Ad Strategy - the YMCA

!"#$%&'(')*+,&%-&$*.+/%$0-%$"+1.2+,0-3$+!*$)3.+4-.+5677+

!

8-19$+:;+<:)&$)&(+

=>+=)&%:"?3&':) >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> @+

==>+/%:19$A+B$;')'&':) >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> C+!

"#!$%&'(!&)*!+(%,(-./01####################################################################################################################### 2!3#!"*4(-50.0)'!6,7(8504(########################################################################################################################### 2!

!

===>+8D$+<%$-&'#$+/9-&;:%A>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> E+!

"#!9/(!:+;"!6-'&)0<&50=)####################################################################################################################### >!!!!!!?0.5=-@ ################################################################################################################################################# >!!!!!!"-(&.!=A!B=8C. ##################################################################################################################################### >!!

3#!:+;"!D&)!B-&)80.8=############################################################################################################################# E!!!!!!B&85. #################################################################################################################################################### E!

!!!!!+(%,(-./01!B((.################################################################################################################################ F!

!!!!!!!!!G(-8(150=).!=A!5/(!:+;"!=A!D&)!B-&)80.8= ######################################################################################## HI!!

;#!9/(!9&-'(5!"C*0()8(########################################################################################################################## HJ!!!!!!K()(-&50=)!L ##################################################################################################################################### HJ!!!!!!+=5/(-.!0)!5/(!M#D# ########################################################################################################################### HJ!!!!!!+=5/(-.!0)!5/(!3&@!"-(& ################################################################################################################### HN!!!!!!D0)'O(!+=5/(-. ################################################################################################################################## H2!!!!!!G-=A0O(!=A!5/(!9@108&O!9&-'(5!$)*040*C&O############################################################################################## H>!!

P#!9/(!;=%1(5050=)################################################################################################################################ H>!!!!!!G-080)'################################################################################################################################################ HE!

!

Q#!9/(!+=.5!;=%1(OO0)'!3()(A05############################################################################################################# HR!!

B#!S/@!D/=CO*!9/(@!3(O0(4(!9/0.T########################################################################################################## HR!!!!!!$)*040*C&O. ######################################################################################################################################### HR!!!!!!B&%0O0(. ############################################################################################################################################# HR!!!!!!;=%%C)050(. ##################################################################################################################################### HR!!

K#!9=)(################################################################################################################################################### HR!

!

=F>+8D$+<%$-&'#$+G%'$;>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> 56+

F>+H$;$%$)3$( >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> 55+

F=>+!00$)"'3$(>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> 5I+!

H#!$)050&O!DC-4(@ ###################################################################################################################################### JU!J#!$)5(-40(V!WC(.50=).!A=-!+(%,(-.!&)*!X=)Y+(%,(-.###################################################################### JF!

!

! N!

=>+=)&%:"?3&':)+!

9/0.! -(1=-5!V0OO!&)&O@<(! 5/(!:+;"!=-'&)0<&50=)!&.!V(OO!&.! 5/(! 5&-'(5!&C*0()8(! 0)!=-*(-! 5=!*(4(O=1! 5/(!

&11-=1-0&5(!1=.050=)0)'!&)*!%(..&'0)'!A=-!&!AC5C-(!&*4(-50.0)'!8&%1&0')#!9/(!-(.(&-8/!0)!5/0.!-(1=-5!V0OO!

O&@!5/(!'-=C)*V=-Z!A=-!5/(!*(4(O=1%()5!=A!&!;-(&504(!3-0(A!5/&5!V0OO!.(-4(!&.!5/(!A=C)*&50=)!5=!0).10-(!

5/(!8-(&504(!5(&%!5=!'()(-&5(!&*4(-50.(%()5.#!$5!V0OO!1-=40*(!&!,(55(-!C)*(-.5&)*0)'!=A!5/(!:+;"[!5/(!

:+;"!=A!D&)!B-&)80.8=!&)*!5/(!5&-'(5!&C*0()8(#!!!!!

!

$)! 1-(1&-0)'! 5/0.! -(1=-5[! .(8=)*&-@! -(.(&-8/! /&.! ,(()! 8=)*C85(*! 5/-=C'/! .(4(-&O! &-508O(.[! V(,.05(.[!

,O='.[!-(40(V.!(58#!$)A=-%&50=)!V&.!'&0)(*!A-=%!V(OOYZ)=V)!.=C-8(.!.C8/!&.!!"#$[!%&'()*$[!+),-"./*0.'

10,*[! &)*! 5/(! :+;"\.! 8=-1=-&5(! V(,.05(#! G-0%&-@! -(.(&-8/! V&.! '&5/(-(*! A-=%! &)! =)O0)(! .C-4(@! &)*!

5/-=C'/!0)5(-40(V.!A-=%!4&-0=C.!.1=5.!5/-=C'/=C5!5/(!3&@!"-(&#!!

+

! 2!

==>+/%:19$A+B$;')'&':)+

!>+=A-*$+-)"+4$A1$%(D'0+

+

$)!JIHI! 5/(!:+;"! -(405&O0<(*! 05.!,-&)*! 5=! ./=V! 5/&5! 5/(!=-'&)0<&50=)!=AA(-.!%=-(! 5/&)! 7C.5! .V0%!&)*!

'@%!A&80O050(.#!")=5/(-!=C58=%(!=A!5/(!-(8()5!-(,-&)*0)'!V&.!5/(!&*=150=)!=A!]5/(!:^!&.!&!-(1O&8(%()5!

A=-!5/(!%=-(!A=-%&O!:+;"!)&%(#!P(.105(!(AA=-5.!5=!-(4&%1!5/(!,-&)*[!1(=1O(!=A5()!.50OO!1(-8(04(!5/(!:!

&.!&!.V0%!&)*!'@%!&)*!&-(!C)&V&-(!=A!&OO!05.!1-='-&%.!5/&5!1-=%=5(!@=C5/!*(4(O=1%()5[!/(&O5/@!O040)'[!

&)*!.=80&O!-(.1=).0,0O05@_!&.!V(OO!&.!5/(!A&85!5/&5!5/(!:!&85C&OO@!0.!&!8&C.(!*-04()!=-'&)0<&50=)#!"O5/=C'/!

5/(! :! V&)5.! 5=! ,(! .(()! &.! %=-(! 5/&)! &! .V0%! &)*! '@%[! 05! 0.! .50OO! )(8(..&-@! 5=! ,-0)'! 0)! %=-(! 1&@0)'!

%(%,(-.!5=!5/(!'@%!.(85=-!=A!5/(!=-'&)0<&50=)!.0)8(!5/(!:!0.!A&80)'!8=%1(5050=)!&)*!5/(!A&85!5/&5!1&@0)'!

%(%,(-.! 8-(&5(! 5/(! -(4()C(! .5-(&%! A=-! 5/(! :\.! '@%! A&80O050(.#! $5! 0.! 0%1=-5&)5! 5=!%&Z(! .C-(! 5/&5! )(V!

%(%,(-.!Z((1!7=0)0)'!5/(!:#!!!!

G>+!"#$%&'(')*+J1K$3&'#$++

+

9/(! 1-0%&-@! '=&O! =A! =C-! 8&%1&0')! 0.! 5=! 0)8-(&.(!%(%,(-./01[! &.!%(&.C-(*! ,@! 0)8-(&.(*!V(,! 5-&AA08[!

,-&)8/!5=C-.!&)*!1/=)(!0)`C0-0(.!5=!5/(!:#!D(8=)*O@_!V(!&-(!.((Z0)'!5=!0)8-(&.(!&V&-()(..!=A!5/(!:!&.!&!

8&C.(Y*-04()!=-'&)0<&50=)[!)=5!7C.5!&!.V0%!&)*!'@%!&.!5/(!8C--()5!1(-8(150=)!=A!5/(!5&-'(5!&C*0()8(#!

+

+

! >!

===>+8D$+<%$-&'#$+/9-&;:%A+

!>+8D$+L4<!+J%*-)'M-&':)+++

?0.5=-@!HF5/!8()5C-@!a=)*=)!V&.!&!8/&=508!1O&8(!5=!V/08/!%&)@!1(=1O(!%=4(*!A-=%!5/(!8=C)[email protected]*(!0)!.(&-8/!=A!

7=,.!0)!A&85=-0(.#H!$)!HR22[!K(=-'(!S0OO0&%.!A=C)*(*!5/(!A0-.5!:=C)'!+()\.!;/-0.50&)!"..=80&50=)!b:+;"c!

V/(-(!@=C)'!%()!8=CO*!8=%(!5='(5/(-! A=-!30,O(! .5C*@!&)*! 5=! A0)*!1(&8(#!"5! 5/(! 50%([! 5/(! 0*(&!=A!&)!

=-'&)0<&50=)!V/(-(!%()!A-=%!*0AA(-()5!.=80&O!8O&..(.!8=CO*!'&5/(-!&)*!/&4(!5/(0-!.=80&O!)((*.!%(5!0)!&!

8/&)'0)'! 8=%%C)05@! V&.! )(V#! d(50-(*! .(&! 8&15&0)! 9=%&.! e&O()50)(! DCOO04&)! .&V! 5/(! .&%(! )((*! 0)!

.&0O=-.!&)*!%(-8/&)5.! 0)!3=.5=)!&)*!8-(&5(*!5/(!A0-.5!M#D#!:+;"!5/(-(! 0)!HR>H!&.!&!]/=%(!&V&@!A-=%!

/=%(#^! 9/(!=-'&)0<&50=)! '-(V! O&-'(-! &)*! 8&%(! 5=! 0)8OC*(!1-='-&%.! .C8/! &.! &8504050(.!V(O8=%0)'! &)*!

()'&'0)'!0%%0'-&)5.[!QDa!8O&..(.[!/=C.0)'[!'@%.[!8&%10)'[!4=8&50=)&O!5-&0)0)'#!+&)@!=A!5/(.(!&8504050(.!

.50OO! &-(! 5&Z0)'! 1O&8(! &5! :+;"! A&80O050(.! 5=*&@#! :+;"! O(&*(-.! &O.=! 0)4()5(*! .1=-5.! .C8/! &.! 4=OO(@,&OO[!

-&8`C(5,&OO[! &)*! ,&.Z(5,&OO#! $)! 5/(! (&-O@! HFII.[! 5/(! :+;"! &O.=! .5&-5(*! 5/(0-! 1&-()5Y8/0O*! 1-='-&%.! 5=!

A=.5(-! A&%0O@! -(O&50=)./01.#! PC-0)'! V&-.[! 5/(! :+;"! /&.! =A5()! 1-=40*(*! /(O1! A=-! 5/=.(! 0)! )((*#! B=-!

(f&%1O([!*C-0)'!S=-O*!S&-!$[!5/(!:+;"!/(O1(*!V05/!%=-&O(!&)*!V(OA&-(!.(-408(.!A=-!5/(!%0O05&-@!&)*!0)!

S=-O*!S&-! $$! 5/(!=-'&)0<&50=)! .(8-(5O@!V=-Z(*! 0).0*(!M#D#! 0)5(-)%()5! 8&%1.! A=-! g&1&)(.(!"%(-08&).#!

9/(!=-'&)0<&50=)!0.!.50OO!=AA(-0)'!5/(!.&%(!.(-408(!5=*&@!&.!05!*0*!V/()!05!V&.!A=C)*(*!0)!HR22h!.C11=-5!5=!

1(=1O(! 0)!)((*! -('&-*O(..!=A!V/(5/(-! 5/(@!)((*! 5=! O(&-)!Q)'O0./!&)*!=,5&0)! 7=,! 5-&0)0)'[!=-! A0)*!&A5(-!

.8/==O!1-='-&%.!A=-!8/0O*-()[!=-!.0%1O@!)((*!&!'@%!5=!'=!5=#!9/(!:+;"!/&.!&OV&@.!=AA(-(*!&!1O&8(!A=-!

1(=1O(!&)*!A&%0O0(.!A-=%!*0AA(-()5!,&8Z'-=C)*.!5=!8=%(!5='(5/(-[!1-=40*(!/(O1!A=-!5/=.(!0)!)((*[!=-!7C.5!

5=!%((5!A-0()*.!=-!(f(-80.(#!9/(!=-'&)0<&50=)!0.!'C0*(*!,@!A=C-!8=-(!4&OC(.h!8&-0)'[!/=)(.5@[!-(.1(85[!&)*!

-(.1=).0,0O05@#J!9/(!:\.!%0..0=)!0.!5=!C.(!5/(0-!O=8&O!1-(.()8(!&)*!&!'O=,&O!-(&8/!5=!,-0)'!1(=1O(!5='(5/(-#!

9/(@! ,(O0(4(! 5/&5! (4(-@=)(! ./=CO*! /&4(! 5/(! =11=-5C)05@! 5=! O(&-)[! '-=V!&)*! 5/-04(#N! 9=*&@! 5/(! :+;"!

.(-4(.!%=-(!5/&)!2>!%0OO0=)!1(=1O(! 0)!HJ2!8=C)5-0(.#2!BC-5/(-%=-([! 0)!5/(!M#D#!&O=)([!5/(!=-'&)0<&50=)!

]()'&'(.!F!%0OO0=)!@=C5/!&)*!HJ!%0OO0=)!&*CO5.!0)!HI[III!8=%%C)050(.!&8-=..!5/(!M#D^!V05/!&,=C5!JI[III!

ACOO50%(! .5&AA! &)*! >II[III! 4=OC)5((-.#! 9/0.! %&Z(.! 5/(! :+;"! 5/(! ])&50=)\.! O(&*0)'! )=)Y1-=A05!

=-'&)0<&50=)!A=-!@=C5/!*(4(O=1%()5[!/(&O5/@!O040)'[!&)*!.=80&O!-(.1=).0,0O05@#^! $)!5/(!(&-O@!JH.5!8()5C-@[!

5/(!:+;"!A=8C.(.!=)!5/-((!&-(&.!5/&5!-(AO(85!5/(!50%(!V(!O04(!0)h!@=C5/!*(4(O=1%()5[!/(&O5/@!O040)'[!&)*!

.=80&O!-(.1=).0,0O05@!0)!=-*(-!5=!](%1=V(-!1(=1O(!5=!,(!/(&O5/0(-!0)!.10-05[!%0)*[!&)*!,=*@#^>!!

"-(&.!=A!B=8C.!

L:?&D+B$#$9:0A$)&+]XC-5C-0)'!5/(!1=5()50&O!=A!(4(-@!8/0O*!&)*!5(()#^U!

!

9=! /(O1! 8/0O*-()! &)*! 5(().! -(8(04(! &! ,(55(-! .5&-5! 0)! O0A([! 5/(! :+;"! 5&Z(.! '-(&5! 0)5(-(.5! 0)! (*C8&50)'!

@=C)'! 1(=1O(\.! 4&OC(.! &)*! 1=.0504(! ,(/&40=-.[! &..0.50)'! 5/(%! 5=! (f1O=-(! 5/(0-! C)0`C(! 5&O()5.! &)*!

0)5(-(.5.[!&)*!/(O10)'!5/(%!-(&O0<(! 5/(0-!1=5()50&O#!9=*&@\.! A&%0O0(.! A&8(!%&)@!*(%&)*.!&)*!&-(!=A5()!

-(`C0-(*!5=!/&4(!,=5/!1&-()5.!V=-Z0)'!5=!%&Z(!()*.!%((5#!+&)@!&*CO5.!&-(!&O.=!.0)'O(!1&-()5.[!V/08/!

&O.=!%&Z(.!05!%=-(!*0AA08CO5!5=!-&0.(!&!8/0O*#! $)!-(8()5!@(&-.[!>>!1(-8()5!=A!M#D#!A0-.5Y50%(!%=5/(-.!/&4(!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !H!:+;"#!!-$'2345'".'*-$'6."*$7'%*)*$,#!J!:+;"#!89/).":)*"0.);'190<";$#!N!:+;"#!5=0>*'6,!!2!:+;"#!89/).":)*"0.);'190<";$#!>!:+;"#!8>9'&0?>,@!!!U!:+;"#!20>*-'A$B$;0C#$.*#

! U!

-(5C-)(*!5=!V=-Z!,@!5/(!.0f5/!%=)5/!&A5(-!5/(@!/&4(!'04()!,0-5/[!4(-.C.!H2!1(-8()5!0)!5/(!(&-O@!HFUI.#E!

$)!A&85[!%&)@!5(()&'(-.!V0./!5/&5!5/(0-!1&-()5.!/&*!%=-(!50%(!5=!.1()*!V05/!5/(%#R!JH!1(-8()5!=A!HJ!5=!

H>!@(&-!=O*.!0)5(-40(V(*!,@!5/(!:+;"!V0./(*!5/(0-!1&-()5.!V(-(!O(..!,C.@#!9/(!:+;"!1-=40*(.!A&%0O0(.[!

8/0O*-()[!&)*!5(().!0%1=-5&)5!.C11=-5!5=!8-(&5(!5=%=--=V\.!/(&O5/@!&*CO5.#!$5!*=(.!.=!,@!A=8C.0)'!=)!5/(!

A=OO=V0)'!&-(&.h!

!

• ;/0O*!;&-(!i!+=-(!5/&)!7C.5!&!.&A(!1/@.08&O!1O&8(!A=-!1&-()5.!5=!O(&4(!5/(0-!8/0O*-()!V/0O(!5/(@!'=!

5=!V=-Z[!5/(!:+;"!&O.=!(%1=V(-.!8/0O*-()!,@!5(&8/0)'!5/(%!]A=C)*&50=)&O!.Z0OO.!j.=!5/&5!5/(@!

8&)k! *(4(O=1! /(&O5/@[! 5-C.50)'! -(O&50=)./01.! &)*! ,C0O*! .(OAY-(O0&)8(! 5/-=C'/! 5/(! :\.! 4&OC(.! =A!

8&-0)'[!/=)(.5@[!-(.1(85!&)*!-(.1=).0,0O05@#^F!

• Q*C8&50=)! &)*! a(&*(-./01! i! 9/-=C'/! O(&*(-./01! &)*! &8&*(%08! ()-08/%()5! 1-='-&%.! .C8/! &.!

8=OO('(! 1-(1&-&50=)[! 8/0O*-()! 8&)! &O.=! A((O! 8=)A0*()5! 5=! 5&Z(! &! .5(1! AC-5/(-! &)*! A=-! (f&%1O(!

1C-.C(!/0'/(-!(*C8&50=)#!!

• DV0%[! D1=-5.[! &)*! GO&@! i! G&-50801&50)'! 0)! .1=-5.! &)*! 1O&@! &5! 5/(! :+;"! V0OO! O(&*! 5=! '&0)(*!

