! ! " # " $
" %
& ' ( ) *
+ ,'( )) + ) - ' ( ) *
+ ,'( )) +. / 0 ' 1 2
!
! " # $ !% ! & $ ' ' ( $ ' # % % ) % * % ' $ ' + " % & ' ! # $, ( $ - . / - . . ! 0 1 . (
- % 1 /
- % % % % % % - % 2
1 -
- 1% % 2 3 $$$ 4 5 5 " 6 5 7 8 & ) * 9 3 +) * ! : !& ;!<% ;;=>= & % " 5 3 5 - ? ! * & @ . 3 1 A >B=C 8 & ) * 9 3 +) " D 0 & >B=C
>>>
J $ :: %& '$ %
0
%& ' $!%
K>
%& $ !%
K>>
$ %'
K>>>
&$! ' K
"J&' ! "$! *A6CI:6B>:CID 9:A *GD7A:B6
)7?:I>KDH 9: A6 #CK:HI><68>_C
$JHI>;>868>_C 9: A6 #CK:HI><68>_C
A86C8: N A>B>I68>DC:H
"J&' ! $ ! & K$ ! CI:8:9:CI:H
6H:H .:_G>86H
6H:H &:<6A:H
:;>C>8>_C 9: .ZGB>CDH YH>8DH
6G68I:G>O68>_C 9: A6 !:G:C8>6 9: *GD9J88>_C
->HI:B6 N )E:G68>DC6A>O68>_C 9: 06G>67A:H
"J&' ! $ ! &! ! K !
(6IJG6A:O6 9: A6 #CK:HI><68>_C
*D7A68>_C N 'J:HIG6
.Z8C>86H : #CHIGJB:CIDH 9: ,:8DA:88>_C 9: #C;DGB68>_C
06A>9:O N DC;>67>A>969 9: ADH #CHIGJB:CIDH
.Z8C>86H 9: CYA>H>H : #CI:GEG:I68>_C 9: 6IDH
>K
"J&' ! ( % % $ %' & !% ,:HJAI69DH 9: A6 &>HI6 9: DI:?D
,:HJAI69DH 9:A J:HI>DC6G>D
,:HJAI69DH 9: A6 CIG:K>HI6
,:K>H>_C 9: 'D9:ADH 9: ':9>8>_C M EDHI
->HI:B6 9: B:9>8>_C M EDHI E6G6 :A #(#
EDAD<[6 9:A H>HI:B6
A H>HI:B6 9: B:9>8>_C M EDHI E6G6 :A #(#
" &' ! ( ! '% ! % * $ ! ! %
DC8AJH>DC:H
,:8DB:C968>DC:H
$ $ % ! $G % )!% CIG:K>HI6 :HIGJ8IJG696 E6G6 (>K:A HIG6IZ<>8D
C8J:HI6 E6G6 (>K:A .Z8C>8D
&>HI6 9: DI:?D
'6IG>O 9: 06A>968>_C 9: #CHIGJB:CIDH 6 $J>8>D 9: ME:GIDH
K
J '$ %
:: 42?<, E !:DG:;:G:C8>68>_C ;D8D 9: G67>6 :HI69D &6G6 f 0:C:OJ:A6 -:B6C6 6]D
!:DG:;:G:C8>68>_C ;D8D 9: G67>6 :HI69D 'ZG>96 f 0:C:OJ:A6 -:B6C6 6]D
':9>96H EDG YB7>ID 9: 9:H:BE:]D N EG:<JCI6H FJ: H: 67DG96C
'6G8D A_<>8D E6G6 A6 :K6AJ68>_C :M EDHI
K>
J ' $!% ": ?,/<9 E '6IG>O 9: >BE68ID H>HIZB>8D
*GD8:HDH 9: A6 <:G:C8>6 9: EGD9J88>_C HD8>6A
A H>HI:B6 9: K6G>67A:H N A6 )E:G68>DC6A>O68>_C 9: A6H K6G>67A:H
>HIG>7J8>_C 9: A6 ED7A68>_C
.67JA68>_C EG:<JCI6 JCD 9: A6 :C8J:HI6
.67JA68>_C EG:<JCI6 9DH 9: A6 :C8J:HI6
.67JA68>_C EG:<JCI6 IG:H 9: A6 :C8J:HI6
.67JA68>_C EG:<JCI6 8J6IGD 9: A6 :C8J:HI6
.67JA68>_C EG:<JCI6 8>C8D 9: A6 :C8J:HI6
.67JA68>_C EG:<JCI6 H:>H 9: A6 :C8J:HI6
.67JA68>_C EG:<JCI6 H>:I: 9: A6 :C8J:HI6
.67JA68>_C EG:<JCI6 D8=D 9: A6 :C8J:HI6
.67JA68>_C EG:<JCI6 CJ:K: 9: A6 :C8J:HI6
.67JA68>_C EG:<JCI6 9>:O 9: A6 :C8J:HI6
.67JA68>_C EG:<JCI6 DC8: 9: A6 :C8J:HI6
J69GD 9: 9D7A: :CIG696 f CYA>H>H :CIG:K>HI6 :HIGJ8IJG696
-:<J>B>:CID 9:A 9:H:BE:]D ;G:CI: 6 A6 :K6AJ68>_C 9: ADH :;:8IDH 9:A IG6I6B>:CID
>8=6 9: 8DCIG6HI: H>IJ68>_C 76H: KH M EDHI E6G6 EGDN:8IDH 9: EGD9J8IDH K:I:G>C6G>DH 8DCIG6 :C;:GB:969:H ODDCDI>86H >8=6 9: 8DCIG6HI: H>IJ68>_C 76H: KH M EDHI E6G6 EGDN:8IDH 9: H:GK>8>D 9: 6CYA>H>H 9: A67DG6IDG>D E6G6 A6 9:I:88>_C 9: :C;:GB:969:H ODDCDI>86H
K>>
J $G !% :: <L14.9 E DCD8>B>:CID 9:A H>HI:B6 9: :K6AJ68>_C :M EDHI 9: EGDN:8IDH
->HI:B6 9: DCIGDA 9: !:HI>_C JIDB6I>O69D
6I6 =>HI_G>86
6EIJG6 9: 96IDH
6H: 9: 96IDH E6G6 EGDN:8IDH :?:8JI69DH
>6<C_HI>8DH EG:K>DH
*GD<G6B68>_C 9: 8JGHDH D I6AA:G:H
*:GHDC6A 6H><C69D 6A YG:6
H><C68>_C 9: G:8JGHDH
HE68>D ;[H>8D
H><C68>_C G:8JGHDH I:8CDA_<>8DH
K>>>
%4=>07, /0 0/4.4R8 A :9=> /0 69= "<92<,7,= B "<9B0.>9= /0 "<9/?.>9= B %0<@4.49= /06 8=>4>?>9 ,.498,6 /0 8@0=>42,.4980= 2<N.96,=
'&!$ 3,:,<<9 &9@,< $4.,</9 ?649 &'&!$ 8>984, #?0@0/9
$ %' A K6ADG6G A6 >C;DGB68>_C E:GB>I: G:IGD>C;DGB6G 6 A6 6AI6 <:G:C8>6 G:8DC9J8>G EA6C:H EGD<G6B6H N EGDN:8IDH : >C8AJH>K: 8J6C9D H: IG6I6 9: >CHI>IJ8>DC:H Eb7A>86H 8DBD :A #(# 8DCIG>7J>G :C A6 ;DGBJA68>_C 9: EDA[I>86H Eb7A>86H C68>DC6A:H *6GI>:C9D 9: A6 EG:B>H6 FJ: :A G:HJAI69D 9: JC6 <:HI>_C CD EJ:9: B:9>GH: 9: ><J6A ;DGB6 E6G6 ID96H EDG 8J6CID A6 C6IJG6A:O6 9: 8696 JC6 D7:9:8: 6 A6 :A67DG68>_C 9: >CHIGJB:CIDH N B:86C>HBDH 696EI69D 6 HJ BD9:AD 9: <:HI>_C N G:HJAI69DH G6O_C FJ: E:GB>I: A6 G:6A>O68>_C 9: :HI6 >CK:HI><68>_C 6A ED9:G EGDEDC:G JC BD9:AD 9: B:9>8>_C :M EDHI E6G6 ADH EGD<G6B6H N EGDN:8IDH 9: EGD9J8IDH N H:GK>8>DH 9:A #(# HI: :HIJ9>D :HIY :CB6G869D 9:CIGD 9: A6 A[C:6 9: >CK:HI><68>_C 68IDG:H >C8>9:CI:H :C A6 8DBE:I>I>K>969 9:A H:8IDG EGD9J8I>KD C68>DC6A 76?D A>C:6B>:CIDH 9:A EGDN:8ID 9:CDB>C69D DG<6C>O68>_C :BEG:H6G>6A N <:HI>_C 9: 86E68>969:H 8DBE:I>I>K6H :A 8J6A I>:C: 8DBD EGDE_H>ID 6C6A>O6G N K6ADG6G ADH ;68IDG:H >CI:GCDH FJ: 8DCHI>IJN:C A6 76H: E6G6 9:H6GGDAA6G A6H 86E68>969:H 8DBE:I>I>K6H ;JC96B:CI6A:H 9: A6 :BEG:H6 K:C:ODA6C6 >CB:GH6 9:CIGD 9:A YG:6 I:BYI>86 BD9:ADH N =:GG6B>:CI6H <:G:C8>6A:H *6G6 :A 9:H6GGDAAD 9: A6 >CK:HI><68>_C H: :BEA:6GDC IZ8C>86H : >CHIGJB:CIDH 8DBD )7H:GK68>_C 9>G:8I6 :CIG:K>HI6H :HIGJ8IJG696H :C8J:HI6H N G:K>H>_C 9D8JB:CI6A 6EA>8696H 6 D7?:ID 9: 8JBEA>G 8DC ADH H><J>:CI:H D7?:I>KDH :HE:8[;>8DH 6 :I:GB>C6G :A EGD8:HD 9: <:HI>_C 9: >C;DGB68>_C 9:A #(# :C ADH EGD<G6B6H N EGDN:8IDH 9: EGD9J8IDH N H:GK>8>DH 9:A #(# 7 #9:CI>;>86G ADH 9>K:GHDH BD9:ADH 9: B:9>8>_C :MEDHI 8DCIG>7J8>DC:H N 6EDGI:H 9: ADH G:;:G:CI:H 9: A6 >CK:HI><68>_C 8 -:A:88>DC6G JC H>HI:B6 9: B:9>8>_C :MEDHI H:<bC A6H C:8:H>969:H 9: A6 DG<6C>O68>_C 0=.<4:>9<0= ':9>8>_C :M EDHI EGDN:8IDH
&$! ' K "DN :C 9[6 A6 <:G:C8>6 :HIG6IZ<>86 :H JC6 =:GG6B>:CI6 E:G;:8I6B:CI: 6EA>867A: 6 8J6AFJ>:G DG<6C>O68>_C N6 H:6 Eb7A>86 D EG>K696 *6G6 FJ: JC6 DG<6C>O68>_C EJ:96 H:G :M>IDH6 ZHI6 9:7: E6H6G EDG JC EGD8:HD 9: ;DGBJA68>_C :?:8J8>_C N :K6AJ68>_C 9: 688>DC:H DG>:CI696H 6A AD<GD 9: HJH D7?:I>KDH HID >CKDAJ8G6 JC EGD8:HD 9>CYB>8D FJ: >BEA>86 9:H6GGDAA6G N B6CI:C:G :HIG6I:<>6H 8_CHDC6H 8DC HJ G6O_C 9: H:G 6?JHI696H 6 ADH G:8JGHDH 9>HEDC>7A:H N 6 A6H DEDGIJC>969:H 86B7>6CI:H 9:A B:G869D C ADH DG<6C>HBDH Eb7A>8DH K:C:ODA6CDH H: G:6A>O6C <G6C9:H :H;J:GODH EDG 8DCIGDA6G N B:9>G A6 <:HI>_C 68DBE6]69D 9: :HID H: EG:H:CI6C EGD7A:B6H 8DC:MDH 8DBD A6 H>HI:B6I>O68>_C 9: A6 >C;DGB68>_C FJ: 8DCIG>7J>GY 6 A6 9:I:88>_C 9: C:8:H>969:H EGD8:HDH G:HJAI69DH :;>8>:C8>6 N 8DHID 7:C:;>8>DH G:FJ:G>9DH EDG A6H >CHI>IJ8>DC:H Eb7A>86H E6G6 A6 K6ADG68>_C N DEI>B>O68>_C 9: A6 <:HI>_C 9:A HI69D K:C:ODA6CD :C A6 :?:8J8>_C 9: EA6C:H N EGD<G6B6H A .GDJ9> H:]6A6 h C 0:C:OJ:A6 CD H: 8J:CI6 8DC JC H>HI:B6 9: >C;DGB68>_C K:G6O N 68IJ6A>O69D FJ: A: E:GB>I6 6A HI69D EA6C>;>86G <:HI>DC6G N 8DCIGDA6G HJ EGD9J88>_C i C :HI: H:CI>9D E6G6 B:9>G H: G:FJ>:G: 6CI:H 8DCHDA>96G H>HI:B6I>O6G N HD8>6A>O6G A6 >C;DGB68>_C E:GD :HID 9:E:C9:GY 9: AD<G6G A6 86EIJG6 9: 96IDH H><C>;>86I>KDH EGD9J8ID 9: A6 >CI:GG:A68>_C 8DC G:;:G:CI:H JHJ6G>DH N 7:C:;>8>6G>DH
C :A 86HD 9:A #CHI>IJID
(68>DC6A 9: #CK:HI><68>DC:H <G[8DA6H #(# 8DC 86BE:H>CDH E:FJ:]DH N B:9>6CDH EGD9J8IDG:H 7:C:;>8>6G>DH G:9:H 9: EGD9J88>_C 6<G[8DA6 :CIG: DIGDH C I6A H:CI>9D E6G6 AD<G6G JC 8DCD8>B>:CID 9: A6 <:HI>_C >CHI>IJ8>DC6A 9:A #(# N :C E6GI>8JA6G 9:A >BE68ID 9: HJ 9:H:BE:]D H: I:C9G[6 69:BYH 9: 8DCHJAI6G : >CI:GEG:I6G A6 >C8>9:C8>6 9: A6H EDA[I>86H Eb7A>86H EA6CI:6GH: A6H H><J>:CI:H >CI:GGD<6CI:H S+JZ :HIY =68>:C9D :A #(# S+JZ H: :HIY =68>:C9D E6G6 B:?DG6G A6 H>IJ68>_C D7?:I>KD S-: :HIYC 8JBEA>:C9D ADH EA6C:H D7?:I>KDH EGDN:8IDH : >C9>869DG:H :HIG6IZ<>8DH S-: :HIYC JI>A>O6C9D ADH G:8JGHDH :C ;DGB6 _EI>B6 S&6 <:HI>_C 9:A #(# =6 8DCIG>7J>9D 8DC A6 HDHI:C>7>A>969 9: A6H 8DBJC>969:H GJG6A:H S&DH G:HJAI69DH 9: A6 <:HI>_C : >BE68IDH 9:A #(# =6C 8DCIG>7J>9D 8DC A6
DEI>B>O68>_C 9: ADH EGD8:HDH >CHI>IJ8>DC6A:H N 8DC :A G:>BEJAHD 9: CJ:KDH EGD<G6B6H N EGDN:8IDH 9: EGD9J88>_C N H:GK>8>DH &6H G:HEJ:HI6H H: D7I:C9GYC :C A6 B:9>96 FJ: H: :MEG:H:C ADH H:<J>B>:CIDH N :K6AJ68>DC:H 8DGG:HEDC9>:CI:H 6 A6 <:HI>_C N 6 ADH EGDN:8IDH >CHI>IJ8>DC6A:H 9: ;DGB6 9: AD<G6G G:HJAI69DH I6C<>7A:H : >CI6C<>7A:H HD7G: AD EGD<G6B69D N EG:K>HID C 8DCH:8J:C8>6 8DCH>HI: :C :A 6CYA>H>H 9: ADH G:HJAI69DH AD<G69DH JC6 K:O FJ: :A EGDN:8ID :CIG6 :C DE:G68>_C E6G6 B:9>G :A <G69D 9: 8JBEA>B>:CID 9: ADH D7?:I>KDH EGDEJ:HIDH E:GB>I: G:IGD6A>B:CI6G N 68IJ6A>O6G A6H B:ID9DAD<[6H E6GYB:IGDH N HJEJ:HIDH 9:A 6CYA>H>H IZ8C>8D :8DC_B>8D E6G6 6H[ :CIG:<6G >CHJBDH FJ: E:GB>I6C :;:8IJ6G A6H 8DGG:88>DC:H I:C9>:CI:H 6 E:G;:88>DC6G ADH EGD8:HDH N ADH EGD8:9>B>:CIDH 9: >CK:GH>_C K><:CI:H C :HI: DG9:C 9: >9:6H H: EA6CI:6 8DBD D7?:ID 9: A6 >CK:HI><68>_C FJ: :A #(# 8DBD >CHI>IJ8>_C Eb7A>86 :C 0:C:OJ:A6 9:9>8696 6 A6 >CK:HI><68>_C 6<G[8DA6 9:7: <:C:G6G HJH EGDE>DH >CHIGJB:CIDH 9: :K6AJ68>_C :M EDHI :C K>GIJ9 9: A6 C6IJG6A:O6 N G6O_C HD8>6A 9: A6 >CHI>IJ8>_C A6H 688>DC:H 68DB:I>96H :C A6 <:HI>_C :A 8JBEA>B>:CID 9: B:I6H : >C9>869DG:H 9: EGDN:8IDH 8DC A6 ;>C6A>969 9: D7I:C:G A6H A[C:6H 76H:H D EJCIDH 9: E6GI>96H FJ: 8DCAA:K:C 6 A6 D7I:C8>_C 9: 96I6H 9: ADH 86B7>DH EGD<G:HDH N :ME:G>:C8>6H 6EG:C9>96H FJ: :MEG:H:C ADH >BE68IDH HD7G: AD EGD<G6B69D E6G6 6H[ AD<G6G 8G>I:G>DH HJ;>8>:CI:H E6G6 CJ:KDH E:G[D9DH :CIGD 9: :HI: 8DCI:MID A6 EG:H:CI: >CK:HI><68>_C I>:C: 8DBD ;>C6A>969 EG>BDG9>6A EGDEDC:G JC H>HI:B6 9: B:9>8>_C :M EDHI E6G6 ADH EGDN:8IDH 9: EGD9J88>_C N H:GK>8>DH 9:A YG:6 K:I:G>C6G>6 :C :A #(# H[ B>HBD AJ:<D 9: G:6A>O6G A6 G:K>H>_C 7>7A>D<GY;>86 H: IDB_ 8DBD 76H: E6G6 8DB:I:G A6 EGDEJ:HI6 A6 B:ID9DAD<[6 EA6CI:696 EDG "Z8IDG -6C[C *J7A>869D EDG :A #CHI>IJID &6I>CD6B:G>86CD N 9:A 6G>7: 9: *A6C>;>868>_C 8DC_B>86 N -D8>6A f#&* - :C :A H:CD 9: A6 DB>H>_C 8DC_B>86 E6G6 B:G>86 &6I>C6 N :A 6G>7: * & >CI:<G6CI: 9: A6 )G<6C>O68>_C 9: A6H (68>DC:H /C>96H )(/ E6G6 A6 :K6AJ68>_C M EDHI 9: EGDN:8IDH 696EI6C9D ADH :A:B:CIDH 9: A6 G:;:G>96 B:ID9DAD<[6 6 A6 G:6A>969 9: A6 >CHI>IJ8>_C &6 >CK:HI><68>_C :HIY 9>K>9>96 :C H:>H 86E[IJADH
C :A 6E[IJAD # H: EG:H:CI6 :A EA6CI:6B>:CID 9:A EGD7A:B6 :A D7?:I>KD <:C:G6A N ADH D7?:I>KDH :HE:8[;>8DH 9: A6 >CK:HI><68>_C 6H[ 8DBD A6 ?JHI>;>868>_C 9:A IG676?D C :A 6E[IJAD ## H: 9:H6GGDAA6 :A 8DCI:MID I:_G>8D 9: A6 >CK:HI><68>_C A6 8J6A 9:HI686 ADH 6CI:8:9:CI:H C :A 6E[IJAD ### H: 9:H8G>7: A6 B:ID9DAD<[6 JI>A>O696 E6G6 :A AD<GD 9: ADH 9>;:G:CI:H D7?:I>KDH C :A 86E[IJAD #0 H: BJ:HIG6C ADH G:HJAI69DH 8DBD 8DCH:8J:C8>6 9: A6 6EA>868>_C 9: A6H IZ8C>86H N EGD8:9>B>:CIDH 9:H6GGDAA69DH :C A6 B:ID9DAD<[6 3 ;>C6AB:CI: :C :A 6E[IJAD 0 H: EG:H:CI6C A6H 8DC8AJH>DC:H N G:8DB:C968>DC:H E6G6 ;JIJGDH IG676?DH
" &' ! "6,8>0,7408>9 /06 :<9-607, &6H >CHI>IJ8>DC:H N DG<6C>HBDH Eb7A>8DH :C 0:C:OJ:A6 6B:G>I6C 9: JC BD9:AD 9: 69B>C>HIG68>_C 9>CYB>8D 8DCIGDA69D : >CI:GG:A68>DC69D 9>H:]69D :C IZGB>CDH CDGB6I>KDH E6GI>8JA6GB:CI: :A #(# G:FJ>:G: 96G G:HEJ:HI6 6 :HI: B6G8D C :HI: H:CI>9D :C :A *A6C HIG6IZ<>8D 9:A #(# :C HJH 9>G:8IG>8:H :HIG6IZ<>86H H:]6A6 A6 C:8:H>969 9: h 9DE8>_C 9: CJ:KDH BD9:ADH 9: <:HI>_C DG>:CI69DH 6A ;DGI6A:8>B>:CID 9: 86E68>969:H <:G:C8>6A:H IZ8C>86H DG<6C>O6I>K6H 69B>C>HIG6I>K6H N 9: 6GI>8JA68>_C 8DC :A :CIDGCDi C 0:C:OJ:A6 A6 EA6C>;>868>_C N :A 8DCIGDA 9: A6 <:HI>_C H: >C>8>_ :C 8DC :A *GD<G6B6 (68>DC6A 9: #CK:GH>DC:H 6EA>869D 76?D A6 69B>C>HIG68>_C 9:A EG:H>9:CI: A:6O6G &_E:O DCIG:G6H :C 9DC9: H: 8G:_ A6 );>8>C6 :CIG6A 9: DDG9>C68>_C N *A6C>;>868>_C 9: A6 EG:H>9:C8>6 9: A6 ,:Eb7A>86 ), #*& ( G:HEDCH67A: 9: ;DGBJA6G ADH EA6C:H 9: 9:H6GGDAAD 9:A E6[H 8JND D7?:I>KD ;J: :HI67A:8:G JC H>HI:B6 C68>DC6A 9: EA6C>;>868>_C >CI:<G69D :HID H><C>;>8_ FJ: A6 E6GI>8>E68>_C 9: A6 B6NDG[6 9: ADH DG<6C>HBDH 9: A6 69B>C>HIG68>_C Eb7A>86 :C A6 ;DGBJA68>_C EG:E6G68>_C N :A H:<J>B>:CID 9:A EA6C 6 C>K:A C68>DC6A 8DBD G:<>DC6A AD<G6H:C JC6 <:HI>_C 9: EA6C:H EGD<G6B6H N EGDN:8IDH BYH G:6A>HI6H 8JN6H EDA[I>86H H: 69:8J6G6C 6 HJH EDH>7>A>969:H N 6A 8DCI:MID HI: 6CI:8:9:CI: =>HI_G>8D 9:I:GB>C_ A6 DG>:CI68>_C 9:A D7?:ID 9: :HIJ9>D 9: :HI6 >CK:HI><68>_C ><J6AB:CI: DIG6 G:;:G:C8>6 FJ: BDI>K_ 9>8=6 7bHFJ:96 ;J: G:8DA:8I696 9: ;J:CI:H EG>B6G>6H :H 9:8>G 9: ADH G:HJAI69DH 9: JC >C;DGB: 9: 6J9>IDG>6 H:A:8I>K6 G:6A>O69D 6A #(# N :B>I>96 EDG A6 DCIG6ADG[6 !:C:G6A 9: A6 ,:Eb7A>86 :C :A 6]D :A 8J6A :HI67A:8>_ A6H H><J>:CI:H H>IJ68>DC:H EGD7A:BYI>86H hl A #(# EG:H:CI6 9:;>8>:C8>6 :C ADH B:86C>HBDH 9: EA6C>;>868>_C :?:8J8>_C N 8DCIGDA 9: ADH EGDN:8IDH 9:;>8>:C8>6H :C A6 :K6AJ68>_C N H:<J>B>:CID 9: ADH EGDN:8IDH :A #CHI>IJID
CD 9>HEDC: 9: >C9>869DG:H 9: <:HI>_C FJ: E:GB>I6C 9:I:GB>C6G :A <G69D 9: :;>8>:C8>6 :8DCDB[6 86A>969 : >BE68ID 9: ADH G:HJAI69DH 9: HJ <:HI>_C 8JBEA>96i CI: ZHI6 H>IJ68>_C HJG<:C >CI:GGD<6CI:H ;G:CI: 6A 9:H6;[D 9: :K6AJ6G :A 9:H:BE:]D 9: ADH _G<6CDH N :CI:H 9: A6 69B>C>HIG68>_C Eb7A>86 :C 0:C:OJ:A6 N HJH 688>DC:H :C E6GI>8JA6G :A 9:A #(# 76H69D :C HJH G:HJAI69DH : >BE68IDH >8=6H >CI:GGD<6CI:H H: EJ:9:C H>CI:I>O6G :C S IG6KZH 9: FJZ >CHIGJB:CIDH :H EDH>7A: :;:8IJ6G :HI6 ;JC8>_C S _BD >C8DGEDG6BDH ADH ?J>8>DH :K6AJ6I>KDH FJ: HJG?6C 9: I6A:H :K6AJ68>DC:H :C 688>DC:H 8DC8G:I6H N ;JIJG6H FJ: 7:C:;>8>:C 9>8=D DG<6C>HBD Eb7A>8D >AJ8>96G E6GI: 9: :HI6H >CI:GGD<6CI:H :C ADH _G<6CDH N :CI:H 9:A H:8IDG Eb7A>8D >BEA>86 <:C:G6G JC6 >C;DGB68>_C H><C>;>86I>K6 E6G6 9:I:GB>C6G A6 G:6A>969 9: A6 B:9>8>_C M EDHI 9: EGD<G6B6H N EGDN:8IDH :CI:C9>:C9D FJ: A6 ;JC8>_C 9:A #(# H:]6A696 :C HJ *A6C HIG6IZ<>8D AD G:;>:G: A *A6C HIG6IZ<>8D 9:A #(# 9:HI686 AD H><J>:CI:l-:G A6 >CHI>IJ8>_C A[9:G :C A6 >CK:HI><68>_C 6<G[8DA6 C68>DC6A 8DC EGDN:88>_C >CI:GC68>DC6A ,:HEDCH67A: :C <G6C B:9>96 9: JC6 6<G>8JAIJG6 9: H_A>96 76H: HD8>6A I:GG>IDG>6A :C9_<:C6 :8DA_<>86 N 8>:CI[;>86 8DCIG>7JN:C9D 6A AD<GD 9: A6 H:<JG>969 N A6 HD7:G6C[6 6<GD6A>B:CI6G>6 9:A E6[H B:9>6CI: A6 <:HI>_C >CCDK69DG6 9:A 8DCD8>B>:CID 8>:CI[;>8D N :A 9:H6GGDAAD I:8CDA_<>8D E6G6 JC6 EGD9J88>_C 6<G[8DA6 K6G>696 9: 86A>969 9: 76?D 8DHID 8DC B[C>B6 9:E:C9:C8>6 9: >CHJBDH ;DGYC:DH 8DC 6AI6 86E68>969 9: :MEDGI68>_C N <:C:G69DG6 9: G>FJ:O6H H><C696 EDG JC6 ?JHI6 9>HIG>7J8>_C 9: <6C6C8>6H :CIG: ADH 9>;:G:CI:H 68IDG:H 9: A6H 869:C6H 6<GDEGD9J8I>K6H : B6C:G6 FJ: 8J6C9D H: EG:H:CI6 :C A6 8>I6 6CI:G>DG JC B6G8D :HIG6IZ<>8D :HI6 >CHI>IJ8>_C 68IJ6AB:CI: IG6CH>I6 =68>6 IG6CH;DGB68>DC:H :HIGJ8IJG6A:H N ;JC8>DC6A:H :CIG: ADH B6NDG:H 9:H6;[DH FJ: EG:H:CI6 68IJ6AB:CI: :A #(# H: 9:HI686C 6 K>9:C8>6G A6 ;6AI6 9: 9:;>C>8>_C 9: ADH D7?:I>KDH :HIG6IZ<>8DH 9:7>9D 6 A6 6CI><c:969 9: A6H >CHI>IJ8>DC:H N 6 A6 ;6AI6 9: 68IJ6A>O68>_C 9: A6 A_<>86 9:A EGD8:HD EDA[I>8D ;>ADH_;>8D : >CHI>IJ8>DC6A 9:G>K6C9D :C JC6 6AI6 =:I:GD<:C:>969 9: EGD9J8IDH N 7:C:;>8>6G>DH EGD9J8ID 9: ADH 86B7>DH 68:A:G69DH 9: A6H EDA[I>86H Eb7A>86H :C B6I:G>6
6<G[8DA6 7 JH:C8>6 9: >C;DGB68>_C H>HI:B6I>O696 9: A6 G:A68>_C IG6CH688>DC6A 8DC :A 7:C:;>8>6G>D :C 9DC9: H: 9>HEDC<6 9: B:86C>HBDH : >CHIGJB:CIDH FJ: B6C>;>:HI:C HJ >BEG:H>_C 9: ADH EGD9J8IDH D H:GK>8>DH N FJ: E:GB>I6C A6 B:9>8>_C 9: G:HJAI69DH 8 >;>8JAI69 9: ED9:G 9>HEDC:G :C :A #(# 9: >C9>869DG:H 6<G:<69DH EGD9J8ID 9: ADH G:HJAI69DH 9: <:HI>_C 8DCIG6G>6B:CI: 6 AD FJ: D8JGG: 8DC :A H:8IDG EG>K69D 9DC9: ADH >C9>869DG:H 9: H6I>H;688>_C EGD9J8ID >CHJBD N EGD8:HDH FJ: E:GB>I:C G:6A>O6G JC 76A6C8: 9: <:HI>_C C>K:A 9: DIG6H >CHI>IJ8>DC:H :C :A YB7>ID >CI:GC68>DC6A H: :K>9:C8>6 8DBD A6 ;6AI6 9: 8DCIGDA 9: <:HI>_C A6 6JH:C8>6 9: H>HI:B6I>O68>_C 9: A6 >C;DGB68>_C 9: A6 <:HI>_C Eb7A>86 N ED86 9>HEDC>7>A>969 9: >C9>869DG:H FJ: E:GB>I6C HJ 8DCHI6CI: BDC>IDG:D :C :A 86HD 9: BZG>86 &6I>C6 6A G:HE:8ID -YC8=:O :C :A #2 DC<G:HD #CI:GC68>DC6A 9:A & HD7G: A6 ,:;DGB6 9:A HI69D N 9: A6 9B>C>HIG68>_C *b7A>86 :C HE6]6 H:]6A6 lhN6 CD :H HJ;>8>:CI: 8DC FJ: :A <6HID Eb7A>8D H:6 ;DGB6AB:CI: A:<6A H>CD FJ: 69:BYH 9:7: EGD9J8>G ADH G:HJAI69DH FJ: 9: ZA :HE:G6 A6 HD8>:969 :C DIG6H E6A67G6H H:G :;>8>:CI: N :;>86Oi C I6A H:CI>9D H: EJ:9: 8A6H>;>86G A6 :K6AJ68>_C 9: ADH EGDN:8IDH 9: A6 H><J>:CI: B6C:G6 k
*DA[I>8D :HIG6IZ<>86 &6 E6GI: EDA[I>86 K:GY AD HD8>6A N EDA[I>86 HJ 8DCH>HI:C8>6 E6G6 IG6H8:C9:G :C :A I>:BED N FJ: H:6 :C 8>:GI6 ;DGB6 :FJ>I6I>KD
k
9B>C>HIG6I>KD C :HI: 86HD :A ;>C H>:BEG:
H:GY A6 B6NDG
G68>DC6A>O68>_C 9: ADH G:8JGHDH :A AD<GD 9: HJH EA6C:H D7?:I>KDH B:I6H 68I>K>969:H EGD<G6B6H :MEG:H>_C 9: HJ :;>868>6 N :;>8>:C8>6 :C HJ C>K:A BYH 6AID k
.Z8C>86 &D IZ8C>8D :H JC6 B:O8A6 9: AD 6CI:G>DG N AD EGDE>D N6 FJ: >C8>9: =DN :C 9[6 6A B:?DG AD<GD 9: ADH 9DH EJCIDH 6CI:G>DG:H EDG :A 6K6C8: :C ADH 9:H8J7G>B>:CIDH HJ G6E>9:O B:9>8>_C N EG:8>H>_C
! *# H:]6A6 h :K6AJ68>_C :M EDHI 7JH86 :M6B>C6G :C ;DGB6 6C6A[I>86 N H>HI:BYI>86B:CI: :C A6 B:9>96 9: AD EDH>7A: 688>DC:H E6H696H G:A68>DC696H 8DC D7?:I>KDH 7>:C 9:;>C>9DH ADH G:8JGHDH JI>A>O69DH N ADH G:HJAI69DH D7I:C>9DH N 9:G>K6G A6H :ME:G>:C8>6H C:8:H6G>6H E6G6 <J>6G 6 ADH G:HEDCH67A:H 9: IDB6G 9:8>H>DC:H 8DC :A ;>C 9: B:?DG6G A6H 68I>K>969:H ;JIJG6Hi 9:BYH 9: H6I>H;68:G A6 9:B6C96 9: >C;DGB68>_C >CI:GC6 N :MI:GC6 E6G6 ID96 >CHI>IJ8>_C :H >BEDGI6CI: N :HIG6IZ<>8D
8DCD8:G ADH >BE68IDH <:C:G69DH 9: HJH
EGD8:HDH EGD9J8IDH EA6C:H N EGD<G6B6H G:HJAI69DH 9: :HIJ9>DH EGDHE:8I>KDH :;:8IDH 9: ADH >C9>869DG:H FJ: 68DCI:8:C :C HJ :CIDGCD >CHI>IJ8>DC6A 8DBD G:HEJ:HI6 9: A6 688>_C E:GB6C:CI: :C HJ YB7>ID 9: <D7:GC67>A>969 67: 9:HI686G FJ: :HI6 H>IJ68>_C ;J: 9:I:8I696 :C :A *A6C HIG6IZ<>8D 9:A #(# 8J6C9D H: EA6CI:6GDC 6A<JC6H EGD7A:BYI>86H FJ: 6;:8I6C 6 9>8=6 >CHI>IJ8>_C k
>;>8JAI69:H :C A6 IG6CH>8>_C 9:A BD9:AD 9: >CK:HI><68>_C EDG D;:GI6 6A BD9:AD 9: >CK:HI><68>_C EDG 9:B6C96
k
DBEA>869D EGD8:HD 9: :9J868>_C E6G6 :A 9:H6GGDAAD 9: 86E68>969:H I:8CDA_<>86H N <:C:G68>_C 9:A 8DCD8>B>:CID 8>:CI[;>8D ;DGB68>_C 9: I6A:CID =JB6CD AD 8J6A 9:G>K6 :C JC6 6AI6 9:E:C9:C8>6 9: I:8CDAD<[6H >BEDGI696H
k
)7HI68JA>O69D EGD8:HD 9: K>C8JA68>_C N 9: C:<D8>68>_C 8DC DIGDH H:8IDG:H AD FJ: <:C:G6 >BE:9>B:CIDH :C A6 6GI>8JA68>_C 6 C>K:A AD86A G:<>DC6A C68>DC6A : >CI:GC68>DC6A
k
:7>A>969:H :C A6 86E68>969 9: 6CI>8>E68>_C EGDHE:88>_C 9:;>C>8>_C CDGB6I>K6 N EGD8:9>B:CI6A N B6C:?D 8DC?JCID 9: K6G>67A:H 8>:CI[;>86H I:8CDA_<>86H 6<G[8DA6H HD8>6A:H N :8DC_B>86H 9:A :CIDGCD :HE:8[;>8D N <:C:G6A AD 8J6A <:C:G6 >BEG:8>H>_C :C :A C>K:A 9: >BE68ID >CHI>IJ8>DC6A
>C6AB:CI: H: <:C:G6C >CI:GGD<6CI:H FJ: G:FJ>:G:C H:G :MEADG696H 8DC :HI6 >CK:HI><68>_C AD FJ: 8DCHI>IJN: JC EJCID 9: E6GI>96 E6G6 9>6<CDHI>86G N EGDEDC:G B:86C>HBDH 9: H:<J>B>:CID 9: A6 >C;DGB68>_C >CHI>IJ8>DC6A -: 8J:CI6 8DC JC H>HI:B6 9: B:9>8>_C :M EDHI E6G6 ADH EGD<G6B6H N EGDN:8IDH 9: EGD9J8IDH N H:GK>8>DH 9:A #(# JYA:H HDC ADH YB7>IDH 8DC8G:IDH 9: A6 G:6A>969 :MI:GC6 6 ADH 8JYA:H H: 9>G><: HJ EGD9J88>_C 9: I:8CDAD<[6H 6<G[8DA6H N H:GK>8>DH :HE:8>6A>O69DH JYA:H HDC ADH G:HJAI69DH D >BE68IDH :HE:8[;>8DH HD7G: :H6 G:6A>969 JYA:H EGD8:HDH >CHI>IJ8>DC6A:H AA:K6C 6 :HDH EGD9J8ID JYA:H 8DC9>8>DC:H >CI:GC6H 9: G:A68>_C 8DC :A B:9>D : >CHJBDH H: G:FJ>:G: E6G6 :HDH EGD8:HDH
!-50>4@9= /0 6, 8@0=>42,.4R8 !-50>4@9 080<,6 *GDEDC:G JC H>HI:B6 9: B:9>8>_C :M EDHI E6G6 A6 <:HI>_C 9: ADH EGD<G6B6H N EGDN:8IDH 9: EGD9J8IDH N H:GK>8>DH 9:A #CHI>IJID (68>DC6A 9: #CK:HI><68>DC:H <G[8DA6H #(# 0:C:OJ:A6
!-50>4@9= =:0.N14.9= :I:GB>C6G :A EGD8:HD 9: <:HI>_C 9: >C;DGB68>_C 9:A #(# :C ADH EGD<G6B6H N EGDN:8IDH 9: EGD9J8IDH N H:GK>8>DH 9:A #(# #9:CI>;>86G ADH 9>K:GHDH BD9:ADH 9: B:9>8>_C :M EDHI 8DCIG>7J8>DC:H N 6EDGI:H 9: ADH G:;:G:CI:H 9: A6 >CK:HI><68>_C -:A:88>DC6G JC H>HI:B6 DG<6C>O68>_C
9: B:9>8>_C :M EDHI H:<bC A6H C:8:H>969:H 9: A6
?=>414.,.4R8 /0 6, 8@0=>42,.4R8
&6 7bHFJ:96 9: A6 :;:8I>K>969 9: A6H >CHI>IJ8>DC:H Eb7A>86H :C 0:C:OJ:A6 :C :HE:8>6A A6H 9:9>8696H 6 A6 >CK:HI><68>_C 6<G[8DA6 8DBD :A #CHI>IJID (68>DC6A 9: #CK:HI><68>DC:H <G[8DA6 #(# I>:C:C A6 C:8:H>969 9: 96G G:HEJ:HI6 6 A6H >CHJ;>8>:C8>6H 9: >C;DGB68>_C N 8DCD8>B>:CIDH 9:A 8>J9696CD 8DBD 8DCIG6ADG HD8>6A E6GI>8JA6GB:CI: 6 A6H 8DBJC>969:H 9: EGD9J8IDG:H N EGD9J8IDG6H 6<G[8DA6H C :HI: H:CI>9D 6 :HI6 >CHI>IJ8>_C A: 8DC;>:G: HJ 68I>K>969 EG>BDG9>6A 69:BYH 9: A6 >CK:HI><68>_C A6 ;DGBJA68>_C N :K6AJ68>_C 9: EGDN:8IDH EA6C:H N EGD<G6B6H 9: EGD9J88>_C N H:GK>8>DH C I6A H:CI>9D A6 G:A:K6C8>6 9: A6 >CK:HI><68>_C G69>86 FJ: ID9D 8DCD8>B>:CID >C;DGB68>_C
D H6I>H;688>_C 9: JC EGD9J8ID D H:GK>8>D :HIY HJE:9>I69D 6 A6H
C:8:H>969:H >9:6H N DE>C>DC:H FJ: H: >CI:G86B7>:C 8DC :A 8>J9696CD 8DBbC :H 9:8>G 8DC A6 8DBJC>969 G:EG:H:CI696 :C EGD9J8IDG:H N EGD9J8IDG6H DG<6C>O69DH FJ>:C:H ;DGB6C A6 E6GI: B:9JA6G N 9: 86GY8I:G :HIG6IZ<>8D :C :HI6 >CK:HI><68>_C :C K>GIJ9 FJ: 6AA[ HJG<:C A6H >CFJ>:IJ9:H N H: HJH8>I6C ADH >BE68IDH N :;:8IDH 9:A :CIDGCD 67: 9:HI686G FJ: A6 <:G:C8>6 IG69>8>DC6A 8DC9>8>DC6 A6 K>H>_C :HIG6IZ<>86 8DBD :M8AJH>K>969 9: 6AI6 <:G:C8>6 :C :HI: H:CI>9D A6 >C;DGB68>_C :HIY J7>8696 N H: A: DIDG<6 :HE:8>6A H><C>;>868>_C 6 EGDN:8IDH N H:GK>8>DH J7>869DH :C AD86A>969:H I:GG>IDG>6A:H E:FJ:]6H 9: :HI6 B6C:G6 ;6KDG:8:G[6 :A 9:H6GGDAAD 9: 8DBJC>969:H 8JN6H :ME:8I6I>K6H EJ:96C H:G BDC>IDG:696H N HDC9:696H E:GD EDG A6 ;6AI6 9: B:86C>HBDH 9: 8DCIGDA :C :A #(# CD H: =6C D7I:C>9D B:9>96H 8DGG:8I>K6H FJ: HJEDC<6C D7I:C:G >CHJBDH : >C;DGB68>_C HJ;>8>:CI:H E6G6 K6ADG6G :A 86BED 9: 68IJ68>_C 9: 9:H:BE:]D N 8JBEA>B>:CID 9: HJH B:I6H C 8DCH:8J:C8>6 K6ADG6G A6 >C;DGB68>_C 6 C>K:A
DE:G6I>KD E:GB>I>GY
G:IGD>C;DGB6G 6 A6 6AI6 <:G:C8>6 G:8DC9J8>G EA6C:H EGD<G6B6H N EGDN:8IDH : >C8AJH>K: 8J6C9D H: IG6I6 9: >CHI>IJ8>DC:H Eb7A>86H 8DBD :A #(# 8DCIG>7J>G :C A6 ;DGBJA68>_C 9: EDA[I>86H Eb7A>86H C68>DC6A:H A G:HJAI69D 9: JC6 <:HI>_C CD EJ:9:
B:9>GH: 9: ><J6A ;DGB6 E6G6 ID96H EDG 8J6CID A6 C6IJG6A:O6 9: 8696 JC6 D7:9:8: 6 A6 :A67DG68>_C 9: >CHIGJB:CIDH N B:86C>HBDH 696EI69DH 6 HJ BD9:AD 9: <:HI>_C N G:HJAI69DH G6O_C FJ: E:GB>I: A6 G:6A>O68>_C 9: :HI6 >CK:HI><68>_C 6A ED9:G EGDEDC:G JC BD9:AD 9: B:9>8>_C :M EDHI E6G6 ADH EGD<G6B6H N EGDN:8IDH 9: EGD9J8IDH N H:GK>8>DH 9:A #(# ,J>O & B:9>8D K:I:G>C6G>D 69H8G>ID 6 A6 /C>969 9: E>9:B>DAD<[6 :A :86C6ID 9: >:C8>6H 0:I:G>C6G>6H : A6 /C>K:GH>969 :CIGD )88>9:CI6A &>H6C9GD AK6G69D HDHI>:C: FJ: hl:A EGD7A:B6 FJ: G:6AB:CI: H: EG:H:CI6 8DC A6H :C;:GB:969:H ODDC_I>86H 9: ADH 6C>B6A:H :H FJ: A6 ED7A68>_C =JB6C6 6;:8I696 H: 8DCH>9:G6 IDI6AB:CI: 9:H6H>HI>96 EDGFJ: :A BZ9>8D K:I:G>C6G>D FJ>:C 8DCD8: 9: :HI6H :C;:GB:969:H I6CID :C ADH 6C>B6A:H 8DBD :C :A =DB7G: EDG A:N CD EJ:9: 8JG6GA6H :C :A =DB7G: N :A BZ9>8D FJ>:C EDG A:N 9:7: 8JG6GA6H :C :A =DB7G: CD 8DCD8: 9: ZHI6H :C;:GB:969:H 6<G6KYC9DH: 6H[ A6 H>IJ68>_C 9: H6AJ9 :C A6H ED7A68>DC:H *:GD CJ:HIG6 EG:D8JE68>_C H: =68: B6NDG EDG 8J6CID CJ:K6H ODDCDH>H 6E6G:8:C 8DCHI6CI:B:CI: 8DBD G:HJAI69D 9: 86B7>DH :C :A 8DBEDGI6B>:CID 9: A6H :C;:GB:969:H E *DG AD 6CI:G>DGB:CI: 8>I69D A6 EG:H:CI: >CK:HI><68>_C HJHI:CI6 HJ >BEDGI6C8>6 N EDG :C9: HJ ?JHI>;>868>_C EDG I:C:G >C8>9:C8>6 :C :A YB7>ID 9: A6 -6AJ9 *b7A>86 N6 FJ: 6A B:9>G :A >BE68ID :C EGDN:8IDH DG>:CI69DH 6 :GG69>86G N 8DCIGDA6G :C;:GB:969:H :C 6C>B6A:H HJH8:EI>7A:H 6A 8DCI6<>D =JB6CD D H:6 A6H :C;:GB:969:H ODDCDI>86H 8DCIG>7JN: 6 9:I:GB>C6G :A >BE68ID FJ: H: AD<G6 B:9>6CI: A6 :?:8J8>_C 9: :HI: I>ED 9: EGDN:8IDH : ><J6A B6C:G6 G686BDCI: ' N *A6O6 ( HDHI>:C:C FJ: h HI6 :C;:GB:969 :H G:HEDCH67A: 9: A6 9>HB>CJ8>_C 9: EGD9J8I>K>969 :C A6 <6C69:G[6 >BE68I6C9D :C A6 H:<JG>969 6A>B:CI6G>6 EDG A6 G:9J88>_C 9: A6 D;:GI6 9: EGDI:[C6H 9: DG><:C 6C>B6A 69:BYH A>B>I6 :A 9:H6GGDAAD :8DC_B>8D 9: A6 >C9JHIG>6 <6C69:G6 N E:G?J9>86 :A 8DB:G8>D C68>DC6A : >CI:GC68>DC6A 9: 6C>B6A:H N EGD9J8IDH <6C69:GDHi E *DG DIG6 E6GI: A6 EG:H:CI: >CK:HI><68>_C I>:C: HJ >BEDGI6C8>6 N G:E:G8JH>_C :C :A YB7>ID A:<6A
.6A 8DBD AD :HI67A:8: A6 &:N 9: -6AJ9 <G[8DA6 #CI:<G6A :C HJ 6GI>8JAD h A ?:8JI>KD (68>DC6A 6 IG6KZH 9: HJH XG<6CDH N :CI:H :H 8DBE:I:CI: :C B6I:G>6 9: >BEDGI68>_C N :MEDGI68>_C E6G6 >BEA:B:CI6G ADH EGD8:9>B>:CIDH N B:9>96H FJ: H: G:FJ>:G6C 6 ADH ;>C:H 9: K:G>;>86G A6H 8DC9>8>DC:H H6C>I6G>6H 9: ADH 6C>B6A:H K>KDH K:<:I6A:H EGD9J8IDH N HJ7EGD9J8IDH 9: 6B7DH DG[<:C:H B:9>6CI: H>HI:B6H 9: 8DCIGDA 6 AD A6G<D 9: A6H ;GDCI:G6H N :C ADH EJCIDH C68>DC6A:H 9: >C<G:HD N :<G:HD I6A:H 8DBD EJ:GIDH 6:GDEJ:GIDH 69J6C6H 9: 8DGG:DH N EJ:HIDH ;GDCI:G>ODH 6 ADH ;>C:H 9: >BE:9>G :A >C<G:HD 6A I:GG>IDG>D C68>DC6A 9: :C;:GB:969:H N EA6<6H FJ: 6;:8I:C A6 H6AJ9 6<G[8DA6 >CI:<G6A C ADH EJ:HIDH N A6H :HI68>DC:H 9: 8J6G:CI:C6 ADH 6C>B6A:H H: B6CI:C9GYC 76?D D7H:GK68>_C 8A[C>86 :E>9:B>DA_<>86 N 9: 9>6<C_HI>8D 9: A67DG6IDG>D 9: 8DC;DGB>969 8DC AD :HI67A:8>9D :C :A EG:H:CI: :8G:ID 8DC ,6C<D 06ADG N J:GO6 9: &:N HJH G:<A6B:CIDH N CDGB6H IZ8C>86H 9: H6AJ9 6<G[8DA6 >CI:<G6Ai &D 6CI:G>DGB:CI: 9:H8G>ID H: B6I:G>6A>O6 B:9>6CI: :A 688>DC6G 9:A #CHI>IJID (68>DC6A 9: -6C>969 <G[8DA6 #CI:<G6A #(- # :A 8J6A :H :A :CI: Eb7A>8D FJ: EDH:: 9:CIGD 9: HJH ;JC8>DC:H :A BDC>IDG:D 9: ADH ;D8DH 9: :C;:GB:969:H ODDCDI>86H EG:H:CI:H :C :A E6[H #<J6AB:CI: :HI: DG<6C>HBD 8J:CI6 8DC B_9JADH 9>H:]69DH E6G6 :A *A6C -D8>6A>HI6 N :H6GGDAAD 8DC_B>8D 9: A6 (68>_C 8DBD :H :A *A6C h O:FJ>:A 46BDG6i DIGDH G:;:G>9DH 6 >D8DCIGDA69DG:H >D;:GI>A>O6CI:H *A6C 9: DGB68>_C 9:A *G>B:G >8AD 9: 068JC68>_C 8DCIG6 A6 >:7G: ;IDH6 :CIG: DIGDH *DG DIG6 E6GI: HJE:GK>H6 AD G:;:G>9D 6A B6C:?D N 8DCIGDA 9: EA6<6H :C ADH 9>;:G:CI:H 8JAI>KDH FJ: H: EGD9J8:C :C 0:C:OJ:A6 8DCI>CJ68>_C H: EG:H:CI6C 6A<JCDH ;D8DH 9: :C;:GB:969:H ODDCDI>86H 6 A6H 8J6A:H H: =68: G:;:G:C8>6 N FJ: :HIYC <:D<GY;>86B:CI: 9:I:8I696H EDG :HI: _G<6CD EGJ:76 9: :AAD A6 BJ:HIG6 :C <GY;>8DH 9: ADH ;D8DH 9: G67>6 :C ADH :HI69DH &6G6 N 'ZG>96 FJ: H:]6A6C HJ J7>868>_C E6G6 HJ EDHI:G>DG B6C:?D N 8DCIGDA 9: 8DC;DGB>969 8DC A6 &:N 9: -6AJ9 <G[8DA6 #CI:<G6A A6 8J6A :HI67A:8: 8A6G6B:CI: :C ADH 6GI>8JA69DH HJH D7?:I>KDH ID9D 9: 68J:G9D 6 A6H :M><:C8>6H ODDH6C>I6G>6H N ;>IDH6C>I6G>6H C68>DC6A:H : >CI:GC68>DC6A:H 76H: JI>A>O696 EDG :A
?:8JI>KD
(68>DC6A E6G6 :A 9>H:]D 9: HJH 688>DC:H 6 IG6KZH 9: ADH DG<6C>HBDH 8DBE:I:CI:H
42?<, D !:DG:;:G:C8>68>_C ;D8D 9: G67>6 :HI69D &6G6 f 0:C:OJ:A6 -:B6C6 6]D
J:CI: :E6GI6B:CID 9: E>9:B>DAD<>6 C>B6A #(- #
42?<, D !:DG:;:G:C8>68>_C ;D8D 9: G67>6 :HI69D 'ZG>96 f 0:C:OJ:A6 -:B6C6 6]D
J:CI: :E6GI6B:CID 9: E>9:B>DAD<>6 C>B6A #(- #
HI: :HIJ9>D :HIY :CB6G869D 9:CIGD 9: A6 A[C:6 9: >CK:HI><68>_C 9: ;68IDG:H >C8>9:CI:H :C A6 8DBE:I>I>K>969 9:A H:8IDG EGD9J8I>KD C68>DC6A 76?D A>C:6B>:CIDH 9:A EGDN:8ID 9:CDB>C69D DG<6C>O68>_C
:BEG:H6G>6A
N <:HI>_C
9:
86E68>969:H
8DBE:I>I>K6H :A 8J6A I>:C: 8DBD EGDE_H>ID 6C6A>O6G N K6ADG6G ADH ;68IDG:H >CI:GCDH FJ: 8DCHI>IJN:C A6 76H: E6G6 9:H6GGDAA6G A6H 86E68>969:H 8DBE:I>I>K6H ;JC96B:CI6A:H 9: A6 :BEG:H6 K:C:ODA6C6 >CB:GH6 9:CIGD 9:A YG:6 I:BYI>86 BD9:ADH N =:GG6B>:CI6H <:G:C8>6A:H
6.,8.0 B 6474>,.4980= :7>9D 6 A6 9>K:GH>969 9: ADH EGD9J8IDH N H:GK>8>DH 8DC FJ: 8J:CI6 :A #(# 6H[ 8DBD AD =:I:GD<ZC:D 9: HJ C6IJG6A:O6
:A :HIJ9>D H: ;D86A>O6 :C ADH EGD9J8IDH N
H:GK>8>DH 9: JHD K:I:G>C6G>D :CIG: ADH FJ: H: 9:HI686C A6H K68JC6H N H:GK>8>DH 9: 6CYA>H>H 9: :C;:GB:969:H ODDCDI>86H :H 9:8>G 6FJ:AA6H FJ: HDC HJH8:EI>7A:H 6 A6 IG6CHB>H>_C 6 ADH H:G:H =JB6CDH 8DBD A6 G67>6 A6 7GJ8:ADH>H N A6 A:EIDHE>GDH>H 8DCH>9:G69DH ADH BYH :HIG6IZ<>8DH 6 C>K:A 9: EDA[I>86H 9: H6AJ9 Eb7A>86 :?:8JI69D EDG A6 DG<6C>O68>_C /C6 9: A6H A>B>I6CI:H E6G6 G:6A>O6G :A IG676?D : >CK:HI><68>_C HD7G: A6 IDI6A>969 9: ADH EGD9J8IDH N H:GK>8>DH FJ: EG:HI6 A6 >CHI>IJ8>_C ;J: AD :H86HD 9: G:<>HIGDH =>HI_G>8DH :HI69[HI>8DH G6O_C EDG AD 8J6A H: 8>G8JCH8G>7>_ A6 >CK:HI><68>_C 6 ADH EGD9J8IDH N H:GK>8>DH E6G6 :A 9>6<C_HI>8D 9: :C;:GB:969:H ODDCDI>86H H>:C9D :HI6H A6H FJ: 8DCI676C 8DC B6NDG 8DC;>67>A>969 N 9: B6H A6G<6 96I6 H[ B>HBD H: 8DCH>9:G_ 8DBD G:HIG>8I>KD A6 KDAJCI69 EDA[I>86 :M>HI:CI: :C ADH C>K:A:H <:G:C8>6A:H 9:CIGD 9: A6 >CHI>IJ8>_C 8DC G:HE:8ID 6A I:B6 9: :K6AJ68>_C 9: >BE68ID 969D FJ: :;:8IJ6G :HI: I>ED 9: :K6AJ68>DC:H >BEA>86 I>:BED N 8DHIDH E6G6 A6 G:8DE>A68>_C 9: 96IDH : ><J6A B6C:G6 A6 G:I>8:C8>6 6 E:GB>I>G A6 >BEA:B:CI68>_C A6 :?:8J8>_C 9: :K6AJ68>DC:H 9: >BE68ID 8DC 8G>I:G>D 9: >C9:E:C9:C8>6 FJ: EJ:9:C G:K:A6G G:HJAI69DH 8DCIG6G>DH 6 A6 EDA[I>86 9: <D7>:GCD
" &' ! $ ! & !$ ! A '6G8D .:_G>8D :H :A 8J:GED 9: :HIJ9>D FJ: HJHI:CI6 A6 >CK:HI><68>_C ;JC96B:CI6C9D A6 I:DG[6 N :HIY 8DBEJ:HID EDG ADH 6CI:8:9:CI:H 9:A DG<6C>HBD :BEG:H6 D >CHI>IJ8>_C ADH 6CI:8:9:CI:H 9: A6 9: A6 >CK:HI><68>_C 76H:H I:_G>86H A6H 76H:H A:<6A:H :CIG: DIGDH C :HI: DG9:C 9: >9:6H .6B6ND N .6B6ND 68DI6 FJ: :A B6G8D I:_G>8D h6BEA>6 A6 9:H8G>E8>_C 9:A EGD7A:B6 : >CI:<G6 A6 I:DG[6 8DC A6 >CK:HI><68>_C N HJH G:A68>DC:H BJIJ6Hi E
*DG AD I6CID 8DC A6 ;>C6A>969 9:
8DBEA:B:CI6G :A I:B6 :H C:8:H6G>D 8DCI6G 8DC HJ 76H6B:CID I:_G>8D FJ: E:GB>I6 :CB6G86G A6 >CK:HI><68>_C :C HJ :CIDGCD E6G6 A6 D7I:C8>_C 9: ADH G:HJAI69DH :HE:G69DH 8>0.0/08>0= DBD 6CI:8:9:CI:H 9: A6 >CK:HI><68>_C H: I:C9GYC ID9DH 6FJ:AADH IG676?DH FJ: EG:8:9:C 6A G:6A>O69D EDG :A 6JIDG E6G6 ;JC96B:CI6G A6H 76H:H 9: HJ :A67DG68>_C H:<bC 'ZC9:O :H hA6 9:H8G>E8>_C 9: :A:B:CIDH I:_G>8DH EA6CI:69DH EDG JCD D K6G>DH 6JIDG:H N FJ: E:GB>I: 6A >CK:HI><69DG ;JC96B:CI6G HJ EGD8:HD 9: 8DCD8>B>:CIDi E 8DCI>CJ68>_C H: EG:H:CI6 JC G:HJB:C 9: ADH IG676?DH FJ: H: :CB6G86C 9:CIGD 9: ADH 6CI:8:9:CI:H 9:A D7?:ID 9: :HIJ9>D DA>C6 N )IGDH *A6CI:6C JC6 h*GDEJ:HI6 E6G6 :A HI67A:8>B>:CID 9: JC ->HI:B6 9: #C9>869DG:H 9: !:HI>_C :C A6 >G:88>_C 9: DCIGDA 9: HIJ9>DH 9: A6 68JAI69 9: >:C8>6H 8DC_B>86H N -D8>6A:H 9: A6 /C>K:GH>969 9: 6G67D7D 6BEJH &6 'DG>I6 FJ: >C8>96C :C A6 ;>8>:C8>6 ;>868>6 N ;:8I>K>969 9: ADH *GD8:HDH FJ: H: G:6A>O6C :C :H: :E6GI6B:CIDi C :HI: :HIJ9>D H: D7IJKD 8DBD 8DC8AJH>_C FJ: ADH >C9>869DG:H 9: <:HI>_C HDC >CHIGJB:CIDH FJ: E:GB>I:C BDC>IDG:6G N 8DCIGDA6G ADH EGD8:HDH 9: A6H DG<6C>O68>DC:H 8JND D7?:I>KD ;J: :HI67A:8:G JC H>HI:B6 9:
>C9>869DG:H 9: <:HI>_C E6G6 ED9:G :M6B>C6G A6 6A>C:68>_C 9: A6 '>H>_C N 0>H>_C 9:A 9:E6GI6B:CID E6G6 ED9:G 9:I:GB>C6G HJ :;>8>:C8>6 :;>868>6 N :;:8I>K>969 :C 9DC9: H: EGDEJHD :HI67A:8:G :HI: H>HI:B6 -: :K>9:C8>6 A6 H>B>A>IJ9 9:A D7?:ID 9: :HIJ9>D 9:A EA6CI:6B>:CID 6CI:G>DG 8DC :HI6 >CK:HI><68>_C :C K>GIJ9 FJ: H: G:FJ>:G: AD<G6G JC6 B6NDG :;:8I>K>969 :C A6H >CHI>IJ8>DC:H N _G<6CDH 9: A6 69B>C>HIG68>_C Eb7A>86 :C A6 B:9>96 9: :HI67A:8:G JC 8DC?JCID 9: >C9>869DG:H FJ: E:GB>I6C BDC>IDG:6G ADH G:HJAI69DH N ADH >BE68IDH 9: EGD<G6B6H N EGDN:8IDH 8DBD B:9>8>_C :M EDHI C ADH EG_M>BDH 86HDH A6 :K6AJ68>_C :H K>HI6 N6 CD 8DBD B:9>8>_C 9: A6 <:HI>_C >CI:<G6AB:CI: H>CD 8DBD A6 B:9>8>_C 9:A G:8JGHD =JB6CD E6G6 B:?DG6G :A 9:H:BE:]D DG<6C>O68>DC6A H>C :B76G<D HJEDC: JC G:;:G:CI: H><C>;>86I>KD EDGFJ: ;DGB6 E6GI: 9: JC H>HI:B6 9: :K6AJ68>_C 9: 9:H:BE:]D 6HE:8IDH :HIDH >C=:G:CI:H 6 A6 >CK:HI><68>_C :C 8J:HI>_C EJ9>:C9D 9: :HI6 B6C:G6 9:A>C:6G D7I:C:G N EGDK::G >C;DGB68>_C bI>A E6G6 ?JO<6G 6AI:GC6I>K6H 9: 9:8>H>_C :C A6 >CHI>IJ8>_C D7?:ID 9: :HIJ9>D -:<bC -YC8=:O 3 >H:]D 9: JC ->HI:B6 9: K6AJ68>_C 9: :H:BE:]D E6G6 :A ,:8JGHD "JB6CD 9: A6 )G<6C>O68>_C & ), &6 !G6C BEG:H6 6 :;:8ID 9: AD<G6G A6 ;>8>:C8>6 N 6A>969 h C :HI6 >CK:HI><68>_C H: 7JH8_ 8_BD DEI>B>O6G A6 86A>969 N :;>8>:C8>6 9:A 9:H:BE:]D 9:A G:8JGHD =JB6CD N H: :K>9:C8>_ FJ: A6 :BEG:H6 86G:8[6 9: JC6 :K6AJ68>_C 9:A 9:H:BE:]D 9:A E:GHDC6A FJ: A67DG6 :C A6 DG<6C>O68>_C :HID 8DCAA:K_ 6 :HI67A:8:G JC B:86C>HBD 9: :K6AJ68>_C 9:A 9:H:BE:]D E6G6 96G HDAJ8>DC:H N AD<G6G DEI>B>O6G A6 86A>969 N :;>8>:C8>6 9:A 9:H:BE:]D 9:A G:8JGHD =JB6CD h
C 8DCH:8J:C8>6 H: EJ:9: >C;:G>G FJ: H: :HIY 6CI: JC6
6EG:8>68>_C H>HI:BYI>86 9:A 9:H:BE:]D 8DCH>9:GYC9DA: JC EGD8:HD E6G6 :HI>BJA6G D ?JO<6G :A K6ADG A6 :M8:A:C8>6 D 8J6A>969:H :CIG: DIGDH ,6B[G:O ' h K6AJ68>_C 9:A :H:BE:]D 9:A *:GHDC6A 9B>C>HIG6I>KD :C :A :CIGD 9: #CHIGJ88>_C 9: :GDCYJI>86 >K>A h'><J:A ,D9G[<J:Oi # : 9DC9: EGDEDC: G:6A>O6G JC 6 :K6AJ68>_C 9:A 9:H:BE:]D 9:A E:GHDC6A 69B>C>HIG6I>KD 9: A6 >CHI>IJ8>_C E6G6 ED9:G 8DGG:<>G A6H 9:;>8>:C8>6H FJ: :HIYC EG:H:CI:H 9:CIGD 9: A6
B>HB6 8JND D7?:I>KD ;J: G:6A>O6G JC6 :K6AJ68>_C 9:A 9:H:BE:]D 9:A E:GHDC6A :C :A # E6G6 9:I:GB>C6G A6H 9:;>8>:C8>6H :M>HI:CI:H :C ADH EGD8:HDH 69B>C>HIG6I>KDH AD FJ: E:GB>I>_ G:6A>O6G JC6 :K6AJ68>_C 9:A 9:H:BE:]D 9:A E:GHDC6A :C :A # E6G6 7JH86G DEDGIJC>969:H 9: 8G:8>B>:CID :C 8DC9>8>DC:H :;:8I>K6H E6G6 ID9DH I:C>:C9D :C 8J:CI6 ADH D7?:I>KDH DG<6C>O68>DC6A:H : >C9>K>9J6A:H i C :HI: H:CI>9D ED9G[6BDH 6;>GB6G FJ: H: :HIY 6CI: JC6 :HE:8>: 9: 8DCIGDA 9: 86A>969 :C AD FJ: H: G:;>:G: 6A G:8JGHD =JB6CD 9>HEDC>7A: HI: :HIJ9>D :H H><C>;>86I>KD E6G6 A6 >CK:HI><68>_C EJ:HID FJ: EGDK:: 9: >C;DGB68>_C FJ: H:GK>GY 9: 76H: EDG EG:H:CI6G ADH B>HBDH D7?:I>KDH FJ: H: E:GH><J:C :C A6 >CK:HI><68>_C 9:I:GB>C6G H> :M>HI:C D CD B:86C>HBDH : >CHIGJB:CIDH FJ: B>96C A6H 9:;>8>:C8>6H 6H[ 8DBD JC H>HI:B6 9: >C9>869DG:H 9: 9:H:BE:]D :C A6 69B>C>HIG68>_C Eb7A>86 ,=0= >0R<4.,= HI6 >CK:HI><68>_C HJEDC: JC B6G8D I:_G>8D 8DC8:EIJ6A N ;>ADH_;>8D 9: A6 :KDAJ8>_C 9: A6H I:DG[6H 69B>C>HIG6I>K6H N DG<6C>O68>DC6A:H :C K>GIJ9 9: FJ: :A D7?:ID 9: :HIJ9>D I>:C: 8DCCDI68>_C 9: 9DH 9>B:CH>DC:H JC6 69B>C>HIG6I>K6 N A6 DIG6 :HIGJ8IJG6A DC A6 :A67DG68>_C 9: :HI6 >CK:HI><68>_C H: EJ:9: G:;A:M>DC6G FJ: A6 <:HI>_C :C 0:C:OJ:A6 C:8:H>I6 9:H6C8A6GH: 9: A6H K>:?6H IZ8C>86H 69B>C>HIG6I>K6H C :A 86HD :HE:8[;>8D 9: ADH _G<6CDH N :CI:H 9: A6 69B>C>HIG68>_C Eb7A>86 ID96K[6 E:GB6C:8:C :HI6H IZ8C>86H N A6H JI>A>O6C :C I6A H:CI>9D H: I:C9G[6C FJ: <:C:G6G 86B7>DH C:8:H6G>DH E6G6 6;GDCI6G A6H 6B:C6O6H >CI:GC6H 6H[ 8DBD A6H DEDGIJC>969:H FJ: :A :CIDGCD B6C>;>:HI6 H: G:FJ>:G: :CIDC8:H :HI67A:8:G EDA[I>86H Eb7A>86H CJ:KDH BD9:ADH 9:H6GGDAAD 9: >CK:HI><68>DC:H 8DBD ZHI6 FJ: E:GB>I6C EGDEDC:G CJ:KDH EGD<G6B6H 9: 8DCIGDA 9: <:HI>_C 76?D :A :C;DFJ: 9: EA6C:H 6AI:GC6I>KDH N CJ:KDH I>EDH 9: I:DG[6H :B:G<:CI:H E6G6 67DG96G A6H 8DCI>C<:C8>6H :H9: -_8G6I:H 8 f 8 6 :A IG676?D DG<6C>O69D H: 8DCH>9:G676 8DBD JC6 =67>A>969 H:E6G696 9:A 8DCD8>B>:CID IZ8C>8D N :ME:G>B:CI6A 8DC G>HI_I:A:H 6 f 6 H: 9>HI>C<J: A6 69B>C>HIG68>_C 9:A HI69D 9: IG:H
;DGB6H 'DC6GFJ[6 G>HID8G68>6 N C6GFJ[6 8DC $:6C $68FJ:H ,DJHH:6J H: 8DB:CO_ 6 9:H6GGDAA6G A6 I:DG[6 9:A DCIG6ID -D8>6A AJ:<D 8DC :A HJG<>B>:CID 9: A6 C:8:H>969 9:A =DB7G: N HJH :C;DFJ:H :8DCDB>8>HI6H N 9: G:A68>DC:H 8DB:G8>6A:H H: >C>8>6 :A 9:H6GGDAAD 9: I:DG[6H :8DC_B>86H 9:H9: A6H I:DG[6H 8AYH>86H 9: 96B -B>I= :C 9DC9: H: DIDG<6 B6NDG >BEDGI6C8>6 6 A6 EGD9J88>_C 6A B:G869D N 6 ADH ;68IDG:H I>:GG6 IG676?D N 86E>I6A DIGD :C;DFJ: AD D;G:8:C 6GADH '6GM N
G>:9G>8= C<:AH 8DC A6
.:DG[6 G[I>86 N :A '6I:G>6A>HBD ">HI_G>8D 6H[ 8DBD :A EA6CI:6B>:CID 9: A6 AJ8=6 9: 8A6H:H HD8>6A:H N ;68IDG:H EGD9J8I>KDH 9:A DEG:HDG N :A DEG>B>9D .D9DH :HIDH 68DCI:8>B>:CIDH >BE68I6GDC A6H ;DGB6H 9: DG<6C>O68>_C HD8>6A A6 :8DCDB[6 N :C :HE:8>6A A6H :BEG:H6H 9: :H6 ZED86 A6H 8J6A:H FJ:96GDC >BEG:<C696H EDG JC E6G69><B6 I:8CDA_<>8D N 8>:CI>;>8>HI6 969D EDG A6 G68>DC6A>969 IZ8C>86 EGD9J8ID 9: JC6 8JAIJG6 N A6 EGD9J8I>K>969 8G:6C9D 8DC :AAD JC HI69D 7JGD8GYI>8D N 9: 8DC;A>8IDH HD8>6A:H FJ: EDHI:G>DGB:CI: 9:H:C869:C6GDC :C AD FJ: H: AA6B_ :A HJG<>B>:CID 9:A ED9:G EDA[I>8D N 9:A HI69D ;GJID 9: A6 9DB>C68>_C :8DC_B>86 9:A =DB7G: EDG :A =DB7G: 9DC9: :A HI69D H: 8DCK>:GI: :C JC DG9:C 8D:G8>I>KD >BEJ:HID EDG JC6 8A6H: HD8>6A :MEADI69DG6 *DHIJA69DH ZHIDH H:]6A69DH EDG %6GA '6GM N
G>:9>8= C<:AH FJ>:C:H EGDEJH>:GDC JC6
I:DG[6 9: DG><:C :8DC_B>8D 9:A HI69D FJ: HDHI>:C: FJ: ID9DH ADH ;:C_B:CDH =>HI_G>8DH HDC :A EGD9J8ID 9: A6H G:A68>DC:H :8DC_B>86H :CIG: ADH =DB7G:H *:GD CD =6N FJ: 9:H86GI6G FJ: :A BJC9D 9: =DN H:6 JC6 HD8>:969 8DBEJ:HI6 9: DG<6C>O68>DC:H DG<6C>HBDH N :CI:H Eb7A>8DH FJ: 8696 K:O DG>:CI6C HJH 68I>K>969:H 6 A6 EGD9J88>_C 9: 7>:C:H EGD9J8IDH D A6 EG:HI68>_C 9: H:GK>8>DH 68I>K>969:H :HE:8>6A>O696H DG<6C>O68>DC:H FJ: :HIYC 8DCHI>IJ>96H EDG E:GHDC6H N G:8JGHDH 69B>C>HIG6I>KDH C AD G:;:G:CI: 6A EGD8:9>B>:CID 9: :HI: D7?:ID 9: :HIJ9>D H: =68: 8DCK:C>:CI: :A 67DG96?: 9: :HI6 I:DG[6 69B>C>HIG6I>K6 EDG 8J6CID 6EDGI6GDC A6H EG>B:G6H 9>H:GI68>DC:H 9: I>:BED N BDK>B>:CID ;DGB6A>O6C9D ADH EG>B:GDH EG>C8>E>DH 9: A6 G68>DC6A>O68>_C 9:A IG676?D I6A:H 8DBD BYM>B6 9>K>H>_C 9:A IG676?D 9:I:GB>C68>_C 9: G:<A6H N 8DCIGDA:H :CIG: DIGDH 8DC 6GC6G9 H: :HIJ9>6 A6 >C;AJ:C8>6 9: A6
DG<6C>O68>_C :BEG:H6G>6A HD7G: A6 69B>C>HIG68>_C
G:9:G>8@ ":GO7:G< >CIGD9J8: ADH
IZGB>CDH 9: AD<GD G:8DCD8>B>:CID G:HEDCH67>A>969 8G:8>B>:CID HJE:GK>H>_C 8DC9>8>DC:H A67DG6A:H N G:A68>DC:H 8DC :A HJ7DG9>C69D 8DC A6 :H8J:A6 9: AIDC '6ND H: >BEA6CI6 :C :A :CIDGCD A67DG6A A6 >CI:<G68>_C HD8>6A 9: ADH IG676?69DG:H HJH G:A68>DC:H =JB6C6H G:8DBE:CH6H N H6C8>DC:H 8DC '6M 1:7:G EG:9DB>C_ A6 H:<JG>969 : =><>:C: :C :A IG676?D N A6 86A>;>868>_C IZ8C>86 *DG DIG6 E6GI: :C :A -><D 22 I:_G>8DH N E:CH69DG:H 9: A6 <:G:C8>6 69B>C>HIG68>_C : >CCDK68>_C 8DBD -8=JBE:I:G -8=BDD@A:G *DGI:G
G::B6C
DGG:HI:G N =6C9:G :CIG: DIGDH EG>K>A:<>6GDC JC BD9:AD 9>CYB>8D 9: A6H G:A68>DC:H :CIG: A6 :BEG:H6 N :A B:9>D 6B7>:CI: :HIJ9>6C9D A6H G:A68>DC:H :CIG: :HIGJ8IJG6 N :HIG6I:<>6 :C A6 :BEG:H6 :MEADG68>_C 9: A6H 8DC9>8>DC:H FJ: ;6KDG:8:C A6 8DBE:I>I>K>969 EA6CI:6GDC CJ:KDH BD9:ADH 9: EGD8:HD >CCDK69DG:H :C :A H:8IDG :BEG:H6G>6A ADH 8J6A:H HDC 8DCH>9:G69DH E6G6 :A 9:H6GGDAAD 9: :HI6 >CK:HI><68>_C N6 FJ: BJ8=DH 9: :HIDH EG>C8>E>DH N EG:B>H6H H> A6H :M6B>C6BDH 6bC :HIYC EG:H:CI:H :C A6 69B>C>HIG68>_C Eb7A>86 K:C:ODA6C6 E:GD FJ: :C A6 68IJ6A>969 :?:G8:C JC >BE68ID :C A6H EGY8I>86H <:G:C8>6A:H N :C;DFJ:H :E>HI:BDA_<>8DH ;>ADH_;>8DH :8DC_B>8DH :CIG: DIGDH C ADH BD9:ADH 9: 67DG96?: EA6CI:69DH EDG :A !D7>:GCD (68>DC6A 8J6C9D 9:H6GGDAA6 :A 'D9:AD 9: -D8>6A>HBD 9:A -><AD 22# EGDEJ:HID E6G6 H:G :?:8JI69D 6 IG6KZH 9:A H>HI:B6 9: A6 69B>C>HIG68>_C Eb7A>86 EDG H:G A6 :?:8JIDG6 9: A6 EDA[I>86 C68>DC6A :C :HI6H >CHI>IJ8>DC:H 8DBD :A #(# H: :K>9:C8>6 A6 8DCHIGJ88>_C 9: JC BD9:AD :C G:K>H>_C E:GB6C:CI: 9: :C;DFJ:H ;>ADH_;>86B:CI: 8DCHIGJ>9DH FJ: HDC 8DGG:<>9DH E6JA6I>C6B:CI: =6HI6 6A86CO6G ADH >BE68IDH FJ: H: :HE:G6C EDG :HI: !D7>:GCD C I6A H:CI>9D 867: G:;A:M>DC6G FJ: BJ8=6H 9: :HI6H I:DG[6H G:HEDC9:C BYH 6 BD9:ADH 8DBE:I>I>KDH A>C:6A:H N 9:I:GB>C[HI>8DH *DG DIGD A69D ADH 68IJ6A:H EA6C:H 9:A !D7>:GCD EA6CI:6C DIGD :C;DFJ: 9:A >CI:G86B7>D IGJ:FJ: : >CI:<G6A>969 9: 8DCHIGJ>G CJ:KDH BD9DH 9: EGD9J88>_C HD8>6A B6H 76H69DH :C A6 I:DG[6 8G[I>86 N B6I:G>6A>HI6 :C 9DC9: H: H:]6A6C FJ: ADH ;:C_B:CDH =>HI_G>8DH HDC :A EGD9J8ID 9: A6H G:A68>DC:H :8DC_B>86H :CIG: ADH =DB7G:H
HI6 G:K>H>_C I:_G>86 :M><: JC6 G:;A:M>_C 8DC8:EIJ6A :C K>GIJ9 FJ: 9>K:GH6H I:DG[6H =6C >BEG:<C69D 6 A6 69B>C>HIG68>_C 9: BD9DH 9: E:CH6B>:CID :HIG6IZ<>8D 9: :BEG:H6H N ;DGB6H 9: IG676?D 9: >CHI>IJ8>DC:H Eb7A>86H N EG>K696H C I6A H:CI>9D H: G:FJ:G>G[6 6CI:H =68:GH: JC6 EG:<JCI6 S : 9_C9: EGDK>:C:C A6H E6A67G6H 8DCIGDA N :K6AJ68>_C 9: A6 <:HI>_C C :A 86HD 9: A6 69B>C>HIG68>_C 6CI:H 9: AA:<6G 6 H:G A6 9>H8>EA>C6 FJ: 8DCD8:BDH : >C9:E:C9>O6GH: 8DBD 8>:C8>6 A>7:G6A =6 I:C>9D BJ8=6H >C;AJ:C8>6H 9: ;>A_HD;DH ><A:H>6 86I_A>86 EH>8_AD<DH HD8>_AD<DH :8DCDB>HI6H :BEG:H6G>DH N B>A>I6G:H >C9J967A:B:CI: A6 9: ADH B>A>I6G:H =6 8DCIG>7J>9D 8DC BJ8=DH 6EDGI:H 6 A6 8>:C8>6 9: A6 69B>C>HIG68>_C :CIG: A6H 8J6A:H I:C:BDH DG<6C>O68>_C
A>C:6A
B6C9D
?:G6GFJ[6
6JIDG>969
9:A:<68>_C
9>G:88>_C
8:CIG6A>O68>_C 8DCIGDA 9>H8>EA>C6 A>9:G6O<D :HIG6I:<>6 IY8I>86 :CIG: DIGDH 9: 6AA[ :A 9:H6GGDAAD 9: ADH EG>C8>E>DH 9: A6 69B>C>HIG68>_C C :HI6 >CK:HI><68>_C H: G:8DCD8:C ADH 8DC8:EIDH 9: 8DCIGDA N :HIG6I:<>6 ADH 8J6A:H H: EJ:9:C 8DCHIGJ>G HD7G: 6CYA>H>H D >C;DGB68>_C ;G6<B:CI6G>6 D E6G8>6A &6 :HIG6I:<>6 CD H: 8DC8>7: E6G6 :H8:C6G>DH :HIYI>8DH 9DC9: ADH 8DBE:I>9DG:H CD G:688>DC6C D 9DC9: CD :M>HI:C A6H 9>H8DCI>CJ>969:H -> :HI6 >9:6 A6 K>C8JA6BDH 8DC ADH 68IJ6A:H :H8:C6G>DH 9: A6 69B>C>HIG68>_C Eb7A>86 A6 :HIG6I:<>6 CD :H 6A<D EG:9:8>7A: 8J6CI>;>867A: D 8DCIGDA67A: 8DCI>CJ68>_C H: 8>I6C 6A<JCDH 6JIDG:H FJ: 9:H6GGDAA6GDC HJH I:DG[6H 76 !6GN "6B:A A 6;>GB6 FJ: A6H :BEG:H6H H: EG:D8JE6C BYH :C A6 G:9J88>_C 9: 8DHIDH FJ: :C A6 B>HB6 EGD9J88>_C N :HID H: 9:7: 6 FJ: HJ K>H>_C :HIG6IZ<>86 :H 9:B6H>69D A>B>I696 AA:<6 6 A6 8DC8AJH>_C FJ: :A :HIG6I:<6 9:7: H:G JC G:KDAJ8>DC6G>D 6A<J>:C FJ: GDBE6 ADH :HFJ:B6H H_AD 6H[ H: 8DCH:<J>GY G:>CK:CI6G :A H:8IDG N =68:GAD BYH G:CI67A: =68:G :HIG6I:<>6 I>:C: FJ: H:G HJ7K:GH>KD I6CID 8DC G:A68>_C 6 A6H CDGB6H >CI:GC6H 9: A6 :BEG:H6 8DBD 8DC A6H 9: A6 >C9JHIG>6 l &6 :HIG6I:<>6 :H JC EGD8:HD 9: 9:H8J7G>B>:CID :H 9:8>G A6 :HIG6I:<>6 :H 9:H8J7G>G : >CK:CI6G >CCDK68>_C 8DCI>CJ6
: :HI6 B6C:G6 ADH G:HJAI69DH 6EJCI6C BYH 6 I:C:G E:CH6B>:CID :HIG6IZ<>8D 76H69D BYH FJ: JC6 EA6C:68>_C :HIG6IZ<>86 HJ 6EA>868>_C :C A6 :?:8J8>_C N :C A6 >BEA:B:CI68>_C 9:A EA6C :HIG6IZ<>8D H 9:8>G FJ: :A E:CH6G :C JC6 :HIG6I:<>6 :HIY BYH 6A>C:69D 6 A6 >CCDK68>_C :C ADH EGD8:HDH 9: G:>CK:C8>_C 8DCHI6CI: FJ: 6 A6 EGD9J88>_C EGDE>6B:CI: 9>8=6 /C6 K:O 9:8>9>96 A6 :HIG6I:<>6 FJ: H: FJ>:G: 8DAD86G :C EGY8I>86 E6G6 8DCH:<J>G ADH D7?:I>KDH 9: A6 DG<6C>O68>_C H: =68: EG:8>HD EGD8:9:G 6 69:8J6G ADH G:8JGHDH N 86E68>969:H 9: A6 DG<6C>O68>_C E6G6 8DCH:<J>G :?:8JI6G A6H 688>DC:H 9>8I696H EDG A6 :HIG6I:<>6 *DG DIG6 E6GI: * GJ8@:G H:]6A6 FJ: =67A6G 9: >BEA:B:CI68>_C :HIG6IZ<>86 HJEDC: :HI6G 9:CIGD 9: A6 ;>ADHD;[6 9: A6 !:G:C8>6 HIG6IZ<>86 A EGD8:HD 9: EJ:HI6 :C B6G8=6 9: JC6 :HIG6I:<>6 :H 9:8>G 9: HJ 6EA>868>_C 6 A6 G:6A>969 >BEA>86 :CIG: DIG6H I6G:6H A6 EA6C>;>868>_C 9:A EGD8:HD :C86B>C69D 6 8DCH:<J>G FJ: A6 :HIG6I:<>6 H: AA:K: 6 A6 EGY8I>86A6 &6 >BEA:B:CI68>_C 9: A6 :HIG6I:<>6 I>:C: 9>;:G:CI:H <G69DH 9: 9>;>8JAI69 H:<bC A6H 86G68I:G[HI>86H 9: A6 B>HB6 E:GD HD7G: ID9D :C ;JC8>_C 9:A I6B6]D N 8DBEA:?>969 9: A6 DG<6C>O68>_C :C A6 8J6A H: FJ>:G: 6EA>86G N B:9>G HJ ;JC8>DC6B>:CID $DN8: :C HJ<:G[6li HI67A:8:G EG:HJEJ:HIDH N ;DGB6H 9: B:9>8>_C 9: ADH EGD<G:HDH D7I:C>9DH 6A 8DCIGDA6G EDG B:9>D 9: H>HI:B6H :HE:8[;>8DH E6G6 :AAD i C A6 EA6C:68>_C :HIG6IZ<>86 9: 86H> ID96H A6H DG<6C>O68>DC:H 9:E:C9:C 9: A6 86E68>969 9: G:HEJ:HI6 6A H6I>H;68:G A6H 8G:8>:CI:H 9:B6C96H 9:A B:G869D ,:HJAI6 >BEDH>7A: FJ: _G<6CDH N :CI:H 9: A6 69B>C>HIG68>_C Eb7A>86 H: B6CI:C<6C :C JC6 8DC9>8>_C :HI67A: 9JG6CI: JC E:G>D9D 6BEA>D H>C B:9>GH: D :K6AJ6G HJH >BE68IDH ,:K>H6G 8DBD A6 9:B6C96 EDG HJH EGD9J8IDH D H:GK>8>DH EJ:9: HJ;G>G 6AI>76?DH :HI6 9:7: 8G:8:G D G:9J8>GH: :C G:HEJ:HI6 6 A6 C:8:H>969 9: ADH JHJ6G>DH 7:C:;>8>6G>DH :CIG: DIGDH /CD 9: ADH E:CH69DG:H >C>8>6A:H : >C;AJN:CI:H 9: A6 EA6C:68>_C :HIG6IZ<>86 A;G:9 =6C9A:G >9:CI>;>8_ 8J6IGD :HIG6I:<>6H 9: 8G:8>B>:CID N JC6 9: :AA6H ;J: A6li >K:GH>;>868>_C 9: EGD9J8IDH D H:GK>8>DHi 6I:C9>:C9D AD H:]6A69D EDG
A6H >CHI>IJ8>DC:H 8DBD :A #(# 8JN6 :ME6CH>_C 6 C>K:A C68>DC6A 8DC 9>:8>CJ:K: H:9:H :C 9DC9: I>:C: A6 C:8:H>969 9: 9:H6GGDAA6G H:GK>8>DH 69B>C>HIG6I>KDH H:E6G69DH 9:7: 8DCI6G 8DC JC6 :HIG6I:<>6 E6G6 EG:HI6G JC H:GK>8>D 9: EGD9J8IDH N H:GK>8>DH 6EGDE>69DH (D D7HI6CI: :HI6 9:H8DC8:CIG68>_C I:GG>IDG>6A 9: A6H JC>969:H 69B>C>HIG6I>K6H 9:A #(# EGDEDG8>DC6 7:C:;>8>DH 9: D;G:8:G 6 EGD9J8IDG:H 86BE:H>CDH N 8DBJC>969:H :C <:C:G6A :A 9:H6GGDAAD 9: EGD<G6B6H N EGDN:8IDH 9: EGD9J8IDH N H:GK>8>DH 6A ;6KDG:8:G 6 :HI6H 8DBJC>969:H 8DC :A HJB>C>HIGD 9: 7>:C:H D H:GK>8>DH 6 76?D 8DHID >C8G:B:CI6G :A KDAJB:C 9: EGD9J88>_C N A6 >C8DGEDG68>_C 9: :AADH :C :A EGD8:HD EGD9J8I>KD :CIG: DIGDH 7:C:;>8>DH ->C :B76G<D HJG<:C EGD7A:B6H :C A6 8DDG9>C68>_C H:<J>B>:CID N :K6AJ68>_C 9: :HIDH EGD<G6B6H N EGDN:8IDH #C9:E:C9>:CI:B:CI: 9: A6 :HIG6I:<>6 FJ: H: H:A:88>DC: H: 9:7: EG:HI6G 6I:C8>_C 6 FJ: :HI6 ;JC8>DC: B:9>6CI: JC H>HI:B6 9: 8DCIGDA 9: A6 <:HI>_C C
BJ8=DH
H:8IDG:H EG>K69DH 76H6C :A ZM>ID 9: HJ <:HI>_C :C :A >C8G:B:CID 9: ADH 68I>KDH I6C<>7A:H ADH >C9>869DG:H ;>C6C8>:GDH 69:8J69DH E6G6 G:<>HIG6G A6H >CK:GH>DC:H EGDE>:969:H >CHI6A68>DC:H N :FJ>E6B>:CID H:]6A69DH :C HJH 76A6C8:H HJE:9>I6C9D ADH G:HJAI69DH 6 EGD9J8>G >C<G:HDH N 7:C:;>8>DH 6HD 8DCIG6G>D :C ADH H:8IDG:H Eb7A>8DH 8DBD :C :A #(# FJ: :H JC6 >CHI>IJ8>_C FJ: <:C:G6 8DCD8>B>:CIDH N I:8CDAD<[6 8JN6 G6O_C :H B:G6B:CI: HD8>6A 6AA[ H: EJ9>:G6C 8DCH>9:G6G ADH 68I>KDH 8DBD >CI6C<>7A:H FJ: HDC A6H ;J:CI:H 8DC 76H: :C :A 8DCD8>B>:CID N A6H :HIG6I:<>6H 9: 8G:68>_C 9: K6ADG A G:HE:8ID %6EA6C N (DGIDC H:]6A6C h/C H>HI:B6 >CI:<G69D 9: B:9>8>_C 9: <:HI>_C 9:7: E6GI>G 9: A6 6A>C:68>_C 9: A6 :HIG6I:<>6 8DC :A :C;DFJ: 8DC JC 9>G:88>DC6B>:CID 6AG:9:9DG 9: A6 K>H>_C :HIG6IZ<>86 6A BYH A6G<D EA6OD N CD 6AG:9:9DG 9: JC B6G8D ;>C6C8>:GD 6 8DGID EA6OD 76H69D :C :A 8DCIGDA *DG AD I6CID JC H>HI:B6 >CI:<G69D 9: B:9>8>_C 9: <:HI>_C :H JC 8DC?JCID 9: >C9>869DG:H hB:9>7A:Hi 9:G>K69DH 9:A EA6C :HIG6IZ<>8D FJ: CDH E:GB>I: :K6AJ6G B:9>6CI: ! *gH ADH D7?:I>KDH A6H 688>DC:H N ADH G:HJAI69DH N EDG AD I6CID 9:I:GB>C6G :A 9:H:BE:]D 9: A6 DG<6C>O68>_C ;G:CI: 6 HJ 9>G:88>DC6B>:CID :HIG6IZ<>8D i HIDH 6JIDG:H >CK>I6C 6 G:;A:M>DC6G FJ: ID9D H>HI:B6 9: B:9>8>_C 9: <:HI>_C I>:C: :HE:8>6A K>C8JA68>_C 8DC :A 9>G:88>DC6B>:CID :HIG6IZ<>8D 9: A6 B>HB6 N H:GYC
HJH >C9>869DG:H ADH EJCIDH 9: E6GI>96 E6G6 G:6A>O6G I6A 6CYA>H>H N 6 E6GI>G 9: :AADH H: ED9GYC HJE:G6G A6H 9:7>A>969:H 9:A 9:H:BE:]D 9: A6H DG<6C>O68>DC:H .G69>8>DC6AB:CI: :A 9:H:BE:]D 9: ADH _G<6CDH N :CI:H 9: A6 69B>C>HIG68>_C Eb7A>86 C68>DC6A H: =6C B:9>9D HDA6B:CI: :C IZGB>CDH 9: HJ 9:H:BE:]D ;>C6C8>:GD : >C;DGB:H EGD9J8>9DH EDG JC6 8DCI67>A>969 IG69>8>DC6AB:CI: EDG 86JH68>_C HIDH 6CYA>H>H H: 76H6C :C =:8=DH 9:A E6H69D FJ: N6 CD EJ:9:C 86B7>6GH: N FJ: A>B>I6C A6H K>H>DC:H 9: A6G<D EA6OD HI6H :K6AJ68>DC:H 6H[ 9:H6GI>8JA696H CD =6C H>9D AD HJ;>8>:CI:B:CI: bI>A:H :C :A 9>G:88>DC6B>:CID D G:9>G:88>DC6B>:CID :HIG6IZ<>8D 9: A6H B>HB6H &D FJ: :C BJ8=6H D86H>DC:H =6C 8DCAA:K69D 6A 8>:GG: 9: 6A<JCDH DG<6C>HBDH 9: A6 K>96 C68>DC6A >H:]6G JC H>HI:B6 9: B:9>8>_C 9: 9:H:BE:]D HJEDC: 9:H9: 8G:6G JC6 8JAIJG6 DG>:CI696 =68>6 :A G:EDGI: 9: ADH G:HJAI69DH N 8DCK:GI>GAD :C JC6 =:GG6B>:CI6 >CHE>G696 :C JC D7?:I>KD :HIG6IZ<>8D FJ: K6 DEI>B>O6G :A IG676?D DE:G6I>KD 6CYA>H>H 9: AD<GDH N 9:7>A>969:H >CI:GC6H E6G6 G:IDB6G A6H B:?DG:H EGY8I>86H N 6K6CO6G :C 6FJ:AA6H :M>IDH6H C :A 86HD D7?:ID 9: :HIJ9>D H: G:8DCD8:C A6H B:ID9DAD<[6H HD7G: :K6AJ68>_C M EDHI A6H 8J6A:H K>:C:C 6 G:EG:H:CI6G <J[6H E6G6 EGDEDC:G JC H>HI:B6 9: B:9>8>_C FJ: H: 696EI: 6 A6H G:6A>969:H EGDE>6H 9:A #(# )GI>O " C HJ IG676?D I>IJA69D #CK:GH>_C *b7A>86 *A6CI:6B>:CID 9: JC 'D9:AD 9: K6AJ68>_C M EDHI 6;>GB6 FJ: h&6 ;6H: 9: EG:E6G68>_C :H 9:8>H>K6 E6G6 :A ZM>ID 9: JC H>HI:B6 9: :K6AJ68>_C :M EDHI N EJ:9: 9>K>9>GH: :C A6 H:CH>7>A>O68>_C 9: A6H >CHI>IJ8>DC:H E6GI>8>E6CI:H ;DGB68>_C 9: ADH :FJ>EDH 9: IG676?D N :HIG6I:<>6 9: >BEA:B:CI68>_C &6 >9:6 8:CIG6A :H FJ: ADH >CI:G:H69DH G:;A:M>DC:C HD7G: A6 8DCK:C>:C8>6 9: :;:8IJ6G JC6 :K6AJ68>_C :M EDHI 6 ADH EGDN:8IDH 9: >CK:GH>_C AD<G6C9D JC6 8A6G6 8DC8>:C8>6 9: :HI6 C:8:H>969 &6 ;DGB68>_C 9: ADH :FJ>EDH 9: IG676?D 6EJCI6 6 A6 C:8:H6G>6 8DCK:C>:C8>6 9: EG:E6G6G 6 ADH E6GI>8>E6CI:H :C :A EGD8:HD 9: :K6AJ68>_C :C A6 EGY8I>86 9: HJH BZID9DH 8G>I:G>DH l i H[ B>HBD :A I:B6 B:ID9DA_<>8D ?J:<6 JC E6E:A ;JC96B:CI6A :C :A ZM>ID 9:A EGD8:HD :K6AJ6I>KD
!JOBYC ' C HJ IG676?D ':ID9DAD<[6 :K6AJ68>_C 9: >BE68ID 6EA>869D :C A6 >K>H>_C 9: DCIGDA 9: !:HI>_C 9:A !D7>:GCD 9: =>A: 6;>GB6il :C EG>B:G AJ<6G 8DGG:HEDC9:GY >9:CI>;>86G A6 H K6G>67A: H FJ: 9:7:C H:G B:9>96H E6G6 9:I:GB>C6G H[ :A EGD<G6B6 =6 <:C:G69D G:6AB:CI: ADH 7:C:;>8>DH D G:HJAI69DH ;>C6A:H D >BE68IDH :HE:G69DH : :HI: BD9D :A >BE68ID 9:A EGD<G6B6 8DGG:HEDC9: 6 A6 9>;:G:C8>6 :C A6 K6G>67A: G:HJAI69D 3 FJ: G:<>HIG6 :A >C9>K>9JD > 8DC N H>C A6 >CI:GK:C8>_C 9:A EGD<G6B6i ,:;>G>ZC9DH: 6A BD9:AD :ME:G>B:CI6A 8DBD hl A6 B:ID9DAD<[6 9: :K6AJ68>_C IZ8C>86B:CI: BYH GD7JHI6 N 8DCH>HI: :C A6 H:A:88>_C 6A:6IDG>6 9: ADH 7:C:;>8>6G>DH 9:CIGD 9: JC <GJED 9: >C9>K>9JDH :A:<>7A:H :A EGD8:HD 9: 6H><C68>_C 6A:6IDG>6 9: A6 >CI:GK:C8>DC:H D H:GK>8>DH 9:A EGD<G6B6 8G:6 9DH <GJEDH :HI69[HI>86B:CI: >9ZCI>8DH :CIG: H[ JCD FJ: E6GI>8>E6 :C :A EGD<G6B6 <GJED 9: IG6I6B>:CID > N DIGD FJ: 8JBEA>:C9D ID96H A6H 8DC9>8>DC:H E6G6 E6GI>8>E6G :HI6 ;J:G6 9: ZA <GJED 9: 8DCIGDA > i hl(D ID9DH ADH EGD<G6B6H Eb7A>8DH 9:7:C EG:H:CI6G G:HJAI69DH >CI:GB:9>DH H EGD767A: FJ: :M>HI6C >C>8>6I>K6H FJ: EDG HJ C6IJG6A:O6 HDA6B:CI::M=>76C G:HJAI69DH ;>C6A:H N 6 C>K:A 9: EGD9J8IDH EDG :?:BEADl A6H 86BE6]6H 9: K68JC68>_C i )IGD BD9:AD 9: :K6AJ68>_C :M EDHI 8DCH>9:G69D :C A6 EG:H:CI: >CK:HI><68>_C 8DBD B6G8D G:;:G:C8>6A AD G:EG:H:CI6 :A BD9:AD :BEA:69D EDG A6 );>8>C6 9: K6AJ68>_C N -JE:GK>H>_C )0 9:A 6C8D #CI:G6B:G>86CD 9: :H6GGDAAD # A 8J6A :HI67A:8: FJ: :A # h,:6A>O_ HJH :K6AJ68>DC:H :M EDHI 8DC;DGB: 6 9DH BZID9DH > :A BZID9D H>BEA: D G:;A:M>KD FJ: HJEDC: FJ: ID96H A6H K6G>68>DC:H G:<>HIG696H :C ADH D7?:I>KDH 9: 9:H6GGDAAD HDC 6IG>7J>7A:H 6 A6 >CI:GK:C8>_C N >> :A BZID9D 9: :;:8ID IG6I6B>:CID FJ: >CI:CI6 9>;:G:C8>6G ADH :;:8IDH FJ: H: 9:7:C 6 A6 >CI:GK:C8>_C 9: ADH :;:8IDH 7GJIDH D IDI6A:H :HI67A:8>:C9D JC6 86JH6A>969 :CIG: A6 >CI:GK:C8>_C N ADH G:HJAI69DH :C IZGB>CDH 8J6CI>I6I>KDHl i *DG HJ E6GI: 796A6 :C HJ IG676?D 9:CDB>C69D '6CJ6A E6G6 A6 K6AJ68>_C 9: #BE68ID :C *GD<G6B6H 9: DGB68>_C E6G6 $_K:C:H :C ADH HE:8IDH ':ID9DA_<>8DH HDHI>:C: h&6H B:ID9DAD<[6H :K6AJ6I>K6H JI>A>O696H 8:CIG6GDC :C H[ B>HB6H <G6C E6GI: 9: ADH :H8DAADH EGD7A:B6 FJ: G:>I:G6C JC6 N DIG6 K:O ADH :K6AJ69DG:H 9: ADH 9>HI>CIDH E6[H:H 9: A6 G:<>_C :C 9>;:G:CI:H BDB:CIDH C :HI: H:CI>9D H: =6C >CI:CI69D :K6AJ68>DC:H 8J6CI>I6I>K6H 8J6A>I6I>K6H
N B>MI6H CIG: A6H EG>B:G6H H: 9>H:]6GDC BD9:ADH 8J6H> :ME:G>B:CI6A:H N G:6AB:CI: :ME:G>B:CI6A:H 6B7DH 8DBEJ:HIDH EDG <GJEDH hE6GI>8>E6CI:Hi N <GJEDH 9: h8DCIGDAi 8DC ><J6A:H 6IG>7JIDH N 86G68I:G[HI>86H :969 <ZC:GD G6O6 >CHIGJ88>_C :ME:G>:C8>6 :C :A B:G869D 9: IG676?D FJ: H: 8DBE6G6C B:9>6CI: BZID9DH 6C6A[I>8DHi : ><J6A ;DGB6 9:CIGD 9: A6H I:DG[6H G:A:K6CI:H E6G6 :HI6 >CK:HI><68>_C :HIYC A6H 9: DG<6C>O68>_C :C HJ G:K>H>_C N IG6N:8IDG>6 H: 8DCI:BEA6GDC &6H 9: 8DBEDGI6B>:CID DG<6C>O68>DC6A 9: ,D77>CH 6K>H N (:LHIGDB !>IHDC '8 6K>9 FJ>:C:H EGDEDC:C JC EGD8:HD 9: G:8>EGD8>969 N 68IJ68>_C 9: A6H E:GHDC6H FJ: K6 9:H9: AD >C9>K>9J6A
<GJE6A f H>HI:B6 :C A6 I:DG[6 9: A6 :HIGJ8IJG6 DG<6C>O68>DC6A FJ: 9:H6GGDAA6 A6 ;DGB6A>O68>_C :C G:A68>_C 6 869:C6H 9: B6C9D :HE:8>6A>O68>_C 9:A IG676?D N EDG EG>B:G6 K:O H: IG6I6 :A IG6BD 9: 8DCIGDA N B:9>8>_C 9: <:HI>_C EA6CI:69D EDG ':A>C@D;; =6HI6 =>6K:C6ID :C A6 I:DG[6 9: 8A>B6 DG<6C>O68>DC6A 9: .6<>KG> N &>IL>C> *69G_C N A6 9: 9:H6GGDAAD DG<6C>O68>DC6A 9: 1:C9:AAA :AA :8>A ,=0= 02,60= *6G6 :A >CI:GZH 9: :HI6 >CK:HI><68>_C H: EJ:9:C B:C8>DC6G A6 DCHI>IJ8>_C 9: A6 ,:Eb7A>86 DA>K6G>6C6 9: 0:C:OJ:A6 FJ: H:]6A6
:C :A GI[8JAD &6
9B>C>HIG68>_C *b7A>86 :HI6 6A H:GK>8>D 9: ADH 8>J9696CDH N 8>J9696C6H H: ;JC96B:CI6 :C ADH EG>C8>E>DH 9: =DC:HI>969 E6GI>8>E68>_C 8:A:G>969 :;>868>6 :;>8>:C8>6 IG6CHE6G:C8>6 G:C9>8>_C 9: 8J:CI6H N G:HEDCH67>A>969 :C :A :?:G8>8>D 9: A6 ;JC8>_C Eb7A>86 8DC HJ HDB:I>B>:CID EA:CD 6 A6 A:N N 6A 9:G:8=D DCH>9:G6C9D AD 6CI:H :MEJ:HID :H >BEDGI6CI: 68DI6G :A B6C:?D 9: >C9>869DG:H FJ: G:;A:?:C A6 :;>8>:C8>6 :;>868>6 8:A:G>969 IG6CHE6G:C8>6 9: ADH _G<6CDH D :CI:H 9: A6 69B>C>HIG68>_C Eb7A>86 ;JC96B:CI69DH :C EDA[I>86H :HIG6I:<>6H B:I6H N D7?:I>KDH EG:K>HIDH :C ADH G:HE:8I>KDH EA6C:H :HIG6IZ<>8DH N HJ?:IDH 6 ADH 8DBEGDB>HDH 9: <:HI>_C :H 9:8>G FJ: HJH 68I>K>969:H :HIYC 6I69DH 6A 8JBEA>B>:CID :;>86O 9: ADH D7?:I>KDH N B:I6H ;>?69DH :C A6H CDGB6H EA6C:H N 8DBEGDB>HDH 9: <:HI>_C
.6B7>ZC :C :A GI[8JAD C ADH EG:HJEJ:HIDH Eb7A>8DH 6CJ6A:H 9: <6HIDH :C ID9DH ADH C>K:A:H 9: !D7>:GCD :HI67A:8:GY 9: B6C:G6 8A6G6 E6G6 8696 8GZ9>ID EG:HJEJ:HI6G>D :A D7?:I>KD :HE:8[;>8D 6 FJ: :HIZ 9>G><>9D ADH G:HJAI69DH 8DC8G:IDH FJ: H: :HE:G6 D7I:C:G N ADH ;JC8>DC6G>DH Eb7A>8DH D ;JC8>DC6G>6H Eb7A>86H G:HEDCH67A:H E6G6 :A AD<GD 9: I6A:H G:HJAI69DH VHIDH H: :HI67A:8:GYC :C IZGB>CDH 8J6CI>I6I>KDH B:9>6CI: >C9>869DG:H 9: 9:H:BE:]D
H>:BEG: FJ: :AAD
H:6 IZ8C>86B:CI:
EDH>7A:l HI: 6GI[8JAD >CHI6 6 A6 G:HEDCH67>A>969 FJ: I>:C:C ADH ;JC8>DC6G>DH Eb7A>8DH 6 :HI67A:8:G A6H G:<A6H 9: B6C:G6 :;>8>:CI: N :;>86O N 6 G:HEDC9:G 8DC G:HJAI69DH FJ: EJ:96C H:G 8J6CI>;>869DH N 6 8DBEG:C9:G FJ: ADH D7?:I>KDH >CHI>IJ8>DC6A:H :HIYC 6A>C:69DH 6 AD FJ: 9:H:6 :A HI69D :C B6I:G>6 9: <:HI>_C N :HID H:GY EDH>7A: 8DC :A JHD 9: ADH >C9>869DG:H 9: 9:H:BE:]D FJ: 9: B6C:G6 6H:GI>K6 6GGD?:C ADH G:HJAI69DH :HE:G69DH )IG6 &:N FJ: :MEG:H6 ADH B:86C>HBDH 9: :K6AJ68>_C N H:<J>B>:CID 9: A6 <:HI>_C Eb7A>86 :H &:N )G<YC>86 9: A6 9B>C>HIG68>_C *b7A>86 .[IJAD ## *G>C8>E>DH N 6H:H 9:A JC8>DC6B>:CID N )G<6C>O68>_C 9: &6 9B>C>HIG68>_C *b7A>86 *G>C8>E>D 9: ;JC8>DC6B>:CID EA6C>;>869D N 8DCIGDA 9: A6 <:HI>_C N 9: ADH G:HJAI69DH 8J6C9D H:]6A6 :C HJ GI[8JAD h A ;JC8>DC6B>:CID 9: ADH _G<6CDH N :CI:H 9: A6 9B>C>HIG68>_C *b7A>86 H: HJ?:I6GY 6 A6H EDA[I>86H :HIG6I:<>6H B:I6H N D7?:I>KDH FJ: H: :HI67A:O86C :C ADH G:HE:8I>KDH EA6C:H :HIG6IZ<>8DH N 8DBEGDB>HDH 9: <:HI>_C #<J6AB:CI: 8DBEG:C9:GY :A H:<J>B>:CID 9: A6H 68I>K>969:H 6H[ 8DBD A6 :K6AJ68>_C N 8DCIGDA 9:A 9:H:BE:]D >CHI>IJ8>DC6A N 9: ADH G:HJAI69DH 6A86CO69DH i :CIGD 9: :HI: 8DCI:MID :H C:8:H6G>D H:]6A6G FJ: A6 68I>K>969 9: ADH _G<6CDH N :CI:H 9: A6 69B>C>HIG68>_C EJ7A>86 9:7:C E:GH:<J>G :A 8JBEA>B>:CID :C ;DGB6 :;>86O 9: ADH D7?:I>KDH N B:I6H :HI>EJA69DH :C A6H CDGB6H EA6C:H N EDG HJEJ:HID :C ADH 8DBEGDB>HDH 9: <:HI>_C C A6 &:N 6CI:H 8>I696 H: 8DCI:BEA6 JC 6GI[8JAD FJ: :HIY :HIG:8=6B:CI: K>C8JA69D 8DC :A D7?:ID 9: :HI6 >CK:HI><68>_C N :H :A GI[8JAD +J: H:]6A6 h&DH 8DBEGDB>HDH 9: <:HI>_C H:GK>GYC 9: ;JC96B:CID E6G6 A6 :K6AJ68>_C 9:A 9:H:BE:]D N A6 6EA>868>_C 9: JC H>HI:B6 9: >C8:CI>KDH N H6C8>DC:H 9: DG9:C EG:HJEJ:HI6G>D :C ;JC8>_C 9:A 9:H:BE:]D >CHI>IJ8>DC6A &6 :K6AJ68>_C 9:A 9:H:BE:]D
>CHI>IJ8>DC6A 9:7:GY 6I:C9:G 6 ADH >C9>869DG:H 9: <:HI>_C FJ: :HI67A:O86C EG:K>6B:CI: ADH _G<6CDH N :CI:H 9: A6 9B>C>HIG68>_C *J7A>86 (68>DC6Ali : 68J:G9D 6 :HI: 6GI[8JAD A6 :K6AJ68>_C 9:A 9:H:BE:]D >CHI>IJ8>DC6A G:B>I: 6 A6 C:8:H>969 9:A <D7>:GCD 9: B:9>G ID9D :HID 8DC :A EGDE_H>ID 9: I:C:G >C;DGB68>_C E6G6 A6 :K6AJ68>_C 9: A6H EDA[I>86H H:<J>B>:CID 9: A6 :?:8J8>_C ;>C6C8>:G6 6H[ 8DBD I6B7>ZC A6 9:;>C>8>_C 9: G:HEDCH67>A>969:H N 8DCIGDA:H *DG DIG6 E6GI: E6G6 >CI:GEG:I6G A6 76H:H A:<6A:H HD7G: :A 9:G:8=D 6 A6 >C;DGB68>_C G:;:G:C8>6A EGD9J8ID 9: A6 B:9>8>_C 9:A 9:H:BE:]D 9: ADH 9>;:G:CI:H EGD8:HDH 9: <:HI>_C Eb7A>86 HD7G: :A ;AJ?D 9: >C;DGB68>_C E6G6 ;JIJG6H IDB6 9: 9:8>H>DC:H DG<6C>O68>DC6A:H N 8DCHDA>968>_C 9: 8G>I:G>DH G6ODC67A:H DEDGIJCDH FJ: H>GK6C 9: DG>:CI68>_C E6G6 A6 ;DGBJA68>_C 9: EDH>7A:H EGDN:8IDH : >CCDK68>_C 9: CJ:KDH EGD8:HDH 9: EGD9J8IDH H:GK>8>DH N EGD8:HDH 9: A6 <:HI>_C Eb7A>86 H H><C>;>86I>KD E6G6 :HI6 >CK:HI><68>_C 8>I6G DIG6 E6GI: 9: A6 &:N )G<YC>86 9: A6 9B>C>HIG68>_C *b7A>86 :C HJ :MEDH>8>_C 9: BDI>KDH 8J6C9D 6EJCI6 -: >C8DGEDG6 8DBD D7A><68>_C 9: A6 69B>C>HIG68>_C Eb7A>86 :A :HI67A:8:G H>HI:B6H FJ: HJB>C>HIG:C 6 A6 ED7A68>_C A6 BYH 6BEA>6 DEDGIJC6 N K:G6O >C;DGB68>_C HD7G: HJH 68I>K>969:H 8DC :A ;>C 9: :?:G8:G :A 8DCIGDA HD8>6A HD7G: A6 <:HI>_C Eb7A>86 i HI: B6C96ID A:<6A :M><: FJ: :A 8>J9696CD 8DBbC HDA>8>I: >C;DGB68>_C H>HI:B6I>O696 :C ;DGB6 :;>8>:CI: N DEDGIJC6 9:A 9:H:BE:]D 9: A6H >CHI>IJ8>DC:H 9: A6 69B>C>HIG68>_C Eb7A>86 C :HI: H:CI>9D :A #(# CD :H86E6 6 :HI6 H>IJ68>_C 8DBD >CHI>IJ8>_C Eb7A>86 G:FJ>:G: HJE:G6G A6H D7H:GK68>DC:H G:6A>O696H EDG A6 DCIG6ADG[6 !:C:G6A 9: A6 ,:Eb7A>86 N 6I:C9:G 6 9>8=D B6C96ID H[ B>HBD A6 &:N 9: -6AJ9 <G[8DA6 #CI:<G6A :C HJ 6GI>8JAD I6B7>ZC :H G:;:G:C8>6 A:<6A H><C>;>86I>K6 E6G6 :HI6 >CK:HI><68>_C 8J6C9D :HI67A:8: h A ?:8JI>KD (68>DC6A 6 IG6KZH 9: HJH _G<6CDH N :CI:H 8DBE:I:CI:H :C B6I:G>6 9: DCIGDA 4DDH6C>I6G>D N *GDI:88>_C
>IDH6C>I6G>6 I>:C: 8DBD D7?:I>KDH A6 :A67DG68>_C
8DDG9>C68>_C :?:8J8>_C HJE:GK>H>_C N :K6AJ68>_C 9: ADH EA6C:H EGDN:8IDH N EGD<G6B6H 9: K><>A6C8>6 EG:K:C8>_C 8DCIGDA N :GG69>868>_C 9: :C;:GB:969:H N EA6<6H :C9ZB>86H :B:G<:CI:H G::B:G<:CI:H N IG6CH;GDCI:G>O6H 9: D8JGG:C8>6 :C ID96H A6H
:HE:8>:H 6C>B6A:H N K:<:I6A:H 9: 68J:G9D 6 A6H :M><:C8>6H ODDH6C>I6G>6H N ;>IDH6C>I6G>6H C68>DC6A:H : >CI:GC68>DC6A:Hi A #(# 8DBD >CHI>IJ8>_C <:C:G69DG6 9: I:8CDAD<[6H N 8DCD8>B>:CIDH :HIY DG>:CI696 EDG HJ G6O_C HD8>6A 6 9:H6GGDAA6G EGDN:8IDH N EGD<G6B6H 8DC9J8:CI:H 6 EDI:C8>6G :A 8DCD8>B>:CID 8G:6I>KD : >CCDK69DG E6G6 H:G 86E68:H 9: <:HI>DC6G HJH G:8JGHDH N 8JBEA>G 8DC HJH 6H><C68>DC:H 01484.4R8 /0 &M<7489= L=4.9= 8/4.,/9<0= -: 8DCH>9:G6C FJ: ADH >C9>869DG:H E:GB>I:C K><>A6G 8DCIGDA6G 96GA: H:<J>B>:CID N :K6AJ6G A6H 9>HI>CI6H 688>DC:H FJ: H: 9:H6GGDAA6C 9:CIGD 9: A6 >CHI>IJ8>_C :C AD FJ: H: G:;>:G: 6A <G69D 9: 6K6C8: N 8JBEA>B>:CID 9: ADH D7?:I>KDH
EG:K>HIDH :C :HI:
H:CI>9D 8DC8:EIJ6A>O6G A6 E6A67G6 >C9>869DG 8DCH>HI: -:<bC *J:CI: $ N -6AK6ID - AD 9:;>C:C 8DBD h H JC6 JC>969 9: B:9>96 FJ: E:GB>I: :A H:<J>B>:CID N :K6AJ68>_C E:G>_9>86 9: A6H K6G>67A:H 8A6K:H 9: JC6 DG<6C>O68>_C B:9>6CI: HJ 8DBE6G68>_C :C :A I>:BED 8DC ADH 8DGG:HEDC9>:CI:H G:;:G:CI:H :MI:GCDH D >CI:GCDHi *DG AD FJ: A6 8DCHIGJ88>_C 9: ADH >C9>869DG:H 9:7:C 9: H:<J>G 8>:GI6H E6JI6H N6 FJ: ADH B>HBDH HDC ;68IDG:H B:9>7A:H N A6 >9:6 :H FJ: B>96C ADH 6HE:8IDH 9: G:HJAI69DH 8A6K:H E6G6 A6 IDB6 9: 9:8>H>DC:H :HIDH 6 HJ K:O >9:CI>;>86C AD FJ: H:GY B:9>9D CD 8J6CID C> :C FJ: 9>G:88>_C M>HI:C 9>;:G:CI:H 8DC8:E8>DC:H 9: 8_BD >C>8>6G :A EGD8:HD 9: 8DCHIGJ88>_C 9: ADH >C9>869DG:H 9: 9:H:BE:]D EDG 8DCH><J>:CI: DCC:;DN $ N GB>?D ' H:]6A6C FJ: EJ:9:C G:6A>O6GH: 9: ;DGB6 H>BJAIYC:6 N G:IGD6A>B:CI6GH: 9: ;DGB6 E:GB6C:CI: H:<bC 8>I6 9>8=D 6JIDG H:GY B:9>6CI: JC >8AD YH>8D 9:A EGD8:HD 9: 8DCHIGJ88>_C 9: >C9>869DG:H 9: 9:H:BE:]D
6 #9:CI>;>86GH: N D G:K>H6G EGD9J8IDH N D7?:I>KDH S JYA:H HDC ADH EGD9J8IDH :HIG6IZ<>8DH N D7?:I>KDH FJ: H:GYC :K6AJ69DH 7 #9:CI>;>86G A6H 9>B:CH>DC:H N YB7>IDH 9: 9:H:BE:]D S+JZ YB7>IDH N 9>B:CH>DC:H 9:A 9:H:BE:]D :H 8DCK:C>:CI: B:9>G ;>868>6 ;>8>:C8>6 8DCDB[6 6A>969 8 HI67A:8:G G:HEDCH67>A>969:H DG<6C>O68>DC6A:H S JYA:H H:GYC ADH :CIGDH 9: G:HEDCH67>A>969 D TG:6H G:HEDCH67A:H EDG :A 9:H:BE:]D AD<G69D S FJ: C>K:A:H G:6A>O6G:BDH A6 :K6AJ68>_C 9 HI67A:8:G ADH G:;:G:CI:H E6G6 A6 8DBE6G68>_C S-D7G: FJ: 8DBE6G6BDH ADH >C9>869DG:H E6G6 H67:G H> :A 9:H:BE:]D :H 69:8J69D : DCHIGJ>G A6H ;DGBJA6H D 6A<DG>IBDH S _BD G:A68>DC6BDH A6H K6G>67A:H 9: B:9>8>_C ; ,:8DE>A6G A6 >C;DGB68>_C C:8:H6G>6 S+JZ 96IDH N 6CI:8:9:CI:H E:GB>I>GYC 8DCHIGJ>G ADH >C9>869DG:H < 06A>96G 6EA>86G 8G>I:G>DH 9: IZ8C>8DH N G:FJ>H>IDH S _BD H67:BDH FJ: ADH >C9>869DG:H 8DCHIGJ>9DH B>9:C :;:8I>K6B:CI: A6 <:HI>_C N ADH G:HJAI69DHS = C6A>O6G ADH G:HJAI69DH D7I:C>9DH S*DG FJZ H: EGD9J?:GDC ADH G:HJAI69DH > DBJC>86G : >C;DGB6G S+J>ZC:H I>:C:C FJ: 8DCD8:G CJ:HIGDH G:HJAI69DH )G<6C>O68>_C /HJ6G>DH '>HI:G>DH 9:
>C6CO6H D;>8>C6 9: *G:HJEJ:HIDH
DC<G:HD :I8 &DH >C9>869DG:H EJ:9:C H:G :BEA:69DH E6G6 9>;:G:CI:H EGDE_H>IDH 9:E:C9>:C9D 9:A D7?:I>KD D EGDE_H>ID 9: A6 :K6AJ68>_C :A YB7>ID :C FJ: H: G:6A>O6 N ADH JHJ6G>DH 6 ADH FJ: H: 9>G><: A 9>H:]D : >BEA:B:CI68>_C 9: JC H>HI:B6 9: >C9>869DG:H :C JC6 >CHI>IJ8>_C Eb7A>86 8DBD :A #(# 68IJ6AB:CI: :C;G:CI6 BJ8=DH 9:H6;[DH EG>B:G6B:CI: :A FJ: 8DGG:HEDC9: 8DC :A A:K6CI6B>:CID 9: ADH 96IDH FJ: E:GB>I>GYC 8DCHIGJ>G ADH >C9>869DG:H D :HI67A:8:G A6H B:I6H C 8J6CID 6A 9:H:BE:]D H: :CB6G86 B6H :C :A EGD8:HD 9:A I>ED DG<6C>O68>DC6A 6A>C:69D 6 A6H I:DG[6H 9: A6 DG<6C>O68>_C :C A6 >CK:HI><68>_C :HI: :A:B:CID G:;A:?6G6 A6H BD9>;>868>DC:H 9:A :CIDGCD DG<6C>O6I>KD 9: A6H :HIGJ8IJG6H 9: ED9:G N HJH D7?:I>KDH
-:<bC !JOBYC ' >I69D EDG *J:CI: $ N -6AK6ID - 9:;>C: :A 9:H:BE:]D 8DBD A AD<GD D G:HJAI69D 9: 68I>K>969:H D 688>DC:H G:6A>O696H C :A 8DCI:MID 9: EDA[I>86H Eb7A>86H H: G:;>:G: I6CID 6A AD<GD D G:HJAI69D 9: A6H 68I>K>969:H D 688>DC:H G:A68>DC696H 8DC 7>:C:H D H:GK>8>DH 9>G><>9DH 6 A6 ED7A68>_C 8DBD G:HE:8ID 9: 688>DC:H K>C8JA696H 6 A6 ;JC8>_C 9: 69B>C>HIG68>_C >CI:GC6 9: <D7>:GCD &6 :K6AJ68>_C 9:A 9:H:BE:]D 9: A6 <:HI>_C Eb7A>86 :HIY :C :A 8:CIGD 9: EG:D8JE68>_C 9: A6H E:GHDC6H :C86G<696H 9: IDB6G A6H 9:8>H>DC:H :C A6H >CHI>IJ8>DC:H <J7:GC6B:CI6A:H :C ID9DH ADH C>K:A 9: <:HI>_C N6 FJ: A6H :M><:C8>6H EDG DEI>B>O6G C>K:A:H 9: :;>8>:C8>6 N :;>868>6 :C :A JHD 9: ADH G:8JGHDH :H >BEDGI6CI: 6H[ 8DBD I6B7>ZC <:C:G6G ADH B:86C>HBDH 9: G:C9>8>_C 9: 8J:CI6H =68>6 ADH 8>J9696CDH N ADH <GJEDH 9: >CI:GZH FJ: GD9:6C A6 688>_C EJ7A>86 HDC ADH ;JC96B:CIDH 7YH>8DH FJ: I>:C: :A <D7>:GCD K:C:ODA6CD E6G6 >BEJAH6G :A 9:H6GGDAAD 9: >C9>869DG:H 9: 9:H:BE:]D :C A6H >CHI>IJ8>DC:H Eb7A>86H C :;:8ID 8J6C9D H: :K6Ab6C A6H 688>DC:H N G:HJAI69D 9:A H:8IDG Eb7A>8D :HID G:EG:H:CI6 JC6 I6G:6 BJN 8DBEA:?6 N6 FJ: =6N FJ: 8DCI6G 8DC 8G>I:G>DH FJ: 6EDN:C D G:8=68:C A6H 9:8>H>DC:H IDB696H ADH EGD8:HDH >CI:GB:9>DH D 7>:C ADH G:HJAI69DH EDG I6CID :H C:8:H6G>D 9:;>C>G >C9>869DG:H FJ: E:GB>I6C 86A>;>86G 9>8=DH G:HJAI69DH 6H[ 8DBD I6B7>ZC D7H:GK6G N B:9>G :A 9:H:BE:]D 9: FJ>:C:H 68IJ6GDC E6G6 D7I:C:GA6 8/4.,/9<0= /0 0=07:0P9 "6N FJ: 8DCH>9:G6G FJ: ADH >C9>869DG:H 9: 9:H:BE:]D EGDK::C >C;DGB68>_C HD7G: YG:6H ;JC96B:CI6A:H 9: A6 688>_C 9: ADH :CI:H Eb7A>8DH 8DBD A6 :;>8>:C8>6 :;>868>6 86A>969 N :8DCDB[6 9: ADH G:8JGHDH 6EDGI6C 6A AD<GD 9: JC B:?DG6B>:CID 9: A6 <:HI>_C N 6 JC6 B6NDG IG6CHE6G:C8>6 9: A6 688>_C Eb7A>86 DC:;DN $ N GB>?D ' >I69D EDG *J:CI: $ N -6AK6ID - H:]6A6 FJ: h&DH #C9>869DG:H 9: 9:H:BE:]D HDC B:9>96H FJ: 9:H8G>7:C 8J6C 7>:C H: :HIYC 9:H6GGDAA6C9D ADH D7?:I>KDH 9: JC EGD<G6B6 JC EGDN:8ID N D A6 <:HI>_C 9: JC6 >CHI>IJ8>_Ci
*6G6 A6 >CK:HI><68>_C
:HIDH >C9>869DG:H :HIYC K>C8JA69DH 6 A6 <:HI>_C
:HIG6IZ<>86 9: A6 >CHI>IJ8>_C EDG H:GK>G 9: 6EDND E6G6 A6 IDB6 9: 9:8>H>DC:H 9:A C>K:A <:G:C8>6A HD7G: 76H:H B6H 8>:GI6H E:GB>I>:C9D B:?DG6G :A 9:H:BE:]D N ;DGBJA6G :A EG:HJEJ:HID HD7G: 8G>I:G>DH B6H G68>DC6A:H ?JCID 8DC A6 EDH>7>A>969 9: G:C9>G 8J:CI6H 6 ADH 9>;:G:CI:H <GJEDH 9: >CI:GZH 9: A6 >CHI>IJ8>_C 8/4.,/9<0= /0 0=07:0P9 8=>4>?.498,6 DC G:HE:8ID 6 ADH #C9>869DG:H 9: :H:BE:]D #CHI>IJ8>DC6A :A '>C>HI:G>D 9:A *D9:G *DEJA6G E6G6 A6 *A6C>;>868>_C N :H6GGDAAD ADH 9>K>9: :C ;>868>6 ;>8>:C8>6 ; .G6CHE6G:C8>6 . :A:G>969 A N *6GI>8>E68>_C * &DH >C9>869DG:H G:EG:H:CI6C JC :A:B:CID ;JC96B:CI6A :C A6 >CK:HI><68>_C 6 IG6KZH 9: :HIDH >C9>869DG:H ED9GYC =68:GH: JC BDC>IDG:D 9: EGD8:HDH >CI:GCDH 9: <:HI>_C EGD<G6BYI>86 :C ;DGB6 B6H G:8JGG:CI: 9:CIGD 9: A6 >CHI>IJ8>_C D7?:ID :HIJ9>D 14.408.4, -:<bC '>HI:G>D 9:A *D9:G *DEJA6G E6G A6 *A6C>;>868>_C N :H6GGDAAD A6 :;>8>:C8>6 :Hi /HD G68>DC6A FJ: =68: :A DG<6C>HBD 9: ADH G:8JGHDH 9>HEDC>7A:H E6G6 6A86CO6G HJH D7?:I>KDH :C JC E:G>D9D 9:I:GB>C69Di DBD H: =6 9>8=D A6 :;>8>:C8>6 :H :A C>K:A :C :A 8J6A H: D7I>:C: A6 8DCH:8J8>_C 9: A6H B:I6H A6 68IJ68>_C :;>8>:CI: 9:7: 9:;>C>GH: 6 IG6KZH 9: ADH G:8JGHDH 9:I:GB>C69DH 9DC9: H: D7I>:C: :A BYM>BD G:HJAI69D EDH>7A: *6G6 :A 8YA8JAD 9: A6 :;>8>:C8>6 :H C:8:H6G>D FJ: :A DG<6C>HBD 9>HEDC<6 9: JC6 :HIGJ8IJG6 9: 8DHIDH 7YH>86 :C A6 8J6A H: :HE:8>;>FJ: :A 8DHID 9: ADH G:8JGHDH 9>HEDC>7A:H 8DHID 9: EGD9J88>_C G:6A IDI6A :C AD G:;:G:CI: 6 G:8JGHDH =JB6CDH B6I:G>6A:H N EG:HJEJ:HI6G>DH :CIG: DIGDH 14.,.4, DC G:A68>_C 6 A6 :;>868>6
DCC:;DN $ N GB>?D ' >C9>86 FJ: h H :A <G69D 9: 8JBEA>B>:CID 9: ADH D7?:I>KDH 6 8J6CIDH JHJ6G>DH D 7:C:;>8>6G>DH H: :CIG:<6C ADH 7>:C:H D H:GK>8>DH FJ: EDG8:CI6?: 8DGG:HEDC9: 9:A IDI6A 9: JHJ6G>DHi C :HI: B>HBD DG9:C 9: >9:6H :H C:8:H6G>D >C9>86G FJ: A6 :;>868>6 :HI6 8DGG:HEDC9: 6 A6H YG:6H FJ: 8J7G:C A6H B:I6H J D7?:I>KDH 9: A6 >CHI>IJ8>_C I6A:H 8DBD 8D7:GIJG6 ;D86A>O68>_C 86E68>969 9: 8J7G>G A6 9:B6C96 N :A G:HJAI69D ;>C6A :CIGD 9: A6 >CK:HI><68>_C A6 :K6AJ68>_C 9: A6 :;>868>6 9:CIGD 9: A6 >CHI>IJ8>_C CD EJ:9: G:6A>O6GH: H> CD :HIYC EG:K>6B:CI: 9:;>C>I>KDH N 8J6CI>;>869DH ADH D7?:I>KDH EA6CI:69DH N6 FJ: 6 IG6KZH 9: JC EGD8:HD 9: EA6C>;>868>_C :HIG6IZ<>86 J DIG6 B:ID9DAD<[6 EJ:96 E:GB>I>G A6 >9:CI>;>868>_C 9: FJ: ;DGB6 9>8=6 DG<6C>O68>_C :HE:G6 6A86CO6G HJH G:HJAI69DH &6 B:9>8>_C 9: A6 :;>868>6 AA:K6 9: ;DGB6 >C=:G:CI: A6 9:;>C>8>_C EG:K>6 9: D7?:I>KDH N :A H:<J>B>:CID 9: :HIDH 6 IG6KZH 9: JC H>HI:B6 B[C>BD 9: >C;DGB68>_C FJ: E:GB>I6 >C;DGB6G HD7G: 6HE:8IDH 7YH>8DH 9: A6 <:HI>_C 6 H:G :K6AJ696 &<,8=:,<08.4, C A6 <:HI>_C :HI6 6HD8>696 6 A6 D7A><68>_C FJ: I>:C:C ADH DG<6C>HBDH Eb7A>8DH :C <:C:G6G N HJB>C>HIG6G >C;DGB68>_C DEDGIJC6 N K:G6O HD7G: ADH H:GK>8>DH FJ: EG:HI6C 6 ADH E6GI>8JA6G:H 9: I6A ;DGB6 FJ: A6H G:HEDCH67>A>969:H EGD8:9>B>:CIDH N G:<A6H H: :HI67A:8:C G:6A>O6C : >C;DGB6C 8DC 8A6G>969 N HDC 67>:GI6H 6 A6 E6GI>8>E68>_C N :H8GJI>C>D EJ7A>8D A EG>C8>E>D 9: IG6CHE6G:C8>6 >C8>9: :C A6 B:?DG6 9: ADH H:GK>8>DH C:8:H6G>D E6G6 EGD9J8>G 86B7>DH EGD;JC9DH N 6H[ ADH 8>J9696CDH I:C<6C B6NDG 688:HD 6 A6 >C;DGB68>_C <:C:G696 EDG A6H >CHI>IJ8>DC:H Eb7A>86H 060<4/,/ H A6 6<>A>969 EGDCI>IJ9 N G6E>9:O 8DC A6 FJ: H: :?:8JI6C ADH 68IDH Eb7A>8DH E6G6 6I:C9:G A6H 9:B6C96H 9: A6 HD8>:969
",<>4.4:,.4R8 H :A EGD8:HD B:9>6CI: :A 8J6A A6 8>J9696C[6 >CI:GK>:C: >C9>K>9J6A D 8DA:8I>K6B:CI: :C :A :HE68>D 9: >CI:GZH EJ7A>8D B:9>6CI: A6H >CHI6C8>6 9: IDB6 9: 9:8>H>DC:H HD7G: 6HJCIDH FJ: A: 6;:8I:C :C AD EDA[I>8D HD8>6A D :8DC_B>8D IG6KZH 9: :HI: >C9>869DG H: 7JH86 :K6AJ6G A6 86CI>969 N 86A>969 9: ADH B:9>DH FJ: D;G:8: A6 >CHI>IJ8>_C E6G6 86C6A>O6G HJH DE>C>DC:H G:8A6BDH N HJ<:G:C8>6H 6H[ 8DBD E6GI>8>E6G :C :A 9>H:]D N 8DCIGDA 9: A6H 68I>K>969:H :C86B>C696H 6 B:?DG6G A6 <:HI>_C 9: A6 B>HB6 C :A 8DCI:MID 9: A6 >CK:HI><68>_C A6 E6GI>8>E68>_C >CKDAJ8G6G6 6 ID9DH ADH 68IDG:H G:A:K6CI:H 8DC :A ;>C 9: 6H:<JG6G A6 A:<>I>B>969 N G:;DGO6G :A 8DBEGDB>HD 8DC ADH D7?:I>KDH : >C9>869DG:H G:HJAI6CI:H HID >BEA>86 69:BYH FJ: :A >C9>869DG N :A D7?:I>KD FJ: EG:I:C9: :K6AJ6G H:6 AD B6H 8DCH:CHJ6A EDH>7A: 6A >CI:G>DG 9: A6 DG<6C>O68>_C H IG6KZH 9: ADH EG>C8>E>DH 6CI:H 9:H8G>IDH =6 9: EGD8:9:GH: 6 :HIGJ8IJG6G D 9>H:]6G ADH >C9>869DG:H 9: :K6AJ68>_C I6CID 9:A 9:H:BE:]D >CHI>IJ8>DC6A 8DBD :A ;JC8>DC6A ID9D :HID 6JC69D 6 A6 C:8:H>969 9: EGD8:9:G 6A 86B7>D 9: A6 <:HI>_C 9: A6 >CHI>IJ8>_C D7?:ID 9: A6 >CK:HI><68>_C 8/4.,/9<0= /0 0=>4R8 C A6 69B>C>HIG68>_C Eb7A>86 HJH G:8JGHDH EGDK>:C:C 9:A HI69D HJ ;>C :H A6 EG:HI68>_C 9: H:GK>8>DH 6 A6 8DA:8I>K>969 A6 :;>868>6 9: :HIDH
N A6 8DGG:8I6
69B>C>HIG68>_C 9: ADH G:8JGHDH 9>HEDC>7A:H 9:7:C K6ADG6GH: EDG HJ 8DCIG>7J8>_C 6 A6 H6I>H;688>_C 9: A6H C:8:H>969:H 8DA:8I>K6 N EDG HJEJ:HID 6A <G69D 9: 8JBEA>B>:CID 9: HJH D7?:I>KDH H C:8:H6G>D 9DI6GH: 9: >C9>869DG:H 9: :;>868>6 N :;>8>:C8>6 FJ: H>GK6C E6G6 :A 69:8J69D 8JBEA>B>:CID 9: A6 G:HEDCH67>A>969 N 9: A6 A:<6A>969 FJ: 86G68I:G>O6C 6 A6 68IJ68>_C EJ7A>86 C :HI: H:CI>9D :MEG:H6C *J:CI: $ N -6AK6ID - ADH >C9>869DG:H 9: <:HI>_C AD 9:;>C:C 8DBD h/C6 B:9>96 E6G6 JC B:?DG 9:H:BE:]Di &DH >C9>869DG:H 9: !:HI>_C HDC 9: <G6C JI>A>969 N :H:C8>6A:H E6G6 A6 >CK:HI><68>_C 6 IG6KZH 9: :HIDH H: ED9GYC 8A6G>;>86G ADH D7?:I>KDH N6 FJ: :H >BEDGI6CI: 68DI6G FJ: ADH 9>G:8I>KDH D E:GHDC6A <:G:C8>6A C:8:H>I6 9: >CHIGJB:CIDH 8J6A>I6I>KDH N 8J6CI>I6I>KDH
E6G6 ED9:G 9:H8G>7>G N EDC:G :C 8A6GD ADH D7?:I>KDH EA6CI:69DH :C ADH EA6C:H :HIG6IZ<>8DH D 8J69GDH 9: B6C9D 6 IG6KZH 9: :AADH H: D7I:C9GY A6 >C;DGB68>_C D7?:I>K6 HD7G: :A 9:H:BE:]D 9: A6H 68I>K>969:H FJ: G:6A>O6 A6 >CHI>IJ8>_C :H 9:8>G >BEA>86C :K6AJ6G G:HJAI69DH D7I:C>9DH EDG A6H EG>C8>E6A:H JC>969:H D 9:E6GI6B:CIDH 9: JC6 >CHI>IJ8>_C N 8DBE6G6G 9>8=DH G:HJAI69DH 8DC AD EA6C>;>869D 6 ;>C 9: :A:K6G HJ :;>8>:C8>6 N EGD9J8I>K>969 9:BYH ADH >C9>869DG:H 9: <:HI>_C :C A6 ;JC8>_C Eb7A>86 H: :MEDC:C 8DBD bI>A:H E6G6 BDI>K6G 6A ;JC8>DC6G>D : >C8:CI>K6GAD H:<bC HJH G:HJAI69DH 6A86CO69DH EDG 8DCH><J>:CI: H: AD<G6 FJ: H: >CKDAJ8G: :C 9>;:G:CI:H EGDN:8IDH 9: B:?DG6 E6G6 :A :CI: :C :A 8J6A IG676?6 8/4.,/9<0= =02S8 L7-4>9 /0 70/4.4R8 *6G6 G:A68>DC6G A6H B:9>96H 9: 9:H:BE:]D HJ 8DCIG>7J8>_C 6 ADH G:HJAI69DH ;>C6A:H N A6H EG:<JCI6H FJ: H: >CI:CI6C G:HEDC9:G DCC:;DN $ N GB>?D ' >C9>86C :C :A H><J>:CI: 8J69GD A6 G:A68>_C :M>HI:CI:
42?<, D ':9>96H EDG YB7>ID 9: 9:H:BE:]D N EG:<JCI6H FJ: H: 67DG96C " &! !'& !
S _BD :HIYC 86B7>6C9D A6H 8DC9>8>DC:H FJ: :HI6BDH >CI:GK>C>:C9D
S J6CI6H JC>969:H 9: EGD9J8IDH N H:GK>8>DH :HI6BDH <:C:G6C9D "$! ' &! !'&"'&
S DC FJ: G6E>9:O AD :HI6BDH =68>:C9D "$! %!
S JYCID CDH 8J:HI6
S JYCIDH G:8JGHDH >CK:GI>BDH 8J6CID E:GHDC6A IG676?D :C :A EGD8:HD "'&%
?08>0 DCC:;DN $ N GB>?D '
.D96H A6H DG<6C>O68>DC:H :;:8I>K6H B>9:C HJ 9:H:BE:]D E6G6 8DCD8:G 8J6C 7>:C :HIYC =68>:C9D A6H 8DH6H : >9:CI>;>86C9D DEDGIJC>969:H E6G6 B:?DG6G H >BEDGI6CI: 68DI6G FJ: :A 9:H:BE:]D <AD76A 9: JC6 >CHI>IJ8>_C EJ7A>86 :H EGD9J8ID 9: A6 >CI:G688>_C 9: ADH ;68IDG:H 9: :;>8>:C8>6 :;>868>6 86A>969 N :8DCDB[6 IG6KZH 9: ADH >C9>869DG:H H: EGD8:9:GY 6 B:9>G :A 9:H:BE:]D >CHI>IJ8>DC6A 9:A #CHI>IJID (68>DC6A 9: #CK:HI><68>DC:H <G[8DA6H #(# D7?:ID 9: A6 >CK:HI><68>_C 0/4.4R8 /06 0=07:0P9 : 68J:G9D 6 AD :MEG:H69D EDG !JOBYC ' :MEG:H6 FJ: h&6H B:9>8>DC:H 9:A 9:H:BE:]D H: :;:8Ib6C 6 IG6KZH 9: >C9>869DG:H :C A6 ;DGB6 9: 6A<DG>IBDH B6I:BYI>8DH D ;DGBJA6H FJ: :CIG:<6C JC6 K6ADG68>_C 8J6CI>I6I>K6 9:A 9:H:BE:]Di
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b7A>8D A6 :K6AJ68>_C 9: A6 <:HI>_C :H 6 IG6KZH 9: >C9>869DG:H ADH 8J6A:H EGDK::C 6 A6 >CHI>IJ8>_C >C;DGB68>_C G:A:K6CI: *6G6 :A #CHI>IJID (68>DC6A 9: #CK:HI><68>DC:H <G[8DA6H #(# :H JC >CHIGJB:CID E6G6 :K6AJ6G HJ <:HI>_C 6H[ B>HBD EGDK::GY A6 A[C:6 9: 76H: E6G6 K6ADG>O6G ADH >C9>869DG:H 9: 9:H:BE:]D N 9: :HI6 B6C:G6 :HI67A:8:G ADH 8JGHDH 9: 688>_C C:8:H6G>DH *DG 8DCH><J>:CI: 6A EGDEDC:G JC 9>H:]D 9: JC H>HI:B6 9: >C9>869DG:H :H C:8:H6G>D 8DCH>9:G6G FJ: :HIDH E:GB>I>GYC 6 A6 >CHI>IJ8>_C
:HI67A:8:G CJ:K6H
9>G:8IG>8:H N :HI67A:8:G JC B:86C>HBD 9: H:<J>B>:CID N :K6AJ68>_C 9: A6 <:HI>_C EDG AD I6CID 9:7: E6GI>GH: FJ: 6A EGD8:9:G 6A 9>H:]D 9: :HI: >CHIGJB:CID 9: B:9>8>_C G:FJ>:G: JC BDB:CID 9: 68:G86B>:CID 6 A6 G:6A>969 FJ: K>K: 68IJ6AB:CI: A6 >CHI>IJ8>_C D7?:ID :HIJ9>D 9: A6 >CK:HI><68>_C 4@060= 9<2,84C,.498,60= 4@06 7,.<9 D C>K:A :HIG6IZ<>8D AD<GDH 6 C>K:A C68>DC6A : >CI:GC68>DC6A 6C6A>O6G ADH EGDE_H>IDH :MEG:H69DH :C ADH EA6C:H 86B7>DH HD8>6A:H EGD9J8>9DH EDG A6 6EA>868>_C 9: A6H EDA[I>86H N 68I>K>969:H 9:A H:8IDG 6<G[8DA6
8I>K>969:H 6 >H:]6G JC6 B6IG>O 9: G:A68>DC:H 8DC A6H EDA[I>86H C68>DC6A:H FJ: I>:C:C >C=:G:C8>6H 8DC :A H:8IDG 6<G[8DA6 C68>DC6A 7 >HEDC:G 9: JC6 96I6 :HI69[HI>86 HD7G: :A 9:H:BE:]D 9:A H:8IDG 6<GDEGD9J8I>KD 8 #CI:GEG:I6G A6H 8DBJC>868>DC:H 9: DIGDH DG<6C>HBDH N B:9>DH B6H>KDH 9: 8DBJC>868>_C FJ: =6<6C G:;:G:C8>6 HD7G: A6H EDA[I>86H EGD<G6B6H N EGDN:8IDH >CHI>IJ8>DC6A:H : 0:G>;>86G :A 8JBEA>B>:CID 9: >C9>869DG:H :HIG6IZ<>8DH 4@06 70=9 D C>K:A IY8I>8D : >CI:GB:9>D >BE68ID 9: ADH EGD<G6B6H FJ: HDC A6H HJB6 9: ADH EGDN:8IDH 8DCI:BEA69DH 6 C>K:A B>8GD 8I>K>969:H 6 ,:6A>O6G :HIJ9>D 9: 9D8JB:CIDH EGD9J8ID 9: EGDEJ:HI6H =:8=6H 6CI:G>DGB:CI: 7 #9:CI>;>86G H> A6H EDA[I>86H C68>DC6A:H H: :HIYC :?:8JI6C9D :C 8DDG9>C68>_C N 8DDE:G68>_C 8DC DIGDH DG<6C>HBDH ADH EGDN:8IDH 8 K>9:C8>6G ADH 6K6C8:H 9: ADH EGDN:8IDH 6 C>K:A B>8GD 9 #9:CI>;>86G G:9:H 9: IG676?D 8DA67DG6I>KD :CIG: A6H >CHI>IJ8>DC:H E6GI>8>E6CI:H 4@06 74.<9 D C>K:A 9: EGDN:8ID E:GB>I: 6C6A>O6G EGDE_H>IDH D7?:I>KDH N ?JHI>;>868>DC:H EGD9J8IDH 9:A EGDN:8ID AD<GDH
>C9>869DG:H 9: AD
D7I:C>9D
EA6C>;>869D C :A 86HD 9: ADH EGDN:8IDH 9: EGD9J88>_C 7>:C 8DCK:C9G[6 G:6A>O6G JC 8DCIGDA 9: 86A>969 9:A EGD9J8ID 8I>K>969:H 6 ,:<>HIGD :C :A >CHIGJB:CID 7 #9:CI>;>86G 68I>K>969:H 6GI>8JA696H 8DC DIGDH DG<6C>HBDH 8 #9:CI>;>86G :A 9:H6GGDAAD CJ:KDH EGD9J8IDH 9 6EIJG6G >C;DGB68>_C <:C:G696 9: ADH 68IDG:H : HIGJ8IJG6G N H>HI:B6I>O6G D7H:GK68>DC:H
?,/<9 '6IG>O 9: >BE68ID H>HIZB>8D
"<9/?.>9=
4.<9 <?:9
8>0<70/49 "<92<,7, ,.498,6 /0 408.4, B &0.89692N,
,.<9 ,.4R8
"<9/?.>9= /0 /06 2<?:9 <>N.?69= 64-<9= :9808.4,= >0=4= :,=,8>N,= 89<7,= 70<.,8.N,= 0>. -JB6 9: ADH EGD9J8IDH 9: ADH <GJEDH 9:A EGD<G6B6 C68>DC6A >;[8>A 9: EG:8>H6G
-JB6 9: ID9DH ADH EGD9J8IDH 9: ID9DH ADH <GJEDH C68>DC6A:H
92<9= 8J:G9DH :CIG: ADH EGDE_H>IDH 9: ADH EGDN:8IDH 9: >CK:HI><68>_C 9:A <GJED N HJH EGD9J8IDH 8J:G9D :CIG: ADH EGDE_H>IDH 9:A EGD<G6B6 (68>DC6A N ADH G:HJAI69DH K>H>7A:H :C ADH 9>HI>CIDH YB7>IDH :C FJ: H: 9:HEA>:<6 HJ 688>_C 8J:G9D :CIG: ADH G:HJAI69DH 6<G:<69DH 9: ID9DH ADH <GJEDH N ADH EA6C:H C68>DC6A:H 9: 9:H6GGDAAD N 9: >:C8>6 N .:8CDAD<[6
10.>9= >;[8>A 9: EG:8>H6G
DCHDA>968>_C 9: 8DBJC>969 >BE68ID :8DC_B>8D 8DCHIGJ88>_C 9: G:9:H 86E>I6A HD8>6A :C :A YB7>ID 9:A EGD<G6B6 6B7>DH CDIDG>DH :C A6 HD8>:969 D :C <GJEDH HD8>6A:H >BEDGI6CI:H 8DBD G:HJAI69D 9: A6H EDA[I>86H N 68I>K>969:H 9: >:C8>6 N .:8CDAD<[6
J:CI: 0>AA6K:8:H $DHZ &J>H ,:K>HI6 .- CR 0DA *Y<H
C :A 8J69GD (R 0>AA6K:8:H EA6CI:6 :C ADH IG:H C>K:A:H EGD<G6BYI>8DH :HIY 8DCIG6HI6C9D G:HJAI69DH 8DCIG6 A6 >CI:C8>_C >C>8>6A H: AD<G6 D7I:C:G :A >BE68ID FJ: HDC ADH :;:8IDH FJ: E:G8>7: A6 HD8>:969 N 6 A6 IG6CH;DGB68>_C 8J6A>I6I>K6 N :HIGJ8IJG6A 9: A6 HD8>:969 D 9: JC <GJED HD8>6A 6BEA>D @,6?,.4R8 0A :9=> C K>GIJ9 9: A6 ;6AI6 9: :K6AJ68>_C :M EDHI H: EJ9>:G6 8DC8:7>G :C #(# 9:H9: A6 D7I:C8>_C 9: >C;DGB68>_C EGD9J8ID 9: ADH 9[6H 9: 86BED :C8J:CIGD 9: H67:G:H >CI:G86B7>D 8DC ADH EGD9J8IDG:H :C A6H G:9:H 9: >CCDK68>_C :CIG: DIGDH EJ:9:C H:G 8DCH>9:G696H 8DBD A[C:6 76H: D EJCID 9: E6GI>96 E6G6 >G A:K6CI6C9D JC6 96I6 9: 86B7>DH EGD<G:HDH :ME:G>:C8>6H 6EG:C9>96H >CK:C8>DC:H CJ:K6H >CCDK68>DC:H G:<>HIG6G A6H >BEG:H>DC:H N EDG :C9: E:GB>I>GY H>HI:B6I>O6G A6 >C;DGB68>_C 9: ;DGB6 8J6CI>I6I>K6 N 8J6A>I6I>K6 E6G6 FJ: E:G>_9>86B:CI: H: :HI>B:C ADH H:<J>B>:CIDH 9: A6 <:HI>_C 9: EGDN:8IDH EGD<G6B6H 9: EGD9J88>_C N H:GK>8>DH 6H[ 8DBD :A JHD >CHIGJB:CIDH 9: B:9>8>_C E6G6 A6 8DCHIGJ88>_C 9: >C9>869DG:H 9: <:HI>_C A G:HE:8ID
J8=:A> N 0>AA6K:8:H &6 8DCHIGJ88>_C 9: >C9>869DG:H 9:7: E:GB>I>G B:9>G A6H 86E68>969:H FJ: A: DIDG<6 6 JC6 HD8>:969 9:I:GB>C696 AA:K6G 6 867D EGY8I>86H 8>:CI[;>8D I:8CDA_<>86H N G:8DCD8:G ADH EGD8:HDH FJ: A: E:GB>I:C 69FJ>G>G N 9:H6GGDAA6G 86E68>969:H E6G6 EGD9J8>G 7>:C:H H:GK>8>DH N 6I:C9:G HJH C:8:H>969:H 8DC 76H: :C A6 >C;DGB68>_C N :A 8DCD8>B>:CID C 6I:C8>_C 6 AD EA6CI:69D A6 8DCHIGJ88>_C 9: >C9>869DG:H N A6 :K6AJ68>_C :M EDHI 9: EGDN:8IDH N EGD<G6B6H 9: A6 <:HI>_C >CHI>IJ8>DC6A 9:A #(# E6H6 EDG 9>6<CDHI>86G ADH 68IJ6A:H 8G>I:G>DH >C=:G:CI:H 6A 8DCIGDA 9: A6 <:HI>_C 9: G:HJAI69DH : >BE68IDH 9: ADH EGDN:8IDH 9: EGD9J8IDH N H:GK>8>DH 9:A #(# E:GD :HID H: AD<G6GY AJ:<D 9: A6 9:;>C>8>_C 9: FJZ :H :K6AJ68>_C 3 FJZ :H >BE68ID E6G6 A6 >CHI>IJ8>_C G:FJ:G>B>:CIDH :HIDH >C9>HE:CH67A:H E6G6 A6 G:6A>O68>_C 9: :HI6 >CK:HI><68>_C :C K>GIJ9 9: A6 ED86 9>HEDC>7>A>969 D >C:M>HI:C8>6 9: <J[6H EGY8I>86H N 9D8JB:CIDH DG>:CI69DG:H E6G6 :K6AJ6G N B:9>G ADH G:HJAI69DH : >BE68IDH 9:A #(# A G:HE:8ID ! *# K6AJ68>_C :M EDHI :H A6 G:K>H>_C FJ: H: :;:8Ib6 HD7G: JC6 >C>8>6I>K6 9: >CK:GH>_C AJ:<D 9: I:GB>C696 HJ :?:8J8>_C N IG6H =67:G 6K6CO69D JC I>:BED G6ODC67A: :C HJ ;6H: 9: DE:G68>_C 8DC :A ;>C 9: 6C6A>O6G HJH G:HJAI69DH I6CID HD7G: :A EGD7A:B6 FJ: H: EG:I:C9: G:HDAK:G 8DBD 9: HJ :CIDGCD &6 :K6AJ68>_C :M EDHI I>:C: 9DH 9>B:CH>DC:H &6 9:A EGDN:8ID B>HBD A6 8J6A :HI6 H: :;:8Ib6 9:CIGD 9:A YB7>ID >CHI>IJ8>DC6A N A6 9:A EGD<G6B6 D 9:A 8J6A :A EGDN:8ID ;DGB6 E6GI: 8/4.,/9<0= 20<08.4,60= 9 /0 /0=07:0P9 ,22482 8/4.,>9<= -:<`C %6EA6C N (DGIDC -DC 6FJ:AADH FJ: B>9:C G:HJAI69DH 9: D7?:I>KDH 9: 8DGID EA6OD HD7G: 8JND G:HJAI69D EJ:9: BD9>;>86G BJN ED8D .6A :H :A 86HD 9: ADH >C9>869DG:H ;>C6C8>:GDH JC6 K:O FJ: H: D7I>:C:C BJN ED8D EJ:9: =68:GH: E6G6 G:6A>O6G 86B7>DH H> CD H: 6;:8I6C ADH ;68IDG:H FJ: 86JH6GDC :HI: G:HJAI69D i HID >C9>86 FJ: CD 76HI6 8DC 8J6CI>;>86G :A >BE68ID 9: ADH EGD<G6B6 N EGDN:8IDH HD7G: :A <GJED 9: 7:C:;>8>6G>DH 8DBE6G6C9D A6 H>IJ68>_C h9:A 6CI:H K:GHJH :A 9:HEJZHi H>CD FJ: H: G:FJ>:G: 8DBE6G6G ADH G:HJAI69DH ;>C6A:H 9:A EGD<G6B6 :C ADH 7:C:;>8>6G>DH 8DC G:HE:8ID 6 JC <GJED 9: CD 7:C:;>8>6G>DH 9: 86G68I:G[HI>86H H>B>A6G:Hi
&D 6CI:G>DGB:CI: G:;:G>9D G:;J:GO6 A6 >BEDGI6C8>6 FJ:
H: G:FJ>:G:C 9:
:HIJ9>DH 9: <:HI>_C I6CID :M 6CI: 8DBD :M EDHI ADH B>HBDH I:C9GYC H:CI>9D :C A6 B:9>96 9: FJ: ADH >BE68IDH AD<G:C 86B7>DH H><C>;>86I>KDH :C ADH 7:C:;>8>6G>DH N :C HJH ;DGB6H 9: K>96 E6G6 AD FJ: H: G:FJ>:G:C :CIDC8:H 9:H6GGDAA6G B:86C>HBDH : >CHIGJB:CIDH 9: EA6C>;>868>_C :?:8J8>_C N 8DCIGDA 9: EGDN:8IDH N EGD<G6B6H ><J6AB:CI: G:K>H6G ADH G:HJAI69DH N 6K6C8:H 9: A6 <:HI>_C 0=>4R8 #BE68ID H: :CI>:C9:C ADH 86B7>DH G:HJAI6CI:H 9: A6 >CI:G688>_C :CIG: 68IDG:H FJ: >CI:GK>:C:C :C ADH EGD8:HDH 9: EGDBD8>_C 8DCHIGJ88>_C 9:H6GGDAAD EGD9J88>_C 6EA>868>_C 9>HIG>7J8>_C 6H>B>A68>_C N JHD 9:A 8DCD8>B>:CID :C N E6G6 A6 HD8>:969 N HJ :CIDGCD -:<`C #G:C: !JI>? N $>B 1DD9=>AA H:]6A6 6 A6 h<:HI>_C DG>:CI696 6A >BE68IDi H><C>;>86 FJ: H: 9:7:GY G:688>DC6G 6CI: A6H CJ:K6H 8>G8JCHI6C8>6H N JC6 B:?DG 8DBEG:CH>_C 9: A6 H>IJ68>_C 696EI6C9D :A EGDN:8ID 9: B6C:G6 FJ: I:C<6 BYH EGD767>A>969:H 9: 6A86CO6G ADH >BE68IDH EG:K>HIDH HI6 696EI68>_C EJ:9: G:FJ:G>G E:FJ:]6H BD9>;>868>DC:H 9: A6H 68I>K>969:H D G:K>H>DC:H :HIG6IZ<>86H BYH 6BEA>6H &6 <:HI>_C DG>:CI696 6A >BE68ID :HIY 8DC9>8>DC696 6 A6H A>B>I68>DC:H 9: 8696 EGDN:8ID '6CI:C:GH: 6A 8DGG>:CI: 9: A6H A>B>I68>DC:H >CI:GC6H N :MI:GC6H A: E:GB>I>GY 69DEI6G :ME:8I6I>K6H G:6A>HI6H 68:G86 9: ADH 6?JHI:H N ADH AD<GDH 9= 47:,.>9= HDC ADH 86B7>DH >CIGD9J8>9DH :C A6 K>96 9: ADH ED7G:H GJG6A:H D BYH 8DC8G:I6B:CI: A6H B:?DG6H :C HJ 7>:C:HI6G #G:C: !JI>? N $>B 1DD9=>AA 48.9 ?0=>4980= =><,>M24.,= /0 %02?47408>9 B @,6?,.4R8 :,<, 6, 0=>4R8 !<408>,/, ,6 7:,.>9 "0<>4808.4, S H 69:8J69D AD FJ: :HI6BDH =68>:C9D 6=DG6 E6G6 B:?DG6G A6 H>IJ68>_C EA6CI:696 S(DH D8JE6BDH 9: A6H EG>DG>969:H 9: ADH <GJEDH D7?:I>KD S*DG FJZ D EDG FJZ CD
10.>4@4/,/ S-: =6C 8JBEA>9D ADH EA6C:H EGDE_H>IDH EGD9J8IDH N 68I>K>969:H S H 8DGG:8I6 A6 A_<>86 9: A6 >CI:GK:C8>_C S*DG FJZ D EDG FJZ CD &D FJ: :HI6BDH =68>:C9D 6=DG6 S:H AD B:?DG E6G6 D7I:C:G :A BYM>BD 9:A >BE68ID 14.408.4, S-: JI>A>O6C ADH G:8JGHDH 9:A B:?DG BD9D EDH>7A: S*DG FJZ D EDG FJZ CD S+JZ ED9G[6BDH =68:G 9: DIG6 B6C:G6 E6G6 B:?DG6G A6 :?:8J8>_C N 8DCH:<J>G :A BYM>BD 9:A >BE68ID 8DC JC 8DHID 68:EI67A: N HDHI:C>7A: 7:,.>9 S C FJZ B:9>96 =6 8DCIG>7J>9D :A EGDN:8ID 6 A6 G:9J88>_C 9: A6 ED7G:O6 J DIG6H B:I6H 6 A6G<D EA6OD S*DG FJZ D EDGFJZ CD S+JZ 8DCH:8J:C8>6H EDH>I>K6H D C:<6I>K6H >BEG:K>HI6H IJKD :A EGDN:8ID S*DG FJZ H: 9>:GDC :HI6H 8DCH:8J:C8>6H %9=>084-464/,/ S-:<J>GY I:C>:C9D :A EGDN:8ID JC >BE68ID EDH>I>KD 8J6C9D H: =6N6C 6<DI69D ADH ;DC9DH 9:CIGD 9: 8J6IGD D 8>C8D 6]DH S*DG FJZ D EDG FJZ CD 9= :<9/?.>9= -:<bC #G:C: !JI>? N $>B 1DD9=>AA EA6CI:6C FJ: -DC ADH 7>:C:H N ADH H:GK>8>DH ADH FJ: H: D7I>:C:C EDG A6 >CI:GK:C8>_C 9:A EGDN:8ID 9= 010.>9= /4<0.>9= HDC AD FJ: D8JGG:C 9:HEJZH 9: FJ: H: =6C :CIG:<69D ADH EGD9J8IDH HDC A6H EG>B:G6H >C9>868>DC:H 9:A >BE68ID N <:C:G6AB:CI: :CIG6]6C 86B7>DH >C9J8>9DH EDG :A EGDN:8ID :C :A 8DBEDGI6B>:CID 9: A6H E:GHDC6H D A6H DG<6C>O68>DC:H @,6?,< #G:C: !JI>? N $>B 1DD9=>AA -><C>;>86 h:HI>B6G D ?JO<6G :A K6ADG D A6 JI>A>969 9: 6A<Di C A6 EGY8I>86 :HID H><C>;>86 FJ: ADH :C86G<69DH 9: A6 :?:8J8>_C 9:7:C 69DEI6G JC6 68I>IJ9 >C96<69DG6 E6G6 EGD8:9:G 6 JC6 :K6AJ68>_C 8DCI>CJ6 &6H 68I>K>969:H 9: :K6AJ68>_C HJ:A:C H:G 9: 86GY8I:G BYH E:G>_9>8D N EA6CI:6G 8J:HI>DC:H 9: B6NDG E:HD 68:G86 9: A6 B6G8=6 <:C:G6A N A6 DG>:CI68>_C 9: JC EGDN:8ID &DH EGD8:HDH 9: 6JID:K6AJ68>_C H: 8DB7>C6C 7>:C 8DC A6H :K6AJ68>DC:H :MI:GC6H %02?47408>9 DCIG>7JN: 6 A6 6JID:K6AJ68>_C 8DCI>CJ6 EGDEDG8>DC6C9D 96IDH FJ: ;68>A>I6C E:G8:E8>DC:H B:9>6CI: EGD8:HDH ;DGB6A:H : >C;DGB6A:H A H:<J>B>:CID ;DGB6A
8DCH>HI: :C G:8D<:G 96IDH HD7G: >C9>869DG:H H:A:88>DC69DH N EG:<JCI6H 9: 9:H:BE:]D A H:<J>B>:CID >C;DGB6A 8DCH>HI: :C K6ADG6G N 8DBE6GI>G >BEG:H>DC:H B:9>6CI: 8DCK:GH68>DC:H 8DC A6H E6GI:H >CI:G:H696H N D7H:GK68>DC:H HD7G: :A I:GG:CD A H:<J>B>:CID H: 76H6 :C A6 G:8DA:88>_C G:<JA6G 9: >C;DGB68>_C N A6 K:G>;>868>_C ;G:8J:CI: 9: EGD<G:HDH 6 8DGID EA6OD 8DC ADH 8DGG:HEDC9>:CI:H 6CYA>H>H 9: A6H 8DCH:8J:C8>6H E6G6 :A EGDN:8ID /08>414.,.4R8 /0 47:,.>9= /0 69= :<9B0.>9= A EGD8:HD 9: >9:CI>;>868>_C 9: >BE68IDH FJ: 8DCHI>IJN: :A EG>B:G E6HD 9: A6 :K6AJ68>_C :8DC_B>86 9: EGDN:8IDH 8DCH>HI: :C EGDN:8I6G D =68:G H:<J>B>:CID 9: ADH G:HJAI69DH FJ: H: 9:H:C869:C:C EDG A6H >CK:GH>DC:H N 688>DC:H 9:A EGDN:8ID D EDA[I>86 -: 7JH86 H:<J>G A6 869:C6 9: ADH :;:8IDH =6HI6 9:I:8I6G ADH 86B7>DH 6IG>7J>7A:H 6A EGDN:8ID FJ: 6;:8I6C :A 7>:C:HI6G 9: A6 8DA:8I>K>969 C68>DC6A HE:8[;>86B:CI: H: 7JH86 >9:CI>;>86G N EGDN:8I6G ADH >BE68IDH HD7G: :A 8DCHJBD D G:9J88>_C :C 8DCHJBD 9: 7>:C:H H:GK>8>DH N 7>:C:H B:G>IDG>DH N :A JHD D A>7:G68>_C 9: G:8JGHDH N ;68IDG:H EGD9J8I>KDH A 6C6A>O6G JC EGDN:8ID D EDA[I>86 E6G6 >9:CI>;>86G HJH >BE68IDH H: 9:7: I:C:G :C 8J:CI6 ADH H><J>:CI:H 6HE:8IDH &DH >BE68IDH FJ: 6;:8I6C :A 7>:C:HI6G 9: A6 8DA:8I>K>969 C68>DC6A H: 6HD8>6C 8DC :A 8DCHJBD N D 8DC :A JHD 9: G:8JGHDH H[ H: :C;D86 6 JC 6CYA>H>H 9:A >BE68ID HD7G: G:8JGHDH G:6A:H 6HD8>69DH 8DC ADH ;AJ?DH : >CI:G86B7>DH 9: ;68IDG:H >CHJBDH 7>:C:H N H:GK>8>DH )IGDH 86B7>DH EGD9J8>9DH EDG :A EGDN:8ID D EDA[I>86 HJ:A:C H:G :HIG6I:<>6H 68I>K>969:H D B:9>DH FJ: 8DCAA:K6C BD9>;>868>DC:H :C : JHD 9: G:8JGHDH D ADH E6<DH BDC:I6G>DH 6HD8>69DH 8DC 9>8=6H BD9>;>868>DC:H !:C:G68>_C 9: :BEA:DH 6JB:CIDH
:C >C<G:HD D 86B7>DH :C ADH EG:8>DH HDC :;:8IDH 9: JC EGDN:8ID D EDA[I>86 FJ: 6 HJ K:O 9:H:C869:C6C 9>;:G:CI:H >BE68IDH HD7G: :A 8DCHJBD N D JHD 9: G:8JGHDH &DH >BE68IDH H: >9:CI>;>86C 9: JC G><JGDHD 8DCIG6HI: 9:A :H8:C6G>D H>C EGDN:8ID N :A :H8:C6G>D 8DC EGDN:8ID 9: I6A B6C:G6 FJ: H: 6H:<JG: FJ: H:6C 6IG>7J>7A:H 6 A6H >CK:GH>DC:H N 688>DC:H FJ: 8DCHI>IJN:C :A EGDN:8ID &DH >BE68IDH FJ: >CI:G:H6C :C A6 :K6AJ68>_C :8DC_B>86 N HD8>6A HDC ADH FJ: H: EG:H:CI6C 6 A6 8DA:8I>K>969 C68>DC6A (D H: >C8AJN:C C> IG6CH688>DC:H FJ: H: EG:H:CI6C :CIG: 9>;:G:CI:H 6<:CI:H 9: A6 HD8>:969 I6BED8D H: 8DCI:BEA6C ADH :;:8IDH FJ: 8DCHI>IJN:C 68I>K>969:H 9:A B>HBD EGDN:8ID &DH >BE68IDH H: >9:CI>;>86C :C HJ >BEA>868>_C E6G6 A6 :8DCDB[6 B6NDG 8DCHJBD A>7:G68>_C 9: G:8JGHDH EDG HJ B6<C>IJ9 N EDG HJ J7>868>_C :C :A I>:BED -: HJ:A: >9:CI>;>86G H:E6G696B:CI: ADH >BE68IDH EDH>I>KDH N ADH >BE68IDH C:<6I>KDH 9:A EGDN:8ID H: IG676?6 EDG I6CID EDG JC A69D HD7G: JC 6CYA>H>H 9: EGD9J8IDH N HJH 8DGG:HEDC9>:CI:H 7:C:;>8>DH N EDG DIGD A69D HD7G: ADH >CHJBDH N ;68IDG:H N HJH 8DGG:HEDC9>:CI:H 8DHIDH 810<70/,/0= C9989>4.,= ,J>O & 9:;>C: h&6H :C;:GB:969:H ODDC_I>86H HDC >C;:88>DC:H IG6CHB>I>96H :C 8DC9>8>DC:H C6IJG6A:H :CIG: 6C>B6A:H K:GI:7G69DH N :A =DB7G: FJ>:C :C BJ8=6H D86H>DC:H E6GI>8>E6 :C A6 BD9>;>868>_C 9:A 6B7>:CI: N 9:H8J>96 A6H 8DC9>8>DC:H =><>ZC>86H 9: H6AJ9 6JB:CI6C9D :A G>:H<D 9: 8DCIG6:G ZHI6H :C;:GB:969:Hi E .D96 :HI6 8DC8:EIJ6A>O68>_C G:FJ>:G: 9:A 6CYA>H>H 9: ADH DG<6C>HBDH 9: A6 9B>C>HIG68>_C *b7A>86 (68>DC6A :C :HE:8>6A A6H 9:9>8696H 6 A6 >CK:HI><68>_C N 9:H6GGDAAD 8DBD :A #(# 9:E:C9:GY :CIDC8:H 9: A6 86E68>969 9: ZHI6H 9: >CI:GEG:I6G
:HIDH IZGB>CDH 6CI:H B:C8>DC69DH N 9: 8DBEG:C9:G ADH 68:A:G69DH 86B7>DH :C :HI: BJC9D :B:G<:CI: N 8DBEA:?D :C 8J6CID 6A 9:H6GGDAAD I:8CDA_<>8D CJ:KDH E6G69><B6H 8>:CI[;>8DH N I:8CDA_<>8DH EDA[I>86H Eb7A>86H ADH >BE68IDH HD8>6A:H CJ:KDH BD9:ADH 9: >CK:HI><68>_C 6<G[8DA6H :CIG: DIGDH E6G6 G:6A>O6G :HI: :?:G8>8>D =:GB:CZJI>8D H: G:FJ>:G: 6CI:H 9:HA>C96G ADH B6G8DH 8DC8:EIJ6A:H N ;>ADH_;>8DH K><:CI:H :C EGD8JG6 9: DIDG<6G :A ?JHID K6ADG FJ: EDH::C A6 >CI:GG:A68>_C 9: :HI6H >CI:GEG:I68>DC:H 8DC ADH 68IDG:H HD8>6A:H :C A6 K6ADG68>_C 9: JC CJ:KD 8DCI:MID HD8>D
EDA[I>8D C :HI: H:CI>9D ADH DG<6C>HBDH Eb7A>8DH CD EJ:9:C H:<J>G ;JC8>DC6C9D 8DBD H>HI:B6H 8:GG69DH N G[<>9DH H>C :K6AJ6G :A 9:H:BE:]D 9: HJ <:HI>_C :C 9DC9: HJH :HIGJ8IJG6H DG<6C>O68>DC6A:H H><6C ;JC8>DC6C9D 9:CIGD 9: JC6 A_<>86 >CBD9>;>867A: *DG :A 8DCIG6G>D H: E6GI: 9: A6 EG:B>H6 FJ: :HI6H A6H >CHI>IJ8>DC:H HDC JC>969:H HD8>6A:H ;A:M>7A:H :C A6H FJ: A6H E:GHDC6H >CI:G68Ib6C >CIG6 N :MIG6>CHI>IJ8>DC6A :C :HE68>DH E6G6 A6 6EGDE>68>_C N 69DE8>_C 9: 8DCD8>B>:CIDH 8DBE6GI>9DH :?:G8>ZC9DH: 6H[ JC6 E:GB6C:CI: 8DCHIGJ88>_C 8DA:8I>K6 C A6 68IJ6A>969 :A #CHI>IJID (68>DC6A 9: #CK:HI><68>DC:H <G[8DA6 8DBD E6GI: 9: A6 9B>C>HIG68>_C *b7A>86 IG6CH>I6 HJ EGDE>6 IG6CH;DGB68>_C :C EA:C6 8DGG:HEDC9:C8>6 8DC :A CJ:KD BD9:AD EDA[I>8D HD8>6A>HI6 N 6 ADH 68IJ6A:H 86B7>DH EDA[I>8DH :8DC_B>8DH I:GG>IDG>6A:H ZI>8DH :CIG: DIGDH 9:8G:I69DH EDG :A !D7>:GCD (68>DC6A C :HI: H:CI>9D :A #(# HJEDC: A6 G:>CI:GEG:I68>_C 9:H9: D7?:I>KD :HIG6IZ<>8D =6HI6 :A 6CYA>H>H 9: HJ B68GDEGD8:HD 8DC :A G:HID 9: ADH EGD8:HDH N HJ7EGD8:HDH >CHI>IJ8>DC6A:H 8DBD JC 86B7>D E6G69><BYI>8D 9: <G6C :CK:G<69JG6 8DC K>H>_C 9: H>HI:B6 FJ: I>:C: FJ: 6H:<JG6G A6 E6GI>8>E68>_C >CI:G8DC:M>_C : >CI:GG:A68>_C 8DC :A G:HID 9: ADH DG<6C>HBDH E:GI:C:8>:CI:H 6A ->HI:B6 9: A6 9B>C>HIG68>_C *b7A>86 (68>DC6A 67DG969D 9:H9: A6 8DBEA:?>969 9: HJH EGD8:HDH 8G:6C9D >CCDK6C9D N EGDE>8>6C9D A6 E6GI>8>E68>_C 9: :FJ>EDH IG6CH9>H8>EA>C6G>DH : >CI:G>CHI>IJ8>DC6A:H N EDG :C9: :K6AJ6C9D ADH >BE68IDH :C A6 8DBJC>969:H 6 A6H FJ: 6I>:C9: FJ: HDC ADH B6H >CI:G:H69DH 9: ADH EGD9J8IDH N H:GK>8>DH FJ: EGDK::
-: EA6CI:6 :CIDC8:H B:9>6CI: :HI6 >CK:HI><68>_C JC6 ;DGB6 9: :K6AJ6G A6 <:HI>_C A6 8J6A G:FJ>:G: G:688>DC6G 6CI: BD9:ADH IG69>8>DC6A:H 9: DG<6C>O68>_C AD FJ: :FJ>K6A: 6 8DCHIGJ>G JC6 EGDEJ:HI6 9: B:9>8>_C :M EDHI 9: ADH EGD<G6B6H N EGDN:8IDH 9: EGD9J8IDH N H:GK>8>DH 9:A #(# N HJ >C8>9:C8>6 :C :A 9:H:BE:]D :A 8J6A HJEDC: CJ:K6H ;DGB6H 9: >CCDK68>_C >CHI>IJ8>DC6A .D9D :HID HJEDC: FJ: :A #(# 6HJB6 HJ EGDE>6 IG6CH;DGB68>_C FJ: EJ:96 8DC?J<6G 688>DC:H 6 IG6KZH 9: ADH B:86C>HBDH BYH :HIG:8=DH 8DC A6 HD8>:969 ID9D AD 6CI:G>DG :FJ>K6A: 6 8DCHIGJ>G JC6 CJ:K6 8JAIJG6 >CHI>IJ8>DC6A :C 9DC9: EG:K6A:O86C K6ADG:H JC>K:GH6A:H DG>:CI69DH =68>6 JC6 EA:C6 G:6A>O68>_C :C K:O 9: >C9>K>9J6A H:6 BYH 8DA:8I>K6 : >CHI>IJ8>DC6A ,<,.>0<4C,.4R8 /0 6, 0<08.4, /0 "<9/?..4R8 %9.4,6 /06 T (080C?06, !-50>4@9 A D7?:I>KD 9: A6 <:G:C8>6 :H EA6C>;>86G N 8DCIGDA6G A6H JC>969:H 9: EGD9J88>_C N H:GK>8>DH 9:A #(# 6 ;>C 9: <6G6CI>O6G FJ: A6H 68I>K>969:H H: G:6A>8:C :C ;DGB6 Y<>A 8DC :;>868>6 N :;>8>:C8>6 96C9D G:HEJ:HI6 DEDGIJC6 6 ADH G:FJ:G>B>:CIDH 9: A6 ED7A68>_C N 6H:<JG6C9D A6 HDHI:C>7>A>969 >CHI>IJ8>DC6A 9:A #(# /=.<4:.4R8 HI6 JC>969 :HI6 69H8G>I6 6 A6 !:G:C8>6 !:C:G6A 9:A #(# ?8.4980= /0 6, 20<08.4, /0 :<9/?..4R8 =9.4,6 *6GI>8>E6G 9: A6H 9>H8JH>DC:H :HIG6IZ<>86H 6EDGI6C9D :A:B:CIDH N 8DCD8>B>:CIDH 9: A6H JC>969:H 9: EGD9J88>_C :H6GGDAA6G *GDEJ:HI6H E6G6 A6 8G:68>_C N 8DCHDA>968>_C 9: CJ:K6H /C>969:H 9: EGD9J88>_C DDG9>C6G A6 *A6C>;>868>_C #C<:C>:G[6 8DCHIGJ88>_C IG6HE6HD 6 EGD9J88>_C N DE:G68>_C 9: CJ:K6H /C>969:H 9: *GD9J88>_C >H:]6G : >BEA6CI6G CDGB6H N EDA[I>86H 9: EGD9J88>_C N 8DB:G8>6A>O68>_C *GDEDC:G :?:8JI6G N HJE:GK>H6G ADH EA6C:H 9: EGD9J88>_C 8DCI67>A>969 :HIGJ8IJG6 9: 8DHIDH EDA[I>86H 9: EG:8>DH N 8DB:G8>6A>O68>_C 9: A6H JC>969:H 9: EGD9J88>_C
-JE:GK>H6G N 8DDG9>C6G :A ;JC8>DC6B>:CID 9: ID96H A6H JC>969:H 9: EGD9J88>_C 9:A #(# :C ID9D AD G:;:G:CI: 6 EGD9J88>_C C:<D8>68>_C 8DB:G8>6A>O68>_C 9: EGD9J8IDH N H:GK>8>DH HI67A:8:G G:A68>DC:H 8DCIG68IJ6A:H 8DC 8696 :CIGD ,:<>DC6A 8696 K:O FJ: :M>HI6C G:8JGHDH 8DBE6GI>9DH =JB6CDH I:8CDA_<>8DH D 68I>KDH ;>?DH :CIG: 68I>K>969:H EGD9J8I>K6H N 68I>K>969:H 9: >CCDK68>_C 0:A6G EDG A6 8DGG:8I6 :?:8J8>_C 9: ADH EG:HJEJ:HIDH N 8JBEA>B>:CID 9: A6H B:I6H 9: EGD9J88>_C N 8DB:G8>6A>O68>_C DDG9>C6G A6 ;DGBJA68>_C 9: ADH EA6C:H 6CJ6A:H 9: EGD9J88>_C DDG9>C6G :A 8DCIGDA 9: #CK:CI6G>DH *G:H:CI6G 6 A6 6AI6 9>G:88>_C >C;DGB:H E6G6 A6 IDB6 9: 9:8>H>DC:H 0:A6G EDG A6 86A>969 9: ADH EGD9J8IDH -J78DCIG6I6G H:GK>8>DH N E:GHDC6A ;J:G6 9:A #(# H> 6H[ AD G:FJ>G>:H: DDG9>C6G A6 IG6CH;:G:C8>6 9: A6 /C>969 9: *GD9J88>_C 6 6A<bC 68IDG 9:A :CIDGCD AA:<69D :A BDB:CID ?,/<9 *GD8:HDH 9: A6 <:G:C8>6 9: EGD9J88>_C HD8>6A $ ' !
!!$ ! %
!!$ K % $( !% $ "$! ' K %! !!$ K "$! ' K
J:CI: );>8>C6 9: *A6C>;>868>_C N *G:HJEJ:HID #(#
"$! %!% DCIGDA 9: <:HI>_C !:HI>_C 9: 8DHIDH EDA[I>86H !:HI>_C 69B>C>HIG6I>K6 8DCIGDA EDA[I>86H #CI:G86B7>D 8DCIGDA EDA[I>86H *G:8>DH EDA[I>86H !:HI>_C 9: A6 EGD9J88>_C 9: 7>:C:H DCIGDA 9: >CK:CI6G>D 9: >CHJBDH N EGD9J8IDH I:GB>C69DH *A6C:68>_C 9: CJ:K6H JC>969:H 9: EGD9J88>_C >HIG>7J8>_C : >CI:G86B7>D !:HI>_C 9: 8DHIDH
&6 <:G:C8>6 9: EGD9J88>_C 8J:CI6 8DC JC>969:H B_K>A:H J7>8696H :C ID9D :A I:GG>IDG>D C68>DC6A ADH 8J6A:H EG:HI6C H:GK>8>DH 9: 6CYA>H>H :HE:8>6A>O69DH 9: :HI6H JC>969:H HDC JI>A>O69DH E6G6 :;:8IJ6G 6CYA>H>H :C :A YG:6 9: EGDI:88>_C K:<:I6A N ADH DIGDH G:HI6CI:H 8DGG:HEDC9:C 6A YG:6 9: H6C>969 6C>B6A C>K:A 9: EA6CI6 ;[H>86 8J:CI6C 8DC JC IDI6A 9: A67DG6IDG>DH 9: ADH 8J6A:H HDC JI>A>O69DH E6G6 :A 9>6<C_HI>8D :C :A YG:6 9: H6C>969 6C>B6A :CIG: ADH FJ: H: 9:HI686C 6CYA>H>H 9: G67>6 6;IDH6 :C8:;6A>I>H :FJ>C6 E6IDAD<[6 EDG8>C6 <G>E: 6K>6G
>CHI>IJ8>DC6A
EGD<G6B6H N
J:CI: =6E6GGD ,
EGDN:8IDH
)G<6C>O68>_C
4708=4R8
!:HI>_C 9:
(,<4,-60
?,/<9 ?08>0 !:G:CI: 9: EGD9J88>_C !:G:CI: !:C:G6A N *G:H>9:CI:
>HEDC>7>A>969 9: 76H: 9: 96IDH =>HI_G>86 G:A:K6CI:H 8DC;>67A:H N .Z8C>8DH 9: EA6C>;>868>_C DEDGIJCDH 9: ADH N 8DCIGDA 9: <:HI>_C EGDN:8IDH 9: EGD9J88>_C N H:GK>8>DH
,:EDGI:H 9: EGD9J88>_C N EG:HI68>_C .Z8C>8DH 9: EA6C>;>868>_C N 8DCIGDA 9: <:HI>_C 9: H:GK>8>DH
CYA>H>H !:G:CI: 9: EGD9J88>_C :HIG6IZ<>8DH G:6A>O69DH 6 !:G:CI: !:C:G6A N EGDN:8IDH :?:8JI69DH *G:H>9:CI:
6CI>969 9: G:EDGI:H G:8>7>9DH 9: >BE68ID 9: EGDN:8IDH :?:8JI69DH
8/4.,/9<
(R DGBJA6G>D 9: :C8J:HI6 ,:K>H>_C 9D8JB:CI6A
(R DGBJA6G>D 9: :C8J:HI6 ,:K>H>_C 9D8JB:CI6A
(R CIG:K>HI6 :HIGJ8IJG696 ,:K>H>_C 9D8JB:CI6A
(R CIG:K>HI6 :HIGJ8IJG696 ,:K>H>_C 9D8JB:CI6A
8=><?708>9
A H>HI:B6 9: K6G>67A:H N A6 )E:G68>DC6A>O68>_C 9: A6H K6G>67A:H
>07
4708=4R8
J:CI: =6E6GGD ,
(,<4,-60
?08>0 .Z8C>8DH 9: EA6C>;>868>_C N 8DCIGDA 9: <:HI>_C
>6<CDHI>8DH G:6A>O69DH :M f 6CI:
,:<>HIGDH 9: 8A>:CI:H
EG:K>DH
(bB:GD 9: =:GG6B>:CI6H
.Z8C>8DH 9: EA6C>;>868>_C N 8DCIGDA 9: <:HI>_C
.Z8C>8DH 9: EA6C>;>868>_C N 8DCIGDA 9: <:HI>_C
.Z8C>8DH 9: EA6C>;>868>_C N 8DCIGDA 9: <:HI>_C
":GG6B>:CI6H FJ: E:GB>I6C <:C:G6G >C;DGB68>_C ;DGB6IDH .Z8C>8DH 9: EA6C>;>868>_C N 8DCIGDA 9: <:HI>_C H>HI:B6H >C;DGBYI>8DH
6CI>969 9: 96IDH =>HI_G>8DH 9: EGD9J88>_C N H:GK>8>DH EG:HI69DH
8/4.,/9<
?,/<9 98>48?,.4R8 8=><?708>9
(R DGBJA6G>D 9: :C8J:HI6 ,:K>H>_C 9D8JB:CI6A (R DGBJA6G>D 9: :C8J:HI6 ,:K>H>_C 9D8JB:CI6A
>07
(R DGBJA6G>D 9: :C8J:HI6 ,:K>H>_C 9D8JB:CI6A
(R DGBJA6G>D 9: :C8J:HI6 ,:K>H>_C 9D8JB:CI6A
(R DGBJA6G>D 9: :C8J:HI6 ,:K>H>_C 9D8JB:CI6A
,:8JGHDH 9>HEDC>7A:H
.Z8C>8DH 9: EA6C>;>868>_C N 8DCIGDA 9: <:HI>_C
(bB:GD 9: E:GHDC6A IZ8C>8D 6H><C69D 6A YG:6
.Z8C>8DH 9: EA6C>;>868>_C N 8DCIGDA 9: <:HI>_C
(bB:GD 9: E:GHDC6A IZ8C>8D 8DC 8DCD8>B>:CID .Z8C>8DH 9: EA6C>;>868>_C :C 6CYA>H>H 9: >BE68ID 9: N 8DCIGDA 9: <:HI>_C EGDN:8IDH
6E68>I68>DC:H G:8>7>96H :C :A YG:6 9: :K6AJ68>_C 9: >BE68ID 9: EGDN:8IDH
(bB:GD 9: E:GHDC6A !:G:CI: 9: EGD9J88>_C 9>G:8I>KD 8DC !:G:CI: !:C:G6A N 8DCD8>B>:CID :C 6CYA>H>H *G:H>9:CI: 9: >BE68ID 9: EGDN:8IDH
9:A YG:6
DCD8>B>:CID
?08>0
8/4.,/9<
4708=4R8
J:CI: =6E6GGD ,
(,<4,-60
98>48?,.4R8
?,/<9
(R DGBJA6G>D 9: :C8J:HI6
(R DGBJA6G>D 9: :C8J:HI6
(R DGBJA6G>D 9: :C8J:HI6
(R CIG:K>HI6 :HIGJ8IJG696
8=><?708>9
>07
4708=4R8
'D9:ADH 9: H>HI:B6H 9: B:9>8>_C J:CI: =6E6GGD ,
->HI:B6H 9: B:9>8>_C
(,<4,-60
?08>0
;[H>8D
.Z8C>8DH 9: EA6C>;>868>_C N 8DCIGDA 9: <:HI>_C
.Z8C>8DH 9: EA6C>;>868>_C N 8DCIGDA 9: <:HI>_C
>7A>D<G6;[6H ->HI:B6H 9: HIJ9>DH 9: 86HDH B:9>8>_C 6?JHI69DH 6 A6H G:6A>969 9: A6 DG<6C>O68>_C
,:8JGHDH I:8CDA_<>8DH 9>HEDC>7A:H
HE68>D 9:HI>C69D 6A YG:6
,:8JGHDH .Z8C>8DH 9: EA6C>;>868>_C ;>C6C8>:GDH 6H><C69DH 6A N 8DCIGDA 9: <:HI>_C YG:6
8/4.,/9<
98>48?,.4R8
?,/<9
8=><?708>9
,:K>H>_C 9D8JB:CI6A
(R DGBJA6G>D 9: :C8J:HI6
(R DGBJA6G>D 9: :C8J:HI6
(R DGBJA6G>D 9: :C8J:HI6
>07
" &' ! $ ! &! ! ! ! ,>?<,60C, /0 6, 8@0=>42,.4R8 HI6 >CK:HI><68>_C :HIJKD :CB6G8696 9:CIGD 9: JC BD9:AD :MEADG6IDG>D 9: 86BED AD FJ: 8DCHI>IJND JC EJCID 9: E6GI>96 E6G6
9>6<CDHI>86G N EGDEDC:G
JC
H>HI:B6 9: :K6AJ68>_C :MEDHI :C A6 :?:8J8>_C 9: EGDN:8IDH 9: EGD9J88>_C N H:GK>8>DH 9:A #(# -: 6EA>8D :C A6 !:G:C8>6 !:C:G6A C>K:A 8:CIG6A 9: EA6C>;>868>_C N 8DCIGDA 9: <:HI>_C 9: A6 >CHI>IJ8>_C AJ<6G 9DC9: H: EG:H:CI6 :A EGD7A:B6 :HI67A:8>ZC9DH: JC6 >CI:G688>_C :CIG: ADH D7?:I>KDH 9:A :HIJ9>D N A6 G:6A>969 "9-6,.4R8 B ?0=><, &6 ED7A68>_C 9:;>C>96 EDG
'DG6A:H hll 8DBD
:A 8DC?JCID D
JC>K:GHD E6G6 :A 8J6A H:GYC K6A>9696H A6H 8DC8AJH>DC:H FJ: H: D7I:C<6C 6 ADH :A:B:CIDH D JC>969:H E:GHDC6H >CHI>IJ8>DC:H D 8DH6H >CKDAJ8G696H :C A6 >CK:HI><68>_Ci E ?,/<9 D >HIG>7J8>_C 9: A6 *D7A68>_C $ !
&
*G:H>9:CI:
!:G:CI:H 9: *GD9J88>_C N -:GK>8>DH
!:G:CI: !:C:G6A
.Z8C>8DH 9: *A6C>;>868>_C N DCIGDA 9: !:HI>_C
&!&
J:CI: =6E6GGD ,
&6 ED7A68>_C E6G6 :HI6 >CK:HI><68>_C ;J: 8DCHI>IJ>96 EDG ADH !:G:CI:H 9: *GD9J88>_C N -:GK>8>DH !:G:CI: !:C:G6A N *G:H>9:CI: 9:A >CHI>IJID H>:C9D IG:H E:GHDC6H E6G6 :A C>K:A :HIG6IZ<>8D 6H[ 8DBD ADH .Z8C>8DH 9:A YG:6 9: *A6C>;>868>_C N DCIGDA 9: !:HI>_C .D96 A6 ED7A68>_C :HI676 J7>8696 :C A6 H:9: EG>C8>E6A 9: A6 !:G:C8>6 !:C:G6A 9: '6G686N HI69D G6<J6 'JC>8>E>D '6G>D G>8:]D #G6<DGGN &6 BJ:HIG6 A6 9:;>C: 'DG6A:H 8DBD hl /C HJ78DC?JCID G:EG:H:CI6I>KD 9: JC JC>K:GHD D ED7A68>_Ci E :7>9D 6A I6B6]D 9: A6H ED7A68>DC:H :C :A :HIJ9>D CD H: G:FJ>G>_ BJ:HIG:D 9>8=6 ED7A68>_C ;J: :C8J:HI696 N :CIG:K>HI696 :C HJ IDI6A>969 &M.84.,= 0 8=><?708>9= /0 $0.960..4R8 /0 819<7,.4R8 )GDE:O6 9:;>C: A6H IZ8C>86H 9: G:8DA:88>_C 9: 96IDH 8DBD h&DH EGD8:9>B>:CIDH H>HIZB>8DH E6G6 AA:K6G 6867D JC6 68I>K>969 D I6G:6 9:CIGD 9: A6 >CK:HI><68>_Ci E H[ B>HBD -67>CD :MEDC: FJ: hJC >CHIGJB:CID 9: G:8DA:88>_C 9: 96IDH :H :C EG>C8>E>D 8J6AFJ>:G G:8JGHD FJ: EJ:96 K6A:GH: :A >CK:HI><69DG E6G6 68:G86GH: 6 ADH ;:C_B:CDH N :MIG6:G 9: :AADH A6 >C;DGB68>_Cli E C ;JC8>_C 9:A AD<GD 9: ADH D7?:I>KDH 9: :HI: :HIJ9>D H: 6EA>86GDC A6H H><J>:CI:H IZ8C>86H : >CHIGJB:CIDH DG>:CI69DH 6 D7I:C:G >C;DGB68>_C k )7H:GK68>_C >G:8I6 ->HI:BYI>86 *J:CI: 9:;>C: FJ: hA6 D7H:GK68>_C :H 9>G:8I6 H>HI:BYI>86 8J6C9D :A >CK:HI><69DG H: EDC: :C 8DCI68ID E:GHDC6AB:CI: 8DC :A =:8=D D ;:C_B:CD FJ: IG6I6 9: >CK:HI><6G 8DC A6 6NJ96 9: :A:B:CIDH IZ8C>8DH 6EGDE>69DH I6A:H 8DBD ;>8=6H 8J69GDH I67A6Hi E
*6G6 :;:8IDH 9: A6 >CK:HI><68>_C A6 D7H:GK68>_C 9>G:8I6 H>HI:BYI>86 H: G:6A>OD 6EDNYC9DH: :C A6 A>HI6 9: 8DI:?D JH69D 8DBD =:GG6B>:CI6 E6G6 K:G>;>86G A6 9>HEDC>7>A>969 9: :A:B:CIDH 8DCH>9:G69DH 8DBD EGD76IDG>DH N :HIG6IZ<>8DH :C ADH EGD8:HD 9: <:HI>_C 9:CIGD 9: A6 >CHI>IJ8>_C k ,:K>H>_C D8JB:CI6A 6LHDC ,6?6<DE6A6C N -EG:>IO:G 9:;>C:C hllA6H ;J:CI:H 9: 6G8=>KDH I6A:H 8DBD A6H B:BDG>6H 6CJ6A:H N DIG6H ;J:CI:H 9: 9D8JB:CI68>_C Eb7A>86H : >CI:GC6H EJ:9:C JH6GH: E6G6 EGDEDG8>DC6G B:9>96H hD7?:I>K6Hi 9: A6H 8DC9>8>DC:H 9:A :CIDGCD N 9: A6 DG<6C>O68>_C 9: ADH EGDE_H>IDH >C>8>6A:H 9:A 86B7>D 9: A6H 68IJ68>DC:H G:6A>O696H 9: A6H K6G>68>DC:H :C ADH G:HJAI69DH :I8 N EGDEDG8>DC6C JC6 G:;:G:C8>6 bI>A E6G6 8DCHIGJ>G JC6 8GDCDAD<[6 9: :K:CIDH 8A6K:H : =:8=D A6 ,:6A 869:B>6 9: A6 &:C<J6 9:;>C: 9D8JB:CID 8DBD h:H8G>ID :C FJ: 8DCHI6C 96IDH ;>9:9><CDH D HJH8:EI>7A:H 9: H:G :BEA:69DH 8DBD I6A:H E6G6 EGD76G 6A<Di JG6CI: A6 >CK:HI><68>_C H: G:6A>OD A6 G:K>H>_C 9D8JB:CI6A B:9>6CI: A6 7bHFJ:96 9: >C;DGB68>_C :C #CI:GC:I 6H[ 8DBD 9:CIGD 9: A6H D;>8>C6H 9:A #(# k CIG:K>HI6 HIGJ8IJG696 C:MD J:C9[6 A6 9:;>C: 8DBD hBZID9D 9: >CK:HI><68>_C 86E6O 9: 96G G:HEJ:HI6 6 EGD7A:B6H I6CID :C IZGB>CDH 9:H8G>EI>KDH 8DBD 9: G:A68>_C 9: K6G>67A:H H:<bC JC 9>H:]D EG:K>6B:CI: :HI67A:8>9Di E C A6 >CK:HI><68>_C H: :CIG:K>HID 6 ID96 A6 ED7A68>_C 8DC;DGB696 :HI6 EDG IG:H E:GHDC6H 6 C>K:A :HIG6IZ<>8D :A EG:H>9:CI: <:G:CI: <:C:G6A N <:G:CI: 9: EGD9J88>_C -: 9:CDB>CD :CIG:K>HI6 :HIGJ8IJG696 9: >C;DGB68>_C :HIG6IZ<>86 :HI: >CHIGJB:CID ;J: HDB:I>9D 6 8G>I:G>DH 9: K6A>9:O FJ: EG:8>H6GDC A6 E:GI>C:C8>6 N HJ;>8>:C8>6 9:A B>HBD EDG E6GI: 9: JC E6C:A 9: :ME:GIDH :C :A YG:6 9: :K6AJ68>_C 9: >BE68ID
k C8J:HI6 C:MD ,J>O 9:;>C: A6 :C8J:HI6 8DBD hl IZ8C>86 8J6CI>I6I>K6 FJ: 8DCH>HI: :C JC6 >CK:HI><68>_C G:6A>O696 HD7G: JC6 BJ:HIG6 9: HJ?:IDH G:EG:H:CI6I>K6 9: JC 8DA:8I>KD BYH 6BEA>D JI>A>O6C9D EGD8:9>B>:CIDH :HI6C96G>O69DH 9: >CI:GGD<68>_C 8DC :A ;>C 9: 8DCH:<J>G B:9>8>DC:H 8J6CI>I6I>K6H HD7G: JC6 <G6C 86CI>969 9: 86G68I:G[HI>86H D7?:I>K6H N HJ7?:I>K6H 9: A6 ED7A68>_C E -: 6EA>8_ 6 D8=D E:GHDC6H :C :A C>K:A DE:G6I>KD :HID 8DC :A EGDE_H>ID 9: D7I:C:G HJH DE>C>DC:H 68:G86 9: A6 I:BYI>86 EA6CI:696 A >CHIGJB:CID 8DCI:C[6 DC8: EG:<JCI6H 8:GG696H HI: >CHIGJB:CID ;J: HDB:I>9D 6 8G>I:G>DH 9: K6A>9:O FJ: EG:8>H6GDC A6 E:GI>C:C8>6 N HJ;>8>:C8>6 9:A B>HBD k &>HI6 9: DI:?D C:MD ,6B[G:O hl:H JC6 =:GG6B>:CI6 FJ: H: EJ:9: JI>A>O6G E6G6 D7H:GK6H H>HI:BYI>86B:CI: JC EGD8:HD 6A D8JE6G JC6 A>HI6 9: EG:<JCI6H 8:GG696Hi E DC :HI: >CHIGJB:CID N B:9>6CI: K>H>I6H 9: D7H:GK68>_C 9>G:8I6 G:6A>O696H 9JG6CI: JC6 H:B6C6 A6H D;>8>C6H 9:A #(# H: :M6B>CD A6 EG:H:C8>6 9: ADH :A:B:CIDH FJ: H: 8DCH>9:G6C G:A:K6CI:H N EJCIDH 9: 8DCIGDA :C ADH H>HI:B6H 9: BDC>IDG:D 9: <:HI>_C 9:CIGD 9: A6 >CHI>IJ8>_C (,64/0C B .9814,-464/,/ /06 48=><?708>9 $DEE: h A6 K6A>9:O 9:;>C: FJ: :A >CHIGJB:CID B>9: 6FJ:AAD E6G6 AD FJ: ;J: 9>H:]69D E D7?:ID 9: 9:I:GB>C6G A6 K6A>9:O 9: ADH >CHIGJB:CIDH 6CI:H 9: HJ 6EA>868>_C E6G6 K:G>;>86G H> A6 8DCHIGJ88>_C N :A 8DCI:C>9D 9: ADH >CHIGJB:CIDH H: 6?JHI676C 6A :HIJ9>D EA6CI:69D :HIDH H: HDB:I>:GDC 6 A6 :K6AJ68>_C 9: JC E6C:A 9: IG:H :ME:GIDH :C :A YG:6 9: 6K6AJ68>_C 9: EGDN:8IDH 0:G 6C:MD
&6 K6A>9:O 9: 8DCHIGJ88>_C 9: ADH >CHIGJB:CIDH FJ:9D G:;DGO696 EDG A6 >C8AJH>_C 9:A B6E6 9: K6G>67A:H A6 8JYA :HI67A:8:GY A6 8DC:M>_C 9: 8696 [I:B 9:A 8J:HI>DC6G>D 8DC :A HDEDGI: FJ: A: 8DGG:HEDC9: $DEE: 9:;>C: A6 8DC;>67>A>969 9: JC >CHIGJB:CID 8DBD h :A <G69D :C FJ: ADH G:HJAI69DH HDC 8DCH>HI:CI:H 8DC :A I>:BED N JC6 G:EG:H:CI68>_C :M68I6 9: A6 ED7A68>_C :C :HIJ9>D N H> ADH G:HJAI69DH 9: JC :HIJ9>D EJ:9:C H:G G:EGD9J8>9DH :C JC6 B:ID9DAD<[6
H>B>A6G :CIDC8:H :A >CHIGJB:CID 9: >CK:HI><68>_C H: 8DCH>9:G6
8DC;>67A:i E *DG :A I6B6]D 9: A6 ED7A68>_C D7?:ID 6 :HIJ9>D H: A: 6EA>8D :A >CHIGJB:CID 6 ID96 :HI6 EDG :C9: CD ;J: C:8:H6G>D G:6A>O6G BJ:HIG:D &M.84.,= /0 ,8L64=4= 0 48>0<:<0>,.4R8 /0 /,>9= *6G6 :A 6CYA>H>H : >CI:GEG:I68>_C 9: ADH 96IDH 8DBD AD EA6CI:6C .NADG N D<96C h :A IG6I6B>:CID 9: ADH 96IDH 6 IG6KZH 9: JC 6CYA>H>H 8DBEG:CH>KD 6GI>8JA69D HD7G: A6 8DBEG:CH>_C N G6HIG:D 9: ADH B>HBDH B:9>6CI: A6 7bHFJ:96 9: 86I:<DG[6H ;JC96B:CI6A:H :C ADH =:8=DH FJ: H: =6C 9:H8G>ID 6 AD A6G<D 9: ADH 9>;:G:CI:H >CHIGJB:CIDH JI>A>O69DH :C A6 >CK:HI><68>_Ci CI:C9>:C9D A6H 86I:<DG[6H H:<bC -6CIDH 8DBD h >9:6H I:B6H 8DC8:EIDH >CI:GEG:I68>DC:H EGDEDH>8>DC:H HJG<>96H 9: ADH 96IDH D7H:GK69DH D 9: ADH 8G>I:G>DH 9:A :K6AJ69DGi E -: IG676?_ 9>H8G>B>C69D N 6I:C9>:C9D ADH 6CYA>H>H 9: 68J:G9D 6 A6H 86I:<DG[6H G:<>HIG696H :C ADH 9>;:G:CI:H >CHIGJB:CIDH 8J:HI>DC6G>DH :CIG:K>HI6H A>HI6 9: 8DI:?D *6G6 EDHI:G>DGB:CI: =68:G 9>;:G:CI:H IG>6C<JA68>DC:H I6CID 9: E:GHDC6H 8DBD 9: >CHIGJB:CIDH JI>A>O6C9D AD H><J>:CI: k
*6G6 A6 86EIJG6 9: 96IDH G:<>HIG69DH :C A6 :C8J:HI6 H: JI>A>OD '>8GDHD;I M8:A DC :A 6EDND 9: A6 =D?6 9: 8YA8JAD H: G:6A>OD :A 6CYA>H>H 9: :HI69[HI>86 9:H8G>EI>K6
k
A 8J69GD 8DBE6G6I>KD 9: 9D7A: :CIG696 :C 9_C9: H: EG:H:CI6C A6H G:HEJ:HI6H 9: 8696 JCD 9: ADH <:G:CI:H :CIG:K>HI69DH 8DC ADH 6CYA>H>H G:HE:8I>KDH
k
)7H:GK68>_C 9>G:8I6 H>HI:BYI>86 6 IG6KZH 9: A6 A>HI6 9: 8DI:?D ':9>6CI: :HI: >CHIGJB:CID H: 6C6A>O_ A6 EG:H:C8>6 9: ADH :A:B:CIDH FJ: H: 8DCH>9:G6C G:A:K6CI:H N EJCIDH 9: 8DCIGDA :C ADH H>HI:B6H 9: BDC>IDG:D 9: <:HI>_C 9:CIGD 9: A6 >CHI>IJ8>_C
" &' ! ( % % $ %' & !% 8DCI>CJ68>_C H: EG:H:CI6 9: B6C:G6 9:I6AA696 ADH G:HJAI69DH 9: A6 >CK:HI><68>_C G:6A>O6 :C ;JC8>_C 6 ADH D7?:I>KDH :HE:8[;>8DH EA6CI:69DH &6 B>HB6 :HI6 DG9:C696 EDG 8696 JCD 9: ADH G:HJAI69DH D7I:C>9DH AJ:<D 9: 6EA>868>_C 9: A6H =:GG6B>:CI6H 9: G:8DA:88>_C 9: 96IDH 6H[ B>HBD H: EA6CI:6 JC 6CYA>H>H 9: 8696 JCD 9: ADH G:HJAI69DH D7I:C>9DH :C 8DC8DG96C8>6 6A D7?:I>KD <:C:G6A 9: A6 >CK:HI><68>_C 6H[ 8DBD JC6 9:H8G>E8>_C <:C:G6A 9: A6H 68I>K>969:H FJ: G:6A>O6 A6 :BEG:H6 $0=?6>,/9= /0 6, 64=>, /0 .9>059 &J:<D 9: 6EA>86G A6 A>HI6 9: 8DI:?D 8DBD =:GG6B>:CI6 E6G6
K:G>;>86G A6
:M>HI:C8>6 D CD 9: ADH :A:B:CIDH 8DCH>9:G69DH 8DBD G:A:K6CI:H :C ADH EJCIDH 9: 8DCIGDA :C ADH H>HI:B6H 9: BDC>IDG:D 9: A6 <:HI>_C 9:CIGD 9: A6 >CHI>IJ8>_C H: 8DCHI6ID AD H><J>:CI: A #(# 8J:CI6 8DC JC H>HI:B6 9: >C;DGB68>_C <:G:C8>6 9:CDB>C69D ->HI:B6 9: #C;DGB68>_C !:G:C8>6A 9:A #(# -#!# >8=D H>HI:B6 H: 9:?D 9: JH6G 9:H9: :A 6]D EDG =67:G FJ:969D ;J:G6 9: 8DCI:MID 6 A6 AJO 9:A CJ:KD BD9:AD 9: <:HI>_C ADH EGDN:8IDH #<J6AB:CI: 9>HEDC:C 9: JC ->HI:B6 9: #C9>869DG:H 9: !:HI>_C 9:A #(# -# # :HI: H>HI:B6 ;J: 9:H6GGDAA69D EDG JC6 :BEG:H6 8DCHJAIDG6 9JG6CI: :A 6]D N CD ;J: >BEA6CI69D 9:H9: HJ 9:H6GGDAAD -: 8J:CI6 8DC 96I6 =>HI_G>86 9: EGDN:8IDH 9: EGD9J88>_C N H:GK>8>DH 9: 9>6<C_HI>8D ODDH6C>I6G>DH G:<>HIG696 :C ;DGB6IDH CD 6JIDB6I>O69DH *G:H:CIYC9DH: :C ;DGB6IDH ;[H>8DH N 9><>I6A:H 6G8=>KDH 1DG9 &6 );>8>C6 9: *A6C>;>868>_C N DCIGDA 9: !:HI>_C )* ! 8J:CI6 8DC ;DGB6IDH 9: H:<J>B>:CID 9: B:I6H N :?:8J8>_C 9: EG:HJEJ:HID G:EDGI6C9D :HIDH 96IDH 9: B6C:G6 IG>B:HIG6A 6CI: A6 >G:88>_C !:C:G6A 9: *A6C>;>868>_C N *G:HJEJ:HID 9:A '>C>HI:G>D 9:A *D9:G *DEJA6G *6G6 A6 <G>8JAIJG6 N .>:GG6H C>K:A 9: CDGB6H N
EGD8:9>B>:CIDH H_AD H: 8J:CI6 8DC JC B6CJ6A E6G6 A6 ;DGBJA68>_C N H:<J>B>:CID 9: A6 :?:8J8>_C EG:HJEJ:HI6G>6 :A 8J6A H: :C8J:CIG6 68IJ6AB:CI: :C A6 H:8G:I6G>6 9: A6 $JCI6 >G:8I>K6 E6G6 HJ G:HE:8I>K6 6EGD768>_C &6 )* ! CD EDH:: 76H: 9: 96IDH 9: ADH 8A>:CI:H 9: EGD9J8IDH N H:GK>8>DH ':9>6CI: K>H>I6 N D7H:GK68>_C :C A6 D;>8>C6 9: 86?6 9DC9: H: G:6A>O6 A6 ;68IJG68>_C 9>6G>6 9: ADH EGD9J8IDH N H:GK>8>DH EG:HI69DH B:9>6CI: ADH EGDN:8IDH H: :K>9:C8>D FJ: :A H>HI:B6 69B>C>HIG6I>KD 9: A6 >CHI>IJ8>_C 9>HEDC: 9: G:<>HIGDH =>HI_G>8DH EDG 8A>:CI:H A6 8J6A CD :HI6 9>HEDC>7A: :C :A YG:6 9: *A6C>;>868>_C N DCIGDA 9: !:HI>_C 9:A >CHI>IJID HID :K>9:C8>6 9:H6GI>8JA68>_C :C :A IG6I6B>:CID 9: A6 96I6 (D H: D7H:GKD 9D8JB:CIDH 8DGG:HEDC9>:CI:H 6 9>6<C_HI>8DH G:6A>O69DH H: 9:I:GB>C_ FJ: A6 >CHI>IJ8>_C CD G:6A>O6 9>6<C_HI>8DH EG:K>DH 6 A6 ;DGBJA68>_C 9: ADH EGDN:8IDH :HID H: 8DCH>9:G6 JC6 B6G8696 9:7>A>969 :C :A 8DCIGDA 9: <:HI>_C 9: A6 >CHI>IJ8>_C (D H: :K>9:C8>D 9D8JB:CIDH 8DBJC>868>DC:H B:BDH FJ: HDEDGI:C HDA>8>IJ9:H G:6A>O696H E6G6 86E68>I6G 6 ADH :FJ>EDH 9: IG676?D :C :A I:B6 9: :K6AJ68>_C :MEDHI A YG:6 9: EA6C>;>868>_C N 8DCIGDA 9: <:HI>_C 8J:CI6 8DC 8J6IGD EGD;:H>DC6A:H >C<:C>:GDH 6<G[8DA6H N 8J6IGD A>8:C8>69DH :C 69B>C>HIG68>_C 9: :BEG:H6H ADH 8J6A:H G:EG:H:CI6C :A :FJ>ED IZ8C>8D FJ: G:6A>O6 :A H:<J>B>:CID 9: A6 :?:8J8>_C 9: ADH EGDN:8IDH 6 C>K:A C68>DC6A &6 )* ! 8J:CI6 8DC EG:HJEJ:HID EGDE>D
E6G6 G:6A>O6G A6H DE:G68>DC:H
>C=:G:CI:H 6 HJ 86G<D ADH BDCIDH 6H><C69DH E6G6 :A EG:H:CI: :?:G8>8>D G:EG:H:CI6C 9: >C8G:B:CID 8DC G:HE:8ID 6A :?:G8>8>D ;>H86A ':9>6CI: A6 A>HI6 9: 8DI:?D 9: D7H:GKD FJ: :A :HE68>D ;[H>8D 6H><C69D 6A YG:6 9: IG676?D :H 6BEA>D >AJB>C69D K:CI>A69D N 8DC BD7>A>6G>D 69:8J69D A :FJ>ED 9: *A6C>;>868>_C N DCIGDA 9: !:HI>_C 9>HEDC: 9: ADH H><J>:CI:H G:8JGHDH I:8CDA_<>8DH H:GK>8>DH 9: I:A:;DC[6 76?D #* 8J6IGD A[C:6H I:A:;_C>86H E6G6 JC6 G:A68>_C 9: JC6 A[C:6 EDG 8696 9DH IZ8C>8DH H:GK>8>D 9: 8DGG:D :A:8IG_C>8D >CHI>IJ8>DC6A JC :FJ>ED 9: 8DBEJI68>_C E6G6 8696 IZ8C>8D 8DC 76I:G[6H 9: G:HE6A9D
9: :C:G<[6 /*- E:G>;ZG>8DH 9: G:HE6A9D 9: 96IDH
9DH 9>H8DH 9JGDH :MI:GCD 8DC
86E68>969 9: ! N /( E:C9GN 8DC 86E68>969 9: ! EDG 8696 IZ8C>8D .D9D :AAD G:EG:H:CI6 JC 6AID C>K:A 9: 6EDND :C G:8JGHDH I:8CDA_<>8DH E6G6 :A :FJ>ED 9: IG676?D 9: A6 )* ! $0=?6>,/9= /06 .?0=>498,<49 /C6 K:O 6C6A>O69DH ADH 96IDH D7I:C>9DH 9:A 8J:HI>DC6G>D 6EA>869D H: EGD8:9>_ 6 6C6A>O6G : >CI:GEG:I6G ADH G:HJAI69DH 6 IG6KZH 9: 8J69GDH N <GY;>8DH
?,/<9 D #I:B (R S DCD8: JHI:9 FJ: :H JC H>HI:B6 9: :K6AJ68>_C :M EDHI 9: EGDN:8IDH
& $ & (
$ '
"!$ &
-#
()
.). &
J:CI: =6E6GGD ,
<L14.9 D >HIG>7J8>_C EDG8:CIJ6A 9: A6 BJ:HIG6 9: 68J:G9D 6A 8DCD8>B>:CID 9:A H>HI:B6 9: :K6AJ68>_C :M EDHI 9: EGDN:8IDH
8L64=4= 0 48>0<:<0>,.4R8 *6G6 :HI6 EG>B:G6 EG:<JCI6 A6H G:HEJ:HI6H ;J:GDC 8DBE6GI>96H B6C>;:HI6C9D :A 9: ADH :C8J:HI6GDC FJ: H[ 8DCD8[6C :A H><C>;>869D 9: JC H>HI:B6 9: :K6AJ68>_C :MEDHI B>:CIG6H :A DIGD 9>?D CD 8DCD8:GA6 .DB6C9D :C 8J:CI6 AD FJ: G:;A:?6 6GG6H6 :C HJ :HIJ9>D HD7G: 8DCD8>B>:CID 8DBE6GI>9D :C ADH :FJ>EDH 9: IG676?D 8>I6C9D :C :A 6 DL:GH N DCK:H: h A G:C9>B>:CID 9: JC :FJ>ED 9: ;DGB6 :;:8I>K6 D8JGG: 8J6C9D ADH B>:B7GDH 9: JC :FJ>ED I>:C: JC6 8DBEG:CH>_C 8DBE6GI>96 9: A6 I6G:6 9: ADH GDA:H 9:H:BE:]69DH EDG ADH B>:B7GDH 9:A :FJ>ED N 9: HJ <G69DH 9: :ME:G>:C8>6 6H[ 8DBD :A 8DCI:MID :C :A FJ: :AADH DE:G6Ci E -: 8DCH>9:G6 FJ: :A 8DCD8>B>:CID G:HE:8ID 6 I:B6 9: :K6AJ68>_C :MEDHI 9:CIGD 9:A :FJ>ED 9: 8DCIGDA 9: <:HI>_C 9:A #(# CD :H JC>;DGB: N EDG I6CID H: B6C>;>:HI6 9:7>A>969 9:CIGD 9:A :FJ>ED EJ9>:C9D >C8>9>G :C :A G:C9>B>:CID 9:CIGD 9:A :FJ>ED N EDG 8DCH:8J:C8>6 :C A6 <:HI>_C >CHI>IJ8>DC6A G:HE:8ID 6A I:B6 9: :K6AJ68>_C 9: >BE68ID
?,/<9 D #I:B (R
S-: 8J:CI6 8DC H>HI:B6H 9: 8DCIGDA 9: <:HI>_C 6JIDB6I>O69DH FJ:
E:GB>I6C <:C:G6G >C;DGB68>_C E6G6 :A 6CYA>H>H :M EDHI 9: EGDN:8IDH 9: EGD9J88>_C N H:GK>8>DH
& $ & (
$ '
"!$ &
-#
()
.). &
J:CI: =6E6GGD ,
<L14.9 D >HIG>7J8>_C EDG8:CIJ6A 9: A6 BJ:HIG6 G:A6I>KDH 6 H>HI:B6H 9: 8DCIGDA 9: <:HI>_C 6JIDB6I>O69DH
8L64=4= 0 48>0<:<0>,.4R8 A 8DCHJAI6G H> H: 9>HEDC: 8DC H>HI:B6H 9: 8DCIGDA 9: <:HI>_C 6JIDB6I>O69DH FJ: E:GB>I>:G6C <:C:G6G >C;DGB68>_C E6G6 :A 6CYA>H>H :MEDHI 9: EGDN:8IDH 9: EGD9J88>_C N H:GK>8>DH 9: ADH :C8J:HI69DH 9>?D FJ: H> H: 9>HEDC[6 B>:CIG6H :A 8DCI:HID CD 8DCI6G 8DC B:86C>HBDH DGG:6 :C HJ :CH6ND #CI:GC:I N I:8CDAD<[6 8>I6C9D 6 *:8=JYC 9:;>C: 6A 8DCIGDA 9: <:HI>_C 6JIDB6I>O69D 8DBD h8DC?JCID >CI:<G69D 9: EGD8:HDH 9:H6GGDAA69DH :C JC :CIDGCD JHJ6G>D 8DBEJI69DG FJ: 6EDN69D :C G:9:H N I:8CDAD<[6H >C;DGBYI>86H DE:G6C HD7G: JC 8DC?JCID 9: 96IDH :HIGJ8IJG69DH 76H: 9: 96IDH 9: JC6 DG<6C>O68>_C G:8DE>A6C EGD8:H6C N 9>HIG>7JN:C H:A:8I>K6B:CI: A6 >C;DGB68>_Cli E -: :K>9:C8>D B:9>6CI: A6 D7H:GK68>_C 9>G:8I6 9D8JB:CI69D B:9>6CI: A6 A>HI6 9: 8DI:?D 6A K>H>I6G A6 );>8>C6 9: #C;DGBYI>86 N
8DBD 8DCIG6 EDH>8>_C 6 AD FJ:
G:HEDC9>_ :A 9: ADH :C8J:HI69DH :A :FJ>ED 9: IG676?D 9: A6 )* ! 8J:CI6 8DC JC H>HI:B6 9: >C;DGB68>_C <:G:C8>6 9:CDB>C69D ->HI:B6 9: #C;DGB68>_C !:G:C8>6A 9:A #(# -#!# >8=D H>HI:B6 H: 9:?D 9: JH6G 9:H9: :A 6]D EDG =67:G FJ:969D ;J:G6 9: 8DCI:MID 6 A6 AJO 9:A CJ:KD BD9:AD 9: <:HI>_C ADH EGDN:8IDH #<J6AB:CI: 9>HEDC:C 9: JC ->HI:B6 9: #C9>869DG:H 9: !:HI>_C 9:A #(# -# # :HI: H>HI:B6 ;J: 9:H6GGDAA69D EDG JC6 :BEG:H6 8DCHJAIDG6 9JG6CI: :A 6]D N CD ;J: >BEA6CI69D 9:H9: HJ 9:H6GGDAAD
?,/<9 D #I:B S-: 8J:CI6 8DC 76H: 9: 96IDH 8DC 96I6 =>HI_G>86 G:A:K6CI:H 8DC;>67A:H N DEDGIJC6H 9: ADH EGDN:8IDH 9: EGD9J88>_C N H:GK>8>DH & $ & (
$ '
"!$ &
-#
()
.). &
J:CI: =6E6GGD ,
<L14.9 D >HIG>7J8>_C EDG8:CIJ6A 9: A6 BJ:HIG6 G:;:G:CI: 6 A6 96I6 =>HI_G>86
8L64=4= 0 8>0<:<0>,.4R8 *6G6 :HI6 EG:<JCI6 9: A6 :C8J:HI6 :A 9: ADH :C8J:HI69DH 9>?D FJ: H> H: 9>HEDC[6 8DC 76H: 9: 96IDH B>:CIG6H :A 8DCI:HID CD 8DCI6G 8DC B:86C>HBDH >I6C9D 6 (6K6GGD 9DC9: HDHI>:C: FJ: hA6 >C;DGB68>_C B6H K6A>DH6 H:GY A6 EGDK:C>:CI: 9: ADH G:<>HIGDH AA:K69DH 6A >CI:G>DG 9: A6 :BEG:H6 :C I6A H:CI>9D 8DCI6G 8DC G:<>HIGDH =>HI_G>8DH 8DC;>67A:H 9: A6H 68I>K>969:H 9:H6GGDAA696H :H JC6 <G6C K:CI6?6i E bC 8J6C9D :A (6K6GGD G:8DCD8: 8DBD JC6 <G6C K:CI6?6 :A 8DCI6G 8DC G:<>HIGDH =>HI_G>8DH H: >C;>:G: FJ: :HI6 K:CI6?6 :H 8DBE:I>I>K6 8DC G:HE:8ID 6 A6H DG<6C>O68>DC:H FJ: H: 8DCH>9:G:C 8DBE:I:C8>6 9: JC6 DG<6C>O68>_C GJO6C9D :HIDH G:HJAI69DH 8DC ADH G:<>HIGDH D7I:C>9DH 9: :C A6 A>HI6 9: 8=:FJ:DH H: :K>9:C8>D FJ: :A A6 )* ! 8J:CI6 8DC 96I6 =>HI_G>86 G:<>HIG696 :C ;DGB6IDH CD 6JIDB6I>O69DH *G:H:CIYC9DH: :C ;DGB6IDH ;[H>8DH N 9><>I6A:H 6G8=>KDH 1DG9 &D FJ: G:;J:GO6 A6 K:G68>969 9: AD G:HEDC9>9D EDG :A 9: ADH :C8J:HI69DH
?,/<9 D #I:B (R S J:CI6 8DC H>HI:B6H 9: 8DCIGDA 9: <:HI>_C CD 6JIDB6I>O69DH CDGB6H N EGD8:9>B>:CIDH ;DGB6IDH N I67A6H EG::HI67A:8>96H FJ: E:GB>I6C A6 86EIJG6 9: 96IDH FJ: 8DCIG>7JN6C 6A 6CYA>H>H :MEDHI 9: EGDN:8IDH & $ & (
$ '
"!$ &
-#
()
.). &
J:CI: =6E6GGD ,
<L14.9
D >HIG>7J8>_C EDG8:CIJ6A 9: A6 BJ:HIG6 8DGG:HEDC9>:CI: 6 H>HI:B6H
6JIDB6I>O69DH E6G6 86EIJG6 9: 96IDH
8L64=4= 0 8>0<:<0>,.4R8 *6G6 :HI: [I:B :A 9: ADH :C8J:HI69DH G:HEDC9>_ 9: B6C:G6 6;>GB6I>K6 .DB6C9D :C 8DCH>9:G68>_C 6 !DCOYA:O N 0:<6 8J6C9D 8>I6C A6 9:;>C>8>_C 9: :;>8>:C8>6 G:6A>O696 EDG ':C<JOO6ID N ,:C6JA h8DBD A6 G:A68>_C :CIG: G:HJAI69DH D7I:C>9DH N G:HJAI69DH 9:H:69DHi ':9>6CI: A6 A>HI6 9: 8DI:?D H: :K>9:C8>D FJ: A6 )* ! 8J:CI6 ;DGB6IDH 9: H:<J>B>:CID 9: B:I6H N :?:8J8>_C 9: EG:HJEJ:HID G:EDGI6C9D :HIDH 96IDH 9: B6C:G6 IG>B:HIG6A 6CI: A6 >G:88>_C !:C:G6A 9: *A6C>;>868>_C N *G:HJEJ:HID 9:A '>C>HI:G>D 9:A *D9:G *DEJA6G *6G6 A6 <G>8JAIJG6 N .>:GG6H C>K:A 9: CDGB6H N EGD8:9>B>:CIDH H_AD H: 8J:CI6 8DC JC B6CJ6A E6G6 A6 ;DGBJA68>_C N H:<J>B>:CID 9: A6 :?:8J8>_C EG:HJEJ:HI6G>6 :A 8J6A H: :C8J:CIG6 68IJ6AB:CI: :C A6 H:8G:I6G>6 9: A6 $JCI6 >G:8I>K6 E6G6 HJ G:HE:8I>K6 6EGD768>_C HID H><C>;>86 FJ: A6 DG<6C>O68>_C EDH:: ADH :A:B:CIDH 76H:H E6G6 6K6CO6G =68>6 A6 H>HI:B6I>O68>_C 9:A EGD8:HD 9: 8DCIGDA 9: <:HI>_C 9: B6C:G6 :;>8>:CI:
?,/<9 D #I:B (R S-: 8J:CI6 8DC JC6 76H: 9: 96IDH 9: 8A>:CI:H D 7:C:;>8>6G>DH 9: ADH EGDN:8IDH :?:8JI69DH
& $ & (
$ '
"!$ &
-#
()
.). &
J:CI: =6E6GGD ,
<L14.9
D >HIG>7J8>_C EDG8:CIJ6A 9: A6 BJ:HIG6 G:;:G:CI: 6A :HI67A:8>B>:CID 9:
JC6 76H: 9: 96IDH E6G6 ADH EGDN:8IDH :?:8JI69DH
8L64=4= 0 8>0<:<0>,.4R8 ':9>6CI: A6 EG:<JCI6 CbB:GD 8>C8D :A 9: ADH :C8J:HI69DH 6;>GBD FJ: H> H: 9>HEDC: 9: G:<>HIGD 9: 8A>:CI:H D 7:C:;>8>6G>DH 9: ADH EGDN:8IDH 9: EGD9J88>_C N H:GK>8>DH 9>?D FJ: CD H: 9>HEDC[6 A
8GJO6G :HI6 >C;DGB68>_C 8DC A6H
D7H:GK68>DC:H D7I:C>96H 9: A6 A>HI6 9: 8DI:?D 6EA>8696 B:9>6CI: A6 D7H:GK68>_C 9>G:8I6 :C A6H D;>8>C6H 9DC9: A67DG6C ADH :C8J:HI69DH H: :K>9:C8>D FJ: :;:8I>K6B:CI: CD 8DCI676C 8DC :HI6 :CIGD 9: ADH :A:B:CIDH B[C>BDH 8DC FJ: JC6 76H: 9: 96IDH 9: 8A>:CI:H 9:7: 8DCI6G A6 :BEG:H6 8DCHJAIDG6 B:G@ :C HJ 7DA:I[C <:G:C8>6A 9:CDB>C69D 6 A6 <:HI>_C 9: 8A>:CI:H N 76H: 9: 96IDH A6H B:C8>DC6
h8DCI68IDH 86G<DH 9>G:88>DC:H
I:AZ;DCDH EGD9J8IDH 9:A 8A>:CI: i E A6 AJO 9: :HI6 9:H8G>E8>_C N 6A K>H>I6G A6 D;>8>C6 9: 86?6 9DC9: H: G:6A>O6 A6 ;68IJG68>_C 9>6G>6 9: ADH EGD9J8IDH N H:GK>8>DH H: :K>9:C8>D
FJ: :A H>HI:B6 69B>C>HIG6I>KD 9: A6 >CHI>IJ8>_C 9>HEDC: 9: G:<>HIGDH
=>HI_G>8DH EDG 8A>:CI:H 8DC ADH :A:B:CIDH 8>I69DH EDG B:G@ :C HJ 7DA:I[C A >CK:HI><69DG 8DC8AJN: FJ: :M>HI: 9:H6GI>8JA68>_C 8DC G:HE:8ID 6A B6C:?D 9: >C;DGB68>_C :CIG: A6 )* ! N A6H DIG6H D;>8>C6H :C :HI: 86HD A6 D;>8>C6 9: 86?6
?,/<9 D #I:B (R S&6 JC>969 9: EA6C>;>868>_C N 8DCIGDA 9: <:HI>_C G:6A>O6 9>6<C_HI>8DH EG:K>DH FJ: E:GB>I6C I:C:G 8A6G>969 :C :A EGD7A:B6 D H>IJ68>_C >C>8>6A :C A6H ODC6H D7?:I>KDH 9:A EGDN:8ID
& $ & (
$ '
"!$ &
-#
()
.). &
J:CI: =6E6GGD ,
<L14.9 D >HIG>7J8>_C EDG8:CIJ6A 9: A6 BJ:HIG6 8DGG:HEDC9>:CI: 6 A6 G:6A>O68>_C 9: 9>6<C_HI>8DH EG:K>DH
8L64=4= 0 8>0<:<0>,.4R8 A 9: ADH :C8J:HI69DH G:HEDC9>_ FJ: H> H: G:6A>O6C 9>6<C_HI>8DH EG:K>DH .DB6C9D :C 8J:CI6 AD FJ: 9>8: ! $ * DCHJAIDG:H HD8>69DH
:C HJ 7DA:I[C
9>6<CDHI>8D :C :A 8DCIGDA 9: <:HI>_C 9:;>C: :A 9>6<C_HI>8D 8DBD ;JC8>_C 9:A ->HI:B6 9: DCIGDA 9: !:HI>_C
hl A6
FJ: A: DIDG<6 >CI:A><:C8>6 EDGFJ:
9:I:GB>C6 AD FJ: =6N FJ: B:9>G N EDGFJZ :C 8DGG:HEDC9:C8>6 8DC A6 :HIG6I:<>6 K><:CI: A6 DG<6C>O68>_C N :HI67A:8: A6H 6AI:GC6I>K6H 9: HDAJ8>_C FJ: B:?DG H: 696EI:C 6 A6 H>IJ68>_C A 9>6<C_HI>8D :H H>C_C>BD 9: H67:G 9_C9: N 8_BD B:?DG6G :A 9:H:BE:]Di E DCH>9:G6C9D AD 6CI:G>DGB:CI: EA6I:69D B:9>6CI: A6 A>HI6 9: 8DI:?D CD H: D7H:GK6GDC 9D8JB:CIDH 8DGG:HEDC9>:CI:H 6 9>6<C_HI>8DH G:6A>O69DH AD 8J6A E:GB>I>_ 9:I:GB>C6G FJ: A6 >CHI>IJ8>_C CD G:6A>O6 9>6<C_HI>8DH EG:K>DH 6 A6 ;DGBJA68>_C 9: ADH EGDN:8IDH :HID H: 8DCH>9:G6 JC6 B6G8696 9:7>A>969 :C :A 8DCIGDA 9: <:HI>_C 9: A6 >CHI>IJ8>_C
?,/<9 D #I:B (R S"6 G:8>7>9D 86E68>I68>_C B:9>6CI: 8JGHDH I6AA:G:H DIGDH :C :K6AJ68>_C :M EDHI 9: EGDN:8IDH & $ & (
$ '
"!$ &
-#
()
.). &
J:CI: =6E6GGD ,
<L14.9 D >HIG>7J8>_C EDG8:CIJ6A 9: A6 BJ:HIG6 FJ: >C9>86 A6 EGD<G6B68>_C 9: 8JGHDH D I6AA:G:H :C :K6AJ68>_C :M EDHI 9: EGDN:8IDH
8L64=4= 0 8>0<:<0>,.4R8 *6G6 :HI6 EG:<JCI6 :A
9: ADH :C8J:HI69DH 9>?D FJ: H> =67[6 G:8>7>9D
86E68>I68>_C :C :K6AJ68>_C :M EDHI 9: EGDN:8IDH B>:CIG6H :A 8DCI:HID CD ,:N:H :C HJ IG676?D 9: >CK:HI><68>_C :HI67A:8: FJ: hl A6 >BEDGI6C8>6 9: A6 86E68>I68>_C E6G6 A6 68IJ6A>O68>_C G69>86 :C G:;DGO6G A6H =67>A>969:H FJ: I>:C:C ADH IG676?69DG:H N EDC:GADH 6A 9[6 :C ADH 6K6C8:H 9: HJ 86BEDi E C :HI: DG9:C 9: >9:6H :C :A 9>6G>D A6G[C B:9>D 9: 8DBJC>868>_C A[9:G 9: A6 G<:CI>C6 N JCD 9: ADH BYH >BEDGI6CI:H 9: =67A6 =>HE6C6 8>I6 6 DCI:A6 9DC9: H: G:;>:G: 6 ADH :FJ>EDH 9: IG676?D 86E68>I69DH N 68IJ6A>O69DH 8DBD hlJC 6HJCID :HIG6IZ<>8D :C :A 8J6A A6 <:G:C8>6 9: 9:H6GGDAAD D 9: 86E68>I68>_C I>:C: JC GDA E:GD FJ: :H JC6 G:HEDCH67>A>969 >C9:A:<67A: 9: 8696 <:G:CI: C :HI: DG9:C 9: >9:6H :HI6 >CK:HI><68>_C K:G>;>8D FJ: :H6 hG:HEDCH67>A>969 >C9:A:<67A:i CD :HI6 H>:C9D 6HJB>96 :C :A YG:6 9: EA6C>;>868>_C N 8DCIGDA 9: <:HI>_C 6A B:CDH :C ADH IZGB>CDH EA6CI:69DH EDG DCI:A6
?,/<9
D
#I:B (R S DCH>9:G6 JHI:9 FJ: A6 86CI>969 9: E:GHDC6A IZ8C>8D 6H><C69D :C :A YG:6 9: EA6C>;>868>_C N 8DCIGDA 9: <:HI>_C :H HJ;>8>:CI:
& $ & (
$ '
"!$ &
-#
()
.). &
J:CI: =6E6GGD ,
<L14.9 D >HIG>7J8>_C EDG8:CIJ6A 9: A6 BJ:HIG6 G:;:G:CI: 6A CbB:GD 9: E:GHDC6A 6H><C69D 6A YG:6 9: *A6C>;>868>_C N DCIGDA
8L64=4= 0 8>0<:<0>,.4R8 A 9: ADH :C8J:HI69DH 8DCH>9:G6C FJ: :H HJ;>8>:CI: A6 86CI>969 9: IZ8C>8DH 6H><C69DH 6A YG:6 9: EA6C>;>868>_C N 8DCIGDA 9: <:HI>_C &6 G:K>HI6 G:GJ 8DB :C HJ E6GI: K>96 N :HI>AD EJ7A>8D JC 6GI>8JAD AA6B69D :A :M8:HD 9: IG676?D N HJH G>:H<DH 9DC9: 8>I6 9:8A6G68>DC:H 9: A6 -D8>:969 A:B6C6 9: ':9>8>C6 *H>8DH>B6I>86 N *H>8DI:G6E>6 h A6H E:GHDC6H FJ: B:CDH G>C9:C :C :A IG676?D HDC A6H FJ: BYH :HI6 :MEJ:HI6H 6A H[C9GDB: JBDJI I6B7>ZC 8DCD8>9D 8DBD H[C9GDB: 9:A FJ:B69D FJ: >BEA>86 6<DI6B>:CID N 9:HBDI>K68>_C >C;DGB_ =DN A6 -D8>:969 A:B6C6 9: ':9>8>C6 *H>8DH>B6I>86 N *H>8DI:G6E>6 !*' i E :;:8IDH 9: A6 EG:H:CI: >CK:HI><68>_C :C :A :FJ>ED 9: IG676?D 9: A6 )* ! :A :A:B:CID :M8:HD 9: IG676?D CD G:EG:H:CI6 6<DI6B>:CID C> 9:HBDI>K68>_C 9:CIGD 9:A :FJ>ED 9: EA6C>;>868>_C N 8DCIGDA 9: <:HI>_C
?,/<9 D #I:B (R S-DC HJ;>8>:CI: ADH G:8JGHDH ;>C6C8>:GDH 6H><C69DH 6A YG:6 9: EA6C>;>868>_C N 8DCIGDA 9: <:HI>_C
& $ & (
$ '
"!$ &
-#
()
.). &
J:CI: =6E6GGD ,
<L14.9 D >HIG>7J8>_C EDG8:CIJ6A 9: A6 BJ:HIG6 8DGG:HEDC9>:CI: 6 A6 6H><C68>_C 9: G:8JGHDH
8L64=4= 0 8>0<:<0>,.4R8 A 9: ADH :C8J:HI69DH 8DCH>9:G6C FJ: :H HJ;>8>:CI: A6 86CI>969 9: G:8JGHDH ;>C6C8>:GDH 6H><C69DH 6A YG:6 9: EA6C>;>868>_C N 8DCIGDA 9: <:HI>_C G7DA:96 HDHI>:C: FJ: hA6 6H><C68>_C 9: G:8JGHDH ;>C6C8>:GDH EG:K>6B:CI: EA6C:69DH EDG 8:CIGD 9: <6HIDH N 8DHIDH E:GB>I>GY
:A JHD G68>DC6A 9: :AADH N EDG AD I6CID
D7I:C8>_C 9: ADH G:HJAI69DH :HE:G69DH :C A6 DE:G68>_C 6H[ B>HBD A6 8DAD868>_C 9: :HDH G:8JGHDH :C :A H>I>D 8DGG:8ID N 8DC ADH G:C9>B>:CIDH ;6KDG67A:H 96GYC 8JBEA>B>:CID 6 HJH 8DBEGDB>HDH N D7A><68>DC:H 8DCIG6[96H EDG A6 :BEG:H6i E ':9>6CI: A6 A>HI6 9: 8DI:?D 9JG6CI: A6 D7H:GK68>_C 9>G:8I6 H: EJ9D 9:I:GB>C6G FJ: A6 );>8>C6 9: *A6C>;>868>_C N DCIGDA 9: !:HI>_C 8J:CI6 8DC EG:HJEJ:HID EGDE>D HJ;>8>:CI: E6G6 G:6A>O6G A6H DE:G68>DC:H >C=:G:CI:H 6 HJ 86G<D :HID H: HJHI:CI6 :C ADH BDCIDH 6H><C69DH E6G6 :A EG:H:CI: :?:G8>8>D G:EG:H:CI6C 9: >C8G:B:CID 8DC G:HE:8ID 6A :?:G8>8>D ;>H86A
?,/<9 D
#I:B (R S H 69:8J69D :A :HE68>D ;[H>8D 9:HI>C69D 6A YG:6 9: EA6C>;>868>_C N 8DCIGDA 9: <:HI>_C & $ & (
$ '
"!$ &
-#
()
.). &
J:CI: =6E6GGD ,
<L14.9
D >HIG>7J8>_C EDG8:CIJ6A 9: A6 BJ:HIG6 G:A6I>K6
9:HI>C69D 6A YG:6 9: EA6C>;>868>_C N 8DCIGDA 9: <:HI>_C
6A :HE68>D ;[H>8D
8L64=4= 0 8>0<:<0>,.4R8 A 9: ADH :C8J:HI69DH :MEG:H6GDC :HI6G 8DC;DGB:H 8DC :A :HE68>D ;[H>8D 9:HI>C69D 6A YG:6
9: EA6C>;>868>_C N
8DCIGDA
9: <:HI>_C &6 )G<6C>O68>_C
#CI:GC68>DC6A 9:A .G676?D 9:;>C: :A EJ:HID 9: IG676?D 6 A6 AJO 9: A6 :G<DCDB[6 8DBD hl :A AJ<6G FJ: JC IG676?69DG D8JE6 8J6C9D 9:H:BE:]6 JC6 I6G:6 i E &6 )G<6C>O68>_C ,6C9HI69 H:<JC96 :BEG:H6 6 C>K:A BJC9>6A :ME:GI6 :C 8DCHJAI6G[6H :C :A YG:6 9: G:8JGHDH =JB6CDH EJ7A>8_ :C HJ EY<>C6 D;>8>6A FJ: =6 AA:K69D 6 867D :CIG: ADH EGD;:H>DC6A:H 9: G:8JGHDH =JB6CDH JC6 :C8J:HI6 N JC6 H:G>: 9: :CIG:K>HI6H I:A:;_C>86H BYH :C EGD;JC9>969 E6G6 >CK:HI><6G HD7G: :HI: I:B6 :C :AA6 8DC8AJN: AD H><J>:CI: hl EDG AD I6CID FJ: ADH EGD;:H>DC6A:H 9: ,,"" E:G8>7:C 9>6G>6B:CI: A6 >BEDGI6C8>6 9:A AJ<6G 9: IG676?D :C :A <G69D 9: =6EE>C:HH 6A:<G[6 9:A IG676?69DGi CI:C9>:C9D FJ: :HI: H:G>6 JC ;68IDG EG:H:CI: N ;6KDG67A: :C :A G:C9>B>:CID 9:A :FJ>ED 9: IG676?D 9:CIGD 9:A >CHI>IJID ':9>6CI: A6 A>HI6 9: 8DI:?D H: D7H:GKD FJ: :A :HE68>D ;[H>8D 6H><C69D 6A YG:6 9: IG676?D :H 6BEA>D
8J:CI6 8DC
HJ;>8>:CI: >AJB>C68>_C 6EGDE>696 K:CI>A68>_C N BD7>A>6G>D 696EI69D 6 A6H G:8DB:C968>DC:H IZ8C>86H HD7G: :A E6GI>8JA6G
?,/<9 D #I:B (R S DCH>9:G6 FJ: ADH G:8JGHDH I:8CDA_<>8DH HDC HJ;>8>:CI:H E6G6 96G G:HEJ:HI6H DEDGIJC6H :C :A YG:6 9: EA6C>;>868>_C N 8DCIGDA 9: <:HI>_C
& $ & (
$ '
"!$ &
-#
()
.). &
J:CI: =6E6GGD ,
<L14.9
D
>HIG>7J8>_C EDG8:CIJ6A 9: A6 BJ:HIG6 8DGG:HEDC9>:CI: 6 A6
6H><C68>_C 9: G:8JGHDH I:8CDA_<>8DH E6G6 :A YG:6
8L64=4= 0 8>0<:<0>,.4R8 A 9: ADH :C8J:HI69DH B6C>;:HI6GDC FJ: ADH G:8JGHDH I:8CDA_<>8DH HDC HJ;>8>:CI:H E6G6 96G G:HEJ:HI6H DEDGIJC6H :C :A YG:6 9: EA6C>;>868>_C N 8DCIGDA 9: <:HI>_C /C6 9:;>C>8>_C BYH EG6<BYI>86 9:A 8DC8:EID 9: G:8JGHDH I:8CDA_<>8DH H: :C8J:CIG6 :C A6H EDA[I>86H E6G6 :A JHD 9: ADH G:8JGHDH I:8CDA_<>8DH 9: A6 /C>K:GH>969 9:A HI69D 9: (DG;DA@ A6 8J6A :HI67A:8: FJ: h&DH G:8JGHDH I:8CDA_<>8DH CD H: A>B>I6C 6 ADH H>HI:B6H 9: >C;DGB68>_C =6G9L6G: N HD;IL6G: G:9:H H>HI:B6H 9: I:A:8DBJC>868>DC:H N 688:HD 6 #CI:GC:Ii E DCH>9:G6C9D :HI6 9:;>C>8>_C N 6A 8GJO6G A6H G:HEJ:HI6H D7I:C>96H 9: ADH :C8J:HI69DH 8DC G:HE:8ID 6 A6 A>HI6 9: 8DI:?D B:9>6CI: A6 D7H:GK68>_C 9>G:8I6 H: 9:I:GB>CD FJ: A6 >CHI>IJ8>_C 8J:CI6 8DC G:8JGHDH 6 C>K:A I:8CDA_<>8DH 9: B6C:G6 HJ;>8>:CI: N 6EGDE>696 -YC8=:O :C HJ 6GI[8JAD HD7G: A6 K6G>67A: I:8CDA_<>86 9:;>C: FJ: h&6 8DBE:I>I>K>969 9: JC6 :BEG:H6 9:E:C9: ;JC96B:CI6AB:CI: 9: A6 EGD9J8I>K>969 8DC FJ: <:G:C8>6 HJH G:8JGHDH I:8CDA_<>8DH :A JHD :;>8>:CI: 9: A6 I:8CDAD<[6 A6 8DCK>:GI: :C JC6 K:CI6?6 8DBE:I>I>K6 9: A6 :BEG:H6l i E DCH>9:G6C9D AD FJ: EA6CI:6 :A 6JIDG H: >C;>:G: FJ: :A 8DCI6G 8DC G:8JGHDH I:8CDA_<>8DH CD G:EG:H:CI6 JC6 K:CI6?6 8DBE:I>I>K6 E:G H: :E:C9: 9: A6 :;>8>:C8>6 8DC FJ: H: JH:C 9>8=DH G:8JGHD 9:CIGD 9:A 688>DC6G 9: A6 >CHI>IJ8>_C
#( ),' (.
8I>K>969:H 9: 86E68>I68>_C 9DC9: =6N6 E6GI>8>E69D HD7G: :K6AJ68>_C :M EDHI 9: EGDN:8IDH
#BEDGI6C8>6 FJ: G:K>HI: 8DCI6G 8DC >C;DGB68>_C G:;:G:CI: 6A 6CYA>H>H :M EDHI 9: EGDN:8IDH 9: EGD9J88>_C N H:GK>8>D #C;DGB68>_C 9:B6C9696 EDG ADH C>K:A:H 9: EA6C>;>868>_C 8:CIG6A 8DC G:HE:8ID 6 ADH G:HJAI69DH 9: EGD<G6B6H N EGDN:8IDH :?:8JI69DH
*, !/(. DCD8>B>:CIDH :C H>HI:B6H 9: :K6AJ68>_C :M EDHI 9: EGD<G6B6H N EGDN:8IDH /HD 9: =:GG6B>:CI6H B:ID9DA_<>86H FJ: H: :BEA:6C :C A6 <:HI>_C E6G6 ;68>A>I6G :A 6CYA>H>H :M EDHI 9: EGDN:8IDH 9: EGD9J88>_C N H:GK>8>D 9:CIGD 9: A6 >CHI>IJ8>_C
(D =: E6GI>8>E69D :C C>C<JC6 B>H 8DCD8>B>:CIDH :C :A I:B6 EGDK>:C:C 9: A:8IJG6H
(D =: E6GI>8>E69D :C C>C<JC6
:B6C96C C>K:A:H 9: EGD9J88>_C 86CI>969 9: H:GK>8>DH EG:HI69DH 6CYA>H>H N EG:HJEJ:HID :?:8JI69D
&6 :?:8J8>_C 9: B:I6H ;[H>86H :HIG>8ID JBEA>B>:CID 9: B:I6H ;[H>86H N :?:8J8>_C 9: H:<J>B>:CID H_AD 6 C>K:A 9: EGD8:HD CD 9: EG:HJEJ:HID :C ADH EGDN:8IDH HDAD :HD CDH G:HJAI69D 9:B6C96C
DBD E6GI: 9: JC6 B6I:G>6 6 C>K:A 9: EDHI <G69D
'JN >BEDGI6CI: AYHI>B6 FJ: CD AD =68:BDH
-_AD AA:KD :A 8DCIGDA 9: A6 EGD9J88>_C 9: 7>:C:H I:8CDA_<>8DH N A6 EG:HI68>_C 9: H:GK>8>DH :HE:8>6A>O69DH :C 6EDND 6A H:8IDG 6<G[8DA6
-_AD G:8>7D 9:A :FJ>ED 9: EA6C>;>868>_C N 8DCIGDA 9: <:HI>_C G:EDGI:H 9: :?:8J8>_C ;[H>8D B:I6H N ;>C6C8>:GD
#( ),' (. -> H: 9: FJ: H: IG6I6
#( ),' (. -> 8DCDO8D E:GD :C :A #(# CD AD =68:BDH
H 9: K>I6A >BEDGI6C8>6 N6 FJ: 8DC :H: I>ED 9: 6CYA>H>H 9:I:GB>C6BDH H> 9: K:G969 HDBDH :;:8I>KDH 8DBD >CHI>IJ8>_C
'JN >BEDGI6CI: 8DCD8:G H> HDBDH :;:8I>KDH 8DC :A 6A86C8: >CHI>IJ8>DC6A :C :A YB7>ID FJ: CDH 8DBE:I: 8DBD AD :H :A H:8IDG 6<G[8DA6
-> 8DCDO8D :H C:8:H6G>D 8DCI6G 8DC JC 9>6<C_HI>8D >C>8>6A 9:A EGD7A:B6 E6G6 :K6AJ6G :A >BE68ID DH6 FJ: CD =68:BDH -_AD ;DGB6IDH E6G6 G:EDGI6G C>K:A:H 9: 6K6C8: ;[H>8DH N ;>C6C8>:GDH (DH ;6AI6 DG<6C>O6GCDH I:C:BDH 96I6 CD 8DC;>67A:H
#( ),' (.
/ ,) / ,) ) & (., f , -/&. )- & (., 0#-. -.,/ ./,
-: 8DCH>9:G6 9: >BEDGI6CI: N K>I6A 8DCI6G 8DC >C;DGB68>_C G:;:G:CI: 6A 6CYA>H>H :M EDHI 9: EGDN:8IDH 9: &DH C>K:A:H 9: EA6C>;>868>_C 8:CIG6A H_AD 9:B6C96C >C;DGB68>_C 6 C>K:A 9: EGD8:HD CD 9: G:HJAI69D G:EDGI6C9D :?:8J8>_C 9: B:I6H ;[H>86H N EG:HJEJ:HID :?:8JI69D A 8DCD8>B>:CID :C :A I:B6 ;J: 69FJ>G>9D 6 C>K:A 6869ZB>8D 9JG6CI: ADH :HIJ9>DH 9: EDHI<G69D
C>K:A <:G:C8>6A 9: ADH :CIG:K>HI69DH 8DCD8:C 9: FJ: IG6I6 :A 6CYA>H>H :MEDHI 9: EGDN:8IDH (D H: JH6 C>C<bC I>ED 9: =:GG6B>:CI6 FJ: ;68>A>I: :A 6CYA>H>H :M EDHI
& ' (.)- )#( # (. -
C AD FJ: G:HE:8I6 6A
EGD8:HD 9: <:HI>_C 9: >C;DGB68>_C 9:A #(# :C ADH
EGD<G6B6H N EGDN:8IDH 9: EGD9J8IDH N H:GK>8>DH H: 9:I:GB>CD FJ: E:H: 6 FJ: A6 >CHI6C8>6 9DC9: H: AA:K6 A6 EA6C>;>868>_C N 8DCIGDA 9: <:HI>_C 9: ADH EGDN:8IDH 9: EGD9J88>_C N EG:HI68>_C 9: H:GK>8>DH 8J:CI6 8DC
HJ;>8>:CI: E:GHDC6A IZ8C>8D
69:8J69D :HE68>D ;[H>8D G:8JGHDH ;>C6C8>:GDH N I:8CDA_<>8DH A6 >CHI>IJ8>_C B:9>6CI: HJ :HIGJ8IJG6 ;JC8>DC6A CD EGD8:H6 A6 96I6 <:C:G696 9: A6 :?:8J8>_C 9: ADH EGDN:8IDH AD 8J6A E:GB>I6 6 A6 6AI6 9>G:88>_C 8DCI6G 8DC >C;DGB68>_C G:A:K6CI: E6G6 A6 IDB6 9: 9:8>H>DC:H 8DC G:HE:8ID 6A >BE68ID <:C:G69D EDG ADH EGDN:8IDH A 9: ADH :C8J:HI69DH G:HEDC9>_ FJ: CD H: G:6A>O6C 9>6<C_HI>8DH EG:K>DH .DB6C9D :C 8J:CI6 AD FJ: 9>8: ! $ * DCHJAIDG:H HD8>69DH 9>6<CDHI>8D :C :A 8DCIGDA 9: <:HI>_C AD 9:;>C: 8DBD
:C HJ 7DA:I[C
hl A6 ;JC8>_C 9:A
->HI:B6 9: DCIGDA 9: !:HI>_C FJ: A: DIDG<6 >CI:A><:C8>6 EDGFJ: 9:I:GB>C6 AD FJ: =6N FJ: B:9>G N EDG FJZ :C 8DGG:HEDC9:C8>6 8DC A6 :HIG6I:<>6 K><:CI: A6 DG<6C>O68>_C N :HI67A:8: A6H 6AI:GC6I>K6H 9: HDAJ8>_C FJ: B:?DG H: 696EI:C 6 A6 H>IJ68>_C A 9>6<C_HI>8D :H H>C_C>BD 9: H67:G 9_C9: N 8_BD B:?DG6G :A 9:H:BE:]Di E DCH>9:G6C9D AD 6CI:G>DGB:CI: EA6I:69D N 6 A6 AJO FJ: B:9>6CI: A6 A>HI6 9: 8DI:?D CD H: D7H:GK6GDC 9D8JB:CIDH 8DGG:HEDC9>:CI:H 6 9>6<C_HI>8DH G:6A>O69DH H: 9:I:GB>C_ FJ: A6 >CHI>IJ8>_C CD G:6A>O6 9>8IYB:C:H EG:K>DH 6 A6 ;DGBJA68>_C 9: ADH EGDN:8IDH &D 6CI:G>DGB:CI: 9:H8G>ID E:GB>I: 9:I:GB>C6G FJ: :M>HI:
JC6 B6G8696
9:;>8>:C8>6 :C :A 8DCIGDA 9: <:HI>_C N EDG :C9: JC6 9:7>A>969 :C :A 9:H:BE:]D 9: A6 >CHI>IJ8>_C $0@4=4R8 /0 79/069= /0 70/4.4R8 0A :9=> JG6CI: A6 G:K>H>_C 7>7A>D<GY;>86 9: ADH BD9:ADH 9: B:9>8>_C :M EDHI H: 9>HI>C<J>:GDC ADH H><J>:CI:H 9/069 *G:H:CI69D EDG "JB7:GID CG>FJ: )GI>O -DID :C :A 0### DC<G:HD #CI:GC68>DC6A 9:A & HD7G: A6 ,:;DGB6 9:A HI69D N 9: A6 9B>C>HIG68>_C *b7A>86 :C *6C6BY 9JG6CI: ADH 9[6H )8IJ7G: 9: .[IJAD h#CK:GH>_C Eb7A>86 EA6CI:6B>:CID 9: JC BD9:AD 9: :K6AJ68>_C :M EDHIi
TB7>ID 9: 6EA>868>_C *GDN:8IDH 9: >CK:GH>_C 9:A H:8IDG Eb7A>8D JC96B:CIDH 9:A BZID9D &6 B:ID9DAD<[6 9: A6 :K6AJ68>_C :M f EDHI :A 6JIDG A6 9>K>9: :C 8>C8D :I6E6H FJ: 8DGG:HEDC9:C 6 A6 >9:CI>;>868>_C B:9>8>_C 8DC;GDCI68>_C :MEA>868>_C N 9>KJA<68>_C 9: A6 >C;DGB68>_C &6 >9:CI>;>868>_C 7JH86 EG:8>H6G :A EGDN:8ID 6 H:G :K6AJ69D H:]6A6C9D HJH D7?:I>KDH N ADH ;68IDG:H :C9_<:CDH N :M_<:CDH FJ: >CI:GK>C>:GDC &6 >9:6 :H:C8>6A :H >9:CI>;>86G 6FJ:AAD FJ: H: 9:H:6 B:9>G FJ: ADH 6IG>7JIDH H:6C D7H:GK67A:H FJ: :M>HI6C G6H<DH 9>HI>CI>KDH H:G EG:8>HDH :A>B>C6G A6H 6B7><c:969:H EG:HI6G 6I:C8>_C 6 A6H 9>;:G:C8>6H G:<>DC6A:H I:GG>IDG>6A:H N H:8IDG>6A:H &6 B:9>8>_C 7JH86 8J6CI>;>86G A6 B6<C>IJ9 N :A DG9:C 9: ADH :;:8IDH D7H:GK69DH &6 8DC;GDCI68>_C EG:I:C9: 8DCIG6HI6G A6 H>IJ68>_C D7H:GK696 G:HE:8ID 6 A6 H>IJ68>_C FJ: =6 H>9D ;DGBJA696 E6G6 :A EGDN:8ID 9: >CK:GH>_C &6 :MEA>868>_C EGD8:9: 6A 6CYA>H>H N 6 A6 H[CI:H>H 9: ADH 96IDH G:JC>9DH -: 7JH86 :C8DCIG6G A6H 86JH6H FJ: :MEA>86C A6H 9>;:G:C8>6H :CIG: AD ;DGBJA69D EDG :A EGDN:8ID N ADH G:HJAI69DH D7H:GK69DH &6 9>KJA<68>_C 8DGG:HEDC9: 6 A6 9>;JH>_C 9: ADH G:HJAI69DH EGDK:N:C9D 9: >C;DGB68>_C 6 ADH C>K:A:H 9: 9:8>H>_C 8DC :A D7?:ID 9: 6G7>IG6G A6H B:9>96H FJ: ;J:H:C E:GI>C:CI:H 6A EGDN:8ID 8DBD I6B7>ZC E6G6 B:?DG6G EGDN:8IDH ;JIJGDH DC G:HE:8ID 6 A6 >BEA:B:CI68>_C 9:A H>HI:B6 9: :K6AJ68>_C :M f EDHI :A 6JIDG EA6I:6 FJ:
H: 9:H6GGDAA6 :C IG:H ;6H:H 9>HI>CI6H A6 EG:E6G68>_C A6
>BEA:B:CI68>_C EGDE>6B:CI: N :A 76A6C8: 9: :HI6 68I>K>969 &6 *G:E6G68>_C HI6 ;6H: :H 9:8>H>K6 E6G6 :A ZM>ID 9: JC H>HI:B6 9: :K6AJ68>_C :M f EDHI N EJ:9: 9>K>9>GH: :C A6 H:CH>7>A>O68>_C 9: A6H >CHI>IJ8>DC:H E6GI>8>E6CI:H ;DGB68>_C 9: ADH :FJ>EDH 9: IG676?D N :HIG6I:<>6 9: >BEA:B:CI68>_C &6 >9:6 8:CIG6A :H FJ: ADH >CI:G:H69DH G:;A:M>DC:C HD7G: A6 8DCK:C>:C8>6 9: :;:8IJ6G JC6 :K6AJ68>_C :M f EDHI 6 ADH EGDN:8IDH 9: >CK:GH>_C AD<G6C9D JC6 8A6G6 8DC8>:C8>6 9: :HI6 C:8:H>969 &6 ;DGB68>_C 9: ADH :FJ>EDH 9: IG676?D 6EJCI6 6 A6 C:8:H6G>6
8DCK:C>:C8>6 9: EG:E6G6G 6 ADH E6GI>8>E6CI:H :C :A EGD8:HD 9: :K6AJ68>_C :C A6 EGY8I>86 9: HJH BZID9DH 8G>I:G>DH :CIG: DIGDH
/C6 B6A6 EG:E6G68>_C 8DC9J8>GY
EGD767A:B:CI: 6A ;G686HD 9:A H>HI:B6 &6 :HIG6I:<>6 9: >BEA:B:CI68>_C 7JH86 9:;>C>G 9:8>H>DC:H G:A6I>K6H 6A 8DB>:COD 9: A6 >BEA:B:CI68>_C 6A G>IBD N 6A I>:BED FJ: 9JG6GYC ADH G:8JGHDH ;>C6C8>:GDH FJ: :H C:8:H6G>D >CK:GI>G N 6 HJ 9:H6GGDAAD #BEA:B:CI68>_C -: :?:8JI6 AD EGD<G6B69D I:C>:C9D :C 8J:CI6 FJ: :C HJ 9:H6GGDAAD EJ:9: C:8:H>I6GH: 9: A6 >CI:GEG:I68>_C 9: 86HDH E6GI>8JA6G:H N HDAJ8>DC6G A6H EDH>7A:H 8DCIG69>88>DC:H FJ: H: EG:H:CI:C 6A6C8: 9: A6 >BEA:B:CI68>_C -: 9:7:GY =68:G JC 76A6C8: 9:A 9:H6GGDAAD 9:A EGD<G6B6 E6G6 6EG:8>6G :A <G69D 9: ZM>ID 9:A EGD8:9>B>:CID 9: >BEA:B:CI68>_C H>B>HBD H: 8DC;GDCI6GY A6 G:6A>969 9: A6 >BEA:B:CI68>_C 8DC ADH D7?:I>KDH 9:A H>HI:B6 6 D7?:ID 9: G:6A>O6G ADH 6?JHI:H :C :A H>HI:B6 N :C :A EGD<G6B6 9: EG:E6G68>_C A ;>C6A 9: A6 EGDEJ:HI6 :A 6JIDG EGDEDC: CJ:K: >C9>869DG:H G:A68>DC69DH :M8AJH>K6B:CI: 8DC A6 >CK:GH>_C N :A <6HID -: 9>HI>C<J: 8DBD ;DGI6A:O6 AD ;A:M>7A: 9: A6 B:ID9DAD<[6 EA6CI:696 EDG :A 6JIDG 6H[ 8DBD A6 :HIGJ8IJG68>_C 9: A6H :I6E6H 9:H8G>I6H E6G6 :A EGD8:HD 9: :K6AJ68>_C *6G6 :A 86HD 9: A6 EG:H:CI: >CK:HI><68>_C H: 8DCH>9:G6 8DBD JC6 9:7>A>969 A6 ;6AI6 9: 9:H8G>E8>_C N EG:H:CI68>_C 9: =:GG6B>:CI6H E6G6 IG6I6G ADH 96IDH H[ B>HBD :A 6JIDG :C;D86 A6 B:ID9DAD<[6 H_AD 6A YB7>ID :8DC_B>8D 9: ADH EGDN:8IDH 9/069 *GDEJ:HID EDG A6 >K>H>_C 9: DCIGDA 9: !:HI>_C 9:A !D7>:GCD 9: =>A: >8>:B7G: .[IJAD ':ID9DAD<[6 K6AJ68>_C 9: #BE68ID TB7>ID 9: EA>868>_C K6AJ68>_C 9: #BE68ID 9: *GD<G6B6H *b7A>8DH JC96B:CIDH 9:A BZID9D HI6 B:ID9DAD<[6 :HI67A:8: FJ: :C JC6 :K6AJ68>_C 9: G:HJAI69DH 9:7: 676G86G I6CID ADH 6HE:8IDH 8J6CI>I6I>KDH 8DBD 8J6A>I6I>KDH 9: JC EGD<G6B6 .DB6C9D 8DBD :?:BEAD JC EGD<G6B6 9: 6H>HI:C8>6 IZ8C>86 E6G6 ;6B>A>6H 86BE:H>C6H ADH 6HE:8IDH 8J6CI>I6I>KDH H: G:A68>DC6GYC 8DC K6G>67A:H I6A:H 8DBD EGD9J8I>K>969 9: ADH 8JAI>KDH EG:8>D 9: K:CI6 9: ADH EGD9J8IDH >CK:GH>_C EG:9>6A >C<G:HD EGDB:9>D 9: A6H ;6B>A>6H
:CIG: DIGDH EDG HJ E6GI: ADH 6HE:8IDH 8J6A>I6I>KDH H: G:A68>DC6GYC 8DC I:B6H I6A:H 8DBD A6 68I>IJ9 9: ADH 86BE:H>CDH ;G:CI: 6 A6 >CCDK68>_C <G69D 9: 6EGD768>_C D H6I>H;688>_C 8DC A6 6H>HI:C8>6 G:8>7>96 E:G8:E8>_C DEI>B>HI6 D E:H>B>HI6 G:HE:8ID 6 HJ H>IJ68>_C ;JIJG6 &6H 9>B:CH>DC:H 8J6CI>I6I>K6H 9: A6 :K6AJ68>_C H: :MEG:H6C 6 IG6KZH 9: K6G>67A:H 8J6CI>I6I>K6H FJ>CI6A:H 9: IG><D EDG =:8IYG:6 B>A:H 9: E:HDH G:6A:H B:CHJ6A:H (D D7HI6CI: ADH 6HE:8IDH 8J6A>I6I>KDH I6B7>ZC HDC HJH8:EI>7A:H 9: B:9>8>DC:H 8J6CI>I6I>K6H A 6JIDG EGDEDC: 8DBD :?:BEAD A6 H><J>:CI: H>IJ68>_C hl H[ :A <G69D 9: 68:EI68>_C 9: A6 6H>HI:C8>6 IZ8C>86 EDG E6GI: 9: ADH 86BE:H>CDH :H H>HI:B6I>O69D EDG B:9>D 9: JC6 :C8J:HI6 :A 6HE:8ID 8J6A>I6I>KD 68:EI68>_C I:C9GY JC6 B:9>8>_C N :MEG:H>_C 8J6CI>I6I>K6 EDG8:CI6?: 9: 86BE:H>CDH FJ: 86A>;>86C A6 6H>HI:C8>6 IZ8C>86 8DBD '/3 / ( i HI6 B:ID9DAD<[6 :HI67A:8: A6 B:9>8>_C N :K6AJ68>_C 9: ADH G:HJAI69DH B:9>6CI: ADH H><J>:CI:H YB7>IDH 9: 8DCIGDA 0/4.4R8 /0 69= <0=?6>,/9= , 84@06 /0 :<9/?.>9 -: AA:K6 6 867D EG>C8>E6AB:CI: B:9>6CI: IZ8C>86H 8J6CI>I6I>K6H &D BYH 8DBbC :H :A JHD 9: >C9>869DG:H 9: <:HI>_C D >C9>869DG:H 9: 9:H:BE:]D FJ: B>9:C A6 :KDAJ8>_C 9: ADH C>K:A:H 9: EGD9J88>_C N D 9: ADH 6IG>7JIDH D 86G68I:G[HI>86H BYH G:A:K6CI:H 9: ADH 7>:C:H D H:GK>8>DH :CIG:<69DH EDG :A EGD<G6B6 D EGDN:8ID &6 :K6AJ68>_C 9: :HI: I>ED 9: G:HJAI69D 9:7: G:6A>O6GH: 6 E6GI>G 9: JC6 9:;>C>8>_C 6BEA>6 9: EGD9J8ID &D 6CI:G>DG >BEA>86 CD A>B>I6GH: 6 AD C:I6B:CI: ;[H>8D D EGD9J8I>KD H>CD >C8AJ>G 9:CIGD 9:A 8DC8:EID 9: 7>:C D H:GK>8>D HJH 86G68I:G[HI>86H D 6IG>7JIDH BYH G:A:K6CI:H EDG :?:BEAD <G69D 9: 68:EI68>_C EDG E6GI: 9: ADH 7:C:;>8>6G>DH H6I>H;688>_C 9: ADH JHJ6G>DH DEDGIJC>969 :C A6 :CIG:<6 8D7:GIJG6 9: A6 9:B6C96 EDI:C8>6A N <G69D 9: ;D86A>O68>_C :;:8I>K6 *6G6 8696 JCD 9: ADH 6IG>7JIDH D 86G68I:G[HI>86H 9:A EGD9J8ID H: 9:7: <:C:G6G >C;DGB68>_C FJ: E:GB>I6 8DCHIGJ>G ADH >C9>869DG:H N :K6AJ6G ADH G:HJAI69DH 6 :HI: C>K:A /C6 K:O FJ: H: 8J:CI6 8DC A6 76H: 9: >C9>869DG:H :M>HI:C K6G>6H EDH>7>A>969:H 9: 6CYA>H>H
&6 EG>B:G6 6AI:GC6I>K6 :H 8DBE6G6G :A 9:H:BE:]D 9: A6 >CHI>IJ8>_C G:HE:8ID 6 H[ B>HB6 /C6 H:<JC96 EDH>7>A>969 :H :K6AJ6G ADH G:HJAI69DH :C ;JC8>_C 9: A6H B:I6H FJ: H: =6 EA6CI:69D :A EGD<G6B6 HI: I>ED 9: 6CYA>H>H 9:7: I:C:G :C 8J:CI6 FJ: A6 86A>969 9: A6H 8DC8AJH>DC:H N ?J>8>DH :K6AJ6I>KDH FJ: H: EJ:96C G:6A>O6G 9:E:C9:GY 9>G:8I6B:CI: 9: A6 :M>HI:C8>6 N E:GI>C:C8>6 9: 9>8=6H B:I6H 0/4.4R8 /0 69= <0=?6>,/9= 48>0<70/49= &6 B:9>8>_C 9: G:HJAI69DH >CI:GB:9>DH 6EJCI6 6 :K6AJ6G ADH 86B7>DH :C :A 8DBEDGI6B>:CID 9: ADH 7:C:;>8>6G>DH FJ: H: EGD9J8:C JC6 K:O FJ: :HIDH =6C JI>A>O69D N 6H>B>A69D ADH 8DBEDC:CI:H 9:A EGD<G6B6 (D B>9: ADH 7:C:;>8>DH ;>C6A:H 6A86CO69DH EJ:HID FJ: ZHIDH G:FJ>:G:C JC E:G[D9D 9: I>:BED B6NDG E6G6 H:G AD<G69DH G:HJAI69DH ;>C6A:H H>CD FJ: BYH 7>:C 6C6A>O6 A6 69FJ>H>8>_C 9: 8>:GI6H 8DC9J8I6H =67>A>969:H D 86E68>969:H FJ: EG:HJB>7A:B:CI: ;68>A>I6GYC A6 <:C:G68>_C 9: ADH 7:C:;>8>DH 9: A6G<D EA6OD (D ID9DH ADH EGD<G6B6H Eb7A>8DH 9:7:C EG:H:CI6G G:HJAI69DH >CI:GB:9>DH H EGD767A: FJ: :M>HI6C >C>8>6I>K6H FJ: EDG HJ C6IJG6A:O6 HDA6B:CI: :M=>76C G:HJAI69DH ;>C6A:H N 6 C>K:A 9: EGD9J8IDH EDG :?:BEAD ADH EGDN:8IDH 9: >C;G6:HIGJ8IJG6 K>6A A6H 86BE6]6H 9: K68JC68>_C :I8 0/4.4R8 /0 <0=?6>,/9= 148,60= &6 B:9>8>_C 9: G:HJAI69DH ;>C6A:H D >BE68ID 9:7: :HI67A:8:G :C EG>B:G AJ<6G 8J6A:H HDC ADH :;:8IDH 9: B:9>6CD N A6G<D EA6OD HD7G: A6 ED7A68>_C 7:C:;>8>6G>6 FJ: :HE:G6 D7I:C:G :A EGD<G6B6 S JYA:H HDC ADH 7:C:;>8>DH 8DC FJ: FJ:96GY A6 ED7A68>_C 7:C:;>8>6G>6 JC6 K:O FJ: 8DC8AJN6 HJ E6GI>8>E68>_C :C :A EGD<G6B6 EDG :?:BEAD >C8G:B:CID :C :A C>K:A 9: G:BJC:G68>DC:H 9: IG676?69DG:H 86E68>I69DH G:9J88>_C 9: A6 I6H6 9: BDG7>A>969 9: B:CDG:H 7:C:;>8>69DH 8DC JC EGD<G6B6 9: K68JC68>_C 6JB:CID 9:A G:C9>B>:CID :H8DA6G 9: ADH 6AJBCDH 9: :H8J:A6H E6GI>8>E6CI:H :C JC EGD<G6B6 9: G:;DGO6B>:CID :9J86I>KD :CIG: DIGDH &D 6CI:G>DG >BEA>86 >9:CI>;>86G N H:E6G6G ADH 7:C:;>8>DH AD<G69DH 8DBD 8DCH:8J:C8>6 9: A6 >CI:GK:C8>_C 9:A EGD<G6B6 9: 6FJ:AADH FJ: 9: ID96H B6C:G6H =J7>:G6C D8JGG>9D H>C A6 :?:8J8>_C 9: ZHI: EDG
:;:8ID 9: A6 :KDAJ8>_C CDGB6A 9: A6H 8DC9>8>DC:H 9:A :CIDGCD D A6 688>_C 9: DIGDH EGD<G6B6H Eb7A>8DH D EG>K69DH *6G6 :AAD :C EG>B:G AJ<6G 8DGG:HEDC9:GY >9:CI>;>86G A6 H K6G>67A: H FJ: 9:7:C H:G B:9>96H E6G6 9:I:GB>C6G H[ :A EGD<G6B6 =6 <:C:G69D G:6AB:CI: ADH 7:C:;>8>DH D G:HJAI69DH ;>C6A:H D >BE68ID :HE:G69DH : :HI: BD9D :A >BE68ID 9:A EGD<G6B6 8DGG:HEDC9: 6 A6 9>;:G:C8>6 :C A6 K6G>67A: G:HJAI69D 3 FJ: G:<>HIG6 :A >C9>K>9JD > 8DC N H>C A6 >CI:GK:C8>_C 9:A EGD<G6B6 e 3 m 3 DC9: e :H :A >BE68ID 9:A EGD<G6B6 IG6I6B>:CID HD7G: A6 E:GHDC6 > :H G:HJAI69D EDI:C8>6A FJ: G:<>HIG6G[6 :A >C9>K>9JD > H>C :A IG6I6B>:CID :H :A G:HJAI69D EDI:C8>6A FJ: G:<>HIG6G[6 :A >C9>K>9JD > 8DC :A IG6I6B>:CID *6G6 G:HDAK:G :A EGD7A:B6 D86H>DC69D EDG A6 :M>HI:C8>6 9: H:H<D 9: H:A:88>_C N EDG :C9: 6>HA6G ADH :;:8IDH FJ: HD7G: A6 K6G>67A: G:HJAI69D 3 I>:C:C ;68IDG:H :MI:GCDH 6A EGD<G6B6 :A 6JIDG EA6I:6 FJ: H: G:FJ>:G: FJ: A6 H:A:88>_C 9: >C9>K>9JDH 7:C:;>8>6G>DH 9:A EGD<G6B6 H:6 >C9:E:C9>:CI: 9: HJH G:HJAI69DH EDI:C8>6A:H *6G6 FJ: H: 8JBEA6 A6 8DC9>8>_C 9: >C9:E:C9:C8>6 H: G:FJ>:G: 9: A6 H:A:88>_C 6A:6IDG>6 9: ADH >C9>K>9JDH FJ: H: 7:C:;>8>:C 9:A EGD<G6B6 AD 8J6A H: 8DCD8: 8DBD 9>H:]D :ME:G>B:CI6A D 6A:6IDG>D 4=0P9 0A:0<4708>,6 9 ,60,>9<49 H 8DCH>9:G696 A6 B:ID9DAD<[6 9: :K6AJ68>_C IZ8C>86B:CI: BYH GD7JHI6 N 8DCH>HI: :C A6 H:A:88>_C 6A:6IDG>6 9: ADH 7:C:;>8>6G>DH 9:CIGD 9: JC <GJED 9: >C9>K>9JDH :A:<>7A:H :A EGD8:HD 9: 6H><C68>_C 6A:6IDG>6 9: A6H >CI:GK:C8>DC:H D H:GK>8>DH 9:A EGD<G6B6 8G:6 9DH <GJEDH :HI69[HI>86B:CI: >9ZCI>8DH :CIG: H[ JCD FJ: E6GI>8>E6 :C :A EGD<G6B6 <GJED 9: IG6I6B>:CID > N DIGD FJ: 8JBEA>:C9D ID96H A6H 8DC9>8>DC:H E6G6 E6GI>8>E6G :HI6 ;J:G6 9: ZA <GJED 9: 8DCIGDA > &6 B:9>8>_C 9: >BE68ID 8DCH>HI: :CIDC8:H :C 8J6CI>;>86G JC6 K:O IG6CH8JGG>9D :A I>:BED E:GI>C:CI: 9: >CI:GK:C8>_C 9:A EGD<G6B6 A6 H K6G>67A: H 9: >BE68ID I6CID E6G6 :A <GJED 9: IG6I6B>:CID 8DBD E6G6 :A <GJED 9: 8DCIGDA f :C 6B7DH
H>BJAIYC:6B:CI: N E6G6 :A B>HBD E:G[D9D 9: I>:BED f E6G6 AJ:<D 6C6A>O6G A6H 9>;:G:C8>6H FJ: :M>HI:C :CIG: JCD N DIGD C IZGB>CDH DE:G6I>KDH :HI6 B:9>8>_C H: EJ:9: =68:G HD7G: BJ:HIG6H :HI69[HI>86B:CI: G:EG:H:CI6I>K6H 9: 6B7DH <GJEDH N 86A8JA6G :A >BE68ID EGDB:9>D 9:A EGD<G6B6 HD7G: JC6 K6G>67A: G:HJAI69D 3 &6 6H><C68>_C 6A:6IDG>6 9: ADH 7:C:;>8>DH :H A6 EG>C8>E6A K:CI6?6 9: :HI: BZID9D 9:7>9D 6 HJ ;DGI6A:O6 :HI69[HI>86 HI6 H: 9:G>K6 9: A6 6H><C68>_C FJ: G:E6GI: :CIG: 6B7DH <GJEDH :A EDH>7A: :;:8ID FJ: EJ9>:G6C I:C:G HD7G: ADH G:HJAI69DH 9:A EGD<G6B6 A6H K6G>67A:H :MI:GC6H N A6H 86G68I:G[HI>86H 9: ADH 7:C:;>8>6G>DH :H9: :A EJCID 9: K>HI6 B:ID9DA_<>8D :A 6JIDG 68DI6 FJ: A6 EG>C8>E6A 9>HIDGH>_C EGDK>:C: 9: ADH EDH>7A:H 86B7>DH FJ: :ME:G>B:CI: :A <GJED 9: 8DCIGDA 9JG6CI: :A E:G[D9D 9: :K6AJ68>_C -: EDC: 8DBD :?:BEAD FJ: 6A<JCDH 9: HJH B>:B7GDH EJ:9:C 676C9DC6G :A YG:6 <:D<GY;>86 9JG6CI: :H: A6EHD :C :HI: 86HD N H>B>A6G:H H: =67A6 9: <GJEDH 9: 8DCIGDA 8DCI6B>C69DH AD 8J6A CD >CK6A>96 A6 B:ID9DAD<[6 H EDG :AAD FJ: :C :HI: H>HI:B6 :M>HI:C K6G>6H 6AI:GC6I>K6H B:ID9DA_<>86H E:GD ID96H 8D>C8>9:C :C >CI:CI6G H>BJA6G A6H 8DC9>8>DC:H 9: JC 9>H:]D :ME:G>B:CI6A 6 E6GI>G 9: 76H:H 9: 96IDH 9: 7:C:;>8>6G>DH N CD 7:C:;>8>6G>DH JH6C9D 6K6CO696H IZ8C>86H :HI69[HI>86H VHI6H H: 6EA>86C JC6 K:O FJ: A6 >CI:GK:C8>_C 9:A EGD<G6B6 N6 IJKD AJ<6G :H 9:8>G JC6 K:O FJ: H: H:A:88>DC6GDC ADH 7:C:;>8>6G>DH 9:A EGD<G6B6 JH6C9D BZID9DH CD 6A:6IDG>DH *DG :HI6 G6O_C :C JC 9>H:]D 8J6H> :ME:G>B:CI6A ADH <GJEDH 9: h8DCIGDAi N hIG6I6B>:CIDi CD HDC ><J6A:H :CIG: H[ N EDG AD I6CID :A 8DG6O_C 9: :HI6 B:ID9DAD<[6 9: :K6AJ68>_C 8DCH>HI: :C 6EA>86G HD;>HI>869DH 8DCIGDA:H :HI69[HI>8DH E6G6 :A>B>C6G D B>C>B>O6G :HI6H 9>;:G:C8>6H &D 6CI:G>DG >BEA>86 A6 8DCHIGJ88>_C 9: 9DH :H8:C6G>DH /C :H8:C6G>D EG:;68IJ6A :H 9:8>G A6 >9:CI>;>868>_C N B:9>8>_C 9: A6H 8DC9>8>DC:H 9:A <GJED 9: 7:C:;>8>6G>DH N CD 7:C:;>8>6G>DH 8DCIGDA 6CI:H 9: A6 :?:8J8>_C 9:A EGD<G6B6 8DCHIGJ88>_C 9: A6 A[C:6 9: 76H: D H>IJ68>_C H>C EGD<G6B6 N JC :H8:C6G>D 8DCIG6;68IJ6A FJ: >BEA>86 A6 B:9>8>_C 9:A 86B7>D :C A6H 8DC9>8>DC:H 9:A <GJED
7:C:;>8>6G>D N <GJED 8DCIGDA 9: BD9D 9: :HI>B6G AD D8JGG>9D 8DBD 8DCH:8J:C8>6 9>G:8I6 9: A6 >CI:GK:C8>_C 9:A EGD<G6B6 /C6 8DC9>8>_C C:8:H6G>6 E6G6 :A 9:H6GGDAAD 9: JC 9>H:]D 8J6H> :ME:G>B:CI6A :H 9:8>G A6 8DCHIGJ88>_C 9: ADH :H8:C6G>DH EG:;68IJ6A N 8DCIG6;68IJ6A :H A6 :M>HI:C8>6 9: JC6 76H: 9: 96IDH D K6G>6H 76H:H FJ: E:GB>I6C ;DGB6G JC6 8DBbC 9: 7:C:;>8>6G>DH N CD 7:C:;>8>6G>DH FJ: 8DCI:C<6 E6G6 6B7DH <GJEDH >C;DGB68>_C HD7G: ADH 8G>I:G>DH 9: :A:<>7>A>969 9:A EGD<G6B6 EDG :?:BEAD 8DC9>8>_C HD8>D:8DC_B>86 I6B6]D 9: A6 ;6B>A>6 :H8DA6G>969 J7>868>_C <:D<GY;>86 D 8J6AFJ>:G DIG6 86G68I:G[HI>86 FJ: H: =6N6 JI>A>O69D E6G6 H:A:88>DC6G 6 ADH 7:C:;>8>6G>DH : >C;DGB68>_C HD7G: A6H K6G>67A:H FJ: E:GB>I>GYC B:9>G ADH G:HJAI69DH ;>C6A:H D >BE68IDH :HE:G69DH 9: A6 >CI:GK:C8>_C EDG :?:BEAD C>K:A 9: >C<G:HDH 8DC9>8>_C A67DG6A C>K:A 9: H6AJ9 :CIG: DIGDH /C6 K:O 8DCHIGJ>9DH ADH <GJEDH 8DCIGDA N 9: IG6I6B>:CID N I:C>:C9D D7H:GK68>DC:H 9: A6H K6G>67A:H 9: G:HJAI69DH N A6H FJ: 86G68I:G>O6C 6A >C9>K>9JD N HJ :CIDGCD :C 9DH BDB:CIDH 9:A I>:BED 6CI:H N 9:HEJZH 9: A6 >CI:GK:C8>_C 9:A EGD<G6B6 H: 8J6CI>;>86GY :A >BE68ID 9:A EGD<G6B6 6 IG6KZH 9: A6 :HI>B68>_C :8DCDBZIG>86 &6 :HI>B68>_C 9: BD9:AD :H AD FJ: 9DC9: :A >BE68ID EGDB:9>D 9:A EGD<G6B6 . H: :HI>B6 EG>B:GD B>9>:C9D :A 86B7>D :C A6H K6G>67A:H 9: G:HJAI69D :ME:G>B:CI69D EDG 8696 <GJED D BYH EG:8>H6B:CI: EDG HJH BJ:HIG6H :CIG: A6 A[C:6 76H: N A6 :C8J:HI6 9: H:<J>B>:CID EG>B:G6 9>;:G:C8>6 N AJ:<D 8DBE6G6C9D :A 86B7>D BDHIG69D EDG :A <GJED 9: 7:C:;>8>6G>DH 8DC :A G:<>HIG69D :C :A <GJED 9: CD 7:C:;>8>6G>DH H:<JC96 9>;:G:C8>6 HI: :H :A BZID9D IZ8C>86B:CI: BYH GD7JHID E6G6 :A>B>C6G :A H:H<D 9: H:A:88>_C N6 FJ: E:GB>I: 6>HA6G :A :;:8ID 9: A6H 86G68I:G[HI>86H CD D7H:GK67A:H 9: ADH >C9>K>9JDH (D D7HI6CI: :H :A BYH :M><:CI: :C IZGB>CDH 9: >C;DGB68>_C EJ:HID FJ: ADH :HIJ9>DH 9: A[C:6 9: 76H: CD HDC BJN 8DBJC:H N ADH :HIJ9>DH 9: H:<J>B>:CID EDG AD <:C:G6A :C;G:CI6C :A EGD7A:B6 9: FJ: :H 9>;[8>A AD86A>O6G 6 ADH >C9>K>9JDH 9: A6 BJ:HIG6 DG><>C6A :HE:8>6AB:CI: :C :A 86HD 9: ADH CD 7:C:;>8>6G>DH
)IGD BZID9D JI>A>O69D E6G6 A6 B:9>8>_C 9: >BE68ID 9: JC EGD<G6B6 :H :A FJ: 8DGG><: A6H 9>;:G:C8>6H D7H:GK67A:H :CIG: :A <GJED 9: IG6I6B>:CID 7:C:;>8>6G>DH 9:A EGD<G6B6 N :A <GJED 9: 8DBE6G68>_C CD 7:C:;>8>6G>DH 7JH86C9D E6G6 8696 >C9>K>9JD 9: A6 BJ:HIG6 9:A <GJED 9: IG6I6B>:CID :A BYH E6G:8>9D 9: A6 BJ:HIG6 9:A <GJED 9: 8DBE6G68>_C &6 6EA>868>_C 9: :HI: BZID9D G:FJ>:G: >C;DGB68>_C 9: 8DGI: IG6CHK:GH6A E6G6 6B7DH <GJEDH FJ: >C8AJN6 A6H K6G>67A:H FJ: H: JI>A>O6GDC E6G6 H:A:88>DC6G 6 ADH E6GI>8>E6CI:H 9:A EGD<G6B6 N A6H K6G>67A:H 9: G:HJAI69D G:A:K6CI:H -: C:8:H>I6 EDG <:C:G6A JC6 76H: 9: 96IDH 6BEA>6 8DBD A6 D7I:C>96 9: JC6 :C8J:HI6 9: 86GY8I:G C68>DC6A - ( :CHD <GDE:8J6G>D C8J:HI6 9: #C<G:HDH 6B>A>6G:H :I8 A BYH 8DCD8>9D 9: :HIDH BZID9DH :H FJ: 8DCH>HI: :C BD9:A6G :HI69[HI>86B:CI: A6 E6GI>8>E68>_C :C :A EGD<G6B6 N AJ:<D 86A8JA6G E6G6 ADH >C9>K>9JDH 9: 6B76H BJ:HIG6H I6CID A6 9:A <GJED 9: IG6I6B>:CID 8DBD A6 9:A <GJED 9: 8DBE6G68>_C A6 EGD767>A>969 9: E6GI>8>E6G :C :A EGD<G6B6 9696H HJH 86G68I:G[HI>86H 9: :A:<>7>A>969 ED7G:O6 :9J868>_C I6B6]D 9: A6 ;6B>A>6 N 8J6AFJ>:G DIGD 8G>I:G>D 9: H:A:88>_C 9:A EGD<G6B6 E6G6 :A 8J6A H: 8J:CI: 8DC >C;DGB68>_C A :HI>B6G :A BD9:AD H: D7I>:C: E6G6 8696 >C9>K>9JD 9: A6 BJ:HIG6 JC H8DG: FJ: G:;A:?6 HJ EGD767>A>969 8DC9>8>DC6A 9: E6GI>8>E6G :C :A EGD<G6B6 &J:<D E6G6 8696 JCD 9: ADH 7:C:;>8>6G>DH H: 7JH86 6A D ADH CD 7:C:;>8>6G>DH 8DC JC H8DG: BYH 8:G86CD H: 86A8JA6C E6G6 6B7DH :A K6ADG :HE:G69D 9: A6H K6G>67A:H 9: G:HJAI69D K6ADG :HE:G69D 9: 3 N H: JI>A>O6 A6 9>;:G:C8>6 :CIG: 6B7DH K6ADG:H 8DBD JC6 :HI>B68>_C 9:A >BE68ID 9:A EGD<G6B6 /HD 9: #CHIGJB:CIDH J6A>I6I>KDH &6H =:GG6B>:CI6H 8J6A>I6I>K6H :C JC6 :K6AJ68>_C 9: >BE68ID H: JI>A>O6C EG>C8>E6AB:CI: E6G6 :CI:C9:G : >C8DGEDG6G A6 K>H>_C 9: ADH 7:C:;>8>6G>DH :C A6 :K6AJ68>_C E6GI>:C9D 9: A6 76H: 9: FJ: JC B>HBD H:GK>8>D EJ:9: H:G K6ADG69D 9: B6C:G6 9>HI>CI6 9:E:C9>:C9D 9: A6 E:G8:E8>_C FJ: 9: ZHI: I:C<6C ADH 7:C:;>8>6G>DH ?:BEADH 9: =:GG6B>:CI6H 8J6A>I6I>K6H HDC BZID9DH I6A:H 8DBD A6 :K6AJ68>_C E6GI>8>E6I>K6 f IZ8C>86 :C A6 FJ: H: >C8DGEDG6 6 ADH 7:C:;>8>6G>DH :C :A 9>H:]D A6
:?:8J8>_C N A6 :K6AJ68>_C 9: JC EGD<G6B6 ADH ;D8JH <GDJE N A6H :CIG:K>HI6H 6 >C;DGB6CI:H 8A6K: HI6 B:ID9DAD<[6 EA6CI:6 A6 #CI:<G68>_C 9:
=:GG6B>:CI6H 8J6CI>I6I>K6H N
8J6A>I6I>K6H :C A6 :K6AJ68>_C 9: >BE68ID 9>HI>C<J>:C9D 9DH ;DGB6H 9: G:6A>O6G 9>8=6 >CI:<G68>_C ->:C9D JC6 EG>B:G6 B6C:G6 9: >CI:<G6G :HI6H =:GG6B>:CI6H 9JG6CI: A6 :I6E6 9: 9>H:]D 9: ADH 8J:HI>DC6G>DH EJ:HID FJ: JC :HIJ9>D 8J6A>I6I>KD EDG :?:BEAD JC ;D8JH <GDJE EJ:9: 6NJ96G 6 EG:8>H6G A6H EG:<JCI6H G:A:K6CI:H *DG DIG6 E6GI: JC6 H:<JC96 ;DGB6 9: >CI:<G68>_C :H :C A6 :I6E6 ;>C6A 9:A :HIJ9>D 8J6C9D =6N G:HJAI69DH 9:A 6CYA>H>H :HI69[HI>8D FJ: C:8:H>I6C H:G >CI:GEG:I69DH D 8=:FJ:69DH EDG :A >CK:HI><69DG C :HI: 86HD KDAK:G 6A I:GG:CD N AA:K6G 6 867D :CIG:K>HI6H BYH ;D86A>O696H 6 ADH 7:C:;>8>6G>DH FJ: EJ:9:C 6EDGI6G >BEDGI6CI: >C;DGB68>_C >CI:GEG:I6I>K6 *6G6 :;:8ID 9: A6 EG:H:CI: >CK:HI><68>_C H: 8DCH>9:G6 FJ: A6H EG>C8>E6A:H K:CI6?6H 9: A6H IZ8C>86H 8J6A>I6I>K6H EG:H:CI696H HDC HJ ;A:M>7>A>969 HJ G6E>9:O :C A6 G:8DA:88>_C N EGD8:H6B>:CID 9: A6 >C;DGB68>_C N HJ 86E68>969 E6G6 B:?DG6G A6H 8DC8AJH>DC:H 9: JC6 :K6AJ68>_C B:9>6CI: :A 6EDGI: 9: JC 8DCD8>B>:CID BYH EG:8>HD 9: A6H EG>DG>969:H N A6H E:G8:E8>DC:H 9:A JHJ6G>D -JH EG>C8>E6A:H 9:HK:CI6?6H HDC A6 HJ7?:I>K>969 :CKJ:AI6 :C A6 G:8DA:88>_C 9: >C;DGB68>_C N HJ 86G:C8>6 9: G:EG:H:CI6I>K>969 :HI69[HI>86 A6 8J6A H: IG69J8: :C JC6 A>B>I68>_C E6G6 <:C:G6A>O6G A6H 8DC8AJH>DC:H 9: :HI: I>ED 9: 6CYA>H>H 6 ID96 A6 ED7A68>_C 7:C:;>8>6G>6 H>B>HBD H: 8DCH>9:G6 A6
>CI:<G68>_C EA6CI:696 :CIG: =:GG6B>:CI6H
8J6CI>I6I>K6H N 8J6A>I6I>K6H 8DBD ;DGI6A:O6 EJ:HID FJ: EJ:9: :CG>FJ:8:G 9: B6C:G6 >BEDGI6CI: ADH G:HJAI69DH 9: JC6 :K6AJ68>_C 9: >BE68ID H EDG :AAD FJ: A6 EG>C8>E6A 9:HK:CI6?6 9:A 9>H:]D :ME:G>B:CI6A :H 9: DG9:C EGY8I>8D N CD B:ID9DA_<>8D N H: G:;>:G: 6 A6 K>67>A>969 EDA[I>86 9: :M8AJ>G 9: A6 8D7:GIJG6 9: JC EGD<G6B6 6A:6IDG>6B:CI: 6 JC <GJED 9: 7:C:;>8>6G>DH :A:<>7A:H N FJ: 8DBD I6A:H C:8:H>I6C ADH H:GK>8>DH 9:A EGD<G6B6 C 8DCH:8J:C8>6 JC 9>H:]D :ME:G>B:CI6A :H JC6 IZ8C>86 BJN >CI:CH>K6 :C I>:BED &6 EDHI:G<68>_C 9: ADH G:HJAI69DH 9: A6 :K6AJ68>_C 9:E:C9:GY 9:A I>:BED FJ:
H: :HI>B: E:GI>C:CI: E6G6 FJ: JC EGD<G6B6 EGD9JO86 >BE68IDH :C A6 ED7A68>_C 7:C:;>8>6G>6 AD FJ: :C <:C:G6A H><C>;>86 EA6C>;>86G JC6 :K6AJ68>_C 8DC K6G>DH 6]DH 9: 6CI>8>E68>_C 9/069 *G:H:CI69D EDG A6 );>8>C6 9: K6AJ68>_C N -JE:GK>H>_C 9:A 6C8D #CI:G6B:G>86CD 9: :H6GGDAAD .[IJAD K6AJ68>_C :M EDHI 9: EGDN:8IDH TB7>ID 9: 6EA>868>_C K6AJ68>_C 9: >BE68ID 9: EGD<G6B6H N EGDN:8IDH 9:A H:8IDG Eb7A>8DH JC96B:CIDH 9:A BZID9D A >G:8IDG>D ?:8JI>KD 9:A 6C8D #CI:G6B:G>86CD 9: :H6GGDAAD # 6EGD7_ :C D8IJ7G: 9: A6 CJ:K6 *DA[I>86 9: K6AJ68>_C :M EDHI 9: )E:G68>DC:H :C A6 8J6A H: A: :C8DB:C96GDC 9DH CJ:K6H I6G:6H 6 A6 );>8>C6 9: K6AJ68>_C N -JE:GK>H>_C )0 :M6B>C6G N K6A>96G ADH >C;DGB:H 9: I:GB>C68>_C 9:A EGDN:8ID N G:6A>O6G :K6AJ68>DC:H :M EDHI 9: A6H DE:G68>DC:H H C:8:H6G>D HJ7G6N6G FJ: A6 EDA[I>86 9: :K6AJ68>_C :M EDHI HJG<>_ 8DBD G:HEJ:HI6 6 A6 E:G8:E8>_C 9: FJ: H: =67[6 8G:69D JC K68[D 9: :K6AJ68>_C :C A6 :;:8I>K>969 :C :A 9:H6GGDAAD 8J6C9D :A 6C8D 676C9DC_ A6 EDA[I>86 9: :K6AJ68>DC:H :M EDHI D7A><6IDG>6H :C N H: 8:GG_ A6 );>8>C6 9: K6AJ68>_C 9: )E:G68>DC:H A K68[D E:G8>7>9D H: =6 KJ:AID BYH G:A:K6CI: 8DBD G:HJAI69D 9: CJB:GDH6H >C>8>6I>K6H G:8>:CI:H 9:A # E6G6 B:?DG6G A6 :;:8I>K>969 :C :A 9:H6GGDAAD 9: HJH DE:G68>DC:H FJ: :C 8DC?JCID :K>9:C8>6C HJ 8DBEGDB>HD 9: 6EA>86G JC BD9:AD <:G:C8>6A 9: h<:HI>_C EDG G:HJAI69DHi A # :H8D<>_ A6 B:ID9DAD<[6 8DC :A ;>C 9: B6M>B>O6G A6 >C;DGB68>_C 69>8>DC6A FJ: )0 ED9G[6 EGDEDG8>DC6G ;>C 9: 96G G:HEJ:HI6 6 A6H EG:<JCI6H :K6AJ6I>K6H EA6CI:696H 9:7: H:A:88>DC6GH: JC BZID9D FJ: 69B>I6 6;>GB68>DC:H 8J6CI>I6I>K6H 8DC 8>:GID <G69D 9: 8DC;>6CO6 HD7G: A6 :KDAJ8>_C 9: ADH G:HJAI69DH J D7?:I>KDH 9: 9:H6GGDAAD I6CID ADH 9:8A6G69DH :MEA[8>I6B:CI: 8DBD EG:K>HIDH N I6B7>ZC ADH CD 6CI>8>E69DH FJ: H:6C 6IG>7J>7A:H 6A EGDN:8ID
C 8DCH:8J:C8>6 G:6A>O_ HJH :K6AJ68>DC:H :M EDHI 8DC;DGB: 6 9DH BZID9DH > :A BZID9D H>BEA: D G:;A:M>KD FJ: HJEDC: FJ: ID96H A6H K6G>68>DC:H G:<>HIG696H :C ADH D7?:I>KDH 9: 9:H6GGDAAD HDC 6IG>7J>7A:H 6 A6 >CI:GK:C8>_C N >> :A BZID9D 9: :;:8ID IG6I6B>:CID FJ: >CI:CI6 9>;:G:C8>6G ADH :;:8IDH FJ: H: 9:7:C 6 A6 >CI:GK:C8>_C 9: ADH :;:8IDH 7GJIDH D IDI6A:H :HI67A:8>:C9D JC6 86JH6A>969 :CIG: A6 >CI:GK:C8>_C N ADH G:HJAI69DH :C IZGB>CDH 8J6CI>I6I>KDH &6H :K6AJ68>DC:H FJ: B>9:C :;:8IDH 9:A IG6I6B>:CID HDC 8DCD8>96H 8DBD :K6AJ68>DC:H 9: >BE68ID ADH :;:8IDH 9: IG6I6B>:CID I6B7>ZC HDC 8DCD8>9DH 8DBD :;:8IDH C:IDH C 8J6AFJ>:G 86HD :C A6 B:9>96 :C FJ: A6 :HI>B68>_C 9: ADH :;:8IDH G:;A:M>KDH N 9: IG6I6B>:CID 9: JC EGDN:8ID 9>;>:G6 HDA6B:CI: 9:7: JH6GH: A6 bAI>B6 E6G6 86A8JA6G A6 :;>8>:C8>6 9: A6 >CI:GK:C8>_C :C ;JC8>_C 9:A 8DHID C :A 8>8AD 9: H: 69DEI_ 8DBD :HIYC96G B[C>BD :A BZID9D 9: ADH :;:8IDH 9:A IG6I6B>:CID E:GD 8DC A6 I6G:6 69>8>DC6A 9: 8DBE6G6G N 8DCIG6HI6G A6H :HI>B68>DC:H 9: ADH :;:8IDH 7GJIDH H>BEA:H G:;A:M>KDH 8DC A6H 9: ADH :;:8IDH C:IDH 9:A IG6I6B>:CID D 9: >BE68ID &6 CDGB6 B:ID9DA_<>86 9: ADH :;:8IDH 9:A IG6I6B>:CID 9:E:C9: 8G[I>86B:CI: 9: A6 EDH>7>A>969 9: :HI67A:8:G H>IJ68>DC:H =>EDIZI>86H H>C A6 >CI:GK:C8>_C f h8DCIG6
;68IJ6Ai A :HIYC96G BYH :A:K69D E6G6 D7I:C:G ADH :;:8IDH C:IDH EGDK>:C: 9: JC6 :HIG6I:<>6 9: BJ:HIG:D FJ: JI>A>O6 JC6 H:A:88>_C 6A:6IDG>6 ,:6A>O6C9D JC6 6H><C68>_C 6A:6IDG>6 9: 7:C:;>8>6G>DH :A:<>7A:H :C <GJEDH 9: IG6I6B>:CID N 9: 8DCIGDA N 86EIYC9DADH 9: A6 B>HB6 9>HIG>7J8>_C ED7A68>DC6A H: AD<G6 FJ: 6B7DH <GJEDH H:6C E:G;:8I6B:CI: 8DBE6G67A:H HID CD =6 9: >BEA>86G C:8:H6G>6B:CI: A6 9:C:<68>_C 9: 7:C:;>8>DH 6 ADH E6GI>8>E6CI:H EG:K>HIDH 76HI6 8DC 6H><C6G ADH 7:C:;>8>6G>DH :C ;DGB6 6A:6IDG>6 :C JC6 EG>B:G6 N H:<JC96 GDC96 9: 6EA>868>_C : CD G:6A>O6GH: A6 6H><C68>_C 6A:6IDG>6 =6N 9DH 8DCH>9:G68>DC:H FJ: HJG<:C 8DC G:HE:8ID 6 A6H :HIG6I:<>6H 9: BJ:HIG:D /C6 :H 8_BD >C8AJ>G 6 HJ?:IDH CD E6GI>8>E6CI:H 8DBE6G67A:H :C JC 8DC?JCID 9: 96IDH 8J6C9D :A :K6AJ69DG CD I>:C: ;DGB6 9: H67:G 6 EG>DG> :M68I6B:CI: FJ>ZC:H HDC 8DBE6G67A:H 8DC ADH 7:C:;>8>6G>DH EG:K>HIDH &6 DIG6 :H FJ: 9:7:C IDB6GH: :C 8J:CI6 DIG6H K6G>67A:H I6CID E6G6 :MEA>86G A6 E6GI>8>E68>_C :C :A
EGD<G6B6 8DBD E6G6 8DCH>9:G6G DIG6H >C;AJ:C8>6H D G:HJAI69DH 9>G:8IDH 6CI>8>E69DH D ;DGIJ>IDH :C ;JC8>_C 9:A 9:H6GGDAAD /C6 :K6AJ68>_C 9:A :;:8ID 9: IG6I6B>:CID N6 H:6 FJ: 8D>C8>96 8DC A6 9JG68>_C 9:A EGDN:8ID D FJ: H: G:6A>8: 8DC EDHI:G>DG>969 9>;>:G: 8DC G:HE:8ID 6 A6 :K6AJ68>_C G:;A:M>K6 :C IG:H 6HE:8IDH 8GJ8>6A:H HJ D7?:I>KD EG>BDG9>6A EG:<JCI6H :K6AJ6I>K6H FJ: EJ:96C G:HEDC9:GH: JH6C9D :A BZID9D FJZ N 8_BD H: 6C6A>O6 N A6 >CI:CH>969 N :A 6A86C8: 9: A6 G:8DE>A68>_C 9: 96IDH KZ6H: 8J69GD (D HDC BJIJ6B:CI: :M8AJN:CI:H C> HJHI>IJ>7A:H E:GD H: C:8:H>I6C A6H 9DH E6G6 I:C:G JC6 >9:6 8DBEA:I6 9: ADH G:HJAI69DH 9: JC EGDN:8ID
?,/<9 -:<J>B>:CID 9:A 9:H:BE:]D ;G:CI: 6 A6 :K6AJ68>_C 9: ADH :;:8IDH 9:A IG6I6B>:CID
@,6?,.4R8 <0160A4@, )7?:I>KD EG>BDG9>6A G:C9>G 8J:CI6H 6 A6H E6GI:H >CI:G:H696H N G:HDAK:G EGD7A:B6H 9: :?:8J8>_C 8DHID :;>8>:C8>6 CYA>H>H 9: EGD9J8IDH N G:HJAI69DH 9>G:8IDH 7GJIDH E6G6 B:?DG6G A6 >BEA:B:CI68>_C
&6 G:8DE>A68>_C 9: 96IDH :H 8DCHI6CI: H: 8J:CI6 8DC 96IDH G:8DA:8I69DH G:<JA6GB:CI: N 9: ;Y8>A 688:HD
@,6?,.4R8 /0 010.>9 ><,>,7408>9 )7?:I>KD EG>BDG9>6A G:6G 8DCD8>B>:CID 8DBEG:C9:G N E:G;:88>DC6G ADH :;:8IDH IG6I6B>:CID 9: JC EGD<G6B6 8DHID:;>8>:C8>6 N 8DHID 7:C:;>8>D CYA>H>H 9: ADH :;:8IDH C:IDH :;:8IDH IG6I6B>:CID 9: ADH D7?:I>KDH 9: 9:H6GGDAAD E6G6 E:G;:88>DC6G :A 9>H:]D 9: EGDN:8IDH 8D>C8>9:CI:H D E6G6 ;JIJGDH EGDN:8IDH H>B>A6G:H &6 G:8DE>A68>_C 9: 96IDH :H E:G>_9>86 BYH >CI:CH6 N G:FJ>:G: >C;DGB68>_C I6CID HD7G: 7:C:;>8>6G>DH 8DBD CD 7:C:;>8>6G>DH 6 IG6KZH 9:A I>:BED
J:CI: );>8>C6 9: K6AJ68>_C N -JE:GK>H>_C f 6C8D #CI:G6B:G>86CD 9: :H6GGDAAD
-: 8DCH>9:G6 8DBD >BEDGI6CI: 6EDGI: 6 A6 EG:H:CI: >CK:HI><68>_C :A >CHI>IJ8>DC6A>O6G A6 B:ID9DAD<[6 EA6CI:696 B:9>6CI: A6 6EGD768>_C 9: CDGB6I>K6H >CHI>IJ8>DC6A:H EDG G:EG:H:CI6G JC6 ;DGI6A:O6 N :A:B:CID 9><CD 6 G:EA>86G '>:CIG6H FJ: E6G6 :;:8IDH 9: A6 EG:H:CI: >CK:HI><68>_C :A 86GY8I:G BJAI>A6I:G6A 9: ADH EGDN:8IDH
D7?:IDH 6 H:G :K6AJ69DH EG:H:CI6C JC YB7>ID #C;G6 >CHI>IJ8>DC6A AD 8J6A 6<G:<6 :A:B:CIDH 9: :HE:8IGD BYH 8DBEA:?DH 9/069 '6CJ6A E6G6 A6 K6AJ68>_C 9: #BE68ID :C *GD<G6B6H 9: DGB68>_C E6G6 $_K:C:H *G:H:CI69D EDG GC:HID 976A6 6]D .[IJAD '6CJ6A E6G6 A6 K6AJ68>_C 9: #BE68ID :C *GD<G6B6H 9:
DGB68>_C E6G6
$_K:C:H TB7>ID 9: 6EA>868>_C -:8IDG Eb7A>8D YG:6 HD8>6A JC96B:CIDH 9:A BZID9D &6 6JIDG6 9:H8G>7: FJ: A6H B:ID9DAD<[6H :K6AJ6I>K6H JI>A>O696H 8:CIG6GDC :C H[ B>HB6H <G6C E6GI: 9: ADH :H8DAADH EGD7A:B6 FJ: G:>I:G6C JC6 N DIG6 K:O ADH :K6AJ69DG:H 9: ADH 9>HI>CIDH E6[H:H 9: A6 G:<>_C :C 9>;:G:CI:H BDB:CIDH C :HI: H:CI>9D H: =6C >CI:CI69D :K6AJ68>DC:H 8J6CI>I6I>K6H 8J6A>I6I>K6H N B>MI6H CIG: A6H EG>B:G6H H: 9>H:]6GDC BD9:ADH 8J6H> :ME:G>B:CI6A:H N G:6AB:CI: :ME:G>B:CI6A:H 6B7DH 8DBEJ:HIDH EDG <GJEDH hE6GI>8>E6CI:Hi N <GJEDH 9: h8DCIGDAi 8DC ><J6A:H 6IG>7JIDH N 86G68I:G[HI>86H :969 <ZC:GD G6O6 >CHIGJ88>_C :ME:G>:C8>6 :C :A B:G869D 9: IG676?D FJ: H: 8DBE6G6C B:9>6CI: BZID9DH 6C6A[I>8DH &6 ;DGB6 9: >CI:<G6G ADH <GJEDH :ME:G>B:CI6A:H K:G969:GDH =6 :ME:G>B:CI69D 9>;>8JAI69:H 86H> >CH6AK67A:H :CIG: ADH :K6AJ69DG:H 6A<JC6H 9: 8A6GD 8DCI:C>9D ZI>8D 969D FJ: EGDEDC:G JC <GJED 8DCIGDA EJGD >BEA>86 9: 6CI:B6CD 9:?6G ;J:G6 9: ADH 7:C:;>8>DH 9: A6 86E68>I68>_C 6 6A<JCDH ?_K:C:H ><J6AB:CI: 86G:C8>69DH CI: :HI: 9>A:B6 :A <GJED 8DCIGDA H: 8J7G>_ 8DC KDAJCI6G>DH N BYH I6G9: 8DC JC6 I:G8:G6 DE8>_C B:ID9DA_<>86 FJ: 8DCH>HI: :C 67G>G JC6 >CH8G>E8>_C B6NDG FJ: ADH C>8=DH 9: 86E68>I68>_C N :C ;DGB6 6A:6IDG>6 8DC;><JG6G :A <GJED h7:C:;>8>6G>Di N :A <GJED h8DCIGDAi H>B>HBD N :C JC B:86C>HBD BYH 68:EI67A: 9:H9: :A EJCID 9: K>HI6 ZI>8D H: EGDEJHD 8DCHI>IJ>G :A <GJED 9: 8DCIGDA 8DC 6FJ:AADH ?_K:C:H >CH8G>IDH :C :A EGD<G6B6 N FJ: EDG 6A<JC6 G6O_C E:GHDC6A CD =>8>:GDC :A 8JGHD N A6 86E68>I68>_C ,:8>:CI:B:CI: H: EG:H:CI_ DIG6 6AI:GC6I>K6 8DCH>HI:CI: :C H:A:88>DC6G 6 ADH ?_K:C:H
9:A <GJED 9: 8DCIGDA EDG 6K:8>C6B>:CID 8:G86C[6 9: AJ<6G 9: G:H>9:C8>6 6 ADH 7:C:;>8>6G>DH E:H6G 9: ID96H :HI6H 9>;>8JAI69:H H: 8DCHI6I6 JC 8G>I:G>D JCYC>B: :C 8J6CID 6 A6 C:8:H>969 67HDAJI6 9:A <GJED 9: 8DCIGDA ,:;>G>ZC9DH: 6 !GJ77 A6 6JIDG6 H:]6A_ A6 6E6G>8>_C 9JG6CI: N AJ:<D 9:A EGD<G6B6 9: IG:H :;:8IDH :;:8IDH 9: A6 H:A:88>_C 9: A6 B69JG68>_C N 9: A6 G:<G:H>_C &DH :;:8IDH 9: A6 H:A:88>_C A6 :A:<>7>A>969
ADH EGD<G6B6H EJ:9:C
H:A:88>DC6G ADH >C9>K>9JDH 8DC EGD7A:B6H E6G6 :BEA:6GH: 76?D C>K:A 9: >CHIGJ88>_C =>HIDG>6 A67DG6A ED7G: 8DBEDGI6B>:CIDH >C69:8J69DH :H86H6 BDI>K68>_C 9GD<69>8IDH K>DA:CIDH :;:8ID C:<6I>KD 9: A6 H:A:88>_C &6 K6G>67>A>969 :C :A BD9D 9: H:A:88>_C :H I6C K6HI6 FJ: :CIJG7>6 A6 B:9>8>_C 9:A >BE68ID I6CID 6 ;6KDG 8DBD :C 8DCIG6 =68>:C9D 9J9DH6H A6H 8DC8AJH>DC:H H> CD :M>HI: JC K:G969:GD <GJED 8DCIGDA &DH :;:8IDH 9: A6 B69JG68>_C ADH ?_K:C:H 7:C:;>8>6G>DH EJ:9:C 69FJ>G>G 8DBE:I:C8>6H <AD76A:H IZ8C>86H >C8G:B:CI6G HJ 8DCD8>B>:CID 9:A B:G869D A67DG6A BD9>;>86G HJ E:G;>A EH>8DHD8>6A 676C9DC6G 69>88>DC:H N 68I>IJ9:H K>DA:CI6H EDG :A H>BEA: E6HD 9:A I>:BED N6 FJ: H: K6C IG6CH;DGB6C9D :C 69JAIDH HI6H IG6CH;DGB68>DC:H EJ:9:C B:?DG6G A6 :BEA:67>A>969 &DH :;:8IDH 9: A6 hG:<G:H>_C 6 A6 B:9>6i :CIG: ADH 7:C:;>8>6G>DH 9:A EGD<G6B6 EJ:9:C J7>86GH: ?_K:C:H 9:H:BEA:69DH IG6CH>IDG>6B:CI: EDG 86JH6H 8DNJCIJG6A:H N FJ: H: >CH8G>7:C :C :A 8JGHD E6G6 >C8G:B:CI6G HJ 86E68>I68>_C &6 :BEA:67>A>969 EDHI:G>DG CD :H EDG AD I6CID 6IG>7J>7A: HDAD 6A EGD<G6B6 HIDH BD9:ADH H: =6C CJIG>9D 9: D7H:GK68>DC:H EGDADC<696H 9: ADH EGD<G6B6H ?JCID 6 :CIG:K>HI6H N :C8J:HI6H :C EGD;JC9>969 6 ADH E6GI>8>E6CI:H :?:8JIDG:H 7:C:;>8>6G>DH :BEG:H6G>DH 9: E6H6CI[6H ;>C6C8>69DG:H 6A ><J6A FJ: 9: G:A6IDH 9: A6 K>96 8DI>9>6C6 9: ADH EGD<G6B6H :C :A :HI>AD 9: =>HIDG>6H 9: K>96 D 9: hJC 9[6 8J6AFJ>:G6i H: 9:H8G>7: :A 68DCI:8:G 8DI>9>6CD 9:A EGD<G6B6 BDHIG6C9D ADH :C<G6C6?:H 9: A6 HD8>6A>O68>_C :C :A >CI:G86B7>D G:8[EGD8D : >CI:GG:A68>DC69D 9: ADH 9>;:G:CI:H 68IDG:H A6H 9:CDB>C696H >CK:HI><68>DC:H 8J6A>I6I>K6H 9: :HIJ9>DH 9: 86HDH
&6 B:ID9DAD<[6 8J6A>I6I>K6 6EDGI_ 8DC <G6C9:H 9>;>8JAI69:H A6 ;DGB6 9: >BEA:B:CI68>_C 9: ADH EGD<G6B6H HJ B6G8=6 N HJH G:IGD8:HDH D 7ADFJ:DH C G:A68>_C 8DC ADH 7:C:;>8>6G>DH :HI: 9>H:]D 8J6A>I6I>KD >CI:CI_ B:9>G 8DC G:HJAI69DH K6G>67A:H :A <G69D 9: H6I>H;688>_C N :A 86B7>D :C A6 :BEA:67>A>969 A<JC6H :K6AJ68>DC:H 6EDGI6GDC G:HJAI69DH 6AI6B:CI: EDH>I>KDH 6JCFJ: E6G6 DIGDH :K6AJ69DG:H :A I:B6 9: A6H BD9>;>868>DC:H EH>8DHD8>6A:H N :A >C8G:B:CID :C A6 86E68>I68>_C ;J:GDC 96IDH h>BEG:H>DC>HI6Hi BYH FJ: H>HI:BYI>8DH C JC6 B:O8A6 9: B:ID9DAD<[6H 8J6CI>I6I>K6H N 8J6A>I6I>K6H A6 6JIDG6 B>9>_ A6 ;D86A>O68>_C N A6 8D7:GIJG6 9:A EGD<G6B6 IG6I6C9D 9: 9:I:8I6G :A 8DGG>B>:CID 9: ADH 7:C:;>8>DH =68>6 ?_K:C:H 9: DIG6H 86E6H HD8>6A:H B76H B>9>:GDC G:A68>DC6C9D :A CbB:GD 9: ?_K:C:H FJ: 8JBEA:C ADH G:FJ>H>IDH E6G6 H:G 7:C:;>8>6G>DH EDI:C8>6A:H ADH FJ: H: >CH8G>7:C N ADH FJ: ;>C6A>O6C ADH 8JGHDH &J:<D 9: 6C6A>O6G A6 EGDEJ:HI6 B:ID9DA_<>86 :BEA:696 H: 8DCH>9:G6 G:A:K6CI: I:C:G EG:H:CI: E6G6 :;:8IDH 9: :HI6 >CK:HI><68>_C FJ: ADH BZID9DH :ME:G>B:CI6A:H EG:H:CI6C JC6 H:G>: 9: EGD7A:B6H ADH 8J6A:H CD H>:BEG: H: EJ:9:C G:HDAK:G N I>:C:C FJ: K:G 8DC &DH BZID9DH :ME:G>B:CI6A:H 6 K:8:H IG6I6C 6A EGD<G6B6 8DBD JC6 86?6 C:<G6 8DC JC ;J:GI: :C;DFJ: :HI69[HI>8D A6 K6G>67A: hNi 6EG:C9>O6?: :H 86JH696 EDG A6 K6G>67A: hMi E6GI>8>E68>_C :C :A EGD<G6B6 N CD 6K6CO6C BYH 8J6C9D H:G[6 BYH 676G869DG N =DA[HI>8D EA6CI:6G A6 :K6AJ68>_C 8DBD JC EGD7A:B6 EGD<G6BYI>8D FJ: 9:I:GB>C: FJZ I>ED 9: H:GK>8>DH D;G:8>9DH 6 FJZ I>ED 9: >C9>K>9JDH G:9J8:C :A 9:H:BEA:D N A6 ED7G:O6 /C6 :K6AJ68>_C :ME:G>B:CI6A FJ: 6H><C: KDAJCI6G>DH 6A 6O6G E6G6 JC EGD<G6B6 9: 86E68>I68>_C D E6G6 JC <GJED 9: 8DCIGDA CD JH6 :A 6O6G E6G6 DIGDH EJCIDH 9: >CI:GZH EH>8DHD8>6A:H 8DBEDGI6B:CI6A:H 68I>IJ9>C6A:H &6 :K6AJ68>_C :ME:G>B:CI6A 6 JCD N 9DH 6]DH 9: ;>C6A>O69D :A EGD<G6B6 :H >BEG:H8>C9>7A: E6G6 B:9>G :A >BE68ID 9: A6H 8DBE:I:C8>6H G:6AB:CI: >C8DGEDG696H N 9JG69:G6H H:<J>G ADH 9DH <GJEDH 7:C:;>8>6G>DH N 8DCIGDA AJ:<D 9: K6G>DH 6]DH E:GB>I: :A>B>C6G A6 K6G>67A: 9: 8DC;JH>_C 6EDGI696 EDG :A I>:BED :;:8ID 9:
B69JG68>_C :C :HI: H:CI>9D =6N FJ: H:]6A6G FJ: ADH BD9:ADH :ME:G>B:CI6A:H HDC 8DHIDHDH 9: >BEA:B:CI6G %4=>07, /0 0/4.4R8 A :9=> :,<, 06 :9692N, /06 %4=>07, .DB6C9D :C 8J:CI6 FJ: :A 8DCD8:G ADH G:HJAI69DH D7I:C>9DH :A 9:I:GB>C6G N BDC>IDG:6G 9: B6C:G6 E:GB6C:CI: :A >BE68ID 9: ADH EGDN:8IDH :?:8JI69DH 6CI:G>DGB:CI: :G6C I:B6H :M8AJH>KDH 9: A6H :BEG:H6H EG>K696H :C A6 68IJ6A>969 8DC JC :CIDGCD BJC9>6A :C 8G>H>H A6H HD8>:969:H 9:B6C96C G:HJAI69DH B6H :;:8I>KDH 9DC9: ADH :FJ>EDH 9: <D7>:GCD FJ: <:G:C8>6 A6 <:HI>_C EJ7A>86 H: K:C :C A6 C:8:H>969 9: 8DCD8:G ADH G:HJAI69DH 9: A6H <:HI>DC:H G:6A>O696H B:9>6CI: A6 :?:8J8>_C 9: EA6C:H EGD<G6B6H N EGDN:8IDH A #(#
G:FJ>:G: 9: >C>8>6I>K6H
E6G6 8G:6G JC6 >CHI6C8>6 FJ: <:HI>DC: A6
>C;DGB68>_C :HIG6IZ<>86 9: EGD9J8IDH H:GK>8>DH EGD8:HDH :CIG: DIGDH ><J6AB:CI: 69:8J69D 6A CJ:KD 8DCI:MID A:<6A :H E:GI>C:CI: G:K>H6G A6H :HIG6I:<>6H JI>A>O696H E6G6 A6 <:HI>_C N 9D8JB:CI68>_C 9: A6 >C;DGB68>_C 6HE:8ID FJ: I6B7>ZC :HIY 8DCI:BEA69D :C :A GI[8JAD 9: A6 &:N )G<YC>86 9: >:C8>6 .:8CDAD<[6 : #CCDK68>_C 9:A '>C>HI:G>D 9:A *D9:G *DEJA6G E6G6 A6 >:C8>6 N .:8CDAD<[6 : #C9JHIG>6H #CI:GB:9>6H FJ: H:]6A6 h HI: DG<6C>HBD I:C9GY :CIG: HJH D7?:I>KDH *GDE>8>6G :HIG6I:<>6H FJ: 8DCK>:GI6C A6 >C;DGB68>_C :C DEDGIJC>969 E6G6 ;DGI6A:8:G :A ->HI:B6 (68>DC6A 9: >:C8>6 .:8CDAD<[6 : #CCDK68>_C : >C8:CI>K6G A6 >CI:GG:A68>_C N E6GI>8>E68>_C 9:A H:8IDG Eb7A>8D N EG>K69D &6 7bHFJ:96 9:I:88>_C N H:<J>B>:CID 9: A6 >C;DGB68>_C G:A68>DC696 8DC 9>8=D ->HI:B6 N :A 6CYA>H>H 9:A :CIDGCD i C ADH DG<6C>HBDH Eb7A>8DH K:C:ODA6CDH H: G:6A>O6C <G6C9:H :H;J:GODH
EDG
8DCIGDA6G N B:9>G A6 <:HI>_C 68DBE6]69D 9: :HID H: EG:H:CI6C EGD7A:B6H 8DC:MDH 8DBD A6 H>HI:B6I>O68>_C 9: A6 >C;DGB68>_C <:C:G6G JC6 8JAIJG6 9: G:EDGI: 9: >C;DGB68>_C 9: G:HJAI69DH : >BE68IDH 9: ADH EGDN:8IDH N EGD<G6B6H :CIG: DIGDH A .GDJ9> H:]6A6 h C 0:C:OJ:A6 CD H: 8J:CI6 8DC JC H>HI:B6 9: >C;DGB68>_C K:G6O N 68IJ6A>O69D FJ: A: E:GB>I6 6A HI69D EA6C>;>86G <:HI>DC6G N 8DCIGDA6G HJ EGD9J88>_C i C :HI: H:CI>9D E6G6 B:9>G H: G:FJ>:G: 6CI:H 8DCHDA>96G H>HI:B6I>O6G N
HD8>6A>O6G A6 >C;DGB68>_C E:GD :HID 9:E:C9:GY 9: AD<G6G A6 86EIJG6 9: 96IDH H><C>;>86I>KDH EGD9J8ID 9: A6 >CI:GG:A68>_C 8DC G:;:G:CI:H JHJ6G>DH 7:C:;>8>6G>DH :C :A 86HD 9:A #(# 8DC 86BE:H>CDH E:FJ:]DH N B:9>6CDH EGD9J8IDG:H 7:C:;>8>6G>DH G:9:H 9: EGD9J88>_C 6<G[8DA6H :CIG: DIGDH *6G6 :A >CI:GZH 9: :HI6 >CK:HI><68>_C H: EJ:9:C B:C8>DC6G A6 DCHI>IJ8>_C 9: A6 ,:Eb7A>86 DA>K6G>6C6 9: 0:C:OJ:A6 FJ: H:]6A6
:C :A GI[8JAD h&6
9B>C>HIG68>_C *b7A>86 :HI6 6A H:GK>8>D 9: ADH 8>J9696CDH N 8>J9696C6H H: ;JC96B:CI6 :C ADH EG>C8>E>DH 9: =DC:HI>969 E6GI>8>E68>_C 8:A:G>969 :;>868>6 :;>8>:C8>6 IG6CHE6G:C8>6 G:C9>8>_C 9: 8J:CI6H N G:HEDCH67>A>969 :C :A :?:G8>8>D 9: A6 ;JC8>_C Eb7A>86 8DC HJ HDB:I>B>:CID EA:CD 6 A6 A:N N 6A 9:G:8=D DCH>9:G6C9D AD 6CI:H :MEJ:HID :H >BEDGI6CI: 68DI6G :A B6C:?D 9: >C9>869DG:H FJ: G:;A:?:C A6 :;>8>:C8>6 :;>868>6 8:A:G>969 IG6CHE6G:C8>6 9: ADH _G<6CDH D :CI:H 9: A6 69B>C>HIG68>_C Eb7A>86 ;JC96B:CI69DH :C EDA[I>86H :HIG6I:<>6H B:I6H N D7?:I>KDH EG:K>HIDH :C ADH G:HE:8I>KDH EA6C:H :HIG6IZ<>8DH N HJ?:IDH 6 ADH 8DBEGDB>HDH 9: <:HI>_C :H 9:8>G FJ: HJH 68I>K>969:H :HIYC 6I69DH 6A 8JBEA>B>:CID :;>86O 9: ADH D7?:I>KDH N B:I6H ;>?69DH :C A6H CDGB6H EA6C:H N 8DBEGDB>HDH 9: <:HI>_C .6B7>ZC :C :A GI[8JAD C ADH EG:HJEJ:HIDH Eb7A>8DH 6CJ6A:H 9: <6HIDH :C ID9DH ADH C>K:A:H 9: !D7>:GCD :HI67A:8:GY 9: B6C:G6 8A6G6 E6G6 8696 8GZ9>ID EG:HJEJ:HI6G>D :A D7?:I>KD :HE:8[;>8D 6 FJ: :HIZ 9>G><>9D ADH G:HJAI69DH 8DC8G:IDH FJ: H: :HE:G6 D7I:C:G N ADH ;JC8>DC6G>DH Eb7A>8DH D ;JC8>DC6G>6H Eb7A>86H G:HEDCH67A:H E6G6 :A AD<GD 9: I6A:H G:HJAI69DH VHIDH H: :HI67A:8:GYC :C IZGB>CDH 8J6CI>I6I>KDH B:9>6CI: >C9>869DG:H 9: 9:H:BE:]D
H>:BEG: FJ: :AAD
H:6 IZ8C>86B:CI:
EDH>7A:l HI: 6GI[8JAD >CHI6 6 A6 G:HEDCH67>A>969 FJ: I>:C:C ADH ;JC8>DC6G>DH Eb7A>8DH 6 :HI67A:8:G A6H G:<A6H 9: B6C:G6 :;>8>:CI: N :;>86O N 6 G:HEDC9:G 8DC G:HJAI69DH FJ: EJ:96C H:G 8J6CI>;>869DH N 6 8DBEG:C9:G FJ: ADH D7?:I>KDH >CHI>IJ8>DC6A:H :HIYC 6A>C:69DH 6 AD FJ: 9:H:6 :A HI69D :C B6I:G>6 9: <:HI>_C N :HID H:GY EDH>7A: 6A JHD 9: ADH >C9>869DG:H 9: 9:H:BE:]D )IG6 &:N FJ: :MEG:H6 ADH B:86C>HBDH 9: :K6AJ68>_C N H:<J>B>:CID 9: A6 <:HI>_C Eb7A>86 :H A6 &:N )G<YC>86 9: A6 9B>C>HIG68>_C *b7A>86 .[IJAD ##
*G>C8>E>DH N 6H:H 9:A JC8>DC6B>:CID N )G<6C>O68>_C 9: &6 9B>C>HIG68>_C *b7A>86 *G>C8>E>D 9: ;JC8>DC6B>:CID EA6C>;>869D N 8DCIGDA 9: A6 <:HI>_C N 9: ADH G:HJAI69DH 8J6C9D H:]6A6 :C HJ GI[8JAD h A ;JC8>DC6B>:CID 9: ADH _G<6CDH N :CI:H 9: A6 9B>C>HIG68>_C *b7A>86 H: HJ?:I6GY 6 A6H EDA[I>86H :HIG6I:<>6H B:I6H N D7?:I>KDH FJ: H: :HI67A:O86C :C ADH G:HE:8I>KDH EA6C:H :HIG6IZ<>8DH N 8DBEGDB>HDH 9: <:HI>_C #<J6AB:CI: 8DBEG:C9:GY :A H:<J>B>:CID 9: A6H 68I>K>969:H 6H[ 8DBD A6 :K6AJ68>_C N 8DCIGDA 9:A 9:H:BE:]D >CHI>IJ8>DC6A N 9: ADH G:HJAI69DH 6A86CO69DH i &6 9>CYB>86 9: A6 68IJ6A 69B>C>HIG68>_C Eb7A>86 :HIY 76H696 :C A6 >CI:GG:A68>_C E:GB6C:CI: 8DC :A :CIDGCD AD 8J6A 9:B6C96 :A B6C:?D :;>8>:CI: :;:8I>KD N :;>86O 9: A6 >C;DGB68>_C >CHI>IJ8>DC6A N :HIY 8DC8:7>96 E6G6 FJ: H: 9:H:BE:]:C :FJ>EDH BJAI>;JC8>DC6A:H : >CI:G9>H8>EA>C6G>DH C 8JBEA>B>:CID 8DC :HI6H 9:B6C96H :A #(# I:C9GY FJ: JI>A>O6G B:9>DH >CHIGJB:CIDH D B:86C>HBDH E6G6 ED9:G :K6AJ6G :C FJZ B:9>96 :HI6BDH AD<G6C9D ADH D7?:I>KDH :HIG6IZ<>8DH EGDEJ:HIDH N B:9>G :A <G69D 9: H6I>H;688>_C 9: A6H 8DBJC>969:H D7H:GK6C9D 6H[ 8DBD ZHI6 B:9>8>_C 8DCIG>7JN: 6A AD<GD 9: ADH ;>C:H >CHI>IJ8>DC6A:H N 6A 9:H:BE:]D 9: A6 B>HB6 C K>GIJ9 9: AD 6CI:H H:]6A69D :A #(# CD :H86E6 9: :HI6 G:6A>969 A6 8J6A ?JHI>;>86 A6 69DE8>_C 9: JC H>HI:B6 9: B:9>8>_C :M EDHI E6G6 ADH EGD<G6B6H N EGDN:8IDH 9: EGD9J8IDH N H:GK>8>DH :?:8JI69DH EDG A6 DG<6C>O68>_C 6 %4=>07, /0 0/4.4R8 A :9=> :,<, 06 A H>HI:B6 9: B:9>8>_C EGDEJ:HID ;J: 696EI69D 9:A BD9:AD EG:H:CI69D EDG -6C[C " 9:CDB>C69D DCIGDA 9: !:HI>_C N K6AJ68>_C 9: ,:HJAI69DH :C A6 !:G:C8>6 *b7A>86 EJ7A>869D :C A6 H:G>: '6CJ6A:H 9: A6H (68>DC:H /C>96H 9:A #CHI>IJID &6I>CD6B:G>86CD N 9:A 6G>7: 9: *A6C>;>868>_C 8DC_B>86 N -D8>6A #&* - 48,64/,/ HI: H>HI:B6 E:GH><J: ;JC96B:CI6AB:CI: IG:H D7?:I>KDH :G>K6G 688>DC:H 8DGG:8I>K6H E6G6 B:?DG6G ADH EGD8:HDH K><:CI:H 0:G>;>86G :A <G69D 9: 8JBEA>B>:CID 9: ADH D7?:I>KDH N 9:I:GB>C6G ADH >BE68IDH G:6A:H 9:A EGDN:8ID
!:C:G6G B:BDG>6 E6G6 6EG:C9:G 9: A6 :ME:G>:C8>6 =68>6 ;JIJGDH EGDN:8IDH 6.,8.0 HI: H>HI:B6 I>:C: 6A86C8: :C :A YB7>ID >CHI>IJ8>DC6A 819;?0 B 70>9/9692N, .DB6C9D :C 8DCH>9:G68>_C AD FJ: EA6I:6 :A 6JIDG 8J6C9D 9:H8G>7: FJ: h 696 EGDN:8ID EJ:9: :M><>G :A 9>H:]D 9: HJ EGDE>6 B:ID9DAD<[6 N 9: HJH EGDE>DH >CHIGJB:CIDH 9: :K6AJ68>_C :M f EDHIi *DG :AAD ;J: 696EI696 A6 B:ID9DAD<[6 EA6CI:696 6 A6 G:6A>969 9:A #(# C :HI: H:CI>9D A6 B:ID9DAD<[6 EGDEJ:HI6 8DCH>HI: :C 8DBE6G6G A6 H>IJ68>_C :M
EDHI 8DC A6 H>IJ68>_C 76H: 8DC;GDCI6G AD FJ: :A EGDN:8ID :;:8I>K6B:CI: =6 G:HJAI69D H:G A 6JIDG 6A EA6I:6G FJ: i/C6 7J:C6 B:9>8>_C 9: ADH :;:8IDH 6HD8>69DH 6A EGDN:8ID H: D7I>:C: 9:A 8DCIG6HI: :CIG: 9DH ;DID<G6;[6H 6CI:H N 9:HEJZH EDG AD FJ: :A EGD8:HD 9: :K6AJ68>_C :M EDHI H: >C>8>6 G:6AB:CI: 9JG6CI: A6 ;6H: 9: ;DGBJA68>_C E6G6 <6G6CI>O6G FJ: H: G:6A>8: JC 9>6<CDHI>8D >C>8>6A H>C A6 >CI:GK:C8>_C 9:A EGDN:8IDi 3 IDB6C9D :C 8J:CI6 FJ: ADH EGDN:8IDH 9: EGD9J8IDH N H:GK>8>DH 9: 6CYA>H>H 9: :C;:GB:969:H ODDH6C>I6G>6 :?:8JI69DH EDG :A #(# HDC G:8JGG:CI:H FJ>:G: 9:8>G FJ: H: ;DGBJA6C 6I:C9>:C9D JC =DG>ODCI: I:BEDG6A 9: IG:H 6]DH 8JN6 G:;DGBJA68>_C H: G:6A>O6 9: B6C:G6 H>HI:BYI>86 N G:E:I>96 EDG :H: B>HBD A6EHD 9: I>:BED &6 B:ID9DAD<[6 EGDEJ:HI6 8DCH>HI: :C B:9>G :A >BE68ID B:9>6CI: IG:H 9>B:CH>DC:H ;>8>:C8>6 ;>868>6 N 6A>969 8GJO6C9D 9>8=6H 9>B:CH>DC:H 8DC 9DH YB7>IDH :A EGD9J8ID ;>C6A N HJ >BE68ID :HID EDG A6 C6IJG6A:O6 9: ADH EGDN:8IDH 9: EGD9J8IDH N H:GK>8>DH 9:A #(# N6 FJ: CD EG:H:CI6C EGD9J8IDH >CI:GB:9>DH -: >C8DGEDG6 8DBD >CHIGJB:CID E6G6 67DG96G A6 :K6AJ68>_C :M f EDHI '6G8D &_<>8D '& HI: CD H_AD EGDK:: :A:B:CIDH :H:C8>6A:H E6G6 A6 :K6AJ68>_C H>CD FJ: H>GK: 9: G:;:G:C8>6 E6G6 DG>:CI6G A6 >9:CI>;>868>_C 9: >C;DGB68>_C 69>8>DC6A N :A 9>H:]D 9: >CHIGJB:CIDH 8DBEA:B:CI6G>DH E6G6 :A 6CYA>H>H -: EJ:9: 9:8>G FJ: :A '& EGDEDG8>DC6 A6H G:HEJ:HI6H 6 8J6IGD <G6C9:H EG:<JCI6H FJ: H: EA6CI:6C :C ADH 8J6IGD C>K:A:H 9: D7?:I>KDH 8DBD H: >C9>86 :C A6 H><J>:CI: ;><JG6
42?<,
'6G8D A_<>8D E6G6 A6 :K6AJ68>_C :M EDHI 6
8
+* ",/+
* '+ % "!&$ ' 0! % $$" " % &"$
*!& !+-
"-&#& &:*
0,0"./+.
