Finance challenges and possible alternatives for direct market farmers: A Portland, Oregon Case Study

(1)

Finance Challenges and Possible Alternatives for Direct Market Farmers: A Portland, Oregon Case Study

Drew A. Katz

Department of Plant and Environment Science Master Thesis 30 credits 2011

(2)

(3)

!"#$%!&$' '

! #$!%&'()*$&(+,)!)-.$./+-!01&-)2!-.$0+0(+$3!.4!5+*)-(!&3*+-6'(6*&'!/&*7)(0!&$5!

0/&''!4&*/)*0!+0!-6**)$('8!)/)*3+$3!9+(:+$!(:)!;<=!!>.*!/&$8?!(:)!+$-*)&0+$3!

-.$06/)*!+$()*)0(!+$!&$5!06--)00!.4!5+*)-(!&3*+-6'(6*&'!/&*7)(0!&$5!(:)!*+0)!.4!0/&''!

4&*/)*0!*)1*)0)$(0!&!1*./+0+$3!0:+4(!(.9&*50!&!1.()$(+&''8!/.*)!060(&+$&@')!;<!

&3*+A4..5!080()/=!!B:+')!0/&''!4&*/)*0!:&,)!@))$!06--)0046'!+$!-&1+(&'+C+$3!.$!(:)!

+$-*)&0+$3!5)/&$5!4.*!'.-&''8!1*.56-)5!4..5!,+&!5+*)-(!&3*+-6'(6*&'!/&*7)(0?!(:)8!

&*)!0(+''!4&-)5!9+(:!$6/)*.60!-:&'')$3)0!(:&(!(:*)&()$!(:)+*!&@+'+(8!(.!*)/&+$!

-./1)(+(+,)!+$!(:)!;<!&3*+-6'(6*&'!)-.$./8=!

D:+0!(:)0+0!4.-60)0!.$!.$)!.4!(:)0)!$6/)*.60!-:&'')$3)0E!&--)00+$3!4+$&$-)=!!

F*&9+$3!.$!4+$5+$30!4*./!&!-&0)!0(658?!(:)!(:)0+0!1*.,+5)0!&$!.,)*,+)9!.4!(:)!

1*)0)$(!4+$&$-)!0+(6&(+.$!&$5!7)8!+006)0!)G1)*+)$-)5!@8!4&*/)*0!1&*(+-+1&(+$3!+$!

5+*)-(!/&*7)(0!+$!H.*('&$5?!I*)3.$=!!D:)!7)8!+006)0!*),)&'!:.9!@.(:!,.'6$(&*8!&$5!

+$,.'6$(&*8!)G-'60+.$?!+$4'6)$-)5!@8!(:)!1)-6$+&*8!*)J6+*)/)$(0!.4!4.*/&'!4+$&$-)!

+$0(+(6(+.$0!&0!9)''!&0!4&*/)*0!@+&0)0!.4!(:)0)!+$0(+(6(+.$0?!'+/+(!4&*/)*0!&@+'+(8!(.!

&--)00!5)0+*&@')!4+$&$-)!1*.56-(0!&$5!0)*,+-)0=!!

! K.,+$3!@)8.$5!&!5)0-*+1(+.$!.4!(:)!1*)0)$(!0+(6&(+.$!&$5!7)8!+006)0?!(:)!

(:)0+0!5+0-600)0!(:)!1.()$(+&'!.4!-.//6$+(8A@&0)5!4+$&$-)!0.'6(+.$0!&$5!0.-+&'!

4+$&$-)!.*3&$+C&(+.$0!&0!1.00+@')!&'()*$&(+,)0!4.*!&55*)00+$3!4&*/)*02!4+$&$-)!

-:&'')$3)0?!&0!9)''!&0!(:)+*!+$()*)0(!+$!0.-+&''8!)/@)55)5!4+$&$-)!*)'&(+.$0:+10=' '

' ' ' ' '

(4)

!"#$%&'(&)'*!%*!+&

&

"#+!,")!! ! ! ! ! ! ! &&&&&&&&&&-&

!"#$%&'(&)'*!%*!+& & & & & & & &&&&&&&&&&.&

")/*'0$%12%3%*!+& & & & & & & &&&&&&&&&&4&

$5+!&'(&"),'*63+& & & & & & & &&&&&&&&&&7&

88888888888888888888888888888888888888888888888888888888888888888888888888888888&

-9&5*!,'1:)!5'*& & & & & & & &&&&&&&&&&;!

#<=>?@ABCD! ! ! ! ! ! ! !!!!!!!!!!!#&

!"#$%&'()#"%*+&*#,+'-,#.$&/',/'01$#)"2)'(+&$#2,&"3$'0%4241"%'56,%$/! ! !!!!!!!!!!!$'

!-'7,#1$#/%!

89$':9,++$2)$'4;'7"2,2%$' ' ' ' ' ' ' ' !!!!!!!!-E'

,FGF<@=H&IBFGJKACG&<CD&"KLG& & & & & & & &&&&&&&&&&&

!HFGKG&+J@B=JB@F& & & & & & & & & &&&&&&&&&'&

&

.9&3%!M'1'$'26& & & & & & & & & &&&&&&&&-7&

)<GF&+JBDN& & & & & & & & & & &&&&&&&&&(&

3FJHADG& & & & & & & & & & &&&&&&&&&#&

&

49&)"+%&+!:16&(5*15*2+& & & & & & & & &&&&&&&&-O&

#<=>?@ABCDP&QA@JR<CDS&'@F?AC& & & & & & & &&&&&&&&&)&

(<@LF@&Q@ATKRF& & & & & & & & & &&&&&&&&&)&

/FN&5GGBFG& & & & & & & & & & &&&&&&&&"*&

<$='>//*$'?@A'7"2,2%$'"/'"164#&,2&';4#';,#1'/*#3"3,+',2B'C*/"2$//')#4D&9E''

,+&94*)9',%%$//'&4';"2,2%$'"/','%9,++$2)$' ' ' ' ' ' ''''''''"*'

<$='>//*$'?FA'G4&9'"234+*2&,#=',2B'34+*2&,#='$H%+*/"42'1,.$',%%$//'&4'

;"2,2%$','%9,++$2)$' ' ' ' ' ' ' ' ' ''''''''"''

<$='>//*$'?IA':#$B"&'%,#B/',#$','D"B$+='*/$B'=$&'*2B$/"#,C+$';4#1'4;';"2,2%$''''''''''''''''"#'

<$='>//*$'?'JA'7,#1$#/'#$+='9$,3"+='42'"2;4#1,+';"2,2%$'/&#,&$)"$/' ''''''''''''''''''''''"$'

&

79&15+):++5'*& & & & & & & & & &&&&&&&&.U&

+A=K<R&(KC<C=FP&&"C&V<RJF@C<JKWFX&JA&((5GY&& & & & & &&&&&&&&'*&

&

;9&)'*)$:+5'*& & & & & & & & & &&&&&&&&4Z&

&

Z9&Q'+!+),5Q!P&,%($%)!5'*& & & & & & & &&&&&&&&4[&

5CJ@ADB=JKAC&& & & & & & & & & &&&&&&&&'+&

1FWFRA\KC?&,FGF<@=H&IBFGJKACG& & & & & & & &&&&&&&&'+&

3FJHDARA?N& & & & & & & & & & &&&&&&&&'%&

3BRJK\RF&QF@G\F=JKWFG& & & & & & & & &&&&&&&&(*!

!HF&)H<RRFC?F&AT&$AC?&1KGJ<C=F&,FGF<@=H& & & & & &&&&&&&&(&&

O9&,%(%,%*)%&$5+!&& & & & & & & & &&&&&&&&77&

&

(5)

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

!

#!$%&'(!')*+!,%!,-./*!.''!,-+!0.12+13!./(!%,-+1!.4,%13!$-%!,%%*!,)2+!%&,!%0!,-+)1!

5&36!34-+(&'+3!,%!0)''!%&,!3&17+638!9&+3,)%//.)1+38!./(!:.1,)4):.,+!)/!)/,+17)+$3;!!

<),-%&,!,-+)1!:.1,)4):.,)%/!./(!)/:&,8!,-)3!,-+3)3!$%&'(!/%,!5+!:%33)5'+;!

!

=:+4).'!,-./*3!)3!.'3%!+>,+/(+(!,%!?.([email protected]!=1)3*./([email protected]!./(!26!ABC!,-+3)3!

.(7)3%13!D+)1!E)+5'+)/8!=&F.//+!B%13+8!./(!G-&4*!H1./4)3!0%1!,-+)1!3&::%1,!./(!

0++(5.4*!,-1%&I-%&,!,-+!$1),)/I!:1%4+33;!

!

! . . . . . . . .. . . . . . . . . .. . . . . . .

!!

!

!!

(6)

!"#$%&'%()*&+,-#!

!

#$!%&'()*+,-.)&!/01+02!

!

343!5!3)6.)1+!4)07+6,!38)&-,-8$!

39%!5!38::;$-,<!9;''80,+1!%=0-.;&,;0+!

3>?#@!38::;$-,<!>+7+&8':+$,!)$1!?-$)$.+!#$6,-,;,-8$!

>A5!>-0+.,!A)0B+,!

?39!5!?)0:!30+1-,!9+07-.+!

?9%!5!?)0:!9+07-.+!%=+$.<!

C?9!5!C8.)&!?881!9<6,+:6!

C#/D!5!C8.)&!#$7+6,-$=!/''80,;$-,<!D+,E80B!

A3DF!5!A+0.<!380'6!D80,(E+6,!

G%39%3!5!G80,&)$1!%0+)!38::;$-,<!9;''80,+1!%=0-.;&,;0+!38)&-,-8$!

G?A%!!@!G80,&)$1!?)0:+06!A)0B+,!%668.-),-8$!

9?/!5!98.-)&!?-$)$.+!/0=)$-H),-8$!

99A!5!98I,!9<6,+:6!A+,(818&8=<!

J9>%!5!J$-,+1!9,),+6!>+')0,:+$,!8I!%=0-.;&,;0+!

!!

!

%

%%

%

(7)

!"#$%&'()*+&$(%#

#

,-./012345#

!

#$%&!'(%!)*+'!',-!.%/*.%+!'(%!01!*2&345--.!+6+'%7!(*+!8%%9!'(&:+'!39'-!'(%!

;&-$%&83*)!)37%)32('!-5!*/*.%73/!39<:3&6!*9.!'(%!7*39+'&%*7!7%.3*=!!>!+'&-))!.-,9!

'(%!*3+)%!-5!*!8--?+'-&%!-&!*!<:3/?!39'%&9%'!+%*&/(!&%$%*)+!*!;)%'(-&*!-5!8--?+@!9%,+!

(%*.)39%+@!.-/:7%9'*&3%+@!A-:&9*)!*&'3/)%+!*9.!39'%&9%'!8)-2+!'(*'!*..&%++!'(%!

/:&&%9'!+'*'%!-5!5--.!*9.!*2&3/:)':&%!39!'(%!01=!!B-&!'(%!*$%&*2%!>7%&3/*9!%*'%&@!,(-!

*:'(-&!C%9.%))!D%&&6!EFGGHI!-9/%!.%+/&38%.!*+!J;*++3$%K@!J$3/'373L%.K!*9.!

J*9%73/K@!'(3+!&%/%9'!;&-)35%&*'3-9!-5!&(%'-&3/!&%;&%+%9'+!*9!37;-&'*9'!+(35'!39!'(%!

/-:9'&6M+!*,*&%9%++!*8-:'!'(%!/-99%/'3-9+!8%',%%9!5--.!*9.!5*&7+@!*9.!%*'392!*9.!

*2&3/:)':&%=!!N:%!'-!'(3+!2&-,392!*,*&%9%++!7-&%!*9.!7-&%!/-9+:7%&+!*&%!

8%2399392!'-!9-'3/%!'(*'!8%6-9.!'(%!.3+;)*6!*9.!-&.%&!-5!2&-/%&6!+'-&%!+(%)$%+!'(%&%!

%O3+'+!*!/-7;)%O@!7:)'34.37%9+3-9*)@!*9.!*'!'37%+!;*&*.-O3/*)!01!*2&345--.!+6+'%7=!

P(%!7-&%!'(*'!3+!:9/-$%&%.!*8-:'!'(%!-&3239+!-5!-:&!5--.@!'(%!7-&%!<:%+'3-9+!

*9.!/-9/%&9+!'(*'!+:&5*/%!*8-:'!'(%!01!*2&345--.!+6+'%7M+!/*;*/3'6!'-!;&-$3.%!*!

+:+'*39*8)%!*9.!+%/:&%!5:':&%!5-&!*))=!!P(%!;&-73+%+!-5!39.:+'&3*)3L*'3-9@!

'%/(9-)-23/*)!399-$*'3-9@!*9.!7%/(*93L*'3-9!*&%!8%392!7%'!,3'(!39/&%*+%.!

+?%;'3/3+7@!*+!)39?*2%+!8%',%%9!'(%+%!;&-/%++%+!*9.!3++:%+!-5!5--.!+*5%'6@!'(%!

.%;)%'3-9!-5!9*':&*)!&%+-:&/%+!E;*&'3/:)*&)6!+-3)!*9.!,*'%&I@!;-)):'3-9@!*9.!;--&!

)*8-&!/-9.3'3-9+!*&%!&%$%*)%.=!P(%!8-$39%!+;-9235-&7!%9/%;(*)-;*'(6!E7*.!/-,!