8=)A0*()8(!&)*!,(55(-!0)5(-1(-.=)&O!.Z0OO.!0)!8/0O*-()!0)!&**050=)!5=!0%1-=4(*!/(&O5/#!!

• ;&%1!i!9/(!:+;"!=AA(-.!8/0O*-()!&)*!A&%0O0(.!&)!=C5*==-!1O&8(!V/(-(!5/(@!8&)!.1()*!`C&O05@!

50%(!&)*!*0.8=4(-!)&5C-(#!!

+

N$-9&D.+O'#')*+]$%1-=40)'!5/(!)&50=)l.!/(&O5/!&)*!V(OOY,(0)'#^HI!

!

9=*&@[!=,(.05@! 0.!&!'-=V0)'!8=)8(-)!5=!1C,O08!/(&O5/!*C(!5=!,&*!(&50)'!/&,05.!&)*!O055O(!(f(-80.(#!+=-(!

1(=1O(!5/&)!(4(-!-0.Z!*@0)'!A-=%!=,(.05@!-(O&5(*! 0OO)(..(.!.C8/!&.!/0'/!,O==*!1-(..C-([!*0&,(5(.[!/(&-5!

A&0OC-([! &)*! .5-=Z(#! 6,(.05@! 0.! &%=)'! 5/(! %=.5! V0*(.1-(&*! %(*08&O! 1-=,O(%.! &AA(850)'! @=C5/! 0)!

*(4(O=1(*!8=C)5-0(.#HH!$)!%&)@!O=VY0)8=%(!)(0'/,=-/==*.!5/(!1-=,O(%!=A!]A==*!1=4(-5@^!(f0.5.[!V/08/!

0.!]5/(!0)&,0O05@!5=!=,5&0)!/(&O5/@!&AA=-*&,O(!A==*[^HJ!&)*!5/(!1(=1O(!5/(-(!*=!)=5!/&4(!5/(!.&%(!&88(..!

5=! /(&O5/@! A==*! &.! 0)! )(0'/,=-/==*.! 5/&5! &-(! ,(55(-! =AA#! a=VY0)8=%(! )(0'/,=-/==*.! /&4(! %=-(!

8=)4()0()8(!.5=-(.!&)*!)=5!&.!%&)@!'-=8(-@!.5=-(.[!%(&)0)'!5/(@!*=!)=5!/&4(!5/(!.&%(!-&)'(!=A!A-C05!

&)*! 4('(5&,O(.! 5=! 8/==.(! A-=%! &.! 1(=1O(! 0)! .C,C-,&)! &-(&.! *=#HN! ")=5/(-! 1-=,O(%! 0)! O=VY0)8=%(!

)(0'/,=-/==*.!0.!5/&5!5/(!8/0O*-()!&)*!&*CO5.!5/(-(!=A5()!O&8Z!5/(!Z)=VO(*'(!=A!/=V!5=!(&5!/(&O5/@#!!

!

"O.=[!=)(!=A!5/(!%&7=-!5-()*.!=A!5/(!1&.5!*(8&*(!/&.!,(()!5/(!,==%!=A!5/(!40*(=!'&%(!'()(-&50=)#!9/(!

8/0O*-()!=A! 5/(!D&)!B-&)80.8=!3&@!"-(&!&-(!.1()*0)'! O(..! 50%(!=C5*==-.!&)*!%=-(!50%(! 0)! A-=)5!=A! 5/(!

5(O(40.0=)!1O&@0)'!40*(=!'&%(.#!"88=-*0)'!5=!d(.(&-8/(-.!&5!5/(!M)04(-.05@!=A!9(f&.!&5!"C.50)[!8/0O*-()!

V/=!1O&@! 40*(=! '&%(.! bV/08/! &-(! 8=).0*(-(*! .(*()5&-@! &8504050(.c!V(-(!%=-(! O0Z(O@! 5=! ,(! =4(-V(0'/5!

5/&)!8/0O*-()!V/=!=)O@!V&58/(*!5(O(40.0=)!&)*!*=!)=5!1O&@!40*(=!'&%(.#H2!+=5/(-.!&-(!/&40)'!&!5=C'/!

50%(!'(550)'! 5/(0-! 8/0O*-()! 5=!1O&@!=C5.0*(!&)*! .0)8(! 5/(!8/0O*-()!&-(! .5&50=)&-@!V/()! 5/(@!1O&@!40*(=!

'&%(.[!5/(@!5()*!5=!(&5!%=-(! 7C)Z!A==*!&)*!*-0)Z!.=*&!5/&)!8/0O*-()!V/=!1O&@!=C5.0*(#!S05/!8/0O*-()!

,(0)'!&,O(!5=!1O&@!V05/!5/(0-!A-0()*.!=)O0)([!5/(@!*=!)=5!.((!5/(!)((*!5=!V&OZ!5=!5/(0-!A-0()*\.!/=C.(!=-!

(4()!.=80&O0<(!=C5.0*(!=A!5/(0-!/=%(#!]9V()5@!%0OO0=)!1O&@(-.!/&4(!.1()5!HE!,0OO0=)!/=C-.!=)!L,=f!a04([!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !E!$)A=1O(&.(#!30*-$9,'=D'*-$'E>#=$9,#!!R!G&-Z[!"#!b+&@!H>[!JIIIc!F!:+;"#!20>*-'A$B$;0C#$.*#!HI!:+;"#!F$);*-D'G"B"./@!

HH!Q%(*080)(/(&O5/#!8=$,"*D'".'4-";79$.!

HJ!DC.5&0)V(,#!+-)*'",'<007'C0B$9*DH!!

HN!?(&O5/@!B==*!B=-!"OO#!+-)*'",'<007'C0B$9*DH!!

H2!;O08Z!6-O&)*=#

! E!

V/08/! 0.! %=-(! 5/&)! J! /=C-.! A=-! (4(-@! 1(-.=)! =)! 5/(! 1O&)(5#^H>! $..C(.! .C8/! &.! 5/0.! =)(! &-(! 1O&'C0)'!

%=5/(-.!=A!5/(!'-(&5(-!D&)!B-&)80.8=!&-(&!V/=!&-(!*(.1(-&5(!5=!%&Z(!5/(0-!Z0*.!*-=1!5/(!8=)5-=OO(-.!&)*!

1O&@!=C5.0*(!0)!5/(!.C)#!9/(!:+;"!'C0*(.!A&%0O0(.!=)!/=V!5=!O04(!/(&O5/0(-!,@!,-0)'0)'!A&%0O0(.!5='(5/(-!

&)*! =AA(-0)'! 5/(%! )=5! =)O@! 1/@.08&O! 8O&..(.[! ,C5! &O.=! (*C8&50=)&O! 1-='-&%.! 1-=%=50)'! /(&O5/0(-!

*(80.0=).#! 9/(! :+;"! &O.=! .C11=-5.! 5/(! S/05(! ?=C.(l.! )&50=)V0*(! 8&%1&0')! ma(5l.! +=4([m! 5=! A0'/5!

8/0O*/==*!=,(.05@#HU!

!

,:3'-9+H$(0:)('1'9'&.+]K040)'!,&8Z!&)*!1-=40*0)'!.C11=-5!5=!=C-!)(0'/,=-.#^HE!

!

9/-=C'/! .=80&O! .(-408(.[! 'O=,&O! .(-408(.[! 4=OC)5((-0.%! &)*! '040)'[! &)*! &*4=8&8@! 5/(! :+;"! 8-(&5(.! &!

.5-=)'(-!.=80(5@!V/(-(!1(=1O(!)=5!=)O@!-(8(04([!,C5!8&)!&O.=!/(O1!=5/(-.!0)!5/(0-!8=%%C)05@#!".!&!'O=,&O!

=-'&)0<&50=)! V05/! O=8&O! 1-(.()8([! 5/(! :+;"! .5(1.! 0)! 5=! 0%1-=4(! 8=)*050=).! V/(-(! .=80(5@! &)*!

0).505C50=).! /&4(! A&0O(*#! 9/(! :+;"!)=5! =)O@!V=-Z.! A=-! 0)*040*C&O.!V05/! 1-=,O(%.! .C8/! &.! (%1O=@%()5!

&)*! .C,.5&)8(! &,C.([! ,C5! &.! &! O&-'(! =-'&)0<&50=)! 05! 0.! &O.=! &,O(! 5=! =-'&)0<(! '-&..-==5.! (AA=-5.! &)*!

0)AOC()8(!1C,O08!1=O08@!8=)8(-)0)'!5/(.(!0..C(.!&5!&!*((1(-!O(4(O#!S05/=C5!5/(!/C)*-(*.!=A!5/=C.&)*.!=A!

4=OC)5((-.!&)*!%&)@!*=)=-.[!5/(!:+;"!V=CO*!)=5!,(!5/(!=-'&)0<&50=)!05!0.!5=*&@#!!

!

G>+L4<!+,-)+P%-)3'(3:+

B&85.!!!!!

+++++++++++9/(!:+;"!=A!D&)!B-&)80.8=!b:+;"!=A!DBc!/&.!.(-4(*!5/(!3&@!"-(&!A=-!%=-(!5/&)!H>I!@(&-.#HR!9/-=C'/!05.!

H2!O=8&50=).!0)!+&-0)[!D&)!+&5(=[!&)*!D&)!B-&)80.8=!8=C)50(.!5/(!:!=AA(-.!.(-408(.!.C8/!&.!1-(Y.8/==O.[!

.()0=-! 8()5(-.[! %&..&'(! 5/(-&10.5.[! 1(-.=)&O! 5-&0)(-.! (58#! 5=! &! V0*(! 8-=..! .(850=)! =A! 1(=1O(#! $5.! >I!

8/0O*8&-(!.05(.!.(-4(!=4(-!>[III!8/0O*-()!(4(-@!@(&-#!!

!

B=-!A&%0O0(.[!5/(!:+;"!=A!DB!=AA(-.hHF!

!

• G&-()5n;/0O*! G-='-&%.! i! ;O&..(.! 5/&5! 8/0O*! &)*! 1&-()5! 5&Z(! 5='(5/(-! .C8/! &.! 5=**O(-! .V0%!

O(..=).[!V/08/!1-=%=5(!0)5(-'()(-&50=)&O!,=)*.!&)*!8=%%C)05@!.=80&O0<&50=)#!!

• D=80&O!D(-408(.!i!+()5=-!1-='-&%.!.C8/!&.!%()5&O!/(&O5/!.(-408(.!&)*!.Z0OO!,C0O*0)'!8O&..(.#!!

• a08().(*!;/0O*8&-(!i!"!)C-5C-0)'!&)*!.50%CO&50)'!()40-=)%()5!A=-!8/0O*-()!.C8/!&.!1-(Y.8/==O.#!!

• B&%0O@!;&%1.!i!"5!;&%1!g=)(.!KCO8/!0)!5/(!D&)5&!;-C<!+=C)5&0).!A&%0O0(.!8&)!()7=@!)&5C-(!&)*!

1&-50801&5(!0)!&8504050(.!.C8/!&.!/0Z(.[!8&)=(0)'[!&)*!&-5.!&)*!8-&A5.#!!

• B&%0O@! G-='-&%.! i! DC8/! &.! *&5(! )0'/5.! A=-! 1&-()5.! &)*! A&%0O@! AC)! )0'/5.! 5/&5! .5-()'5/().!

A&%0O0(.!&.!&!V/=O(#!!

• ;/0O*S&58/!i!"!.C1(-40.(*!1-='-&%!V/(-(!Z0*.!8&)!,(!*-=11(*!=AA!V/0O(!1&-()5!V=-Z.!=C5#!

!

!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !H>!6)O0)(!Q%,&#!

HU!:+;"#!E$I,'J$;$),$,#!!

HE!:+;"#!%0?");'J$,C0.,"=";"*D@!

HR!:+;"#!2345'0<'%).'&9).?",?0#!!!

HF!:+;"!DB#!+-)*'+$'8<<$9'K'&09'&)#";"$,!

! R!

B=-!%=5/(-.n&*CO5.[!5/(!:+;"!=A!DB!=AA(-.hJI!

!

• e=OC)5((-0)'!i!e=OC)5((-.!&-(!1&-5!=A!&!)=)Y1-=A05!=-'&)0<&50=)!V05/!&!40.0=)!=A!,C0O*0)'!.5-=)'!

Z0*.[!.5-=)'!A&%0O0(.[!&)*!.5-=)'!8=%%C)050(.#!

• Q%1O=@%()5! 611=-5C)050(.! i! 9/(! :+;"! =A! D&)! B-&)80.8=! 0.! =)(! =A! 5/(! O&-'(.5! )=)Y1-=A05!

=-'&)0<&50=).!0)!5/(!&-(&!V05/!&!4&-0(5@!=A!7=,!=11=-5C)050(.#!!Q%1O=@((.\!8&)!5/-04(!0)!&!4&OC(.Y

,&.(*!()40-=)%()5!&)*!,C0O*!&!,(55(-!AC5C-(!A=-!5/(%.(O4(.#!

• D1=-5.!&)*!d(8-(&50=)!i!"!V0*(!4&-0(5@!=A! @=C5/! .1=-5.! A=-!(4(-@!&'(! -&)'(!V05/!&!1-0=-05@!=)!

A&%0O@!0)4=O4(%()5[!/(&O5/@!8=%1(5050=)[!5(&%!,C0O*0)'[!0)*040*C&O!*(4(O=1%()5[!&!1=.0504(!.(OAY

0%&'([!&)*!%C5C&O!-(.1(85!A=-!=5/(-.#!

• "*CO5! "`C&508.! i! "`C&508! 1-='-&%.! A=-! (4(-@! .Z0OO! O(4(O! &)*! 0)5(-(.5#! S&5(-! .&A(5@[! .Z0OO!

*(4(O=1%()5[!&)*!AC)!A=-!(4(-@=)(#+!

• G(-.=)&O!9-&0)0)'!i!G-=A(..0=)&O!0).5-C850=)!A-=%!&!)&50=)&OO@!8(-50A0(*!1(-.=)&O!5-&0)(-#!

• K-=C1!Qf(-80.(!i!P&0O@!8O&..(.!.C8/!&.!;C,&)!.&O.&[!oC%,&[!.10))0)'[!&)*!@='&#!

• B&80O05@! d()5&O.n30-5/*&@! G&-50(.! i! ;=)A(-()8(! -==%! &)*! ,C.0)(..! %((50)'! &88=%%=*&50=).!

=AA(-(*!5/-=C'/!5/(!:+;"!DB#!!

• d(.0*()5!;&%1!&5!g=)(.!KCO8/!i!"*CO5.!8&)!()7=@!)&5C-(!&)*!0)4=O4(!0)!&8504050(.!.C8/!&.!/0Z(.[!

8&)=(0)'[!&)*!&-5.!&)*!8-&A5.#!!

!

B=-!Z0*.[!5/(!:+;"!=A!DB!=AA(-.hJH!

!

• +()5=-0)'! G-='-&%.! i! "0%(*! &5! 8/0O*-()! UYH2! 5=! 0%1-=4(! 0%1-=40)'! &8&*(%08! 1(-A=-%&)8([!

1(-.=)&O! .=80&O! .Z0OO.[! &)*! -(O&50=)./01.!V05/!&C5/=-05@! A0'C-(.!(58#!S((ZO@!%((50)'!V05/!/0'/O@!

5-&0)(*!%()5=-.#!

• a08().(*! ;/0O*8&-(! i! "! )C-5C-0)'! &)*! .50%CO&50)'! ()40-=)%()5! V/(-(! 8/0O*-()! (f1(-0()8(! &!

8C--08COC%!-08/!0)!8=')0504(!&)*!8-(&504(!.Z0OO!,C0O*0)'#+

• G&-()5n;/0O*! G-='-&%.! i! ;O&..(.! 5/&5! 8/0O*! &)*! 1&-()5! 5&Z(! 5='(5/(-! .C8/! &.! 5=**O(-! .V0%!

O(..=).[!V/08/!1-=%=5(!0)5(-'()(-&50=)&O!,=)*.!&.!V(OO!&.!8=%%C)05@!.=80&O0<&50=)#!!

• "A5(-.8/==O!G-='-&%.!i!;/0O*-()!'(5!&..0.5&)8(!V05/! 5/(0-!/=%(V=-Z! A-=%! 5-&0)(*!:+;"!.5&AA!

&)*!A=-%!O=)'YO&.50)'!A-0()*./01.!5/&5!()/&)8(!5/(0-!*(4(O=1%()5[!'-=V5/[!&)*!.(OAY8=)A0*()8(#+

• G-(Y.8/==O! i! ;/0O*-()! (%,&-Z! =)! &! 4=@&'(! =A! O(&-)0)'! V05/! &! 8C--08COC%! 5/&5! &**-(..(.! 5/(!

*(4(O=1%()5!=A!5/(!V/=O(!8/0O*_!.10-05[!%0)*!&)*!,=*@#!

• D1=-5.!i!"!V0*(!4&-0(5@!=A!@=C5/!.1=-5.!A=-!(4(-@!&'(!-&)'(!&)*!&!1-0=-05@!=)!A&%0O@!0)4=O4(%()5[!

/(&O5/@!8=%1(5050=)[! 5(&%!,C0O*0)'[! 0)*040*C&O!*(4(O=1%()5[!&!1=.0504(!.(OAY0%&'([!&)*!%C5C&O!

-(.1(85!A=-!=5/(-.#!

• p0*.! "`C&508.! i! "`C&508! 1-='-&%.! A=-! (4(-@! .Z0OO! O(4(O! &)*! 0)5(-(.5#! S&5(-! .&A(5@[! .Z0OO!

*(4(O=1%()5[!&)*!AC)!A=-!(4(-@=)(#+!

• P&@! ;&%1! i! DC%%(-! P&@! ;&%1! V05/! .C1(-40.(*! &8504050(.! 5/&5! 5(&8/! 8=-(! 4&OC(.[! 8=)AO085!

-(.=OC50=)[!&)*!O(&*(-./01!.Z0OO.#!

• d(.0*()5!;&%1!i!DC%%(-!8&%1.!A-=%!&'(.!U!5=!HU#!S0*(!-&)'(!=A!&8504050(.! 0)8OC*0)'!.C-A0)'[!

/=-.(,&8Z!-0*0)'[!&)*!&-5#!

• e0.C&OnG(-A=-%0)'! "-5.! i! 611=-5C)050(.! A=-! 8/0O*-()! 5=! (f1-(..! 5/(%.(O4(.! 5/-=C'/! %C.08[!

*&)8([!&)*!=5/(-!8-(&504(!=C5O(5.#!6A5()!1&-5)(-(*!V05/!=5/(-!&-5.!,&.(*!=-'&)0<&50=).#!

