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47D:G4G@93@ 67@93@ =7F;63=E7;?43@93@ 3@F3D3 EGB>3; A=E;97@ 63@

=74GFG:3@ A=E;97@ ?;A=3D6

 ,8,5*(5((5 2,7,8(=(:(5

)7D7@53@33@ F;@63=3@ =7B7D3I3F3@ K3@9 6;>3=G=3@ B363 'K ,

67@93@ FG<G3@ 63@ =D;F7D;3 :3E;> ,7F7>3: 6;>3=G=3@ F;@63=3@ =7B7D3I3F3@

J  <3? B7D@383E3@ B3E;7@ =7?43>; @AD?3> 67@93@ =D;F7D;3 :3E;> K3;FG

F;63= 363 E7E3= @383E ++ @AD?3>  J


?7@;F ;D3?3 F7D3FGD

)7D7@53@33@ K3@9 6;>3=G=3@ G@FG= ?7@93F3E; ?3E3>3: =7B7D3I3F3@ BA>3

@383E F;63= 787=F;8 47D:G4G@93@ 67@93@ B7@97?43@93@ B3DG F;63= ABF;?3>




=7>74;:3@ 53;D3@ 6;63>3? B3DG 3=;43F E7=G@67D 63D; 767?3 B3DG 3=GF

3@F3D3 >3;@ =3<; B7D@383E3@ B3E;7@ G@FG= ?7@97F3:G; B7D@383E3@ B3E;7@

47D;=3@ BAE;E; E7?;8AI>7D G@FG= ?7?47D;=3@ BAE;E; @K3?3@ E33F 47D@383E

3<3D=3@ B3E;7@ F7=@;= D7>3=E3E; @383E 63>3? G@FG= ?7>A@993D=3@ <3>3@

@383E =A>34AD3E; B7?47D;3@ ( G@FG= ?7?43@FG B7D@383E3@ B3E;7@

)7D7@53@33@ F;@63=3@ =7B7D3I3F3@ K3@9 6;>3=G=3@ G@FG=

?7@93F3E; ?3E3>3: =7B7D3I3F3@ B7@GDG@3@ 5GD3: <3@FG@9 47D:G4G@93@

67@93@ B7DG43:3@ 8D7=G7@E; ;D3?3 =A@6G=E; 7>7=FD;=3> 67@93@ FG<G3@ 63@

=D;F7D;3 :3E;> E7F3>3: 6;>3=G=3@ F;@63=3@ =7B7D3I3F3@ E7>3?3 J  <3?

6;:3D3B=3@ F;63= F7D<36; B7@GDG@3@ 5GD3: <3@FG@9 67@93@ =D;F7D;3 :3E;>

K3;FG --/ @A?3> F;63= 363 @K7D; 6363 5GD3: <3@FG@9 =7?43>; @AD?3>

)7D7@53@33@ K3@9 6;>3=G=3@ G@FG= ?7@93F3E; ?3E3>3: =7B7D3I3F3@ B363

'K , 3@F3D3 >3;@ ?A@;FAD --/ G@FG= ?7@97F3:G; =73633@ G?G? B3E;7@

>3=G=3@ B7D7=3?3@ $ G@FG= ?7@97F3:G; D7=3?3@ <3@FG@9 47D;=3@

;EF;D3:3F K3@9 @K3?3@ E7?;8AI>7D G@FG= ?7@97F3:G; =A@FDG=E;=7D<3

<3@FG@9 =A>34AD3E; B7?47D;3@ A43F <3@FG@9 G@FG= ?7?43@FG BDAE7E =;?;3

63>3? FG4G:

)7D7@53@33@ F;@63=3@ =7B7D3I3F3@ K3@9 6;>3=G=3@ G@FG=

?7@93F3E; ?3E3>3: =7B7D3I3F3@ @K7D; 3=GF 47D:G4G@93@ 67@93@

=7F;63=E7;?43@93@ EGB>3; 63D3: 63@ A=E;97@67@93@ =74GFG:3@

?;A=3D6;G? 3=;43F E7=G@67D 63D; B7@GDG@3@ EGB>3; 63D3: =7 ?;A=3D6;G?

B7@;@9=3F3@ BDA6G=E; 3E3? >3=F3F 67@93@ FG<G3@ 63@ =D;F7D;3 :3E;> K3;FG


E7F7>3: 6;>3=G=3@ F;@63=3@ =7B7D3I3F3@E7>3?3 J  <3? 6;:3D3B=3@

@K7D;6363 63B3F47D=GD3@9 67@93@ =D;F7D;3 :3E;>I3<3: B3E;7@ D;>7=E E=3>3

@K7D; :;>3@9 3F3G ?7@GDG@ )7D7@53@33@ K3@9 6;>3=G=3@G@FG= ?7@93F3E;

?3E3>3: =7B7D3I3F3@ 'K , 3@F3D3 >3;@ =3<; =3D3=F7D;EF;= @K7D; )*+,-

G@FG= ?7@97F3:G; @K7D; B3E;7@ 47D;=3@ BAE;E; @K3?3@ G@FG= ?7?47D;=3@

=7@K3?3@33@ B3E;7@ 3<3D=3@ F7=@;= 5*%&% ."(&28 G@FG= ?7@93>;:=3@

@K7D; K3@9 6;47D;=3@ =A>34AD3E; B7?47D;3@ 3@3>97E;= G@FG= ?7@9GD3@9;

D3E3 @K7D;

)7D7@53@33@ F;@63=3@ =7B7D3I3F3@ K3@9 6;>3=G=3@ G@FG=

?7@93F3E; ?3E3>3: =7B7D3I3F3@ ;@FA>7D3@E; 3=F;H;F3E 47D:G4G@93@ 67@93@

=7F;63=E7;?43@93@ 3@F3D3 EGB>3; A=E;97@ 63@ =74GFG:3@ A=E;97@ ?;A=3D6

67@93@ FG<G3@ 63@ =D;F7D;3 :3E;> K3;FG E7F7>3: 6;>3=G=3@ F;@63=3@

=7B7D3I3F3@E7>3?3 J  <3? 6;:3D3B=3@ 3=F;H;F3E =7?43>; @AD?3>

363@K3 B7@;@9=3F3@ 63K3 F3:3@ FG4G: 367=G3F G@FG= 47D3=F;H;F3E

)7D7@53@33@ K3@9 6;>3=G=3@ G@FG= ?7@93F3E; ?3E3>3: =7B7D3I3F3@ 'K ,

3@F3D3 >3;@ =3<; BA>3 3=F;H;F3E 63@ --/ G@FG= ?7@97F3:G;=73633@ G?G?

