SECTION VI: OTHER NATURAL FIBRES - Industree

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

!

!

!! ! "#$!

%&'()'(*!!

!.22-,3( (&$+",('-$.,-/(0%1,"!(444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444(567!

8494('-$.,-/(0%1,"!(44444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444(:;:(

&+),+-).!////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!010!

+2,-&3*!'2(3,24!5-6,)*!///////////////////////////////////////////////////////////////////////////////////////////////////////!017!

)%&'&8-%!-89&,(2'%)!&5!'2(3,24!5-6,)*!////////////////////////////////////////////////////////////////////!01:!

'));!5&,!2!5-6,)!9&4-%<!///////////////////////////////////////////////////////////////////////////////////////////////////////!01#!

84<4(=,"!"'$(!$-$.!(&0(&$+",('-$.,-/(0%1,"!(444444444444444444444444444444444444444444444444444444444444444444(:99(

62'2'2!5-6,)!/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!0==!

9248!4)25!///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!0==!

*-*24!/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!0==!

-';3*(,-24!>)89!//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!0=?!

542@!//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!0=?!

,28-)!////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!0=?!

A&,2-!B,2**!//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!0=?!

*%,).!9-')!////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!0="!

.2(),!><2%-'(>!///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!0="!

9-')2994)!5-6,)!////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!0=0!

8454(=&$"'$%-/(0%1,"!(44444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444(:9>(

-';3*(,-24!>)89!//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!0=7!

542@!5-6,)!///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!0?1!

%>-'2C!6,-)5!9,&5-4)!&5!>)89!2';!542@!5-6,)*!////////////////////////////////////////////////////////////!0?:!

62'2'2!5-6,)!/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!0"1!

9>-4-99-')*!C!6,-)5!9,&5-4)!&5!262%2!5-6,)!////////////////////////////////////////////////////////////////////!0":!

*-*24!5-6,)!/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!001!

%2*)!*(3;<! !*-*24!-';3*(,<!-'!A)'<2!////////////////////////////////////////////////////////////////////////////!007!

9-')2994)!5-6,)!////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!00$!

84:4(,"#&22"'?-$%&'!(&0($+"(!.1@A,&.=(0&,(&$+",('-$.,-/(0%1,"!(44444444444444444444(:>5(

!

!

!! ! "#D!

*)4)%(-&'!&5!5-+)!A)<!5-6,)*!5&,!;)+)4&98)'(!////////////////////////////////////////////////////////!07"!

,)%&88)';2(-&'!5&,!53,(>),!*(3;<!////////////////////////////////////////////////////////////////////////////!070!

%)'*3*!&'!&(>),!'2(3,24!5-6,)*!////////////////////////////////////////////////////////////////////////////////////!070!

,)%&88)';2(-&'*E9&4-%<!-'(),+)'(-&'*!5&,!(>)!*)4)%();!5-+)!5-6,)*!/////////!077!

9,&9&*-'B!2!F5&%3*!5-6,)!5&%3*!*(2()F!299,&2%>!////////////////////////////////////////////////!077!

&(>),!-'(),+)'(-&'*!5&,!;)+)4&98)'(!&5!B,&39!-!G--!5-6,)*!//////////////////////////!07:!

-'(),8);-2()!*(,2()B<!H5&,!7!<)2,*I!/////////////////////////////////////////////////////////////////////////!0$1!

4&'B!(),8!*(,2()B<!//////////////////////////////////////////////////////////////////////////////////////////////////////////!0$?!

9,&*9)%(*E9&()'(-24!5&,!(>)!-;)'(-5-);!5-+)!5-6,)*!///////////////////////////////////////////!0$?!

%&89&*-(-&'!&5!(>)!*36!B,&39!&'!&(>),!'2(3,24!5-6,)*!////////////////////////////////////!0$0!

!

((

!

!

!! ! "#:!

!"##$%&' '()*+%',$)"%$-'./0%+!'-/! 'JKLMJN!OPQMRS!TJU!QR!VROPURV!JS!QPWCQJSRV!OPQMRS!WM!OPQMRS!OMWX!YRZRKJQNR!JUV!JUPXJN!WMPZPU/!6JSRV!WU!

K[RPM!WMPZPU\!UJKLMJN!OPQMRS!TJU!JNSW!QR!TNJSSPOPRV!JS!TRNNLNWSPT!HOMWX!]NJUKSI!JUV!]MWKRPU!HOMWX!JUPXJNSI/!!

)^TNLVRV![RMR!JMR!XPURMJN! OPQMRS!SLT[!JS!JSQRSKWS!K[JK!WTTLM!UJKLMJNN_!QLK!JMR!UWK!QPWCQJSRV/!&K[RM!

UJKLMJN! OPQMRS! JS! VROPURV! OWM! K[PS! ]WNPT_! JMR! WO! ]NJUK! WMPZPU\! TRNNLNWSPT! JUV! MRUR`JQNR/! ([RSR! WK[RM!

UJKLMJN! OPQMRS!JMR!]MWVLTRV! PU!TWUSPVRMJQN_!SXJNNRM!YWNLXRS!TWX]JMRV! KW!TWKKWU\! K[R! NJMZRSK!UJKLMJN!

OPQMR!HJYRMJZR!?7!XPNNPWU!KWUURS!]RM!_RJMI\!JUV!JMR!JNSW!XLT[!NW`RM!K[JU!]MWVLTKPWU!WO!`WWN!JUV!aLKR!

H?C"!XPNNPWU! KWUURSI/!(MJVR!XJMbRKS!JUV!R^]WMKS!WO!UJKLMJN! OPQMRS!SLT[!JS!SPSJN! JUV![RURcLRU\! aLKR\!

bRUJO\! ONJ^! JUV! [RX]! [JYR! SRRU! J! VRTNPUR! PU! K[R! ]JSK! VRTJVRS\! `[PT[! PS! WOKRU! JKKMPQLKRV! KW! K[R!

PUKMWVLTKPWU! WO! T[RJ]RM! S_UK[RKPT! SLQSKPKLKRS/! ([R! MRTRUK! ZNWQJN! RTWUWXPT! SNW`VW`U! [JS! JVYRMSRN_!

JOORTKRV!K[R!VRXJUV!OWM!WK[RM!UJKLMJN!OPQMRS/!

--/! BNWQJNN_\! K[R! UJKLMJN! OPQMRS! PUVLSKM_! ]MWYPVRS! RX]NW_XRUK! KW!XPNNPWUS! WO! ]RW]NR\! NJMZRN_! SXJNN! STJNR!

HXJMZPUJNI!OJMXRMS!JUV!]MWTRSSWMS/!'JKLMJN!OPQMRS!JMR!XWMR!RUYPMWUXRUK!OMPRUVN_!K[JU!S_UK[RKPT!OPQMRS!

QWK[! PU!KRMXS!WO!]MWVLTKPWU!JUV!K[RPM!VPS]WSJN/!'JKLMJN! OPQMRS!JMR!TWX]NRKRN_!QPWCVRZMJVJQNR/!'JKLMJN!

!

---/! -UVPJ! [JS! J! ]MRSRUTR! WO! J! ULXQRM! WO! WK[RM! UJKLMJN! OPQMRS! [W`RYRM! K[R! SJXR! [JYR! UWK! QRRU! OLNN_!

TWXXRMTPJNN_! R^]NWPKRV/! -UVPJ! VWRS! UWK! [JYR! J! SPZUPOPTJUK! ]MRSRUTR! PU! WK[RM! UJKLMJN! OPQMRS\! K[WLZ[!

MJXPR\! ONJ^\! NPURU! JMR! LSRV! Q_! -UVPJU! KR^KPNR! PUVLSKM_/! 5PQMRS! SLT[! JS! JZJYR! HSPSJNI\! QJUJUJ! JUV!

]PURJ]]NR!OPQMRS![JYR![LZR!]WKRUKPJN/!

-+/! ([R!XJaWM!]NJUK!QJSRV!C!WK[RM!UJKLMJN! OPQMRS! PUTNLVRS\!QJUJUJ!OPQMR\!]PURJ]]NR!OPQMR\!]JNX!NRJO\!SPSJN\!

[RX]\!ONJ^\!MJXPR\!QJXQWW\!bWMJP!ZMJSS\!STMR`!]PUR\!`JKRM![_JTPUK[/!!

+/! 1BCBCB(DEFGH*!-UVPJ!PS! WUN_!=1d!WO!K[R!QJUJUJ!`JSKR!

H9SRLVW!SKRXSI!PS!LSRV!OWM!R^KMJTKPUZ!K[R!OPQMR\!MRSK! PS!`JSKRV/!9MRSRUKN_\!`JSKR!QJUJUJ!SKRXS!]WSR!

]MWQNRX! WO! VPS]WSJN! JUV! JMR! JYJPNJQNR! JNXWSK! OMRR! WO! TWSK! PU! %RUKMJN! JUV! *WLK[! BLaJMJK/! -U! -UVPJ\!

QJUJUJ! OPQMR! PS! ]MPXJMPN_! R^KMJTKRV!XJULJNN_\! `[PT[! [JS! [PZ[! NJQWM! TWSKS! JUV! K[R! _PRNV! PS! JNSW! NW`\!!

MRSLNKPUZ! PU! PMMRZLNJM! SL]]N_\! NRJVPUZ! KW! [PZ[RM! ]MPTRS! WO! QJUJUJ! OPQMRS/! -U! MRTRUK! ]JSK! -UVPJ! [JS!

[JUVPTMJOKS!JUV!KR^KPNR!PUVLSKMPRS/!

+-/! 2]]NPTJKPWU!WO!QJUJUJ!OPQMR!OWM!XJULOJTKLMPUZ!KR^KPNRS!PS!J!UR`!TWUTR]K!PU!-UVPJ/!6JUJUJ!OPQMR!TJU!QR!

RJSPN_!QNRUVRV!`PK[!TWKKWU!WM!WK[RM!S_UK[RKPT!OPQMRS!KW!]MWVLTR!QNRUVRV!OJQMPT!JUV!KR^KPNRS/!%LMMRUKN_\!PK!

PS!XJPUN_!LSRV!Q_!TWKKJZR!PUVLSKM_!PU!*WLK[RMU!-UVPJ/!6JUJUJ!OPQMR![JS!K[R!]WKRUKPJN!KW!]JMKPJNN_!MR]NJTR!

K[R!TWUSLX]KPWU!WO!TWKKWU!JUV!aLKR!OPQMR!PU!-UVPJ/!6JUJUJ!OPQMR!JNSW!OPUVS!LSR!PU![PZ[!cLJNPK_!SRTLMPK_E!

!

!

!! ! "##!

TLMMRUT_! ]J]RM\! ]JTbPUZ! TNWK[! OWM! JZMPTLNKLMR! ]MWVLTR\! S[P]S! KW`PUZ! MW]RS\! `RK! VMPNNPUZ! TJQNRS! JUV!

WK[RMS!

+--/! =BIJ(IHBD(DEFGH*!9JNX!NRJYRS!JMR!J!XJaWM!SWLMTR!WO!OPQMRS!JUV!]JNX!NRJO!OPQMR!PS!LSRV!KW!XJbR!MW]RS\!

[JKS\!QMLS[RS\!OPS[!URKS\!QMWWXS\!JXWUZSK!WK[RMS/!-U!-UVPJ!PK!PS!TLNKPYJKRV!JS!J!`PUVQMRJb!WU!K[R!]NJPUS!

PU!-UVPJ/!9JNX!OPQMR!PS!QRPUZ!R^]WMKRV!KW!3*\!3A\!6RNZPLX\!9[PNP]]PURS\!eJ]JU\!BRMXJU_\!2LSKMJNPJ!JUV!

'RK[RMNJUVS! Q_! K[R! (JXPN! 'JVL! *KJKR! 9JNXZLM! JUV! 5PQMR! 8JMbRKPUZ! %WW]RMJKPYR! 5RVRMJKPWU! JUV!

R^]WMKRMS!OMWX!([LK[LbLVP!PU!(JXPN!'JVL/!!

+---/! !EKBI*! ! *PSJN! PUVLSKM_! PU! -UVPJ! PS! NJMZRN_! LUWMZJUPfRV/! *PSJN! PS! XJPUN_! ZMW`U! PU! JMPV! JUV! SRXPCJMPV!

MRZPWUS!WO!2UV[MJ!9MJVRS[\!6P[JM\!&MPSSJ\!AJMUJKJbJ\!8J[JMJS[KMJ!JUV!.RSK!6RUZJN/!2!ULXQRM!WO!

]MWZMJXXRS!LUVRMKJbRU!Q_!ZWYRMUXRUK!JUV!ZWYRMUXRUK!JZRUTPRS! HVPOORMRUK!SKJKRSI![JYR! NRV! KW! K[R!

TLNKPYJKPWU!WO!SPSJN!TLNKPYJKPWU!PU!K[RSR!SKJKRS!-UVPJ!PS!K[R!?UV!NJMZRSK!PX]WMKRM!JUV!7K[!NJMZRSK!R^]WMKRM!WO!

SPSJN! PU! K[R!`WMNV/!*PSJN!TLNKPYJKPWU\! OPQMR!R^KMJTKPWU!JUV!]MWVLTK!XJbPUZ! PS!J! NJQWM! PUKRUSPYR!]MWTRSS\!

`PK[!LSR!WO!YRM_!NW`!NRYRN!WO!KRT[UWNWZ_/!*WXR!WO!K[R!]MWQNRXS!JSSWTPJKRV!`PK[!SPSJN!JMR!K[R!NWUZ!KPXR!

KJbRU! OWM! TLNKPYJKPWU\! NW`! ]JTR! WO! PUKMWVLTKPWU! WO! UR`! ]MWVLTKS\! PUJVRcLJKR! ROOWMKS! OWM! TMRJKPUZ!

J`JMRURSS! WO! K[R! OPQMR! JUV! WO! ]MWVLTKS!XJVR! OMWX! PK/! 2NSW\! K[R! ]MWTRSS! LSRV! KW! R^KMJTK! SPSJN! [JS!

`PKURSSRV!NPKKNR!T[JUZR!WYRM!K[R!_RJMS/!!

-@/! 6MJfPN\! %[PUJ\! (JUfJUPJ! JUV! ARU_J! JMR! K[R! XJaWM! ]MWVLTRMS! WO! SPSJN! PU! K[R! `WMNV/! 6MJfPN\! ARU_J\!

(JUfJUPJ!JUV!8JVJZJSTJM!JMR! K[R!XJaWM!R^]WMKRMS!WO! SPSJN! OPQMR! PU! K[R!`WMNV/!%[PUJ!VWXPUJKRS! K[R!

XJMbRK!OWM!PX]WMKS!WO!SPSJN!OPQMR!TLMMRUKN_/!!

@/! *PSJN!OPQMR!TJU!QR!LSRV!JS!J!MR]NJTRXRUK!OWM!SPNb!OPQMR/!*PSJN!OPQMR![JS!QRRU!KMJVPKPWUJNN_!LSRV!KW!XJbR!

K`PURS!JUV!MW]RS\!VLR! KW! PKS!YJMPWLS!SKMRUZK[S/!>W`RYRM\! PU!MRTRUK! KPXRS! PK! PS!QRPUZ!LSRV!OWM!XJbPUZ!

S]RTPJNK_! ]J]RM\! OPNKRMS\!ZRWKR^KPNRS\!XJKKMRSSRS\! TJM]RKS!JUV!`JNN! TWYRMPUZS! JUV!JS! MRPUOWMTRXRUK! PU!

]NJSKPT!TWX]WSPKR!XJKRMPJNS!JUV!OLMUPKLMR/!3SR!WO!SPSJN!OWM!VPOORMRUK!J]]NPTJKPWUS!KRUVS!KW!YJM_!JTTWMVPUZ!

KW!PKS!ZMJVR/!-U!JVVPKPWU\!K[R!Q_C]MWVLTKS!OMWX!SPSJN!R^KMJTKPWU!TJU!QR!LSRV!PU!QPWCZJS\!][JMXJTRLKPTJN!

PUZMRVPRUKS!JUV!QLPNVPUZ!XJKRMPJNS/!!

@-/! +HJL*( (>RX]! PS!]MPXJMPN_!TLNKPYJKRV!WUN_! PU!SWXR!VPSKMPTKS! PU!3KKJMJb[JUV\!AJS[XPM!JUV!(MJYJUTWMR!

HARMJNJI/!%LMMRUKN_\!-UVPJ!PS!UWK!SKMWUZN_!]MRSRUK!PU!K[R!XJ]!WO![RX]!]MWVLTPUZ!TWLUKMPRS/!([R!NPXPKRV!

TLNKPYJKPWU!PU!SRNRTKRV!]JMKS!WO!K[R!TWLUKM_!PS!XJPUN_!VLR!KW!MRcLPMRXRUK!WO!NW`!SWPN!KRX]RMJKLMR!JK!K[R!

KPXR!WO!]NJUKPUZ/!([RMR!PS!JU!LMZRUK!URRV!OWM!MJ`!XJKRMPJN!JSSRSSXRUK!JUV!SbPNN!VRYRNW]XRUK!PU![RX]!

]MWVLTPUZ!MRZPWUS/!!

@--/! >RX]!OPQMR! PS!J!ZWWV!TWUVLTKWM!WO![RJK/! -K!V_RS!`RNN\! MRSPSKS!XPNVR`\!WQSKMLTKS!LNKMJ!YPWNRK! H3+I!JUV!

[JS!UJKLMJN!JUKPCQJTKRMPJN!]MW]RMKPRS/!>RX]! PS!LSRV! KW!XJbR!MW]R\!TJUYJS!JUV!]J]RMg! PK!TJU!JNSW!QR!

`WYRU!KW!XJbR!NPURUCNPbR!OJQMPT!LSRV!PU!TNWK[PUZ\![WXR!OLMUPS[PUZ!KR^KPNRS!JUV!ONWWM!TWYRMPUZS/!-K!PS!JNSW!

LSRV! KW! MRPUOWMTR! XWNVRV! K[RMXW]NJSKPTS! PU! K[R! JLKWXWQPNR! PUVLSKM_/! ! ([RMR! PS! JU! PUTMRJSPUZ!

!

!

!! ! 011!

J`JMRURSS! WO! [RX]! OPQMR! JUV!J!`PVR! S]RTKMLX!WO! [RX]!]MWVLTKS! JMR! UW`! JYJPNJQNR! PU! K[R!XJMbRK\!

XJVR!WO!VPOORMRUK!]JMKS!WO!K[R!]NJUK/!!

@---/! 5MJUTR\!BRMXJU_\!%[PUJ!JMR!JXWUZ!K[R!XJaWM!]MWVLTRMS/!9MWVLTKPWU!WO![RX]! PS! MRSKMPTKRV! PU!SWXR!

TWLUKMPRS\!`[RMR!PK!PS!TWUOLSRV!`PK[!XJMPaLJUJ/!

@-+/! 0IBMh!5NJ^!OPQMR!PS!SKMWUZRM\!TMPS]RM!JUV!SKPOORM!KW![JUVNR!TWX]JMRV!KW!TWKKWU/!-K!TJU!JQSWMQ!JUV!MRNRJSR!

`JKRM!cLPTbN_\!XJbPUZ!NPURU!TWXOWMKJQNR!KW!`RJM!PU![WK!`RJK[RM/!4PUSRRVE!ONJ^!JMR!TLNKPYJKRV!R^TNLSPYRN_!

OWM!SRRV!JUV!WPN!PU!-UVPJ/!>W`RYRM\!-UVPJU!YJMPRKPRS![JYR!?1C?7d!ZWWV!cLJNPK_!ONJ^!OPQMR/!-K!PS!]MWVLTRV!

PU!8JV[_J! 9MJVRS[\!3KKJM! 9MJVRS[\! 6P[JM\!%[[JKKPSZJM[\! e[JMb[JUV\!&MPSSJ! JUV! WK[RM! SKJKRS/! -UVPJ!

MRTWMVRV!1/=0!XPNNPWU!KWUURS!HRSKPXJKRVC8PUPSKM_!WO!2ZMPTLNKLMRI!]MWVLTKPWU!WO!NPUSRRV!PU!5<1:/!!

@+/! -UVPJ!VWRS!UWK![JYR!SPZUPOPTJUK!]MRSRUTR!JXWUZ!K[R!ONJ^!OPQMR!]MWVLTPUZ!TWLUKMPRS/!-UVPJ! PS!PX]WMKPUZ!

ONJ^!OPQMR!KW!XRRK!VRXJUV!OWM!ONJ^!OMWX!K[R!VRORUSR!SRTKWM/!!

@+-/! %[PUJ\!5MJUTR\!6RNZPLX\!6RNJMLS!JUV!3bMJPUR!JMR!K[R!XJaWM!ONJ^!OPQMR!]MWVLTPUZ!TWLUKMPRS/!2QWLK!D1d!

WO! NPURU! XJULOJTKLMRV! PS! LSRV! PU! K[R! KR^KPNR! PUVLSKM_/! 4W`RM! OPQMR! ZMJVRS! JMR! JNSW! LSRV! JS!

MRPUOWMTRXRUK!JUV!OPNNRM!PU!K[RMXW]NJSKPT!TWX]WSPKRS/!

@+--/! %WJMSR! ONJ^! OPQMRS! JMR! LSRV! OWM! XJULOJTKLMR! WO! SKMWUZ! MW]RS\! S[P]]PUZ! TWMV\! K`PURS! JUV! TWMVJZR\!

bPKT[RU!KW`RNS\!SJPNS\!KRUKS!JUV!TJUYJS/!5PUR!ZMJVR!ONJ^!OPQMR!PS!LSRV!OWM!XJULOJTKLMPUZ!WO!ZWWV!cLJNPK_!

SLPKPUZCS[PMKPUZ!XJKRMPJNS\!TNWK[!NJTRS\![WLSR[WNV!KR^KPNRS\!WK[RMS/!-K!PS!JNSW!LSRV!PU!JVXP^KLMR!WO!TWKKWU/!

4W`RM!OPQMR!ZMJVRS!JMR!LSRV!JS!MRPUOWMTRXRUK!JUV!OPNNRM!PU!K[RMXW]NJSKPT!TWX]WSPKRS/!!!!

@+---/! ,BJEH*(,JXPR!OPQMR!PS!WUR!WO!K[R!SKMWUZRSK!UJKLMJN!OPQMRS\!PS!`[PKR!PU!TWNWM\!`PK[!J!SPNb_!NLSKRM\![JS!NW`!

RNJSKPTPK_!JUV!V_RS!RJSPN_/!-UVPJ![JS!XJU_!YJMPRKPRS!WO!MJXPR!JUV!PS!OWLUV!JTMWSS!J!ULXQRM!WO!'WMK[C

)JSKRMU!SKJKRS\!3KKJMJb[JUV!JUV!>PXJT[JN!9MJVRS[/!>W`RYRM\!MJXPR!PS!TWXXRMTPJNN_!]MWVLTRV!WUN_!PU!

SWXR!]JMKS!WO!2SSJX\!'WMK[!6RUZJN!JUV!8J[JMJS[KMJ!PU!K[R!TWLUKM_/!

@-@/! %[PUJ! PS! K[R! QPZZRSK! ]MWVLTRM! WO! MJXPR! OPQMR! OWNNW`RV! Q_! 6MJfPN! JUV! 9[PNP]]PURS/! ,JXPR! ]MPTRS! JMR!

S[W`PUZ! JU! PUTMRJSPUZ! KMRUV! VLR! KW! PKS! ]W]LNJMPK_! JUV! NPXPKRV! SL]]N_! PU! PUKRMUJKPWUJN! XJMbRKS/! ([R!

MJXPR!]NJUK!PS!ZMW`U!OWM!OPQMR!XJPUN_!PU!%[PUJ\!6MJfPN\!K[R!4JW!9;,!JUV!K[R!9[PNP]]PURS/!

@@/! ([R!_JMU!]MWVLTRV!OMWX!MJXPR!OPQMR!PS!SLPKJQNR!OWM!J!`PVR!MJUZR!WO!ZJMXRUKS/!-K!PS!LSLJNN_!QNRUVRV!`PK[!

WK[RM!KR^KPNR!OPQMRS/!-K!PS!JNSW!SLPKJQNR!OWM!XJbPUZ!K`PUR\!MW]R!JUV!URKS/!!!

@@-/! 1BJFNN(DEFGH*!6JXQWW!OPQMR!PS!SKMWUZ\!ONR^PQNR\!TJU!QR!SWOKRM!K[JU!SPNb!`[RU!S]LU!PUKW!_JMU!JUV!JNSW!

[JS! UJKLMJN! JUKPCQJTKRMPJN! ]MW]RMKPRS/! ! 6JXQWW! OPQMR! [JS! ULXRMWLS! J]]NPTJKPWUS\! `[PT[! PUTNLVRS!

TNWK[PUZ\!UWUC`WYRU! OJQMPT! HLSRV! PU![_ZPRUR!XJKRMPJNSI\! [WXR! OLMUPS[PUZ!JUV!XRVPTJN! KR^KPNRS/! -UVPJ\!

%[PUJ!JUV!eJ]JU!JMR!JXWUZ!K[R!XJaWM!]MWVLTRMS!WO!QJXQWW!PU!K[R!`WMNV/!

!

!

!! ! 01=!

@@--/! ONGBE*!AWMJP!H!"#$%&'(#)*+,%$-.! PS!JU!JcLJKPT!]RMRUUPJN!]NJUK\!QRNWUZPUZ!KW!K[R!%_]RMLS!OJXPN_/! -K! PS!

LSRV!KW!XJbR!VPOORMRUK!LKPNPK_!]MWVLTKS!NPbR!QJZS\!QPUS\!QW^RS\!XJKS\!RKT/!-K!PS!OWLUV!JQLUVJUKN_!PU!SWXR!

]JMKS! WO! SWLK[! -UVPJ/! ([R_! JMR! JNSW! LSRV! OWM! K[JKT[PUZ\! ORUTPUZ\! ]WK]WLMMP! JUV! ]RMOLXRM_/! *WXR!

S]RTPRS!JNSW![JYR!XRVPTPUJN!]MW]RMKPRS\!`[PNR!WK[RMS![JYR!K[R!]WKRUKPJN!OWM!LSR!PU!RMWSPWU!TWUKMWN!JUV!

SJUV!SKJQPNPfJKPWU/!!

@@---/! !PGHQ(LECH*(*TMR`!]PUR!OPQMR!PS!WQKJPURV!OMWX!K[R!NRJYRS!WO!K[R!STMR`!]PUR!]NJUK/!*TMR`!]PUR!]NJUK!PS!

OWLUV!JQLUVJUKN_!PU!ARMJNJ\!(JXPN!'JVL\!&MPSSJ\!2UVJXJU!JUV!'PTWQJM/!([R!TWXXRMTPJN!R^]NWPKJKPWU!

PS!VWUR!XJPUN_! PU! VPOORMRUK! ]JMKS!WO!&MPSSJ\!(JXPN!'JVL\!ARMJNJ\!2UV[MJ!9MJVRS[\!.RSK!6RUZJN!JUV!

3KKJM! 9MJVRS[/! *TMR`! ]PUR! NRJYRS! JMR! K`PURV\! PUKRMCNWW]RV\! `WYRU! JUV! QMJPVRV! KW! XJbR! VPOORMRUK!

]MWVLTKS!NPbR!XJKS\!QW^RS\![JKS\!QJZS\!RKT/!

@@-+/! RBSHG(TUBPECST(DEFGH*!.JKRM![_JTPUK[!OPQMR!PS!WQKJPURV!OMWX!K[R!SKRXS!HSKJNbSI!WO!K[R!`JKRM![_JTPUK[!

]NJUK/!.JKRM![_JTPUK[!PS!JYJPNJQNR!JTMWSS!JNN!K[R!]JMKS!WO!K[R!`WMNV/!-U!-UVPJ!K[PS!`RRV!`JS!PUKMWVLTRV!PU!

=:#$!JS!JU!WMUJXRUKJN!]PRTR!JK! K[R!QWKJUPTJN!ZJMVRU! PU!6RUZJN/! -UVPJ![JS!UWK!_RK! OLNN_!R^]NWMRV!K[R!

]WKRUKPJN!WO! K[PS!]NJUK!R^TR]K! OWM!SWXR!ZMWL]S! PU!*WLK[! -UVPJ/! -U! -UVPJ\!`JKRM![_JTPUK[! PS! KMJVPKPWUJNN_!

LSRV!OWM!XJULOJTKLMPUZ!]J]RM!HLUVRM!TWKKJZR!PUVLSKM_I\!QJSbRKS\!JUV!XJKKPUZ!JUV!OWM!JUPXJN!OWVVRM/!-K!

PS!JNSW!LSRV!JS!YRMXPCTWX]WSK!PU!SWXR!]JMKS!WO!K[R!TWLUKM_/!!

@@+/! .JKRM! [_JTPUK[! PS! ZRURMJNN_! TWUSPVRMRV! JS! JU! RTWNWZPTJN! [JfJMV/! >W`RYRM\! PK! JNSW! OPUVS! VPYRMSR!

(R^KPNR!,RSRJMT[!-USKPKLKR!PS!LUVRMKJbPUZ!SKLVPRS!WU!LSR!WO!`JKRM![_JTPUK[!OPQMR!JS!J!MJ`!XJKRMPJN!OWM!

K[R!XJULOJTKLMR!WO!TNWK[PUZ!JUV!OJQMPTS/!!

@@+-/! =ECHBLLIH(DEFGH*(9PURJ]]NR!OPQMR!PS!`[PKR\!TMRJX_!JUV!NLSKMWLS!JS!SPNb!OPQMR!JUV!PS!=1!KPXRS!JS!TWJMSR!

JS!TWKKWU!JUV!K[R!OPQMR!TJU!RJSPN_!MRKJPU!V_RS/!-UVPJ!PS!K[R!SP^K[!NJMZRSK!]MWVLTRM!WO!]PURJ]]NRS!PU!K[R!

`WMNV/! ([R!XJaWM! ]PURJ]]NR! ]MWVLTPUZ! SKJKRS! PU! -UVPJ! JMR!.RSK! 6RUZJN\! 2SSJX\! AJMUJKJbJ\! 6P[JM\!

(MP]LMJ!JUV!ARMJNJ/!-U!-UVPJ\!K[R!XJULJN!]MWTRSS!RX]NW_RV!OWM!R^KMJTKPUZ!OPQMR!PS!YRM_!NJQWMPWLS/!2NSW\!

K[RMR!PS!J!ZMRJK!URRV!OWM!XJMbRKPUZ!JTKPYPKPRS!KW!]MWXWKR!]PURJ]]NR!OJQMPT!PU!-UVPJ/!!

@@+--/! 9PURJ]]NR! ]NJUKS! JMR! NJMZRN_! ZMW`U! PU! KMW]PTJN! 2XRMPTJ\! PU! 5JMC)JSK! 2SPJU! TWLUKMPRS! JUV! 2OMPTJ/! -U!

9[PNP]]PURS! JUV!(JP`JU\! K[R!]PURJ]]NR! ]NJUK! PS! NJMZRN_! LSRV! JS! J! SWLMTR!WO! OPQMR/! -U! -UVPJ\! JNSW! K[R!

]PURJ]]NR!]NJUK!PS!LSRV!JS!J!SWLMTR!WO!OPQMR/!!

@@+---/! 9PURJ]]NR!OPQMR!PS!LSRV!OWM!XJbPUZ!TNWK[!JUV!PS!JNSW!JK!KPXRS!TWXQPURV!`PK[!SPNb!WM!]WN_RSKRM!KW!TMRJKR!

KR^KPNR! OJQMPTS/!9PURJ]]NR! OPQMR! PS! JNSW! LSRV! OWM! KJQNR! NPURUS\! QJZS\!XJKS! JUV!WK[RM! TNWK[PUZ! PKRXS/! -K!

OPUVS!VPOORMRUK!LSRS!JTMWSS!K[R!YJMPWLS!]JMKS!WO!K[R!`WMNV/!([RMR!PS![LZR!]WKRUKPJN!OWM!]PURJ]]NR!OJQMPT\!

ZPYRU!PKS!VPYRMSR!LSRS!JUV!RTWCOMPRUVN_!]MW]RMKPRS/!!

!

!

!! ! 01?!

,"#&22"'?-$%&'!(&0($+"(!.1@A,&.=(0&,(&$+",('-$.,-/(0%1,"!((

@@-@/! ([R!&K[RM!'JKLMJN!5PQMRS!JMR!WO! YPKJN! PX]WMKJUTR!VLR! KW!YJMPWLS! OJTKWMS!`[PT[! PUTNLVRS\!]WKRUKPJN! KW!

]MWYPVR!OJMX!JUV!WOOCOJMX!QJSRV!RX]NW_XRUK!KW! NJMZR!SRTKPWU!WO!K[R!]W]LNJKPWU\!LKPNPfJKPWU!WO!K[R!SWC

ZMRRU!RTWUWX_\!`[PT[!`WLNV!JNSW!JVV!KW!K[R!ZMRRU!TWYRM!WO!K[R!TWLUKM_\!JXWUZSK!WK[RMS/!!!

@@@/! ([R!XJaWM!]WNPT_!PUKRMYRUKPWUSEMRTWXXRUVJKPWUS!SLZZRSKRV!Q_!K[R!SLQCZMWL]!WU!&K[RM!'JKLMJN!5PQMRS!

JMR!JS!OWNNW`Sh!

=?/!([R! SLQCZMWL]! PS! PU! TWUSRUSLS! K[JK! K[R! ]WNPT_! PUKRMYRUKPWU! PU! K[R! OPMSK! ][JSR! WLZ[K! KW! QR!

NPXPKRV! KW! OPYR! WK[RM! UJKLMJN! OPQMRS\! YPf/\! 6JUJUJ! OPQMR\! 9PURJ]]NR! OPQMR\! ONJ^\! SPSJN! JUV!

>RX]E'RKKNR/!!

="/! -U!JVVPKPWU!KW!K[R!OPYR!OPQMRS!XRUKPWURV!PU!K[R!JQWYR!]WPUK\!K[RMR!JMR!J!ULXQRM!WO!WK[RM!UJKLMJN!

OPQMRS\! SLT[! JS! STMR`! ]PUR\! `JKRMC[_JTPUK[\! MJXPR\! ]JNX! NRJO! JUV! AWMJP! ZMJSS! `[PT[! JMR!

JYJPNJQNR! PU! -UVPJ! JUV! [JYR! YJMPRV! LSJZR! JTMWSS! VPOORMRUK! ]MWVLTK! TJKRZWMPRS/! -U! WMVRM! KW!

]MWXWKR! K[RSR! WK[RM! UJKLMJN! OPQMRS\! K[PS! SLQCZMWL]! MRTWXXRUVS! K[JK! BCNSTHG( DNPVK( KSVWU!

XJ_!QR!KJbRU!L]!KW!VRYPSR!]MWXWKPWUJN!XRT[JUPSXS!OWM!K[RX/!!

=0/! -UVPJ![JS!J!MPT[!YJMPRK_!WO!WK[RM!UJKLMJN!OPQMRS\![W`RYRM!VJKJ!JUV!PUOWMXJKPWU!WU!K[R!SJXR!PS!

UWK! MRJVPN_! JYJPNJQNR/! BPYRU! K[R! [LZR! ]WKRUKPJN! K[RSR! WK[RM! UJKLMJN! OPQMRS! [WNV! PU! KRMXS! WO!

VRXJUV!JUV! K[RPM!TWUKMPQLKPWU! KW! K[R!WYRMJNN!RTWUWXPT!ZMW`K[!WO! K[R!TWLUKM_\! K[R!SLQCZMWL]!

MRTWXXRUVS!J!CBSENCBI@IHXHI(PHCKVK!KW!ZJK[RM!R^[JLSKPYR!PUOWMXJKPWU!WU!WK[RM!UJKLMJN!OPQMRS!

PU!-UVPJ/!

=7/!([R! MRTWXXRUVJKPWUSE]WNPT_! PUKRMYRUKPWUS!SLZZRSKRV!Q_! K[R!SLQCZMWL]! OWM! K[R!SRNRTKRV! OPYR!

WK[RM!UJKLMJN!OPQMRS!PUTNLVRh!

J/! (W!RUSLMR!]MWXWKPWU!WO!K[R!OPYR!SRNRTKRV!WK[RM!UJKLMJN!OPQMRS\!K[R!SLQCZMWL]!]MW]WSRS!

0NPVK(0EFGH(0NPVK(!SBSH

OPQMR!`WLNV!QR!TJMMPRV!WLK!PU!J!SRNRTKRV!SKJKR/!([R!555*!J]]MWJT[!PS!S]RTPOPT!OWM!RJT[!

SRNRTKRV! OPQMR\! JS! ! K[R! SRNRTKRV! OPQMRSE]NJUKS! JMR! RPK[RM! JNMRJV_! TLNKPYJKRV! PU! NJMZR!

cLJUKPKPRS!H6JUJUJ!JUV!9PURJ]]NRI!WM!JMR!JYJPNJQNR\!QLK!UWK!TWXXRMTPJNN_!R^]NWPKRV!WM!

URRVS!KW!QR!]MWXWKRV!H*PSJN\!5NJ^\!>RX]!E!'RKKNRI/!6JSRV!WU! K[R!JQWYR!OJTKWMS\! K[R!

SRNRTKRV! OPQMRS! [JYR! QRRU! VPYPVRV! PUKW! K`W! ZMWL]S\! BMWL]! -! ! 6JUJUJ! OPQMR! JUV!

]PURJ]]NR! OPQMR! JUV!BMWL]! --C! *PSJN\! ONJ^\! [RX]EURKKNR! OWM! LUVRMKJbPUZ!XRJSLMRS! OWM!

K[RPM!WYRMJNN!VRYRNW]XRUK/!

!

P/! *[WMKCKRMX!SKMJKRZPRS!OWM!BMWL]!-!!

!! ([R!SLQCZMWL]!MRTWXXRUVS!K[JK!K[R!ZWYRMUXRUK!]MWYPVR!J!TJ]PKJN!SLQSPV_!WO!71d!

KW! K[R! PUVLSKMPJN! PUYRSKWMS! JS! JU! PUTRUKPYR! OWM! SRKKPUZ! L]! K[R! PUVLSKM_! KW! TWUSLXR!

!

!

!! ! 01"!

UJKLMJN! OPQMRS\! LUVRMKJbR! MRSRJMT[!JUV!VRYRNW]XRUK!JTKPYPKPRS! KW! RUSLMR! PX]MWYRV!

JUV! ROOPTPRUK! R^KMJTKPWU! JUV! ]MWTRSSPUZ! WO! K[R! OPQMRS\! LUVRMKJbR! J! 7C_RJM! ]PNWK!

VRYRNW]XRUK! WO! K[R! OPQMRS! JK! K[R! NWTJN! NRYRN/! ([R! NRJMUPUZ! OMWX! K[R! ]PNWK! ]MWaRTKS!

`WLNV!QR!MR]NPTJKRV!JK!J!]JUC-UVPJ!NRYRN/!

PP/! *[WMKCKRX!SKMJKRZPRS!OWM!BMWL]!--!

! 5WM! BMWL]! --! OPQMRS\! K[R! SLQCZMWL]! MRTWXXRUVS! LUVRMKJbPUZ! WO! MRSRJMT[! JUV!

VRYRNW]XRUK!]MWZMJXXRS!WU!MJ`!XJKRMPJN!MRSWLMTRS!OWM!QMRRVPUZ\!SKJUVJMVPfJKPWU!

WO! ULMSRM_! ]MJTKPTRS! JUV! OPQMR! R^KMJTKPWU! KRT[UPcLRS/! -K! JNSW! MRTWXXRUVS!

