Professioni del turismo: dalla tradizione all'innovazione. Intermediazione e accommodation

26
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

Transcript of Professioni del turismo: dalla tradizione all'innovazione. Intermediazione e accommodation

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

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

"!#$%%&'(!)*$!+$,(+$'-.&!(./&'0-',(!,1(!#(2'(!$!#$!'(3(,%$!+-!.&(!4122#()-%(!4&,,&.&!)&.,1#%-'$!(#!.&,%'&!,(%&!".%$'.$%5!!!!"#$%&'(%&)*+,",-!$!(,)'(3$',(!.$##-!*&0$!4-6$!

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

Roberta Garibaldi

PROFESSIONI DEL TURISMO:DALLA TRADIZIONEALL’INNOVAZIONE

Intermediazione e accomodation

FRANCOANGELI

1294.10 26-03-2012 10:08 Pagina 3

=1$,%&!3&#10$!>!,%-%&!'$-#(77-%&!)&.!(#!)&.%'(21%&!+$#!?(4-'%(0$.%&!+(!@)($.7$!+$(!A(.61-66(B!+$##-!C&01.()-7(&.$!$!+$6#(!@%1+(!C1#%1'-#(!+$##DE.(3$',(%;!+(!F$'6-0&<!

!!!!!!!!!!

!!!!!!!!!!

.

.

.

.!!!!!!!

C&4G'(6*%!H!IJKI!2G!L'-.)&M.6$#(!,<'<#<B!N(#-.&B!"%-#G<!!

O(,%-04-! ! M..&!J!!K!!I!!P!!Q!!R!!S!!T!!U!!V!!! ! IJKI!!!IJKP!!!IJKQ!!!IJKR!!!IJKS!!!IJKT!!!IJKU!!!IJKV!!!IJIJ!!!IJIK!

!AD&4$'-B!)&04'$,$!%1%%$!#$!,1$!4-'%(B!>!%1%$#-%-!+-##-!#$66$!,1(!+('(%%(!+D-1%&'$<!!

@&.&!3($%-%$!$!,-.7(&.-%$!W,$!.&.!$,4'$,,-0$.%$!-1%&'(77-%$X!#-!'(4'&+17(&.$!(.!&6.(!0&+&!$!/&'0-!W)&04'$,$!#$!/&%&)&4($B!#-!,)-.,(&.$B!#-!0$0&'(77-7(&.$!$#$%%'&.()-X!$!#-!)&01.()-7(&.$!!

W(3(!(.)#1,(!-!%(%&#&!$,$04#(/()-%(3&!0-!.&.!$,-1,%(3&5!#-!+(,%'(217(&.$B!#D-+-%%-0$.%&B!#-!%'-+17(&.$!$!#-!'($#-2&'-7(&.$B!-.)*$!-!0$77&!+(!)-.-#(!+(6(%-#(!(.%$'-%%(3(!$!)&.!Y1-#,(-,(!0&+-#(%;!-%%1-#0$.%$!.&%-!&+!(.!

/1%1'&!,3(#144-%-X<!!

A$!/&%&)&4($!4$'!1,&!4$',&.-#$!+$#!#$%%&'$!4&,,&.&!$,,$'$!$//$%%1-%$!.$(!#(0(%(!+$#!KRZ!+(!)(-,)1.!3&#10$!+($%'&!4-6-0$.%&!-##-!@"M[!+$#!)&04$.,&!4'$3(,%&!+-##D-'%<!SUB!)&00(!Q!$!RB!+$##-!#$66$!II!-4'(#$!KVQK!.<!SPP<!A$!/&%&)&4($!$//$%%1-%$!4$'!/(.-#(%;!+(!)-'-%%$'$!4'&/$,,(&.-#$B!$)&.&0()&!&!)&00$')(-#$!&!)&01.Y1$!4$'!1,&!+(3$',&!+-!Y1$##&!4$',&.-#$B!4&,,&.&!$,,$'$!$//$%%1-%$!-!,$61(%&!+(!,4$)(/()-!-1%&'(77-7(&.$!

'(#-,)(-%-!+-!CA[MO$+(B!C$.%'&!A()$.7$!$!M1%&'(77-7(&.(!4$'!#$!O(4'&+17(&.(!![+(%&'(-#(!W\\\<)#$-'$+(<&'6]!$:0-(#!-1%&'(77-7(&.(^)#$-'$+(<&'6X<!

!@%-04-5!_#&2-#!`'(.%!,<'<#<B!a(-!+$6#(!M2$%(!.<!KTbKB!IJJSQ!_&'6&.7&#-!WN"X<!

! !

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

!"#$%&'()%"*! '()*! +!!+,-.*-/$%0*11)%")-#'$)1#)23*4-'"5-2%1#5"#*-*6%7'()%"*! ,! --!-*-*! ./0112'(34056!567!86990:6!92:489410!45!"9(74(! ,! --!-*;*! .(!17(884<41(34056!=6776!':0<6884054>!47!10596890!=4!:4<6?

:4@6590! ,! -A!-*B*! &C07234054!=67!86990:6!6!520C6!<4)2:6!':0<688405(74! ,! ;D!-*E*! %(:(996:48941F6!=6776!':0<6884054!92:48941F6!(5(7433(96! ,! ;+!!

8,-.*-/$%0*11)%")-&*779)"#*$:*&)5()%"*! ,! B-!;*-*! .(!8492(34056!=67!10@'(:90! ,! B-!;*;*! .(!89:2992:(!0:)(5433(94C(!=64!902:!0'6:(90:! ,! BE!;*B*! ./0:)(5433(34056!=6776!()65346!=699()74(594! ,! BG!;*E*! .(! 89:2992:(! 0:)(5433(94C(! =6)74! 4596:@6=4(:4! 92:489414!

05!7456! ,! EB!;*D*! .6!<4)2:6!':0<688405(74!=677/(:6(!=677/4596:@6=4(34056! ,! EH!!

;,-.*-/$%0*11)%")-&*779522%:%&5#)%"! ,! -I+!B*-*! .(!8492(34056!=67!10@'(:90! ,! -I+!B*;*! .(!89:2992:(!0:)(5433(94C(!=6776!4@':686!(7J6:)F46:6! ,! --;!B*B*! .6!<4)2:6!':0<688405(74!=67!86990:6! ,! --H!B*E*! .6!<4)2:6!':0<688405(74!5677/(:6(!(110@@0=(9405! ,! --G!!

<)=7)%>$50)5! ,! -+B!!

!

!

! !!

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

.,2!/(*-2,-%!%3($.4+(,%!

!

!

!

!

!

!

!

!

!"!"#$%&''()*+,&-.#-./#0.11&2.#1(2,01,'&#,-#31*/,*#!

+5! 67889:7! 8;:<68<=9! 767:=<8>! ;?!@:>?A7! <BC>889! 6;55D7=9?9B<>!?>E<9?>57F!

=968<8;7?A9! =<:=>! <5! GFHI"! A75! &+$! 7! <?=<A7?A9! 6;55D9==;C>E<9?7! C7:! <5!

"JFGI!?75!KL"LK#!2?=M7!>!5<N7559!7;:9C79F!5D<BC>889!767:=<8>89!A>5!=9BC>:O

89! 8;:<68<=9! <?! 87:B<?<! 9==;C>E<9?>5<! P! ?987N957F! :7@<68:>?A9! ?75! KL"L!

;?D9==;C>E<9?7F! A<:788>! 9! <?A988>! A<! =<:=>! <5! "KI! A755>! Q9:E>! 5>N9:9!

A755D.?<9?7!%;:9C7>J#!$D<BC9:8>?E>!7=9?9B<=>!A75! 67889:7!N<7?7!B<6;:>8>!

<?!R>67!>557!:<=>A;87!A<:7887!7!<?A<:7887!=M7!@7?7:>!>!5<N7559!A<!:7AA<89F!9==;O

C>E<9?7! 7A! 7S;<5<R:<9! A7<! =9?8<H!7! >5! N>59:7! >@@<;?89! =M7! 7669! @7?7:>#! *7O

=9?A9! <5!"#$$%&'%( )*+( '*&,)-%( ,'#+,#.%(/0012/003F! ?75! KLLT! <5! N>59:7! >@O@<;?89!A7<!=9?6;B<!8;:<68<=<!<?!+8>5<>!M>!:7@<68:>89!;?>!=:76=<8>!A75!KFUI!:<O

6C7889!>55D>??9!C:7=7A7?87F!>88768>?A96<!>889:?9!><!HT#TLT!B<5<9?<!A<!7;:9#!!

V5<!9==;C>8<!?75!67889:7!A75!8;:<6B9!6<!A<N<A9?9!8:>!9==;C>8<!A<:788<!7!<?O

A<:788<1!

! C7:! 9==;C>E<9?7! A<:788>! 6D<?87?A7! <5! 5>N9:9! A<:788>B7?87! @7?7:>89!A>55D<?A;68:<>! 8;:<68<=>F! 68<B>89! >!"FU!B<5<9?<!A<!;?<8W

X! 7! =M7! :>CC:7O

67?8>!<5!KYFHI!ZB7A<>!?>E<9?>57[\!:<6;58>!<?A<C7?A7?87!7!6<!=9?=7?8:>!

!"!]7=M7:<!%#!Z>!=;:>!A<[F!"#$$%&'%()*+('*&,)-%(,'#+,#.%(/0012/003F!"U>!7A#F!=9?!<5!C>8:9=<?<9!A75!^<?<687:9!A75!-;:<6B9F!^<5>?9F!):>?=92?@75<F!KLLG#!K!+*-2-F!'<57N>E<9?7!6;557!Q9:E7!5>N9:9F!+*-2-F!'9B>F!KL""F!J!_--/F!-:>N75!>?A!-9;:<6B!`<:7=8!=9?8:<R;8<9?!89!7BC59aB7?8F!_--/F!KL""#!H!$7! :<=>A;87! A<:7887! >@<6=9?9! 6;55>! 68:;88;:>! 68766>! A75! 67889:7! 8;:<68<=9! 9! A7:<N>?9! A<:788>O

B7?87!A>!7669\!57!:<=>A;87!<?A<:7887!=9BC:7?A9?9!<5!@<:9!AD>QQ>:<!A7<!69@@788<!C:7669!<!S;>5<!57!

6C767!N7?@9?9!7QQ788;>87F!@7?7:>?A9!;?!N>59:7!>@@<;?89F!<BC<7@M<!7A!7?8:>87!Q<6=>5<#!X!]7=M7:<!%#F!%$4(5,'4!

! !/

C:<?=<C>5B7?87! ?75! 67889:7! :<=788<N9#! 25R7:@M<! 7! :<689:>?8<F! C;:! :7@<O

68:>?A9!5<7N<!=>5<!A<!S;987!9==;C>E<9?>5<F!6<!>@@<;A<=>?9!<!C<b!>58<!5<O

N755<!A<!9==;C>E<9?7\!

! C7:!9==;C>E<9?7!<?A<:788>!6D<?87?A9?9!<?N7=7!<!C968<!A<!5>N9:9!@7?7:>O8<!A>5!@<:9!AD>QQ>:<!=M7!:;98>!>889:?9!>5!8;:<6B9F!68<B>8<!>!KFH!B<5<9?<!

A<!;?<8WU#!

,75!=9BC>:89!>5R7:@M<!7!:<689:>?8<!6<!=9?=7?8:>!<5!JJF"IT!A7@5<!9==;C>8<!

A<:788>B7?87!9!<?A<:788>B7?87!57@>8<!>557!>88<N<8W!8;:<68<=M7#!!

!

6#74(!4!(8(9:%55*$#;,%.<(,.=%''#(=#+('*&,)-%(,.(>'#+,#(

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

"#$%&'()*$+! ,-.! -,/-! 0.1! -0/2! 2/-!

3$'4'))%!565$#5)%&%! 07! -/8! 0-! 8/.! -7/,!

"(%956)+$%! -8:! 7/,! -88! 7/,! :/8!

;5<<%(%!5!&*'%! :0! 0/1! :.! ,/8! =-8/-!