B3E;7@ 43F3E; 3=F;H;F3E B3E;7@ G@FG= ?7@9GD3@9;=7D<3 AFAF <3@FG@9

47D;=3@ >;@9=G@93@ F7@3@9 G@FG= ?7@6G=G@9;EF;D3:3F 63@ F;6GD @K3?3@

47D;=3@ >3F;:3@ D7@F3@9 97D3= E7@6; +(& G@FG= ?7?43@FG

?7@;@9=3F=3@ =A@EG?E; A=E;97@ 63>3? FG4G:




 473,4,5:(90 2,7,8(=(:(5

-;@63=3@ =7B7D3I3F3@ B363 ?3E3>3: K3@9 B7DF3?3 6;>3=G=3@ B363

F3@993>  BD;>  K3;FG BG=G>  0" ?7@9=3<; B7D@383E3@ B3E;7@

6;63B3F=3@ 63F3 EG4K7=F;8 B3E;7@ ?7@93F3=3@ E7E3= @383E 6363 @K7D; G@FG=

47D@383E 63F3 A4K7=F;8 B3E;7@ F3?B3= >7?3E B7D@383E3@ 63>3? ++

 J
?7@;F ?7@99G@3=3@ ( %;F7D @3E3> =3@G> ,)(  J
?7@;F )G=G>

0" ?7?47D;=3@BAE;E; E7?;8AI>7D6;63B3F=3@ 63F3 A4K7=F;8

B3E;7@ ?7@93F3=3@ ?3G 6;BAE;E;=3@ E7?;8AI>7D 63F3 A4K7=F;8 B3E;7@

F3?B3= F7@3@9 67@93@ BAE;E; E7?;8AI>7D )G=G> 0" =A>34AD3E;

B7?47D;3@ ( %;F7D @3E3> =3@G> 6;63B3F=3@ 63F3 EG4K7=F;8 B3E;7@

?7@93F3=3@ ?3G 6;B3E3@9 ( %;F7D @3E3> =3@G> 63F3 A4K7=F;8 B3E;7@

F3?B3= F7DB3E3@9 ( %;F7D @3E3> =3@G> 3@ F;@63=3@ =7B7D3I3F3@ B363

F3@993>  BD;>  6;>3=G=3@F;@63=3@ B363 BG=G>   0"

?7@9=3<; B7D@383E3@B3E;7@ 6;63B3F=3@ 63F3 EG4K7=F;8B3E;7@ ?7@93F3=3@

?3E;: ?7D3E3=3@ E7E3= @383E 6363 ?3E;: @K7D; G@FG= 47D@383E63F3

A4K7=F;8 B3E;7@ F3?B3= >7?3E ++ J


?7@;F B3E;7@ ?7@99G@3=3@ (

@3E3> =3@G> %;F7D ,)(  J


?7@;F )G=G>   0" ?7?47D;=3@

BAEE;E; E7?;8AI>7D 6;63B3F=3@ 63F3 EG4K7=F;8 B3E;7@ ?7@93F3=3@ ?3G

6;47D;=3@ BAE;E;=3@ E7?;8AI>7D63F3 A4K7=F;8 B3E;7@ F3?B3= F7@3@9

67@93@ BAE;E; E7?;8AI>7D )G=G>  0" =A>34AD3E;B7?47D;3@ ( %

@3E3> =3@G> 6;63B3F=3@ 63F3 EG4K7=F;8 B3E;7@ ?7@93F3=3@ ?3E;: E7E3=




@383E 63@ ?3G 6;B3E3@9 ( @3E3> =3@G> 63F3 A4K7=F;8 B3E;7@ ?3E;:

F3?B3= ( %;F7D @3E3> =3@G>

-;@63=3@ =7B7D3I3F3@ B363 ?3E3>3: K3@9 =76G3 6;>3=G=3@ B363

F3@993>  BD;>  K3;FG BG=G>  0" =A>34AD3E; B7?47D;3@A43F

<3@FG@9 "@<7=E; :7B3D;@   63@ ",' J ?9 6;63B3F=3@63F3

EG4K7=F;8 B3E;7@ ?7@93F3=3@ ?3G 6;47D;=3@ A43F63F3 A4K7=F;8 A43F EG63:

?3EG= 3@ F;@63=3@ =7B7D3I3F3@B363 F3@993>  BD;>  6;>3=G=3@

F;@63=3@ B363 BG=G>   0" =A>34AD3E; B7?47D;3@ A43F <3@FG@9

576A=D36 ?9
<3? 63@ ",' J?9 6;63B3F=3@ 63F3 EG4K7=F;8 B3E;7@

?7@93F3=3@ ?3G 6;47D;=3@ A43F 63F3 A4K7=F;8 A43F EG63: ?3EG= ?7>3>G;

;@FD3H7@3

-;@63=3@ =7B7D3I3F3@ B363 ?3E3>3: K3@9 =7F;93 6;>3=G=3@ B363

F3@993>  BD;>  K3;FG B363 BG=G>  0" ?7@9=3<; =3D3=F7D;EF;=

@K7D; 6;63B3F=3@ 63F3 EG4K7=F;8 B3E;7@ ?7@93F3=3@ @K7D; G>G :3F; ) @K7D;

E33F B3E;7@ F3D;= @383E 63>3? * E7B7DF; F7DF;@6;: 47@63 47D3F + 6;G>G :3F;

?7@<3>3D =7439;3@ 6363 =;D; 63@ BG@99G@9 , E=3>3 @K7D;  - @K7D;

F;?4G> F;43F;43 63F3 A4K7=F;8 B3E;7@ F3?B3= ?7D;@9;E =7E3=;F3@ 63@

?7@9GD3@9; 6363 =;D; -7=3@3@ 63D3: 


??!9 @36; J
?7@;F

++  J
?7@;F )G=G>  0" ?7@93<3D=3@ F7=@;= 5*%& .&("28

6;63B3F=3@63F3 EG4K7=F;8 B3E;7@ ?7@93F3=3@ ?3G 6;3<3D=3@ F7=@;= 5*%&

."(&28 63F3 A4K7=F;8 B3E;7@ F3?B3= ?7@9;=GF;;@EFDG=E; K3@9 6;47D;=3@

B7D3I3F )G=G>  0" =A>34AD3E; B7?47D;3@ A43F 3@3>97E;= ;@<7=E;




?ADB:;@ ?9 6;63B3F=3@63F3 EG4K7=F;8 B3E;7@ ?7@93F3=3@ ?3G 6;47D;

A43F B7@GDG@ @K7D; 63F3 A4K7=F;8 A43F ?3EG= ?7>3>G; ;@FD3H7@3 )G=G>

0" ?7?47D;=3@ F7=@;= 5*%&.&("28 6;63B3F=3@ D7EBA@

EG4K7=F;8 B3E;7@ ?7@93F3=3@ ?3G 6;3<3D; F7=@;= 5*%& .&("28 63F3

A4K7=F;8 B3E;7@ F3?B3= ?7@9;=GF; ;@FDG=E; K3@9 6;47D;=3@ A>7: B7D3I3F

3@ F;@63=3@ =7B7D3I3F3@ B363 F3@993>  BD;>  6;>3=G=3@

F;@63=3@ B363 BG=G>   0" ?7@9=3<; =3D3=F7D;EF;= @K7D; )*+,-

6;63B3F=3@ 63F3 EG4K7=F;8 B3E;7@ ?7@93F3=3@ @K7D; G>G :3F; ) @K7D; E33F

B3E;7@ F3D;= @383E * E7B7DF; F7DF;@6;:47@63 47D3F + 6;G>G :3F; ?7@<3>3D

=7439;3@ 6363 =;D; 63@ BG@99G@9 , E=3>3 @K7D;  - @K7D; F;?4G> F;43

F;43 63F3A4K7=F;8 B3E;7@ F3?B3= ?7D;@9;E =7E3=;F3@ 63@ ?7?793@9; 6363

=;D; F7=3@3@ 63D3: 


