0)0,&1$#((#-0$,1$'#)%1,12$)13$/#%(&%4)1-#$)13$,0+$steve/localed/docs/RonaA.pdf · ./)0,$%+12'$3+, tttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttt

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

2)3+$4%25$62'("!+,'27898':;1<8;'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''

:"#+,'/07='!1;>='?-/0'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''

@+4+@'A'32B&C5@5DB

!"#$%&'#$&($)$*)+,-$#./#-0)0,&1$#((#-0$,1$'#)%1,12$)13$/#%(&%4)1-#$)13$,0+$,4/',-)0,&1+5

!"#$%&'$()!E7F917FEG1H'IEJ8HK'EL'K7MJ8G7'1>=F898I8G7'=198'EM7HFG8J'1';EH8'LE;'8N<8>717FEGK'FG'K7MJ8G7KO'HEGP '

78;I' 1>=F898I8G7 ' 7;1Q8>7E;R ' SM7 ' 1K ' EL ' R87 ' 7=8 ' ;EH8 ' EL ' 8N<8>717FEG ' 8LL8>7K ' FG ' 7=8 ' FII8JF178 ' H81;GFGP ' 1GJ'

<8;LE;IFGP'8G9F;EGI8G7';8I1FGK'MG78K78JT'%7'FK'KMPP8K78J'7=17'8N<8>717FEG'8LL8>7KU'FL'1<<1;8G7'FG'7=8'FII8JF178'

H81;GFGP'8G9F;EGI8G7U'I1R'ELL8;'1G'MGJ8;<FGGFGP'8N<H1G17FEG'LE;'KEI8'EL'7=8'I1QE;'7=8E;F8K'7=17'=198'<;EJM>8J'

H1;P8'8LL8>7K'L;EI'KI1HH'I1GF<MH17FEGKV'WF7='1'LE>MK'EG'FI<HF>F7'7=8E;F8K'X:W8>YU'/...Z'1GJ'K78;8E7R<8'7=;817 '

X2788H8'1GJ'";EGKEGU'/..[ZT'#=FK'8N<8;FI8G7'78K78J'8N<8>717FEG'8LL8>7K'SR'PF9FGP'K7MJ8G7K'FG'R81;'EG8'E;'R81; '

LEM;'EL'1G'MGJ8;P;1JM178'J8P;88'1'H81;GFGP'71KY'1GJ'FGJF>17FGP'7=8'J8P;88'EL'JFLLF>MH7R'7E'7=8IU'PF9FGP'=FP='E;'

HEW'8N<8>717FEGKT'#=8F;'H81;GFGP'W1K'78K78J'1'W88Y'H178;'FG'1' OW1;I\M<O'78K7U'S8LE;8'S8FGP'7EHJ'7=8R'W8;8'7E '

>EI<H878'1'O;81HO'78K7U'S8LE;8'W=F>='7=8'J8P;88'EL'JFLLF>MH7R'W1K'FGJF>178JT'#=8'7WE'78K7K'1HHEW8J'H81;GFGP'1GJ'

<8;LE;I1G>8'7E'S8'78K78J'K8<1;178HRT'%7'W1K'LEMGJ'7=17'R81;'EG8'K7MJ8G7K'W8;8'KMK>8<7FSH8'7E'7=8'8N<8>717FEG '

8LL8>7 ' 1K ' 7=EK8 ' FG ' 7=8 ' HEW'8N<8>717FEG '>EGJF7FEG '=1J ' HEW8; ' 78K7 ' K>E;8K ' 7=1G ' 7=EK8 ' FG ' 7=8 '=FP= '8N<8>717FEG '

>EGJF7FEGU'7=8'<1778;G'W1K'H898H'ES9FEMK'LE;'7=8'R81;'LEM;'K7MJ8G7KT'#=8';8KMH7K'1;8'JFK>MKK8J'WF7=';8H17FEG'7E '

>M;;8G7'7=8E;F8K'1GJ'1'S1KF>'8N<8>717FEG'I8>=1GFKI'1GJ'LM;7=8;';8K81;>='E<7FEGK'1;8'KMPP8K78JT

:8>H1;17FEG,'%'=198';81J'1GJ'MGJ8;K71GJ'7=8'2>=EEH'EL'3KR>=EHEPR6K'PMFJ8HFG8K'EG'<H1PF1;FKI'XLEMGJ'FG'7=8'>H1KK '

=1GJSEEYZ'1GJ'J8>H1;8'7=17'7=FK'8KK1R'X;8<E;7Z'FK'8G7F;8HR'IR'EWG'WE;YT''"HH'KEM;>8K'=198'S88G'1>YGEWH8JP8J'FG'

7=8'78N7'1GJ'FG>HMJ8J'FG'7=8';8L8;8G>8'K8>7FEGT''"HH']ME717FEGK'L;EI'E7=8;'1M7=E;K'1;8'I1;Y8J'1K'KM>='FG'7=8'78N7

-.---/01'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''/

Steve Draper

The role of a basic expectation effect in learning and performance and its implicationsRona Anderson

*+,$-,$#

./)0,$%+12'$3+,TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT<PT'0

./. 456-'$&,'7)8&92-):;-+%7) )TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT<PT'0

/T? !'&1-<3')#-9=>-==3'&'7)&,1)#-9=>'+,'-6$) )TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT<PT'A

/T0 ?3,1#-$#)&,1)@-9=>:;-+%3-#) )TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT<PT'^

/TA @$-%-+$76-):;%-&$) )TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT<PT'_

/T[ 456-'$&$3+,#)3,)@$-%-+$76-):;%-&$) )TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT<PT'/-

/T^ AB-%B3-C)+=)*2%%-,$)@$217) )TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT<PT'//

D/)E76+$;-#-#5555555555555555555555555555555555555555555555555555555555555555555555555555555555TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT<PT'/?

F/)?-$;+1#TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT<PT'/0

0T/ G-#3H,)&,1)I&%$3'36&,$#/) )TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT<PT'/0

0T? ?&$-%3&9#) )TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT<PT'/0

0T0 ?&,3629&$3+,#) )TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT<PT'/A

F/F/.):&#J)A,-TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT<PT'/A

F/F/D):&#J):C+TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT<PT'/A

0TA I%+'-12%-/) )TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT<PT'/[

F/K/.):&#J)A,-TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT<PT'/[

F/K/D):&#J):C+TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT<PT'/[

K/)L-#29$#TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT<PT'/^

AT/ I%-93<3,&%7)!,&97#3#) )TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT<PT'/^

AT? E76+$;-#3#)A,-) )TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT<PT'/`

AT0 E76+$;-#3#):C+) )TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT<PT'/_

ATA E76+$;-#3#):;%--) )TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT<PT'/.

K/K/.)) )*+,=31-,'-)%&$3,H#)+=)M-&%).)&,1)M-&%)K) )TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT<PT'/.

K/K/D)) )4==-'$)+=)9-&%,3,H)-56-'$&$3+,)<&,3629&$3+,#)+,)'+,=31-,'-) )TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT<PT'?-

K/K/F)) )4==-'$)+=)6-%=+%<&,'-)-56-'$&$3+,#)+,)'+,=31-,'-)%&$3,H#) )TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT<PT'?/

K/N)E76+$;-#3#)O+2;TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT<PT'??

N/)G3#'2##3+,TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT<PT'?0

[T/ P3<3$&$3+,#) )TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT<PT'?_

N/D *+,'92#3+,)&,1)O2%$;-%)L-#-&%';) )TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT<PT'?_

-.---/01'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''?

./)0,$%+12'$3+,

#=FK ' <1<8; ' K88YK ' JFK>E98; ' 7=8 ' 81K8 'WF7= 'W=F>= ' K7MJ8G7 ' 8N<8>717FEGK ' 1GJ ' 7=MK ' 7=8F; ' 1>=F898I8G7U ' >1G ' S8'

FGLHM8G>8JT'a=17'F7'FK'7=17'>1G'I1Y8'7WE'KFIFH1;'K7MJ8G7K'1>=F898'17'JFLL8;8G7'H898HK'=1K'S88G'1'7E<F>'EL'P;817 '

FG78;8K7'FG'<KR>=EHEPR'LE;'I1GR'R81;K'1GJ'1'GMIS8;'EL'<;EIFG8G7'1>=F898I8G7'IEJ8HK'=198'8I8;P8J'L;EI'7=8'

HF78;17M;8T'27MJ8G7'IE7F917FEG'FG'<1;7F>MH1;'=1K'P8G8;178J'1'H1;P8'GMIS8;'EL'7=8E;F8KU'FG>HMJFGP'8N<8>71G>R\91HM8'

IEJ8H'XaFPLF8HJ'1GJ'+>>H8KU'?---ZV'1>1J8IF>'K8HL\8LLF>1>R'X*1GJM;1'X/.``V'/..`Z'1GJ'1>1J8IF>'K8HL\>EG>8<7'

X*EGP'1GJ'2H119FYU '?--0ZU '1HH 'EL'W=F>='1778I<7' 7E'J8K>;FS8' 7=8'IR;F1J'L1>7E;K'7=17 '>1G'FI<1>7'EG'FG7;FGKF>'

K7MJ8G7'IE7F917FEGU'FG>HMJFGP'K7MJ8G7'8N<8>71G>F8KT

2FIFH1;HRU '&1;EH ':W8>YOK ' HEGP\;MGGFGP ' O!FGJK87KO ' 7=8E;R' X/.__V '/.._V '/...Z '=1K '1778I<78J ' 7E '1>>EMG7 ' LE;'

JFLL8;8G>8K'FG'K7MJ8G7KO '8LLE;7'8N<8GJF7M;8'1GJ'7=8F;'1SFHF7R'7E';8>E98;'L;EI'L1FHM;8'E;'G8P17F98'L88JS1>YU'SR'

EM7HFGFGP'K7MJ8G7KO'FI<HF>F7'7=8E;F8K'EL'FG78HHFP8G>8'1GJ'=EW'7=FK'1LL8>7K'KMSK8]M8G7'1>=F898I8G7T'3=8GEI8G1'

KM>='1K'7=8';1>F1H'1>=F898I8G7'P1<'FG'7=8')2"'1GJ'WEI8GOK'MGJ8;\<8;LE;I1G>8'FG'I17=8I17F>K'JEI1FGK'P198'

;FK8 ' 7E '1GE7=8; 'I1QE; ' 7=8E;R' FG ' 7=8 ' LF8HJ 'EL 'JFLL8;8G7F1H ' 1>=F898I8G7U ' 7=17 'EL ' K78;8E7R<8 ' 7=;817 ' X2788H8 '1GJ'

";EGKEGU'/..[Z'W=8;8SR'1W1;8G8KK'EL'1'K78;8E7R<8'7=17'8NFK7K'1SEM7'1'K7MJ8G7OK'FG\P;EM<'>1MK8K'1'J;E<'E;';FK8'FG'

<8;LE;I1G>8T'@1;P8'8LL8>7K'=198'EL78G'S88G'8N<8;FI8G71HHR'FGJM>8J'SR'KM;<;FKFGPHR'KMS7H8'KMPP8K7FEGT

:E'7=8K8'7=8E;F8K'8N=FSF7'>8;71FG'>EIIEG'7=8I8Kb'#=FK'<1<8;'K88YK'7E'JFK>E98;'W=87=8;'I1GR'EL'7=8'7=8E;F8K'

;8P1;JFGP '91;F1SFHF7R ' LEMGJ ' FG ' K7MJ8G7 ' 1>=F898I8G7U ' >1G ' S8 ' 8N<H1FG8J 'SR ' 7=8 ' JFLL8;8G7F1H ' 8LL8>7 ' EL ' K7MJ8G7'

8N<8>717FEGK'EG'H81;GFGP'1GJ'<8;LE;I1G>8'1GJ'W=87=8;'7=8K8'>1G'S8'I1GF<MH178J'KFI<HR'SR'KMPP8K7FEGT'!1GR'

IEJ8HK'EM7HFG8'7=8';EH8'EL'K7MJ8G7'8N<8>717FEGK'FG'IE7F917FEGU'SM7'GE7'H81;GFGPU'1K'=19FGP'1G'FGJF;8>7'8LL8>7'EG '

1>=F898I8G7T ' %7 ' FK ' <EKKFSH8 ' 7=8 ' 8N<8>717FEGK ' 1;8 ' =19FGP ' 1 ' JF;8>7 ' 8LL8>7 ' SR ' FG78;L8;FGP ' WF7= ' 8G>EJFGP ' EL'

FGLE;I17FEG'17'7=8'H81;GFGP'K71P8'1GJ'7=8'JFK<H1R'EL'7=17'H81;GFGP'17'<8;LE;I1G>8'K71P8T'c8W'K7MJF8K'7=MK'L1;'=198'

KFGPH8J'EM7'=EW'H81;GFGP'K<8>FLF>1HHR'FK'1LL8>78JU'W=F>='7=8'>M;;8G7'K7MJR'WFHH'1FI'7E'JE'SR'MKFGP'1'71KY'7=17 '

FG9EH98K'H81;GFGP'G8W'I178;F1HT' '#=FK'K7MJR'WFHH'1778I<7'7E'<FG'JEWG'7=FK'8LL8>7'SR'FGJF>17FGP'7E'K7MJ8G7K'7=17'

E7=8;K'=198'LEMGJ'1'71KY'81KR'E;'JFLLF>MH7'1GJ'1KK8KKFGP'7=8'FI<1>7'EL'7=FK'KMPP8K7FEG'EG'KMSK8]M8G7'78K7K'EL '

H81;GFGP'1GJ'<8;LE;I1G>8T'"'GMIS8;'EL';8H178J'I81KM;8I8G7KU'KM>='1K'K8HL\8LLF>1>RU'WFHH'S8'71Y8G'WF7='1'9F8W'7E '

78K7FGP'=EW'8N<8>717FEG'8LL8>7K'JFLL8;'S87W88G'K7MJ8G7KT

!

656$7./#-0)1-89:)';#$0"#&%8

5G8'I1QE;'7=8E;R'FG'1>1J8IF>'IE7F917FEG'=1K'1H;81JR'>EGKFJ8;8J'=EW'K7MJ8G7'8N<8>717FEGK'FI<1>7'M<EG'7=8'

JRG1IF>'1GJ'>EI<H8N'8G9F;EGI8G7'FG'W=F>='1>1J8IF>'1>7F9F7F8K'71Y8'<H1>8V'7=FK'7=8E;R'PF98K'1G'FGJF>17FEG'7=17'

8N<8>71G>F8K'=198'1G'FI<E;71G7';EH8'7E'<H1RT'#=8'8N<8>71G>R\91HM8'IEJ8H'XaFPLF8HJ'1GJ'+>>H8KU'?---Z'8N<HF>F7HR'

EM7HFG8K'7=8'8LL8>7'EL'K7MJ8G7'8N<8>717FEGK'EG'1>=F898I8G7'IE7F917FEGT'#=8'GEW'W8HH\8K71SHFK=8J'IEJ8HU'<EKF7K'

-.---/01'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''0

7=17'7=8'8N<8>71G>F8K'=8HJ'1SEM7'1'71KY'WFHH'1LL8>7'7=8'1>=F898I8G7U'<8;LE;I1G>8'1GJ'>=EF>8'EL'1>=F898I8G7'

;8H178J'S8=19FEM;K'FG'8JM>17FEG'K877FGPKT'#=8K8'F7'HFGYK'FG'1'JRG1IF>'FG78;1>7F98'IEJ8H'7=17'FG>HMJ8K'K898;1H '

KE>F1HU '>MH7M;1H '1GJ'<KR>=EHEPF>1H ' L1>7E;KU 'W=F>='1;8 '1HKE'>EGKFJ8;8J' 7E '=198'I1QE; ' FGLHM8G>8'EG'1>1J8IF>'

S8=19FEM;T'"H7=EMP=U'7;1JF7FEG1HHR'IM>='EL'7=8'HF78;17M;8'FK'>EG>8G7;178J'FG'K>=EEH'K877FGPKU'F7'FK'FI<E;71G7'7E'

>EGKFJ8;'K7MJ8G7'IE7F917FEG'FG'1GR'H81;GFGP'KF7M17FEG'FG'E;J8;'7E'E<7FIFK8'7=8'<;E>8KK'17'1HH'H898HKU'FG>HMJFGP'

=FP=8;'8JM>17FEGT

+N<8>71G>F8K'1;8'J8LFG8J'1K'7=8'S8HF8LK'EL'H81;G8;K';8P1;JFGP'7=8F;'<8;LE;I1G>8'EG'1G'M<>EIFGP'71KYU'1K'E<<EK8J '

7E'7=8F;'S8HF8LK';8P1;JFGP'7=8F;'>EI<878G>8'1GJ'1SFHF7F8K'FG'P8G8;1HU'W=F>='FK'1HKE'FG>HMJ8J'FG'7=8'IEJ8H'MGJ8;'7=8 '

K8HL\K>=8I171 ' >EGK7;M>7 ' XaFPLF8HJ '1GJ '+>>H8KU ' ?---ZT ' %G ' 7=FK 'IEJ8HU ' 8N<8>71G>F8K '1;8 'I81KM;8J ' KFI<HR'SR'

K7MJ8G7K ' FI<HRFGP'W=87=8; ' 7=8R'8N<8>7 ' 7E'JE'W8HH 'E; 'GE7 '1GJ'1;8'<;E<EK8J'7E 'JF;8>7HR'<;8JF>7 '1>=F898I8G7'

S8=19FEM;KU ' MGJ8; ' 7=8 ' FGLHM8G>8 ' EL ' K898;1H ' <KR>=EHEPF>1H ' 1GJ ' KE>FE>MH7M;1H ' FGLHM8G>8KU ' FG>HMJFGP ' >MH7M;1H '

K78;8E7R<8K ' 1GJ ' <8E<H8OK ' FG78;<;8717FEGK ' EL ' 8N<8;F8G>8T ' C8G>8U ' 1GR 'I1GF<MH17FEG ' 1FI8J ' 17 ' 1H78;FGP ' 7=8K8'

8N<8>717FEGK'IMK7'FI<HR'8F7=8;'EL'7=EK8'7WE'EM7>EI8KT

'

#=8'IEJ8H'J898HE<8J'SR'+>>H8K'1GJ'>EHH81PM8K'=1K'S88G'78K78J'8N78GKF98HR'FG';81H'1>=F898I8G7'KF7M17FEGK'1GJ '

=1K';8<8178JHR'S88G'LEMGJ'7E'S8'91HM1SH8'1K'1G'FI<E;71G7'<;8JF>7E;'EL'91;FEMK'EM7>EI8KU'KM>='1K'1>=F898I8G7 '

X:8GGFKK8G'd1;;87'1GJ'+>>H8KU'?--`V'aFPLF8HJU'+>>H8KU'2>=F8L8H8U'$E8K8;'1GJ'e81GU'?--^ZU'>EM;K8'>=EF>8'X:M;FYU'

4FJ1'1GJ'+>>H8KU '?--^Z '1GJ'<8;KFK78G>8' X3FG7;F>='1GJ'2>=MGYU '?--?ZT 'C8G>8'7=8'IEJ8H'=1K 'S88G'MK8LMH ' FG '

S8PFGGFGP'7E']M1G7FLR'7=8'JFLL8;8G7F17FEG'FG'1>=F898I8G7'1GJ'IE7F917FEG'S87W88G'K7MJ8G7KU'SM7'1K'EL'R87'=1K'GE7'

78K78J'=EW'8N<8>717FEGK'FG78;L8;8'WF7='FII8JF178'H81;GFGP'1GJ'<8;LE;I1G>8T'

27MJF8K'FG98K7FP17FGP'1>=F898I8G7'MGJ8;'7=FK'IEJ8H'WFHH'7R<F>1HHR'MK8'1'HEGPF7MJFG1H'J8KFPGU'71YFGP'I81KM;8K'EL '

7=8F;'91;F1SH8K'EL'FG78;8K7'1GJ'7=8G'IEGF7E;FGP'1>=F898I8G7'FG'7=8'G17M;1H'K877FGPU'E;'WE;YFGP'L;EI'HEGPF7MJFG1H'

J171'<;89FEMKHR'>EHH8>78JT'"H7=EMP='7=FK'1HHEWK'7=8'>EGK7;M>7FEG'EL'7=8'>E;;8H17FEGK'WF7=FG';8H17F98HR'H1;P8'J171'

K87KU ' F7 'JE8K'GE7'PF98'1GR'FGJF>17FEG'EL'=EW'K7MJ8G7K6'S8HF8LK'1GJ'IE7F917FEG'FG78;1>7'1GJ'FG78;L8;8'WF7='7=8 '

8JM>17F98'<;E>8KKT'#=FK'K7MJR'WFHH'7;R'7E'FGF7F178'MGJ8;K71GJFGP'EL'7=FK'SR'78K7FGP'=EW'I1GF<MH17FGP'8N<8>717FEGK'

FGLHM8G>8K'7=8'H81;GFGP'1GJ'<8;LE;I1G>8'K71P8K'EL'8JM>17FEGT

65<5$=-)3#4,-$>#'(9#((,-)-8$)13$>#'(9-&1-#/0

"';EH8'LE;'8N<8>71G>F8K'W1K'KFIFH1;HR'>1;98J'EM7'SR'"HS8;7'*1GJM;1'X/.``V'/..`ZU'FG'=FK'7=8E;R'EL'1>1J8IF>'K8HL\

8LLF>1>RU'W=8;8'7=8'JFK7FG>7FEG'FK'1HKE'I1J8'S87W88G'EM7>EI8'8N<8>71G>F8K'1GJ'8LLF>1>R'8N<8>71G>F8KT'*1GJM;1 '

<;8JF>78J'7=17'8LLF>1>R'8N<8>71G>F8K'1;8'IE;8'<;8JF>7F98'EL'1>1J8IF>'KM>>8KK'7=1G'EM7>EI8'8N<8>71G>F8KU'FG'HFG8'

WF7='7=8'8N<8>71G>R\91HM8'IEJ8H'XaFPLFH8J'1GJ'+>>H8KU'?---Z'1GJ'KE'8LLF>1>R'8N<8>71G>F8K'W8;8'I81KM;8J'FG'

-.---/01'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''A

7=8'>M;;8G7'K7MJR'FG'E;J8;'7E'78K7'=EW'I1GF<MH17FGP'8N<8>717FEGK'I1R'1LL8>7'7=FKT'%G'1>1J8IF>'78;IKU'K8HL\8LLF>1>R'

FK'J8LFG8J'1K';8L8;;FGP'7E'EM;'<8;>8<7FEGK'EL'EM;'1SFHF7R'7E'H81;G'1GJ'7E'<8;LE;I'1>7FEGK'X*1GJM;1'/..`V'2>=MGY'

1GJ '31Q1;8KU ' ?--.ZT '#=FK ' FK ' 7=EMP=7 ' 7E ' K78I' L;EI'EM; ' L88JS1>Y ' L;EI'<;89FEMK ' <8;LE;I1G>8KU ' FGLE;I17FEG'

P17=8;8J'9F>1;FEMKHR'7=;EMP='E7=8;KO'<8;LE;I1G>8K'\'K<8>FLF>1HHR'7=EK8'KFIFH1;'7E'MK'f'1K'W8HH'1K'<=RKFEHEPF>1H '

L88JS1>Y'L;EI'EM;'1LL8>7'1GJ'1GNF87R'K7178KT'#=8'I1GF<MH17FEG'MK8J'FG'7=FK'K7MJR'WFHH'1778I<7'7E'1H78;'8LLF>1>R'

8N<8>717FEGK'SR'FGJF>17FGP'7E'K7MJ8G7K'7=17'7=8'FII8JF178'71KY'FK'81KR'E;'JFLLF>MH7U']M1HFLF8J'SR';8KMH7K'L;EI'gE7=8;'

K7MJ8G7K6T'%L'7=8'I1GF<MH17FEG'S;FGPK'1SEM7'1'>=1GP8'FG'K8HL\8LLF>1>RU'1K'I81KM;8J'SR'>EGLFJ8G>8'H898HKU'7=FK'I1R'

ELL8;'1'<E78G7F1H'I8JF17FGP'L1>7E;'7=;EMP='W=F>='1>=F898I8G7'FK'1LL8>78JT'

#=8'1>1J8IF>'K8HL\8LLF>1>R'>EGK7;M>7'FK'>HEK8HR';8H178J'7E'7=17'EL'1>1J8IF>'K8HL\>EG>8<7V'7=8'LE;I8;'=1K'S88G '

KMPP8K78J'1K'1G'1>7F98'LE;8;MGG8;'7E'J898HE<I8G7'EL'7=8'H1778;'X*EGP'1GJ'2H119FYU'?--0ZU'=EW898;'I1YFGP'1'

>H81;'J8LFGF7FEG'S87W88G'7=8'7WE'>1G'S8'JFLLF>MH7T'28HL\>EG>8<7U'1K'E<<EK8J'7E'K8HL\8LLF>1>RU';8L8;K'7E'KEI8EG8OK '

YGEWH8JP8'1GJ'<8;>8<7FEGK 'EL ' 7=8IK8H98K ' FG'1>1J8IF>'KF7M17FEGK' FG 'P8G8;1HU ' ;17=8; ' 7=1G' 7=8F; 'S8HF8LK'1SEM7'

