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D=> A B;>=D 6 <:?76 A :>=D DYI6E6> :>=E6>V W =5AC=> :D= >=<= EA =:<= I7=E;?;6C=>67 AT5<;?= = F7=D]I;?= 5=7= 6 =<:C6X A>IA >A >6?;=<;U= ?6D 6:I7=> 5A>>6=>X N=U C6B6> =D;F6>X =57ACEA D:>;9:;CS=>X D=> E;N;?;V ' ZC;?= BAU 9:A N:; =<:C6 EA :D ?:7>6 EA ;CFX N6; 9:=CE6 A: F=CSA; :D= H6<>= =6 ACI7=7 C= \C;BA7>;E=EA cAEA7=< EA &;C=> .A7=;> f\c&.hV ' DAI6E6<6F;= A7= IR6 7:;DX = >=<= A7= IR6 ?SA;= 9:A A: =?=HA; EA>;>I;CE6V c6; ACIR6 9:A EA?;E; 7AB6<:?;6C=7 DA: D6E6 EA =57ACEA7 ;CFV (67I=CI6X A>>A <;B76 ?6CI= ?6D => D;CS=> IY?C;?=> EA /(-M /9?*A+), A DA: 7A<=I6 5A>>6=;F= I6E=> => IY?C;?=> =57A>ACI=E=> AD ?=E= ?=5Ì:<6V +6 ACI=CI6X 9:=< 6 D6I;B6 E;>>6 I:E64 (67 9:A B6?G EABA =57ACEA7 ;CF4 (=7= >=C=7 A>I= EZB;E=X =>>;>I= 6 BÈA6 =H=;T6X E;>56C`BA< AD DA: ?=C=< E6 s6:I:HAX 1AD $Y7AH76 1AD .=CS6>V

$<;9:A C= N;F:7= =?;D= 6: CA>IA <;CQ 5=7= =>>;>I;7 6 BÈA6l SII5>l__vvvVg6:I:HAV?6D_v=I?S4BwHy-gS?F\>k?

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;<=>6/?4 @ A .B =2B=<2B =<2< <=2B57B2 35C?D. .4E35F4 (7;DA;7=DACIAX Y 57A?;>6 9:A B6?G =IACE= z = 57Y~7A9:;>;I6> A>>AC?;=;> 5=7= E=7 6 56CI=~5Y ;C;?;=< 7:D6 z N<:GC?;=V 1ACE6 =>>;DX CA>IA ?=5Ì:<6 A: B6: EAIA7D;C=7 6> 57;C?`5;6> H]>;?6> 5=7= =57ACEA7 ;CFX HAD ?6D6 EAN;C;7 = IA7D6> IY?C;?6> 9:A >A7R6 :>=E6> 5=7= 6 >A: DA A>I=> IY?C;?=> A DYI6E6> >A =5<;?=D = 9:=<9:A7 ;E;6D=X CR6 >r =6 ;CFV

