Takin' Care of Business: investigating the relationship of internal engagement and public outreach in enhancing connections to business archives

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

1%23&(4%"(*,5*6"5,&43(#,"*7(80#%'

!"#$%&'(")*'+,'-./$%*//0'$%1*/23"2%3'45*')*6"2+%/5$7

+,'$%4*)%"6'*%3"3*8*%4'"%9'7.:6$;'+.4)*";5'$%'

*%5"%;$%3';+%%*;2+%/'4+':./$%*//'");5$1*/

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

,-"%($"%%+./&/"0#("%(%123"//+$("#(4&./"&5(6156"53+#/(06(/-+(

.+71".+3+#/%(06(/-+(89("#(9.*-":+%(;(<+*0.$%(8&#&=+3+#/>(

?+4&./3+#/(06()#60.3&/"0#(@/1$"+%>(AB!C

D(@+4/+32+.(EFDF

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

"<*3$/%3

!"#$%&##'()*+$,&#'+(,&'-)(.$/0%(112'3&&%'#&&%'(#'3&$%4'50*"#&.'0%'$%-&)%(1'

&%4(4&6&%-'."&'-0'-+&$)')&6$-'-0'#&),&'-+&'0)4(%$#(/0%'-0'7+$*+'-+&2'3&10%48''9+$#'

.$##&)-(/0%'&:(6$%&#'('*+(%4$%4'*1$6(-&'7+&)&'3"#$%&##'()*+$,&#'()&'&63)(*$%4';"31$*'

0"-)&(*+<'$%'(..$/0%'-0'(%.'#06&/6&#'3"$1.$%4'0%'-+&')&#"1-'05'$%-&)%(1'&%4(4&6&%-<'

$%'0).&)'-0'.&60%#-)(-&',(1"&8''=-'(1#0'&:(6$%&#'+07'3"#$%&##'*011&*/0%#'$%'10*(1'

("-+0)$/&#'()&'3&$%4'"/1$#&.'$%'0"-)&(*+'70)><'7+&)&'-+&2'6"#-'*06;&-&'50)'()*+$,(1'

(?&%/0%8''9+&'.$##&)-(/0%'&:(6$%&#';0##$31&'.&,&10;6&%-#'50)'5"-")&'&%4(4&6&%-'

(%.'0"-)&(*+'70)><'$%*1".$%4'(*/,$/&#'1$%>&.'-0'0)4(%$#(/0%(1'$.&%/-2<'-+&'7&3<'(%.'

)&@,$#$/%4'-+&'$.&('05'('A(/0%(1''!"#$%&##'B)*+$,&#'C&%-)&8

D(-('7(#'*011&*-&.'-+)0"4+'$%-&),$&7#'7&)&'*())$&.'0"-'7$-+'()*+$,$#-#'70)>$%4'

7$-+'3"#$%&##'()*+$,&#'$%'.$E&)&%-'-2;&#'05')&;0#$-0)$&#8''=%50)6(/0%'5)06'-+&'

$%-&),$&7#'7(#'"#&.'-0'$11"#-)(-&'*"))&%-'(;;)0(*+&#'(%.'$%%0,(/,&'$.&(#'3&$%4'"#&.'32'

70)>$%4';)05&##$0%(1#'(%.'-+&$)',$&7'05'-+&'$6;0)-(%*&'05';"31$*'0"-)&(*+'*06;()&.'

7$-+'$%-&)%(1'&%4(4&6&%-8''9+&')01&'05'%(/0%(1'#-)(-&42'(%.'$%."#-)2'30.$&#'7(#'

&:(6$%&.'(%.'*0%-&%-'(%(12#$#'05';"31$*(/0%#'(%.'7&3#$-&#'$%,&#/4(-&.'*"))&%-'

.06$%(%-'-+&6&#'$%'-+&'#&*-0)8''

F$-&)(-")&';)0."*&.'32'$%."#-)2'30.$&#'#+07#'('5($)12'1&,&1'#;1$-'05'*0,&)(4&'

3&-7&&%'-+&6&#')&1(/%4'-0'3"#$%&##'()*+$,&#<'.&#;$-&'('4&%&)(1';&)*&;/0%'-+(-')&#*"&'

(%.';)&#&),(/0%'()&'60#-'$6;0)-(%-<'0"-)&(*+'(%.'&%4(4&6&%-'()&';)060-&.8'

=%-&)%(1'&%4(4&6&%-'$#'#/11'-+&'#-)0%4&#-'.)$,&)'50)'*0);0)(-&12'07%&.'()*+$,&#<'

!

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

(1-+0"4+'-+&$)'0"-)&(*+'(*/,$/&#'0G&%'3"$1.'0%'#"**&##&#'$%'$%-&)%(1'&%4(4&6&%-8''H0)'

()*+$,&#'+&1.'$%';"31$*'5(*$%4')&;0#$-0)$&#<'0"-)&(*+'$#'>&2<'(%.'-+&)&'$#'#/11'&,$.&%*&'

-+(-'3"#$%&##'*011&*/0%#'()&'"%.&)@"/1$#&.'(-'('10*(1'("-+0)$-2'1&,&18''9+&'A(/0%(1'

!"#$%&##'B)*+$,&'I-)(-&42'$#',$&7&.'(#'(';0#$/,&'(%.'"#&5"1'(..$/0%'-0'(.,0*(*2'

(*/,$/&#'$%'-+&'#&*-0)<'(1-+0"4+'-+&)&'$#'#/11'('1(*>'05'5(6$1$()$-2'7$-+'$-'$%')&;0#$-0)$&#'

0"-#$.&'-)(.$/0%(1'*0);0)(-&'()*+$,&#8''9+&)&'()&'#06&'5)"#-)(/0%#'(-'-+&'1(*>'05'

;)04)&##'$%'$6;1&6&%-(/0%'#0'5()8''

9+&'50*"#'05'-+&'$%-&),$&7#'7(#'1$6$-&.'-0'3"#$%&##'(%.'10*(1'("-+0)$-2'()*+$,&#'

+01.$%4'3"#$%&##'*011&*/0%#'3(#&.'$%'-+&'A0)-+'J&#-'05'K%41(%.<'(%.'&:(6$%&.'

(.,0*(*2'(%.';01$*2'$##"&#'(E&*/%4'K%41(%.'(%.'J(1&#8'

='.&*1()&'-+(-'-+$#'.$##&)-(/0%'$#'62'07%'0)$4$%(1'70)>'(%.'-+(-'(11'#0")*&#'+(,&'3&&%'

(*>%071&.4&.8'=-'$#'LM<NOP'70).#'$%'1&%4-+8

Q8888888888888888888888888888888888888888888888888888888888

"

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

"%=0->?).1)2)03*

='70"1.'1$>&'-0'(*>%071&.4&'-+&'+&1;<'(.,$*&'(%.'>$%.'*066&%-#'05'62'#";&),$#0)'

B%.)&7'H1$%%8''9+(%>#'(1#0'-0'62';&)#0%(1'-"-0)'K1$R(3&-+'I+&;+&).'50)'+&)'$%$/(1'

#"44&#/0%#'0%'62'*+0#&%'-0;$*8''

H0)'-+&$)'/6&'(%.'50)'#+()$%4'-+&$)'&:;&)$&%*&#<'7+$*+'7(#'6"*+'(;;)&*$(-&.'(%.'

&##&%/(1'-0'($.$%4'-+&'*06;1&/0%'05'-+$#'.$##&)-(/0%S''

T()$('I$&%>$&7$*R'@'!()*1(2#'U)0";'B)*+$,&

D(,$.'9$1#1&2'V'F(%*(#+$)&'W&*0).'XY*&

B.(6'I+(7'(%.'I0;+$&'I-&7()-'V'A(/0%(1'C0@0;&)(/,&'U)0";'B)*+$,&

Z&(%&?&'I-)$*>1(%.'@'[%$1&,&)'B)*+$,&#

B%.'-0'62'6"6'T()21$%'=%*&'50)'+&)';)005')&(.$%4'."/&#'(%.'*0%/%"&.'

&%*0")(4&6&%-\

#

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

@-03)03*$$$$'

](4&

B!I9WBC9 ''L

BCÂXJFKDUKTKA9I ''_

CXA9KA9I '''''''' ''`

F=I9'XH'9B!FKI'BAD'H=U[WKI '''''''''' ''a

F=I9'XH'B!!WKb=B9=XAI ''P

CcB]9KW'L' =A9WXD[C9=XAS'Jcd'9B^K'CBWK'XH'![I=AKII'BWCc=bKIe

L8L 9+&'*+(%4$%4')&1(/0%#+$;'3&-7&&%'&%4(4&6&%-'(%.'3"#$%&##''''Q88888888888' ''f

L8N D&g%$/0%#'(%.'-)(.$/0%(1'6&-+0.#'05'&%4(4&6&%-''''Q8888888Q888888888888888888' LL

L8_ W&#&()*+'h"&#/0%#'(%.'-+&$)'#$4%$g*(%*&''''Q88888888888888888888888Q888888888888888888 LP

L8` T&-+0.01042'''Q8Q8888888888888888888888888888888888888888888888888888888888888888888Q8888888888888888'''' Lf

CcB]9KW'N JcKWKiI'9cK'!BFBACKe''9cK'WKFB9=bK'TKW=9I'XH'KAUBUKTKA9'

BAD'X[9WKBCc'J=9c'![I=AKII'CXFFKC9=XAI'

N8L =%-&)%(1'K%4(4&6&%-S'B%'0%40$%4'3(?1&'Q888888888888888Q8888888888888888888Q888888888' NN

N8N ]"31$*'X"-)&(*+S'F":")2'0)'%&*&##$-2e'''Q88888888888888888888888888888888888888888888888888''''' Na

N8_ K-+$*(1'=##"&#'$%'&%4(4$%4'7$-+'()*+$,(1'6(-&)$(1'''8888888888888888888888888888888888888''''' NO

CcB]9KW'_ CXAI=DKW=AU'9cK'F=T=9IS'JcB9'JXWÎ<'JcB9'DXKIAi9<'

BAD'JcKWK'AKj9e

_8L J+(-'70)>#e''J+(-'.0&#%i-e''''88888888888888888888888888888888888888888888888888888888888888888'''' __

_8L8L '''K:;10$/%4'-+&'()*+$,&'50)'&."*(/0%(1';");0#&#'''''88888888888888888888888' __

_8L8N '''K:;10$/%4'-+&'()*+$,&'50)')&;"-(/0%'6(%(4&6&%-''Q888888888888888888''''' _a

_8L8_ '''K:;10$/%4'-+&'7&3'Q888888888888888888888888888888888888888888888888888888888888888888888 _f

_8L8` '''D$4$/#(/0%'(%.'3)&(>$%4';+2#$*(1'()*+$,(1'1$%>#'''Q8888888888888888888888' `N

%

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

_8N J+&)&'A&:-e Q8888888888888888888888888888888888888888888888888888888888888888888888888888888888888''' ``

_8N8L'''K:;10$/%4'0)4(%$#(/0%(1'$.&%/-2'$%'0"-)&(*+'(%.'&%4(4&6&%-''888'''' ``

_8N8N ''9+&'W&,$#$/%4'B)*+$,&'C011&*/0%#'T&-+0.01042''''Q8Q888888888888888888''''' à

_8N8_ ''[/1$#$%4'9+&'T$%%&#0-('T&-+0.'$%'10*(1'("-+0)$-2'()*+$,&#e''Q8888'''''Ò

_8N8` ''B'A(/0%(1'!"#$%&##'B)*+$,&'C&%-)&'50)'K%41(%.'(%.'J(1&#e'Q888888'''''ML

CcB]9KW'` HXFFXJ'9cK'FKBDKWS'cXJ'KHHKC9=bK'=I'9cK'AB9=XABF'

![I=AKII'BWCc=bK'I9WB9KUde

`8L 9+&'A(/0%(1'!"#$%&##'B)*+$,&'I-)(-&42 '8888888888888888888888888888888888888888888888888'''''' MM

`8N 9+&6&#'05'&%4(4&6&%-'$%'#&*-0)';"31$*(/0%# ''Q88888888888888888Q8888888888888888'''''' Mf

`8_ A&7'D$)&*/0%#S'J+0'#+0"1.'#;&()+&(.'#-)(-&42e 888888888888Q8888888888888888'''''' ak

CcB]9KW'M CXACF[I=XA'

M8L ''''C)$/*$#6'05'-+&'T&-+0.01042' Q888888888888888888888888888888888888888888888888888888888888'''''' aM

M8N ''''B)&(#'50)'5"-")&')&#&()*+' Q888888888888888888888888888888888888888888888888888888888888888888888 aM

M8_ C0%*1"#$0%''''Q8888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888'''''' aa

!=!F=XUWB]cd'''Q88888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888''''' PL

B]]KAD=CKI

B]]KAD=j'LS'WKIKBWCc'=A9KWb=KJI'

L8L F$#-'05'=%-&),$&7'h"&#/0%#''''Q888888888888888888888888888888888888888888888888888888888888888'''''' PM

L8N !()*1(2#'U)0";'B)*+$,&#'''''Q888888888888888888888888888888888888888888888888888888888888888888'' Pa

L8_ F(%*(#+$)&'W&*0).'XY*&''''Q888888888888888888888888888888888888888888888888888888888888888888' fP

L8`'' A(/0%(1'C0@0;&)(/,&'B)*+$,&'''''Q88888888888888888888888888888888888888888888888888888888 O_

L8M [%$1&,&)']1*8'B)*+$,&#'''''Q88888888888Q88888888888888888888888888888888888888888888888888888888 Lkk

&

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

4'*3#-A#B/<?)*#/0.#C'1D$)*

9(31&#

9(31&'LS''B%(12#$#'05'10*(1'("-+0)$-2'7&3#$-&#'3"#$%&##'*011&*/0%'*0%-&%-'' `N

H$4")&#

H$4")&'LS''T(;'+$4+1$4+/%4'-+&'A0)-+'J&#-')&4$0%'05'-+&'[^ LO

H$4")&'NS'']$&'*+()-')&l&*/%4'-+&6&#'$%'!"#$%&##'B)*+$,&'C0"%*$1'A&7#1&?&)# MO

'

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

4'*3#-A#"<<$)('/3'-0*

B5KFU B)*+$,&#'50)'K."*(/0%'(%.'F&()%$%4'U)0";'V'I;&*$(1'=%-&)&#-'U)0";'05'

-+&'B)*+$,&#'(%.'W&*0).#'B##0*$(/0%'

BWB B)*+$,&#'(%.'W&*0).#'B##0*$(/0%#

BWC' B)*+$,&#<'W&*0).#'T(%(4&6&%-<'C0%#&),(/0%'T(4(R$%&

BWCcXA B)*+$,&#'X%1$%&'D$)&*-0)2'0%'9+&'A(/0%(1'B)*+$,&#'7&3#$-&

!BC !"#$%&##'B)*+$,&#'C0"%*$1

!!C !)$/#+'!)0(.*(#/%4'C0);0)(/0%

!WU !"#$%&##'W&*0).#'U)0";''V'I;&*$(1'=%-&)&#-'U)0";'05'-+&'B)*+$,&#'(%.'

W&*0).#'B##0*$(/0%'

cFH c&)$-(4&'F0?&)2'H"%.

TFB T"#&"6#<'F$3)()$&#'(%.'B)*+$,&#'C0"%*$1

TXI= T"#&"6'05'I*$&%*&'(%.'=%."#-)2

ABDHBI A(/0%(1'B##0*$(/0%'05'D&*0)(/,&'m'H$%&'B)-#'I0*$&/&#'

ACB A(/0%(1'C0"%*$1'0%'B)*+$,&#

AWB A(/0%(1'W&4$#-&)'05'B)*+$,&#'

IXB I0*$&-2'05'B)*+$,$#-#

9AB 9+&'A(/0%(1'B)*+$,&#'

[BC [%$-&.'B5)$*('C06;(%2<';()-'05'[%$1&,&)

(

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

@&/E3)$#F0)

)*+,-./0+1-*2$$345$+678$06,8$-9$:/;1*8;;$6,041<8;=

J+&%&,&)'7&'.0'(%2-+$%4'-+(-'&%4(4&#'7$-+'-+&';"31$*'0")'($6'$#'(17(2#'-0'

&%+(%*&'-+&')&;"-(/0%'05'-+&'3(%>8''c(,$%4'#($.'(11'-+(-<'0")'6($%'

)&#;0%#$3$1$-2'$%'&:$#/%4'$#'-0'#&),&'-+&'3(%><'60)&'(#'(%'$%-&)%(1'5"%*/0%'-+(%'

(%2-+$%4'&1#&8''J+&%'7&'.0'(%2';"31$*'&%4(4&6&%-'$-'$#'$6;0)-(%-'3"-'$-i#'%0-'

0")';)$6()2'5"%*/0%'32'(%2'6&(%#8L

L8L' '' ''''' '9+&'*+(%4$%4')&1(/0%#+$;'3&-7&&%'&%4(4&6&%-'(%.'3"#$%&##' '

B'#+$G'+(#'0**"))&.'7$-+$%'-+&'3"#$%&##'()*+$,&#'#&*-0)'0,&)'-+&';(#-'5&7'2&()#'

-0'3&*06&'60)&';)0(*/,&<'(%.'-0'3&'#&&%'-0'3&'60)&';)0(*/,&<'$%'&63)(*$%4';"31$*'

0"-)&(*+';)0n&*-#'$%'(..$/0%'-0'-+&$)'-)(.$/0%(1')01&'05'#&),$%4'-+&$)'$%-&)%(1'*"#-06&)'

3(#&'(%.';)&#&),$%4'-+&'.&*$#$0%'6(>$%4';)0*&##'(%.'*0);0)(-&'6&60)2'05'-+&$)'

0)4(%$#(/0%8''X%'-+&';()-'05';)$,(-&12'07%&.'3"#$%&##'*011&*/0%#<'-+$#'6(2'3&'-+&'

)&#"1-'05'('.&#$)&'-0'.&60%#-)(-&',(1"&'-0'-+&'3"#$%&##'(%.'-0'60)&'03,$0"#12'5"1g1'-+&'

*0);0)(-&'#0*$(1')&#;0%#$3$1$-2'(4&%.('-+(%'-+&'#$6;1&'5(*-'05'-+&$)'&:$#-&%*&'(%.'('

7$11$%4%&##'0%'-+&';()-'05'-+&'0)4(%$#(/0%'-0'6($%-($%'(%'()*+$,&8''9(>$%4';()-'$%'-+$#'

-2;&'05';"31$*'0"-)&(*+'70)>'6(2'$%*)&(#&'-+&$)')&1&,(%*&'-0'0-+&)'-2;&#'05')&;0#$-0)$&#'

-+(-'&%4(4&'$%'0"-)&(*+'(#'('6(?&)'05'*0")#&8''=-'6(2'(1#0'6(>&'#+()$%4'-+&'1&##0%#'05'

400.';)(*/*&'(%.';)04)(66&#'(*)0##';)&,$0"#12'.$#;()(-&'()*+$,&'#&),$*&#'&(#$&)'(%.'

L''=%-&),$&7'7$-+'-+&'!()*1(2#'U)0";'()*+$,$#-<'_k'Z"12'NkLk<';8'Pa8

>

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

60)&'&E&*/,&<'#(,$%4'&E0)-'(%.'/6&'0%'(11'#$.&#8''B)*+$,&#'#&&6'-0'50)6';()-'05'('

%(-")(1')&#;0%#&'$%')&(*+$%4'0"-'-0'-+&';"31$*'(%.'(1#0'$%'&%4(4$%4'7$-+'$%-&)%(1'

3"#$%&##'*066"%$/&#<'&#;&*$(112'7+&)&'-+&$)'07%'+$#-0)2'*0%%&*-#'7$-+'-+&'#+()&.'

+$#-0)2'05'(%'0)4(%$#(/0%8''B)*+$,$#-#'*(%'6(>&'*011&*/,&'6&60)2'(%.'+$#-0)2'i-(%4$31&<'

-)(%#;()&%-'(%.',(1"(31&iN'7$-+'(')(%4&'05'0G&%'(&#-+&/*(112';1&(#$%4'.0*"6&%-#'(%.'

()-&5(*-#'-+(-'1$%>'-0'6&60)(31&'&,&%-#'$%'#0*$(1'(%.'&*0%06$*'+$#-0)28''9+&#&';1(2'0%'

*0%#"6&)'6&60)2'(%.'3)(%.'102(1-2<'(%.'&%+(%*&'*0%*&;-#'05')&;"-(/0%'(%.'70)-+'

-+(-'3"#$%&##&#'.&;&%.'0%<'2&-'*(%'#&&6'-0'3&'$%-(%4$31&'0)'.&;&%.&%-'0%'('1$6$-&.'

*"#-06&)')&(*+8''C0);0)(-&'*011&*/0%#'*(%'0G&%'+(,&'('4&04)(;+$*(1'50*"#<'(%.'

7+&-+&)'-+&'*011&*/0%#'()&'$%';)$,(-&'0)';"31$*'+(%.#<'+01.'-+&'0;;0)-"%$-2'-0'&%4(4&'

-+&'*066"%$-2'$%'10*(1'#-0)$&#'(%.')&#&()*+8''9+&')&1(/0%#+$;'3&-7&&%'-+&'3"#$%&##'

(%.'-+&'()*+$,&'*(%'3&'('*06;1&:'0%&<'7$-+'3&%&g-#'(%.'.)(73(*>#'50)'30-+'#$.&#8'

J+$1#-'-+&'()*+$,&#'+01.'('*011&*/0%'05'*"1-")(1'0)'#0*$0@&*0%06$*'$6;0)-(%*&'&%(31$%4'

-+&'3"#$%&##'-0'&:;10$-'-+0#&')&#0")*&#'50)'-+&$)'07%'3&%&g-<'-+$#'$%'-")%'4&%&)(-&#'

60)&';"31$*$-2'50)'-+&'()*+$,&<'7+$*+'6(2'300#-'$-#';)0g1&<'"#(4&'(%.')&#0")*&#8'

B)*+$,&#'*(%'3&%&g-'5)06'3)(%.'102(1-2'3"$1-'";'(60%4#-'(%'0)4(%$#(/0%i#'*"#-06&)'

3(#&'(%.'$%-&)&#-'-+&6'$%'-+&'+$#-0)2'05'('3"#$%&##'-+&2'(1)&(.2'5&&1'-+&2'+(,&'('

)&1(/0%#+$;'7$-+'0)'$%,&#-6&%-'$%8''9+&#&'3&%&g-#'6"#-'3&'-&(#&.'0"-'+07&,&)<'

-+)0"4+'-+&'.&,&10;6&%-'05')&1(/0%#+$;#'3&-7&&%'-+&'7$11$%4'()*+$,$#-'(%.'-+&'7$11$%4'

0)4(%$#(/0%(1'.&;()-6&%-<'$5'-+$#'.&,&10;6&%-'.0&#'%0-'0**")'-+&'()*+$,&'6(2'5&&1'*"-'

0E'5)06'-+&'0)4(%$#(/0%'$-'#&&>#'-0'#&),$*&<'(%.'-+&'3"#$%&##'6(2'*06&'-0'o"&#/0%'

N 'Z8'!(#/(%<'pNkkOq<'iH107&)#'50)'-+&'c06&#-&(.S''B'C(#&'I-".2'$%'B)*+$,&#'(%.'C011&*/,&'T&60)2i<'

B6&)$*(%'B)*+$,$#-'PNSL<';8'LLM8

?

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

-+&')&1&,(%*&'(%.',(1"&'05'6($%-($%$%4'(%.')&#0")*$%4'(%'()*+$,&8''A0-'(11'()*+$,&#'()&'

07%&.'.$)&*-12'32'-+&'3"#$%&##<'3"-'()&'+&1.'$%'9)"#-'7$-+'('/&'-0'-+&'0)4(%$#(/0%'

-+)0"4+'#-(E'1$%>#'0)'(.,$#0)2'#&),$*&#8''9+$#'*(%'3&'(.,(%-(4&0"#'-0'-+&'()*+$,&<'$-'6(2'

0;&%'";'%&7'5"%.$%4'0;;0)-"%$/&#<'(%.'4$,&'(%'$%*)&(#&.'#&%#&'05'$%.&;&%.&%*&'(%.'

#&15@.&-&)6$%(/0%8''=-'6(2')&1$&,&'-+&'0)4(%$#(/0%'05'('g%(%*$(1'0)'#";&),$#0)2'3").&%<'

3"-'-+&2'6(2'g%.'$-'1&##'(.,(%-(4&0"#'-0'+(,&'1&##'#(2'0,&)'-+&'0;&)(/0%'05'-+&'

()*+$,&'-+(%'-+&2'6$4+-'-+)0"4+'07%&)#+$;<'(%.'$-'(1#0'-(>&#'(7(2'-+&'3&%&g-'05'-+&'

()*+$,&'(#'('.$)&*-'(##&-8''B#'-+&'40,&)%6&%-'50*"#'$#'%07'0%')&."*$%4'-+&'&*0%06$*'

.&g*$-'(%.'*"1-")(1'+&)$-(4&'$#'-)(.$/0%(112'+$4+'0%'-+&'1$#-'05';)$0)$/&#'50)'*"-#<'

-+)0"4+0"-'-+&';"31$*'#&*-0)'-+&)&'$#'('-+&6&'05'.0$%4'60)&'7$-+'1&##<'(%.'#+07*(#$%4'

#"**&##'-0'$11"#-)(-&'400.';)(*/*&'(%.'n"#/52'5"%.$%4'1&,&1#8''9+&)&'$#'(1#0'(%'

0;;0)-"%$-2'50)'3"#$%&##'*011&*/0%#'-0')&(;'(.,(%-(4&#'$%'-+$#'()&('5)06'1$%>#'-0'-+&$)'

0)4(%$#(/0%(1'6(#-&)#8''9+&$)'(3$1$-2'-0'.&60%#-)(-&'-+&$)',(1"&'-+)0"4+'70)>$%4'7$-+'

0-+&)'$%-&)%(1'.&;()-6&%-#'(%.'"%.&)-(>$%4'(*/,$/&#'-+(-'70"1.'5(11'"%.&)'-+&'3(%%&)'

05'*0);0)(-&'#0*$(1')&#;0%#$3$1$-2'6(2'6&(%'-+&2'()&'(31&'-0'7&(-+&)'&*0%06$*'#-0)6#'

60)&'#"**&##5"112'-+(%'*011&*/0%#'+&1.'$%'10*(1'("-+0)$/&#<'"%$,&)#$/&#'0)'-+0#&'3(#&.'

$%'-+&'*066"%$-2<'7+$*+'()&'&%/)&12')&1$(%-'0%'5"%.$%4'5)06'&:-&)%(1'30.$&#8''!"#$%&##'

*011&*/0%#'()&'%07'"#"(112'+&1.'$%'0%&'05'#$:';1(*&#r'7$-+'-+&$)'0)$4$%(1'0)4(%$#(/0%'

p&$-+&)'07%&.'.$)&*-12'0)'$%'+&1.'$%'9)"#-q<'7$-+'('10*(1'("-+0)$-2'()*+$,&<'7$-+'('+$4+&)'

&."*(/0%'0)'#;&*$(1'*011&*/0%#'1$3)()2'0)'6"#&"6<'7$-+'9+&'A(/0%(1'B)*+$,&#'0)'7$-+'('

*066"%$-2'()*+$,&8'

!@

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

L8N' '' ''''' 'D&g%$/0%#'(%.'6&-+0.#'05'&%4(4&6&%-' '

H0)'-+&';");0#&#'05'-+$#'.$##&)-(/0%<'.&g%$/0%#'05'('3"#$%&##'(%.'('3"#$%&##'()*+$,&'

501107'5)06'-+0#&'4$,&%'$%'-+&'A(/0%(1'!"#$%&##'B)*+$,&'I-)(-&42S

!"#$%&##'$#'*066&)*$(1'0)'$%."#-)$(1'(*/,$-2S'6(%"5(*-")$%4'0)'-)(.$%4'0)'

#";;12$%4'400.#'(%.'#&),$*&#'p"#"(112q'50)';)0g-8''!"#$%&##&#'*(%'3&'1()4&'p&848'

H9IK@1$#-&.q'0)'#6(11'(%.'6&.$"6'#$R&'&%-&);)$#&#<'(%.'*(%'3&';)$,(-&12'0)'

;"31$*12'5"%.&.8

!"#$%&##')&*0).#'()&'-+&';+2#$*(1'&,$.&%*&'05'3"#$%&##'(*/,$-2'V'*)&(-&.<'

)&*&$,&.<'(%.'6($%-($%&.'(#'&,$.&%*&'(%.'$%50)6(/0%'V'(%.'&:$#-'$%'(',()$&-2'05'

6&.$('50)6(-#'$%*1".$%4';(;&)<'.$4$-(1'(%.'(".$0@,$#"(18''!"#$%&##'()*+$,&#'()&'

)&*0).#'-+(-'*06;(%$&#'0)'*011&*/%4')&;0#$-0)$&#'*+0#&'-0'>&&;';&)6(%&%-12<'50)'

*066&)*$(1<'1&4(1'(%.'+$#-0)$*(1')&(#0%#8_

9+&'-&)6'i*011&*/0%#i'$%'-+$#'*0%-&:-')&5&)#'-0'-+&')&*0).#<'30-+';(;&)<'.$4$-(1<'03n&*-#'0)'

6"1/@6&.$(<'-+(-'*06;(%$&#'0)'*011&*/%4')&;0#$-0)$&#'*+0#&'-0'>&&;'-0'.&#*)$3&'-+&'

.(2'-0'.(2'3"#$%&##'(%.'.&*$#$0%'6(>$%4'$%'(%'0)4(%$#(/0%<'3"-'(1#0'%&7'-2;&#'05'

)&*0).#')&1(-&.'-0'(%.'4$,$%4'*0%-&:-'-0'-+&'3"#$%&##'-+(-'6(2'3&'*)&(-&.'0)'5(*$1$-(-&.'

32'-+&'$%#/-"/0%8''H0)'$%#-(%*&<'0)(1'+$#-0)2'-&#/60%$&#'0)'&:;1(%(/0%#'05'.0*"6&%-#'

;)0,$.&.'32',01"%-&&)#'0)'50)6&)s*"))&%-'&6;102&&#8''9+&#&'i%&7i')&*0).#'4&%&)(-&.'

7$-+$%'-+&'()*+$,&'(%.'0"-#$.&'%0)6(1'3"#$%&##'(*/,$/&#<'6(2'%0-'#-)$*-12'#;&(>$%4'

50)6';()-'05'-+&'0)4(%$*'7+01&'05'(%'0)4(%$#(/0%#')&*0).'>&&;$%4<'3"-'()&'#&%#$31&'-0'

$%*1".&'."&'-0'-+&'o"(1$-(/,&'*0%-&:-'-+&2';)0,$.&'(%.'$%';)0,$.$%4'(%0-+&)'i7(2'$%i'-0'

_ F04(%'T*C(3&'B)*+$,&'C0%#"1-(%*2<'pNkkOq<'A(/0%(1'I-)(-&42'50)'!"#$%&##'B)*+$,&#'pK%41(%.'(%.'

J(1&#q<'F0%.0%S'9+&'A(/0%(1'B)*+$,&#<';8'M8

!!

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

-+&')&*0).#'50)'"#&)#'7+0'6(2'+(,&'1$?1&'5(6$1$()$-2'7$-+'3"#$%&##')&*0).#8''C"1/,(/%4'

*0%-(*-#'7$-+'50)6&)'&6;102&&#'6(2'(1#0'1&(.'-0'-+&'i)&;(-)$(/0%i`'05'10#-')&*0).#'(G&)'

('10%4';&)$0.'$%'0"-#$.&'*"#-0.2<'(%.'(1-+0"4+'-+&2'6(2'%0-'3&'(31&'-0'3&')&-")%&.'-0'

-+&$)'0)$4$%(1'10*(/0%<'-+&$)';0-&%/(1',(1"&'*(%%0-'3&'"%.&)@&#/6(-&.8

9+&)&'$#'-+&';0-&%/(1'05'3"#$%&##'*011&*/0%#'-0'3&*06&'(%'$%,(1"(31&';()-'05'

;"31$*'0"-)&(*+'70)><'$%'(..$/0%'-0'-+&$)'"#&'-0'&%4(4&'(%'0)4(%$#(/0%#'$%-&)%(1'

*066"%$-2<';")&12'3&*("#&'0**";(/0%(1'$.&%/-2'*(%'-)(%#*&%.'3())$&)#'05'(4&<')(*&'

(%.'4&%.&)8''B11';()-#'05'-+&'*066"%$-2'*(%'3&'3)0"4+-'-04&-+&)<'(%.'7+&)&'()*+$,&#'

)&1(-&'-0'1()4&'3"#$%&##&#'0)'+&(,2'$%."#-)2<'-+&2'*(%'3)&(>'4&04)(;+$*(1'30"%.()$&#'(#'

7&11'(#'*"1-")(1'0%&#8''B1#0<'-+&'60,&'(7(2'5)06'0%12'0%&'("-+0)$-(/,&',0$*&<'-07().'('

i6"1/@1(2&)&.'"#&)'$%l"&%*&.'(;;)0(*+iM'&%#")&#'60)&'(**&##$31&'*(-(104"&#'(%.'

6(>&#'-+&'()*+$,&'60)&'(**&##$31&'-0'-+&';"31$*8''=-'$#'('4&%&)(112'(**&;-&.'-&%&-'$%'-+&'

()*+$,(1'*066"%$-2'-+(-'3"#$%&##')&*0).#'()&'(%'"%.&)"#&.')&#0")*&<'0G&%'#&&%'-0'3&'

-00'*06;1&:'0)'6"%.(%&'-0'3&'&(#$12'"%.&)#-00.'32'"#&)#<'(1-+0"4+'$%'-+&';(#-'.&*(.&'

('%"63&)'05'300>#'+(,&'3&&%';)0."*&.'$%'0).&)'-0'&%*0")(4&'-+&$)'7$.&)'"#&<'6($%12'

(60%4#-'(6(-&")'4&%&(104$#-#8a''

9+&'!"#$%&##'B)*+$,&#'C0"%*$1'p!BCq'(%.'9+&'A(/0%(1'B)*+$,&#'p9ABq';)0,$.&'

1&(.&)#+$;'(%.'(%'$%,(1"(31&'#&),$*&'$%';)060/%4'-+&'$6;0)-(%*&'05'&#-(31$#+$%4'(%.'

6($%-($%$%4'3"#$%&##'*011&*/0%#8''9+&2'+(,&'&:;&)/#&'-0'(.,$#&'(%.'4"$.&'-+0#&'7+0'

6(2'%0-'+(,&'-+&')&#0")*&#'-0'&6;102'(%'()*+$,$#-<'(%.';)0,$.&'-)($%$%4'50)'-+0#&'$%'('

` =%-&),$&7'7$-+'-+&'!()*1(2#'U)0";'()*+$,$#-<'_k'Z"12'NkLk<';8'fN8

=%-&),$&7'7$-+'-+&'[%$1&,&)'()*+$,$#-<'k`'B"4"#-'NkLk<';8'Lk`8

M C'W&&.<'pNkkOq<'W&,$#$/%4'B)*+$,&'C011&*/0%#'T&-+0.01042<'C(63)$.4&S'C011&*/0%#'9)"#-<';8f

a H0)'&:(6;1&'Z0+%'X)3&11<'pLOfPq<'B'U"$.&'-0'9)(*$%4'-+&'c$#-0)2'05'('!"#$%&##<'F0%.0%S'U07&)'

]"31$#+$%48

!"

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

4)0";'0)'0)4(%$#(/0%'7+0'6(2'+(,&'3&&%'-(#>&.'7$-+'0)4(%$#$%4'3"#$%&##')&*0).#8'

9+&$)'70)>'(1#0'&%*06;(##&#'(.,0*(*2'(%.'$.&%/52$%4'()&(#'05')$#>'(%.'70)>$%4'0%'('

"%$g&.'#-)(-&42'-+(-'(%2')&;0#$-0)2'*0%-($%$%4'3"#$%&##'()*+$,&#'*(%'3&';()-'05'-0'

"%.&);$%'-+&$)'5"-")&'#&*")$-28''9+&';)0."*/0%'$%'Z"12'NkkO'05'('A(/0%(1'!"#$%&##'

B)*+$,&#'I-)(-&42';"-'(11'05'-+$#'+&)&-0'$%50)6(112'#+()&.'#&*-0)(1'>%071&.4&'$%'0%&'

0Y*$(1'.0*"6&%-<'(##$4%$%4'(*/0%#'-0'(11'-+&'6(n0)'$%."#-)2'30.$&#<'7+$1#-'(1#0'1&t%4'

$%.$,$."(1'()*+$,&#'>%07'(30"-'-+&'(,($1(3$1$-2'05'+&1;5"1')&#0")*&#8''I*0-1(%.'+(,&'

501107&.'#"$-'$%';)0."*$%4'-+&$)'07%'#-)(-&42'7+$*+'$#'."&'-0'3&'0Y*$(112'1("%*+&.'$%'

B"-"6%'NkLk8''c07&,&)<'-+&'6($%'50*"#'$%'-+&';(#-'+(#'3&&%'3(#&.'()0"%.'$.&%/52$%4<'

)&#*"$%4'(%.';)&#&),$%4'3"#$%&##')&*0).#<'#0'.0&#'-+$#'%&7'#-)(-&42'#&&>'-0'60,&'-+&'

.$#*"##$0%'0%'-0'6&-+0.#'05'7$.&)'&%4(4&6&%-'7$-+'3"#$%&##'()*+$,&#e''9+&'-+$).'

#-)(-&4$*'40(1'05'-+&'%&7'#-)(-&42'#-(-&#'-+(-'3"#$%&##'()*+$,&#'#+0"1.'(?&6;-'-0'i+&1;'

.&@62#/52'3"#$%&##')&*0).#i'(%.'i$%,&#-'$%'0"-)&(*+'0;;0)-"%$/&#iP<'0G&%'-+)0"4+'

.&,&10;$%4';()-%&)#+$;#'7+&)&'3"#$%&##'()*+$,$#-#'70)>'$%'$#01(/0%8''=5'-+$#'$#'-+&'&:-&%-'

-0'7+$*+'-+&'#-)(-&42'40&#'-0'(..)&##'-+&'$##"&'05'&%4(4&6&%-<'-+&%'$-';)03(312'+(#'

1$6$-&.'"#&'50)'()*+$,&#'-+(-'+(,&'(1)&(.2'.0%&'#06&-+$%4'(30"-'6(>$%4';)0,$#$0%'50)'

-+&$)'*011&*/0%#'0-+&)'-+(%'-+&'"#"(1'(*/,$/&#'05';)05&##$0%(1'#";;0)-<'(%.'1&(.&)#+$;'

(%.'-)($%$%48''=5'('*10#&)'(%(12#$#'05'-+&'$6;1&6&%-(/0%'.&60%#-)(-&#'-+(-'$-'%0-'0%12'

6(>&#'#"44&#/0%#'50)'&%4(4&6&%-'3"-'(1#0'&%*0")(4&#'&,(1"(/0%'-+&%'$-'+(#'60)&'

#*0;&'50)'"#&'(#'('1$,$%4'.0*"6&%-'32'()*+$,&#'(%.'3)$%4#'-+&6'60)&'$%'-0'1$%&'7$-+'

3"#$%&##'*011&*/0%#'"#&.'$%'0-+&)'()&(#8 '

P F04(%'T*C(3&'B)*+$,&'C0%#"1-(%*2<'pNkkOq<'A(/0%(1'I-)(-&42'50)'!"#$%&##'B)*+$,&#'pK%41(%.'(%.'

J(1&#q<'F0%.0%S'9+&'A(/0%(1'B)*+$,&#<';8La8

!#

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

!"#$%&##'()*+$,&#'(1)&(.2'"/1$#&'('%"63&)'05'6&-+0.#'-0'&%4(4&'-+&$)'$%-&)%(1'

*066"%$-2'(#'7&11'(#'-+&';"31$*'-+)0"4+'0"-)&(*+'70)>8''I06&'()&'(*/,$/&#'-+(-'()&'

#-(%.().'-0'(%2'>$%.'05')&;0#$-0)2<'#"*+'(#S'

! b01"%-&&)$%4S''B'7$.&')(%4$%4';)(*/*&'"/1$#$%4'-+&';"31$*'-0'"%.&)-(>&'-+&'

107&)'1&,&1')0"/%&'-(#>#'05'-+&'()*+$,&<'0)'l&#+$%4'0"-'-+&')&*0).#'-+(-'()&'+&1.'

-+)0"4+')&#&()*+'0)'5(*-'*+&*>$%48''9+$#'6(2'3&'*0%."*-&.'32'(',()$&-2'05';&0;1&'

5)06'50)6&)'&6;102&&#'-0'4)(."(-&'-)($%&&#<'(1-+0"4+'$##"&#'()0"%.'#&%#$/,$-2'

05'-+&'6(-&)$(1'(%.'-+&')&#0")*&#'05'-+&'0)4(%$#(/0%'6(2'.$*-(-&'+07'6"*+'

,01"%-&&)$%4'-(>&#';1(*&8

! J&3'I$-&#S'B'7(2'50)'()*+$,&#'-0'0,&)*06&'-+&'1$6$-(/0%#'05'-)(.$/0%(1'0;&%$%4'

+0")#'(%.';)060-&'-+&$)'*(-(104"&#'&:-&)%(1128''B1#0'('400.'6&-+0.'05'

#+07*(#$%4'$6(4&#<',$.&0#<'#0"%.#'0)'.0*"6&%-#'05';()/*"1()'#$4%$g*(%*&'$%'('

7(2'-+(-')&(*+&#'('6"*+'1()4&)'(".$&%*&8

X-+&)'6&-+0.#'()&'"/1$#&.'-0'&%4(4&'-+&'$%-&)%(1'3"#$%&##'*066"%$-2'(%.'50)'-+&'

3&%&g-'05'-+&'7$.&)'3"#$%&##<'$%*1".$%4S

! C0%#"6&)'F$%>&.'B*/,$/&#S'])0."*-#'$%*0);0)(-&.'$%-0'-+&')&-($1'1$%&'05'

;)0."*-#<'50)'&:(6;1&<'H0)-%"6'm'T(#0%#'NkLk'B)*+$,$#-i#'K(#-&)'K44<'3(#&.'0%'

)&*$;&#'5)06'-+&'()*+$,&<'0)'-&6;0)()2';)0."*-'1$%&#'3(#&.'()0"%.'*0);0)(-&'

(%%$,&)#()$&#<'50)'&:(6;1&<'T()>#'(%.'I;&%*&)u#'LNM-+'(%%$,&)#()2']&%%2'!(R(()8

! C0);0)(-&'I0*$(1'W&#;0%#$3$1$-2S''I";;0)/%4'-+&'*06;(%$&#'&E0)-#'0%'*0);0)(-&'

#0*$(1')&#;0%#$3$1$-2'32'.&60%#-)(/%4'-)(%#;()&%*2'-+)0"4+')&*0).#<'(%.'-+&'

&:$#-&%*&'05'('*0);0)(-&12'6(%(4&.'0)'#";;0)-&.'()*+$,&8'])0,$.$%4'

!%

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

0;;0)-"%$/&#'-0',01"%-&&)#'5)06'&."*(/0%f'0)'-0'.&60%#-)(-&'-+&$)'*06;(%$&#'

&-+$*(1'0)'#0*$(1'40(1#'-+)0"4+';)0."*$%4'+$#-0)$*(112'3(#&.'&:+$3$/0%#<'

*0);0)(-&'+$#-0)2';)0n&*-#<'0)'&."*(/0%(1';(*>#'+&1;'&#-(31$#+'*066"%$-2'1$%>#'

(%.')&$%50)*&'-+&'*0%*&;-#'05'*0);0)(-&'#0*$(1')&#;0%#$3$1$-28

T(%2'3"#$%&##'()*+$,&#'(1#0'*0%-)$3"-&'%&7')&*0).#'-0'-+&$)'*011&*/0%#<'%0-'#-)$*-12'(#'('

)&#"1-'05'-+&$)'07%'(*/0%#'0)'-+&'(*/,$/&#'05'-+&'3"#$%&##<'3"-'-0';)0,$.&'*0%-&:-'-0'

0-+&)'#&)$&#'05')&*0).#<'0)'-0'&%#")&'(**")(*2'$%'.&#*)$3$%4')&*0).#'(1)&(.2'$%'&:$#-&%*&'

(%.'6(>&'-+&6'60)&'(**&##$31&'-0')&#&()*+&)#8

! X)(1'c$#-0)$&#S'B%'0;;0)-"%$-2'-0'4($%'*0%-&%-')$*+'$%'.&-($1'(30"-'-+&'.(2'-0'.(2'

)"%%$%4'05'('3"#$%&##r'*()&&)';)04)&##$0%r'*06;(%2'(-60#;+&)&'(%.',(1"&#r'0)'

)(/0%(1&'3&+$%.'-+&'+$4+'1&,&1'.&*$#$0%'6(>$%4';)0*&##8''B**&##'(%.';)0."*/0%'

-&*+%$*(1'&:;&)/#&'*(%'3&'.$Y*"1-'-0'6(%(4&'7$-+0"-'$%,&#-6&%-<'(%.'('

#$4%$g*(%-'*066$-6&%-'$%'/6&<'-)($%$%4'(%.')&#0")*&#'$#'%&&.&.'32'-+&'()*+$,&'

-0'*0%."*-'(%'&E&*/,&'0)(1'+$#-0)2';)04)(66&8'

! W&,$#$/%4'C011&*/0%#S''B'6&-+0.01042'.&,&10;&.'-0'100>'(4($%'(-'&:$#/%4'

()*+$,&'*(-(104"&#'(%.'$%,01,&'*066"%$-2'4)0";#'$%';)0,$.$%4'*0%-&:-'-0'6(>&'

-+&'*(-(104"&#'60)&')&1&,(%-'(%.'1&##'()*+$,$#-'.06$%(-&.<'50)'&:(6;1&'-+&'

I7(%'c"%-&)'I+$;3"$1.&)#'F-.''()*+$,&'+&1.'(-'92%&'(%.'J&()'B)*+$,&'I&),$*&8

J+$*+'05'-+&#&'6&-+0.#'05'&%4(4&6&%-'()&'-+&'60#-'&E&*/,&'$%'$%,01,$%4'-+&'-()4&-'

(".$&%*&#'05'(%'()*+$,&e''J+$*+';)0,$.&'60#-',(1"&'$%'-+&'10%4'-&)6'(%.'$%'7+(-'7(2#'

*(%'-+(-',(1"&'3&'.&60%#-)(-&.e''I+0"1.'3"#$%&##'()*+$,&#'3&'-)2$%4'-0'&6;102'(11'05'

f !"#$%&##'$%'-+&'C066"%$-2'V'C066"%$-2'=6;(*-'I&*/0%'

v+?;Sss77783$-*80)48">s*066"%$-2s$%.&:8+-61w''B**&##&.S'L_'Z"12'NkLk8

!&

http://www.bitc.org.uk/community/index.html

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

-+&'(30,&'6&-+0.#'05'&%4(4&6&%-<'('#&1&*/0%'05'-+&6<'0)'()&'-+&)&'0-+&)'(;;)0(*+&#'

-+(-'*0"1.';)0,&'60)&'*0#-'&E&*/,&'$%'-&)6#'05'/6&<'#-(E'(%.')&#0")*&#e

=%'10*(1'("-+0)$-2'()*+$,&#'0"-)&(*+'(%.'&%4(4&6&%-';)04)(66&#'()&'7&11'

.&,&10;&.<'(%.'3"#$%&##'*011&*/0%#'6(2'3&%&g-'5)06'#>$11'#+()$%4'-&*+%$o"&#'05'-+&#&'

&#-(31$#+&.';)04)(66&#8''!"#$%&##'*011&*/0%#'#$-"(-&.'$%'+$4+&)'&."*(/0%'()&'

)0"/%&12'"#&.'32'1&*-")&)#'-0'#";;1&6&%-'+$#-0)2<'&*0%06$*#'(%.';01$/*#'*0")#&#8'

F&*-")&)#'$%'-+&$)'-")%'&%*0")(4&'#-".&%-#'-0'"/1$#&'-+&#&')&#0")*&#8''9+&)&'+(#'

+$#-0)$*(112'3&&%'(%'&6;+(#$#'0%'6(%2'0)4(%$#(/0%#'6($%-($%$%4'()*+$,&#'$%'-+&'*(;$-(1<'

7+&)&'-+&$)'+&(.o"()-&)#'()&'+0"#&.<'ix.y&#;$-&'-+&',(1$(%-'&E0)-#'05'-+&'50)6&)'

)&4$0%(1'3)(%*+&#'05'-+&'!BC'(%.'-+&'#&;()(-&'#$#-&)'30.2'$%'I*0-1(%.<'(*/,$-2'(%.'

6&63&)#+$;'+(#'*&%-)&.'1()4&12'0%'F0%.0%8iO''9+$#'+(#'(.,(%-(4&#'50)'-+&'()*+$,&'$%'

-&)6#'05')&6($%$%4'*10#&'-0'-+&';07&)'#-)"*-")&'05'-+&'0)4(%$#(/0%<'3"-'(#'5()'(#'-+&'

0)4(%$#(/0%'$#'*0%*&)%&.<'6($%-($%$%4'-+&'#;(*&'50)'(%'()*+$,&'$%'#"*+'('+$4+'*0#-'

10*(/0%'(#'F0%.0%'6(2'3&'"%#"#-($%(31&8''C0%#&o"&%-12'$%'-+&'1(#-'.&*(.&'-+&)&'+(,&'

3&&%'#&,&)(1'()*+$,(1')&10*(/0%#'0"-'05'-+&'*(;$-(1'-0'60)&'+$#-0)$*(112'1$%>&.')&4$0%#<'

#"*+'(#'-+&'T()>#'(%.'I;&%*&)'()*+$,&'5)06'F0%.0%'-0'F&&.#<'0)'-+&'*0%#01$.(/0%'05'

6(-&)$(1'$%'#&,&)(1'10*(/0%#'-0'0%&<'#"*+'(#'-+&'A(/0%(1'C0@0;&)(/,&'B)*+$,&'5)06'

T(%*+&#-&)'(%.'F0"4+30)0"4+'-0'T(%*+&#-&)8''=%'-+&'*(#&'05'T()>#'(%.'I;&%*&)Lk<'('

;()-%&)#+$;'3&-7&&%'-+&'*06;(%2'(%.'-+&'[%$,&)#$-2'05'F&&.#';)0,$.&#'(%'0;;0)-"%$-2'

-0'$%,&#-'$%'-+&'.&,&10;6&%-'05'-+&'()*+$,&<'(%.'-+&'3"#$%&##'*0"1.';1(2'0%'-+&'5(*-'-+(-'

O K'U)&&%<'pNkk`q<'i!"#$%&##'B)*+$,&#'C0"%*$1'V'Pk'%0-'0"-\i<'!"#$%&##'B)*+$,&#'C0"%*$1'A&7#1&?&)'L_M<'

;8N8

Lk''T()>#'(%.'I;&%*&)'])&##'W&1&(#&'V'O'H&3)"()2'NkkO8''''

''''''v+?;Sss*0);0)(-&86()>#(%.#;&%*&)8*06s6&.$(s;)&##z)&1&(#&#s*06;(%2s;)&##)&1&(#&zkOkNkOw''''

''''''B**&##&.S'O'Z"12'NkLk8

!'

http://corporate.marksandspencer.com/media/press_releases/company/pressrelease_090209

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

-+&'()*+$,&'7(#'60,$%4'3(*>'-0'-+&'+$#-0)$*(1'i+06&i'05'-+&'3"#$%&##'.")$%4'$-i#'LNM-+'

(%%$,&)#()2<'7+&)&'$-'7(#'$%$/(112'&#-(31$#+&.'(%.'7+&)&'6(%2'05'-+&')&*0).#'7$11')&1(-&'

-08''!"-'.0&#'-+&'10*(/0%'05'-+&'()*+$,&'6(>&'(%2'#$4%$g*(%-'.$E&)&%*&'-0'-+&'7(2'$%'

7+$*+'$-'$#';"31$*$#&.'0)'"/1$#&.'(60%4#-'()*+$,(1'"#&)#e

L8_' '' ''' 'W&#&()*+'h"&#/0%#' '

9+&'-+)&&'$##"&#'-+(-'-+$#'.$##&)-(/0%'7$11'&:(6$%&'()&S

! c07'$6;0)-(%-'()&'-+&')01&#'05'$%-&)%(1'&%4(4&6&%-'(%.';"31$*'0"-)&(*+'-0'

3"#$%&##'()*+$,&#e''B)&'-+&2'4&t%4'-+&'3(1(%*&')$4+-'$%'0).&)'-0')&6($%'

)&1&,(%-'-0'-+&'3"#$%&##'(%.'#0*$&-2e

! J+$*+'6&-+0.#'05'&%4(4&6&%-'+(,&';)0,&.'60#-'&E&*/,&'50)'3"#$%&##'()*+$,&#'

-0'&6;102e

! c07'&E&*/,&'$#'-+&'A(/0%(1'!"#$%&##'B)*+$,&'I-)(-&42'$%';)0,$.$%4'1&(.&)#+$;'

0%'$##"&#'05';"31$*'0"-)&(*+'(%.'$%-&)%(1'&%4(4&6&%-e

9+&'#$4%$g*(%*&'05'-+&#&'o"&#/0%#<'(%.'-+$#'.$##&)-(/0%'(#'('7+01&'-0'*"))&%-';)(*/*&'

$#'-+(-'3"#$%&##'()*+$,&#'+(,&'4&%&)(112'3&&%',$&7&.'(#'(160#-'7+0112'05'#&),$*&'-0'-+&$)'

0)4(%$#(/0%<')(-+&)'-+(%'&%4(4$%4'$%';"31$*'5(*$%4'(*/,$/&#8''9+$#'6(2'3&'#0'7+&)&'-+&'

0)4(%$#(/0%'0;&)(-&#'-+&'()*+$,&'#&),$*&<'3"-'(')&1(/,&12'#6(11'%"63&)'05'3"#$%&##'

()*+$,&#'0;&)(-&'$%'-+$#'7(2<'(%.'&,&%'-+0#&'-+(-'.0'&%4(4&'$%'0"-)&(*+'(%.'&63)(*&'

%&7'0;;0)-"%$/&#8''!"#$%&##'()*+$,&#'()&'%07'+&1.'$%'9)"#-<'$%'#;&*$(1$#-'*011&*/0%#'

&%,$)0%6&%-#'(%.'10*(1'("-+0)$/&#<'()&'-+0#&'*011&*/0%#'%07'$%'.(%4&)'05'3&*06$%4'

i+$..&%i'3"#$%&##'*011&*/0%#<'"%(31&'-0';$o"&')&#&()*+&)i#'$%-&)&#-'(#'*011&*/0%#'60)&'

!(

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

*10#&12')&1(-&.'-0'5(6$12'+$#-0)2'*(%8''9+&'o"&#/0%'-+&)&50)&'3&*06&#<'$#'-+$#',$&7'05'

i()*+$,&#'50)'-+&'*0);0)(-&'400.i'(10%&'%07'0"-.(-&.<'(%.'#+0"1.';"31$*'0"-)&(*+'3&'

*+(6;$0%&.'(#'-+&'>&2'-0'$%*)&(#&.'"#&'(%.',$#$3$1$-2'50)'-+&#&'*011&*/0%#e''c07'

&E&*/,&'.0'70)>$%4';)05&##$0%(1#'3&1$&,&'-+&')&*&%-'%(/0%(1'#-)(-&42'-0'3&<'(%.'$#'('

%(/0%(1'(;;)0(*+'-0'.&(1$%4'7$-+'3"#$%&##'()*+$,&#'-+&'60#-'&E&*/,&'6&-+0.8''=#'('

A(/0%(1'!"#$%&##'B)*+$,&#'C&%-)&'-+&'7(2'50)7().<'0)'$#'-+&'*"))&%-')&4$0%(1'(;;)0(*+'

-0'+(%.1$%4'3"#$%&##'*011&*/0%#'-+&'3&#-'7(2'-0'&%#")&'-+&$)'#"),$,(1'(%.'"#&'32'*"))&%-'

)&#&()*+&)#'(%.'-+0#&'$%'-+&'5"-")&e

L8`' '' ''' 'T&-+0.01042' '

B#'62')&#&()*+'$#'3(#&.'0%'-+&'0;$%$0%#'05'70)>$%4'()*+$,$#-#<'(%.'.)(7$%4'*0%*1"#$0%#'

0%'(*/,$/&#'(%.'-+&'&%,$)0%6&%-'-+(-'*0"1.'3&'"/1$#&.'50)'5"-")&'#"**&##5"1'

&%4(4&6&%-'70)><'$-'$#'3(#&.'0%'o"(1$-(/,&'0"-*06&#')(-+&)'-+(%'o"(%/-(/,&<'(%.'='

+(,&'*+0#&%')&#&()*+'6&-+0.#'-+(-')&l&*-'-+$#8''=%$/(112'=';&)50)6&.'*0%-&%-'(%(12#$#'05'

#06&'05'-+&';)05&##$0%(1';"31$*(/0%#'$%'-+&'3"#$%&##'()*+$,&#'g&1.8''9+$#'$%*1".&.'