1SFHF7R ' 7E ' H81;G ' 1GJ ' <8;LE;I ' X*EGP ' 1GJ ' &H1;YU ' /...ZT ' #R<F>1HHR ' SE7= ' 1;8 ' I81KM;8J ' MKFGP ' K8HL\;8<E;7 '

]M8K7FEGG1F;8KV ' =EW898; ' 7=8 'JFLL8;8G>8 'S87W88G ' 7=8K8 ']M8K7FEGG1F;8K ' ;8LH8>7K ' EG8 'EL ' 7=8 'I1QE; 'JFLL8;8G>8K '

S87W88G'7=8'7WE'>EGK7;M>7K,'1>1J8IF>'K8HL\8LLF>1>R']M8K7FEGK'WFHH'7R<F>1HHR'S8'1FI8J'17'MGJ8;K71GJFGP'LM7M;8 '

8N<8>71G>F8KU'W=8;81K'1>1J8IF>'K8HL\>EG>8<7'WFHH'LE>MK'EG'<1K7'1>=F898I8G7K'1GJ'S8=19FEM;K'XaFPLF8HJ'1GJ '

+>>H8KU'?---ZT'*E7='=EW898;U'1;8'=819FHR'FGLHM8G>8J'SR'<1K7'8N<8;F8G>8KT'

a=17'FK'MG>H81;'FK'7=8'G17M;8'EL'7=8'FG78;1>7FEG'S87W88G'7=8'7WET'%L'K8HL\8LLF>1>R'W8;8'1LL8>78J'W=8G'K7MJ8G7 '

8N<8>717FEGK'1;8'I1GF<MH178J'WEMHJ'7=FK'S8'I8JF178J'SR'7=8F;'1>1J8IF>'K8HL\>EG>8<7'K>E;8b'#=8'FGLHM8G>8'EL '

FG78;G1H';8>E;JK'EL'<1K7'8N<8;F8G>8K'I1R'E98;;FJ8'1GR'8LL8>7'EL'8N78;G1H'I1GF<MH17FEG'K877FGPU'=8G>8'1'I81KM;8 '

EL'SE7='>EGK7;M>7K'WFHH'S8'FG>HMJ8J'FG'7=8'>M;;8G7'K7MJR'FG'1G'1778I<7'7E'JFK7FH'7=FK';8H17FEGK=F<T

%G'1>=F898I8G7'HF78;17M;8'7=8'<;8JF>7F98'<EW8;'EL'7=8K8'>EGK7;M>7K'FG'K7MJ8G7'H81;GFGP'=1K'S88G'1'I1QE;'LE>MKU '

FG>HMJFGP'7=8'K7MJR'EL'L1>7E;K'KM>='1K'IE7F917FEGU'>EM;K8'>=EF>8U'PE1H\K877FGP'S8=19FEM;U'<8;KFK78G>8'1GJ'I1GR'

E7=8;K'XaFPLF8HJU'#EGYK'1GJ'&H1MJ1U'?--.ZT'"K'1';8KMH7U'1'K7;EGP';8H17FEGK=F<'=1K'8I8;P8J'S87W88G'1>1J8IF>'

K8HL\8LLF>1>R'1GJ'1>1J8IF> 'K8HL\>EG>8<7 'I81KM;8K '1GJ'1 '91;F87R'EL ' FGJF>17E;KU '1H7=EMP='1P1FG ' 7=8K8 ' K7MJF8K'

7R<F>1HHR'M7FHFK8'7=8'>E;;8H17FEG1H'HEGPF7MJFG1H'J8KFPGT'%G'EG8'<1;7F>MH1;'K7MJRU'K8HL\8LLF>1>R'S8HF8LK'W8;8'LEMGJ'7E'

S8'<;8JF>7F98'EL'7=8'91;F1G>8'FG'W;F7FGP'1>=F898I8G7'1IEGP'1'K1I<H8'EL'MGJ8;P;1JM178'K7MJ8G7K'1GJ'<EFG78J'

7EW1;J'7=8'FI<E;71G>8'EL'>EGKFJ8;FGP'7=8'FGLHM8G>8'EL'1SFHF7R'S8HF8LK'X2=8HHU'!M;<=R'1GJ'*;MGFGPU'/._.ZT'"K'W1K'

LEMGJ'WF7='7=8'8N<8>71G>R'91HM8'IEJ8HU'1>1J8IF>'K8HL\>EG>8<7'K>E;8K'W8;8'LEMGJ'7E'S8'=FP=HR'<;8JF>7F98'EL'

1>=F898I8G7,'7=8'7WE'W8;8'LEMGJ'7E'=198'1';8>F<;E>1H';8H17FEGK=F<U'FG'7=17'FGF7F1H'1>=F898I8G7'H81JK'7E'1'=FP='

K8HL\>EG>8<7U'W=F>='FG'7M;G'1FJK'LM;7=8;'1>=F898I8G7'X!1;K=U'#;1M7W8FGU'@hJ7Y8U'eiHH8;'1GJ'*1MI8;7U'?--[ZT'

-.---/01'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''[

eE;GFHE91U ' eE;GFHE91 ' 1GJ ' &=MI1YE91 ' X?--.Z ' ;8>8G7HR ' 1778I<78J ' 7E ' J878;IFG8 ' 7=8 ' ;8H17FEGK=F< ' S87W88G'

1>1J8IF>'K8HL\>EG>8<7U'1>=F898I8G7'1GJ'FG78HHFP8G>8'1K'I81KM;8J'SR'K71GJ1;JFK8J'FG78HHFP8G>8'78K7KT'#=8R'LEMGJ'

7=17'K8HL'1GJ'<88;\8K7FI178J'FG78HHFP8G>8'1GJ'1>1J8IF>'K8HL\>EG>8<7'=1J'IE;8'<EW8;'7=1G'K71GJ1;J'FG78HHFP8G>8 '

K>E;8K'LE;'<;8JF>7FGP'1>=F898I8G7V'7=8']M8K7FEGG1F;8'MK8J'7E'I81KM;8'K8HL\>EG>8<7'W1K'1JE<78J'FG'7=FK'K7MJRT '

#=FK'W1K'J898HE<8J'7E'>1<7M;8'1'I81KM;8'EL'7=8'S8HF8LK'7=17'>EGK7F7M78'1'K7MJ8G7OK'K8HL\>EG>8<7,'7=8F;'FI1P8'EL'

7=8IK8H98K'FG'1>1J8IF>'K877FGPKT'#=8'>M;;8G7'K7MJR'FG>HMJ8K'1'>EI<1;FKEG'S87W88G'7=EK8'FG'7=8F;'LF;K7'E;'LFG1H '

R81;'EL'MGJ8;P;1JM178'K7MJRU'1HHEWFGP'7=8'>EI<1;FKEG'EL'K8HL\>EG>8<7'K>E;8K'S87W88G'7=8K8'P;EM<K'1GJ'1HKE'7=8'

>E;;8H17FEG'S87W88G'K8HL\>EG>8<7'K>E;8K'1GJ'198;1P8'K7MJ8G7'K>E;8'EG'7=8'78K7T'&EGKFJ8;FGP'7=17'1>1J8IF>'K8HL\

>EG>8<7'FK'K7;8GP7=8G8J'SR'<;89FEMK'H81;GFGP'8N<8;F8G>8KU'F7'K71GJK'7E';81KEG'7=17'7=EK8'FG'=EGEM;K'R81;K'WEMHJ '

=198 '1 'S8778; ' K8HL\>EG>8<7 '1GJ '=8G>8 'WEMHJ 'S8 ' H8KK ' KMK>8<7FSH8 ' 7E 'I1GF<MH17FEGK 'EL '8N<8>717FEGK '1GJ ' 7=17 '

7R<F>1HHRU'7=8F;'K8HL\>EG>8<7'K>E;8K'WEMHJ';8LH8>7'7=8F;'78K7'K>E;8KT

65?5$@,13+#0+$)13$>#'(90"#&%,#+

"GE7=8;'I1QE;'FGLHM8G>8'EG'K7MJ8G7'IE7F917FEG'1GJ'1>=F898I8G7';8K81;>='K78IK'L;EI'WE;Y'SR'&1;EH':W8>Y'

X/.__V'/.._V'/...Z'EG'K8HL\7=8E;F8KU'YGEWG'1HKE'1K'IFGJK87KT'#=FK'7=8E;R'FK'1'>1GJFJ178'LE;'S8FGP'MGJ8;<FGG8J'

SR'7=8'KMK<8>78J'S1KF>'8N<8>717FEG'I8>=1GFKI'1GJ'I1R'<EKKFSHR'S8';8\L;1I8J'1K'KM>=T'28HL\7=8E;F8K';8H178'7E '

FGJF9FJM1HKO ' S8HF8LK ' 1SEM7 ' 7=8F; ' 1SFHF7F8K ' 1GJ ' <8;KEG1HF7R ' 7;1F7K ' 1K ' 8F7=8; ' LFN8J ' X8G7F7R ' 7=8E;RZ ' E; 'I1HH81SH8 '

XFG>;8I8G71H'7=8E;RZT':W8>Y'1GJ'=8;'>EHH1SE;17E;K'<EKF7'7=17'7=8K8'S8HF8LK'1;8'KEM;>8K'EL'FGJF9FJM1H'JFLL8;8G>8K '

FG'PE1H'E;F8G717FEGKU'W=F>='FG'7M;G'1LL8>7'1>=F898I8G7T'%7'FK'7=EMP=7'7=17'j8G7F7Rk'7=8E;FK7K'<8;>8F98'7=8F;'1SFHF7F8K'

1K ' LFN8J ' 7;1F7K ' 1GJ ' 78GJ ' 7E ' 1JE<7 ' <8;LE;I1G>8 ' PE1HKU ' K88YFGP ' 7E ' P1FG ' L19EM;1SH8 ' 1GJ ' 19EFJ ' MGL19EM;1SH8'

QMJP8I8G7K'1SEM7'7=8F;'>EI<878G>8T'#=8F;'jFG>;8I8G71Hk'E<<EKF78KU'EG'7=8'>EG7;1;RU'1JE<7'I1K78;R'XE;'H81;GFGPZ'

PE1HKU'FG'W=F>='7=8R'K88Y'7E'MGJ8;K71GJ'1GJ'I1K78;'KEI87=FGP'G8WU'1GJU'7=MKU'FG>;81K8'7=8F;'>EI<878G>8T

#=8'WE;Y'EL':W8>Y'1GJ'E7=8;K';8P1;JFGP'K8HL\7=8E;F8K'K78II8J'L;EI'81;HF8;';8K81;>='X:F8G8;'l':W8>YU'/.`_V '

/._-Z'7=17'=1J'1778I<78J'7E'MGJ8;K71GJ'W=R'>=FHJ;8G';81>7'JFLL8;8G7HR'7E'L1FHM;8T'#=FK'W1K'H178;'78K78J'SR'+HHFE7 '

1GJ ':W8>Y ' X/.__Z ' FG '1 '<1;1JFPI'W=8;8SRU ' 1L78; ' >EI<H87FGP '1G ' FGF7F1H ' >EI<H8N ' 71KYU ' >=FHJ;8G 'W8;8 'PF98G'

L88JS1>Y'7=17'H8J'7=8I'7E'S8HF898'7=17'7=8R'=1J'=FP='E;'HEW'1SFHF7R'EG'7=FK'7R<8'EL'71KYU'7=MK'I1GF<MH17FGP'7=8F; '

8N<8>717FEG'EL'<8;LE;I1G>8T'#=8'>=FHJ;8G'W8;8'7=8G'<;8K8G78J'WF7='1'>=EF>8'S87W88G'1'<8;LE;I1G>8'XJFK<H1RFGP'

EL'>EI<878G>8Z'71KY'WF7='JFLL8;8G7'JFLLF>MH7R'H898HKU'E;'1'H81;GFGP'XI1K78;RZ'71KYV'SE7='71KYK'W8;8'FJ8G7F>1HT'#=FK '

>=EF>8'W1K'FGLHM8G>8J'SR'1'LM;7=8;'I1GF<MH17FEG'7=17'<MK=8J'7=8I'7EW1;JK'8F7=8;'7R<8'EL'71KYT'$8P1;JH8KK'EL '

>=EF>8'1HH'W8;8'PF98G'1G'FJ8G7F>1H'<;ESH8I\KEH9FGP'71KY'1JE<78J'L;EI':F8G8;'1GJ':W8>Y'X/.`_Z'FG'E;J8;'7E'78K7 '

=EW' 7=8 'I1GF<MH17FEGK '1LL8>78J ' 7=8F; ' H81;GFGP 'S8=19FEM;KT ' %7 'W1K ' LEMGJ' 7=17 ' FG ' 7=8 '>EGJF7FEG 'W=8;8SR' 7=8'

<8;LE;I1G>8'PE1H'W1K'=FP=HFP=78JU'I1GF<MH17FEGK'EL'8N<8>717FEGK'EL'1SFHF7R'=1J'1G'8LL8>7U'FG'7=17'7=EK8'PF98G'HEW '

8N<8>717FEGK'<8;LE;I8J'IE;8'<EE;HR'1GJ'JFK<H1R8J'H8KK'<8;KFK78G>8'7E'KEHM7FEGKT'

-.---/01'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''^

#=8'8LL8>7'EL'8N<8>717FEG'JFK1<<81;8J'FG'7=8'>EGJF7FEG'W=8;8'7=8'H81;GFGP'PE1H'W1K'=FP=HFP=78JU'<EKKFSHR'S8>1MK8'

7=8'8I<=1KFK'<H1>8J'EG'H81;GFGP'1GJ'I1K78;R\E;F8G7178J'7R<8'S8=19FEM;K'LEK78;8J'1'<EKF7F98'177F7MJ8'7EW1;JK'7=8 '

71KYU';8IE9FGP'1GR'1GNF87R'8LL8>7K'1SEM7'<8;LE;I1G>8'EG'7=8'71KYT'+KK8G7F1HHRU'8I<=1KFmFGP'7=8'FI<E;71G>8'EL '

H81;GFGP'L;EI'1'71KY';17=8;'7=1G'<8;LE;IFGP'EG'F7'LEK78;8J'<EKF7F98'S8=19FEM;'1GJ'<8;LE;I1G>8U';8P1;JH8KK'EL '

8N<8>717FEGK'EL'1SFHF7RT'cE;':W8>YU'7=8';8KMH7'W1K'89FJ8G>8'7=17'=19FGP'7=8'FI<HF>F7'7=8E;R'7=17'FG78HHFP8G>8'FK'1'

I1HH81SH8']M1HF7R'1GJ'E;F8G7FGP'7EW1;JK'PE1HK'7=17'FG>;81K8'H81;GFGP'1GJ'7=MK'FG78HHFP8G>8U'WEMHJ'FGK71G7F178'7=8 '

IEK7'<;EJM>7F98'S8=19FEM;K'1GJ'S8K7'1>=F898I8G7'EM7>EI8KT'+1;HR'WE;Y'L;EI'*HEEI'X/.^_Z'8I<=1KFK8J'7=FK'

KFIFH1;HR'FG'I1K78;R'H81;GFGP'7=8E;RU'FG'W=F>=';8PMH1;'GEG\P;1J8J'LE;I17F98'1KK8KKI8G7K'W8;8';8>EII8GJ8J'FG '

E;J8;'7E'8I<=1KFK8'7=8'FI<E;71G>8'EL'I1K78;R';17=8;'7=1G'H81;GFGP'7E'JFK<H1R'1<7F7MJ8T'%7'FK'FI<E;71G7'7E'GE78'FG'

:W8>YOK ' K7MJR' 7=17 ' L;EI'KM>='1 ' KI1HH ' FG78;98G7FEGU 'EL ' FGJF>17FGP '<;EQ8>78J '1SFHF7R ' LE; ' 7=8 'M<>EIFGP ' 71KYU '

S8=19FEM;1H'1GJ'<8;LE;I1G>8'JFLL8;8G>8K'W8;8'8HF>F78JT'

"GE7=8; ' H178; ' K7MJR ' X!M8HH8; ' 1GJ ':W8>YU ' /.._ZU ' 1;PMFGP ' LE; ' 7=8 ' J1GP8;K ' EL ' <;1FKFGP ' >=FHJ;8G ' LE; ' 7=8F;'

FG78HHFP8G>8';17=8;'7=1G'7=8F;'8LLE;7U'<;EJM>8J'1'KFIFH1;';8KMH7'7E'7=17'EL'+HHFE7'1GJ':W8>Y'X/.__ZU'1K'1P1FG'1'

KMS7H8'I1GF<MH17FEG'S;EMP=7'1SEM7'1'H1;P8'8LL8>7T'#=FK'<1;7F>MH1;'K7MJRU'1K'WF7='I1GR'EL':W8>YOKU'W1K'>EGJM>78J'

EG'<;FI1;R'1P8'>=FHJ;8G'W=E'W8;8'PF98G'1'K87'EL'$198GOK 'I17;F>8K'<;ESH8IK'1GJ'7=8G';8P1;JH8KK'EL'1>7M1H '

<8;LE;I1G>8'W8;8'7EHJ'7=8R'=1J'JEG8'W8HH'1GJ'PF98G'<;1FK8'FG'EG8'EL'7WE'LE;IK,'jREM'IMK7'=198'WE;Y8J'=1;Jk '

E; 'jREM 'IMK7 'S8 'KI1;7kT '#=8'>=FHJ;8G ' 7=8G'>EI<H878J '1 ' K8>EGJ'K87U 'M<EG'W=F>= ' 7=8R'W8;8 ' 7EHJ ' 7=8R'=1J '

<8;LE;I8J'<EE;HRT'"'LM;7=8;'K87'EL'<;ESH8IK'W8;8'PF98G'7E'I81KM;8'7=8'8LL8>7'EL'7=8'I1GF<MH17FEG'1GJ'F7'W1K'

LEMGJ'7=17'<;1FKFGP'LE;'FG78HHFP8G>8'<MHH8J'7=8'K>E;8K'JEWG'1GJ'<;1FK8'LE;'8LLE;7'<MHH8J'7=8I'M<T'

#=FK ' K7MJR' 1HKE ' >EGKFJ8;8J ' 7=8 ' >=FHJ;8GKO ' PE1H ' JF;8>78J ' S8=19FEM;V ' ELL8;FGP ' 7=8I'<8;LE;I1G>8 ' E; ' H81;GFGP'

E<<E;7MGF7F8K'7E'K88'W=F>='7=8R'8GJE;K8J'IE;8'EL78G'1GJ'G17M;1HHRU'>=FHJ;8G'<;1FK8J'LE;'7=8F;'FG78HHFP8G>8'IE;8 '

EL78G'>=EK8'7E'<M;KM8'<8;LE;I1G>8'PE1HK'7E'K=EW'ELL'7=FK'FG78HHFP8G>8T'CEW898;U'7=8'G8P17F98'8N<8>717FEG'7=17 '

=1J'S88G'FISM8J'SR'FGLE;IFGP'7=8I'7=17'7=8F;'<8;LE;I1G>8'=1J'S88G'<EE;'EG'7=8'K8>EGJ'K87U'JFK;M<78J'7=8F; '

<8;LE;I1G>8U'W=8;81K'7=8'>=FHJ;8G'LE;'W=EI'8LLE;7'W1K'=FP=HFP=78J'1K'FI<E;71G7'L8H7'GE'G88J'7E'<;E98'7=8F; '

1SFHF7R'1GJ'<8;LE;I1G>8'W1K'H8KK'JFK;M<78JT'

#=FK'WE;Y'W1K'7=8G'J898HE<8J'7E'<;EJM>8'7=8'IFGJK87K'7=8E;RU'W=F>='=1K'S88G';8<8178JHR'78K78J'1K'1'<;8JF>7E; '

EL'1>=F898I8G7'1GJ'I1GR'SM7'GE7'1HHU'=198'J8HFG8178J'1'I1QE;';EH8'LE;'FI<HF>F7'7=8E;F8K'FG'1>=F898I8G7T'#=8'

K7MJF8K'J8K>;FS8J'1SE98'=198'1HH';8L8;;8J'7E'1G'FGK71G7'>=1GP8'FG'S8=19FEM;'SM7'MGJ8;K71GJFGP'>=1GP8K'E98;'1 '

HEGP8;'7FI8'>EM;K8'FK'1HKE'FI<E;71G7T'%G'1'<1;7F>MH1;'HEGPF7MJFG1H'K7MJRU'7=8E;F8K'EL'FG78HHFP8G>8'1K'I81KM;8J'SR'

;17FGPK'EG'1'K>1H8'EL'^'F78IK'<;8JF>78J'P;1J8K'LE;'7=8'G8N7'7WE'R81;K'X*H1>YW8HHU '#;m8KGF8WKYF'1GJ':W8>YU '

?--`ZT'%G'7=8'K8>EGJ'<1;7'EL'7=17'<1<8;'1G'FG78;98G7FEG'1FI8J'17'>;817FGP'1G'OFG>;8I8G71H'IFGJK87O'E98;'1'>EM;K8 '

EL'8FP=7'K8KKFEGKU'=1H78J'1'JEWGW1;J'7;1Q8>7E;R'FG'P;1J8K'E98;'7=8'>EM;K8'EL'7=8'K8I8K78;T'#=FK'W1K'GE7'LEHHEW8J '

-.---/01'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''`

M<' H178; ' 7E' 78K7 'W=87=8; ' 7=8'8LL8>7K' H1K78JU 'W=F>='I1R'=198'K=8J'HFP=7 'EG'7=8' HEGP89F7R'E;'9F1SFHF7R'EL ' 7=8 '

I1GF<MH17FEGT

%7'FK'=1;J'7E'<FG'JEWG'8N1>7HR'W=17'JFLL8;8G7F178K'1'IFGJK87'XFG>;8I8G71H'E;'8G7F7RZ'L;EI'7=8'1'K87'EL'8N<8>717FEGK'

1'K7MJ8G7'=EHJK';8P1;JFGP'7=8'EM7>EI8'EL'7=8'8LLE;7'<M7'FG'7E'K7MJF8K'E;'7=8F;'8N<8>717FEG'1SEM7'7=8F;'1SFHF7R'7E'

H81;G'1GJ'KM>>88J'17'H81;GFGPT'%7'FK'<EKKFSH8'7=17'W=17'FK'S8FGP'I1GF<MH178J'FG':W8>YOK'K7MJF8KU';17=8;'7=1G'1G '

OFI<HF>F7 ' 7=8E;R ' EL ' FG78HHFP8G>8OU ' FK ' 7=8 ' 8N<8>717FEG ' FG ' 7=8K8 ' K7MJ8G7K ' 7=17 ' 8F7=8; ' JFK<H1RFGP ' FG78HHFP8G>8 ' E;'

JFK<H1RFGP'8LLE;7'FK'W=17'FK'FI<E;71G7T'%L'8N<8>717FEGK'1;8'MGJ8;HRFGP'7=8K8';8KMH7KU'F7'FK'<EKKFSH8'7=17'8N<8>717FEGK'

>1G'S8'FGLHM8G>8J'FG'K7MJ8G7K'SR'I81GK'EL'KMS7H8'KMPP8K7FEGKV'7=FK'K7MJR'K88YK'7E'8N<HE;8'W=87=8;'7=FK'FK'<EKKFSH8'

FG'=FP=8;'8JM>17FEG'K7MJ8G7KT

65A5$>0#%#&08/#$0"%#)0

"GE7=8;'I1QE;'<EEH'EL'FGLHM8G>8'EG'1>1J8IF>'1>=F898I8G7'K78IK'L;EI'7=8'SEJR'EL'WE;Y';8P1;JFGP'K78;8E7R<8'

7=;817V ' 1GE7=8; ' >1GJFJ178 ' 8LL8>7 'W=F>= 'I1R ' <EKKFSHR ' S8 ' MGJ8;<FGG8J ' SR ' 1 ' S1KF> ' 8N<8>717FEG 'I8>=1GFKIT'

278;8E7R<8'7=;817U'FK'1'<=8GEI8GEG'W=8;8SR'1G'1W1;8G8KK'EL'1'K78;8E7R<8'1GJ'F7K'G8P17F98'L817M;8K'>1G'=198'1 '

J87;FI8G71H'8LL8>7'EG'<8;LE;I1G>8'X%GmHF>=7'1GJ'2>=I1J8;U'?-//ZT'#=FK'8LL8>7'>1G'E>>M;'1IEGP'I8IS8;K'EL'1GR'

P;EM<'1SEM7'W=F>='G8P17F98'K78;8E7R<8K'8NFK7'X2788H8'1GJ'";EGKEGU'/..[ZT'#=8';EE7K'EL'7=8'7=8E;R'HF8'FG'7=8'

E;FPFG1H ' K7MJF8K ' EL ' 2788H ' 1GJ '";EGKEG ' X/..[V ' 2788H8U ' /..`Z ' K78IIFGP ' L;EI ' 7=8 ' 1>YGEWH8JP8I8G7 ' EL ' 7=8'

1>=F898I8G7'P1<'S87W88G'SH1>Y'1GJ'W=F78'K7MJ8G7K'FG'"I8;F>1G'K>=EEHKT'2FG>8'7=8GU'1'91K7'SEJR'EL'89FJ8G>8'=1K'

SMFH7'7E'K=EW';8<8178JHR'7=17'FGJF9FJM1HK'<8;LE;IFGP'1'71KY'17'W=F>='7=8F;'FG\P;EM<'FK'>EGKFJ8;8J'7E'<8;LE;I'