2BG4?/;345B ./< 0<5B32< 7B <=2B57B2 35C?D. '57ACEA7 ;CF >6U;CS6 CR6 IAD C=E= S=BA7 ?6D = >:= @;CIA<;FGC?;=@X A >;D ?6D >A: N6?6 A ?6D 6 9:A B6?G A>I] E;>56>I6 = N=UA7 567 ;>>6V *: 9:A76 9:A B6?G 7AB6<:?;6CA = >:= D=CA;7= EA =57ACEA7 ;CFX =I] =?6>I:D=E6 = N=UA7V % >AF7AE6 EA =57ACEA7 ;CF A 9:=<9:A7 6:I76 ;E;6D= Y =57ACEA7 = =57ACEA7V ^6?G 57A?;>= A<;D;C=7 DYI6E6> 9:A CR6 ER6 ?A7I6 A I7=H= ?6D IY?C;?=> AN;?;ACIA>V (67 ATAD5<6X A: N;U 6 AT=DA EA 576N;?;GC?;= -CIA7C=I;6C=< *CF<;>S /=CF:=FA MA>I;CF 1g>IAD f-*/M1h >AD IA7 N7A9:ACI=E6 :D= A>?6<= EA ?:7>6 EA ;CFV &;CS= C6I= N6; ;F:=< 6: D=;67 9:A = C6I= EA D:;I=> 5A>>6=> 9:A N;UA7=D k 6: i =C6> EA ?:7>6 EA ;CFV &=>X 567 9:G4 &;CS= DACIA A>I=B= H<;CE=E= ?6CI7= DYI6E6> EA =57ACE;U=E6 =7?=;?6>V *: 7AB6<:?;6CA; D;CS= N67D= EA A>I:E=7X A: =57ACE; = =57ACEA7{ %:I76 ATAD5<6 Y 6 N=I6 EA => 5A>>6=> =?S=7AD 9:A Y >r B6?G ;7 5=7= 6> *>I=E6> \C;E6>X 9:A B6?G =57ACEA ;CFV ,;UAD 567 =` 9:A Y >r B6?G ;7 !"#" %&'()*(' +),-./ /"0+)1"2 34567

"d

5=7= 6 5=`> EA <`CF:= ;CF = 9:A B6?G =57ACEA 6 ;E;6D=V ->>6 Y DACI;7={ *: B;B; C= -CF<=IA77= 567 " =C6 A e DA>A>V $6CSA?; D:;I=> 5A>>6=> <] 9:A A>I=B=D C= -CF<=IA77= S] =C6> A CR6 N=<=B=D ;CF ?677AI=DACIAV (6>>:`=D :D B6?=H:<]7;6 D:;I6 56H7A A I7=H=:H~AD57AF6>V (=7= B6?G 9:A CR6 >=HA 6 9:A Y :D >:H~AD57AF6X Y =9:A C=I;B6> E6 5=`> CR6 9:A7AD N=UA7X I=;> ?6D6X <=B=7 57=I6X N=T;C=7 ?=>=X >A7 F=7O6D 6: F=7O6CAIAX <;D5=7 7A>I=:7=CIAX AI?V 'A7 :D >A7B;O6 ?=C>=I;B6X ACB6 [67C=E=> EA I7=H==<]7;6 Y D:;I6 H=;T6 f567YDX HAD D=;67 9:A :D >=<]7;6 D`C;D6 C6 L7=>; A >6H7AB;BA7V '>6X D:;I6> E6> A>I:E=CIA> H7=>; 9:A N67=D ?6D;F6 5=7= = -CF<=IA77=X CR6 B6V &:;I6> EA ?6D :D B6?=H:<]7;6 N7=9:`>>;D6 5=7= :D= 5A>>6= 9:A B;BA: A A>I:E6: " =C6 AD :D 5=`> EA <`CF:= ;CF =V /6F6X CR6 B=; =?S=CE6 9:A = >6<:OR6 Y ;7 5=7= :D 5=`> EA <`CF:= ;CF =V ' >6<:OR6 A>I] C= )AB6<:OR6 EA &ACIAX =57ACEA7 = =57ACEA7V

H =235;>=34. =<2< <=2B57B2 35C?D. .4E35F4 *T;>IAD k 57;C?`5;6> H]>;?6> 5=7= =57ACEA7 ;CFX A = ?6D57AAC>R6 EA Y N:CE=DACI= ;D5=?I6> 9:A A>IA> 57;C?`5;6> 56EAD N=UA7 C6 I=CI6 EA ACA7F;= A EAE;?=OR6 9:A B6?G ;7] AD57AF=7 AD >A:> A>I:E6>V 1ACE6 =>>;DX =9:; B=D6> Cr> ?6D 6> k 57;C?`5;6> 5=7= =57ACEA7 ;CF A 9:=<9:A7 ;E;6D= 9:A B6?G 9:A;7=V