LUVRMKJbPUZ!J!7C

SRNRTKRV! SKJKR/!([R! NRJMUPUZ! OMWX! K[R! ]PNWK! ]MWaRTKS!`WLNV! QR! MR]NPTJKRV! JK! J! ]JUC

-UVPJ!NRYRN/!!

Q/! -U! JVVPKPWU! KW! K[R! JQWYR! K[R! SLQCZMWL]! [JS! MRTWXXRUV! J! ULXQRM! WO! WK[RM! ]WNPT_!

PUKRMYRUKPWUS!OWM!K[R!VRYRNW]XRUK!WO!BMWL]!-!G!--!OPQMRS/!([RSR!PUTNLVR!XRJSLMRS!OWMh!

PPP/! %J]JTPK_!QLPNVPUZEKMJPUPUZ!

PY/! %MRJKPWU!WO!URTRSSJM_!PUOMJSKMLTKLMR!

Y/! 2ZZMRSSPYR!PUKRMUJKPWUJN!XJMbRKPUZ!

YP/! 6MJUV!QLPNVPUZ!JUV!QMJUV!]MWXWKPWU!XRJSLMRS!

YPP/! 5PSTJN!XRJSLMRS!

YPPP/! )U[JUTR!TWX]RKPKPYRURSS!

T/! (W!JTTRNRMJKR!(>)!VRYRNW]XRUK!WO!BMWL]! -!JUV! --! OPQMRS\! K[R!SLQCZMWL]!]MW]WSRS!J!

[WNPSKPT!J]]MWJT[!LUVRM!PUKRMXRVPJKR!SKMJKRZ_!OWM!PUPKPJN!7!_RJMS/!([PS![WNPSKPT!J]]MWJT[!

PUTNLVRS! VRYRNW]XRUK! SKMJKRZPRS\! PVRUKPOPTJKPWU! JUV! KMJUSORM! WO! QRSK! ]MJTKPTRS\!

PX]NRXRUKJKPWU!WO!]MWZMJX\!VWTLXRUKJKPWU!JUV!SKJUVJMVPfJKPWU!WO!]MJTKPTRS!ZJPURV!PU!

K[R!PXXRVPJKR!SKMJKRZPRS!`[PT[!`PNN!OLMK[RM!]JYR!K[R!`J_!OWM!K[R!NWUZ!KRMX!XPSSPWU/!!

V/! 5WM!VRYRNW]XRUK!WO!K[RSR!OPQMRS!PU!K[R!NWUZCKRMX!K[R!SLQCZMWL]!]MW]WSRS!J!F'JKPWUJN!

&K[RM!'JKLMJN!5PQMRS!8PSSPWUF!KW!MR]NPTJKR!QRSK!]MJTKPTRS!HZJPURV!OMWX!K[R!5WTLS!5PQMR!

5WTLS! *KJKR! 2]]MWJT[I! WU! J! ]JU! -UVPJ! QJSPS! QJSRV! WU! K[R! TRUSLS! VJKJ! JUV! K[R!

OPUVPUZS! E! NRSSWUS! ZJPURV! OMWX! K[R! PUKRMXRVPJKR! SKMJKRZ_/! ([RMROWMR\! SLQCZMWL]!

]MW]WSRS!J!VRKJPNRV!SKLV_! KW!RYWNYR! K[R!WQaRTKPYRS\!SKMLTKLMR\! OWTLS\! OLUTKPWUPUZ!JUV!

K[R!PUKRMXRVPJKR!SKMJKRZ_/!!

(

!

!

!! ! 010!

1232',$)"%$-'./0%+!''&)",)%"R(

$/=/=/! 'JKLMJN!OPQMRS!TJU!QR!VROPURV!JS!QPWCQJSRV!OPQMRS!WM!OPQMRS!OMWX!YRZRKJQNR!JUV!JUPXJN!WMPZPU/!6JSRV!WU!

K[RPM!WMPZPU\!UJKLMJN!OPQMRS!TJU!JNSW!QR!TNJSSPOPRV!JS!TRNNLNWSPT!HOMWX!]NJUKSI!JUV!]MWKRPU!HOMWX!JUPXJNSI/!!

)^TNLVRV![RMR!JMR!XPURMJN! OPQMRS!SLT[!JS!JSQRSKWS! K[JK!WTTLM!UJKLMJNN_!QLK!JMR!UWK!QPWQJSRV/!&K[RM!

UJKLMJN!OPQMRS!JS!VROPURV!OWM!K[PS!]WNPT_!JMR!WO!]NJUK!WMPZPU\!TRNNLNWSPT!JUV!MRUR`JQNR/!

"MTEFES(84949*(#BSHYNGEHK(ND(CBSVGBI(DEFGHK(

!NVGPH( 0EFGH(

-CEJBI( 2N]JTJ\!2UZWMJ\!%JXRN![JPM\!%JS[XRMR\!%JKZLK\!%[PRUZWMJ\!4NJXJ\!8W[JPM\!9JS[XPUJ\!iPYPLK\!,JQQPK![JPM\!*PNb\!*PUR`\!*]PVRM!SPNb\!.WWN\!+PTLUJ\!<Jb!

)HYHSBFIH( 2QJTJ\!6JXQWW\!%WPM\!%WKKWU\!5NJ^\!>RX]\!eLKR\!ARUJO\!9PjJ\!,JOOPJ!]JNX\!,JXPR\!*PSJN\!.WWV\!6JUJUJ\!9PURJ]]NR!

!

(

$/=/?/! BNWQJNN_\! TWKKWU! PS! K[R! NJMZRSK! UJKLMJN! OPQMR! ]MWVLTRV! `PK[! JU! RSKPXJKRV! JYRMJZR! ]MWVLTKPWU! WO! ?7!

XPNNPWU!KWUURS!VLMPUZ!MRTRUK!_RJMS/!.WWN!JUV!aLKR!JTTWLUK!OWM!JMWLUV!?C"!XPNNPWU!KWUURS!WO!]MWVLTKPWU!

]RM! _RJM/! &K[RM! UJKLMJN! OPQMRS! JMR! ]MWVLTRV! PU! TWUSPVRMJQN_! SXJNNRM! YWNLXRS/! (MJVR! XJMbRKS! JUV!

R^]WMKS!WO!UJKLMJN!OPQMRS!SLT[!JS!SPSJN!JUV![RURcLRU\!aLKR\!bRUJO\!ONJ^!JUV![RX]![JYR!SRRU!J!VRTNPUR!

PU!K[R!]JSK!VRTJVRS\!`[PT[!PS!WOKRU!JKKMPQLKRV!KW!K[R!PUKMWVLTKPWU!WO!T[RJ]RM!S_UK[RKPT!SLQSKPKLKRS/!!

"MTEFES(8494<*("KSEJBSHW(YINFBI(LGNWVPSENC(XNIVJH(BXHGBYHK(ND(WEDDHGHCS(CBSVGBI(DEFGHK(ZEC(JEIIENC(JHSGEP(SNCCHK(LHG(UHBG(BXHGBYH(NXHG(STH(GHPHCS(UHBGK[(

0EFGH( 2EIIENC(SNCCHK( 2BEC(LGNWVPHG(PNVCSGEHK(

%WKKWU! ?7/11! %[PUJ\!3*2\!-UVPJ\!9JbPSKJU!

eLKR! ?/71! -UVPJ\!6JUZNJVRS[!

.WWN! ?/?1! 2LSKMJNPJ\!%[PUJ\!'R`!kRJNJUV!

5NJ^! 1/71! %[PUJ\!5MJUTR\!6RNZPLX\!6RNJMLS\!3bMJPUR!

ARUJO! 1/07! %[PUJ\!-UVPJ\!([JPNJUV!

%WPM! 1/07! -UVPJ\!*MP!4JUbJ!

*PSJN! 1/"1! 6MJfPN\!%[PUJ\!(JUfJUPJ\!ARU_J!

,JXPR! 1/=7! %[PUJ!

>RX]! 1/=1! %[PUJ!

!

!

!! ! 017!

"MTEFES(8494<*("KSEJBSHW(YINFBI(LGNWVPSENC(XNIVJH(BXHGBYHK(ND(WEDDHGHCS(CBSVGBI(DEFGHK(ZEC(JEIIENC(JHSGEP(SNCCHK(LHG(UHBG(BXHGBYH(NXHG(STH(GHPHCS(UHBGK[(

0EFGH( 2EIIENC(SNCCHK( 2BEC(LGNWVPHG(PNVCSGEHK(

2QJTJ! 1/=1! 9[PNP]]PURS\!)TLJVWM!

*PNb! 1/=1! %[PUJ\!-UVPJ!

AJ]Wb! 1/1"! -UVWURSPJ!

>RURcLRU! 1/1"! 8R^PTW!

/%,0$$1-*+'(,2(34$('"5#,'-&5(,*(*)3&%)6(2-7%$'(803,7$%(9::;(

!

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

1BCBCB(DEFGH(

$/=/"/! 6JUJUJ!PS!J!KMW]PTJN!TMW]/!([R!QJUJUJ!]SRLVW!SKRX!PS!J!XJaWM!SWLMTR!WO!QJUJUJ!OPQMR\!J!UJKLMJN!OPQMR!

`PK[! [PZ[! SKMRUZK[\! `[PT[! TJU! QR! RJSPN_! QNRUVRV! `PK[! TWKKWU! WM! WK[RM! S_UK[RKPT! OPQMRS! KW! ]MWVLTR!

QNRUVRV! OJQMPT! JUV! KR^KPNRS/! BPYRU! PKS! TWUSPVRMJQNR! SKMRUZK[\! K[R! QJUJUJ! OPQMR! PS! JNSW! LSRV! PU!

]MWVLTKPWU!WO![PZ[!cLJNPK_!SRTLMPK_ETLMMRUT_!]J]RM\!]JTbPUZ!TNWK[!OWM!JZMPTLNKLMR!]MWVLTR\!S[P]!KW`PUZ!

MW]RS\!`RK!VMPNNPUZ!TJQNRS\!JUV!WK[RM!J]]NPTJKPWUS/!9[PNP]]PURS!JUV!eJ]JU!JMR!LSPUZ!QJUJUJ!OPQMR!WU!J!

NJMZR!STJNR!OWM!TWXXRMTPJN!]MWVLTKPWU!WO!J!YJMPRK_!WO!KR^KPNR!PKRXS/!!

=BIJ(IHBD(

$/=/0/! 9JNXS!JMR!]RMRUUPJN!PU!UJKLMR!JUV!K[R!]JNX!NRJYRS!JMR!J!XJaWM!SWLMTR!WO!UJKLMJN!OPQMR/!&O!K[R!VPOORMRUK!

YJMPRKPRS\!K[R!XWSK!PX]WMKJUK!]JNX!NRJO!PS!9JNX_MJ!]JNX/!-K!PS!TWXXWUN_!TLNKPYJKRV!PU!-UVPJ\!*WLK[RJSK!

2SPJ\!8JNJ_SPJ!JUV!PUKRMXPKKRUKN_!PU!WK[RM!`JMX!MRZPWUS!PUTNLVPUZ!>J`JPP!JUV!*WLK[RMU!5NWMPVJ/!9JNX!

NRJO!OPQMR!PS!LSRV!KW!XJbR!MW]RS\!XJKS\!QMLS[RS\!OPS[!URKS\!QMWWXS\!JXWUZSK!WK[RMS/!!

!EKBI((

$/=/7/! *PSJN! PS! K[R! NRJO! OPQMR! WO! K[R! ]NJUK! 2ZJYR! SPSJNJUJ\! J! ]NJUK! `[PT[! TJU! `PK[SKJUV! R^KMRXR! TNPXJKPT!

TWUVPKPWUS\!ZMW`!PU!VMWLZ[K!]MWUR!JUV!LUTLNKPYJQNR\!JMPV!JUV!XWLUKJPUWLS!TWUVPKPWUS/!!([R!OPQMR! PS!J!

[JMV\!TWJMSR!OPQMR!`[PT[!PS!SKMWUZ\!VLMJQNR\!VWRS!UWK!JQSWMQ!XWPSKLMR!JUV!TJU!JTTR]K!J!`PVR!MJUZR!WO!

V_RS/! ! ([R!XJaWM! ]MWVLTRMS! JMR!6MJfPN\! (JUfJUPJ! JUV!ARU_J/!([R! OPQMR! [JS! ULXRMWLS!J]]NPTJKPWUS!

SLT[! JS! XJbPUZ! WO! K`PURS! JUV! MW]RS\! [JUVPTMJOKS\! ZRWKR^KPNRS\! S]RTPJNK_! ]J]RM\! OPNKRMS\! XJKKMRSSRS\!

TJM]RKS! JUV! `JNN! TWYRMPUZS! JUV! JS! MRPUOWMTRXRUK! PU! ]NJSKPT! TWX]WSPKR!XJKRMPJNS! JUV! OLMUPKLMR/! 6_C

!

!

!! ! 01$!

]MWVLTKS! OMWX! SPSJN! R^KMJTKPWU! TJU! QR! LSRV! OWM! XJbPUZ! QPWCZJS\! ][JMXJTRLKPTJN! PUZMRVPRUKS! JUV!

QLPNVPUZ!XJKRMPJN/!

+HJL(

$/=/$/! >RX]!OPQMR!PS!WQKJPURV!OMWX!K[R!QJSK!WO!K[R!]NJUK\!%JUUJQPS!SJKPYJ!4/!-K!ZMW`S!RJSPN_!KW!J![RPZ[K!WO!0!

XRKRMS! `PK[WLK! JZMWT[RXPTJNS! JUV! TJ]KLMRS! NJMZR! cLJUKPKPRS! WO! TJMQWU/! >RX]! OPQMR! PS! J! ZWWV!

TWUVLTKWM!WO![RJK/!-K!V_RS!`RNN\!MRSPSKS!XPNVR`\!WQSKMLTKS!LNKMJ!YPWNRK!H3+I!JUV![JS!UJKLMJN!JUKPCQJTKRMPJN!

]MW]RMKPRS/!5MJUTR\!BRMXJU_\!%[PUJ!JMR!JXWUZ!K[R!XJaWM!]MWVLTRMS/!9MWVLTKPWU!WO![RX]!PS!MRSKMPTKRV!

PU! SWXR! TWLUKMPRS\! `[RMR! PK! PS! TWUOLSRV! `PK[!XJMPaLJUJ/! >RX]! PS! LSRV! KW!XJbR! MW]R\! TJUYJS! JUV!

]J]RM\! PK! TJU!JNSW!QR!`WYRU! KW!XJbR! NPURUCNPbR! OJQMPT!LSRV! PU!TNWK[PUZ\![WXR! OLMUPS[PUZ! KR^KPNRS!JUV!

ONWWM!TWYRMPUZS/!-K!PS!JNSW!LSRV!KW!MRPUOWMTR!XWNVRV!K[RMXW]NJSKPTS!PU!K[R!JLKWXWQPNR!PUVLSKM_/!!

0IBM(

$/=/D/! 5NJ^! OPQMR! PS!WQKJPURV! OMWX!K[R!SKRXS!WO! K[R!]NJUK\!4PULX!LSPKJKPSSPXLX!JUV! PS!LSRV!XJPUN_! KW!XJbR!

NPURU/!5NJ^!OPQMR!NPbR!TWKKWU!PS!J!TRNNLNWSPT!]WN_XRM\![W`RYRM!TWX]JMRV!KW!TWKKWU\!PK!PS!SKMWUZRM\!TMPS]RM!

JUV!SKPOORM!KW![JUVNR/!-K!TJU!JNSW!JQSWMQ!JUV!MRNRJSR!`JKRM!cLPTbN_\!XJbPUZ!NPURU!TWXOWMKJQNR!KW!`RJM!PU!

[WK! `RJK[RM/! ([R! NRJVPUZ! ]MWVLTRMS! WO! ONJ^! OPQMR! JMR! 5MJUTR\! 6RNZPLX! JUV! K[R! 'RK[RMNJUVS/! &K[RM!

SPZUPOPTJUK! ]MWVLTRMS! JMR! %[PUJ\! 6RNJMLS! JUV! K[R! ,LSSPJU! 5RVRMJKPWU/! 2QWLK! D1d! WO! NPURU!

XJULOJTKLMRV! PS!LSRV! PU! K[R! KR^KPNR! PUVLSKM_\!`[PT[! PUTNLVRS! OJQMPTS\![PZ[!cLJNPK_![WLSR[WNV! KR^KPNRS/!

4W`RM!OPQMR!ZMJVRS!JMR!JNSW!LSRV!JS!MRPUOWMTRXRUK!JUV!OPNNRM!PU!K[RMXW]NJSKPT!TWX]WSPKRS/!

,BJEH(

$/=/:/! ,JXPR!OPQMR! PS!WQKJPURV!OMWX!K[R!SKRX!WO!MJXPR\!J!ONW`RMPUZ!]NJUK!WO! K[R!URKKNR!OJXPN_/!,JXPR!OPQMR! PS!

WUR!WO! K[R!SKMWUZRSK! UJKLMJN! OPQMRS\! PS!`[PKR! PU! TWNWM\!`PK[! J!SPNb_! NLSKRM\! [JS! NW`!RNJSKPTPK_!JUV!V_RS!

RJSPN_/!([R! MJXPR!]NJUK! PS!ZMW`U! OWM! OPQMR!XJPUN_! PU!%[PUJ\!6MJfPN\! K[R!4JW!9;,!JUV! K[R!9[PNP]]PURS/!

([R!_JMU!]MWVLTRV!OMWX!MJXPR!OPQMR!PS!SLPKJQNR!OWM!J!`PVR!MJUZR!WO!ZJMXRUKS/!-K!PS!LSLJNN_!QNRUVRV!`PK[!

WK[RM!KR^KPNR!OPQMRS/!-K!PS!JNSW!SLPKJQNR!OWM!XJbPUZ!K`PUR\!MW]R!JUV!URKS/!!

1BJFNN(

$/=/#/! 6JXQWW! OPQMR! PS! J! TRNNLNWSR! OPQMR! ]MWVLTRV! OMWX! QJXQWW! ]LN]! ]MWTRSSRV! OMWX! QJXQWW! TLNXS/!

6JXQWW!OPQMR!MRSRXQNRS!TWKKWU! PU!PKS!LUCS]LU!OWMX!JUV!PS!K[PUURM!K[JU![JPM/!-K! PS!SKMWUZ\!ONR^PQNR\!TJU!

QR!SWOKRM!K[JU!SPNb!`[RU!S]LU!PUKW!_JMU!JUV!JNSW![JS!UJKLMJN!JUKPCQJTKRMPJN!]MW]RMKPRS/!!6JXQWW!OPQMR!

[JS! ULXRMWLS! J]]NPTJKPWUS\! `[PT[! PUTNLVRS! TNWK[PUZ\! UWUC`WYRU! OJQMPT! HLSRV! PU! [_ZPRUR!XJKRMPJNSI\!

[WXR! OLMUPS[PUZ! JUV! XRVPTJN! KR^KPNRS/! -UVPJ\! %[PUJ! JUV! eJ]JU! JMR! JXWUZ! K[R! XJaWM! ]MWVLTRMS! WO!

QJXQWW!PU!K[R!`WMNV/!!

!

!

!! ! 01D!

ONGBE(YGBKK(

$/=/=1/! AWMJP! H!"#$%&'( #)*+,%$-.! PS! JU! JcLJKPT! ]RMRUUPJN! ]NJUK\! QRNWUZPUZ! KW! K[R!%_]RMLS! OJXPN_/! -K! TJU! QR!

]NPRV! PUKW! MW]RS! WO! YJMPWLS! K[PTbURSSRS\! `[PT[! JMR! K[RU! LSRV! KW!XJbR! VPOORMRUK! LKPNPK_! ]MWVLTKS! NPbR!

QJZS\!QPUS\!QW^RS\!RKT/!-K!PS!OWLUV!JQLUVJUKN_!PU!SWXR!]JMKS!WO!SWLK[!-UVPJ/!!

!PGHQ(LECH(

$/=/==/! *TMR`! ]PUR! OPQMR! PS! WQKJPURV! OMWX! K[R! NRJYRS! WO! K[R! STMR`! ]PUR! ]NJUK! H/)*1)*&'<+$*&'( )*1(

/)*1)*)0$)$(='0%$>(#-*$(2)5-6".?!([PS!KMW]PTJN!]NJUK!PS!]MPXJMPN_!OWLUV!PU!2OMPTJ\!9WN_URSPJ\!2LSKMJNPJ\!

*WLK[RMU! -UVPJ\!]RUPUSLNJM!*WLK[!)JSK!2SPJ\! -UVWURSPJ!JUV!.RSKRMU!'R`!BLPURJ\!%WTW! PSNJUVS\!*MP!

4JUbJ\!8_JUXJM!JUV!6JUZNJVRS[/!*TMR`!]PUR!NRJYRS!JMR!K`PURV\!PUKRMCNWW]RV\!`WYRU!JUV!QMJPVRV!KW!

XJbR!VPOORMRUK!]MWVLTKS!NPbR!XJKS\!QW^RS\![JKS\!QJZS\!RKT/!

RBSHG(+UBPECST(

$/=/=?/! .JKRM! [_JTPUK[! OPQMR! PS! KJbRU! OMWX! K[R! SKRXS! HSKJNbSI! WO! K[R! `JKRM! [_JTPUK[! ]NJUK! H@-044,%*-)(

0%)''-#$'I/! ! ([R! SKJNbS! WO! `JKRM! [_JTPUK[! H)PT[[WMUPJ! TMJSSP]RSI! JMR! J! YPJQNR! UJKLMJN! SWLMTR! WO!

JNKRMUJKPY

9[PNP]]PUR!(R^KPNR!,RSRJMT[!-USKPKLKR!H9(,-I/!([R!LSJZR!WO!`JKRM![_JTPUK[!YJMPRS!JTMWSS!TWLUKPRS/!<JMU!

WM!MW]R!XJVR!OMWX!K[PS!OPQMR!PS!LSRV!KW!XJbR!OLMUPKLMR\!QJSbRKS/!+PRKUJX!PS!XJaWM!R^]WMKRM!WO!OLMUPKLMR!

XJVR!WO!`JKRM![_JTPUK[/!

=ECHBLLIH(DEFGH(

$/=/="/! 9PURJ]]NR! OPQMR! PS! XJVR! OMWX! K[R! NRJYRS! WO! K[R! ]PURJ]]NR! ]NJUK! `[PT[! QRNWUZS! KW! K[R! OJXPN_! WO!

6MWXRNPJ/! 9PURJ]]NR! OPQMR! PS! XWMR! VRNPTJKR! PU! KR^KLMR! K[JU! JU_! WK[RM! YRZRKJQNR! OPQMRS/! -K! PS! `[PKR\!

TMRJX_!JUV!NLSKMWLS!JS!SPNb!OPQMR!JUV!PS!=1!KPXRS!JS!TWJMSR!JS!TWKKWU!JUV!K[R!OPQMR!TJU!RJSPN_!MRKJPU!

V_RS/!6MJfPN!JUV!([JPNJUV!JMR!K[R!NJMZRSK!]MWVLTRMS!WO!]PURJ]]NR!OPQMRS!PU!K[R!`WMNV/!9PURJ]]NR!OPQMR!PS!

LSRV!OWM!XJbPUZ!TNWK[!JUV!PS!JNSW!JK!KPXRS!TWXQPURV!`PK[!SPNb!WM!]WN_RSKRM!KW!TMRJKR!KR^KPNR!OJQMPTS/!

#NSSNC(

$/=/=0/! ([R!TWKKWU!OPQMR! PS!WQKJPURV!OMWX!K[R!TWKKWU!]NJUK\!J!YJMPRK_!WO!]NJUKS!WO! K[R!ZRULS!BWSS_]PLX/!! -K! PS!

JNXWSK! ]LMR! TRNNLNWSR\! JQSWMQS! XWPSKLMR! MRJVPN_/! ! *WOKURSS! JUV! QMRJK[JQPNPK_! JMR! PKS! WK[RM! XJaWM!

TMW]S/!([R!XJaWM!]MWVLTRMS!WO!TWKKWU!JMR!%[PUJ\!6MJfPN\!-UVPJ\!9JbPSKJU\!3*2!JUV!3fQRbPSKJU/!([RSR!

TWLUKMPRS!JTTWLUK!OWM!XWMR!K[JU!:1d!WO!K[R!KWKJN!]MWVLTKPWU!WO!TWKKWU/!2U!RSKPXJKRV!$1d!WO!K[R!TWKKWU!

OPQMR!PS!LSRV!JS!_JMU!JUV!K[MRJVS!PU!J!`PVR!MJUZR!WO!TNWK[PUZ/!-K!PS!JNSW!LSRV!KW!XJbR![WXR!OLMUPS[PUZS!

!

!

!! ! 01:!

JUV!PS!K[R!XWSK!TWXXWUN_!LSRV!OPQMR!PU!S[RRKS\!]PNNW`TJSRS\!KW`RNS!JUV!`JS[!TNWK[S/!-K!PS!JNSW!XJVR!

PUKW!S]RTPJNK_!XJKRMPJNS!SLPKJQNR!OWM!J!YJMPRK_!WO!J]]NPTJKPWUS/!!

\VSH(

$/=/=7/! eLKR! PS!R^KMJTKRV! OMWX! K[R!QJMb!WO! K[R!`[PKR! aLKR!]NJUK\!%WMT[WMLS!TJ]SLNJMPS!JUV! KW!J! NRSSRM!R^KRUK!

YRZRKJQNR!OPQMRS!JUV![JS![PZ[!PUSLNJKPUZ!JUV!JUKPCSKJKPT!]MW]RMKPRS\!XWVRMJKR!XWPSKLMR!MRZJPU!JUV!NW`!

K[RMXJN!TWUVLTKPYPK_/!eLKR!MJUbS!SRTWUV!PU!KRMXS!WO!]MWVLTKPWU/!!6JUZNJVRS[!JUV!-UVPJ!H.RSK!6RUZJNI!

JMR!K[R!XJPU!]MWVLTRMS!WO!aLKR!PU!K[R!`WMNV\!`PK[!8_JUXJM!JUV!'R]JN!]MWVLTPUZ!SXJNNRM!cLJUKPKPRS!WO!

aLKR/!&O!K[R!YJMPWLS!aLKR!]MWVLTKS!XJULOJTKLMRV\!SJTbPUZ!TWUKMPQLKRS!OWM!K[R!QLNb/!-U!JVVPKPWU\!aLKR!_JMU!

JUV!K`PURS!JMR!JNSW!LSRV!OWM![WLSR[WNV!KR^KPNRS/!-K!PS!JNSW!QRPUZ!QNRUVRV!`PK[!WK[RM!OPQMRS!JUV!LSRV!PU!

TLS[PWU! TWYRMS\! KW_S\! `JNN! [JUZPUZS\! NJX]! S[JVRS! JUV! S[WRS/! ! 3SR! WO! aLKR! PU! MPZPV! ]JTbJZPUZ! JUV!

MRPUOWMTRV!]NJSKPT!PS!PUTMRJSPUZ!JUV!PS!MR]NJTPUZ!`WWV!]LN]!JUV!]J]RM/!BRWKR^KPNRS!JMR!JNSW!XJVR!OMWX!

aLKR/!!

#NEG(

$/=/=$/! %WPM!PS!R^KMJTKRV!OMWX!K[R!KPSSLRS!SLMMWLUVPUZ!K[R!SRRV!WO!K[R!TWTWULK!]JNX!H%WTWS!ULTPORMJI!JUV!PS!WO!

K`W! K_]RS\!`[PKR!TWPM!JUV!QMWÙ!TWPM/!%WPM![JS!J![PZ[!TWUTRUKMJKPWU!WO! NPZUPU\!XJbPUZ! PK!SKMWUZRM!QLK!

NRSS!ONR^PQNR!K[JU!TWKKWU!JUV!LUSLPKJQNR!OWM!V_RPUZ/!-K![JS!ZWWV!MRSPSKJUTR!KW!XPTMWQPJN!JTKPWU!JUV!SJNK!

`JKRM!VJXJZR/! -UVPJ!JUV!*MP! 4JUbJ!JMR! K[R!XJaWM!]MWVLTRMS!WO! TWPM\!`[RMR! K[R!TWPM! PUVLSKM_! PS!`RNN!

VRYRNW]RV/! +PRKUJX\!9[PNP]]PURS\! -UVWURSPJ! JUV! 6MJfPN! JMR! K[R! WK[RM!XJaWM! ]MWVLTRMS! WO! TWPM! PU! K[R!

`WMNV/!.[PKR!TWPM!PS!LSRV!PU!K[R!XJULOJTKLMR!WO!MW]R!JUV!LSRV!KW!XJbR!OPS[PUZ!URKS\!`[PNR!QMWÙ!TWPM!PS!

LSRV!PU!SJTbPUZ\!QMLS[RS\!VWWMXJKS\!MLZS\!XJKKMRSSRS\!PUSLNJKPWU!]JURNS!JUV!]JTbJZPUZ/!!

"#&'&2%#(%2=&,$-'#"(&0('-$.,-/(0%1,"!(

"JLINUJHCS(

$/=/=D/! BNWQJNN_\! K[R! UJKLMJN! OPQMRS! PUVLSKM_! ]MWYPVRS! RX]NW_XRUK! KW!XPNNPWUS! WO! ]RW]NR\! NJMZRN_! SXJNN! STJNR!

HXJMZPUJNI! OJMXRMS!JUV!]MWTRSSWMS/! -UTWXR! OMWX! K[R! PUVLSKM_!TWUKMPQLKRS!SPZUPOPTJUKN_! KW! K[R! PUTWXR!

JUV!OWWV!SRTLMPK_!WO!K[R!]WWM!OJMXRMS!JUV!`WMbRMS!PU!OPQMR!PUVLSKMPRS/!-U!SWXR!TWLUKMPRS\!K[R!PUVLSKM_!PS!

WO!XJaWM! PX]WMKJUTR! KW! K[R!UJKPWUJN!RTWUWX_\! SLT[!JS!TWKKWU! PU! SWXR!2OMPTJU!TWLUKMPRS! ! TWKKWU! PS!

ZMWÙ!WU! K`W!XPNNPWU! OJMXS!RX]NW_PUZ! WYRM!=1!XPNNPWU!]RW]NR! PU!*LQC*J[JMJU!2OMPTJ\!`[PNR! PU!2SPJ\!

TWKKWU!PS!XJaWM!SWLMTR!WO!PUTWXR!OWM!SWXR!=11!XPNNPWU![WLSR[WNVS/!!([R!aLKR!PUVLSKM_!PU!6JUZNJVRS[!

-U! SWXR! TWLUKMPRS\! K[R! PUVLSKM_! PS! WO! NRSSRM! SPZUPOPTJUTR! JK! K[R! UJKPWUJN! NRYRN! QLK! PS! WO! ZMRJK! NWTJN!

!

!

!! ! 01#!

PX]WMKJUTR!`PK[PU!J!TWLUKM_/!5WM!R^JX]NR\!JN]JTJ!OPQMR!PU!K[R!2UVRS\!SPSJN!PU!'WMK[C)JSK!6MJfPN!JUV!aLKR!

PU!.RSK!6RUZJN\!-UVPJ/!

"CXEGNCJHCS(DGEHCWIU(

$/=/=:/! 'JKLMJN!OPQMRS!JMR!XWMR!RUYPMWUXRUK!OMPRUVN_!K[JU!S_UK[RKPT!OPQMRS!QWK[!PU!KRMXS!WO!]MWVLTKPWU!JUV!K[RPM!

VPS]WSJN/!3UNPbR!S_UK[RKPT!OPQMRS!`[PT[!JMR!NJMZRN_!]MWVLTRV!OMWX!TMLVR!WPN\!J!UWUCMRUR`JQNR!SWLMTR!WO!

RURMZ_\! UJKLMJN! OPQMRS! JMR! XJVR! WO! MRUR`JQNR! MRSWLMTRS/! 'JKLMJN! OPQMRS! JMR! TJMQWU! URLKMJNg! K[R_!

JQSWMQ! K[R! SJXR! JXWLUK! WO! TJMQWU! VPW^PVR! K[JK! K[R_! ]MWVLTR/! 2NSW\! K[R! `JSKRS! ]MWVLTRV! VLMPUZ!

]MWTRSSPUZ!WO!UJKLMJN!OPQMRS!JMR!XJPUN_!WMZJUPT!`JSKRS!JUV!MRSPVLRS!K[JK!TJU!QR!OLMK[RM!]MWTRSSRV!KW!

ZRURMJKR!RNRTKMPTPK_!WM!XJbR!RTWNWZPTJN![WLSPUZ!XJKRMPJN/!'JKLMJN!OPQMRS!JMR!TWX]NRKRN_!QPWCVRZMJVJQNR/!

'JKLM ??/!!

;LR! KW! K[R! A_WKW! ]MWKWTWN\! ZNWQJN! XJMbRKS! JMR! PU! K[R! ]MWTRSS! WO! KMJUSPKPWU! KW`JMVS! J! QPWCQJSRV!

RTWUWX_!WU!ZMRRU![WLSR!ZJS!MRVLTKPWU!JUV!TJMQWU!URLKMJN!]MWVLTKPWU/!!

2HWEPECBI(LGNLHGSEHK]THBISTU(PTNEPH(

$/=/=#/! 'JKLMJN! OPQMRS! ]MWYPVR! UJKLMJN! YRUKPNJKPWU! JUV! JNSW! J! ULXQRM! WO! UJKLMJN! OPQMRS! JNSW! [JYR! [RMQJN!

XRVPTPUJN!]MW]RMKPRS/!%WTWULK!OPQMRS!HTWPMI!LSRV!PU!XJKKMRSSRS![JS!J!UJKLMJN!MRSPSKJUTR!KW!OLUZLS!JUV!

XPKRS/!>RX]!OPQMR![JS!JUKPQJTKRMPJN!]MW]RMKPRS!JUV!SKLVPRS![JYR!S[W`U!K[JK!=11d!bUPKKRV!NPURU!PS!K[R!

XWSK![_ZPRUPT!KR^KPNR!OWM!QRV!S[RRKS?"/!>RX]!OPQMR!PS!MRTWXXRUVRV!OWM![WLSR[WNV!KR^KPNRS!Q_!%[PURSR!

STPRUKPSKS\!JS!K[R_!QRNPRYR!K[JK!PK![JS!J![PZ[!TJ]JTPK_!OWM!JQSWM]KPWU!WO!KW^PT!ZJSRS/!

'""?(0&,(-(0%1,"(=&/%#3(

$/=/?1/! -UVPJ! [JS! J! ]MRSRUTR! WO! J! ULXQRM! WO! WK[RM! UJKLMJN! OPQMRS! [W`RYRM! K[R! SJXR! [JYR! UWK! QRRU! OLNN_!

TWXXRMTPJNN_! R^]NWPKRV/! -UVPJ! VWRS! UWK! [JYR! J! SPZUPOPTJUK! ]MRSRUTR! PU! WK[RM! UJKLMJN! OPQMRS\! K[WLZ[!

MJXPR\!ONJ^\!NPURU!JMR!LSRV!Q_!-UVPJU!KR^KPNR!PUVLSKM_/!4RJO!OPQMRS!SLT[!JS!JZJYR!HSPSJNI!JUV!OMLPK!OPQMRS!

SLT[!JS!TWTWULK!JUV!]JNX!JUV!QJUJUJ!JUV!]PURJ]]NR! OPQMRS!JMR!_RK!JUWK[RM!ZMWL]!WO!UJKLMJN! OPQMRS!

K[JK! [JYR! [LZR! ]WKRUKPJN/! ([R! %[PURSR! KR^KPNR! PUVLSKM_! LSRS! J! ULXQRM! WO! UJKLMJN! OPQMRS/! %[PUJ!

]MWVLTRS!J![LZR!JXWLUK!WO!UJKLMJN! OPQMRSg![W`RYRM! PK! SKPNN! URRVS! KW! PX]WMK!ZMRJK!cLJUKPKPRS!WO! OPQMRS!

SLT[!JS!ONJ^!HJZMPTLNKLMJN!]MWVLTKPWU!WO!ONJ^!PU!%[PUJ!TJU!WUN_!SL]]N_!JMWLUV!01d!WO!K[R!MJ`!XJKRMPJNS!

KW!K[R!OJTKWMPRSI!KW!XRRK!K[R!VRXJUV!OMWX!PKS!KR^KPNR!PUVLSKM_/!9[PNP]]PURS![JS!VRYRNW]RV!K[R!]PURJ]]NR!

PUVLSKM_!`RNN\!`[PNR!ARU_J!JUV!(JUfJUPJ![JYR!VRYRNW]RV!K[RPM!SPSJN!OPQMR!PUVLSKM_/!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!??! 9MRSRUKJKPWU! WU! -UKRMUJKPWUJN! <RJM! WO! 'JKLMJN! 5PQMRS! JUV! 5WWV! *RTLMPK_! ! KMRUVS\! PSSLRS! JUV!T[JNNRUZRS!?"!-UKRMUJKPWUJN!<RJM!&O!'JKLMJN!5PQMRS!

!

!

!! ! 0=1!

$/=/?=/! ([R!UJKLMJN!OPQMRS!PUVLSKM_![JS!OJTRV!PUTMRJSRV!TWX]RKPKPWU\!SPUTR!K[R!VRYRNW]XRUK!WO!S_UK[RKPT!OPQMRS!

PU!=#$1S/!([R!MRTRUK!ZNWQJN!RTWUWXPT!SNW`VW`U![JS!JVYRMSRN_!JOORTKRV!K[R!VRXJUV!OWM!WK[RM!UJKLMJN!

OPQMRS/!BPYRU!K[JK!K[PS!PUVLSKM_!]MWYPVRS!RX]NW_XRUK!KW!XPNNPWUS!WO!]RW]NR!PU!K[R!TWLUKM_\!RS]RTPJNN_!K[R!

SXJNN!STJNREXJMZPUJN!OJMXRMS!JUV!]MWTRSSWMS\!XRJSLMRS!URRV!KW!QR!LUVRMKJbRU!KW!RUSLMR!ZMW`K[!OWM!

K[R!PUVLSKM_!PU!K[R!XRVPLX!KW!NWUZ!KRMX!]RMPWV/!!

$/=/??/! ([R!UJKLMJN!OPQMRS!PUVLSKM_!OJTRS!K[R!T[JNNRUZR!WO!VRYRNW]PUZ!JUV!XJPUKJPUPUZ!XJMbRKS!`[RMR!K[R_!TJU!

TWX]RKR!ROORTKPYRN_!`PK[!S_UK[RKPTS/!;R]RUVPUZ!WU!K[R!OPQMR\!K[PS!TWLNV!PUYWNYR!VROPUPUZ!JUV!]MWXWKPUZ!

XJMbRK!UPT[RS\!`[PNR! PU! SWXR!TJSRS\!QJSPT!,G;!`WLNV!QR! MRcLPMRV! KW!VRYRNW]!UR`! KRT[UWNWZPRS! KW!

OJTPNPKJKR! K[R!LSR!WO!UJKLMJN! OPQMRS! PU!UR`!J]]NPTJKPWUS\!`[RMR! K[RPM!UJKLMJN!JVYJUKJZRS!JNNW`! K[RX!KW!

TWX]RKR!ROORTKPYRN_!`PK[!S_UK[RKPTS/! -U!JVVPKPWU! KW! K[R!JQWYR!ZRURMJN! PSSLRS\! K[RMR!JMR!SRYRMJN!WK[RM!

PSSLRS!K[JK!K[R!UJKLMJN!OPQMR!PUVLSKM_!PS!TLMMRUKN_!OJTPUZ\!`[PT[!MRcLPMR!PXXRVPJKR!JKKRUKPWU!JUV!JTKPWU/!