.3+%*+%I!*9.!"#!$%&'!-:'8&%*?+!39!QHH"!*9.!QHHR@!*9.!'(%!/-))*;+%!-5!'(%!01!(-9%6!

8%%!;-;:)*'3-9!39!'(%!)*+'!5%,!6%*&+!*&%!A:+'!*!5%,!%O*7;)%+!-5!&%/%9'!*2&345--.!

+6+'%7!+/*&%+!'(*'!(*$%!5:&'(%&!5:%)%.!/-9/%&9=!!S9!*..3'3-9@!3++:%+!-5!/)37*'%!

/(*92%@!;%*?!-3)!*9.!+-3)!EP*+/(@!QHHTI@!'(%!39%<:*)3'3%+!-5!2)-8*)!/*;3'*)3+7@!*9.!'(%!

+?6&-/?%'392!-5!,-&).!5--.!;&3/%+!(*$%!*)+-!)%*.!'-!&%5)%/'3-9+!-9!'(%!5*&4&%*/(392!

/-9+%<:%9/%+!-5!*!2)-8*)3L%.!01!*2&345--.!+6+'%7!EU-&2*9!%'!*)=@!QHHRV!U:&.-/(!%'!

*)=@!FGGGI=!

N%+;3'%!'(%!&%/-293'3-9!'(*'!*!W8:+39%++!*+!:+:*)M!*;;&-*/(!,3))!)3?%)6!

%O*/%&8*'%!%O3+'392!;&-8)%7+!*9.!/-9'39:%!'-!/&%*'%!9%,!-9%+@!*''%7;'+!*'!

/-9'%+'392!'(%!+'&:/':&%!*9.!5:9/'3-9!-5!'(%!01!*2&345--.!+6+'%7!/*9!-5'%9!+%%7!

(8)

#$%&&#'('#)*+,!!-$&)./%0!12!)3%.!(!'%$4*.2!)&!.(4#)$(5!($0!6)+#4#3#+4!47#$8#$9!($0!

9*#0%0!12!47%!:#$3#+#15%!7($0;!)&!&.%%!/(.8%4+<!47%!=>!(9.#?&))0!+2+4%/!7(+!%3)53%0!

#$4)!:($!(/(59(/!)&!')/6%4#$9!'5*+4%.+!)&!#$4%9.(4%0!(9.#?1*+#$%++!($0!').6).(4%!

($0!#$4%.$(4#)$(5#@%0!.%4(#5!&#./+;!AB).9($!%4!(5,<!CDD"<!6,!"EF!47(4!426#&#%+!(!9.%(4%.!

$%)?5#1%.(5!%')$)/#'!6(.(0#9/!6.%3(#5#$9!('.)++!47%!95)1%!AG%$0.#'8+)$!%4!(5,<!

CDDCH!B*.0)'7!%4!(5,<!IEEEF,!!J7%!'*..%$4!+2+4%/K+!(1#5#42!4)!(66.)6.#(4%!+)'#(5!

/%($#$9+!($0!3(5*%+!%/1%00%0!#$!(54%.$(4#3%+!($0!.%).#%$4!47%/!4)!+(4#+&2!#4K+!

6)5#4#'(5!($0!%')$)/#'!(9%$0(+!/(8%!#4!0#&&#'*54!&).!(54%.$(4#3%+!4)!/(#$4(#$!47%#.!

&*$0(/%$4(5!#0%)5)9#'(5!+4($'%+!(+!47%2!6%.+#+4!($0!%L6($0!AM)55%44<!CDDNH!B).9($!

%4!(5,<!CDD"F,!!

G)O%3%.<!(+!0)/#$($4!($0!+%%/#$952!#/6%$%4.(15%!47%!=>!(9.#?&))0!+2+4%/!

/(2!1%<!#4!#+!12!$)!/%($+!+4(4#'!AG)55)O(2!%4!(5,<!CDDPH!B).9($!%4!(5,<!CDD"F,!!Q*+4!5#8%!

($2!)47%.!+2+4%/!#$3)53#$9!7*/($+<!47%!=>!(9.#?&))0!+2+4%/!#+!&('%0!O#47!

*$'%.4(#$4#%+<!'7(55%$9%+!($0!3*5$%.(1#5#4#%+<!O7#'7!G%$0.#'8+)$!%4!(5,!ACDDC<!6,!R"IF!

+*99%+4+!:(.%!%L('452!47%!65('%!O7%.%!&(./%.+<!O).8%.+<!($0!')$+*/%.+!$%%0!4)!

6)+#4#)$!(54%.$(4#3%+;,!!G)55)O(2!%4!(5,!ACDDPF!6)#$4+!)*4!47(4!47%!=>!(9.#?&))0!

+2+4%/K+!#$4%.')$$%'4%0$%++!($0!0%6%$0%$'%!)$!95)1(5!%')$)/#'+!'.%(4%+!(!

+*+'%64#15%!'(6#4(5#+/!#$!O7#'7!:47%.%!#+!(!6)++#1#5#42!&).!(!6.)5#&%.(4#)$!)&!%')$)/#'!

+6('%+!($0!6.('4#'%+!O7#'7!(.%!'%$4%.%0!5%++!(.)*$0!'(6#4(5!(''*/*5(4#)$<!($0!/).%!

(.)*$0!+)'#(5<!%')5)9#'(5<!($0!%47#'(5!')$'%.$+;!A6,!SF,!!!!

!

"#$%&'!()$#&*+'*$,+!-,$.%'/!,/!01%$)#2)!(+'%$2,'#3%!0&4241#&!56,&%/!

!

T#.%'4!(9.#'*54*.(5!/(.8%4+!.%6.%+%$4!)$%!+*'7!(54%.$(4#3%!%')$)/#'!+6('%!

'*..%$452!%/%.9#$9!($0!9(#$#$9!/)/%$4*/!#$!47%!=>!(9.#?&))0!+2+4%/,!T#.%'4!

(9.#'*54*.(5!/(.8%4+!')$+#+4!)&!:8%2!3(.#)*+!6.)0*'%.?')$+*/%.!6(47O(2+<!1)47!)50!

($0!$%O<!O7#'7!+7).4%$!47%!')$3%$4#)$(5!&))0!'7(#$<!1.#$9#$9!47%+%!4O)!9.)*6+!)&!

('4).+!'5)+%.!#$!6.)L#/#42;!AM%(9($!CDDN<!6,!I"IF,!UL(/65%+!)&!0#.%'4!(9.#'*54*.(5!

/(.8%4+!#$'5*0%!1*4!(.%!$)4!5#/#4%0!4)!&(./%.+K!/(.8%4+<!')//*$#42!+*66).4%0!

(9.#'*54*.%!AV>WF<!.)(0+#0%!&(./!+4($0+<!*?6#'8!&(./+<!($0!0#.%'4!+(5%+!4)!

.%+4(*.($4+<!9.)'%.2!+4).%+<!($0!'(&%4%.#(+,!!W'').0#$9!4)!47%!=$#4%0!>4(4%+!

T%6(.4/%$4!)&!W9.#'*54*.%!A=>TWF<!0#.%'4!+(5%+!1%4O%%$!&(./%.+!($0!')$+*/%.+!

(9)

#$%&'()'*!+,!-./!+'01''$!2.."!($*!344"5!1#06!(!070(8!9(8:'!')0#;(0'*!(0!2<3!+#88#7$!

#$!344"!=>?@A5!3424B<!!A0!06'!'$*!7C!344.!06'&'!1'&'!(DD&7E#;(0'8,!-53"F!C(&;'&)G!

;(&H'0)!7D'&(0#$I!06&7:I67:0!06'!>?5!:D!C&7;!25"--!#$!2..F!=>?@A5!3424(B<!!

?#;#8(&!07!C(&;'&)G!;(&H'0)5!J?A!$:;+'&)!6(9'!(8)7!+''$!+:&I'7$#$I!#$!06'!>?²<!!

K6#8'!(0!06'!'$*!7C!2.L4G)!06'&'!1()!C'1'&!06($!C#9'!J?AG)!7D'&(0#$I!$(0#7$1#*'5!06'!

M7+,$!N($!O$!J'$0'&!')0#;(0'*!06(0!#$!344"!25F44!C(&;)!7CC'&'*!J?A)!(%&7))!06'!>?!

=111<%)(%'$0'&<7&IB<!

@#&'%0!(I&#%:80:&(8!;(&H'0)!($*!06'!(%07&)!06(0!D(&0#%#D(0'!#$!06';!(&'!D(&0!7C!

(!+&7(*'&!):)0(#$(+8'!(I&#%:80:&'!*'9'87D;'$0<!!P'(I($!=344"B!%7$Q7#$)!06'!9(&#7:)!

D&(%0#%')!($*!#*'()!7C!06#)!I&71#$I!;79';'$0!1#06!06'!0'&;!R7%(8!P77*!?,)0';)!

=RP?B<!!K6#8'!):)0(#$(+8'!(I&#%:80:&'!'$0(#8)!871S#$D:0!($*!'$9#&7$;'$0(88,!C&#'$*8,!

D&7*:%0#7$!D&(%0#%')!(0!06'!C(&;!8'9'85!RP?!'$%7;D())!(!1#*'&!)'0!7C!'$9#&7$;'$0(8!

D&(%0#%')!D&'*#%(0'*!7$!'%7$7;#%5!)7%#(8!($*!D78#0#%(8!&'8(0#7$)6#D)!06(0!'E0'$*!06'!

#*'()!($*!D&(%0#%')!7C!):)0(#$(+8'!(I&#%:80:&'!+',7$*!06'!C(&;!I(0'<!!RP?!*#)%7:&)')!

($*!D&(%0#%')!(&'!8(&I'8,!#$C8:'$%'*!+,!T'ED&'))#7$)!7C!D&7E#;#0,U!16#%6!%(88!C7&!06'!

T&'87%(8#V(0#7$U5!T&'S)D(0#(8#V(0#7$U5!7&!T&'I#7$(8#V(0#7$U!7C!(I&#SC77*!),)0';)!

=P'(I($5!344"W!X87DD'$+:&I5!2..YW!Z7&I($!'0!(8<5!344YB<!!A%%7&*#$I!07!J7$$'88!'0!(8<!

=344.5!D<!2"[B5!T06'!#*'(!7C!87%(8!C77*!),)0';)!';+7*#')!06'!I7(8!07!&'*:%'!*#)0($%'!

#$!#0)!;(0'&#(85!)7%#(85!($*!;7&(8!*#;'$)#7$)!+,!'$):&#$I!C77*!#)!%7$):;'*!()!%87)'!

07!06'!D7#$0!7C!D&7*:%0#7$!()!D7))#+8'U<!!RP?!(&'!())7%#(0'*!1#06!06'!%7$%'D0!7C!;7&(8!

'%7$7;,!=X87DD'$+:&I!2..YB!16#%6!T(#;)!07!+'!'%7$7;#%(88,!9#(+8'!C7&!C(&;'&)!

($*!%7$):;'&)5!:)'!'%787I#%(88,!)7:$*!D&7*:%0#7$!($*!*#)0&#+:0#7$!D&(%0#%')!($*!

'$6($%'!)7%#(8!'\:#0,!($*!*';7%&(%,!C7&!(88!;';+'&)!7C!06'!%7;;:$#0,U!=P''$)0&(5!

2.."5!D<!3LB<!!

]$!*#&'%0!(I&#%:80:&(8!;(&H'0)5!;(0'&#(85!)7%#(85!($*!;7&(8!*#)0($%')!(&'!

79'&%7;'!06&7:I6!'%7$7;#%!0&($)(%0#7$)!T';+'**'*!#$!($*!;'*#(0'*!+,!(!%7;D8'E5!

7C0'$!'E0'$)#9'!1'+!7C!)7%#(8!&'8(0#7$)U!=P'(I($!344.5!D<!3[YB<!^6'!0'&;!

"#$"%%"%&"''!&'C'&)!07!T)7%#7%:80:&(8!D&7%'))')!())7%#(0'*!1#06!&'8(0#7$)6#D)!

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

2!^6'!6#I6')0!%7$%'$0&(0#7$)!7C!J?A)!(&'!C7:$*!#$!&(D#*8,!I&71#$I!7&!(8&'(*,!6'(9#8,!D7D:8(0'*!

:&+($!($*!):+:&+($!(&'()5!1#06!06'!I&'(0')0!$:;+'&!7C!)%6';')!7CC'&'*!#$!_'1!O$I8($*!($*!$'(&!

;(Q7&!%#0#')!#$!K()6#$I07$5!`&'I7$!($*!J(8#C7&$#(!=?%6$'885!344"5!D<!--[B<!

(10)

#$%&$$'!()*+,-$).!/'+!-*'.,0$).!.,-1!%1/%!2**+!%)/'./-%3*'.!/)$!)$4$0#$++$+!3'!

-*00,'3%5!/'+!(6/-$7!89$/:/';!<==>;!(?!<"@?!!A1$!B)$4$0#$++3':7!*2!2**+!

%)/'./-%3*'.!3.!0/'32$.%$+!3'!%1$!()$.$'-$!/'+!3'26,$'-$!*2!'*'4()3-$!C/6,$.!*'!

-*'.,0$)D()*+,-$)!$-*'*03-!#$1/C3*)?!!E322$)$'%!-/%$:*)3$.!*2!$0#$++$+'$..!

