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64789 E@4<<8> 5<A<8C8>< 98>;4>G <=8AH8@C8><5CA984><=8B7A4CD8<4<43> > <=8 :A545 36 D78A94>G5 36 <=8 DA@<485 <=8 7A4C5@4:?>A76@AC89<=8455?85A>9<=8@8A6<8@@8B3@989 <=88H498>B8 =8B7A4CA><54>3@98@<3D@3H8<=8BA58 8KAC4>89 B7A4CA>< 3 A5 %/ A>9 G3< 8K=4:4<89 93B?C8><5 >AC87; K <3 K ' > :8=A76 36 @85D3>98>< 3 ( 4<5 3664B4A7 EA5 8KAC4>89 A5 %/ A>9 G3<8K=4:4<8993B?C8><K =87A4C5@4:?>A7:;<=8 4CD?G>89I?9GC8><=879<=A<<=8ABB498><<33J D7AB8 3> ABB3?>< 36 @A5= A>9 >8G74G8>< 9@4H4>G 36 <=8 3668>94>G H8=4B78 :; 4<5 9@4H8@ A5 A @85?7< 36 E=4B= <=8 98B8A5895?5<A4>894>I?@485A>95?BB?C:89<3<=84>I?@485 =8@4:?>A76?@<=8@=879<=A<<=8B7A4CA><5A@88><4<789<3 A B3CD8>5A<43> 36 5 ,'&/ A73>G E4<= 4><8@85< A< <=8@A<836-0D A A>994@8B<89<=8@85D3>98></>5?@A>B8 3CDA>;<398D354<<=8B3CD8>5A<43>AC3?><A73>GE4<= 4><8@85< 84>G AGG@48H89 <=8 >5?@A>B8 3CDA>; =A5 64789 <=8 ADD8A7 588J4>G @89?B<43> 4> B3CD8>5A<43> A>9 - 7 - B7A4CA><5 =AH8 64789 <=45 ADD8A7 588J4>G 8>=A>B8C8>< 36 B3CD8>5A<43> - 8A@>89B3?>58763@<=8>5?@A>B83CDA>;=A5 @A4589<=863773E4>GB3><8><43>5 A$ 4@5<7; <=8 9@4H8@ 36 <=8 3668>94>G H8=4B78 EA5 >3<=3794>GAHA749A>98668B<4H89@4H4>G74B8>B854>B8<=8 4>5?@89 =A5 H437A<89 <=8 D374B; B3>94<43> <=8 >5?@A>B8 3CDA>;45>3<74A:78<3DA;B3CD8>5A<43> :$ 8B3>97;8H8><=3?G=<=8B7A4CA><5B7A4C<=A< <=8 98B8A589 EA5 8A@>4>G 5 &/ D8@ C3><= <=8 5AC8 45 >3< 85<A:745=89 :; <=8 B7A4CA><5 :; D@39?B4>G 93B?C8><5 =8 @4:?>A7 =A5 A5585589 <=8 4>B3C8 36<=8 98B8A589A<5 &/E=4B=453><=8=4G=8@5498 B$ A5<7; =8 B3><8>989 <=A< B3>5498@4>G <=8 AG8 A>9 AH3BA<43> 36 <=8 98B8A589 <=8 3H8@A77 B3CD8>5A<43> AEA@989:;<=8@4:?>A7453><=8=4G=8@5498A>9@8L?4@89 <3 :8 @89?B89 8>B8 =8 53?G=< 63@ A773E4>G <=8 ADD8A7 - 8 - 64789 :; <=8 >5?@A>B8 3CDA>; A>9 945C455A7 36 <=8 ADD8A764789:;<=8B7A4CA><5 + 8A@>89 B3?>587 63@ <=8 B7A4CA><5 =A5 @A4589 <=863773E4>GB3><8><43>5 A$ 4@5<7; <=8 >5?@A>B8 3CDA>; =A5 >3< @A4589 A>;3:I8B<43>@8GA@94>G<=8HA7494<;36<=89@4H4>G74B8>B8 36 <=8 9@4H8@ 36 <=8 3668>94>G H8=4B78 A>9 <=8; =AH8 >3< 5?CC3>89<=893B?C8><56@3C<=83E>8@36<=83668>94>G H8=4B78 3@<=864@5<<4C8<=8;=AH8@A4589<=45B3><8><43> :863@8<=453?@< ?