([PS!]WNPT_!JKKRX]KS!KWESLZZRSKS!`J_SEXRJSLMRS!KW!]MWYPVR!K[RSR!OJTPNPKPRS!KW!K[R!WK[RM!UJKLMJN!OPQMRS!

PUVLSKM_!bRR]PUZ!PU!YPR`!K[R!MRZLNJKWM_!MRcLPMRXRUKS!JKKJT[RV!K[RMR`PK[/!!

$/=/?"/! -U!JVVPKPWU\!K[RMR!PS!J!URRV!KW!RNJQWMJKR!WU!K[R!TWUTRMKRV!PUKRMYRUKPWUS!PU!]WNPT_!JMRJS!OWM!JLZXRUKPUZ!

PUYRSKXRUK\! SL]]WMK! XRT[JUPSXS! WU! QWK[! OPSTJN! JUV! UWUCOPSTJN! OMWUK\! KW! JKKJPU! K[R! ZMW`K[! JUV!

TWX]RKPKPYRURSS!WO!K[PS!NJQWLM!PUKRUSPYR!XJULOJTKLMPUZ!SRTKWM/!2NSW\!J!XRT[JUPSX!URRVS!KW!QR!VROPURV!

`[PT[! OJTPNPKJKRS! K[R! MRcLPMRV! OPQMR!JYJPNJQPNPK_! KW!XRRK! K[R!ZMW`K[! KJMZRKS!WO! K[R! KR^KPNRS!G!ZJMXRUKS!

SRTKWM/!!

$/=/?0/! ([R!]WNPT_!PS!PUKRUVRV!KW!]MWYPVR!K[R!URTRSSJM_!QJNJUTR!QRK`RRU!K[R!PUPKPJKPYRS!WO!K[R!]MWVLTRMS!JUV!

K[R!QRUROPKS!WO!K[R!TWUSLXRMS\!JTMWSS!K[R!YJMPWLS!SRZXRUKS!WO!K[R!SRTKWM/!([RMR!PS!J!URRV!KW!PX]MWYR!

K[R! WYRMJNN! OLUTKPWUPUZ! WO! K[R! UJKLMJN! OPQMR! PUVLSKM_! Q_! PX]MWYPUZ! K[R! KRT[UWNWZ_\! JUV! OJSKRUPUZ! K[R!

XJULOJTKLMPUZ!]MWTRSS!JNWUZ!`PK[!JPVPUZ!K[R!]MWYPSPWUPUZ!WO!JUTPNNJM_!OJTPNPKPRS/!!

(

!

!

!! ! 0==!

1242'5%+!+,)'!)$)"!'(.'()*+%',$)"%$-'./0%+!'$/?/=/! ([R!RJMNPRM!T[J]KRM!VPSTLSSRS! PU!QMPRO!WU!=0!WK[RM!UJKLMJN! OPQMRS/!([PS!T[J]KRM!`WLNV!]MWYPVR! OLMK[RM!

PUSPZ[KS!WU!=1!WO! K[R!=0!UJKLMJN! OPQMRS!TWUSPVRMRV!PU!K[R!RJMNPRM!T[J]KRM/!([RMR!JMR!WK[RM!SLQCZMWL]S!

`WMbPUZ!WU!K[R!UJKLMJN!OPQMRS\!TWKKWU\!aLKR!JUV!`WWN/!-U!JVVPKPWU\!`WMb!WU!QJXQWW!PS!QRPUZ!LUVRMKJbRU!

!

1-'-'-(0%1,"((

$/?/?/!

JUV! OWM!WK[RM!]LM]WSRS! PS!J! MRNJKPYRN_!UR`!TWUTR]K! PU! -UVPJ/!2QJTJ! OPQMR!`[PT[!QRNWUZS! KW! K[R!SJXR!

OJXPN_! JS! QJUJUJ! OPQMR! PS! QRPUZ! LSRV! SLTTRSSOLNN_! PU! 9[PNP]]PURS! SPUTR! VRTJVRS! JUV! [RUTR! PS! JNSW!

JNSW! TLNKPYJKRV! PU! )TLJVWM! JUV! WK[RM! *WLK[RJSK! 2SPJU! TWLUKMPRS/! 2NWUZ! `PK[! -UVPJ\! K[R! WK[RM! XJaWM!

QJUJUJ!]MWVLTPUZ!TWLUKMPRS! PU! K[R!`WMNV!JMR!%[PUJ\!6MJfPN\!)TLJVWM!JUV! -UVWURSPJ/! 9[PNP]]PURS!JUV!

eJ]JU!JMR! K[R!XJaWM!QJUJUJ! OPQMR!]MWVLTPUZ!TWLUKMPRS! OWM! NJMZR!STJNR!XJULOJTKLMPUZ!WO! KR^KPNR! PKRXS!

XJVR!OMWX!QJUJUJ!OPQMR/!!

=-/2(/"-0((

$/?/"/! 9JNX!NRJYRS!HSWLMTR!WO!OPQMRI!JMR!WO!VPOORMRUK!K_]RS\!]PUUJKR\!]JNXJKR\!QPC]PUUJKR!JUV!RUKPMR/!([R!XWSK!

PX]WMKJUK!RTWUWXPT!]JNX!`PK[!]JNXJKR!NRJYRS!PS!K[R!9JNX_MJ!]JNX!HA,%)''&'(26)7$66-2$%I/!-U!-UVPJ!PK!PS!

TLNKPYJKRV! JS! J! `PUVQMRJb! WU! K[R! ]NJPUS! PU! -UVPJ/! &MPSSJ! [JS! JQLUVJUK! ULXQRM! WO! ]JNX! KMRRS\!

JTTWLUKPUZ! OWM! JMWLUV! =7C?1d! ]MW]WMKPWU! WO! KWKJN! ]JNX! KMRRS! PU! K[R! TWLUKM_/! 9JNX! OPQMR! PS! QRPUZ!

R^]WMKRV! KW!3*\!3A\!6RNZPLX\!9[PNP]]PURS\!eJ]JU\!BRMXJU_\!2LSKMJNPJ!JUV!'RK[RMNJUVS!Q_! K[R!(JXPN!

'JVL!*KJKR!9JNXZLM!JUV!5PQMR!8JMbRKPUZ!%WW]RMJKPYR!5RVRMJKPWU!JUV!R^]WMKRMS! OMWX!([LK[LbLVP! PU!

(JXPN!'JVL/!!

!%!-/((

$/?/0/! *PSJN! PUVLSKM_! PU! -UVPJ! PS! NJMZRN_! LUWMZJUPSRV/! *PSJN! PS! XJPUN_! ZMW`U! PU! JMPV! JUV! SRXPCJMPV! MRZPWUS!

JTMWSS! K[R!YJMPWLS!SKJKRS! PU! K[R!TWLUKM_/! -UVPJ! PS! K[R!?UV! NJMZRSK! PX]WMKRM!JUV!7K[! NJMZRSK!R^]WMKRM!WO!

SPSJN! PU! K[R! `WMNV/! -UVPJ! R^]WMKRV! "0=! KWUURS! WO! SPSJN! YJNLRV! JK! 3*l! =/""!XPNNPWU! PU! ?11D\! `[PNR! PK!

PX]WMKRV!=\#7=!KWUURS!WO!SPSJN!YJNLRV!JK!3*l!?/""!XPNNPWU!PU!?11D/!BNWQJN!]MWVLTKPWU!WO!SPSJN!OPQMR![JS!

QRRU! JMWLUV! 1/"! XPNNPWU! KWUURS/! 9MWVLTKPWU! TJXR! VW`U! OMWX! ?D1\711! KWUURS! PU! ?11$! KW! JMWLUV!

?0D\:11!KWUURS!PU!?11:/!!-U!KRMXS!WO!cLJUKPK_\!6MJfPN! PS!K[R!NJMZRSK!R^]WMKRM!WO!SPSJN!OPQMR!PU!K[R!`WMNV!

!

!

!! ! 0=?!

`PK[! YWNLXRS!WO!JMWLUV!7?\$11! KWUURS/!)^]WMKS! OMWX!6MJfPN! VMW]]RV!VMJSKPTJNN_! KW!?D\=11! KWUURS! PU!

?11:/!

%'?.!$,%-/(+"2=(

$/?/7/! BNWQJN!]MWVLTKPWU!WO![RX]! PS!RSKPXJKRV! KW!QR!JMWLUV!1/=!XPNNPWU! KWUURS!H]RM!_RJM!JYRMJZR!WYRM! K[R!

MRTRUK! _RJMSI/! )LMW]R! JUV! %[PUJ! JMR! K[R! XJaWM! [RX]! ]MWVLTPUZ! MRZPWUS! PU! K[R! `WMNV/! >RX]! PS!

]MPXJMPN_!TLNKPYJKRV!WUN_!PU!SWXR!VPSKMPTKS!PU!3KKJMJb[JUV\!AJS[XPM!JUV!(MJYJUTWMR/!%LMMRUKN_\!-UVPJ!PS!

UWK!SKMWUZN_!]MRSRUK!PU!K[R!XJ]!WO![RX]!]MWVLTPUZ!TWLUKMPRS/!!

0/-^((

$/?/$/! BNWQJN!ONJ^!OPQMR!JUV!KW`!]MWVLTKPWU!VMW]]RV!KW!JMWLUV!1/7C1/$!XPNNPWU!KWUURS!VLMPUZ!?11$C?11D!OMWX!

JMWLUV! =/1=! XPNNPWU! KWUURS! VLMPUZ! K[R! ]MRTRVPUZ! K`W! _RJMS/! 9MWVLTKPWU! MRTWYRMRV! KW! 1/#0! XPNNPWU!

KWUURS! PU! ?11:/! %[PUJ! [JS! RXRMZRV! JS! K[R! QPZZRSK! ]MWVLTRM! WO! ONJ^! OPQMR! G! KW`\! PK! MRZPSKRMRV!

]MWVLTKPWU! WO! 1/$?!XPNNPWU! KWUURS! PU! ?11:/!(MJVR! PU! ONJ^! JNSW!`PKURSSRV!VRTNPURS! VLMPUZ! ?110C?11D/!

)^]WMKS! VMW]]RV! OMWX! 1/?7!XPNNPWU! KWUURS! VLMPUZ! ?110! KW! 1/?!XPNNPWU! KWUURS! PU! ?11D\! `[PNR! PX]WMKS!

VMW]]RV! OMWX! 1/??! XPNNPWU! KWUURS! PU! ?110! KW! 1/=:! XPNNPWU! KWUURS! PU! ?11D/! 5NJ^! OPQMR! JTTWLUKS! OWM!

JMWLUV!?d!WO!K[R!]MWVLTKPWU!WO!UJKLMJN!OPQMRS!PU!YWNLXR!KRMXS/!!

,-2%"((

$/?/D/! BNWQJN!]MWVLTKPWU!WO!MJXPR!OPQMR!PS!RSKPXJKRV!KW!QR!JMWLUV!1/=7!XPNNPWU!KWUURS!H]RM!_RJM!JYRMJZR!WYRM!

K[R!MRTRUK!_RJMSI/!,JXPR!OPQMR!JTTWLUKS!OWM!JMWLUV!1/:d!WO!K[R!]MWVLTKPWU!WO!UJKLMJN!OPQMRS!PU!YWNLXR!

KRMXS!JUV!JMWLUV!1/7d! PU! KRMXS!WO! YJNLR/!%[PUJ! PS! K[R!QPZZRSK!]MWVLTRM!WO! MJXPR! OPQMR! OWNNW`RV!Q_!

6MJfPN!JUV!9[PNP]]PURS/!,JXPR!]MPTRS!JMR!S[W`PUZ!JU!PUTMRJSPUZ!KMRUV!VLR!KW!PKS!]W]LNJMPK_!JUV!NPXPKRV!

SL]]N_! PU! PUKRMUJKPWUJN!XJMbRKS/! -UVPJ![JS!XJU_!YJMPRKPRS!WO! MJXPR!JUV! PS! OWLUV!JTMWSS!J!ULXQRM!WO!

UWMK[CRJSKRMU!SKJKRS\!3KKJMJb[JUV!JUV!>PXJT[JN!9MJVRS[/!>W`RYRM\!MJXPR!PS!TWXXRMTPJNN_!]MWVLTRV!

WUN_!PU!SWXR!]JMKS!WO!2SSJX\!'WMK[!6RUZJN!JUV!8J[JMJS[KMJ!PU!K[R!TWLUKM_/!

O&,-%(A,-!!((

$/?/:/! AWMJP!H2U!JcLJKPT!RTWS_SKRX!PS!JU!RTWS_SKRX!NWTJKRV!PU!J!QWV_!WO!`JKRM/!%WXXLUPKPRS!WO!WMZJUPSXS!

K[JK! JMR! VR]RUVRUK! WU! RJT[! WK[RM! JUV! WU! K[RPM! RUYPMWUXRUK! NPYR! PU! JcLJKPT! RTWS_SKRXS///%_]RMLS!

]JUZWMRPI! ZMW`S! PU! XJMS[RS! JUV! `RK! NJUVS! XJPUN_! URJM! MPYRMS! JUV! NJbRS/! -K! PS! ZMRRU! PU! TWNWM! JUV!

UWMXJNN_! ZMW`S! KW! J! [RPZ[K! WO! =C"! ORRK! JUV! TJU! ZMW`!L]! KW! 7! ORRK! PU! R^TRNNRUK! TWUVPKPWUS/! -K! PS! JNSW!

!

!

!! ! 0="!

2UV[MJ!9MJVRS[\!WK[RMSI/!([R!TLNX! HSKRXI!WO!bWMJP! PS! ONR^PQNR!JUV!]NPJQNR!JUV! PO! SWJbRV! PU!`JKRM! PKS!

]NPJQPNPK_! PUTMRJSRS/! BPYRU! PKS! ]NPJQNR! T[JMJTKRM\! K[R! ZMJSS! TJU! QR! ]NPRV! PUKW! MW]RS! WO! YJMPWLS!

K[PTbURSSRS\!`[PT[! JMR! K[RU! LSRV! KW!XJbR! VPOORMRUK! LKPNPK_! ]MWVLTKS! NPbR! QJZS\! QPUS\! QW^RS\! RKT/! 5WM!

XJbPUZ!XJKS\! bWMJP! PS! SNPTRV! JUV! OLMK[RM! ]MWTRSSRV/! ([R! ZMJSS! PS! JNSW! V_RV! KW! ZPYR! JU! PUKRMRSKPUZ!

TWXQPUJKPWU! WO! TWNWMS/! ([R_! JMR! JNSW! LSRV! OWM! K[JKT[PUZ\! ORUTPUZ\! ]WK]WLMMP! JUV! ]RMOLXRM_/! *WXR!

S]RTPRS!JNSW![JYR!XRVPTPUJN!]MW]RMKPRS\!`[PNR!WK[RMS![JYR!K[R!]WKRUKPJN!OWM!LSR!PU!RMWSPWU!TWUKMWN!JUV!

SJUV!SKJQPNPfJKPWU/!!

!#,"R(=%'"(

$/?/#/! *TMR`! ]PUR! ]NJUK! PS! OWLUV! JQLUVJUKN_! PU! ARMJNJ\! (JXPN! 'JVL\! &MPSSJ\! 2UVJXJU! JUV! 'PTWQJM/! ([R!

TWXXRMTPJN! R^]NWPKJKPWU! PS! VWUR! XJPUN_! PU! VPOORMRUK! ]JMKS! WO! &MPSSJ\! (JXPN! 'JVL\! ARMJNJ\! 2UV[MJ!

9MJVRS[\!.RSK!6RUZJN!JUV!3KKJM!9MJVRS[/!5WM!R^KMJTKPUZ!K[R!OPQMR\!K[R!STMR`!]PUR!NRJYRS!JMR!TLK!`PK[!

J!bUPOR!JUV!K[R!K[WMUS!OMWX!K[R!SPVRS!JMR!MRXWYRV/!%NRJURV!NRJYRS!JMR!VPYPVRV!PUKW!K`W![JNYRS!`PK[WLK!

VPSKLMQPUZ!K[R!WMPZPUJN!NRUZK[!WO!K[R!NRJYRS!JUV!K[R_!JMR!QWPNRV/!2OKRM!K[JK\!K[R_!JMR!bR]K!PU!OMRS[!`JKRM!

WYRMUPZ[K!JUV!K[R!NRJYRS!JMR!NJKRM!VMPRV/!2OKRM!VM_PUZ!K[R!NRJYRS!QRTWXR!PYWM_!PU!TWNWLM!JUV!JMR!MRJV_!

OWM!OPQMR!R^KMJTKPWU/!!

R-$",(+3-#%'$+(

$/?/=1/! .JKRM![_JTPUK[!PS!JYJPNJQNR!JTMWSS!JNN!K[R!]JMKS!WO!K[R!`WMNV/!-K!PS!ZRURMJNN_!TWUSPVRMRV!JS!JU!RTWNWZPTJN!

[JfJMV/!>W`RYRM\!PK!JNSW!OPUVS!VPYRMSR!J]]NPTJKPWUS!PU!YJMPWLS!TWLUKMPRS/!<JMU!WM!MW]R!HXJVR!WO!.JKRM!

[_JTPUK[!OPQMRI!PS!LSRV!KW!XJbR!OLMUPKLMR!PU!6JUZNJVRS[!JUV!QJSbRKS!PU!K[R!9[PNP]]PURS/!!.JKRM![_JTPUK[!

[JS! JNSW! QRRU! LSRV! OWM! `JKRM! ]LMPOPTJKPWU! JS! PK! TJU! JQSWMQ! [RJY_!XRKJNS\! WMZJUPT! TWX]WLUVS! JUV!

]JK[WZRUS!OMWX!`JKRM/!-U!*WLK[!)JSK!2SPJ\!`JKRM![_JTPUK[!PS!LSRV!JS!JUPXJN!OWVVRM!KW!ORRV!NPYRSKWTb/!-K!

PS!XP^RV!`PK[! WMZJUPT!XLUPTP]JN!`JSKR\! JS[!JUV! SWPN\!XJULMR! JUV! SWNV! KW! NWTJN! OJMXRMS! JUV!XJMbRK!

ZJMVRURMS!PU!*MP!4JUbJ/!-K!PS!JNSW!LSRV!PU!SXJNNCSTJNR!TWKKJZR!PUVLSKM_!]J]RMXJbPUZ!]MWaRTKS!PU!YJMPWLS!

TWLUKMPRS!NPbR!9[PNP]]PURS\!-UVWURSPJ\!JUV!-UVPJ/!!

$/?/==/!

LUVRMKJbPUZ!SKLVPRS!WU!LSR!WO!`JKRM![_JTPUK[!OPQMR!JS!J!MJ`!XJKRMPJN! OWM! K[R!XJULOJTKLMR!WO!TNWK[PUZ!

JUV!OJQMPTS/!.JKRM![_JTPUK[!PS!S]MRJV!JNXWSK!JNN!WYRM!K[R!TWLUKM_/!-U!-UVPJ!K[PS!`RRV!`JS!PUKMWVLTRV!PU!

=:#$!JS!JU!WMUJXRUKJN!]PRTR!JK! K[R!QWKJUPTJN!ZJMVRU! PU!6RUZJN/! -UVPJ![JS!UWK!_RK! OLNN_!R^]NWMRV!K[R!

]WKRUKPJN!WO! K[PS!]NJUK!R^TR]K! OWM!SWXR!ZMWL]S! PU!*WLK[! -UVPJ/! -U! -UVPJ\!`JKRM![_JTPUK[! PS! KMJVPKPWUJNN_!

LSRV!OWM!XJULOJTKLMPUZ!]J]RM!HLUVRM!TWKKJZR!PUVLSKM_I\!QJSbRKS\!JUV!XJKKPUZ!JUV!OWM!JUPXJN!OWVVRM/!-K!

PS!JNSW!LSRV!JS!YRMXPCTWX]WSK!PU!SWXR!]JMKS!WO!K[R!TWLUKM_/!!!

!

!

!! ! 0=0!

=%'"-==/"(0%1,"((

$/?/=?/! BNWQJN!]MWVLTKPWU!WO!]PURJ]]NR!`JS!JMWLUV!=#!XPNNPWU! KWUURS! PU!?11:/!9MWVLTKPWU!WO!]PURJ]]NR!MWSR!

OMWX!=$/$!XPNNPWU! KWUURS! PU!?110! KW!JMWLUV!?=!XPNNPWU! KWUURS! PU!?11D/!9MWVLTKPWU!VRTNPURV! PU!?11:/!

9PURJ]]NR!]NJUKS!JMR! NJMZRN_!ZMW`U!PU!KMW]PTJN!2XRMPTJ!PU!5JMC)JSK!2SPJU!TWLUKMPRS!JUV!2OMPTJ/!6MJfPN!

JTTWLUKRV! OWM! JMWLUV! ="d\! `[PNR! ([JPNJUV! JUV! 9[PNP]]PURS! JTTWLUKRV! OWM! JMWLUV! =?d! WO! ZNWQJN!

]PURJ]]NR!]MWVLTKPWU!VLMPUZ!?11:/!-U!9[PNP]]PURS!JUV!(JP`JU\!K[R!]PURJ]]NR!]NJUK!PS!NJMZRN_!LSRV!JS!J!

SWLMTR!WO!OPQMR/!-U!-UVPJ\!JNSW!K[R!]PURJ]]NR!]NJUK!PS!LSRV!JS!J!SWLMTR!WO!OPQMR/!-U!5<1:\!-UVPJ!]MWVLTRV!

=/?!XPNNPWU! KWUURS!WO!]PURJ]]NR!JUV! K[R!XJaWM!]PURJ]]NR!]MWVLTPUZ!SKJKRS! PU! -UVPJ!JMR!.RSK!6RUZJN\!

2SSJX\!AJMUJKJbJ\!6P[JM\!(MP]LMJ!JUV!ARMJNJ/!

!

!

!

!! ! 0=7!

1262'5()+,)/$-'./0%+!'$/"/=/! &O!K[R!KRU!WK[RM!UJKLMJN!OPQMRS!SKLVPRV!PU!K[R!RJMNPRM!SRTKPWU\!OPYR!OPQMRS![JYR!QRRU!PVRUKPOPRV!`[PT[![WNV!

ZMRJK!]WKRUKPJN/!([RSR!OPQMRS![JYR!QRRU!VPSTLSSRV!PU!VRKJPN!PU!K[PS!T[J]KRM/!([R!MJKPWUJNR!OWM!T[WPTR!WO!

K[RSR!OPQMRS!PS!JS!OWNNW`Sh!

! .KH(EC(SHMSEIH(KHYJHCS*(([R!]MPXJM_!TMPKRMPWU!OWM!K[R!SRNRTKPWU!PS!K[R!OPQMRS!S[WLNV!QR!LSRV!PU!

K[R!KR^KPNR!PUVLSKM_!HTWUYRMKPQPNPK_!PUKW!KR^KPNRSI/!(

! "BKU(BXBEIBFEIESU*(([RSR!OPQMRSE]NJUKS!JMR!TLNKPYJKRV! PU!-UVPJ! PU!OJPMN_!JQLUVJUK!cLJUKPK_\!JUV!

K[RMROWMR! JMR! MRNJKPYRN_! RJSPRM! KW! R^]NWPK! OWM! TWXXRMTPJN! ]LM]WSR/! )^JX]NRSC! 6JUJUJ\!

9PURJ]]NR(

! +EYT( YGNQST( LNSHCSEBI*( ([R! SRNRTKRV! OPQMRS! JMR! TLMMRUKN_! QRPUZ! PX]WMKRV! PUKW! -UVPJ! PU! J!

MRJSWUJQN_! SPZUPOPTJUK! JXWLUK/! ([LS\! K[PS! SPZUPOPRS! VWXRSKPT! VRXJUV! OWM! K[RSR! OPQMRS\! JUV!

MR]NJTRXRUK!WO!K[R![PZ[!PX]WMKS!PS!JU!W]]WMKLUPK_/!)^JX]NRSC!5NJ^!JUV!*PSJN/(

! 'HVSGBIESU( SN( NSTHG( PGNLK*(([RSR! TMW]S! JMR! JNMRJV_! QRPUZ! NJMZRN_! ZMW`U\! JUV! K[LS! VW! UWK!

]WSR!J!K[MRJK!KW!JTMRJZR!LUVRM!K[R!WK[RM!TMW]S!JUV!`PNN!LSR!R^PSKPUZ!QPWXJSS/!(

! !SBSH(LBGSEPELBSENC*(2TKPYR!SKJKR!]JMKPTP]JKPWU!PS!JNMRJV_!]MRSRUK!PU!K[RSR!SRNRTKRV!OPQMRS\!`PK[!

TWUSPVRMJQNR! PUSKPKLKPWUJN! SL]]WMK! JNSW! JYJPNJQNR\! K[LS! JNNW`PUZ! ]WNPT_! PUKRMYRUKPWU! KW! _PRNV!

XJ^PXLX!QRUROPK!`PK[PU!J!S[WMK!]RMPWV/!(

! "MEKSECY(TVJBC(GHKNVGPH*!(MJVPKPWUJN!bUW`NRVZR!JUV!R^PSKPUZ![LXJU!MRSWLMTR!JMR!JNMRJV_!

JYJPNJQNR!OWM!T[WSRU!OPQMRS!JK!NWTJN!NRYRNS/!

%'?.!$,%-/(+"2=(

%CSGNWVPSENC((

$/"/?/! >RX]!OPQMR!PS!TLNKPYJKRV!OMWX!K[R!]NJUKS!QRNWUZPUZ!KW!K[R!%JUUJQPS!ZRULS/!%JUUJQPS!SJKPYJ!4![JS!K`W!

YJMPRKPRS! UJXRV! -UVLSKMPJN! [RX]! JUV! XJMPaLJUJ/! 8JMPaLJUJ! K_]PTJNN_! TWUKJPUS! "C=7d! WO! K[R!

]S_T[WJTKPYR! PUZMRVPRUK! TJNNRV! VRNKJC#CKRKMJ[_VMWTJUUJQPUWN! H(>%I! WU! J! VM_C`RPZ[K! QJSPS\! `[PNR!

PUVLSKMPJN![RX]!ZRURMJNN_![JYR!NRSS!K[JU!=d!WO!(>%/!>W`RYRM\!K[R!K`W!YJMPRKPRS!JMR!YRM_!PVRUKPTJN!Q_!

J]]RJMJUTR! JUV! JMR! WOKRU! TJLSR! TWUOLSPWU/! 3UPKRV! APUZVWX\! BRMXJU_\! 2LSKMPJ\! JUV! *`PKfRMNJUV!

NRZJNPfRV!]MWVLTKPWU!WO![RX]!YJMPRKPRS!TWUKJPUPUZ!NRSS!K[JU!1/"d!(>%!SPUTR!=##1/!>W`RYRM\!%JUJVJ!

JUV! 2LSKMJNPJ! NRZJNPfRV! [RX]! ]MWVLTKPWU! PU! =##:/! &U! K[R! WK[RM! SPVR\! %[PUJ\! ,LSSPJ\! JUV! >LUZJM_!

URYRM!]MW[PQPKRV![RX]!]MWVLTKPWU!PU!K[RPM!MRS]RTKPYR!TWLUKMPRS/!!

!

!

!! ! 0=$!

$/"/"/! >RX]! PS!JU!JUULJN!]NJUK!JUV!TJU!ZMW`!WU!J!`PVR!S]RTKMLX!WO!SWPNS/! -K!URRVS!`RNN!VMJPURV\!UPKMWZRU!

MPT[!JUV!UWUCJTPVPT!SWPN/!>RX]!OJYWMS!J!XPNV!TNPXJKR\![LXPV!JKXWS][RMR!JUV!J!MJPUOJNN!WO!JK!NRJSK!?7C"1!

PUT[RS!H$0CD$!TXI!]RM!_RJM/!*WPN!KRX]RMJKLMRS!XLSK!MRJT[!J!XPUPXLX!WO!0?C0$m5!H7/7CD/Dm%I!QROWMR!

SRRVS!TJU!QR!]NJUKRV/!!

$/"/0/! ([R!OWNNW`PUZ!JMR!K[R!YJMPWLS!K_]RS!WO![RX]!OPQMRS/!

! 9MPXJM_!QJSK!OPQMR!C!NWUZ!JUV!NW`!PU!NPZUPU!

! *RTWUVJM_!QJSK!OPQMR!C!PUKRMXRVPJKR!JUV![PZ[!PU!NPZUPU!!

! 4PQMPOWMX!C!S[WMK!JUV![PZ[!PU!NPZUPU!!

$/"/7/! >RX]!OPQMRS!TWUSPSK!WO!D1d!WO!TRNNLNWSR!JUV!NW`!NRYRNS!WO!NPZUPU!JMWLUV!H:C=1dI/!-KS!VPJXRKRM!TWLNV!QR!

PU!K[R!MJUZR!WO!=$C71!XPTMWUS/!>RX]!OPQMR! PS!J!ZWWV!TWUVLTKWM!WO![RJK/! -K!V_RS!`RNN\! MRSPSKS!XPNVR`\!

WQSKMLTKS!LNKMJ!YPWNRK!H3+I!JUV![JS!UJKLMJN!JUKPCQJTKRMPJN!]MW]RMKPRS/!!!

$/"/$/! &]KPXLX! _PRNV! WO! [RX]! OPQMR! PS! XWMR! K[JU! ?! KWUURS! ]RM! [RTKJMR\! `[RMRJS\! JYRMJZR! _PRNV! PS!

J]]MW^PXJKRN_!$71!bPNWZMJXS!]RM![RTKJMR/!!!

([R! OWNNW`PUZ! R^[PQPK! VR]PTKS! K[R! ]MW]WMKPWU! WO! K[R! ZMRRUC]NJUK! JUV! VM_C]NJUK! TWX]WURUKS! WO! [RX]!

]NJUK!ZMW`U!OWM!OPQMR/!

"MTEFES(84549*(AGHHC(BCW(WGU(LIBCS(PNJLNCHCSK(ND(THJL(LIBCS(YGNQC(DNG(DEFGH(

(B,&%0$C(DBEF(

$/"/D/! -UVPJU! [RX]! PS! J! OLNNCQWVPRV\! KJNN\! RMRTK\! JUULJN! [RMQ\! =C7!XRKRMS! PU! [RPZ[K\! UWMXJNN_!`PK[!XJNR! JUV!

ORXJNR! ]NJUKS! PU! J]]MW^PXJKRN_! RcLJN! ULXQRMS/! -K! [JS! JUZLNJM! SKRXS![JYPUZ!]JNXCS[J]RV! WM! [JUVC

S[J]RV!VPYPVRV!NRJYRS!`PK[!ZMRRUPS[!ONW`RMS/!;POORMRUK!]MWVLTKS!TJU!QR!WQKJPURV!OMWX!VPOORMRUK!]JMKS!WO!

K[R!]NJUK!C!OPQMR!OMWX!K[R!SKRXS\!WPN!OMWX!K[R!SRRVS!JUV!UJMTWKPT!OMWX!K[R!NRJYRS!JUV!ONW`RMS/!!

!

!

!! ! 0=D!

#VGGHCS(KSBSVK(ND(SHPTCNINYU_(HMSGBPSENC(SHPTCE`VHK(

$/"/:/! ;R]RUVPUZ!WU!K[R!OPUJN!]MWVLTK!KW!QR!XJVR\!K[R![JMYRSKPUZ!JUV!OPQMR!]MWTRSSPUZ\!KPXPUZ!JUV!KRT[UPcLR!

YJMPRS/!>RX]!OPQMR!XJULOJTKLMPUZ!PUYWNYRS!K[R!OWNNW`PUZ!SKR]Sh!!

+BGXHKSECY(

([R!OPQMR!PS!MRJV_!JMWLUV!K[R!KPXR\!`[RU!K[R!]NJUK!SKJMKS!VRYRNW]PUZ!PKS!OPMSK!SRRVS/!>RX]!]NJUK!PS!NPZ[K!

SRUSPKPYR/!([LS\!RJMN_!]NJUKPUZS!`PNN!]MWVLTR!KJNNRM!TMW]S!JUV!K[LS!NWUZRM!OPQMR/!!

,HSSECY((

,RKKPUZ!PS!]MWTRSS!KW!SR]JMJKR!OPQMRS!OMWX!QJMb!KPSSLR/!-K!TJU!QR!VWUR!K[MWLZ[!YJMPWLS!XRK[WVS/!

;RÈ*UW`! MRKKPUZC! >RX]! SKRXS! JMR! NROK! PU! W]RU\! `[RMR! MJPU\! VR`\! PMMPZJKPWU! WM! SUW`! H]MRYJNRUK! PU!

3KKJMJb[JUV! PU! -UVPJI!TJU!bRR]! K[R!SKRXS!XWPSK/!([PS!]MWTRSS!XJ_! KJbR!L]! KW!7!`RRbS!JUV!ZPYRS!J!

TWJMSR!OPQMR!`[PT[!PS!NPZ[K!QMWÙ!PU!TWNWM/!

.JKRM!MRKKPUZC!*KRX!QLUVNRS!JMR!SLQXRMZRV!PU!`JKRM!OWM!QJTKRMPJN!QMRJb!VWÙ!WO!]RTKPU/!-K!KJbRS!DC=1!

VJ_S!JUV!]MWVLTRS!QRKKRM!cLJNPK_!OPQMR/!

.JMX!`JKRM!MRKKPUZC!*KRX!QLUVNRS!JMR!SWJbRV!OWM!?0![WLMS!K[RU!K[RSR!QLUVNRS!JMR!KMRJKRV!`PK[![RJK!

OWM!?C"!VJ_S/!([PS!]MWTRSS!ZPYRS!YRM_!TNRJM!JUV!LUPOWMX![RX]!OPQMRS/!

%[RXPTJN! MRKKPUZC! -U! K[PS! ]MWTRSS\! T[RXPTJNS! JMR! LSRV! KW! VPSSWNYR! K[R! ]RTKPU/! ([PS! ]MWTRSS! KJbRS!

J]]MW^PXJKRN_!0:![WLMS!JUV!]MWVLTRS!J!YRM_![PZ[!cLJNPK_!]MWVLTK/!

%CWVKSGEBI(LGNPHKKECY(

$/"/#/! 2OKRM!MRKKPUZ\!K[R!OPQMR!PS!VRZLXXRV\!VMPRV\!VRTWMKPTJKRV\!STLKT[RV\![JTbNRV!JUV!TWXQRV! !]MWTRSSRS!

JMR! VRMPYRV! OMWX! K[R! STLKT[PUZ!JUV! [JTbNPUZ! ]MWTRSS/! ([R! STWKT[RV! JUV![JTbNRV! ! KW`! PS! S]LU! PUKW!

TWJMSR! _JMU! WM! TWMV! PU! J! VM_! WM! `RK! S]PUUPUZ! ]MWTRSS! SLQaRTK! KW! YJMPWLS! NRYRNS! WO! ]LMPK_\! PUTNLVPUZ!

MROPUPUZ!JUV!]JMJNNRNPfPUZ\!Q_!XRJUS!WO!VPOORMRUK!TJMVPUZ!XJT[PURS!HTJMVPUZ!WO!VPOORMRUK!PUKRUSPKPRSI/!-U!

-UVPJ\!TJMVPUZ!PS!XWSKN_!VWUR!Q_![JUVS/!(MJVPKPWUJNN_\![RX]!]MWTRSSPUZ!]NJUKS!JMR!YRM_!SXJNN!JUV!NJQWM!

PUKRUSPYR/!!!!!

$/"/=1/!

JMMJUZRV! PU! NRUZK[! JUV! S]PUCKRT[UPTJN! T[JMJTKRMPSKPTS! SPXPNJM! KW! TWKKWU! HTWKKWUPSJKPWUI\! SW! K[JK! K[R!

]MWTRSSPUZ!WO!OPQMRS!TJU!QR!TJMMPRV!WLK!WU!TWKKWU!XJT[PURS/!!!

!

!

!! ! 0=:!

%CSHGCBSENCBI(KPHCBGEN( (+HJL(DEFGH((

$/"/==/! BNWQJN!]MWVLTKPWU!WO![RX]!PS!RSKPXJKRV!KW!QR!JMWLUV!1/=!XPNNPWU!KWUURS?0!H]RM!_RJM!JYRMJZR!WYRM!K[R!

MRTRUK! _RJMSI/! >RX]! OPQMR! JTTWLUKS! OWM! JMWLUV! 1/?d! WO! K[R! ]MWVLTKPWU! WO! UJKLMJN! OPQMRS! PU! YWNLXR!

KRMXS!JUV!JMWLUV!1/=d! PU! KRMXS!WO!YJNLR/!)LMW]R!JUV!%[PUJ!JMR! K[R!XJaWM!]MWVLTPUZ!TWLUKMPRS! OWM!

[RX]/!%[PUJ![JS!J!]MWVLTKPWU!WO!JMWLUV!0\111!KWUURS!WO!MROPURV![RX]/!([R!OWNNW`PUZ!KJQNR!S[W`S!K[R!

[RX]!OPQMR!]MWVLTKPWU!PU!)LMW]RJU!3UPWU!H)3I!TWLUKMPRS/!

"MTEFES(8454<*(+HJL(DEFGH(LGNWVPSENC(EC("VGNLHBC(.CENC(PNVCSGEHK(EC(<;;>];8(PBJLBEYC(ZEC(SNCCHK[a(

#NVCSGEHK( +HJL(DEFGH(LGNWVPSENCa( b(=GNLNGSENC(

0GBCPH( =:\111! $D/$!

AHGJBCU(( "\D$:! =0/?!

!LBEC(( ?\10D! D/D!

.CESHW(OECYWNJ( =\1$?! 0/1!

-VKSGEB( 70D! ?/=!

+VCYGU( 0:?! =/:!

#cHPT(,HLVFIEP(( "11! =/=!

=NIBCW( ?""! 1/#!

'HSTHGIBCWK(( =11! 1/0!

%SBIU(( ::! 1/"!

$NSBI( <8_8<8( (

B,&%0$C(G*3$%*)3-,*)6(!,*2$%$*0$(,*(H6)I()*1(834$%(A)'3(/6)*3'J(9::;(

=GHKHCS(KSBSVK(EC(%CWEB(((

$/"/=?/! >RX]! PS!]MPXJMPN_!TLNKPYJKRV! PU! K[R!VPSKMPTKS!WO!2NXWMJ\!%[JXWNP\!BJM[`JN!JUV!'JPUPKJN! HR^TNLVPUZ! K[R!

(RMJP!JUV!6[JQJMI!PU!3KKJMJb[JUV!PU!K[R!TWLUKM_/!-K!PS!JNSW!]MWVLTRV!PU!AJS[XPM!JUV!(MJYJUTWMR!KW!J!

SXJNN!R^KRUK/!([R!NPXPKRV!TLNKPYJKPWU!PU!SRNRTKRV!]JMKS!WO!K[R!TWLUKM_!PS!XJPUN_!VLR!KW!MRcLPMRXRUK!WO!NW`!

SWPN!KRX]RMJKLMR!JK!K[R!KPXR!WO!]NJUKPUZ/!!!!

$/"/="/! %LMMRUKN_\! -UVPJ! PS! UWK! SKMWUZN_! ]MRSRUK! PU! K[R! XJ]! WO! [RX]! ]MWVLTPUZ! TWLUKMPRS/! (W! PX]MWYR! K[PS!

