$*AY2#5$A$61!49!

Y$1\$$6!(-g!&6'!.--g!49!1;$!0451!49!'#275C!!8*60$!641!&++!$A%+4:$'!%$#5465!&#$!A$AY$#5!49!&!

'#27!%+&6!&6'!641!&++!'#27!%+&65!\*++!&214A&1*0&++:!04[$#!1;$5$!?@J!'#275e!\$!;&[$!&552A$'!1;&1!

46!&[$#&7$!(-g!49!1;$!0451!49!1;$!'#275!\*++!Y$!#$*AY2#5$'!94#!1\4>1;*#'5!49!1;$!U/g!49!0+&*A&615!

&552A$'!14!Y$!\4#d*67C!!H;&1!7*[$5!&6!&[$#&7$!#$*AY2#5$A$61!49!S-g!%$#!0+&*A&61!26'$#!&7$!=/!

&6'!64!#$*AY2#5$A$61!94#!0+&*A&615!4[$#!&7$!=/C!!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! US!

,(-C B4++4\*67!1;$!9*6&+*5&1*46!49!42#![&+2&1*46!#$52+15!\$!Y$0&A$!&\&#$!1;&1!)YY[*$!#$0$*[$'!?$&+1;!

@&6&'&!&%%#4[&+!46!,M!R$0$AY$#!,-.S!94#!?4+d*#&!"&de!&!MR>#$7*A*6!'#27C!!W$!26'$#51&6'!1;$!

%#*0$!49!1;$!'#27!*5!&Y421!j/=e---!94#!&!.,>\$$d!1#$&1A$61!%+25!1;$!0451!49!#*Y&[*#*6e!*9!25$'C!!]W$!

;&[$!641!Y$$6!&Y+$!14!'$1$#A*6$!\;$1;$#!1;&1!*5!&!#$1&*+!4#!\;4+$5&+$!%#*0$C`!!B4#!1;$![&+2&1*46e!\$!

&552A$'!1;&1!1;$!%#*0$!94#!1#$&1A$61!\42+'!Y$!5*A*+&#!14!?&#[46*e!&1!&Y421!j(/e---!Y&5$'!46!&6!

&[$#&7$!49!.MC,>\$$d5!94#!1#$&1A$61C!!!

,(.C H;$!%#*0$!49!?4+d*#&!"&d!A&:!+$&'!14!&!#$'201*46!*6!1;$!%#*0$!49!?&#[46*!&6'!%455*Y+:!41;$#!?@J!

'#275C!

,(,C I1!A&:!Y$!1;&1!1;$!0451!49!'#275!\*++!Y$!+$55!1;&6!&552A$'!*6!1;$![&+2&1*46!&6'!1;&1!\*++!#$52+1!*6!

$c%$#*$60$!7&*65C!!W$!;&[$!641!#$9+$01$'!1;*5!%455*Y*+*1:!*6!1;*5!#$%4#1C!!I9!1;$!%#*0$5!49!1;$!'#275!

&#$!+4\$#!1;&6!&552A$'e!1;$!7&*65!\*++!Y$!#$9+$01$'!*6!1;$!6$c1!5299*0*$60:!#$[*$\C!

,(MC I6!,-.-e!\$!&552A$'!&!Y$51!$51*A&1$!&552A%1*46!49!Sg!49!0+&*A&615!&1!'*5$&5$!+$[$+5!M!14!=!\42+'!

*602#!&6!$c%$65$!$&0;!:$&#!46!&[$#&7$!49!jMe---!94#!1#&65925$'!0+&*A&615!&6'!1;&1!=C/g!49!

;&$A4%;*+*&05!&1!+$[$+5!M!14!=!\42+'!*602#!&6!$c%$65$!49!jSe---!*6!,-..!'4++&#5C!!E[$#!&!9*[$>:$&#!

%$#*4'e!1;&1!\42+'!#$52+1!*6!&Y421!.<g!49!0+&*A&615!;&[*67!*602##$'!&6!$c%$65$e!&6'!4[$#!.-!

:$&#5e!*1!\42+'!Y$!&Y421!MSgC!

T?&D/AD8/RU-&!VS8-1,-,!

,(SC W*1;!1;$!+&#7$!62AY$#!49!0+&*A&615!$c%$01$'!14!0+$&#!1;$![*#25!'2#*67!1;$!04A*67!9*[$!:$&#5!9#4A!

1;$!6$\!1#$&1A$61!#$7*A$65!&[&*+&Y+$e!\$!5$%&#&1$'!1;$!421>49>%40d$1!$c%$65$5!14!&6!&552A%1*46!

1;&1!&%%+*$5!14!1;45$!\;4!;&[$!641!0+$&#$'!1;$![*#25!&6'!1;45$!\;4!;&[$!0+$&#$'!1;$![*#25C!

,(/C ?&[*67!#$[*$\$'!1;$!&'A*6*51#&14#i5!%&:A$61!%#41404+!94#!1;*5!$c%$65$e!*1!5$$A5!1;&1![$#:!9$\!

0+&*A&615!&1!+$[$+!.!\42+'!Y$!+*d$+:!14!*602#!A4#$!1;&6!46$!421>49>%40d$1!$c%$65$e!&5!1;$:!;&[$!

0+$&#$'!1;$![*#25C!!)5!\$++e!0+&*A&615!\;4!+*[$!*6!+&#7$!A$1#4%4+*1&6!&#$&5!&6'!&#$!*6!0+45$!

%#4c*A*1:!14!;$&+1;!9&0*+*1*$5!5;42+'!;&[$!64!4#![$#:!+*11+$!$c%$65$5C!!?4\$[$#e!94#!5*A%+*0*1:!*6!

*A%+$A$61*67!1;*5!Y$6$9*1!*6!1;$![&+2&1*46!A4'$+5e!\$!'$0*'$'!14!A&d$!&6!&552A%1*46!&Y421!1;$!

&[$#&7$!*60*'$60$!&6'!&[$#&7$!&A4261!49!0+&*A5!$&0;!:$&#!&0#455!&++!0+&*A&615C!

,(=C H;$!94++4\*67!1&Y+$5!5;4\!1;$!%&51!*60*'$60$!&6'!&A42615!49!421>49>%40d$1!$c%$65$5!94#!1;$!

d64\6!0+&*A&615C!!)++!&A42615!;&[$!Y$$6!&'f251$'!14!1;$!$Z2*[&+$61!,-.S!'4++&#5C!!F&0;!

#$*AY2#5$A$61!*5!1#$&1$'!&5!&!5$%&#&1$!0+&*AC!!

& &

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! U/!

!"#$%&BV(&2&XP%-"N%&X9+C4.&+D&bC.)+D)U+=8%.&;<L%4:%:&#A&c%"-&&

)) :0/#12"1,$) </,+&5;'.'/4)

_,/0)&2)*./'+)

-,04,#()7'(;)/)*./'+) @?,0/Q,)*./'+)

-,04,#()7'(;)/)*./'+) @?,0/Q,)*./'+)

2001 22.7% 1,557 24% 1,682

2002 9.7% 1,841 12% 2,231

2003 12.0% 1,698 13% 3,648

2004 9.4% 1,726 12% 2,094

2005 8.6% 1,473 13% 2,165

2006 7.4% 1,863 13% 2,826

2007 7.9% 1,859 11% 3,456

2008 6.0% 1,855 10% 1,956

2009 5.7% 1,523 11% 2,192

2010 5.2% 1,828 10% 2,451

2011 5.1% 1,546 9% 2,542

2012 4.9% 1,501 11% 1,666

2013 5.0% 1,929 11% 1,932

Total* 901 $1,484 374 $2,256

<'*%$'!"!->'/?5.$&'"A'4>-)5-/!+')+'/"!'!%$'+?5'"A'!%$'/?5.$&'A&"5'$-4%'2$-&6'+)/4$'+"5$'4>-)5-/!+'%-1'5?>!),>$'"?!Q"AQ,"4M$!'$P,$/+$+8''

!

,(UC W;*+$!1;$!%$#0$61&7$5!;&[$!'$0#$&5$'!7#&'2&++:!4[$#!1;$!:$&#5!14!&Y421!/C.g!94#!1#&65925$'e!..g!

94#!;&$A4%;*+*&0!&6'!&!\$*7;1$'!&[$#&7$!49!=CMge!\$!'$0*'$'!14!A&d$!&6!&++4\&60$!94#!&!%455*Y+$!

*60#$&5$!*6!1;$!9212#$C!!)5!A&6:!0+&*A&615!0+$&#!1;$![*#25e!\$!&#$!0460$#6$'!1;&1!1;45$!\;4!#$A&*6!

\*1;!?@J!A&:!Y$!A4#$!+*d$+:!14!*602#!4674*67!421!49!%40d$1!$c%$65$5C!!!

,((C B4#!42#!Y$51!$51*A&1$!&6'!\*1;!%#4[*5*46!94#!&'[$#5$!'$[*&1*465!&552A%1*465e!\$!&552A$'!1;&1!

(g!49!&++!0+&*A&615!&1!+$[$+5!.!14!=!\;4!;&[$!641!0+$&#$'!1;$![*#25!\*++!*602#!&6!421>49>%40d$1!

$c%$65$C!!H;$!&[$#&7$!$c%$65$!*5!&552A$'!14!Y$!j.e(--!]j.eU--!94#!,-.-`!94#!1#&65925$'!&6'!

j,e=--!]j,e/--!94#!,-.-`!94#!;&$A4%;*+*&0!0+&*A&615e!Y41;!*6!,-.S!'4++&#5C!

,(<C B4#!,-.Me!\$!;&[$!&''$'!1\4!6$\!&552A%1*465!&Y421!421>49>%40d$1!$c%$65$5C!!!

,<-C W$!&552A$!1;&1!.--g!49!0+&*A&615!\;4!0+$&#!1;$![*#25!\*++!*602#!&6!421>49>%40d$1!$c%$65$!

04*60*'$61!\*1;!1;$*#!1#$&1A$61!94#!j.e,--!94#!1#&65925$'!&6'!j/e---!94#!;&$A4%;*+*&05C!

,<.C E60$!&!0+&*A&61!;&5!0+$&#$'!1;$![*#25e!*1!*5!+*d$+:!1;&1!1;$#$!\*++!Y$!54A$!94++4\!2%!A46*14#*67!&6'!

1;&1!54A$!&''*1*46&+!421>49>%40d$1!$c%$65$5!&#$!+*d$+:!14!Y$!*602##$'C!!W$!&6&+:5$'!1;$!421>49>

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! U=!

%40d$1!$c%$65$5!9#4A!&++!0+&*A&615!\;4!*6'*0&1$'!1;&1!1;$:!;&[$!0+$&#$'!1;$![*#25!%#*4#!14!,-.MC!!

W;*+$!1;$#$!\$#$!54A$!0+&*A&615!\*1;!$c%$65$5!A&6:!:$&#5!&91$#!1;$:!0+$&#$'!1;$![*#25e!A451!421>

49>%40d$1!0+&*A5!0$&5$'!\*1;*6!&!9$\!:$&#5!49!0+$&#*67!1;$![*#25C!

!"#$%&BT'&2&bC.)bD)U+=8%.&;<L%4:%:&E+$$+504N&/C==%::DC$&!-%".9%4.&

):0/#12"1,$) </,+&5;'.'/4)

Q2AY$#!49!0+&*A&615!d64\6!14!;&[$!0+$&#$'!1;$![*#25! ,.(! //!

Q2AY$#!49!E21>49>"40d$1!0+&*A5!94++4\*67!5200$5592+!1#$&1A$61!

M-=! .U-!

)[$#&7$!62AY$#!49!94++4\>2%!0+&*A5!%$#!%$#546!0+$&#*67!1;$![*#25!

.CS! MC.!

)[$#&7$!&A4261!49!&++!94++4\>2%!$c%$65$5!%$#!0+&*A&61! j!.e..M!! j!Se<=<!!

,<,C W$!;&[$!&552A$'!1;&1!460$!&!0+&*A&61!0+$&#5!1;$![*#25e!1;$#$!\*++!Y$!54A$!421>49>%40d$1!$c%$65$5!

94#!94++4\>2%!&%%4*61A$615C!!F&0;!5200$5592++:!1#$&1$'!0+&*A&61!*5!&552A$'!14!;&[$!&!141&+!421>49>

%40d$1!$c%$65$!49!j.e,--!94#!1#&65925$'!&6'!j/e---!94#!;&$A4%;*+*&05C!!B4#!1;$!%#4[*5*46!94#!

&'[$#5$!'$[*&1*465e!\$!&552A$!1;$!141&+!0+&*A!\*++!Y$!j,eS--!94#!1#&65925$'!&6'!j.-e---!94#!

;&$A4%;*+*&05C!!W;*+$!1;$5$!0+&*A5!&#$!+*d$+:!*602##$'!4[$#!&!,!:$&#!4#!+467$#!%$#*4'!94++4\*67!

1#$&1A$61e!94#!5*A%+*0*1:!\$!;&[$!&552A$'!1;$!&A4261!*5!*602##$'!*AA$'*&1$+:!94++4\*67!

5200$5592+!1#$&1A$61C!

7-&%/$R&+I-![-1-A+&,!A/%!]1U1/W1!"4$+@$1&,!?8/1!J88%/I$4!

,<MC W;$6!&6!26d64\6!0+&*A&61!*5!&%%#4[$'e!1;$:!A&:!;&[$!%#$[*425+:!*602##$'!$c%$65$5!1;&1!&#$!

$+*7*Y+$!94#!#$*AY2#5$A$61C!!W$!;&[$!'*50255$'!1;$!*552$!49!#$1#4&01*[$!Y$6$9*15!94#!T455!49!

8$#[*0$5!&6'!T455!49!I604A$!&Y4[$C!!W$!'*50255!#$1#4&01*[$!Y$6$9*15!%&:&Y+$!14!'$%$6'&615!Y$+4\C!

,<SC H;$!41;$#!Y$6$9*15!1;&1!A&:!%#4'20$!&!#$1#4&01*[$!%&:A$61!2%46!0+&*A!&%%#4[&+!&#$!

&C E21>49>%40d$1!$c%$65$5!

YC D6*652#$'!1#$&1A$61!

0C @4515!49!0&#$!

,</C N$0&25$!1;$!'&1&!1;&1!\&5!&6&+:5$'!94#!5$11*67!1;$!&552A%1*465!*60+2'$'!&6:!#$1#4&01*[$!0+&*A!

&A4261!94#!1;$!0+&*A&615e!*1!*5!42#!4%*6*46!1;&1!1;$!&552A$'!0+&*A!&A42615!25$'!&+#$&':!#$9+$01!&6!

&A4261!94#!&6:!#$1#4&01*[$!0+&*A5C!!W$!;&[$!&552A$'!1;&1!1;$#$!*5!64!6$$'!14!A&d$!&6:!&''*1*46&+!

&552A%1*465!&Y421!#$1#4&01*[$!0+&*A5C!

P-R/13$%+4L!O1A-R&-3!.-%,/1,!!

,<=C W$!;&[$!&552A$'!1;&1!&++!5$046'&#*+:!*69$01$'!0+&*A&615!&#$!$*1;$#!d64\6!0+&*A&615!4#!&#$!

*60+2'$'!*6!1;$!26d64\6!04;4#1C!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! UU!

M'<E<<<!\?44!P-&&4-@-1&!A/%!B$-@/8#+4+$R,!W+&#!B"C!$13!BOC!

,<UC H;$#$!*5!&!%#4[*5*46!94#!&!;&$A4%;*+*&0!\;4!*5!Y41;!?@J!&6'!?IJ!%#*A&#*+:!*69$01$'!14!0+&*A!&!

+2A%!52A!49!j/-e---!*6!92++!5&1*59&01*46!49!&++!0+&*A5C!!!

,<(C D6'$#!1;$!%+&6e!&!%$#546!&1!+$[$+!.!*5!$61*1+$'!14!&!j.-e---!%&:A$61C!!H;$!KKWP!3$%4#1!*6'*0&1$5!

1;&1!*1!*5!26+*d$+:!1;&1!&!+$[$+!.!%$#546!\42+'!&'[&60$!*6!1;$!'*5$&5$e!&6'!1;$!A$'*0&+!A4'$+!

*764#$5!1;&1!#$A41$!%455*Y*+*1:C!!B4#!0465*51$60:e!*1!A&d$5!5$65$!14!25!1;&1!&6:!04>*69$01$'!

;&$A4%;*+*&0!&1!+$[$+!.!\42+'!A451!+*d$+:!$+$01!1;*5!j/-e---!4%1*46!#&1;$#!1;&6!1;$!j.-e---!

41;$#\*5$!&[&*+&Y+$C!

,<<C B4#!1;$!Y$51!$51*A&1$!&6'!%#4[*5*46!94#!&'[$#5$!'$[*&1*465e!\$!;&[$!&552A$'!1;&1!1;$!d64\6!04>

*69$01$'!;&$A4%;*+*&05!\;4!;&[$!A&'$!&6!$+$01*46!\$#$!%&*'!Y&5$'!46!1;$!$+$01*46!A&'$C!!B4#!&++!

26d64\6!04>*69$01$'!;&$A4%;*+*&05e!\$!&552A$'!.--g!&1!+$[$+!.!\42+'!$+$01!1;*5!4%1*46C!

B"C!%-4$&-3!3-$&#!:-A/%-!;!_$1?$%L!;FFF!

M--C H;$#$!&#$!1\4!4%1*465!&[&*+&Y+$!14!'$0$&5$'!1#&65925$'!0+&*A&615!X!&!5*67+$!+2A%!52A!49!j.,-e---!

%+25!26*652#$'!926$#&+!$c%$65$5!4#!&!j/-e---!+2A%!52A!%+25!26*652#$'!926$#&+!$c%$65$5!%+25!

9&A*+:!A$AY$#!Y$6$9*15!%+25!'$%$6'&61i5!&662&+!4674*67!Y$6$9*15C!!!

M-.C I6!&''*1*46!14!1;$!4%1*465!&[&*+&Y+$!14!1#&65925$'!0+&*A&615!\;4!'*$!%#*4#!14!.<<<e!;&$A4%;*+*&05!

