1 tornar and volver: the interplay of frequency and semantics in

23
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` PP $94 )(# ` PP1 C)9*&-3C&6)9*. ':'9 &>)37> 69 +$9, C$*'* &>' %$&&'- >$:' &) 0' $9$%,*'4 $* -'*3%&$&6:' C)9*&-3C&6)9* FCAK #$CE'9a6' WYYbIK W M9 &>' A)%%)5697 T/VO $94 XO 69 C$?6&$% %'&&'-* 56%% 0' 3*'4 &) 4'9)&' &>' C)--'*?)94697 %'@'+'*. 5>$&':'- &>' %$973$7' 4'0$&'4. 5>6%' 6&$%6*'4 *+$%% %'&&'-* 56%% 0' 3*'4 &) 4'9)&' &>' %$973$7'1*?'C6A6C %'@'+' F'K7K. %&(#IK

Upload: others

Post on 11-Feb-2022

0 views

Category:

Documents


0 download

TRANSCRIPT

! "!

!"#$%#!"#$!&"'&(#%!&'(!)#*(+,-".!/0!0+(12(#3.!"#$!4(5"#*)34!)#!3/5,/2#$!*(#4(!"26)-)"+.!4(-(3*)/#!)#!7($)(8"-!"#$!9-"44)3"-!:,"#)4'!

#$%&'!()*'+','-.!/%0'-&1234567*1896:'-*6&;&!<-'603-7!

=>6*!?$?'-!'@$+69'*!>)5!&>'!69&'-?%$,!)A!A-'B3'9C,!$94!*'+$9&6C*!+$,!>$:'!69A%3'9C'4!

&>'! 46-'C&6)9$%6&,! )A! &>'! C>$97'! )A! &>'! C)+?)394! &'9*'! $3@6%6$-,! *,*&'+! 69! D?$96*>.!

&$E697! &>'! 9'$-1*,9)9,+)3*! :'-0*! !"#$%#! $94! &"'&(#! FG&)! -'&3-9HI! 69! "J&>! C'9&3-,! $*!'@$+?%'*K!=>'-'!6*!$!*6796A6C$9&!C)9&-$*&! 69!&>'!$3@6%6$-,!*'%'C&6)9!)A!&>'!&5)!:'-0*!&>$&!

C$9! 0'! '@?%$69'4! 0,! &$E697! 69&)! $CC)39&! &>'! 46AA'-'9C'*! 69! *'+$9&6C! 3*$7'! )A! &>'! &5)!

:'-0*.!$*!5'%%!$*!A-'B3'9C,!'AA'C&*K!L9!&>'!)9'!>$94.!&>'!>67>'-!4'7-''!)A!+)&6)9$%!3*$7'!

)A!&"'&(#!%'$4*!&)!&>'!+)-'!A-'B3'9&!*'%'C&6)9!)A!)(#K!L9!&>'!)&>'-!>$94.!&>'!>67>'-!3*$7'!A-'B3'9C,!)A!&"'&(#!%'4!&)!$!C)9*'-:$&6)9!)A!&>'!3*$7'!)A!&>'!)(#1$3@6%6$-,!56&>!&>6*!:'-0K!M9!C)9*'B3'9C'.!&>'!$-&6C%'!$-73'*!A)-!$!N)69&!69A%3'9C'!)A!*'+$9&6C!3*$7'!$94!A-'B3'9C,!

'AA'C&*!)9!&>'!4':'%)?+'9&!)A!$3@6%6$-,!*'%'C&6)9!69!D?$96*>K!!

!

;<!=#*+/$23*)/#!

O:'-! *69C'!P'-%+3&&'-H*! F"QRSI!89$CC3*$&6:'!T,?)&>'*6*.! 69&-$9*6&6:'! C)+?)394! &'9*'!

$3@6%6$-,!*'%'C&6)9"!>$*!-'C'6:'4!+3C>!$&&'9&6)9!69!%69736*&6C!-'*'$-C>K!=>6*!6*!43'!&)!6&*!

*&$&3*!$*!$!>'3-6*&6C!)A!*?%6&!69&-$9*6&6:6&,K!M9!&>'!%$*&!4'C$4'.!>)5':'-.!-'*'$-C>'-*!>$:'!

*&$-&'4!&)!>67>%67>&!&>'!A$C&!&>$&!U!0)&>!C-)**1%69736*&6C$%%,!$94!56&>69!$!*697%'!%$973$7'!U!

&>'-'!6*!+3C>!:$-6$&6)9!69!&>'!3*'!)A!T/VOW!)-!XO!$*!C)+?)394!&'9*'!$3@6%6$-6'*K!T'9C'.!

5>6%'!+$9,!$3&>)-*!$7-''!&>$&!&>'!*'+$9&6C*!)A!&>'!:'-0!)CC3--697!$*!&>'!C)9*&-3C&6)9H*!

?$-&6C6?%'! 6*! &>'!+$69! ?-'46C&)-! )A! $3@6%6$-,! *'%'C&6)9.! 6&! >$*! 0''9! $CE9)5%'47'4! &>$&!

:'-0! *'+$9&6C*! C$9! ?-)0$0%,! 9)&! $CC)39&! A)-! $%%! )A! &>'! :$-6$&6)9! -'7$-4697! $3@6%6$-,!

*'%'C&6)9!F'K7K.!/-$9):6C>!WYYZ[!D+6&>!WYYRIK!!

/!?)**60%'!*)%3&6)9! A)-! &>6*!?-)0%'+!6*! &)!$9$%,*'!$3@6%6$-,!*'%'C&6)9! A-)+!$!46$C>-)96C!

?'-*?'C&6:'K!D,9C>-)96C!7-$46'9C'! 6*!)A&'9!4'&'-+69'4!0,!46$C>-)96C!\7-$43$%9'**]!FCAK!

=-$37)&&!^!=-)3*4$%'!WY"YIK! M&! >$*! 0''9!?-)?)*'4! &>$&! &>'! 69*&$06%6&,! )A! &>'! $3@6%6$-,!

*'%'C&6)9! 0'>$:6)3-! )A! :'-0*! A-)+! C'-&$69! *'+$9&6C! C%$**'*! 6*! $! -'*3%&! )A! &>'!

46-'C&6)9$%6&,!)A!&>'!$9$%)76C$%!*?-'$4!)A!T/VO!&)!C)9&'@&*!$**)C6$&'4!56&>!XO!FD>$99)9!

"QQY[!"QQJIK!=>6*!C>$97'!6*!5'%%!4)C3+'9&'4!69!D?$96*>.!5>'-'!)(#!FXOI!$*!$!C)+?)394!

&'9*'!$3@6%6$-,!5$*!7-$43$%%,!-'?%$C'4!0,!%&(#!FT/VOI!39&6%!6&!':'9&3$%%,!46*$??'$-'4!69!

&>'!"R&>!C'9&3-,K!_>6%'!:'-0*!)A!C)9&693$&6)9!)A!$!?-'1'@6*&697!*&$&'!%6E'!*+(,%#!FG&)!*&$,HI!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"!=>'!&'-+!\C)+?)394!&'9*']!6*!3*'4!>'-'!A)-!0)&>!%&(#!`!PP!$94!)(#!`!PP1!C)9*&-3C&6)9*.!':'9!&>)37>!69!+$9,!C$*'*!&>'!%$&&'-!>$:'!&)!0'!$9$%,*'4!$*!-'*3%&$&6:'!C)9*&-3C&6)9*!FCAK!#$CE'9a6'!WYYbIK!!W!M9!&>'!A)%%)5697!T/VO!$94!XO!69!C$?6&$%!%'&&'-*!56%%!0'!3*'4!&)!4'9)&'!&>'!C)--'*?)94697!%'@'+'*.!

5>$&':'-!&>'!%$973$7'!4'0$&'4.!5>6%'!6&$%6*'4!*+$%%!%'&&'-*!56%%!0'!3*'4!&)!4'9)&'!&>'!%$973$7'1*?'C6A6C!

%'@'+'!F'K7K.!%&(#IK!

Rosemeyer, Malte (in press): "Tornar and volver: The interplay of frequency and semantics in compound tense auxiliary selection in Medieval and Classical Spanish", in: Jóhanna Barðdal et al., eds.: Argument Structure in Flux. Amsterdam: Benjamins.

! W!

$94!-.$/%#!FG&)!*&$,HI!*>)5!*)+'!:$-6$&6)9!69!&'-+*!)A!$3@6%6$-,!*'%'C&6)9!69!&>'!"Z&>!$94!

"c&>! C'9&3-,.! &>',! C$&'7)-6C$%%,! *'%'C&! %&(#! $A&'-! &>'! +644%'! )A! &>'! "b&>! C'9&3-,K! =>6*!

4':'%)?+'9&!C)69C64'*!56&>!&>'!*?-'$4!)A! &>'!%&(#1$3@6%6$-,! &)! &>'!*'+$9&6C!C%$**'*!)A!

C>$97'!)A!*&$&'!$94!+)&6)9!:'-0*!FX'9a697!"QZ"[!/-$9):6C>!WYYZIK!

MA! *,9C>-)96C!:$-6$&6)9! 6*!4'&'-+69'4!0,!46$C>-)96C!4':'%)?+'9&.! $!+)4'%!)A! $3@6%6$-,!

*'%'C&6)9! >$*! &)! '@?%)-'! A$C&)-*! &>$&! $-'! 9)&! )0:6)3*! 69! *,9C>-)9,K! M9! ?$-&6C3%$-.! &>'!

&)E'9!A-'B3'9C,!)A!6946:643$%!%'@'+'*!>$*!0''9!$-73'4!&)!>$:'!?%$,'4!$!4'C6*6:'!-)%'!69!

&>'! 46$C>-)96C! ?$&>5$,! )A! &>'! 4':'%)?+'9&! )A! $3@6%6$-,! *'%'C&6)9! 69! O97%6*>! FD+6&>!

WYYRIK!V'-0*!&>$&!$??'$-!:'-,!)A&'9!56&>!XO!$-'!%'**!%6E'%,!&)!*&$-&!?-'A'--697!T/VO!&>$9!

%'**! A-'B3'9&! :'-0*K! /3@6%6$-,! *'%'C&6)9! C$9! &>3*! 0'! C)+?$-'4! &)! +3%&6?%'! $-73+'9&!

-'$%6*$&6)9! 69! &>$&! *''+697%,! 646)*,9C-$&6C! A$C&)-*! $AA'C&! 6946:643$%! %'@'+'*.! 5>6%'! $!

7%)0$%! ?-69C6?%'! )A! &>'!+$??697! )A! *'+$9&6C! &)! *,9&$C&6C! *&-3C&3-'! 69A%3'9C'*! $3@6%6$-,!

*'%'C&6)9! F($??$?)-&! T):$:! WYYSIK! =>'-'A)-'.! :$-6$&6)9! -'7$-4697! $3@6%6$-,! *'%'C&6)9!

56&>69! &>'! *$+'! *'+$9&6C! :'-0! C%$**'*.! $94! ':'9! 0'&5''9! :'-0*! 56&>! 9'$-%,!

*,9)9,+)3*!+'$9697*.! *>)3%4!0'!'@?'C&'4K!=>6*! &,?'!)A!:$-6$&6)9!C$9!0'!+)4'%%'4!0,!

B3$9&6&$&6:'!$??-)$C>'*!&)! %$973$7'!C>$97'K!=>'!7)$%!)A!*3C>!$9!$??-)$C>!&)!$3@6%6$-,!

*'%'C&6)9! 5)3%4! 0'! &)! C%$-6A,! &)! 5>$&! 4'7-''! :$-6$&6)9! C$9! 0'! '@?%$69'4! 0,! :'-0!

*'+$9&6C*! F$*! $! 7%)0$%! A$C&)-I! $94! :'-0! %'@'+'! &)E'9! A-'B3'9C,! F$*! $! *?'C6A6C! A$C&)-I.!

-'*?'C&6:'%,K!

M9!&>6*!?$?'-.!&>'!69A%3'9C'!)A!&>'!69&'-?%$,!)A!:'-0!*'+$9&6C*!$94!%'@'+'!A-'B3'9C,!)9!

&>'!4':'%)?+'9&!)A!D?$96*>!$3@6%6$-,!*'%'C&6)9! 6*! 6%%3*&-$&'4!3*697!$!C)-?3*10$*'4!C$*'!

*&34,!)9!&>'!&5)!9'$-1*,9)9,+)3*!D?$96*>!:'-0*!!"#$%#!$94!&"'&(#K!M9!&>'!9'@&!*'C&6)9.!

$9! 69&-)43C&6)9! &)! $3@6%6$-,! *'%'C&6)9! 69! #'46':$%! $94! d%$**6C$%! D?$96*>! 6*! 76:'9K! M9!

*'C&6)9! &>-''.! &>'! -'*?'C&6:'! $3@6%6$-,! *'%'C&6)9!0'>$:6)3-! )A! !"#$%#! $94!&"'&(#! 69! "J&>!

C'9&3-,! >6*&)-6)7-$?>6C$%! 5-6&697! 6*! C)+?$-'4K! 0"#$%#! $??'$-*! &)! *'%'C&! %&(#!

*6796A6C$9&%,! +)-'! )A&'9! &>$9! &"'&(#K! M9! *'C&6)9! A)3-.! $! *&$&6*&6C$%! $9$%,*6*! )A! &>'!

46AA'-'9C'*!69!*'+$9&6C!3*$7'!)A!&>'!&5)!:'-0*!6*!C)943C&'4K!M9!*'C&6)9!A6:'.!&>'!4)+$69!

)A!69:'*&67$&6)9!6*!'@?$94'4!&)!69C%34'!&)E'9*!A-)+!>6*&)-6)7-$?>6C$%!&'@&*!0'&5''9!&>'!

"Z&>! $94! "R&>! C'9&3-,! 69! )-4'-! &)! ':$%3$&'! &>'! 69&'-?%$,! )A! *'+$9&6C! 3*$7'! $94! &)E'9!

A-'B3'9C,!69!&>'!4':'%)?+'9&!)A!&>'!$3@6%6$-,!*'%'C&6)9!0'>$:6)3-!)A!!"#$%#!$94!&"'&(#K!

=>'! 46AA'-'9C'*! 69! *'+$9&6C! 3*$7'.! $*!5'%%! $*! 3*$7'! A-'B3'9C,! )A! &>'! &5)! :'-0*! $AA'C&!

&>'6-!4'7-''!)A!*'%'C&6)9!)A!T/VOK!=>'*'!-'*3%&*!$-'!*3++$-6*'4!69!&>'!%$*&!*'C&6)9K!

! Z!

><!9/5,/2#$!*(#4(!"26)-)"+.!4(-(3*)/#!)#!:,"#)4'!

=>'! ()+$9C'! %$973$7'*! $-'! $9! 69&'-'*&697! A6'%4! A)-! &>'! *&34,! )A! C)+?)394! &'9*'!

$3@6%6$-,! *'%'C&6)9! *69C'! &>',! *6+3%&$9')3*%,! '@>606&! 0)&>! 46:'-7'9&! $94! 396A)-+!

0'>$:6)3-K! d)9&'+?)-$-,! <-'9C>! $94! M&$%6$9! 46*?%$,! *?%6&! $3@6%6$-,! *'%'C&6)9! A)-!

69&-$9*6&6:'! :'-0*e! &>'! $3@6%6$-,!T/VO! 6*! 3*'4! A)-! :'-0*! 4'9)&697! C)9&-)%%'4! $C&6:6&6'*.!

$94! XO! A)-! &'%6C! :'-0*! )A! +)&6)9! $94! C>$97'! )A! *&$&'ZK! M9! &>'! M0'-6$9! %$973$7'*! $94!

()+$96$9.! >)5':'-.! T/VO! 6*! 3*'4! $*! &>'! )9%,! ?'-A'C&! $3@6%6$-,! 56&>! A'5! '@C'?&6)9*.!

':'9!&>)37>!69!'$-%6'-!*&$7'*!)A!&>'*'!%$973$7'*!&>'!$3@6%6$-,!XO!5$*!3*'4!A)-!&'%6C!:'-0*!

F'K7K.!A)-!D?$96*>.!X'9a697!"QZ"[!f'96*&)9!"QZR[!A)-!d$&$%$9.!X$&%%'!WYYWIK!_6&>!-'7$-4!&)!

D?$96*>.!X'9a697! F"QZ"I!9)&'*! &>$&! 69! &>'! '$-%6'*&! *)3-C'! &'@&*! A-)+! &>'!"W&>! $94!"Z&>!

C'9&3-,.! $! 7-$43$%! -'43C&6)9! 69! &>'! 3*'! )A! )(#! FXOI! $*! $! C)+?)394! &'9*'! $3@6%6$-,! 69!

A$:)3-!)A!%&(#!FT/VOI!C$9!$%-'$4,!0'!)0*'-:'4K!X,!&>'!%$&'!"R&>!C'9&3-,.!)(#!>$4!%)*&!$%%!

)A!6&*!?-)43C&6:6&,!$*!$!C)+?)394!&'9*'!$3@6%6$-,K!2$&'-!'@$+?%'*!)A!)(#!`PP!>$:'!0''9!

$9$%,*'4!$*!\A-)a'9]!46*C)3-*'!A-$7+'9&*!FD&)%):$!WYYQIK!