SPKLJKPWU\! XJU_! ROOWMKS! URRV! KW! QR! LUVRMKJbRU! PU! J! TWUSPSKRUK! XJUURM/! -U! -UVPJ\! MJ`!XJKRMPJNS! JMR!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!?0!%WXXWU!OLUV!OWM!TWXXWVPKPRS! !9MWTRRVPUZS!WO!K[R!S_X]WSPLX!WU!UJKLMJN!OPQMRS\!&TKWQRM!?11:!

!

!

!! ! 0=#!

ZRURMJNN_!SWLMTRV!OMWX!UJKLMJNN_!ZMW`PUZ!]NJUKS/!;RZLXXPUZ!]MWTRSS!KJbRS!J!NWK!WO!KPXR!OWNNW`RV!Q_!

TJMVPUZ!]MWTRSS!Q_![JUVS! OWM!_JMU!XJbPUZ/!,RSRJMT[!JUV!WK[RM! KMPJNS!JMR!JNSW! PU!]MWTRSS!MRZJMVPUZ!

TJMVPUZ!JUV!S]PUUPUZ!Q_!XJT[PURS/!!!

0EKPBI(KSGVPSVGH(

"MTEFES(84545*(#VKSNJK(WVSU(NC(THJL(

+!(PNWH( %SHJ( 1BKEP(WVSU((

#)?(((((-W4()BI4(

"WVPBSENC(#HKK(d(5b(

!LHPEBI(-WWI4(#)?(d(:b(

$NSBI(?VSU(-W4()BI4(

7"1?=111n! (MLR![RX]\!MJ`!WM!MRKKRV!

"1/1! :/1! =/?=! 7/$$! 0D/?:!

7"1:?111n! (MLR![RX]!_JMU!

=1/1! :/1! 1/7$! 0/DD! ?0/=0!

K,3$(L(<(F'(,2(M&6"(9::N(

B,&%0$C(>>>?-*2,1%-O$-*1-)?0,5(

$/"/=0/! )^TPSR!WU! KMLR![RX]! HMJ`!WM! MRKKRVI! PS! NRYPRV!JK! K[R! MJKR!WO!:d! HTRUYJKI/!([RMR! PS!JVVPKPWUJN!R^TPSR!

TRSS!WO!"d!PS!JNSW!NRYPRV/!!

%KKVHK(GHIBSHW(SN(SHPTCNINYU_(,e?_(KSNGBYH(BCW(HSP4((

$/"/=7/! ([RMR! PS! JU! LMZRUK! URRV! OWM! MJ`! XJKRMPJN! JSSRSSXRUK! JUV! SbPNN! VRYRNW]XRUK! PU! [RX]! ]MWVLTPUZ!

MRZPWUS/! *KJUVJMVPfJKPWU! WO! TLNKPYJKPWU\! OPQMR! R^KMJTKPWU\! S]PUUPUZ! JUV! `RJYPUZ! ]MJTKPTRS! S[WLNV! QR!

TWUVLTKRV!KW!JT[PRYR!QRKKRM!_PRNV\!cLJNPK_!JUV!MRJNPfJKPWU/!!!!!!!

-LLIEPBSENCK(BCW(JBGfHS(LNSHCSEBI(

.KHK(ND(THJL(

$/"/=$/! >RX]![JS!QRRU!LSRV!OWM!TRUKLMPRS!KW!XJbR!MW]R\!TJUYJS!JUV!]J]RM/!4WUZ![RX]!OPQMRS!TJU!QR!S]LU!

JUV!`WYRU!KW!OPUR!cLJNPK_!OJQMPT!LSRV!PU!TNWK[PUZ\![WXR!OLMUPS[PUZ!KR^KPNRS!JUV!ONWWM!TWYRMPUZS/!>RX]!PS!

]MPXJMPN_!LSRV!OWM!]J]RM!XJULOJTKLMPUZ!PU!)LMW]R!VLR!KW!NW`!NPZUPU!TWUKRUK/!>RX]!OPQMRS!JMR!JNSW!LSRV!

PU! JLKWXWQPNR! PUVLSKM_! OWM! MRPUOWMTPUZ! XWNVRV! K[RMXW]NJSKPTS/! ([R! S[WMK! OPQMRS! HKW`I! JMR! LSRV! OWM!

XJULOJTKLMPUZ! PUSLNJKPWU! ]MWVLTKS\! OPQMR! QWJMV! JUV! RMWSPWU! TWUKMWN! XJKS/! ([R! OPQMWLS! TWMR! TJU! QR!

QNRUVRV!`PK[!NPXR!KW!XJbR!SKMWUZ!JUV!NPZ[K`RPZ[K!TWUTMRKR/!

!

!

!! ! 0?1!

2BGfHS(LNSHCSEBI(

$/"/=D/! ([RMR! PS! JU! PUTMRJSPUZ! J`JMRURSS! WO! [RX]! OPQMR! JUV! J! `PVR! S]RTKMLX! WO! [RX]! ]MWVLTKS! JMR! UW`!

JYJPNJQNR!PU!K[R!XJMbRK\!XJVR!WO!VPOORMRUK!]JMKS!WO!K[R!]NJUK! !NWUZ!QJSK!OPQMR\!XRVPLX!OPQMR\!S[WMK!TWMR!

OPQMR!JUV!SRRV!WPN/!!

$/"/=:/! 4WUZ!OPQMR![JS!NWUZ\!SKMWUZ!SKMJUVS!HSL]RMPWM!KW!TWKKWUI!SLPKJQNR!OWM!KR^KPNRSg![JS!JUKPCXPNVR`!JUV!JUKPC

XPTMWQPJN! ]MW]RMKPRS! K[JK! JMR! ]JMKPTLNJMN_! LSROLN! OWM! SJPNS\! KJM]\! JÙPUZS! JUV! TJM]RKS/!8WMRWYRM\! PK! PS!

QPWVRZMJVJQNR!JUV!SRMYRS!JS!JU!RUYPMWUXRUKCOMPRUVN_!SLQSKPKLKR!OWM!OPQMR!ZNJSS/!>RX]!OPQMR!PS!LSRV!OWM!

J!YJMPRK_!WO! KR^KPNR!]MWVLTKS\!SLT[!JS!QRVS]MRJVS\!QNJUbRKS\!QJTb]JTbS\!TJM]RKS\!TNWK[PUZ\!VMJ]RMPRS\!

[JKS\! NLZZJZR\!XJKKMRSSRS\! SJPNS\! S[RRKS\! S[WRS\! S[PMKS\! KRUKS\! KW`RNS! JUV! L][WNSKRM_/!>RX]! KR^KPNRS!

[JYR!J!ULXQRM!WO!VPSKPUTK!JVYJUKJZRS!WYRM!WK[RM!OJQMPTS!NPbR![RX]!KR^KPNRS!JMR!NWUZRM\!SKMWUZRM\!XWMR!

NLSKMWLS!JUV!JQSWMQRUK!JUV!XWMR!XPNVR`!MRSPSKJUK!K[JU!TWKKWU!KR^KPNRS/!

$/"/=#/! 8RVPLX! OPQMR! [JS! NW`! NPZUPU! NRYRNS! K[JK! XJbR! PK! PVRJN! OWM! ]J]RM! JUV! UWUC`WYRU! J]]NPTJKPWUS/! ([R!

BRMXJU!2RMWS]JTR!-USKPKLKR!JUV!XJU_!BRMXJU!JUV!2XRMPTJU!JLKWXWQPNR!TWX]JUPRS!JMR!LSPUZ![RX]!

R^KRUSPYRN_! OWM! XJbPUZ! JLKW! TWX]WURUKS! SLT[! JS! ZJSbRKS\! SRJK! TWYRMS\! ONWWM! XJKS\! JUV! PUKRMPWM!

]JURNPUZ/! 5PQMR! TWX]WSPKRS! JMR! JXWUZ! K[R! OJSKRSK! ZMW`PUZ! SRZXRUK! WO! K[R!`WWVC]MWVLTKS! PUVLSKM_\!

K[LS!S[W`TJSPUZ!K[R![LZR!]WKRUKPJN!XJMbRK!OWM!PUVLSKMPJN![RX]/!!

!

0/-^(0%1,"(

%CSGNWVPSENC((

$/"/?1/! 5NJ^! PS!bUWÙ!JS! NPUSRRV!JUV!JNSP\! KPSP! H>PUVPI/!([R!WK[RM!TWXXWU!UJXRS!WO! ONJ^!JMRC! NPU\! NNPWU\! NPURM\!

NPULX\! NPURU\! NRPU!JUV!NJU/!([R!TLNKPYJKRV! NPUSRRV\!P-*&5(&'-3)3-''-5&5(P?(QRNWUZS!KW!OJXPN_!4PUJTRJR!

JUV!PS!K[R!WUN_!S]RTPRS!WO!K[JK!OJXPN_!`[PT[!PS!WO!RTWUWXPT!PX]WMKJUTR/!!

$/"/?=/! 5NJ^!PS!JU!JUULJN!]NJUK!`PK[!J!SNRUVRM!ZNJQMWLS\!ZMR_PS[!ZMRRU!SKRX/!-K!ZMW`S!KW!J![RPZ[K!WO!JQWLK!"!KW!

0! ORRK!JUV! PS!JQWLK!=E$! KW!=E:! PUT[RS! PU!VPJXRKRM/!5NJ^! PS! OWLUV! PU! YJMPWLS!YJMPRKPRS!VPOORMPUZ! PU! K[RPM!

QMJUT[PUZ![JQPKSg! K[WSR!TLNKPYJKRV! OWM!SRRV![JYR!XJU_!QMJUT[RS!JUV!JMR!QLS[_! PU!UJKLMR\!`[RMRJS!

K[WSR!ZMWÙ!OWM!OPQMR!UWMXJNN_![JYR!QMJUT[RS!WUN_!KW`JMVS!K[R!KW]!WO!K[R!SKRX/!!

$/"/??/! ([R!cLJNPK_!WO! ONJ^! PS!VRKRMXPURV!Q_! K[R!`RJK[RM!TWUVPKPWUS!VLMPUZ! PKS!ZMW`K[/!%WWN!`RJK[RM! H8JMT[C

eLURI!OWNNW`RV!Q_!`JMX!VM_!`RJK[RM!PU!eLN_!]MWYPVRS!R^TRNNRUK!]MWVLTKPWU!TWUVPKPWUS!OWM!ONJ^!OPQMR/!2!

KRX]RMJKR!JUV!RcLJQNR!TNPXJKR\! OMRR!OMWX![RJY_!MJPUS!JUV! OMWSK! PS!VRSPMJQNR! OWM!]MW]RM!TLNKPYJKPWU!WO!

ONJ^/! 2! [WK! VM_! SLXXRM! ]MWVLTRS! J! S[WMK! JUV! [JMS[! QLK! SKMWUZ! OPQMR\! `[RMRJS! J!XWVRMJKRN_!XWPSK!

!

!

!! ! 0?=!

SLXXRM!]MWVLTRS!OPUR!QLK!SKMWUZ!SPNb_!ONJ^/!%WUKRUK!WO!NWUZ!OPQMRS!HPU!K[R!SKMJÌ!PS!VPMRTKN_!]MW]WMKPWUJN!

KW!MJPUOJNN!VLMPUZ!K[R!ZMW`PUZ!XWUK[S! ![PZ[RM!K[R!MJPUOJNN\![PZ[RM!K[R!TWUKRUK!WO!NWUZ!OPQMRS!PU!K[R!SKMJ`/!

([R!XPUPXLX! KRX]RMJKLMR!VLMPUZ! K[R! ZMW`PUZ!SRJSWU! PS!JQWLK!711!5!JUV!XJ^PXLX! KRX]RMJKLMR! PS!

JQWLK!=111!5/!([R!QRSK!K_]R!WO!SWPN!OWM!OPQMR!ONJ^!PS!ZWWV!NWJX_!SWPN!`[PT[!TJU!QR!]NWLZ[RV!KW!J!VR]K[!

WO!$!KW!D!PUT[RS!JUV![JS!J!OPMX!TNJ_!SLQ!SWPN/!

$/"/?"/! -U!-UVPJ!ONJ^!E!NPUSRRV!PS!J!`PUKRM!TMW]/!-K!ZMW`S!RcLJNN_!ZWWV!PU!QWK[!K[R!]RUPUSLNJM!MRZPWU!WO!K[R!SWLK[!

JUV!K[R!JNNLYPJN!SWPN!WO! K[R!UWMK[!MRZPWU/!([R!TMW]!SRKKNRS!`RNN!WU!VRR]!XWPSKLMR!MRKRUKPYR!SWPNS!`[RU!

K[R!TWNV!SRJSWU!PS!OJYWMJQNR/!-K! PS!TLNKPYJKRV! PU!VPOORMRUK!]JMKS!WO!K[R!TWLUKM_!`PK[!VPYRMSR!TNPXJKR!JUV!

SWPN!TWUVPKPWUS/!2!MRNJKPYR![LXPVPK_!WO!$1CD1d!JK!XPVVJ_!JUV!`PK[!K[PS!JMWLUV!$C:!PUT[RS!WO!MJPU!S]MRJV!

RYRUN_!WYRM!K[R!K[MRR!ZMW`PUZ!XWUK[S!PS!TWUSPVRMRV!PVRJN!OWM!ONJ^/!!

5NJ^!PS!UWMXJNN_!]MWVLTRV!RPK[RM!OWM!OPQMR!WM!OWM!SRRV/!([R!YJMPRKPRS!WO!OPQMR!ONJ^!JMR!TNJSSPOPRV!ZRURMJNN_!

PUKW!K[WSR!`PK[!`[PKR\!QNLR!WM!]LM]NR!ONW`RMS/!!

! .[PKR!ONW`RMRV!YJMPRK_C!BRURMJNN_!XWMR![JMV_!JUV!ZPYRS!J![PZ[RM!_PRNV!]RM!JTMR!HQWK[!OWM!OPQMR!

JUV!SRRVI/!!

! 6NLR!ONW`RMRV!YJMPRK_C!>JMS[RM!OPQMR!JUV!WO!NW`RM!cLJNPK_!OMWX!K[R!S]PUUPUZ!]WPUK!WO!YPR`/!

! 9LM]NR!ONW`RMRV!YJMPRK_C!'WK!LSRV!R^KRUSPYRN_!OWM!JTKLJN!TWXXRMTPJN!]MWVLTKPWU!!

!

$/"/?0/! ([R! KJNNRM! OPYR! SKRXXRV! YJMPRKPRS! WO! ONJ^! JMR! ZMWÙ! OWM! OPQMR! ]MWVLTKPWU!`[PNR! K[R! S[WMKRM! QMJUT[PUZ!

YJMPRKPRS!JMR!ZMWÙ!OWM!NPUSRRV!WPN/!*WXR!]MWXPSPUZ!YJMPRKPRS!]MWVLTRV!PU!YJMPWLS!TWLUKMPRS!PU!)LMW]R!

JMR!!,*0&%%$*3\!P-%)6\!B3,%5,*3\!F%$C$*C0-$6\!H,%3$I\!K,76$'\!E-)*)\!B,6-1!RKT/!P-%)6!#%-*0$!JUV!Q$-%)!

JMR![_QMPV!YJMPRKPRS/!([R!OWNNW`PUZ!T[JMK!S[W`S!K[R!]MW]WMKPWU!WO!T[RXPTJN!TWUSKPKLRUKS!]MRSRUK!PU!ONJ^!

OPQMR/!

"MTEFES(8454:*(=GNLNGSENC(ND(#THJEPBI(PNCKSESVHCSK(EC(DIBM(DEFGH(

(!

!

!

!! ! 0??!

"MTEFES(8454>*("IHJHCSK(LGHKHCS(EC(DIBM(DEFGH(

'BJH(ND(STH(HIHJHCS( "IHJHCS(PNCPHCSGBSENC(Z==2[(

AGHU(DIBM(DEFGH( 1IHBPTHW(DIBM(DEFGH(

!NWEVJ( ??! ==/7!

=NSBKKEVJ( =$$! =0"!

#BIPEVJ( ?#D! ?#$!

!EIEPNC( $$! ":/7!

2BYCHKEVJ( =7! =?/?!

(

4JMZR! cLJUKPK_! WO! TJNTPLX! JUV! SPNPTWU! ]MRSRUK! PU! K[R! ONJ^! OPQMRS! JVYRMSRN_! JOORTK! K[R! VMJ]JQPNPK_! JUV!

`JS[JQPNPK_!WO!K[R!OPUPS[RV!]MWVLTK/!


$/"/?7/! 5PQMR!cLJNPK_!VR]RUVS!WU! K[R!]MWTRSS!WO!R^KMJTKPWU/!)^KMJTKPWU!ZRURMJNN_! PUTNLVRS!SR]JMJKPWU!WO! OPQMR!

OMWX!K[R!JV[RSPYR!SLQSKJUTRS!SLT[!JS!]RTKPU!WM!NPZUPU\!`J^\!MRSPU\!OJKS\!JUV!WK[RM!TJMQW[_VMJKRS/!([R!

OWNNW`PUZ!SKR]S!JMR!PUTNLVRV!PU!ONJ^!OPQMR!XJULOJTKLMPUZ/!

+BGXHKSECY(

$/"/?$/! 5NJ^!PS![JMYRSKRV!aLSK!QROWMR!K[R!SRRV!PS!MP]R/!([R!]NJUKS!JMR!]LNNRV!WLK!WO!K[R!OPRNV!RPK[RM!Q_![JUVS!WM!

Q_!XJT[PURS/!*KJNb!TJUUWK!QR!TLK!KW!JYWPV!NWSS!WO!OPQMR!cLJNPK_/!([RSR!SKJNbS!JMR!KPRV!PU!QLUVNRS!HTJNNRV!

7$$3'I/!*RRVS!JUV! NRJYRS!JMR! MRXWYRV!JOKRM!VM_PUZ!Q_!J!]MWTRSS!TJNNRV! MP]]NPUZ! H]JSSPUZ! K[R!SKJNbS!

K[MWLZ[!TWXQSI/! -U! K[R!UR^K!SKR]\! K[R!]NJUKS!JMR! NROK! PU!W]RU! KW! ORMXRUK! OWM!SWXR!`RRbS/!4JKRM\! K[R!

OPQMR!PS!R^KMJTKRV!OMWX!K[R!SKJNbS!Q_!VPOORMRUK!MRKKPUZ!]MWTRSSRS/!!

,HSSECY((

$/"/?D/! ,RKKPUZ!PS!K[R!]MWTRSS!KW!SR]JMJKR!OPQMRS!OMWX!ONJ^!SKRX/!-K!TJU!QR!VWUR!K[MWLZ[!YJMPWLS!XRK[WVS/!

! *KMRJXE.JKRM! MRKKPUZC! ([PS! MRKKPUZ!XRK[WV!ZPYRS! K[R! QRSK! ONJ^! cLJNPK_! OPQMRS/! 6LUVNRS! WO! ONJ^!

SKMJ`! JMR! VP]]RV! PU! SKMRJXS! WO! TWWN! SWOK! MLUUPUZ! `JKRM! OWM! 7C=7! VJ_S/! 5WM! ROOPTPRUK! MRKKPUZ\!

`JKRM!S[WLNV!QR!TNRJU\!JUV! OMRR!OMWX!XPURMJNS! HRS]RTPJNN_! PMWUI\!`[PT[!XJ_!SKJPU!WM!VPSTWNWM!

K[R! OPQMR/! ([R! OPQMR! ]MWVLTRS! SKMWUZ! SL]RMPWM! NPURU! WO! ]JNR! _RNNW`! TWNWM/! .JKRM! MRKKPUZ! PS!

TWXXWU!PU!-UVPJ/!!

!

!

!! ! 0?"!

! ;R`!MRKKPUZC!5NJ^!SKMJ`S!JMR! NROK! PU!W]RU!WU! K[R!ZMJSS! OWM!0C:!`RRbS\!`[RMR!VR`!bRR]S! K[R!

SKMJ`S!XWPSK/!;R`! MRKKPUZ! PUYWNYRS! K[R! VRTWX]WSPKPWU! WO! ]RTKPU! Q_! RUf_XJKPT! [_VMWN_SPS! Q_!

OLUZP!JUV!QJTKRMPJ/!([PS!XRK[WV!]MWVLTRS!SKMWUZ!OPQMR!ZMR_!PU!TWNWM/!;R`!MRKKPUZ!PS!]MRORMMRV!PU!

)LMW]R\!VLR!KW!PKS!NW`!TWSK!JUV!RUYPMWUXRUK!OMPRUVNPURSS/!!!

! (JUb!MRKKPUZC!-K!PS!TJMMPRV!WLK!PU!S]RTPJNK_!QLPNK!KJUbS!OWM!?C"!VJ_S/!&YRM!MRKKPUZ!PS!TJLSRV!VLR!KW!

SKJZUJUK!]WWNS!WO!`JKRM!MRSLNKPUZ!PU!QMPKKNR!JUV!`RJb!ONJ^!OPQMR/!([PS!XRK[WV!MRcLPMRS!NRSS!KPXR!

K[JU!VR`!MRKKPUZ/!!

! %[RXPTJN! MRKKPUZC!%[RXPTJNS! NPbR! SWVJ!JS[\! W^JNPT! SWVJ!JUV! TJLSKPT! SWVJ! PU!`JMX!`JKRM! WM!

QWPNPUZ!`JKRM!PU!VPNLKR!>?!*&0!SWNLKPWU!JMR!LSRV!PU!K[PS!MRKKPUZ/!;M_PUZ!PS!URTRSSJM_!KW!]MRYRUK!

WYRMCORMXRUKJKPWU/!-K!KJbRS!NRSSRM!KPXR!QLK!JOORTKS!K[R!SKMRUZK[!JUV!cLJNPK_!WO!OPQMR/!

! ;WLQNR! MRKKPUZC! ,RKKPUZ! PS! VWUR! PU! K`W! ][JSRS! JUV! KJbRS! J! OR`! XWUK[S! KW! QR! TWX]NRKRV!

MRSLNKPUZ!PU!J!SNW`!JUV!ZRUKNR!MRKKPUZ!]MWTRSS!JUV![RUTR!]MWVLTRS!ZWWV!cLJNPK_!ONJ^!OPQMR/!!!!!

! )Uf_XR!MRKKPUZC!5NJ^!SKJNbS!JMR!PXXRMSRV!PU!RUf_XR!XP^KLMR!!

! 5NJS[![_VMWN_SPSC!([PS!XRK[WV! PS!QJSRV!L]WU!J! KRT[UPcLR!LSRV! PU! K[R!]J]RM! PUVLSKM_!JUV! PK!

]MWVLTRS!J!OPURM! OPQMR!`PK[!J! NW`RM!TWUKRUK!WO!UWU!TRNNLNWSPT!XJKRMPJN/!([PS!XRK[WV!]MWVLTRS!

OPQMR!WO!ZMRJKRM!]MWVLTKPYPK_!WO!S]PUUPUZ/!!!

! &K[RM!XRK[WVS!WO!MRKKPUZ!JMR!T[RXPTJN!VRSPTTJKPWU!WO!SKJUVPUZ!TMW]\!QJTKRMPWNWZPTJN\!T[RXPTJN!

RUf_XJKPT!JUV![_VMWCK[RMXW!T[RXPTJN!MRKKPUZ!]MWTRSSRS/!!!!

=GNPHKKECY(

$/"/?:/! 9MWTRSSPUZ!WO!ONJ^!OPQMR!PUTNLVRS!K[R!QRNW`!XRUKPWURV!SKR]S/!

! !"#$%&'()*)2OKRM!MRKKPUZ\!OPQMR!PS!TNRJURV!JUV!VMPRV/!;RTWX]WSRV!`WWV_!KPSSLR!PS!TMLS[RV!Q_!

PMWU!MWNNRMS!KW!TWUYRMK!SKJNbS!PUKW!SXJNN!]PRTRS!WO!QJMb!TJNNRV!'4-O$'/!!

! +,-.,/&'() *) *TLKT[PUZ! PUYWNYRS! MRXWYPUZ! WO! QMWbRU! S[PYRS! Q_! XJT[PURS! WM! Q_! [JUV! KW!

MRXWYR!OPQMR!OMWX!K[R!SKJNb!TWX]NRKRN_/!

! 0$,%1&'() 23456&'(7) *)>JTbNPUZ! H%WXQPUZI! PS! J! ]MWTRSS! WO! SR]JMJKPUZ! K[R! NWUZ! ONJ^! OPQMRS!

HNPURI!OMWX!K[R!S[WMK!OPQMRS!HKW`I/!(W!ZRK!K[R!OPUR!cLJNPK_\![JUV!TWXQPUZ!PS!]MRORMMRV!WYRM!XWMR!

OJSKRM!JUV!ROOPTPRUK!XJT[PUR!TWXQPUZ/!'W`!K[R!OPQMRS!JMR!MRJV_!OWM!S]PUUPUZ!PUKW!_JMU/!

! +8&''&'()*)-K!TJU!QR!VWUR!PU!K`W!`J_SC!VM_!JUV!`RK!S]PUUPUZ/!;M_!S]PUUPUZ!PS!LSRV!KW!]MWVLTR!

TWJMSR\![RJY_!JUV!PUCR^]RUSPYR!NPURU!OJQMPTS\!`[PNR!`RK!S]PUUPUZ!H]JSSPUZ!K[R!MWYPUZ!K[MWLZ[!

[WK!`JKRMI!]MWVLTRS!OPUR!_JMU!WO![PZ[!TWLUK/!!!!

!

!

!! ! 0?0!

$/"/?#/! ([R!OWNNW`PUZ!VPJZMJXS!S[W`TJSR!K[R!SR]JMJKPUZ!WO!MWNNRV!ONJ^!NJ_RMS!JUV!]MWTRSSPUZ!WO!ONJ^!SKRXS/!

"MTEFES(84548*(=GNPHKKECY(ND(DIBM(DEFGH(

(LB3$5'()%$(7)6$1(-*(34$(2,%5(,2()(&*-2,%56"(,%-$*3)3$1(5)3?((

R4$(%,66$1(26)I(6)"$%'(-*(34$(7)6$()%$('$#)%)3$1(&'-*+(")%*?(

(S(/%,0$''-*+(,2(,%-$*3)3$1(26)I('3$5'(3,(5)*&2)03&%$('0&304$1(7)'3(2-7%$?(

9$".:;()(T(,#$*-*+(34$(5)3<2,%5(7)6$J(7T(1$<0,%3-0)3-,*(,2(34$(26)I('3$5'J((

0T('0&304-*+(,2(34$(7)'3(2-7%$'J(1T(26)I(1$<0,%3-0)3-,*()*1('0&304-*+(6-*$?(

B,&%0$C(D*-O$%'-3"(,2(U$6'-*V-(

%CSHGCBSENCBI(KPHCBGEN( (0IBM(DEFGH((

$/"/"1/! BNWQJN!]MWVLTKPWU!WO! ONJ^!OPQMR! PS!RSKPXJKRV!KW!QR!JMWLUV!1/7!XPNNPWU!KWUURS?7!H]RM!_RJM!JYRMJZR!WYRM!

K[R! MRTRUK! _RJMSI/!5NJ^! OPQMR!JTTWLUKS! OWM!JMWLUV!?/7d!WO! K[R!]MWVLTKPWU!WO!UJKLMJN! OPQMRS! PU! YWNLXR!

KRMXS!JUV!JMWLUV!=/?d!PU!KRMXS!WO!YJNLR/!%[PUJ\!5MJUTR\!6RNZPLX\!6RNJMLS!JUV!3bMJPUR!JMR!K[R!XJaWM!

ONJ^!OPQMR!]MWVLTPUZ!TWLUKMPRS/!([R!TLNKPYJKPWU!JMRJ!WO!NPUSRRV!HSWLMTR!TMW]!WO!ONJ^!OPQMRI!PS!JMWLUV!0/#!

XPNNPWU![RTKJMRS!PU!`WMNV!XJ]/!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!?7!%WXXWU!OLUV!OWM!TWXXWVPKPRS! !9MWTRRVPUZS!WO!K[R!S_X]WSPLX!WU!UJKLMJN!OPQMRS\!&TKWQRM!?11:!

!

!

!! ! 0?7!

$/"/"=/! BNWQJN!ONJ^!OPQMR!JUV!KW`!]MWVLTKPWU!MRZPSKRMRV!J!D?/#d!ZMW`K[!PU!?11:!KW!1/#0!XPNNPWU!KWUURS/!%[PUJ!

MRTWMVRV!]MWVLTKPWU!WO!1/$?!XPNNPWU!KWUURS!]MWVLTKPWU!PU!?11:/!BNWQJN!R^]WMKS!JUV!PX]WMKS!WO!ONJ^!OPQMR!

JUV!KW`!`RMR!1/?!JUV!1/=:!XPNNPWU!KWUURS!MRS]RTKPYRN_!PU!?11D/!!!

"MTEFES(8454g*(&XHGBII(YINFBI(LGNWVPSENC(SGHCW(EC(DIBM(DEFGH(BCW(SNQ(LGNWVPSENC((ZEC(JEIIENC(SNCCHK[(

(B,&%0$C(HF8('3)3'(

(

"MTEFES(84547*(AINFBI(HMLNGSK@EJLNGSK(SGHCW(EC(DIBM(DEFGH(BCW(SNQ(ZEC(JEIIENC(SNCCHK[((

(B,&%0$C(HF8('3)3'(

$/"/"?/! 5MJUTR! RXRMZRV!JS! J! NJMZRSK! R^]WMKRM! JUV!%[PUJ!`JS! K[R! QPZZRSK! PX]WMKRM! WO! ONJ^! OPQMR! JUV! KW`! PU!

?11D/!-UVPJ![JV!WUN_!?/=d!]MW]WMKPWU!PU!KWKJN!PX]WMKS!WO!ONJ^!OPQMR!JUV!KW`!PU!?11D/!!

!

!

!! ! 0?$!

"MTEFES(84546*(#NVCSGU@QEKH(EJLNGSK(BCW(HMLNGSK(ND(DIBM(DEFGH(BCW(SNQ(EC(<;;g(((

(B,&%0$C(HF8('3)3'(


$/"/""/! 4PUSRRVE! ONJ^!JMR!TLNKPYJKRV!R^TNLSPYRN_! OWM!SRRV!JUV!WPN! PU! -UVPJ/!>W`RYRM\! -UVPJU!YJMPRKPRS![JYR!?1C

?7d! ZWWV! cLJNPK_! ONJ^! OPQMR/! ([R! -UVPJU! ONJ^! OPQMR! S[W`S! NLSKRM! JUV! VR]PTKS! k! K`PSK! WU! V_PUZ/! -K! PS!

]MWVLTRV!PU!XJU_!SKJKRS!NPbR!8JV[_J!9MJVRS[\!3KKJM!9MJVRS[\!6P[JM\!%[[JKKPSZJM[\!e[JMb[JUV\!&MPSSJ!

JUV!WK[RM!SKJKRS/! -UVPJ!MRTWMVRV!1/=0!XPNNPWU! KWUURS!HRSKPXJKRVC8PUPSKM_!WO!2ZMPTLNKLMRI!]MWVLTKPWU!WO!

NPUSRRV!PU!5<1:/!!

"MTEFES(84549;*(/ECKHHW(LGNWVPSENC(KPHCBGEN(EC(WEDDHGHCS(%CWEBC(KSBSHK(EC(03;7((((

!SBSHK(-GHB((

Zh(;;;(+HPSBGH[(=GNWVPSENC((Zh(;;;(SNCCH[(

3EHIW(ZOY]THPSBGH[(

2UV[MJ!9MJVRS[! =! 1! C!

2SSJX! :! 0! 711!!

6P[JM! ?D/:! ?"/7! :07!!

%[[JKKPSZJM[! 7#/"! =:/?! "1D!!

>PXJT[JN!9MJVRS[! =/$! 1/0! ?71!!

eJXXL!G!AJS[XPM! 1/=! 1/=! =\111!!

e[JMb[JUV! "=/$! =?/"! ":#!!

AJMUJKJbJ! =0! 7! "7D!!

8JV[_J!9MJVRS[! =10! "?/:! "=0!!

!

!

!! ! 0?D!

"MTEFES(84549;*(/ECKHHW(LGNWVPSENC(KPHCBGEN(EC(WEDDHGHCS(%CWEBC(KSBSHK(EC(03;7((((

!SBSHK(-GHB((

Zh(;;;(+HPSBGH[(=GNWVPSENC((Zh(;;;(SNCCH[(

3EHIW(ZOY]THPSBGH[(

8J[JMJS[KMJ! $:! =#! ?D#!!

'JZJNJUV! =1/?! $/:! $$D!!

&MPSSJ! ?D/?! ==/#! 0":!!

9LUaJQ! 1/=! 1/=! =\111!!

,JaJSK[JU! 1/D! 1/$! :7D!!

3KKJM!9MJVRS[! =1:! ?D/=! ?7=!!

.RSK!6RUZJN! 7/#! =/$! ?D=!!

B,&%0$C(G*1-)'3)3?0,5(

$/"/"0/! ([R! NPUSRRV! WPN! PS! TWUSPVRMRV! JS! KRT[UPTJN! ZMJVR! WPN/! 2MWLUV! ?1d! WO! NPUSRRV! WPN! PS! LSRV! OWM! RVPQNR!

]LM]WSRS! PU! TRMKJPU! ]JMKS! WO! -UVPJ! JUV! K[R! MRSK! PS! LSRV! OWM! ]MR]JMJKPWU! WO! ]JPUKS\! YJMUPS[!JUV!JNNPRV!

]MWVLTKS/!([R!NPUSRRV!TJbR!PS!TWUSPVRMRV!J!ULKMPKPWLS!ORRV!OWM!XPNT[!TJKKNR/!!

0EKPBI(KSGVPSVGH(

"MTEFES(845499*(#VKSNJK(WVSU(NC(DIBM(


#)?(-W4()BI4(

"WVPBSENC(#HKK(d(

5b(

!LHPEBI(-WWI4(

#)?(d(:b(

$NSBI(?VSU(-W4(

)BI4(

7"1==111n! 5NJ^\!MJ`!WM!MRKKRV!

"1/1! 1/1! 1/#! 7/?0! "$/=0!

7"1$=1=1n! 5NJ^!_JMU!HSPUZNRh!]LK!L]!OWM!SJNRI!

=1/1! :/1! 1/7$! 0/DD! ?0/=0!

K,3$(L(<(F'(,2(M&6"(9::N(

B,&%0$C(>>>?-*2,1%-O$-*1-)?0,5(

$/"/"7/! )^TPSR!WU!ONJ^!HMJ`!WM!MRKKRVI!PS!UPN\!`[PNR!:d!%RUYJK!JUV!"d!R^TPSR!TRSS!PS!NRYPRV!WU!ONJ^!_JMU!HSPUZNRh!

]LK!L]!OWM!MRKJPN!SJNRI/!

!

!

!! ! 0?:!


$/"/"$/! %WJMSR!ONJ^!OPQMRS!JMR!LSRV!OWM!XJULOJTKLMR!WO!SKMWUZ!MW]RS\!S[P]]PUZ!TWMV\!K`PURS!JUV!TWMVJZR/!5PUR!

ZMJVR! ONJ^! OPQMR! PS!LSRV! OWM!XJULOJTKLMPUZ!WO!ZWWV!cLJNPK_!SLPKPUZCS[PMKPUZ!XJKRMPJNS\!TNWK[! NJTRS\!QRV!

S[RRKS\!VJXJSbS\!TLMKJPUS!JUV!SPXPNJM!XJKRMPJNS/!-K! PS!JNSW!LSRV!PU!JVXP^KLMR!WO!TWKKWU/!([R!MRSK!:1d!

NROK!WYRM!SLQSKJUTR!JOKRM!R^KMJTKPWU!WO! OPQMR! H?1d!WO!VM_!STLKT[RV!SKMJ`I![JS!J!]WKRUKPJN!WO!]MWYPVPUZ!

MJ`!XJKRMPJNS! OWM!XJULOJTKLMR! WO! ZWWV! cLJNPK_!`MPKPUZ! ]J]RM\! ]JMT[XRUK! ]J]RM\! TPZJMRKKR! ]J]RM! JUV!

SKMJ`!QWJMVS!HJNN!ZMJVRSI!WU!RTWUWXPT!QJSPS/!!!!!

$/"/"D/! 5PUR!JUV!MRZLNJM!NWUZ!ONJ^!OPQMRS!JMR!LSRV!PU!S]PUUPUZ!WO!_JMUS!OWM!NPURU!KR^KPNRS/!2QWYR!D1d!WO!NPURU!PS!

LSRV!PU!KR^KPNR!XJULOJTKLMPUZ/!4PURU!PS!JN`J_S!J]]MRTPJKRV!OWM!PKS!TJ]JQPNPK_!WO!R^TR]KPWUJN!TWWNURSS!PU!

[WK!`RJK[RM/! 4PURU! OJQMPT! PS!JNSW!TWUSPVRMRV!WUR!WO!QRSK! OJQMPT! OWM!XJULOJTKLMPUZ!cLJNPK_![WLSR[WNV!

KR^KPNRS! C! QRV! NPURU\! OLMUPS[PUZ! OJQMPTS\! JUV! PUKRMPWM! VRTWMJKPWU! JTTRSSWMPRS/! *[WMKRM! OPQMRS! ]MWVLTR!

TWJMSR!_JMUS\!LSRV! OWM!XJULOJTKLMPUZ!WO!bPKT[RU! KW`RNS\! SJPNS\! KRUKS!JUV!TJUYJS/!4W`RM! OPQMR!ZMJVRS!

JMR!LSRV!JS!MRPUOWMTRXRUK!JUV!OPNNRM!PU!K[RMXW]NJSKPT!TWX]WSPKRS!JUV!K[RMXW!SRK!MRSPUS!OWM!JLKWXWKPYR!

PUKRMPWM!SLQSKMJKRS\!OLMUPKLMR!JUV!WK[RM!TWUSLXRM!]MWVLTKS/!!!!

$/"/":/! -UVPJ!VWRS!UWK![JYR!SPZUPOPTJUK!]MRSRUTR!JXWUZ!K[R!ONJ^!OPQMR!]MWVLTPUZ!TWLUKMPRS/!-UVPJ! PS!PX]WMKPUZ!

ONJ^!OPQMR!KW!XRRK!VRXJUV!OWM!ONJ^!OMWX!K[R!VRORUSR!SRTKWM\!]JMKPTLNJMN_/!([PS!VRXJUV!TWLNV!QR!OLNOPNNRV!

Q_!VWXRSKPT!SL]]N_!JS!-UVPJ![JS!ZWWV!SL]]N_!WO!NPUSRRV!KW!]MWVLTR!ONJ^!OPQMR!VWXRSKPTJNN_/!!!!!!!!

!

#+%'-@(1,%"0(=,&0%/"(&0(+"2=(-'?(0/-^(0%1,"!(

0IBM(DEFGH(

$/"/"#/! %[PUJ! PS! K[R! NJMZRSK!]MWVLTRM!WO! ONJ^! OPQMR!JUV! KW`!JUV! MRZPSKRMRV!1/$?!XPNNPWU! KWUURS!]MWVLTKPWU! PU!

?11:/!%[PURSR! ONJ^! OPQMR! PUVLSKM_! H]MWVLTKPWUI! PS!XWMR! K[JU!#1!_RJMS!WNV/!%[PURSR! KR^KPNR!]MWTRSSPUZ!

TJ]JTPK_!WO!QJSK!OPQMRS!H5NJ^!JUV![RX]I!PS!K[R!QRSK!PU!K[R!`WMNV/!([R!JZMPTLNKLMJN!]MWVLTKPWU!WO!ONJ^!TJU!

WUN_!SL]]N_!01d!WO!K[R!MJ`!XJKRMPJNS!MRcLPMRXRUK!WO!K[R!]MWTRSSPUZ!OJTKWMPRS!PU!%[PUJ/!!