\;4!&#$!04>*69$01$'!\*1;!?IJ!A&:!$+$01!&!jU,e---!+2A%!52A!&A4261!\*1;421!52YA*11*67!$[*'$60$!

49!*69$01*46!1;#427;!1;$!Y+44'!52%%+:!*6!1;$!.<(=!14!.<<-!%$#*4'C!!W$!;&[$!&552A$'!1;&1!1;$#$!

\*++!Y$!64!92#1;$#!$+$01*46!49!1;*5!Y$6$9*1!&A467!1;$!26d64\6!;&$A4%;*+*&0!0+&*A&615!]5&A$!&5!

,-.-`C!

M-,C B4#!1;$!Y$51!$51*A&1$!&6'!\*1;!%#4[*5*46!94#!&'[$#5$!'$[*&1*465e!\$!&552A$'!1;&1!&++!%&:A$615!

%#$5$61+:!Y$*67!A&'$!14!'$%$6'$615!\*++!0461*62$!&1!1;$!5&A$!+$[$+!&5!%#$5$61e!Y21!*6'$c$'!$&0;!

:$&#C!!H;$!$6'!'&1$!94#!1;$5$!%&:A$615!*5!5%$0*9*$'!*6!1;$!'&1&C!!

M-MC B4#!1;$!26d64\6!0+&*A&615e!\$!&552A$'!1;&1!S(g!\42+'!$+$01!14!#$0$*[$!1;$!j.,-e---!%&:A$61!

4%1*46!&6'!1;&1!/,g!\42+'!$+$01!1;$!j/-e---p!4%1*46!]&+467!\*1;!0+&*A5!94#!'$%$6'&615!&6'!

9&A*+:!A$AY$#5`C!!H;*5!*5!1;$!5&A$!&5!94#!,-.-C!!

M-SC )A467!1;$!d64\6!1#&65925$'!0+&*A&615e!1;$#$!&#$!/!\;4!;&[$!$+$01$'!1;$!j/-e---p!4%1*46!Y21!94#!

\;4A!141&+!Y$6$9*15!%&*'!14!'&1$!&#$!+$55!1;&6!1;$!j.,-e---!1;&1!\42+'!;&[$!Y$$6!%&*'!;&'!1;$!

0+&*A&615!5$+$01$'!1;$!41;$#!4%1*46C!!E6$!49!1;45$!0+&*A&615!#$0$*[$'!&!+455!49!5$#[*0$5!%&:A$61!*6!

$&#+:!,-.S!04[$#*67!%&51!:$&#5!49!4[$#!j,--e---C!!B4#!1\4!49!1;$!41;$#5e!*1!+44d5!+*d$!&!92#1;$#!

0+&*A!*5!+*d$+:!&6'!1\4!+44d!+*d$!1;$#$!\*++!Y$!64!A4#$!0+&*A5!]1;$!+&51!0+&*A!%&*'!\&5!*6!,--S!&6'!

,--U!#$5%$01*[$+:`C!!I9!&++!942#!49!1;$5$!0+&*A&615!\$#$!14!9*+$!&!'$%$6'&61!4#!9&A*+:!0+&*A!94#!1;$!

&A4261!6$$'$'!14!$c0$$'!j.,-e---!]%+25!*6'$c*67`e!1;$!141&+!\42+'!Y$!&Y421!j,=/e---!*6!,-.S!

'4++&#5C!!I60+2'*67!1;$!j,-/e---!#$0$61+:!%&*'!14!1;$!9*91;!0+&*A&61!7*[$5!&!141&+!49!jSU-e---C!!I1!*5!

%455*Y+$!1;&1!1;$!9212#$!0+&*A5!9#4A!1;$5$!9*[$!0+&*A&615!042+'!Y$!A4#$e!Y21!*1!&+54!%455*Y+$!1;&1!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! U(!

1;$:!042+'!Y$!+$55!4#!64!&''*1*46&+!0+&*A5C!!W$!;&[$!1;$#$94#$!&552A$'!1;&1!9212#$!0+&*A5!94#!1;$5$!

9*[$!%#$>.<<<!'$&1;5!\*++!141&+!j/--e---C!

M-/C E2#!&6&+:5*5!49!1;$!26*652#$'!926$#&+!0+&*A5!*6'*0&1$'!1;&1!46+:!&Y421!U/g!49!&++!$+*7*Y+$!0+&*A&615!

9*+$!&!0+&*A!94#!926$#&+!$c%$65$5!&6'!1;$!&[$#&7$!&A4261!%&*'!*5!jSe(--!]&++!%&51!%&:A$615!

&'f251$'!14!,-.S!'4++&#5`C!!W$!641$'!1;&1!1;$#$!*5!491$6!&!'$+&:!*6!9*+*67!&!926$#&+!0+&*A!&6'!1;&1!1;$!

%$#0$61&7$!49!0+&*A&615!94#!\;4A!&!0+&*A!;&5!Y$$6!9*+$'!;&5!Y$$6!*60#$&5*67!51$&'*+:!$&0;!:$&#C!!

W$!1;$#$94#$!&552A$'!1;&1!<-g!49!&++!9212#$!'$&1;5!49!0+&*A&615!9#4A!?@J!\42+'!*6[4+[$!&!0+&*A!

94#!26*652#$'!926$#&+!$c%$65$5!49!&6!&[$#&7$!jSe(--!$&0;C!!!

M-=C B4#!5*A%+*0*1:!*6!42#!A4'$+5e!\$!A4'*9*$'!1;&1!&552A%1*46!14!.--g!49!&++!9212#$!'$&1;5!\42+'!

0+&*A!94#!26*652#$'!926$#&+!$c%$65$5!49!jSeM--!$&0;C!!]B4#!,-.-e!\$!&552A$'!.--g!\42+'!0+&*A!&!

926$#&+!$c%$65$!49!j/e---!$&0;`C!

M-UC B4#!1;45$!\;4!$+$01!1;$!j/-e---!%+25!4%1*46e!\$!;&[$!&552A$'a!

&C 9&A*+:!Y$6$9*15!]94#!+455!49!72*'&60$e!0&#$!&6'!04A%&6*465;*%`!49!jU/e---!94#!1#&65925$'!&6'!

j(/e---!94#!;&$A4%;*+*&05!]j(-e---!94#!Y41;!7#42%5!94#!,-.-`C!

YC )++!$c*51*67!'$%$6'&61!0+&*A5!&#$!&552A$'!14!0461*62$C!

0C B4#!9212#$!&%%#4[$'!0+&*A&615!1;&1!&#$!26'$#!&7$!=/!&1!1;$!'&1$!49!'$&1;e!\$!&552A$!1;&1!,-g!

49!1#&65925$'!&6'!/-g!49!;&$A4%;*+*&05!\42+'!$+$01!&!T455!49!82%%4#1!&6'!1;$!#$51!&!T455!49!

8$#[*0$5!],-g!94#!Y41;!1#&65925$'!&6'!;&$A4%;*+*&05!94#!,-.-`C!!B4#!1;45$!4[$#!&7$!=/e!&++!&#$!

&552A$'!14!$+$01!&!T455!49!8$#[*0$5!Y$6$9*1C!

'C T455!49!82%%4#1!Y$6$9*15!94#!9212#$!&%%#4[$'!0+&*A&615!\*++!&[$#&7$!jM-e---!%$#!&662A!94#!

1#&65925$'5!&6'!jMSe---!94#!;&$A4%;*+*&05!]jM-e---!&6'!jM,e---!#$5%$01*[$+:!94#!,-.-`e!

%&:&Y+$!14!&7$!=/e!\*1;!&!T455!49!8$#[*0$5!1;$#$&91$#C!!!

$C T455!49!8$#[*0$5!Y$6$9*15!94#!9212#$!&%%#4[$'!0+&*A&615!&#$!%&:&Y+$!94#!1;$!+*9$!$c%$01&60:!49!

1;$!'$0$&5$'!0+&*A&61!$Z2&+!14!&6!&[$#&7$!49!j.=e---!%$#!&662A!]j./e---!94#!,-.-`C!

B"C!%-4$&-3!3-$&#!$A&-%!;D_$1D;FFF!!

M-(C W;$#$!'$&1;!4002#5!94#!#$&5465!41;$#!1;&6!?@Je!64!Y$6$9*15!&#$!%&:&Y+$!&5!&!#$52+1!49!1;$!'$&1;C!!

W;$#$!'$&1;!*5!'2$!14!?@Je!&6:!26*652#$'!926$#&+!$c%$65$5!&#$!%&:&Y+$!&+467!\*1;!+2A%!52A!

&A42615!%&:&Y+$!14!9&A*+:!A$AY$#5!%+25!4674*67!T455!49!82%%4#1!4#!T455!49!8$#[*0$5!%&:&Y+$!14!

'$%$6'&615C!

M-<C B4#!&++!d64\6!0+&*A&615!\;4!&#$!'$0$&5$'e!\$!&552A$'!1;&1!&6:!926$#&+!$c%$65$5!&6'!9&A*+:!

A$AY$#!0+&*A5!;&[$!Y$$6!%&*'!]4#!&#$!*60+2'$'!*6!1;$!42151&6'*67!%&:A$615`C!!)6:!T455!49!

82%%4#1!4#!5$#[*0$5!Y$6$9*15!02##$61+:!Y$*67!%&*'!\*++!0461*62$!&1!1;$!5&A$!&A4261e!*6'$c$'!94#!

1;$!9212#$e!&6'!1;$!T455!49!8$#[*0$5!%&:A$615!\*++!0$&5$!\;$6!1;$!'$0$&5$'!0+&*A&61!\42+'!;&[$!

#$&0;$'!&7$!(/C!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! U<!

M.-C B4#!&++!26d64\6!0+&*A&615!&6'!&++!d64\6!&+*[$!0+&*A&615!\;4!+&1$#!'*$!&5!&!#$52+1!49!?@Je!\$!

&552A$'a!

&C .--g!\*++!#$0$*[$!26*652#$'!926$#&+!$c%$65$5!49!jSeM--!]j/e---!94#!,-.-`!*6!,-.S!'4++&#5C!

YC .--g!\*++!#$0$*[$!9&A*+:!Y$6$9*15!49!j/-e---!]j//e---!94#!,-.-`!94#!1#&65925$'!&6'!j=-e---!

]j//e---!94#!,-.-`!94#!;&$A4%;*+*&0!0+&*A&615C!

0C B4#!&!'$&1;!49!&!d64\6!0+&*A&61!1;&1!4002#5!%#*4#!14!&7$!=/!\;$#$!1;$!0+&*A&61!*5!*6!#$0$*%1!&5!

49!1;$![&+2&1*46!'&1$!49a!!

]*` &!T455!49!I604A$!Y$6$9*1e!1;$6!&!T455!49!82%%4#1!Y$6$9*1!Y$04A$5!%&:&Y+$!14!1;$!

0+&*A&61i5!'$%$6'&615!$Z2&+!14!U-g!49!1;$!T455!49!I604A$!Y$6$9*1!&A4261e!%+25!9212#$!

*6'$c*67b!

]**` &!T455!49!8$#[*0$5!Y$6$9*1e!1;$6!&!T455!49!8$#[*0$5!Y$6$9*1!Y$04A$5!%&:&Y+$!14!1;$!

0+&*A&61i5!'$%$6'&615!$Z2&+!14!j.=e---e!%+25!9212#$!*6'$c*67b!

'C B4#!&!'$&1;!49!&!d64\6!0+&*A&61!\;$#$!1;$!0+&*A&61!*5!641!*6!#$0$*%1!49!&!T455!49!I604A$!4#!&!

T455!49!8$#[*0$5!Y$6$9*1!&5!49!1;$![&+2&1*46!'&1$a!!

]*` W;$#$!1;$!0+&*A&61!\&5!26'$#!&7$!=/!46!1;$!'&1$!49!'$&1;e!S/g!49!'$%$6'&615!\*++!

#$0$*[$!&!T455!49!82%%4#1!Y$6$9*1!49!jM.e---!94#!1#&65925$'!&6'!jMMe---!94#!

;&$A4%;*+*&05!%&:&Y+$!14!1;$!0+&*A&61i5!&7$!=/!&6'!046[$#1$'!14!&!T455!49!8$#[*0$5!

Y$6$9*1!&1!&7$!=/!%&:&Y+$!14!1;$!0+&*A&61i5!&7$!(/e!*6!,-.S!'4++&#5b!

]**` W;$#$!1;$!0+&*A&61!\&5!26'$#!&7$!=/!46!1;$!'&1$!49!'$&1;e!/g!49!'$%$6'&615!\*++!

#$0$*[$!&!T455!49!8$#[*0$5!Y$6$9*1!49!j.=e---!%&:&Y+$!14!1;$!0+&*A&61i5!&7$!(/e!*6!,-.S!

'4++&#5b!

]***` W;$#$!1;$!0+&*A&61!\&5!4[$#!&7$!=/!46!1;$!'&1$!49!'$&1;e!S-g!49!'$%$6'&615!\*++!

#$0$*[$!&!T455!49!8$#[*0$5!Y$6$9*1!49!j.=e---!%&:&Y+$!14!1;$!0+&*A&61i5!&7$!(/e!*6!,-.S!

'4++&#5b!

$C B4#!&!'$&1;!49!&6!26d64\6!0+&*A&61a!!

]*` W;$#$!1;$!0+&*A&61!\&5!26'$#!&7$!=/!46!1;$!'&1$!49!'$&1;e!//g!49!'$%$6'&615!\*++!

#$0$*[$!&!T455!49!82%%4#1!Y$6$9*1!49!jM.e---!94#!1#&65925$'!&6'!jMMe---!94#!

;&$A4%;*+*&05!%&:&Y+$!14!1;$!0+&*A&61i5!&7$!=/!&6'!046[$#1$'!14!&!T455!49!8$#[*0$5!

Y$6$9*1!&1!&7$!=/!%&:&Y+$!14!1;$!0+&*A&61i5!&7$!(/e!*6!,-.S!'4++&#5b!

]**` W;$#$!1;$!0+&*A&61!\&5!26'$#!&7$!=/!46!1;$!'&1$!49!'$&1;e!,-g!49!'$%$6'&615!\*++!

#$0$*[$!&!T455!49!8$#[*0$5!Y$6$9*1!49!j.=e---!%&:&Y+$!14!1;$!0+&*A&61i5!&7$!(/e!*6!,-.S!

'4++&#5b!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! (-!

]***` W;$#$!1;$!0+&*A&61!\&5!4[$#!&7$!=/!46!1;$!'&1$!49!'$&1;e!=-g!49!'$%$6'&615!\*++!

#$0$*[$!&!T455!49!8$#[*0$5!Y$6$9*1!49!j.=e---!%&:&Y+$!14!1;$!0+&*A&61i5!&7$!(/e!*6!,-.S!

'4++&#5b!

M..C H;$!%$#0$61&7$5!94#!'$&1;5!1;&1!#$52+1!*6!&!T455!49!82%%4#1!&6'!T455!49!8$#[*0$5!Y$6$9*15!]41;$#!

1;&6!94#!1;$!d64\6!0+&*A&615!02##$61+:!*6!#$0$*%1!49!&!T455!49!I604A$!Y$6$9*15!&5!49!1;$![&+2&1*46!

'&1$`!\$#$!'$[$+4%$'!9#4A!51&1*51*05!&Y421!@&6&'*&65!1;&1!&#$!*6!1;$!+&Y42#!94#0$!]$*1;$#!

$A%+4:$'!4#!+44d*67!94#!\4#d`./!&6'!5%425&+!51&125.=C!!!

&C H;45$!\*1;!&!5%425$!&6'!*6!1;$!+&Y42#!94#0$!26'$#!&7$!=/!&#$!&552A$'!14!#$0$*[$!&!T455!49!

82%%4#1!Y$6$9*1C!!!

YC H;45$!\*1;!&!5%425$!&6'!641!*6!1;$!+&Y42#!94#0$!26'$#!&7$!=/!&5!\$++!&5!1;45$!4[$#!&7$!=/!\*1;!

&!5%425$!&#$!&552A$'!14!#$0$*[$!&!T455!49!8$#[*0$5!Y$6$9*1C!!!

0C H;45$!\*1;421!&!5%425$!&#$!&552A$'!14!#$0$*[$!6$*1;$#!T455!49!82%%4#1!64#!T455!49!8$#[*0$5C!

T?&,&$13+10!.$L@-1&,!$&!H;!*-R-@:-%!G<;<!

M.,C )5!49!1;$![&+2&1*46!'&1$!1;$#$!&#$!&!62AY$#!49!Y$6$9*1!%&:A$615!42151&6'*67C!!N&5$'!46!

*694#A&1*46!%#4[*'$'!Y:!1;$!&'A*6*51#&14#!&6'!1;$!V4*61!@4AA*11$$!\$!;&[$!'$1$#A*6$'!1;&1!1;$!

42151&6'*67!%&:A$615!141&++$'a!

• E2151&6'*67!%&:A$615!94#!1#&65925$'! ! j!!=eM<-e---!

• E2151&6'*67!%&:A$615!94#!;&$A4%;*+*&05!! j!!/e/,.e---!

• H41&+!42151&6'*67!%&:A$615! ! ! j..e<..e---!

BOC!P-R/13$%+4L!O1A-R&-3!"4$+@$1&,!

M.MC )6!?@J!*69$01$'!%$#546!\;4!*5!&+54!&!5$046'&#*+:!*69$01$'!?IJ!%$#546!A&:!46+:!#$0$*[$!

04A%$65&1*46!9#4A!1;*5!"+&6!460$!1;$*#!0+&*A5!\42+'!41;$#\*5$!;&[$!$c0$$'$'!j,S-e---C!!H;$!

V4*61!@4AA*11$$!$c%$015!1;*5!7#42%!14!Y$!646>$c*51$61!4#![$#:!5A&++C!!W$!1;$#$94#$!;&[$!&552A$'!

1;&1!1;$#$!\*++!Y$!64!520;!0+&*A5C!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!

!