X$*'4!)9!X'9a697H*!F"QZ"I!A694697*.!$!93+0'-!)A!-'*'$-C>'-*!>$:'!$-73'4!A)-!&>'!%'@6C$%!

$*?'C&!)A!&>'!:'-0!3*'4!A)-!&>'!?$-&6C6?%'!$*!&>'!+$69!?-'46C&)-!)A!#'46':$%!$94!d%$**6C$%!

D?$96*>! C)+?)394! &'9*'! $3@6%6$-,! *'%'C&6)9! FO%:6-$! g)9ah%'a! WYY"[! /-$9):6C>! WYYZ[!

#$CE'9a6'! WYYb[! d$*&6%%)! T'--'-)! WYYJ[!#$CE'9a6'! WYYJ[!#$&'3! WYYQIK! <)-! '@$+?%'.!

d$*&6%%)! T'--'-)! FWYYJI! C%$6+*! &>$&! C)+?)394! &'9*'! $3@6%6$-,! *'%'C&6)9! 69! #'46':$%!

D?$96*>! 6*! 4'&'-+69'4!0,! &>'! 4,9$+6C6&,! i`j1!klmn! $94!4'%6+6&$&6)9! i`j1!kO2n! )A! &>'!

':'9&! '@?-'**'4! 0,! &>'! ?$-&6C6?%'K! T'9C'.! *&$&6:'! :'-0*! F5>6C>! $-'! i1! klmn.! i1! kO2nI!

3*3$%%,!*'%'C&!%&(#.!5>6%'!C>$97'!)A!*&$&'!:'-0*!F5>6C>!$-'!i`!klmn.!i`!kO2nI!*'%'C&!)(#K!

D3C>!$??-)$C>'*!$-'!0$*'4!)9!&>'!?-)N'C&6)96*&!$**3+?&6)9!&>$&!)9C'!&>'!7-$++$&6C$%%,!

-'%':$9&!A$C'&*!)A!:'-0!+'$9697*!>$:'!0''9!'@&-$?)%$&'4.!+$??697!-3%'*!A-)+!*'+$9&6C*!

&)!*,9&$@!C$9!0'!'*&$0%6*>'4!&)!A3%%,!'@?%$69!?>'9)+'9$!%6E'!$3@6%6$-,!*'%'C&6)9!F2':69!^!

($??$?)-&!T):$:!WYYbe!R1QIK!!

T)5':'-.!?-)N'C&6)96*&!$??-)$C>'*! A$C'!:$-6)3*!?-)0%'+*!5>'9!4'$%697!56&>! %69736*&6C!

:$-6$&6)9K! M9!?$-&6C3%$-.! $**3+697!+'C>$96*&6C!+$??697! A-)+!*'+$9&6C*! &)! *,9&$@!4)'*!

9)&! A3%%,! '@?%$69! &>'! :$-6$&6)9! 69! $3@6%6$-,! *'%'C&6)9! A)-! )9'! $94! &>'! *$+'! %'@'+'K! <)-!

69*&$9C'.! 5>6%'! :'-0*! 4'9)&697! C)9&-)%%'4! 9)91+)&6)9$%! $C&6:6&6'*! %6E'! !#%1%2%#! FG&)!

5)-EHI!$??'$-!&)!C$&'7)-6C$%%,!*'%'C&!%&(#!69!#'46':$%!$94!d%$**6C$%!D?$96*>.!&>'!?6C&3-'!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Z!/!93+0'-!)A!M&$%6$9!46$%'C&*!C)9&-$46C&!&>6*!7'9'-$%6*$&6)9.!46*?%$,697!$!*?-'$4!)A!())(#(!69!C'-&$69!?$-$467+*!$94!56&>!$C&6:6&,!:'-0*!F=3&&%'!"QSJ[!X'9&%',!WYYJIK!

! c!

0'C)+'*!+)-'!C)+?%6C$&'4!5>'9!&$E697!69&)!$CC)39&!:'-0*!%6E'!*+(,%#!FG&)!*&$,HI!5>6C>!

4'9)&'!&>'!C)9&693$&6)9!)A!$!?-'1'@6*&697!*&$&'K!=>3*.!69!&>'!A)%%)5697!'@$+?%'!*+(,%#!6*!

3*'4!56&>!0)&>!T/VO!$94!XOe!

<)%%)5697! 2':69! ^! ($??$?)-&! T):$:! FWYYbI.! 69! &>6*! C$*'! &>'! :$-6$&6)9!+$,! >$:'! &5)!

*)3-C'*.! 4'?'94697! )9! &>'! %'@'+'*! 69! B3'*&6)9K! <6-*&.! &>'! %'@'+'! +$,! 0'! 3*'4! 56&>!

46AA'-'9&!+'$9697*.! 69!5>6C>! C$*'! 46AA'-'9&! ?-)N'C&6)9! -3%'*! $??%,K! <)-! 69*&$9C'.!5>'9!

3*'4! 56&>! $9! $4N'C&6:$%! C)+?%'+'9&.! *+(,%#! C)3%4! +'$9! G&)! 0'C)+'! F*)+'&>697IH!

$%-'$4,! 69! #'46':$%! D?$96*>.! $*! 6%%3*&-$&'4! 0,! &>'! A)%%)5697! '@$+?%'! A-)+! &>'! 3#%$4

5"$*+.)!%4,(46'!#%7%#4FCK!"WQZI.!C6&'4!0,!V'-7$-$!_6%*)9!FWYYQe!WRcIe!

D69C'!C>$97'1)A1*&$&'!:'-0*!46*?%$,!$!>67>'-!4'7-''!)A!&'%6C6&,!&>$9!C)9&693$&6)91)A1*&$&'!

:'-0*.!*+(,%#!69!&>'!C>$97'1)A1*&$&'!+'$9697!5)3%4!%6E'%,!0'!+)-'!?-)9'!&)!$3@6%6$&6)9!

56&>!)(#!&>$9!*+(,%#!69!&>'!C)9&693$&6)91)A1*&$&'!+'$9697K!T)5':'-.!69!'@$+?%'!F"I!0)&>!

&)E'9*!)A!*+(,%#!$-'!$??$-'9&%,!3*'4!56&>!&>'!*$+'!+'$9697K!2':69!^!($??$?)-&!7)!)9!

&)!$-73'!&>$&.!6A!&>'!46AA'-'9&!3*$7'!)A!&>'!%'@'+'!C$99)&!0'!'@?%$69'4!0,!$!46AA'-'9C'!69!

+'$9697.! ?-$7+$&6C! A$C&)-*! %6E'! 69A)-+$&6)9! *&-3C&3-'! +$,! 4'&'-+69'! &>'! :$-6$&6)9!

F2':69! ^! ($??$?)-&! T):$:! WYYbe! W"J1W"QIK! <-)+! &>6*! *&$94?)69&.! &>'! :$-6$&6)9!

-'7$-4697!$3@6%6$-,!*'%'C&6)9!$*!*>)59!0,!'@$+?%'!F"I!C)3%4!0'!C)9A69'4!&)!46AA'-'9C'*!

69! &>'! C)9&'@&*! 69!5>6C>! &>'! &5)! &)E'9*!$??'$-K! M&! *>)3%4!0'!9)&'4.!>)5':'-.! &>$&! &>'!

C)9&'@&*! )A! &>'! &5)! &)E'9*! )A! *+(,%#! 69! &>6*! '@$+?%'! $-'! $C&3$%%,! B36&'! *6+6%$-.! 0)&>!

F"I !!!!!!O! $*,!! $9434)! *)3'-&,'94)! $! &)4$*!! B3$9&$*!! +37'-'*!! 4'!!! %$,44 )"44 8"9:;0<:=><?;34 )+1&(#!9:@A344 !"44 %''44 B"C<7+/B44 C"7($44 "-44! $%&)*!! )+9'*!! )3)!! '9! 7-'o6$K! )&-)*,! $! $%739)*! B3'!!! $"1'(44 7($4 B%&(9:;0<:=><?;34 .$4 3#((/(<4 %')"4 !"4 )"7(4 !B%!4! "2?"#!! 12($"$/! '9! 7-'o6$! '9! &$%! +$9'-$!! B3'!! &)4$*!!! B%&(9:;0<D:=><?:E44 )!%F9:05:<G<;34 .$44 3#((/(4 .$4 )+/B4 7%$$(#4 !B%!4 %''4

! %$*! +$*! 4'%$*!! 7-$94'*! +37'-'*!! 4'! 7-'C6$!! *'! %'3$9&$-)9!!! !B(4 7")!4 "-<!B(4 $"1'(4 C"7($4 "-4 3#((/(4 !B(7)('&()4 #.)(9:;0<:=><?:E44! C)9&-$!! *3*!! +$-64)*!! C)9!! $%739)*!! 4'%)*!! B3'!! '9%$!! &6'--$!!! %8%.$)!44 !B(.#4 B+)1%$,)4 C.!B4 )"7(4 "-<!B")(4 !B%!4 .$<!B(44 /"+$!#F4! (+"#!! 12($"$/4!iD8#n!! 1(9:;0<D:=><?:E44 )!%F9:05:<G<:E4 ! ! ! ! ! ! !

! GH$,4)"4B(4C($!4%1"+!4)+1&(#!.$84%''4"-4!B(4C"7($4"-4$"1'(47($4!B%!4!B(#(4C(#(4.$43#((/(I4%$,4%')"4)"7(4J"-4!B(4$"1'(47($K4CB"4B%,4)!%F(,4.$43#((/(I4)"4!B%!4%''4"-4!B(4$"1'(4C"7($4"-43#((/(4#")(4%8%.$)!4!B(.#4B+)1%$,)4C.!B4)"7(4"-4!B")(4J$"1'(47($K4CB"4B%,4)!%F(,4.$4!B(4/"+$!#FL!

FWI !!!!!!O! '9!! $B3'%%$! ?-6+'-$! 9)C>'! 4'%$*!! 0)4$*!! B3'!! '%!!! %$,44 .$44 !B%!4 -.#)!44 $.8B!4 "-<!B(44 C(,,.$8)44 !B%!44 !B(44! C)94'! ^!! %$!! C)94'**$! 43-+6'-)9! 12($"! (--"! ,+(@"$"!! /"+$!44 %$,4 !B(4 /"+$!())4 )'((M9:;0<:=><?:E44 )!%F9:@;<?;34 )B(4 M#(8$%$!4! NH$,4CB($4!B(4/"+$!4%$,4!B(4/"+$!())4)'(M!4J!"8(!B(#K4.$4!B(4-.#)!4$.8B!4"-4!B(4C(,,.$8I4

)B(41(/%7(4M#(8$%$!L4

! b!

69:)%:697! $! -'%$&6:'! C%$3*'.! $! %)C$&6:'! $4:'-06$%.! $94! ':'9! &>'! *$+'! %'@'+'! A)-! &>'6-!

*30N'C&!-'A'-'9&*!F%'8+$")IK!

D)-$C'H*!FWYYYI!/3@6%6$-,!D'%'C&6)9!T6'-$-C>,!F/DTI!$CC)39&*! A)-! &>'!46AA'-'9&!4'7-''*!

)A!:$-6$&6)9!0'&5''9!$94!56&>69!C'-&$69!*'+$9&6C!:'-0!C%$**'*!56&>!-'7$-4!&)!$3@6%6$-,!

*'%'C&6)9K!D>'!C%$6+*! &>$&.! C-)**1%69736*&6C$%%,.! *&$&6:'!:'-0*!46*?%$,!$!7-'$&'-!4'7-''!)A!

:$-6$&6)9! 69! $3@6%6$-,! *'%'C&6)9! &>$9! C)9&-)%%'4! $C&6:6&,! :'-0*! $94! C>$97'! )A! *&$&'! )-!

+)&6)9!:'-0*!FWYYYe!SJQ1SRYIK!M9!?$-&6C3%$-.!C)9&-)%%'4!$C&6:6&,!:'-0*!$%+)*&!'@C%3*6:'%,!

*'%'C&! T/VO.! 5>6%'! C>$97'! )A! *&$&'! $94! +)&6)9! :'-0*! *>)5! $! -'%$&6:'%,! C)9*6*&'9&!

*'%'C&6)9!)A!XOK!

/CC)-4697! &)! D)-$C'.! &>'! 7-'$&'-! 4'7-''! )A! :$-6$&6)9! A)394! 56&>! *&$&6:'! :'-0*! C$9! 0'!

'@?%$69'4!0,! &>'! A$C&! &>$&! &>'*'!:'-0*!$-'!$*?'C&3$%%,!394'-*?'C6A6'4!$94! &>3*!*>)5!$!

7-'$&'-! *'9*6&6:6&,! &)! *,9&$C&6C! $94! ?-$7+$&6C! C)9&'@&*! &>$9! &>'! )&>'-! :'-0! C%$**'*!

+'9&6)9'4! $0):'! FWYYYe! SRYIK! <)-! &>6*! -'$*)9.! *&$&6:'! :'-0*! $-'!+)-'! *3*C'?&60%'! &)!

?-)C'**'*!)A!\&'+?%$&'!$37+'9&$&6)9]!F($??$?)-&!T):$:!^!2':69!"QQSIK!=>'!+'$9697!)A!

$!*&$&6:'!:'-0!6*!'$*6%,!$%&'-'4!5>'9!69&-)43C697!%69736*&6C!'%'+'9&*!%6E'!$4:'-06$%*!&>$&!

$AA'C&! +'$9697! $&! &>'! *'9&'9C'! %':'%K! <)-! 69*&$9C'.! &>'! $3@6%6$-,! *'%'C&6)9! )A! M&$%6$9!

*&$&6:'!:'-0*!46AA'-*!$CC)-4697!&)!&>'!&'%6C6&,!6+?)*'4!0,!&>'!$4:'-06$%*!69!$!76:'9!C%$3*'K!

M9! '@$+?%'! FcI.! &>'! $&'%6C! :'-0!,+#%#(! 6*! &'%6C6*'4! 69! $! &'+?%$&'! $37+'9&$&6)9!?-)C'**!

69:)%:697! &>'! $4:'-06$%! -.$"! %'4 OPQR! FG39&6%! "QRcpI.! -'*3%&697! 69! &>'! *'%'C&6)9! )A! ())(#(4

):'-4%&(#(e!

/*!9)&'4!$0):'.!69!D?$96*>.!&>'!?-)C'**!0,!5>6C>!%&(#!5$*!7'9'-$%6*'4!$??'$-*!&)!>$:'!

$AA'C&'4! *&$&6:'! :'-0*! A6-*&.! $94! )9%,! $A&'-5$-4*! C>$97'1)A1*&$&'! $94! +)&6)9! :'-0*cK!

T)5':'-.! $! C%)*'-! %))E!$&! &>'!>6*&)-6C$%!4$&$! -':'$%*! :$-6$&6)9! 69! $3@6%6$-,! *'%'C&6)9! 69!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!c!=>'-'!6*!':64'9C'!A)-!*6+6%$-!?-)C'**'*!69!L%4!m'$?)%6&$9!Fd'99$+)!WYYSI.!O$-%,!#)4'-9!d$&$%$9!FX$&%%'!

WYYWI!$94!d$9$46$9!<-'9C>!FD$9E)AA!^!=>60$3%&!"QRRIK!=>'!*6+6%$-6&,!)A!&>'!?-)C'**!)A!*30*&6&3&6)9!)A!XO!

0,!T/VO!69!:$-6)3*!()+$9C'!%$973$7'*!?)69&*!&)!6&*!0'697!C)946&6)9'4!0,!+$C-)1A$C&)-*!$94!6&*!)-6769!69!

2$&'!2$&69!C)9A673-$&6)9*!Fd'99$+)!WYYSIK!

FZI !!!!!!2)! *?'&&)C)%)!! '"!! $2+"*/!! '**$&$+'9&'! 43'! )-'!! !B(4 )B"C4 B%&(9:@;<?;34 '%)!94:05:<G<;34 (S%/!'F4 !C"4 B"+#)4! *'9a$! ?$3*$! ! ! ! ! !! C.!B"+!4 M%+)(4 4 4 4 4 4! N0B(4)B"C4B%)4'%)!(,4(S%/!'F4!C"4B"+#)4C.!B"+!4M%+)(L4

F>&&?ejj%6A'$*)-E6*>K0%)7*?)&KC)+jWY"Yq""qWZq$-C>6:'K>&+%.!%$*&!$CC'**!W"KWKWY"WI4

FcI !!!!!!2)!! *?'&&$C)%)!! A! $2+"*/!! A69)!! $%! "QRc!! !B(4 )B"C4 1(9:@;<?;34 '%)!94:05:<G<;34 +$!.'4 !"<!B(4 OPQR4! N0B(4)B"C4B%)4'%)!(,4+$!.'4OPQRL4F>&&?ejj6&K56E6?'46$K)-7j56E6j2$--,q_6%C)@.!%$*&!

$CC'**!W"KWKWY"WI4

! J!

&>'! '$-%6'*&! &'@&*! ':'9!56&>69! &>'! *''+697%,! 396A)-+! &'%6C! *'+$9&6C! C%$**'*K!_>6%'! &>'!

&'%6C!:'-0!&($.#!5$*!3*3$%%,!$3@6%6$&'4!56&>!)(#!69!&>'!"Z&>!C'9&3-,!FbI.!'@$+?%'*!)A!%&(#!