>EI<1;17F98HR'WE;K8'7=1G'E7=8;KU'WFHH'MGJ8;\<8;LE;I'7=8IK8H98KT'#=FK'FG>HMJ8K'8LL8>7K'LE;'WEI8G'1GJ'I17=K '

<8;LE;I1G>8 ' X2<8G>8;U ' 2788H8 ' 1GJ 'nMFGGU ' /...ZT '#=8 ' 8LL8>7 ' >1G ' S8 ' J;1I17F>V ' 2788H8 ' 1GJ '";EGKEG ' X/..[U '

+N<8;FI8G7'AZ'LEMGJ'7=17'SR'I8;8HR'1KYFGP'"L;F>1G'"I8;F>1G'>EHH8P8'K7MJ8G7K'7E'FGJF>178'7=8F;';1>8'S8LE;8 '

>EI<H87FGP'1'K71GJ1;JFm8J'78K7'W1K'8GEMP='7E'J8>;81K8'7=8F;'K>E;8'SR'1HIEK7'=1HLT'%L'7=FK'K7MJR'>1G'K=EW'7=17'

I1GF<MH17FGP'K7MJ8G7'8N<8>717FEGK'>1G'FG78;L8;8'WF7='H81;GFGP'1GJ'<8;LE;I1G>8U'F7'I1R'S8'7=17'K78;8E7R<8'7=;817 '

FK'S;EMP=7'1SEM7'SR'1W1;8G8KK'EL'1'K78;8E7R<8'>1MKFGP'1'G8P17F98'8N<8>717FEGT'

%7'FK'7=EMP=7'7=17'7=8'1W1;8G8KK'EL'1'K78;8E7R<8'LE;'I8IS8;K'EL'7=17'P;EM<'FGF7F178K'G8P17F98'7=EMP=7U'FG>;81K8K '

1;EMK1H'1GJ'J8<H878K'8N8>M7F98';8KEM;>8K'SR'I81GK'EL'8IE7FEG';8PMH17FEGU'7=MK'FI<1>7FGP'EG'7=8F;'<8;LE;I1G>8'

1GJ'1>=F898I8G7T'#=17'FKU'F7';1FK8K'7=8'<EKKFSFHF7RU'FG'7=8'IFGJ'EL'1'K78;8E7R<8J'FGJF9FJM1HU'7=17'7=8'1>1J8IF> '

JFLLF>MH7F8K'7=8R'8N<8;F8G>8'I1R'S8'JM8'7E'1G'FG78;G1H'L1MH7'E;'K=E;7>EIFGPU'G1I8HRU'7=17'7=8R'H1>Y'7=8'1SFHF7R'7E '

KM>>88J'EG'7=8'71KYT'#=FK'FK'KM<<E;78J'SR'89FJ8G>8'7=17'K78;8E7R<8'7=;817'H81JK'7E'FG>;81K8J'1;EMK1H'X*8G\d889U '

c8FG'1GJ'%GmHF>=7U '?--[V'56*;F8G'1GJ'&;1GJ1HHU '?--0ZU';8JM>8J'WE;YFGP'I8IE;R'>1<1>F7R'X2>=I1J8;'87'1HTU'

?--_Z'1GJ'FG>;81K8J'8IE7FEG1H'KM<<;8KKFEG'XoE=GKU'%GmHF>=7U'1GJ'2>=I1J8;U'?--_ZU'7=17'H81J'L;EI'FG>;81K8J'8;;E;'

9FPFH1G>8'1GJ'1778I<7FGP'7E'KM<<;8KK'7=8'G8P17F98'8IE7FEGK'8HF>F78J'SR'7=8'G8P17F98'K78;8E7R<8T

-.---/01'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''_

#=FK'8LL8>7'=1K'1HKE'S88G'78K78J'FG'7=8'E<<EKF78'JF;8>7FEGU'WF7='7=8'8LL8>7'EL'K78;8E7R<8'9F8W8J'1K'1'<8;LE;I1G>8 '

8G=1G>8; ' X2=F=U' "IS1JRU '$F>=8KEGU 'cMQF71 '1GJ 'D;1RU '?--?ZV ' SR'<;FIFGP ' 7=8 '<EKF7F98 ' K78;8E7R<8 'EL '"KF1G\

"I8;F>1G'KM<8;FE;F7R'17'I17=KU'<8;LE;I1G>8'W1K'8G=1G>8JT'#=FK'=1K'S88G'K7MJF8J'MGJ8;'7=8'PMFK8'EL'OK78;8E7R<8'

HFL7O'Xa1H7EG'1GJ'&E=8GU'?--0ZT'@89R'X/..^Z'K=EW8J'7=17'<;FIFGP'EL'G8P17F98'78;IK'1KKE>F178J'WF7='7=8'8HJ8;HR'

X8TPTU'K8GFH8U'J8I8G7F1Z'<;EJM>8J'J8LF>F7K'FG'7=8'I8IE;R'1SFHF7F8K'EL'8HJ8;HR'<1;7F>F<1G7KT'!81GW=FH8U'7=8'<;FIFGP'

EL ' <EKF7F98 ' 78;IK ' X8TPTU 'WFK8U ' 8N<8;F8G>8JZ ' <;EJM>8J ' 1G ' 8G=1G>8I8G7 ' EL ' 7=8 ' 8HJ8;HR ' <1;7F>F<1G7K6'I8IE;R'

1SFHF7F8KT'&EMHJ'F7'S8'7=17'7=8'8LL8>7'<;EJM>8J'SR'<;FIFGP'1W1;8G8KK'EL'1'K78;8E7R<8';8KMH7'KFI<HR'L;EI'LEK78;FGP '

<EKF7F98'E;'G8P17F98'8N<8>717FEGK'FG'7=17'P;EM<b

#=8'FI<1>7'EL'7=FK'8LL8>7'>1G'S8'WFJ8\;81>=FGP'1GJ'JFK;M<7F98'1GJ'KE'>EGKFJ8;1SH8'8LLE;7'=1K'S88G'<M7'FG7E '

J8L8GJFGP'1P1FGK7'E;'SHE>YFGP'7=8';8KMH7KT'38;=1<K'7=8'S8K7'YGEWG'EL'7=8K8'FG9EH98J'8I<HERFGP'7=8'78>=GF]M8K '

EM7HFG8J'SR'&1;EH':W8>Y'1GJ'>EHH81PM8K'FG'7=8F;';8K81;>=';8P1;JFGP'FI<HF>F7'7=8E;F8K'XLE;'8N1I<H8'*H1>YW8HHU '

#;m8KGF8WKYF'1GJ':W8>YU'?--`ZU'W=8;8SR'7=8'FG78;98G7FEG'FG9EH98J'1778I<7FGP'7E'FI<1;7'1G'FG>;8I8G71H'9F8W'EL'

FG78HHFP8G>8 ' FG ' K7MJ8G7K ' 17 ' ;FKY ' L;EI' K78;8E7R<8 ' 7=;817T ' %7 'W1K ' 7=EMP=7 ' 7=17 ' SR ' 1<<HRFGP ' 7=8 ':W8>Y ' K7RH8 '

FG78;98G7FEGU'W=F>='=1K'S88G'89FJ8G>8J'1K'FI<;E9FGP'1>=F898I8G7'1GJ'1>1J8IF>'8GQERI8G7U'7=8'J87;FI8G71H '

8LL8>7K'EL'K78;8E7R<8'7=;817'>EMHJ'S8'>1G>8HH8JU'E;'17'H81K7'H8KK8G8J'X";EGKEGU'c;F8J'1GJ'DEEJU'?--?V'DEEJU '

";EGKEG'1GJ'%GmHF>=7U'?--0ZT'%7'W1K'LEMGJ'7=17'SR'1H78;FGP'7=8'I1H1J1<7F98'S8HF8LK'EL'FG78HHFP8G>8'1K'1'LFN8J'7;1F7U '

FG'E7=8;'WE;JK'FISMFGP'7=8I'WF7='IE;8'<EKF7F98'8N<8>717FEGK'LE;'7=8F;'=FP=\K>=EEH'>1;88;U'7=17'7=8'1>=F898I8G7 '

FG8]M1HF7F8K'>;8178J'SR'K78;8E7R<8'7=;817'JFJ'JFIFGFK=T'"P1FGU'7=8'LEHHEW'M<'7E'7=8K8'FG78;98G7FEGK'W1K'17'7=8'8GJ'

EL'7=8'K8I8K78;T'%7'WEMHJ'FG78;8K7FGP'7E'K88'W=87=8;'7=8'>=1GP8'H1K78J'E98;'7=8F;'1>1J8IF>'>1;88;'E;'W=87=8;U '

WF7='7=8'GE98H7R'EL'7=8'8N7;1'1778G7FEG'PEG8U'7=8'E;FPFG1H'<1778;G';87M;G8JT

$8>8G7HRU'1778G7FEG'=1K'S88G'7M;G8J'7EW1;JK'MGJ8;K71GJFGP'=EW'K78;8E7R<8'7=;817'FG78;L8;8K'WF7='7=8'H81;GFGP'

<;E>8KK'K<8>FLF>1HHRT'#;1JF7FEG1HHR'7=8'8LL8>7K'EL'K78;8E7R<8'7=;817'=198'S88G'I81KM;8J'FG'78;IK'EL'<8;LE;I1G>8U '

WF7=EM7'G8>8KK1;FHR'K8<1;17FGP'EM7'7=8'L1>7E;K'7=17'>EG7;FSM78'7E'7=17'<8;LE;I1G>8T'$RJ8HHU'$RJ8HH'1GJ'*EM>=8; '

X?-/-Z'GE78'7=17'1'GMIS8;'EL'7=8'<;89FEMK'K7MJF8K'>EGJM>78J'EG'K78;8E7R<8'7=;817'>EMHJ'<EKKFSHR'S8'8N<H1FG8J'SR '

71YFGP'7=8'8LL8>7'EG'H81;GFGP'FG7E'1>>EMG7U'KM>='1K'"J1IKU'D1;>F1U'3M;JF8\41MP=GK'1GJ'2788H8'X?--^ZU'W=EK8 '

8N<8;FI8G7 ' FG9EH98J ' 781>=FGP 'WEI8G '=EW ' 7E ' KEH98 ' HEPF> ' <MmmH8K ' MGJ8; ' 1 ' 7=;817 ' E; ' GEG\7=;817 ' >EGJF7FEGT'

2FIFH1;HRU'D;FIIU'!1;YI1GU'!1JJENU'1GJ'*1HJWFG'X?--.Z'1HKE'MK8J'1'71KY'7=17'FG9EH98J'781>=FGP'1'G8W'HFG8'

>178PE;FK17FEGV'=8G>8'FG'SE7='K7MJF8K'7=8'JFLL8;8G>8K'>EMHJ'=198'S88G'>1MK8J'17'7=8'H81;GFGP'K71P8T'#E'78K7'7=FKU '

7=8R'J8KFPG8J'1'K7MJR'7=17'FG9EH98J'FG9EYFGP'K78;8E7R<F>'1W1;8G8KK'17'91;FEMK'K71P8K'EL'7=8'<;E>8KK'EL'781>=FGP '

G8W'1SK7;1>7'I17=8I17F>1H';MH8K'7E'WEI8G'1GJ'78K7FGP'7=8F;'1SFHF7R'7E'7;1GKL8;'7=8IV'7=8F;'I1GF<MH17FEG'FG9EH98J'

QMK7'EG8'K8G78G>8'FGJF>17FGP'7=17'7=8'K7MJR'W1K'FG98K7FP17FGP'P8GJ8;'JFLL8;8G>8K'FG'I17=KT

-.---/01'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''.

%G'1'H178;'K7MJRU'#1RHE;'1GJ'a1H7EG'X?-//Z'MK8J'1G'1;PM1SHR'S8778;'J8KFPG'EL'1'IE;8'<1;KFIEGFEMK'G17M;8'7E'K=EW'

KFIFH1;';8KMH7KT'#=FK'<1<8;'<;E9FJ8K'7=8'S1KFK'LE;'7=8'J8KFPG'EL'7=8'>M;;8G7'K7MJR'1GJ'HEEY8J'17'K78;8E7R<8'7=;817'

WF7= ' ;8P1;JK ' 7E ' 7=8 ' ;1>8 '1>=F898I8G7 'P1<T ' %7 ' FG9EH98J' 1<<HRFGP ' 1 'I1GF<MH17FEGU ' 7=8G ' 78K7FGP ' H81;GFGP '1GJ'

<8;LE;I1G>8'K8<1;178HRT'*H1>Y'1GJ'a=F78'K7MJ8G7K'=1J'7E'H81;G'HFK7K'EL';1;8'WE;JK'1GJ'7=8F;'J8LFGF7FEGKU'MGJ8; '

8F7=8;'7=;817'E;'GEG\7=;817'>EGJF7FEGK'1GJ'<8;LE;I';8>1HH'71KYK'8F7=8;'FG'1'OW1;I\M<O'71KY'J8KFPG8J'7E'78K7'H81;GFGP '

1GJ'1'O;81HO'71KY'MGJ8;'7=;817'E;'GE'7=;817'>EGJF7FEG'7E'78K7'7=8'8LL8>7'EL'7=8'I1GF<MH17FEG'EG'<8;LE;I1G>8T'#1RHE;'

1GJ'a1H7EG'LEMGJ'7=17'*H1>Y'K7MJ8G7K'W=E'=1J'K7MJF8J'MGJ8;'7=;817'>EGJF7FEGK'<8;LE;I8J'WE;K8'7=1G'a=F78'

K7MJ8G7K'EG'SE7='7=8'GEG\7=;8178GFGP'OW1;I\M<O'1GJ'7=8'1>7M1H'78K7'1GJ'7=17'E98;1HH'K>E;8K'W8;8'HEW8K7'W=8G'

*H1>Y'K7MJ8G7K'SE7='H81;G8J'1GJ'<8;LE;I8J'MGJ8;'7=;817'>EGJF7FEGKT'

"HKE'I81KM;8JU'W8;8'1'GMIS8;'EL'<EKKFSH8'I8JF17FGP'L1>7E;K'KM>='1KU'KE>FE\8>EGEIF>'K717MKU'2"#'K>E;8U'P8GJ8;'

1GJ'R81;'FG'K>=EEHU'1H7=EMP='EGHR'KE>FE\8>EGEIF>'K717MK'<;E98J'7E'=198'1GR'8LL8>7T'5JJHR'7=8K8'FG>HMJ8J'GE '

I81KM;8K 'EL ' K7MJ8G7KO ' 1SFHF7R 'S8HF8LK ' KM>= ' 1K ' 1>1J8IF> ' K8HL\>EG>8<7U 'J8K<F78 ' 7=8 '89FJ8G>8 ' ;8H17FGP ' 7=8I' 7E '

1>=F898I8G7U'7E'W=F>='H81;GFGP'1GJ'<8;LE;I1G>8'1;8'FG7;FGKF>T'#=8K8'WFHH'S8'I81KM;8J'FG'7=8'>M;;8G7'K7MJRT'%L'SR'

1J1<7FGP ' 7=FK ' J8KFPG ' 1GJ ' ;8IE9FGP ' 7=8 ' 8I<=1KFK ' EG ' K78;8E7R<8 ' 7E ' 78K7 ' 1 'IE;8 ' P8G8;1H ' 8N<8>717FEG ' 8LL8>7U '

1>=F898I8G7'JFLL8;8G>8K'>1G'K7FHH'S8'8HF>F78JU'7=FK'I1R'<;E9FJ8'89FJ8G>8'LE;'7=8';EH8'EL'S1KF>'K7MJ8G7'8N<8>717FEG '

I8>=1GFKIT

65B5$7./#-0)0,&1+$,1$>0#%#&08/#$!"%#)0

#E'W=17'8N78G7'1;8'7=8'8N<8>717FEGK'>;8178J'SR'K78;8E7R<8'7=;817'>EG7FGP8G7'EG';8H17FGP'7E'7=8'K78;8E7R<8b'#=8 '

;EH8'EL'<8;LE;I1G>8'8N<8>717FEGK'=1K'1H;81JR'S88G'K7MJF8J'WF7=';8P1;JK'7E'7=8F;'I8JF17FGP'8LL8>7'EG'K78;8E7R<8 '

7=;817'X&1JFGMU'!11KKU'c;FP8;FEU'%I<1PHF1mmE'1GJ'@17FGE77FU'?--0ZT'*MFHJFGP'M<EG'81;HF8;'WE;Y'7=17'=1J'LEMGJ'

K78;8E7R<8'7=;817'I1GF<MH17FEGK'>EMHJ'MGJ8;IFG8'<8;LE;I1G>8'8N<8>717FEGK'X271GPE;U'&1;;'1GJ'eF1GPU'/.._ZU '

7=FK 'K7MJR';8P1;JFGP'WEI8GOK'I17=K'<8;LE;I1G>8'LEMGJ'7=17 '<1;7F>F<1G7K' 7=17 ';8>8F98J'G8P17F98'FGLE;I17FEG'

;8P1;JFGP'7=8F;'P8GJ8;'K=EW8J'HEW8;'H898HK'EL'8N<8>717FEGK'1GJ'1'J8>;81K8'FG'<8;LE;I1G>8'>EI<1;8J'7E'WEI8G'

FG'7=8'<EKF7F98'1GJ'>EG7;EH'>EGJF7FEGKT'38;LE;I1G>8'8N<8>717FEGK'W8;8'I81KM;8J'SR'1KYFGP'<1;7F>F<1G7K'7E'<HE7'1'

S1;'EG'1'P;1<='7=17';8<;8K8G78J'=EW'W8HH'7=8R'8N<8>78J'7E'JE'FG'>EI<1;FKEG'WF7='7=8'198;1P8'K>E;8K'EL'I8G'1GJ '

WEI8GV'7=8K8'JFLL8;8J'J8<8GJFGP'EG'7=8'>EGJF7FEG'7E'W=F>='7=8R'W8;8'1KKFPG8JT'#=8K8'W8;8'<HE778J'FII8JF178HR'

1L78;'7=8'K78;8E7R<8'7=;817'I1GF<MH17FEG'7E'78K7'W=87=8;'<EKF7F98'E;'G8P17F98'8N<8>717FEGK'=1J'S88G'FGK7FHH8JT

&1JFGM'87 '1HTU ' X?--0Z ' LEMGJ' 7=17 ' 7=8'8N<8>717FEGKU '1K ' FGJF>178J'SR'<1;7F>F<1G7KU ' LEHHEW8J' 7=8'<1778;G'EL ' 7=8'

I1GF<MH17FEGV'G8P17F98'FGLE;I17FEG'S;8J'G8P17F98'8N<8>717FEGK'1GJ'9F>8'98;K1V'SM7'EGHR'KFPGFLF>1G7HR'LE;'7=EK8'

W=E'=1J'EG'1'<;89FEMK'E>>1KFEG'FGJF>178J'7=17'7=8R'LEMGJ'I17=K'FI<E;71G7T'#=8'<EKF7F98'E;'G8P17F98'FGLE;I17FEG'

W1K'7;1GKIF778J'KFI<HR'SR'I81GK'EL'1'K=E;7'<1;1P;1<='FGJF>17FGP'7=17'JFLL8;8G>8K'JE'E;'JE'GE7'8I8;P8'S87W88G'

I8G ' 1GJ 'WEI8G ' FG 'I17=K ' 1SFHF7RU ' 1K ' <1;7 ' EL ' 7=8 ' FGK7;M>7FEGKT '#=FK '<1;1P;1<= ' S;EMP=7 ' 1SEM7 ' 1 ' >=1GP8 ' FG'

-.---/01'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''/-

<8;LE;I1G>8'8N<8>71G>R'7=17'I8JF178J'7=8';8H17FEGK=F<'S87W88G'7=8'K78;8E7R<8'I1GF<MH17FEG'1GJ'<8;LE;I1G>8T'

#=8';8KMH7'8KK8G7F1HHR'KM<<E;7K'7=8'7=8E;R'7=17'K78;8E7R<8'7=;817'WE;YK'SR'1>7FGP'M<EG'K7MJ8G7KO'8N<8>717FEGKT '

#=FK'WEMHJ'K88I'7E'FGJF>178'7=17'1'JF;8>7'I1GF<MH17FEG'EL'8N<8>717FEGK'>EMHJ'=198'8KK8G7F1HHR'7=8'K1I8'8LL8>7'1K'

K78;8E7R<8'7=;817'SR'1LL8>7FGP'H81;GFGP'1GJ'<8;LE;I1G>8'JF;8>7HRT'%L'K78;8E7R<8'7=;817'FK'1>7FGP'1K'1'I1GF<MH17FEG'

EL ' 8N<8>717FEG ' EL ' <8;LE;I1G>8 ' 1GJ ' H81;GFGPU 'WEMHJ ' 1 ' JF;8>7 ' 1778I<7 ' 17 ' FGLHM8G>FGP ' K7MJ8G7KO ' 8N<8>717FEGK '

;8P1;JFGP ' 1 ' 71KY ' S;FGP ' 1SEM7 ' 7=8 ' K1I8 '8LL8>7b '"H78;G17F98HRU ' F7 'I1R ' S8 ' 7=17 ' 7=8 ' 8LL8>7 ' EG ' 8N<8>717FEGK ' FK '

>EG7FGP8G7'EG'7=8;8'S8FGP'KEI8'EM7KFJ8'L1>7E;'7E'W=F>='7=8'8N<8>717FEG'>1G'S8'177;FSM78JT'

65C5$D:#%:,#E$&($F;%%#10$>0;38

#=8'<M;<EK8 'EL ' 7=FK ' 8N<8;FI8G7 'W1K ' 7E '8N<HE;8 'W=87=8; ' 7=8 'I1FG '8LL8>7K 'EL '<=8GEI8G1 'KM>='1K ':W8>YOK '

IFGJK87K' '1GJ'K78;8E7R<8'7=;817'>1G'S8'8N<H1FG8J'1K'KFI<HR'7=8'K877FGP'EL'K7MJ8G7'8N<8>717FEGK'1LL8>7FGP'7=8F; '

KMSK8]M8G7 ' 1>=F898I8G7T ' 27MJ8G7 ' 8N<8>717FEGK ' =198 ' S88G ' >EGKFJ8;8J ' FG ' HFP=7 ' EL ' =EW ' 7=8R ' 8LL8>7 ' K7MJ8G7'

IE7F917FEG'1GJ'7=MK'1>=F898I8G7'FGJF;8>7HRU'SM7'=198'GE7'R87'S88G'78K78J'WF7=';8P1;JK'7E'=19FGP'1G'8LL8>7'EG'

K7MJ8G7'H81;GFGP'1GJ'<8;LE;I1G>8T'%G'E;J8;'7E'78K7'7=FKU'1G'8N<8;FI8G7'=1K'S88G'J89FK8J'S1K8J'EG'7=8'J8KFPG'MK8J '

FG'#1RHE;'1GJ'a1H7EG'X?-//ZU'7=17'WFHH'1HHEW'LE;'7=8'8LL8>7'EL'8N<8>717FEGK'EG'H81;GFGP'1GJ'<8;LE;I1G>8'7E'S8'

78K78J'K8<1;178HRT'%G'7=FK'K7MJRU'K7MJ8G7K'W8;8'PF98G'1'H81;GFGP'71KY'7=17'W1K']M1HFLF8J'1K'8F7=8;'81KR'E;'JFLLF>MH7 '

LE;'KEI8'K7MJ8G7K'1GJ'7=8G'1'W88Y'H178;'7=8R'1GKW8;8J'7=8']M8K7FEGK'EG'W=17'7=8R'=1J'H81;G8JU'LF;K7'FG'1'OW1;I\

M<O ' >EGJF7FEG ' 7=8G ' 7=8 ' O;81HO ' 78K7U 'W=F>= '1P1FG ' 7=8R'W8;8 ' FGK7;M>78J 'WEMHJ 'S8 '81KR'E; 'JFLLF>MH7 ' FG 'E;J8; ' 7E '

I1GF<MH178'8N<8>717FEGK'LE;'<8;LE;I1G>8T'27MJ8G7K'FG'7=8F;'LF;K7'1GJ'LFG1H'R81;'EL'K7MJR'W8;8'MK8J'1GJ'>EI<1;8J'

FG'7=8'1G1HRKFK'7E'J878;IFG8'W=87=8;'7=8K8'8LL8>7K'1>78J'JFLL8;8G7HR'EG'K7MJ8G7K'W=E'=198'8F7=8;'=1J'HF77H8'E; '

IM>='<;1>7F>8'17'H81;GFGP'FG'7=FK'=FP=8;'8JM>17FEG'K877FGPT

cE;'7=8'<M;<EK8K'EL'7=FK'K7MJRU'H81;GFGP'FK'J8LFG8J'1K'7=8'FGF7F1H'1>]MF;FGP'EL'7=8'FGLE;I17FEG'1GJ'<8;LE;I1G>8'1K'

JFK<H1RFGP'7=17'H81;GFGP'FG'1'78K7'KF7M17FEGT'@81;GFGP'1GJ'<8;LE;I1G>8'W8;8'I81KM;8J'SR'7;M8\L1HK8']M8K7FEGK'

J8KFPG8J'7E'78K7'8]M1HHR'SE7='KM;L1>8'XYGEWH8JP8';8<;EJM>FGPZ'1GJ'J88<'XYGEWH8JP8'7;1GKLE;IFGPZ'H81;GFGP'