• B&80O05@! d()5&O.n30-5/*&@! G&-50(.! i! ;=)A(-()8(! -==%! &)*! ,C.0)(..! %((50)'! &88=%%=*&50=).!

=AA(-(*!5/-=C'/!5/(!:+;"!DB#!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !JI!:+;"!DB#!+-)*'+$'8<<$9'K'&09'57>;*,!

JH!:+;"!DB#!+-)*'+$'8<<$9'K'&09'L"7,

! F!

!

B=-!5(().[!5/(!:+;"!=A!DB!=AA(-.hJJ!

!

• :=C5/! ;/&)8(! ?0'/! D8/==O! i! "! )=)Y5C050=)! 1-04&5(! .8/==O! A=-! :=C)'! 1(=1O([! &'(.! HUYJH#! 9/(!

8C--08COC%!(%1/&.0<(.!5/(!KQP[!A0)&)80&O!O05(-&8@[!&)*!(%1O=@%()5!-(&*0)(..!5-&0)0)'#!

• +()5=-0)'! G-='-&%! i! "0%(*! &5! 8/0O*-()! UYH2! 5=! 0%1-=4(! 0%1-=40)'! &8&*(%08! 1(-A=-%&)8([!

1(-.=)&O! .=80&O! .Z0OO.[! &)*! -(O&50=)./01.!V05/!&C5/=-05@! A0'C-(.!(58#!S((ZO@!%((50)'!V05/!/0'/O@!

5-&0)(*!%()5=-.#!

• :=C5/! &)*! K=4(-)%()5! i! D5C*()5.! &-(! ()8=C-&'(*! 5=! *(4(O=1! O(&*(-./01! .Z0OO.! &)*! .(OAY

8=)A0*()8(!5=!O&.5!&!O0A(50%([!5/-=C'/!5/(!.5C*@!=A!1C,O08!0..C(.[!*(,&5(!=A!1C,O08!1=O08@[!V-050)'!

=A!O('0.O&50=)[!&)*!&)!(f1(-0()8(!0)!5/(!D5&5(!K=4(-)%()5!1-=8(..#!!

• D=80&O! D(-408(.! i! B-=%! %()5=-0)'! 1-='-&%.! 5=! B&%0O@! d(.=C-8(! ;()5(-.[! &)*! =5/(-! *04(-.(!

.(-408(.!5=!%((5!5/(!)((*.!=A!5/(!8=%%C)05@#!

• e=OC)5((-0)'!i!e=OC)5((-.!&-(!1&-5!=A!&!)=)Y1-=A05!=-'&)0<&50=)!V05/!&!40.0=)!=A!,C0O*0)'!.5-=)'!

Z0*.[!.5-=)'!A&%0O0(.[!&)*!.5-=)'!8=%%C)050(.#!

• "A5(-!D8/==O!G-='-&%.!i!9(().!'(5!&..0.5&)8(!V05/!5/(0-!/=%(V=-Z!A-=%!5-&0)(*!:+;"!.5&AA!&)*!

A=-%!O=)'YO&.50)'!A-0()*./01.!5/&5!()/&)8(!5/(0-!*(4(O=1%()5[!'-=V5/[!&)*!.(OAY8=)A0*()8(#!

• ;=C).(O=-!0)!9-&0)0)'!i!;=C).(O=-!0)!9-&0)0)'!;$9!a(&*(-./01!1-='-&%!0.!*(.0')(*!A=-!5/(!8&%1(-!

5=!1-(1&-(!A=-!5/(0-!-=O(!&.!&!AC5C-(!8&%1!8=C).(O=-#!

• d(.0*()5!;&%1!i!DC%%(-!8&%1.!A-=%!&'(.!U!5=!HU#!S0*(!-&)'(!=A!&8504050(.! 0)8OC*0)'!.C-A0)'[!

/=-.(,&8Z!-0*0)'[!&)*!&-5#!

• D1=-5.!i!"!V0*(!4&-0(5@!=A!@=C5/!.1=-5.!A=-!(4(-@!&'(!-&)'(!&)*!&!1-0=-05@!=)!A&%0O@!0)4=O4(%()5[!

/(&O5/@!8=%1(5050=)[! 5(&%!,C0O*0)'[! 0)*040*C&O!*(4(O=1%()5[!&!1=.0504(!.(OAY0%&'([!&)*!%C5C&O!

-(.1(85!A=-!=5/(-.#!

• 6C5*==-!"*4()5C-(!i+"*4()5C-(!5-01.!0)!5/(!V0O*(-)(..[!Z&@&Z0)'!5-01.!(58#!A=-!5(().!5=!'-=V!&)*!

%((5!)(V!1(=1O(#!!

• 9(()! "`C&508.! i! "`C&508! 1-='-&%.! A=-! (4(-@! .Z0OO! O(4(O! &)*! 0)5(-(.5#! S&5(-! .&A(5@[! .Z0OO!

*(4(O=1%()5[!&)*!AC)!A=-!(4(-@=)(#+!

• Q%1O=@%()5!611=-5C)050(.!i!9/(!:+;"!=A! DB! 0.!=)(!=A! 5/(! O&-'(.5!)=)Y1-=A05!=-'&)0<&50=).! 0)!

5/(! &-(&! V05/! &! 4&-0(5@! =A! 7=,! =11=-5C)050(.#!Q%1O=@((.\! 8&)! 5/-04(! 0)! &! 4&OC(.Y,&.(*!

()40-=)%()5!&)*!,C0O*!&!,(55(-!AC5C-(!A=-!5/(%.(O4(.#!

• e0.C&OnG(-A=-%0)'!"-5.!i!611=-5C)050(.! A=-! 5(().!5=!(f1-(..! 5/(%.(O4(.! 5/-=C'/!%C.08[!*&)8([!

&)*!=5/(-!8-(&504(!=C5O(5.#!6A5()!1&-5)(-(*!V05/!=5/(-!&-5.!,&.(*!=-'&)0<&50=).#!

• d(.0*()5!;&%1!&5!g=)(.!KCO8/!Y!"5!;&%1!g=)(.!KCO8/!0)!5/(!D&)5&!;-C<!+=C)5&0).!A&%0O0(.!&)*!

5(().!8&)!()7=@!)&5C-(!&)*!0)4=O4(!0)!&8504050(.!.C8/!&.!/0Z(.[!8&)=(0)'[!&)*!&-5.!&)*!8-&A5.#!!

!

+(%,(-./01!B((.!

!

9/(! %(%,(-./01! A((.! =A! 5/(! :! 4&-@! *(1()*0)'! =)! /=V! %C8/! &88(..! 0.! *(.0-(*#! 9/(-(! 0.! &! =)(50%(!

&*%0)0.5-&50=)n7=0)!A(([!5/()!&!%=)5/O@!A((!1-08(*!&88=-*0)'!5=!5/(!5@1(!=A!%(%,(-./01!&)*!O=8&50=)!=A!

*(.0-(*!A&80O050(.#!".!&!A&80O05@!%(%,(-!=A!5/(!:[!1&-50801&)5.!V0OO!/&4(!&88(..!5=!1-='-&%.[!.(-408(.[!&)*!

&8504050(.#!9/0.!5@1(!=A!%(%,(-./01!0)8OC*(*!5/(!C.(!=A!5/(!()50-(!A&80O05@!bA05)(..!8()5(-.!V05/!8&-*0=!&)*!

.5-()'5/! (`C01%()5[! '-=C1! (f(-80.(! 8O&..(.[! 5/(! ,&.Z(5,&OO! 8=C-5[! &)*! 5/(! 1==Oc[! &.! V(OO! &.! -(*C8(*!

1-080)'!A=-!A((Y,&.(*!1-='-&%.!b(#'#!.V0%!O(..=).!&)*!8&%1.c#!!!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !JJ!:+;"!DB#!+-)*'+$'8<<$9'K'&09'!$$.,!

! HI!

!

"*CO5! qUNn%=)5/! qN>!"*%0)!B((!

"*CO5!D"+r! qE>n%=)5/! qN>!"*%0)!B((!

"*CO5!3"+r! qEUn%=)5/! qFF!"*%0)!B((!

:=C5/!"**Y6)[email protected]! qHUn%=)5/! !

B&%0O@! qHI>n%=)5/! qN>!"*%0)!B((!

B&%0O@!D"+r! qHJ>n%=)5/! qN>!"*%0)!B((!

B&%0O@!3"+r! qHJUn%=)5/! qFF!"*%0)!B((!

B&%0O@!"**Y6)! q2Un%=)5/! !

D()0=-!bU>[email protected]! q>Nn%=)5/! qN>!"*%0)!B((!

:=C)'!"*CO5!bHR!i!J>[email protected]! q2>n%=)5/! qN>!"*%0)!B((!

9(()[email protected]! qJ>n%=)5/! qN>!"*%0)!B((!

9(()!D"+r! q2In%=)5/! qN>!"*%0)!B((!

!

rD"+h!D&)!B-&)80.8=!"-(&!%(%,(-./01!0)8OC*(.!H>!:+;".!0)!D&)!B-&)80.8=[!D&)!+&5(=[!&)*!+&-0)#!

r3"+h!3&@!"-(&!+(%,(-./01!0)8OC*(.!)(&-O@!NI!:+;".!0)8OC*0)'!3(-Z(O(@!&)*!6&ZO&)*#!

!

G-='-&%!+(%,(-./01!=)!5/(!=5/(-!/&)*[!&OO=V.!1&-50801&)5.!5=!/&4(!&88(..!5=!1-='-&%.!&)*!&8504050(.[!

,C5!V0OO!)=5!/&4(!&88(..!5=!5/(!%&0)!A&80O050(.!&)*!&%()050(.!=A!5/(!:#!9/0.!0.!&)!&))C&O!%(%,(-./01#!

!

$)*040*C&O!G-='-&%!+(%,(-./01! q>In@(&-!

B&%0O@!G-='-&%!+(%,(-./01! qE>n@(&-!

!

B=-!%=-(!5/&)!H>I!@(&-.!5/(!:!/&.!.(-4(*!.=80(5@!5/-=C'/!*0AA(-()5!1-='-&%.!&)*!/&4(!,(()!&!1O&8(!A=-!

1(=1O(! 5=! 8=%(! 5='(5/(-#! $5! %((5.! 0)*040*C&O.[! A&%0O0(.[! &)*! 8=%%C)050(.\! *0AA(-()5! )((*.! 0)! 4&-0=C.!

V&@.[!0)8OC*0)'!&!V0*(!-&)'(!=A!1-='-&%.!A-=%!.1=-5.!5=!8=C).(O0)'#!9/(!:!0.!%=.5O@!Z)=V)!A=-!05.!'@%!

A&80O050(.!&)*!.1=-5!&8504050(.[!&)@5/0)'!,(@=)*!5/0.!V05/0)!5/(!=-'&)0<&50=)!8&)!.=%(50%(.!,(!8=)AC.0)'h!!!

!

G(-8(150=).!=A!:+;"!=A!D&)!B-&)80.8=!!

+G-0%&-@!-(.(&-8/!V&.!A0-.5!8=)*C85(*!5/-=C'/!.C-4(@.!=)!DC-4(@+=)Z(@#8=%!5=!/(O1!0)A=-%!5/(!AC5C-(!

`C&O05&504(! -(.(&-8/! A=-! 5/0.! 1-=7(85! b.((! "11()*0f! Hc#! 9/(! '=&O! =A! 5/0.! 0)050&O! =)O0)(! .C-4(@! V&.! 5=!

(.5&,O0./!(f1(85&50=).! &)*! O(4(O! =A! 0%1=-5&)8(! 8(-5&0)! '@%!=AA(-0)'.!/&*!=)! 5/(! 5&-'(5\.!%(%,(-./01!

.5&5C.#! S/()! 5/0.! V&.! *(5(-%0)(*[! AC-5/(-! 1-0%&-@! -(.(&-8/! V&.! '&5/(-(*! A-=%! 4&-0=C.! .1=5.!

5/-=C'/=C5!5/(!3&@!"-(&!bD((!"11()*0f!J!A=-!&!*(5&0O(*!O0.5!=A!`C(.50=).c#!+CO501O(!,-&)8/(.!V(-(!40.05(*!

0)8OC*0)'! D5=)(.5=V)! :+;"[!+0..0=)! :+;"[! Q%,&-8&*(-=! :+;"[! &)*! 3&@40(V! ?C)5(-.! G=0)5! :+;"#!

9/(.(! .1(80A08! O=8&50=).! '&4(! &! ,(55(-! C)*(-.5&)*0)'! =A! 5/(! 4&-0=C.! 1-='-&%.! &)*! =11=-5C)050(.! 5/&5!

V(-(!=AA(-(*!5=!%(%,(-.!&)*!)=)Y%(%,(-.!0)!5/(!.C--=C)*0)'!8=%%C)05@#!$)5(-40(V.!V(-(!'&5/(-(*!

A-=%! 5-&AA08! ()5(-0)'! &)*! O(&40)'! 5/(.(! A&80O050(.[! &.! V(OO! &.! (%1O=@((.#! 9/(! 0)A=-%&50=)! =,5&0)(*!

1-=40*(*! 5/(! ,(.5! 0).0'/5! 5=!V/&5! CO50%&5(O@! &55-&85(*! 5/(%! 5=! 5/(! :! &)*! 8=)40)8(*! 5/(%! 5=! -(%&0)!

%(%,(-.#!"A5(-!40.050)'!5/(!,-&)8/(.[! 0)5(-40(V.!V(-(!8=)*C85(*! 0)!1C,O08!&-(&.! 0)8OC*0)'!&!1&-Z!)(&-!

"9t9!,&.(,&OO!A0(O*[!&!D&A(V&@!1&-Z0)'!O=5[!&)*!4&-0=C.!1(=1O(!V&OZ0)'!,@!V/=!&11(&-(*!5=!A05!5/(!5&-'(5!

%&-Z(5#! 9/0.! %(5/=*! 1-=4(*! 5=! ,(! 5-08Z0(-! 5/&)! A0-.5! &)50801&5(*[! &)*! &! .%&OO! )C%,(-! =A! .C88(..ACO!

0)5(-40(V.!V(-(!=,5&0)(*#!"**050=)&O! 0)5(-40(V.!V(-(!=,5&0)(*!&5!D&)!B-&)80.8=!D5&5(!M)04(-.05@! A-=%!

4&-0=C.!=AA08(! -(1-(.()5&504(.!&)*!.(8-(5&-0(.#!+=.5!=A! 5/(.(!V=%()!V(-(!)=5!%(%,(-.!=A! 5/(!:!&)*!

1-=40*(*! 0).0'/5.! &,=C5! 8=%1(505=-.! 0)! 5/(! &-(&#! 9/(!%&7=-05@! =A! 5/(! 1-0%&-@! -(.(&-8/!V&.! '&5/(-(*!

! HH!

A-=%!1/=)(!&)*!(Y%&0O!8=)4(-.&50=).!V05/!A(%&O(!)C-.(.!=A!O=8&O!/=.105&O.!V/=!V(-(!,=5/!%(%,(-.!&)*!

)=)Y%(%,(-.! =A! '@%.[! 0)8OC*0)'! 5/(! :#! $)! 5=5&O[! &11-=f0%&5(O@! >I! 0)5(-40(V.! V(-(! 8=)*C85(*! V05/!

A(%&O(!%(%,(-.!&)*!)=)Y%(%,(-.!=A!5/(!:+;"#!!!

++8%:?19$"+L:?&D+

+B-=%!1-0%&-@!-(.(&-8/!05!V&.!A=C)*!5/&5!V/0O(!%&)@!%=5/(-.!/&*!1-(40=C.!Z)=VO(*'(!&,=C5!5/(!:+;"[!

%&)@!V(-(!C)&V&-(!&,=C5!5/(!4&-0(5@!=A!1-='-&%.!&)*!(f1(-0()8(.!5/&5!5/(!:!8&)!*(O04(-!5=!)=5!=)O@!

5/(%[! ,C5! 5/(0-! 8/0O*-()! &)*! A&%0O0(.! &.!V(OO#! G(-8(150=).! .((%(*! 5=! ,(! .1O05! 0)5=! 5V=! 4(-@! *0AA(-()5!

=10)0=).#!D=%(!,(O0(4(!5/&5!5/(!:!V&.!=)O@!&!1O&8(!A=-!,&*!Z0*.!5=!.5-&0'/5()!=C5!&)*!O(&-)!5=!,(55(-!&)*!

&*4&)8(!5/(%.(O4(.! 0)!5/(!8=%%C)05@[!V/0O(!=5/(-.!A&0O(*!5=!-(&O0<(!5/(!5-C(!1=5()50&O!&)*!.8=1(!=A!:!

A&80O050(.#!+&)@!,(O0(4(*!5/&5!5/(!:!V&.!7C.5!&)!&A5(-!.8/==O!A&80O05@!5/&5!V&.!&AA0O0&5(*!V05/!,(55(-0)'!5/(!

8=%%C)05@! ,@! .5-&0'/5()0)'! =C5! &)*! *0.801O0)0)'! *0AA08CO5! 8/0O*-()! &)*! 5(()&'(-.#! +=5/(-.! V(-(!

8=)8(-)(*!&,=C5!&AA0O0&50)'! 5/(%.(O4(.!&)*! 5/(0-! A&%0O0(.!V05/! 5/(.(!]1-=,O(%!8/0O*-()#^!+&)@! A(&-(*!

5/&5! 5/(! V-=)'! 0%1-(..0=)! V=CO*! -C,! =AA! =)! 5/(%! 0)! &! )('&504(! V&@#! 9/0.! =AAY1C550)'! 0*(&! %&*(! 05!

(f5-(%(O@!*0AA08CO5!A=-!%=5/(-.!5=!=4(-O==Z[!&)*!5/C.!%&*(!05!&)!(f5-(%(O@!C)&11(&O0)'!=150=)!A=-!5/(0-!

A&%0O0(.#!

!

+&)@!%=5/(-.!V(-(!)=5!&V&-(!=A! 5/(!1-='-&%.! 5/(!:!=AA(-.! A=-! 8/0O*-()!&)*! 5(()&'(-.!=A!&OO! &'(.! 5=!

AC-5/(-! 5/(0-! (*C8&50=)! &)*! &OO=V! 5/(%! 5=! (f8(O! 0)! .1(80A08! &8504050(.#! 9/(-(! 5-CO@! 0.! .=%(5/0)'! A=-!

(4(-@=)(h!A-=%!;Gdn"QP!8(-50A08&50=)!8O&..(.[!4&-0=C.!5&(!ZV=)!*=!&)*!5(&%!.1=-5.[!&.!V(OO!&.!%CO501O(!

