• No results found

Early life predictors for atopic dermatitis in infancy

N/A
N/A
Protected

Academic year: 2022

Share "Early life predictors for atopic dermatitis in infancy"

Copied!
157
0
0

Laster.... (Se fulltekst nå)

Fulltekst

(1)

1A<H<965@A5493C?AB6?A1C?@9345A=1C9C9B9>9>61>3H

!L7)7H?7.;>8?D:;H

(#0,-#.3) -&)B(-.#./.) &#(#&##(

*,.'(.) ,'.)&)!3B-&)(#0,-#.3 )-*#.&

-&)-,"!,)/*) -."'(&&,!3#("#&"))C."/(!(

(0#,)('(.

@> 20

(2)

© Eva Maria Rehbinder, 2020

Series of dissertations submitted to the Faculty of Medicine, University of Oslo

ISBN 978-82-8377-626-3

All rights reserved. No part of this publication may be

reproduced or transmitted, in any form or by any means, without permission.

Cover: Hanne Baadsgaard Utigard.

Print production: Reprosentralen, University of Oslo.

(3)

K

,12<5?6?>C5>CB

? *8888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888A

?8? $'(/% &',+88888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888A

?8@ -&&*1(,!+"+88888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888E KELEK %!,)/(EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEQ KELEL #'-EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEQ KELEM .")-EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEQ KELEN -/&.-EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEER KELEO )(&/-#)(-EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEES

?8A *.","('+8888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888?>

?8B "+,())*+88888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888??

@ '*%',*(-,"('88888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888?@

@8? %%* ""+++6"'","('+5)"&"(%( 15" '(+"+'),!( '+"+8888888888888888888?A JEF?9:;HC7J?J?IEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEKN "EE:7BB;H=O 7IJ>C77D:7BB;H=?9H>?D?J?IEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEKR

@8@ %%* ""++'*%1&"*("%(%('"2,"('88888888888888888888888888888888888888888888888888888888888888888?G

@8A $"'**"*5,*'+)"*&%/,*%(++'*1+$"'"',()"*&,","+88888888888888888@A

@8B *","('(,()"*&,","+'+$"'**"*1+-',"('8888888888888888888888888888888888888888888@D

@8C ,()"*&,","+6*(%"',!,()"&*!'"')*.',"' %%* ""++:8888@F A #,".'+)"""&+(,!,!+"+8888888888888888888888888888888888888888888888888888888888888888888888888888A?

B ,!(+'+-#,+8888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888A@

B8? ,-1+" '8888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888A@

B8@ -#,+8888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888AC B8A ,!(+888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888AG .;9HK?JC;DJ7D:;DHEBC;DJEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEMS -K;IJ?EDD7?H;I7JM;;AI7D:M;;AIE<=;IJ7J?ED7B7=;EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEMS %D9BKI?ED7J8?HJ>EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEENJ /A?D7II;IIC;DJ7J7D:CEDJ>I?DL;IJ?=7J?EDIEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEENJ 0H7DI;F?:;HC7BM7J;HBEIIC;7IKH;C;DJ7J7D:CEDJ>I?DL;IJ?=7J?EDIEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEENL CD?EJ?9<BK?:I7CFB?D=7D:7D7BOI?IEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEENM B8B "'","('+'(-,(&+888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888BB 1D7<<;9J;:IA?D7D::HOIA?DEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEENN JEF?9:;HC7J?J?IEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEENO 0H7DI;F?:;HC7BM7J;HBEIIEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEENO ,EJ;DJ?7BFH;:?9JEHI<EH:HOIA?D >?=>JH7DI;F?:;HC7BM7J;HBEII7D:7JEF?9:;HC7J?J?IEEEEEEEENO CD?EJ?9<BK?:DED.+)=HEKF7D:.+)=HEKFEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEENQ B8C ,,"+,"%&,!(+888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888BE B8D ,!"%('+"*,"('+888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888BF C +-%,+88888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888C>

C8? *',%)*",(*+(*"&)"*+$"'**"*-',"('(*,()"*&,","+8<)*+

'=88888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888C?

C8@ *"',%)*",(*+(*"&)"*+$"'**"*-',"('',()"*&,","+5

"'%-"' &((%".*1')(,',"%&'"(,"%-"&"*("(&8<)*5'=

C@

OELEK (0-.#!.#(!'(#).# &/# ),*).(.#&'#,)#).EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEOL

C8A *.%'')*",(*+(**1+$"'"'*%1"''18<)*5'=88888888888888CB

C8B *1+$"'6++(","('/",!"'*+,*'+)"*&%/,*%(++')*",(*(

,()"*&,","+8<)*'=888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888CD

OENEK ,3-%#(),"#!".M')(."-) !-*,#.),-) .P')(."-) !EEEEEEEEOR

(4)

L D "+-++"('8888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888D>

D8? *',%)*",(*+(*"&)"*+$"'**"*-',"('(*,()"*&,","+88888888888888D>

D8@ *"',%)*",(*+(*"&)"*+$"'**"*-',"('',()"*&,","+5

"'%-"' &((%".*1')(,',"%&'"(,"%-"&"*("(&88888888888888888888888888888888888D>

D8A !)*.%'')*",(*+(**1+$"'"'*%1"''1888888888888888888888888888888888888888888888DB

D8B *1+$"'6++(",/",!"'*+,*'+)"*&%/,*%(++')*",(*(

,()"*&,","+888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888DD D8C ,*' ,!+'%"&",,"('+888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888DF E "'('%-+"('+888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888E>

0E?:;DJ?<OFH;D7J7B<79JEHIJ>7JFH;:?9JI?CF7?H;:IA?D87HH?;H<KD9J?EDEH7JEF?9:;HC7J?J?I

?D;7HBO?D<7D9O,7F;H%7D:%2EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEQJ 0E?:;DJ?<OF;H?D7J7BFH;:?9JEHI 7BIE;NFBEH?D=CE:;E<:;B?L;HO7D:7FEJ;DJ?7B7CD?EJ?9

<BK?:C?9HE8?EJ7 <EH?CF7?H;:IA?D87HH?;H<KD9J?ED7D:7JEF?9:;HC7J?J?I?D?D<7D9O,7F;H% %%7D:

%2 QJ

0E:;J;HC?D;J>;FH;L7B;D9;7D:FH;:?9JEHI<EH:HOIA?D?D;7HBO?D<7D9O,7F;H% %%%7D:

%2 QJ

0E:;J;HC?D;?<:HOIA?D?I7IIE9?7J;:M?J>?D9H;7I;:JH7DI;F?:;HC7BM7J;HBEII 7D:?<8EJ>

J>;I;<79JEHIFH;:?9JI7JEF?9:;HC7J?J?I?D?D<7D9O,7F;H%7D:%2EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEQJ F %"'"%"&)%","('+'-,-*)*+),".+888888888888888888888888888888888888888888888888888888888888888888E?

G *'+888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888EA

(5)

M

(A56135

919 !") !&%

1--.#&&#(%#(,!,(1"(#.))').),E-.,/!!&1#.".)*#

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

,'.)&)!3*,.'(..#%-")-*#.&.B-&)(!#(.#(.)*#,'.#.#-,-,"I 1")"&*'&1#."'3#--E."#(%.".."#-1-)() .",-)(-1"3.")/!".

)/.'##(#(." #,-.*&(-*#&&3,'.)&)!3E"(,#-.#(3!!(B."

") .",'.)&)!3*,.'(...E&0>-")-*#.&B#.)!#0'"(B 1-.",#&&E&.")/!"".)13 ,)''3 '#&3()/&-'3/!".,B&#- HKBO3,-.."..#'I)(&3#(."1%(- ),Q')(."-B&)00,3#.) ."$)E ,#-.#(1- #,(-/**),.#0&,-1&&-#(!-.,)(! '&,)&')&E3 )&&!/-#(,)("#'1,&&'4#(!B")10,,#-.#(%$.(1")-.,.)/..."

-'.#'-'1#&&&13-"0-*#&*&#('3",.E

,#-.#((&#- #(&&3$)#('#(,)("#'B/.1"("#&1-),(#(LJKM1

#.)')0%.)-&)/,#(!'3'.,(#.3&0E),./(.&3B,-,"(

."#(! &&)1-"#*#(,'.)&)!3)*(.."(#0,-#.3) -&)E**&#B..,

$,-0#%&#0#('B(!).."*)-#.#)(E

1-*,-(.1#."(2#.#(!B(1('#.#)/-*,)$.B.",0(.-./3E ,#(E=,/*,&-(B((,!.#B#(-*#,#(!(&0,*#.,##((*,) --),#(."

#&) -."'(&&,!##--B1-."*,)$.&,(") ."H-&) -,"!,)/*) -."'(&&,!3#("#&"))C."/(!((0#,)('(.I,-,"

!,)/*E#(((,=B,'.)&)!#-.1-!)#(!.)."*)-.)(&)&#(-&)(

'." #,-."-./(.)(."#-*,)$.E3"*,)$.1-#(#.#&&3-/**)-.) )(-%#('#,)#)'(.)*#,'.#.#-B1#.",#(-'3'#(-/*,0#-),(#(((

.,/-.B*,) --),#('#,)#)&)!3-'3)F-/*,0#-),-B")10,-3)/(- ,)'.".#.&#."(!&)(!."13E

..))%&')-.3, ),1!).."**,)0&)(."S.") ',LJKNB(

/,#(!."#-.#'11,0,3/-3*,*,#(! ),."&/("B'%#(!*,)/,-(

*&((#(!&&."&)!#-.#-B-/"(&),.-./3,+/#,-E(."#-*,#)'.'(3

#.(0,3 ,#(&3,-,",-.".1,*,.) ."*&((#(!B#(#.#.#)((

2/.#)() ,0(.E(-&)!)..)%()1#F 6%)(,&-(B((.#(. B

(6)

N /..),' /!(B)(# /!,,&-(B,#.,(/'B((#3!6,B..,)1#(%&B 6&/!&&#(#, 6&(.)'(.#)(-)'E(.)%")&'B/(#&& &#(B$<,(),&/(B

#&&<,"5&&B(((-,()$1#."."#,.''.,'()/- ),..)-.

,0(.#(').#)(.,)&#(-% )-*#.&(#(-. )&B#!,#$&')B(.

0(-"!(B!&(,(-,((B.,#(=(0)&$=),!(&.,)(/((

",#-.#()(,)3)(--(1,*#0).& ),."-.&#-"'(.(,/((#(!) ,0(..-. )& )-*#.&,/-.E

,#(B3)/,/(-.)**&(1#.")/.3)/.",0(.*,)$.1#."&&#.>-KS"

-./(.-1)/&(0,"0"**(E &0,3&/%3.))() ."'(.)"03)/- '3-/*,0#-),E"(%3)/ ),3)/,#.#)(.)*/&#"&."(.)'(&))%

),1,.)&&.".#-") /-E

#."#((B1-&/%3.)"0 ,#(-'3)&&!/(-/*,0#-),E)/,#*&)'.#B

*,*.#0(*,!'.#13#-#(-*#,#(!B(#."-(!,.1),%#(!-)&)-&31#."

3)/E"(%3)/ ),&&3)/,0&/&)(.,#/.#)(.)'3"(.".(.&%.)3)/

)/.(3."#(!(0,3."#(!E

",0(.-&).'-.,..)!,)11#."#0/&#=,&B , (.,9(

/'/(-;..#,B=,/*,&-(B"-*&/(.0#%B#0),"!(B,(&#(

.(-3#(-B(,3,!B,#$(-&#B&8(/,(-!,(.,#( #&#(."

!#((#(!E/,.",2*(#(!1#."(!&#)"(-(#(!,B#%3,-."B,#-.#(

/'0(!,B,#-.#(#%(7-B"&"'#'#B(!0#&--8(B,#(&(

/(,-B,((7/-,(&/((#'0).(,E)'"0-.3&)(!,B -)'-"),.,E"0-",'(3&/!"-B1"0" ,/#. /&#-/--#)(-B('

").",..,E"0'(&--,0(.%#.-.)!.",B,,/#.*,!((.

1)'(&#%.",1-().)'),,)1(1"02'#('/&.#./) #-E>'&-) 0,3!,. /& ),&&."1),%")/,-.".'-#(.)%")&'(-. )&"0#..) ,0(.E

"(%3)/B-)'/".)&&." '#&#-.".1(..)#(&/#()/,-./3B#."

#(.,0(.#)(-B,(-1,#(!."+/-.#)((#,-(,)'#(!.)." )&&)1F/*

#(0-.#!.#)(-E)/,."-.G",0(.-./3)/&()."0(*)--#&

1#.")/..")(.,#/.#)() (/',)/- /(#(!)#-B('-#(,&3!,. /& ),."#-E

(7)

O

60,%$,0(.))%)0,-&)&#(-&) .,#(((,&&3**,#."#-'#(B -(-) "/')/,(.".1( ,(%1#."").",E#3-../%.#&#-,&(.&--#(

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

('.E)($#,F#&-(B'3&#0&3(-",* ,#(()&&!/#(B."(%

3)/ ),#(!3)/E

)#(#(!."-&).'&.,B*/..#(!'(31),%")/,-#(.)."*,)$.B,&-)).", )'*&#-"( /(*)*&D) #),&-(B-"#&#%-*,#8B #&(&(B

&%-B)"((."/- ,'(-(B-#')'#B(#(#B(,3-.0)& (-(

(,#/-/,6-%,'E

.."(#0,-#.3B,-=0)&,(.-B,#!".(%#(,').)&)!#-..".1-&,3 ,-," &&)11"(-.,."-('3'(.),E"#","&-)#(.)*#

,'.#.#-B(-"#(&/'0,3 -.#(.)."/(#0,-#.3/(#0,-E&)0", (."/-#-'B('#--",1"("0(>..&%.)", ),1"#&E

&0,3*,#0#&!."...,$,-0#%B*,) --),(") .",'.)F0(,)&)!#&

/.#)(B"0-","#-1#-)'1#."'( ),&&."-/**),.""-!#0('E."- (#(-*#,#(!.)*,.) ."/.#)(&.'B#(&/#(!(F30#( )&'B)((,- &0),-(B(#&&)-,#&&)B,#-.#(,!,-(B((&/!&-(('3, -.,#)--#/-1")' .,,-(#-&-))#(!",")(.)*#,'.#.#-E

(."*&((#(!*"-) .",0(.-./31-#(",!) '%#(!."*,)/,- ),."'#,)#)'-'*&#(!(*--#)( ),/!-!,1#(-#) 'E.,/-.B(

,-&(B.,#/0#((B)"((- )0(,#/-,=-#1,'3"#!"&3)'*.(.

