No category

Download de Gebrauchsanleitung en Operating instructions fr

Transcript

!$
23 30@/C16A/<:37BC<5
3< %>3@/B7<5 7<AB@C1B7=<A
4@ $=B713 2CB7:7A/B7=<
7B AB@CH7=<7 >3@ : CA=
<: 30@C79A//<E78H7<5
23Y<6/:BAD3@H3716<7A
9>G59C5 JEB >DC?B7E>7 *9385B859DCf E>4 .1B>89>G59C5 5BWD ;5>>5><5B>5> 5495>2<5>45 5BWD 1E6CD5<<5> 5BWD 1>C38<95T5> 5BWD 59>C381<D5> ECCD1DDE>7 #525>C=9DD5< 59>?B4>5> +5=@5B1DEB1>J5975B B9C385 #525>C=9DD5< 59>6B95B5> 3<Y=<B3<BA
56B95B5> E>4 #175B> *E@5B756B95B5> *E@5B;e8<5> $1H9=1<5C 56B95BF5B=b75> 56B95B7ED 1E6D1E5> 5BWD B59>975> >5B795 C@1B5> 5DB952C75BWEC385 "<59>5 *DbBE>75> C5<2CD 258525> "E>45>495>CD B55J9>7 1>4 CD?B9>7 6??4 1CD 6B55J9>7 *E@5B 3??<9>7 $1H9=E= 6B55J9>7 31@139DI +81G9>7 6B?J5> 6??4 <51>9>7 D85 1@@<91>35 +9@C 6?B C1F9>7 5>5B7I &@5B1D9>7 >?9C5C <9=9>1D9>7 =9>?B 61E<DC I?EBC5<6 ECD?=5B C5BF935 >4931D5EB 45D5=@ZB1DEB5 ?>7Z<1D9?> 45@B?4E9DC 6B19C ?>7Z<1D9?> 5DB1>75=5>D *E@5B3?>7Z<1D9?> *E@5BfBZ6B97ZB1D9?> 1@139DZ 45 3?>7Z<1D9?> =1H9=1<5 Z3?>7Z<1D9?> 45C@B?4E9DC %5DD?I175 45 <1@@1B59< 3?>?=95C 4Z>5B795 BE9DC 456?>3D9?>>5=5>D )5=Z495B C?9 =[=5
1EH @5D9D5C @1>>5C *5BF935 1@BYCfF5>D5 Z
>6?B=1D9?> 3?>35B>9>7 49C@?C1< *165DI 1>4 G1B>9>7 9>6?B=1D9?> 5DD9>7 D? ;>?G I?EB 1@@<91>35 1C391 >CD1<<9>7 D85 1@@<91>35 ?>>53D9>7 D85 1@@<91>35 *G9D389>7 ?> D85 1@@<91>35 *D?B9>7 6??4 9> D85 1@@<91>35 +5=@5B1DEB5 9>4931D?B >D5B9?B 69DD9>7C B55J9>7 6B5C8 6??4 4@Y*/0:3 23A ;/B7R@3A
?>C59<C @?EB <1 =9C5 1E B52ED ?>C97>5C 45 CZ3EB9DZ
5D 1F5BD9CC5=5>DC 'BZC5>D1D9?> 45<1@@1B59< 1>451E 453?==1>45 >CD1<<1D9?> 45<1@@1B59< B1>385=5>D 45<1@@1B59< >3<5>385=5>D 45<1@@1B59< AE9@5=5>D )1>75=5>D 45C @B?4E9DC
1<9=5>D19B5C 'B5C3B9@D9?>C F9C1>D <8I79Y>5
1<9=5>D19B5 7BY<2713
FF5BD5>J5 @5B <?C=1<D9=5>D? FF5BD5>J5 49C93EB5JJ1 5 @5B93?<? ?>?C35B5 <1@@1B53389? '1>>5<<? 3?=1>49 >CD1<<1J9?>5 45<<1@@1B53389? ?<<571B5 <1@@1B53389? 335>45B5 <1@@1B53389? ?D1J9?>5 *9CD5=1B5 7<9 1<9=5>D9 >4931D?B5 49D5=@5B1DEB1 ?>75<1=5>D? 491<9=5>D9 6B5C389 ?>75<1B5 53?>C5BF1B5 *E@5B6B55J5B )166B5441=5>D? B1@94? $1CC9=1 @?CC929<9DU
493?>75<1=5>D? *3?>75<1=5>D?
459@B?4?DD9 3?>75<1D9 'E<9B5 <1@@1B53389? )9C@1B=91B5 5>5B791 )E=?B9 496E>J9?>1=5>D? <9=9>1B5 41 C?<9 @933?<9 7E1CD9 *5BF9J9? 1CC9CD5>J1 3<95>D9 -5BC5 <5F5>C=9445<5> 9>FB95J5> >FB95J5> 5> ?@C<11> *E@5BFB95J5> *E@5B;?5<5> $1H9=1<5 9>FB95C31@139D59D &>D4??95> F1> 495@FB95CG1B5> *38??>=1;5> F1> 85D 1@@1B11D >5B795 25C@1B5> 54B9:6C75<E945> "<59>5 CD?B9>75> J5<6 F5B85<@5> *5BF935495>CD <:Y<6=C2
1>G9:J9>75> ?F5B 4516F?5B -59<978594C25@1<9>75>
5> G11BC38EG9>75> "5>>9C=1;9>7 =5D 85D 1@@1B11D 5495>9>7C@1>55< @@1B11D ?@CD5<<5> @@1B11D 11>C<E9D5> >C381;5<5> F1> 85D1@@1B11D ,9DF?5B9>7 #5F5>C=9445<5> 9>BE9=5> +5=@5B1DEEB9>4931D?B 23
7<E37A3 HC@
<BA=@5C<5
)7163@637BA[ C<2
-/@<67<E37A3
x ,3@>/19C<5 3<BA=@53<
3D=@ )73 2/A 3@PB 7<
3B@730 <36;3<
95 -5B@13;E>7 C38eDJD 8B 5BWD F?B
+B1>C@?BDC38W45>
<<5 59>75C5DJD5>
$1D5B91<95> C9>4 E=G5<DF5BDBW7<938 E>4
G9545B F5BG5BD21B
9DD5 85<65> *95 =9D
>DC?B75> *95 495 -5B@13;E>7
E=G5<D75B538D
S25B 1;DE5<<5 >DC?B7E>7CG575
9>6?B=95B5> *95 C938 29DD5 259 8B5=
1388W>4<5B ?45B 259 45B
5=59>45F5BG1<DE>7
x :B53@PB 3<BA=@53<
<D75BWD5 C9>4 ;59> G5BD<?C5B 261<<
EB38 E=G5<D75B538D5 >DC?B7E>7
;b>>5> G5BDF?<<5 )?8CD?665
G9545B75G?>>5> G5B45>
95C5C 5BWD 9CD 5>DC@B5385>4 45B
5EB?@W9C385> )938D<9>95 e25B <5;DB?f E>4 <5;DB?>9;1<D75BWD5
G1CD5 5<53DB931< 1>4 5<53DB?>93
5AE9@=5>D . 75;5>>J5938>5D
95 )938D<9>95 792D 45> )18=5> 6eB
59>5 ,fG59D 7e<D975 )e3;>18=5 E>4
-5BG5BDE>7 45B <D75BWD5 F?B
!
-/@<C<5
#5C5> *95 52B1E38Cf E>4 $?>D175f
1><59DE>7 1E6=5B;C1= 4EB38
*95 5>D81<D5> G938D975 >6?B=1D9?>5> e25B
E6CD5<<5> 52B1E38 E>4 .1BDE>7 45C
5BWD5C
5G18B5> *95 1<<5 ,>D5B<175> 6eB C@WD5B5>
52B1E38 ?45B 6eB %13825C9DJ5B 1E6
*316<7A163 )7163@637B
S 1C 5BWD 5>D8W<D 9> 75B9>75B $5>75
41C E=G5<D6B5E>4<9385 125B 2B5>>21B5
"W<D5=9DD5< )1
38D5> *95 41B1E6
41CC 495 )?8B5 45C "W<D5=9DD5<f"B59Cf
<1E65C 259 +B1>C@?BD ?45B $?>D175 >938D
25C38W497D G5B45>
5B1ECC@B9DJ5>45C
"W<D5=9DD5< ;1>> JE E75>F5B<5DJE>75>
6e8B5> ?45B C938 5>DJe>45>
37 3A16P275C<5
&665>5C 5E5B ?45B 0e>4AE5<<5> F?=
5BWD 65B>81<D5>
)1E= 6eB 59>975 $9>ED5> 7ED
4EB38<e6D5>
5BWD 1ECC381<D5> E>4 %5DJCD53;5B
J9585>
59 1EC75495>D5> 5BWD5>
"E>45>495>CD 25>138B938D975>
%5DJCD53;5B J9585>
!5 =58B "W<D5=9DD5< 9> 59>5= 5BWD 9CD
E=C? 7BbT5B =ECC 45B )1E= C59>
9>45= 41C 5BWD CD58D
> JE ;<59>5>
)WE=5> ;1>> 259 59>5= #53; 59>
2B5>>21B5C 1Cf#E6Df5=9C38
5>DCD585>
>C38<ECC;125< 4EB38DB5>>5> E>4 =9D
45= %5DJCD53;5B 5>D65B>5>
"W<D575BWD5 5>D81<D5> "W<D5=9DD5< E>4 9>
45B C?<95BE>7 1C5
"W<D5=9DD5< E>4 1C5
=eCC5> 613875B538D 5>DC?B7D G5B45>
)?8B5 45C "W<D5=9DD5<f"B59C<1E65C 29C JEB
613875B538D5> >DC?B7E>7 >938D
25C38W4975>
4
23
'B? 7 "W<D5=9DD5< =ECC 45B )1E=
=9>45CD5>C = 7B?T C59>
95 $5>75
45C "W<D5=9DD5<C 8B5C 5BWD5C CD58D 1E6
45= +I@C389<4 9= >>5B5> 45C 5BWD5C
S 0E= 2D1E5> E>4 )59>975> %5DJCD53;5B
J9585> ?45B *9385BE>7 1ECC381<D5>
= %5DJCD53;5B J9585> >938D 1=
>C38<ECC;125<
S 1C .538C5<> 45B %5DJ1>C38<ECCf
<59DE>7 E>4 1>45B5 )5@1B1DEB5> 4eB65>
>EB F?= "E>45>495>CD 4EB38756e8BD
G5B45>
,>C13875=WT5 >CD1<<1D9?>5>
E>4 )5@1B1DEB5> ;b>>5> 45> 5>EDJ5B
5B852<938 756W8B45>
S ?38@B?J5>D975> <;?8?< >EB 4938D
F5BC38<?CC5> E>4 CD585>4 <175B>
37; 30@/C16
S 5f E>4 >D<e6DE>7Cb66>E>75> 6eB 41C
5BWD >95 12453;5> ?45B JECD5<<5>
S %95 5<5;DB9C385 5BWD5 9>>5B81<2 45C
5BWD5C F5BG5>45> J
59J75BWD5
5<5;DB9C385 9C25B59D5B ECG
F>:=A7=<A534/6@
S %95 41C 5BWD =9D 59>5=
1=@6B59>97E>7C75BWD 12D1E5> ?45B
B59>975> 5B 1=@6 ;1>> 1> 5<5;DB9C385
+59<5 75<1>75> E>4 59>5> "EBJC38<ECC
1EC<bC5>
)B@=;A16:/5534/6@
S "59>5 C@9DJ5> ?45B C381B6;1>D975>
575>CDW>45 F5BG5>45> E= )596f E>4
9CC38938D5> JE 5>D65B>5>
*95 ;b>>D5> 41=9D 495 "W<D5=9DD5<B?8B5
25C38W4975>
5B1ECC@B9DJ5>45C
"W<D5=9DD5< ;1>> C938 5>DJe>45> ?45B JE
E75>F5B<5DJE>75> 6e8B5>