&($.,"4%6E'!FJI!C$9!0'!A)394e!

#)-'):'-.!5>6%'!&>'!7'9'-$%!&-'94!)A!&>'!$C&3$%6*$&6)9!?-)C'**!A)%%)5*!&>'!?-'46C&6)9*!)A!

&>'! /3@6%6$-,! D'%'C&6)9! T6'-$-C>,.! &>'-'! $-'! $! 93+0'-! )A! '@C'?&6)9*K! <)-! 69*&$9C'.! 69!

X'9a697H*!F"QZ"I!%6*&!)A!&>'!4$&'*!)A!&>'!%$&'*&!)CC3--'9C'*!)A!*'%'C&'4!:'-0*!56&>!&>'!)(#1

$3@6%6$-,.!+)&6)9!:'-0*!%6E'!,()/($,(#!FG&)!4'*C'94HI!*'%'C&'4!%&(#!C$&'7)-6C$%%,!$*!'$-%,!

$*! 69!&>'!"b&>!C'9&3-,.!5>6%'!)&>'-!+)&6)9!:'-0*! %6E'!M%)%#! FG&)!?$**!0,HI!)9%,!0'7$9!&)!

'@C%3*6:'%,!*'%'C&!%&(#!69!&>'!"R&>!C'9&3-,!F"QZ"e!ccZIK!!

/*! $-73'4! $0):'.! :$-6$&6)9! 56&>69! $! 76:'9! *'+$9&6C! :'-0! C%$**! +$,! 0'! '@?%)-'4! 0,!

46AA'-'9&6$&697! *'+$9&6C! 3*$7'! )A! &>'! :'-0*K! T)5':'-.! 6&! >$*! 0''9! $-73'4! &>$&! A$C&)-*!

-'%$&'4! &)! &>'! >6*&)-6C$%! ?-)C'**! )A! *30*&6&3&6)9! )A! )(#! 0,! %&(#! 69A%3'9C'4! 7-$46'9&!

$3@6%6$-,! *'%'C&6)9! )A! 69&-$9*6&6:'! :'-0*! $&! *,9C>-)96C! ?)69&*! 69! &6+'K! M9! ?$-&6C3%$-.!

/-$9):6C>! FWYYZI! >,?)&>'*6*'*! &>$&! A-'B3'9C,! )A! )CC3--'9C'! 69A%3'9C'4! &>'! *?-'$4! )A!

%&(#.! 69!&>$&!\&>'!+)*&!A-'B3'9&!:'-0*!$-'!&>'! %$*&!)9'*!&)! %)*'!&>'6-!$06%6&,!&)!C)+069'!

56&>!)(#]!FZYIK!#)-'):'-.!>'!C%$6+*!$9!69A%3'9C'!)A!&>'!69&'-?%$,!0'&5''9!A-'B3'9C,!$94!

*'+$9&6C*!69!&>'!4':'%)?+'9&!)A!&>'!$3@6%6$-,!*'%'C&6)9!69!D?$96*>e!\/!?)**60%'!*C'9$-6)!

6*! )9'! 69! 5>6C>! &>'! &5)! $??-)$C>'*! C)+?%'+'9&! '$C>! )&>'-.! 56&>! &>'!+)*&! A-'B3'9&!

:'-0*! -'*6*&697! &>'! '@?$9*6)9! )A!B%1(#! &>'! %)97'*&!56&>69! '$C>! %'@6C$%! *'+$9&6C! C%$**]!

F6064KIK!!

/-$9):6C>H*! >,?)&>'*6*! 6*! 6+?%6C6&%,! 0$*'4! )9! &>'! $**3+?&6)9! &>$&! >67>! $0*)%3&'!

A-'B3'9C,!%'$4*!&)!rC)9*'-:697!'AA'C&*r!$*!4'*C-60'4!0,!X,0''!FWYYJ[!WY"YI!$94!X,0''!^!

FbI !!!!!O%%)*! -'*?3*6s-)9%'!! B3'!! ?3'*!! B3'!! '9!! $B3'%!! %)7$-!!! !B(F44 %$)C(#<B.79:;0<:=><?:E4 !B%!4 ).$/(44 !B%!4 !"44 !B%!44 M'%/(44! (+"#!! 8(#)$/4! iKKKn! B3'!! %3'7)!! A$-6s9!! B3'B36'-!! B3'!! 1(9:;0<D:=><?:E44 /"7(94:05:<G<:E4 4 !B%!4 '%!(#4 ,"9:@;<5ATU<?:E4 CB%!(&(#4 !B%!4! %'*! s%! +$94$**'!igOMn!! !"<!B(74 B(4 "#,(#9:;0<D:=><;VW><?;34! N0B(F4 %$)C(#(,4 B.74 !B%!4 ).$/(4 !B(F4 B%,4 /"7(4 !"4 !B.)4 M'%/(4 XYZ4 !B%!4 !B(F4 C"+',4 ,"4

CB%!(&(#4B(4!"',4!B(7L4

FJI !!!!!L-)*6)!! itn!! 46a!! B3'!! 9)9!! C3'9&$9!! $B3'%!! P)+?',)!! '!! A#")."44 4 )%F9:@;<?;34 !B%!44 $"!4 %$)C(#<B.79:@;<?:E44 !B%!44 :"7M(F"44 %$,4! u3*&69)! B3'! $B3'%%$*! ?'*&6%'9C6$*! *)0-'! %)*! '76?C6$9)*!! !! W+)!.$"4 !B%!4 !B()(4 ,.)(%)()4 "&(#4 !B(4 O7,?&6$9*!4 4! /8)(44(#! 8(#)$/! ?)-! %$!! -$av9! B3'!! #)6*s9!! !! B%&(9:;0<D:=><;VW><?:E44 /"7(94:05:<G<;34 1(/%+)(<"-4 !B(4 #(%)"$4 !B%!4 G")()4 4! 46a'! '9! %$! X60%6$!igOMn!! )%F9:@;<?;344 .$4 !B(4 1.1'(4! NA#")."4)%F)4XYZ4!B%!4:"7M(F"4%$,4W+)!.$"4,"4$"!4)%F4!B%!4!B()(4,.)(%)()4B%,4/"7(4"&(#4

!B(4[8FM!.%$)41(/%+)(4"-4CB%!4G")()4!('')4.$4!B(4V.1'(L4

! R!

T)??'-! FWYYRIe! T67>! &)E'9! A-'B3'9C,! 6*! E9)59! &)! -'*3%&! 69! $! *&-)97'-! C)796&6:'!

-'?-'*'9&$&6)9! )A! $! *?'C6A6C! C)+?%'@! %69736*&6C! 6&'+! 0'C$3*'! &>$&! 6&'+! 6*! -'?'$&'4%,!

$CC'**'4! >)%6*&6C$%%,K! =>'! *&-)97'-! C)796&6:'! -'?-'*'9&$&6)9! )A! &>$&! '%'+'9&! %'$4*! &)!

\'9&-'9C>+'9&]e!6&*!+)-?>)*,9&$C&6C!A)-+!6*!%'**!%6E'%,!&)!0'!$%&'-'4K!d)9*'B3'9&%,.!&>'!

%69736*&6C! 6&'+!7-)5*!+)-'!$94!+)-'!$3&)9)+)3*! A-)+! &>'! C)9*&-3C&6)9! &)!5>6C>! &>'!

6&'+!0'%)97'4K!MA!&>'!6&'+H*!)-6769$%!C)9*&-3C&6)9!6*!$%&'-'4!0,!$!7-$++$&6C$%!C>$97'.!&>'!

%69736*&6C! 6&'+! 6*! %'**! $AA'C&'4! 0,! &>$&! C>$97'! 43'! &)! 6&*! 694'?'94'9C'! A-)+! &>'!

C)9*&-3C&6)9e!

KKKA-'B3'9&!A)-+*!-'*6*&!-'73%$-6a697!)-!)&>'-!+)-?>)%)76C$%!C>$97'!56&>!&>'!5'%%1E9)59!

-'*3%&! &>$&! 6--'73%$-! 69A%'C&6)9$%! A)-+*! &'94! &)! 0'! )A! >67>! A-'B3'9C,K! /**3+697! &>$&!

-'73%$-6a$&6)9! )CC3-*! 5>'9! $9! 6--'73%$-! A)-+! 6*! 9)&! $CC'**'4! $94! 69*&'$4! &>'! -'73%$-!

?-)C'**! 6*!3*'4.! 6&! 6*! %'**! %6E'%,!&>$&!>67>1A-'B3'9C,! 69A%'C&'4! A)-+*!5)3%4!0'!*30N'C&! &)!

-'73%$-6a$&6)9K!FX,0''!WY"Ye!WbI!

M9!/-$9):6C>H*! FWYYZI! *C'9$-6).! &>'!$*,++'&-6'*! 69! $3@6%6$-,! *'%'C&6)9!56&>69!)9'!$94!

&>'!*$+'!:'-0!C%$**!5)3%4!$??'$-!&)!0'!&>'!-'*3%&!)A!A-'B3'9C,16943C'4!+6C-)1C>$97'*!

&>$&!$AA'C&!&)!$!C'-&$69!4'7-''!&>'!46-'C&6)9$%6&,!)A!&>'!+$C-)1C>$97'!F&>'!-'?%$C'+'9&!)A!

)(#!0,!%&(#IK! M9!)-4'-!&)!&'*&!&>6*!>,?)&>'*6*.!&>'!$3@6%6$-,!*'%'C&6)9!0'>$:6)3-!)A!:'-0*!

56&>69!)9'!$94!&>'!*$+'!*'+$9&6C!C%$**!5)3%4!>$:'!&)!0'!69:'*&67$&'4K!=>'!0'>$:6)3-!)A!

*697%'! :'-0*! 5)3%4! >$:'! &)! 0'! C)+?$-'4! &)! &>'! 7'9'-$%! &-'94! 69! )-4'-! &)! )0*'-:'!

A-'B3'9C,!'AA'C&*K! M9!&>'! A)%%)5697!*'C&6)9.!$9!$9$%,*6*!)A! &>'!&5)!D?$96*>!:'-0*!!"#$%#!

$94! &"'&(#! 6*! C)943C&'4! &>$&! 4'+)9*&-$&'*! &>'! N)69&! 69A%3'9C'! )A! :'-0! *'+$9&6C*! $94!

3*$7'!A-'B3'9C,!)9!&>'!4':'%)?+'9&!)A!$3@6%6$-,!*'%'C&6)9!69!D?$96*>K!!

B<!C"+)"*)/#!)#!"26)-)"+.!4(-(3*)/#!D(*E((#!)"#$%#!"#$!&"'&(#!

M9! $! A6-*&! *&'?! )A! &>'! *&34,.! &>'! $3@6%6$-,! *'%'C&6)9! 0'>$:6)3-! )A! &>'! :'-0*! !"#$%#! $94!

&"'&(#! 69! "J&>! C'9&3-,! >6*&)-6)7-$?>6C$%! &'@&*! 5$*! C)+?$-'4K! 0"#$%#! $94! &"'&(#! >$:'!

'**'9&6$%%,!&>'!*$+'!*'+$9&6C!:$%3'K!X)&>!:'-0*!C$9!C$--,!&>'!+'$9697!G&)!C)+'!0$CEH.!$*!

69! FRI! $94! FSIK! =>',! C$9! $%*)! $??'$-! 56&>! $9! $4N'C&6:$%! )-! *30N'C&! C)+?%'+'9&.! &>3*!

&$E697!)9!&>'!+'$9697!G&)!&3-9!69&)!F*)+'&>697IH.!$*!69!FQI!$94!F"YIK!M9!$446&6)9.!&>',!C$9!

0'!3*'4! $*! $9! 6&'-$&6:'!?'-6?>-$*6*.! $*! 69! F""I! $94! F"WIbK! X)&>! !"#$%#! $94!&"'&(#!5'-'!

)-6769$%%,!3*'4!$*!:'-0*!)A!C>$97'!)A!?)*6&6)9!F#'%6*!WYYJe!SSZI.! A-)+!5>6C>!&>'!&>-''!

+'$9697*! '@$+69'4!>'-'!5'-'! 4'-6:'4K! =>'! ?'-6?>-$*&6C! A)-+*! !"#$%#! `!%! `! 69A696&6:'!

$94!&"'&(#! `!%! `! 69A696&6:'! $-'! &>'! -'*3%&! )A! $! 7-$++$&6C$%6*$&6)9!?-)C'**! 69!5>6C>! &>'!

)-6769$%!+)&6)9$%!+'$9697!)A!&>'*'!:'-0*!5$*!%)*&K!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!b!\M&'-$&6:6&,\!6*!4'A69'4!>'-'!$*!&>'!*3+!)A!-'?'&6&6:'!$94!-'*&6&3&6:'!\$7$69\1+'$9697*!FCAK!_;%C>%6!WYYJIK!

! S!

=>'! "J&>! C'9&3-,! 6*! $9! 69&'-'*&697! ?'-6)4! A)-! &>'! C)+?$-$&6:'! *&34,! )A! &>'! $3@6%6$-,!

*'%'C&6)9!0'>$:6)3-!)A!!"#$%#!$94!&"'&(#!43'!&)!&>'!46:'-7697!>6*&)-6C$%!?$&>*!)A!&>'!&5)!

:'-0*K!_>6%'!0)&>!!"#$%#!$94!&"'&(#!C$9!0'!A)394!69!&>'!)%4'*&!D?$96*>!&'@&*.!!"#$%#!5$*!

3*'4! 56&>! $! +3C>! >67>'-! A-'B3'9C,! 39&6%! &>'! A6-*&! >$%A! )A! &>'! "J&>! C'9&3-,K! >"'&(#.!

C)9:'-*'%,.! >$4! $! :'-,! %)5!3*$7'! A-'B3'9C,!39&6%! &>'!0'7699697!)A! &>'!"J&>! C'9&3-,K! M&!

&>'9! *&$-&'4! 7$69697! 7-)394.! ':'9&3$%%,! -'?%$C697! !"#$%#! 0,! &>'! A6-*&! >$%A! )A! &>'! "R&>!

C'9&3-,! FD&)%):$! WYYbe! RW[! #'%6*! WYYJe! Q"WIK! =>'! A)%%)5697! A673-'! 6%%3*&-$&'*! &>6*!

4':'%)?+'9&Je!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!J!D69C'!&>'!dL(kO!6*!9)&!$99)&$&'4!A)-!:'-0!%'++$&$.!6&!6*!46AA6C3%&!&)!)0&$69!A-'B3'9C,!69A)-+$&6)9!A)-!

:'-0!%'++$&$!A-)+!6&K!=>'-'A)-'.!&>'!A-'B3'9C,!69A)-+$&6)9!A)-!!"#$%#!$94!&"'&(#!5$*!'@&-$C&'4!A-)+!&>'!$99)&$&'4!"YY!+6%%6)91&)E'9!46$C>-)96C!d)-?3*!4'%!O*?$w)%!Fk$:6'*!WYYW1IK!