??!9 ++ J
?7@;F'36; J
?7@;F

)G=G> 0" ?7@93<3D=3@ F7=@;= 5*%& ."(&28 6;63B3F=3@ 63F3

EG4K7=F;8 B3E;7@ ?7@93F3=3@ @K7D;@K3 47>G? 47D=GD3@963@ ?3G

6;3<3D=3@ F7=@;= 5*%& ."(&28 >39; 63F3 A4K7=F;8 B3E;7@ F3?B3=

?7@9;=GF;;@EFDG=E; B7D3I3F )G=G> 0" =A>34AD3E;B7?47D;3@A43F

3@3>97E;= ;@<7=E; ?AD8;@ ?9 6; 63B3F=3@ 63F3 EG4K7=F;8 B3E;7@

?7@93F3=3@ @K7D;@K3 ?3E;: F7D3E3 63@ ?3G 6;47D;=3@ A43F B7@GDG@ @K7D;

63F3 A4K7=F;8 A43F ?3EG= ?7>3>G; ;@FD3H7@3 )G=G>  0"

?7@93<3D=3@ F7=@;= 5*%& ."(&28 6;63B3F=3@ 63F3 EG4K7=F;8 B3E;7@

?7@93F3=3@ ?3E;: @K7D; F7F3B;E76;=;F 47D=GD3@9 63@ ?3E;: ?3G 6;3<3D=3@




F7=@;= 5*%& ."(&28 63F3 A4K7=F;8 B3E;7@ F3?B3= ?7@9;=GF; ;@EFDG=E;

K3@9 6;47D;=3@ B7D3I3F

-;@63=3@ =7B7D3I3F3@ B363 ?3E3>3: K3@9 =77?B3F6;>3=G=3@ B363

F3@993>  BD;>  K3;FG B363 BG=G>  0" ?7@9=3<;BA>3

3=F;H;F3E 63@ --/ 6;63B3F=3@ 63F3 EG4K7=F;8 B3E;7@ ?7@93F3=3@ BGE;@9

4363@ F7D3E3 >7?3E 63@ E7E3= @383E 63@ 63F3 A4K7=F;8 B3E;7@ F3?B3=

>7?3E 63@ G@FG= 47D3=F;H;F3E B3E;7@ 6;43@FG AD3@9 >3;@ F7=3@3@ 63D3:


??!9 ++  J
?7@;F @36; J
?7@;F EG:G A )363

BG=G>  0" ?7?47D;=3@ >;@9=G@93@ F7@3@9 6;63B3F=3@ 63F3

EG4K7=F;8 B3E;7@ ?7@93F3=3@ 47DE76;3 6;47D;=3@ >;@9=G@93@ E7=;F3D@K3

F7@3@9 63@ 63F3 A4K7=F;8 B3E;7@ F3?B3= F7@3@9 63@ 47D43D;@9 6;F7?B3F

F;6GD )G=G>  0" ?7?47D;=3@>3F;:3@ D7@F3@9 97D3= E7@6; +(&

6;63B3F=3@ 63F3 EG4K7=F;8 B3E;7@ ?7@93F3=3@ 47DE76;3 G@FG= 6;3<3D=3@

+(& 3=F;8 63@ 63F3 A4K7=F;8 B3E;7@ F3?B3= ?7@9;=GF; K3@9 6;3<3D=3@

A>7: B3E;7@ 3@ F;@63=3@ =7B7D3I3F3@ B363 F3@993>  BD;> 

6;>3=G=3@ F;@63=3@ B363 BG=G>  0" &7@9=3<; BA>3 3=F;H;F3E 63@

--/6;63B3F=3@ 63F3EG4K7=F;8 B3E;7@ ?7@93F3=3@ ?3E;: BGE;@9 63@ 63F3

A4K7=F;8 B3E;7@ F3?B3= ?3E;: >7?3E 63@ G@FG= 47D3=F;H;F3EB3E;7@ ?3E;:

6;43@FG AD3@9 >3;@ F7=3@3@ 63D3: 


??!9 ++ J
?7@;F @36;

J
?7@;F EG:G A )363 BG=G>  0" ?7?43F3E; 3=F;H;F3E

B3E;7@ 6;63B3F=3@ 63F3 EG4K7=F;8 B3E;7@ ?7@93F3=3@47DE76;3 G@FG= F;63=

F7D>3>G 43@K3= 47D3=F;H;F3E 63@ 63F3 A4K7=F;8 B3E;7@ F3?B3= F7@3@9




6;F7?B3F F;6GD )363 BG=G>  0" ?7?47D;=3@ >;@9=G@93@ F7@3@9

6;63B3F=3@ 63F3 EG4K7=F;8 B3E;7@ ?7@93F3=3@ 47DE76;3 6;47D;=3@

>;@9=G@93@ 6;E7=;F3D@K3 F7@3@9 63@ 63F3 A4K7=F;8 B3E;7@ F3?B3= F7@3@9

6;F7?B3F F;6GD

 <(3;(90 2,7,8(=(:(5

)363 F3@993>  BD;>  BG=G>  0" 6;63B3F=3@ :3E;>

7H3>G3E; B363 ?3E3>3: =7B7D3I3F3@BA>3 @383E F;63= 787=F;8 E74393;

47D;=GF EG4K7=F;8 B3E;7@ ?7@93F3=3@ E7E3=@383E (4K7=F;8 B3E;7@ F3?B3=

>7?3E ++  J
?7@;F B3E;7@ ?7@99G@3=3@ ( @3E3> =3@G> %;F7D ,)( 

J
?7@;F @3>;E3 K3@9 63B3F 6;3?4;> ?3E3>3: =7B7D3I3F3@

=7F;63=787=F;83@ BA>3 @383E 47>G? F7D3F3E; "@F7DH7@E; 6;>3@<GF=3@ =3<;

B7D@83E3@ 47D;=3@ BAE;E; E7?;8AI>7D =A>34AD3E; B7?47D;3@ ( )363

F3@993>  BD;>  BG=G>  0" 63F3 EG4K7=F;8 B3E;7@

?7@93F3=3@ E7E3= @383E 6363 ?3E;: @K7D; G@FG= 47D@383E (4K7=F;8 B3E;7@

F3?B3= >7?3E ++ J


?7@;F B3E;7@ ?7@99G@3=3@ ( @3E3> =3@G> %;F7D

,)(  J
?7@;F  @3>;E3 K3@9 63B3F 6;3?4;> ?3E3>3: =7B7D3I3F3@

=7F;63=787=F;83@ BA>3 @383E 47>G? F7D3F3E; "@F7DH7@E; 6;>3@<GF=3@ =3<;

B7D@383E3@ 47D;=3@ BAE;E; E7?;8AI>7D =A>34AD3E; B7?47D;3@ (

)363 F3@993>  BD;>  BG=G>  0" 6;63B3F=3@ :3E;>

7H3>G3E; B363 ?3E3>3: =7B7D3I3F3@ B7@GDG@3@ 5GD3: <3@FG@9 E74393;

47D;=GF EG4K7=F;8 B3E;7@ ?7@93F3=3@ >7?3E 63@ E7E3= @383E (4K7=F;8

F7=3@3@ 63D3: 
??!9 ++  J
?7@;F '36; J
?7@;F ,G:G


  )7?7D;=E33@ 8;E;= <3@FG@9 " "5FGE 5AD6;E F;63= F3?B3= ) ;5FGE

5AD6;E F;63= =G3F 3@9=3F ) 43F3E <3@FG@9 ?7>743D 53D6;A>3F7D3>  G@K;

""" ;@F7E;F3E @AD?3> D79G>3D !3E;> $  E;@GE F3=;=3D6;!+ J


?7@;F

@AD?A3J;E ,- 7>7H3E; / / @3>;E3 K3@9 63B3F 6;3?4;> ?3E3>3:

=7B7D3I3F3@ B7@GDG@3@ 5GD3: <3@FG@9 47>G? F7D3F3E; "@F7DH7@E;

6;>3@<GF=3@ ?A@;FAD --/>3=G=3@ B7D7=3?3@ $  =A>34AD3E; B7?47D;3@

A43F <3@FG@9 )363 F3@993>  BD;>  BG=G>   0" 63F3 EG4K7=F;8

B3E;7@ ?7@93F3=3@ >7?3E 63@ E7E3= @383E (4K7=F;8 F7=3@3@ 63D3:


 ??!9 ++ J
?7@;F '36; J
?7@;F ,   !3E;> $ 

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?7@93F3=3@ >7?3E E7E3= @383E 3F3 A4K7=F;8 F7=3@3@ 63D3:


??!9 ++  J
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J
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% 3>3? :3>

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6;EB@73 B7DG43:3@ 8D7=G7@E;


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B7DG43:3@ $ B3>B;F3E; F3=;=3D6; B7@GDG@3@ @36; B7D;87D

0;>=;@EA@   )7@7@FG3@ 7F;A>A9; 6;63E3D=3@ B363 363@K3

:3E;> $  E;@GE F3=;=3D6; !+ J


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?7@G@<G==3@ 363@K3 B7DG43:3@ 8D7=G7@E; <3@FG@9 63@ F3=;=3D6;

E7:;@993 63B3F 6;F793==3@ 6;39@AE3 B7@GDG@3@ 5GD3: <3@FG@9

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93@99G3@ 3DF7D; 3F3G H7@3 67@93@ 3>3E3@ K3@9 B7DF3?3 363>3: B363

6;39@AE3 =7F;63=787=F;83@ B7D8GE; <3D;@93@ =3D6;ABG>?A@3> ?7@53=GB

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6363 @383E 5GB;@9 :;6G@9 B7DG43:3@ 8D7=G7@E; B7D@383E3@ 6;>G3D

B3D3?7F7D K3@9 63B3F 6;F7D;?3 0;>=;@EA@ 63@ :7D?   




>3E3@ =76G3 363>3: 43:I3?3E3>3: =7F;63=787=F;83@ BA>3@383E >74;:

F7B3F B363B3E;7@ 67@93@ 93@99G3@ BA>3@383E 67@93@ F3@B3 93@99G3@

B363 <3@FG@9
=3D6;AH3E=G>7D !3> ;@; 6;6G=G@9 67@93@ 63F3 K3@9

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@383E@K3 EG>;F 63@ E3=;F B363 G>G :3F; E33F 47D@383E 3F3 A4K7=F;8

B3E;7@ F3?B3= >7?3E B7D@383E3@ 63>3? ?7@99G@3=3@ % @3E3>

=3@G> ++  J
?7@;F ,)(  J
?7@;F -7=3@3@ 63D3:


??!9++ J
?7@;F'36; J
?7@;F

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?7?793@9; 6363 =;D; -7=3@3@ 63D3: 


??!9 @36;

J
?7@;F ++  J
?7@;F $&  ?9
% 3>3? :3> ;@; 63F3

K3@9 ?G@5G> B363 B3E;7@ 'K , E7EG3; 67@93@ 43F3E3@ =3D3=F7D;EF;=

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63D3: 6;3B:AD7E;E B7D@383E3@ 3F3G B7DG43:3@ @36; 363@K3G@9=3B3@

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?7@;F


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G
>   G
> $&  ?9
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?;A=3D6 47DGB3 =7?3F;3@ AFAF <3@FG@9 E7:;@993 63B3F 6;F793==3@

6;39@AE3 @K7D; 3=GF 47D:G4G@93@ 67@93@ =7F;63=E7;?43@93@ EGB>3;

63D3: 63@A=E;97@ 67@93@=74GFG:3@?;A=3D6;G? 3=;43FE7=G@67D 63D;

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>3=F3F

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6;63B3F=3@ 63F3 EG4K7=F;8 63@ 63F3 A4K7=F;8 3F3 EG4K7=F;8 B3E;7@

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47D3=F;H;F3E B3E;7@ 6;43@FG AD3@9>3;@ -7=3@3@ 63D3: 


??!9

@36; J
?7@;F ++  J
?7@;F EG:G A !3E;>$ E;@GE

F3=;=3D6; !+ J
?7@;F@AD?A3J;E ,- 7>7H3E; / / 3>3? :3> ;@;

63F3 K3@9 ?G@5G> B363 B3E;7@ 'K , E7EG3; 67@93@ 43F3E3@

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=7>7F;:3@ 3F3G=7>7?3:3@E753D3H7D43>=7F;63=@K3?3@3@ 3F3G

6;EB@73 K3@9 ?7?4GFG:=3@ B7@97D3:3@ F7@393 67@KGF <3@FG@9 3F3G

F7=3@3@ 63D3: F;63= @AD?3> E74393; D7EBA@ F7D:363B 3=F;H;F3E

0;>=;@EA@   )7@7@FG3@ 7F;A>A9; 6;63E3D=3@ B363 363@K3

=7>7?3:3@ B3E;7@ E33F 47D3=F;H;F3E B7D>G 6;43@FG AD3@9 >3;@ 63@




B7D@383E3@ B3E;7@  J
?7@;F !3E;> $  E;@GE F3=;=3D6; !+

J
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=74GFG:3@ FG4G: E7:;@993 63B3F 6;F793==3@ 6;39@AE3 ;@FA>7D3@E;

3=F;H;F3E 47D:G4G@93@ 67@93@ B7@GDG@3@ B7D8GE; B7D;87D 3=;43F

E7=G@67D 63D; =7F;63=E7;?43@93@ 3@F3D3 EGB>3; A=E;97@ ?;A=3D6;G?

67@93@=74GFG:3@

!,5*(5( 2,7,8(=(:(5

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6;>3=G=3@ 4393;?3@3 6;>3=G=3@ =3B3@ 6;>3=G=3@ E;3B3 K3@9

?7>3=G=3@ 63D; E7?G3 F;@63=3@ =7B7D3I3F3@ 7D?3I3@  

3D; B7D@K3F33@ F7DE74GF 6;=7F3:G; 43:I3 63>3? ?7?4G3F

B7D7@53@33@ B7D>G ?7?B7DF;?43@9=3@ FG<G3@ =D;F7D;3 K3@9

6;B7D=;D3=3@ 3F3G 6;:3D3B=3@ 63>3? ;@F7DH7@E; =7B7D3I3F3@ )AFF7D 

)7DDK   

7D63E3D=3@ FG<G3@ 63D; 6;39@AE3 =7F;63=787=F;83@ BA>3 @383E

47D:G4G@93@ 67@93@ B7@97?43@93@ B3DG F;63= ABF;?3> =7>74;:3@

53;D3@ 6;63>3? B3DG 3=;43F E7=G@67D 63D; 767?3 B3DG 3=GF E7F7>3:

6;>3=G=3@ F;@63=3@ =7B7D3I3F3@ E7>3?3 J  <3? 6;:3D3B=3@

B7D@383E3@ B3E;7@ =7?43>; @AD?3>  7@93@ =D;F7D;3 :3E;> F;63= 363

E7E3= @3B3E ++ @AD?3>  J


?7@;F ;D3?3 F7D3FGD 0;>=;@EA@




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@383E 2&31*2"402* 2"4& 63@ =763>3?3@ D7EB;D3E; @383E E7F;3B  <3?

D3E;A@3> F7D67@93D@K3 $2",-&3 BA>3  @383E )' 3F3G ADFDAB@73

E;3@AE;E B7@;@9=3F3@ )0) ?7@9;@6;=3E;=3@ =A@97EF; BG>?A@3>

3=;43F B7@;@9=3F3@ F7=3@3@ <3@FG@9=;D; FGD BAE;E; F;6GD =>;7@ 8AI>7D

3F3G :;9: 8AI>7D D3E;A@3> BAE;E; 8AI>7D


E7?;8AI>7D ?7?83E;>;F3E;

7=EB3@E; B3DG 76 D7EF FAF3> 63@ 43F3E; 3=F;H;F3EE7>3?3 B7D;A67 E7E3=

@383E 47D;=33@ 43@FG3@ E33F ?7@9G43: BAE;E; 4;>3 B7D>G D3E;A@3>

;EF;D3:3F 63@ B7?43F3E3@ 3=F;H;F3E ?7@GDG@=3@ =A@EG?E; A=E;97@

?;A=3D6 $A>34AD3E; 67@93@ F;? ?76;E G@FG= F7D3B; 63@ B7?47D;3@

A=E;97@ D3E;A@3> F7D3B; A=E;97@ 63B3F ?7@;@9=3F=3@ EGB>3; A=E;97@

?;A=3D6;G? <;=3 E3FGD3E; A=E;97@ =GD3@9 63D; @AD?3> .6<;3@F; 



)7@KGEG@3@ ;@F7DH7@E; 63>3? =3EGE ;@; F;63= E7B7@G:@K3 E7EG3;

67@93@ F7AD; @3?G@ 6;E7EG3;=3@ 67@93@ =74GFG:3@ 63@ =73633@

B3E;7@ "@F7DH7@E; K3@9 6;EGEG@ 3@F3D3 >3;@ B7DF3?3 =3<; B7D@383E3@

B3E;7@ G@FG= ?7@97F3:G; B7D@383E3@ B3E;7@ ;@F7DH7@E; K3@9 =76G3

47D;=3@ BAE;E; E7?;8AI>7D G@FG= ?7?47D;=3@ BAE;E; @K3?3@ E33F

47D@383E ;@F7DH7HE; E7>3@<GF@K3 3<3D=3@ B3E;7@ F7=@;= D7>3=E3E; @383E

63>3? G@FG=?7>A@993D=3@<3>3@@383E;@F7DH7@E; =77?B3F=A>34AD3E;

B7?47D;3@( G@FG=?7?43@FGB7D@3B3E3@B3E;7@

7D63E3D=3@FG<G3@ 63D; 6;39@AE3 =7B7D3I3F3@ B7@GDG@3@ 5GD3:

<3@FG@9 47D:G4G@93@ 67@93@ B7DG43:3@ 8D7=G7@E; ;D3?3 =A@6G=E;




7>7=FD;=3> E7F7>3: 6;>3=G=3@ F;@63=3@ =7B7D3I3F3@ E7>3?3 J  <3?

6;:3D3B=3@ F;63=F7D<36;B7@GDG@3@ 5GD3:<3@FG@9 7@93@ =D;F7D;3

:3E;> F;63= F7D<36; B7@GDG@3@ 5GD3: <3@FG@967@93@ =D;F7D;3 :3E;> K3;FG

--/ @A?3> F;63= 363 @K7D; 6363 5GD3: <3@FG@9 =7?43>; @AD?3>

0;>=;@EA@   

"@F7DH7@E; K3@9 E7:3DGE@K3 E7EG3; F7AD; 363>3: =3<; F3@63 H;F3>

E7F;3B  <3? G=GD F7=3@3@ :7?A6;@3?;= 63@ 5GD3: <3@FG@9 E7EG3;

BDA9D3? F7D3B; D3E;A@3> 63F3 F7@F3@9 B7DG43:3@ =A@6;E; 8;E;= =>;7@

47D?3@833F 63>3? 6;39@AE;E 9393> <3@FG@9 =;D; (4E7DH3E; F3@63 63@

97<3>3 B7@GDG@3 5GD3: <3@FG@9 BGE;@9 E3=;F =7B3>3 BG53F

6;3B:AD7E;EB;@9E3@ 3=D3>6;@9;@E7>3?3 F;?4G>@K3 6;ED;F?;3 63@

53F3F D73=E; =>;7@ D3E;A@3> B7@GDG@3@ 5GD3: <3@FG@9 ?7@93=;43F=3@

F7=3@3@ 63D3: 63@ B7D8GE; <3D;@93@


AD93@ +7=3? BA>3 $  E753D3

B7D;A6;= E7>3?3 B7D;A67 E7D3@93@ 63@ 53F3F 363@K3 6;ED;F?;3 3F3G

B7D>G3E3@ ;E=7?;3 3F3G ;@83D= ?;A=3D6 D3E;A@3> B7?7D;=E33@ $

B7D;A6;= 47D9G@3G@FG= ?7@7@FG=3@ 6;39@AE;E B7D>G3E3@ ;E=7?;3

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- @K7D; F;?4G> F;43F;43 63F3 A4K7=F;8 B3E;7@ F3?B3= ?7D;@9;E

=7E3=;F3@ 63@ ?7?793@9; 6363 =;D; F7=3@3@ 63D3: 


??!9

++ J
?7@;F '36;J
?7@;F &7@93<3D=3@ F7=@;= 5*%&% ."(&28

6;63B3F=3@ 63F3EG4K7=F;8B3E;7@ ?7@93F3=3@ ?3E;: @K7D; F7F3B;

E76;=;F 47D=GD3@9 63@ ?3E;: ?3G 6;3<3D=3@ F7=@;= 5*%&% ."(&28

63F3 A4K7=F;8 B3E;7@ F3?B3= ?7@9;=GF; ;@EFDG=E; K3@9 6;47D;=3@

B7D3I3F

)363B7@9=3<;3@ @K7D; )*+,- 3@F3D3F7AD; 63@ =3EGE F;63= 363

=7E7@<3@93@ 6;4G=F;=3@ 67@93@ 6;63B3F=3@ 63F3 EG4K7=F;8 B3E;7@

?7@93F3=3@ @K7D;G>G:3F; ) @K7D;E33F B3E;7@F3D;=@3B3E63>3? *

E7B7DF; F7DF;@6;: 47@63 47D3F + 6;G>G :3F;?7@<3>3D =7439;3@ 6363 =;D;

63@ BG@99G@9 , E=3>3 @K7D;  - @K7D; F;?4G> F;43F;43 ,763@9=3@

?7@GDGF F7AD; @K7D; 6363 D7FDAEF7D@3> E7B7DF; 6;D7?3ED7?3E 6;F7=3@




6;FGEG= B3@3E 3F3G F7DF;@6;: 43D3@9 47D3F 'K7D; 63B3F ?7@<3>3D =7

>7@93@ G?G?@K3 =;D; 43:G >7:7D D3:3@943:=3@ =7 BG@99G@963@

7B;93EFD;G? 'K7D; 47D>3@9EG@9 >74;: >3?3 63D; 3@9;@3 B7=FAD;E 63@

F3= D7EBA@E;8 F7D:363B @;FDA9>;E7D;@ $3EDA@   )363

;?B>7?7@F3E; B363 ?3E3>3: =7B7D3I3F3@ @K7D; 3=GF F7D63B3F F7:@;=

5*%&% ."(&28 &7@GDGF $3B>3@  E36A5= 63>3? 'AH3D7@F3

 ?7@93F3=3@ 43:I3 F7:@;= 5*%&% ."(&28 363>3: ?7FA67

D7>3=E3E; G@FG= ?7@9=:3K3>=3@ F7?B3F 63@ =7<36;3@ 47D:G4G@93@

67@93@ D3E3 D7>3=E3E; K3@9 ?7@K7@3@9=3@ -G<G3@ 63D; F7:@;= 5*%&%

."(&28 K3;FG ?7@;?4G>=3@ D7EBA@ BE;=A8;E;A>A9;E K3@9 =G3F E7B7DF;

B7DG43:3@ 63>3? 8G@9E; ;?G@ )AFF7D  )7DDK  63>3? 'AH3D7@F3



5*%&% ."(&28 ?7DGB3=3@ ;?3<;@3E; K3@96;D7@53@3=3@ E753D3

=:GEGE G@FG= ?7@53B3; 787= BAE;F;8  7@93@ ?7?43K3@9=3@ :3>:3>

K3@9 ?7@K7@3@9=3@ ?3=3 3=3@ F7D<36; B7DG43:3@ 3=F;8;F3E ?AFAD;=

E7:;@993 AFAFAFAF K3@9 F793@9 ?7@<36; D7>3=E D7EBA@ F7D:363B

43K3@93@ ?7@<36; E7?3=;@ <7>3E !3> F7DE74GF F7D<36; =3D7@3

D3@9E3@93@ ;?3<;@3E; 47DGB3 :3>:3> K3@9 ?7@K7@3@9=3@ 3=3@

?7@<3>3@=3@ =743F3@9 AF3= ?7@G<G 3&/302 4)"-".53 G@FG= 6;8AD?3F

,7439;3@ =75;> D3@9E3@93@ ;FG 6;FD3@E?;E;=3@ =7 ".*(%"-" 63@

)*10,".153 E7439;3@ >39; 6;=;D;? =7 ,024&,3 3&2&#2* ,7:;@993 B363

,024&,3 3&2&#2* 3=3@ F7D<36; "303*"3* B7@9;@6D33@ )363 )*10,".153

:3>:3> K3@9 ?7@K7@3@9=3@ 3=3@ 6;BDAE7E ?7@<36; E74G3: ?7?AD;




$7F;=3 F7D63B3F D3@9E3@93@ 47DGB3 ;?3<;@3E; K3@9 ?7@K7@3@9=3@

?7?AD; K3@9F7DE;?B3@ 3=3@ ?G@5G> =7?43>; 63@ ?7@;?4G>=3@ EG3FG

B7DE7BE; 3D; )*10,".153 D3@9E3@93@ K3@9 F7>3: ?7?BG@K3; ?3=@3

6;=;D;? =7 ".*(%"-" K3@9 3=3@ ?7?47@FG= BA>3 D7EBA@ K3@9 E7EG3;

67@93@ ?3=@3 D3@9E3@93@ K3@96;F7D;?3 ,7:;@993 EG4<7= 3=3@ >74;:

?G63: G@FG= ?7@93EAE;3E;=3@ 6;D;@K3 63>3? ?7@GDG=3@ E7EG3; @K7D;

K3@9 6;3>3?; 'AH3D7@F3   &7=3@;E?7 ;?3<;@3E; BAE;F;8

63B3F ?7>7?3:=3@ 13*,0/&520*..5/0-0(* K3@9 ?7?B7@93DG:;

D7EBA@ EFD7EE E7>3;@ ;FG 63B3F ?7>7B3E=3@ &/%021)*/ K3@9 K3@9

?7>7?3:=3@ D7EBA@ D3E3 E3=;F 63@ 63B3F ?7@9GD3@9; D3E3 E3=;F 3F3G

?7@;@9=3F@K3 3?43@9 @K7D; !3DF  63>3? ?3D;K3? 63@ I;6A6A

  

-;@63=3@ =7B7D3I3F3@ B363 ?3E3>3: K3@9 ;@FA>7D3@E; 3=F;H;F3E

6;E7EG3;=3@ 63D; ;@F7DH7@E; K3@9 EG63: 6;F7@FG=3@ E747>G?@K3

;@F7DH7@E; K3@9 E7:3DGE@K3 E7EG3; F7AD; 363>3:?A@;FAD @K7D; 6363

3@<GD=3@ =7B363 =>;7@ G@FG= E797D3 ?;@F343@FG3@ B7D3I3F 3F3G 6A=F7D

4;>3?7D3E3=3@ E7D3@93@ @K7D; =7?43>; GB3K3=3@ >;@9=G@93@ F7@3@9

43F3E; 3=F;H;F3E E7>3?3 E7D3@93@ @K7D; 6363 43@FG ?7@9G43: BAE;E;

=>;7@ 47D;=3@ >3F;:3@ D7@F3@9 97D3= E7@6; +3@97 A8 &AF;A@


+(&

.6<;3@F; 

-;@63=3@ K3@96;47D;=3@ B363 'K , K3;FG ?7@9=3<; BA>3

3=F;H;F3E 63@ --/ 6;63B3F=3@ 63F3 EG4K7=F;8 B3E;7@ ?7@93F3=3@

BGE;@9 4363@ F7D3E3 >7?3E 63@ E7E3= @383E 63@ 63F3 A4K7=F;8 B3E;7@


F3?B3= >7?3E 63@ G@FG= 47D3=F;H;F3E B3E;7@ 6;43@FG AD3@9>3;@

F7=3@3@63D3: 
??!9++ J
?7@;F@36; J
?7@;F

EG:G A &7?47D;=3@ >;@9=G@93@ F7@3@9 6;63B3F=3@ 63F3

EG4K7=F;8 B3E;7@ ?7@93F3=3@47DE76;3 6;47D;=3@ >;@9=G@93@ E7=;F3D@K3

F7@3@9  63@ 63F3 A4K7=F;8  B3E;7@ F3?B3=  F7@3@9  63@ 47D43D;@9

6;F7?B3F F;6GD &7?47D;=3@ >3F;:3@ D7@F3@9 97D3= E7@6; +(&

6;63B3F=3@ 63F3EG4K7=F;8B3E;7@ ?7@93F3=3@ 47DE76;3G@FG= 6;3<3D=3@

+(& 3=F;8 63@ 63F3 A4K7=F;8 B3E;7@ F3?B3= ?7@9;=GF; K3@96;3<3D=3@

A>7: B3E;7@ &7@9=3<; BA>3 3=F;H;F3E 63@ --/ 6;63B3F=3@ 63F3

EG4K7=F;8B3E;7@ ?7@93F3=3@ ?3E;: BGE;@9 63@ 63F3 A4K7=F;8 B3E;7@

F3?B3=?3E;:>7?3E 63@G@FG=47D3=F;H;F3E B3E;7@?3E;:6;43@FG

AD3@9 >3;@ F7=3@3@ 63D3: 


??!9 ++ J
?7@;F @36;

J
?7@;F EG:G A &7?43F3E; 3=F;H;F3E B3E;7@ 6;63B3F=3@ 63F3

EG4K7=F;8 B3E;7@ ?7@93F3=3@ 47DE76;3 G@FG= F;63= F7D>3>G 43@K3=

47D3=F;H;F3E63@ 3F3 A4K7=F;8 B3E;7@F3?B3=F7@3@9 6;F7?B3FF;6GD

7D63E3D=3@ ;?B>7?7@F3E; K3@9 EG63: 6;FG>;E=3@ B7@G>;E 6;3F3E

F;@63=3@ =7B7D3I3F3@ K3@9 6;>3=G=3@ B7@G>;E E753D3 G?G?

?7DGB3=3@ ;?B>7?7@F3E; 63D; D7@53@3 =7B7D3I3F3@ K3@9 F7>3:

6;EGEG@ @3?G@ 363 4747D3B3 B7D47633@ F;@63=3@ K3@96;>3=G=3@

E7F;3B :3D;@K3 ?;E3>3@K3F;@63=3@ =7B7D3I3F3@ B363:3D; B7DF3?3

F;63= E7B7@G:@K3 E7EG3; 67@93@ D7@53@3 F;@63=3@ K3@9 F7>3:

6;F7?G=3@ !3>;@;6;=3D7@3=3@ =7F7D43F3E3@ B7@G>;E63>3??7>3=G=3@




3EG:3@ =7B7D3I3F3@ F7D:363B 'K  , 63@ F;@63=3@ =7B7D3I3F3@

6;>3=G=3@E74393;F3:3B 3I3>63>3??7@3@93@; =3EGE

<(3;(90

H3>G3E; 363>3: >3@9=3: F7D3=:;D 63>3? BDAE7E B7?4G3F3@

=7BGFGE3@ )7D3I3F ?7@9G?BG>=3@ ?7@KAF;D 63@ ?7@93@3>;E3 63F3

G@FG=?7@7F3B=3@ 3B3=3@FG<G3@EG63: F7D53B3; D7@53@3?7?7D>G=3@

?A6;8;=3E; 3F3G 3>F7D@3F;8 43DG K3@9 :3DGE 6;B7DF;?43@9=3@ !;63K3F

  H3>G3E; 6;>3=G=3@ E7F;3B :3D; E7>3?3 6G3 :3D;

B7@97>A>33@F7D:363B=>;7@B363 F3@993>   BD;> 

3D; :3E;> 7H3>G3E; K3@9 6;>3=G=3@ B363 F3@993>  BD;> 

BG=G>  0" 63F3 EG4K7=F;8 B3E;7@ ?7@93F3=3@ E7E3= @383E 6363

?3E;: @K7D; G@FG= 47D@383E (4K7=F;8 B3E;7@ F3?B3= >7?3E ++

J
?7@;F B3E;7@ ?7@99G@3=3@ ( @3E3> =3@G> %;F7D ,)( 

J
?7@;F @3>;E3 K3@9 63B3F 6;3?4;> ?3E3>3: =7B7D3I3F3@

=7F;63=787=F;83@ BA>3 @383E 47>G? F7D3F3E; "@F7DH7@E; 6;>3@<GF=3@ =3<;

B7D@383E3@ 47D;=3@ BAE;E; E7?;8AI>7D =A>34AD3E; B7?47D;3@ (

&3E3>3: =7B7D3I3F3@ BA>3 @383E F;63= 787=F;8 B363 'K , 47>G?

F7D3F3E; =3D7@3 63>3? 6G3 :3D; F;@63=3@ K3@96;>3=G=3@ B7@G>;E 47>G?

363 63F3 K3@9 6;63B3F B363 'K , K3@9 E7EG3; 67@93@ =D;F7D;3 :3E;>

B363 FG<G3@ =7B7D3I3F3@ 363>3: B7D@383E3@ B3E;7@ =7?43>; @AD?3>

7@93@ =D;F7D;3 :3E;> F;63= 363 E7E3= @3B3E ++@AD?3>  J


?7@;F

;D3?3 F7D3FGD 0;>=;@EA@ 




)363 6;39@AE3 =76G3 B7@GDG@3@ 5GD3: <3@FG@9 63D; E7?G3

F;@63=3@ K3@9 F7>3: 6;>3=G=3@ B363 F3@993>   BD;> 

6;63B3F=3@ :3E;> 7H3>G3E; K3@9 6;63B3F=3@ B363F3@993>  BD;> 

BG=G>   0" 63F3 EG4K7=F;8 B3E;7@ ?7@93F3=3@ >7?3E 63@ E7E3=

@383E (4K7=F;8 F7=3@3@ 63D3: 


 ??!9 ++ J
?7@;F '36;

J
?7@;F ,A !3E;>$ E;@GEF3=;=3D6;!+ J
?7@;F

@AD?A3J;E ,- 7>7H3E; / / @3>;E3 K3@9 63B3F 6;3?4;> ?3E3>3:

=7B7D3I3F3@ B7@GDG@3@ 5GD3: <3@FG@9 47>G? F7D3F3E; "@F7DH7@E;

6;>3@<GF=3@ ?A@;FAD --/ >3=G=3@ B7D7=3?3@ $  =A>34AD3E;

B7?47D;3@ A43F <3@FG@9 &3E3>3: =7B7D3I3F3@ B7@GDG@3@ 5GD3:

<3@FG@9B363 'K , 47>G? F7D3F3E; =3D7@3 63>3? 6G3 :3D; F;@63=3@ K3@9

6;>3=G=3@B7@G>;E47>G? 363 63F3 K3@9 6;63B3FB363 'K , K3@9E7EG3;

67@93@ =D;F7D;3 :3E;> B363 FG<G3@ =7B7D3I3F3@ 363>3: F;63= F7D<36;

B7@GDG@3@ 5GD3: <3@FG@9 67@93@ =D;F7D;3 :3E;> K3;FG --/@A?3> F;63=

363 @K7D; 6363 5GD3: <3@FG@9 =7?43>; @AD?3> 0;>=;@EA@  

 