X!1;7EG'1GJ'21HQEU'/.`^ZT'3;89FEMKHRU'F7'=1K'S88G'LEMGJ'FG'K78;8E7R<8'7=;817'HF78;17M;8'7=17'81KF8;'<;ESH8IK'1GJ '

71KYK'>1G'S8'FIIMG8'7E'7=8'8LL8>7K'EL'7=;817'X$RJ8HHU'$RJ8HH'1GJ'*EM>=8;U'?-/-V'5O*;F8G'1GJ'&;1GJ1HHU'?--0ZT'%G'

7=8'FI<HF>F7'7=8E;R'HF78;17M;8'7=8'HFGYK'S87W88G'IFGJK87K'1GJ'J88<'1GJ'KM;L1>8'H81;GFGP'=198'S88G'H8KK'>H81;T '

5;FPFG1HHR'FG>;8I8G71H'IFGJK87K'1GJ'I1K78;R'PE1HK'=1J'S88G'HFGY8J'WF7='J88<'<;E>8KKFGP'K7;178PF8K'1GJ'8G7F7R'

7=8E;R'WF7='KM;L1>8'<;E>8KKFGP' XD;88G8'1GJ'!FHH8;U '/..^ZU '1H7=EMP=' FG'1 ' H178; ' K7MJR' 7=FK 'W1K ' H8KK 'ES9FEMK'

X:M<8R;17'1GJ'!1;FGpU'?--[ZT'%G'7=8'>M;;8G7'K7MJR'SE7='7=8'H81;GFGP'78K7'1GJ'<8;LE;I1G>8'78K7']M8K7FEGK'W8;8 '

K<HF7 '8]M1HHR'S87W88G'KM;L1>8'1GJ'J88<'H81;GFGP'FG'1G'1778I<7' 7E'MGJ8;K71GJ'7=8'FI<1>7 'EL '8N<8>717FEGK'EG'

H81;GFGP'K7;178PF8KT

-.---/01'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''//

#=8'I1GF<MH17FEGK'EL'7=8'8N<8;FI8G7'W8;8'FG>HMJ8J'FG'7=8'78N7'EL'7=8'FGK7;M>7FEGK'PF98G'7E'<1;7F>F<1G7KU'FG'E;J8; '

7E'8GKM;8'7=17'J8HF98;R'W1K'7=8'K1I8'LE;'81>='<1;7F>F<1G7'1GJ'=1J'7E'S8'17'7=8'>E;;8>7'S1H1G>8'S87W88G'KMS7H87R'KE '

1K'GE7'7E'1H8;7'<1;7F>F<1G7K'7E'7=8'G17M;8'EL'7=8'71KYT'3;89FEMK';8K81;>='=1K'LEMGJ'7=17'SH171G7'<;FIFGP'EL'=FP='

K78;8E7R<8'8N<8>717FEGK'LE;'<8;LE;I1G>8'JFJ'GE7'S;FGP'1SEM7'1G'8LL8>7'FG'7=8';8KMH7KU'W=8;81K'KMS7H8'<;FIFGP'JFJ '

X2=F='87'1HU'?--?ZT'3FHE7FGP'LE;'7=8'>M;;8G7'K7MJR'<M7'7=8'I1GF<MH17FEGK'17'1'KMF71SH8'H898HU'KM>='7=17'7=8R'W8;8 '

GE7F>81SH8'SM7'JFJ'GE7';8981H'7=8'G17M;8'EL'7=8'8N<8;FI8G7T

"K'F7'W1K'<EKKFSH8'7=17'7=8'8N<8>717FEG'I1GF<MH17FEG'WEMHJ'=198'H8KK'EL'1G'8LL8>7'W=8G'K7MJ8G7KO'1H;81JR'=1J'1 '

P;1K<'EL'7=8'I178;F1H'7E'S8U'1K'7=8F;'>EGLFJ8G>8'FG'7=8F;'1GKW8;K'WEMHJ'FG>;81K8U'<1;7F>F<1G7KO'L1IFHF1;F7R'WF7='7=8'

I178;F1H'>E98;8J'W1K'1HKE'I81KM;8JT'28HL\8LLF>1>RU'1'K7MJ8G7OK'FII8JF178'8N<8>717FEGK'LE;'KM>>8KK'X2>=MGY'1GJ '

31Q1;8KU'?--.ZU'W1K'78K78J'SR'I81GK'EL'>EGLFJ8G>8'I81KM;8K'FG>HMJ8J'7=;EMP=EM7'7=8'K7MJR'XK88'"<<8GJFN'"'LE;'

1G'8N1I<H8ZU'FG'E;J8;'7E'MGJ8;K71GJ'W=87=8;'I1GF<MH17FEGK'EL'8N<8>717FEG'WEMHJ'=198'1G'8LL8>7'EG'7=FKT'#=8'

HFGYK'S87W88G'K8HL\8LLF>1>R'1GJ'1>=F898I8G7'=FP=HFP=7'F7'1K'1'<EKKFSH8'I8JF17FGP'91;F1SH8'S87W88G'8N<8>717FEGK '

1GJ'H81;GFGP'1GJ'<8;LE;I1G>8T'"'I81KM;8'EL'1>1J8IF>'K8HL\>EG>8<7'W1K'1HKE'71Y8GU'1K'F7'W1K'KMK<8>78J'7=17U '

KFIFH1;HR'7E'L1IFHF1;F7R'WF7='7=8'I178;F1HU'=19FGP'1'=FP='1>1J8IF>'K8HL\>EG>8<7'K>E;8'WEMHJ'I81G'K7MJ8G7K'W8;8 '

H8KK'KMK>8<7FSH8'7E'I1GF<MH17FEG'EL'8N<8>717FEGT '#=FK'I81KM;8';8<;8K8G7K'1'K7MJ8G7OK'S8HF8LK'1SEM7'7=8'E98;1HH'

8LL8>7F98G8KK'EL'=FK'E;'=8;'H81;GFGP'1>7F9F7R'1GJ'KMSQ8>7F98'91HM8'EL'8LLE;7K'<M7'FG7E'7=8'H81;GFGP'1>7F9F7R'1GJ'KE'1 '

=FP='K>E;8'EG'7=FK'I81KM;8'WEMHJ'I81G'7=8'<1;7F>F<1G7'>EGKFJ8;K'7=8IK8H98K'1';8H17F98HR'KM>>8KKLMH'K7MJ8G7 '

XeE;GFHE91'87'1HTU'?--.ZT

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

<56$G8/&0"#+,+$&1#H$!1GF<MH17FGP'K7MJ8G7KO'8N<8>717FEGK';8P1;JFGP'7=8'JFLLF>MH7R'EL'1'H81;GFGP'71KY'WFHH'FGLHM8G>8'

7=8F;'K>E;8'EG'KMSK8]M8G7'78K7K'EL'7=17'H81;GFGPV'7=FK'WFHH'=198'1'JFLL8;8G7'8LL8>7'EG'B81;'/'1GJ'B81;'AT

<5<5 $ G8/&0"#+,+ $ 0E&H' !1GF<MH17FGP ' K7MJ8G7KO ' 8N<8>717FEG ' ;8P1;JFGP ' JFLLF>MH7R ' EL ' 1 ' <8;LE;I1G>8 ' 71KY 'WFHH'

FGLHM8G>8'7=8F;'<8;LE;I1G>8'EG'7=17'71KYU'1K'K=EWG'SR'7=8F;'>=1GP8'FG'K>E;8'L;EI'7=8'H81;GFGP'XOW1;I\M<OZ'78K7U'7E '

7=8'<8;LE;I1G>8'78K7V'7=FK'WFHH'=198'1'JFLL8;8G7'8LL8>7'EG'B81;'/'1GJ'B81;'AT'

<5?5$G8/&0"#+,+$0"%##H'!1GF<MH17FEG'EL'8N<8>717FEG'WFHH'S8'89FJ8G7'FG'7=8'>EGLFJ8G>8';17FGPK'EL'7=8'K7MJ8G7KU'7=MK'

1LL8>7FGP'7=8F;'K8HL\8LLF>1>RT

<5A5 $ G8/&0"#+,+ $ (&;%H' !1GF<MH17FGP ' K7MJ8G7KO ' 8N<8>717FEGK ' WFHH ' 1HKE ' FGLHM8G>8 ' 7=8F; ' 8GP1P8I8G7 ' FG ' J88<'

<;E>8KKFGPV'K<8>FLF>1HHRU'K7MJ8G7K'WF7='HEW'8N<8>717FEGK'WFHH'K=EW'J8>;81K8J'J88<'<;E>8KKFGPU'89FJ8G7'FG'<EE;8; '

K>E;8K'EG'7=8'J88<'H81;GFGP']M8K7FEGK'7=1G'7=8'KM;L1>8'H81;GFGP']M8K7FEGKT

-.---/01'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''/?

F/)?-$;+1

?565$I#+,21$)13$J)%0,-,/)10+H

#=8'8N<8;FI8G7'MK8J'1'?N?N?'J8KFPGU'1J1<78J'L;EI'#1RHE;'1GJ'a1H7EG'X?-//ZT'#=8'L1>7E;K'W8;8'1K'LEHHEWK,'R81;'

EL'K7MJR'X/U'AZV'H81;GFGP'8N<8>717FEG'X=FP=qHEWZ'1GJ'<8;LE;I1G>8'8N<8>717FEG'X=FP=qHEWZT'#=8'LF;K7'7WE'L1>7E;K'

W8;8 ' S87W88G\KMSQ8>7KU ' 7=8 ' 7=F;J 'W1K 'WF7=FGT '"' 7E71H ' EL ' 0_ ' <1;7F>F<1G7K 'W8;8 ' ;8>;MF78J ' L;EI '3KR>=EHEPR'

MGJ8;P;1JM178'>EM;K8KV'/^'L;EI'LF;K7'R81;'XB81;'/Z'1GJ'??'L;EI'LEM;7='R81;'XB81;'AZU '7E'>EI<H878'7=8'71KYT '

31;7F>F<1G7K'WF7='JRKH8NF1'W8;8'8N>HMJ8J'7E'>EG7;EH'LE;'JFLL8;8G>8K'FG'1SFHF7R'7E';81J'L;EI'1'78N7'S87W88G'P;EM<KU'

E7=8;'7=1G'7=17U'<1;7F>F<1G7K'G88J8J'EGHR'7E'LF7'7=8'>;F78;FEG'EL'S8FGP'FG'8F7=8;'7=8'LF;K7'E;'LFG1H'R81;'EL'7=8F;'LF;K7 '

MGJ8;P;1JM178'J8P;88T'B81;'/'<1;7F>F<1G7K'W8;8';8W1;J8J'LE;'7=8F;'<1;7F>F<17FEG'7=;EMP='MK8'EL'7=8'J8<1;7I8G7OK '

>EM;K8'>;8JF7'KRK78IT

?5<5$@)0#%,)'+H

31;7F>F<1G7K'W8;8'PF98G'7WE'SEEYH87KU'EG8'17'H81;GFGP'1GJ'EG8'17'78K7T'+1>='S8P1G'WF7='1G'FGK7;M>7FEG'<1P8'W=F>='

1HKE'>EG71FG8J'7=8'8N<8>717FEG'I1GF<MH17FEGU'78HHFGP'7=8I'7E';81J'7=8'FGK7;M>7FEGK'>1;8LMHHRT'#=8'H81;GFGP'<=1K8'

SEEYH87'>EG71FG8J'1'<1KK1P8'1<<;ENFI178HR'/[--'WE;JK'FG'H8GP7='1GJ'>EG>8;G8J'7=8'7E<F>'EL'=R<GEKFKU'1K'F7'FK '

GE7'>M;;8G7HR'FG>HMJ8J'FG'7=8'<KR>=EHEPR'MGJ8;P;1JM178'>M;;F>MHMIU'FG'1G'1778I<7'7E'>EG7;EH'LE;'<;FE;'YGEWH8JP8'

8LL8>7K'S87W88G'P;EM<KT'%G'1'LM;7=8;'1778I<7'7E'>EG7;EH'LE;'<;FE;'YGEWH8JP8U'7=8'H81;GFGP'<=1K8'SEEYH87'1HKE'

FG>HMJ8J'1G'E<<E;7MGF7R'LE;'<1;7F>F<1G7K'7E';178'LF;K7'7=8F;'<;8JF>78J'L1IFHF1;F7R'L;EI'7=8'7E<F>'G1I8'1GJ'7=8G'

7=8F; '1>7M1H 'L1IFHF1;F7R'1L78; ';81JFGP'7=8'<1KK1P8U 'EG'1'-\/--'K>1H8T '#=8'<1KK1P8'W1K'>EHH178J'L;EI'91;FEMK '

KEM;>8K '1GJ'<FHE78J' 7E '>=8>Y';81J1SFHF7R'1GJ'KMF71SFHF7R'EL '>EG78G7 'LE; 'SE7= 'B81; '/ '1GJ'B81; 'A'<KR>=EHEPR'

MGJ8;P;1JM178KT

#=8'78K7'<=1K8'SEEYH87'>EG71FG8J'?A'7;M8'E;'L1HK8']M8K7FEGK'X?'K87K'EL'/?']M8K7FEGKZU'J8KFPG8J'7E'78K7'SE7='KM;L1>8'

X[-rZ'1GJ'J88<'H81;GFGP'EL'7=8'<1KK1P8'X!1;7EG'1GJ'21HQEU'/.`^ZT'%G'SE7='7=8'H81;GFGP'1GJ'78K7'<=1K8'SEEYH87KU '

>EGLFJ8G>8'I81KM;8K'W8;8'FG>HMJ8JU'W=F>=';8]M8K78J'1';17FGP'EG'1'-\/--'K>1H8U'LE;'1G'8N1I<H8'K88'"<<8GJFN'"T'

31;7F>F<1G7K'1HKE'>EI<H878J'1G'1>1J8IF>'K8HL\>EG>8<7'K>1H8'XK88'"<<8GJFN'*Z'1J1<78J'L;EI'1'K7MJR'SR'eE;GFHE91'

87'1HT'X?--.ZV'FG78;G1H'91HFJF7R'W1K'78K78J'1GJ'7=8's'>E8LLF>F8G7'W1K'PF98G'1K'T`^T'#=FK'FK'1G'FG98G7E;R'EL'K898G '

K7178I8G7K'1;8';178J'FG'1>>E;J1G>8'WF7='=EW'IM>='7=8R'1<<HR'7E'7=17'<8;KEGU'7=EK8'WF7='1'HEW'K>E;8'=198'1'HEW'

1>1J8IF>'K8HL\>EG>8<7 '1GJ'9F>8\98;K1T '#=FK 'W1K' 71Y8G'17 ' 7=8'S8PFGGFGP'EL ' 7=8'K7MJR' 7E'19EFJ' 7=8' 71KY'1GJ '

I1GF<MH17FEG'=19FGP'FI<1>7'EG'7=8'K7MJ8G7KO'K8HL\;17FGPK'1GJ'W1K'GE7'J88I8J'7E'S8'HFY8HR'7E'1H8;7'7=8'<1;7F>F<1G7K '

7E'7=8'G17M;8'EL'7=8'K7MJRT

-.---/01'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''/0

?5?5$@)1,/;')0,&1H

?5?565!)+K$&1#H'#=8'I1GF<MH17FEG'EL'H81;GFGP'8N<8>717FEGK'W1K'FG>HMJ8J'FG'7=8'FGK7;M>7FEG'<1P8'EG'7=8'L;EG7'EL'

7=8'H81;GFGP'SEEYH87'1GJ';81J'1K'LEHHEWK,

!"#$0)+K$%#L;,%#+$8&;$0&$+/#13$6B$4,1;0#+$%#)3,12$)13$'#)%1,12$)$/)++)2#$)*&;0$"8/1&+,+M$E",-"$")+$1&0 $

/%#:,&;+'8$*##1$/)%0$&($0"#$-;%%,-;';45$>&4#$+0;3#10+$(,13$0",+ $Q13==3'29$R-&#7S$*;0$/'#)+#$2,:#$0"#$0)+K $

8&;%$(;''$)00#10,&1M$)+$8&;$E,''$*#$)1+E#%,12$L;#+0,&1+$&1$0",+$4)0#%,)'5

?5?5<5$!)+K$0E&H$#=8'I1GF<MH17FEG'EL'<8;LE;I1G>8'8N<8>717FEGK'W1K'PF98G'1L78;'7=8'OW1;I\M<O'XH81;GFGPZ'78K7'EG'

1'LEHHEWFGP'FGK7;M>7FEG'<1P8'LE;'7=8'O78K7O']M8K7FEGK'1GJ';81J'1K'LEHHEWK,

J'#)+#$1&E$)1+E#%$0"#$0#+0$L;#+0,&1+$&:#%$0"#$/)2#M$0"#+#$)%#$3#+,21#3$0&$0#+0$"&E$E#''$8&;$'#)%1#3$0"# $

,1(&%4)0,&1$,1$0"#$(,%+0$/)%0$&($0"#$0)+K5$>&4#$+0;3#10+$(,13$0",+ $Q13==3'29$R-&#7S$*;0$/'#)+#$2,:#$0"#$0)+K $

8&;%$(;''$)00#10,&15

-.---/01'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''/A

?5A5$J%&-#3;%#H

#=8'7FI8\HFG8'PF98K'1G'E98;9F8W'EL'7=8'E;J8;'1GJ'7FI8\>EM;K8'EL'<;E>8JM;8KU'IE9FGP'L;EI'7=8'H8L7'7E'7=8';FP=7T

?5A565$!)+K$&1#H'+7=F>1H'1<<;E91H'W1K'KEMP=7'1GJ'PF98G'S8LE;8';MGGFGP'7=8'8N<8;FI8G7U'FG'1>>E;J1G>8'WF7='87=F>K'

>EJ8'EL'7=8'2>=EEH'EL'3KR>=EHEPR'1GJ'(8M;EK>F8G>8T'31;7F>F<1G7K'1778GJ8J'7WE'0-'IFGM78'K8KKFEGK'1'W88Y'1<1;7T '

"7'7=8'LF;K7'EL'7=8K8'7=8'H81;GFGP'I178;F1HK'W8;8'<;8K8G78J'1GJ'17'7=8'K8>EGJ'7=8'78K7'I178;F1HKT'"7'7=8'H81;GFGP'

K8KKFEG'S8LE;8';81JFGP'7=8'<1KK1P8U'<1;7F>F<1G7K'>EI<H878J'7=8'">1J8IF>'28HL\&EG>8<7'FG98G7E;RU'1J1<78J'L;EI'

eE;GFHE91'87'1HTU'X?--.Z'1GJ'1HKE'P198'1'>EGLFJ8G>8';17FGP'1GJ'FGJF>178J'W=87=8;'7=8R'W8;8'L1IFHF1;'WF7='7=8 '

7E<F>'EL'7=8'<1KK1P8T'31;7F>F<1G7K'7=8G'=1J'/['IFGM78K'7E';81J'7=8'1<<;ENFI178HR'/[--'WE;J'<1KK1P8'1GJ'W8;8'

1HHEW8J'7E'71Y8'GE78K'JM;FGP'7=8'H81;GFGP'<=1K8U'SM7'W8;8'FGK7;M>78J'7E'H8198'1GR'GE78K'71Y8G'S8=FGJ'7=8I'W=8G'

7=8R'H8L7'7=8'LF;K7'K8KKFEGV'7=8K8'W8;8'GE7'FG>HMJ8J'FG'1GR'1G1HRKFKT'"L78;';81JFGPU'1GE7=8;'>EGLFJ8G>8';17FGP'W1K'

PF98G'1HEGPKFJ8'FGJF>17FEG'EL'L1IFHF1;F7R'WF7='7=8'I178;F1HK'>E98;8J'FG'7=8'<1KK1P8T

?5A5<5$!)+K$0E&H$"7'7=8'K8>EGJ'K8KKFEG'K898G'J1RK'H178;U'<1;7F>F<1G7K'W8;8'<;8K8G78J'WF7='7=8'K8>EGJ'SEEYH87'1GJ'

LF;K7'P198'1'>EGLFJ8G>8';17FGP'S8LE;8'1GKW8;FGP'1GR']M8K7FEGK'1GJ'1HKE'P198'FGJF>17FEG'EL'W=87=8;'7=8R'=1J '

1778I<78J'1GR'1JJF7FEG1H';81JFGP'KFG>8'7=8'H81;GFGP'<=1K8T'#=8'/?'OW1;I\M<O']M8K7FEGKU'FG>HMJ8J'7E'78K7'H81;GFGP '

S8LE;8'I1GF<MH17FGP'<8;LE;I1G>8U'W8;8'7=8G'1GKW8;8J'FG'LF98'IFGM78KT'"7'7=17'<EFG7U'7=8'<1;7F>F<1G7K'7=8G';81J '

7=8'FGK7;M>7FEG'7E'>EI<H878'7=8'O78K7O']M8K7FEGKU'FG'W=F>='7=8'<8;LE;I1G>8'I1GF<MH17FEG'W1K'FG>HMJ8J'1GJ'1L78; '

7=17'1GE7=8;'>EGLFJ8G>8';17FGP'W1K'PF98GT'#=8'/?'O78K7O']M8K7FEGK'W8;8'>EI<H878J'FG'1GE7=8;'LF98'IFGM78K'1GJ '

7=8G'1'LM;7=8;'>EGLFJ8G>8';17FGPT'31;7F>F<1G7K'W8;8'7=8G'J8\S;F8L8J'1GJ'7=1GY8J'LE;'7=8F;'<1;7F>F<17FEGT

-.---/01'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''/[

K/)L-#29$#

A56$J%#',4,1)%8$=1)'8+,+H'#=8';8KMH7K'W8;8'FGF7F1HHR'1G1HRK8J'1'IMH7F91;F178'1G1HRKFK'EL'>E91;F1G>8'X"(&54"ZU'

WF7='H898H'EL'K7MJR'1GJ'H81;GFGP'8N<8>717FEGK'1K'S87W88G\KMSQ8>7'L1>7E;K'X?N?ZT'#=FK'78K78J'W=87=8;'1GR'EL'7=8 '

<;8JF>78J'>E91;F178KV'K7MJ8G7KO'<;8JF>78J'L1IFHF1;F7R'WF7='I178;F1HU'1>7M1H'L1IFHF1;F7R'WF7='7=8'I178;F1H'E;'K8HL\

;178J'1>1J8IF>'K8HL\>EG>8<7V'WEMHJ'JFLL8;'7=8'8LL8>7'EL'7=8'H81;GFGP'8N<8>717FEG'I1GF<MH17FEG'1H7=EMP='GEG8 '

<;E98J'7E'S8'KFPGFLF>1G7'1GJ'W8;8'7=MK'J;E<<8J'L;EI'LM;7=8;'1G1HRK8KT'cEHHEW'M<'1G1HRKFK'EG'7=8'<;8JF>78J '

>E91;F178K'K=EW8J'7=17'G8F7=8;'<;8JF>78J'L1IFHF1;F7R';17FGPKU'7X0^ZtT_/_U'<tTA/.U'JtT?`'GE;'1>7M1H'L1IFHF1;F7R'

;17FGPK'7X0^Zt/T__?U'<t-T^_U'JtT^?U'JFLL8;8J'KFPGFLF>1G7HR'S87W88G'B81;'/'1GJ'B81;'A'1GJ'KE'<;FE;'YGEWH8JP8'EL '

7=FK'7E<F>'W1K'KFIFH1;'S87W88G'SE7='R81;KT'

$17FGPK'LE;'1>1J8IF>'K8HL\>EG>8<7'W8;8'KFPGFLF>1G7HR'=FP=8;'LE;'B81;'A'X!t'?_T`Ù'2:t'AT?[Z'7=1G'LE;'B81;'/'

X!t'?^T--U'2:t'?T`-ZU'7X0^Zt?T?__U'<tT-?_U'JtTÀU'1K'W1K'8N<8>78JT'381;KEGOK'>E;;8H17FEG'1G1HRKFK';8981H8J'7=17'

1>1J8IF> ' K8HL\>EG>8<7 ' K>E;8K 'W8;8 ' KFPGFLF>1G7HR ' >E;;8H178J 'WF7= ' E98;1HH ' K>E;8 ' 198;1P8J ' 1>;EKK ' SE7= ' 78K7KU '

;X0_Zt'T?.?U'<t'T-0_T'(EG8'EL'7=8'<1;7F>F<1G7K'FGJF>178J'7=17'7=8R'=1J'1778I<78J'1GR'LEHHEW\M<'H81;GFGP'JM;FGP'

7=8'K898G'J1R'P1<'KE'7=FK'JFJ'GE7'G88J'7E'S8'1G1HRK8JT

-.---/01'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''/^

"#$%&' !(!)*+,#-$ !. !)#/#0.& !1.22'&-!+3 ! &')%02) ! #- !4+2* ! 0'.&-#-$!.-5! #- ! 2*'!1'&3+&/.-6'! 2')2 !.32'& !*.7#-$ ! 2*'!1'&3+&/.-6'!

/.-#1%0.2#+-8 !9'.- ! )6+&' ! :;< ! 3+& ! 0'.&-#-$ ! 2')2 ! :=< ! .-5 !1'&3+&/.-6' ! 2')2 ! :><? ! .) ! . ! 3%-62#+- ! +3 ! 0'7'0 ! +3 ! )2%5@? ! 0'.&-#-$!