1/C$!#$$'!3+$'%323$+;!3'-6,+3':!.*-3/6;!.(/%3/6!/'+!'/%,)/6!$0#$++$+'$..!89$/:/'!

<==FG!H3)&/';!<==I@?!!!"#$%#&'()*(++(+,(--!)$2$).!%*!C/6,$.!/..*-3/%$+!&3%1!

()*+,-%.!/'+!/-%3C3%3$.!%1/%!3'!$22$-%!.1*)%$'!J0/%$)3/6K!/'+!J0*)/6K!+3.%/'-$.;!.,-1!/.!

%1$!(,)-1/.3':!/'+!.$663':!*2!6*-/665!()*+,-$+!()*+,-%.?!!.#$/0#&'()*(++(+,(--!

)$()$.$'%.!C/6,$!/%%/-10$'%!%*!$'C3)*'0$'%/665!2)3$'+65!83?$?!*):/'3-!C$:$%/#6$.@!

/'+!,'()*-$..$+!()*+,-%.!83?$?!)/&!1*'$5@?!!!12%#&'()*(++(+,(--!)$2$).!%*!C/6,$.!

/..*-3/%$+!&3%1!(,)-1/.3':!2**+!+3)$-%65!2)*0!2/)0$).;!/'!/-%3C3%5!%1/%!#)3+:$.!%1$!

J.*-3/6K!+3.%/'-$!#$%&$$'!()*+,-$).!/'+!-*'.,0$).!/.!&$66!#$%&$$'!-*'.,0$).!/'+!

%1$3)!2**+?!!!

A1$!()$.$'-$!*2!C/)3*,.!2*)0.!/'+!6$C$6.!*2!$0#$++$+'$..!3'!+3)$-%!

/:)3-,6%,)/6!0/)L$%.!1/.!#$$'!/!(*(,6/)!%*(3-!.%,+3$+!#5!2**+!.5.%$0!)$.$/)-1$).?!!

A1$!2/-%!%1/%!13:1$)!6$C$6.!*2!$0#$++$+'$..!$M3.%!&3%13'!2/)0$).K!0/)L$%.!/'+!NOP.!

1/.!6$/+!%*!/!($)-$(%3*'!%1/%!+3)$-%!/:)3-,6%,)/6!0/)L$%.!/)$!.*-3*4$-*'*03-!.(/-$.!

+$C*3+!*2!$-*'*03-!.$6243'%$)$.%!/'+!23+,-3/)5!)/%3*'/6$?!!Q*&$C$);!+)/&3':!*'!%1$!

&*)L!*2!.*-3*6*:3.%!9)$+)3-L!R6*-L!8SFF=@;!Q3')3-1.!8<===@!)$03'+.!,.!%1/%!

$M()$..3*'.!*2!$0#$++$+'$..!3'!+3)$-%!/:)3-,6%,)/6!0/)L$%.!/)$!#&3#4-!T,/6323$+!

/'+!%$0($)$+!#5!.*0$!6$C$6!*2!0/)L$%'$..!/'+!3'.%),0$'%/63.0?''5#06($,(--!)$2$).!

%*!%1$!)$6$C/'-$!*2!23+,-3/)5!2/-%*).!.,-1!/.!()3-$!3'!/!%)/'./-%3*';!&136$!

%,-$0/)(,$#&%-)!)$2$).!%1$!B'/%,)$!*2!3'+3C3+,/6!0*%3C/%3*'7!3'!/!%)/'./-%3*'!83#3+;!(?!

<F>@?!!U136$!3'!+3)$-%!/:)3-,6%,)/6!0/)L$%.!6$C$6.!*2!0/)L$%'$..!/'+!

3'.%),0$'%/63.0!0/5!#$!6*&$)V0$/'3':!%1/%!'*'423+,-3/)5!2/-%*).!1/C$!/!:)$/%$)!

3'26,$'-$!*'!()3-$!/'+!-*'.,0$)!#$1/C3*)V3%!+*$.!'*%!0$/'!%1/%!.$62!3'%$)$.%!/'+!

$-*'*03-!)/%3*'/63%5!3.!/#.$'%?!!W/%1$);!/.!+$0*'.%)/%$+!#5!Q3')3-1.!83#3+;!(?!X=S@;!

B.*-3/6!%3$.;!($).*'/6!-*''$-%3*'.;!/'+!-*00,'3%5!:**+&366!/)$!*2%$'!/(()*()3/%$65!

.$/.*'$+!#5!.$6243'%$)$.%!/'+!/!-6$/)!C3$&!*2!()3-$.7;!&13-1!+$0/'+.!/!C3$&!*2!

$0#$++$+'$..!%1/%!3.!6$..!#3'/)5!/'+!0*)$!1*63.%3-?!!E3)$-%!/:)3-,6%,)/6!0/)L$%.!/.!

/6%$)'/%3C$!$-*'*03-!.(/-$.!/)$!%1$)$2*)$!B/6%$)'/%3C$7!'*%!#$-/,.$!%1$5!)$Y$-%!*)!

(11)

#$%&'($!)*+$#!*,%$-!).!/'#0$*-1!23*!2$('3-$!*+$,!'#$!4'--)(5'*$6!75*+!$()8)/5(!

%#'(*5($-!7+5(+!'#$!%'#*!).!-)(5'&!/)9$/$8*-1!'86!/',!2$!!""!#$%$!&'()!*)+,-!./!

9'&3$!-,-*$/-!7+5(+!65..$#!.#)/!*+)-$!).!/)#$!%)7$#.3&!$()8)/5(!'(*)#-!:;)&&)7',!

$*<!'&<1!=>>?1!%<!@A!$%'($0#!'66$6B!) )

12)3'*,+*#)

) C'#/$#-!%'#*5(5%'*58D!58!65#$(*!'D#5(3&*3#'&!/'#0$*-!:+$8($.)#*+!#$.$##$6!*)!'-!

EF!.'#/$#-B!'#$!*75($!'-!&50$&,!*)!2$!-/'&&G-('&$!#'*+$#!*+'8!&'#D$G-('&$!.'#/$#-!

:H'&$1!I""?B<!J8!65#$(*!/'#0$*-1!%#5($!-$**58D!5-!2'-$6!)8!'!9'#5$*,!).!9'&3$-!'86!

%#)63(*!65..$#$8($-!#'*+$#!*+'8!)8!'!-*'86'#6!#$*'5&!%#5($!6$*$#/58$6!2,!*+$!/'#0$*<!

K(()#658D!*)!'!=>>L!-*36,!:M*$7'#*B1!*+$!'9$#'D$!.'#/$#!58!*+$!NM!('%*3#$-!)8&,!

'#)386!=O!%$#($8*!).!*+$!#$*'5&!%#5($!).!.#$-+!9$D$*'2&$-!'86!=?!%$#($8*!).!*+$!#$*'5&!

%#5($!).!.#$-+!.#35*-<!C)#!-/'&&!.'#/-!*+'*!&'(0!&'#D$!$()8)/5$-!).!-('&$1!-3(+!#$*3#8-!

'#$!).*$8!8)*!-3..5(5$8*<!!P,!3-58D!9'#5)3-!%#)63(*5)8!'86!/'#0$*58D!*$(+85Q3$-!*)!

'66!9'&3$!*)!*+$5#!%#)63(*-1!'-!7$&&!'-!('%5*'&5R58D!)8!*+$!%#$-$8($!).!

$/2$66$68$--1!-/'&&$#!.'#/$#-!'#$!2$**$#!%)-5*5)8$6!*)!()/%$*$!58!65#$(*!

'D#5(3&*3#'&!/'#0$*-!:H$2#$/$6+58!$*!'&<1!I""LA!M75-+$#!$*!'&<1!=>>LB<!!S+$!3-$!).!

$895#)8/$8*'&&,!.#5$86&,!'D#5(3&*3#'&!%#'(*5($-!5-!'8)*+$#!+'&&/'#0!).!EF!.'#/$#-!

'-!*+$!6$/'86!.)#!-3-*'58'2&,!%#)63($6!.))6!75*+58!65#$(*!/'#0$*-!*$86-!*)!2$!+5D+!

:NMEK1!=>I>'B<!

! N8-3#%#5-58D&,1!*+$!D#)7*+!).!-/'&&!.'#/-!58!*+$!NM!%'#'&&$&-!*+$!D#)7*+!).!

65#$(*!'D#5(3&*3#'&!/'#0$*-<!!T+5&$!*+$!'9$#'D$!NM!.'#/!-5R$!/',!+'9$!58(#$'-$6!

.#)/!IOU!'(#$-!58!I"=>!*)!OIU!'(#$-!58!=>>?1!*+$!83/2$#!).!N<M<!.'#/-!-/'&&$#!*+'8!

O"!'(#$-!D#$7!2,!IVW!2$*7$$8!I""?!'86!=>>?!:NMEK!=>>"B<!E3#58D!*+$!-'/$!

%$#5)61!9$#,!-/'&&!.'#/-1!6$.58$6!2,!*+)-$!75*+!-'&$-!).!&$--!*+'8!X=1V>>1!D#$7!2,!

?O1>>>!:5256B<!K-!*+$!/'58!%#)63($#!'86!65-*#523*)#!).!'D#5(3&*3#'&!%#)63(*-!'*!

65#$(*!/'#0$*-1!-/'&&$#!.'#/$#-!'#$!+5D+&,!58.&3$8*5'&!'86!58*$D#'&!'(*)#-!75*+58!YCM<!

! ) )

(12)

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

$%&!'()*+,-./&!*0!%-1'.2!-//&33!,*!0'.-./&!0*+!3,-+,'.2!-.4!2+*5'.2!-.6!

783'.&33!'3!5'4&96!+&/*2.':&4!-.4!38))*+,&4!76!3,-,'3,'/-9!-.4!&()'+'/-9!+&3&-+/%!

;<9-&33&.3=!>##?@!A*+94!B-.C=!>##DEF!G//&33!,*!0'.-./&^>!%-3!%'3,*+'/-996!7&&.!-!

/%-99&.2&!0*+!3(-99&+!783'.&33&3!'.!,%&!HI!-3!0*+(-9!0'.-./&!'.3,',8,'*.3!;JJK3E^L!-+&!

2&.&+-996!(*+&!'./9'.&4!,*!9&.4!,*!9-+2&+!783'.&33&3!,%-,!)*3&!0&5&+!9&.4'.2!+'3C3!

;M99'.2&+!&,!-9F=!>##?EF!!A%'9&!'.!,%&!9-3,!4&/-4&!('/+*N0'.-./&!3&+1'/&3!-.4!)+*48/,3!

%-1&!7&&.!)'*.&&+&4!,*!-44+&33!-.4!(&&,!,%&!.&&43!*0!3(-99!783'.&33&3=!,%&!

(-O*+',6!*0!,%&3&!4&1&9*)(&.,3!%-1&!,-+2&,&4!,%&!)**+!'.!4&1&9*)'.2!/*8.,+'&3!

;P8.83=!>##LEF!!A%'9&!<*((8.',6!Q&1&9*)(&.,!-.4!J'.-./&!K.3,',8,'*.3!;<QJK3E!

08.4&4!76!,%&!HI!$+&-38+6=!-.4!.*.N)+*0',!('/+*N/+&4',!*+2-.':-,'*.3!%-1&!-93*!

7&28.!,*!)+*1'4&!(8/%!.&&4&4!0'.-./&!3&+1'/&3!-.4!)+*48/,3^R=!,%&!4&(-.4!0*+!

0'.-./&!76!3(-99!783'.&33&3=!'./984'.2!3(-99!0-+(!&.,&+)+'3&3=!'3!3,'99!9-+2&96!8.(&,!

'.!,%&!HIF!

Q&3)',&!-/,'.2!5',%'.!-.!-2+'N0**4!363,&(!)+&4*('.-.,96!/*.,+*99&4!76!

/*+)*+-,&!+&,-'9'.2!0'+(3!;S&.4+'/C3*.!&,!-9F=!>##>E=!QT!0-+(&+3!%-1&!7&&.!

38//&33089!'.!/-)',-9':'.2!*.!.'/%&!*))*+,8.','&3!-.4!78'94'.2!)+*0',-79&!3(-99N3/-9&!

&.,&+)+'3&3!;T*8C-4=!>#"#@!$'((*.3!&,!-9F=!>#"#EF!!S*5&1&+=!+&2-+49&33!*0!,%'3!

4&(*.3,+-,&4!)*,&.,'-9!-.4!,%&!)+*0',-7'9',6!*0!4'+&/,!(-+C&,3=!-//&33!,*!0'.-./&!

+&(-'.3!-!/%-99&.2&!0*+!(*3,!QT!0-+(&+3!-/+*33!,%&!HI!;<*//'-+&99'=!>##U@!

<*//'-+&99'!&,!-9F=!>#"#@!T*8C-4=!>#"#E! !

JJKV3!4'3'./9'.-,'*.!,*!9&.4!,*!QT!0-+(&+3!%-3!7&&.!5&99!4*/8(&.,&4!;B-+4!&,!

-9F=!>###@!M99'.2&+!&,!-9F=!>##?EF!<%-.2&3!'.!/*((&+/'-9!7-.C!-.4!(-+C&,!3,+8/,8+&3!

%-1&!9&-4!,*!-!4&/9'.&!'.!,%&!.8(7&+!*0!/*((&+/'-9!JJKV3!)+*1'4'.2!-2+'/89,8+-9!