0#-),-E.,!)..)%()1.",#&&#(.B(/./#1")-/*,0#-(!0'--.)

"#-&.B1",)/&)."'(#).# &/#1),%1#."."2*,."&* ,)'(!

(!&&B(1",&-)'.),.(#&-( ),." #,-..#'E"(%3)/G

#0(0#%B'3-..#-.#&!(#/-"--/*,0#-'$/##)/-&3.",)/!"'3."#,(

)/,."**,E"(%3)/G((>-&#(/-(("0)&&),.1#."8&#(

..,)(#B&2#-*#((#%#!-)(-%#('#,)#)'(&))% ),1,.)."

)(.#(/.#)() ."#-1),%E

(8)

P

*#&."(%-.),#(B#3-( 60, ),3)/,1),%)(**,B.)(!&#(#((

),3)/,1),%)(**,B.)(/.(((.#( ),3)/,1),%)(**,B(.)#'(

#0 ),3)/,1),%)(**,(.)&&'3)F/."),- ),&&3)/, ),.-#(.)'%#(!'3

**,--!))-*)--#&E

"0'.'(3'),*)*&#(."3,--"-./(.."."0'(#'*.(

."."0(#(0)&0#(.",0(.-./3E"&#-.#-.))&)(!.)'(.#)(&&."- ('-B/.>'0,3!,. /& ),."#, ),.B&&."-'.#(!-B&&."#,"&*(

()/,!'(.G

..",'.)&)!31,#(-&)(#0,-#.3 )-*#.&B)((,- &0),-((),/(

!(=(-(!0'$)E(#&&)-,#&&)1&)''(.))%,) '#(

'3(1*)-#.#)(-,-#(.B)'#(#(!&#(#&1),%(,-,"((4,3#.%#- ()1&#(!'-.#&3.)1,-'3(2.!)&-E"(%3)/G.,/&3($)31),%#(!1#."&&

'3)&&!/-..",'.)&)!31,(&))% ),1,.)..,!..#(!.)%()1 0,3)(E>'-*#&&3"**3.".."0).(&)0&3/,)/((#0$=,(0!(B 0-.,#=(-,!((() #,(-.),*F)-(()1,!/##(!'.",)/!"'3 ,-#(3B(.".."*--#)(.(/((#(!,#-.#(="-)''3&#(#&

-/*,0#-),E

1)/&&#%.)."(%&&'3 '#&3( ,#(- ),3)/,&)0B%#((--(-/**),.E)/

%()11")3)/,E

,#-.#(B3)/,'3,)%(.)!.",1#.")/,/!".,-&#-HSI("#&HPI3)/

'%'..,*,-)(E)/,*.#((%#(!"0(.))!)).).,/E

&)03)/E

(9)

Q 91: ' $+"&%%

(%)%( "

JEF?9:;HC7J?J?I 7D:EJ>;H7BB;H=?9:?I;7I;I>7L;H;79>;:;F?:;C?9DKC8;HI M?J>7D

?D9?:;D9;E<KFJE7BH;7:O?DJ>;<?HIJO;7HE<B?<;BJ>EK=>F7H;DJ7B7JEFO>7I8;;D

;IJ78B?I>;:7IJ>;CEIJ?CFEHJ7DJI?D=B;<79JEHFH;:?9J?D=E<<IFH?D= =;D;J?9879A=HEKD:

97DDEJ;NFB7?DJ>;?D9H;7I;?D FH;L7B;D9;79HEIIJ>;=BE8;/;;A?D=7DKD:;HIJ7D:?D=ED>EM FH;D7J7B7D:F;H?D7J7B<79JEHI9EKB:;?J>;HFH;:?9JEH;NFB7?DJ>;EDI;JE< ?D;7HBO?D<7D9O MEKB:8;?CFEHJ7DJJE8;JJ;HKD:;HIJ7D: F7J>EC;9>7D?ICI EFJ?C?I;J>;H7FO7IM;BB7I FEII?8BOI;B;9J?D<7DJI<EHFH?C7HOFH;L;DJ?EDIJH7J;=?;I

(%)%)

0>;E8@;9J?L;E<J>?IJ>;I?IM7IJE?:;DJ?<OFH;D7J7B7D:F;H?D7J7B<79JEHIJ>7JFH;:?9JI?CF7?H;:

IA?D87HH?;H<KD9J?ED7D: ?D;7HBO?D<7D9O?DEH:;HJE8;JJ;HKD:;HIJ7D:J>;D7JKH;E< 7D:

FEII?8BOI;B;9J?D<7DJI<EHFEJ;DJ?7BFH?C7HOFH;L;DJ?ED3;7?C;:JE;NFBEH;CE:;E<:;B?L;HO 7D:7FEJ;DJ?7B7CD?EJ?9<BK?:C?9HE8?EC; 7IM;BB7I:;J;HC?D?D=FH;L7B;D9;<EH:HOIA?D7D:?<

?J?I7IIE9?7J;:M?J>?D9H;7I;:JH7DI;F?:;HC7BM7J;HBEII0!3( 7D:?<:HOIA?DEH?D9H;7I;:

0!3(FH;:?9JI ?D;7HBO?D<7D9O

(%)%* !

0>;IJK:O9E>EHJM7IH;9HK?J;:<HECJ>;,H;L;DJ?D=JEF?9:;HC7J?J?I7D:BB;H=?;I?D9>?B:H;D ,H;L;DJ ((IJK:O0>;,H;L;DJ ((IJK:O 7=;D;H7BFEFKB7J?ED87I;: CKBJ?9;DJ;H JME8OJME<79JEH?7BBO:;I?=D;: H7D:EC?I;:9EDJHEBB;:?DJ;HL;DJ?ED7B7D:;NFBEH7J?L;8?HJ>

9E>EHJIJK:O;DHEBB;:FH;=D7DJMEC;D7JJ>;M;;A<;J7BKBJH7IEKD:?DL;IJ?=7J?ED 7D:J>;?H

>;7BJ>O878?;I8EHD7J=;IJ7J?ED7B7=;#EHB7J;H%D<7DJIM;H;H7D:EC?I;:JEIA?D

?DJ;HL;DJ?ED <EE:?DJ;HL;DJ?ED 8EJ>?DJ;HL;DJ?EDI EH9EDJHEB0>;C7?DEKJ9EC;I<EHJ>;

?DJ;HL;DJ?EDI7H;7II;II;:7JCEDJ>I<EH 7D:7JCEDJ>I<EH<EE:7BB;H=O%DJ>?IJ>;I?I J>;<E9KI?IEDJ>;;NFBEH7JEHOF7HJE<J>;IJK:O3;?D9BK:;:CEJ>;H9>?B:F7?HIJ>7JM;H;

(10)

R H7D:EC?I;:JE<EE:?DJ;HL;DJ?EDEDBOEH9EDJHEB<EHJ>;EKJ9EC;I:HOIA?D 0!3(7D:

M>?9>M7I7II;II;:7JJ>;7D:CEDJ>I?DL;IJ?=7J?EDIJEF?9:;HC7J?J?I ?DJ>?IJ>;I?I M7I :;<?D;:7IJ>;FH;I;D9;E<;9P;C7JEKIB;I?EDI ;N9BK:?D=:?<<;H;DJ?7B:?7=DEI;IJE $?=>

0!3(M7I:;<?D;:7I0!3(J>F;H9;DJ?B; ;GK7BB?D==C>!NJ;DI?L;;B;9JHED?9 GK;IJ?EDD7?H;I7J7D:M;;AFH;=D7D9O7D:E8IJ;JH?99>7HJIH;9EH:;:FEJ;DJ?7BFH;:?9J?L;

<79JEHI(E=?IJ?9H;=H;II?ED7D7BOI?IM7IKI;:JE?:;DJ?<OI?=D?<?97DJFH;:?9JEHICD?EJ?9<BK?:?D J;HCFH;=D7D9?;I:;B?L;H;:8O97;I7H;7DI;9J?ED/M7IIK99;II<KBBOI7CFB;:<HECMEC;D 3;I;B;9J;:I7CFB;I<HEC;B;9J?L;/I M>;H;7BBM;H;I7CFB;:?DJ>;I7C;EF;H7J?D=HEEC M?J>?DJ79J7CD?EJ?9C;C8H7D;IDED.+)HKFJKH;E<C;C8H7D;=HEKFFH?EHJEB78EKH7IM;BB 7I?D9BK:?D=7BBM?J>ED=E?D=B78EKH7D:HKFJKH;:7CD?EJ?9C;C8H7D;I.+)=HEKF7I FEI?J?L;9EDJHEBICD?EJ?9<BK?:M7I7D7BOI;:8O>?=>BOI;DI?J?L;:?=?J7B:HEFB;J::,.7D:

I;GK;D9?D=J;9>D?GK;I7IM;BB7I879J;H?7B9KBJKH?D=

(%)%+ "!

+<J>;FH;=D7D9?;IMEC;D?D9BK:;:7J7C;7DH7D=;M;;AI#

9>?B:H;DJM?DI8EOIM;H;?D9BK:;:?DJ>;CEJ>;H9>?B:9E>EHJ8EHD7JC;7D

#0>;CEJ>;HXIC;7D7=;C?DC7NM7IO;7HI7J?D9BKI?ED EL;H>7:

CEH;J>7DO;7HIE<>?=>;H;:K97J?ED 7BCEIJ7BBM;H;C7HH?;:EHB?L;:M?J>J>;?H 9E>78?J?D=F7HJD;H"HECJ>;<;JKI;I DM;H;?D9BK:;:7J8?HJ>

M;H;8EOI7D:M;H;:;B?L;H;:8O/JB;7IJED;:E9JEH:?7=DEI;:7BB;H=?9 :?I;7I;M7IH;FEHJ;:8OE<J>;CEJ>;HI 7D:7JB;7IJJME8O M>?B; M7IH;FEHJ;:

8O

)7J;HD7B7BB;H=?9:?I;7I;M7IJ>;EDBOI?=D?<?97DJFH;D7J7BFH;:?9JEH<EH>?=>0!3(7JCEDJ>I E<7=;+. 9ED<?:;D9;?DJ;HL7B%F0>;<EBBEM?D=FH;D7J7B

<79JEHIFH;:?9J;: 7JCEDJ>IE<7=;C7J;HD7B7BB;H=?9:?I;7I;+. % F 7D:CKBJ?F7H?JO+. %F

(11)

S 0>;EDBOI?=D?<?97DJF;H?D7J7BFH;:?9JEH<EH>?=>0!3(M7I8?HJ>:KH?D=M?DJ;HI;7IED+.

%F M>?B;<;C7B;I;NM7IJ>;EDBOFHEJ;9J?L;<79JEH+.

%F"EH 7JCEDJ>IE<7=; ;B;9J?L;/+. % FM7IJ>;EDBOI?=D?<?97DJF;H?D7J7BFH;:?9JEH

%D7CD?EJ?9<BK?:<HECJ>;DED.+)=HEKF J>;C;:?7DC?DC7N9ED9;DJH7J?EDE<FHEA7HOEJ?9 */H.*=;D;9EF?;ICB::,.M7II?C?B7HBOBEM7I?DJ>;D;=7J?L;

9EDJHEBI M>?B;J>;.+)=HEKF>7:CEH;J>7D<EB:>?=>;HB;L;BI F 8O)7DD3>?JD;O1J;IJO7D7;HE8?99KBJKH?D=E<J>;.+) I7CFB;I>7::;J;9J78B;879J;H?7B=HEMJ> ?D9EDJH7IJJEDED;E<J>;DED.+)I7CFB;I/7D=;H I;GK;D9?D=E<J>;.+)I7CFB;I?:;DJ?<?;:879J;H?7BIJH7?DIJ>7J7H;9ECCEDBOF7HJE<J>;

L7=?D7B<BEH77D:EH7IIE9?7J;:M?J>?DJH7KJ;H?D;?D<;9J?EDI

0>;FH;L7B;D9;E<:HOIA?D7JCEDJ>IM7I HOIA?DM?J>EKJ M7I<EKD:?D

>7: E<J>;I;>7L?D=:HOIA?D 7D:>7:KD7<<;9J;:IA?D%D<7DJIM?J>:HOIA?DED 9>;;AI7D:;NJ;DIEHIKH<79;IE<J>;;NJH;C?J?;I>7:I?=D?<?97DJBO>?=>;HC;7D0!3(=C>E<

% 9ECF7H;:JEJ>EI;M?J>:HOIA?DED;NJ;DIEHI7D:DEJ9>;;AI F 7D:I?=D?<?97DJBOBEM;HJ>7DJ>EI;M?J> F ,H;:?9J?L;<79JEHI<EH:HOIA?DM;H;:;B?L;HO=;IJ7J?ED7BM;;AI+. % F7D:?D9H;7I?D=F7J;HD7B7=; ?DF7HJ?9KB7HO;7HI+. % F HOIA?DM?J>EKJ 7JCEDJ>IM7IFH;:?9J?L;<EH 7JCEDJ>I +.7:@KIJ;:

% F M>?B;>?=>0!3(7JCEDJ>IM7IDEJ

(%)%, "

%D7=;D;H7BFEFKB7J?EDE<CEDJ>IEB:?D<7DJI I?=D?<?97DJFH;:?9JEHI<EH>?=>0!3(M;H;