4=OC)5((-0)'!=11=-5C)050(.[!&.!V(OO!&.!.(&.=)&O!8&%1!(f1(-0()8(.#!9/(!1-='-&%.!&-(!.(5!C1!0)!&!V&@!5/&5!

&OO=V.!(4(-@=)(!5=!1&-50801&5(#!D=%(!=A!5/(!8&%10)'!&)*!5(&%!.1=-5.!(4()!&OO=V!1&-50801&)5.!5=!5&Z(!=)!

&!O(&*(-./01!-=O(!&5!4&-0=C.!50%(.#!9/0.!5@1(!=A!8C--08COC%!8&)!,(8=%(!(f5-(%(O@!4&OC&,O(!&)*!,()(A080&O!

V/()!&11O@0)'!5=!8=OO('(.!&)*!(4()!7=,.!O&5(-!=)!0)!O0A(#!D=%(!%=5/(-.!V(-(!&.5=)0./(*!5=!/(&-!&,=C5!

5/(!.8=1(!=A!5/(.(!=AA(-0)'.!&)*!-('-(55(*!)=5!O(&-)0)'!%=-(!&,=C5!5/(!:!.==)(-#!!

!

!

4$A1$%(D'0+P$$(+

++&)@!%=5/(-.!V(-(! 4(-@! C)&V&-(! &,=C5! 5/(!%&)@! *0AA(-()5! 1-='-&%.! 5/&5! 5/(! :! =AA(-(*! &,=4(! &)*!

,(@=)*!5/(!.V0%!&)*!'@%!8&1&,0O050(.!=A!5/(!:#!9/(.(!%=5/(-.!V(-(!0%%(*0&5(O@!5C-)(*!=AA!,@!5/(!1-08(!

=A!%(%,(-./01! A=-!/(-! A&%0O@[!&)*!%&*(! 5/(%! 0%%(*0&5(O@! -CO(! 5/(%!=C5!=A! 5/(!8/=08(! .(5!&.!&!'@%!

=150=)#!M1=)! O(&-)0)'!=A!(4(-@5/0)'! 0)8OC*(*! 0)! 5/(!%=)5/O@!%(%,(-./01[!%&)@!%=5/(-.!&'-((*! 5/&5!

5/(!4&OC(!V&.!A&-!.C1(-0=-!5=!&)@!=5/(-!A&80O050(.!0)!5/(0-!&-(&.#!!!

+

+

,Q'A+-)"+R.A+!

"A5(-!0)5(-40(V0)'!5/-((!&AAOC()5!%=5/(-.!0)!5/(!&-(&!V05/!8/0O*-()!FYHU!@(&-.!=O*!05!V&.!=,.(-4(*!5/&5!

5/(!%=5/(-.!V(-(!)=5!0)5(-(.5(*!0)!7=0)0)'!5/(!:!&.!&!'@%!&.!5/(@!&O-(&*@!,(O=)'(*!5=!/0'/(-Y()*!'@%.!

&)*!8OC,.!b(#'#!5/(!'@%!&5!5/(! O=8&O!8=C)5-@!8OC,c#!D=%(!=A!5/(!1-='-&%.!=AA(-(*!,@!5/(!:!V=CO*!%=.5!

O0Z(O@!)=5!&11O@!5=!5/(0-!8/0O*-()!(05/(-[!.C8/!&.!5/(!A==*!,&)Z[!,C5!%=-(!5/(!.1=-5.!1-='-&%.#!"!8=C1O(!

=A! 5/(! 8/0O*-()! /&4(! &55()*(*! ,&.Z(5,&OO! .C%%(-! 8&%1! &5! 5/(! :+;"#! "88=-*0)'! 5=! :(O1! -(40(V.[! 5/(!

B&%0O@!:+;"!0)!D5=)(.5=V)[!D&)!B-&)80.8=[! 0.!%C8/!&11-(80&5(*!&.!&!'@%!,(8&C.(!=A! 05.! A-0()*O@!.5&AA[!

! HJ!

&AA=-*&,O(! 1-08(.[! '==*! A&%0O@! *(&O.[! &)*! 8=)4()0()5! O=8&50=)#! JN! G(=1O(! A((O! 5/&5! 5/(@! 8&)! ,(!

5/(%.(O4(.!5/(-(!V05/=C5!&)@=)(!7C*'0)'!5/(%#!$5!0.!&O.=!)=5(*!&.!&!'==*!1O&8(!A=-!%=5/(-.!5=!V=-Z!=AA!

,&,@!V(0'/5#!3&.(*!=)!>U!-(40(V.[!5/(!D5=)(.5=V)!:+;"!/&.!-(8(04(*!2#>!.5&-.!=C5!=A!>!1=..0,O(#+!!

,:3'-9+H$(0:)('1'9'&.+!

$)5(-(.50)'O@[!5/(!(&-O0(-!%()50=)(*!&AAOC()5!%=5/(-.!5&OZ(*!&,=C5!5/(!0%1=-5&)8(!=A!8=%%C)05@!.(-408(!

&.!&!-(`C0-(%()5!A=-!5/(!8/0O*-()!5=!'(5!0)5=!8=OO('(#!".!&!%&7=-05@!=A!5/(!8/0O*-()!&-(!0)!/0'/!.8/==O!5/(!

%=5/(-.! -(4(&O(*! 5/&5! 5/(0-! 8/0O*-()! /&4(! 5=! .5&-5! 5/0)Z0)'! &,=C5! 8=OO('(! &O-(&*@! &.! A-(./%()#! 9/(!

=O*(.5! '0-O[! &! .()0=-[! -(8()5O@! 0)5(-40(V(*! A=-! &)! $4@! a(&'C(! .8/==O! &)*! )=5! =)O@! *=(.! ./(! )((*! '==*!

'-&*(.[! ,C5! &O.=! =5/(-! )=)Y.8/==O! -(O&5(*! 8-05(-0&! .C8/! &.! 8=%%C)05@! .(-408(! &)*! O(&*(-./01! &-(!

0%1=-5&)5#! $A! &)@!=A! 5/(!:\.! 5/-((!10OO&-.!V=CO*!&55-&85! 5/(.(!%=5/(-.! 05!V=CO*!%=.5! O0Z(O@!,(! 5/(!=)(!

8()5(-(*! &-=C)*! .=80&O! -(.1=).0,0O05@#! 9/-=C'/! 4=OC)5((-0)'! &5! 5/(! :[! 5/(0-! 8/0O*-()! 8=CO*! '&0)! 5/(!

(f1(-0()8(!05!=A5()!5&Z(.!5=!'(5!0)5=!8=OO('(#!!!

!

<>+8D$+8-%*$&+!?"'$)3$+++

6C-!5&-'(5!&C*0()8(!8=).0.5.!=A!V=%()!N>Y>2!@(&-.!=O*!V05/!8/0O*-()!C)*(-!5/(!&'(!=A!HR!O040)'!&5!/=%(#!

9/(.(!%=5/(-.!V(-(!8/=.()!&.!5/(!5&-'(5!&C*0()8(!,(8&C.(!5/(@!&-(!=A5()!5/(!A&%0O@!*(80.0=)!%&Z(-.!

V/()! 05! 8=%(.! 5=! `C(.50=).! 8=)8(-)0)'! A&%0O@! &)*! /=%(! O0A(#! B=OO=V0)'! &-(! *(.8-0150=).! =A! 5/(!

1=1CO&50=)!.5&-50)'!&5!&!,-=&*!O(4(O[!K()(-&50=)!L[!&)*!)&--=V0)'!*=V)!5=!&!1-=A0O(!=A!5/(!5@108&O!V=%&)!

=A!=C-!&C*0()8(!%(%,(-h!

K()(-&50=)!L!

+

9/(!5&-'(5!&C*0()8(!V&.!,=-)!,(5V(()!HF>E!&)*!HFEU[!V/08/!%&Z(.!5/(%!%(%,(-.!=A!K()(-&50=)!L#!

K()(-&50=)!L!8=).0.5.!=A!=)O@!2U!%0OO0=)!1(=1O(!&)*!0.!.&)*V08/(*!,(5V(()!5V=!O&-'(-!'-=C1.[!5/(!,&,@!

,==%(-.! &)*! 5/(!%0OO()0&O.#J2! 9/0.! 8-(&5(.! &!V(0'/5!=)! 5/(! '()(-&50=)[! &.! 5/(@!=A5()!/&4(! 5=! .C11=-5!

,=5/! =O*(-! &)*! @=C)'(-! '()(-&50=).! 5/&5! )C%,(-! %C8/! O&-'(-! 0)! 1=1CO&50=)#! +&)@! K()(-&50=)! L!

%(%,(-.! '-(V! C1! &.! O&58/Z(@! Z0*.!V05/! *04=-8(*! 1&-()5.#J>! 9/0.! 8-(&5(*! 0)*(1()*()5! &)*! &*&15&,O(!

0)*040*C&O.[!,C5!0.!)=5!.=%(5/0)'!K()!L(-.!V&)5!5=!1&..!=)!5=!5/(0-!=V)!8/0O*-()#!$)!A&85[!K()(-&50=)!L!

%=5/(-.! &-(! %=-(! V0OO0)'! 5=! 1-(.(-4(! A&%0O@! O0A(! 5/&)! 5/(0-! %=5/(-.! V(-(_! ,&,@! ,==%! %=5/(-.#!

K()(-&50=)!L!%=5/(-.!&O.=!(f1(85!5/(0-!,=..(.!5=!C)*(-.5&)*!5/&5!%&)@!=A!5/(%!V&)5!AO(f0,O(!/=C-.[!7=,!

./&-0)'[!./=-5(-!V=-Z!/=C-.!(58#!X=5!V=-Z0)'!=C5.0*(!5/(!/=%(!0.!,(8=%0)'!&!.5&5C.!.@%,=O[!,C5!0.!)=5!

&OV&@.!A(&.0,O(!A=-!&OO!A&%0O0(.[!V/08/!%&Z(.!A&%0O@!A-0()*O@!8=%1&)0(.!(f5-(%(O@!&55-&8504(#!K()(-&50=)!

L!V=%()!&O.=!5()*!5=!1=.51=)(!%&--0&'([!/&4(!8/0O*-()!O&5(-!0)!O0A([!&)*!&-(!%=-(!A(&-ACO!=A!*04=-8(.#!!

+

+=5/(-.!0)!5/(!M#D#!

+

6)(!=A!5/(!%=.5!0%%().(!.=80&O!8/&)'(.!0)!M#D#!%=*(-)!/0.5=-@!0.!5/(!0)8-(&.(*!&%=C)5!=A!V=%()!&)*!

%=5/(-.!7=0)0)'!5/(!V=-ZA=-8(#JU!$)!HFUI[!O(..!5/&)!NI!1(-8()5!=A!%=5/(-.!V05/!8/0O*-()!C)*(-!5/(!&'(!=A!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !JN!:(O1#!%*0.$,*0I.'&)#";D'2345#!!

J2!D5(1/(@[!+#g#!b"1-0O!HU[!JIIRc!

J>!G(5(-.=)[!p#!D#!b+&@!H2[!JIINc!

JU!?=AA%&)[!a#!S#!Y!!:=C)',O&*([!a#!+#!bgC)(!JR[!HFFFc!1#!U

! HN!

HR!V(-(! 0)! 5/(! O&,=-! A=-8([! 8=%1&-(*! 5=! O(..! 5/&)!NI!1(-8()5! 5/&5!V(-(!.0*! 0)! 5/(! O&,=-! A=-8(! 0)! 5/(!

HFFI.#!64(-!50%([!V=%()!/&4(!&O.=!,(8=%(!5/(!*(80.0=)!%&Z(-!V/()!05!8=%(.!5=!A&%0O@!&)*!/=%(!O0A(!

*(80.0=).#JE!"O5/=C'/!V=%()!%0'/5!/&4(!,(8=%(!%=-(!(`C&O!5=!%()[!%()!.50OO!O&'!V=%()!0)!/=C.(V=-Z!

*C50(.hJR!

!

3&.(*!=)!JII>!*&5&[!V/08/!/&4(!,(()!8=%1&-(*!5=! 5/=.(! A-=%!)&50=)&O! 50%(!*0&-0(.[!

5/(! -(.(&-8/! ./=V.!V=%()[! =A! &OO! &'(.!V05/! )=! 8/0O*-()[! =)! &4(-&'(! *=! HI! /=C-.! =A!

/=C.(V=-Z!&!V((Z!,(A=-(!%&--0&'(!&)*!HE!/=C-.!=A!/=C.(V=-Z!&!V((Z!&A5(-!%&--0&'(#!

+()!=A!&OO! &'(.!V05/!)=!8/0O*-()[!=)! 5/(!=5/(-!/&)*[!*=!(0'/5!/=C-.!,(A=-(!%&--0&'(!

&)*! .(4()!/=C-.!&A5(-V&-*.#!+&--0(*!V=%()!V05/!%=-(! 5/&)! 5/-((!Z0*.! -(8=-*(*!&)!

&4(-&'(!=A!&,=C5!JR!/=C-.!=A!/=C.(V=-Z!&!V((Z[!V/0O(!%&--0(*!%()!V05/!%=-(!5/&)!

5/-((!Z0*.!O=''(*!=)O@!&,=C5!HI!/=C-.!=A!/=C.(V=-Z!&!V((Z#!

!

;=%1&-&,O(!5=!5/(!,(O0(A.!=A!K()(-&50=)!L!%=5/(-.[!&O%=.5!RI!1(-8()5!=A!%()!&)*!V=%()!&'(.!JH!5=!U>!

8=).0*(-!/&40)'!&!V=-Z!.8/(*CO(!5/&5!&OO=V.!A=-!.1()*0)'!50%(!V05/!A&%0O@!&.!4(-@!0%1=-5&)5!8=%1&-(*!

5=! JN! 1(-8()5! V/=! ,(O0(4(! 7=,! .5&5C.! 0.! 4(-@! 0%1=-5&)5#JF! "O5/=C'/! 5/(-(! 0.! &! 5-()*! A=-! %=5/(-.! 5=!

(%1/&.0<(! 5/(! 1-(.(-4&50=)! =A! A&%0O@! O0A([!%&)@!%=5/(-.! 4&OC(! 5/(0-! 8&-((-.! /0'/O@[!V/08/! 8&)! 8-(&5(!

1-=,O(%.#!9/(!1-=A(..0=)&O!V=%&)!&)*!%=5/(-!=A5()!,(O0(4(.!5/&5!]&)!0*(&O!%=5/(-!0.!/0'/O@!&55()504(!

&)*!(%=50=)&OO@!&)*!1/@.08&OO@!1-(.()5!A=-!/(-!8/0O*[!&)*!./(!C.(.!&!.5@O(!=A!1&-()50)'!5/&5!0.!/&OO%&-Z(*!

,@! 5-C.5[! ,=)*0)'[! 1&50()8([! &)*! 1(-.=)&O! 8=))(850=)#^NI! 9=! 5/(! 8=)5-&-@[! ]&)! 0*(&O! 1-=A(..0=)&O! ,@!

8=-1=-&5(! .5&)*&-*.! 0.! .=%(=)(! V/=! 0.! 8=%%055(*! 5=! 5/(0-! 1-=A(..0=)[! &,O(! 5=! V=-Z! O=)'! /=C-.[!

1-=&8504(O@! ,C0O*.! %(&)0)'ACO! -(O&50=)./01.[! 0.! -(.1=).04(! 5=! (Y%&0O.! &)*! 5/(0-! 8(OO! 1/=)([! &55()*.!

)(5V=-Z0)'! (4()5.[! &)*! ,C0O*.! /0'/! 1(-A=-%0)'! 5(&%.#^! $A! &! V=%&)! ,=5/! 4&OC(.! /(-! 8&-((-! &)*! /(-!

%=5/(-/==*!./(!=A5()!A((O.!5/&5!./(!8&))=5!O04(!C1!5=!,=5/!0*(&O.[!V/08/!8-(&5(.!C)V&)5(*!.5-(..#!!!

!

+=5/(-.!0)!5/(!3&@!"-(&!

!

+=5/(-.!0)!5/(!3&@!"-(&!./&-(!8=%%=)!5-&05.!=A!"%(-08&)!K()(-&50=)!L!%=5/(-.[!,C5!&O.=!/=O*!4&OC(.!

5/&5! &-(! .1(80A08! 5=! 5/(! -('0=)! 0)! V/08/! 5/(@! O04(#! B=-! (f&%1O([! -(.0*()5.! =A! D&)! B-&)80.8=! &-(! =A5()!

-&)Z(*!&%=)'!5/(!A055(.5!0)!5/(!)&50=)#NH!S=%()!0)!5/(!3&@!"-(&!5()*!5=!V&)5!5=!.5&@!1/@.08&OO@!0)!./&1(!

&)*!.=%(!%()5&O!&)*!1/@.08&O!8=)8(-).!=A!%=5/(-.!0)8OC*(!/=V!5=!V=-Z!=AA!,&,@!V(0'/5!b(.1(80&OO@!5/(!

O=V(-!,(OO@!]1=5^c[!A0)*0)'!50%(!5=!V=-Z!=C5[!,=*@!&8/(.[!&)*!8-(&50)'!&!/(&O5/0(-!.(OAY0%&'(#NJ!!

!

$)!JIHI[!D&)!B-&)80.8=!V&.!-&)Z(*!)C%,(-!JN!=)!B=-,(.\.!O0.5!=A!]3(.5!;050(.!A=-!S=-Z0)'!+=5/(-.#^NN!$)!

JIIF[! 5/(! 805@! V&.! -&)Z(*! &.! )C%,(-! H>[! %(&)0)'! 5/&5! 5/(! 3&@! "-(&! 0.! ,(8=%0)'! O(..! /=.105&,O(! 5=!

V=-Z0)'!%=5/(-.#! 9/(! -&)Z0)'! 5&Z(.! 0)5=! &88=C)5! 4&-0&,O(.! .C8/! &.!V=%()\.! 0)8=%([! C)(%1O=@%()5[!

.1()*0)'!1(-!1C10O[!O040)'!8=.5!(58#!6A!5/(!>I!8050(.!5/&5!V(-(!-&)Z(*[!D&)!B-&)80.8=!.8=-(*!5/(!V=-.5!=)!

O040)'! 8=.5.#! G(=1O(! 0)! 5/(! 3&@! "-(&! &-(! 4(-@! (8=Y8=).80=C.! &)*! 5/(! 805@! =A! D&)! B-&)80.8=! -(8@8O(! EE!