9*-.3=!0&5&+!9*-.!*00'/&+3!5',%!-2+'/89,8+&!&W)&+,'3&!;&1&.!'.!+8+-9!-+&-3E=!-.4!-.!

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

>!G!4&0'.','*.!-.4!&W)9-.-,'*.!*0!,%&!,&+(!X-//&33!,*!0'.-./&V!'3!)+*1'4&4!*.!)F!>"!

L!J*+(-9!J'.-./&!K.3,',8,'*.3!'./984&!.-,'*.-9!-.4!+&2'*.-9!/*((&+/'-9!7-.C3!,%-,!9&1&+-2&!/9'&.,V3!

(*.&6!,*!)+*1'3'*.!0'.-./&!)+*48/,3Y38/%!-3!9*-.3!*+!9'.&3!*0!/+&4',Y-3!-!(&-.3!*0!2&.&+-,'.2!

)+*0',F!!JJK3!'.!,%'3!/*.,&W,!-93*!+&0&+!,*!2*1&+.(&.,-9!-2+'/89,8+-9!7-.C'.2!'.3,',8,'*.3=!'./984'.2!,%&!

J-+(&+!I&+1'/&!G2&./6!-.4!J-+(!<+&4',!I&+1'/&3!

R!G!4'+&/,*+6!*0!('/+*&.,&+)+'3&!)+*2+-(3!-.4!9&.4&+3!'.!,%&!HI!/-.!7&!0*8.4!-,!T'/+*&.,&+)+'3&3!

J8.4!0*+!K..*1-,'*.=!M00&/,'1&.&33=!Z&-+.'.2!-.4!Q'33&('.-,'*.V3!5&73',&[!

%,,)[\\0'&9483F*+2\'.4&WF%,(9!

(13)

#$%&''&$($)**!+$!,)-.'/!+/!,.$0*!1+!2)$1#3)!&$1+!.(3&4#'1#3.'!')$5&$(!67.35!)1!.'!

8999:!;+44&.3)''&!)1!.'<=!89"9><!!?1!1-)!*.@)!1&@)!(+2)3$@)$1.'!AABC*=!*#4-!.*!1-)!

A.3@!D)32&4)!?()$4E!6AD?>!.$5!A.3@!;3)5&1!D)32&4)*!6A;D>=!4+$1&$#)[email protected])!

&$5#*13&.'!/.3@*!1-)&3!')$5&$(!F3&+3&1E!6G),3)@)5-&$!)1!.'<=!"HHI:!?-3)$5*)$!)1!.'<=!

899J><!!K-)!'.*1!1%+!LD!A.3@!7&''*!*))@!1+!*#FF+31!1-&*!13)$5!.*!.44+35&$(!1+!1-)!

M$2&3+$@)$1.'!N+30&$(!G3+#F!H9O!+/!*#,*&5&)*!5+'')5!+#1!,E!1-)!LD!(+2)3$@)$1!

(+)*!1+!&$5#*13&.'!/.3@*!1-.1!(3+%!4+11+$=!4+3$=!*+E,).$*=!3&4)=!.$5!%-).1!

6%%%</.3@<)%(<+3(><!

!

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

!

!"#$%!&'%()*+,-!)$%,-!+,%!.'()!/01/2(!/(3!*,!45/6)*6*,7!)$%!/5)!+8!(+6*/0!6$/,7%!*(9!1$/)!*(!/05%/:2!

%.%57*,7!+5!)52*,7!)+!%.%57%!*,!)$%!1+50:!"+')!+8!)$%!$*::%,!:%4)$(!+8!)$%!)*.%(;!)$/)!<%/5(!1*)$*,!*)!

4+(*)*=%!(%%:(!8+5!)$%!8')'5%-!/,:!$+1!6/,!>!5*7$)02!($/4%-!,'5)'5%-!+5!4/5)*6*4/)%!*,!)$*(!%.%57%,6%-!)$*(!

',8+0:*,7?;!!PQ+,)31!R.3F=!MS)4#1&2)!T&3)41+3=!7&+5E$.@&4!A.3@&$(!.$5!G.35)$&$(!?**+4&.1&+$!6R.3F!

899U=!F<!8J>!

!

TV!/.3@)3*!.$5!1-)!.'1)3$.1&2)!)4+$+@&4!*F.4)*!&$!%-&4-!1-)E!F.31&4&F.1)!

3)F3)*)$1!.!#$&W#)!5&3)41&+$!/+3!4-.$()!&$!1-)!LD!.(3&P/++5!*E*1)@<!!N-&')!1-)!

1+1)@&4!*1.1#*!+/1)$!(&2)$!1+!5&3)41!.(3&4#'1#3.'[email protected])1*!.$5!1-)&3!X3)'.1&+$*!+/!

3)([email protected]!,)!)S.(()3.1)5=!1-)3)!&*!$+!W#)*1&+$!1-.1!TV!/.3@)3*!3)F3)*)$1!X.$!

.FF.3)$1!4+#$1)3F+&$1!1+!'.3()!*4.')=!@+3)!&$5#*13&.'&Z)5!*E*1)@*!+/!/++5!

F3+5#41&+$!.$5!5&*13&,#1&+$Y!6[&$3&4-*!8999=!F<!8HJ><!![+%)2)3=!5)*F&1)!1-)!3)4)$1!

,#3()+$&$(!&$!$#@,)3*!+/!TV!/.3@)3*!.43+**!1-)!LD!.$5!1-)&3!*#44)**=!1-)!+2)3.''!

F+F#'.1&+$!&*!*1&''!3)'.1&2)'E!*@.''!.$5!1-)&3!'+$(P1)3@!&@F.41!+$!(3).1)3!F3+5#41&+$!

.$5!4+$*#@F1&+$!13)$5*!&*!E)1!1+!,)!*))$<!!N&1-&$!1-)!-&(-'E!4+@F)1&1&2)!LD!.(3&P /++5!*E*1)@!1-.1!1)$5*!1+!/.2+3!&$5#*13&.'!.(3&4#'1#3)=!1-)!/#1#3)!3+')!.$5!&@F.41!

1-.1!TV!/.3@)3*!%&''!-.2)!+$!.(3&4#'1#3)!&*!#$4)31.&$!.*!1-)!@+2)@)$1!%&''!

&$)2&1.,'E!/.4)!4-.'')$()*!.*!&1!4+$1&$#)*!1+!#$/+'5!.$5!(3+%<!

B$!.$!.11)@F1!1+!-)'F!(3+%!.$5!*13)$(1-)$!1-)!TV!/.3@!@+2)@)$1=!1-&*!

1-)*&*!&*!4+$4)3$)5!%&1-!TV!/.3@)3*C!F3)*)$1!*&1#.1&+$!&$!3)'.1&+$!1+!.44)**&$(!

/&$.$4)<!T#)!1+!1-)!%&5)!2.3&)1E!+/!.(3&4#'1#3.'!4+$1)S1*!1-3+#(-+#1!1-)!LD=!&1!&*!

,)E+$5!1-)!*4+F)!+/!1-&*!1-)*&*!1+!&$2)*1&(.1)!1-)!3)'.1&+$*-&F!,)1%))$!TV!/.3@)3*!

.$5!/&$.$4)!.1!.!$.1&+$.'!')2)'<!!K-)3)/+3)=!1-)!/+''+%&$(!*)1!+/!3)*).34-!W#)*1&+$*!

(14)

$%&%!'(()*%+!,-!.'/%!/,0+1!-2!34!2'&5%&/!('&,*.*(',*67!*6!+*&%.,!5'&8%,/!*6!

9-&,)'6+:!;&%7-6<!

!!

=0%/,*-6!>"<!!"#$%&'%$"(%)*('(+$%'&$,#$&-+%.#/&+0%12%.#*3(*'%4&$"%*(0#*5'%$-%

#//(''&+0%.&+#+/(6!!!

!

=0%/,*-6!>#<!?'/%+!-6!,@%!2*6+*67/!,-!A0%/,*-6!":!#*(%$"(*(%#+7%.&+#+/(%#8$(*+#$&9('%

$"#$%"#9(%$"(%)-$(+$&#8%$-%3(($%12%.#*3(*:'%.&+#+/(%+((5'%#+5%&+$(*('$'6%

%

?%1-6+!,@%/%!&%/%'&.@!A0%/,*-6/:!,@*/!,@%/*/!')/-!%6,'*)/!'!7&%',%&!'*5!-2!

/-.*')!.@'67%B!!C6!&%2%&%6.%!,-!D'&(E/!+%/.&*(,*-6!-2!/-.*')!.@'67%!'/!'!F)*#/$&/(%-.%

#*$::!,@%!&%'+%&!*/!'/8%+!2-&!'!5-5%6,!,-!/,&%,.@!,@%*&!5*6+!'6+!*5'7*6%!,@',!,@*/!

,@%/*/!*/!'!(*%.%!-2!'&,G'!('*6,*67G2-&!/-.*')!.@'67%B!H@%!*6,%&I*%$%%/!'6+!/0&I%1!

&%/(-6+%6,/!'&%!('*6,%&/B!!H@%*&!.-))%.,*I%!%J(&%//*-6G,@%*&!%J(%&*%6.%/:!$-&+/:!

'6+!*+%'/!'K-0,!,@%!$'1!,@*67/!'&%G*/!,@%!*6/(*&',*-6!K%@*6+!,@%!('*6,*67B!!H@%!

,@%/*/!*,/%)2!&%(&%/%6,/!'!.'6I'/G,@%!5%+*05!-6!,-!$@*.@!,@',!('*6,%&E/!

%J(&%//*-6/!'&%!,&'6/5*,,%+B!!L*6'))1:!,@%!&-)%!-2!,@%!'0,@-&!*/!'8*6!,-!,@',!-2!'!

('*6,K&0/@B!!C,!*/!,@&-07@!,@%!/,&-8%/!-2!,@%!'0,@-&E/!@'6+!,@',!,@%!.-))%.,*I%!

%J(&%//*-6!-2!,@-/%!*6,%&I*%$%+!*/!,&'6/2-&5%+!*6,-!'!(*%.%!-2!'&,$-&8!.'('K)%!-2!

*62)0%6.*67!.@'67%B!!

M-6/*+%&*67!,@%!'K-I%!5%,'(@-&:!,@%!(&-.%//!-2!.@'67%!*5K0%+!K1!,@*/!,@%/*/!

*/!6%*,@%&!)*6%'&!6-&!(&%.-6.%*I%+B!!H@%&%!*/!6-!K)0%(&*6,!2-&!'!20,0&%!+%/*&%+!

/*,0',*-6:!6-&!'61!(&%N$&*,,%6!+*&%.,*-6/!2-&!@-$!,-!'&&*I%!',!/0.@!'!/*,0',*-6B!

O',@%&:!*+%'/!'6+!+*&%.,*-6/!'K-0,!.@'67%!*6!&%)',*-6!,-!34!2'&5%&/!'6+!2*6'6.%!

/,%5!2&-5!,@%!I%&1!(&-.%//%/!-2!)%'&6*67!'6+!&%/%'&.@*67!06+%&,'8%6!K1!,@%!'0,@-&!

*6!,@*/!,@%/*/B!!H@%!.-6.%(,!-2!/-.*')!.@'67%!*5K0%+!K1!,@*/!,@%/*/!*/!*62-&5%+!K1!'!

P+16'5*.!(&-.%//!$@%&%K1!,@%&%!*/!'!2)0J!K%,$%%6!/%6/-&1!%J(%&*%6.%/!-2!,@%!$-&)+!

'6+!,@%!5%6,')!'K/,&'.,*-6!-2!,@%5GK%,$%%6!%J(%&*%6.*67!'6+!5'8*67!5%'6*67!-2!

,@%/%!%J(%&*%6.%/Q!RS&*/8'6+'&'T'@!%,!')B:!"UU":!(B!VWB!!!

!

!!

!

(15)

!"#$%$&'()*+(*)#&

&

$%&'%()*+,-!+,%!.+*/'+/*%!)(!+,%!+,%.0.!0.!1.!()22)3.4!!5,%!&%6+!.%'+0)&-!+0+2%7!

89%+,)7)2):;<-!)/+20&%.!+,%!=%+,)7)2):;!1&7!=%+,)7.!/.%7!+)!:1+,%*!0&()*=1+0)&!

7/*0&:!+,%!+,%.0.!>*)'%..-!1.!3%22!1.!?*0%(!7%.'*0>+0)&.!)(!)+,%*!1'+)*.!3,)!3%*%!

0&+%*@0%3%7A!!5,%!&%6+!.%'+0)&-!+0+2%7!8B1.%!C+/7;!D0&70&:.<-!.+1*+.!30+,!1!?*0%(!

?1'E:*)/&7!)&!+,%!FDC!')&+%6+!0&!G)*+21&7-!1&7!0.!+,%&!()22)3%7!?;!+,%!*%.%1*',!

(0&70&:.!)(!+,%!'1.%!.+/7;A!!H(+%*!>*)@070&:!1!>*)(02%!)(!(1*=%*.!0&!+,%!'1.%!.+/7;-!E%;!

0../%.!*%21+%7!+)!(1*=%*.I!>*%.%&+!.0+/1+0)&!)(!(0&1&'%!1*%!>*%.%&+%7A!!5,%!&%6+!