&*
* # &" * "!&$ ' "! % * "%& !
* '+ % $ " %" ' 0! #$"
-+,:.&/+.
* " $&'$ * - & * & ! 0!
* '- % !&$ "
+),+*"*/"
* 0 " % )"
/&1&! !
* !& * * "%&" $"!" " . * #" * "%&" *
)7?:I>KD
% $" ! "$ % ' %&$ % $ # ! !&$ " #$" $ " ( " " $ "
J:CI: -6C[C "
/C6 K:O FJ: H: 9>HEDC: 9:A 6CYA>H>H 9: D7?:I>KDH N 9: HJH C>K:A:H 9: AD<GDH B:9>6CI: :A '& :H C:8:H6G>D 67JC96G :C >C;DGB68>_C 8DC B6NDG :HE:8>;>8>969 E6G6 AD 8J6A H: G:FJ:G>GY 6EA>86G JC6 <6B6 9: >CHIGJB:CIDH 8DBEA:B:CI6G>DH &6 B:ID9DAD<[6 9>H:]696 EDG :A 6JIDG 8DBEG:C9: :A 6CYA>H>H 9:A 8>8AD 9:A EGDN:8ID B:9>6CI: A6 K:G>;>868>_C 9: 9>:8>H>:I: 6HE:8IDH 9: ADH 8J6A:H H: D7K>6GDC 8J6IGD 9: :AADH EDG :HI6G :HIDH K>C8JA69DH 8DC K6G>67A:H 9: G:CI67>A>969 :8DC_B>86 HID H: HJHI:CI6 :C A6 8DC9>8>_C 9: _G<6CD Eb7A>8D FJ: EDH:: :A #(# N :HI: B:9>6CI: A6 :?:8J8>_C 9: ADH EGDN:8IDH 9: EGD9J8IDH N H:GK>8>DH :HE:8>6A>O69DH :C :A YG:6 6C>B6A :A >BE68ID HD8>6A :HIY EDG :C8>B6 6 A6 G:CI67>A>969 :8DC_B>86 B:9>6CI: A6 :?:8J8>_C 9: 9>8=DH EGDN:8IDH CD 6H[ :A 6HE:8ID G:A68>DC69DH 8DC ADH 8DHIDH :A 8J6A H: 8DCH>9:G6 E6G6 :HI: :HIJ9>D 8DBD >BEDGI6CI: E6G6 9:I:GB>C6G A6 >CK:GH>_C FJ: H: 9>G:88>DC6 6 :HI: H:8IDG B:9>6CI: A6 :?:8J8>_C 9: ADH EGDN:8IDH A EGD7A:B6 D C:8:H>969 >9:CI>;>8696 A EGDN:8ID 8DBD HDAJ8>_C 6A EGD7A:B6 E:GI>C:C8>6 )7?:I>KDH 9:A EGDN:8ID 9: 8JBEA>B>:CID 9: D7?:I>KDH
D7:GIJG6 WC9>8: 9: 8D7:GIJG6 :M f EDHI :M f 6CI: Z;>8>I WC9>8: 9Z;>8>I H>C EGDN:8ID 9Z;>8>I 8DC EGDN:8ID >B:CH>DC6B>:CID 69:8J69D HD7G: D HJ79>B:CH>DC69D &D86A>O68>_C 6CYA>H>H :M f 6CI: 69:8J696 N 8JBEA>96 HE:8IDH >CHI>IJ8>DC6A:H 86E68>969 E6G6 A6 :?:8J8>_C N E6G6 A6 DE:G68>_C DHIDH 9: >CK:GH>_C WC9>8:H 9: 8DHIDH # ?:8J8>_C 9: B:I6H !G69D 9: 8JBEA>B>:CID H:<bC 8GDCD<G6B6 N 6CYA>H>H 9: ;68IDG:H DC9>8>DC:H E6GI>8JA6G:H :M><>96H :C ADH 86HDH 9: :M><:C8>6H EDG DIGDH 68IDG:H :MI:GCDH 6A EGDN:8ID -DHI:C>7>A>969 6CYA>H>H >CI:<G6A HD7G: 8DC9>8>DC:H 9: 8DCI>CJ>969 N :ME6CH>_C #BE68ID 9:A EGDN:8ID 0:G>;>868>_C 9: :;>8>:C8>6 :C ;JC8>_C 9:A EGD7A:B6 N 9:A :CIDGCD "<9.0/47408>9= #CK:HI><68>_C 9D8JB:CI6A :HE:8>6AB:CI: HD7G: :HIJ9>DH 9: A6 H>IJ68>_C 76H: D >C>8>6A 9:A EGD7A:B6 ADH >C;DGB:H 9: 6K6C8: :A >C;DGB: 9: IZGB>CDH 9: EGDN:8ID ADH >C;DGB:H HD7: EGD9J8IDH N G:HJAI69DH ,:8DE>A68>_C 9: >C;DGB68>_C :HI69[HI>86 HD7G: :A EGDN:8ID N HJ :CIDGCD 0:G>;>868>_C N 8DBEGD768>_C EDG D7H:GK68>_C 9>G:8I6 ,:8DA:88>_C 9: >C;DGB68>_C EDG K>H>I6H 6 I:GG:CD N :CIG:K>HI6H 8DC 9>;:G:CI:H 68IDG:H HD8>6A:H 8DCH:?DH 9: EGD9J8IDG:H 8DCH:?DH 8DBJC6A:H G:A68>DC69DH 8DC :A EGDN:8ID N HJ :CIDGCD *GD8:H6B>:CID :HI>B68>_C N 6CYA>H>H 9: >C9>869DG:H 9: :K6AJ68>_C :M f EDHI KH >C9>869DG:H 76H: D >C>8>6A:H
( 8=><?708>9= *6G6 6EDN6G ADH EGD8:9>B>:CIDH H: 9:7: =68:G JHD 9: >CHIGJB:CIDH 6EGDE>69DH FJ: E:GB>I6C 9: B6C:G6 :ME:9>I6 G:6A>O6G :A EGD8:HD 9: G:8DA:88>_C N 6CYA>H>H 9: >C;DGB68>_C -: G:8DB>:C96 JI>A>O6G 4.3, /0 .98><,=>0 =4>?,.4R8 -,=0 (= 0A T :9=> ':9>6CI: :HI6 ;>8=6 H: G:6A>O6 JC6 :K6AJ68>_C :M EDHI 6 ADH EGDN:8ID 9: EGD9J8IDH N H:GK>8>DH 8DBE6G6C9D >C9>869DG:H 76H: D >C>8>6A:H 8DCIG6 ADH 9: >BE68ID D :M EDHI D7I:C>9DH AJ:<D 9: 8JAB>C69D :A EGDN:8ID DCHI6 9: A6 H><J>:CI: :HIGJ8IJG6 6 .G:H ;>A6H FJ: 9:CDI6C A6H IG:H 9>B:CH>DC:H 6 B:9>G ;>868>6 :;>8>:C8>6 N 86A>969 7 DH 8DAJBC6H EG>C8>E6A:H FJ: 6<GJE6C ADH YB7>IDH 9: 8DCIGDA ADH 8J6A:H HDC :A YB7>ID 9: 8DCIGDA EGD9J8IDH N :A YB7>ID 9: 8DCIGDA G:HJAI69D *6G6 8696 YB7>ID 9: 8DCIGDA H: 8DCH>9:G6C 9DH BDB:CIDH 9: :K6AJ68>_C A6 76H: D >C>8>6A N :A :M EDHI HIDH BDB:CIDH 9: :K6AJ68>_C HDC B:9>9DH EDG JC6 H:G>: 9: >C9>869DG:H EGDEJ:HIDH 6I:C9>:C9D 6 A6H 86G68I:G[HI>86H EGDE>6H 9: ADH EGDN:8IDH 9: EGD9J8IDH N H:GK>8>DH FJ: H: :?:8JI6C :C :A #(# 8 3 A6 I:G8:G6 E6G6 :MEA>86G A6 9>H8G:E6C8>6 G:;A:?6G D7H:GK68>DC:H HD7G: A6 H>IJ68>_C 6C6A>O696
?,/<9 >8=6 9: 8DCIG6HI: H>IJ68>_C 76H: 0H :M EDHI E6G6 EGDN:8IDH 9: EGD9J8IDH K:I:G>C6G>DH 8DCIG6 :C;:GB:969:H ODDCDI>86H &! ! &$! "$! ' &! #( # ), - #( # ), - 2*)-. 068JC6H G:FJ:G>96H
9: K68JC6H EGD9J8>96H
IDI6A 6C>B6A:H K68JC6G
9: 6C>B6A:H K68JC69DH
9: EDG
% K
$
;>868>6
;>8>:C8>6
9: K68JC6H >BEDGI696H
068JC6H G:FJ:G>96H
9: K68JC6H >BEDGI696H
068JC6H G:FJ:G>96H
9: 6C>B6A:H EDG K68JC6G 9: IZ8C>8DH :C ?DGC696 9: K68JC68>_C
9: 6C>B6A:H K68JC69DH 9: IZ8C>8DH :C ?DGC696 9: K68JC68>_C
DHID IDI6A 9:A EGD<G6B6 9: K68JC68>_C 9: 6C>B6A:H EDG K68JC6G
DHID IDI6A 9:A EGD<G6B6 9: K68JC68>_C 9: 6C>B6A:H K68JC69DH
9: K68JC6H EGD9J8>96H :C EA6CI6 9: K68JC6H 9:H86GI696H :C EA6CI6 6A>969 J:CI: =6E6GGD ,
&! ! &$! $ %' & ! #( # ), #( # ), - 2*)-. 9: 6C>B6A:H >C;:8I69DH 6CI:H 9:A EGD<G6B6H
9: 6C>B6A:H >C;:8I69DH 9:HEJZH 9:A EGD<G6B6H
9: E:GHDC6H >C;:8I69DH6CI:H 9:A EGD<G6B6H
9: E:GHDC6H >C;:8I69DH 9:HEJZH EGD<G6B6H
9: BDGI6A>969 :C 6C>B6A:H 6CI:H 9:A EGD<G6B6H *GDB:9>D 9: E:HD EDG 6C>B6A >C;:8I69D 6CI:H 9: K68JC68>_C
9:A
9: BDGI6A>969 :C 6C>B6A:H 9:HEJZH 9:A *GDB:9>D 9: E:HD EDG 6C>B6A AJ:<D 9: K68JC68>_C
9>HB>CJ8>_C :C :MEDGI68>_C 9: 6C>B6A:H :C E>: EDG :C;:GB:969:H ODDCDI>86H
>C8G:B:CID :MEDGI68>_C 6C>B6A:H :C 9:HEJZH K68JC68>_C
9: K68JC6H 9:HE68=696H :C EA6CI6
9: K68JC6H :;:8I>K6H 6EA>8696H :C 86BED
:C 9: E>: 9:
! % $( K T % %
?,/<9 >8=6 9: 8DCIG6HI: H>IJ68>_C 76H: 0H :M EDHI E6G6 EGDN:8IDH 9: H:GK>8>D 9: 6CYA>H>H 9: A67DG6IDG>D E6G6 A6 9:I:88>_C 9: :C;:GB:969:H ODDCDI>86H &! ! &$! "$! ' &! #( # ), #( # ), - 2*)-.
% K
$
;>868>6
;>8>:C8>6
6A>969
9: 6CYA>H>H G:6A>O69DH 9: 6CYA>H>H 9:B6C969DH
9: 6CYA>H>H G:6A>O69DH 9: 6CYA>H>H 9:B6C969DH
9: :C;:GB:969:H ODDCDI>86H :C 9:I:8I696H 6C>B6A:H IDI6A 9: 6CYA>H>H G:6A>O69DH
9: :C;:GB:969:H ODDCDI>86H :C 9:I:8I696H 6C>B6A:H IDI6A 9: 6CYA>H>H G:6A>O69DH
9: :C;:GB:969:H ODDCDI>86H 9:I:8I696H :C E:GHDC6H IDI6A 9: 6CYA>H>H G:6A>O69DH
9: :C;:GB:969:H ODDCDI>86H 9:I:8I696H :C E:GHDC6H IDI6A 9: 6CYA>H>H G:6A>O69DH
6CYA>H>H G:6A>O69DH 9: IZ8C>8DH 9: A67DG6IDG>D
6CYA>H>H G:6A>O69DH 9: IZ8C>8DH 9: A67DG6IDG>D
DHID IDI6A EDG 6CYA>H>H G:6A>O69D
9: 6CYA>H>H G:6A>O69D
DHID IDI6A EDG 6CYA>H>H G:6A>O69D 9: 6CYA>H>H G:6A>O69D
.>:BED :BEA:69D =DG6H EDG 6CYA>H>H G:6A>O69D 9: 6CYA>H>H G:6A>O69D
.>:BED :BEA:69D =DG6H EDG 6CYA>H>H G:6A>O69D 9: 6CYA>H>H G:6A>O69D
9: ;6AHDH EDH>I>KDH IDI6A 9: 6CYA>H>H G:6A>O69DH
9: ;6AHDH EDH>I>KDH IDI6A 9: 6CYA>H>H G:6A>O69DH
J:CI: =6E6GGD ,
&! ! &$! $ %' & ! #( # ), #( # ), - 2 *)-. 86HDH >C;:88>DHDH EDH>I>KDH 9:I:8I69DH
6CYA>H>H 9: G:6A>O69DH
86HDH >C;:88>DHDH EDH>I>KDH 9:I:8I69DH
6CYA>H>H 9: G:6A>O69DH
9: 86HDH 9:I:8I69DH :C EGD9J88>_C C68>DC6A 6C>B6A
9: 86HDH 9:I:8I69DH :C EGD9J88>_C C68>DC6A 6C>B6A
9: 86HDH 9:I:8I69DH :C >BEDGI68>_C 6C>B6A E6G6 8DCHJBD
9: 86HDH 9:I:8I69DH :C >BEDGI68>_C 6C>B6A E6G6 8DCHJBD
H :C E:G9>96H CD D86H>DC696H EDG 9:I:88>_C 9: ;D8DH >C;:88>DHDH 6 I>:BED
H :C E:G9>96H CD D86H>DC696H EDG 9:I:88>_C 9: ;D8DH >C;:88>DHDH 6 I>:BED
9: G:8A6BDH EDG 86A>969 9: 6CYA>H>H EGD8:9:CI:H
.DI6A 6CYA>H>H G:6A>O69DH
9: G:8A6BDH EDG 86A>969 9: 6CYA>H>H EGD8:9:CI:H
.DI6A 6CYA>H>H G:6A>O69DH
9: 7DA:I>C:H :E>9:B>DA_<>8DH :B>I>9DH
9: 7DA:I>C:H :E>9:B>DA_<>8DH :B>I>9DH
! % $( K % %
?N, /0 08><0@4=>,= .>:C: EDG D7?:ID G:8D<:G >C;DGB68>_C 9: ADH 9>;:G:CI:H 68IDG:H AD86A:H G:A68>DC69DH D 6;:8I69DH EDG :A EGDN:8ID E6G6 HDC9:6G HJH 6EG:8>68>DC:H HD7G: :A I>ED 9: 7:C:;>8>DH D >C8DC;DGB>969:H :C8DCIG696H HI6 :CIG:K>HI6 G:FJ>:G: 9: JC 9>YAD<D >C;DGB6A N 9:HEG:K:C>9D E6G6 D7I:C:G G:HEJ:HI6H AD B:CDH H:H<696H EDH>7A: &6 <J[6 6EDN6 A6 86EI68>_C 9: G:HEJ:HI6H 6 H:>H 6HE:8IDH 6 *G>DG>969 E:GB>I: :HI67A:8:G E6G6 JC 6<:CI: D 7:C:;>8>6G>D :HE:8[;>8D A6 EG>DG>969 9:A EGDN:8ID G:HE:8ID 6 DIGDH 7 *6GI>8>E68>_C :HI67A:8: A6 B6C:G6 8DBD E6GI>8>E_ D CD E6GI>8>E_ :A 6<:CI: :C :A EGDN:8ID 8 :C:;>8>D 9:I:GB>C6 H> :A EGDN:8ID 7G>C96 7:C:;>8>DH 6A 6<:CI: G:HE:8I>KD 9 *:G?J>8>D 9:I:GB>C6 H> :A EGDN:8ID 6;:8I6 C:<6I>K6B:CI: :A 6<:CI: G:HE:8I>KD : 6A6C8: HDE:H6 ADH 9DH :A:B:CIDH 6CI:G>DG:H N 9:I:GB>C6 8J6A 9: :AADH EG:9DB>C6 8DC :A EGDN:8ID ; -6I>H;688>_C :HI67A:8: A6 DE>C>_C 8DBD 8>J9696CD HD7G: :A EGDN:8ID ?N, /0 9-=0<@,.4R8 08 >0<<089 -: G:8DB>:C96 :HIGJ8IJG6G :HI6 <J[6 8DC ADH 6HE:8IDH EG:K>H>7A:H 9:A >BE68ID N 8DC A6H 86G68I:G[HI>86H ;[H>86H FJ: >CI:G:H6
K:G>;>86G H BJN >BEDGI6CI: E6G6
6H:<JG6GH: 9: FJ: :A G:HEDCH67A: EDG A6 K>H>I6 K:G>;>FJ: 6HE:8IDH :H:C8>6A:H 9: A6 :K6AJ68>_C N E6G6 <6G6CI>O6G JC>;DGB>969 :C ADH :A:B:CIDH 6C6A>O69DH :C ADH EGDN:8IDH
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
G:EG:H:CI6C9D :HID JC6 <G6C
9:7>A>969 8DC G:HE:8ID 6 A6 <:HI>_C 9: A6 >C;DGB68>_C N EDG :C9: :C :A 9:H:BE:]D >CHI>IJ8>DC6A *DG DIG6 E6GI: 6JH:C8>6 9: :A:B:CIDH FJ: E:GB>I6C 9:H6GGDAA6G B:86C>HBDH 9: 6GI>8JA68>_C N G:IGD6A>B:CI68>_C 9: A6 >CHI>IJ8>_C 8DC :A :CIDGCD :C :HE:8>6A >C;DGB68>_C FJ: EJ:96 H:G 6C6A>O696 N H>GK6 9: =:GG6B>:CI6H E6G6 :A 9:H6GGDAAD 9: A6 ;JC8>_C 9: C:<D8>68>_C EDG :?:BEAD CD H: AA:K6 JC G:8DG9 9: A6 9:B6C96 >CH6I>H;:8=6 FJ: H: <:C:G6 8J6C9D JC 9:B6C96CI: HDA>8>I6 H:GK>8>DH N EGD9J8IDH 9:A
#(# N :HI6H CD H: :C8J:CIG6C :C >CK:CI6G>D :HI6 >C;DGB68>_C H:G[6 bI>A G:<>HIG6GA6 E6G6 :K6AJ6G C>K:A:H 9: 9:B6C96 N 6?JHI6G A6 EGD9J88>_C E6G6 :A H><J>:CI: 6]D H[ B>HBD #(# 86G:8: 9: JC EGD8:HD 9: 6I:C8>_C N H:GK>8>D DG>:CI69D 6A 8A>:CI: 7:C:;>8>6G>D : >C:M>HI:CI: BDC>IDG:D 9: 8A>:CI:H G:6A:H N EDI:C8>6A:H 67: 9:HI686G FJ: ADH BD9:ADH 9: B:9>8>_C :M f EDHI
G:K>H69DH EA6I:6C
8DBD G:FJ:G>B>:CID 8DBbC A6 C:8:H>969 9: >9:CI>;>86G 9:CIGD 9: A6 ED7A68>_C 7:C:;>8>6G>6 :A 688>DC6G 9: ADH EGDN:8IDH N <GJEDH 9: 8DCIGDA H>:C9D :HIDH EDI:C8>6A:H 7:C:;>8>6G>DH 9: ADH EA6C:H ADH 8J6A:H CD H:6C 8DCH>9:G69DH 9JG6CI: A6 :?:8J8>_C : :HI: B>HBD BD9D H: 8DCH>9:G6 >BEDGI6CI: :A JHD 9: >CHIGJB:CIDH 8J6A>I6I>KDH 8DCH>9:G6C9D K:CI6?6H 8DBD A6 ;A:M>7>A>969 A6 G6E>9:O :C A6 G:8DA:88>_C N EGD8:H6B>:CID 9: A6 >C;DGB68>_C E:GB>I>:C9D :CI:C9:G : >C8DGEDG6G A6 K>H>_C 9: ADH 7:C:;>8>6G>DH :C A6 :K6AJ68>_C : ADH BD9:ADH 9: B:9>8>_C :M EDHI G:K>H69DH H: H:A:88>DC_ :A H>HI:B6 EA6CI:69D EDG
":8IDG -6C[C 9:A
#CHI>IJID &6I>CD6B:G>86CD N 9:A 6G>7: 9:
*A6C>;>868>_C 8DC_B>86 N -D8>6A #&* - EDG EG:H:CI6G JC6 B:ID9DAD<[6 AD HJ;>8>:CI:B:CI: ;A:M>7A: N 9:H8G>I6 9: B6C:G6 9>9Y8I>86 6?JHIYC9DH: 6H[ 6 ADH G:FJ:G>B>:CIDH EGDE>DH 9: A6 DG<6C>O68>_C
$0.9708/,.4980= *G:E6G6G N :?:8JI6G JC EA6C 9: 86E68>I68>_C 9>G><>9D 6A E:GHDC6A IZ8C>8D 9: A6H YG:6H 9: EA6C>;>868>_C N H:<J>B>:CID 9:A #(# :C H>HI:B6H 9: K6AJ68>_C 9: EGDN:8IDH ,:6A>O6G 9>6<C_HI>8DH EG:K>DH 6 A6 :?:8J8>_C 9: ADH EGDN:8IDH #BEA:B:CI6G N 6?JHI6G :A H>HI:B6 9: :K6AJ68>_C :M EDHI 9: EGDN:8IDH 9:H6GGDAA69D :C :HI6 >CK:HI><68>_C ,:6A>O6G N K6ADG6G :A H>HI:B6 9: :K6AJ68>_C :M EDHI 9: EGDN:8IDH 9:H6GGDAA69D :C :HI6 >CK:HI><68>_C :C DIG6H JC>969:H <:G:C8>6A:H 9:A #(# :I:GB>C6G :C A6H DG<6C>O68>DC:H Eb7A>86H C68>DC6A:H E6G:H 6A #(# A6 :M>HI:C8>6 9: EDA[I>86H 6I>C:CI:H 6 A6 :K6AJ68>_C :M EDHI 9: EGD<G6B6H D EGDN:8IDH :I:GB>C6G :A >BE68ID :C :A C>K:A 9: 6I:C8>_C 6 8A>:CI:H >CI:GCDH N :MI:GCDH EDG A6 6EA>868>_C 9:A H>HI:B6 9: :K6AJ68>_C :M EDHI 9: EGDN:8IDH :C :A #(# #CHI>IJ8>DC6A>O6G 8DBD EDA[I>86 9: <:HI>_C A6 :K6AJ68>_C 9: >BE68ID 9: ADH EGDN:8IDH
$ $ % ! $ % 796A6 ,8?,6 :,<, 6, 0@,6?,.4R8 /0 47:,.>9 08 :<92<,7,= /0 19<7,.4R8 :,<, 5R@080= >HEDC>7A: :C =IIE
LLL >AD DG< EJ7A>8 HE6C>H= G:<>DC 6BEGD 8>CI:G;DG EJ7A B6C5:K6 >C9:M =IB DCHJAI6 9: '6GOD 9: G7DA:96 ,:8JGHDH "JB6CDH N >C6C8>:GDH >HEDC>7A: :C =IIE
LLL B6>AMB6>A 8DB 8JGHD EG>C8>E>DH 69B>C>HIG6I>KDH :HIGJ8IJG6 DG<6C>O68>DC6A G:8JGHD =JB6CD G:8JGHDH ;>C6C8>:GDH DCHJAI6 9: '6GOD 9: G>6H 6 "<9B0.>9 /0 8@0=>42,.4R8 #CIGD9J88>_C 6 A6 ':ID9DAD<[6 >:CI[;>86 Q 9 9>IDG>6A *#-. ' 6G686H 0:C:OJ:A6 G686BDCI: ' N *A6O6 ( , 140-<0 ,1>9=, 08 (080C?06, >HEDC>7A: :C =IIE
LLL 8:C>6E <DK K: E79 ,:K>HI6H.:8C>86H 8:C>6E=DN 6GI>8JADH C DCHJAI6 9: 7G>A 9: 6C8D #CI:G B:G>86CD 9: :H6GGDAAD # @,6?,.4R8 A:9=> /0 6,= !:0<,.4980= >HEDC>7A: :C =IIE
>979D8H >697 DG< LH9D8H <:I9D8JB:CI 6HEM 9D8CJB DCHJAI6 9: '6GOD 9: 6GG6H6 989.47408>9 .97:,<>4/9 08 69= 0;?4:9= /0 ><,-,59 .G676?D EG:H:CI69D 8DBD h*DH>I>DC *6E:Gi :C :A D8IDG69D >CI:GJC>K:GH>I6G>D :C *H>8DAD<[6 9: A6H )G<6C>O68>DC:H N 9:A .G676?D 06A:C8>6 DCC:;DN $ N GB>?D ' 8/4.,/9<0= /0 0=07:0P9 08 06 %0.>9< "S-64.9 #CHI>IJID &6I>CD6B:G>86CD N 9:A 86G>7: 9: *A6C>;>868>_C 8DC_B>86 N -D8>6A #&* - =>A:
G>8:]D 9= =4=>07,= /0 4819<7,.4R8 B =? 47:9<>,8.4, :,<, 6,= 9<2,84C,.4980= B 07:<0=,= >HEDC>7A: :C =IIE
LLL <:HI>DEDA>H 8DB 6C6A:H B@I H>BE6G6A6H =IB DCHJAI6 9: '6GOD DA>C6 N DIGDH "<9:?0=>, :,<, 06 =>,-60.47408>9 /0 ?8 %4=>07, /0 8/4.,/9<0= /0 0=>4R8 08 6, 4<0..4R8 /0 98><96 /0 =>?/49= /0 6, ,.?6>,/ 0 408.4,= .98R74.,= /0 408.4,= .98R74.,= B %9.4,60= /0 6, '84@0<=4/,/ ,<,-9-9 ,7:?= , 9<4>, FJ: >C8>96C :C A6 ;>8>:C8>6 ;>868>6 N ;:8I>K>969 9: ADH *GD8:HDH FJ: H: G:6A>O6C :C :H: :E6GI6B:CIDi .G676?D 9: !G69D E6G6 )EI6G 6A .>IJAD 9: &>8:C8>69D :C 9B>C>HIG68>_C DB:G8>6A (D *J7A>869D /C>K:GH>969 9: 6G67D7D DGG:6
8>0<80> B &0.89692N, >HEDC>7A: :C =IIE
LLL <:HI>DEDA>H 8DB 86C6A:H <:G H>HI:B6H 9: >C;DGB68>DC :C A6H
DG<6C>O68>DC:H =IB DCHJAI6 9: B6GOD
DCHI>IJ8>_C 9: A6 ,:Eb7A>86 DA>K6G>6C6 9: 0:C:OJ:A6 ,.0>, !14.4,6 MIG6DG9>C6G>D '6GOD
9
=6E6GGD ' 989.47408>9 889@,.4R8 B 98=><?..4R8 /0 %9.40/,/ /C6 <:C96 E6G6 A6 DADB7>6 9:A -><AD 22# DA8>:C8>6H N .:G8:G 'JC9D 9>IDG:H D<DIY GJO % 0=,<<9669 /0 "0<=98,6 B ,:,.4>,.4R8 :,<, ?8 0=07:0P9 10.>4@9 >HEDC>7A: :C =IIE
LLL BDCD<G6;>6H 8DB IG676?DH 9:H6GGDAAD N
86E68>I68>DC 9:H6GGDAAD N 86E68>I68>DC H=IBA DCHJAI6 9: '6GOD 9: 6K>9 N DG6N '8, 48><9/?..4R8 , 6, 0.9897N, B , 6, =9.40/,/ /06 =,-0< :C ,:K>HI6 #CI:GC68>DC6A 9: >:C8>6H -D8>6A:H (R /( - ) 9>HEDC>7A: :C LLL JC:H8D DG< >HH? DCHJAI6 9: :7G:GD GJ8@:G ( 9= /0=,1N9= /0 6, 20<08.4, :,<, 06 =4269 )) !GJED :9>IDG>6A (DGB6
G:CI: 6 JC6 CJ:K6 G:KDAJ8>_C ,:K>HI6 !:HI>_C 0DA (D
J:]6H " GI[8JAD 6, @,<4,-60 >0.896R24., >HEDC>7A: :C =IIE
LLL H6EE>:CH 8DB 86HI:AA6CD 6GI>8JADH CH; !:HI> C5.:8CDA < >86 !:HI> C5I:8CDA <>8658DBD5=:GG6B>:CI65E6G65<:C:G6G5K:CI6?65 8DBE:I>I>K65E6G65A65:BEG:H6 DE:C9D8 JB:CI DCHJAI6 9: '6GOD A 8A6G[C 979 692<,< ;?0 6, .,:,.4>,.4R8 7059<0 <0,6708>0 06 /0=07:0P9 >HEDC>7A: :C =IIE
LLL >:8D 8A6G>C 8DB :8DCDB>6 AD<G6G 86E68>I68>DC B:?DG:
G:6AB:CI: 9:H:BE:CD5 5 =IBA DCHJAI6 9: B6GOD !JOBYC ' 0=>4R8 "S-64., @,6?,.4R8 /0 :<92<,7,= (DI6H .Z8C>86H #CHI>IJID &6I>CD6B:G>86CD N 9:A 86G>7: 9: *A6C>;>868>_C 8DC_B>86 N -D8>6A #&* - -6CI>6<D 9: =>A: =>A: !JOBYC ' !D7>:GCD 9: =>A: >K>H>_C 9: DCIGDA 9: !:HI>_C 0>9/9692N, 0@,6?,.4R8 /0 7:,.>9 >HEDC>7A: :C =IIE
LLL 9>EG:H 8A 8DCIGDA5<:HI>DC :K6AJ68>DC5>BE68ID B:ID9DAD<>65>BE68ID E9; DCHJAI6 9: 7G>A 9: !JOBYC ' %4=>07, /0 98><96 /0 0=>4R8 B "<0=?:?0=>9 :9< $0=?6>,/9= , A:0<408.4, 34608, # - -6CI>6<D 9: =>A: =>A: !JIB6C N DIGDH .9897N, /0 6, &0.89692N, B /0 6, 889@,.4R8 86GE:I6 9: IG676?D 9: A6 '6:HIG[6 :C >:C8>6 .:8CDAD<[6 N -D8>:969 9: A6 /C>K:GH>969 (68>DC6A 9: +J>AB:H :GC6A !DCOYA:O ) N : &6 0:<6 $ 9= =4=>07,= /0 .98><96 /0 20=>4R8 0=><,>M24., /0 6,= 9<2,84C,.4980= >HEDC>7A: :C =IIE
LLL BDCD<G6;>6H 8DB IG676?DH H>HI:B6H 8DCIGDA H>HI:B6H
8DCIGDA H=IBA DCHJAI6 9: '6GOD
! $ * DCHJAIDG:H HD8>69DH -& 6 /4,28R=>4.9 08 06 .98><96 /0 20=>4R8 >HEDC>7A: :C =IIE
<?E8DCHJAIDG:H 8DB 7>7A>DI:865;>A:H 6G8=>KDH ! ! E9; DCHJAI6 9: '6GOD
#CHI>IJID (68>DC6A 9: #CK:HI><68>DC:H <G[8DA6H #(# 8=>4>?.498,6 '6G686N 0:C:OJ:A6
"6,8
=><,>M24.9
":GCYC9:O , 0>9/9692N, /0 6, 8@0=>42,.4R8 408.4,= %9.4,60= I6 9 9>IDG>6A '8!G6L ">AA 6G686H 0:C:OJ:A6 &6CO , 40C &0=4= =9-<0 ?6>?<, !<2,84C,.498,6 &<,8=.97:605, EE 6G686H #'*)-') )(# #. &:N 9:A #CHI>IJID (68>DC6A 9: #CK:HI><68>DC:H <G[8DA6H ,.0>, !14.4,6
9
<DHID
&:N )G<YC>86 9: A6 9B>C>HIG68>_C *b7A>86 ,.0>, !14.4,6 9 :7G:GD &:N 9: -6AJ9 <G[8DA6 #CI:<G6A ,.0>, !14.4,6 9 $JA>D ':G@
,=0 /0 /,>9= B .6408>0= >HEDC>7A: :C =IIE
LLL B:G@ 8DB D8JB:CI68>DC
D8JB:CI68> C !:HI> C 9: A>:CI:H N 6H:H 9: 6IDH E9; DCHJAI6 9: '6GOD 9:
'J]DO 9= 7M>9/9= .?,8>4>,>4@9 B .?,64>,>4@9 08 6, 0@,6?,.4R8 /0 47:,.>9= 08 :<9B0.>9= /0 48@0<=4R8 =9.4,6 9>8>_C :A:8IG_C>86 <G6IJ>I6 .:H>H 9D8IDG6A 688:H>7A: 6 I:MID 8DBEA:ID :C =IIE
LLL :JB:9 C:I I:H>H 6BH DCHJAI6 9: '6GOD (DG;DA@ -I6I6I: /C>K:GH>IN 9<7,= :,<, 06 ?=9 /0 69= <0.?<=9= >0.896R24.9= >HEDC>7A: :C =IIE
IG6CHA6I: <DD<A: 8DB IG6CHA6I: =A :H A6C<E6>G :CP:H J =IIE
LLL CHJ :9J E DA>8>:H E9; 5 E9; DCHJAI6 9: '6GOD )GDE:O6 , @,6?,.4R8 /0 6, ?8.4R8 "S-64., 08 MA4.9 9>IDG:H *A6O6 3 06A9:O 'ZM>8D
)G<6C>O68>_C #CI:GC68>DC6A 9:A .G676?D , =,6?/ B 6, =02?<4/,/ 08 06 ><,-,59 >HEDC>7A: :C =IIE
IG6>C>C< >I8>AD >I 68IG6K589GDB :H DH= :G<D :G<DCDB> =IB A EJ:HID 9: IG676?D DCHJAI6 9: '6GOD 9: )GI>O " 8@0<=4R8 :S-64., :6,8>0,7408>9 /0 ?8 79/069 /0 0@,6?,.4R8 0A T :9=> >HEDC>7A: :C =IIE
JCE6C JC DG< >CIG69D8 <GDJEH EJ7A>8 9D8JB:CIH & 8A69 E9; DCHJAI6 9: 7G>A );>8>C6 9: K6AJ68>_C N -JE:GK>H>_C )0 6C8D #CI:G6B:G>86CD 9: :H6GGDAAD16H=>C<IDC @,6?,.4R8 A "9=> /0 "<9B0.>9= #C;DGB: CJ6A 9: >HEDC>7A: :C =IIE
>979D8H >697 DG< LH9D8H <:I9D8JB:CI 6HEM 9D8CJB DCHJAI6
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
,6C9HI69 8DCHJAIDG:H 9= ><,-,5,/9<0= 1064.0= =98 7L= :<9/?.>4@9= >HEDC>7A: :C =IIE
LLL G6C9HI69 :H 8DCI:CI 67DJIG6C9HI69 >C9:M MBA DCHJAI69D 9: :7G:GD ,:K>HI6 G:GJ 8DB 6GI>8JAD 6 0A.0=9 /0 ><,-,59 B =?= <40=29= >HEDC>7A: :C h=IIE
E:GJ E: CDI>8>6 :M8:HD IG676?D HJH G>:H<DH DCHJAI6 9: '6GOD 9: ,:N:H /7484=><,.4R8 /0 7:<0=,= &09<N, B "<L.>4., -:<JC96 *6GI: :G6 9 9>IDG>6A &#'/- (),# ! 9>IDG:H 'ZM>8D -6C[C " 98><96 /0 20=>4R8 B 0@,6?,.4R8 /0 <0=?6>,/9= 08 6, 20<08.4, :S-64., -:G>: B6CJ6A:H 9: A6H (68>DC:H /C>96H #CHI>IJID &6I>CD6B:G>86CD N 9:A 6G>7: 9: *A6C>;>868>_C 8DC_B>86 N -D8>6A #&* - -YC8=:O 3 4=0P9 /0 ?8 %4=>07, /0 @,6?,.4R8 /0 0=07:0P9 :,<, 06 $0.?<=9 ?7,89 /0 6, !<2,84C,.4R8 & ), &6 !G6C BEG:H6 6 ;:8ID 9: AD<G6G A6 ;>8>:C8>6 N 6A>969 .G676?D 9: !G69D E6G6 )EI6G 6A .>IJAD 9: &>8:C8>69D :C 9B>C>HIG68>_C DB:G8>6A (D *J7A>869D /C>K:GH>969 >8:CI:C6G>6 9: G6<J6 -6A6O6G ' N DIGDH ,8?,6 /0 929>L T 9<7,64C,.4R8 /0 8/4.,/9<0= /0 889@,.4R8 &0.896R24., :,<, 7M<4., ,>48, B 06 ,<4-0 ) DA8>:C8>6H ,:9 #7:GD6B:G>86C6 9: #C9>869DG:H 9: >:C8>6 N .:8CDAD<[6 ,# 3. N )7H:GK6IDG>D DADB7>6CD 9: >:C8>6 N .:8CDAD<[6 ) N. D<DIY >HEDC>7A: :C LLL G>8NI :9J 6G DCHJAI6 (DK>:B7G: 9: -:GC6 " J8/4.0= /0 0=>4R8 979 4=0P,< ?8 %4=>07, 8>02<,6 /0 0/4.4R8 /0 0=>4R8 9>IDG>6A , D<DIY DADB7>6 -:GC6 " 0<08.4, =><,>M24., "6,80,.4R8 B 0=>4R8 &09<N, B 0>9/9692N, , 9>IDG:H K6 9 -6CI6 : 9: D<DI6 DADB7>6 .6B6ND ' 6 "<9.0=9 /0 6, 8@0=>42,.4R8 &#'/- (DG>:<6 9>IDG:H 'ZM>8D
408>N14., I6 9 9>IDG>6A
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
9>,=
)!%
)! &$ ( %& %&$' &'$ " $ ( %&$ & !
' ( $% $ &!$! %&$' &! E &$ ( %& %&$' &'$ !$ K %&$ & !$ & G$ %&$ & $ $ "$ % * $ "$! ' ! %& &'&! ! ( %& ! % $ ! % A IG6I6G A6 :K6AJ68>_C 9: >BE68ID :C EGDN:8IDH N EGD<G6B6H 9:E:C9: 9: HJ I:BEDG6A>969 JC BDB:CID 6A >C>8>D :M 6CI: 6A ;>C6A>O6G EDHI N I>:BED 9:HEJZH 9: ;>C6A>O6G :M EDHI A6 :K6AJ68>_C :M EDHI H: G:6A>O6 I>:BED 9:HEJZH B:H:H D 6]DH 9: 8DC8AJ>96
A6 :?:8J8>_C :HI: I>ED 9: B:9>8>_C :K6Ab6 ADH G:HJAI69DH B:9>6IDH N
6A:?69DH 8DCHDA>969DH :C :A I>:BED DC :A ;>C 9: 9:I:GB>C6G A6 :M>HI:C8>6 D CD 9: EDA[I>86H 6 C>K:A :HIG6IZ<>8D FJ: 6EJCI:C 6 >BEA6CI6G D ;DGI6A:8:G JC H>HI:B6 9: B:9>8>_C :M EDHI 9: EGDN:8IDH 9: EGD9J88>_C N H:GK>8>DH 9:CIGD 9:A #(# AD 6 >CK>I6BDH 6 E6GI>8>E6G :C A6 H><J>:CI: :CIG:K>HI6 :HIGJ8IJG696 9708>0 =9-<0 =?= .989.47408>9= 08 =4=>07,= /0 0@,6?,.4R8 0A :9=> /0 :<92<,7,= B :<9B0.>9=
9708>0 ?=>0/ =9-<0 6,= 30<<,7408>,=
70>9/96924.,= ;?0 07:60, 08 =?
20=>4R8 ;?0 60 1,.464>08 06 ,8L64=4= 0A :9=> /0 :<9B0.>9= /0 :<9/?..4R8 B =0<@4.49 /08><9 /0 6, 48=>4>?.4R8 9708>0 =9-<0 6, 47:9<>,8.4, ;?0 <0@4=>0 .98>,< .98 4819<7,.4R8 <010<08>0 ,6 ,8L64=4= 0A :9=> /0 :<9B0.>9= /0 :<9/?..4R8 B =0<@4.49
A:64;?0 ;?0 >4:9 /0 4819<7,.4R8 0= /07,8/,/, :9< 69= 84@060= /0 :6,8414.,.4R8 .08><,6 .98 <0=:0.>9 , 69= <0=?6>,/9= /0 :<92<,7,= B :<9B0.>9= 050.?>,/9= 9708>0 =9-<0 6,= ,.>4@4/,/0= /0 .,:,.4>,.4R8 ;?0 ?=>0/ 3,B, :,<>4.4:,/9 =9-<0 0@,6?,.4R8 0A :9=> /0 :<9B0.>9=
!, # - *), -/ .# '*)
)! ' %& " $ ( &I !
' ( $% $ &!$! %&$' &! E ' %& & K $ & $ %& % #' "!% &$ ! !$ & $ !" $ & ( & !% $ " K * ! &$! %& K "$!* &!% "$! ' K % $( !% %& &'&! ! ( %& ! % $ ! %
A IG6I6G A6 :K6AJ68>_C 9: >BE68ID :C EGDN:8IDH N EGD<G6B6H 9:E:C9: 9: HJ I:BEDG6A>969 JC BDB:CID 6A >C>8>D :M 6CI: 6A ;>C6A>O6G EDHI N I>:BED 9:HEJZH 9: ;>C6A>O6G :M EDHI A6 :K6AJ68>_C :M EDHI H: G:6A>O6 I>:BED 9:HEJZH B:H:H D 6]DH 9: 8DC8AJ>96
A6 :?:8J8>_C :HI: I>ED 9: B:9>8>_C :K6Ab6 ADH G:HJAI69DH B:9>6IDH N
6A:?69DH 8DCHDA>969DH :C :A I>:BED DC :A ;>C 9: 9:I:GB>C6G A6 :M>HI:C8>6 9: JC H>HI:B6 9: B:9>8>_C :MEDHI 9: EGDN:8IDH 9: EGD9J88>_C N H:GK>8>DH 9:CIGD 9:A #(# AD 6 >CK>I6BDH 6 8DCI:HI6G A6H H><J>:CI:H EG:<JCI6H 989.0 ?=>0/ ;?0 0= ?8 =4=>07, /0 0@,6?,.4R8 0A :9=> /0 :<9B0.>9= -#
()
F%0 .?08>, .98 =4=>07,= /0 .98><96 /0 20=>4R8 ,?>97,>4C,/9= ;?0 :0<74>,8 2080<,< 4819<7,.4R8 :,<, 06 ,8L64=4= 0A:9=> /0 :<9B0.>9= /0 :<9/?..4R8 B =0<@4.49= -#
()
F%0 .?08>, .98 -,=0 /0 /,>9= .98 /,>, 34=>R<4., <060@,8>0= .9814,-60= B 9:9<>?8,= /0 69= :<9B0.>9= /0 :<9/?..4R8 B =0<@4.49= -#
()
F ?08>, .98 =4=>07,= /0 .98><96 /0 20=>4R8 89 ,?>97,>4C,/9= 89<7,= B :<9.0/47408>9= 19<7,>9= B >,-6,= :<00=>,-60.4/,= ;?0 :0<74>,8 6, .,:>?<, /0 /,>9= ;?0 .98><4-?B,8 ,6 ,8L64=4= 0A:9=> /0 :<9B0.>9= -#
()
F %0 .?08>, .98 ?8, -,=0 /0 /,>9= /0 .6408>0= 9 -08014.4,<49= /0 69= :<9B0.>9= 050.?>,/9= -#
()
F , ?84/,/ /0 :6,8414.,.4R8 B .98><96 /0 20=>4R8 <0,64C, /4,28R=>4.9= :<0@49= ;?0 :0<74>,8 >080< .6,<4/,/ 08 06 :<9-607, 9 =4>?,.4R8 484.4,6
08 6,= C98,=
9-50>4@9= /06 :<9B0.>9 -#
()
F , <0.4-4/9 .,:,.4>,.4R8 70/4,8>0 .?<=9= >,660<0= 9><9= 08 0@,6?,.4R8 0A :9=> /0 :<9B0.>9= -#
()
F 98=4/0<, ?=>0/ ;?0 6, .,8>4/,/ /0 :0<=98,6 >M.84.9 ,=428,/9 08 06 L<0, /0 :6,8414.,.4R8 B .98><96 /0 20=>4R8 0= =?14.408>0 -#
()
F %98 =?14.408>0 69= <0.?<=9= 148,8.40<9= ,=428,/9= ,6 L<0, /0 :6,8414.,.4R8 B .98><96 /0 20=>4R8 -#
()
F = ,/0.?,/9 06 0=:,.49 1N=4.9 /0=>48,/9 ,6 L<0, /0 :6,8414.,.4R8 B .98><96 /0 20=>4R8 -#
()
F 98=4/0<, ;?0 69= <0.?<=9= >0.896R24.9= =98 =?14.408>0= :,<, /,< <0=:?0=>,= 9:9<>?8,= 08 06 L<0, /0 :6,8414.,.4R8 B .98><96 /0 20=>4R8 -#
()
!, # - *), -/ .# '*)
)! %& !& !
' ( $% $ &!$! %&$' &! E %& !& ! !$ & % $ % &$ ! !" $ & ( * %&$ & %& &'&! ! ( %& ! % $ ! % DC :A ;>C 9: 8DCHI6I6G A6 :M>HI:C8>6 9: :A:B:CIDH 8DCH>9:G69DH G:A:K6CI:H :C ADH EJCIDH 9: 8DCIGDA 9: ADH EGD8:HDH 9: <:HI>_C H: EG:H:CI6 A6 H><J>:CI: A>HI6 9: 8DI:?D %& !& !
J>07=
!% ( $ K
%"! %
4=:984-464/,/ /0 =4=>07,= /0 .98><96 /0 20=>4R8 ,?>97,>4C,/9= 4=:984-464/,/ /0 -,=0 /0 /,>9= /0 :<9B0.>9= 4=:984-464/,/ /0 =4=>07,= /0 .98><96 /0 20=>4R8 89 ,?>97,>4C,/9= 89<7,= B :<9.0/47408>9= 19<7,>9= :<0 0=>,-60.4/9= 4=:984-464/,/ /0 -,=0 /0 /,>9= /0 .6408>0=
4=:984-464/,/ /0 /4,28R=>4.9= :<0@49=
%964.4>?/0= /0 ,.>4@4/,/0= /0 .,:,.4>,.4R8 .?<=9= >,660<0= 9><9= %?14.408.4, /0 :0<=98,6 >M.84.9
4=:984-464/,/ /0 <0.?<=9= 148,8.40<9=
/0.?,/9 0=:,.49 1N=4.9
$0.?<=9= >0.896R24.9=
!
&$ + ( ! %&$' &!% ' ! )" $&!%
)!
/"*.
0$"-"* & .
,(& ("
,(& (" !".,09. !" +--"$&-
+ ,(& ("
&-) !"( 2,"-/+ *#+-) */"
;;; !";;; !"( ;
.," & (&! ! !"( 1 (&! !+- ;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;
,"((&!+. 3 *+) -". !"( '0"4 1 (&! !+- $ % ;;;;;;;;;;;;;;; ;;;;;;;;;;;;
,&*&:* !" ,(& &(&! !
."-1 &+*". ,-" &. - .& % 3 .0#& &"* &
5
' ( $% $ &!$! %&$' &! E
&$ + ( K ' ! )" $&!%