1(-8()5!=A!5/(0-!V&.5([!V/08/!0.!5/(!)&50=)\.!/0'/(.5#N2!G(=1O(!&O.=!5()*!5=!,(!%=-(!O0,(-&O!8=%1&-(*!5=!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !JE!D5#!K(=-'([!P#!bD(1#JU!JIHIc!

JR!X&50=)&O!D80()8(!B=C)*&50=)#!4-09$'+)9,M'3$.N'+0#$.').7'F0>,$I09O#!!

JF!G&-Z[!"#!b+&@!H>[!JIIIc!

NI!+08/&(O[!X#!&09'C90<$,,"0.);'+0#).').7'30*-$9,N'6.?0B$9"./'1$9,0.);'P);>$,'3)D'Q.?9$),$'%*9$,,#!!

NH!D%05/[!"#!bX=4#!U[!JIHIc!

NJ!3C-5=)[!d#!3C0O*0)'!3=*0(.#!&"*.$,,'<09'30*-$9,@!!

NN!1",";;0N'R@'S5>/@'TUN'VWTWX!

N2!XC55(-[!+#!bX=4#!E[!JIHIc

! H2!

5/(!-(.5!=A!5/(!)&50=)!&)*!=A5()!4=5(!P(%=8-&508#!3&.(*!=)!*&5&!A-=%!JIIR[!5/(!1=1CO&50=)!0)!5/(!3&@!

"-(&!8=).0.5.!=A!&O%=.5!E!%0OO0=)!1(=1O([!V/(-(=A!&-=C)*!NI!1(-8()5!&-(!A&%0O0(.!V05/!8/0O*-()!C)*(-!5/(!

&'(!=A!HR#N>!S/05(.!*=%0)&5(!5/(!1=1CO&50=)!&)*!?0.1&)08.!&)*!".0&).!%&Z(!C1!&!O&-'(!`C&)505@!=A!5/(!

%0)=-050(.#!9/(!&4(-&'(!1(-.=)!0)!5/(!3&@!"-(&!0.!V(OO!(*C8&5(*!&)*!5/(!D&)!g=.(YD&)!B-&)80.8=Y6&ZO&)*!

-('0=)! /&.! 5/(! 8=C)5-@\.! .(8=)*! /0'/(.5! ,&8/(O=-\.! &)*! %&.5(-\.! *('-((! &55&0)%()5#NU! 9/(! %(*0&)!

/=C.(/=O*!0)8=%(!0)!5/(!3&@!"-(&!0.!qEI[EEJ#NE!"O5/=C'/!5/(-(!&-(!%&)@!&AAOC()5!1(=1O(!0)!5/(!-('0=)!

5/(-(! 0.! &! 4&.5! *0.1&-05@! 0)! V(&O5/! *0.5-0,C50=)#!"88=-*0)'! 5=! 5/(! JIII! ;().C.[! R#U! 1(-8()5! =A! 5/(!

1=1CO&50=)!0.!0)!1=4(-5@#NR!!

!

D0)'O(!+=5/(-.!

!

PC-0)'! 1-0%&-@! -(.(&-8/[! 05! V&.! A=C)*! 5/&5! %&)@! .0)'O(! %=5/(-.! 0)! 5/(! 3&@! "-(&! /&4(! 5=! 7C''O(!

(4(-@5/0)'!'=0)'!=)! 0)! 5/(0-! O04(.[!(4(-@5/0)'! A-=%!-&0.0)'!/(-!8/0O*-()! 5=!V=-Z0)'! ACOO! 50%(!5=!.C11=-5!

5/(%.(O4(.!&)*!%&0)5&0)0)'!=C5.0*(!&*CO5! -(O&50=)./01.#!"A5(-! 5&OZ0)'! 5=!.0)'O(!%=5/(-.!%CO501O(! 50%(.!

=4(-!5/(!8=C-.(!=A!.(4(-&O!%=)5/.!05!,(8&%(!&11&-()5!5/&5!5/(@!8&--@!5/(!V(0'/5!=A!5/(!V=-O*!=)!5/(0-!

./=CO*(-.[!&)*!5-@!5=!*=!5/(!,(.5!5/(@!8&)!A=-!5/(0-!8/0O*-()!V/0O(!.50OO!%&0)5&0)0)'!5/(0-!=V)!.&)05@#!9/(@!

()7=@!.1()*0)'!&.!%C8/!50%(!&.!1=..0,O(!V05/!5/(0-!8/0O*-()[!,C5!5/(@!-(&O0<(!5/&5!5/(@!)((*!5=!5&Z(!8&-(!

=A! 5/(%.(O4(.! &)*! -(8C1(-&5(! A-=%! *&@Y5=Y*&@! &8504050(.#! 6A5()! 50%(.! 5/(.(! %=5/(-.! A(O5! 'C0O5@! V05/!

.=%(!=A! 5/(0-! 1(-.=)&O! *(80.0=).[! ,C5! =4(-&OO! 5/(@! A(O5! 1-=C*!=A! 5/(0-! &88=%1O0./%()5.! ,=5/! &.! .0)'O(!

%=5/(-.!&)*!&*CO5.!0)!5/(!8=%%C)05@#!!!

!

9/(.(!.0)'O(!%=5/(-.!%&*(!05!8O(&-!5/&5!5/(@!&-(!V=-Z0)'!%=-(!5=!1-=40*(!5/(!,(.5!A=-!5/(0-!8/0O*-()[!,C5!

5/(@!A(O5!05!V&.!&!%0.8=)8(150=)!5/&5!5/(@!V(-(!C)/&11@!&,=C5!05#!$5!0.!8O(&-!5/&5!5/(@!/&4(!.&8-0A08(*!&!

O=5! A=-! 5/(0-! 8/0O*-()[! ,C5! V=CO*)\5! 5-&*(! ,(0)'! &! %=5/(-! A=-! &)@5/0)'[! ,C5! 5/(0-! 8&-((-.! &-(! 4(-@!

0%1=-5&)5! 5=! 5/(%! ,=5/! A0)&)80&OO@! &)*! 1-=A(..0=)&OO@#! K=0)'! 5=! V=-Z! 0.! &)! (.8&1(! A-=%! *&0O@! %=%!

*C50(.[!&OO=V0)'!5/(%!5=!.5(1!=C5!=A! 5/(!%=%!-=O(!&)*!5()*!5=!=5/(-.#!"!.().(!=A!(%1=V(-%()5!V&.!

A=C)*!0)!5/(!V=-Z1O&8(!A=-!%=5/(-.#!9/0.!&O.=!5-&).O&5(*!5=!&8504050(.!=C5.0*(!5/(!V=-ZA=-8(!5/&5!5/(.(!

%=5/(-.!V(-(!0)4=O4(*!0)#!!+&)@!/&*!5=!%&Z(!&!8=).80=C.!(AA=-5!=)!&)!=)Y'=0)'!,&.0.!5=!%&Z(!50%(!A=-!

5/(%.(O4(.!&V&@!A-=%!5/(0-!8/0O*-()!.=!5/&5!5/(@!V(-(!&,O(!5=!-(()(-'0<(!&)*!-(Y'-=C1#!

!

+&)@!=A! 5/(!.0)'O(!%=5/(-.!.((%(*!-0'/5ACOO@!=4(-V/(O%(*!V05/! 5/(!&%=C)5!=A!*(80.0=).!&)*! 0%1&85!

5/(@!/&*!=)! 5/(0-! 8/0O*-()\.! O0A(#!+=5/(-.!V&)5! 5/(! 4(-@!,(.5! A=-! 5/(%[! &)*! .5-04(! 5=!*(O04(-! 5/(!,(.5!

V05/0)!5/(0-!%(&).#!!D0)'O(!%=5/(-.!(f1O&0)(*!5/&5!,(8&C.(!=A!5/(!8/=08(.!5/(@!/&4(!%&*(!0)!5/(0-!O04(.[!

5/(@!V&)5!5/(0-!8/0O*-()!5=!,(!&V&-(!=A! 5/(!.5-C''O(.!5/(@!=4(-8&%(!&)*!5=! O(&-)!A-=%!5/(0-!%0.5&Z(.!

0).5(&*!=A! -(1(&50)'! 5/(%#! Qf1=.0)'! @=C)'! 8/0O*-()! 5=!1=.0504(! -=O(!%=*(O.! &)*!()8=C-&'0)'! 5/(%! 5=!

1&-50801&5(! 0)!1=.0504(!&8504050(.!&-(!.=%(!=A! 5/(!V&@.!5/(.(!%=5/(-.! 5-@! 5=!5(&8/!5/(%!5=!,(55(-! 5/(0-!

O04(.#!+&)@!V=--0(*!&,=C5!)=5!,(0)'!&-=C)*!()=C'/[!,C5! 5/(@! A(O5! 8=)A0*()5! 0)! 5/(! 8/=08(.! 5/(@!/&4(!

%&*(#!+&)@!.0)'O(!%=5/(-.!8&)!-(O&5(!5=!A((O0)'!=4(-V/(O%(*[!(.1(80&OO@!0)!5/(!V=-O*!5=*&@#!!!

!

S/0O(!)=5!&.!0%1=-5&)5!&.!5&Z0)'!8&-(!=A!5/(0-!A&%0O0(.[!%&)@!.0)'O(!%=5/(-.!(f1-(..(*!8=)8(-).!&,=C5!

5/(0-!O==Z.!&)*!=4(-&OO!&11(&-&)8(#!S(!O04(!0)!&!V=-O*!5=*&@!V/(-(!V(!&-(!8=).5&)5O@!7C*'(*!,@!A0-.5!

0%1-(..0=).!V/(5/(-!V(!O0Z(!05!=-!)=5#!S=%()!0)!'()(-&O!A0)*!05!&!.5-C''O(!5=!8=).5&)5O@!Z((1!C1!V05/!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !N>!3&@!"-(&!;().C.!bJIIRc!

NUP-(V[!g#!bD(1#!JJ[!JIIFc#!

NE!;XX+=)(@#8=%#!Y$,*'1;)?$,'!0'G"B$'VWWU#!

NR!3&@!"-(&!;().C.!bJIIIc

! H>!

(4(-Y8/&)'0)'!5-()*.!&)*!A&./0=)!A&*.[!&.!V(OO!&.!*0AA08CO5!*0(5.!5/&5!1-=%0.(!C)=,5&0)&,O(!-(.CO5.#!!D0)'O(!

%=5/(-.!&-(!)=!(f8(150=)!5=!5/0.!1-(..C-(Y!&)*!&-(!1(-/&1.!%=-(!.C.8(150,O(!5=!05!V/0O(!1&-50801&50)'!0)!

5/(!*&50)'!V=-O*#!+&)@!.0)'O(!%=5/(-.!./&-(*!.&50.A&850=)!V05/!5/(0-!O04(.[!,C5!*(.0-(*!5=!A0)*!

8=%1&)0=)./01!5=!8=%1O(5(!5/(0-!A&%0O@!C)05#!

!

G-=A0O(!=A!5/(!9@108&O!9&-'(5!$)*040*C&O!!!!

+

g())0A(-! 0.! &! NRY@(&-Y=O*!%=5/(-!=A! 5V=#! D/(! 0.! &! 1/&-%&80.5! &)*!

/(-!/C.,&)*! g(AA-(@! 0.!&!8040O!()'0)((-#!?(-! A&%0O@! A&OO.!V05/0)! 5/(!

%0**O(! 5=! C11(-!%0**O(Y8O&..#! g())0A(-\.! .=)! 0.! HI! @(&-.! =O*! &)*!

()7=@.! 40*(=! '&%(._! /(-! *&C'/5(-! 0.! U! &)*! 0.! 0)5(-(.5(*! 0)!

'@%)&.508.#! g())0A(-!(f1-(..(.! 5/(! 5@108&O! A((O0)'.!=A! 5/(!&4(-&'(!

3&@!"-(&!%=5/(-!i!./(!A((O.!O0Z(!&!]p0*!;&,,0(^!V/=!7C.5!108Z.!C1!

&)*!*-=1.!=AA!/(-!Z0*.[!/&.!O055O(!50%(!A=-!/(-.(OA!=-!/(-!A-0()*.!&)*!

0.! C)/&11@! V05/! /(-! 8C--()5! 1/@.08&O! &11(&-&)8(#! g())0A(-! 0.!

8C--()5O@!&!%(%,(-!=A!J2!?=C-!B05)(..[!,C5!A0)*.!05!*0AA08CO5!5=!A0)*!

5/(! 50%(! &)*!%=504&50=)! 5=! V=-Z=C5#!S=%()! O0Z(! g())0A(-! 1O&8(!

'-(&5! 0%1=-5&)8(! =)! 5/(0-! 1(-.=)&O! &)*! A&%0O@\.! /(&O5/! &)*!

V(OO)(..[! ,C5! A0)*! 05! *0AA08CO5! 5=! &OO=8&5(! 5/(! 50%(! 5=! 5&Z(! 8&-(! =A!

5/(0-!=V)!/(&O5/!&)*!V(OO)(..!)((*.#!!

!

$5!0.!0%1=-5&)5!5=!C)*(-.5&)*!5/(!5&-'(5!&C*0()8(!0)!=-*(-!5=!-(&8/!=C5!5=!5/(.(!V=%()!&)*!.C88(..ACOO@!

*(O04(-! 5/(! %(..&'(#! $5! 0.! &O.=! 0%1=-5&)5! 5=! (f&%0)(! 8=%1(505=-.! V05/! 5/(! 1C-1=.(! =A! =,5&0)0)'!

0)A=-%&50=)!&,=C5!5/(%!&)*!5/(0-!=AA(-0)'.!&)*!.((Z!=C5!V/&5!*0AA(-()50&5(.!5/(!:#!+

!!!!!!!!!

B>+8D$+<:A0$&'&':)+

!

;=%1(505=-.!=A!5/(!:!8&)!,(!*040*(*!0)5=!5/-((!*0AA(-()5!'-=C1.h!

!

R%:?0+72+<:AA?)'&.+<$)&$%(S,Q'A+-)"+R.A(+!

Q#'#!5/(!p=-(5!?(&O5/!&)*!d(8-(&50=)!;()5(-!=A!M;DB!&)*!1&-508CO&-O@!5/(!g(V0./!;=%%C)05@!;()5(-.!=A!

D&)!B-&)80.8=[!,=5/!=AA(-!1-='-&%.!.0%0O&-!5=!5/(!:\.!1-='-&%.#!G-='-&%.!-&)'(!A-=%!;Gd!8=C-.(.!&)*!

.V0%!O(..=).!5=!.()0=-!V=-Z./=1.!&)*!8/0O*-()\.!1O&@'-=C1.#!!

!

R%:?0+52+G-('3+R.A(+!

D0%0O&-!5=!5/(!:[!'@%.!.C8/!&.!J2!?=C-!B05)(..[!K=O*\.!K@%[!&)*!;C-4(.!=AA(-!&!1O&8(!5=!V=-Z!=C5!V05/!

)=)Y(..()50&O!A(&5C-(.!5&Z()!=C5#!S/0O(!8=)*C850)'!1-0%&-@!-(.(&-8/!05!V&.!A=C)*!5/&5!5/(!%=.5!1=1CO&-!

'@%.!A=-!%=5/(-.! 0)!5/(!3&@!"-(&!&-(!J2!?=C-!B05)(..!&)*!;C-4(.#!J2!?=C-!B05)(..! 0.!=)(!=A! 5/(!%=.5!

0)(f1().04(!'@%.! 0)! 5/(!&-(&[!&)*!=1()!&-=C)*! 5/(!8O=8Z[!V/08/!%&Z(.! 05!(&.@! A=-!,C.@! 0)*040*C&O.! 5=!

*-=1! 0)! V/()(4(-! &! A-((! 8/&)8(! &-0.(.#! ;C-4(.! &O.=! =AA(-.! &! 8=)4()0()5! &)*! 5/=-=C'/! V=-Z=C5! 0)! &!

V=%()\.!A-0()*O@!b&)*!)=)Y0)50%0*&50)'c!()40-=)%()5#!!

!

!

! HU!

R%:?0+@2+N'*DTU)"+R.A(+!

$)!D&)!B-&)80.8=!&)*!+&-0)!%=-(!C1.8&O(!'@%.[!(#'#!;OC,!6)([!3&@!;OC,[!D1=-5.!;OC,!a"[!&)*!Q`C0)=f[!&OO!

=AA(-!&!%=-(!O&40./!V=-Z!=C5!(f1(-0()8(!V05/=C5!.1(80A08!1-='-&%.!A=-!8/0O*-()!&)*!A&%0O0(.#!!

!

D0)8(!5/(!=,7(8504(!=A!5/(!8&%1&0')!0.!5=! 0)8-(&.(!%(%,(-./01[!=5/(-!,&.08!'@%.!&-(!8=).0*(-(*!5=!,(!

5/(!%&7=-! 8=%1(505=-.! &)*! 5/(-(A=-([!%=-(! -(.(&-8/! /&.! ,(()! 8=)*C85(*! &,=C5! 5/0.! '-=C1#!K-=C1! H[!

=5/(-!8=%%C)05@!8()5(-.[!&)*!K-=C1!N[!OCfC-@!'@%.[!/&4(!,(()!'04()!O(..!(%1/&.0.#!+=.5!%=5/(-.!5/&5!

&O-(&*@!,(O=)'!5=!&!'@%!&-(!%(%,(-.!=A!&!,&.08!'@%[!&)*!5/(!%()50=)(*!OCfC-@!'@%.!&-(!)(05/(-!A&%0O@Y

=-0()5(*!)=-!8&C.(Y*-04()#!9=!,(!&,O(!5=!8=%1(5(!&'&0).5!5/(.(!,&.08!'@%.!05!0.!8-C80&O!5=!'&0)!&!,(55(-!

C)*(-.5&)*0)'! &,=C5! 5/(%!&)*!V/&5! 5/(@! =AA(-#! B=OO=V0)'! 0.! &! *(.8-0150=)! =A!%&0)! ,&.08! '@%.! 0)! D&)!

B-&)80.8=!&)*!+&-0)h!

!

• J2!?=C-!B05)(..!

!

+=.5!=A! 5/(! '@%.! 0)! 5/(! &-(&! &-(!J2!?=C-! B05)(..!5?*"B$! &)*! &! A(V!J2!?=C-! B05)(..!%C09*#! "8504(! &-(!

]%=*(-&5([email protected]<(*! j8OC,.k#! "5! J2! ?=C-! B05)(..! "8504(! O(4(O! 8OC,.[! j5/(! %(%,(-k! 8&)! '(5! &! ACOOY,=*@!

V=-Z=C5! 0)!%0)C5(.! ,@! C.0)'! 8&-*0=! (`C01%()5[! .5-()'5/!%&8/0)(.[! &)*! A-((!V(0'/5.#!+=.5! O=8&50=).!