.%'+0)&!+0+2%7!8J0.'/..0)&<-!177*%..%.!+,%!.%')&7!*%.%1*',!K/%.+0)&!?;!70.'/..0&:!

+,%!>)+%&+012!1&7!*%2%@1&'%!)(!.)'012!1&7!')==/&0+;L?1.%7!(0&1&'%!1.!1&!12+%*&1+0@%!

(0&1&'%!)>+0)&A!!H(+%*!+,%!8B)&'2/.0)&<!.%'+0)&-!+,%!+,%.0.!'2).%.!30+,!1!(0&12!.%'+0)&-!

+0+2%7!8G).+.'*0>+4!M%(2%'+0)&<A!

!

&

(16)

!"#$%&'()(*(+,#

!"#$%&'()*%%

$%!&'()'!*&!+(('),,!*-)!./),*0&%,!1&,)(!0%!*-)!1')20&/,!,)3*0&%4!+!3+,)!,*/(5!

'),)+'3-!+11'&+3-!6+,!+(&1*)(7!833&'(0%9!*&!:0%!;"<<#=4!3+,)!,*/(5!'),)+'3-!0,!+%!

)>10'03+?4!3&%*)@*AB+,)(!0%./0'5!*&&?!C&'!*-)!-&?0,*03!0%2),*09+*0&%!&C!3&>1?)@!

3&%*)>1&'+'5!,&30+?!1-)%&>)%+7!!8!3+,)!,*/(5!+11'&+3-!6+,!,)?)3*)(!+,!*-)!

>)*-&(&?&95!&C!3-&03)!C&'!*-)!C&??&60%9!')+,&%,7!!D0',*4!+,!E+'*?)5!;"<<#=!)@1?+0%,4!

F3+,)!,*/(0),!3+%!B)!/,)C/?!C&'!)@1?&'0%9!%)6!&'!)>)'90%9!1'&3),,),!&'!B)-+20&',G!

+,!*-)5!-+2)!+%!F0>1&'*+%*!C/%3*0&%!0%!9)%)'+*0%9!-51&*-),0,!+%(!B/0?(0%9!*-)&'5G!

;17!HIJ=7!!K5!)@1&,0%9!L&'*?+%(!MN!C+'>)'O,!1'),)%*!C0%+%3)!,0*/+*0&%4!*-0,!*-),0,!0,!

0%!>+%5!6+5,!+B&/*!B/0?(0%9!)>10'03+?AB+,)(!*-)&'5!+B&/*!*-)!'&?)!&C!C0%+%3)!

60*-0%!*-)!)>)'90%9!)3&%&>03!,1+3)!&C!(0')3*!>+'P)*,7!!K+,)(!&%!*-)!C0%(0%9,!&C!*-)!

1'),)%*!,0*/+*0&%4!*-)!C0%+%3)!+?*)'%+*02)!1'&1&,)(!0%!*-)!(0,3/,,0&%!,)3*0&%!3+%!B)!

20)6)(!+,!+!-51&*-),0,4!+9+0%!)>10'03+??5!B+,)(4!&C!-&6!MN!C+'>)'O,!C0%+%3)!

3-+??)%9),!>09-*!B)!+(('),,)(7!!!

Q-)!3+,)!,*/(5!+11'&+3-!+??&6,!C&'!+!()*+0?)(4!'03-!+%(!3&%*)@*AB+,)(!

0%2),*09+*0&%!&C!*-)!'),)+'3-!./),*0&%,7!!R-0?)!*-&,)!3'0*03+?!&C!*-)!)@*)%*!*&!6-03-!

3+,)!,*/(5!'),/?*,!3+%!B)!')?)2+%*!&/*,0()!&C!*-)!,1)30C03!3+,)!,*/(5!3&%*)@*4!3&%*)@*A 9'&/%()(!'),)+'3-!3+%!*)+,)!&/*!0>1&'*+%*!%/+%3),!+%(!0%*'03+30),!+B&/*!+!902)%!

,&30+?!1-)%&>)%+!6-03-!()(/3*02)!'),)+'3-!+11'&+3-),!C+0?!*&!3+1*/')7!!S0%3)!

+9'03/?*/'+?!'),)+'3-!*&!(+*)!-+,!B))%!1'0>+'0?5!('02)%!B5!+!1+'+(09>!&C!+!*0>)A!+%(!

3&%*)@*AC'))!1&,0*020,*!,30)%3)!*-+*!-+,!1+,,)(!C+'>)',!B5!;L')**54!"<<J=4!3+,)!,*/(5!

'),)+'3-!')1'),)%*,!+%!+?*)'%+*02)!+11'&+3-!9'&/%()(!0%!*-)!')+?0*0),!&C!C+'>)',!

+%(!*-)0'!0>>)(0+*)!3&%*)@*,7!!R-0?)!*-)!3+,)!,*/(5!&C!MN!C+'>)',!0%!L&'*?+%(!(&),!

%&*!+??&6!C&'!(0')3*!3&>1+'0,&%,!*&!B)!>+()!60*-!MN!C+'>)',!0%!&*-)'!')90&%,!&C!*-)!

TS4!'),/?*,!(&!)%3&/'+9)!')?)2+%*!./),*0&%,!+B&/*!B'&+()'!UDS!*-)&'0),4!+,!6)??!+,!

1'&20()!0%,09-*,!0%*&!*-)!'&?)!&C!C0%+%3)!60*-0%!*-)!)>)'90%9!+?*)'%+*02)!)3&%&>03!

,1+3)!&C!(0')3*!+9'03/?*/'+?!>+'P)*,7!

!!

%

(17)

!

"#$%&'(!

!

$%&!'()&*!+',-.&/!0*1!*20*+&1!*0)23&!'(!4*)&30+)4'*5!0*1!3&.0)4'*5%4-5!4*!

5'+40.!+'*)&/)5!3&6243&5!)%&!+',74*0)4'*!0*1!(.&/474.4)8!'(!,2.)4-.&!3&5&03+%!

,&)%'15!4*!0*8!+05&!5)218!0--3'0+%!9:03).&8;!"<<=>!?4*;!"<<=@A!!B&)%'15!('3!

'7)04*4*C!4*('3,0)4'*!D4)%4*!)%&!E'3).0*1!+05&!5)218!4*+.21&1!4*)&3*&)!523F&85;!

-%'*&!0*1!4*G-&35'*!4*)&3F4&D5;!0*1!&,04.!62&5)4'**043&5A!!H%4.&!.4)&30)23&!3&F4&D!

0*1!)%&'38!D05!0.5'!25&1!)'!(30,&!0*1!0113&55!)%&!)D'!3&5&03+%!62&5)4'*5;!)%&!

-&35-&+)4F&5!0*1!&/-&34&*+&5!'(!)%'5&!4*)&3F4&D&1!0*1!523F&8&1!4*('3,!)%&!72.I!'(!

4*('3,0)4'*!-3&5&*)&1!4*!)%&!)%&545A!!

$%&!+05&!5)218!4*+.21&1!0!50,-.&!'(!=#!(03,&35^#!)%0)!&4)%&3!-03)4+4-0)&1!4*!

(03,&35J!,03I&)5!32*!78!)%&!E'3).0*1!K03,&35!B03I&)!L55'+40)4'*!9EKBL@^!M;!'3!03&!

,&,7&35!'(!E'3).0*1!L3&0!N'0.4)4'*!'(!N',,2*4)8!O2--'3)&1!LC34+2.)23&!

N',,2*4)8!9ELNOLN@^P;!0!*&)D'3I4*C!0*1!,03I&)4*C!'3C0*4Q0)4'*!('3!.'+0.!NOL5A!

L()&3!C04*4*C!)%&!-&3,4554'*!(3',!5)0((!0)!)%&!EKBL!0*1!ELNOLN;!0*!4*)&3*&)!523F&8!

D05!5&*)!)'!)%&!(03,&35!4*!)%&43!3&5-&+)4F&!+'*)0+)!.45)5A!!$%&!523F&8!+'*545)&1!'(!

7')%!+.'5&1!0*1!'-&*G&*1&1!62&5)4'*5;!0*1!D05!('3,2.0)&1!)'!+'..&+)!4*('3,0)4'*!

07'2)!RB!(03,&35J!-3&5&*)!54)20)4'*!D4)%!3&C0315!)'!4552&5!'(!(4*0*+&A!!$%&!('..'D4*C!

527G62&5)4'*5!D&3&!0113&55&1!78!)%&!523F&8S!)%&!*+#!,"!-*+.#+(!/0!1&+$2*0'3!*0'!

4%*$!5/0'(!&-!-*+.!#0$#+6+/(#(!'&!$%#7!+809!!)%*$!5/0'(!&-!'/+#:$!.*+5#$(!'&!$%#7!

6*+$/:/6*$#!/09!!)%*$!-/0*0:#!0##'(3!&66&+$80/$/#(3!:%*22#0;#(!*0'!5#7!/((8#(!'&!,"!

-*+.#+(!-*:#9!

T*!)%&!4*)&3*&)!523F&8!(03,&35!D&3&!05I&1!4(!)%&8!D'2.1!7&!D4..4*C!)'!(23)%&3!

145+255!4552&5!'(!(4*0*+&!4*!0!('..'DG2-!-%'*&!4*)&3F4&D!'3!&,04.!62&5)4'**043&A!!"<!

5)0)&1!)%0)!)%&8!D&3&!4*)&3&5)&1;!%'D&F&3!4*!)%&!&*1!'*.8!&4C%)!9#!F40!&,04.!

62&5)4'**043&>!U!F40!-%'*&!4*)&3F4&D@!('..'D&1!)%3'2C%A!!T*!0114)4'*!)'!05I4*C!

(03,&35!)'!&.07'30)&!'*!)%&43!3&5-'*5&5!(3',!)%&!4*4)40.!523F&8;!('..'DG2-!-%'*&!

4*)&3F4&D5!0*1!&,04.!62&5)4'**043&5!04,&1!0)!C0)%&34*C!(03,&35J!41&05!07'2)!

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

#!$%&!*0,&5!'(!)%'5&!4*)&3F4&D&1!0*1!523F&8&1!03&!&/+.21&1!(3',!)%45!)%&545!)'!3&5-&+)!3&5-'*1&*)J5!

3&62&5)5!('3!0*'*8,4)8A!

M!%))-SVVDDDA-'3).0*1(03,&35,03I&)A'3CV!

P!%))-SVV-'3).0*1+50A'3CVH&.+',&A%),.!

(18)

$%&&'()*!+),*-.+,'/*&!0%-!%/*-1%2'.3!14+))*.3*&!+&&%1'+,*5!6',4!+11*&&'.3!0'.+.1*7!!

84%.*!'.,*-/'*6&!)+&,*5!(*,6**.!9:!+.5!;:!2'.<,*&=!+.5!6*-*!&*2'>&,-<1,<-*5!

+-%<.5!+!&*,!%0!%$*.>*.5*5!?<*&,'%.&!<&*5!,%!$-%2%,*!5'&1<&&'%.7!!@4*!*2+')!

?<*&,'%..+'-*!'.1)<5*5!&'A!%$*.>*.5*5!?<*&,'%.&7!

B.!+55','%.!,%!0+-2*-&=!-*$-*&*.,+,'/*&!0-%2!,4*!0%))%6'.3!%-3+.'C+,'%.&!

6*-*!+)&%!'.,*-/'*6*5D!

!

E*-1F!G%-$&!H%-,46*&,!IEGHJK!L!EGHJ!'&!+!.%.>$-%0',!%-3+.'C+,'%.!)%1+,*5!'.!

8%-,)+.5=!M-*3%.7!!B,&!2'&&'%.!'&!,%!+&&'&,!+))!)%6>'.1%2*!$%$<)+,'%.&!,4-%<34%<,!

M-*3%.!+.5!+-*+&!%0!J+&4'.3,%.!N,+,*!(F!'.1-*+&'.3!,4*'-!*1%.%2'1!&*)0>&<00'1'*.1F!

+.5!1%22<.',F!'.,*3-+,'%.!,4-%<34!2'1-%*.,*-$-'&*!5*/*)%$2*.,!+.5!&*)0>

*2$)%F2*.,7!!

!

G+&1+5*!O+-/*&,!G%+)','%.!IGOGK!L!GOG!'&!+!N*+,,)*!(+&*5!.%.>$-%0',!%-3+.'C+,'%.!

5*5'1+,*5!,%!-*>)%1+)'C'.3!,4*!J+&4'.3,%.!&,+,*!0%%5!&F&,*2!(F!1%..*1,'.3!

1%.&<2*-&!2%-*!5'-*1,)F!6',4!$-%5<1*-&7!!B.!+55','%.!,%!1%.5<1,'.3!-*&*+-14!%.!

-*3'%.+)!0%%5!&F&,*2!'&&<*&=!GOG!%00*-&!+.5!2+.+3*&!+!/+-'*,F!%0!$-%3-+2&!

'.1)<5'.3!J+&4'.3,%.!P+-2)'.Q=!64'14!)'.Q&!+&$'-'.3!0+-2*-&!6',4!)+.5%6.*-&=!+.5!

8<3*,!N%<.5!P-*&4=!+.!R*+,!)%1+)S!(-+.5'.3!+.5!1%.&<2*-!*5<1+,'%.!$-%3-+27^T!

!

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

T!4,,$DUU66671+&1+5*4+-/*&,7%-3U!