"()$%!>$'4'))%!%64*<)$%+(%! -0?! 1/0! --.! 1/0! :/?!

@'<)$*A%'6%! 0:! -/-! 0?! -/0! =,/?!

@'995$&%'! 707! -?/7! ,.7! -?/-! ?/:!

"(B5$#C%!5!$%<)'$+6)%! 28.! ,,/-! ?:?! ,,/0! 1/1!

;$+<>'$)%! -88! 7/-! .0! 7/8! 2/?!

D6)5$954%+A%'65!E%6+6A%+$%+! -7! 8/:! -7! 8/:! 8/8!

F'&+A%'65!E+BB$%&+)%! 00! 8/.! 08! 8/.! -8/8!

"))%G%)H!$%&$5+)%G5! 0?,! --/0! 0::! --/1! 0/:!

I5$G%A%!G+$%! -,:! 1/:! -01! 1/7! 2/2!

;')+(%! 0J770! -88/8! 0J,8.! -88/8! !

?%.'<1(]7=M7:<!%#!Z>!=;:>!A<[F("#$$%&'%()*+('*&,)-%(,'#+,#.%(/0012/003F!"U>!7A#F!=9?!<5!C>8:9O=<?<9!A75!^<?<687:9!A75!-;:<6B9F!):>?=92?@75<F!^<5>?9F!KLLG#!

!

255D<?87:?9!A755>!Q<5<7:>!8;:<68<=>F!?755D>??9!KLLY!<5!JGFKI!A7@5<!9==;C>8<!

6<! =9?=7?8:>! ?75! =9BC>:89! A755>! :<689:>E<9?7F! <5! KHF"I! ?75! :<=788<N9! >5R7:O

@M<7:9!7!<5!XFKI!<?!S;7559!A75!8;:<6B9!>55D>:<>!>C7:8>!A7<!=>BC7@@<#!*7@;7!<5!

=9BC>:89!A755D<?87:B7A<>E<9?7F!=9?!<5!HFKI!A7@5<!9==;C>8<F! 57!A<6=987=M7!7!

!U!>7,=<-#!T!>7,=<-4!

! !@

>58:<! 59=>5<! A<! <?8:>887?<B7?89F! =M7! :>@@<;?@9?9! 5D"FKI! 7! @5<! 68>R<5<B7?8<!

R>5?7>:<7!7!S;755<!87:B>5<F!7?8:>BR<!=9?!<5!"F"IYF!=9B7!6<!7N<?=7!A>5!@:>Q<=9!

67@;7?87#!

!

?,A4(!4!(8(B,)'&,7*;,%.<(=<+(.*-<&%(=<,(+#C%&#'%&,(=,$<.=<.',(D&#(+<(C#&,<(#'',C,'E(=<++#(D,+,<2&#('*&,)',5#4(F..%(/001(

(?%.'<1!75>R9:>E<9?<!6;!A>8<!+,&*!7!A755D%],-!Z%?87!]<5>87:>57!,>E<9?>57!A75!-;:<6B9[#!!

$>!B>@@<9:!C>:87!A7557!<BC:767F!S;7557!=9?!>5B7?9!;?!>AA7889F!6<!=9559=>!

?75! 67889:7! A755>! :<689:>E<9?7F! :>CC:767?8>?A9! =<:=>! 5DYLI! 6;5! 898>57\! <5! :7O

68>?87!KLI!:>@@:;CC>! :<=788<N<8W! 7! 67:N<E<! 8;:<68<=<! @7?7:>5<! ZA>8<! <?!B7A<>F!

>??9!A<!:<Q7:<B7?89!KLLU[G#!(NN<>B7?87!57!<BC:767!A<!:<689:>E<9?7!N7?@9?9!

=9?87@@<>87!?7557!>?>5<6<F!B>!6>CC<>B9!?9?!7667:7!76=5;6<N>B7?87!A768<?>87!

>55>!Q:;<R<5<8W!8;:<68<=>#!*<!=9?6<A7:<!=M7!>!5<N7559!7;:9C79!5D+8>5<>!P!<5!&>767F!

A9C9!5>!*C>@?>F! <?!=;<! <5! 67889:7!A7@5<!>5R7:@M<!7!A7<! :<689:>?8<! :7@<68:>!?75!

!Y!)+23%-F!"#$$%&'%(/0!02/0!!4(>+(),)'<-#(=<++:,.'<&-<=,#;,%.<('*&,)',5#(,.(>'#+,#4(>+(-<&5#2'%(=<+('*&,)-%(%.+,.<G(+<($&%)$<'',C<(=<++<(FA<.;,<(=,(C,#AA,%F!^7:=;:aF!)<:7?E7F!KL"L#!G! .?<9?=>B7:7F! H,)'<-#( >.D%&-#',C%( IJ5<+),%&K( >( D#77,)%A.,( $&%D<)),%.#+,( <( D%&-#',C,( =<,()<''%&,(=<+(L%--<&5,%(<(=<+(6*&,)-%($<&(,+(/003F!.?<9?=>B7:7F!'9B>F!KLLG#!

! !M

KL"L!5>!B>@@<9:7!<?=<A7?E>F!C>:<!>5!XFKI!A75!898>57!A7<!67889:<!9==;C>E<9?>O

5<F!:<6C7889!>A!;?!>!B7A<>!7;:9C7>!=M7!6<!>66768>!<?89:?9!>5!HFYI"L#!

$D9==;C>E<9?7!?75!67889:7!8;:<68<=9!P!@7?7:>5B7?87!=>:>887:<EE>8>!A>!;?>!

C:7N>57?E>!A755>!=9BC9?7?87!Q7BB<?<57""!6;!S;755>!B>6=M<57\!S;7689!Q7?9O

B7?9!P!B>@@<9:B7?87!6N<5;CC>89!?75!=9BC>:89!A755D<?87:B7A<>E<9?7F!<?!=;<!

5>!=9BC9?7?87!Q7BB<?<57!:>@@<;?@7F!<?!+8>5<>F!<5!TTI!A7@5<!9==;C>8<!=9B7!6<!

7N<?=7! A>55>! )<@;:>! "#K#!2! 5<N7559! 7;:9C79F! 5D9==;C>E<9?7! Q7BB<?<57! =9?O

Q7:B>!S;768>!C:7N>57?E>F!>66768>?A96<!<?89:?9!>5!ULI"K#!

!

?,A4(!4/(8(N<&5<.'*#+<(=,(=,$<.=<.',(D<--,.,+,(.<+(5%-$#&'%(=<+('*&,)-%4(F..%(/001(

(?%.'<1!75>R9:>E<9?<!6;!A>8<!+,&*!7!A755D%],-!Z%?87!]<5>87:>57!,>E<9?>57!A75!-;:<6B9[#!!

&7:!S;>?89!:<@;>:A>!5>!A<68<?E<9?7!8:>!57!C966<R<5<!Q;?E<9?<!>E<7?A>5<F!P!:<O

57N>?87!698895<?7>:7!=M7!<?!>BR<89!A<:<@7?E<>57!<5!=9BC>:89!A7@5<!68>R<5<B7?8<!

87:B>5<!ZLFULI!A7@5<!9==;C>8<!A<C7?A7?8<[!7!S;7559!A7557!>@7?E<7!A<!N<>@@<9!7!

A7<! 89;:! 9C7:>89:! ZLFXLI! A7@5<! 9==;C>8<! A<C7?A7?8<[! :<57N>?9! ;?D<?=<A7?E>!

R7?!C<b!>58>!:<6C7889!>55D<?87:9!=9BC>:89!8;:<6B9F!=>:>887:<EE>89!A>55>!C:767?E>!

A<!;?!A<:<@7?87!9@?<!"#LLL!9==;C>8<!A<C7?A7?8<"J#!

!"L!/,%$!c!'>CC9:89!6;5!B7:=>89!A75!5>N9:9!KL"LOKL""F!/,%$F!'9B>F!KL""#!

""!)+23%-F!"#$$%&'%(/0!02/0!!4(>+(),)'<-#(=<++:,.'<&-<=,#;,%.<('*&,)',5#(,.(>'#+,#4(>+(-<&25#'%(=<+('*&,)-%(%.+,.<G(+<($&%)$<'',C<(=<++<(FA<.;,<(=,(C,#AA,%F!^7:=;:aF!)<:7?E7F!KL"L#!"K!_--/F!6&#C<+(#.=(6%*&,)-(B,&<5'(5%.'&,7*',%.('%(<-$+%O-<.'F!_--/F!KL""#!

"J!>7,=<-#!

! !P

6#74(!4/(8(B,)'&,7*;,%.<($<&5<.'*#+<(=<+(.*-<&%(=<A+,(%55*$#',(=,$<.=<.',(D&#(,(=,C<&),(&*%+,(#;,<.=#+,(=<,(C#&,(5%-$#&',4(F..%(/001(

&& 6#(#754"#& 8+,*(#& 9:'#57,"#& ;'5(,#& !''(54*#<"#&"4G!5!;K! 8/18! 0/:8! 20/.8! 7/:8! ./78!

I5$G%A%!$%&5))%G%! 8/08! 8/28! -2/:8! ??/08! ,/08!

3*BB(%&%!5<5$&%A%! 8/-8! 8/,8! :/88! 21/:8! 2/88!

I)+B%(%956)%!)5$9+(%! 8/:8! -/,8! ,2/.8! 12/:8! 8/:8!

L54%+!;*$%<9'! 8/-8! 8/18! -0/?8! 28/88! :/?8!

?%.'<1!75>R9:>E<9?<!6;!A>8<!+,&*!7!A755D%],-!Z%?87!]<5>87:>57!,>E<9?>57!A75!-;:<6B9[#!!

$>!8>R755>!C:7=7A7?87!7N<A7?E<>!=9B7!5D>CC:7?A<68>89!>66;B>!;?!:;959!<BO

C9:8>?87!?7<!C;RR5<=<!767:=<E<!7!?75!=9BC>:89!A755D<?87:B7A<>E<9?7F!A9N7!<?!B7O

A<>F!P!C:767?87!;?!>CC:7?A<68>!9@?<!A;7!<BC:767!B7?8:7!<5!=9BC>:89!A7<!67:N<E<!

:<=788<N<!P!=>:>887:<EE>89!A>!;?>!C:9C9:E<9?7!A<!;?!>CC:7?A<68>!9@?<!8:7!<BC:767#!

$>!Q9:87!68>@<9?>5<8W!A75!67889:7!N>=>?E<7:9!M>!<BC9689!5>!?7=766<8W!A<!=:7>:7!

57!=9?A<E<9?<!C7:!;?>!B>@@<9:7!Q5766<R<5<8W!A755D9==;C>E<9?71!6<!>66<687!S;<?A<!

>55D<?8:9A;E<9?7!A75! 5>N9:9!68>@<9?>57!7!A75!C>:8! 8<B7!=M7F!?9?968>?87!6<>!R7?!

A<QQ;69!?75!=9BC>:89F!69C:>88;889!?7<!C;RR5<=<!767:=<E<F!6<!>66768>!6;!;?>!B7A<>!

A75!JYFGI#!

!?,A4(!4@(8(B,)'&,7*;,%.<( D&#(#==<'',( =,$<.=<.',(#( '<-$%($,<.%(<(#( '<-$%($#&;,#+<(.<,(C#&,(5%-$#&',('*&,)',5,4(F..%(/001(

(?%.'<1!75>R9:>E<9?<!6;!A>8<!+,&*!7!A755D%],-!Z%?87!]<5>87:>57!,>E<9?>57!A75!-;:<6B9[#!

! !Q

.?D<?A>@<?7!%d=756<9:O.?<9?=>B7:7! :<@;>:A9!>557! <BC:767!=M7!C:7N7A9?9!

?75!=9:69!A75!KL""!A<!>66;B7:7!C7:69?>57F!7N<A7?E<>!;?!8:7?A!@7?7:>57!C96<8<N9F!

>?=M7!?75!=9BC>:89!A7<!67:N<E<!:<=788<N<!Z>5R7:@M<!7!:<689:>?8<[F!=9?!;?>!C7:=7?O

8;>57!A75!?;B7:9!AD<BC:767!=M7!C:7N7A9?9!>66;?E<9?<!=M7!6>57!A>5!KTFJI!A75!