100>$%4'(-'0Y*$(1'#-)(-&42'.0*"6&%-#'(%.';"31$*12'(,($1(31&'*0%-&%-'1$>&'-+&'!"#$%&##'

B)*+$,&#'C0"%*$1'%&7#1&?&)8''9+&#&'7&)&'(%(12#&.'50)'-+&$)'6(n0)'-+&6&#'-0'-)2'-0'

4("4&'7+(-'>$%.'05'&6;+(#$#'-+&'#&*-0)';1(*&#'0%'&%4(4&6&%-'(#'0;;0#&.'-0'60)&'

-)(.$/0%(112';0;"1()'-+&6&#'05';)&#&),(/0%'0)'(.,0*(*2'7$-+$%'-+&'#&*-0)8''='(1#0'

(%(12#&.'-+&'7&3#$-&#'05')&*0).'0Y*&#'3(#&.'$%'-+&'A0)-+'J&#-')&4$0%'-0'#&&'+07'

;)06$%&%-12'3"#$%&##'*011&*/0%#'7&)&'5&(-")&.<'(%.'-0'.)(7'*0%*1"#$0%#'0%'+07'-+&2'

*0"1.'3&';)060-&.'60)&'&E&*/,&12'$%'10*(1'("-+0)$-2'&%,$)0%6&%-#8'''''''

!>

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

='(1#0'*+0#&'-0'.0'('#&)$&#'05'#-(%.().$#&.'0;&%@&%.&.'$%-&),$&7#'7$-+'('4)0";'05'

()*+$,$#-#'#&1&*-&.'-+)0"4+'(';");0#&5"1'#(6;1&LL'3(#&.'0%'4($%$%4'(')(%4&'05'

&:;&)$&%*&#'$%'.&(1$%4'7$-+'3"#$%&##'*011&*/0%#<'$%'*0);0)(-&'()*+$,&'&%,$)0%6&%-#<'

10*(1'("-+0)$-2'#&t%4#'(%.'('1$3)()2'#;&*$(1'*011&*/0%#'&%,$)0%6&%-8''='*+0#&'-0'50*"#'

-+&#&'$%-&),$&7#'0%'-+&'A0)-+'J&#-')&4$0%'(#'$-'$#'(%'()&('=i6'5(6$1$()'7$-+8''

='(1#0'3&1$&,&'-+(-'$%'-&)6#'05'3"#$%&##'()*+$,&#'-+&)&'$#'0G&%'('50*"#'0%'F0%.0%'(%.'

-+&'I0"-+'K(#-<'(%.'(#'0)4(%$#(/0%#')&*04%$#&'-+&'3&%&g-#'05'60,$%4'()*+$,&#'0"-'05'

-+&'*$-2'50)'&*0%06$*')&(#0%#<'='-+$%>'$-'$#',(1"(31&'-0'&:(6$%&'-+&'#$-"(/0%')&4$0%(112'-0'

#&&'$5'*06;()(31&',(1"&'*(%'3&'.&60%#-)(-&.<'(%.'$5'3(#$%4'-+&'()*+$,&'$%'-+&#&'

10*(/0%#'$#'60)&'0)'1&##'(.,(%-(4&0"#8''I06&'(*/,$/&#'0)'&:(6;1&#'"#&.'50)'

*06;()$#0%'0)'*0))030)(/0%'+07&,&)'*06&'5)06'-+&')&#&()*+&)i#'&:;&)$&%*&#'$%'-+&'

LL U'K'U0)6(%'(%.']'C1(2-0%<'pNkkMq<'h"(1$-(/,&')&#&()*+'50)'-+&'$%50)6(/0%';)05&##$0%(1'S'(';)(*/*(1'

+(%.300><'N%.'&.8<'F0%.0%S'H(*&-<';8LNf8

!?

H$4")&'LS'9+&'A0)-+'J&#-')&4$0%'05'-+&'[^

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

F0%.0%'(%.'I0"-+'K(#-')&4$0%'.")$%4'-+&'*0")#&'05'-+&'T(#-&)#';)04)(66&8''9+&'

3&%&g-#'05'*011&*/%4'$%50)6(/0%'-+)0"4+'$%-&),$&7$%4'$#'-0'4($%'#06&'05'-+&'$%#$4+-#'05'

70)>$%4';)05&##$0%(1#'(%.'+(,&'('*+(%*&'-0'&:;10)&'-0;$*#'$%'('60)&'#;0%-(%&0"#'7(2'

-+(%'*011&*/%4'$%50)6(/0%'-+)0"4+'o"&#/0%%($)&#'(%.'-+&%'40$%4'3(*>'(G&)'(';&)$0.'

05'/6&'-0'501107'";<'7+&%')&#;0%#&#'6(2'%0-'l07'(#'%(-")(112'0)'.$#;1(2'-+&'#(6&'

60/,(/0%#'(#'$%$/(1'(%#7&)#'4$,&%'0%';(;&)8''9+&'$%-&),$&7#'7&)&')&*0).&.'$%'0).&)'-0'

3&')&5&))&.'3(*>'-0'.")$%4'-+&'7)$/%4'";';)0*&##'(%.'#"66()$#&.'(G&)7().#'50)'-+&'

(;;&%.$*&#8''=%-&),$&7&&#'7&)&'$%50)6&.'05'-+$#'(-'-+&'/6&'7+&%'-+&'$%-&),$&7#'7&)&'

())(%4&.'(%.'4$,&%'-+&'0;/0%'-0'0;-'0"-'$%'5(,0")'05'%0-&'-(>$%4<'3"-'%0'0%&'03n&*-&.'

-0'$%-&),$&7#'3&$%4')&*0).&.8''D")$%4'-+&';)&@$%-&),$&7'.$#*"##$0%'$%-&),$&7&&#'7&)&'

0E&)&.'(%0%26$-2'3"-'%0%&'03n&*-&.'-0'3&$%4'$.&%/g&.<'(%.'(G&)'-+&'$%-&),$&7'='

.$#*"##&.'$5'-+&)&'7&)&'#&*/0%#'-+&2'70"1.'7(%-'-0'3&')&.(*-&.<'0%12'0%&'()*+$,$#-'

(#>&.'50)'(';0)/0%'05'('#&*/0%'-0'3&')&.(*-&.8''I&,&%'$%#/-"/0%#'7&)&'*0%-(*-&.'

$%$/(112'50)'$%-&),$&7<'05'7+$*+'50")')&#;0%.&.8''B%'(..$/0%(1'$%-&),$&7'7$-+'('10*(1'

("-+0)$-2'()*+$,$#-'7(#'-+&%'#0"4+-'-0'3"$1.'('3&?&)';$*-")&'05'-+&'#$-"(/0%'$%'-+(-'-2;&'

05'$%#/-"/0%'3"-'$-'7(#'%0-';0##$31&'-0'(*+$&,&'."&'-0';)&##")&#'0%'-+&'#&),$*&'.")$%4'

-+(-'/6&8''9+&)&50)&<'*0%*1"#$0%#'.)(7%'(30"-'-+&'#$-"(/0%'$%'10*(1'("-+0)$-2'#&t%4#'

*(%%0-'3&'#&&%'(#'#$4%$g*(%-<')(-+&)';)&1$6$%()2<'"%/1'*0%g)6&.'32'5")-+&)'$%-&),$&7#'

7$-+'#$6$1()'$%#/-"/0%#8'''H0")'$%-&),$&7#'7&)&'*0%."*-&.'$%'(11'7$-+'g,&'()*+$,$#-#<'(%.'

$%'&(*+'('#-(%.().'1$#-'05'o"&#/0%#'7&)&'501107&.8''9+&#&'7&)&'0%'-+&'7+01&'

#(/#5(*-0)2'$%'4&%&)(/%4'"#&5"1'$%50)6(/0%'50)'(%(12#$#<'7$-+'-+&'&:*&;/0%'05'-+&'10*(1'

("-+0)$-2'#&t%4'7+&)&'('%"63&)'05'(..$/0%(1'o"&#/0%#'7&)&'(#>&.'3(#&.'0%'

"@

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

&1&6&%-#'-+(-'*(6&'";'.")$%4'-+&'.$#*"##$0%<'$%'0).&)'-0'3&?&)'"%.&)#-(%.'-+&'

#$-"(/0%'$%'-+(-')&;0#$-0)28''H01107'";'o"&#/0%#'7&)&'(#>&.'7+&)&'$-'7(#'.&&6&.'

%&*&##()2'$%'0).&)'-0'5"112'&:;10)&'-0;$*#'0)'"%.&)#-(%.'-+&'&:(6;1&#'0)'*(#&'#-".$&#'

.$#*"##&.8''9+&'$%-&),$&7#'7&)&'-)(%#*)$3&.'(%.'(;;&()'(#'(;;&%.$*&#'$%'-+$#'

.$##&)-(/0%'0%';(4&#'Pa'@'LkO8''I06&'o"&#/0%#'7&)&'(%(12#&.'3(#&.'0%'-+&'1(%4"(4&'

(%.')&#;0%#&#'4$,&%'$%'0).&)'-0'.)(7'*0%*1"#$0%#'$%')&1(/0%'-0'-+&')&#&()*+'o"&#/0%#<'

7+$1#-'#06&'o"&#/0%#'7&)&'"#&.'(#'#0")*&'6(-&)$(1'-0'$11"#-)(-&'-+&6&#'0)'(*/,$/&#'-0'

0**"))$%4'$%';)05&##$0%(1';)(*/*&8''

9+&'#&*0%.'*+(;-&)'7$11'100>'(-'-+&')&1(/,&'6&)$-#'05'$%-&)%(1'&%4(4&6&%-'(%.'

;"31$*'0"-)&(*+'$%'3"#$%&##'()*+$,&#'(%.'10*(1'("-+0)$/&#<'&:(6$%$%4'#"**&##5"1';)(*/*&'

(%.'$-#'$6;0)-(%*&'50)'-+&'3"#$%&##'(%.'-+&'()*+$,&8''9+&'-+$).'*+(;-&)'7$11'100>'(-'-+&'

7+&)&'-+&'1$6$-#'05'-+&#&'(*/,$/&#'1$&<'7$-+'#"44&#/0%#'05';0##$31&'.&,&10;6&%-#'$%'

&%4(4&6&%-'(%.'0"-)&(*+'(*/,$/&#'(%.'7+&-+&)'('A(/0%(1'!"#$%&##'B)*+$,&'C&%-)&'

6$4+-'3&'(';0##$31&'#01"/0%'50)'"%.&)@"/1$#&.'*011&*/0%#'%07'+&1.'32'10*(1'("-+0)$-2'

)&;0#$-0)$&#'(%.'-+&'*+(11&%4&#'-0'*)&(/%4'#"*+'(%'$%#/-"/0%8''9+&'50")-+'*+(;-&)'7$11'

&:(6$%&'-+&'-+&6&'05'&%4(4&6&%-'$%'#&*-0)';"31$*(/0%#'(%.'-+&'A(/0%(1'I-)(-&42'50)'

!"#$%&##'B)*+$,&#<'$-#'&E&*/,&%&##'-0'70)>$%4';)05&##$0%(1#<'(%.'7+&)&'1&(.&)#+$;'50)'

#-)(-&42'$%'-+&'#&*-0)'#+0"1.'1$&8''9+&'1(#-'*+(;-&)'7$11'3)$%4'-04&-+&)'*0%*1"#$0%#'0%'

#06&'05'-+&#&'$##"&#'(%.'100>'(-'-+&'5"-")&'05'&%4(4&6&%-'(%.'0"-)&(*+'$%'-+&'#&*-0)8

"!

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

@&/E3)$#B>-

348,8A;$+48$:6B6*08=$$C48$,8B6+1<8$D8,1+;$-9$8*E6E8D8*+$

6*.$-/+,8604$1*$:/;1*8;;$6,041<8;=

N8L' '' ''' '=%-&)%(1'K%4(4&6&%-S'B%'0%40$%4'3(?1&'' '

{xDy&;()-6&%-#'-+(-';)&,$0"#12'+(.'%0-'+(.'.$)&*-'*0%-(*-'7$-+'-+&'*06;(%2'

()*+$,&'3&4(%'-0')&*04%$#&'-+&'.$,&)#$-2'05'-+&'*011&*/0%'(%.'-+&'%"6&)0"#'

(;;1$*(/0%#'$-'*0"1.'+(,&'-+)0"4+0"-'-+&'3"#$%&##8uL

H0)'('.&;()-6&%-'-+(-'#&&>#';)$6()$12'-0'#&),&'-+&'3"#$%&##<'*0);0)(-&'()*+$,$#-#'*(%'

0G&%'g%.'$-'$#'7$-+$%'-+&'3"#$%&##'-+(-'-+&2'+(,&'-0'70)>'+().&#-'-0'.&#*)$3&'-+&$)'

5"%*/0%8''X1.&)'3"#$%&##&#<'7$-+'&#-(31$#+&.'()*+$,&'#&),$*&#<'6(2'3&'7&11'>%07%'

7$-+$%'-+&'3"#$%&##'(#'(')&#0")*&'-0'3&'"#&.<'-+)0"4+'6()>&/%4'&%.&(,0")#<'0)'1&4(1'

o"&)$&#8'''B'3&1$&5'#&&6#'-0'+(,&'.&,&10;&.'i-+(-'()*+$,&#'p$8&8'01.'.0*"6&%-#q'0%12'

+(,&'(%'+$#-0)$*(1',(1"&8'Q'!"-'-+(-'$#'#$6;12'%0-'-)"&8'=5'(%230.2'g%.#'(%'01.'.0*"6&%-'

"#&5"1'50)'7+(-'+&'$#'.0$%4'-0.(2<'-+(-'.0*"6&%-<'$))&#;&*/,&'05'$-#'.(-&<'0)'-+&')&(#0%'

50)'7+$*+'$-'7(#'*)&(-&.<'-(>&#'0%'('*"))&%-'"#&<'(%.'$#'(#',(1$.'(#'(%2'.0*"6&%-'*)&(-&.'

-0@.(28iN

I0'-+&'3(?1&'-+(-'*0);0)(-&'()*+$,&'6"#-'g4+-'$%'-&)6#'05'$%-&)%(1'&%4(4&6&%-'$#'

;)0,$%4'-0'-+&')&#-'05'-+&'3"#$%&##<'(%.'&#;&*$(112'-+0#&'.&;()-6&%-#'-+(-'6(2'%0-'3&'

L F'U$E&%'(%.'^'I+$&1.#<'pNkLkq<'iU0$%4'3(*>'-0'0")')00-#S'-+&';()-%&)#+$;'3&-7&&%'-+&'T()>#'(%.'

I;&%*&)'C06;(%2'B)*+$,&'(%.'-+&'[%$,&)#$-2'05'F&&.#i<'!"#$%&##'B)*+$,&#S'])$%*$;1&#'(%.'])(*/*&'Lkk<'

;8'_k8

N F'T*D0%(1.<'pLOfOq<'iK-+$*(1'.$1&66(#'5(*$%4'(%'()*+$,$#-'$%'-+&'3"#$%&##'&%,$)0%6&%-S'9+&'

*0%#-)($%-#'0%'('3"#$%&##'()*+$,$#-i<'Z0")%(1'05'-+&'I0*$&-2'05'B)*+$,$#-#<'LkS'`<';8'LPk8

""

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

(7()&'05'$-'2&-<'-+(-'-+&'()*+$,&'+01.#'#06&-+$%4'$6;0)-(%-'-0'-+&6<'-008''c07'-0'.0'

-+(-'$#'-+&'$6;0)-(%-'o"&#/0%e'''

iZ"#/52$%4'()*+$,&#'$%'('g%(%*$(1'*1$6(-&'7+&)&'-+&'70)-+'05'(%'(*/,$-2'$#'(##&##&.'

$%'#-)$*-12'"/1$-()$(%'0)'(**0"%/%4'-&)6#<'*(%'3&'&%0)60"#12'.&6(%.$%4'05'

$%4&%"$-28_

9+&)&'()&'+07&,&)';1&%-2'05'(%#7&)#'0**"))$%4'$%'*"))&%-';)(*/*&'$%'-+&'3"#$%&##'

()*+$,&'#&*-0)8''H0)'&:(6;1&<'(G&)'('#"**&##5"1'&:+$3$/0%'50)'-+&$)'Lak-+'(%%$,&)#()2<'-+&'

()*+$,&'05'!00-#'[^')&;0)-&.'60)&'$%-&)%(1'&%o"$)$&#'5)06'*011&(4"&#'(%.'*0%-(*-#'(#'

-0'+07'-+&'()*+$,&'*0"1.'#";;0)-'-+&$)'3"#$%&##'(*/,$/&#8`''!00-#'[^'+(,&')&1&(#&.'('

!00-#'X)$4$%(1'H0)6"1(';)0."*-'1$%&'$%#;$)&.'32'-+&'*0%-&%-#'05'-+&'()*+$,&<'-+"#'

#+07$%4'(%'&:(6;1&'05';()-%&)#+$;'3&-7&&%'-+&'1(30)(-0)2<'()*+$,&'(%.'6()>&/%4'

.&;()-6&%-8''9+&';)0."*-';(4&'*0%-($%#'()*+$,(1';+0-04)(;+2'(%.'1$%>#'-0'('+$#-0)2'05'

-+&'*06;(%2'(%.'/6&1$%&'05'$-i#';)0."*-#'(%.'(*/,$/&#8M

H0)'!00-#'[^<'$-'7(#'(%'&:+$3$/0%'.&#$4%&.'50)'&:-&)%(1'.$#;1(2'-+(-'*("4+-'-+&'

(?&%/0%'05'$%-&)%(1'#-(E8''[%$1&,&)#'()*+$,&')&*&%-12'"#&.'(%'$%-&)%(1'&:+$3$/0%'-0'-)2'

(%.'&%4(4&'7$-+'-+&$)'07%'#-(E<'(%.'&%*0")(4&'4)&(-&)'"#&'05'-+&'()*+$,&8a''9+&$)'

#-)(-&42'7(#'-0';1(*&'i.00)'-(1>&)#i'0%'-+&'3(*>'05'-0$1&-'.00)#'(%.';0#-&)#'()0"%.'-+&'

3"$1.$%4'(.,&)/#$%4'-+&'7&&>'10%4'&:+$3$/0%<'7+$*+'7(#'3(#&.'()0"%.'('*"),&.'.$#;1(2'

5&(-")$%4'*01"6%#'-+(-'6$6$*>&.'-+&'#+(;&'05'[%$1&,&)'c0"#&<'-+&'3"$1.$%4'$%'7+$*+'$-'

_ K8Z898'C011$%#<'pLOONq<'iW&*&%-'-)&%.#'$%'3"#$%&##'()*+$,&#S'B'"%$,&)#$-2',$&7i<'Z0")%(1'05'-+&'I0*$&-2'05'

B)*+$,$#-#<'L_S'N<';8'LNk

` ^'F04(%'(%.'C'T*C()-+2<'pNkLkq<'iC066&)*$(1'$6;(*-'05'(%'()*+$,&'&:+$3$/0%i<'!"#$%&##'B)*+$,&#S'

])$%*$;1&#'(%.'])(*/*&'Lkk<';8'`_8

M !00-#'[^<'!00-#'X)$4$%(1'!&("-2'H0)6"1('])0."*-'](4&<'v+?;Sss7778300-#8*06s&%s!&("-2s9+&@' '''''''' '

'''''''!&("-2@!0"/o"&s!00-#@X)$4$%(1@!&("-2@H0)6"1(s!00-#@9$6&1$%&sw''B**&##&.S'NM'B"4"#-'NkLk8

a =%-&),$&7'7$-+'-+&'[%$1&,&)'()*+$,$#-<'k`'B"4"#-'NkLk<';8'Lkf8

"#

http://www.boots.com/en/Beauty/The-Beauty-Boutique/Boots-Original-Beauty-Formula/Boots-Timeline/

http://www.boots.com/en/Beauty/The-

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

7(#'-(1>$%4';1(*&8''K(*+'.(2'05'-+&'7&&>'7(#'-+&6&.'()0"%.'-+&'#&),$*&#';)0,$.&.'32'

-+&'()*+$,&<'(%.'5&(-")&.'g16'500-(4&'(%.'()*+$,(1'.0*"6&%-#'$%'(';)&@300>&.'6&&/%4'

)006'-0'&%*0")(4&'#-(E'$%-0'-(1>'-0'-+&'-&(68''9+&')&#"1-#'05'-+$#'7&&>'7&)&'#-)$>$%4<'

."&'-0'&%o"$)$&#'5)06'*011&(4"&#'-+&'&:+$3$/0%'7$11'3&'40$%4'0%'-0")'-0'-+&'1(30)(-0)$&#'

$%'!&.50).#+$)&<'(%.';0##$312'-0'$%-&)%(/0%(1'0Y*&#'$%'C+$%(<'#"*+'$#'-+&'$%-&)&#-'$%'-+&'

+$#-0)2'05'-+&'*06;(%2'-+&)&8''B'*0%,&)#(/0%'7$-+'(';(##&)'32'p7+0'+(;;&%&.'-0'3&'

-+&'c&(.'05'U103(1'A&7#q'+(#')&#"1-&.'$%'('%&7#'()/*1&'0%'-+&'4103(1';0)-(1<'

.&60%#-)(/%4'(%'&:(6;1&'05'(%'(*/0%'7$-+'('1$6$-&.'-()4&-'(".$&%*&'#%073(11$%4<'(%.'

-+&'(3$1$-2'-0')&(*+'0"-'$%-&)%(/0%(112'(-'%0'&:-)('*0#-8

!()*1(2#'U)0";'B)*+$,&#'7&)&'(;;)0(*+&.'32'-+&'3"#$%&##'-0';)0,$.&'6(-&)$(1'-0'

+&1;'#06&'&6;102&&#'*&1&3)(-&'`k'2&()#'70)>$%4'50)'-+&'0)4(%$#(/0%8'9+&'()*+$,&'

)&4"1()12'*0%-(*-'3)(%*+&#'(;;)0(*+$%4'(%%$,&)#()$&#'0E&)$%4'-0'*06;$1&'+$#-0)$&#'(%.'

#&%.'.$#;1(2'6(-&)$(1#'50)'-+&6'-0'6(>&'(%'&,&%-'05'$-8'

xKy,&)2'2&()'7&'*06;$1&'('1$#-'05'3)(%*+&#'-+(-'()&'*&1&3)(/%4'(%%$,&)#()$&#<'888

(%.'-+&%'7&'4&-'$%'-0"*+'7$-+'-+(-'3)(%*+'(%.'7&'#(2'iD0'20"'>%07888'70"1.'

20"'1$>&'(%'&:+$3$/0%ei'''888''=-i#'(')&60-&'&:;&)$&%*&'50)'"#<'7&'.0'(11'-+&'70)>'

+&)&<'#&%.'$-'0E<'(%.'-+&'3)(%*+'.0&#'7+(-&,&)'-+&2'7(%-'7$-+'$-8''I06&'

3)(%*+&#'n"#-';"-'-+&';0#-&)#'";'(%.'1&(l&-#'0"-'(%.'-+(-i#'$-<'0-+&)'3)(%*+&#'

+(,&'('*(>&<'3(1100%#<'T]#<'(11'#0)-#'05'-+$%4#\P

W(-+&)'-+(%'('#&%#&'05'70)>$%4'$%';()-%&)#+$;'0)')&(112'&%4(4$%4'7$-+'0-+&)'$%-&)%(1'

#-(E<'-+&)&'$#'0G&%'('#&%#&'05'.$#*0%%&*/0%'5&1-'5)06'-+&#&'>$%.'05'(*/,$/&#'0%'-+&'

()*+$,&i#'#$.&8''[%1$>&'(%'&:+$3$/0%'-+&2')"%'-+&6#&1,&#<'-+$#'$#'60)&'05'('-2;$*(1'

P''=%-&),$&7'7$-+'-+&'!()*1(2#'U)0";'()*+$,$#-<'_k'Z"12'NkLk<';8'PP8

"%

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

&%o"$)2<'7+&)&'$%50)6(/0%'$#'#&%-'0"-'-0'3&'.&(1-'7$-+'32'-+&'.&;()-6&%-'(#'-+&2'1$>&8'

Z".2'H()(.(2'#-(-&#'-+(-'i7+&)&'-+&'()*+$,&'#$-#'7$-+$%'-+&'3"#$%&##'*(%'3&'

*)"*$(1if'(%.'-+&'*0);0)(-&'()*+$,$#-#'$%-&),$&7&.'50)'-+$#'.$##&)-(/0%'#";;0)-&.'-+(-8'

!0-+'#(-'7$-+$%'-+&'C06;(%2'I&*)&-()2'.&;()-6&%-#'05'-+&$)'0)4(%$#(/0%<'(%.'

3&%&g-&.'5)06'('#+0)-')&;0)/%4'#-)"*-")&<'0%12'('*0";1&'05'1&,&1#'(7(2'5)06'#06&'05'

-+&'60#-';07&)5"1'&:&*"/,&#'$%'-+&$)'0)4(%$#(/0%#8''9+&2'5&&1'-+0#&')&1(/0%#+$;#'

3&%&g-'-+&'()*+$,&<'(%.'-+&2'()&'1()4&12'("-0%060"#<'(%.'-)"#-&.'-0'6(>&'-+&$)'07%'

.&*$#$0%#8O''J+$1&'$-'6(2'%0-'-)(%#1(-&'$%-0'10-#'05'$%l"&%*&<'-+&'*10#&'1$($#0%'-+)0"4+'

&%o"$)$&#<'30-+'3"#$%&##'(%.'+$#-0)$*(1<'(%.'-+&')01&'05';)0,$.$%4'6(-&)$(1#'50)'

&:&*"/,&#';"31$*'5(*$%4'(*/,$/&#'6(>&'50)'('400.'$%-&)%(1')&;"-(/0%'(-'-+&'+$4+&#-'

1&,&1#8''U0).'W(3*+">'7)0-&'$%'-+&'&()12'LOOk#'-+(-'70)>$%4'$%'('*0);0)(-&'()*+$,&'7$11'

i(17(2#'3&'('7()'50)'#"),$,(1<'(%.'-+&'$.&('-+(-'()*+$,&#'*(%'&,&)'(*+$&,&'*0)&'#-(-"#'

7$-+$%'-+&'*0);0)(-&'#-)"*-")&'$#'"%)&(1$#/*8''J&'*(%'(%.'#+0"1.';1(2'('#-)0%4'#";@'

;0)/%4')01&'-+(-'#;(%#'-+&'&%/)&'0)4(%$#(/0%iLk8''H0)'60#-'[^'*0);0)(-&'()*+$,&#<'-+&$)'

5"-")&'6(2'3&'5($)12'#&*")&<'(%.'7+$1&'-+&2'6(2'%0-'3&'g4+/%4'50)'#"),$,(1<'-+&'g4+-'50)'

5"%.$%4'$#'(#')&(1'50)'-+&6'(#'(%2';"31$*'#&*-0)'#&),$*&<'(%.'&630.2$%4'-+&'#&*0%.';()-'

05'-+(-'#-(-&6&%-'$#'-+&'>&2'-0'6($%-($%$%4'-+&$)'#-(-"#'7$-+$%'-+&'0)4(%$#(/0%8''

f Z'H()(.(2<'pNkkPq<'iD0$%4'-+&'!"#$%&##S'9+&'])060/0%'05'!"#$%&##'B)*+$,&#'$%'-+&'])$,(-&'I&*-0)i<'

!"#$%&##'B)*+$,&#S'])$%*$;1&#'(%.'])(*/*&'O_<';8'Nk8

O =%-&),$&7'7$-+'-+&'!()*1(2#'U)0";'()*+$,$#-<'_k'Z"12'NkLk<';8'Pf8

''''''=%-&),$&7'7$-+'-+&'[%$1&,&)'()*+$,$#-<'k`'B"4"#-'NkLk<';8'LkM8

Lk U'W(3*+">'<'pLOOPq<'iF$5&'BG&)'-+&'|!$4'!(%4|S'!"#$%&##'B)*+$,&#'$%'(%'K)('05'D$#0).&)i<'B6&)$*(%'

B)*+$,$#-'ak<';8'_O8

"&

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

N8N' '' ''' ']"31$*'X"-)&(*+S'F":")2'0)'A&*&##$-2e' '

C0);0)(-&'()*+$,&#'+(,&'.&,&10;&.'('-&%.&%*2'-07().'$%-)0#;&*/0%'0,&)'-+&'1(#-'

*0";1&'05'.&*(.&#<'5&.'32'('*1$6(-&'05'.07%#$R$%4<'*"-'3(*>#'(%.'5($1$%4'3"#$%&##&#8'

I&),$%4'-+&'3"#$%&##'(%.'#&),$%4'$-'7&11'3&*(6&'('-0;';)$0)$-2<'&,&%'-0'-+&'&:*1"#$0%'05'

0-+&)'(*/,$/&#<'1$>&';"31$*'0"-)&(*+8''='70"1.'()4"&'-+(-'-+$#'$#'(%'0"-.(-&.'#-&)&0-2;&'

-+(-'#/11';&);&-"(-&#<'3"-'$%'5(*-'*0);0)(-&'()*+$,&#'()&'&%4(4$%4'$%'$%%0,(/,&'6&-+0.#'

05'0"-)&(*+'$%'(..$/0%'-0'$%-&)%(1'&%4(4&6&%-<'(%.'$%.&&.<'0%&'0G&%'3"$1.#'0%'-+&'

0-+&)8''9+&'0"-.(-&.',$&7'$#'0G&%'('*0660%'0;&%$%4'-0'()/*1&#'-+(-'$%&,$-(312'40'0%'

-0'-(1>'(30"-'%&7'(;;)0(*+&#'-0'6&-+0.#'05'&%4(4$%4'7$-+'-+&';"31$*<'(%.'-+&'3&%&g-#'

-+(-'501107'50)'-+&'3"#$%&##8''='(6'%0-'#"44&#/%4'-+(-'$%-&)%(1'*"#-06&)#'#+0"1.'3&'

$4%0)&.'0)'#$.&1$%&.'$%''(')"#+'-07().';"31$*'0"-)&(*+<')(-+&)'-+(-'()*+$,$#-#'70)>'7$-+$%'

-+&$)'6&(%#'-0'*0%/%"&'-0';)0,$.&'-()4&-&.'(%.'#"#-($%(31&'0;;0)-"%$/&#'-+(-'6(2'

)($#&'-+&$)';)0g1&'7$-+'&6;102&&#'5)06'-+&$)'07%'3"#$%&##'(#'7&11'(#'7$-+'-+&';"31$*'

0"-#$.&8''=%'5(*-<'$%'6(%2'*(#&#<'*0);0)(-&'()*+$,&#'#&&6'-0'3&'(*+$&,$%4'60)&'#"**&##'

7$-+';"31$*'0"-)&(*+'70)>'-+(%'-+&$)';"31$*'#&*-0)'*0"%-&);()-#8''9+&)&'*(%'3&'%0'

4&%&)(1$#(/0%#'$%'-+&'3"#$%&##'70)1.<'(%.'$-'#+0"1.'3&'#($.'-+(-'(')&-($1'()*+$,&'6(2'g%.'

$-'6"*+'&(#$&)'-0';")#"&'0"-)&(*+'(*/,$/&#'(%.'4($%'#";;0)-'50)'-+&6'5)06'-+&'

3"#$%&##8''T()>#'(%.'I;&%*&)i#'()*+$,&'$#')&10*(/%4'3(*>'-0'F&&.#'7+&)&'-+&'*06;(%2'

3&4(%'LNM'2&()#'(408''9+&'*06;(%2i#'*"#-06&)'#0*$(1')&#;0%#$3$1$-2'(4&%.('7(#'('400.'

6(-*+'-0'-+&'($6#'05'-+&'"%$,&)#$-2'7+&%'100>$%4'50)';()-%&)#+$;8'']+(#&'L'+(#'$%,01,&.'

('10%4@)"%%$%4';"31$*'&:+$3$/0%'.)(7$%4'0%'-+&'()*+$,&'*011&*/0%#'-0'4$,&',$#$-0)#'(%'

"'

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

&:;&)$&%*&'05'iT()>#'$%'9$6&iLL8''9+&'60,&'05'-+&'()*+$,&'(%.'#"**&##5"1'0"-)&(*+'

(*/,$/&#'+(#'1&.'-0'#"**&##5"1'cFH'3$.#'(%.'#;0%#0)#+$;'05']+D'#-".&%-#8''=-'+(#'(1#0'5&.'

3(*>'$%-0'-+&'3"#$%&##'(%.'1&.'-0'('%"63&)'05';()-%&)#+$;#'3&-7&&%'-+&'"%$,&)#$-2'(%.'

0-+&)'.&;()-6&%-#'$%'-+&'*06;(%2<''1$>&'F&&.#i'C010")'I*$&%*&'5(*"1-2'(%.'TmIi'C010")'

9&*+%01042'.&;()-6&%-<'.&,&10;$%4';()-%&)#+$;'70)>$%48''''

F0*(1'("-+0)$/&#'4&%&)(112'+(,&'(',&)2'0"-7().'100>$%4',$&7'7+&%'$-'*06&#'-0'

&%4(4&6&%-'(%.'0"-)&(*+8''c07&,&)<'7+&%'$-'*06&'-0'-+&'3"#$%&##'*011&*/0%#'$%'-+&$)'

*()&<'-+&2'#&&6'-0'#"E&)'('1(*>'05'/6&'(%.'(3$1$-2'-0'*0%*&%-)(-&'0%'.&,&10;$%4'

>%071&.4&'05'-+&6'$%'0).&)'-0'&%(31&'4)&(-&)'"#&8''9+&'10*(1'("-+0)$-2'()*+$,$#-'

$%-&),$&7&.'7(#'i#")&i'-+&2'7&)&'"%.&)'"#&.'(%.'7&)&'"%.&)@)&;)&#&%-&.'(60%4#-'-+&'

*011&*/0%#'-+&')&*0).'0Y*&'+01.#8''c$#')&(#0%$%4'3&+$%.'-+$#'7(#'-+(-'-+&)&'7(#'('i1(*>'

05'5(6$1$()$-2'7$-+'-+&6'(%.'"%.&)#-(%.$%4'05'-+&6<';()/*"1()12'$%'-&)6#'05'-+&'

g%(%*$(1')&*0).#8iLN''9+&'!"#$%&##'B)*+$,&#'B.,$*&'T(%(4&)'(-'9+&'A(/0%(1'B)*+$,&#<'

B1&:'W$-*+$&<'+(#'&#/6(-&.'-+(-'PM}'05'3"#$%&##'*011&*/0%#'()&'+&1.'$%'10*(1'("-+0)$-2'

0)'0-+&)'-2;&#'05';"31$*'()*+$,&8L_'''=5'$-'$#'('%(/0%(1'-)&%.<'(%.'$-'6(2'7&11'3&<'-+(-'

3"#$%&##'*011&*/0%#'()&'*+)0%$*(112'"%.&)@"#&.<'-+&%'(%'$6;0)-(%-';()-'05'-+&'()*+$,(1'

6(-&)$(1'6(>$%4'";'!)$-($%i#'+$#-0)2'$#'3&$%4'%&41&*-&.'(%.')$#>#'3&*06$%4';"#+&.'0E'

-+&'i-0'.0i'1$#-'(1-04&-+&)<'#1$.$%4'$%-0'$))&1&,(%*&8''J+$1&'$-'$#'$6;0##$31&'-0'4&%&)(1$#&'

(G&)'0%12'0%&'$%-&),$&7'*0%*&%-)(-&.'$%'0%&')&4$0%<'$5'5")-+&)'#-".2')&,&(1&.'#$6$1()'

LL F'U$E&%'(%.'^'I+$&1.#<'pNkLkq<'iU0$%4'3(*>'-0'0")')00-#S'-+&';()-%&)#+$;'3&-7&&%'-+&'T()>#'(%.'

I;&%*&)'C06;(%2'B)*+$,&'(%.'-+&'[%$,&)#$-2'05'F&&.#i<'!"#$%&##'B)*+$,&#S'])$%*$;1&#'(%.'])(*/*&'Lkk<'

;8'_M8

LN =%-&),$&7'7$-+'-+&'()*+$,$#-'5)06'F(%*(#+$)&'W&*0).'XY*&<'_k'Z"12'NkLk<';8'fP8

L_''B'W$-*+$&<'pNkLkq<'i9(>$%4'50)7().'-+&'A(/0%(1'I-)(-&42'50)'!"#$%&##'B)*+$,&#i<'!"#$%&##'B)*+$,&#S'''

''''''])$%*$;1&#'(%.'])(*/*&'Lkk<';8'M`8

"(

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

(t-".&#'(*)0##'-+&'#&*-0)<'$-'70"1.'#&&6'-+(-'$%,01,&6&%-'7$-+'-+&'3"#$%&##'()*+$,&#'

#&*-0)'$#'50*"#&.'$%'-+&'+$4+&)'1&,&1#'05'6(%(4&6&%-'(%.'.0&#'%0-'(17(2#'g1-&)'-+)0"4+'

-0'()*+$,$#-#'70)>$%4'(-'-+&'i#+0;'l00)i'1&,&18''=-'$#%i-'5&(#$31&'50)'&,&)2'10*(1'("-+0)$-2'

()*+$,$#-'-0'3&'*06;1&-&12'";'-0'.(-&'7$-+'-+&'$##"&#'#"))0"%.$%4'3"#$%&##'()*+$,&#'(%.'

3&'.&&;12'>%071&.4&(31&'(30"-'(11'-+&$)'3"#$%&##'*011&*/0%#'$%'-+&$)'$%#/-"/0%8'

c07&,&)<'0%&';0##$31&'(;;)0(*+'6$4+-'3&'-0'(##$4%'('6&63&)'05'#-(E'7$-+'#;&*$(1'

$%-&)&#-'$%'-+(-'()&(<'7$-+'(110*(-&.'/6&'-0'3"$1.'('5(6$1$()$-2'7$-+'-+0#&'*011&*/0%#'(%.'

-0'.&,&10;')&#0")*&#'()0"%.'-+&6'-0'$%50)6'(%.'$%-&)&#-',$#$-0)#'$%'-+&$)'"#&8''9+&'

*0"1.'(1#0'>&&;'#-(E'(%.'6(%(4&6&%-'(3)&(#-'05'$##"&#'$%'-+&'#&*-0)'(%.'-+&'(*/,$/&#'

(%.'*0%*1"#$0%#'05'3"#$%&##'()*+$,&#'4)0";#'0)'30.$&#<'(#'7&11'(#')&1&,(%-'#-)(-&4$&#'(%.'

1&4$#1(/0%8''

=-'#&&6#'-0'3&'(%'()&(')$;&'50)'(.,0*(*2'(%.'$%-&),&%/0%'0%'-+&';()-'05'-+&'

;)05&##$0%(1'30.$&#<'-0'+&1;'$.&%/52'(%.'-()4&-'*011&*/0%#'-+(-'()&'#"$-(31&'50)'0"-)&(*+'

0;;0)-"%$/&#8''J+&%'(#>$%4'-+&'10*(1'("-+0)$-2'()*+$,$#-'7+&-+&)'$-'7(#'70)-+'>&&;$%4'

-+&#&'3"#$%&##'*011&*/0%#<'7+&%'-+&2'()&'"%*(-(104"&.'(%.'"%"#&.<'-+&')&;12'7(#'iA0\'

J&11';0-&%/(112'%0-8iL`'''I0'$%'(%'&%,$)0%6&%-'7+&)&'#;(*&'$#'(-'(';)&6$"6<'(%.'

3"#$%&##')&*0).#'5($1'-0'6(>&'#$4%$g*(%-'+&(.7(2'(4($%#-'60)&'i;0;"1()i'*011&*/0%#<'$#'

-+&'10*(1'("-+0)$-2'&%,$)0%6&%-'-+&')$4+-'0%&e''9+&'.$#*"##$0%'$%'iC+(;-&)'_<';()-'N'

J+&)&'A&:-ei'7$11'$%,&#/4(-&'#06&';0##$31&'0;/0%#'-0'0;&%'";'-+&'i+$..&%i'3"#$%&##'

*011&*/0%#'$%'10*(1'("-+0)$/&#<'0)'0E&)'(1-&)%(/,&'#01"/0%#'-0'-+&'#-(-"#'o"08''=-'$#'

70)-+'%0/%4'-+(-'(11'05'-+&#&'(1-&)%(/,&#')&o"$)&'(%'&1&6&%-'05'$%,&#-6&%-'0%'-+&';()-'

L` =%-&),$&7'7$-+'-+&'()*+$,$#-'5)06'F(%*(#+$)&'W&*0).'XY*&<'_k'Z"12'NkLk<';8'ON8

">

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

05'-+&'10*(1'("-+0)$-2<'&$-+&)'-+)0"4+'#-(E'/6&<')&#0")*&#'0)'-)($%$%4<'3"-'$5'-+&)&'$#'

(4)&&6&%-'7$-+'-+&',$&7'-+(-'ix3y"#$%&##'+(#'3&&%<'(G&)'(11<';)03(312'-+&'#$%41&'60#-'

$6;0)-(%-'(*/,$-2'$%'#+(;$%4'!)$/#+'#0*$&-2'#$%*&'-+&'&()12'T$..1&'B4&#iLM'-+&%'-+$#'

$%,&#-6&%-'$#'#")&12'70)-+'-+&'-)0"31&8''

N8_' '' '''''' 'K-+$*(1'=##"&#'$%'&%4(4$%4'7$-+'()*+$,(1'6(-&)$(1' '

!"#$%&##'()*+$,&#'&:$#-'50)'('%"63&)'05')&(#0%#<'-0'.&5&%.'$%-&11&*-"(1';)0;&)-2<'-0'>&&;'

)&*0).#'05'0)4(%$#(/0%(1'6&60)2'(%.'-0'6($%-($%'.0*"6&%-#'-+(-'6$4+-'#/11'3&'05'

;0-&%/(1'3"#$%&##'"#&<'3"-'()&'%0-'05'$66&.$(-&'%&&.8''J+(-&,&)'-+&')&(#0%'50)'-+&$)'

&#-(31$#+6&%-<'(%.'7+(-&,&)'-+&')&(#0%'0)4(%$#(/0%#'(1107'-+&$)'+$#-0)2'-0'3&'0;&%'-0'

&:-&)%(1')&#&()*+<'-+&)&'()&'('%"63&)'05'&-+$*(1'$##"&#'()*+$,$#-#'.&(1$%4'7$-+'3"#$%&##'

*011&*/0%#'*06&'";'(4($%#-8''U&%&)(112<'&,&%'$5'%0-'0Y*$(112<'$-'$#'#&&%'(#'-+&'()*+$,$#-i#'

)01&'-0'0;&%'";')&*0).#'-0'-+&';"31$*<'(%.'-+$#'$#'%0-'(17(2#';)(*/*(1'0)';)05&##$0%(1'$%'

-+&'*(#&'05'-+&'3"#$%&##'()*+$,$#-8''=-'7(#'(*>%071&.4&.'(#'('.$Y*"1-'-+$%4'-0'6(%(4&'

32'-+&'!()*1(2#'U)0";'B)*+$,$#-<'7+0'#"**$%*-12'.&#*)$3&.'-+&'."(1$-2'05'+&)')01&8

='.0%i-'5&&1'-+(-'=i,&'#01.'0"-<'3&*("#&'-+&)&'()&'(17(2#'-70'5(*&#'-0'-+&'()*+$,$#-<'

-+&)&'$#'-+&'()*+$,$#-'-+(-'0;&%#'";'.0*"6&%-#'50)'-+&';"31$*'-0'#&&<'(%.'-+&%'

-+&)&'$#'-+&'()*+$,$#-'7+0'$#'-+&'>&&;&)'05'-+&'*06;(%2i#'6&60)2<'(%.'-+&2'()&'

30-+',(1$.')01&#<'$-i#'n"#-'3(1(%*$%4'-+&68La

!0-+'-+&'()*+$,$#-'(-'!()*1(2#'(%.'-+&'()*+$,$#-'(-'[%$1&,&)'#;0>&'05'10#-'0;;0)-"%$/&#'$%'

LM T'U(##0%<'pLOOPq<'i!"#$%&##'()*+$,&#S'I06&';)$%*$;1&#'(%.';)(*/*&#i<'Z0")%(1'05'-+&'I0*$&-2'05'

B)*+$,$#-#'LfSN<';8'L`L8

La''=%-&),$&7'7$-+'-+&'!()*1(2#'U)0";'()*+$,$#-<'_k'Z"12'NkLk<';8'fa8

"?

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

;"31$*'&%4(4&6&%-'."&'-0'('*("/0"#'(t-".&'-0'&:;0#$%4'-+&'3"#$%&##'-0'%&4(/,&'

;"31$*$-2<'7+$*+'1&.'-0'('.$#*"##$0%'0%'-+&'&-+$*(1'$##"&#'5(*$%4'()*+$,$#-#'70)>$%4'$%'('

*0);0)(-&'&%,$)0%6&%-8''9+$#'&-+$*(1'$##"&<'(10%4#$.&'-+(-'05'1(*>'05'(**0660.(/0%'

(%.'#-(E'/6&<'6(2'3&'0%&'(%#7&)'-0'('*0660%12'+&1.',$&7'-+(-'3"#$%&##'()*+$,&#'()&'

o"$-&'*10#&.'0E'-0'-+&';"31$*'(%.'0%12'$%-&)&#-&.'$%'-+&$)'$%-&)%(1'*"#-06&)#8''b$*'U)(2'

.$#*"##&#'-+&'-+0)%2'$##"&'05'0;&%$%4'";'-+&'()*+$,&'-0'&:-&)%(1')&#&()*+&)#<'2&-'+(#'('

;0#$/,&'(t-".&<')&4().$%4'$-'(#'('i;0-&%/(112',(1"(31&'3)$.4&'3&-7&&%'-+&'*06;(%2'

(%.'-+&'0"-#$.&'70)1.i<'(%.'()*+$,$#-#'p(%.'-+&$)'0)4(%$#(/0%#q'#+0"1.'-)"#-'-+&$)'(3$1$-2'

-0'3&'()3$-&)#'05')$#>8LP''T(%2''*06;(%$&#'+(,&'1&##'-+(%'#(,0")2'&,&%-#'$%'-+&$)';(#-<'

7+&%',$&7&.'-+)0"4+'('60.&)%'.(2'1&%#'05'&-+$*#'(%.'(**&;-(31&'3"#$%&##'.&(1$%4#8''B'

*06;(%2'+$#-0)2'05'D&"#-*+&'!(%>'(..)&##&.'-+&'.$Y*"1-'o"&#/0%#'()$#$%4'5)06'$-#'

0;&)(/0%#'.")$%4'-+&'A(R$')&4$6&'$%'-+&'LO_k#'(%.'LO`k#<'3"-'-+&$)'&E0)-#'-0'3&'

+0%&#-'(%.'5(*&'-+&$)'6$#-(>&#'&%+(%*&.'-+&$)')&;"-(/0%8Lf''970'05'-+&'()*+$,$#-#'

$%-&),$&7&.')&#;0%.&.'-0'+07'-+&2'.&(1-'7$-+'"#&)#'$%-&)&#-&.'$%'o"&#/0%(31&'6(-&)$(1'

)&1(-&.'-0'-+&';(#-S

=5'7&'4&-'(%2'&%o"$)$&#'888'7&'(%#7&)'-+&6'(%.'7&i)&'(#'0;&%'(#'7&'*(%'3&<'3"-'

#/11'*("/0"#8LO

x=x5'&:-&)%(1')&#&()*+&)#'7(%-'-0'"#&'-+&6'7&i.'o"$R'-+&6'o"$-&'*()&5"112'(30"-'

7+(-'-+&2i)&'40$%4'-0'"#&'-+&6'50)'3&*("#&'7&'.0%i-'7(%-'-0'3&';0)-)(2&.'$%'('

LP b'U)(2<'pNkkNq<'iD&,&10;$%4'-+&'*0);0)(-&'6&60)2S'-+&';0-&%/(1'05'3"#$%&##'()*+$,&#i<'!"#$%&##'

=%50)6(/0%'W&,$&7'LO<';8'_a8

Lf b'U)(2<'pNkkNq<'iD&,&10;$%4'-+&'*0);0)(-&'6&60)2S'-+&';0-&%/(1'05'3"#$%&##'()*+$,&#i<'!"#$%&##'

=%50)6(/0%'W&,$&7'LO<';8'_a8

LO''=%-&),$&7'7$-+'-+&'!()*1(2#'U)0";'()*+$,$#-<'_k'Z"12'NkLk<';8'fM8

#@

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

3(.'1$4+-8Nk

K,&%'-+&'()*+$,$#-#'(-'9+&'C00;&)(/,&'B)*+$,&<'('3"#$%&##'50"%.&.'(%.'#/11')"%'0%'

&-+$*(1';)$%*$;1&#<'#-(-&.'-+(-'+07'6(-&)$(1')&l&*-&.'0%'-+&'60,&6&%-'7(#'(17(2#'$%'

-+&'3(*>'05'-+&$)'6$%.<'&,&%'-+0"4+'-+&2'.0'%0-'+(,&'(%2'.$)&*-'1$%>#'7$-+'-+&'3"#$%&##'

-0.(28''!&$%4'(31&'-0';"-'-+&'&,&%-#'05'-+&';(#-'$%-0'*0%-&:-'50)')&#&()*+&)#'7(#'

+$4+1$4+-&.'(#'$6;0)-(%-<'(%.'(#'Z".2'H()(.(2'*066&%-&.'$%'('NkkP'()/*1&'(30"-'-+&'

Z0+%'F&7$#']()-%&)#+$;'B)*+$,&<'i7&'6"#-'3&';)&;()&.'-0'-(>&'-+&')0"4+'7$-+'-+&'

#600-+8iNL'

=-'(1#0'3&4&-#'-+&'o"&#/0%<'$5'(%'0)4(%$#(/0%'0)'3"#$%&##';1(2#'0%'$-#'10*(1'

+&)$-(4&'(%.'*0%%&*/0%#<'0)'"#&#'-+&6'$%'(%'(.,&)/#$%4'*0%-&:-'-0'*)&(-&'('*0%%&*/0%'

7$-+'-+&$)'(".$&%*&'(%.'6(>&';)0g-'5)06'-+&6<'.0&#'(%'031$4(/0%'0**")'-0'0;&%'-+$#'

6(-&)$(1'";'-0'(**&##'$%'0).&)'50)'0-+&)#'-0')&#&()*+'(%.'3&%&g-'5)06'$-e''

=%'('3"#$%&##'0%12'-+&'0Y*&)#'05'-+&'*06;(%2'+(,&'(')$4+-'05'"%*0%-)011&.'(**&##'

-0'$-#')&*0).#<'(%.'-+&')&(#0%'-+&')&*0).#'()&'3&$%4'>&;-'(-'(11'$#'-0'#&),$*&'-+&'

6&60)2'05'-+&'3"#$%&##'$-#&158NN

J+&%'-+&'()*+$,&'$#'07%&.'(%.'0;&)(-&.'32'-+&'0)4(%$#(/0%'$-')&1(-&#'-0'$-'6&(%#'-+&2'

*(%'#/11'&:&)-'*0%-)01'0,&)'(**&##'-0'6(-&)$(1<'3"-'7+(-'(30"-'0-+&)'>$%.#'05'

)&;0#$-0)$&#e''=5'('3"#$%&##'*011&*/0%'7(#'.&;0#$-&.'7$-+'('10*(1'("-+0)$-2'0)'+$4+&)'

&."*(/0%'()*+$,&'0%'-+&'*0%.$/0%'-+(-'0%12'0Y*&)#'05'-+&'*06;(%2'(%.'-+&'()*+$,$#-i#'

7&)&'(1107&.'(**&##'-0'$-<'$-'$#'"%1$>&12'$-'70"1.'3&'(**&;-&.8''9+&'6"1/;1$*$-2'05'

Nk =%-&),$&7'7$-+'-+&'[%$1&,&)'()*+$,$#-<'k`'B"4"#-'NkLk<';8'LkP8

NL Z'H()(.(2<'pNkkPq<'iD0$%4'-+&'!"#$%&##S'9+&'])060/0%'05'!"#$%&##'B)*+$,&#'$%'-+&'])$,(-&'I&*-0)i<'

!"#$%&##'B)*+$,&#S'])$%*$;1&#'(%.'])(*/*&'O_<';8'f8

NN F'T*D0%(1.<'pLOfOq<'iK-+$*(1'.$1&66(#'5(*$%4'(%'()*+$,$#-'$%'-+&'3"#$%&##'&%,$)0%6&%-S'9+&'

*0%#-)($%-#'0%'('3"#$%&##'()*+$,$#-i<'Z0")%(1'05'-+&'I0*$&-2'05'B)*+$,$#-#<'LkS'`<';8'LPL8

#!

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

*$)*"6#-(%*&#'(E&*/%4'3"#$%&##'*011&*/0%#<'-+&$)'10*(/0%#'(%.'+07'-+&2'()&'*()&.'50)'

6&(%#'-+(-'&-+$*(1'.$1&66(#'05'-+&'()*+$,$#-i#')01&'$%')&l&*/%4'-+&')&;"-(/0%'05'(%'

0)4(%$#(/0%'#&&6#'-0'*0%/%"&'$%'(11'#&*-0)#<'(%.'-+&'.&4)&&'-0'7+$*+'$-'$#'$6;0)-(%-'

.$E&)#'$%'-+&6'(118''

#"

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

@&/E3)$#B&$))

F-*;1.8,1*E$+48$B1D1+;2$$

346+$G-,7;H$G46+$.-8;*A+H$6*.$G48,8$*8I+=

_8L' '' ''' 'J+(-'70)>#e''J+(-'.0&#%i-e' ''

_8L8L' ''''K:;10$/%4'-+&'()*+$,&'50)'&."*(/0%(1';");0#&#' ''''

F0*(1'("-+0)$/&#'+(,&'-)(.$/0%(112'+(.'7&11@&#-(31$#+&.')&1(/0%#+$;#'7$-+'&."*(/0%(1'

$%#/-"/0%#'(-'60#-'1&,&1#8''9+&#&'1$%>#'*(%'3&'"#&5"1<'%0-'n"#-'50)'-+&';()/*$;(/%4'

#*+001'0)'$%#/-"/0%<'7+0'*(%'#";;1&6&%-'*0")#&#'7$-+'10*(1<')&1&,(%-'*0%-&%-<'3"-'(1#0'

50)'-+&'()*+$,&<'7+0'*(%'.&60%#-)(-&'-+&$)'(3$1$-2'-0'(..)&##'-+&'%(/0%(1'(4&%.('32'

+0#/%4'#*+001'0)'#-".&%-'4)0";#8''9+&'10*(1'("-+0)$-2'()*+$,$#-'$%-&),$&7&.')&;0)-&.'