(19)

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

#

0123456789:#;65<=189>#?5@468#

#

$%&!'()*!+,!-+.)/0123!4.&5+1!(6!7(2&/*!.&50.2&2!06!+1&!+,!)%&!8+6)!

696)0(10:/&!012!&'+;,.(&12/*!'()(&6!(1!)%&!<=>!!?()%!01!(1)&5.0)&2!@9:/('!

).016@+.)0)(+1!6*6)&83!01!0:91201'&!+,!5.&&1!6@0'&63!'+8891()*!50.2&163!012!

'&.)(,(&2!5.&&1!:9(/2(1563!012!0!@/&)%+.0!'+8891()*!,++2!'++@&.0)(A&6!012!/+'0//*!

012!6&06+10//*!(16@(.&2!.&6)09.01)63!-+.)/012!/(A&6!9@!)+!()6!.&@9)0)(+1>!!=()90)&2!(1!

)%&!8(22/&!+,!)%&!?(//08&))&!B0//&*!C1+71!,+.!()6!(2&0/!5.+7(15!'/(80)&!012!

(1'.&2(:/*!,&.)(/&!6+(/63!()!(6!1+!69.@.(6&!)%0)!-+.)/012!.&6(2&1)6!)0C&!@.(2&!(1!012!

:&1&,()!,.+8!0!6).+15!/+'0/!012!.&5(+10/!,++2!6*6)&8>!!!

! D!5.+7(15!2&8012!,+.!/+'0//*!012!.&5(+10//*!@.+29'&2!,++2!%06!/&2!)+!0!,/9..*!

+,!2(.&')!05.('9/)9.0/!80.C&)!0')(A()*!)%.+95%+9)!4.&5+1>!!E1!FGG#!)%&!)+)0/!A0/9&^H!+,!

05.('9/)9.0/!'+88+2()(&6!6+/2!)%.+95%!2(.&')!80.C&)6!(1!)%&!6)0)&!706!IJK!8(//(+13!0!

"LLM!(1'.&06&!,.+8!IF"!8(//(+1!(1!FGGF!N<=OD3!FGGHP>!!E1!FG"G!)%&.&!7&.&!"Q!

,0.8&.6R!80.C&)6!(1!-+.)/0123!012!)&16!8+.&!(1!)%&!69..+912(15!8&).+@+/()01!.&5(+1!

NS%+026!&)!0/>3!FG"GP>!!E1!FGG#!0/+1&3!,0.8&.6R!80.C&)!A&12+.6!6+/2!01!&6)(80)&2!

I"">F!8(//(+1!7+.)%!+,!05.('9/)9.0/!@.+29')63!012!)%&!)+)0/!&'+1+8('!(8@0')!

N(1'/92(15!T+:!'.&0)(+1P!+,!,0.8&.6R!80.C&)6!706!&6)(80)&2!0)!I"#!8(//(+1!NU0.1&*!V!

?+.)%3!FGGQP>!W=D6!%0A&!0/6+!:&'+8&!A&.*!@+@9/0.!(1!-+.)/012!012!(1!FG"G!)%&.&!

7&.&!0)!/&06)!LG!W=D6!N-DW=DW3!FG""P>!U06&2!+1!)%&!0A&.05&!198:&.!+,!6%0.&6!

+,,&.&2!:*!)%&6&!,0.863!01!&6)(80)&2!L3GGG!-+.)/012!%+96&%+/26!.&'&(A&!W=D!:+X&6!

NS%+026!&)!0/>3!FG"GP>!!E)!(6!@.&2(')&2!)%0)!)%&!2&8012!,+.!W=D6!7(//!'+1)(19&!)+!5.+7!

(1!)%&!'+8(15!*&0.63!06!801*!W=D6!(1!)%&!0.&0!0/.&02*!%0A&!/+15!70()(15!/(6)6!N(:(2P>!

#

,15A@5#;56BC=@#

$+!@.+A(2&!01!+A&.A(&7!+,!)%&!,0.8&.6!.&@.&6&1)&2!(1!)%&!'06&!6)92*3!

Y901)()0)(A&!20)0!706!'+//&')&2!A(0!)%&!69.A&*!)+!'.&0)&!0!,0.8!@.+,(/&>!

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

H!$%(6!A0/9&!2+&6!1+)!(1'/92&!,/+7&.63!@/01)!6)0.)63!T0863!012!'%&&6&63!012!2+&6!1+)!(1'/92&!6&8(;

2(.&')!60/&6!69'%!06!60/&6!)+!.&6)09.01)6>!

!

(20)

$%&!'(!)*!(+,-./!+00,'12-+&345!678!93,3!43..!&:+;!*<!+=,3.!2;!.2>3!+;?!@68!

93,3!43..!&:+;!"<!+=,3.A!B*8!'(!(+,-3,.!'9;3?!&:32,!(+,-4+;?!C32&:3,!'%&,2D:&!',!

&:,'%D:!+!-',&D+D3E!+;?!&:3!,3.&!,3;&3?A!!F'&!+44!(+,-3,.!93,3!92442;D!&'!.:+,3!

2;(',-+&2';!+G'%&!&:32,!(2;+;=3./!:'93H3,!&:3!,3.%4&.!+,3!.&244!;'&39',&:5A!!$%&!'(!@I!

(+,-3,./!3.&2-+&3?!+;;%+4!(+,-!,3H3;%3.!,+;D3?!(,'-!J6/<<<!&'!J"A@!-2442';!C.33!

K+G43!"EA!!#*8!:+?!,3H3;%3.!%;?3,!J*<</<<<!+;?!'H3,!6<8!%;?3,!JI*</<<<A!!$%&!'(!

I#!(+,-3,./!'H3,!6<8!:+?!+;;%+4!;3&!0,'(2&.!43..!&:+;!J@</<<</!+;?!"#8!'H3,!

J"<</<<<!C.33!K+G43!IEA!

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

!

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

!

L';.2?3,2;D!&:3!MNOPQ.!&50'4'D5/!&:3!-+R',2&5!'(!(+,-.!2;!&:2.!=+.3!.&%?5!=+;!

G3!?3.=,2G3?!+.!.-+44!&'!-3?2%-!.2>3?A!!K:3!MNOP!?3(2;3.!.-+44!(+,-.!+.!G32;D!

%;?3,!*<!+=,3.!',!:+H2;D!+;;%+4!D,'..!.+43.!'(!JI*</<<<!',!43..!CMNOP/!I<<7E/!+;?!

-3?2%-!(+,-.!+.!&:'.3!G3&933;!*<S"<<<!+=,3./!',!:+H2;D!G3&933;!J*</<<<!&'!

J)77/777!2;!+;;%+4!D,'..!.+43.!CMNOP/!I<"<E^"<A!T:243!,343H+;&/!&:3!H+,2+G43.!'(!(+,-!

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

"<!K:3!'H3,4+0!'(!D,'..!(+,-!.+43.!2;!&:3.3!&9'!?3(2;2&2';.!2.!;'&3?A!MNOP!?3(2;2&2';.!(',!.-+44!+;?!

-3?2%-!(+,-3,.!=+;!H+,5A!!U',!31+-043/!&:3!I<<B!MNOP!L3;.%.!?3(2;3.!.-+44!(+,-.!+.!&:'.3!92&:!

(21)

$%&'!()*!$(+'$!,(++!$-./0!.,!1(203/%)4!0-'!*%5'/$%06!.,!,(/7$!.,!0-%$!062'8!($!)'(/+6!

#9:!.,!(++!,(/7$!%)!0-'!;<!,%0!%)0.!0-%$!1(0'4./6!=;<>?8!@99#AB!!C)!./*'/!0.!D3%+*!(!

7./'!1.72/'-')$%5'!,(/7!2/.,%+'!,./!,(/7'/$!%)!0-'!1($'!$03*68!%),./7(0%.)!

1.)1'/)%)4!,(/7'/$E!(4'8!'F2'/%')1'8!()*!2/.*310%.)!()*!7(/G'0%)4!(10%5%0%'$!H($!

(+$.!1.++'10'*B!

I-'!7(J./%06!.,!,(/7'/$!%)0'/5%'H'*!H'/'!7%**+'!(4'*!=D'0H'')!K9LM9!6'(/$!

.+*AB!N)+6!"!.30!.,!O#!,(/7'/$!H($!3)*'/!0-'!(4'!.,!K98!()*!.)+6!"9:!H'/'!.5'/!0-'!

(4'!.,!P9B!!P@:!-(*!D'')!.2'/(0%)4!0-'%/!,(/7!,./!"9!6'(/$!./!7./'8!()*!MO:!-(*!(!

$'1.)*!$.3/1'!.,!%)1.7'^""B!

>%5'/$%06!%)!2/.*310%.)!H($!1.77.)!($!%$!$%4)(03/'!.,!$%7%+(/!$%&'*!,(/7$!

(1/.$$!0-'!)(0%.)!=;<>?8!@9"9AB!N5'/!M9:!$.+*!7./'!0-()!.)'!062'!.,!2/.*3108!()*!

O9:!$.+*!.5'/!K!*%,,'/')0!2/.*310$^"@B!<+%4-0+6!.5'/!P9:!$.+*!5'4'0(D+'$!()*!./!,/3%08!

()*!O9:!$.+*!()%7(+$B!Q-%+'!*(0(!H($!).0!1.++'10'*!/'4(/*%)4!$2'1%,%1!4/.H%)4!

2/(10%1'$!./!1'/0%,%1(0%.)8!0'F0!,/.7!0-'!RST?!()*!R?U<?U!H'D$%0'$!()*!,.++.HL32!

*%$13$$%.)$!H%0-!,(/7'/$!4%5'!0-'!%72/'$$%.)!0-(0!(!$%4)%,%1()0!)37D'/!.,!,(/7'/E$!

%)!0-'$'!7(/G'0$!'72+.6!')5%/.)7')0(++6!,/%')*+6!4/.H%)4!2/(10%1'$B!

>%5'/$%06!%)!2/.*310%.)!H($!7(01-'*!D6!*%5'/$%06!%)!0-'!062'!()*!)37D'/!.,!

7(/G'0%)4!1-())'+$!30%+%&'*!D6!,(/7'/$B!?$!'F2'10'*8!(++!,(/7'/$!$.+*!0-'%/!2/.*310$!

*%/'10+6!0-/.34-!,(/7'/$E!7(/G'0$8!U<?$8!./!*%/'10+6!0.!+.1(+!/'$0(3/()0$B!!OM:!(+$.!

$.+*!*%/'10!0.!+.1(+!VH-.+'$(+'E!.30+'0$!%)1+3*%)4!,..*!1..2'/(0%5'$8!1(,'0'/%($8!()*!

/'4%.)(+!,..*!2/.1'$$%)4!,(1%+%0%'$B!N5'/(++8!M#:!.,!,(/7'/$!$.+*!2/.*310$!0-/.34-!@!

./!K!7(/G'0%)4!1-())'+$8!()*!@M:!2'/1')0!$.+*!0.!O!./!7./'!=$''!I(D+'!KA^"KB!!T.$0!

,(/7'/$!=P#:A!0/(5'+'*!P9!7%+'$!./!+'$$!0.!$'++!0-'%/!2/.*310$8!H-%+'!.)+6!@9:!

0/(5'+'*!"99!7%+'$!./!7./'^"OB!

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

W@M98999!./!+'$$!%)!4/.$$!$(+'$!H-%1-!*%,,'/$!,/.7!0-'!*',%)%0%.)!2/.5%*'*!%)!0-'!@9"9!X.1(+!S..*!

<6$0'7!/'2./08!H-'/'!$7(++!,(/7$!(/'!*',%)'*!($!0-.$'!4/.$$%)4!WM98999!./!+'$$B!!I-'$'!*%,,'/')1'$!

*'7.)$0/(0'!0-'!*%,,%13+06!.,!7(G%)4!*%$0%)10%.)$!D'0H'')!,(/7$!D($'*!$.+'+6!.)!,(/7!$(+'$!()*!$%&'!

(+.)'B!

""!N30!.,!K#!/'$2.)$'$!

"@!N30!.,!OM!/'$2.)$'$!

"K!N30!.,!OO!/'$2.)$'$!

"O!N30!.,!OO!/'$2.)$'$!

(22)

! !

$%&!'()*&!+,-)./'0+),!1&/),20.'0&2!0%'0!0%&!2'/34&!)-!-'./&.2!+,!0%&!5'2&!

20617!54)2&47!.&2&/(4&2!0%&!8.&'0&.!9:!-'./&.!3)364'0+),!+,!;).04',1!',1!0%&!.&20!

)-!0%&!5)6,0.7<!!=)>&*&.?!0%&.&!'.&!2)/&!1+--&.&,5&2<!!$%&!'*&.'8&!'8&!)-!-'./&.2!+,!

0%&!5'2&!20617!>'2!24+8%047!%+8%&.?!',1!-'./&.2!2&&/!0)!%'*&!(&&,!&,8'8&1!+,!

'8.+56406.&!4),8&.!0%',!9:!-'./&.2!+,!0%&!.&20!)-!0%&!5)6,0.7<!!@,&!3)22+(4&!

&A34','0+),!-).!0%+2!1+--&.&,5&!5)641!(&!4+,B&1!0)!0%&!-'50!0%'0!;C:DE2!(+88&20!',1!

/)20!2655&22-64!/'.B&0!%'2!&A+20&1!-).!0>&,07!7&'.2?!>%+5%!-'*).2!.&06.,+,8!