C7J;HD7B7BB;H=?9:?I;7I; 8?HJ>:KH?D=M?DJ;HI;7IED7D:C7B;I;N M>?B;<EH ?JM7IC7J;HD7B 7BB;H=?9:?I;7I; CKBJ?F7H?JO7D:;B;9J?L;/%D;B;9J?L;/I8;<EH;HKFJKH;E<7CD?EJ?9

(12)

KJ C;C8H7D;I7D:B78EKH 7CD?EJ?9<BK?:M7IIJ;H?B; ?DKD9ECFB?97J;:J;HCFH;=D7D9?;I HOIA?D M7IFH;I;DJ?D7JCEDJ>IH;=7H:B;IIE< 7D:?DM?J>EKJ M?J>9>;;AI7D:

;NJ;DIEHIKH<79;IE<J>;;NJH;C?J?;ICEIJ9ECCEDBO7<<;9J;:);7D0!3(M7II?=D?<?97DJBO

>?=>;H?D?D<7DJIM?J>:HOIA?DJ>7D?DJ>EI;M?J>KD7<<;9J;:IA?D ;IF;9?7BBO?DJ>EI;M?J>

9ED9KHH;DJFH;I;D9;E<:HOIA?DED9>;;AI7D:;NJ;DIEHI%D9H;7I?D=#7J8?HJ>7D:?D9H;7I?D=

F7J;HD7B7=;M;H;I?=D?<?97DJFH;:?9JEHI<EH:HOIA?D7JCEDJ>I M>?9>?DJKHDFH;:?9J;: 7J CEDJ>IE<7=;

91; $(&"!%

JEF?9:;HC7J?J?I

" CD?EJ?9<BK?:

)% E:O)7II%D:;N

% ED<?:;D9;%DJ;HL7B

/ 7;I7H;7DI;9J?ED

!/% !9P;C7H;77D:/;L;H?JO%D:;N

!#)!%=;D;

# #;IJ7J?ED7B7=;

+. +::I.7J?E

,+!) ,7J?;DJ+H?;DJ;:!9P;C7);7IKH;

.+) HKFJKH;E<C;C8H7D;

.0 .7D:EC?I;:9EDJHEBB;:JH?7B / /J7D:7H: ;L?7J?ED

0!3( 0H7DI;F?:;HC7BM7J;HBEII

(13)

KK 91< %&"##$%

,7F;H%

7HBI;D '( .;>8?D:;H !) /A@;HL;D $+ 7HBI;D )$ "7JD;I 0"K=;BB? ,

#H7DKC $7K=;D # $;:B?D # &ED7II;D ) (7D:H] ( (KD:; & )7HIB7D: &

*EH:BKD: .K:? ' /@]8EH= ' /S:;H>QBB /J7<< 2;JJKA7JJ?B . 7HBI;D '$

!GK7B9EDJH?8KJ?ED(A5E5>C9>7C?@935A=1C9C9B1>4$$5A795B9>89<4A5>C85 (A5E5>C$$BCD4HBB;H=O +%7BB

,7F;H%%

.;>8?D:;H !) (E:HKF7HBI;D ' /J7<< D=;BB %( (7D:H] ( $?B:; '

#7KIJ7: , .K:? '!GK7B9EDJH?8KJ?ED!B1=>9?C936<D94?6F?=5>F9C8D>3?=@<931C54 C5A=@A57>1>395B6A55?6213C5A91C&+8IJ;J#OD;9EB +%

@7@E=

,7F;H%%%

.;>8?D:;H !) 3?D=;H & (7D:H] ( I7HDE@ ;H;DJI 0( 7HBI;D '$$;:B?D #

&ED7II;D ) *EH:BKD: /7D:L?A ( /A@;HL;D $+ /S:;H>QBB 2;JJKA7JJ?B . 7HBI;D '(!GK7B9EDJH?8KJ?EDAHB;9>1>4B;9>21AA95A9>51A<H9>61>3HH& ;HC7JEB +%8@:

,7F;H%2

.;>8?D:;H !) !D:H; ' 7HBI;D '( I7HDE@ 7?DI '!/ ;H;DJI 0( 7HBI;D '$ #K:CKD:I:RJJ?H $' $7K=;D # $;:B?D # 'H;O8;H= % *EH:>7=;D ( / *EH:BKD:

/7D:L?A ( /7KD:;HI ) /A@;HL;D $+ /S:;H>QBB /J7<< 2;JJKA7JJ?B .

2\HD;I8H7D:;D ). (7D:H] ((A5493C9>7B;9>21AA95A4HB6D>3C9?>1>41C?@9345A=1C9C9B 9>51A<H9>61>3H)7DKI9H?FJ799;FJ;:?D&%%D,H79J?9;

(14)
(15)

KL

5>5A1<!>CA?4D3C9?>

BB;H=?9:?I;7I;IIK9>7I7JEF?9:;HC7J?J?I 7IJ>C7 <EE:7BB;H=O7D:7BB;H=?9H>?D?J?I>7L;

EL;HJ>;B7IJO;7HIH;79>;:;F?:;C?9DKC8;HI7<<;9J?D=8EJ>OEKD=7D:EB:?D?D:KIJH?7B?P;:

7IM;BB7I:;L;BEF?D=9EKDJH?;I %:;DJ?<O?D=H?IA<79JEHI<EHEFJ?C7BC7D7=;C;DJ7IM;BB7I

;IJ78B?I>?D=;<<;9J?L;FH?C7HOFH;L;DJ?EDIJH7J;=?;I7H;?D:;C7D:JEH;:K9;J>;8KH:;DE<

:?I;7I;

)EH;J>7DED;7BB;H=?9:?I;7I;9E;N?IJCEH;E<J;DJ>7D8O9>7D9;?DJ>;I7C;?D:?L?:K7B FE?DJ?D=JEJ>;?H9ECEH8?:?JO7D:7FEII?8B;9ECCEDEH?=?D=;D;J?9IKI9;FJ?8?B?JOJE7BB;H=?9 :?I;7I;I>7IBED=8;;DH;9E=D?P;: 8KJJ>;:H7C7J?9?D9H;7I;?DFH;L7B;D9;?IB?A;BO:K;JE

;DL?HEDC;DJ7B9>7D=;I?DLEBL;:?D?CCKD;:OIH;=KB7J?ED/;L;H7B;DL?HEDC;DJ7B<79JEHI

>7L;8;;DFHEFEI;:7II>EMD?D#!/,LFK IK9>7IH;:K9;::?L;HI?JOE<;DL?HEDC;DJ7B7D:=KJ C?9HE8?EJ7 ?D9H;7I;:;NFEIKH;JE;DL?HEDC;DJ7BJEN?DI ;NFEIKH;JEJE8799EEHD?9EJ?D?9 FHE:K9JI7D:H;:K9;:<EE::?L;HI?JO0>;I;<79JEHI97D<KHJ>;H?DJ;H79JM?J>=;D;I 97KI?D=H;L;HI?8B;7D:?HH;L;HI?8B;;F?=;D;J?9CE:?<?97J?EDIFEII?8BOB;7:?D=JEJ>;:;L;BEFC;DJ E<?D<B7CC7JEHO9ED:?J?EDI0>;IA?D ;DL;BEF?D=EKH8E:O7D:8;?D=7D:7D?DJ;H<79;JE J>;IKHHEKD:?D=;DL?HEDC;DJ?I8?EBE=?97BBOCEH;IKI9;FJ?8B;?D?D<7D9OJE?HH?J7DJI JEN?DI7D:

?D<;9J?EDI 9ECF7H;:JEB7J;H?DB?<;DEFJ?C7B87HH?;H97F79?JO?IDEJ;IJ78B?I>;:<EH7J B;7IJED;O;7H<EBBEM?D=8?HJ> M>?9>?I>?=>BO:;F;D:;DJKFEDJ>;=;D;J?9

FH;:;J;HC?D7J?ED?D9EC8?D7J?EDM?J>J>;CE:?<O?D=;<<;9JE<J>;;DL?HEDC;DJ7B;NFEIKH;

BB;H=?9:?I;7I;IE<J;DIJ7HJM?J> <EE:7BB;H=OEH8EJ>?D;7HBO?D<7D9O <EBBEM;:8OM>;;P;

EH7IJ>C77D:7BB;H=?9H>?D?J?I?D9>?B:>EE:0>;:;87J;7HEKD:J>?I9ED9;FJE<J>;7JEF?9C7H9>

>7I8;;DED=E?D=<EHO;7HI?CFBO?D=J>7JJ>;C7D?<;IJ7J?EDE<ED;7BB;H=?9:?I;7I;C7OB;7:

JE7DEJ>;H7D:?D:?97J?D=797KI7BH;B7J?EDI>?F

(16)

KM

" -*@9?1A<H75>5K5>E9A?>=5>C9>C5A13C9?>B9>C85@1C8?75>5B9B?61<<5A79349B51B5F945A1>75?6 5>E9A?>=5>C1<613C?AB13C9>71>C5>1C1<<H?A@?BC>1C1<<H9>6<D5>35C85=1CDA1C9?>?69==D>?<?793

3?=@5C5>351>4C8DB=?4D<1C5A9B;6?A45E5<?@=5>C?61<<5A79349B51B5B!>1449C9?>C?56653CB?>51A<H75>5 5G@A5BB9?>@1CC5A>BB?=5?6C85B5613C?AB3?D<4=?496H<?31<C9BBD5=9<95D4DA9>751A<H9==D>5@A?

7A1==9>7*5@A9>C54F9C8@5A=9BB9?>6A?= ?<C(+<H((A5B3?CC+$1A<H<965?A979>B?61<<5A7H1>4 1BC8=1!> ?<71C5+,8DA38%#A?945 %1AC9>5I54B<<5A7H@A9>39@<5B1>4@A13C935C854>

$?>4?><B5E95A

:19 $%%%/!&"!%.# ""+.!"%%!#&"!%%1 BB;H=?9:?I;7I;I7<<B?9J?D=E<J>EI;OEKD=;HJ>7DO;7HI7H;J>;CEIJ9ECCEDDED 9ECCKD?978B;:?I;7I;I* I?D9>?B:>EE:7D:>7L;B7H=;?D:?L?:K7B7D:IE9?;J7B?CF79J BB;H=?9:?I;7I;I;D9ECF7II7IJ>C7 7BB;H=?9H>?D?J?I <EE:7BB;H=O7D:EJ>;HB;II FH;L7B;DJ:?I;7I;I IK9>7I7BB;H=?9H;79J?EDIJE:HK=IEHL;DECIBB;H=?9H>?D?J?I>7:J>;<?HIJ E8I;HL;:?D9H;7I;?D?D9?:;D9;7BH;7:O<HECJ>;;D:E<J>;J>9;DJKHO0>;<H;GK;D9OE<7BB J>;I;:?IEH:;HI>7I?D9H;7I;:MEHB:M?:; F7HJ?9KB7HBOI?D9;J>;?;I 7D:C7?DBO?D 9>?B:H;D 0>?I=;D;H7J?ED8EHD:KH?D=J>;F;H?E:>7IDEMJ>;CI;BL;I8;9EC;F7H;DJI

(17)

KN 7D:CKBJ?=;D;H7J?ED7BIJK:?;I7H;?CFEHJ7DJ<EHIJK:O?D=J>;FEII?8B;?CF79JE<9HEII

=;D;H7J?ED7BJH7DIC?II?EDE<7BB;H=?9:?I;7I;H?IAJ>HEK=>=;D;J?9I ;F?=;D;J?9I7D:I>7H;:

;DL?HEDC;DJ

JEF?9:;HC7J?J?I

JEF?9:;HC7J?J?I?I7D?D<B7CC7JEHOIA?D9ED:?J?ED 9>7H79J;H?P;:8O7D?DJ;DI;?J9>0>;<?HIJ ADEMD:;I9H?FJ?EDE<?J9>O:;HC7JEBE=?9IA?D9ED:?J?EDI?I<EKD:?DJ>;,7FOHKI!8;HI<HEC

!=OFJ :7J?D=879AJE 8;?D=J>;EB:;IJADEMDJH7DIB7J;::E9KC;DJED7D9?;DJC;:?97B FH79J?9;D9?;DJ>?D;I;JH7:?J?ED7BC;:?9?D;:;I9H?8;I;DJ?J?;I9EDI?IJ;DJM?J>?D<7DJ

;9P;C77D:J>;;7HB?;IJC;DJ?ED?D=E<7D7JEF?9IOD:HEC;M7I8OJ>;.EC7D>?IJEH?7D /K;JED?KIE<;CF;HEHK=KIJKI8EHD:;I9H?8?D=IOCFJECIE<?J9>OH7I> I;7IED7B H>?D?J?I7D:9>;IJJ?=>JD;IIL?9;DD7 ED;E<J>;CEIJFHEC?D;DJF>OI?9?7DIE<J>;C?::B;

7=;I:;I9H?8;:I;L;H7B9ED:?J?EDI9EDI?IJ;DJM?J>CE:;HDADEMB;:=;E< 7D::HOIA?D0>;

9ED:?J?ED>7:=ED;J>HEK=>C7DOD7C;IIK9>7ICEH8?I9KJ7D;?I FEHH?=EB7HL7B?I J;?=D;

CKGK;KI; IJHEF>KBKI9ED<;HJKI B?9>;D7=H?KI ;ID?;HXIFHKH?=E7D:C7DOCEH; 8;<EH;J>;J;HC

;9P;C7 EH?=?D?J7J?D=<HECJ>;#H;;A;AP;?DC;7D?D=JE;HKFJEH8E?BEL;H M7I?DJHE:K9;:8OJ>;

JME!D=B?I>F>OI?9?7DI3?BB7D7D:7J;C7D?DJ>;;7HBOJ>9;DJKHO

%DJ>;8;=?DD?D=E<J>;J>9;DJKHOLED,?HGK;J?DJHE:K9;:J>;J;HC7BB;H=O7I7D78DEHC7B H;79J?EDJE7DOIK8IJ7D9;*EJBED=7<J;H ?DJ>;F?ED;;HI?D?CCKDEBE=OH;I;7H9> E97 7D:EEA;FHEFEI;:J>;J;HC7JEFO<HECJ>;=H;;A7JEF?7C;7D?D=_EKJE<FB79;`EH