-+(-'-+&2'+(.'6(.&'&."*(/0%(1'4)0";#'0%&'05'-+&$)';)$0)$/&#<'(10%4#$.&'31(*>'(%.'

&-+%$*'6$%0)$-2'*066"%$/&#8''D&#;$-&'-+$#<'3"#$%&##')&*0).#'()&'0%12')()&12'"#&.'(#';()-'

05'-+&$)'0"-)&(*+'70)><'-+&2'.0'%0-'#&&>'-0'$%*1".&'3"#$%&##')&*0).#'(#'('6(?&)'05'

*0")#&8

!"#$%&##'()*+$,&#'+(,&'(',()2$%4'.&4)&&'05')&1(/0%#+$;'7$-+'-+&'&."*(/0%(1'

#&*-0)8''9+&'A(/0%(1'C00;&)(/,&'()*+$,&'+(#'&."*(/0%'(%.'$%50)6(/0%'40(1#'(-'-+&'

+&()-'05'$-i#')&6$-<'(%.'"#&#'$-#'"%$o"&'#$-"(/0%'05'#$t%4'7$-+$%'-+&'A(/0%(1'

C00;&)(/,&'C011&4&';+2#$*(112<'$5'%0-'0;&)(/0%(112<'-0'3"$1.'1$%>#'7$-+'(*(.&6$*#'(-'

A0)-+'J&#-'"%$,&)#$/&#8''D"&'-0'-+&'5(*-'-+&'*011&4&'(1#0'#;0%#0)#'(%.')"%#'('%"63&)'05'

#*+001#<'-+&2'()&'&(4&)'-0';)060-&'-+&'&-+0#'05'iF&()%$%4'9+)0"4+'c&)$-(4&i8''=-'+(#'1&.'

-0'-+&'()*+$,&'3&*06$%4'$%,01,&.'$%'-+&'TFB'5"%.&.';)0n&*-'F&()%$%4'F$%>#'-0'&:-&%.'

##

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

-+&$)')&(*+'3&20%.'-+&'10*(1'()&('-0'0-+&)'#*+001#'(*)0##'-+&'*0"%-)28

I0'-+&'($6'$#'7+&%'7&'.0'-+&'F&()%$%4'F$%>#<'7&'70)>'7$-+'0%&'#*+001'(%.'"#&'

-+&')&#0")*&#'-0'*)&(-&'1&##0%';1(%#'7+$*+'40'0%'-+&'7&3#$-&'50)'(11'#*+001#'-0'

.07%10(.<'#0'7&i,&'40-'(%'0"-1&-8L

X%&'%&7'(;;)0(*+'-+&2'()&';")#"$%4'(-'-+&'606&%-'$#'$%';()-%&)#+$;'7$-+'-+&'

0;&)(-0)#'05'-+&'W0*+.(1&']$0%&&)#'T"#&"6<'(1#0';()-'05'-+&'C00;&)(/,&'c&)$-(4&'

9)"#-8''9+&2i,&'#"**&##5"112'(*+$&,&.'5"%.$%4'5)06'-+&'cFH'-0'5"%.'-+)&&'K."*(/0%'

XY*&)';0#-#<N'7+0'7$11'70)>'7$-+$%'-+&'6"#&"6<'3"-'"#&'-+&'()*+$,&'*011&*/0%#'-0'

.&,&10;'6(-&)$(1#'50)'#*+001#'(%.'*011&4&#8''B#'-+&'()*+$,$#-#'$%-&),$&7&.')&;0)-&.<'%0-'

(11'05'-+&''6(-&)$(1'50)'-+&'C00;&)(/,&'60,&6&%-'$#'+&1.'32'-+&$)'()*+$,&<'3"-'32'10*(1'

("-+0)$-2')&*0).'0Y*&#'(#'7&118''I0'-+&)&'$#'#*0;&<'50)'&:(6;1&<'50)'(';()-%&)#+$;'

;)0n&*-'3&-7&&%'-+&'%&7'K."*(/0%'XY*&)#<'-+&'C00;&)(/,&'B)*+$,&'(%.'#06&7+&)&'

1$>&'F(%*(#+$)&'W&*0).'XY*&<'7+0'+01.'('%"63&)'05'*00;&)(/,&'#0*$&-2')&*0).#8''9+$#'

+(#'-+&'(.,(%-(4&'05'#;1$t%4'-+&'70)>')&o"$)&.'-0'*)&(-&')&#0")*&#'-+(-'3&%&g-'(11'

)&;0#$-0)$&#8''9+&';)031&6'(;;&()#'-0'3&'4&t%4'-+&'70).'0"-'(30"-'0;;0)-"%$/&#r'-+&'

B5KFU'&6($1'1$#-'0E&)#';1&%-2'05'-)($%$%4'(%.'5"%.$%4'3"11&/%#<'7$-+0"-'(*-"(1'

0;;0)-"%$/&#'50)'#+()&.'70)>$%4<'-+&'0%"#'$#'0%'$%.$,$."(1'()*+$,$#-#'-0'#&&>'-+&#&'0"-'

0)'.&,&10;'*0%-(*-#8''X%&'#01"/0%'6$4+-'3&'50)'#06&0%&'$%'('10*(1'("-+0)$-2')&*0).'

0Y*&'0)'$%,01,&.'$%'(.,0*(*2'0%'-+&';()-'05'3"#$%&##'()*+$,&#'-0'-(>&'0%'-+&'

)&#;0%#$3$1$-2'50)'6($%-($%$%4'(%'$%50)6(/0%'1&(l&-'(30"-'3"#$%&##')&1(-&.'&,&%-#'(%.'

L =%-&),$&7'7$-+'-+&'()*+$,$#-#'5)06'9+&'A(/0%(1'C00;&)(/,&'B)*+$,&<'k_'B"4"#-'NkLk<';8'O`8

N C00;&)(/,&'A&7#<'cFH'(7().#'~L8M6$11$0%'-0'W0*+.(1&']$0%&&)#'T"#&"6<'v+?;Sss7778*0@

0;8(*8">s0")@+&)$-(4&s+&)$-(4&@10?&)2@5"%.@(7().#@L@M6$11$0%@-0@)0*+.(1&@;$0%&&)#@6"#&"6sw'

B**&##&.S'Lk'B"4"#-'NkLk8

#%

http://www.co-op.ac.uk/our-heritage/heritage-lottery-fund-awards-1-5million-to-rochdale-pioneers-museum/

http://www.co-op.ac.uk/our-heritage/heritage-lottery-fund-awards-1-5million-to-rochdale-pioneers-museum/

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

(%%$,&)#()$&#8''=-'6$4+-'3&'(%'&(#$&)'-(#>'10*(112'-+(%'%(/0%(112<'3"-'6(2'3&'70)-+7+$1&'

-0';)0,$.&'60)&'0;;0)-"%$/&#'-+(-'1$%>'$%'-0'3"#$%&##'*011&*/0%#8''X%'(',$#$-'-0'c0130)%'

F0*(1'I-".$&#'(%.'B)*+$,&#'C&%-)&'.")$%4'-+&'6(#-&)i#';)04)(66&<'-+&'()*+$,$#-'#;0>&'

(30"-'0%&'05'-+&$)'60#-'&:-&%#$,&'3"#$%&##'*011&*/0%')&1(/%4'-0'c&(1i#<'('6(n0)'F0%.0%'

5")%$-")&'6(>&)<'*&1&3)(/%4'-+&$)'Nkk-+'(%%$,&)#()2'$%'NkLk8''J+&%'(#>&.'7+(-'-+&'

()*+$,&'7(#'.0$%4'-0'+&1;'*&1&3)(-&'-+&'(%%$,&)#()2<'-+&'()*+$,$#-'(%#7&)&.'%0'0%&'

5)06'-+&'()*+$,&'+(.'3&&%'$%'-0"*+'7$-+'-+&'3"#$%&##<'."&'-0'-+&'5(*-'-+&)&'+(.'3&&%'('

%"63&)'05'3".4&-'(%.'#-(E'*"-#'0,&)'-+&';)0*&&.$%4'2&()<'7+$*+'+(.'1&G'-+&6'

#-)"441$%4'-0'*0%."*-'%0)6(1'3"#$%&##8''9+&)&'+(.'(1#0'3&&%'%0'*0%-(*-'5)06'-+&'

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

.$#*0%%&*-'3&-7&&%'-+&'3"#$%&##'(%.'$-#'()*+$,(1'6(-&)$(18''

B%'()/*1&'32'K8Z898'C011$%#'$%'LOON'#;0>&'(30"-'-+&'.&*1$%&'$%';0#-4)(."(-&'

#-".&%-#'(%.'20"%4'(*(.&6$*#'$%'-+&'g&1.#'05'+$#-0)2'(%.'3"#$%&##'+$#-0)2'(%.'-+&'

-+)&(-'-+(-';0#&.'-0'()*+$,&#8_''d&-<')(-+&)'-+(%'('.&*1$%&<'-+&)&'#&&6#'-0'+(,&'3&&%'(%'

0;&%$%4'";'(60%4#-'#-".&%-#'05'$%-&)&#-'$%'()*+$,(1')&#0")*&#<'(%.'-+(-'+(#'60,&.'

3&20%.'-+&'-)(.$/0%(112'1$%>&.'&."*(/0%'*0")#&#8''9+&)&'+(#'3&&%'('60,&'5)06'

#-".2$%4'-+&'+$#-0)2'05'('3"#$%&##<'-0'3"#$%&##'#-".$&#'(%.'-+&'#0*$(1'#*$&%*&#<'100>$%4'(-'

-+&'&E&*-'(%.'i#0*$(1'$6;1$*(/0%#'05'*0);0)(-&'#*$&%*&'(%.'-&*+%01042i`'(%.'*0);0)(-&'

*"1-")&8''9+&)&'()&'#06&'&:*&11&%-'&:(6;1&#'05'#>$11@#+()$%4'(%.';()-%&)#+$;'70)>$%4'

(60%4#-'*0);0)(-&12'07%&.'3"#$%&##'()*+$,&#'(%.'&."*(/0%8''

iQ'0%&';()/*"1()'(*(.&6$*<'7+0'+(#'(%'$%-&)&#-'$%'B5)$*(<'7&i,&'70)>&.',&)2'

_ K8Z898'C011$%#<'pLOONq<'iW&*&%-'-)&%.#'$%'3"#$%&##'()*+$,&#S'B'"%$,&)#$-2',$&7i<'Z0")%(1'05'-+&'I0*$&-2'05'

B)*+$,$#-#'L_S'N<';8'LNk8

` W'T()*+(%.<'pLOOkq<'iC"1-")(1'c$#-0)2'H)06'C0);0)(-&'B)*+$,&#i<']"31$*'W&1(/0%#'W&,$&7'LaS_<';8'Lka8

#&

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

*10#&12'7$-+'+$6<'+&i#'3&&%'"#$%4'-+&'[%$-&.'B5)$*('*011&*/0%<'7&i,&'-)($%&.'

+$6'";'$%'0)(1'+$#-0)2'-&*+%$o"&#<'#0'-+(-'+&'*(%'40'0"-'-0'B5)$*('-0'$%-&),$&7'

50)6&)'&6;102&&#'05'-+&'[%$-&.'B5)$*('C06;(%2<'(%.'+&'7$11'.&;0#$-'-+&'-(;&#'

7$-+'"#8iM

=%'-+$#'$%#-(%*&<'6(-&)$(1'(%.';0$%-#'05',$&7'5)06'('*066"%$-2'-+(-'6$4+-'%&,&)'

0-+&)7$#&'+(,&'3&&%')&l&*-&.'7$-+$%'-+&'()*+$,&'$#'(*+$&,(31&<'-+&'()*+$,&'70"1.'%&,&)'

+(,&'+(.'-+&'/6&'0)')&#0")*&#'-0'03-($%'$-'$5'%0-'50)'-+$#';()-%&)#+$;8''9+&'-)($%$%4'

;)0,$.&.'32'-+&'()*+$,&'(1#0'4$,&#'-+&'(*(.&6$*#'$%,01,&.'('#&%#&'05'-+&'()*+$,$#-'

&:;&)$&%*&8''9+&'()*+$,$#-'5)06'[%$1&,&)'(1#0'&:;1($%&.'-+(-'-+&')&1(/0%#+$;#'.&,&10;&.'

7$-+'-+&'(*(.&6$*'*066"%$-2'()&'%0-'n"#-'.)$,&%'5)06'-+&$)'#$.&8''B')&o"&#-'-0'',$&7'(%'

"%*(-(104"&.'*011&*/0%'-+(-'+(.'-0'3&'-")%&.'.07%'1&.'-+&'(*(.&6$*'-0'#"44&#-'('n0$%-'

5"%.$%4'3$.8''=-'70"1.'%0-'0%12'(1107'+$6<'(%.'0-+&)')&#&()*+&)#'(**&##'-0'-+&'

*011&*/0%<'3"-';)0,$.&'5"%.$%4'50)'-+&'()*+$,&'-0'&6;102'#;&*$(1$#-'#-(E'-0'*06;1&-&'

;)0;&)'*(-(104"$%4'05'-+&'*011&*/0%<'(%'&:(6;1&'05'3&%&g-#'50)'30-+'#$.&#<'(%.'(%'&,&%'

.$,$#$0%'05'1(30")'-+(-'.0&#'%0-';"-'"%."&';)&##")&'0%'('3"#2'()*+$,&'#&),$*&8''

_8L8N' ''''K:;10$/%4'-+&'()*+$,&'50)'*0);0)(-&'$.&%/-2'(%.')&;"-(/0%' '

9+&')$#&'05')&;"-(/0%'6(%(4&6&%-'(#'('#*+001'05'-+0"4+-<'(%.'-+&'$%*)&(#$%4

$6;0)-(%*&'0)4(%$#(/0%#'';1(*&'0%'-+&$)'i$6(4&i'$%'-+&';"31$*'()&%(<'3&4#'-+&'o"&#/0%<'

*(%'()*+$,&#'.&60%#-)(-&'-+&$)',(1"&'-0'-+&'0)4(%$#(/0%'32';1(2$%4'(')01&'$%'-+&$)'

M =%-&),$&7'7$-+'-+&'[%$1&,&)'()*+$,$#-<'k`'B"4"#-'NkLk<';8'LkN8

#'

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

*0);0)(-&'$.&%/-2'(%.')&;"-(/0%e''9+&'(%#7&)'$#'2&#<'(%.'-+$#'>$%.'05'70)>'$#'(1)&(.2'

3&$%4'"%.&)-(>&%'32'#06&'*0);0)(-&'()*+$,&#8''J+&%'*0%#$.&)$%4'-+(-'#06&'

*0);0)(/0%#'#;&%.'6$11$0%#'0%'(.,&)/#$%4'$%'0).&)'-0')&$%50)*&'-+&$)'3)(%.'(%.'

$6;)0,&'-+&$)')&;"-(/0%'7$-+'*"#-06&)#<'-+&%'-+&'#&),$*&'()*+$,&#';)0,$.&'0E&)'(%'

&:*&11&%-'.&(18''B31&'-0';)0."*&'.0*"6&%-#'(%.'()-&5(*-#'-+(-';)0,&'('1(#/%4'*"#-06&)'

)&1(/0%#+$;<'#06&/6&#'0,&)'6(%2'.&*(.&#<'(%.'%0#-(14$*'$-&6#'-+(-'()&';0;"1()'7$-+'

-+&';"31$*<'-+&2'*(%'$6;)0,&')&;"-(/0%'(%.')&$%50)*&'3)(%.'$.&%/-2'(-'('5)(*/0%'05'-+&'

*0#-'05'(%'(.,&)/#$%4'*(6;($4%8''Z0+%'F&7$#i'l(4#+$;'#-0)&'$%'F&$*&#-&)'5&(-")&#'('+"4&'

60/5'05'('-&:/1&'.&#$4%'0%'-+&'&:-&)$0)'05'-+&'#-0)&a'3$%.$%4'$-'-0'-+&'&*0%06$*'+$#-0)2'

05'-+&'10*(1'*066"%$-2<'(#'7&11'(#'3&$%4'('#-)$>$%4'&:(6;1&'05'(%'()*+$,(1'.0*"6&%-8''=-'

$66&.$(-&12';)0,$.&#'(')(112$%4';0$%-'50)'&%*0")(4$%4';)$.&'$%'-+&'10*(1'*066"%$-28'

9+&$)'iT&60)2'I-0)&i'7&3#$-&P';&)50)6#'('#$6$1()'5"%*/0%'(-'(';)0."*-'1&,&1<'(%.'$%'('

)&l&*/0%'05'-+&'#;$)$-'05'*0@07%&)#+$;'-+(-'3&4(%'-+&'Z0+%'F&7$#'3)(%.<'*0%-($%#'

&6;102&&')&l&*/0%#<')(-+&)'-+(%'#$6;12'(%'i0Y*$(1i'*06;(%2'+$#-0)28''B)*+$,&#'-+(-'

;)0,$.&'('#&),$*&'0)'(';)0."*-'-0'-+&';"3$*'6(2'7&11'g%.'$-'&(#$&)'-0'&:;10$-'-+&$)'

6(-&)$(1'50)')&;"-(/0%'6(%(4&6&%-';");0#&#8''=%%0,(/,&')&*&%-'&:(6;1&#'05'-+$#'

$%*1".&'-+&']&)#$1'Lkk-+'(%%$,&)#()2'-&1&,$#$0%'(.,&)/#$%4'*(6;($4%'$%'NkkO<'7+$*+'

6(.&'"#&'05'-+&'g16'500-(4&'$%'[%$1&,&)i#'()*+$,&'*011&*/0%#8f'''!00-#'3"$1-'0%'-+&'

$%-&)&#-'5)06'#-0)&#'$%'-+&$)'Lak-+'(%%$,&)#()2'$%'NkkO'-0'#&-'";'('3&("-2'&:+$3$-'(-'9+&'

a T(%(4$%4'!"#$%&##'B)*+$,&#'7&3#$-&<'Z0+%'F&7$#']()-%&)#+$;'C(#&'I-".2<'

v+?;Sss77786(%(4$%43"#$%&##()*+$,&#8*08">s4&t%4z#-()-&.s&:;10$/%4z-+&z()*+$,&s*(#&z#-".2z(z

-0"*+z05z41(##w''B**&##&.S'Nk'B"4"#-'NkLk8

P T&60)2'I-0)&'7&3#$-&<'Z0+%'F&7$#<'v+?;Sss77786&60)2#-0)&80)48">sw''B**&##&.S'Nk'B"4"#-'NkLk8

f =%-&),$&7'7$-+'[%$1&,&)'B)*+$,$#-<'k`skfsLk<';8'Lkf@LkO'(%.']&)#$1'Lkk'd&()#'B.,&)-<'

v+?;Sss777820"-"3&8*06s7(-*+e,�!,z.T3X>0]#w'B**&##&.S'N_'B"4"#-'NkLk8

#(

http://www.youtube.com/watch?v=Bv_dMbOkoPs

http://www.memorystore.org.uk/

http://www.managingbusinessarchives.co.uk/getting_started/exploiting_the_archive/case_study_a_touch_of_glass

http://www.managingbusinessarchives.co.uk/getting_started/exploiting_the_archive/case_study_a_touch_of_glass

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

9)(E0).'C&%-)&<'50*"#$%4'0%'-+&'ic$#-0)2'05'A0Pi'3)(%.O<'7+$*+'+(#'1&.'-0'('%0#-(14$('

$%#;$)&.';)0."*-'1$%&'$%'NkLk8''B%'(%%$,&)#()2'+(#'0G&%';)0,&.'-0'3&'-+&'*(-(12#-'50)'-+&'

50)6(/0%'05'(%'()*+$,&'$%'-+&'*0);0)(-&'&%,$)0%6&%-8''9+&'T()>#'(%.'I;&%*&)'()*+$,&'

*(6&'$%-0'3&$%4'50)'n"#-'-+$#')&(#0%'$%'LOfN8''9+&2';)0,$.&'(%'0;;0)-"%$-2'-0'*&1&3)(-&'

+$#-0)2<'#"**&##<'(%.'('#+()&.'#&%#&'05'%0#-(14$('$%'7&11'>%07%';)0."*-#8''9+&$)'LNM-+'

(%%$,&)#()2'$%'NkkO'(%.'-+&'60,&'05'-+&$)'()*+$,&'-0'F&&.#'4()%&)&.';1&%-2'05'6&.$('

(?&%/0%8''D$#;1(2$%4'-+$#'#&%#&'05'+$#-0)2'$%'-+&'6&.$(<'(%.'3&$%4'(31&'-0';)0,&'/&#'-0'

-+&'10*(1'*066"%$-2'(%.'&:;10$-'-+&'6&60)2'05'*"#-06&)#'7$-+'10%4'.$#*0%/%"&.'

;)0."*-#<'0)'&()12'&:(6;1&#'05';(*>(4$%4'05'7&11'>%07%'3)(%.#<'6&(%#'$-'$#'-+&'*0%-&%-#'

05'-+&'()*+$,&'-+(-'()&'60#-'$%-&)&#/%4'(%.'&60/,&8''

X**(#$0%(112<'()*+$,&#'*(%'#";;0)-';+$1(%-+)0;$*'70)>'*"))&%-12'3&$%4'*())$&.'0"-'

32'-+&'3"#$%&##'$%'-+&'()&(8''B'10*(1'*0"%*$1'*0%-(*-&.'!()*1(2#'U)0";'B)*+$,&'-0')&o"&#-'

('10%4'-&)6'&:+$3$/0%'(-'('6"#&"6'$%'U"%%&)#3")2']()>'$%'F0%.0%<'(%'()&('$%'7+$*+'

-+&'3"#$%&##'+(.'3&&%'.0$%4'*066"%$-2'70)>8''9+$#'1&.'-0'n0$%-'70)>$%4'3&-7&&%'-+&'

6"#&"6'*")(-0)'(%.'-+&'()*+$,&<'(%.'(';0;"1()'&:+$3$-'6"*+'*066&%-&.'0%'32'-+&'

;"31$*<'7+$*+'$%*)&(#&.'!()*1(2#'3)(%.';)0g1&'7$-+$%'-+(-'*066"%$-28Lk'

_8L8_' ''''K:;10$/%4'-+&'7&3' '

{9+&'.(2'$#'%0-'10%4'5()'0E'7+&%'-0'3&'0%'-+&'7&3'7$11'3&'-+&'%0)6')(-+&)'-+(%'

O ^'F04(%'(%.'C'T*C()-+2<'pNkLkq<'iC066&)*$(1'$6;(*-'05'(%'()*+$,&'&:+$3$/0%i<'!"#$%&##'B)*+$,&#S'

])$%*$;1&#'(%.'])(*/*&'Lkk<';8'Mk8

Lk''=%-&),$&7'7$-+'-+&'!()*1(2#'U)0";'()*+$,$#-<'_k'Z"12'NkLk<';8'PP@Pf8

#>

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

-+&'&:*&;/0%8uLL

9+$#'()/*1&'5)06'LOOf';)&.$*-&.'-+(-'-+&'5"-")&'50)'3"#$%&##'()*+$,&#'7(#'-0';"-'

$%50)6(/0%'0%'-+&'7&38''97&1,&'2&()#'0%<'6(%2'*0);0)(-&'()*+$,&#'.0'+(,&'(';)&#&%*&'

-+)0"4+'-+&$)'0)4(%$#(/0%#'#$-&#<'3"-'0G&%'-+$#'$#'%0'60)&'-+(%'('*0%-(*-'(..)&##<'('

#+0)-'+$#-0)2'05'-+&'*06;(%2'(%.'#06&'5)&o"&%-12'(#>&.'o"&#/0%#8

J&i,&'(*-"(112'0%12'+(.'(';)&#&%*&'0%'-+&'7&3#$-&'50)'-+&'1(#-'-70'2&()#<'#0'7&'

7&)&'4&t%4'10-#'05'&%o"$)$&#'&,&%'3&50)&'-+&%8LN

I06&';)05&##$0%(1'&,$.&%*&';&)+(;#'-+(-'-+&'7&3'$#%i-'(17(2#'-+&'(%#7&)'$%'-&)6#'05'

)&(*+$%4'(%'()*+$,&i#'-()4&-'(".$&%*&<'(1-+0"4+'-+(-'6(2';&)+(;#'.&;&%.'0%'-+&'

;()/*"1()'0)4(%$#(/0%'(%.'+07'7&11'>%07%'-+&2'()&8''9+&'()*+$,$#-'(-'-+&'!()*1(2#'

U)0";'B)*+$,&')&;0)-&.'('.&#$)&'-0'.&,&10;'-+&'7&3#$-&'05'-+&'()*+$,&'60)&'5"112'(%.'

-+(-'6(%2'05'-+&'#-(E'+(.'$.&(#'$%'-+(-'.$)&*/0%8''9+$#'#&&6#'-0'3&'('4&%&)(1';)031&6'

(60%4#-'*0);0)(-&'()*+$,&#<'7$-+'5&7'+(,$%4'7&11'.&,&10;&.'7&3';)&#&%*&#<'&,&%'

5&7&)'+(,$%4'+(.'-+&6'0%'('10%4'-&)6'3(#$#8''B-'!()*1(2#<';"t%4'$%50)6(/0%'0%'-+&'

7&3'7(#'.&#*)$3&.'(#'('io"$*>'7$%iL_<'&#;&*$(112'7+&%'.0*"6&%-#'-+(-'+(.'3&&%'(1)&(.2'

.$4$/#&.'*0"1.'3&'";10(.&.8''B'#-)(-&4$*<';1(%%&.'(;;)0(*+'6(2'7&11'3&'-+&'7(2'

50)7().'50)'3"#$%&##'()*+$,&#'-0'"#&'-+&'7&3'-0'-+&'3&#-'(.,(%-(4&8''J$-+'-+&';0-&%/(1'

50)'"#&)#'(%.'*"#-06&)#'-0'.$#*0,&)'60)&'(30"-'-+&'+$#-0)2'05'-+&'3"#$%&##<')&$%50)*&'

)&;"-(/0%'(%.'3)(%.'102(1-2<'400.'7&3')&#0")*&#'(1107'-+&'()*+$,&'-0'.&60%#-)(-&'

LL''I'^$%#&2<'pLOOfq<'i]"t%4';(4&#'0%'-+&'70)1.'7$.&'7&3S'('4"$.&'50)'3"#$%&##'()*+$,$#-#i<'!"#$%&##'''''''''

'''''''B)*+$,&#S'])$%*$;1&#'(%.'])(*/*&'PM<';8'N8

LN =%-&),$&7'7$-+'-+&'[%$1&,&)'()*+$,$#-<'k`'B"4"#-'NkLk<';8'LkL8

L_''=%-&),$&7'7$-+'-+&'!()*1(2#'U)0";'()*+$,$#-<'_k'Z"12'NkLk<';8'PP8

#?

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

,(1"&'-0'-+&'3"#$%&##8''9+&2'(1#0'(*-'(#'('1$%&'05'.&5&%*&'(4($%#-'"%%&*&##()2'"#&)',$#$-#<'

0)')&;&(-&.')&o"&#-#'50)'#$6$1()'$%50)6(/0%'6(%2'/6&#'0,&)8''I&1&*/%4'-+&'*0))&*-'

6(-&)$(1'(%.'$%50)6(/0%'-0';"-'0%'-+&'7&3'*0"1.')&."*&'-+&'%&&.'50)'*(#"(1',$#$-0)#'

(?&6;/%4'-0'6(>&',$#$-#'-0')&;0#$-0)$&#'-+(-'+(,&'1$6$-&.'5(*$1$/&#'-0'*0;&8''9+&'

()*+$,$#-#'(-'30-+'!()*1(2#'(%.'[%$1&,&)'+$4+1$4+-&.'-+$#'(#'(%'$##"&8

xJy&'.0';)&5&)'-0'-)2'(%.'(%#7&)'&%o"$)$&#'50)';&0;1&<'3&*("#&'$-i#'&(#$&)'-0'.0'

-+(-'-+(%'+(,&';&0;1&'*06$%4'$%'888''-+&)&'()&',()$0"#'#&*")$-2'6&(#")&#'-0'4&-'

0%'-0'-+&'#$-&'(%.'$%-0'-+&'()*+$,&<'7+$*+'/&#'";'('10-'05'#-(E<'*011&*/%4';&0;1&'

(%.'&#*0)/%4'-+&6'888L`

B'#"**&##5"1'7&3';)&#&%*&'*(%'3&*06&'-+&'g)#-'(%.'$%'#06&'*(#&#'-+&'0%12'%&*&##()2'

;0$%-'05'*0%-(*-'50)'-+&'*(#"(1',$#$-0)8'']"t%4'&1&*-)0%$*',&)#$0%#'05';)&@&:$#/%4'

)&#0")*&#'1$>&'=%-)0."*-0)2']"31$*(/0%#'(%.'5(*-'#+&&-#'6(2'3&'&%0"4+'-0'#(/#52'"#&)#'

-+(-'70"1.'0-+&)7$#&'+(,&'6(.&'(%'&%o"$)28''B)*+$,$#-#'()&'0G&%'"%(31&'-0'.0'-+$#'."&'

-0')&o"&#-#'5)06'-+&'3"#$%&##<'(%.'"%.&)#-(%.(312<'0)4(%$#(/0%#'()&'60)&'>&&%'-0'

.&,&10;'$%-)(%&-')&#0")*&#')(-+&)'-+(%'&:-&)%(1'#$-&#8''

J&i,&'40-'0%&';(4&'0%'-+&'3(%>'7&3#$-&<'7+$*+'$#'3(#$*(112'i!()*1(2#'U)0";'

B)*+$,&#'&:$#-#888i8''B%.'$-'70"1.'3&'10,&12'-0'+(,&'60)&'0%'-+&)&<'(%.'-+(-'

70"1.'3&'(')&(112'o"$*>'7$%'888'7&i,&'40-'10(.#'05'#-"E'-+(-'7&i,&'(1)&(.2'

#*(%%&.'888'x$y-'70"1.%i-'3&'('10-'05'70)>'50)'"#'-0';)0,$.&'$%50)6(/0%'-+(-'

70"1.'6(>&'-+&'7&3#$-&'3&?&)8''!"-'-+(-i#'%0-'#06&-+$%4'-+&'3(%>'7(%-#'-0'.0'

(-'-+&'606&%-<'(%.'7&i)&'%0-'(1107&.'-0'n"#-'40'(%.'#&-'";'0")'07%'7&3#$-&\LM'''

L` =%-&),$&7'7$-+'-+&'[%$1&,&)'()*+$,$#-<'k`'B"4"#-'NkLk<';8'Lkk8

LM''=%-&),$&7'7$-+'-+&'!()*1(2#'U)0";'()*+$,$#-<'_k'Z"12'NkLk<';8'PP8

%@

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

F0*(1'("-+0)$/&#'(1#0'#&&6'-0'3&'1(44$%4'3&+$%.'$%'#"**&##5"112'&:;10$/%4'-+&'7&3<'7$-+'

60#-'#$-&#'*0%#$#/%4'05'('#"66()2'05'-+&'60#-'$6;0)-(%-'*011&*/0%#<'#06&'.&-($1'0%'

4&%&(1042'(%.'5(6$12'+$#-0)2')&1(-&.'*011&*/0%#<'(%.'$%'60#-'*(#&#'(%'0%1$%&'*(-(104"&8'

9+$#';)0,$.&#'('7(2'$%'-0'-+&'3"#$%&##'*011&*/0%#'-+&2'+01.<'3"-'7+$1&'0-+&)'-0;$*#'

*0%-($%'.07%10(.(31&')&#&()*+'4"$.&#<'0%12'0%&'0)'-70'5&(-")&'4"$.&#')&1(/%4'-0'

3"#$%&##'0)'$%."#-)$(1'*011&*/0%#8La''

]&)50)6$%4'('*0%-&%-'(%(12#$#'05'-+&'7&3#$-&#'05'A0)-+'J&#-')&*0).'0Y*&#'

#+07#'-+(-'*0,&)(4&'05'3"#$%&##'*011&*/0%#'$#'#*(?&)4"%'-0'#(2'-+&'1&(#-8''B11'-+&'#$-&#'

+(,&'(%'0%1$%&'*(-(104"&<'(%.'-+&)&50)&'('g%.$%4'($.'-0'(';&)*&%-(4&'05'-+&$)'

*011&*/0%#8''9+&'*$-2'3(#&.'0Y*&#'+(,&'3"#$%&##')&#&()*+'4"$.&#'(,($1(31&'50)'

.07%10(.<'(1-+0"4+'0%12'F$,&);001<'-+)0"4+'(';()-%&)#+$;'7$-+'-+&'[%$,&)#$-2'05'

F$,&);001'+(#'4"$.&#')&1(-&.'-0'6(%2'.$E&)&%-'$%."#-)$&#8''C+&#+$)&'(%.'T(%*+&#-&)'

)&*0).'0Y*&#';)0,$.&.'3"#$%&##'#;&*$g*'*(-(104"&#<'(%.'C+&#+$)&'0E&)&.'('1$%>'-0'('#$-&'

;)0,$.$%4'-)(.&'.$)&*-0)$&#'0%1$%&8''T(%*+&#-&)i#'0E&)$%4'7(#'-+&'](#Ä$%.&)'.(-(3(#&<'

7+$*+'7(#'('4&%&)(1'.(-(3(#&'+$4+1$4+/%4'3"#$%&##'*011&*/0%#8''B11'-+&'7&3#$-&#'

(%(12#&.'-00>'"%.&)'-70'*1$*>#'-0')&(*+'#06&-+$%4')&1(-&.'-0'3"#$%&##'*011&*/0%#<'3"-'

)()&12'7&)&'3"#$%&##'.0*"6&%-#'0)'*011&*/0%#'+$4+1$4+-&.'$%'-+&'7(2'-)(.$/0%(1'5(6$12'

+$#-0)2')&#0")*&#'7&)&8''F$6$-&.'5)&&')&#&()*+'#&),$*&#'()&'(,($1(31&'(-'F(%*(#+$)&'(%.'

T(%*+&#-&)<'3"-'-+&'0-+&)'0Y*&#'0%12';)0,$.&.';($.')&#&()*+'0)')&5&))(1#'-0')&*0).'

(4&%-#'50)',$#$-0)#'"%(31&'-0',$#$-'$%';&)#0%8''!"#$%&##'*011&*/0%'*0%-&%-'$#'-+&)&50)&'

(,($1(31&'0%'-+&#&'#$-&#<'3"-'-+&)&'()&'1$6$-&.'g%.$%4'($.#'$%'60#-'()&(#'-0'+&1;'"#&)#'

(**&##'$-<'0-+&)'-+(%'-+)0"4+'-+&'4&%&)(1'*(-(104"&<'7+$*+')&o"$)&#'('*&)-($%'(60"%-'05'

La''I&&'9(31&'LS'B%(12#$#'05'10*(1'("-+0)$-2'7&3#$-&#'3"#$%&##'*011&*/0%'*0%-&%-'$%'-+&'A0)-+'J&#-<';8'`N8

%!

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

#>$11'0%'-+&';()-'05'-+&'"#&)'-0'-&(#&'0"-')&1&,(%-'&%-)$&#8

B%(12#$#'05'!"#$%&##'C011&*/0%'C0%-&%-'V'A0)-+'J&#-'W&*0).'XY*&#

F(%*(#+$)& C"63)$( C+&#+$)& T(%*+&#-&) F$,&);001

X%1$%&'C(-(104"& ! ! ! ! !

!"#$%&##'I;&*$g*'C(-(104"& "!# "!#

!"#$%&##s=%."#-)2'W&#&()*+'U"$.&# ! !

@'U&%&)(1'!"#$%&## !

@'I;&*$g*'=%."#-)2s!"#$%&## !

!"#$%&##'1$#-&.'$%'C011&*/0%#']01$*2 !# $# ! ! !

]($.'W&#&()*+'I&),$*& ! ! !

H)&&'W&#&()*+'I&),$*& ! !

A08'05'*1$*>#'-0')&(*+'1&,&1'05'-+&'#$-&'6&%/0%$%4'3"#$%&##'*011&*/0%#'

k'pc06&'](4&q ! ! !

L ! !

N

_

`

M

a

Å'A0-&# %&'()*''"

+,--*+.(,)'"

),.*/"0'"0"

1*02)*''

3,--*+.(,)"

4,-(+5"),."

060(-07-*"

8,9"

/,1)-,0/

:90/*"

;(9*+.,9(*'"

<)-()*

=0'.>)/*9"

=9,?*+."

/0.070'*@"

),."1*--"

'(A)4,'.*/

9(31&'LS'B%(12#$#'05'10*(1'("-+0)$-2'7&3#$-&#'3"#$%&##'*011&*/0%'*0%-&%-'$%'-+&'A0)-+ '

J&#-')&*0).'0Y*&#8

_8L8`' '''''D$4$/#(/0%'(%.'3)&(>$%4';+2#$*(1'()*+$,(1'1$%>#'' '

D$4$/#(/0%<'(#'('"#&5"1'(*/,$-2'50)'-+&'()*+$,&<'+(#'%0'1&##',(1"&'50)'-+&'3"#$%&##'

()*+$,&'(#'$%'0-+&)')&;0#$-0)$&#<';&)+(;#'60)&'#0'7+&%'#-(E'g4")&#'()&'107&)'$%'

*06;()$#0%8''9+&'(3$1$-2'-0'.$4$/#&';0;"1()'6(-&)$(1#'$#'('/6&'#(,$%4'6&(#")&<'(%.'

4"$.(%*&'(,($1(31&'7$-+$%'-+&'#&*-0)'*(%'+&1;'6(>&'#&%#$31&'.&*$#$0%#'0%'-+&'(60"%-'

(%.'-2;&'05'6(-&)$(1'-0'3&'.$4$/#&.8LP''

D$4$/#$%4'6(-&)$(1'$#'('4)&(-'7(2'05'4&t%4';&0;1&'-0'.$#*0,&)'()*+$,(1'*0%-&%-'0%'

LP ]'B2)$#<'pLOOfq<'iU"$.(%*&'50)'I&1&*/%4'T(-&)$(1#'50)'D$4$/#(/0%<i'Z0$%-'WFU'(%.'A]X'])&#&),(/0%'

C0%5&)&%*&S'U"$.&1$%&#'50)'D$4$-(1'=6(4$%4<'J()7$*><'v+?;Sss&;)$%-#8"*18(*8">sÒNsLs;("1z(2)$#_8;.5w

%"

http://eprints.ucl.ac.uk/492/1/paul_ayris3.pdf

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

-+&'7&3<'3"-'7+&)&'3"#$%&##'()*+$,&#'()&'*0%*&)%&.'#06&'*("/0%'#+0"1.'3&'"/1$#&.8'

B#'$-'$#'(%'&:;&%#$,&'0;/0%<'#&1&*/0%'50)'.$4$/#(/0%'$#'*)$/*(18''=-'70"1.'3&'&(#2'-0'40'

50)'(&#-+&/*(112';1&(#$%4'.0*"6&%-#'(%.'-+0#&'-+(-'70"1.'3&';0;"1()'7$-+'7&3'

,$#$-0)#<'1$>&'*0))&#;0%.&%*&<'$11"#-)(/0%#'(%.';+0-04)(;+#<')(-+&)'-+(%'1&.4&)#'0)'

6$%"-&#<'3"-'-+$#'6(2'1&(.'-0'(%'&:(*&)3(/0%'05'-+&';)031&6'05'3"#$%&##'*011&*/0%#'

3&*06$%4'&,&%'60)&'$%#*)"-(31&8''H()'60)&'70)><'3"-'('3&?&)'0;/0%<'6(2'3&'-0'

.&,&10;'&."*(/0%(1'0)'&:+$3$/0%'-2;&'6(-&)$(1#'()0"%.'-+&'.$4$/#&.'6(-&)$(1'-0'

;)0,$.&'*0%-&:-<Lf'$%'6"*+'-+&'#(6&'7(2'(#'9+&'A(/0%(1'B)*+$,&'](1(&04)(;+2'

-"-0)$(1#<'7+$*+'"#&'.$4$/#&.'&:-)(*-#'05'.0*"6&%-#'-0'+&1;';&0;1&'"%.&)#-(%.'

+(%.7)$/%4'5)06'-+&'6&.$&,(1'(%.'6$..1&'(4&#8'c07&,&)<'$-'70"1.'3&'%(Ç,&'-0'$4%0)&'

-+&'5(*-'-+(-'-+$#'>$%.'05';)0n&*-')&o"$)&#'$%,&#-6&%-'(#'7&11'(#'#-(E'/6&<'(%.'T$*+(&1'

T0##'#"44&#-#'-+(-'(#'7&'3&*06&'60)&'1$>&'3"#$%&##&#'i0")'()*+$,&#'(%.'&:;&)/#&'()&'

(##&-#'-+(-'7&'&:;10$-'Q'x(%.'7&y';"-')&#0")*&'3&+$%.';)0n&*-#'-+(-'7$11'$%*)&(#&'

)&,&%"&'l07'(%.'-+&)&50)&'+&1;'$6;)0,&'*"#-06&)'#&),$*&8iLO'

9+&'g)#-'#-&;'$%-0'#"*+'(';)0n&*-'#+0"1.'3&'(%'$%,&#/4(/0%'$%-0'+07'-+&';)0n&*-'

70"1.'70)>8''9+$#'70"1.'$%,01,&'#*0;$%4'-+&')&o"$)&.'#-(%.().#'-0'&%#")&'-+&')$4+-'

o"(1$-2'05'$6(4&r'-+&'$%,&#-6&%-'*0#-#'05'3"2$%4'#"$-(31&'&o"$;6&%-r'-+&'0%40$%4'

#-0)(4&'*0#-#'(%.'-+&'1$%>#'-+(-'6$4+-'+(,&'-0'3&'6(.&'7$-+'=9'.&;()-6&%-#'-0'6(%(4&'

#-0)(4&'(%.'(**&##'-0'-+&'6(-&)$(1r'-+&'-)($%$%4')&o"$)&6&%-#'50)'#-(Er'(%.'-+0"4+-#'50)'

+07'(%.'$%'7+(-'7(2#'5(*#$6$1&#'*)&(-&.'6$4+-'g-'$%-0'-+&'7$.&)'6(%(4&6&%-'05'(%2'

Lf !'X04+&'(%.'D'T0)&&1#<'pNkkOq<'B%(12#$%4'I&1&*/0%'50)'D$4$/#(/0%S'C"))&%-'])(*/*&#'(%.'C0660%'

=%*&%/,&#<'D@F$3'T(4(R$%&'LMSOsLk8'v+?;Sss7778.1$380)4s.1$3s#&;-&63&)kOs004+&skO004+&8+-61w'

B**&##&.S'LP'B"4"#-'NkLk8

LO T8'T0##<'pLOOPq<'iF$,$%4'7$-+'$%#&*")$-2S'F&##0%#'5)06'-+&'[%$,&)#$-2'05'U1(#407'()*+$,&#'(%.'

3"#$%&##')&*0).'*&%-)&i<'Z0")%(1'05'-+&'I0*$&-2'05'B)*+$,$#-#'LfSL<';8'LO@Nk8

%#

http://www.dlib.org/dlib/september09/ooghe/09ooghe.html

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

30)%'.$4$-(1')&*0).#'-+&'()*+$,&'7$11'03-($%'*"#-0.2'058''=-'6(2'3&'-+(-'$-'$#'0"-'05'-+&'

)&(*+'05'('*0);0)(-&'()*+$,&'-0'"%.&)-(>&'('5"11'#*(1&'.$4$/#(/0%';)0n&*-<'3"-'$%#-&(.'

#(6;1&'-+&$)'+01.$%4#'50)'#"$-(31&'6(-&)$(1'-0'4$,&'('l(,0")'05'-+&'*(-(104"&'$%#-&(.8'

9+$#'6$4+-'3&'-(>&%'$%'*0%n"%*/0%'7$-+'0-+&)';()-#'05'-+&'3"#$%&##<'0)'501107'0%'-+&'

3(*>'05'6(-&)$(1')&o"&#-&.'50)'-+&$)'3"#$%&##';");0#&#<'(%.'-+&)&50)&'6&(%'4)&(-&)'

,(1"&'50)'60%&2<'7$-+'6(-&)$(1'3&$%4'"#&.'50)'-70';");0#&#')(-+&)'-+(%'n"#-'-+&'

7&3#$-&8'

_8N' '' ''' 'J+&)&'A&:-e' '

_8' 'N8L'''K:;10$/%4'0)4(%$#(/0%(1'$.&%/-2'$%'0"-)&(*+'(%.'&%4(4&6&%-' '''''

U$,&%'-+(-'.$#/%*/0%'(%.'#-(-"#'&%+(%*&6&%-'*0%-)$3"-&'-0'4)0";'$.&%/-2'

(?)(*/0%'888'104$*(112'0)4(%$R(/0%(1'6&63&)#'7$11'.&-&)6$%&'-+&$)'0)4(%$R(/0%i#'

$.&%/-2'32'50*"#$%4'0%'7+(-'6(>&#'-+&$)'07%'0)4(%$R(/0%'"%$o"&'(%.'#;&*$(18Nk

^(-&'J(1#+'.&#*)$3&#'-+&';)0*&##&#'-+)0"4+'7+$*+';&0;1&'*0%#-)"*-'-+&$)'#&%#&'05'

0)4(%$#(/0%(1'$.&%/-28''d&-'(-'-+&'#(6&'/6&'-+$#'#-(-&6&%-'*0"1.'(1#0'3&'.&#*)$3$%4'

7+(-'-+&')01&'05'-+&'()*+$,&'6$4+-'3&'-0'(%'0)4(%$#(/0%8''B)*+$,&#'()&'"%$o"&12';1(*&.'

-0'+&1;'&6;102&&#'5&&1';()-'05'(%'0)4(%$#(/0%'-+&2'*(%';1(*&'$%'+$#-0)2'(%.'*&1&3)(-&'

50)'$-#'*0%-)$3"/0%'-0'-+&'&*0%062'(%.'-0'#0*$&-28''J+$1&'7&'(11'+(,&'#06&'#&%#&'05'('

*066"%$-2'$.&%/-2<'3(#&.'()0"%.'-+&'-07%'7+&)&'7&'1$,&<';&0;1&'7+0'#;&(>'1$>&'"#<'0)'

#+()&'-+&'#(6&')&1$4$0%<'(',(#-'6(n0)$-2'05'#0*$&-2'7$11'(1#0'+(,&'('#&%#&'05'0**";(/0%(1'

0)'0)4(%$#(/0%(1'$.&%/-28''J&'#;&%.'('1()4&';)0;0)/0%'05'0")'/6&'(-'70)>'7$-+';&0;1&'

Nk ^'J(1#+'(%.'Z8W8'U0).0%<'pNkkfq<'iC)&(/%4'(%'$%.$,$."(1'70)>'$.&%/-2i<'c"6(%'W&#0")*&'T(%(4&6&%-'

W&,$&7'Lf<';8'Mk@ML8

%%

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

5)06'6(%2'.$E&)&%-'3(*>4)0"%.#<'3"-'7$-+'7+06'7&'()&'/&.'-+)0"4+'#+()&.'

>%071&.4&'(%.'&:;&)$&%*&#'7$-+$%'(%'0)4(%$#(/0%8''A07(.(2#<';&0;1&'*(%'*+(%4&'n03#'

0)'*()&&)#'0%'(')&4"1()'3(#$#<'7+$*+'6&(%#'6($%-($%$%4'('#&%#&'05'-+(-'0)4(%$#(/0%(1'

$.&%/-2'*(%'3&'.$Y*"1-8''A0-'&,&)20%&'7$11'#+()&'-+&#&'$.&(#'-0'-+&'#(6&'&:-&%-<'3"-'

0)4(%$#(/0%#'7$-+'*0);0)(-&'()*+$,&#'-+(-'()&'7&11'&#-(31$#+&.<'(%.'7$-+'('10%4'#&%#&'05'

+$#-0)2'6(2'3&'60)&'1$>&12'-0')&-($%'&6;102&&#'0,&)'10%4&)';&)$0.#8''9+&2'7$11'*&)-($%12'

3&%&g-'5)06'(';001'05')&/)&&#'7+0'7$11'*&)-($%12'+(,&',$&7&.'-+&$)'70)>$%4'1$5&'(#'('

*()&&)')(-+&)'-+(%'('n038''!()*1(2#'U)0";'B)*+$,&'+(,&'50"%.'$%'-+&'*0")#&'05'-+&$)'70)>'

-+(-'(?&6;/%4'-0'$%,01,&'*"))&%-'#-(E'*(%'+(,&'+$-'(%.'6$##')&#"1-#<'3"-'-+&2'+(,&'+(.'

(%'&%-+"#$(#/*')&#;0%#&'5)06'4)0";#'05'!()*1(2#';&%#$0%&)#'7+0'+(,&'3&&%'$%,$-&.'$%'

-0'-0")'-+&'70)>'05'-+&'()*+$,&<'(%.'0-+&)'50)6&)'&6;102&&#'+(,&'*06&'$%'-0'&:;1($%'

-+&'-&*+%01042'+&1.'$%'-+&'()*+$,&'-+(-'-+&2'"#&.'$%'-+&'*0")#&'05'-+&$)'.(2'-0'.(2'

70)>8NL''W&/)&.'&6;102&&#'05'*0")#&<'&%n02'-+&'3&%&g-'05'(..$/0%(1'/6&'-+(-'*"))&%-'

&6;102&&#'6(2'%0-'+(,&<'3"-'()*+$,$#-#'+(,&'%0/*&.'('.$E&)&%/(/0%'$%'(t-".&#'

3&-7&&%'50)6&)'#-(E<'7+0'+(.'('*066$-6&%-'.&)$,&.'-+)0"4+'102(1-2'(%.'10%4'#&),$*&'

-+(-'$#'1&##';)&,(1&%-'$%'-+&'70)>50)*&'-0.(28''

T2'-&(6'(%.'='+(,&'-+0)0"4+12'&%n02&.'100>$%4'(-'-+&'&:+$3$/0%8''='(6',&)2'

;)0".'-0'+(,&'70)>&.'50)'#"*+'('*()$%4'*06;(%28

@'I-0)&#'I&),$*&'C&%-)&'T(%(4&)<'!00-#'[^NN

K:;10$/%4'0)4(%$#(/0%(1'$.&%/-2'$%')&1(/0%'-0'$%-&)%(1'&%4(4&6&%-'(%.';"31$*'

0"-)&(*+'70)>'#&&6#'-0'3&'(%'"%.&)'"/1$#&.'*0%*&;-'32'3"#$%&##'()*+$,&#'-0.(28''=-'$#'

NL''=%-&),$&7'7$-+'-+&'!()*1(2#'U)0";'()*+$,$#-<'_k'Z"12'NkLk<';8'fN8

NN ^'F04(%'(%.'C'T*C()-+2<'pNkLkq<'iC066&)*$(1'$6;(*-'05'(%'()*+$,&'&:+$3$/0%i<'!"#$%&##'B)*+$,&#S'

])$%*$;1&#'(%.'])(*/*&'Lkk<';8'`M8

%&

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

#06&/6&#'"%.&)-(>&%'$%'(%'$%50)6(1'#&%#&<'(%.'2&-'(%'i(;;)&*$(/0%'05'+$#-0)2'*0"1.'

&%+(%*&'-+&'n03'#(/#5(*/0%'05'(11'&6;102&&#'(%.'(1#0'4$,&'-+&6',(1"(31&'-001#'%&&.&.'

$%')&;)&#&%/%4'-+&'*06;(%2'-0'-+0#&'0"-#$.&'$-8iN_''=%,01,$%4'*"))&%-'#-(E'$%'-+&'+$#-0)2'

05'-+&'*06;(%2'(%.'-+&'*0%-&%-'05'-+&'()*+$,&')&$%50)*&#'-+&$)')&1(/0%#+$;'7$-+'-+&'

0)4(%$#(/0%<'(%.'+&1;#'-+&6'-0'"%.&)#-(%.'+07'-+&')&*0).#'-+&2'()&'*)&(/%4'-0.(2'

6(2'3&*06&'-+&'()*+$,&#'05'-+&'5"-")&8''J+$1&'"%.&)#-(%.$%4'+07')&#&()*+&)#'"#&'

-+&6'0)'7+(-'$-'$#'.0%&'7$-+'-+&6'6(2'%0-'6(>&'-+&6'60)&'.$1$4&%-<'$-'6(2'6(>&'

-+&6'60)&'(7()&'05'-+&'$6;0)-(%*&'05')&-&%/0%'#*+&."1$%4'(%.'-+&',(1"&'05'>&&;$%4'

)&*0).#'50)'-+&'5"-")&8''[%$1&,&)'()*+$,&'+(#'('7&11'.&,&10;&.'$%-)(%&-'#$-&'(**&##$31&'-0'

#-(E'()0"%.'-+&'4103&<'

x$-#y888'+07'7&'*066"%$*(-&'7$-+'-+&')&#-'05'-+&'[%$1&,&)'70)1.<'7&'+(,&'('

+06&;(4&'7+$*+'+(#'('1$%>'5)06'[%$1&,&)'+0"#&'(%.'-+&'4103(1';0)-(1#8''I0'20"'

*(%'6&&-'-+&'-&(6<'#&&'%&7#'$-&6#<'(%.'-+&)&'()&'o"$*>'1$%>#'-0')&*0).#'

6(%(4&6&%-<'()*+$,&#<'3&#-';)(*/*&<'#"*+'(#'I()3(%&#@X:1&2'(%.'-+&)&'$#'g1$%4'

(%.'7&&.$%4'(.,$*&<'(%.'(%'()-';(4&'(#'=i6')&#;0%#$31&'50)'-+&'()-'*011&*/0%8N`

_8N8N' ''''9+&'W&,$#$/%4'B)*+$,&'C011&*/0%'T&-+0.01042' '

9+&'W&,$#$/%4'B)*+$,&'C011&*/0%'T&-+0.01042'6(2'3&'('7(2'05'&%4(4$%4'30-+'7$-+'-+&'

$%-&)%(1'*066"%$-2'05'-+&'0)4(%$#(/0%'(#'7&11'(#'-+&';"31$*'-+)0"4+'0"-)&(*+'(*/,$/&#8'

D&#$4%&.'-0';1"4'$%-0'%(/0%(1'(4&%.(#'05'(**&##<'$%*1"#$0%'(%.'*"1-")(1'.$,&)#$-2<'$-'

70"1.'3&'3&#-'#"$-&.'-0'('10*(1'("-+0)$-2'&%,$)0%6&%-<'3"-'*0"1.'3&'05',(1"&'$%'('

N_ T'U0.7$%<'pLOOOq<'i])&#&),$%4'(%.'])060/%4'+$#-0)2'$%'('5(#-@*+(%4$%4'&%,$)0%6&%-S'(%'&:(6;1&'

5)06'C(31&'(%.'J$)&1&##i<'!"#$%&##'B)*+$,&#S'])$%*$;1&#'(%.'])(*/*&'PP<';8'Ò8

N` =%-&),$&7'7$-+'-+&'[%$1&,&)'()*+$,$#-<'k`'B"4"#-'NkLk<';8'Lkf8

%'

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

*0);0)(-&'()*+$,&'(#'7&118''=%'#06&'7(2#'#$6$1()'(*/,$/&#'-0'-+0#&'.&#*)$3&.'$%'-+&'

-001>$-'(1)&(.2'-(>&';1(*&'$%50)6(1128''

J+$1#-'$-'6(2'%0-'g-'$%'&:(*-12'7$-+'-+&')&6$-'05'*011&*/%4'&,$.&%*&'(%.'.&#*)$3$%4'

-+&'0)4(%$#(/0%i#'3"#$%&##'(*/,$/&#'-+)0"4+'-+&')&*0).#<'*0%-&:-'6(2'3&'>&2'-0'

&%#")$%4'-+&$)')&1&,(%*&'$%'-+&'5"-")&8''C0);0)(-&'()*+$,&#'(1)&(.2'6($%-($%'i%&7i'

*011&*/0%#'05')&*0).#'(10%4#$.&'-+&'-)(.$/0%(1'0%&#'()$#$%4'5)06'-+&'3"#$%&##<'50)'

&:(6;1&'0)(1'+$#-0)2';)04)(66&#<'(%.')&l&*/%4'-+&'4)(##')00-#'0)'$%.$,$."(1#'$%'

3"#$%&##'()*+$,&#NM'6(2'+&1;'-0'4$,&'-+&')&*0).#'('i+"6(%'5(*&i<'(%.'('7(2'$%'50)'-+0#&'

%0-',&)#&.'$%'-+&'$%-)$*(*$&#'05'-+&'7(2'(%'$%."#-)2'0)'3"#$%&##'70)>#8''=%,01,$%4',$#$-0)#'

(%.'&:@&6;102&&#'$%'('W&,$#$/%4'B)*+$,&'C011&*/0%#'6&-+0.01042'70"1.'(1#0'+&1;'4$,&'

*0%-&:-'-0'-+&')&*0).#'32'-+0#&'-+(-'+(,&'('>%071&.4&'05'-+&6<')(-+&)'-+(%'()*+$,$#-#'

7+0'()&'('-+$).';()-28''c07&,&)<'-+$#'6&-+0.01042'#+0"1.'%0-'3&'&6;102&.'50)'$-#'07%'

#(>&<'0)'#$6;12'-0'(1107'"#&)#'-0'*066&%-'0%'*011&*/0%#<'$-'#+0"1.'3&'"/1$#&.'$%'#"*+'('

7(2'-+(-'-+&'$%,&#-6&%-'$%'/6&')&(;#'$%50)6(/0%(1'(%.'*0%-&:-"(1')&7().#'50)'-+&'

()*+$,$#-#8''=-'(1#0';)0,$.&#'(%'0;;0)-"%$-2'-0'$%,01,&'$%-&)%(1'&%4(4&6&%-'(%.';"31$*'

0"-)&(*+'$%'-+&'#(6&';)0n&*-<'(#'#06&'05'-+&'#"44&#/0%#'6(.&'$%'-+&'6&-+0.01042'50)'

;()/*$;(%-#'$%'-+$#'-2;&'05';)0n&*-#'()&S

! I-(E'05'-+&'()*+$,&'#&),$*&S'WBC'$#'(%'&:-&%#$0%'-0'400.';)05&##$0%(1';)(*/*&'05'

100>$%4'*)$/*(112'(-'g%.$%4'($.#'(%.'6($%-($%$%4'-+&$)'*"))&%*2'(%.')&1&,(%*&8

! =%.$,$."(1#'7+0'7&)&'(##0*$(-&.'7$-+'-+&')&*0).#'.")$%4'-+&$)'*)&(/0%<'"#&<'0)'

.")$%4'(';)&,$0"#'*"#-0.28

NM Z'!(#/(%<'pNkkOq<'iH107&)#'50)'-+&'c06&#-&(.S''B'C(#&'I-".2'$%'B)*+$,&#'(%.'C011&*/,&'T&60)2i<'

B6&)$*(%'B)*+$,$#-'PNSL<';8LNf8

%(

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

! =%.$,$."(1#'0)'4)0";#'7+0'7&)&'#"3n&*-'-0'0)'#&),&.'32'-+&'30.2'-+(-'*)&(-&.'