KL"L!>5!JKFUI!A75!KL"""H#!`<!S;768<F!P!9CC9:8;?9!67@?>5>:7!=M7!<5!TLF"I

"X!A7557!

>66;?E<9?<!C:7N<68>!?75!=9BC>:89!8;:<68<=9!6>:>??9!A<!8<C9!68>@<9?>57#!2!5<N7559!

@79@:>Q<=9F!6>:>??9!A<68:<R;<87!?75!,9:A!+8>5<>!C7:!;?>!C7:=7?8;>57!C>:<!>5!XKIF!

?75!/7?8:9!C7:!<5!KKIF!?75!*;A!C7:!<5!"UFXI!7!?7557!+6957!<5!:768>?87!GFJI"U#!

+?!B7A<>!<!5>N9:>89:<!68:>?<7:<!?75!=>BC9!8;:<68<=9!:>CC:767?8>?9!5DYI!A7@5<!

>AA788<F!>?=M7!67!P!?7=766>:<9!:<57N>:7!=M7!?75!=>BC9!A7557!>@7?E<7!A<!N<>@@<!7!

A7<!89;:!9C7:>89:F!958:7!=M7!>!S;7559!87:B>57F!69?9!S;>6<!A75!8;889!>667?8<F!:>@O

@<;?@7?A9!;?>!C7:=7?8;>57!=M7!6;C7:!A<!C9=9!5D"I#!$D9==;C>E<9?7!A<!5>N9:>89O

:<!68:>?<7:<!?75!KL"L!:7@<68:>!;?>!N>:<>E<9?7!C96<8<N>!A75!GFTI"TF!=9BC7?6>?A9!

A>! ;?! 5>89! 5>! =9?8:>E<9?7! 9==;C>E<9?>57! A7@5<! <8>5<>?<F! 7A! 7N<A7?E<>?A9!

A>55D>58:9!<5!:;959!=:;=<>57!A755>!=:76=<8>!A7B9@:>Q<=>!7!>55>!:7@95>:<EE>E<9?7!A7<!

C7:B766<!A<!69@@<9:?9!C7:!B98<N<!5>N9:>8<N<#!!?,A4(!4M(8(B,)'&,7*;,%.<($<&5<.'*#+<(#++:,.'<&.%(=<,(5%-$#&',(,.=,5#',(=<A+,(#==<'',(%55*$#',(=,$<.=<.',(D&#(&<),=<.',(,.(>'#+,#(<()'&#.,<&,4(F..%(/001((

!?%.'<1!75>R9:>E<9?<!6;!A>8<!+,&*!7!A755D%],-!Z%?87!]<5>87:>57!,>E<9?>57!A75!-;:<6B9[#!!

"H!.?<9?=>B7:7F!*<687B>!+?Q9:B>8<N9!%d=756<9:F(9#(=%-#.=#(=,(+#C%&%(=<++<(,-$&<)<(.<+(>>>('&,-<)'&<(/0!!F!.?<9?=>B7:7F!'9B>F!KL""#!"X!>7,=<-#!

"U!>7,=<-#!

"T!/,%$!c!"#$$%&'%()*+(-<&5#'%(=<+(+#C%&%(/0!02/0!!F!/,%$F!'9B>F!KL""#!

! !R

$7!>@7?E<7!A<!N<>@@<9!69?9! <?958:7! <5!=9BC>:89!B7?9!69@@7889!>55>! 68>O

@<9?>5<8WF!=9B7!6<!7N<?=7!A>55>!)<@#!"#X#!!

?,A4(!4P(8(B,)'&,7*;,%.<()'#A,%.#+<(=<A+,(#==<'',(%55*$#',(.<,(C#&,()<''%&,4(F..%(/001(

!

?%.'<1!75>R9:>E<9?<!6;!A>8<!+,&*!7!A755D%],-!Z%?87!]<5>87:>57!,>E<9?>57!A75!-;:<6B9[#!!

$>!A768>@<9?>5<EE>E<9?7!A75!=9BC>:89!A755D<?87:B7A<>E<9?7F!6;9!757B7?O

89!A<68<?8<N9!:<6C7889!>@5<!>58:<F!:<6;58>!7N<A7?87!?755>!)<@;:>!"#UF!?755>!S;>57!

6<!7N<A7?E>!<5!:>CC9:89!C7:=7?8;>57!8:>!<5!?;B7:9!B>66<B9!7!<5!?;B7:9!B<O

?<B9!A7@5<!9==;C>8<!B7?6<5<!A7<!N>:<!=9BC>:8<!=968<8;7?8<!5>!Q<5<7:>!8;:<68<=>#!!!?,A4(!4Q(8("#$$%&'%(S('&#(-<)<(5%.(,+(-#)),-%(.*-<&%(=,($&<)<.;<(<(-<)<(5%.(,+(-,.,-%(.<,(5%-$#&',(,.=,5#',(

!?%.'<1!75>R9:>E<9?<!6;!A>8<!+,&*!7!A755D%],-!Z%?87!]<5>87:>57!,>E<9?>57!A75!-;:<6B9[#!

! !1

*<!?98<!S;<?A<!=9B7!?75!=9BC>:89!A755D<?87:B7A<>E<9?7F!<5!B767!=>:>887O

:<EE>89!A>5!B>66<B9!?;B7:9!A<!9==;C>8<!Z@<;@?9[F!6<>!=>:>887:<EE>89!A>!;?>!

C7:=7?8;>57!A<!>AA788<!<?!C<b!C>:<!>5!6959!GI!:<6C7889!>5!B767!=>:>887:<EE>89!

A>5!B<?<B9! ?;B7:9! A<! 9==;C>8<! Z@7??><9[#! &7:! @5<! >5R7:@M<F! <5! :>CC9:89! P!

S;>6<!<5!A9CC<9!S;>?A9!5>!B7A<>!A75!=9BC>:89!P!C>:<!>!=<:=>!<5!HJI!<?!C<b!

8:>!<5!B767!B>66<B9!7!S;7559!B<?<B9"Y#!

!

+5!67889:7!C:767?8>!;?D757N>8>!Q:>BB7?8>E<9?7!A7557!<BC:767!8;:<68<=M7!7!

5>!C:7C9?A7:>?E>!A7557!&^+!ZB7?9!A<!"L!>AA788<[F!57!S;>5<!:>CC:767?8>?9!95O

8:7!<5!GLI!A7557!<BC:767!898>5<#!-;889!<5!87::<89:<9!<8>5<>?9!P!=>:>887:<EE>89!<?!

@7?7:>57!A>!;?>!R;9?>!A<68:<R;E<9?7!A755D9QQ7:8>F!@:>E<7!>55>!?>8;:>57!A<6C9O

?<R<5<8W!A<!:<69:67!C>76>@@<68<=M7F!>5!C>8:<B9?<9!>:8<68<=9!7!689:<=9!7!69C:>8O

8;889! >559! 6C<:<89! <BC:7?A<89:<>57! =M7! =>:>887:<EE>! 5D>E<7?A>! >! =9?A;E<9?7!

Q>B<5<>:7F!=M7!<?=<A7!?987N95B7?87!6;55>!=9BC96<E<9?7!A75!=9BC>:89!:<=788<O

N9"G#! *7=9?A9! <! A>8<! %d=756<9:F! 5>! A<68:<R;E<9?7! 87::<89:<>57! A7<! A<C7?A7?8<!

:7@<68:>!;?!C<==9!?755>!C>:87!?9:A!A75!&>767!=9?!<5!KYI!A<!5>N9:>89:<!6;5!89O

8>57! <?! =<>6=;?>!B>=:9! >:7>! Z,9:AO(N768! 7! ,9:AO%68[F! 67@;<8>! A>5! /7?8:9!

KJI! 7! A>5! *;A! K"I#!(NN<>B7?87! <?! =<>6=;?>! :<C>:8<E<9?7! 5D<?=<A7?E>! A7<!

A<C7?A7?8<! 6>:W!B>@@<9:7! <?!S;7557!C:9N<?=7! >!N9=>E<9?7!C:7N>57?87B7?87!

8;:<68<=>1! e+?! >5=;?7! C:9N<?=7! B9?8>?7F! S;>5<! 2968>F! -:7?89F! ]95E>?9! 7!

*9?A:<9F!<?!A<N7:67!C:9N<?=7!R>5?7>:<F!S;>5<!'<B<?<F!V:966789F!+BC7:<>F!*>O

N9?>F!3<R9!3>57?8<>F!*>66>:<!7!,;9:9F!?9?=Mf!<?!A;7!=<88W!AD>:87F!S;>5<!*<7O

?>!7!37?7E<>gKL#!

$D>?>5<6<! A<! .?<9?=>B7:7! 7N<A7?E<>! ;?9! 6N<5;CC9! A755D9==;C>E<9?7F!

C:7?A7?A9! <?!76>B7! <5!C7:<9A9!A>5!KLL"!>5!KLLYF!=M7!N7A7!;?! <?=:7B7?89!

@7?7:>57!A75!JKIF!6;AA<N<69!<?!KJI!C7:!57!>88<N<8W!:<=788<N7!7!JYI!C7:!5>!:<O

689:>E<9?7K"#!

##

!"Y!)+23%-F!"#$$%&'%(/0!02/0!!4(>+(),)'<-#(=<++:,.'<&-<=,#;,%.<('*&,)',5#(,.(>'#+,#4(>+(-<&25#'%(=<+('*&,)-%(%.+,.<G(+<($&%)$<'',C<(=<++<(FA<.;,<(=,(C,#AA,%F!^7:=;:aF!)<:7?E7F!KL"L#!"G!>7,=<-4!

KL!>7,=<-4!

K"!>7,=<-4!

! !3

!"4"#$*#'/*00,5,'*+,&-.#6.//.#)2&5.00,&-,7#,/#'&-1.01&#6,#2,5.2,8.-1&##+5! 8;:<6B9! P! ;?! Q7?9B7?9! 7=9?9B<=9F! =;58;:>57! 7! 69=<>57! 768:7B>B7?87!

=9BC57669!7!Q:>68>@5<>89F!=M7!?7!:7?A7!A<QQ<=<57!5>!A75<B<8>E<9?7#!/9?96=7!R7O

?7!S;7689!C:9R57B>!=M<!?7=766<8>!A<!A>8<!68>8<68<=<!6;5!67889:7!7!=M7!6<!8:9N>!>!

A9N7:!:<=7:=>:7!<?!>BR<8<!=5>66<Q<=>89:<!B9589!A<QQ7:7?8<!<!N>59:<!:<Q7:<8<!>557!>8O

8<N<8W!C:<?=<C>5<F!>?A>?A9!A>!;?>!8>R755>!>55D>58:>!C7:!:7=;C7:>:7!>?=M7!<!A>8<!

:75>8<N<!>A!>88<N<8W!R>6<5>:<F!=9B7!:<=788<N<8WF!96C<8>5<8WF!C:9B9E<9?7!7!>66<687?O

E>!><! 8;:<68<! KK#!/9B7!>QQ7:B>! 5D+6Q95

KJF!e6<! 67?87! 5>!B>?=>?E>!A<!;?! 6<687B>!

68>R<57! AD<?A<N<A;>E<9?7!A7557! C:9Q766<9?<! 7! A<! :<57N>E<9?7!A7<! Q>RR<69@?<! <?!

@:>A9!A<!:7?A7:7!=9?89!A7557!6<8;>E<9?<!<?!7N95;E<9?7!7!A<!Q9:?<:7!<?Q9:B>E<9?<!

6<687B>8<=M7!67=9?A9!;?>!8<C959@<>!=968>?87gKH#!,9?968>?87!6<>?9!68>8<!B958<!<!