$/"/01/! ([R!KWKJN!TLNKPYJKPWU!JMRJ!WO!ONJ^!OPQMR!PS!JMWLUV!$7\111CD7\111![RTKJMRS!PU!%[PUJ/!([R!ONJ^!OPQMR!SKMJ`!

_PRNV! PS! JQWLK! ?/$! KWUURS! ]RM! [RTKJMR! JUV! NWUZ! STWKT[RV! OPQMR! _PRNV! PS! NRSS! K[JU! =1d/!>RPNWUZaPJUZ!

]MWYPUTR![JS!JMWLUV!:1d!S[JMR! PU! KWKJN! ONJ^! OPQMR!]MWVLTKPWU/!&YRM!#1d!WO! K[R!SKMJ`! PS!`JKRM! MRKKRV!

JUV!JNN!K[R!OPRNV!]MWVLTKPWU!VWUR!Q_!XJULJN!NJQWM!PU!>RPNWUZaPJUZ!]MWYPUTR/!!

$/"/0=/! ([RMR!JMR!XWMR!K[JU!"1!KR^KPNR!RUKRM]MPSRS!`PK[!J!]MWVLTKPWU!TJ]JTPK_!WO!=:1\111![JS]S!JUV!XWMR!K[JU!

?\111!NWWXS/!([RPM!TWXQPUR!]MWVLTKPWU!TJ]JTPK_!PS!SRTWUV!KW!,LSSPJ/!!2K!]MRSRUK\!%[PUJ![JS!JMWLUV!

!

!

!! ! 0?#!

=01!RUKRM]MPSRS!XJULOJTKLMPUZ!MJ`!ONJ^!XJKRMPJNS!`PK[!JU!JUULJN! OPRNV!]MWVLTKPWU!TJ]JTPK_!WO! PKS!W`U!

OPQMR!MJUZPUZ!JK!01\111C71\111!KWUURS/!!!

$/"/0?/! %[PUJ![JS!LUVRMKJbRU!ROOWMKS!NJMZRN_!OWTLSPUZ!WU!QMRRVPUZ!JUV!YJMPRK_!PX]MWYRXRUK!JUV!VRYRNW]XRUK/!

([R!%[PUJ!*TPRUTR!%WXXPKKRR! NJLUT[RV!J!]MWaRTK! KW! PVRUKPO_!ZRMX]NJSX!MRSWLMTRS! KW!SKWMR! K[RX! PU!

PUTNLVPUZ! OPQMR\! WPN! JUV! QWK[! WPN! JUV! OPQMR\! `PNV! ONJ^\! SKRMPNR! ONJ^! JUV! ]N_RXQM_WUPT! SRRVS/! ([R!XJPU!

WQaRTKPYRS!QR[PUV!K[PS!]MWZMJX!JMR!KW! PVRUKPO_!JUV!VRYRNW]!ONJ^!OPQMR!QMRRVPUZ!YJMPRKPRS!WO![PZ[!_PRNV\!

ZWWV! cLJNPK_\! VPSRJSR! MRSPSKJUTR!JUV!`PVR!JVJ]KJQPNPK_/! -K! JNSW! OWTLSRS! WU! R^]JUVPUZ! K[R! NWUZ! OPQMR!

TWUKRUK! L]! KW!=#C?1d!`PK[!J! KWKJN! OPQMR! TWUKRUK!WO!"1d/! !([R!XJPU!QMRRVPUZ! MRSRJMT[!JTKPYPKPRS!JMR!

VWUR! JK! K[R! 5NJ^! ,RSRJMT[! -USKPKLKR! LUVRM! K[R! 2TJVRX_! WO! 2ZMPTLNKLMJN! *TPRUTRS! WO! >RPNWUZaPJUZ!

9MWYPUTR!JUV!([R!-USKPKLKR!WO!-UVLSKMPJN!%MW]S!PU!>RPNWUZaPJUZ\!>LNJU/!!!

$/"/0"/! 3UVRM! K[PS! ]MWZMJX\! K[R! UR`! >RP_J! OPQMR! ONJ^! OJXPN_! WO! YJMPRKPRS! [JS! QRRU! VRYRNW]RV/! >W`RYRM\!

TWXXRUTRXRUK!WO!TWXXRMTPJN!]MWVLTKPWU!LSPUZ!K[RSR!UR`!>RP_J!YJMPRKPRS!`PNN!QR!SKJMKRV!PU!"C7!_RJMS/!

9MRSRUKN_\!)LMW]RJU!YJMPRKPRS!HUWK!`RNN!JVJ]KRVI!JMR!QRPUZ!`PVRN_!ZMW`U!OWM!OPQMR!PU!%[PUJ/!!

+HJL(DEFGH(

$/"/00/! %[PUJ! PS! WUR! WO! K[R!XJaWM! [RX]! OPQMR! ]MWVLTPUZ! TWLUKM_/! %[PUJ! ]MWVLTRV! JMWLUV! 0\111! KWUURS! WO!

MROPURV![RX]/!-U!MRTRUK!_RJMS\!%[PUJ![JS!VRYRNW]RV!K`W!YRM_!NW`!(>%![RX]!YJMPRKPRS!UJXRV!<LUXJ!

=!JUV!<LUXJ!?/!([R!(>%!TWUKRUK!]MW]WMKPWU!XRRKS!K[R!PUKRMUJKPWUJN!SKJUVJMVS!OWM![RX]/!!!

$/"/07/! !%[PUJ![JS!SLTTRSSOLNN_!TWKKWUPSRV!K[R!KMJVPKPWUJN![JMV![RX]!OPQMRS!cLPKR!OPUR\!SWOK!JUV!`WMbJQNR!KR^KPNR!

OPQMRS!SPXPNJM!KW!TWKKWU/!%LMMRUKN_\!?!bPNWZMJXS!WO![RX]!OPQMRS!_PRNV!=!bPNWZMJX!WO!KR^KPNR!OPQMRS!PU!%[PUJ/!

%[PUJ![JS!VRYRNW]RV!J!ZMWL]!WO!VRZLXXPUZ!KRT[UWNWZPRS!JUV!XJT[PURS!KW!TWKKWUPSR!K[R![RX]!OPQMRS!

SLTTRSSOLNN_! OWM!TWKKWU!JS!`RNN!`WWN!S_SKRX/!([RSR!KRT[UPcLRS!JUV!XJT[PURS!TJU!JNSW!QR!ROOPTPRUKN_!

LSRV!OWM!QNRUVPUZ!`PK[!XJUCXJVR!OPQMRS!JS!`RNN/!!

!

!

!

!

!

!

!

!

!

!! ! 0"1!

"MTEFES(84549<*(2BPTECHK(WHXHINLHW(DNG(PNSSNCEKBSENC(ND(THJL(EC(#TECB(

!

!

!

!

B,&%0$C(HF8(

$/"/0$/! %[PUJ![JS!JNSW!SLTTRSSOLNN_!VRYRNW]RV!K[R![RX]!YPSTWSR!OPQMR!HQWK[!OPNJXRUK!_JMU!JUV!SKJ]NR!OPQMRSI!

OMWX![RX]!TWMR![LMV! HS[PYI/!>RX]! MJ_WU!SKJ]NR! PS! PVRJN! OWM! TWKKWU! KR^KPNRS/!%LMMRUKN_\! =! bPNWZMJX!WO!

YPSTWSR!OPQMRS!TJU!QR!]MWVLTRV!OMWX!"!bPNWZMJXS!WO![RX]!TWMR![LMV/!!!

!

1-'-'-(0%1,"(

%CSGNWVPSENC((

$/"/0D/! ([R!QJUJUJ!]SRLVW!SKRX?$! PS!J!XJaWM!SWLMTR!WO!QJUJUJ! OPQMR/!6JUJUJ! PS!J! KMW]PTJN! TMW]/!&]KPXLX!

KRX]RMJKLMR! MJUZR! OWM! QJUJUJ! TLNKPYJKPWU! PS! =7o%! ! "7o%! `PK[! MRNJKPYR! [LXPVPK_! WO! D7C:7d/! ! ([R!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!?$!9SRLVW!SKRX!PS!J!TNLSKRMRV\!T_NPUVMPTJN!JZZMRZJKPWU!WO!NRJO!SKJNb!QJSRS/!!

!8RT[JUPTJN!SWOKRUPUZ!XJT[PUR!

!5PQMR!SR]JMJKPUZ!QNRJT[RM!JUV!`JS[RM!

%LKKRM!!!

>PZ[!KRX]RMJKLMR!SKRJXPUZ!TWWbRM!!

!4PcLPV!JXXWUPJ!]MWTRSSWM!!>PZ[!S]RRV!]RURKMJKPUZ!JUV!SKMRSS!MRNRJSPUZ!XJT[PUR!

!&]RUPUZ!JUV!TJMVPUZ!XJT[PUR!

!;MJOKPUZ!JUV!QMRJbPUZ!XJT[PUR!

!>PZ[!S]RRV!TWXQPUZ!XJT[PUR!

!

!

!! ! 0"=!

]MRORMJQNR!TNPXJKR!OWM!QJUJUJ!TMW]!PS!KMW]PTJN![LXPV!NW`NJUVS\!JNK[WLZ[!PK!TJU!JNSW!ZMW`!JK![PZ[RM!SRJ!

NRYRNS! HL]! KW! JU!RNRYJKPWU! WO! ?\111!XRKRMS! JQWYR!X/S/-I/! 6JUJUJ! PS! TLNKPYJKRV! PU! TNPXJKPT! TWUVPKPWUS!

MJUZPUZ!OMWX![LXPV!KMW]PTJN!KW!VM_!XPNV!SLQKMW]PTS!PU!-UVPJ!Q_!SRNRTKPUZ!SLPKJQNR!YJMPRKPRS/!6JUJUJ!TMW]!

bXE[MI!JNSW!VJXJZRS!K[R!TMW]/!>RJNK[_!YRZRKJKPYR!ZMW`K[!WO!QJUJUJ!TMPKPTJNN_!VR]RUVS!L]WU!0!XWUK[S!

WO!XWUSWWU!HeLURC*R]KRXQRMI!`PK[!JU!JYRMJZR!$71C

JMR!SLPKJQNR!OWM![PZ[RM!JNKPKLVRS/!((

$/"/0:/! 6JUJUJ!TMW]!]MRORMS!VRR]\!MPT[!NWJX_!SWPN!`PK[!]>!MJUZR!WO!$/7! !D/7/!6JUJUJ!TMW]!MRcLPMRS!SWPN!`PK[!

ZWWV!VMJPUJZR\!JVRcLJKR!ORMKPNPK_!JUV!XWPSKLMR/!2!SWPN!`[PT[!PS!URPK[RM!KWW!JTPVPT!UWM!KWW!JNbJNPUR\!MPT[!

PU!WMZJUPT!XJKRMPJN!`PK[![PZ[!UPKMWZRU!]MW]WMKPWU\!SLOOPTPRUK!][WS][WMLS!JUV!]WKJS[! NRYRN! PS!ZWWV! OWM!

QJUJUJ\!`[RMRJS!SJNPUR!SWNPV!JUV!TJNTJMRWLS!SWPNS!JMR!UWK!SLPKJQNR!OWM!QJUJUJ!TLNKPYJKPWU/!!

$/"/0#/! !2MWLUV! D1d! WO! OJMXRMS! JMR! LSPUZ! SLTbRMS! JS! ]NJUKPUZ!XJKRMPJNS! JUV! MRSK! "1d! OJMXRMS! JMR! KJbPUZ!

KPSSLR!TLNKLMR!SRRVNPUZS/!%WXXRMTPJNN_\! K[RMR!JMR! K`W! K_]RS!WO!QJUJUJ! C! VRSSRMK! K_]RS!JUV!TLNPUJM_!

K_]RS/!!

"MTEFES(845495*(%JLNGSBCS(FBCBCB(XBGEHSEHK(PVISEXBSHW(EC(WEDDHGHCS(KSBSHK(ND(%CWEB(

!SBSH( )BGEHSEHK(YGNQC(

2UV[MJ!9MJVRS[! ;`JMO!%JYRUVPS[\!,WQLSKJ\!,JSK[JNP\!2XMPK]JUK\!([RNNJT[JbMJbRNP\!AJM]WWMJ!9WWYJU\!%[JbMJbRNP\!8WUK[JU!JUV!<RUJZL!6WUK[J!

2SSJX! eJ[JaP!H;`JMO!%JYRUVPS[I\!%[PUP!%[JX]J\!8JNQ[WZ\!6WMaJ[JaP!H,WQLSKJI\!>WUVJ\!8JUaJ[JaP\!%[PUPJ!H8JUW[JMI\!AJUT[bWN\!6[PXbWN\!eJKPbWN\!;PZaW`J\!ALN]JPK\!6[JMJK!8WUP!!

6P[JM! ;`JMO!%JYRUVPS[\!2N]WU\!%[PUPJ!\!%[PUP!%[JX]J\!8JNQ[PZ\!8LK[PJ\!AWK[PJ!\!BJLMPJ!

BLaJMJK! ;`JMO!%JYRUVPS[\!4JTJKJU\!>JMPT[JN!H4Wb[JUVPI\!BJUVRYP!*RNRTKPWU\!6JSMJP\!,WQLSKJ\!BC#\!>JMPT[JN\!*[MPXJKP!

e[JMb[JUV! 6JSMJP\!*PUZJ]LMP!

AJMUJKJbJ! ;`JMO!%JYRUVPS[\!,WQLSKJ\!,JSK[JNP\!9WWYJU\!8WUK[JU\!)NJbbPQJNR!

ARMJNJ! 'RUVMJU!H9NJUKJPUI\!9JNJ_JUbWVJU!H9WWYJUI\!,JSK[JNP\!8WUK[JU\!,RV!6JUJUJ\!,WQLSKJ!

8JV[_J!9MJVRS[! 6JSMJP!

8J[JMJS[KMJ! ;`JMO!%JYRUVPS[\!6JSMJP\!,WQLSKJ\!4JN!+RNT[P\!*JORV!+RNT[P\!,JaRNP!'RUVMJU\!BMJUV!'JPUR\!*[MRRXJUKP\!,RV!6JUJUJ!!

&MPSSJ! ;`JMO!%JYRUVPS[\!,WQLSKJ\!%[JX]J\!9JKbJ]LMJ!H,JSK[JNPI!

(JXPN!'JVL! +PML]JbS[P\!,WQLSKJ\!,JV!6JUJUJ\!9WWYJU\!,JSK[JNP\!'RUVMJU\!8WUK[JU\!AJM]LMJYJNNP\!*JbbJP\!9R_JU\!8JKKP!

.RSK!6RUZJN! %[JX]J\!8WMKXJU!\!;`JMO!%JYRUVPS[\!BPJUK!BWYRMUWM\!AJUK[JNP\!*PUZJ]LMP!

!

!

!

!! ! 0"?!

$/"/71/! 6JUJUJ! OPQMRS![JYR!J!XJaWM!]MW]WMKPWU! H$1C$7dI!WO! TRNNLNWSR!JUV!SPUZNRCOPQMR! NRUZK[! PS!:1C?11!XX/!

&K[RM!RNRXRUKS!JMR!TRNNLNWSR\![RXPTRNNLNWSR\!JUV!NPZUPU/!-KS!RNWUZJKPWU!PS!"d!JUV!PKS!XRT[JUPTJN!JUV!

][_SPTJN! ]MW]RMKPRS!JMR!SPXPNJM! KW! ONJ^/!*WXR!][_SPTJN!JUV!T[RXPTJN!]MW]RMKPRS!WO!QJUJUJ! OPQMRS!JMR!

ZPYRU!QRNW`/!

! -KS! J]]RJMJUTR! PS! SPXPNJM! KW! QJXQWW! JUV! MJXPR! OPQMRg! [W`RYRM! QJUJUJ! OPQMR! [JS! QRKKRM!

OPURURSS!JUV!S]PU!JQPNPK_/!-K![JS!S[PU_!J]]RJMJUTR!VR]RUVPUZ!L]WU!K[R!R^KMJTKPWU!G!S]PUUPUZ!

]MWTRSS/!

! -K!PS!YRM_!SKMWUZ!OPQMR!`PK[!SXJNNRM!RNWUZJKPWU/!-K!PS!NPZ[K!`RPZ[K/!

! -KS!JYRMJZR!OPURURSS!PS!?\011!'X/!

! -K!TJU!RJSPN_!JQSWMQ!XWPSKLMR!JS!`RNN!JS!MRNRJSR!XWPSKLMR/!

! -K!TJU!QR!S]LU!Q_!VPOORMRUK!XRK[WVS!NPbR!MPUZ!S]PUUPUZ\!W]RUCRUV!S]PUUPUZ\!QJSK!OPQMR!S]PUUPUZ\!

JUV!SRXPC`WMSKRV!S]PUUPUZ/!!


$/"/7=/! 6JUJUJ!OPQMR!TJU!QR!R^KMJTKRV!Q_!XJULJN!SKMP]]PUZ!WM!XJT[PUR!SKMP]]PUZ!HQ_!XRT[JUPTJN!VRTWMKPTJKWMI/!

2BCVBI(KSGELLECY(

$/"/7?/! 6JUJUJ!OPQMR!PS!R^KMJTKRV!OMWX!`JSKR!SKJNb!WO!QJUJUJ!]NJUK/!BRURMJNN_\!QJUJUJ!OPQMR!PS!SPKLJKRV!URJM!KW!

K[R!WLKRM!SLMOJTR!WO!K[R!S[RJK[!JUV!TJU!QR!]RRNRVCWOO!RJSPN_!PU!MPQQWUS!WO!SKMP]S!WO!7C:!TX!`PVR!JUV!?C

0!XX!K[PTb!JNWUZ!K[R!RUKPMR!NRUZK[!WO!K[R!S[RJK[/!([R!SKMP]]PUZ!]MWTRSS!PS!bUW`U!JS!KL^_PUZ!JUV!K[R!

SKMP]S!QRPUZ!TJNNRV!KL^PRS/!!

([RMR!JMR!K`W!XRK[WVS!WO!KL^_PUZ!JS!]MRYJNRUK!PU!9[PNP]]PURS/!!

! 6JTUPS!XRK[WV!

-U! K[PS!XRK[WV\! KMLUbS!JMR!]LNNRV! J]JMK! JUV! K[R!S[RJK[! PS! SR]JMJKRV!JS!]RM! K[RPM! ]WSPKPWU! PU!

SKJNb/!([RU!JOKRM\!K[R_!JMR!ONJKKRURV!JUV!K[R!OPQMR!PS!SKMP]]RV!OMWX!K[R!SKRX!Q_!TLKKPUZ!K[R!]LN]_!

]JMK!JUV!]LNNPUZ!J`J_!K[R!KL^_/!

! 4WRUPK!XRK[WV!!

-U!K[PS!XRK[WV\!KL^PRS!JMR!]LNNRV!WOO!K[R!SKJNb!OMWX!WUR!S[RJK[!JK!J!KPXR/!!

! 2OKRM!SKMP]]PUZ\!KL^PRS!JMR!QLUVNRV!PUKW!QLUVNRS!WO!?"C?D!bZ!JUV!QMWLZ[K!KW!K[R!SKMP]]PUZ!bUPOR!

OWM!TNRJUPUZ/!2K!NJSK!OPQMR!PS!JPM!VMPRV!JUV!QLUVNRV!OWM!SLQSRcLRUK!ZMJVPUZ!JUV!QJPNPUZ/!!!

!

!

!! ! 0""!

2BPTECH(KSGELLECY(

$/"/7"/! -U!K[PS!XRK[WV\!KMLUbS!JMR!TLK!PUKW!SRTKPWUS!WO!=?1C=:1!TX!PU!NRUZK[/!([R!SRTKPWUS!HWUR![JNO!K[R!NRUZK[!

JK!J!KPXRI!JMR!K[RU!TMLS[RV!QRK`RRU!MWNNS!JUV!K[R!]LN]_!KPSSLRS!JMR!SR]JMJKRV\!Q_!K`W!NJMZR!MRYWNYPUZ!

VMLXS\!K[R!MPX!WO!`[PT[!JMR!OPKKRV!`PK[!STMJ]]PUZ!QNJVR!`[PT[!]RRNCWOO! K[R!S[RJK[!`[PNR! PK! PS!]MRSSRV!

JZJPUSK!J!QRV!]NJKR\!WYRU!VMPRV\!ZMJVRV!JUV!QJNRV/!

([R!OWNNW`PUZ!]PTKLMR!VR]PTKS!K[R!QJUJUJ!OPQMR!R^KMJTKPUZ!XJT[PUR/!

"MTEFES(84549:*(1BCBCB(DEFGH(HMSGBPSECY(JBPTECH(

(B,&%0$C(M,&%*)6(,2(@*+-*$$%$1(H-7$%'()*1(H)7%-0'<W,6&5$(XJ(G''&$(9 9::;(

%CWEBC(KPHCBGEN(

$/"/70/! -U! ARMJNJ\! QJUJUJ! OPQMRS! JMR! LSLJNN_! R^KMJTKRV! XJULJNN_! Q_! STMJ]]PUZ! WO! K[R! ]PK[_! XJKRMPJN! OMWX!

]SRLVW!SKRX!`PK[!J!`WWVRU!STMJ]RM/!-U!K[R!UR^K!SKR]\!OPQMRS!JMR!TNRJURV!JUV!VMPRV!PU!S[JVR/!&UN_!=C

?d!`RK!`RPZ[K!]RM!]NJUK!PS!JYJPNJQNR!JS!OPQMRS/!!-K!PS!RSKPXJKRV!K[JK!D1!OLNNCZMW`U!QJUJUJ!KMLUbS!ZPYRS!=!

bPNWZMJX!WO!VM_!QJUJUJ!OPQMR/!!

"MTEFES(84549>*(2BCVBI(HMSGBPSECY(ND(FBCBCB(DEFGHK(

(

!

!

!! ! 0"0!

%CSHGCBSENCBI(KPHCBGEN( (1BCBCB(DEFGH((

$/"/77/! 2S! SLT[! UW! VJKJ! PS! JYJPNJQNR! WU! ZNWQJN! QJUJUJ! OPQMR! ]MWVLTKPWU/! >W`RYRM\! VJKJ! MRNJKRV! KW! QJUJUJ!

]MWVLTKPWU!JUV!KMJVR!TJU!QR!KJbRU/!-UVPJ!PS!K[R!NJMZRSK!]MWVLTRM!WO!QJUJUJ!`PK[!"?/:d!S[JMR!PU!KWKJN!

ZNWQJN!]MWVLTKPWU!WO!QJUJUJ!PU!?11:/!([R!WK[RM!XJaWM!QJUJUJ!]MWVLTPUZ!TWLUKMPRS!JMR!%[PUJ\!6MJfPN\!

)TLJVWM!JUV!-UVWURSPJ/!!

"MTEFES(845498*(&XHGBII(YINFBI(LGNWVPSENC(SGHCW(EC(FBCBCB(ZEC(JEIIENC(SNCCHK[(

( (B,&%0$C(HF8('3)3'(

$/"/7$/! )TLJVWM!`JS! K[R! NJMZRSK! R^]WMKRM! WO! QJUJUJ! PU! ?11D/! ([R! WK[RM!XJaWM! R^]WMKPUZ! TWLUKMPRS! PU! ?11D!

`RMR!%WSKJ!,PTJ\!%WNWXQPJ\!BLJKRXJNJ!JUV!6RNZPLX/!&U! K[R!WK[RM!RUV\!BRMXJU_!`JS! K[R!QPZZRSK!

PX]WMKRM!WO!QJUJUJ!PU!?11D/!([R!WK[RM!XJaWM!PX]WMKPUZ!TWLUKMPRS!PU!?11D!`RMR!6RNZPLX\!eJ]JU\!-KJN_\!

5MJUTR\!%JUJVJ!JUV!%[PUJ/!!!!

$/"/7D/! 9[PNP]]PURS!JUV!eJ]JU!JMR!K[R!XJaWM!QJUJUJ!OPQMR!]MWVLTPUZ!TWLUKMPRS!OWM!NJMZR!STJNR!XJULOJTKLMPUZ!WO!

KR^KPNR! PKRXS! XJVR! OMWX! QJUJUJ! OPQMR/! 9[PNP]]PURS! PS! JNSW! R^]WMKPUZ! [LZR! cLJUKPK_! WO! MRJV_! XJVR!

ZJMXRUKS! XJULOJTKLMRV! OMWX! QJUJUJ! OPQMR! KW! eJ]JU\! *PUZJ]WMR\! (JP`JU! JUV! JNN! OJM! )JSK! 2SPJU!

TWLUKMPRS/!-U!-UVPJ\!QJUJUJ!OPQMR!PS!]MPXJMPN_!LSRV!PU!TWKKJZR!PUVLSKM_!]MRSRUK!PU!*WLK[RMU!-UVPJ/!!

=GHKHCS(KSBSVK(EC(%CWEB((

$/"/7:/! -UVPJ! PS! K[R!QPZZRSK!]MWVLTRM!WO!QJUJUJ!JTMWSS!K[R!ZNWQR/!([R!OWNNW`PUZ!KJQNR!VR]PTKS!K[R!SKJKR!`PSR!

QJUJUJ!TLNKPYJKPWU!QRNKS/!!!!!

!

!

!

!

!

!! ! 0"7!

"MTEFES(84549g*(!SBSH(QEKH(FBCBCB(PVISEXBSENC(FHISK(EC(%CWEB(

!SBSH( 1BCBCB(YGNQECY(FHISK(

2UV[MJ!9MJVRS[! )JSK!BWVJYJMP\!.RSK!BWVJYJMP\!ALMUWWN\!%LVVJ]J[!

2SSJX! BWJN]JMJ\!'JZJWU\!*WUPK]LM\!OWWK[PNNS!WO!BJMW![PNNS!

BLaJMJK! *LMJK\!+JVWVJMJ\!2UJUV\!A[RVJ\!eLUJZJV[\!'JMXJVJ\!6[JMLT[!

e[JMb[JUV! ,JUT[P\!*J[RQZJUa!

AJMUJKJbJ! 6JUZJNWMR\!%[PKMJVLMZJ\!*[PWMWZJ\!>JSSJU\!%[PbbJ!8JUZNWWM!!

ARMJNJ! ([PMLYJUJUK[J]LMJX\!AWNNJX\!9JK[JUJXK[PKKJ\!2NJ]]Lf[J\!AWKKJ_JX\!-VLbbP\!)MUJbLNJX\!([MPSSLM\!9JNJbbJV\!8JNJ]]LMJX\!AWf[PbWVR\!._UJVL\!AJUULM\!AJSJMZWV!

8JV[_J!9MJVRS[! A[JUV`J\!6JV`JUP\!A[JMZJWU\!;[JM!

8J[JMJS[KMJ! eJNZJWU\!2[XRVUJZJM\!6LNV[JUJ\!9LUR\!.JMV[J\!;[LNR\!'JUVRV\!9JMQJUP\!'JUVLMQJM\!*JKJMJ\!*JUZNP\!&SXJUJQJV\!6LNV[JUJ\!2bWNJ\!<RWK[XJN\!2XMJYJKP\!([JUR\!ALNJMJ\!2NPQJZ!

&MPSSJ! BJUaJX\!9LMP\!A[LMVJ\!BJa]JKP\!%LKKJTb\!;[RUbJUJN\!2UZLN\!*LUVJMZJM[\!*JXQJN]LM\!6JMZJM[\!;RWZJM[\!AWMJ]LK\!ARWUa[JM\!,J_ZJVJ\!8J_LMQ[JUa!

(JXPN!'JVL! ([WWK[LbLVP\!(PMLT[PMJ]JNNP\!%WPXQJKWMR\!(PMLURNYRNP\!AJMLM\!)MWVR\!AJUUP_JbLXJMP!

.RSK!6RUZJN! >WWZ[N_\!'JVPJ\!'WMK[!?0!9JMZJUJS!

!

$/"/7#/! -UVPJ!]MWVLTRV!?"/?!XPNNPWU!KWUURS!WO!QJUJUJ!`PK[!J!]MWVLTKPYPK_!WO!"7/#!KWUURS!]RM![RTKJMR!PU!5<1:/!

"MTEFES(845497*(%CWEBC(FBCBCB(LGNWVPSENC(BCW(UEHIW(

(B,&%0$C(-*1-)'3)3?0,5(

!

!

!

!! ! 0"$!

"MTEFES(845496*(1BCBCB(LGNWVPSENC(EC(KHIHPSHW(%CWEBC(KSBSHK(EC(03;7(

!SBSHK(-GHB(Zh;;;(+HPSBGHK[(

=GNWVPSENC(Zh;;;($NCCHK[(

3EHIW(ZSNCCH]THPSBGH[(

2UV[MJ!9MJVRS[! 7"/?"! =\70"/:!! ?#/1!

2MLUJT[JN!9MJVRS[! 0/0! ="/:!! "/=!

2SSJX! 00! $1D/1!! ="/:!

6P[JM! =D/#! ?""/$!! ="/=!

%[[JKKPSZJM[! 1/$! ?1/D!! "0/7!

BWJ! ?/0! ?"/7!! #/:!

BLaJMJK! 0$/"! =\#D#/"!! 0?/D!

>PXJT[JN!9MJVRS[! =0/0! ="1/#!! #/=!

AJMUJKJbJ! 00/:! D0"/$!! =$/$!

ARMJNJ! 7#/"! 0"#/:!! D/0!

8JV[_J!9MJVRS[! D/0$! 7$:/:!! D$/?!

8J[JMJS[KMJ! D=! 7\?$D/1!! D0/?!

8JUP]LM! #/0! =?1/0!! =?/:!

8RZ[JNJ_J! $/0! D?/?!! ==/"!

8PfWMJX! "/"! :/=!! ?/7!

'JZJNJUV! =! 7/?!! 7/?!

&MPSSJ! ??/?! ?:0/:!! =?/:!

(JXPN!'JVL! ==?/D#! 7\":0/:!! 0D/D!

(MP]LMJ! D/"! #7/"!! ="/=!

3KKJM!9MJVRS[! ?! DD/D!! ":/#!

2UVJXJU!G!'PTWQJM!-SNJUVS! =/#! =7/$!! :/?!

9WUVPT[RMM_! 1/"! =1/7!! "7/1!

4JbS[V`RR]! 1/=! 1/0!! 0/1!

B,&%0$C(-*1-)'3)3?0,5(

!

!

!! ! 0"D!

0EKPBI(KSGVPSVGH(

$/"/$1/! -UVPJ!PS![JMVN_!]MRSRUK!PU!PUKRMUJKPWUJN!KMJVR!WO!QJUJUJ!TMW]/!

"MTEFES(8454<;*(#VKSNJK(WVSU(


#)?(-W4()BI4(




7"1"=1#1n! &K[RM!KR^KPNR!QJSK!OPQMR!

=1/1! 1/1! 1/"! 0/0=! =0/D=!

B,&%0$C(>>>?-*2,1%-O$-*1-)?0,5(

G''&$'(%$6)3$1(3,(3$04*,6,+"J(YZEJ('3,%)+$()*1($30?((

$/"/$=/! 2]]NPTJKPWU!WO!QJUJUJ!OPQMR!OWM!XJULOJTKLMPUZ!KR^KPNRS!PS!J!UR`!TWUTR]K!PU!-UVPJ/!-U!-UVPJ\!WUN_!=1d!WO!

K[R!QJUJUJ!`JSKR!H9SRLVW!SKRXSI!PS!LSRV!OWM!R^KMJTKPUZ!K[R!OPQMR\!MRSK!PS!`JSKRV/!([RMR!PS!UW!SKJUVJMV!

`J_! KW!R^KMJTK! K[R!QJUJUJ! OPQMRS! PU!K[R!TWLUKM_!MRSLNKPUZ! PU! PMMRZLNJM!VRXJUV!SL]]N_!SPKLJKPWU\!`[PT[!

OPUJNN_!NRJVS!KW![PZ[RM!]MPTRS!WO!QJUJUJ!OPQMRS!JZJPUSK!WK[RM!UJKLMJN!OPQMRS!OWM!RUV!LSRMS!PU!K[R!TWLUKM_/!!

"MTEFES(8454<9*(1BCBCB(DEFGH(LGEPHK(XEK@i@XEK(NSTHG(CBSVGBI(DEFGH(LGEPHK(EC(%CWEB(

'BSVGBI(DEFGHK( =GEPHK(Z.!j]fY[(

6JUJUJ! 1/0"C1/:=!

>RX]! 1/=7C1/$1!

ARUJO! 1/=7C1/"1!

5NJ^! 1/=7C1/?=!

B,&%0$C(M,&%*)6(,2(@*+-*$$%$1(H-7$%'()*1(H)7%-0'<W,6&5$(XJ(G''&$(9 9::;(

$/"/$?/! ([R!XJPU!MRJSWU!QR[PUV!LUVRMCLKPNPfJKPWU!WO!QJUJUJ!OPQMR!PS!K[R!NJTb!WO!SLOOPTPRUK!STPRUKPOPT!VJKJ!WU!K[PS!

OPQMR\! R^TR]K! PUOWMXJKPWU! MRZJMVPUZ! PKS! T[RXPTJN! TWUSKPKLRUKS/! -U! -UVPJ\! QJUJUJ! OPQMR! PS! ]MPXJMPN_!

R^KMJTKRV!XJULJNN_/!([R!XJULJN!R^KMJTKPWU!]MWTRSS!TJLSRS!NW`!_PRNV!JUV![PZ[!NJQWM!TWSK!JS!K[PS!K_]R!

WO!XJULJN!]MWTRSS!URRVS!SbPNNRV!NJQWM/!8JT[PUR!R^KMJTKPWU!]MWTRSS![JS!OWNNW`PUZ!VPSKPUTK!JVYJUKJZRS!

WYRM!XJULJN!R^KMJTKPWU!]MWTRSS/!!!!!

! ,RVLTRV!NRYRN!WO!VMLVZRM_/!

! -K!PS!LSRM!OMPRUVN_\!SJORM\!TNRJURM!JUV!RTWUWXPT!]MWTRSS/!2U!LUSbPNNRV!`WMbRM!TJU!JNSW!W]RMJKR!

K[R!XJT[PUR/!

! -K!ZPYRS!QRKKRM!cLJNPK_!OPQMR!PU!KRMXS!WO!NRUZK[!JUV!SWOKURSS\!SKMRUZK[!G!TWNWM/!

! -K! PUTMRJSRS! OPQMR!]MWVLTKPWU!Q_!JNXWSK!71d!KW!J]]MW^PXJKRN_!"1!bZ!]RM!VJ_!JZJPUSK!XJULJN!

]MWTRSS/!!!

!

!

!! ! 0":!

$/"/$"/! 9MRSRUKN_\! `JSKR! QJUJUJ! SKRXS! ]WSR! ]MWQNRX! WO! VPS]WSJN! JUV! JMR! JYJPNJQNR! JNXWSK! OMRR! WO! TWSK! PU!

%RUKMJN! JUV! *WLK[!BLaJMJK

([PS!XJT[PUR!]MWVLTRS!SPNb!ZMJVR!OPQMR!OMWX!QJUJUJ!JZMPTLNKLMJN!`JSKR/!([R!SPNb!ZMJVR!OPQMR!PS!`PVRN_!

LSRV!Q_![JUVPTMJOKS!JUV!KR^KPNR!PUVLSKM_/!


.KBYHK((

$/"/$0/! 6JUJUJ! OPQMR! PS!LSRV! OWM!XJULOJTKLMPUZ!VWWMXJKS\! TJM]RKS\! _JMU\! MW]R\!ZRWKR^KPNRS\! NLZZJZR!TJMMPRMS!

JUV!PUKRMPWM!VRTWMJKPYR!PKRXS/!-U!MRTRUK!]JSK\!QJUJUJ!OPQMR![JS!JNSW!QRRU!MRTWZUPfRV!OWM!XJULOJTKLMPUZ!

[PZ[!cLJNPK_!J]]JMRN!ZJMXRUKS!JUV![WXR!OLMUPS[PUZS!VLR!KW!PUTMRJSPUZ!RUYPMWUXRUKJN!J`JMRURSS!JUV!

ZMW`PUZ!PX]WMKJUTR!WO!RTWCOMPRUVN_!OJQMPTS/!6JUJUJ!OPQMR!PS!QRPUZ!LSRV!OWM!XJbPUZ!KMJVPKPWUJN!VMRSSRS!

NPbR!bPXWUW\!JUV!bJXPS[PXW!PU!eJ]JU!SPUTR!K[R!)VW!]RMPWV!H=$11C=:$:I/!6JUJUJ!OPQMR!PS!JNSW!LSRV!KW!

XJbR! OPUR! TLS[PWU!TWYRMS\!URTbKPRS\!QJZS\! KJQNR!TNWK[S\! TLMKJPUS! JUV!WK[RM! K[PUZS/!,LZS!XJVR! OMWX!

QJUJUJ!SPNb!_JMU!OPQMRS!JMR!JNSW!YRM_!]W]LNJM!`WMNV!`PVR/!!!

2BGfHS(=NSHCSEBI(

$/"/$7/! 6JUJUJ!OPQMR!TJU!QR!RJSPN_!QNRUVRV!`PK[!TWKKWU!OPQMR!WM!WK[RM!S_UK[RKPT!OPQMRS!KW!]MWVLTR!QNRUVRV!OJQMPT!

G!KR^KPNRS/!%LMMRUKN_\!PK!PS!XJPUN_!LSRV!Q_!TWKKJZR!PUVLSKM_!PU!*WLK[RMU!-UVPJ/!!6JUJUJ!5PQMR!JNSW!OPUVS!

LSR!PU![PZ[!cLJNPK_!SRTLMPK_E!TLMMRUT_!]J]RM\!]JTbPUZ!TNWK[!OWM!JZMPTLNKLMR!]MWVLTR\!S[P]S!KW`PUZ!MW]RS\!

`RK!VMPNNPUZ!TJQNRS!JUV!WK[RMS/!6JUJUJ!OPQMR![JS!K[R!]WKRUKPJN! KW!]JMKPJNN_!MR]NJTR!K[R!TWUSLX]KPWU!WO!

TWKKWU! JUV! aLKR! OPQMR! PU! -UVPJ/! -K! TJU! QR! R^]WMKRV! KW! OJMCRJSK! 2SPJU! JUV! *WLK[! 2SPJU! TWLUKMPRS! NPbR!

*PUZJ]WMR\!(JP`JU\!eJ]JU\!([JPNJUV\!*MP!4JUbJ!JUV!8JNJ_SPJ/!

!

=+%/%==%'"!(@(1,%"0(=,&0%/"(&0(-1-#-(0%1,"(

$/"/$$/! 2QJTJ!]NJUK!H[&')(3$I3-6$'

WO!KWKJN!JQJTJ!OPQMR!MRcLPMRXRUK/!!

$/"/$D/! 2QJTJ!`JS!PUKMWVLTRV!PU!9[PNP]]PURS!VLMPUZ!*]JUPS[!KPXR!JS!TNWK[PUZ!XJKRMPJN/!-K!PS!]MPXJMPN_!TLNKPYJKRV!

PU! L]NJUV! JUV! PUKRMPWM! ]JMKS! WO! K[R! TWLUKM_/! ([R! OWNNW`PUZ! KJQNR! VR]PTKS! K[R! VPOORMRUK! YJMPRKPRS!

MRTWXXRUVRV!OWM!YJMPWLS!MRZPWUS!WO!K[R!TWLUKM_/!

!

!

!

!! ! 0"#!