-+&')&*0).#'p&848'Q'*"#-06&)#'05'('3"#$%&##q

! =%.$,$."(1#'0)'4)0";#'7+0'+(,&'('.$E&)&%-'*"1-")(1'-(>&'0%'-+&'()*+$,&'5)06'

-+0#&'7+0'*)&(-&.'0)'$%$/(112'*(-(104"&.'-+&')&*0).#'&848';&0;1&'05'B5)$*(%'

.&#*&%-')&#;0%.$%4'-0')&*0).#'05'!)$/#+'*010%$(1'(*/,$-28Na

J(2#'$%'7+$*+'$-'(1)&(.2'-(>&#';1(*&'$%50)6(112'60)&'0G&%'-+(%'%0-'$%,01,&#'-+&';"31$*<'

0)'50)6&)'#-(E<'3&$%4'$%,$-&.'-0'+&1;'$.&%/52';+0-04)(;+$*'0)';$*-0)$(1'6(-&)$(18''9+&'

10*(1'("-+0)$-2'()*+$,$#-')&;0)-&.'(';)0n&*-'7+&)&'50)6&)'&6;102&&#'(-'('10*(1';(;&)'

6$11'7&)&'+&1;$%4'-0'$.&%/52';+0-04)(;+#8NP''J+$1&'-+(-'-2;&'05'6(-&)$(1'$#'-+&'60#-'

&60/,&'50)'"#&)#<'$-'#&&6#'('10#-'0;;0)-"%$-2'%0-'-0'$%,01,&'&%-+"#$(#/*',01"%-&&)#'$%'

$%-&)(*/%4'7$-+'60)&'5"%.(6&%-(1')&*0).#'05'-+&'0)4(%$#(/0%#'-+&2'70)>&.'50)8''

9+&'6&-+0.01042'(1#0'#&&6#'-0'3&'(%'&:*&11&%-'7(2'05'3"$1.$%4'#0*$(1'*(;$-(1<'

7+$*+';01$/*(1'#*$&%/#-'W03&)-']"-%(6'.&#*)$3&#'(#')&5&))$%4'i-0'*0%%&*/0%#'(60%4'

$%.$,$."(1#'V'#0*$(1'%&-70)>#'(%.'-+&'%0)6#'05')&*$;)0*$-2'(%.'-)"#-70)-+$%&##'-+(-'

()$#&'5)06'-+&6iNf8''B)*+$,&#'(%.'0)4(%$#(/0%(1'0)'*066"%$-2'4)0";#'-+(-'"/1$#&'-+&'

W&,$#$/%4'B)*+$,&'C011&*/0%#'6&-+0.01042'()&'&%4(4$%4'$%'('i3)$.4$%4i'(*/,$-2'-+(-'

$%,01,&#'-+&6'$%'-+&'()*+$,$#-i#'70)><'1&()%$%4'#06&'05'-+&'#>$11#'-+&2'"#&'(#';()-'05'-+&$)'

70)><'(%.'$%')&-")%'#+()$%4'-+&$)'>%071&.4&'(30"-'('*011&*/0%'50)'-+&'3&%&g-'05'30-+'

;()/&#<'(%.'#0*$&-2'(#'('7+01&8''H0)'*0);0)(-&'()*+$,&#<'-+&#&'>$%.#'05'(*/,$/&#<'

(1-+0"4+')&#0")*&'$%-&%#$,&<'+01.'-+&';0-&%/(1'-0'#+07'-+&'3"#$%&##'('60)&'+(%.#'0%'

Na C'W&&.<'pNkkOq<'W&,$#$/%4'B)*+$,&'C011&*/0%#'T&-+0.01042<'C(63)$.4&S'C011&*/0%#'9)"#-<';8'L`8

NP =%-&),$&7'7$-+'-+&'()*+$,$#-'5)06'F(%*(#+$)&'W&*0).'XY*&<'_k'Z"12'NkLk<';8'fO8

Nf I8'c0)-0%<'pNkkaq<'iI0*$(1'*(;$-(1<'40,&)%6&%-';01$*2'(%.';"31$*',(1"&S'$6;1$*(/0%#'50)'()*+$,&'#&),$*&'

.&1$,&)2i<'B#1$3'])0*&&.$%4#S'A&7'=%50)6(/0%']&)#;&*/,&#'MfSa<';8'Mk_8

%>

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

6&-+0.'05')&;)&#&%/%4'-+&$)'*0);0)(-&'*$/R&%#+$;'0)'*0);0)(-&'#0*$(1')&#;0%#$3$1$-2'

(4&%.(8''=-i#'('7(2'50)'10*(1'("-+0)$/&#'-0'#+07'+07'-+&2'()&'*0%-)$3"/%4'-0'-+&'

%(/0%(1'(4&%.('05'+$#-0)2'(%.'*"1-")&'(%.'*(%'*063(-'-+&'i1(*>'05'"%.&)#-(%.$%4'

(60%4#-'(11'(4&#'(%.'7(1>#'05'1$5&'(30"-'7+(-'()*+$,&#'(*-"(112'()&'(%.'7+(-'-+&2'

*0%-($%iNO<'32'$%,01,$%4'-+&6'$%'-+&'()*+$,(1';)0*&##8''9+$#'7(#')&$-&)(-&.'32'-+&'10*(1'

("-+0)$-2'()*+$,$#-'$%-&),$&7&.<'7+0'#-(-&.'-+(-'-+&'60#-'&E&*/,&'6&-+0.#'05')&(*+$%4'

0"-'-0'-+&';"31$*'$%,01,&.'3)$%4$%4'-+&6'$%-0'-+&'()*+$,&'-0'"%.&)#-(%.'i7+&)&'-+&'

)&*0).#'É1$,&Ñ8i_k

_8N8_' ''''[#$%4'9+&'T$%%&#0-('T&-+0.'$%'10*(1'("-+0)$-2'()*+$,&#e' '

9+&'#-(-&'05'3"#$%&##'*011&*/0%#'$%'10*(1'("-+0)$-2'()*+$,&#'$#'(%'"%>%07%'o"(%/-28''A0'

#-(/#/*#'()&'>&;-'0%'-+&$)'"#&<'-+&'(60"%-'-+(-'()&'*(-(104"&.',()$&#'7$1.12<'(%.'-+&2'

()&',$&7&.'(#'(%'"%.&)@"#&.'#&-'05')&*0).#'-+(-'*(%'3&'.$Y*"1-'-0'"%.&)#-(%.8''H")-+&)'

-0'-+(-<'-+&'10*(1'("-+0)$-2'()*+$,$#-'$%-&),$&7&.'50)'-+$#'.$##&)-(/0%')($#&.'-+&';0$%-'

-+(-'-+&2'6(2'7&11'3&'"%.&)@)&;)&#&%-&.<'(%.'-+&$)'(;;)0(*+'-0'-+&$)'*011&*/0%'$#'0G&%'

)&(*/,&<')(-+&)'-+(%';)0(*/,&8''

I0'$%'-&)6#'05'0")'($6'-0')&l&*-'-+&'#0*$&-2'05'F(%*(#+$)&<'-+&%'7&'.0%i-'.0'

-+(-'$%'-&)6#'05'3"#$%&##<'(%.'$%'-&)6#'05'*011&*/%4'7&'.0%i-'*011&*-'

;)0(*/,&12'3(#&.'0%'-+&'$6;0)-(%*&'05'*&)-($%'3"#$%&##&#'0)'#&*-0)#<'&$-+&)'

-0.(2'0)'-+&';(#-'5&7'+"%.)&.'2&()#<'$-i#'n"#-'7+(-'-&%.#'-0'())$,&8_L

NO I8'c0)-0%<'pNkkaq<'iI0*$(1'*(;$-(1<'40,&)%6&%-';01$*2'(%.';"31$*',(1"&S'$6;1$*(/0%#'50)'()*+$,&'#&),$*&'

.&1$,&)2i<'B#1$3'])0*&&.$%4#S'A&7'=%50)6(/0%']&)#;&*/,&#'MfSa<';8'MkO8

_k =%-&),$&7'7$-+'-+&'()*+$,$#-'5)06'F(%*(#+$)&'W&*0).'XY*&<'_k'Z"12'NkLk<';8'ff8

_L =%-&),$&7'7$-+'-+&'()*+$,$#-'5)06'F(%*(#+$)&'W&*0).'XY*&<'_k'Z"12'NkLk<';8'Ok8

%?

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

C0"1.'-+&'(%#7&)'-0'-+&'*"))&%-'(;;)0(*+<'$%'(%'&%,$)0%6&%-'-+(-'+(#'6"1/;1&'*(11#'0%'

$-#'/6&'(%.')&#0")*&#<'3&'-0'$6;1&6&%-'-+&'iT$%%&#0-('T&-+0.i';$0%&&)&.'32'-+&'

T$%%&#0-('c$#-0)$*(1'I0*$&-28''9+$#';)0*&##'$#'(.(;-(31&'-0'*$)*"6#-(%*&#<'(%.'7$-+'$-#'

6$:'05'(;;)($#(1'-+&0)2<'*011&*/0%'(%.'.0*"6&%-(/0%'#-)(-&42<'6(*)0@(;;)($#(1'(%.'

5"%*/0%(1'(%(12#$#<'*(%'i;)$0)$/#&'7+$*+'3"#$%&##')&*0).#'(%.'-+&')&1(/,&'o"(%/-2'05'

-+0#&')&*0).#i_N'-+(-'%&&.'-0'3&'(*o"$)&.8''9+$#'.$##&)-(/0%'$#'%0-'(%'$%@.&;-+'

.$#*"##$0%'0%'-+&'T$%%&#0-('T&-+0.<')(-+&)'('100>'(-'+07'&E&*/,&'$-'6$4+-'3&'$%'('

10*(1'("-+0)$-2'&%,$)0%6&%-8''=-'$#'(%'0;;0)-"%$-2'50)'(')&*0).'0Y*&'-0'-(>&'#-0*><'o"$-&'

1$-&)(112<'05'-+&$)'3"#$%&##'+01.$%4#'(%.'(%(12#&'#-)&%4-+#'(%.'7&(>%&##&#8''I06&'>$%.'05'

60%$-0)$%4'-0'.&-&)6$%&'7+$*+'-2;&#'05'3"#$%&##')&*0).#'7$-+$%'*011&*/0%#'()&'3&$%4'

"#&.'70"1.'3&')&o"$)&.'-0'+$4+1$4+-'-+&'*1(##&#'-+(-'*0"1.'3&'(##$4%&.'-0'-+&'

.0*"6&%-(/0%'#-)(-&42<'(%.'7+$*+'5"%*/0%#'3&10%4$%4'-0'-+0#&'3"#$%&##&#'#+0"1.'3&'

.0*"6&%-&.8''9+$#'*0"1.'-+&%'3&'(;;1$&.'-0'0-+&)'(**&##$0%'#$-"(/0%#'-0'-&#-'$-#',(1$.$-2'

3&50)&'3&$%4'$6;1&6&%-&.8''9+&'(.,(%-(4&#'05'-+&';)0*&##'$#'-+(-'()*+$,$#-#'7$11'

3&*06&'6"*+'60)&'5(6$1$()'7$-+'-+&$)'3"#$%&##'*011&*/0%#<'(%.'-+&'(60"%-'05'6(-&)$(1'

+&1.'7$11'3&'60)&')&l&*/,&'05'10*(1'$%."#-)$&#'(%.'-+"#'7$11'3&'"#&.'60)&'0G&%'32'

)&#&()*+&)#8''=-'7$11'(1#0')&."*&'-+&'(60"%-'05'#;(*&'.&.$*(-&.'-0'"%"#&.'*1(##&#'05'

)&*0).#<'3"-';)0,$.&#'('6&-+0.01042'7$-+'7+$*+'-0'n"#/52'-+0#&'.&*$#$0%#'-0'0"-#$.&)#'

7+0'6(2';)0-&#-8''D$#(.,(%-(4&#'()&'-+(-'$-'$#'3(#&.'0%'('60%$-0)$%4'05';(#-'"#&'(%.'

.0&#%i-'-(>&'$%-0'(**0"%-'-+&'%&&.#'05'5"-")&')&#&()*+&)#<'(%.'6(2'1&(.'-0'-+&'.$#;0#(1'

05')&*0).#'-+(-'()&'%0-'0G&%'"#&.'3"-'#+0"1.'3&'>&;-8''=-'$#'(1#0'(')&#0")*&'$%-&%#$,&'

_N Z'!&t%4-0%'&-'(1<'pNkkfq<'^&&;$%4'B)*+$,&#'_).'&.8<'B"#-)(1$(%'I0*$&-2'05'B)*+$,$#-#<';8'Laf8

&@

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

(;;)0(*+'$%'-&)6#'05'#-(E8__''F0*(1'("-+0)$/&#'6(2'(1#0'g%.'-+(-'iT$%%&#0-('F$-&i'

T&-+0.<'7+$*+'7(#'(.(;-&.'32'-+&'()*+$,&#'05'-+&'[%$,&)#$-2'05'T&130")%&<'B"#-)(1$(<'

6(2'3&'('60)&'&E&*/,&'#01"/0%'50)'-+&$)'%&&.#<'."&'-0'$-#'6&-+0.'05'-()4&/%4'-+&'

3"#$%&##&#'-0'3&'*011&*-&.<'3&50)&'.0*"6&%/%4'-+&6<'7+$*+'6(2'g-'7$-+'(')&*0).'

0Y*&i#'4&04)(;+$*(1'1$6$-(/0%#8_`

=6;1&6&%/%4'('T$%%&#0-('T&-+0.'-2;&'#01"/0%')($#&#'('5"%.(6&%-(1'o"&#/0%8'

B)&'10*(1'("-+0)$/&#'*011&*/%4'-+&')&*0).#'05'-+&#&'3"#$%&##&#'50)'-+&'#(>&'05')&l&*/%4'

-+&'0)4(%$#(/0%(1'#-)"*-")&'(%.'$-#'.(2'-0'.(2'(*/,$/&#<'0)'$#'-+&';)$6()2')&(#0%'50)'

-+&$)'*011&*/0%'-+&$)'"#&'32')&#&()*+&)#'(%.'()*+$,&',$#$-0)#e''H$%.$%4'-+&'(%#7&)'-0'-+$#'

o"&#/0%'7$11'.&-&)6$%&'$5'-+$#'6&-+0.'$#'-+&'*0))&*-'#01"/0%'-0'$6;1&6&%-8

_8N8`' ''''B'A(/0%(1'!"#$%&##'B)*+$,&'C&%-)&'50)'K%41(%.'(%.'J(1&#e' ''

B'60)&')(.$*(1';)0;0#$/0%'6(2'3&'-0'#&-'";'('50)6(1'$%#/-"/0%'-+(-';&)50)6#

-+&'5"%*/0%'-+(-'-+&'U1(#407'[%$,&)#$-2'B)*+$,&#'+(#'-(>&%'0%'$%'I*0-1(%.<'$%';)0,$.$%4'

('.&.$*(-&.';1(*&'05'.&;0#$-';")&12'50)'3"#$%&##'()*+$,&#'5)06'(11'0,&)'K%41(%.'(%.'

J(1&#<'*0%*&%-)(/%4'-+&6'$%'0%&';1(*&'7$-+'('#-(E'-+(-'#;&*$(1$#&#'$%'70)>$%4'7$-+'

-+&6<';)060/%4'(%.';)0,$.$%4'(**&##'-0'-+&68''9+&'$.&('05'-+$#'>$%.'05'$%#/-"/0%'

*(6&'";'$%'.$#*"##$0%#'7$-+'-+&'()*+$,$#-#'$%-&),$&7&.'50)'-+$#'.$##&)-(/0%<'(%.'-+&2'

7&)&'*("/0"#12'$%'5(,0")'05'-+&'*0%*&;-8''9+&'()*+$,$#-'5)06'[%$1&,&)'7+0'7(#'$%,01,&.'

.")$%4'-+&'$%$/(1'.$#*"##$0%';)0*&##'50)'-+&'A(/0%(1'!"#$%&##'B)*+$,&'I-)(-&42'#($.<'

ix$y%$/(112'7&';"#+&.'50)'('A(/0%(1'!"#$%&##'B)*+$,&<'3"-'$-'(11'*06&#'.07%'-0'60%&2<'

__ Z'!&t%4-0%'&-'(1<'pNkkfq<'^&&;$%4'B)*+$,&#'_).'&.8<'B"#-)(1$(%'I0*$&-2'05'B)*+$,$#-#<';8'LaO8

_` Z'K11&%'&-'(1<'pNkk`q<'iT(>$%4'B)*+$,(1'C+0$*&#'50)'!"#$%&##'c$#-0)2i<'B"#-)(1$(%'K*0%06$*'c$#-0)2'

W&,$&7'``SN<';8'N8

&!

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

7+0'70"1.'5"%.'$-<'7+&)&'70"1.'$-'#$-ei_M''=%'-+&'A(/0%(1'I-)(-&42'50)'!"#$%&##'B)*+$,&#<'

$.&%/52$%4'i0)4(%$#(/0%#'7$11$%4'-0'&#-(31$#+'*&%-)&#'50)'3"#$%&##'()*+$,&#'05'%(/0%(1'

$6;0)-(%*&i_a'$#'.&g%&.'(#'('#-)(-&4$*'(*/0%'-0'3&'"%.&)-(>&%'32'9AB<'+07&,&)'-+$#'$#'

-0'*06;1&6&%-'&:$#/%4'())(%4&6&%-#<')(-+&)'-+(%'(#'('%&7'.$)&*/0%<'(%.'#&&6#'-0'3&'

.&#$4%&.'-0'&%#")&'0);+(%&.'0)'(-')$#>')&*0).#'()&'%0-'10#-<')(-+&)'-+(%'3)$%4$%4'"%.&)'

"#&.'*011&*/0%#'$%-0'-+&';"31$*'&2&8''X%&'05'-+&';0$%-#'$%'-+&'$6;1&6&%-(/0%'#&*/0%'$#'

-0'i&:;10)&'-+&';0-&%/(1'05'*)&(/%4''0%&'0)'60)&'%(/0%(1'*&%-)&#'50)'3"#$%&##'()*+$,&#'

p$%'K%41(%.qi_P'(%.'*$-&#'-+&'&:(6;1&'05'%(6$%4'$%#/-"/0%#'#;&*$(1$#$%4'$%'.$E&)&%-'

()&(#'05'$%."#-)2<'1$>&'#+$;3"$1.$%48''c07&,&)<'='-+$%>'-+&'*06;1$*(/0%#'05'*)&(/%4'60)&'

-+(%'0%&'*&%-)&'+(#'60)&'.$#(.,(%-(4&#'-+(%'(.,(%-(4&#8''=-'70"1.')&."*&'-+&';0##$31&'

;)0g1&'-+(-'70"1.'501107'-+&'$.&('05'('i%(/0%(1'*&%-)&i<'(#'7&11'(#'&:(*&)3(/%4'-+&'

;)031&6#'05'5"%.$%4'6"1/;1&'#$-&#8''9+&'(.,(%-(4&'05'0%&'5(*$1$-2'$#'+(,$%4'0%&'7&11'

>%07%';0$%-'05'*0%-(*-';")&12')&1(-&.'-0'3"#$%&##'(%.'$%."#-)2<'7+&)&'-+&'#-(E'70"1.'

3&'-(#>&.'7$-+'.&,&10;$%4'>%071&.4&'(30"-'-+0#&'*011&*/0%#'7$-+0"-'+(,$%4'0-+&)'

>$%.#'05')&*0).#'-0'.$#-)(*-'-+&68''K#-(31$#+$%4'6"1/;1&'*&%-)&#'6(2',&)2'1$>&12'6&(%'

-+&6'3&$%4'(?(*+&.'-0'&:$#/%4'()*+$,(1'5(*$1$/&#<'(%.')"%#'-+&')$#>'05'#-(E'/6&'3&$%4'

.&,0-&.'-0'0-+&)'(*/,$/&#<'$%'(..$/0%'-0'3"#$%&##'()*+$,&#8'''9+&)&'70"1.'3&'('

6"1/;1$*$-2'05'7(2#'$%'7+$*+'#;&*$g*'*011&*/0%#'7&)&'1$#-&.<'*(-(104"&.'(%.'#-0)&.<'

7+&)&(#'0%&'%(/0%(1'*&%-)&'*0"1.'.&,&10;'4"$.&1$%&#'-+(-'&%#")&.'*011&*/0%#'7&)&'

.&(1-'7$-+'$%'('#$6$1()'7(28

_M =%-&),$&7'7$-+'-+&'[%$1&,&)'()*+$,$#-<'k`'B"4"#-'NkLk<';8'Lka8

_a F04(%'T*C(3&'B)*+$,&'C0%#"1-(%*2<'pNkkOq<'A(/0%(1'I-)(-&42'50)'!"#$%&##'B)*+$,&#'pK%41(%.'(%.'

J(1&#q<'F0%.0%S'9+&'A(/0%(1'B)*+$,&#<';8'LM8

_P 'F04(%'T*C(3&'B)*+$,&'C0%#"1-(%*2<'pNkkOq<'A(/0%(1'I-)(-&42'50)'!"#$%&##'B)*+$,&#'pK%41(%.'(%.'''''

'''''''J(1&#q<'F0%.0%S'9+&'A(/0%(1'B)*+$,&#<';8'LO8

&"

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

J+&)&'-0'10*(-&'#"*+'('5(*$1$-2'70"1.'3&'(%0-+&)'-0;$*'50)')$40)0"#'.$#*"##$0%8''='

)($#&.'-+&'$##"&'7$-+'62'$%-&),$&7&&#'(30"-'-+&'.&4)&&'05'.$#(.,(%-(4&'05')&60,$%4'

)&*0).#'5)06'-+&$)'10*(1'*0%-&:-'-0'#06&'>$%.'05'*&%-)(1'()*+$,&<''3"-'7+$1&'-+&2'

(*>%071&.4&.'-+&'$##"&<'-+&2'.$.%i-')&4().'$-'-0'3&'('6(n0)12'#$4%$g*(%-'0%&8''B#'-+&'

()*+$,$#-'5)06'[%$1&,&)';"-'$-<'ix-y+&2i,&'40-'-0'3&'7+&)&'-+&'"#&'05'-+&6'*(%'3&'

6(:$6$#&.<i_f'''(%.'*$-&.'-+&$)'07%'&:(6;1&'05'60,$%4'-+&'C016(%i#'()*+$,&'5)06'

A0)7$*+'-0']0)-'I"%1$4+-<'7+&)&'-+&'()*+$,&i#'#-(E'(%.')&#0")*&#'7&)&'10*(-&.8''9+&)&'$#'

5")-+&)';)&*&.&%*&'50)'-+$#'>$%.'05'#01"/0%8''9+&'T0.&)%'W&*0).#'C&%-)&'(-'J()7$*>'

;&)50)6#'('#$6$1()'>$%.'05'5"%*/0%'50)')&*0).#'05'-)(.&'"%$0%#'(%.'-+&'+$#-0)2'05'

$%."#-)$(1')&1(/0%#<'(%.'-+&'U"$1.+(11'$%'F0%.0%'+01.#'('1()4&'%"63&)'05'3"#$%&##'

*011&*/0%#<'(%.'-+&)&'$#'%0'&,$.&%*&'-0'#(2')&#&()*+&)#'+(,&'3&&%';"-'(-'(%2'

.$#(.,(%-(4&'32'10*(/%4'-+&')&*0).#'(-'0%&';+2#$*(1'10*(/0%<'$%.&&.'-+&2'3&%&g-'5)06'

#-(E'&:;&)/#&'$%'-+(-'()&('7+$*+'-+&2'6(2'%0-'4&-'32',$#$/%4'('10*(1'("-+0)$-2'()*+$,&8'

B%0-+&)'03,$0"#';)031&6'7$-+'-+$#'>$%.'05'#*+&6&'$#'-+&'$##"&'05'7+&)&'(%.'+07'-0'

03-($%'5"%.$%4'50)'#"*+'('5(*$1$-2'(%.'+07'-0')&#0")*&'$-'#"Y*$&%-128''9+$#'$#'7+&)&'

(.,0*(*2'*(%'*06&'$%<'.&60%#-)(/%4'-+&',(1"&'05'()*+$,&#'(#'(##&-#<'(%.'('400.'

6&-+0.'05'.&60%#-)(/%4'*0);0)(-&'#0*$(1')&#;0%#$3$1$-28''D0%(/%4'-+&$)'()*+$,&'-0'('

A(/0%(1'!"#$%&##'B)*+$,&'C&%-)&'6(2')&."*&'-+&'*0#-#'05'#-0)$%4')&*0).#'-+&6#&1,&#<'

(%.'-+&)&50)&'('*0%-)$3"/0%'-0'-+&$)'6($%-&%(%*&'$%'-+&'50)6'05'('0%&'0E';(26&%-'0)'

(%%"(1'*0%-)$3"/0%'#+0"1.'3&'#0"4+-8''J+$1#-'-+&'$%50)6(/0%'$%';"31$*'()*+$,&#'6(2'3&'

#&&%'(#'3&10%4$%4'-0'-+&';"31$*<'(%.'*+()4$%4'50)'-+(-'$%50)6(/0%'#06&7+(-'

*0%-)0,&)#$(1<'-+$#'6(2'%0-'+01.'-)"&'7+&%'*0%#$.&)$%4'('*&%-)&'50)'3"#$%&##'()*+$,&#8''=5'

_f '=%-&),$&7'7$-+'-+&'[%$1&,&)'()*+$,$#-<'k`'B"4"#-'NkLk<';8'Lka8

&#

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

-+&'5"%.$%4'*06&#'5)06'%0%@-(:;(2&)'#0")*&#<'*+()4$%4'50)'(**&##'$#'('6"*+'60)&'

"%.&)#-(%.(31&'(*/,$-28''9+&)&'6(2'3&'0;;0)-"%$/&#'50)'-+&'1$*&%#$%4'05'#"$-(31&'

;)0."*-#<';+0-04)(;+#'0)'g16'500-(4&'+&1.'32'3"#$%&##&#'50)'.0*"6&%-()$&#'0)'

(.,&)/#$%4';");0#&#8'''9+&'()*+$,$#-'5)06'[%$1&,&)'*066&%-&.<'i='-+$%>'20"i,&'40-'-0'

4$,&'3"#$%&##&#'$%*&%/,&#<'(%.'-+&)&'()&%i-'&%0"4+'$%*&%/,&#'50)'3"#$%&##&#'-0'+(,&'

()*+$,&#8i_O''9+$#'>$%.'05'*&%-)&'*0"1.'(1#0'$%*0);0)(-&'(.,$*&'(%.'#";;0)-'0%';0##$31&'

$%*&%/,&#'50)'.&;0#$/%4'()*+$,&#<'1&4(1'(%.'*0;2)$4+-'$##"&#<'(#'7&11'(#'1$($#0%'50)'

5(*$1$-(/%4'(%2';)0g-#'5)06'1$*&%#$%4'-+(-'6(2')&#"1-'5)06')&#&()*+&)i#'$%-&)&#-'$%'-+&'

*0%-&%-#'05'-+&'()*+$,&8''9+&)&'70"1.'05'*0")#&'3&'%0'%&&.'50)'&#-(31$#+&.'3"#$%&##'

()*+$,&#'-0'-(>&';()-'$%'-+$#'>$%.'05'*&%-)&<'3"-';)05&##$0%(1'%&-70)>#<'6&&/%4#'0)'#>$11'

#+()$%4'&,&%-#'*0"1.'3&'3(#&.'-+&)&<'-0'*)&(-&'#-)0%4&)'1$%>#'3&-7&&%'.$E&)&%-')&4$0%#'

(%.';()-#'05'-+&'#&*-0)<'(%0-+&)'($6'+$4+1$4+-&.'$%'-+&'A(/0%(1'I-)(-&428''=%.&&.'6(%2'

05'-+&'#-(-&.'#-)(-&4$*'($6#'*0"1.'3&';")#"&.'5)06''#"*+'('5(*$1$-28`k'

_O =%-&),$&7'7$-+'-+&'[%$1&,&)'()*+$,$#-<'k`'B"4"#-'NkLk<';8'Lka8

`k F04(%'T*C(3&'B)*+$,&'C0%#"1-(%*2<'pNkkOq<'A(/0%(1'I-)(-&42'50)'!"#$%&##'B)*+$,&#'pK%41(%.'(%.'

J(1&#q<'F0%.0%S'9+&'A(/0%(1'B)*+$,&#<';8'Lf@NN8

&%

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

@&/E3)$#C-D$

J-G$89980+1<8$1;$+48$K6+1-*6B$L+,6+8E5$9-,$M/;1*8;;$N,041<8;$

1*$O,-<1.1*E$B86.8,;41O$-*$1;;/8;$-9$

-/+,8604$6*.$8*E6E8D8*+=

='-+$%>'$-i#'('6(##$,&'#-&;'50)7().'-+(-'7&i,&'40-'$-888'=i,&'3&&%'#1$4+-12'

.$#(;;0$%-&.'(-'-+&';)04)&##'-+(-'+(#'3&&%'6(.&'#$%*&'$-'7(#';"31$#+&.8L

=i,&'3&&%'6(.&'(7()&'05'$-'$%'('i50)'$%50)6(/0%i'7(2')(-+&)'-+(%'#06&-+$%4'-0'

$%50)6'7+(-'7&'.08N

='#";;0#&888'7+&%'$-'*(6&'0"-<'7&')&(.'$-'(%.'$-'#&&6#'1$>&'('400.'$.&('-+(-'

*0"1.'3&'&E&*/,&<'3"-'#$%*&'-+&%'='+(,&%i-'#&&%'(%2-+$%4'-+(-i#'+(;;&%&.'(#'('

)&#"1-8_

=i6'%0-'#")&'+07'&E&*/,&'$-'7$11'3&'40$%4'50)7().<'-+&)&'+(#%i-'3&&%'('10-'05'

;)04)&##'#0'5()8`

`8L' '' ''''' '9+&'A(/0%(1'I-)(-&42'50)'!"#$%&##'B)*+$,&#' '

9+&'A(/0%(1'I-)(-&42'50)'!"#$%&##'B)*+$,&#'7(#';"31$#+&.'$%'Z"12'NkkO<'-04&-+&)'7$-+'('

7&3#$-&<'T(%(4$%4'!"#$%&##'B)*+$,&#'v+?;Sss77786(%(4$%43"#$%&##()*+$,&#8*08">sw<'

;)0,$.$%4'(.,$*&'50)'*06;(%$&#'*0%#$.&)$%4'#&t%4'";'(%'()*+$,&'0)';)&#&),$%4'-+&$)'

)&*0).#8''9+&'*(#&'#-".$&#'0%'-+&'#$-&';)0,$.&'('60.&11$%4'-001'50)'0-+&)'0)4(%$#(/0%#<'

(%.'-+&'BY1$(/0%'I*+&6&'('7(2'05'4&t%4'0%-0'-+&')(.()'05'-+&'#&*-0)8''9+$#'70"1.'

L =%-&),$&7'7$-+'-+&'!()*1(2#'U)0";'()*+$,$#-<'_k'Z"12'NkLk<';8'f`8

N =%-&),$&7'7$-+'-+&'()*+$,$#-'5)06'F(%*(#+$)&'W&*0).'XY*&<'_k'Z"12'NkLk<';8'Ok8

_ =%-&),$&7'7$-+'-+&'()*+$,$#-#'5)06'9+&'A(/0%(1'C00;&)(/,&'B)*+$,&<'k_'B"4"#-'NkLk<';8'OP8

` =%-&),$&7'7$-+'-+&'[%$1&,&)'()*+$,$#-<'k`'B"4"#-'NkLk<';8'Lka8

&&

http://www.managingbusinessarchives.co.uk/

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

#&&6'-0'3&'('>&2';0$%-'7+&%'B1&:'W$-*+$&<'!"#$%&##'B)*+$,&#'B.,$*&'T(%(4&)'(-'9AB<'

%0-&#'-+(-'-+&)&'$#'%0'0Y*$(1')&;0)/%4'0%'-+&'+01.$%4#'0)'(**&##$0%#'05'3"#$%&##'

()*+$,&#<'7+$*+'6&(%#'6(;;$%4'-+&'#&*-0)'$#'('*+(11&%4&'(#'$-'i)&6($%#'$11@.&g%&.8iM

9+&'#-)(-&42'7(#'('7&1*06&'(..$/0%'-0'-+&'1$-&)(-")&'#"))0"%.$%4'-+&'#&*-0)<'

(**0).$%4'-0'(11'-+&'()*+$,$#-#'$%-&),$&7&.8''9+&'()*+$,$#-'='#;0>&'-0'70)>$%4'$%'('10*(1'

("-+0)$-2'#&t%4'7(#'(7()&'05'$-'(-'('6"*+'60)&'3(#$*'1&,&1<';")&12'50)'$%50)6(/0%'

;");0#&#<')(-+&)'-+(%'+(,$%4'(%2'#0)-'05'5(6$1$()$-2'7$-+'$-8''D"&'-0'-+&'1()4&'%"63&)'05'

3"#$%&##'*011&*/0%#'*"))&%-12'+0"#&.'7$-+$%'10*(1'("-+0)$/&#<'-+$#'#&&6#'-0'3&'(%'

"%7&1*06&'.$#*0%%&*-<'(#'-+&'10*(1'("-+0)$-2'()*+$,$#-'$%-&),$&7&.'#($.'"%5(6$1$()$-2'

7$-+'-+&')(%4&'(%.'*0%-&%-'05'-+&'*011&*/0%#';)03(312'&:(*&)3(-&.'-+&$)'"%.&)"#&8a'

9+&'#-)(-&42'.0&#'$.&%/52'"#(4&'(#'0%&'05'-+&'g,&'5(*-0)#'-+(-';)&#&%-'*+(11&%4&#'-0'

()*+$,&#'$%'-+&'10*(1'("-+0)$-2'7+&%'.&(1$%4'7$-+'3"#$%&##'*011&*/0%#<'(10%4#$.&'

*(-(104"$%4<'#-0)(4&<'(**&##'(%.'-&)6#'05'.&;0#$-P8''9+$#'#&&6#'-0';)0,0>&'('>$%.'05'

*(-*+@NN'#$-"(/0%8''[#(4&'05'-+&'*011&*/0%#'$#')&o"$)&.'-0'$6;)0,&'#-0)(4&'(%.'-&)6#'05'

.&;0#$-<'$%*)&(#&'-+&'%"63&)'05'*011&*/0%#'*(-(104"&.<'(%.'*0%,$%*&'-+&'10*(1'

("-+0)$-2'-0';)0,$.&'4)&(-&)'(**&##8''9+&'3"#$%&##'*(#&'50)'(%2'05'-+&#&'*(%'3&'6(.&'0%'

-+&'3(#$#'0%'60%$-0)$%4'0)',$#$-0)'%"63&)#<'(#'6(%2'.&*$#$0%#'0%';)$0)$/&#'()&'6(.&'$%'

-+&'10*(1'("-+0)$-2'#&*-0)8''d&-'-+&';)&*&.$%4'50")'&1&6&%-#'(11'5&&.'$%'-0'(?($%$%4'

4)&(-&)'"#(4&<'(%.'-+&'10*(1'("-+0)$-2'$%-&),$&7&.'50)'-+$#'#-".2'.$.'%0-'6($%-($%'(%2'

>$%.'05'-)(*>$%4'#2#-&6'50)'(**&##'-0'3"#$%&##'*011&*/0%#<'-+$#'70"1.'#&&6'-0'3&'('

M B'W$-*+$&<'pNkLkq<'{9(>$%4'H0)7().'-+&'A(/0%(1'I-)(-&42'50)'!"#$%&##'B)*+$,&#u'!"#$%&##'B)*+$,&#S'

])$%*$;1&#'(%.'])(*/*&<';8'MM@Mar'Mf8

a =%-&),$&7'7$-+'-+&'()*+$,$#-'5)06'F(%*(#+$)&'W&*0).'XY*&<'_k'Z"12'NkLk<';8'fP8

P F04(%'T*C(3&'B)*+$,&'C0%#"1-(%*2<'pNkkOq<'A(/0%(1'I-)(-&42'50)'!"#$%&##'B)*+$,&#'pK%41(%.'(%.'

J(1&#q<'F0%.0%S'9+&'A(/0%(1'B)*+$,&#<';8'L`8

&'

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

#+0)-*06$%4'-+(-'%&&.#'-0'3&'(..)&##&.<'-+&'#-)(-&42'*066&%-#'-+(-'-+&'*"))&%-'

#$-"(/0%'$#'i"%#"#-($%(31&if'(%.'-+$#'70"1.'(;;&()'-0'3&'('*0))&*-'(##"6;/0%8''9+&'

A0)-+'05'K%41(%.'$#'+$4+1$4+-&.'(#'(%'()&(';0##&##$%4'i#$4%$g*(%-'*011&*/0%#'05'3"#$%&##'

()*+$,&#iO'30-+';)$,(-&12'(%.'$%'-+&';"31$*'#&*-0)8''d&-'-+&'#-)(-&4$*'(*/0%#'.0%i-')&(112'

;)0,$.&'(%2'>$%.'05'1&(.&)#+$;'$%'-&)6#'05'$%*)&(#$%4'&$-+&)'$%-&)%(1'&%4(4&6&%-'0)'

;"31$*'0"-)&(*+'7$-+'3"#$%&##'*011&*/0%#8''

B-'('3)0(.&)'1&,&1<'(%0-+&)'*)$/*$#6'05'-+&'#-)(-&42'-+(-'*(6&'";'.")$%4'-+&'

$%-&),$&7#'7$-+'()*+$,$#-#'70)>$%4'$%'(';")&12'*0);0)(-&'()*+$,&'#&t%4'7(#'-+&'1(*>'05'

;)04)&##'(%.'('5&&1$%4'05'#-(4%(/0%'7$-+')&4().'-0'$6;1&6&%-(/0%'05'-+&'#-)(-&428''9+&'

()*+$,$#-'5)06'!()*1(2#'#;0>&'(30"-'5&&1$%4'('1(*>'05'606&%-"6'(60%4#-'-+0#&'$%'-+&'

#&*-0)')&4().$%4'-+&'#-)(-&42<'-+(-'-+&)&'7(#'(160#-'(%'(t-".&'05'i%07'7&'+(,&'$-'7&'

*(%')&1(:'('3$-i<Lk'3"-'-+(-'-+&)&'7(#'%0'7(2'05';"#+$%4'-+&'(4&%.('50)7().'5)06'+&)'

;0#$/0%<'(%.'-+(-'-+&)&'+(.'-0'3&''60)&'05'('-0;'.07%'(;;)0(*+'-0'*0%/%"&'-+$#'70)>8'

X%'9AB#'#$.&<'-+&)&'+(,&'3&&%'('#&)$&#'05';)&#&%-(/0%#'-+(-'+(,&'(?&6;-&.'-0'*0,&)'

-+&'.$E&)&%-')&4$0%#<'(%.'()/*1&#'+(,&'(;;&()&.'%0-'0%12'$%'$%."#-)2';"31$*(/0%#<'3"-'

(1#0'$%'-+0#&'($6&.'(-')&(*+$%4'-+&'4&%&)(1';"31$*<'#"*+'(#'5(6$12'+$#-0)2'6(4(R$%&#8LL'

T0)&'70)>'.0%&'$%'-+$#',&$%'6(2'+&1;'&%#")&'-+&'70).'$#'#;)&(.'60)&'-+0)0"4+12<'3"-'

9AB#'-&(6'$#'(')&1(/,&12'#6(11'0%&<'(%.'-+$#'-(#>'6(2'"1/6(-&12'3&'(**06;1$#+&.'

-+)0"4+'70).'05'60"-+'3&-7&&%'()*+$,(1'0)4(%$#(/0%#'1$>&'-+&'!"#$%&##'W&*0).#'U)0";'

f F04(%'T*C(3&'B)*+$,&'C0%#"1-(%*2<'pNkkOq<'A(/0%(1'I-)(-&42'50)'!"#$%&##'B)*+$,&#'pK%41(%.'(%.'

J(1&#q<'F0%.0%S'9+&'A(/0%(1'B)*+$,&#<';8'L`8

O F04(%'T*C(3&'B)*+$,&'C0%#"1-(%*2<'pNkkOq<'A(/0%(1'I-)(-&42'50)'!"#$%&##'B)*+$,&#'pK%41(%.'(%.'

J(1&#q<'F0%.0%S'9+&'A(/0%(1'B)*+$,&#<';8'Lk8

Lk =%-&),$&7'7$-+'-+&'!()*1(2#'U)0";'()*+$,$#-<'_k'Z"12'NkLk<';8'f`8

LL B'W$-*+$&<'pNkLkq<'{9(>$%4'H0)7().'-+&'A(/0%(1'I-)(-&42'50)'!"#$%&##'B)*+$,&#u'!"#$%&##'B)*+$,&#S'

])$%*$;1&#'(%.'])(*/*&<';8'M`8

&(

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

05'-+&'BWB<'-+&'!BC'(%.'$%.$,$."(1'()*+$,$#-#8'

`8N' '' ''''' '9+&6&#'05'&%4(4&6&%-'(%.'0"-)&(*+'$%'#&*-0)';"31$*(/0%#' '

T"*+'05'-+&';)05&##$0%(1'*0%*&)%')&4().$%4'3"#$%&##'()*+$,&#'0,&)'-+&'1(#-'-70'0)'-+)&&'

.&*(.&#'+(#'3&&%'50*"#&.'0%')&#*"$%4<'&%*0")(4$%4'(%.';)&#&),$%4'*0);0)(-&')&*0).#'

-0'&%#")&',$-(1'(#;&*-#'05'!)$-($%i#'&*0%06$*'+$#-0)2'()&'%0-'10#-'50)&,&)8''=%.&&.'-+$#'

*0"1.'#/11'3&'*0%#-)"&.'(#'0%&'05'-+&'60#-'$6;0)-(%-'$##"&#'(E&*/%4'-+&'#&*-0)'-0'-+&'

;)&#&%-'.(2<'(%.'()/*1&#')&4().$%4'-+&')&#*"&'05'*011&*/0%#'"%.&)'-+)&(-'#/11')&*&$,&'

6&.$('(?&%/0%<LN'&#;&*$(112'(#'3"#$%&##'*011&*/0%#'()&';0##$312'-+&'60#-'#"#*&;/31&'

.")$%4'/6&#'05'&*0%06$*')&*&##$0%'7+&%'3"#$%&##&#'1()4&'(#'7&11'(#'#6(11'*(%'(%.'.0'

5($18''B%'(%(12#$#'05'-+&'6(n0)'-+&6&#'$%'-+&'%&7#1&?&)#'05'-+&'!"#$%&##'B)*+$,&#'

C0"%*$1'3&-7&&%'I;)$%4'Nkk_'@'I"66&)'NkLk'7(#'3(#&.'()0"%.'*0"%/%4'-+&'()/*1&#'

-+(-'5&11'7$-+$%'#&,&%'*(-&40)$&#8''C(-&40)$&#'7&)&'.&-&)6$%&.'3(#&.'0%'-+&'-)(.$/0%(1'

70)>'05'-+&'C0"%*$1'(%.'(*/,$/&#'-+(-'70"1.'3&'&:;&*-&.'05'('#&*-0)(1'30.2<'$8&8'

(.,0*(*28''9+&'%&7#1&?&)#'()&'6(.&'(,($1(31&'0%'-+&'!BC'7&3#$-&'50)'.07%10(.'32'(%2'

,$#$-0)#<'(#'0;;0#&.'-0'n0")%(1#'7+$*+'()&'50)'6&63&)#'(%.'(*(.&6$*#<'(%.'#0'-+&'

%&7#1&?&)#'7&)&'(%(12#&.'-0'.&-&)6$%&'7+(-'-+&'$%."#-)2'30.2'3&1$&,&#'$#'$6;0)-(%-'

-0';"31$*$#&'-0'-+&';"31$*'(%.'$-i#'6&63&)#8''9+&')&#"1-#'05'-+$#'(%(12#$#'p#&&'H$4")&'Lq'

#+07'-+(-'LP}'05'-+&'()/*1&#'$%'-+&'%&7#1&?&)')&1(-&'-0'&%4(4&6&%-'(%.'0"-)&(*+8'''

LN B'^$%4<'pNkkO<'B;)$1'NLq<'T$%$#-&)';1&.4&#'-0'g4+-'()*+$,&'3(?1&<'9+&'I&%/%&1<'

v+?;Sss7778-+$#$##-(E0).#+$)&8*08">s%&7#sT$%$#-&)@;1&.4&#@g4+-@()*+$,&@3(?1&s()/*1&@OLf__`@

.&-($1s()/*1&8+-61w'B**&##&.S'N_'B"4"#-'NkLk8

&>

http://www.thisisstaffordshire.co.uk/news/Minister-pledges-fight-archive-battle/article-918334-detail/article.html

http://www.thisisstaffordshire.co.uk/news/Minister-pledges-fight-archive-battle/article-918334-detail/article.html

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

A0'*(-&40)2'-0-(11&.'60)&'-+(%'NM}<'(%.'&%4(4&6&%-'(%.'0"-)&(*+'7(#'-+&'#&*0%.'

1()4&#-'*(-&40)2'05'()/*1&#'(G&)'-+0#&')&1(/%4'-0'!BC'B.6$%$#-)(/,&'3"#$%&##'(%.'

";.(-&#<'3"-'$-'7(#'4)0";&.'*10#&12'-0'-+&6&#'05'$%50)6(/0%'0%'%&712';"31$#+&.'

*(-(104"&#'0)'+$#-0)$&#'(%.'(.,0*(*2<'#+07$%4'-+(-'-+&#&'-+)&&'-+&6&#'7&)&'05'4)&(-&#-'

$6;0)-(%*&'-0'-+&'!BC8''W&,$&7$%4'-+&#&'%&7#1&?&)#'#&&6#'-0'.$#;)0,&'-+&'$.&('-+(-'

-+&'50*"#'7$-+$%'-+&'1$-&)(-")&'$#'0%'-+&')&#*"&'(%.';)&#&),(/0%'05'(-')$#>'0)'0);+(%&.'

*011&*/0%#<'(1-+0"4+'-+&'6($%';"31$*(/0%#';)0."*&.'n0$%-12'3&-7&&%'-+&'!BC'(%.'9AB'

+(,&'0G&%'50*"#&.'0%'-+&#&';0-&%/(1'()*+$,&#')(-+&)'-+(%'&:$#/%4'0%&#8''=-'$#'0G&%'1&G'

-0'()*+$,$#-#'-+&6#&1,&#'-0'7)$-&'()/*1&#'0%'#"**&##5"1'&%4(4&6&%-'(%.'0"-)&(*+'70)>'

-0'#;)&(.'-+&'70).'05'-+0#&'(*+$&,&6&%-#'-0'0-+&)'()*+$,$#-#<'(%.'-+(-'$#'.&;&%.&%-'0%'

-+&6'3&$%4'#"3#*)$3&.'-0'-+0#&';()/*"1()'n0")%(1#8''

&?

H$4")&'NS'']$&'*+()-')&l&*/%4'-+&6&#'$%'!"#$%&##'B)*+$,&'C0"%*$1'A&7#1&?&)#

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

`8_' '' ''''' 'A&7'D$)&*/0%#'$%'I-)(-&42' '

9+&')&*&%-'(%%0"%*&6&%-#'05'-+&'6&)4&)'05'-+&'I0*$&-2'05'B)*+$,$#-#<'-+&'B##0*$(/0%'05'

C+$&5'B)*+$,$#-#'$%'F0*(1'U0,&)%6&%-'(%.'-+&'A(/0%(1'C0"%*$1'0%'B)*+$,&#L_'(#'7&11'(#'

-+&';)0;0#&.'(301$/0%'05'-+&'TFBL`'6&(%#'-+&)&'7$11'+(,&'-0'3&'#06&')&@())(%4$%4'05'

7+$*+'30.$&#'()&'-(#>&.'7$-+'$6;1&6&%/%4'*&)-($%';()-#'05'-+&'A(/0%(1'I-)(-&42'$%'

0).&)'-+(-'*+(%4&#'(*)0##'-+&'()*+$,&'70)1.'.0'%0-'1&(.'-0'5")-+&)'#-(4%(/0%'$%'-+&'

$6;1&6&%-(/0%'05'-+&'#-)(-&42''B'"%$g&.',0$*&'$%'-+&'%&7'BWB'(1#0'6&(%#'0%&'30.2'

*(%'0%12'.0'#0'6"*+'(-'0%*&<'(%.'#06&'$6;0)-(%-'(#;&*-#'6(2'5(11'-+)0"4+'-+&'*)(*>#'

$%'5(,0")'05'60)&'-0;$*(1'$##"&#8''c07&,&)<'$-'.0&#';)0,$.&'(%'0;;0)-"%$-2'-0'.&*$.&'

(30"-';)$0)$/&#'50)'-+&'5"-")&'05'(.,0*(*2'$%'-+&'#&*-0)8''

B1&:'W$-*+$&'(-'9AB'#"44&#-#'-+(-'-+&'A(/0%(1'I-)(-&42'50)'!"#$%&##'B)*+$,&#'7$11'

3&'n".4&.'(#'6"*+'50)'-+&'$%*)&(#&'$%';"31$*'>%071&.4&'(30"-'3"#$%&##'()*+$,&#'(#'(%2'

(*/,$/&#'*())$&.'0"-'7$-+$%'-+&'#&*-0)8LM''c07&,&)<'(-';)&#&%-'7+&)&'.0'-+&';"31$*'40'-0'

.$#*0,&)'3"#$%&##'()*+$,&#e''9+&'BWCcXA'.$)&*-0)2'0%'9ABi#'7&3#$-&')&1$&#'0%'

,01"%-()2'*0%-)$3"/0%#'05'*0%-(*-'.(-('(%.'3&*("#&'05'-+&'$%.$,$."(1'*+0$*&#'05'

*0);0)(-&'()*+$,&#'.0&#'%0-';)0,$.&'*0,&)(4&8''B-'-+&'0-+&)'&:-)&6&<'-+&'AWB'.$)&*-0)2'

+(#'0,&)'__<kkk'&%-)$&#La'05',()2$%4'o"(1$-2<';&)+(;#'-00'3$4'(%.'(7>7().'50)'(11'3"-'-+&'

60#-'.&.$*(-&.'3"#$%&##'0)'5(6$12'+$#-0)$(%8''9+&)&'$#'(1#0'('1$#-'05'3"#$%&##&#'-+(-'

L_ ])&##'W&1&(#&S'B%%0"%*$%4'-+&'BWB<'NNsk`sLk<'

v+?;Sss7778%*(80)48">s%&7#s1(-&#-z%&7#sNkLks#;)$%4sw''B**&##&.S'LP'B"4"#-'NkLk8

L` ])&##'W&1&(#&S'W&,$&7'05'B)6i#'F&%4-+'!0.$&#'NaskPsLk<'

v+?;Sss7778*"1-")&840,8">s%&7#s%&7#z#-0)$&#sPNfk8(#;:w''B**&##&.S'LP'B"4"#-'NkLk8

LM B'W$-*+$&<'pNkLkq<'{9(>$%4'H0)7().'-+&'A(/0%(1'I-)(-&42'50)'!"#$%&##'B)*+$,&#u'!"#$%&##'B)*+$,&#S'

])$%*$;1&#'(%.'])(*/*&<';8MP8

La B'W$-*+$&<'pNkLkq<'{9(>$%4'H0)7().'-+&'A(/0%(1'I-)(-&42'50)'!"#$%&##'B)*+$,&#u'!"#$%&##'B)*+$,&#S'

])$%*$;1&#'(%.'])(*/*&<';8'Ma@MP8

'@

http://www.culture.gov.uk/news/news_stories/7280.aspx

http://www.nca.org.uk/news/latest_news/2010/spring/

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

0;&)(-&'()*+$,&'0%'-+&'T(%(4$%4'!"#$%&##'B)*+$,&#'7&3#$-&<'W$-*+$&'%0-&#'i$%-&)&#/%412i'

-+(-'$-'*())$&#'&%-)$&#'%0-'1$#-&.'0%'&$-+&)'05'-+&'0-+&)'-70'#$-&#8LP''='70"1.'#"44&#-'-+(-'

-+&#&'-+)&&'#0")*&#'1$#/%4'.$E&)&%-'3"#$%&##'*011&*/0%#'$%'.$E&)$%4'.&4)&&#'05'.&-($1'

()&';()-'05'-+&';)031&6<')(-+&)'-+(%'-+&'#01"/0%8''B'5)(46&%-&.'(;;)0(*+'7+$*+'-(>&#'

%0'(**0"%-'05'-+&'5"%.(6&%-(1'.$E&)&%*&#'3&-7&&%'.$E&)&%-'-2;&#'05'()*+$,&#'$#'('7$%'

50)'%0'0%&8''H0)'-+&'"#&)#'$-';)&#&%-#'('*0%5"#$%4'%"63&)'05'0;/0%#<'7$-+'1$?1&'4"$.(%*&'

(#'-0'7+&-+&)'(%'&%o"$)2'6$4+-'6&&-'7$-+'(';0#$/,&')&#;0%#&8''H0)'()*+$,$#-#<'-+&')$#>'

05'3&$%4'1$#-&.'7+&%'(%'$%l":'05'&%o"$)$&#'6$4+-';"-'#&)$0"#'#-)($%'0%'#-(E')&#0")*&#<'

0)<'50)'()*+$,&#'-+(-'7&1*06&'&%o"$)$&#<'('.&(-+12'#$1&%*&8'']&)+(;#'('%&7'(;;)0(*+'-0'

1$#/%4'3"#$%&##'*011&*/0%#'$#')&o"$)&.8''=5'('A(/0%(1'!"#$%&##'B)*+$,&'C&%-)&'&,&)'*06&#'

-0'5)"$/0%<'$-'6$4+-'3&'-+&'%(-")(1'+06&'50)'-+$#'>$%.'05'-(#><'3"-'$5'%0-<'9AB'6$4+-'

*0%#$.&)'1&(.$%4'.$#*"##$0%#'0%'7+(-'6$4+-'3&'(%'(**&;-(31&'*06;)06$#&'50)'(11'#$.&#8'

!"#$%&##&#'7$11'+(,&'-+&'#&*")$-2'05'>%07$%4'-+&$)'.&-($1#'7$11'3&'0%'0%&'#$-&<'(%.'-+&'

0;/0%#'50)'.$#;1(2$%4'$%50)6(/0%'6$4+-'+(,&'*0%-)01#'0%'*0%-(*-'.&-($1#<'0)'*1&()'

&:;1(%(/0%#'05'7+(-'>$%.'05'&%o"$)$&#'-+&2'()&'(31&'-0'(**&;-8''9+&2'6$4+-'3&'(31&'-0'

#"36$-'#+0)-'3"#$%&##'+$#-0)$&#'-+(-'70"1.'#(/#52'#06&'&%o"$)&)#<'0)';)0,$.&'1$%>#'0"-'

-0'.&-($1&.'7&3')&#0")*&#'$5'-+&2'7&)&'(,($1(31&8''[#&)#'70"1.'+(,&'-+&'*0650)-'05'

>%07$%4'-+&2'7&)&',$#$/%4'('i0%&'#-0;'#+0;i<'(%.'$5'-+&'3"#$%&##'0)'$%."#-)2'-+&2'7&)&'

)&#&()*+$%4'7(#'%0-'1$#-&.<'-+&%'$-'.$.'%0-'&:$#-'p0)'$5'$-'.$.<'7(#'"%(31&'-0'(**&;-'

&%o"$)$&#q8''9+$#'70"1.'3&'-+&'>$%.'05'%(/0%(1'&%.&(,0")'-+(-'70"1.'3&'3&#-'1&.'32'-+&'

!BC'0)'9AB8''=-'$#'(1#0'%0-'*"))&%-12'('#-)(-&4$*'($6'05'-+&'AI!B<'(1-+0"4+'*0%#-)"*/%4'('

LP B'W$-*+$&<'pNkLkq<'{9(>$%4'H0)7().'-+&'A(/0%(1'I-)(-&42'50)'!"#$%&##'B)*+$,&#u'!"#$%&##'B)*+$,&#S'

])$%*$;1&#'(%.'])(*/*&<';8'Ma8

'!