_IJH7D=;D;II`1BJ?C7J;BO 7JEF?9:;HC7J?J?I?DJHE:K9;:?D8O3?I;7D:/KBP8;H=;H

H;FB79;:J>;DKC;HEKID7C;I<HECJ>;F7IJ 7BJ>EK=>IJ?BBB;7L?D=7JEF?9;9P;C77D:;9P;C7?D KI;

0>?IB79AE<9EDI;DIKI9ED9;HD?D=J>;DEC;D9B7JKH;>7IB;:JE7DED=E?D=:;87J;7D:IEC;

9ED<KI?ED0>;!KHEF;7D97:;COE<BB;H=EBE=O7D:B?D?97B%CCKDEBE=O!%FHEFEI;:

7DEC;D9B7JKH;?D <KHJ>;HH;L?I;:8O3EHB:BB;H=O+H=7D?P7J?ED3+?D

(18)

KO IKFFEHJ?D=J>;J;HC;9P;C7<EHM>;D%=!I;DI?J?P7J?ED?IKDADEMD7D:7JEF?9;9P;C77JEF?9 :;HC7J?J?IM>;D%=!I;DI?J?P7J?ED?I9ED<?HC;: ;IF?J;J>?IH;9ECC;D:7J?ED<HECJ>;

3+ J>;DEC;D9B7JKH;>7I9EDJ?DK;:JE8;?D9EDI?IJ;DJ7D:7J>;EH;J?97BBO87I;:J;HC?DEBE=O J>7J?IDEJ;7IOJEKD:;HIJ7D:D;?J>;H<EHF7J?;DJIDEH<EH9B?D?9?7DIKD<7C?B?7HM?J>7BB;H=EBE=O JEF?9:;HC7J?J?I 7JEF?9;9P;C7!7D:;9P;C7>7I9EDJ?DK;:JE8;KI;:?DJ;H9>7D=;78BO

>EM;L;H7IOIJ;C7J?9H;L?;M<HEC<EKD:J>7JJ>;J;HCCEIJ9ECCEDBOKI;:M7I

<EBBEM;:8O;9P;C77D:J>;D!%DJ;H;IJ?D=BO J>;J;HC;9P;C7M7ICEH;E<J;DKI;:?D 9ED@KD9J?EDM?J>;9P;C7JEKI:?IEH:;HIIK9>7I_>7D:;9P;C7` _:OI>?:HEJ?9;9P;C7`7D:

_9EDJ79J;9P;C7`J>7DM>;D>7L?D= ?DC?D:!9P;C7?IJ>;H;<EH;9EDI?:;H;:8OC7DO

;NF;HJIJE8;7D7C8?=KEKID7C; 7D::K;JEJ>;D;;:<EH7KD?<EHCDEC;D9B7JKH; >7I H;9;DJBO8;;DH;9ECC;D:;:7IJ>;FH;<;HH;:J;HC %DJ>?IJ>;I?IJ>;J;HC M?BB8;

KI;:M>;DH;<;HH?D=JEJ>;:?I;7I;

JEF?9:;HC7J?J?I?IJ>;CEIJ9ECCED?D<B7CC7JEHOIA?D:?I;7I;?DJ>;:;L;BEF;:MEHB:%D 9>?B:H;D J>;=BE87BFH;L7B;D9;L7H?;I=H;7JBO<HEC7HEKD:KFJE M?J>J>;>?=>;IJ FH;L7B;D9;H7J;I?D/M;:;D (7J?DC;H?977D:<H?9787I;:EDJ>;F>7I;J>H;;%DJ;HD7J?ED7B /JK:OE<IJ>C77D:BB;H=O?D>?B:>EE:%/IJK:OH;FEHJ;:?D ?D9BK:?D=

9;DJH;I<HEC9EKDJH?;I0>;?D9?:;D9;E< F;7AI?D?D<7D9O 8KJ97D7FF;7H<EHJ>;<?HIJ J?C;7J7DO7=;%DOEKD=9>?B:H;DJ>;?D9?:;D9;>7I8;;D?D9H;7I?D=:KH?D=J>;B7IJ:;97:;I

?D?D:KIJH?7B?P;:9EKDJH?;I ?D9BK:?D=J>;*EH:?9 8KJDEMI;;CIJE8;I;JJB?D=7HEKD:

$EM;L;H J>;FH;L7B;D9;?D:;L;BEF?D=9EKDJH?;I?IIJ?BBED7D?D9H;7I; BIE I;L;H7BB7H=;C;H?97D;F?:;C?EBE=?97BIJK:?;IH;FEHJ>?=>;HFH;L7B;D9;H7J;I 7HEKD: E<

7:KBJ J>7DFH;L?EKIBOH;FEHJ;:

?7=DEI?D= 97D8;9>7BB;D=?D= ;IF;9?7BBO?D?D<7DJI7D:?DC?B:97I;I M>;H;?J9> J>;

97H:?D7B<;7JKH;E< C7ODEJ8;7FF7H;DJ%D?D<7DJI J>;IA?D?D<B7CC7J?ED9ECCEDBO

(19)

KP 7FF;7HIEDJ>;9>;;AI7D:;NJ;DIEHIKH<79;I M>?B;?DJE::B;HI7D:B7J;H?D9>?B:>EE:J>;7H;7IE<

FH;:?B;9J?ED<EHJ>;;9P;C7JEKIB;I?EDI7H;J>;<B;NKH;IE<;B8EMI7D:AD;;I$7D:I <79;7D:

D;9A7H;7BIEE<J;D7<<;9J;: ;IF;9?7BBO?DJ>;7:KBJFEFKB7J?ED)7DO:?<<;H;DJ:?7=DEIJ?9 9H?J;H?7>7L;8;;D:;L;BEF;:<EH >EM;L;HJ>;CEIJM?:;BOKI;:7D:L7B?:7J;:7H;J>;

$7D?<?D7D:.7@A7:?7=DEIJ?99H?J;H?77D:J>;1'3EHA?D=,7HJO:?7=DEIJ?99H?J;H?7 0>;FH;I;D9;E<;9P;C7EDFH;:?B;9J?ED7H;7I ?J9> J>;9>HED?97D:H;B7FI?D=D7JKH; <7C?BO

>?IJEHOE<7BB;H=?9:?I;7I; J>;FH;I;D9;E<EJ>;H7BB;H=?9:?I;7I;I?DJ>;F7J?;DJ7D::HOIA?D7H;

J>;CEIJ?CFEHJ7DJ<;7JKH;I7D:9H?J;H?7<EH:?7=DEI?D=

0>H;;<KD:7C;DJ7B;B;C;DJI7H;?DLEBL;:?DJ>;F7J>E=;D;I?IE< IA?D87HH?;H:?IHKFJ?ED

?CCKD;:OIH;=KB7J?ED7D:7D?C87B7D9;:IA?DC?9HE8?EJ7 7II;;D?D#!/,LFL%D 7JEF?9IA?DJ>;;NFH;II?EDE<;F?:;HC7B87HH?;HFHEJ;?DI7D:B?F?:I7H;H;:K9;: M>?9>7=7?D H;:K9;IJ>;;NFH;II?EDE<J?=>J@KD9J?EDFHEJ;?DI87HH?;H:?IHKFJ?ED97D8;?DH;IFEDI;JE

?D<B7CC7J?ED7D:I9H7J9>?D= 8KJ97D7BIE8;7FH?C7HO:;<;9J0>;CEIJ9ECCEDBOH;FEHJ;:

;F?:;HC7BFHEJ;?D?DH;B7J?EDJE ?I<?B7==H?D 7<?B7C;DJ7==H;=7J?D=FHEJ;?DJ>7J8?D:I A;H7J?D<?8;HI?D;F?J>;B?7B9;BBI7D:IJH;D=J>;DIJ>;IA?D87HH?;H8O>O:H7J?ED A;;F?D=J>;F$

79?:?97D:FHEJ;9J?D=7=7?DIJ12H7:?7J?ED/?D=B;BEIIE<<KD9J?EDCKJ7J?EDI?DJ>;=;D;

;D9E:?D=<?B7==H?D7H;E8I;HL;:?D7FFHEN?C7J;BOE<J>;7K97I?7DFEFKB7J?ED7D:

J>;O>7L;7J>H;;<EB:H?IAE<:;L;BEF?D= ,H;L?EKIBO M7I9EDI?:;H;:JE8;7 FH?C7HO?CCKDEBE=?97BBO:H?L;D:?I;7I;M?J>I;9ED:7HO87HH?;H:?IHKFJ?ED.;9;DJ;L?:;D9;

<7LEKHI7FH?C7HO87HH?;H:OI<KD9J?ED IKFFEHJ?D=J>;EKJI?:;?DI?:;>OFEJ>;I?I M>;H;J>;;DJHOE<;NJ;HD7B7BB;H=;DI7D:?HH?J7DJIE<<I;JI79ECFB;N?CCKDEBE=?97BH;79J?ED7I I;;D?D#!/,LFL :H?L?D=J>;?D<B7CC7J?ED7D:<KHJ>;H:?IHKFJ?D=J>;87HH?;H7IM;BB7I FHECEJ?D=79EBED?P7J?EDM?J>+' 0#&&,*,),*

(20)

KQ

" -*@9@',()"+$"'5)"*&%**"*"+*-),"('+/%%+&"*("%1+"(+"++,"&-%,

$*,"'(1,+,(0)*++!&($"''1,($"'+,".,"' '*"."' ,!,1)@"&&-'",15/!"!

-*,!*0*,+)*-*",-+"*,%1,!*(- !+'+(*1'-*('+8)*"',1)*&"++"('*(&

()1*" !,%*'',*4+" !,+"'$+*."7)*"' *,-*."/+"++*"&*+5,()"

*&,","+5""' *,%8@>?F8

0>;C7?DIJ7OJH;7JC;DJE< ?I:?H;9J;:JEM7H:IIA?D87HH?;H;D>7D9;C;DJM?J>:7?BO

;CEBB?;DJI 7D:JEF?97B7DJ??D<B7CC7JEHO7=;DJI9EDJ7?D?D=9EHJ?9EIJ;HE?:IEH97B9?D;KH?D

?D>?8?JEHI 7IM;BB7IBE97B7DJ?I;FJ?97=;DJI?D97I;E<IKF;H?D<;9J?ED1BJH7L?EB;JJ>;H7FO 7D:IOIJ;C?97DJ??D<B7CC7JEHOJH;7JC;DJ?IH;I;HL;:<EHF7J?;DJIM?J>CE:;H7J;JEI;L;H;

:?I;7I;,7J?;DJIM?J> >7L;?D9H;7I;:H?IAE<I;L;H7B9ECEH8?:?J?;I EJ>;H 7BB;H=?9:?I;7I;I ?D<;9J?EDI 97H:?EL7I9KB7H:?I;7I; 7KJE?CCKD;:?I;7I;7D:C;DJ7B>;7BJ>

:?IEH:;HIIK9>7I7JJ;DJ?ED:;<?9?J7D:>OF;H79J?L?JO:?IEH:;H :;FH;II?ED7D:7DN?;JO JEF?9:;HC7J?J?IH;:K9;IJ>;GK7B?JOE<B?<;9EDI?:;H78BO<EHJ>;F7J?;DJIJ>;CI;BL;I7IM;BB7I

<EHJ>;97H;=?L;HI 0>;;9EDEC?98KH:;DE< ?II?=D?<?97DJ 8EJ>ED7D

?D:?L?:K7B7D:IE9?;J7BB;L;B

(21)

KR "EE:7BB;H=O 7IJ>C77D:7BB;H=?9H>?D?J?I

#BE87B:E9KC;DJ;:<EE:7BB;H=OFH;L7B;D9;?IKFJE 7D:KIK7BBO8;JM;;D >EM;L;H?J :;F;D:IED7=; J>;<EE:?DGK;IJ?ED7IM;BB7I=;E=H7F>?97BBE97J?ED M?J>>?=>;IJFH;L7B;D9;?D 9>?B:H;DB;IIJ>7DO;7HIEB:<HECKIJH7B?7 7D7:7 1D?J;:/J7J;I 1D?J;:'?D=:EC7D:

"?DB7D: 0>;C;9>7D?ICIB;7:?D=JE<EE:7BB;H=O7H;KDADEMD$EM;L;H 79KHH;DJ :K7B7BB;H=;D;NFEIKH;>OFEJ>;I?IIK==;IJIJ>7JJH7DI9KJ7D;EKII;DI?J?I7J?EDJE7BB;H=;DIJ>HEK=>

7D?CF7?H;:IA?D87HH?;HC7OE<<I;J7D7BB;H=?9?CCKD;H;IFEDI; F7HJ?9KB7HBO?DJ>;78I;D9;E<

7BB;H=;DI<?HIJ8;?D=?DJHE:K9;:L?7J>;=7IJHE?DJ;IJ?D7BJH79J 0>?IC7OB;7:JE7 :?IHKFJ?EDE<J>;?CCKDEBE=?97B7D:9B?D?97BJEB;H7D9;JEJ>;<EE:9EDIKC;: H;IKBJ?D=?D%=!