"MTEFES(8454<<*(?EDDHGHCS(XBGEHSEHK(GHPNJJHCWHW(DNG(XBGENVK(GHYENCK(ND(STH(PNVCSGU(

AGNQECY(GHYENCK( )BGEHSEHK((

,RZPWU!+! 4PUJ`JZJU!9LKP\!4PUJ`JZJU!]LNJ\!*WZXWV\!JUV!4JLSPZWU!

,RZPWU!+---! 4J_NJ_\!-UWSJ\!4PUJ`JJU\!4PUNJ_\!9LKPJU\!4JZLPS\!4PUNPQ\!JUV!4PUPUW!

8PUVJUJW! -UWSJ\!(JUZWUZWU\!JUV!8JZLPUVJUJW!

$/"/$:/! ([R!UJKPWUJN!JYRMJZR! OPQMR! _PRNV! PS!1/7=! KWUURS!]RM![RTKJMR! PU!?11$/! -K![JS!SL]RMPWM! KRUSPNR!SKMRUZK[!

JUV!RUVLMPUZ!VLMJQPNPK_!LUVRM!`JKRM/!-K![JS!XWMR!OPQMR!K[JU!JU_!WK[RM!SWLMTR!XJbPUZ!PK!XWMR!VLMJQNR/!

2QJTJ!OPQMR!MRZPSKRMRV!JMWLUV!$#\:1?!KWUURS!]MWVLTKPWU!`PK[!J!TLNKPYJKRV!JMRJ!WO!="7\::"![RTKJMRS!PU!

?11$/!)JSKRMU!+PSJ_JS!JUV!6PTWN!JMR!XJPU!]MWVLTPUZ!MRZPWUS!WO!K[R!TWLUKM_/!!

$/"/$#/! 9[PNP]]PURS! PS! XJULOJTKLMPUZ! YJMPWLS! ]MWVLTKS! NPbR! TWMVJZR\! MW]RS\! K`PURS\! OPQMRTMJOKS\! OLMUPKLMR\!

ZJMXRUKS\! S[J`NS\! KR^KPNRS! TWSXRKPTS! JUV! SbPU! TJMR! ]MWVLTKS\! ]LN]! JUV! S]RTPJNK_! ]J]RM! OMWX! JQJTJ!

OPQMRS/!([R!OWNNW`PUZ!VPJZMJXS!VR]PTK!K[R!YJMPWLS!TWUYRMSPWU!]MWTRSSRS!OWM!VPOORMRUK!]MWVLTKS/!!

"MTEFES(8454<5*(0EFGH(SN(0BFGEPK(Z+BCWINNJ(=GNPHKK[((((

(

"MTEFES(8454<:*(0EFGH(SN(0BFGEPK(Z=NQHG(INNJ(=GNPHKK[(

(

!

!

!! ! 001!

"MTEFES(8454<>*(0EFGH(SN(=VIL(

(B,&%0$C()7)0)#4-6-##-*$'?0,5(

$/"/D1/! 2QJTJ! OPQMR! PS! OWLUV! PU!YJMPWLS!ZMJVRS! NPbR!R^TRNNRUK! H2;\!)5\!*?\!*"I\!ZWWV!H-\!B\!>I\! OJPM! HeA\!8-I\!

TWJMSR! H4I\! MRSPVLJN! H<=\! <?\! &\! (\!.*I/! 9[PNP]]PURS! PS! K[R! NJMZRSK! R^]WMKRM! WO! JQJTJ! OPQMR! JUV! PKS!

]MWVLTKS/!!9[PNP]]PURS!ZRURMJKRV!JMWLUV!3*l!:1!XPNNPWU!R^]WMK!MRYRULR!OMWX!2QJTJ/!!

"MTEFES(8454<8*("MLNGSK(ND(BFBPB(BCW(ESK(LGNWVPSK(DGNJ(=TEIELLECHK(

%SHJK( %JLNGSECY(PNVCSGEHK(

,J`!JQJTJ!OPQMR! 3UPKRV!APUZVWX!H3AI\!3UPKRV!*KJKRS!H3*I\!JUV!eJ]JU!

9LN]! BRMXJU_\!eJ]JU\!5MJUTR\!JUV!3*!

%WMVJZR\!MW]RS\!JUV!K`PURS! 3*\!*PUZJ]WMR\!'RK[RMNJUVS\!3A!JUV!%JUJVJ!

<JMUS!! -KJN_\!3A\!eJ]JU\!JUV!3*!

5JQMPTS!JUV!OPQMR!TMJOKS! 3*\!eJ]JU\!*]JPU\!3A!\!JUV!>WUZbWUZ!

!

!%!-/(0%1,"(

$/"/D=/! *PSJN! PS!J!]RMRUUPJN!]NJUK/! -K! TJU!RSKJQNPS[!JUV!ZMW`! PU!J!YJMPRK_! WO!`RJK[RM!TWUVPKPWUS! PUTNLVPUZ![WK!

TNPXJKRS\! PUTNLVPUZ! VM_! JMRJS! LUSLPKJQNR! OWM! WK[RM! TMW]S/! -K! PS! OWLUV! WU! RXQJUbXRUKS\! MWJVSPVRS\!

QLUVS/!*PSJN!]NJUKS!JPV!PU!SWPN!TWUSRMYJKPWU!JUV!JNSW!PU!]MWKRTKPWU!JS![RVZR!]NJUKJKPWU/!!

!

!

!! ! 00=!

+&:$1)<&6"#)

$/"/D?/! *PSJN! OPQMR! PS! TMRJX_! `[PKR! PU! TWNWM! JUV! NLSKMWLS/! -K! TJU! XRJSLMR! L]! KW! =! XRKMR! PU! NRUZK[! `PK[! J!

VPJXRKRM!WO!?11! KW!011!XPTMWUS/!([R!SPSJN! OPQMR! PS!J!TWJMSR![JMV! OPQMR!`[PT[! PS!SKMWUZ\!VLMJQNR\!JUV!

SKMRKT[JQNR!JUV!VWRS!UWK!JQSWMQ!XWPSKLMR!RJSPN_\!VWRS!UWK!VRKRMPWMJKR!PU!SJNK!`JKRM!JUV![JS!JOOPUPK_!OWM!

V_RSKLOO/!2ZMPTLNKLMJN!K`PUR!JUV!MW]RS!PS!SKPNN!WUR!WO!K[R!NJMZRSK!XJMbRKS!OWM!SPSJN!OPQMR\!`[PNR!K[R![PZ[RSK!

OPQMR!ZMJVRS!JMR!LSRV!OWM!XJULOJTKLMPUZ!WO!MLZS!JUV![WXR!OLMUPS[PUZ/!!

$/"/D"/! *PSJN!OPQMR![JS!QRRU!KMJVPKPWUJNN_!LSRV!KW!XJbR!K`PURS!JUV!MW]RS\!VLR!KW!PKS!SKMRUZK[S\!PKS!]MW]RMK_!WO!

SKMRKT[JQPNPK_\! JOOPUPK_! OWM! V_RPUZ! JUV! MRSPSKJUTR! KW! `RJK[RM! TWUVPKPWUS/!>W`RYRM\! PU! MRTRUK! KPXR! PK! PS!

QRPUZ!LSRV!OWM!XJbPUZ!S]RTPJNK_!]J]RM\!OPNKRMS\!ZRWKR^KPNRS\!XJKKMRSSRS\!TJM]RKS!JUV!`JNN!TWYRMPUZS/!-K!PS!

JNSW! QRPUZ! LSRV! JS! MRPUOWMTRXRUK! PU! ]NJSKPT! TWX]WSPKR! XJKRMPJNS\! ]JMKPTLNJMN_! PU! JLKWXWKPYR!

TWX]WURUKS! JUV! OLMUPKLMR/!2UWK[RM! ]MWXPSPUZ! LSR! PS! JS! J! SLQSKPKLKR! OWM! JSQRSKWS! PU! QMJbR!]JVS/! -U!

JVVPKPWU\!K[R!Q_C]MWVLTKS!OMWX!SPSJN!R^KMJTKPWU!TJU!QR!LSRV!PU!QPWCZJS\!][JMXJTRLKPTJN!PUZMRVPRUKS!JUV!

QLPNVPUZ!XJKRMPJNS/!!

$/"/D0/! 3SJZR!WO!SPSJN!OPQMR!JTTWMVPUZ!KW!PKS!ZMJVRS!PSh!!

! ([R![PZ[RM!ZMJVR!OPQMR!JOKRM!KMRJKXRUK!PS!TWUYRMKRV!PUKW!_JMUS!JUV!LSRV!Q_!K[R!TJM]RK!PUVLSKM_!

! ([R!XRVPLX!ZMJVR!PS!LSRV!OWM!XJbPUZ!MW]RS\!QJNRMS!JUV!QPUVRMS!K`PUR\!`[PT[!JMR!LKPNPfRV!OWM!

JZMPTLNKLMJN\!ZRURMJN!JUV!PUVLSKMPJN!LSR/!!

! ([R!NW`RM!ZMJVR![JS!J![PZ[!TWUKRUK!WO!TRNNLNWSR!JUV![RXPTRNNLNWSRS!JUV!PS!]MWTRSSRV!Q_!K[R!

]J]RM!PUVLSKM_/!

$/"/D7/! ([R!OPQMR!PS!JNSW!LSRV!OWM!UWUC`WYRU!XJKKPUZ\!QMLS[PUZ!JUV!MWYPUZ/!*PSJN!OPQMR!TJU!JNSW!QR!LSRV!JS!J!

MR]NJTRXRUK! OWM! SPNb! OPQMR/! ([R! `JSKR! ZRURMJKRV! VLMPUZ! VRTWMKPTJKPWU\! `[PT[! PUTNLVRS! SPSJN! aLPTR\!

TMLS[RV! KPSSLR!JUV! OMJZXRUKS!WO! NRJYRS!TJU!QR!LSRV!JS! ORMKPNPfRM\!JUPXJN! ORRV!WM!JNSW!]MWTRSSRV! KW!

XJbR![JUVCXJVR!]J]RM/!!

%CSHGCBSENCBI(KPHCBGEN( (KEKBI(DEFGH((

$/"/D$/! BNWQJN!]MWVLTKPWU!WO!SPSJN! PS!RSKPXJKRV!KW!QR!JMWLUV!1/"!XPNNPWU!KWUURS?D!H]RM!_RJM!JYRMJZR!WYRM! K[R!

MRTRUK!_RJMSI/!*PSJN!OPQMR!JTTWLUKS!OWM!JMWLUV!=/1d!WO!K[R!]MWVLTKPWU!WO!UJKLMJN!OPQMRS!PU!YWNLXR!KRMXS!

JUV! JMWLUV! 1/?d! PU! KRMXS! WO! YJNLR/! ([R! ZNWQJN! SNW`VW`U! [JS! JVYRMSRN_! PX]JTKRV! K[R! VRXJUV! OWM!

SPSJN!OPQMR!JUV!JNSW!NRV!KW!J!MRVLTKPWU!PU!]MPTRS/!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!?D!%WXXWU!OLUV!OWM!TWXXWVPKPRS! !9MWTRRVPUZS!WO!K[R!S_X]WSPLX!WU!UJKLMJN!OPQMRS\!&TKWQRM!?11:!

!

!

!! ! 00?!

$/"/DD/! 6MJfPN\!%[PUJ\!(JUfJUPJ!JUV!ARU_J!JMR!K[R!XJaWM!]MWVLTRMS!WO!SPSJN!PU!K[R!`WMNV/!9MWVLTKPWU!]JKKRMUS!

VPOORM! QRK`RRU! TWLUKPRS/! -U! (JUfJUPJ! JUV! ARU_J! SPSJN! PS! ]MRVWXPUJUKN_! J! ]NJUKJKPWU! TMW]\! `[PNR!

]MWVLTKPWU!PU!6MJfPN!PS!NJMZRN_!SXJNNCSTJNR/!

"MTEFES(8454<g*(AINFBI(KEKBI(LGNWVPSENC(

!"#

!$%

!$#

!#%

!##

!&%

!&#

!'%

!'#

!%%! !%%" !%%$ !%%# !%%& !%%' !%%(

F111!KWUURS .WMNV!SPSJN!]MWVLTKPWU

(B,&%0$C(HF8(B3)3'(

$/"/D:/! 6MJfPN\!ARU_J\!(JUfJUPJ!JUV!8JVJZJSTJM!JMR!K[R!XJaWM!R^]WMKRMS!WO!SPSJN!OPQMR! PU!K[R!`WMNV/!)^]WMKS!

JTTWLUK! OWM!JMWLUV!:1d!WO! K[R! KWKJN!]MWVLTKPWU!WO!SPSJN! OPQMR! PU!ARU_J!JUV!8JVJZJSTJM/! -U! KRMXS!WO!

cLJUKPK_\!6MJfPN!PS!K[R!NJMZRSK!R^]WMKRM!WO!SPSJN!OPQMR!PU!K[R!`WMNV!`PK[!YWNLXRS!WO!JMWLUV!7?\$11!KWUURS/!

)^]WMKS!OMWX!6MJfPN!VMW]]RV!VMJSKPTJNN_!KW!?D\=11!KWUURS!PU!?11:/!)^]WMKS!JUV!KMJVR!XJMbRKS!OWM!SPSJN!

[JS! `PKURSSRV! J! VRTNPUR! `PK[! K[R! JYJPNJQPNPK_! WO! T[RJ]RM! S_UK[RKPT! SLQSKPKLKRS! H]WN_]MW]_NRUR! JUV!

]WN_RSKRMI! JUV! NJTb! WO! XJMbRK! VRYRNW]XRUK! PUPKPJKPYRS! WU! ]JMK! WO! K[R! SPSJN! PUVLSKM_/! >W`RYRM\! `PK[!

]RKMWNRLX!]MPTRS\!XJaWM!ORRVSKWTb!OWM!K[R!S_UK[RKPT!SLQSKPKLKRS!PUTMRJSPUZ!JUV!ZMW`PUZ!RUYPMWUXRUKJN!

TWUSTPWLSURSS\!K[R!SPKLJKPWU!PS!`PKURSSPUZ!J!T[JUZR/!!

"MTEFES(8454<7*("MLNGSK(ND(KEKBI(DEFGH(

(B,&%0$C(HF8('3)3'(

$/"/D#/! %[PUJ! VWXPUJKRS! K[R! XJMbRK! OWM! PX]WMKS! WO! SPSJN! OPQMR! TLMMRUKN_/! *PSJN! OPQMR! PX]WMKS! Q_! %[PUJ! [JS!

PUTMRJSRV!SKRJVPN_! PU!MRTRUK!_RJMS!JUV! PU!?11$\! PX]WMKS!Q_!%[PUJ!JTTWLUKRV!OWM!JMWLUV!0$d!WO! KWKJN!

`WMNV!PX]WMKS!WO!SPSJN!OPQMR/!!

!

!

!! ! 00"!


$/"/:1/! *PSJN! PS! XJPUN_! ZMW`U! PU! JMPV! JUV! SRXPCJMPV! MRZPWUS! WO! 2UV[MJ! 9MJVRS[\! 6P[JM\! &MPSSJ\! AJMUJKJbJ\!

8J[JMJS[KMJ! JUV! .RSK! 6RUZJN/! 2QWLK! ?D7! S]RTPRS! JMR! VPSKMPQLKRV! PU! KMW]PTJN! MRZPWUS! WO! -UVPJ/! 2!

ULXQRM!WO!]MWZMJXXRS!LUVRMKJbRU!Q_!ZWYRMUXRUK!JUV!ZWYRMUXRUK!JZRUTPRS!HVPOORMRUK!SKJKRSI![JYR!

KWUURS!PU!?11=!KW!=\:11!KWUURS!PU!?117/!>W`RYRM!PU!VMW]]RV!VMJSKPTJNN_!KW!#11!KWUURS!PU!?11$/?:!!

$/"/:=/! *PSJN!TLNKPYJKPWU\!OPQMR!R^KMJTKPWU!JUV!]MWVLTK!XJbPUZ!PS!J!NJQWM!PUKRUSPYR!]MWTRSS\!`PK[!LSR!WO!YRM_!NW`!

NRYRN!WO!KRT[UWNWZ_/!([R!SRTKWM!PS!NJMZRN_!LUWMZJUPfRV/!([R!JYRMJZR!_PRNV!WO!SPSJN!PU!WLM!TWLUKM_!PS!YRM_!

]WWM\!VLR!KW!NJTb!WO!]MW]RM!TJMR!JUV!JKKRUKPWU!KW!K[R!TMW]/!!

"MTEFES(8454<6*(!EKBI(EC(%CWEB(

!SBSHK( ?EKSGEPSK(

AJMUJKJbJ! %[JXMJaUJZJM!

(JXPN!'JVL! +RNNWMR!

3KKJMb[JUV! ALXJWU\!AWKV`JM\!AWN[L]JUP\!;R[MJVLU!

8JV[_J!9MJVRS[! ;LMZ\!!6[W]JN!

8J[JMJS[KMJ! 2[XRVUJZJM!

.RSK!6RUZJN! 8PVUJ]LM!H)I!

eJXXL!G!AJS[XPM! 6[JN`JN\!eJXXL\!,JKUJ]LM\!*JMJMJ\!AJK[L`J\!AJK[LJ!!

B,&%0$C((P-'3(,2(#,3$*3-)6(4&7'( ([-*-'3%"(,2(R$I3-6$'J(>>>?-*1-)*4)*1-0%)23'?*-0?-*(

%KKVHK(GHIBSHW(SN(SHPTCNINYU_(,e?_(KSNGBYH_(NSTHGK(

$/"/:?/! *WXR! WO! K[R! ]MWQNRXS! JSSWTPJKRV! `PK[! SPSJN! JMR! K[R! NWUZ! KPXR! KJbRU! OWM! TLNKPYJKPWUg! PK! KJbRS! WU! JU!

JYRMJZR!JMWLUV!0!_RJMS! OWM!J!]NJUK! KW!QR!MRJV_! OWM![JMYRSKPUZ!HNRJYRSI/!9JTR!WO! PUKMWVLTKPWU!WO!UR`!

]MWVLTKS![JS!QRRU!MRNJKPYRN_!YRM_!SNW`!OWM!K[R!PUVLSKM_/!8WMR!MRSRJMT[!JUV!VRYRNW]XRUK!JTKPYPK_!URRVS!

KW!QR!LUVRMKJbRU!KW!VRSPZU!UR`!]MWVLTKS!K[JK!TJU!XRRK!K[R!TWX]RKPKPWU!]LK!L]!Q_!]MWVLTKS!XJVR!OMWX!

S_UK[RKPT!SLQSKPKLKRS/!!!

$/"/:"/! ([RMR! PS! J! ZMRJKRM! URRV! OWM!XJMbRKPUZ! JTKPYPKPRS! OWM! TMRJKPUZ! J`JMRURSS! WO! SPSJN! OPQMR! JUV! ]MWVLTKS!

XJVR!OMWX!SPSJN!OPQMR/!-U!JVVPKPWU\!UR`RM!]MWVLTKS!URRV!KW!QR!VRSPZURV!OMWX!SPSJN!OPQMR/!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!?:!52&!*KJKPSKPTS!

!

!

!! ! 000!

2BGfHS(KSBSVK(BCW(LNSHCSEBI((

$/"/:0/! ([R!SPSJN!SRTKWM!PU!-UVPJ!PS!NJMZRN_!LUWMZJUPfRV/!-U!TWLUKMPRS!NPbR!(JUfJUPJ\!`[PT[!PS!K[R!SRTWUV!NJMZRSK!

]MWVLTRM! WO! SPSJN! PU! K[R! `WMNV\! SPSJN! PUVLSKM_! PS! ]MPYJKPfRV\! NJMZRN_! `PK[! QLSPURSSXRU\! PUYRSKWMS! JUV!

VRYRNW]XRUK!JZRUTPRS/!

"MTEFES(84545;*(?VSU(NC(KEKBI(DEFGH(


#)?(-W4()BI4(




7"10=1=1n! *PSJN!OPQMR! =?/7! :/=$! ! 0/:#! ?$/77!

!

K,3$(L(<(F'(,2([)%04(9::\(

B,&%0$C(>>>?-*2,1%-O$-*1-)?0,5(

$/"/:7/! *PSJN! OPQMR! JKKMJTKS! JU! R^TPSR!VLK_! WO! :d! HTRUYJKI/! -U! JVVPKPWU\! K[RMR! PS! J! TRSS! WO! ?d/! HJS! WO!8JMT[!

?11$I!

=GNPHKK(ND(HMSGBPSENC((

$/"/:$/! 2!SPSJN!]NJUK!ZRURMJNN_! _PRNVS!??1C?71! NRJYRS!WYRM!J!]RMPWV!WO!$C#!_RJMS/!*PSJN! OPQMR! MR]MRSRUKS!WUN_!

JMWLUV!"C0d!WO!`RPZ[K!WO! K[R!SPSJN! NRJO/!*PSJN! OPQMR!TJU!QR!R^KMJTKRV! K[MWLZ[!YJMPWLS!`J_S! PUTNLVPUZ!

MRKKPUZ!]MWTRSS\!XRT[JUPTJN!]MWTRSS!HVRTWMKPTJKWM!XJT[PURI!JUV!T[RXPTJN!]MWTRSS/!(MJVPKPWUJNN_\!OPQMR!

`JS!R^KMJTKRV! OMWX!SPSJN! ]NJUK! K[MWLZ[! MRKKPUZ!]MWTRSS\!`[PT[! KJbRS!JMWLUV!=7C?=!VJ_S! OWM!J!SPUZNR!

T_TNR! WO!R^KMJTKPWU/!([R!VPSJVYJUKJZRS!WO! K[PS!]MWTRSS!JMR! PK! PS!`JKRM! PUKRUSPYR\!LU[_ZPRUPT! JUV!UWK!

RTWCOMPRUVN_!JUV!JNSW!VRZMJVRS!K[R!cLJNPK_!WO!K[R!OPQMR/!!

$/"/:D/! ([R!XRT[JUPTJN!R^KMJTKPWU!WO!SPSJN!OPQMR!PS!TJMMPRV!WLK!`PK[!K[R![RN]!WO!J!MJS]JVWM!XJT[PUR!HVRYRNW]RV!

Q_!,,4\!6[W]JNI/!-K!PS!J!SRXPCJLKWXJKPT!XJT[PUR!SLPKJQNR!OWM!SXJNN!STJNR!W]RMJKPWUS/!-U!K[R!]MWTRSS!WO!

XJbPUZ!SPSJN!OPQMR!OMWX!VRTWMKPTJKPWUS\!K[R!NRJYRS!JMR!TMLS[RV!SW!K[JK!WUN_!K[R!OPQMR!MRXJPUS/!5WNNW`RV!

Q_!R^KMJTKPWU\!K[R!OPQMR!PS!`JS[RV!JUV!VMPRV/!([R_!JMR!VMPRV!RPK[RM!PU!K[R!SLU!WM!Q_![WK!JPM/!([R!cLJNPK_!

WO!K[R!OPQMR!VR]RUVS!WU!K[R!XWPSKLMR!TWUKRUK!PU!K[R!OPQMR\![RUTR!VM_PUZ!OWMXS!JU!PX]WMKJUK!]MWTRSS!WO!

OPQMR! R^KMJTKPWU/! ([R! VMPRV! OPQMR! PS! K[RU! QRJKRU! KW! MRXWYR! LUVRSPMRV! ]JMKPTNRS/! ([R! VMPRV! OPQMR!

LUVRMZWRS!TJMVPUZ!]MWTRSSg!J!XRT[JUPTJN!]MWTRSS!K[JK!QMRJbS!NWTbS!JUV!LUWMZJUPfRV!TNLX]S!WO!OPQMR!

PUKW!PUVPYPVLJN!OPQMRS/!([R!TJMVPUZ!]MWTRSS\!JK!KPXRS!PS!RPK[RM!VWUR!XJULJNN_!K[MWLZ[!K[R!LSR!WO!TWXQ\!

STPSSWM\!RKT!WM!XJT[PURV!TWXQRV!JUV!SWMKRV!PUKW!YJMPWLS!ZMJVRS/!

$/"/::/! -U! 2OMPTJ\! NJMZR! TRUKMJNN_CNWTJKRV! VRTWMKPTJKPUZ!XJT[PURS! JMR! LSRV\! `PK[! MLUUPUZ! `JKRM! RX]NW_RV! KW!

`JS[!J`J_!`JSKR/!-U!6MJfPN\!`[RMR!K[R!VMPRM!TNPXJKR!NPXPKS!`JKRM!SL]]N_\!]WMKJQNR!STMJ]RMS!JMR!LSRV/!

!

!

!! ! 007!

$/"/:#/! 2S!K[R!OPQMR!PS!TWJMSR!JUV!SKMWUZ!PK! PS!UWK!YRM_!SLPKJQNR!OWM!LSR!PU!KR^KPNRS!JUV!OJQMPTS/!([RMR!JMR!JNSW!

]MWQNRXS!JSSWTPJKRV!`PK[!S]PUUPUZ!K[R!OPQMR!PUKW!OJQMPT/!2![PZ[!VRZMRR!WO!QRJKPUZ!JUV!]LN]PUZ!JPVS!K[R!

]MWTRSS! WO! TWUYRMKPUZ! K[R! OPQMR! PUKW! OJQMPT/!*PSJN! OPQMR! PS! JNSW! LSRV!JNWUZ!`PK[! SPNb/!;LR! KW! K[R! [LZR!

JXWLUK!WO!`WMb!K[JK!PS!PUYWNYRV!PU!]MWTRSSPUZ!SPSJN!PUKW!OJQMPT\!K[R!YJNLR!WO!K[R!OJQMPT!PS!YRM_![PZ[/!!

$/"/#1/! ([R!]MWTRSS!LSRV!KW!R^KMJTK!SPSJN![JS!`PKURSSRV!NPKKNR!T[JUZR!WYRM!K[R!_RJMS/!([RMR!PS!J!ZMRJKRM!URRV!

KW!PX]MWYR!]MWVLTKPWU!JUV!]MWTRSSPUZ!KRT[UWNWZPRS!`[PT[!`WLNV!JNSW!RUJQNR!W]KPXJN!LKPNPSJKPWU!WO!K[R!

WK[RM!`JSKR!ZRURMJKRV!VLMPUZ!OPQMR!R^KMJTKPWU/!8JT[PURS!`[PT[!JMR!SJORM!JUV!XWMR!ROOPTPRUK!URRV!KW!QR!

VRSPZURV/!!

=NSHCSEBI(WHJBCW(DNG(KEKBI(DEFGH((

$/"/#=/! 2YJPNJQPNPK_!WO! T[RJ]RM! S_UK[RKPT! SLQSKPKLKRS! PS![JX]RMPUZ! K[R!VRXJUV! OWM! SPSJN! OPQMRS/!>W`RYRM\! K[R!

S[JM]!MPSR!PU!]RKMWNRLX!]MPTRS!JNWUZ!`PK[!ZMW`PUZ!RUYPMWUXRUKJN!J`JMRURSS!PS!NRJVPUZ!KW!J!MRYPYJN!OWM!

]MWVLTKS!XJVR!OMWX!UJKLMJN!OPQMRS!JK!K[R!ZNWQJN!NRYRN/!BRWKR^KPNRS!PS!JU!RXRMZPUZ!SRTKWM!PU!-UVPJ\!JUV!

K[PS!SRZXRUK![WNVS![LZR!]WKRUKPJN!OWM!SPSJN!OPQMRS/!-U!JVVPKPWU\!JLKWXWKPYR!J]]NPTJKPWU!JNSW![WNVS![LZR!

]WKRUKPJN!OWM!SPSJN!OPQMR/!!

#-!"(!$.?3( (!%!-/(%'?.!$,3(%'(O"'3-(

$/"/#?/! ([R!ARU_JU!SPSJN!PUVLSKM_!`JS!QWMU!PU!=#1D\!`[RU!K[R!OPMSK!SPSJN!]NJUKJKPWU!`JS!RSKJQNPS[RV/!6_!=#=0\!

ARU_J! `JS! R^]WMKPUZ! SPSJN! OPQMR! KW! )LMW]R/! ,PSPUZ! VRXJUV! OWM! SPSJN! [JMYRSK! QJTbRV! Q_! PUTMRJSRV!

VRXJUV! OWM!QJNRM! K`PUR! NRV! KW! MJ]PV!ZMW`K[!WO! K[R!SPSJN! PUVLSKM_!WYRM! K[R!UR^K!71! _RJMS/!6_!=#70!J!

S]PUUPUZ!OJTKWM_!`JS!W]RURV!KW!]MWTRSS!K`PUR\!MW]RS\!ZLUU_!QJZS!JUV!NJKRM!SPSJN!TJM]RKS!JUV!XJKS!KW!

TJKRM!KW!K[R!VWXRSKPT!JUV!R^]WMK!XJMbRK/!.PK[!K[R!MJ]PV!ZMW`K[!PU!K[R!PUVLSKM_\!K[R!URRV!OWM!MRSRJMT[!

JUV! VRYRNW]XRUK! JTKPYPKPRS! KW! SL]]WMK! K[R! PUVLSKM_! `JS! ORNK/! %WUSRcLRUKN_! K[R! >PZ[! 4RYRN! *PSJN!

,RSRJMT[!*KJKPWU!`JS!W]RURV!JK!([PbJ! PU!=#"D/!([PS! MRSRJMT[!SKJKPWU!JPVRV! K[R!ZMW`K[!WO! K[R!SPSJN!

PUVLSKM_! PU! K[R! TWLUKM_/! -K! VRYRNW]RV! SL]RMPWM! YJMPRKPRS\! PX]MWYRV! JZMWUWXPT\! XJUJZRXRUK! JUV!

]MWTRSSPUZ!]MJTKPTRS!`[PT[!]MWYPVRV!K[R!OWLUVJKPWU!WO!K[R!SPSJN!PUVLSKM_/!!

$/"/#"/! ,RTWZUPfPUZ!K[R!ZMW`PUZ!PX OHCUB(!EKBI(1NBGW!`JS!

OWMXRV!PU!=#0$/!([R!XPSSPWU!WO! K[R!QWJMV!`JS!KW!MRZLNJKR!K[R! PUVLSKM_!JUV!TJKRM! KW!K[R!`RNOJMR!JUV!

]MWXWKPWU!WO!K[R!PUVLSKM_/!-U!K[R!SLQSRcLRUK!_RJMS!KPNN!=#:1\!K[R!PUVLSKM_!SLOORMRV!VLR!KW!PUYRUKPWU!JUV!

MJ]PV!ZMW`K[!WO!K[R!XJUCXJVR!OPQMRS!PUVLSKM_/!;RXJUV!OWM!SPSJN!OPQMR!`JS!SRYRMRN_!JOORTKRV!VLMPUZ!K[R!

]RMPWV!=#$1S!KW!NJKR!=#:1S/!!([R!KMRUV!`PKURSSRV!J!MRYRMSJN!PU!=##1S!`PK[!K[R!RUKM_!WO!UR`!]MWVLTKS!PU!

K[R!XJMbRK!JUV!UR`RM!XJMbRKS/!2]]NPTJKPWU!WO!PX]MWYRV!]MWVLTKPWU!JUV!]MWTRSSPUZ!KRT[UPcLRS!OLMK[RM!

JTTRNRMJKRV!K[R!MPSR!PU!VRXJUV!OWM!SPSJN!OPQMR/!!

$/"/#0/! ([R!ARU_JU!SPSJN!PUVLSKM_!`[PT[!TWX]MPSRS!WO!]MWVLTRMS\!XJMbRKPUZ!JZRUKS!JUV!S]PUURMS!PS!MRZLNJKRV!

Q_!K[R!*PSJN!6WJMV!WO!ARU_J!`[PT[!OJNNS!LUVRM!K[R!8PUPSKM_!WO!2ZMPTLNKLMR/!([R!ARU_J!*PSJN!6WJMV!JNSW!

!

!

!! ! 00$!

OJTPNPKJKRS! K[R! XJMbRKPUZ! WO! SPSJN! PU! QWK[! K[R! NWTJN! JUV! R^]WMK! XJMbRKS/! ([R! XJMbRKPUZ! JZRUKS! JMR!

NPTRUSRV!JUV!JMR!MRZPSKRMRV!Q_!ARU_J!*PSJN!6WJMV/!!

/HYBI(e(GHYVIBSNGU(DGBJHQNGf(DNG(KEKBI(ECWVKSGU(EC(OHCUB(

! *RTKWM!MRZLNJKPWU!!

([R!*PSJN!6WJMV!WO!ARU_J! PS! J! SPUZNR! MRZLNJKWM_! QWV_! K[JK! RUSLMRS! PUYRSKWMS! [JYR!J! SPUZNR!

SWLMTR! WO! PUYRSKXRUK! JVYPTR! OWM! K[R! SRTKWM/! -K! JNSW! OJTPNPKJKRS! MRZPSKMJKPWU! WO! ]NJ_RMS! PU! K[R!

SRTKWM/!

! ([R!OJMXRMS![JYR!OWMXRV!K[R!ARU_J!

PSSLRS!TWUTRMUPUZ!K[R!PUVLSKM_!!

! )^]WMKS! OMWX! K[R! TWLUKM_! RUaW_! ]MRORMRUKPJN! JTTRSS! KW! `WMNV! XJMbRKS! LUVRM! J! ULXQRM! WO!

S]RTPJN!JTTRSS!JUV!VLK_!MRVLTKPWU!]MWZMJXXRS/!!

! ([R!ARU_JU!>PZ[!4RYRN!*PSJN!,RSRJMT[!*KJKPWU!]MWYPVRS!PUVLSKM_!MRSRJMT[!JTKPYPKPRS!PU!JMRJS!

SLT[!JS!PX]MWYRV!YJMPRKPRS\!OJMXPUZ!]MJTKPTRS!JUV!]MWTRSSPUZ!KRT[UPcLRS/!

! ([R!ARU_JU!JNSW!]MWYPVRS!J!ULXQRM!WO!PUYRSKWM!OMPRUVN_!JMMJUZRXRUKS!`[PT[!PUTNLVRS!

!! )^]WMK! 9MWTRSSPUZ! kWURS! ]MWZMJX! `[PT[! WOORMS! JKKMJTKPYR! PUTRUKPYRS! KW! R^]WMKC

WMPRUKRV! PUYRSKWMS! JUV! K[R! JLK[WMPK_! KW! ]MWYPVR! WURCSKW]CS[W]! SRMYPTR! OWM! OJTPNPKJKPWU!

JUV!JOKRMTJMR/!

!! ([R! -UYRSKXRUK! 9MWXWKPWU! %RUKMR! KW! ]MWXWKR! PUYRSKXRUK! PU! ARU_J\! PUTNLVPUZ! K[R!

8JULOJTKLMPUZ!3UVRM!6WUV!H836I!]MWZMJX!

!! ([R!(J^!,RXPSSPWU! OWM!)^]WMK!&OOPTR!H(,)&I\!J!]MWZMJX!OWM! PUKRMXPKKRUK! PX]WMKS! OWM!

R^]WMK!]MWVLTKPWU!

!! -UYRSKXRUK!JUV!TJ]PKJN!JNNW`JUTRS!

!! ;WLQNR!KJ^JKPWU\!QPNJKRMJN!PUYRSKXRUK!JUV!KMJVR!JZMRRXRUKS/!

!

=%'"-==/"(0%1,"(

=ECHBLLIH(((

$/"/#7/! 9PURJ]]NR!PS!K[R!TWXXWU!UJXR!OWM!JU!RVPQNR!KMW]PTJN!]NJUK\!`[PT[!QRNWUZS!KW!K[R!OJXPN_!WO!6MWXRNPJ/!

.[PNR!XWSK! 6MWXRNPJVS! ZMW`! WU! KMRRS\! K[R! ]PURJ]]NR! PS! J! ZMWLUV! OMLPK/! ([PS! ]NJUK! PS! UJKPYR! KW! K[R!

SWLK[RMU!]JMK!WO!6MJfPN!JUV!9JMJZLJ_/!([R!cLJNPK_!WO!K[R!]PURJ]]NR!`[PT[!PS!LSRV!OWM!R^KMJTKPWU!WO!OPQMR!

PS!VPOORMRUK!OMWX!`[JK!PS!ZMW`U!JS!J!OMLPK/!([R!NRJYRS!WO!J!OMLPK!QRJMPUZ!]NJUK!JNSW!_PRNV!OPQMRg![W`RYRM\!

!

!

!! ! 00D!

K[R_!VW!UWK!_PRNV!ZWWV!cLJNPK_!OPQMR/!9PURJ]]NR!]NJUKS\!`PK[!NWUZ!NRJYRS\!S]RTPJNN_!TLNKPYJKRV!OWM!PKS!OPQMR!

ZPYR!K[R!OPURSK!cLJNPK_!WO!OPQMR/!!

9&'#$881#)<&6"#)

$/"/#$/! 9PURJ]]NR! OPQMR! PS!XWMR! VRNPTJKR! PU! KR^KLMR! K[JU!JU_! WK[RM! YRZRKJQNR! OPQMRS/! -K! PS!`[PKR\! TMRJX_!JUV!

NLSKMWLS!JS!SPNb!OPQMR!JUV!PS!=1!KPXRS!JS!TWJMSR!JS!TWKKWU\!JNK[WLZ[!PK!PS!OPUR!HJS!OPUR!cLJNPK_!aLKRI!`PK[!

`RNN!SR]JMJKRV!OPNJXRUKS/!([R!OPQMR!TJU!RJSPN_!MRKJPU!V_RS/!([R!QLUVNR!SKMRUZK[!WO!K[R!]PURJ]]NR! NRJO!

OPQMR!VPXPUPS[RS!WU!`RKKPUZg![W`RYRM!K[R!SKMRUZK[!WO!K[R!_JMU!PUTMRJSRS/!2!XJKLMR!]NJUK![JS!JQWLK!01!

NRJYRS\!`PK[!RJT[!NRJO!QRPUZ!=C"!PUT[RS!QMWJV!JUV!MJUZPUZ!PU!NRUZK[!OMWX!?C7!ORRK/!([R!JYRMJZR!]NJUKS!

]RM![RTKJMR! PS!JMWLUV!7"\111!]NJUKS\!`[PT[!TJU!_PRNV!#$!KWUURS!WO!OMRS[! NRJYRS/!&U!JU!JYRMJZR!WUR!

KWUR!WO!OMRS[!NRJYRS!TJU!_PRNV!?7bZ!WO!OPQMRS\!K[LS!KWKJN!OPQMR!R^KMJTKPWU!TJU!QR!JMWLUV!?!KWUURS!WO!OPQMR!

]RM![RTKJMR/!!!

$/"/#D/! *WXR!WO!K[R!T[JMJTKRMPSKPTS!WO!K[R!]PURJ]]NR!OPQMR!JMRh!!

! -K!PS!YRM_![_ZMWSTW]PT!

! -K![JS!J![PZ[!TRNNLNWSR!TWUKRUK!

! -K![JS!J!NW`!XPTMWOPQMPNNJM!JUZNR!

! 5PQMR!QLUVNR!SKMRUZK[!VRTMRJSR!Q_!71d!`[RU!`RK!

! <JMU!SKMRUZK[!PUTMRJSR!Q_!JQWLK!71d!`[RU!`RK!

! ;POOPTLNKPRS!PU!V_R!]RURKMJKPWU!VLR!KW![PZ[!TWJMSRURSS!

$/"/#:/! ([R!NRJYRS!JMR!J!XJaWM!`JSKR!WO!]PURJ]]NR!TLNKPYJKPWU!JUV!PUTNLVR!OPQMWLS!JUV!UWU!OPQMWLS!MRSPVLRS/!