S "59>5 'B?4E;D5 =9D 2B5>>21B5>
+B59271C5> J
*@B1I4?C5> E>4
;59>5 5H@<?C9F5> *D?665 <175B>
F>:=A7=<A534/6@
S *?3;5< ECJe75 +eB5> ECG
>938D 1<C
+B9DD2B5DD ?45B JE= 2CDeDJ5>
=9CC2B1E385>
S "E>CDCD?66D59<5 E>4 +eB4938DE>7 >938D
=9D R< ?45B 5DD F5BC38=EDJ5>
"E>CDCD?66D59<5 E>4 +eB4938DE>7 G5B45>
C?>CD @?BbC
S 95C5C 5BWD 9CD F?> '5BC?>5> =9D
59>75C38BW>;D5> @8IC9C385>
C5>C?B9C385> ?45B @CI389C385>
W897;59D5> ?45B =1>75<>45= .9CC5>
>EB =9D E6C938D ?45B 1EC6e8B<9385B
><59DE>7 JE 25>EDJ5>
!7<23@ 7; /CA6/:B
S -5B@13;E>7 E>4 45B5> +59<5 >938D
"9>45B> e25B<1CC5>
BCD93;E>7C75618B
4EB38 1<D;1BD?>C E>4 ?<95>
S 1C 5BWD 9CD ;59> *@95<J5E7 6eB "9>45B
S 59 5BWD =9D +eBC38<?CC *38<eCC5<
1ET5B )5938G59D5 F?> "9>45B>
1E625G18B5>
::53;37<3 3AB7;;C<53<
1C 5BWD 597>5D C938 JE= "e8<5> E>4
56B95B5> F?> #525>C=9DD5<> E>4 JEB
9C25B59DE>7
1C 5BWD 9CD >EB 6eB 495
-5BG5>4E>7 9= 1EC81<D 25CD9==D
1C 5BWD 9CD 6E>;5>DCDbBD >138
,f)938D<9>95 5B "W<D5;B59C<1E6 9CD 1E6 938D859D 75@Be6D
95C5C BJ5E7>9C 5>DC@B938D 45>
59>C38<W7975> *9385B859DC25CD9==E>75>
6eB <5;DB?75BWD5 %
5
23
3@PB 93<<3<:3@<3<
7:21
>938D 259 1<<5> $?45<<5>
/A D=::/CB=;/B7A163 $= @=AB[)GAB3;
@=AB@33 AB3::B A7163@ 2/AA A716 7;
3@PB 937< 7A 07:23B
7< 0B/C3< 7AB
<716B ;36@ 3@4=@23@:716
3273<0:3<23
7<CA[*/AB3
"716BA16/:B3@ 34@73@4/16
+<2 A= 4C<9B7=<73@B 3A
)16<3::534@73@4/16
95 #525>C=9DD5< G5B45> 4EB38 59>5>
*DB?= "1<D<E6D 59>756B?B5>
5B -5B41=@65B
9= %? B?CDf*ICD5= ;e8<D 495 #E6D 9=
5BWD
95 "1<D<E6D G9B4 4EB38 59> 52<WC5
9= 5BWD F5BD59<D
95 5E38D97;59D 9> 45B
#E6D ;?>45>C95BD 1= -5B41=@65B 45B C938
259 541B6 F?<<1ED?=1D9C38 12D1ED
7A03@37B3@
,=@@/BA036P:B3@ 4X@ 7AEX@43:
"716BA16/:B3@ !X6:@/C;
67::3@4/16
"C4B/CAB@7BBAV44<C<5
1C +1EG1CC5B G9B4 JEB "e8<59>859D
75<59D5D G? 5C F5B41=@6D
95 56B95Bf
59>859D E>4 41C 41B9> 2569>4<9385
56B95B7ED G5B45> 59C6B59 7581<D5>
<<3<03:3C16BC<5
0:/53< 7; !X6:@/C;
:/A163</0:/53
CAHC5AA16/:3 %0AB[ C<2 3;XA3036P:B3@
)16@/C04XN3
3:3C16BC<5 34@73@4/16
0AB3::3@ 4X@ 34@73@5CB
CBB3@[ C<2 !PA34/16 0:/53 4X@ 73@
0:/53 4X@ *C03< C<2 9:37<3
=A3<
0:/53 4X@ 5@=N3 :/A163<
9B7D9=6:347:B3@
34@73@4/16
!X6:@/C;
9DD5 ;<1@@5> *95 495 <5DJD5 *59D5 =9D 45>
229<4E>75> 1EC
95C5 52B1E38Cf
1>G59CE>7 79<D 6eB =58B5B5 $?45<<5
2G5938E>75> 259 45> 229<4E>75> C9>4
=b7<938
6
23
3273<0:3<23
95 >25DB952>18=5 G9B4 4EB38
#5E38D5> 45B +1CD5 1>75J597D
59=*E@5B;e8<5> G9B4 45B "e8<B1E=
31
*DE>45> <1>7 C? ;1<D G95
=b7<938 75;e8<D
1>138 G9B4
1ED?=1D9C38 1E6 495 F?B 45=
*E@5B;e8<5> 59>75CD5<<D5 +5=@5B1DEB
E=75CD5<<D
7:22
7<AB3::B/AB3 !X6:@/C;
95 "e8<B1E=f+5=@5B1DEB <WCCD C938
F?> M 29C M 59>CD5<<5>
+1CD5 C? ?6D 4Be3;5> 29C 75Ge>C38D5C
+5=@5B1DEB1>J5975f#W=@385>
<5E38D5D
1C *E@5B;e8<5> 59>C381<D5> J
S -?B 45= 9><575> 7B?T5B $5>75>
#525>C=9DD5<
7<AB3::B/AB3 34@73@@/C;
95 56B95BB1E=f+5=@5B1DEB <WCCD C938
F?> M 29C M 59>CD5<<5>
+1CD5 C? ?6D 4Be3;5> 29C 75Ge>C38D5C
+5=@5B1DEB1>J5975f#W=@385>
<5E38D5D
)C>3@9X6:3<[*/AB3
S 0E= *38>5<<;e8<5> F?> 5DBW>;5>
*3;>3@/BC@/<H3753 !X6:/C;
:/@;[*/AB3
95 018<5> 259 45> +5=@5B1DEBf
1>J5975f#W=@385> 5>D C@B5385>
"e8<B1E=f+5=@5B1DEB5> 9>M
95>D JE= 2C381<D5> 45C
+5=@5B1DEBf E>4 +eBf.1B>D?>5C
1C <5E38D5>45 #W=@385> J597D 495
59>75CD5<<D5 +5=@5B1DEB 1>
5B [email protected]>D?> C381<D5D
C938 59> G5>> 5C 9= 56B95BB1E= JE
G1B= 9CD
<9>;D JECWDJ<938 495 <1B=f+1CD5 9CD
41C 56B95B7ED 756W8B45D
)C>3@534@73@3<[*/AB3
95>D JE= 9>f E>4 ECC381<D5> 45C
*E@5B756B95B5>C
-?B 45= 9><175B> 7B?T5B $5>75>
6B9C385B #525>C=9DD5< =58B 1<C ;7
41C *E@5B756B95B5> 59>C381<D5>
5B +eBf.1B>D?> C381<D5D C938 59>
G5>> 59>5 45B 5BWD5DeB5> JE <1>75
?665> CD58D
= <<75=59>5> 75>e75>
*DE>45>
0E= EC>EDJ5> 45C
=1H9=1<5> 56B95BF5B=b75>C 25B59DC
*DE>45> F?B85B 41C *E@5B756B95B5>
59>C381<D5>
&8>5 5618B 6eB 41C 56B95B7ED ;1>>
C938 45B .1B>D?> 59>C381<D5> 259
S >25DB952>18=5 45C 5BWD5C
%138 31
O+175> G9B4 1ED?=1D9C38
1E6 495 F?B 45= *E@5B756B95B5>
59>75CD5<<D5 +5=@5B1DEB G9545B
E=75CD5<<D
S 9><575> 7B?T5B $5>75> 6B9C385B
#525>C=9DD5<
S 0E <1>75 75b66>5D5B 56B95BB1E=DeB5
*3;>3@/BC@/<H3753 34@73@@/C;
95 018<5> 259 45> +5=@5B1DEBf
1>J5975f#W=@385> 5>D C@B5385>
56B95BB1E=f+5=@5B1DEB5> 9>M
1C <5E38D5>45 #W=@385> J597D 495
59>75CD5<<D5 +5=@5B1DEB 1>
7
23
3@PB /C4AB3::3<
3@PB /<A16:73N3<
0E= E6CD5<<5> 597>5D C938 59> DB?3;5>5B
25<e6D21B5B )1E=
5B E6CD5<<@<1DJ C?<<D5
>938D 49B5;D5B *?>>5>25CDB18<E>7
1EC75C5DJD E>4 >938D 9> 45B %W85 59>5B
.WB=5AE5<<5 G95 5B4 59J;bB@5B 5D3
C59>
.5>> 41C E6CD5<<5> >525> 59>5B
.WB=5AE5<<5 E>F5B=59421B 9CD
F5BG5>45> *95 59>5 75597>5D5
C?<95B@<1DD5?45B 81<D5> *95 6?<75>45
$9>45CD12CDW>45 JEB .WB=5AE5<<5 59>
%138 45= E6CD5<<5> 45C 5BWD5C =9>4
O *DE>45 G1BD5> 29C 41C 5BWD 9> 5DB952
75>?==5> G9B4
.W8B5>4 45C
+B1>C@?BDC ;1>> 5C F?B;?==5> 41CC
C938 41C 9= -5B4938D5B 5>D81<D5>5 R< 9=
"W<D5CICD5= F5B<175BD
0E <5;DB?85B45> 3=
0E R<f ?45B "?8<51>CD5<<85B45> 3=
5BWD5 =9D 1E675C5DJD5> B9665> 25>bD975>
1E6 45B >C38<17C59D5 =9>45CD5>C ==
.1>412CD1>4 41=9D 495 +eB M 75b66>5D
G5B45> ;1>>
(/C;B3;>3@/BC@
95 "<9=1;<1CC5 CD58D 1E6 45= +I@5>f
C389<4
*95 792D 1> 9>>5B81<2 G5<385B
)1E=D5=@5B1DEB5> 41C5BWD 25DB9525>
G5B45> ;1>>
%"&$%,,
2.%4,," .&-&)+-.+
M ,3= M
M ,3= M
M ,3= M
M ,3= M
3:X4BC<5
7:23
95 #E6D 1> 45B )e3;G1>4 45C 5BWDC
5BGWB=D C938
95 5BGWB=D5 #E6D =ECC
E>7589>45BD 12J9585> ;b>>5>
95
"e8<=1C389>5 =ECC C?>CD =58B <59CD5>
95C 5B8b8D 45> *DB?=F5B2B1E38
185B %95 5f E>4 >D<e6DE>7Cb66>E>75>
12453;5> ?45B JECD5<<5>
8
-?B 45B 5BCD5> >25DB952>18=5 45>
>>5>B1E= 45C 5BWD5C B59>975>
C9585)59>975>
95 *D53;4?C5 C?<<D5 6B59 JE7W>7<938 C59>
1C 5BWD 1> - J
.538C5<CDB?= e25B 59>5 F?BC38B96DC=WT97
9>CD1<<95BD5 *D53;4?C5 1>C38<95T5>
95
*D53;4?C5 =ECC =9D 59>5B *9385BE>7
?45B 8b85B 1275C9385BD C59>
37 3@PB3< 273 7< <716B[3C@=>P7A163<
"P<23@< 03B@7303< E3@23< 7AB /C4 23;
*G>3<A167:2 HC X03@>@X43< =0 273
/<535303<3 )>/<<C<5 C<2 )B@=;/@B
;7B 23< -3@B3< 6@3A )B@=;<3BH3A