*&,1).2!+,!0%&!5)/3&0+0+),!-).!20'44!23'5&!FG%)'12!&0!'4<?!"##HI<!

!

!"#$%&&'"&$$

!

$%&!-)44)>+,8!B&7!+226&2!'.&!('2&1!),!0%&!&A3&.+&,5&2?!3&.23&50+*&2?!',1!

+1&'2!)-!0%)2&!+,0&.*+&>&1!',1!26.*&7&1!+,!0%&!5'2&!20617<!!!J%+4&!0%&!.&2&'.5%!

/&0%)12!',1!K6&20+),2!5.&'0&1!'!-.'/&>).B!-).!+,*&20+8'0+,8!+226&2!.&4'0&1!0)!

-+,',5&?!0%&!B&7!+226&2!'.&!&/&.8&,0!-.)/!0%&!.&2&'.5%!3.)5&22!+02&4-<!!J%'0!/'B&2!

0%&/!LB&7M!+2!0%'0!0%&7!>&.&!+1&,0+-+&1!).!.&5)8,+N&1!(7!/640+34&!'50).2!'2!

+/3).0',0!+226&2!+,!.&4'0+),!0)!0%&!.&2&'.5%!K6&20+),2<!!

!

"#$!%&&'#!(!)*!+,-.-/#!,&!,01234.-4!523!5.30!&'36,6.7!.-8!9'&,-#&&!:32;4<=!.-8!.//#&&!

42!5,-.-/#!,&!.!/<.77#-:#!

$ $

$ $%&!+/3).0',5&!)-!-+,',5&!-).!20'.0+,8?!/'+,0'+,+,8?!',1!8.)>+,8!',7!

(62+,&22!+2!>+1&47!'55&30&1!',1!&23&5+'447!0.6&!-).!'8.+56406.'4!&,0&.3.+2&2<!$%&!

(23)

$%&%''()*!+,!'+-%!,+.-!+,!,($/$&%0!12%)2%.!()!('!/!3+/$!,.+-!/!&+--%.&(/3!4/$5!+.!

6.%7'%/'+$!'2/.%!6/*-%$)!4*!/!89:!-%-4%.0!1/'!.%/,,(.-%;!4*!)2%!</')!-/=+.()*!+,!

,/.-%.'!($!)2%!')>;*?!!9>.<%*!.%'>3)'!.%<%/3%;!)2/)!/33!,/.-%.'!.%3(%;!+$!+$%!+.!-+.%!

,+.-'!+,!,($/$&%0!/$;!+<%.!)2%!3/')!)2.%%!*%/.'!@AB!2/;!4+..+1%;!-+.%!)2/$!C@0AAA!

/$;!DDB!2/;!4+..+1%;!-+.%!)2/$!C@A0AAA^#@?!!

:3)2+>E2!/!;%-/$;!,+.!,($/$&%!1/'!%<(;%$)0!,($;($E'!.%<%/3%;!)2/)!-%%)($E!

)2('!;%-/$;!1/'!/!&2/33%$E%?!!:&&+.;($E!)+!'>.<%*!.%'>3)'0!)1+!+,!)2%!)+6!)2.%%!

4(EE%')!&2/33%$E%'!)2.%/)%$($E!,/.-!-/$/E%-%$)!/$;!4>'($%''!E.+1)2!1%.%!

($/4(3()*!)+!/&&%''!,($/$&%!/$;!3(-()%;!&/'2!,3+1^#F?!9($&%!/&G>(.($E!,($/$&%!('!/!

&+--+$!')./)%E*!)+!6/*!,+.!$%%;%;!'%.<(&%'!+.!-/)%.(/3'!12%$!+$%!;+%'!$+)!2/<%!

%$+>E2!&/'2!)+!-/5%!/!6>.&2/'%!+>).(E2)0!)2%'%!)1+!&2/33%$E%'!/.%!6%.&%(<%;!)+!4%!

($)%.&+$$%&)%;?!!H>.)2%.-+.%0!+$3*!#"B!+,!,/.-%.'!4%3(%<%;!)2/)!)2%.%!1%.%!%$+>E2!

/66.+6.(/)%!,($/$&%!6.+;>&)'!/$;!'%.<(&%'!/</(3/43%?!

! I$!)2('!&+$)%J)0!/&&%''!)+!,($/$&%!.%,%.'!)+!/$!($;(<(;>/3K'!+.!%$)%.6.('%K'!

!"##$%$&$'(!+,!/&G>(.($E!,($/$&%!'%.<(&%'!/$;!6.+;>&)'!,.+-!HHIK'0!/$;!('!;(,,%.%$)!

)2/$!)2%!)#*!+,!,($/$&%!L83/%''%$'0!"AA@M?!!N'%!+,!,($/$&%!('!;%6%$;%$)!+$!)2%!,/&)!

)2/)!/&&%''!1/'!/3.%/;*!+4)/($%;?!!O2%!;(')($&)(+$!4%)1%%$!/&&%''!/$;!>'%!+,!,($/$&%!

('!;%-+$')./)%;!($!H(E>.%!#?!

! P+J!:!.%6.%'%$)'!/!6+6>3/)(+$!)2/)!>'%'!,($/$&%0!/$;!)2%.%,+.%!->')!2/<%!

/&&%''?!!P+J!P!&+$'(')'!+,!$+$7>'%.'!+,!,($/$&%0!2+1%<%.!)2('!;+%'!$+)!$%&%''/.(3*!

-%/$!)2/)!)2('!6+6>3/)(+$!;+%'!$+)!2/<%!/&&%''?!!Q+3>$)/.*!%J&3>'(+$!&/$!4%!

($,3>%$&%;!4*!/!$>-4%.!+,!,/&)+.'!'>&2!/'!/!3/&5!+,!$%%;!,+.!,($/$&%0!/!&+-63%)%!

/4'%$&%!+,!'/<($E'!+.!/''%)'0!+.!/!6.%,%.%$&%!+.!.%3(/$&%!+$!+)2%.!,+.-'!+,!

)./$'/&)(+$!'>&2!/'!4/.)%.($E?!!P+J!8!&+$'(')'!+,!/!6+6>3/)(+$!)2/)!('!,/&%;!1()2!!

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

#@!R>)!+,!D@!.%'6+$'%'!

#F!R>)!+,!SS!.%'6+$'%'!

(24)

!

! ! ! !"#$%&'()'*"++&%&,-&'.&/0&&,'1--&22'3,4'52&'6+'!",3,-&'

76$%-&)'893&22&,2:';<<='>?;(('

!

#$%&'($)*+,!-./'(0#&$1!2-*$#$3!)4*)!)4-,!*+-!($*5'-!)&!*//-00!6#$*$/-!7(-!)&!8+#/-!

*$7!$&$98+#/-!%*+#*5'-01!),8#/*'',!0-)!5,!::;0<!!=0!>'*-00-$0!?"@@AB!8&#$)0!&()1!)4-!

5&+7-+'#$-0!5-)C--$!)4-0-!)4+--!8&8('*)#&$!/*)-3&+#-0!*+-!6*+!6+&2!+#3#71!*0!::;D0!

'-$7#$3!/+#)-+#*!/*$!/4*$3-!7(-!)&!04#6)0!#$!-/&$&2#/!2*+E-)01!*$7!5&++&C-+0!/*$!

2#3+*)-!5-)C--$!8&8('*)#&$!/*)-3&+#-0!*0!)4-#+!6#$*$/#*'!0#)(*)#&$!/4*$3-0<!

! =''!)4+--!8&8('*)#&$!/*)-3&+#-0!#$!:#3(+-!F!*+-!+-8+-0-$)-7!5,!)4-!0*28'-!&6!

G&+)'*$7!6*+2-+0!#$!)4-!/*0-!0)(7,<!!:&+!-.*28'-1!5&)4!(0-+0!*$7!$&$9(0-+0!&6!

6#$*$/-!4*7!-.8-+#-$/-7!%*+,#$3!6&+20!&6!%&'($)*+,!*$7!#$%&'($)*+,!-./'(0#&$!*)!

0&2-!8&#$)!#$!)4-#+!6*+2!/*+--+1!*$7!0&2-)#2-0!-%-$!0#2(')*$-&(0',<!!H4-+-6&+-1!)4-!

E-,!#00(-!)4*)!!""#$$%&'%()*!*"#%)$%!%"+!,,#*-#%+-6'-/)0!6*+2-+0D!-.8-+#-$/-0!*0!*!

C4&'-1!+-3*+7'-00!C4-)4-+!)4-,!4*%-!+-/-#%-7!6#$*$/-!6+&2!::;I!#$!)4-!8*0)<!!

! H4-!$-/-00#),!*$7!/4*''-$3-!&6!*//-00#$3!6#$*$/-!C*0!*'0&!8-+/-#%-7!5,!

+-3#&$*'!$&$98+&6#)!&+3*$#J*)#&$0<!!=!+-8+-0-$)*)#%-!6+&2!>K>!0)+-00-7!)4*)!*//-00!

)&!6#$*$/-!C*0!/+(/#*'!6&+!02*''!)&!2-7#(2!0#J-7!6*+2-+0!#$!&+7-+!6&+!)4-2!)&!

+-2*#$!%#*5'-!C#)4#$!)4-!/&28-)#)#%-!+-3#&$*'!*3+#96&&7!0,0)-2<!!=//&+7#$3!)&!)4-!

+-8+-0-$)*)#%-1!)4-!+-/-$)!-.8'&0#&$!#$!8&8('*+#),!&6!'&/*'',!8+&7(/-7!6&&70!*$7!)4-!

0(50-L(-$)!5&&2!&6!'&/*'!02*''!6*+20!4*0!'-*7!)&!*!4#34',!/&28-)#)#%-!7#+-/)!2*+E-)!

(25)

$%&'()*!%$+%&,-../!0()!1%2,33,32!0-)4%)$5!!63!()7%)!'(!4%%'!'8%!7%4-37$!0()!8,28!

9:-.,'/*!0)%$8*!-37!;-.:%<-77%7!+)(7:&'$*!0-)4%)$!(0'%3!)%9:,)%!$'()-2%!0-&,.,',%$*!

+)(&%$$,32!%9:,+4%3'*!)%.,-1.%!')-3$+()'-',(3*!-37!-!)(1:$'!4-)=%',32!$')-'%2/*!-..!

>8,&8!&-3!)%9:,)%!8%-;/!,3;%$'4%3'$5!!?,'8(:'!-&&%$$!'(!',4%./!0,3-3&%*!,'!>-$!'8%!

;,%>+(,3'!(0!'8%!)%+)%$%3'-',;%!'8-'!,'!>(:.7!1%!;%)/!7,00,&:.'!0()!4($'!3%>!-37!

')-3$,',(3!0-)4%)$!'(!$%&:)%!'8%$%!)%$(:)&%$5!!

! @,$&:$$,(3$!>,'8!$'-00!4%41%)$!-'!ABC?*!-.$(!)%;%-.%7!'8-'!0,3-3&%!>-$!-!

&):&,-.!,$$:%!0()!D)%2(3!0-)4%)$5!E-$%7!(3!8,$!%F+%),%3&%!&(3')-&',32!>,'8!D)%2(3!

G'-'%!H3,;%)$,'/!IF'%3$,(3!'(!+)(;,7%!1:$,3%$$!7%;%.(+4%3'!&.-$$%$!'(!0-)4%)$!

-&)($$!'8%!$'-'%*!,'!>-$!'8%!,4+)%$$,(3!(0!-!ABC?!.(-3!(00,&%)!'8-'!'8%!7%4-37!0()!

$4-..!-2),&:.':)-.!(+%)-',32!.(-3$!>-$!.-)2%./!:34%'5!!J(>%;%)*!7%$+,'%!0-)4%)$K!

$'-'%7!,3'%)%$'!,3!4,&)(.(-3$!7:),32!&.-$$%$*!ABC?!8-7!)%&%,;%7!;%)/!0%>!.(-3!

)%9:%$'$!(3!1%8-.0!(0!0-)4%)$!'(!7-'%5!!L%-$(3$!0()!'8,$!-++-)%3'!,3&(32):%3&%!

1%'>%%3!0-)4%)$K!3%%7$!-37!)%9:%$'$!>%)%!:3&.%-)5!

! 63!-77,',(3!'(!.,4,'%7!-&&%$$!'(!0,3-3&%!-37!.,4,'%7!&-$8!0.(>*!('8%)!

&(3$,7%)-1.%!&8-..%32%$!,3&.:7%7!-!.-&=!(0!-00()7-1.%!0-)4.-37*!8,28!.-1()!&($'$*!-37!

.,4,'%7!',4%!'(!):3!'8%!0-)45!!M8%!.-''%)!'>(!&8-..%32%$!$%%4!'(!1%!&8-)-&'%),$',&!(0!

@A!0-)4$!'8-'!'%37!'(!)%./!8%-;,./!(3!8:4-3!.-1()!0()!1('8!+)(7:&',(3!-37!

4-)=%',32!-&',;,',%$5!M8%!&8-..%32%!(0!.-37!-;-,.-1,.,'/!,$!+%)&%,;%7!'(!1%!.,3=%7!,3!

+-)'!'(!,$$:%$!(0!0,3-3&%*!-$!NOP!(0!0-)4%)$!$'-'%7!'8-'!.-37!-&9:,$,',(3!>-$!(3%!(0!