87?8>8<N<!A<!A7Q<?<:7!;?>!5<68>!9:@>?<=>!7!=9BC578>!<?!@:>A9!A<!C9:6<!=9B7!C;?O

89!A<!:<Q7:<B7?89!C7:!8;88<!@5<!9C7:>89:<F!?9?!6<>B9!>?=9:>!@<;?8<!>!;?>!A<6=:<O

B<?>E<9?7!7QQ<=>=7F!C7:!B958<!B98<N<1!A>!;?>!C>:87!5>!B>@@<9:>?E>!A7@5<!>AO

A788<!A75!67889:7!8;:<68<=9!:<=9C:7!C<b!Q;?E<9?<!>559!687669!87BC9F!7!?9?!C;h!76O

67:7!=9559=>89!<?!;?D;?<=>!=>87@9:<>!Z=9?6<A7:<>B9!C7:!767BC<9!57!B<=:9!<BO

C:767!>!@768<9?7!Q>B<5<>:7[\!A>55D>58:>F!S;7689!67889:7!6<!<?8:7==<>!=9?8<?;>B7?O

87!=9?!>58:<F!7!C:9C:<9!C7:!S;7689!:<6;58>!>N7:7!;?!?;B7:9!<?A7=<Q:>R<57!A<!>88<O

N<8WF!=9?!;?>!=9?67@;7?87!A<QQ<=958W!A<!=9?8:9559!9==;C>E<9?>57!KX#!

$>!=5>66<Q<=>E<9?7!2-%/(KUF!:7=7?87B7?87!>A988>8>!A>55D+*-2-!C7:!57!>88<O

N<8W! 7=9?9B<=M7F! P! 5>! C<b! =9BC578>! 7! 6<! R>6>! 6;! ;?>! B789A959@<>! =:7>8>!

A>55D%;:968>8F!6<@5>8>!,2/%KT!7! :<>A>88>8>!>557!=>:>887:<68<=M7!A75!6<687B>!7=9O

?9B<=9!<8>5<>?9#!*<!C:767?8>!=9B7!;?>!=5>66<Q<=>E<9?7!>5Q>O?;B7:<=>F!=M7!:7?A7!

C966<R<57!5>!68:;88;:>E<9?7!C<:>B<A>57!A7557!C:9Q766<9?<!:<6C7889!><!67889:<!A<!>88<O

N<8W!7=9?9B<=>1!57!57887:7!<?A<=>?9!<5!B>=:967889:7!B7?8:7!<!?;B7:<!6;AA<N<A9?9!

57!>88<N<8W!5>N9:>8<N7!C:767?8>?A957!A>5!@7?7:>57!>5!C>:8<=95>:7#!$>!6=758>!A<!S;7O

68>!68:;88;:>F!=M7!A<6=:<B<?>!S;>5<!6<>?9!57!>88<N<8W!C:<?=<C>5<!7!S;>5<!57!A7:<N>87F!

!KK!)>RR:<6!$#! Z>!=;:>!A<[F!T55*$#;,%.<(<($&%D<)),%.,(.<+(5%-$#&'%( '*&,)',5%(C<.<'%4(?,A*&<($&%D<)),%.#+,(<($&%)$<'',C<(%55*$#;,%.#+,(.<++<(#'',C,'E(<5%.%-,5U<(<(.<,()<&C,;,($<&(,+('*&,2)-%F!i;>A7:?9!A<!'<=7:=>!A755D.?<N7:6<8W!A7@5<!*8;A<!A<!&>A9N>F!?#!UjKLLU#!KJ!+6Q951!>=:9?<B9!C7:!+68<8;89!C7:!59!6N<5;CC9!A755>!Q9:B>E<9?7!C:9Q766<9?>57!A7<!5>N9:>89:<#!

KH!->@5<>Q7::9!/#!Z>!=;:>[F!T))<&C#'%&,%()*++<($&%D<)),%.,4(F&<#(6*&,)-%(<(T)$,'#+,'EF!):>?O=92?@75<F!^<5>?9F!"GGH#!KX!V>:<R>5A<!'#F!9%()C,+*$$%(%&A#.,;;#',C%($<&(,+(D*'*&%(=<++:,-$&<)#('*&,)',5#F!):>?=92?@75<F!^<5>?9F!KLLU#!KU!2-%/(1!>=:9?<B9!C7:!2-8<N<8W!%/(?9B<=M7!

KT!,2/%1!>=:9?<B9!C7:!,9B7?=5>8;:7!A76!2=8<N<8f6!f=9?9B<=S;76!A>?6!576!/9BB;?>;87f6!

%;:9Cf7??76!

! /0

N<7?7!75>R9:>8>!<?!R>67!>55>!S;98>!A<!N>59:7!>@@<;?89!=M7!5D>88<N<8W!=968<8;<6=7#!

$>!N7:6<9?7!;8<5<EE>8>!A>5!@7??><9!KLLY!P!68>8>!C:767?8>8>!?75!KLLTF!>CC:9N>8>!

A>!;?!=9B<8>89!C:7C9689!7!9:>!N<7?7!=99:A<?>8>!A>55D+*-2-!=9?!5>!C>:87=<C>O

E<9?7!A<!^<?<687:<!7!A7@5<!%?8<!C7:!5>!@768<9?7!>BB<?<68:>8<N>!A7557!<BC:767KY#!!

2?=M7! <5!*<687B>!+?Q9:B>8<N9!%d=756<9:!C:9C9?7!;?>!=5>66<Q<=>E<9?7!A7557!

C:9Q766<9?<F!75>R9:>8>!C>:87?A9!A>!;?!=9?Q:9?89!8:>!57!B789A959@<7!@<W!76<687?8<!

=:7>87!A>!+*-2-!G"!7!+*/(KG#!%d=756<9:!M>!67BC5<Q<=>89!7!6?755<89!<5!A>8>R>67!

;8<5<EE>?A9!;?!=:<87:<9!A7Q<?<R<57!=9B7!7%''%-(*$F!C7:!<5!S;>57(=<!6<!:<N95@7!A<O:788>B7?87!>557!<BC:767!C7:!<5!:7=;C7:9!A7557!<?Q9:B>E<9?<!A76<A7:>87F!:<A;=7?A9!

=96k!<!87BC<!7!<!=968<!A755>!:<57N>E<9?7!7!Q>=<5<8>?A9!5D>@@<9:?>B7?89!A7<!A>8<#!$>!

=5>66<Q<=>E<9?7!>??9N7:>!=<:=>!K#TLL!N9=<!>@@<9:?>87!9@?<!>??9#!/9B7! <5! 6<89!

<?Q9:B>1!!

e->57!?9B7?=5>8;:>!P!>669=<>8>!>55>!A76=:<E<9?7!C:9C968>!A>55D<BC:76>!<?O

=:9=<>?A9! S;>88:9! N>:<>R<5<1! <5! 67889:7! A<! >88<N<8W! 7=9?9B<=>! A755D<BC:76>F!

5D>:7>!>E<7?A>57! <?!=;<! 5>! Q<@;:>!P! <?67:<8>!A>55D<BC:76>F! <5! 5<N7559!7! 5D>:7>!A<!

Q9:B>E<9?7!=M7!=>:>887:<EE>!5>!Q<@;:>F!<5!5<N7559!A<!<?S;>A:>B7?89gJL#!

$>! 8>R755>! 6988968>?87! B7887! >! =9?Q:9?89! 57! =5>66<Q<=>E<9?<! 7=9?9B<=M7!

2-%/(!7A!%d=756<9:F!=7:=>?A9!A<!8:>==<>:7!;?>!=9::<6C9?A7?E>#!

(6#74(!4@4(8(L%&&,)$%.=<.;#('&#(+#(5+#)),D,5#;,%.<(=<++<(#'',C,'E(<5%.%-,5U<(F6ILT(/00R(<(,()<''%&,(IJ5<+),%&(

=5"")(#&>?@A?B=9;CD& 6#$#<#)4#E&7(+''#&5&FG,<<#&*#&,""#$#"%&-../&

11J-!M!"(B5$#C%!5!<)$*))*$5!<%9%(%!11J0!M!"(('##%!>5$!G+&+6A5!5!+()$5!<)$*))*$5!>5$!B$5G%!<'##%'$6%!

11J,!M!"$55!4%!&+9>5##%'!5!+$55!+))$5AA+)5!>5$!&+9>5$!5!$'*=('))5!

11J.!M!"()$%!+(('##%!

"(B5$#C%!5!<5$G%A%!)*$%<)%&%!

?.!M!"))%G%)H!45((5!+#56A%5!4%!G%+##%'!5!45%!!"#$%"&'$(!"$!

1:J-!M!N%<)'$+6)%!5!+))%G%)H!4%!$%<)'$+A%'65!9'B%(5!1:J0!M!O'$6%)*$+!4%!>+<)%!>$5>+$+)%!P&+)5$%6#Q!5!+()$%!<5$G%A%!4%!

$%<)'$+A%'65!

N%<)'$+6)%/!B+$/!956<5!5!<5$G%A%!$%<)'$+A%'65!

1:J,!M!R+$!5!+)$%!5<5$&%A%!<%9%(%!<56A+!&*&%6+!

?%.'<1!.?<9?=>B7:7F!%d=756<9:F!C:7N<6<9?<!KL"L#!

!KY!M88C1jjlll#<68>8#<8F!/5>66<Q<=>E<9?7!A7557!>88<N<8W!7=9?9B<=M7!2-%/(!KLLT#!

KG!+*/(1!>=:9?<B9!C7:!+?87:?>8<9?>5!*8>?A>:A!/5>66<Q<=>8<9?!9Q!(==;C>8<9?6#!

JL!M88C1jjlll#7d=756<9:#;?<9?=>B7:7#?78#!

! /!

+! =:<87:<! 6;! =;<! 6<! R>6>?9! 57! C:<?=<C>5<! B789A959@<7! A<! =5>66<Q<=>E<9?7!

C:7?A9?9!<?!=9?6<A7:>E<9?71!!

! 57! >88<N<8W! 7=9?9B<=M7! <5! =;<! 9:<7?8>B7?89! >5! 8;:<68>! =968<8;<6=7!5D9R<788<N9!C:<B9!A755D<BC:76>\!!

! 5D76<@7?E>!A<!5<B<8>:7!>A!;?!?;B7:9!C9=9!768769!57!>88<N<8W!=M7!6<!8:9ON>?9! >! =>N>559! 8:>! <5! 67889:7! 8;:<68<=9! 7A! >58:<! 67889:<F! 9NN7:9! S;7557!

<BC:767!=M7!A7A<=>?9!67:N<E<!?9?!76=5;6<N>B7?87!>5!8;:<68>\!!

! 5>! 6=758>! A<! >?>5<EE>:7! 57! C:9Q766<9?<! m8<C<=M7nF! 57! C<b! =9?695<A>87!>55D<?87:?9!A75!B7:=>89

J"#!

+?!R>67!>!S;7687! :7@957F! 5D+6Q95! 87?8>!A<!B>CC>:7! 57! Q<@;:7!C:9Q766<9?>5<!

8;:<68<=M7!C:9C9?7?A9!;?>!A<N<6<9?7!<?!S;>88:9!6;RO>:77!A<!>88<N<8W1!!

! 9QQ7:8>!>5!8;:<68>\!! :<=788<N<8W\!! :<689:>E<9?7\!! 67:N<E<!>5!8;:<68>\!=<>6=;?>!A<!S;7687!<?=:9=<>8>!=9?!<!5<N755<!A<!<?S;>A:>B7?89!?7=766>:<1!A<O

:<@7?E<>57F!<?87:B7A<9F!87=?<=9!7A!767=;8<N9#!

,755>!C:<B>!>:7>!=9?Q5;<6=9?9!57!C:9Q766<9?<!=9557@>87!>55>!C:9@:>BB>O

E<9?7!A755D9QQ7:8>!8;:<68<=>1!57!>88<N<8W!=M7!=9?=9::9?9!>55>!=:7>E<9?7F!A<68:<O

R;E<9?7F!=9BB7:=<>5<EE>E<9?7F!=9B;?<=>E<9?7!7!Q:;<R<5<8W!A7557!:<69:67!8;:<O

68<=M7!A75!&>767#!,755>!67=9?A>F! <?N7=7F!6<!=9?=7?8:>?9! 57!C:9Q766<9?<!C:7O

C9687!>55D>==9@5<7?E>!7A!>55D>559@@<9!A75!N<6<8>89:7F!<?!8;887!57!A<N7:67!8<C959O

@<7!:<=788<N7#!$>!87:E>!>:7>!C98:7RR7!7667:7!A<!=>87@9:<>!B<68>F!966<>!9QQ:<:7!