'A1'62.2#+-)8!B&&+&!4.&)!&'1&')'-2!C(!)2.-5.&5!'&&+&8

A5<5 $E76+$;-#3#)A,-$ 9 $ $@)1,/;')0,12$+0;3#10+N $#./#-0)0,&1+$%#2)%3,12$0"#$3,((,-;'08$&($)$'#)%1,12$0)+K$E,'' $

,1(';#1-#$0"#,%$+-&%#$&1$+;*+#L;#10$0#+0+$&($0")0$'#)%1,12O$0",+$E,''$"):#$)$3,((#%#10$#((#-0$&1$P#)%$6$)13$P#)%$A5

"'LM;7=8;'?N?'"(54"'W1K'>1H>MH178J'WF7='7=8'<;8JF>78J'>E91;F178K';8IE98JT'#=FK'W1K'7E'78K7'7=8'FG78;1>7FEG '

7=17'W1K'1<<1;8G7'L;EI'cFPM;8'/U'1K'B81;'/'1GJ'B81;'A'K=EW8J'JFLL8;8G7'<1778;GK'EL'K>E;8K'EG'7=8'OW1;I\M<O'1GJ'

<8;LE;I1G>8'78K7'XK88'#1SH8'/'LE;'I81GK'1GJ'K71GJ1;J'J89F17FEGKZT '#=FK'1G1HRKFK';8981H8J'1'KFPGFLF>1G7'I1FG'

8LL8>7 'EL 'R81;'EL'K7MJR'FG' 7=8' H81;GFGP'78K7V 'B81;' A'<8;LE;I8J'KFPGFLF>1G7HR'S8778; 'EG'7=8' H81;GFGP'78K7U 'cX/U'

0-Zt_T^./U ' <tT--Û 'u<?tT??[U ' .[r ' &% ' v0T00.U/_T0.`wT ' #=FK ' 8LL8>7 ' L1FH8J ' 7E ' ;81>= ' KFPGFLF>1G>8 ' EG ' 7=8'

<8;LE;I1G>8 ' 78K7U 'cX/U0-Zt/T.?Û '<tT/`[U 'u<?tT-^-U '<EKKFSHR'S8>1MK8'B81; 'A'K7MJ8G7K ' FG ' 7=8'=FP=' H81;GFGP'

8N<8>717FEG ' >EGJF7FEG ' K=EW8J ' 1 ' J;E< ' FG ' <8;LE;I1G>8 ' L;EI ' 7=8 ' OW1;I\M<O ' X!t^_T?Ù ' 2:t/?T/0Z ' 7E ' 7=8'

<8;LE;I1G>8'78K7'X!t[ATÂU'2:t/-T-`ZT'

#=8'I1FG'78K7'EL'7=8'8LL8>7'EL'8N<8>717FEGK'EG'H81;GFGP'W1K'7=;EMP='7=8'H81;GFGP'78K7'K>E;8K'SM7'7=8'I1FG'8LL8>7'EL'

H81;GFGP ' 8N<8>717FEGK ' EG ' 7=8 ' H81;GFGP ' 78K7 ' L1FH8J ' 7E ' ;81>= ' KFPGFLF>1G>8U ' cX/U0-Zt/T-`[U ' <tT0-_U ' u<?tT-0[T'

CEW898;'1'KFPGFLF>1G7'FG78;1>7FEG'W1K';8981H8J'S87W88G'H898H'EL'K7MJR'1GJ'H81;GFGP'8N<8>717FEGU'SE7='FG'7=8 '

H81;GFGP ' 78K7U ' cX/U0-ZtAT.??U ' <tT-0AU ' u<?tT/A/ ' 1GJ ' FG ' 7=8 ' <8;LE;I1G>8 ' 78K7U ' cX/U0-Zt/[T0^/U ' <txT--/U'

u<?tT00.U'7=FK'I81GK'7=17'7=8'H81;GFGP'8N<8>717FEGK'1>78J'JFLL8;8G7HR'M<EG'B81;'/'1GJ'B81;'AT'

"K'7=8'S87W88G\KMSQ8>7 'L1>7E;K '=1J'L8W8; ' 7=1G'7=;88'P;EM<KU ' 7\78K7K 'W8;8'MK8J'7E 'LEHHEW'M<'7=8' FG78;1>7FEG '

;8KMH7KT'"K'>1G'S8'K88G'L;EI'7=8'P;1<='FG'cFPM;8'/"U'LE;'7=8'H81;GFGP'78K7U'B81;'/'K7MJ8G7KO'I81G'<8;LE;I1G>8'FG'

7=8 ' HEW ' 8N<8>717FEG ' >EGJF7FEG ' X!t[/T--Z 'W1K ' HEW8; ' 7=1G ' FG ' 7=8 ' =FP= ' 8N<8>717FEG ' >EGJF7FEG ' X!t^0T`[ZU'

7X/AZt?TAA0U'<tT-?_U'Jt/T??T'#=8'I81G'K>E;8'EL'B81;'A'K7MJ8G7K'K=EW8J'7=8'E<<EKF78'<1778;G'1GJ'W1K'=FP=8;'FG'

7=8'HEW'8N<8>717FEG'>EGJF7FEG'X!t`/T-.Z'7=1G'FG'7=8'=FP='8N<8>717FEG'>EGJF7FEG'X!t^_T`[ZU'7=FK'>=1GP8'W1K'

GEG\KFPGFLF>1G7U'7tx/T'

"K'cFPM;8'/*'K=EWKU'B81;'/'K7MJ8G7KO'I81G'<8;LE;I1G>8'K>E;8'K=EW8J'1'P;8178;'JFLL8;8G>8'7=1G'EG'7=8'H81;GFGP '

78K7U'K=EWFGP'1'I81G'EL'AAT__r'FG'7=8'HEW'H81;GFGP'8N<8>717FEG'>EGJF7FEG'1GJ'1'I81G'EL'ÂT^0r'FG'7=8'=FP= '

H81;GFGP '8N<8>717FEG '>EGJF7FEGU ' 1P1FG ' 7=FK 'W1K '1 ' KFPGFLF>1G7 ' FG>;81K8U ' 7X/AZt0T/0Û '<tT--Ù 'Jt/T[_T 'B81; 'A '

K7MJ8G7OK 'I81G'<8;>8G71P8'K>E;8'K=EW8J'7=8'E<<EKF78'<1778;G'1P1FGU'1'I81G'EL'ÂT0^r'FG'7=8' HEW'H81;GFGP '

8N<8>717FEG ' >EGJF7FEG ' 1GJ ' 1 'I81G ' EL ' [ATÂr ' FG ' 7=8 ' =FP= ' H81;GFGP ' 8N<8>717FEG ' >EGJF7FEGU ' 7=8 ' JFLL8;8G>8'

I1;PFG1HHR'L1FH8J'7E';81>='KFPGFLF>1G>8U'7X?-Zt?T-?0U'<tT-[Ù'JtT.-AT

!

-.---/01'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''/`

A5? $E76+$;-#3# ):C+$ 9 $@)1,/;')0,12 $ +0;3#10+N $ #./#-0)0,&1 $ %#2)%3,12 $ 3,((,-;'08 $ &( $ ) $/#%(&%4)1-# $ 0)+K $E,'' $

,1(';#1-#$0"#,%$/#%(&%4)1-#$&1$0")0$0)+KM$)+$+"&E1$*8$0"#,%$-")12#$,1$+-&%#$(%&4$0"#$'#)%1,12$QNE)%49;/NR$0#+0M $

0&$0"#$/#%(&%4)1-#$0#+0O$0",+$E,''$"):#$)$3,((#%#10$#((#-0$&1$P#)%$6$)13$P#)%$A5$

" ' ?N?N? ' IFN8J ' IEJ8H ' "(54" ' W1K ' >EGJM>78J ' FG9EH9FGP ' B81; ' EL ' K7MJR ' XS87W88G\KMSQ8>7KZU ' H81;GFGP'

8N<8>717FEGK ' XS87W88G\KMSQ8>7KZ ' 1GJ ' <8;LE;I1G>8 ' 8N<8>717FEGK ' XWF7=FG\KMSQ8>7KZ ' 7E ' 78K7 ' 7=8 ' 8LL8>7 ' EL '

<8;LE;I1G>8'8N<8>717FEG'EG'7=8'>=1GP8'FG'K>E;8'L;EI'H81;GFGP'78K7'7E'<8;LE;I1G>8'78K7U'WF7=FG'81>='H81;GFGP'

7=;817'>EGJF7FEGT'cFPM;8'/'K=EW8J'7=17'7=8'<1778;G'EL';8KMH7K'W1K'KFIFH1;'EG'SE7='H81;GFGP'1GJ'<8;LE;I1G>8'78K7'

SM7'E98;1HH'J;E<'FG'<8;LE;I1G>8'E>>M;;8JU'KMPP8K7FGP'7=17'7=8'HEW'<8;LE;I1G>8'8N<8>717FEG'I1GF<MH17FEG'=1J'

IE;8'EL'1G'8LL8>7'7=1G'7=8'=FP='<8;LE;I1G>8'8N<8>717FEGT'

4FEH17FEGK'EL'K<=8;F>F7R'JFJ'GE7'G88J'7E'S8'>=8>Y8J'1K'7=8'WF7=FG\KMSQ8>7K'L1>7E;'=1J'EGHR'?'H898HKT'#=8'1G1HRKFK'

LEMGJ'1'KFPGFLF>1G7'>=1GP8'L;EI'H81;GFGP'78K7'7E'<8;LE;I1G>8'78K7U'cX/U0-Zt[T^-AU'<tT-?[U 'u<?tT/[Ù'I81GFGP'

198;1P8 ' <8;>8G71P8 ' 78K7 ' K>E;8 ' J;E<<8J ' KFPGFLF>1G7HR ' L;EI ' 7=8 ' H81;GFGP ' 78K7 ' X!tÂT[-U ' 2:t/?T_[Z ' 7E ' 7=8'

<8;LE;I1G>8'78K7'X!t[`T[-U'2:t/0T`Ù'.[r'&%'v\/T^.U'\//T``ZT '#=8'0\W1R'IFN8J'IEJ8H'JFJ'GE7';8<817'7=8'

KFPGFLF>1G7 ' I1FG ' 8LL8>7 ' H898H ' EL ' K7MJR ' EG ' 7=8 ' >=1GP8 ' FG ' K>E;8 ' L;EI ' H81;GFGP ' 78K7 ' 7E ' <8;LE;I1G>8 ' 78K7U '

cX/U0-Zt/T-[[U'<tT0/0U'u<?tT-0AU'KE'H898H'EL'K7MJR'JFJ'GE7'91;R'7=8'>=1GP8'FG'<8;>8G71P8'K>E;8'L;EI'H81;GFGP'

78K7'7E'<8;LE;I1G>8'78K7U'7=8;8LE;8U'1G1HRK8K'>EHH1<K8'1>;EKK'7=FK'91;F1SH8T

&EHH1<KFGP'1>;EKK'H898H'EL'K7MJRU'1'LM;7=8;'?N?'IFN8J'IEJ8H'W1K'>1H>MH178JT'"'>=1GP8'FG'K>E;8'N'<8;LE;I1G>8'

8N<8>717FEG ' FG78;1>7FEG ' W1K ' LEMGJ ' 7E ' S8 ' KFPGFLF>1G7 ' cX/U0AZtAT0[AU ' <t-TAAU ' u<?tT//AU ' KE ' <8;LE;I1G>8'

8N<8>717FEG'FGLHM8G>8J'7=8'>=1GP8'FG'K>E;8'JFLL8;8G7HR'WF7=FG'81>='H81;GFGP'8N<8>717FEG'>EGJF7FEGU'1K'KMK<8>78J'

L;EI'7=8'P;1<=T'aF7=FG'7=8'HEW'H81;GFGP'8N<8>717FEG'>EGJF7FEGU'K7MJ8G7K'PF98G'7=8'HEW'<8;LE;I1G>8'8N<8>717FEG'

I1GF<MH17FEG'K=EW8J'1 'KFPGFLF>1G7 'J;E<' FG 'I81G'K>E;8'L;EI'^^T^-r'FG' 7=8' H81;GFGP' 78K7 ' 7E '[[T/-r'FG' 7=8'

<8;LE;I1G>8 ' 78K7U ' 7X.Zt?T?.0U '<tTA_U 'JtT`0_U '.[r'&%' v\/T[AU\??TÂwU 'SM7 ' 7=EK8'PF98G' 7=8'=FP='<8;LE;I1G>8'

8N<8>717FEG'I1GF<MH17FEG'L1FH8J'7E'K=EW'1'KFPGFLF>1G7'>=1GP8'FG'K>E;8U'7tx/T'

aF7=FG'7=8'=FP='H81;GFGP'8N<8>717FEG'>EGJF7FEGU'7=EK8'PF98G'HEW'<8;LE;I1G>8'8N<8>717FEG'K=EW8J'1'J;E<'FG'

I81G ' <8;>8G71P8 ' K>E;8 ' L;EI ' H81;GFGP ' 78K7 ' X`-T/-rZ ' 7E ' <8;LE;I1G>8 ' 78K7 ' X[`T`-rZ ' 7=17 ' W1K ' I1;PFG1HHR'

KFPGFLF>1G7U ' 7X.Z/T.[-U '<tT-_0U 'JtT^0/T '#=EK8 'PF98G '=FP= '<8;LE;I1G>8 '8N<8>717FEG 'WF7=FG ' 7=8 '=FP= ' H81;GFGP'

8N<8>717FEG'>EGJF7FEG'L1FH8J'7E'K=EW'1GR'KFPGFLF>1G7'>=1GP8'FG'I81G'<8;>8G71P8'K>E;8U'7tx/T'c;EI'7=FK'1G1HRKFK '

F7'WEMHJ'K88I'EGHR'7=8'HEW'<8;LE;I1G>8'8N<8>717FEG'I1GF<MH17FEG'=1J'1G'8LL8>7T

-.---/01'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''/_

A5A5$E76+$;-#3#):;%--$9$ $@)1,/;')0,&1$&($#./#-0)0,&1$E,''$*#$#:,3#10$,1$0"#$-&1(,3#1-#$%)0,12+$&($0"#$+0;3#10+M $

0";+$)((#-0,12$0"#,%$+#'(9#((,-)-8H$"'K8;F8K'EL';8<8178J'I81KM;8K'1G1HRKFK'W8;8'MK8J'LF;K7'7E'1KK8KK'>=1GP8K'FG'1HH '

<1;7F>F<1G7OK'>EGLFJ8G>8';17FGPK'7=;EMP=EM7'7=8'8N<8;FI8G7U'7=FK'FG9EH98J'78K7FGP'JFLL8;8G>8K'S87W88G'1HH'<EFG7K '

EL'I81KM;8I8G7'EL'>EGLFJ8G>8'XK88'7FI8\HFG8ZU'7=17'WFHH'LE;7=WF7='S8';8L8;;8J'7E'SR'7=8'LEHHEWFGP'GMIS8;K,'

! <;8\H81;GFGP'78K7'7E'<EK7\H81;GFGP'78K7'X>=1GP8'/Z

! L;EI'<EK7\H81;GFGP'78K7'7E'<EK7\K898G'J1R'P1<'X>=1GP8'?Z

! L;EI'<EK7\K898G'J1RK'7E'1L78;'OW1;I\M<Oq<;8'<8;LE;I1G>8'78K7'X>=1GP8'0Z'

! L;EI'<;8\<8;LE;I1G>8'78K7'7E'<EK7\<8;LE;I1G>8'78K7'X>=1GP8'AZ

cFPM;8' ?' K=EWK'198;1P8'>EGLFJ8G>8';17FGPK'1GJ'WEMHJ'K88I'7E'FGJF>178'7=17'>EGLFJ8G>8'>EG7FGM1HHR'J;E<<8J'

7=;EMP=EM7'7=8'8N<8;FI8G7U'1<1;7'L;EI'17'>=1GP8'XAZT'"G1HRKFK';8981H8J'7=17'7=8'>EGLFJ8G>8';17FGPK'L;EI'S8LE;8 '

7=8' H81;GFGP'<=1K8' X>=1GP8'/Z ' X!t^/T-[U '2:t'//T-..Z ' 7E '1L78; ' 7=8' H81;GFGP'<=1K8U ' X!t[?T0Ù '2:t/^T..[Z'

K=EW8J'1'KFPGFLF>1G7'J8>;81K8U'cX/U0^Zt`T..AU'<tT--_U'u<?tT/_?T'2FIFH1;HRU'>=1GP8'?'X!t[?T0Ù'2:t/^T..['7E'

!t0^T[_U'2:t/[T._^Z'W1K'KFPGFLF>1G7U'cX/U0^Zt0A.T`?U'<txT--/U'u<?tT.-`T'"P1FGU'>=1GP8'0'X!t0^T[_U'/[T._^'

7E'!t?.TAÙ'2:t/[T[_`Z'W1K'KFPGFLF>1G7'U'cX/U0^Zt/.?T_^-U'<txT--/U'u<?tT_A0T'#=8;8'W1K'1'IFGM78'>=1GP8'FG'

I81G ' >EGLFJ8G>8 ' ;17FGPK ' 17 ' >=1GP8 ' A ' X!t?.TAÙ ' 2:t/[T[`_ ' 7E '!t?.TÀU ' 2:t/^T-?/ZU ' W=F>= ' W1K ' GE7'

KFPGFLF>1G7'ctx/8

A5A565$F&1(,3#1-#$%)0,12+$&($P#)%$6$)13$P#)%$AH'cFPM;8'0'WEMHJ'K88I'7E'K=EW'7=17'I81G'>EGLFJ8G>8';17FGPK'W8;8'

>EGKFK78G7HR'=FP=8;'LE;'B81;'A'K7MJ8G7K'7=1G'LE;'B81;'/'7=;EMP=EM7'7=8'8N<8;FI8G7U'SE7='K=EWFGP'KFIFH1;'<1778;GK'

EL'J8>;8I8G7K'MG7FH'7=8'LFG1H'I81KM;8I8G7'<EK7\<8;LE;I1G>8'78K7T'"G1HRKFK'WF7='/\W1R'"(54"'=8;8'K=EW8JU'

>EGLFJ8G>8'H898HK'W8;8'EGHR'KFPGFLF>1G7HR'=FP=8;'LE;'B81;'A'K7MJ8G7K'X!tA/TA_Z'7=1G'B81;'/'K7MJ8G7K'X!t?.T0`Z'

17'>=1GP8'?U'cX/U0^Zt^TA0Ù'<tT-/Û'u<?tT/[?U'.[r'&%'v?T?.U'??T[_w'1GJ'17'>=1GP8'A'X'B81;'A'!t0AT[AU'B81;'/'

!t?0T/?ZU'cX/U0^Zt[T?AÙ'<tT-?_U'u<?tT/?Ù'.[r'&%'v/T`Ù'?/T-^wT

-.---/01'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''/.

"#$%&'!D!E!9'.-!6+-3#5'-6'!&.2#-$)!:;<!3&+/!.00!)2%5'-2)?!.7'&.$'5!.6&+))!@'.&!+3!)2%5@!.-5!'A1'62.2#+-!6+-5#2#+-)?!3&+/!

.00!1+#-2)!+3!/'.)%&'/'-28!

/

?

0 A0

A5A5<5$7((#-0$&($'#)%1,12$#./#-0)0,&1$4)1,/;')0,&1+$&1$-&1(,3#1-#H $cFPM;8'A'WEMHJ'K88I'7E'K=EW'7=17 'B81;'/'

K7MJ8G7K' FG'7=8'=FP='H81;GFGP'8N<8>717FEG'P198'>EGKFK78G7HR'=FP=8;'>EGLFJ8G>8';17FGPK' 7=1G'7=EK8'FG'7=8'HEW'

H81;GFGP'8N<8>717FEG'>EGJF7FEGU 'SR'K<HF77FGP' 7=8'J171'1>>E;JFGP'7E'R81; 'EL'K7MJR'1GJ'>EGJM>7FGP'1'S87W88G\

KMSQ8>7K ' EG8\W1R'"(54"'1G1HRKFK ' EG 'B81;' / ' K7MJ8G7KU 'WF7= ' H81;GFGP ' 8N<8>717FEG ' 1K ' 7=8 'S87W88G\KMSQ8>7K'

91;F1SH8U';8981H8J'GEG8'EL'7=8K8'JFLL8;8G>8K'W8;8'KFPGFLF>1G7T'cFPM;8'A'K=EWK'1'H8KK'>EGKFK78G7'<1778;G'LE;'B81;'A'

K7MJ8G7KU'SM7'1P1FG'GEG8'EL'7=8K8'JFLL8;8G>8K'W8;8'LEMGJ'7E'S8'KFPGFLF>1G7'FG'1'LM;7=8;'EG8\W1R'"(54"'EG'B81;'

A'K7MJ8G7KT'#=8'JFLL8;8G>8'FG'>EGLFJ8G>8';17FGPK'S87W88G 'B81;'A'K7MJ8G7K'FG'7=8'=FP='1GJ'HEW'>EGJF7FEG'<EK7\

<8;LE;I1G>8'I1;PFG1HHR'L1FH8J'7E';81>='KFPGFLF>1G>8U'cX/U?-Zt0T?^Ù'<tT-_Û'u<?tT/A-T'$

-.---/01'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''?-

"#$%&'!F!E!9'.-!6+-3#5'-6'!&.2#-$)!:;<!3+&!0'7'0!(!.-5!0'7'0!F!)2%5'-2)!#-!0+,!.-5!*#$*!0'.&-#-$!'A1'62.2#+-!6+-5#2#+-)8

"#$%&'!G!H!9'.-!6+-3#5'-6'!&.2#-$)!:;<!3+&!0'7'0!(!.-5!0'7'0!F!.7'&.$'5!.6&+))!'A1'62.2#+-!6+-5#2#+-)?!3&+/!4'3+&'!0'.&-#-$!

1*.)'!2+!.32'&!2')2!1*.)'8

/

/

?

?

0

0

A

A

"'K8;F8K'EL'?N?';8<8178J'I81KM;8K'"(54"'1G1HRKFKU'78K7FGP'7=8'8LL8>7'EL'=FP='E;'HEW'H81;GFGP'8N<8>717FEGK'1GJ '

R81;'EL'K7MJR'EG'81>='>=1GP8'FG'>EGLFJ8G>8'X/U?U0UAZ'LE;'B81;'/'1GJ'B81;'A'K7MJ8G7K'LEMGJ'7=17'>=1GP8'X/Z'W1K'

GE7 'KFPGFLF>1G7HR'1LL8>78J'SR' H81;GFGP '8N<8>717FEG '1GJ'G8F7=8; 'W1K'>=1GP8 ' X?ZU 'GE; '>=1GP8 ' X0ZT 'cE; 'B81;' /'

K7MJ8G7KU '>=1GP8'XAZ'W1K'GE7'KFPGFLF>1G7HR'1LL8>78J'SR'7=8'=FP='E;'HEW'8N<8>717FEG'>EGJF7FEG'SM7'LE; 'B81;' A'

K7MJ8G7KU'>=1GP8'XAZ'JFLL8;8J'KFPGFLF>1G7HR'S87W88G'7=8'=FP='1GJ'HEW'8N<8>717FEG'>EGJF7FEGT'#=FK'JFLL8;8G>8'W1K'

KM>='7=17'B81;'A'K7MJ8G7K'FG'7=8'HEW'8N<8>717FEG'>EGJF7FEG'K=EW8J'1'J;E<'FG'I81G'>EGLFJ8G>8';17FGPK'L;EI'<;8\

<8;LE;I1G>8'78K7'X!t0-T./Z'7E'<EK7\<8;LE;I1G>8'78K7'X!t?_T/_ZU'7=FK'W1K'GE7'KFPGFLF>1G7U'7X/-Zt/T--U'<tT0A/U '

W=8;81KU'B81;'A'K7MJ8G7K'FG'7=8'=FP=\8N<8>717FEG'>EGJF7FEG'K=EW8J'1';FK8'FG'I81G'>EGLFJ8G>8';17FGP'L;EI'<;8\

<8;LE;I1G>8'78K7'X!t0AT[[Z'7E'<EK7\<8;LE;I1G>8'78K7'X!tA-T./ZU'W=F>='W1K'KFPGFLF>1G7U'7X/-ZtAT/_0U'<tT--?U'

Jt-T00T'

ATAT0T '7((#-0 $ &( $ /#%(&%4)1-# $ #./#-0)0,&1+ $ &1 $ -&1(,3#1-# $ %)0,12+H' cFPM;8 ' [ 'WEMHJ ' K88I' 7E ' K=EW ' 7=17 ' 7=8'

JFLL8;8G>8K'FG'I81G'>EGLFJ8G>8';17FGPK'LE; 'B81;' /'1GJ 'B81;' A'W8;8'KHFP=7V'1'LM;7=8;'?N?';8<8178J'I81KM;8K'

"(54"'1G1HRKFK'W1K'>EGJM>78J'7E'78K7'7=8'8LL8>7'EL'7=8'<8;LE;I1G>8'8N<8>717FEG'I1GF<MH17FEG'1GJ 'B81;' EL'

K7MJR ' EG ' >EGLFJ8G>8 ' ;17FGPK ' L;EI ' S8LE;8 ' 7=8 ' <8;LE;I1G>8 ' 78K7 ' 7E ' 1L78;T '#=FK ' 1G1HRKFK ' >EGLF;I8J ' 7=17 ' 7=8 '

<8;LE;I1G>8'8N<8>717FEG'>EGJF7FEGK'=1J'1'GEG\KFPGFLF>1G7'8LL8>7 'EG'>EGLFJ8G>8';17FGPK'LE; 'B81;' /'E; 'B81;' A'

K7MJ8G7KU'ctx/T

-.---/01'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''?/

"#$%&'!I!E!9'.-!6+-3#5'-6'!&.2#-$!:;<!3&+/!1&'H1'&3+&/.-6'!2')2!2+!1+)2H1'&3+&/.-6'!2')2!3+&!0'7'0!(!.-5!0'7'0!F!#-!2*'!0+,!