./!! )%%#4c*A&1$+:!UMg!49!@&6&'*&65!26'$#!=/!]\*1;!A451!$A%;&5*5!%+&0$'!46!1;45$!&7$'!S/!14!=/`!&#$!*6!1;$!+&Y42#!94#0$!]81&1*51*05!@&6&'&!X!@)Q8IK!,(,>---,!94#!,-.M`!

.=!! )%%#4c*A&1$+:!U/g!49!@&6&'*&65!26'$#!&7$!=/!&6'!=-g!4[$#!&7$!=/!;&[$!&!5%425$C!!]81&1*51*05!@&6&'&!X!@)Q8IK!-/.>--S,!94#!,-.S!

!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! (.!

BOC!.%/0%$@!

M.SC H;*5!"+&6!%&:5!&!+2A%!52A!49!j,S-e---!14!@&6&'*&65!\;4!&#$!5$046'&#*+:!*69$01$'!\*1;!?IJ!Y:!

[*#12$!49!Y$*67!&!%&#16$#!4#!0;*+'!49!&!%#*A&#*+:!*69$01$'!?IJ!%$#546!\;4!*5!&6!&%%#4[$'!

Fc1#&4#'*6&#:!)55*51&60$!"#47#&A!#$0*%*$61C!!)!A&c*A2A!49!,S-!520;!Y$6$9*15!&#$!%&:&Y+$C!

M./C H;$!V4*61!@4AA*11$$!&'[*5$'!1;&1!1;$:!$c%$01!14!#$0$*[$!&!141&+!49!9*[$!&''*1*46&+!0+&*A5!94#!

j,S-e---!$&0;!26'$#!1;*5!%#4[*5*46e!46$!*6!,-.S!&6'!46$!*6!$&0;!1;*#'!:$&#!2%!14!,-,=C!!H;$!

%#$5$61![&+2$!49!1;$5$!9212#$!Y$6$9*15!*5!j</-e---!94#!1;$!Y$51!$51*A&1$!&552A%1*46!&6'!j<U-e---!

*60+2'*67!%#4[*5*46!94#!&'[$#5$!'$[*&1*465C!

\--,!$13!VS8-1,-,!

M.=C F0d+$#!\4#d$'!\*1;!1;$!V4*61!@4AA*11$$!14!5$1!1;$!&552A%1*465!&Y421!9212#$!9$$5!&6'!$c%$65$5C!!

W$!#$[*$\$'!1;$*#!\4#d!&6'!;&[$!&00$%1$'!*1!&5!1;$!&552A%1*46!94#!Y41;!Y$51!$51*A&1$!&6'!

%#4[*5*46!94#!&'[$#5$!'$[*&1*465C!

M.UC H;$!'4++&#!&A42615!&#$!*6!,-.S!'4++&#5!&6'!&#$!52Yf$01!14!&662&+!*60#$&5$5!94#!*69+&1*46!9#4A!,-.S!

14!1;$!:$&#!49!%&:A$61C!!J&#*425!1&c$5!]P8He!?8He!%#4[*60*&+!5&+$5!1&c`!\$#$!&[$#&7$'!Y&5$'!46!1;$!

%#4[*60$5!\;$#$!1;$!$c%$65$5!&#$!$c%$01$'!14!Y$!*602##$'!&6'!25*67!02##$61!1&c!#&1$5C!!H;$!

&A42615!#$A&*6!&%%#4c*A&1$+:!1;$!5&A$!94#!$&0;!1;#$$!:$&#!0:0+$!1;#427;!14!,-,/!&91$#!\;*0;!

1;$:!'$0+*6$!*6!&%%#4c*A&1$!#$+&1*46!14!1;$!$c%$01$'!62AY$#!49!&+*[$!0+&*A&615C!

&C ;4!?-&)->a!jSM=e---!*6!,-.Se!j/S-e---!*6!,-./e!&6'!j.,/e---!*6!,-.=e!%+25!/g!P8HC!!)91$#!

,-.=e!1;$!141&+!*6!$&0;!1;#$$!:$&#!0:0+$!*5!j<,/e---C!

YC ;44"?/!)/#'$P,$&!'!$+!)5"/2'-/1'-++)+!-/4$a!j,-e---!%$#!:$&#!261*+!,-,-!&6'!j./e---!%$#!:$&#!

1;$#$&91$#e!%+25!.Mg!?8HC!!

0C ;15)/)+!&-!)"/a!jUS-e---!*6!,-.Se!'$0+*6*67!7#&'2&++:!14!j=--e---!94#!,-.U!&6'!1;$#$&91$#e!

%+25!.Mg!?8HC!!

'C ;&.)!&-!"&+R@$A$&$$+a!j,-e---!%$#!:$&#!261*+!,-.Ue!'$0+*6*67!j/e---!%$#!:$&#!261*+!*1!#$&0;$5!

j.-e---!&6'!j.-e---!%$#!:$&#!1;$#$&91$#e!%+25!..CS<g!&[$#&7$!1&c$5C!!

$C ;?1)!a!j<,e---!%$#!:$&#e!%+25!j,/e---!*6!,-.=!&6'!$[$#:!1;*#'!:$&#!94#!5%$0*&+!%#4f$015e!%+25!

.Mg!?8HC!!

9C 9-/-1)-/'S>""1'3$&0)4$+a!j.-e---!%$#!:$&#C!!Q4!1&c$5C!!

7C 9>-++'T$5.$&'9"55?/)4-!)"/+a!j/-e---!*6!$&0;!1;*#'!:$&#e!%+25!.Mg!?8HC!!

;C 7?/1'9"?/+$>a!j<-e---!%$#!:$&#!261*+!,-.U!&6'!'$0+*6*67!j<e---!%$#!:$&#!261*+!*1!#$&0;$5!

jS/e---e!&6'!jS/e---!%$#!:$&#!1;$#$&91$#e!%+25!..CS<g!&[$#&7$!1&c$5C!

*C UV5-QW?V.$4a!jMe---!%$#!:$&#C!!Q4!1&c$5C!!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! (,!

fC :/1$,$/1$/!'9"?/+$>a!j.-e---!%$#!:$&#e!%+25!.Mg!?8HC!!

dC :/0$+!5$/!'$P,$/+$+e!*60+2'*67!9$$5!94#!*6[$51A$61!04265$+e!02514':!49!&55$15e!&6'!41;$#!#$+&1$'!

*1$A5!&#$!641!*60+2'$'!*6!1;*5!5$01*46!&5!1;$:!;&[$!Y$$6!*A%+*0*1+:!#$0476*h$'!*6!1;$!

'$1$#A*6&1*46!49!1;$!6$1!*61$#$51!#&1$C!

+C X")/!'9"55)!!$$a!j/(-e---!94#!,-.Se!j=/-e---!94#!,-./!'$0+*6*67!Y:!j/-e---!%$#!:$&#!261*+!

,-,-!&6'!jS--e---!%$#!:$&#!1;$#$&91$#C!!I6!&''*1*46e!94#!9*6&60*&+!5299*0*$60:e!jMM-e---!*6!,-.Se!

j(--e---!*6!,-./e!j.--e---!*6!,-.=!&6'!*6!$&0;!1;#$$!:$&#!%$#*4'!1;$#$&91$#e!&!141&+!49!

j=--e---e!%+25!.-CM<g!&[$#&7$!1&c$5C!!

AC T$1)4->'T"1$>)/#a!j,,-e---!*6!,-.Se!&6'!$[$#:!1;*#'!:$&#!1;$#$&91$#C!!Q4!1&c$5!!

6C T"/)!"&a!j=-e---!%$#!:$&#!261*+!,-.Ue!'$0+*6*67!Y:!j=e---!%$#!:$&#!261*+!*1!#$&0;$5!jM-e---!&6'!

jM-e---!%$#!:$&#!1;$#$&91$#e!%+25!.Mg!?8HC!!

4C 3"A!(-&$'E$0$>",5$/!a!j.-e---!%$#!:$&#e!%+25!.Mg!?8HC!!

!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! (M!

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

H;*5!52AA&#:!*5!1&d$6!9#4A!1;$!"+&6!1$#A5!&6'!*60+2'$5!*1$A5!1;&1!;&[$!&!Y$&#*67!46!1;$!#$52+15!

49!1;$![&+2&1*46C!!H;$!"+&6!1$#A5!*60+2'$!41;$#!'$1&*+5!&Y421!Y$6$9*15!1;&1!&#$!641!A&1$#*&+!14!1;$!

#$52+15!%#$5$61$'!;$#$*6C!!)A42615!&#$!$c%#$55$'!*6!.<<<!'4++&#5e!$c0$%1!\;$#$!*6'*0&1$'!

41;$#\*5$C!!K451!49!1;$5$!%&:A$615!&A42615!&#$!*6'$c$'!9#4A!1;$*#!.<<<!+$[$+5!14!1;$!'&1$!49!

%&:A$61!14!#$9+$01!*69+&1*46C!!

I6!1;$!94++4\*67!52AA&#*$5e!1;$!5%$0*9*0!5$01*46!#$9$#$60$!49!1;$!"+&6!*5!5;4\6!*6!Y#&0d$15C!

M;<E<<<!A/%!B"C!+1A-R&+/1!wSC-.].`]&`x!

)!04A%$65&1*46!%&:A$61!49!j.-e---!*5!A&'$!2%46!&!0+&*A&61!Y$*67!&%%#4[$'!94#!1;$!"+&6C!

MG<E<<<!)!8/,+&+I-!."7!&-,&!wSC-.].`]Y`x!

)!%&:A$61!49!j,-e---!*5!A&'$!2%46!&!0+&*A&61!'$+*[$#*67!&!%45*1*[$!"@3!1$51!#$%4#1C!!"#*4#!14!V2+:!

,--,e!1;*5!Y$6$9*1!\&5!5%+*1!*614!1\4!%&#15e!\*1;!j./e---!%&*'!*AA$'*&1$+:!&6'!j/e---!52Yf$01!14!&!

^;4+'Y&0d_!261*+!520;!1*A$!&5!*1!042+'!Y$!'$A4651#&1$'!1;&1!1;$!926'!\&5!5299*0*$61!14!52%%4#1!

%&:A$61!49!1;$!92++!j,-e---C!!H;$!;4+'Y&0d!&A42615!\$#$!&21;4#*5$'!Y:!1;$!042#1!14!Y$!%&*'!

$99$01*[$!V2+:!,--,C!

MH<E<<<!)!>/1D:%+30+10!A+:%/,+,!wSC-.].`]0`x!

H;*5!%&:A$61!*5!&[&*+&Y+$!14!&++!0+&*A&615!\;4!;&[$!'$[$+4%$'!646>Y#*'7*67!9*Y#45*5!4#!;&[$!

%#40$$'$'!Y$:46'!1;&1!51&7$C!!)5!\$++e!0+&*A&615!\;4!;&[$!#$0$*[$'!4#!A$$1!&!%#41404+!94#!

@4A%$65&Y+$!?@J!R#27!H;$#&%:!]\;$1;$#!4#!641!1#$&1A$61!*5!26'$#1&d$6`!&#$!$+*7*Y+$!94#!1;*5!

Y$6$9*1C!

)!0+&*A&61!A&:!$+$01!14!\&*[$!1;*5!%&:A$61!&6'!14!#$0$*[$!*651$&'!&!T455!49!I604A$!4#!T455!49!

8$#[*0$5!Y$6$9*1C!!H;$!'$0*5*46!&5!14!\;*0;!Y$6$9*1!14!#$0$*[$!A&:!Y$!'$9$##$'!&5!+467!&5!1;$!

0+&*A&61!\*5;$5C!

K/,,!/A!O1R/@-!wSC-,x!

F&0;!0+&*A&61!26'$#!1;$!&7$!49!=/!\;4!\&5!*6!#$0$*%1!49!$&#6$'!*604A$!&6'!\;4!5299$#5!&!T455!49!

I604A$!0&25$'!Y:!1;$*#!*69$01*46!\*1;!?$%&1*1*5!@!*5!$61*1+$'!14!%$#*4'*0!&662&+!%&:A$615!

%#4[*'$'a!

.C 1;$!0+&*A&61!*5!&1!1;$!Y#*'7*67!9*Y#45*5!+$[$+!4#!Y$:46'e!4#!

,C 1;$!0+&*A&61!*5!&1!1;$!646>Y#*'7*67!9*Y#45*5!+$[$+!&6'!*5!26&Y+$!14!\4#d!A4#$!1;&6!,-g!49!1;$!

252&+!\4#d>\$$d!&6'!;&5!\&*[$'!1;$!jM-e---!+2A%!52A!%&:A$61!'$50#*Y$'!&Y4[$C!

H;$!&A4261!49!Y$6$9*1!*5!$Z2&+!14!.--g!49!1;$!&A4261!49!+451!*604A$!'$1$#A*6$'!&91$#!64#A&+!

%&:#4++!'$'201*465!]6$1!*604A$`C!!H;$!+451!*604A$!*5!Y&5$'!46!1;$!&[$#&7$!&662&+!6$1!*604A$!

'2#*67!1;$!1;#$$!%#*4#!:$&#5C!!N$6$9*1!&A42615!&#$!*6'$c$'!9#4A!1;$!A*''+$!49!1;$!1;#$$>:$&#!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! (S!

%$#*4'!25$'!14!'$1$#A*6$!1;$!&A4261!49!+455!14!1;$!:$&#!49!%&:A$61!Y&5$'!46!1;$!*6'$c*67!#&1$!

26'$#!1;$!@&6&'&!"$65*46!"+&6C!!H;$#$!*5!&!;4+'Y&0d!\;$#$Y:!&6:!+451!*604A$!4[$#!jM--e---!

].<<<!+$[$+`!\*++!641!Y$!%&*'!261*+!1;$!042#15!&#$!5&1*59*$'!1;&1!1;$!926'!&55$15!&#$!5299*0*$61!14!

A&d$!520;!%&:A$615C!!"#*4#!14!E014Y$#!,--Se!1;$!;4+'Y&0d!\&5!Y&5$'!46!&!+451!*604A$!&A4261!49!

jU/e---C!!)+54e!%#*4#!14!E014Y$#!,--Se!1;$#$!\&5!&!;4+'Y&0d!$Z2&+!14!M-g!49!1;$!+451!*604A$!

%&:&Y+$!14!0+&*A&615!&1!1;$!646>Y#*'7*67!9*Y#45*5!51&7$C!

I6!,--(e!1;$!042#15!&%%#4[$'!%&:A$61!49!+451!*604A$!94#!1;#$$!0+&*A&615!49!2%!14!j,CM!A*++*46C!!

)6:!9212#$!0+&*A!94#!+451!*604A$!1;&1!$c0$$'5!1;$!jM--e---!+$[$+!\*++!Y$!52Yf$01!14!1;$!&%%#4[&+!49!

1;$!042#15!%#*4#!14!%&:A$61C!!

K/,,!/A!P-%I+R-,!wSC-Mx!

F&0;!0+&*A&61!\;4!64#A&++:!%$#94#A$'!;425$;4+'!'21*$5!*6!1;$*#!;4A$!&6'!*5!26&Y+$!14!'4!54!&5!&!

#$52+1!49!1;$*#!*69$01*46!\*1;!?$%&1*1*5!@!*5!$61*1+$'!14!%$#*4'*0!&662&+!%&:A$615!94#!T455!49!

8$#[*0$5!%#4[*'$'a!

.C 1;$!0+&*A&61!*5!&1!1;$!Y#*'7*67!9*Y#45*5!+$[$+!4#!Y$:46'e!4#!

,C 1;$!0+&*A&61!*5!&1!1;$!646>Y#*'7*67!9*Y#45*5!+$[$+!&6'!;&5!\&*[$'!1;$!jM-e---!+2A%!52A!

%&:A$61!'$50#*Y$'!&Y4[$C!

H;$!&A4261!49!Y$6$9*1!*5!$Z2&+!14!j.,!%$#!;42#!49!;4A$A&d$#!&55*51&60$!#$Z2*#$'!14!&!A&c*A2A!

49!j,S-!%$#!\$$dC!

)!0+&*A&61!*5!641!$61*1+$'!14!T455!49!8$#[*0$5!Y$6$9*15!*9!1;$:!&#$!#$0$*[*67!T455!49!I604A$!Y$6$9*15C!

M='E<<<!)!"+%%#/,+,!wSC-.].`]'`x!

)!%&:A$61!49!j=/e---!*5!A&'$!2%46!&!0+&*A&61!Y$*67!'*&7645$'!\*1;!0*##;45*5C!!!

M;<<E<<<!)!*-R/@8-1,$&+/1Z"$1R-%ZK+I-%!9%$1,84$1&!wSC-.].`]$`x!

)!%&:A$61!49!j.--e---!*5!A&'$!2%46!&!0+&*A&61!Y$*67!'*&7645$'!\*1;!+*[$#!'$04A%$65&1*46!4#!

;$%&140$++2+&#!0&60$#!4#!;&5!#$0$*[$'!&!+*[$#!1#&65%+&61C!!H;$#$!&#$!54A$!41;$#!046'*1*465!1;&1!

\*++!7*[$!#*5$!14!1;*5!Y$6$9*1e!Y21!1;$:!&#$!641!A4'$+$'!5$%&#&1$+:!*6!1;$!KKWP!#$%4#1C!!

*+:.:&+D&*"-%!UKMIKV&

)!0+&*A&61!\;4!A$$15!1;$!046'*1*465!94#!1;$!j.--e---!%&:A$61!&Y4[$!&6'!\;4!;&5!*602##$'!04515!

94#!0&#$!1;&1!&#$!641!04[$#$'!Y:!&6:!%2Y+*0!4#!%#*[&1$!;$&+1;!%+&6!*5!$61*1+$'!14!#$*AY2#5$A$61!94#!

&++!#$&546&Y+$!04515!14!&!A&c*A2A!49!j/-e---!%$#!:$&#C!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! (/!

*%?0!&#-%$8L!wSC-/x!

)!0+&*A&61!\;4!#$0$*[$5!04A%$65&Y+$!?@J!'#27!1;$#&%:!]*61$#9$#46e!#*Y&[*#*6!4#!520;!41;$#!

1#$&1A$61!&%%#4[$'!Y:!1;$!042#15`!*5!$61*1+$'!14!Y$!%&*'!j.e---!94#!$&0;!04A%+$1$'!A461;!49!520;!