67:N<E<!?9?!6959!>5! 8;:<68>#!$D;58<B>!6;RO>:7>!P!N7:>B7?87!B9589!N>68>F! <?O

=5;A7! <?Q>88<! 8;887! 57!>88<N<8W!A<! 67:N<E<9!>5! 8;:<68>F! 8:>!=;<! <5!B>d<O=9BC>:89!

A755D<?87:B7A<>E<9?7F! C<b! 57! ?;B7:967! 7! A<6C>:>87! B>?6<9?<! =9?=7:?7?8<! <!

67:N<E<!C;RR5<=<!7!C:<N>8<JK#!

!

+5! /7A7Q9C! Z%;:9C7>?! /7?8:7! Q9:! 8M7! `7N759CB7?8! 9Q! 39=>8<9?>5!

-:><?<?@F!"GTX[!P!;?D>@7?E<>!7;:9C7>!=M7!6<!9==;C>!A<!eC:9B;9N7:7!59!6N<O

5;CC9! A755D<68:;E<9?7! 7! Q9:B>E<9?7! C:9Q766<9?>57! ?755D.?<9?7! %;:9C7>gJJ\!

7669!6968<7?7!5D<BC9:8>?E>!A755>!Q9:B>E<9?7!C:9Q766<9?>57!C7:!69AA<6Q>:7!<?!

B9A9!>A7@;>89!57!?7=766<8W!?9?!6959!A755>!69=<78W!7!A75!B7:=>89!>88;>5<F!B>!

>?=M7!57!>6C788>8<N7!A75!=<88>A<?9!=M7!7?8:>!?75!B9?A9!A75!5>N9:9#!$D>@7?E<>!

!J"!]7=M7:<!%#F!(%$4(5,'#!

JK!>7,=<-4!

JJ!M88C1jjlll#=7A7Q9C#7;:9C>#7;#!

! //

=7:=>!A<!B>?87?7:7!=968>?87!<5!C>66>@@<9!AD<?Q9:B>E<9?<!7!5D>@@<9:?>B7?89!

<?!=>BC9!Q9:B>8<N9!8:>!@5<!*8>8<!B7BR:<!8:>B<87!>?>5<6<F!:<=7:=M7!7!67:N<E<!A<!

=9?6;57?E>F!=9?Q:9?8>?A96<!=9?!5>!/9BB<66<9?7!%;:9C7>F!<!@9N7:?<F!<!:<=7:O

=>89:<!7!C:9Q766<9?<68<!A<!67889:7#!!

+5!/7A7Q9C!=955>R9:>!=9?!5>!/9BB<66<9?7!%;:9C7>!C7:! 5D9==;C>E<9?7!7!

5D<?=5;6<9?7!69=<>57!>5!C:9@7889!A<!:<=7:=>!V<W()X,++)(D%&(V<W(Y%7F(<?=7?8:>89!6;55D>?>5<6<!7!68;A<9!A755D7N95;E<9?7!C:9Q766<9?>57!<?87:?>!>55D.?<9?7!%;:9O

C7>!C7:!B958<!67889:<#!!

+5!B7:=>89!A75! 5>N9:9!7;:9C79!P!=>BR<>89! <?!67@;<89!>!A<QQ7:7?8<! Q>889:<!

7687:?<!7A!<?87:?<F!8:>!<!S;>5<!5>!@59R>5<EE>E<9?7F!5>!=:<6<!B9?A<>57!7!<!@:>?A<!

=>BR<>B7?8<!87=?959@<=<#!o!Q>=<5B7?87!<?8;<R<57!=M7!5>!=9?67@;7?E>!A<!8;889!

=<h!6<>!;?!B7:=>89!B9589!=9BC78<8<N9!A9N7!5>!:<=M<768>F!9!Q9:67!B7@5<9!A<:7!

5>!?7=766<8WF!A<!=9BC787?E7!67BC:7!C<b!6C7=<>5<EE>87!A<N7?8<!<?7N<8>R<57!C7:!

>QQ7:B>:6<! <?! >BR<89! 5>N9:>8<N9F! 8>?89! =M7! >55D<?87:?9! A75! C:9@7889! P! 68>8>!

A7A<=>8>!;?>!6C7=<Q<=>!67E<9?7!>557!?;9N7!=9BC787?E7!A<!=;<!<5!67889:7!8;:<O

6B9!?7=766<8>F!N<68>!5D<BC9:8>?E>!=M7!59!687669!:<N7687!?755D7=9?9B<>!7;:9O

C7>!?9?=Mf!@59R>57#!

+5!/7A7Q9C!6<!P!9==;C>89!A<!C:7C>:>:7!<5!87::7?9!C7:!;?!W%&X)U%$!<?87:?>OE<9?>57!6;!S;7689!87B>F!Q>=<5<8>?A9!59!6=>BR<9!A<!9C<?<9?<!7A!<?Q9:B>E<9?<!

8:>B<87!5D>C7:8;:>F!?75!KLLHF!A<!;?!.<'W%&XJH!>==766<R<57!>!68;A<96<F!76C7:8<!7!C95<8<=<F! <?! :75>E<9?7! >557!B789A959@<7! A>! 6=7@5<7:7! 7! ;8<5<EE>:7! C7:! <?A<N<O

A;>:7!57!)X,++)!7!<!R<69@?<!A75!B7:=>89!A75!5>N9:9!>!5;?@9!87:B<?7JX#!$>!C;RR5<=>E<9?7!6<!=M<>B>!6&<.=(#.=()X,++(.<<=)(,.('%*&,)-JU!7A!P!6;AO

A<N<6>!<?!8:7!C>:8<\! 5>!C:<B>F!=M7!>?>5<EE>!57!87?A7?E7!69=<>5<F!=9B7!5D>?A>O

B7?89!A7B9@:>Q<=9!7!57!B9A>5<8W!A<!@768<9?7!A75!87BC9!5<R7:9F!7!@5<!>6C788<!

7=9?9B<=<F!7?8:>BR<!C:<B7!=>;67!A787:B<?>?8<!A75!=>BR<>B7?89!Q;8;:9!A75O

57! >R<5<8W! 7! =9BC787?E7JT#!$>! 67=9?A>!C>:87! 6<!9==;C>!A<! >?>5<EE>:7!>5=;?<!

6C7=<Q<=<!=>BC<!A755D9==;C>E<9?7!8;:<68<=>!<?A<N<A;>8<!<?!R>67!>557!?;9N7!7O

6<@7?E7!A7<!B7:=>8<!A<!?<==M<>!6C7=<>5<EE>8<1!

! +/-!Z<?Q9:B>8<9?!>?A!=9BB;?<=>8<9?!87=M?959@a[!C7:!<5!B>?>@7B7?8!8;:<68<=9\!!

! 8;:<6B9!67?E>!R>::<7:7!ZC7:!C7:69?7!A<N7:6>B7?87!>R<5<[\!!

JH! M88C1jjlll#8:><?<?@N<55>@7#@:F! :7@<68:>:6<! >55>! N9=7! m*p<556?78n! 69889! m&:9q7=86! >?A! ,78O

l9:p6n#!JX!/7A7Q9CF!6&<.=(#.=()X,++(.<<=)(,.('%*&,)-F!/7A7Q9CF!V:77=7F!KLLX#!

JU!>7,=<-#!

JT!>7,=<-#!

! /@

! 8;:<6B9!W<++.<))\!! 8;:<6B9!A<!5;669#!$>! 87:E>!C>:87F! <?Q<?7F!P!A7A<=>8>!>55>!A76=:<E<9?7!A7557!B9A>5<8W!A<! 8:>O

6Q7:<B7?89!A7<! :<6;58>8<!A755>! :<=7:=>!A>55>! 879:<>! >55>!C:>8<=>F! <?A<N<A;>?A9!

7<)'($&#5',5<)!A<!6;==7669#!!$>!6Q<A>!A75!=>BR<>B7?89!P!>C7:8>!7!N>!:>==958>!67!6<!N;957!=9?8<?;>:7!>!

@>:>?8<:7!A>!;?!5>89!5>!=9BC78<8<N<8W!A75!87::<89:<9!7;:9C79!=9B7!C:<B>!A7O

68<?>E<9?7!8;:<68<=>!>5!B9?A9!7!A>55D>58:9F!5>!S;>5<8W!A7<!67:N<E<!9QQ7:8<!>5!8;O

:<68>#!+5!B>87:<>57!6;!=;<!5>N9:>:7F!@5<!68;A<!7!57!:<=7:=M7!>RR9?A>?9\!5>!Q>67!

C<b!A75<=>8>!7!C>:8<=95>:B7?87!A<QQ<=<57!:<@;>:A>!9:>!5>!8:>A;E<9?7!A>55>!879O

:<>!>5!=9?87689!C:>8<=9!7!A7=<6>B7?87!=9BC57669!A75!B9?A9!A75!5>N9:9#!!

+?!S;7689!5>N9:9!C:9C9?<>B9!;?!757?=9!7!A7557!6=M7A7!A7557!C:9Q766<9?<!

8;:<68<=M7!A7<!N>:<!=9BC>:8<#!*<!P!=7:=>89!A<!75>R9:>:7!8>R7557!<5!C<b!=9BC5787!

C966<R<57!<?!R>67!>55>!57887:>8;:>!76<687?87!7!<?!:<Q7:<B7?89!>55>!=5>66<Q<=>E<9O

?7!A7557!<BC:767!8;:<68<=M7!A7:<N>?87!A>55>!57@@7!S;>A:9!A75!KG!B>:E9!KLL"F!

?#!"JX!7!>557!6;==766<N7!5<?77!A<!>:B9?<EE>E<9?7!=9?=9:A>87!A>557!'7@<9?<F!

958:7!=M7!A>55>!57@@7!S;>A:9!A75!"GYJ!=M7!5<B<8>N>!5>!A7Q<?<E<9?7!A<!<BC:76>!

8;:<68<=>!>557! :7>58W!A755D>5R7:@M<7:9!7!A755D7d8:>O>5R7:@M<7:9#!o! 8;88>N<>!9CO

C9:8;?9!67@?>5>:7!=M7!<5! 5>N9:9!69QQ:7!=9B;?S;7!A7<! 5<B<8<!68:;88;:>5<!A7:<O

N>?8<!A>55>!8:>6N7:6>5<8W!=M7!=>:>887:<EE>!<5!67889:7#!

,75!C:767?87!N95;B7!C:767?8<>B9!57!C:9Q766<9?<!A75!=9BC>:89!:<=788<N9!7!

A755D<?87:B7A<>E<9?7#!+?!;?!C:966<B9!5>N9:9!=M7!N7::W!C;RR5<=>89!>!R:7N7!6<!

>?>5<EE7:>??9!57!C:9Q766<9?<!:75>8<N7!>@5<!>58:<!=9BC>:8<#!+5!67889:7!:<=788<N9!7!

S;7559!A<!<?87:B7A<>E<9?7!69?9!67889:<!5%&<F!<!C<b!8:>A<E<9?>5<!7!=M7!:7@<68:>O?9! <5! B>@@<9:! ?;B7:9! A<! 9==;C>8<#! ,7@5<! >58:<! =9BC>:8<! 8:9N<>B9! <?N7=7!

B9587!A7557!C:9Q766<9?<!7B7:@7?8<F!=M7!6C7669!>?=9:>!=9<?N95@9?9!;?!R>669!

?;B7:9!A<!9==;C>8<F!B>!=M7F!67=9?A9!5>!57887:>8;:>F!@5<!76C7:8<!7!5D>?>5<6<!=:<O

8<=>!A7<!B;8>B7?8<!=M7!68>??9!=>:>887:<EE>?A9!<5!B7:=>89F!69?9!C96<8<N<!C7:!

;?!B<@5<9:! Q;?E<9?>B7?89!A75! 67889:7#!*9N7?87! :>CC:767?8>?9! <?<E<>8<N7! A<!