([R!OPQMWLS!MRSPVLRS!MR]MRSRUK!JQWLK!70/"d!Q_!`RPZ[K/!!

([R!]MW]RMKPRS!WO!K[R!OJQMPTS!XJVR!OMWX!]PURJ]]NR!NRJO!OPQMR!JMR!RJS_!KW!]MPUK!JUV!V_R\!S`RJK!JQSWMQRUK!JUV!

QMRJK[JQNR\![JMV!JUV!UWK!`MPUbNPUZ\![JS!ZWWV!JUKPQJTKRMPJN!JUV!VRWVWMPfJKPWU!]RMOWMXJUTRS/!!

.KBYH(

$/"/##/! >JUVPTMJOK! JMKPSJUS! PU! 9[PNP]]PURS! [JYR! QRRU! LSPUZ! ]PURJ]]NR! NRJYRS! OWM! NWUZ! KW! ]MWVLTR! TNWK[/!

9PURJ]]NR!SPNb!PS!TWUSPVRMRV!K[R!cLRRU!WO!9[PNP]]PUR!OJQMPTS!JUV!PS!TWUSPVRMRV!K[R!OJQMPT!WO!T[WPTR!WO!

K[R!9[PNP]]PUR!RNPKR/! !9PURJ]]NR! OPQMR! PS!SWXRKPXRS!TWXQPURV!`PK[!SPNb!WM!]WN_RSKRM! KW!TMRJKR!J! KR^KPNR!

OJQMPT\! `[PT[! PS! NPZ[K`RPZ[K\! [JS! JU! RNRZJUK! J]]RJMJUTR! SPXPNJM! KW! NPURU! JUV! RJS_! KW! TJMR/! ! ([R!

]PURJ]]NR!K[MRJVS![JYR!JNSW!QRRU!LSRV!OWM! NWUZ! PU!-UVPJ!JUV!%[PUJ!OWM! NPURS!JUV!K[MRJVS!JUV!JS!JU!

JVLNKRMJUK! PU!SPNb/!9PURJ]]NR! OPQMR! PS!JNSW!LSRV! OWM! KJQNR! NPURUS\!QJZS\!XJKS!JUV!WK[RM!TNWK[PUZ! PKRXS\!

`[RMR! NPZ[K`RPZ[K! JUV! SKPOO! OJQMPT! PS! URRVRV/! ([R! T[JMJTKRMPSKPTS! WO! K[R! OJQMPT!XJVR! OMWX! ]PURJ]]NR!

OPQMR!XJbR!PK!PVRJN!OWM![PZ[!ZMJVR!SLPKS\!S[PMKS\!VPYPVRV!SbPMK\!VRTWMJKPYR!OJQMPTS!JUV!SW!WU/!!

!

!

!! ! 00:!

%CSHGCBSENCBI(KPHCBGEN((

$/"/=11/! BNWQJN!]MWVLTKPWU!WO!]PURJ]]NR!`JS!JMWLUV!=#!XPNNPWU! KWUURS! PU!?11:/!9MWVLTKPWU!WO!]PURJ]]NR!MWSR!

OMWX!=$/$!XPNNPWU! KWUURS! PU!?110! KW!JMWLUV!?=!XPNNPWU! KWUURS! PU!?11D/!9MWVLTKPWU!VRTNPURV! PU!?11:/!

9PURJ]]NR!]NJUKS!JMR!NJMZRN_!ZMW`U!PU!KMW]PTJN!2XRMPTJ\!5JMC)JSK!2SPJU!TWLUKMPRS!JUV!2OMPTJ/!6MJfPN!JUV!

([JPNJUV!JMR!K[R!NJMZRSK!]MWVLTRMS!WO!]PURJ]]NR!OPQMRS!PU!K[R!`WMNV/!6MJfPN!JTTWLUKRV!OWM!JMWLUV!="d\!

`[PNR!([JPNJUV!JUV!9[PNP]]PURS!JTTWLUKRV!OWM!JMWLUV!=?d!WO!ZNWQJN!]PURJ]]NR!]MWVLTKPWU!VLMPUZ!?11:/!

-U!9[PNP]]PURS!JUV!(JP`JU\! K[R!]PURJ]]NR!]NJUK!PS!NJMZRN_!LSRV!JS!J!SWLMTR!WO!OPQMR/!-U!-UVPJ\!JNSW!K[R!

]PURJ]]NR!]NJUK!PS!LSRV!JS!J!SWLMTR!WO!OPQMR/!!

$/"/=1=/! %NWK[! XJVR! OMWX! ]PURJ]]NR! OPQMR! PU! 9[PNP]]PURS! PS! R^]WMKRV! KW! YJMPWLS! ]JMKS! WO! K[R! `WMNV\! XWSK!

]JMKPTLNJMN_!KW!'WMK[!2XRMPTJ!JUV!)LMW]R/!!

"MTEFES(845459*(AINFBI(=ECHBLLIH(LGNWVPSENC(

=1

=?

=0

=$

=:

?1

??

?11= ?11? ?11" ?110 ?117 ?11$ ?11D ?11:

XU!KWUURS =GNWVPSENC(ZJC(SNCCHK[

1d=1d?1d"1d01d71d$1dD1d:1d#1d=11d

?11= ?11? ?11" ?110 ?117 ?11$ ?11D ?11:

&K[RMS 6MJfPN ([JPNJUV 9[PNP]]PURS %WSKJ!,PTJ %[PUJ -UVPJ -UVWURSPJ

(B,&%0$C(HF8(B3)3'(

$/"/=1?/! %WSKJ!,PTJ!PS!K[R!NJMZRSK!R^]WMKRM!WO!]PURJ]]NRS/!-U!?11$!G!?11D\!R^]WMKS!WO!]PURJ]]NR!Q_!%WSKJ!,PTJ!

JTTWLUKRV!OWM!JNXWSK!0:d!WO!K[R!KWKJN!R^]WMKS!WO!]PURJ]]NRS!PU!K[R!`WMNV/!([R!WK[RM!XJaWM!R^]WMKRMS!WO!

]PURJ]]NRS! PU! K[R! `WMNV! JMR!9[PNP]]PURS! JUV!6RNZPLX\! JTTWLUKPUZ! OWM! JMWLUV! #d!RJT[! WO! ]PURJ]]NR!

R^]WMKS!PU!K[R!`WMNV/!!

$/"/=1"/! ([R!XJaWM!PX]WMKRMS!WO!]PURJ]]NRS!PU!K[R!`WMNV!JMR!6RNZPLX\!'RK[RMNJUVS\!BRMXJU_\!eJ]JU!JUV!-KJN_/!!

!

!

!! ! 00#!

"MTEFES(84545<*("MLNGSK(ND(=ECHBLLIHK(

1d=1d?1d"1d01d71d$1dD1d:1d#1d=11d

?11= ?11? ?11" ?110 ?117 ?11$ ?11D

&K[RMS 9[PNP]]PURS )TLJVWM %pKR!VF-YWPMR 'RK[RMNJUVS 6RNZPLX %WSKJ!,PTJ(

B,&%0$C(HF8('3)3'(

$/"/=10/! 9PURJ]]NR! OPQMR! OPUVS!VPOORMRUK!LSRS!JTMWSS! K[R!YJMPWLS!]JMKS!WO! K[R!`WMNV/!([R!%[PURSR! HA`JUKZLUZ!

9MWYPUTR\!-SNJUV!WO!>JPUJUI!`RJYR!K[R!OPQMR!PUKW!TWJMSR!KR^KPNRS\!`[PT[!MRSRXQNRS!ZMJSS!TNWK[/!-U!-UVPJ\!

K[R! K[MRJV! PS! LSRV! Q_! S[WRXJbRMS/! -U!.RSK! 2OMPTJ\! K[R! K[MRJV! PS! LSRV! PU! K[R! aR`RNNRM_! SRTKWM! OWM!

SKMPUZPUZ!aR`RNS!JUV!JNSW!OWM!XJbPUZ!TJ]S!`WMU!Q_!KMPQJN!T[PROS/!([R!]RW]NR!WO!BLJX!XJbR!OPUR!TJSKPUZ!

URKS!Q_![JUVCK`PSKPUZ!K[R!OPQMRg!JNSW!LSR!PK!OWM!`MJ]]PUZ!WM!SR`PUZ!TPZJMS/!-U!9[PNP]]PURS\!K[R_!LSR!PK!OWM!

XJbPUZ!TNWK[/!


$/"/=17/! 9PURJ]]NR!JNSW!WOORMS!PKSRNO!KW!OPQMR!R^KMJTKPWU!JUV!YJNLR!JVVPKPWU!PUKW!OJQMPTS!WO![PZ[!cLJNPK_/!9PURJ]]NR!

TLNKPYJKPWU! PU! -UVPJ! PS! S]MRJV! JTMWSS! :1\111! [RTKJMRS! WO! NJUV! JUV! PS! K[R! SP^K[! NJMZRSK! ]MWVLTRM! WO!

]PURJ]]NRS! PU! K[R! `WMNV/! -U! 5<1:\! -UVPJ! ]MWVLTRV! =/?! XPNNPWU! KWUURS! WO! ]PURJ]]NR! JUV! K[R! XJaWM!

]PURJ]]NR!]MWVLTPUZ!SKJKRS!PU!-UVPJ!JMR!.RSK!6RUZJN\!2SSJX\!AJMUJKJbJ\!6P[JM\!(MP]LMJ!JUV!ARMJNJ/!!

$/"/=1$/! BPYRU! K[R! JYRMJZR!]WKRUKPJN! WO! JMWLUV!?!XPNNPWU! KWUURS!WO! OPQMR! ]RM! [RTKJMR\! ]WKRUKPJN! OWM! KWKJN! OPQMR!

]MWVLTKPWU!PU!-UVPJ!PS!JMWLUV!=$1\111!XRKMPT!KWUURS/!!

!

!

!! ! 071!

"MTEFES(845455*(!TBGH(ND(!SBSHK(EC(=ECHBLLIH(LGNWVPSENC(

)*+,-.*/012!"3

4++156&3

718/1,1916!3

.:;18663

<8:=>816%3

7*8121(3

?*0;121@1'3

?1/:=>8&3

48>/1A;12-B81C*+;

"3

D,;*8+!3

<15:2-E1C>!3

(B,&%0$C((K)3-,*)6(U,%3-0&63&%$(A,)%1(

(

"MTEFES(84545:*(!SBSH@QEKH(=ECHBLLIH(YGNQECY(FHISK(

!SBSH( ,HYENCK(

AJMUJKJbJ! *[PXWZJ\!'WMK[!G!*WLK[!AJUUJVJ!\!%[PTbXJZJNLM!

ARMJNJ! )MUJbLNLX!

'JZJNJUV! AW[PXJ\!!kLU[RQWKW!

.RSK!6RUZJN! 'WMK[!;PUJa]LM\!!;JMaRRNPUZ\!!eJN]JPZLMP!

2SSJX! 'JZJWU\!!AJXML]\!AJMQP!2UZNWUZ!

6P[JM! !

8JUP]LM! ([WLQJN\!!%[LMJT[JUV]LM\!!-X][JN!)JSK!

8RZ[JNJ_J! ,P6[WP\!)JSK!A[JSP\!!BJMW!>PNNS!!

B,&%0$C(K)3-,*)6(U,%3-0&63&%$(A,)%1(

%KKVHK(GHIBSHW(SN(SHPTCNINYU_(,e?_(KSNGBYH_(NSTHGK(

$/"/=1D/! ([R!XJULJN!]MWTRSS!WO!R^KMJTKPUZ!OPQMR!PS!YRM_!NJQWMPWLS!JUV!JNSW!K[RMR!KRUVS!KW!QR!J!NWK!WO!`JSKJZR/!-U!

JVVPKPWU\!K[R!KPXR!KJbRU!PS!XLT[!NRSSRM/!!

$/"/=1:/! &UR!WO!K[R!NJMZRSK![LMVNRS!OWM!]PURJ]]NR!OJQMPT!PU!-UVPJ!PS!K[R!ZMRJK!URRV!OWM!XJMbRKPUZ/!5WM!J!]PURJ]]NR!

OPQMR! R^KMJTKPWU! ]NJUK! KW! QR! SLTTRSSOLN\! PK! PS! URTRSSJM_! KW! [JYR! J! TWUKPULWLS! ONW`! WO! NJMZR! WMVRMS/!

!

!

!! ! 07=!

>W`RYRM\! ZPYRU! K[R! NJTb! WO!XJMbRKPUZ! SL]]WMK\! NJMZR! WMVRMS! JMR! VPOOPTLNK! KW! WQKJPU/!&K[RM! TWLUKMPRS\!

SLT[!JS!eJ]JU!JUV!9[PNP]]PURS![JYR!QRRU!SLTTRSSOLN!PU!ZRKKPUZ!NJMZR!WMVRMS!OWM!]PURJ]]NR!OJQMPT/!!

0EKPBI(KSGVPSVGH(

"MTEFES(84545>*(#VKSNJK(WVSU(NC(LECHBLLIH(DEFGH(


#)?(-W4()BI4(

"WVPBSENC(#HKK(d(

5b(



7"1"=1#1! &K[RM!KR^KPNR!OPQMRSHR^TNLVPUZ!ONJ^\!KMLR![RX]\!!JUV!MJXPRI\!MJ`!WM!]MWTRSSRV!

=1/1! ! 1/"! 0/0=! =0/D=!

!

B,&%0$C(>>>?-*2,1%-O$-*1-)?0,5(

$/"/=1#/! ([RMR!PS!UW!PUTPVRUTR!WO!R^TPSR!VLK_!WU!]PURJ]]NR!OPQMR/!!

=GNPHKK(ND(HMSGBPSENC((

$/"/==1/! ([R!]MWTRSS!WO!OPQMR!R^KMJTKPWU!OMWX!K[R!]PURJ]]NR!NRJO!TJU!QR!VWUR!RPK[RM!XJULJNN_!WM!`PK[!K[R!JPV!WO!

XJT[PURS/!([R!XJULJN!]MWTRSS!PUYWNYRS!SKMP]]PUZ!WOO!K[R!OPQMR!OMWX!K[R!MRKKRV!NRJO/!-U!K[PS!XRK[WV!J!NWK!

WO!OPQMR!PS!NWSK!JUV!K[R!RUKPMR!]MWTRSS!PS!JNSW!YRM_!NJQWMPWLS/!.PK[!K[PS!]MWTRSS\!K[R!_PRNV!PS!JMWLUV!?C"d!

WO!VM_! OPQMR\!`[PT[! PS!JQWLK!?1C?D!bZ!WO!VM_! OPQMR! OMWX!=! KWUUR!WO!]PURJ]]NR! NRJO/!([R!]MWTRSS!`[PT[!

LSRS! XJT[PURS! PS! SNW`RM! K[JU! K[R! XJULJN! ]MWTRSSg! [W`RYRM! PK! OJTPNPKJKRS! K[R! OLMK[RM! ]MWVLTKPWU!

]MWTRSS/!!

$/"/===/! ([R!XJULJN!]MWTRSS!PUYWNYRS!L]!KW!"1!]RW]NR!OMWX!K[R!QRZPUUPUZ!KW!K[R!RUV!WO!K[R!]MWTRSS/!5PQMRS!WO!

K[R!NRJO!JMR!STMJ]]RV!Q_!XRJUS!WO!J!QMWbRU!]NJKR!WM!TWTWULK!S[RNN!JUV!J!OJSK!STMJ]RM!TJU!R^KMJTK!OPQMR!

OMWX!WYRM!711!NRJYRS!]RM!VJ_!JOKRM!`[PT[!K[R!OPQMRS!JMR!`JS[RV!JUV!VMPRV!PU!K[R!W]RU!JPM/!

"MTEFES(845458*(=GNPHKK(ND(HMSGBPSENC(ND(LECHBLLIH(DEFGH(

( (

!

!

!! ! 07?!

$/"/==?/! 2OKRM!VM_PUZ\!K[R!OPQMRS!JMR!`J^RV!KW!MRXWYR!K[R!RUKJUZNRXRUKS!JUV!K[R!OPQMRS!JMR!bUWKKRV/!;LMPUZ!K[R!

bUWKKPUZ!]MWTRSS\!RJT[!OPQMR!PS!R^KMJTKRV!SPUZN_!OMWX!K[R!QLUT[!JUV!bUWKKRV!RUV!KW!RUV!KW!OWMX!J!NWUZ!

TWUKPULWLS!SKMJUV/!([R!OPQMR!PS!K[RU!SRUK!OWM!`JM]PUZ!JUV!`RJYPUZ/!!

$/"/=="/! -U!K[R!XRT[JUPTJN!]MWTRSS\!K[R!ZMRRU!NRJO!PS!TMLS[RV!PU!J!MJS]JVWM!XJT[PUR/!([R!SWOK!ZMRRU!]JMKS!WO!

K[R!NRJYRS!JMR!TMLS[RV!JUV!`JS[RV!PU!`JKRM!JUV!K[R!K[MRJV!PS!KJbRU!WLK/!([R!K[MRJV!PS!K[RU!QMLS[RV!

`PK[!J!TWXQ!JUV! OPUR! K[MRJVS!JMR!SR]JMJKRV! OMWX! K[R!S]WUZ_!WURS/!([R! NJSK!SKR]! PS!bUWKKPUZ!WO! K[R!

K[MRJVS!Q_![JUV!JUV!S]PUUPUZ!K[R!K[MRJVS!`PK[!K[R![RN]!WO!J!T[JMb[J/!([PS!OPUJN!]MWVLTK!PS!WUR!K[MRJV\!

`[PT[! TJU! QR! LSRV! OWM! ]MR]JMJKPWU! WO! OJQMPT! JUV! TNWK[RS/! ([R! NWUZRM! K[MRJVS! JMR! LSRV! OWM!XJbPUZ!

OJQMPT\! `[PNR! K[R! SXJNNRM! WURS! TJU! QR! LSR! OWM! XJbPUZ! TJM]RKS\! S]WUZR! SRJKS\! JUV! MW]RS\! JXWUZSK!

WK[RMS/!!

$/"/==0/! ([R! *WLK[! -UVPJ! (R^KPNR! ,RSRJMT[! 2SSWTPJKPWU! H*-(,2I! [JS! VRYRNW]RV! J! XWVRN! OWM! R^KMJTKPUZ!

]PURJ]]NR!OPQMR/!([R!]NJUK!TWX]MPSRS!WO!K[R!VRTWMKPTJKPUZ!XJT[PUR\!OPQMR!TNRJURM\!TJMVPUZ!XJT[PUR!JUV!

J!SPUZNR!]N_!XJT[PUR!QRSPVRS!J!MW]RCXJbPUZ!XJT[PUR/!([R!]NJUK!PS!TJ]JQNR!WO!_PRNVPUZ!"7!bZ!WO!NRJOC

OPQMR!]RM!:![WLM!S[POK/!!

=NSHCSEBI(WHJBCW((

$/"/==7/! ([RMR!JMR!JMWLUV!:1\111![RTKJMRS!WO!NJUV!LUVRM!]PURJ]]NR!TLNKPYJKPWU!JUV!ZPYRU!K[R!JYRMJZR!_PRNV!WO!

JMWLUV!?!KWUURS!WO!OPQMR!]RM![RTKJMR\!K[R!KWKJN!]WKRUKPJN!OWM!]MWVLTKPWU!WO!]PURJ]]NR!OPQMR!PU!K[R!TWLUKM_!

PS!=$1\111!KWUURS/!!

$/"/==$/! ([RMR! PS![LZR!]WKRUKPJN! OWM!]PURJ]]NR! OJQMPT\!ZPYRU! PKS!VPYRMSR!LSRS!JUV!RTWCOMPRUVN_!]MW]RMKPRS/!([R!

`MJ]!JUV!`ROK!WO!K[R!OJQMPT!XJVR!OMWX!]PURJ]]NR!OPQMR!XJbRS!PK!PVRJN!OWM!OLMUPS[PUZS/!!

!

!

!

!! ! 07"!

$/0/!%+7(##+,8$)/(,!!&5!(>)!*36CB,&39!5&,!()*+%',$)"%$-'./0%+!'

$/0/=/! ([R!q'JKLMJN!5PQMR!9WNPT_q!URRVS!KW!JTTWMV!S]RTPJN!JKKRUKPWU!OWM!]MWXWKPWU!WO!WK[RM!UJKLMJN!OPQMRS\!JS!

K[R_!JMR!YPKJNN_!PX]WMKJUK!OWM!K[R!OWNNW`PUZ!MRJSWUSh!

! 4JMZR!ZNWQJN!XJMbRK!JUV!]WKRUKPJN! KW!]MWYPVR! OJMX!JUV!WOOCOJMX!QJSRV!RX]NW_XRUK! KW! NJMZR!

]W]LNJKPWUS!PU!MLMJN\!SRXP!LMQJU!JUV!LMQJU!JMRJS/!

! 3KPNPfRS! SWCTJNNRV! F`JSKRF! PKRXS! KW! ZRURMJKR! `RJNK[g! [RUTR\! ]MWYPVRS! JVVPKPWUJN! JYRULR! OWM!

NPYRNP[WWV!ZRURMJKPWU/!!

! R!TWLUKM_/!

! 9WKRUKPJN!KW!WOOCSRK!K[R!URZJKPYR!PX]JTK!WO!PUVLSKMPJN!]MWTRSSRS!JUV!TJMQWU!RXPSSPWUS/!

!

!

$/0/?/! ([RMROWMR\! K[R! XJaWM! ]WNPT_! PUKRMYRUKPWU! MRTWXXRUVJKPWUS! SLZZRSKRV! Q_! K[R! SLQCZMWL]! WU! &K[RM!

'JKLMJN!5PQMRS!JMR!JS!OWNNW`Sh!

!"/"#$%&'(&0(0%)"(O"3(0%1,"!(0&,(?")"/&=2"'$((

$/0/"/! ([R!SLQCZMWL]! PS! PU! TWUSRUSLS! K[JK!]WNPT_! PUKRMYRUKPWU! PU! K[R! OPMSK! ][JSR!WLZ[K! KW!QR! NPXPKRV! KW! OPYR!

XJaWM!UJKLMJN!OPQMRS\!YPf/\!6JUJUJ!OPQMR\!]PURJ]]NR!OPQMR\!ONJ^\!*PSJN\!JUV!>RX]E'RKKNR/!([R!MJKPWUJNR!OWM!

K[R!JQWYR!T[WPTR!WO!OPQMRS!PS!JS!OWNNW`Sh!

.KH( EC( SHMSEIH(KHYJHCS*(([R!]MPXJM_!TMPKRMPWU! OWM! K[R!SRNRTKPWU! PS! K[R! OPQMRS!S[WLNV!QR!LSRV! PU! K[R!

KR^KPNR!PUVLSKM_!HTWUYRMKPQPNPK_!PUKW!KR^KPNRSI/!(

"BKU(BXBEIBFEIESU*(([RSR!OPQMRSE]NJUKS!JMR!TLNKPYJKRV!PU!-UVPJ!PU!OJPMN_!JQLUVJUK!cLJUKPK_\!JUV!K[RMROWMR!

JMR!MRNJKPYRN_!RJSPRM!KW!R^]NWPK!OWM!TWXXRMTPJN!]LM]WSR/!)^JX]NRSC!6JUJUJ\!9PURJ]]NR(

+EYT(YGNQST(LNSHCSEBI*(([R!SRNRTKRV! OPQMRS!JMR!TLMMRUKN_!QRPUZ! PX]WMKRV! PUKW! -UVPJ! PU!J! MRJSWUJQN_!

SPZUPOPTJUK!JXWLUK/!([LS\!K[PS!SPZUPOPRS!VWXRSKPT!VRXJUV!OWM!K[RSR!OPQMRS\!JUV!K[R!MR]NJTRXRUK!WO!K[PS!

[PZ[!PX]WMKS!PS!JU!W]]WMKLUPK_/!)^JX]NRSC!5NJ^!JUV!*PSJN/(

'HVSGBIESU( SN( NSTHG( PGNLK*(([RSR! TMW]S! JMR! JNMRJV_! QRPUZ! NJMZRN_! ZMW`U\! JUV! K[LS! VW! UWK! ]WSR! J!

K[MRJK!KW!JTMRJZR!LUVRM!K[R!WK[RM!TMW]S!JUV!`PNN!LSR!R^PSKPUZ!QPWXJSS/!(

!SBSH( LBGSEPELBSENC*( 2TKPYR! SKJKR! ]JMKPTP]JKPWU! PS! JNMRJV_! ]MRSRUK! PU! K[RSR! SRNRTKRV! OPQMRS\! `PK[!

TWUSPVRMJQNR! PUSKPKLKPWUJN! SL]]WMK! JNSW! JYJPNJQNR\! K[LS! JNNW`PUZ! ]WNPT_! PUKRMYRUKPWU! KW! _PRNV!XJ^PXLX!

QRUROPK!`PK[PU!J!S[WMK!]RMPWV/(

"MEKSECY(TVJBC(GHKNVGPH*!(MJVPKPWUJN!bUW`NRVZR!JUV!R^PSKPUZ![LXJU!MRSWLMTR!JMR!JNMRJV_!JYJPNJQNR!

OWM!T[WSRU!OPQMRS!JK!NWTJN!NRYRNS/!

!

!

!! ! 070!

,"#&22"'?-$%&'(0&,(0.,$+",(!$.?3(

$/0/0/! 2S!K[R!XJaWMPK_!WO!K[R!]WKRUKPJN!OPQMR!_PRNVPUZ!]NJUKS!SLT[!JS!STMR`!]PUR\!`JKRMC[_JTPUK[\!MJXPR\!]JNX!

NRJO!JUV!bWMJP!ZMJSS!JMR!UWK!KJbRU!PU!K[R!STW]R!WO!K[PS!SLQCZMWL]/!([RSR!OPQMRS!JMR!JYJPNJQNR!PU!-UVPJ!

JUV![JYR!YJMPRV!LSJZR!JTMWSS!VPOORMRUK!]MWVLTK!TJKRZWMPRS!SLT[!JS! KR^KPNRS\![JUVPTMJOKS\!LKPNPK_! PKRXS!

JUV!WK[RMS/!([R!SLQCZMWL]![RUTR\!MRTWXXRUVS!K[JK!JUWK[RM!OWTLS!SKLV_!XJ_!QR!KJbRU!L]!WU!K[RSR!

OPQMRS/!

$/0/7/! *TMR`!]PUR! PS! QRPUZ! TLMMRUKN_! TWXXRMTPJNN_! LKPNPfRV! PU! VPOORMRUK! SKJKRS! WO! K[R! TWLUKM_\!`[PT[! PUTNLVR!

&MPSSJ\! (JXPN! 'JVL\! ARMJNJ\! 2UV[MJ! 9MJVRS[\!.RSK! 6RUZJN! JUV! 3KKJM! 9MJVRS[/! -KRXS! XJVR! OMWX!

STMR`!]PUR!NRJYRS!PUTNLVR!XJKS\!QW^RS\![JKS\!QJZS\!JXWUZSK!WK[RMS/!

$/0/$/! -U!-UVPJ\!`JKRM![_JTPUK[!PS!LSRV!OWM!XJULOJTKLMPUZ!]J]RM!HLUVRM!TWKKJZR!PUVLSKM_I\!QJSbRKS\!JUV!XJKS/!

-K!PS!LSRV!JS!JUPXJN!OWVVRM!JUV!LSRV!JS!YRMXPUCTWX]WSK!PU!SWXR!]JMKS!WO!K[R!TWLUKM_/!BNWQJNN_!PK!OPUVS!

VPYRMSR! J]]NPTJKPWUS/! <JMU\! MW]R! XJVR! WO! K[R! OPQMR! WO! `JKRM! [_JTPUK[! PS! LSRV! KW! XJbR! OLMUPKLMR! PU!

6JUZNJVRS[!JUV!QJSbRKS!PU!K[R!9[PNP]]PURS/!([R!OPQMR!PS!JNSW!LKPNPfRV!OWM!XJbPUZ![JMVC`RJMPUZ!SJUVJNS!

PU!([JPNJUV/!&K[RM!PKRXS!XJVR!OMWX!K[PS!OPQMR!PUTNLVR!UJ]bPU!MPUZS\!T[JPM!SRJKS!JUV!]NJTRXJKS/!!

$/0/D/! 9JNX!NRJO!OPQMR!PS!LSRV!KW!XJbR!MW]RS\!XJKS\!QMLS[RS\!OPS[!URKS\!QMWWXS\!JXWUZSK!WK[RMS/!!,JXPR!]NJUK!

PS!ZMW`U! NJMZRN_! OWM! PKS! OPQMR! PU!%[PUJ\!4JW!9;,!JUV! K[R!9[PNP]]PURS/!([R!_JMU!]MWVLTRV! OMWX!MJXPR!

OPQMR!PS!SLPKJQNR!OWM!J!`PVR!MJUZR!WO!ZJMXRUKS/!-K!PS!JNSW!SLPKJQNR!OWM!XJbPUZ!K`PUR\!MW]R!JUV!URKS!JUV!PS!

LSLJNN_!QNRUVRV!`PK[!WK[RM!KR^KPNR!OPQMRS/!!AWMJP!ZMJSS!PS!LSRV!KW!XJbR!VPOORMRUK!LKPNPK_!]MWVLTKS!SLT[!JS!

QJZS\!QPUS\!QW^RS\!JXWUZSK!WK[RMS/!!

$/0/:/! -U!WMVRM!KW!]MWXWKR!K[R!JQWYR!XRUKPWURV!OPQMRS!PU!K[R!TWLUKM_\!K[PS!SLQCZMWL]!SLZZRSKS!K[JK!J!SKLV_!

XJ_!QR!KJbRU!L]!KW!VRYPSR!]MWXWKPWUJN!XRT[JUPSX!OWM!K[R!JQWYRCXRUKPWURV!OPQMRS/!

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

$/0/#/! -UVPJ![JS!J!`PVR!JUV!MPT[!YJMPRK_!WO!WK[RM!UJKLMJN!OPQMRS/!>W`RYRM\!VJKJ!JUV!PUOWMXJKPWU!WU!K[R!SJXR!PS!

UWK!MRJVPN_!JYJPNJQNR/!BPYRU!K[R![LZR!]WKRUKPJN!K[RSR!WK[RM!UJKLMJN!OPQMRS![WNV!PU!KRMXS!WO!VRXJUV!JUV!

K[RPM! TWUKMPQLKPWU! KW! K[R! WYRMJNN! RTWUWXPT! ZMW`K[! WO! K[R! TWLUKM_\! K[R! SLQCZMWL]! MRTWXXRUVS! J!

UJKPWUJNCNRYRN! TRUSLS! KW! ZJK[RM! R^[JLSKPYR! PUOWMXJKPWU! WU! WK[RM! UJKLMJN! OPQMRS! PU! -UVPJ/! ([R! TRUSLS!

`WLNV!JPX!KW!ZJK[RM!VJKJ!JUV!PUOWMXJKPWU!WU!K[R!OWNNW`PUZ!OWM!RJT[!WO!K[R!WK[RM!UJKLMJN!OPQMRS!OWLUV!PU!

-UVPJh!

! BRWZMJ][PT!JMRJSEMRZPWUS!!P/R/!WK[RM!UJKLMJN!OPQMR!JYJPNJQPNPK_!

! 2MRJ!LUVRM!TLNKPYJKPWU/!

! <PRNV!WO!K[R!TMW]!JS!J!`[WNR!JUV!_PRNV!WO!OPQMR!

! iLJUKPOPTJKPWU!WO!OPQMR!PU!YWNLXR!KRMXS!

!

!

!! ! 077!

! 9MWTRSS!JUV!KRT[UWNWZ_!JVW]KRV!KW!]MWVLTR!K[R!OPQMR!

! (_]RS!WO!KWWNS!E!XJT[PURM_!RX]NW_RV!HNRYRN!WO!XRT[JUPfJKPWUI!

! 9MPTR!WO!OPQMR!

! %LMMRUK!LKPNPSJKPWU!E!9MWVLTKS!XJVR!OMWX!K[R!OPQMR!H(R^KPNRSE[JUVPTMJOK!PKRXSELKPNPK_!PKRXSEWK[RMSI!

! )UVCXJMbRKS!OWM!K[R!OPQMR!

! ;PSKMPQLKPWU!URK`WMbET[JUURNS!OWM!K[R!OPQMRE]MWVLTKS!XJVR!OMWX!K[R!OPQMR!

! 9WKRUKPJN!OWM!K[R!OPQMR!JUV!]MWVLTKS!

,"#&22"'?-$%&'!]=&/%#3( %'$",)"'$%&'!( 0&,( $+"(

!"/"#$"?(0%)"(0%1,"!((

$/0/=1/! ([R! MRTWXXRUVJKPWUSE]WNPT_! PUKRMYRUKPWUS!SLZZRSKRV!Q_! K[R!SLQCZMWL]!`PK[! MRS]RTK! KW! K[R!SRNRTKRV!

OPYR!OPQMRS!JMR!XRUKPWURV!QRNW`/!

=GNLNKECY(B(h0NPVK(0EFGH(0NPVK(!SBSHh(-LLGNBPT((((

$/0/==/! (W!JT[PRYR!K[R!VRSPMRV!MRSLNKS!OWM!RJT[!WO!K[R!SRNRTKRV!OPQMR\!K[R!SLQCZMWL]!]MW]WSRS!J!5WTLS!5PQMR\!

5WTLS!*KJKR!H555*I!J]]MWJT[!OWM!PX]NRXRUKJKPWU/!([PS!`PNN!RUJQNR!]MWXWKPWU!WO!K[R!SRNRTKRV!OPQMRS!PU!

J!NWTJNPfRV!OWMXJK\!JUV!JNNW`!K[R!VRYRNW]XRUK!WO!TMPKPTJN!XJSS!OWM!K[RSR!OWTLS!OPQMRS/!([PS!JNSW!JNNW`S!

OWM!XWSK!ROOPTPRUK!LKPNPfJKPWU!WO!OLUVS\!RJS_!XWUPKWMPUZ!WO!K[R!]MWZMRSS!XJVR!JUV!RUSLMRS!QRKKRM!MJKR!WO!

MRKLMU!WU!PUYRSKXRUKS!XJVR/!([R!NRJVPUZ!OPQMRC]MWVLTPUZ!SKJKRS!OWM!RJT[!WO!K[R!OPQMRS!`RMR!PVRUKPOPRV!

JUV!QJSRV!WU!PUKRUSPK_!WO!TLNKPYJKPWU!HJMRJ!WO!K[R!OPQMR!KW!KWKJN!JMRJI\!K[R!SKJKRS!OWM!RJT[!OPQMR!`JS!S[WMK!

NPSKRV/!!

!

000!(!HIHPSENC(

! 1BCBCB*)=$5&1)>$?-))

! =ECHBLLIH*)="&8-"$)

! !EKBI*)@"&::$)

! +HJL]'HSSIH*)A..$"$%/$'?)

! 0IBM*)B$?/C$)9"$?#:/))

$/0/=?/! ([R!555*!J]]MWJT[!PS!S]RTPOPT!OWM!RJT[!SRNRTKRV!OPQMR\!JS!!K[R!SRNRTKRV!OPQMRSE]NJUKS!JMR!RPK[RM!JNMRJV_!

TLNKPYJKRV!PU!NJMZR!cLJUKPKPRS!H6JUJUJ!JUV!9PURJ]]NRI!WM!JMR!JYJPNJQNR\!QLK!UWK!TWXXRMTPJNN_!R^]NWPKRV!

WM!URRVS!KW!QR!]MWXWKRV!H*PSJN\!5NJ^\!>RX]!E!'RKKNRI/!

$/0/="/! 6JSRV! WU! K[R! JQWYR! PX]NPTJKPWUS\! K[R! SLQCZMWL]! VPYPVRV! K[RSR! OPYR! SRNRTKRV! OPQMRS! PUKW! K`W! VPSKPUTK!

ZMWL]S!OWM!LUVRMKJbPUZ!XRJSLMRS!OWM!K[RPM!MRS]RTKPYR![WNPSKPT!VRYRNW]XRUK\!K[R!ZMWL]S!JMRh!

=I!AGNVL(%(H6JUJUJ!JUV!9PURJ]]NRI!

!

!

!! ! 07$!

?I!AGNVL(%%(H*PSJN\!>RX]!E!'RKKNR!JUV!5NJ^I!

([R!VRYRNW]XRUK!J]]MWJT[!JUV!MRTWXXRUVJKPWUS!OWM!K[R!K`W!VPOORMRUK!ZMWL]S!JMR!JS!OWNNW`Sh!

"MTEFES(84:49*(AGNVL(%(0EFGHK(

BMWL]!-! %WUSPVRMPUZ!K[R!JQLUVJUK!JYJPNJQPNPK_!WO!BMWL]!-!5PQMRSE]NJUKS!H`RJNK[!OMWX!`JSKRI!PU!K[R!TWLUKM_\!K[R!OWNNW`PUZ!OPQMRS!JMR!ZMWL]RV!KWZRK[RM/!

6JUJUJh!!>JMYRSKRV!JMRJ!LUVRM!QJUJUJ!`JS!J]]MW^PXJKRN_!$/7!NJb[![RTKJMRS!PU!-UVPJ!PU!?11:/!9SRLVWCSKRX!JNWUR!`WLNV![JYR!JTTWLUKRV!OWM!J]]MW^PXJKRN_!?:!XPNNPWU!KWUURS/!&LK!WO!?:!XPNNPWU!KWUURS!]SRLVWCSKRX\!K[R!_PRNV!WO!QJUJUJ!OPQMR!TWLNV!QR!JMWLUV!?/?!XPNNPWU!KWUURS!RYRM_!_RJM/!!

(WKJN!`WMNV!]MWVLTKPWU!WO!2QJTJ!OPQMR\!`[PT[!QRNWUZS!KW!K[R!SJXR!OJXPN_!JS!6JUJUJ!H6JUJUJ! !8LSJ!OJXPN_I!`JS!JMWLUV!:$!K[WLSJUV!KWUURS!PU!?110!JUV!R^]WMKS!WO!K[R!OPQMRS!`JS!`WMK[!3*l!D#/?!XPNNPWU/!!

9PURJ]]NRh!9PURJ]]NR![JS!KWKJN!JTMRJZR!WO!JMWLUV!:=\#11![RTKJMRS!PU!?11:!JUV!-UVPJ!PS!K[R!SP^K[!NJMZRSK!]MWVLTRM!WO!]PURJ]]NR!PU!K[R!`WMNV/!-UVPJ![JS!K[R!]WKRUKPJN!KW!]MWVLTR!JMWLUV!1/=$!XPNNPWU!KWUURS!WO!]PURJ]]NR!OPQMR!QJSRV!WU!JU!JYRMJZR!]WKRUKPJN!_PRNV!WO!JMWLUV!?!XRKMPT!KWUURS!WO!OPQMR!]RM![RTKJMR/!

!

"MTEFES(84:4<*(AGNVL(%%(DEFGHK((

BMWL]!--! %WUSPVRMPUZ!K[R!ZMW`PUZ!PUKRMRSK!PU!SPSJN\![RX]!JUV!ONJ^\!VLR!KW!K[RPM!YJMPWLS!J]]NPTJKPWUS!JUV!]WKRUKPJN!JK!UJKPWUJN!JS!`RNN!JS!PUKRMUJKPWUJN!NRYRN\!K[R!OWNNW`PUZ!OPQMRS!JMR!ZMWL]RV!KWZRK[RM/!