.-5!*#$*!1'&3+&/.-6'!'A1'62.2#+-!6+-5#2#+-)8

A

A5B5 $E76+$;-#3# ) =+2%$ S $@)1,/;')0,12 $ +0;3#10+N $ #./#-0)0,&1+ $E,'' $ )'+& $ ,1(';#1-# $ 0"#,% $ #12)2#4#10 $ ,1 $ 3##/ $

/%&-#++,12O$+/#-,(,-)''8M$+0;3#10+$E,0"$'&E$#./#-0)0,&1+$E,''$+"&E$3#-%#)+#3$3##/$/%&-#++,12M$#:,3#10$,1$/&&%#% $

+-&%#+$&1$0"#$3##/$'#)%1,12$L;#+0,&1+$0")1$0"#$+;%()-#$'#)%1,12$L;#+0,&1+H

"'?N?'S87W88G\KMSQ8>7 '"(54"'XR81;'EL'K7MJR'1GJ'8N<8>717FEG'EL'H81;GFGPZU 'W1K'MK8J'7E'78K7 ' 7=8'8LL8>7 'EL '

H81;GFGP'8N<8>717FEGK'EG'KM;L1>8'1GJ'J88<'<;E>8KKFGPU'1K'K=EWG'SR'<8;>8G71P8'K>E;8K'FG'7=8'KM;L1>8'1GJ'J88< '

H81;GFGP']M8K7FEGK'1>;EKK'7=8'78K7KT'

%7'W1K'<;8JF>78J'7=17'H81;GFGP'8N<8>717FEGK'WEMHJ'1LL8>7'7=8'J88<'H81;GFGP'K>E;8K'1>;EKK'7=8'78K7KU'FG'7=17'HEW'

H81;GFGP'8N<8>717FEGK'WEMHJ'H81J'7E'1'HEW8;'J88<'H81;GFGP'K>E;8T'&EG7;1;FHRU'cFPM;8 '^"'1GJ'*'WEMHJ'K88I'7E'

K=EW'7=17'KM;L1>8'H81;GFGP'K>E;8'W1K'1LL8>78J'SR'H81;GFGP'8N<8>717FEGU'IE;8'KE'7=1G'J88<'H81;GFGP'K>E;8T'#=8 '

"(54"'1G1HRKFK';8981H8J'1'I1FG'8LL8>7'EL'H81;GFGP'8N<8>717FEG'EG'KM;L1>8'H81;GFGPU'1K'7=EK8'FG'7=8'HEW'H81;GFGP'

8N<8>717FEG'>EGJF7FEG'K=EW8J'HEW8;'KM;L1>8'H81;GFGP'K>E;8KU'cX/U'0AZt[T/`[U'<tT-??U'u<?tT/AAU'.[r'&%'v\/T^?0U'

?-T-?[wT'

#=FK'I1FG'8LL8>7'L1FH8J'7E';81>='KFPGFLF>1G>8'LE;'7=8'J88<'H81;GFGP'K>E;8KU'cX/U0AZt0T-__U'<tT-__U'u<?tT-_0U'1K'

cFPM;8 '^*' 1HKE'K88I8J'7E'K=EW'1G'FG78;1>7FEG'S87W88G'H898H'EL'K7MJR'1GJ'H81;GFGP'8N<8>717FEGU'LE;'7=8'J88< '

H81;GFGP'K>E;8KT'#=FK'FG78;1>7FEG'I1;PFG1HHR'L1FH8J'7E';81>='KFPGFLF>1G>8U'cX/U0AZt?T--.U'<tT/^[U 'u<?tT-[Û'1K'

1H7=EMP='7=8'I81G'J88<'H81;GFGP'K>E;8'LE;'B81;'A'K7MJ8G7K'FG'HEW'X!t^-T^0Z'1GJ'=FP='X!t^?T?`Z'H81;GFGP '

8N<8>717FEG'W1K'GE7'KFPGFLF>1G7HR'JFLL8;8G7'7X?-ZtT?`[U'<tT_--U'JtT//Ù'F7'LEHHEW8J'7=8'K1I8'JF;8>7FEG'1K'I81G '

J88<'H81;GFGP'K>E;8K'LE;'B81;'/'K7MJ8G7K'FG'HEW'X!t[0T?[Z'1GJ'=FP='X!t^_T^?ZU'W=F>='JFJ'K=EW'1'KFPGFLF>1G7 '

JFLL8;8G>8U'7X/AZt?T/A_U'<tT-[-U'Jt/T-`T

-.---/01'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''??

"#$%&'!J!H!9'.-!)6+&'!:;<!3+&!)%&3.6'!:=<!.-5!5''1!:><!0'.&-#-$!K%')2#+-)!3+&!0'7'0!(!.-5!0'7'0!F!)2%5'-2)!.)!.!3%-62#+-!+3!

0'.&-#-$!'A1'62.2#+-!6+-5#2#+-8!B&&+&!4.&)!&'1&')'-2!C(!)2.-5.&5!'&&+&8

N/)G3#'2##3+,

#=FK'8N<8;FI8G7'=1K'<;E9FJ8J'89FJ8G>8'7=17U'1K'8N<8>78JU'K7MJ8G7'8N<8>717FEGK'EL'7=8F;'1SFHF7R'1GJ'KMSK8]M8G7 '

H81;GFGP'E;'<8;LE;I1G>8'>1G'S8'1LL8>78J'SR'KMS7H8'I1GF<MH17FEGK'1FI8J'1';1FKFGP'E;'HEW8;FGP'7=8IT'27MJ8G7K '

W8;8'PF98G'1 ' H81;GFGP'71KY'1GJ'FGLE;I8J'7=17 'jKEI8'K7MJ8G7Kk 'LFGJ'7=FK 'JFLLF>MH7 'E; '81KRU ' FG '1G'1778I<7 ' 7E '

I1GF<MH178'8N<8>717FEGK';8P1;JFGP'7=17'71KYT'5G8'W88Y'H178;U'7=8'8LL8>7'EL'7=17'I1GF<MH17FEG'W1K'78K78J'FG'1 '

OW1;I\M<O'78K7'7=17'1HHEW8J'78K7FGP'EL'7=17'YGEWH8JP8'L;88'L;EI'1GR'<8;LE;I1G>8'8LL8>7KU'17'W=F>='<EFG7'1'K8>EGJ'

I1GF<MH17FEG'1FI8J'17'8N<8>717FEGK'EL'1SFHF7R'7E'<8;LE;I'W1K'1JIFGFK78;8J'S8LE;8'PF9FGP'7=8'K7MJ8G7K'7=8'O;81HO '

78K7T'%7'FK'FG78;8K7FGP'7E'LFGJ'7=17'7=8'FG78GJ8J'I1GF<MH17FEG'EL'H81;GFGP'8N<8>717FEGK'EGHR'=1J'7=8'<;8JF>78J'8LL8>7 '

EG'R81;'EG8'K7MJ8G7KU'SM7'GE7'7=8'R81;'LEM;'K7MJ8G7KU'KM<<E;7FGP'7E'1G'8N78G7'=R<E7=8KFK'EG8T'

CR<E7=8KFK'7WE'W1K'<1;7F1HHR'KM<<E;78JU'1K'F7'W1K'EGHR'7=8'HEW'<8;LE;I1G>8'8N<8>717FEG'I1GF<MH17FEG'7=17'=1J '

1G'8LL8>7U'SR'<MHHFGP'7=8'K>E;8K'JEWGT'CEW898;U'LE;'7=EK8'W=E'W8;8'FG'7=8'=FP='H81;GFGP'8N<8>717FEG'>EGJF7FEG'

7=FK''EGHR'I1;PFG1HHR';81>=8J'KFPGFLF>1G>8T'D8G8;1HHRU'1G'E98;1HH'J8>;81K8'FG'K>E;8'L;EI'7=8'OW1;I\M<O'78K7'7E'7=8 '

<8;LE;I1G>8'78K7'S8>1I8'1<<1;8G7'L;EI'7=8';8KMH7KU'1P1FG'7=FK'W1K';8P1;JH8KK'EL'R81;'EL'K7MJRT'CR<E7=8KFK'7=;88'

<;8JF>78J'1G'8LL8>7'EL'8N<8>717FEGK'EG'K7MJ8G7'K8HL\8LLF>1>RV '7=FK'W1K'1HKE'<1;7F1HHR'KM<<E;78J'SR'7=8';8KMH7KT '

27MJ8G7KO ' >EGLFJ8G>8 ' ;17FGPK ' 7=;EMP=EM7 ' 7=8 ' 71KY 'JFJ '91;R'1>>E;JFGP ' 7E '8F7=8; ' 7=8 ' H81;GFGP 'E; '<8;LE;I1G>8'

8N<8>717FEGK'SM7'7=8K8'JFLL8;8G>8K'W8;8'GE7'KMSK71G7F1H'8GEMP='7E'<;E98'KFPGFLF>1G7T'#=8';17FGPK'JFJ'=EW898;U '

K=EW ' KMSK71G7F1H ' J8>;8I8G7K ' FG ' >EGLFJ8G>8 ' 7=;EMP=EM7 ' 7=8 ' >EM;K8 ' EL ' 7=8 ' K7MJRT 'CR<E7=8KFK ' LEM; 'W1K ' GE7 '

KM<<E;78J'SR'7=8';8KMH7K'1K'F7'W1K'LEMGJ'7=8'8N<8>717FEGK'FG78;L8;8J'WF7='KM;L1>8'H81;GFGP'7E'1'P;8178;'8N78G7'7=1G'

WF7='J88<'H81;GFGPU'1K'E98;1HH'KM;L1>8'H81;GFGP'K>E;8'W1K'HEW8;'FG'7=8'HEW'8N<8>717FEG'>EGJF7FEG'LE;'SE7='R81; '

EG8'1GJ'R81;'LEM;T'

"H7=EMP='7=8'FGJF>17FEGK'EL'7=8'JFLLF>MH7R'W8;8'GE7'>EG7FGP8G7'EG'KEI8'8N78;G1H';81KEG'E;'>1MK8';8P1;JFGP'LFN8J '

E;'LHMFJ'FG78HHFP8G>8U'E;';1>F1H'K78;8E7R<8KU'LE;'7=8'R81;'EG8'K7MJ8G7K'F7'W1K'8GEMP='7E'KFPGFLF>1G7HR'FG78;L8;8'WF7='

7=8'H81;GFGP'<;E>8KKT'"'JFLL8;8G>8'FG'K>E;8'WF7='1'L1F;HR';ESMK7'8LL8>7'KFm8'EL'/T?'W1K'LEMGJ'S87W88G'7=8'=FP='1GJ'

HEW'H81;GFGP'8N<8>717FEG'P;EM<T'#=8K8';8KMH7K'KM<<E;7'7=8'8N<8>71G>R\91HM8'IEJ8H'XaFPLF8HJ'1GJ'+>>H8KU'?---ZU'

7=17'=1K'1H;81JR'EM7HFG8J'K898;1H'W1RK'7=17'8N<8>717FEGK'>1G'FG78;L8;8'WF7='IE7F917FEGU'SM7'>EMHJ'<EKKFSHR'S8'

8N78GJ8J ' 7E ' EM7HFG8 ' FG78;L8;8G>8 ' L;EI ' 8N<8>717FEGK ' 17 ' 7=8 ' H898H ' EL ' H81;GFGP ' 1GJ ' <8;LE;I1G>8 ' 1K 'W8HH ' 1K'

IE7F917FEGT'#=8';8KMH7K'WEMHJ'K88I'7E'PF98'89FJ8G>8'7=17'I1GR'H1;P8'8LL8>7K'FG'8JM>17FEG'7=17'K78I'L;EI'KI1HH '

I1GF<MH17FEGK'I1R';8KMH7'L;EI'8N<8>717FEG'I1GF<MH17FEGK'EG'KMPP8K7FSH8'K7MJ8G7KT'%G':W8>YOK'FI<HF>F7'7=8E;F8K'

EL'FG78HHFP8G>8'X/...ZU' F7 '>EMHJ'S8' 7=17'K7MJ8G7KO '8N<8>717FEGK';8P1;JFGP'7=8'S8G8LF7 'EL'8LLE;7'1GJ'K7;F9FGP'7E'

I1K78;'H81;GFGP'1;8'S8FGP'FGLHM8G>8JT'278;8E7R<8'7=;817'WEMHJ'1HKE'K88I'7E'L1HH'MGJ8;'7=8'S;1>Y87'EL'1;FKFGP'L;EI'

1G'8N<8>717FEG'I8>=1GFKIU'1K'W1K'<1;7F1HHR'KMPP8K78J'SR'&1JFGM'87 '1HT ' X?--0Z'1GJ'I1R'GE7 'G8>8KK1;FHR'S8'

>EG7FGP8G7'EG'S8FGP'1771>=8J'7E'K78;8E7R<F>'FJ81KT'#=8'1W1;8G8KK'EL'1'K78;8E7R<8'I1R'>;8178'1G'8N<8>717FEG'FG'

7=8'K7MJ8G7'7=17'7=8F;'1SFHF7R'7E'H81;G'1GJ'<8;LE;I'WFHH'8F7=8;'S8'WE;K8'E;'S8778;'7=1G'7=EK8'1;EMGJ'7=8IT

-.---/01'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''?0

#=FK'8N<8>717FEG'8LL8>7'I1R'1HKE'=8H<'7E'8N<H1FG'E7=8;'<=8GEI8G1'HFY8'7=17'EL'781>=8;'8N<8>717FEGK,'1';8<8178J'

LFGJFGP'7=17'781>=8;'8N<8>717FEG'>1G'FGLHM8G>8'K7MJ8G7'1>=F898I8G7'XoMKKFI'1GJ'C1;S8;U'?--[ZU'E;FPFG17FGP'WF7='

7=8'FGL1IEMK'3RPI1HFEG'K7MJF8K'X$EK8G7=1H'1GJ'o1>ESKEGU'/.^_ZT'%G'7=8'>M;;8G7'K7MJRU'K7MJ8G7K'W8;8'K<8>FLF>1HHR'

7EHJU'1H7=EMP='FG'W;F7FGPU'SR'1G'1M7=E;F7R'LFPM;8'7=17'7=8'71KY'>EMHJ'S8'81KR'E;'JFLLF>MH7'LE;'7=8IT'%7'K71GJK'7E '

;81KEG'7=17'1'KFIFH1;'8LL8>7'>EMHJ'>EI8'L;EI'9E>1HFK17FEGK'EL'7=8'781>=8;U'1H7=EMP='LM;7=8;';8K81;>='WEMHJ'G88J '

7E ' FG98K7FP178 ' 8N<8>717FEGK ' 8LL8>7K ' 7=;EMP= ' 9E>1H ' FGK7;M>7FEGT ' %L ' 7=8K8 ' 8LL8>7K ' 1;8 ' MGJ8;<FGG8J ' SR ' 1 ' S1KF>'

8N<8>717FEG'I8>=1GFKIU'7=FK'WEMHJ'GE7'1J9E>178';8\S;1GJFGP'7=8I'1K'EG8'J8LFGFGP'8LL8>7U'SM7'=FP=HFP=7'7=8'I8;F7'

EL ' MGJ8;K71GJFGP ' 7=8 ' 91;FEMK 'W1RK ' 7=17 ' K7MJ8G7 ' 8N<8>717FEGK ' >1G ' S8 ' 1LL8>78J ' 1GJ ' 7=8 ' 91;FEMK ' ;EM78K ' 7=17 '

FG78;98G7FEG'>1G'71Y8T'

"JJF7FEG1HHRU'FGKFP=7'FG7E'7=8';8H17FEGK=F<'S87W88G'7=8'FG78GKF7R'EL'7=8'I1GF<MH17FEG'EL'8N<8>717FEG'1GJ'7=8'7FI8\

>EM;K8'EL'7=8'8LL8>7'WEMHJ'S8'9F71H'7E'MGJ8;K71GJFGP'7=8'7R<8'EL'FG78;98G7FEG'G88J8JT' '%II8JF178'8LL8>7K'=198 '

S88G'K=EWG'L;EI'KI1HH 'I1GF<MH17FEGK 'X:W8>YU '/.__U '#1RHE;'1GJ'a1H7EGU '?-//Z '1GJ'HEGP8; '8LL8>7KU 'E98; '1'

K8I8K78;U'L;EI'IE;8'8N78GKF98'FG78;98G7FEGK'X*H1>YW8HH'87'1HU'?--Ù'DEEJ'87'1HU'?--0Z'SM7'7=8';8H17FEGK=F<'FK'R87 '

7E'S8'LMHHR'8K71SHFK=8JT'5G'PEFGP';8K81;>='7E'JFK>E98;'7=8'I1GG8;'1GJ'8N78G7'7E'W=F>='91;FEMK'FGLHM8G>8K'>1G'

I1GF<MH178'8N<8>717FEGK'WFHH'1FJ'7=8'E<7FIFK17FEG'EL'7=8'H81;GFGP'8G9F;EGI8G7T

#=8'8N<8>717FEG'8LL8>7 'W1K' LEMGJ' 7E'1>7 'JFLL8;8G7HR' LE; 'R81;K 'EG8'1GJ'R81; ' LEM;U 'SM7 ' 7=8' L1>7E;K ' 7=17 'W8;8 '

<;8JF>78J'7E'91;R'7=8'8LL8>7U'G1I8HR'L1IFHF1;F7R'WF7='7=8'KMSQ8>7'1GJ'1>1J8IF>'K8HL\>EG>8<7U'W8;8'GE7'LEMGJ'7E'S8 '

KFPGFLF>1G7T'$17FGPK'EL'SE7='<;8JF>78J'L1IFHF1;F7R'WF7='7=8'I178;F1H'1GJ'1>7M1H'L1IFHF1;F7R'WF7='7=8'I178;F1H'W8;8 '

LEMGJ' 7E 'S8 ' KFIFH1;HR' HEW' FG 'SE7= ' H898HK '1GJ ' KE 'W8;8 'MGHFY8HR' 7E 'S8 ' FGLHM8G>FGP ' 7=8 'JFLL8;8G7F1H ' 8LL8>7 'EL'

I1GF<MH17FEGK 'SM7 ' JE ' K=EW' 7=17 ' K7MJ8G7K '<EKK8KK8J ' 1<<;ENFI178HR' 8]M1H ' YGEWH8JP8 'EL ' 7=8 ' >EG78G7 ' EL ' 7=8'

H81;GFGPT'DF98G'7=17'1>1J8IF>'K8HL\>EG>8<7'=1K'S88G'EM7HFG8J'1K'=FP=HR';8H178JV'1K'FGF7F1H'1>=F898I8G7'H81JK'7E'1'

=FP='K8HL\>EG>8<7U'W=F>='FG'7M;G'1FJK'LM;7=8;'1>=F898I8G7'X!1;K='87'1HTU'?--[V'*EGP'1GJ'&H1;YU'/...ZV'F7'W1K'

<;8JF>78J'7=17'7=EK8'WF7='1'=FP='1>1J8IF>'K8HL\>EG>8<7'K>E;8'WEMHJ'1HKE'=198'1'=FP='K>E;8'EG'7=8'78K7KT'#=FK'W1K'

>EGLF;I8J'1K'1>1J8IF>'K8HL\>EG>8<7'K>E;8'W1K'>E;;8H178J'WF7='E98;1HH'78K7'K>E;8U'KE'F7'WEMHJ'K88I'7=17'K7MJ8G7KO '

;17FGPK'EL'7=8IK8H98K'FG'1>1J8IF>'KF7M17FEGK'FG'P8G8;1H'W8;8'1>>M;178T''

cM;7=8;IE;8U'K8HL\;178J'K>E;8K'W8;8'KFPGFLF>1G7HR'=FP=8;'LE;'R81;'LEM;'K7MJ8G7K'7=1G'LE;'R81;'EG8'1GJ'KE'WEMHJ '

K88I'7E'S8'K=EWFGP'17'H81K7'EG8'1K<8>7'EL'7=8'JFLL8;8G>8'S87W88G'K7MJ8G7K'17'7=8'K71;7'1GJ'8GJ'EL'1']M1HFLF>17FEGU '

SM7'F7 'I1R'S8'<;1>7FK8'FG'7=FK'<1;7F>MH1;'H81;GFGP'8G9F;EGI8G7'7=17'H8J'7E'7=8'JFLL8;8G>8'FG'K>E;8KT'B81;'LEM; '

K7MJ8G7K'WFHH'=198'IM>='IE;8'8N<8;F8G>8U'GE7'EGHR'FG'8N7;1>7FGP';8H891G7'FGLE;I17FEG'L;EI'1'SHE>Y'EL'78N7'SM7 '

1HKE'1<<HRFGP'7=17 ' 7E'KMII17F98'1KK8KKI8G7'KF7M17FEGKT 'B81;'LEM;'K7MJ8G7 '=1J'1778GJ8J'1'P;8178; 'GMIS8;'EL'

7M7E;F1HK'FG'7=8'K7RH8'EL'7=8'>M;;8G7'71KYU'=8G>8'<;1>7FK8'I1R'=198'H8J'7E'P;8178;'>EGLFJ8G>8'1GJ'H8KK'KMK>8<7FSFHF7R'

7E'8N<8>717FEG'I1GF<MH17FEGKT'cFGJFGP'EM7'7=8'91;FEMK'<;E78>7F98'L1>7E;K'7=17'>1G'SHE>Y'7=8'8LL8>7'EL'8N<8>717FEG '

I1GF<MH17FEGK'FK'1K'FI<E;71G7'1K'MGJ8;K71GJFGP'7=8'91;FEMK'LE;IK'7=17'8N<8>717FEG'I1GF<MH17FEGK'>1G'71Y8T

-.---/01'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''?A

3EKKFSH8'FGK<F;17FEG'LE;'8N<H1FGFGP'7=8'JFLL8;8G>8'S87W88G'7=8K8'7WE'P;EM<K'EL'K7MJ8G7K'>EI8K'L;EI'HF78;17M;8'EG '

;8PMH17E;R'LE>MK'7=8E;RU'W=F>='<EKF7K'7=17'K8HL\;8PMH17FEG'X>EG7;EH'EL'>M;;8G7'S8=19FEM;'S1K8J'EG'1'KMSK8]M8G7'

PE1HZ ' 8NFK7K 'JF>=E7EIEMKHR' FG '8F7=8; '<;898G7FEG 'E; '<;EIE7FEG ' LE;I' XCFPPFGKU '/.._ZT '28HL\;8PMH17FEG ' FG ' 7=8'

1>1J8IF>'HF78;17M;8'=1K'S88G'EL'FG78;8K7'LE;'7=EK8'7;RFGP'7E'MGJ8;K71GJ'7=8'K8HL\JF;8>7F98'<;E>8KK'7=;EMP='W=F>= '

K7MJ8G7'1>]MF;8'1GJ'M7FHFK8'1>1J8IF>'KYFHHKT'%7'FK'7=EMP=7'7E'S8'HFGY8J'WF7='MGJ8;HRFGP'S8HF8LK'KM>='1K'K8HL\8LLF>1>R'

1GJ'EM7>EI8'8N<8>717FEGK'XdFII8;I1G'1GJ'2>=MGYU'?--/ZT'#=8'7WE'LE;IK'EL';8PMH17FEG'<;E<EK8J'SR'CFPPFGK '

X/.._Z';8H178'7E'1'K<8>FLF>'K87'EL'FG<M7'1GJ'EM7<M7'<KR>=EHEPF>1H'91;F1SH8K'7=17'FI<1>7'KMSK71G7F1HHR'M<EG'1G'

FGJF9FJM1HK'S8=19FEM;V'FG<M7'WFK8U'7=EK8'WF7='1'<;EIE7FEG'LE>MK'WFHH'S8'K8GKF7F98'7E'P1FG'KF7M17FEGK'SM7'7=EK8'

WF7='1'<;898G7FEG'LE>MK'WFHH'S8'K8GKF7F98'7E'HEKK'KF7M17FEGKT'

#=8';8H17FEGK=F<'S87W88G'<;898G7FEG'1GJ'<;EIE7FEG'K8HL\;8PMH17FEG'1GJ'8N<8>717FEGK 'W1K ';8>8G7HR' 78K78J' FG '

e8HH8;'1GJ'*H8KKO'X?--_Z'<1<8;';8P1;JFGP'7=8'!EJ8;17FEG'EL'+N<8>71G>R'+LL8>7K'SR'$8PMH17E;R'cE>MK'7=8E;R'

X!+$cZU 'W=F>='<EKF78J'1G' FG78;1>7F98';8H17FEGK=F<'S87W88G'8N<8>717FEGK '1GJ'7R<8 'EL ';8PMH17E;R' LE>MKT '#=8'