FRI !!!!!t,!! $**x.! C)+)!! C-',v!! B3'! P6o$--)!! 4(!! "8F"!!! <<<4%$,44 )"I4 ).$/(4 1('.(&(9:@;<?;34 !B%!4 :.\%##"4 B.7)('-44 B%&(9:;0<D:=><?;344! */+#"$/!! $!! 2)*!(','*.!! *'!! $4'-'ov!! ?$-$!! '9&-$-!!! #(!+#$94:05:<G<;34 !"4 E")4@(F()I4 B.7)('-4 1('.(&(9:;0<:=><?;34 .$<"#,(#<!"4 ($!(#4! $%! y36&)!im/=n!! !"<!B(4 ]+.!"4! NYH$,4)"I4).$/(4B(41('.(&(,4!B%!4:.\%##"4B%,4#(!+#$(,4!"4E")4@(F()I4B(4M#(M%#(,4!"4($!(#4

]+.!"L4

FSI !!!O*&$94)!! '%!!! -',!! '9!! P'-?6wh9!! 4'*?3s*!! 4'!! 4(+!! 82(-*/!! 1(9:@A34 !B(4 ^.$84 .$44 :(#M.8$%$4 %-!(#44 -#"744 1(44 #(!+#$94:05:<G<;34! 4'! #)+?'%%'-KKK!i/m/n!! -#"74 G"$!M(''.(#4! N_B.'(4!B(4^.$84C%)4.$4:(#M.8$%$4%-!(#4B%&.$84#(!+#$(,4-#"74G"$!M(''.(#IYL4

FQI !!!!!t>$C6$! '%! *3-.!! 4)94'!! >$! >$064)! 7-$94'*!! <<<4!"44 !B(4 )"+!BI4 CB(#(4 B%&(9:@;<?;344 B%&(94:05:<G<;34 8#(%!4! C)9&-$&$C6)9'*!! ,!! 4(!! '"#!! */+#"$/4! +3C>)*!! 9'7-)*!! #(/#+.!7($!)4 %$,4 !B(7)('&()4 B%&(9:@;<?;344 #(!+#$94:05:<G<;34 7%$F4 V'%/^)4! C-6*&6$9)*t!iTkMn!! 5B#.)!.%$)4! NY!"4 !B(4 )"+!BI4 CB(#(4 !B(#(4 B%&(4 1(($4 8#(%!4 #(/#+.!7($!)4 %$,4 7%$F4 V'%/^)4 B%&(4

1(/"7(45B#.)!.%$)YL4

F"YI !!!t,! h! %)*!! N34x)*!! ,!! +)-)*!! B3'!! 4(!! '"DF"#!!! <<<%$,4 !"4 !B(4 W(C)4 %$,4 G""#)4 !B%!4 !B(7)('&()4 B%&(9:;0<D:=><?:E4! 82(-*/!! C-6*&6$9)*!! +3C>)! &6'+?)! >$0x$! %'*! !! #(!+#$94:05:<G<;34 5B#.)!.%$)4 7+/B4 !.7(4 B%&(9:;0<D:=><?;34 !B(74 4! >$Cx$94 :)%:'-! h! *'-! +)-)*KKK!idOdn!! 7%^(9:;0<D:=><?:E4 #(!+#$4 !"4 1(4 G""#)<<<4! NY%$,4 !B(F4 -"#/(,4 !B(4 W(C)4 %$,4G""#)4 !B%!4 B%,4 1(/"7(4 5B#.)!.%$)4 !"4 1(/"7(4G""#)4

%8%.$YL4

F""I !!!T$:x$*&'!! $--)N$4)!! '9!! '%!! 69A6'-9).!! ,! $7)-$!!! B%&(<F"+#)('-9:;0<D:=><`;34 !B#"C94:05:<G<;34 .$4 !B(44 B(''I4 %$,44 $"C44! '"4!! D2(-*/!! $! +(4243)*"+!! '9!! '*&'!! +394)KKK!im8On!! B%&(9:@;<`)844 #(!+#$94:05:<G<;34 !"4 1(<#(1"#$4 .$4 !B.)4 C"#',4 4! Na"+4B%,4!B#"C$4F"+#)('-4.$4B(''I4%$,4$"C4F"+4B%&(41(($41"#$4%8%.$4.$!"4!B.)4C"#',YL4

F"WI !!!!!*3!! >6N$!! +$4$+$!! #$-7$-6&$.!! B3'!! "8F"!! )&-$!! :'a!!! <<<B.)44 ,%+8!B(#4 7%,%7(4 G%#8%#.!%I44 CB"4 B%&(9:;0<D:=><?;34 %$"!B(#44 !.7(4! */+#"$/!! "!! (#8)2$"+!! 4'%!! 43B3'!! 4'!! D$0),$!id/=n!! #(!+#$94:05:<G<;34 !"4 1(/"7(<C.,"C4 "-<!B(4 ,+^(4 "-4 D$0),$4 4! NYB.)4,%+8B!(#4G%,%7(4G%#8%#.!%4CB"4%8%.$4B%,41(/"7(4%4C.,"C4JI4!B(4C.,"CK4"-4!B(4

U+^(4"-4;%1"F%L4

! Q!

!

d)+?$-697!&>'!&)E'9!A-'B3'9C6'*!)A!&"'&(#!&)!)&>'-!D?$96*>!+)&6)9!:'-0*!$A&'-!&>'!"R&>!

C'9&3-,.! &"'&(#! 6*! )9'! )A! &>'! >67>'*&1-$9E697!+)&6)9! :'-0*! 69! &'-+*! )A! $0*)%3&'! &)E'9!

A-'B3'9C,K!0"#$%#!$94!&"'&(#!&>3*!?-'*'9&!$9!64'$%!&'*&697!7-)394!A)-!&>'!>,?)&>'*6*!&>$&!

&)E'9!A-'B3'9C,!69A%3'9C'4!&>'!4':'%)?+'9&!)A!$3@6%6$-,!*'%'C&6)9!69!D?$96*>K!

=>'! ?-'*'9&! *&34,! 5$*! C)943C&'4! &$E697! 69&)! $CC)39&! )9%,! >6*&)-6)7-$?>6C$%! &'@&*! 69!

)-4'-! &)! $:)64! 7'9-'1*?'C6A6C! *E'5697! )A! &>'! 4$&$K!_>6%'! &>6*!+'&>)4! )9%,! $%%)5*! A)-!

%6+6&'4! 7'9'-$%6*$&6)9*! A)-! &>'! '9&6-'! %$973$7'.! 6&! '9>$9C'*! &>'! C)+?$-$06%6&,! )A! &>'!

&)E'9*!'@&-$C&'4!A-)+!&>'!C)-?3*K!!

/%%!)A!&>'!"J&>!C'9&3-,!&)E'9*!)A!&"'&(#1!$94!!"#$%#1!?$-&6C6?%'*!69!>6*&)-6)7-$?>6C$%!&'@&*!

69! &>'! d)-?3*! 46$C-v96C)! 4'%! '*?$w)%! FdL(kO.! ('$%! /C$4'+6$! O*?$w)%$! WY"YI! 5'-'!

'@&-$C&'4K! =>'! '9)-+)3*! )-&>)7-$?>6C! :$-6$&6)9! F69A%'C&6)9*.! C$?6&$%! %'&&'-*.! z0{! $94!

z:{I! 5$*! $CC)39&'4! A)-K! /A&'-! +$93$%%,! '@C%34697! ?$**6:'*.! 9)+69$%6*$&6)9*! $94!

&-$9*6&6:'!&)E'9*.!&>'!)?'-$&6)9!,6'%4'4!JR!&)E'9*!A)-!!"#$%#!$94!"ZR!&)E'9*!A)-!&"'&(#<!

=>'! A)%%)5697! A673-'! *>)5*! &>'! $3@6%6$-,! *'%'C&6)9! 0'>$:6)3-! )A! &>'! &5)! :'-0*! 69! &>'!

76:'9!&6+'!A-$+'e!

!

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

G)H2+(!;%!I(8(-/,5(#*!/0!*'(!24"H(!0+(12(#3)(4!/0!)"#$%#!"#$!&"'&(#!J-(55"!0+(12(#3)(4!K!5)--)/#!*/L(#4M!

G)H2+(!>%!N26)-)"+.!4(-(3*)/#!/0!)"#$%#!"#$!&"'&(#!)#!;O*'!3(#*2+.!')4*/+)/H+",')3"-!*(6*4!

! "Y!

<673-'! W! 4'+)9*&-$&'*! $! >67>%,! *6796A6C$9&! 46AA'-'9C'! 69! &>'! 0'>$:6)3-! )A! !"#$%#! $94!

&"'&(#! 56&>! -'7$-4! &)! $3@6%6$-,! *'%'C&6)9! 69! &>'! "J&>! C'9&3-,! F|}F"I! ~! "bKZ.! ?! z! KYY"IRK!

_>6%'! !"#$%#! *>)5*! $! C%'$-! ?-'A'-'9C'! A)-! %&(#.! &"'&(#! $??'$-*! &)! *'%'C&! %&(#! 56&>!

$??-)@6+$&'%,!&>'!*$+'!A-'B3'9C,!$*!)(#K!!

=>'!46AA'-'9&!$3@6%6$-,!*'%'C&6)9!)A!!"#$%#!$94!&"'&(#! 6*!*3-?-6*697!76:'9!&>$&! &>'!:'-0*!

$-'! C%)*'! *,9)9,+*K! T'9C'.! &>'! ?>'9)+'9$! 46*C3**'4! 69! *'C&6)9! &5)! 56%%! >$:'! &)! 0'!

$CC)39&'4!A)-K!L9!&>'!)9'!>$94.!&>'!%'@6C$%!-'%$&6)9!0'&5''9!&>'!&5)!:'-0*!9''4*!&)!0'!

'@$+69'4!69!)-4'-!&)!$*C'-&$69!&)!5>$&!'@&'9&!&>'!&5)!:'-0*!$-'!&-3%,!*,9)9,+)3*.!)-!

5>'&>'-!&>'-'!$-'!46AA'-'9C'*!69!&>'6-!*'+$9&6C!3*$7'K!=>6*!B3'*&6)9!56%%!0'!4'$%&!56&>!69!

*'C&6)9!A)3-K!L9!&>'!)&>'-!>$94.!6&!+$,!0'!&>$&!&>'!46AA'-'9&!$3@6%6$-,!*'%'C&6)9!)A!&>'!&5)!

:'-0*! 6*! $! C)9*'-:697! 'AA'C&! -'*3%&697! A-)+! &>'! 46AA'-'9C'! 69! &>'6-! 3*$7'! A-'B3'9C6'*.!

5>6C>!56%%!0'!$-73'4!69!*'C&6)9!A6:'K!

P<!&'(!4(5"#*)34!/0*)"#$%#!"#$!&"'&(#!

M9!&>6*!*'C&6)9.!6&! 6*!$-73'4!&>$&!&>'-'!$-'!*30&%'!46AA'-'9C'*!0'&5''9!&>'!3*'!)A! !!"#$%#!

$94!&"'&(#!56&>!-'*?'C&!&)!&>'6-!&>-''!C)-'!+'$9697*e!+)&6)9.!6&'-$&6:6&,.!$94!C>$97'!)A!

*&$&'K!M9!)-4'-!&)!&-$C'!?)**60%'!*'+$9&6C!46AA'-'9C'*!0'&5''9!&"'&(#!$94!!"#$%#.!$%%!WYc!

&)E'9*! )A!&"'&(#! $94! !"#$%#! C)+?)394! &'9*'*!5'-'! C)4'4!56&>! -'*?'C&! &)! &>'*'! &>-''!

+'$9697*K!_>6%'!$%%! &>-''!+'$9697*!$-'!?-'*'9&! 69!&>'!3*'!)A!0)&>!:'-0*.! &>'!A)%%)5697!

7-$?>*!6%%3*&-$&'!:$*&!46AA'-'9C'*!69!&>'!&5)!:'-0*!69!&>'!3*'!)A!&>'*'!+'$9697*e!

!

G)H2+(!B%!I)4*+)D2*)/#!/0!5("#)#H4!/0!)"#$%#!"#$!&"'&(#!)#!*'(!;O*'!3(#*2+.!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!R!/%%!)A!&>'!*&$&6*&6C$%!&'*&*!C6&'4!69!&>6*!$-&6C%'!5'-'!C)943C&'4!3*697!&>'!)?'9!*)3-C'!*&$&6*&6C$%!*)A&5$-'!@!F(!k':'%)?+'9&!d)-'!='$+!WY"WIK!

! ""!

>"'&(#! 6*!3*'4!+)-'!)A&'9!56&>!$!+)&6)9$%!*'+$9&6C*!&>$9!!"#$%#K!X,!C)9&-$*&.!!"#$%#! 6*!

3*'4! +)-'! )A&'9! 56&>! $9! 6&'-$&6:'! )-! C>$97'1)A1*&$&'! +'$9697K! =>'*'! A694697*! 5'-'!

&'*&'4!3*697!$!\+6@'4!'AA'C&*]!%)76*&6C!-'7-'**6)9!$9$%,*6*!FP69>'6-)!'&!$%K!WYYQIK!2)76*&6C!

-'7-'**6)9!$9$%,*6*!C$%C3%$&'*! &>'! 69A%3'9C'!)A!+3%&6?%'!?-'46C&)-!:$-6$0%'*!)9!$!069$-,!

4'?'94'9&!:$-6$0%'K!T)5':'-.!4'?'94697!)9!&>'!4'*679!)A!&>'!*&34,.!:$-6$0%'*!$-'!)A&'9!

9'*&'4K! M9!&>'!C$*'!)A!&>6*!*&34,.!3*3$%%,!*':'-$%!&)E'9*!5'-'!'@&-$C&'4!A-)+!)9'!0))EK!

_>6%'!&>'!:$-6$0%'!\:'-0!%'++$]!F!"#$%#!)-!&"'&(#I!6*.!69!A$C&.!:$-6$0%'!A)-!'$C>!)A!&>'*'!

&)E'9*.! &>'! :$-6$0%'! \$3&>)-]! 6*! F3*3$%%,I! 9)&K! M&! *&$94*! &)! -'$*)9! &>$&! $3&>)-*! 46*?%$,!

?'-*)9$%!?-'A'-'9C'*!-'7$-4697!&>'!B3'*&6)9!)A!5>'&>'-!&)!3*'!!"#$%#!$94!&"'&(#K!#6@'4!

'AA'C&*! -'7-'**6)9! +)4'%*! C$9! C$?&3-'! '@$C&%,! &>6*! &,?'! )A! 9)91:$-6$&6)9! *69C'! &>',!

+)43%$&'!&>'!69&'-C'?&*!)A!$%%!&)E'9*!0,!$9,!)9'!-$94)+!A$C&)-!FX$$,'9!WYYSe!WJZ1WJcIK!

/CC)39&697!A)-!6946:643$%!?-'A'-'9C'*!)A!&>'!$3&>)-*!-'7$-4697!&>'!&5)!:'-0*!%'$4*!&)!$!

7-'$&'-!$CC3-$C,!)A!&>'!$9$%,*6*K!

=>'!4'?'94'9&!:$-6$0%'!69!&>'!+6@'4!+)4'%!$9$%,*6*!3*'4!A)-!&>6*!*&34,!5$*!&>'!069$-,!

C>)6C'!0'&5''9!&>'! %'@6C$%! 6&'+*!&"'&(#!$94! !"#$%#K!=>'!?-'46C&)-! &)!0'! &'*&'4!5$*! &>'!

&)E'9*H!*'+$9&6C!3*$7'K!m)&!$%%!)A!&>'!&>-''!*'+$9&6C!A$C&)-*!F\6&'-$&6:6&,].!\+)&6)9]!$94!

\C>$97'!)A!*&$&']I!C)3%4!0'!69C%34'4!69!&>'!+)4'%!$*!&>',!$-'!+3&3$%%,!'@C%3*6:'e!69!&>'!

4$&$! $9$%,*'4.! $! +)&6)9$%! 69&'-?-'&$&6)9! '@C%34'*! $9! 6&'-$&6:'! )-! C>$97'1)A1*&$&'!

69&'-?-'&$&6)9K!D6+6%$-%,.!$9!6&'-$&6:'!69&'-?-'&$&6)9!'@C%34'*!&>'!)&>'-!69&'-?-'&$&6)9*SK!

d)9*'B3'9&%,.!&>'!&>-''!A$C&)-*!$-'!C)%%69'$-e!&>',!'@?%$69!&>'!*$+'!?$-&!)A!&>'!:$-6$9C'!

'9C)39&'-'4!69!&>'!4$&$!FX$$,'9!WYYSe!"S"IK!=>'-'A)-'.!)9%,!\+)&6)9]!:*K!\9)91+)&6)9]!

5$*!69C%34'4!$*!$!?-'46C&)-!69!&>'!+)4'%K!=>'!-'*3%&*!)A!&>'!$9$%,*6*!$-'!*3++$-6*'4!69!

&>'!A)%%)5697!&$0%'Qe!

! O*&6+$&'"Y! D&4K!O--)-! a!:$%3'! P-F{�a�I!

FM9&'-C'?&I! 1ZKZb! YKQQ! 1ZKZQ! YKYYYJQW!ÄÄÄ!

+)&6)9=(8O! WKJR! YKbS! cKJ"! YKYYYYYc!ÄÄÄ!

111!

D6796AK!C)4'*e!!Y!GÄÄÄH!YKYY"!GÄÄH!YKY"!GÄH!YKYb!GKH!YK"!G!H!"!

G)H2+(!P%!7)6($Q(00(3*4!5/$(-!0/+!*'(!$)00(+(#3(!)#!24(!/0!R*/+#"+S!"#$!R8/-8(+S!)#!*'(!;O*'!3(#*2+.!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!S!=>'-'!$-'!&5)!C$*'*!69!5>6C>!!"#$%#!6*!3*'4!6&'-$&6:'%,!56&>!&"'&(#!$*!6&*!:'-0$%!C)+?%'+'9&K!=>'*'!C$*'*!5'-'!C)4'4!$*!i1!#Ln.!*69C'!&>'!+)&6)9$%!*'+$9&6C*!69!&>'*'!C$*'*!6*!C)9&-603&'4!9)&!0,!&>'!$3@6%6$-,!:'-0!

!"#$%#.!03&!0,!&"'&(#K!Q!=>'!A)-+3%$!A)-!&>'!%+'-1+)4'%!5$*!&(#1b'(77%4c47"!."$4d4JO4e4%+!B"#KK!=>'!+)4'%!5$*!*'&!&)!'@?'C&!$!069)+6$%!46*&-603&6)9!*69C'!&>'!-'*?)9*'!:$-6$0%'!6*!069$-,!Fd-$5%',!WYYRe!bQZ1bQc[!g-6'*!WYYQe!WQc1

WQbIK!M&!5$*!':$%3$&'4!56&>!&>'!)"7(#)`1A39C&6)9.!5>6C>!C$9!$%*)!0'!3*'4!&)!+'$*3-'!&>'!'@?%$69'4!4'7-''!)A!:$-6$9C'K!=>'!-'%':$9&!d1:$%3'!*>)5*!&>'!+)4'%!&)!'@?%$69!$!>67>!4'7-''!)A!:$-6$9C'!FYKQJ!)A!"IK!!"Y!=>'!\'*&6+$&']1:$%3'*!*>)3%4!0'!69&'-?-'&'4!$*!A)%%)5*e!&>'!>67>'-!&>'!:$%3'.!&>'!+)-'!%6E'%,!&>'!