7D63E3D=3@ B7?43:3E3@ 6;B7DG?GE3@ 6;39@AE3 6;3F3E 43:I3

=76G36;39@AE36;3F3E 63B3F 6;E;?BG>=3@ ?7@<36; E3FG 6;39@AE3 K3;FG

=7F;63=787=F;83@B7D8GE; <3D;@93@=3D6;ABG>?A@3> 47D:G4G@93@ 67@93@

93@99G3@ 3DF7D; 3F3G H7@3 3>3? B7@7@FG3@ 7H3>G3E; B363 =76G3

6;39@AE36;3F3EF;63= 363 B7D47633@67@93@6;39@AE3=7F;63=787=F;83@

B7D8GE;<3D;@93@ =3D6;ABG>?A@3>6;=3D7@3=3@ 63>3?FG<G3@63@

=D;F7D;3@ :3E;> B363 6;39@AE3 ;@; ;@F;@K3 E3?3 67@93@ 6G3 6;39@AE3


6;3F3E K3;FG ?7@G@<G=3@ =787=F;83@ BA?B3 <3@FG@9 F;63= E7E3= @383E

0;>=;@EA@63@:7D?   

)363 6;39@AE3 =7F;93 @K7D; 3=GF 63D; E7?G3 F;@63=3@ K3@9F7>3:

6;>3=G=3@ B363 F3@993>   BD;>  6;63B3F=3@ 7H3>G3E; K3@9

6;63B3F=3@ B363 F3@993>  BD;>  BG=G>   0" 63F3

EG4K7=F;8 B3E;7@ ?7@93F3=3@ @K7D; G>G :3F; ) @K7D; E33F B3E;7@ F3D;=

@383E 63>3? * E7B7DF; F7DF;@6;: 47@63 47D3F + 6;G>G :3F; ?7@<3>3D

=7439;3@ 6363 =;D; 63@ BG@99G@9 , E=3>3 @K7D;  - @K7D; F;?4G>

F;43F;43 (4K7=F;8 B3E;7@ F3?B3= ?7D;@9;E =7E3=;F3@ ?7@3:3@ @K7D;

63@ ?7?793@9; 6363 =;D; -7=3@3@ 63D3: 


 ??!9 @36;

J
?7@;F ++ J
?7@;F @3>;E3 K3@96;63B3F ?3E3>3: =7B7D3I3F3@

@K7D; 3=GF 47>G? F7D3F3E; "@F7DH7@E; 6;>3@<GF=3@=3<; =3D3=F7D;EF;=

@K7D; )*+,- 3<3D=3@ F7=@;= 5*%&% ."(&28 E753D3 ?3@6;D;

=A>34AD3E; B7?74D;3@ A43F 3@3>97E;= &3E3>3: =7B7D3I3F3@ @K7D;

3=GF B363 'K , 47>G? F7D3F3E; =3D7@3 63>3? 6G3 :3D; F;@63=3@ K3@9

6;>3=G=3@B7@G>;E47>G? 363 63F3 K3@9 6;63B3FB363 'K , K3@9E7EG3;

67@93@ =D;F7D;3 :3E;> B363 FG<G3@ =7B7D3I3F3@ 363>3: I3<3: B3E;7@

D;>7=EE=3>3 @K7D;:;>3@9 3F3G?7@GDG@ 0;>=;@EA@   

)363 6;39@AE3 ;@FA>7D3@E; 3=F;H;F3E 63D; E7?G3 F;@63=3@ K3@9

F7>3: 6;>3=G=3@ B363 F3@993>   BD;>  6;63B3F=3@ 7H3>G3E;

K3@9 6;63B3F=3@ B363 F3@993>  BD;>  BG=G>   0" 63F3

EG4K7=F;8 B3E;7@ ?7@93F3=3@ ?3E;: BGE;@9 4363@ F7D3E3 >7?3E 63@

?3E;: E7E3= @383E 3@63F3 A4K7=F;8 B3E;7@ F3?B3= >7?3E G@FG=




47D3=F;H;F3E B3E;7@ ?3E;: 6;43@FG AD3@9 >3;@ F7=3@3@ 63D3: 


??!9 ++ J
?7@;F @36; J
?7@;F EG:G A @3>;E3 K3@9

6;63B3F ?3E3>3: =7B7D3I3F3@ ;@FA>7D3@E; 3=F;H;F3E 47>G? F7D3F3E;

"@F7DH7@E; 6;>3@<GF=3@=3<; BA>3 3=F;H;F3E 63@ --/ 43F3E; 3=F;H;F3E

B3E;7@ 47D;=3@ >;@9=G@93@ F7@3@9 47D;=3@ >3F;:3@ +(& &3E3>3:

=7B7D3I3F3@ ;@FA>7D3@E; 3=F;H;F3E B363 'K , 47>G? F7D3F3E; =3D7@3

63>3? 6G3 :3D; F;@63=3@ K3@96;>3=G=3@ B7@G>;E 47>G? 363 63F3 K3@9

6;63B3F B363 'K , K3@9 E7EG3; 67@93@ =D;F7D;3 :3E;> B363 FG<G3@

=7B7D3I3F3@ 363>3: F7=3@3@ 63D3: @AD?3> 3=F;H;F3E =7?43>; @AD?3>

363@K3 B7@;@9=3F3@ 63K3 F3:3@ FG4G: 367=G3F G@FG= 47D3=F;H;F3E

0;>=;@EA@   

 ,:,8)(:(9(5 7,5;309

)7@KGEG@3@ ;@F7DH7@E; 63>3? =3EGE ;@; F;63= E7B7@G:@K3 E7EG3;

67@93@F7AD;@3?G@6;E7EG3;=3@67@93@=74GFG:3@63@=73633@

B3E;7@ 3>3? ;@F7DH7@E; K3@96;47D;=3@ B363 'K , B7@99G@33@

F7:@;= 5*%&% ."(&28 3=3@ 787=F;8<;=36;>3=G=3@4747D3B3:3D;

E7B7DF; K3@9 6;E74GF=3@ 6; <GD@3> 'AH3D7@F3   K3;FG 6;>3=G=3@ 

:3D; @3?G@ B363 =3EGE ;@; =3D7@3 =7F7D43F3E3@ I3=FG B7@G>;E :3@K3

?7>3=G=3@ :3D; 63@ :3E;>@K3 4;E3 ?7@GDG@=3@ E=3>3 @K7D; 63D; 

?7@<36;@3?G@F;63=4;E3 :;>3@9 E7B7@G:@K3

-;@63=3@ =7B7D3I3F3@ K3@9 6;>3=G=3@ B7@G>;E E753D3 G?G?

?7DGB3=3@ ;?B>7?7@F3E; 63D; D7@53@3 =7B7D3I3F3@ K3@9F7>3: 6;EGEG@

E747>G?@K3 @3?G@ 363 4747D3B3 B7D47633@ F;@63=3@ K3@9 6;>3=G=3@




E7F;3B :3D;@K3 ?;E3>@K3 F;@63=3@ =7B7D3I3F3@ B363:3D; B7DF3?3F;63=

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