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

[^'6(;'#+07$%4'-+&'.$#-)$3"/0%'05'3"#$%&##'*011&*/0%#'32'#&*-0)'$#';()-'05'-+&'%&7'

A(/0%(1'I-)(-&42'50)'!"#$%&##'B)*+$,&#'I*0-1(%.8Lf''=-'(;;&()#'-+(-'$%'-+&'2&()'-+(-'+(#'

;(##&.'#$%*&'-+&')&1&(#&'05'-+&'K%41(%.'(%.'J(1&#'#-)(-&42<'-+&2'+(,&'70)>&.'-0'g11'

#06&'05'-+&'60)&';)05&##$0%(112')&1(-&.'4(;#8''J+$1&'30-+'-(1>'(30"-'0,&)()*+$%4'

(*/,$/&#'-+(-'*)0##'-+&'#&*-0)<'I*0-1(%.i#'#-)(-&42'$%*1".&#'('%"63&)'05'6&(#")&#'-+(-'

()&'3(#&.'(-'4)(##')00-#'1&,&1'-+(-'-+&'K%41(%.'(%.'J(1&#'#-)(-&42'.0&#'%0-'*"))&%-12'

+(,&8''9+(-'*063$%&.'7$-+'-+&';()-%&)#+$;#'7$-+'9+&'!(11(#-'9)"#-LO'p('#;&*$(1$#-'9)"#-'

;)0,$.$%4'&:;&)/#&'-0'*(-(104"&'*06;1&:'3"#$%&##'*011&*/0%#q'(%.'U1(#407'[%$,&)#$-2'

B)*+$,&#'6&(%#'$-'7$11'3&'$%-&)&#/%4'-0'#&&'+07'-+&'#$-"(/0%'$%'I*0-1(%.'.&,&10;#<'(%.'

$5'$-'6$4+-'3&'7$#&'50)'K%41(%.'(%.'J(1&#'-0'501107'('#$6$1()';(-+'$%'5"-")&8'

9+&')01&'05'%(/0%(1'30.$&#<'7$-+'-+&'(3$1$-2'-0'(.,0*(-&'0%'3&+(15'05'-+&'#&*-0)'

;&)+(;#'%(-")(112'1&(.#'0%'-0'-+&'o"&#/0%r'#+0"1.'1&4$#1(/0%'3&';")#"&.'(#'-+&'%&:-'

#-&;'$%'3"#$%&##'()*+$,&'#&*-0)'#-)(-&42e''9+&)&'$#'(1)&(.2'1&4$#1(/0%'6(%.(/%4'7+$*+'

;"31$*'0)'40,&)%6&%-')&*0).#'6"#-'3&';)&#&),&.'32'1(7<'#0'-+&)&50)&'7+&%'3"#$%&##'$#'

#"*+'(%'$6;0)-(%-';()-'05'0")'&*0%06$*'(%.'%(/0%(1'+&)$-(4&'(%.'+$#-0)2<'$#'

*06;()(31&'1&4$#1(/0%'-0'+&1;';)0-&*-'-+&'3"#$%&##'()*+$,&'-+&'%&:-'104$*(1'#-&;e''9+&'

AI!B'0"-1$%&#'-+&'*"))&%-';0#$/0%S

I-(-"-0)2'1$6$-(/0%#'@'9+&)&'$#'%0'1&4$#1(/,&')&o"$)&6&%-'-0'>&&;')&*0).#'05'

+$#-0)$*(1'$%-&)&#-'&,&%'-+0"4+'-+&2'.&1$,&)'*"1-")(1'(%.'#0*$0@&*0%06$*'6&60)2'

50)'5"-")&'4&%&)(/0%#8'C06;(%$&#')0"/%&12'.&#-)02'-+&6<'(#'-+&2'()&'0G&%'

Lf D']07&11'(%.'^'^$%4<'pNkLkq<'A(/0%(1'I-)(-&42'50)'!"#$%&##'B)*+$,&#'$%'I*0-1(%.<'U1(#407S'!"#$%&##'

B)*+$,&#'C0"%*$1'(%.'9+&'!(11(#-'9)"#-<';8'LM8

LO 9+&'!(11(#-'9)"#-<'v+?;Sss-+&3(11(#?)"#-83104#;0-8*06sw''B**&##&.S'Nk'B"4"#-'NkLk8

'"

http://theballasttrust.blogspot.com/

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

;&)*&$,&.'(#'('1$(3$1$-2'-0'#-0)&<'(%.'-0'6(>&'(,($1(31&'50)'1&4(1'.$#*0,&)28Nk'

T(%2'0)4(%$#(/0%#'+(,&'%07'.&,&10;&.')&*0).#'6(%(4&6&%-'#-)(-&4$&#<')&-&%/0%'(%.'

.$#;0#(1'#*+&."1$%4<'&%#")$%4')&*0).#'-+(-'()&'>&;-'.0'5(11'"%.&)'-+&'3(%%&)'05'3&$%4'05'

0)4(%$#(/0%(1'0)'+$#-0)$*(1'$6;0)-(%*&8''I"3n&*/%4'-+&#&'>$%.#'05')&*0).#'-0'1&4$#1(/0%'

6$4+-'+(,&'-+&'-70@501.'#"**&##'05'&%#")$%4'3"#$%&##')&*0).#'()&';)&#&),&.'50)'-+&'

5"-")&<'(%.'&%*0")(4$%4'60)&'3"#$%&##&#'-0'$6;1&6&%-'#-)"*-")&.')&*0).#'

6(%(4&6&%-';)0*&.")&#\''9+$#'$#'%0-'-0'#"44&#-'-+(-'1&4$#1(/0%'#+0"1.'#&&>'-0'&%#")&'

(11')&*0).#'()&'>&;-<'0)'-0'$6;1&6&%-')&4"1(/0%'(#'#-)$*-'(#'-+&'I()3(%&#@X:1&2'B*-'

pNkkNq'$%'-+&'[%$-&.'I-(-&#8''B)*+$,(1'($6#'()&'%0-'-0'&%#")&'g%(%*$(1'0)'40,&)%(%*&'

)&4"1()$-2<'3"-'#$6;12'-0'&%#")&'10*(112<'%(/0%(112<'0)'$%."#-)$(112'$6;0)-(%-'

0)4(%$#(/0%#'()&')&l&*-&.'$%'0")'.0*"6&%-()2'+&)$-(4&8''9+"#'1&4$#1(/0%'&%#")$%4'-+(-'

10*(1'0)'%(/0%(1')&;0#$-0)$&#'()&'*0%#"1-&.'7+&%'3"#$%&##&#'5($1<'0)'#&&>'-0'.$#;0#&'05'('

#-0)&'05')&*0).#<'6(2'3&'&%0"4+'-0'#(/#52'60#-'05'-+&'#&*-0)8

B1&:'W$-*+$&'#"44&#-#'-+&'i*+(11&%4&'$%'NkLk'7$11'3&'-0'6($%-($%'-+&'606&%-"68i'

='-+$%>'-+&'6&)4&'05'-+&'#&*-0)(1'30.$&#'(%.'-+&'%&7#'-+(-'-+&'TFB'7$11';)03(312'3&'

70"%.'";'$%'('5&7'2&()#';)0,$.&#'(',(*""6'7+&)&'%&7'$.&(#'7$11'50)68''9+&'!BC'0;-&.'

0"-'05'-+&')&*&%-'6&)4&)'7$-+'0-+&)'$%."#-)2'30.$&#NL'(%.'#0'+(#'6($%-($%&.'('"%$o"&'

(%.'#&;()(-&',0$*&<'3"-'$-'$#'-+&'6"*+'#6(11&)')&1(/0%'05'-+&'BWB'(%.')$#>#'3&$%4'

.)07%&.'0"-'$%'(.,0*(*2'(*/,$/&#8''D$#*"##$0%#'(30"-'7+&)&')&#;0%#$3$1$/&#'50)'

$6;1&6&%/%4'-+&'#-)(-&42'(%.'5"-")&'(*/,$/&#'3&-7&&%'9AB'(%.'-+&'!BC'1$&'6(2'1&(.'

Nk F04(%'T*C(3&'B)*+$,&'C0%#"1-(%*2<'pNkkOq<'A(/0%(1'I-)(-&42'50)'!"#$%&##'B)*+$,&#'pK%41(%.'(%.'

J(1&#q<'F0%.0%S'9+&'A(/0%(1'B)*+$,&#<';8L_8

NL I0*$&-2'05'B)*+$,$#-#<'T&)4&)'HBh#<'

v+?;Sss7778()*+$,&#80)48">s-+&#0*$&-2s()*+$,&#&*-0);)0;0#(1#s6&)4&)5(o#8+-61w''B**&##&.S'Nk'

B"4"#-'NkLk8

'#

http://www.archives.org.uk/thesociety/archivesectorproposals/mergerfaqs.html

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

-0';()-%&)#+$;#'(*)0##'-+&'6"#&"6#<'1$3)()$&#'(%.'()*+$,&#'#&*-0)'-0'$%-&%#$52'-+&$)'

7&$4+-'0%'-+&'%(/0%(1'#-(4&8

'%

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

@-0%?D*'-0

M8L' '' ''' 'C)$/*$#6'05'-+&'T&-+0.01042' ''

B'*(,&(-'-0'-+&'*0%*1"#$0%#'.)(7%')&4().$%4'10*(1'("-+0)$-2'()*+$,&#<'$#'-+(-'-+&2'()&'

*0%#-)"*-&.';()-12'5)06'-+&')&#&()*+&)i#';)&,$0"#'&:;&)$&%*&#'05'70)>'$%'-+(-'#&*-0)<'

5)06'*0")#&',$#$-#'(#';()-'05'-+&'6(#-&)i#';)04)(66&<'(%.'(%'(%(12#$#'05'-+&'*0%-&%-'05'

10*(1'("-+0)$-2'()*+$,&'7&3#$-&#<'$%'(..$/0%'-0'-+&'$%-&),$&7'*0%."*-&.'7$-+'('10*(1'

("-+0)$-2'()*+$,$#-8''B#'-+&'g)#-'-70'6&-+0.#'7&)&'%0-'*0%."*-&.'(**0).$%4'-0'-+&'

6&-+0.01042'1($.'0"-'$%'-+&'=%-)0."*/0%<'(..$/0%(1'50)6(1'$%-&),$&7#'7$-+'10*(1'

("-+0)$-2'()*+$,$#-#'70"1.'$.&(112'+(,&'3&&%'*0%."*-&.'$%'0).&)'-0'#01$.$52'-+&'

*0%*1"#$0%#'.)(7%8''D"&'-0'('1(*>'05')&#;0%#&'5)06'#06&'05'-+&'("-+0)$/&#'*0%-(*-&.'

(%.'(%'$%(3$1$-2'-0'(**0660.(-&'-+&')&#&()*+&)'32'(%0-+&)')&*0).'0Y*&<'-+$#'7(#'

$6;0##$31&8''9+$#'7(#'0%&'7&(>%&##'05'-+&'4&04)(;+$*(1'1$6$-(/0%'&6;102&.'$%'-+&'

6&-+0.010428''F00>$%4'(-'('3$44&)'()&(<'#"*+'(#'-+&'A0)-+'pF(%*(#+$)&<'C+&#+$)&<'

C"63)$(<'d0)>#+$)&<'c"63&)'(%.'9&&#$.&q'$%#-&(.'05'-+&'A0)-+'J&#-'pF(%*(#+$)&'(%.'

C"63)$(q'70"1.'+(,&';)0,$.&.'60)&'0;/0%#'50)';0##$31&'$%-&),$&7&&#<'&#;&*$(112'$%'-+&'

10*(1'("-+0)$-2'#&*-0)<'7$-+0"-'.$1"/%4'-+&'50*"#'(%.')&1&,(%*&'05'-+&')&#&()*+'

o"&#/0%#'-00'6"*+8''

M8N' '' ''' 'B)&(#'50)'5"-")&')&#&()*+' ''

=%$/(112<'-+&'$%-&),$&7#'7&)&'-0'$%*1".&'-+&'+$4+&)'&."*(/0%'#&*-0)<'3"-'-+$#'7(#'%0-'

;0##$31&'-0'())(%4&8''=-'70"1.'3&'$%-&)&#/%4'-0'&:(6$%&'$5'-+&2'()&'+(,$%4'60)&'#"**&##'

'&

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

-+(%'10*(1'("-+0)$/&#'$%'"#$%4'0"-)&(*+'-0'&%4(4&'7$-+'3"#$%&##'*011&*/0%#r'-+&'&E&*-'

05'&."*(/0%(1'"#&<'(%.'7+(-'>$%.#'05')&*0).#'1&*-")&)#'(%.'#-".&%-#'"#&8'''=-'70"1.'(1#0'

3&'$%-&)&#/%4'-0'"%.&)-(>&'('*06;()(/,&';)0n&*-'"#$%4'-+&'#(6&'$%-&),$&7'o"&#/0%#'$%'

-+&'F0%.0%')&4$0%'-0'#&&'$5'-+&'*0%*1"#$0%#'$%'-+$#'.$##&)-(/0%'()&'30)%&'0"-'%(/0%(112'

0)'$5'-+&')&#"1-#'()&')&4$0%(112'3(#&.8''F0%.0%'$#'#&&%'(#'-+&'+"3'05'(*/,$-2')&1(/%4'-0'

3"#$%&##'()*+$,&#<'(%.'$#'7+&)&'6(%2'05'-+&'60#-'+$4+';)0g1&'(%.'*0);0)(-&12'07%&.'

()*+$,&#'()&'0;&)(-&.8''B)&'-+&2'60)&'&%-7$%&.'7$-+'-+&'$6;1&6&%-(/0%'05'-+&'

A(/0%(1'I-)(-&42'p."&'-0'-+&$)';)0:$6$-2'-0'$%."#-)2'30.$&#'1$>&'-+&'!BC'(%.'9ABq'-+(%'

-+&$)')&4$0%(1'*0"%-&);()-#e''B)&'#06&'05'-+&'&:(6;1&#'05'%&7'(;;)0(*+&#'-0';"31$*'

0"-)&(*+'(%.'&%4(4&6&%-'.&#*)$3&.'$%'-+$#'.$##&)-(/0%'10*(/0%'.&;&%.&%-<'0)'.0&#'$-'

.&;&%.'0%'-+&'-2;&'05'()*+$,&e''J$-+'-+&';"31$*(/0%'05'-+&'A(/0%(1'I-)(-&42'50)'

!"#$%&##'B)*+$,&#'$%'I*0-1(%.<'$-'70"1.'3&'"#&5"1'-0'*06;()&'-+&'.$E&)&%*&#'$%'-+&'

$6;1&6&%-(/0%'05'-+&'#-)(-&42'0%'&(*+'#$.&'05'-+&'30).&)<'&#;&*$(112'*0%#$.&)$%4'-+&'

&:$#-&%*&'05'-+&'[%$,&)#$-2'05'U1(#407i#')01&'$%'(*/%4'(#'('+"3'50)'3"#$%&##'*011&*/0%#8'

=-'6(2';)0,$.&'(%'0;;0)-"%$-2'-0'.&-&)6$%&'$5'('A(/0%(1'!"#$%&##'B)*+$,&'C&%-)&'$#'(%'

(;;)0;)$(-&'(%.';0-&%/(112'#"**&##5"1'$.&(8

M8_' '' ''' 'C0%*1"#$0%' '''''

9+&')01&'05'&%4(4&6&%-'(%.'0"-)&(*+'$%'-+&'3"#$%&##'()*+$,&#'#&*-0)'$#'(#',()$&.'(%.'(#'

,(1"(31&'(#'-+&'()*+$,&#'05'(%2';()/*"1()'3"#$%&##8''H0)'#06&'3"#$%&##&#<'&#;&*$(112'

-+0#&'-+(-'+(,&'(';"31$*'5(*$%4'0)'5)0%-'1$%&'&1&6&%-'-0'-+&6<'$-'$#',$-(112'$6;0)-(%-r'50)'

-+0#&'-+(-'()&'60)&'3"#$%&##'50*"#&.<'$-'*(%'3&'('%$*&'(..$/0%'-0'-+&$)'70)><'3"-'%0-'

''

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

$%-&4)(1'-0'-+&$)'*0)&'(*/,$/&#8''=%'-+&'*(#&'05'*0);0)(-&'()*+$,&#<'-+&'*"#-06&)'-+(-'

(17(2#'*06&#'g)#-'$#'-+&'3"#$%&##'$-#&15<'(1-+0"4+'()*+$,&#'+(,&'0G&%'.&,&10;&.'-+(-'

)&1(/0%#+$;'(10%4'-+&'#(6&'1$%&#'(#'-+&2'70"1.'(%'0"-)&(*+';)04)(66&<'"#$%4'#$6$1()'

(*/,$/&#8''=-'$#'.$Y*"1-'-0'4&%&)(1$#&'&E&*/,&12'7+&%'$-'*06&#'-0'*0%#$.&)$%4'

&%4(4&6&%-'(%.'0"-)&(*+'$%'(%2'()*+$,&'#&),$*&<'7+$*+'$#'0G&%'3(#&.'0%'('*06;1&:'

#&)$&#'05'#-(>&+01.&)#<'5"%.&)#<'(,($1(31&')&#0")*&#<'#-(E'$%-&)&#-''(%.'#$-"(/0%'$%'-+&'

10*(1'*066"%$-2<'+07&,&)'1()4&'0)'#6(11'$-'6(2'3&8''9+&'$%-&),$&7#'"%.&)-(>&%'50)'-+$#'

.$##&)-(/0%'.&60%#-)(-&'-+&)&'$#'%0'#2%0%260"#'0;$%$0%'(30"-'+07'()*+$,$#-#'

(;;)0(*+'-+&$)')01&'-0'$%-&)%(1'&%4(4&6&%-'(%.';"31$*'0"-)&(*+<'$-'.&;&%.#'&%/)&12'0%'

-+&'-2;&'05'()*+$,&'$%'7+$*+'-+&2'70)><'(%.'-+&'7(2'-+&'0)4(%$#(/0%'$#'6(%(4&.'(%.'

7+(-'$-#';)$0)$/&#'()&8''J+$1#-'-+&'()*+$,$#-'5)06'!()*1(2#'o"0-&.'(-'-+&'3&4$%%$%4'05'-+$#'

.$##&)-(/0%'7(#'g)612'(7()&'-+(-'-+&$)'g)#-'."-2'7(#'-0'-+&'3"#$%&##'3&50)&'(11'0-+&)#<'

-+&'A(/0%(1'C00;&)(/,&'B)*+$,&<'+&1.'$%'9)"#-<'+01.#'$%50)6(/0%(1<'&."*(/0%(1'0)'

)&#&()*+'($6#')$4+-'(-'-+&'*0)&'05'-+&$)')&6$-8L''9+&'0;/0%#'50)'3"#$%&##'()*+$,&#'+(,&'

%07'3&*06&'(#'*06;1&:'(#';"31$*12'5"%.&.'#&),$*&#'0)'#;&*$(1$#-')&;0#$-0)$&#<'(%.'('0%&'

#$R&'g-#'(11'#01"/0%'$#'%0'10%4&)'3&';0##$31&8''9+$#'$%'-")%'%&*&##$-(-&#'('(.n"#-6&%-'$%'

0")'-+$%>$%4'0%'-+&'#"3n&*-8''C0);0)(-&'()*+$,$#-#'6(2'3&'5(*$%4'-+&'#(6&'*+(%4&'-+(-'

;"31$*'#&*-0)'()*+$,$#-#'5(*&.'()0"%.'-+&'-")%'05'-+&'-7&%/&-+'*&%-")2<N'(#'-+&'3"#$%&##<'

$5'-+&'3"#$%&##'#/11'07%#'-+&'()*+$,&<')&(1$#&#'-+(-'-+&$)')&*0).#'()&'05';"31$*'$%-&)&#-<'

(%.'$-'$#'%0-'$6;&)(/,&'-+(-'(11'05'-+&6'6"#-'3&'>&;-'*0%g.&%/(1<'(%.'-+(-'('+(;;2'

L T(%(4$%4'!"#$%&##'B)*+$,&#'7&3#$-&<'C)&(/%4'('C+()$-(31&'9)"#-'-0'6(%(4&'-+&'()*+$,&<'

v+?;Sss77786(%(4$%43"#$%&##()*+$,&#8*08">s4&t%4z#-()-&.s;()-%&)#+$;#z(%.z*011(30)(/0%s*)&(/

%4z(z*+()$-(31&z-)"#-z-0z6(%(4&z-+&z()*+$,&w''B**&##&.S'LM'B"4"#-'NkLk8

N F'T*D0%(1.<'pLOfOq<'iK-+$*(1'.$1&66(#'5(*$%4'(%'()*+$,$#-'$%'-+&'3"#$%&##'&%,$)0%6&%-S'9+&'

*0%#-)($%-#'0%'('3"#$%&##'()*+$,$#-i<'Z0")%(1'05'-+&'I0*$&-2'05'B)*+$,$#-#<'LkS`<';8'LaO8

'(

http://www.managingbusinessarchives.co.uk/getting_started/partnerships_and_collaboration/creating_a_charitable_trust_to_manage_the_archive

http://www.managingbusinessarchives.co.uk/getting_started/partnerships_and_collaboration/creating_a_charitable_trust_to_manage_the_archive

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

6&.$"6'6(2'3&'(?($%(31&'(%.'.&#$)(31&8''9+&)&'()&'.&60%#-)(31&'3"#$%&##'3&%&g-#'-0'

"/1$#$%4'-+&'*0%-&%-#'05'-+&'()*+$,&'3&20%.'-+&'$%-&)%(1'3"#$%&##'*066"%$-28

90'*)&(-&'('"#&5"1'(%.'.2%(6$*'.&;()-6&%-';)0,$.$%4'('"%$o"&'#&),$*&'-0'-+0#&'

30-+'7$-+$%'(%.'0"-#$.&'-+&'C06;(%2')&6($%#'-+&'>&2'-0'*0%/%"$%4'#";;0)-'

5)06'-+0#&'+01.$%4'-+&';")#&'#-)$%4#8_

H0)'-+0#&'0)4(%$#(/0%#'-+(-'()&'(1)&(.2'3"$1.$%4';"31$*'0"-)&(*+'(*/,$/&#<'-+&)&'$#'('

7$.&',()$&-2'05'(*/,$/&#'0**"))$%4<'(%.'7+$1&';)(*/*&'$#'3&$%4'#+()&.<'3&?&)'%&-70)>#'

*0"1.'3&'.&,&10;&.'-0'#+()&'#>$11#'(%.'6(-&)$(1#'3&-7&&%'*0);0)(-&'()*+$,&#'(%.'

)&;0#$-0)$&#'1$>&'10*(1'("-+0)$/&#<'-+(-'*0%-($%'3"#$%&##'*011&*/0%#'3"-'.0'%0-'50*"#'0%'

-+&6'&:*1"#$,&12<'0)'"#&'-+&6'&:-&%#$,&12<'$%'-+&$)'*"))&%-';)04)(66&#8''

9+$#'.$##&)-(/0%'(1#0')&l&*-&.'0%';0##$3$1$/&#'50)'-+&'5"-")&<'(%.'$%'7+(-'

.$)&*/0%'30.$&#'$%'-+&'#&*-0)'#+0"1.'3&'"#$%4'-+&$)'$%l"&%*&8''X%12'(')&1(/,&12'#6(11'

%"63&)'05'*06;(%$&#'6($%-($%'(%'()*+$,&<'(%.'&:;&%#$,&';)0;0#$/0%'-+(-'1&.'0%&'05'

62'$%-&),$&7&&#'-0'#-(-&'i$-'70"1.'3&',&)2'#-)(%4&'50)'('3"#$%&##'-0'#&-'";'(%'()*+$,&'

%07i`8'''=5'7&'+(,&'#&&%'-+&'1(#-'05'$%.&;&%.&%-12'6($%-($%&.'*0);0)(-&'()*+$,&#<'(%.'

-+&'0;/0%#'50)'3"#$%&##'*011&*/0%#'()&'50)'-+&'60#-';()-'10*(1'("-+0)$/&#<'7+&)&'-+&2'

*0660%12'"%.&)@"#&.'(%.'*06&'0"-'(';00)'#&*0%.<'$%'-&)6#'05'()*+$,$#-'>%071&.4&'

(%.'5(6$1$()$-2<'-0'60)&';0;"1()')&*0).#'$%'-+&'#&()*+')006<'-+&%'#+0"1.'0-+&)'0;/0%#'

3&'&:;10)&.'(%.'(.,0*(-&.'50)'60)&'#-)0%412e''9+&'A(/0%(1'I-)(-&42'-+&)&50)&'

%(-")(112'*06&#'$%-0';1(2<'(%.'-+&'*"))&%-'#-)(-&42<'n"#-'0,&)'('2&()'01.<'+(#'#06&'70)>'

-0'.0'$%'-&)6#'05'#;)&(.$%4'$-#'6&##(4&'-0'&,&)20%&'-+(-'%&&.#'-0'3&'(7()&'05'$-8''=-'(1#0'

_ Z'H()(.(2<'pNkkPq<'iD0$%4'-+&'!"#$%&##S'9+&'])060/0%'05'!"#$%&##'B)*+$,&#'$%'-+&'])$,(-&'I&*-0)i<'

!"#$%&##'B)*+$,&#S'])$%*$;1&#'(%.'])(*/*&'O_<';8'M8

` =%-&),$&7'7$-+'-+&'[%$1&,&)'()*+$,$#-<'k`'B"4"#-'NkLk<';8'Lka8

'>

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

.0&#%i-'#;&*$g*(112';)060-&'-+&';)0;0#(1'05'('A(/0%(1'!"#$%&##'B)*+$,&#'C&%-)&<'$%'

5(,0")'05'6"1/;1&'#$-&#8''9+$#'6(2'3&'('60)&'#"#-($%(31&'$.&('$%'-&)6#'05'5"%.$%4'(%.'

)&#0")*&#<'2&-')$#>#'>&&;$%4'-+&'#"3n&*-'05'3"#$%&##'*011&*/0%#'.$1"-&.'(#'0;;0#&.'-0'('

%(/0%(1'*&%-)&<'7+$*+'70"1.';)0,$.&'('.&g%$-&'50*"#8'''=5'$-'$#'%0-'-0'3&<'-+&%'.&,&10;$%4'

(%.'$6;1&6&%/%4'#06&'05'-+&'#-)(-&4$*'($6#'05'-+&'A(/0%(1'I-)(-&42'3&*06&#'&,&%'

60)&'&##&%/(1<'&#;&*$(112'.&,&10;$%4'%&-70)>#'(%.';()-%&)#+$;#'3&-7&&%';"31$*'#&*-0)'

(%.'*0);0)(-&'()*+$,&#'-0'g11'-+&'4(;#'$%'*"))&%-'70)>$%4<'(%.'&%#")&'5")-+&)'*011&*/0%#'

()&'%0-';"-'(-')$#>8M''''

[1/6(-&12<'-+&'3"#$%&##'()*+$,&#'05'-0.(2'-+(-'#&),&'-+)$,$%4'*0);0)(/0%#'*0"1.'

7&11'3&*06&'-+&'+$#-0)$*(1'*")$0#$/&#'05'-+&'5"-")&<'05'$%-&)&#-'-0'+$#-0)$(%#'(%.'

(*(.&6$*#<')(-+&)'-+(%'6()>&/%4'0)'1&4(1'.&;()-6&%-#8''C0);0)(-&'()*+$,&#'()&'#"3n&*-'

-0'(#'6(%2')$#>#'(#'-+&$)';"31$*'#&*-0)'*0"%-&);()-#<'(%.'-+&)&'$#'%0'4"()(%-&&'-+(-'-+&2'

7$11'(17(2#'3&'6($%-($%&.'$%'-+&$)'07%'5(*$1$-2<')(-+&)'-+(%'.&;0#$-&.'$%'(';"31$*'

)&;0#$-0)2<'0)'&,&%'3&';"-'(-')$#>'05'3&$%4'.&#-)02&.8''9+&')&1(/0%#+$;'3&-7&&%'$%-&)%(1'

&%4(4&6&%-'(%.';"31$*'0"-)&(*+'+(#'(1#0'3&*06&'&%-7$%&.'(%.'#06&'05'-+&'60#-'

&E&*/,&'6&-+0.#'05')&(*+$%4'0"-'-0'-+&';"31$*'*06&'5)06'(*/,$/&#'.&,&10;&.'50)'

$%-&)%(1'(".$&%*&#<'(%.',$*&',&)#(8''9+&'3"#$%&##'3&%&g-#'05'3&$%4'$%,01,&.'$%'-+&#&'

(*/,$/&#'+(,&'3&&%'.&60%#-)(-&.'-+)0"4+0"-'-+$#'.$##&)-(/0%<'(%.'#&&6'-0';)0,$.&'

-+&'3&#-'6&-+0.'05'*0%,$%*$%4'-+&'3"#$%&##'05'-+&'#-(-"#'(%.'$6;0)-(%*&'05'-+&'()*+$,&<'

(%.'$-#'"%$o"&'*0%-)$3"/0%'-0'-+&$)'0%40$%4'#"**&##8''C0);0)(-&'()*+$,&#'(;;&()'-0'3&'

.&60%#-)(/%4'('#"**&##5"1'3(1(%*&'$%'-&)6#'05'-+&$)'&%4(4&6&%-'(%.'0"-)&(*+'70)><'

M F04(%'T*C(3&'B)*+$,&'C0%#"1-(%*2<'pNkkOq<'A(/0%(1'I-)(-&42'50)'!"#$%&##'B)*+$,&#'pK%41(%.'(%.'

J(1&#q<'F0%.0%S'9+&'A(/0%(1'B)*+$,&#<';8'Lar'Nk8

'?

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

3"-'10*(1'("-+0)$/&#'1(4'3&+$%.'$%'-)(%#1(/%4'#"**&##5"1'0"-)&(*+'(*/,$/&#'-0'

$%*0);0)(-&'3"#$%&##'*011&*/0%#8''X,&)'-+&';(#-'*0";1&'05'.&*(.&#<'3"#$%&##'()*+$,&#'

+(,&'3&&%'.&#*)$3&.'(#'+(,$%4'ig%(112'*06&'$%'5)06'-+&';&)$;+&)2ia'(%.'='70"1.'()4"&'$-'

$#'/6&'50)'0"-.(-&.'#-&)&0-2;&#'-0'3&'1&G'3&+$%.<'$%'0).&)'-0'50*"#'0%'.&,&10;$%4'-+&'

$%-&)&#-'05')&#&()*+&)#'5)06'(11'7(1>#'05'1$5&'$%'.$,&)#&<',$3)(%-'(%.'"%$o"&'3"#$%&##'

*011&*/0%#'-+(-'+(,&'#+(;&.'-+&'7(2'!)$-($%'+(#'.&,&10;&.'&*0%06$*(112'0,&)'#&,&)(1'

+"%.)&.'2&()#8''''''''

a B'W$-*+$&<'pNkLkq<'{9(>$%4'H0)7().'-+&'A(/0%(1'I-)(-&42'50)'!"#$%&##'B)*+$,&#u'!"#$%&##'B)*+$,&#S'

])$%*$;1&#'(%.'])(*/*&<';8'Mf8

(@

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

G'<?'-1$/E&5

B%.&)#0%<'c8<'pLOfNq<'i!"#$%&##'B)*+$,&#S'B'C0);0)(-&'B##&-i<'B6&)$*(%'B)*+$,$#-'`MS_<'

;;8'Na`@Naa8

B##0*$(/0%'05'U)&(-&)'T(%*+&#-&)'B"-+0)$/&#<'U)&(-&)'T(%*+&#-&)'W&*0).'XY*&<'

v+?;Sss77781$3)()286(%*+&#-&)8(*8">s#;&*$(1*011&*/0%#sw''B**&##&.S'Nk'B"4"#-'NkLk8

!()*1(2#'!(%>']1*8<'!()*1(2#'U)0";'B)*+$,&<'v+?;Sss4)0";83()*1(2#8*06sB30"-@"#sJ+0@

7&@()&@(%.@7+(-@7&@.0sX")@+$#-0)2s!()*1(2#@U)0";@()*+$,&#w''B**&##&.S'NM'Z"12'NkLk8

!(#/(%<'Z8<'pNkkOq<'iH107&)#'50)'-+&'c06&#-&(.S''B'C(#&'I-".2'$%'B)*+$,&#'(%.'C011&*/,& '

T&60)2i<'B6&)$*(%'B)*+$,$#-'PNSL<';;8'LL_@L_N8

!&t%4-0%<'Z8'&-'(1<'pNkkfq<'^&&;$%4'B)*+$,&#'_).'&.8<'B"#-)(1$(%'I0*$&-2'05'B)*+$,$#-#8

!"#$%&##'B)*+$,&#'C0"%*$1<'pNkk_@NkLkq<'A&7#1&?&)#'L_k@LMf<'^&%-S'](-&)#0%'])$%/%4'

F-.8

C+&#+$)&'J&#-'(%.'C+&#-&)'C0"%*$1<'C+&#+$)&'W&*0).'XY*&<'

v+?;Sss7778*+&#+$)&7&#-(%.*+&#-&)840,8">s*0"%*$1z#&),$*&#s)&*0).z0Y*&8(#;:w'

B**&##&.S'NM'B"4"#-'NkLk8

C011$%#<'K8'Z8'98<'pLOONq<'iW&*&%-'-)&%.#'$%'3"#$%&##'()*+$,&#S'B'"%$,&)#$-2',$&7i<'Z0")%(1'05'

-+&'I0*$&-2'05'B)*+$,$#-#'L_S'N<';;8'LLO@LN_8

C0@0;&)(/,&'C011&4&<'A(/0%(1'C0@0;&)(/,&'B)*+$,&<'v+?;Sss()*+$,&8*0@0;8(*8">sw'

B**&##&.S'NM'Z"12'NkLk8

C"63)$('C0"%-2'C0"%*$1<'C"63)$('W&*0). '

XY*&<v+?;Sss7778*"63)$(840,8">s()*+$,&#sw''B**&##&.S'NM'Z"12'NkLk8

D&%#*063&<'T<'pNkk_q<'9+&'U00.'W&#&()*+'U"$.&S'H0)'I6(11@#*(1&'I0*$(1'W&#&()*+ '

])0n&*-#<'N%.'&.8<'T($.&%+&(.S'X;&%'[%$,&)#$-2'])&##8

K11&%<'Z8<'c()-<'98<']$440?<'T8'(%.'T&))&?<'D8<'pNkk`q<'iT(>$%4'B)*+$,(1'C+0$*&#'50) '

!"#$%&##'c$#-0)2i<'B"#-)(1$(%'K*0%06$*'c$#-0)2'W&,$&7'``SN<';;8'LfM@LOa8

H()(.(2<'Z8<'pNkkPq<'iD0$%4'-+&'!"#$%&##S'9+&'])060/0%'05'!"#$%&##'B)*+$,&#'$%'-+&'

])$,(-&'I&*-0)i<'!"#$%&##'B)*+$,&#S'])$%*$;1&#'(%.'])(*/*&'O_<';;8L@NN8

U(##0%<'T8<'pLOOPq<'i!"#$%&##'()*+$,&#S'I06&';)$%*$;1&#'(%.';)(*/*&#i<'Z0")%(1'05'-+&'

I0*$&-2'05'B)*+$,$#-#'LfSN<';;8'L`L@LÒ8

(!

http://www.cumbria.gov.uk/archives/

http://archive.co-op.ac.uk/

http://www.cheshirewestandchester.gov.uk/council_services/record_office.aspx

http://group.barclays.com/About-us/Who-we-are-and-what-we-do/Our-history/Barclays-Group-archives

http://group.barclays.com/About-us/Who-we-are-and-what-we-do/Our-history/Barclays-Group-archives

http://www.library.manchester.ac.uk/specialcollections/

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

U$E&%<'F<'(%.'I+$&1.#<'^8<'pNkLkq<'iU0$%4'3(*>'-0'0")')00-#S'-+&';()-%&)#+$;'3&-7&&%'-+& '

T()>#'(%.'I;&%*&)'C06;(%2'B)*+$,&'(%.'-+&'[%$,&)#$-2'05'F&&.#i<'!"#$%&##'B)*+$,&#S'

])$%*$;1&#'(%.'])(*/*&'Lkk<';;8'NP@`k8

U0.7$%<'T8<'pLOOOq<'i])&#&),$%4'(%.'])060/%4'+$#-0)2'$%'('5(#-@*+(%4$%4'&%,$)0%6&%-S '

(%'&:(6;1&'5)06'C(31&'(%.'J$)&1&##i<'!"#$%&##'B)*+$,&#S'])$%*$;1&#'(%.'])(*/*&'PP<';;8'

`P@Ma8

U0)6(%<'U8'K8'(%.'C1(2-0%<']8<'pNkkMq<'h"(1$-(/,&')&#&()*+'50)'-+&'$%50)6(/0% '

;)05&##$0%(1'S'(';)(*/*(1'+(%.300><'N%.'&.8<'F0%.0%S'H(*&-8

U)(2<'b8<'pNkkNq<'iD&,&10;$%4'-+&'*0);0)(-&'6&60)2S'-+&';0-&%/(1'05'3"#$%&##'()*+$,&#i<'

!"#$%&##'=%50)6(/0%'W&,$&7'LO<';;8'_N@_P8

U)(2<'b8<'pNkkfq<'{J+0u#'-+(-'^%0*>$%4'0%'X")'D00)euS'B)*+$,&#<'X"-)&(*+'(%. '

C066"%$-2<'Z0")%(1'05'-+&'I0*$&-2'05'B)*+$,$#-#'NOSL<';;8'L@f8

U)&&%<'K8<'pLOOPq<'iT"1/@A(/0%(1<'T"1/@B)*+$,(1S'9+&'!"#$%&##'W&*0).#'05'-+&'cI!C '

U)0";i<'B6&)$*(%'B)*+$,$#-'ak<';;8'Lkk@LLk8

c$)-1&<']8<'pNkk_q<'iB)*+$,&#'0)'B##&-#ei<'B6&)$*(%'B)*+$,$#-'aa<';;8'N_M@N`P8

c0)-0%<'I8<'pNkkaq<'iI0*$(1'*(;$-(1<'40,&)%6&%-';01$*2'(%.';"31$*',(1"&S'$6;1$*(/0%#'50) '

()*+$,&'#&),$*&'.&1$,&)2i<'B#1$3'])0*&&.$%4#S'A&7'=%50)6(/0%']&)#;&*/,&#'MfSa<'';;8'

MkN@MLN8

c"?0%<'Z8U8<'&-'(18<'pNkkLq<'iW&;"-(/0%'6(%(4&6&%-S'-+&'%&7'5(*&'05'*0);0)(-&';"31$* '

)&1(/0%#ei<']"31$*'W&1(/0%#'W&,$&7'NP<';;8'N`PVNaL8

Z0+%#-0%<'=8<'pNkkLq<'iJ+0#&'c$#-0)2'$#'$-'B%27(2ei<'Z0")%(1'05'-+&'I0*$&-2'05'B)*+$,$#-#<'

NNSN<';;8'NL_@NNO8

Z0%&#<'=8<']011$?<'T8'(%.'!&><'D8<'pNkkaq<'iT"1/%(/0%(1#'$%'-+&$)'*066"%$/&#S'B'#0*$(1 '

*(;$-(1'(;;)0(*+'-0'*0);0)(-&'*$/R&%#+$;';)0n&*-#i<'C&%-)&'50)'!"#$%&##'W&#&()*+<'

[%$,&)#$-2'05'C(63)$.4&<'J0)>$%4'](;&)'A08'__P<';;8'L@Nk8

^$%#&2<'I8<'pLOOfq<'i]"t%4';(4&#'0%'-+&'70)1.'7$.&'7&3S'('4"$.&'50)'3"#$%&##'()*+$,$#-#i<'

!"#$%&##'B)*+$,&#S'])$%*$;1&#'(%.'])(*/*&'PM<';;8'L@L`

F(%*(#+$)&'C0"%-2'C0"%*$1<'F(%*(#+$)&'W&*0).'XY*&<'

v+?;Sss77781(%*(#+$)&840,8">s*0);0)(-&s7&3se#$-&$.�`MNfm;(4&$.�_kM_Om&�&w'

B**&##&.S'Nk'B"4"#-'NkLk8

("

http://www.lancashire.gov.uk/corporate/web/?siteid=4528&pageid=30539&e=e

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

F$,&);001'C$-2'C0"%*$1<'F$,&);001'W&*0).'XY*&<'v77781$,&);001840,8">s()*+$,&#w'

B**&##&.S'Nk'B"4"#-'NkLk8

F04(%<'^8<'(%.'T*C()-+2<'C8<'pNkLkq<'iC066&)*$(1'$6;(*-'05'(%'()*+$,&'&:+$3$/0%i<'

!"#$%&##'B)*+$,&#S'])$%*$;1&#'(%.'])(*/*&'Lkk<';;8'`L@MN8

F04(%'T*C(3&'B)*+$,&'C0%#"1-(%*2<'pNkkOq<'A(/0%(1'I-)(-&42'50)'!"#$%&##'B)*+$,&# '

pK%41(%.'(%.'J(1&#q<'F0%.0%S'9+&'A(/0%(1'B)*+$,&#8

T()*+(%.<'W8<'pLOOkq<'iC"1-")(1'c$#-0)2'H)06'C0);0)(-&'B)*+$,&#i<']"31$*'W&1(/0%#'

W&,$&7'LaS_<';;8'LkM@LL`8

T*D0%(1.<'F8<'pLOfOq'iK-+$*(1'.$1&66(#'5(*$%4'(%'()*+$,$#-'$%'-+&'3"#$%&##'&%,$)0%6&%-S '

9+&'*0%#-)($%-#'0%'('3"#$%&##'()*+$,$#-i<'Z0")%(1'05'-+&'I0*$&-2'05'B)*+$,$#-#<'LkS'`<';;8'

Laf'V'LPN8

T*D07(11<'D8<'pLOO_q<'i|J0%.&)5"1'9+$%4#|S'c$#-0)2<'!"#$%&##<'(%.'B)*+$,&#'F00>'-0'-+& '

H"-")&i<'B6&)$*(%'B)*+$,$#-'Ma<';;8'_`f@_Ma8

T0##<'T8<'pLOOPq<'iF$,$%4'7$-+'$%#&*")$-2S'F&##0%#'5)06'-+&'"%$,&)#$-2'05'U1(#407'

()*+$,&#'(%.'3"#$%&##')&*0).'*&%-)&i<'Z0")%(1'05'-+&'I0*$&-2'05'B)*+$,$#-#'LfSL<';;8'LO@

NM8

A(/0%(1'U)$.<'A(/0%(1'U(#'B)*+$,&<'v+?;Sss77784(#()*+$,&80)4s$%.&:8+-6w''B**&##&.S'

NM'Z"12'NkLk8

X04+&<'!8'(%.'T0)&&1#<'D8<'pNkkOq<'B%(12#$%4'I&1&*/0%'50)'D$4$/#(/0%S'C"))&%-'])(*/*&#'

(%.'C0660%'=%*&%/,&#<'D@F$3'T(4(R$%&'LMSOsLk8'

v+?;Sss7778.1$380)4s.1$3s#&;-&63&)kOs004+&skO004+&8+-61w''B**&##&.S'LP'B"4"#-'

NkLk8

X)3&11<'Z8<'pLOfPq<'B'U"$.&'-0'9)(*$%4'-+&'c$#-0)2'05'('!"#$%&##<'F0%.0%S'U07&)'

]"31$#+$%48

]07&11<'D8'(%.'^$%4<'^8<'pNkLkq<'A(/0%(1'I-)(-&42'50)'!"#$%&##'B)*+$,&#'$%'I*0-1(%.< '

U1(#407S'!"#$%&##'B)*+$,&#'C0"%*$1'(%.'9+&'!(11(#-'9)"#-8

h"($1<'Z8<'pNkkfq<'i!"#$%&##'B)*+$,&'05'F()4&'[^'C06;(%$&#S''I"),$,(1#'(%.'])0#;&*-#i<'

!"#$%&##'B)*+$,&#S'I0")*&#'(%.'c$#-0)2'O`<';;8'Ò@Mf8

W(3*+"><'U8<'pLOOPq<'iF$5&'BG&)'-+&'|!$4'!(%4|S'!"#$%&##'B)*+$,&#'$%'(%'K)('05'D$#0).&)i<'

B6&)$*(%'B)*+$,$#-'ak<';;8'_`@`_8

(#

http://www.dlib.org/dlib/september09/ooghe/09ooghe.html

http://www.gasarchive.org/index.htm

http://www.liverpool.gov.uk/archives

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

W&&.<'C8'50)'-+&'TFB<'pNkkOq<'W&,$#$/%4'B)*+$,&'C011&*/0%#'T&-+0.01042<'C(63)$.4&S'

C011&*/0%#'9)"#-8

W$-*+$&<'B8<'pNkLkq<'i9(>$%4'50)7().'-+&'A(/0%(1'I-)(-&42'50)'!"#$%&##'B)*+$,&#i<'

!"#$%&##'B)*+$,&#S'])$%*$;1&#'(%.'])(*/*&'Lkk<';;8'M_@Mf8

I6$-+<'U8D8<'pLOfNq<'iD"#/%4'XE'-+&'C037&3#S'9")%$%4'-+&'!"#$%&##'B)*+$,&#'$%-0'( '

T(%(4&)$(1'9001i<'B6&)$*(%'B)*+$,$#-'`MS_<';;8'NfP@NOk8

9+&'A(/0%(1'B)*+$,&#<'pNkkOq<'C0);0)(-&'T&60)2S'B'4"$.&'-0'6(%(4$%4'3"#$%&## '

()*+$,&#<'F0%.0%S'9+&'A(/0%(1'B)*+$,&#8

9+&'A(/0%(1'B)*+$,&#<'T(%(4$%4'!"#$%&##'B)*+$,&#'J&3#$-&<'

v+?;Sss77786(%(4$%43"#$%&##()*+$,&#8*08">sw''B**&##&.S'NM'Z"12'NkLk8

9+&'[%$,&)#$-2'05'T(%*+&#-&)<'9+&'Z0+%'W21(%.#'[%$,&)#$-2'F$3)()2<'

v+?;Sss77781$3)()286(%*+&#-&)8(*8">s#;&*$(1*011&*/0%#sw''B**&##&.S'NM'Z"12'NkLk8

9")-0%<'B8<'pLOOLq<'T(%(4$%4'!"#$%&##'B)*+$,&#<'X:50).S'!"?&)70)-+'c&$%&6(%%8

[%$1&,&)<'[%$1&,&)'B)*+$,&#<'

v+?;Sss7778"%$1&,&)8*06s(30"-"#s0")+$#-0)2s"%$1&,&)z()*+$,&#sw''B**&##&.S'NM'Z"12'

NkLk8

J(1#+<'^8'(%.'U0).0%<'Z8W8<'pNkkfq<'iC)&(/%4'(%'$%.$,$."(1'70)>'$.&%/-2i<'c"6(%'

W&#0")*&'T(%(4&6&%-'W&,$&7<'LfSL<';;8'à@aL8

(%

http://www.unilever.com/aboutus/ourhistory/unilever_archives/

http://www.library.manchester.ac.uk/specialcollections/

http://www.managingbusinessarchives.co.uk/

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

"EE)0.'H#IJI603)$(')>#KD)*3'-0*

90'3"#$%&##'()*+$,&#S

L8'''c07'$6;0)-(%-'.0'20"'3&1$&,&'&%4(4&6&%-'(%.'0"-)&(*+'-0'3&'$%'-+&'3"#$%&##'

()*+$,&'#&*-0)e

90'10*(1'("-+0)$-2'()*+$,&#S

L8'''D0'20"'"#&'3"#$%&##'*011&*/0%#'$%'20")'0"-)&(*+'(*/,$/&#e

90'(11'$%-&),$&7&&#S

N8'''J+(-'6&-+0.#'.0'20"'*"))&%-12'"#&'-0')&(*+'0"-'-0'-+&'*066"%$-2e''B)&'20"'+(;;2'

7$-+'-+$#'1&,&1'05'(*/,$-2e''=%'(%'$.&(1'70)1.'70"1.'20"'.0'60)&'0)'50*"#'0%'0-+&)'

()&(#'05'(*/,$-2e

_8'''J+$*+'6&-+0.#'05'&%4(4&6&%-'+(,&'20"'50"%.'-0'3&'-+&'60#-'&E&*/,&e

`8'''J+$*+'-2;&#'05'"#&)#'.0'20"'g%.'()&'$%-&)&#-&.'$%s"/1$#&'3"#$%&##'*011&*/0%#e

M8'''B)&'20"'-)2$%4'-0'50*"#'0%'.&,&10;$%4'0"-)&(*+'(*/,$/&#'0)')&1(/0%#+$;#'7$-+'(%2'

;()/*"1()'4)0";'0)'*066"%$-2'05'"#&)#e

a8'''D0'20"'+(,&'-+&'5(*$1$/&#s)&#0")*&#'-0'$%,01,&'50)6&)'&6;102&&#'0)'*"))&%-'

&6;102&&#'$%'*0%-)$3"/%4'-0'-+&'70)>'05'-+&'()*+$,&e''B)&'20"'$%-&)&#-&.'$%'-+(-'

>$%.'05'70)>e

P8'''D0'20"'+(,&'(')01&'$%'-+&'*0);0)(-&'#0*$(1')&#;0%#$3$1$-2'0)'*0);0)(-&'*$/R&%#+$;'

70)>'05'20")'0)4(%$#(/0%e

f8'''J+&)&'$%'-+&'+$&)()*+2'05'20")'0)4(%$#(/0%'.0'20"'#$-e''D0'20"'5&&1'20"'+(,&'

$%l"&%*&'7$-+'0-+&)'()&(#'05'-+&'3"#$%&##'0)'7$-+'-+&'6(%(4&6&%-e

O8'''c07'$%,01,&.'$%';)05&##$0%(1'30.$&#')&1(-&.'-0'3"#$%&##'()*+$,&#'()&'20"e''D0'20"'

-(>&'";'(%2'#";;0)-'5)06'-+&6e

Lk8'''B)&'20"'5(6$1$()'7$-+'-+&'A(/0%(1'I-)(-&42'50)'!"#$%&##'B)*+$,&#e

Lk38'=5'2&#<'.0'20"'3&1$&,&'$-'-0'3&'&E&*/,&e''B)&'-+&)&'&1&6&%-#'20"'70"1.'

&:;(%.s)&,$#&'50)'$-'-0'3&*06&'60)&'"#&5"1e

LL8'''D0'20"'*06&'";'(4($%#-'(%2'&-+$*(1'$##"&#'7+&%'.&(1$%4'7$-+'3"#$%&##'*011&*/0%#e''

p&848'$##"&#'()0"%.')&l&*/%4'(11'(#;&*-#'05'*06;(%2'+$#-0)2<'400.'(%.'3(.eq

'

LN8''=#'-+&)&'(%2'0-+&)'$%50)6(/0%'-0'.0'7$-+'20")';"31$*'&%4(4&6&%-s0"-)&(*+'

(*/,$/&#'0)'#-)(-&42'7&'+(,&%i-'*0,&)&.'.")$%4'-+&#&'o"&#/0%#'20"'5&&1'$-'70"1.'