?-'A'-'9C'!A)-!&"'&(#4):'-!!"#$%#K!

! "W!

=>'!$9$%,*6*!C)9A6-+*!&>$&!&>'!3*'!)A!&"'&(#!$94!!"#$%#!46AA'-!?-'C6*'%,!69!&>'6-!+)&6)9$%!

-'$4697e!/*!'@?'C&'4.!&"'&(#! 6*!3*'4!+)-'!)A&'9!56&>!$!+)&6)9$%!*'+$9&6C*!&>$9!!"#$%#K!

=>6*! 'AA'C&! 6*! >67>%,! *6796A6C$9&! F?! z! KYY"IK! d)9:'-*'%,.! &>6*! $9$%,*6*! ?-'46C&*! &>$&! 9)91

+)&6)9$%!+'$9697*.! 6K'K! \6&'-$&6:6&,]! $94! \C>$97'1)A1*&$&'].! A$:)3-! &>'! 3*'! )A! !"#$%#K! M9!

)-4'-!&)!A694!)3&!5>'&>'-!\6&'-$&6:6&,]!$94!\C>$97'1)A1*&$&']!46AA'-!69!&>'6-!69A%3'9C'!)9!

&>'!*'%'C&6)9!)A!&"'&(#!)-!!"#$%#.!$!*'C)94!%)76*&6C!-'7-'**6)9!$9$%,*6*!56&>!+6@'4!'AA'C&*!

5$*! C)943C&'4K! =)! $:)64! &>'! C)%%69'$-6&,! 'AA'C&! +'9&6)9'4! $0):'.! &>'! $9$%,*6*! 5$*!

?'-A)-+'4! )9%,! )9! &)E'9*! 56&>)3&! $! +)&6)9$%! +'$9697K! =>6*! +6@'41'AA'C&*! +)4'%""!

*>)5*!$!*%67>&!46*&69C&6)9!F?!z!K"I!0'&5''9!C>$97'1)A1*&$&'!$94!6&'-$&6:'!69&'-?-'&$&6)9*!

A)-! &>'! *'%'C&6)9! )A! &>'! :'-0! %'++$.!56&>! &>'! C>$97'1)A1*&$&'! 69&'-?-'&$&6)9! A$:)3-697!

&"'&(#!$94!&>'!6&'-$&6:'!69&'-?-'&$&6)9!A$:)3-697!!"#$%#K!/*!&>6*!'AA'C&!6*!9)&!*6796A6C$9&.!6&!

C$9!0'! C)9C%34'4! &>$&! A-)+!$! *,9C>-)96C!?)69&!)A!:6'5! &>'! \+)&6)9]!j! \9)91+)&6)9]!U!

46*&69C&6)9! 6*! $! -'%6$0%'! ?-'46C&)-! )A! &>'! 3*'! )A! &"'&(#! $94! !"#$%#4 69! "J&>! C'9&3-,!

>6*&)-6)7-$?>6C$%!&'@&*K!

T<!:(5"#*)34!"#$!0+(12(#3.!"4!,+($)3*/+4!"4!"26)-)"+.!4(-(3*)/#!

X$*'4!)9!&>'!?-':6)3*!*'C&6)9.!6&!C$9!0'!$**3+'4!&>$&!&>'!46AA'-'9&!$3@6%6$-,!*'%'C&6)9!)A!

!"#$%#!$94!&"'&(#! 69!&>'!"J&>!C'9&3-,!6*!$!A39C&6)9!)A!&>'6-!*'+$9&6C!46AA'-'9C'*K!/!&>6-4!

+6@'41'AA'C&*! -'7-'**6)9! $9$%,*6*! 5$*! C)943C&'4K! =>'! 4'?'94'9&! 069$-,! :$-6$0%'! 5$*!

&>'! $3@6%6$-,! F%&(#! :*K! )(#IK! =>6*! &6+'! &5)! 069$-,! ?-'46C&)-*! 5'-'! 69C%34'4e! \+)&6)9]!

F+)&6)9$%! )-! 9)91+)&6)9$%! 69&'-?-'&$&6)9I! $94! \:'-0! %'++$]! F!"#$%#! )-! &"'&(#IK! =>'!

-'$*)9697!5$*! &>$&! 6A! 0)&>! :'-0! %'++$! $94! *'+$9&6C! A$C&)-*! $-'! 69C%34'4.! &>'!+)4'%!

*>)3%4!*>)5!&>'!:'-0!*'+$9&6C*! &)!0'!$!+)-'!$CC3-$&'!?-'46C&)-!)A!$3@6%6$-,!*'%'C&6)9!

&>$9!&>'!:'-0!%'++$&$!&>'+*'%:'*K!=>'!-'*3%&*!)A!&>'!$9$%,*6*!$-'!6%%3*&-$&'4!0'%)5"WK!

<6@'4!'AA'C&*e!

! O*&6+$&'! D&4K!O--)-! a!:$%3'! P-F{�a�I!

FM9&'-C'?&I! cKZ"! "K"J! ZKRZ! YKYYY"Qb!ÄÄÄ!

:'-0%'++$:)%:'-! 1YKbS! YKbR! 1"KYW! YKZYQQcR!

+)&6)9=(8O! 1ZKRb! "K"b! 1ZKWb! YKYY""bW!ÄÄ!

111!

D6796AK!C)4'*e!!Y!GÄÄÄH!YKYY"!GÄÄH!YKY"!GÄH!YKYb!GKH!YK"!G!H!"!

G)H2+(!O%!7)6($Q(00(3*4!5/$(-!/0!*'(!"26)-)"+.!4(-(3*)/#!D('"8)/2+!/0!)"#$%#!"#$!&"'&(#!)#!*'(!;O*'!3(#*2+.!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!""!<)-!C)9:'96'9C'.!&>'!+)4'%!6*!9)&!-'?-)43C'4!>'-'K!M&!5$*!*'&!&)!'@?'C&!$!069)+6$%!46*&-603&6)9!*69C'!&>'!

-'*?)9*'!:$-6$0%'!6*!069$-,K!=>'!*)+'-*W1!':$%3$&6)9!+'&>)4!FCAK!A9K!"YI!*>)5*!&>'!+)4'%!&)!'@?%$69!$!>67>!

4'7-''!)A!:$-6$9C'!Fd~YKQZ!)A!"IK!"W!=>'!A)-+3%$!A)-!&>6*!+)4'%!5$*!%&(#4c4&(#14'(77%4d47"!."$4d4JO4e41""^K4d4JO4e4%+!B"#KK!M&!5$*!*'&!&)!'@?'C&!$!069)+6$%!46*&-603&6)9!*69C'!&>'!-'*?)9*'!:$-6$0%'!6*!069$-,K!=>'!d1:$%3'!)0&$69'4!0,!&>'!*)+'-*W1

A39C&6)9!6*!%)5'-!&>$9!56&>!&>'!A6-*&!&5)!+)4'%*.!03&!*&6%%!7))4!Fd~YKSZ!)A!"IK!

! "Z!

d)+?$-697!&>'!+6@'41'AA'C&*!+)4'%!&)!&>'!C>61*B3$-'!&'*&!4)9'!69!*'C&6)9!&>-''!FA673-'!

WI.!6&!$??'$-*!&>$&!$9!69C%3*6)9!)A!&>'!*'+$9&6C!$99)&$&6)9!)A!&>'!&)E'9*!'@?%$69*!$!7-'$&!

4'$%!)A!&>'!:$-6$&6)9!69!$3@6%6$-,!*'%'C&6)9!)A!!"#$%#!$94!&"'&(#K!=>'!A$C&)-!\:'-0!%'++$]!

4)'*! 9)&! *6796A6C$9&%,! 69A%3'9C'! &>'! $3@6%6$-,! *'%'C&6)9! A)394! 69! &>'! *$+?%'! 6A! &>'!

*'+$9&6C! A$C&)-! \+)&6)9]! 6*! 69C%34'4K!X,! C)9&-$*&.! 6&! $??'$-*! &)!0'! &>'! A$C&)-! \+)&6)9r!

&>$&! 4'&'-+69'*! 5>'&>'-! %&(#! )-! )(#! 6*! *'%'C&'4.! 56&>! )(#! 0'697! A$:)3-'4! 69!+)&6)9$%!

C)9&'@&*K! T'9C'.! &"'&(#! *'%'C&*! )(#! *6796A6C$9&%,! +)-'! )A&'9! 69! &>'! "J&>! C'9&3-,! &>$9!

!"#$%#!4)'*!0'C$3*'!6&!6*!3*'4!+3C>!+)-'!)A&'9!$*!$!+)&6)9!:'-0K!=>6*!6*!$%*)!6%%3*&-$&'4!

69!&>'!A)%%)5697!7-$?>e!

!

G)H2+(!U%!N26)-)"+.!4(-(3*)/#!/0!)"#$%#!"#$!&"'&(#!)#!*'(!;O*'!3(#*2+.!"4!"!02#3*)/#!/0!*'()+!4(5"#*)3!24"H(!

/*! &>'! 7-$?>! *>)5*.! &>'-'! C)9:'-*'%,! '@6*&*! $! *&-)97! 06$*! &)5$-4*! %&(#1*'%'C&6)9! A)-!

0)&>!&>'!C>$97'1)A1*&$&'!FdLDI!$94!6&'-$&6:'!FM=I!-'$4697*e!LA!&>'!"Q!C$*'*!)A!!"#$%#!$94!

&"'&(#! 69! C)+?)394! &'9*'*! 56&>! C>$97'1)A1*&$&'1-'$4697*! 69! &>'! "J&>! C'9&3-,.! %&(#4 6*!

3*'4!69!"SK!#)-'):'-.!69!$%%!ZY!6&'-$&6:'!&)E'9*!)A!!"#$%#!$94!&"'&(#!69!C)+?)394!&'9*'*!

%&(#! 6*! *'%'C&'4K! D69C'! 0)&>! &>'! 6&'-$&6:'! $94! C>$97'1)A1*&$&'! -'$4697*! A$:)3-! %&(#1

*'%'C&6)9.! &>'!+6@'41'AA'C&*! -'7-'**6)9!+)4'%! *'%'C&*! \+)&6)9]!$*! &>'!0'*&!?-'46C&)-!)A!

&>'!$3@6%6$-,!*'%'C&6)9!0'>$:6)3-!)A!&>'!:'-0*K!

=>'!A694697!&>$&!&>'!C>$97'1)A1*&$&'!$94!+)&6)9!:'-0!-'$4697*!)A!!"#$%#!$94!&"'&(#!46AA'-!

56&>! -'7$-4! &)! $3@6%6$-,! *'%'C&6)9! 6*! 69! %69'! 56&>! &>'! ?-'46C&6)9*! )A! D)-$C'H*! FWYYYI!

/3@6%6$-,! D'%'C&6)9! T6'-$-C>,K! =>3*.! 5>6%'! +)&6)9! :'-0*! 46*?%$,! &>'! +)*&! C$&'7)-6C$%!

4'7-''!)A!*'%'C&6)9!)A!XO!69!&>'!>6'-$-C>,!0'C$3*'!)A!&>'6-!*&-)97!69>'-'9&!&'%6C!+'$9697.!

C>$97'1)A1*&$&'!:'-0*!\C$9!itn!0'!-'7$-4'4!$*!&'%6C.!03&!&)!$!%'**'-!'@&'9&!&>$9!:'-0*!)A!

! "c!

C>$97'!)A! %)C$&6)9]!FSJbIK!d)9*'B3'9&%,.! &>',!46*?%$,!+)-'!%&(#1*'%'C&6)9!&>$9!+)&6)9!

:'-0*K!!

M&!>$*!0''9!*>)59!&>$&! &>'!46AA'-'9C'! 69!$3@6%6$-,!*'%'C&6)9!)A! !"#$%#! $94!&"'&(#! 69! &>'!

"J&>! C'9&3-,! 6*.! &)! $! C'-&$69! '@&'9&.! &>'! -'*3%&! )A! &>'! 46AA'-'9&! 3*$7'! )A! &>'! :'-0*H!

+'$9697*K!T)5':'-.!&>6*!6*!9)&!$!C)+?-'>'9*6:'!'@?%$9$&6)9K!M9!*'C&6)9!&5).!A-'B3'9C,!

5$*!>,?)&>'*6*'4!&)!?%$,!$!-)%'!69!$3@6%6$-,!*'%'C&6)9K!M9!)-4'-!&)!4'&'-+69'!$!?)**60%'!

69A%3'9C'!)A!C)9*'-:697!'AA'C&*!)9!$3@6%6$-,!*'%'C&6)9.!$!46$C>-)96C!?'-*?'C&6:'!>$*!&)!0'!

&$E'9K! =>3*.! &>'! 4)+$69! )A! 69:'*&67$&6)9! )A! &>'! 0'>$:6)3-! )A! !"#$%#! $94! &"'&(#! 5$*!

'@?$94'4!&)!69C%34'!4$&$!A-)+!&>'!"Z&>!&)!&>'!"R&>!C'9&3-,K!=>'!4$&$!5$*!'@&-$C&'4!A-)+!

&>'!dL(kO! 69! &>'! *$+'!+$99'-! $*! &>'!4$&$! A-)+! &>'!"J&>! C'9&3-,.!56&>! &>'! '@C'?&6)9!

&>$&.! 43'! &)! &>'! :'-,! >67>! 93+0'-! )A! &)E'9*! )A! &"'&(#! 69! &>'! "R&>! C'9&3-,.! )9%,! $!

-$94)+6*'4!*'%'C&6)9!)A!bY!&"'&(#1&)E'9*!A-)+!&>$&!C'9&3-,!5$*!'@&-$C&'4K!L9%,!&)E'9*!

A-)+! +$93*C-6?&*! &>$&! <'-9h94'a1L-4)w'a! FWYYJI! -'7$-4*! $*! )-6769$%! )-! $&! %'$*&!

C)9&'+?)-$-,! C)?6'*! )A! &>'! )-6769$%! 5'-'! 69C%34'4! 69! )-4'-! &)! '9*3-'! +$@6+$%!

$3&>'9&6C6&,!)A!&>'!4$&$!FCAK!&>'!C-6&6C6*+!0,!()4-x73'a!#)%69$!WYYJIK!=>'!9'5!4$&$!5$*!

$99)&$&'4!69!&>'!*$+'!5$,!$*!&>'!"J&>!C'9&3-,!&)E'9*K!!

=>'!A)%%)5697!7-$?>!6%%3*&-$&'*!&>'!4':'%)?+'9&!)A!&>'!*'%'C&6)9!)A!%&(#!):'-!)(#!A)-!0)&>!

!"#$%#!$94!&"'&(#"Ze!!

!

G)H2+(!V%!I(8(-/,5(#*!/0!*'(!%&(#Q4(-(3*)/#!/0!)"#$%#!"#$!&"'&(#!

d)+?$-697!&>'!4':'%)?+'9&!)A!%&(#1*'%'C&6)9!)A!!"#$%#!$94!&"'&(#.!6&!6*!':64'9&!&>$&!A)-!

0)&>!:'-0*.! )(#! 6*! 0'697! -'?%$C'4!0,!%&(#K!T)5':'-.! !"#$%#! *3CC3+0*! &)! &>'! $9$%)76C$%!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"Z!k3'!&)!&>'!*C$-C6&,!)A!'@$+?%'*!A)-!&"'&(#!69!C)+?)394!&'9*'*!0'A)-'!&>'!"b&>!C'9&3-,.!&>'!$3@6%6$-,!*'%'C&6)9!0'>$:6)3-!)A!!"#$%#!$94!&"'&(#!0'A)-'!&>'!"b&>!C'9&3-,!C$99)&!0'!C)+?$-'4!B3$9&6&$&6:'%,K!

! "b!

?-'**3-'!'@'-&'4!0,!)&>'-!:'-0*!&>$&!&'94!&)5$-4*!*'%'C&697!%&(#!$&!$9!'$-%6'-!?)69&! 69!

>6*&)-,!&>$9!&"'&(#K!X'&5''9!&>'!"b&>!$94!&>'!"R&>!C'9&3-,.!&>'!-$&'!)A!%&(#1*'%'C&6)9!A)-!

!"#$%#! -6*'*! -$?64%,.! A-)+! $0)3&! bÅ! 69! &>'! "b&>! C'9&3-,! &)! $%+)*&! "YYÅ! 69! &>'! "R&>!

C'9&3-,K!X,!C)9&-$*&.!%&(#1*'%'C&6)9!$??'$-*!&)!$4:$9C'!+)-'!*%)5%,!A)-!&"'&(#K!

M9!&>'!%67>&!)A!&>'!-'*3%&*!)A!&>'!?-'C'4697!*'C&6)9.!&>'!46AA'-'9&!*?''4!)A!&>'!'@&'9*6)9!)A!

&>'! %&(#1$3@6%6$-,! &)! &>'! &5)! :'-0*! %'$4*! &)! &>'! '@?'C&$&6)9! &>$&! &>6*! 4':'%)?+'9&! 6*!

0)394!&)!$!C>$97'!)A!&>'!*'+$9&6C!3*$7'!)A!&>'!&5)!:'-0*K!D69C'!6&!>$*!0''9!*>)59!&>$&!