0463G<894 *>>A Y 6 D=;> ;D567I=CIA E6> 57;C?`5;6>X 6 D=;> 57A?;6>6 57Y~7A9:;>;I6 5=7= =57ACEA7 9:=<9:A7 ;E;6D=V ,=` B6?G 56EA N=<=7 @&=>X 89:;<={ &6I;B=OR64 *: [] IACS6 D6I;B=OR6{@V *CIR6 B=D6> 7=?;6C=7V !"#" %&'()*(' +),-./ /"0+)1"2 34567

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\D= 5A>>6= EA?;EA ACI7=7 5=7= = =?=EAD;=V *<= B=; =IY = =?=EAD;= 9:A A<= D=;> F6>I6: 6: 9:A =?7;OR6V *CIR6X A<= >A EA5=7= ?6D b I;56> EA 5<=C6l "V (<=C6 DAC>=< #V (<=C6 I7;DA>I7=< f5=F=DACI6 >6DACIA z B;>I=h bV (<=C6 =C:=< f5=F=DACI6 >6DACIA z B;>I=h c=?;AF:A ACIACEA7 9:AX C6 5<=C6 =C:==< DAC67 9:A C6 5<=C6 I7;DA>I7=< A 9:AX C6 5<=C6 I7;DA>I7=< A<= 5=F=7] :D= I=T= DAC67 9:A C6 5<=C6 DAC>=?=7I= 6 5<=C6 DAC>= EA 5=F=7 6 5<=C6 I7;DA>I7=< 6: =C:== 9:AX >A A<= 5=F=7 6 5<=C6 I7;DA>I7==C;D=7 EA56;> EA b DA>A> A EA>;>I;7 E6> I7A;C6>V *CIR6 A<= EA?;EA 5=F=7 5A<6 5<=C6 =C:=I6 9:A =A >ACI;7] C= IJ#)*!KLI EA ;7 5=7= = =?=EAD;= 567 C6 D`C;D6 " =C6V *CIR6 A<= ?6CI7=I= A>IA 5<=C6 A ?6DAO= = I7A;C=7V $6D = D;CS= AT5A7;GC?;= EA j =C6> C= D:>?:<=OR6 EA N67D= ;CIA7D;IACIAX 6 9:A A: D=;> B; N6; 6 >AF:;CIAV ,6C6> EA =?=EAD;= N;?=CE6 7;?6> ?6D 5<=C6> =C:=;> A 5A>>6=> EA>;>I;CE6 =5r> b DA>A>X =H7;CE6 DR6 EA :D 5<=C6 =C:=< 9:A 56EA7;= N=UA7 = E;NA7ACO= C= B;E= EA D:;I=> 5A>>6=> 9:A 9:A7AD ?6DAO=7 = >:= )AB6<:OR6 EA $6756 A &ACIAV 1ACE6 =>>;DX ;CZDA7=> BAUA> A: B; 5A>>6=> EA>5A7E;O=7AD >A: E;CSA;76 ?6D 5<=C6> =C:=;> A =?=EAD;=> E6 D:CE6 ;CIA;76V &=> 6CEA 6?677A: 6 A7764 % A776 6?677A: 567 A<= H=>A=7 >:=> A>?6?6 =?S6: 9:A = @6H7;F=OR6@ ;7;= F=7=CI;7 >:= 5A7D=CGC?;= C6> I7A;C6>V (67YDX = 'IM)N!KLI Y E;NA7ACIAV ' D6I;B=OR6 Y =;=>D=7{ ->>6 B=; D6H;<;U=7 I6E= = >:= B;E={ ->>6 Y D6I;B=OR6{ *CIR6 CR6 ;D567I= >A B6?G IAD 6: CR6 E;CSA;76 5=7= ;7 5=7= = =?=EAD;=V ' D6I;B=OR6 B=; N=UA7 B6?G D:E=7 >A: ?6756 CAD 9:A >A[= ?6D =9:A<= H=77= <;B7A C= 57=O= E6 H=;776V +AD 9:A >A[= ?6D =9:A<=> N ?6D =9:A 5A>6> 9:A B6?G IAD AD ?=>=V +AD 9:A >A[= ?6D =9:A<= ?677;E= E;]7;= 9:A B6?G N=U C= 7:= 6: =BAC;E= 57rT;D6 z >:= ?=>=V * :D E;=X B6?G B=; 'IJ)+)O!# = >:= B;E= EA N67D= 9:A N:I:7=DACIAX B6?G IA7] :D= DAA[=X :D 5<=C6 DAC>=< AD :D= !"#" %&'()*(' +),-./ /"0+)1"2 34567