X03@37<AB7;;B
/A *G>3<A167:2
0347<23B A716 7; 3@PB :7<9A C<B3<
7<3D3<BC3:: <=BE3<2753@ CAB/CA16
23@ $3BH/<A16:CAA:37BC<5 2/@4 <C@
2C@16 37<3< /16;/<< 3@4=:53<
23
<3@573A>/@;=2CA
3@PB 37<A16/:B3<
9>ECf+1CD5 7:21 4Be3;5>
5B .1B>D?> 5BDb>D
%138 Be3;5> 45B
<1B=f+1CD5 F5BCDE==D 45B .1B>D?>
95 <1B=f+1CD5 <5E38D5D 29C 495
59>75CD5<<D5 +5=@5B1DEB 5BB5938D 9CD
*3;>3@/BC@ 37<AB3::3<
+5=@5B1DEBf9>CD5<<D1CD5 6eB 45> "e8<f
?45B 56B95BB1E= =58B=1<C 4Be3;5>
29C75Ge>C38D5C +5=@5B1DEB<W=@385>
<5E38D5D
-?= .5B; 1EC C9>4 6?<75>45 +5=@5f
B1DEB5> 5=@6?8<5> E>4 59>75CD5<<D
"e8<B1E=
56B95BB1E=
M
M
=@69>4<9385 #525>C=9DD5< C?<<D5> >938D
GWB=5B 1<C M 75<175BD G5B45>
CD 41C 5BWD 5DG1 *DE>45> ?8>5
5>EDJE>7 G538C5<D 495 >J5975 45B
5495>2<5>45 1E6 45> >5B795C@1Bf
=?4EC
C <5E38D5> >EB >?38 495 >?DG5>4975>
#W=@385> =9D B54EJ95BD5B #5E38D;B16D
*?21<4 41C 5BWD G9545B 9> -5BG5>4E>7
9CD J
259 +eBb66>E>7 C381<D5D 495
>J5975 G9545B 1E6 495 >?B=1<5
5<5E38DE>7 E=
7<E37A3 HC; 3B@730
S EB38 41C F?<<1ED?=1D9C385 %?6B?CDf
*ICD5= 2<592D 45B 56B95BB1E= E>4
"e8<B1E= 59C6B59
9> 2D1E5> 9CD >938D
>?DG5>497
S 95 *D9B>C59D5> 45C 58WEC5C G5B45>
D59<G59C5 <5938D 25859JD 495C F5B89>45BD
*38G9DJG1CC5B29<4E>7 9= 5B5938 45B
+eB4938DE>7
S *?<<D5 C938 >138 45= *38<95T5> 45C
56B95BB1E=5C 495 +eB >938D C?6?BD
G9545B b66>5> <1CC5> G1BD5> *95 29DD5
JG59 29C 4B59 $9>ED5> 29C C938 45B
5>DCD1>45>5 ,>D5B4BE3; 1EC757<9385>
81D
9
23
CAAB/BBC<5
:/A163</0:/53
0:/53<36P:B3@
7:27
E6 45B <1C385>12<175 ;b>>5> <1C385>
C9385B 1275<57D G5B45>
*95 ;b>>5> 495 2<175> 45C >>5>B1E=C
E>4 58W<D5B 45B +eB >138 541B6
F1B995B5> 2<175 >138 F?B>5 J9585>
12C5>;5> E>4 C59D<938 85B1ECC38G5>;5>
58W<D5B 1>8525> E>4 85B1EC>58=5>
*3;>3@/BC@[ C<2
3C16B75937BA[(35:3@
4X@3;XA3036P:B3@
67::3@4/16
7:24
5> ?45> 45C 1385C >138 F?B>5
J9585> "<1@@5 b66>5D C938
= 89<<5B6138 85BBC385> D9565B5 +5=@5f
B1DEB5> 1<C 9= "e8<B1E=
C;b>>5> 1E38
+5=@5B1DEB5> E>D5B M 1E6DB5D5>
451< JE= #175B> F?> 9C38 <59C38 E>4
.EBCD
%938D 6eB *1<1D5 E>4 5=eC5 E>4
;W<D55=@69>4<9385 .1B5> 75597>5D
7A03@37B3@
7:25
95 9CC381<5 85B1EC>58=5> JE P =9D
.1CC5B 6e<<5> E>4 G9545B 59>C5DJ5>
.5>> 495 9CGeB65< 756B?B5> C9>4
B587B9665 45B 9CC381<5> =58B=1<C
>138 B538DC 4B585> E>4 <?C<1CC5>
95 9CGeB65< <bC5> C938 E>4 61<<5> 9>
45> -?BB1DC258W<D5B
9CGeB65< 1EC 45= -?BB1DC258W<D5B
5>D>58=5>
CAHC5AA16C0:/23
7:26
*95 ;b>>5> 495 *38E2<145 JE= 5<145>
E>4 >D<145> 85B1EC>58=5>
1JE
*38E2<145 1>8525>
95 1<D5BE>7 45B
*38E2<145 9CD F1B9125<
10
7:28
59 :/<54@7AB753@ "/53@C<5 F?> 5=eC5
*1<1D &2CD )57<5B 71>J >138 B538DC
C389525>
5<e6DE>7Cb66>E>7 9CD ?665> >9545B5 #E6D65E38D97;59D +5=@5B1DEB
G9B4 ;W<D5B
59 9C@H4@7AB753@ "/53@C<5 )57<5B >138
<9>;C C389525>
5<e6DE>7Cb66>E>7 9CD
75C38<?CC5> 8?85 #E6D65E38D97;59D +5=@5B1DEB G9B4 GWB=5B
9B7D9=6:347:B3@
7:21
$9D 495C5= 9<D5B G5B45> 9= "e8<B1E=
E>1>75>58=5 5Be385 B54EJ95BD
23
"303<A;7BB3:
37<=@2<3<
*3;>3@/BC@/<H3753@
37; 7<=@2<3< 03/16B3<
5> +5=@5B1DEB1>J5975B >938D 45B
*?>>5>25CDB18<E>7 1ECC5DJ5> E>4 >938D
9> 45> $E>4 >58=5>
S #525>C=9DD5< 7ED F5B@13;D ?45B
1275453;D 59>?B4>5>
14EB38 2<5925>
B?=1 1B25 E>4 B9C385 5B81<D5>
ET5B45= G5B45> 5C38=13;Ce25Bf
DB17E>75> E>4 -5B6WB2E>75> 45B
"E>CDCD?66D59<5 F5B=9545>
S .1B=5 *@59C5> E>4 5DBW>;5 5BCD
12;e8<5> <1CC5> 41>> 9>C 5BWD CD5<<5>
S #E6D1ECDB9DDCfR66>E>75> >938D =9D
#525>C=9DD5< 2<?3;95B5> E= 495
#E6DJ9B;E<1D9?> >938D JE 2559>DBW38D975>
#525>C=9DD5< 495 E>=9DD5<21B F?B 45>
#E6D1ECDB9DDCfR66>E>75> 75<175BD
G5B45> ;b>>5> 4EB38 495 1ECf
CDBb=5>45 "1<D<E6D 756B95B5>
-7@ 3;>436:3< 273 "303<A;7BB3: E73
4=:5B 37<HC=@2<3<
S = 56B95B6138
+956;e8<;?CD 9CGeB65< *@59C559C
S = 89<<5B6138
9C38 <59C38 E>4 .EBCD
S E6 45> 2<175> 9= "e8<B1E=
F?>?25> >138 E>D5>
13;G1B5> 65BD975 *@59C5>
$?<;5B59f'B?4E;D5 <59C38 E>4 .EBCD
>938D 259 1<<5> $?45<<5>
5B *3;>3@/BC@/<H3753@ H375B
*3;>3@/BC@3< C<B3@ K /< E>4 495>D
JE= B=9DD5<> 45B 41JE >?DG5>4975> 9>f
CD5<<E>7 45C +5=@5B1DEBB57<5BC
+5=@5B1f
DEBB57<5B :5 >138 ,=752E>7CD5=@5B1DEB
JG9C385> 09665B E>4 59>CD5<<5>
59
7B1475>1E5B 9>CD5<<f =b7<938;59D 1E6
M ?45B ;W<D5B 59>CD5<<5>
%138 31
*DE>45> G5>> 495 +5=@5B1f
DEB E>D5B ° 1275CE>;5> 9CD G538C5<D
495 1B25 45C +5=@5B1DEBf 1>J5975BC F?>
C38G1BJ 1E6 7Be> JECWDJ<938 9CD h%
!
<5C21B
.5>>>938D +5=@5B1DEBGW8<5B
*38B9DD6eB *38B9DD ;W<D5B CD5<<5>
!=@@39B3
7<AB3::C<5
*3;>3@/BC@
HC6=16
*3;>3@/BC@@35:3@
9P:B3@ AB3::3<
S = 5=eC5258W<D5B
5=eC5 *1<1D &2CD
S > 45B +eB F?> ?25> >138 E>D5>
EDD5B "WC5 95B +E25> ;<59>5
<1C385> 7B?T5 <1C385> $9<38
*16DDeD5>
$CBH7<6/:B
95 >7125> JE= %EDJ9>81<D 69>45> *95
9> 8B5= 5BWD 1E6 45= +I@5>C389<4
11
23
@7A163 "303<A;7BB3:
37<4@73@3<
"303<A;7BB3: A3:0AB
37<534@73@3<
.5B45> #525>C=9DD5< C5<2CD 59>756B?B5>
>EB 6B9C385 59>G1>46B595 #525>C=9DD5<
F5BG5>45>
0E= 34@73@3< 53375<3B C9>4
<59C38f E>4 .EBCDG1B5> 56<e75< E>4
.9<4 9C38 5=eC5 "BWED5B &2CD
13;G1B5> '9JJ1 65BD975 *@59C5>
*@59C5B5CD5 975<2 E>4 9G59T
0E= 34@73@3< <716B 53375<3B C9>4
1>J5 95B 9> 45B *381<5 *1E5BB18= E>4
$1I?>>19C5 <1DDC1<1D5 )1495C385>
)5DD9385 E>4 0G9525<
:/<1673@3< D=< 3;XA3 C<2 %0AB
1=9D 1B25 5C38=13; B?=1 E>4
-9D1=9> K 5B81<D5> 2<5925> C?<<D5
5=eC5 E>4 &2CD F?B 45= 9>756B95B5>
2<1>3895BD G5B45>
59= <1>3895B5> G9B4 41C 5=eC5 E>4
&2CD ;EBJJ59D97 9> ;?385>45C .1CC5B
75D1E38D
#9D5B1DEB e25B 41C 9>756B95B5> G? 1E38
41C <1>3895B5> 25C38B9525> G9B4 792D 5C
9= E3881>45<
"303<;7BB3: D3@>/193<
#525>C=9DD5< 9> 495 -5B@13;E>7
59><575>
#E6D Fb<<97 85B1EC4Be3;5>
'13;E>7 4938D F5BC38<95T5>
-5B@13;E>7 25C38B96D5> =9D >81<D
E>49>6B95Bf1DE=
3375<3B3 ,3@>/19C<5
"E>CDCD?66f?<95> *38<1E38f?<95> 1EC
'?<I5D8I<5> <Ef?<95> 56B95B4?C5>
*95 69>45> 495C5 'B?4E;D5 9= 13881>45<
12
+<53375<3B3 ,3@>/19C<5
'13;@1@95B '5B71=5>D@1@95B 5<<?@81>
$e<<25ED5< 752B1E38D5 9>;1E6CDeD5>
.C; ,3@A16:73N3< 53375<3B A7<2
E==9B9>75 "E>CDCD?66f"<9@@C5 9>4f
6W45> "W<D525CDW>4975 "<5252W>45B ?