&O.=!=AA(-!'-=C1!(f(-80.(!8O&..(.!5=!&**!AC)!&)*!4&-0(5@!5=!@=C-!-=C50)(#^NF!

"5!5/(!D1=-5!'@%.!%(%,(-.!8&)!]()7=@!&!V0*(!4&-0(5@!=A!A05)(..!(`C01%()5!&)*!8O&..(.#!+=.5!O=8&50=).!

=AA(-! .&C)&[! .5(&%! -==%[! &)*!V/0-O1==O[! &)*! .=%(! 8OC,.! A(&5C-(! ,&.Z(5,&OO! 8=C-5.! &)*n=-! .V0%%0)'!

1==O.#^2I!

!

D=%(!J2!?=C-! B05)(..! O=8&50=).!=AA(-! ]p0*\.!;OC,[^! &!1O&8(!V/(-(! 8/0O*-()! A-=%!U!%=)5/.! 5=!HJ! @(&-.!

]8&)!/&)'!=C5!V/0O(!j1&-()5k!&8/0(4(!j/(-n/0.k!A05)(..!'=&O.#2H!^p0*\.!;OC,!5@108&OO@!8=.5.!qJY2!&!*&@!A=-!C1!

5=!5V=!/=C-.!=A!.C1(-40.0=)#!9/-=C'/!5/(!J2!?=C-!B05)(..!e&-.05@!G-='-&%!/0'/!.8/==O!4&-.05@!.5C*()5.!

8&)!(f(-80.(!A=-!A-((!&5!5/(!'@%.#2J!3&.(*!=)!J2!?=C-!B05)(..\.!V(,.05(!05!8&)!,(!C)*(-.5==*!5/&5!1(=1O(!

'=!5/(-(!5=!V=-Z!=C5[!O=.(!V(0'/5[!&)*!%((5!A-0()*.#!9/(!=-'&)0<&50=)!0.!1-04&5(O@!=V)(*!&)*!)=5!8&C.(Y

*-04()#!

!

X(&-! 5/(! B&%0O@! :+;"! =A! D&)! B-&)80.8=[! D5=)(.5=V)[! 5/(-(! 0.! &! %C09*! J2! ?=C-! B05)(..! O=8&5(*! bHR>I!

68(&)!"4()C([!D&)!B-&)80.8=c#!3&.(*!=)!NIE!:(O1!-(40(V.[!5/(!O=8&O!'@%!/&.!-(8(04(*!&)!&4(-&'(!=A!J#>!

.5&-.!=C5!=A!>!1=..0,O(!.5&-.#!S/&5!1(=1O(!8=%1O&0)!&,=C5!0.!5/(!*0AA08CO5@!=A!A0)*0)'!1&-Z0)'[!*0.'C.50)'!

O=8Z(-! -==%.[! =4(-&OO! O&8Z! =A! 8O(&)O0)(..[! 5/(! 1(-.=)&O! 5-&0)(-.[! 1(=1O(! -(Y-&8Z0)'! 5/(! V(0'/5.! 0)! 5/(!

V-=)'! V&@[! &)*! 5/&5! 05! 0.! 5==! 8-=V*(*#2N! +(%,(-.! .((%! 5=! ,(! V0OO0)'! 5=! O==Z! 1&.5! 5/0.! *C(! 5=! 5/(!

&AA=-*&,O(!%(%,(-./01!A((#!B=-!%&)@!%(%,(-.!5/(!O=8&50=)!0.!8=)4()0()5[!&)*!5/(0-!A-0()*.!'=!5/(-(!&.!

V(OO#!!

!

• K=O*\.!K@%!

!

S05/!5/-((!'@%.! O=8&5(*! 0)!5/(!805@!=A!D&)!B-&)80.8=[!K=O*\.!K@%!=AA(-.!8O&..(.[! A-((!V(0'/5.[! 5&))0)'[!

8&-*0=[!1(-.=)&O!5-&0)(-.!&.!%&)@!=5/(-!,&.08!'@%.#22!K=O*\.!K@%!0.!1-04&5(O@!=V)(*!&)*!5/(0-!V(,.05(!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !NF!J2!?=C-!B05)(..#!4;>=!!DC$,').7'5#$."*"$,!!

2I!J2!?=C-!B05)(..#!4;>=!!DC$,').7'5#$."*"$,!!

2H!J2!?=C-!B05)(..#!L"7Z,'4;>=!

2J!J2!?=C-!B05)(..#!20>*-'&"*.$,,'

2N!:(O1#!V['F0>9'&"*.$,,'8?$).@!

22!K=O*\.!K@%#!%$9B"?$,').7'5#$."*"$,'K'%835@!!

! HE!

./=V.!)=!0)*08&50=).!=A!&)@!8=)5-0,C50=).!5=!5/(!8=%%C)05@!,@!5/(!'@%!=-!=AA(-!.C1(-40.0=)!=A!8/0O*-()!

V/0O(!1&-()5!V=-Z.!=C5#!9/(!D6+"!O=8&50=)!/&.!-(8(04(*!&)!&4(-&'(!=A!N#>!.5&-.!,&.(*!=)!HJH!-(40(V.!

=)!:(O1#2>!+(%,(-.!-(4(&O!5/&5!5/(!'@%!0.!.%&OO[!8-=V*(*[!A0O5/@[!/&.!A-0()*O@!.5&AA[!=AA(-.!A-((!1&-Z0)'[!

&)*!5/&5!5/(@!/&4(!/&*!5-=C,O(!V05/!5/(!,0OO0)'[email protected](%#!"O.=[!&88=-*0)'!5=!:(O1[!5/(!D6+"!O=8&50=)!]/&.!

O=)'!,(()!&!10OO&-!=A!5/(!'&@!8=%%C)05@^!&)*!]j.C11=-5.!5/(0-k!aK39!.5&AA[!%(%,(-.!&)*!8=%%C)05@!0)!

(4(-@V&@!1=..0,O(!&)*!j05k!V0OO!8=)50)C(!5=#^!

!

!

• ;C-4(.!

!

;C-4(.! 0.! 1-04&5(O@! =V)(*! &)*! A=-!V=%()! (f8OC.04(O@#! 9/(! O=8&50=).! 0)! 5/(! &-(&! =AA(-!V=%()! A05)(..[!

.5-()'5/!5-&0)0)'[!&)*!V(0'/5YO=..!'C0*&)8(#!"88=-*0)'!5=!;C-4(.\!V(,.05([!V=%()!&-(!()8=C-&'(*!u\5=!

.C11=-5!8/&-05&,O(!8&C.(.[!O(&-)!&,=C5!/(&O5/Y-(O&5(*!0..C(.[!&)*!A=-'(!O&.50)'!A-0()*./01.!&.!1&-5!=A!5/(!

'O=,&O!;C-4(.!8=%%C)05@#^2U!;C-4(.!&O.=!1&-5)(-.!V05/!5/(!"%(-08&)!;&)8(-!D=80(5@#2E!+=.5!8C-4(.!*=!

)=5!=AA(-!%=5/(-.!&!1O&8(!A=-!5/(0-!8/0O*-()!5=!,(!V&58/(*!V/0O(!5/(!%=5/(-.!V=-Z!=C5[!&O5/=C'/!&!.(O(85!

A(V! *=! /&4(! 1O&@! &-(&.! A=-! 5/(0-! 8/0O*-()! 5=! 1O&@[! ,C5! C.C&OO@! 05! 0.! .50OO! 5/(!%=5/(-\.! -(.1=).0,0O05@! 5=!

V&58/!=4(-!/(-! 8/0O*-()#!;C-4(.!&OV&@.! 8/&)'(.! 5/(0-!%(%,(-./01! A((.!*(1()*0)'!=)! 5/(! .(&.=)!&)*!

*(1()*0)'!=)!/=V!O=)'!@=C!V&)5!5=!.0')!C1!A=-#!3C5!5/(!0)050&O!A((!0.!,(5V(()!>I!&)*!HII!*=OO&-!&)*!5/(!

%=)5/O@!A((!UI!*=OO&-.#!$A!@=C!&-(!&!A&%0O@!%(%,(-!,=5/!5/(!0)050&O!A((!&)*!5/(!%=)5/O@!A((!V0OO!,(!O=V(-#!

;C-4(.!=AA(-.!&!4&-0(5@!=A!*0AA(-()5!*(&O.!5/-=C'/=C5!5/(!@(&-#!!

!

3&.(*!=)!U! 0)5(-40(V.!=)!:(O1[!;C-4(.! 0)! 5/(!S(.5(-)!"**050=)nX6G"!)(0'/,=-/==*!/&.! -(8(04(*!2#>!

.5&-.!=C5!=A!>!1=..0,O(!&)*!0.!1-&0.(*!A=-!05.!A-0()*O@!8C.5=%(-!.(-408(!&)*!)08(!.5&AA#2R!;=%1O&0)5.!V(-(!

&,=C5!*0AA08CO50(.!5=!5(-%0)&5(!%(%,(-./01.#!;C-4(.!0)!5/(!G=-5=O&!*0.5-085!&)*!;C-4(.!9V0)!G(&Z.!/&4(!

-(8(04(*!=)(!-(40(V!(&8/[!&)*!,=5/!V(-(!'04()!>!.5&-.#2F!9/(!-(40(V(-.!V(-(!(.1(80&OO@!/&11@!&,=C5!5/(!

A-0()*O@!&)*!%=504&50)'!.5&AA[!0)!&**050=)!5=!AC)!%=504&50)'!8=)5()5.#!!

G-080)'!

+=.5! =A! 5/(! (&-O0(-!%()50=)(*! '@%.\! V(,.05(.! =AA(-! .=%(! Z0)*! =A! 1-080)'! A=-!%(%,(-./01[! ,C5! 8=.5.!

8/&)'(!*(1()*0)'!=)!O=8&50=)!&)*!.1(80A08!O()'5/!=A!8=)5-&85!b&)@V/(-(!A-=%!V((Z!5=!V((Z!5=!&!@(&-O@!

,&.0.c#!9/(-(!&-(!&O.=!4&-0=C.!.0')YC1!A((.!&)*!8&)8(OO&50=)!A((.!5/&5!8&)!8/&)'(!'-(&5O@!*(1()*0)'!=)!

*0AA(-()5!1-=%=50=).!&)*!8=C1=).! -C))0)'!&5! 5/(! 50%(#!B=-!(f&%1O([!=A5()! 50%(.!&!;C-4(.!,-&)8/!V0OO!

5(&%! C1! V05/! &! O=8&O! 8/&-05@[! .C8/! &.! 5/(! ;=%%C)05@! B==*! 3&)Z[! &)*! V&04(.! 5/(! .0')YC1! A((.! A=-! &!

*=)&50=)! =A! 8&))(*! '==*.#! "O.=! *(1()*0)'! =)! 1(-.=)&O! 0).C-&)8(! 1-=40*(-.[! 5/(-(! %&@! ,(! %=)5/O@!

*0.8=C)5.Y!=-!=5/(-!0)8()504(.#!9/(.(!)('=50&,O(!-&5(.!%&Z(!05!/&-*!A=-!&!1-(80.(!8=%1&-0.=)#!!

!

;=%1(505=-.!%&@!,(!&,O(! 5=!=AA(-!.0%0O&-! A&80O050(.!&5!&! O=V(-!8=.5!=-!V05/!%=-(!8=)4()0()5!/=C-.[!,C5!

5/(@!8&))=5!=AA(-!&!8=%1O(5(!1&8Z&'(!5/&5!&11(&O!5=!&OO!%(%,(-.!=A!&!A&%0O@#!+&)@!=A!5/(!=5/(-!'@%.!

=)O@! &11O@! 5=! &! 1(-.=)\.! 1/@.08&O! /(&O5/[! &)*! &-(! )=5! &,O(! 5=! =AA(-! 1-='-&%.! A=-!%()5&O! &)*! .10-05C&O!

/(&O5/!.0%0O&-!5=!5/=.(!&4&0O&,O(!5/-=C'/!5/(!:#!!!

!

+

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !2>!K=O*\.!K@%#!%$9B"?$,').7'5#$."*"$,'K'%835@!

2U!;C-4(.#!5=0>*'4>9B$,'K'8B$9B"$I@!!

2E!;C-4(.#!5=0>*'4>9B$,'K'5#$9"?).'4).?$9'%0?"$*D@!!

2R!:(O1#!4>9B$,'K'+$,*$9.'577"*"0.\E815!

2F!:(O1#!4>9B$,'K'109*0;)

! HR!

U>+8D$+4:(&+<:A0$99')*+G$)$;'&+Q$+3-)+:;;$%+&D$+&-%*$&+-?"'$)3$+&:+$)3:?%-*$+&D$A+&:+($$V+:?&+-""'&':)-9+');:%A-&':)+-1:?&+&D$+L+WXD-&Y(+')+'&+;:%+&D$AZ[++

+9/(!:!=AA(-.!1-='-&%.!5/&5!.5-()'5/()!3&@!"-(&!0)*040*C&O.[!A&%0O0(.[!&)*!8=%%C)050(.#!

P>+XD.+,D:?9"+8D$.+G$9'$#$+8D'(Z++

+DC11=-5!A=-!5/(!1-=%0.(*!,()(A05.!0)8OC*(h!

!

$)*040*C&O.!

+=5/(-.!V&)5!&!1O&8(!5/&5!5/(@!8&)!8=C)5!=)[!&)*!&OO=V!5/(0-!8/0O*-()!5/(!=11=-5C)05@!5=!AO=C-0./!&)*!

'-=V!V/0O(!(f1(-0()80)'!)(V!5/0)'.#!9/(@!&O.=!V&)5!.=%(!&O=)(!50%(!V/0O(!Z)=V0)'!5/(0-!8/0O*-()!&-(!

.&A(O@!O==Z(*!&A5(-!&)*!=88C10(*#!9/(!:!=AA(-.!&!ACOO!'@%!V05/!&!4&-0(5@!=A!(`C01%()5[!&.!V(OO!&.!&!-&)'(!

=A!8O&..(.!5/&5!&11(&O!5=!V=%()!=A!&OO!A05)(..!O(4(O.#!S=%()!8&)!&O.=!'&5/(-!5=!*0.8C..!8-0508&O!0..C(.!&)*!

/&-*./01.!0)!5/(0-!O0A(#!9/0.!1-=40*(.!&!.C11=-50)'!&5%=.1/(-(!A=-!1(=1O(!V05/!1-=,O(%.!5=!=1()!C1!&)*!

=4(-8=%(! 5/(%! 0)! &! /(&O5/@!%&))(-#!S/0O(!%=5/(-.! &-(! ()7=@0)'! 5/0.! -&-(! 50%(! 5=! 5/(%.(O4(.! 5/(0-!

8/0O*-()!&-(!V(OO!5&Z()!8&-(!=A!&)*!=88C10(*!V05/!AC)!(*C8&50=)&O!&)*!.=80&O!&8504050(.#!!!

!

9/(! :! =AA(-.! .10)! 8O&..(.[! V=%()\.! V((Z()*! '(5&V&@.[! *&5(! )0'/5.! V05/! O08().(*! 8/0O*8&-(! &)*! ACOO@!

(`C011(*!'@%!O=8&50=)._!'040)'!V=%()!50%(!5=!.5-()'5/()!5/(%.(O4(.#!

B&%0O0(.!

9/(! :! 0.! &)! =-'&)0<&50=)! 5/&5! 0.! 8=%%055(*! 5=! C)050)'! A&%0O0(.! &)*! .C11=-50)'! 5/(%! 5/-=C'/! &! V0*(!

4&-0(5@!=A!(4()5.!&)*!1-='-&%.#! $5!/&.!=-'&)0<(*! 05.! .8/(*CO(!.=! 5/&5!(4(-@!B-0*&@!=A! 5/(!%=)5/!/&.!&!

*0AA(-()5!A&%0O@!=-0()5(*!&850405@#!DV0%!X0'/5.[!B&%0O@!3$XK6!X0'/5[!B&%0O@!+=40(!X0'/5!&.!V(OO!&.!=5/(-!

&8504050(.!&)*!1-='-&%.!&-(!8-(&5(*!5=!.5-()'5/()!A&%0O@!,=)*.#!D(&.=)&O!&8504050(.[!.C8/!&.!.1-0)'!8-&A5.!

&)*!8=O=-0)'!(''!*&@[!&-(!1O&))(*!&88=-*0)'O@!5/-=C'/=C5!5/(!@(&-#!9/(-(!&-(!&O.=!8O&..(.!&)*!1-='-&%.!

5/&5! &-(! 8&5(-(*! .1(80A08&OO@! A=-! 1&-()5.! 5=! ,C0O*! &)*! )C-5C-(! 5/(0-! -(O&50=)./01! &.!V(OO#! 9/(.(! 0)8OC*(!

4&-0=C.!8O&..(.!-&)'0)'!A-=%!A0)&)8(.!5=!.10-05C&O05@#!9/(!:!&O.=!/=.5.!&!P&5(!X0'/5!(4()!%=)5/!.=!5/&5!

1&-()5.!&-(!&,O(!5=!()7=@!.=%(!A-((!50%(!V/0O(!5/(0-!8/0O*-()!&-(!.&A(O@!V&58/(*!=4(-!&)*!()5(-5&0)(*!

A=-!5/(!(4()0)'#!!

;=%%C)050(.!

9(()! 5-C&)8@! 1-='-&%.[! 8=%%C)05@! A==*! ,&)Z.! &)*! .=80&O! (4()5.! /(O1! 5=! .5-()'5/()! 50(.! 0)! 5/(!

8=%%C)05@[! V/08/! /(O1! 0)*040*C&O.! &)*! A&%0O0(.! A((O! ,(55(-! &,=C5! 5/(0-! 8=%%C)05@! 0)4=O4(%()5! &)*!

%&Z(! 8/0O*-()! &)*! 5(().! %=-(! V(OOY-=C)*(*! A=-! 8=OO('(! &11O08&50=).#! G-='-&%.! 5/&5! A=8C.! =)! :=C5/!

P(4(O=1%()5[! D=80&O! d(.1=).0,0O05@[! &)*! ?(&O5/@! a040)'! .5-()'5/()! 0)*040*C&O.! &)*! A&%0O0(.! 0)! 5/(!

8=%%C)050(.!5/(@!.(-4(#!

R>+8:)$++

9/(!5=)(!=A!5/(!&*4(-50.0)'!)((*.!5=!%&58/!5/(!1(-.=)&O05@!=A!5/(!,-&)*!&)*!5/(!5&-'(5!&C*0()8(#!!9/(!