1M7=E;K'=R<E7=8KFK8J'7=17'G8P17F98'8N<8>71G>F8K'WEMHJ'S8'IEK7'J87;FI8G71H'7E'<;898G7FEG\LE>MK8J'K7MJ8G7K'1GJ'

7=17'<EKF7F98'8N<8>71G>F8K'WEMHJ'S8'IEK7'J87;FI8G71H'7E'<;EIE7FEG'LE>MK8J'K7MJ8G7KT'3;898G7FEG\LE>MK'K7MJ8G7K'

WEMHJ'S8'K8GKF7F98'7E'HEKK'1GJ'=8G>8'G8P17F98'8N<8>717FEGK'WEMHJ'FG>;81K8'1GNF87RU'W=8;81K'LE;'<;EIE7FEG\LE>MK'

K7MJ8G7KU'1GNF87R'WEMHJ'S8'FG>;81K8J'SR'<EKF7F98'8N<8>717FEGK'1GJ'W1G7FGP'7E'I887'7=8K8'K71GJ1;JKT'#=8R'LEMGJ'

>EGLF;I17FEG'EL'7=8'!+$c'=R<E7=8KFK'1>;EKK'7=;88'K7MJF8KT'#=FK'ELL8;K'1'<E78G7F1H'8N<H1G17FEG'LE;'W=R'LF;K7'1GJ '

LEM;7='R81;'K7MJ8G7K'W8;8'1LL8>78J'JFLL8;8G7HR'FG'7=8'>M;;8G7'K7MJRT'cF;K7'R81;K'I1R'=198'S88G'<;898G7FEG'LE>MK8J'

SM7 ' 7=8' LEM;7='R81;U 'WF7='=FP=8; '>EGLFJ8G>8 ' H898HK '1GJ'IE;8 '<;1>7FK8 ' FG ' H81;GFGP 'KF7M17FEG 'W8;8'<;EIE7FEG'

LE>MK8JU'W=F>='WEMHJ'K88I'7E'S8'KM<<E;78J'SR'7=8'=FP=8;'K>E;8K'LE;'R81;'LEM;T'"H7=EMP='7=8'JFLL8;8G>8K'L1FH8J'7E '

;81>='KFPGFLF>1G>8'FG'7=8'H81;GFGP'78K7U'FG'SE7='78K7K'7=8'R81;'LEM;'K7MJ8G7K'K=EW8J'7=8'E<<EKF78'<1778;G'7E'7=8'LF;K7 '

R81;KU'1K'K7MJ8G7K'FG'7=8'=FP='8N<8>717FEG'>EGJF7FEG'K=EW8J'HEW8;';8KMH7KT'

%7'W1K'1HKE'<;8JF>78J'7=17U'1K'K8HL\8LLF>1>R'=1K'S88G'J8LFG8J'1K';8L8;;FGP'7E'EM;'<8;>8<7FEGK'EL'EM;'1SFHF7R'7E'H81;G'

1GJ'<8;LE;I'1>7FEGK'X*1GJM;1U'/..`V'2>=MGY'1GJ'31Q1;8KU'?--.ZU'7=8;8'WEMHJ'S8'89FJ8G>8'EL'7=8'I1GF<MH17FEGK'

EL'8N<8>717FEG'EG'K7MJ8G7KO 'K8HL\;178J'>EGLFJ8G>8'I81KM;8K'1K';8<;8K8G717F98'EL'7=8F;'K8HL\8LLF>1>RT '*1GJM;1OK'

X/..`Z '1>1J8IF> ' K8HL\8LLF>1>R'=1K 'EG '<;89FEMK 'E>>1KFEGK 'S88G '89FJ8G>8J'1K '<;8JF>7F98 'EL ' K7MJ8G7KO 'E98;1HH '

1>=F898I8G7'1GJ'KE'W1K'=FP=HFP=78J'FG' 7=FK'K7MJR'1K'1'<EKKFSH8'I8JF17FGP'L1>7E;'S87W88G'8N<8>717FEGK'1GJ'

EM7>EI8'EG' 7=8 ' 78K7KT 'a=17 'W1K ' LEMGJU 'W1K ' 7=17 '>EGLFJ8G>8' ;17FGPK 'J;E<<8J'KFPGFLF>1G7HR'1GJ'>EGKFK78G7HR'

7=;EMP=EM7'7=8'K7MJR'1<1;7'L;EI'<;8\78K7'7E'<EK7\78K7U'K=EWFGP'<EKKFSHR'7=17'7=8'>EG78G7'EL'7=8'H81;GFGP'1GJ'78K7KU '

1GJ'K7MJ8G7KO'I871\I8IE;R'=1J'1'K7;EGP8;'8LL8>7'EG'>EGLFJ8G>8'7=1G'8N<8>717FEG'K877FGPT'27MJ8G7KO'>EGLFJ8G>8'

J;E<<8J'1L78;';81JFGP'7=8'I178;F1HU'7=8G'LM;7=8;'1L78;'7=8'K898G'J1R'P1<U'7=8G'LM;7=8;'1L78;'>EI<H87FGP'7=8'OW1;I\

M<O'SM7'JFJ'GE7'J;E<'KFPGFLF>1G7HR'1L78;'>EI<H87FGP'7=8'<8;LE;I1G>8'78K7U'KMPP8K7FGP'7=8'7=8R'JFJ'GE7'8N<8;F8G>8'1 '

>=1GP8'FG'JFLLF>MH7RU'J8K<F78'K=EWFGP'1'J;E<'FG'<8;LE;I1G>8T'#=FK'PF98K'89FJ8G>8'7=17'7=8'E98;1HH'J;E<'FG'K>E;8 '

L;EI'H81;GFGP'78K7'7E'<8;LE;I1G>8'78K7'K=EWG'SR'1HH'K7MJ8G7K'K=EMHJ'GE7'S8'177;FSM78J'7E'1G'FG>;81K8'FG'JFLLF>MH7R'

FG'7=8']M8K7FEGKT

-.---/01'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''?[

"HKEU 'R81;' LEM; ' K7MJ8G7K ' P198 ' >EGKFK78G7HR ' =FP=8; ' >EGLFJ8G>8 ' ;17FGPK ' 7=1G 'R81;' EG8 ' 7=;EMP=EM7 ' 7=8 ' 71KYKU'

1H7=EMP='EGHR'1L78;'7=8'K898G'J1R'P1<'1GJ'1L78;'7=8'<8;LE;I1G>8'78K7'JFJ'7=8';17FGPK'<;E98'KFPGFLF>1G7HR'=FP=8;U '

<EKKFSHR'K=EWFGP'7=17 'R81;' LEM;'K7MJ8G7KO'>EGLFJ8G>8'W1K'H8KK'1LL8>78J'SR'<8;LE;I1G>8'1GNF87RU'1K'WEMHJ'S8 '

>EGKFK78G7'WF7='7=8F;'=19FGP'IE;8'<;1>7FK8'FG'7=17'7R<8'EL'KF7M17FEGT'"'KFIFH1;';8KMH7'W1K'LEMGJ'1IEGP'7=8'R81;'

EG8'K7MJ8G7K'1K'7=EK8'FG'7=8'=FP='H81;GFGP'8N<8>717FEG'P198'>EGKFK78G7HR'=FP=8;'>EGLFJ8G>8';17FGPKT'"H7=EMP='7=8'

JFLL8;8G>8K'W8;8'GE7'LEMGJ'7E'S8'KFPGFLF>1G7U'7=8R'I1R'K7FHH'ELL8;'1'<EKKFSH8'IEJ8'SR'W=F>='8N<8>717FEGK'FG78;L8;8'

WF7='<8;LE;I1G>8'1K'HEW8;'K8HL\8LLF>1>R'=1K'S88G'<;89FEMKHR'HFGY8J'WF7='9MHG8;1SFHF7R'7E'<8;LE;I1G>8'1GNF87R'

X*1GJM;1U'/..`ZT'28HL\8LLF>1>R'=1K'1HKE';8>8G7HR'S88G'HFGY8J'7E'K7MJ8G7'1SFHF7F8K'7E'K8HL\;8PMH178'XeEI1;;1QE'1GJ '

(1JH8;U ',1$/%#++Z'1K'K7MJ8G7K'WF7='=FP='K8HL\8LLF>1>R'78GJ'7E'K=EW'IE;8'JF;8>7F98'K7MJRFGP'S8=19FEM;U'=FP=8;'

JFK>F<HFG8'H898HK'1GJ'=FP=8;'IE7F917FEGT'#=8'K1I8'8LL8>7'W1K'GE7'LEMGJ'1IEGP'7=8 'R81;' LEM;'K7MJ8G7KU'1K'7=8'

>EGLFJ8G>8';17FGPK'JFJ'GE7 ';8HF1SHR'JFLL8; 'S87W88G'7=8' HEW'1GJ'=FP='H81;GFGP'8N<8>717FEG'>EGJF7FEGKU 'W=F>= '

;8LH8>7K'7=8'H1>Y'EL'KFPGFLF>1G7'JFLL8;8G>8'FG'7=8'R81;'LEM;'OW1;I\M<O'K>E;8KT

cM;7=8;'MGJ8;K71GJFGP'EL'7=8'JFLL8;8G>8'S87W88G'LF;K7'R81;'1GJ'LEM;7='R81;'K7MJ8G7K'>EI8K'L;EI'7=8';8KMH7K'L;EI'

=R<E7=8KFK'LF98';8P1;JFGP'KM;L1>8'1GJ'J88<'H81;GFGPT'%7'W1K'<;8JF>78J'7=17'I1GF<MH17FEG'EL'8N<8>717FEGK'WEMHJ '

1LL8>7 ' 7=8'J88<' H81;GFGP'K>E;8K 'EL 'K7MJ8G7K '1K '<;89FEMK';8K81;>='=1K 'LEMGJ' 7=17 'KM;L1>8' H81;GFGP'7E 'S8' H8KK '

KMK>8<7FSH8'7E'7=8'8LL8>7K'EL'8N<8>717FEGK'X$RJ8HHU'$RJ8HH'1GJ'*EM>=8;U'?-/-V'5O*;F8G'1GJ'&;1GJ1HHU'?--0V'#1RHE;'

1GJ'a1H7EGU'?-//ZU '1K'7=8'1GNF87R'FG>;81K8'E;'J8>;81K8'FGJM>8J'SR'8N<8>717FEGK'WEMHJ'K88I'7E'1LL8>7'J88< '

<;E>8KKFGPT'CEW898;U'7=8';8KMH7K'EL'7=8'>M;;8G7'K7MJR'K=EW'7=17'F7'W1K'KM;L1>8'H81;GFGP'K>E;8K'7=17'K88I8J'7E'S8 '

IEK7'1LL8>78JT'#=8'KM;L1>8'H81;GFGP'K>E;8K'EL'LF;K7'R81;'1GJ'LEM;7='R81;'K7MJ8G7KU'W8;8'HEW8;'FG'7=8'HEW'H81;GFGP '

8N<8>717FEG'>EGJF7FEG'7=1G'FG'7=8'=FP='H81;GFGP'>EGJF7FEGU'SM7'7=8'J88<'H81;GFGP'K>E;8K'W8;8'EGHR'KFPGFLF>1G7HR '

HEW8;'FG'7=8'HEW'H81;GFGP'8N<8>717FEG'>EGJF7FEG'7=1G'7=8'=FP='8N<8>717FEG'>EGJF7FEGU'LE;'7=8'R81;'EG8'K7MJ8G7KT'

2MPP8K7FGP'7=8'7=8'R81;'LEM;'I1;YK'W8;8'=FP=8;'1K'7=8R'FG9EH98J'IE;8'J88<'<;E>8KKFGP'EL'7=8'FGLE;I17FEG'7=1G'

7=8'R81;'EG8'K7MJ8G7KT

%7 ' >EMHJ 'S8 ' 1;PM8J ' 7=8GU ' 7=17 ' R81; ' LEM; ' K7MJ8G7K 'W8;8 ' 8N=FSF7FGP ']M1HF7F8K ' EL 'W=17 ':W8>Y 'WEMHJ ' >1HH ' 1G'

FG>;8I8G71H'7=8E;FK7'1GJ'1JE<7FGP'1'I1K78;R'1<<;E1>=U'SR'8GP1PFGP'FG'J88<'<;E>8KKFGP'EL'7=8'I178;F1HKT'%7'FK'

;81KEG1SH8'7E'1KKMI8'7=17'R81;'LEM;'K7MJ8G7KU'PF98G'7=8F;'<;1>7FK8'FG'>=1HH8GPFGP'1>1J8IF>'KF7M17FEGKU'WEMHJ'=198'

7=8 ' 8N<8>717FEG ' 7=17 ' FG>;81KFGP ' 8LLE;7 ' S;FGP ' S8778; ' ;8KMH7KU ' 1H7=EMP= 'WF7=EM7 ' 1JIFGFK78;FGP ' 1 ':W8>Y ' K7RH8'

]M8K7FEGG1F;8'XK88'CEGPU'&=FM'1GJ':W8>YU'/..[Z'F7'>1GGE7'S8'>EG>HMJ8J'1K'7E'7=8F;'S8HF8LK'1SEM7';8W1;J'LE; '

8LLE;7'1GJ'I1K78;R'H81;GFGPT

#=FK'I1R'1HKE'S8'8N<H1FG8J'SR'K8HL\;8PMH17FEG'7=8E;R'XdFII8;I1G'1GJ'2>=MGYU'?-//ZU'1K'R81;'LEM;'K7MJ8G7K'I1R'

S8'S8778;'K8HL\;8PMH17E;K'1GJ'IE;8'<;1>7FK8J'17'8I<HERFGP'J88<U'7;1GKLE;I17FEG'H81;GFGP'<;E>8KK8KU'W=F>='FG'7=FK '

>1K8'I1R'=198'H8J'7E'1'J87;FI8G71H'8LL8>7'EG'KM;L1>8'H81;GFGP'1K'KM;L1>8'<;E>8KKFGP'W1K'EL'HEW8;'<;FE;F7RT'%L'R81;'

-.---/01'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''?^

LEM;'K7MJ8G7K'W8;8'1HKE'IE7F9178J'SR'1'<;EIE7FEG'LE>MKU'1K'E<<EK8J'7E'7=8'R81;'EG8'K7MJ8G7K'WF7='1'<;898G7FEG'

LE>MKU'7=FK'I1R'=198'H8J'7E'1'IE;8'1>7F98'8GP1P8I8G7'FG'H81;GFGP'<;E>8KK8KT'e8HH8;'1GJ'*H8KK'X?--_Z'GE78'7=17 '

;8PMH17E;R'LE>MK'>1G'S8'FGJM>8J'SE7='+,0;)0,&1)''8'1GJ'-"%&1,-)''8U'7=8'H1778;'EL'W=F>='I1R'=198'E>>M;;8J'L;EI'

7=8'R81;'LEM;'K7MJ8G7K'=19FGP'K<8G7'1'IM>='HEGP8;'7FI8'1GJ'=19FGP'=1J'IM>='IE;8'<;1>7FK8'FG'7=FK'C+'K877FGPU '

W=8;8'K7;F9FGP' LE; ' 7E<'1>=F898I8G7U '1K'E<<EK8J'7E '19EFJFGP'L1FHFGP'=1K'S88G'8G>EM;1P8JT '%G98K7FP17FGP' 7=8 '

JFLL8;8G>8K ' FG ' ;8PMH17E;R ' LE>MKV ' LM;7=8; ' ;8K81;>= ' 7=17 ' FG>HMJ8K ' 71YFGP 'I81KM;8 ' EL ' K7MJ8G7KO ' K8HL\;8PMH17E;R'

<;E>8KK8K'WEMHJ'K=8J'HFP=7'EG'7=FK'<EKKFSH8'FKKM8T

"GE7=8;'8LL8>7'7=17'S8>1I8'1<<1;8G7'L;EI'7=8'>M;;8G7'K7MJRU'W1K'7=17'E98;1HH'K>E;8K'LE;'1HH'K7MJ8G7KU'R81;'EG8'1GJ'

R81;'LEM;U'J;E<<8J'L;EI'7=8'OW1;I\M<O'78K7'EL'H81;GFGP'7E'7=8'78K7'EL'<8;LE;I1G>8T'#=FK';8KMH7'IF;;E;8J'7=17'LEMGJ'

FG'#1RHE;'1GJ'a1H7EG'X?-//ZU'1K'W=F78'K7MJ8G7K'1HKE'KMLL8;8J'1'KFPGFLF>1G7'J8>;81K8'FG'K>E;8'L;EI'H81;GFGP'78K7'7E '

<8;LE;I1G>8'78K7'1H7=EMP='7=FK'K88IK'7E'=198'GE7'S88G'1JJ;8KK8J'FG'7=8F;'JFK>MKKFEGT!"H7=EMP='F7'>1GGE7'S8';MH8J'

EM7'7=17'FG'7=8'>M;;8G7'K7MJR'7=8'<8;LE;I1G>8'78K7']M8K7FEGK'W8;8'IE;8'JFLLF>MH7U'<FHE7FGP'EL'7=8']M8K7FEGK'S;EMP=7 '

GE';8<E;7K'EL'JFLL8;8G>8K'FG'JFLLF>MH7R'1GJ'7=8;8'W1K'GE'KFPGFLF>1G7'J;E<'FG'>EGLFJ8G>8'1L78;'7=8'K8>EGJ'78K7'7=17'

WEMHJ'=198'FGJF>178J'1G'FG>;81K8'FG'JFLLF>MH7RT'#=8'L1>7'7=17'EGHR'7=8'HEW'<8;LE;I1G>8'8N<8>717FEG'>EGJF7FEG'

K88I8J'7E'=198'1G'8LL8>7'EG'7=8'<8;LE;I1G>8'78K7'K>E;8'>EMHJ'=198'>1MK8'7=FK'J;E<'FG'<8;LE;I1G>8U'1K'K>E;8 '

WEMHJ'=198'S88G'<MHH8J'JEWG'SM7'GE7'M<T'#=FK'WEMHJ'K88I'7E'KMPP8K7'7=17'K7MJ8G7K'FG'1'78K7'KF7M17FEG'WEMHJ '

K88I'7E'=198'1'SF1K'7EW1;JK'FG78;<;87FGP'FGLE;I17FEG'7=17'KMPP8K7K'7=8R'WFHH'LFGJ'F7'JFLLF>MH7T'#=8F;'<8;LE;I1G>8 '

1GNF87R'I1R'=198'8N1>8;S178J'SR'7=8'8N<HF>F7'K7178I8G7'7=17'7=8'K8>EGJ'78K7'W1K'OJ8KFPG8J'7E'78K7'=EW'W8HH'REM'

H81;G8J'7=8'FGLE;I17FEGO8

%7'=1K'S88G'KMPP8K78J'FG'7=8'K78;8E7R<8'7=;817'HF78;17M;8U'7=17'K78;8E7R<8'7=;817'FK'8LL8>7F98'SR'FG>;81KFGP'1;EMK1H '

1GJ 'J8<H87FGP '8N8>M7F98 ' ;8KEM;>8KU ' 7=MK ' FI<1>7FGP 'EG '<8;LE;I1G>8 '1GJ'1>=F898I8G7T '#=FK ' FK ' KM<<E;78J 'SR'

89FJ8G>8'7=17 'K78;8E7R<8'7=;817 ' H81JK ' 7E' FG>;81K8J'1;EMK1H 'X*8G\d889U 'c8FG'1GJ'%GmHF>=7U '?--[V '56*;F8G'1GJ'

&;1GJ1HHU'?--0Z'1GJ';8JM>8J'WE;YFGP'I8IE;R'>1<1>F7R'X2>=I1J8;'87'1HTU'?--_ZT'+N<8>717FEG'8LL8>7K'I1R'E<8;178'

SR'1'KFIFH1;'I8>=1GFKIU'KEI8=EW'FG>;81KFGP'1;EMK1H'7=17'H81JK'7E'J8>;8I8G7'FG'H81;GFGP'>1<1>F7R'E;'9F>8'98;K1T '

#=FK'I1R'1HKE'8N<H1FG'7=8'LFGJFGP'FG'7=8'>M;;8G7'K7MJR'7=17'EGHR'7=8'HEW'<8;LE;I1G>8'8N<8>717FEG'I1GF<MH17FEG '

K=EW8J '1 ' KFPGFLF>1G7 ' J;E< ' FG ' K>E;8 'EG ' 7=8 '<8;LE;I1G>8 ' 78K7U ' ;8P1;JH8KK 'EL ' R81; 'EL ' K7MJRU ' 1K 'S8FGP ' FG ' 7=8 '

<8;LE;I1G>8'KF7M17FEG'H8J'7E'1'SF1K'7EW1;JK'G8P17F98'FGLE;I17FEG';8P1;JFGP'<8;LE;I1G>8T'"H7=EMP='7=8'J;E<'FG'

H81;GFGP ' K>E;8 'W1K ' H8KK 'W=8G' K7MJ8G7K '=1J ' H81;G8J 'MGJ8; '=FP= '8N<8>717FEG '>EGJF7FEGKU ' KMPP8K7FGP ' 7=17 ' 7=8'

<EKF7F98'1;EMK1H'EL'=FP='H81;GFGP'8N<8>717FEGK'I1R'>EIS17'HEW'<8;LE;I1G>8'8N<8>717FEGKT'

-.---/01'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''?`

N/.)P3<3$&$3+,#

)GJ8;K71GJFGP'EL'=EW'7=8'8N<8>717FEG'8LL8>7'WE;Y8J'>EMHJ'=198'S88G'FI<;E98J'SR'8K71SHFK=FGPU'8F7=8;'7=;EMP='1 '

>EG7;EH 'P;EM<'E;'S1K8HFG8'>1H>MH17FEGU '=EW'L1; ' 7=8'8N<8>717FEG'8LL8>7 '=1J'IE98J'7=8'K>E;8'EL ' 7=8'R81; 'EG8 '

K7MJ8G7K'L;EI'7=8'198;1P8'K>E;8'LE;'7=8'<E<MH17FEGT'#=17'WEMHJ'=198';8981H8J'W=87=8;'SE7='7=8'=FP='1GJ'7=8'HEW'

H81;GFGP''8N<8>717FEG'I1GF<MH17FEG'=1J'=1J'1G'8LL8>7U'E;'KFI<HR'EG8'E;'7=8'E7=8;T'DF98G'7=17'F7'W1K'EGHR'7=8'HEW'

<8;LE;I1G>8'I1GF<MH17FEG'7=17'KFPGFLF>1G7HR'<MHH8J'7=8'K>E;8'JEWGU'F7 'FK'<EKKFSH8'7=17'EGHR'7=8'HEW'H81;GFGP '

8N<8>717FEG'=1J'7=8'8LL8>7'EL'HEW8;FGP'7=8'K>E;8'L;EI'7=8'<E<MH17FEG'I81GV'7=FK'>EMHJ'S8';8981H8J'WF7='LM;7=8; '

;8K81;>=' FG>HMJFGP'1 'S1K8HFG8'E; '>EG7;EHT 'eGEWH8JP8'EL ' 7=8'8LL8>7 'I1R'1HKE'S8' LM;7=8;8J'SR'MGJ8;K71GJFGP'

8N1>7HR'=EW'8N<8>717FEGK'FG78;L8;8'WF7='7=8'H81;GFGP'1GJ'<8;LE;I1G>8'<;E>8KK8KT'"H7=EMP='>EGLFJ8G>8';17FGPK'FG'

7=FK'K7MJR'W8;8'ELL8;8J'1K'1'<EKKFSH8'I8JF17FGP'L1>7E;U'7=E;EMP='I8JF17FEG1H'1G1HRKFKU 'KM>='1K'<17='1G1HRKFK '

X@1GJU'/.^.Z'1GJ';8P;8KKFEG'FG>HMJFGP'K898;1H'<EKKFSH8'I8JF17E;K'WEMHJ'PF98'1'IE;8'>EI<;8=8GKF98'<F>7M;8T'

"HKEU';8<817FGP'7=FK'K7MJR'MKFGP'1'IE;8'7=E;EMP='78K7'EL'H81;GFGP'1GJ'<8;LE;I1G>8U'1K'7=8'>M;;8G7'K7MJR'MK8J'1 '

S1GY'EL'EGHR'?A'7;M8'E;'L1HK8']M8K7FEGKU'W=F>='I1R'=198'1I<HFLF8J'7=8'JFLL8;8G>8K'S87W88G'KMSQ8>7KT '+1>= '

]M8K7FEG'W1K'WE;7='1<<;ENFI178HR'_r'EL'K7MJ8G7KO'7E71H'K>E;8'EG'7=17'78K7T':89FKFGP'1'IE;8'K8GKF7F98'78K7'WEMHJ'

H81J'7E'1'>H81;8;'<F>7M;8'EL'7=8'I1PGF7MJ8'EL'JFLL8;8G>8'7=17'I1R'S8'LEMGJT'

N/D)*+,'92#3+,#)&,1)O2%$;-%)L-#-&%';

#=FK '<1<8; 'ELL8;K '89FJ8G>8'EL '1 'S1KF> '8N<8>717FEG 'I8>=1GFKI'7=17 'I1R'MGJ8;<FG 'I1GR'EL ' 7=8 'W8HH\YGEWG'

7=8E;F8K'1GJ'8LL8>7K'FG'8JM>17FEG'HF78;17M;8U'SR'=FP=HFP=7FGP'7=8'<EKKFSFHF7R'7=17'K7MJ8G7'8N<8>717FEGK'1;8'<;EG8'7E'

I1GF<MH17FEGK ' 7=17 ' S;FGP 'EM7 ' JFLL8;8G>8K ' FG ' H81;GFGP ' 1GJ '<8;LE;I1G>8T '$17=8; ' 7=1G ' >EGJ8IGFGP ' 7=8 'I1QE; '

7=8E;F8K'1K'J8LMG>7';8\S;1GJFGP'EL'7=8'K1I8'8LL8>7U'7=FK'LFGJFGP'=FP=HFP=7K'7=8'FI<E;71G>8'EL'MGJ8;K71GJFGP'7=8 '

91;F8J ' LE;IK ' 7=17 ' 8N<8>717FEG ' 8LL8>7K ' >1G ' 71Y8 ' KE ' 7=17 ' 7=8F; ' J87;FI8G71H ' E; ' L1>FHF717F98 ' 8LL8>7K ' EG ' K7MJ8G7 '

1>=F898I8G7'I1R'S8'19EFJ8J'E;'8G>EM;1P8J'FG'LM7M;8T'%G'LM;7=8;';8K81;>=U'8I<=1KFK'K=EMHJ'S8'<H1>8J'M<EG'

MGJ8;K71GJFGP'7=8'FG7;FGKF>'L1>7E;K'7=17'91;R'7=8'K7MJ8G7KO'KMK>8<7FSFHF7R'7E'91;FEMK'8N<8>717FEG'8LL8>7KV'FG'7=FK '

K7MJR'F7'K88IK'7=17'H898H'EL'<;1>7FK8'E;'8N<8;F8G>8'1GJ'K8HL\;8PMH17E;R'<;E>8KK8K'=1J'1'<1;7'7E'<H1RT'"HKE'>;M>F1H'7E'

1'>EI<;8=8GKF98'<F>7M;8'EL'8N<8>717FEG'8LL8>7K'FK'MGJ8;K71GJFGP'7=8'HEGP89F7R'EL'81>='7R<8'EL'I1GF<MH17FEGT'2E'

L1;'FII8JF178'8LL8>7K'=198'P8G8;1HHR'S88G'K7MJF8J'SM7'7=8'78I<E;1H'8N78G7'EL'91;FEMK'FG78;98G7FEGK'G88JK'7E'S8'

I1<<8J'EM7T '#=17'W1RU 'JFK>E98;R'EL'7=8'E<7FI1H'FG78;98G7FEGK'7E'>EIS17'HEW'1GJ'SEHK78; '=FP='8N<8>717FEGK'

WEMHJ'I81G'7=8R'>EMHJ'S8';EHH8J'EM7'EG'1'WFJ8'K>1H8'7E'8G>EM;1P8'1G'8LL8>7F98'H81;GFGP'8G9F;EGI8G7T'

-.---/01'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''?_

!66-,135)!)T)45&<69-)+=)&)#-9=>%&$-1)'+,=31-,'-)<-&#2%-/

!66-,135)U)T):;-)!'&1-<3')@-9=>*+,'-6$)@'&9-)QV2-#$3+,#)NWXWY)Z)%-B-%#-1)#'+%3,HS

-.---/01'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''?.