W
*95 ;b>>5> 5ED5< E>4 *38<1E386?<95> 1EC
'?<I5D8I<5> =9D 59>5= ?<95>f*38G59T75BWD
F5BC38G59CC5>
34@73@3< C<2 "/53@<
*7349X6:9=AB 37<9/C43<
S S25B@Be65> *95 495 -5B@13;E>7 ?2 C95
25C38W497D 9CD
S S25B@Be65> *95 41C 1<D21B;59DCf1DE=
S 95 "e8<B1E=D5=@5B1DEB 9> 45B
-5B;1E6CDBE85 =ET ;W<D5B 1<C M
C59>
.5>> >938D F5B;eBJD C938 495
1<D21B;59D 45B +956;e8<;?CD
S +956;e8<;?CD =b7<938CD 9> 59>5B C?<95Bf
D1C385 DB1>C@?BD95B5> E>4 C38>5<< 9> 45>
56B95BB1E= <575>
"303<A;7BB3: 37<=@2<3<
BbT5B5 $5>75> #525>C=9DD5< F?Bf
JE7CG59C5 9= *38>5<<756B95B6138
59>756B95B5> 4?BD G5B45> C95 25C?>45BC
C38>5<< E>4 C?=9D 1E38 C38?>5>4 59>f
756B?B5>
*9>4 C58B F95<5 #525>C=9DD5<
E>D5BJE2B9>75> ;1>> =1> 45> 9C25B59D5B
85B1EC>58=5>
7:29
5B59DC 756B?B5>5 #525>C=9DD5< 4eB65>
>938D =9D 45> 6B9C38 59>JE6B95B5>45>
#525>C=9DD5<> 9> 5Be8BE>7 ;?==5>
34@73@5CB :/53@<
1=9D 495 #E6DJ9B;E<1D9?> 9= 5BWD >938D
2559>DBW38D97D G9B4 495 #525>C=9DD5< >938D
e25B 495 *D1@5<7B5>J5 89>1ECCD1@5<>
>938D 259 1<<5> $?45<<5>
23
)C>3@534@73@3<
34@73@5CB /C4B/C3<
1=9D 5C 259= 9><575> 6B9C385B #525>Cf
=9DD5< >938D JE= E>5BGe>C38D5> +5=@5f
B1DEB1>CD957 ;?==D 59>975 *DE>45> F?B
45= 9><575> 6B9C385B .1B5 495
*E@5B756B95B5>f+1CD5 4Be3;5>
7:22
!5 >138 BD E>4 -5BG5>4E>7CJG53;
;1>> JG9C385> 6?<75>45> $b7<938;59D5>
75GW8<D G5B45>
= 1<<75=59>5> 75>e75> *DE>45>
*?<< 41C =1H
56B95BF5B=b75> 75>EDJD
G5B45> 25>bD97D =1> *DE>45>
1C *E@5B756B95B5> C381<D5D 1ED?=1D9C38
>138 C@WD5CD5>C O +175> 12
)C>3@9X6:3<
59= *E@5B;e8<5> G9B4 45B "e8<B1E= 31
*DE>45> <1>7 C? ;1<D G95 =b7<938
75;e8<D
1>138 G9B4 1ED?=1D9C38 1E6 495
F?B 45= *E@5B;e8<5> 59>75CD5<<D5
+5=@5B1DEB E=75CD5<<D
1C *E@5B;e8<5> 59>C381<D5> J
S -?B 45= 9><575> 7B?T5B $5>75>
#525>C=9DD5<
S 0E= *38>5<<;e8<5> F?> 5DBW>;5>
#/F7;/:3A
34@73@D3@;V53<
95 #525>C=9DD5< C?<<5> =b7<938CD C38>5<<
29C JE= "5B> 4EB38756B?B5> G5B45>
%EB
C? 2<5925> -9D1=9>5 %W8BG5BD ECC585>
E>4 5C38=13; 5B81<D5>
1C =1H9=1<5
56B95BF5B=b75> 8B5C 5BWD5C 45C81<2
>938D e25BC38B59D5>
S 259 )1E=D5=@5B1DEB
S 9= "e8<C38B1>;
S 9= 5<5;DB9C385> 13;?65> =9D?8>5
59T<E6DF5>D9<1D?B
S 9= $9;B?G5<<5>75BWD
7<E37A
>f ?45B 1E675D1ED5C 56B95B7ED >938D
G9545B 59>756B95B5>
BCD >138 45=
-5B1B259D5> JE 59>5= 5BD9775B938D
75;?38D ?45B 752B1D5> ;1>> 5C 5B>5ED
59>756B?B5> G5B45>
95 =1H
#175B41E5B 45C 56B95B7ED5C
>938D =58B F?<< >EDJ5>
3@PB /CAA16/:B3< C<2
AB7:::353<
3@PB /CAA16/:B3<
9>ECf+1CD5 7:21 4Be3;5>
3@PB AB7:::353<
.5>> *95 41C 5BWD <W>75B5 059D >938D
25>EDJ5>
%5DJCD53;5B J9585>
5BWD B59>975>
5BWD5f+eB5> ?665> <1CC5>
>7125> e25B 41C =1H9=1<5 56B95BF5Bf
=b75> 9> *DE>45> 69>45> *95 1E6 45=
+I@5>C389<4
13
23
3@PB @37<753<
3B@730A53@PCA163
%5DJCD53;5B J9585> ?45B *9385BE>7
1ECC381<D5>
95 +eB4938DE>7 >EB =9D ;<1B5= .1CC5B
12G9C385> E>4 41>138 7Be>4<938
DB?3;5>B5925>
)59>975> *95 41C 5BWD =9D <1EG1B=5=
.1CC5B E>4 5DG1C *@e<=9DD5<
%138 45= )59>975> 5BWD G9545B
1>C38<95T5> E>4 59>C381<D5>
/<H <=@;/:3 3@PCA163
16BC<5
-5BG5>45> *95 ;59>5 C1>481<D975> ?45B
CWEB581<D975> 'EDJf E>4 #bCE>7C=9DD5<
1C )59>97E>7CG1CC5B 41B6 >938D 9> 495
S R66>E>7CC38<9DJ5 9= F?B45B5>
?45>25B5938 9= 56B95B6138
S 5495>2<5>45
S E>4 5<5E38DE>7 75<1>75>
%95 2<175> E>4 58W<D5B 9= 5C389BBf
C@e<5B B59>975>
95 +59<5 ;b>>5> C938
F5B6?B=5>
<3@573 A>/@3<
S 5BWD 9> 59>5= DB?3;5>5> 25<e6D21B5>
)1E= 1E6CD5<<5> >938D 49B5;D 9> 45B
*?>>5 ?45B 9> 45B %W85 59>5B
.WB=5AE5<<5 J
59J;bB@5B 5B4
*?>CD 59>5 C?<95B@<1DD5 F5BG5>45>
S .1B=5 *@59C5> E>4 5DBW>;5
1ET5B81<2 45C 5BWD5C 12;e8<5>
<1CC5>
S 1C 56B95B7ED JE= E6D1E5> 9> 45>
"e8<C38B1>; 7525>
95 "W<D5 45C
56B95B7ED5C JEB "e8<E>7 F?>
#525>C=9DD5<> >EDJ5>
S 5BWD5DeB C? ;EBJ G95 =b7<938 b66>5>
S 95 5BWD5Be3;C59D5 C?<<D5 75<575>D<938
=9D 59>5= *D1E2C1E75B ?45B '9>C5<
75B59>97D G5B45> E= 59>5> 5B8b8D5>
*DB?=F5B2B1E38 JE F5B=5945>
14
@C;;3< "W<D5177B571D <WE6D
:C003@<23 AC@@3<23 ?45B 5C@53:<23
3@PCA163 "W<D5=9DD5< 6<95TD 4EB38 495
)?8B5
!:7193< $?D?B C381<D5D 59> ?45B 1EC
!</193< 1ED?=1D9C385> 2D1EE>7
5B6?<7D
3@PCA163 273 A716 :3716B
036303< :/AA3<
/A 3@PB AB36B C<303<
9DD5 B938D5> *95 41C 5BWD =9D 9<65 59>5B
.1CC5BG1175 525> 59>
-5BG5>45> *95
41JE 495 *38B1E26eT5 ?45B <575> *95
5DG1C E>D5B
/A 3@PB IAB36B /<
9DD5 Be3;5> *95 41C 5BWD F?>
1>CD585>45> $b25<> ?45B 5BWD5> G57
)16C0:/23< !V@03 =23@
0AB3::4:P163< E/193:< =23@ 9:3;;3<
'Be65> *95 29DD5 495 85B1EC>58=21B5>
+59<5 E>4 C5DJ5> *95 C95 5F5>DE5<< >5E 59>
34PN3 03@X6@3< A716
)e3;5> *95 29DD5 495 <1C385> ?45B
56WT5 <5938D 1EC59>1>45B
23
!:37<3 )BV@C<53< A3:0AB 036303<
3D=@ )73 23< !C<23<273<AB @C43<
S25B@Be65> *95 ?2 *95 495 *DbBE>7 1E67BE>4 45B 6?<75>45> 9>G59C5 C5<2CD 258525>
;b>>5>
*95 =eCC5> 495 "?CD5> 6eB 5B1DE>7 4EB38 45> "E>45>495>CD C5<2CD e25B>58=5> 1E38 GW8B5>4 45B 1B1>D95J59D
-7+.'
7 %"! +,!
!"%
8 /3831/8 J66/8 </3-2> /= A/88
%3/.+= /<J> 0Q< 38?>/8
+?==-2+6>/8
&)+-.+ 0"!- ,-+$
/(' + "',-%%.' /3 8/1+>3@/7 <1/,83= (/<=?-2
8+-2 /38/< %>?8./ 89-2 /387+6
A3/./<296/8
=> .3/ &/7:/<+>?< D? 0+& :<Q0/8
%3/ 8+-2 A/831/8 %>?8./8 9, /38/
&/7:/<+>?<+88J2/<?81 /<0961> 3=>
=> .3/ &/7:/<+>?< D? $%- :<Q0/8
%3/ +7 8J-2=>/8 &+1 .3/
&/7:/<+>?< 89-27+6
" %.!-.'
.'$-"('"+- '"!-
3/ 6Q26+7:/ 37 Q26<+?7
9./< /0<3/<0+-2 3=> ./0/5>
6Q26+7:/ +?=>+?=-2/8 "%0
/>D=>/-5/< D3/2/8 ,DA
%3-2/<?81 +?==-2+6>/8
6Q26+7:/ A/-2=/68
<=+>D6+7:/ 7+B )
( )/-2=/6=><97
%9-5/6 /< 3-2>=-2+6>/< 56/77>
"%1 (+ 1
"<Q0/8 9, /< =3-2 ,/A/1/8 6J==>
'2" + "'%'
%.!-- &"- +.2"+-+
.!-$+-
=> .+= /<J> />A+ %>?8./8
928/ /8?>D?81 A/-2=/6> .3/
8D/31/ ./< /.3/8,6/8./ +?0
./8 8/<13/=:+<79.?=
%9,+6. .+= /<J> A3/./< ,/8?>D>
A3<. D &Q</ O008/8 =-2+6>/>
.3/8D/31/ A3/./< +?0 .3/ 89<7+6/
/6/?-2>?81 ?7
"' '2" %.!--
%><97+?=0+66 .3/ %3-2/<?81 2+>
+?=1/6O=> ./< />D=>/-5/< =3>D>
83-2> 0/=>
"<Q0/8 9, %><97 @9<2+8./8 3=>
%3-2/<?81 7?== /381/=-2+6>/> =/38
15
23
-7+.'