"#

=?=EAD;=V * A: IA F=7=CI6X B6?G CR6 B=; 567 6H7;F=OR6X B6?G B=; 5679:A =9:;<6 Y =I] D:E=CE6 = >:= B;E=X =I] NA<;UX 6 ?6DH:>I`BA< 5=7= >:= )AB6<:OR6 EA $6756 A &ACIAV ^6?G B=; B=<67;U=7 ?=E= >AF:CE6 >A: C6> I7A;C6> A ?=E= ?ACI=B6 9:A F=>I6: C= >:= DAC>=<;E=EAV ^6?G A>I] D6I;B=E6X D6H;<;U=E6X A CR6 5A7EA7] :D E;= >A 9:A7 EA I7A;C6V ->>6 N6; =5AC=> 5=7= 5A>>6=> CR6 >=HAD 6 9:A Y ;>>6 A =?=H=D DAC6>57AU=CE6 :D E6> 57;C?`5;6> D=;> H]>;?6> 5=7= IA7 >:?A>>6 CR6 >r C= D:>?:<=OR6X CR6 >r C6> A>I:E6>X D=> C= B;E={ *CIR6 >A B6?G CR6 IAD D6I;B=OR6 5=7= =57ACEA7 :D C6B6 ;E;6D=X B6?G CR6 B=; =57ACEA7X CR6 ;D567I= 9:=CI6> =C6> EA A>?6<= EA ;CF B6?G 5=F=7V +R6 ;D567I= >A B6?G IAD 6 DA>67 E6 D:CE6X >A B6?G IAD 6 DAA B6?G Y 7;?6 6: >A B6?G Y 56H7AV 1A B6?G CR6 I;BA7 D6I;B=OR6 5=7= D=CIA7 >A:> A>I:E6> C6 7;ID6X C=E= B=; 5=7= N7ACIAX =IY 9:A :D E;= B6?G B=; ?SAF=7 = EA>;>I;7 A N=<=7 9:A B6?G CR6 C=>?A: 5=7= 6 ;CFX 6: 9:A B6?G CR6 ?6C>AF:AX 9:A IAD E;N;?:IA >r :D= D6I;B=OR6X B6?G 56EA IA7 B]7;=> A =E9:;7;7 ;CZDA7=> D6I;B=OPA> ?6D 6 5=>>=7 E6 IAD56V ' D6I;B=OR6 Y = N=<=7 E= H6?= 57= N67= @*: IACS6 D6I;B=OR6{ *: A>I6: D6I;B=E6{@ A 576CI6V ^6?G 57A?;>= =<;DACI]~<=V &6I;B=OR6 5=7= A>I:E=7 ;CF >AD 5=7=7 567 # >AD=C=> 6: b DA>A> ;>>6 I6E6 D:CE6 56EA IA7V •> BAUA> B6?G ?6DAO= :D ?:7>6 C6B6 6: EA>?6H7A :D DYI6E6 C6B6 E=` B6?G =?S= 9:A Y 6 D6DACI6 EA E=7 :D @F]>@ C6 >A: ;CFV +6 ?6DAO6 >A7] :D= D=7=B;X EA56;> EA = DA>A> = D6I;B=OR6 ?6DAO= = =5=F=7X B6?G IACEA = 5A7EA7 =9:A >A Y 6 D6DACI6 E;B;>67 EA ]F:=>X 6 D6DACI6 AD 9:A B6?G 57A?;>=7] EA 5A7>ABA7=CO=X EA D6I;B=OR6X 57;C?;5=A B6?G A>I;BA7 AD :D C`BA< D:;I6 H]>;?6V W 6 D6DACI6 9:A B6?G 57A?;>=7] EA D=;> D6I;B=OR6 =;CE=X 56;> EA56;> E;>>6 6 ;E;6D= >A I67C= = 57=UA76>6V ->>6 >A <;F= = :D= E;?= D:;I6 ZI;< 5=7= =9:A 9:A [] 5=>>=7=D EA :D C`BA< H]>;?6V '9:A<=> 5A>>6=> 9:A [] 56>>:AD C`BA< ;CIA7DAE;]7;6X [] !"#" %&'()*(' +),-./ /"0+)1"2 34567