6<?@95<F! =99C7:>8<N7! 9! C<==957! <BC:767F! =M7! =7:=>?9!A<! 8:9N>:7! N<7! A<N7:67!

C7:!>?<B>:7!7!S;>5<Q<=>:7!<5!8;:<6B9JY#!

,9?! 69?9! >?>5<EE>87! C:9Q766<9?<! ?9?! 6C7=<Q<=>8>B7?87! 8;:<68<=M7! 7! 8:>O

6N7:6>5B7?87!C:767?8<!<?!8;887!57!>E<7?A7F!6C7669!>88:>N7:69!;?!>==9:C>B7?89!

!JY!/9B>==M<9!2#F!/>CC755>:<!'#F!>(+#C%&,(.<+('*&,)-%G($&%D<)),%.,K(5%-$<'<.;<K(%$$%&'*.,'EF!):>?=92?@75<F!^<5>?9F!KLLL#!

! /M

A7557! :75>8<N7! B>?6<9?<! <?! ;?>! 9! C<b! C7:69?7! >! 67=9?A>! A7557! A<B7?6<9?<!

A755D>E<7?A>!68766>F!=9B7!>A!767BC<9!=M<!6<!9==;C>!A<!>BB<?<68:>E<9?7F!A<!

:<69:67!;B>?7F!A<!6<687B<!<?Q9:B>8<N<#!$7!C:9Q766<9?<!N7?@9?9!6<?@95>:B7?O

87!>?>5<EE>87!?7<!N>:<!=>C<895<F!>88:>N7:69!5>!C:767?8>E<9?7!A<!;?>!6=M7A>!>?>O

5<8<=>!=M7!67@;7!<5!67@;7?87!B9A7559#!

!

9:;<$$:#;3#=>?<;@#"[!)+V.'2!&'()%**+(,2$%!

]:7N7!A76=:<E<9?7!A755>!Q<@;:>!<?!S;768<9?7#!

K[!/2-%V('+2!`+!2--+3+-r!

/>87@9:<>!A<!>88<N<8W!?75!67889:7!8;:<68<=9#!$D+69Q95!?7!M>!<?A<N<A;>87!S;>88:9F!=9?!

:75>8<N7!69889O=>87@9:<71!

!! !9QQ7:8>!8;:<68<=>!ZC:9@:>BB>E<9?7F!C:9B9E<9?7F!Q:9?8!9QQ<=7[\!

!! !:<=788<N<8W!Z:<=7N<B7?89F!>559@@<9[\!

!! !:<689:>E<9?7!ZC:9A;E<9?7F!R>?=9F!6>5>[\!

!! !67:N<E<!>5!8;:<68>!ZR>5?7>:<F!>?<B>E<9?7F!>==9BC>@?>B7?89F!=9?@:766;>5<[#!

J[!^2,*+(,+j2--+3+-r!

]:7N7! A76=:<E<9?7! A7<! =9BC<8<! =M7! 5>! Q<@;:>! C:9Q766<9?>57! <?! S;768<9?7! A7N7!

6N95@7:7#!

H[!/(^&%-%,4%!

/9BC787?E7!A<!R>671!<?A<=>?9!<5!m6>C7:7n!B<?<B9!?7=766>:<9!C7:!C987:!6N95@7:7!

5>! Q;?E<9?7! :<=M<768>#!'>CC:767?8>?9! 57! =9BC787?E7O69@5<>! <::<?;?=<>R<5<! C7:! 5>!

=968:;E<9?7!A<!?;9N<!6>C7:<!7!A75!6>C7:!Q>:7#!*<!8:>88>!A<!=9BC787?E7!=M7!87?A9?9!

>!A<N7?<:7!=9?A<E<9?<! Q>N9:7N95<!9!N<?=95>?8<! ZC7:!767BC<9! 5<?@;7F! <?Q9:B>8<=>F!

9:@>?<EE>E<9?7!>E<7?A>57F!757B7?8<!A<!7=9?9B<>F!A<!A<:<889!7==#[#!

/9BC787?E7!87=?<=9OC:9Q766<9?>5<1!=M7!<?A<=>?9!<5!m6>C7:!Q>:7n!Zp?9lOM9l!6C7O

=<Q<=9[!C7:!C987:! 6N95@7:7! 5>! Q;?E<9?7! :<=M<768>F! >A! 767BC<9F! 57! =9?96=7?E7!A<O

=M<>:>8<N7!@7?7:>5<!7!6C7=<Q<=M7F!?9?=Mf!=9?96=7?E7!C:9=7A;:>5<#!*9?9!=968<8;<87!

A><!6>C7:<!7!A>557!87=?<=M7!8<C<=M7!:75>8<N<!>!A787:B<?>87!Q;?E<9?<!ZC:9Q<59!C:9Q76O

6<9?>57[!9!C:9=766<!5>N9:>8<N<!Z>:7>!C:9Q766<9?>57[!

/9BC787?E7!8:>6N7:6>5<1! <?A<=>?9!<5!m6>C7:!7667:7n#!)>??9!:<Q7:<B7?89!>557!=>C>=<8W!

C7:69?>5<F!9NN7:9!>557!=>:>887:<68<=M7!=M7!5>!C7:69?>!C966<7A7!6;!R>67!<??>8>!7j9!>CO

C:76>#!->5<!=>C>=<8W!>QQ7:<6=9?9F!<?!B9A9!C>:8<=95>:7F!>55>!6Q7:>!=9@?<8<N9O>QQ788<N>!7!

69?9!<?!@:>?!C>:87!@<W!C>8:<B9?<9!A75!69@@7889#!*<!:<Q7:<6=9?9!><!=9BC9:8>B7?8<!A<!

A<>@?96<F! :75>E<9?7F!>QQ:9?8>B7?89!ZC7:!767BC<9!Q>=<5<8W!?7<!:>CC9:8<! <?87:C7:69?>5<F!

=9B;?<=>E<9?7F!A7=<6<9?7F!C:9R57B!695N<?@F!>667:8<N<8WF!6<=;:7EE>!A<!6f!7==#[#!

X[!)('^24+(,%!%`!%*&%'+%,42!'+/0+%*-2!

-<8959!A<!68;A<9!R>67!?7=766>:<9!C7:!>==7A7:7!>55>!C:9Q766<9?7!7!S;755<!9CE<9?>5<!

=M7!C98:7RR7:9!Q>N9:<:7!5D<?67:<B7?89!7!=9:6<!A<!Q9:B>E<9?7!7N7?8;>5B7?87!C:7O

N<68<#!%6C7:<7?E>!C:7=7A7?87!?7=766>:<>!C7:!:<=9C:<:7!5>!C96<E<9?7#!

U[!*+-.24+(,%!`+!$23('(!

*<!6C7=<Q<=>!67!<5!A>89:7!A<!5>N9:9!C;h!7667:7!;?D>E<7?A>!C:<N>8>F!;?!7?87!C;RR5<=9!9!

! /P

67!6<! 8:>88>!A<!;?!5>N9:9!>;89?9B9\!67!6<! 8:>88>!A<!;?!5>N9:9!68>@<9?>57!9!B7?9F!7!

=9BDP!6N958>!5D>88<N<8W!Z5>N9:9!AD;QQ<=<9F!>!=9?8>889!=9?!<5!C;RR5<=9F!>55D>:<>!>C7:8>!

78=#[#!*C7=<Q<=>:7!<5!5<N7559!A755>!Q<@;:>!C:9Q766<9?>57!ZA<:<@7?87F!<?87:B7A<9F!87=?<O

=9F!767=;8<N9[#!&966<R<57!=:76=<8>!C:9Q766<9?>57!>!=;<!<5!5>N9:9!C;h!C9:8>:7#!

T[!-%,`%,4%!(//.&24+(,2$+!

*<!6C7=<Q<=>!67!6<! 8:>88>!A<!;?!5>N9:9!8:>A<E<9?>57!?75!67889:7!A75!8;:<6B9F!A<!;?>!

Q<@;:>!7B7:@7?87!9CC;:7!<?!8:>6Q9:B>E<9?7#!

##!"A"#<B&/(+,&-,#6./#0.11&2.#.#-(&B.#5,C(2.#)2&5.00,&-*/,##V;>:A>:7!>557!=>:>887:<68<=M7!A7557!C:9Q766<9?<!?75!67889:7!8;:<68<=9!6<@?<O

Q<=>!57@@7:7!B>!>?=M7!<?!;?!=7:89!67?69!=9@5<7:7F!7!<?!C>:87!C:7N7A7:7F!<!8:>8O

8<!7!57!?7=766<8W!A<!;?!67889:7!7=9?9B<=9!<?!Q9:87!=>BR<>B7?89!7A!76C>?6<9O

?7#!$D7N95N7:6<!A7<!C:9Q<5<!C:9Q766<9?>5<F!?9?!6958>?89!<?!>BR<89!8;:<68<=9F!P!

<5!:<Q57669F!67!?9?!5D7QQ7889!A<!;?>!67:<7!A<!C:9=766<F!8:>!=;<!<!=>BR<>B7?8<!:7O

5>8<N<!>55>!A9B>?A>!7!<5!B9A<Q<=>:6<!A7<!Q5;66<!8;:<68<=<#!2!S;7689!C:9C96<89!P!

<BC9:8>?87!698895<?7>:7!=9B7!?7@5<!;58<B<!>??<! 6<! 6<>!9667:N>89! <5!B958<C5<O

=>:6<!A7<!&>76<!A<!9:<@<?7!7!A<!A768<?>E<9?7F!7!S;7689!=9B7!:<6;58>89!A<!A;7!

87?A7?E7!=M7!:<@;>:A>?9!5D7N95N7:7!A<!A<N7:6<!8<C<!A<!8;:<6B9F!7!A<!8;:<68<#!+?O

?>?E<8;889F!>!C>:8<:7!A>55>!Q<?7!A7@5<!>??<!(88>?8>!6<!P!:7@<68:>89!;?!>;B7?89!

A7<!8;:<68<!C:9N7?<7?8<!A7<!&>76<!7B7:@7?8<F!>55>!6=9C7:8>!C7:!5>!C:<B>!N958>!

A<!A768<?>E<9?<!>5!A<!Q;9:<!A7<!C:9C:<!=9?Q<?<!@79@:>Q<=<#!2!S;7689!6<!>QQ<>?=>!

5>!A<QQ;6<9?7!A<!;?!8;:<68>!=M7!C966<>B9!A7Q<?<:7!mB>8;:9nF!966<>!>R<8;>89!>!

N<>@@<>:7F!>55>!:<=7:=>!A<!;?!R;9?!:>CC9:89!S;>5<8WjC:7EE9!7!A<!B98<N>E<9?<!

A<N7:6<Q<=>87#!+?!S;7689!=>69!?9?!P!C<b!<BC9:8>?87!6958>?89!<5!mA9N7nF!B>!<5!

m=9B7n!6<!Q:;<6=7!6<!;?>!A787:B<?>8>!59=>5<8W!7!=96>!6<!Q>!A;:>?87!<5!69@@<9:O

?9#!o!=M<>:9!=9B7!C7:!S;7689!8<C9!A<!8;:<68>!5D76<@7?E>!A<!Q5766<R<5<8W!7!C7:O

69?>5<EE>E<9?7!6<>!B>@@<9:71!?9?!6<!>==9?87?8>!A<!N<>@@<!68>?A>:A<EE>8<F!B>!

P!>55>!:<=7:=>!A<!N7:7!7!C:9C:<7!76C7:<7?E7!A<!N<>@@<9!=M7!N>59:<EE<?9!@5<!>O

6C788<! 57@>8<!>55>!S;>5<8W!A755>!N<8>#!*7BC:7!>!S;7689! :<@;>:A9!P! <BC9:8>?87!

?98>:7!=9B7!9@@<!?9?!6<!N<>@@<!C<b!6958>?89!;?>!N958>!5D>??9F!B>!69?9!>;O

B7?8>8<!<!B9B7?8<!A<!87BC9!<?!=;<!A7A<=>:6<!>5!8;:<6B9F!A>5!87BC9!5<R7:9!A<!