7 %"! +,!
!"%
" &)+-.+ "&
+"++.& ",- 2. 0+&
S /0<3/<<+?7>Q< 3=> 900/8
&Q< =-263/G/8
S 3/ /R ?8. 8>6Q0>?81=R
O008?81/8 =38. @/<./-5>
/R ?8. 8>6Q0>?81 =3-2/<=>/66/8
S = A?<./8 D? @3/6/ /,/8=R
73>>/6 +?0 /387+6 D?7 /0<3/R
</8 /381/6/1>
+B /0<3/<@/<7O1/8 83-2>
Q,/<=-2</3>/8
/< (/<.+7:0/< J6>/</<D/?1/<
37 9<9=>R%C=>/7 3=> =>+<5
@/</3=> .+== /< 83-2> 7/2<
@966+?>97+>3=-2 +,>+?>
*?7 ,>+?/8 ./= (/<.+7:0/<=
/0<3/<1?> 73> ./8 J-2/<8 2/<+?=R
8/27/8 ?8. 1?> 3=963/<> +8 /38/7
5Q26/8 "6+>D 6+1/<8
+"++.&-9+ 0+ %' "- (' &)+-.+ 0"+
'"!- &!+ ++"!-
/<J> +?==-2+6>/8 ?8. @98 ./<
)+8. A/1<Q-5/8 /<J>/>Q< 900/8
6+==/8
+-2 -+ 38 ,/1388> .+=
&+?A+==/< 38 .3/ (/<.?8=>?81=R
=-2+6/ "%q +?0 ./< /<J>/<Q-5R
=/3>/ D? 6+?0/8 '7 /38 F,/<6+?0/8
./< (/<.?8=>?81==-2+6/ 38 .3/=/7
+66 D? @/<7/3./8 &+?A+==/< 73>
/38/7 %-2A+77 +?0=+?1/8
)/88 5/38 &+?A+==/< 7/2< 38 .3/
(/<.?8=>?81=-2+6/ 6J?0> 3=> ./<
(/<.+7:0/< +,1/>+?> 88/8<+?7
</3831/8 /<J> A3/./< 38 /><3/,
8/27/8
!C<23<273<AB
9>5> "E>45>495>CD 9> 8B5B %W85 69>45>
*95 9= +5<56?>2E38 ?45B 9= "E>45>495>CDf
-5BJ5938>9C
525> *95 29DD5 45= "E>45>f
495>CD 495 BJ5E7>9C>E==5B f%B
E>4
495 5BD97E>7C>E==5B 45C 5BWD5C
1>
16
*95 69>45> 495C5 >7125> 1E6 45=
+I@5>C389<4
7:2w
9DD5 85<65> *95 4EB38 %5>>E>7 45B
BJ5E7>9Cf E>4 5BD97E>7C>E==5B =9D
E>>bD975 >618BD5> JE F5B=5945>
*95C@1B5> 495 41=9D F5B2E>45>5
$58B;?CD5>
3<
<4=@;/B7=< 1=<13@<7<5 )/43BG /<2 E/@<7<5
27A>=A/:
7<4=@;/B7=<
x 7A>=A/: =4 >/19/57<5
+85 @13;179>7 @B?D53DC I?EB 1@@<91>35
6B?= 41=175 4EB9>7 DB1>C9D
<< @13;179>7
=1D5B91<C 1B5 5>F9B?>=5>D1<44
B53I3<12<5
'<51C5 3?>DB92ED5 D? 1 25DD5B
5>F9B?>=5>D 2I 49C@?C9>7 ?6 @13;179>7
=1D5B91<C 9> 1> 5>F9B?>=5>D1<<If6B95>4>5B
'<51C5 1C; I?EB 451<5B ?B 9>AE9B5 1D I?EB
<?31< 1ED8?B9DI 12?ED 3EBB5>D =51>C ?6
49C@?C1<
x 7A>=A/: =4 G=C@ =:2
/>>:7/<13
&<4 1@@<91>35C 1B5 >?D G?BD8<5CC BE229C8
-1<E12<5 B1G =1D5B91<C 31> 25 B53<19=54
2I B53I3<9>7 ?<4 1@@<91>35C
+89C 1@@<91>35 81C 255> 945>D96954 9>
133?B41>35 G9D8 D85 EB?@51>
49B53D9F5 ?> .1CD5
<53DB931< 1>4 <53DB?>93 AE9@=5>D g
.
+85 49B53D9F5 C@539695C D85 6B1=5G?B;
6?B 1> ,fG945 F1<94 B5DEB> 1>4
B53I3<9>7 ?6 ?<4 1@@<91>35C
!
-/@<7<5
)54E>41>D 1@@<91>35C
'E<< ?ED D85 =19>C @<E7
ED ?66 D85 @?G5B 3?B4 1>4 49C31B4 G9D8
D85 =19>C @<E7
)56B975B1D?BC 3?>D19> B56B975B1>DC 1>4 D85
9>CE<1D9?> 3?>D19>C 71C5C
)56B975B1>D 1>4
71C5C =ECD 25 49C@?C54 ?6 @B?@5BCEB5 D81D DE29>7 ?6 D85 B56B975B1>D 39B3E9D
9C >?D 41=1754 @B9?B D? @B?@5B 49C@?C1<
34=@3 G=C AE7B16 %$ B63
/>>:7/<13
'<51C5 B514 D85 ?@5B1D9>7 1>4 9>CD1<<1D9?>
9>CDBE3D9?>C 31B56E<D19>
9=@?BD1>D 9>6?B=1D9?> ?> 8?G D? 9>CD1<<
EC5 1>4 =19>D19> D85 1@@<91>35
"55@ 1<< 4?3E=5>D1D9?> 6?B CE2C5AE5>D
EC5 ?B 6?B D85 >5HD ?G>5B
*316<71/: A/43BG
S +89C 1@@<91>35 3?>D19>C 1 C=1<< AE1>D9DI
?6 5>F9B?>=5>D1<<If6B95>4D
>CEB5
D81D D85 DE29>7 ?6 D85 B56B975B1>D 39B3E9D 9C
>?D 41=1754 4EB9>7 DB1>C@?BD1D9?> 1>4
9>CD1<<1D9?>
#51;9>7 B56B975B1>D =1I
31EC5 5I5 9>:EB95C ?B 97>9D5
4 2/;/53 6/A =11C@@32
"55@ >1;54 6<1=5C 1>4?B 97>9D9?>
C?EB35C 1G1I 6B?= D85 1@@<91>35
+8?B?E78D9<1D5 D85 B??= 6?B
C5F5B1< =9>ED5C
*G9D38 ?66 D85 1@@<91>35 1>4 @E<< ?ED
D85 =19>C @<E7 ?B CG9D38 ?66 D85 6EC5
%?D96I 3ECD?=5B C5BF935
+85 =?B5 B56B975B1>D 1> 1@@<91>35
3?>D19>C D85 <1B75B D85 B??= =ECD 25
#51;9>7 B56B975B1>D 31> 6?B=
16<1==12<5 71Cf19B =9HDEB5 9> B??=C
G8938 1B5 D?? C=1<<
+85 B??= =ECD 25 1D <51CD = @5B 7
?6 B56B975B1>D
+85 1=?E>D ?6 B56B975B1>D
9> I?EB 1@@<91>35 9C 9>4931D54 ?> D85
B1D9>7 @<1D5 9>C945 D85 1@@<91>35
17
3<
S &>75 D85
@?G5B 3?B4 1>4 31BBI ?ED 1>I ?D85B
B5@19BC
=@B?@5B 9>CD1<<1D9?>C 1>4
B5@19BC =1I @ED D85 EC5B 1D 3?>C945B12<5
B9C;
S "55@ @<1CD93 @1BDC 1>4 D85 4??B C51<
6B55 ?6 ?9< 1>4 7B51C5
&D85BG9C5 @1BDC
1>4 4??B C51< G9<< 253?=5 @?B?EC
;>=@B/>:7/<13
S '5?@<5 G8? 81F5 <9=9D54 @8IC931<
C5>C?BI?B =5>D1< 129<9D95C ?B 9>145AE1D5
;>?G<5475 =ECD >?D EC5 D89C 1@@<91>35
E><5CC D85I 1B5 CE@5BF9C54 ?B 79F5>
=5D93E<?EC 9>CDBE3D9?>C
S %5F5B EC5 5<53DB931< 1@@<91>35C 9>C945
D85 1@@<91>35 5
7
851D5BC 5<53DB93 935
=1;5BC 5D3
(7A9 =4 3F>:=A7=<
S %5F5B EC5 1 CD51= 3<51>5B D? 456B?CD
?B3<51> D85 1@@<91>35
+85 CD51= =1I
@5>5DB1D5 5<53DB931< @1BDC 1>4 31EC5
1C8?BDf39B3E9D
(7A9 =4 3:31B@71 A6=19
S ? >?D EC5 @?9>D54 ?B C81B@f54754
9=@<5=5>DC D? B5=?F5 6B?CD ?B <1I5BC
?6935
/?E 3?E<4 41=175 D85 B56B975B1>D
DE29>7
#51;9>7 B56B975B1>D =1I 97>9D5
?B31EC5 5I5 9>:EB95C
S ? >?D CD?B5 @B?4E3DC G8938 3?>D19>
6<1==12<5 @B?@5<<1>DC 5
7
C@B1I 31>C
?B 5H@<?C9F5 CE2CD1>35C 9> D85
1@@<91>35
F>:=A7=< 6/H/@2
S ? >?D CD1>4 ?B CE@@?BD I?EBC5<6 ?>
D8521C5 4B1G5BC ?B 4??BC 5D3
S 56?B5 456B?CD9>7 ?B 3<51>9>7 D85
1@@<91>35 CG9D38 ?66 D85 1@@<91>35
@E<<?ED D85 =19>C @<E7 ?B CG9D38 ?66
D856EC5
'E<< ?> D85 =19>C @<E7 >?D ?>D85 @?G5B
3?B4
S ?DD<5C G8938 3?>D19> 1 8978 @5B35>D175
?6 1<3?8?< =ECD 25 C51<54 1>4 CD?B54 9>
1> E@B978D @?C9D9?>
18
S %5F5B 3?F5B ?B 2<?3; D85 F5>D9<1D9?>
?@5>9>7C 6?B D85 1@@<91>35
67:2@3< 7< B63 6=CA36=:2
S "55@ 389<4B5> 1G1I 6B?= @13;179>7
1>4 9DC @1BDC
1>75B ?6 CE66?31D9?> 6B?=
6?<49>7 31BD?>C 1>4 @<1CD93 69<=
S ? >?D 1<<?G 389<4B5> D? @<1I G9D8 D85
1@@<91>35
S 6 D85 1@@<91>35 651DEB5C 1 <?3; ;55@
D85 ;5I ?ED ?6 D85 B5138 ?6 389<4B5>
3<3@/: @3?C7@3;3<BA
+85 1@@<91>35 9C CE9D12<5 6?B 3??<9>7 1>4
6B55J9>7 6??4 1>4 6?B =1;9>7 935
+85
1@@<91>35 9C 45C97>54 6?B 4?=5CD93 EC5
+85 1@@<91>35 81C 255>
9>D5B65B5>35fCE@@B5CC54 9> 3?=@<91>35
G9D8 , 9B53D9F5 +85 B56B975B1>D 39B3E9D 81C 255> D5CD54 6?B
<51;C
+89C @B?4E3D 3?=@<95C G9D8 D85 B5<5F1>D
C165DI B57E<1D9?>C 6?B 5<53DB931< 1@@<91>35C
%
3<
3BB7<5 B= 9<=E G=C@
/>>:7/<13
75
1
>?D 1<< =?45<C
/A17/
*63 4C::G /CB=;/B71 $= @=AB
@=AB@33 AGAB3; 3<AC@3A B6/B <=
713 7A 4=@;32 7<A723 B63 />>:7/<13
*63@3 7A<= :=<53@ /<G <332 4=@
234@=AB7<5
%<%44[0CBB=<
"756B AE7B16 4=@ 4@33H3@
1=;>/@B;3/@B;3 2I 1 6<?G ?6 3?<4 19B
+85 5F1@?B1D?B 9> D85 %? B?CD CICD5=
3??<C D85 19B 9>C945 D85 1@@<91>35
+853?<4 19B 9C 39B3E<1D54 2I 1 61>
+85=?9CDEB5 9> D85 19B 3?>45>C5C ?>
D855F1@?B1D?B G8938 9C 456B?CD54 6E<5F5B >535CC1BI
7A>3<A3@ 4=@ 713 1C03A
"756B AE7B16 4=@ @34@753@/B=@
1=;>/@B;3/@B;33<7<5
<B3@7=@ :756B
)63:4 7< B63 @34@753@/B=@
1=;>/@B;3/@B;3/@B;37 9>CDBE3D9?>C B565B D?