*PSJNh!.WMNV!]MWVLTKPWU!WO!SPSJN!JUV!JZJYR!OPQMR\!4$*$]&$*\!PS!RSKPXJKRV!JK!JMWLUV!"!NJb[S!KWUURS\!YJNLRV!JK!3*!lD7!XPNNPWU/!-U!KRMXS!WO!YJNLR\!-UVPJ!`JS!K[R!?UV!NJMZRSK!PX]WMKRM!JUV!7K[!NJMZRSK!R^]WMKRM!WO!SPSJN!PU!K[R!`WMNV!PU!?11D/!-UVPJ!R^]WMKRV!"0=!XRKMPT!KWUURS!WO!SPSJN!YJNLRV!3*l!=/""!XPNNPWU!JUV!PX]WMKRV!SPSJN!WO!=\#7=!XRKMPT!KWUURS!YJNLRV!3*l!?/""!XPNNPWU!PU!?11D/!!2ZJYR!ZWK!TWX]NRKRN_!UJKLMJNPfRV!K[MWLZ[WLK!K[R!TWLUKM_\!]JMKPTLNJMN_!PU!%[[JKKPSZJM[\!8JV[_J!9MJVRS[\!2UV[MJ!9MJVRS[!G!AJMUJKJbJ\!(JXPN!'JVL!JUV!JNSW!WK[RM!SKJKRS/!

!>RX]E'RKKNRh!([R!ZNWQJN!]MWVLTKPWU!WO![RX]!OPQMR!PS!1/=!XPNNPWU!KWUURS!JUV!NJMZR!]MWXWKPWU!PS![J]]RUPUZ!PU!%[PUJ\!)3!JUV!%JUJVJ!TWUSPVRMPUZ!K[R!OLKLMR!ZMW`K[/!

5NJ^h!([R!ONJ^!OPQMR!]MWVLTKPWU!PU!K[R!`WMNV!PS!JMWLUV!:/?"!NJb[!KWUURS!JUV!R^]WMK!YJNLR!WO!ONJ^!OPQMR!JUV!KW`!WO!OPMSK!?1!R^]WMKPUZ!TWLUKMPRS!`JS!3*l!":=!XPNNPWU!PU!?11D/!-UVPJ![JS!J!TLNKPYJKPWU!JMRJ!WO!0\"$\:11![RTKJMRS!`PK[!]WSSPQNR!_PRNV!WO!=C=/7!XRKMPT!KWUURS!]RM![RTKJMR/!!

%JJHWEBSH(Z!TNGS($HGJ[(KSGBSHYEHK(DNG(AGNVL(%(

$/0/=0/! %WUSPVRMPUZ! K[R! NJMZR! JYJPNJQPNPK_! JUV! SKMWUZ! ]WKRUKPJN! OWM! OLKLMR! ZMW`K[\! K[R! OWNNW`PUZ! PS! J! K[MRRC

]MWUZRV!J]]MWJT[h!!

=$/!9MWXWKPUZ! JUV! JKKMJTKPUZ! PUVLSKMPJN! PUYRSKXRUKS! OWM! XJSS! TWUSLX]KPWU! WO! MJ`! XJKRMPJNS! KW!

LKPNPfR! K[R! SWCTJNNRV! `JSKR! XJKRMPJNS! PUKW! ]MWVLTKS! H`RJNK[I! PU! WMVRM! KW! ZRURMJKR! JVVPKPWUJN!

PUTWXR! OWM! K[R! OJMXRMS/! ([R! SLQCZMWL]! MRTWXXRUVS! K[JK! K[R! ZWYRMUXRUK! ]MWYPVR! TJ]PKJN!

SLQSPV_! WO! >;b! KW! K[R! PUVLSKMPJN! PUYRSKWMS! JS! JU! PUTRUKPYR! OWM! SRKKPUZ! L]! K[R! PUVLSKM_! KW!

!

!

!! ! 07D!

TWUSLXR! UJKLMJN! OPQMRS! HWK[RM! UJKLMJN! OPQMRS! JS! MJ`!XJKRMPJNI/! -K! JNSW! MRTWXXRUVS! K[JK! K[R!

ZWYRMUXRUK! ]MWYPVR! SL]]WMK! OWM! SRKKPUZ! L]! ORRVRM! LUPKS! OWM! NJMZR! PUVLSKMPRS! OWM! TWXXRMTPJN!

ORJSPQNR!R^]NWPKJKPWU!WO!UJKLMJN!OPQMRS/!

=D/!,RSRJMT[! JUV!;RYRNW]XRUK! PUKW! PX]MWYRV! JUV! ROOPTPRUK! R^KMJTKPWU! JUV! ]MWTRSSPUZ! WO! OPQMRS!

`PK[! NW`!TWSK\!J]]MW]MPJKR! KRT[UWNWZ_\!JS!`RNN! JS! _JMU!S]PUUPUZ! KRT[UPcLRS!JUV! KRT[UWNWZ_\!

bRR]PUZ!WYRMJNN!ZNWQJN!]MPTPUZ!JS!`RNN!JS!XPUPXLX!`JZR!PSSLRS!PU!XPUV/!

=:/!([R!SLQCZMWL]!MRTWXXRUVS!LUVRMKJbPUZ!J!7C KW!

]MWXWKR! NPYRNP[WWV!JUV!RTWUWXPT!VRYRNW]XRUK!OWM!RJT[!WO! K[R!?!OPQMRS!LUVRM! K[R!BMWL]!-!JK!

NWTJN!NRYRNS/!([R!]PNWK!]MWZMJX!`WLNV!QR!TJMMPRV!WLK!PU!=!WM!?!ZRWZMJ][PTJN!JMRJS!PU!K[R!OWTLS!

SKJKR!OWM!RJT[!OPQMR/!([R!MJKPWUJNR!QR[PUV!K[R!]PNWK!]MWaRTK!`WLNV!QR!KW!VRYRNW]!JUV!MR]NPTJKR!

K[R! QRSK! ]MJTKPTRS! K[JK! TJU! QR! MR]NPTJKRV! WU! ]JUC-UVPJ! QJSPS/! ([PS! `WLNV! JTTRNRMJKR! K[R!

PUTWXR\!RX]NW_XRUK!W]]WMKLUPKPRS!JUV!YJNLR!JVVPKPWU!JK!NWTJN!NRYRNS/!!

%JJHWEBSH(Z!TNGS($HGJ[(KSGBSHYU(DNG(AGNVL(%%(

$/0/=7/! %WUSPVRMPUZ! K[R! ]WKRUKPJN! WO! OPQMRS! KJbRU! LUVRM! K[R! BMWL]! --\! K[R! OWNNW`PUZ! JMR! K[R! J]]MWJT[RS!

SLZZRSKRV!Q_!K[R!SLQCZMWL]/!

=#/!3UVRMKJbR! MRSRJMT[! JUV! VRYRNW]XRUK! ]MWZMJXXRS! WU! MJ`!XJKRMPJN! MRSWLMTRS! H*PSJN\! 5NJ^\!

>RX]!E'RKKNRI!OWM!QMRRVPUZ!WO!VPOORMRUK!YJMPRKPRS\!SKJUVJMVPfJKPWU!WO!ULMSRM_!]MJTKPTRS!JUV!OPQMR!

R^KMJTKPWU!KRT[UPcLRS/!

?1/!([R! SLQCZMWL]! MRTWXXRUVS! LUVRMKJbPUZ! J! 7C_RJM! ]PNWK! ]MWZMJX! OWM!BMWL]! --! 5PQMRS\! LUVRM!

PIVKSHG(BLLGNBPT4(([R!]PNWK!]MWZMJX!`WLNV!QR!TJMMPRV!WLK!PU!TWUTRUKMJKRV!ZRWZMJ][PTJN!JMRJ!

WO!RJT[! OWTLS!SKJKR! OWM!RJT[! OPQMR/!([R! NRJMUPUZS!WO! K[R!]PNWK!]MWaRTK!S[JNN! OWMX! K[R!QJSPS! OWM!

MR]NPTJKPWU!WO!PUKRMYRUKPWUS!WU!]JUC-UVPJ!QJSPS/!!

#NJJNC(!SGBSHYEHK(DNG(PIVKSHG(BLLGNBPT(DNG(AGNVL(%(e(AGNVL(%%(DEFGHK((

$/0/=$/! %WX]WURUKS!WO!%NLSKRM!J]]MWJT[!HBMWL]!-!H9WPUK!'W/!"I!G!--I!

([R!YJMPWLS!MRTWXXRUVJKPWUSESLZZRSKPWUS!WO!K[R!SLQCZMWL]!LUVRM!K[R!TNLSKRM!J]]MWJT[!JMRh!

! 2`JMRURSS\!SRUSPKPfJKPWU!JUV!RVLTJKPWU!WU!WK[RM!UJKLMJN!OPQMRS!JK!JNN!NRYRNS!

! 8WQPNPfJKPWU!WO!K[R!TWXXLUPKPRS!Q_!K[R!]PNWK!]MWZMJX!TJMMPRV!WLK!Q_!PX]NRXRUKJKPWU!JZRUT_!JK!

K[R!SKJKR!NRYRN!

! 9MWXWKPUZ! SLSKJPURV! JUV! TWW]RMJKPYR! ,G;! JTKPYPKPRS! OWM! K[R! RUKPMR! T_TNR! WO! OPQMR/! ([PS! `PNN!

PUTNLVR!R^KMJTKPWU\!]MWTRSSPUZ!KRT[UPcLRS\!KWWNS!JUV!XJT[PURM_!VRYRNW]XRUK\!VPYRMSPOPTJKPWU!WO!

]MWVLTK!MJUZRS\!YJNLR!JVVPKPWU!JUV!PUVLSKMPJN!MRSRJMT[!OWM!XJSS!JUV!TWXXRMTPJN!TWUSLX]KPWU\!

RKT/!

!

!

!! ! 07:!

! (W! RUSLMR! K[R! RTWUWXPT! YPJQPNPK_! JUV! TWXXRMTPJN! LKPNPSJKPWU! WO! `JSKR! ZRURMJKRV! VLMPUZ!

]MWTRSSPUZ\!H-U!TJSR!WO!SPSJN\!WUN_!0d!WO!K[R!RUKPMR!MJ`!XJKRMPJN!PS!LSRV!JS!J!OPQMR!JUV!#$d!PS!

`JSKRI\!K[R!ROOWMKS!S[WLNV!QR!VPMRTKRV!KW`JMVS!R^]NWMPUZ!K[R!]WSSPQPNPK_!WO!TWUYRMKPUZ!K[R!`JSKR!

PUKW! QPWCOLRN\! XJULMR\! QPWCZJS! JUV! RNRTKMPTPK_\! WMZJUPT! ]RSKPTPVRS\! JUPXJN! ORRV\! RKT/! 5WM!

PUSKJUTR\!]MW]WMKPWU!WO!SPSJN!OPQMR!PS!WUN_!0d!WO!RUKPMR!QPWXJSS/!-U!K[R!TJSR!WO![RX]EURKKNR!JUV!

ONJ^\! URJMN_! D?d! WO! K[R! `JSKR! TJU! QR! TWUYRMKRV! PUKW! TWX]WSPKRS! OWM! PKS! LKPNPSJKPWU! PU!

JLKWXWQPNRS\!TWUSKMLTKPWU!JS!JNKRMUJKR!OWM!ZNJSS!OPQMRS/!

! ,RYPSPKPUZ!K[R!MLNRS!JUV!MRZLNJKPWU!JUV!NRZJN!]MWTRVLMRS!]RMKJPUPUZ!KW!K[R!ZMW`PUZ\![JMYRSKPUZ!

JUV!NPTRUSPUZ!PU!RUYPMWUXRUK!SRUSPKPYR!JMRJS/!!

! *KJUVJMVPSJKPWU!JUV!TRMKPOPTJKPWU!!

! 'RK`WMbPUZ!`PK[!KRT[UPTJN\!MRSWLMTR!JUV!XJMbRK!JZRUTPRS!SLT[!JS!-%2,\!-%5,-\!,,4\!%6,%\!

*-(,2\!%*-,\!RKT/!!

&STHG(%CSHGXHCSENCK(DNG(WHXHINLJHCS(ND(AGNVL(%(e%%(DEFGHK(

$/0/=D/! -U!JVVPKPWU!KW!K[R!JQWYR!XRUKPWURV!SKMJKRZPRS\!K[R!SLQCZMWL]!MRTWXXRUVS!K[R!OWNNW`PUZ!PUKRMYRUKPWUS!

OWM!K[R!VRYRNW]XRUK!WO!BMWL]!-!G!--!OPQMRS/!

#BLBPESU(FVEIWECY(](SGBECECY((

$/0/=:/! ([R!SLQCZMWL]!MRTWXXRUVS!JMMJUZPUZ!S]RTPJNPSRV!KRT[UPTJN!JUV!TWXXRMTPJN!KMJPUPUZ!HS[WMK!KRMX!JUV!

NWUZ! KRMXI!`PK[! K[R! [RN]! WO! PUKRMUJKPWUJN! KMJPURMS! OMWX! K[R! TWLUKMPRS! SLT[!JS!9[PNP]]PURS\! -UVWURSPJ\!

([JPNJUV\!%[PUJ!JUV!WK[RMS/!*]RTPJNPSRV!JUV!TWUKPULWLS!KMJPUPUZ!]MWZMJXXRS!S[WLNV!JNSW!QR!VRYPSRV!

`PK[!RU[JUTRV!OPUJUTPJN!NPXPKS!KW!JKKMJTK!K[R!QRSK!KMJPURMS/!

#GHBSENC(ND(CHPHKKBGU(ECDGBKSGVPSVGH((

$/0/=#/! .PK[! JU! JPX! KW! TMRJKR! K[R! URTRSSJM_! PUOMJSKMLTKLMR! OWM! K[R! ]MWXWKPWU! WO! K[R! OPQMRS\! K[R! SLQCZMWL]!

MRTWXXRUVS!K[R!OWNNW`PUZh!

! (W!OJTPNPKJKR!K[R!TMRJKPWU!WO!PUOMJSKMLTKLMR!OJTPNPKPRS!JK!K[R!TNLSKRMS!RS]RTPJNN_\!%WXXWU!5JTPNPK_!

%RUKMRS!H%5%SI\!KMRJKXRUK!JUV!V_RPUZ!OJTPNPKPRS\!MJ`!XJKRMPJN!QJUbS\!MRSWLMTR!TRUKMR!WU!]PNWK!

QJSPS!PU!K[R!OPMSK!][JSR!RUSLMPUZ!ROOPTPRUK!JUV!SKJUVJMVPfRV!XJULOJTKLMPUZ!]MWTRSS/!!

! ;RYRNW]XRUK! WO! ORRVPUZ! LUPKS! OWM! K[R! SL]]N_! WO! ]MWTRSSRV! MJ`! XJKRMPJNS! OWM! K[R! NJMZR!

PUVLSKMPRS!PU!NWUZ!MLU/!

! %WUYRMSPWU!WO!`JSKR!JMPSPUZ!OMWX!XJULOJTKLMPUZ!]MWTRSS!PUKW!YJNLR!JVVRV!TWX]WSPKRS/!!

!

!

!! ! 07#!

-YYGHKKEXH(ECSHGCBSENCBI(JBGfHSECY(

$/0/?1/! ([R!SLQCZMWL]!QRNPRYRS!K[JK!JZZMRSSPYR!XJMbRKPUZ!XRJSLMRS!URRV!KW!QR!LUVRMKJbRU!OWM!]MWXWKPWU!WO!

]MWVLTKS!XJVR!WO!WK[RM!UJKLMJN!OPQMRS!JUV!OWM!K[R!SJXR!MRTWXXRUVS!K[R!OWNNW`PUZh!

! *]RTPJN!-UKRMUJKPWUJN!8JMbRKPUZ!]MWZMJXXR!S[WLNV!QR!NJLUT[RV!OWM!"! !7!_RJMS/!

! -VRUKPOPTJKPWUERJMXJMbPUZ!WO!XWSK!]WKRUKPJN!PUKRMUJKPWUJN!XJMbRKS/!

! *]RTPJN!K[RXR!SRKKPUZS!PU!K[R!WYRMSRJS!S[W`S!KW!JKKMJTK!WYRMSRJS!QL_RMSE!TLSKWXRMS/!

! 9JMKPTP]JKPWU!PU!PUKRMUJKPWUJN!S[W`S!OWTLSSPUZ!WU!&K[RM!'JKLMJN!5PQMRS/!

! ([RXJKPT!VPS]NJ_!JK!KR^KPNR!JUV!J]]JMRN!R^[PQPKPWUS/!!

1GBCW(FVEIWECY(e(FGBCW(LGNJNSENC((

$/0/?=/! ([R!SLQCZMWL]!LUVRMSKJUVS!K[JK!QMJUV!QLPNVPUZ!JUV!QMJUV!]MWXWKPWU!JMR!K`W!PX]WMKJUK!XRJSLMRS!K[JK!

URRV!KW!QR!LUVRMKJbRU!OWM!]MWXWKPWU!WO!]MWVLTKS!XJVR!OMWX!WK[RM!UJKLMJN! OPQMRS!JUV!OWM! K[R!SJXR!PK!


! !qBMRRU!

-UVPJq\!RKT!

! 4JLUT[PUZ! JU! R^TNLSPYR! -UKRMUJKPWUJN! *[W`! WU! K[R! -UVPJU! 'JKLMJN! 5PQMRS! JUV! K[R! BMRRU!

9MWVLTKS!

! 6L_! QJTb! JMMJUZRXRUKS! ! SWLMTPUZ\! OJTPNPKPRS\! JUV! MRKJPNRMS! JTMWSS! K[R! ZNWQR! KW! RUSLMR!

TWUSPSKRUK!JYJPNJQPNPK_!WO!MJ`!XJKRMPJN!RKT/!

! ,RZLNJM!SKLV_!JUV!]MWXWKPWUJN!KWLMS/!

! 9MWXWKPWUJN! S[W]S! OWM! R^TNLSPYR! 'JKLMJN! 5PQMR! ]MWVLTKS! JK! JNN! K[R! -UVPJU! 2PM]WMKS! JUV!

,JPN`J_S/!!

0EKPBI(JHBKVGHK((

$/0/??/! ([R!SLQCZMWL]!MRTWXXRUVS!K[R!OWNNW`PUZ!OPSTJN!XRJSLMRS!OWM!WK[RM!UJKLMJN!OPQMRS/!

! =11d! R^RX]KPWU! WU! TLSKWX! G! R^TPSR! VLKPRS! WU! K[R! PX]WMK! WO! ]NJUK! G! XJT[PURM_\!

TWUSLXJQNRS\!RXQRNNPS[XRUKS!WU!UJKLMJN!OPQMRS!OWM!RU[JUTPUZ!K[R!cLJNPK_/!!!!

! 71d!TJ]PKJN!SLQSPV_!OWM!RUKMR]MRURLMS!]MWXWKPUZ!&K[RM!'JKLMJN!5PQMR!QJSRV!PUVLSKMPRS/!!

! (J^![WNPVJ_S!OWM!XJULOJTKLMPUZ!JUV!R^]WMKPUZ!LUPKS!OWM!=1!_RJMS!

! -UKRMRSK!SLQSPV_!OWM!RSKJQNPS[XRUKS!HNPbR!(35*I!

!

!

!! ! 0$1!

! ;LK_!VMJ`QJTbS!WU!K[R!OPUPS[RV!]MWVLTKS!WO!UJKLMJN!OPQMRS/!

"CTBCPECY(PNJLHSESEXHCHKK(

$/0/?"/! (W! RUSLMR! TWX]RKPKPYRURSS! WO! -UVPJU! ]MWVLTKS! XJVR! WO! WK[RM! UJKLMJN! OPQMRS\! K[R! SLQCZMWL]!


! )JS_! JUV! [JSSNR! OMRR! JYJPNJQPNPK_! WO! NJKRSK! KRT[UWNWZ_E! KRT[UWNWZ_! KMJUSORM! JS! JYJPNJQNR! PU!

%[PUJ\!-UVWURSPJ\!+PRKUJX\!([JPNJUV\!9[PNP]]PURS\!!WM!WK[RM!*WLK[!)JSK!2SPJU!TWLUKMPRS/!

! (PXR!QWLUV!`WMb! ]NJU! OWM! PUTMRJSPUZ! K[R! TWX]RKPKPYRURSS! WO! K[R! OPQMR! PUVLSKM_! Q_! JKKMJTKPUZ!

!

KRT[UWNWZ_!JUV!YWNLXR!]MWVLTKPWU/!

! -UOWMXJKPWU!VPSSRXPUJKPWU!K[MWLZ[!YJMPWLS!XRVPJ!SLT[!JS!]MPUK\!RNRTKMWUPT\!RKT!KW![PZ[NPZ[K!K[R!

SKMRUZK[S!WO!&K[RM!'JKLMJN!5PQMR!PU!-UVPJ!JUV!WK[RM!KRT[UPTJN!PU]LKS!`[PT[!TJU!JKKMJTK!WYRMSRJS!

TWX]JUPRS!KW!PUYRSK!PU!-UVPJ/!

! 8JMbRK!WMPRUKRV!SKLV_!KWLM! KW!LUVRMSKJUV!K[R!KRT[UWNWZ_\!OPUPS[RS\!]MWVLTK!VRYRNW]XRUK!JUV!

WK[RM!J]]NPTJQNR!XJMbRKPUZ!XRJSLMRS!JVW]KRV!Q_!K[R!]MWVLTRM!TWLUKMPRS/!

%CSHGJHWEBSH(KSGBSHYU(ZDNG(>(3HBGK[(

$/0/?0/! (W!JTTRNRMJKR!K[R!VRYRNW]XRUK!WO!BMWL]!-!JUV!--!OPQMRS\!K[PS!SLQCZMWL]!]MW]WSRS!J![WNPSKPT!J]]MWJT[!

LUVRM!PUKRMXRVPJKR!SKMJKRZ_!OWM!PUPKPJN!7!_RJMS/!([PS![WNPSKPT!J]]MWJT[!PUTNLVRS!VRYRNW]XRUK!SKMJKRZPRS\!

PVRUKPOPTJKPWU! JUV! KMJUSORM! WO! QRSK! ]MJTKPTRS\! PX]NRXRUKJKPWU! WO! ]MWZMJX\! VWTLXRUKJKPWU! JUV!

SKJUVJMVPfJKPWU!WO!]MJTKPTRS!ZJPURV! PU!JQWYR!XRUKPWURV!PXXRVPJKR!SKMJKRZPRS!`[PT[!`PNN! OLMK[RM!]JYR!

K[R!`J_!OWM!K[R!NWUZ!KRMX!XPSSPWU/!!

([R!PUSKPKLKPWUJN!OMJXR`WMb!WO!K[R!PUKRMXRVPJKR!SKMJKRZ_!H7!_RJMSI!PS!JS!OWNNW`Sh!

'BSENCBI(!SHHGECY(#NJJESSHH((

$/0/?7/! 'JKPWUJN! *KRRMPUZ! %WXXPKKRR! `PNN! QR! OWMXRV! LUVRM! K[R! %[JPMXJUS[P]! WO! K[R! *RTMRKJM_\! 8PUPSKM_! WO!

(R^KPNRS\!BWYRMUXRUK!WO!-UVPJ/!([R!MWNR!WO!K[R!UJKPWUJN!SKRRMPUZ!TWXXPKKRR!`WLNV!QR!KW!WYRMSRR!JS!`RNN!

JS!]MWYPVR!VPMRTKPWU!JUV!J]]MWYR!K[R!2TKPWU!9NJUS!SLQXPKKRV!Q_!K[R!F%RUKMR!OWM!&K[RM!'JKLMJN!5PQMRS!

;RYRNW]XRUKF/!([R!'JKPWUJN!*KRRMPUZ!%WXXPKKRR!`PNN!XRRK!WUTR!PU!J!_RJM/!

!

!

!! ! 0$=!

([R!TWX]WSPKPWU!WO!K[R!TWXXPKKRR!`PNN!QR!JS!OWNNW`S/!

"MTEFES(84:45*('BSENCBI(!SHHGECY(#NJJESSHH(

*RTMRKJM_\!8PUPSKM_!WO!(R^KPNRS! %[JPMXJU!

*RTMRKJM_C!2ZMPTLNKLMR\!)UYPMWUXRUK!JUV!5WMRSKS\!*TPRUTR!JUV!(RT[UWNWZ_\!,LMJN!;RYRNW]XRUK\!*XJNN!STJNR!PUVLSKMPRS!

8RXQRMS!

,R]MRSRUKJKPYR!WO!'262,;! 8RXQRM!

,R]MRSRUKJKPYR!WO!A+-%!E!A+-6! 8RXQRM!

*RNRTKRV!XRXQRMS!WO!SLQ!TWXXPKKRR! 8RXQRM!

(RT[UPTJN!)^]RMKS!OMWX!]MWVLTKPWU\!]MWTRSSPUZ\!XJMbRKPUZ!JUV!YJNLR!JVVPKPWU!

8RXQRM!HSI!

%[JPMXJU! !%RUKMR!OWM!&K[RM!'JKLMJN!5PQMR!;RYRNW]XRUK! 8RXQRM!*RTMRKJM_!!

#HCSGH(DNG(&STHG('BSVGBI(0EFGH(?HXHINLJHCS(

$/0/?$/! -U!WMVRM!KW!]MWYPVR!K[R!MRcLPMRV!]LS[!OWM!K[R!]MWXWKPWU!WO!K[R!SRTKWM\!VRVPTJKRV!%RUKMR!KPKNRV! h#HCSGH(

DNG(&STHG('BSVGBI( 0EFGHK(;RYRNW]XRUKF(`PNN! QR! TMRJKRV! LUVRM! K[R!8PUPSKM_! WO! (R^KPNRS! JS! J! SWTPRK_!

LUVRM! K[R! F*WTPRKPRS! 2TKF/! ([R! TRUKMR! `PNN! OLUTKPWU! LUVRM! K[R! ZLPVJUTR! WO! K[R! 'JKPWUJN! *KRRMPUZ!

%WXXPKKRR/!!-KS!XJPU!OLUTKPWU!PS!KW!TWCWMVPUJKR!JUV!OJTPNPKJKR!K[R!JTKPYPKPRS!JUV!NPJPSWU!`PK[!`WMbPUZ!JUV!

R^PSKPUZ!SKJbR[WNVRMS/!!

$/0/?D/! ([R!XRXQRMS[P]!WO!K[R!*WTPRK_!`PNN!PUTNLVR!JU!WOOPTRM!WO!K[R!8PUPSKM_!JK!J!SLPKJQNR!VRSPZUJKRV!NRYRN!JUV!

K[R!XRXQRMS!WO!K[R!QWJMV!`PNN!TWUSPSK!WO!MR]MRSRUKJKPYRS!OMWX!K[R!OWTLSRV!SKJKRS\!)9%>\!-%2,\!%*-,\!

'B&!JUV!R^]RMKS!OMWX!K[R!SRTKWM/!!

$/0/?:/! (W! PX]NRXRUK! K[R! JTKPYPKPRS! JK! SKJKR! NRYRN\! K[R! MRS]RTKPYR! SKJKR! ZWYRMUXRUKS! `WLNV! QR! LMZRV! KW!

RSKJQNPS[!VRVPTJKRV!OPQMR!VRYRNW]XRUK!TRUKMRS/!([R!SKJKR!NRYRN!TRUKMRS!`WLNV!QR!NPUbRV!KW!K[R!F%RUKMR!

OWM!&K[RM!'JKLMJN!5PQMRS!;RYRNW]XRUKF/!

RNGfECY(AGNVLK(

$/0/?#/! .WMbPUZ! ZMWL]S! OWM! RJT[! WO! K[R! SRTKWMS! YPf\! MRSRJMT[\! KRT[UWNWZ_! VRYRNW]XRUK\! ]NJUKJKPWU\!

VPYRMSPOPTJKPWU! E! YJNLR!JVVPKPWU! JUV!XJMbRKPUZ!`PNN! QR! TWUSKPKLKRV! LUVRM! K[R!%RUKMR! OWM! WK[RM!'JKLMJN!

5PQMRSq!([R!TRUKMR!`PNN! TWWMVPUJKR! K[R!JTKPYPKPRS!JUV! OLUTKPWUPUZ!WO! K[R!`WMbPUZ!ZMWL]S/!([R!`WMbPUZ!

ZMWL]S!`PNN!`WMb!JS!K[R!q([PUb!(JUbq!JUV!]MWYPVR!]MWJTKPYR!PU]LKS!JUV!SL]]WMK!OWM!K[R!VRYRNW]XRUK!WO!

K[R!q&K[RM!'JKLMJN!5PQMR!*RTKWMq!JS!J!`[WNR/!

!

!

!! ! 0$?!

!SBSH(/HXHI(

$/0/"1/! ([R! JUT[WMJZR! JK! K[R! SKJKR! NRYRN! `PNN! QR! ]MWYPVRV! Q_! K[R! SKJKR! ZWYRMUXRUK! TWUTRMURV! Q_!

RSKJQNPS[XRUK! WO!'WVJN! 2ZRUT_! OWM! K[R! OJTPNPKJKPWU! WO! K[R!'JKLMJN! 5PQMRS!;RYRNW]XRUK/! ([R! OLUTKPWU!

`WLNV! QR! KW! NPUb! JUV! PX]NRXRUK! K[R! JTKPYPKPRS! JK! SKJKR! NRYRN! PU! TWWMVPUJKPWU! `PK[! WK[RM! VR]JMKXRUKS\!

'B&\!+JU!9JUT[J_JKS\!e58\!%WW]RMJKPYRS!JUV!]MPYJKR!TWX]JUPRS/!

/NCY(SHGJ(KSGBSHYU(

$/0/"=/! ([R!JQWYR!XRUKPWURV!J]]MWJT[!q5WTLS!5PQMR!5WTLS!*KJKRq!`PNN!QR!JVW]KRV!OWM!K[R!7!OPQMRS!LUVRM!K[R!

OPMSK!][JSR!WO!K[R!]WNPT_!PUKRMYRUKPWUg![W`RYRM\!J!XWMR!SLSKJPURV!JUV!PUTNLSPYR!PUKRMYRUKPWU!PS!MRcLPMRV!

PU!NWUZ!KRMX/!*W!K[JK!J!`PVRM!ZRWZMJ][PT!JMRJ!TJU!QR!TWYRMRV!JUV!XWMR!QRUROPKS!QR!VRMPYRV!OMWX!K[R!

TWXXRMTPJN!R^]NWPKJKPWU!WO!UJKLMJN!OPQMRS!PU!K[R!TWLUKM_/!!

$/0/"?/! 5WM!K[PS\!SLQCZMWL]!]MW]WSRS!J!F'JKPWUJN!&K[RM!'JKLMJN!5PQMRS!8PSSPWUF!KW!MR]NPTJKR!QRSK!]MJTKPTRS!!WU!

]JU! -UVPJ!QJSPS!QJSRV!WU! K[R!TRUSLS!VJKJ!JUV! K[R! OPUVPUZS! E! NRSSWUS!ZJPURV! OMWX! K[R! PUKRMXRVPJKR!

SKMJKRZ_/!([RMROWMR\! SLQCZMWL]!]MW]WSRS!J! VRKJPNRV!SKLV_! KW!RYWNYR! K[R! WQaRTKPYRS\! SKMLTKLMR\! OWTLS\!

OLUTKPWUPUZ!JUV!

PUKRMXRVPJKR!SKMJKRZ_/!

=GNKLHPSK]LNSHCSEBI(DNG(STH(EWHCSEDEHW(DEXH(DEFGHK(

$/0/""/! ([R!]MWS]RTKS!WO! K[R!QRNW`!XRUKPWURV!7!UJKLMJN! OPQMRS!JMR!QJSRV!WU! K[R! PUOWMXJKPWU!ZJK[RMRV! OMWX!

VPOORMRUK! SWLMTRS! SLT[! JS! 52&! SKJKPSKPTS\! BWYRMUXRUK! WO! -UVPJ! ! VR]JMKXRUK! `RQ! SPKRS\! 'JKPWUJN!

6JUJUJ! ,RSRJMT[! %RUKRM! H'6,%I\! 3KKJMJb[JUV! 6JXQWW! JUV! 5PQMR! ;RYRNW]XRUK! 6WJMV! H365;6I\!

PUKRMURK! SWLMTRS\! STPRUKPOPT! SKLVPRS\! 9[PNP]]PURS! 5JMXRMS! 6LNNRKPU\! STPRUKPOPT! ]J]RMS! JUV! ]MRSRUKJKPWU!

]LQNPS[RV!JUV!OMWX!JMKPTNRS!WO!UR`S!]J]RM/!

!

!

!

!

!

!

!

!

!

!! ! 0$"!

"MTEFES(84:4:*((

0EFGHK( =GHKHCS(LGNWVPSENC(LNSHCSEBI( #VGGHCS($GBWH( "PNCNJEP(

=NSHCSEBI(

-PTEHXHJHCS(EC(>(3HBGK(SEJH(Z=HG(3HBG[(

6JUJUJ! ?/?!XPNNPWU!KWUURS?#! 3*l!1/?!XPNNPWU"1! ,S!==?\"0$/D!XPNNPWU!

,S!==?"/7!XPNNPWU!H=d!,RJNPfJKPWUI!

9PURJ]]NR! 1/=$!XPNNPWU!KWUURS!H:1\111![RTKJMRS!n!?!KWUURSE[J"=I!!

'RZNPZPQNR!9PUR!J]]NR!OPQMR!PS!ZRURMJNN_!XP^RV!`PK[!SPNb/!-K!PS!JSSLXRV!K[JK!JVLNKRMJKPWU!PS!VWUR!JK!=E"MV!]MPTR!WO!-UVPJU!MJ`!SPNb!]MPTRS!PU!K[R!TWLUKM_/!H-UVPJU!MJ`!SPNb!]MPTRS!"?!VLMPUZ!`RRb!RUVPUZ!;RTRXQRM!=:\!?11#!C!,S!=\D71!]RM!bZI!2VLNKRMJKPWU!]MPTR!WO!]PURJ]]NR!OPQMR!PS!,S!7:"!]RM!bZ/!

,S!#"\?:1!8PNNPWU!

!

,S!#""!8PNNPWU!H=d!,RJNPfJKPWUI!

2ZJYRE!*PSJN!

?1\111!KWUURS""! 3*l!#\111"0!+JNLR!JVVPKPWU!PU!-UVPJ!H-U!TJSR!WO!2ZJYR!OPQMRI!!

,S!:\10"!8PNNPWU!

,S!=$1!XPNNPWU!H?d!,RJNPfJKPWUI!

>RX]E!'RKKNR"7!

7\111![RTKJMRS!JTMRJZR!=![RTKJMR!MRJNPfJKPWUh!,S!0/:1!4Jb[!HR^]WMK!YJNLR!WO!OJQMPTI!9MWaRTK!LUVRMKJbRU!PU!D!VPSKMPTKS!WO!3KKJMJb[JUV!Q_!365;6!PU!?11:!!

'RZNPZPQNR!!

,S!?\011!XPNNPWU!

,S!?01!XPNNPWU!H=1d!,RJNPfJKPWUI!

5NJ^! 0\!"$\!:11![RTKJMRS!"$JTMRJZR!LUVRM!4PU!SRRV!]MWVLTKPWU/!!0"\!$:1![RTKJMRS!OWM!ONJ^!JUV!4PU!SRRV!+JMPRK_!H5WM!OPQMRC=1d!WO!KWKJN!JTMRJZRI!

"1""D!KWUURS!PS!R^]WMKRV!JK!3*l!1/0=!":XPNNPWU!PU!?11D!<PRNV!"# !=! !=/7!XRKMPT!KWUURS!]RM![RTKJMR!70\$11!XRKMPT!KWUURS!

,S!!"\"1=!XPNNPWU!

,S!""1!XPNNPWU!H=1!d!,RJNPfJKPWU!

! ! $NSBI(,HSVGCK(LHG(3HBG(Z%',(,K[( <_g784>(2EIIENC(LHG(BCCVJ(

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!?#!'JKPWUJN!,RSRJMT[!%RUKMR!OWM!6JUJUJ!H',%6I\!(MPT[_!"1!',%6\!(MPT[_\!(JXPN!'JVL!2ZMPTLNKLMJN!3UPYRMSPK_!H('23I\!%WPXQJKWMR!"=!-%2,\!-UVPJ\!2NbJU!SKJKR!LUPYRMSPK_\!9[PNP]]PURS!"?!%RUKMJN!*PNb!6WJMV!""!'262,;!"0!365;6!"7!365;6!"$!365;6!"D!52&!":!52&!"#!2ZMW]RVPJ!

!

!

!! ! 0$0!

#&2=&!%$%&'(&0($+"(!.1(A,&.=(&'(&$+",('-$.,-/(0%1,"!(

!4('N( 'BJH( ?HKEYCBSENC(

=/! !*[MP!*JUaJ_!2ZJM`JN\!&OOPTR!WO!K[R!;RY/!%WXXPSSPWURM!r>JUVPTMJOKSs\!'R`!;RN[P! %WUYRURM!

?/! !*XK!'RRNJX!%[PQQJM\!8ES!-UVLSKMRR!%MJOK!5WLUVJKPWU\!6JUZJNWMR! %WC%WUYRURM!

"/! !*XK!2NbJ!'JUZPJ!2MWMJ\!&OOPTR!WO!K[R!;RY/!%WXXPSSPWURM!r>JUVPTMJOKSs\!'R`!;RN[P! 8RXQRM!

0/! !5JK[RM!eW[USWU\!8ES!A-;*\!AWKKJ]LMJX! 8RXQRM!

7/! !*XK!*[JXJ!9J`JM\!8ES!APSbPUV[J!(MLSK\!AJMUJKJbJ! 8RXQRM!

$/! !*XK!BLNS[JU!'JUVJ\!8ES!%%-%\!'R`!;RN[P! 8RXQRM!

D/! !*XK!8JUaL!'PMLNJ\!8ES!%MJOK!%WLUTPN!WO!-UVPJ\!;RN[P!%[J]KRM! 8RXQRM!

:/! !*XK!3S[J!AMPS[UJ\!8ES!.WMV!%MJOK!%WLUTPN\!%[RUUJP! 8RXQRM!

#/! !*[MP!,JbRS[!ALXJM\!8ES!)^]WMK!9MWXWKPWU!%WLUTPN!OWM!>JUVPTMJOKS\!'R`!;RN[P! 8RXQRM!

=1/! !*[MP!A/*/!<JVJY\!8ES!,JaPY!BJUV[P!%[JMPKJQNR!(MLSK\!,JR!6JMRNP! 8RXQRM!

==/! !*[MP!eJZVPS[!6WMJ[\!8ES!')>>;%\!BL`J[JKP! 8RXQRM!

=?/! !*[MP!+/*/!+PaJ_JMJZ[JYJU\!%WPM!6WJMV\!AWT[P!rARMRNJs! 8RXQRM!

="/! !*[MP!*/(/*/!4R]T[J\!8ES!3KKMJUT[JN!6JXQWW!G!5PQMR!6WJMV\!;R[MJVLU! 8RXQRM!

=0/! !*XK!2ULMJV[J!*J[L\!8ES!2LMW!2MKS!*WTPRK_\!,JP]LM! 8RXQRM!

=7/! !*[MP!*/!,JXJAMPS[UJU\!8ES!+PQMJUK!UJKLMR\!%[RUUJP! 8RXQRM!

=$/! !*[MP!8JUPS[!ALXJM!!BL]KJ\!8PUPSKM_!WO!(R^KPNRS\!BWYK/!WO!-UVPJ! 8RXQRM!

!

!

!

!

!! ! 0$7!

SECTION VI: OTHER NATURAL FIBRES - Industree

Documents

Transcript of SECTION VI: OTHER NATURAL FIBRES - Industree