@<9:?>8>! ><!l77p7?A#!-;88<! @5<! 68;A<!A<! 67889:7!A<B968:>?9! <?Q>88<! =9B7! 6<>!

?987N95B7?87!>;B7?8>8>!5>!A<N7:6<Q<=>E<9?7!A7557!8<C959@<7!A<! 8;:<6B9F!=9?!

;?9! 6N<5;CC9! C<b! =M7! C:9C9:E<9?>57F! ?7@5<! ;58<B<! >??<F! A7557! :<=M<7687! A<!

N<>@@<!AD>:87!7!A<!=;58;:>F!=:9=<7:7!7!N<55>@@<!8;:<68<=<#!

*7!6<!@;>:A>!>55D7N95;E<9?7!A7557!Q<@;:7!C:9Q766<9?>5<!?75!8;:<6B9F!?9?!6<!

! /Q

C;h!?9?!698895<?7>:7!5D7QQ7889!=M7!59!6N<5;CC9!A7557!?;9N7!87=?959@<7!M>!>O

N;89!>?=M7!<?!S;7689!67889:7F!C9:8>?A9!A>!;?>!C>:87!;?>!:7OA7Q<?<E<9?7!A7<!

C:9=766<! <?87:?<!A<! 5>N9:9!?7557!B>?6<9?<! 8:>A<E<9?>5<F! >A!767BC<9!?755>! :<O

689:>E<9?7!9!?75! :<=788<N9F!7!A>55D>58:>! 5>!?>6=<8>!A<!?;9N7!Q;?E<9?<!?7557!>O

E<7?A7!8:>A<E<9?>5<!Z>A!767BC<9!/'^F!O,<+=(-#.#A<&s[#!2?=9:>F!69?9!>55>!R>67! A755>! ?>6=<8>! A<! ?;9N7! 8<C959@<7! A<! <BC:767! =M7! 6N<5;CC>?9! R;6<?766!

<??9N>8<N<!6;5!B7:=>89#!/9B7!6<!>N:W!B9A9!A<!698895<?7>:7!>?=M7!<?!67@;<89F!

69?9!B958<! <!C:9Q<5<! <??9N>8<N<!=9557@>8<!>559!6N<5;CC9!A7557!?;9N7! 87=?959O

@<7F!=M7!<BC>88>?9!6;557!>E<7?A7!>!A<N7:69!5<N7559#!

*7!5>!A<N7:6<Q<=>E<9?7!A7557!8<C959@<7!A<!8;:<6B9!7!59!6N<5;CC9!A7557!?;9N7!

87=?959@<7! 69?9! Q>889:<! <BC9:8>?8<! C7:! =9BC:7?A7:7! <5! =>BR<>B7?89!

A755D9QQ7:8>! 8;:<68<=>! 7! 57! C:9Q766<9?<! >A! 766>! 57@>87F! ?9?! B7?9! :<57N>?87! P!

5D<BC9:8>?E>! A755D7N95;E<9?7! ?9:B>8<N>#! (58:7! >55>! 57@<65>E<9?7! A75! 5>N9:9!

=M7F! C7:B7887?A9! 695;E<9?<! =9?8:>88;>5<! C<b! Q5766<R<5<F! 68<B95>! 7! <?Q5;7?E>! 57!

>66;?E<9?<!<?!;?!67889:7!=>:>887:<EE>89!C<b!A<!>58:<!A>5!C:7=>:<>89!7!A>5!5>N9:9!

69BB7:69F!>?=M7!5>!57@<65>E<9?7!6C7=<Q<=>8>B7?87!8;:<68<=>!M>!>N;89!;?!Q9:87!

<BC>889! 6;<! 5<N755<! A<! 9==;C>E<9?7! 7! 6;55>! =:7>E<9?7! A<! ?;9N<! C:9Q<5<#!'<=9:O

A<>B9F!>A!767BC<9F!=9B7! <5!A7=:789!]7:6>?<JG!M>!C9:8>89! 5>! 5<R7:>5<EE>E<9?7!

A755D767:=<E<9!A<!>5=;?7!C:9Q766<9?<!=9B7! 5>!@;<A>! 8;:<68<=>F!9CC;:7! 5>! 57@@7!

6;<!*<687B<!-;:<68<=<!9!5>!B9A<Q<=>!A755>!:7@95>B7?8>E<9?7!A755>!C:9B9E<9?7!

8;:<68<=>!:7@<9?>57F!=M7!<BC5<=>?9!?;9N<!B9N<B7?8<!6;5!B7:=>89!A75!5>N9:9#!

`>!S;>5=M7!>??9F!;?!>58:9!Q>889:7!68>!=>:>887:<EE>?A9!<5!=9?87689!<8>5<>?9!

7A!7;:9C79!P!S;7559!:75>8<N9!><!C:9=766<!A<!>@@:7@>E<9?71!C7:!8;887!57!8<C959O

@<7!A<!<BC:767!6<!69?9!>88;>87!9C7:>E<9?<!A<!-<&A<&(Z(#5[*,),',%.F!?9?=Mf!5>!=:7>E<9?7!A<!?78l9:p!7!@:;CC<!A<!>=S;<689#!*7!9:>B><!<5!87B>!A7557!>@@:7@>O

E<9?<! P! A>! =9?6<A7:>:6<! =9?695<A>89! C7:! 57! >@7?E<7! A<! N<>@@<9F! =9?6<A7:>89!

=M7!9@@<!C<b!A75!XLI!A7557!>E<7?A7!A75!67889:7!>A7:<6=7!>!;?>!Q9:B>!A<!>@O

@:7@>E<9?7F! 59! 687669!?9?! 6<!C;h!A<:7!C7:! >58:7! 8<C959@<7!A<! <BC:767F! =9B7!

C7:!767BC<9!@5<!>5R7:@M<#!+?!+8>5<>F!<5!?;B7:9!A<!M9875!=M7!>A7:<6=9?9!>!=>87O

?7!>5R7:@M<7:7!P!>?=9:>!B9589!:<A9889#!>889:?9!>5!XIF!7!>88;>5B7?87!?9?!N<!

69?9!B9587!C966<R<5<8W!A<!=:76=<8>!7!A<!<??9N>E<9?7!A75!67889:7#!!

.58<B>! 87?A7?E>! =9?6<A7:>8>! P! S;755>! :<Q7:<8>! >55D>:7>! B>:p78<?@O

=9BB7:=<>57F!?755>!S;>57!P!<?!>889!;?!Q9:87!C:9=7669!A<!:<A7Q<?<E<9?7F!<?!67@;<89!

>55D>=;<:6<!A755>!=9BC78<8<N<8W!=M7!=>:>887:<EE>!<5!67889:7#!&7:!:<;6=<:7!>!69C:>NN<O

!JG!$7@@7!?#!KHY!A75!H!>@9689!KLLU#!

! /R

N7:7F!57!>E<7?A7!A7N9?9!6N<5;CC>:7!;?!B>@@<9:7!9:<7?8>B7?89!>5!B7:=>89!7!A<!

=9?67@;7?E>!>5!=5<7?87F!9667:N>?A9!=9?!B>@@<9:7!>887?E<9?7! <! 8:7?A! <?!>889F! <!

=9BC9:8>B7?8<! 7! 5D9QQ7:8>! A<! ;?>! =9?=9::7?E>! 67BC:7! C<b! >55>:@>8>F! =9?!

5D9R<788<N9!A<!9QQ:<:7!;?!C:9A9889!B<@5<9:7F!C<b!6C7=<>5<EE>89!7!S;>5<8>8<N>B7?87!

757N>89F!988<B<EE>?A9!>?=M7! 5>!N>:<>R<57!C:7EE9!=9?!?;9N<! 68:;B7?8<!=9B7! 59!

O,<+=(-#.#A<-<.'#!,9?!P!A<QQ<=<57!<BB>@<?>:7!=9B7!8;889!S;7689!>RR<>!=9BC9:8>89!Q9:8<!<BC5<O

=>E<9?<!?7557!C:9Q766<9?<!8;:<68<=M7!A75!67889:7F!<?!87:B<?<!A<!@768<9?7!A<!:>CC9:8<!

<?87:=;58;:>5<F! A<! 6C7=<>5<EE>E<9?7! C7:! 8<C959@<>! A<! 8;:<6B9!9! C7:! 76<@7?E7!A7<!

8;:<68<F!>A!767BC<9! <!A<6>R<5<F!A<!?7=766<8W!A<!;?! <??>5E>B7?89!S;>5<8>8<N9!7!A<!

B>@@<9:7!B>?>@7:<>5<8W!7!S;<?A<!A<!Q9:B>E<9?7!A75!=>C<8>57!;B>?9!>!8;88<!<!5<O

N755<!A755>!C<:>B<A7!>E<7?A>57!C7:!>66<=;:>:6<!;?>!C<b!Q9:87!=9BC78<8<N<8W#!

##!"D"#>*2*11.2,01,'E.#6.//.#)2&5.00,&-,#1(2,01,'E.#*-*/,++*1.##$>!:<=788<N<8W!>5R7:@M<7:>!P!5D>BR<89!8;:<68<=9!B>@@<9:B7?87!=9?695<A>89!

7! 68:;88;:>89!A9N7F!=9?! <5!C>66>:7!A7@5<! >??<! 6<! 69?9!A75<?7>8<! <?!B9A9!C<b!

B>:=>89!<!C:9Q<5<!C:9Q766<9?>5<F!>?=M7!67!5>!C:7N>57?E>!A7557!B<=:9!<BC:767!

=M7!=>:>887:<EE>!<5!?968:9!B7:=>89!C9:8>!C9<!>55>!=9?=7?8:>E<9?7!A<!C<b!B>?O

6<9?<!<?!;?D;?<=>!C7:69?>#!*7=9?A9!57!68<B7!%;:968>8F!<?!%;:9C>!N<!69?9!;?!

B<5<9?7!JLL#LLL!>E<7?A7!Q:>!>5R7:@M<!7!:<689:>?8<F! <5!GUI!A7<!S;>5<!69?9!A<!

C<==957!A<B7?6<9?<! 7! =9?!B7?9!A<!?9N7!A<C7?A7?8<1! <?!S;7689!=>69! 6<!C;h!

C>:5>:7!S;<?A<!A<!B<=:9O<BC:767#!2?=M7!<?!+8>5<>!5>!6<8;>E<9?7!P!6<B<57F!=9?!

;?>!C:7N>57?E>!A<!B<=:9<BC:767!>!@768<9?7!Q>B<5<>:7!6<>!?75!:<=788<N9F!>5R7:O

@M<7:9!7A!7d8:>!>5R7:@M<7:9F!6<>!?7557!>@7?E<7!A<!N<>@@<#!%==9!S;<?A<!=9B7!

?755>!B>@@<9:!C>:87!A7<!=>6<F!<?!+8>5<>!57!B>?6<9?<!S;<!C:767?8>87!<?!C<b!Q<@;O

:7!C:9Q766<9?>5<!N>A>?9!C9<!>!=9?Q5;<:7!<?!;?>!;?<=>##$D>:7>!A75!D&%.'(%DD,5<!P!6<=;:>B7?87!S;755>!C<b!<BC9:8>?87!C7:!5D>E<7?A>1!

P! 5k! A9N7! 6<! @<9=>! =9?=:78>B7?87! 7! S;98<A<>?>B7?87! 5>! 69AA<6Q>E<9?7! A75!

=5<7?87#!-:>!=M<! 5>N9:>!?75! D&%.'(%DD,5<! 8:9N<>B9F!8:>!57!=9BC787?E7!A<!R>67!C<b! :<57N>?8<F! 5>! =9?96=7?E>! A<! >5B7?9!;?>! 5<?@;>! 68:>?<7:>F! Q9?A>B7?8>57!

C7:! ;?>! =9::788>! =9B;?<=>E<9?7! =9?! <5! 8;:<68>! C:9N7?<7?87! A>55D7687:9#! $>!