@<=8@=8B3><8>989<=A<<=89@4H8@36 <=8 3668>94>G H8=4B78 EA5 =AH4>G A HA749 A>9 8668B<4H8 9@4H4>G 74B8>B8 <3 <=A< 8668B< =8 =A5 D@39?B89 <=8 M8@3K B3D;36<=89@4H4>G74B8>B836<=89@4H8@A73>GE4<=C8C3 :$ 8B3>97; =8 B3><8>989 <=A< A< <=8 <4C8 36 ABB498>< <=8 98B8A589 EA5 AG89 A:3?< ;8A@5 A>9 =8 EA58A@>4>G5 &/D8@C3><= ?<<=8@4:?>A7=A5 A5585589 <=8 >3<43>A7 4>B3C8 36 <=8 98B8A589 A< 5 &/D8@C3><=E=4B=453><=873E8@5498 - 9 - B$ =4@97; =8 B3><8>989 <=A< 4> H48E 36 <=8 I?9GC8>< 36 <=8 3>1:78 ?D@8C8 3?@< 4> <=8 BA58 36 !"!#$8AB=36<=8B7A4CA><5A@8 8><4<789 63@ B3CD8>5A<43> 36 5 '&/ ?>98@ <=8 =8A9 36F73553673H8A>9A668B<43>A>9B3>53@<4?C1 9$ A5<7;B3>5498@4>G<=8AG8A>9AH3BA<43>36<=8 98B8A589 <=8 3H8@A77 B3CD8>5A<43> AEA@989 :; <=8 @4:?>A7453><=873E8@5498 8>B8=8D@A;563@A773E4>G <=8ADD8A764789:;<=8B7A4CA><5 8A@9 <=8 78A@>89 B3?>587 63@ <=8 DA@<485 A>9 D8@?589<=8I?9GC8><A>9AEA@936<=8@4:?>A7 , < 45 >3< 4> 945D?<8 <=A< 98B8A589 A774JA@I?> ?789 9489 4> <=8 @3A9 <@A664B ABB498>< 3BB?@@89 3> 9?8<3@A5=A>9>8G74G8><9@4H4>G36<=89@4H8@ 36<=83668>94>GH8=4B784 8 AIAI8CD38=4B78:8A@4>G 8G 3 /(&/('+ =85D8B464BBA58 36 <=8 B7A4CA><5 45 <=A< A5 3> <=8 9A<8 36 ABB498>< <=8 9@4H8@ 36 <=8 - 10 - 3668>94>GH8=4B78EA5=3794>GAHA749A>98668B<4H89@4H4>G 74B8>B8<39@4H8<=85A49H8=4B78 =8>5?@A>B83CDA>; =A5 >3< CA98 A>; 8663@<5 <3 5?CC3> <=8 3E>8@ 36 <=8 3668>94>G H8=4B78 <3 D@3H8 <=A< 9@4H8@ 36 <=8 3668>94>G H8=4B78 EA5 >3< =3794>G A HA749 A>9 8668B<4H8 9@4H4>G 74B8>B8 3@ <=8 64@5< <4C8 >5?@A>B8 3CDA>; 45 @A454>G <=45 455?8 :; 674>G <=8 ADD8A7 :863@8 <=45 3?@< H8> 3<=8@E458 <=8 B3?>587 ADD8A@4>G 63@ <=8 B7A4CA><5 =A5 64789AC8C38>B7354>G<=8M8@3KB3D;369@4H4>G74B8>B836 <=8 9@4H8@ 36 <=8 3668>94>G H8=4B78 4 8 A:? 4;A> < B78A@7; 5=3E5 <=A< 9@4H8@ EA5 =3794>G <=8 74B8>B8 6@3C , <3 ( =8 ABB498>< 3BB?@@89 3> A53><=89A<836ABB498><<=89@4H8@36<=8 3668>94>G H8=4B78 EA5 =AH4>G A HA749 9@4H4>G 74B8>B8 =8@863@8<=8@4:?>A7=A5@4G=<7;6A5<8>89<=874A:474<;3> <=84>5?@8@36<=83668>94>GH8=4B78 > @85D8B< 36 L?A><?C 8H8> <=3?G= <=8 B7A4CA><5 B7A4C <=A< 98B8A589 EA5 8A@>4>G 5 &/ D8@ C3><= <=8; =AH8 >3< D@39?B89 A>; 93B?C8>< <3 - 11 - D@3H8 <=8 4>B3C8 36 <=8 98B8A589 > <=8 A:58>B8 36 D@336364>B3C8<=8>3<43>A74>B3C8=A5<3:8A5585589 5D8@<=8G?49874>85455?89:;<=8A@>A<AJA <A<88GA7 8@H4B85 ?<=3@4<;63@<=8ABB498><<AJ8>D7AB84><=8;8A@ <=8>3<43>A74>B3C836<=898B8A589=A5<3:8<AJ8> A<5 +&/D C <=83<=8A63@85A494>B3C8'0=A5 <3:8A99893>ABB3?