&>'!+)&6)9$%!3*$7'!)A!&>'!&5)!:'-0*!A$:)3-*!&>'!*'%'C&6)9!)A!)(#.! 6&! 6*!'@?'C&'4!&>$&!&>'!

A$*&'-!69C-'$*'!)A!%&(#1*'%'C&6)9!)A!!"#$%#!C)+?$-'4!&)!&"'&(#!0'&5''9!&>'!"b&>!$94!&>'!

"J&>!C'9&3-,!C)69C64'*!56&>!$!A$*&'-!4'C-'$*'!)A!6&*!+)&6)9$%!3*$7'!U!$9!'@?'C&$&6)9!&>$&!

>$*! 0''9! C)9A6-+'4! 0,! &>'! 4$&$K! X'&5''9! &>'! "b&>! $94! &>'! "J&>! C'9&3-,.! &>'!+)&6)9$%!

3*$7'!)A!!"#$%#!4'C-'$*'4!A-)+!JWKQ!&)!c"KS!Å!FA-)+!ZQjJW!&)!WSjJR!C)+?)394!&'9*'!

&)E'9*I.!5>6%'!&>'!+)&6)9$%!3*$7'!)A!&"'&(#!$C&3$%%,!69C-'$*'*!A-)+!QYKS!&)!QWKR!Å!FA-)+!

WcjWS! &)! "WRj"ZR! &)E'9*IK! 0"#$%#! 5$*! $%-'$4,! %)*697! 6&*! A39C&6)9! $*! $! +)&6)9! :'-0!

0'A)-'!46*$??'$-697K!=>'-'A)-'.!6&!5$*!$3@6%6$&'4!+)-'!A-'B3'9&%,!56&>!%&(#K!!

T)5':'-.! &>6*! :6'5! 6*! C>$%%'97'4! 0,! &>'! 4':'%)?+'9&! )A! &>'! $3@6%6$-,! *'%'C&6)9!

0'>$:6)3-! )A! )9%,! &>'! +)&6)9$%! :$-6$9&*! )A! !"#$%#! $94! &"'&(#.! $*! 6%%3*&-$&'4! 0,! &>'!

A)%%)5697!&$0%'e!

! */+#"+!J5/*)/#M! 8/-8(+!J5/*)/#M!;T*'!3(#*2+.! WKJ!Å!F"jZQI! WYKS!Å!FbjWcI!

;O*'!3(#*2+.! bRK"!Å!F"JjWSI! b"KW!Å!FJbj"WRI!G)H2+(!W%!I(H+((!/0!%&(#Q4(-(3*)/#!/0!)"#$%#!"#$!&"'&(#!)#!5/*)/#"-!24"H(4!

_>6%'! &>'! 4'7-''! )A! %&(#1*'%'C&6)9! )A!+)&6)9$%! !"#$%#! 69! &>'! "J&>! C'9&3-,! 6*! $0)3&! WW!

&6+'*!>67>'-!&>$9!69!&>'!"b&>!C'9&3-,.!&>'!4'7-''!)A!%&(#1*'%'C&6)9!)A!+)&6)9$%!&"'&(#!69!

&>'!"J&>!C'9&3-,! 6*!)9%,!$0)3&!WKb! &6+'*!>67>'-! &>$9! 69! &>'!"b&>!C'9&3-,K!m)&'! &>$&! &>6*!

4':'%)?+'9&! -':'-*'*! &>'! $3@6%6$-,! *'%'C&6)9! 0'>$:6)3-! )A! &>'! &5)! :'-0*K! D69C'! &>'!

4':'%)?+'9&!)A!&>'!*'+$9&6C!3*$7'!)A!&>'!:'-0*!6*!9)&!$!:$%64!?)69&!)A!$-73+'9&!>'-'.!$!

46AA'-'9&!E694!)A!'@?%$9$&6)9!>$*!&)!0'!%))E'4!A)-K!!

M&!6*!?-)?)*'4!>'-'!&>$&!&>6*!A694697!6*!&>'!-'*3%&!)A!&>'!69&'-?%$,!)A!&)E'9!A-'B3'9C,!$94!

&,?'! A-'B3'9C,K! X,! &>'! "b&>! C'9&3-,.!%&(#! `! PP! $%-'$4,! >$4! $! >67>! &,?'! A-'B3'9C,e! $%%!

$&'%6C! :'-0*! FC)9&-)%%'4! $94! 39C)9&-)%%'4! $C&6:6&6'*.! *&$&'*.! C)9&693$&6)9! )A! *&$&'*I!

46*?%$,'4! 9'$-1C$&'7)-6C$%! *'%'C&6)9! )A!%&(#K!#)-'):'-.!%&(#! >$4! $%-'$4,! *&$-&'4! &)! 0'!

?-'A'--'4!A)-!*)+'!&'%6C!:'-0*!FC>$97'!)A!*&$&'.!&'%6C!+)&6)9IK!<)%%)5697!X$-Ç4$%!FWYYSI.!

! "J!

&>'!?-)43C&6:6&,!)A!$!C)9*&-3C&6)9!C$9!0'!?-'46C&'4!0,!6&*!&,?'!A-'B3'9C,!$94!*'+$9&6C!

C)>'-'9C'!FWRIK!T'9C'.! &>'!>67>!&,?'! A-'B3'9C,!)A! &>'!%&(#1C)+?)394!&'9*'! %'$4*!&)!$!

>67>!4'7-''!)A!?-)43C&6:6&,!)A!&>$&!?$&&'-9K!!

M9!C)9&-$*&.!&>'!>67>!$0*)%3&'!&)E'9!A-'B3'9C,!)A!!"#$%#!39&6%!&>'!'94!)A!&>'!"b&>!C'9&3-,!

%'$4*!&)!$9!'9&-'9C>+'9&!?-)C'**e!&>'!>67>!&)E'9!A-'B3'9C,!)A!!"#$%#!>$*!69C-'$*'4!&>'!

*&-'97&>! )A! &>'! $**)C6$&6)9! 0'&5''9! !"#$%#! $94! )(#! 69! C)+?)394! &'9*'*! $94! &>3*!

46*A$:)3-*!&>'!3*'!)A!%&(#!56&>!&>6*!*?'C6A6C!%'@'+'K!L9!&>'!C)9&-$-,.!69!&>'!"b&>!C'9&3-,.!

&"'&(#!5$*!*&6%%!3*'4!69A-'B3'9&%,.!*)!&>$&!9)!C)+?$-$0%'!'9&-'9C>+'9&!'AA'C&!C)3%4!>$:'!

&$E'9! ?%$C'K! =>'-'A)-'.! 6&! 6*! 9)&! *3-?-6*697! &)! A694! $! >67>'-! -$&'! )A! %&(#1*'%'C&6)9! A)-!

&"'&(#!&>$9!!"#$%#K!

/**3+697!&>$&!&>'*'!-'*3%&*!$-'!$CC3-$&'.!6&!6*!'@?'C&'4!&>$&!&>'!*30*'B3'9&!-':'-*$%!)A!

3*$7'! A-'B3'9C6'*! )A! !"#$%#! $94! &"'&(#! 56%%! >$:'! $9! 69A%3'9C'! )9! &>'! 4'7-''! )A!

'9&-'9C>+'9&! )A! !"#$%#! `! PP! $94! &"'&(#! `! PPK! M94''4.! &>'! 69C-'$*'! 69! $0*)%3&'! 3*$7'!

A-'B3'9C,!)A!&"'&(#!0'&5''9!&>'!"b&>!$94!&>'!"J&>!C'9&3-,!$??'$-*!&)!>$:'!%'4!&)!$!>67>'-!

4'7-''! )A! '9&-'9C>+'9&! )A! )(#1*'%'C&6)9! )A! &>6*! :'-0K! M9! C)9&-$*&.! &>'! 4'C-'$*'! 69! &>'!

A-'B3'9C,! )A! !"#$%#! 69! &>'! *$+'! ?'-6)4! C)--'%$&'*! 56&>! &>'! C)+?$-$&6:'%,! *>$-?'-!

69C-'$*'! )A! %&(#1*'%'C&6)9K! M9! &>6*! +$99'-.! &>'! 4':'%)?+'9&! )A! &>'! $3@6%6$-,! *'%'C&6)9!

0'>$:6)3-!)A!!"#$%#!$94!&"'&(#!69!&>'6-!+)&6)9$%!*'9*'*!C$9!0'!'@?%$69'4!0,!&$E697!69&)!

$CC)39&!'9&-'9C>+'9&!?-)C'**'*!C)946&6)9'4!0,!3*$7'!A-'B3'9C,K!

M9! )-4'-! &)! 76:'! *&$&6*&6C$%! ':64'9C'! A)-! A-'B3'9C,! 'AA'C&*! )9! &>'! $3@6%6$-,! *'%'C&6)9!

0'>$:6)3-! )A! &>'! &5)! :'-0*.! $! -'7-'**6)9! $9$%,*6*! )A! &>'! 4':'%)?+'9&! )A! $%%! *'+$9&6C!

:$-6$9&*! )A! &>'! &5)! :'-0*! ):'-! &>'! C'9&3-6'*!5$*! C)943C&'4K! /*! 69! &>'! '$-%6'-!+6@'41

'AA'C&*!-'7-'**6)9!+)4'%.!&>'!069$-,!4'?'94'9&!:$-6$0%'!5$*!&>'!*'%'C&6)9!)A!%&(#4)-4)(#K!

T)5':'-.! &>6*!+)4'%!$9$%,*'*!&>'!'9&6-'!&6+'!?'-6)4!A-)+!&>'!"Z&>! &)!&>'!"R&>!C'9&3-,K!

<)-!&>6*!-'$*)9.!6&!5)3%4!9)&!>$:'!0''9!*'9*60%'!&)!69C%34'!\$3&>)-]!)-!\0))E]!$*!-$94)+!

'AA'C&*K!=-6:6$%%,.!&>'!?)69&*!69!&6+'!$9$%,*'4!69!&>'!*&$&6*&6C$%!+)4'%!C)--'*?)94!'@$C&%,!

&)!&>'!:$-6$0%'*!\$3&>)-]!$94!\0))E]K!/9!69C%3*6)9!)A!&>'*'!A$C&)-*!5)3%4!>$:'!?-)43C'4!

$! C)%%69'$-6&,! 'AA'C&K! M9*&'$4.! $! 069)+6$%! %)76*&6C! -'7-'**6)9! $9$%,*6*! 56&>)3&! -$94)+!

'AA'C&*!5$*!C)943C&'4!3*697!&>'!A39C&6)9!8'7469!(K!

=>'!A)%%)5697!?-'46C&)-*!5'-'!69C%34'4e!<6-*&.!*69C'!69!&>'!?-':6)3*!46*C3**6)9!\+)&6)9]!

>$*! 0''9! *>)59! &)! 0'! $9! 6+?)-&$9&! ?-'46C&)-! )A! $3@6%6$-,! *'%'C&6)9.! &>6*! A$C&)-! 6*!

! "R!

'@?'C&'4! &)! C)9&693'! ?%$,697! $! -)%'! 69! &>6*! $9$%,*6*K! D'C)94.! &>'! $:'-$7'! 4$&'"c! )A! &>'!

*)3-C'*!)A!&>'!'@$+?%'*!5$*!69C%34'4!$*!$!93+'-6C$%!?-'46C&)-K!!T'9C'.!\4$&'q$:'-$7']!6*!

'@?'C&'4!&)!+6--)-!&>'!>6*&)-6C$%!*?-'$4!)A!%&(#!F6K'K!&>'!69C-'$*'!)A!%&(#1*'%'C&6)9!):'-!

&6+'IK! =>6-4.! &>'! $:'-$7'! %'++$! A-'B3'9C,! )A! &>'! &5)! :'-0*! $&! '$C>! 4$&$! ?)69&! 5$*!

C$%C3%$&'4"b! $94! 69C%34'4! 69! &>'! $9$%,*6*! 0)&>! $*! $!+$69! 'AA'C&! $94! 69! $9! \69&'-$C&6)9]!

56&>!\4$&'q$:'-$7']K!M9!*&$&6*&6C*.!69&'-$C&6)9*!4'9)&'!&>'!N)69&!69A%3'9C'!)A!&5)!?-'46C&)-!

:$-6$0%'*! )9! $! 4'?'94'9&! :$-6$0%'! 5>'-'! &>6*! 69A%3'9C'! 6*! ?$-&%,! 694'?'94'9&! )A! &>'!

C)9&-603&6)9!)A! '6&>'-! *697%'! :$-6$0%'K!T'-'.! $! \+)4'-$&)-! $??-)$C>]! &)! &>'! $9$%,*6*! )A!

69&'-$C&6)9!'AA'C&*!>$*!0''9!&$E'9.!$**3+697!&>$&!\&>'!'AA'C&!)A!$9!694'?'94'9&!:$-6$0%'!

)9!$!4'?'94'9&!:$-6$0%'!46AA'-*!4'?'94697!)9! &>'!:$%3'!)A! $! &>6-4!:$-6$0%'.! C)++)9%,!

C$%%'4! $! G+)4'-$&)-! :$-6$0%'H]! Fu$CC$-4! WYY"e! "W[! CAK! $%*)! X$$,'9! WYYSe! Wb"IK! =>6*!

69&'-$C&6)9! 'AA'C&! 6*! &)! 0'! '@?'C&'4! $A&'-! &>'! 46*C3**6)9! )A! C)9*'-:697! 'AA'C&*! 69! &>6*!

*'C&6)9e!_>6%'!$!7'9'-$%!&-'94!&)5$-4*!%&(#1*'%'C&6)9!'@6*&*.! &>6*!&-'94!6*!*%)5'-!5>'9!

&>'!-'%$&6:'! &)E'9! A-'B3'9C,!)A!$! %69736*&6C! 6&'+!6*!>67>K!=>'!-'*3%&*!)A! &>'!$9$%,*6*!$-'!

*>)59!0'%)5"Je!

d)'AA6C6'9&*e!

! O*&6+$&'! D&4K!O--)-! a!:$%3'! P-F{�a�I!

FM9&'-C'?&I! 1ZYKQR! ZKcZ! 1QKYW! z!W'1"J!ÄÄÄ!

4$&'q$:'-$7'! YKYW! YKYYW! QKYJ! z!W'1"J!ÄÄÄ!

#L=(8O! 1"KbR! YKZJ! 1cKc"! YKYYYY"YJÄÄÄ!

4$&'q$:'-$7'eA-'B! 1S'1YR! 1Z'1YR! 1WKbJ! YKY"YJ!Ä!

111!

D6796AK!C)4'*e!!Y!GÄÄÄH!YKYY"!GÄÄH!YKY"!GÄH!YKYb!GKH!YK"!G!H!"!

G)H2+(!;X%!Y)#/5)"-!-/H)4*)3!+(H+(44)/#!5/$(-!/0!*'(!"26)-)"+.!4(-(3*)/#!D('"8)/2+!/0!)"#$%#!"#$!&"'&(#! 0+/5!*'(!;B*'!*/!*'(!;U*'!3(#*2+.!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"c!=>'!*)3-C'*!5'-'!4$&'4!$CC)-4697!&)!&>'!69A)-+$&6)9!76:'9!69!&>'!dL(kOK!_>'9!&>'!*)3-C'!5$*!4$&'4!

0,!$!&6+'1*?$91$??-)@6+$&6)9.!&>'!$:'-$7'!4$&'!5$*!C$%C3%$&'4!$*!&>'!*&$&6*&6C$%!+'$9!)A!&>'!'94!?)69&*!)A!

&>'!&6+'!*?$9K!"b!/7$69.!&>'!%'++$!A-'B3'9C,!69A)-+$&6)9!A-)+!&>'!d)-?3*!4'%!O*?$w)%!5$*!3*'4!FCAK!A9!JIK!D69C'!&>'!

d)-?3*!4'%!O*?$w)%!)9%,!4'%6:'-*!A-'B3'9C,!69A)-+$&6)9!A)-!C'9&3-6'*.!$9!'@&-$?)%$&6)9!+'&>)4!5$*!3*'4!

&)!C$%C3%$&'!$!A-'B3'9C,!:$%3'!A)-!'$C>!)A!&>'!&6+'!?)69&*!-'?-'*'9&'4!0,!&)E'9*!69!&>'!4$&$!69!$!%69'$-!

A$*>6)9K!!

/9!)0:6)3*!?-)0%'+!56&>!&>6*!A-'B3'9C,!+'$*3-'!6*!&>$&!6&!6*!$**3+'4!&>$&!&>'!):'-$%%!3*$7'!A-'B3'9C6'*!)A!

&>'!:'-0!%'++$&$!69!&>'!C)-?3*!$-'!+6--)-'4!69!&>'!-'%$&6:'!A-'B3'9C,!)A!&>'!:'-0!%'++$&$!56&>69!&>'!

C)9*&-3C&6)9K!M9!&>6*!C$*'.!>)5':'-.!&>6*!?-)0%'+!4)'*!9)&!$??'$-!&)!*E'5!&>'!-'*3%&*e!$!?-'%6+69$-,!

$9$%,*6*!3*697!&>'!&)E'91C)39&*!)A!&>'!&5)!:'-0*!?'-!C'9&3-,!$94!&>'!):'-$%%!&)E'9!C)39&*!)A!&>'!*)3-C'!