'8%,)!'(+!'8)%%!,3;%$'4%3'!+),(),',%$5!

!

!"#$!%&&'#!(!)*!+,-.!/01,2'0-34$!305!1,2'0-34$!#672'&/,0!839#!377#&&!-,!:/0307#!3!

7.322#0;#!

!

D:'!(0!Q#!0-)4%)$!NRP!8-7!-++.,%7!-'!.%-$'!(3&%!0()!-!&(44%)&,-.!1-3=!.(-3!

(0!>8,&8!(;%)!8-.0!>%)%!)%S%&'%75!!E-$%7!(3!+8(3%!&(3;%)$-',(3$!-37!-3$>%)$!'(!

%4-,.!9:%$',(33-,)%$*!0-)4%)$!>%)%!)%S%&'%7!1%&-:$%!'8%/!1%.,%;%7!'8-'!'8%/!7,7!3('!

4%%'!1-3=$K!+%&:3,-)/!)%9:,)%4%3'$^TU5!!V.'8(:28!1-3=!.(-3$!-)%!(3%!(0!'8%!4($'!

>,7%./!-;-,.-1.%!0,3-3&%!+)(7:&'$*!)%$%-)&8!8-$!$8(>3!'8-'!&(44%)&,-.!1-3=$!-)%!

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

TU!A($'!0-)4%)$!-74,''%7!'8-'!'8%/!>%)%3K'!-.>-/$!->-)%!(0!>8/!'8%/!>%)%!)%S%&'%7*!-$!.(-3!(00,&%)$!

(0'%3!7,7!3('!4-=%!'8%!$+%&,0,&!2)(:37$!0()!'8%,)!)%S%&',(3!&.%-)5!!

(26)

$%&'()*+!,%--!)*&,)*%.!/'!,'0*!/'!-(0,,%1!-&0,%!201(%1-!*0/)'*3).%!45'&&)01%,,)6!

"7789!5'&&)01%,,)!%/!0,:6!"7;7<:!!!

=3'!'2!/>%!201(%1-!)*/%1?)%3%.!3%1%!2'1&%.!/'!@0A!'22!,'0*-!%01,A!.B%!/'!

$0*C-D!0$1B@/!.%&)-)'*-!/'!&%0-%!/>%)1!0+1)&B,/B10,!,%*.)*+!0&/)?)/)%-:!!E*!1%2%1%*&%!/'!

FG!H0*C-D!.%&)-)'*!/'!/%1()*0/%!/>%)1!0+1)&B,/B1%!,'0*-!)*!"77I6!'*%!201(%1!-/0/%.J!

!

!"#$%&'($)&*+$,-#..$-#$'/$./'0#1$-&'2$2/$+/$3&14$./&')$)/$5/61$/62$2/$.6'7"8$&'+$-#$-&'2$2/$%#$9&*+$*'$

36..$1*0"2$'/-:;$$!"#5$<6)2$7&..#+$2"#$./&');$$=/58$*3$2"&2$-&)'>2$&'$*'2#1#)2*'0$2*4#8$&)$2"#5$+/'>2$0*?#$5/6$

?#15$./'0$2/$9&5$2"#$./&'@$

!

G)(),01!/'!/>%)1!%K@%1)%*&%-!3)/>!&'((%1&)0,!$0*C-6!201(%1-!%K@1%--%.!/>0/!

/>%!@%&B*)01A!1%LB)1%(%*/-!'2!+'?%1*(%*/0,!MME-6!-B&>!0-!/>%!M01(!G%1?)&%!N+%*&A!

0*.!M01(!51%.)/!G%1?)&%-6!3%1%!0,-'!/''!-/1)&/:!!M01(%1-!&'(@,0)*%.!/>0/!.%-@)/%!

>0?)*+!-/1'*+!&1%.)/!-&'1%-!0*.!$%)*+!0$,%!/'!.%('*-/10/%!/>0/!/>%1%!$B-)*%--%-!

3%1%!@1'2)/0$,%6!)*!/>%!%A%-!'2!/>%!MME-!/>%A!3%1%!-/),,!O201!21'(!&1%.)/P3'1/>AQ:!!

R>),%!0&&%--!/'!2)*0*&%!30-!*'/%.!0-!0!+1%0/!&>0,,%*+%!$A!/>%!(0S'1)/A!'2!

201(%1-6!#"T!*%?%1!0@@,)%.!2'1!0!,'0*!0*.!UVT!-/0/%.!/>0/!.).*D/!C*'3!)2!/>%1%!3%1%!

%*'B+>!2)*0*&%!@1'.B&/-!0?0),0$,%:!!=>%-%!1%-B,/-!01%!)*/%1%-/)*+!0-!/>%A!10)-%!

LB%-/)'*-!0$'B/!/>%!1%,0/)'*->)@!$%/3%%*!,)()/%.!0&&%--6!MME-6!0*.!?',B*/01A!

%K&,B-)'*:!!H'/>!B-%1-!0*.!*'*PB-%1-!'2!2)*0*&%!&'(@,0)*%.!'2!/>%!&>0,,%*+%-!0*.!

.'3*-).%-!'2!3'1C)*+!3)/>!MME-!-B&>!0-!%K&%--)?%!&'-/-!0*.!2%%-6!&'*2B-)*+!0*.!

&B($%1-'(%!@0@%1!3'1C6!0*.!/>%!$B1%0B&10/)&!'1+0*)W0/)'*!'2!-B&>!)*-/)/B/)'*-:$$E*!

1%-@'*-%!/'!0!LB%-/)'*!0-C)*+!1%-@'*.%*/-!/'!10*C!0*.!%K@,0)*!2)*0*&%!0&/'1-!)*!

/%1(-!'2!/>%)1!@1%2%1%*&%6!0!201(%1!3>'!>0.!A%/!/'!0@@1'0&>!MMED-!2'1!2)*0*&)*+!

-/0/%.J!

A/?#1'4#'2$B3*'&'7#C$)##4)$91/%.#4&2*7$*'$2"#$"//9)$'#7#))&15$2/$<649$2"1/60"8$%62$D>4$'/2$/99/)#+$

2/$-/1(*'0$-*2"$2"#4$/2"#1-*)#;$$=&'()8$&)$2"#5$&1#$91/3*2$+1*?#'8$)##4$.*(#$2"#$4/)2$#E9#')*?#$2/$-/1($

-*2"$F*'$2"#$01#&2#1$)#')#8$*3$'/2$&.)/$2"#$*44#+*&2#$)#')#G8$)/$2"#5>1#$&2$2"#$%/22/4$/3$45$.*)2;$

$

N*'/>%1!201(%1!30-!LB'/%.!&'((%*/)*+!'*!M5GJ!

H#?#1&.$2*4#)$-#$"&?#$2&.(#+$-*2"$I&14$J1#+*2$H#1?*7#)$-"#'$.//(*'0$3/1$71#+*2;$$!"#*1$*'2#1#)2$1&2#)$

-#1#$+#7#'28$%62$/2"#1$7/)2)$&'+$9&9#1-/1($1#K6*1#4#'2)$&.-&5)$.#+$6)$2/$7"//)#$/2"#1$/92*/');$

$

R>),%!/>%!0$'?%!201(%1-!3%1%!*'/!'@@'-%.!/'!3'1C)*+!3)/>!+'?%1*(%*/0,!'1!

&'((%1&)0,!MMED-!0*.!(0A!>0?%!)*.%%.!$%%*!&1%.)/!3'1/>A6!/>%!&>010&/%1)-/)&-!0*.!

1%LB)1%(%*/-!'2!/>%-%!)*-/)/B/)'*-!3%1%!@1'>)$)/)?%!/'!/>%!@')*/!/>0/!201(%1-!,''C%.!

(27)

$%&$'($)$!*+)!*,-.-/$0!!1-!.22,3,+-4!*.)5$)&!.%&+!/+56%.,-$2!3(.3!3($7!*$%3!82$/$,9$2:!

;7!;+3(!3($!<=>!.-2!<?=4!.-2!.//@&$2!3($,)!+@3)$./(!.-2!5.)A$3,-B!5.3$),.%&!+*!

;$,-B!85,&%$.2,-B:!.-2!86)+6.B.-2.:0!C-$!*.)5$)!&(.)$2D!

!"#$%&'()*%+,-#%./%012#3.,4#%."0.%."#$%03#%/5.%./%"#+6%."#%$/578%903:#3%071%."#$%"02#%0++%."#4#%63/830:4;%

<"#7%,7%90=.%<"#7%<#>2#%0663/0="#1%."#:%7/.%/7+$%./%?/33/<%:/7#$;%?5.%0+4/%./%"#+6%/53%-,14%8#.%?0=-%

,7./%903:,78;%."#$%@54.%+//-%0.%/53%?0+07=#%4"##.4%071%,7=/:#%4.0.#:#7.4%071%40$%<#%1/7>.%A50+,9$B%

%

E($!)$/$-3!F=!$/+-+5,/!)$/$&&,+-!.-2!/)$2,3!/+%%.6&$!+*!"GGHI"GGJ!3(.3!%$.2!

3+!3($!<$2$).%!B+9$)-5$-3K&!LMN#!;,%%,+-!;.,%+@3!+*!H!-.3,+-.%!;.-A&!OP2$)4!"GGJQ!

(.&!.%&+!.22$2!3+!*.)5$)K&!&@&6,/,+-&!.-2!($&,3.3,+-&!3+!'+)A!',3(!<<1K&0!!C-$!

*.)5$)!/+55$-3$2D!

C"#7%D%+,2#1%,7%."#%=,.$%071%?07-#1%0.%C#++4%'038/%071%E07-%/9%F:#3,=0;%<#++;%D%7#2#3%9#+.%8//1%0?/5.%

."0.B%%F71%D%9##+%#2#7%+#44%8//1%0?/5.%,.%7/<%8,2#7%<"0.>4%"066#7#1%<,."%/53%#=/7/:$%071%."0.%."#$>2#%

?##7%1/++#1%/5.%<,."%?,++,/74%071%8//1;%"031G</3-,78;%"/7#4.%6#/6+#%=07>.%#2#7%@54.%:0-#%0%+,2,78B%

%

1-!.!&,5,%.)!9$,-4!2@),-B!.!2,&/@&&,+-!.;+@3!3($!F=!B+9$)-5$-3K&!)+%$!.-2!

)$&6+-&,;,%,37!.&!.-!.B),/@%3@).%!*,-.-/$!6)+9,2$)4!+-$!*.)5$)!&3.3$2D!

!

'#1#30+%08#7=,#4%=07%1/%.",784%."0.%?07-4%</5+17>.;%071%6#3"064%04-,78%.0H60$#34%./%044,4.%4:0++%903:4%

<,."%+/074%,4%0+/78%."#%+,7#4%/9%04-,78%."#:%./%4566/3.%3/01G?5,+1,78%071%/."#3%,79304.35=.53#B%%D%1/7>.%

-7/<%."/58";%<#>3#%7/.%-##7%/7%8/2#37:#7.%,72/+2#:#7.%,7%?54,7#44%8#7#30++$;%4/%,.>4%"031%9/3%54%./%

,74,4.%."0.%.",4%,4%."#%074<#3B%

%

R,3(+@3!;$,-B!6),97!3+!3($!./3@.%!%+.-!.66%,/.3,+-&!3(.3!'$)$!)$S$/3$2!;7!

<<1&4!,3!/.-!;$!2,**,/@%3!3+!2,&/$)-!,-!'(,/(!&6$/,*,/!/.&$&!9+%@-3.)7!+)!,-9+%@-3.)7!

$T/%@&,+-!%$2!3+!*.)5$)&K!,-.;,%,3,$&!+)!/(.%%$-B$&!3+!.//$&&!*,-.-/$0!!>*3$)!.%%4!.&!

6+,-3$2!+@3!;7!P&/.%.-3$!$3!.%0!O"GGNQ4!%$-2,-B!2$/,&,+-&!/.-!;$!U@,3$!&@;S$/3,9$!.&!

%+.-!+**,/$)&!+*3$-!)$%7!+-!)@%$&!+*!3(@5;4!B@3!*$$%,-B&4!.-2!($@),&3,/&!'($-!

2$3$)5,-,-B!'($3($)!+)!-+3!3($7!&(+@%2!B).-3!+)!2$-7!.!%+.-0!!V$9$)3($%$&&4!

*,-2,-B&!2$5+-&3).3$!3(.3!3($!5.S+),37!+*!3($!/.&$!&3@27!6+6@%.3,+-4!,-/%@2,-B!;+3(!

@&$)&!.-2!-+-I@&$)&!+*!*,-.-/$4!(.2!$T6$),$-/$2!+-$!+)!;+3(!*+)5&!+*!$T/%@&,+-!.3!

&+5$!6+,-30!

!

I#$%D445#%J%KL%(3#1,.%=0314%03#%0%<,1#+$%54#1%$#.%",8"+$%571#4,30?+#%9/3:%/9%9,707=#%

!

R(,%$!*.)5$)&!(,B(%,B(3$2!3(.3!/)$2,3!/.)2&!(.9$!&+5$!;$-$*,3&4!3($!B)$.3$)!

&$-3,5$-3!'.&!3(.3!3($7!'$)$!83++!$T6$-&,9$:4!8),&A7:4!.-2!.!8-$/$&&.)7!$9,%:0!!C-$!