3&'$%-&)&#/%4'0)'$6;0)-(%-'-0'6&%/0%e

(&

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

"EE)0.'H#IJL603)$(')>#B$/0*%$'E3#M#N8O8POL8I8

G/$%?/5*#7$-DE#"$%&'('*3#Q## #!/$'/## #R')0=')>'%S# #

=%-&),$&7&) L8'c07'$6;0)-(%-'.0'20"'3&1$&,&';"31$*'&%4(4&6&%-s0"-)&(*+'-0'3&'

$%'-+&'3"#$%&##'()*+$,&'#&*-0)e

T()$( ='-+$%>',&)2'$6;0)-(%-'-0'('1$6$-&.'&:-&%-'$%'0")'*0%-&:-8''J&'-&%.'-0'

-+$%>'05'$-'60)&'$%'-&)6#'05'"#')&;)&#&%/%4'-+&'3"#$%&##8''J&i)&'%0-'

(?&6;/%4'-0'&%4(4&'7$-+'-+&';"31$*'-0')($#&'-+&';)0g1&'05'-+&'

()*+$,&#8''J+&%&,&)'7&'.0'(%2-+$%4'-+(-'&%4(4&#'7$-+'-+&';"31$*'0")'

($6'$#'(17(2#'-0'&%+(%*&'-+&')&;"-(/0%'05'-+&'3(%>8''c(,$%4'#($.'(11'

-+(-<'0")'6($%')&#;0%#$3$1$-2'$%'&:$#/%4'$#'-0'#&),&'-+&'3(%><'60)&'(#'

(%'$%-&)%(1'5"%*/0%'-+(%'(%2-+$%4'&1#&8''J+&%'7&'.0'(%2';"31$*'

&%4(4&6&%-'$-'$#'$6;0)-(%-'3"-'$-i#'%0-'0")';)$6()2'5"%*/0%'32'(%2'

6&(%#8

=%-&),$&7&) H01107'";S''=#'$-'(17(2#'70)>$%4'7$-+'(%0-+&)'$%-&)%(1'.&;()-6&%-e

T()$( =-',()$&#<'7&'.0'o"$-&'('10-'05'70)>'7$-+'6()>&/%48''=-'6(2'3&'-+(-'

-+&2'7(%-'-0'.0'('*(6;($4%'(%.'-+&2'7(%-'('3$-'05'+$#-0)$*(1'

$%50)6(/0%'-0';"-'$-'$%-0'*0%-&:-8''X**(#$0%(112'-+&2'%&&.'#06&'

+$#-0)2'$%50)6(/0%<'50)'7+(-&,&)'$-'$#'-+&2i)&'.0$%4<'50)'&:(6;1&'

!()*1(2#'0;&%&.'-+&'70)1.i#'g)#-'*(#+'6(*+$%&'$%'LOaP<'(%.'-+&'

3)(%*+'7+&)&'-+&'*(#+'6(*+$%&'7(#'$%'K%g&1.'$%'F0%.0%<'7(%-&.'

-0';"-'";'('.$#;1(2'(30"-'-+(-8''I0'7&i,&'3&&%'6"*+'V'$%'5(*-<'7&i,&'

.0%&'(11'-+&'70)>\''!"-'-+(-i#'%0-'(';)0n&*-'7&'$%$/(-&.<'-+(-i#'*06&'

5)06'-+&'3)(%*+<'#0'-+(-i#'(',&)2'*1&()'*"-'&:(6;1&'05'-+&'()*+$,&#'

3&$%4'"#&.'(#'()*+$,&#'-0'.0'('#-)($4+-'50)7().'+$#-0)$*(1'$%50)6(/0%'

.$#;1(28''X**(#$0%(112'7&'.0'-+$%4#'0E'0")'07%'3(-<'1(#-'2&()'50)'-+&'

+&)$-(4&'0;&%'.(2#'$%'I&;-&63&)'7&'.$.'(%'&:+$3$/0%'$%'T(%*+&#-&)'

(30"-'-+&'+$#-0)2'05'!()*1(2#'$%'-+&'T(%*+&#-&)')&4$0%8''J&'7(%-&.'

-0'.0'-+(-<'#0'$-'7(#',&)2'6"*+'0")'07%'-+$%4<'7&'#&-'-+&'(4&%.(<'7&'

.&*$.&.'7+(-'7&'7&)&'40$%4'-0'.0'(%.'$-'7(#'o"$-&'%$*&'-0'3&'(31&'-0'

.0'-+(-8''B'10-'05'-+&'/6&'7+&%'-+&'(;;)0(*+'*06&#'5)06'(%0-+&)'

.&;()-6&%-'-+&2'*06&'-0'"#<'50)'&:(6;1&'('*0";1&'05'2&()#'(40'

-+&)&'7(#'('3$4'&,&%-'(-'-+&'907&)'05'F0%.0%'-0'*&1&3)(-&';&0;1&'

7+0'+(.'70)>&.'50)'!()*1(2#'50)'`k'2&()#8''!()*1(2#'+$)&.')006#'(-'

-+&'907&)'05'F0%.0%'(%.'-+&2'+(.'(11'-+&#&';&0;1&'$%,$-&.'50)'-+$#'

10,&12'5"%*/0%'(%.'-+&2'7(%-&.'-0';"-'0%'('.$#;1(2'05'()*+$,&#'(%.'

$%50)6(/0%'(30"-'7+(-'-+&'3(%>'+(#'.0%&'0,&)'-+&'1(#-'`k'2&()#8''I0'

('

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

-+&2'*(6&'-0'"#'(%.'#($.<'iW$4+-'7+(-'#0)-'05'-+$%4#'+(,&'20"'40-ei'

(%.'7&';)&#&%-'#0)-'(%.'$-i#'";'-0'-+&6'7+(-'-+&2'"#&'(%.'+07'-+&2'

"#&'$-<'#0'#06&/6&#'$-'*(%'3&'('1$?1&'3$-'5)"#-)(/%4<'3"-'(#'='#($.<'-+&'

;)$6()2'($6'$#'-0'#&),&'-+&'3(%>'#0'$5'-+(-i#'7+(-'-+&'3(%>'7(%-#'-0'

.0<'-+(-i#'7+(-'-+&'3(%>'.0&#8'

=%-&),$&7&) N8'''J+(-'6&-+0.#'.0'20"'*"))&%-12'"#&'-0')&(*+'0"-'-0'-+&'

*066"%$-2e''B)&'20"'+(;;2'7$-+'-+$#'1&,&1'05'(*/,$-2e''=%'(%'$.&(1'

70)1.'70"1.'20"'.0'60)&'0)'50*"#'0%'0-+&)'()&(#'05'(*/,$-2e

T()$( =-'70"1.'3&'10,&12'-0'.0'60)&8''J&i,&'40-'0%&';(4&'0%'-+&'3(%>'

7&3#$-&<'7+$*+'$#' 3(#$*(112'i!()*1(2#'U)0";'B)*+$,&#'&:$#-#<'-+&2i)&'

+&)&<'-+&2i,&'40-'$%50)6(/0%'(30"-'-+$#<'-+$#'(%.'-+$#<'4&-'$%'-0"*+'

7$-+'6&'$5'20"'7(%-i8''B%.'$-'70"1.'3&'10,&12'-0'+(,&'60)&'0%'-+&)&<'

(%.'-+(-'70"1.'3&'(')&(112'o"$*>'7$%'3&*("#&';"t%4'#-"E'0%'('

7&3#$-&888'='6&(%'7&i,&'40-'10(.#'05'#-"E'-+(-'7&i,&'(1)&(.2'

#*(%%&.<'7&'>%07'-+&'#0)-'05'3(#$*'+$#-0)2'05'-+&'3(%>'-+(-'7&i.'1$>&'

-0';"-'";'-+&)&8''=-'70"1.%i-'3&'('10-'05'70)>'50)'"#'-0';)0,$.&'

$%50)6(/0%'-+(-'70"1.'6(>&'-+&'7&3#$-&'3&?&)8''!"-'-+(-i#'%0-'

#06&-+$%4'-+&'3(%>'7(%-#'-0'.0'(-'-+&'606&%-<'(%.'7&i)&'%0-'

(1107&.'-0'n"#-'40'(%.'#&-'";'0")'07%'7&3#$-&\'''!"-'70"1.'1$>&'-0'.0'

$-8''B1#0'$%'-&)6#'05';)$6()2'&%4(4&6&%-'7$-+'-+&';"31$*<'0%&'05'-+&'

3$4'-+$%4#'-+(-'7&'.0<'&,&)2'2&()'7&'*06;$1&'('1$#-'05'3)(%*+&#'-+(-'

()&'*&1&3)(/%4'(%%$,&)#()$&#<'-+&2'()&'Lkk'2&()#'01.'0)'Nkk'2&()#'01.<'

(%.'-+&%'7&'4&-'$%'-0"*+'7$-+'-+(-'3)(%*+'(%.'7&'#(2'iD0'20"'

>%07888'70"1.'20"'1$>&'(%'&:+$3$/0%ei'''=5'-+&2'#(2'2&#<'7&i,&'40-'('

#&)$&#'05';0#-&)#'0%'-+&'+$#-0)2'05'-+&'3(%>'-+(-'()&'n"#-'4&%&)(1<'(%.'

-+&2'*(%'40'$%'-+&'3)(%*+'(%.'7&'(1#0'7)$-&'('1&(l&-'#;&*$g*'-0'-+(-'

3)(%*+<'7+$*+'-+&2'*(%'+(,&'(%.'4$,&'0"-'-0'-+&';"31$*8''=-i#'(')&60-&'

&:;&)$&%*&'50)'"#<'7&'.0'(11'-+&'70)>'+&)&<'#&%.'$-'0E<'(%.'-+&'

3)(%*+'.0&#'7+(-&,&)'-+&2'7(%-'7$-+'$-8''I06&'3)(%*+&#'n"#-';"-'-+&'

;0#-&)#'";'(%.'1&(l&-#'0"-'(%.'-+(-i#'$-<'0-+&)'3)(%*+&#'+(,&'('*(>&<'

3(1100%#<'T]#<'(11'#0)-#'05'-+$%4#\''B%.'$%'('7(2<'(1-+0"4+'7&i)&'.0$%4'

-+&'70)>'(%.'7&i)&')($#$%4'-+&';)0g1&'05'-+&'+$#-0)2'05'-+&'3(%><'(%.'

&,&)2-+$%4'7&'#&%.'0"-'+(#'-+&'4)0";'()*+$,&i#'%(6&'(%.'(..)&##'0%'

$-'$-i#'%0-'o"$-&'0")'&,&%-8''!"-'o"$-&'0G&%'7&'4&-'(';+0%&'*(11'5)06'('

6&63&)'05'-+&';"31$*'('5&7''7&&>#'1(-&)'(#>$%4'('o"&#/0%8''I0'$-'

.0&#'70)><'3"-'$-i#'o"$-&'107';)0g1&8''J&i,&'.0%&'&,&%-#'50)'+&)$-(4&'

0;&%'.(2#<'-+&2i,&'+(,&'3&&%')&(112'#"**&##5"1<'7&i,&')&(112'&%n02&.'

-+(-8''B%.'-+&%'('5&7'2&()#'(40'7&'.$.'('*06;1&-&'&:+$3$/0%'$%'('

10*(1'6"#&"6'$%'F0%.0%<'$%'-+&'U"%%&)#3")2']()>'()&(8''!&*("#&'

!()*1(2#'+(.'.0%&'('10-'05'*066"%$-2'70)>'$%'-+&'()&(<'0%&'05'-+&'

*0"%*$110)#'#($.'iJ+2'.0%i-'20"';"-'(%'&:+$3$/0%'";'0%'-+&'+$#-0)2'05'

-+&'3(%>'$%'0")'6"#&"6ei'''J+&%'-+&2'g)#-'6&%/0%&.'$-'='-+0"4+-'

((

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

iJ&11'7+0i#'40$%4'-0'7(%-'-0'#&&'-+(-\i'3"-'7&'6&-'7$-+'-+&'*")(-0)'

05'-+&'6"#&"6'(%.'#+&'7(#'#");)$#$%412';0#$/,&'(30"-'$-<'#0'7&'

;)&#&%-&.'-+&'4&%&)(1'+$#-0)2'05'-+&'3(%>'(%.'7&'(1#0'100>&.'(-'10*(1'

1$%>#'#;&*$g*'-0'-+&'()&('(%.'10*(1'3)(%*+&#<'(%.'-+(-'7(#'";'50)'7&11'

0,&)'a'60%-+#<';&)+(;#'4&t%4'0%'50)'('2&()'(%.'$-'7&%-')&(112'7&11\'

J&';"-'('*066&%-#'300>'(%.'7&'-+0"4+-'$-'7(#'40$%4'-0'g11'";'7$-+'

*066&%-#'(30"-'-+&'3(%><';&0;1&'*06;1($%$%4'(30"-'-+&'1&%4-+'05'

-+&'o"&"&'$%'-+&$)'10*(1'3)(%*+<'3"-'7&'40-'#06&'10,&12'*066&%-#8''

I0'-+(-'7&%-')&(112'7&11<'(%.'#;"))&.'"#'0%'(G&)'-+(-'$-'70"1.'3&'%$*&'

-0'.0'0-+&)'-+$%4#<'3"-'7+&)&'.0'20"'#-()-e''9+(-'70)>&.'3&*("#&'7&'

7&)&'(;;)0(*+&.'32'-+&'6"#&"68''!"-'7&'.0'4&-'(;;)0(*+&.'32'

0-+&)'()&(#'7+&)&'!()*1(2#'$#'o"$-&'3$4'(%.'0**(#$0%(112'7&'4&-'(#>&.'

-0'*0%-)$3"-&'-07().#'(%'&:+$3$/0%'0)'10(%'#06&-+$%48''9+&)&i#'

(17(2#'#06&-+$%4'40$%4'0%'#06&7+&)&8''J&'(1#0'.0'('10-'05'#6(11&)'

#*(1&'-+$%4#<'1$>&'-+&']&,#%&)i#'-+&'*0"%-2'+$#-0)$&#'-+(-'()&'3&$%4'

)&7)$?&%'(-'-+&'606&%-<'#0'7&'4&-'(#>&.'(30"-'3)(%*+&#'05'

()*+$-&*-")(1'$%-&)&#-<'#0'$-',()2$%4<'7&'70"1.'1$>&'-0'.0'60)&888'3"-'

$-i#'%0-'(';)$0)$-2'(-'-+&'606&%-8

=%-&),$&7&) H01107'[;S''D0'20"'+(,&'-0'#&&>'(;;)0,(1'50)'&%4(4&6&%-'(*/,$/&#'

0)'()&'20"'o"$-&'("-0%060"#e

T()$( J&'()&'5($)12'("-0%060"#<'7&')&;0)-'-0'-+&'C06;(%2'I&*)&-()2'

7+0i#'('5($)12'#&%$0)'&:&*"/,&<'#&&#'-+&'C+($)6(%'C+$&5'K:&*'&-*'

&,&)2'.(2'#0'%$*&'7&')&;0)-'$%'(-'-+(-'+$4+&)'1&,&18''c&i#',&)2'-)"#/%4<'

(%.'$#'3(#&.'$%'F0%.0%<'#0'$-i#'('.$E&)&%-'>$%.'05')&1(/0%#+$;'-+(%'

#&&$%4'+$6'&,&)2'.(28''I0'+&'-&%.#'-0'-)"#-'"#'-0'4&-'0%'7$-+'#-"E8''

X**(#$0%(112'7&i11'-+$%>'-0'0")#&1,&#<'6(23&'7&'#+0"1.'*+&*>'-+$#'

7$-+'#06&0%&'g)#-<'-+(-'-&%.#'-0'3&'60)&'$5'-+&';)&##'$#'4&t%4'

$%,01,&.'(#'!()*1(2#'+(#';01$*$&#'0%'#;&(>$%4'-0'-+&';)&##8''I0' 50)'-+&'

+&)$-(4&'0;&%'.(2#'7&')(%'-+&'&,&%-'(%.'.&*$.&.'7+(-'7&'7(%-&.'-0'

.0<'7&'.$.'#;&(>' -0'(';)&##'0Y*&)<'(%.'#($.'iF00>'7&i)&'.0$%4'-+$#<'

7&i.'1$>&'-0'.0'(';)&##')&1&(#&<'*0"1.'20"'.0'-+(-'50)'"#ei'(%.'-+&%'

(%2'&%o"$)$&#'5)06'-+&';)&##'7&%-'-+)0"4+'+$6<'#0'7&'.$.%i-'+(,&'-0'

4&-';&)6$##$0%'-0'.0'-+&'&,&%-'7&'.$.'$-'$%'*0%n"%*/0%'7$-+'!()*1(2#'

;01$*$&#8

=%-&),$&7&) _8'''J+$*+'6&-+0.#'05'&%4(4&6&%-'+(,&'20"'50"%.'-0'3&'-+&'60#-'

&E&*/,&e

T()$( 9+&'&:+$3$/0%'='6&%/0%&.'7(#'#");)$#$%412'#"**&##5"18''X")'6($%'

;");0#&'$%'.0$%4'$-'7(#'n"#-'-0'.0'(%'&:+$3$/0%<'-0'$%50)6'(%.'

&."*(-&'-+&';"31$*8''9+&)&'7&)&'%0'0,&)()*+$%4'($6#'$%'-&)6#'05'

$%*)&(#$%4',$#$-0)'%"63&)#<'7&'.0%i-'0;&)(-&'0%',$#$-0)'%"63&)#<'

(>

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

;&0;1&'*(%'*06&'-0'"#&'-+&'()*+$,&#<'3"-'32'(;;0$%-6&%-<'7&'

.0%i-'+(,&'#-(/#/*#'7+&)&'7&'#(2'iJ&i,&'+(.'-+$#'%"63&)'05',$#$-0)#8'

&-*i8''I0'$%'-&)6#'05'$-'3&$%4'-+&)&'-0'$%50)6'(%.'&."*(-&'$-'70)>&.'

)&(112'7&11<'n".4$%4'32'-+&'*066&%-#'300>8''=%'-&)6#'05')&#;0%#&<'

-+&'7&3#$-&'$#'-+&'3&#-'-001<'7&'.0'4&-'('10-'05'&6($1'&%o"$)$&#'(%.'

;+0%&'*(11#'(#'62'*0%-(*-'.&-($1#'()&'0%'-+&)&8''=-'70"1.'3&'10,&12'-0'

+(,&'60)&'$%50)6(/0%'0%'-+&'7&3#$-&8''I0'$%'-&)6#'05';&0;1&'

)&#;0%.$%4'(%.'*06$%4'-0'"#<'-+(-i#'-+&'3&#-'-0018

=%-&),$&7&) `8'''J+$*+'-2;&#'05'"#&)#'.0'20"'g%.'()&'$%-&)&#-&.'$%'3"#$%&##'

*011&*/0%#e

T()$( F0-#'05'!()*1(2#';&%#$0%&)#'1$>&'-+&'5(*-'-+&'3(%>'+(#'(%'()*+$,&8''B1#0'

-+&2'+(,&' -+&$)'07%'6(4(R$%&'7+$*+'*06&#'0"-'`'/6&#'('2&()<'(%.'

7&'.0'7)$-&'(')&4"1()'5&(-")&'0%'#06&'-0;$*')&1(/%4'-0'-+&'3(%>i#'

+$#-0)28''='.0%i-'-&%.'-0'-+$%>'05'-+(-'(#';"31$*'&%4(4&6&%-<'3"-'$-i#'

#/11';()-'05'!()*1(2#<'3"-'='#";;0#&'$-'$#<'(%.'-+&)&'$#'('10-'05'-+&6\''I0'

-+(-i#'#"**&##5"18''X-+&)7$#&'$-i#'#");)$#$%412',()$&.8''J&'4&-'5(6$12'

+$#-0)$(%#<'7+0'-+$%>'-+&$)'(%*&#-0)#'6$4+-'+(,&'70)>&.'50)'-+&'

3(%>8''X**(#$0%(112';&0;1&'7+0'-+$%>'-+&$)';)&.&*&##0)#'3(%>&.'7$-+'

-+&'3(%><'(%.'-0'3&'+0%&#-<'7&'*(%',&)2')()&12';)0."*&'(%2'

$%50)6(/0%<'7&'.0%i-'>&&;'6(%2'*"#-06&)')&*0).#'$-i#'%0-'7+(-'-+&'

()*+$,&'&:$#-#'50)<'(%.'-+&)&'70"1.'3&'-00'6(%2'.(-(';)0-&*/0%'

$##"&#8''!"-'7&'.0'+(,&'('5&7'#&)$&#'05',&)2'400.'*"#-06&)'1&.4&)#'

5)06'-+&'Lf-+'(%.'LO-+'*&%-")$&#'-+(-'7&i,&'>&;-'(#'&:(6;1&#<'(%.'

-+&2'*0%-($%')&*0).#<'#0'$5'20")'(%*&#-0)#'3(%>&.'7$-+'-+0#&'3(%>#'

7&'6$4+-'3&'(31&'-0'+&1;<'3"-'4&%&)(112'=i6'%0-'&%/)&12'#")&'7+(-'

$%50)6(/0%'-+&2i)&'40$%4'-0'4&-'5)06'-+&$)'3(%>'(**0"%-\''!"-'

;&0;1&'7$-+'(%*&#-0)#'7+0'70)>&.'50)'-+&'3(%>'7&'*(%'3&'6"*+'

60)&'+&1;5"1<'7&'*(%'-&11'-+&6'7+&)&'-+&2'70)>&.<'7+&%'-+&2'

60,&.'0%<'7+(-' 1&,&1'-+&2')&(*+&.<'0)'#(1()2<'0)';+0-04)(;+#'&-*8''

h"$-&'0G&%'7&'4&-'10*(1'+$#-0)2'&%o"$)$&#<'-+&'+$#-0)2'05'-+&'3)(%*+<'

0)';&0;1&' 7+0'+(,&'30"4+-'7+(-'"#&.'-0'3&'('3)(%*+'(%.'7(%-'-0'

>%07'-+&'+$#-0)2<'0)';&0;1&')&#&()*+$%4'-+&'+$4+'#-)&&-<'(%.'7&'*(%'

3&')&(#0%(312'+&1;5"1'-+&)&8''!"-'-+&'60#-'#&)$0"#';()-'05'0")'70)>'$#'

-+&'(*(.&6$*#<'-+&2'()&'60#-'1$>&12'-0'*06&'$%<'7$-+'10*(1'(%.'5(6$12'

+$#-0)$(%#'7&i)&'%0-'-)2$%4'-0'3&'#%0332<'-+&2'*(%'*06&'$%<'3"-'

0G&%'$-i#'o"$*>&)'50)'"#'-0'g%.'-+&'$%50)6(/0%'(%.'4$,&'$-'0"-<'7&i)&'

%0-'3&$%4' #&*)&/,&'$-i#'n"#-'o"$*>&)8''B*(.&6$*#'()&'4&%&)(112'

)&#&()*+$%4'#06&'(#;&*-'05'g%(%*$(1'+$#-0)2<'6(23&'#;&*$g*'-0'

!()*1(2#'0)',$#$/%4'0-+&)'3(%>#'(#'7&118''I06&/6&#'$-i#'7$.&)'(%.'

$%*1".$%4'0-+&)';()-#'05'+$#-0)2<'-+&2'()&'-)2$%4'-0';)0,&'o"$-&'('7$.&'

+2;0-+&#$#'#0'-+&2i11'-&11'"#'(30"-'$-'(%.'7&i11'3)$%4'0"-')&1&,(%-'

6(-&)$(18''J&'(1#0'+(,&'('1$3)()2'7+&)&'-+&2'*(%'#$-<'(%.'-+&2i)&'

(?

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

"#"(112'+&)&'50)'(-'1&(#-'('.(2'(%.'#06&/6&#'10%4&)8''=%'-&)6#'05'

3(%>'"#&)#'7&',&)2')()&12'4&-'(%20%&'*06$%4'";'7&'70"1.'.0'-+&'

70)>'50)'-+&68

=%-&),$&7&) M8'''B)&'20"'-)2$%4'-0'50*"#'0%'.&,&10;$%4'0"-)&(*+'(*/,$/&#'0)'

)&1(/0%#+$;#'7$-+'(%2';()/*"1()'4)0";'0)'*066"%$-2'05'"#&)#e

T()$( A0-'$%';()/*"1()8''='#";;0#&'-+&';&%#$0%&)#888'(160#-'32'.&5("1-')&(112'

$-i#'%0-'#06&-+$%4'7&'#&-'0"-'-0'.08''9+$#'2&()'7&i,&'(*-"(112'+0#-&.'

,$#$-#<'-+&';&%#$0%&)#'()&'#&-'";'$%')&4$0%(1'4)0";#<'-+&'T(%*+&#-&)'

4)0";'*(6&'-0',$#$-8''J&'+(.'-0'.0'$-'$%'_'10-#'3&*("#&'-+&)&'7&)&'-00'

6(%2'05'-+&6\''I0'-+&2'*(6&'(%.'7&'.$.'('-0")'05'-+&'#-)0%4')006<'

40-'0"-'#06&'()*+$,&#')&1(-&.'-0'-+&'T(%*+&#-&)'()&('7&'-+0"4+-'

-+&2'6$4+-'3&'$%-&)&#-&.'$%<'4(,&'-+&6'('*";'05'-&('(%.'('3$#*"$-\'''I0'

7&'()&'.0$%4'-+(-'3"-'$-i#'%0-'#06&-+$%4'7&'#&-'0"-'-0'.0<'$-'7(#%i-'$%'

0")';1(%'(-'-+&'3&4$%%$%4'05'-+&'2&()8''!"-'$-i#'%$*&'3&*("#&'-+&2'()&'

$%-&)&#-&.<'(%.'o"$-&'0G&%'-+&2'*(%'-&11'"#'#-"E'7&'.$.%i-'>%07'(%.'

;"-'-+$%4#'$%-0'*0%-&:-'50)'"#8''J&'.0'+(,&'(%'0)(1'+$#-0)2'

;)04)(66&<'#0'7&'*(%';$*>'";'0%';&0;1&'$-'6$4+-'3&'70)-+'

$%-&),$&7$%48''9+&2i)&'('%$*&'3"%*+<'-+&2i)&'5)$4+-&%$%412'$%-&)&#-&.<'

$-i#'#");)$#$%48''='.0%i-'-+$%>'20"i.'4&-'-+(-'$%'!()*1(2#'#-(E'-0.(2<'3"-'

$%'!()*1(2#'#-(E'05'-+&$)'4&%&)(/0%'-+&2i)&',&)2'102(1<'$-'7(#%i-'n"#-'('

n03'-0'-+&6'$-'7(#'('3$4';()-'05'-+&$)'1$,&#8

=%-&),$&7&) a8'''D0'20"'+(,&'-+&'5(*$1$/&#s)&#0")*&#'-0'$%,01,&'50)6&)'&6;102&&#'

0)'*"))&%-'&6;102&&#'$%'*0%-)$3"/%4'-0'-+&'70)>'05'-+&'()*+$,&e''B)&'

20"'$%-&)&#-&.'$%'-+(-'>$%.'05'70)>e

T()$( d&#'7&'()&8''C"))&%-'&6;102&&#'7&i)&'.&g%$-&12'$%-&)&#-&.'(#'-+&2'

#+0"1.'3&' #&%.$%4'"#'#-"E<'(%.'7&'.0'+(,&'('5&7'$##"&#'7$-+'-+&'

3(%>'-+(-'7&'.0%i-'-+$%>'7&i)&'(17(2#'4&t%4'6(-&)$(1'7&'#+0"1.'3&'

4&t%48''X")'*011&*/0%';01$*2'$#'-+(-'7&'-&%.'-0'50*"#'0%'-+$%4#'1$>&'

*066$?&&#'-+(-')"%'-+&'3(%><'6($%'!0().'05'D$)&*-0)#'0)'K:&*"/,&'

C066$?&&''7+0'6&&-'0%'(')&4"1()'3(#$#'-0'#0)-'05'.0'-+&'.(2'-0'.(2'

)"%%$%4'05'-+&'3(%><'(%.'7&'4&-'-+0#&')&*0).#'%0';)031&6<'3&*("#&'

-+&2'*06&'5)06'-+&'*06;(%2'#&*)&-()2'(%.'7&')&;0)-'$%'-0'+$6<'#0'

%0';)031&6#'4&t%4'-+0#&8''!"-'-+&%'!()*1(2#'$#'#;1$-'$%-0'.$E&)&%-'

.$,$#$0%#<'$%-0'[^'3(%>$%4<'-+&%'!BWCB]'7+$*+'$#'-+&'$%,&#-6&%-'

3(%>$%4'()6<'!()*1(2*().<'U103(1'3(%>$%4<'7+$*+'$#'3)(%*+'3(%>#'

$%-&)%(/0%(1128''9+&2i,&'(11'40-'-+&$)'07%'*066$?&&#'-+(-')"%'-+&6<'

-+&2'.0%i-'(11'#&%.'-+&$)')&*0).#8''!BWCB]'&#;&*$(112'()&',&)2'

$%.&;&%.&%-'(%.'1$>&'-0'.0'-+$%4#'-+&'!BWCB]'7(28''I0'7&'.0'+(,&'('

5&7'$##"&#'$%'-&)6#'05'4&t%4')&*0).#<'#0'$5'7&'*0"1.')($#&'0")';)0g1&'

7$-+$%'-+&'3(%>'(%.'#(2'iF00>'-+$#'$#'U)0";'()*+$,&#<'-+$#'$#'7+(-'7&'

>@

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

.0i'-+(-'70"1.'3&'10,&128''I0'7&'.0'.0'('10-'05'70)>'-0'-)2'(%.'.0'

-+(-8''J&'.0'+(,&'(%'$%-)(%&-'#$-&<'7+$*+'$#'-+&' $%-&)%(1'#$-&'7+$*+'

+(#'('10-'60)&'$%50)6(/0%'0%'$-'-+(%'-+&'$%-&)%(1'7&3#$-&8''J&'.0'

-+$%4#'$%'#-(E'6(4(R$%&#8''!"-'"1/6(-&12'$5';&0;1&'.0%i-'7(%-'-0'#&%.'

"#'-+&$)')&*0).#<'7&'.0%i-'+(,&'('10-'05';07&)'-0'6(>&'-+&6'.0'-+(-8''

J&'()&'.&g%$-&12'*0%#*$0"#'05'-)2$%4'-0'&%4(4&'7$-+'*"))&%-'

&6;102&&#'(%.';&)#"(.&'-+&6'-+$#'$#'-+&'3&#-';1(*&'50)'-+&$)')&*0).#8'

A0-'0%12'3&*("#&'7&'7(%-'-+&6'50)'-+&'5"-")&'3"-'7&'(*-"(112'

3&1$&,&'7&';)0,$.&'-+&'3&#-'#&),$*&'50)'-+&68''!&*("#&'$5'20"i)&'-+&'

#&*)&-()2'05'('*066$?&&<'(%.'20"'%&&.'20")')&*0).#'50)'M'0)'Lk'

2&()#'(40<'(%.'-+0#&')&*0).#'+(,&'3&&%'#&%-'-0'-+&'3(%>i#')&*0).#'

*&%-)&'7+&)&'-+&2'>&&;'#&6$@*"))&%-')&*0).#<'$-'*(%'(*-"(112'3&'o"$-&'

('3$4'n03'-0'4&-'-+&6'0"-<'7+&)&(#'$5'-+&2i.''#&%-'-+&6'+&)&<'(11'

-+&2i.'+(,&'-0'.0'$#')$%4'";'(%.'#(2'i='%&&.'-+&')&*0).#'5)06'B;)$1'

NkkMi'(%.'7&i.'70"1.'.0'-+(-<'7&'70"1.'#&%.'-+&6<'3&*("#&'0")'

g%.$%4'($.#'()&'6"*+'60)&'.&-($1&.8''J$-+'-+&')&*0).#'*&%-)&<'$-i#'";'

-0'-+&'*"#-06&)'-0'>&&;'('30:'1$#-<'(%.'0).&)'('30:<'#0'-+(-'#&*)&-()2'

+(#'-0'>&&;'(11'+&)'30:'1$#-#<'>%07'-+0#&'6$%"-&#'()&'$%'!0:'P<'-+&2'

70"1.'#&%.'+&)'-+(-'30:<'7+$*+'*0"1.'*0%-($%'N'2&()#'70)-+'05'

6$%"-&#'-+(-'#+&i#'40-'-0'#&()*+'-+)0"4+8''!"-'7&'70"1.'n"#-'#&%.'+&)'

-+&'6$%"-&#'#+&'7(%-#<'#+&'70"1.%i-'7(%-'-0')&6&63&)'(%2'

)&5&)&%*&#'0)'(%2-+$%48''I0'$%'-&)6#'05'4&t%4'-+&'()*+$,&#'50)'-+&'

5"-")&'(%.'-+&'#&),$*&'7&';)0,$.&'%07'7&'-+$%>'7&i)&'-+&'3&#-';1(*&<'

3"-'4&t%4'-+(-'6&##(4&'(*)0##'-0'-+&6888\''B%.'-+&'0-+&)';)031&6'$#'

-+&2'(11'*+(%4&')&4"1()12<'#0'7&'4&-'-+&'6&##(4&'(*)0##'-0'0%&'

#&*)&-()2<'(%.'7&i)&'4&t%4'6$%"-&#'$%' (%.'$-i#'4)&(-<'-+&%'('*0";1&'

05'2&()#'1(-&)'#+&'1&(,&#<'(%.'#+&'.0&#%i-'-&11'+&)'#"**&##0)8''B%.'%07'

05'*0")#&'&,&)2-+$%4'$#'&1&*-)0%$*<'#0';&0;1&'-+$%>'3&*("#&'-+&2i,&'

40-'$-'(11'0%'-+&$)'*06;"-&)'$-i#'g%&<'-+&%'-+&2'1&(,&'(%.'-+&$)'

*06;"-&)'4&-#'7$;&.<'(%.'-+&$)'#"**&##0)'+(#'%0';)&,$0"#'6$%"-&#<'

#0'-+&)&i#'(11'#0)-#'05'$##"&#')0"%.'-+(-8''J$-+'-+&'50)6&)'&6;102&&#<'

(#'='#($.'7&'.0'&%4(4&'7$-+'-+&68''J&'+(,&'(%'0)(1'+$#-0)2'

;)04)(66&'7+$*+'7&i,&'50"%.'+(#'3&&%')&(112'"#&5"18''J&'#-()-&.'0E'

$%-&),$&7$%4'#&%$0)'&:&*#<')&/)&.'C+($)6(%<'C+$&5'K:&*"/,&#<';&0;1&'

7+0'40-')&(112'+$4+'";'$%'-+&'3(%>8''B%.'-+&%'(G&)'('7+$1&'7&'

&:-&%.&.'$-'-0';&0;1&'7+0'70)>&.'$%'-+&'3(%>'50)'60#-'05'-+&$)'

*()&&)<'(%.'7+0i.'+(.'(',()$&-2'05'n03#'(#'7&11<'(%.'*0"1.'4$,&'"#'('3$-'

05'3(*>4)0"%.8''B%.'$-i#'g11&.'$%'('10-'05'31(%>#<'*("#&'03,$0"#12'

7)$?&%')&*0).#'0%12'&,&)'4$,&'20"'0%&',&)#$0%'05'&,&%-#@'='6&(%'

30().'6$%"-&#<'20"i.'+(,&'%0'$.&(')&(.$%4'-+&6'05'7+(-'

*0%,&)#(/0%#'+(.')&(112'40%&'0%'$%'-+&')0068''I0'-0'3&'(31&'-0'

$%-&),$&7';&0;1&'7+0'7&)&'(-'(';()/*"1()'30().'6&&/%4'7+&)&'20"'

>%07'#06&-+$%4'#$4%$g*(%-'+(;;&%&.<'-+(-i#'3)$11$(%-<'*("#&'-+&2'*(%'

4$,&'20"'6"*+'60)&'.&-($1#8''d0"'70"1.%i-'4&-'$%'7)$?&%')&*0).#<'

>!

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

1$?1&'-+$%4#<'1$>&'-+&')0"/%&#8''U0$%4'3(*>'2&()#<'-+&)&'7(#'('n"%$0)'$%'

-+&'3)(%*+<'7+0'+(.'-0'*06&'$%'g)#-'(%.'6(>&'-+&'-&('0)'7+(-&,&)'V'

-+(-i#'%0-'7)$?&%'.07%'(%27+&)&\''B%.'-+&'7)$?&%')&*0).#'7$11'

0G&%'-&11'20"'-+$%4#'1$>&'i!2'#"*+'('.(-&<'&,&)2-+$%4'3)(%*+'7(#'

("-06(-&.i'(%.'-+&%'20"i11'4&-'#06&0%&'#(2$%4'iJ&11'(*-"(112'='

70)>&.'$%'#"*+'('3)(%*+'$%'LOfN'(%.'7&'7&)&'#/11'.0$%4'&,&)2-+$%4'

32'+(%.'-+&%\i''B%.'0G&%<'-+&'50)6&)'&6;102&&#'(1#0'+(,&'3$-#'(%.'

;$&*&#'#o"$))&11&.'(7(28''A0-'-+(-'-+&2i,&'#-01&%'(%2-+$%4<'n"#-'(-'-+&'

/6&'-+&2')&/)&.'#06&-+$%4'7(#'40$%4'-0'40'$%'-+&'3$%'(%.'-+&2'

-+0"4+-'i9+(-'*(%i-'40'$%'-+&'3$%\i'(%.'-+&2'-00>'$-'+06&'(%.'-+&2'

*06&'50)7().'2&()#'1(-&)'-0'(#>'$5'7&i)&'$%-&)&#-&.'$%'-+&6'(%.'7&'

+(,&'3&&%8

=%-&),$&7&)S H01107";S'B%.'.0'20"'"#&'-+&6'-0'4$,&'60)&'*0%-&:-<'&848'W&,$#$/%4'

C011&*/0%#'6&-+0.01042'0)'70"1.'$-'3&'05'1$6$-&.',(1"&e

T()$( J&'+(,&%i-'.0%&'-+(-8''='-+$%>'7$-+'*&)-($%'-+$%4#'-+&2';)03(312'*0"1.'

+&1;'"#8''='>%07'-+&)&'7(#'('1(.2'70)>&.'50)'!()*1(2*().'$%'-+&',&)2'

&()12'.(2#<'#+&'#&%-'"#'#06&'1&.4&)#'(%.'='100>&.'(-'-+&6'(%.'.$%i-'

+(,&'('*1"&'7+(-'-+&2'6&(%-<'#0'='7)0-&'-0'+&)'(%.'(#>&.'+&)'-0'

&:;1($%'7+(-'-+&2'7&)&'(%.'#+&'.$.<'#0'-+&2'*(%'*&)-($%12'+&1;'7$-+'

-+&'60)&'-&*+%$*(1'(**0"%/%4')&*0).#<'3&*("#&'7&i)&'()*+$,$#-#<'%0-'

3(%>&)#<'#0'7&'.0%i-'(17(2#'"%.&)#-(%.'7+(-i#'40$%4'0%8''J&i,&'

)&*&%-12'+(.'('6$%$@;)0n&*-'-0'100>'(-'-&*+%01042<'7&i,&'$%-&),$&7&.'

;&0;1&'7+0'7&)&'$%,01,&.'$%'-+&',&)2'&()12'.(2#'05'*06;"/%4'$%'-+&'

3(%>'(%.'-+&2i,&'3&&%'(31&'-0'-(1>'-0'"#'$%'('3$-'60)&'.&;-+'(30"-'

7+(-'#06&'05'-+&'&()12'*06;"-&)#'.$.'(%.'+07'-+&2'70)>&.8''9+&2'

+(,&%i-'$%l"&%*&.'*(-(104"$%4',&)2'6"*+<'3"-'-+&2'+(,&';"-'-+$%4#'

$%-0'*0%-&:-8

=%-&),$&7&) P8'''D0'20"'+(,&'(')01&'$%'-+&'*0);0)(-&'#0*$(1')&#;0%#$3$1$-2'0)'

*0);0)(-&'*$/R&%#+$;'70)>'05'20")'0)4(%$#(/0%e

T()$( A0-'$%'('.&g%&.'7(2<'7&'1$>&'-0'-+$%>'05'0")#&1,&#'(#';()-'05'0")'

)&6$-8''J&'-+$%>'$5'-+&'3(%>'*(%'.&60%#-)(-&'$-i#'40-'('10%4'+$#-0)2'$%'

(%'()&('(%.'$-i#'(17(2#'3&&%'$%-&)&#-&.'$%'*&)-($%'&1&6&%-#'05'-+&'

*066"%$-2'-+(-i#'(11';()-'05'*0);0)(-&'#0*$(1')&#;0%#$3$1$-28''9+&'5(*-'

-+(-'-+&2i,&'>&;-'-+&'()*+$,&#'(%.'-+&2i)&'0;&%'-0'-+&';"31$*8''!"-'

7&i)&'%0-'.&g%&.'7$-+$%'-+&'*0);0)(-&')&;0)-#<'0)'(%2-+$%4'1$>&'-+(-8''

>"

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

=%-&),$&7&) f8'''J+&)&'$%'-+&'+$&)()*+2'05'20")'0)4(%$#(/0%'.0'20"'#$-e''D0'20"'

5&&1'20"'+(,&'$%l"&%*&'7$-+'0-+&)'()&(#'05'-+&'3"#$%&##'0)'7$-+'-+&'

6(%(4&6&%-e

T()$( ])03(312'%0-\''=i.'1$>&'-0'-+$%>'='.$.<'3"-'%0<'7&i,&'40-'('5"%%2'

#$-"(/0%'$%'!()*1(2#8''J&i,&'40-'-70'*06;(%2'#&*)&-()$&#8''9+&)&i#'('

*+(;'7+0i#'('-)($%&.'*06;(%2'#&*)&-()2'(%.'=')&;0)-'$%-0'+$6<'3"-'

-+&%'7&i,&'40-'(%0-+&)'6(%'7+0i#'*(11&.'i-+&'*06;(%2'#&*)&-()2i'

(%.'62'*06;(%2'#&*)&-()2')&;0)-#'-0'+$68''!"-'+&i#'%0-'('-)($%&.'

*06;(%2'#&*)&-()2<'+&'*0"1.%i-'.0'-+&'-&*+%$*(1'(#;&*-#'05'-+&'n03<'

3"-'+&i#'40-'-+(-'n03'3&*("#&'+&i#'70)>&.'50)'!()*1(2#'50)'(',&)2'10%4'

/6&'(%.'+&i#'40-'(')&(112'400.'3(*>4)0"%.<'(%.'+&i#'5&1-'-0'3&'('>&2'

;&)#0%'7+0'$#'+(%.2'50)'-+&'C+($)6(%'(%.'C+$&5'K:&*"/,&'-0'+(,&'$%'

-+(-')01&<'(%.'+&'(*-"(112'*06&#'-0'6&'60)&'-+(%'62'.$)&*-'1$%&'

6(%(4&)8''I0'0**(#$0%(112'7&i11'4&-'('1&?&)'-+(-i#'40%&'-0'-+&'

C+($)6(%'(30"-'#06&'(#;&*-'05'+$#-0)2'0)'0E&)$%4'-+&'C+($)6(%'

#06&-+$%4'#06&30.2i#'50"%.'iJ0"1.'20"'1$>&'-0'3"2'-+$#'$-i#'

(##0*$(-&.'7$-+'-+&'+$#-0)2'05'!()*1(2#ei'#0'-+&'-0;'*06;(%2'

#&*)&-()2'.0&#'(#>'0")'(.,$*&'(30"-'#-"E'1$>&'-+(-8''!"-'7&'.0%i-'4&-'

(#>&.'(30"-';01$*2'6(?&)#'0)'(%2-+$%4'1$>&'-+(-8

=%-&),$&7&) O8'''c07'$%,01,&.'$%';)05&##$0%(1'30.$&#')&1(-&.'-0'3"#$%&##'

()*+$,&#'()&'20"e''D0'20"'-(>&'";'(%2'#";;0)-'5)06'-+&6e

T()$( J&'-)2'-0'3&'o"$-&'$%,01,&.'7&'-+$%>'$-i#'$6;0)-(%-8''J&i)&'6&63&)#'

05'-+&'!BC'(%.'7&'(17(2#'-)2'-0'6(>&'(';0$%-'05'(-'1&(#-'0%&'05'"#'

40$%4'-0'-+&'*0%5&)&%*&'&,&)2'2&()8''=i6'-+&'-)&(#")&)'05'-+&'!WU'05'

-+&'BWB'(%.'=')&;)&#&%-'3"#$%&##'()*+$,&#'0%'-+&'A0)-+'J&#-'

W&4$0%(1'B)*+$,&#'C0"%*$18''J&'(17(2#'-)2<'-+&'BWB'6(4(R$%&'BWC'

-+&2'+(,&'(%'(%%"(1'!WU'$##"&'(%.'7&'(17(2#'-)2'-0'6(>&'#")&'7&'

*0%-)$3"-&'(%'()/*1&'-0'-+(-8''I0'2&(+'7&'.0'-)2'-0'3&'$%,01,&.8''='

.0%i-'>%07'$5'7&i)&'&,&)'(#>&.'50)'(%2'(.,$*&<'7&i,&'%0-<'-0"*+'

700.<'%&&.&.'(%2'#";;0)-8''J&i,&'%0-'50"%.'0")#&1,&#'"%.&)'-+)&(-<'

#0'-+(-i#'o"$-&'%$*&8''='-+$%>'7&'#&&'$-'(#'('7(2'05';0##$312'-)2$%4'-0'

&%+(%*&'0")')&;"-(/0%'(#'('3"#$%&##'()*+$,&<'6(>$%4';&0;1&'(7()&'

100>'!()*1(2#'+(#'(%'()*+$,&'6(%(4&.'32';)05&##$0%(1'()*+$,$#-#<'(%.'

7&'-)2'7+&%'7&'.0'(%'()/*1&'-0'+$4+1$4+-'#06&-+$%4'-+(-'7&i,&'.0%&'

$%'-+&'1(#-'2&()'-+(-'7&'-+$%>'$#'400.'-+$%4'-0'.0<'0)'('%&7'7(2'05'

.0$%4'#06&-+$%4<'0)'('%&7'$%$/(/,&'0)'#06&-+$%4<'n"#-'-0'1&-'0-+&)'

;&0;1&'>%07'-+(-'7&i)&'%0-'n"#-'#$t%4'+&)&'*(1*$52$%4<'7&i)&'-)2$%4'-0'

3&';)04)&##$,&8

>#

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

=%-&),$&7&) Lk8'B)&'20"'5(6$1$()'7$-+'-+&'A(/0%(1'I-)(-&42'50)'!"#$%&##'

B)*+$,&#e'

T()$( ='(6\

=%-&),$&7&) Lk'3q''=5'2&#<'.0'20"'3&1$&,&'$-'-0'3&'&E&*/,&e''B)&'-+&)&'&1&6&%-#'

20"'70"1.'&:;(%.s)&,$#&'50)'$-'-0'3&*06&'60)&'"#&5"1e

T()$( ='-+$%>'$-i#'('6(##$,&'#-&;'50)7().'-+(-'7&i,&'40-'$-8''9+&'5(*-'-+(-'7&'

.$.%i-'+(,&'0%&'3&50)&'7(#'%0-'400.'(%.'$-i#'10,&12'-+(-'7&i,&'%07'

40-'0%&8''=i,&'3&&%'#1$4+-12'.$#(;;0$%-&.'(-'-+&';)04)&##'-+(-'+(#'3&&%'

6(.&'#$%*&'$-'7(#';"31$#+&.8''=-'7(#'1$>&<'$-'7(#';"31$#+&.'(%.'%0-'(%'

(75"1'10-i#'+(;;&%&.'#$%*&<'#0'-+(-i#'('3$-'.$#(;;0$%/%48''=-i#'(#'

-+0"4+';&0;1&'-+0"4+-'+(,$%4'$-';"31$#+&.'7(#'(%'&%.'$%'$-#&15<'(%.'

$-i#'%0-<'$-i#'-+&'g)#-'#-&;')&(1128''=-i#'(%'0..'0%&'50)';&0;1&'7+0'70)>'

$%'3"#$%&##'()*+$,&#'(1)&(.2<'3&*("#&'(1-+0"4+'7&'(;;1(".'-+&'5(*-'

7&i,&'40-'$-'(%.'7&'-+$%>'$-i#'('400.'-+$%4<'='5&&1'#06&'#0)-'05'

)&#;0%#$3$1$-2'$%'-)2$%4'-0'6(>&'#")&'$-';)04)&##&#<'3"-'(#'#06&0%&'

7+0i#'(1)&(.2'70)>$%4'50)'('3"#$%&##'-+(-'+(#'(%'()*+$,&<'-+&)&i#'%0-'

6"*+'='*(%'.08''=-i#'('3$-'05'('#-)(%4&'0%&<'$-i#',&)2'6"*+'($6&.'(-'

;)0-&*/%4'-+&'()*+$,&#'05'3"#$%&##&#'-+(-'+(,&%i-'40-'(%'()*+$,$#-<'0)'

3"#$%&##&#'-+(-'()&'40$%4'-0'40'0"-'05'3"#$%&##'(%.'-+&'()*+$,&'$#'

40$%4'-0'4&-'.$#;0#&.'05<'#0'20"'.0'g%.'20")#&15'$%'('#1$4+-12'#-)(%4&'

;0#$/0%8''c&)&'='(6'70)>$%4'50)'('3(%><'7&i)&'0>'7&i,&'40-'0")'

()*+$,&'7&i)&'g%&8''X+'100><'-+$#'3"#$%&##'0,&)'+&)&'$#'40$%4'0"-'05'

3"#$%&##<'20"'10*(1'("-+0)$-2')&*0).'0Y*&<'20"'6"#-'100>'(G&)'-+&$)'

()*+$,&\''d0"'5&&1'('3$-'1$>&'20"i)&'#$t%4'+&)&'$%'('4$1.&.'*(4&<'

;)&(*+$%4'-0';&0;1&'7+0'()&'4&t%4'-+&$)')&#0")*&#'*"-'-+(-'-+&2i,&'

40-'-0'-(>&')&#;0%#$3$1$-28''9+&)&i#'#06&'%$*&'$.&(#'$%'-+&)&<'1$>&')01&'

#7(;;$%48''J+&)&'3"#$%&##'()*+$,$#-#'40'(%.'70)>'$%'10*(1'("-+0)$-2'

()*+$,&#'(%.'10*(1'("-+0)$-2'()*+$,$#-#'70)>'$%'3"#$%&##'()*+$,&#<'3"-'

-+&%'20"'-+$%>'(30"-'$-';)(*/*(112'(%.'+07'70"1.'$-'70)>'(%.'7+(-'

70"1.'$-'(*+$&,&e''B*-"(112<'62#&15'(%.'-+&'-70'()*+$,$#-#'-+(-'70)>'

+&)&'+(,&'70)>&.'$%'1(')&*0).'0Y*&#'#0'7&'70"1.%i-'1&()%'(%2-+$%48''

B%.'-+&2i,&'#($.'-+$%4#'1$>&'i]&)+(;#'3"#$%&##'()*+$,$#-#'*0"1.'40'(%.'

70)>'$%'('1('50)'('60%-+'(%.'*(-(104"&'#06&'3"#$%&##')&*0).#i'3"-'

=i,&'40-'62'07%'*(-(104"$%4'3(*>104<'$-'$#'('3$-'05'(%'0..'0%&\

=%-&),$&7&) LL8'''D0'20"'*06&'";'(4($%#-'(%2'&-+$*(1'$##"&#'7+&%'.&(1$%4'7$-+'

3"#$%&##'*011&*/0%#e''p&848'$##"&#'()0"%.')&l&*/%4'(11'(#;&*-#'05'

*06;(%2'+$#-0)2<'400.'(%.'3(.eq

T()$( J&'.0'*06&'(*)0##'('5&7'$##"&#<'%0-'3&*("#&'!()*1(2#'+(#'3&&%'

"%&-+$*(1<'3"-'3&*("#&'05'-+&'7(2'-+$%4#'*(%'3&'#&&%8''9+&'-70'3$4'

>%

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

&:(6;1&#'()&'#1(,&)2'(%.'(;()-+&$.'$%'I0"-+'B5)$*(8''9+&)&'7(#'('

300>'7)$?&%'$%'-+&'LO`k#@LOMk#<'K)$*'J$11$(6#<'C(;$-(1$#6'(%.'

I1(,&)2'0)'#06&-+$%4'1$>&'-+(-8''=%'$-<'+&'*(6&'0"-'7$-+'#06&'

#7&&;$%4'#-(-&6&%-'-+(-'3(%>#<'+&'o"0-&.'('*0";1&<';0##$312'

!()*1(2#'(%.'F102.#<'7&)&'50"%.&.'0%'#1(,&)28''K,&)'#$%*&<'$-i#'3&&%'

-(>&%'(#'40#;&1'-)"-+<'#0'$-i#'(%'(**"#(/0%'-+(-i#')&4"1()12'l"%4'(-'

!()*1(2#'(%.'$-i#'%0-'-)"&8''=5'7&'-(>&'0%&'#-)(%.'05'0")'+$#-0)2<'-+&'

!()*1(2'5(6$12<'7+0'7&)&'h"(>&)#'*(6;($4%&.'(4($%#-'#1(,&)28''!"-'

0%&'05'-+&6<'D(,$.'!()*1(2'&%.&.'";'7$-+'(';1(%-(/0%'$%'#&?1&6&%-'

05'('.&3-<'+&';($.'50)'-+&6'-0'3&'5)&&.<'3"-'$-i#'o"$-&'('*06;1$*(-&.'

+$#-0)28''=5'20"'100>'(-'(%0-+&)'#-)(%.<'$%'LOaO'7&'-00>'0,&)'T()/%i#<'

('F$,&);001'3(%><'(%.'-+&2'+(.';)&,$0"#12'-(>&%'0,&)'(%0-+&)'3(%>'

c(27().#<'7+0'7&'>%07'7&)&'$%,01,&.'$%'#1(,&)28'''I0'7&'*(%'%&,&)'

*06&'0"-'(%.'#(2'*(-&40)$*(112'7&'7&)&'%&,&)'$%,01,&.'$%'#1(,&)2'

3&*("#&'-+(-i#'%0-'-)"&8''!"-'-+&')&(1$-2'$#'60)&'*06;1$*(-&.'(#'(11'

+$#-0)2'$#8''I0'$%'NkkP'-+&'(%%$,&)#()2'05'-+&'(301$/0%'05'-+&'#1(,&'

-)(.&<'$-'70"1.'+(,&'3&&%'10,&12'-0'4&-'$%,01,&.'$%'-+(-<'7&'+(,&'

1&?&)#'(%.')&#0")*&#'-(1>$%4'(30"-'#1(,&)2<'3"-'7&'.$.%i-<'3&*("#&'7&'

-+0"4+-'$-i#'%0-'n"#-'40$%4'-0'3&'100>&.'(-'$%'('.)2'+$#-0)$*(1'*0%-&:-<'

$-i#'40$%4'-0'3&'#&$R&.'0%'32'&:-)&6$#-#'7+0'+(-&'!()*1(2#'(%.'-(>&%'

$%'-+&'7)0%4'*0%-&:-'(%.';0##$312'.(6(4&'-+&')&;"-(/0%'05'-+&'

3(%>8'''9+&'0-+&)'$##"&'05'(;()-+&$.<'$#'-+(-'!()*1(2#'+(.'('10%4'

+$#-0)2'$%'I0"-+'B5)$*(<'(%.'-00>'0,&)'('3(%>'&#-(31$#+&.'-+&)&'$%'-+&'

1(-&'LO-+'*&%-")2'(%.'-+&%'#-(2&.'$%'I0"-+'B5)$*(8''!2'-+&'1(-&'Pk#'(%.'

fk#'-+&'(;()-+&$.'#$-"(/0%'-+&)&'6&(%-'$-'7(#'3&*06$%4'('.$Y*"1-'

;0#$/0%'(%.';&0;1&'7&)&'*(6;($4%$%4'(4($%#-'$-8''!()*1(2#<'='-+$%><''

+(#'#/11'40-'o"$-&'('3(.'%(6&'3&*("#&'05'-+(-<'&,&%'7$-+'20"%4'

;&0;1&'7+0'>%07'%0-+$%4'(30"-'(;()-+&$.<'$-i#'*(#-'('#+(.07<'-+&2i)&'

#/11'#&&%'(#'('3(%>'-+(-';"-#';)0g-#'(30,&'&,&)2-+$%4'&1#&8''=%'5(*-'

-+(-i#'%0-'-)"&<'-+&2'#-(2&.'(#'-+&2'5&1-'-+&2'+(.'('."-2'-0'*"#-06&)#'

(%.'#-(E8''=-'7(#'-)2$%4'-0'70)>'()0"%.'-+&'#2#-&6'(%.'&6;102$%4'

31(*>'#-(E'7+&%'0-+&)';&0;1&'70"1.%i-8''!"-'$-')&(*+&.'(';0$%-'

7+&)&'$-'7(#'.(6(4$%4'-+&'3"#$%&##'#0'6"*+'$%'-+&'[^'-+(-'-+&2'+(.'