&'@&*!?'-!C'9&3-,!>$*!*>)59!&>$&!&>'!C3-:'*!)A!&>'!&5)!A-'B3'9C,!+'$*3-'*!4)!694''4!$??'$-!%$-7'%,!

$%679'4!A)-!&>'!&5)!:'-0*K!M&!+67>&!0'!+)-'!$CC3-$&'!&)!C)+?3&'!&>'!$0*)%3&'!&)E'9!A-'B3'9C,!)A!$!:'-0!69!

&>'!%&(#1!$94!)(#1C)9*&-3C&6)9*K!"J!=>'!A)-+3%$!A)-!&>6*!+)4'%!5$*!%&(#4c4,%!(b%&(#%8(4d4GA4d4,%!(b%&(#%8(f-#(*K!M&!5$*!*'&!&)!'@?'C&!$!069)+6$%!46*&-603&6)9!*69C'!&>'!-'*?)9*'!:$-6$0%'!6*!069$-,K!D)+'-*W!*>)5*!$!>67>!4'7-''!)A!:$-6$9C'!

'@?%$69'4!Fd~YKSQ!)A!"IK!m)&'!&>$&!6A!-#(*!6*!69C%34'4!$*!$!+$69!'AA'C&.!&>'!69&'-$C&6)9!,%!(b%&(#%8(f-#(*46*!9)!%)97'-!*6796A6C$9&K!T)5':'-.!$!C)+?$-6*)9!)A!&>'!&5)!+)4'%*!3*697!$9):$!A$:)3-*!&>'!+)4'%!$*!

?-'*'9&'4!>'-'.!&>3*!N3*&6A,697!&>'!'@C%3*6)9!)A!-#(*!$*!$!+$69!'AA'C&K!!

! "S!

=>'!+$69!'AA'C&*!A)-!\+)&6)9]!$94!\4$&'q$:'-$7']!0)&>!>$:'!>67>!*&$&6*&6C$%!*6796A6C$9C'K!

/*! '@?'C&'4! $A&'-! &>'! 46*C3**6)9! 69! &>'! ?-':6)3*! *'C&6)9*.! &>'! :'-0*H! +)&6)9$%!

$CC'?&$&6)9! 46*A$:)3-*! %&(#K! =>'! ?)*6&6:'! :$%3'! )A! \4$&'q$:'-$7']! 6*! 'B3$%%,!

39*3-?-6*697e!$*!&6+'!?-)7-'**'*.!%&(#!6*!*'%'C&'4!*6796A6C$9&%,!+)-'!A-'B3'9&%,!&>$9!)(#K!!

M9!&>'!%$*&!%69'!)A!&>'!+)4'%.!$!*+$%%!03&!*6796A6C$9&!'AA'C&!)A!&>'!69&'-$C&6)9!0'&5''9!&>'!

4$&'! )A! &>'! *)3-C'! 0))E! )A! &>'! &)E'9! $94! &>'! 3*$7'! A-'B3'9C,! )A! &>'! :'-0! %'++$! 6*!

6946C$&'4"RK!/*!*3C>.!&>'!'AA'C&!)A!\4$&'q$:'-$7']!)9!&>'!$3@6%6$-,!*'%'C&6)9!)A!!"#$%#!$94!

&"'&(#.! 69! &>6*! C$*'.! 6*!+)4'-$&'4! 0,! &>'! 69A%3'9C'! )A! &>'! :'-0*H! 3*$7'! A-'B3'9C6'*K! /*!

6946C$&'4!69!&>'!*'C)94!C)%3+9.!&>'!'AA'C&!:$%3'!6*!9'7$&6:'K!T'9C'.!&>'!?)*6&6:'!'AA'C&!)A!

\4$&$q$:'-$7']! 6*! $&&'93$&'4! &)! *)+'! 4'7-''! 0,! \A-'B]e!_>6%'!%&(#1*'%'C&6)9! 69C-'$*'*!

):'-!&6+'.!6&!69C-'$*'*!%'**!56&>!&>'!+)-'!C)++)9!:'-0!F$A&'-!&>'!"b&>!C'9&3-,.!&"'&(#IK!

d)9*'B3'9&%,.! &>6*! $9$%,*6*! C)--)0)-$&'*! &>'! >,?)&>'*6*! &>$&! C)9*'-:697! 'AA'C&*!

69A%3'9C'4! &>'! 4':'%)?+'9&! )A! &>'! $3@6%6$-,! *'%'C&6)9! )A! !"#$%#! $94! &"'&(#e! =>'! >67>!

3*$7'!A-'B3'9C,!)A!&"'&(#!$A&'-!&>'!"b&>!C'9&3-,!69>606&'4.!&)!$!C'-&$69!4'7-''.!&>'!3*'!)A!

%&(#!56&>!&>$&!:'-0K!

M9! *3++$-,.! &>'! -'7-'**6)9!+)4'%! 4'+)9*&-$&'*! &>'! C)1'@6*&'9C'! )A! 69A%3'9C'! )A! 0)&>!

&>'!*'+$9&6C*!)A! !"#$%#!$94!&"'&(#!$94!&>'6-!3*$7'! A-'B3'9C,!)9!$3@6%6$-,!*'%'C&6)9K! M9!

7'9'-$%.!&>'!'AA'C&!)A!:'-0!*'+$9&6C*!*''+*!&)!0'!+)-'!'$*6%,!&-$C'$0%'!$94!+)-'!*&$0%'!

&>$9! &>'! C)9*'-:697! 'AA'C&K! =>6*! )0*'-:$&6)9! 6*! 69! %69'! 56&>! /-$9):6C>H*! FWYYZI!

>,?)&>'*6*! &>$&! :'-0! *'+$9&6C*! C$9! 0'! 64'9&6A6'4! $*! &>'! +$69! 4'&'-+69$9&! )A! &>'!

4':'%)?+'9&!)A!$3@6%6$-,!*'%'C&6)9! 69!D?$96*>.!5>6%'!C)9*'-:697!'AA'C&*!*>)5!$!*+$%%'-!

69A%3'9C'K!

O<!9/#3-24)/#!

M9!C)9C%3*6)9.!&>'!$9$%,*'*!C)943C&'4!69!&>6*!*&34,!>$:'!*>)59!&>$&!0)&>!&>'!*'+$9&6C!

3*$7'! $94! &>'! -'%$&6:'! 3*$7'! A-'B3'9C6'*! )A! !"#$%#! $94! &"'&(#! $??'$-! &)! 69A%3'9C'! &>'!

:'-0*H! $3@6%6$-,! *'%'C&6)9! 0'>$:6)3-K! <6-*&.! *'%'C&6)9! )A! )(#! 6*! ?-'A'--'4! A)-! +)&6)9$%!

!"#$%#!$94!&"'&(#!5>'9!C)+?$-'4!&)!&>'6-!C>$97'1)A1*&$&'!$94!6&'-$&6:'!-'$4697*K!D69C'!

&"'&(#! 6*! 3*'4!+3C>!+)-'! A-'B3'9&%,! 69! 6&*!+)&6)9$%!+'$9697! 69! &>'!"J&>! C'9&3-,! &>$9!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"R!=>'!*+$%%!'AA'C&!*6a'!6*!43'!&)!&>'!*C$%'!*'%'C&'4!A)-!&6+'K!M94''4.!&>'!69&'-$C&6)9!*>)5*!&>'!'AA'C&!)A!

A-'B3'9C,!)9!&>'!4':'%)?+'9&!)A!$3@6%6$-,!*'%'C&6)9!A)-!'$C>!,'$-!69!&>'!69:'*&67$&'4!&6+'!?'-6)4K!D69C'!

&>'!+$69!'AA'C&!)A!&6+'!)9!&>'!4':'%)?+'9&!)A!$3@6%6$-,!6*!$%-'$4,!-$&>'-!*+$%%.!&>'!69&'-$C&6)9!'AA'C&!>$*!&)!

0'!':'9!*+$%%'-K!=>'!*+$%%!'AA'C&!*6a'*!)A!&>'!7'9369'%,!46$C>-)96C!A$C&)-*!':69C'!&>'!*%)5!?$C'!)A!%$973$7'!

C>$97'K!

! "Q!

!"#$%#.! 69! C)+?)394! &'9*'*! 6&! C)9*'B3'9&%,! )CC3-*! +)-'! )A&'9! 56&>! &>'! $3@6%6$-,! )(#!

&>$9! !"#$%#K! /*! &>'! -'7-'**6)9! $9$%,*6*! 69! A673-'!"Y! *377'*&*.! &>6*! 'AA'C&! 6*! ':64'9&!9)&!

)9%,!69!&>'!"J&>!C'9&3-,.!03&!69!&>'!'9&6-'!4$&$*'&K!!

D'C)94.!$!C)9*'-:697!'AA'C&!$*!?3&!A)-5$-4!0,!X,0''!FWYYJI!$94!X,0''!^!T)??'-!FWYYRI!

>$*!0''9!39C):'-'4e!=>'!?-)C'**!0,!5>6C>!%&(#!5$*!7'9'-$%6*'4!&)!&>'!*697%'!$3@6%6$-,!

)A!D?$96*>!5$*!*%)5'-!56&>!&>'!:'-0!&"'&(#!&>$9!56&>!!"#$%#!43'!&)!6&*!-'%$&6:'%,!>67>'-!

3*$7'! A-'B3'9C,! $A&'-! &>'! "b&>! C'9&3-,K! =>6*! *377'*&*! &>$&! 43'! &)! &>'! >67>! $0*)%3&'!

A-'B3'9C,! )A! *,9&$7+*! )A! &>'! &,?'! )(#4 &+('!".! +$9,! *?'$E'-*! :6'5! &>6*! *,9&$7+! $*!

$3&)9)+)3*!A-)+!&>'!)(#!`!PP!C)9*&-3C&6)9K!d)9*'B3'9&%,.!&>'!-'?%$C'+'9&!)A!)(#!`!PP!

0,!%&(#!`!PP!$AA'C&'4!)(#4&+('!"!69!%'**!C$*'*!&>$9!)(#4!"#$%,"K!!=>6*!*&34,!&>3*!6%%3*&-$&'*!

&>'! 6+?)-&$9C'! )A! &$E697! 69&)! $CC)39&! 46$C>-)96C! 7-$43$%9'**! 5>'9! $9$%,*697!

*,9C>-)96C!:$-6$&6)9!69!$3@6%6$-,!*'%'C&6)9!$&!?$-&6C3%$-!&6+'!?'-6)4*K!!

m)&'!&>$&!$!7-'$&'-!93+0'-!)A!:'-0*.!69C%34697!)&>'-!*'+$9&6C!C%$**'*.!5)3%4!>$:'!&)!0'!

$9$%,*'4!69!)-4'-!&)!4'+)9*&-$&'!&>'!?'-:$*6:'9'**.!$*!5'%%!$*!&>'!%6+6&*.!)A!C)9*'-:697!

'AA'C&*! 69! &>'! 4':'%)?+'9&! )A! &>'! $3@6%6$-,! *'%'C&6)9! *,*&'+! 69! D?$96*>K! /0):'! $%%.! &>'!

6+?$C&!)A!3*$7'!A-'B3'9C,!5)3%4!>$:'!&)!0'!+'$*3-'4!)9!46AA'-'9&! %':'%*!)A!*&-3C&3-$%!

C)+?%'@6&,.! 69C%34697! 9)&! )9%,! :'-0! %'++$! A-'B3'9C6'*.! 03&! $%*)! $! +'$*3-'! )A! &>'!

A-'B3'9C,! )A! :'-0! %'++$&$! 56&>69! &>'! C)+?)394! &'9*'*K! =>6*! 6**3'! 6*! %'A&! &)! A3-&>'-!

69:'*&67$&6)9K!

!U<!Y)D-)/H+",'.!

!

U<;!I/325(#*4!3)*($!

i/m/n!É3-6&$.!u'-v96+)!F"bJWIe!H$%'()4,(4'%4/"#"$%4,(4H#%8g$<4:#.7(#%4M%#!(<!O46&6)9!0,!!!!!!d$9'%%$*!2v?'a!F"QJRIK!

id/=n!!D$9&$!d-3a.!/%)9*)!4'!FCK!"bbYIe!5#g$./%4,(4'")4#(F()4/%!g'./")K!O46&6)9!0,!d$--6$a)!!!!!F"Qb"IK!!

idkPn!!2v?'a!4'!/,$%$.!P'-)!F"cYYIe!5#g$./%4,('4@(F4U"$4:(,#"4F4,('4@(F4U"$4[$#.*+(I4)+4444444B(#7%$"I4B.2")4,('4#(F4,"$4H'-"$)"4A$/($"K!O46&6)9!0,!L-439$!^!#)3-'!F"QQcIK!

idOdn!!D$9&$!d-3a.!/%)9*)!4'!F"bbYIe!5#g$./%4,('4[7M(#%,"#45%#'")4>K!O46&6)9!0,!X'%&-h9!!!!!!,!(va?64'!^!X%haB3'a!,!k'%7$4)1/736%'-$!F"QWYIK!

igOMn!!!!/%A)9*)!Ñ!F"WRY1"WScIe!3($(#%'4[)!"#.%<4:#.7(#%4:%#!(K!O46&6)9!0,!Dh9C>'a1P-6'&)!!!!!X)-N$!FWYYWIK!

! WY!

iTkMn!!!d$*$*.!<-$,!X$-&)%)+s!4'!%$*!F"bWR1"bJ"Ie!h.)!"#.%4,(4'%)4D$,.%)K!O46&6)9!0,!!!!!!!!!!!!!!!!d$*&$w'4$!k'%7$4)!F"QQcIK!

iD8#n!/9v96+)!F"ZbYIe!;+7%)4,(4'%4B.)!"#.%4!#"F%$%4,(4E("7%#!(K!O46&6)9!0,!X%$CE!!!!!!!!!!!!!!F"QQbIK!

im/=n!!2v?'*!4'!gv+$-$.!<-$9C6*C)!F"bbcIe!E%4M#.7(#%4M%#!(4,(4'%4h.)!"#.%4$%!+#%'4,(4'%)44444D$,.%)K!O46&6)9!0,!d$0$%%'-)!#$-&x9'a!FWYYYIK!

im8On!!D$>$7Ö9.!<-$,!X'-9$469)!4'!F"bRJ1"bRRIe!h.)!"#.%48($(#%'4,(4'%)4/")%)4,(4T+(&%4444444[)M%i%K!O46&6)9!0,!='+?-$9)!F"QQYIK!

!

U<>!Z(0(+(#3(4!!

/-$9):6C>.!($Ö%!FWYYZIe!r=>'!*'+$9&6C*!)A!$3@6%6$-,!*'%'C&6)9!69!L%4!D?$96*>r.!69e!;!+,.()4.$4E%$8+%8(!WR!F"I.!"1ZRK!

X$$,'9.!T$-$%4!FWYYSIe!H$%'F\.$84E.$8+.)!./4U%!%<4H4:#%/!./%'4D$!#",+/!."$4!"4;!%!.)!./)46).$84@K!d$+0-647'e!d$+0-647'!896:'-*6&,!P-'**K!

X$-Ç4$%.!uv>$99$!FWYYSIe!:#",+/!.&.!F4f4(&.,($/(4-#"74/%)(4%$,4%#8+7($!4)!#+/!+#(4.$4D/('%$,./K!/+*&'-4$+e!u)>9!X'9N$+69*K!

X$&%%'.!#$-!FWYYWIe!Ej4(SM#()).g4,(')4!(7M)4/"7M")!")4($4'%4&(+47.!2%$%4.4'%4M%)).&%4M#"$"7.$%'<4['4M#"/k)4,(4)+1)!.!+/.g4,(4'j%+S.'.%#4k))(#4M(#4B%&(#K!X$-C'%)9$e!2p/0$46$!4'!#)9&*'--$&K!

X'%&-h9!,!(va?64'.!(6C$-4)!$94!/9&)96)!X%haB3'a!,!k'%7$4)1/736%'-$!F"QWYIe!5#g$./%4,('4[7M(#%,"#45%#'")4>K!#$4-64e!('$%!/C$4'+6$!4'!%$!T6*&)-6$K!

X'9&%',.!k'%6$!FWYYJIe!;M'.!4.$!#%$).!.&.!F4.$4D!%'.%$K!X'-%69e!#)3&)9!4'!g-3,&'-K!

X'9a697.!u)*'?>!F"QZ"Ie!rÉ3-!g'*C>6C>&'!:)9!)(#!$%*!T6%A*a'6&5)-&!0'6!4'9!69&-$9*6&6:'9!V'-0'9!6+!D?$96*C>'9r.!69e!l(.!)/B#.-!4-m#4#"7%$.)/B(4:B.'"'"8.(!F2MI.!ZSb1cJYK!

X%$CE.!()0'-&!gK!F"QQbIe!;+7%)4,(4'%4B.)!"#.%4!#"F%$%4,(4E("7%#!(<4VTG4P`noK!#$46*)9e!T6*?$96C!D'+69$-,!)A!#'46':$%!D&346'*K!

X,0''.!u)$9!FWYYJIe!r<-)+!3*$7'!&)!7-$++$-e!&>'!+694p*!-'*?)9*'!&)!-'?'&6&6)9r.!69e!

E%$8+%8(!SW!FcI.!R""1RZZK!