C5F5B1< =?45<C
CBB3@ /<2 1633A3 1=;>/@B;3C =1I 49665B
*7< /<2 0=BB:3 6=:23@
)63:4 4=@ :/@53 0=BB:3A
1B7D/B32[1/@0=< 47:B3@
@33H3@ 1=;>/@B;3/@B;37 E>9D G85B5 9D 5F1@?B1D5C
+856B55J5B C53D9?> 1>4 D85 6B?J5> 6??4
9>C945 1B5 ;5@D 6B55 6B?= 935
19
3<
/A17/
+85 1@@<91>35 9C ?> G85> D85 2EDD?>
9C <9D
*E@5B 3??<9>7 3??<C D85
B56B975B1D?B 3?=@1BD=5>D 1C 3?<4 1C
@?CC92<5 6?B 1@@B?H
8?EBC
+85> D85
D5=@5B1DEB5 C5D 256?B5 CE@5B =?45 9C
1ED?=1D931</@B;3D D5=@5f
B1DEB5 31> 25 C5D 6B?= M D? M
*G9D38 ?> CE@5B =?45 5
7
"55@ @B5CC9>7 D85 2EDD?> E>D9< D85
B5AE9B54 D5=@5B1DEB5 49C@<1I <978DC
9<<E=9>1D5C
)3:31B7=< 0CBB=< 4=@ 4@33H3@
1=;>/@B;37 <1B75 AE1>D9D95C ?6
6??4 9> D85 B56B975B1D?B 3?=@1BD=5>D
S D? 3??< 4B9>;C AE93;D D5=@5B1DEB5
31> 25 C5D 6B?= M D? M
:/@; 0CBB=<
C EC54 D? CG9D38 ?66 D85 D5=@5B1DEB5
G1B>9>7 C97>1< 1>4 4??B G1B>9>7
C97>1<
+85 <9D <1=@ 9>4931D5C D85 C5<53D54
D5=@5B1DEB5
56?B5 @<139>7 <1B75 AE1>D9D95C ?6 6B5C8
6??4 =?B5 D81> ;7 9> D85 6B55J5B
3?=@1BD=5>D CG9D38 ?> K61CD 6B55J5
C 1 BE<5 8?EBC 9C 145AE1D5
+?
ED9<9C5 D85 =1H9=E= 6B55J9>7 31@139DI
CG9D38 ?> K61CD 6B55J5 8?EBC 9>
14F1>35
+85 4??B G1B>9>7 C97>1< CG9D385C ?> 96
?>5 ?6 D85 1@@<91>35 4??BC 9C <56D ?@5>
D?? <?>7
S D85 1@@<91>35 9C CG9D3854 ?>
20
/AB 4@33H7<5 0CBB=<
*G9D385C CE@5B 6B55J9>7 ?> 1>4 ?66
+85 D5=@5B1DEB5 G1B>9>7 C97>1<
CG9D385C ?> 96 D85 6B55J5B
3?=@1BD=5>D 9C D?? G1B=
6 D85 <1B= 2EDD?> 1<C? 6<1C85C D85
6B?J5> 6??4 9C 1D B9C; ?6 D81G9>7
+85 G1B>9>7 C97>1< =1I CG9D38 ?>
G9D8?ED 1>I B9C; D? D85 6B?J5> 6??4
G85>
*3;>3@/BC@3 27A>:/G @34@753@/B=@
1=;>/@B;3E=25BC >5HD D? D85 D5=@5B1DEB5
49C@<1I <978DC 3?BB5C@?>4 D? B56B975f
B1D?B 3?=@1BD=5>D D5=@5B1DEB5C 9> M
"55@ @B5CC9>7 D85 2EDD?> E>D9< D85
B5AE9B54 D5=@5B1DEB5 49C@<1I <978DC
9<<E=9>1D5C
)C>3@ 1==:7<5 0CBB=<
6D5B 1@@B?H
O41IC D85 6B55J5B
1ED?=1D931<3@/BC@3 27A>:/G 4@33H3@
1=;>/@B;3D9D95C ?6 6B5C8 6??4 1B5
@<1354 9> D85 6B55J5B
+85 697EB5C >5HD D? D85 D5=@5B1DEB5
49C@<1I <1=@C 9>4931D5 6B55J5B
3?=@1BD=5>D D5=@5B1DEB5C 9> M
S D85 6B55J5B 3?=@1BD=5>D 4??B 9C
?@5> 6?B D?? <?>7
+85 <9D <1=@ 9>4931D5C D85 C5<53D54
D5=@5B1DEB5
3<
<AB/::7<5 B63 />>:7/<13 =<<31B7<5 B63
/>>:7/<13
>CD1<< D85 1@@<91>35 9> 1 4BI G5<<
F5>D9<1D54 B??=
+85 9>CD1<<1D9?> <?31D9?>
C8?E<4 >59D85B 25 5H@?C54 D? 49B53D
CE><978D >?B >51B 1 851D C?EB35 5
7
13??;5B B1491D?B 5D3
6 9>CD1<<1D9?> >5HD
D?1 851D C?EB35 9C E>1F?9412<5 EC5
1CE9D12<5 9>CE<1D9>7 @<1D5 ?B ?2C5BF5 D85
6?<<?G9>7 =9>9=E= 49CD1>35C D? 1 851D
C?EB35
3= D? 1> 5<53DB93 3??;5B
3= D? 1> ?9< ?B C?<94f6E5< 3??;5B
@@<91>35C G9D8 69DD54 81>4<5C =ECD 25
C9DE1D54 1D <51CD == 6B?= D85 G1<< ?>
D85 89>75 C945 C? D81D D85 4??B 31> 25
?@5>54 2I M
(==; B3;>3@/BC@3
+85 3<9=1D93 3<1CC 31> 25 6?E>4 ?> D85
B1D9>7 @<1D5 1>4 9>4931D5C D85 1=295>D
D5=@5B1DEB5C 1D G8938 D85 1@@<91>35 31>
25 ?@5B1D54
%"&-" %,,
+&"-- &"'-&)+-.+
M >9 M
M >9 M
M >9 M
M >9 M
6D5B 9>CD1<<9>7 D85 1@@<91>35 G19D 1D <51CD
O 8?EB 256?B5 CG9D389>7 ?> D85 1@@<91>35
EB9>7 DB1>C@?BD1D9?> D85 ?9< 9> D85
3?=@B5CC?B =1I 81F5 6<?G54 9>D? D85
B56B975B1D9?> CICD5=
56?B5 CG9D389>7 ?> D85 1@@<91>35 6?B D85
69BCD D9=5 3<51> D85 9>D5B9?B C55 <51>9>7
+85 C?3;5D C8?E<4 25 6B55>53D D85 1@@<91>35 D? g -
J 1<D5B>1D9>7 3EBB5>D F91 1 3?BB53DCD1<<54 51BD854 C?3;5D
+85 C?3;5D =ECD
25 6EC54 G9D8 1 f6EC5 ?B 89785B
4 B63 />>:7/<13 7A B= 03 =>3@/B32 7<
/<=<[C@=>3/< 1=C<B@G 16319 =<
B63@/B7<5 >:/B3 E63B63@ B63 7<271/B32
D=:B/53 /<2 1C@@33 1=@@3A>=<2
B= B63 D/:C3A =4 G=C@ ;/7<A AC>>:G
*63 @/B7<5 >:/B3 7A A7BC/B32 7< B63
0=BB=; :34B[6/<2 A723 =4 B63 />>:7/<13
*63 >=E3@ 1=@2 ;/G 03 @3>:/132 0G
/< 3:31B@717/< =<:G
,3<B7:/B7=<
75
3
+85 19B ?> D85 B51B @1>5< ?6 D85 1@@<91>35
851DC E@
+85 G1B= 19B =ECD 25 12<5 D?