-0';"11'0"-8''9+&2'()&'%07'3(*>'$%'I0"-+'B5)$*(8''=-i#'(%0-+&)'0%&'05'

-+0#&'$##"&#<'-+(-<';().0%'-+&';"%<'$#'%0-'31(*>'(%.'7+$-&<'$-i#'('4)&2'

()&(8''J&'0;&)(-&'('_k'2&()'*10#")&';&)$0.'+&)&<'#0'-+0#&')&*0).#'()&'

n"#-'#-()/%4'-0'*06&'$%-0'7+(-'*0"1.'3&'-+&';"31$*'.06($%8''J&'#(2'('

_k'2&()';&)$0.<'3"-'$%'(11'+0%&#-2'$5'7&'#(7'(')&*0).'5)06'LOMk'(%.'

-+0"4+-'iJ&'*(%i-'1&-'(%20%&'#&&'-+$#\i'-+&%'7&'70"1.%i-8''J&'()&'

(17(2#'(7()&'05'-+&')&;"-(/0%'05'-+&'3(%>'(%.'7&'()&'o"$-&'

*("/0"#8''=5'7&'4&-'(%2'&%o"$)$&#'(30"-'#1(,&)2'0)'(;()-+&$.'7&'

(%#7&)'-+&6'(%.'7&i)&'(#'0;&%'(#'7&'*(%'3&<'3"-'#/11'*("/0"#8''J$-+'

o"&#/0%#'(30"-'#1(,&)2<'3&*("#&'05'-+&'+"4&')(6$g*(/0%#'$%'

B6&)$*(<'7&i.'#;&(>'-0'('*011&(4"&'$%'!()*1(2#'1&4(1'3&50)&'7&'#&%.'('

>&

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

)&;12'n"#-'-0'*+&*>8''I0'$%'0%&')&#;&*-<'='#";;0#&'20"'-+$%>'-0'20")#&15<'

+(,&'='30"4+-'$%-0'-+&'*06;(%2<'(6'=';"t%4'-+&'*06;(%2'(30,&'62'

;)05&##$0%(1'5&&1$%4#<'(#'(';)05&##$0%(1'#+0"1.'='n"#-'3&'6(>$%4'(11'

-+&#&')&*0).#'(,($1(31&e''!"-'-+&%'20"'-+$%>'-0'20")#&15<'(#'('

;)05&##$0%(1<'='(6'(1#0'-+&'()*+$,$#-'05'-+$#'3(%><'(%.'62'g)#-'."-2'05'

*()&'$#'-0'62'&6;102&)8''I0'7+$1#-'$-'70"1.'3&'%$*&'-0'%0-'+(,&'-0'

-+$%>'1$>&'-+(-<'='-+$%>'-+&')&(1$-2'$#'-+(-'7&'.08''='.0%i-'5&&1'-+(-'=i,&'

#01.'0"-<'3&*("#&'-+&)&'$#'(17(2#'-70'5(*&#'-0'-+&'()*+$,$#-<'-+&)&'$#'

-+&'()*+$,$#-'-+(-'0;&%#'";'.0*"6&%-#'50)'-+&';"31$*'-0'#&&<'(%.'

-+&%'-+&)&'$#'-+&'()*+$,$#-'7+0'$#'-+&'>&&;&)'05'-+&'*06;(%2i#'

6&60)2<'(%.'-+&2i)&'30-+',(1$.')01&#<'$-i#'n"#-'3(1(%*$%4'-+&68

>'

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

"EE)0.'H#IJN603)$(')>#B$/0*%$'E3#M#N8O8POL8I8

4/0%/*&'$)#,)%-$.#FAA'%)#Q#;/('.#B'?*?)5

=%-&),$&7&) L8'D0'20"'"#&'3"#$%&##'*011&*/0%#'$%'20")'0"-)&(*+'(*/,$/&#e

D(,$. J&'.0%i-'*0%#*$0"#12'"#&'-+&6'(#'i3"#$%&##')&*0).#i8''!"-'-+&2'6(2'

4&-'"#&.<'$5'#(2'50)'$%#-(%*&'$5'7&i)&'70)>$%4'7$-+'(';()/*"1()'

*066"%$-2'4)0";'0)'$%-&)&#-'4)0";'-0'7+06'-+&2i)&')&1&,(%-<'#0'$5'

-+&2i)&'5)06'(';()/*"1()';1(*&<'(%.'7&'+(,&'-+&')&*0).#'05'('3"#$%&##'

5)06'-+(-';1(*&'-+&%'-+&2'6$4+-'3&'"#&.'$%'-+(-'*0%-&:-<'3"-'-+&2i)&'

%0-';(*>(4&.'(%.';)&#&%-&.'(#'i3"#$%&##')&*0).#i'7&'n"#-'"#&'-+&6'$%'

-+&'#(6&'7(2'(#'7&'70"1.'"#&'(%2'0-+&)'*1(##'05')&*0).#8''='-+$%>'

-+&'-2;&#'05')&*0).#'7&'60#-'0G&%'"#&'$#'#06&-+$%4';$*-0)$(1<'#0'

6()>&/%4' 1$-&)(-")&'0)';+0-04)(;+#8''=-';)03(312'+$4+1$4+-#'0")'1(*>'

05'5(6$1$()$-2'7$-+'-+&6'(%.'"%.&)#-(%.$%4'05'-+&6<';()/*"1()12'$%'

-&)6#'05'-+&'g%(%*$(1')&*0).#8'I0'(#'i-+&')&*0).#i'$%'-+&'-)"&'#&%#&<'

7&';)03(312'.0%i-'5&&1'(#'*0650)-(31&'7$-+'-+&6'(#'7&'.0'7$-+'

;)03(-&'0)';()$#+')&*0).#<';&)#0%(112'='.0%i-'(%27(2<'#0'='#";;0#&'

20"'-&%.'-0'40'50)'-+&'&2&'4)(33$%4'#-"E'$%';"t%4'-04&-+&)'

&:+$3$/0%#'0)'.0$%4'0"-)&(*+'70)><'#06&-+$%4',$#"(1<')(-+&)'-+(%<'

#(2<'('1&.4&)8

=%-&),$&7&) H01107";S'D0&#'$-'-&%.'-0'3&'60.&)%'3"#$%&##&#'(#'7&11e

D(,$. A0'$-'.0&#%i-'6(?&)<'3&*("#&'7&'+(,&'-+(-'>$%.'05'6(-&)$(1'50)'LO-+'

*&%-")2'3"#$%&##&#8''

=%-&),$&7&) N8'''J+(-'6&-+0.#'.0'20"'*"))&%-12'"#&'-0')&(*+'0"-'-0'-+&'

;"31$*e''B)&'20"'+(;;2'7$-+'-+$#'1&,&1'05'(*/,$-2e''=%'(%'$.&(1'

70)1.'70"1.'20"'.0'60)&'0)'50*"#'0%'0-+&)'()&(#'05'(*/,$-2e

D(,$. X,&)'(%.'(30,&'+(,$%4'('*(-(104"&'(%.'('#&()*+')006'#&),$*&<'7&'

.0'&:+$3$/0%#<'7&'.0'-(1>#'(%.'-0")#<'+(,&'4)0";#'$%'(%.'#+07'

-+&6')0"%.'-+&')&*0).'0Y*&<'#+07'-+&6')&*0).#'-+(-'6$4+-'3&'05'

$%-&)&#-'-0'-+&68''J&'.0'-(1>#'0"-<'7&'40'(%.'#;&(>'-0'4)0";#'7+0'

6$4+-'3&'$%-&)&#-&.8''J&'(?&%.'&,&%-#'0)4(%$#&.'32'0-+&)';&0;1&<'#0'

$%'-&)6#'05'3"#$%&##')&*0).#'$%';()/*"1()<'-+&)&'7(#'('*0%,&%/0%'(-'

F$,&);001'[%$,&)#$-2'50)'3"#$%&##'+$#-0)$(%#'1(#-'2&()<'('*0%5&)&%*&<'

(%.'7&'7&)&'$%,$-&.'(10%4'-0';)060-&'0")'3"#$%&##'*011&*/0%#<'#0'7&'

.0'#;&*$g*'&,&%-#8''='.0%i-'>%07'7+(-'*(6&'05'-+(-'$%'-&)6#'05'"#&'05'

-+&'*011&*/0%#<'3"-'$-'4(,&'"#'(%'0;;0)-"%$-2'-0'-+$%>'(30"-'7+(-'

>(

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

7&i,&'40-'(%.'7&';"-'-04&-+&)'('1&(l&-'+$4+1$4+/%4'7+(-'7&i,&'40-'

(%.'(';)060/0%(1'3(%%&)8

=%-&),$&7&) _8'''J+$*+'6&-+0.#'05'&%4(4&6&%-'+(,&'20"'50"%.'-0'3&'-+&'60#-'

&E&*/,&e

D(,$. =%'4&%&)(1<'='-+$%>'$-i#'7+&%'20"'4&-';&0;1&'$%'-0'-+&')&*0).'0Y*&'#0'

-+&2'*(%'#&&'7+&)&'-+&'()*+$,&#'i1$,&i'$5'20"'1$>&'(%.'"%.&)#-(%.'-+&'

7+01&'#&-'";<';()/*"1()12'$%'-&)6#'05'-+&';)&#&),(/0%'#$.&'05'-+$%4#<'='

-+$%>'-+(-i#'7+&%'-+&2')&(1$#&'$-i#'%0-'('1$3)()28''!&*("#&'$%'-&)6#'05'

-+&'#&()*+')006<'$-'>$%.'05'5&&1#'1$>&'('1$3)()2'7$-+'.0*"6&%-#<'3"-'

7+&%'20"'4&-'3&+$%.'-+&'#*&%&#'(%.'#&&'7+(-'40&#'$%-0';)&#&),$%4'

-+$%4#888'='#";;0#&'$%'-&)6#'05'0")'6&##(4&'='-+$%>'-+&'60#-'&E&*/,&'

-+$%4'$#'7+&%';&0;1&'*(%'(*-"(112'*06&'(%.',$#$-'(%.'#&&'+07'7&'

0;&)(-&8

=%-&),$&7&) `8'''J+$*+'-2;&#'05'"#&)#'.0'20"'g%.'()&'$%-&)&#-&.'$%s"/1$#&'

3"#$%&##'*011&*/0%#e

D(,$. J&'.0%i-'-)(*>'$-<'#0'7&'.0%i-'>%07<'$-i#'n"#-'3(#&.'0%'('4"-'5&&1$%48''

=-i#';)03(312'5(6$12'+$#-0)$(%#'100>$%4'50)'&6;1026&%-')&*0).#'05'

)&1(/,&#<'$%'-&)6#'05'-+&'&%o"$)$&#<'(%.'-+&2i)&'0G&%'.$Y*"1-'-0'

#(/#52'(#'0G&%'(11'-+&2'>%07'V'(%.'-+$#'$#'-+&'60#-'*0660%'-2;&'05'

&%o"$)2'V'$#'-+(-'-+&$)'(%*&#-0)'70)>&.'$%'('6$118''I0'-+&2'7(%-'-0'

>%07'.0'7&'+(,&'6$11')&*0).#<'(%.'2&#'7&'+(,&<'#06&<'%0-'

;()/*"1()12'50)'-+&'LO-+'*&%-")2<''%0-'('4)&(-'.&(1<'*0%#$.&)$%4'+07'

6(%2'6$11#'-+&)&'7&)&<'$%'-&)6#'05'&6;1026&%-'$%50)6(/0%<'3"-',&)2'

0G&%'-+&2'.0%i-'>%07'7+$*+'6$11<'(#'$-i#'*06$%4'5)06'('*&%#"#8''B%.'

-+&%'7&'+(,&';&0;1&'$%-&)&#-&.'$%'('#;&*$g*'3"#$%&##&#<'3&*("#&'

-+&$)'5(6$12'07%&.'-+&'3"#$%&##'(%.'-+(-i#'('3$-'.$E&)&%-'3"-'#/11'

5(6$12'+$#-0)2')&1(-&.8''B%.'-+&%';&0;1&'()&'$%-&)&#-&.'$%'#;&*$g*'

3"#$%&##'3&*("#&'-+&2'()&'$%-&)&#-&.'$%'-+(-'3"#$%&##'0)'-2;&'05'

(*/,$-2'-+(-'3"#$%&##'7(#'$%,01,&.'$%<'&848'(*(.&6$*#8'

=%-&),$&7&) M8'''B)&'20"'-)2$%4'-0'50*"#'0%'.&,&10;$%4'0"-)&(*+'(*/,$/&#'0)'

)&1(/0%#+$;#'7$-+'(%2';()/*"1()'4)0";'0)'*066"%$-2'05'"#&)#e

D(,$. J&i)&'(17(2#'-)2$%4'-0'&%4(4&'7$-+'!1(*>'(%.'K-+%$*'T$%0)$-2'

*066"%$/&#'(%.'+(,&'(' #-(E'6&63&)'-+(-'50*"#&#'0%'-+(-8''J&i,&'

)&*&%-12'+(.'(';)0n&*-'$%'K(#-'F(%*(#+$)&<'#0'$%'-&)6#'05';&0;1&'7+0'

()&'4&04)(;+$*(112')&60-&'5)06'-+&'#&),$*&8''!"-'0-+&)'-+(%'-+(-<'='

#";;0#&'7&i,&'6(.&'&."*(/0%'"#&)#'(';)$0)$-2<'#*+001#'(%.'*011&4&#8'

=-'70"1.'0%12'$%,01,&'3"#$%&##'*011&*/0%#'4&%&)(112<'$%'-&)6#'05'7+&)&'

>>

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

-+&2'1$,&'(%.'*066"%$-2'+$#-0)2<'$5'-+&)&'$#'('400.'#0")*&'-+(-'

+(;;&%#'-0'3&'('3"#$%&##')&*0).'7&'70"1.'"#&'$-8

=%-&),$&7&) a8'''D0'20"'+(,&'-+&'5(*$1$/&#s)&#0")*&#'-0'$%,01,&'50)6&)'

&6;102&&#'0)'*"))&%-'&6;102&&#'$%'*0%-)$3"/%4'-0'-+&'70)>'05'-+&'

()*+$,&e''B)&'20"'$%-&)&#-&.'$%'-+(-'>$%.'05'70)>e

D(,$. d&(+'7&'.0<'(#',01"%-&&)#'.&g%$-&128''='.0%i-'>%07'-+(-'7&i,&'(*/,&12'

-()4&-&.'-+&6<'(1-+0"4+'7&'.0'+(,&'(';)0n&*-'7$-+'I-()'](;&)'T$11<'$%'

F$,&#&2<'x!1(*>3")%y<'#0'-+(-i#'('3"#$%&##'*011&*/0%'-+(-'*(6&'$%',$('('

1$3)()2'(%.'7&i,&'40-'(%'0"-)&(*+',01"%-&&)';)0n&*-'-+&)&'$%,01,$%4'

&:@&6;102&&#'$%'$.&%/52$%4';+0-04)(;+$*'6(-&)$(18''I0'7+&%'7&'*(%'

7&'.08

=%-&),$&7&) P8'''D0'20"'+(,&'(')01&'$%'-+&'*0);0)(-&'#0*$(1')&#;0%#$3$1$-2'0)'

*0);0)(-&'*$/R&%#+$;'70)>'05'20")'0)4(%$#(/0%e

D(,$. 9+&')&*0).'0Y*&'#-(-&.'03n&*/,&#'$%'-+&'3"#$%&##';1(%'$#'#";;0#&.'-0'

.&1$,&)2'(4($%#-'*0"%*$1'*0);0)(-&'03n&*/,&#8''I0'2&(+'7&'.0'+(,&'('

)01&'(%.'7&i,&'40-'-0'.&60%#-)(-&'-+(-i#'7+(-'7&'.08

=%-&),$&7&) f8'''J+&)&'$%'-+&'+$&)()*+2'05'20")'0)4(%$#(/0%'.0'20"'#$-e''D0'20"'

5&&1'20"'+(,&'$%l"&%*&'7$-+'0-+&)'()&(#'05'-+&'3"#$%&##'0)'7$-+'-+&'

6(%(4&6&%-e

D(,$. J&'#$-'7$-+$%'B."1-'(%.'C066"%$-2'I&),$*&#'7$-+$%'C"1-")(1'I&),$*&#8'

X%&'#$.&'7+&)&'7&';)03(312'+(,&'$%*)&(#&.'$%l"&%*&<'$#'-+(-'50)'-+&'

g)#-'/6&'$%<'$-'6$4+-'3&'&,&)<'3"-'*&)-($%12''-+&'1(#-'Nk'0)'_k'2&()#'

*"1-")&'7(#'%(6&.'(#'0%&'05'-+&'*0"%-2'*0"%*$1i#'-0;'M'03n&*/,&#8''I0'

-+&')&4$6&'*+(%4&'5)06'F(30")'-0'C0%#&),(/,&'(-'-+&'1(#-'&1&*/0%'$-'

7(#'-+0"4+-'-+(-'*"1-")&'70"1.'-(>&'('3$-'05'('>%0*><'3"-'$-i#'(*-"(112'

;&)*&$,&.'(#'+(,$%4'60)&',(1"&'-+(-'$-'.$.<'#0'$%'-&)6#'05'+(,$%4'

4&%&)(1'$%l"&%*&'='.0%i-'>%07'7+(-'-+&'#$4%#'6$4+-'3&<'-+&2'()&'

5"%.$%4'(%0-+&)'#-0)(4&'5(*$1$-2'50)'"#8'''

=%-&),$&7&) O8'''c07'$%,01,&.'$%';)05&##$0%(1'30.$&#')&1(-&.'-0'3"#$%&##'

()*+$,&#'()&'20"e''D0'20"'-(>&'";'(%2'#";;0)-'5)06'-+&6e

D(,$. A0-'-+(-'=i6'(7()&'05'0)'*&)-($%12'%0-'(-'62'1&,&18''9+&'6(%(4&6&%-'

6(2'+(,&'#06&'>$%.'05'$%-&)(*/0%'(-'('+$4+&)'1&,&18''=%'-&)6#'05'+07'

7&'.0'-+$%4#'7$-+'-+&'*011&*/0%#'(%.'7+(-'7&'.0'-+&%'%08''='.0%i-'40'

50)'#";;0)-<'(%.'='.0%i-'>%07'$5'(%2'05'62'*011&(4"&#'70"1.'3&'

(7()&888'7&11'-+&2'6$4+-'3&'(7()&'05'-+&$)'&:$#-&%*&<'3"-'='.0%i-'-+$%>'

7&'+(,&'(%2'*0%-(*-'7$-+'-+&68''J&'.0%i-'-&%.'-0'-)&(-'3"#$%&##'

>?

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

()*+$,&#'(#'(%2'.$E&)&%-'5)06'(%2-+$%4'&1#&<'$%'-&)6#'05'-+&'7(2'7&'

;)0*&##'-+&68

=%-&),$&7&) Lk8'''B)&'20"'5(6$1$()'7$-+'-+&'A(/0%(1'I-)(-&42'50)'!"#$%&##'

B)*+$,&#e

D(,$. d&#8''X%12'$%'('#&%#&'-+(-'7&'.$.'.$#*"##'$-'(-'(')&4$0%(1'6&&/%4'(-'-+&'

I0*$&-2'05'B)*+$,$#-#'pBWBq8

=%-&),$&7&) Lk38'=5'2&#<'.0'20"'3&1$&,&'$-'-0'3&'&E&*/,&e''B)&'-+&)&'&1&6&%-#'20"'

70"1.'&:;(%.s)&,$#&'50)'$-'-0'3&*06&'60)&'"#&5"1e

D(,$. ='.0%i-'>%07'$-'$%'&%0"4+'.&-($18''=i,&'3&&%'6(.&'(7()&'05'$-'$%'('i50)'

$%50)6(/0%i'7(2')(-+&)'-+(%'#06&-+$%4'-0'$%50)6'7+(-'7&'.08

=%-&),$&7&) LL8'''D0'20"'*06&'";'(4($%#-'(%2'&-+$*(1'$##"&#'7+&%'.&(1$%4'7$-+'

3"#$%&##'*011&*/0%#e''p&848'$##"&#'()0"%.')&l&*/%4'(11'(#;&*-#'05'

*06;(%2'+$#-0)2<'400.'(%.'3(.eq

D(,$. 9+&'0%12'0%&'='*(%'-+$%>'05'#;&*$g*(112'$#'7+&)&'7&'+(.'(%'&:@

&6;102&&'05'('3"#$%&##'7+0'='40-'-+&'$6;)&##$0%'7(#'-+$%>$%4'05'

3)$%4$%4'#06&'>$%.'05'*(#&')&1(-&.'-0'70)>$%4'*0%.$/0%#<'40$%4'3(*>'

('10%4'/6&8''I0'='#";;0#&'-+&)&i#'&-+$*(1'$##"&#'-+&)&'(30"-'

$%50)6(/0%'(%.'7+0'20"'4$,&'$-'-08

=%-&),$&7&) J+(-'.0'20"'.0'(30"-'*10#")&';&)$0.#'0%'3"#$%&##')&*0).#e

D(,$. ='-+$%>'-2;$*(112'7&'70"1.'(#>'('3"#$%&##'0%'-+&';0$%-'05'.&;0#$-'$5'

-+&)&'7(#'(%2-+$%4'-+(-'%&&.&.'-0'3&')&#-)$*-&.<'(%.'$5'7&'-+0"4+-'

-+(-'7(#')&(#0%(31&'-+&%'(;;12'-+0#&')&#-)$*/0%#8

=%-&),$&7&) =5'20"i)&'.&(1$%4'7$-+')&*0).#'-+(-'+(,&'3&&%'0);+(%&.'70"1.'20"'

6(>&'20")'07%'.&*$#$0%e

D(,$. d&#<'(%.'$5'-+&)&'7(#';&)#0%(1'.(-('-+&%'7&i.'(;;12'.(-(';)0-&*/0%<'

3"-'0-+&)'-+(%'-+(-'%0<'7&'70"1.%i-'(;;12'(%2'0-+&)')&#-)$*/0%#8''

D(,$. =i6'#")&'-+&2i)&'"%.&)"#&.'(%.'='#"#;&*-'-+(-i#'3&*("#&'7&'.0%i-'5&&1'

(#'*0650)-(31&'7$-+'-+&6'(#'7$-+'0-+&)'*1(##&#'05')&*0).#8''9+&2i)&'

;)03(312'"%.&)@)&;)&#&%-&.'(#'7&11<'&#;&*$(112'$%'-&)6#'05'#6(11'

3"#$%&##&#8''I0'$%'-&)6#'05'0")'($6'-0')&l&*-'-+&'#0*$&-2'05'F(%*(#+$)&'

-+&%'7&'.0%i-'.0'-+(-'$%'-&)6#'05'3"#$%&##<'(%.'$%'-&)6#'05'*011&*/%4'

7&'.0%i-'*011&*-';)0(*/,&12'3(#&.'0%'-+&'$6;0)-(%*&'05'*&)-($%'

3"#$%&##&#'0)'#&*-0)#<'&$-+&)'-0.(2'0)'-+&';(#-'5&7'+"%.)&.'2&()#<'$-i#'

?@

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

n"#-'7+(-'-&%.#'-0'())$,&8''B%.'-+(-i#'%0-'-+&'#(6&'(#'&**1&#$(#/*(1'

)&*0).#<'7+&)&'7&'+(,&'(%'())(%4&6&%-'7$-+'-+(-'*066"%$-2<'(%.'

20"'*(%'()4"&'-+(-'-+&'70)1.'05'70)>'(%.'05'3"#$%&##'$#'(#')&1&,(%-'0)'

60)&')&1&,(%-'-+(%'&**1&#$(#/*(1')&*0).#<'(%.'-+&2'.0%i-'+(,&'-+&'

#(6&'50*"#8

=%-&),$&7&) H01107'";S''B%.'7+(-'(30"-'-+&'3"#$%&##'05'-+&'*0"%-2'*0"%*$1e

D(,$. d&(+'$5'7&i)&'*1(##$%4'-+0#&'(#'%0%@*066&)*$(1'3"#$%&##<'&,&)2-+$%4'

())$,&#'0)'#+0"1.'())$,&8''=-'#$-#'7$-+')&*0).#'6(%(4&6&%-'(%.'(-'-+&'

&%.'05'$-i#')&-&%/0%';&)$0.'$-i#'(##&##&.'32'-+&'()*+$,$#-#'+&)&'(%.'$-'

.0&#'*06&<'7+&%'7&'100>'(-'-+&'10*(1'("-+0)$-2'(%.'#*+001#'(%.'

+0#;$-(1#8''J&'+(,&'.$E&)&%-'.&4)&&#'05'#-)&%4-+'05')&1(/0%#+$;#'10*(1'

("-+0)$/&#'-&%.'-0'*06&'+&)&<'+0#;$-(1#'V'#06&'.0<'#06&'.0%i-<'

#*+001#'1$>&7$#&8''I*+001#'()&';)03(312'-+&'60#-'7&11'"#&.'+&)&<'

;)$6()$12'-+)0"4+';&0;1&'100>$%4'50)';&0;1&8

=%-&),$&7&) LN8''=#'-+&)&'(%2'0-+&)'$%50)6(/0%'-0'.0'7$-+'20")';"31$*'

&%4(4&6&%-s0"-)&(*+'(*/,$/&#'0)'#-)(-&42'7&'+(,&%i-'*0,&)&.'

.")$%4'-+&#&'o"&#/0%#'20"'5&&1'$-'70"1.'3&'$%-&)&#/%4'0)'$6;0)-(%-'

-0'6&%/0%e

='7(#')&*&%-12'$%,01,&.'$%'(%'$%#-(%*&'7+&)&'('*06;(%2'7&%-'3"#-<'

o"$-&'('7&11'>%07%'*06;(%2'%(/0%(1128''=-'7(#'('#6(11'3"#$%&##'-+(-'

+(.'5&(-")&.'0%'9b'o"$-&'('3$-<'('*+($)'6(>&)#'*(11&.'!&))2i#'$%'

C+$;;$%4<'-+&2i.'3&&%'0%'('C+(%%&1'`';)04)(66&'(%.'+(.'40%&'3"#-'

('2&()'(G&)<'$-'7(#'o"$-&'('+$4+';)0g1&'-+$%4'(%.'o"$-&'(%'$6;0)-(%-'

-+$%4'(#'(1-+0"4+'$-'7(#'('#6(11'3"#$%&##'$-'&6;102&.'o"$-&'('3$4'

;&)*&%-(4&'05'-+&',$11(4&'-+(-'$-'7(#'$%<'#0'10*(112'$-'7(#'('3$4'.&(18''I0'

='7&%-'0"-'-+&)&'-0'#&&'7+(-'-+&2'+(.<'(%.'+07'-0'.&(1'7$-+'-+&'

(.6$%$#-)(-0)'-+(-'+(.'3&&%'(;;0$%-&.'7+&%'-+&2'7&%-'$%-0'

1$o"$.(/0%8''B%.'-+(-'7&%-'o"$-&'#600-+12')&(112<'3&*("#&'-+&'

(.6$%$#-)(-0)'7(#'(7()&'05'"#'(%.'-+&'$.&('05'()*+$,&#'(%.'-+&'$.&('

-+&2'#+0"1.'3&'100>$%4'-0';)&#&),&'+$#-0)$*(1')&*0).#<'#0'+&'7(#'o"$-&'

#7$-*+&.'0%<'-+(-'7(#'o"$-&')&(##")$%48''=-i#'('#+(6&')&(112'-+&)&'

7(#%i-'('10-'1&G<'#-"E'5)06'-+&'Mk#'(%.'ak#<'-+&'*06;(%2'7&%-'3(*>'

-0'-+&'6$.'LO-+'*&%-")28''J&'#"#;&*-'-+&'07%&)<'3&*("#&'$-'7(#'#/11'$%'

-+&'+(%.#'05'-+&'5(6$12<';&)+(;#'-00>'('10-'05'#-"E'+06&<'#0'-+&)&'

6$4+-'3&'#06&'#-"E'>%0*>$%4'()0"%.8

=%-&),$&7&) J(#'-+(-'('*0%#*$0"#'.&*$#$0%'+&)&'-0'40'0"-'(%.'100>'50)'-+0#&e

D(,$. ='.0%i-'>%07'7+(-'*(6&'g)#-<'$-'7(#';)03(312'"#'3&$%4'6(.&'(7()&'05'

$-'$%'-+&';)&##8''I0'7&'*0%-(*-&.'-+&6<'3"-'B1&:'W$-*+$&'5)06'9+&'

?!

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

A(/0%(1'B)*+$,&#'7&)&'(7()&'05'$-'(%.'*0%-(*-&.'"#'-0'#&&'$5'7&'7&)&'

(7()&'05'$-8

D(,$. B1#0<'7&'#/11';)0,$.&'('#&),$*&'-0'-+&'C0"%-2'*0"%*$1'(#'7&11'3&*("#&'

o"$-&'0G&%'-+&2'7(%-'-+$%4#'-+(-'()&'%07'7$-+'"#')(-+&)'-+(%'-+&'

)&*0).#'6(%(4&6&%-'#&),$*&8''=-i#'60)&'1$>&12'-0'3&'1&4(1'0)'#0*$(1'

#&),$*&#<'#06&'>$%.'05'1$/4(/0%'(%.'-+&2i11'*0%-(*-'"#8

D(,$. ='#";;0#&'$%'-&)6#'05'3"#$%&##')&*0).#<'7&i.'(1#0'100>'(-'1(%.&.'

&#-(-&#<'(1-+0"4+'7&'*(11'-+&6'5(6$12'&#-(-&#'-+&2'()&'$%*)&(#$%412'

3"#$%&##')&*0).#<'-+&2'7&)&')"%'(#'*066&)*$(1'3"#$%&##&#'(1-+0"4+'

7&'.0%i-'(17(2#',$&7'-+&6'1$>&'-+(-8

D(,$. 9+&)&'()&'('10-'05'3"#$%&##')&*0).#'-+(-'7&'.0%i-'"%.&)#-(%.'(#'7&118

=%-&),$&7&) D0'20"'-+$%>'$-i#'70)-+'>&&;$%4'-+0#&')&*0).#'$5'-+&2'()&%i-'40$%4'-0'

4&-'"#&.e

D(,$. A0\''J&11';0-&%/(112'%0-8''=-'6$4+-'*06&'0"-'05'-+(-'!"#$%&##'I-)(-&428'

T(23&'-+&)&'#+0"1.'3&'('A(/0%(1'!"#$%&##'B)*+$,&'7+&-+&)'-+(-'

70"1.'3&?&)'#&),&'*011&*/0%#8''9+&'70)>'7&i,&'3&&%'.0$%4'$%'F$,&#&2'

7$-+'-+&';(;&)'6$11'+(#'4&%&)(-&.'*0%-&:-'5)06'-+&'*066"%$-2<'3"-'

3(#&.'0%'-+&';$*-0)$(1'#-"E8

?"

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

"EE)0.'H#IJT603)$(')>#B$/0*%$'E3#M#8NO8UOL8I8

V/3'-0/?#@-M-E)$/3'()#"$%&'()#Q#"./2#R&/>#+#R-E&')#R3)>/$3

=%-&),$&7&) L8'c07'$6;0)-(%-'.0'20"'3&1$&,&';"31$*'&%4(4&6&%-s0"-)&(*+'-0'3&'

$%'-+&'3"#$%&##'()*+$,&'#&*-0)e

I0;+$& h"$-&'$6;0)-(%-

B.(6 ='4"&##'$-'.&;&%.#'0%'-+&'()*+$,&'='#";;0#&8''J&'-)2'(%.'.0'('10-'

3&*("#&'-+&';"31$*'"#&'0")'()*+$,&<'(%.'7&'-)2'(%.'4&-'(#'6(%2'"#&)#'

(#'7&'*(%8''I06&'3"#$%&##'()*+$,&#<'-+&2'1&-';&0;1&'"#&'-+&6<'3"-'

.0%i-'&%*0")(4&'$-8''=5'-+&'3"#$%&##'$#'5"%.$%4'-+&6'(%.'-+&2i)&'-+&)&'

(#'('#&),$*&'-0'-+&6888

I0;+$& J&i)&'3(#&.'$%'-+&'C00;&)(/,&'C011&4&<'(%.';()-'05'-+&$)'#&-'05'

(.,$#$%4';)$%*$;1&#'$#'c0%&#-2'(%.'X;&%%&##'(%.'F&()%$%4'5)06'

c&)$-(4&'#0'7&'+(,&'-0'-)2'(%.'5"1g1'-+(-8

=%-&),$&7&) N8'''J+(-'6&-+0.#'.0'20"'*"))&%-12'"#&'-0')&(*+'0"-'-0'-+&'

*066"%$-2e''B)&'20"'+(;;2'7$-+'-+$#'1&,&1'05'(*/,$-2e''=%'(%'$.&(1'

70)1.'70"1.'20"'.0'60)&'0)'50*"#'0%'0-+&)'()&(#'05'(*/,$-2e

I0;+$& J&'40')0"%.'(%.'4$,&'-(1>#'7+&%';&0;1&'(;;)0(*+'"#'-0'.0'-+(-<'#0'

7&'6$4+-'3&'(;;)0(*+&.'32'('10*(1'+$#-0)2'4)0";8''=i,&'4$,&%'('-(1>'-0'

-+&'W0-()2'C1"38''J&'7)$-&'()/*1&#'(#'7&11<'=i6'7)$/%4'0%&'%07'50)'

BWC'(%.'=i,&'.0%&'0%&'50)'-+&'&;+&6&)('#0*$&-28

B.(6 =i,&'.0%&'0%&'50)'J+0'D0'd0"'9+$%>'d0"'B)&e'(%.'('*0";1&'05'5(6$12'

+$#-0)2'4)0";#<'-+(-'7&'+(.'o"$-&'('5&7')&*0).#'50)'-+&$)';()/*"1()'

()&(8''=-i#'('6$:'(#'7&11<'#06&/6&#';&0;1&'(#>'"#'-0'.0'-(1>#'0)'

()/*1&#<'(%.'-+&%'50)'-+&'5(6$12'+$#-0)2'0%&#'='&6($1&.'-+&6'3&*("#&'

7&'+(.')&*0).#'7&i.'n"#-'*(-(104"&.8

=%-&),$&7&) H01107'";S''=#'-+(-'-0'&%*0")(4&';&0;1&'-0'*06&'$%'0)'n"#-'-0'$%50)6e

I0;+$& !0-+'='#";;0#&8

B.(6 I06&/6&#'$-i#'#;&*$g*'(%.'#06&/6&#'$-i#'n"#-'(30"-'-+&'()*+$,&8

I0;+$& J&'.0')&*0).'(11'-+&',$#$-0)'%"63&)#'(%.'&%o"$)$&#8

B.(6 J&'+(,&'(%'0;&)(/0%(1';1(%'(%.'(-'-+&'&%.'05'-+&'2&()'7&'.&*$.&'

7+(-'7&'7(%-'-0'.08''I0'$-'6$4+-'3&'$%*)&(#&'"#&)'%"63&)'32':'

(60"%-<'3"-'$5'7&'.0'-+(-'-+&)&i#'%0'#(%*/0%'0%'$-8

I0;+$& J&'.$.'4&-'o"$-&'('10-'05'&%o"$)$&#'5)06'-+&'J+0'D0'd0"'9+$%>'d0"'

B)&e'()/*1&8

?#

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

B.(6 J&'.0'F&()%$%4'F$%>#';)0n&*-#<'7+$*+'$#'(%'TFB'5"%.&.';)0n&*-'7+$*+'

6&(%#'7&'*(%'70)>'7$-+'#*+001#8

I0;+$& J+$*+'$#'(%0-+&)'-+$%4'-+(-'$#'o"$-&'$6;0)-(%-'$%'-+&'C00;&)(/,&'

60,&6&%-'3&*("#&'-+&)&'()&'o"$-&'('5&7'*00;&)(/,&')"%'0)'

#;0%#0)&.'#*+001#'%078''I0'7&i,&'+(.'o"$-&'('5&7'-&(*+&)#'$%'6(>$%4'

1&()%$%4')&#0")*&#<'7&'+(.'('6(-+#'-&(*+&)'*06$%4'$%'50)'#-(/#/*#'-0'

"#&'$%'1&##0%#<'#06&'05'-+&'01.'(.,&)-#'(%.'*0))&#;0%.&%*&'

*011&*/0%#'(#'7&118

B.(6 9+&'*011&4&'+(#'('7&3#$-&'50)'#*+001#'(%.'0%'-+&)&'-+&)&i#'1&()%$%4'

)&#0")*&#<'%0-'n"#-'5)06'-+&'()*+$,&'3"-'0-+&)';()-#'05'-+&'*011&4&8''I0'

-+&'($6'$#'7+&%'7&'.0'-+&'F&()%$%4'F$%>#'7&'70)>'7$-+'0%&'#*+001'

(%.'"#&'-+&')&#0")*&#'-0'*)&(-&'1&##0%';1(%#'7+$*+'40'0%'-+&'7&3#$-&'

50)'(11'#*+001#'-0'.07%10(.<'#0'7&i,&'40-'(%'0"-1&-8

=%-&),$&7&) H01107'";S''=#'60#-'05'20")'70)>'3(#&.'$%'-+&'10*(1'()&(e

B.(6 9+&'1&()%$%4'1$%>#888'-+&'0%&'1(#-'2&()'7(#'-+&'TFB')&4$0%'#0'$-'7(#'

-+&'A0)-+'J&#-<'3"-'-+$#'2&()'$-'7(#'I-0>&8''=%'-+&0)2'7&'*0"1.'.0'$-'

7$-+'#06&0%&'$%'C0)%7(11<'3"-';)(*/*(112'-+&'-)(,&1'$%,01,&.<'

-&(*+&)#'70"1.%i-'*06&'";<'$-i#'+().'&%0"4+'-0'4&-'-+&6'-0'*06&'

5)06'.07%'-+&')0(.8

I0;+$& J&'.0'40'-0'*0%5&)&%*&#'7+&%')&1&,(%-8''F(#-'2&()'7&'.$.'-+&'

!"#$%&##'c$#-0)2'C0%5&)&%*&'(-'F$,&);001'[%$<'7&'.0'('#-(%.'(.'0%&'05'

"#'7$11'40'(%.'*+(-'-0';&0;1&'(30"-'7+(-'7&'+(,&'(%.'-(>&'#*(%%&.'

;+0-0#8''J&'7&%-'-0'-+&'C00;&)(/,&'b(1"&#'*0%5&)&%*&'0,&)'-+&'

)0(.'(#'7&118

=%-&),$&7&) _8'''J+$*+'6&-+0.#'05'&%4(4&6&%-'+(,&'20"'50"%.'-0'3&'-+&'60#-'

&E&*/,&e

I0;+$& =i.'#(2'-+&'()/*1&#8

B.(6 U$11$(%'7(#'0%'9b'('*0";1&'05'/6&#8''A0-'#;&*$g*'-0'-+&'()*+$,&'3"-'

6&%/0%$%4'$-<'#0'7&'40-'('10-'05'&%o"$)$&#'(G&)'-+(-8''='g%.'-+(-'7$-+'

-+&'-(1>#'7&'.0%i-')&(112'4&-'501107'";<'-+&2'g%.'0"-'&,&)2-+$%4'-+&2'

7(%-'-0'>%07'-+&)&<'(%.'-+(-i#'-+&'&%.'05'$-8

I0;+$& ='#";;0)-'7$-+'()/*1&#'-+&2'*(%'40'3(*>'-0'-+&68''X%*&'20"i,&'.0%&'

-+&'-(1><'$-i#'60)&'l&&/%48

=%-&),$&7&) `8'''J+$*+'-2;&#'05'"#&)#'.0'20"'g%.'()&'$%-&)&#-&.'$%s"/1$#&'

3"#$%&##'*011&*/0%#e

I0;+$& h"$-&'('10-'05'(*(.&6$*#8''J&i,&'40-'(';)0n&*-'0%'(-'-+&'606&%-<'0%&'

7$-+'('1&*-")&)'5)06'F$,&);001'(%.'0%&'5)06'F$,&);001'Z0+%'T00)&#'

?%

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

.0$%4'-+&'+$#-0)2'05'-+&'C00;&)(/,&'J+01&#(1&'I0*$&-2'7+$*+'$#'-+&'

3$44&#-'#0*$&-2<'#0'-+&2i)&'+&)&'('10-'(%.'-+&2'+(,&'*0%-(*-#'(#'7&118

B.(6 9+&2'-&%.'-0'3&'5)06'#$6$1()'"%$,&)#$/&#<'o"$-&'('10-'5)06'[%$,&)#$-2'

05'C&%-)(1'F(%*(#+$)&8''J&'4&-'o"$-&'('5&7'5(6$12'+$#-0)$(%#<'-&%.#'-0'

3&'100>$%4'50)'50)6&)'#-(E<'7+$*+'$#'('3$-'+$-'(%.'6$##'3&*("#&'%0-'('

10-'05'#-(E')&*0).#'#"),$,&8

I0;+$& J&'.0'+(,&'o"$-&'('5&7'&%o"$)$&#'5)06'7$-+$%'-+&'C00;'U)0";'3"-'

%0-'6(%2'*06&'$%'-+&6#&1,&#<'7&'7$11'.0'-+$%4#'(%.'#&%.'-+&6'0E8''

=-'*06&#'5)06'(11'0,&)8

B.(6 d0"'-&%.'-0'4&-';&0;1&'*06$%4'3(*>'7+&%'-+&2')&(1$#&'7&i)&'+&)&8

I0;+$& J&'4&-'&%o"$)$&#'5)06'I0*$(1'U0(1#8''9+&2i)&'$%-&)&#-&.'$%'-+&'&-+$*(1'

;()-'05'-+&'60,&6&%-<'+07'$-'$#'(%.'+07'$-'40&#'3(*>8

B.(6 B%.'1(#-'60%-+'$-'7(#'C00;i#'50)-%$4+-<'#0'-+&)&'7&)&',()$0"#'&,&%-#<'

(%.'7&'+(.';&0;1&'*06$%4'$%'50)';+0-04)(;+#8''J&'.0%i-'4&-'60)&'

5)06'7$-+$%'-+&'C00;'-+(%'5)06'0"-#$.&<'$-i#'o"$-&'(')(%4&')&(1128

=%-&),$&7&) M8'''B)&'20"'-)2$%4'-0'50*"#'0%'.&,&10;$%4'0"-)&(*+'(*/,$/&#'0)'

)&1(/0%#+$;#'7$-+'(%2';()/*"1()'4)0";'0)'*066"%$-2'05'"#&)#e

B.(6 J&'+(,&'('6"#&"6'$%'W0*+.(1&<'-+&'#$-&'05'-+&'g)#-'#-0)&8''J&'n"#-'

)&*&$,&.'5"%.$%4'5)06'-+&'cFH'-0'.&,&10;'-+&'6"#&"6'(%.'-+&2i11'3&'

"#$%4'-+&'()*+$,&'*011&*/0%#<'(#';()-'05'-+(-'-+&2i)&'5"%.$%4'-+)&&'

K."*(/0%'XY*&)#'7+0'7$11'3&'70)>$%4'7$-+'#*+001#'(%.'*066"%$/&#'

$%'-+&'()&(<'#0'-+(-'7$11'3&'.&,&10;&.8''I*+001#'()&'(%'()&('7&i)&'

-)2$%4'-0'.&,&10;<'4&t%4'*0%-(*-#'$%'"%$,&)#$/&#'(#'7&118''X%*&'20"'

+(,&'('*0";1&'$%'0%&';1(*&'70).'4&-#'()0"%.8

=%-&),$&7&) a8'''D0'20"'+(,&'-+&'5(*$1$/&#s)&#0")*&#'-0'$%,01,&'50)6&)'

&6;102&&#'0)'*"))&%-'&6;102&&#'$%'*0%-)$3"/%4'-0'-+&'70)>'05'-+&'

()*+$,&e''B)&'20"'$%-&)&#-&.'$%'-+(-'>$%.'05'70)>e

B.(6 T0#-'05'0")',01"%-&&)#'()&'40$%4'0%'-0'-+&'()*+$,&'*0")#&\''

I0;+$& J&'.0%i-'+(,&'6(%2',01"%-&&)#'3&*("#&'-+&2'()&'$%-&)&#-&.'$%'-+&'

+$#-0)2<'60#-'7(%-'-0'.0'*(-(104"$%4'(%.'&%o"$)$&#8

B.(6 9+&)&i#'3&&%'(%'0)(1'+$#-0)2';)04)(66&'7$-+'&:@&6;102&&#8''9+&'

TXI='7&)&'.0$%4'0)(1'+$#-0)2'7$-+';&0;1&'7+0'70)>&.'50)'3"#$%&##&#'

$%'T(%*+&#-&)<'(%.'#06&';&0;1&'5)06'-+&'C00;'7&)&'$%-&),$&7&.8''='

-+$%>'#06&/6&#'$5'7&i)&'*(-(104"$%4'('*011&*/0%<'-+&)&'7(#'('

*011&*/0%'7$-+';+0-04)(;+#'5)06'-+&'LOfk#<'7+&)&';&0;1&'7&)&'

"%$.&%/g&.'7&'6$4+-'-)2'(%.'*0%-(*-';&0;1&<'3"-'$%50)6(112')(-+&)'

-+(%'(';)0n&*-8'

?&

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

=%-&),$&7&) P8'''D0'20"'+(,&'(')01&'$%'-+&'*0);0)(-&'#0*$(1')&#;0%#$3$1$-2'0)'

*0);0)(-&'*$/R&%#+$;'70)>'05'20")'0)4(%$#(/0%e

I0;+$& J&i)&'.&g%$-&12'*(11&.'";0%'o"$-&'('10-'-0'g%.'-+$%4#'(30"-'&-+$*(1'

3"#$%&##&#8

B.(6' =%'-+&'*011&4&'7&i,&'40-'(')&#&()*+'(%.'$%-&)%(/0%(1'.&,&10;6&%-'

-&(68''9+&2'o"$-&'0G&%'7(%-'-+$%4#'0%'5($)'-)(.&'(%.'70)>$%4'

*0%.$/0%#8

I0;+$& I0'7&i11'40'3(*>'-0'-+&'-")%'05'-+&'*&%-")2'(%.'g%.'(.,&)-#'-+(-'#(2'

iH$)#-'5(*-0)2'7$-+'-+&'f'+)'.(2i'(%.'iB11'-+&'70)>&)#'0%'0")';1(%-(/0%#'

-)&(-&.'5($)12i'(%.'-+$#'$#'-+&'&()12'LOkk#8''9+&'C00;i#'(17(2#'3&&%'(%'

&-+$*(1'3"#$%&##<'3"-'$-i#'-+$%4#'-0'3(*>'-+(-'";8

B.(6 =-i#';()-'05'-+&';)$%*$;1&#'05'-+&'60,&6&%-<'#0'7+&%'20"i)&'.0$%4'

-(1>#<'-+&%<'%0-'$%-&%/0%(112<'3"-'$-i#';()-'05'$-'(%27(2'3&*("#&'-+(-i#'

+07'-+&'60,&6&%-'#-()-&.8''B%.'-+&'&."*(/0%';(*>#<'6(>$%4'-+$%4#'

5)&&12'(,($1(31&8

=%-&),$&7&) f8'''J+&)&'$%'-+&'+$&)()*+2'05'20")'0)4(%$#(/0%'.0'20"'#$-e''D0'20"'

5&&1'20"'+(,&'$%l"&%*&'7$-+'0-+&)'()&(#'05'-+&'3"#$%&##'0)'7$-+'-+&'

6(%(4&6&%-e

I0;+$& 9+&)&i#'0%12'-+)&&'05'"#'$%'-+&'()*+$,&'-&(6<'(%.'7&i)&'3(#&.'7$-+$%'

-+&'*011&4&8''X")'6(%(4&)'$#';()-'05'-+&'1&(.&)#+$;'-&(6'05'-+&'7+01&'

*011&4&<'-+&)&i#'0%&';&)#0%'5)06'&(*+'#&*/0%8

B.(6 =-i#'70)-+'6&%/0%$%4'-+(-'-+&'3"#$%&##'05'-+&'C00;'$#%i-'(11'0%&'3$4'

0)4(%$#(/0%<'$-'#-()-&.'7$-+'$%.&;&%.&%-'0%&#'-+(-'+(,&'6&)4&.'0,&)'

/6&8''I0'(-'-+&'-")%'05'-+&'Nk-+'*&%-")2'-+&)&'7(#'LMkk'(%.'-+&'

*011&4&'7(#'#&;()(-&'-0'-+&6'(#'('-)($%$%4'5(*$1$-28''I0'$%'-&)6#'05'-+&'

4)0";'7&i)&'#&;()(-&'-0'-+(-'(%.';()-'05'-+&'*011&4&888'3"-'$#%i-8

I0;+$& J&i)&'6(%(4&.'32'-+&'C00;&)(/,&'c&)$-(4&'9)"#-8

B.(6 J&i)&'5"%.&.'-+)0"4+'-+&'9)"#-<'7+$*+'$#'6(%(4&.'32'-+&'*011&4&<'

7+0'6(%(4&'-+&'()*+$,&'0%'3&+(15'05'-+&'c&)$-(4&'9)"#-8''J+(-'

+(;;&%#'$%'-+&'*011&4&'$#'#&;()(-&'-0'"#<'7&'n"#-'+(;;&%'-0'3&'+&)&<'

3"-'-+&')&#0")*&#'5&&.'$%-0'$-8'

I0;+$& X-+&)'.&;()-6&%-#'70)>'-04&-+&)'60)&'-+(%'-+&2'70)>'7$-+'"#8''J&'

70)>'60)&'7$-+'-+&')&#&()*+&)#8

B.(6 =5'7&'g%.'-+$%4#'-+&2i)&'(;;)&*$(/,&<'3"-'$-i#'1$>&'(%'&:-)('-+$%48''=-'

+(;;&%#'60)&'(#'7&'*(-(104"&'60)&8

?'

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

=%-&),$&7&) O8'''c07'$%,01,&.'$%';)05&##$0%(1'30.$&#')&1(-&.'-0'3"#$%&##'

()*+$,&#'()&'20"e''D0'20"'-(>&'";'(%2'#";;0)-'5)06'-+&6e

B.(6 A0-'('10-')&(1128''U$11$(%'(?&%.&.'-+&'1("%*+'05'-+&'A(/0%(1'!"#$%&##'

B)*+$,&'I-)(-&428''J&'40'-0'-+&'#0*$&-2'05'B)*+$,$#-#'6&&/%4#<'3"-'%0-'

-+&'3"#$%&##'0%&8

=%-&),$&7&) H01107";S'=#'-+(-'3&*("#&'$-i#'%0-')&1&,(%-'-0'7+(-'20"i)&'.0$%4e

B.(6 A&,&)')&(112'-+0"4+-'(30"-'$-8

I0;+$& ])03(312'#06&-+$%4'7&'#+0"1.'-+$%>'(30"-8

=%-&),$&7&) Lk8'''B)&'20"'5(6$1$()'7$-+'-+&'A(/0%(1'I-)(-&42'50)'!"#$%&##'

B)*+$,&#e

B.(6sI0;+$& d&#

=%-&),$&7&) Lk38'=5'2&#<'.0'20"'3&1$&,&'$-'-0'3&'&E&*/,&e''B)&'-+&)&'&1&6&%-#'20"'

70"1.'&:;(%.s)&,$#&'50)'$-'-0'3&*06&'60)&'"#&5"1e

B.(6 ='#";;0#&888'7+&%'$-'*(6&'0"-<'7&')&(.'$-'(%.'$-'#&&6#'1$>&'('400.'

$.&('-+(-'*0"1.'3&'&E&*/,&<'3"-'#$%*&'-+&%'='+(,&%i-'#&&%'(%2-+$%4'

-+(-i#'+(;;&%&.'(#'(')&#"1-8''='-+$%>'-+&'$.&('05'-)2$%4'-0'#(,&'3"#$%&##'

)&*0).#'-+(-'*0"1.'3&'10#-'$#'400.<'3"-'-+(-i#'#06&-+$%4'-+(-'7&i)&'

.0$%4'(%27(28''='.0%i-'>%07'-0'7+(-'&:-&%-'10*(1'("-+0)$/&#'()&'.0$%4'

-+(-'0)'%0-8''=i,&'%0-'#&&%'(%2-+$%4'-0'.0'7$-+'-+(-'0)'-+&';)05&##$0%(1'

#$.&8

=%-&),$&7&) LL8'''D0'20"'*06&'";'(4($%#-'(%2'&-+$*(1'$##"&#'7+&%'.&(1$%4'7$-+'

3"#$%&##'*011&*/0%#e''p&848'$##"&#'()0"%.')&l&*/%4'(11'(#;&*-#'05'

*06;(%2'+$#-0)2<'400.'(%.'3(.eq

I0;+$& A08''

B.(6' ]0##$312<'3&*("#&'$-i#'(%'&-+$*(1'3"#$%&##'$-i#'%&,&)')&(112'*06&'";8

I0;+$& ='.$.'+(,&'('*+(-'7$-+'#06&0%&'0%*&<'#(2$%4<'7&'70"1.%i-'7(%-'-0'.0'

(%2-+$%4'-0'.0'7$-+'#60>$%4<'*("#&'-+&'C00;&)(/,&'J+01&#(1&'

I0*$&-2'+(.'('-03(**0'5(*-0)2<'$%'-+&'LONk#'3&50)&'$-'7(#')&(112'(%'

$##"&8''J&i,&'%&,&)')&(112'3&&%'(#>&.'(30"-'(%2-+$%4'1$>&'-+(-8

B.(6 ='#";;0#&'$-i#'#06&-+$%4'$%'('3"#$%&##'()*+$,&'-+(-i#'(17(2#'$%'-+&'

3(*>'05'20")'6$%.<'(30"-'+07'$-')&l&*-#'-+&'60,&6&%-<7+&)&(#'$%'('

10*(1'()*+$,&'20"i)&'#&;()(-&.'5)06'$-'3&*("#&'$-i#'-+&'10*(1'()&(8''='

#";;0#&'20"'-+$%>'(30"-'$-<'3"-'%0-+$%4i#'*06&'";\

?(

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

=%-&),$&7&) LN8''=#'-+&)&'(%2'0-+&)'$%50)6(/0%'-0'.0'7$-+'20")';"31$*'

&%4(4&6&%-s0"-)&(*+'(*/,$/&#'0)'#-)(-&42'7&'+(,&%i-'*0,&)&.'