><366?<?@8D@35D8B<54>H48E36<=8 7AE 7A49 93E> :; <=8 3>5<4<?<43> 8>B= 36 <=8 ?D@8C8 3?@< 4> % &' ( &' ) )#$* =?5<=8C3><=7;4>B3C8B3C85<35 -'&/ 4>B8<=898B8A589EA5A:AB=873@A<<=8<4C8 36ABB498><036<=84>B3C845<3:8989?B<89<3EA@95 =45 D8@53>A7 8KD8>585 A>9 @8CA4>4>G AC3?>< =A5 <3 :8 <AJ8>A5=45B3><@4:?<43><3<=86AC47; =898B8A589EA5 AG89 A:3?< ;8A@5 A< <=8 <4C8 36 <=8 ABB498>< A>9 C?7<4D748@ ADD74BA:78 <3 =45 AG8 G@3?D 45 F1 =?5 <=8 B7A4CA><5 A@8 8><4<789 <3 B3CD8>5A<43> 36 5 ++--&/ - 12 - "5 -'NNN0$ 3> ABB3?>< 36 F7355 36 98D8>98>B;1 > A994<43> <=8 B7A4CA><5 A@8 8><4<789 <3 B3CD8>5A<43>365 &/3>ABB3?><36F73553685<A<81 A>9 B3CD8>5A<43> 36 5 &/ 3> ABB3?>< 36 F6?>8@A7 8KD8>5851 ( > H48E 36 <=8 7AE 7A49 93E> :; <=8 ?D@8C8 3?@< 4> <=8 BA58 36 % * "5?D@A$ B7A4CA><5 A@8 DA@8><5 36 <=8 98B8A589 =8>B8 <=8; A@8 8><4<789 <3 5 '&/ 8AB= ?>98@ <=8 =8A9 36 F7355366474A7B3>53@<4?C1 ' =8B3CD8>5A<43>365 (&/AEA@989:; <=8@4:?>A7?>98@<=8=8A936FC894BA78KD8>5854>B?@@89 9?@4>G <@8A<C8>< D8@4391 45 A5 D8@ <=8 C894BA7 :4775 D@39?B89 :; <=8 B7A4CA><5 =8 5AC8 45 I?5< A>9 @8A53>A:78 =?5<=8B7A4CA><5A@88><4<789<3<=863773E4>G B3CD8>5A<43> - 13 - ,-./0123/ 4/5.653.6./2 .150 ,4/23/ (0) 3553698D8>98>B; ++-- ?>8@A78KD8>585 3553685<A<8 35536474A7 B3>53@<4?C 894BA78KD8>585 4>B?@@899?@4>G <@8A<C8><D8@439 ( 217 #8# - ><=8@85?7<<=863773E4>G3@98@45DA5589 A$ =8 ADD8A7 64789 :; <=8 >5?@A>B8 3CDA>;4> 3 -'&45 :$ =8 ADD8A7 64789 :; <=8 B7A4CA><5 4> 3 (+(&'45 B$ =8 I?9GC8>< 36 <=8 7A4C5 @4:?>A7 45C3946489 9$ =8 B7A4CA><5 A@8 8><4<789 <3 A <3<A7 B3CD8>5A<43> 36 0 #8#* A5 AGA4>5< 5 ,' &/AEA@989:;<=8@4:?>A7 - 14 - 8$ =8>5?@A>B83CDA>;4594@8B<89<3 98D354< <=8 B3CD8>5A<43> AC3?>< A73>G E4<= 4><8@85<A<-0D A 6@3C<=89A<8366474>G36<=8 B7A4CD8<4<43><477<=89A<836@8A74MA<43>E4<=4>A D8@439 36 54K E88J5 6@3C <=8 9A<8 36 @8B84D< 36 B3D;36<=45I?9GC8>< 6$ =8 ADD3@<43>C8>< 98D354< A>9 @878A5836AC3?><5=A77:8CA984><8@C536<=8 AEA@936<=8@4:?>A7 G$ >H48E36<=83@98@9A<89( DA5589 :; <=45 3?@< <=8 B7A4CA><5 A@8 >3< 8><4<789 63@ 4><8@85< 3> <=8 8>=A>B89 B3CD8>5A<43>63@<=8987A;89D8@43936-,9A;5 4>6474>G 3 (+(&' !5* ($!) & !5* ("&' ") & 45<3 73 . 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