.(8=)*&-@!=,7(8504(!0.!5=!1=.050=)!5/(!:!&.!&!8&C.(Y*-04()!=-'&)0<&50=)[!&)*!)=5!7C.5!&!.V0%!&)*!'@%#!9/(!

5=)(!=A!5/(!&*4(-50.0)'!&O.=!/&.!5=!A=OO=V!5/(!:\.!.5@O(!'C0*(!]3-0)'0)'!6C-!3-&)*!9=!a0A(!i!"!KC0*(!B=-!

! HF!

M.0)'! &)*!G-=5(850)'!6C-! 3-&)*#>I^! 9=! -(&8/! 5/(! 5&-'(5! &C*0()8(! 5/(!*(.0-(*!,-&)*!1(-.=)&O05@! 5=! ,(!

&8/0(4(*! 0.! 5=! ./=V! 5/(! :! &.! &!V(O8=%0)'! &)*! (*C8&50=)&O! ]A((O! '==*^! ,-&)*! 5/&5! 1-=%=5(.! /(&O5/@!

O040)'[! &)*! %&Z(.! A&%0O0(.! 8=%(! 5='(5/(-! 0)! &! .&A(! ()40-=)%()5#! 9/(! C)*(-5=)(! 0.! =150%0.508! &)*!

8/((-ACO#! 9/(! ,(.5! 1(-.=)! 5=! *(O04(-! 5/0.! %(..&'(! V=CO*! ,(! &! V=%&)! N>Y>2! @(&-.! =O*! V05/! 8/0O*-()!

C)*(-!5/(!&'(!=A!HR!O040)'!&5!/=%(#!!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !>I!:+;"#!Y9"./"./'8>9'Y9).7'!0'G"<$'K'5'(>"7$'&09'6,"./').7'190*$?*"./'8>9'Y9).7'bgCO@!J[!JIHIc!

! JI!

=F>+8D$+<%$-&'#$+G%'$;+!

!>+XD.+-%$+Q$+-"#$%&'(')*+-&+-99Z!9=!0)8-(&.(!%(%,(-./01[!&.!%(&.C-(*!,@!0)8-(&.(*!V(,!5-&AA08[!,-&)8/!5=C-.[!&)*!1/=)(!0)`C0-0(.!5=!5/(!

:#!"O.=!5=!0)8-(&.(!&V&-()(..!=A!5/(!:!&.!&!8&C.(Y*-04()!=-'&)0<&50=)[!)=5!7C.5!&!.V0%!&)*!'@%!&.!0.!5/(!

8C--()5!1(-8(150=)!=A!5/(!5&-'(5!&C*0()8(#!

!

G>+XD:+-%$+Q$+&-9V')*+&:Z+S(!&-(!5&-'(50)'!3&@!"-(&!V=%()!N>Y>2!@(&-.!=O*[!V05/!&!8C--()5!'@%!%(%,(-./01[!V05/!8/0O*-()!C)*(-!

5/(!&'(!=A!HR!O040)'!&5!/=%(#!9/(.(!%=5/(-.!&-(!5/(!A&%0O@!*(80.0=)!%&Z(-.!V/()!05!8=)8(-).!A&%0O@!&)*!

/=%(!O0A(#!

!

7>+P-3&(+-1:?&+&D$A>+9/(!5&-'(5(*!V=%()!&-(!%(%,(-.!=A!K()(-&50=)!L!%(&)0)'!5/&5!5/(@!&-(!*(4=5(*!5=!5/(0-!A&%0O0(.!&)*!

5/0)Z! 05! 0.! 0%1=-5&)5!5=!1-(.(-4(!A&%0O@! O0A(#!".!%=5/(-.! 0)!5/(!M#D#[!&!%&7=-05@!=A!5/(%!&-(!0)!5/(!O&,=-!

A=-8([! ,C5! .50OO! *=!%=-(! /=C.(! 8/=-(.! &)*! .1()*!%=-(! 50%(!V05/! 5/(0-! 8/0O*-()! 5/&)! 5/(0-! /C.,&)*.#!

+=5/(-.! 0)! 5/(!3&@!"-(&! 5/0)Z! 05! 0.! 0%1=-5&)5! 5=! .5&@! 0)! ./&1(!&)*!,(O=)'! 5=!&! '@%#!9/(@!1O&8(!'-(&5!

0%1=-5&)8(!=)!5/(0-!1(-.=)&O!&)*!A&%0O@\.!/(&O5/!&)*!V(OO)(..[!,C5!A0)*!05!*0AA08CO5!5=!&OO=8&5(!5/(!50%(!5=!

5&Z(!8&-(!=A! 5/(0-!=V)!/(&O5/!&)*!V(OO)(..!)((*.#!B&%0O0(.! 0)! 5/(!&-(&!&O.=!/&4(!/0'/! O040)'!8=.5.[!&)*!

%&)@!=A!5/(%!&-(!%0**O(!&)*!C11(-Y%0**O(!8O&..#!S/05(.!*=%0)&5(!5/(!-('0=)[!&)*!?0.1&)08.!&)*!".0&).!

%&Z(!C1!&!O&-'(!`C&)505@!=A!5/(!%0)=-050(.#!

!

5>+8D$'%+-&&'&?"$(+-)"+D:Q+&D$.+3?%%$)&9.+#'$Q+&D$+L>+X=)Y+(%,(-.! =A! 5/(! :[! A=-! 5/(!%=.5! 1&-5[! .((%! 5=! C)*(-.5&)*! 5/(! 0%1=-5&)8(! =A! 5/(! :!V05/0)! 5/(0-!

8=%%C)05@! A-=%! 5/(0-! =V)! 8/0O*/==*!(f1(-0()8(.!V05/! 5/(!=-'&)0<&50=)! b5&Z0)'! .V0%! O(..=).[! 1O&@0)'!

,&.Z(5,&OO[! &55()*0)'! .=80&O! (4()5.! (58#c#! 9/(!1-=,O(%! 0.[!%&)@!=A! 5/(.(!V=%()!&-(! 5C-)(*!=AA! ,@! 5/(!

1-08(! =A!%(%,(-./01! &5! 5/(! :[! &)*! /&4(! 5-=C,O(! .((0)'! 5/&5! 5/(! 4&OC(! 0)!%(%,(-./01! '=(.! ,(@=)*! &!

.V0%!&)*!'@%[!&)*!(f5()*.!0)5=!5/(0-!1(-.=)&O!&)*!A&%0O@!O0A(!&.!V(OO!&.!5/(0-!O=8&O!8=%%C)05@#!

!

<>+XD-&+'(+&D$+(')*9$+A:(&+3:A0$99')*+'"$-+Q$+)$$"+&:+3:AA?)'3-&$+&:+&D$AZ+9/(!:!=AA(-.!1-='-&%.!5/&5!.5-()'5/()!3&@!"-(&!0)*040*C&O.[!A&%0O0(.[!&)*!8=%%C)050(.#!

!

B>+XD.+(D:?9"+&D$.+1$9'$#$+&D'(Z+9/(! :! =AA(-.! 1-='-&%.! 5/&5! A=8C.! =)! :=C5/! P(4(O=1%()5[! D=80&O! d(.1=).0,0O05@[! &)*! ?(&O5/@! a040)'! 0)!

=-*(-!5=!.5-()'5/()!A&%0O0(.!&)*!0)*040*C&O.!0)!5/(!8=%%C)050(.!5/(@!.(-4(#!

+69?QdDh!9/(!:!=AA(-.!.10)!8O&..(.[!V=%()\.!V((Z()*!'(5&V&@.[!*&5(!)0'/5.!V05/!O08().(*!8/0O*8&-([!&)*!

ACOO@!(`C011(*!'@%!O=8&50=)._!'040)'!%=5/(-.!50%(!5=!.5-()'5/()!5/(%.(O4(.#!

B"+$a$QDh!9/(!:!=AA(-.!A&%0O@!AC)!)0'/5.[!8&%10)'[!&)*!=5/(-!1-='-&%.!5=!.5-()'5/()!A&%0O@!,=)*._!'040)'!

%=5/(-.!5/(!A&%0O@!50%(!5/(@!/=1(!A=-#!

;6++MX$9:h!9(()!5-C&)8@!1-='-&%.[!8=%%C)05@!A==*!,&)Z.[!&)*!.=80&O!(4()5.!/(O1!5=!.5-()'5/()!50(.!0)!

5/(!8=%%C)05@_!V/08/!/(O1!0)*040*C&O.!&)*!A&%0O0(.!A((O!,(55(-!&,=C5!5/(0-!8=%%C)05@!0)4=O4(%()5#!

!

U>+B$('%$"+1%-)"+0$%(:)-9'&.S&:)$!9/(!:!0.!&!V(O8=%0)'!&)*!(*C8&50=)&O!]A((O!'==*^!,-&)*!5/&5!1-=%=5(.!/(&O5/@!O040)'[!&)*!%&Z(.!A&%0O0(.!

8=%(!5='(5/(-!0)!&!.&A(!()40-=)%()5#!9/(!C)*(-5=)(!0.!=150%0.508!&)*!8/((-ACO#!!

!

+

+

! JH!

P>+U\$3?&':)-9+*?'"$9')$(]+9$*-9+%$^?'%$A$)&(]+0D:)$+)?A1$%(]+Q$1('&$(]+$&3>>>>+"*4(-50.(%()5.!/&4(!5=!A=OO=V!5/(!:!D5@O(!KC0*(#!M)0`C(!Mda!&)*!B&8(,==Z!1&'(.!8&)!,(!8-(&5(*!A=-!5/0.!

8&%1&0')!5=!5-&8Z!&)*!A=OO=V!0)`C0-0(.!&,=C5!5/(!:#!

! JJ!

F>+H$;$%$)3$(+!

J2!?=C-!B05)(..#!4;>='!DC$,').7'5#$."*"$,#!!

"88(..(*h!bB(,#!HN[!JIHHc!!

/551hnnVVV#J2/=C-A05)(..#8=%n/(&O5/v8OC,.n&%()050(.n!

!

J2!?=C-!B05)(..#!L"7Z,'4;>=#!!

"88(..(*h!bB(,#!HN[!JIHHc!!

/551hnnVVV#J2/=C-A05)(..#8=%n/(&O5/v8OC,.n'@%v*&@v8&-(n0)*(f#/5%O!

!

J2!?=C-!B05)(..#!20>*-'&"*.$,,#!!

"88(..(*h!bB(,#!HN[!JIHHc!!

/551hnnVVV#J2/=C-A05)(..#8=%n-(.=C-8(.n@=C5/vA05)(..n!

!

3&@!"-(&.!;().C.!bJIIRc!!

"88(..(*h!bB(,#!H[!JIHHc!!

/551hnnVVV#,&@&-(&8().C.#8&#'=4n,&@&-(&#/5%!

!

3&@!"-(&.!;().C.!bJIIIc!

"88(..(*h!bB(,#!HN[!JIHHc!!

/551hnnVVV#,&@&-(&8().C.#8&#'=4n,&@&-(&#/5%!

!

3C-5=)[!d#!3C0O*0)'!3=*0(.#!&"*.$,,'<09'30*-$9,#!!

"88(..(*h!bB(,#!H[!JIHHc!!

/551hnnVVV#,C0O*0)',=*0(.#8&n;&-*0=nB05)(..YB=-Y+=5/(-.#./5%O!

!

;O08Z!6-O&)*=#!!

"88(..(*h!b"1-#!HN[!JIHHc!!

/551hnnVVV#8O08Z=-O&)*=#8=%!

!

;XX+=)(@#8=%#!Y$,*'1;)?$,'!0'G"B$'VWWU#!!

"88(..(*h!bB(,#!HN[!JIHHc!!

/551hnn%=)(@#8))#8=%n%&'&<0)(.n%=)(@%&'n,1O04(nJIIUn.)&1./=5.nGaIUUEIII!

!

;C-4(.#!5=0>*'4>9B$,'K'5#$9"?).'4).?$9'%0?"$*D@!!

"88(..(*h!bB(,#!HN[!JIHHc!

/551hnnVVV#8C-4(.#8=%n&,=C5Y8C-4(.n&%(-08&)Y8&)8(-Y.=80(5@#1/1!

!

;C-4(.#!5=0>*'4>9B$,'K'8B$9B"$I@!!

"88(..(*h!bB(,#!HN[!JIHHc!

/551hnnVVV#8C-4(.#8=%n&,=C5Y8C-4(.n=4(-40(V#1/1!

!

P-(V[!g#!bD(1#!JJ[!JIIFc!

9-0&)'O(!3C.0)(..!g=C-)&O#!J);$"/-]A>9-)#')9$)'9).O,'*-"97'".'6@%@'<09'40;;$/$'7$/9$$,#!'

"88(..(*h!bB(,#!HN[!JIHHc!!

/551hnnVVV#,0<7=C-)&O.#8=%n5-0&)'O(n.5=-0(.nJIIFnIFnJHn*&0O@JN#/5%OT&)&w55NJ2>!

!

! JN!

Q%(*080)(/(&O5/#!8=$,"*D'".'4-";79$.!

"88(..(*h!bB(,#!H[!JIHHc!

/551hnnVVV#(%(*080)(/(&O5/#8=%n=,(.05@v0)v8/0O*-()n&-508O(v(%#/5%!

!

K=O*\.!K@%#!%$9B"?$,').7'5#$."*"$,'K'%835@!!

"88(..(*h!bB(,#!HN[!JIHHc!!

/551hnnVVV#'=O*.'@%#8=%n'@%.n8&O0A=-)0&n.&)YA-&)80.8=n2IRn1&'(nRFRRnNN>H!

!

?(&O5/@!B==*!B=-!"OO#!+-)*'",'<007'C0B$9*DH!!

"88(..(*h!bB(,#!H[!JIHHc!!

/551hnnVVV#/(&O5/@A==*A=-&OO#8=%nV/&5v0.vA==*v1=4(-5@#/5%!

!

?=AA%&)[!a#!S#!Y!!:=C)',O&*([!a#!+#!bgC)(!JR[!HFFFc!30*-$9,')*'+09OM'^<<$?*,'0.'4-";79$._,'+$;;]Y$"./@!

;&%,-0*'(!M)04(-.05@!G-(..!'

!

$)A=1O(&.(#!30*-$9,'=D'*-$'E>#=$9,#!!

"88(..(*h!bB(,#!H[!JIHHc!!

/551hnnVVV#0)A=1O(&.(#8=%n.1=5n%=%8().C.H#/5%O!

!

+08/&(O[!X#!&09'C90<$,,"0.);'+0#).').7'30*-$9,N'6.?0B$9"./'1$9,0.);'P);>$,'3)D'Q.?9$),$'%*9$,,#!'

"88(..(*h!bB(,#!H[!JIHHc!!

/551hnnVVV#.C,%05@=C-&-508O(#8=%n&-508O(.nX&5&O0(Y+08/&(OE>2UnQf(8C504(Y;=&8/0)'YFURIF#1/1!

!

X&50=)&O!D80()8(!B=C)*&50=)#!4-09$'+)9,M'3$.N'+0#$.').7'F0>,$I09O#!!

"88(..(*h!bB(,#!H[!JIHHc!!

/551hnnVVV#).A#'=4n*0.8=4(-0(.n*0.8v.C%%#7.1T8)5)v0*wHHH2>R!

!

XC55(-[!+#!bX=4#!E[!JIHIc!9/(!K-(()!B(.504&O[!D&)!B-&)80.8=#!!

D1(&Z(-!Q4()5h!(9$$."./'*-$'^?0.0#D'K'(0B$9.#$.*Z,'J0;$#!!

!

6)O0)(!Q%,&#!!

"88(..(*h!b"1-0O!HN[!JIHHc!!

/551hnnVVV#=)O0)(%,&#8=%!

'

G&-Z[!"#!b+&@!H>[!JIIIc!90%(!Q.'Y9"$<'

"88(..(*h!bB(,#!H[!JIHHc!!

/551hnnVVV#50%(#8=%n50%(n%&'&<0)(n&-508O(nI[FHEH[FFUFNI[II#/5%O!

!

G(5(-.=)[!p#!D#!b+&@!H2[!JIINc!MD"!9=*&@#!($.'`'30#,'F)B$'Q*'!-$"9'+)D@!!

"88(..(*h!bB(,#!H[!JIHHc!!

/551hnnVVV#C.&5=*&@#8=%nO0A(nJIINYI>YIEY'()fY%=%.YC.&5vf#/5%!

!

1",";;0N'R@'S5>/@'TUN'VWTWX'%&'()*$@!Y)D'59$)'=$?0#"./';$,,'-0,C"*)=;$'<09'I09O"./'#0#,@!!

5??$,,$7M'S&$=@'TN'VWTWX''

-**CM\\III@,</)*$@?0#\?/"=".\=;0/,\0.*-$=;0?O\7$*)";H$.*9Da"7bcWTde'

D%05/[!"#!bX=4#!U[!JIHIc!9/(!DC-404=-.!;OC,#!!-$'TW'F$);*-"$,*'4"*"$,'".'5#$9"?)#!'

"88(..(*h!bB(,#!H[!JIHHc!!

/551hnnVVV#5/(.C-404=-.8OC,#=-'n/(&O5/n'()(-&On&%(-08&.Y/(&O5/0(.5Y8050(.!

! J2!

!

D5(1/(@[!+#g#!b"1-#!HU[!JIIRc!90%(#!($.]`M'!-$'Q/.09$7'($.$9)*"0.H!!

"88(..(*h!bB(,#!H[!JIHIc!!

/551hnnVVV#50%(#8=%n50%(n&-5.n&-508O(nI[R>FF[HENH>JR[II#/5%O!

!

D5#!K(=-'([!P#!bD(1#!JU!JIHIc!S&./0)'5=)!G=.5#!+0#$.'59$'()"."./'(90>.7'Q.'&)#";D'A$?","0.'3)O"./#!!

"88(..(*h!bB(,#!H[!JIHHc!!

/551hnnVVV#V&./0)'5=)1=.5#8=%nV1*@)n8=)5()5n&-508O(nJIIRnIFnJ>n"dJIIRIFJ>I2HUE#/5%O!

!

DC.5&0)V(,#!+-)*'",'<007'C0B$9*DH!!

"88(..(*h!bB(,#!H[!JIHHc!!

/551hnnVVV#.C.5&0)V(,#=-'nA==*&88(..nV/&5v0.vA==*v1=4(-5@n!

!

:(O1#!V['F0>9'&"*.$,,'8?$).@'

"88(..(*h!bB(,#!HN[!JIHHc!!

/551hnnVVV#@(O1#8=%n,0<nJ2Y/=C-YA05)(..Y.&)!A-&)80.8=Ux`C(-@hJ2yJI/=C-yJIA05)(..yJI=8(&)z#!