X,0''.!u)$9.!'4K!FWYYRIe!=#(*+($/F4"-4+)(4%$,4!B(4"#8%$.\%!."$4"-4'%$8+%8(K!L@A)-4e!L@A)-4!896:'-*6&,!P-'**K!

X,0''.!u)$9!2K!FWY"YIe!E%$8+%8(I4+)%8(I4%$,4/"8$.!."$K!d$+0-647'.!m'5!l)-Ee!d$+0-647'!896:'-*6&,!P-'**K!

d$0$%%'-)!#$-&x9'a.!M-+$!FWYYYIe!E%4M#.7(#%4M%#!(4,(4'%4h.)!"#.%4$%!+#%'4,(4'%)4D$,.%)K!D$%$+$9C$e!dM28DK!

d$9'%%$*!2v?'a.!/97'%!F"QJRIe!H$%'()4,(4'%45"#"$%4,(4H#%8"$K!É$-$7)a$e!M9*&6&3C6v9!<'-9$94)!'%!d$&v%6C)K!

! W"!

d$--6$a).!u3$9!4'!#$&$!F"Qb"Ie!5#"$./%4,(4'")4#(F()4/%!g'./")4Jh%)!%4%B"#%4.$k,.!%KK!D':6%%$e!O*C3'%$!4'!O*&346)*!T6*?$9)1/+'-6C$9)*K!

d$*&$w'4$!k'%7$4).!P$3%69)!F"QQcIe!h.)!"#.%4,(4'%)4.$,.%)K!#$4-64e!/%6$9a$!O46&)-6$%K!

d$*&6%%)!T'--'-).!#$-x$!O%'9$!FWYYJIe!rO%!C)946C6)9$+6'9&)!4'!%$!4'%6+6&$C6v9!$*?'C&3$%!

'9!%$!*'%'CC6v9!4'%!$3@6%6$-!'9!C$*&'%%$9)!+'46':$%r.!69e!u)*s!u'*Ö*!X3*&)*!=):$-!$94!

u)*s!236*!g6-v9!/%C)9C>'%.!'4*Ke!H/!%)4,('4>D45"$8#()"4D$!(#$%/."$%'4,(4h.)!"#.%4,(4'%4E($8+%4[)M%i"'%I46$.&(#).,%,45"7M'+!($)(4,(4G%,#.,4p46$.&(#).,%,4H+!g$"7%4,(4G%,#.,4p46$.&(#).,%,4,(4H'/%'q4,(4h($%#()<4`P4,(4)(M!.(71#(4%'4?4,(4"/!+1#(4,(4`rr?K!#$4-64e!/-C)!260-)*K!".!bSb1bQcK!

d'99$+).!#6C>'%$!FWYYSIe!r=>'!-6*'!$94!4':'%)?+'9&!)A!$9$%,&6C!?'-A'C&*!69!M&$%)1!

()+$9C'r.!69e!=>v->$%%3-!O,&>v-**)9.!'4Ke!3#%77%!./%'4/B%$8(4%$,4'.$8+.)!./4!B("#Ff4!B(4@")($,%'4M%M(#)K!/+*&'-4$+e!u)>9!X'9N$+69*.!""b1"cWK!

d-$5%',.!#6C>$'%!uK!FWYYRIe!0B(4@41""^K!d>6C>'*&'-e!_6%',K!

k$:6'*.!#$-E!FWYYW1Ie!5"#M+)4,('4[)M%i"'4JOrr47.''."$4C"#,)I4O`rr)9OPrr)K<4H&%.'%1'(4"$'.$(4%!4B!!MfssCCC</"#M+),('()M%$"'<"#8<4E%)!4%//())f4`n<rn<`rOr<4

O%:6-$!g)9ah%'a.!u$:6'-!FWYY"Ie!rM9&-$9*6&6:64$4!'*C69464$!'9!'*?$w)%e!O%!3*)!$3@6%6$-!4'!

)(#!'9!'*?$w)%!+'46':$%r.!69e![,E.$8!"b.!WY"1WcbK!

<'-9h94'a1L-4vw'a.!M9s*!FWYYJIe!r2$!T6*&)-6)7-$Ax$!+'46':$%!C)+)!A3'9&'!4'!4$&)*!

%697Üx*&6C)*K!=-$46C6)9'*!C)9*)%64$4$*!,!-3?&3-$*!9'C'*$-6$*r.!69e!u)*s!u'*3*!X3*&)*!

=):$-!$94!u)*s!236*!g6-v9!/%C>)9C>'%.!'4*Ke!H/!%)4,('4>D45"$8#()"4D$!(#$%/."$%'4,(4h.)!"#.%4,(4'%4E($8+%4[)M%i"'%K!#$4-64e!/-C)!260-)*K!"".!"RRQ1"SYRK!

g-6'*.!D&'A$9!=>)+$*!FWYYQIe!;!%!.)!./)4-"#4'.$8+.)!./)4C.!B4@<4H4M#%/!./%'4.$!#",+/!."$K!X'-%69e!#)3&)9!4'!g-3,&'-K!

u$CC$-4.!u$+'*!FWYY"Ie!D$!(#%/!."$4(--(/!)4.$4'"8.)!./4#(8#())."$K!=>)3*$94!L$E*e!D$7'K!

f'96*&)9.!T$,5$-4!F"QZRIe!0B(4;F$!%S4"-45%)!.'.%$4:#")(4J0B(4;.S!(($!B45($!+#FKK!d>6C$7).!M2K!

2':69.!X'&>!$94!#$%E$!($??$?)-&!T):$:!FWYYbIe!H#8+7($!4#(%'.\%!."$K!d$+0-647'.!m'5!l)-Ee!d$+0-647'!896:'-*6&,!P-'**K!

#$CE'9a6'.!M$9!FWYYbIe!r/C>6':'+'9&!V'-0*!69!#'46':$%!$94!#)4'-9!D?$96*>r.!69e!()7'-!

_-67>&!_-67>&!$94!P'&'-!(6CE'&&*.!'4*Ke!;!+,.()4"$4D1(#"9@"7%$/(4E.$8+.)!./)f4U(,./%!(,4!"4@%'MB4:($$FK!m'5$-Ee!u3$9!4'!%$!d3'*&$.!ZRb1ZQYK!

#$CE'9a6'.!M$9!FWYYJIe!6$%//+)%!.&(4&(#1)4.$4@"7%$/(4'%$8+%8()K!X$*697*&)E'.!T$+?*>6-'.!m'5!l)-Ee!P$%7-$:'!#$C+6%%$9K!

#$&'3.!u$3+'!FWYYQIe!rg-$46'9C'!$94!$3@6%6$-,!*'%'C&6)9!69!L%4!d$&$%$9!$94!L%4!

D?$96*>r.!69e!P$)%$!d-6*+$!$94!g63*'??'!2)97)0$-46.!'4*Ke!h.)!"#./%'4;F$!%S4%$,4E.$8+.)!./40B("#FK!L@A)-4e!L@A)-4!896:'-*6&,!P-'**.!"RJ1"QZK!

! WW!

#'%6*.!d>$9&$%!FWYYJIe!rV'-0)*!4'!+):6+6'9&)K!2$!A)-+$C6v9!4'!%)*!A3&3-)*!

?'-6A-h*&6C)*r.!69e!d)9C'?C6v9!d)+?$9,!d)+?$9,.!'4Ke!;.$!%S.)4B.)!g#./%4,(4'%4'($8+%4()M%i"'%K!#s@6C)e!896:'-*64$4!m$C6)9$%!/3&v9)+$!4'!#s@6C)K!".W.!SRZ1QJSK!

L-439$.!g'-+h9!$94!u)*s!236*!#)3-'!F"QQcIe!5#g$./%4,('4@(F4U"$4:(,#"4F4,('4@(F4U"$4[$#.*+(I4)+4B(#7%$"I4B.2")4,('4#(F4,"$4H'-"$)"4A$/($"K!X3'9)*!/6-'*e!D'C-6&K!

P'-%+3&&'-.!k$:64!#K!F"QRSIe!rM+?'-*)9$%!?$**6:'*!$94!&>'!89$CC3*$&6:'!T,?)&>'*6*r.!

69e!u'-6!uK!u$'7'-!'&!$%K.!'4*Ke!:#"/((,.$8)4"-4!B(4R!B4H$$+%'4G((!.$84"-4!B(4V(#^('(F4E.$8+.)!./)4;"/.(!FK!X'-E'%',e!8d!X'-E'%',.!"bR1"SQK!

P69>'6-).!u)*'!'&!$%K!FWYYQIe!$'7(f4E.$(%#4%$,4T"$'.$(%#4G.S(,4[--(/!)4G",(')<4@4M%/^%8(4&(#)."$4?<O9Po<4

(!k':'%)?+'9&!d)-'!='$+!FWY"WIe!@f4H4'%$8+%8(4%$,4($&.#"$7($!4-"#4)!%!.)!./%'4/"7M+!.$8I4#(-(#($/(4.$,(S4&(#)."$436D4O<Rr9,(&('K!(!<)394$&6)9!A)-!D&$&6*&6C$%!d)+?3&697.!V6'99$.!/3*&-6$.!8(2!>&&?ejj555K(1?-)N'C&K)-7K!

($??$?)-&!T):$:.!#$%E$!FWYYSIe!r2'@6C$%6a'4!+'$9697!$94!&>'!69&'-9$%!&'+?)-$%!

*&-3C&3-'!)A!':'9&*r.!69e!D3*$9!()&>*&'69.!'4Ke!5#"))'.$8+.)!./4%$,40B("#(!./%'4HMM#"%/B()4!"4!B(4;(7%$!./)4"-4H)M(/!K!/+*&'-4$+e!u)>9!X'9N$+69*.!"Z1cWK!

($??$?)-&!T):$:.!#$%E$!$94!X'&>!2':69!F"QQSIe!rX36%4697!V'-0!#'$9697*r.!69e!#6-6$+!

X3&&!$94!_6%>'%+!g'34'-.!'4*Ke!0B(4:#"2(/!."$4"-4H#8+7($!)f4E(S./%'4%$,45"7M").!."$%'4=%/!"#)K!D&$9A)-4e!dD2M!P30%6C$&6)9*.!QR1"ZcK!

('$%!/C$4'+6$!O*?$w)%$!FWY"YIe!V%$/"4,(4,%!")4J5A@U[K4X($4't$(%Z<45"#M+)4,.%/#g$./"4,('4()M%i"'K!z>&&?ejj555K-$'K'*{!i"RKYSKWY"YnK!

()4-x73'a!#)%69$.!u$:6'-!FWYYJIe!r=-$46C6v9!+$93*C-6&$!,!7-$+h&6C$!>6*&v-6C$e!%)*!

&6'+?)*!C)+?3'*&)*!'9!%)*!&'@&)*!+'46':$%'*r.!69e!2)%$!P)9*!()4-x73'a.!'4Ke!

h.)!"#.%4,(4'%4'($8+%4F4/#t!./%4!(S!+%'K!#$4-64.!<-$9EA3-&e!M0'-)$+'-6C$9$!V'-:3'-&!V'-%$7.!"Q1JRK!

Dh9C>'a1P-6'&)!X)-N$.!P'4-)!FWYYWIe!3($(#%'4()!"#.%<4:#.7(#%4:%#!(K!/%C$%h!4'!T'9$-'*!896:'-*64$4!4'!/%C$%h!4'!T'9$-'*K!

D$9E)AA.!g6%%6$9!$94!P6'--'&&'!=>60$3%&!F"QRRIe!r2p$%&'-9$9C'!'9&-'!%'*!$3@6%6$6-'*!$:)6-!'&!

á&-'!'9!A-$9o$6*!?$-%s!à!#)9&-s$%r.!69e!E%$8+(4-#%$u%.)(!Zc!F"I.!S"1"YSK!

D>$99)9.!=>)+$*!<K!F"QQYIe!r=>'!89$CC3*$&6:'!T,?)&>'*6*!$94!&>'!T6*&)-,!)A!&>'!

P'-A'C&!/3@6%6$-,!69!g'-+$96C!$94!()+$9C'r.!69e!T'99697!/94'-*'9!$94!f)9-$4!

f)'-9'-.!'4*Ke!h.)!"#./%'4E.$8+.)!./)4OPvQK!/+*&'-4$+e!X'9N$+69*.!cJ"1cSSK!

D>$99)9.!=>)+$*!<K!F"QQJIe!rO@?%$69697!?'-A'C&!$3@6%6$-,!:$-6$&6)9e!D)+'!+)4$%!$94!

$*?'C&3$%!'AA'C&*!69!&>'!>6*&)-,!)A!g'-+$96Cr.!69e!H7(#./%$4W"+#$%'4"-43(#7%$./4E.$8+.)!./)4%$,4E.!(#%!+#()!R!FWI.!"WQU"JZK!

D+6&>.!/$-)9!fK!FWYYRIe!r2$973$7'!3*'!$94!$3@6%6$-,!*'%'C&6)9!69!&>'!?'-A'C&r.!69e!($Ö%!

/-$9):6C>.!'4Ke!;M'.!4%+S.'.%#F4)F)!(7)f4%4/#"))9'.$8+.)!./4M(#)M(/!.&(K!/+*&'-4$+.!P>6%$4'%?>6$e!u)>9!X'9N$+69*.!Wbb1WRYK!

! WZ!

D)-$C'.!/9&)9'%%$!FWYYYIe!rg-$46'9&*!69!/3@6%6$-,!D'%'C&6)9!56&>!M9&-$9*6&6:'!V'-0*r.!69e!

E%$8+%8(!RJ!FcI.!SbQ1SQYK!

D&)%):$.!m$&$%,$!MK!FWYYbIe!r=>'!(O=8(m!D)3-C'!k)+$69!$94!&>'!M&'-$&6:'!/*?'C&!69!

"J&>1d'9&3-,!D?$96*>K!/!d)-?3*!/9$%,*6*!)A!G!"#$%#j&"'&(#!`!P-'?)*6&6)9!`!M9A696&6:'Hr.!69e!/%$9!_$%%697&)9!'&!$%K.!'4*Ke!:#"/((,.$8)4"-4!B(40B.#,4D$!(#,.)/.M'.$%#F4_"#^)B"M4"$45"#M+)9V%)(,4HMM#"%/B()4!"4=.8+#%!.&(4E%$8+%8(4945"#M+)4E.$8+.)!./)4`rrnK!X6-+697>$+e!896:'-*6&,!)A!X6-+697>$+.!RW1RQK!

D&)%):$.!m$&$%,$!MK!FWYYQIe!r2)*!C)-?3*!46$C-v96C)*!$%!*'-:6C6)!4'%!'*&346)!4'!%)*!

$-C$x*+)*!7-$+$&6C$%'*r.!69e!/94-s*!O9-6B3'1/-6$*.!'4Ke!U.%/#"$t%4,(4'%)4'($8+%)4.1(#"##"7q$./%)f4$+(&%)4%M"#!%/."$()4,(),(4%4'.$8mt)!./%4,(4/"#M+)K!#$4-64.!<-$9EA3-&!$+!#$69e!M0'-)$+'-6C$9$.!V'-:3'-&.!ZSb1cYYK!

='+?-$9).!u3$9!d$-%)*!F"QQYIe!h.)!"#.%48($(#%'4,(4'%)4/")%)4,(4T+(&%4[)M%i%K!#$4-64e!T6*&)-6$!"JK!

=-$37)&&.!O%6a$0'&>!d%)**!$94!g-$'+'!=-)3*4$%'!FWY"YIe!rg-$46'9C'.!7-$43$%9'**!$94!

7-$++$&6C$%6a$&6)9K!T)5â!4)â!&>',!â69&'-*'C&är.!69e!O%6a$0'&>!d%)**!=-$37)&&!$94!

g-$'+'!=-)3*4$%'.!'4*Ke!3#%,.($/(I43#%,+%'$())4%$,43#%77%!./%'.\%!."$K!X'-%69.!/+*&'-4$+e!u)>9!X'9N$+69*.!"Q1ccK!

=3&&%'.!O45$-4!<K!F"QSJIe!r=>'!D?-'$4!)A!ODDO!$*!896:'-*$%!/3@6%6$-,!69!d'9&-$%!M&$%)1

()+$9C'r.!69e!G(,."(&"4@"7%$\"!""!FWI.!WWQ1WSRK!

V'-7$-$!_6%*)9.!k$+6h9!FWYYQIe!r<-)+!p('+$69697p!&)!pX'C)+697p!69!D?$96*>e!=>'!()%'!

)A!P-'A$0*!69!&>'!k':'%)?+'9&!)A!&>'!d)9*&-3C&6)9!*+(,%#J)(K4`!/4N'C&6:'r.!69e!()0'-&$!d)--67$9!'&!$%K.!'4*Ke!="#7+'%./4E%$8+%8(K!/+*&'-4$+.!m'&>'-%$94*e!X'9N$+69*K!".!WRZ1WQbK!

_;%C>%6.!X'-9>$-4!FWYYJIe!r=,?)%)7,!)A!%67>&!$94!>'$:,!G$7$69H.!)-.!&>'!'&'-9$%!-'&3-9!)A!

&>'!*$+'r.!69e!;!+,.()4.$4E%$8+%8(!ZY!F"I.!JQ1""ZK!!

!

!