=9?96=7?E>!A755D<?Q9:B>8<=>!P!=9BC787?E>!A<!R>67!C<b!:<57N>?87!C7:!=M<!5>O

N9:>!?75!7#5X(%DD,5<F!>?=M7!67!P!9@@<!67BC:7!C<b!<BC9:8>?87!6>C7:5>!;8<5<EE>O:7!>?=M7!C7:!=M<!P!?75!D&%.'(%DD,5<#!->?89!C<b!<5!67889:7!C:767?8>!=>:>887:<!A<!6C7=<>5<EE>E<9?7F!8>?89!C<b!57!=9BC787?E7!87=?<=M7!6C7=<>5<68<=M7!69?9!A<QQ7O

! /1

:7?E<>87F!67RR7?7!:<6;58<?9!C:9C9:E<9?>5B7?87!B7?9!<BC9:8>?8<!:<6C7889!>557!

=9BC787?E7!8:>6N7:6>5<F!9@@<!Q9?A>B7?8>5<!?75!8;:<6B9#!o!C<b!Q>=<57!>=S;<6<O

:7!=9?96=7?E7!6;!;?!69Q8l>:7!A<!C:7?98>E<9?7F!C<;889689!=M7!=95B>:7!5>=;?7!

6;557!B9A>5<8W!A<!:75>E<9?7!=9?!<5!=5<7?871!7BC>8<>F!=>C>=<8W!A<!$&%7+<-()%+2C,.AF!68<57!A<!=9B;?<=>E<9?7!?9?!6<!:<76=9?9!>!B9A<Q<=>:7!?75!R:7N7!C7:<9A9F!B7?8:7!69?9!<!C:76;CC968<!C7:!8:9N>:7!5>N9:9!?7557!>E<7?A7!8;:<68<=M7F!A9N7!

5>!=9BC78<8<N<8W!6<!@<9=>!69C:>88;889!6;!S;7689!C<>?9##$>!B>@@<9:!C>:87!A7557!C:9Q766<9?<!<?A<=>87!8:9N>?9!=9559=>E<9?7!C:7669!>O

E<7?A7!C:<N>87F!>5=;?7!C:7669!:7>58W!C;RR5<=M7F!>?=M7!67!8:>!57!?;9N7!C:9Q766<9?<!

69?9!B9587!S;7557!=M7!C:76;CC9?@9?9!;?!5>N9:9!>;89?9B9!7!A<!=9?6;57?E>#!!

2!67=9?A>!A7557!8<C959@<7!A<!<BC:767F!57!=9BC787?E7!7!<!5<N755<!A<!<68:;E<9?7!

?7=766>:<!C7:!6N95@7:7!57!A<N7:67!C:9Q766<9?<!69?9!A<QQ7:7?8<1!>A!767BC<9F!<5!@:>O

A9!A<! <68:;E<9?7!?7=766>:<9! C7:! 7667:7! ;?! >AA7889! ?755D<?87:B7A<>E<9?7! P!B7O

A<>B7?87!B>@@<9:7!:<6C7889!>!S;7559!:<=M<7689!?755D>==9BB9A>8<9?#!

*>CC<>B9!A>55D>?>5<6<!A7<!A>8<!68>8<68<=<!=M7!<5!67889:7!8;:<68<=9!P!=>:>887:<EE>O

89!A>!;?>!Q9:87!C:767?E>!A<! <BC:7?A<89:<! <?A<N<A;>5<!7! 69=<! 5>N9:>89:<!7!A>!;?!

R>669!?;B7:9!A<!A<C7?A7?8<!<?S;>A:>8<!=9B7!A<:<@7?8<!7!S;>A:<!9!><!C<b!>58<!5<O

N755<! <BC<7@>8<E<#!i;768<! A>8<! >CC><9?9! 5>! ?>8;:>57! =9?67@;7?E>! A<! ;?! 67889:7!

=>:>887:<EE>89! C:7N>57?87B7?87! A>! <BC:767! A<! =>:>887:7! Q>B<5<>:7! A<! B7A<9O

C<==95>!A<B7?6<9?7#!

'<=9:A<>B9!=M7!<5!67889:7!8;:<68<=9!P!=>:>887:<EE>89!A>!;?!>BC<9!<BC<7@9!A<!

B>?9A9C7:>! 68>@<9?>57F! =9?!=9?8:>88<! >! 87:B<?7!9!C>:8! 8<B7F! 7!A>!;?>!R;9?>!

C>:87! A<! 5>N9:>89:<! =M7! =955>R9:>?9! ?9?! ;QQ<=<>5B7?87#! *>CC<>B9! =M7! 5>! A9O

B>?A>F! ?755>!B>@@<9:! C>:87! A7557! >E<7?A7! 8;:<68<=M7F! ?9?! P! =968>?87! A;:>?87!

8;889!5D>:=9!A755D>??91!<!8;:<68<!+<,)*&<F!C7:!Q>889:<!7=9?9B<=<F!=5<B>8<=<F!69=<>5<!7!=;58;:>5<F!87?A9?9!>!B;9N7:6<!=9?!C<==M<!68>@<9?>5<!B9589!Q9:8<F!=9?=7?8:>?A9!

57!C:9C:<7!N>=>?E7!?7<!B76<!=7?8:>5<!A755>!68>@<9?7!768<N>#!,75!=9BC57669F!<!A<O

C7?A7?8<! 68>@<9?>5<! A75! 67889:7! 87:E<>:<9! 69?9! =<:=>! JKT#LLLHL\! A<! S;768<F! 5>!

B>@@<9:!C>:87!8:9N>!9==;C>E<9?7!C:9C:<9!?75!8;:<6B9#!,75!67889:7!87:E<>:<9F!7!

69C:>88;889! ?75! =9BC>:89! 8;:<68<=9F! 5>! Q9:B;5>! C:7N>57?87! P! S;755>! A7<! 8:7O

S;>88:9!B76<F! C:<?=<C>5B7?87! =9?=7?8:>8<! 8:>! @<;@?9! 7! 67887BR:7#!2! 67=9?A>!

A7<!=9?8768<!7!A7557!:7>58WF!B9587!A7557!Q<@;:7!C:9Q766<9?>5<!<?!9@@7889!:<7?8:>?9!

<?!S;7689!S;>A:91!8:>!57!A<N7:67!8<C959@<7!A<!>E<7?A7!8;:<68<=M7!69?9!@5<!767:=<E<!

7d8:>O:<=788<N<!>!Q>:7!<5!B>@@<9:!;69!A<!B>?9A9C7:>!68>@<9?>57F!67@;<8<!A>@5<!>5O

!HL!*>?@>55<!)#F!9<(%&A#.,;;#;,%.<(=<+('*&,)-%F!2C9@79F!^<5>?9F!KLLK#!

! /3

R7:@M<F!B7?8:7!R>:!7!:<689:>?8<F!>@7?E<7!A<!N<>@@<!7!'%*&(%$<&#'%&!87?A9?9!>!;8<O5<EE>:7!<?!B>?<7:>!5<B<8>8>!S;768>!8<C959@<>!A<!9==;C>8<#!V5<!68>@<9?>5<!6N95@9O

?9! B>?6<9?<! C:<?=<C>5B7?87! ?7557! >:77! A755>! 6>5;87! 7! A75! Q<8?766! 7!

?755D>?<B>E<9?7\! N>59:<! 6;C7:<9:<! >55>! B7A<>! 6<! :<6=9?8:>?9! >?=M7! C7:!

5D>559@@<9F!C7:!5>!6>5>F!C7:!5>!B>?;87?E<9?7F!C7:!5>!=;689A<>!7!5>!=;=<?>H"#!

`>!S;>?89!7N<A7?E<>89!<?!S;7689!68;A<9!C966<>B9!:<57N>:7!=M7!<5!8;:<6B9!

>CC>:7!;?!67889:7!A<!:<57N>?87!<?87:7667!@:>E<7!>557!C:96C788<N7!9==;C>E<9?>5<!

=M7!9QQ:7!?75!B7:=>89!A75!5>N9:9F!C7:!B9587C5<=<!Q>889:<1!

! 5>!=:76=<8>!9==;C>E<9?>57!A75! 67889:7!P! <?!=968>?87!=:76=<8>F! =9?!C7:O=7?8;>5<!6;C7:<9:<!>!S;7557!A<!>58:7!>88<N<8W!7=9?9B<=M7\!

! <5!=>:>887:7!+#7%*&(,.'<.),C<(A7<!C:9=766<!A<!C:9A;E<9?7!7A!7:9@>E<9?7!A7<! C:9A988<! 8;:<68<=<! :7?A9?9! 57! :<69:67! ;B>?7! <?6968<8;<R<5<F! >?=M7!

=9?!5D>N>?E>:7!A7557!?;9N7!87=?959@<7\!

! <5! 67889:7! >CC>:7! <?87:766>?87! 6<>! C7:! 57! Q<@;:7! C:9Q766<9?>5<! <?87:B7A<7!=9?!R;9?>!6C7=<>5<EE>E<9?7!7!Q9:B>E<9?7F!6<>!C7:!<!@<9N>?<!=9?!6=>:6>F!9!

?;55>F! 76C7:<7?E>! 5>N9:>8<N>\! 67!A>!;?>!C>:87! =9?8<?;>!>! 7667:7! >66;?8>!

B>?9A9C7:>!?9?!S;>5<Q<=>8>!>!R>669!=9689F!8<C<=>B7?87!?7557!<BC:767!>5O

R7:@M<7:7F!7!=968>?87!P!5>!:<=7:=>!A7<!C:9Q<5<!C:9Q766<9?>5<!C<b!8:>A<E<9?>5<!

?755D>88<N<8W!A<!<?87:B7A<>E<9?7!>?=M7!57!Q<@;:7!<?87:B7A<7F!A>55D>58:>F!C7O

:hF!6<!:<57N>!<?87:7667!C7:!?;9N7!C:9Q766<9?>5<8W!>!C<b!>58>!6C7=<>5<EE>E<9O

?7F!>?=M7!67!?;B7:<=>B7?87!S;7687!>66;?E<9?<!69?9!>?=9:>!5<B<8>87\!

! 5>!Q5766<R<5<8W!A755D<BC<7@91F!=9?!;?>!Q9:87!C:767?E>!A<!5>N9:>89:<!68>O@<9?>5<!7!=9?!=9?8:>88<!>8<C<=<!?75!67889:7#!+5!:<=9:69!>5!C>:8!8<B7!P!B95O

89!A<QQ;69F!>?=M7!C7:=Mf!9@@<@<9:?9!69?9!B958<!<!5>N9:>89:<!=M7!@:>A<O

6=9?9!Q5766<R<5<8W!?755>!C:9C:<>!C96<E<9?7!5>N9:>8<N>\!

! 5D757N>8>!9CC9:8;?<8W!A<!>NN<>:7!;?D>88<N<8W!>;89?9B>#!,75!8;:<6B9!N<!69?9!6C>E<!C7:!>C:<:7!>88<N<8W! <?!C:9C:<9F! 6<>!?7557!?;9N7!C:9Q766<9?<!

6<>!<?!S;7557!C<b!8:>A<E<9?>5<#!$D7N95;E<9?7!A75!B7:=>89!7!5>!A<QQ;6<9O

?7!A75! Q:>?=M<6<?@!M>! :769! 67BC5<=7F! >A! 767BC<9! 5D>C7:8;:>!A<! ;?D>O

@7?E<>! A<! N<>@@<\! 5>! A<QQ;6<9?7! A<! >669=<>E<9?<! 68:;88;:>87! A<! ]7A!t!

]:7>pQ>68!C7:B7887!>?=M7!><!B7?9!76C7:8<!A<!>NN<=<?>:6<!=9?!B>@@<9:!

8:>?S;<55<8W!>A!;?>!?;9N>!>88<N<8W!7=9?9B<=>HK#!

!H"!&978>!*#!Z>!=;:>!A<[F!9:#.#+,),(=<,(D#77,)%A.,(D%&-#',C,(<($&%D<)),%.#+,(=<+()<''%&<('*&,)-%F!):>?=92?@75<F!^<5>?9F!KLLL#!HK!V>:<R>5A<!'#F!%$4!5,'4!