!

:(O1#!4>9B$,'K'109*0;)#!!

"88(..(*h!bB(,#!HN[!JIHHc!

/551hnnVVV#@(O1#8=%n,0<n8C-4(.Y.&)YA-&)80.8=YUx`C(-@h8C-4(.yJI'@%!

!

:(O1#!4>9B$,'K'+$,*$9.'577"*"0.\E815#!!

"88(..(*h!bB(,#!HN[!JIHHc!

/551hnnVVV#@(O1#8=%n,0<n8C-4(.Y.&)YA-&)80.8=YHJx`C(-@h8C-4(.yJI'@%!

!

:(O1#!%*0.$,*0I.'&)#";D'2345#!!

"88(..(*h!bg&)#!NI[!JIHHc!!

/551hnnVVV#@(O1#8=%n,0<n.5=)(.5=V)YA&%0O@Y@%8&Y.&)YA-&)80.8=!

!

:+;"#!Y9"./"./'8>9'Y9).7'!0'G"<$'K'5'(>"7$'&09'6,"./').7'190*$?*"./'8>9'Y9).7!bgCO@!J[!JIHIc!!

!

:+;"#!5=0>*'6,!!

"88(..(*h!b+&-8/!NH[!JIHHc!!

/551hnnVVV#@%8&#)(5n&,=C5YC.nx!

!

:+;"#!F$);*-D'G"B"./#!!

"88(..(*h!b+&-8/!NH[!JIHHc!!

/551hnnVVV#@%8&#)(5n/(&O5/@YO040)'n!

!

:+;"#!E$I,'J$;$),$,#!!

bB(,#!HH[!JIHHc!!

"88(..(*h!bB(,#!JR[!JIHHc!!

/551hnnVVV#@%8&#)(5n)(V.Y-(O(&.(.nJIHIIJHH!O(5.%=4(#/5%O!

!

:+;"#!89/).":)*"0.);'190<";$#!!

"88(..(*h!b+&-#!NH[!JIHHc!!

/551hnnVVV#@%8&#)(5n=-'&)0<&50=)&OY1-=A0O(n!

!

! J>!

:+;"#!8>9'&0?>,#!!

"88(..(*h!b+&-#!NH[!JIHHc!!

/551hnn@%8&#)(5n=C-YA=8C.n!

!

:+;"!DB#!+-)*'+$'8<<$9'K'&09'57>;*,#!!

"88(..(*h!b+&-#!NH[!JIHHc!!

/551hnnVVV#@%8&.A#=-'nV/&5vV(v=AA(-nA=-v&*CO5.!

!

:+;"!DB#!+-)*'+$'8<<$9'K'&09'&)#";"$,#!!

"88(..(*h!b+&-#!NH[!JIHHc!!

/551hnnVVV#@%8&.A#=-'nV/&5vV(v=AA(-nA=-vA&%0O0(.!

!

:+;"!DB#!+-)*'+$'8<<$9'K'&09'L"7,#!!

"88(..(*h!b+&-#!NH[!JIHHc!!

/551hnnVVV#@%8&.A#=-'nV/&5vV(v=AA(-nA=-vZ0*.!

!

:+;"!DB#!+-)*'+$'8<<$9'K'&09'!$$.,#!!

"88(..(*h!b+&-#!NH[!JIHHc!!

/551hnnVVV#@%8&.A#=-'nV/&5vV(v=AA(-nA=-v5(().!

!

:+;"#!%0?");'J$,C0.,"=";"*D#!!

"88(..(*h!b+&-#!NH[!JIHHc!!

/551hnnVVV#@%8&#)(5n.=80&OY-(.1=).0,0O05@n!

!

:+;"#!!-$'2345'".'*-$'6."*$7'%*)*$,#!!

"88(..(*h!bg&)!NI[!JIHHc!!

/551hnn@%8&#)(5n/0.5=-@nx!

!

:+;"#!2345'0<'%).'&9).?",?0#!!

"88(..(*h!b+&-8/!NH[!JIHHc!!

/551hnn@%8&.A#=-'n!

!

:+;"#!20>*-'A$B$;0C#$.*#!!

"88(..(*h!b+&-8/!NH[!JIHHc!!

/551hnnVVV#@%8&#)(5n@=C5/Y*(4(O=1%()5n!

!

!!

! JU!

F=>+!00$)"'3$(+

!00$)"'\+7>++

$)0505&O!DC-4(@!!

")! 0)050&O! .C-4(@! V&.! 8=)*C85(*! 5/-=C'/! DC-4(@+=)Z(@#8=%! 5=! /(O1! 0)A=-%! 5/(! AC5C-(! `C&O05&504(!

-(.(&-8/!A=-!5/0.!1-=7(85#!9/(!'=&O!=A!5/0.!0)050&O!=)O0)(!.C-4(@!V&.!5=!(.5&,O0./!(f1(85&50=).!&)*!O(4(O!=A!

0%1=-5&)8(!8(-5&0)!'@%!=AA(-0)'.!/&*!=)!5/(!5&-'(5\.!%(%,(-./01!.5&5C.#!6A!5/(!JH!-(.1=)*()5.!5=!5/0.!

.C-4(@[!HN!=A!5/(%!A05!V05/0)!5/(!5&-'(5!&C*0()8(!=A!5/(!AC5C-(!&*4(-50.(%()5.#!B-=%!5/0.!0)050&O!.C-4(@[!

V(!A=C)*!5/&5!%&)@!V=%()!0)!5/(!5&-'(5!&C*0()8(!8&-(*!%=-(!&,=C5!5/(!.V0%!&)*!'@%!=AA(-0)'.!=A!&!

'@%! 5/&)! V/&5! 5/&5! .1(80A08! '@%! *=(.! A=-! 5/(! 8=%%C)05@#! S/0O(! 05! 0.! 0)&11-=1-0&5(! 5=! .&@! 5/&5! 5/0.!

.()50%()5!-&)!5-C(!5/=C'/!&OO!-(.1=)*()5.!0)!5/(!0)050&O!.C-4(@[!%&)@!=A!5/(!-(.1=)*()5.!-&)Z(*!5/0)'.!

O0Z(!/&40)'!&!1==O!bHEnJHc[!8&-*0=!(`C01%()5!bHRnJHc!&)*!&!A&0-!1-08(!bHFnJHc!/0'/(-!5/&)!O08().(*!8/0O*!

8&-(!bHInJHc[!'-=C1!/=,,0(.!bJnJHc!=-!.=80&O!-(.1=).0,0O05@!bRnJHc#!

!

7>+XD-&+'(+.:?%+*$)"$%Z+/9$-($+($9$3&+;%:A+&D$+;:99:Q')*>>>+

!+&O(!

!B(%&O(!

!P(8O0)(!5=!D5&5(!

+5>+XD-&+'(+.:?%+-*$Z+/9$-($+($9$3&+;%:A+&D$+;:99:Q')*>>>+

!HRYJ2!

!!J>YNH!

!NJYNR!

!NFY22!

!22s!

+@>+XD-&+'(+.:?%+A-%'&-9+(&-&?(Z+/9$-($+($9$3&+;%:A+&D$+;:99:Q')*>>>+

!M)%&--0(*!

!+&--0(*!

!P04=-8(*!

!S0*=V(*!

!P(8O0)(!5=!D5&5(!

+C>+N:Q+A-).+3D'9"%$)+":+.:?+D-#$Z+/9$-($+($9$3&+;%:A+&D$+;:99:Q')*>>>+

!I!

!H!

!J!

! JE!

!N!

!2s!

+

E>+B:+.:?+3?%%$)&9.+1$9:)*+&:+-+*.AZ+

!:(.!

!X=!

+I>+=;+.$(]+QD'3D+*.A+":+.:?+1$9:)*+&:Z+=;+):]+09$-($+3:)&')?$+&:+_?$(&':)+`>+=;+.:?%+*.A+":$(+

):&+-00$-%+')+&D$+-)(Q$%(]+09$-($+($9$3&+aJ&D$%a>+

!J2!?=C-!B05)(..!

!3&OO@l.!9=5&O!B05)(..!

!:+;"!

!K=O*l.!K@%!

!65/(-!

+

! JR!

`>+/9$-($+%-)V+&D$+9$#$9+:;+'A0:%&-)3$+$-3D+:;;$%')*+D-(+:)+($9$3&')*+-+*.A+;:%+A$A1$%(D'0+

QD$%$+7+A$-)(+ab:&+=A0:%&-)&a+-)"+`+A$-)(+aF$%.+=A0:%&-)&a>+P:%+:;;$%')*(+QD'3D+.:?+-%$+

?)(?%$+:;+:%+D-#$+):+0%$;$%$)3$]+09$-($+($9$3&+C>+

+

+

++

b:&+=A0:%&-)&+

+

7+

+

+

5+

+

+

@+

b:+/%$;$%$)3$+

+

C+

+

+

+

E+

+

+

+

I+

F$%.+

=A0:%&-)&+

`+

,&%$((+

H$"?3&':)+

<9-(($(+! ! ! ! ! ! !

R'#$(+G-3V+&:+

<:AA?)'&.+ ! ! ! ! ! ! !

,0-3':?(+

X$'*D&+H::A+ ! ! ! ! ! ! !

N-(+-+/::9+! ! ! ! ! ! !

<-%"':+

U^?'0A$)&+ ! ! ! ! ! ! !

4$A1$%(D'0+

/$%V(+ ! ! ! ! ! ! !

R%:?0+N:11'$(+! ! ! ! ! ! !

P:3?($(+:)+

,:3'-9+

H$(0:)('1'9'&'$(+! ! ! ! ! ! !

J;;$%(+

,Q'AA')*+

O$((:)(+! ! ! ! ! ! !

O'3$)($"+

<D'9"3-%$+

WQD'9$+-&+Q:%V[+! ! ! ! ! ! !

L:?&D+,0:%&(+

!3&'#'&'$(+ ! ! ! ! ! ! !

J;;$%(+

,3D:9-%(D'0(+;:%+

<D'9"%$)+! ! ! ! ! ! !

/%'3$+! ! ! ! ! ! !

<-A0+WB-.+c+

J#$%)'*D&[+ ! ! ! ! ! ! !

O'3$)($"+

<D'9"3-%$+

WQD'9$+Q:%V')*+

:?&[+

! ! ! ! ! ! !

!"?9&+,0:%&(+

!3&'#'&'$(+ ! ! ! ! ! ! !

! JF!

!00$)"'\+5>++

$)5(-40(V!WC(.50=).!A=-!+(%,(-.!!

9/0.!0.!&!*(5&0O(*!O0.5!=A!5/(!`C(.50=).!5/&5!V(-(!&.Z(*!V/()!0)5(-40(V0)'!V=%()!A=-!1-0%&-@!-(.(&-8/#!!

9/(-(!V(-(!5V=!*0AA(-()5[!,C5!.0%0O&-[!.(5.!=A!`C(.50=).!5/&5!V(-(!&.Z(*!*(1()*0)'!=)!V/(5/(-!=-!)=5!

5/(!0)5(-40(V((!V&.!&!%(%,(-!=A!5/(!:!=-!)=5#!$5!./=CO*!,(!)=5(*!5/&5!5/(.(!`C(.50=).!.(-4(*!&.!&!,&.08!

'C0*(O0)(!A=-!5/(!0)5(-40(V[!&)*!V(-(!%(&)5!5=!Z((1!5/(!8=)4(-.&50=)!=)!5=108#!?=V(4(-[!.=%(50%(.!5/(!

`C(.50=).! &.Z(*! V&)*(-(*! &! ,05! =AA! 5/(.(! ./=V)! /(-([! 1-=1(OO(*! ,@! 4&-0=C.! 1(-.=)&O! .5=-0(.! &)*!

(f1(-0()8(.#!9/0.!0)A=-%&50=)!0.!.50OO!1(-8(04(*!&.!(`C&OO@!0%1=-5&)5!&)*!/(O1ACO!&.!1-0%&-@!-(.(&-8/#!!S(!

&OV&@.!V=-Z(*!0)!5(&%.!&)*!0)5-=*C8(*!=C-.(OA!&.!.5C*()5.!A-=%!D&)!B-&)80.8=!D5&5(!M)04(-.05@!V=-Z0)'!

5='(5/(-!=)!&!-(.(&-8/!1-=7(85!=)!5/(!,(/&OA!=A!5/(!:#!

!

7> !%$+.:?+-+A:&D$%+-*$"+@ETEC]+Q'&D+3D'9"%$)+9'#')*+-&+D:A$Z+

$A!)=h!5/&)Z!/(-!A=-!/(-!50%([!,C5!*=!)=!0)5(-40(V#!

$A!@(.h!&.Z!5/(!`C(.50=).!,(O=Vh!

+

5> N:Q+9:)*+D-#$+.:?+1$$)+-+A$A1$%+:;+&D$+LZ+

+

@> XD.+"'"+.:?+K:')+&D$+L]+:%'*')-99.Z+

+

C> XD.+":+.:?+3:)&')?$+&:+K:')Z+

ba==Z0)'!5=!.((!0A!5/(@!.5&@!A=-!*0AA(-()5!-(&.=).!5/&)!5/(@!=-0'0)&OO@!7=0)(*c!

+

E> =)+QD'3D+L+0%:*%-A(+":+.:?+-)"+.:?%+;-A'9.+0-%&'3'0-&$Z+

+

I> B:+.:?+V):Q+-).+:&D$%+0%:*%-A(+0%:#'"$"+1.+&D$+L]+-&+:&D$%+9:3-&':)(+1$('"$(+&D$+:)$+.:?+*:+

&:Z+XD'3D+:)$(Z+

+

E# S/()!./(!0.!*=)(!5(OO0)'!&,=C5!5/(!=5/(-!1-='-&%.!b0A!&)@c!5/&5!./(!0.!&V&-(!=A[!-(&*!/(-!&!O0.5!=A!

5/(!5=1!5()!1-='-&%.!1-=40*(*!b(#'#!5-C&)8@!1-='-&%.[!A==*!,&)Z[!:+;"!?0'/!D8/==O!(58#!108Z!

5/(!,(.5c!

+

d> N:Q+":$(+V):Q')*+-1:?&+&D$($+0%:*%-A(+A-V$+.:?+;$$9+-1:?&+&D$+LZ+

+

e> XD-&+Q:?9"+.:?+&$99+-):&D$%+A:&D$%+&:+3:)#')3$+D$%+&:+K:')Z+

+

76> B:+.:?+&D')V+'&+'(+'A0:%&-)&+;:%+3D'9"%$)+-)"+&$$)(+&:+1$+$\0:($"+&:+3:AA?)'&.+($%#'3$+

:00:%&?)'&'$(Z+XD.SXD.+):&Z+

+

77> X%-0+?02+

9/&)Z!/(-!&)*!5(OO!/(-!5/&5!@=C!&-(!V=-Z0)'!=)!*(4(O=10)'!&)!&*4(-50.0)'!8&%1&0')!A=-!5/(!:[!

&)*!&.Z!/(-!0A!./(!V=CO*!,(!V0OO0)'!5=!5&OZ!5=!@=C!&'&0)!O&5(-!0)!5/(!.(%(.5(-#!!

!

!

!

! NI!

$)5(-40(V!WC(.50=).!A=-!X=)Y+(%,(-.!

!7> !%$+.:?+-+A:&D$%+-*$"+@ETEC]+Q'&D+3D'9"%$)+9'#')*+-&+D:A$Z+

$A!)=h!5/&)Z!/(-!A=-!/(-!50%([!,C5!*=!)=!0)5(-40(V#!

$A!@(.h!&.Z!5/(!`C(.50=).!,(O=Vh!

+

5> N:Q+9:)*+D-#$+.:?+1$$)+-+A$A1$%+:;+ffffffffZ+

+

@> XD.+"'"+.:?+K:')+.:?%+*.A]+:%'*')-99.Z+

+

C> XD.+":+.:?+3:)&')?$+&:+K:')Z+

ba==Z0)'!5=!.((!0A!5/(@!.5&@!A=-!*0AA(-()5!-(&.=).!5/&)!5/(@!=-0'0)&OO@!7=0)(*c!

+

E> B'"+.:?+3:)('"$%+:&D$%+39?1(+(?3D+-(+&D$+LZ+

+

I> N:Q+Q:?9"+.:?+"$(3%'1$+.:?%+-&&'&?"$+-*-')(&+&D$+LZ+

+

`> XD-&+A-"$+.:?+"$3'"$+-*-')(&+&D$+LZ+

+

d> !%$+.:?+-Q-%$+&D-&+&D$+L+:;;$%(+:&D$%+0%:*%-A(+1$('"$(+(Q'A+-)"+*.A+0%:*%-A(Z+/9$-($+&$99+

A$+QD-&+.:?+V):Q+-1:?&+&D$($+:&D$%+0%:*%-A(>+

+

F# S/()!./(!0.!*=)(!5(OO0)'!&,=C5!5/(!=5/(-!1-='-&%.!b0A!&)@c!5/&5!./(!0.!&V&-(!=A[!-(&*!/(-!&!O0.5!=A!

5/(!5=1!5()!1-='-&%.!1-=40*(*!b(#'#!5-C&)8@!1-='-&%.[!A==*!,&)Z[!:+;"!?0'/!D8/==O!(58#!108Z!

5/(!,(.5c#!3(!1-(1&-(*!5=!1-=40*(!&**050=)&O!0)A=-%&50=)!&,=C5!5/(.(!1-='-&%.!0A!)(8(..&-@!

b=-&OO@[!V(,.05(!O0)Z.!(58c!

+

76> N:Q+Q:?9"+V):Q')*+-1:?&+&D$($+:&D$%+0%:*%-A(+'A0-3&+.:?%+&D')V')*+-1:?&+&D$+L+-(+-+(Q'A+

-)"+*.A+:0&':)]+';+-&+-99Z+

+

77> B:+.:?+&D')V+'&+'(+'A0:%&-)&+;:%+3D'9"%$)+-)"+&$$)(+&:+1$+$\0:($"+&:+3:AA?)'&.+($%#'3$+

:00:%&?)'&'$(Z+XD.SXD.+):&Z+

+

75> X%-0+?02+

9/&)Z!/(-!&)*!5(OO!/(-!5/&5!@=C!&-(!V=-Z0)'!=)!*(4(O=10)'!&)!&*4(-50.0)'!8&%1&0')!A=-!5/(!:[!

&)*!&.Z!/(-!0A!./(!V=CO*!,(!V0OO0)'!5=!5&OZ!5=!@=C!&'&0)!O&5(-!0)!5/(!.(%(.5(-#!!

!

!