C;:?7J;:H;79J?EDI :?7=DEI;:8O9B?D?97B>?IJEHOH7D=?D=<HECC?B:KDIF;9?<?9IOCFJECIJE 7D7F>OB7N?I0>;:?7=DEIJ?9?DL;IJ?=7J?EDI?D9BK:;797H;<KBC;:?97B>?IJEHO :E9KC;DJ7J?EDE<

7BB;H=?9I;DI?J?I7J?EDL?7IA?DFH?9AJ;IJEHI;HKCIF;9?<?9%=!7D:FH;<;H78BO7DEH7B<EE:

9>7BB;D=;J;IJ0>;?CCKDEBE=?97BH;IFEDI;?DDED%=!C;:?7J;:<EE:7BB;H=?;I?IB;II9B;7H M>?9>7BIEC7A;IJ>;:?7=DEIJ?9ICEH;:;C7D:?D=

IJ>C7 9>7H79J;H?P;:8O9>HED?97?HM7O?D<B7CC7J?ED ?IED;E<J>;CEIJ9ECCED9>HED?9 :?I;7I;I 7<<;9J?D=KFJEE<9>?B:H;D?DJ>;7=;E<O;7HI 0>;7:KBJFH;L7B;D9;

L7H?;I9EDI?:;H78BO7CED=9EKDJH?;I<HECJE 7D:J>;=BE87B8KH:;DE<7IJ>C7IOCFJECI

>7I?D9H;7I;:8O?DJ>;B7IJO;7HIIJ>C7?I:;<?D;:8O7>?IJEHOE<H;IF?H7JEHO IOCFJECIIK9>7IM>;;P; I>EHJD;IIE<8H;7J> 9>;IJJ?=>JD;II7D:9EK=>J>7JL7HOEL;HJ?C;7D:

?D?DJ;DI?JO 7IM;BB7IL7H?78B;;NF?H7JEHO7?H<BEMB?C?J7J?ED

BB;H=?9H>?D?J?IIJ;7:O?D9H;7I;?DFH;L7B;D9;<EHJ>;B7IJ:;97:;I>7IDEJO;J9EC;JE7>7BJ 7D:

KFJEE<7BB9>?B:H;D7D:E<7:KBJI7H;IK8@;9J;:JEJ>?I:?IEH:;HE<J>;DEI;

/OCFJECI9EDI?IJE<ID;;P?D= D7I7BE8IJHK9J?ED7D:CK9EKI:?I9>7H=;E<J;D799ECF7D?;:8O

(22)

KS 7BB;H=?99ED@KD9J?L?J?I J?H;:D;II7D:H;:K9;:9ED9;DJH7J?ED?D:K9;:8O7D%=!C;:?7J;:

?D<B7CC7J?ED7<J;H7BB;H=;D;NFEIKH;

:1: $%%!$+ $"""!,&"!

+L;HJ>;B7IJ:;97:;I M?J>J>;:?I9EL;HOE<9KBJKH;?D:;F;D:;DJJ;9>D?GK;IIK9>7II;GK;D9?D=

J>;>KC7DC?9HE8?EC;H;I;7H9>>7IC7:;7D;<<EHJJEC7F7D:?:;DJ?<OC?9HE8?7B9ECCKD?J?;I B?L?D=?D7D:EDJ>;8E:OIKH<79; +D=E?D=H;I;7H9>?IDEM<E9KI?D=ED>EMJ>;>KC7D C?9HE8?EC; 7D:;IF;9?7BBO>EMJ>;=7IJHE?DJ;IJ?D7BC?9HE8?EC;FB7OI7HEB;?DJ>;:;L;BEFC;DJ E<>;7BJ>7D::?I;7I;0>;;IJ78B?I>C;DJE<J>;>KC7DC?9HE8?EJ7>7I8;;D9EDI?:;H;:JE IJ7HJ:KH?D=8?HJ> M?J>J>;7CD?EJ?9C;C8H7D;IMEHA?D=7I787HH?;HJEJ>;C7J;HD7BB?L;

C?9HE8;I?D7DKD9ECFB?97J;:FH;=D7D9O0>;IJ;H?B;MEC8F7H7:?=C>7I8;;D9>7BB;D=;:

8O<?D:?D=IE<7FB79;DJ7BC?9HE8?EC; 7IM;BB7IB?DA?D=FB79;DJ7BC?9HE8?EJ7JE 7:L;HI;8?HJ>EKJ9EC;I0>;H;>7L;7BIE8;;DIK==;IJ?EDIE<7KD?GK;7CD?EJ?9<BK?:

C?9HE8?EC;?DKD9ECFB?97J;:FH;=D7D9?;I M?J>EL;HB7FF?D=879J;H?7BF>OBEJOF;I?:;DJ?<?;:?D 9EHH;IFED:?D=FB79;DJ77D:C;9ED?KCBJ>EK=> IEC;E<J>;H;9;DJH;L?;MIFE?DJJE7D

?DJH7KJ;H?D;9EBED?P7J?ED J>;H;7H;IJ?BB7H=KC;DJI<EH7IJ;H?B;MEC8 ?D9BK:?D=

9EDJ7C?D7J?ED8?7I?DCEB;9KB7HIJK:?;I7IM;BB7IJ>;;N?IJ;D9;E<=;HC<H;;C7CC7BI

%D7::?J?ED J>;:;B?L;HOCE:;7FF;7HI9HK9?7B<EHJ>;?D<7DJIa<?HIJ9EBED?P7J?ED M?J>

L7=?D7B879J;H?7FH;:EC?D7J?D=7CED=J>;L7=?D7BBO8EHD?D<7DJI7D:879J;H?7BIA?D9ECC;DI7BI 7CED=J>;?D<7DJI:;B?L;H;:8O97;I7H;7DI;9J?ED/

0>;H;?IIK8IJ7DJ?7B;L?:;D9;FE?DJ?D=JEM7H:I79H?J?97BM?D:EME<EFFEHJKD?JO?D;7HBO?D<7DJ B?<;?D<BK;D9?D=J>;:;L;BEFC;DJE<J>;C?9HE8?EJ77D:?JI?DJ;H79J?EDM?J>J>;?CCKD;IOIJ;C 7IEKJB?D;:?D#!/,LFM

(23)

LJ

" -*@9A%93A?291<1>49==D>58?=5?BC1B9B6A?=@A53?>35@C9?>C?51A<H389<48??4,85F9>4?F?6 BDB35@C929<9CH1>4?@@?ACD>9CHA5@A5B5>CBC85@5A9?41A?D>429AC8F85>@A?=?C?AB?6=93A?291<8?=5?BC1B9B 81E5C85<1A75BC56653C?>3?AA53C9>7=93A?291<4HB29?B5BF9C81>D>;>?F>5GC5>C9?>9>C?75BC1C9?>1>4

@?BB92H5E5>@A53?>35@C9?>*5@A?4D354F9C8A51C9E5?==?>BCCA92DC9?>$935>B506A?=

=5>H?725&#?<<=1>,*1>45C>'C8=1>* 1A<H$965 ?BC%93A?29?=5!>C5A@81B5,85#5H A?>C95A!==D>55E5<?@=5>CA?>C(5491CA?9 6@54

0>;C7J;HD7B=KJC?9HE8?EJ7?D<BK;D9;IJ>;:;L;BEFC;DJE<J>;E<<IFH?D=?CCKD;IOIJ;C 7D:7 C7J;HD7B=KJ:OI8?EI?I>7I8;;D7IIE9?7J;:M?J>?CCKD;C;:?7J;::?I;7I;I?DJ>;E<<IFH?D=

?D9BK:?D=7BB;H=?9:?I;7I;79J;H?7B=KJC;J78EB?J;IADEMD7II>EHJ9>7?D<7JJO79?:I /"I97DCE:KB7J;J>;?CCKD;IOIJ;C8EJ>?DKJ;HE7D:7<J;H:;B?L;HO CEIJB?A;BO8O

?D9H;7I?D=J>;;F?J>;B?7B87HH?;H<KD9J?ED7D:;N;HJ?D=7DJ??D<B7CC7JEHO;<<;9JI 7BIE?D J>;7?HM7OI7;I7H;7D:;B?L;HO?I7IIE9?7J;:M?J>7BB;H=?9:?I;7I; ;IF;9?7BBO7IJ>C77D:

<EE:7BB;H=O 7;I7H;7DI;9J?ED>7I7BIE8;;DB?DA;:JE7H;:K9;:?D<7DJ=KJ C?9HE8?7B:?L;HI?JO M>?9>?DJKHD>7I8;;D7IIE9?7J;:M?J>7BB;H=?9:?I;7I;.;:K9;:

=KJ:?L;HI?JO>7I7BIE8;;D7IIE9?7J;:M?J>7BB;H=?9:?I;7I;H;=7H:B;IIE<CE:;E<:;B?L;HO

H;7IJ<;;:?D=?I8;D;<?9?7B<EHC7DOH;7IEDI?D?D<7DJ:;L;BEFC;DJ ?D9BK:?D=<EHJ>;?D<7DJ=KJ C?9HE8?EJ7FHECEJ?D=J>;=HEMJ>E<+&!##!7D:!!&+)! IK==;IJ?D=7

(24)

LK FHEJ;9J?L;;<<;9J7=7?DIJ7BB;H=?9:?I;7I;I7II;;D?DIJK:?;IM?J>KDF7IJ;KH?P;:<7HCC?BA

9EDIKCFJ?ED 0>;H;?IDE:EK8JJ>7J8H;7IJ<;;:?D=M>;D<;7I?8B;?IIKF;H?EHJE<EHCKB7

<;;:?D=?DFHECEJ?D=?D<7DJ>;7BJ> 8KJJ>;;L?:;D9;9ED9;HD?D=7BB;H=?9:?I;7I;II>EM

9ED<B?9J?D=H;IKBJIDJ?8?EJ?9;NFEIKH;C7OD;=7J?L;BO?CF79J7>;7BJ>O=KJC?9HE8?EJ77D:

97DB;7:JE9>7D=;I?DJ>;?CCKD;<KD9J?ED ;IF;9?7BBO;7HBO?DB?<; DJ?8?EJ?9I KI;::KH?D=FH;=D7D9O7IM;BB7I?D?D<7D9O 7D:;L;DFH;9ED9;FJK7BBO>7L;8;;D<EKD:JE

?D9H;7I;J>;H?IAE<7BB;H=?9:?I;7I;

DEJ>;H?CFEHJ7DJ7IF;9J?DJ>;:;L;BEFC;DJE<J>;>KC7DC?9HE8?EJ7?IJ>;;7HBOB?<;

;DL?HEDC;DJ7B;NFEIKH;JEC?9HE8;I B?DA?D=J>;;F?:;C?9IE<7BB;H=?9:?I;7I;M?J>CE:;HDJ?C;

KH87D?I7J?EDM>?9>:;9H;7I;I;DL?HEDC;DJ7B8?E:?L;HI?JO ?BBKIJH7J;:?D#!/,LFN/;L;H7B IJK:?;I>7L;<EKD:7IIE9?7J?ED8;JM;;DKH87DKF8H?D=?D= H;:K9;:>KC7DC?9HE8?7B:?L;HI?JO 7D:7BB;H=?9:?I;7I; 3>?B;IC7BBI97B;7=H?9KBJKH7BB?<;IJOB; 7D:=H;;D

;DL?HEDC;DJ>7I8;;DB?DA;:JE7:;9H;7I;?D7BB;H=?9:?I;7I;:;L;BEFC;DJBJ>EK=>

KH87DB?<;B;7:IJEB;II8?E:?L;HI?JO ;NFEIKH;JEC?9HE8?EJ7<HEC>EC;F;JI7IM;BB7IF;IJIIK9>

7I9E9AHE79>;I7D:C?9;?DJ>;<?HIJO;7HE<B?<;>7I8;;D<EKD:JEH;:K9;J>;FH;L7B;D9;E<7JEFO 7D:M>;;P?D=?DIEC;IJK:?;IM>?B;EJ>;HI>7L;<7?B;:JEI>EM7DOI?=D?<?97DJ?CF79JED 7BB;H=?9:?I;7I;:;L;BEFC;DJBIE J>;H;C7O8;:?<<;H;DJ?7B;<<;9JIH;B7J;:JE:E=;NFEIKH;

M>?9>;7HBO?DB?<;>7I8;;D<EKD:FHEJ;9J?L;<EH 7D:97J;NFEIKH;J>7JC7O>7L;J>;

EFFEI?J;;<<;9J

(25)

LL

" -*@9B!"*%(-+%",1*(&,!& ,*'(-*'"+,"(',("'*+"''('9 (&&-'"%"'%&&,(*1"+++5(*,!(,!*/1*(-'*(&+1&),(&+,($ *(-' ,(*+8)*(-/",!*,".(&&('+,,*"-,"('"'+<= !,%5%%* 157

<?>8????;%%8?AEDA=

/JH79>7DM7IED;E<J>;<?HIJJEFHEFEI;J>;_>O=?;D;>OFEJ>;I?I` IK==;IJ?D=J>7JJ>;

:;9H;7I;?D<7C?BOI?P; >?=>;HIJ7D:7H:7D:?D9H;7I;?DF;HIED7B9B;7DB?D;IIM;H;?CFB?97J;:?D J>;7BB;H=?9:?I;7I;;F?:;C?9I0>;_8?E:?L;HI?JO`>OFEJ>;I?I>7IB7J;H8;;DFHEFEI;:7D:

:;L;BEF;:<KHJ>;H<E9KI?D=EDJ>;;7HBO;NFEIKH;JE:?L;HI;EH=7D?ICIFH?C?D=J>;?CCKD;

IOIJ;CJE?:;DJ?<O7D::?IJ?D=K?I>8;JM;;D>7HC<KB7D:>7HCB;II7=;DJI"KJKH;IJK:?;IM?BB

?:;DJ?<OCEH;FH;9?I;BOJ>;9ECFEI?J?ED7D:J>;J?C?D=E<C?9HE8?7B;NFEIKH;7D:?<J7H=;J;:

C?9HE8?7B;NFEIKH; FHE8?EJ?9I FH;8?EJ?9IEHIOD8?EJ?9I>7L;7HEB;?DJ>;FH;L;DJ?EDE<7BB;H=?9 :?I;7I;0>;DEC;D9B7JKH;KI;:?DC?9HE8?EC;H;I;7H9>?IEKJB?D;:?D078B;

(26)

LM ,12<5&?=5>3<1CDA5DB549>=93A?29?=5A5B51A38

:1; !$$$.&$!%#$ )&$"%%!$+%!!&"#$ &&%1 :OI<KD9J?ED7BIA?D87HH?;H?IJ>EK=>JJE8;9H?J?97BJEJ>;;7HBOEDI;J7D:I;L;H?JOE<

C7?DBO:K;JE7BJ;H7J?EDI?DIA?D87HH?;HFHEF;HJ?;I?DJ>;EKJ;HCEIJB7O;HE<J>;;F?:;HC?I J>;