-*.*/*01*+

"J1IKU'DTU'D1;>F1U'DT'!TU'3M;JF8\41MP=GKU'4TU'l'2788H8U'&T'!T'X?--^ZT'#=8'J87;FI8G71H'8LL8>7K'EL'1'KMPP8K7FEG '

EL'K8NFKI'FG'1G'FGK7;M>7FEG'KF7M17FEGT'T&;%1)'$&($7./#%,4#10)'$>&-,)'$J+8-"&'&28M$A<M$^-?f^/[T

";EGKEGU'oTU'c;F8JU'&T'*TU'l'DEEJU'&T'X?--?ZT'$8JM>FGP'7=8'8LL8>7K'EL'K78;8E7R<8'7=;817'EG'"L;F>1G'"I8;F>1G'

>EHH8P8'K7MJ8G7K'SR'K=1<FGP'7=8E;F8K'EL'FG78HHFP8G>8T 'T&;%1)'$&($7./#%,4#10)'$>&-,)'$J+8-"&'&28U '?UX?ZU'

//0\/?[T

*1GJM;1U'"T'X/.``ZT'>&-,)'$V#)%1,12$!"#&%8U'3;8G7F>8\C1HHU'+GPH8WEEJ'&HFLLKU'(o

*1GJM;1U'"T'X/..`ZT'>#'(97((,-)-8H$!"#$7.#%-,+#$&($F&10%&'U'c;88I1GU'(8W'BE;YT

*8G\d889U'#TU'c8FGU'2TU'l'%GmHF>=7U'!T'X?--[ZT'";EMK1H'1GJ'K78;8E7R<8'7=;817T 'T&;%1)'$&($7./#%,4#10)'$>&-,)' $

J+8-"&'&28U'A6X?ZU'/À\/_

*H1>YW8HHU ' @T ' 2TU '#;m8KGF8WKYFU 'eT 'CTU 'l ':W8>YU '&T ' 2T ' X?--`ZT '%I<HF>F7 ' 7=8E;F8K ' EL ' FG78HHFP8G>8 ' <;8JF>7'

1>=F898I8G7'1>;EKK'1G'1JEH8K>8G7'7;1GKF7FEG,'"'HEGPF7MJFG1H'K7MJR'1GJ'1G'FG78;98G7FEGT'F",'3$3#:#'&/4#10U'

WUX/ZU'?A^\?^0T

*HEEIU'*T'2T'X/.^_ZT'@81;GFGP'LE;'I1K78;RT'

*EGPU'!TU'l'&H1;YU'$T'+T'X/...ZT'&EI<1;FKEG'S87W88G'K8HL\>EG>8<7'1GJ'K8HL\8LLF>1>R'FG'1>1J8IF>'IE7F917FEG'

;8K81;>=T'+JM>17FEG1H'3KR>=EHEPFK7U'0AX0ZU'/0.f/[0T

*EGPU'!TU'l'2Y11H9FYU'+T'!T'X?--0ZT'">1J8IF>'K8HL\>EG>8<7'1GJ'K8HL\8LLF>1>R,'CEW'JFLL8;8G7'1;8'7=8R';81HHRbT'

73;-)0,&1)'$J+8-"&'&28$X#:,#EU'6BX/ZU'/\A-T'

&1JFGMU'!TU'!11KKU'"TU'c;FP8;FEU'2TU'%I<1PHF1mmEU'@TU'l'@17FGE77FU'2T'X?--0ZT '278;8E7R<8'7=;817,'#=8'8LL8>7'EL'

8N<8>71G>R'EG'<8;LE;I1G>8T'7;%&/#)1$T&;%1)'$&($>&-,)'$J+8-"&'&28U'??X?ZU'?^`\?_[T

:F8G8;U'&T'@U'l':W8>YU'&T'2T'X/.`_ZT'"G'1G1HRKFK'EL'H81;G8J'=8H<H8KKG8KK,'&EG7FGMEMK'>=1GP8K'FG'<8;LE;I1G>8U'

K7;178PRU'1GJ'1>=F898I8G7'>EPGF7FEGK'LEHHEWFGP'L1FHM;8T 'T&;%1)'$&($J#%+&1)',08$)13$>&-,)'$J+8-"&'&28M $

?CMA[/\A^?T

:F8G8;U '&T '@U 'l':W8>YU '&T '2T 'X/.`_ZT '"G'1G1HRKFK 'EL ' H81;G8J'=8H<H8KKG8KK, ' %%T '#=8'<;E>8KKFGP'EL 'KM>>8KKT '

T&;%1)'$&($J#%+&1)',08$)13$>&-,)'$J+8-"&'&28M$?YM$.A-\.[?T

:8GFKK8GU'oT'oT'"TU'd1;;877U'(T'$TU'l'+>>H8KU'oT'2T'X?--`ZT'%'HFY8'7E'JE'F7U'%6I'1SH8U'1GJ'%'YGEW'%'1I,'@EGPF7MJFG1H '

>EM<HFGPK'S87W88G'JEI1FG'K<8>FLF>'1>=F898I8G7T 'X+JKTZ'l'(T'+FK8GS8;P'X4EHT'+JTZU 'G)13*&&K$&($F",'3 $

J+8-"&'&28H$Z&'5$?5$>&-,)'M$74&0,&1)'M$)13$J#%+&1)',08$I#:#'&/4#10$X^7='8JTU'<<T'.00f/--?ZT'(8W'BE;Y,'

aFH8RToEM;G1H'EL'"<<HF8J'3KR>=EHEPRU'__U'_`f..T

:M<8R;17U'&TU'l'!1;FGpU'&T'X?--[ZT'%I<HF>F7'7=8E;F8K'EL'FG78HHFP8G>8U'PE1H'E;F8G717FEGU'>EPGF7F98'8GP1P8I8G7U'1GJ'

1>=F898I8G7, '"' 78K7 ' EL ':W8>Y6K 'IEJ8H 'WF7= ' ;87M;GFGP ' 7E ' K>=EEH ' 1JMH7KT 'F&10#4/&%)%8 $73;-)0,&1)' $

J+8-"&'&28U'?[X/ZU'A0\[.T

:M;FYU'"T'!TU'4FJ1U'!TU'l'+>>H8KU'oT'2T'X?--^ZT'#1KY'91HM8K'1GJ'1SFHF7R'S8HF8LK'1K'<;8JF>7E;K'EL'=FP='K>=EEH '

HF78;1>R'>=EF>8K,'"'J898HE<I8G71H'1G1HRKFKT'T&;%1)'$&($73;-)0,&1)'$J+8-"&'&28U'YUX?ZU'0_?T'

:W8>YU '&T ' 2T ' X/...ZT '28HL\7=8E;F8K, '#=8F; ' ;EH8 ' FG 'IE7F917FEGU ' <8;KEG1HF7RU ' 1GJ ' J898HE<I8G7T '3=FH1J8H<=F1,'

3KR>=EHEPR'3;8KKU'#1RHE;'l'c;1G>FK'D;EM<T

+HHFE77U ' +T ' 2TU 'l ':W8>YU ' &T ' 2T ' X/.__ZT 'DE1HK, '"G ' 1<<;E1>= ' 7E 'IE7F917FEG ' 1GJ ' 1>=F898I8G7T 'T&;%1)' $ &( $

/#%+&1)',08$)13$+&-,)'$/+8-"&'&28U'BAX/ZU'[T

DEEJU '&TU '";EGKEGU ' oTU 'l ' %GmHF>=7U '!T ' X?--0ZT ' %I<;E9FGP ' 1JEH8K>8G7KO ' K71GJ1;JFm8J ' 78K7 ' <8;LE;I1G>8, '"G'

FG78;98G7FEG'7E';8JM>8'7=8'8LL8>7K'EL'K78;8E7R<8'7=;817T 'T&;%1)'$&($=//',#3$I#:#'&/4#10)'$J+8-"&'&28U'

<AX^ZU'Â[\^^?T

D;88G8U '*T '"TU 'l'!FHH8;U '$T '*T 'X/..^ZT ' %GLHM8G>8K'EG'1>=F898I8G7, 'DE1HKU '<8;>8F98J'1SFHF7RU '1GJ'>EPGF7F98 '

8GP1P8I8G7T'F&10#4/&%)%8$73;-)0,&1)'$J+8-"&'&28O$F&10#4/&%)%8$73;-)0,&1)'$J+8-"&'&28T'

D;FIIU'@T'$TU'!1;YI1GU'"T'*TU'!1JJENU'aT'#TU'l'*1HJWFGU'DT'&T'X?--.ZT'278;8E7R<8'7=;817'FG78;<;878J'1K '

;8PMH17E;R'IFKI17>=T'T&;%1)'$&($J#%+&1)',08$)13$>&-,)'$J+8-"&'&28M$YCM$?__f0-A

CFPPFGKU'+T'#T'X/.._ZT'3;EIE7FEG'1GJ'<;898G7FEG,'$8PMH17E;R'LE>MK'1K'1'IE7F917FEG1H'<;FG>F<H8T'%G'!T3T'd1GG1'

X+JTZU'=3:)1-#+$,1$#./#%,4#10)'$+&-,)'$/+8-"&'&28'X4EHT0-U'<<T/fA^ZT'21G':F8PEU'&",'">1J8IF>'3;8KKT

CEGPU'BTU'&=FMU'&TU':W8>YU'&T2T'X/..[Z'%I<HF>F7'7=8E;F8K'EL'FG78HHFP8G>8,'$8>EGKFJ8;FGP'7=8';EH8'EL'>EGLFJ8G>8'FG'

1>=F898I8G7'IE7F917FEG'!TCT'e8;GFK'X+JTZU'+LLF>1>RU'1P8G>RU'1GJ'K8HL\8K788IU'3H8GMI'3;8KKU'(8W'BE;YU '

<<T'/.`f?/^

%GmHF>=7U'!TU'l'2>=I1J8;U'#T'X?-//ZT'>0#%#&08/#$!"%#)0H$!"#&%8M$J%&-#++M$)13$=//',-)0,&1H$!"#&%8M$J%&-#++M$)13 $

=//',-)0,&1T'5NLE;J')GF98;KF7R'3;8KKU')2"T

oE=GKU'!TU'%GmHF>=7U'!TU'l'2>=I1J8;U'#T'X?--_ZT'278;8E7R<8'7=;817'1GJ'8N8>M7F98';8KEM;>8'J8<H87FEG,'+N1IFGFGP'

7=8'FGLHM8G>8'EL'8IE7FEG';8PMH17FEGT'T&;%1)'$&($7./#%,4#10)'$J+8-"&'&28H$\#1#%)'M$6?WM$^./f`-[T

oMKKFIU'@TU'l'C1;S8;U'eT':T'X?--[ZT'#81>=8;'8N<8>717FEGK'1GJ'K8HL\LMHLFHHFGP'<;E<=8>F8K,'eGEWGK'1GJ'MGYGEWGKU '

;8KEH98J'1GJ'MG;8KEH98J'>EG7;E98;KF8KT'J#%+&1)',08$)13$>&-,)'$J+8-"&'&28$X#:,#EU'YX?ZU'/0/\/[[T'

e8HH8;U'oTU'l'*H8KKU'CT'X?--_ZT'a=8G'<EKF7F98'1GJ'G8P17F98'8N<8>71G>F8K'JFK;M<7'<8;LE;I1G>8,'$8PMH17E;R'LE>MK'

1K ' 1 ' >171HRK7T '7;%&/#)1 $ T&;%1)' $ &( $ >&-,)' $ J+8-"&'&28U '?UX?ZU ' /_`\?/?T ' f ' 898G ' >1HH8J ' F7 ' K78;8E7R<8'

8N<8>71G>F8KT

eEI1;;1QMU'!TU'l'(1JH8;U':T'X?-/0ZT'28HL\8LLF>1>R'1GJ'1>1J8IF>'1>=F898I8G7,'a=R'JE'FI<HF>F7'S8HF8LKU'PE1HK '

1GJ ' 8LLE;7 ' ;8PMH17FEG ' I1778;b 'V#)%1,12 $ )13 $ ]13,:,3;)' $ I,((#%#1-#+M $

=77<,qqJNTJEFTE;Pq/-T/-/^qQTHFGJFLT?-/0T-/T--[$

eE;GFHE91U '#T '4TU 'eE;GFHE9U '2T '"TU 'l'&=MI1YE91U '!T'"T 'X?--.ZT '2MSQ8>7F98'891HM17FEGK'EL ' FG78HHFP8G>8'1GJ'

1>1J8IF> ' K8HL\>EG>8<7 '<;8JF>7 ' 1>1J8IF> ' 1>=F898I8G7, '+9FJ8G>8 ' L;EI'1 ' K8H8>7F98 ' K7MJ8G7 ' <E<MH17FEGT'

V#)%1,12$)13$]13,:,3;)'$I,((#%#1-#+U'6YXAZU'[.^\^-_T

@1GJU'eT'&T'X/.^.ZT'3;FG>F<H8K'EL'<17='1G1HRKFKT'>&-,&'&2,-)'$4#0"&3&'&28U'0\0`T'

@89RU'*T'X/..^ZT'%I<;E9FGP'I8IE;R'FG'EHJ'1P8'7=;EMP='FI<HF>F7'K8HL\K78;8E7R<FGPT 'T&;%1)'$&($J#%+&1)',08$)13 $

>&-,)'$J+8-"&'&28U'`/U'/-.?f//-`

!1;K=U'CT'aTU'#;1M7W8FGU')TU'@hJ7Y8U'5TU'eiHH8;U'5TU'l'*1MI8;7U'oT'X?--[ZT'">1J8IF>'K8HL\>EG>8<7U'FG78;8K7U '

P;1J8KU'1GJ'K71GJ1;JFm8J'78K7'K>E;8K,'$8>F<;E>1H'8LL8>7K'IEJ8HK'EL'>1MK1H'E;J8;FGPT 'F",'3$I#:#'&/4#10U'

`Û'0.`fA/^

!1;7EGT'cTU'21HQEU'$T'X/.`^Z'5G']M1HF717F98'JFLL8;8G>8K'FG'H81;GFGP,'5M7>EI8'1GJ'<;E>8KKT '^%,0,+"$T&;%1)'$&( $

73;-)0,&1)'$J+8-"&'&28M'AÛ'Af//

!M8HH8;U '&T '!TU 'l ':W8>YU '&T '2T ' X/.._ZT '3;1FK8 ' LE; ' FG78HHFP8G>8 ' >1G 'MGJ8;IFG8 ' >=FHJ;8GOK 'IE7F917FEG ' 1GJ '

<8;LE;I1G>8T'T&;%1)'$&($/#%+&1)',08$)13$+&-,)'$/+8-"&'&28U'WBX/ZU'00T

56*;F8GU'@T'#TU'l'&;1GJ1HHU'&T'2T'X?--0ZT'278;8E7R<8'7=;817'1GJ'1;EMK1H,'+LL8>7K'EG'WEI8G6K'I17='<8;LE;I1G>8T '

J#%+&1)',08$)13$>&-,)'$J+8-"&'&28$^;''#0,1M$<YM$`_?f`_.T

http://dx.doi.org/10.1016/j.lindif.2013.01.005

3FG7;F>=U'3T'$TU'l'2>=MGYU':T'CT'X?--?ZT'@&0,:)0,&1$,1$#3;-)0,&1H$!"#&%8M$%#+#)%-"M$)13$)//',-)0,&1+'X?GJ'8JTZT'

)<<8;'21JJH8'$F98;U'(o,'3;8G7F>8

$EK8G7=1HU'$TU'l'o1>ESKEGU'@T'X/.^_ZT'3RPI1HFEG'FG'7=8'>H1KK;EEIT'!"#$_%*)1$X#:,#EU'?X/ZU'/^\?-T''

$RJ8HHU '$T 'oTU '$RJ8HHU '!T'#TU 'l'*EM>=8;U 'eT'@T 'X?-/-ZT '#=8'8LL8>7 'EL 'G8P17F98'<8;LE;I1G>8'K78;8E7R<8K 'EG '

H81;GFGPT'T&;%1)'$&($/#%+&1)',08$)13$+&-,)'$/+8-"&'&28U'YYX^ZU'__0T

2=8HHU':T'cTU'!M;<=RU'&T'&TU'l'*;MGFGPU'$T'CT'X/._.ZT'28HL\8Ly>1>R'1GJ'EM7>EI8'8N<8>71G>R'I8>=1GFKIK'FG '

;81JFGP'1GJ'W;F7FGP'1>=F898I8G7T'T&;%1)'$&($73;-)0,&1)'$J+8-"&'&28U'_/U'./f/--T

2>=MGYU':TCT'l'31Q1;8KU'cT'X?--.ZT'28HL\8LLF>1>R'7=8E;RT''%G'eT$T'a8G7m8H'l'"T'aFPLF8HJ'X+JKTZU'G)13*&&K$&( $

4&0,:)0,&1$)0$+-"&&'$X<<T'0[\[/ZT'$EM7H8JP8,'(8W'BE;Y

2>=I1J8;U'#TU'oE=GKU'!TU'l'cE;S8KU'&T'X?--_ZT'"G'FG78P;178J'<;E>8KK'IEJ8H'EL'K78;8E7R<8'7=;817'EG'<8;LE;I1G>8T '

J+8-"&'&2,-)'$X#:,#EM$66BM$00^f0[^T

2=F=U'!TU'"IS1JRU'(TU'$F>=8KEGU'oT'"TU'cMQF71U'eTU'l'D;1RU'CT'!T'X?--?ZT'278;8E7R<8'<8;LE;I1G>8'SEEK7K,'7=8'

FI<1>7 'EL ' K8HL\;8H891G>8 '1GJ' 7=8 'I1GG8; 'EL ' K78;8E7R<8 '1>7F917FEGT 'T&;%1)' $&( $/#%+&1)',08 $)13$ +&-,)' $

/+8-"&'&28U'U?X0ZU'^0_T

2<8G>8;U'2T'oTU'2788H8U'&T'!TU'l'nMFGGU':T'!T'X/...ZT'278;8E7R<8'7=;817'1GJ'WEI8GOK'I17='<8;LE;I1G>8T'T&;%1)' $

&($7./#%,4#10)'$>&-,)'$J+8-"&'&28U'?BX/ZU'A\?_T

271GPE;U'&TU'&1;;U'&TU'l'eF1GPU'@T'X/.._ZT'">7F917FGP'K78;8E7R<8K'MGJ8;IFG8K'71KY'<8;LE;I1G>8'8N<8>717FEGKT'

T&;%1)'$&($J#%+&1)',08$)13$>&-,)'$J+8-"&'&28UWBX[ZU'//./T

2788H8U'&T'!T'X/..`ZT'"'7=;817'FG'7=8'1F;,'CEW'K78;8E7R<8K'K=1<8'FG78HH8>7M1H'FJ8G7F7R'1GJ'<8;LE;I1G>8T'=4#%,-)1$

J+8-"&'&2,+0UB<X^ZU'^/0T'

2788H8U ' &T '!TU 'l '";EGKEGU ' oT ' X/..[ZT ' 278;8E7R<8 ' 7=;817 ' 1GJ ' 7=8 ' FG78HH8>7M1H ' 78K7 ' <8;LE;I1G>8 ' EL '"L;F>1G'

"I8;F>1GKT'T&;%1)'$&($J#%+&1)',08$)13$>&-,)'$J+8-"&'&28U'CYX[ZU'`.`'

#1RHE;U'4T'oTU'l'a1H7EGU'DT'!T'X?-//ZT'278;8E7R<8'7=;817'MGJ8;IFG8K'1>1J8IF>'H81;GFGPT'J#%+&1)',08$)13$>&-,)' $

J+8-"&'&28$^;''#0,1U'?WX_ZU'/-[[\/-^`T'

a1H7EGU'DT'!TU'l'&E=8GU'DT'@T'X?--0ZT'278;8E7R<8'HFL7T'T&;%1)'$&($7./#%,4#10)'$>&-,)'$J+8-"&'&28U'?YX[ZU'A[^\

A^`T'

aFPLF8HJU'"TU'#EGYKU'2TU'l'eH1MJ1U'2T@T'X?--.ZT'+N<8>71G>R\91HM8'7=8E;RT'%G'eT$T'a8G7m8H'l'"T'aFPLF8HJ'X+JKTZU'

G)13*&&K$&($4&0,:)0,&1$)0$+-"&&'$X<<T'[[f`^ZT'$EM7H8JP8,'(8W'BE;Y

aFPLF8HJU '"T ' l ' +>>H8KU ' oT2T ' X?---ZT ' +N<8>71G>R\91HM8 ' 7=8E;R ' EL ' IE7F917FEGT 'F&10#4/&%)%8 $ 73;-)0,&1)' $

J+8-"&'&28M$?[U'^_'f'_T

aFPLF8HJU '"TU '+>>H8KU 'oT2TU '2>=F8L8H8U ')TU '$E8K8;U '$TaTU 'l'e81GU '3T:T 'X?--^ZT ':898HE<I8G7'EL '1>=F898I8G7'

IE7F917FEGT'%G'aT':1IEG'l'$T!T'@8;G8;'X28;F8K'+JKTZ'l'(T'+FK8GS8;P'X4EHMI8'+JTZU'G)13*&&K$&($F",'3 $

J+8-"&'&28M$C0"$73,0,&1M$Z&'5$?M$>&-,)'M$74&0,&1)'$)13$J#%+&1)',08$I#:#'&/4#17'X<<T'.00\/--?ZT'(8W'

BE;Y,'aFH8RT

dFII8;I1GU ' *ToTU ' l ' 2>=MGYU ' :TCT ' X+JKTZT ' X?--/ZT '>#'(9%#2;')0#3 $ '#)%1,12 $ )13 $ )-)3#4,- $ )-",#:#4#10H $

!"#&%#0,-)'$/#%+/#-0,:#+'X?GJ'8JTZT'!1=W1=U'(o,''+;HS1MIT

Documents

0)0,&1$#((#-0$,1$'#)%1,12$)13$/#%(&%4)1-#$)13$,0+$steve/localed/docs/RonaA.pdf · ./)0,$%+12'$3+, tttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttt