You are on page 1of 172

>= 4BC4 7>A=> <82A>>=30B ;4 A4BD;C0AU D= E4A3034A> ?

;024A
2>28=0A
"40 0C4=C0<4=C4 ;0B 8=BCAD228>=4B 34 DB> 0 58= 34 ?>34A
0?A>E4270A C>30B ;0B ?A4BC028>=4B CY2=820B
; ?A8=28?8> 34 ;0B 8=BCAD228>=4B 34 DB> ;4 30<>B D=0 B4A84
34 8=382028>=4B 8<?>AC0=C4B 2>= A4B?42C> 0 ;0 B46DA8303 
2>=C8=D028]= C4=3AU >20B8]= 34 2>=>24A ;>B 38BC8=C>B
2><?>=4=C4B 34 BD =D4E> 0?0A0C> "4 4=B4\0A4<>B C>3> ;>
@D4 B4 ?D434 7024A 2>= Y; H 2]<> <0=490A;>
"0B C01;0B 4BCU= 4;01>A030B 34 5>A<0 @D4 ?>3AU 8A
?A>6A0<0=3> ?0B> 0 ?0B> = 4;;0B 4=2>=CA0AU ?;0C>B
DBD0;4B ;>B A428?84=C4B =424B0A8>B ?0A0 7024A;>B H ;>B
E0;>A4B 34 ?A>6A0<028]= ]?C8<>B C>3> 4;;> ?>A BD?D4BC>
2><?A>103> 4= =D4BCA> 24=CA> 2D;8=0A8>
"4 >5A424<>B C0<18Y= D=0 B4A84 34 2>=B49>B ?AU2C82>B
B>1A4 ;8<?84I0 H <0=C4=8<84=C> 34 BD 0?0A0C> ?0A0 @D4 B4
2>=B4AE4 2><> =D4E> 3DA0=C4 ;0A6> C84<?> . B8 4= 0;6D=0
>20B8]= BDA684A0 D=0 0E4A[0 b 4= ;0B _;C8<0B ?U68=0B
4=2>=CA0AU 8=5>A<028>=4B @D4 ;4 0HD30AU= 0 BD1B0=0A
?4@D4\0B 0E4A[0B
N*84=4 0;6D=0 3D30 >=BD;C4 B84<?A4 4= ?A8<4A ;D60A 4;
0<?;8> [=3824 34 ;0B 8=BCAD228>=4B "4 ?4A<8C8AU >A84=C0AB4
2>= C>30 A0?834I H 5028;8303
. 07>A0 b B];> =>B @D430 34B40A;4 @D4 38B5ADC4 2>= BD =D4E>
0?0A0C> <82A>>=30B

27869((.32*7 4&6& *0 973                 L

27869DJ*7 )* 7*6:.D3                    L
)8;749F KE3G;F                        L
+!0?@ H @<5 06?F                   L
6..$0/$ -<.$7696                       L 
328*2.)3

1'&0&/* < &4&6&837 97&)37                 

28*7 )* (32*(8&6 *0 29*:3 &4&6&83


& 0& 6*) *0E(86.(&                            

278&0&(.I2 < (32*;.I2                      


3 59* )*'* 8*2*6 *2 (9*28&                 
>=B49>B H 03E4AC4=280B 34 B46DA8303            
=382028>=4B 34 B46DA8303 ?0A0 4; DB> 2>= 4;
<82A>>=30B                                  
!9 29*:3 &4&6&83                            
">B 0224B>A8>B                              
28*7 )* 0& 46.1*6& 49*78& *21&6(-&        
&A>6A0<0A ;0 7>A0                            
0 1.(6332)&7                               

&>C4=280B 34; <82A>>=30B                      


B[ B4 ?A>6A0<0                              
"0 E098;;0                                     
*7(32,*0&6 (&0*28&6 < (3(.2&6 (32 1.(6332)&7 
>=B49>B H 03E4AC4=280B 024A20 34 ;0B C01;0B      
4B2>=64;0A                                 
4B2>=64;0A 20;4=C0A > 2>28=0A 0;8<4=C>B
2>=64;03>B                                  
0;4=C0A 0;8<4=C>B                           

0;4=C0A 0;8<4=C>B                           
>=B49>B ?AU2C82>B ?0A0 DB0A 4; <82A>>=30B      
*7(32,*0&(.I2 &9831B8.(&                  
&A>6A0<0B 34 34B2>=64;028]=                 
B[ B4 ?A>6A0<0                              


328*2.)3

*136.&                                    
=CA>3D28A ;>B 09DBC4B                           
2C8E0A ;0 <4<>A80                            
3).+.(&6 0& )96&(.I2 )* 0& 7*H&0              
31.)&7 2361&0.=&)&7 7*,K2          
9.)&)3 < 0.14.*=&                          
&0AC4 4GC4A8>A 34; 0?0A0C>                      
/>=0 34 2>228]=                             
&;0C> 68A0C>A8>                               
?9E -&(*6 *2 (&73 )* &:*6G&                
!*6:.(.3 )* 7.78*2(.& "E(2.(&               

0C>B CY2=82>B                               


1'&0&/* < &4&6&837 97&)37
0.1.2&(.I2 )* 6*7.)937 4B4=ED4;E0 4; 0?0A0C> H 34B7U60B4 34; 4<10;094 34
6*74*8937& (32 *0 1*).3 <0=4A0 A4B?4CD>B0 2>= 4; <438> 0<184=C4
&1'.*28*


BC4 0?0A0C> 2D<?;4 2>= ;0 8A42C8E0 4DA>?40

  B>1A4 0?0A0C>B 4;Y2CA82>B H 4;42CA]=82>B


834=C8582030 2><> (4B83D>B 34 0?0A0C>B 4;Y2CA82>B H
4;42CA]=82>B
"0 38A42C8E0 ?A>?>A28>=0 4; <0A2> 64=4A0; EU;83> 4=
C>3> 4; U<18C> 34 ;0 +=8]= DA>?40 ?0A0 ;0 A4C8A030 H
;0 A4DC8;8I028]= 34 ;>B A4B83D>B 34 ;>B 0?0A0C>B
4;Y2CA82>B H 4;42CA]=82>B

28*7 )* (32*(8&6 *0 29*:3 &4&6&83 & 0&


6*) *0E(86.(&
2).(&(.32*7 )* 7*,96.)&) 28*7 )* *140*&6 *0 &4&6&83 29*:3 )*'*6B 0**6
.14368&28*7 )*8*2.)&1*28* 0&7 .27869((.32*7 )* 973 )*0
1.713 2 *00&7 7* +&(.0.8&2 .2+361&(.32*7
<(327*/37 .14368&28*7 4&6& 79 7*,96.)&)
4*6732&0 &7G (313 4&6& *0 (366*(83 1&2*/3
<(9.)&)3 )*0 &4&6&83
 D0A34 ;0B 8=BCAD228>=4B 34 DB> H 34 <>=C094 ?0A0
D= ?>B81;4 ?A>?84C0A8> ?>BC4A8>A
 $> ?>=4A 4= 5D=28>=0<84=C> 4; 0?0A0C> 4= 20B>
342><?A>10A 30\>B > 34B?4A542C>B 34183>B 0;
CA0=B?>AC4

278&0&(.I2 < (32*;.I2


 *4=4A 4= 2D4=C0 ;0B 8=BCAD228>=4B 4B?4280;4B 34
<>=C094
 BC4 0?0A0C> 4BCU ?A4E8BC> B];> ?0A0 4; <>=C094
BC4 0?0A0C> => 4BCU ?4=B03> ?0A0 B4A DC8;8I03>
34=CA> 34 D= 0A<0A8> =8 2><> 0?0A0C> 34
B>1A4<4B0
 ; 0?0A0C> B4 ?D434 8=BC0;0A 4= D= 0A<0A8> 0;C> 34

2< > 
2< 34 0=27> ?>A ;> <4=>B
2< 34
7>=3> H 2< ?>A 4=28<0 34; BD4;>
 ; 0?0A0C> B4 BD<8=8BCA0 ;8BC> ?0A0 B4A 2>=42C03> H
B];> ?>3AU 2>=42C0AB4 0 D=0 C><0 34 2>AA84=C4 34
8=BC0;028]= A46;0<4=C0A80 H ?A>E8BC0 34 C><0 0
C84AA0 ; 5DB81;4 3414 B4A 34
0<?4A8>B 5DB81;4B
0DC><UC82>B " >  "0 C4=B8]= 34 ;0 A43 3414
2>8=2838A 2>= 4; E0;>A 34 C4=B8]= @D4 B4 8=3820 4= ;0
?;020 34 20A02C4A[BC820B
 0<180A 34 B8C8> ;0 2090 34 4=27D54 > 20<180A ;0
;[=40 34 2>=4G8]= B>= CA0109>B @D4 3414 A40;8I0A
_=820<4=C4 D= 4;42CA828BC0 2D0;858203> )8 D=0 E4I
2>;>203> 4; 4=27D54 => 0;20=I0 3414 4G8BC8A 4= ;0
8=BC0;028]= D= 38B?>B8C8E> 34 B4?0A028]= ><=8?>;0A
2>= D=0 38BC0=280 34 2>=C02C> <[=8<0 34 <<
 $> B4 ?D434= DC8;8I0A 4=27D54B <_;C8?;4B A46;4C0B
34 4=27D54B > 0;0A6034A0B = 20B> 34
B>1A420A60 4G8BC4 ?4;86A> 34 8=24=38>


3 59* )*'* 8*2*6 *2 (9*28&

327*/37 <
&):*68*2(.&7 )* BC4 0?0A0C> 2D<?;4 2>= ;0 =>A<0C8E0 4= <0C4A80 34
7*,96.)&) B46DA8303 ?0A0 0?0A0C>B 4;Y2CA82>B "0B A4?0A028>=4B
B];> ?D434= B4A 4542CD030B ?>A ?4AB>=0; 34; )4AE828>
34 B8BC4=280 *Y2=820 341830<4=C4 8=BCAD83> ?>A 4;
501A820=C4 "0B A4?0A028>=4B 4542CD030B 34 <>3>
8=2>AA42C> ?D434= 8<?;820A B4A8>B ?4;86A>B ?0A0 4;
DBD0A8>
; 0?0A0C> 4BCU 38B4\03> _=820<4=C4 ?0A0 4; DB>
3><YBC82> +C8;8I0A;> _=820<4=C4 ?0A0 ;0 ?A4?0A028]=
34 0;8<4=C>B
">B 03D;C>B H ;>B =8\>B => 3414= 3490AB4
34B0C4=383>B <84=CA0B DC8;824= 4; 0?0A0C>
 4= 20B> 34 @D4 BD5A0= 0;6D=0 38B<8=D28]= 34 BDB
20?0283034B 5[B820B >
 4= 20B> 34 @D4 => B4?0= 2]<> <0=490A 4; 0?0A0C>
34 5>A<0 2>AA42C0 H B46DA0 =8 C4=60= 4G?4A84=280
4= 4;;>
.H37 < 1.(6332)&7  ">B =8\>B => 3414= DC8;8I0A 0?0A0C>B <82A>>=30B 0 =>
B4A @D4 ?A4E80<4=C4 B4 ;4B 70H0 4=B4\03> 2]<>
7024A;> 414= 0?A4=34A 0 DC8;8I0A 2>AA42C0<4=C4 4;
0?0A0C> H 4=C4=34A ;>B ?4;86A>B 34 ;>B @D4 B4 03E84AC4
4= ;0B 8=BCAD228>=4B 34 DB>
 58= 34 @D4 => 9D46D4= 2>= 4; 0?0A0C> => 3414
3490AB4 0 ;>B =8\>B 34B0C4=383>B 0; DC8;8I0A;>
!94*6+.(.*7 (&0.*28*7  $> C>20A =D=20 ;0B BD?4A58284B 34 ;>B 0?0A0C>B
20;4502C>A4B H 34 2>228]= BC>B 0?0A0C>B B4
20;84=C0= <D27> 3DA0=C4 BD 5D=28>=0<84=C>
#0=C4=4A 0;4903>B 0 ;>B =8\>B J&4;86A> 34
@D4<03DA0B
$> 0?A8B8>=0A =D=20 4; 201;4 34 2>=4G8]= 34 ;>B
0?0A0C>B 4;Y2CA82>B 2>= ;0 ?D4AC0 34; 0?0A0C> &>3A[0
30\0AB4 4; 08B;0<84=C>
&4;86A> 34 2>AC>28A2D8C> H 34 34B20A60 4;Y2CA820
$> DC8;8I0A =D=20 ;0 ?0AC4 BD?4A8>A 34 ;>B 0?0A0C>B
2><> BD?4A58284 34 0?>H> J&4;86A> 34 8=24=38>


314&68.1*283 )* (3((.I2 $> 8=CA>3D28A =D=20 >194C>B 8=5;0<01;4B 4= 4;
 2><?0AC8<4=C> 34 2>228]= &>3A[0= 8=5;0<0AB4 0;
2>=42C0A 4; <82A>>=30B
J&4;86A> 34 @D4<03DA0B
$> 01A8A =D=20 ;0 ?D4AC0 34; 0?0A0C> 4= 20B> 34 7D<>
4= 4; 2><?0AC8<4=C> 34 2>228]= 4B4=27D50A 4;
0?0A0C>
$> 2>=42C0A =D=20 4; 0?0A0C> B8 => 70H 0;8<4=C>B 4=
4; 2><?0AC8<4=C> 34 2>228]= )4 ?>3A[0 B>1A420A60A
= C>3> 20B> B4 ?4A<8C4 D=0 ?AD410 1A4E4 34 ;0 E098;;0
EY0B4 20?[CD;> <82A>>=30B E098;;0
$> DC8;8I0A =D=20 4; 0?0A0C> <82A>>=30B B8= 4; ?;0C>
68A0C>A8>
$> 2>;>20A ;>B 0;8<4=C>B 38A42C0<4=C4 B>1A4 4; ?;0C>
68A0C>A8> +C8;8I0A B84<?A4 D= A428?84=C4
; ;[@D83> 34AA0<03> 3DA0=C4 ;0 2>228]= => 3414
?4=4CA0A 0 CA0EYB 34; 0228>=0<84=C> 34; ?;0C> 68A0C>A8>
4= 4; 8=C4A8>A 34; 0?0A0C> %1B4AE0A 4; ?A>24B> 34
2>228]= +C8;8I0A D=0 3DA028]= 1A4E4 34; 282;> 34
2>228]= H A409DBC0A;0 4= 5D=28]= 34 ;0B =424B83034B
D8303> 2>= ;0B 2><830B @D4 B4 ?A4?0A4= 0 10B4 34
141830B 0;2>7];820B 5D4AC4B ? 49 1A0=3H A>=
; 0;2>7>; B4 4E0?>A0 0 C4<?4A0CDA0B 4;4E030B =
B8CD028>=4B 34B50E>A01;4B ;>B E0?>A4B 34 0;2>7>;
?D434= ?A>E>20A D= 8=24=38> 4= 4; 2><?0AC8<4=C> 34
2>228]= J&4;86A> 34 @D4<03DA0B
+C8;8I0A 141830B 0;2>7];820B 34 0;C0 6A03D028]= B];> 4=
?4@D4\0B 3>B8B H 01A8A ;0 ?D4AC0 34; 2><?0AC8<4=C>
34 2>228]= 2>= 2D8303>

9*68& )*0 &4&6&83 < /928& $> ?>=4A =D=20 4= <0A270 4; 0?0A0C> B8 ;0 ?D4AC0 34;
 0?0A0C> 4BCU 30\030 &>3A[0 ?A>3D28AB4 D= 4B20?4 34
4=4A6[0 34 <82A>>=30B &>=4AB4 4= 2>=C02C> 2>= 4;
)4AE828> 34 B8BC4=280 *Y2=820
"0 ?D4AC0 34; 0?0A0C> 3414 @D430A 184= 24AA030
)8 ;0 9D=C0 ?A4B4=C0 <D270 BD284303 ;0 ?D4AC0 34;
0?0A0C> => B4 24AA0AU 2>AA42C0<4=C4 ; 5A>=C0; 34 ;>B
<D41;4B 2>=C86D>B ?D434 34C4A8>A0AB4 #0=C4=4A ;0
9D=C0 B84<?A4 ;8<?80


283623  $> 4G?>=4A 4; 0?0A0C> <82A>>=30B 0 5D4=C4B 34 20;>A
H 7D<4303

.14.*=&  $> DC8;8I0A ;8<?803>A4B 34 0;C0 ?A4B8]= =8 ?8BC>;0B 34


E0?>A
&4;86A> 34 2>AC>28A2D8C> H 34 34B20A60 4;Y2CA820
"8<?80A 4; 0?0A0C> 0 <4=D3> )8 ;0 ;8<?84I0 4B
3458284=C4 B4 ?D434 34C4A8>A0A ;0 BD?4A58284 34;
0?0A0C> H YBC4 ?D434 06D94A40AB4 ?>A 2>AA>B8]= 2>=
4; ?0B> 34; C84<?> J"0 4=4A6[0 34; <82A>>=30B B4
4B20?0

*4&6&(.32*7  "0B A4?0A028>=4B B];> ?D434= B4A 4542CD030B ?>A


?4AB>=0; 34; )4AE828> 34 B8BC4=280 *Y2=820
341830<4=C4 8=BCAD83> ?>A 4; 501A820=C4 "0B
A4?0A028>=4B 4542CD030B 34 <>3> 8=2>AA42C> ?D434=
8<?;820A B4A8>B ?4;86A>B ?0A0 4; DBD0A8>
$> 4542CD0A A4?0A028>=4B =8 C0A40B 34 <0=C4=8<84=C>
@D4 A4@D84A0= 34B<>=C0A ;0 2D184AC0 @D4 ?A>C464 34
;0B <82A>>=30B &>=4AB4 4= 2>=C02C> 2>= 4; )4AE828>
34 B8BC4=280 *Y2=820
$> 01A8A =D=20 ;0 20A20B0 34; 0?0A0C> ; 0?0A0C>
5D=28>=0 2>= 0;C0 C4=B8]=
$> 2>=42C0A =D=20 D= 0?0A0C> 34542CD>B>
4B4=27D50A 4; 0?0A0C> &>=4AB4 4= 2>=C02C> 2>= 4;
)4AE828> 34 B8BC4=280 *Y2=820
$> BDBC8CD8A =D=20 ;0 ;U<?0A0 34; 2><?0AC8<4=C> 34
2>228]= B8= 0B8BC4=280 CY2=820 &>=4AB4 4= 2>=C02C>
2>= 4; )4AE828> 34 B8BC4=280 *Y2=820
J*$ R$ ">B CA0109>B 34 A4?0A028]= H
<0=C4=8<84=C> @D4 A4@D84A0= 34B<>=C0A ;0 2D184AC0
@D4 ?A>C464 34 ;0B <82A>>=30B 3414= B4A A40;8I03>B
_=820<4=C4 ?>A ?4AB>=0; 4B?4280;8I03> 34183> 0 ;>B
A84B6>B 8=74A4=C4B


 ; <82A>>=30B => 3414 2>=42C0AB4 B8 => 70H
2).(&(.32*7 )* 0;8<4=C>B 4= BD 8=C4A8>A
7*,96.)&) 4&6& *0  0;4=C0A 2>= 4; <82A>>=30B _=820<4=C4 2><830B H
973 (32 *0 141830B %CA0B 0?;82028>=4B ?D434= B4A ?4;86A>B0B
1.(6332)&7 H 20DB0A 30\>B & 49 B4 ?D434= 8=5;0<0A
0;<>7038;;0B 34 6A0=>B > 24A40;4B
 >*0.,63 )* 59*1&)96&7
D0=3> B4 20;84=C4= ;[@D83>B 8=CA>3D28A B84<?A4
D=0 2D270A8C0 34=CA> 34; A428?84=C4 ?0A0 4E8C0A 0B[
4; A4C0A3> 34 41D;;828]= DA0=C4 4; A4CA0B> 34
41D;;828]= B4 0;20=I0 ;0 C4<?4A0CDA0 34 41D;;828]=
B8= @D4 BD10= ;0B C[?820B 1DA1D90B 34 E0?>A >=
C0= B];> D= <>E8<84=C> 1ADB2> 34; A428?84=C4
?D434 7024A @D4 4; ;[@D83> B0;?8@D4 E8>;4=C0<4=C4
BC> ?D434 >20B8>=0A ;4B8>=4B H @D4<03DA0B
 ;8<4=C>B ?0A0 141YB
">B 0;8<4=C>B ?0A0 4; 141Y 4= C0AA>B > 1814A>=4B
3414= 20;4=C0AB4 B84<?A4 B8= ;0 C0?0 > ;0 C4C8=0
+=0 E4I 20;4=C03>B 70H @D4 A4<>E4A > 068C0A 184=
;>B 0;8<4=C>B ; 20;>A B4 A4?0AC4 0B[ D=85>A<4b
<4=C4 >=CA>;0A ;0 C4<?4A0CDA0 0=C4B 34 30A;4 4;
0;8<4=C> 0; =8\> J&4;86A> 34 @D4<03DA0B
 $> 20;4=C0A =D=20 2><830B =8 141830B 4=
A428?84=C4B > 4=E0B4B 24AA03>B J&4;86A> 34
4G?;>B8]=
 "0B 141830B 0;2>7];820B => 3414= 20;4=C0AB4 4=
4G24B> J&4;86A> 34 4G?;>B8]=
 $> 20;84=C4 ;>B 0;8<4=C>B 4=ED4;C>B 4= <0C4A80;
C4A<>08B;0=C4 &>3A[0= 8=24=380AB4 ">B 0;8<4=C>B
4= 4=E0B4B 34 ?;UBC82> 34 ?0?4; D >CA>B
<0C4A80;4B 8=5;0<01;4B 3414= E868;0AB4 <84=CA0B B4
20;84=C0= J"0B ;U<8=0B > 1>;B0B 34 ?;UBC82>
B4;;030B @D4 2>=C4=60= 0;8<4=C>B ?D434=
A4E4=C0A > 8=2;DB> 5D=38AB4
 $> 3414= 2>24AB4 7D4E>B 2>= 2UB20A0 =8 20;4=C0A
7D4E>B 3DA>B &D434= A4E4=C0A 2><> D=
4G?;>B8E> BC> 4B 86D0;<4=C4 EU;83> ?0A0
<>;DB2>B > 2ADBCU24>B = 4; 20B> 34 7D4E>B
5A8C>B > 7D4E>B 4= E0B> ?8=270A 0=C4B ;0 H4<0


 = ;>B 0;8<4=C>B 2>= 2UB20A0 > ?84; A4B8BC4=C4
2><> ?>A 494<?;> <0=I0=0B C><0C4B ?0C0C0B
B0;278270B YBC0 ?D434 4BC0;;0A > A4E4=C0A 4= 20B>
34 20;4=C0A;>B > 2>24A;>B &8=270A ;0 2UB20A0 0=C4B
34 20;4=C0A;>B
 )8 B4 34B40 34B420A 0;8<4=C>B 2><> 784A10B 5ADC0
> B4C0B > 34B2>=64;0A > 20;4=C0A 0;8<4=C>B 2>=
4B20B> 2>=C4=83> 4= 06D0 3414 E868;0AB4 4;
?A>24B> = 20B> 34 D= 34B4203> 4G24B8E> 4G8BC4
?4;86A> 34 8=24=38>
 $> DC8;8I0A 4; <82A>>=30B ?0A0 20;4=C0A 0248C4 34
2>28=0 &>3A[0 8=24=380AB4
 +C8;824 _=820<4=C4 E098;;0 A4B8BC4=C4 0 <82A>>=30B
 "0 E098;;0 34 ?>A24;0=0 > 24AU<820 ?D434
?A4B4=C0A 58=>B 06D94A>B 4= 0B0B H C0?034A0B
4CAUB 34 4B>B 06D94A>B B4 >2D;C0 D= 7D42> "0
7D<4303 @D4 ?4=4CA4 4= 4B>B 7D42>B ?D434
20DB0A ;0 A>CDA0 34 ;0 ?84I0
 414= >1B4AE0AB4 B84<?A4 ;0B ?>C4=280B H
C84<?>B ?0A0 4; <82A>>=30B C0; H 2><> B4 8=3820=
4= ;0B 8=BCAD228>=4B 34 DB> )8 B4 70 B4;4228>=03>
D=0 ?>C4=280 > D= C84<?> 2>=B834A01;4<4=C4
4G24B8E>B ?>3A[0 8=24=380AB4 4; 0;8<4=C> H 30\0A
4; 0?0A0C>
 ">B 0;8<4=C>B 20;4=C03>B 34B?A4=34= 20;>A ">B
A428?84=C4B @D4 ;>B 2>=C84=4= ?D434= @D4<0A
+C8;824 <0=>?;0B ?0A0 B020A ;0 E098;;0 34; 0?0A0C>


!9 29*:3 &4&6&83

  "


6'8' 2' .58' 2' *;8')/M4 > 2'
*+9)54-+2')/M4 ';:53E:/)'

 "$ "


!'8' 685-8'3'8 2' .58' 2'
*;8')/M4 > 2'
  "  *+9)54-+2')/M4 ';:53E:/)'
#+ 6;+*+ '0;9:'8 ;4'
*;8')/M4 .'9:' 3/4;:59

# !"  ! $


 " #
 <':/59

 <':/59
 <':/59
 <':/59
# !"  "(.  <':/59

 !" 
# .
%$ )$ 

 #$ !   !%#$  "

" "   !%"$


37 &((*736.37
0 40&83 ,.6&836.3
; ?;0C> 68A0C>A8> B4 2>;>20 34 ;0 B86D84=C4
5>A<0
 =B4AC0A 4; B>?>AC4 & 4= 4; 38B?>B8C8E>
34 0228>=0<84=C> ( 4= 4; 24=CA> 34 ;0
?0AC4 8=54A8>A 34 ;0 I>=0 34 2>228]=
 >;>20A 4; ?;0C> 68A0C>A8> ' B>1A4 4;
B>?>AC4 &

+C8;824 4; 0?0A0C> <82A>>=30B B];> 2>= 4;


?;0C> 68A0C>A8> 8=B4AC03> B46_A4B4 34
@D4 4; B>?>AC4 @D434 184= 4=20903> ;
?;0C> 68A0C>A8> ?D434 68A0A 70280 ;0
8I@D84A30 > 70280 ;0 34A4270

&2)37 *7(&138*&'0*7 ; <0=3> 68A0C>A8> ?D434 4B20<>C40AB4


&0A0 8=CA>3D28A;> > 4GCA04A;> B4 ?A4B8>=0 4; <0=3> ;
<0=3> ?D434 68A0AB4 70280 ;0 34A4270 > 70280 ;0
8I@D84A30


28*7 )* 0& 46.1*6& 49*78& *21&6(-&
*A0B 2>=42C0A 4; 7>A=> 0 ;0 A43 4;Y2CA820 > 2D0=3> B4
63,6&1&6 0& -36& 70 ?A>3D283> D= 2>AC4 4= 4; BD<8=8BCA> 4;Y2CA82>
?0A?0340= CA4B 24A>B 4= ;0 ?0=C0;;0 34 E8BD0;8I028]=
*A0B D=>B B46D=3>B 0?0A424= ;0B 

7>A0B ;>B
3>B ?D=C>B ?0A?0340=
&>=4A 4; A4;>9 4= 7>A0

 !54+8 +2 8+250 +4 .58' )54 +2 3'4*5 -/8':58/5  !;29'8 2' :+)2' *+ 8+250 
' .58' +9:E '0;9:'*'

!946.1.6 0& .2).(&(.I2 )* 0& &D;B0A ;0 C42;0 A4;>9  H 0 2>=C8=D028]= ;0 C42;0 BC>?
-36& ; 8=38203>A B4 0?060
$30:*6 & 432*6 *0 6*03/ *2 &D;B0A ;0 C42;0 34 A4;>9 
-36& = ;0 8=382028]= E8BD0; 0?0A424= ;0B 

7>A0B
542CD0A ;>B 09DBC4B C0; 2><> B4 8=3820 4= ;>B ?D=C>B
H 
3).+.(&6 0& -36&  &D;B0A ;0 C42;0 34 A4;>9 
)* -36&6.3 )* .2:.*623 &  0<180A ;0 7>A0 2>= 4; <0=3> 68A0C>A8>
-36&6.3 )* :*6&23  &D;B0A ;0 C42;0 34 A4;>9  "0 7>A0 4BCU 20<18030
38&  )8 34 A4?4=C4 0?0A424 D=0 3DA028]= 4= ;0
8=382028]= E8BD0; 4B @D4 B4 70 68A03> 4; <0=3>
68A0C>A8> ?>A 4@D8E>2028]= &D;B0A ;0 C42;0 BC>? =
;0 ?0=C0;;0 0?0A424 34 =D4E> ;0 7>A0


):*68*2(.&7
; 0?0A0C> 4BCU 4@D8?03> 2>= D= E4=C8;03>A ?0A0 BD
A45A864A028]= ; E4=C8;03>A ?D434 B46D8A 5D=28>=0=3>
0D=@D4 H0 B4 70H0 34B2>=42C03> 4; 0?0A0C>
= 4; 2A8BC0; 34 ;0 ?D4AC0 4= ;0B ?0A434B 8=C4A8>A4B H 4=
4; BD4;> ?D434 0?0A424A 06D0 34 E0?>A 2>=34=B03>
QBC> 4B 0;6> =>A<0; @D4 => 0542C0 0; 1D4=
5D=28>=0<84=C> 34; <82A>>=30B 414 B420A 4; 06D0
2>=34=B030 2D0=3> 70H0 C4A<8=03> 34 2>28=0A

0 1.(6332)&7
= ;>B 0;8<4=C>B ;0B <82A>>=30B B4 2>=E84AC4= 4=
20;>A "0B <82A>>=30B B>= 0?A>?8030B ?0A0
34B2>=64;0A 2>= A0?834I 20;4=C0A 5D=38A H 2>24A
$> ;> 3D34 H ?AD414 H0 BD 7>A=> <82A>>=30B
0;84=C4 ?>A 494<?;> D=0 C0I0 34 06D0 ?0A0 7024AB4
D= CY
*><4 D=0 C0I0 6A0=34 @D4 => C4=60 03>A=>B
3>A03>B > ?;0C403>B 4 8=CA>3DI20 4= 4;;0 D=0
2D270A8;;0
 &D;B0A ;0 C42;0 34 ?>C4=280 34; <82A>>=30B


,0C8>B
 &A>6A0<0A 2>= 4; <0=3> 68A0C>A8> <8=DC>

B46D=3>B
 &D;B0A ;0 C42;0 )C0AC
; 201> 34 <8=DC> H
B46D=3>B B4 ?A>3D24 D=0
B4\0; 02_BC820 )4 ?D434 34B2>=42C0A 0=C4B 34;
C84<?> ?A4E8BC> ?D;B0=3> ;0 C42;0 )C>?
#84=CA0B B4 C><0 4; CY ED4;E0 0 ;44A ;0B 8=382028>=4B
34 B46DA8303 0; ?A8=28?8> 34 ;0B 8=BCAD228>=4B 34 DB>
)>= <DH 8<?>AC0=C4B

- ?0A0 20;4=C0A 141830B


38*2(.&7 )*0 

- ?0A0 20;4=C0A H 2>24A 0;8<4=C>B


1.(6332)&7 
- ?0A0 2>28=0A 20A=4B H 20;4=C0A 0;8<4=C>B
34;8203>B

- ?0A0 D;C8<0A ;0 2>228]= 34 ;>B ?;0C>B @D4 B4
34B2>=64;4=
a
- ?0A0 34B2>=64;0A 0;8<4=C>B 34;8203>B

94<?;> 

-  <8=DC>B
7G 7* 463,6&1&

 !;29'8 2' :+)2' 6'8' 2' 65:+4)/'  !85-8'3'8 )54 +2 3'4*5  !;29'8 2' :+)2' *+ 6;+9:' +4
*+9+'*' *+2 3/)8554*'9 -/8':58/5 2' *;8')/M4 *+9+'*' 3'8).'
' 2E36'8' /4*/)'*58' 9/:;'*'
+4)/3' *+ 2' :+)2' 6'86'*+'

"0 ;U<?0A0 8=38203>A0 34 ;0 ?>C4=280 34; <82A>>=30B


B4 4=284=34 = ;0 8=382028]= E8BD0; B4 ?D434 E4A
2]<> CA0=B2DAA4 38270 3DA028]=

#2& :*= 86&27(966.)3 *0 BD4=0 D=0 B4\0; ; 0?0A0C> B4 34B2>=42C0


8.*143 = ;0 8=382028]= E8BD0; 0?0A424 D=

1A8A ;0 ?D4AC0 34; 2><?0AC8<4=C> 34 2>228]= > ?D;B0A
;0 C42;0 BC>?

366*((.I2 )8 B];> B4 70 ?A>6A0<03> D=0 ?>C4=280 34;


<82A>>=30B B4 ?D434 <>385820A 4= 2D0;@D84A
<><4=C> ;0 3DA028]= = 20B> 34 @D4 B40= E0A80B ;0B
?>C4=280B H C84<?>B 34 <82A>>=30B ?A>6A0<03>B ;0
3DA028]= B];> B4 ?D434 <>385820A 0=C4B 34 ;0 ?D4BC0
4= <0A270


28*6694(.I2 &D;B0A ;0 C42;0 BC>? D=0 E4I > 01A8A ;0 ?D4AC0 34;
2><?0AC8<4=C> 34 2>228]= 4B?DYB 34 24AA0A ;0
?D4AC0 70H @D4 E>;E4A 0 ?D;B0A ;0 C42;0 34 ?D4BC0 4=
<0A270

366&6 &D;B0A ;0 C42;0 BC>? 3>B E424B > 01A8A ;0 ?D4AC0 H ?D;B0A
;0 C42;0 BC>? D=0 E4I

63,6&1&6 :&6.&7 438*2(.&7 542CD0A ;>B 09DBC4B C0; 2><> B4 8=3820 4= ;>B ?D=C>B
)* 1.(6332)&7 H  &A>6A0<0A 0 2>=C8=D028]= ;0 K ?>C4=280 H
7*(9*2(.&01*28*
3DA028]= 34; <82A>>=30B )4 ?D434= 8=CA>3D28A 70BC0
09DBC4B 34 ?>C4=280B H C84<?>B 3854A4=C4B D=>
34B?DYB 34; >CA> +=0 E4I 2>=2;D830 ;0 ?A>6A0<028]=
?D;B0A ;0 C42;0 34 ?D4BC0 4= <0A270
327*/37 < &):*68*2(.&7  *0<18Y= B4 ?D434 B4;4228>=0A D=0 <8B<0
?>C4=280 3>B E424B ?>A 49 

- 
-

-
)];> B4 ?D434 B4;4228>=0A 

- D=0 B>;0 E4I


 "0 3DA028]= => ?D434 <>385820AB4
 "0 ?>C4=280 34 

E0C8>B B4 ?D434 ?A>6A0<0A


2><> <UG8<> 3DA0=C4
<8=DC>B 4; A4BC> 34
?>C4=280B 70BC0  <8=DC>B
 9DBC0A ;0 3DA028]=
70BC0 <8=DC> 4= 8=C4AE0;>B 34 B46D=3>
70BC0  <8=DC>B 4= 8=C4AE0;>B 34
B46D=3>B
70BC0
<8=DC>B 4= 8=C4AE0;>B 34 <8=DC>
70BC0  <8=DC>B 4= 8=C4AE0;>B 34  <8=DC>B
 &D434 A46D;0AB4 ?A8<4A> ;0 ?>C4=280 34;
<82A>>=30B H 34B?DYB ;0 3DA028]= > 0; A4EYB

+C8;824 E098;;0 C4A<>AA4B8BC4=C4 34 2A8BC0; E8CA>24AU<820


& :&/.00& ?>A24;0=0 ;>I0 > ?;UBC82> A4B8BC4=C4 0; 20;>A *>3>B
4BC>B <0C4A80;4B ?4A<8C4= ;0 ?4=4CA028]= 34
<82A>>=30B
$> BD2434 ;> <8B<> 2>= 4; <4C0; "0B <82A>>=30B =>
?D434= ?4=4CA0A;> 4= 4; 8=C4A8>A 34; A428?84=C4 34
<4C0; 24AA03> ;>B 0;8<4=C>B => B4 20;84=C0=
B46_A4B4 34 @D4 ;>B >194C>B 34 <4C0; ?49 D=0
2D270A0 4BCY= B4?0A03>B 34 ;0B ?0A434B 8=C4A8>A4B H
34 ;0 ?D4AC0 2><> <[=8<> 2< ; 2A8BC0; 34 ;0 ?0AC4
8=C4A8>A 34 ;0 ?D4AC0 ?>3A[0 A><?4AB4 B8 B0;C0= 278B?0B


"0 <0H>A[0 34 ;0B E424B ?>3AU DC8;8I0A ;0 <8B<0 E098;;0
4= ;0 @D4 B8AE0 ;0 2><830 4 4BC0 5>A<0 07>AA0AU
10BC0=C4 CA0109> 20<180=3> 34 D= A428?84=C4 0 >CA> H
5A460=3> 34B?DYB
)8 C84=4 E098;;0 2>= 342>A028>=4B 3>A030B > ?;0C4030B
DC8;[24;0 _=820<4=C4 B8 4; 501A820=C4 60A0=C8I0 @D4 4B
0342D030 ?0A0 <82A>>=30B
>;>@D4 B84<?A4 ;0 E098;;0 B>1A4 4; ?;0C> 68A0C>A8>

69*'& )* 0& :&/.00& )8 => 4BCU B46DA0 34 B8 BD E098;;0 4B 0342D030 ?0A0 4;


<82A>>=30B > => ?D434 4542CD0A ;0 B86D84=C4 ?AD410
=CA>3DI20 4; A428?84=C4 E02[> 3DA0=C4 M 70BC0
<8=DC> 4= 4; 0?0A0C> 2>=42CU=3>;> 0 BD <UG8<0
?>C4=280 ><?AD414 3DA0=C4 4BC4 C84<?> ;0
C4<?4A0CDA0 ; A428?84=C4 C84=4 @D4 4BC0A 5A[> >
C4<?;03> )8 B4 20;84=C0 > B4 ?A>3D24= 278B?0B 4B
8=0342D03>
>8*2(.I2 ; <82A>>=30B => 3414 2>=42C0AB4 B8 => 70H
0;8<4=C>B 4= BD 8=C4A8>A "0 _=820 4G24?28]= 4B 4BC0
?AD410 ?0A0 ;0 E098;;0

*7(32,*0&6 (&0*28&6 < (3(.2&6 (32


1.(6332)&7
= ;0B C01;0B B86D84=C4B 4=2>=CA0AU =D<4A>B0B
327*/37 < >?28>=4B H ?>B818;83034B 34 ?A>6A0<028]= ?0A0 4;
&):*68*2(.&7 <82A>>=30B
&(*6(& )* 0&7 8&'0&7 "0B 8=382028>=4B 34 3DA028]= @D4 B4 30= 4= ;0B C01;0B
B>= B>;0<4=C4 E0;>A4B >A84=C0C8E>B &D434= E0A80A 4=
5D=28]= 34; A428?84=C4 34 ;0 20;8303 C4<?4A0CDA0 H
2>=B8BC4=280 34 ;>B 0;8<4=C>B
= ;0B C01;0B B4 30= 2>= 5A42D4=280 <UA64=4B 34
C84<?> )4;4228>=4 B84<?A4 4; E0;>A <UB 109> H 34
B4A =424B0A8> ?A>;>=6D4 34B?DYB 4; C84<?> 34
2>228]=


&D434 @D4 0 E424B C4=60 @D4 2>28=0A 2>= 20=C83034B
3854A4=C4B 0 ;0B @D4 B4 B4\0;0= 4= ;0 C01;0B
&0A0 4BC>B 20B>B 70H D=0 A46;0 1UB820
>1;4 20=C8303 b 20B8 3>1;4 C84<?> 34 2>228]=
<8C03 34 ;0 20=C8303 b <8C03 34 C84<?> 34 2>228]=
>;>@D4 B84<?A4 ;0 E098;;0 B>1A4 4; ?;0C> 68A0C>A8>

 &>=60 ;>B 0;8<4=C>B 2>=64;03>B 4= D= A428?84=C4


*7(32,*0&6 B8= C0?0A 4= 4; ?;0C> 68A0C>A8>
 "0B ?0AC4B <UB 34;82030B 2><> <DB;>B H 0;0B 34
?>;;> > ;>B 1>A34B 6A0B>B 34 ;0B ?84I0B 34 0B03>
B4 ?D434= A42D1A8A 2>= ?4@D4\>B CA>I>B 34 ?0?4;
0;D<8=8> ; ?0?4; 0;D<8=8> => 3414 4=CA0A 4= 2>=b
C02C> 2>= ;0B ?0A434B 34; 7>A=> +=0 E4I CA0=Bb
2DAA83> ;0 <8C03 34; C84<?> 34 34B2>=64;028]= B4
?D434 @D8C0A 4; ?0?4; 0;D<8=8>
 =CA4<4380B 3414 30A ;0 ED4;C0 ] E424B 0 ;>B
0;8<4=C>B > A4<>E4A;>B  ;0B ?84I0B 6A0=34B
C4=3AU @D4 30A;4 ;0 ED4;C0 E0A80B E424B
 494 A4?>B0A 4; 0;8<4=C> 34B2>=64;03> 34

b
<8=DC>B 0 C4<?4A0CDA0 0<184=C4 ?0A0
86D0;0A ;0 C4<?4A0CDA0 )8 B4 CA0C0 34 0E4B ?D434
H0 B020A;4 ;0B E[B24A0B "0 20A=4 ?D434 ?A4?0A0AB4
H0 0D=@D4 0_= C4=60 D= ?4@D4\> =_2;4> 2>=64b
;03>

$ $#  " # $ #  # # ' &"$#


!  %$ #
'84+ +4 6/+?'9  -
 &
 3/4   &
 O  3/4 4<52<+8 )54 6'6+2 '2;3/4/5
*+ <')' )+8*5 :+84+8'
-
 & 3/4   & O 3/4 2'9 6'8:+9 3E9 *+2/)'*'9
)54 5 9/4 .;+95
 -
 & 3/4   &  O  3/4
'84+ :85)+'*' 5 +4 -
 &  O  3/4   &  O
3/4 4<52<+8 )54 6'6+2 '2;3/4/5
,/2+:+9 *+ <')' )+8*5 5  -
 &
O
3/4   &
O
 3/4 2'9 6'8:+9 3E9 *+2/)'*'9
:+84+8'  -
 &
O
 3/4   &
 O 3/4 #+6'8'8 259 :85?59 );'4*5 9+
2+9 *I 2' <;+2:'
'84+ 6/)'*' 3+?)2' -  &
 O 3/4 59 :85?59 *+(+4 9+8 25 3E9
 -
 &
3/4   &
O
 3/4 ,/459 659/(2+ );'4*5 9+
 -
 &
 3/4   &
 O 3/4 )54-+2+4 '82+9 2' <;+2:'
<'8/'9 <+)+9 > 8+:/8'8 2' )'84+
7;+ >' +9:I *+9)54-+2'*'


$ $#  " # $ #  # # ' &"$#
!  %$ #
<+9 5 6/+?'9 *+ '<+  -
 &  3/4   &
O
 3/4 4<52<+8 3;9259 > '2'9 )54

-
 &
 3/4   & O  3/4 6'6+2 '2;3/4/5
!+9)'*5 -
 &  3/4   &
O
 3/4 #+6'8'8 ;459 *+ 5:859 259
/2+:+ 85*'0'9 :85?59 *+9)54-+2'*59
!+9)'*5 +4:+85 -
 & 3/4   &
O
 3/4 4<52<+8 2'9 6'8:+9 *+2/)'*'9
 -
 &  3/4   & O 3/4 )54 6+7;+L59 :85?59 *+ 6'6+2
'2;3/4/5
%+8*;8' 6 +0 -;/9'4:+9 -
 &
O
 3/4
8;:' -
 &  O
3/4 '82+9 2' <;+2:' +4:8+3+*/'9
6 +0 ,8'3(;+9'9  -
 &  3/4   &  O
3/4 )54 );/*'*5 > 9+6'8'8 2'9
*+9)54-+2'*'9
'4:+7;/22'
 -
 & 3/4   & O 3/4 "+:/8'8 +2 +4<52:58/5
 -
 & 3/4   & O  3/4 )5362+:'3+4:+
!'4 +4:+85  -
 &  3/4   &  O
3/4

-
 &
3/4   &
O 3/4
!'9:+2 9+)5  -  &
O
 3/4 #+6'8'8 259 :85?59 *+ 6'9:+2
6 +0 *+ 3'9' (':/*'  -
 &  3/4   &
O
 3/4 );'4*5 9+ 2+9 *I 2' <;+2:'
#M25 6'8' 6'9:+2+9 9/4
-2'9+'*5 4':' 5 )8+3'
!'9:+2 0;-595  -
 &  3/4   &
 O 3/4 #M25 6'8' 6'9:+2+9 9/4
6 +0 6'9:+2 *+ ,8;:'9 5  -
 &  3/4   &
 O 3/4 -2'9+'*5 5 -+2':/4'
*+ );'0'*'

 (4C8A4 4; 4=E>;C>A8> 34 ;>B ?;0C>B ?A42>28=03>B )8


*7(32,*0&6 B4 DC8;8I0 E098;;0 0?C0 ?0A0 <82A>>=30B B4 20;84=C0=
(&0*28&6 3 (3(.2&6 <UB AU?830 H D=85>A<4<4=C4 ">B 38BC8=C>B 2><b
&0.1*2837 ?>=4=C4B 34 ;>B 0;8<4=C>B ?D434= ?A4B4=C0A
C0<18Y= 3854A4=280B 4= 4; C84<?> @D4 =424B8C0=
(32,*0&)37 ?0A0 20;4=C0AB4
 D0=C> <4=>A B40 ;0 0;CDA0 34 ;0B E80=30B 2>=
<0H>A A0?834I B4 2>28=0AU= &>A C0=C> 2>=E84=4
2>;>20A ;0B E80=30B 34 ;0 5>A<0 <UB 0?;0=030
?>B81;4 34=CA> 34; A428?84=C4 $> 4B 02>=B4901;4
?>=4A ;>B 0;8<4=C>B 4= 20?0B D=>B 4=28<0 34
>CA>B
 *0?4 B84<?A4 ;>B 0;8<4=C>B )8 => 38B?>=4 34 D=0
C0?034A0 0342D030 ?0A0 4; A428?84=C4 DC8;824 D=
?;0C> > ?0?4; 4B?4280; ?0A0 <82A>>=30B


 414 30AB4 ;0 ED4;C0 > A4<>E4A ;0B E80=30B 34
b E424B <84=CA0B B4 4BCU= 20;4=C0=3>
 +=0 E4I 20;4=C03>B 3494 A4?>B0A ;>B ?;0C>B 34
b <8=DC>B ?0A0 @D4 B4 86D0;4 ;0 C4<?4A0CDA0
 "0B E80=30B BD4;4= 2>=B4AE0A BD B01>A 20A02C4b
A[BC82> &>A 4BC0 A0I]= 4; 4<?;4> 34 B0; D >CA>B
2>=38<4=C>B 3414 B4A <>34A03>

$ $#  " #  # # ' &"$#


$ # !  %$ #
+4N 62':5 )53(/4'*5 62':5 O -  &  O
3/4
68+)5)/4'*5 O )53654+4:+9
#56'9 -  &  O
3/4
!5:'0+9  -  &
O
 3/4
'84+ +4 9'29' 6+0 -;2'9).  -  &
O
 3/4 #+6'8'8 259 :85?59 *+ )'84+
);'4*5 9+ 2+9 *I 2' <;+2:'
!+9)'*5 6+0 ,/2+:+ -  &
O
 3/4 + 9+8 4+)+9'8/5 'L'*/8 '-;'
?;35 *+ 2/3M4 5 </45
8':/4'*59 6+0 2'9'L' )'4+254+9  -  &
O
 3/4
;'84/)/54+9  -  & O  3/4 L'*/8 '2-5 *+ 2K7;/*5
'885? 6'9:'9  -  &  O
3/4
%+8*;8' 6+0 -;/9'4:+9 (8M);2/ -  &  O
3/4 ;(8/8 +2 ,54*5 *+2 8+)/6/+4:+
?'4'.58/'9  -  &
 O 3/4 )54 '-;'
96/4')'9 )54 4':'  -  &
 O
 3/4 5)/4'8 9/4 'L'*/8 9'2

 (4C8A4 4; 4=E>;C>A8> 34 ;>B ?;0C>B ?A42>28=03>B )8


&0*28&6 &0.1*2837 B4 DC8;8I0 E098;;0 0?C0 ?0A0 <82A>>=30B B4 20;84=C0=
<UB AU?830 H D=85>A<4<4=C4 ">B 38BC8=C>B
2><?>=4=C4B 34 ;>B 0;8<4=C>B ?D434= ?A4B4=C0A
C0<18Y= 3854A4=280B 4= 4; C84<?> @D4 =424B8C0=
?0A0 20;4=C0AB4
 *0?4 B84<?A4 ;>B 0;8<4=C>B )8 => 38B?>=4 34 D=0
C0?034A0 0342D030 ?0A0 4; A428?84=C4 DC8;824 D=
?;0C> > ?0?4; 4B?4280; ?0A0 <82A>>=30B
 414 30A ;0 ED4;C0 > A4<>E4A ;0B E80=30B E0A80B
E424B <84=CA0B B4 4BCU= 20;4=C0=3> >=CA>;4 ;0
C4<?4A0CDA0


 +=0 E4I 20;4=C03>B 3494 A4?>B0A ;>B ?;0C>B 34
b <8=DC>B ?0A0 @D4 B4 86D0;4 ;0 C4<?4A0CDA0
 D0=3> 20;84=C4 ;[@D83>B 8=CA>3DI20 B84<?A4 D=0
2D270A8C0 34=CA> 34; A428?84=C4 ?0A0 4E8C0A 0B[ 4;
A4C0A3> 34 41D;;828]= ; A4C0A3> 34 41D;;828]= 4B D=
54=]<4=> 4= 4; 2D0; B4 0;20=I0 ;0 C4<?4A0CDA0 34
41D;;828]= B8= @D4 0B284=30= ;0B C[?820B 1DA1D90B
34 E0?>A "0 <UB ;4E4 B02D3830 34; A428?84=C4
10BC0 ?0A0 @D4 B4 8=8284 D=0 41D;;828]= C0A3[0 H 4;
;[@D83> 20;84=C4 B4 34AA0<4 > B0;?8@D4 2>= 5D4AI0
QBC> ?D434 >20B8>=0A ;4B8>=4B H @D4<03DA0B

$ $#  " #  # # ' &"$#


$ # !  %$ #
+4N 62':5 )53(/4'*5 62':5  &  O  3/4
68+)5)/4'*5
 O )53654+4:+9
+(/*'9
 32  & B O
B 3/4 4:85*;)/8 ;4' );).'8' +4 +2
32  &
B O B 3/4 8+)/6/+4:+ '9 (+(/*'9 '2)5.M2/)'9
 32  & O 3/4 45 *+(+4 )'2+4:'89+ +4 +=)+95
54:852'8 *+ <+? +4 );'4*5
53/*' 6'8' (+(I9 6+0  32  & B 3/4 #/4 :+:/4' 5 :'6'*+8' -/:'8 (/+4
(/(+854+9
32  & B O
3/4 9/+368+ *+96;I9 *+ )'2+4:'8
32  &
O 3/4 -/:'825 (/+4 *+96;I9 *+ )'2+4:'8
@4*/96+49'(2+ )53685('8 2'
:+36+8':;8'
#56'
:'?'
 -  &
O 3/4
:'?'9  -  & O 3/4
'84+ +4 9'29'  -  &  O

3/4 #+6'8'8 259 :85?59 *+ )'84+


!5:'0+ -  &  O  3/4
 -  &  O

3/4
%+8*;8'
658)/M4
 -  & O 3/4
658)/54+9 -  & O  3/4

 >28=4 ;0B E80=30B 4= A428?84=C4B C0?03>B B


&0*28&6 &0.1*2837 2>=E4=84=C4 A4<>E4A;0B > 30A;4B ;0 ED4;C0
4=CA4<4380B
 ">B 0;8<4=C>B BD4;4= 2>=B4AE0A BD B01>A
20A02C4A[BC82> &>A 4BC0 A0I]= 4; 4<?;4> 34 B0; D
>CA>B 2>=38<4=C>B 3414 B4A <>34A03>


 D0=C> <4=>A B40 ;0 0;CDA0 34 ;0B E80=30B 2>=
<0H>A A0?834I B4 2>28=0AU= &>A C0=C> 2>=E84=4
2>;>20A ;0B E80=30B 34 ;0 5>A<0 <UB 0?;0=030
?>B81;4 34=CA> 34; A428?84=C4 4 B4A ?>B81;4 =>
3414A[0 ?>=4A ;>B 0;8<4=C>B 4= 20?0B D=>B
4=28<0 34 >CA>B
 +=0 E4I 20;4=C03>B 3494 A4?>B0A ;>B ?;0C>B 34
b <8=DC>B ?0A0 @D4 B4 86D0;4 ;0 C4<?4A0CDA0

$ $#  " # $ #  # # ' &"$#


!  %$ #
!5225 9/4 <K9)+8'9
-  & O  3/4 '8 2' <;+2:' :8'9 2' 3/:'* *+2
,8+9)5 :/+365
/2+:+ *+ 6+9)'*5 -  &  O
3/4
,8+9)5
%+8*;8' ,8+9)'  -  &  O
3/4 58:'8 2' <+8*;8' +4 :85?59 *+
 -  &
O
 3/4 /-;'2 :'3'L5 L'*/8

O );).'8'9 *+ '-;' 658
)'*'
- *+ <+8*;8'
;'84/)/54+9 6+0  -  &  O
3/4 58:'8 2'9 6':':'9 +4 :85?59 *+
6':':'9  -  &
O
 3/4 /-;'2 :'3'L5 L'*/8 '-;' '2
 -  &
 O 3/4 8+)/6/+4:+ '685=
)3 *+
'2:;8' 8+35<+8
885?
 -  & O  
 &
 O
 3/4 L'*/8 *5(2+ )'4:/*'* *+ 2K7;/*5
 -  &  O  
 &
 O
 3/4
!2':59 *;2)+9 6+0 "+35<+8 (/+4 +2 ,2'4 *+
,2'4 /49:'4:E4+5  32  &  O  3/4 O <+)+9 )54 +2 (':/*58
,8;:' )5365:'  -  &  O
3/4

327*/37 46B(8.(37
4&6& 97&6 *0
1.(6332)&7

$) 23 *2(9*286& &A>;>=6D4 > A43DI20 4= C0; 20B> ;0 3DA028]= 34; 282;>
6*+*6*2(.&7 *2 *0 (9&)63 34 2>228]= 4= 5D=28]= 34 ;0 B86D84=C4 A46;0 1UB820
36.*28&8.:3 6*0&8.:&7 & 0& >1;4 20=C8303 34 0;8<4=C> 
(&28.)&) )* &0.1*283 59*
)*7*& 46*4&6&6 >1;4 C84<?> 34 2>228]=
#8C03 34 ;0 20=C8303 34 0;8<4=C> 
#8C03 34 C84<?> 34 2>228]=


0 &0.1*283 7&0* )*1&7.&)3 )4;4228>=4 D= C84<?> 34 2>228]= <UB 2>AC> > 09DBC4
7*(3 D= =8E4; 34 ?>C4=280 <4=>A D1A0 4; 0;8<4=C> 2>=
D=0 C0?0 H 06A46D4 0;6> 34 06D0 > ;[@D83>

0 &0.1*283 23 7* -& D<4=C4 ;0 3DA028]= 34; 282;> 34 2>228]= )4;4228>=4


)*7(32,*0&)3 23 *78B D= =8E4; 34 ?>C4=280 BD?4A8>A 0; A4B4\03> 4= ;0 A424C0
(&0.*28* 3 23 *78B *2 79
49283 & 4*7&6 )* -&'*6 *4=60 ?A4B4=C4 @D4 ;0 ?A4?0A028]= 34 6A0=34B
86&27(966.)3 *0 8.*143 20=C83034B 34 0;8<4=C>B A4@D84A4 D=>B C84<?>B 34
463,6&1&)3 2>228]= <UB ?A>;>=603>B *4=60 0B8<8B<> ?A4B4=C4
;0 0;CDA0 34; 0;8<4=C> ">B 0;8<4=C>B 34 6A0= 0;CDA0
A4@D84A4= C0<18Y= D=>B C84<?>B 34 2>228]= <UB
?A>;>=603>B

"6&7 -&'*6 86&27(966.)3 (4<D4E0 4; 0;8<4=C> 3DA0=C4 4; 282;> 34 2>228]=


*08.*143 )* (3((.I2 )4;4228>=4 ;0 ?A]G8<0 E4I D= =8E4; 34 ?>C4=280 <4=>A
*0&0.1*283 *78B H D= C84<?> 34 2>228]= <UB ?A>;>=603>
73'6*(&0*28&)3 *2 037
'36)*7 1.*286&7 59*
*0(*2863 23 *78B *2 79
49283

*7(32,*0&(.I2 &9831B8.(&
; <82A>>=30B 38B?>=4 34 ?A>6A0<0B 0DC><UC82>B
?0A0 34B2>=64;0A 2>= <82A>>=30B )];> 70H @D4
8=CA>3D28A 4; =_<4A> 34 ?A>6A0<0 H 4; ?4B> ;
B8BC4<0 4;42CA]=82> B4 4=20A60 34; A4BC>
">B 0;8<4=C>B 0342D03>B H 4; ?4B> ?0A0 2030
?A>6A0<0 4BCU= 8=38203>B 4= ;0B C01;0B )4 ?D434
A46D;0A 2D0;@D84A ?4B> 34=CA> 34; <0A64= 34 ?4B>B

>= ;>B ?A>6A0<0B 34 34B2>=64;028]= B4 ?D434=


63,6&1&7 )* 34B2>=64;0A 20A=4 0E4B ?4B203> ?0= H ?0BC4;4B
)*7(32,*0&(.I2
6*4&6&6 037 &0.1*2837 +C8;8I0A 0;8<4=C>B @D4 B4 2>=64;0A>= H 6D0A30A>= 34
<0=4A0 ?;0=0 H 4= ?>A28>=4B 0 b L
)020A 4; 0;8<4=C> 34; 4=E>;C>A8> ?0A0 34B2>=64;0A;> H
?4B0A;> B84<?A4 )4 =424B8C0 4; ?4B> ?0A0 09DBC0A 4;
?A>6A0<0


"0B ?0AC4B B4=B81;4B 2><> ? 49 ;>B <DB;>B H ;0B 0;0B
34 ?>;;> > ;0B 2>;0B 34 ?4B203> B4 ?D434= C0?0A 2>=
CA>28C>B 34 ?0?4; 34 0;D<8=8> 4 4BC0 <0=4A0 B4
?D434 4E8C0A @D4 B4 2D4I0= >=CA>;0A @D4 4; ?0?4; 34
0;D<8=8> => C>@D4 ;0B ?0A434B 34; 8=C4A8>A 34; 7>A=>

$&/.00& >;>20A 4; 0;8<4=C> 4= D=0 E098;;0 ?;0=0 0342D030


?0A0 4; <82A>>=30B ? 49 D= ?;0C> 34 E83A8> >
?>A24;0=0 H B8= C0?0

".*143 )* 6*4373 ; 0;8<4=C> 34B2>=64;03> 3414A[0 A4?>B0A ?0A0 ;0


2><?4=B028]= 34 C4<?4A0CDA0 3DA0=C4 D=>B

b
<8=DC>B
">B CA>I>B 34 20A=4 <UB 6A0=34B =424B8C0= D=
C84<?> 34 A4?>B> <0H>A @D4 ;>B ?4@D4\>B 0H @D4
B4?0A0A ;>B CA>I>B 0?;0=03>B H ;0 20A=4 ?82030 0=C4B
34; C84<?> 34 A4?>B>
4B?DYB B4 ?D434= <0=8?D;0A ;>B 0;8<4=C>B 8=2;DB>
2D0=3> ;>B CA>I>B 34 20A=4 6A0=34B 0_= C4=60= 4;
=_2;4> 2>=64;03> B 4; <><4=C> 34 B020A ;0B
E[B24A0B 34 ;0B 0E4B

>8*2(.I2 ; 34B2>=64;0A 20A=4 0E4B > ?4B203> B4 ?A>3D24


;[@D83> QBC4 => B4 3414 4<?;40A H C0<?>2> 3414
4=CA0A 4= 2>=C02C> 2>= >CA>B 0;8<4=C>B

$ # 0"  !" " "  !#


'84+ > '<+9 !

O 8+*54*5  O
1-
O :85?59 *+ )'84+ '62'4'*59  O
1-
O )'84+ 6/)'*'  O
 1-
O 65225 6;2'8*' 6':5 O  1-
!+9)'*5
6+9)'*5 +4:+85 ,/2+:+ *+ 6+9)'*5 
O 1-
,/2+:+ -8;+95 *+ 6+9)'*5
!'4 > 6'9:+2+9 !  O
1-
O 6'4 +4:+85 8+*54*5 5 '2'8-'*5 6'4 +4 8+('4'*'9
6'9:+2 *+ 3'9' (':/*' 6'9:+2 )54 2+<'*;8'
6'9:+2 *+ ,8;:'9
 #54 /4'6856/'*'9 2'9 :'8:'9 *+ 4':' 259 6'9:+2+9 )54 )8+3' 259 6'9:+2+9 )54 )'6'9 *+ '?N)'8 -2'9+'*5 5
-+2':/4'

94<?;> $_<4A> 34 ?A>6A0<0  

:6
7G 7* 463,6&1&

 !;29'8 2' :+)2' *+  "+-;2'8 +2 6+95 *+9+'*5  !;29'8 2' :+)2' *+ 6;+9:' +4
*+9)54-+2')/M4 ';:53E:/)'  )54 +2 3'4*5 -/8':58/5 3'8).' 2685-8'3' 9+ 654+
4 2' /4*/)')/M4 </9;'2 '6'8+)+ +4 3'8).' :8'9 ;459 9+-;4*59
+2 4N3+85 *+ 685-8'3'
> +2 4 2' /4*/)')/M4 </9;'2 9+ 6;+*+
'0;9:+ (E9/)5 6'8' +2 6+95 <+8 )M35 :8'49);88+ */).'
*;8')/M4

38&  &0A0 4; =_<4A> 34 ?A>6A0<0  4; E0;>A


A42><4=303> 4B 34

:6 ?D;B0A 3>B E424B ;0
C42;0 
 = 4; CA0=B2DAB> 34; ?A>6A0<0 B4 ?D434 2>=BD;C0A
4; ?4B> 09DBC03> &D;B0A ;0 C42;0 )C>? ; ?4B> B4
A45;490 3DA0=C4 B46D=3>B
 = 4; ?A>6A0<0  4= 20B> 34 ?4B>B BD?4A8>A4B 0

6 BD4=0 D=0 B4\0; 02_BC820 CA0B D= ?4A[>3>
34 C84<?> 34C4A<8=03> 1A8A ;0 ?D4AC0 34;
2><?0AC8<4=C> 34 2>228]= H 30A ;0 ED4;C0 0 ;0B
?84I0B 34 20A=4 > 0E4 4AA0A 4; 2><?0AC8<4=C> H
?D;B0A 34 =D4E> ;0 C42;0 34 ?D4BC0 4= <0A270

#2& :*= 86&27(966.)3 *0 BD4=0 D=0 B4\0; ; 0?0A0C> B4 34B2>=42C0


8.*143 = ;0 8=382028]= E8BD0; 0?0A424 D=

1A8A ;0 ?D4AC0 34; 0?0A0C> > ?D;B0A ;0 C42;0 )C>?

366*((.I2 &D;B0A 3>B E424B ;0 C42;0 )C>? H E>;E4A 0 09DBC0A

366&6 &D;B0A 3>B E424B ;0 C42;0 )C>?


*136.&
>= ;0 <4<>A80 B4 ?D434= 8=CA>3D28A 3>B 09DBC4B ;>B
@D4 DC8;824 <UB 0 <4=D3> H A42DAA8A 0 4;;>B B84<?A4
@D4 34B44
&0A0 4;;> 38B?>=4 34 ;0B <4<>A80B # H # 

94<?;> 0;4=C0A C0I0 34 B>?0 2>= 

- 3DA0=C4
2863)9(.6 037 <8=DC>B 4= ;0 <4<>A80 # 
&/978*7

 !;29'8 2' :+)2' 


  !;29'8 2' 65:+4)/' *+2 3/)8554*'9 *+  &
' 2E36'8' /4*/)'*58' 9/:;'*' +4)/3' *+ 2'
:+)2' 6'86'*+'


 !85-8'3'8 )54 +2 3'4*5 -/8':58/5 2' *;8')/M4
 %52<+8 ' 6;29'8 2' :+)2' 

*+9+'*' 2'0;9:+ 9+ .' -;'8*'*5 +4 2' 3+358/'
9':/9,'):58/'3+4:+
' .58' '6'8+)+ 4;+<'3+4:+ 5 6+83'4+)+ '6'-'*'

327*/37 < &):*68*2(.&7  )];> B4 ?D434 8=CA>3D28A D=0 ?>C4=280 34;


<82A>>=30B => B4 ?D434= 8=CA>3D28A E0A80B
B46D830B
 )84<?A4 B4 ?D434 A44<?;0I0A D= 09DBC4
?A4E80<4=C4 <4<>A8I03> ?>A >CA> 542CD0A ;>B
09DBC4B C0; 2><> B4 8=3820 4= ;>B ?D=C>B 34; 0; 
 $> B4 ?D434 <4<>A8I0A =8=6_= ?A>6A0<0 34
34B2>=64;028]=


&D434 B4;4228>=0A 4; 09DBC4 <4<>A8I03> B84<?A4 @D4
(8.:&6 0& 1*136.& @D84A0

 !;29'8 2' :+)2' 


  !;29'8 2' :+)2' *+ 6;+9:' +4 3'8).'
2 685-8'3' *+ 2' 3+358/' 22+-' ' 9; ,/4

#2& :*= 86&27(966.)3 *0 BD4=0 D=0 B4\0; ; 0?0A0C> B4 34B2>=42C0


8.*143 = ;0 8=382028]= E8BD0; 0?0A424 D=

1A8A ;0 ?D4AC0 34; 0?0A0C> > ?D;B0A ;0 C42;0 )C>?

28*6694(.I2 &D;B0A ;0 C42;0 )C>? D=0 E4I > 01A8A ;0 ?D4AC0 34;
2><?0AC8<4=C> 34 2>228]= 4B?DYB 34 24AA0A ;0
?D4AC0 70H @D4 E>;E4A 0 ?D;B0A ;0 C42;0 34 ?D4BC0 4=
<0A270

3).+.(&6 ">B 09DBC4B 34 ;0 <4<>A80 => ?D434= <>385820AB4 )8


34B40 <4<>A8I0A D= =D4E> 09DBC4 ED4;E0 0 3458=8A ;0B
?>B828>=4B 34 <4<>A80 # H # 


3).+.(&6 0& )96&(.I2 )* 0& 7*H&0
+=0 E4I 70H0 CA0=B2DAA83> ;0 3DA028]= ?A>6A0<030
B4 >8AU D=0 B4\0; 3DA0=C4 D= <8=DC>
"0 3DA028]= 34 ;0 B4\0; B4 ?D434 <>385820A
34 D= <8=DC> 0  B46D=3>B
63(*)*6 )* 0& 7.,9.*28*  ; 0?0A0C> C84=4 @D4 4BC0A 34B2>=42C03>
+361&
 &D;B0A 3DA0=C4  B46D=3>B ;0 C42;0 )C0AC 70BC0
@D4 B4 4<8C0 ;0 B4\0; = ;0 8=382028]= E8BD0;
0?0A424 D= 
"0 <>38582028]= 70 B83> 8=CA>3D2830
4 ;0 <8B<0 <0=4A0 B4 ?D434 E>;E4A 0 09DBC0A ;0
3DA028]= 34 ;0 B4\0; 0 D= <8=DC> = ;0 8=382028]=
E8BD0; 0?0A424



31.)&7 2361&0.=&)&7 7*,K2   
"0 20;8303 H 4; 5D=28>=0<84=C> 34 ;>B 7>A=>B
<82A>>=30B B>= E4A858203>B ?>A ;>B 2>AA4B?>=384=C4B
8=BC8CDC>B 34 2>=CA>; 2>= 4BC>B ?;0C>B

3((.I2 (32 1.(6332)&7


!303
$ $  " #   # # ' &"$#
%".  %$ #
+?)2' *+ 2+).+ >  & 3/4
 &
O 3/4 !>8+= =
)3
.;+<59  -
/?)5).5  -  & O
3/4 !>8+= C )3
9'*5 *+ )'84+ 6/)'*'  &
3/4   & '685= 3/4 52*+ 8+):'4-;2'8 *+ 6>8+=
 - )3

*7(32,*0&(.I2 (32
1.(6332)&7 !303
$ $  " #   # # ' &"$#
%".  %$ #
'84+  - !85-8'3'
 -
 3/4 52*+ *+ 6>8+= A

5
 & 3/4   &
O 3/4 C )3


9.)&)3 < 0.14.*=&
J$> ;8<?80A 4; 0?0A0C> =D=20 2>= ;8<?803>A0B 34 0;C0
?A4B8]= > 34 E0?>A
$> DC8;8I0A =D=20 34C4A64=C4B 2>AA>B8E>B =8 01A0B8E>B
$> DC8;8I0A A0B203>A4B <4CU;82>B ?0A0 ;8<?80A 4; E83A8>
34 ;0 ?D4AC0 34; 0?0A0C> "0 BD?4A58284 ?>3A[0 A4BD;C0A
30\030 H 4; E83A8> ?>3A[0 34C4A8>A0AB4 )8 ;0 ?0AC4
34;0=C4A0 4=CA0A0 4= 2>=C02C> 2>= D= ?A>3D2C> 34
4BC4 C8?> ;8<?80A;0 8=<4380C0<4=C4 2>= 06D0

0BC0 2>= @D4 ;4 ?0B4 D= ?0\> 7_<43> 0; 0?0A0C> )8


&68* *;8*6.36 )*0 4BCDE84A0 <DH BD28> 0\030 D=0 6>C0B 34 901]=
&4&6&83 ;0E0E098;;0B 0; 06D0 )4@D4 0 2>=C8=D028]= 4; 0?0A0C>
2>= D=0 10H4C0
$> DC8;824 ?A>3D2C>B 34 ;8<?84I0 06A4B8E>B > 01A0B8E>B
?0A0 4E8C0A @D4 0?0A4I20= I>=0B <0C4B = 20B> 34
@D4 0;6D=> 34 4BC>B ?A>3D2C>B ;;460B4 0 204A B>1A4 ;0
20A20B0 ;[<?84;> 8=<4380C0<4=C4 2>= 06D0
4&6&837 )* &(*63 .23;.)&'0*
;8<8=4 2D0=C> 0=C4B ;0B <0=270B 34 20; 6A0B0
0;<83]= H 2;0A0 34 7D4E> 09> 4B0B 20?0B 34
BD284303 ?D434 30AB4 2>AA>B8]=
&0A0 4; 2D8303> H ;0 ;8<?84I0 DC8;824 ;>B ?A>3D2C>B ?0A0
024A> 8=>G8301;4 DBD0;4B 4= 4; 2><4A28> 414
0C4=4AB4 64=4A0;<4=C4 0 ;0B 8=382028>=4B 34; 501A820=C4
4= 2D4BC8]= H ?A>10A 4; ?A>3D2C> 4= D= 4B?028>
?4@D4\> 0=C4B 34 0?;820A;> 0 C>30 ;0 BD?4A58284
4&6&837 (32 +6328&0 )* &091.2.3
+C8;824 D= ;8<?802A8BC0;4B H D= ?0\> BD0E4B ?0A0
;8<?84I0 34 2A8BC0;4B > 34 <82A>581A0B ;81A4 34
?4;DB0B &0B0A 4; ?0\> 7>A8I>=C0;<4=C4 ?>A 4; 5A>=C0;
B8= 7024A ?A4B8]=
$> DC8;8I0A 064=C4B 34 ;8<?84I0 06A4B8E>B =8 4B?>=90B
>?0\>B 10BC>B >01A0B8E>B


&>A ;> 64=4A0; 10BC0 2>= ;8<?80A ;0 I>=0 34 2>228]=
%32& )* (3((.I2 2>= D= ?0\> 7_<43> )8 =424B8C0 ;8<?80A <UB 0
5>=3> DB4 B];> ?A>3D2C>B 34 ;8<?84I0 BD0E4B $>
DC8;824 ?D;E4A8I03>A4B ;8<?807>A=>B
">B >;>A4B 34B06A0301;4B 2D0=3> B4 70 2>28=03>
?4B203> ? 49 B4 ?D434= 4;8<8=0A 5U28;<4=C4 &>=60
D=0B 6>C0B 34 ;8<]= 4= D=0 C0I0 2>= 06D0
=CA>3DI20 D=0 2D270A0 0;84=C4 4; 06D0 3DA0=C4 ]
<8=DC>B 2>= ;0 ?>C4=280 <UG8<0  2>=C8=D028]=
;8<?84 ;0 I>=0 34 2>228]=

"8<?84 4; ?;0C> 68A0C>A8> H 4; A>38;;> 28A2D;0A 2>= 901]=


0&83 ,.6&836.3 ;0E0E098;;0B "0 74=383DA0 4= 4; 8=C4A8>A 34; 7>A=> B4
;8<?80 2>= D= ?0\> 7_<43> B46_A4B4 34 @D4 =>
?4=4CA4 06D0 4= 4; 8=C4A8>A 34; 0?0A0C> 0 CA0EYB 34;
38B?>B8C8E> 34 0228>=0<84=C> 34; ?;0C> 68A0C>A8>
D0=3> ED4;E0 0 2>;>20A 4; B>?>AC4 YBC4 3414 @D430A
184= 4=20903>

?9E -&(*6 *2 (&73 )* &:*6G&


>= 5A42D4=280 2D0=3> B4 ?A>3D24 D=0 0E4A[0 BD4;4
CA0C0AB4 34 D=0 ?4@D4\0 0=><0;[0 5U28; 34 BD1B0=0A
=C4B 34 ;;0<0A 0; )4AE828> 34 B8BC4=280 *Y2=820
3414= C4=4AB4 4= 2D4=C0 ;0B B86D84=C4B 03E4AC4=280B

&"- # %#  # # "  #%#"


2 '6'8':5 45 ,;4)/54' 2 +4).;,+ 45 +9:E 4).;,'825
)54+):'*5 ' 2' 8+*
58:+ +4 +2 9;3/4/9:85 53685('8 9/ ,;4)/54' 2' 2;? *+ 2'
+2I):8/)5 )5)/4'
2 /4*/)'*58 3;+9:8' 2'9 #+ .' 685*;)/*5 ;4 )58:+ %52<+8 ' 654+8 +2 8+250 +4 .58'

 . +4 +2 9;3/4/9:85 +2I):8/)5


&"- # %#  # # "  #%#"
2 3/)8554*'9 45 9+ )54+):' ' 6;+8:' 45 +9:E (/+4 53685('8 9/ 2' 6;+8:' +9:E ':'9)'*'
)+88'*' 658 8+9:59 *+ '2/3+4:59 5 '2-N4 );+865
+=:8'L5 '9 9;6+8,/)/+9 *+ 5(:;8')/M4
*+(+4 +9:'8 2/36/'9
5 9+ .' 6;29'*5 2' :+)2' !;29'8 2' :+)2' /4/)/5
*+ /4/)/5
2 '6'8':5 45 ,;4)/54' 2 2 3'4*5 -/8':58/5 9+ .' !;29'8 2' :+)2' 9:56
/4*/)'*58 3;+9:8' ;4 :/+365 '))/54'*5 658
*+ *;8')/M4 +7;/<5)')/M4
59 '2/3+4:59 9+ )'2/+4:'4 ' 65:+4)/' 685-8'3'*' +4 #+2+))/54'8 ;4' 65:+4)/' 3'>58
3E9 2+4:'3+4:+ *+ 25 +2 3/)8554*'9 +9
.'(/:;'2 *+3'9/'*5 ('0'
+4 +2 '6'8':5 9+ .' 5(2+ )'4:/*'* O '685= *5(2+ *+
/4:85*;)/*5 ;4' )'4:/*'* :/+365
*+ '2/3+4:5 3'>58 *+ 25
.'(/:;'2
259 '2/3+4:59 +9:'('4 3E9 "+35<+8 5 *'8 2' <;+2:' ' 259 '2/3+4:59
,8K59 *+ 25 .'(/:;'2 *+ <+? +4 );'4*5
2 62':5 -/8':58/5 .')+ ;4 8;/*5 #;)/+*'* 5 );+865 +=:8'L5 /36/'8 +2 85*/225 '4;2'8 > 2' .+4*/*;8'
*+ 8'9)'*;8' 5 *+ 85?'*;8' +4 2' E8+' *+2 3+)'4/935 +4 2' ?54' *+ )5))/M4
*+ '))/54'3/+4:5 *+2 62':5

&7 6*4&6&(.32*7 )*'*2 7*6 *+*(89&)&7 7I03 436


4*6732&0 )*0 !*6:.(.3 )* 7.78*2(.& "E(2.(&
)*'.)&1*28* .27869.)3
"0 A4?0A028]= 8=0342D030 34; 0?0A0C> ?D434 8<?;820A
B4A8>B A846>B ?0A0 4; DBD0A8>


!*6:.(.3 )* 7.78*2(.& "E(2.(&
$D4BCA> )4AE828> 34 B8BC4=280 *Y2=820 4BCU 0 BD
38B?>B828]= B8 BD 0?0A0C> =424B8C0 B4A A4?0A03> "0
38A4228]= H 4; =_<4A> 34 C4;Y5>=> 34; )4AE828> 34
B8BC4=280 *Y2=820 <UB ?A]G8<> 0 BD 3><828;8> 586DA0
4= ;0 6D[0 C4;45]=820 B8<8B<> ;>B 4=CA>B 34
B8BC4=280 *Y2=820 @D4 ;4B 5028;8C0<>B ?>3AU=
=><1A0A;4B D=0 34;46028]= 34; )4AE828> 34 B8BC4=280
*Y2=820 <UB ?A]G8<> 0 BD 3><828;8>

L2K1 < L2K1 $> >;E834 8=3820A B84<?A4 0; )4AE828> 34 B8BC4=280


*Y2=820 4; =_<4A> 34; ?A>3D2C> b=_< 0B[ 2><> 4;
=_<4A> 34 501A82028]= b=_< 34 BD 0?0A0C> )8
01A4 ;0 ?D4AC0 34 ;0 I>=0 34 2>228]= 0 ;0 34A4270
4=2>=CA0AU ;0 ?;020 34 20A02C4A[BC820B 2>= 4BC>B
=_<4A>B &0A0 @D4 4= 20B> 34 0E4A[0 => C4=60 @D4
1DB20A;>B ;4 02>=B490<>B 0=>C0A 0@D[ 38A42C0<4=C4
;>B 30C>B 34 BD 0?0A0C>

O4_< 

#+8</)/5 *+ 9/9:+4)/' $I)4/)' 

)D<8=8BCA> 34 2>AA84=C4
, 
I
&837 8E(2.(37 ,0;>A C>C0; 34 2>=4G8]= 
-
&>C4=280B 34; <82A>>=30B 

-
A42D4=280 
#I

#43830B 0;C> G 0=27> G 5>=3>


b ?0A0C>
G  G 2<
b />=0 34 2>228]= G
G
2<

&4B>
:6
><>;>603> ?>A , B[
C8@D4C0  B[

BC4 0?0A4;7> 34 <82A>b>=30B 30Ab;74bU <D8C> ?A0I4A 0


2>I8=70A
&0A0 @D4 ?>BB0 C8A0A ?A>E48C> 34 C>30B 0B E0=C064=B CY2=820B
34E4AU ;4A 0C4=C0<4=C4 0B 8=BCADX^4B 34 B4AE8X>
$> 8=[28> 30B 8=BCADX^4B 34 B4AE8X> 30<>Bb;74 0;6D<0B
8=5>A<0X^4B 8<?>AC0=C4B B>1A4 B46DA0=X0 820 4=CW> 0
2>=7424A 4< ?>A<4=>A 0B 38E4AB0B ?0AC4B 3> B4D =>E>
0?0A4;7> #>BCA0<>Bb;74 CD3> > @D4 4;4 ?>34 50I4A 4 2><>
> >?4A0A
B C014;0B 4BCW> >A60=8I030B 34 <0=48A0 @D4 ?>34AU
?A>2434A TB A46D;0X^4B ?0BB> 0 ?0BB> [ 4=2>=CA0 ?A0C>B
2><D=B 0 ;>8X0 034@D030 4 >B E0;>A4B 34 09DBC4 83408B
CD3> C4BC03> => =>BB> 4BC_38> =0CDA0;<4=C4
&0A0 @D4 > B4D 0?0A4;7> 2>=B4AE4 > 1>< 0B?42C> 3DA0=C4
<D8C> C4<?> 30<>Bb;74 38E4AB>B 2>=B4;7>B A4;0C8E0<4=C4 T
BD0 <0=DC4=XW> 4 ;8<?4I0  B4 ?>A 020B> BDA68A 0;6D<0
0=><0;80 b 4=2>=CA0AU =0B _;C8<0B ?U68=0B 8=5>A<0X^4B
B>1A4 2><> 4;8<8=0A ?4@D4=0B 0=><0;80B
*4< 3_E830B >=BD;C4 ?A8<48A> > [=3824 ?>A<4=>A8I03>
BB8< B014 A0?830<4=C4 2><> B4 >A84=C0A
 06>A0 38E8AC0bB4 2>< > B4D =>E> 0?0A4;7> 34
<82A>b>=30B
@2).(*

1'&0&,*1 * &4&6*0-3 &28.,3                


28*7 )* 0.,&6 3 23:3 &4&6*0-3                
278&0&DC3 * 0.,&DC3                          
 59* )*:* 8*6 *1 &8*2DC3                  

=3820X^4B 34 B46DA0=X0                       

=3820X^4B 34 B46DA0=X0 ?0A0 2>I8=70A =>


<82A>b>=30B                                 
 7*9 23:3 &4&6*0-3                        

24BB]A8>B                                   
28*7 )& 46.1*.6& 98.0.=&DC3                 

24AC0A 0 7>A0                                
7 1.(63L32)&7                            

B ?>CZ=280B 34 <82A>b>=30B                   
><> A46D;0A                                
">8X0                                       

*7(32,*0&6 &59*(*6 * (3=.2-&6 (31


1.(63L32)&7                                
=3820X^4B A4;0C8E0<4=C4 TB C014;0B              
4B2>=64;0A                                 
4B2>=64;0A 0@D424A >D 2>I8=70A 0;8<4=C>B
D;CA02>=64;03>B                              
@D424A 0;8<4=C>B                            
>I8=70A 0;8<4=C>B                            
>=B4;7>B B>1A4 <82A>b>=30B                  
9831B8.(3 )* )*7(32,*0&DC3               
&A>6A0<0B 34 34B2>=64;0XW>                  
><> A46D;0A                                


@2).(*

*1I6.&                                    
D0A30A 0B A46D;0X^4B                         

=8280A <4<]A80                               
08*6&6 & )96&DC3 )3 7.2&0 732363             
*+*.DJ*7 )* 8*78* 7*,92)3 & 2361&   
.14*=& * &298*2DC3                      

GC4A8>A 3>0?0A4;7>                           
=C4A8>A 3> 5>A=>                               
&A0C> A>C0C8E>                                 
#1& &231&0.& 59* +&=*6                   
77.78F2(.& "E(2.(&                         
03>B CY2=82>B                               


1'&0&,*1 * &4&6*0-3 &28.,3
0.1.2&DC3 *(30I,.(& 4B4<10;4 > 0?0A4;7> 4 4;8<8=4 > <0C4A80; 34
4<10;064< 34 5>A<0 42>;]6820


BC4 0?0A4;7> 4BCU <0A203> 4< 2>=5>A<83034 2>< 0
8A42C8E0

  A;0C8E0 0>B A4B[3D>B 34


4@D8?0<4=C>B 4;Y2CA82>B 4 4;42CA]=82>B F0BC4
4;42CA820; 0=3 4;42CA>=82 4@D8?<4=C b -
 38A42C8E0 4BC014;424 > @D03A> ?0A0 0 2A80XW> 34 D<
B8BC4<0 34 A42>;70 4 E0;>A8I0XW> 3>B 4@D8?0<4=C>B
DB03>B EU;83> 4< C>3>B >B BC03>B #4<1A>B 30
+=8W> DA>?480

28*7 )* 0.,&6 3 23:3 &4&6*0-3


14368&28*7 .2+361&DJ*7 28*7 )* 98.0.=&6 3 23:3 &4&6*0-3 0*.&
)* 7*,96&2D& (9.)&)37&1*28* *78&7 .27869DJ*7 )* 7*6:.D3
*0&7(3278&1 .2).(&DJ*7 .14368&28*7 73'6*
3973 *& 1&298*2DC3 )3 &4&6*0-3
 D0A34 4< ;>20; B46DA> 0B 8=BCADX^4B 34 B4AE8X>
434 <>=C064< )4 > 0?0A4;7> ?0BB0A ?0A0 D<
=>E> 3>=> 0B A4B?42C8E0B 8=BCADX^4B 34 B4AE8X>
434 <>=C064< 34E4< B4Ab;74 C0<1Y<
4=CA46D4B
 $W> ?>=70 > 0?0A4;7> 0 5D=28>=0A B4 E4A85820A
@D0;@D4A 30=> 34E83> 0> CA0=B?>AC4


278&0&DC3 * 0.,&DC3
 %1B4AE4 0B 8=BCADX^4B 34 <>=C064< 4B?42808B
 BC4 0?0A4;7> 34BC8=0bB4 0?4=0B T <>=C064<
BC4 0?0A4;7> =W> 5>8 2>=24183> ?0A0 B4A DC8;8I03>
4< 28<0 34 D<0 <4B0 =4< 34=CA> 34 D< 0A<UA8>
 % 0?0A4;7> ?>34 B4A 8=BC0;03> =D< 0A<UA8> 34

2< >D 
2< 34 ;0A6DA0 => <[=8<> 2><
2<
34 ?A>5D=383034 4 2< 34 0;CDA0 5024 0>
B>0;7>
 % 0?0A4;7> 4BCU ?A>=C> 0 ;860A T 2>AA4=C4 4 34E4
B4A ;8603> 0 D<0 C><030 2>< 2>=C02C> 34
B46DA0=X0 8=BC0;030 4< 2>=5>A<83034 2>< 0B
=>A<0B  ?A>C42XW> 5DB[E4; 34E4 B4A 34

`0<?4A4B 0DC><UC82> " >D   C4=BW> 34 A434
34E4 2>AA4B?>=34A T C4=BW> 8=382030 =0 ?;020 34
C8?>
  8=BC0;0XW> 30 C><030 >D 0 BD1BC8CD8XW> 3> 201>
34 ;860XW> 34E4< B4A B4<?A4 4542CD030B ?>A D<
4;42CA828BC0 )4 0 58270 =W> 5820A 024BB[E4; 0?]B 0
<>=C064< 0@D0=3> 30 8=BC0;0XW> 34E4AU 4G8BC8A
D< 38B?>B8C8E> B4228>=03>A ><=8?>;0A 2>< D<0
38BCV=280 34 2>=C02C> => <[=8<> 34 <<
 $W> DC8;8I0A 58270B CA8?;0B <_;C8?;0B >D 4GC4=B^4B
< 20B> 34 B>1A420A60 4G8BC4 ?4A86> 34 8=2Z=38>


 59* )*:* 8*6 *1 &8*2DC3

2).(&DJ*7 )*
7*,96&2D& BC4 0?0A4;7> 4BCU 4< 2>=5>A<83034 2>< 0B
38B?>B8X^4B 34 B46DA0=X0 0?;82UE48B 0 0?0A4;7>B
4;Y2CA82>B B A4?0A0X^4B 34E4AW> 0?4=0B B4A
4542CD030B ?>A CY2=82>B 3> B4AE8X> 34 0BB8BCZ=280
CY2=820 24AC858203>B ?4;> 501A820=C4 < 20B> 34
A4?0A0X^4B 8=34E830B ?>34AU 5820A BD948C> 0 0 A8B2>B
2>=B834AUE48B
% 0?0A4;7> 5>8 4G2;DB8E0<4=C4 2>=24183> ?0A0 DB>
3><YBC82> +B4b> 0?4=0B ?0A0 0 ?A4?0A0XW> 34
A4548X^4B
$W> ?>34< DC8;8I0A > 0?0A4;7> B4< E868;V=280 >B
03D;C>B 4 2A80=X0B
 2>< ?A>1;4<0B 5[B82>B >D ?B[@D82>B>D
 @D4 =W> C4=70< 2>=7428<4=C>B =4< 4G?4A8Z=280
?0A0 DC8;8I0A4< > 0?0A4;7> 34 5>A<0 B46DA0 4
2>AA42C0

7 (6.&2D&7 * 3
1.(6332)&7
 B 2A80=X0B B] 34E4< DC8;8I0A > <82A>>=30B B4 C0; ;74B
C8E4A B83> 4=B8=03> B 2A80=X0B CZ< 34 2>=B46D8A
DC8;8I0A > 0?0A4;7> 2>AA42C0<4=C4 4 34 2><?A44=34A
>B ?4A86>B A454A83>B => <0=D0; 34 8=BCADX^4B
B 2A80=X0B @D4 DC8;8I4< > 0?0A4;7> CZ< 34 4BC0A B>1
E868;V=280 ?0A0 @D4 =W> 1A8=@D4< 2>< > 0?0A4;7>

!94*6+G(.*7 59*28*7  $D=20 C>@D4 =0B BD?4A5[284B 3>B 4@D8?0<4=C>B 34


0@D428<4=C> 4 34 2>I8=70A ?>8B 4BC4B 0@D424< 2><
> 0?0A4;7> 4< 5D=28>=0<4=C>
#0=C4=70 0B 2A80=X0B 050BC030B &4A86> 34
@D48<03DA0B
$D=20 4=C0;4 201>B 34 ;860XW> 34 4;42CA>3><YBC82>B
=0 ?>AC0 3> 0?0A4;7> % 8B>;0<4=C> ?>34A80 5820A
30=858203>
DAC>b28A2D8C> ?4A86> 34 27>@D4 4;Y2CA82>
$D=20 DC8;8I4 0 BD?4A5[284 BD?4A8>A 3> 0?0A4;7> 2><>
10=2030 &4A86> 34 8=2Z=38>


28*6.36 )3 1.(6332)&7  $W> 6D0A34 >1942C>B 8=5;0<UE48B 34=CA> 3> 0?0A4;7>
&>34A80< 8=24=380AbB4 0> ;860A > 0?0A4;7>
&4A86> 34 @D48<03DA0B
)4 E4A85820A @D4 7U 5D<> => B4D 8=C4A8>A =W> 01A0 0
?>AC0 3> 0?0A4;7> 4B;86D4 0 58270 30 C><030
$W> ;86D4 > 0?0A4;7> B4< 0;8<4=C>B => B4D 8=C4A8>A
%0?0A4;7> ?>34A80 B>5A4A D<0 B>1A420A60
G24?CD0<bB4 >B C4BC4B AU?83>B 0>B A428?84=C4B
E4A20?[CD;> A454A4=C4 0> <82A>>=30B ;>8X0
$D=20 DC8;8I4 > <82A>>=30B B4< > ?A0C> A>C0C8E>
$W> 2>;>@D4 >B 0;8<4=C>B 38A42C0<4=C4 => ?A0C>
A>C0C8E> +C8;8I4 B4<?A4 D< A428?84=C4
%B ;[@D83>B 34AA0<03>B =W> ?>34< 4=CA0A ?0A0
34=CA> 3> 0?0A4;7> 0CA0EYB 30 D=83034 ?A>?D;B>A0 3>
?A0C> A>C0C8E> %1B4AE4 > ?A>24BB> +C8;8I4 D< C4<?>
34 3DA0XW> 2DAC> 4 B4 =424BBUA8> 0D<4=C4 > C4<?>
34 3DA0XW> A46D;03>
*4=70 2D8303> 0> ?A4?0A0A A4548X^4B 2>< 141830B 34
4;4E03> C4>A 0;2>];82> ?>A 4G 2>=70@D4 >D AD<
% U;2>>; 4E0?>A0 @D0=3> BD948C> 0 4;4E030B
C4<?4A0CDA0B < 2>=38X^4B 34B50E>AUE48B > E0?>A
34 U;2>>; ?>34 8=24=380A 34=CA> 3> 0?0A4;7> &4A86>
34 @D48<03DA0B
+C8;8I4 0?4=0B ?4@D4=0B @D0=C83034B 34 141830B
2>< 4;4E03> C4>A 0;2>];82> 4 01A0 0 ?>AC0 3> 0?0A4;7>
2>< 2D8303>

$*)&28* * 4368& )3
&4&6*0-3
 $D=20 2>;>@D4 > 0?0A4;7> 4< 5D=28>=0<4=C> B4 0
A4B?42C8E0 ?>AC0 B4 4=2>=CA0A 30=8582030 G8BC4 >
?4A86> 34 70E4A 5D60B 34 4=4A680 34 <82A>>=30B
>=C02C4 > )4AE8X> 34 BB8BCZ=280 *Y2=820
 ?>AC0 3> 0?0A4;7> C4< 34 54270A 14<
)4 > E430=C4 4BC8E4A <D8C> BD9> 0 ?>AC0 3> 0?0A4;7>
348G0 34 54270A 14< 3DA0=C4 > 5D=28>=0<4=C> B
5027030B 3>B <]E48B 2>=C[6D>B ?>34< B4A
30=8582030B #0=C4=70 > E430=C4 B4<?A4 ;8<?>

1'.*28*  $W> 4G?>=70 > <82A>>=30B 0 7D<83034B >D 20;>A 4<


4G24BB>



.14*=&  $D=20 DC8;8I4 0?0A4;7>B 34 ;8<?4I0 0 0;C0 ?A4BBW> >D
2>< 902C> 34 E0?>A
DAC>b28A2D8C> ?4A86> 34 27>@D4 4;Y2CA82>
"8<?4 > 0?0A4;7> 2>< A46D;0A83034 $> 20B> 34 D<0
;8<?4I0 3458284=C4 0 BD?4A5[284 ?>34 B4A 30=8582030 4
> 0?0A4;7> ?>34 4=54AAD90A 2>< > C4<?>  4=4A680
34 <82A>>=30B B08 ?0A0 > 4GC4A8>A

*4&6&DJ*7  B A4?0A0X^4B 34E4AW> 0?4=0B B4A 4542CD030B ?>A


CY2=82>B 3> B4AE8X> 34 0BB8BCZ=280 CY2=820
24AC858203>B ?4;> 501A820=C4 < 20B> 34 A4?0A0X^4B
8=34E830B ?>34AU 5820A BD948C> 0 0 A8B2>B
2>=B834AUE48B
$D=20 ?A>2430 0 CA010;7>B 34 A4?0A0XW> >D 34
<0=DC4=XW> 4< @D4 0 2>14ACDA0 34 ?A>C42XW>
2>=CA0 0 4=4A680 34 <82A>>=30B C4=70 34 B4A A4C8A030
>=C02C4 > )4AE8X> 34 BB8BCZ=280 *Y2=820
!0<08B 01A0 0 208G0 3> 0?0A4;7> % 0?0A4;7> CA010;70
2>< 0;C0 C4=BW>
$D=20 ;86D4 D< 0?0A4;7> 2>< 0E0A80 4B;86D4 0 58270
30 C><030 >=C02C4 > )4AE8X> 34 BB8BCZ=280
*Y2=820
$D=20 BD1BC8CD0 ?4BB>0;<4=C4 0 ;V<?030 3> 8=C4A8>A
3> 0?0A4;7> >=C02C4 > )4AE8X> 34 BB8BCZ=280
*Y2=820
*$PO% %B CA010;7>B 34 A4?0A0XW> 4 34
<0=DC4=XW> 4< @D4 0 2>14ACDA0 34 ?A>C42XW>
2>=CA0 0 4=4A680 34 <82A>>=30B C4< 34 B4A A4C8A030
34E4< 0?4=0B B4A 4542CD03>B ?>A ?4BB>0;
4B?4280;8I03> 34E83> 0>B A8B2> 8=4A4=C4B


 $D=20 ;86D4 > <82A>b>=30B B4< 2>=C4A 0;8<4=C>B
2).(&DJ*7 )*  @D4X0 ?>A ?A8=2[?8> 0?4=0B 0;8<4=C>B 4 141830B
7*,96&2D& 4&6& => <82A>b>=30B %DCA0B DC8;8I0X^4B ?>34< B4A
(3=.2-&6 23 ?4A86>B0B 4 >A868=0A 30=>B %B ?0BCY8B 34 6AW>B >D
1.(63L32)&7 34 24A408B 0@D4283>B ?>34< ?>A 4G
8=24=380AbB4
 *6.,3 )* 59*.1&)96&7
)4<?A4 @D4 0@D424A ;[@D83>B 34E4AU 8=CA>3DI8A
D<0 2>;74A 34 205Y => A428?84=C4 ?0A0 4E8C0A >
0CA0B> 30 41D;8XW> $> 20B> 34 D<0 41D;8XW>
A4C0A3030 0 C4<?4A0CDA0 34 41D;8XW> Y 0C8=6830
B4< @D4 B4 5>A<4< 0B 1>;70B 34 E0?>A
20A02C4A[BC820B 0BC0 D< <>E8<4=C> <08B 1ADB2>
3> A428?84=C4 ?0A0 > ;[@D83> @D4=C4 4=CA0A
A4?4=C8=0<4=C4 4< 41D;8XW> >D B0;?820A BC>
?>34 20DB0A 54A8<4=C>B 4 @D48<03DA0B
 ><830 ?0A0 141YB
 2><830 ?0A0 141YB 4< 1>8^4B >D 1814A^4B 34E4
B4A 0@D42830 B4<?A4 B4< C0<?0 4 B4< C4C8=0B
4?>8B 34 0@D42830 0 2><830 34E4 B4A 14<
<4G830 >D 14< 068C030 4BC4 <>3> > 20;>A 5820
D=85>A<4<4=C4 38BCA81D[3> ,4A858@D4 B4<?A4 0
C4<?4A0CDA0 0=C4B 34 30A 34 2><4A 0> 141Y
&4A86> 34 @D48<03DA0B
 $D=20 0@D4X0 2><830B >D 141830B 4<
A428?84=C4B 542703>B &4A86> 34 4G?;>BW>
 41830B 0;2>];820B =W> 34E4< 0@D424A
34<0B803> &4A86> 34 4G?;>BW>
 $W> 0@D4X0 A4548X^4B 4< 4<10;064=B CYA<820B
BC0B ?>34< 8=24=380AbB4 ;8<4=C>B 4<
A428?84=C4B 34 ?;UBC82> 34 ?0?4; >D 34 >DCA>B
<0C4A808B 8=5;0<UE48B 34E4< B4A E86803>B 3DA0=C4 >
0@D428<4=C> $> 20B> 34 0;8<4=C>B 4<10;03>B
74A<4C820<4=C4 0 4<10;064< ?>34 A414=C0A
 $D=20 2>I0 >E>B 2>< 20B20 =4< 0@D4X0 >E>B
2>I83>B => <82A>b>=30B BC4B ?>34< A414=C0A %
<4B<> B4 0?;820 0>B <>;DB2>B 4 2ADBCU24>B $>
20B> 34 >E>B 4BCA4;03>B >D >E>B 4B20;503>B
34E4AU ?4A5DA0A ?A8<48A> 0 64<0



 $> 20B> 34 0;8<4=C>B 2>< 20B20 >D ?4;4 A890
?>A4G <0XWB C><0C4B 10C0C0B B0;B8270B 0 ?4;4
?>34 A414=C0A =C4B 3> 0@D428<4=C> 34E4AU
?820A 0 ?4;4 4< EUA8>B ?>=C>B
 )4 B420A 4AE0B 0A><UC820B 5ADC0B >D 2>6D<4;>B
>D B4 34B2>=64;0A >D 0@D424A 0;8<4=C>B 2><
108G> C4>A 34 U6D0 2><> ?>A 4G ?W> E8684
B4<?A4 4BB0 >?4A0XW> < 20B> 34 B42064< 4<
4G24BB> 4G8BC4 > ?4A86> 34 8=2Z=38>
 $D=20 0@D4X0 ];4>B 0;8<4=C0A4B => <82A>b>=30B
?>8B 4BC4B ?>34< 8=24=380AbB4
 +C8;8I4 0?4=0B A428?84=C4B ?A]?A8>B ?0A0 8A 0>
<82A>b>=30B
 %B A428?84=C4B 34 ?>A24;0=0 4 34 24AV<820 ?>34<
C4A ?4@D4=>B >A85[28>B =0B ?460B 4 =0B C0<?0B
BC4B >A85[28>B 4B2>=34< 4B?0X>B >2>B 
7D<83034 @D4 C4=70 ?4=4CA03> =4BC4B 4B?0X>B
>2>B ?>34 ;4E0A 0 @D4 > A428?84=C4 B4 A0274 >D B4
?0AC0
 )4;4228>=4 B4<?A4 0B ?>CZ=280B 34 <82A>b>=30B 4
>B C4<?>B 8=38203>B =0B 8=BCADX^4B 34 B4AE8X> )4
B4;4228>=0A D<0 ?>CZ=280 >D D< C4<?>
34<0B803> 4;4E03> >B 0;8<4=C>B ?>34<
8=24=380AbB4 4 30=85820A > 0?0A4;7>
 %B 0;8<4=C>B 0@D4283>B CA0=B<8C4< 20;>A %B
A428?84=C4B ?>34< 5820A @D4=C4B +C8;8I4 ?460B
?0A0 A4C8A0A > A428?84=C4 3> <82A>b>=30B

 7*9 23:3 &4&6*0-3

#$" "
*'9 .58'9 *' *;8'HG5
+ *5 *+9)54-+2'3+4:5
';:53E:/)5

 $*
!'8' 8+-;2'8 '9 .58'9 '
*;8'HG5 + 5
*+9)54-+2'3+4:5
  . ';:53E:/)5
!5*+ 8+-;2'8 ;3' *;8'HG5
':I 3/4;:59

#  #+* 
! $,  " 1 #
 &'::

 &'::
 &'::
 &'::
#  ."  &'::

 
# $
%$ )$ 

 $ !  $"$

"$%"  ! "$



(*77I6.37
6&83 638&8.:3
><> A46D;0A > ?A0C> A>C0C8E>
 =CA>3DI8A > BD?>AC4 & =>
0228>=0<4=C> ( 0> 24=CA> => 8=C4A8>A 3>
5>A=>
 >;>20A > ?A0C> A>C0C8E> ' B>1A4 >
BD?>AC4 &

+C8;8I4 B4<?A4 > 0?0A4;7> 2>< > ?A0C>


A>C0C8E> <>=C03> 4AC858@D4bB4 @D4 >
BD?>AC4 B4 4=2>=CA0 2>AA42C0<4=C4
4=208G03> % ?A0C> A>C0C8E> ?>34 A>30A
?0A0 0 38A48C0 >D ?0A0 0 4B@D4A30

!*0*(836*7 6*'&.;B:*.7 % 1>CW> Y A4108GUE4;


&0A0 A4108G0A 4 B>;C0A >B <0=[?D;>B 3>B B4;42C>A4B
10BC0 4G4A24A ?A4BBW> B>1A4 4BC4B % 1>CW> ?>34 B4A
A>303> ?0A0 0 38A48C0 >D ?0A0 0 4B@D4A30


28*7 )& 46.1*.6& 98.0.=&DC3
4?>8B 34 > 0?0A4;7> C4A B83> ;8603> T 2>AA4=C4 >D
(*68&6 & -36& 0?]B D<0 50;70 34 4=4A680 5820< 0 ?8B20A CAZB I4A>B
=0 8=3820XW> ?]B 0;6D=B B46D=3>B 0?0A424 0
8=3820XW> 

 4< @D4 >B 3>8B ?>=C>B ?8B20<


24AC0A 0 7>A0

 )+8:+ ' .58' 85*'4*5 5 (5:G5  !8/3' ' :+)2' *5 8+2M-/5 


 .58' +9:E ')+8:'*'

(908&6 & -36& &A8<0 0 C42;0 3> A4;]68>  4 4< B46D830 0 C42;0
)C>?
% <>BCA03>A 5820 4B2DA>

*&(*68&6 & -36& &A8<0 0 C42;0 3> A4;]68> 


$> <>BCA03>A 0?0A424 0 8=3820XW> 

 24AC4 0
7>A0 2><> 34B2A8C> => ?>=C> 4 

08*6&6 & -36&  &A8<0 0 C42;0 3> A4;]68> 


)& -36& )* $*6C3 4&6& & )*  ;C4A4 0 7>A0 A>30=3> > 1>CW>
2:*623  &A8<0 0 C42;0 3> A4;]68>   7>A0 5>8 0;C4A030
38&  )4 34 A4?4=C4 > <>BCA03>A 8=3820A D<0 3DA0XW>
4< E4I 30 7>A0 Y ?>A@D4 > 1>CW> 5>8 A>303>
8=03E4AC830<4=C4 &A8<0 0 C42;0 )C>?  8=3820XW>
30B 7>A0B E>;C0 0 0?0A424A



38&7
% 0?0A4;7> 4BCU 4@D8?03> 2>< D<0 CDA18=0 34
0AA45428<4=C> BC0 CDA18=0 ?>34 2>=C8=D0A 0
CA010;70A <4B<> 34?>8B 34 34B;860A > 0?0A4;7>
$> E83A> 30 ?>AC0 =0B ?0A434B 8=C4A8>A4B 4 => 5D=3>
?>34 5>A<0AbB4 U6D0 2>=34=B030 BB> Y =>A<0; 4
=W> ?A49D3820 > 5D=28>=0<4=C> 3> <82A>b>=30B
4?>8B 34 2>I8=70A ;8<?4 0 U6D0 2>=34=B030 2><
D< ?0=>

7 1.(63L32)&7
$>B 0;8<4=C>B 0B <82A>b>=30B CA0=B5>A<0<bB4 4<
20;>A % <82A>b>=30B Y 034@D03> ?0A0 34B2>=64;0A
0@D424A 34AA4C4A 4 2>I8=70A A0?830<4=C4
G?4A8<4=C4 9U > B4D <82A>b>=30B @D4X0 ?>A
4G4<?;> D<0 27UE4=0 34 U6D0 ?0A0 > B4D 27U
&46D4 D<0 27UE4=0 6A0=34 B4< 342>A0XW>
3>DA030 >D ?A0C4030 4 2>;>@D4 =4;0 D<0 2>;74A 34
205Y
 &A4<8A 0 C42;0 34 B4;42XW> 34 ?>CZ=280 34
<82A>b>=30B 

-0CC
 >< > 1>CW> A46D;0A <8=DC> 4
B46D=3>B
 &A4<8A 0 C42;0 34 0AA0=@D4
?]B <8=DC> 4
B46D=3>B B>0 D< B8=0; B>=>A>
&>34AU 34B;860A > 0E8B> 0=C428?030<4=C4 ?A4<8=3> 0
C42;0 BC>?
=@D0=C> C><0 > B4D 27U ;480 D<0 E4I <08B 0B
8=BCADX^4B 34 B46DA0=X0 @D4 B4 4=2>=CA0< =>
?A8=2[?8> 30B 8=BCADX^4B 34 B4AE8X> ;0B BW> <D8C>
8<?>AC0=C4B




-0CC ?0A0 0@D424A ;[@D83>B


7 438F2(.&7 )* 

-0CC ?0A0 0@D424A 4 2>I8=70A 0;8<4=C>B


1.(63L32)&7 
-0CC ?0A0 2>I8=70A 20A=4 4 ?0A0 0@D424A
0;8<4=C>B 34;8203>B

-0CC ?0A0 34B2>=64;0A 4 2>=C8=D0A 0 2>I8=70A
a
-0CC ?0A0 34B2>=64;0A 0;8<4=C>B 34;8203>B

G4<?;> 

-  <8=DC>B
313 6*,90&6

 !8/3' ' :+)2' )588+9654*+4:+ D  "+-;2+ 5 :+365 *+  !8/3' ' :+)2' #:'8:
65:J4)/' *+ 3/)85O54*'9 *+9+0'*' *;8'HG5 85*'4*5 5 (5:G5
 2F36'*' /4*/)'*58' 658 )/3' *'
:+)2' 6/9)'

 ;V<?030 8=38203>A0 ?>A 28<0 30 ?>CZ=280 34


<82A>b>=30B 024=34 $> <>BCA03>A ?>34 E4AbB4 0
2>=C064< 342A4B24=C4 30 3DA0XW>

"*61.2&)3 3 8*143 B>0 D< B8=0; B>=>A> % 0?0A4;7> 34B;860bB4


$> <>BCA03>A 0?0A424 D<

1A0 0 ?>AC0 3> <82A>b>=30B >D ?A8<0 0 C42;0 )C>?

366*(DC3 )4 C8E4A 0?4=0B A46D;03> D<0 ?>CZ=280 34


<82A>b>=30B 0 3DA0XW> ?>34 B4A 0;C4A030 0 @D0;@D4A
<><4=C> )4 C8E4A A46D;03> EUA80B ?>CZ=280B 34
<82A>b>=30B 4 A4B?42C8E>B C4<?>B 0 3DA0XW> B]
?>34 B4A 0;C4A030 0=C4B 3> 8=[28>

&6&6 &A8<0 0 C42;0 )C>? D<0 E4I >D 01A0 0 ?>AC0 3>
<82A>b>=30B 4?>8B 34 0 54270A ?A8<0 =>E0<4=C4 0
C42;0 )C0AC



290&6 &A8<0 0 C42;0 )C>? 3D0B E4I4B >D 01A0 0 ?>AC0 4 ?A8<0
0 C42;0 )C>? D<0 E4I

*,90&6 :B6.&7 438F2(.&7 )860 >B ?0BB>B 8=38203>B =>B ?>=C>B 4  (46D;4
)* 1.(63L32)&7 7*,9.)&7 4< B46D830 0 K ?>CZ=280 34 <82A>b>=30B 4
A4B?42C8E> C4<?>&>34 A46D;0A 0CY ?>CZ=280B 34
<82A>b>=30B 4 A4B?42C8E>B C4<?>B $> 58=0; ?A8<0 0
C42;0 )C0AC
38&7  &>34 B4;4228>=0A 3D0B E4I4B 0 <4B<0 ?>CZ=280
34 <82A>b>=30B ?>A 4G 

- 
-

-
 ?>CZ=280 

- B] ?>34 B4A B4;4228>=030 D<0


E4I
 $W> Y ?>BB[E4; 0;C4A0A 0 3DA0XW>
 &>34 A46D;0A 0 ?>CZ=280 34 

F0CCB ?0A0 D<0


3DA0XW> <UG8<0 34
<8=DC>B 4 C>30B 0B >DCA0B
?>CZ=280B 0CY D<0 3DA0XW> 34  <8=DC>B
 ><> A46D;0A 0 3DA0XW>
0CY <8=DC> 4< ?0BB>B 34 B46D=3>
0CY  <8=DC>B 4< ?0BB>B 34
B46D=3>B
0CY
<8=DC>B 4< ?0BB>B 34 <8=DC>
0CY  <8=DC>B 4< ?0BB>B 34  <8=DC>B
 &>34 A46D;0A ?A8<48A> 0 ?>CZ=280 34 <82A>b>=30B
4 34?>8B 0 3DA0XW> >D E824bE4AB0

+C8;8I4 A428?84=C4B 34 E83A> E8CA>b24AV<820 ?>A24;0=0


3.D& 24AV<820 >D ?;UBC82> A4B8BC4=C4B 0> 20;>A BC4B
<0C4A808B ?4A<8C4< 0 ?0BB064< 30B <82A>b>=30B
%B A428?84=C4B 34 <4C0; =W> ?4A<8C4< 0 ?0BB064<
30B <82A>b>=30B &>A 8BB> 0 2><830 34=CA> 34
A428?84=C4B <4CU;82>B C0?03>B 5820 5A80
*4=70 2D8303> ?0A0 @D4 > <4C0; ?4G D<0 2>;74A
58@D4 ?4;> <4=>B 0 2< 30 ?0A434 3> 5>A=> 4 30
?0AC4 8=C4A8>A 30 ?>AC0  4<8BBW> 34 50[B20B ?>34A80
30=85820A > E83A> 3> 8=C4A8>A 30 ?>AC0
< <D8C>B 20B>B ?>34 <4B<> DC8;8I0A 0 ;>8X0 34
B4AE8X> &>D?0 0BB8< C4<?> 2>< > 4=278<4=C> 34
CA0E4BB0B 4 A4B?42C8E0 ;0E064<
)4 0 ;>8X0 C8E4A 342>A0XW> 3>DA030 >D ?A0C4030 B]
34E4AU DC8;8IUb;0 B4 > A4B?42C8E> 501A820=C4 8=3820A @D4
0 <4B<0 Y ?A]?A80 ?0A0 <82A>b>=30B


>;>@D4 0 ;>8X0 B>1A4 > ?A0C> A>C0C8E>

"*78* )* 03.D& )4 =W> C8E4A 0 24AC4I0 B4 0 BD0 ;>8X0 Y >D =W>


0?A>?A8030 ?0A0 <82A>b>=30B ?>34AU 50I4A > B46D8=C4
C4BC4
>;>@D4 > A428?84=C4 E0I8> => 5>A=> 3DA0=C4 M 0
<8=DC> 2>< 0 ?>CZ=280 <UG8<0 4 E4I 4< @D0=3>
E4A858@D4 0 C4<?4A0CDA0 % A428?84=C4 34E4 4BC0A 5A8> >D
0?4=0B <>A=> )4 4BC8E4A @D4=C4 >D ?A>E>20A 50[B20B
=W> Y 0?A>?A803>
8*2DC3 % <82A>b>=30B =W> 34E4 B4A ;8603> B4<
0;8<4=C>B 34=CA>  _=820 4G24?XW> Y 4BC4 C4BC4 34
;>8X0

*7(32,*0&6 &59*(*6 * (3=.2-&6 (31


1.(63L32)&7
$0B C014;0B B46D8=C4B 4=2>=CA0AU <D8C0B
2).(&DJ*7 6*0&8.:&L ?>BB818;83034B 4 E0;>A4B 34 A46D;0XW> ?0A0 0B
1*28* A7 8&'*0&7 <82A>b>=30B
%B C4<?>B 8=38203>B =0B C014;0B BW> E0;>A4B
>A84=C0C8E>B BC4B 34?4=34< 30 ;>8X0 DC8;8I030 30
@D0;83034 30 C4<?4A0CDA0 4 30B 20A02C4A[BC820B 3>B
0;8<4=C>B
$0B C014;0B 4=2>=CA0<bB4 ?>A E4I4B 8=382030B
0<?;8CD34B 34 C4<?>B )4;4228>=4 ?A8<48A> > C4<?>
<4=>A 4 ?A>;>=6D4b> 34?>8B B4 =424BBUA8>
&>34 02>=C424A @D4 C4=70 @D0=C83034B 3854A4=C4B
30B 8=382030B =0B C014;0B
&0A0 8BB> 4G8BC4 D<0 A46A0 10B4
>1A> 30 @D0=C83034 b 3>1A> 3> C4<?>
<4C034 30 @D0=C83034 b <4C034 3> C4<?>
>;>20A B4<?A4 0 ;>8X0 B>1A4 > ?A0C> A>C0C8E>


 >;>@D4 > 0;8<4=C> 2>=64;03> 34=CA> 34 D<
*7(32,*0&6 A428?84=C4 34BC0?03> B>1A4 > ?A0C> A>C0C8E>
 B ?0AC4B B4=B[E48B C08B 2><> ?>A 4G ?4A=0B 4
0B0B 34 5A0=6> >D ?>=C0B 6>A30B 34 0BB03>B
?>34< B4A 2>14AC0B 2>< ?430X>B 34 5>;70 34
0;D<[=8>  5>;70 34 0;D<[=8> =W> ?>34 C>20A =0B
?0A434B 3> 5>A=>  <48> 3> C4<?> 34
34B2>=64;0XW> ?>34 A4C8A0A 0 5>;70 34 0;D<[=8>
 ,8A0A >D <4G4A >B 0;8<4=C>B >D E4I4B 3DA0=C4
> C4<?> <0A203> B ?4X0B <08>A4B 34E4< B4A
E8A030B 38E4AB0B E4I4B
 4?>8B 34 34B2>=64;03> 348G4 > 0;8<4=C>
34B20=B0A T C4<?4A0CDA0 0<184=C4 3DA0=C4

b
<8=DC>B ?0A0 0 C4<?4A0CDA0 B4
D=85>A<8I0A $> 20B> 34 0E4B ?>34 A4C8A0A 4=CW>
0B <8D34I0B  20A=4 ?>34 2>=C8=D0A 0 B4A
2>I8=7030 <4B<> @D4 08=30 C4=70 D<0 ?4@D4=0
?0AC4 3> 24=CA> 2>=64;030

%$ $,  " 1 # $$ $#


!  %$ #
!+H'9 *+ )'84+ /4:+/8'9  -
 &
 3/4   &
 O  3/4 5(8/8 '9 6'8:+9 9+49K<+/9
*+ <')' 658)5 </:+2'
-
 & 3/4   & O 3/4 )53 ,52.' *+ '2;3K4/5
)53 5; 9+3 5995
 -
 & 3/4   &  O  3/4
'84+ +3 6+*'H59 5; -
 &  O  3/4   &  O
3/4 5(8/8 '9 6'8:+9 9+49K<+/9
,':/'9 *+ <')' 658)5  -
 &
O
3/4   &
O
 3/4 )53 ,52.' *+ '2;3K4/5 5
</:+2'  -
 &
O
 3/4   &
 O 3/4 </8'8 ' 6+H' 9+6'8'8 '9
6'8:+9 ;3'9 *'9 5;:8'9
'84+ 6/)'*' 3/9:;8'*' -  &
 O 3/4 54-+2+O' 5 3'/9
 -
 &
3/4   &
O
 3/4 +96'23'*' 6599K<+2 %/8'8
 -
 &
 3/4   &
 O 3/4 <E8/'9 <+?+9 + 8+:/8'8 '9
6'8:+9 0E *+9)54-+2'*'9
<+9 5; 6'8:+9 *+ '<+9  -
 &  3/4   &
O
 3/4 3(8;2.+ 6+84'9 + '<+9

-
 &
 3/4   & O  3/4 +3 ,52.' *+ '2;3K4/5
!+/=+ -
 &  3/4   &
O
 3/4 #+6'8+ '9 6'8:+9
/2+:+9 253(59 *+ 6+/=+ *+9)54-+2'*'9 ;3'9 *'9
659:'9 5;:8'9
!+/=+ /4:+/85 -
 & 3/4   &
O
 3/4 5(8/8 '9 6'8:+9 9+49K<+/9
 -
 &  3/4   & O 3/4 )53 6+*'H59 *+ ,52.' *+
'2;3K4/5
+-;3+9 658 += +8</2.'9 -
 &
O
 3/4


%$ $,  " 1 # $$ $#
!  %$ #
8;:' -
 &  O
3/4 +=+8 )53 );/*'*5
658 += ,8'3(5+9'9  -
 &  3/4   &  O
3/4 *;8'4:+ ' *+9)54-+2'HG5
+ 9+6'8'8 '9 6'8:+9 0E
*+9)54-+2'*'9
'4:+/-'
 -
 & 3/4   & O 3/4 "+:/8'8 :5:'23+4:+ *'
 -
 & 3/4   & O  3/4 +3('2'-+3
!G5 /4:+/85  -
 &  3/4   &  O
3/4

-
 &
3/4   &
O 3/4
!G5 *+ ,583' D9 ,':/'9  -  &
O
 3/4  3+/5 *5 :+365 8+:/8'8
 -
 &  3/4   &
O
 3/4 '9 ,':/'9 0E
*+9)54-+2'*'9
5259 .N3/*59  -
 &  3/4   &
 O 3/4 6+4'9 6'8' (5259 9+3
658 += (5259 *+ ,8;:'9  -
 &  3/4   &
 O 3/4 )5(+8:;8' 4+3 -+2':/4'
(5259 *+ 8+7;+/0G5

 (4C8A4 > ?A0C> 2>=54228>=03> 30 4<10;064< %


*7(32,*0&6 0@D428<4=C> 4< ;>8X0 034@D030 ?0A0 <82A>b
&59*(*6 39 >=30B Y <08B AU?83> 4 <08B D=85>A<4 ;8<4=C>B
(3=.2-&6 &0.1*2837 3854A4=C4B ?>34< 0@D424A 0 E4;>283034B
3854A4=C4B
9086&(32,*0&)37
 ;8<4=C>B 108G>B 2>I8=70< <08B 34?A4BB0 @D4
0;8<4=C>B 0;C>B &>A 4BC0 A0IW> 38BCA81D0 >B
0;8<4=C>B CW> D=85>A<4<4=C4 @D0=3> ?>BB[E4; =>
A428?84=C4 $W> B>1A4?>=70 0;8<4=C>B
 D1A0 B4<?A4 >B 0;8<4=C>B )4 =W> ?>BBD8A D<0
C0<?0 034@D030 ?0A0 > A428?84=C4 DC8;8I4 D<
?A0C> >D ?4;[2D;0 4B?4280; ?0A0 <82A>b>=30B
 ,8A4 >D <4G0 >B 0;8<4=C>B b E4I4B
 4?>8B 34 0@D424A > ?A0C> 4B?4A4 b  <8=DC>B
?0A0 D=85>A<8I0A 0 C4<?4A0CDA0
 % B01>A ?A]?A8> 3>B 0;8<4=C>B ?4A<0=424
8=0;C4A03> &>A 8BB> =W> DB4 <D8C> B0; >D
4B?4280A80B


%$ $,  " 1 # $#
$$ !  %$ #
+4N 68':5 )54,+))/54'*5 O -  &  O
3/4
8+,+/HG5 +368':'*' )53
O )53654+4:+9
#56'9 -  &  O
3/4
5?/*5  -  &
O
 3/4
'84+ )53 352.5 658 +=  -  &
O
 3/4 5 3+=+8 9+6'8'8 59 6+*'H59
-;/9'*5 *+ )'84+
!+/=+ 658 += ,/2+:+9 -  &
O
 3/4 #+ 4+)+99E8/5 '*/)/54'8 E-;'
9;35 *+ 2/3G5 5; </4.5
8':/4'*59 658 += 2'9'4.' -  &
O
 3/4
)'4+254+9
)536'4.'3+4:59  -  & O  3/4 */)/54'8 ;3 65;)5 *+ 2K7;/*5
885? 3'99'9  -  &  O
3/4
+-;3+9 658 += +8</2.'9 -  &  O
3/4 5(8/8 5 ,;4*5 *5 68':5 )53
(8M);259 )+45;8'9  -  &
 O 3/4 E-;'
96'88+-'*5  -  &
 O
 3/4 5?/4.'8 9+3 '*/)/54'8 E-;'

 (4C8A4 > ?A0C> 2>=54228>=03> 30 4<10;064< %


59*(*6 &0.1*2837 0@D428<4=C> 4< ;>8X0 034@D030 ?0A0 <82A>b
>=30B Y <08B AU?83> 4 <08B D=85>A<4 ;8<4=C>B
3854A4=C4B ?>34< 0@D424A 0 E4;>283034B
3854A4=C4B
 )4<?A4 @D4 0@D424A ;[@D83>B 34E4AU 8=CA>3DI8A
D<0 2>;74A 34 205Y => A428?84=C4 ?0A0 4E8C0A >
0CA0B> 30 41D;8XW> $> 20B> 34 D<0 41D;8XW>
A4C0A3030 0 C4<?4A0CDA0 34 41D;8XW> Y 0C8=6830
B4< @D4 B4 5>A<4< 0B 1>;70B 34 E0?>A
20A02C4A[BC820B ?4=0B 2>< D< <>E8<4=C> <08B
1ADB2> 3> A428?84=C4 > ;[@D83> @D4=C4 ?>34 4=CA0A
A4?4=C8=0<4=C4 4< 41D;8XW> >D B0;?820A BC>
?>34 20DB0A 54A8<4=C>B 4 @D48<03DA0B
 D1A0 B4<?A4 >B 0;8<4=C>B )4 =W> ?>BBD8A D<0
C0<?0 034@D030 ?0A0 > A428?84=C4 DC8;8I4 D<
?A0C> >D ?4;[2D;0 4B?4280; ?0A0 <82A>b>=30B
 #4G0 >D E8A4 EUA80B E4I4B >B 0;8<4=C>B >=CA>;4 0
C4<?4A0CDA0

 4?>8B 34 0@D424A > ?A0C> 4B?4A4 b  <8=DC>B


?0A0 D=85>A<8I0A 0 C4<?4A0CDA0

%$ $,  " 1 # $#


$$ !  %$ #
+4N 68':5 )54,+))/54'*5  &  O  3/4
8+,+/HG5 +368':'*'
 O )53654+4:+9
+(/*'9
 32  & B O
B 3/4 4:85*;?/8 ;3' )52.+8 45 8+)/6/+4:+
32  &
B O B 3/4 G5 '7;+)+8 *+3'9/'*5 (+(/*'9
 32  & O 3/4 '2)5M2/)'9 54:852'8 <E8/'9 <+?+9
2/3+4:59 6'8' (+(I9 658 +=  32  & B 3/4 #+3 :'36' 4+3 :+:/4' +65/9 *+
(/(+8549 *+ 2+/:+
32  & B O
3/4 '7;+)+8 '-/:'8 3;/:5 (+3
32  &
O 3/4 %+8/,/)'8 9+368+ ' :+36+8':;8'
'4:+9 *+ *'8 D )8/'4H'
#56'
:/-+2'
 -  &
O 3/4
:/-+2'9  -  & O 3/4
'84+ )53 352.5  -  &  O

3/4 #+6'8'8 '9 ,':/'9 *+ )'84+


5?/*5 -  &  O  3/4
 -  &  O

3/4
+-;3+9
*59+
 -  & O 3/4
*59+9 -  & O  3/4

 >I8=74 >B 0;8<4=C>B 34=CA> 34 ;>8X0 C0?030


3=.2-&6 &0.1*2837 #4G0b>B >D E8A4b>B EUA80B E4I4B
 % B01>A ?A]?A8> 3>B 0;8<4=C>B ?4A<0=424
8=0;C4A03> &>A 8BB> =W> DB4 <D8C> B0; >D
4B?4280A80B
 ;8<4=C>B 108G>B 2>I8=70< <08B 34?A4BB0 @D4
0;8<4=C>B 0;C>B &>A 4BC0 A0IW> 38BCA81D0 >B
0;8<4=C>B CW> D=85>A<4<4=C4 @D0=3> ?>BB[E4; =>
A428?84=C4 )4 ?>BB[E4; =W> B>1A4?>=70
0;8<4=C>B
 4?>8B 34 2>I8=703> 348G4 > ?A0C> 4B?4A0A
b<8=DC>B ?0A0 D=85>A<8I0A 0 C4<?4A0CDA0

%$ $,  $#


" 1 # $$
!  %$ #
8'4-5 /4:+/85 9+3 3/N*59 ,8+9)5
-  & O  3/4 %/8'8 ' 3+/5 *5 :+365


%$ $,  $#
" 1 # $$
!  %$ #
/2+:+9 *+ 6+/=+ ,8+9)59 -  &  O
3/4
+-;3+9 ,8+9)59  -  &  O
3/4 58:'8 59 2+-;3+9 +3 6+*'H59 *5
 -  &
O
 3/4 3+935 :'3'4.5 !'8' )'*'
-
*+ 2+-;3+9 '*/)/54'8
O
)52.+8+9 *+ 956' *+ E-;'
)536'4.'3+4:59 658+=  -  &  O
3/4 58:'8 '9 (':':'9 +3 6+*'H59 *5
(':':'9  -  &
O
 3/4 3+935 :'3'4.5 */)/54'8 )+8)'
 -  &
 O 3/4 *+
)3 *+ '2:;8' *+ E-;' 45
8+)/6/+4:+ 3+=+8
885?
 -  & O  
 & */)/54'8 5 *5(85 *' 7;'4:/*'*+

 O
 3/4 *+ 2K7;/*5
 -  &  O  
 &

 O
 3/4
2/3+4:59 *5)+9 658 += 6;*/3  32  &  O  3/4 +=+8 5 6;*/3 O <+?+9 3;/:5
/49:'4:F4+5 ,8;:' )5365:'  -  &  O
3/4 (+3 )53 '9 <'8'9 *+ '8'3+9

327*0-37 73'6*
1.(63L32)&7
&6& &59&28.)&)* &A>;>=6D4 >D A43DI0 >B C4<?>B 342>I43DA0
)*&0.1*2837 46*4&6&)& 3402>A3> 2>< 0B46D8=C4 A46A0
2C3 -B 59&059*6 .2).(&DC3
)*6*,90&DC3 >1A> 30 @D0=C83034  3>1A> 3> C4<?>
<4C034 30 @D0=C83034  <4C034 3> C4<?>

 (3=.2-&)3 +.(39 (46D;4 D< C4<?> 342>I43DA0 <08B 2DAC> >D


)*1&7.&)3 7*(3 B4;4228>=4 D<0 ?>CZ=280 34<82A>b>=30B <08B 5A020
4BC0?4 >2>I8=703> 403828>=4 <08B ;[@D83>

*43.7 )**;4.6&)3 (46D;4 D< C4<?> <08B ;>=6> )4;4228>=4 D<0


38*143 37 &0.1*2837 ?>CZ=280 34<82A>b>=30B BD?4A8>A T 8=382030
&.2)& 2C3 *78C3
)*7(32,*0&)37 'D0=C83034B <08>A4B =424BB8C0< 34<08B C4<?>
&59*(.)3739 (3=.)37 *><4 0C4=XW> T 0;CDA0 3>B 0;8<4=C>B ?>8B 0;8<4=C>B
<08B 0;C>B =424BB8C0< 34<08B C4<?>

*(366.)3 38*143 #4G0 >2>I8=703> 34E4I 4< @D0=3> 4 30 ?A]G8<0


)*(3=*)96& 3(3=.2-&)3 E4I B4;4228>=4 D<0 ?>CZ=280 <08B 5A020 4D<0
*78B 73'6*&59*(.)3 *1
:308& 1&7 23 1*.3 &.2)& 3DA0XW> <08>A
2C3 *78B 463283


9831B8.(3 )* )*7(32,*0&DC3
% B4D 0?0A4;7> 34 <82A>b>=30B 38B?^4 34
?A>6A0<0B 0DC><UC82>B ?0A0 4542CD0A 0
34B2>=64;0XW> 2>< <82A>b>=30B 0BC0 8=CA>3DI8A >
=_<4A> 3> ?A>6A0<0 4 > ?4B> *D3> > A4BC> Y 548C>
?4;> B8BC4<0 4;42CA]=82>
=2>=CA0 >B 0;8<4=C>B 4 0B 60<0B 34 ?4B>
034@D03>B ?0A0 2030 ?A>6A0<0 =0B C014;0B &>34AU
A46D;0A @D0;@D4A ?4B> 34=CA> 30 60<0 34 ?4B>
%B ?A>6A0<0B 34 34B2>=64;0XW> ?4A<8C4<b;74
63,6&1&7 )* 34B2>=64;0A 20A=4 0E4B ?48G4 ?W> 4 1>;>B
)*7(32,*0&DC3
6*4&6&6 37 &0.1*2837 )4 ?>BB[E4; DC8;8I4 0;8<4=C>B ?;0=>B 4 4< ?>AX^4B
8=38E83D08B 2>=64;03>B 4 0A<0I4=03>B 0 b L
(4C8A4 >B 0;8<4=C>B 0 34B2>=64;0A 30 4<10;064< 4
?4B4b>B % ?4B> Y =424BBUA8> ?0A0 A46D;0A >
?A>6A0<0
B ?0AC4B B4=B[E48B C08B 2><> ?>A 4G ?4A=0B 4 0B0B
34 5A0=6> >D A01>B 34 ?48G4 ?>34< B4A 2>14AC0B 2><
?430X>B 34 5>;70 34 0;D<[=8> 4BC0 5>A<0 4E8C4<
@D4 B4 @D48<4< ?A42>24<4=C4 4AC858@D4bB4 @D4 0
5>;70 34 0;D<[=8> =W> C>20 =0B ?0A434B 3> 5>A=>
3.D& >;>@D4 >B 0;8<4=C>B B>1A4 D< ?A0C> A0B> ?A]?A8>
?0A0 8A 0> <82A>b>=30B ?>A 4G D< ?A0C> 4< E83A> >D
;>8X0 4 =W> > C0?4
"*143 )* 6*43973 %B 0;8<4=C>B 34B2>=64;03>B 34E4< A4?>DB0A
3DA0<C4
b
<8=DC>B ?0A0 D=85>A<8I0A 0
C4<?4A0CDA0
&430X>B 34 20A=4 <D8C> 6A0=34B A4@D4A4< D<
C4<?> 34 A4?>DB> <08B ;>=6> @D4 >B ?430X>B
?4@D4=>B B ?4X0B ?;0=0B 4 0 20A=4 ?82030 34E4<
B4A B4?0A030B 0=C4B 34 A4?>DB0A
4?>8B ?>34 2>=C8=D0A 0 ?A>24BB0A >B 0;8<4=C>B
<4B<> @D4 >B ?430X>B 34 20A=4 <08>A4B 08=30
C4=70< > 24=CA> 2>=64;03> $> 20B> 30B 0E4B ?>34
A4C8A0A 4=CW> 0B E[B24A0B


8*2DC3 > 34B2>=64;0A 20A=4 0E4B >D ?48G4 4B2>AA4 ;[@D83>
BC4 ;[@D83> =W> 34E4 B4A DC8;8I03> =4< 4=CA0A 4<
2>=C02C> 2>< >DCA>B 0;8<4=C>B

$ # 0"  !" "   !#


'84+ + '<+9 !

O '99'8  O
1-
O 6+*'H59 *+ )'84+ 62'459  O
1-
O )'84+ 6/)'*'  O
 1-
O ,8'4-5 6+8N 6':5 O  1-
!+/=+ 
O 1-
!+/=+ /4:+/85 ,/2+:+9 659:'9
!G5 + (5259 !  O
1-
O !G5 /4:+/85 8+*54*5 5; )5368/*5 6G5 +3 ,':/'9
5259 (':/*59 (5259 *+ 3'99' 2+<+*'*' (5259 *+ ,8;:'
 G5 I '*+7;'*5 6'8' :'8:+9 *+ 4':' (5259 )53 )8+3+ (5259 8+-'*59 )53 )5(+8:;8'9 5; -+2':/4'

G4<?;> &A>6A0<0 =_<4A>  

:6
313 6*,90&6

 !8/3' ' :+)2' *+  "5*'4*5 5 (5:G5 8+-;2+ 5  !8/3' ' :+)2' #:'8:
*+9)54-+2'3+4:5 ';:53E:/)5  6+95 *+9+0'*5 685-8'3' '88'4)' '6M9'2-;49
5 359:8'*58 '6'8+)+ 5 4N3+85 9+-;4*59
*5 685-8'3'
+ ' 8+-;2'HG5 5 359:8'*58 )53+H' ' )54:'-+3
('9+ 6'8' 5 6+95 *+)8+9)+4:+ *5 :+365 *+ *;8'HG5

38&  &0A0 > ?A>6A0<0 =_<4A>  E0;>A ?A>?>BC> 34




:6 ?A8<0 0 C42;0  3D0B E4I4B


 =@D0=C> > ?A>6A0<0 342>AA4 ?>34 2>=BD;C0A >
?4B> 8=CA>3DI83> &A8<0 0 C42;0  % ?4B> Y
8=38203> 3DA0=C4 B46D=3>B
 $> ?A>6A0<0  C4=3> 8=CA>3DI83> D< ?4B> 0 ?0AC8A
34 
6 >DE4bB4 D< B8=0; B>=>A> 0?]B D<
34C4A<8=03> C4<?> 1A0 0 ?>AC0 3> <82A>b>=30B
4 E8A4 0 20A=4 >D 0 0E4 4274 0 ?>AC0 4 ?A8<0
=>E0<4=C4 0 C42;0 )C0AC

"*61.2&)3 3 8*143 B>0 D< B8=0; B>=>A> % 0?0A4;7> 34B;860bB4


$> <>BCA03>A 0?0A424 D<

1A0 0 ?>AC0 3> <82A>b>=30B >D ?A8<0 0 C42;0 )C>?

366*(DC3 &A8<0 3D0B E4I4B 0 C42;0 )C>? 4 A46D;4 34 =>E>

290&6 &A8<0 3D0B E4I4B 0 C42;0 )C>?

*1I6.&
CA0EYB 30 5D=XW> #4<]A80 ?>34 6D0A30A 3D0B
A46D;0X^4B @D4 DC8;8I0 <08B 5A4@D4=C4<4=C4 4
02C8EUb;0B 0 @D0;@D4A <><4=C>
&0A0 > 4548C> 38B?^4 34 3D0B ?>B8X^4B 34 <4<]A80
# 4 # 


G4<?;> @D424A C0X0 34 B>?0 0 

- 3DA0=C4
9&6)&6 &7 <8=DC>B =0 ?>B8XW> 34 <4<]A80 # 
6*,90&DJ*7

 !8/3' ' :+)2' 


  #+2+))/54+ ' 65:J4)/' *+ 3/)85O54*'9 *+  &
 2F36'*' /4*/)'*58' 658 )/3' *' :+)2' 6/9)'

 "+-;2+ 5 :+365 *+ *;8'HG5 85*'4*5 5 (5:G5


 %52:+ ' 68+3/8 ' :+)2' 

8+-;2'HG5 ,/)5; -;'8*'*'
359:8'*58 <52:' ' /4*/)'8 '9 .58'9 5; ,/)' +9);85

38&7  )] ?>34 6D0A30A D<0 ?>CZ=280 34 <82A>b>=30B 4


=W> EUA80B ?>CZ=280B B46D830B
 &>34 BD1BC8CD8A 0 @D0;@D4A <><4=C> D<0
A46D;0XW> 6D0A3030 ?>A >DCA0 &0A0 C0; B860 >B
?0BB>B 34B2A8C>B =>B ?>=C>B 0 


 $W> Y ?>BB[E4; 6D0A30A ?A>6A0<0B 34
34B2>=64;0<4=C>

&>34 02C8E0A 0B A46D;0X^4B 6D0A3030B 0 @D0;@D4A


2.(.&6 1*1I6.& <><4=C>

 !8/3' ' :+)2' 


  !8/3' ' :+)2' #:'8:
35*5 *+ 3+3M8/' -;'8*'*5 /4/)/'O9+

"*61.2&)3 3 8*143 B>0 D< B8=0; B>=>A> % 0?0A4;7> 34B;860bB4


$> <>BCA03>A 0?0A424 D<

1A0 0 ?>AC0 3> <82A>b>=30B >D ?A8<0 0 C42;0 )C>?

&6&6 &A8<0 0 C42;0 )C>? D<0 E4I 4 01A0 0 ?>AC0 3>


<82A>b>=30B 4?>8B 34 54270A 0 ?>AC0 ?A8<0 0 C42;0
)C0AC

08*6&6 $W> Y ?>BB[E4; 0;C4A0A 0B A46D;0X^4B 30 <4<]A80 )4


?A4C4=34 6D0A30A D<0 >DCA0 A46D;0XW> ?A44=270
=>E0<4=C4 0B ?>B8X^4B 34 <4<]A80 # >D # 


08*6&6 & )96&DC3 )3 7.2&0 732363
42>AA83> > C4<?> 34 3DA0XW> A46D;03> >D >
?A>6A0<0 B>0 D< B8=0; B>=>A> 3DA0=C4 D< <8=DC>
&>34 0;C4A0A 0 3DA0XW> 3> B8=0; B>=>A>
34 D< <8=DC> ?0A0  B46D=3>B
313 463(*)*6  % 0?0A4;7> C4< 34 4BC0A 34B;8603>
 0AA46D4 =0 C42;0 )C0AC 3DA0=C4  B46D=3>B 0CY
B>0A D< B8=0; $0 8=3820XW> 0?0A424 D< 
 0;C4A0XW> 4BCU 8=CA>3DI830
&A>2434=3> 30 <4B<0 5>A<0 ?>34AU A4?>A 0
3DA0XW> 3> B8=0; B>=>A> ?0A0 D< <8=DC> $0
8=3820XW> 0?0A424



*+*.DJ*7 )* 8*78* 7*,92)3 & 2361& 
 
 @D0;83034 4 > 5D=28>=0<4=C> 3>B 0?0A4;7>B 34
<82A>b>=30B BW> C4BC03>B ?>A 8=BC8CDC>B 34 4=B08>
2>< 0 09D30 34BC0B A4548X^4B

3=.2-&6 7I (31
1.(63L32)&7
"$ $,  " 1 #   $#
%"+*  %$ #
+3'*'  -  & 3/4 
 &
O 3/4 !/8+= =
)3
!G5O*+O2M  -  & O
3/4 !/8+= C )3
"525 *+ )'84+ 6/)'*'  -  & '685=
3/4   & !/8+= 8+):'4-;2'8 )3 *+
'685=  3/4 )5368/3+4:5

*7(32,*0&6 7I (31
1.(63L32)&7
"$ $,  " 1 #   $#
%"+*  %$ #
'84+  - !85-8'3'
  -
 3/4 !/8+= A
 C )3
5;
 & 3/4   &
O 3/4


.14*=& * &298*2DC3
$W> DC8;8I4 0?0A4;7>B 34 ;8<?4I0 0 0;C0 ?A4BBW> >D 0
902C> 34 E0?>A
$D=20 DC8;8I4 ?A>3DC>B 34 ;8<?4I0 06A4BB8E>B >D
2>AA>B8E>B %B A0B?03>A4B 34 <4C0; =W> BW>
034@D03>B ?0A0 ;8<?0A > E83A> 30 ?>AC0 3> 0?0A4;7>
&>34< 30=85820A 0 BD?4A5[284 4 > E83A> )4 D< ?A>3DC>
34BC4B 208A B>1A4 > ?08=4; 380=C48A> ;8<?4b>
8<4380C0<4=C4 2>< U6D0

0BC0 ;8<?0A >0?0A4;7> 2>< D< ?0=> 7_<83> )4


;8*6.36 4BC8E4A <D8C> BD9> 9D=C4 0;6D<0B 6>C0B 3434C4A64=C4
)3&4&6*0-3 30 ;>8X0 T U6D0 30 ;0E064< 4?>8B ;8<?4 14<
>0?0A4;7> 2>< D< ?0=> B42>
$W> DC8;8I4 34C4A64=C4B 06A4BB8E>B >D 01A0B8E>B 20B>
2>=CAUA8> ?>34 70E4A 5>A<0XW> 34<0=270B )4 D<
?A>3DC> 34BC4 C8?> 4=CA0A 4< 2>=C02C> 2>< 0 208G0 3>
0?0A4;7> ;8<?4b> 34 8<4380C> 2>< U6D0
4&6*0-37 *1 .23;
(4<>E0 0B <0=270B 34 20;2UA8> 6>A3DA0 0<83> 4
2;0A0 34 >E> 0BB8< @D4 5>A ?>BB[E4; )>1 4BC0 20<030
34 BD983034 ?>34 >2>AA4A 2>AA>BW>
&0A0 0 ;8<?4I0 DC8;8I4 ?A>3DC>B 2><D=B ?0A0 ;8<?4I0
34 8=>G (4B?48C4 4B2AD?D;>B0<4=C4 0B 8=BCADX^4B 3>
501A820=C4 3> ?A>3DC> 4 2><424 ?>A 4G?4A8<4=C0A
=D<0 ?4@D4=0 UA40 0=C4B 34 4B?0;70A > ?A>3DC> ?>A
C>3> > 0?0A4;7>
4&6*0-37 (31 +6*28* )* &091G2.3
4E4AU DC8;8I0A D< ;8<?0bE83A>B BD0E4 4 D< ?0=>
<028> >D D< ?0=> 34 <82A>b581A0B @D4 =W> ;814AC4
58>B "8<?0A 7>A8I>=C0;<4=C4 2>< > ?0=> B4< 50I4A
?A4BBW> B>1A4 0 BD?4A5[284
$W> DC8;8I0A ?A>3DC>B 06A4BB8E>B 4B5A46^4B @D4
?A>E>@D4< A8B2>B =4< ?0=>B 34 ;8<?4I0 UB?4A>B
"8<?0A 0B BD?4A5[284B 34 0;D<[=8> 2>< D< ?0=> B42>

$>A<0;<4=C4 10BC0 ;8<?0A > 8=C4A8>A 3> 5>A=> 2>< D<


28*6.36 )3 +3623 ?0=> 7_<83> &0A0 A4C8A0A 0 BD983034 <08B 385[28; DB4
D< 34C4A64=C4 34 ;>8X0 =W> 06A4BB8E> $W> DB4
B?A0HB ;8<?0b5>A=>B
;8<8=0A 2748A>B 34B06A03UE48B ? 4G 34?>8B 34
2>I8=70A ?48G4 Y <D8C> B8<?;4B
48C4 0;6D<0B 6>C0B 34 BD<> 34 ;8<W> =D<0 C0X0
2>< U6D0 =CA>3DI0 34=CA> 34BC0 D<0 2>;74A
@D4X0 0 U6D0 3DA0=C4 0 <8=DC>B =0 ?>CZ=280
<08B 0;C0 &0A0 C4A<8=0A ?0BB4 D< ?0=> 7_<83> ?4;>
8=C4A8>A 3> 5>A=>

"8<?4 > ?A0C> A>C0C8E> 4 > 0=4; 34 A>;0<4=C>B 2><


6&83 638&8.:3 34C4A64=C4 30 ;>8X0 "8<?4 0 A44=CAV=280 => 8=C4A8>A 3>
5>A=> 2>< D< ?0=> 7_<83> 4AC858@D4bB4 @D4 =W>
?4=4CA0 U6D0 => 8=C4A8>A 3> 0?0A4;7> 0CA0EYB 3>
0228>=0<4=C> 3> ?A0C> A>C0C8E> > 2>;>20A
=>E0<4=C4 > BD?>AC4 => B[C8> 4BC4 C4< 34 4=208G0A
2>AA42C0<4=C4

#1& &231&0.& 59* +&=*6


B 0=><0;80B BW> =0 <08>A80 3>B 20B>B B8<?;4B 34
A4B>;E4A =C4B 34 A42>AA4A T BB8BCZ=280 *Y2=820 B860
0B 8=3820X^4B B46D8=C4B

  %# ! ##-&


+/# %+*
'6'8+2.5 4G5 ,;4)/54' /).' 4G5 2/-'*' D :53'*' /-;+ ' ,/).'
'2.' *+ )588+4:+ %+8/,/7;+ 9+ ' 2F36'*' *' )5?/4.'
')+4*+


  %# ! ##-&
+/# %+*
359:8'*58 /4*/)'
  5;<+ ;3' ,'2.' *+ )+8:+ *+ 45<5 '9 .58'9
)588+4:+
3/)85O54*'9 4G5 2/-'  658:' 4G5 +9:E (+3 %+8/,/7;+ 9+ .E 8+9:59 *+ )53/*' 5;
,+).'*' 7;'27;+8 )5865 +9:8'4.5 ' 68+4*+8 '
658:' 9 9;6+8,K)/+9 *+ <+*'HG5 :J3 *+
+9:'8 2/36'9
G5 )'88+-5; 4' :+)2' '88+-;+ 4' :+)2' #:'8:
#:'8:
'6'8+2.5 4G5 9+ +4)54:8' (5:G5 ,5/ 85*'*5 '88+-;+ 4' :+)2' #:56
+3 ,;4)/54'3+4:5 /4'*<+8:/*'3+4:+
359:8'*58 /4*/)' ;3 :+365 *+
*;8'HG5
9 '2/3+4:59 *+358'3 3'/9 ' 9:E 8+-;2'*' ;3' #+2+))/54+ ;3' 65:J4)/' 3'/9 '2:'
'7;+)+8 *5 7;+ '4:+9 65:J4)/' *+ 3/)85O54*'9
*+3'9/'*5 ('/='
5/ /4:85*;?/*' 45 '6'8+2.5 5(85 *' 7;'4:/*'*+ O 7;'9+ 5 *5(85
;3' 7;'4:/*'*+ 3'/58 *+ *5 :+365
'2/3+4:59 *5 7;+ 5
.'(/:;'2
9 '2/3+4:59 +9:'<'3 3'/9 +=' 5; </8+ 59 '2/3+4:59 ' 3+/5 *5
,8/59 *5 7;+ .'(/:;'23+4:+ :+365
68':5 85:':/<5 ,'? ;3 8;K*5 '))/54'3+4:5 *5 68':5 /36+ 5 '4+2 *+ 85259 + ' )54)'</*'*+
)535 9+ 8'96'99+ 5; 85:':/<5 +9:E 9;05 5; 45 )536'8:/3+4:5 *+ )5?+*;8'
'88'9:'99+ '5 85*'8 )54:I3 )58659 +9:8'4.59

7 6*4&6&DJ*7 7I 43)*1 7*6 *+*(89&)&7 436


8E(2.(37 *74*(.&0.=&)37 )& 77.78F2(.& "E(2.(&
0B> > B4D 0?0A4;7> B490 A4?0A03> 34 5>A<0
8=034@D030 ?>34< >2>AA4A ?4A86>B 2>=B834AUE48B


77.78F2(.& "E(2.(&
)4 > B4D 0?0A4;7> C8E4A @D4 B4A A4?0A03> 4=CW> >B
=>BB>B )4AE8X>B *Y2=82>B 4BCW> 0> B4D 38B?>A $0
;8BC0 C4;45]=820 4=2>=CA0AU > 4=34A4X> 4 > =_<4A> 34
C4;45>=4 3> &>BC> 34 BB8BCZ=280 <08B ?A]G8<> %B
4=CA>B 34 BB8BCZ=280 *Y2=820 C0<1Y< ;74 ?>34<
8=3820A > &>BC> 34 BB8BCZ=280 *Y2=820 <08B ?A]G8<>
30 BD0 UA40 34 A4B83Z=280

K1*63  * K1*63  =38@D4 B4<?A4 0>B )4AE8X>B *Y2=82>B > =_<4A> 34


?A>3DC> $L  4 > =_<4A> 34 501A82> $L  3> B4D
0?0A4;7>  ?;020 34 834=C85820XW> 34 C8?> 4=2>=CA0bB4
T 38A48C0 @D0=3> B4 01A4 0 ?>AC0 3> 5>A=> &0A0 @D4
4< 20B> 34 0E0A80 =W> C4=70 34 ?A>2DA0A <D8C>
8=CA>3DI0 0@D8 >B 303>B 3> B4D 0?0A4;7>

A  

99/9:J4)/' $I)4/)' 

;8<4=C0XW> 34 2>AA4=C4
, 
I
&)37 8E(2.(37 &>CZ=280 2>=42C030 C>C0; 
-
&>CZ=280 34 <82A>b>=30B 

-
A4@DZ=280 
#I

#43830B  G " G &


b ?0A4;7>
G  G 2<
b =C4A8>A 3> 5>A=> G
G
2<

&4B>
:6
*4BC03> ?4;0 , BB>280XW>
3>B 4;42CA>CY2=82>B 0;4<W4B )8<
)[<1>;>  )8<


FX ThgR gZ fhf]XhR _\]db]h_Pgl` [T fTe VS`X\ gb _TVXSdX_T
cdTV_Tg\]R W\Tf]QWTfZ
>\T `T _cbdXSgX `T X]_XgT^^XhgXSgX n^T gT gXj`\]P
c^Xb`X]gR_TgT W\TUPfgX cTdT]T^p g\e bWZVSXe jdRfZe
KgZ` TdjR gl` bWZV\p` jdRfZe [T UdXSgX bd\f_Q`T fZ_T`g\]P
cdPV_TgT fjXg\]P _X gZ` TfiP^X\T FXgP [T V`ldSfXgX
^Xcgb_Xdpe ]P[X _Qdbe gZe `QTe fTe fhf]XhRe CT fTe
WXSabh_X n^Xe g\e Wh`TgngZgXe gZe fhf]XhRe ]T\ g\ cdQcX\ `T
]P`XgX V\T gb flfgn jX\d\f_n gZe
H\ cS`T]Xe Qjbh` gQgb\T Wb_R pfgX `T _cbdXSgX `T ]P`XgX gZ
do[_\fZ UR_T cdbe UR_T @]XS [T UdXSgX fh`Z[\f_Q`T
iTVZgP gb ]TgP^^Z^b f]Xobe ]T\ g\e \WT`\]Qe g\_Qe do[_\fZe
ihf\]P n^T Wb]\_Tf_Q`T fgb W\]n _Te XdVTfgRd\b _TVX\d\]Re
>\T `T W\TgZdRfX\ Z fhf]XhR V\T cb^o ]T\dn gZ` ldTST
X_iP`\fR gZe fTe WS`bh_X cb^^Qe fh_Ubh^Qe V\T gZ`
cXd\cbSZfZ ]T\ gb` ]T[Td\f_n ET\ fX cXdScglfZ cbh
cTdbhf\TfgXS ]PcbgX _\T U^PUZ b fg\e gX^XhgTSXe fX^SWXe [T
UdXSgX c^ZdbibdSXe cpe _cbdXSgX `T T`g\_XglcSfXgX
_n`b\Xe fTe g\e _\]dbU^PUXe
9gT` QjXgX XdlgRfX\e T`bSVXgX cdpgT gb ^Xcgb_XdR cS`T]T
cXd\Xjb_Q`l` @]XS [T ]TgTgbc\fgXSgX VdRVbdT
ET\ gpdT ]T^R W\Tf]QWTfZ _X gZ `QT fTe fhf]XhR
_\]db]h_Pgl`
*4A5>5F D9E=9KC@2AMA

,IG>9I5G45 >5= D5?=1 GIG>9I3                   


*E=A H; GOA89G; H;F >5=ACOE7=5F GIG>9I3F      
-CDC<2H;G; >5= GOA89G;                         
-= DE2D9= A5 DECG2K9H9                         
McbWXSaX\e TfiT^XSTe 
McbWXSaX\e TfiT^XSTe V\T gb _TVXSdX_T _X
gb ibod`b _\]db]h_Pgl` 
% >5=ACOE7=5 G5F GIG>9I3                       
LT XaTdgR_TgT 
*E=A H;A DEPH; KE3G;                           
Jo[_\fZ gZe pdTe 
-5 @=>EC>O@5H5                                  
B \fjoe _\]db]h_Pgl` 
6gf\ dh[_SYXgX 
FTVX\d\]P f]XoZ 
(9D17M@5 :2GH5@5 >5= @5794E9@5 @9
@=>EC>O@5H5                                      

McbWXSaX\e V\T gbhe cS`T]Xe 


GXcPVl_T 
GXcPVl_T YQfgT_T R _TVXSdX_T ]TgXkhV_Q`l`
iTVZgp` 
AQfgT_T iTVZgp` 
FTVXSdX_T iTVZgp` 
Kh_Ubh^Qe fjXg\]P _X gT _\]db]o_TgT 
IHN@5HC B9D17M@5                              
IdbVdP__TgT aXcTVp_Tgbe 
6gf\ dh[_SYXgX 


*4A5>5F D9E=9KC@2AMA

                                          
<cb[R]XhfZ dh[_SfXl` 
@]]S`ZfZ &)+.4 
??573 H;F 8=1E>9=5F HCI G3@5HCF               
/57;H1 8C>=@PA >5H1                     
QHG= <5 D9E=DC=;<94H9 H;A ;?9>HE=>3 G5F >CI:4A5 
@algXd\]n gZe fhf]XhRe 
Opdbe _TVX\dQ_Tgbe 
IXd\fgdXin_X`be WSf]be 
-= DE2D9= A5 >1A9H9 G9 D9E4DHMG; 6?16;F       
.D;E9G45 H9KA=>3F 9BID;E2H;G;F D9?5HPA        
LXj`\]P fgb\jXST


,IG>9I5G45 >5= D5?=1 GIG>9I3
DNGIEG; GO@JMA5 @9 <iT\dQfgX gZ fhf]XhR Tcn gZ fhf]XhTfST ]T\
HCIF >5ANA9F TcbfodXgX gZ fhf]XhTfST _X gdncb i\^\]n cdbe gb
DECGH5G45F HCI cXd\UP^^b`
D9E=61??CAHCF


<hgR Z fhf]XhR jTdT]ZdSYXgT\ fo_il`T _X gZ`
XhdlcTm]R bWZVST

 cXdS Z^X]gd\]p` ]T\
Z^X]gdb`\]p` fhf]Xhp` 2#/0& &(&$0.'$#( #*% &(&$0.+*'$
&-1',)&*0 s "
B bWZVST cdb]T[bdSYX\ gT c^TSf\T V\T _\T TcnfhdfZ
]T\ Ta\bcbSZfZ gl` cT^\p` fhf]Xhp` _X \fjo f n^Z
gZ` 

*E=A H; GOA89G; H;F >5=ACOE7=5F


GIG>9I3F
,;@5AH=>2F IDC894B9=F *ECHCO KE;G=@CDC=3G9H9 H;A >5=ACOE7=5 GIG>9I3
5GJ5945F D5E5>5?94G<9 A5 8=561G9H9 DECG9>H=>1 5IH2F H=F
C8;749F KE3G;F IH2F D9E=2KCIA G;@5AH=>2F
IDC894B9=F 7=5 H; KE3G; >5= H;A D9E=DC4;G; H;F
GIG>9I3F
 Nh^PagX ]T^P g\e bWZVSXe jdRfZe ]T\ gbcb[QgZfZe
KX cXdScglfZ cbh cTdTjldRfXgX gZ fhf]XhR fX
gdSgb cTdT]T^XSf[X `T WpfXgX _TYS ]T\ g\e bWZVSXe
jdRfZe ]T\ gbcb[QgZfZe
 FZ [QfXgX gZ fhf]XhR fX ^X\gbhdVST T`
W\Tc\fgpfXgX ng\ ThgR QcT[X YZ_\P ]TgP
gZ_XgTibdP


-CDC<2H;G; >5= GOA89G;
 IdbfQagX cTdT]T^p g\e X\W\]Qe bWZVSXe
gbcb[QgZfZe
 <hgR Z fhf]XhR cdbbdSYXgT\ _n`b V\T gZ`
gbcb[QgZfZ <hgR Z fhf]XhR WX` cdbbdSYXgT\ le
Xc\gdTcQY\T fhf]XhR R V\T gZ jdRfZ _QfT fX Q`T
`gbh^Pc\
 B fhf]XhR _cbdXS `T gbcb[XgZ[XS f Q`T kZ^n
`gbh^Pc\ c^Pgbhe  2< R  2< gb X^Pj\fgb
 2< UP[be ]T\ 2< cP`l Tcn gb WPcXWb
 B fhf]XhR cTdTWSWXgT\ Qgb\_Z V\T fo`WXfZ ]T\
Xc\gdQcXgT\ `T fh`WX[XS _n`b fX _\T cdSYT fbo]b
cbh XS`T\ XV]TgXfgZ_Q`Z fo_il`T _X gbhe
]T`b`\f_boe B TfiP^\fZ cdQcX\ `T T`QdjXgT\ fX
q " R  Thgn_Tgbe W\TddbRe B gPfZ gbh
W\]gobh cdQcX\ `T fh_il`XS _X gZ` gPfZ cbh
T`TiQdXgT\ cP`l fgZ` c\`T]SWT gocbh
 B _XgTgnc\fZ gZe cdSYTe R Z T`g\]TgPfgTfZ gbh
]T^lWSbh fo`WXfZe Xc\gdQcXgT\ `T VS`X\ _n`b Tcn
X\W\]Xh_Q`b Z^X]gdb^nVb KX cXdScglfZ cbh _XgP
gZ` gbcb[QgZfZ gZe fhf]XhRe Z cdSYT WX` XS`T\
c^Qb` cdbf\gR cdQcX\ `T hcPdjX\ Tcn gZ` c^XhdP
gZe XV]TgPfgTfZe _\T W\PgTaZ W\T]bcRe n^l` gl`
cn^l` _ Q`T W\P]X`b XcTiRe gb ^\VngXdb  <<
 Ib^ocd\YT cRjX\e cd\Yp` ]T\ _cT^T`gQYXe WX`
Xc\gdQcXgT\ `T jdZf\_bcb\Z[bo` KX cXdScglfZ
hcXdindglfZe hcPdjX\ ]S`Wh`be chd]TV\Pe


-= DE2D9= A5 DECG2K9H9

.DC894B9=F
5GJ5?945F <hgR Z fhf]XhR T`gTcb]dS`XgT\ fgbhe ]T`b`\f_boe
TfiT^XSTe V\T Z^X]gd\]Qe fhf]XhQe H\ Xc\f]XhQe
Xc\gdQcXgT\ `T VS`b`gT\ _n`b Tcn gbhe gXj`\]boe gbh
g_R_Tgbe XahcZdQgZfZe cX^Tgp` cbh Qjbh`
X]cT\WXhgXS Tcn gb` ]TgTf]XhTfgR KX cXdScglfZ cbh
b\ Xc\f]XhQe WX VS`bh` flfgP _cbdXS `T cdb]okbh`
fbUTdbS ]S`Wh`b\ V\T fTe
B fhf]XhR cdbbdSYXgT\ _n`b V\T gZ` b\]\T]R jdRfZ
OdZf\_bcb\XSgX gZ fhf]XhR Tcb]^X\fg\]P V\T gb
_TVXSdX_T iTVZgp`
B fhf]XhR WX` Xc\gdQcXgT\ `T gX[XS cbgQ fX ^X\gbhdVST
Tcn X`R^\]Xe ]T\ cT\W\P jldSe Xc\gRdZfZ
 ngT` ThgbS WX` UdSf]b`gT\ fX ]T^R ihf\]R R
c`Xh_Tg\]R ]TgPfgTfZ
 R ngT` gbhe ^ocX\ Z V`pfZ ]T\ Z X_cX\dST `T
jX\dSYb`gT\ gZ fhf]XhR flfgP ]T\ fSVbhdT

*5=8=1 >5= @=>EC>O@5H5 LT cT\W\P Xc\gdQcXgT\ `T jdZf\_bcb\bo` g\e fhf]XhQe


 _\]db]h_Pgl` _n`b ngT` Qjbh` ]TgTgbc\fgXS XcTd]pe
LT cT\W\P cdQcX\ `T XS`T\ fX [QfZ `T jX\dSYb`gT\ gZ
fhf]XhR flfgP ]T\ `T ]TgT`bbo` gbhe ]\`Wo`bhe cbh
Xc\fZ_TS`b`gT\ fg\e bWZVSXe jdRfZe
LT cT\W\P cdQcX\ `T Xc\gZdbo`gT\ ]TgP gZ jdRfZ gZe
fhf]XhRe V\T `T _Z` cTSYbh` _X gZ fhf]XhR

&5IH2F 9D=J1A9=9F  FZ` T]bh_cRfXgX cbgQ g\e XcP`l Xc\iP`X\Xe gl`


fhf]Xhp` [Qd_T`fZe ]T\ _TVX\dQ_Tgbe <hgQe
[Xd_TS`b`gT\ ]TgP gZ ^X\gbhdVST cPdT cb^o
EdTgPgX gT cT\W\P _T]d\P ES`Wh`be XV]Th_Pgl`
FZ _TV]p`XgX cbgQ gT ]T^pW\T fo`WXfZe gl`
Z^X]gd\]p` fhf]Xhp` fgZ` cndgT gZe fhf]XhRe
B_n`lfZ gl` ]T^lWSl` [T _cbdbofX W\TibdXg\]P `T
hcbfgXS YZ_\P
=dTjh]o]^l_T ]S`Wh`be Z^X]gdbc^ZaSTe
FZ jdZf\_bcb\XSgX cbgQ gZ` XcP`l c^XhdP gZe
fhf]XhRe le Xc\iP`X\T X`Tcn[XfZe ES`Wh`be
chd]TV\Pe


0PECF @579=E2@5HCF  FZ` gbcb[XgXSgX cbgQ Xoi^X]gT T`g\]XS_X`T _QfT fgb
jpdb _TVX\dQ_Tgbe <hgP gT T`g\]XS_X`T [T
_cbdbofT` `T T`Ti^Xjgbo` _X gZ` X`XdVbcbSZfZ gZe
fhf]XhRe
ES`Wh`be XV]Th_Pgl`
KX cXdScglfZ ]Tc`bo _QfT fgb jpdb _TVX\dQ_Tgbe
_Z` T`bSVXgX cbgQ gZ` cndgT gZe fhf]XhRe <iT\dQfgX
gb i\e Tcn gZ` cdSYT
FZ` X`XdVbcb\XSgX cbgQ gZ fhf]XhR jldSe iTVZgP
_QfT fgb jpdb _TVX\dQ_Tgbe CT _cbdbofX
W\TibdXg\]P `T hcXdibdgl[XS @aTSdXfZ TcbgX^XS _\T
fo`gb_Z Wb]\_R _TVX\d\]bo f]Xobhe U^QcX ]XiP^T\b
Nbod`be _\]db]h_Pgl` FTVX\d\]P f]XoZ
FZ jdZf\_bcb\XSgX cbgQ gZ fhf]XhR _\]db]h_Pgl`
jldSe cXd\fgdXin_X`b WSf]b
FZ` gbcb[XgXSgX cbgQ gdni\_T TcXh[XSTe cP`l fgb`
cXd\fgdXin_X`b WSf]b OdZf\_bcb\XSgX cP`gbgX Q`T
_TVX\d\]n f]Xobe
Lb hVdn cbh aXjX\^SYX\ ]TgP gb UdPf\_b WX`
Xc\gdQcXgT\ `T X\fjldRfX\ _QfT Tcn gb _ZjT`\f_n
]S`ZfZe gbh cXd\fgdXin_X`bh WSf]bh fgb XflgXd\]n
gZe fhf]XhRe ITdT]b^bh[XSgX gZ W\TW\]TfST
OdZf\_bcb\XSgX _\T fo`gb_Z W\Pd]X\T ]T\ dh[_SfgX XP`
jdX\TfgXS
IdbfbjR fgT iTVZgP gT bcbST cTdTf]XhPYb`gT\ _X
Wh`TgP b\`bc`Xh_TgpWZ cbgP c j ]b`\P] dbo_\
Lb b\`nc`Xh_T T^]bn^Z XaTg_SYXgT\ fg\e hkZ^Qe
[Xd_b]dTfSXe KX cXdScglfZ Whf_X`p` fh`[Z]p`
_cbdbo` b\ Tg_bS gbh b\`bc`Xo_Tgbe `T T`Ti^XVbo`
_QfT fgb jpdb _TVX\dQ_Tgbe ES`Wh`be XV]Th_Pgl`
OdZf\_bcb\XSgX _n`b _\]dQe cbfngZgXe Tcn Wh`TgP
b\`bc`Xh_TgpWZ cbgP ]T\ T`bSVXgX cdbfX]g\]P gZ`
cndgT gbh jpdbh _TVX\dQ_Tgbe

*NEH5 GIG>9I3F >5=


HG=@COK5
 FZ [QgXgX cbgQ gZ fhf]XhR fX ^X\gbhdVST ngT` Z
cndgT gZe fhf]XhRe XS`T\ jT^Tf_Q`Z ?\TibdXg\]P
GH975ACDC4;G;F _cbdXS `T XaQ^[X\ X`QdVX\T _\]db]h_Pgl` ET^QfgX gZ`
hcZdXfST gXj`\]Re XahcZdQgZfZe cX^Tgp`
B cndgT gZe fhf]XhRe cdQcX\ `T ]^XS`X\ ]T^P
@P` Z gf\_bojT fgXVT`bcbSZfZe XS`T\ cb^o ^Xdl_Q`Z
WX` ]^XS`X\ c^Qb` flfgP Z cndgT gZe fhf]XhRe ]TgP
gZ ^X\gbhdVST H\ VX\gb`\]Qe cdbfnkX\e gl` `gbh^Tc\p`
_cbdbo` `T jT^Pfbh` ?\TgZdXSgX gZ` gf\_bojT
fgXVT`bcbSZfZe cP`gbgX ]T[TdR

*9E=61??CA  FZ` X][QgXgX gZ fhf]XhR _\]db]h_Pgl` cbgQ fX


_XVP^Z YQfgZ ]T\ hVdTfST

&5<5E=G@NF  FZ jdZf\_bcb\XSgX cbgQ fhf]XhQe ]T[Td\f_bo _X


hkZ^R cSXfZ R fhf]XhQe X]gnaXhfZe Tg_bo
=dTjh]o]^l_T ]S`Wh`be Z^X]gdbc^ZaSTe
ET[TdSYXgX gZ fhf]XhR gT]g\]P KX cXdScglfZ
T`XcTd]boe ]T[Td\f_bo _cbdXS `T ]TgTfgdTiXS Z
Xc\iP`X\T ]T\ Z fhf]XhR _X gb cQdTf_T gbh jdn`bh
`T f]bhd\PfX\ ?\TiXoVX\ X`QdVX\T _\]db]h_Pgl`

#D=G>9I2F  H\ Xc\f]XhQe Xc\gdQcXgT\ `T VS`b`gT\ _n`b Tcn


gXj`\]boe gbh fQdU\e cbh XS`T\ X]cT\WXh_Q`b\ Tcn gb`
]TgTf]XhTfgR KX cXdScglfZ cbh b\ Xc\f]XhQe WX
VS`bh` flfgP _cbdXS `T cdb]okbh` fbUTdbS ]S`Wh`b\
V\T fTe
FZ` X]gX^XSgX cbgQ XdVTfSXe Xc\f]XhRe R fh`gRdZfZe
V\T g\e bcbSXe cdQcX\ `T TiT\dX[XS gb ]P^h__T
cdbfgTfSTe Tcn gZ` X`QdVX\T gl` _\]db]h_Pgl`
ET^QfgX gZ` hcZdXfST gXj`\]Re XahcZdQgZfZe cX^Tgp`
FZ` T`bSVXgX cbgQ gb cXdSU^Z_T B fhf]XhR ^X\gbhdVXS
_X hkZ^R gPfZ
FZ` X`XdVbcb\XSgX cbgQ _\T jT^Tf_Q`Z fhf]XhR
<iT\dQfgX gb i\e Tcn gZ` cdSYT ET^QfgX gZ` hcZdXfST
gXj`\]Re XahcZdQgZfZe cX^Tgp`
FZ` T`g\]T[\fgPgX cbgQ b\ SW\b\ gZ ^P_cT gbh jpdbh
_TVX\dQ_Tgbe ET^QfgX gZ` hcZdXfST gXj`\]Re
XahcZdQgZfZe cX^Tgp`
IJHKHOB H\ XdVTfSXe Xc\f]XhRe ]T\ fh`gRdZfZe V\T
g\e bcbSXe cdQcX\ `T TiT\dX[XS gb ]P^h__T
cdbfgTfSTe Tcn gZ` X`QdVX\T gl` _\]db]h__Pgl`
Xc\gdQcXgT\ `T VS`b`gT\ ^nVl gl` ]\`Wo`l` cbh
_cbdbo` `T cdb]okbh` _n`b Tcn X\W\]Xh_Q`b
cdbflc\]n


 H ibod`be _\]db]h_Pgl` WX` Xc\gdQcXgT\ `T gX[XS
.DC894B9=F cbgQ fX ^X\gbhdVST jldSe iTVZgP
5GJ5?945F 7=5 HC  FX gb ibod`b _\]db]h_Pgl` YXfgTS`XgX cP`gbgX
@5794E9@5 @9 HC _n`b iTVZgP ]T\ cbgP 5^^Xe jdRfX\e _cbdbo` `T
JCOEAC ]TgTfgbo` Xc\]S`Wh`Xe ]T\ `T cdb]T^Qfbh` YZ_\Qe
I j _cbdbo` `T T`Ti^XVbo` gT fT]bh^P]\T _X
@=>EC>I@1HMA fcndbhe ]T\ WZ_Zgd\T]P
 &4A8IACF 97>5I@1HMA
ETgP gb YQfgT_T gl` hVdp` gbcb[XgXSgX cP`gbgX
_QfT fgb WbjXSb Q`T ]bhgT^P]\ gbh V^h]bo V\T `T
TcbioVXgX gZ` Xc\UdPWh`fZ gbh UdTf_bo KX
cXdScglfZ Xc\UdPWh`fZe gbh UdTf_bo
Xc\ghVjP`XgT\ Z [Xd_b]dTfST UdTf_bo jldSe `T
T`XUTS`bh` b\ jTdT]gZd\fg\]Qe ihfT^SWXe Tg_bo
7WZ Z cTdT_\]dR Wn`ZfZ gbh WbjXSbh _cbdXS `T
bWZVRfX\ fX aTi`\]R hcXdjXS^\fZ ]T\ fX
c\gf\^Sf_TgT gbh ]Thgbo hVdbo cdPV_T cbh _cbdXS
`T cdb]T^QfX\ gdTh_Tg\f_boe ]T\ XV]To_TgT
 =dXi\]Qe gdbiQe
AXfgTS`XgX g\e UdXi\]Qe gdbiQe fX UTYP]\T R fX
i\P^Xe cP`gbgX jldSe ]TcP]\ R [R^Tfgdb FXgP gb
YQfgT_T cdQcX\ `T T`T]TgXoXgX R `T ]bh`PgX ]T^P
gZ UdXi\]R gdbiR pfcbh `T ]TgT`X_Z[XS Z
[Xd_ngZgT b_b\n_bdiT @^QVjXgX cTdT]T^p gZ
[Xd_b]dTfST cdbgbo WpfXgX gZ` gdbiR fgb cT\WS
ES`Wh`be XV]Th_Pgl`
 FZ YXfgTS`XgX iTVZgP ]T\ cbgP fX Xd_Zg\]P ]^X\fgP
WbjXST ES`Wh`be Q]dZaZe
 LT b\`bc`Xh_TgpWZ cbgP WX` Xc\gdQcXgT\ `T
YXfgT[bo` fX cb^o hkZ^R [Xd_b]dTfST ES`Wh`be
Q]dZaZe
 FZ YXfgTS`XgX iTVZgP _QfT fX fhf]XhTfSXe V\T gZ
W\TgRdZfZ gZe [Xd_b]dTfSTe <hgQe b\ fhf]XhTfSXe
_cbdbo` `T T`Ti^XVbo` LT gdni\_T _QfT fX
WbjXST Tcn c^Tfg\]n jTdgS R P^^T Xoi^X]gT h^\]P
cdQcX\ `T cTdT]b^bh[bo`gT\ ]TgP gb YQfgT_T KX
TXdbfgXVpe ]^X\f_Q`T gdni\_T _cbdXS `T f]PfX\ Z
fhf]XhTfST
 FZ` kR`XgX b^n]^ZdT ThVP _QfT fgb ]Q^hibe ]T\
_Z YXfgTS`XgX gT fi\jgbUdTf_Q`T ThVP V\TgS
_cbdbo` `T f]Pfbh` _X Wo`T_Z <hgn \fjoX\ XcSfZe
]T\ V\T gT bfgdT]bX\WR KgT ThVP _Pg\T R fgT ThVP
cbfQ gdhcRfgX cdpgT gb` ]dn]b


 KX gdni\_T _X f]^Zdn cXdSU^Z_T R i^b\n c j
_R^T `gb_PgXe cTgPgXe ^bh]P`\]T XS`T\ Wh`Tgn`
`T f]PfX\ gb cXdSU^Z_T
b i^b\ne >\ Thgn cd\` gb
YQfgT_T gdhcRfgX gb cXdSU^Z_T R gZ i^boWT f
ThgP gT gdni\_T
 KX cXdScglfZ cbh cdQcX\ `T aZdP`XgX gdni\_T
ncle Tdl_Tg\]P ihgP idbogT R _T`\gPd\T R `T
aXcTVpfXgX R `T YXfgP`XgX gdni\_T _X X^Pj\fgZ
cXd\X]g\]ngZgT fX `Xdn ncle c j kl_S cdQcX\ `T
Xc\gZdXSgX gZ` T`gSfgb\jZ W\TW\]TfST KX cXdScglfZ
hcXdUb^\]Re aRdT`fZe hcPdjX\ ]S`Wh`be chd]TV\Pe
 FZ [Xd_TS`XgX ^PW\ _X gZ ^X\gbhdVST _\]db]h_Pgl`
CT _cbdbofX gb ^PW\ `T T`Ti^XjgXS
 OdZf\_bcb\XSgX _n`b _TVX\d\]P f]XoZ ]TgP^^Z^T V\T
ibod`b _\]db]h_Pgl`
 LT _TVX\d\]P f]XoZ Tcn cbdfX^P`Z ]T\ ]XdT_\]n
h^\]n _cbdXS `T Qjbh` cb^o _\]dQe gdocXe fg\e
^TUQe ]T\ fgT ]TcP]\T ISfl Tcn ThgQe g\e gdocXe
hcPdjX\ Q`Te ]X`ne jpdbe B hVdTfST cbh QjX\
X\fjldRfX\ fgb` ]X`n jpdb _cbdXS `T cdb]T^QfX\
dlV_Qe fgT f]XoZ
 Jh[_SYXgX cTdT]T^p cP`gbgX gZ` \fjo gl`
_\]db]h_Pgl` ]T\ gb jdn`b cbh T`TiQdXgT\ fg\e
bWZVSXe jdRfZe KX cXdScglfZ cbh Xc\^QaTgX _\T
cb^o _XVP^Z \fjo R jdn`b XS`T\ Wh`Tgn` `T
T`Ti^Xjgbo` gT gdni\_T ]T\ `T cdb]^Z[bo` YZ_\Qe
fgZ fhf]XhR
 LT YXfgP iTVZgP _XgTWSWbh` gZ [Xd_ngZgP gbhe
6gf\ _cbdbo` gT _TVX\d\]P f]XoZ `T YXfgT[bo`
cb^o OdZf\_bcb\XSgX c\PfgdXe ngT` [Q^XgX `T
UVP^XgX gb f]Xobe _X gb iTVZgn Tcn gZ fhf]XhR


% >5=ACOE7=5 G5F GIG>9I3

!  *


AG? REK ZO? RE BG;OHCG?
H?G RM ?SRXJ?RM LCN;AWJ?

#%&#!(+$ +"&$
AG? RE OYFJGQE REP ZO?P
&#!  !+ REP BG;OHCG?P H?G RMS
?SRXJ?RMS LCN?AZJ?RMP
1NMOC>RC K? OSFJ>QCRC JG?
BG;OHCG? <WP ICNR;

&#  & %),


&* #!'&*
 &
 &
 &
 &
 &
&#   "'

&#! '&+&!
"* 

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

&#!  &!


! &$ "+#&$


-5 9B5EH3@5H5
) D9E=GHE9JN@9ACF 84G>CF
6gf\ gbcb[XgXSgX gb` cXd\fgdXin_X`b
WSf]b
 Lbcb[XgRfgX gb ibdQT  fgb
_ZjT`\f_n ]S`ZfZe  fgZ _QfZ gbh cPgbh
gbh jpdbh _TVX\dQ_Tgbe
 Lbcb[XgRfgX gb` cXd\fgdXin_X`b
WSf]b  cP`l fgb ibdQT 

OdZf\_bcb\XSgX gZ fhf]XhR _n`b _X


gbcb[XgZ_Q`b gb` cXd\fgdXin_X`b WSf]b
IdbfQjXgX cTdT]T^p `T XS`T\ b ibdQTe
flfgP TfiT^\f_Q`be H cXd\fgdXin_X`be
WSf]be _cbdXS `T cXd\fgdQiXgT\ cdbe gT
Td\fgXdP R cdbe gT WXa\P

!I<=:N@9AC= 8=5>NDH9F H cXd\fgdbi\]ne W\T]ncgZe XS`T\ Uh[\Yn_X`be


>\T gZ` X`XdVbcbSZfZ ]T\ TcX`XdVbcbSZfZ cTgRfgX gZ
^TUR gbh W\T]ncgZ H cXd\fgdbi\]ne W\T]ncgZe _cbdXS
`T cXd\fgdTiXS cdbe gT WXa\P R cdbe gT Td\fgXdP


*E=A H;A DEPH; KE3G;
FXgP gZ fo`WXfZ gZe fhf]XhRe R _XgP Tcn W\T]bcR
+O<@=G; H;F gbh dXo_Tgbe T`TUbfUR`bh` fgZ` Q`WX\aZ gdST
PE5F _ZWX`\]P FXgP Tcn _Xd\]P WXhgXdn^XcgT X_iT`SYXgT\
  Z P`ls]Pgl gX^XST T`TUbfUR`X\
Jh[_SfgX gZ` pdT

 4SFJ>QRC REK ZO? JC RMK  3?R=QRC RM NI=HROM 4MIXG 

NCOGQROMTGHX BG?HXNRE
. ZO? <UCG OSFJGQRC>

,63G=@C H;F PE5F ITgRfgX gb c^R]gdb Jb^n\  ]T\ _XgP cTgRfgX gb


c^R]gdb )C>?
B Q`WX\aZ WX ilgSYXgT\

#D5A5EEO<@=G; H;F ITgRfgX gb c^R]gdb Jb^n\ 


PE5F KgZ` Q`WX\aZ X_iT`SYXgT\  Z pdT Jh[_SfgX ncle
cXd\VdPiXgT\ fgT fZ_XST ]T\

??573 H;F PE5F  ITgRfgX gb c^R]gdb Jb^n\ 


5DN >5?C>5=E=A3 G9  <^^PagX gZ` pdT _X gb` cXd\fgdbi\]n W\T]ncgZ
K9=@9E=A3 PE5  ITgRfgX gb c^R]gdb Jb^n\  B pdT QjX\
T^^PaX\
.DN89=B;  @P` aTi`\]P fgZ` Q`WX\aZ X_iT`SYXgT\ _\T W\Pd]X\T
[T cXd\fgdPiZ]X T[Q^ZgT b cXd\fgdbi\]ne
W\T]ncgZe ITgRfgX gb c^R]gdb )C>? B pdT
X_iT`SYXgT\ aT`P


.DC894B9=F
B fhf]XhR XS`T\ Xabc^\f_Q`Z _ Q`T` T`X_\fgRdT H
T`X_\fgRdTe _cbdXS `T fh`XjSfX\ `T ^X\gbhdVXS T]n_T
]T\ ngT` Z fhf]XhR QjX\ gX[XS RWZ X]gne ^X\gbhdVSTe
Kgb gYP_\ gZe cndgTe fgT XflgXd\]P gb\jp_TgT ]T\
fgb` cPgb gZe fhf]XhRe _cbdXS `T cTdbhf\TfgXS
hVdTfST <hgn XS`T\ ]T`b`\]n ]T\ WX` X_cbWSYX\ gZ
^X\gbhdVST gbh ibod`bh _\]db]h_Pgl` KibhVVSfgX
cTdT]T^p gZ` hVdTfST _XgP gb _TVXSdX_T

-5 @=>EC>O@5H5
LT _\]db]o_TgT _XgTgdQcb`gT\ _QfT fgT gdni\_T fX
[Xd_ngZgT LT _\]db]o_TgT XS`T\ ]TgP^^Z^T V\T gb
VdRVbdb aXcPVl_T YQfgT_T ^\pf\_b ]T\ _TVXSdX_T
FZ W\fgPfXgX `T Wb]\_PfXgX gT _\]db]o_TgT gpdT
T_Qfle AXfgP`XgX V\T cTdPWX\V_T Q`T i^\gYP`\ `Xdn
V\T gb gfP\ fTe
IPdgX Q`T _XVP^b i^\gYP`\ jldSe jdhfR Z TfZ_Q`\T
W\T]nf_ZfZ ]T\ UP^gX _QfT f Thgn Q`T ]bhgT^P]\ gbh
gfTV\bo
 ITgRfgX gb c^R]gdb \fjobe _\]db]h_Pgl` gl`
 -0CC
 Jh[_SfgX _X gb` cXd\fgdXin_X`b W\T]ncgZ fgb
^Xcgn ]T\  WXhgXdn^XcgT
 ITgRfgX gb c^R]gdb X]]S`ZfZe 0#.0
FXgP Tcn ^Xcgn ]T\  WXhgXdn^XcgT ZjXS Q`T fR_T
FcbdXSgX `T fgT_TgRfXgX gb fR_T cdnldT cTgp`gTe
gb c^R]gdb 0+,
@`p cS`XgX gb gfP\ W\TUPfgX cTdT]T^p T]n_T _\T
ibdP g\e hcbWXSaX\e TfiT^XSTe cbh UdSf]b`gT\ fgZ`
TdjR gl` bWZV\p` jdRfZe <hgQe b\ hcbWXSaX\e
TfiT^XSTe XS`T\ cb^o fZ_T`g\]Qe


 "#00 V\T gb YQfgT_T hVdp`
% =GKOF  "#00 V\T gb YQfgT_T ]T\ gb _TVXSdX_T iTVZgp`
@=>EC>I@1HMA  "#00 V\T gb _TVXSdX_T ]dQTgbe ]T\ V\T gb
YQfgT_T XhTSf[Zgl` iTVZgp`
 "#00 V\T gb aXcPVl_T ]T\ gZ fh`Qj\fZ gbh
_TVX\dQ_Tgbe
r "#00 V\T gb aXcPVl_T XhTSf[Zgl` iTVZgp`

ITdPWX\V_T  - cXdScbh ^XcgP


HG= EI<@4:9H9

 3?R=QRC RM NI=HROM AG?  4SFJ>QRC JC RMK  3?R=QRC RM NI=HROM CHH>KEQEP


REK CNGFSJER= @?FJ>B? GQUYMP NCOGQROMTGHX BG?HXNRE RE #:'8:

JGHOMHSJ;RWK
BG;OHCG?

. CKBCGHRGH= ISUK>? N;KW ?NX


RM NI=HROM ?K?@MQ@=KCG

B X`WX\]g\]R ^hj`ST cP`l Tcn gZ` UT[_SWT \fjobe gl`


_\]db]h_Pgl` T`PUX\ B W\Pd]X\T X_iT`SYXgT\ fgZ`
Q`WX\aZ cP`gbgX fX T`gSfgdbiZ _QgdZfZ

'9H1 H; ?3B; HCI ZjXS Q`T fR_T B fhf]XhR TcX`XdVbcb\XSgT\


KENACI KgZ` Q`WX\aZ X_iT`SYXgT\ gb
<`bSagX gZ` cndgT gbh jpdbh _TVX\dQ_Tgbe R cTgRfgX
gb c^R]gdb )C>?

"=NE<MG; @P` QjX\ dh[_\fgXS _n`b _\T UT[_SWT \fjobe


_\]db]h_Pgl` _cbdXS Z W\Pd]X\T `T T^^PaX\
bcbgXWRcbgX @P` Qjbh` dh[_\fgXS cXd\ffngXdXe
UT[_SWXe \fjobe ]T\ jdn`b\ _\]db]h_Pgl` _cbdXS `T
T^^PaX\ Z W\Pd]X\T _n`b cd\` gZ` X]]S`ZfZ

,H5@1H;@5 ITgRfgX gb c^R]gdb )C>? _ST ibdP R T`bSagX gZ`


cndgT gbh jpdbh _TVX\dQ_Tgbe FXgP gb ]^XSf\_b
cTgRfgX gb c^R]gdb X]]S`ZfZe )C0AC


,63G=@C ITgRfgX gb c^R]gdb )C>? Wob ibdQe R T`bSagX gZ`
cndgT ]T\ cTgRfgX gb c^R]gdb )C>? _ST ibdP

+O<@=G; D9E=GGNH9EMA IdbjldRfgX ncle cXd\VdPiXgT\ fgb fZ_XSb ]T\


65<@48MA =GKOCF Jh[_SfgX _XgP gZ Z UT[_SWT \fjobe ]T\ jdn`b
@=>EC>I@1HMA 8=58CK=>1 _\]db]h_Pgl` FcbdXSgX `T dh[_SfXgX _Qjd\ ]T\
UT[_SWXe \fjobe ]T\ jdn`bhe _\]db]h_Pgl`
W\TWbj\]P Kgb gQ^be cTgRfgX gb c^R]gdb X]]S`ZfZe
)C0AC
.DC894B9=F  F\T UT[_SWT \fjobe _\]db]h_Pgl` _cbdXS `T
Xc\^XVXS XcSfZe ]T\ Wob ibdQe
c j  -   -   -
LT  - _cbdXSgX `T gT Xc\^QaXgX _n`b _\T ibdP
 B W\Pd]X\T WX` _cbdXS `T _XgTU^Z[XS
 FcbdXSgX `T dh[_SfXgX gZ` \fjo gl`  - gb
cb^o  ^XcgP ]P[X P^^Z \fjo _Qjd\  ^XcgP
 B W\Pd]X\T dh[_SYXgT\
_Qjd\ ^Xcgn fX UR_TgT WXhgXdb^Qcgbh
_Qjd\  ^XcgP fX UR_TgT gl` WXhgXdb^Qcgl`
_Qjd\  ^XcgP fX UR_TgT ^Xcgp`
_Qjd\  ^XcgP fX UR_TgT gl`  ^Xcgp`
 FcbdXSgX `T dh[_SfXgX cdpgT gZ UT[_SWT \fjobe
gl` _\]db]h_Pgl` ]T\ _XgP gZ W\Pd]X\T
_TVX\dQ_Tgbe R T`gSfgdbiT

OdZf\_bcb\XSgX chdS_TjT _TVX\d\]P f]XoZ Tcn VhT^S


'579=E=>1 G>9O; hT^b]XdT_\]n h^\]n cbdfX^P`Z ]XdT_\]n R T`[X]g\]n
fgZ [Xd_ngZgT c^Tfg\]n h^\]n LT _\]db]o_TgT
W\TcXd`bo` ThgP gT h^\]P
LT _\]db]o_TgT WX` _cbdbo` `T W\TcXdPfbh` gT
_XgT^^\]P f]XoZ >\ Thgn gT iTVZgP fX ]^X\fgP
_XgT^^\]P WbjXST cTdT_Q`bh` ]doT
IdbfQjXgX `T UdSf]XgT\ Q`T ghjn` _XgT^^\]n
T`g\]XS_X`b c j Q`T ]bhgP^\ gb ^\VngXdb $) _T]d\P
Tcn gT gb\jp_TgT gbh jpdbh _TVX\dQ_Tgbe ]T\ Tcn
gZ` XflgXd\]R c^XhdP gZe cndgTe ?\TibdXg\]P [T
_cbdbofX `T ]TgTfgdTiXS gb VhT^S gZe XflgXd\]Re
c^XhdPe gZe cndgTe Tcn gZ WZ_\bhdVST Z^X]gd\]p`
fc\`[Rdl`
KX cb^^Qe cXd\cgpfX\e _cbdXSgX `T jdZf\_bcb\RfXgX
Tcn gZ` TdjR f]XoZ fXdU\dSf_Tgbe 6gf\ Xab\]b`b_XSgX
jdn`b fgb fXdUSd\f_T ]T\ fgb c^of\_b gl` f]Xhp`


OdZf\_bcb\XSgX gT _TVX\d\]P f]XoZ _X jdhfTi\Qe R
TfZ_Q`\Xe W\T]bf_RfX\e _n`b gngX ngT` b
]TgTf]XhTfgRe gl` _TVX\d\]p` f]Xhp` XVVhPgT\ ng\ gb
f]Xobe XS`T\ ]TgP^^Z^b V\T _\]db]o_TgT
Lbcb[XgXSgX gb _TVX\d\]n f]Xobe UTf\]P cP`l fgb`
cXd\fgdXin_X`b WSf]b

"C>=@3 G>9OCIF @P` WX` XSfgX fSVbhdb\Xe ng\ gT _TVX\d\]P fTe f]XoZ
XS`T\ ]TgP^^Z^T V\T _\]db]o_TgT ]P`XgX gZ` T]n^bh[Z
Wb]\_R
Lbcb[XgRfgX gb PWX\b f]Xobe V\T : le ^Xcgn _X gZ
_QV\fgZ \fjo _QfT fgZ fhf]XhR @^QVagX X`W\P_XfT gZ
[Xd_b]dTfST Lb f]Xobe cdQcX\ `T XS`T\ ]dob R `T
QjX\ gZ [Xd_b]dTfST gbh jXd\bo @P` gb f]Xobe QjX\
YXfgT[XS cb^o R WZ_\bhdVbo`gT\ fc\`[RdXe gngX WX`
XS`T\ ]TgP^^Z^b
*ECGCK3 LT _\]db]o_TgT WX` Xc\gdQcXgT\ `T gX[bo` fX
^X\gbhdVST jldSe iTVZgP B _n`Z XaTSdXfZ XS`T\ ThgR Z
Wb]\_R f]Xobhe

(9D17M@5 :2GH5@5 >5= @5794E9@5


@9 @=>EC>O@5H5
Kgbhe T]n^bh[bhe cS`T]Xe [T UdXSgX Wh`TgngZgXe ]T\
.DC894B9=F 7=5 g\_Qe do[_\fZe V\T gT _\]db]o_TgT
HCIF D4A5>9F H\ g\_Qe gbh jdn`bh cbh T`TiQdb`gT\ fgbhe cS`T]Xe
XS`T\ X`WX\]g\]Qe g\_Qe <hgQe b\ g\_Qe XaTdgp`gT\ Tcn
gb _TVX\d\]n f]Xobe gZ` cb\ngZgT gZ [Xd_b]dTfST ]T\
gZ fofgTfZ gl` gdbiS_l`
Kgbhe cS`T]Xe WS`b`gT\ gT]g\]P cXd\bjQe jdb`\]Re
W\Pd]X\Te Jh[_SfgX cdpgT fgZ _\]dngXdZ jdb`\]R
W\Pd]X\T ]T\ T` XS`T\ TcTdTSgZgb gZ` cTdTgXS`XgX
FcbdXS `T fh_UXS `T QjXgX W\TibdXg\]Qe cbfngZgXe
Tc ThgQe cbh T`TiQdb`gT\ fgbhe cS`T]Xe
>\ Thgn hcPdjX\ Q`Te cdT]g\]ne ]T`n`Te
?\c^Pf\T cbfngZgT s fjXWn` W\c^Pf\T W\Pd]X\T
_\fR cbfngZgT s _\fR W\Pd]X\T
Lbcb[XgXSgX gb _TVX\d\]n f]Xobe cP`gbgX cP`l fgb`
cXd\fgdXin_X`b WSf]b

 Lbcb[XgRfgX gT ]TgXkhV_Q`T gdni\_T f Q`T


(9D17M@5 T`b\jgn WbjXSb cP`l fgb cXd\fgdXin_X`b WSf]b
 LT XhTSf[ZgT _QdZ ncle c j _cbog\T ]T\
igXdboVXe ]bgncbh^bh R ^\cTdP T]d\`P _QdZ
_cbdXSgX `T gT f]XcPfXgX _X _\]dP gX_Pj\T
T^bh_\`njTdgbh B _X_UdP`Z WX` Xc\gdQcXgT\ `T
Qd[X\ fX XcTiR _X gT gb\jp_TgT gbh ibod`bh
FXgP gZ` cTdQ^XhfZ gZe _\fRe W\Pd]X\Te gbh
aXcTVp_Tgbe _cbdXSgX `T TiT\dQfXgX gb
T^bh_\`njTdgb
 >hdSfgX R T`T]TgQkgX gT iTVZgP X`W\P_XfT
s ibdQe LT _XVP^T ]b__Pg\T cdQcX\ `T gT
VhdSfXgX cb^^Qe ibdQe
 <iRfgX gT aXcTVl_Q`T gdni\_T `T ZdX_Rfbh`
T]n_T V\T s ^XcgP fX [Xd_b]dTfST
cXd\UP^^b`gbe V\T gZ` b_b\n_bdiZ ]TgT`b_R gZe
[Xd_b]dTfSTe KgT cbh^Xd\]P _cbdXSgX _XgP `T
UVP^XgX gT X`gnf[\T Lb ]dQTe _cbdXS `T Wbh^XhgXS
XcSfZe ]T\ _ Q`T _\]dn cTVl_Q`b chdR`T

!%+&&
%),$ #!'&*  "! $
#+!$ "&
/O<?P Q <K? HMJJ;RG          [  /?IYVRC R? CS?>QFER?
@MBGKX UMGOGKX JMQU;OG       [  QEJC>? JC ?IMSJGKXU?ORM

JC H?G UWO>P HXH?IM          [ 


/O<?P QC HMJJ;RG? =     [      [ /?IYVRC R? CS?>QFER?
QC T<RCP @MBGKX     [     [  QEJC>? JC ?IMSJGKXU?ORM

UMGOGKX JMQU;OG     [      [ /?R; RM AYOGQJ? UWO>DCRC


R? HMJJ;RG? JCR?LY RMSP

/GJ;P ?K;JCGHRMP     [ /?R?VYUCRC RMK HGJ; QC


       [  NI?RG; HMJJ;RG? JC XQM RM
         [ BSK?RX JGHOXRCOM N;UMP

+SO>DCRC RMK HGJ;


CKBG;JCQ? NMII<P TMO<P
H?G ?NMJ?HOYKCRC RM =BE
LCN?AWJ<KM HO<?P

3MSICOGH; = HMJJ;RG?         [  6SI>LRC R? JNMYRG? H?G RGP


NMSICOGHZK        [  TRCOMYACP JC
?IMSJGKXU?ORM

:;OG         [  9WO>DCRC R? LCN?AWJ<K?


TGI<RM JNOGDXICP HMJJ;RG? JCR?LY RMSP

V?OGMY T<RCP


!%+&&
%),$ #!'&*  "! $
#+!$ "&
:;OG MIXHIEOM         [  /?IYVRC R? CS?>QFER?
        [  QEJC>? JC JGHO; HMJJ;RG?
?IMSJGKXU?ORMS

0?U?KGH; N
U
JNGD<IG?     [ 
8OMYR?      [ )K?H?RCYCRC R? TOMYR?
N
U
@?RXJMSO?          [ CKBG;JCQ? NOMQCHRGH; H?G
LCUWO>DCRC R? LCN?AWJ<K?
HMJJ;RG? JCR?LY RMSP

*MYRSOM        [  )T?GO<QRC CKRCIZP RE


        [  QSQHCS?Q>?

:WJ> MIXHIEOM          [
      [
+ISH; QRCAK;     [  /?R; RM AYOGQJ? UWO>DCRC
N
U
H<GH         [  R? HMJJ;RG? RMS AISHMY
JCR?LY RMSP
1XKM AG?
AISH; UWO>P AI;QM Q?KRGA>
= HO<J?

+ISH; DMSJCO;          [ 1XKM AG? AISH; UWO>P


N
U
AISHX TOMYRWK          [ AI;QM = DCI?R>K?

RMYOR? JSD=FO?P

 <iT\dQfgX gT Qgb\_T iTVZgP Tcn gZ fhf]XhTfST KX


(9D17M@5 _TVX\d\]n f]Xobe ]TgP^^Z^b V\T _\]db]o_TgT
:2GH5@5 3 YXfgTS`b`gT\ gT iTVZgP VdZVbdngXdT ]T\
b_b\n_bdiT LT W\TibdXg\]P fhfgTg\]P gbh iTVZgbo
@5794E9@5 WX YXfgTS`b`gT\ gb SW\b VdRVbdT
>5H9LI7@2AMA  LT ^XcgP iTVZgP _TVX\dXob`gT\ VdZVbdngXdT Tcn
J57;HPA gT jb`gdP >\ Thgn ]TgT`Q_XgX gT iTVZgP _QfT fgb
f]Xobe fX _\]dn ]TgP gb Wh`Tgn` okbe ?X` cdQcX\
`T gbcb[XgXSgX gT gdni\_T gb Q`T cP`l fgb P^^b
 ET^ocgXgX cP`gbgX gT iTVZgP @P` WX` QjXgX Q`T
]TgP^^Z^b ]TcP]\ V\T gb f]Xobe fTe
jdZf\_bcb\RfgX Q`T c\Pgb R X\W\]R _X_UdP`Z V\T
_\]db]o_TgT
 @`W\P_XfT cdQcX\ `T T`T]TgQkXgX R `T VhdSfXgX gT
iTVZgP s  ibdQe
 FXgP gb YQfgT_T TiRfgX gT iTVZgP `T ZdX_Rfbh`
gb cb^o V\T s  ^XcgP V\T _\T b_b\n_bdiZ
]TgT`b_R gZe [Xd_b]dTfSTe


 B jTdT]gZd\fg\]R VXofZ gl` iTVZgp` W\TgZdXSgT\ fX
_XVP^b UT[_n >\ Thgn _cbdXSgX `T jdZf\_bcb\XSgX
b\]b`b_\]P gb T^Pg\ ]T\ gT _cTjTd\]P

!%+&&
%),$ #!'&*  "! $
#+!$ "&
1CKMY T?AERX JCO>B?P <RMGJM  [     [ 
T?AERX [QSQR?RGHZK
5MYNCP      [
8?AER; H?RQ?OXI?P     [ 
/O<?P QC Q;IRQ? N
U
AHMYI?P     [  /?R; RM ?K?H;RCJ?
UWO>DCRC R? HMJJ;RG? RMS
HO<?RMP JCR?LY RMSP

:;OG N
U
HMJJ;RG? TGI<RMS     [  3OMQF<QRC CKBCUMJ<KWP
KCOX USJX ICJMKGMY =
HO?Q>

5MSTI< N
U
I?D;KG?     [ 
H?KKCIXKG?
3OXQFCR?      [  3OMQF<QRC I>AM SAOX

OYDG DSJ?OGH;      [
0?U?KGH; N
U
JNGD<IG?      [ 3OMQF<QRC QRM J?ACGOGHX
JNOXHMIM H?OXR?      [ QHCYMP KCOX ZQNMS K?
H?ISTFC> M N;RMP

)ICQJ<KM QN?K;HG      [  1?ACGO<VRC RM UWO>P


NOXQFCRM KCOX

 <iT\dQfgX gT Qgb\_T iTVZgP Tcn gZ fhf]XhTfST KX


$2GH5@5 J57;HPA _TVX\d\]n f]Xobe ]TgP^^Z^b V\T _\]db]o_TgT
YXfgTS`b`gT\ gT iTVZgP VdZVbdngXdT ]T\
b_b\n_bdiT LT W\TibdXg\]P fhfgTg\]P gbh iTVZgbo
WX YXfgTS`b`gT\ gb SW\b VdRVbdT
 ETgP gb YQfgT_T gl` hVdp` gbcb[XgXSgX cP`gbgX
_QfT fgb WbjXSb Q`T ]bhgT^P]\ gbh ]TiQ V\T `T
TcbioVXgX gZ` Xc\UdPWh`fZ UdTf_bo KX
cXdScglfZ Xc\UdPWh`fZe UdTf_bo Xc\ghVjP`XgT\ Z
[Xd_b]dTfST UdTf_bo jldSe `T T`XUTS`bh` b\
jTdT]gZd\fg\]Qe ihfT^SWXe Tg_bo 7WZ Z
cTdT_\]dR Wn`ZfZ gbh WbjXSbh _cbdXS `T bWZVRfX\
fX aTi`\]R hcXdjXS^\fZ ]T\ fX c\gf\^Sf_TgT gbh
]Thgbo hVdbo cdPV_T cbh _cbdXS `T cdb]T^QfX\
gdTh_Tg\f_boe ]T\ XV]To_TgT


 ET^ocgXgX cP`gbgX gT iTVZgP @P` WX` QjXgX Q`T
]TgP^^Z^b ]TcP]\ V\T gb f]Xobe fTe
jdZf\_bcb\RfgX Q`T c\Pgb R X\W\]R _X_UdP`Z V\T
_\]db]o_TgT
 @`W\P_XfT cdQcX\ `T T`T]TgQkXgX R `T VhdSfXgX gT
iTVZgP cXd\ffngXdXe ibdQe @^QVjXgX gZ
[Xd_b]dTfST
 FXgP gb YQfgT_T TiRfgX gT iTVZgP `T ZdX_Rfbh`
gb cb^o V\T b  ^XcgP V\T _\T b_b\n_bdiZ
]TgT`b_R gZe [Xd_b]dTfSTe

!%+&&
%),$ #!'&*  "! $
#+!$ "&
1CKMY T?AERX JCO>B?P    [ 
<RMGJM T?AERX
 [QSQR?RGHZK
3MR;     ( [ ( 6MNMFCR=QRC <K? HMSR;IG J<Q?
   ( [ ( QRM BMUC>M
1EK
     [  SNCOFCOJ?>KCRC R?
MGKMNKCSJ?RZBE NMR;

-I<AUCRC CKBG;JCQ?

*OCTGH<P ROMT<P N
U
    ( 9WO>P F=I?QROM = H?N;HG

JNMSH;IG? AG? RM A;I? RWK    ( [ 1CR; RM D<QR?J? HMSK;RC


@OCTZK   [ N;KRMRC RM JNMSH;IG H?I;

-I<AUCRC MNWQB=NMRC RE
FCOJMHO?Q>?
5MYNCP TIGRD;KG     [
TIGRD;KG?     [ 
/O<?P QC Q;IRQ?      [ 9WO>DCRC RGP T<RCP RMS
HO<?RMP JCR?LY RMSP

8?AERX H?RQ?OXI?P      [ 
     [
0?U?KGH; JCO>B?     [ 
JCO>BCP      [ 

 FTVX\dXoXgX gT iTVZgP fX ]^X\fgn _TVX\d\]n


'5794E9@5 f]Xobe LT iTVZgP cdQcX\ X`W\P_XfT `T
J57;HPA T`T]TgXhgbo` R `T VhdSfbh`
 B jTdT]gZd\fg\]R VXofZ gl` iTVZgp` W\TgZdXSgT\ fX
_XVP^b UT[_n >\ Thgn _cbdXSgX `T jdZf\_bcb\XSgX
b\]b`b_\]P gb T^Pg\ ]T\ gT _cTjTd\]P


 LT ^XcgP iTVZgP _TVX\dXob`gT\ VdZVbdngXdT Tcn
gT jb`gdP >\ Thgn ]TgT`Q_XgX gT iTVZgP _QfT fgb
f]Xobe fX _\]dn ]TgP gb Wh`Tgn` okbe ?X` cdQcX\
`T gbcb[XgXSgX gT gdni\_T ngT` XS`T\ Wh`Tgn` gb
Q`T cP`l fgb P^^b
 FXgP gb _TVXSdX_T TiRfgX gT iTVZgP `T
ZdX_Rfbh` gb cb^o V\T s ^XcgP V\T _\T
b_b\n_bdiZ ]TgT`b_R gZe [Xd_b]dTfSTe

!%+&&
%),$ #!'&*  "! $
#+!$ "&
/MRXNMSIM CKRCIZP    [  +SO>QRC RM HMRXNMSIM JCR;
UWO>P CKRXQFG? REK N?O<ICSQE RMS JGQMY
TO<QHM UOXKMS

8GI<RM V?OGMY      [
TO<QHM
0?U?KGH; TO<QH?      [ /XVRC R? I?U?KGH; QC
    [  MJMGXJMOT? JCA;I? HMJJ;RG?

5C H;FC  I?U?KGH;
NOMQF<QRC [ HMSR?IG<P
KCOX

3OXQFCR? N
U
     [ /XVRC RGP N?R;RCP QC
N?R;RCP     [  MJMGXJMOT? JCA;I? HMJJ;RG?

     [ 3OMQF<QRC NCO>NMS 
KCOX QRM BMUC>M ?K?H?R<VRC
RGP N?R;RCP

4YDG      [      [  3OMQF<QRC RE BGNI;QG?


     [      [  NMQXRER? SAOMY

+ISH; T?AER; N
U
     [  )K?H?R<VRC REK HO<J?
HO<J? HOY? CKBG;JCQ? H?I; [TMO<P

N?O?QHCS=
TOMYR? HMJNXQR?      [

,I@6CI?2F
GK9H=>1 @9 H5
@=>EC>O@5H5
"9A 6E4G>9H9 GHC=K94C <haP`XgX R _X\p`XgX g\e W\Pd]X\Xe kZfS_Tgbe fo_il`T
EO<@=G;F 7=5 H;A _X gb` T]n^bh[b VX`\]n ]T`n`T
DCGNH;H5 HCI J57;HCO ?\c^Pf\T cbfngZgT  W\c^Pf\be jdn`be
DCI 9HC=@1G5H9 F\fR cbfngZgT  _\fne jdn`be


-C J57;HN GH27AMG9 Jh[_SYXgX _\]dngXdZ W\Pd]X\T kZfS_Tgbe R Xc\^QVXgX
DC?O _\]dngXdZ \fjo _\]db]h_Pgl` K]XcPYXgX gb iTVZgn ]T\
cdbf[QgXgX cXd\ffngXdb hVdn

'9H1 H;A D5E2?9IG; HCI Jh[_SYXgX cXd\ffngXdb jdn`b @c\^QVXgX _XVT^ogXdZ


EI<@=G@2ACI KENACI HC \fjo _\]db]h_Pgl` Tc ng\ WS`XgT\ fgb` cS`T]T
J57;HN 89A B9D17MG9 FXVT^ogXdXe cbfngZgXe jdX\PYb`gT\ ]T\ cXd\ffngXdb
89A :9GH1<;>9 3 89A jdn`b IdbfQagX gb okbe gbh iTVZgbo hkZ^P iTVZgP
L3<;>9 jdX\PYb`gT\ cXd\ffngXdb jdn`b

'9H1 H;A D5E2?9IG; HCI <`T]TgXoXgX fgT X`W\P_XfT ]T\ gZ` Xcn_X`Z ibdP
KENACI @579=E2@5HCF HC Xc\^QVXgX jT_Z^ngXdZ \fjo ]T\ _XVT^ogXdZ W\Pd]X\T
J57;HN >549= C?N7IE5
GH; @2G; N@MF 89A 94A5=
5>N@5 2HC=@C

IHN@5HC B9D17M@5
B fhf]XhR _\]db]h_Pgl` W\T[QgX\ cP`l Thgn_TgT
cdnVdT__T V\T gb aXcPVl_T _X _\]db]o_TgT ?S`XgX
_n`b gb` Td\[_n cdbVdP__Tgbe ]T\ gb UPdbe 9^T gT
P^^T VS`b`gT\ Thgn_TgT Z^X]gdb`\]P
>\T ]P[X cdnVdT__T [T UdXSgX fgbhe cS`T]Xe gT
]TgP^^Z^T gdni\_T ]T\ gb T`gSfgb\jb UPdbe FcbdXSgX
`T dh[_SfXgX ]P[X UPdbe _QfT fgZ` cXd\bjR UPdbhe

FX gT cdbVdP__TgT aXcTVp_Tgbe _cbdXSgX `T


*EC7E1@@5H5 aXcTVpfXgX ]dQTe ]bgncbh^T kPd\ kl_S ]T\ V^h]P
B9D57P@5HCF
*EC9HC=@5G45 HECJ4@MA OdZf\_bcb\RfgX gdni\_T gT bcbST ]TgP gb Wh`Tgn
Qjbh` cTVpfX\ ]T\ Tcb[Z]XhgXS jT_Z^P ]T\ fX ^XcgQe
_XdSWXe fgbhe s 8
>\T gb aXcPVl_T UVP^gX gT gdni\_T Tcn gZ
fhf]XhTfST ]T\ YhVSfgX gT Lb UPdbe gb jdX\PYXfgX V\T
gZ do[_\fZ gbh cdbVdP__Tgbe
LT XhTSf[ZgT _QdZ ncle c j _cbog\T ]T\ igXdboVXe
]bgncbh^bh R bhdQe Tcn kPd\T _cbdXSgX `T gT
f]XcPfXgX _X _\]dP gX_Pj\T T^bh_\`njTdgbh 6gf\
TcbiXoVXgX Q`T cdnldb _TVXSdX_T IdbfQagX `T _Z`
TVVSYX\ gb T^bh_\`njTdgb gT gb\jp_TgT gbh jpdbh
_TVX\dQ_Tgbe


'579=E=>N G>9OCF Lbcb[XgRfgX gT gdni\_T fX Q`T ]TgP^^Z^b V\T
_\]db]o_TgT dZjn _TVX\d\]n f]Xobe c j Q`T UTYP]\ R
Q`T c\Pgb Tcn cbdfX^P`Z ]T\ _Z jdZf\_bcb\RfXgX
]T`Q`T ]TcP]\

0ENACF ;E9@45F LT aXcTVl_Q`T gdni\_T V\T Xa\fbddncZfZ gZe


[Xd_b]dTfSTe cdQcX\ `T ZdX_Rfbh` T]n_T
s ^XcgP
LT _XVP^T ]b__Pg\T ]dQTgbe jdX\PYb`gT\ Q`T
_XVT^ogXdb jdn`b ZdX_STe cTdP gT _\]dP ]b__Pg\T
LT ^XcgP ]b__Pg\T ]dQTgbe ]T\ gb` ]\_P [T cdQcX\ `T
gT aXjldSYXgX cd\` gb` jdn`b ZdX_STe
FXgP Tc Thgn _cbdXSgX `T XcXaXdVTfgXSgX gT gdni\_T
]T\ Te Qjbh` gT jb`gdP ]b__Pg\T ]dQTgbe T]n_T Q`T`
]TgXkhV_Q`b chdR`T KgT cbh^Xd\]P _cbdXSgX gpdT `T
UVP^XgX gT X`gnf[\T

*ECGCK3 ETgP gb aXcPVl_T gbh ]dQTgbe gl` cbh^Xd\]p` R


gl` kTd\p` WZ_\bhdVXSgT\ hVdn <hgn gb hVdn WX`
Xc\gdQcXgT\ fX ]T_ST cXdScglfZ `T jdZf\_bcb\Z[XS R
`T Qd[X\ fX XcTiR _X P^^T gdni\_T

#+( #+$ #!) #!'$


"#!#&!$
/O<?P H?G NMSICOGH; 
[ :ERX [ HGI;
[ 0CNR; HMJJ;RG? HO<?RMP [ HGI;
[ /GJ;P [ HGI;
[ /MRXNMSIM HXR? N;NG? [ HGI;
:;OG [ HGI;
[ 2IXHIEOM V;OG TGI<RM V?OGMY JNOGDXICP V?OGMY
:WJ> H?G AISH;  [ HGI;
[ :WJ> MIXHIEOM QROMAASIX = J?HOMSIX VWJ> QC T<RCP
H<GH AISH; JC J?AG; TOMSRXNGRCP
 ,CK CKBC>HKSR?G AG? RMYORCP AISH; JC HO<J? AISH; JC AI;QM AI;QM = DCI?R>K?


ITdPWX\V_T <d\[_ne cdbVdP__Tgbe   :6
HG= EI<@4:9H9

 3?R=QRC RM NI=HROM  4SFJ>QRC JC RMK  3?R=QRC RM NI=HROM $#$

)SRXJ?RM LCN;AWJ? 
NCOGQROMTGHX BG?HXNRE RM 1CR;?NX JCOGH; BCSRCOXICNR?
5REK <KBCGLE CJT?K>DCR?G M CNGFSJERX @;OMP
LCHGK; RM NOXAO?JJ?

?OGFJXP NOMAO;JJ?RMP H?G E . BG;OHCG? CJT?K>DCR?G N;KRMRC QREK


@?QGH= OYFJGQE AG? RM @;OMP
<KBCGLE QC ?KR>QROMTE J<ROEQE

.DN89=B;  >\T gb` Td\[_n cdbVdP__Tgbe  cdbgX\`n_X`Z g\_R


 :6 cTgRfgX gb c^R]gdb  Wob ibdQe
 ETgP gZ W\Pd]X\T cbh gb cdnVdT__T gdQjX\
_cbdXSgX `T XaT]d\UpfXgX gb ]TgTjldZ_Q`b UPdbe
ITgRfgX gb c^R]gdb  Lb UPdbe X_iT`SYXgT\ V\T
WXhgXdn^XcgT
 Kgb cdnVdT__T  Tcn Q`T UPdbe  Vd ]T\
cP`l ZjXS _XgP Tcn Q`T` bd\f_Q`b jdn`b Q`T
fR_T <`bSagX gZ` cndgT gbh jpdbh _TVX\dQ_Tgbe
]T\ VhdSfgX gb ]dQTe R gT cbh^Xd\]P FXgP gb
]^XSf\_b gZe cndgTe cTgRfgX aT`P gb c^R]gdb
X]]S`ZfZe 0#.0

'9H1 H; ?3B; HCI ZjXS Q`T fR_T B fhf]XhR TcX`XdVbcb\XSgT\


KENACI KgZ` Q`WX\aZ X_iT`SYXgT\ gb
<`bSagX gZ` cndgT gbh jpdbh _TVX\dQ_Tgbe R cTgRfgX
gb c^R]gdb 0+,

"=NE<MG; ITgRfgX Wob ibdQe gb c^R]gdb 0+, ]T\ dh[_SfgX X]


`Qbh

,63G=@C ITgRfgX gb c^R]gdb 0+, Wob ibdQe


*136<
FX gZ ^X\gbhdVST #4<>AH _cbdXSgX `T Tcb[Z]XofXgX
Wob dh[_SfX\e g\e bcbSXe jdZf\_bcb\XSgX fhj`ngXdT
]T\ `T g\e ]T^QfXgX bcbgXWRcbgX
>\T gb f]bcn Thgn` QjXgX fgZ W\P[XfR fTe g\e [QfX\e
Tcb[R]XhfZe #  ]T\ # 

ITdPWX\V_T AQfgT_T i^\gYT`\bo fbocTe _X  -


DC<3>9IG; V\T ^XcgP fgZ [QfZ Tcb[R]XhfZe # 
EI<@4G9MA

 3?R=QRC RM NI=HROM  
 3?R=QRC RE @?FJ>B? GQUYMP JGHOMHSJ;RWK  

. CKBCGHRGH= ISUK>? N;KW ?NX RM NI=HROM


?K?@MQ@=KCG


 4SFJ>QRC JC RMK NCOGQROMTGHX BG?HXNRE RE
 3?R=QRC RM NI=HROM   ?HXJ? JG? TMO;

UOMKGH= BG;OHCG?
.OYFJGQE <UCG ?NMFEHCSRC>

. ZO? CJT?K>DCR?G L?K; = BC TWR>DCR?G

.DC894B9=F  FcbdXSgX `T Tcb[Z]XofXgX _n`b _\T \fjo


_\]db]h_Pgl` nj\ cXd\ffngXdXe g\_Qe \fjobe gZ _\T
_XgP gZ` P^^Z
 F\T Tcb[Z]Xh_Q`Z do[_\fZ _cbdXS `T
T`g\]TgTfgT[XS bcbgXWRcbgX _X _\T P^^Z Jh[_SfgX
ncle cXd\VdPiXgT\ fgT fZ_XST Qle 
 LT cdbVdP__TgT aXcTVp_Tgbe WX` _cbdbo` `T
Tcb[Z]Xhgbo`

FcbdXSgX `T ]T^QfXgX gZ` Tcb[Z]Xh_Q`Z do[_\fZ


#>>4A;G;  bcbgXWRcbgX

 3?R=QRC RM NI=HROM  
 3?R=QRC RM NI=HROM $#$

. ?NMFEHCSJ<KE ICGRMSOA>?  !#& RO<UCG

'9H1 H; ?3B; HCI ZjXS Q`T fR_T B fhf]XhR TcX`XdVbcb\XSgT\


KENACI KgZ` Q`WX\aZ X_iT`SYXgT\ gb
<`bSagX gZ` cndgT gbh jpdbh _TVX\dQ_Tgbe R cTgRfgX
gb c^R]gdb 0+,

,H5@1H;@5 ITgRfgX gb c^R]gdb 0+, _ST ibdP R T`bSagX gZ`


cndgT gbh jpdbh _TVX\dQ_Tgbe FXgP gb ]^XSf\_b gZe
cndgTe cTgRfgX gb c^R]gdb X]]S`ZfZe 0#.0

??573 H\ dh[_SfX\e &)+.4 WX` _cbdbo` T^^Pabh` 9gT`


[Q^XgX `T Tcb[Z]XofXgX ]Pcb\T P^^Z do[_\fZ UP^gX
fgZ [QfZ Tcb[R]XhfZe   R   g\e ]T\`bodV\Xe
dh[_SfX\e


??573 H;F 8=1E>9=5F HCI G3@5HCF
FXgP gZ ^RaZ gZe dh[_\f_Q`Ze W\Pd]X\Te R gbh
cdbVdP__Tgbe ZjXS V\T Q`T ^Xcgn Q`T fR_T
LZ W\Pd]X\T gbh fR_Tgbe _cbdXSgX `T gZ` T^^PaXgX
Tcn Q`T ^Xcgn fgT  WXhgXdn^XcgT
>C?CI<3GH9 H;A 9B3F  B fhf]XhR cdQcX\ `T XS`T\ TcX`XdVbcb\Z_Q`Z
8=58=>5G45
 ITgRfgX V\T  WXhgXdn^XcgT gb c^R]gdb X]]S`ZfZe
0#.0 _Qjd\e ngbh T]bhfgXS Q`T fR_T KgZ`
Q`WX\aZ X_iT`SYXgT\ gb 
B T^^TVR QjX\ ]TgTjldZ[XS
FX gb` SW\b gdncb _cbdXSgX `T [QfXgX gZ W\Pd]X\T gbh
fR_Tgbe aT`P fgb Q`T ^Xcgn KgZ` Q`WX\aZ X_iT`SYXgT\
gb 


/57;H1 8C>=@PA >5H1   
B cb\ngZgT ]T\ Z ^X\gbhdVST gl` fhf]Xhp`
_\]db]h_Pgl` X^QVjb`gT\ Tcn gT XdVTfgRd\T Wb]\_p`
_X UPfZ ThgP gT iTVZgP

'5794E9@5 @9
'NAC@=>EC>O@5H5
&+
%),$ #!'&*  "! $
# % "&
1>AJ? ?@AZK[A;I?HRMP   ICNR;    [ ICNR; 8XOJ? NSO<L % 
 AO

1NGQHXRM  AO
 & O ICNR; 8XOJ? NSO<L C 
:ERXP HGJ;P  AO
   ICNR;    NCO>NMS 1?HOXQRCKE TXOJ? NSO<L
ICNR; J=HMP 

(9D17M@5 @9
'NAC@=>EC>O@5H5
&+
%),$ #!'&*  # % "& "! $

/O<?P  AO
3OXAO?JJ?  AO
 ICNR; 8XOJ? NSO<L ?OGF

=   ICNR;    [ ICNR; C 


QHG= <5 D9E=DC=;<94H9 H;A ;?9>HE=>3
G5F >CI:4A5
ETg TdjR` _Z` jdZf\_bcb\XSgX fhf]XhQe ]T[Td\f_bo
_X hkZ^R cSXfZ R fhf]XhQe X]gnaXhfZe Tg_bo
FZ jdZf\_bcb\XSgX cbgQ ]bigXdP R gdTj\P h^\]P
]T[Td\f_bo H\ _XgT^^\]Qe aofgdXe WX` XS`T\
]TgP^^Z^Xe V\T gb` ]T[Td\f_n gbh VhT^\bo fgZ` cndgT
gZe fhf]XhRe B Xc\iP`X\T _cbdXS `T hcbfgXS YZ_\P
]T\ gb VhT^S `T ]TgTfgdTiXS @P` Q`T gQgb\b h^\]n
jh[XS cP`l fgZ` _cdbfg\`R c^XhdP fibhVVSfgX gb
T_Qfle _X `Xdn

<d]XS `T fibhVVSfXgX gZ fhf]XhR _ Q`T UdXV_Q`b


#BMH9E=>N H;F cT`S KX cXdScglfZ cbh Z fhf]XhR XS`T\ cb^o
GIG>9I3F ^Xdl_Q`Z cdbf[QfgX fgb `Xdn ]T[Td\f_bo _Xd\]Qe
fgTVn`Xe TcbddhcT`g\]bo c^hfS_Tgbe c\Pgl` FXgP
fibhVVSfgX gZ fhf]XhR _ Q`T fgXV`n cT`S
FZ jdZf\_bcb\XSgX ]T`Q`T \fjhdn TcbddhcT`g\]n R
TcbddhcT`g\]n gd\kS_Tgbe W\TibdXg\]P WZ_\bhdVbo`gT\
[T_cP fZ_XST @P` cQfX\ Tcn ^P[be Q`T gQgb\b _Qfb
]T[Td\f_bo cP`l fgZ fhf]XhR fibhVVSfgX gb T_Qfle
_X `Xdn
,IG>9I2F 5DN 5ACB948MHC K1?I65
<cb_T]do`XgX gbhe ^X]QWXe TfUXfgSbh ^Scbhe ]bd`
i^Pbhd ]T\ ^Xh]p_Tgbe nfb gb Wh`Tgn` c\b VdRVbdT
EPgl Tcn ThgP gT fgdp_TgT Udl_\Pe _cbdXS `T
WZ_\bhdVZ[XS W\PUdlfZ
OdZf\_bcb\RfgX V\T gZ` cXd\cbSZfZ h^\]P idb`gSWTe
T`baXSWlgbh jP^hUT gbh X_cbdSbh IdbfQagX fX ThgR
gZ` cXdScglfZ UTf\]P gT fgb\jXST gbh X]PfgbgX
]TgTf]XhTfgR ]T\ Wb]\_PfgX gT fgZ` TdjR f Q`T _\]dn
_Qdbe cd\` jdZf\_bcb\RfXgX gT h^\]P fX n^Z gZ`
Xc\iP`X\T
,IG>9I2F @9 DENGCL; 5?CI@=A4CI
OdZf\_bcb\RfgX Q`T Rc\b TcbddhcT`g\]n gYT_\p`
]T\Q`T _T^T]n cT`S ]T[Td\f_bo gYT_\p` R Q`T cT`S
Tcn _\]db;`Xe cbh WX` j`bhW\PYX\ K]bhcSYXgX gZ`
Xc\iP`X\T _X gb cT`S bd\Yn`g\T ]T\ jldSe cSXfZ


FZ jdZf\_bcb\XSgX W\TUdlg\]P TcbddhcT`g\]P ]T\
fibhVVPd\T cbh cdb]T^bo` T_hjQe R gdTj\P cT`\P
]T[Td\f_bo ET[TdSYXgX gZ` T^bh_\`Q`\T Xc\iP`X\T _X
fgXV`n cT`S

Kh`R[le XS`T\ Td]Xgn ngT` fibhVVSYXgX gb jpdb


0PECF _TVX\dQ_Tgbe _ Q`T hVdn cT`S KX cXdScglfZ
@579=E2@5HCF _XVT^ogXdZe docT`fZe jdZf\_bcb\XSgX Rc\T h^\]P
]T[Td\f_bo FZ jdZf\_bcb\XSgX ]T`Q`T fcdQ\
Z^X]gd\]bo ibod`bh
FcbdXSgX `T Tcb_T]do`XgX g\e WhfPdXfgXe bf_Qe c j
_XgP Tcn gb _TVXSdX_T kTd\bo X`gX^pe Tc^P =P^gX
_Xd\]Qe fgTVn`Xe jh_n ^X_b`\bo f Q`T i^\gYP`\ `Xdbo
=P^gX _QfT Q`T ]bhgP^\ AXfgP`XgX gb `Xdn V\T le
^XcgP _X gZ` hkZ^ngXdZ \fjo KgZ fh`QjX\T
fibhVVSfgX gb jpdb _TVX\dQ_Tgbe

ET[TdSfgX gb` cXd\fgdXin_X`b WSf]b ]T\ gb WT]go^\b


*9E=GHE9JN@9ACF _X hVdn ]T[Td\f_bo gl` c\Pgl` KibhVVSfgX gZ`
84G>CF ]b\^ngZgT fgb jpdb _TVX\dQ_Tgbe _ Q`T hVdn cT`S
IdbfQagX `T _Z` X\fjldRfX\ ]T[n^bh `Xdn _QfT Tcn
gb _ZjT`\f_n ]S`ZfZe gbh cXd\fgdXin_X`bh WSf]bh fgb
XflgXd\]n gZe fhf]XhRe H ibdQTe cdQcX\ `T
TfiT^SfX\ flfgP ngT` gb` XcT`Tgbcb[XgRfXgX

-= DE2D9= A5 >1A9H9 G9 D9E4DHMG;


6?16;F
@P` cTdbhf\TfgXS ]Pcb\T U^PUZ WX fZ_TS`X\ cle XS`T\
]Pg\ gb fbUTdn fhj`P Z T\gST XS`T\ TfR_T`gZ Id\`
]T^QfXgX gZ` hcZdXfST gXj`\]Re XahcZdQgZfZe cX^Tgp`
cdbfQagX cTdT]T^p g\e T]n^bh[Xe hcbWXSaX\e

  & "! $&&-"%


. QSQHCS= BC ICGRMSOAC>
2 OCSJ?RMI=NREP TGP BC 6MNMFCR=QRC RM OCSJ?RMI=NRE QREK
@O>QHCR?G J<Q? QREK NO>D?
NO>D?


  & "! $&&-"%
,G?HMN= OCYJ?RMP
-I<ALRC ?K ?K;@CG E I;JN? RMS
BWJ?R>MS

5REK <KBCGLE ?K;@CG 


'R?K JG? BG?HMN= RMS 4SFJ>QRC REK ZO? ?NX REK ?OU=

OCYJ?RMP

6? JGHOMHYJ?R? BCK R>FCKR?G . NXOR? BCK C>K?G CKRCIZP -I<ALRC ?K <UMSK J?AHZQCG
QC ICGRMSOA>?
HICGQR=
SNMIC>JJ?R? T?AERMY = H;NMGM L<KM
QZJ? QREK NXOR?
2G CNGT;KCGCP
QRCA?KMNM>EQEP NO<NCG K? C>K?G
H?F?O<P

6M NI=HROM CHH>KEQEP 3?R=QRC RM NI=HROM CHH>KEQEP $#$

$#$ BCK N?R=FEHC

. QSQHCS= BC @O>QHCR?G QC 2 NCOGQROMTGHXP BG?HXNREP 3?R=QRC RM NI=HROM $!"

ICGRMSOA>?
5REK <KBCGLE JCR?HGK=FEHC ?F<IER?

SN;OUCG JG? UOMKGH= BG;OHCG?

6? T?AER; DCQR?>KMKR?G . GQUYP RWK JGHOMHSJ;RWK -NGI<LRC JG? SVEIXRCOE GQUY

?OAXRCO? ?N X RG J<UOG RZO?


C>K?G OSFJGQJ<KE NMIY
U?JEI;

5RE QSQHCS= RMNMFCR=FEHC ,GNI= NMQXRER? O QUCBXK BGNIXP


JG? JCA?IYRCOE NMQXRER? UOXKMP

?N X RG QSK=FWP

6M T?AERX =R?K NGM HOYM )K?H?R<VRC = ASO>QRC CKBG;JCQ? RM


?N X RG QSK=FWP
T?AERX

)NX RMK NCOGQROCTXJCKM B>QHM 5REK NCOGMU= RMS /?F?O>QRC RM B?HRYIGM H?G REK HMGIXRER?
?HMYACR?G <K?P FXOS@MP JEU?KGQJMY H>KEQEP RMS QRM UZOM J?ACGO<J?RMP

ROGL>J?RMP = ROG@=P
NCOGQROCTXJCKMS B>QHMS
SN;OUCG OYN?KQE = H;NMGM
L<KM QZJ?

)= 9D=G>9I2F 9D=HE2D9H5= A5 74ACAH5= @NAC 5DN


9>D5=89I@2ACIF H9KA=>COF HCI G2E6=F
@P` Z fhf]XhR fTe WX` Xc\f]XhTfgXS flfgP _cbdXS `T
cdb]okbh` fbUTdbS ]S`Wh`b\ V\T fTe


.D;E9G45 H9KA=>3F 9BID;E2H;G;F
D9?5HPA
KX cXdScglfZ cbh Z fhf]XhR fTe cdQcX\ `T
Xc\f]XhTfgXS UdSf]XgT\ fgZ W\P[XfR fTe Z hcZdXfST
gXj`\]Re XahcZdQgZfZe gl` cX^Tgp` _Te B W\Xo[h`fZ
]T\ b Td\[_ne gZ^Xip`bh gZe c^Zf\QfgXdZe hcZdXfSTe
gXj`\]Re XahcZdQgZfZe cX^Tgp` UdSf]b`gT\ fgb`
gZ^Xil`\]n ]TgP^bVb <]n_T ]T\ gT ]Q`gdT fQdU\e cbh
fTe WS`bh_X [T fTe hcbWXSabh` XhjTdSfgle gZ`
hcZdXfST gXj`\]Re XahcZdQgZfZe gl` cX^Tgp` _Te
fgb` gncb ]Tgb\]STe fTe

E=<@NF  >5= ?S`XgX cP`gbgX fgZ` hcZdXfST gXj`\]Re XahcZdQgZfZe


5E=<@NF cX^Tgp` gb` Td\[_n cdbmn`gbe Td\[  ]T\ gb` Td\[_n
]TgTf]XhRe Td\[  gZe fhf]XhRe fTe LZ` c\`T]SWT
gocbh _X gbhe Td\[_boe Thgboe _cbdXSgX `T gZ`
UdXSgX T`bSVb`gTe gZ` cndgT gbh jpdbh _TVX\dQ_Tgbe
WXa\P >\T `T _Z jdX\TfgXS `T kPj`XgX cb^o fX
cXdScglfZ U^PUZe VdPkgX T_Qfle XWp gT fgb\jXST
gZe fhf]XhRe fTe

)OGF
 

7NEOCQ>? RCUKGH=P
CLSNEO<REQEP NCI?RZK 


ITdbjR dXo_Tgbe  ,  I
-9KA=>1 GHC=K945 Kh`b^\]R fh`WXWX_Q`Z
\fjoe dXo_Tgbe  -
Dfjoe _\]db]h_Pgl`  -
Khj`ngZgT  #I

?\TfgPfX\e  3  3 
s Khf]XhR  G  G  2<
s Opdbe _TVX\dQ_Tgbe G  G  2<

=Pdbe :6
6^XVjbe ! `T\
KR_T  `T\


8+T:*F*>U)ET) ^TYT ( ^*@*YL[ E'X)I @T?+*>*UE*>*I
^)WT <*(F'>TF 0'@ 7*ULX*) G<*>*UL(F>T)

;U\ F*:* WF*7K T(^*ULD*>'FL >() F)-ETW)(?T)


^+)T@GY)(F>' ^)WT ^+*WFTF) #G?*>*<(F>* ^*
Z?(^UG'F']TT

0 E'W'U) #G?*>*<(F>' ^+T>)<)EK E)?*F*+K) >'BEK)


^+'>TU' F)-ET?T 7)D*^'(E*(FT
;'U)) 0K ^*<+*7E*
^*DE'?*@TF)(L ( *F<)ULEK@T VGE?]T\@T 0'X)I E*>*I
^)WT
2K +'((?'B)@ 0'@ * )) >*D@*BE*(F\- T
*(*7)EE*(F\- G^+'>U)ET\

4'7UT]K (*(F'>U)EK F'?T@ *7+'D*@ WF*7K 0K @*:UT


X': D' X':*@ >K^*UETFL >() E)*7-*<T@K) G(F'E*>?T

C<)(L 0K F'?B) E'I<)F) +)])^FK ^*^GU\+EK- 7U[<


+)?*@)E<']TT ^* >K7*+G ^*(G<K T *^FT@'ULE*:*
+)BT@' ^+T:*F*>U)ET\
#'DG@))F(\ >() ZF* 7KU*
^+)<>'+TF)ULE* ^+*F)(FT+*>'E* > E'X)I ?G-E) (FG<TT

;U\ F*:* WF*7K 0'X' ^)WL <*U:*) >+)@\ *(F'>'U'(L


?+'(T>*I @K <'<T@ 0'@ E)(?*UL?* (*>)F*> ^* G-*<G T
WT(F?)
 )(UT ><+G: >*DET?EGF ^+*7U)@K b E'
^*(U)<ET- (F+'ET]'- <'E' TEV*+@']T\ ( ^*@*YL[
?*F*+*I 0K ('@T (@*B)F) G(F+'ETFL @)U?T) E)^*U'<?T

5 0'( )(FL >*^+*(K 8+)B<) >():* D':U\ETF) >


*:U'>U)ET) #G?*>*<(F>' T 0K 7K(F+* E'I<)F) EGBEKI
+'D<)U

'<))@(\ WF* ^+T:*F*>U)ET) ^TYT ( E*>*I


@T?+*>*UE*>*I ^)WL[ <*(F'>TF 0'@ @E*:* ^+T\FEK-
@TEGF

 /!36?

4D?7 1!83ED9 !/;                     


5?'D'ET\ ^* GFTUTD']TT

























+!/ H /1@EB6?2 6 0 9H@?7;             
(76 01 ? H /1@EB6?                       
 B7 @/87 *!7?7< 06?26?             
5?'D'ET\ ^* F)-ET?) 7)D*^'(E*(FT














8+'>TU' F)-ET?T 7)D*^'(E*(FT ^+T
^+T:*F*>U)ETT > @T?+*>*UE*>*I ^)WT












$C 6 0;9 H!?* !                              
8+TE'<U)BE*(FT

































+!/ H!0;2 ?H @<5 06?2                 
5(F'E*>?' >+)@)ET (GF*?
























&?1! 0 @6;                                     
2*YE*(FL @T?+*>*UE




























5(F'E*>TF)






































8*(G<'










































52 !3?06? !5 -!06? ? / 0/6?
*@E/ / - 7 06 7? H!? H 2 D? 2?1! 0 @6   
5?'D'ET\ ? F'7UT]'@




























#'D@*+'BT>'ET)
































#'D@*+'BT>'ET) +'D*:+)>'ET) TUT <*>)<)ET)
D'@*+*B)EEK- ^*UGV'7+T?'F*> <* :*F*>E*(FT



#'D*:+)>'ET) ^*UGV'7+T?'F*>



















;*>)<)ET) ^*UGV'7+T?'F*> <* :*F*>E*(FT






#)?*@)E<']TT ^* T(^*ULD*>'ET[
@T?+*>*UE*>*:* +)BT@'

























07 27?B1  !52 !3?06?               
8+*:+'@@K +'D@*+'BT>'ET\




















5(F'E*>TF)









































 /!36?

+2F7<                                           
*-+'E)ET) G(F'E*>*? > ^'@\FT

















MET]T']T\ ^'@\FT






























=5266? H! / @3?7@<6 7? ?-6@         
% 67! @<6; *@E/ 0  70770?? 
                                          
1 $; / @36; 8"3?07< 5 $C9 HB<E   

PT(F?' ^)WT (E'+GBT






























PT(F?' ^)WT >EGF+T





























0+'Y'[Y'\(\ ^*<(F'>?'

























>7 /@7< H!? 6?H!06 7?                
!0?6  *@83?06?                        
4)-ETW)(?T) -'+'?F)+T(FT?T























4D?7 1!83ED9 !/;
0'X' ^UTF' ^)+)< *F^+'>?*I ? 0'@ 7KU'
(156?F H FY'F)ULE* G^'?*>'E' <U\ D'YTFK *F F+'E(^*+FEK-
87?@?5G?? ^*>+)B<)ETI
0() @'F)+T'UK G^'?*>?T
Z?*U*:TW)(?T WT(FK) T ^+T:*<EK <U\ >F*+TWE*I
^)+)+'7*F?T
0E)(TF) ^*B'UGI(F' (>*I >?U'<
><)U* D'YTFK *?+GB'[Y)I (+)<K T ^*@*:TF)
^+*>)(FT GFTUTD']T[ G^'?*>?T E) D':+\DE\\
*?+GB'[YG[ (+)<G

"F(UGBT>XT) (>*I (+*? (F'+K) ^UTFK E)ULD\


(WTF'FL E)EGBEK@ -U'@*@
0 +)DGULF'F)
Z?*U*:TWE*I GFTUTD']TT TD ET- G<')F(\ ^*UGWTFL
<*+*:*(F*\YT) (K+L) T @'F)+T'UK

8+)B<) W)@ (<'FL (F'+G[ ^UTFG > ^+T)@EKI


^GE?F >K>)<TF) )) TD (F+*\ TUT ^+T?+)^TF)
?E)I E'?U)I?G =0ET@'ET) ^UTF' E)T(^+'>E'H

8*<+*7EG[ TEV*+@']T[ ^* Z?*U*:TWE*I


GFTUTD']TT 0K @*B)F) ^*UGWTFL > F*+:*>*I
*+:'ETD']TT ^+*<'>X)I 0'@ ^UTFG TUT> *+:'E'-
?*@@GE'ULE*:* G^+'>U)ET\ ^* @)(FG 0'X):*
BTF)UL(F>'

+!/ H /1@EB6?2 6 0 9H@?7;


$36; #156?F H +!3/ B2 6B7< H @<5 07<F H@?7 9
7"6?1 *5 H6 7? H! B?797 H 3@897 06?27@<6 /66;
H!0?@ H @<5 06?F 0 1 7 !;"  /!3?7F
036F ?6A !2G?F H H!0?@<6 28
H @<5 06?E ? 8" /8 5 H@?7 9
 &+'ETF) ^+'>TU' ^*ULD*>'ET\ T TE(F+G?]T[
^*@*EF'BG > E'<)BE*@ @)(F)
8+T ^+*<'B)
^UTFK ^)+)<'IF) E*>*@G )) >U'<)UL]G F'?B)
*7) TE(F+G?]TT

 3) E'WTE'IF) ^*ULD*>'FL(\ ^UTF*I > (UGW')


)(UT 0'@T 7KUT *7E'+GB)EK ^*>+)B<)ET\
>*DET?XT) >* >+)@\ F+'E(^*+FT+*>?T ^UTFK


(76 01 ? H /1@EB6?
 *7U[<'IF) (^)]T'ULEK) G?'D'ET\ ^*
@*EF'BG

 ;'EEKI ^+T7*+ ^+)<E'DE'W)E T(?U[WTF)ULE*


<U\ >(F+'T>'ET\
8+T7*+ E)ULD\ T(^*ULD*>'FL
G(F'E*>T> ):* E' (F*U TUT > X?'V

 8+T7*+ @*BE* >(F+*TFL > X?'V ^)E'U  (@


TUT  (@ XT+TE*I E) @)E))  (@ :UG7TE*I
T (@ *F G+*>E\ ^*U'

 8+T7*+ @*BE* ^*<?U[W'FL ? ()FT E* F*UL?*


W)+)D ^+'>TULE* G(F'E*>U)EEG[ +*D)F?G (
D'D)@U\[YT@ ?*EF'?F*@
1+*@) F*:*
^+)<*-+'ETF)UL <*UB)E 7KFL +'((WTF'E E'
_'@^)+  TUT  '>F*@'F ' E'^+\B)ET) >
()FT (**F>)F(F>*>'FL <'EEK@ G?'D'EEK@ E'
VT+@)EE*I F'7UTW?)

 8)+)E*( +*D)F?T TUT D'@)E' ()F)>*:* ^+*>*<'


<*UBEK >K^*UE\FL(\ F*UL?*
?>'UTVT]T+*>'EEK@ ZU)?F+T?*@
(UT ^*(U)
G(F'E*>?T ^)WT <* XF)^()ULE*I >TU?T
E)>*D@*BE* 7G<)F <*7+'FL(\ F* ^+T
G(F'E*>?) (U)<G)F (<)U'FL (^)]T'ULEKI
>K?U[W'F)UL <U\ *F?U[W)ET\ >()- ^*U[(*> F'?
WF*7K +'((F*\ET) @)B<G +'D*@?EGFK@T
?*EF'?F'@T *?'D'U*(L E) @)E))  @@

 ) T(^*ULD*>'FL F+*IET?T +'D>)F>TF)UT T


G<UTETF)UT
8+T ^)+):+GD?) (GY)(F>G)F
*^'(E*(FL >*D:*+'ET\


 B7 @/87 *!7?7<
06?26?

(156?F H
7"6?1 ;'EEKI ^+T7*+ (?*E(F+GT+*>'E > (**F>)F(F>TT (
F+)7*>'ET\@T F)-ET?T 7)D*^'(E*(FT <U\
*5 H6 7? ZU)?F+*^+T7*+*>
#)@*EF <*UB)E ^+*TD>*<TFL(\
F*UL?* (^)]T'UT(F'@T )+>T(E*I (UGB7K
^+*X)<XT@T *7GW)ET) E' D'>*<) TD:*F*>TF)U)

8+T E)?>'UTVT]T+*>'EE* >K^*UE)EE*@ +)@*EF)


^+T7*+ @*B)F (F'FL T(F*WET?*@ ()+L)DE*I
*^'(E*(FT

;'EEKI ^+T7*+ ^+)<E'DE'W)E F*UL?* <U\


7KF*>*:* T(^*ULD*>'ET\
M(^*ULDGIF) ):* F*UL?*
<U\ ^+T:*F*>U)ET\ ^TYT

M(^*ULD*>'ET) ^+T7*+' >D+*(UK@T T <)FL@T 7)D


^+T(@*F+' ?'F):*+TW)(?T D'^+)Y')F(\
> (UGW') E'UTWT\ *:+'ETW)ETI ^* VTDTW)(?*@G
TUT ^(T-TW)(?*@G (*(F*\ET[
^+T *F(GF(F>TT E)*7-*<T@K- DE'ETI T *^KF' ^*
^+'>TULE*@G T 7)D*^'(E*@G ^*ULD*>'ET[
^+T7*+*@

.7? ? 2?1! 0 @6 0;9 ;)FT @*:GF ^*ULD*>'FL(\ @T?+*>*UE*>K@T


!3?2
 ^+T7*+'@T F*UL?* > F*@ (UGW') )(UT *ET
*7GW)EK *7+'Y)ET[ ( ET@T
"ET <*UBEK G@)FL
^+'>TULE* ^*ULD*>'FL(\ ^+T7*+*@ T *(*DE'>'FL
*^'(E*(FT E' ?*F*+K) G?'DK>')F +G?*>*<(F>* ^*
Z?(^UG'F']TT

0* >+)@\ T(^*ULD*>'ET\ ^+T7*+' <)FT <*UBEK


E'-*<TFL(\ ^*< ^+T(@*F+*@ >D+*(UK- WF*7K E)
<*^G(FTFL 7'U*>(F>'

, !FB? H 0!"6 7? ) ^+T?'('IF)(L ? ^*>)+-E*(F\@ E':+)>'F)ULEK-


 ^+T7*+*> ^UTF T ^)W)I
0* >+)@\ Z?(^UG'F']TT
*ET E':+)>'[F(\

) ^*<^G(?'IF) <)F)I 7UTD?* "^'(E*(FL *B*:'


) <*^G(?'IF) D'Y)@U)ET\ (*)<TETF)ULEK-
^+*>*<*> ZU)?F+*^+T7*+*> <>)+])I ^+T7*+' F'?
?'? > ZF*@ (UGW') @*BE* ^*>+)<TFL TD*U\]T[

"^'(E*(FL ?*+*F?*:* D'@K?'ET\G<'+' F*?*@


) ?U'<TF) E' ^+T7*+ ^*(F*+*EET) ^+)<@)FK

"^'(E*(FL >*D:*+'ET\


+B<  ) -+'ETF) U):?*>*(^U'@)E\[YT)(\ >)Y)(F>'
>EGF+T ^+T7*+'
8+T >?U[W)ETT *ET @*:GF
D':*+)FL(\
"^'(E*(FL *B*:'
) *F?+K>'IF) <>)+]G )(UT >EGF+T ^+T7*+'
*7+'D*>'U(\ <K@
0K?U[WTF) ^+T7*+ TD +*D)F?T

) >?U[W'IF) ^+T7*+ )(UT 0K E) ^*(F'>TUT >


E):* 7U[<* ZF* @*B)F ^+T>)(FT ? ^)+):+GD?)
^+T7*+'
M(?U[W)ET)@ \>U\)F(\ ?+'F?*>+)@)EE'\
^+*>)+?' ^*(G<K E' ^+T:*<E*(FL (@
:U

2T?+*>*UEK ^*(G<'

M(^*ULDGIF) @T?+*>*UE*>G[ ^)WL F*UL?* (


G(F'E*>U)EE*I >+'Y'[Y)I(\ ^*<(F'>?*I

) ?U'<TF) ^+*<G?FK E)^*(+)<(F>)EE* E'


>+'Y'[YG[(\ ^*<(F'>?G
M(^*ULDGIF) ^*(G<G

AT<?*(FL ^)+)UT>'[Y'\(\ W)+)D ?+'I ^+T


?T^)ETT E) <*UBE' ^+*ET?'FL W)+)D ^+T>*<
>+'Y'[Y)I(\ ^*<(F'>?T >* >EGF+)EETI *F()?
^+T7*+'
U)<TF) D' ZFT@ 5(F'E'>UT>'IF)
E)7*ULXG[ ^+*<*UBTF)ULE*(FL ^+T:*F*>U)ET\ ^+T
E)*7-*<T@*(FT @*BE* G(F'E*>TFL )) )Y) +'D

6G<LF) >ET@'F)ULEK ^+T ^+T:*F*>U)ETT 7U[< >


?*F*+K- T(^*ULDG[F(\ E'^TF?T ( >K(*?T@
(*<)+B'ET)@ (^T+F' E'^+
?*EL\? +*@

^T+F T(^'+\)F(\ ^+T >K(*?T- F)@^)+'FG+'-


8+T
E)7U':*^+T\FEK- *7(F*\F)UL(F>'- ^'+K (^T+F' >
^)WT @*:GF >(^K-EGFL
"^'(E*(FL *B*:'
;*7'>U\IF) > 7U[<' F*UL?* E)7*ULX*) ?*UTW)(F>*
E'^TF?*> ( >K(*?T@ (*<)+B'ET)@ (^T+F' T
*(F*+*BE* *F?+K>'IF) <>)+]G

.0!G H!?* ! ?
8H@ 76?7@<
 ) ^*ULDGIF)(L ^+T7*+*@ )(UT ^*>+)B<)E' ):*
<>)+]'
0*D@*B)E >K-*< ZE)+:TT @T?+*>*UE
E'+GBG
0KD*>TF) (^)]T'UT(F' )+>T(E*I (UGB7K

;>)+]' ^+T7*+' <*UBE' -*+*X* D'?+K>'FL(\

(UT G^U*FETF)UL <>)+]K (TULE* D':+\DE)E


<>)+]' E) 7G<)F ^U*FE* D'?+K>'FL(\
RF* @*B)F
^+T>)(FT ? ^*>+)B<)ET[ ^*>)+-E*(FT (F*\Y)I
+\<*@ @)7)UT
8*ZF*@G (U)<TF) D' WT(F*F*I
G^U*FETF)U\ <>)+]K

1!83ED
H! 7!670
 ) ^*ULDGIF)(L ^+T7*+*@ ^+T (UTX?*@ >K(*?*I
F)@^)+'FG+) TUT >U'BE*(FT


>?71  ) T(^*ULDGIF) *WT(FTF)UT >K(*?*:* <'>U)ET\ T
^'+*(F+GIEK) *WT(FTF)UT

"^'(E*(FL ?*+*F?*:* D'@K?'ET\G<'+' F*?*@


#):GU\+E* ^+*>*<TF) *WT(F?G ^+T7*+'

)<*(F'F*WE'\ *WT(F?' @*B)F ^+T>)(FT ?


^*>+)B<)ET[ ^*>)+-E*(FT ' (* >+)@)E)@ ?
+B'>U)ET[ ^+T7*+'
8+*TD*I<)F >K-*< ZE)+:TT
@T?+*>*UE E'+GBG

2 67  #)@*EF <*UB)E ^+*TD>*<TFL(\ F*UL?* (^)]T'ULE*


*7GW)EEK@T ^+*TD>*<TF)U)@ (*F+G<ET?'@T
)+>T(E*I (UGB7K
8+T E)?>'UTVT]T+*>'EE*
>K^*UE)EE*@ +)@*EF) ^+T7*+ @*B)F (F'FL
T(F*WET?*@ ()+L)DE*I *^'(E*(FT

) ^+*TD>*<TF) ('@*(F*\F)ULE* +'7*FK ^*


+)@*EFG T F)-ETW)(?*@G *7(UGBT>'ET[ ^+T
^+*>)<)ETT ?*F*+K- EGBE* (ET@'FL D'YTFEG[
?+KX?G ^+)^\F(F>G[YG[ >K-*<G ZE)+:TT
@T?+*>*UE E'+GBG
0KD*>TF) (^)]T'UT(F'
)+>T(E*I (UGB7K

T?*:<' E) >(?+K>'IF) ?*+^G( ^+T7*+'


8+T7*+
+'7*F')F ^*< >K(*?T@ E'^+\B)ET)@

T?*:<' E) >?U[W'IF) E)T(^+'>EKI ^+T7*+

0K?U[WTF) ^+T7*+ TD +*D)F?T


0KD*>TF)
(^)]T'UT(F' )+>T(E*I (UGB7K

) @)E\IF) ('@*(F*\F)ULE* U'@^*W?T >EGF+T


^+T7*+'
0KD*>TF) (^)]T'UT(F' )+>T(E*I
(UGB7K

0M2M #'7*FK ^* +)@*EFG T F)-ETW)(?*@G


*7(UGBT>'ET[ ^+T ?*F*+K- E)*7-*<T@* (ET@'FL
D'YTY'[YG[ *F ZE)+:TT @T?+*>*UE ?+KX?G
^+)<(F'>U\[F (*7*I *^'(E*(FL T @*:GF
>K^*UE\FL(\ F*UL?* (^)]T'UTDT+*>'EEK@
^)+(*E'U*@


 ) >?U[W'IF) @T?+*>*UEK )(UT ^)WL ^G(F'

+!0?@ 7"6?1?  #'D*:+)>'IF) > @T?+*>*UE*>*I ^)WT F*UL?*


*5 H6 7? 7U[<' T E'^TF?T
N[7*) <+G:*) T(^*ULD*>'ET)
H!? @*B)F 7KFL *^'(EK@ TUT (F'FL ^+TWTE*I
H!?- 7 0@6?? 0 ^*>+)B<)ET\
'^+
 ?+G^\EK) TUT D)+E*>K)
^*<GX)W?T ^+T +'D*:+)>'ETT @*:GF >(^K-EGFL

2?1! 0 @6 0 9
 H6 7< 3 -
HB? 0* TD7)B'ET) D'<)+B?T D'?T^'ET\ ^+T
+'D*:+)>'ETT BT<?*(F)I >():<' ?U'<TF) >
)@?*(FL W'IEG[ U*B?G
8+T D'<)+B?)
D'?T^'ET\ F)@^)+'FG+' D'?T^'ET\ <*(FT:')F(\
7)D *7+'D*>'ET\ > BT<?*(FT -'+'?F)+EK-
^GDK+L?*>
8+T ZF*@ :*+\W'\ BT<?*(FL E)
7G<)F 7G+UTFL T +'D7+KD:T>'FL(\ WF* @*B)F
^+T>)(FT ? *B*:'@

 ;)F(?*) ^TF'ET)
0():<' +'D*:+)>'IF) <)F(?*) ^TF'ET) >
(F)?U\EEK- 7'E?'- TUT 7GFKU*W?'- 7)D ?+KX?T
T (*(?T
8*(U) +'D*:+)>'ET\ <)F(?*) ^TF'ET)
EGBE* -*+*X* ^)+)@)X'FL TUT >(F+\-EGFL
WF*7K F)^U* +'>E*@)+E* +'(^+)<)UTU*(L ^*
>()@G *7J)@G
8)+)< F)@ ?'? ?*+@TFL
+)7)E?' ^+*>)+LF) F)@^)+'FG+G
"^'(E*(FL
*B*:'
 T?*:<' E) +'D*:+)>'IF) )<G TUT E'^TF?T >
^U*FE* D'?+KF*I ^*(G<)
"^'(E*(FL >D+K>'
 )ULD\ (TULE* E':+)>'FL 'U?*:*ULEK) E'^TF?T

"^'(E*(FL >D+K>'
 T?*:<' E) +'D*:+)>'IF) +'(FTF)ULE*) @'(U*
> +)BT@) @T?+*>*UE F'? ?'? *E* @*B)F
>*(^U'@)ETFL(\

 M(^*ULDGIF) F*UL?* ^*(G<G ^+T:*<EG[ <U\


@T?+*>*UE*>*I ^)WT

 T?*:<' E) +'D*:+)>'IF) )<G >


F)+@*(F'FTW)(?*I G^'?*>?) F
?
*E' @*B)F
D':*+)FL(\
1+*@) F*:* > ^+*])(()
+'D*:+)>'ET\ E)*7-*<T@* E'7U[<'FL D'
^+*<G?F'@T > )@?*(F\- TD ^U'(F@'((K 7G@':T
TUT <+G:T- U):?*>*(^U'@)E\[YT-(\
@'F)+T'U*>
9)+@)FTWE* D'^'\EE'\ G^'?*>?'
^+T +'D*:+)>'ETT > E)I ^+*<G?F*> @*B)F
U*^EGFL


 T?*:<' E) >'+TF) \I]' > (?*+UG^) T E)
+'D*:+)>'IF) \I]' (>'+)EEK) >?+GFG[ F'?
?'? *ET @*:GF >D*+>'FL(\
RF* *FE*(TF(\
F'?B) ? @*UU[(?'@T T +'?**7+'DEK@
8+T
^+T:*F*>U)ETT \TWET]K :U'DGELT TUT >'+?) \T]
> (F)?U\EE*I ^*(G<) EGBE* E'?*U*FL B)UF*?

 5 ^+*<G?F*> ^TF'ET\ ( B)(F?*I ?*BG+*I TUT


X?G+?*I E'^+
 \7U*? F*@'F*> ?'+F*V)U\
(*(T(*? ?*BG+' @*B)F U*^EGFL
8*ZF*@G
^)+)< +'D*:+)>'ET)@ F'?T- ^+*<G?F*>
E'?*UTF) ?*BG+G

 (UT 0K (GXTF) F'?T) ^+*<G?FK ?'? F+'>K


V+G?FK TUT :+T7K +'D@*+'BT>')F) TUT
+'D*:+)>')F) ^+*<G?FK ( E)7*ULXT@
(*<)+B'ET)@ >*<K E'^+
 -U)7 D' ZFT@
^+*])((*@ E)*7-*<T@* (U)<TFL
8+T
^)+)(K-'ETT ^+*<G?FK @*:GF D':*+)FL(\

 0 +GW?'- T ?+KX?'- V'+V*+*>*I T


?)+'@TW)(?*I ^*(G<K @*:GF 7KFL @)U?T)
<K+*W?T D' ?*F*+K@T E'-*<\F(\ ^G(F*FK
8+T
^+*ET?'ETT > ZFT ^G(F*FK >U':T ^*(G<' @*B)F
F+)(EGFL

 8*ZF*@G >():<' >K(F'>U\IF) F*UL?* G?'D'EEK)


> #G?*>*<(F>) ^* Z?(^UG'F']TT DE'W)ET\
@*YE*(FT @T?+*>*UE T >+)@)ET T-
>*D<)I(F>T\
(UT 0K G(F'E*>TUT (UTX?*@
7*ULX*) DE'W)ET) @*YE*(FT TUT >+)@)ET
^+*<G?FK @*:GF >(^K-EGFL ' ^+T7*+ ^*UGWTFL
^*>+)B<)ET\

 9*+\W'\ ^TY' *F<')F F)^U* ^*ZF*@G ^*(G<'


@*B)F E':+)FL(\
;*(F'>'\ ^*(G<G TD <G-*>?T
^*ULDGIF)(L ^+T->'F?'@T


$C 6 0;9 H!?* !

.?H@9
<U\ >+)@)ET (GF*?
^+*<*UBTF)ULE*(FT T
'>F*@'FTW)(?*:*
+'D@*+'BT>'ET\

$!DEDFF !8B1
<U\ G(F'E*>?T >+)@)ET
(GF*?
^+*<*UBTF)ULE*(FT T
'>F*@'FTW)(?*:*
+'D@*+'BT>'ET\
%6 H1 >; 2'?(T@'ULE'\
^+*<*UBTF)ULE*(FL
?*F*+'\ @*B)F 7KFL
G(F'E*>U)E' (*(F'>U\)F
@TEGF

%6 H1? 0;* !
2 D6 7? 2?1! 0 @6
 0F
 0F
 0F
 0F
 0F
%6 H1? H2F7?

%6 H1
07 27?B1 
!52 !3?06? 

%6 H1 7 H %6 H1 +81

%@0?C
71!;06?F /0!G;


+!?6/@36 7?
0+'Y'[Y'\(\ ^*<(F'>?'
5(F'E*>?' >+'Y'[Y)I(\ ^*<(F'>?T
 0(F'>LF) +*UT?*>*) ?*UL]*  >
^+T>*<  > ])EF+) <E'

 5(F'E*>TF) >+'Y'[YG[(\ ^*<(F'>?G


 E' +*UT?*>*) ?*UL]* 

M(^*ULDGIF) ^)WL F*UL?* ( >-*<\Y)I >


?*@^U)?F >+'Y'[Y)I(\ ^*<(F'>?*I

U)<TF) D' F)@ WF*7K +*UT?*>*) ?*UL]*


7KU* ^+'>TULE* D'VT?(T+*>'E*

0+'Y'[Y'\(\ ^*<(F'>?' @*B)F


>+'Y'FL(\ >U)>* TUT >^+'>*

(7H@?02; 0+'Y'[Y'\(\ +GW?' @*B)F GF'^UT>'FL(\

0;1@EB7@? PF*7K D'VT?(T+*>'FL TUT +'(VT?(T+*>'FL


>K?U[W'F)UL E'B@TF) E' +GW?G
0+'Y'[Y'\(\
+GW?' @*B)F ^*>*+'WT>'FL(\ ?'? E'U)>* F'? T
E'^+'>*



+!/ H!0;2 ?H @<5 06?2


8+T ^*<(*)<TE)ETT ^+T7*+' ? ()FT TUT
(76 01 >+)@)EE*@ *F?U[W)ETT ZU)?F+*ZE)+:TT E' <T(^U))
0!26? 87 1 >K(>)WT>'[F(\ F+T EGU\
P)+)D E)(?*UL?* ()?GE<
E' <T(^U)) ^*\>U\)F(\   ^+T ZF*@ <>*)F*WT)
@T:')F

5(F'E*>?' >+)@)ET (GF*?

 5(F'E*>TF) E)*7-*<T@*) >+)@\  'B@TF) ?E*^?G P'(K 

(GF*? ( ^*@*YL[ >+'Y'[Y)I(\ +GW?T


0+)@\ (GF*? G(F'E*>U)E*

71@EB6? ?6/?1G?? 'B@TF) ?E*^?G P'(K  ' D'F)@ ?E*^?G F*^

0!26? 87 1 ME<T?']T\ *F?U[W')F(\

+ 07 !6F 876 01 'B@TF) ?E*^?G P'(K 

0!26? 87 1 ' <T(^U)) >K(>)WT>')F(\ TE<T?']T\ 

0K^*UETF) G(F'E*>?T ?'? *^T('E* > ^GE?F'- T


=5266? 0!26?  'B@TF) ?E*^?G P'(K 

87 1  MD@)ETF) >+)@\ ( ^*@*YL[ >+'Y'[Y)I(\


6H! H!? H!" /  +GW?T

@76- 6 5?26  'B@TF) ?E*^?G P'(K 


0+)@\ (GF*?
0!2F
TD@)E)E*

(156?  (UT E' <T(^U)) ><+G: ^*\>U\)F(\ >+)@\


^+T:*F*>U)ET\ F* ZF* :*>*+TF * F*@ WF* 0K
^* *XT7?) ^*>)+EGUT >+'Y'[YG[(\ +GW?G

'B@TF) ?E*^?G F*^


' <T(^U)) (E*>'
^*\>U\)F(\ TE<T?']T\ >+)@)ET (GF*?


(156?F
8)WL *(E'Y)E' *-U'B<'[YT@ >)EFTU\F*+*@
?*F*+KI @*B)F ^+*<*UB'FL +'7*F'FL <'B) ^*(U)
>K?U[W)ET\ ^)WT

' (F)?U) <>)+]K >EGF+)EET- (F)E?'- T <E)


^)WT @*B)F *7+'D*>K>'FL(\ ?*E<)E('F
RF*
E*+@'ULE*) \>U)ET) E) *?'DK>'[Y))
*F+T]'F)ULE*:* >*D<)I(F>T\ E' VGE?]T*ET+*>'ET)
^)WT
8* *?*EW'ETT Z?(^UG'F']TT ^+*(F* ^+*F+TF)
^)WL E'(G-*

&?1! 0 @6;
2T?+*>*UEK ^+*ET?'[F >EGF+L ^+*<G?F*> T
^+)*7+'DG[F(\ > F)^U* ^*ZF*@G +)BT@
@T?+*>*UE ^+T:*<)E <U\ 7K(F+*:*
+'D@*+'BT>'ET\ +'D*:+)>'ET\ +'(F'^UT>'ET\ T
<*>)<)ET\ ^TYT <* :*F*>E*(FT

8*^+*7GIF) WF* UT7* ^+T:*F*>TFL ( ^*@*YL[


@T?+*>*UE
'^+T@)+ (*:+)IF) W'X?G >*<K <U\
W'\

0K7)+TF) 7*ULXG[ W'X?G 7)D D*U*F*:* T


()+)7+\E*:* *+E'@)EF' T ^*U*BTF) > E)) W'IEG[
U*B?G

 'B@TF) ?E*^?G @*YE*(FT @T?+*>*UE


 0'FF

 5(F'E*>TF) @TEGFG  ()?GE< ( ^*@*YL[


>+'Y'[Y)I(\ +GW?T

 'B@TF) ?E*^?G 8G(?

P)+)D @TEGFG  ()?GE< +'D<'(F(\ (T:E'U


8)WL
@*BE* >K?U[WTFL T <* T(F)W)ET\ G(F'E*>U)EE*:*
>+)@)ET E'B'> ?E*^?G F*^

8*?' 0K ^L)F) W'I )Y) +'D ^+*WFTF)


^*B'UGI(F' ^+'>TU' F)-ET?T 7)D*^'(E*(FT >
E'W'U) #G?*>*<(F>' ^* Z?(^UG'F']TT
RF* *W)EL
>'BE*


 0'FF <U\ +'D*:+)>'ET\ BT<?*(F)I
& D6 7<  0'FF <U\ +'D*:+)>'ET\ T <*>)<)ET\ <*
2?1! 0 @6 :*F*>E*(FT
 0'FF <U\ FGX)ET\ @\(' T +'D*:+)>'ET\
E)BEK- 7U[<

 0'FF <U\ +'D@*+'BT>'ET\ T <*>)<)ET\ <*


:*F*>E*(FT
` 0'FF <U\ +'D@*+'BT>'ET\ E)BEK- 7U[<

8+T@)+  0F  @TEGF

(76 0?7

 'B@TF) ?E*^?G  5(F'E*>TF)  'B@TF) ?E*^?G 8G(?

>K7*+' E)*7-*<T@*I ^+*<*UBTF)ULE*(FL (


@*YE*(FT @T?+*>*UE
^*@*YL[ >+'Y'[Y)I(\
ME<T?'F*+ E'< ?E*^?*I +GW?T

@T:')F

ME<T?'F*+ E'< ?E*^?*I @*YE*(FT @T?+*>*UE


E'WTE')F :*+)FL ^*(F*\EE*
' <T(^U))
E'WTE')F(\ *F(W)F ^+*<*UBTF)ULE*(FT

+ ?7B6?? 0!26? +'D<')F(\ (T:E'U


8+T7*+ >K?U[WTF(\

' <T(^U)) ^*\>U\)F(\

'B@TF) ?E*^?G F*^ TUT *F?+*IF) <>)+]G


^)WT

% !!17?! 01 (UT G(F'E*>U)E* F*UL?* *<E* DE'W)ET) @*YE*(FT


@T?+*>*UE ^+*<*UBTF)ULE*(FL @*BE* TD@)ETFL >
U[7*I @*@)EF
(UT G(F'E*>U)EK E)(?*UL?*
DE'W)ETI @*YE*(FT T >+)@)ET ^+*<*UBTF)ULE*(FL
@*BE* TD@)ETFL F*UL?* ^)+)< ^G(?*@


76 01 'B@TF) *<TE +'D ?E*^?G F*^ TUT *F?+*IF)
<>)+]G ^)WT
8*(U) D'?+K>'ET\ <>)+]K E'B@TF)
?E*^?G 8G(?

726 ;>' +'D' E'B@TF) ?E*^?G F*^ TUT *F?+*IF)


<>)+]G T *<TE +'D E'B@TF) ?E*^?G F*^

+ @/ 07@<6F ;)I(F>GIF) > (**F>)F(F>TT ( ^GE?F'@T T

876 01 61 @<1?" C'F)@ G(F'E*>TF) >F*+*) DE'W)ET) @*YE*(FT T


56B6?9 2 D6 7? >+)@)ET
2*BE* G(F'E*>TFL *<E* D' <+G:T@ <*
2?1! 0 @6 F+)- DE'W)ETI @*YE*(FT T >+)@)ET
0
D'?U[W)ET) E'B@TF) ?E*^?G 8G(?

(156?F  "<EG T FG B) @*YE*(FL @T?+*>*UE @*BE*


>K7+'FL <>'B<K E'^+
  0F  0F  0F

2*YE*(FL >  0F @*BE* >K7+'FL F*UL?*


*<TE +'D

 8+*<*UBTF)ULE*(FL TD@)ETFL E)ULD\

 2*YE*(FL >  0'FF 0K @*B)F) G(F'E*>TFL


E' >+)@\ E) ^+)>KX'[Y))  @TEGF
*(F'ULEK) @*YE*(FT E' >+)@\ <*  @TEGF

 8+*<*UBTF)ULE*(FL G(F'E'>UT>')F(\
<* @TEGFK G(F'E'>UT>')F(\ ( X':*@ (
<*  @TEGF G(F'E'>UT>')F(\ ( X':*@ > (
<*  @TEGF G(F'E'>UT>')F(\ ( X':*@ @TE
<*  @TEGF G(F'E'>UT>')F(\ ( X':*@  @TE

 2*BE* G(F'E*>TFL (E'W'U' @*YE*(FL


@T?+*>*UE ' D'F)@ ^+*<*UBTF)ULE*(FL T
E'*7*+*F

M(^*ULDGIF) B'+*^+*WEG[ ^*(G<G TD (F)?U'


+ 8/ (F)?U*?)+'@T?T V'+V*+' ?)+'@T?T TUT
F)+@*(F*I?*I ^U'(F@'((K
RFT @'F)+T'UK
^+*^G(?'[F @T?+*>*UEK

ME'W) *7(F*TF <)U* ( @)F'UUTW)(?*I ^*(G<*I

4'? ?'? @T?+*>*UEK E) ^+*-*<\F W)+)D @)F'UU


F* > D'?+KFK- @)F'UUTW)(?T- )@?*(F\- ^TY'
*(F')F(\ -*U*<E*I

U)<TF) D' F)@ WF*7K @)F'UUTW)(?T)


^+)<@)FKE'^+T@)+ U*B?' E'-*<TUT(L E'
+'((F*\ETT E) @)E)) (@ *F (F)E*? <G-*>*:*
X?'V' T >EGF+)EE)I (F*+*EK <>)+]K F'? ?'?
>*D@*BE* ^*>+)B<)ET) (F)?U' <>)+]K TD D'
T(?+)ET\


0* @E*:T- (UGW'\- @*BE* F'?B) T(^*ULD*>'FL
()+>T+*>*WEG[ ^*(G<G
RF* TD7'>TF 0'( *F
E)*7-*<T@*(FT ^)+)?U'<K>'FL 7U[<* T G@)ELXTF
?*UTW)(F>* :+\DE*I ^*(G<K

M(^*ULD*>'FL ^*(G<G ( D*U*FK@ TUT ()+)7+\EK@


*+E'@)EF*@ @*BE* F*UL?* )(UT TD:*F*>TF)UL
^*(G<K :'+'EFT+G)F )) ^+T:*<E*(FL <U\
@T?+*>*UE*>*I ^)WT

"7\D'F)ULE* (F'>LF) ^*(G<G E' >+'Y'[YG[(\


^*<(F'>?G

+! 0!1 H!?- /6 7? (UT 0K E) G>)+)EK WF* ^*(G<' ^*<-*<TF <U\


H 8/; @T?+*>*UE*>*I ^)WT ^+*TD>)<TF) (U)<G[YG[
^+*>)+?G
8*(F'>LF) ^G(FG[ ^*(G<G E' M @TEGFG > ^)WL ^+T
@'?(T@'ULE*I @*YE*(FT
8*(U) ZF*:* ^+*>)+LF)
F)@^)+'FG+G
8*(G<' <*UBE' 7KFL -*U*<E*I TUT
F)^U*I F'? WF*7K )) @*BE* 7KU* >D\FL +G?*I

(UT ^*(G<' (TULE* E':+)>')F(\ TUT ^+*T(-*<TF


T(?+)ET) F* *E' E)^+T:*<E'

+!/8H!3/6? ) >?U[W'IF) @T?+*>*UEK ^+T


^G(F*I ^)WT
<TE(F>)EEK@ T(?U[W)ET)@ \>U\)F(\
^+*>)+?' ^*(G<K E' ^+T:*<E*(FL

52 !3?06? !5 -!06? ?


/ 0/6? *@E/ / - 7 06 7?
H!? H 2 D? 2?1! 0 @6
0 (U)<G[YT- F'7UT]'- *^T(K>'[F(\ >*D@*BE*(FT
(156?F 1 T(^*ULD*>'ET\ @T?+*>*UE*>*I ^)WT ( G?'D'ET)@
7*@?G2 *^FT@'ULEK- ^'+'@)F+*>

CE'W)ET\ >+)@)ET G?'D'EEK) > F'7UT])


\>U\[F(\ *+T)EFT+*>*WEK@T
"ET D'>T(\F *F
^*(G<K F)@^)+'FG+K ?'W)(F>' T (>*I(F>
^+*<G?F*>


0 F'7UT]) W'(F* G?'DK>')F(\ <T'^'D*E DE'W)ETI
>+)@)ET
E'W'U' G(F'E*>TF) ('@*) ?*+*F?*)
>+)@\ T ' D'F)@ ^+T E)*7-*<T@*(FT G>)UTWLF)
):*

2*B)F (UGWTFL(\ F'? WF* *7J)@


^+T:*F'>UT>')@K- ^+*<G?F*> *FUTW')F(\ *F
G?'D'EE*:* > F'7UT])

0 ZF*@ (UGW') <)I(F>G)F *7Y)) ^+'>TU*


;>*IE*I *7J)@ >+)@\ ^+T:*F*>U)ET\ ^*WFT
><>*) G>)UTWT>')F(\
^*U*>TE' *7J)@' >+)@\ ^+T:*F*>U)ET\
E'^*U*>TEG G@)ELX')F(\

0():<' (F'>LF) ^*(G<G E' >+'Y'[YG[(\


^*<(F'>?G

 8*(F'>LF) D'@*+*B)EEK) ^+*<G?FK > *F?+KF*I


52 !3?06? )@?*(FT E' >+'Y'[YG[(\ ^*<(F'>?G

 )BEK) W'(FT E'^+T@)+ E*B?T T ?+KUKX?T


]K^U)E?' TUT BT+EK) ?+'IET) W'(FT B'+?*:*
@*BE* E'?+KFL E)7*ULXT@T ?G(*W?'@T
'U[@TET)>*I V*UL:T
8+T ZF*@ V*UL:' E)
<*UBE' ?'('FL(\ (F)E*? <G-*>*:* X?'V'
8*
T(F)W)ETT ^*U*>TEK >+)@)ET +'D@*+'BT>'ET\
V*UL:G @*BE* (E\FL

 0 ^+*])(() +'D@*+'BT>'ET\ +'D'


^)+)>)+EGFL TUT ^)+)@)X'FL
6*ULXT) ?G(?T
EGBE* ^)+)>*+'WT>'FL E)(?*UL?* +'D

 "(F'>TFL +'D@*+*B)EEK) ^+*<G?FK )Y) E'


@TEGF ^+T ?*@E'FE*I F)@^)+'FG+) <U\
>K+'>ET>'ET\ F)@^)+'FG+K
8*(U) ZF*:* ^FT]G
@*BE* ^*F+*XTFL
2\(* @*BE* *7+'7'FK>'FL
<'ULX) <'B) )(UT > ()+)<TE) ?G(?' *(F'E)F(\
E)7*ULX*) D'@*+*B)EE*) \<+*

*:2 & D6 7< 2?1! 0 @6 $77 (156?F


$!2F 2?687
2\(* ?G(?*@  :  %    %   '?+KFL F*E?T) W'(FT
:*>\<TE' :  %   %  'U[@TET)>*I V*UL:*I

(>TETE' F)U\FTE'  :  %    %  
( ?*(F\@T T 7)D


*:2 & D6 7< 2?1! 0 @6 $77 (156?F
$!2F 2?687
2\(* ?G(*W?'@T :  %     %  '?+KFL F*E?T) W'(FT
TUT U*@FT?'@T  :  %   %  'U[@TET)>*I V*UL:*I

:*>\<TE'  :  %    %  8+T ^)+)>*+'WT>'ETT


(>TETE' F)U\FTE' *F<)UTFL W'(FT <+G:
*F <+G:'

UT>*WE*) @'(U*  :  %   %  8*UE*(FL[ (E\FL


 :  %   %   G^'?*>?G

2\(E*I V'+X :  %  8+T D'@*+'BT>'ETT


(@)X'EEKI  :  %   %  (<)U'FL ?'? @*BE*
 :  %    %  7*U)) F*E?TI (U*I
0*
>+)@\
+'D@*+'BT>'ET\
E)(?*UL?* +'D
^)+)>)+EGFL (ET@'\
GB) +'D@*+*B)EEKI
V'+X

8FT]' TUT W'(FT  :  %    %  C'>)+EGFL *?*+*W?'


^FT]K :  %    %  TUT ?+KUKX?T >
'U[@TET)>G[ V*UL:G

#K7'  :  %    %  "F<)UTFL
VTU) 7TF*W?T +'D@*+*B)EEK) W'(FT
U*@FT?T <+G: *F <+G:'

#K7' FGX?*I  :  %    %  '?+KFL F*E?T) W'(FT


 :  %    %  E)7*ULXT@T ?G(*W?'@T
'U[@TET)>*I V*UL:T

">*YT E'^+T@)+  :  % 
:*+*X)?
O+G?FK  :  %  0 ^+*])(()
E'^+T@)+ @'UTE'  :  %    %  +'D@*+'BT>'ET\
*(F*+*BE* ^)+)@)X'FL
T *F<)UTFL
+'D@*+*B)EEK) W'(FT
<+G: *F <+G:'

&U)7 ])UT?*@  :  %    % 
:  %   %
0K^)W?' (G-'\  :  %  8+T ^)+)>*+'WT>'ETT
E'^+T@)+ ^T+*:  :  %    %  *F<)UTFL W'(FT ^T+*:'
TD (<*7E*:* F)(F' <+G: *F <+G:'
4*UL?*
<U\ >K^)W?T 7)D
:U'DG+T (UT>*? T
?+)@'


*:2 & D6 7< 2?1! 0 @6 $77 (156?F
$!2F 2?687
0K^)W?' (*WE'\  :  %    %  4*UL?* <U\ >K^)W?T
E'^+T@)+  :  %    %  7)D :U'DG+T T
V+G?F*>KI ^T+*: B)U'FTE'

F>*+*BEKI F*+F

 0KELF) ^*UGV'7+T?'FK TD G^'?*>?T


0
52 !3?06? (^)]T'ULE*I ^*(G<) <U\ @T?+*>*UE*>*I ^)WT
!5 -!06? *ET E':+)>'[F(\ 7K(F+)) T +'>E*@)+E))

#'DUTWEK) ?*@^*E)EFK ^*UGV'7+T?'F' @*:GF


?@? / 0/6? E':+)>'FL(\ ( +'DUTWE*I 7K(F+*F*I

52 ! 366;"  8U*(?T) ^*UGV'7+T?'FK <*-*<\F <* :*F*>E*(FT


H @8A*!?17 0 7K(F+)) W)@ >K(*?T)
8*ZF*@G (U)<G)F
/ - 7 06 7? +'DU*BTFL ^*UGV'7+T?'FK > )@?*(FT ?'?
@*BE* 7*U)) F*E?T@ (U*)@
8+T ZF*@
*F<)ULEK) W'(FT E) <*UBEK ^)+)?+K>'FL <+G:
<+G:'

 8*UGV'7+T?'FK >():<' EGBE* E'?+K>'FL


(UT
G 0'( E)F ^*<-*<\Y)I ?+KX?T <U\ ^*(G<K
T(^*ULDGIF) F'+)U?G TUT (^)]T'ULEG[ ^U)E?G
<U\ @T?+*>*UE*>*I ^)WT

 0 ^+*])(() +'D@*+'BT>'ET\ ^*UGV'7+T?'F


EGBE*  +'D' ^)+)@)X'FL TUT ^)+)>)+EGFL

 8*(U) +'D*:+)>'ET\ *(F'>LF) 7U[<* )Y) E'


 @TEGF <U\ >K+'>ET>'ET\ F)@^)+'FG+K

 "+T:TE'ULEKI >?G( 7U[<' > DE'WTF)ULE*I


(F)^)ET (*-+'E\)F(\
8*ZF*@G (*UT T (^)]TI
@*BE* @E*:* E) <*7'>U\FL

*:2 & D6 7< 2?1! 0 @6 $77 (156?F


$!2F 2?687
6U[<' <U\   :  0F  
*<E*>+)@)EE*:*
^+T:*F*>U)ET\
^*UGV'7+T?'FK TD
 ?*@^*E)EF*>
G^K  :  0F 
#':G  :  0F 
2\(* ( (*G(*@  :  0F  8+T ^)+)@)XT>'ETT
E'^+T@)+ :GU\X *F<)UTFL ?G(*W?T
@\(' <+G: *F <+G:'


*:2 & D6 7< 2?1! 0 @6 $77 (156?F
$!2F 2?687
#K7' E'^+T@)+  :  0F  8+T E)*7-*<T@*(FT
?G(?T VTU) <*7'>TFL >*<G
UT@*EEKI (*? TUT
>TE*

C'^)?'E?T E'^+T@)+  :  0F 


U'D'EL\ ?'EE)UU*ET
9'+ET+K  :  0F   ;*7'>TFL E)@E*:*
#T( @'?'+*EK  :  0F  BT<?*(FT

">*YT E'^+T@)+  :  0F  0UTFL > ^*(G<G >*<G


:*+*X)? 7+*??*UT  :  0F  F'? WF*7K 7KU*
@*+?*>L D'?+KF* <E*

Q^TE'F  :  0F   9*F*>TFL 7)D


<*7'>U)ET\ >*<K

 0KELF) ^*UGV'7+T?'FK TD G^'?*>?T


0
5 -!06? (^)]T'ULE*I ^*(G<) <U\ @T?+*>*UE*>*I ^)WT
H @8A*!?17 0 *ET E':+)>'[F(\ 7K(F+)) T +'>E*@)+E))

#'DUTWEK) ?*@^*E)EFK ^*UGV'7+T?'F' @*:GF


E':+)>'FL(\ ( +'DUTWE*I 7K(F+*F*I

 8+T +'D*:+)>) BT<?*(FT >():<' ?U'<TF) >


)@?*(FL W'IEG[ U*B?G
8+T D'<)+B?)
D'?T^'ET\ F)@^)+'FG+' D'?T^'ET\ <*(FT:')F(\
7)D *7+'D*>'ET\ > BT<?*(FT -'+'?F)+EK-
^GDK+L?*>
;'B) ^+T E)DE'WTF)ULE*@
(*F+\()ETT )@?*(FT BT<?*(FL @*B)F E'W'FL
?T^)FL TUT 7+KD:'FL WF* @*B)F ^+T>)(FT ?
*B*:'@

 8*UGV'7+T?'FK >():<' EGBE* E'?+K>'FL


(UT
G 0'( E)F ^*<-*<\Y)I ?+KX?T <U\ ^*(G<K
T(^*ULDGIF) F'+)U?G TUT (^)]T'ULEG[ ^U)E?G
<U\ @T?+*>*UE*>*I ^)WT

 0 ^+*])(() +'D@*+'BT>'ET\ ^*UGV'7+T?'F


EGBE* E)(?*UL?* +'D ^)+)@)X'FL TUT
^)+)>)+EGFL
U)<TF) D' F)@^)+'FG+*I

 8*(U) +'D*:+)>'ET\ *(F'>LF) 7U[<* )Y) E'


 @TEGF <U\ >K+'>ET>'ET\ F)@^)+'FG+K


*:2 & D6 7< (156?F
2?1! 0 @6 $77
$!2F 2?687
6U[<' <U\  0F  
*<E*>+)@)EE*:*
^+T:*F*>U)ET\
^*UGV'7+T?'FK
TD  ?*@^*E)EF*>
'^TF?T  @U  0F B B 8*U*BTFL > )@?*(FL
@U  0F B B U*B?G
) ^)+):+)>'FL
 @U  0F   'U?*:*ULEK) E'^TF?T

U)<TFL D' ^+*])((*@


+'D*:+)>'ET\

;)F(?*) ^TF'ET)  @U  0F B 6)D (*(?T TUT ?+KX?T

E'^+T@)+ 7GFKU*W?T ( @U  0F B O 8*(U) +'D*:+)>'ET\


@*U*WE*I (@)(L[ @U  0F -*+*X* >(F+\-EGFL

"7\D'F)ULE* ^+*>)+TFL
F)@^)+'FG+G
G^ W'X?'  :  0F
W'X?T  :  0F 
2\(* ( (*G(*@  :  0F  "F<)UTFL U*@FT?T @\('
<+G: *F <+G:'

#':G  :  0F  
 :  0F 
">*YT ^*+]T\  :  0F 
^*+]TT  :  0F  

 ;*>*<TF) ^*UGV'7+T?'FK <* :*F*>E*(FT >


. 0/6? D'?+KF*I ^*(G<)
0 ^+*])(() ^+T:*F*>U)ET\ T-
H @8A*!?17 0 EGBE* ^)+)@)XT>'FL TUT ^)+)>*+'WT>'FL

/ - 7 06 7?  "+T:TE'ULEKI >?G( 7U[<' > DE'WTF)ULE*I


(F)^)ET (*-+'E\)F(\
8*ZF*@G (*UT T (^)]TI
@*BE* @E*:* E) <*7'>U\FL

 8U*(?T) ^*UGV'7+T?'FK <*-*<\F <* :*F*>E*(FT


7K(F+)) W)@ >K(*?T)
8*ZF*@G (U)<G)F
+'DU*BTFL ^*UGV'7+T?'FK > )@?*(FT ?'?
@*BE* 7*U)) F*E?T@ (U*)@
8+T ZF*@
*F<)ULEK) W'(FT ^* >*D@*BE*(FT E) <*UBEK
^)+)?+K>'FL <+G: <+G:'

 "(F'>LF) :*F*>*) 7U[<* )Y) E'  @TEGF <U\


>K+'>ET>'ET\ F)@^)+'FG+K



*:2 & D6 7< 2?1! 0 @6 $77 (156?F


$!2F 2?687
#K7E*) VTU)  :  0F 
^'+E*)
SK^U)E*? :  0F  8* T(F)W)ETT ^*U*>TEK
])UT?*@ >+)@)ET ^)+)>)+EGFL

^'+E*I
^*F+*X)EKI
8+T:*F*>U)ET)  :  0F  8*+)D'FL *>*YT E'
(>)BT-  :  0F  ?G(*W?T *<TE'?*>*I
*>*Y)I >)UTWTEK
0UTFL >
^*(G<G >*<G TD
+'(W)F' (F*U*>K)
U*B?T E' :
*>*Y)I

9'+ET+K  :  0F  8*+)D'FL ?'+F*V)UL E'


E'^+T@)+  :  0F  ?G(*W?T *<TE'?*>*I
?'+F*V)UL  :  0F  >)UTWTEK
0UTFL >
^*(G<G >*<G ^+T@
E'
(@ T ^)+)@)X'FL

#T(  :  0F     0F   ;*7'>TFL <>*IE*)


 :  0F     0F   ?*UTW)(F>* BT<?*(FT

U'<?T)  @U  0F   0 ^+*])(()


7U[<' ^+T:*F*>U)ET\ +'D'
E'^+T@)+ -*+*X* ^)+)@)X'FL
^G<TE: ^G<TE: >)EWT?*@

+'(F>*+T@KI
V+G?FK  :  0F 
?*@^*F

1 26/G?? H
?H @<5 06?E
2?1! 0 @6 0 -
!3?2
$; 6 2 37 697? 0+)@\ ^+T:*F*>U)ET\ (U)<G)F G?*+'WT>'FL TUT
07*@?G G<UTE\FL (*:U'(E* (U)<G[Y)@G ^+'>TUG
876 0 B6; 56B6?F G<>*)EE*) ?*UTW)(F>* ^+*<G?F*> 
/@F H /- 7 0@66 - >+)@\ G>)UTWT>')F(\ ><>*)
1 @?B70 H! /817 0 ^*U*>TEE*) ?*UTW)(F>* ^+*<G?F*> 
E'^*U*>TEG G?*+*W)EE*) >+)@\


)@E/ H @8B?@ < 5(F'E*>TF) 7*U)) ?*+*F?*) >+)@\ ^+T:*F*>U)ET\
@?C1 2 8"?2 T7*U)) ETD?G[ @*YE*(FL @T?+*>*UE
3'?+*IF)
^*(G<G ( ^+*<G?F'@T ?+KX?*I T <*7'>LF) 7*ULX)
BT<?*(FT

)@E/ H ?7B6?? 5(F'E*>TF) 7*U)) ^+*<*UBTF)ULE*) >+)@\


5/66 - 0!26? D ^+T:*F*>U)ET\ T 7*U)) >K(*?G[ @*YE*(FL
6 77F@  6 @T?+*>*UE W)@ F' WF* G?'D'E' > +)])^F)
6-!@ < ?@? 6 *;@ F'??'? 7*ULX*) ?*UTW)(F>* ^+*<G?F*> :*F*>TF(\
- 7 0  <*ULX)
1+*@) F*:* (U)<TF) D' F)@ WF*7K
7U[<* 7KU* E) (UTX?*@ >K(*?T@ F'? ?'?
>ZF*@(UGW') >+)@\ ^+T:*F*>U)ET\ F'? B)
G>)UTWT>')F(\

+ ?7B6?? 0!26? 8)+)@)XT>'IF) 7U[<* >+)@\ *F >+)@)ET


H!?- 7 0@6?F *@E/ '>(U)<G[YTI +'D G(F'E*>TF) 7*U)) ETD?G[
H!0!6 H 1!F2 @*YE*(FL T 7*U)) ^+*<*UBTF)ULE*) >+)@\
0 G67! D 6 ^+T:*F*>U)ET\

- 7 0 

07 27?B1  !52 !3?06?


0 0'X)I @T?+*>*UE*>*I ^)WT D'U*B)EK
'>F*@'FTW)(?T) ^+*:+'@@K +'D@*+'BT>'ET\
^+T ^*@*YT @T?+*>*UE
0K >>*<TF) UTXL E*@)+
^+*:+'@@K T >)(
0() *(F'ULE*) D' 0'(
>K^*UE\)F ZU)?F+*ET?'

;U\ ?'B<*I ^+*:+'@@K > F'7UT]) 0K E'-*<TF)


(**F>)F(F>G[YTI ^+*<G?F T <T'^'D*E >)('

2*BE* G(F'E*>TFL U[7*I >)( > ^+)<)U'- <'EE*:*


<T'^'D*E' >)('

 ^*@*YL[ - ^+*:+'@@ +'D@*+'BT>'ET\ 0K


+! -!22; @*B)F) +'D@*+*DTFL @\(* ^FT]G +K7G -U)7 TUT
!52 !3?06?F ^T+*:

+ /- 7 01 H! /817 8* >*D@*BE*(FT T(^*ULDGIF) ^+*<G?F ?*F*+KI


^*+]T*EE* D'@*+'BT>'U(\ T -+'ETU(\ ^+T
F)@^)+'FG+) L

;U\ +'D@*+'BT>'ET\ TD>U)?TF) ^+*<G?F TD


G^'?*>?T T >D>)(LF) ):*
0)( 0'@ ^*F+)7G)F(\
<U\ G(F'E*>?T ^'+'@)F+*> ^+*:+'@@K


0*(^+TT@WT>K) ? >K(*?*I F)@^)+'FG+) W'(FT ?
^+T@)+G ?G+TEK) E*B?T T ?+KUL\ TUT B) ->*(FK
+K7K @*BE* ^+T?+KFL E)7*ULXT@T ?G(*W?'@T
'U[@TET)>*I V*UL:T

4'?T@ *7+'D*@ 0'@ G<'(F(\ TD7)B'FL T-


^+)B<)>+)@)EE*I :*F*>E*(FT
U)<TF) D' F)@
WF*7K V*UL:' E) ?'('U'(L >EGF+)EET- (F)E*?
^)WT

+ 8/ 8*U*BTF) ^+*<G?F E' ^+T:*<EG[ <U\ @T?+*>*UE


^U*(?G[ ^*(G<G E'^+T@)+ (F)?U\EEG[ TUT
V'+V*+*>G[ F'+)U?G T E) E'?+K>'IF) ):*
?+KX?*I

$!2F 0;/!31? ;U\ >K+'>ET>'ET\ F)@^)+'FG+ +'D@*+*B)EEKI


^+*<G?F *(F'>TFL )Y) E' a @TEGF

;U\ ?+G^EK- ?G(?*> @\(' ^*F+)7G)F(\ 7*U))


<UTF)ULE*) >+)@\ >K<)+B?T W)@ <U\ E)7*ULXT-

(UT ZF* ^*+]T*EEK) ?G(?T TUT V'+X F* ^+)B<)


W)@ <'FL @\(G ^*U)B'FL *F<)UTF) ?G(*W?T <+G:
*F <+G:'

C'F)@ *7+'7*F?G ^+*<G?F' @*BE* ^+*<*UBTFL


<'B) )(UT F*U(FK) ?G(?T )Y) E) (*>()@ *FF'\UT
>EGF+T
5 ^FT]K E' ZF*@ ZF'^) @*BE* TD>U)WL
>EGF+)EE*(FT

$6?26? 8+T +'D@*+'BT>'ETT @\(' ^FT]K TUT +K7K E'


F'+)U?G (F)?')F BT<?*(FL
T > ?*)@ (UGW')
E)ULD\ T(^*ULD*>'FL )) <U\ <'ULE)IX)I :*F*>?T
*E' F'?B) E) <*UBE' (*^+T?'('FL(\ ( <+G:T@T
^+*<G?F'@T

+! /817;  2! .?H5 6 0


H! -!22;
2\(* T ^FT]' #
B'+?*)  ?:
^*+]T*EEK) ?G(?T  ?:
@\(E*I V'+X   ?:
?G+' ]K^U)E*? GF?'   ?:
#K7'  ?:
+K7' ])UT?*@ +K7E*) VTU) +K7' ?G(*W?'@T


+! /817;  2! .?H5 6 0
H! -!22;
&U)7 T ^T+*:T #  ?:
-U)7 ])UKI ?+G:UKI UT7* 7'F*E
-U)7 U*@FT?'@T (<*7EKI ^T+*:
^T+*: TD <+*BB)>*:* F)(F' V+G?F*>KI ^T+*:
 )ULD\ >K^)?'FL F*+FK (* (UT>?'@T ^T+*:T ( ?+)@*@ ^T+*:T ( D'UT>?*I
:U'DG+L[ TUT ( B)U'FTE*@

8+T@)+ *@)+ ^+*:+'@@K   ?:

(76 0?7

 'B@TF) ?E*^?G   ^*@*YL[  'B@TF) ?E*^?G 8G(?

>F*@'FTW)(?*) >+'Y'[Y)I(\ +GW?T P)+)DE)(?*UL?* ()?GE<


+'D@*+'BT>'ET) 
G(F'E*>TF) EGBEKI >)(
^+*:+'@@' E'WTE')F
' TE<T?'F*+) ^*\>\F(\ +'7*F'FL

E*@)+ ^+*:+'@@K T ' <T(^U)) E'WTE')F(\


7'D*>'\ G(F'E*>?' <U\ *F(W)F ^+*<*UBTF)ULE*(FT

*F(W)F' >)('

(156?  ;U\ ^+*:+'@@K  ^+)<U':')@*)


DE'W)ET)  ?: <>' +'D' E'B@TF) ?E*^?G
>F*@'FTW)(?*) +'D@*+'BT>'ET) 

 0* >+)@\ +'7*FK ^+*:+'@@K 0K @*B)F)


D'^+*(TFL TE<T?']T[ >>)<)EE*:* DE'W)ET\
>)('
;U\ ZF*:* E'B@TF) ?E*^?G 
0>)<)EE*)
DE'W)ET) >)(' ^*\>TF(\ E' <T(^U)) E'
()?GE<K


 8+T ^+*:+'@@) <U\ >)(' (>KX)  : ^*(U)
G(F'E*>U)EE*:* >+)@)ET +'D<'(F(\ (T:E'U

"F?+*IF) <>)+]G ^)WT T ^)+)>)+ETF) @\(* TUT


^FT]G
C'?+K> <>)+]G (E*>' E'B@TF) ?E*^?G
8G(?

+ ?7B6?? 0!26? +'D<')F(\ (T:E'U


8+T7*+ >K?U[WTF(\

' <T(^U)) ^*\>U\)F(\

'B@TF) ?E*^?G F*^ TUT *F?+*IF) <>)+]G


^)WT

% !!17?! 01 ;>' +'D' E'B@TF) ?E*^?G F*^ T >>)<TF)


E*>K) DE'W)ET\

726 ;>' +'D' E'B@TF) ?E*^?G F*^

+2F7<
 ^*@*YL[ VGE?]TT ^'@\FT @*BE* (*-+'ETFL >
^'@\FT ' D'F)@ > U[7*I @*@)EF >KD>'FL <>)
G(F'E*>?T ?*F*+K) 0K T(^*ULDG)F) W'Y) >():*

;U\ ZF*:* > 0'X)@ +'(^*+\B)ETT T@)[F(\ <>)


\W)I?T ^'@\FT 2 T 2


8+T@)+ 1'? +'D*:+)FL F'+)U?G (G^' ^+T
 "!66? @*YE*(FT  0F D' @TEGFK TD \W)I?T ^'@\FT
876 0 1 0 2

H2F7?

 'B@TF) ?E*^?G !
 'B@TF) ?E*^?G @*YE*(FT @T?+*>*UE
ME<T?'F*+E'< ?E*^?*I @T:')F
 0F

 5(F'E*>TF) ^+*<*UBTF)ULE*(FL (
 Y) +'D E'B@TF) ?E*^?G !

^*@*YL[ >+'Y'[Y)I(\ +GW?T


5(F'E*>?' (*-+'E)E'> ^'@\FT

' <T(^U)) (E*>' ^*\>U\)F(\ >+)@\ (GF*?


TUT *E E) :*+TF

(156?F  2*BE* (*-+'ETFL > ^'@\FT F*UL?* *<E*


DE'W)ET) @*YE*(FT @T?+*>*UE

 
 *-+'E)EEG[ > ^'@\FT G(F'E*>?G @*BE* >
U[7*I @*@)EF TD@)ETFL E' <+G:G[
0K^*UETF)
G(F'E*>?T ?'? *^T('E* > ^GE?F'- 

 8+*:+'@@K +'D@*+'BT>'ET\ E) ^*<U)B'F


(*-+'E)ET[ > ^'@\FT

0K @*B)F) > U[7*I @*@)EF >KD>'FL G(F'E*>?T


=6?G?G?F (*-+'E)EEK) > ^'@\FT

H2F7?

 'B@TF) ?E*^?G !
 'B@TF) ?E*^?G 8G(?

C'^T('EEKI > ^'@\FL +)BT@ E'WTE')F


+'7*F'FL

+ ?7B6?? 0!26? +'D<')F(\ (T:E'U


8+T7*+ >K?U[WTF(\

' <T(^U)) ^*\>U\)F(\

'B@TF) ?E*^?G F*^ TUT *F?+*IF) <>)+]G


^)WT

76 01 'B@TF) *<TE +'D ?E*^?G F*^ TUT *F?+*IF)


<>)+]G ^)WT
8*(U) D'?+K>'ET\ <>)+]K E'B@TF)
?E*^?G 8G(?

=5266? 5(F'E*>?G ^'@\FT E)ULD\ @)E\FL > -*<) ^+*])(('

(UT 0K -*FTF) (*-+'ETFL > ^'@\FT <+G:G[


G(F'E*>?G D'E)(TF) > \W)I?G ^'@\FT ! TUT !
E*>K) DE'W)ET\

 
=5266? H! / @3?7@<6 7?
?-6@
8* T(F)W)ETT G(F'E*>U)EE*:* >+)@)ET
^+T:*F*>U)ET\ TUT ^* *?*EW'ETT >K^*UE)ET\
^+*:+'@@K > F)W)ET) *<E*I @TEGFK D>GWTF
(T:E'U

2*BE* TD@)ETFL ^+*<*UBTF)ULE*(FL (T:E'U' (


*<E*I @TEGFK <*  ()?GE<

+ @/ 07@<6 7<  8+T7*+ <*UB)E 7KFL >K?U[W)E

/970?9
 'B@TF) ?E*^?G 8G(? T G<)+BT>'IF) >
F)W)ET)  ()?GE< ^*?' E) +'D<'(F(\ (T:E'U

' <T(^U)) ^*\>U\)F(\ 

MD@)E)ET) (*-+'E)E* > ^'@\FT

4*WE* F'? B) @*BE* (E*>' G(F'E*>TFL


^+*<*UBTF)ULE*(FL (T:E'U' E' *<EG @TEGFG
'
<T(^U)) ^*\>U\)F(\ 

 
% 67! @<6; *@E/ 0
 70770??    
' ^+T@)+) ZFT- 7U[< ^+*TD>*<TF(\ ^+*>)+?'
?'W)(F>' T ^+'>TULE*(FT VGE?]T*ET+*>'ET\
@T?+*>*UE*>*I ^)WT ?*EF+*UT+G[YT@T *+:'E'@T

+!?- 7 0@6? 7 @<1


 2?1! 0 @62?
)@E/ & D6 7< 2?1! 0 @6 $7 (156?F
+! / @3?7@<6 7< 2?6
"@U)F  :  0F @TE   0F  @TE V*+@' #.,)- - (@
6T(?>TF  :  0F  @TE O*+@' #.,)- C (@
2\(E*I +GU)F  0F  @TE   0F *?
 @TE 8+\@*G:*ULE'\ V*+@'
 : #.,)- <UTE*I (@

52 !3?06? 7 @<1


 2?1! 0 @62?
)@E/ & D6 7< 2?1! 0 @6 $7 (156?F
+! / @3?7@<6 7< 2?6
2\(*  : 8+*:+'@@'   :  @TE O*+@' #.,)- / 
TUT  0F @TE   0F  @TE C (@


1 $; / @36; 8"3?07< 5
$C9 HB<E
;U\ WT(F?T <G-*>?T ?'F):*+TW)(?TI D'^+)Y')F(\
T(^*ULD*>'FL G(F+*I(F>' <U\ @*I?T (F+G)I >*<*I
^*< >K(*?T@ <'>U)ET)@ TUT (F+G)I ^'+'

) T(^*ULDGIF) )<?T) TUT '7+'DT>EK) WT(F\YT)


(+)<(F>'
;U\ WT(F?T (F)?U' E' <>)+]) ^+T7*+'
E)ULD\ T(^*ULD*>'FL @)F'UUTW)(?T) (?+)7?T

8*>)+-E*(FL @*B)F ^*>+)<TFL(\ ' (F)?U*


+'D7TFL(\
(UT ^*<*7EK) (+)<(F>' ^*^'UT E'
^)+)<E[[ ^'E)UL (+'DG (@*IF) T- >*<*I

;*(F'F*WE* ^+*F)+)FL ^)WL >U'BE*I F+\^*W?*I

>?71 HB? 8+T (TULE*@ D':+\DE)ETT <*7'>LF) > >*<G


6!83? E)(?*UL?* ?'^)UL (+)<(F>' <U\ @KFL(\ ^*(G<K

8*(U) ZF*:* ^+*F+TF) ^)WL (G-*I F+\^*W?*I

) T(^*ULDGIF) )<?T) TUT '7+'DT>EK) WT(F\YT)


(+)<(F>' F'? ?'? *ET +'D+GX'[F :U\E])>KI (U*I

(UT F'?*) (+)<(F>* ^*^'<)F E' ?*+^G( (+'DG


(@*IF) ):* >*<*I

+!?* !; ?5 6!30ED9 7@?


5<'U\IF) TD>)(FL ^\FE' ?+'-@'U' BT+' T \TWEK-
7)U?*> ?'? @*BE* (?*+))
8*< ZFT@T ^\FE'@T
*7+'DG)F(\ +B'>WTE'

;U\ WT(F?T T(^*ULDGIF) T@)[YT)(\ > ^+*<'B)


(+)<(F>' ^* G-*<G D' TD<)UT\@T TD E)+B'>)[Y)I
(F'UT
*7U[<'IF) ^+T ZF*@ TE(F+G?]TT
TD:*F*>TF)U\
8+)B<) W)@ +'(^+)<)UTFL (+)<(F>*
^* >()I ^*>)+-E*(FT ^*^+*7GIF) E' E)7*ULX*@
GW'(F?)

+@?7;  A! 67@<6 9 H 0!"6 7<E


?5@E2?6?F
0 <'EE*@ (UGW') (U)<G)F >*(^*ULD*>'FL(\ (U'7K@
WT(F\YT@ (+)<(F>*@ T @\:?*I ('UV)F?*I <U\
WT(F?T *?*EEK- (F)?*U TUT E)>*+(T(F*I
('UV)F?*I TD @T?+*>*U*?E'
8+*FT+'IF)
^*>)+-E*(FL >)<\ ('UV)F?G 7)D E'BT@'
>:*+TD*EF'ULE*@ E'^+'>U)ETT

3) (U)<G)F ^*ULD*>'FL(\ ':+)((T>EK@T WT(F\YT@T


(+)<(F>'@T :G7?'@T ( X)+X'>*I ^*>)+-E*(FL[
TUT B)(F?T@T ('UV)F?'@T
U[@TET)>G[
^*>)+-E*(FL UGWX) >():* ^+*FT+'FL (G-*I
('UV)F?*I

0 7*ULXTE(F>) (UGW')> <*(F'F*WE* ^+*F)+)FL ^)WL


>?71 HB? >EGF+T >U'BE*I F+\^*W?*I
8+T (TULE*@
0687!? D':+\DE)ETT T(^*ULDGIF) @\:?*) WT(F\Y))
(+)<(F>*
) T(^*ULDGIF) (^+)T <U\ WT(F?T
<G-*>*?

)^+T\FEK) D'^'-T E'^+T@)+ ^*(U)


^+T:*F*>U)ET\ +K7K @*BE* U):?* G(F+'ETFL

'U)IF) > W'X?G >*<K T <*7'>LF) E)(?*UL?*


?'^)UL UT@*EE*:* (*?'
8*U*BTF) > E)) U*B?G

9+)IF) >*<G > ^)WT > F)W)ET) @TEGF ^+T


('@*I >K(*?*I @*YE*(FT
8*(U) ZF*:* ^+*F+TF)
^)WL E'(G-*

0+'Y'[YG[(\ ^*<(F'>?G T +*UT?*>*) ?*UL]*


$!DEDFF @*BE* @KFL ( ^*@*YL[ (+)<(F>' <U\ @KFL\
H /701 ^*(G<K
5:UG7U)ET) E' <E) ^)WT ^+*FT+'IF)
>U'BE*I F+\^*W?*I
U)<TF) D' F)@ WF*7K >*<'
E) ^+*ET?'U' W)+)D ^+T>*< >+'Y'[Y)I(\
^*<(F'>?T >* >EGF+)EETI *F()? ^)WT
U)<TF) D'
F)@ WF*7K +*UT?*>*) ?*UL]* 7KU* ^+'>TULE*
D'VT?(T+*>'E*

>7 /@7< H!? 6?H!06 7?


P'(F* (UGW')F(\ WF* ^+TWTE*I E)T(^+'>E*(FT
(F'U' ?'?'\ F* @)U*WL
8+)B<) W)@ *7+'Y'FL(\ >
)+>T(EG[ (UGB7G ^+*WFTF) (U)<G[YT) G?'D'ET\

?H!06 7< $ 52 36F H!?B?6 (7!66?


8+T7*+ E) +'7*F')F
QF)^()ULE'\ >TU?' E) 0(F'>LF) >TU?G > +*D)F?G

>(F'>U)E' > +*D)F?G


?H!06 7< $ 52 36F H!?B?6 (7!66?
8+T *F?U[W)ETT 8+*>)+LF) :*+TF UT U'@^*W?' E'
ZU)?F+*ZE)+:TT
?G-E)

' <T(^U)) :*+TF 


"F?U[W'U'(L ^*<'W' E*>' G(F'E*>TF) >+)@\ (GF*?

ZU)?F+*ZE)+:TT

2T?+*>*UEK E) ;>)+]' E) ^U*FE* 8+*>)+LF) E) D'B'FK UT


>?U[W'[F(\
D'?+KF'
<>)+])I *(F'F?T ^TYT TUT
^*(F*+*EET) ^+)<@)FK

5^U*FE\[YT) ^*>)+-E*(FT
<*UBEK 7KFL WT(FK@T

1E*^?' 8G(? E) 'B@TF) ?E*^?G 8G(?

E'B'F'

0 <'EEKI @*@)EF ^+T7*+ 0+'Y'[YG[(\ +GW?G 'B@TF) ?E*^?G F*^

E) T(^*ULDG)F(\ ' (UGW'IE* ^*>)+EGUT

<T(^U)) >K(>)WT>')F(\
^+*<*UBTF)ULE*(FL

6U[<' +'D*:+)>'[F(\ 5(F'E*>U)E' (UTX?*@ 0K7)+TF) 7*U)) >K(*?G[


@)<U)EE)) W)@ *7KWE*
ETD?'\ @*YE*(FL @*YE*(FL

@T?+*>*UE

0 ^+T7*+) E'-*<TF(\ ;>*IE*I *7J)@ O ^*WFT <>*IE*)


7*ULXTI *7J)@ >+)@\ ^+T:*F*>U)ET\

^+*<G?F*> W)@
*7KWE*

6U[<' -*U*<E)) W)@ 0 ^+*])(() ^+T:*F*>U)ET\


*7KWE*
^)+)@)XT>'IF) TUT
^)+)>*+'WT>'IF) 7U[<'

8+T >+'Y)ETT ^*<(F'>?T C':+\DE)ET) TUT "WT(FTF) +*UT?*>*) ?*UL]* T


(UKX)E ]'+'^'[YTI TUT ^*(F*+*EET) ^+)<@)FK G:UG7U)ET) E' <E) ^)WT

F+GYTI D>G?
> *7U'(FT ^+T>*<'
>+'Y'[Y)I(\
^*<(F'>?T

2 67 / @36 H! ?50 /?7<F 7 @<1


HG?@<6 *8B66;2?  7!8/6?12?
!0?6 9 @83*;
8+T E)?>'UTVT]T+*>'EE* >K^*UE)EE*@ +)@*EF)
^+T7*+ @*B)F (F'FL T(F*WET?*@ ()+L)DE*I
*^'(E*(FT


!0?6  *@83?06?
(UT 0'X' ^)WL EGB<')F(\ > +)@*EF) E'X'
)+>T(E'\ (UGB7' >():<' ? 0'XT@ G(UG:'@

<+)( T E*@)+ F)U)V*E' 7UTB'IX)I @'(F)+(?*I


0K E'I<)F) > F)U)V*EE*@ (^+'>*WET?)
0
()+>T(EK- ])EF+'- G?'D'EEK- > <'EE*@
#G?*>*<(F>) 0'@ F'?B) E'D*>GF '<+)(
7UTB'IX)I @'(F)+(?*I

 2!  ? 6 2!  8+T >KD*>) (^)]T'UT(F' )+>T(E*I (UGB7K


>():<' G?'DK>'IF) E*@)+ TD<)UT\ E*@)+  T
D'>*<(?*I E*@)+ E*@)+  0'X)I ^)WT

OT+@)EE'\ F'7UTW?' ( E*@)+'@T E'-*<TF(\ E'


>EGF+)EE)I (F*+*E) <>)+]K (^+'>'
PF*7K <*U:*
E) T(?'FL > (UGW') E)T(^+'>E*(FT >^TXTF) ^+\@*
()IW'( <'EEK) ^)WT

*@)+  *@)+ 

)+>T(E'\ (UGB7' 

'^+\B)ET) ^TF'ET\  0  9]
'"6?B1? "7Y'\ ^*<?U[W')@'\
"!17!?7?1? @*YE*(FL
2*YE*(FL @T?+*>*UE
 0F
 0F
P'(F*F'  29]

#'D@)+K 0 - Q - 9
^+T7*+  -  -  (@
^)WL -  -  (@

0)( ?:
8+*>)+?' $ *[D
)@)]?T- RU)?F+*F)-ET?*> <'
CE'? 
>+*^)I(?*) **7Y)(F>* <'


B ;79?=2/:5/ 4K?K< 7:3 E3;39 >7Q7?;39A3< R=9 F3C9
/:/1/9@K<KF

B 176/FK< @B<;BQ =:2BJB A39<79 /C/<A/8:/?2/< A/;/;3<


4/E2/:/</07:;39 7R7< 9B::/<;/ 9K:/CBFB<B 2799/A:713
=9BEB<BF

#B::/<;/ 9K:/CBFB<B< 0/QK<2/ 5TC3<:79 9=<B:/?K 7:3 7:57:7


S<3;:7 07:57:3? C3?7:;39A327?
B 0S:T;23< @=<?/97
9K@K;2/ @7F3 176/FK<KFK< 23J7Q79 0S:T;:3?7<7 C3
>/?R/:/?K<K A/<KA/1/JKF
76/FK<KFK< <3:3? E/>/07:27J7<7 C3
</@K: 9B::/</1/JK<KFK 5S?3139@7<7F

*/0:=:/? SE:3 2TF3<:3<;7QA7? 97 /E/?:/;/ 3@</@K<2/


E/>;/<KF 53?393< 63? 7Q:3;7 /2K; /2K; A/97>
32307:3@7<7F
B A/0:=:/?2/ /:KQK:/53:;7Q E3;39:3?
9B::/<K:;/@K 53?393< BE5B< A/0/9:/? V R/</9:/? C3 3< 7E7
/E/? C3?7:3?7 6/99K<2/ 07:57 C3?7:;39A327? A/077 97 0B
C3?7:3?7< 63>@7 93<27 ;BA4/9:/?K;KF2/ 23<3<;7QA7?

76/FK<KFK< BFB< @T?3 5TF3: 9/:;/@K 7R7< 0/9K;


;B6/4/F/ C3 A3;7F:79 9=<B:/?K 7:3 7:57:7 07:57:3? 23
C3?7:3139A7?
!3? 6/<57 07? /?KF/ ;3E2/</ 53:;3@7
6/:7<23 V 9TRT9 /?KF/:/?K </@K: 93<27<7F
5723?307:307:313J7<7F 7:3 7:57:7 07:57:3? @=< @/E4/:/?2/2K?

/Q9/ @=?B:/?K<KF C/? ;K P<13 2/7;/ 23A/E:K 07:57:3?


7R3?3< 476?7@A3 0/9K<KF
SE:3:79:3 7@A327J7<7F 9=<B
6/99K<2/ 53?39:7 07:57:3?7 0B:;/<KF 9=:/E:/QK?

%79?=2/:5/ 4K?K<K<KF:/ ;BA:B C3 F3C9:7 07? F/;/<


53R7?;3<7F7 27:3?7F

:A,0'(-,.(3

>(73(0,0 1360/$4<                              

723?;3 7:57:3?7





































"(0, &,+$9< -63/$'$0 (77(.                        


636./$4< 7( (.(-53,;( %$;.$0/$4<                 

,--$5 (5/(0,9 *(3(-(0 +6464.$3                  

TC3<:79 07:57:3?7





































%79?=2/:5/ 4K?K< 7:3 E3;39 >7Q7?;3 7:3 7:57:7 5TC3<:79 07:57:3?7 


"(0, &,+$9<0<9                                      

9@3@B/?:/?









































:.- -(9 -6..$0/$8$ %$@.$/$'$0B0&(                


)//A7< 5T<13: F/;/<K< /E/?:/<;/@K



















,-31'$.*$                                         

%79?=2/:5/ 5TR:3?7



































NB Q397:23 /E/?:/<K?

































*/0/9 C3 R/</9:/?




































,-31'$.*$ ,.( %69 AB9/( <4<5/$ 7( 2,@,3/(       

*/0:=:/? 6/99K<2/ 07:57:3?































BF RSF;3










































3?7< 2=<2B?B:;BQ E3;39:3?7< 0BFB<B< RSFT:;3@7


K@KAK:;/@K C3E/ >7Q7?7:;3@7






























.3;39:3?7< K@KAK:;/@K


































.3;39:3?7< >7Q7?7:;3@7
































%79?=2/:5/ 6/99K<2/ E/?/?:K 07:57:3?






















69 AB9/( 151/$5,;,                               

BF RSF;3 >?=5?/;:/?K

































NB Q397:23 /E/?:/<K?

































(/138                                            

E/?:/?K< 03::3J3 9/E2327:;3@7



























%3;=?E @A/?A








































 
:A,0'(-,.(3

,08$. 4C3(4,0,0 '(;,@5,3,./(4,                      

  013/60$ 68*60 5(45 8(/(-.(3,           

$-</ 6+$)$9$ 7( (/,9.,-                       


76/FK< 2KQK










































76/FK< 7R7











































S<3? A/0/9









































,3 $3<9$ +$.,0'( 8$2<./$4< *(3(-(0 ,@.(/.(3        


"(5-,., 4(37,4                                       

*39<79 SF3::79:3?








































>(73(0,0 1360/$4<
.3<7 176/FK<KF @7F3 53A7?7:7?93< BE5B< 07? /;0/:/8
,'(3/( ,.*,.(3, @/E3@7<23 9=?B<;BQAB?
#B::/<K:;KQ =:/< AT; /;0/:/8
;/:F3;3:3?7 R3C?3E7 97?:3A;3E3< C3 E3<723<
23J3?:3<27?7:307:3< AT?23< ;/:F3;3:3?27?
O3C?3<7<
9=?B<;/@K</ @7F 23 9/A9K2/ 0B:B<BF C3 /;0/:/8:/?K<
R3C?317 07? Q397:23 5723?7:;3@7<7 @/J:/EK<KF

@97 176/F:/? 23J3?@7F RS> 23J7:27?


O3C?317 07? 5723?;3
ES<A3;7 7:3 23J3?:7 6/;;/223:3? A39?/? 9/F/<K:/07:7?

@97;7Q 176/FK 5723?;323< S<13 9B::/<K:/;/F 6/:3


53A7?7<7F C3E/ TF3?7<3 H799/A 76/F 0=FB9AB?I E/FK@K<K
A/QKE/< 07? RK9/?A;/ E/>KQAK?/?/9 176/FK< 0=FB9 =:2BJB<B
03::7 327<7F

9AT3: 5723?;3 ES<A3;:3?7 6/99K<2/ 07:57 /:;/9 7R7<


E3A97:7 @/AK1K<KF/ C3E/ =AB?2BJB<BF 0S:53 03:327E3@7<3
0/QCB?B<BF

"(0, &,+$9< -63/$'$0 (77(.


?0(/., *C7(0.,- %,.*, 7( "(0, &,+$9< -6..$0/$8$ %$@.$/$'$0 (77(.
68$3<.$3< .C5)(0-6..$0/$ -<.$769606 ',--$5.,&( 1-686069
6..$0/$-<.$76960'$ &,+$9<0 -6..$0</< 7(
%$-</<+$--<0'$ B0(/., %,.*,.(3 8(3$./$-5$'<3
 #B::/<;/ C3 A3@7@/A A/:7;/A:/?K<K SF3<:3 @/9:/EK<KF

76/FK 0/Q9/:/?K</ A3@:7; 3AA7J7<7F239B::/<;/ C3


A3@7@/A A/:7;/A:/?K<K 2/C3?;3E7 B<BA;/EK<

 &/9:7E/A 6/@/?K 5S?307:7E=?@/<KF 176/FK<KFK


9B::/<;/EK<KF



636./$4< 7( (.(-53,;( %$;.$0/$4<
 $TA43< SF3: ;=<A/8 A/:7;/AK</ 2799/A 327<7F

 B 176/F @/2313 ;=<A/8 /;/R:K A/@/?:/<;KQAK?


B
176/F ;/@/ T@AT<23 C3E/ 07? 2=:/> 7R7<23 9B::/<K:;/9
/;/1KE:/ 2TQT<T:;3;7QA7?

 76/FK  1; C3E/  1; 53<7:7J3 @/67> 07? ET9@39


2=:/0K< 7R7<3 9B?;/9 ;T;9T<2T? /@5/?7  1;
23?7< C3 F3;7<23< 1; EB9/?K2/

 76/FK< 3:39A?79 47Q7 ES<3A;3:79:3?3 BE5B< 07? Q397:23


9B?B:;BQ =:/< A=>?/9 6/AAK</ @/67> 07? >?7F3 A/9K:2KJK
F/;/< 176/F R/:KQ;/E/ 6/FK?2K?
B >?7F7< 0/J:K
=:2BJB @75=?A/ 3< /FK<2/<  $ C3E/  AT?T
=A=;/A79 @75=?A/ 23J3?7<3 @/67> 07? @75=?A/ =:;/:K2K?

N30393 53?7:7;7 7:3 176/FK< A7> :3C6/@K TF3?7<23


07:27?7:3< 53?7:7; /E<K =:;/:K2K?

 (?7F7< ;=<A/8K C3E/ 3:39A?79 9/0:=@B<B< 23J7QA7?7:;3@7


@/2313 E3A97:7 07? 3:39A?79R7 A/?/4K<2/< E/>K:;/:K2K?

J3? 176/F 9B?B:2B9A/< @=<?/ 176/FK< 47Q7<3 3?7Q;39


;T;9T< 23J7:@3 3< /F  ;; 9=<A/9 ;3@/43@7 =:/<
07? /EK?;/ A3?A70/AK S<5S?T:;3:727?

 7?23< 4/F:/ 3:39A?79 47Q7<7< A/9K:/07:313J7 @=93A:3?


@=93A 2TF3<:3?7 C3 BF/A;/ 9/0:=:/?K 9B::/<K:;/@K
E/@/9AK?
QK?K ET9:3<;3 6/:7<23 E/<5K< A36:793@7 @SF
9=<B@B2B?

,--$5 (5/(0,9 *(3(-(0 +6464.$3

C7(0.,- %,.*,.(3,
B 176/F 3:39A?79:7 176/F:/?/ ES<3:79 5TC3<:79 9B?/::/?K</
BE5B<2B?
*/;7? R/:KQ;/:/?K @/2313 T?3A717<7< 3J7A;7Q
=:2BJB E3A97:7 @3?C7@ A39<7@E3<:3?7 A/?/4K<2/< E/>K:/07:7?

+@B:T<3 BE5B< Q397:23 E/>K:;/E/< A/;7? R/:KQ;/:/?K


0TET9 A36:793:3?3 E=: /R/07:7?

B 176/F @/2313 3C23 9B::/<K; 7R7< A/@/?:/<;KQAK?


B
176/FK @/2313 E3;39:3?7< 6/FK?:/<;/@K<2/ 9B::/<K<KF



.3A7Q97<:3? C3 R=1B9:/?
3J3? 47F79@3: C3E/ F767<@3: =:/?/9 C3E/ 176/FK 2=J?B
9B::/<;/97R7< E3A3?:7 07:57 C3 A31?T03E3 @/67>
23J7::3?@3
176/F 5SF3A7;@7F 07? Q397:23 R/:KQAK?K:;/;/:K2K?

>1&6-.$3 7( /,-31'$.*$ O=1B9:/? ;79?=2/:5/ 176/F:/?K /<1/9 =<:/?/ SJ?3A7:;3@7


)<3<0.$3
 S< 9=QB:BE:/ 9B::/</07:7?:3?
O=1B9:/? 9B::/<;/
9K:/CBFB<2/ E3? /:/< A36:793:3?7 /<:/;/:K C3 176/FK 2=J?B
9B::/</07:;3:727?:3?

O=1B9:/? 176/FK 9B::/<K?93< 176/F:/ =E</;/;/:/?K 7R7<


9=<A?=: 327:;3:727?:3?

<&$- 8C9(8.(3  "@KA;/ C3 >7Q7?;3 176/F:/?K<K< ETF3E:3?7<3 /@:/


2=9B<;/EK<KF
B ETF3E:3? R/:KQ;/ 3@</@K<2/ R=9
K@K</1/9AK?

O=1B9:/?K BF/9 ABAB<BF


./<;/ A36:793@7
:39A?79:7 176/F:/?K< 0/J:/<AK 9/0:=@B<B /@:/ 176/FK<
9/>/JKE:/ @K9KQAK?;/EK<KF
GF=:/@E=< F/?/? 5S?307:7?

#K@/ 23C?3 3:39A?79 R/?>;/ A36:793@7


76/FK< T@A 9K@;K<K /@:/ 3QE/ 9=E;/ E3?7 =:/?/9
9B::/<;/EK<KF
./<5K< A36:793@7

,@,3/( $.$0<  ./<K1K 17@7;:3?7 /@:/ >7Q7?;3 /:/<K<2/ ;B6/4/F/


3A;3E7<7F
B 17@7;:3? 176/F R/:KQAK?K:K?93< /:3C /:/07:7?

./<;/ A36:793@7
(7Q7?;3 /:/<K<2/ 2B;/< =:BQ;/@K 6/:7<23 /@:/ 176/FK<
9/>/JK<K /R;/EK<KF
:39A?79 47Q7<7 R397<7F

76/FK /@:/ >7Q7?;3 /:/<K<2/ E7E3139 =:;/2/<


R/:KQAK?;/EK<KF
76/F/ /QK?K ET9 07<307:7?
#K@/ @T?3:7 07?
9/> A3@A7 0B<B< 2KQK<2/ ABAB:;/9A/2K? 0/9K<KF 0/Q:K9
;79?=2/:5/ 9/>:/?

%79?=2/:5/ 176/FK<K /@:/ 2S<3? A/0/9 =:;/2/<


9B::/<;/EK<KF

K2/ ;/223:3?7<7 /@:/ 2S<3? A/0/JK< TF3?7<3 9=E;/EK<KF

/7;/ 07? 9/> 9B::/<K<KF

/F:/ >7Q;7Q @KCK:/? 2S<3? A/0/JK< 2S<;3@7 @K?/@K<2/


/9/?/9 176/FK< 7R 9K@;K</ B:/Q;/;/:K2K?
GQ:3;7 A/97>
327<7F
#K@/ 07? @T?3 9B::/<K<KF C3 53?397E=?@/ A39?/?
/E/?:/;/ E/>K<KF



.T9@39 =?/<2/ /:9=: S?<
9=<E/9 ?=; 7:3 6/FK?:/</<
E3;39:3?23 2799/A 327:;3:727?

:9=: ET9@39 K@K:/?2/ 0B6/?:/Q;/9A/2K?


+E5B< =:;/E/<
9=QB::/?2/ /:9=: 0B6/?K >7Q7?;3 /:/<K<2/ ABABQ/07:7?

./<;/ A36:793@7
)/2313 /F ;79A/?2/ ET9@39 =?/<:K /:9=::T 7R3139:3?
9B::/<K<KF C3 >7Q7?;3 /:/<K 9/>/JK<K 2799/A:713 /RK<KF

,+$9 -$2$;< 7( &105$ 76/F 9/>/JK<K< 6/@/? 5S?;3@7 2B?B;B<2/ 176/FK /@:/
 R/:KQAK?;/EK<KF
%79?=2/:5/ 3<3?87@7 2KQ/?K RK9/07:7?
.3A97:7
@3?C7@7 R/JK?K<KF

76/F 9/>/JK 7E713 9/>/<;/:K2K?

J3? 1=<A/ /QK?K 97?:3<;7Q@3 R/:KQ;/ @K?/@K<2/ 176/FK<


9/>/JK /?AK9 A/; =:/?/9 9/>/<;/E/1/9AK?
./<2/97
;=07:E/:/?K< ETF3E:3?7 6/@/? 5S?307:7?
=<A/EK 2/7;/
A3;7F ABAB<BF

>(73(  %79?=2/:5/ 176/FK<K /@:/ 0TET9 @K1/9:KJ/ C3 K@:/9:KJ/


;/?BF 0K?/9;/EK<KF

(/,9.(/(  @:/ ET9@39 0/@K<R:K A3;7F:3E717 C3E/ 0B6/? >T@9T?AT1T


9B::/<;/EK<KF
#K@/ 23C?3 3:39A?79 R/?>;/ A36:793@7
76/FK 2TF3<:7 07? Q397:23 A3;7F:3E7<7F
.3A3?@7F A3;7F:79
2B?B;B<2/ ETF3E 6/@/? 5S?307:7? C3 176/F F/;/< 7:3
>/@:/</07:7?
%79?=2/:5/ 3<3?87@7 2TQ3?

0$3</.$3  '</?K;:/? @/2313 T?3A717<7< 3J7A;7Q =:2BJB E3A97:7 @3?C7@


A39<7@E3<:3?7 A/?/4K<2/< E/>K:;/:K2K?
+@B:T<3 BE5B<
Q397:23 E/>K:;/E/< A/;7? R/:KQ;/:/?K 0TET9 A36:793:3?3
E=: /R/07:7?

%79?=2/:5/ 3<3?87@7<7 3<53::3E3< 9=?BEB1B 9/>:/;/<K<


RK9/?AK:;/@K<K 53?39A7?3< =</?K; C3 0/9K; R/:KQ;/:/?K<K
/@:/ 93<27<7F E/>;/EK<KF
.3A97:7 @3?C7@7 R/JK?K<KF

SC23E7 93@7<:79:3 /R;/EK<KF


76/F ET9@39 53?7:7;:3
R/:KQ;/9A/2K?

@:/ /?KF/:K 07? 176/FK R/:KQAK?;/EK<KF


:39A?79 47Q7<7
R397<7F
.3A97:7 @3?C7@7 R/JK?K<KF

@:/ >7Q7?;3 /:/<K :/;0/@K<K 93<27 0/QK<KF/


23J7QA7?;3E7<7F
.3A97:7 @3?C7@7 R/JK?K<KF

G##* %79?=2/:5/ 3<3?87@7<7 3<53::3E3< 9=?BEB1B


9/>:/;/<K< RK9/?AK:;/@K<K 53?39A7?3< =</?K; C3 0/9K;
R/:KQ;/:/?K 0B @K?/2/ =:BQ/< ?7@9:3?3 0/J:K =:/?/9
@/2313 BF;/< >3?@=<3: A/?/4K<2/< E/>K:;/:K2K?

 %79?=2/:5/ 4=<9@7E=<B<B< 176/FK< 7R7<23 E3;39


,-31'$.*$ )<3<0 E=993< R/:KQAK?K:;/@K E/@/9AK?

,.( 8(/(- 2,@,3/(  %79?=2/:5/ 4K?K<K @/2313 03@7< C3 7R3139 K@KA;/9 7R7<
,.( ,.*,., *C7(0.,- 9B::/<K<KF
/Q9/ 9B::/<K;:/? A36:793:7 =:/07:7? C3 /E?K1/
%,.*,.(3, F/?/?/ @303> =:/07:7?
P?<
 7R7<23 R397?239 C3E/ A/6K:
A/<3:3?7 0B:B</< E/@AK9:/? ABABQB> E/</07:7?

 "$0/$ 5(+.,-(4,
)KCK ;/223:3?7 K@KAK?93< 9/E</;/ 53179;3@7 /<7
9/E</;/ =:;/@K<K S<:3;39 7R7< 9/0K< 7R7<3 2/7;/ 07?
9/6C3 9/QKJK 9=EB<BF
#/E</;/ 53179;3@7<23
9/E</;/ @K1/9:KJK</ 3?7Q7:27J7 6/:23 <=?;/: 07?
9/E</;/2/ 5SF:3<7:3< 4=9B?2/;/ C3 @KCK<K< 7R7<23
6/C/ 9/0/?1K9:/?K<K< ET9@3:;3@7 =:/EK</ ?/@A:/<;/F

#/E</;/ 53179;3@7<7< @SF 9=<B@B =:2BJB 07?


2B?B;2/ 7R7<23 @KCK =:/< 9/0 07?/F 9K>K?2/2KJK /<2/
@K1/9 @KCK /<723< 4=9B?2/E/?/9 9/E</;/E/ A/Q;/E/
C3E/ 3A?/4/ @KR?/;/E/ 0/Q:/E/07:7?
B 2/
E/?/:/<;/E/ C3 E/<;/E/ @303> =:/07:7?

 3039 ;/;/@K
3039 ;/;/:/?K<K 2/7;/ 9/>/JK<K C3E/ 3;F7J7<7
RK9/?/?/9 Q7Q3 C3E/ 0703?=< 7R3?7@7<23 K@KAK<KF
3039
;/;/@K<K K@KAAK9A/< @=<?/ 7E7139 9/?KQAK?K<KF C3E/
R/:9/:/EK<KF
SE:3:79:3 K@K ;/;/ 7R3?7@7<23 2/6/ 7E7
2/JK:K?
%/;/EK 0303J7<7F3 E327?;3E3 0/Q:/;/2/<
S<13 @K1/9:KJK<K 9=<A?=: 327<7F
./<;/ A36:793@7
 #/>/9:/?K 7E713 9/>/AK:;KQ =:/< 9/0:/? 7R7<23 63?6/<57
07? E3;39 C3E/ 7R3139 K@KA;/EK<KF
(/A:/;/ A36:793@7
 :9=::T 7R3139:3?7< 4/F:/ K@KAKAK:;/:/?K E/@/9AK?
(/A:/;/
A36:793@7
 )K1/9 ABA;/ /;0/:/8:/?K 7R3?7@7<23 E3;39 K@KA;/EK<KF

B /;0/:/8:/? /:3C:3<7> E/</07:7?


(:/@A79 9/JKA C3E/
27J3? E/<K1K ;/:F3;3:3?23< E/>K:;KQ 9/0:/?
7R3?7@7<2397 03@7<:3?7 23<3A7; /:AK<2/ K@KAK<KF
5SF:3E7<7F
!/C/ @KF2K?;/E/1/9 Q397:23
/;0/:/8:/<;KQ =:/< 03@7<:3?7< /;0/:/8K >/A:/E/07:7?

 #/0BJB @=EB:;/;KQ EB;B?A/ >7Q7?;3E7<7F C3 :=>


EB;B?A/ K@KA;/EK<KF
B EB;B?A/:/? /<723<
>/A:/E/07:7?
E<K 2B?B; 9/0B9:B 6/EC/<:/?
S?<
9/0B9:B 23<7F 6/EC/<:/?K 7R7< 23 53R3?:727?

)/6/<2/ EB;B?A/ C3E/ 0/?2/9 7R3?7@7<23 EB;B?A/


>7Q7?313J7<7F F/;/< S<13 EB;B?A/ @/?K@K<K 23:7<7F



 )/J:/; C3E/ 9/:K< 9/0B9:B 5K2/ ;/223:3?7<23
S?<3J7< 3:;/ 2=;/A3@ >/A/A3@ @=@7@ C@
 9/0BJB<
EK?AK:;/ >/A:/;/ 76A7;/:7 C/?2K?
B 5707 03@7<:3?7
K@KA;/E/ 0/Q:/;/2/< S<13 9/0B9:/?K<K 23:7<7F

 /6/?/A AT?T<23< Q74/:K =A ;3EC3 C3E/ ;/<A/?


9B?BA/1/JK<KF F/;/< C3E/ /F ;79A/?2/ @B 76A7C/ 323<
03@7<:3?7< S?<
39;39 0BFB<B RSF313J7<7F C3E/ 0B
AT? 03@7<:3?7 K@KA/1/JK<KF F/;/< 7Q:3;7 /?/:K9@KF
23<3A:3;3<7F 5SF:3;3<7F 53?397?
QK?K 23?31323
9B?B;/ 6/:7<23 E/<5K< A36:793@7 @SF 9=<B@B2B?

 %79?=2/:5/ 7:3 @KCK E3;39 E/JK K@KA;/EK<KF


./J
/:3C:3<7> E/</07:7?

 )/2313 ;79?=2/:5/ 4K?K<:/?2/ 9B::/<K:;/E/ 3:C3?7Q:7


0B:/QK9:/? A/0/9 R/</9 9B::/<K<KF

 (=?@3:3< C3 @3?/;79 A/0/9 R/</9:/?K< 9B:>:/?K<K< C3


9/>/9:/?K<K< 7R7<23 R=9 9TRT9 23:79:3? 5SF3<39:3?
=:/07:7?
B 23:79:3?7< 2707<23 0=Q:B9:/? C/?2K?
B
0=Q:B9:/?/ @B C3E/ <3; 57?307:7? C3 K@K<K> 53<:3Q3?39
7:57:7 9/0:/?K< R/A:/;/@K</ E=: /R/07:7?

 $TA43< 2/7;/ 9B::/<;/ 9K:/CBFB<2/ 07:27?7:3<


;79?=2/:5/ 5TR C3 @T?3:3?7<7 /E/?:/EK<KF
3?393<
5TR C3 @T?323< R=9 2/6/ ET9@39 07? 5TR C3E/ @T?3
/E/?:/?@/<KF 03@7<:3? /:3C:3<7> E/</07:7? C3 176/F/
F/?/? C3?307:7?

 "@KAK:/< E3;39:3? 3A?/4/ K@K C3?7?:3?


B E3;39:3?7<
7R7<23 0B:B<2B9:/?K 9/0:/? 2/ R=9 K@K</07:7?
B
<323<:3 7:57:7 9/0K 176/F2/< RK9/?K?93< BE5B< 07?
ABA;/ 03F7 9B::/<K<KF



"(0, &,+$9<0<9

B45(3*( $.$0<
)//A @T?3 C3 0BF RSF;3
=A=;/A7J7 7R7<

B0(3 'C;/(
)//A7< @T?3<7< C3 0BF
$$5 56@6 RSF;3 =A=;/A7J7<7<
/E/?:/<;/@K 7R7< 9B::/<K:K?
2/979/ 9/2/? 07? @T?3
/E/?:/E/07:7?@7<7F

,-31'$.*$ *C&C0C
4(A/( 56@.$3<
 -/AA
 -/AA
 -/AA
 -/AA
 -/AA
(/138 56@.$3<

69 AB9/(
151/$5,;, 56@6 

512 56@6 5$35 56@6

$2< $A/$ 'C;/(4,



-4(46$3.$3
S<3? A/0/9
S<3? A/0/JK< A/9K:;/@K
 S<3? A/0/JK< ABAB1B 2TF3<7<7 $ 176/FK<
A/0/<K<K< A/; =?A/@K<2/ 0B:B</< A/6?79
2TF3<7<3 & 7E713 =AB?AAB?B<BF


 S<3? A/0/JK % ABAB1B 2TF3<7< $
TF3?7<3 E3?:3QA7?7<7F

76/FK @/2313 2S<3? A/0/JK A/9/?/9


9B::/<K<KF
S<3? A/0/JK< ABAB1B 2TF3<7<7<
E3?7<3 A/; =:/?/9 =AB?;/@K</ 2799/A 327<7F

S<3? A/0/9 @=:/ C3E/ @/J/ 2S<307:7?

:A(3, *B/C.(%,.(0 S<3? 2TJ;3E7 7R3?7 5S;;39 @=9;/9 ;T;9T<2T?

@$.5(3.(3 G:57:7 Q/:A3?7 7R3?7 @=9;/9 C3E/ 2KQ/?K RK9/?;/9 7R7< TF3?7<3
0/@K<KF
S<3? 2TJ;3E7 @/J/ C3E/ @=:/ R3C7?;39
;T;9T<2T?



:.- -(9 -6..$0/$8$ %$@.$/$'$0B0&(
76/F 0/J:/<2K9A/< @=<?/ C3E/ 3:39A?79 93@7:;3@7<23<
$$5,0 *C0&(. @=<?/ 5S@A3?5323 TR @K4K? E/<K> @S<3?
7?9/R @/<7E3
9$/$0<0 @=<?/  5S@A3?7:7? 797 <=9A/ T@A T@A3 E/<K> @S<3?

$8$3.$0/$4< )//A7 /9AT3: F/;/<K /E/?:/EK<KF

 S<3? 2TJ;3 7:3 @//A7 /E/?:/EK<KF



 )//A ABQB</  0/@K<KF

)//A /E/?:/<;KQAK?

$$5,0 *C0&(. 9$/$0<0 )//A ABQB</  0/@K<KF C3 @=<?/ @A=> ABQB</ 0/@K<KF

*B45(3*('(0 4,.,0/(4, S@A3?53 9/?/?K?

$$5,0 5(-3$3 )//A ABQB</  0/@K<KF

$8$3.$0/$4< S@A3?5323 @//A  =:/?/9 5S@A3?7:7?


E/?:/;/
7Q:3;7<7 C3  ;/223:3?7<23 A/?74 327:27J7 Q397:23
E/>K<KF

$$5,0 8$9 4$$5,0'(0  )//A ABQB</  0/@K<KF

-<@ 4$$5,0( '(;,@5,3,./(4,


 S<3? 2TJ;3 7:3 @//A7 23J7QA7?7<7F

 )//A ABQB</  0/@K<KF


)//A /E/?K 23J7QA7?7:;7QA7?

15  J3? 5S@A3?5323 /<723< 07? @T?3 5S@A3?7:7?@3


E/<:KQ:K9:/ 2S<3? 2TJ;3 R3C?7:;7Q 23;39A7?
)A=>
ABQB</ 0/@K<KF
S@A3?5323 E7<3 <=?;/: @//A
5S?T<T?



,.*,.(315.$3
76/F 07? @=JBA;/ 4/<K 7:3 2=</AK:;KQAK?
76/F 9/>/AK:;KQ
=:@/ 2/ 4/< R/:KQ;/E/ 23C/; 32307:7?

#/>K<K< 1/;K<2/ 176/FK< 7R ETFT<23 C3 A/0/<K<2/


9=<2/<@3 @B =:BQ/07:7?
B <=?;/: 07? 2B?B;2B? C3
;79?=2/:5/ 4=<9@7E=<B<B 3A97:3;3F
.3;39 >7QA79A3<
@=<?/ E=JBQ;BQ =:/< 0B @BEB @7:7> A3;7F:3E7<7F

,-31'$.*$
%79?=2/:5/:/? 03@7<:3?7< 7R7<23 K@KE/ 2S<TQT?:3?

%79?=2/:5/ R/0B9 0BF RSF;3 K@KA;/ 3?7A;3 C3 >7Q7?;3


7Q:3;:3?7 7R7< BE5B<2B?

%79?=2/:5/ 4=<9@7E=<B<B< 63;3< 07? 23<3E7<7F


P?<3J7<
R/EK<KF 7R7< 07? 47<1/< @B K@KAK<KF C3E/ 9/E</AK<KF

#3</?:/?K /:AK< C3E/ 5T;TQ 239=?:B =:;/E/< 0TET9 07?


47<1/< /:K<KF C3 7R7<3 07? R/E 9/QKJK 9=EB<BF

  -/AA ;79?=2/:5/ 5T1T<3 /7A ABQ/ 0/@K<KF


 S<3? 2TJ;3 7:3 2/979/  @/<7E3 /E/?:/EK<KF

 )A/?A ABQB</ 0/@K<KF

2/979/  @/<7E3 @=<?/ 07? @7<E/: @3@7 2BEB:B?


)A=>
ABQB</ 0/@/?@/<KF 0B @7<E/: @3@7 <=?;/: @T?3@7
2=:;/2/< 63;3< 9/>/<K?

O/EK<KFK EB2B;:/?93< 9B::/<;/ 9K:/CBFB<B< 0/QK<2/97


5TC3<:79 07:57:3?7<7 :TA43< A39?/? =9BEB<BF
B 07:57:3? R=9
S<3;:727?

 -/AA )KCK:/?K K@KA;/9 7R7< 9B::/<K:K?

,-31'$.*$  -/AA .3;39:3?7 K@KA;/9 C3 >7Q7?;39 7R7< 9B::/<K:K?

*CA.(3,  -/AA A >7Q7?;39 C3 6/@@/@ E3;39:3?7 K@KA;/9 7R7<


9B::/<K:K?

 -/AA BF RSF;39 C3 >7Q7?;3E3 23C/; 3A;39 7R7<


9B::/<K:K?

U -/AA !/@@/@ E3;39:3?7< 0BFB<B RSF;39 7R7<


9B::/<K:K?

 
P?<39  - 1/
%7<BA3<
=6 @(-,.'(
$8$3.$0<3

 G@A327J7<7F ;79?=2/:5/
 S<3? 2TJ;3 7:3  )A/?A ABQB</ 0/@K<KF

5T1T<3 /7A ABQ/ 0/@K<KF


7@A327J7<7F @T?3E7 /E/?:/EK<KF

*BQB< T@A A/?/4K<2/97


5S@A3?53 :/;0/@K E/<K> @S<3?

G:57:7 ;79?=2/:5/ 5T1T<T< T@A A/?/4K<2/97 5S@A3?53


:/;0/@K E/</?
E/?:/<;KQ =:/< @T?3 5S@A3?5323
5S?T<T? 07? Q397:23 R/:KQK?

8$3.$'<;<0<9 4C3( 410$ 07? @7<E/: @3@7 2BEB:B?


76/F 9/>/<K?

(3,0&( S@A3?5323 07? 5S?T<T?

(7Q7?;3 0S:T;T<T< 9/>K@K<K /RK<KF C3E/ @A=> ABQB</


0/@K<KF

C9(.5/( J3? @/2313 07? ;79?=2/:5/ 5T1T /E/?:/<;KQ@/


/E/?:/<;KQ =:/< @T?3 63? F/;/< 23J7QA7?7:307:7?
J3?
07?23< 4/F:/ ;79?=2/:5/ 5T1T C3 ;79?=2/:5/ @T?3@7
/E/?:/<;KQ@/ /E/?:/<;KQ =:/< @T?3 @/2313 @A/?A
7Q:3;7<23< S<13 23J7QA7?7:307:7?

63'63/$ )A=> ABQB</ 07? 93F 0/@K<KF C3E/ >7Q7?;3 0S:T;T<T<


9/>K@K<K /RK<KF
#/>/AAK9A/< @=<?/ @A/?A ABQB</ 0/@K<KF

,./( )A=> ABQB</ 797 93F 0/@K<KF C3E/ 176/FK< 9/>K@K<K /RK<KF C3
@A=> ABQB</ 07? 93F 0/@K<KF

,3-$A /,-31'$.*$ E/?:/;/ 7Q:3;7<7 C3  ;/223:3?7<23 A/?74 327:27J7


*C&C0C0 2(@ 2(@( Q397:23 E/>K<KF
)=<?/ 
;79?=2/:5/ 5T1T<T C3
$8$3.$0/$4< ;79?=2/:5/ @T?3@7<7 /E/?:/EK<KF
(3Q >3Q3  ;79?=2/:5/
5T1T C3 ;79?=2/:5/ @T?3@7 /E/?:/E/07:7?@7<7F
)=< =:/?/9
@A/?A ABQB</ 0/@K<KF

 
,.*,.(3  7? ;79?=2/:5/ 5T1T<T 797 93F 23 /E/?:/E/07:7?@7<7F
S?<
 -  -  -

 - 5T1T @/2313 07? 93F /E/?:/E/07:7?@7<7F

 )T?3 23J7QA7?7:3;3F

  - ;79?=2/:5/ 5T1T<T /F/;7  2/979/E/ 9/2/?


/E/?:/E/07:7?@7<7F 27J3? AT; ;79?=2/:5/ 5TR:3?7
2/979/E/ 9/2/? /E/?:/E/07:7?@7<7F

 )T?3 QB Q397:23 /E/?:/<K?


2/979/E/ 9/2/? 07?3? @/<7E3:79 /2K;:/?:/
 2/979/E/ 9/2/? /? @/<7E3:79 /2K;:/?:/
 2/979/E/ 9/2/? 07?3? 2/979/:K9 /2K;:/?:/
 2/979/E/ 9/2/? 3? 2/979/:K9 /2K;:/?:/

 P<13 ;79?=2/:5/ 5T1T<T C3 @=<?/ >7Q7?;3 @T?3@7<7


C3E/ S<13 >7Q7?;3 @T?3@7<7 @=<?/ ;79?=2/:5/ 5T1T<T
/E/?:/E/07:7?@7<7F

"@KE/ 2/E/<K9:K 9/0:/? 9B::/<K<KF S?<


1/; @3?/;79 1/;
$%$- 7( >=?@3:3< @3?/;79 C3E/ K@KE/ 2/E/<K9:K >:/@A79 9/0:/?

A$0$-.$3 %79?=2/:5/:/? 0B ;/223:3?23< 53R3?

B 2B?B; ;3A/: 9/0:/? 7R7< 53R3?:7 23J7:27?

%79?=2/:5/:/? ;3A/: 9/0:/?2/< 53R3;3F C3 9/>/:K ;3A/:


9/0:/? 7R7<2397 E3;39:3? @=JB9 9/:K?

%3A/:79 17@7;:3?7< S?<


07? 9/QK9 176/FK< 7R
ETF3E:3?7<23< C3 9/>K@K<K< 7R A/?/4K<2/< 3< /F 1;
BF/9A/ =:;/@K</ 2799/A 327<7F
':BQ/07:3139
9KCK:1K;:/?2/< 2=:/EK 9/>K<K< 7R A/?/4K<2/97 1/; A/6?7>
=:/07:7?

O=9 93F 63;3< @3?C7@ E/>AKJK<KF 9/0:/?K 9B::/</07:7?@7<7F

SE:3:79:3 63; 2=:2B?B> 0=Q/:A;/2/< 63; 4/F:/2/<


0B:/QK9 =:BQ;/@K<2/< 9B?AB:B?@B<BF

J3? ;BA4/9 A/9K;K<KFK< 93</?:/?K<2/ /:AK< C3E/ 5T;TQ


239=? C/?@/ @/2313 ;BA4/9 A/9K;K<K< T?3A717@7 A/9K;K<
;79?=2/:5/ 4K?K<2/ 9B::/<K:/07:313J7<3 2/7? 5/?/<A7
C3?307:7E=?@/ 0B A/9K;K ;79?=2/:5/ 4=<9@7E=<B 7:3
9B::/<K<KF

.3;39 >7Q7?;39 7R7< 9B::/<2KJK<KF 9/0K 53<3: =:/?/9


2S<3? A/0/JK< TF3?7<3 E3?:3QA7?7<7F

$%$- A$0$- 5(45, %BA4/9 A/9K;K<KFK< ;79?=2/:5/:/? 7R7< 3:C3?7Q:7 =:B>


=:;/2KJK<2/< 3;7< 23J7:@3<7F QB A3@A7 E/>K<KF
F/;7 5TR >=F7@E=<B<B /E/?:/EK<KF C3 0=Q 07? A/0/JK
M 2/979/ 9/2/? 07? @T?3 176/F/ 9=EB<BF
B @T?3
F/?4K<2/ /?/ @K?/ A/0/JK< @K1/9:KJK<K 9=<A?=: 327<7F

 
*/0/JK< @=JB9 C3E/ R=9 /F 3::3 ABAB:/07:3139 @K1/9:K9A/
@K1/9 =:;/@K 53?397?
O=9 K@K<K?@/ C3E/ 9KCK:1K; =:BQB?@/
;BA4/9 A/9K;K<KF ;79?=2/:5/ 4K?K<:/? 7R7< BE5B< 23J7:27?

,--$5 %79?=2/:5/ 4=<9@7E=<B<B< 176/FK< 7R7<23 E3;39


E=993< R/:KQAK?K:;/@K E/@/9AK?
B 6B@B@2/ A39 7@A7@</
;BA4/9 A/9K;K A/0/9 C@
 A3@A727?

,-31'$.*$ ,.( %69 AB9/( <4<5/$ 7(


2,@,3/(
%TA3/97> A/0:=:/?2/ ;79?=2/:5/ 4=<9@7E=<B</ /7A 07?R=9
$%.1.$3 +$--<0'$ =:/</9:/? C3 /E/? 23J3?:3?7 0B:/07:7?@7<7F

%,.*,.(3 */0:=:/?2/ 07:27?7:;7Q =:/< @T?3:3? 9K:/CBF 23J3?:3?27?


B
23J3?:3? 9B::/<K:/< 9/0:/?/ 03@7<:3?7< 9/:7A3@7<3
@K1/9:KJK</ C3 @K4/A:/?K</ 0/J:K2K?

*/0:=:/?2/ R=9 93F 53<7Q 07? @T?3 797 23J3? /?/@K<2/


9/:/< 07? @T?3 Q39:7<23 07:27?7:;7QA7?
P<13 9K@/ @T?3E7
/E/?:/EK<KF C3 53?397?@3 @=<?/ 0B @T?3E7 BF/AK<KF

)7F7< 07:27J7<7F C3E/ 9B::/<2KJK<KF ;79A/?:/? A/0:=:/?2/


07:27?7:3< ;79A/?:/?2/< 4/?9:K =:/07:7?

B 6B@B@2/ QB 4=?;T: @7F7< 7Q7<7F7 9=:/E:/QAK?/07:7?


7:27?7:3< ;79A/?K< 797 ;7@:7<7 9B::/<;/9 23;39
63;3< 63;3< 797 ;7@:7 F/;/< 23;39A7?

7:27?7:3< ;79A/?K< E/?K@K<K 9B::/<;/9 23;39


F/;/<K< 2/ E/?K@K 23;39A7?

.3;39 >7Q7?;39 7R7< 9B::/<2KJK<KF 9/0K 2/7;/ 2S<3?


A/0/JK< TF3?7<3 E3?:3QA7?7<7F

 =<2B?B:;BQ 03@7<:3?7 T@AT /RK9 07? 9/0K< 7R7<3


69 AB9/( 9=EB> 2S<3? A/0/JK< TF3?7<3 E3?:3QA7?7<7F

 */CB9:/?K< 9/</A C3 0/1/9:/?K C3E/ 9KF/?A;/:/?K< E/J:K


93</? 9K@K;:/?K 5707 6/@@/@ >/?R/:/?K< TF3?7<7 9TRT9
/:T;7<EB; 4=:E=:/? 7:3 S?AT<TF
B 4=:E=:/?K< 4K?K<K<
93</?:/?K</ E/< ETF:3?7<3 23J;3;3@7<3 2799/A
327<7F
BF RSF;3 @T?3@7<7< E/?K@K @=</ 3?279A3<
@=<?/ /:T;7<EB; 4=:E=:/?K RK9/?/07:7?@7<7F

 3@7<:3?7 /?/ @K?/ V 93F R3C7?7<7F C3E/ 9/?KQAK?K<KF

TET9 >/?R/ 03@7<:3?7 07?9/R 93F R3C7?;3<7F 53?397?


 3@7<:3?7< 7R7<2397 @K1/9:KJK< ;B<A/F/; 2/JK:/07:;3@7
7R7< 0BFB RSFT:;TQ =:/< 03@7<:3?7 E/9:/QK9 
2/979/ 9/2/? 2/6/ =2/ @K1/9:KJK<2/ 039:3A7<7F
#T;3@
6/EC/<:/?K<K< 7R7<2397 @/9/A/A:/?K Q7;27 RK9/?/07:7?@7<7F

A7< =?A/ 9K@;K<2/ 9TRT9 07? >/?R/<K< 0BFB


RSFT:;3;7Q =:@/ 2/ 3A7 7Q:3;39 ;T;9T<2T?

,-5$3 ,-31'$.*$ *C&C !$55 ,.*,.(3


#$/$0 4C3( '$-,-$
TAT< >/?R/ 3A  5  -    -  V  !/@@/@ 9K@K;:/?K< TF3?7<3
@KJK? 2=;BF 5  -    -  V  /:T;7<EB; 4=:E= S?AT<TF

2/</  5  -    -  V 
93;79:7 C3E/
93;79@7F
=J?/<;KQ C3E/  5  -  V    -  V !/@@/@ 9K@K;:/?K< TF3?7<7
27:7; 3A @KJK?  5  - V    - V  /:T;7<EB; 4=:E= S?AT<TF

2=;BF 2/</  5  -  V    -  V  (/?R/:/?K R3C7?7?93<


07?07?:3?7<23< /EK?K<KF

#KE;/ 9/?KQK9  5  -  V  %T;9T< =:2BJB 9/2/?


 5  -   - V  E/@@K Q397:23 2=<2B?B<BF

 5  -    -  V  ?/ @K?/ 07?9/R 93F R3C7?7<7F


C3 0BFB RSFT:;TQ =:/<
3A:3?7 RK9/?K<KF

#T;3@ 6/EC/<:/?K  5  -    - V  BA C3 9/</A:/?K< 3A?/4K</


C3E/ 9T;3@  5  -    -  V  /:T;7<EB; 4=:E= @/?K<KF

6/EC/<:/?K<K<
>/?R/:/?K
/:K9  5  -    - V  BFB RSFT:;TQ =:/<
47:3A= 0/:K9 >/?R/:/?K 07?07?:3?7<23<
>7?F=:/@K 27:7;:3? /EK?K<KF

6/:7<23
TAT< 0/:K9  5  -    - V  !/@@/@ 9K@K;:/?K< TF3?7<3
 5  -    -  V  9TRT9 /:T;7<EB; 4=:E=
>/?R/:/?K S?AT<TF

)30F3 S?<
 5  - V 
03F3:E3
%3EC3  5  -  V ?/ @K?/ 2799/A:713
S?<
4?/;0B/F  5  -    -  V 9/?KQAK?K<KF C3 0BFB
RSFT:;TQ =:/< >/?R/:/?K
07?07?:3?7<23< /EK?K<KF

*3?3E/JK  5  -    -  V  ;0/:/82/< A/;/;3<


 5  -    -  V  RK9/?K<KF

,-5$3 ,-31'$.*$ *C&C !$55 ,.*,.(3


#$/$0 4C3( '$-,-$
TAT< 39;39  5  -    -  V
5  -    - V 
#B?B >/@A/  5  - V  O3C7?7?93< >/@A/
S?<
0/@7A >/@A/  5  -    - V  >/?R/:/?K<K 07?07?:3?7<23<
/EK?K<KF
)/2313 TF3?7<3
R79=:/A/ 3?7;7Q Q393? C@

@T?T:;3;7Q 9?3;/@KF C3E/


9?3; Q/<A7@7F >/@A/:/? 7R7<

)B:B >/@A/  5  -    -  V  )/2313 TF3?7<3 R79=:/A/


S?< ;3EC3:7  5  -    -  V  3?7;7Q Q393? C@

>/@A/ E/J@KF @T?T:;3;7Q C3E/ 83:/A7<@7F


@TF;3 E=JB?A:B >/@A/:/? 7R7<

>/@A/

 !/FK? E3;3J7 /;0/:/8K<2/< RK9/?K<KF


%79?=2/:5/
(3,0 4K?K</ 2/E/<K9:K 07? 9/0 7R7<23 2/6/ R/0B9 C3 2/6/
'10'636./6@ ;B<A/F/; K@K<K?
E<K 9/0 7R7<23 =:/< 4/?9:K E3;39:3?
4/?9:K 23?31323 C3 4/?9:K @T?3:3?23 K@K</07:7?

8(/(-.(3,0
%696060  ./@@K E3;39:3? ET9@39 E3;39:3?23< 2/6/ R/0B9
>7Q3?
B <323<:3 E3;39:3?7 9/0K< 7R7<3 ;T;9T<
AB9C./(4, =:2BJB 9/2/? E/@@K 07? Q39:723 E/EK<KF
3@7<:3?7 T@A
<4<5<./$4< 7(8$ T@A3 27F;3E7<7F

2,@,3,./(4,  .3;39:3?7< TF3?7<7 2/7;/ 9/>/AK<KF


J3? 9/0K<KF/
BE5B< 07? 9/>/9 E=9@/ 9/0K< TF3?7<3 07? A/0/9 C3E/
SF3: ;79?=2/:5/ 4=:E=@B 9/>/AK<KF

 .3;39:3?7 /?/ @K?/  V  93F 9/?KQAK?K<KF C3E/ R3C7?7<7F

 3@7<:3?7< 7R7<2397 @K1/9:KJK< ;B<A/F/; 2/JK:/07:;3@7


7R7< E3;39:3?7 K@K<2K9A/< @=<?/   2/979/ 9/2/?
2/6/ 039:3A7<7F

 .3;39:3?7< 93<27<3 SF5T A/2K 63;3< 63;3<


A/;/;3< 9=?B<B?
B <323<:3 ABF C3 0/6/?/A
9=E/?93< 2799/A:7 =:B<BF

,-5$3 ,-31'$.*$ *C&C !$55 ,.*,.(3


#$/$0 4C3( '$-,-$
%S<T A/0/9 E3;39  V 5  -  V 
V 4/?9:K 07:3Q3<:7
6/FK? E3;39
O=?0/:/?  5  -  V 


,-5$3 ,-31'$.*$ *C&C !$55 ,.*,.(3
#$/$0 4C3( '$-,-$
*T?:T:3?  5  - V 
)=@ 7R7<23 3A S?<
 5  -  V  #/?KQAK?K?93< 3A
5B:/Q >/?R/:/?K<K
07?07?:3?7<23< /EK?K<KF

/:K9 S?<
47:3A=  5  - V  3?397?@3 @B :7;=<
>/?R/:/?K @BEB C3E/ Q/?/> 7:/C3
327<7F

)B4:3:3? S?<
 5  - V 
$/@/5<3 /<<3::=<7
/?<7AT?:3? #/AK9:/?  5  -  V  7?/F @KCK 7:/C3 327<7F

(7?7<R >7:/CK ;/9/?</  5  -  V 


)30F3 S?<
03F3:E3  5  -  V  #/0K< 7R7<3 A/0/<K
0?=9=:7 6/CBR  5  -  V  S?AT:3139 9/2/? @B
2S9T<TF

"@>/</9 >T?3@7  5  -  V  )B 7:/C3 3A;323<


>7Q7?7<7F

 !/FK? E3;3J7 /;0/:/8K<2/< RK9/?K<KF


%79?=2/:5/
"(/(-.(3,0 4K?K</ 2/E/<K9:K 07? 9/0 7R7<23 2/6/ R/0B9 C3 2/6/
<4<5<./$4< ;B<A/F/; K@K<K?
E<K 9/0 7R7<23 =:/< 4/?9:K E3;39:3?
4/?9:K 23?31323 C3 4/?9:K @T?3:3?23 K@K</07:7?

 )KCK ;/223:3?7 K@KAK?93< 9/E</;/ 53179;3@7 =:;/@K<K


S<:3;39 7R7< 9/0K< 7R7<3 2/7;/ 07? 9/6C3 9/QKJK
9=EB<BF
#/E</;/ 53179;3@7<23 9/E</;/
@K1/9:KJK</ 3?7Q7:27J7 6/:23 <=?;/: 07? 9/E</;/2/
5SF:3<7:3< 4=9B?2/;/ C3 @KCK<K< 7R7<23 6/C/
9/0/?1K9:/?K<K< ET9@3:;3@7 =:/EK</ ?/@A:/<;/F

#/E</;/ 53179;3@7<7< @SF 9=<B@B =:2BJB 07?


2B?B;2/ 7R7<23 @KCK =:/< 9/0 07?/F 9K>K?2/2KJK /<2/
@KCK /<723< 4=9B?2/E/?/9 9/E</;/E/ A/Q;/E/ C3E/
3A?/4/ @KR?/;/E/ 0/Q:/E/07:7?
B 2/ E/?/:/<;/E/ C3
E/<;/E/ @303> =:/07:7?

 .3;39:3?7< TF3?7<7 2/7;/ 9/>/AK<KF


J3? 9/0K<KF/
BE5B< 07? 9/>/9 E=9@/ 9/0K< TF3?7<3 07? A/0/9 C3E/
SF3: ;79?=2/:5/ 4=:E=@B 9/>/AK<KF

 .3;39:3?7 /?/ @K?/ 07?9/R 93F 9/?KQAK?K<KF C3E/


R3C7?7<7F
)K1/9:KJK 9=<A?=: 327<7F

 3@7<:3?7< 7R7<2397 @K1/9:KJK< ;B<A/F/; 2/JK:/07:;3@7


7R7< E3;39:3?7 K@K<2K9A/< @=<?/   2/979/ 9/2/?
2/6/ 039:3A7<7F


,-5$3 ,-31'$.*$ *C&C ! ,.*,.(3
#$/$0 4C3( '$-,-$
%S<T A/0/9 E3;39  -  V 
6/FK? E3;39
V 4/?9:K 07:3Q3<:7
GR3139:3?  ;:  - M V M #/0K< 7R7<3 9/QK9 9=EB<BF

 ;:  - M V M :9=::T 7R3139:3?7 4/F:/


 ;:  -  V  K@KA;/EK<KF
?/ @K?/
9=<A?=: 327<7F

3039 ;/;/@K S?<


 ;:  - M ;F79@7F C3 9/>/9@KF

0703?=< 7R7<23 @TA ;:  - M V "@KAAK9A/< @=<?/ 2/7;/ 7E713


 ;:  - V  R/:9/:/EK<KF
)K1/9:KJK
93@7<:79:3 9=<A?=: 327<7F

O=?0/ A/@  5  - V 
 A/@  5  -  V 
)=@ 7R7<23 3A  5  -  V A 27:7;:3?7<7 07?07?:3?7<23<
/EK?K<KF

*T?:T  5  -  V 
 5  -  V
)30F3 >=?@7E=<  5  -  V 
 >=?@7E=<  5  -  V 

 .3;39:3?7 T@AT 9/>/:K 9/0:/?2/ >7Q7?7<7F


?/ @K?/
"(/(-.(3,0 9/?KQAK?K:;/:/?K C3E/ R3C?7:;3:3?7 53?397?

2,@,3,./(4,  .3;39:3?7< 93<27<3 SF5T A/2K 63;3< 63;3<


A/;/;3< 9=?B<B?
B <323<:3 ABF C3 0/6/?/A
9=E/?93< 2799/A:7 =:B<BF

 ./@@K E3;39:3? ET9@39 E3;39:3?23< 2/6/ R/0B9


>7Q3?
B <323<:3 E3;39:3?7 9/0K< 7R7<3 ;T;9T<
=:2BJB 9/2/? E/@@K 07? Q39:723 E/EK<KF
3@7<:3?7
;T;9T<@3 T@A T@A3 27F;3E7<7F

 3@7<:3?7< 7R7<2397 @K1/9:KJK< ;B<A/F/; 2/JK:/07:;3@7


7R7< E3;39:3?7 >7QA79A3< @=<?/   2/979/ 9/2/?
2/6/ 039:3A7<7F

,-5$3 ,-31'$.*$ *C&C ! ,.*,.(3


#$/$0 4C3( '$-,-$
/:K9 47:3A=@B  5  -  V  27/9

A/F3


,-5$3 ,-31'$.*$ *C&C ! ,.*,.(3
#$/$0 4C3( '$-,-$
*/;/;3<  5  -  V  27/9
(7Q7?;3 @T?3@7<7< E/?K@K
@/9/A/A@KF 2=:B<1/ R3C?7:;3:727?

A/CB9 A/F3
)30F3 A/F3  5  -  V 27/9
)30F3E7 /E<K 0TET9:T9A3
 5  - V  27/9
>/?R/:/? 6/:7<23
2=J?/EK<KF
!3? 5
@30F3 7R7< VE3;39
9/QKJK @B 7:/C3 327<7F

#/AK9:K9 S?<
 5  -  V 27/9
(/A/A3@:3?7 /E<K 0TET9:T9A3
>/A/A3@  5  -  V  27/9
>/?R/:/? 6/:7<23
 5  -  V  27/9
2=J?/EK<KF
#/0K< 7R7<3
E/9:/QK9 1; ET9@39:79A3
@B 2=:2B?B<BF 9/?KQAK?K<KF

G97 ;7@:7 @B 7:/C3 327<7F

(7?7<R >7:/CK  5  -  V 27/9

 5   -  V  27/9

 -  V 27/9

  -  V  27/9

*/A:K:/? S?<
 ;:  -  V 27/9
(B27<57 /?/ @K?/ RK?>;/ A3:7
>B27<5 A=F 7:3   93F 7E713
;3EC3 9/?KQAK?K<KF

9=;>=@A=  5  -  V  27/9

,-31'$.*$
+$--<0'$ 8$3$3.<
%,.*,.(3
$9<3.$0$0 8(/(- (7Q7?;3 @T?3:3?7<7 QB 4=?;T:3 5S?3 BF/AK<KF C3E/
/,-5$3<0$ 68*60 $8$3 9K@/:AK<KF
%,.*,.(3, 5$%.1'$ 81- G97 ;7@:7 E3;39  797 ;7@:7 F/;/<
./?K; ;79A/?  E/?K F/;/<

"(/(- A1- -636 1.'6 /6/ 9K@/ 07? >7Q7?;3 @T?3@7 C3E/ 2/6/ 2TQT9 07?
;79?=2/:5/ 5T1T /E/?:/EK<KF
.3;39 9/0K<K< 9/>/JK<K
S?AT<TF C3 07?/F 2/6/ 4/F:/ @B 7:/C3 327<7F

8$3.$0$0 4C3( '1.'6;6 /6/ BFB< 07? @T?3 /E/?:/EK<KF


7:27?7:3< ;79?=2/:5/
+$.'( 8(/(;,0 %696 5T1T<23< 2/6/ ET9@39 07? 5TR /E/?:/EK<KF
%79A/?
AB9C./(', <4<0/$'< 7(8$ 4/F:/:/QK<1/ @T?3 23 BF/?
.3;3J7< C3E/ 7:57:7 5K2/
2,@/(', ;/223@7<7< ET9@39:7J7<3 2799/A 327<7F
&3 9/2/? ET9@39
=:B?@/ = 9/2/? BFB< @T?3?

 
8$3.$0$0 2,@/( 4C3(4, ?/ @K?/ 9/?KQAK?K<KF C3 07? 2/6/97 @343? 2/6/ 2TQT9 07?
%,55,;,0'( 8(/(;,0 '<@ 5TR C3 2/6/ BFB< 07? @T?3 /E/?:/EK<KF

-(0$3< A1- 4<&$- 135$4<


,4( '$+$ 1./$/<@

69 AB9/( 151/$5,;,


%79?=2/:5/ 4K?K<K<KFK< ;79?=2/:5/ 4=<9@7E=<B 7:3 0BF
RSF;39 7R7< =A=;/A79 >?=5?/;K C/?2K?
)7F @/2313
>?=5?/; <B;/?/@K<K C3 03@7< /JK?:KJK<K 57?7E=?@B<BF

7J3? AT; 7Q:3;:3?7 176/FK< 3:39A?=<79 @7@A3;7 6/::327E=?

!3? >?=5?/;/ BE5B< 03@7<:3?7 C3 7:57:7 /JK?:K9 07:57:3?7<7


A/0:=:/?2/ 0B:/07:7?@7<7F
7:27?7:3< /JK?:K9 /?/:KJK 2/67:7<23
63? /JK?:KJK /E/?:/E/07:7?@7<7F

 0BF RSF;3 >?=5?/;K 7:3 3A 9T;3@ 6/EC/<:/?K 0/:K9


69 AB9/( 39;39 C3 >/@A/ 0BFB<B RSF;39 ;T;9T<2T?

231*3$/.$3<
(4,0.(3,0 +$9<3.$0/$4< %T;9T< =:2BJB 9/2/? E/@@K C3 BE5B< >=?@7E=<:/?/
0S:T<3?39 L23 2=<2B?B:;BQ C3 23>=:/<;KQ
03@7<:3? 9B::/<K<KF

3@7<:3?7 0BF:/?K<K RSF;39 7R7< 53<3: =:/?/9


/;0/:/8K<2/< RK9/?K<KF C3 A/?AK<KF
(?=5?/;K
/E/?:/E/07:;39 7R7< 03@7<7< /JK?:KJK<K 07:;3<7F 53?397?

P?<
A/CB9:/?K< 0/1/9:/?K C3 9/</A:/?K C3E/ 0/:K9:/?K<
9BE?B9 9K@K;:/?K 5707 6/@@/@ >/?R/:/?K< TF3?7<7 9TRT9
/:T;7<EB; 4=:E=:/? 7:3 S?A307:7?@7<7F
SE:3:79:3 0B
9K@K;:/?K R=9 3?93< >7Q;3@7<7 C3E/ E/<;/@K<K S<:3;7Q
=:B?@B<BF
B 4=:E=:/?K< >7Q7?;3 0S:T;T<T< 2BC/?:/?K</
A3;/@ 3A;3;3@7<3 2799/A 327<7F

$%$- 7( A$0$-.$3 3@7<:3?7 ;79?=2/:5/:/?/ 9/?QK 2/E/<K9:K 07? E/@@K 9/0/


S?<
07? 1/; C3E/ >=?@3:3< A/0/J/ E3?:3QA7?7<7F C3
TF3?7<3 07? 9/>/9 9/>/AK<KF

 
,0.(0/( 4C3(4, BFB RSFT:;TQ =:/< 03@7< K@K<K< 23<53:7 E/EK:;/@K 7R7<
V 2/979/ 2/6/ 039:3A7:;3:727?

TET9 >/?R/ 3A:3?7< 039:3A7:;3 @T?3@7 9TRT9 >/?R/:/?2/<


2/6/ BFB< =:;/:K2K?
./@@K >/?R/:/?K C3 9KE;/EK
27<:3<27?3; @T?3@7<23< S<13 07?07?:3?7<23< /EK?;/<KF
C3E/ 2/JKA;/<KF 2=J?B =:B?

B 27<:3<27?;3 @T?3@7<23< @=<?/ 03@7<:3?7


7Q:3E307:7?@7<7F 9/:K< 3A >/?R/:/?K<K< =?A/ 9K@K;:/?K<2/97 0B
63<TF RSFT:;3;7Q =:@/ 2/ R<3;:7 23J7:27?
#T;3@
6/EC/<:/?K<K< 7R7<2397 @/9/A/A:/?K Q7;27 RK9/?/07:7?@7<7F

,--$5 =<2B?B:;BQ 3A:3?7< 9T;3@ 6/EC/<:/?K<K< C3E/ 0/:K9:/?K<


0BFB<B RSF3?93< @B =:BQB?
B @B 93@7<:79:3 >7Q7?;3
7Q:3;7<23 9B::/<K:;/;/:K2K? C3E/ 0/Q9/ 03@7<:3?3 A3;/@
3A;3;3:727?

<'$ /$''(4, 31*3$/ 06/$3$4< ;<3.<- $.$0<


A C3 9T;3@ 6/EC/<:/?K (
V #KF/?A;/ V 95
V ./@@K 3A >/?R/:/?K V 95
V #KE;/ V  95
V */CB9 >7:7R S?239 V 95
/:K9  V 95
0TAT< 0/:K9 0/:K9 47:3A=@B 0/:K9 >7?F=:/@K
9;39 C3 >/@A/ (  V 95
V 9;39 0TAT< EBC/?:/9 C3E/ BFB<
27:7;:3<;7Q 39;39 0/@7A >/@A/
;/E/:K >/@A/ ;3EC3:7 >/@A/
 ./Q >/@A/ 9?3;/:K >/@A/ TF3?7<3 3?7A7:;7Q R79=:/A/ C3E/ A/A:K 2S9T:;TQ C3E/ 83:/A7<
9=EB:;BQ >/@A/:/? 0B 7Q:3; 7R7< BE5B< 23J7:27?

 
P?<39 (?=5?/; <B;/?/@K 
95

=6 @(-,.'(
$8$3.$0<3

 BF RSF;3 =A=;/A7J7


 S<3? 2TJ;3 7:3  )A/?A ABQB</ 0/@K<KF

ABQB</  0/@K<KF
7@A327J7<7F /JK?:KJK /E/?:/EK<KF
(?=5?/; 07?9/R@/<7E3
S@A3?5323 >?=5?/; @=<?/ R/:KQ;/E/ 0/Q:/?

<B;/?/@K C3 /JK?:KJ/ /7A E/?:/<;KQ =:/< @T?3


A3;3: /E/? 5S@A3?7:7?
5S@A3?5323 5S?T<T? 07?
Q397:23 R/:KQK?

15  (?=5?/; <B;/?/@K  S<3?7:3< 23J3?


 95 7R7<
ABQB</ 797 93F 0/@K<KF

 (?=5?/; R/:KQ;/9A/E93< 57?;7Q =:2BJB<BF E3;3J7


5S@A3?5323 @=?5B:/E/07:7?@7<7F
 ABQB</ 0/@K<KF

JK?:K9  @/<7E3 0=EB<1/ 5S@A3?7:3139A7?

 (?=5?/; 23  52/< 7A70/?3< =:/< /JK?:K9A/ 03::7


07? @T?3 @=<?/ 07? @7<E/: @3@7 2BEB:B?
(7Q7?;3
0S:T;T<T< 9/>K@K<K /RK<KF C3 3A7 C3E/ 9T;3@
6/EC/<K<K< 3A7<7 R3C7?7<7F
K?K<K< 9/>K@K<K 9/>/AAK9A/<
@=<?/ A39?/? @A/?A ABQB</ 0/@K<KF

8$3.$'<;<0<9 4C3( 410$ 07? @7<E/: @3@7 2BEB:B?


76/F 9/>/<K?

(3,0&( S@A3?5323 5S@A3?7:7E=?

(7Q7?;3 0S:T;T<T< 9/>K@K<K /RK<KF C3E/ @A=> ABQB</


0/@K<KF

C9(.5/( G97 93F @A=> ABQB</ 0/@K<KF C3 E3<723< /E/?:/EK<KF

,./( )A=> ABQB</ 797 93F 0/@K<KF

 
(/138
3::39 4=<9@7E=<B 7:3 @K9 9B::/<2KJK<KF 797 /E/?K 176/FK<
03::3J7<3 9/E2327> 7@A327J7<7F F/;/< 9B::/</07:7?@7<7F

B 7Q:3; 7R7< % C3 % 03::39 >=F7@E=<:/?K<K


9B::/</07:7?@7<7F

P?<39 A/@ R=?0/<K< % 03::39 >=F7@E=<B<2/ 9/EKA:K


8$3.$3<0 %(..(;(  - 7:3 2/979/ K@KAK:;/@K

-$8'(',./(4,

 % ABQB</ 0/@K<KF

  -/AA ;79?=2/:5/ 5T1T<3 /7A ABQ/
*BQB< T@A A/?/4K<2/97 5S@A3?53:/;0/@K 0/@K<KF

E/<K> @S<3?

 
 S<3? 2TJ;3 7:3 7@A327J7<7F @T?3E7  % ABQB</ A39?/? 0/@K<KF

/E/?:/EK<KF
./>AKJK<KF/E/?:/;/ 03::3J3 9/E2327:;7QA7?

)//A A39?/? 5S?T<T? C3E/ 9/?/<:K9AK?

,.*,.(3  )/2313 07? ;79?=2/:5/ 5T1T<T 03::3J3


9/E232307:7?@7<7F 07?23< 4/F:/ ;79?=2/:5/ 5T1T<T
03::3J3 >3Q >3Q3 9/E2323;3F@7<7F

 3::3J3 9/E2327:;7Q =:/< 07? /E/?K< E3?7<3 63? F/;/<


0/Q9/ 07? /E/? 9/E23A;39 ;T;9T<2T?
E/?:/;/
7Q:3;7<7  ;/223:3?7<23 A/?74 327:27J7 Q397:23
E/>K<KF

 BF RSF;3 >?=5?/;:/?K 03::3J3 9/E2327:3;3F


3::3J3 9/E2327:;7Q =:/< /E/?:/?K 7@A327J7<7F F/;/<
(/138 45$35 R/:KQAK?/07:7?@7<7F @3R307:7?@7<7F

 % ABQB</ 0/@K<KF

 )A/?A ABQB</ 0/@K<KF

3::3J3 9/EKA:K =:/< ;3;=?E 03::39 7Q:3A;3@7


R/:KQ;/E/ 0/Q:/?

8$3.$'<;<0<9 4C3( 410$ 07? @7<E/: @3@7 2BEB:B?


76/F 9/>/<K?

(3,0&( S@A3?5323 5S@A3?7:7E=?

(7Q7?;3 0S:T;T<T< 9/>K@K<K /RK<KF C3E/ @A=> ABQB</


0/@K<KF

63'63/$ )A=> ABQB</ 07? 93F 0/@K<KF C3E/ >7Q7?;3 0S:T;T<T<


9/>K@K<K /RK<KF
#/>/AAK9A/< @=<?/ @A/?A ABQB</ 0/@K<KF

(;,@5,3/( 3::39 ;3;=?E /E/?:/?K 23J7QA7?7:3;3F


J3? 0/Q9/ 07?
/E/?K 03::3J3 9/E23A;39 7@A7E=?@/<KF % C3E/ % 03::39
>=F7@E=<B</ E3<7 /E/?:/?K 9/E2327<7F

,08$. 4C3(4,0,0 '(;,@5,3,./(4,


E/?:/<;KQ =:/< @T?3 C3E/ >?=5?/; @=</ 3?7<13 07?
2/979/ 0=EB<1/ 07? @7<E/: @3@7 2BEB:B?

)7<E/: @T?3@7<7 07? 2/979/2/<


 @/<7E3E3 23J7QA7?307:7?@7<7F

"$2/$0<9 *(3(-(0 ,@.(/  76/FK< 9/>/:K =:;/@K 53?397?

 7? @7<E/: @3@7 2BEB:B<1/E/ 9/2/?  @/<7E3 0=EB<1/


@A/?A ABQB</ 0/@K<KF
S@A3?5323 07?  5S?T<T?

./>AKJK<KF 23J7Q79:79 @7@A3;3 57?7:;7QA7?

E<K Q397:23 @7<E/: @T?3@7<7 A39?/? 23J7QA7?7> A39?/4 07?


2/979/E/ /E/?:/E/07:7?@7<7F
S@A3?5323  5S@A3?7:7?

  013/60$ 68*60 5(45


8(/(-.(3,
%79?=2/:5/ 4K?K<:/?K< 9/:7A3:3?7 C3 4=<9@7E=<3: SF3::79:3?7
9=<A?=: 3<@A7AT:3?7 A/?/4K<2/< 0B E3;39:3? 0/FK<2/ A3@A
327:7?

1.1 /,-31'$.*$
)10-4,8106 ,.( 8(/(-
2,@,3,./(4,

"(/(- ,-31'$.*$ *C&C ! ,.*,.(3


4C3( '$-,-$
.B;B?A/:K @TA  5  - 2/9
  - V 2/9
(7?39@ /A3Q3 2/E/<K9:K
9/:K>  D 1;
7@9TC7  5  - V 2/9
(7?39@ /A3Q3 2/E/<K9:K
9/:K> S 1;
/:E/< 9S4A3  5  -  2/9
  - E/9:
2/9
(7?39@ /A3Q3 2/E/<K9:K
9BAB 9/:K> 1;
BFB<:B9A/


1.1 /,-31'$.*$
)10-4,8106 ,.( %69
AB9C./(4,

"(/(- ,-31'$.*$ *C&C ! ,.*,.(3


4C3( '$-,-$
A  5 (?=5?/;   5  2/9
(7?39@ /A3Q3 2/E/<K9:K
C3E/  - 2/9
  - V 2/9
9/:K> <=
  S 1;

$-</ 6+$)$9$ 7( (/,9.,-


3<3: =:/?/9 ET9@39 0/@K<R:K A3;7F:3;3 @7@A3;:3?7 C3E/
0B6/?:K A3;7F:3;3 @7@A3;:3?7 9B::/<;/EK<KF

#3@97< C3E/ /QK<2K?K1K A3;7F:3;3 ;/223:3?7


9B::/<;/EK<KF
76/F 9/>/JK 1/;K<K A3;7F:3;323 ;3A/:
9/FK;/ 0KR/9:/?K BE5B< 23J7:27?
.TF3E3 F/?/? C3?307:7? C3
1/;K A/6?7> 32307:7?
B AT? 07? ;/223<7< S< ETF3E3
A3;/@ 3A;3@7 2B?B;B<2/ A3;/@ 323< 0S:53E7 23?6/: 0=:
@BE:/ A3;7F:3E7<7F

76/FK< 2KQK<K <3;:7 07? 03F 7:3 @7:;3<7F E3A3?:727?


J3?
,+$9<0 '<@< 4/F:/ 97?:7 7@3 A3;7F:3;3 @BEB</ 07? 9/R 2/;:/ 0B:/QK9
23A3?8/<K 7:/C3 327<7F
?2K<2/< 176/FK 9B?B 07? 03F 7:3
@7:7<7F

#3@97< C3E/ =C/:/;/ 53?39A7?3< A3;7F:79 ;/:F3;3:3?7


9B::/<;/EK<KF /9@7 6/:23 ETF3E 0=E/@K<2/ 2=<B9
0S:53:3? =:BQB?
J3? 0SE:3 07? ;/223 176/F/ A3;/@
323139 =:B?@/ 23?6/: @B 7:3 @7:7<7F

$4.$0/$9 A(.,-5(0 &,+$9.$3


#7?3R E/J <7Q/@A/ C3 EB;B?A/ /9K :393:3?7<7 ;T;9T<
=:2BJB 9/2/? R/0B9 A3;7F:3E7<7F
B 97? C3 >7@:79
A/0/9/:/?K /:AK<2/ 9=?=FE=< =:BQ/07:7?

/9K; 7R7< <=?;/: >/@:/<;/F R3:79 0/9K; ;/223:3?7


9B::/<K<KF
/7;/ 7:57:7 T?3A717<7< C3?27J7 07:57 C3
A/:7;/A:/?/ 2799/A 327<7F C3 0/9K; ;/223@7<7 AT; ETF3E3
@T?;323< S<13 9TRT9 07? ETF3E3 @T?3?39 23<3E7<7F

?0 8C9C $.C/,086/'$0 1.$0 &,+$9.$3


#3@97< =:;/E/< 6/@@/@ 07? 1/; @7:;3 ;/223@7 C3
EB;BQ/9 07? 1/; @7:;3 03F7 C3E/ A74A79:3<;3E3< 07?
@3<A3A79 ;79?=47: 03F 9B::/<K<KF
)7:313J7<7F ETF3E7 03F
7:3 2TF5T<13 E/A/E 7@A79/;3AA3 C3 0/@AK?;/2/< @7:7<7F

#3@97< A3;7F:3;3 ;/223:3?7 C3 R7F;3 76A7;/:7 =:/<


@T<53? C3E/ 9/0/ 2=9B<;BQ A3;7F:3;3 03F:3?7
9B::/<;/EK<KF
:T;7<EB; ETF3E7 9B?B 07? 03F 7:3
A3;7F:3E7<7F

76/FK< 7R7<7 @/2313 <3;:7 07? 03F 7:3 @7:;3<7F R=9 93F
,+$9<0 ,A, E3A3?:727?
#7?:7:79 =?/<K 4/F:/ =:2BJB F/;/< EB;BQ/9 07?
A3;7F:3;3 ;/223@7 9B::/<K<KF
K?K< A3;7F:3;3 @>?3E7
9B::/<;/EK<KF

J3? R=9 9=9/< 07? E3;39 S?<


0/:K9 >7Q7?27E@3<7F 0B
?/6/A@KF 32717 9=9BEB R=9 ?/6/A 5723?307:7?@7<7F
7? A/@
@BEB< 7R7<3 07? 9/R 2/;:/ :7;=< @BEB @K9K<KF
*/@K< 7R7<
07? 9/QK9 9=EB<BF
B :7;=<:B @BEB  2/979/ 3<
ET9@39 5T1T /E/?:/EK> 176/FK< 7R7<23 9/E</AK<KF

?2K<2/< 176/FK< 7R7<7 @7:7<7F

S<3? A/0/JK C3 >:/@A79 07:3F7J7 0B:/QK9 23A3?8/<K 7:3


B0(3 5$%$- A3;7F:3E7<7F
76/FK< A/0/<K<2/97 RB9B?B <3;:7 07? 03F 7:3
@7:7<7F
S<3? A/0/JK< A/6?79 T<7A3@7 TF3?7<23< 176/FK<
7R7<3 @B /9;/;/@K</ 2799/A 327<7F
S<3? A/0/JK< ABAB1B
2TF3<7<7< A39?/? A/9AKJK<KF F/;/< E3?7<3 A/; =:/?/9
=AB?;/@K</ 2799/A 327<7F

,3 $3<9$ +$.,0'( 8$2<./$4< *(3(-(0


,@.(/.(3
%3E2/</ 53:3< /?KF/:/?K< 53<3: =:/?/9 0/@7A @303>:3?7
C/?2K?
.3A97:7 @3?C7@7;7F7 R/JK?;/2/< S<13 QB 07:57:3?3
2799/A 327<7F

3<9$ 6+5(/(. 4(%(%, ,.*,  ,'(3,./(4,


76/F R/:KQ;KE=?
7Q7 >?7F3 A/9K:;/;KQ
7Q7 >?7F3 A/9K<KF

:39A?79 93@7<A7@7
%BA4/JK< :/;0/@K<K< E/<K>
E/<;/2KJK<K 9=<A?=: 327<7F


3<9$ 6+5(/(. 4(%(%, ,.*,  ,'(3,./(4,
S@A3?5323  E/FK@K :39A?79 93@7:;7QA7
)//A7 E3<723< /E/?:/EK<KF

E/</?

%79?=2/:5/ 4=<9@7E=<B 76/FK< 9/>K@K A/; 76/FK< 9/>K@K<K< /?/@K</ E3;39


R/:KQ;KE=?
9/>/:K 23J7:
/?AK9:/?K<K< C3E/ E/0/<1K 07?
;/223<7< 57?7> 57?;327J7 9=<A?=:
327<7F
=<A/ A3;/@ ETF3E:3?7 A3;7F
=:;/:K2K?

)A/?A ABQB</ )A/?A ABQB</ 0/@K<KF

0/@K:;/;KQ

76/F 23C?323 23J7:


G@A3<;323< 2S<3? )A=> ABQB</ 0/@K<KF

S@A3?5323 07? @T?3 2TJ;3 23C?3E3


5S@A3?7:7E=?
@=9B:2B

.3;39:3? 3@97@7<23< 2/6/ E/?:/</< ;79?=2/:5/ /6/ ET9@39 07? 5TR /E/?:/EK<KF

E/C/Q K@K<KE=?:/?
R=9 2TQT9

76/F/ 9=E2BJB<BF G97 ;7@:7 E3;39 23;39 63;3<


;79A/? <=?;/:23< 2/6/ 63;3< 797 ;7@:7 F/;/< 23;39A7?

4/F:/

.3;39:3? <=?;/:23< .3;39:3?7 /?/ @K?/ 9/?KQAK?K<KF C3E/


2/6/ @=JB9AB
R3C7?7<7F

S<3? A/0/9A/< RKFK?AK C3E/ S<3? A/0/9 A/6?79 (:/@A79 07:3F7J7 C3 176/FK< >7Q7?;3
@T?AT<;3 @3@7 53:7E=?
2TF3<7<7< =:2BJB /:/<2/ 0S:T;T<T< A/0/<K<2/97 RB9B?B
>7@:79 C3E/ E/0/<1K 07? A3;7F:3E7<7F

17@7; C/?

,+$9'$ 8$2<.$&$- 5$/,3 7( ',;(3 ,@.(/.(3, 4$'(&(


C3(5,&, 5$3$)<0'$0 8(5-, 7(3,./,@ 7( (;,5,./,@ 4(37,4
5(-0,48(0.(3,0( 8$25<3<0<9
76/FK<KF ES<3A;3:79:3?3 BE5B< =:;/E/< 07? Q397:23 A/;7?
327:7?@3 @7F7< /RK<KF2/< R=9 17227 A36:793:3? @SF 9=<B@B
=:/07:7?

 
"(5-,., 4(37,4
76/FK<KFK< =</?K:;/@K 53?397?@3 E3A97:7 @3?C7@7;7F 2/7;/
67F;3A7<F2327?
)7F3 3< E/9K< E3A97:7 @3?C7@7< /23@7<7 C3
A3:34=< <B;/?/@K<K A3:34=< ?3603?7<23 0B:/07:7?@7<7F

B?/2/ 07:27?7:;7Q =:/< E3A97:7 @3?C7@ ;3?93F:3?7 TF3?7<23<


23 @7F3 3< E/9K< E3A97:7 @3?C7@ 6/99K<2/ 07:57 /:/07:7?@7<7F

D6/$3$4< 7( .3A97:7 @3?C7@7;7F3 2/7;/ 176/FK<KFK< T?T< <B;/?/@K<K


D6/$3$4<  &?
 C3 7Q:3;3 <B;/?/@K<K  &?
 07:27?7<7F
B
<B;/?/:/?K< E/FK:K =:2BJB A7> :3C6/@K 176/FK< 9/>K@K<K<
@/J E/< A/?/4K<2/2K?
7? /?KF/ 6/:7<23 BFB< @T?3 /?/;/9
;310B?7E3A7<23 9/:;/;/9 7R7< 176/FK<KF/ /7A =:/< 0B
07:57:3?7 63;3< 0B?/E/ E/FK<KF

V&?


.3A97:7 @3?C7@ 

:39A?79 /9K;K 03@:3;3@7  ,  !F


(-0,- B9(..,-.(3 *=>:/; 0/J:/<AK 23J3?7  -
%79?=2/:5/ 5T1T  -
?39/<@  %!F

0/A:/? . D D 
76/F  D  D  1;
76/FK< 7R 9K@;K  D  D  1;

JK?:K9 95
, 9=<A?=::T 3C3A
 7Q/?3A7 3C3A

 
15.$3

 
15.$3

 
15.$3



 

 

You might also like