1;$#&%:C!

]1+1,?%-3!9%-$&@-1&!^!2-3+R$&+/1!wSC-=x!

)!0+&*A&61!\;4!#$0$*[$5!&!7$6$#&++:!&00$%1$'!1#$&1A$61!&6'!A$'*0&1*46!94#!?@J!1;&1!*5!641!

41;$#\*5$!#$04[$#&Y+$!9#4A!&!%#*[&1$!4#!%2Y+*0!;$&+1;!%+&6!*5!$61*1+$'!14!Y$!#$*AY2#5$'!94#!&++!

520;!#$&546&Y+$!04515C!

T?&D/AD8/RU-&!VS8-1,-,!wSC-Ux!

)!0+&*A&61!\;4!*602#5!421>49>%40d$1!$c%$65$5!'2$!14!*69$01*46!Y:!?@J!1;&1!&#$!641!41;$#\*5$!

#$04[$#&Y+$!9#4A!&!%#*[&1$!4#!%2Y+*0!;$&+1;!%+&6!*5!$61*1+$'!14!Y$!#$*AY2#5$'!94#!&++!520;!

#$&546&Y+$!04515C!!H;*5!*60+2'$5!&A42615!94#!1#&[$+e!;41$+5e!A$&+5e!1$+$%;46$!&6'!41;$#!5*A*+&#!

$c%$65$5!&11#*Y21&Y+$!14!5$$d*67!A$'*0&+!&'[*0$!4#!1#$&1A$61!&6'!A$'*0&1*46!&5!\$++!&5!04515!

*602##$'!*6!$51&Y+*5;*67!&!0+&*A!26'$#!1;$!"+&6C!

P-R/13$%+4L!O1A-R&-3!.-%,/1,!

)!5%425$!4#!0;*+'!49!&6!?@J!*69$01$'!0+&*A&61!]4#!&6!?@J!*69$01$'!%$#546!\;4!;&5!4%1$'!421!49!

1;$!"+&6`!\;$#$!1;&1!%$#546!\&5!*69$01$'!\*1;!?@J!&5!&!#$52+1!49!1;$!#$+&1*465;*%!A&:!A&d$!;*5!4#!

;$#!4\6!0+&*A!94#!04A%$65&1*46!26'$#!1;$!"+&6C!!H4!Y$!$+*7*Y+$e!1;$!5%425$!A251!9*+$!&!0+&*A!

\*1;*6!1;#$$!:$&#5!49!1;$!'&1$!1;$!%#*A&#*+:!*69$01$'!%$#546!52YA*15!1;$*#!0+&*AC!!H;$#$!*5!64!520;!

+*A*1&1*46!46!0+&*A5!52YA*55*465!Y:!0;*+'#$6C!!N$6$9*15!14!5$046'&#*+:!*69$01$'!%$#5465!&#$!1;$!

5&A$!&5!94#!%#*A&#*+:!*69$01$'!%$#5465C!

B"C!%-4$&-3!3-$&#!:-A/%-!;!_$1?$%L!;FFF!w/C-.x!

I9!&6!&%%#4[$'!?@J!*69$01$'!%$#546!'*$'!%#*4#!14!.!V&62&#:!.<<<!&5!&!#$52+1!49!?@Je!1;$*#!%$#546&+!

#$%#$5$61&1*[$!&6'l4#!9&A*+:!A$AY$#5!&#$!$61*1+$'!14!#$0$*[$!$*1;$#a!

.C j/-e---!%+25!&6:!26*652#$'!926$#&+!$c%$65$5!*602##$'!14!&!A&c*A2A!49!j/e---!%+25!1;$!

04A%$65&1*46!14!'$%$6'&615!&6'!&%%#4[$'!9&A*+:!A$AY$#5!&5!421+*6$'!Y$+4\b!4#e!

,C j.,-e---!%+25!26*652#$'!926$#&+!$c%$65$5C!

B"C!%-4$&-3!3-$&#!$A&-%!;D_$1D;FFF!w/C-,x!

I9!&!0+&*A&61!'*$5!&91$#!.!V&62&#:!.<<<!&5!&!#$52+1!49!?@Je!&6:!26*652#$'!926$#&+!$c%$65$5!

*602##$'!14!&!A&c*A2A!49!j/e---!&6'!04A%$65&1*46!14!'$%$6'&615!&6'!&%%#4[$'!9&A*+:!

A$AY$#5!&5!421+*6$'!Y$+4\!&#$!%&:&Y+$C!!H;*5!*5!*6!&''*1*46!14!&6:!41;$#!Y$6$9*1!$61*1+$A$61!1;$!

0+&*A&61!;&5!26'$#!1;$!"+&6C!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! (=!

"/@8-1,$&+/1!&/!*-8-13$1&,!w=C-.x!

B4++4\*67!1;$!'$&1;!49!&!%$#546!&5!&!#$52+1!49!?@Je!1;$!'$%$6'&615!49!1;&1!%$#546!&#$!$61*1+$'!14!

#$0$*[$!!

.C T455!49!82%%4#1!X!9#4A!1;$!'&1$!49!'$&1;!14!1;$!'&1$!1;$!*69$01$'!%$#546!\42+'!;&[$!&11&*6$'!

&7$!=/e!'$%$6'&615!\*++!Y$!%&*'!&6!&662&+!&A4261!$Z2&+!14!1;$!6$1!*604A$!49!1;$!'$0$&5$'!

%$#546e!#$'20$'!Y:!M-g!14!&004261!94#!1;$!%$#546&+!+*[*67!$c%$65$5!49!1;$!'$0$&5$'C!

,C T455!49!8$#[*0$5!X!9#4A!1;$!'&1$!49!'$&1;!49!1;$!*69$01$'!%$#546e!'$%$6'&615!\*++!Y$!%&*'!&6!

&662&+!&A4261!$Z2&+!14!j.,!%$#!;42#!14!&!A&c*A2A!49!j,S-!%$#!\$$d!&5!04A%$65&1*46!94#!

T455!49!8$#[*0$5!*6!1;$!;4A$!49!1;$!'$0$&5$'C!!H;$!"+&6!0461&*65!64!#$9$#$60$!&5!14!;4\!+467!

1;$5$!%&:A$615!&#$!14!Y$!A&'$e!;4\$[$#!\$!26'$#51&6'!1;&1!1;$!&'A*6*51#&14#!*5!%&:*67!1;*5!

T455!49!8$#[*0$5!94#!1;$!+*9$!$c%$01&60:!49!1;$!'$0$&5$'e!0&+02+&1$'!&004#'*67!14!1;$!@&6&'*&6!

T*9$!H&Y+$5!&5!%2Y+*5;$'!Y:!81&1*51*05!@&6&'&C!

W;$#$!1;$!'$%$6'&615!&#$!$61*1+$'!14!Y41;!T455!49!82%%4#1!&6'!T455!49!8$#[*0$5e!46+:!46$!*5!

%&:&Y+$C!!8;42+'!1;$!T455!49!82%%4#1!%&:A$615!0$&5$!2%46!1;$!'&1$!1;$!'$0$&5$'!\42+'!;&[$!

&11&*6$'!&7$!=/e!1;$6!T455!49!8$#[*0$5!%&:A$615!&#$!%&:&Y+$!1;$#$&91$#C!

H;$!&A4261!49!Y$6$9*1!%&:&Y+$!*5!14!Y$!5%+*1!&A467!&++!'$%$6'&615!*6!520;!A&66$#!&5!1;$!

'$%$6'&615!4#!&'A*6*51#&14#!'$1$#A*6$C!

"/@8-1,$&+/1!&/!J88%/I-3!\$@+4L!2-@:-%,!w=C-,x!

B4++4\*67!1;$!'$&1;!49!&!%$#546!&5!&!#$52+1!49!?@Je!1;$!9&A*+:!A$AY$#5!49!1;&1!%$#546!&#$!$61*1+$'!

14!#$0$*[$!

&C j,/e---!94#!1;$!5%425$!

YC j./e---!94#!$&0;!0;*+'!26'$#!1;$!&7$!49!,.!&1!1;$!'&1$!49!'$&1;!

0C j!/e---!94#!$&0;!0;*+'!&7$'!,.!4#!4[$#!&1!1;$!'&1$!49!'$&1;!

'C j!/e---!94#!$&0;!%&#$61!

$C j!/e---!94#!$&0;!5*Y+*67!

9C j!/--!94#!$&0;!7#&6'%&#$61!

7C j!/--!94#!$&0;!7#&6'0;*+'!

BOC!P-R/13$%+4L!O1A-R&-3!"4$+@$1&,!wSC-(x!

)6!?@J!*69$01$'!%$#546!\;4!*5!&+54!&!5$046'&#*+:!*69$01$'!?IJ!%$#546!A&:!46+:!#$0$*[$!

04A%$65&1*46!9#4A!1;*5!"+&6!460$!1;$*#!0+&*A5!\42+'!41;$#\*5$!;&[$!$c0$$'$'!j,S-e---C!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! (U!

'//323,.'9!&0.07321!7,+!8'04,58393'(1!A328!805'23231!(!

H;$!94++4\*67!Y$6$9*15!&#$!%&:&Y+$!2%46!&!0+&*A&61i5!$+$01*46!*651$&'!49!1;$!&Y4[$!+*51$'!Y$6$9*15e!

&6'!&#$!46+:!&[&*+&Y+$!14!&6!&%%#4[$'!;&$A4%;*+*&0!0+&*A&61C!!8$01*46!#$9$#$60$5!&#$!14!1;$!

?&$A4%;*+*&0!"+&6C!

B$-@/8#+4+$R!+1A-R&-3!W+&#!:/&#!B"C!$13!BOC!wSC-(],`x!

I9!1;$!0+&*A&61!*5!&!%#*A&#*+:!*69$01$'!;&$A4%;*+*&0!&6'!*5!&+54!*69$01$'!\*1;!?IJe!&!+2A%!52A!

&A4261!49!j/-e---!A&:!Y$!$+$01$'!*651$&'!49!&++!41;$#!04A%$65&1*46!26'$#!1;$!"+&6!&6'!*5!*6!92++!

5&1*59&01*46!49!&++!0+&*A5C!

*-$&#!8%+/%!&/!;!_?4L!;FFF!w/C-.]S`x!

I9!&6!&%%#4[$'!?@J!*69$01$'!%$#546!'*$'!%#*4#!14!.!V&62&#:!.<<<!&5!&!#$52+1!49!?@Je!1;$*#!%$#546&+!

#$%#$5$61&1*[$!&6'l4#!9&A*+:!A$AY$#5!&#$!$61*1+$'!14!#$0$*[$!$*1;$#a!

.C j/-e---!%+25!&6:!26*652#$'!926$#&+!$c%$65$5!*602##$'!14!&!A&c*A2A!49!j/e---!%+25!1;$!

04A%$65&1*46!14!'$%$6'&615!&6'!&%%#4[$'!9&A*+:!A$AY$#5!&5!421+*6$'!&Y4[$b!4#e!

,C j.,-e---!%+25!26*652#$'!926$#&+!$c%$65$5b!4#e!

MC jU,e---!*9!1;$!0+&*A&61!\&5!&!%#*A&#*+:!*69$01$'!;&$A4%;*+*&0!&6'!\&5!&+54!*69$01$'!\*1;!?IJ!

&6'!*9!&++!'$%$6'&615!&6'!41;$#!9&A*+:!A$AY$#5!&7#$$!14!&00$%1!1;*5!&A4261!*6!92++!

5&1*59&01*46!49!&++!0+&*A5C!

836!5+,*+'4!

"$#5465!\;4!&#$!*69$01$'!\*1;!?IJ!#$52+1*67!9#4A!&!#$+&1*465;*%!]%&#16$#!4#!0;*+'`!49!&!%#*A&#*+:!

*69$01$'!%$#546!\;4!*5!&6!&%%#4[$'!Fc1#&4#'*6&#:!)55*51&60$!"+&6!#$0*%*$61!&#$!$+*7*Y+$!14!#$0$*[$!

j,S-e---!04A%$65&1*46!9#4A!1;*5!"+&6C!!H;$#$!*5!64!#$Z2*#$A$61!1;&1!1;$!%$#546!Y$!*69$01$'!\*1;!

?@JC!!)!A&c*A2A!49!,S-!520;!0+&*A5!\*++!Y$!&00$%1$'C

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! ((!

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

1,-+(0!,7!/'2'!

H;$!0+&*A&61!'&1&!25$'!14!%#4'20$!1;$!#$52+15!*6!1;*5!#$%4#1!0&6!Y$!5%+*1!*614!1\4!7#42%5e!1;$!

02##$61!d64\6!04;4#1!&6'!1;$!&552A$'!26d64\6!04;4#1C!!!

H;$!'&1&!94#!1;$!02##$61!d64\6!04;4#1!\&5!%#4[*'$'!Y:!1;$!V4*61!@4AA*11$$!&6'!94#\&#'$'!14!25!

[*&!1;$!R$%&#1A$61!49!V251*0$C!!H;$!'&1&!\&5!5%+*1!Y$1\$$6!&!A&51$#!+*51!&6'!5$[$#&+!52%%4#1*67!

+*515C!!B4#!$&0;!d64\6!0+&*A&61e!&5!&1!M.!R$0$AY$#!,-.Me!1;$!A&51$#!+*51!5%$0*9*$'!1;$!0+&*A&61!

7#42%!]1#&65925$'!4#!;&$A4%;*+*&0`e!7$6'$#e!'&1$!49!Y*#1;e!?IJ!51&125e!02##$61!'*5$&5$!+$[$+e!$10C!!

H;$!52%%4#1*67!+*515!0461&*6$'!*694#A&1*46!46!Y$6$9*15!%&*'!&6'!Y$6$9*15!02##$61+:!*6!%&:!14!1;$!

0+&*A&61!&6'l4#!1;$*#!Y$6$9*0*&#*$5e!&5!'*01&1$'!Y:!1;$!0+&*A&61i5!02##$61!'*5$&5$!+$[$+C!!H;$!

A&51$#!+*51!&6'!52%%4#1*67!+*515!\$#$!04654+*'&1$'!*614!46$!9*+$!0461&*6*67!&++!49!1;$!*694#A&1*46!

#$Z2*#$'!14![&+2$!1;$!02##$61!d64\6!04;4#1C!!

H;$!'&1&!94#!1;$!&552A$'!26d64\6!04;4#1!\&5!0#$&1$'!Y&5$'!46!1;$!&552A%1*465!5$1!421!*6!

8$01*46!=!>!?$%&1*1*5!@!@+&*A&61!@4;4#1C!!H;$!26d64\6!0+&*A&615!&#$!&552A$'!14!A*##4#!1;$!

d64\6!0+&*A&615!\*1;!#$5%$01!14!&7$e!51&125!]&+*[$!4#!'$0$&5$'`!&6'!'*5$&5$!+$[$+C!!

/'2'!(80()1!,.!280!(-++0.2!).,A.!(,8,+2!

)91$#!04654+*'&1*67!1;$!A&51$#!+*51!&6'!52%%4#1*67!+*515!*614!46$!9*+$e!\$!%$#94#A$'!&!62AY$#!49!

0;$0d5!94#!#$&546&Y+$6$55C!

• @4A%&#$!1;$!62AY$#!49!0+&*A&615!&1!$&0;!51&125!\*1;!1;$!62AY$#!9#4A!1;$!,-.-!'&1&C!

• @4A%&#$!1;$!,-.-!'&1&!94#!$&0;!d64\6!0+&*A&61!\*1;!1;$!,-.M!'&1&!94#!&6:!0;&67$5!1;&1!

\42+'!641!Y$!#$&546&Y+$!]520;!&5!&!+&#7$!62AY$#!49!0;&67$'!'&1$5!49!Y*#1;e!*6&%%#4%#*&1$!

0;&67$!*6!'*5$&5$!+$[$+!4#!51&125`C!!

• 3$[*$\$'!1;$!,-.-!&6'!,-.M!'&1&!94#!A*55*67!0+&*A&615C!!H;$#$!\$#$!64!A*55*67!0+&*A&615C!

• @4A%&#$!1;$!042615!49!1;$!0+&*A&615!\;4!\$#$!&+*[$e!'$0$&5$'!&91$#!.<<<!&6'!'$0$&5$'!

Y$94#$!.<<<!94#!1;$!d64\6!0+&*A&615!14!1;$!5*A*+&#!62AY$#5!#$%4#1$'!Y:!F0d+$#C!

W$!A&'$!1;$!94++4\*67!&'f251A$615!14!1;$!'&1&!%#4[*'$'!94#!1;$!02##$61!d64\6!04;4#1a!

• B4#!0+&*A&615!&1!'*5$&5$!+$[$+!Me!\$!;&[$!&552A$'!1;&1!/-g!&#$!&1!0+*6*0&+!51&7$!B.!&6'!/-g!

&1!51&7$!B,C!!H;*5!*5!Y&5$'!46!1;$!#&1*45!%#$5$61$'!*6!1;$!KKWP!#$%4#1C!!!

• B4#!0+&*A&615!&1!'*5$&5$!+$[$+!=!94#!\;4A!&!1#&65%+&61!*5!*6'*0&1$'e!\$!;&[$!&552A$'!1;&1!

1;$:!;&[$!52#[*[$'!94#!&1!+$&51!.,!A461;5!94++4\*67!1;$!1#&65%+&61C!!!

• B4#!0+&*A&615!&1!+$[$+!=!\;4!&#$!*6'*0&1$'!14!;&[$!#$6&+!9&*+2#$e!@#:47+4Y2+*6$A*&!4#!

P+4A$#2+46$%;#*1*5!]^&1:%*0&+!+$[$+!=_`e!\$!94++4\$'!1;$!&'[*0$!#$0$*[$'!9#4A!1;$!KKWP!&6'!

9#4A!R#C!N&*6e!&!7&51#4$61$#4+47*51!\;4!%#4[*'$5!&'[*0$!14!1;$!V4*61!@4AA*11$$C!!W$!

0465*'$#$'!1;$:!\42+'!Y$!5*A*+&#!14!41;$#!+$[$+!=!0+&*A&615e!Y21!!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! (<!

o &552A$'!1;$:!\42+'!&++!#$0$*[$!1#$&1A$61!25*67!54925Y4[*#>Y&5$'!'42Y+$15b!

o &552A$'!1;&1!1;$#$!\42+'!Y$!64!#$04[$#:!9#4A!'*5&Y*+*1:!]+455!49!*604A$!4#!+455!49!

5$#[*0$5`b!

o A4'*9*$'!1;$!*60*'$60$!49!@451!49!@&#$!14!Y$!t#'!49!42#!Y$51!$51*A&1$!&552A%1*465b!

&6'!

o A4'*9*$'!1;$!A4#1&+*1:!14!0465*'$#!u#'5!49!'$&1;5!14!Y$!?@J>#$+&1$'!&6'!1;$!Y&+&60$!

&5!641!?@J>#$+&1$'.UC!!!

• B4#!0+&*A&615!&1!+$[$+!=!\;4!&#$!*6'*0&1$'!14!;&[$!+:A%;4A&e!\$!94++4\$'!1;$!&'[*0$!

#$0$*[$'!9#4A!1;$!KKWP!&6'!A4'$++$'!1;$A!1;$!5&A$!&5!'$04A%$65&1$'!0+&*A&615C!

(,8,+2!/312+3&-23,.1!'1!'2!;#!/0(04&0+!%E#;!

H&Y+$!.S=!5;4\5!1;$!0+&*A&61!04;4#15!25$'!*6!1;$![&+2&1*46C!!H&Y+$5!NC.!&6'!NC,!Y$+4\!5;4\!1;$!

'*5$&5$!+$[$+!&5!&1!M.!R$0$AY$#!,-.M!94#!1;$!d64\6!0+&*A&615!147$1;$#!\*1;!1;$*#!'*5$&5$!+$[$+!&5!

49!M.!R$0$AY$#!,-.-C!

H;$!94++4\*67!A&:!&55*51!*6!26'$#51&6'*67!1;$!1&Y+$C!!!

T44d*67!&1!1;$!9*#51!#4\!*6!H&Y+$!NC.e!1;$!#*7;1!;&6'!04+2A6!5;4\5!1;&1!1;$#$!\$#$!S<,!1#&65925$'!

0+&*A&615!&1!+$[$+!.!&5!49!M.!R$0$AY$#!,-.-C!!

)5!46$!#$&'5!&0#455!1;$!#4\!9#4A!1;$!+$91e!\$!5$$!1;&1!&5!49!M.!R$0$AY$#!,-.Me!S(S!49!1;45$!

0+&*A&615!#$A&*6!&1!+$[$+!.b!1;#$$!49!1;$A!&#$!64\!&1!+$[$+!,!&6'!9*[$!49!1;$A!;&[$!'*$'!9#4A!646>

?@J!0&25$5C!!T44d*67!&1!1;$!1&Y+$!#4\!Y:!#4\e!\$!0&6!5$$!;4\!0+&*A&615!&5!49!M.!R$0$AY$#!,-.-!

;&[$!%#47#$55$'C!

B#4A!&641;$#!%$#5%$01*[$e!+44d!&1!1;$!04+2A6!;$&'$'!^R)<!?@J_C!!H;*5!04+2A6!5;4\5!1;$!

1#&65925$'!0+&*A&615!&5!49!M.!R$0$AY$#!,-.M!\;4!;&[$!'*$'!&5!&!#$52+1!49!?@JC!!H;$#$!&#$!&!141&+!

49!S(-!]Y4114A!#4\`C!

T44d*67!&1!1;$!5$046'!+&51!#4\!*6!1;$!R)<!?@J!04+2A6e!\$!5$$!1;&1!<!49!1;$5$!'$&1;5!&#$!6$\!

$61#&615!X!1;&1!*5!1;$*#!0+&*A!\&5!&%%#4[$'!&1!54A$!1*A$!*6!1;$!%$#*4'!.!V&62&#:!,-..!14!M.!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!

!

.U!! H;*5!'*99$#$'!9#4A!1;$!&'[*0$!\$!#$0$*[$'!9#4A!1;$!KKWP!1;&1!1;$5$!0+&*A&615!\42+'!;&[$!64!4674*67!?@J>#$+&1$'!*552$5!&6'!'$&1;!\42+'!641!Y$!?@J>#$+&1$'C!!W$!525%$01!1;&1!1;$!'$9*6*1*46!49!^?@J>#$+&1$'_!25$'!Y:!1;$!KKWP!*6!1;$*#!#$5%465$!\&5!Y&5$'!46!&!A$'*0&+!#&1;$#!1;&6!&!+$7&+!'$9*6*1*46!49!0&25&1*46C!!B4#!1;$!%2#%45$5!49!Y$6$9*1!$61*1+$A$61e!\$!&#$!*694#A$'!1;&1!1;$!+$7&+!'$9*6*1*46!*5!21*+*h$'C!!?4\$[$#e!1;$!4%*6*46!46!#$04[$#:!9#4A!'*5&Y*+*1:!\&5![$#:!'*99$#$61e!\*1;!1;$!KKWP!$c%$01*67!92++!#$04[$#:!&91$#!&Y421!5*c!A461;5!&6'!R#C!N&*6!5277$51*67!1;$#$!A&:!Y$!46+:!%&#1*&+!#$04[$#:!*6!54A$!%&1*$615C!!R2$!14!*AA&1$#*&+*1:!49!1;$!+*&Y*+*1:!*6[4+[$'e!\$!'$0*'$'!14!21*+*h$!R#C!N&*6i5!A4#$!0465$#[&1*[$![*$\C!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! <-!

R$0$AY$#!,-.MC!!S,,!49!1;$!1#&65925$'!\;4!'*$'!&5!&!#$52+1!49!?@J!\$#$!0+&*A&615!&5!49!M.!

R$0$AY$#!,-.-C!!!I6!1;$!1;*#'!+&51!#4\!&#$!.M!0+&*A&615!1;&1!\$#$!0+&55*9*$'!&5!&!646>?@J!'$&1;!*6!

,-.-!\;4!;&[$!5*60$!Y$$6!#$0+&55*9*$'C!!H;$!Y&+&60$!49!1;$!#4\5!&Y4[$!5;4\5!0+&*A&615!\;4!\$#$!

&+*[$!*6!R$0$AY$#!,-.-!\;4!;&[$!5*60$!'*$'!&5!&!#$52+1!49!?@JC!

!"#$%&Zd'&2&M0:%":%&O%P%$:&04&BI'I&"46&BI'R&2&!-"4:DC:%6&*$"09"4.:&&&

) ABCD)3'1,/1,)V,?,.)

ABCB)3'1,/1,)V,?,.) C) A) D) J) I) P) 3=NCM)

3@N^<*ZCN)

3@N)#&#^<*ZCN)

:&(/.)b[)V,?,.)'#)

ABCB)

.! S(S! M! ! ! ! ! ! ! /! S<,!

,! ! <=-! /,! ,! U! M! ! .! .U! .-S,!

M! ! ! (.,! =! .,! =! ! M! .-! (S<!

S! ! ! ! .=,! =! ,! ! ,! S! .U=!

/! ! ! ! ! .,S! /! ! .S! /! .S(!

=! ! ! ! ! ! =<! ! .=! /! <-!

RN<.(! ! ! ! ! ! ! .U<! ! ! .U<!

R)<>?@J.<! ! ! ! ! ! ! ! S,,! ! S,,!

R)<>646.<! ! ! ! ! ! ! ! .M! M(M! M<=!

Q$\!$61#&61! ,=! M-! MS! /! <! ,! /! <! .-! .M-!

:&(/.)b[)V,?,.)'#)ABCD) ICB! NND! MNM! CLI! CIM! ML! CMJ! JMB! JDN! DNAJ!

!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!

!

.(!! RN<!X!R$0$&5$'!%#*4#!14!.<<<C!

.<!! R)<!X!R$0$&5$'!&91$#!.<<<!X!$*1;$#!?@J!#$+&1$'!4#!641>?@J!#$+&1$'!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! <.!

!"#$%&ZdB&2&M0:%":%&O%P%$:&04&BI'I&"46&BI'R&2&>"%9+L,0$0"=&*$"09"4.:&&

) ABCD)3'1,/1,)V,?,.)

ABCB)3'1,/1,))V,?,.) C) A) D) J) I) P) 3=NAB)

3@N^<*ZAC)

3@N)#&#^<*ZAC)

:&(/.)b[)V,?,.)'#)

ABCB)

.! .SM! ! ! ! ! ! ! ! ! .SM!

,! ! .<-! U! ,! ! .! ! .! .! ,-,!

M! ! ! M.U! U! /! M! ! M! M! MM(!

S! ! ! ! U.! .! .! ! .! .! U/!

/! ! ! ! ! U=! /! ! .! S! (=!

=! ! ! ! ! ! S-! ! (! ! S(!

RN<,-! ! ! ! ! ! ! M-.! ! ! M-,!

R)<n?@J,.! ! ! ! ! ! ! ! ..M! ! ..M!

R)<>646!,.! ! ! ! ! ! ! ! S! M<! SM!

Q$\!$61#&61! M! ,! ,! .! ! ! ! ! ,! .-!

:&(/.)b[)V,?,.)'#)ABCD) CJP! CNA! DAP! MC! MA! IB! DBC! CDC! IB! CDIN!

!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!

!

,-!! RN<!X!R$0$&5$'!%#*4#!14!.<<<C!

,.!! R)<!X!R$0$&5$'!&91$#!.<<<!X!$*1;$#!?@J!#$+&1$'!4#!641>?@J!#$+&1$'!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! <,!

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

H;$!A4'$+!\$!;&[$!Y2*+1!*5!04A%45$'!49!5$[$#&+!A4'2+$5e!421+*6$'!&5!94++4\5a!

M"."&;4.-A&@+6C$%&

I6!1;*5!A4'2+$e!&++!#$+$[&61!'&1&!9*$+'5!&#$!%4%2+&1$'!25*67!'&1&!%#4[*'$'!Y:!1;$!&'A*6*51#&14#e!

\;*0;!#$9+$015!1;$!&012&+!0+&*A&615!&1!1;$*#!&012&+!&7$!&6'!'*5$&5$!51&7$C!!)!5*A*+&#!5$1!49!'&1&!*5!

0#$&1$'!94#!1;$!26d64\6!0+&*A&615!Y&5$'!46!1;$!&552A$'!'*5$&5$!51&7$e!&7$!'*51#*Y21*46e!51&125!

]&+*[$e!'$0$&5$'!9#4A!?@Je!'$0$&5$'!9#4A!41;$#!0&25$5`e!04;4#1!]1#&65925$'!4#!;&$A4%;*+*&0`e!&6'!

41;$#!&552A%1*465!&5!'*50255$'!*6!8$01*46!=!>!?$%&1*1*5!@!@+&*A&61!@4;4#1C!

X::C9L.0+4:&@+6C$%& &

H;*5!A4'2+$!*5!25$'!14!Y2*+'!5$15!49!&552A%1*465!0&++$'!50$6&#*45e!\;*0;!&#$!*6!12#6!25$'!14!

0&+02+&1$!#$52+15C!!H;$#$!&#$!5$%&#&1$!5$15!49!&552A%1*465!94#!1;$!1#&65925$'!&6'!;&$A4%;*+*&0!

7#42%5C!

!-"4:0.0+4&@".-0<&@+6C$%&

H;$!1#&65*1*46!A&1#*c!0461&*65!1;$!KKWP!A$1;4'4+47:!&6'!1#&65*1*46!%#4Y&Y*+*1*$5!25$'!*6!4#'$#!14!%#4f$01!$&0;!0+&*A&61i5!'*5$&5$!%#47#$55*46C!!H;*5!A4'2+$!&+54!*604#%4#&1$5!1;$!$c0$55!A4#1&+*1:!9#4A!?@J!&552A%1*46C!

*"$=C$".0+4&@+6C$%&

E60$!1;$!'&1&!;&5!Y$$6!$61$#$'!&6'!&!50$6&#*4!*5!0;45$6e!*6'*[*'2&+!0+&*A&615!&#$!&214A&1*0&++:!

#26!1;#427;!1;$!0&+02+&1*46!$67*6$!46$!&1!&!1*A$C!!H;*5!*5!04AA46+:!#$9$##$'!14!&5!&!5$#*&1*A!

[&+2&1*46C!!

H;$!'&1&!94#!$&0;!0+&*A&61!*5!04AY*6$'!\*1;!1;$!50$6&#*4i5!&552A%1*465!&6'!1;$!"+&6!5%$0*9*05!*6!

4#'$#!14!%#4'20$!+*&Y*+*1*$5!&6'!9212#$!$c%$01$'!:$&#>Y:>:$&#!0&5;!9+4\5C!!

F&0;!0+&*A&61!*5!%#4f$01$'!94#\&#'!46$!:$&#!&1!&!1*A$C!!F&0;!:$&#e!1;$!A4'$+!&55$55$5!1;$!

%#4Y&Y*+*1:!49!1;$A!#$A&*6*67!&1!1;$!5&A$!'*5$&5$!51&7$e!0;&67*67!14!&641;$#!'*5$&5$!51&7$e!':*67!

9#4A!?@Je!':*67!9#4A!646>?@J!0&25$5e!26'$#74*67!&!5200$5592+!1#$&1A$61e!*602##*67!&6!$+*7*Y+$!

$c%$65$!]$C7C!'#27!1;$#&%:e!421>49>%40d$1`e!*602##*67!&!T455!49!I604A$!4#!T455!49!8$#[*0$5!0+&*A!

&6'!#$04[$#*67!9#4A!'*5&Y*+*1:!&6'!1;$#$Y:!0$&5*67!14!#$0$*[$!T455!49!I604A$!4#!T455!49!8$#[*0$5C!!!

F0464A*0!&6'!'$A47#&%;*0!&552A%1*465!&+467!\*1;!$+*7*Y+$!Y$6$9*1!&A42615!&#$!1;$6!1&d$6!*614!

&004261!14!0&+02+&1$!1;$!9212#$!0&5;!9+4\5!94#!2%!14!.--!:$&#5e!&5!\$++!&5!1;$!%#$5$61![&+2$5!49!1;$!

+*&Y*+*1*$5C!!N41;!0&5;!9+4\5!&6'!%#$5$61![&+2$5!&#$!52AA&#*h$'!Y:!0+&*A&61!&6'!Y:!Y$6$9*1!14!

9&0*+*1&1$!&6&+:5*5C!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! <M!

*+,+-.&U-+N-%::0+4&@+6C$%&

)!Y:>%#4'201!49!1;$!A4'$+!*5!1;$!&Y*+*1:!14!%#4'20$!9212#$!04;4#1!'*5$&5$!'*51#*Y21*465!5*A*+&#!14!

1;45$!%#$5$61$'!*6!1;$!KKWP!3$%4#1!&1!H&Y+$5!.MC.!14!.SC(C!!!

F%:C$.:&@+6C$%&

H;$!#$52+15!&#$!1;$6!52AA&#*h$'!*6![&#*425!#$%4#15!14!9&0*+*1&1$!#$[*$\!&6'!0;$0d*67!49!1;$!A4'$+e!

14!%#4[*'$!1;$!*694#A&1*46!6$0$55&#:!94#!*60+25*46!*6!1;*5!#$%4#1!&6'!14!Z2&61*9:!$99$015!49!

&552A%1*46!0;&67$5!&6'!5$65*1*[*1*$5C

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! <S!

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

H;*5!*5!&!52AA&#:!49!1;$!A&*6!&012&#*&+!&552A%1*465!25$'!*6!1;*5!#$%4#1C!!H;$!,-.M!&552A%1*465!

\$#$!5$+$01$'!f4*61+:!\*1;!F0d+$#!&6'!&#$!1;$!5&A$!&5!F0d+$#!25$'!94#!1;$*#!,-.M!#$%4#1C!!H;$!,-.-!

&552A%1*465!25$'!Y:!K4#6$&2!8;$%$++!&#$!&+54!5;4\6!94#!04A%&#*546C!!84A$!49!1;$!&552A%1*465!

25$'!Y:!F0d+$#!*6!,-.-!'*99$#$'!9#4A!1;$!K4#6$&2!8;$%$++!&552A%1*465C!!H;$!&552A%1*465!&#$!

$c%+&*6$'!*6!A4#$!'$1&*+!*6!1;$!Y4':!49!1;*5!#$%4#1C!!

R*5$&5$!"#47#$55*46!! >!8$01*46!/!

@4;4#1!)552A%1*465!! >!8$01*46!=!

E1;$#!)552A%1*465! >!8$01*46!.!

/310'10!12'*01!

H;$!@4A%$65&1*46!"+&6!25$5!'*99$#$61!'$50#*%1*465!49!1;$![&#*425!+$[$+5!49!1;$!'*5$&5$!9#4A!1;$!

51&7$5!1;&1!&#$!25$'!*6!1;$!KKWP!3$%4#1C!!B2#1;$#e!54A$!51&7$5!25$'!*6!1;$!KKWP!3$%4#1!'4!641!

04##$5%46'!'*#$01+:!14!1;$!+$[$+5!46!\;*0;!04A%$65&1*46!*5!Y&5$'C!!

I6!%&#1*02+&#e!\$!26'$#51&6'!1;&1!646>Y#*'7*67!9*Y#45*5!64#A&++:!4002#5!54A$1*A$!'2#*67!1;$!

51&7$5!*'$61*9*$'!&5!B*Y#45*5!.!&6'!B*Y#45*5!,!*6!1;$!KKWP!3$%4#1C!!N:!&552A*67!1;&1!646>

Y#*'7*67!9*Y#45*5!4002#5!04*60*'$61!\*1;!B*Y#45*5!.e!\$!&#$!*60+2'*67!&!+$[$+!49!0465$#[&1*5A!*6!1;$!

#$52+15e!*60+2'*67!1;$!Y$51!$51*A&1$!#$52+15C!

H;$!94++4\*67!1&Y+$!5;4\5!1;$!1$#A5!1;&1!&#$!'$$A$'!14!Y$!$Z2*[&+$61!94#!%2#%45$5!49!&%%+:*67!

1;$!KKWP!51&7$5!14!1;$!"+&6i5!04A%$65&1*46!+$[$+5C!!!

!"#$%&Md'&2&>%L".0.0:&*&M0:%":%&/."N%:&"46&O%P%$:&

RRST)E(/Q,) RRST)E(/Q,)3,140'5('&#)

*&+5,#1/('&#)-./#)V,?,.1) *&+5,#1/('&#)-./#)3,140'5('&#)

B-]3Q)>`! B*Y#45*5!81&7$!-!X!3Q)!6$7&1*[$!

.! @+&*A&615!\;4!;&[$!0+$&#$'!1;$![*#25!

B-]3Q)p`! B*Y#45*5!81&7$!-!X!3Q)!%45*1*[$!

,! "@3!1$51!%45*1*[$!

B.! B*Y#45*5!81&7$!.! !M!

Q46>N#*'7*67!B*Y#45*5!

B,! B*Y#45*5!81&7$!,!

BM! B*Y#45*5!81&7$!M! S! N#*'7*67!B*Y#45*5!

BS! @*##;45*5! /! @*##;45*5!

?@@! ?$%&140$++2+&#!@&60$#! !=!

@&60$#!

R$04A%! R$04A%$65&1$'!0*##;45*5! T*[$#!'$04A%$65&1*46!

H#&65%+&61! T*[$#!H#&65%+&61! T*[$#!H#&65%+&61!

R$&1;! T*[$#!#$+&1$'!'$&1;! ! R$&1;!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! </!

(,8,+2!'11-4523,.1!

!"#$%&MdB"&)&*+,+-.&/01%&2!-"4:DC:%6&*$"09"4.:&&

Disease Level Disease Stage Known Claimants

Unknown Claimants Total

Alive Claimants

1 F0 – RNA- 510 32 542

2 F0 – RNA+ 993 62 1,055

3 F1 449 28 477

3 F2 449 28 477

4 F3 175 11 186

5 Cirrhosis 158 10 168

6 Decompensated 36 4 40

6 Lymphoma 5 0 5

6 Renal 8 0 8

6 Cryoglobulinemia 10 0 10

6 Glomerulonephritis 2 0 2

6 Transplant 16 1 17

6 HCC 10 1 11

Total Alive 2,821 177 2,998

Deceased

Died before 1999 All 184 25 209

Died after 1998 - non HCV F0 – RNA- 179 10 189

F0 – RNA+ 166 10 176

F1 46 3 49

F2 - 0 -

F3 17 1 18

Cirrhosis 18 1 19

Level 6 13 1 14

Died after 1998 - HCV F0 – RNA- - 0 -

F0 – RNA+ 19 1 20

F1 23 1 24

F2 - 0 -

F3 11 1 12

Cirrhosis 73 4 77

Level 6 354 19 373

Total Deceased 1,103 77 1,180

Total Cohort 3,924 250 4,166

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! <=!

H&Y+$!RC,Y!>!@4;4#1!8*h$!X?&$A4%;*+*&0!@+&*A&615!&

Disease Level Disease Stage Known Claimants

Unknown Claimants Total

Alive Claimants

1 F0 – RNA- !.S=! , !.S(!

2 F0 – RNA+ !.<,! M !.</!

3 F1 !.=M! M !.==!

3 F2 !.=M! M !.==!

4 F3 !(.! . !(,!

5 Cirrhosis !(,! . !(M!

6 Decompensated !,=! . !,U!

6 Lymphoma !M! - !M!

6 Renal !>! - !>!

6 Cryoglobulinemia !S! - !S!

6 Glomerulonephritis !.! - !.!

6 Transplant !=! - !=!

6 HCC !.-! - !.-!

Total Alive )MLL) )CJ) )MNC)

Deceased

Died before 1999 All !M-.! M !M-S!

Died after 1998 - non HCV F0 – RNA- !<! . !.-!

F0 – RNA+ !.U! , !.<!

F1 !.,! , !.S!

F2 !>! - !>!

F3 !.! - !.!

Cirrhosis !(! . !<!

Level 6 !M! - !M!

Died after 1998 - HCV F0 – RNA- !>! - !>!

F0 – RNA+ !.! - !.!

F1 !<! - !<!

F2 !>! - !>!

F3 !,! - !,!

Cirrhosis !,,! . !,M!

Level 6 !<U! , !<<!

Total Deceased )JMA) )CA) )JNJ)

Total Cohort )CKDIN) )AP) )CKDMI)

B4#!;&$A4%;*+*&05e!,/CUg!49!1;$!26d64\6!0+&*A&615!&#$!&552A$'!14!Y$!04*69$01$'!\*1;!?IJC!

!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! <U!

/310'10!5+,*+0113,.!

!"#$%&MdR&)&!-"4:0.0+4&U-+#"#0$0.0%:&

!0&+)E(/Q,) :&)E(/Q,):0/#1'('&#)U/(,1))ABCB)^)-2@3))

:0/#1'('&#)U/(,1)ABCD)^)=>)

:0/#1'('&#)U/(,1)

ABCD)^)-2@3)

B-]3Q)>`! B.! -C-g! -C-g! 8&A$!

B-]3Q)p`! B-]3Q)>`! .CUg! .CUg! !

B.! 8J@! 6l&! .CUg! !

B,! 8J@! 6l&! .C-g! !

BM! 8J@! 6l&! -C/g! !

B-]3Q)p`! B.! /CUg! /CSg! !

B.! B,! .SC/g! .,C-g! !

B,! BM! ./C-g! .MC/g! !

BM! BS! .,C-g! .MC(g! !

BS! R$04A%$65&1*46! =C/g! UC(g! !

R$04A%$65&1*46! H#&65%+&61! MCMg! -CSg! !

B.! ?@@! -C-.g! -C-.g! !

B,! ?@@! -C-.g! -C-.g! !

BM! ?@@! -C.g! -C.g! !

BS! ?@@! MCMg! ,C/g! !

R$04A%$65&1*46!! ?@@! 6l&! ,C/g! !

?@@! H#&65%+&61! .-C-g! -CSg! !

!

;DD%=.&+D&!-%".9%4.&+4&E0#-+:0:&U-+N-%::0+4&

H#$&1A$61!*5!&552A$'!14!Y$!0465*'$#$'!94#!&++!%&1*$615!&1!51&7$5!B-]3Q)p`!14!BSC!!)1!$&0;!49!1;$5$!

51&7$5!&!%$#0$61&7$!49!1;$!%&1*$615!&#$!7*[$6!1#$&1A$61e!&6'!&!%$#0$61&7$!49!1;45$!1#$&1$'!#$&01!

5200$5592++:!14!1;$!1#$&1A$61C!!!

B4#!,-.Me!\$!&552A$'!1;&1!=-g!49!0+&*A&615!\;4!;&[$!%#$[*425+:!Y$$6!1#$&1$'!;&[$!0+$&#$'!1;$!

[*#25C!

B4#!,-.Me!&++!d64\6!0+&*A&615!\;4!;&[$!641!%#$[*425+:!Y$$6!1#$&1$'!4#!;&[$!641!0+$&#$'!1;$![*#25!

94++4\*67!&!%#*4#!1#$&1A$61!&#$!$+*7*Y+$!94#!46$!#426'!49!1#$&1A$61!'2#*67!1;$!%$#*4'!,-.S!14!

,-.(!\*1;!64!&''*1*46&+!1#$&1A$615!&552A$'!1;$#$&91$#C!!B4#!1;$!26d64\6!0+&*A&615e!\$!&552A$'!

$&0;!%$#546!\42+'!Y$!$+*7*Y+$!94#!46$!#426'!49!1#$&1A$61!*6!&004#'&60$!\*1;!1;$!1#$&1A$61!#&1$5!

Y$+4\!'2#*67!1;$!9*[$>:$&#!%$#*4'!94++4\*67!1;$*#!&%%#4[&+C!!!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! <(!

!"#$%&MdW"&)&!-%".9%4.&U-+#"#0$0.0%:&2&BI'R&

)

:0,/(+,#()W/X?,))

S'(;&"()<YZ)

:0,/(+,#()W/X?,))

S'(;)<YZ)

-0,?'&"1.[):0,/(,$))

S'(;&"()<YZ)

-0,?'&"1.[):0,/(,$))

S'(;)<YZ)

:0,/(+,#()0/(,)F5,0)/##"+G) MSC-g! .<CMg! M(C,g! .UC/g!

-,04,#()&2):0,/(+,#(1)"1'#Q\) ) ) ) )

• "FP>IBQl3NJ! -g! -g! -g! -g!

• "FP>IBQl3NQ!Y&5$'!1#*%+$!1;$#&%:! .SCMg! (CMg! UC.g! (CMg!

• 84945Y2[*#>Y&5$'!'42Y+$1! /-C-g! ,/g! M/CUg! (CMg!

• M'!#$7*A$6!%+25!3NJ! M/CUg! ==CUg! /UC.g! (MCSg!

:0,/(+,#()>22'4/4[) ) ) ) )

• "FP>IBQl3NJ! S/C/g! MUC.g! MUCSg! M-C/g!

• "FP>IBQl3NQ!Y&5$'!1#*%+$!1;$#&%:! U-C-g! UMC/g! /MC(g! /MC(g!

• 84945Y2[*#>Y&5$'!'42Y+$1! <SC=g! (-C,g! </CSg! (-C<g!

• M'!#$7*A$6!%+25!3NJ! <=C,g! (.C=g! <=CMg! (.CUg!

@##"/.)*"0,)U/(,]) M.C,g! ./C=g! M/C/g! .MC<g!

I^_,/0)*"0,)U/(,]]) MB`Aa) ID`Ba) MJ`Ia) JM`Na)

o! H;$!&662&+!02#$!#&1$!*5!1;$!%$#0$61!49!&++!0+&*A&615!\;4!;&'!641!#$0$*[$'!1#$&1A$61!5*60$!.!V&62&#:!,-.S!

\;4!&#$!&552A$'!14!Y$!02#$'!1;#427;!1&d*67!'#27!1#$&1A$61C!H;$!A$'*0&+!A4'$+!&552A$5!1;&1!46+:!46$!

1#$&1A$61!#$7*A$6!\*++!Y$!7*[$6!%$#!0+&*A&61!46!&6'!&91$#!.!V&62&#:!,-.Se!#$7&#'+$55!49!&6:!1#$&1A$615!

#$0$*[$'!%#*4#!14!1;&1C!

oo! H;$!/>L$&#!@2#$!#&1$!*5!1;$!%$#0$61&7$!49!&++!0+&*A&615!\;4!&#$!&552A$'!14!Y$!02#$'!'2#*67!1;$!%$#*4'!

,-.S!14!,-.(C!

)!%&1*$61!\;4!*5!5200$5592++:!1#$&1$'!*5!&552A$'!14!#$A&*6!&1!1;$*#!'*5$&5$!+$[$+!94#!+*9$e!\*1;!1;$!

$c0$%1*46!49!1;45$!&1!BS!\;4!&#$!&552A$'!14!1#&65*1*46!14!'$04A%$65&1*46!&1!;&+9!1;$!#$72+&#!#&1$C!

B4#!1;$!%#4[*5*46!94#!&'[$#5$!'$[*&1*465e!\$!&552A$'!1;$!1#$&1A$61!$99*0&0:!\*++!Y$!(-g!49!1;$!

Y$51!$51*A&1$!$99*0&0:!#&1$5C!

B4#!1;$!,-.-![&+2&1*46e!\$!&552A$'!1;&1!1#$&1A$61!\&5!7*[$6!&1!&6:!1*A$!94#!51&7$5!B.!14!BS!\*1;!

64!+*A*1!14!1;$!62AY$#!49!%455*Y+$!1#$&1A$615!%$#!0+&*A&61!]1#$&1A$61!&91$#!&7$!=/!\&5!&552A$'!

\*1;!1;$!.-g!#&1$!#$'20$'!14!MCMg`C!

!"#$%&MdW#&)&!-%".9%4.&U-+#"#0$0.0%:&)&BI'I&

E(/Q,)

-,04,#(/Q,)&2)/..)-/(',#(1)7;&)U,4,'?,)

:0,/(+,#()E"44,112".)U,15&#1,)@+&#Q):;&1,):0,/(,$)

E"44,112".)U,15&#1,)

@+&#Q)/..)-/(',#(1)

B.! .-C-g! S<C-g! SC<g!

B,! .-C-g! S<C-g! SC<g!

BM! .-C-g! S<C-g! SC<g!

BS! .-C-g! M.C-g! MC.g!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! <<!

I6!,-.-e!&!5200$5592++:!1#$&1$'!%&1*$61!\&5!&552A$'!14!Y$!52Yf$01!14!1#&65*1*46!%#4Y&Y*+*1*$5!&1!

.-g!49!1;$!1#&65*1*46!#&1$5C!!H;$!#$'20$'!%#4Y&Y*+*1:!&%%+*$'!&1!&++!51&7$5!14!+*[$#!'$04A%$65&1*46!

94#!1;$!%&1*$61i5!9212#$!+*9$!Y21!'*'!641!&99$01!1;$!1#&65*1*46!#&1$5!14!0&60$#!]?@@`C!!

!

,280+!'11-4523,.1!

@+-."$0.A&X::C9L.0+4:&

9$:4-!*`'!D!2/%&$4+&L!J,,?@8&+/1,aa!

@11"+5('&#) ABCB) ABCD)^)=>) ABCD)^)-2@3)

K4#1&+*1:!9#4A!&++!0&25$5!41;$#!1;&6!?@J!

@&6&'&!T*9$!H&Y+$5!,---!14!,--,!94#!1#&65925$'C!.U/g!49!@&6&'&!T*9$!H&Y+$5!,---!14!,--,!94#!;&$A4%;*+*&05C!

@&6&'&!T*9$!H&Y+$5!,--<!14!,-..!94#!1#&65925$'!&6'!;&$A4%;*+*&05C!!

8&A$!

K4#1&+*1:!9#4A!&++!0&25$5!41;$#!1;&6!?@J!94#!1;45$!04>*69$01$'!\*1;!?IJ!

=,Sg!49!1;$!@&6&'&!T*9$!H&Y+$5!!,---!14!,--,!

=,Sg!49!1;$!@&6&'&!T*9$!H&Y+$5!,--<!14!,-..!

8&A$!

K4#1&+*1:!'2$!14!?@J!9#4A!T$[$+!=!X!R$04A%$65&1*46!

.(C=g! P#$&1$#!49!@&6&'&!T*9$!A4#1&+*1:o!&6'!./C,g!

8&A$!

K4#1&+*1:!'2$!14!?@J!9#4A!T$[$+!=!X!?@@!X!0&60$#!

M/C-g! P#$&1$#!49!@&6&'&!T*9$!A4#1&+*1:o!&6'!.(C,g!

8&A$!

K4#1&+*1:!'2$!14!?@J!9#4A!+*[$#!1#&65%+&61!- 9*#51!:$&#!- 1;$#$&91$#!

!!.SC=g!!!SCSg!

P#$&1$#!49!@&6&'&!T*9$!A4#1&+*1:o!&6'a!(C=g!MC<g!

8&A$!

P$6'$#!94#!A4#1&+*1:!1&Y+$!- H#&65925$'!@4;4#1!!

!N&5$'!46!0+&*A&61i5!7$6'$#C!!W;$#$!7$6'$#!641!51&1$'e!S(C(g!A&+$C!

!N&5$'!46!0+&*A&61i5!7$6'$#C!!W;$#$!7$6'$#!641!51&1$'e!S<C,g!A&+$C!

!8&A$!

- ?&$A4%;*+*&0!@4;4#1!!

N&5$'!46!0+&*A&61i5!7$6'$#C!!W;$#$!7$6'$#!641!51&1$'e!(/C-g!A&+$C!

N&5$'!46!0+&*A&61i5!7$6'$#C!!W;$#$!7$6'$#!641!51&1$'e!(SCUg!A&+$C!

8&A$!

<''*%$'9-/-1-'Y)A$'5"&!->)!2'?!)>)Z$1')/4>?1$+'!%$'[ODI'-1\?+!5$/!'A"&'4"Q)/A$4!$1',$&+"/+8'

<<'7"&'OHBH6'!%$'5"&!->)!2'-++?5,!)"/+'($&$'!%$'+-5$'A"&'.$+!'$+!)5-!$'-/1',&"0)+)"/'A"&'-10$&+$'1$0)-!)"/+8'

!

! !

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! .--!

9$:4-!*`=$!)!VSR-,,!B"CD7-4$&-3!2/%&$4+&L!D!G<;H!

) 3'1,/1,)V,?,.)>O5,4(,$)

@?,0/Q,))) C) A) D) J) I) P)

*./'+/#(1)7;&);/?,)#&()4.,/0,$)(;,)?'0"1) ) ) ) )

?@J!R$&1;! -g! .-g! M/g! S/g! (-g! .--g! MMg!

Q46>?@J!R$&1;! .--g! <-g! =/g! //g! ,-g! -g! =Ug!

*./'+/#(1)7;&);/?,)4.,/0,$)(;,)?'0"1) ) ) ) )

?@J!R$&1;! -g! -g! -g! ,/g! =-g! .--g! ,,g!

Q46>?@J!R$&1;! .--g! .--g! .--g! U/g! S-g! -g! U(g!

B4#!,-.Me!1;$!&552A%1*465!94#!Y$51!$51*A&1$!&6'!%#4[*5*46!94#!&'[$#5$!'$[*&1*465!&#$!1;$!5&A$C!!

H;$!%$#0$61&7$5!94#!$c0$55!?@J>#$+&1$'!A4#1&+*1:!&#$!&%%+*$'!14!&++40&1$!'$&1;5!Y&5$'!46!1;$!@&6&'&!T*9$!H&Y+$5!Y$1\$$6!1;45$!1;&1!&#$!0465*'$#$'!?@J!#$+&1$'!'$&1;5!&6'!1;45$!1;&1!&#$!641!0465*'$#$'!?@J!#$+&1$'!'$&1;5C!!H;$5$!?@J!#$+&1$'!'$&1;5!&#$!*6!&''*1*46!14!1;45$!&552A$'!26'$#!1;$!KKWP!A4'$+!&5!5$1!421!*6!8$01*46!/C!!!

H;$!KKWP!A4'$+!\&5!0;&67$'!94#!,-.M!14!&552A$!1;&1!&++!'$&1;5!&1!+$[$+!=!&#$!&5!&!#$52+1!49!?@JC!!

!

H;$!,-.-!&552A%1*465!\$#$!&%%+*$'!46+:!14!1;45$!\;4!;&'!641!0+$&#$'!1;$![*#25C!

9$:4-!*`=:!)!VSR-,,!B"CD7-4$&-3!2/%&$4+&L!D!G<;<!

) 3'1,/1,)V,?,.)

)) C) A) D) J) I) P)

>O5,4(,$)

@?,0/Q,)

=,1()>1('+/(,)?@J!R$&1;! -g! .-g! S-g! /-g! (-g! (-g! MMg!

Q46>?@J!R$&1;! .--g! <-g! =-g! /-g! ,-g! ,-g! =Ug!

-0&?'1'&#)2&0)@$?,01,)3,?'/('&#) ! ! ! ! !

?@J!R$&1;! -g! ,-g! /-g! =/g! <-g! <-g! S/g!

Q46>?@J!R$&1;! .--g! (-g! /-g! M/g! .-g! .-g! //g!

!

!

& &

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! .-.!

;=+4+90=&X::C9L.0+4:&

9$:4-!*`b!D!VR/1/@+R!J,,?@8&+/1,!

)ABCB)

)ABCD)

@11,()*./11) @..&4/('&#)>O5,4(,$)U,("0#)

*&#(0'b"('&#)(&)!"#$)U,("0#)

)@..&4/('&#)

>O5,4(,$)U,("0#)

*&#(0'b"('&#)(&)!"#$)U,("0#)

D6*[$#5$!N46'5! MCUg! ,C<-g! -C..g! ! /C-g! SC.-g! -C,.g!

8;4#1!H$#A!N46'5! =C<g! ,C/-g! -C.Ug! ! =CUg! SC.-g! -C,Ug!

3$&+!#$12#6!Y46'5! ==C-g! MCM/g! ,C,.g! ! =SC-g! ,C<-g! .C(=g!

FZ2*1*$5! ! ! ! ! ! ! !

!>!@&6&'&! SCMg! UC/-g! -CM,g! ! /CUg! UC=-g! -CSMg!

!>!!D8! .C/g! UC/-g! -C..g! ! ,C(g! UC=-g! -C,.g!

!>!!I61$#6&1*46&+! .CUg! UC/-g! -C.Mg! ! ,C(-g! UC=-g! -C,.g!

Q41*46&+!&55$15! ./C<g! ,C/-g! -CS-g! ! .MC-g! MC.-g! -CS-g!

Fc%$01$'!#$12#6! .--C-g! !! MCS/g! !! .--C-g! !! MC=-g!

3$Y&+&60*67!$99$01! ! ! -C.,g! ! ! ! -C,Sg!

T$55!I69+&1*46! ! ! >,C,/g! ! ! ! >,C/-g!

T$55!Fc%$65$5! ! ! >-C-Sg! ! ! ! >-C-Sg!

3'14&"#()0/(,)^)=>) )) )) C`AMa) )) !! !! C`DBa)

"#4[*5*46!94#!)'[$#5$!R$[*&1*465!

! ! >-C,Mg! ! ! ! >-C,/g!

3'14&"#()U/(,)^)-2@3) )) )) C`BIa) )) )) )) C`BIa)

!

& &

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! .-,!

X::C9L.0+4:&X#+C.&Z%4%D0.&X9+C4.:&

N$6$9*1!&A42615!\*1;!&![&+2$!5;4\6!94#!.<<<!&#$!&A42615!5$1!421!*6!1;$!"+&6C!!W;$#$!1;$#$!*5!64!

[&+2$!5;4\6!94#!.<<<e!1;$!&A42615!&#$!-++?5,!)"/+!&Y421!1;$!$c%$01$'!&A4261!49!&!0+&*AC!!

!"#$%&MdV&2&X::C9L.0+4:&"#+C.&Z%4%D0.&X9+C4.:& !

! !

=,#,2'() CNNN)@+&"#() ABCBOO) ABCD)^)=>) ABCD)^)-2@3)

T$[$+!.! .-e---! .,eUSSC,M! 13,457.74 ! 8&A$!

T$[$+!,! ,-e---! ,/eS((CS=! 26,915.48 ! 8&A$!

T$[$+!M! M-e---! M(e,M,C=<! 40,373.22 ! 8&A$!

T$[$+!/! =/e---! (,e(MUC/-! 87,475.30 ! 8&A$!

T$[$+!=! .--e---! .,UeSS,CM-! 134,577.39 ! 8&A$!

T455!49!5$#[*0$5!>!A&c*A2A! .,eS(-! ./e<-SC(-! 16,795.26 ! 8&A$!

T455!49!5$#[*0$5!X!&552A$'!Y$6$9*1!

• 1#&65925$'!

• ;&$A4%;*+*&0!

! !./e---!./e---!

!.=e---!.=e---!

!8&A$!

T455!49!*604A$!>!A&c*A2A! M--e---!,M! M(,eM,U! 403,732! 8&A$!

T455!49!*604A$!X!&552A$'!Y$6$9*1!

• 1#&65925$'!

• ;&$A4%;*+*&0!

! !M/e---!M(e---!

!M<e---!S(e---!

!SMe---!/Me---!

@451!49!@&#$!]+$[$+!=`! ! .=e---,S! M-e---! S/e---!

?@J!R#27!H;$#&%:!A461;+:!&A4261! .e---! .e,US! 1,346! 8&A$!

?@J!R#27!H;$#&%:!141&+!0+&*A! ! .Se-.<! 4,440 ! Se(S/!

D6*652#$'!1#$&1A$61!&6'!A$'*0&1*46!94#!1;45$!\;4!;&[$!641!0+$&#$'!1;$![*#25a!

• 1#&65925$'!

• ;&$A4%;*+*&0!

H#$&1A$61!04515!&5540*&1$'!\*1;!1#$&1A$61!94#!0+$&#*67!1;$![*#25!

• "FP>IBQl3N@>Y&5$'!1#*%+$!1;$#&%:!

• 84945Y2[*#>Y&5$'!'42Y+$15!

• MR!#$7*A$6!%+25!3NJ!

"$#0$61!49!1#$&1A$61!04515!#$*AY2#5$'!Y:!1;$!B26'!

• @+&*A&615!26'$#!=/!

• @+&*A&615!4[$#!=/!

! !!

Me---,/!Se---!

!!

!*60+C!&Y4[$!

!!

.e/--!Me/--!

!!

!=-e---!(/e---!(/e---!

!

!!

=-g!.--g!

!!

.e/--!Me/--!

!!

!!

..-e---!!

!!!

=-g!.--g!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!

!

,,!! H;$!,-.-!&552A%1*465!&Y421!Y$6$9*15!&A42615!&#$!1;$!5&A$!94#!Y$51!F51*A&1$!&6'!"#4[*5*46!94#!)'[$#5$!'$[*&1*465e!\*1;!1;$!$c0$%1*46!49!@451!49!@&#$!&6'!D6*652#$'!H#$&1A$61!&6'!K$'*0&1*46C!

,M!! I6!,--(e!1;$!042#15!*60#$&5$'!1;$!A&c*A2A!T455!49!I604A$!14!j,eM--e---e!Y21!+*A*1$'!*1!14!1;#$$!d64\6!0+&*A&615C!!B212#$!0+&*A&615!\*1;!+455$5!*6!$c0$55!49!jM--e---!].<<<!'4++&#5`!A&:!&%%+:!14!1;$!042#15!94#!&!#$[*$\!49!1;$*#!+455C!

,S!! B4#!,-.-e!1;$!"9)R!&552A%1*46!94#!@451!49!@&#$!*5!&6!&[$#&7$!49!j,.e---!%$#!:$&#C!!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! .-M!

!"#$%&MdV&2&X::C9L.0+4:&"#+C.&Z%4%D0.&X9+C4.:& !

! !

=,#,2'() CNNN)@+&"#() ABCBOO) ABCD)^)=>) ABCD)^)-2@3)

E21>49>%40d$1!Fc%$65$5a!

0+&*A&615!\;4!;&[$!641!0+$&#$'!1;$![*#25!

• 1#&65925$'!

• ;&$A4%;*+*&0!

0+&*A&615!2%46!0+$&#*67!1;$![*#25!

• 1#&65925$'!

• ;&$A4%;*+*&0!

! !

!

.eU--!

,e/--!

!

6l&!!

6l&!

!

!

.e(--!

,e=--!

!

.e,--!

/e---!

!

!

.e(--!

,e=--!

!

,eS--!

.-e---!

D6*652#$'!B26$#&+!Fc%$65$5!!

• A&c*A2A!

• &552A$'!&[$#&7$!0+&*A!

!!

/e---!6l&!

!=eMU,!/e---!

!=eU,<!SeM--!

!8&A$!

?&$A4%;*+*&0!@4*69$01$'!\*1;!?IJ!+2A%!52A!4%1*46!

/-e---! =MeU,.! =Ue,(<! 8&A$!

3,/(;)50'&0)(&)CNNN)T2A%!82A!E%1*465!

• j/-e---!%+25!

• j.,-e---!

• jU,e---!]04*69$01$'!;&$A4%;*+*&0`!

!!

/-e---!.,-e---!U,e---!

!!

=MeU,.!./,e<M.!<.eU/(!

!!

=Ue,(<!.=.eS<M!<=e(<=!

!!

8&A$!

B&A*+:!N$6$9*15!!

• 1#&65925$'!

• ;&$A4%;*+*&0!

! !(-e---!(-e---!

!U/e---!(/e---!

!8&A$!

R$%$6'&61!Y$6$9*15!X!T455!49!82%%4#1!

• 1#&65925$'!

• ;&$A4%;*+*&0!

! !M-e---!M,e---!

!M-e---!MSe---!

!MSe---!M=e---!

R$%$6'&61!Y$6$9*15!X!T455!49!8$#[*0$5!

• 1#&65925$'!

• ;&$A4%;*+*&0!

! !./e---!./e---!

!.=e---!.=e---!

!8&A$!

3,/(;)/2(,0)CNNN)B&A*+:!N$6$9*15!!

• 1#&65925$'!

• ;&$A4%;*+*&0!

! !!

//e---!//e---!

!!

/-e---!=-e---!

!!

8&A$!

R$%$6'&61!Y$6$9*15!X!T455!49!82%%4#1!

• I9!02##$61+:!#$0$*[*67!+455!49!*604A$!

• H#&65925$'!

• ?&$A4%;*+*&0!

! !M-e---!M-e---!M,e---!

!U-g!49!TEI!

M.e---!MMe---!

!U-g!49!TEI!

MSe---!M=e---!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!

!

,/!! B4#!D6*652#$'!H#$&1A$61!&6'!K$'*0&1*46e!1;$!"9)R!&552A%1*46!94#!,-.-!*5!&6!&[$#&7$!0+&*A!*6!,-..!49!jMe---!94#!1#&65925$'!&6'!jSe---!94#!;&$A4%;*+*&05!\*1;!1;$!&A4261!*60#$&5*67!&662&++:!1;$#$&91$#!Y:!/g!*6!&''*1*46!14!*69+&1*46C!!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! .-S!

!"#$%&MdV&2&X::C9L.0+4:&"#+C.&Z%4%D0.&X9+C4.:& !

! !

=,#,2'() CNNN)@+&"#() ABCBOO) ABCD)^)=>) ABCD)^)-2@3)

R$%$6'&61!Y$6$9*15!X!T455!49!8$#[*0$5!

• @2##$61+:!#$0$*[*67!+455!49!5$#[*0$5!

• H#&65925$'!

• ?&$A4%;*+*&0!

! !./e---!./e---!./e---!

!.=e---!.=e---!.=e---!

!8&A$!

?IJ!"#47#&A! ,S-e---! M-/e(=,! M,,e<(=! 8&A$!

!

!

!"#$%&MdT&2&X::C9L.0+4:&"#+C.&;$0N0#0$0.A&"46&!0904N&+D&*+9L%4:".0+4&U"A9%4.:&

=,#,2'()-/[+,#() ABCB) ABCD)^)=>) ABCD)^)-2@3)

K/,,!/A!O1R/@-)X!T$[$+!M!! "#4%4#1*46!0+&*A*67!

!Mg!$+$01!26'$#!&7$!=/!-g!$+$01!4[$#!&7$!=S!

!Mg!$+$01!26'$#!&7$!=/!-g!$+$01!4[$#!&7$!=S!

!8&A$!

K/,,!/A!P-%I+R-,'X!T$[$+!M!! "#4%4#1*46!0+&*A*67!

!,g!$+$01!26'$#!&7$!=/!/g!$+$01!4[$#!&7$!=S!

!,g!$+$01!26'$#!&7$!=/!Ug!$+$01!4[$#!&7$!=S!

!8&A$!

K/,,!/A!O1R/@-!X!T$[$+5!S!&6'!/!! "#4%4#1*46!0+&*A*67!X!

26d64\6!!! "#4%4#1*46!0+&*A*67!>!

d64\6,=!

!.(g!26'$#!&7$!=/!-g!4[$#!&7$!=S!

!Ug!1#&65925$'!

-g!;&$A4%;*+*&0!

!,.g!26'$#!&7$!=/!-g!4[$#!&7$!=S!

!/C(g!1#&65925$'!

MC,g!;&$A4%;*+*&0!

!8&A$!

K/,,!/A!O1R/@-!X!T$[$+!=!! "#4%4#1*46!0+&*A*67!>!

26d64\6!!! "#4%4#1*46!0+&*A*67!>!d64\6!!

!.Ug!26'$#!&7$!=/!-g!4[$#!&7$!=S!

!-g!1#&65925$'!

-g!;&$A4%;*+*&0!

!,/g!26'$#!&7$!=/!-g!4[$#!&7$!=S!

!-g!1#&65925$'!

-g!;&$A4%;*+*&0!

!8&A$!

K/,,!/A!P-%I+R-,!X!T$[$+5!S!&6'!/!!! "#4%4#1*46!0+&*A*67!>!

26d64\6!!! "#4%4#1*46!0+&*A*67!>!d64\6!!

- H#&65925$'!!- ?&$A4%;*+*&0!

!M<g!26'$#!&7$!=/!/Ug!4[$#!&7$!=S!

!!

..g!26'$#!&7$!=/!,/g!4[$#!&7$!=S!/g!26'$#!&7$!=/!-g!4[$#!&7$!=S!

!M-g!26'$#!&7$!=/!/.g!4[$#!&7$!=S!

!!

=CUg!26'$#!&7$!=/!,UCMg!!4[$#!&7$!=S!-g!26'$#!&7$!=/!-g!4[$#!&7$!=S!

!8&A$!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!

!

,=!! H;$!d64\6!%#4%4#1*46!0+&*A*67!&%%+*$5!14!d64\6!0+&*A&615!&+#$&':!&1!1;$!*6'*0&1$'!+$[$+!\;4!;&[$!641!:$1!04AA$60$'!&!0+&*AC!!O64\6!0+&*A&615!&+#$&':!46!0+&*A!&#$!&552A$'!14!0461*62$C!!O64\6!0+&*A&615!\;4!1#&65*1*46!*614!&!+$[$+!&#$!&552A$'!14!0+&*A!Y&5$'!46!1;$!#&1$5!94#!26d64\6!0+&*A&615C!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! .-/!

!"#$%&MdT&2&X::C9L.0+4:&"#+C.&;$0N0#0$0.A&"46&!0904N&+D&*+9L%4:".0+4&U"A9%4.:&

=,#,2'()-/[+,#() ABCB) ABCD)^)=>) ABCD)^)-2@3)

K/,,!/A!P-%I+R-,!X!T$[$+!=!! "#4%4#1*46!0+&*A*67!>!

26d64\6!!! "#4%4#1*46!0+&*A*67!>!d64\6!!

- H#&65925$'!!- ?&$A4%;*+*&0!

!

!/Ug!26'$#!&7$!=/!USg!4[$#!&7$!=S!

!!

,/g!26'$#!&7$!=/!.(g!4[$#!&7$!=S!.-g!26'$#!&7$!=/!-g!4[$#!&7$!=S!

!S-g!26'$#!&7$!=/!=/g!4[$#!&7$!=S!

!!

/CMg!26'$#!&7$!=/!S-C<g!!4[$#!&7$!=S!-g!26'$#!&7$!=/!-g!4[$#!&7$!=S!

!8&A$!

"/,&!/A!"$%-!!! "#4%4#1*46!0+&*A*67!!

!S/g!$&0;!:$&#!

"9)Ra!//g!$&0;!:$&#!

!S-g!$&0;!:$&#!

!8&A$!

*%?0!9#-%$8L!! I60*'$60$!! "#4%4#1*46!0+&*A*67!

! T$[$+!,!! T$[$+!M!! T$[$+!S!! T$[$+!/!

!T$[$+!M!&6'!Y$:46'!

!-g!=-g!U-g!(-g!

!.--g!49!0+&*A&615!

04*60*'$61!\*1;!26'$#74*67!1#$&1A$61!

!.--g!49!0+&*A&615!

04*60*'$61!\*1;!26'$#74*67!1#$&1A$61!

]1+1,?%-3!9%-$&@-1&!^!2-3+R$&+/1!"#4%4#1*46!0+&*A*67!]49!1;45$!\;4!;&[$!641!0+$&#$'!1;$![*#25`a!! H#&65925$'!! ?&$A4%;*+*&0!@+&*A&615!Y$*67!1#$&1$'!94#!%2#%45$!49!0+$&#*67!1;$![*#25!

!!!!

Gb!!

!!!!

SC/g!UC/g!

I6!&004#'&60$!\*1;!H&Y+$!RCS&!

!!!!

8&A$!

T?&D/AD8/RU-&!-S8-1,-,!!! I60*'$60$!!! "#4%4#1*46!0+&*A*67!!

- H#&65925$'!- ?&$A4%;*+*&0!

!Q$\!0+&*A&615!&6'!!&++!&1!+$[$+5!M!14!=!

,/g!49!6$\!0+&*A&615!/g!&1!+$[$+5!M!14!=!Ug!&1!+$[$+5!M!14!=!

!@+&*A&615!\;4!;&[$!641!0+$&#$'!1;$![*#25!

!(g!&1!+$[$+5!.!14!=!(g!&1!+$[$+5!.!14!=!

.--g!04*60*'$61!\*1;!0+$&#*67!1;$![*#25!!

!8&A$!

P-R/13$%+4L!O1A-R&-3!.-%,/1,!!! )++!8I"!0+&*A&615!*60+2'$'!*6!d64\6!

&6'!26d64\6!04;4#1C!

)++!8I"!0+&*A&615!*60+2'$'!*6!d64\6!

&6'!26d64\6!04;4#1C!

8&A$!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!

!

,U!! D6*652#$'!H#$&1A$61!&6'!K$'*0&1*46!&552A%1*46!94#!,-.-!\&5!Sg!49!1#&65925$'!&6'!=C/g!49!;&$A4%;*+*&0!0+&*A&615!&1!+$[$+5!,!14!=!\*++!;&[$!&!0+&*A!$&0;!:$&#C!!H;$#$!\&5!64!5$%&#&1$!&552A%1*46!#$+&1$'!14!1;$!0451!49!1#$&1A$61!94#!1;$!%2#%45$!49!0+$&#*67!1;$![*#25C!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! .-=!

!"#$%&MdT&2&X::C9L.0+4:&"#+C.&;$0N0#0$0.A&"46&!0904N&+D&*+9L%4:".0+4&U"A9%4.:&

=,#,2'()-/[+,#() ABCB) ABCD)^)=>) ABCD)^)-2@3)

M'<E<<<!\?44!P-&&4-@-1&!T8&+/1!!! I60*'$60$!!! "#4%4#1*46!0+&*A*67!

!?&$A4%;*+*&05!\*1;!

?@J!&6'!?IJ!.--g!+$[$+!.!&6'!,-g!+$[$+!,!\;4!;&[$!641!:$1!A&'$!&6!$+$01*46!

!?&$A4%;*+*&05!\*1;!

?@J!&6'!?IJ!.--g!+$[$+!.!

!8&A$!

B"C!%-4$&-3!3-$&#!:-A/%-!!;D_$1D;FFF!>!H#&65925$''! O64\6!0+&*A&615!

!! D6d64\6!0+&*A&615!!

!!

"&:&Y+$!&5!$+$01$'C!!

S(g!$+$01!j.,-e---!/,g!$+$01!j/-e---p!

!.--g!>!926$#&+!$c%$65$!

.--g!>!9&A*+:!Y$6$9*15!,-g!>!T455!49!82%%4#1!(-g!>!T455!49!8$#[*0$5!

!!

"&:&Y+$!&5!$+$01$'C!!

S(g!$+$01!j.,-e---!/,g!$+$01!j/-e---p!

!.--g!>!926$#&+!$c%$65$!

.--g!>!9&A*+:!Y$6$9*15!,-g!>!T455!49!82%%4#1!(-g!>!T455!49!8$#[*0$5!

!!

8&A$!

B"C!%-4$&-3!3-$&#!:-A/%-!!;D_$1D;FFF!>!?&$A4%;*+*&0''! O64\6!@+&*A&61!

!D6d64\6!@+&*A&615!

!!

"&:&Y+$!&5!$+$01$'!!

-g!$+$01!!!jU,e---!S(g!$+$01!j.,-e---!/,g!$+$01!j/-e---p!

!.--g!>!926$#&+!$c%$65$!

.--g!>!9&A*+:!Y$6$9*15!,-g!>!T455!49!82%%4#1!(-g!>!T455!49!8$#[*0$5!

!!

"&:&Y+$!&5!$+$01$'C!!

-g!$+$01!!!jU,e---!S(g!$+$01!j.,-e---!/,g!$+$01!j/-e---p!

!.--g!>!926$#&+!$c%$65$!

.--g!>!9&A*+:!Y$6$9*15!/-g!>!T455!49!82%%4#1!/-g!>!T455!49!8$#[*0$5!

!!

8&A$!

B"C!%-4$&-3!3-$&#!$A&-%!;FFNGN!! R$&1;5!%#*4#!14!,-.S!94#!

d64\6!0+&*A&615!!

! B212#$!'$&1;5!&6'!26d64\6!0+&*A&615!

!@461*62$!&1!02##$61!

&A4261!%+25!*6'$c*67!!!

.--g!>!926$#&+!$c%$65$!.--g!>!9&A*+:!Y$6$9*15!.-g!>!T455!49!82%%4#1!S-g!>!T455!49!8$#[*0$5!

!@461*62$!&1!02##$61!

&A4261!%+25!*6'$c*67!!!

.--g!>!926$#&+!$c%$65$!.--g!>!9&A*+:!Y$6$9*15!//g!>!T455!49!82%%4#1,<!,-g>T455!49!8[05!y=/M-!=-g>T455!49!8[05!z=/M.!

!8&A$!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!

!

,(!! B4#!'$&1;5!\;*+$!#$0$*[*67!T455!49!I604A$!4#!8$#[*0$5e!\$!&552A$!1;$!'$%$6'&615!\*++!0+&*A!&!T455!49!82%%4#1!4#!8$#[*0$5!.--g!49!1;$!1*A$!&6'!T455!49!82%%4#1!\*++!Y$!U-g!49!1;$!+451!*604A$!&A4261C!!

,<!! !T455!49!82%%4#1!%#*4#!14!'&1$!0+&*A&61!\42+'!;&[$!&11&*6$'!=/!\*1;!T455!49!8$#[*0$5!&91$#C!O64\6!0+&*A&615!641!02##$61+:!46!T455!49!I604A$e!S/g!\*++!7$1!T455!49!82%%4#1!&6'!/g!T455!49!8$#[*0$5C!

M-!! T455!49!8$#[*0$5!&%%+*$5!94#!'$&1;5!%#*4#!14!=/!&6'!*5!%&:&Y+$!94#!+*9$!$c%$01&60:!49!0+&*A&61C!O64\6!0+&*A&615!641!02##$61+:!46!T455!49!I604A$e!S/g!\*++!7$1!T455!49!82%%4#1!&6'!/g!T455!49!8$#[*0$5C!!

M.!! T455!49!8$#[*0$5!&%%+*$5!94#!'$&1;5!&91$#!&7$!=/!&6'!*5!%&:&Y+$!94#!+*9$!$c%$01&60:!49!0+&*A&61C!B4#!d64\6!0+&*A&615!641!02##$61+:!46!T455!49!I604A$e!S-g!\*++!7$1!T455!49!8$#[*0$5C!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! .-U!

!"#$%&MdT&2&X::C9L.0+4:&"#+C.&;$0N0#0$0.A&"46&!0904N&+D&*+9L%4:".0+4&U"A9%4.:&

=,#,2'()-/[+,#() ABCB) ABCD)^)=>) ABCD)^)-2@3)

T?&,&$13+10!.$L@-1&,! "#4[*'$'!Y:!&'A*6*51#&14#!

"#4[*'$'!Y:!&'A*6*51#&14#!

8&A$!

BOC!P-R/13$%+4L!O1A-R&-3!! I764#$'! Q4!0+&*A5! 8&A$!

BOC!.%/0%$@! =!9212#$!%&:A$615!49!j,S-e---!$&0;!%+25!

&'A*6!04515!49!j.,e---!14!,-..!

/!9212#$!%&:A$615!49!j,S-e---!$&0;!

4002##*67!$[$#:!M!:$&#5!

8&A$!

!

!!!

9$:4-!*`;<!)!7-R/I-%L!7$&-,!A%/@!K/,,!/A!O1R/@-!$13!K/,,!/A!P-%I+R-,!JA&-%!"4-$%+10!&#-!C+%?,!!!

) =,1()>1('+/(,) ) -2@3)

L$&#5!8*60$!R*5&Y*+*1:!T$[$+5!M!k!S! T$[$+!/! T$[$+!=! !

T$[$+5!M!k!S! T$[$+!/! T$[$+!=!

.! /-C-g! ,/C-g! -g! ! ,/g! .Mg! -g!

,! M-C-g! ./C-g! -g! ! ./g! (g! -g!

M! ,/C-g! .,C/g! -g! ! .Mg! Ug! -g!

S! ,/C-g! .,C/g! -g! ! .Mg! Ug! -g!

/! ./C-g! UC/g! -g! ! (g! Sg! -g!

=! .-C-g! /C-g! -g! ! /g! Mg! -g!

U! /C-g! ,C/g! -g! ! Mg! ,g! -g!

(! /C-g! ,C/g! -g! ! Mg! .g! -g!

<p! -C-g! -C-g! -g! ! -g! -g! -g!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! .-(!

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

)'A*6*51#&14#! @#&\94#'!@+&55!)01*46!8$#[*0$5e!&!'*[*5*46!49!@#&\94#'!k!@4A%&6:!

F0d+$#!3$%4#1! )012&#*&+!3$%4#1!14!1;$!V4*61!@4AA*11$$!)55$55*67!1;$!B*6&60*&+!

8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!H#251!&5!49!R$0$AY$#!M.e!,-.-e!

%#$%&#$'!Y:!3*0;&#'!N4#'$#e!BI)e!B@I)e!&6'!W$6':!?&##*546e!B8)e!B@I)C!

?&$A4%;*+*&0!@4;4#1! H;$!7#42%!49!&%%#4[$'!0+&*A&615!\;4!&#$!;&$A4%;*+*&05C!

?IJ!"#47#&A! )!04A%$65&1*46!%#47#&A!94#!%$4%+$!\;4!&#$!5$046'&#*+:!*69$01$'!\*1;!

?IJ!&6'!\;$#$!1;$!%#*A&#*+:!*69$01$'!%$#546!*5!$+*7*Y+$!94#!Y$6$9*15!9#4A!

1;$!Fc1#&4#'*6&#:!)55*51&60$!"#47#&AC!H;$#$!*5!64!#$Z2*#$A$61!1;&1!

1;$:!&+54!Y$!*69$01$'!\*1;!?@JC!

?IJ!@4>*69$01*46! R$50#*Y$5!&!%$#546!\;4!*5!*69$01$'!\*1;!Y41;!?@J!&6'!?IJC!!H;$#$!&#$!

&''*1*46&+!Y$6$9*15!&[&*+&Y+$!14!;&$A4%;*+*&05!\;4!&#$!?IJ!04>*69$01$'C!

?IJ!8$046'&#*+:!

I69$01$'!"$#546!

)!;&$A4%;*+*&0!*69$01$'!\*1;!?@J!\;4!*5!&+54!5$046'&#*+:!*69$01$'!\*1;!

?IJC!!Q4!Y$6$9*15!&#$!%&:&Y+$!9#4A!1;*5!"+&6!26+$55!1;$!141&+!14!\;*0;!

1;$:!\42+'!;&[$!Y$$6!$61*1+$'!$c0$$'5!j,S-e---C!

V4*61!@4AA*11$$! H;$!04AA*11$$!$51&Y+*5;$'!26'$#!5$01*46!<C-.!49!1;$!"+&6C!

V4*61!@4AA*11$$!3$%4#1! 3$%4#1!49!1;$!V4*61!@4AA*11$$!3$+&1*67!14!B*6&60*&+!8299*0*$60:!49!1;$!

.<(=>.<<-!?$%&1*1*5!@!H#251!&5!&1!R$0$AY$#!M.e!,-.-e!'&1$'!V2+:!,U!

,-..C!!!

O64\6!0+&*A&615! H;45$!0+&*A&615!\;4!;&[$!Y$$6!&%%#4[$'!&5!49!1;$!'&1$!49!1;$![&+2&1*46!

&6'!&#$!*60+2'$'!*6!1;$!'&1&!%#4[*'$'!Y:!1;$!)'A*6*51#&14#C!

T$[$+!! )!'*5$&5$!+$[$+!&5!'$9*6$'!26'$#!1;$!"+&6C!!T$[$+5!&#$!#$+&1$'!14!51&7$5!&5!

A4'$++$'!*6!1;$!KKWP!3$%4#1C!

KKWP!3$%4#1! ^F51*A&1*67!1;$!"#47645*5!49!@&6&'*&65!I69$01$'!W*1;!1;$!?$%&1*1*5!@!

J*#25!H;#427;!1;$!N+44'!82%%+:e!.<(=>.<<-!>!B*91;!3$[*5*46!49!?$%&1*1*5!

@!"#476451*0!K4'$+!N&5$'!46!1;$!"451>H#&65925*46!?$%&1*1*5!@!

@4A%$65&1*46!@+&*A&61!@4;4#1_e!'&1$'!8$%1$AY$#!,-.S!Y:!W$6'467!

@;$6e!KR!";Re!m*+467!L*!KR!K80!";Re!W*++*&A!W467e!";R!&6'!K2##&:!

O#&;6!KR!K80!B3@"@!

Q46>;&$A4%;*+*&0!

@4;4#1!

8$$!H#&65925$'!@4;4#1!!

"+&6! H#&65925$'!?@J!"+&6!&6'!1;$!?&$A4%;*+*&0!?@J!"+&6!&5!&11&0;$'!14!&6'!

94#A*67!%&#1!49!1;$!f2'7$A$61!49!1;$!?4642#&Y+$!K#C!V251*0$!W&##$6!OC!

W*6d+$#!'&1$'!,,!E014Y$#!.<<<e!]042#1!9*+$!62AY$#!<(>@J>.S.M=<`C!

"+&6!H$#A5! H;$!%#4[*5*465!#$7&#'*67!%&:A$61!49!Y$6$9*15!&5!5$1!421!*6!1;$!"+&6C!!

"#$[*425+:!H#$&1$'! H;45$!0+&*A&615!\;4!;&[$!#$0$*[$'!1#$&1A$61!%#*4#!14!,-.S!Y21!

1#$&1A$61!\&5!265200$5592+C!!H;$:!&#$!&552A$'!*6!1;$!A$'*0&+!A4'$+!14!

Y$!$+*7*Y+$!94#!46$!&''*1*46&+!042#5$!49!1#$&1A$61!'2#*67!1;$!%$#*4'!

,-.S!14!,-.(C!

)012&#*&+!3$%4#1!)55$55*67!8299*0*$60:!49!1;$!.<(=>.<<-!?$%&1*1*5!@!@4A%$65&1*46!B26'! .-<!

81&7$5! )!'*5$&5$!51&7$!&5!A4'$++$'!26'$#!1;$!KKWP!3$%4#1C!!81&7$5!&#$!

#$+&1$'!14!1;$!04A%$65&1*46!+$[$+5!26'$#!1;$!"+&6C!

8J@! 8%461&6$425!J*#&+!@+$&#&60$!X!1;*5!*6'*0&1$5!&!%$#546!*5!02#$'C!!

8J3! 8251&*6$'!J*#&+!3$5%465$!X!1;*5!*5!&6!*6'*0&14#!94#!0+$&#*67!1;$![*#25!4#!

Y$*67!02#$'C!!8J3!*5!1;$!&Y5$60$!49!'$1$01&Y+$!3Q)!49!1;$!;$%&1*1*5!@!

[*#25!*6!Y+44'!5$#2A!94#!&1!+$&51!,S!\$$d5!&91$#!'*50461*62*67!1;$!

1#$&1A$61M,C!

H#&65925$'!@4;4#1! H;$!7#42%!49!&%%#4[$'!0+&*A&615!\;4!&#$!641!;&$A4%;*+*&05C!

H#$&1A$61!Q&r[$!! H;45$!0+&*A&615!\;4!;&[$!641!#$0$*[$'!1#$&1A$61!%#*4#!14!,-.SC!!H;$:!

&#$!&552A$'!*6!1;$!A$'*0&+!A4'$+!14!Y$!$+*7*Y+$!94#!46$!042#5$!49!

1#$&1A$61!'2#*67!1;$!%$#*4'!,-.S!14!,-.(C!

D6d64\6!0+&*A&615! H;45$!0+&*A&615!\;4!&#$!&552A$'!14!Y$!&%%#4[$'!&5!&!0+&55!A$AY$#!&1!

54A$!'&1$!*6!1;$!9212#$C!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!

!

M,!! W*d*%$'*&!X!^8251&*6$'!J*#&+!3$5%465$_!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!K4#6$&2!8;$%$++!T1'C!(</!R46!K*++5!3'Ce!H4\$#!E6$e!82*1$!U--!H4#4614!EQ!!KM@!.WM!!";46$a! ]S.=`!SS/>,U--!B&ca! ]S.=`!SS/>U<(<!

!

Court File No. 98-CV-141369

Parsons, et al. AND Canadian Red Cross Society, et al. Plaintiffs Defendants

ONTARIO SUPERIOR COURT OF JUSTICE

(PROCEEDING COMMENCED AT TORONTO)

AFFIDAVIT OF PETER GORHAM

PAUL B. VICKERY

Senior General Counsel Solicitor for the Defendant, The Attorney General of Canada PER: WILLIAM A. KNIGHTS DEPARTMENT OF JUSTICE Ontario Regional Office The Exchange Tower 130 King St. West Suite 3400, Box 36 Toronto, ON, M5X 1K6 LSUC # 16888F Tel: (416) 973-8219 Fax: (416) 973-5004

Court File No. 98-CV-141369

Parsons, et al. AND Canadian Red Cross Society, et al. Plaintiffs Defendants

ONTARIO SUPERIOR COURT OF JUSTICE

(PROCEEDING COMMENCED AT TORONTO)

RESPONDING MOTION RECORD OF THE ATTORNEY GENERAL OF

CANADA

PAUL B. VICKERY

Senior General Counsel Solicitor for the Defendant, The Attorney General of Canada PER: WILLIAM A. KNIGHTS DEPARTMENT OF JUSTICE Ontario Regional Office The Exchange Tower 130 King St. West Suite 3400, Box 36 Toronto, ON, M5X 1K6 LSUC # 16888F Tel: (416) 973-8219 Fax: (416) 973-5004

Recommended