IJH7JKC9EHD;KC 0>;;F?:;HC?I9EDI?IJIE<<EKHB7O;HI 7I:;F?9J;:?D

"?=KH; 7BBI;HL?D=?CFEHJ7DJ<KD9J?EDIJEFH;I;HL;J>;F>OI?97B87HH?;H0>;:;HC?I C7?DBO9ECFEI;:E<9EDD;9J?L;J?IIK; ?IJ?=>JBO9EDD;9J;:JEJ>;;F?:;HC7BIJH7JKC87I7B;

9EDJ7?DI8BEE:L;II;BI >7?H<EBB?9B;I =B7D:I7D:I;DIEHOD;KHEDI M>?B;J>;?DD;HCEIJB7O;HE<

J>;IA?D J>;IK89KJ?I9EDJ7?DI7:?FEI;9;BB <?8HE8B7IJI7D:C79HEF>7=;I%DJ>;I;J>H;;B7O;HI

?CCKD;9;BBI?DJ;H79J7D:9ECCKD?97J;M?J>EJ>;H9;BBI7IM;BB7IJ>;IA?DC?9HE8?EJ7 <EHC?D=7 9ECFB;N?CCKDEBE=?97B87HH?;H

%93A?29?=5 C?9HE8?7B9ECCKD?JOE99KFO?D=7M;BB

:;<?D;:;9EBE=?97BD?9>;7D:>7L?D=:?IJ?D9J F>OI?9E9>;C?97BFHEF;HJ?;I0>?IH;<;HIJEJ>;

C?9HEEH=7D?ICI?DLEBL;: J>;?H=;DEC?9

;B;C;DJI7IM;BB7IJ>;?HIF;9JHKCE<79J?L?JO

%93A?29?C1 9ECCKD?JOE<C?9HEEH=7D?ICI879J;H?7

7H9>;7; L?HKI <KD=? FHEJEPE7;J>7JE99KFO7 M;BB:;<?D;:;9EBE=?97BD?9>;

9E5AB9CH 97B9KB7J;:?D:;NJ>7J?D9EHFEH7J;IC;7IKH;I

E<C?9HE8?7BH?9>D;II7D:IF;9?;I:?IJH?8KJ?ED

HB29?B9B ;I9H?FJ?L;J;HC<EH?C87B7D9;?D7C?9HE8?7B

;9EIOIJ;C<EH;N7CFB; :OI8?EI?IE<J>;

?DJ;IJ?D7BEHH;IF?H7JEHOJH79J7IIE9?7J;:M?J>7 :?I;7I;IJ7J;9ECF7H;:M?J>>;7BJ>

(A?29?C93B (?L;C?9HEEH=7D?ICI M>;D7:C?D?IJ;H;:?D

7:;GK7J;7CEKDJI9ED<;H7>;7BJ>8;D;<?J<EH J>;>EIJ

(A529?C93B )7?DBODED:?=;IJ?8B;<EE:9ECFED;DJIJ>7J

8;D;<?JJ>;>EIJ8OI;B;9J?L;BOIJ?CKB7J?D=J>;

=HEMJ>7D:79J?L?JOE<C?9HEEH=7D?ICI

+H>29?C93B 1I;E<79EC8?D7J?EDE<FH;8?EJ?9I7D:

FHE8?EJ?9IFHE:K9?D=IOD;H=?IJ?9>;7BJ>

8;D;<?JI

(27)

LN 97DA5,H@931<BCAD3CDA5?6C855@945A=9B1>43AD391<BC5@B9>6?A=1C9?>?6BCA1CD=3?A>5D=A5@A9>C54 F9C8@5A=9BB9?>6A?=.*1F<9>7B("%1CCB>45AB?>%+*?25ACB+;9>29?<?7HG5A?B9B21AA95A A5@19A1>4=51BDA5=5>CAD79B3?E5AH,?41H9B51B5%5381>9B=B

KH?D=J>;<?HIJCEDJ>IE<B?<;J>;D;M8EHDIA?D7:7FJIH7F?:BOJEJ>;D;M;DL?HEDC;DJ%D<KBB J;HCD;M8EHDI 8EHD7HEKD:M;;AIE<=;IJ7J?ED J>;IA?D>7I7=EE:M7J;H>EB:?D=97F79?JO :KH?D=J>;<?HIJ<;M:7OI:;CEDIJH7J;:8OBEM0!3(L7BK;I0>?I?IFHE878BO:K;JEM7J;H 8?D:?D=CE?;J?;IFHEL?:;:8OJ>;L;HD?N,EIJJ;HCD;ED7J7BIA?D>7L?D=B;IIL;HD?NC7O

;NF;H?;D9;BED=;H:?H;9J;NFEIKH;JE7CD?EJ?9<BK?: M>?9>97D:?IHKFJJ>;IJH7JKC9EHD;KCB?F?:

8?B7O;H 7D:FHECEJ;FEIJJ;HCIA?D:HOD;II7D:>?=>;H0!3(L7BK;I<J;HJ>;<?HIJ

<;M:7OI ?D<7DJIA?DM7J;H>EB:?D=FHEF;HJ?;I:;9H;7I;I7D:0!3(?D9H;7I;I <EBBEM;:8O7D

=H7:K7B?D9H;7I;:>O:H7J?ED ;IF;9?7BBOKDJ?BCEDJ>IE<B?<;0>;IA?D>O:H7J?ED FHEF;HJ?;IIJ78?B?P;I7HEKD:CEDJ>IE<7=;7D:H;I;C8B;IJ>7JE<EB:;H9>?B:H;D7D:7:KBJI

$EM;L;H J>;EFJ?C?P7J?EDF;H?E:E<J>;IA?D87HH?;H<KD9J?ED97D;L;DB7IJKFJE7HEKD:

JMEO;7HIE<7=; 7D:?IB7H=;BO:;F;D:;DJEDJ>;?D<7DJ=;D;J?9I?D9EC8?D7J?EDM?J>J>;

;NFEIKH;JE;DL?HEDC;DJ7B<79JEHIIK9>7I 9B?C7J; IE7FI7D:EJ>;H?HH?J7DJI 0>;

7D7JEC?97BI?J;IE<0!3(C;7IKH;C;DJIL7H?;I=H;7JBO8EJ>?D?D<7DJI7D:?D7:KBJI 7D:J>;B;L;BE<0!3(L7H?;I7CED=J>;:?<<;H;DJ7D7JEC?97BIA?D7H;7I+D;E<J>;CEIJ

(28)

LO 9ECCEDI?J;IE<C;7IKH;C;DJ J>;LEB7H<EH;7HC >7I8;;D<EKD:?D?D<7DJIJE8;7CED=J>;I?J;I :?IFB7O?D=CEIJ0!3(L7H?7J?EDH;9;DJIJK:O9ECF7H;:0!3(C;7IKH;C;DJEDJ>;

B7J;H7BKFF;H7HCJEJ>;LEB7H<EH;7HC7D:<EKD:7FEII?8BO8;JJ;H:?<<;H;DJ?7J?ED?D0!3(

L7BK;I8;JM;;DDE FEII?8B; 7D: M>;DC;7IKH?D=EDJ>;B7J;H7BKFF;H7HC

HOIA?DC7O8;79ED:?J?ED?D?JI;B<EH7I?=DE<:?I;7I;7D:?IED;E<J>;97H:?D7B<;7JKH;I7D:7 :?7=DEIJ?99H?J;H?ED<EH HOIA?D97D8;E8I;HL;:9B?D?97BBO7I799;DJK7J?EDE<

IA?DC7HA?D=I7D:<?D;I97B;I 7D::;CEDIJH7J;:?D;B;9JHEDC?9HEI9EF;7I799KCKB7J?EDE<

9EHD;E9OJ;I:K;JE?D;<<?9?;DJ:;=H7:7J?EDE<9EHD;E:;ICEIEC;IFH;I;DJ;:?D"?=KH;

HOIA?D?I7IIE9?7J;:M?J>>?=>;H0!3(?D7:KBJ F7J?;DJI9ECF7H;:JE>;7BJ>O9EDJHEBI 0>;H;?IB?C?J;::E9KC;DJ7J?EDEDJ>;C7D?<;IJ7J?EDE<:HOIA?D?D?D<7D9O F7HJ?9KB7HBO7J FH;:?B;9J?EDI?J;I 7D:?JI7IIE9?7J?EDJE0!3(M?J>EKJJ>;FH;I;D9;E< %D7/M;:?I>

97I;9EDJHEBIJK:O9B?D?97BBO:HOIA?DM7IE8I;HL;:?DE<D?D;JOD?D;>;7BJ>OJMEO;7HEB:

9>?B:H;D7D:?D7BBJ>;9>?B:H;DM?J> %D7DEJ>;H/M;:?I>IJK:O :HOIA?DM7I H;FEHJ;:?DE<;?=>JO;7HEB:9>?B:H;DJ>HEK=>GK;IJ?EDD7?H;I7BIE>7:

C7D?<;IJ7J?EDI7D:E<J>EI;M?J> 7BIE>7::HOIA?D#;HC7DIJK:OH;FEHJ;::HOIA?D

?DE<>;7BJ>OOEKD=7:KBJI M>?B;7D%D:?7DIJK:O<EKD::HOIA?D?DE<J>;

>;7BJ>O9>?B:H;DKFJEO;7HIE<7=;

(29)

LP 97DA5?==?>4AHB;9>A5@A9>C54F9C8@5A=9BB9?>6A?=.*1F<9>7B("%1CCB>45AB?>%+

*?25ACB+;9>29?<?7HG5A?B9B21AA95AA5@19A1>4=51BDA5=5>CAD79B3?E5AH,?41H9B51B5

%5381>9B=B

:OI<KD9J?ED7BIA?D87HH?;H?D F7J?;DJI>7I8;;D<EKD:JE?D9H;7I;0!3( ?D8EJ>B;I?ED7B 7D:DEDB;I?ED7BIA?D FEII?8B;M7OE<:;J;9J?D=?D<7DJIM?J>7D?CF7?H;:IA?D 87HH?;HFH?EHJE:;L;BEF?D= >7I8;;DFHEFEI;:KI?D=C;7IKH;IE<0!3(0>;I;

<?D:?D=IIKFFEHJJ>;>OFEJ>;I?IJ>7JIA?D87HH?;H:OI<KD9J?ED?I7FH?C7HOFH;:?IFEI?D=<79JEH<EH :;L;BEFC;DJ 7K97I?7D9>?B:H;DM?J>DKBBCKJ7J?EDIE<J;D;N>?8?J ?D J>;CEIJ;NFEI;:7H;7IIK9>7I9>;;AI7D:;NJ;DIEHF7HJIE<;NJH;C?J?;I ;IF;9?7BBO:EHI7B F7HJE<J>;>7D:I 9ECF7H;:JEM?B:JOF; 7D:?D7IC7BBIJK:OE<CEDJ>IEB:?D<7DJIBEII E<<KD9J?EDCKJ7J?EDIM7I7IIE9?7J;:M?J>?D9H;7I;:0!3( DEJEDBO?D9>?B:H;DM?J> 8KJ 7BIE?D9>?B:H;DM?J>EKJ

:1< $&"!"&"#$ &&%!%!$$$+%'!&"!

%DEH:;HJE:?IJ?D=K?I>8;JM;;D9B?D?97B F>;DEJOF;I7D:?:;DJ?<O?D:?L?:K7BI;B?=?8B;<EH FEJ;DJ?7BFH;L;DJ?L;IJH7J;=?;I7IM;BB7IF;HIED7B?P;:C;:?9?D;J>;H;?I7D?CF;H7J?L;D;;:JE :;J;HC?D;FH;:?9JEHI<EH +8I;HL7J?ED7B8?EC;:?97BH;I;7H9>?IE<J;D9ED:K9J;:JE:;J;9JH?IA

<79JEHI<EH79;HJ7?D:?I;7I; ;?J>;HJEBEEA7JH?IAIJH7J?<?97J?EDEHFH;:?9J?EDEHEDJ>;EJ>;H>7D:

JE7II;II97KI7B?JO/EC;H?IA<79JEHI97D8;8EJ>FH;:?9JEH7D:EH;NFB7D7JEHO<79JEHI C7A?D=

(30)

LQ J>;J;HCH?IA<79JEH?CFH;9?I; 7D:M>?9>C7OB;7:JE9ED<KI?ED%DJ>?IJ>;I?IM>;D

7::H;II?D=H?IAIJH7J?<?97J?ED7D:KI?D=FH;:?9J?EDCE:;BI J>;J;HCFH;:?9JEHEHFH;:?9J?L;<79JEH

?IJ>;H;<EH;KI;:0>;J;HC_H?IA<79JEH`C7O?CFBO8EJ>7FH;:?9JEH7D:7D;NFB7D7JEHO<79JEH FH;:?9JEH97D?DC7DO97I;I7BIE8;7D;NFB7D7JEHO<79JEH 8KJMEKB:H;GK?H;7:?<<;H;DJ

C;J>E:EBE=?97B7FFHE79>JE:;J;HC?D;%DEH:;HJE?:;DJ?<OI?=D?<?97DJFH;:?9JEHI<EHIK9>7

>;J;HE=;D;EKI:?I;7I;7I B7H=;BED=?JK:?D7BE8I;HL7J?ED7B9E>EHJIJK:?;I7H;D;;:;:JE<?D:

FEJ;DJ?7BH?IA<79JEHIJ>7J97D8;?D9BK:;:?D7FH;:?9J?EDCE:;B)7DOH?IA<79JEHI>7L;8;;D IJK:?;:7D:?J?IDEJ7BM7OI9B;7HM>;J>;HJ>;I;H?IA<79JEHI7H;FH;:?9JEHI ?<J>;O7::H;II 97KI7B?JOEH8EJ>DEL;HL?;ME<J>;C7DOFH; F;H?7D:FEIJD7J7BH?IA<79JEHIIJK:?;:

97D8;<EKD:?D#!/,LFQ%>7L;<E9KI;:EDJ>;H?IA<79JEHI<EH M?J>>?=>B;L;BE<

;L?:;D9;7D:?J?I8;OED:J>;I9EF;E<J>?IJ>;I?IJE;BK9?:7J;<KHJ>;H

0>;<?HIJ:;I9H?FJ?EDE<>;H?J78?B?JOE< :7J;I879AJEM>;D!CF;HEHK=KIJKIa=H7D:IED7D:

=H;7J=H7D:D;F>;M;NF;H?;D9;:J>;I7C;:HO ?J9>OF7J9>;I7I>?CCEH;J>7DO;7HI7=E

"7C?B?7B7BB;H=?9:?I;7I;>7IB7J;H8;9EC;7M;BB;IJ78B?I>;:FH;:?9JEH7IM;BB7I

;NFB7D7JEHO<79JEH<EHE<<IFH?D= M?J>7DOF7H;DJ7B7BB;H=?9:?I;7I;?D9H;7I?D=J>;H?IA<EH E<<IFH?D= <EB:M>?B;F7H;DJ7B ?D9H;7I;I?JJE<EB::;F;D:?D=?<ED;EH8EJ>F7H;DJI

>7L;J>;:?I;7I; /;L;H7B=;D;I>7L;8;;D?:;DJ?<?;:7D:B?DA;:JE

:;L;BEFC;DJCEIJE<J>;C8;?D=?DLEBL;:?DIA?D87HH?;H:;L;BEFC;DJ7D:?CCKD;H;=KB7J?ED 7D:7BJ>EK=>J>;O>7L;FHEL?:;:?CFEHJ7DJ?DI?=>J?DJEJ>;F7J>E=;D;I?IE<J>;:?I;7I;J>;O>7L;

IC7BB;<<;9JI?P;I1DJ?BFH;I;DJ J>;EDBO?:;DJ?<?;:=;D;J?9FH;:?9JEH?IJ>;=;D;;D9E:?D=

<?B7==H?D M?J><EB:?D9H;7I;?D FH;L7B;D9;?D?D:?L?:K7BI97HHO?D=J>;DKBBCKJ7J?ED BJ>EK=> ?I9BEI;BO7IIE9?7J;:M?J>7:OI<KD9J?ED7BIA?D87HH?;H7D::HOIA?D J>;H;

7H;JEEKHADEMB;:=;DEFH;L?EKIIJK:?;IJ>7J>7L;?DL;IJ?=7J;:FEII?8B;FH;:?9JEHI<EHH;:K9;:

IA?D87HH?;HJ>HEK=>?D9H;7I;:0!3(EH?D<7DJ:HOIA?D

(31)

LR

" -*@9E*',%5)*"',%')(+,',%*"+$,(*++,-"(*,()"*&,","+8!+"2(,!

(',0)*++,!%.%(."'8!%* +,(',!+!" !%.%(."'5&"-&(',!+

&"-&%.%(."''+&%%+,(',!+%(/%.%(."'(,'/",!('%","' *+-%,+8

:1= &"#$ &&%/$"!&&"# $!!#$(!&!$%%- .;9;DJ;L?:;D9;FE?DJIJE ?D?D<7D9OFH;:?IFEI?D=JE<EE:7BB;H=O:;L;BEFC;DJ 7IM;BB 7I7IJ>C77D:7BB;H=?9H>?D?J?I%D9H;7I;:0!3(:KH?D=;7HBO?D<7D9O>7I8;;D 7IIE9?7J;:M?J>7IM;BB7IFH;:?9J?D= :;L;BEFC;DJB7J;H?D9>?B:>EE:0>;I;

<?D:?D=IIKFFEHJJ>;>OFEJ>;I?IJ>7JIA?D87HH?;H:OI<KD9J?ED?I7FH?C7HOFH;:?IFEI?D=<79JEH<EH :;L;BEFC;DJ C7A?D=IA?D87HH?;HJ>;H7FO7FEII?8B;J7H=;J<EHFH?C7HO

FH;L;DJ?EDE< <;MIC7BB9B?D?97BJH?7BI?D>?=>H?IA?D<7DJIB;IIJ>7D?D<7DJI?D;79>

&"#

$ &&%

$! $!&

&"#+

+ """3

!" %

!$

&!

&$

!%

#$

$ !&

!!

&!

$! (!

!&

!

! !!

!&"3

&%

+ %,

$

!

(32)

LS IK==;IJJ>7JH;=KB7H;CEBB?;DJI<HEC;7HBO?D<7D9OC7OH;:K9; 7D:7F?BEJIJK:O

<HEC:;CEDIJH7J;:I?=D?<?97DJBOH;:K9;:N;HEI?I7D:7J;D:;D9OJEM7H:IH;:K9;: KI?D=

7F7H7<<?D;CKBI?ED87I;:87J>E?BJEM;;AEB:?D<7DJIM?J>N;HEI?I0>;FHEC?I?D=

H;IKBJIE<J>;I;IJK:?;I>7L;B;:JEB7H=;H9B?D?97BJH?7BI7?C?D=JEFH;L;DJ 7D:FEII?8BOJ>;

7JEF?9C7H9>M?J>IA?D87HH?;HJ>;H7FOIJ7HJ?D=?D;7HBO?D<7D9O==H;II?L;JH;7JC;DJ E<;7HBOC7D?<;IJ7J?EDIE<;9P;C79EC8?D;:M?J>EH7B?DJHE:K9J?EDE<;== I?=D?<?97DJBOH;:K9;:

J>;?D9?:;D9;E<;==7BB;H=O/JH7J;=?;I<EHFH;L;DJ?EDE<<EE:7BB;H=OC?=>J8;FH?C7HO 8;<EH;J>;EDI;JE<%=!I;DI?J?P7J?EDEHI;9ED:7HO8;<EH;9B?D?97B<EE:7BB;H=O 8KJ7<J;HJ>;

7BH;7:O;IJ78B?I>;:%=!I;DI?J?P?7J?ED0>;:K7B7BB;H=;D;NFEIKH;>OFEJ>;I?I ?BBKIJH7J;:?D

#!/,LFR IK==;IJJ>7J;7HBOEH7B;NFEIKH;JE<EE:7BB;H=;DIFHECEJ;IJEB;H7D9; M>;H;7I 9KJ7D;EKI;NFEIKH;JE<EE:FHEJ;?DIJ>HEK=>7:?IHKFJ;:IA?D87HH?;HIC7O<79?B?J7J;7BB;H=?9 I;DI?J?P7J?ED7D:B;7:JE<EE:7BB;H=O 0>?I>7I8;;DE8I;HL;:?D?D<7DJIM?J>

7IM;BB7IJ>EI;M?J>?D9H;7I;:0!3(H;=7H:B;IIE< ,H?C7HOFH;L;DJ?EDE<

7BB;H=?9:?I;7I;I>EKB:J>;H;<EH;IJ7HJ;7HBO7D:J7H=;J8EJ> 7D:<EE:7BB;H=?;I

(33)

MJ

" -*@9F!-%%%* '0)(+-*!1)(,!+"+8)*(-/",!*,".(&&('+,,*"-,"('

"'+<=-(",,%8@>?D5?>8E?GD;8@>?E8.?>E"?>8?@B?F

(34)

MK

'2:53C9E51>4B@53969319=B?6C85C85B9B

%DEH:;HJE8;JJ;HKD:;HIJ7D:J>;D7JKH;E< 7D:FEII?8BOI;B;9J?D<7DJI<EHFEJ;DJ?7BFH;L;DJ?ED IJH7J;=?;IE< 7D:EJ>;H7BB;H=?9:?I;7I;IJ>;E8@;9J?L;E<J>?IJ>;I?IM7IJE?:;DJ?<OFH;:?9JEHI

<EH:OI<KD9J?ED7BIA?D87HH?;H7D: ?D;7HBO?D<7D9O

+@53969319=B

0E?:;DJ?<OFH;D7J7B<79JEHIJ>7JFH;:?9JI?CF7?H;:IA?D87HH?;H<KD9J?EDEH ?D;7HBO?D<7D9O ,7F;H%7D:%2

0E?:;DJ?<OF;H?D7J7BFH;:?9JEHI<EH?CF7?H;:IA?D87HH?;H<KD9J?ED7D: ?D?D<7D9O 7BIE

;NFBEH?D=CE:;E<:;B?L;HO7D:7FEJ;DJ?7B7CD?EJ?9<BK?:C?9HE8?EC;,7F;H% %%7D:%2 0E:;J;HC?D;J>;FH;L7B;D9;7D:FH;:?9JEHI<EH:HOIA?D?D;7HBO?D<7D9O,7F;H% %%%7D:%2 0E:;J;HC?D;?<:HOIA?D?I7IIE9?7J;:M?J>?D9H;7I;:JH7DI;F?:;HC7BM7J;HBEII 7D:?<;?J>;H ED;E<J>;I;<79JEHIFH;:?9JI ?D?D<7D9O,7F;H%7D:%2

(35)

ML

%5C8?4B1>4BD2:53CB

<19 &'+%!

0>;J>;I?I?I87I;:KFED:7J7E8J7?D;:?DJ>;,H;L;DJ ((IJK:O 7D?DJ;HD7J?ED7B

CKBJ?9;DJ;H FHEIF;9J?L; =;D;H7BFEFKB7J?ED87I;:8?HJ>9E>EHJIJK:OE<CEJ>;H9>?B:F7?HI H;9HK?J;:?DFH;=D7D9O M?J>7N<79JEH?7BBO:;I?=D;:H7D:EC?I;:9B?D?97BJH?7BE<JMEFH?C7HO FH;L;DJ?ED?DJ;HL;DJ?EDIIA?D97H;7D:;7HBO<EE:?DJHE:K9J?ED?D?D<7D9O0>;,H;L;DJ ((

IJK:O?IFB7DD;:<EH<EBBEMKFE<J>;E<<IFH?D=?DJE7:KBJ7=; 7D:9KHH;DJBOJ>;FHE@;9JF;H?E:?I :;<?D;:<HEC

0>;IJK:O>7IJMEC7?D7HCIED;;NFBEH7JEHOM?J>* EKJ9EC;I 7D:ED;H7D:EC?I;:9B?D?97B JH?7B<EHFH?C7HOFH;L;DJ?EDE< <EE:7BB;H=O7D:EJ>;H7BB;H=?9EKJ9EC;I0>;FH;I;DJJ>;I?I 9ED9;HDIJ>;;NFBEH7JEHO7HCE<J>;IJK:O),!+$%+E<J>;')%%+.&$%?D9BK:;:7B;JJ;H E<?DL?J7J?ED;D9BEI;:?DJ>;7FFE?DJC;DJB;JJ;HJEJ>;=;IJ7J?ED7BM;;AKBJH7IEKD:I9H;;D?D=

?DL;IJ?=7J?ED7J+IBE1D?L;HI?JO$EIF?J7B +IBE7D:ZIJ<EB:$EIF?J7B0HKIJ '7BD;I8EJ>

*EHM7O%D/JE9A>EBC I;L;H7BC7J;HD?JO>EIF?J7BI7D:EKJM7H:KBJH7IEKD:9B?D?9IM;H;

7FFHE79>;:?DEH:;HJE?D<EHC78EKJJ>;IJK:O7D:JE<79?B?J7J;H;9HK?JC;DJ7J7L?I?J9BEI;BO7<J;H J>;M;;AIKBJH7IEKD:?DL;IJ?=7J?ED<EH?D9BKI?ED7J'7HEB?DIA71D?L;HI?JO$EIF?J7B

/JE9A>EBC/M;:;D"KHJ>;HMH?JJ;D8HE9>KH;I7D::;J7?B;:IJK:O:;I9H?FJ?EDM?J>J>;9EDI;DJ

<EHC7D:EH7BIJK:O?D<EHC7J?EDM7IFHEL?:;:FH?EHJECEJ>;HIJE8;I?=D?D=?D<EHC;:9EDI;DJ +)%#!%#,*!&%)!+)!BB9EDI;DJ?D=CEJ>;HIJE8;7JJ>;M;;AIKBJH7IEKD:

?DL;IJ?=7J?EDM?J>IK<<?9?;DJB7D=K7=;IA?BBI/97D:?D7L?7DB7D=K7=; =;IJ7J?ED7B7=;#

M;;AI+)%#/#,*!&%)!+)!,B7DIJECEL;EKJI?:;H;7IED78B;JH7L;B:?IJ7D9;<HEC 7DOE<J>;F7HJ?9?F7J?D=>EIF?J7BIM?J>?DJ>;<?HIJO;7HE<J>;E<<IFH?D=aIB?<; FH;=D7D9OM?J>J>H;;

EHCEH;<;JKI;IEHI;L;H;<;J7BC7B<EHC7J?EDIEH?BBD;IIE8I;HL;:8;<EH;EH7JJ>;M;;A KBJH7IEKD:;N7C?D7J?ED

(36)

MM !#)%8EHDJEJ>;?D9BK:;:CEJ>;HIM;H;?:;DJ?<?;:ED7:7?BO87I?I7J7BBJ>;C7J;HD?JOM7H:I 7D:M;H;?D9BK:;:M?J>?D>EKHIE<8?HJ>EH7IIEED7IFEII?8B;J>;H;7<J;H <EBBEM?D=H;D;M;:

C7J;HD7B9EDI;DJ7IM;BB7IF7HJD;HI9EDI;DJ

.&)%!%#,*!&%)!+)!(?L;8EHD?D<7DJIE<7JB;7IJ#M;;AI?D9BK:?D=JM?D FH;=D7D9?;I7D:C7J;HD7BF7H;DJ7BM?BB?D=D;IIJE<KHJ>;HF7HJ?9?F7J;?DJ>;IJK:O.&)%

/#,*!&%)!+)!I;L;H;D;ED7J7B97H:?79 FKBCED7HO D;KHEBE=?9 :;HC7JEBE=?9:?I;7I;EHEJ>;H I;L;H;:?I;7I;I FB7DIJECEL;EKJI?:;H;7IED78B;JH7L;B:?IJ7D9;<HEC7DOE<J>;F7HJ?9?F7J?D=