.")$%4'-+&#&'o"&#/0%#'20"'5&&1'$-'70"1.'3&'$%-&)&#/%4'0)'$6;0)-(%-'

-0'6&%/0%e

B.(6 !&*("#&'-+&)&i#'0%12'-+)&&'05'"#<'7&'.0'-+$%4#'(#'-+&2'*06&'";8''I0'$5'

20"i,&'*(-(104"&.'('*011&*/0%<'20"'6$4+-'7(%-'-0'40'0"-'(%.'.0'

#06&-+$%48''=-'+&1;#'-+(-'7&i)&'%0-'('3"#2')&*0).'0Y*&<'7&'.0%i-'+(,&'

10-#'05' ;&0;1&'*06$%4'$%8''=5'%0'0%&i#'6(.&'(%'(;;0$%-6&%-<'(%.'7&'

7&)&'(11'0"-'(-'(%'&,&%-<'-+&)&'.0&#%i-'+(,&'-0'3&'#06&0%&'+&)&'(11'

-+&'/6&8

I0;+$& J&'0;&)(-&'32'(;;0$%-6&%-'0%12'#2#-&6<'7&',&)2')()&12'+(,&';&0;1&'

*06$%4'$%'0E'-+&'#-)&&-<'-+(-'0%12'+(;;&%#'('*0";1&'05'/6&#'('2&()8

B.(6 =-'.0&#'6(>&'$-'&(#$&)'-0'.0'0"-)&(*+8

I0;+$& I06&/6&#'7&i)&'5"11'-00<'(%.'*(%i-'g-'&:-)(';&0;1&'$%8

B.(6 9+&'-+$%4'7$-+'$-'3&$%4'('%(/0%(1'3"#$%&##'$#'-+(-'20"'*0"1.'*0%#-(%-12'

3&'.0$%4'0"-)&(*+<'#0'7&'.0'-+$%4#'(#'-+&2'*06&'";')(-+&)'-+(%'

-)2$%4'-0'.0'&,&)2-+$%48

I0;+$& 9+&)&'()&'*&)-($%'-+$%4#'7&'-+$%>'70"1.'3&'400.'50)'"#'-0'.0<'1$>&'-+&'

T(%*+&#-&)'c$#-0)2'H&#/,(1<'7&'70"1.';"-'0")#&1,&#'50)7().')(-+&)'

-+(%'7($-'50)'-+&6'-0'#(2'.0'20"'7(%-'-0';()/*$;(-&8

B.(6 h"$-&'0G&%'-+&'()*+$,&'7$11'.0'(11'-+&'10*(1'5(6$12'+$#-0)2'#0*$&/&#<'

3"-'7&'*(%i-'.0'-+&'7+01&'*0"%-)2'$-'70"1.'3&'$6;0##$31&8''=-'6(>&#'$-'

&(#$&)'-0'.0'()/*1&#'(#'7&11<'*("#&'7&'*(%'3(#&'$-')0"%.'-+&'10*(1'()&('

(%.'*0,&)'60)&8''B%.'-+&'3$4'-+$%4#'1$>&'J+0'D0'd0"'9+$%>'d0"'B)&e'

!&*("#&'-+&2i)&'%(/0%(1'20"'*(%'.0'-+(-<'$5'$-'7(#'10*(1'7&'70"1.%i-'

3&'(#'$%-&)&#-&.8

B.(6 9+&'()*+$,&'(#'$-'$#'%07'#-()-&.'$%'Nkkk8''I0'('10-'05'$-'+(#'3&&%'

0)4(%$#$%4'-+&'01.&)')&*0).#'3&50)&'7&'#-()-'-+$%>$%4'(30"-'-+&'%&7&)'

#-"E8

I0;+$& 970'()*+$,&#'*(6&'-04&-+&)<'-+&'*011&4&'5)06'F0"4+30)0"4+'(%.'-+&'

C00;&)(/,&'[%$0%'5)06'T(%*+&#-&)8

B.(6 I0'('10-'05'$-'7(#%i-'*(-(104"&.'-0'(%2'#-(%.().<'#0'7&i,&'3&&%'

())(%4$%4'7+(-'7&'+(,&'40-8''!"-')&*&%-12'7&i,&'3&&%'*0%-(*/%4'

C00;&)(/,&'#0*$&/&#'-0'#&&'7+(-'-+&2'+(,&'40-'5)06'-+&'1(#-'Lk'

2&()#8''!"-'%0-'(11'-+&')&*0).#'()&'+&)&<'7&'-&%.'-0'.&;0#$-'-+&6'$%'

10*(1')&*0).'0Y*&#8''I0'50)'-+&'F0%.0%'C00;'#0*$&-2'-+&2i)&'$%'

F0%.0%8

I0;+$& J&'+(,&'('#&1&*/0%<'7&i,&'40-'-+&'T$.1(%.#<'!$)6$%4+(6<'F&$*&#-&)<'

^&?&)$%48''J&i,&'40-'-+&'%(/0%(1'0)4(%$#(/0%#<'1$>&'-+&'C00;']()-2<'

C00;&)(/,&'[%$0%<'C00;'])&##<'9)(.&'[%$0%#<'C0%,(1&#*&%-'c06&#8

?>

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

=%-&),$&7&) D0'20"';0$%-';&0;1&'$%'-+&'.$)&*/0%'0)'+(,&'*0;$&#'05'*(-(104"&#'$5'

20"'.0%i-'+(,&'-+&')&*0).#e

I0;+$& J&'4&-'-+&6'5)06'-+&'AWB8''[#"(112'-+$%4#'()&'0%'-+&)&8

B.(6 J&'+(,&'300>#'0%'(11'-+&'#0*$&/&#8''I0'$5'-+&2'+(,&'('#;&*$g*'o"&#/0%'

7&'*(%'(%#7&)'$-'(%.'.$)&*-'-+&6'-0'7+&)&'-+&')&*0).#'()&8''I0'o"$-&'

('10-'05'#-"E'#+0"1.'3&'&1#&7+&)&8''J&i)&'%07'-)2$%4'-0'4&-'$%'-+&'

%(/0%(1')&*0).#8

??

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

"EE)0.'H#IJW603)$(')>#B$/0*%$'E3#M#8TO8UOL8I8

X0'?)()$#Y?%J#"$%&'()#Q#Z)/0)33)#R3$'%=?/0.

=%-&),$&7&) L8'c07'$6;0)-(%-'.0'20"'3&1$&,&';"31$*'&%4(4&6&%-s0"-)&(*+'-0'3&'

$%'-+&'3"#$%&##'()*+$,&'#&*-0)e

Z&(%&?& =-i#'$6;0)-(%-'3"-'g)#-'(%.'50)&60#-'0")'*"#-06&)#'()&'$%-&)%(18''I0<'

*&)-($%12'7$-+$%'0")'07%'3"#$%&##'7&'70"1.'(17(2#';"-'$%-&)%(1'

&%o"$)$&#'g)#-'(%.'-+&2'70"1.'3&'(%#7&)&.'-+&'#(6&'.(28''X)'7&'

70"1.'#-()-'-+&6'0E<'(.6$?&.12<'$%-&)%(1'&%o"$)$&#'*(%'0G&%'-(>&'

7&&>#'(%.'7&&>#<'3&*("#&'$5'$-i#'('3)(%.'1("%*+'(%.'-+&2'7(%-'

&%.1&##'$6(4&#'$-'#-)&-*+&#'0%'0,&)'('10%4';&)$0.'05'/6&8''J$-+'

&:-&)%(1'&%o"$)$&#<'7&'($6'-0')&#;0%.'7$-+$%'g,&'.(2#<'-+(-'.0&#%i-'

%&*&##()$12'6&(%'-+&2i11'4&-'(%'(%#7&)<'3"-'-+&2i11'4&-'(%'

(*>%071&.4&6&%-<'(%.'7&'7$11'(17(2#'-)2'(%.')&#;0%.<'3"-'$-'.0&#'

+(,&'-0'-(>&'#&*0%.';1(*&'-0'$%-&)%(18''B%.'*&)-($%12<'7&'.0%i-'(*/,&12'

;)060-&'0")#&1,&#'3"-'7&'+(,&'(';)&#&%*&'0%'BWCcXA<'7&'+(,&'('

;)&#&%*&'0%'[%$1&,&)i#'07%'&:-&)%(1'7&3#$-&<'#0';&0;1&'*(%'g%.'"#<'

(%.'-+&2'.0\

=%-&),$&7&)' =#'-+&)&'(%2-+$%4'#&-'$%'#-0%&'(30"-'/6&#*(1&#'50)')&#;0%#&#e

=-i#'0")'07%';)&6$#&<'7&i,&'40-'3&#-';)(*/*&'4"$.&1$%&#'7&i,&'3"$1-'

";'0,&)'-+&'2&()#8''B#'-+&'-&(6i#'4)07%'1()4&)'7&i,&'%&&.&.'-+&6'

(%27(2'#0';&0;1&'+(,&'#06&-+$%4'-0')&5&)'-08''=%-&)%(1'&%o"$)$&#'-(>&'

(#'10%4'(#'-+&2'-(>&<'&:-&)%(1'&%o"$)$&#'7&'-)2'-0'1$6$-'-0'+(15'(%'

+0")i#')&#&()*+'6(:$6"6<'3&*("#&'7&'4&-'#0'6(%28''c(,$%4'#($.'-+(-<'

7&'.0';)&5&)'-0'-)2'(%.'(%#7&)'&%o"$)$&#'50)';&0;1&<'3&*("#&'$-i#'

&(#$&)'-0'.0'-+(-'-+(%'+(,&';&0;1&'*06$%4'$%8''!&*("#&'-+&'()*+$,&'

$#'0%'('5(*-0)2'#$-&<'#0'-+&)&'()&',()$0"#'#&*")$-2'6&(#")&#'-0' 4&-'0%'

-0'-+&'#$-&'(%.'$%-0'-+&'()*+$,&<'7+$*+'/&#'";'('10-'05'#-(E<'*011&*/%4'

;&0;1&'(%.'&#*0)/%4'-+&6'0%'(%.'0E'-+&'#$-&8''=%&,$-(312'20"i)&'-2$%4'

";'_';&0;1&'7+&%'20"'+(,&'(',$#$-0)'$%<'3&*("#&'20"'+(,&'#&()*+'

)006'#";&),$#$0%<'*011&*/%4'.0*"6&%-#'5)06'-+&'#-)0%4')006<'

&#*0)/%4'-+&6'()0"%.'-+&'3"$1.$%4<'-+$%4#'1$>&'-+(-8

!@@

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

=%-&),$&7&) N8'''J+(-'6&-+0.#'.0'20"'*"))&%-12'"#&'-0')&(*+'0"-'-0'-+&'

*066"%$-2e''B)&'20"'+(;;2'7$-+'-+$#'1&,&1'05'(*/,$-2e''=%'(%'$.&(1'

70)1.'70"1.'20"'.0'60)&'0)'50*"#'0%'0-+&)'()&(#'05'(*/,$-2e

Z&(%&?& =i6'+(;;2'7$-+'$-'(#'$-'$#<'3&*("#&'7&'4&-'(160#-'60)&'&%o"$)$&#'-+(%'

7&'*(%'*0;&'7$-+'50)'-+&'#$R&'05'-+&'-&(68''=%'(%'$.&(1'70)1.<'$-'70"1.'

3&'%$*&'-0'.0'60)&<'3"-'$-'70"1.'(1#0'3&'%$*&'-0'.0'10-#'05'0-+&)'

-+$%4#'(#'7&118''I0'$5'='+(.'60)&'/6&<'60)&')&#0")*&#<'60)&'#-(E'$-'

70"1.'3&'('.$1&66('(#'-0'7+(-'7&'.$.'(*-"(112<'=i11'3&'+0%&#-8''

!&*("#&'-+&)&'()&'#0'6(%2'60)&'-+$%4#'7&'*(%'.0'$%-&)%(1128''J&i,&'

40-'*+(11&%4&#'7$-+'3(*>104#'05'*(-(104"$%4<'7&i,&'40-'(%'&%0)60"#'

g16'()*+$,&'-+(-'%&&.#'.$4$/#$%4'-+&)&'()&'(11'-+&#&'#0)-#'05'-+$%4#'

-+(-'%&&.'-0'-(>&';)$0)$-2'0,&)'-+&';"31$*8''!&*("#&'$5'7&'*(%'-+&%'

#0)-'-+(-'6(-&)$(1'0"-<'-+&%'7&i,&'40-'60)&'-0'6(>&'(,($1(31&8''=5'

-+(-i#'.$1&66('(30"-'7+(-'*06&#'g)#-'-+&')&#&()*+&)'0)'-+&'

*(-(104"&'*011&*/0%8''J&'+(,&%i-'.0%&'&."*(/0%(1';(*>#<'3"-'7&'

+(,&'70)>&.'$%'-+&';(#-'-0'('1$6$-&.'&:-&%-'-0'3$-#'05'-+&'*06;(%28'''''

C016(%i#'50)'&:(6;1&'$%'A0)7$*+'7&)&',&)2'3$4'0%'&."*(/0%(1';(*>#'

(%.'7&i,&'*0%-)$3"-&.'6(-&)$(1'-0'-+0#&8''J&'.0%i-'.0'-(1>#'-0'-+&'

;"31$*<'-+&2'-&%.'-0'3&'60)&'0%'(';)05&##$0%(1'1&,&1<'#0'7&i,&'#;0>&%'

(-'!BC'*0%5&)&%*&#<'=i,&')&*&%-12'3&&%'-0'#06&-+$%4'(?(*+&.'-0'-+&'

=CB<'$-'7(#'-+&'3"#$%&##'#&*/0%<'='#;0>&'(-'('*0%5&)&%*&'$%'T(2<'#0'$-i#'

(-'-+(-'1&,&1')&(1128''

=%-&),$&7&) _8'''J+$*+'6&-+0.#'05'&%4(4&6&%-'+(,&'20"'50"%.'-0'3&'-+&'60#-'

&E&*/,&e

Z&(%&?& ='.0%i-'-+$%>'7&'%&&.'-0<'='-+$%>'-+&2'n"#-'*06&'-0'"#'%0'6(?&)'7+(-8'

=5'-+&2'7(%-'-0'g%.'"#<'-+&2i11'g%.'"#'(%.'$-i#'o"$-&'(6(R$%4'+07'

;&0;1&'.0'g%.'"#'#06&/6&#'5)06'-+&'0-+&)'#$.&'05'-+&'70)1.8

=%-&),$&7&)S H01107";S''=#'-+&'7&3#$-&'-+&'*(-(12#-'3&+$%.'-+(-e

J&i,&'(*-"(112'0%12'+(.'(';)&#&%*&'0%'-+&'7&3#$-&'50)'-+&'1(#-'-70'

2&()#<'#0'7&'7&)&'4&t%4'10-#'05'&%o"$)$&#'&,&%'3&50)&'-+&%8''=i6'%0-'

*0%,$%*&.';&0;1&'-+(-'&,&)20%&'g%.#'"#',$('BWCcXA<'3&*("#&'-+(-i#'

('3$-'03#*")&'50)'#06&')&#&()*+&)#<'#0'='.0%i-'>%07'+07';&0;1&'g%.'

"#'3"-'-+&2'.08''9+&'0-+&)'7(2'-+(-';&0;1&')&(*+'"#<'&,&)2'[%$1&,&)'

;)0."*-'$%'-+&'[^'+(#'('5)&&;+0%&'%"63&)'0%'-+&'#$.&<'$-i#'*(11&.'

C()&1$%&8''W&(112'$%$/(112'-+&'$.&('7(#'$5'20"'+(.'(';)031&6'7$-+'-+&'

;)0."*-'0)'7(%-&.'-0'>%07'60)&'(30"-'$-'20"'*0"1.')$%4'";<'3"-'

;&0;1&'#&&'-+(-'(%.')$%4'";'7$-+'+$#-0)$*(1'&%o"$)$&#8''I0'7&'70)>'

,&)2'*10#&12'7$-+'-+&'C()&1$%&'(%.'(%2-+$%4'+$#-0)$*(1'-+&2'7$11';(##'0%'

-0'"#'(%.'7&i11'.&(1'7$-+'$-8''I0'7&'4&-'('10-'-+(-'7(28'

!@!

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

=%-&),$&7&) `8'''J+$*+'-2;&#'05'"#&)#'.0'20"'g%.'()&'$%-&)&#-&.'$%s"/1$#&'

3"#$%&##'*011&*/0%#e

Z&(%&?& =-'*(%'3&'(%2-+$%4'5)06'#*+001#'-0'(*(.&6$*#8''J&'4&-'('10-'05'$%-&)&#-'

5)06'-+&'6&.$(<'(#'7&118''9+&'!!C'()&')&4"1()'"#&)#<';()/*"1()12'50)'

g16'500-(4&<'-+&2i)&'*06$%4'-0'"#'(11'-+&'/6&8''90'(%'&:-&%-<'$5'$-i#'(%'

$%.$,$."(1'#*+001';)0n&*-'(%.'-+&2'7(%-'('5&7'$6(4&#'-+(-i#'o"$-&'

&(#2'-0'.&(1'7$-+<'3"-'$5'$-i#'3$44&)'$-'3&*06&#',&)2'.$Y*"1-'-0'>&&;'

(%#7&)$%4'$%.$,$."(1'&%o"$)$&#8''B*(.&6$*'0%&#<'(4($%<'3&*("#&'05'-+&'

/6&'$-'-(>&#'-2$%4'";'#-(E'7&'-)2'(%.'1$6$-'"%.&)4)(."(-&')&o"&#-#'

(%.'*0%*&%-)(-&'0%';0#-4)(."(-&'(%.'#-(E8''='6"#-'(.6$-'='4&-',&)2'

(%%02&.'7$-+'-+&'#0)-'05'#-".&%-'7+0'7)$-&#'$%'(%.'#(2#'-+&2i,&'

(1)&(.2'.&*$.&.'-0'.0'-+&$)'.$##&)-(/0%'0%'i:i'(%.'-+&2'7(%-'-0'*06&'

$%'(%.'"#&'-+&'#-"E8''A0<'(%.'20")'-"-0)'#+0"1.'%0-'+(,&'4$,&%'-+&'0>'

-0'.0'-+$#'7$-+0"-'*+&*>$%4'-+(-'(q'7&i,&'40-'-+&'6(-&)$(1'(,($1(31&'

(%.'3q'7&i)&'7$11$%4'-0'1&-'20"'$%8''B%.'7&'4&-'('10-'1$>&'-+(-8''B%.'=i6'

%0-'#")&'+07<'='-+$%>'$-i#'40-'-0'40'('1&,&1'+$4+&)'-+(%'"#<'-+&'B)*+$,&#'

(%.'W&*0).#'B##0*$(/0%<'='-+$%>'-+&'1&,&1'05'&%4(4&6&%-'%&&.#'-0'3&'

-+&)&'7$-+'-+&'(*(.&6$*' *066"%$-2<'-+(-'%0-'(11'()*+$,&#'+(,&'0;&%'

#&()*+')006#<'#06&'05'-+&6'()&',&)2'1$6$-&.'(**&##'0)'32'

(;;0$%-6&%-<'20"'*(%i-'n"#-'&:;&*-'-0'3&'(31&'-0'7(1>'$%'(%.'4&-'

(**&##8

=%-&),$&7&) M8'''B)&'20"'-)2$%4'-0'50*"#'0%'.&,&10;$%4'0"-)&(*+'(*/,$/&#'0)'

)&1(/0%#+$;#'7$-+'(%2';()/*"1()'4)0";'0)'*066"%$-2'05'"#&)#e

Z&(%&?& d&#8''J&i,&'40-'(',&)2'400.'70)>$%4')&1(/0%#+$;'7$-+'-+&'[%$,&)#$-2'

05'F$,&);0018''I06&'05'-+&'(*(.&6$*#'-+&)&8''=%'5(*-<'0%&';()/*"1()'

(*(.&6$*<'7+0'+(#'(%'$%-&)&#-'$%'B5)$*(<'7&i,&'70)>&.',&)2'*10#&12'

7$-+'+$6<'+&i#'3&&%'"#$%4'-+&'[%$-&.'B5)$*('*011&*/0%<'7&i,&'-)($%&.'

+$6'";'$%'0)(1'+$#-0)2'-&*+%$o"&#<'#0'-+(-'+&'*(%'40'0"-'-0'B5)$*('-0'

$%-&),$&7'50)6&)'&6;102&&#'05'[BC<'(%.'+&'7$11'.&;0#$-'-+&'-(;&#'

7$-+'"#8''B%.'=i,&'-(1>&.'7$-+'+$6'$%'-+&';(#-'(30"-'n0$%-'3$.#'50)'*(#&'

#-".2'5"%.$%4<'7+$*+'+(,&%i-')&(112'*06&'-0'(%2-+$%4'2&-<'3"-'7&'

+(,&'(';)0n&*-'"%.&)7(2';0-&%/(112'7$-+'-+&'[%$,&)#$-2'05'W&(.$%4'

3&*("#&'-+&'(*(.&6$*'-+&)&'7(%-&.'(**&##'-0'('*011&*/0%'-+(-i#'

"%*(-(104"&.<'(%.'$-i#'%0-'*0)&'-0'0")'(*/,$/&#'(%260)&<'#0'='*(%i-'

n"#/52'*(-(104"$%4'$-<'#0'-+&'(%#7&)'7(#'%0<'#0))2'20"'*(%i-'+(,&'

(**&##8''B%.'+&'*(6&'3(*>'(%.'#($.'i=5'='7&)&'-0';"-'-04&-+&)'('

5"%.$%4'3$.<'(%.'$-'$%*1".&.'60%&2'50)'(%'()*+$,$#-<'70"1.'20"'3&'

$%-&)&#-&.'-+&%ei'#0'7&'#(-'.07%<'.$#*"##&.'$-<'-+&'0"-1$%&'5"%.$%4'

3$.'7&%-'$%-0'-+&'F&,&)+"16&'9)"#-'(%.'7(#'(;;)0,&.<'#0'%07'=i6'

+&1;$%4';"-'-04&-+&)'-+&'5"11'3$.<'#0'%07<'-+&';&)#0%'70"1.'3&'

!@"

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

&6;102&.'32'-+&'[%$,&)#$-2'05'W&(.$%4'(#'(%'()*+$,$#-<'3"-'70"1.'3&'

3(#&.'7$-+'"#<'#0'7&i.'3&';)0,$.$%4'-+&'#";;0)-<'-+&'.&#><'-+&'=9<'-+&'

#";;0)-<'-+&'-)($%$%4'$%'CBFT<'(11'-+&'-+$%4#'-+(-'%&&.'-0'3&'.0%&'50)'

-+&';&)#0%'-0'#$-'$%'0")'-&(6'50)'Lf'60%-+#'(%.'*(-(104"&'-+$#'

*011&*/0%8''c&i#')&(112'>&&%'-0'4&-'(**&##'-0'-+$#'#-"E<'#0'0><'(%.'$-i#'

%0-'3&&%'('4)&(-'.&(1'05'62'/6&'#0'5()'-0'+&1;'7$-+'5"%.$%4'3$.#8''

B%.'$%'-&)6#'05'(';&)#0%'#-()/%4<'=i11'+&1;'7$-+'-+&')&*)"$-6&%-'-0'

6(>&'#")&'7&'4&-'-+&')$4+-'g-'50)'-+&'-&(6<'3"-'$%'-&)6#'05'$%."*/0%'

7&i,&'40-'('7&11'+0%&.';1(%'$%';1(*&'(#'7&'+(,&'4)(."(-&'-)($%&&#'

&,&)2'2&()8''=-i11'3&'4)&(-'-0'+(,&'('*011&*/0%'-+(-'='>%07'o"$-&'('3$-'

(30"-<'3"-'%0'0%&'&1#&'.0&#<'(%.'=i11'%&,&)'4&-'-+&'/6&'-0'*(-(104"&'

$-8''9+(-i#'0%'-+&'(*(.&6$*'#$.&8''9+&%'7&i)&'70)>$%4'7$-+'-+&'

A(/0%(1'B##0*$(/0%'05'D&*0)(/,&'(%.'H$%&'B)-#'I0*$&/&#8''9+&2i,&'

+(.';)04)(66&#'40$%4'50)'2&()#<';()/*"1()12'7$-+'10*(1'("-+0)$-2'

)&*0).'0Y*&#<'+&1;$%4'-0'60#-12'$%.&:';+0-04)(;+#<'7&'40-'#06&0%&'

$%'5)06'-+&'J$))(1'3)(%*+'(%.'%07'7&'+(,&'-70',01"%-&&)#'*06$%4'$%'

('7&&>8''970'10-#'05'-70'(%.'-+&2'(1-&)%(-&'(%.'-+&2i)&'*(-(104"$%4'

-+&';+0-04)(;+#'$%'-+&'[%$-&.'B5)$*('*011&*/0%8''J&i,&'40-'LkO'

,01"6&#<'0%'CBFT'-0'(13"6'1&,&1<'3"-'-+&2i)&'40$%4'-+)0"4+'$%.&:$%4'

.$4$-(1';+0-04)(;+#8''J&'4&-'('10-'05'&%o"$)$&#'(30"-'-+&'LO-+'*&%-")2'

;+0-04)(;+#<'*("#&'-+&)&'()&'#06&'7&11'>%07%'&-+%04)(;+$*'

;+0-04)(;+&)#<'$-i#',&)2'+&1;5"18''J&i)&'#&&$%4'+07'-+&2'40<'(%.'()&'

-+$%>$%4'05'60,$%4'-+&6'0%'-0'$%.&:$%4'4"().'300>#<'3$4'#*)(;'300>#'

7$-+'&:(6;1&#'05'(.,&)/#$%4'(%.';0$%-'05'#(1&'$-&6#8''9+(-i#'60)&'05'

('*0%#&),(/0%'n03'-00<'-+&'(13"6#'+(,&'3&&%'*0%#&),&.'3"-'-+&'

4"().'300>#'()&%i-<'#0'-+&2'*(%'.0'*0%#&),(/0%')&;0)-#'(%.'#")5(*&'

*1&(%$%4<'7&i11'4&-'0")'*0%#&),(-0)'$%'-0'-)($%'-+&68

J&'#-()-&.'0")'0)(1'+$#-0)2';)04)(66&'#06&'2&()#'(40<'(%.'7&'+(,&'

60)&'$%-&),$&7&&#'-+(%'7&'*(%'4&-'-+)0"4+'(-'-+&'606&%-8''=-'-&%.#'

-0'3&'('i%$*&'-0'.0i')(-+&)'-+(%'('*0)&'3$-'05'-+&'70)>8''J&i)&',&)2'

1"*>2'-+(-'('50)6&)'6&63&)'05'-+&'-&(6'7+0'1$,&#'$%'F0%.0%'+(#'

3&&%'70)>$%4';()-'/6&'(%.'#+&i#'3&&%'$%-&),$&7$%4'50)'"#<'(%.'7&'

+(,&'(%%"(1'-()4&-#'50)'+07'6(%2'7&i11'.0'(%.'#+&i#'3&&%'3&(/%4'

0")'-()4&-#'50)'"#8''I+&i#'60,$%4'0%'#0'7&i)&'10#$%4'+&)8''!"-'0%&'05'

+&)'$%-&),$&7&&#'7+0'-00>'&()12')&/)&6&%-<'+&'7(#'5(#*$%(-&.'(%.'

,&)2'>&&%<'#0'#+&i#'-)($%&.'+$6'";'(%.'+&i#'40$%4'-0'.0'#06&'

$%-&),$&7#'50)'"#8''I0'-+(-i#'0%40$%48''J&i,&'40-'-+)&&'-+&6&#8''X%&'$#'

-+&'[%$-&.'B5)$*('C06;(%2'-0'#";;1&6&%-'-+&'*011&*/0%8''B%0-+&)'

0%&'$#'706&%'$%'[%$1&,&)<'$-'-00>'('10%4'/6&'-0'4&-'('706(%'0%'-0'

-+&'30().<'-+&)&')&(112'$#'('41(##'*&$1$%4'$%'-+$#'*06;(%2<'#0'706&%i#'

&:;&)$&%*&#'05'70)>$%4'$%'-+&'*06;(%2'()&'$%-&)&#/%48''9+&%'-+&'

.&,&10;6&%-'05'-&*+%01042<'7&i,&'40-'(6(R$%4';+0-04)(;+#'05'-+&'

g)#-'*06;"-&)'(#'3$4'(#'-+$#')006<'.07%'-0'6$*)0@1(;-0;#<'#0'-+&)&i#'

('10-'05'$%-&)&#-'$%'-+(-'(%.'+07'$-i#'*+(%4&.'0")'70)>$%4'1$,&#8''9+(-i#'

!@#

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

%0-'-0'#(2'7&i)&'%0-'$%-&)&#-&.'$%'0-+&)'-+$%4#<'7&'%0331&';&0;1&'(#'

-+&2'40<'62'50)6&)'30##'-+&'*06;(%2'#&*)&-()2'+(#'n"#-')&/)&.'(%.'

+&i#'40$%4'-0'4$,&'"#'#06&'/6&'$%'-+&'("-"6%'-0'.0'(-'1&(#-'-+)&&'

$%-&),$&7#8''=-i#'40$%4'7&11<'-+&)&i#'(%'&%0)60"#'3(*>104'05'-)(%#*)$;-#'

-0'-2;&'";\

=%-&),$&7&) a8'''D0'20"'+(,&'-+&'5(*$1$/&#s)&#0")*&#'-0'$%,01,&'50)6&)'

&6;102&&#'0)'*"))&%-'&6;102&&#'$%'*0%-)$3"/%4'-0'-+&'70)>'05'-+&'

()*+$,&e''B)&'20"'$%-&)&#-&.'$%'-+(-'>$%.'05'70)>e

Z&(%&?& b&)2'6"*+'#08''='.0%i-'-+$%>';&0;1&'+(,&'6"*+'/6&'-0',01"%-&&)'(%.'

+&1;'0"-'7+$1&'-+&2i)&'$%';0#-<'3"-'7&'.0'+(,&'*0%-(*-'7$-+';&0;1&'

7+0'+(,&'3&&%'$%'-0'1&%.'('+(%.'(G&)'-+&2i,&')&/)&.8''=-i#'#06&-+$%4'

-+(-'='#";;0#&'7&'*0"1.'.&,&10;'60)&8''9+&';)031&6'$#';+2#$*(112'

g%.$%4'#;(*&'50)',01"%-&&)#8''Z"#-'+(,$%4'-70'ABDHBI',01"%-&&)#'$%'

0%&'(G&)%00%'('7&&>'6&(%#'7&'10#&'-+&'"#&'05'-+&'#&()*+')006'

*06&'1$3)()2'(%.'7&'"#&'-+(-'(#'('6&&/%4')006'(#'7&118''=5'7&'+(,&'

)&#&()*+&)#'$%'-00'$-'#-()-#'-0'1$6$-'-+&'(60"%-'05'/6&'7&'*(%'"#&'

-+(-'#;(*&'50)'0-+&)'-+$%4#8''I0'7&'*0"1.'g11'$-'7$-+',01"%-&&)#'&,&)2'

.(2'3"-'7&'70"1.%i-'3&'(31&'-0'"#&'$-'50)'(%2-+$%4'&1#&8''H0)6&)'

&6;102&&#'$#'#06&-+$%4'7&i,&'-+0"4+-'(30"-'(%.'%&,&)')&(112'

;)04)&##&.8''9+&)&'$#'(';&%#$0%&)i#'(##0*$(/0%'(%.'$%'5(*-'7&i,&'

*0%-(*-&.'-+&6'0%'('%"63&)'05'0**(#$0%#'-0')&6$%.'"#'7&i)&'+&)&'

(%.'$5'-+&2i,&'-(>&%'-+$%4#'+06&'7$-+'-+&6'-+&2'.0%i-'7(%-'(%2'

60)&'-+&2'*(%'.&;0#$-'-+&68''J&'.$.'(%'(;;&(1'0%&'2&()'(%.'40-'('

10-'05'-&1&;+0%&'300>#'3(*><'7+$*+'7(#'$%,(1"(31&'50)'-)(*>$%4'+07'

.&;()-6&%-#'+(,&'*+(%4&.<'%(6&<'#-)"*-")&'(%.'7+0'+&(.&.'-+&68''

B1#0'50)'0)(1'+$#-0)2<'7&'.0'#06&')&#&()*+'$%'(.,(%*&'-0'-)(*&'-+&$)'

*()&&)<'(%.'(4($%';+0%&'300>#'*06&'$%'-0'#&&'7+&)&'-+&2'7&)&'(%.'

7+&%8''[%50)-"%(-&12'7&'.0%i-';)0."*&'-+&6'(%260)&<'7+$*+'$#'('

#+(6&8''

=%-&),$&7&) P8'''D0'20"'+(,&'(')01&'$%'-+&'*0);0)(-&'#0*$(1')&#;0%#$3$1$-2'0)'

*0);0)(-&'*$/R&%#+$;'70)>'05'20")'0)4(%$#(/0%e

Z&(%&?& A0'7&'.0%i-<'3"-'-+&'#&%$0)'6(%(4&)'7+0i#')&#;0%#$31&'50)'CIW'$#'('

4)&(-'5)$&%.'05'-+&'()*+$,&8''c&i#'(7()&'-+(-'[%$1&,&)'+(#'.0$%4'CIW'

50)' .&*(.&#'3&50)&'$-'7(#'>%07%'(#'-+(-<'#0'J$11$(6'F&,&)'+$6#&15'

7(#'(.,0*(/%4'('a'+0")'70)>$%4'.(2'(%.';)0,$.$%4'+0"#$%4'50)'#-(E8''

I0'+&'7$11'#&%.'0%&'05'+$#'#-(E'-0'.)(7'0%'#-"E'5)06'-+&'()*+$,&'0%'('

)&4"1()'3(#$#<'50)'-(1>#<'300>1&-#<'7+(-&,&)'-+&2i)&'.0$%48

!@%

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

=%-&),$&7&) f8'''J+&)&'$%'-+&'+$&)()*+2'05'20")'0)4(%$#(/0%'.0'20"'#$-e''D0'20"'

5&&1'20"'+(,&'$%l"&%*&'7$-+'0-+&)'()&(#'05'-+&'3"#$%&##'0)'7$-+'-+&'

6(%(4&6&%-e

Z&(%&?& d&(+'='-+$%>'#08''=')&;0)-'-0'-+&'D&;"-2'C06;(%2'I&*)&-()28''I0'20"i,&'

3(#$*(112'40-'-+&'CKX<'-+&'C06;(%2'I&*)&-()2<'-+&'D&;"-2'C06;(%2'

I&*)&-()2'(%.'6&8''=-i#'%0-'(#'&1&,(-&.'(#'$-'#0"%.#<'3"-'$%'-&)6#'05'

)&;0)/%4'1$%&#'$-i#'400.8''9+(-'.&;()-6&%-'$#'-+&'3&#-';1(*&'-0'#$-<'(#'

+&i#')&#;0%#$31&'50)'40,&)%(%*&'#0'$-'g-#'$%'7&11'7$-+')&*0).#'

6(%(4&6&%-'(%.'7+2'7&i)&'>&&;$%4')&*0).#'(%.'-+0#&'#0)-#'05'

$##"&#8''I0'$-i#'7+&)&'7&'7(%-'-0'3&'(%.'7&'.0%i-'7(%-'-0'60,&\''='#$-'

$%'(%'0;&%';1(%'0Y*&'7$-+'-+&'-&(6'(%.'(6',&)2'6"*+'(';()-'05'-+&'

-&(6<'(%.'='&%*0")(4&'-+&'()*+$,&#'-&(6'-0'*06&'.07%'(%.'l2'-+&'

l(48''C0);0)(-&'#&*)&-()2'$#'*10#&12'(11$&.'-0'1&4(1<'#0'='>%07'(11'-+&'

;&0;1&'-+&)&8''J+&%'$-'g1-&)#'.07%'-0'3)(%.'1&,&1<'(%.'+&(1-+'(%.'

;&)#0%(1'*()&<'='#-)"441&'60)&'-0'>%07'-+&6'(%.'=i6'#")&'-+&2'.0%i-'

>%07'6&<'(%.'-+&)&i#'('-")%0,&)'05';&0;1&<'#0'-+&2'1$($#&'60)&'7$-+'

)&*0).#'6(%(4&6&%-8''I0'7&'+(,&'#06&'$%l"&%*&'3"-'$-'.&;&%.#'

7+$*+'3$-'05'-+&'3"#$%&##'20"i)&'$%8

=%-&),$&7&) O8'''c07'$%,01,&.'$%';)05&##$0%(1'30.$&#')&1(-&.'-0'3"#$%&##'

()*+$,&#'()&'20"e''D0'20"'-(>&'";'(%2'#";;0)-'5)06'-+&6e

Z&(%&?& b&)2'$%,01,&.8''='7(#'('50"%.&)'6&63&)'(%.'g)#-'*+($)'05'-+&'!"#$%&##'

W&*0).#'U)0";8''=i,&'#-(2&.')&(#0%(312'*10#&'-0'-+(-'(1-+0"4+'$-i#'

.)$G&.'(7(2'0,&)')&*&%-'2&()#<'(%.'#06&'05'-+&'-&(6'+(,&'(1#0'

#&),&.8''J&i,&'3&&%'-+)0"4+'('.$Y*"1-';(-*+'7$-+'(')&,$&7'(%.'#06&'

;0#-#'5)0R&%<'(%.'7&i)&'*06$%4'0"-'05'-+(-'%07<'#0'7&i,&'3&&%'(-'

#$:&#'(%.'#&,&%#8''J&i,&'%07'40-'('5($)12'%&7'-&(6<'(%.'('5($)12'

20"%4'-&(6<'#0'-+)&&'0)'50")'()&'100>$%4'(-')&4$#-)(/0%<'#0'=i,&'

&%*0")(4&.'(-'1&(#-'0%&'05'-+&6'-0'#-(%.'50)'(';0#-8''!"#$%&##'

B)*+$,&#'C0"%*$1<'='#0)-'05'70)>'0%'-+&'5)$%4&#<'='"#&.'-0'3&'(*/,&12'

$%,01,&.'7+&%'-+&)&'7(#'('%0)-+&)%'3)(%*+'7+&%'='70)>&.'$%'-+&'

A0)-+8''!"-'='>%07'(11'-+&';&0;1&'0%'-+&'!BC'7$-+0"-'#&),$%4'0%'$-8''='

7(#'('n".4&'50)'-70'2&()i#'0%'-+&'J(.#70)-+'])$R&<'-+&$)'3"#$%&##'

+$#-0)2'(7().<'(%.'7&'+0#-&.'0%&'2&()i#';)$R&'4$,$%48''=i6'>&&%'-+&'

-&(6'#-(2'$%,01,&.'(%.'7&'+0#-&.'('A0)-+'J&#-')&4$0%(1'6&&/%4'1(#-'

60%-+8

!@&

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

=%-&),$&7&) Lk8'''B)&'20"'5(6$1$()'7$-+'-+&'A(/0%(1'I-)(-&42'50)'!"#$%&##'

B)*+$,&#e

Z&(%&?& X+'2&#\''='7(#'0%'^(-2i#';&&)')&,$&7';(%&1'05'3"#$%&##'*011&(4"&#'(%.'

7+&%'#+&'7(#'.)(G$%4'$-'7&'40-'-04&-+&)';+2#$*(112'0%*&'(%.' -7$*&'

32'-&1&*0%5&)&%*&'(%.'3(?&.'$-'()0"%.'('3$-8'

=%-&),$&7&) Lk38'=5'2&#<'.0'20"'3&1$&,&'$-'-0'3&'&E&*/,&e''B)&'-+&)&'&1&6&%-#'20"'

70"1.'&:;(%.s)&,$#&'50)'$-'-0'3&*06&'60)&'"#&5"1e

Z&(%&?& ='.0%i-'>%078''T2'*0%*&)%'$#'-+(-i#'$-i#'('3$-'-00'.)$,&%'32'9AB'%078''

J+&%'='7(#'0%'-+&'!"#$%&##'W&*0).#'U)0";'7&'+(.'('*(6;($4%'-0'.0'

#06&-+$%4'(30"-'0);+(%&.')&*0).#'(%.'$-'#0)-'05'#;"%'0E'5)06'-+&)&8'

=i6'%0-'#")&'+07'&E&*/,&'$-'7$11'3&'40$%4'50)7().<'-+&)&'+(#%i-'3&&%'

('10-'05';)04)&##'#0'5()8''B'10-'05'-+&'#6(11&)'30.$&#'7+0'()&'-00'#6(11'

-0'.)$,&'$-<'(%.'('5&7'05'-+&6'+(,&'6&)4&.'%078''=-'(160#-'%&&.#'

#06&0%&'-0'-(>&'('#&*0%.6&%-'0)'#06&0%&'7+0i#'#&6$@)&/)&.'(%.'

+(#'-+&'/6&8''='-+$%>'20"i,&'40-'-0'4$,&'3"#$%&##&#'$%*&%/,&#<'(%.'

-+&)&'()&%i-'&%0"4+'$%*&%/,&#'50)'3"#$%&##&#'-0'+(,&'()*+$,&#8''90'

#-()-'5)06'#*)(-*+'%07'$#',&)2'&:;&%#$,&8''T0#-'05'62';&&)#'70)>'

$%'()*+$,&#'-+(-'+(,&'3&&%'&#-(31$#+&.'50)'-70'0)'-+)&&'.&*(.&#<'$-'

70"1.'3&',&)2'#-)(%4&'50)'('3"#$%&##''-0'#&-'";'(%''()*+$,&'%078''

=%$/(112'7&';"#+&.'50)'('A(/0%(1'!"#$%&##'B)*+$,&<'3"-'$-'(11'*06&#'

.07%'-0'60%&2<'7+0'70"1.'5"%.'$-<'7+&)&'70"1.'$-'#$-e''!"-'7+&%'$-'

7(#'-(>$%4'0E'-+(-i#'7+(-'7&';"#+&.'50)8''B%.'-+&)&'$#';)&*&.&%*&'$%'

K")0;&<'-+&)&i#'0%&'$%'I7&.&%<'0%&'$%'H$%1(%.<'(%.'$%'-+&'$%."#-)$(1'

)&4$0%'05'U&)6(%2<'#0'-+&)&'()&';)&*&.&%*&8''

=%-&),$&7&) H01107'[;S'='#";;0#&'-+&)&'()&'(.,(%-(4&#'(%.'.$#(.,(%-(4&#'-0'

-+(-'>$%.'05'60,&'05'*011&*/0%#e

Z&(%&?& !"-'-+(-i#'0%12'1$>&'"#'5(*$%4'0;;0#$/0%'7+&%'7&'60,&.'-+&'C016(%i#'

()*+$,&'5)06'A0)7$*+'-0']0)-'I"%1$4+-8''9+&2i)&'0")'70)>$%4'3"#$%&##'

)&*0).#<'7&'%&&.'-+&6'7+&)&'0")'()*+$,&'$#'(%.'0")'()*+$,$#-'*(%'

(.6$%$#-&)'-+&68''!&*("#&'(q'7&'*(%i-'(E0).'-0'+(,&'#-(E'#;1$-'";'(%.'

70)>$%4'$%'.$E&)&%-';1(*&#'(%.'3q'7&'*(%i-'(E0).'-0';"-'-+&6'$%'

A0)501>'W&*0).'XY*&'3&*("#&'-+&2'70"1.%i-')&#;0%.'-0'-+&'

&%o"$)$&#'(#'o"$*>12'(#'7&'70"1.8''9+&2i,&'40-'-0'3&'7+&)&'-+&'"#&'05'

-+&6'*(%'3&'6(:$6$#&.8

!@'

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

=%-&),$&7&) LL8'''D0'20"'*06&'";'(4($%#-'(%2'&-+$*(1'$##"&#'7+&%'.&(1$%4'7$-+'

3"#$%&##'*011&*/0%#e''p&848'$##"&#'()0"%.')&l&*/%4'(11'(#;&*-#'05'

*06;(%2'+$#-0)2<'400.'(%.'3(.eq

Z&(%&?& d&#'7&'.08''J+&%&,&)'7&i)&'100>$%4'(-'-+$%4#'7&'(17(2#'+(,&'-0'100>'

(-'-+&6'$%'-+&'*0%-&:-'05'-+&'/6&8''I0'7&'+(,&'#06&'7+(-'70"1.'3&'

*0%#$.&)&.'.0.42'(.,&)-#'5)06'-+&'LO-+'*&%-")2<'#0'$5'&:-&)%(1'

)&#&()*+&)#'7(%-'-0'"#&'-+&6'7&i.'o"$R'-+&6'o"$-&'*()&5"112'(30"-'

7+(-'-+&2i)&'40$%4'-0'"#&'-+&6'50)'3&*("#&'7&'.0%i-'7(%-'-0'3&'

;0)-)(2&.'$%'('3(.'1$4+-8''J&'(1#0'+(,&'#06&'7+(1$%4')&*0).#<'

3&*("#&'7&'+(.'#06&'7+(1&)#'$%'-+&'Nk#'(%.'_k#'(#'7+(1&'0$1'7(#'

0%&'05'-+&'*0%#/-"&%-'&1&6&%-#'$%'0")';)0."*-#<'3"-'-+(-'.$.%i-'

*0%/%"&'(G&)'-+&'7()8''I0'20"i,&'40-'-0'#&&'$-'$%'-+&'*0%-&:-'05'-+&'

/6&<'$-'7(#'(**&;-(31&'-+&%'-0'*011&*-'7+(1&'0$18''I0'-+&)&'()&'#06&'

#1$4+-12'.0.42'-+$%4#8''X%&'-+(-')&()#'$-#'+&(.'o"$-&'0G&%r'J$11$(6'

F&,&)'+(.'#06&';1(%-(/0%#'$%'-+&'C0%40'#0'+&i#'3&&%'(##0*$(-&.'7$-+'

^$%4'F&0;01.'05'!&14$"6<'7+0'+(.'#06&'&#-(-&#'$%'-+&'!&14$(%'C0%40<'

(%.'-+&2'-)&(-&.'-+&';&0;1&',&)2'3(.128''d0"'0**(#$0%(112'4&-'

+$#-0)$(%#'-)2$%4'-0'-()'J$11$(6'F&,&)'7$-+'-+&'#(6&'3)"#+'3&*("#&'+&'

7(#'$%'-+&'C0%40'#0'7&'+(,&'-0')&&1'0"-'-+&'&,$.&%*&'-+(-'-+&2'

;)0,$.&.'+0#;$-(1#'(%.'#*+001#'(%.'-)&(-&.';&0;1&'7&11'7$-+$%'-+&'

*0%-&:-'05'-+&'/6&8''I0'-+$%4#'*06&'";'5)06'/6&'-0'/6&'(%.'7&'

+(,&'-0'3&')&(.2'-0'*0"%-&)'-+&68

=%-&),$&7&) H01107";S''=#'-+&'(;;)0(*+'20"'-(>&'o"&#/0%$%4'$-<'0)'.0'20"'6(>&'

-+&'.&*$#$0%'3&-7&&%'0;&%$%4'(%.'*10#$%4')&*0).#e

J&'.0'+(,&'*10#")&';&)$0.#'(%27(2<'7&i,&'40-'o"$-&'('*06;)&+&%#$,&'

1$#-'05'-+&'-2;&'05'.0*"6&%-'(%.'+07'10%4'$-i#'*10#&.'50)8''I0'$5'$-i#'('

n"%$0)'6&63&)'05'#-(E'(%.'-+&)&i#'%0'0%&'()0"%.'-0'(#><'-+&2'*(%'

100>'(-'-+(-'(%.'$-'7$11'l(4'";8''I0'7+&)&'$-i#'7+(1$%4')&*0).#'$-i11'#(2<'

iD0%i-')&1&(#&'V'#;&(>'-0'('60)&'#&%$0)'-&(6'6&63&)i'(%.'0-+&)'

-+$%4#'1$>&'!0().'T$%"-&#<'$-i11'#(2'*10#&.'50)'_k'2&()#8

=%-&),$&7&) LN8''=#'-+&)&'(%2'0-+&)'$%50)6(/0%'-0'.0'7$-+'20")';"31$*'

&%4(4&6&%-s0"-)&(*+'(*/,$/&#'0)'#-)(-&42'7&'+(,&%i-'*0,&)&.'

.")$%4'-+&#&'o"&#/0%#'20"'5&&1'$-'70"1.'3&'$%-&)&#/%4'0)'$6;0)-(%-'

-0'6&%/0%e

Z&(%&?& 9+&)&i#'(%'(75"1'10-'05'0"-)&(*+'-0'.0'$%'[%$1&,&)<'3&*("#&'$-i#'#"*+'('

3$4'*06;(%2'(%.'#;)&(.#'(11'0,&)'-+&'70)1.8''I0'-+(-i#'g)#-'(%.'

50)&60#-<'3"-'$-'#;$%#'0E8''J&'"#&.'-0'+(,&'$%50)6(/0%'#+&&-#'0%'('

7+01&')(%4&'05'-0;$*#'7+$*+'#;&&.#'";'(%#7&)$%4'&%o"$)$&#<'

;()/*"1()12'&:-&)%(1'0%&#8''!"-'#06&'-0;$*#'7&)&'-00'3$4<'-+&'60#-'7&'

!@(

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

7(%-'-0'.0'$#'`'#$.&#'05'B`8''I0';()/*"1()12'50)'-+&'+$#-0)2'05']0)-'

I"%1$4+-<'-+&',$11(4&'7&'*(6&'";'7$-+'-+&'300>1&-'50)6(-8''J&'-00>'(%'

01.'6(;<'3&*("#&'-+&',$11(4&'+(#%i-'*+(%4&.<'(%.'20"'*(%'"#&'$-'(#'('

#&15@7(1>$%4'4"$.&'()0"%.'-+&',$11(4&<'#0'-+&)&i#'(%'$%-)0."*/0%'(30"-'

+07'-+&',$11(4&'*(6&'$%-0'3&$%4<'(%.'(11'-+&'1$?1&'%"63&)#'1$%>'-0'

;0?&.'+$#-0)$&#'05'-+&'6(n0)'3"$1.$%4#8''I0'$5'(%20%&'7)$-&#'$%'(30"-'

-+&'3"$1.$%4#'$%'-+&',$11(4&'7&'#&%.'-+&6'-+(-8''B%.'$5'(%20%&'7)$-&#'

$%'(30"-'Lkk'b$*-0)$('&63(%>6&%-'7&'*(%'#&%.'(%0-+&)'300>1&-8''

B%.'('5&7'7&&>#'(40'7&'+(.'(%'&:+$3$/0%'$%'[%$1&,&)'+0"#&8''='.$.'(11'

-+&'-&:-'(%.';+0-0#<'(%.'-+&%'('.&#$4%&)'*(6&'";'7$-+';(%&1#'7$-+'

*01"6%#'$%'3&-7&&%'7+$*+'100>#'1$>&'-+&'5)0%-'05'-+&'3"$1.$%4<'(%.'$-'

,&1*)0#'-04&-+&)'$%'('*"),&'1$>&'-+&'5)0%-'05'-+&'3"$1.$%48''=-'7(#'";'$%'

-+&')&#-(")(%-'50)'('7+01&'7&&>'(%.'7&'300>&.'(')006'3&+$%.'$-8''J&'

+(.'(11'>$%.#'05';)060/0%(1'#-"E<'.00)'-(1>&)#<'7+$*+'40'0%'-+&'$%#$.&'

05'-+&'.00)#'$%'-+&'-0$1&-#<'#0'50)'-+&'50)-%$4+-'3&50)&'0")'l2&)'7(#'

-+&)&'iC06&'6&&-'-+&'()*+$,&'-&(6\i''B%.'&(*+'.(2'7&'.$.'.$E&)&%-'

-+$%4#<')&*0).#'6(%(4&6&%-<'0)(1'+$#-0)2<'g16#<'500.'3)(%.#<'(%.'

6&63&)#'05'-+&'-&(6'7&)&'.07%'&(*+'.(2'(%.'7&i.'#-(%.'$%'5)0%-'05'

-+&'&:+$3$/0%'(%.'-)2'(%.'4&-'-+&6'$%-0'-+&'6&&/%4')006'7+&)&'7&'

+(.'100;&.'g16'(%.'-+$%4#'5)06'-+&'()*+$,&#'-+&2'*0"1.'+(%.1&<'(%.'

-+&)&'7(#'('10-'05'$%-&)&#-8''J&i,&'#-()-&.'.0$%4'(%'()*+$,&#'

%&7#1&?&)<'-+&'#&*0%.'0%&'*(6&'0"-')&*&%-12<'(%.'-+&'1(#-'0%&'

6&%/0%&.'-+&'&:+$3$/0%<'(%.'7&i,&'(1)&(.2'+(.'(%'&%o"$)2'5)06'-+&'

)&#&()*+'1(30)(-0)2'$%'!&.50).#+$)&<'#(2$%4'iC(%'7&'+(,&'$-ei'#0'$-i#'

40$%4'0%'-0")\''B%.'0%&'1(.2'7+0'='#$-'*10#&'-0'7+0i#'+$4+'";'$%'cW'

#($.'i9+$#'#+0"1.'40'0"-'-0'-+&'5()'&(#-<'-+&2i)&'5(#*$%(-&.'$%'-+&'

+$#-0)2'05'-+&'*06;(%2'-+&)&i'#0'='3(44#$&.'40$%4'-0'#&-'$-'";\''=-'7(#'

7&11'70)-+'-+&'$%,&#-6&%-<'$-'7(#'o"$-&'('3$-'05'60%&2<'3"-'70)-+'$-8''

J&'(1#0'+(,&'(';(4&'0%'-+&';0)-(1<'7+$*+'$#'+07'7&'*066"%$*(-&'

7$-+'-+&')&#-'05'-+&'[%$1&,&)'70)1.<'7&'+(,&'('+06&;(4&'7+$*+'+(#'('

1$%>'5)06'[%$1&,&)'+0"#&'(%.'-+&'4103(1';0)-(1#8''I0'20"'*(%'6&&-'-+&'

-&(6<'#&&'%&7#'$-&6#<'(%.'-+&)&'()&'o"$*>'1$%>#'-0')&*0).#'

6(%(4&6&%-<'()*+$,&#<'3&#-';)(*/*&<'#"*+'(#'I()3(%&#@X:1&2'(%.'

-+&)&'$#'g1$%4'(%.'7&&.$%4'(.,$*&<'(%.'(%'()-';(4&'(#'=i6')&#;0%#$31&'

50)'-+&'()-'*011&*/0%''XE'-+&'3(*>'05'-+&'&:+$3$/0%'-+&'4"2'$%'*+()4&'

05'4103(1'%&7#'*(6&';(#-'0%'-+&'g)#-'.(2'(%.'7(#'5(#*$%(-&.'#0'32'-+&'

J&.%&#.(2'='7(#'$%-&),$&7&.'50)'(%'()/*1&'(%.'-+(-i#'40%&'(11'-+&'

7(2')0"%.'-+&'[%$1&,&)'70)1.'(#'('6(n0)'%&7#'5&(-")&8''9+&2'*(%'*1$*>'

0%'-+&'500-(4&'(%.'-+&)&'()&' ;+0-0#'05'-+&'(.#8''J&'(1#0'.0'$%-&)%(1'

(%.'&:-&)%(1'1&(l&-#<'0%&'0%' 0)(1'+$#-0)2'(%.'0%&'0%'-+&'[BC8''J&'

(1#0'+(,&'g16'#-)$;';0#-*().#'(%.'501.&)#'-+(-'7&'*(%';"-'1&(l&-#'$%8''

J&'+(,&'#06&'%&7';0#-*().#'-00<'7+$*+'7&'"#&'(#'-+(%>'20"'%0-&#'

0)'50)'6&63&)#'05'-+&';"31$*'(#'(%'(*>%071&.4&6&%-8''J&'+(,&'('3$4'

$6;(*-'$%'-+&'%0#-(14$('05'-+&';)0."*-#<']&)#$1'7(#'Lkk'2&()#'01.'1(#-'

!@>

!"#"$%&'()*#+#,)%-$.*#!/0/1)2)03 4'0.*/5#60%)7899:#!"#;'**)$3/3'-0

2&()<'#0'&,&)2-+$%4'20"'#(7<'-+&'-&1&,$#$0%'60%-(4&'(.'-+)0"4+'-+&'

(4&#'*(6&'5)06'"#<'(11'-+&')&;)0."*/0%'(.,&)-#'(11'*(6&'5)06'"#'-008

!@?

Takin' Care of Business: investigating the relationship of internal engagement and public outreach in enhancing connections to business archives

Documents