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C= 6=B14F7 07E7G= 4<:=/=0G640B)77FC4 )>9  4#) & ,#H!#!


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ACD917?4! 7 ?=I64U =5:>G=3U 1:=H=3 ? G=A: B/7BLE =E2 6:AG 6:4 5LFH 1=01D9:J :
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B:> D :4E:4 ?28?:4GC=H2 =C4 0L?6:4I ?2A76=H48 G=A; 5:6: 7/G25=C:1=93> <C=
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? ?2B1DA:?=0A=9@! 7 7912?:89:4 C4/:43 34BG 5:4J 0LI64 14BG=?2 04AC=5 6= A=I<43
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: ?2EL0 7A! <1:4B:>9:D G=A:9@ BHL?!

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/707 D?=F: /78?:>9=5 GD BH7?75 ACD917?25 =C4 D?:401 5: 5=3; 764


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? /07F0=5:4   ! 1=C4I64 B; 7< 9462 3=A; 04AC=57<=?9= /H=9: 1=
?28?:4GC46:4 B?7343 04AC=52! =0G7 ?:>9 /014=6=C:17?=J 912 6= ?7343 ?:G026:4
16=3<; B:> 04AC=52 AGL04 <=<1; : *a 1= AC:A6:>9:4 = 57I4 G2CA7 QQM a!  G25 1=8
<492<D3; BH7?= ACD917?4 ? A7<1:4 : G0489: ?7343 BG0762!

GL04 BH7?= Z/H=9;, C4/:43 = AGL04 F70143! 1914FLH7?7 7/:BD3> G7 1=F=<6:46:4


? 91>89: \! &->9 F + $# $ :)#'# !#+1,#! ":BG= 6=3C4/B129@ BHL? ACD917?29@
15:46:= B:>!  \ 91>89: 4E77A= 16=3<1:4B1 6=01><1:= <7 ?2B1DA:?=6:= 6=3C4/:43
Z/H=9;929@, BHL?! 1:>A: G45D ?73= C:BG= E><1:4 1=?B14 =AGD=C6=U

0=9=3;9 <7 1=?=0G789: ?734F7 B40?:BD! 1>BG7 G?L092 :6G4064G7?29@


/DEC:A=93: ?2/DB191=3; /LH/07<DAG2 1 528C; I4 <7A7W91; B?734 <1:4H= /LX6:43!
=BG=6L? B:> 3=A 91>BG7 B/7GA=H48 ? B:49: BG0762 AGL04 6= /:40?B12 01DG 7A=
?2FC;<=3; 3=A 9:4A=?:4 071ED<7?=64 B40?:B2! 7 ?2E0=6:D 3=A:4F78 :6G404BD3;94F7
:> 4C4546GD 546D <7?:=<D34B1 B:> I4 <1:=H 34BG ? ED<7?:4 ? /012F7G7?=6:D!
 57343 7/:6:: G=A:4 <1:=H=6:4 6:4 5= 6=356:43B14F7 B46BD! <BG0=B1= G2CA7 F789:=!
48C: 1=5:401=B1 7/DEC:A7?=J B?73; BG076> 1=<E=3 7 G7 =E2 E2H= A75/C4G6=! =?B14
E><1:4B1 5LFH ? /012B1H789: <7ED<7?=J <1:=H2 AGL04 <1:8 5=B1 G2CA7 ? /C=6=9@!

5=?:=3;9 A7C4364 4G=/2 1=AH=<=5 I4 BG076= 34BG 3DI F7G7?= : 914A= G2CA7 6=
7/DEC:A7?=6:4! 48C: 6:4 5=B1 34B1914 B?7343 BG0762 ??? 5DB1> :> 6:4BG4G2
7<4BH=J <7 :6629@ /70=<6:AL?! B12BGA:5 /791;GAD3;925 ?4E5=BG4075 /7C49=5
C4AGD0>& @GG/&VV?4E5=BG40!@4C:76!/CVAD0B@G5CV!

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91=B 6= 1=E=?> 1 A76BG0DA93; 57I4B1 BA76946G07?=J B:> 6= G0489: BG0762! =A G=A:
B1=EC76 <7BG7B7?=J <7 B?7:9@ /7G014E% 07/76D3> /014912G=J 5L3 =0G2ADH!!!

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1=C4I4J E><1:4 7< 7FC;<=C6789:! ><1:452 9126:J ?B14CA:4 BG=0=6:= =E2 G=
7FC;<=C678J E2H= 57IC:?:4 6=3?:>AB1=!  G4F7 ?1FC><D 7</=<=3; ?B14CA:4F7 07<1=3D

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<=057?4 B40?402 1 6:BA:5 5:4B:>91625 G0=6BK4045 : 57967 7E9:;I764 7CE0125:;


:C789:; 0L?6791486:4 7G?:40=629@ BG076! =9143 6=C4I2 6=BG=?:J B:> 6= A754092362
@7BG:6F! 1914FLH7?7 G7 1=F=<6:46:4 75=?:=5 ? 91>89: 7/0=97?=6:=!

H=B6= <7546=

7E014 G4I 0=<1> 1=0434BG07?=J ?H=B6; <7546>! 7E014 34BG F<2 6=1?=
<75462 1=?:40=J E><1:4 6=3?=I6:43B14 <C= ?7343 ?:G0262 BH7?7 ACD917?4! 7I6=
<1:>A: G45D 12BA=J <7E0; /71293> ? ?2B1DA:?=0A=9@!  G7 3=A ?:4B1 5= B/704
16=9146:4 <C= 7FC;<=C6789:! 7I4B1 G4I 1=0434BG07?=J 3=A;8 D6:?40B=C6; 6=1?>
<75462 = B40?:B2 G45=G29164 C7A=C:17?=J ? DG?7017629@ /LX6:43 /0141 B:4E:4
BDE<7546=9@! 7 <7E04 071?:;1=6:4 348C: 1=5:401=B1 DG?7012J A:CA= 0LI629@
B40?:BL?!

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BG076> 5=5 <C= :4E:4 A:CA= 946629@ /70=< AGL04 1 9=H; /4?6789:; /757F; 16=C4XJ
6=3E=0<1:43 7/G25=C64 071?:;1=6:4! = BG076:4 @GG/&VV@7BG:6F!B4904GRD!64G 16=3<1:4B1
?BA=1L?A: 70=1 C:6A: <7 6=3C4/B129@ <7BG=?9L? @7BG:6FD!

7 D5:4B19146:D B40?:BD 6= 7</7?:4<6:5 B40?4014 5DB:B1 1=<E=J =E2


17BG=H 76 1=:6<4AB7?=62 ? ?2B1DA:?=094 ! 7 E=0<17 ?=I64U 7 91=BD
A:4<2 G?73= BG076= 6:4 E><1:4 <7<=6= <7 E=12 ?2B1DA:?=0A: 77FC4 04AC=52 6:4
E><; B:> ?28?:4GC=H2! 7I4B1 0>916:4 <7/:B=J B?73; ?:G026> GDG=3&
@GG/&VV???!F77FC4!/CV=<<D0CV  CDE 1=<E=J 7 G7 =E2 C:6A: <7 ?734F7 B40?:BD 16=C=1H2
B:> 6= BG076=9@ AGL04 77FC4 3DI :6<4ABD34! =3/0789:43 /7/078 16=37529@
7 1=5:4B19146:4 G=A:4F7 C:6AD CDE /7B1DA=3 57IC:?789: /712BA=6:= C:6AL? 1 ?25:=62!
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BG076= 1 AGL043 E><1:4 /79@7<1:H C:6A 34BG 014912?:89:4 1=:6<4AB7?=6= /0141 77FC4!
1>BG7 ? 7K40G=9@ /H=G643 ?25:=62 16=3<D3; B:> C:6A: E41 I=<643 ?=0G789:!

 91>89: 4E77A= ? 071<1:=C4 /78?:>97625 ?25:=6:4 C:6AL? <7?:4B1 B:>


3=A BADG4916:4 /712BA:?=J C:6A: 1 :6629@ B40?:BL? : 1?:>AB12J 7FC;<=C678J B?7343
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?2B7A; /71293> ? 0=6A:6F=9@ ?2B1DA:?=04A! &)!= ,$-' :,#H!$ ,
'5 *U

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. /&!$ ,$)*!*

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/791;G4A 1=/716=3 B:> D?=I6:4 1 1=B=<=5: /07F0=5D   !
/DEC:A7?=625: 6= BG076=9@ 77FC4! 014912G=3 G4 <7AD546G2 E=0<17 <7AH=<6:4U

#! #) , ,#)+!1$ *'&=' :))#%+   ! ; !$!


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$*1# :))#%,#   !


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48C: 3DI B7E:4 /7912G=H48 57I452 1=91;J <1:=H=J!

= BG076:4 @GG/B&VV???!F77FC4!975V=<B46B4%@CY/C 16=3<1:4B1 ?4389:4 <7


K705DC=01=! G076= G= BHDI2 0L?6:4I <7 /LX6:43B14F7 C7F7?=6:= B:> 6= ?734 A76G7
? /07F0=5:4 /=0G640BA:5   !! =0G7 3; ?:>9 B7E:4 1=/:B=J
? DCDE:7629@!

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=A ?:<1:B1 6:4 5= GD I=<643 K:C717K::! C:A=B1 6= /0129:BA : /0149@7<1:B1 <7


0434BG0=93:!

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/7?GL012J : 1=/=5:>G=J!

4 <=64 E><; : BHDI2H2 <7 /LX6:43B14F7 C7F7?=6:= B:> 6= A76G7! =BH7 5DB:
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1 /07F0=5D  )  912C: 1=5:4B191=H2 B?734 04AC=52 ? 77FC4! =A:4 7B7E2
57F; DI2J D34<67C:9764F7 C7F:6D : @=BH= <C= 7ED /07F0=5L?!

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/02?=G643 =CE7 /07?=<1;943 <1:=H=C678J ? ! 0DF= G7 A76G7 <C= K:052! 48C:
/07?=<1:B1 <1:=H=C678J F7B/7<=091; : 9@94B1 8?:=<912J DBHDF: <C= 77FC4 ? 0=5=9@
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/0129:BA A76G26DD3!

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 # 47
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7BG=6:4B1 G40=1 /0146:4B:762 <7 K705DC=01= 6= AGL025 /7<=34B1 B?734 <=64


7B7E7?4 =<04B 1FH=B1=643 ?:G0262 :G/!

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 <7C643 91>89: K705DC=01= 5=B1 7/93> ?2E70D /07<DAGL?! <46B4 <C=


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04AC=57?29@ 6= ?7343 BG076:4! 0DF: /07<DAG G7 <46B4 <C= ?2B1DA:?=6:=!
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16=3<; B:> C:6A: B/76B707?=64!

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7 9:4A=?= K705= 1=0=E:=6:= : <7<=GA7?7 D=G0=A9236:= ?73; ?:G026>! =0G7


?:>9 3; ?2E0=J /7<91=B 0434BG0=93:!

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9:86:3 /0129:BA /0148C:3! = 9@?:C> 17BG=6:4B1 /7/07B1762 7 /7G?:40<146:4


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/7/07B1762 7 /7G?:40<146:4 ?734F7 =<04BD /791G2 4C4AG076:91643! :=<7578J
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/014FC;<=0A:! 7 ? 1=B=<1:4 9=H= K:C717K:=!

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7G0125=B1 5:H; ?:=<7578J 1=G2GDH7?=6; Z:G=52 , :))#%$   !,!

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BG076; /75792 G49@6:91643 @GG/B&VV???!F77FC4!975V=<B46B4VK=c)G49@%@CY/C !

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?2/H=G2U

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+H* :)1= ((2 P "DQ :$1$

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4AB/71293= 34BG 16=916:4 BADG4916:43B1= 6:I ? /7/014<6:5 /012/=<AD!

,# )# "0Q P "0Q :$1$

:497 56:43B1= K705= 7< /7/014<6:9@ =C4 978 1= 978! = 34<67BGA= ?28?:4GC=
T 04AC=52!

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;#/* :)1= DQ P 0Q :$1$

:4A=?= 34<67BGA= <7 1=BG7B7?=6:= /012 4C4546G=9@ E791629@ 546D 70=1 <7
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04AC=52!

< !1# $!1$ )1#%

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/7C4F= 6= G25 I4 AC:A6:>9:4 /01467B: BD0KD3;94F7 6= BG076> 1 C:6A=5: <7 B/76B70L?
AGL012 ?2AD/:C: 04AC=5> 6= <=64 BH7?7! 48C: ?1:;J /7< D?=F> I4 <C= <=64F7 BH7?=
ACD917?4F7 57I4 E2J A:CA= <7 A:CAD6=BGD C:6AL? B/76B707?=629@ 579 04AC=57?=
?:G0262 ?10=BG= A:CA=<1:4B:;G 0=12U 7C4364 F46:=C64 /7BD6:>9:4 77FC4! =A G7 B:>
/014AH=<= 6= 1=07EA: ?2<=?9L? ) G0D<67 ?207A7?=J F<2I G= 34<67BGA= 34BG 1E2G
8?:4I= : 6:4 <2B/76D3> 6= <1:4W <1:B:43B12 ?2BG=091=3;925: BG=G2BG2A=5: <7 79462
4K4AG2?6789: G43 K7052 04AC=52! =367?B14 ?26:A: 57:9@ E=<=W 16=3<1:4B1 6=
BG076:4& @GG/&VV=<B46B4!B4904GRD!64G .7BG>/ <7 91>89: B40?:BD 34BG 9@076:762 @=BH45
6=3<1:4B1 34 ? \ 91>89: 5734F7 4E77A=P

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)1#%,*'5 6= 34<643 BG076:4! 7 <7BA76=C4U 5 ?:>AB1= :C78J C:6AL? 04AC=57?29@
G25 ?:>AB1= B1=6B= 6= AC:A : 1=07E4AU = 34<643 14 B?7:9@ BG076 D5:489:H45 T
34<67BGA:& C:6A: 04AC=5 E=640 R`-d`Q 70=1 E=640 /:767?2 M(Qd(RQ! =A: DAH=< <=3>
H;916:4 %$!$%+% "Q )1#%U 012 9125 ?B12BGA:4 34<67BGA: 6:4 1=35D3; ?:>943 6:I
(QS /7?:4019@6: BG0762U 012 G=A 5=H43 /7?:4019@6: 04AC=5 DG0125=6:4 B46B7?643
ZAC:A=C6789:, 34BG <78J G0D<64! 014E= <7A76=J /=0D BDEG4C629@ 1=E:4FL? F0=K:91629@!
=/=67?=J 6=< 7/G25=C625 DH7I46:45 7<C4FH789:=5:!

=A 7/G25=C6:4 A75/767?=J BG076> =E2 E41 6=0=I46:= B:> 6= 1=01DG


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B1914FLH7?7 75=?:=5 ? 91>89: ! &->9  $%!#&+% J !#+'& $- 4+ ,#9
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? /7?:;1=6:D 1 C7A=C:1=93; : ?2FC;<45 04AC=5! 1:>A: 1=B=<75 ? 6:43 1=?=0G25
7/=6D34B1 B1GDA> A:407?=6:= D?=F: 6G406=DG2 6= 6:4AGL04 4C4546G2 BG0762!
B:;F6:4B1 ?2IB1; ZAC:A=C678J, : ?:>AB14 <79@7<2!

=6:5 ?:>9 1<492<D34B1 B:> 6= A76A04G6; 04AC=5> CDE 14BG=?2 34<67BG4A


04AC=57?29@ ?=0G7 /014912G=J 9=H; /DEC:A=93>! :497 7<E:4FC:852 7< G45=GD
6:6:43B14F7 071<1:=HD! B12BGA:4 B2F6=C:17?=64 1=F=<6:46:= 75L?:> /LX6:43!  G40=1
E:40152 B:> <7 <=CB143 /0=92! 46:=C625 071?:;1=6:45 /07/767?=625
?4E5=BG4075 34BG 57IC:?78J B=57<1:4C64F7 A76K:FD07?=6:= A7C702BG2A: 04AC=5!
7I4B1 15:46:=J A7C70 0=5A: GH= G2GDHD G4ABGD 04AC=52 : =<04BD  "! 7I4B1 ?:>9
BA75/767?=J 04AC=52 G=A =E2 :<4=C6:4 /=B7?=H2 <7 ?7343 ?:G0262! 7 34<46
1 =GDGL? B2BG45D <46B4 AGL02 B/7?7<7?=H G=A <DI; 34F7 /7/DC=0678J!

=C7FD3 B:> 6= ?734 A76G7 ?   ! A7012BG=3;9 1 C:6AD&

@GG/B&VV???!F77FC4!975V=<B46B4%@CY/C

/  0 < +    = B 6


 9
 # 56
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D5:4B19146:D 6= ?7343 BG076:4 B/7?7<D34 ?28?:4GC46:4 ?2E0=643 34<67BGA:
04AC=57?43!

2/ 04AC=5

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<7528C64 A76G=!

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1<4K:6:7?=J G=A; 7/93> GDG=3 1=8 ?2E0=J ZI23 DBG=?:46:= <7528C64F7 <C= 5734F7
A76G=,! L?91=B A=I<= 1 G?7017629@ /0141 :4E:4 34<67BG4A 04AC=57?29@ 7/:40=J
B:> E><1:4 6= DBG=?:46:=9@ <7528C629@!

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DG=3 ?2E:40=B1 :C78J ?28?:4GC=629@ C:6AL? 04AC=57?29@ ? 34<67BG94 C:6A:


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34<67BGA:!

/  0 < +    = B 6


 9
 # 57
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AH=< 04AC=5

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.?:4I7?:49P M(Qd`QQ!

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: <7/=B7?=J 3; <7 ?2FC;<D BG0762!  G25 94CD ?2E:401 C:6A 1=01;<1=3 /=C4G=5:
A7C70L? 16=3<D3;92 B:> /7< C:BG; ?2E70D B9@45=GL? A7C702BG291629@! =A ?:<1:B1
5=B1 GDG=3 57IC:?78J A047?=6:= <7?7C64F7 ?2FC;<D 34<67BG4A 04AC=57?29@!
75/71293= 6:4 7F0=6:91= B:> <7 A7C70L? 1 /=C4G2 6= G43 BG076:4! 7I4B1
/7B1914FLC625 4C4546G75 /012/:B=J =EB7CDG6:4 <7?7C62 A7C70 /7<=3;9 34F7 A7<
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7</7?:4<6: 4C4546G& F0=6:9> GH7 G2GDH G4ABG  "! ?2E0=J 1 /=C4G2 /7I;<=62 A7C70!

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A7C702BG2A: 04AC=5 6= BG076:4!

 " CDE A7C70 04AC=52 1=BG>/9143

7 E=0<17 ?=I62 G45=G : ?25=F= 7B7E64F7 75L?:46:= <C=G4F7 /71?LC I4


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/  0 < +    = B 6


 9
 # 50
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:     !;

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:B=CC7?&

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5=B1 3DI /C:A 07E7GB!GdG
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: ?2E:401 G7 6=01><1:4 1 546D!

/  0 < +    = B 6


 9
 # 51
( " *,# -   ( " A 6
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/7?:>AB12J 7E3>G78J G4ABGD 6= ?7343 BG076:4! 1=B45 ?2BG=0912 <7/:B=J 34<67 912
<?= 1<=6:=! 7E=91 ? AGL025 5:43B9D A7<D 1=9126= B:> G048J! 7E014 34BG G=A
BA76BG0D7?=J A7< BG0762 =E2 1=B=<6:914 4C4546G2 G0489: 16=C=1H2 B:> 57IC:?:4
EC:BA7 16=916:A= ]E7<2^ 7G?:40=3;94F7 9:=H7 BG0762! 48C: 6=B14 <1:=H=6:= 6:4 <=<1;
4K4AGD 716=91= G7 I4 6:4 5= 04AC=57<=?9L? AGL029@ 04AC=52 = 0=9143 ?2E0=64
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:9@ 1E2G 5=H7 =E2 ?2/4H6:J ?B12BGA:4 ?734 34<67BGA: 04AC=57?4!

/  0 < +    = B 6


 9
 # 63
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1 G45=G2A; BG0762! 48C: ? ?26:A=9@ /7 /0=?43 BG076:4 17E=912B1 <DI; :C78J E7ABL?
04AC=57?29@ 716=91= G7 I4 G45=G 34BG /7/DC=062 ?80L< 04AC=57<=?9L?!

014389:7?7 57I4 B:> 1<=012J I4 /7 /07BGD ? <=625 575469:4 04AC=5 34BG


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:664 /H=G64 04AC=52!

/  0 < +    = B 6


 9
 # 62
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: <1:>A: G45D 1=0=E:=J ?:>943 ? /07F0=5:4 77FC4 <46B4!

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D/75:6A: AB:;IA:!

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6=5 B1=6B> 6= BG=E:C64 <79@7<2 ? <HDF:5 7A04B:4 91=BD!

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1 DBHDF ?:4CD K:05 @7BG:6F7?29@ 0L?6:4I 1=F0=6:91629@!

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B/76B70L? = ?2B7A: ?B/LH91266:A  G7 B/704 <79@7<2!

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B=579@7<2 <7BG=?914!

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:6G40K43B45 ?2B1DA:?=0A: 77FC4 AGL02 D57IC:?:= A7012BG=6:4 1 /7</7?:4<1: ?
G0=A9:4 ?/:B2?=6:= @=BH= ? 7A67 K705DC=01=!

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=<04B45& @GG/&VV???!F77FC4!975V?4E@/%975/C4G4YMg@CY46

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E=0<1:43 B1914FLH7?= K0=1= # 

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91>89: 071<1:=HD!

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M

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 # 245
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= /791;G4A ?=0G7 =E28 /716=H B?73; A76AD04693>! 48C: 1=5:401=B1 D12BA=J C4/B1;
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BH7?=5: ACD917?25:!

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/0149:4I 3=A78 <7G014J <7 6=B129@ 7<E:709L?! DB:52 16=C4XJ B:> ? 0=6A:6FD 6=
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E><1:4 ?/H2?=J 6= <7BG>/678J BG0762 ? :6<4AB:4!

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 9
 # 246
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:B1;9 G4ABG 6= BG076> /=5:>G=3 7 DI29:D : ?20LI6:46:D BHL? ACD917?29@! :4


/014B=<1=3 34<6=A 1 :9@ 6=B2946:45! =<5:4064 DI29:4 57I4 17BG=J D16=64 1=
B/=5! H7?= ACD917?4 /7?:6:4648 G0=AG7?=J 3=A7 6=01><1:4 D57IC:?:=3;94
7<6=C41:46:4 ?734F7 B40?:BD 6:4 1=8 3=A7 /=6=94D5 6= ?2B7A; /71293> ?
0=6A:6FD!

7C43625 ?=I625 4C4546G45 AGL02 5= ?/H2? 6= /71293> BG0762 B; 7<6786:A:!


7 6:41?2AC4 ?=I62 4C4546G : 34F7 DI29:4 6=C4I2 071/=G02?=J ? A:CAD =B/4AG=9@! 
91>89: 5L?:C:852 7 KD6A9376=C6789: ?:G0262 : 16=9146:D B9@45=GL? 6=?:F=923629@
<C= A75K70GD /014FC;<=6:= BG0762! =I64 34BG 0L?6:4I =E2 /=3;91A: ?2B1DA:?=04A
57FH2 /7<;I=J C:6A=5: 1=?=0G25: ? 6=B129@ 4C4546G=9@ 6=?:F=923629@ :
1=:6<4AB7?=J /7B1914FLC64 /7<BG0762! E2 :5 G7 DH=G?:J 6=C4I2 BG7B7?=J 57IC:?:4
/07BG4 # <?D 6=3?2I43 G012 /71:757?4 B9@45=G2 = /012 071ED<7?=629@ ?:G026=9@
A76:4916:4 1=BG7B7?=J %#:- ,$)*!*!

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/012F7G7?=6; 5=/> B?7343 ?:G0262 ? K705=9:4 k" 6= B/493=C643 BG076:4&

@GG/&VV???!F77FC4!975V?4E5=BG40BVB:G45=/B !

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/7E0=6:= GDG=3!

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16=C4XJ G7 :5:$%#:8! A02/G 34BG <7BG>/62 6= C:94693: " 34F7 A0LGA: 7/:B : C:6A
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FH7B146:4 5=/2 57I4 /012B/:4B12J :6<4AB=93> ? 77FC4 BG076 071ED<7?=629@
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A=I<43 /7<BG076:4!

2F46407?=6:4 G=A:43 5=/2 ? /7BG=9: /C:AD @G5C 57I4 DH=G?:J : <=057?2


/07F0=5 <7BG>/62 /7< =<04B45

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 9
 # 247
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? ?2B1DA:?=0A=9@! 014E= GDG=3 /7?:4<1:4J I4 :)&*#&! # ,*&+1$,#)1 =
$!1$ 1,! C=G4F7 BG7BD3;9 4C4546G2 546D ? =_=90:/G CDE " 6=C4I2
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G4ABG7?29@!

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/07<D946G= /7?:6:4648 DI2J BH7?= ACD917?4F7 .6/! 4094<4BP!

=<46 B40?:B 6:4 57I4 : 6:4 /7?:6:46 KD6A93767?=J ? 6G40649:4 E41


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 ),$A,  : 4! %#*'! ?0LJ 34<6=A D?=F> =E2 E2H2 G7 B40?:B2
6=/0=?<> F7<64 /7C4946:= 70=1 G=A:4 AGL04 B; ?2B7A7 7946:=64 /0141 ?2B1DA:?=0A:!
7H;9146:= <7 BG076 7 ?;G/C:?43 04/DG=93: 57I4 : G2CA7 1=B1A7<1:J! C=G4F7 <7E014
1=/C=6D3 /7H;9146:= : /014=6=C:1D3 BG0762 <7 AGL029@ 9@94B1 B:> /7<H;912J! C78J
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I4 E41/:4916= F0=6:9= G7 MQQ!

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0=6A:6F7?43!

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G7 G=A I4 C:6A: 1 ?=0G789:7?29@ ?2B7A7 67G7?=629@ ? 0=6A:6F=9@ BG076 5=3; <DI7
?:>AB14 16=9146:4 <C= /7/DC=06789: ?:G0262 6:I C:6A: 14 BG076 7946:=629@ 6:BA7!

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7/DC=021=93> H;91 <7 B?7343 ?:G0262 /7?:6:4648 071/791;J 7< A=G=C7FL?


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? ?2B1DA:?=0A=9@! FH=B1=3;9 ?:G026> <7 G29@ 6=3E=0<1:43 946629@ A=G=C7FL? 5DB:B1
B/7<1:4?=J B:> I4 1=6:5 ?73= BG076= 17BG=6:4 G=5 D5:4B19176= 04<=AG7012
<7A76=3; 5402G70291643 79462 ?:G0262!

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B=57A02G2A:!

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6=3C4/:43 /7BG014F=64 /0141 77FC4!

E2G B12EA: /01207BG :C789: C:6AL?! L?6:4I 1E2G B12EA: /01207BG :C789:
7<6786:AL? 57I4 B/7?7<7?=J BADG4A 7<?07G62 <7 1=5:401764F7! 6=64 B;
/012/=<A: A:4<2 BG0762 <7 AGL029@ /07?=<1; G2B:;94 C:6AL? ?2/=<=H2 1 :6<4ABD

/  0 < +    = B 6


 9
 # 251
( " *,# -   ( " A 6
 9


?H=86:4 Z<1:>A:, 1E2G6:45D /78/:49@7?: :9@ ?H=89:9:4C=! =C49= B:> =E2 <7<=?=J C:6A:
? B/7BLE AGL02 ?2FC;<= 3=A 6=3E=0<1:43 6=GD0=C6:4! 012AH=<7?7 /7 7A! MQQ C:6AL?
5:4B:>916:4!

":6A: ? BG7/A=9@ E=0<17 <DI29@ B40?:BL?! 7 <78J A76G07?40B2364 97 G40=1


6=/:B1> =C4 1=5:4B191=6:4 C:6AL? ? BG7/A=9@ E=0<17 071ED<7?=629@ B40?:BL? 6:4
/07?=<1: <7 6:914F7 <7E04F7! :4CD ?4E5=BG40L? 1=E:4F= 7 G=A:4 C:6A: 34<6=A 3=A
B:> 7A=1D34 57I4 G7 /0126:48J ?:>943 B1A7<2 6:I /7I2GAD! =D?=I I4 ? G25
/012/=<AD 57I4B1 D12BA=J <1:4B:;GA: G2B:>92 C:6AL?! 4<6=A /79@7<1:J 764 E><; 1
G4F7 B=54F7 =<04BD  : 97 F70B1= E><; 1=?:40=H2 G46 B=5 G4ABG 7/:BDU
2B1DA:?=0A: = 1?H=B191= 77FC4 E076:; B:> /014< G=A:5: G49@6:A=5: BG7BD3;9
0LI64 K:CG02 AGL04 57F; B/7?7<7?=J 6:4 G2CA7 7E6:I46:4 ?=0G789: G=A:9@ C:6AL? =C4
0L?6:4I 7E6:I46:4 /71293: ?7343 BG0762!

*%* ,*%$#!* $!1A,!

4F7 G2/D B2BG452 5=3; G2C4 B=57 /0149:?6:AL? 97 F70;929@ 70><7?6:AL?!


912?:BG4 34BG I4 G?L092 =CF702G5L? 0=6A:6F7?29@ 6:4 E=0<17 ZCDE:;, G=A:4 B2BG452!
:4CD Z/712937640L?, 34<6=A 9@>G6:4 1 6:9@ A7012BG=! :CA= G=A:9@ B2BG45L?
7B7E:89:4 G4BG7?=H45 : 5DB14 /01216=J I4 57I6= D12BA=J 9=HA:45 <7E04 4K4AG2!
7<91=B G4BGL? D<=?=H7 5: B:> 7B:;F=J /712934 ? /:40?B14 <1:4B:;G94 6= E=0<17
/7/DC=064 K0=12! 014E= 34<6=A 1<=J B7E:4 B/0=?> I4 6:4 34BG G7 /=6=94D5 6=
G0?=H; ?2B7A; /71293> ? ?2B1DA:?=0A=9@ C491 6=01><1:4 AGL04 57I4 ? /4?629@
?=0D6A=9@ ?B/75L9 /0=9> 6=< /71293767?=6:45 B40?:BD! 014E= 34<6=A ?:4<1:4J
I4 6:4AGL04 6=01><1:= 57F; E2J 6:4E41/:49164 : 6=C4I2 7E9@7<1:J B:> 1 6:5:
D5:43>G6:4!

I2?=3;9 6/! ":6A70= CDE ":6AD3!/C 57I4B1 <7/07?=<1:J <7 1E2G B12EA:4F7
/01207BGD C:6AL? : /7/=8J ? 6:4H=BA> ?2B1DA:?=0A:! E= B2BG452 7K40D3; C:6A:
<26=5:9164 = :C78J ?28?:4GC4W 6= :6629@ BG076=9@ D914BG6:AL? D1=C4I6:76= 34BG 7<
:C789: /D6AGL? 6= ?7:5 A769:4!

7012BG=3;9 1 G29@ B2BG45L? ?=0G7 1=BG7B7?=J B:> <7 6=BG>/D3;943 1=B=<2!


":6A: D5:4B191=52 ? B40?:B:4 1 <DI; :C789:; /7<BG076 1=:6<4AB7?=629@ ? 77FC4 =

/  0 < +    = B 6


 9
 # 263
( " *,# -   ( " A 6
 9


/075D3452 :66; ?:G026>! 7 <7E04 071?:;1=6:4 348C: /7B:=<=B1 3DI 3=A:8 B40?:B 1
?2B7A:5 =F4 =6A <DI; :C789:; /7<BG076 : 1=5:401=B1 /0757?=J 1D/4H6:4 67?;
BG076>! 1:>A: G45D 5=B1 3DI 6= BG=09:4 16=916; :C78J /D6AGL? AGL0= /71?7C: 6=
<DI; :C78J ?28?:4GC4W ?734F7 C:6AD!

=I<2 1 G29@ B2BG45L? D57IC:?:= <7<=?=6:4 ?:4CD C:6AL?! 2A7012BG=3 G7


<7<=3;9 0LI64 7<6786:A: 7 :6629@ 7/:B=9@ .? =69@70 G4ABGP <C= G4F7 B=54F7 B40?:BD!

7?=I6; ,# = *'5 *%A,   !#1 '#/1,$* 4)#1 1!)$ !#


,#)&*,%B  1A) $!1+& $ 1A) $!1+  $4$! C=G4F7 G4I <7E014
/014528C B/0=?> 1=6:5 1<492<D34B1 B:> 6= G=A: B/7BLE /7/DC=021=93: 7<6786:AL?!
DB:B1 B:> 0L?6:4I C:912J 1 4?46GD=C6789:; F?=HG7?64F7 B/=<AD ?26:AD
/71293767?=6:= BG0762 348C: /012AH=<7?7 G=A: B2BG45 E><1:4 6:4<7BG>/62 9@7JE2 1
/7?7<D =?=0:: B40?40=!

079@> :6=9143 ?2FC;<=3; *%* ,*%$#!* $!1A, #*'&!*'5! :4<=?67


0DB12H= ,# ,)# ":6AD3/07! 2BG45 1=/7?:=<= B:> 9:4A=?:4! 7
1==A94/G7?=6:D BG0762 7G0125D34B1 /4?6; 1=C4I6; 7< 3=A789: ?734F7 B40?:BD :C78J
/D6AGL? AGL04 57I4B1 ?2A7012BG=J 6= Z1=AD/, 7<6786:AL? 6= BG076=9@ :6629@
D914BG6:AL? B2BG45D! 2BG45 <=34 9: 57IC:?78J /4H643 A76G07C: 6=< G45/45
/01207BGD C:6AL? 70=1 97 ?=I64 57I4B1 ? A=I<43 9@?:C: B/0=?<1:J 6= 3=A:9@
BG076=9@ B; ?28?:4GC=64 ?734 7<6786:A:! 2C4 1=H7I46:=! :4<HDF7 /0123<1:4 6=5 B:>
/014A76=J 912 B2BG45 34BG E><1:4 K=AG2916:4 G=A <7E02 3=A 9@9:4C:E2 G4F7 =DG7012! 7
1=A7W9146:D G4BGL? 0DB12 K:6=C6= ?40B3= : ?L?91=B 16=6= E><1:4 BADG491678J
<1:=H=6:= ":6AD3/07!

=A: B2BG45 6= /4?67 34BG 16=916:4 4K4AG2?6:43B12 F<2I ?2B1DA:?=0A:


Z6=D912H2 B:>, 071/716=?=J C:6A: <26=5:9164 : /012?:;1D3; <7 6:9@ 970=1 56:43B1;
?=F>! =0<17 /7/DC=062 34BG 0L?6:4I ":6A)\=CDG # =6F:4CBA73>129162 B2BG45
?25:=62 C:6AL? BG=G291629@! :4A=?; 7/93; 7K407?=6; ? G25 B2BG45:4 34BG
57IC:?78J ?2H;9146:= ?28?:4GC=6:= B?7:9@ 7<6786:AL? 6= BG076=9@ 6:4/7I;<=629@!
7I4B1 1<4K:6:7?=J <7 <1:4B:>9:D =<04BL?  " AGL04 6:4 /7?:662 1=?:40=J C:6AL?
<7 ?734F7 B40?:BD!  :6625 =6F:4CBA73>1291625 B40?:B:4 77/ <_40G:B:6F
4G?70A 57I4B1 B=5 1=<492<7?=J 912 7<6786:A: 5=3; E2J BG=G29164 912 G4I

/  0 < +    = B 6


 9
 # 262
( " *,# -   ( " A 6
 9


<26=5:9164!

#%$-#U =A:4 B2BG452 57F; ? /4?629@ ?=0D6A=9@ ?B/75L9


/71293767?=6:4 34<6=A 6=C4I2 1 6:9@ A7012BG=J 1 <DI; 7BG07I6789:;!

<#1$ = &'& $!! % * !# :&*1$,#!$ ,#)>'$,*'5 $!1A,?

=I<2 5= /4?6:4 B?734 ZG=34564, B/7B7E2! 7?:45 : G2CA7 I4 G=A 6=/0=?<>


G2CA7 ?=0G789:7?= ?67B1;9= 9:4A=?; G048J ?:G026= 5= 16=916:4 ?:>AB1; B1=6B> 7<
BG0762 /0149:>G643! 48C: D?=I=B1 I4 ?73= BG076= 34BG <7E0= E:401 D<1:=H ?
A76AD0B=9@ : 0=6A:6F=9@! <1:4C=3 B:> 6= K70=9@ <2BADB23629@ /04146GD3 4K4AG2 B?7343
9:>IA:43 /0=92 ? A=I<25 B46B7?625 .912G=3& 91>BG7 7<?:4<1=625P 5:43B9D!

1=B45 348C: 5=B1 978 9:4A=?4F7 <7 1=7K407?=6:= ?=0G7 BA7012BG=J 1


?:0GD=C629@ G=EC:9 7FH7B146:7?29@! 40?:B2 7FH7B146:7?4 91>BG7 /DEC:AD3; C:6A:
E41/7804<6:4!

07F0=52 /=0G640BA:4!

= E0=A C:6AL? 6:4 57F; 6=014A=J ?=0G789:7?4 /07F0=52 /=0G640BA:4! =I<2


D914BG6:A G=A:4F7 /07F0=5D 1=5:4B191=3;9 7<6786:A: <7 BG076 /=0G640= D12BAD34
3=A;8 A70128J 91>BG7 ? /7BG=9: /07?:13: 1= B/014<=64 1 /7C4946:= D914BG6:A= G7?=02
CDE DBHDF:! 912?:89:4 BG?70146:4 G=A:4F7 /07F0=5D ?25=F= B/707 ?2B:HAD =C4
4K4AG2 57F; E2J 6:41?2AC4 :6G404BD3;94!

71<=?=6:4 <=057?29@ 5=G40:=HL?! L?:C:852 ?91486:43 7 /DEC:A7?=6:D


=0G2ADHL? 3=A7 <7BA76=H25 6=01><1:D ? /7/DC=021=93: C:6AL?! 912?:89:4 G= B=5=
1=B=<= 57I4 <7G2912J 071/7?B149@6:=6:D ?B14CA:9@ 5=G40:=HL? AD0BL? 4E77AL?
<=057?29@ /07F0=5L? 912 BA02/GL? B1=EC76L? BG076 :6G4064G7?29@ : ?:4CD :6629@
014912 AGL04 57F; B:> /012<=J ?4E5=BG4075! DB:B1 34<26:4 7A048C:J ?=0D6A: 6=
3=A:9@ 57I6= 1 G29@ 5=G40:=HL? A7012BG=J .7912?:89:4 6=3?=I6:43B12 ?=0D64A G7
1=5:4B19146:4 7<6786:A= <7 ?734F7 B40?:BDP!

/  0 < +    = B 6


 9
 # 264
( " *,# -   ( " A 6
 9


#%$-#N

DI= :C78J ?=0G789:7?29@ C:6AL? G7 6=B1= ZG=36= E07W, ? ?=C94 7 ?2B7A;


/71293> ? ?2B1DA:?=0A=9@! = G7 7912?:89:4 <492<D3;94 16=9146:4 6=B129@
1=07EAL? ? /07F0=5:4 77FC4 <46B4!

712BA=6:4 16=91;943 :C789: 7<6786:AL? ?:;I4 B:> 1 7F07545 /0=92! C4


?2A7012BGD3;9 :6G4C:F46G64 6=01><1:= G=A:4 3=A /07F0=5  "  57I6= G46
/0794B 6:497 1=DG75=G217?=J!

<7E2?=3 C:6A: ?B14CA:5: 57IC:?25: 54G7<=5: /=5:>G=3 34<6=A 7 1=B=<=9@ :


6:4E41/:4914WBG?=9@! D/D3 C:6A: G2CA7 ? 7BG=G4916789: B/0=?<1=3;9
?91486:43 <7AH=<6:4 7K40G>!

":6A: 1 /04BG:I7?29@ A=G=C7FL? G=A:9@ 3=A  5=3; ?:4CA:4 16=9146:4 <C=
/71293: ? 77FC4! 0LE ?B12BGA7 97 57IC:?4 =E2 ?73= BG076= 16=C=1H= B:> ?
G25 A=G=C7FD !

/  0 < +    = B 6


 9
 # 265
( " *,# -   ( " A 6
 9


( 4->9 ),$+ # , &#)41$

E3>G78J .:C78J BG076P B40?:BD 5= ?:4CA:4 16=9146:4 <C= D914BG6:A= 77FC4


<46B4! A=1D34 B:> I4 77FC4 CDE: 071ED<7?=64 ?:G0262! C78J 1:6<4AB7?=629@
BG076 1 D6:A=C6; G0489:; 5= ?:4CA:4 16=9146:= <C= ?7343 /71293: ? 0=6A:6FD!

66; A?4BG:; 34BG K=AG I4 A=I<= 14 BG076 57I4 E2J ?:<7916= ? ?26:A=9@
?2B1DA:?=6:= <C= 0LI629@ BHL? 912 K0=1! 1:>A: 9145D 12BAD34B1 34B1914 ?:>AB1;
:C78J ?:12G = 97 1= G25 :<1:4 4AB/71293: 04AC=5!

0=?:<H7?= 40F7675:916= A76BG0DA93= BG0762 B/7?7<D34 I4 :6G406=D9:


9@>G6:4 E><; /014FC;<=J 1=?=0G78J /7B1914FLC629@ BG076! 1:>A: G45D 12BA=B1
?:>AB1; :C78J 4AB/71293: 04AC=5 = 0L?6:4I 3=A 3DI ?:452 ?73= /71293= 0=6A:6F7?=
57I4 ?107B6;J! B1=A 6:4 G2CA7 :C78J =C4 : 3=A78J ?:12G 5= 6= 6:; 6:4E=F=G4C62
?/H2?! 5 <HDI43 1=G0125=B1 :6G406=DG> D B:4E:4 G25 1 34<643 BG0762 ?:>AB1= B1=6B=
6= AC:A6:>9:4 ? 04AC=5> : 1=07E4A 1 <0DF:43 1=8 C4/B1= 7946= /014BH=6= <7 E=1
?2B1DA:?=0A: .? /012B1H789: 1=7?797?=J G7 57I4 C4/B1; /71293; 0=6A:6F7?;P!

7 G=A: 07<1=3 B/01>I46:= 1?07G64F7! =0G7 7 /=5:>G=J 7 ?/H2?:4 '&*!!$1#


::+#)!>'$ ?:G0262 <C= 343 /71293: 0=6A:6F7?43 /76:4?=I 34F7 16=9146:4 E><1:4
970=1 ?:>AB14!

=G?7 /7?:4<1:4J # Z071ED<7?=62 B40?:B 1=?:40=3;92 <DI; :C78J BG076,!


912?:BG4 34BG I4 A76AD07?=6:4 1 /70G=C=5: 1=G0D<6:=3;925: 04<=AG70L?
/DEC:AD3;925: 97<1:466:4 5=B> :6K705=93: 34BG 0=9143 G0D<64! =D?=I 34<6=A I4
6=?4G /78?:>9=3;9 B?7343 BG076:4 ()T F7<1:62 <1:466:4 57I4B1 /7 3=A:58 91=B:4 BG=J
B:> /7B:=<=9145 9=HA:45 B/704F7 B40?:BD!

2BG=0912 A=I<4F7 <6:= <7<=J <?= CDE G012 A0LGA:4 =0G2ADH2 = 3DI /7 A:CAD
5:4B:;9=9@ ?L3 B40?:B E><1:4 6=/0=?<> B/702! =0G7 G4I ?:>AB14 G4ABG2 <1:4C:J 6=
56:43B14 K0=F546G2 /=5:>G=3;9 7912?:89:4 7 <7E043 6=?:F=93:! 1:>A: G45D 12BA=B1
34B1914 ?:>943 /7<BG076 = <7<=GA7?7 H=G?:43 E><1:4 B:> G7 912G=J! =5:>G=3 I4
91H7?:4A G0D<67 /012B?=3= <DI2 G4ABG 6= 4A0=6:4 576:G70=!

7E0; /0=AG2A; 34BG +%H$,$!$ >'$% ,:A/,)&!$ ,


),$+ 6=?4G G=A:4 6:4D8?:=<75:764 3=A A7546G7?=6:4 =0G2ADHL? 912 ?/:B2 ?

/  0 < +    = B 6


 9
 # 266
( " *,# -   ( " A 6
 9


AB:><14 F789:!  G25 /012/=<AD 6=C4I2 G=A <7E0=J BA02/G2 =E2 A=I<2 ?/:B 5LFH E2J
?28?:4GC=62 3=A7 7B7E6= BG076=!

=5:>G=B1 6=B1 /012AH=< 1 B40?:B45 7 B=579@7<=9@ <7BG=?9129@%


=5:>G=B1 /752BH 6= A=G=C7F B=579@7<L?%! 012 7</7?:4<6:43 <=?94 ?2B:HAD
/78?:>97643 /075793: G=A: B40?:B E><1:4 B:> B=5 0710=BG=J! B7E:89:4 ? G4F7 G2/D
B40?:B:4 ?:<1> 34B1914 34<6; 57IC:?78J = 6=?4G A76:491678J! &$#/ 1+:$-B
:)& #%!  E0=6I2 B=579@7<7?43 <1:8 34BG B/707 B/014<=?9L?! K40G=
DI2?=629@ B=579@7<L? /014?2IB1= /7/2G! C=G4F7 <1:=H B/014<=5 1=/4?64
0710=BG=HE2 B:> E=0<17 B12EA7! 7 <7E02 /752BH! 7 /:40?B14 1?:>AB12B1 E41 ?AH=<D
/0=92 ?H=B643 7E3>G78J B40?:BD /7 <0DF:4 1=8 12BA=B1 7<?:4<1=3;929@! 7I4B1
6=?4G ED<7?=J C:BG> BDEBA02E9236; DI2GA7?6:AL? <1:=HD 7FH7B14W!

<=34B1 B7E:4 B/0=?> 3=A 9466= 57I4 E2J ?:4<1= 7 G25 I4 /=6 k /7B1DAD34
<C= B?7343 K:052 ()T C4G6:4F7 B=579@7<D <7BG=?914F7%! 71= G25 /7528C! 4ABG
7FH7B146:= /014/C=G=62 04AC=5=5:! 48C: <7E014 ?2A76=B1 BA02/G /04146GD3;92 <=64
1 7FH7B14W 57I4B1 C:912J 6= 6:41?2AC4 ?2B7A:4  ! FH7B146:= E><; /4?6:4
/014FC;<=64 /0141 7B7E2 I2?7 1=:6G404B7?=64 :9@ G0489:;!  348C: <=6= 7K40G= 6:4
/012/=<6:4 <7 FDBGD 912G4C6:A7?: G7 1 <DI25 /0=?<7/7<7E:4WBG?45 BA7012BG= 1
C:6AD ? 6=B143 04AC=5:4!

912?:89:4 G7 G2CA7 /012AH=<! 752BH 57I6= ?2A7012BG=J 1 /7?7<146:45 ?


?:4CD B40?:B=9@ G45=G291629@!

H=B64 C)+% *1+*! G7 G4I <7E02 /012AH=< 6= 071ED<7?> B40?:BD :


<7<=GA7?4 7<?:4<1:62! =I<2 /7BG BG=67?:J 57I4 : 6=391>89:43 G=A ?H=86:4 34BG
7B7E6; /7<BG076>! 1>BG7 6= ?2B7A:9@ /71293=9@ <C= ?2B1DA:?=643 K0=12 57I6=
16=C4XJ G45=G2 1 3=A:4F78 K70D5!

 -:!$!$ :)&)&!$ , ,/#!*% ),$$ !# #)*1+/* $!!*'5


#+)A, G7 0L?6:4I <7BA76=H2 /012AH=< ZB=57 071ED<7?D3;94F7, B:> B40?:BD!
=I<2 1<=34 <7E014 1<=34 B7E:4 B/0=?> I4 /DEC:A=93= ?H=B629@ G4ABGL? G7
<7BA76=H= K705= /075793: : /7/DC=021=93: C:6AL?! 7I6= /L38J A07A <=C43! G?7012J
B40?:B ? AGL025 A=I<2 =DG70 5LFHE2 Z17BG=?:J, B?L3 <=057?2 =0G2ADH : D57IC:?:J
:6625 ?4E5=BG4075 1=5:4B191=6:4 G4ABGL? 6= ?H=B643 BG076:4 7912?:89:4 /7<
/4?625: ?=0D6A=5:! 012AH=< G=A:4F7 =6F:4CBA73>129164F7 B40?:BD /04146G7?=H45
? 071<1:=C4 7 C:6A=9@!

/  0 < +    = B 6


 9
 # 267
( " *,# -   ( " A 6
 9


7IC:?78J H=G?43 071ED<7?2 <7<=?=6:= 0LI629@ 4C4546GL? A7546G=012


=0G2ADHL? 5DB:B1 /014?:<1:4J 6= 4G=/:4 ED<7?2 B40?:BD! DB:B1 071?=I2J :
?2E0=J 7</7?:4<6:; <C= <=643 BG0762 G49@67C7F:>! :4 ?27E0=I=5 B7E:4
Z0>9164F7, <7A762?=6:= 15:=6 : /7/0=?4A 6= A=I<43 BG076:4 071ED<7?=64F7
1=?:40=3;94F7 A:CA=B4G BG076 B40?:BD!

DI4 ?:G0262 G?7012 B:> 0=9143 7 071?:;1=6:= <26=5:9164 /0149@7?D3;94


<=64 ? E=1:4 : G?701;94 BG0762 Z? C79:4, 6= /7<BG=?:4 <=629@ /7E:40=629@ 1
G=A:43 E=12 : DH7I7629@ 1F7<6:4 14 1<4K:6:7?=625 B1=EC7645!

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1 04FDC=5:645 77FC4 <B46B4!

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:C78J AC:A6:>J! 4704G2916:4 ?:>9 04AC=5= 1 E=0<17 6:BA:5  57I4
7B:;F6;J C4/B12 Z?26:A 3=A789:, = 97 1= G25 :<1:4 C4/B1; /71293> ? ?26:A=9@
?2B1DA:?=6:= : ?:>AB1; 91>BG7GC:?78J ?28?:4GC4W 6= BG076=9@ ?2<=?9L?
? /07F0=5:4 <46B4! E2 156:43B12J A7B1G2 A=5/=6:: ?2BG=0912 9@?2GC:?2
6=FHL?4A!

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34BG 0L?6:4I G7 I4 A75/76D3;9 <7E0; G048J .6=FHL?4AP G=A= ZG=6:=, A=5/=6:=

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K705DC=01= .? /D6A9:4 ( ?/:BD3452 5=AB25=C6; ?=0G78J  AGL0;
34BG4852 F7G7?: 1=/H=9:JP D12BA=52 6=BG>/D3;94 ?26:A:&

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04AC=57<=?9= 1=7B191><1: B/707 /:46:><12 = D914BG6:92 <46B4 6:4BG4G2
1=07E:; 56:43!

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$!+$'*!! EB40?D3;9 3=A:4 04AC=52 DA=1D3; B:> 6= ?7343 BG076:4 : 3=A:4
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G4 6=3G=WB14! 25=F= G7 G079@> 91=BD : ?:4CD /0LE =C4 57I4 /0126:48J
9:4A=?4 4K4AG2!

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: D<7BA76=C=62! 76AD04693= ? E0=6I2 04AC=5 A76G4ABG7?29@ 34BG B/70= : 9@7J
77FC4 ! E2H7 /:40?B1; K:05; 6= 026AD 1 G25 /07<DAG45 5DB: 7E496:4 E=0<17 B:>
BG=0=J =E2 DG0125=J B?73; 6:4A?4BG:767?=6; /71293> C:<40=!

=A7 D914BG6:A /07F0=5D /=0G640BA:4F7 5DB:B1 6= E:4I;97 8C4<1:J ?B14CA:4


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67?4 7/934! B14CA:4 67?789: E><> 6= E:4I;97 75=?:=J 6= B/493=C643 BG076:4
/014?7<6:43 /DEC:A=93:! G076= 16=3<D34 B:> /7< =<04B45
@GG/&VV=<B46B4!B4904GRD!64GVAC:46GV! 7BG>/ <7 G43 91>89: B40?:BD 34BG 1=04140?7?=62
<C= :4E:4 : :6629@ 7BLE AGL04 1=AD/:H2 4E77A=! ?L3 C7F:6 : @=BH7 16=3<1:4B1 6=
A7W9D /DEC:A=93:!

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D )&*1/# * '5 ,*'5 ,$)*!

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0D<67 7 /07BG; 7</7?:4<X! B12BGA7 G=A 6=/0=?<> 1=C4I2 ?2H;916:4 7<


:4E:4! < ?7:9@ D5:43>G6789: : 57IC:?789: 70=1 7< G4F7 :C4 91=BD 34BG48 F7GL?
/78?:>9:J /07F0=57?:!  57343 /DEC:A=93: BG=0=5 B:> ?BA=1=J : /4?:46 A:40D64A
<1:=H=W! DB:B1 34 34<6=A =AG2?6:4 ?<07I2J =E2 7B:;F6;J BDA94B!

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$?:=<7578J I4 91G40792K07?4 1=07EA: <1:466:4 B; 04=C64 BG=67?: E=0<17 B:C6;
57G2?=93> <7 G=A:43 /0=92!

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1 G77CE=0= ?:>9 K=AG291629@ ?:12G 34BG 16=916:4 ?:>943! 74C 7B:;F= 1=07EA:

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5:4B:>916:4 57I6= DE:4F=J B:> 7 A76G7 /045:D5 AGL04 <=34 <7<=GA7?4 57IC:?789:!
:><12 :6625: :664 K705=G2 04AC=5 .E41 4G2A:4G2 <B E2 77FC4P! =A:9@ ?:G026 34BG
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4AB/71293:!

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0=9=3;9 <7 /07EC45D 1H78C:?4F7 AC:A=6:= 348C: 1=D?=I2B1 F?=HG7?62


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7/:B1 AGL043 BG0762 CDE A=6=HD <7G2912 /07EC45 <=G> 1<=0146:= 70=1 348C:
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/014< Z?2C=6:45, 1 /07F0=5D!

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26=F07<146:4 ?2/H=9=64 34BG /0141 77FC4 914A:45! =BG>/D34 /7 7A7H7 TQ


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<7C=0L?! 012AH=<7?7 ? 5=3D 1=07E:H48 `Q  = ? 9140?9D -Q! 25=F=64 B=C<7
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B2GD=93; ? /012/=<AD /:40?B143 ?2/H=G2! 0=AG2916:4 57I4B1 B/7<1:4?=J B:> F7 6=
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6=C4I2 B:> B/7<1:4?=J 16=91;929@ 15:=6 ? G25 1=A04B:4!

7 : <7914A=H48 B:>! :40?B1= ?2/H=G=! ":BG767B1 /0126:LBH A7/40G> = ? 6:43


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/07EC45! <1:4 6=3C4/:43 104=C:17?=J 914A%

= 6=B14 6:4B191>89:4 G4F7 07<1=3D DBHDF: E=6A7?4 6:4 B; 8?:=<91764 1E2G


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? /73>9:=9@ : 7E7?:;1D3;929@ ? ?:>AB1789: E=6AL? BG=6<=0<=9@! = /791;G4A
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125 34BG 914A%

14A 34BG G7 /:B4562 <7AD546G B/701;<1762 6= B/493=C625 EC=6A:49:4


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B=54F7 A76G2646GD

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0LI629@ A76G2646G=9@!

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1+:! /40=93= E=6A7?= /7C4F=3;9= 6= /0146:4B:46:D /0=? ?H=B6789:


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16=916:4 <07IB12 6:I :6A=B7!

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7<=GA7?; Z=G0=A93;, 34BG K=AG I4 A7B1G2 04=C:1=93: /:40?B14F7 914AD 7A048C=64 B;
3=A7 Z014912?:BG4 A7B1G2 E=6AD,! 0=AG2916:4 6:F<2 6:4 ?:4B1 :C4 ?26:7B;!  9@?:C:
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7A04B 1 /014< 7A7H7 G0149@ 5:4B:>92!

48C: 34BG48 6:49:40/C:?2 1=?B14 57I4B1 B/0LE7?=J 1 7/93: BAD/D! =5:>G=3


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570GF=F4B K70 /47/C4 ?:G@ E=< 904<:G T`Qb _7:/ /@764 B2BG45 M`MN
976B7C:<=G4 97CC4F4 C7=6B T*N- 999B M`Mb
G405 C:K4 :6BD0=694 cD7G4 T*NM 4cD:G2 @754 C7=6 C7D:B:=6= M`Mb
@754 4cD:G2 0=G4B T*`- B49D04< M`Mb
E4BG 976B7C:<=G:76 C7=6 BGD<46G T**M =99:<46G C=?240 5:9@:F=6 M`M`
4cD:G2 0=G4B T**Q @7547?640B :6BD0=694 M`M`
9@4=/ 976K404694 9=CC:6F T*R` <:049G :6BD0=694 C:K4 M`MT
976B7C:<=G:76 B40_:94B T*M* 9=0< 904<:G :6G406=G:76=C /0794BB:6F M`M(
BGD<46G 976B7C:<=G:76 T*Q( G405 C:K4 :6BD0=694 /7C:92 M`M(
@754 4cD:G2 C:64B TRNQ 9@=B4 904<:G 9=0< M`MQ
4cD:G2 C:64B TR-M K704d G0=<:6F M`QN
5:=5: /40B76=C :63D02 C=?240 TR`( E4BG 904<:G 9=0< M`Q-
04K:6=69:6F TRRN 2=@77 ?4E @7BG:6F M`Q-
975/=0:B76 :6BD0=694 C:K4 TRR` :6<:_:<D=C @4=CG@ M`QR
C:K4 :6BD0=694 975/=0:B76 TRR` E=6A0D/G92 570GF=F4 M`QT
4cD:G2 @754 :6G404BG C7=6 C7? TRR( 9=0 <:049G :6BD0=694 M`Q(
976B7C:<=G4 BGD<46G C7=6B TRTQ 9=0 :6BD0=694B M`Q(
4cD:G2 C7=6 TR(* <4<:9=G4< ?:6<7?B @7BG:6F M`Q(
90:G:9=C :CC64BB :6BD0=694 C:K4 TRQ- :6<:_:<D=C _7CD6G=02 =00=6F4546G M`Q(
4cD:G2 C:64 TTN* 5:9@:F=6 <4EG 976B7C:<=G:76 M`Q(
4cD:G2 C7=6 0=G4B TTN( h04K:6=694 M* 24=0h M`QQ
G405 C:K4 cD7G4B TTbQ @=0< <0:_4 0497_402 M*N`
(6< 570GF=F4 04K:6=694 TT`R ?4CCB K=0F7 @754 4cD:G2 M*N`
@754 4cD:G2 :6G404BG TT*- M* 24=0 K:d4< M*N*
<76=G4 27D0 9=0 TTR- 97D6G2 @=:0 C=B40 70=6F4 0457_=C M*N*
cD:G2 ":64 7K 04<:G T(NM 904<:G =//C:9=G:76 M*N*
G405 :6BD0=694 T(b- <=G= <0:_4 @=0< 0497_402 M*N*
904<:G 4cD:G2 @754 C:64 C7=6 T(*N /=046G /CDB M*N*
@754 4cD:G2 C:64 7K 904<:G C7=6 T(*- 9=0< 904<:G 4cD:/546G /0794BB:6F M*NT
4cD:G2 C7=6 0=G4 T(*T MQTM G=d <4K4004< 4d9@=6F4 M*N(
976B7C:<=G:76B C7=6 BGD<46G T(*Q 04K:6=69:6F <4EG M*N(
570GF=F4 0=G4B 04K:6=69:6F T(*Q 9@=0G40 970/70=G4 34G M*NM
BGD<46G C7=6 976B7C:<=G:76B T(*Q @754 7?640B :6BD0=694 M*NM

/  0 < +    = B 6


 9
 # 432
( " *,# -   ( " A 6
 9


976B7C:<=G:76 904<:G T(RR :6G404BG 76C2 @754 C7=6 M*NM


M(* @754 4cD:G2 T(T- ==0/ 9=04 :6BD0=694 C76F G405 M*NQ
90:G:9=C :CC64BB 97_40 T(Tb <:049G F4640=C :6BD0=694 M*NQ
M(* 4cD:G2 C7=6 T(T( 4cD:G2C:64 M*NQ
@754 4cD:G2 C:64 904<:G T((* 3D5E7 570GF=F4 0=G4 M*NQ
=DG7 :6BD0=694 76C:64 T((( C7?4BG :6G404BG M*-N
@754 :6BD0=694 cD7G4 T((M 5409@=6G =997D6G /07_:<40 M*-N
GD<46G "7=6 76B7C:<=G:76 T(MN =GG70642 <D: G=5/= M*--
04K:6=694 0=G4B T(Mb BD/40 /07BG=G4 M*--
04K:6=694 BGD<46G C7=6B T(MM MQTM 4d9@=6F4 G=d M*-b
904<:G 4cD:G2 @754 C:64 T(MQ <75=:6 6=54 04F:BG02 M*-`
04K:6=694 570G=F4 TMN- E=C=694 G0=6BK40 M*-R
@754 4cD:G2 570GF=F4 TMNb E4BG 904<:G M*-T
570GF=F4 B4976< TM-R :6G404BG 76C2 04K:6=694 M*-Q
@754 4cD:G2 C7=6 TMbb 570GF=F4 ?:G@ /770 904<:G M*-Q
04K:6=694 904<:G TMbQ G04=G546G K70 /07BG=G4 9=6940 M*b-
976K40469:6F B7KG?=04 _7:94 TQ-M @4=CG@ :6BD0=694 M*bb
04K:6=694 TQbN :6G404BG 76C2 570GF=F4 M*b`
04K:6=694 76C:64 TQb` BG04=5C:64 04K:6=69:6F M*b`
<4EG 976B7C7<=G:76 TQbR C7? :6G404BG 904<:G 9=0<B M*bT
904<:G 97D6B4C:6F TQ`R @7BG:6F MT(N
976B7C:<=G4 904<:G TQ*M cD7G4 04570GF=F4 MT(N
04K:6=69:6F 0=G4B TQRQ 4<D9=G:76 <4F044 76C:64 MT(-
:6BG=6G :6BD0=694 C:K4 cD7G4 G405 TQTR =/0 9=0< 904<:G 67 MT(b
C7? :6G404BG 904<:G 9=0< E=C=694
@754 4cD:G2 TQTT G0=6BK40 MT(b
4cD:G2 0=G4 TQTQ ED:C<:6F :6BD0=694 cD7G4 MT(`
9@4=/ C:K4 :6BD0=694 TQ(N K:d4< 0=G4 904<:G 9=0< MT(`
976B7C:<=G4< 904<:G 97D6B4C:6F TQ(* <4EG =BB:BG=694 MT(*
570GF=F4 0=G4B 04K:6=694 TQM* :6970/70=G:6F :6 9=C:K706:= MT(*
C:K4 :6BD0=694 cD7G4 76C:64 TQMR K4<40=C <:049G 976B7C:<=G:76 C7=6 MT(R
570GF=F4 04K:6=694 76C:64 TQMR 9=0< 97BG 904<:G C7? MT(T
E=< 904<:G 570GF=F4 TQMT @7BG:6F C7? /0:94 ?4E MT(T
4cD:G2 @754 TQQ- 76C:64 <4F044 4<D9=G:76 MT(T
4cD:G2 @754 570GF=F4 TQQR =GG70642 9=C:K706:= G=d MT(M
E4BG 4cD:G2 @754 C7=6 0=G4 TQQT 976G46GB :6BD0=694 cD7G4 MT(M
9=C9DC=G70 4cD:G2 @754 TQQT 904<:G 9=0< =KK:C:=G4 MT(M
C=? C4576 /466B2C_=6:= TQQ( 904<:G 9=0< 0=G4B MT(Q
=6F4C4B 90:5:6=C C=?240 C7B (NN` =540:cD4BG 97 570GF=F4 MTMN
570GF=F4B ?:G@ E=< 904<:G (NNT E4BG 904<:G 9=0<B MTM-
754 cD:G2 "7=6B (NN( :6BD0=694 54<:9=C /40B76=C MTM-
570GF=F4 C7=6B E=< 904<:G (NNM 975/46B=G:76 54B7G@4C:75= MTM`
90:5:6=C C=?240 /@746:d (N-b @754 @7DBG76 :6BD0=694 MTM`
4cD:G2 570GF=F4 (N-b 5=C/0=9G:94 54<:9=C /466B2C_=6:= MTM`
/0:_=G4 C7=6 976B7C:<=G:76 (N-( <4<:9=G4< 5=6=F4< B40_40 MTM*
9@4=/ C:K4 =BBD0=694 (N-Q <4F044 5E= 76C:64 MTM*
@754 570GF=F4 04K:6=694 (N-Q 5E= <4F044 76C:64 MTM*
@754 C7=6 /04=//07_4< (NbN 904<:G 9=0< 7KK40B MTMR
9755409:=C :6BD0=694 _=6 (NbT <4<:9=G4< ?4E @7BG MTMT
97CC4F4 C7=6 976B7C:<=G:76 (Nb( 90:5:6=C C=?240 5=02C=6< MTM(
76C:64 /@746:d D6:_40B:G2 (NbM 570GF=F4 975/=6:4B MTMQ
:6BD0=694 cD7G4B (N`b =9:< 04KCDd 04C:4K MTQN
04K:6=694 ?:G@ /770 904<:G (N`` /C=2 K044 76C:64 /7A40 MTQN
976BD540 <4EG 976B7C:<=G:76 (N`M 04K:6=69:6F 570GF=F4 C7=6B MTQ`
C=B40 @=:0 0457_=C 5=6@=GG=6 (N`M 976649G:9DG C=B40 @=:0 0457_=C MTQ*

/  0 < +    = B 6


 9
 # 434
( " *,# -   ( " A 6
 9


4cD:G2 C7=6B (N*N 76C:64 <4F044 /07F0=5 MTQ*


@754 04K:6=69:6F 0=G4B (N*N =//C:9=G:76 9=/:G=C 9=0< 904<:G 764 MTQR
:63D02 C=?240 64? 270A (N*N <:049G B=G4CC:G4 MTQR
9=0< 976B7C:<=G:6F 904<:G <4EG (N*- 9=0 @:04 :6 70C=6<7 MTQ(
976B7C:<=G:6F BGD<46G C7=6B (N*- E=6A0D/G92 :6 5=02C=6< MTQM
9=C:K706:= C=? C4576 (N*b E7=G C7=6 MTQM
@754 04K:6=694 0=G4B (NR` 570GF=F4 E=6A0D/G92 C7=6 MTQM
67 4d=5 C:K4 :6BD0=694 (NR` @7? G7 BG7/ B/=5 45=:C MTQQ
4cD:G2 @754 C7?4BG 0=G4 (NT` 9@4=/ <75=:6 @7BG:6F M(NN
C7=6 04K:6=694 (N(b 904<:G =6< <4EG 97D6B4C:6F M(NN
9= C4576 C=? (N(R 04K:6=69:6F 5=02C=6< M(NN
4cD:G2 904<:G C:64 (N(R <4<:9=G4< B40_40 DA M(N`
:CC:67:B C=? C4576 (N(T K044 904<:G M(N`
/40B76=C :63D02 C=?240 (N(( 904<:G 9=0< =//C:9=G:76B M(N*
676 /07K:G <4EG 976B7C:<=G:76 (NM` C=? C4576 704F76 M(NR
976B7C:<=G:76 C7=6 (NMT 976B7C:<=G:76 DA M(NT
9=0 KC70:<= :6BD0=694 (NQR ED:C<:6F 9@4=/4BG :6BD0=694 M(N(
K:d4< 0=G4 @754 4cD:G2 C7=6 (NQT B4=09@ 46F:64 BDE5:BB:76B M(N(
<4EG 976B7C:<=G:76 975/=6:4B (NQM =6F4C4B <0DF C7B 04@=E M(NM
<4904=B:6F :6BD0=694 C:K4 G405 (-NN =<DCG 9@4=/ @7BG:6F M(NQ
:6BD0=694 C:K4 cD7G4 0=G4 (-N- 9=6=<= 76C:64 G0=<:6F M(NQ
G4d=B @754 4cD:G2 (-Nb 9=0 KC70:<= @:04 :6 M(-N
C:K4 :6BD0=694 0=G4B (-NR 9=0< 904<:G /=0G2 /0794BB:6F G@:0< M(-N
570GF=F4B E=< 904<:G (-NR KC70:<= @7547?640 :6BD0=694 M(-N
04K:6=694 570GF=F4 :6G404BG 0=G4 (-NM =BE4BG7B C=?240B M(--
_=C469:= 9=0 @:04 (--N BGD<46G C7=6B E=< 904<:G M(--
:6BD0=694 76C:64 G405 (--` =GC=6G= <:_7094 C=?240 M(-b
=BB79:=G:76 5=6=F4546G B7KG?=04 (-bb _:7dd =GG70642 M(-b
@7? G7 04K:6=694 (b-b E07=<E=6< /@764 975/=62 M(-`
==0/ :6BD0=694 (b-* @7BG:6F 04_:4? M(-`
C46<:6F G044 975 (b-* 64G E0=69@ M(-`
:6BD0=694 570GF=F4 DA (b-( 04_:4? ?4E @7BG M(-`
9=0 :6BD0=694 cD7G4 (b-M G04=G546G K70 /07BG=G4 M(-`
9=C9DC=G70 4cD:G2 C7=6 (bbN =6G: B/=5 K70 7DGC77A 4d/04BB M(-R
4d=5 :6BD0=694 C:K4 54<:9=C 67 G405 (bb- 57642 0=G4B M(-T
570GF=F4B K70 E=< 904<:G (bbR 76C:64 04K:6=69:6F M(-T
B4976< 570GF=F4 C7=6 (b`` 9=0< 904<:G 67_= /0794BB:6F M(-(
976B7C:<=G70 <4EG (b`( 5:907B7KG 940G:K:9=G:76 M(-M
97D6B4C:6F <4EG (b`M 52BcC @7BG:6F M(-M
:6BD0=694 C:K4 54<:9=C 67 (b`M E=C=694 :6G404BG C7? G0=6BK40 M(-Q
04K:6=694 :6G404BG (b*N E=< 904<:G 570GF=F4 G4d=B M(bN
976B7C:<=G:76 975/=6:4B (b*- 9=C:K706:= 570GF=F4 0=G4 M(bN
G405 C:K4 :6BD0=694 cD7G4B (b*- 9@4=/ <75=:6 04F:BG0=G:76 M(b-
9=0< 976B7C:<=G:76 904<:G <4EG (b*b /0:_=G4 @4=CG@ :6BD0=694 M(bb
=DG7 :6BD0=694 76C:64 0=G4 (b** G04=G546GB K70 /07BG=G4 9=6940 M(bb
E7BG76 @=:0 C=B40 0457_=C (b*M <4EG 976B7C:<=G:76 C4=<B M(b`
=DG757E:C4 :6BD0=694 cD7G4 (bRN 049=CC _:7dd MM(M
C:K4 =BBD0=694 DA (bR- DA <75=:6 MM(M
4cD:G2 @754 C7=6 0=G4 (bR* =<<?70<B MM(Q
9=0 9@4=/ @:04 :6 B/=:6 (bT- C=? C4576 ?:B976B:6 MMM-
04K:6=69:6F ?:G@ E=< 904<:G (bT- ?4E @7BG:6F :04C=6< MMM`
4d9@=6F4 (QQQ =6G: B/=5 (bT` C46<:6F MMM*
E:CC 976B7C:<=G:76 (bTT /40B76=C C7=6B DA MMM*
K044 C:K4 :6BD0=694 cD7G4 (b(N =6G=09G:9 90D:B4 MMMR
<76=G:6F 9=0B (b(- =GG70642 <4K46B4 K4<40=C MMMR

/  0 < +    = B 6


 9
 # 435
( " *,# -   ( " A 6
 9


4cD:G2 @754 C7=6 C7? 0=G4 (b(* 976G=9G 5=6=F4546G B=C4B MMMR
G405 C:K4 :6BD0=694 76C:64 (b(R :6BD0=694 54<:9=C G0=_4C MMMT
@754 4cD:G2 C7=6B E=< 904<:G (b(Q 904<:G 5=6=F4546G MMM(
<4EG 5=6=F4546G 975/=62 (bMN <75=:6 6=54 04F:BG40 DB MMM(
@754 4cD:G2 C7=6 E=< 904<:G (bM- @:F@ 0:BA C:K4 :6BD0=694 MMM(
<4EG 97B7C:<=G:76 (bMT 9=0 @:04 5D09:= B/=:6 MMMM
9=0< 976B7C:<=G4 904<:G <4EG (bMQ <75=:6 6=54 04F:BG0=G:76 DA MMMM
67 4cD:G2 C7=6 (bMQ <75=:6 04F MMMM
5409@=6G 904<:G 9=0< =997D6G (`QN :63D02 C=?240 704F76 /40B76=C MMMM
904<:G 9=0< <4EG 04<D9G:76 (`Q- 975/=62 45/C7244 C4=B:6F bNR
97CC4F4 76C:64 /@746:d (`Qb <75=:6 6=54 04F:BG0=0B bNR
90:5:6=C <4K46B4 =GG70642 C7B
=6F4C4B (`QR ?:04C4BB /@764 bNR
904<:G :6BG=6G 76C:64 04/70G (*NN 9@4=/ 975/DG40 bNT
@754 C7=6 (*N- 975/DG40 E=9AD/ bNT
04K:6=69:6F 570GF=F4B (*N` 904<:G :6K705=G:76 bNM
(6< 570GF=F4 (*N* C7=6B =KG40 E=6A0D/G92 bNM
67 4cD:G2 (*N* =6G: B/=5 /07<D9GB bNQ
04K:6=69:6F @7DB4 (*N( 5409@=6G /07_:<40 B40_:94 b--
<4BA B7KG?=04 (*NQ =0:176= @=:0 C=B40 0457_=C b-b
@=:0 0457_=C 64? 270A (*NQ @=0< 57642 C7=6 b-b
C7?4BG 04K:6=69:6F 0=G4B (*-N @7547?640 :6BD0=694 975/=6:4B bR(
@0:BG:=6 4EG 76B7C:<=G:76 (*-b E=6A0D/G92 :6 _:0F:6:= bRM
976B7C:<=G4 904<:G 9=0<B (*-` 9=C:K706:= 90:5:6=C <4K46B4 bRQ
=DG7 9@4=/ :6BD0=694 (*-* B4CC <75=:6 6=54 bRQ
<4EG B40_:94B (*-R DA _7:/ bRQ
97_40 90:G:9=C :CC64BB :6BD0=694 (*-T MQTM 666 bTN
C75E=0< <:049G (*-T E07=<E=6< B=G4CC:G4 bTN
976B7C:<=G4 C7=6B (*bN 9@=0G40 /C=64 bTN
570GF=F4 /=2546G /07G49G:76 (*bN 4cD:G2 @754 C7=6 704F76 bTN
E=< 904<:G 570GF=F4 04K:6=69:6F (*bb B5=CC EDB:64BB 5=0A4G:6F bTN
E4BG @7BG:6F B40_:94B ?4E (*bb D6:_40B=C 904<:G 9=0< bTN
=DG7 :6BG=6G :6BD0=694 cD7G4 (*bR 97BG= 90D:B4 C:64 bT-
976B7C:<=G:6F 904<:G (*bR =DF546G=G:76 E04=BG 97BG bTb
:63D02 C=?240 (*bR <:B97_40 bTb
B49D04< C7=6B (*bT 4=B2 57642 bTb
9=0 :6BG=6G :6BD0=694 cD7G4 (*`b 64? @7547?640 C:BGB bTb
C7B =6F4C4B <D: C=?240 (*`b ?4E@7BG:6F 04B4CC40 bTb
<4EG :0B G=d (*`* 9@4=/ 9=EC4 57<45 bTR
<76=G4 DB4< 9=0 (*`* :6<:=6= :6BD0=694 54<:9=C bTR
67 9C7B:6F 97BGB (*`R 9:G:K:6=69:=C bTT
E=< 904<:G 570GF=F4 C46<40B (*`T <4EGK044<:049G bTT
<4EG 976B7C:<=G:76 9=C9DC=G70 (*`M /04=//07_4< bTT
04K:6=69:6F C7=6 (*`M 5=C/0=9G:94 C=?240 bT(
570GF=F4 C:K4 :6BD0=694 (**N B@7//:6F 9=0G B7KG?=04 bT(
<4/G 976B7C:<=G:76 (**` 9=6=<= :6 570GF=F4 0=G4 bTM
4cD:G2 C:64B 7K 904<:G (**R 57_:4 046G=C bTM
04K:6=69:6F @754 570GF=F4 (RQ* /=2/409C:9A bTM
976BD540 97D6B4C:6F 904<:G B40_:94B (RQR E:CC:6F bTQ
54<:9=C E:CC:6F B7KG?=04 (RQT G=@74 _=9=G:76 046G=C bTQ
=KK70<=EC4 G405 C:K4 :6BD0=694 (RQ( 6D0B:6F /<= B7KG?=04 b(N
E=< 904<:G C46<40 570GF=F4 (RQM ?4EB:G4 @7BG b(N
:6BG=6G 904<:G 04/70G (RQM :6G4064G <75=:6 04F:BG0=G:76 b(-
@754 4cD:G2 C:64B 7K 904<:G (TNN 5=0A4G:6F 975/=62 b(-

/  0 < +    = B 6


 9
 # 436
( " *,# -   ( " A 6
 9


C7? 0=G4 04K:6=694 (TNN 54B7G@4C:75= /:9GD04 b(-


9:G2 @=:0 64? 0457_=C 270A (TN` @2:/ b(b
570GF=F4 /07G49G:76 DA (TN` 9=0 @:04 92/0DB b(`
@754 04K:6=694 C7=6B (TNT <=G:6F *bR
<4EG 04<D9G:76 (TN( K:6=69:6F :6G404BG 76C2 *bR
@7547?640 :6BD0=694 (TNM :G=C:=6 _:CC= 046G=C *bR
@=:0 C=B40 629 0457_=C (T-b 5=G9@ *bR
C4576 C=? (T-( 975/=04 _7:/ *bT
E=< 904<:G 4cD:G2 C7=6 (T-M 90:5:6=C 3DBG:94 C=?240 *bT
:63D02 C=?240 5=02C=6< /40B76=C (T-M <:=F67B:B 54B7G@4C:75= *bT
K044 <4EG 976B7C:<=G:76 (TbN @=:0 C=B40 0457_=C G=5/= *bT
=6G:B/=5 =//C:=694 (Tb- 54B7G@4C:75= <:=F67B:B *bT
904<:G 9=0< <4EG (Tb- 9=6940 E0=94C4G *b(
570GF=F4B /770 904<:G (Tb` 57642 5=A:6F :<4=B *bM
@754 7?640 :6BD0=694 (TbR =54d *bQ
9=0 @:04 =C:9=6G4 B/=:6 (TbT =DF546G=G:76 E04=BG 64? 270A *bQ
9@0:BG:=6 97D6B4C:6F <4EG (TbT 5=0A4G:6F 976BDCG=6G *bQ
976G46GB @754 :6BD0=694 (TbT _7:/ B7KGB?:G9@ *bQ
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/  0 < +    = B 6


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/  0 < +    = B 6


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/  0 < +    = B 6


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( " *,# -   ( " A 6
 9


7I4B1 ?:>9 <4K:6:7?=J K:CG02 1=0L?67 <C= 04AC=5 ?28?:4GC=629@ 6= BG076=9@


3=A: <C= G29@ AGL04 E><; 4AB/767?=64 6= BG076:4 1 ?26:A=5: ?2B1DA:?=6:=!

:CG0 04AC=5 A76AD046923629@ D57IC:?:= ?2H;9146:4 04AC=5 A:40D3;929@ <7


7A048C7643 <75462 BDE<75462 A=G=C7FD CDE A76A04G643 BG0762 !  /07BG25
K705DC=012 ?/:BD34B1 6:4/7I;<=64 =<04B2 : 3DI /7 A:CAD F7<1:6=9@ 6:4/7I;<=64
04AC=52 6:4 E><; /73=?:=9 B:> ? ?7:5 B40?:B:4!

912?:89:4 6=3/:40? 6=C4I2 7<B1DA=J =<04B2 <794C7?4 <7 AGL029@ /07?=<1;


04AC=52 A76AD046923629@ B40?:BL?! 1=B45 =<04B /7<=?=62 6= <7C4 04AC=52 6:4
/07?=<1: ?/07BG <7 04AC=57?=643 BG0762! E2 G7 B/0=?<1:J 6=3C4/:43 DI23 6=01><1:=
<7 /7<FC;<D AGL04 7/:B2?=H45 ? /:40?B143 91>89: /DEC:A=93:! 6=3<1:4B1 34 6= BG076:4
/75792 G49@6:91643 77FC4 <46B4&

@GG/B&VV???!F77FC4!975VBD//70GV=<B46B4VE:6V=6B?40!/2%=6B?40YMQQQ*gG7/:9YM`Q

/  0 < +    = B 6


 9
 # 42/
( " *,# -   ( " A 6
 9


. G# #!$# $ 1:)*%!*

:4<1= 7 1=9@7?=6:D F789: 6= ?7343 BG076:4 7 AC:A=C6789: ? /7B1914FLC64


34<67BGA: 04AC=5 34BG 6:4 <7 /014946:46:=! 1:>A: <=625 AGL04 77FC4 D<7BG>/6:=
D914BG6:A75 <46B4 57I4B1 C4/:43 7/G25=C:17?=J B?734 ?:G0262 : E41/7804<6:7
?/H2?=J 6= ?2B7A78J 1=07EAL?!

E496:4 57I4B1 /7B:=<=J =I <?:489:4 =AG2?629@ A=6=HL?U 1:>A: G45D


57I4B1 /07?=<1:J E=<=6:= 4K4AG2?6789: B?7:9@ <1:=H=W 6= ?:4CD BG076=9@ CDE
? ?:4CD B40?:B=9@! =0<17 9:4A=?2 34BG 0L?6:4I 0=/70G <7G291;92 ?2B1DA:?=0A:!
7I4B1 <7?:4<1:4J B:> 3=A:4 K0=12 6=391>89:43 ?/:BD3; :6G406=D9: 7<?:4<1=3;92 ?L3
B40?:B! 7I4B1 /716=J :9@ /04K4046934 : /7G014E2 : 6=BG>/6:4 <7BG=0912J :5 G0489:
AGL029@ /7I;<=3;!

=/70G2 F46407?=64 ? /=64CD <46B4 1?H=B191= 0=/70G2 1=?:40=3;94 <=64


<C= /7B1914FLC629@ A=6=HL? D57IC:?:; : 7946> : /70L?6=6:4 ?B12BGA:9@ ?=I629@
/=0=54G0L?!

7012BG=3;9 1 0=/70GL? 6=391>89:43 A7012BG=5 1 A=6=HL? B/40B76=C:17?=629@!


1:>A: 6:5 57F> 7EB40?7?=J ?26:A: <C= /7B1914FLC629@ 34<67BG4A : C:6AL? 04AC=5!
<=01= 5: B:> 0L?6:4I B/0=?<1=J 4K4AG2?678J <1:=H=6:= 04AC=5 6= 6:4AGL029@
BG0=G4F:91629@ /7<BG076=9@! :41E><64 BG=34 B:> ?L?91=B ?2A7012BG=6:4 A=6=HL?
 "!

 B?7:5 =64CD 1=0L?67 ? 1=AH=<94 <7G291;943 04AC=5 3=A : ?2B1DA:?=0A:


16=3<1:4B1 7<6786:A ZA=6=H2,! C= 7ED /07<DAGL? <4K:6:7?=64 B; 764 7B7E67!
4<6=A ? /012/=<AD <46B4 <=C ?2B1DA:?=6:= <7BG>/62 34BG 34<46 B/7BLE
/40B76=C:17?=6:= 0=/70GL?! 04B1G; 6:9 <1:?64F7! 0149:4I 6:4 57I6= : 6:4 5=
6=356:43B14F7 B46BD 1=5:4B191=6:4 A:CAD ?2B1DA:?=04A 6= 34<643 BG076:4!

4K:6:7?=6:4 A=6=HL? 6:4 /7?:667 B/0=?:J 6:A75D /07EC45L?! =C4I2 34<6=A


/=5:>G=J I4 :9@ BG7B7?=6:4 5= B46B G2CA7 ?L?91=B F<2 014912?:89:4 E><1:4B1
A7012BG=J 1 <7BG=091=629@ <1:>A: 6:5 <=629@ A:4<2 =6=C:1D3;9 0=/70G2 E><1:4B1
/7G0=K:H ?29:;F=J ?6:7BA: 1 :6K705=93: AGL04 1=?:40=3;!

1>BG25 EH><45 /7/4H6:=625 /0141 /791;GAD3;929@ =<B46B7?:91L? 34BG E0=A


A76B4A?4693:! 48C: /012AH=<7?7 1<4K:6:D34B1 A=6=H G2CA7 <C= 34<643 1 G0149@
?28?:4GC=629@ 6= BG076:4 04AC=5 ? 1=B=<1:4 0=/70G2 6:4 <=<1; : /4H643 :6K705=93:!

/  0 < +    = B 6


 9
 # 420
( " *,# -   ( " A 6
 9


=5:>G=3 I4 0=/70G2 B/40B76=C:17?=64 /7?:662 7<67B:J B:> <7 ?B12BGA:9@ 34<67BG4A


6= <=643 BG076:4!

1:=H=6:4 0=/70GL? 7/=0G29@ 6= A=6=H=9@ 34BG 6:497 7/LX6:764! 14912?:BG4


<=64 <7BG>/64 B; /7 <?L9@ <6:=9@! 77FC4 GHD5=912 G46 K=AG A76:4916789:;
<7A76=6:= B269@076:1=93: <=629@ /75:><12 /7B1914FLC625: A=6=H=5:!

5:43>G64 0=/70G7?=6:4 34BG ?=I64! 48C: 1<4K:6:D34B1 <C= <=643 BG0762 A=6=H
 " 70=1 A=6=H2 B/40B76=C:17?=64 <C= /7B1914FLC629@ 34<67BG4A = 6=BG>/6:4
DG?7012B1 0=/70G 14 ?B12BGA:9@ A=6=HL? BD5= E><1:4 1=?2I76=! =07EA: 17BG=6;
/7C:91764 /7<?L36:4!

E2 ? /4H6: ?2A7012BG=J 0=/70G7?=6:4 1<4K:6:D3 A=6=H2 B/40B76=C:17?=64


: A=6=H2  "!  1=AH=<94 ZA76G4ABGD=C64 04AC=52 <46B4, 16=3<1:4B1 7<6786:A
ZA=6=H2,! 4BG G7 BG076= D57IC:?:=3;9= ?/07?=<146:4 ?7:9@ <4K:6:93:!

4K:6:7?=6:4 A=6=HL?  "

 K705DC=01D ?/07?=<1=B1 =<04B B40?:BD BDE<75462 A=G=C7FD CDE


A76A04G643 BG0762! =BG>/6:4 ?2BG=0912 ?2E0=J /0129:BA ZDG?L01 67?2 A=6=H,! ?0LJ
D?=F> I4 A=6=H2 57F; 5:4J BG=GDB =AG2?62 CDE 6:4=AG2?62! 7 DG?70146:D A=6=HD
 " /7?:6:4648 F7 =AG2?7?=J!

4K:6:7?=6:4 A=6=HL? B/40B76=C:17?=629@

/  0 < +    = B 6


 9
 # 421
( " *,# -   ( " A 6
 9


DG=3 ?/07?=<1=B1 6=1?2 A=6=HL? : 1=G?:40<1=B1 AC:A=3;9 ZDG?L01 67?2


A=6=H,! =A 3=A ? /7/014<6:5 /012/=<AD A=I<2 1 A=6=HL? 57I4 5:4J BG=GDB =AG2?62
CDE 6:4=AG2?62!

=6=H2 B/40B76=C:17?=64 6=C4I2 34B1914 /012/:B=J /7B1914FLC625 04AC=575!

 G25 94CD 5DB:B1 /01438J <7 BG0762 ZA7< DAH=<D 04AC=52,! 80L< 0LI629@
7/93: 16=3<1:4B1 57IC:?78J /012/:B=6:= A=6=HD <7 ?7343 04AC=52&

2BG=0912 1 071?:3=C643 C:BG2 ?2E0=J 1<4K:6:7?=62 ?91486:43 A=6=H = A7<


?7343 04AC=52 17BG=6:4 1=AGD=C:17?=62! =A 1=D?=I2B1 <73<1:4 ? 6:5 A7C436= C:6:=
? /7BG=9:&

%% !  CDEEEEEEEEEEDF

Zdddddddddd, # 716=91= D6:A=C62 :<46G2K:A=G70 A=6=HD!

/  0 < +    = B 6


 9
 # 443
( " *,# -   ( " A 6
 9


4K:6:7?=6:4 A=6=HL? <C= ?2B1DA:?=0A: 7<E2?= B:> E=0<17 /7<7E6:4! :4


E><> ?:>9 G4F7 B1914FLH7?7 7/:B2?=J!

=/70G7?=6:4

 ?7:5 /=64CD 16=3<1:4B1 1=AH=<A: Z==?=6B7?=64 0=/70G2 # 4K4AG2?678J


04AC=5, 70=1 Z==?=6B7?=64 0=/70G2 # 4K4AG2?678J ?2B1DA:?=6:=,! 7 5:43B9=
AGL04 E><1:4B1 6=391>89:43 7<?:4<1=J!

7I4B1 /014FC;<=J <=64 BAD5DC7?=64 # BD5=029164 <C= <=64F7 <6:=


5:4B:;9= CDE 1=<=64F7 7A04BD! 7I4B1 0L?6:4I ?2F46407?=J 0=/70G2 B1914FLH7?4
<C= /7B1914FLC629@ A=6=HL?  " CDE B/40B76=C:17?=629@! =A ?:<1:B1 57IC:?789:
34BG 6=/0=?<> B/707!

=H7 G4F7 348C: DG?7012B1 3=A:8 B/492K:9162 0=/70G : 149@94B1 ?0L9:J <7 6:4F7
1= 3=A:8 91=B 5=B1 57IC:?78J DG?70146:= )#:)A, ,#!*'5!

/  0 < +    = B 6


 9
 # 442
( " *,# -   ( " A 6
 9


7 1<4K:6:7?=6:D :6G404BD3;929@ :> /=0=54G0L? : ?2F46407?=6:D 0=/70GD


57I4B1 F7 1=/:B=J 6=<=3;9 5D 3=A;8 6=1?>! E496:4 5=B1 57IC:?78J DG?70146:=
<1:4B:>9:D G=A:9@ B12EA:9@ 14BG=?:4W! =D?=I I4 0=/70G2 <7BG7B7?=64 E><;
<7BG>/64 1 /71:75D 75=?:=643 BG0762! C4 16=3<1:4B1 34 0L?6:4I 1=0=1 /7
1=C7F7?=6:D ? 7EB1=014 B12EA:9@ 0=/70GL?!

912?:89:4 /014FC;<=6:4 0=/70GL? 1 /71:75D ?734F7 A76G= G7 6:4 ?B12BGA:4


<1:=H=6:= AGL04 /7?:6:4648 /7<3;J! =A ?:<1:B1 5=B1 57IC:?789: 89:;F6:>9:= <=629@
1 /7B1914FLC629@ 14BG=?:4W ? /7BG=9: /C:AD 9B_ <7 <=CB143 Z7E0LEA:,!

$9:;F6:>G2 6= <2BA /C:A /7?:6:4648 1=:5/70G7?=J 9@7JE2 <7 =0ADB1=

/  0 < +    = B 6


 9
 # 444
( " *,# -   ( " A 6
 9


A=CADC=92364F7 CDE 3=A:438 E=12 <=629@! =CB14 :9@ E:4I;94 /014G?=01=6:4


1 /4?6789:; DH=G?: : 4K4AG2?64 1=01;<1=6:4 04AC=5=5:! 912?:89:4 ?=I64 E><1:4
D5:4B19146:4 ? 6=B125 =0ADB1D <7<=GA7?29@ :6K705=93: AGL04 57F; 5:4J ?/H2? 6=
?26:A:! 48C: /012AH=<7?7 4AB/402546GD34B1 1 A7C70=5: 1=/:B1 3=A:9@ 15:=6
<7A76=H48!

=B1 0=/70G /7 7E0LE94 5LFHE2 ?2FC;<=J 6=BG>/D3;97&

 /7CD 67G=GA: 6=C4I2 ?/:B2?=J ?B12BGA:4 K=AG2 : 1<=0146:= 1?:;1=64 1


KD6A93767?=6:45 B40?:BD& 15:=62 /71293: ? 0=6A:6F=9@ K=AG <7<=6:= C:6AL? 6=
:6629@ BG076=9@ D?=F: <7 KD6A93767?=6:= B40?40=! 7I4B1 ?/:B2 /7<1:4C:J 6=

/  0 < +    = B 6


 9
 # 445
( " *,# -   ( " A 6
 9


7</7?:4<6:4 A=G4F70:4! E:40=6:4 G29@ ?B12BGA:9@ <=629@ : E:4I;9= :9@ =6=C:1= G7


6=3?=I6:43B14 4C4546G2 /0=92 =AG2?64F7 =<B46B7?:91=!

912?:89:4 ?=0G7 G=A =6=C:17?=J <=64 /7B1914FLC629@ A=6=HL?! 70L?62?=J


: /7<4357?=J <492134! = G25 G7 ?H=86:4 /7C4F=!

:4 7E=?:=3 B:> 4AB/402546GL?! 7 ?H=86:4 <1:>A: 6:5 57I4B1 7B:;F6;J


?:>AB14 1=07EA:! 1=B45 15:=6= G2CA7 34<64F7 /=0=54G0D 57I4 B/7?7<7?=J
16=91;92 ?107BG <79@7<L?! 5:46:=3 /7H7I46:4 : 07<1=3 04AC=52 A7C702BG2A>!
5:4B191=3 04AC=52 6= 67?29@ BG076=9@ 7/G25=C:1D3 G048J <C= 04AC=5!

:4 <7A76D3 34<6=A 1E2G ?:4CD 15:=6 0L?6791486:4! =67GD3 34 ? B?7:5


=0ADB1D : 7EB40?D3 4K4AG2! =5:>G=3 I4 6:4AGL04 <1:=H=6:= 6= /012AH=< G4 1?:;1=64
1 7/G25=C:1=93; G0489: /01267B1; BADG4A /7 <HDIB125 91=B:4!

A0LG94 1F075=<1:B1 B/70; E=1> 0LI6707<629@ :6K705=93:! = E419466=


?:4<1= 7 BADG491629@ : 6:4BADG491629@ 54G7<=9@ : <1:=H=6:=9@ D57IC:?: : 7B:;F=6:4
C4/B129@ ?26:AL?! 71?7C: : 0L?6:4I D6:A=J <1:=H=W AGL029@ 4K4AG2 B; 0=9143
804<6:4! 912?:89:4 G=A:4 =6=C:17?=6:4 ? 7/=09:D 7 ?H=B64 E=12 <=629@ 57I4 E2J
E=0<17 /0=979@H7664! 7 =C4 E41 /0=92 6:4 5= A7H=912!

012 <DI43 :C789: A=6=HL? 0=/70GL? <7 ?2F46407?=6:= 0L?6:4I E><1:4 B/707!
=0G7 ? G43 B2GD=93: ?B/75L9 B?734 <1:=H=6:= 3=A:58 /07F0=545!

07F0=5L? =6=C:G291629@ 34BG 3DI 6:45=H7! :>AB178J 1 6:9@ 7/:40= B:> 7 <=64
1 /C:AL? 9B_ /7 :9@ D/014<6:5 /7E0=6:D 1 ?734F7 A76G= ? 77FC4 <46B4!
4<625 1 9:4A=?B129@ 34BG  ! 1: "Q! 07F0=5 1=?:40= ?B12BGA7
914F7 6=5 G014E=! 075=<1: <=64 1 A=6=HL? B/701;<1= ?2A04B2 : 14BG=?:46:=!
57IC:?:= /07?=<146:4 67G=G4A : /0149@7?D34 G?734 1=/:B2 /7B:=<= KD6A934
F0D/7?=6:= : B70G7?=6:= <=629@! 012 9125 :6G40K43B 34BG 6=/0=?<> :6GD:92362! /L301
6= 101DG 4A0=67?2&

/  0 < +    = B 6


 9
 # 446
( " *,# -   ( " A 6
 9


7<=GA7?7 ? /=BAD 6=01><1:7?25 17BG=6:4 1=:6BG=C7?=64 6=01><1:4 AGL04


B/0=?<1: <=64 1 ?734F7 A76G= ? 1=<=629@ 7<BG>/=9@ 91=BD! B12BGA7 7<E2?=J
B:> E><1:4 =DG75=G2916:4 : 1=7B191><1: : B/707 91=BD!

=A ? A=I<43 /0=92 : GDG=3 /701;<64 6=01><1:= G7 /7H7?= BDA94BD! C=G4F7


?=0G7 071?=I2J 1=AD/ G4F7 CDE /7<7E64F7 /07F0=5D!  ! 1: "Q

/  0 < +    = B 6


 9
 # 447
( " *,# -   ( " A 6
 9


16=3<1:4B1 6= BG076:4 @GG/&VV???!=<B46B4<4BAG7/!975V! 7I4B1 7912?:89:4 /7E0=J


?40B3> G4BG7?;! 4H6= ?40B3= A7B1GD34 *b <7C=0L?!

:4<1= /79@7<1;9= 1 0=/70GL? 6:4 34BG 6:4BG4G2 /4H6=! =I<2 <79:4AC:?2


?4E5=BG40 E2HE2 1=:6G404B7?=62 ?:>AB1; :C789:; <4G=C:! =0G7 /012AH=<7?7 ?:4<1:4J
BA;< /0129@7<1; F789:4 AC:A=3;92 ? 04AC=52 D5:4B191764 ? ?7:9@ B40?:B=9@ 3=A:
34BG =<04B  F789:= 3=A; 04AC=5> 7E4301=H : :C4 91=BD B/><1:H 6= BG076:4 B/76B70=! 7
E=0<17 94664 :6K705=934 =C4 6:4BG4G2 77FC4 :9@ 6:4 D<7BG>/6:= ?2<=?975!

7BG>/64 B; 34<6=A 6=01><1:= D57IC:?:=3;94 /712BA=6:4 G=A:9@ <=629@!


80L< 6:9@ ?20LI6:= B:> #: ) B/493=C62 BA02/G G0=9A:6F7?2!  7<0LI6:46:D 7<
0=/70GL? 77FC4 BA02/G <1:=H= ? G02E:4 014912?:BG25! 07?=<1: G7 91=B45 <7
/4?629@ 071E:4I6789: .6:4 ?B12BGA:4 AC:A6:>9:= 17BG=6; /0141 77FC4 /712G2?6:4
1?402K:A7?=64P 6:456:43 34<6=A /71:75 B1914FLH7?789: :6K705=93: /7?:6:46
1=<7?7C:J 6=?4G E=0<17 ?2E04<629@ ?4E5=BG40L?!

I2?=5 G4F7 BA02/GD 7< <HDIB14F7 91=BD : A:CA= 0=12 79=C:H 5: BAL0>! :B=H45
?91486:43 7 1H78C:?25 AC:A=6:D! 1:>A: DI29:D G4F7 6=01><1:= D<=H7 5: B:> Z6=5:4012J,
 B/0=?92! FH7B:H45 :692<46G <7 77FC4 /7<=3;9 ?B14CA:4 /7B:=<=64 /0141 B:4E:4
:6K705=934! =A:4 <1:=H=6:4 D57IC:?:= D6:A6:>9:4 /012A029@ A76B4A?4693: ? /7BG=9:
1=5A6:>9:= A76G= 7B7E2 /7<4301=643 7 F46407?=6:4 K=HB12?29@ AC:A6:>J!

:4 <7 /014946:46:= 34BG 0L?6:4I ?:4<1= 7 =<04B=9@ 1 AGL029@ G0=K:=3;


:6G406=D9: 6= 5734 BG0762! 1:>A: G45D ?:45 3=A:4 <1:=H=6:= /075792364 B;
BADG49164! 7F> 7A048C:J :C4 /07946G F789: G0=K:=3;929@ 1 ?2B1DA:?=0A: AC:A=
? 04AC=52! 7F> /70L?6=J G4 <=64 1 7<B4GA:45 AC:A=3;929@ AGL012 G0=K:=3; 1 :6629@
BG076 .CDE 1 3=A:438 A76A04G64F7 5:43B9=P!

7H;9146:4 G4F7 6=01><1:= 1 :6K705=93=5: 1 0=/70GL? <=34 3DI /4H46 7E0=1


B2GD=93:! =H7 G4F7 /71?=C= 6= 576:G707?=6:4 ?:4CD B40?:BL? ? 34<625 5:43B9D!

7I4B1 /014G4BG7?=J BA02/G #: /014< 4?46GD=C625 1=AD/45! 40B3=


G4BG7?= /7B:=<= ?:>AB178J KD6A93: ?40B3: /4H643! 2CA7 6:4AGL04 7/934 B; ?2H;91764!
:4 5= G4I 7F0=6:914W 91=B7?29@! = BG076:4 @GG/&VV=B04/!975 16=3<1:4B1 C:6A <7
/7E0=6:= /C:AL? :6BG=C=923629@! = BG076:4 34BG G4I <1:=H=3;9= 7FLC67<7BG>/6= ?40B3=

/  0 < +    = B 6


 9
 # 44.
( " *,# -   ( " A 6
 9


B2BG45D!

A02/G ?25=F= 7EBHDF: @/ : 2j" 6= G?7:5 B40?4014 ! 6BG=C=93= 6:4
/7?:66= B/0=?:J AH7/7GD! = /791;GAD 5DB:B1 DG?7012J E=1> <=629@ 70=1 /012/:B=J
343 DI2GA7?6:A=! 48C: ?L3 B40?40 D<7BG>/6:= @/2<5:6 CDE :664 6=01><1:4 <7
7EBHDF: E=1 2j" 6:4 /7?:667 E2J 1 G25 /07EC45D!  :6625 /012/=<AD E><1:4B1
5DB:=H /7/07B:J =<5:6:BG0=G70= 7 /7579!

=BG>/6:4 071/=AD3 /7E0=64 /C:A: : /014F0=3 <7 ?91486:43 DG?701764F7


A=G=C7FD 6= B40?4014 .G0=6BK40 /C:AL? /7?:6:46 7<E2J B:> ? G02E:4  P! 0D9@75
=<5:6!/@/ ?/:BD3;9 ? 7A6:4 /014AC;<=0A: =<04B <7 /C:AD&

@GG/&VVG?73=<7546=VA=G=C7Fe1e=B04/V=<5:6!/@/

 /:40?B125 A07AD :6BG=C=93: <4K:6:D34B1 6=1?> DI2GA7?6:A= : @=BH7! ><1:4B1


:9@ /7G014E7?=J <7 7<912G=6:= <=629@ : A76K:FD0=93: BA02/GD! 48C: 1=/756:B1 A:4<28
1=/756:B1 @=BH= 57I4B1 ?2F46407?=J 67?4! 2BG=0912 DBD6;J 1=/:B ? /7CD
<5:6=54 .G?L3 C7F:6P 16=3<D3;92 B:> ? /C:AD B4GG:6FB!/@/!

/  0 < +    = B 6


 9
 # 44/
( " *,# -   ( " A 6
 9


014389:4 <7 <=CB14F7 4G=/D ?25=F= 1=C7F7?=6:= B:>!

/:B1 B?L3 C7F:6 : @=BH7!

= G25 4G=/:4 5DB:B1 /7<=J <=64 ?7343 E=12 2j"! ?= /:40?B14 /7C=

/  0 < +    = B 6


 9
 # 440
( " *,# -   ( " A 6
 9


? ?:>AB1789: /012/=<AL? /7?:662 /717BG=J /DBG4! A02/G /012/:B14 G=5 <7528C64


?=0G789:! C= @7BG= E><1:4 G7 C79=C@7BG 1=8 /=0=54G0 B40_40 /70G 7G0125= ?=0G78J
TTQ`! 48C: <C= ?L3 B40?40  34BG BA76K:FD07?=62 :6=9143 5DB:B1 ?/:B=J
/7/0=?64 ?=0G789:! 12BA=B1 34 7< B?734F7 =<5:6:BG0=G70=!

 /717BG=H29@ /7C=9@ ?/:BD3452 7</7?:4<6:7& 6=1?> E=12 <=629@


DI2GA7?6:A= 70=1 @=BH7 <7 E=12!

48C: ?B12BGA7 /7/0=?6:4 ?/:B=H48 /7 ?2BH=6:D K705DC=01= /0129:BA:45 BDE5:G


17BG=6:4 D0D9@75:762 1=B=<6:912 BA02/G!

:4 ?2FC;<= 6= BA75/C:A7?=62 34<6=A G014E= E><1:4 F7 6:497 <7BG07:J


/7DBG=?:=J /=0> 7/93: G=A =E2 ?B12BGA7 <1:=H=H7 /7/0=?6:4 : 1F7<6:4 1 ?7:5:
7914A:?=6:=5:!

##4# # GDG=3 16=3<1:4B1 :6K705=934 7 B?7343 E=1:4 <=629@! 2A=1 G=EC:9


:C78J 04A70<L? ? G=EC:92 ?:4CA78J 04A70<D : :6<4ABD! ; G4I <7<=GA7?4 7/934&
G?70146:4 A7/:: 1=/=B7?43 E=12 .<1:=H= G2CA7 348C: 5=B1 6= B40?4014
1=:6BG=C7?=6; E:EC:7G4A> C:EP[ 7/G25=C:1=93= G=EC:9[ 6=/0=?= E=12 <=629@
.DI2?=3 G2CA7 ? /012/=<AD ?2BG;/:46:= EH><L?P!

  +!)* # DG=3 57I4B1 /7E0=J E=1> <=629@ =<04BL? ! =I64 348C:


9@94B1 16=J A0=3 1 AGL04F7 :6G406=D9: H;91; B:> 1 ?73; ?:G026;!

$% ! # G04K= 91=B7?=! DG=3 <4K:6:D34B1 BG04K> 91=B7?; AGL0= E><1:4
DI2?=6= ? 0=/70G=9@! =5:>G=B1 I4 <=64 ? 0=/70G=9@ 77FC4 <46B4 B;
/04146G7?=64 <C= 91=BD /=92K:9164F7 . )-P! @9;9 /70L?6=J <=64 1
0=/70G=5: ? ?7:5 /=64CD <46B4 5DB:B1 /7BHDF:?=J B:> 91=B45
/=92K:91625 0L?6:4I ? #:!

J;#$ # 7I4B1 7G01252?=J 0=/70G2 6= 4)5=:C!  G25 5:43B9D <4K:6:D34B1


=<04B 6= AGL02 5=3; E2J ?2B2H=64!

)#'1$! ) E=0<17 ?=I64 5:43B94! =?:40= A:CA= <7<=GA7?29@ 7/93:!

) \:4?B # 57IC:?78J ?2H;9146:= 1 0=/70G7?=6:= ?B12BGA:9@ ?28?:4GC4W!

/  0 < +    = B 6


 9
 # 441
( " *,# -   ( " A 6
 9


=/70G2 1=?:40=J E><; ?2H;916:4 :6K705=934 7 ?:12G=9@ 1=A7W917629@


AC:A6:>9:45 ? 04AC=52!

) C:9AB # 7A048C=B1 54G7<> 7<912GD AC:A6:>J! :40?B1= 54G7<= 34BG


=EB7CDG6:4 6:41=D?=I=C6= <C= 7<?:4<1=3;94F7 : 1<492<7?=6:4 1=C49=5 343
DI29:4! 0DF= ?2A7012BGD34 7A:46A7 /7/)D6<40 AGL04 34BG =DG75=G2916:4
?2H;91=64!  6:4AGL029@ /014FC;<=0A=9@ 57I4 E2J 34<6=A /0141 3=A:8 91=B
?:<79164! 0149:= 54G7<= DI2?= 977A:4B : 7<912G <=629@ 6=BG>/D34
<7/:407 /7 A7C43643 ?:129:4 F789:= 6= ?7343 BG076:4!

) =_4 # 57IC:?78J DI29:= EDK70D 1=/:BD!  6705=C625 G02E:4 1=/:B


6=BG>/D34 E41/7804<6:7 <7 E=12 2j"!

) 7<4 # 1)*: 4- &$ &$#/#/ :$) : ,1!$+ :'#! 1 +


: 1 % )1#%* ! DG=3 7<912G=B1 G46 A7<! 012 9125 5=B1 <7
<2B/71293: <?:4 34F7 ?40B34! :40?B1= BA0L976= # <7 1=BG7B7?=6:= <C=
?:>AB1789: ?:G026! 0DF= /4H6=! :40?B1= ?40B3= A7<D F4640D34 <7<=GA7?2
G0=KK:9! 48C: ?:>9 C:5:G2 ?734F7 B40?40= B; 6= ?29140/=6:D 1=BG7BD3 <0DF;
?40B3>!

) C79A # D6A93= /012<=G6= <C= ?4E5=BG40L? 91>BG7 7<?:4<1=3;929@


?H=B64 ?:G0262! 71?=C= ?2H;912J 1 0=/70GL? ?28?:4GC46:= ?2A76=64
1 A75/DG40= ?H=89:9:4C= B40?:BD /7/0141 977A:4B .1=C49=64P CDE <4K:6:93>
 .G2CA7 348C: /7B:=<=B1 D6:A=C64 P!

: # # =DG75=G29164 /7E:40=6:4 =AGD=C:1=93: 70=1 7<EC7A7?=6:4 ?40B3:


G4BG7?43

:) # 0=/70G2 : 14BG=?:46:=!

=/70G2 1=?:40=3; 56LBG?7 7/93: : 57IC:?789:! :4 ?B12BGA:4 1 6:9@ B;


<7BG>/64 ? ?40B3: G4BG7?43! 4<6=A ?:>AB178J 6:41?2AC4 /7I2G491629@
0=/70GL? 57I4B1 ?2F46407?=J ? 0=5=9@ G4BG7?=6:= BA02/GD! 4F7 /4H6=
?40B3= A7B1GD34 *Q <7C=0L?!

A02/G #: /7G0=K: 7<912G=J <=64 1 <7?7C643 :C789: BG076! 7I4B1 G40=1

/  0 < +    = B 6


 9
 # 453
( " *,# -   ( " A 6
 9


? 34<625 5:43B9D =6=C:17?=J ?B12BGA:4 B?734 B40?:B2 /70L?62?=J : 14BG=?:=J


<=64! 07?=<1:J 0=6A:6F 6=3C4/B129@ B?7:9@ B40?:BL? .?4<HDF   :C789: AC:A6:>J
: :C789: ?28?:4GC4WP! 2BG=0912 G2CA7 ?AC4:J A7< G0=9A:6F7?2 1= A7<45 ?B12BGA:9@
B?7:9@ 04AC=5!

04146G=93= 70=1 <4K:6:7?=6:4 0=/70GL? 57I4 6= /791;GAD ?2<=?=J B:> 6:497


BA75/C:A7?=64 =C4 1=?B14 57I4B1 /7E0=J /C:A 9B_ 0=/70GD : ?2A76=J ?H=B6;
/04146G=93> <=629@!

/  0 < +    = B 6


 9
 # 452
( " *,# -   ( " A 6
 9


0  %H &#)#!$'=

=F0=6:9164 .=6F:4CBA73>129164P B40?:B2 B; ? BG=6:4 F46407?=J 16=916:4


?:>AB14 <79@7<2! 01291262 B; <78J 7912?:BG4! :40?B1= : 6=3?=I6:43B1= G7 K=AG I4
B40?:B G0=K:= <7 ?:>AB143 :C789: /7G4693=C629@ 7<E:709L?! =?4G 6:B17?4 BH7?= : K0=12
ACD917?4 Z1=C:91=3;, 16=916:4 ?:>943 ?2B1DA=W! 0DF= C4I2 ? 946=9@ 04AC=5! 
A=5/=6:: 1=F0=6:91629@ K:05 34BG 1<492<7?=6:4 ?2IB14!

=3?:>AB1; 34<6=A G0D<6789:; 34BG 4K4AG2?64 /0757?=6:4 ?:G0262! 912?:89:4


?B12BGA:4 ?91486:43 75L?:764 1=B=<2 3; 0L?6:4I =<4A?=G64 <C= B40?:BL?
A:407?=629@ <7 5:><126=07<7?4F7 7<E:7092! :456:43 34<6=A A7B1G2 /075793: 70=1
6:41E><62 ?AH=< /0=92 B; 6:4/70L?62?=C6:4 ?:>AB14!

7IC:?78J D12BA:?=6:= ?2IB129@ <79@7<L? 1 /4?6789:; 34<6=A ?B12BGA7


104A75/46BD34! 2BG=0912 1<=J B7E:4 B/0=?> 1 K=AGD I4 &#)41$
& #!$1-&*'&!*'5 ,$)*! = >) !$ &$$-'$1)!$ ,*H& /012
/7<7E643 :C789: 4AB/71293:!

:452 I4 6=3?:>AB12 0D9@ F4640D3; ?2B1DA:?=0A:! 71293767?=6:4 B40?:BD


? 8?:=G7?29@ ?26:A=9@ ?2B1DA:?=6:= 6:4 E><1:4 34<6=A H=G?4! C= ?734F7
ACD917?4F7 BH7?= 6=3/0=?<7/7<7E6:43 E><1:4 B/70= A76AD04693=! 012AH=<7?7 <C=
B40?:BD <C= 5:H786:AL? B=579@7<L? BH7?7 Z9=0B, 7A=1D34 B:> 6=3E=0<1:43
6:4B191>8C:?25 071?:;1=6:45! C= G4F7 BH7?= 16=3<1:4B1 /76=< M(Q 5:C:76L?
1=:6<4AB7?=629@ BG076U 0141 G=A; A76AD04693> 9:>IA7 E><1:4 B:> /014E:J!

DB:B1 /7B1DA=J 3=A:438 6:B17?43 K0=12 <C= AGL043 A76AD04693= E><1:4


56:43B1= : 0L?6791486:4 :C78J ?2B1DA=W ?2BG=091=3;9= =E2 ?2F46407?=J
/0121?7:G2 0D9@! 7E025 G2/45 ?2<=34 B:> Z4d7G:9 9=0B,!  :C4 7912?:89:4 ?734
BG0762 1=?:40=3; G048J 7</7?:=<=3;9; G43 K0=1:4! DI= :C78J /7<BG076 DBG=?:=629@ 6=
0LI64 6:B17?4 K0=12 1?:;1=64 1 1=B=<6:9125 G45=G45 B40?:BD 7912?:89:4 1?:>AB12
?734 B1=6B4!

0=?:<H7?2 <7EL0 K0=1 5= GDG=3 ACD917?4 16=9146:4! 4BG B/707 6=01><1:


?B/75=F=3;929@ /0=9> ? G25 1=A04B:4! = BG076:4 @GG/&VV???!F77<A42?70<B!975V
16=3<1:4B1 E=0<17 <7E02 : <=057?2 /07F0=5 ?B/75=F=3;92 1=01;<1=6:4 BH7?=5: #
77< 42?70<B \(!

=6:5 /012BG;/:B1 <7 /0=9 5DB:B1 7946:J B?734 B1=6B4! DB:B1 1E=<=J

/  0 < +    = B 6


 9
 # 454
( " *,# -   ( " A 6
 9


/=0=54G02 B40?:BL? AGL04 <C= ?2G2/7?=629@ K0=1 16=3<D3; B:> ? 917HL?94! DB:B1
/716=J :9@ =F4 =6A :C78J 1=:6<4AB7?=629@ BG076 :C78J C:6AL? <7 6:9@
/07?=<1;929@! 48C: D16=B1 1= 6:457IC:?4 D12BA=6:4 /=0=54G0L? 6= /7<7E625
/71:75:4 7</D8J B7E:4 : /7B1DA=3 :6629@ H=G?:43B129@ K0=1!

@9;9 1=:BG6:4J ? 8?:=G7?25 :6G40649:4 <7E014 34BG /7B:=<=J 8?:=G7?;


<7546>! @7J 6:4 <492<D34 G7 7912?:89:4 7 /71293: 0=6A:6F7?43! C4 6= /4?67 ?=0G7
1=<E=J 7 3=A 6=3C4/B1; 1 /D6AGD ?:<146:= ?7:9@ 7<E:709L? C7A=C:1=93> B40?40=!

48C: /014?:<D34B1 <DI2 0D9@ 1 /71= D07/2 /012AH=<7?7 1  1=BG=6L?


B:> 6=< @7BG:6F:45 6= B40?4014 1C7A=C:17?=625 6= G4046:4 G=6L? 34<67917629@!

E2 6:4 1=/014/=89:J ?2B:HAD ?H7I764F7 ? ED<7?> : 7/G25=C:1=93> B40?:BD


: /7B1914FLC629@ /7<BG076 G014E= E><1:4 ?2A76=J /7G>I6; /0=9> 1?:;1=6;
1 /7/DC=021=93; C:6AL?! =916:4B1 /4?6:4 7< 0LI629@ A=G=C7FL?! 76:I43 /DEC:AD3>
A:CA= /012<=G629@ =<04BL? BG076 AGL04 1=?:40=3; ?2A=12 1=F0=6:91629@ A=G=C7FL?
: :664 /012<=G64 :6K705=934!

G 4 $)')$ # ?2A=1 6=3C4/B129@ A=G=C7FL? 70=1 7/:B2[ A=G=C7F:


E41/H=G64 : /H=G64[ /70=<2 ) @GG/&VV???!E4BG)?4E)<:049G70:4B!975

!C F$$!') # 1 G43 BG0762 57I4B1 /7E0=J C:BG> A=G=C7FL? ? K705=9:4


4d94C= ) @GG/&VV:6K7!_:C4B:C46940!975V

)! V$!1 # 9:4A=?= C:BG= A=G=C7FL? 1=?:40= 94664 :6K705=934 5:6!


=6A:6F C4d= <C= /7B1914FLC629@ BG076&
@GG/&VVBG076F4BGC:6AB!975V<:049G70:4B!/@/

$: [!\ +)$# # BG076= 1 /70=<=5: <C= ?4E5=BG40L? B/:B A=G=C7FL? 1


<7<=GA7?25: :6K705=93=5: : C:6A=5: <7 K705DC=012 1FH7B146:7?29@ )
@GG/&VV???!G:/B6GDG70:=CB!975V7/):049G70:4B

?73= BG076= /7?:66= E2J ?:<7916= ? ACD917?29@ ?2B1DA:?=0A=9@! 0D/7?4


1FH=B1=6:4 <7 G2B:>92 ?2B1DA:?=04A 6:4 5= ?:>AB14F7 B46BD! =<E=3 7 7E49678J
? :6<4AB:4 77FC4 =@77 " : ! 7 764 F4640D3; 6=3?:>AB12 0D9@!

E49678J ? B4GA=9@ A=G=C7FL? : K=AG 1:6<4AB7?=6:= ? ?25:46:7629@


?2B1DA:?=0A=9@ 6:4 1=/4?6: : 34B1914 <7E043 /71293:! :4B1 <7E014 3=A ?=I64 B;

/  0 < +    = B 6


 9
 # 455
( " *,# -   ( " A 6
 9


C:6A: 1 :6629@ 6=3C4/:43 /7?:;1=629@ G45=G2916:4 B40?:BL?! DG=3 7E7?:;1D3;


7912?:89:4 ?B12BGA:4 75L?:764 ? G0149:43 91>89: 6:6:43B143 /DEC:A=93: 1=B=<2
: ?BA=1L?A:!

:4 7E43<1:4 B:> E41 ?B/75=F=6:=! @9;9 D12BA=J B/70; :C78J 946629@
7<6786:AL? ?=0G7 BA7012BG=J 1 7/07F0=57?=6:= ?B/75=F=3;94F7 /7B1DA:?=6:4
/=0G640L? =DG75=G21D3;94F7 6=B14 /0=94!  /07F0=5:4 04C:BR ?B/75:6=H45
?91486:43! 6625 E=0<17 9:4A=?25 6=01><1:45 ?B/75=F=3;925 /7/DC=021=93>
C:6AL? 34BG V$!1%#'5$! 1==?=6B7?=62 BA02/G /7B:=<=3;92 ?:4C4 /012<=G629@
KD6A93:!

DI ? <=057?43 ?40B3: 34BG KD6A93= ?2B2H=3;9= 4)5=:C4 1 1=/07B146:45 <7


?25:=62 F46407?=6:= BG076 1 C:6A=5: B/0=?<1=6:= 912 C:6A: 17BG=H2 D5:4B191764 6=
BG076=9@ /=0G640L?! 7BG>/64 B; 0L?6:4I ?40B34 ":6A=9@:64 045:D5  : 
045:D5! 012 9125 7BG=G6:= ?40B3= <70L?6D34 = 6=?4G 57546G=5: /014?2IB1=
04C:B)= : A7B1GD34 1<492<7?=6:4 56:43 # M(N ! 2/0LED3 BA02/G /7 /07BGD
/7E:401 <=057?; ?40B3> : 1=:6BG=CD3 6= B?7:5 B40?4014!  /7E0=625 /C:AD
16=3<1:4B1 :6BG0DA93> :6BG=C=93:! :>943 :6K705=93: 7 BA02/9:4 16=3<1:4B1 6= BG076:4
@GG/&VV???!C:6A5=9@:64!64G!

912?:89:4 1=?B14 57I4B1 107E:J ?B12BGA7 Z0>916:4,! C4 1<492<7?=6:4


C4/:43 /78?:>9:J 1=7B191><1762 91=B 6= 071?L3 : 071ED<7?> B40?:BD <7<=?=6:4
67?29@ G0489: /7B1DA:?=6:4 6=3C4/B129@ 071?:;1=W!

=A 6=/0=?<> 57I4B1 1=BG7B7?=J B4GA: B1GD914A /7B:=<=J G2B:;94 C:6AL?


=C4 348C: ?:G026= E><1:4 BH=E= B1=6B4 1=07EA: 0L?6:4I E><; /0149:>G64!

:4CD D914BG6:AL? <B46B4 /7B:=<=3;929@ /7CBA:4 B40?:B2 <492<D34 B:> 6=


Z45:F0=93>,! 0D<67 B:> <1:?:J ?2B7A:4 1=07EA: ADB1;! =5:>G=3 34<6=A I4 <1:=H=6:4
6= 5:><126=07<7?25 026AD G7 /0=?<1:?4 ?21?=6:4! K4AG2 1=C4I4J E><; ? <DI43
5:4014 7< ?7343 ?:4<12 : <78?:=<9146:=! :4 B/7<1:4?=3 B:> 6=G29@5:=BG7?29@
BDA94BL?! 14A= :> 9:>IA= /0=9= : B/707 6=DA:! =5:>G=3 I4 ACD9145 34BG ?2B7A:43
3=A789: 1=?=0G78J! C=G4F7 348C: 1=5:401=B1 /012AH=<7?7 /014GHD5=912J B?L3
:BG6:43;92 B40?:B G014E= G7 107E:J /07K4B376=C6:4!

/  0 < +    = B 6


 9
 # 456
( " *,# -   ( " A 6
 9


 +%,#!$

77FC4 <46B4 G7 6= 9@?:C> 7E496; 6=3E=0<1:43 071?:6:>G2 /07F0=5


/=0G640BA: <C= ?4E5=BG40L?!  /DEC:A=93: BG=0=H45 B:> /012EC:I2J : 34F7
/7<BG=?7?4 1=B=<2! G=0=H45 B:> ?BA=1=J A:40D6A: AGL04 <7/07?=<1; :> <7
BDA94BD! :4 34BG G7 34<6=A 3=A AG78 /7?:4<1:=H 5DCG:4692AC7/4<:=! 7 0=9143 1E:L0
/7<BG=?7?29@ 1=B=< : ?BA=1L?4A AGL04 5=3; 1=9@>9:J :> <7 B=57<1:4C643 /0=92
: 071?:3=6:= B?7343 ?:4<12!

/707 5:43B9= /78?:>9:H45 1=F=<6:46:75 1?:;1=625 1 KD6A9376=C6789:;


?:G0262! DI7 G4I /:B=H45 7 7/G25=C:1=93: : 1=F=<6:46:=9@ 1?:;1=629@ 1 /075793;
! <=34B1 3DI B7E:4 B/0=?> I4 G7 B/0=?2 7 KD6<=546G=C625 16=9146:D <C=
<79@7<L?! 912?:89:4 6:4 B/7BLE ?29140/=J G4F7 G45=GD 6= H=5=9@ G=A A0LGA:43
/DEC:A=93:! 7:5 94C45 E2H7 ?2?7H=6:4 ?734F7 1=:6G404B7?=6:= G25: 6:41?2AC4
?=I625: 1=F=<6:46:=5:! =5 6=<1:43> I4 5: B:> D<=H7!

07F0=5 77FC4 <B46B4 ?9:;I B:> 071?:3=! 73=?:=3; B:> 67?4 4C4546G2
: 071?:;1=6:=! C=G4F7 D0D9@75:H45 B/493=C62 B40?:B <1:>A: AGL045D A=I<2 912G4C6:A
4E77A= E><1:4 5LFH E2J 1=?B14 6= E:4I;97!

= BG076:4 @GG/&VV=<B46B4!B4904GRD!64GVAC:46GV 16=3<1:4B1 =AGD=C64 :6K705=934


?26:A: 57:9@ E=<=W : 7EB40?=93: E><1:4B1 5LFH G4I 1=<=J <7<=GA7?4 /2G=6:=
?23=86:J B?734 ?;G/C:?789:! 40?:B ?25=F= D?:4012G4C6:46:=!

= A76:49 /717BG=34 5: I2912J : 07F: 12G4C6:AD 3=A 6=3?2IB129@ 1=07EAL?


: /7<1:>A7?=J 1= 9:40/C:?78J!

/  0 < +    = B 6


 9
 # 457

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