>EIF?J7BIM?J>?DJ>;<?HIJCEDJ>IE<B?<;E<J>;9>?B:

%&$!*+!&%?DJE<EKHI?C?B7HI?P;=HEKFIM?J>DE?DJ;HL;DJ?ED IA?D97H;EDBO ;7HBO<EE:

?DJHE:K9J?EDEDBOEH8EJ>?DJ;HL;DJ?EDIH;IF;9J?L;BO M7I:ED;M?J>7IJ;FF;:M;:=;:;I?=D .7D:EC?I7J?ED FH;I;J7JJ>;EDI;JE<J>;IJK:O7D:KDADEMDJEJ>;MEC;DKDJ?B?D9BKI?EDE<

J>;878O M7I87I;:KFEDFEIJ7B9E:;I7D:9>7D=;:;L;HOJ>H;;CEDJ>IJE;DIKH;I?C?B7H

?DJ;HL;DJ?ED=HEKFI?D7BB7H;7I79HEII7BBI;7IEDI

0>;*"!%!%+)-%+!&%<HECM;;AJ>HEK=>CEDJ>IE<7=;9EDI?IJ;:E<9EC8?D;:E?B87J>I :B87J>E?BF;H(M7J;H<EH7JB;7IJ<?L;C?DKJ;I 7JB;7IJ:7OIM;;A 7IM;BB7I:7?BO<79?7B 9H;7C;H?:7BU0>;&&!%+)-%+!&%M7I9ECFB;C;DJ7HOJEJ>;H;9ECC;D:;:8H;7IJ<;;:?D=

7D:9EDI?IJ;:E<IOIJ;C7J?9;7HBO?DJHE:K9J?EDE<F;7DKJ 9EMaIC?BA M>;7J7D:;==8;JM;;D J>H;;7D:<EKHCEDJ>IE<7=;0>;C?D?CKCH;GK?H;:?DJ7A;E<;79><EE:M7IJ7IJ?D=7JB;7IJ<EKH :7OIF;HM;;A7JB;7IJKDJ?BCEDJ>IE<7=; 7D:J>;H;7<J;H;D9EKH7=;:JE9EDJ?DK;ED7H;=KB7H 87I?I."#0#+)&%!!)0M7I9ECFB;J;:<EH;79>9>?B:<HECM;;AJ>HEK=>E<B?<;

H;9EH:?D=IA?D97H; ?D<7DJ<;;:?D=7D:IOCFJECIE<7BB;H=?9:?I;7I;IDOIKHFBKIE<87J>E?B M7I7II;II;:7J7D:CEDJ>IL?I?J7D:<?D7BBO7JCEDJ>IE<7=;;C7?B-)*-%+*

M;H;H;9EH:;:KFJECEDJ>IE<7=;7D:79J;:KFED?<7FFHEFH?7J;DOFEII?8B;7BB;H=?9 H;79J?EDJE<EE:7BB;H=;DIM7I?DL;IJ?=7J;: :?7=DEI;: JH;7J;:799EH:?D=JE=;D;H7B=K?:;B?D;I 7D:H;9EH:;:0>;9>?B:H;DM;H;E<<;H;::?H;9J799;IIJEJ>;BE97BF7;:?7JH?9:;F7HJC;DJ<EH H;B;L7DJ?DL;IJ?=7J?EDI7D:JH;7JC;DJM>;DD;;:;:?D97I;E<7BB;H=?9H;79J?EDIEH7BB;H=?9:?I;7I;

(37)

MN IOCFJECI%-*+!+!&%*F;H<EHC;:?DJ>;CEJ>;HIJE8;7D:J>;?H9>?B:H;DKFJEJ>;9>?B:aI J>?H:O;7HE<B?<;7H;B?IJ;:?D&NFK M?J>I?C?B7H?DL;IJ?=7J?EDIFB7DD;:<EH<KJKH;E<<IFH?D=

<EBBEMKFIJK:?;IJ>HEK=>EKJ9>?B:>EE:7D:?DJE7:KBJ>EE:)+!!'%+!%&)$+!&%?D9BK:;I

;B;9JHED?9GK;IJ?EDD7?H;I7D::?7H?;I 7IM;BB7IH;=?IJ;H;::7J7:KH?D=?DL;IJ?=7J?EDI 7IEKJB?D;:

?D&NFK

!&%"M7I;IJ78B?I>;:?D ;9;C8;H7J+IBE1D?L;HI?JO$EIF?J7B M?J><KBBOJH79;78B;

I7CFB;I;B;9JHED?97BBOH;9EH:;:?DJ>;);:%DI?=>JIOIJ;C+IBE1D?L;HI?JO$EIF?J7B +IBE

*EHM7OJ;DHEBC;DJ 7BBF7HJ?9?F7J?D=MEC;DFHEL?:;:I?=D;:9EDI;DJ7<J;HJ>EHEK=>MH?JJ;D 7D:EH7BIJK:O?D<EHC7J?ED1FED?D9BKI?EDE<J>;878O I?=D;:9EDI;DJM7IH;D;M;:8OJ>;

CEJ>;H7IM;BB7II?=D;:8OJ>;878OaI<7J>;HEH9E>78?J?D=CEJ>;H?D97I;E<CEJ>;HCEJ>;H F7?HI0>;IJK:OM7I7FFHEL;:8OJ>;.;=?ED7B8E7H:<EH);:?97B!J>?9I^$;7BJ>H;=?ED/EKJ>

!7IJ?D ;9;C8;H7D:/JE9A>EBC /M;:;D?D)7H9>

7IM;BB7IH;=?IJ;H;:7J9B?D?97BJH?7B=EL

# ! " $ # ! "

.&$% # # ) ) ) ) ) ) ) ) ) )

. #"&*&$% # % %%&% )

.#*(* ,$#,$*!% $

%%#$ & %# (% ) )

*$$$$$% # ) ) ) )

%# ! %#$&#$ $ %$+# (% ) ) ) ) ) ) )

$ # #*$% !#%%$ ) ) ) ) )

#$!#%# $$ $###$$$$% ) ) ) )

&&% ) ) )

!#%$% #$$%$% ) ) )

!#$$&# ) ) ) ) )

#& ) )/ # 0 ) ) ) )

.$($$-#$ # *$$ ) ) ) ) ) )

$ # *$$ ) ) ) ) ) )

- %$-!%$ ) )/ # 0 ) ) )

# ) )%# ) ) ) )

' #%$ %#'$% ) ) ) )

#)$ $ )

% )

%& )

#$%

&%##$ !%$ )

%B9?!"'.+," ,"('+"'&(,!*+9,(9',!"*!"%*'-),(AD&(',!+( "',!

*.',+,-18!(%(-*(0+(*9"*1/$%1'(**+,&"%$"'",+&)%"' ,"&8)*(-/",!*,".(&&('+,,*"-,"('"'+<=*%+',%8%%* 1@>?F7

?>8????;%%8?ABDF

(38)

35 4.2 Subjects

The study subjects in this thesis are all from the PreventADALL birth cohort and are presented in Figure 4-1.

2697 women included with 2701 pregnancies and 2712 fetuses

Enrolled at birth and randomized

(n= 2397)

Not attended 3-month investigation(n=99)

Randomized to groups (3) food intervention and (4) no intervention attending the 3-month investigation

(n=1150) Not attended

6-month investigation

(n=80)

Groups (3) and (4) attending the 6- month investigation

(n=1070) Randomized to groups (1) Skin intervention

and (2) Both skin and food intervention (n=1147)

Withdrew from study (n=1) Excluded (n= 315)

¨ Not meeting inclusion criteria (n= 49)

¨ Declined to participate (n= 124)

¨ Other reasons (n= 142)

Amniotic fluid sampled from CS

(n=65)

No prior rupture of membrane

(n=51)

Amniotic fluid sampled in same operating room

(n = 10)

non-ROM group Prior rupture of

membrane (n=14)

ROM - group

Paper I Paper II Paper III

Aim 1 Aim 2 Aim 3 Aim 4 Paper IV

Figure 4-1 The flow chart shows the number of women and children included into the PreventADALL study, as well as the study subjects in this thesis. The colours of the boxes in the flow chart, are matched with papers I- IV and the specific aims of the thesis 1-4 using arrows and the corresponding colours. The boxes with no colour are not included in this thesis, however still part of the PreventADALL study.

(39)

MP

JEJ7BE<MEC;DM?J>FH;=D7D9?;IM;H;;DHEBB;:7HEKD:M;;AFH;=D7D9O

?D*EHM7O7D:?D/M;:;D8;JM;;D ;9;C8;HJ>7D:+9JE8;HIJ"EKHMEC;D M;H;?D9BK:;:JM?9;M?J>I?D=B;JEDFH;=D7D9?;I 7D:M;H;JM?DFH;=D7D9?;IED;?D/M;:;D 0>;C7@EH?JOB?L;:M?J>J>;?H>KI87D:IEH9E>78?J?D=F7HJD;H M;H;I?D=B;

CEJ>;HI M>;H;7I>7:EJ>;HB?L?D=7HH7D=;C;DJ0>;C;7D/ ;IJ?C7J;:<;J7B#7J

;DHEBC;DJM7IC?DC7NM;;AI

);7DC7J;HD7B7D:F7J;HD7B7=;C?DC7NM7I7D:O;7HI H;IF;9J?L;BO 7D:CEIJF7H;DJIM;H;8EHD?D*EHM7OE<CEJ>;HI7D:E<<7J>;HIEH/M;:;D CEJ>;HI7D:E<<7J>;HI0>;C7@EH?JOE<CEJ>;HI7D:7BCEIJ>7B<E<J>;?HF7HJD;HI

>7:CEH;J>7D<EKHO;7HIE<9EBB;=;EHKD?L;HI?JO;:K97J?ED M>;H;7IE<J>;CEJ>;HI 7D:E<J>;?HF7HJD;HI>7:J>;9ECFKBIEHOO;7HII9>EEB?D=7IJ>;?H>?=>;IJ;:K97J?ED7B B;L;BJB;7IJED;:E9JEH:?7=DEI;:7BB;H=?9:?I;7I;M7IH;FEHJ;:8OE<J>;CEJ>;HI 7D:7J B;7IJJME8O M>?B;H;FEHJ;: ?D9EDJH7IJJEEDBOE<J>;<7J>;HI

0>;CEJ>;H9>?B:9E>EHJ?D9BK:;:CEJ>;HI E<M>ECJ>H;;M;H;;DHEBB;:8OJ>;I7C;

CEJ>;H8KJM?J>JME:?<<;H;DJFH;=D7D9?;I 7D:9>?B:H;D8EOI?D9BK:?D=JM?DI +D;CEJ>;H9>?B:F7?HM?J>:H;M7<J;HH7D:EC?I7J?ED0>;C;7DC?DC7N#E<J>;D;M8EHDI M7IM;;AI 7D:M;H;:;B?L;H;:8O/

"EHJ>;IK8FEFKB7J?EDIE<J>;MEC;DM>;H;M;7D7BOI;:7CD?EJ?9<BK?:?DF7F;H%% J>;87I;B?D;

9>7H79J;H?IJ?9I7H;FH;I;DJ;:?D078B; 7D:J>;87I;B?D;9>7H79J;H?IJ?9IE<J>;CEDJ>I 7D:CEDJ>IEB:?D<7DJI?D9BK:;:?DF7F;H%%%7D:%27H;FH;I;DJ;:?D078B;E

(40)

MQ ,12<51B5<9>5381A13C5A9BC93B6?AF?=5>D>45A7?9>7315B1A51>B53C9?>+F85A51=>9?C936<D9481B 255>B1=@<54F9C8?DCAD@CDA5?61=>9?C93=5=2A1>5B>?>*'%1>4F9C8@A9?AAD@CDA5?61=>9?C93

=5=2A1>5B*'%

81A13C5A9BC93B >?>*'%

>

*'%

>

%?C85AB

=; OHIC;7D/

(A57>1>3H3?=@<931C9?>B B?D?97B9>EH?E7CD?ED?J?I

#/?DKH?D;

DJ?8?EJ?9I7DJ;F7HJKC DJ?8?EJ?9I?DJH7F7HJKC

!>4931C9?>B6?A+

)7J;HD7BH;GK;IJ

$;7HJ:?I;7I;CEJ>;H FH;L?EKI/

H;;9>7D:EHB7H=;<EH#

H;;9>7D:<;J7B=HEMJ>H;IJH?9J?ED /BEMFHE=H;II?EDE<8?HJ>

";J7B:?IJH;II

>EH?E7CD?ED?J?I

.+) >EKHIC;:?7DH7D=;

#7J/ M;;AIC;7DH7D=;

?HJ>M;?=>J =C;7D/

Referanser

RELATERTE DOKUMENTER

Student’s paired t- tests were performed to check for signifi- cant differences in overall richness, and Staphylococcus rich- ness and abundance associated with sampling strategy or

Background Loss-of-function mutations in the skin barrier gene filaggrin (FLG) increase the risk of atopic dermatitis (AD), but their role in skin barrier function, dry skin and

Supplementary Table 1 | Levels of short chain fatty acid intermediates detected in human milk samples from atopic (n = 47) and non-atopic (n = 62) women at one month postpartum..

This study assessed costs for treatment of 206 infants 3–59 days old, enrolled in a clinical trial, and admitted to the Kanti Children’s Hospital in Nepal through June 2017 to

The potential influence of recurrent bronchial obstruction (rBO), atopic dermatitis (AD) and allergic sensitisation (AS) on the associations between Qual- ity of Life (QoL 2 )

In this cohort study with children assessed in infancy (mean age 5.1 months) and at two years of age, AD at both time points was associated with excessive weight- for-length in

Figure 2 Estimated missed school days, of total school days, due to burden of disease from estimated dampness in EU housing stock in school age children (asthma, atopic

The breast milk samples analysed in this study were collected during the Probiotics in the Prevention of Allergy among Children in Trondheim (ProPACT) trial, which demonstrated