"b

?6C>AF:AD A>I:E=7 HAD 567 N;X >A7;=E6> A 56E?=>I>X 6 9:A N=U ?6D 9:A A<= A>I:EA >6H7A Ir5;?6> EA >A: ;CIA7A>>AV 'A: B6?=H:<]7;6 EA N67D= =?A:= D6I;B=OR6 567 56EA7 A>I:E=7 <;B7ADACIA Ir5;?6> EA >A: ;CIA7A>>AV (67I=CI6X ?7;A :D= D6I;B=OR6 A =<;DACIA A<= 5=7= 9:A >A:> A>I:E6> >A I67CAD D=;> ANAI;B6>V ' 7A=< D6I;B=OR6 =CE= =6 <=E6 E= EAIA7D;C=OR6V ^6?G 56EA A>?6677;7X E;>?:I;7 6: E;=<6F=7X =F;7 6: N;?=7 5=7=E6V M:E6 EA5ACEA7] EA >:= D6I;B=OR6 5=7= 7A=<;U=7 =:= EAIA7D;C=OR6 AD H:>?= E6 9:A 6 D6I;B=V

6B0=4 7B /.4 74 37340< (=7= B6?G =57ACEA7 9:=<9:A7 ;E;6D= B6?G 57A?;>= 5=>>=7 IAD56 ?6D AA ;C>I7:;7 = 56CI6 EA IA7 :D= C6OR6 H6= EA ?6D6 =CE=7 EA H;?;?>6 CR6 B=; AB;I=7 9:A B6?G I6DA = @?=56IA>@ =6 IACI=7 >A A9:;<;H7=7 AD ?;D= E= H;?;?6 EA :D= H;?;? I=;> ?6D6 ;CFX =X D=CE=7;D 6: 9:=<9:A7 6:I76X Y = DA>D= ?6;>={ ^6?G 57A?;>= IA7 ?6CI=I6 ?6D 6 ;E;6D= I6E6> 6> E;=>V % ;EA=< >A7;= EAX C6 D`C;D6X " S67= 567 E;= AD @?6CI=I6@ ?6D 6 ;CF 567 ATAD5<6X N67= S67=> EA A>I:E6 5=>>;B6V 1A B6?G CR6 N;UA7 ;>>6 >A: =57ACE;U=E6 CR6 >A I67C= ?6C>;>IACIAV

P4;4 5< ;40=2BB5.94 B ?B36/2< '> 5A>>6=> N6?=D D:;I6 AD 9:A7A7 N=<=7 6: A>?7ABA7 AD ;CF A A>>A ?=D;CS6 A>I] A77=E6V ^=D6> C6>>6 ;E;6D= C=I;B6X C6>>6 9:A7;E6 A =D=E6 fA ?6D5V \D HAHG CR6 C=>?A N=<=CE6V (=7= A EA A>I`D:<6>V '6 6:B;7 => 5A>>6=> ?6CBA7>=7ADX 6 HAHG =57ACEA 6 >6D ?=7=?IA7`>I;?6 !"#" %&'()*(' +),-./ /"0+)1"2 34567

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