5C31@5
&D85BG9C5 D85 B56B975B1D?B =ECD
G?B; 81B45B
+89C G9<< 9>3B51C5 D85 @?G5B
3?>CE=@D9?>
+85B56?B5 %5F5B 3?F5B ?B 2<?3; F5>D9<1D9?>
?@5>9>7C
21
3<
<3@5G A/D7<5 ;=23
)E7B167<5 =< B63
/>>:7/<13
6 D85 1@@<91>35 9C >?D EC54 6?B 1@@B?H
8?EBC D85 49C@<1I ?> D85 61C391
CG9D385C D? 5>5B7I C1F9>7 =?45
'B5CC D85 &>&66 2EDD?>
75
1
.1B>9>7 C97>1< 9C 5=9DD54
+? CD?@ D85
G1B>9>7 C97>1< @B5CC D85 <1B= 2EDD?>
&>?C9DI
+85 <1B= 2EDD?> B5=19>C <9D E>D9< D85 C5D
D5=@5B1DEB5 81C 255> B513854
C C??> 1C D85 1@@<91>35 9C 9> EC5 1719>
5
7
G85> D85 4??B 9C ?@5>54 D85 49C@<1I
CG9D385C 213; D? >?B=1< 9<<E=9>1D9?>
)3:31B7<5 B63 B3;>3@/BC@3
%>3@/B7<5 B7>A
"55@ @B5CC9>7 D85 D5=@5B1DEB5 C5<53D9?>
2EDD?> 6?B D85 B56B975B1D?B 3?=@1BD=5>D ?B
6B55J5B 3?=@1BD=5>D E>D9< D85 B5AE9B54
D5=@5B1DEB5 <1=@ 9C <9D
S +85 6E<D 1>4
B56B975B1D?B 3?=@1BD=5>D 6B55 ?6 935
56B?CD9>7 9C >?D B5AE9B54
+85 613D?BI 81C B53?==5>454 1>4 C5D
D85 6?<<?G9>7 D5=@5B1DEB5C
S +85 C945C ?6 D85 8?EC9>7 1B5 C?=5D9=5C
851D54 C<978DDC
3?>45>C1D9?> 9> D85 1B51 ?6 D85 4??B
C51<
)56B975B1D?B 3?=@1BD=5>D
B55J5B 3?=@1BD=5>D
M
M
'5B9C812<5 6??4 C8?E<4 >?D 25 CD?B54
G1B=5B D81> M
S +85 1@@<91>35 4??BC 81F5 DG? 49665B5>D
?@5>9>7 1>7<5C
.85> ?>5 1@@<91>35 4??B 9C ?@5>54
D85 C53?>4 4??B =1I =?F5 C<978D?B=1< 1>4 31> 25 97>?B54
S 6 I?E 31>>?D ?@5> D85 6B55J5B
3?=@1BD=5>D 4??B 9==5491D57 9D G19D g =9>ED5C E>D9< D85
@1BD91< F13EE= 81C 5AE1<9C54
22
3<
)B=@7<5 4==2 7< B63
/>>:7/<13
*3;>3@/BC@3 7<271/B=@
$=B3 E63< :=/27<5 >@=2C1BA
+85 B3;>3@/BC@3 7<271/B=@ 7<271/B3A
B3;>3@/BC@3A 03:=E ° 1>4 9C EC54
D? 45D5B=9>5 D85 B5AE9B54 C5DD9>7 ?6 D85
D5=@5B1DEB5 3?>DB?<<5B
5@5>49>7 ?>
D85B??= D5=@5B1DEB5 C5DD5=@5B1DEB5
3?>DB?<<5B 25DG55> 1>4 61 457B55f
@B539C9?> C5DD9>7 9C @?CC92<5 C5D 1@@<91>35
D? M ?B 3?<45B
S .B1@ ?B 3?F5B 6??4 256?B5 @<139>7 9> D85
1@@<91>35
+89C G9<< B5D19> D85 1B?=1
3?<?EB 1>4 6B5C8>5CC ?6 D85 6??4
+B1>C65B ?6 6<1F?EB 1>4 49C3?<?B1D9?>
?6 D85 @<1CD93 @1BDC G9<< 1<C? 25
@B5F5>D54
S <<?G G1B= 6??4 1>4 4B9>;C D? 3??<
4?G> 256?B5 @<139>7 9> D85 1@@<91>35
S ? >?D 2<?3; 19B ?ED<5D ?@5>9>7C G9D8
6??4 ?D85BG9C5 D85 19B 39B3E<1D9?> G9<< 25
9=@19B54
??4 G8938 9C CD?B54 49B53D 6B?>D ?6
D85 19B ?ED<5D ?@5>9>7C =1I 25 6B?J5> 2I
D85 3?<4 19B 6<?G9>7 ?ED
-3 @31=;;3<2 /@@/<57<5 B63 4==2
/A4=::=EA
S > D85 6B55J5B 3?=@1BD=5>D
B?J5> 6??4 935 3E25C 935 3B51=
%?D 1<< =?45<C
6D5B 1@@B?H
8?EBC G85> D85
D5=@5B1DEB5 81C 4B?@@54 25<?G °
I%! 9C 9>4931D54 96 D89C 4?5C >?D ?33EB
7B14E1<3@/BC@3
B==6756 A3B
B3;>3@/BC@3
1=:23@
S > D85 389<<5B 3?=@1BD=5>D
9C8 =51D 1>4 C1EC175
S &> D85 C85<F5C 9> D85 B56B975B1D?B
3?=@1BD=5>D 6B?=D?@ D? 2?DD?=
31;5C 1>4 @1CDB95C B514I =51<C 419BI
@B?4E3DC =51D 1>4 C1EC175
S > D85 F575D12<5 3?>D19>5B
F575D12<5C C1<14 6BE9D
S > D85 4??B 6B?= D?@ D? 2?DD?=
2EDD5B 3855C5 577C DE25C C=1<<
2?DD<5C <1B75 2?DD<5C =9<; :E935 31BD?>C
+A/0:3 1/>/17BG
>6?B=1D9?> ?> D85 EC12<5 31@139DI 31> 25
6?E>4 9>C945 I?EB 1@@<91>35 ?> D85 B1D9>7
@<1D5
23
3<
<B3@7=@ 47BB7<5A
)63:D3A1=<B/7<3@A
6 B5AE9B54 I?E 31> B5@?C9D9?> D85 9>D5B9?B
C85<F5C 1>4 3?>D19>5BC 9> D85 4??B 'E<<
C85<6 6?BG1B4C <?G5B 1>4 CG9>7 ?ED D? D85
C945
#96D D85 3?>D19>5B 1>4 B5=?F5
67::3@ 1=;>/@B;3D
6?BG1B4C D85 6<1@ ?@5>C
+85 389<<5B 3?=@1BD=5>D 81C <?G5B
D5=@5B1DEB5C D81> D85 B56B975B1D?B
3?=@1BD=5>D
F5> D5=@5B1DEB5C 25<?G
M =1I ?33EB
451< 6?B CD?B9>7 69C8 =51D 1>4 C1EC175
%?D CE9D12<5 6?B <5DDE35 1>4 F575D12<5C
1>4 @B?4E35 C5>C9D9F5 D? 3?<4
13 ;/93@ 75
5
)5=?F5 D85 935 3E25 DB1I 69<4 B5f9>C5BD
.85> D85 935 3E25C 1B5 6B?J5> B?D1D5
D85 ;>?2C ?> D85 935 3E25 DB1IC C5F5B1<
D9=5C D? D85 B978D 1>4 B5<51C5
+85 935 3E25C <??C5> 1>4 61<< 9>D? D85
CD?B175 3?>D19>5B
)5=?F5 935 3E25C 6B?= D85 CD?B175
3?>D19>5B
24
&C::[=CB 2@/E3@
75
6
+85 4B1G5B 31> 25 B5=?F54 6?B 1449>7
1>4 B5=?F9>7 6??4
#96D D85 4B1G5B 1>4
@E<< ?ED
+85 4B1G5B 8?<45B 31> 25
14:ECD54
=BB:3 A63:4
75
7
?DD<5C 31> 25 CD?B54 C53EB5 D85
2?DD<5 C85<6
*3;>3@/BC@3 /<2 6C;727BG
@35C:/B=@ 4=@ D353B/0:3
1=<B/7<3@
75
8
?B :=<5[B3@; AB=@/53 =4 D353B/0:3A
<5DDE35 1>4 6BE9D C<945 D85 B57E<1D?B 1<< D85
G1I D? D85 B978D
-5>D9<1D9?> ?@5>9>7 9C
?@5> <?G 19B 8E=949DI D5=@5B1DEB5
4B?@C
?B A6=@B[B3@; AB=@/53 C<945 D85
B57E<1D?B D? D85 <56D
-5>D9<1D9?> ?@5>9>7 9C
3<?C54 8978 19B 8E=949DI D5=@5B1DEB5
B9C5C
1B7D/B32[1/@0=< 47:B3@
75
1
+89C 69<D5B B54E35C E>@<51C1>D ?4?EBC
9>D85 B56B975B1D?B 3?=@1BD=5>D
3<
@33H7<5 4@3A6 4==2
@33H7<5 4==2 G=C@A3:4
6 I?E 1B5 6B55J9>7 6??4 I?EBC5<6 EC5 ?>41=1754 6??4
*63 4=::=E7<5 4==2A 1B5 AC7B/0:3 6?B
4@33H7<5
$51D 1>4 C1EC175 @B?4E3DC @?E<DBI 1>4
71=5 69C8 F575D12<5C 85B2C 6BE9D 31;5C
1>4 @1CDB95C @9JJ1 B514I =51<C
<56D?F5BC 577 I?<; 1>4 577 G89D5
*63 4=::=E7<5 4==2A 1B5 <=B AC7B/0:3 6?B
4@33H7<5
77C 9> C85<<C C?EB54 3B51= 1>4
=1I?>>19C5 7B55> C1<14C B149C85C 1>4
?>9?>C
:/<167<5 D353B/0:3A /<2 4@C7B
+? B5D19> 3?<?EB 6<1F?EB 1B?=1 1>4
F9D1=9> F575D12<5C 1>4 6BE9DC C8?E<4 25
2<1>3854 @B9?B D? 6B55J9>7
<1>389>7 9C D85 2B956 9==5BC9?> ?6
F575D12<5C 1>4 6BE9D 9> 2?9<9>7 G1D5B
#9D5B1DEB5 ?> 6B55J9>7 1>4 2<1>389>7 9C
1F19<12<5 9> 2??;C8?@C
&/197<5 4==2
'<135 D85 6??4 9> D85 GB1@@9>7
'B5CC ?ED 1<< D85 19B
*51< D85 GB1@@9>7
#125< D85 GB1@@9>7 G9D8 D85 3?>D5>DC
1>4 41D5
)C7B/0:3 >/19/57<5
'<1CD93 69<= @?<I5D8I<5>5 2<?G> 69<=
1<E=9>9E= 6?9< 1>4 6B55J5B D9>C
+85C5 @B?4E3DC 31> 25 @EB381C54 6B?=
I?EB 451<5B
+<AC7B/0:3 >/19/57<5
.B1@@9>7 @1@5B 7B51C5@B??6 @1@5B
35<<?@81>5 B56EC5 217C 1>4 EC54
C8?@@9>7 217C
*63 4=::=E7<5 >@=2C1BA /@3 AC7B/0:3
4=@A3/:7<5 B63 E@/>>32 4==2
)E225B 21>4C @<1CD93 3<9@C CDB9>7
3?<4fB5C9CD1>D 1485C9F5 D1@5 ?B C9=9<1B
17C 1>4 @?<I5D8I<5>5 2<?G> 69<= 31> 25
C51<54 G9D8 1 69<= C51<5B
25
3<
@33H7<5 /<2 AB=@7<5
4==2
&C@16/A7<5 233>[4@=H3<
4==2
S 853; D81D D85 @13;179>7 9C >?D
41=1754
S 853; D85 C5<<f2I 41D5
S +85 D5=@5B1DEB5 ?6 D85 CE@5B=1B;5D
6B55J5B C8?E<4 25 M ?B <?G5B
6 >?D
D85 CD?B175 <965 ?6 D85 6??4 9C B54E354
S 6 @?CC92<5 DB1>C@?BD 455@f6B?J5> 6??4
9> 1> 9>CE<1D54 217 1>4 @<135 AE93;
D85 6B55J5B 3?=@1BD=5>D
@@/<57<5 4==2 7< B63
/>>:7/<13
B55J5 <1B75 AE1>D9D95C ?6 6??4 @B565B12 D85 61CDf6B55J5 3?=@1BD=5>D G85B5 D85
6??4 9C 6B?J5> @1BD93E<1B4
D85B56?B5 1<C? 75>D D85 6B55J5B
3?=@1BD=5>D D85 935 =1;5B 31> 25
B5=?F54
75
9
??4 G8938 9C 1<B514I 6B?J5> =ECD >?D
3?=5 9>D? 3?>D13D G9D8 6??4 G8938 9C D? 25
6B?J5>
)B=@7<5 4@=H3< 4==2
+? @B5F5>D @??B 19B 39B3E<1D9?> 9> D85
1@@<91>35 4? >?D CD13; 6??4 12?F5 D85
CD13;9>7 <9=9D >?D 1<< =?45<C
/AB 4@33H7<5
+? @B5F5>D 1> E>G1>D54 D5=@5B1DEB5 B9C5
G85> @<139>7 6B5C8 6??4 9> D85 6B55J5B
@B5CC D85 61CD 6B55J5 2EDD?> C5F5B1< 8?EBC
256?B5 @<139>7 6B5C8 @B?4E35 9> D85
6B55J5B
75
2
C 1 BE<5 8?EBC 9C 145AE1D5
6 =1H
6B55J9>7 31@139DI 9C D? 25 ED9<9C54
8?EBC 1B5 B5AE9B54
K1CD 6B55J5 CG9D385C ?66 1ED?=1D931<3@ 1==:7<5
*E@5B 3??<9>7 3??<C D85 B56B975B1D?B
3?=@1BD=5>D 1C 3?<4 1C @?CC92<5 6?B
1@@B?H
8?EBC
+85> D85 D5=@5B1DEB5
C5D 256?B5 CE@5B =?45 9C 1ED?=1D931< CE@5B =?45 5
7
S 56?B5 @<139>7 <1B75 AE1>D9D95C ?6 6??4 9>
D85 B56B975B1D?B 3?=@1BD=5>D
S D? 3??< 4B9>;C AE93;/17BG
> ?B45B D? B5D19> D85 F9D1=9>C >EDB9D9?>1<
F1<E5C 1@@51B1>35 1>4 6??4 6<1F?EB
5>CEB5 D81D D85 6??4 9C 6B?J5> 1C AE93;?D 5H3554 D85 =1H
6B55J9>7 31@139DI ?6 I?EB 1@@<91>35
>6?B=1D9?> 12?ED D85 =1H
6B55J9>7
31@139DI G9D89> 8?EBC 31> 25 6?E>4
?>D85 B1D9>7 @<1D5
26
3<
*6/E7<5 4@=H3< 4==2
:3/<7<5 B63 />>:7/<13
5@5>49>7 ?> D85 DI@5 ?6 6??4 1>4
9>D5>454 EC5 6B?J5> @B?4E35 31>
25D81G54 1C 6?<<?GC
'E<< ?ED D85 =19>C @<E7 ?B CG9D38 ?66 D85
6EC5
S D B??= D5=@5B1DEB5
S > D85 B56B975B1D?B
S > 1> 5<53DB93 ?F5> G9D8G9D8?ED 61>
1CC9CD54 8?D 19B
S > D85 =93B?G1F5
$=B3
? %&+ B56B55J5 6??4 G8938 9C 2579>>9>7
D? D81G ?B G8938 81C 1<B514I D81G54
D31> ?> G85> 9D 81C 255>
EC54 D? @B5@1B5 1 B514I =51< 2?9<54 ?B
6B954
%? <?>75B CD?B5 D85 6B?J5> @B?4E35 6?B
D85=1H
CD?B175 @5B9?4
)E7B167<5 =44 /<2
27A1=<<31B7<5 B63
/>>:7/<13
.9@5 D85 4??B C51< G9D8 3<51B G1D5B ?>4 D85> G9@5 4BI D8?B?E78 D85 1@@<91>35 G9D8 <E;5G1B=
G1D5B 1>4 1 <9DD<5 G1C89>7fE@ <9AE94
6D5B 3<51>9>7 B53?>>53D 1>4 CG9D38
?> D85 1@@<91>35
BB3<B7=<
? >?D EC5 12B1C9F5 ?B 139493 3<51>9>7
175>DC 1>4 C?<F5>DC
.1D5B EC54 6?B 3<51>9>7 =ECD >?D 4B9@ 9>D?
D85
S C<?DC 9> D85 6B?>D 21C5 1B51 9> D85 6B55J5B
3?=@1BD=5>D
S 61C391
S ?B <978D
%5F5B 3<51> D85 C85<F5C ?B 3?>D19>5BC 9>
D85 49C8G1C85B
+85 @1BDC =1I G1B@
)E7B167<5 =44 B63 />>:7/<13
'B5CC D85 &>&66 2EDD?>
75
1
7A1=<<31B7<5 B63
/>>:7/<13
6 D85 1@@<91>35 9C >?D EC54 6?B
1@B?<?>754 @5B9?4
'E<< ?ED D85 =19>C @<E7
<51>9>7 D85 1@@<91>35
#51F5 D85 1@@<91>35 4??B ?@5>
27
3<
*7>A 4=@ A/D7<5 3<3@5G
%>3@/B7<5 <=7A3A
S >CD1<< D85 1@@<91>35 9> 1 3??< G5<<
F5>D9<1D54 B??= 2ED >?D 9> 49B53D
CE><978D 1>4 >?D >51B 1 851D C?EB35
B1491D?B 3??;5B 5D3
&D85BG9C5
EC51> 9>CE<1D9>7 @<1D5
$=@;/: <=7A3A
S <<?G G1B= 6??4 1>4 4B9>;C D? 3??<
4?G> ?EDC945 D85 1@@<91>35
C;;7<5 B56B975B1D9>7 E>9D 9C BE>>9>7
C00:7<5 5C@5:7<5 ?B E67@@7<5 <=7A3A B56B975B1>D 9C 6<?G9>7 D8B?E78 D85 DE29>7
:7197<5 =?D?B 9C CG9D389>7 ?> ?B ?66
S .85> D81G9>7 6B?J5> 6??4 @<135 9D 9>
D85 B56B975B1D?B 3?=@1BD=5>D
+85 <?G
D5=@5B1DEB5 ?6 D85 6B?J5> 6??4 G9<< D85>
3??< D85 6??4 9> D85 B56B975B1D?B
3?=@1BD=5>D
@/197<5 1ED?=1D93 456B?CD9>7 9C
BE>>9>7
S &@5> D85 1@@<91>35 4??B 1C 2B956>:7/<13 7A <=B :3D3:
'<51C5 1<97> D85 1@@<91>35 G9D8 1 C@9B9D
<5F5<
,C5 D85 85978Df14:ECD12<5 655D ?B
@<135 C?=5D89>7 E>45B D85 655D
S &331C9?>1< D85 B51B ?6 D85
1@@<91>35 G9D8 1 F13EE= 3<51>5B ?B
@19>D 2BEC8 D? @B5F5>D 1> 9>3B51C54
@?G5B 3?>CE=@D9?>
$=7A3A E6716 1/< 03 3/A7:G
@31B74732
*63 />>:7/<13 7A B=C167<5 /28/13>:7/<13A
'<51C5 =?F5 D85 1@@<91>35 1G1I 6B?=
14:135>D E>9DC ?B 1@@<91>35C
@/E3@A 0/A93BA =@ AB=@/53 /@3/A /@3
:==A3 =@ AB7197<5
'<51C5 3853; D85 B5=?F12<5 @1BDC 1>4
96B5AE9B54 B59>C5BD D85=
(313>B/1:3A /@3 B=C167<5 3/16 =B63@
'<51C5 =?F5 2?DD<5C ?B B535@D13<5C 1G1I
6B?= 5138 ?D85B
28
3<
:7;7</B7<5 ;7<=@ 4/C:BA G=C@A3:4
34=@3 G=C 1/:: 1CAB=;3@ A3@D713
'<51C5 3853; G85D85B I?E 31> 5<9=9>1D5 D85 61E<D I?EBC5<6 21C54 ?> D85 6?<<?G9>7
9>6?B=1D9?>
ECD?=5B C5BF935 G9<< 381B75 I?E 6?B 14F935 5F5> 96 D85 1@@<91>35 9C CD9<< E>45B
7E1B1>D55
.%-
(,,"% .,
&"% -"('
8 =97/ -+=/= 3> 3= +./;?+>/
>9=A3>-2 900 >2/ +::63+8-/ 09<
738?>/=
&)+-.+ "+, +-%1
+(& -! ,- /%.
0 >2/ >/7:/<+>?</ =>366 .300/<= ><C
+1+38 +0>/< +8 29?<
0 >2/ >/7:/<+>?</ 3= >99 !" ! A+3>
+0/A 29?<= +8. -2/-5 A2/>2/< >2/
>/7:/<+>?</ 2+= +::<9+-2/. >2/
=/> @+6?/
0 >2/ >/7:/<+>?</ 3= >99 %(0 -2/-5
>2/ >/7:/<+>?</ +1+38 >2/ 8/B> .+C
" !- (, '(- .'-"('
&2/ ,?6, 38 >2/ </0<31/<+>9<
-97:+<>7/8> 9< 0<//D/<
-97:+<>7/8> 3= ./0/->3@/
2+81/ >2/ ,?6, " 0
"?66 9?> >2/ 7+38= :6?1 9<
.3=-988/-> >2/ 0?=/
2+81/ >2/ ,?6,
</:6+-/7/8> ,?6, 7+B )
S
( +-
6+7:296./<
312> =A3>-2 3= =>3-5381
" 1 (+ 1
2/-5 A2/>2/< 3> -+8 ,/ 79@/.
",)%1 (' ," ", %"- +. %.&"'(,"-1
0 >2/ +::63+8-/ 3= 89> ?=/. 09<
+::<9B 29?<= >2/ .3=:6+C
98>2/ 0+=-3+ =A3>-2/= >9 /8/<1C
=+@381 79./
= =998 += >2/ +::63+8-/ 3= ?=/.
+1+38 /1 .99< 9:/8/. >2/ .3=:6+C
=A3>-2/= ,+-5 >9 89<7+6 6?7389=3>C
",)%1, ( '(- "%%.&"'-
"9A/< 0+36?</ >2/ 0?=/ 2+= ,//8
=A3>-2/. 900 >2/ 7+38= :6?1 2+=
89> ,//8 38=/<>/. :<9:/<6C
2/-5 A2/>2/< >2/ :9A/< 3= 98
>2/0?=/ 7?=> ,/ =A3>-2/. 98
29
3<
.%-
(,,"% .,
&"% -"('
! -&)+-.+ "' -!
+2+ (&)+-&'- ", -((
0+&
S <//D/< -97:+<>7/8> .99< 3=
9:/8
69=/ >2/ .99<
S &2/ @/8>36+>398 9:/8381= +</
,69-5/.
8=?</ >2+> >2/</ 3= +./;?+>/
@/8>36+>398
S &99 7?-2 099. A+= :6+-/. 38
>2/ 0<//D/< -97:+<>7/8> +>
98-/
9 89> /B-//. 7+B 0<//D381
-+:+-3>C
&2/ /@+:9<+>9< </0<31/<+>398
1/8/<+>9< 38 >2/ 9<9=>
=C=>/7 3= -9@/</. 38 >23-5 3-/
+8. -+8 89 6981/< ,/ ./0<9=>/.
0?66C +?>97+>3-+66C
&9 ./0<9=> >2/ /@+:9<+>9< </79@/
>2/ 0<9D/8 099. A3>2 >2/
-97:+<>7/8>= 38=?6+>/ A/66 +8.
=>9</ 38 + -996 69-+>398
+2+ (&)+-&'- ((+
0, ()' (+ %(' -"&
-&)+-.+ ", '( %(' +
+!
%A3>-2 900 >2/ +::63+8-/ +8. 79@/
3> +A+C 0<97 >2/ A+66 /+@/ >2/
+::63+8-/ .99< 9:/8
0>/< +::<9B 738 >2/ -98./8R
=+>398 ,/138= >9 <?8 38>9 >2/
/@+:9<+>398 :+8 " q +> >2/ </+<
90 >2/ +::63+8-/ &9 :</@/8> >2/
/@+:9<+>398 :+8 0<97 9@/<069A381 38
>23= -+=/ 79: ?: >2/ -98./8=+>398
A3>2 + =:981/
&2/ /@+:9<+>9< 3= ./0<9=>/. A2/8
>2/ A+>/< =>9:= <?88381 38>9 >2/
/@+:9<+>398 :+8 6/+8 >2/ 38>/<39<
%A3>-2 >2/ +::63+8-/ ,+-5 98 +1+38
CAB=;3@ A3@D713
/?EB <?31< 3ECD?=5B C5BF935 31> 25 6?E>4
9> D85 D5<5@8?>5 49B53D?BI ?B 9> D85
3ECD?=5B C5BF935 9>45H
'<51C5 @B?F945
3ECD?=5B C5BF935 G9D8 D85 1@@<91>35
@B?4E3D >E=25B %B
1>4 @B?4E3D9?>
>E=25B 30
+89C 9>6?B=1D9?> 31> 25 6?E>4 ?> D85
@B?4E3D <125<
75
w
+? @B5F5>D E>>535CC1BI 31<<f?EDC @<51C5
1CC9CD 3ECD?=5B C5BF935 2I AE?D9>7 D85
@B?4E3D 1>4 @B?4E3D9?> >E=25BC
+89CG9<< C1F5 I?E 1449D9?>1< 3?CDC
4@
=<A37:A >=C@ :/ ;7A3
/C @30CB
x #7A3 /C @30CB
23:3;0/::/53
#5=21<<175 @B?DY75 F?DB5 1@@1B59< 3?>DB5
<5C 4Z7VDC AE9< @?EBB19D CE29B 5> 3?EBC
45DB1>C@?BD
+?EC <5C =1DZB91EH AE9 <5
3?>CD9DE5>D C?>D 3?=@1D92<5C 1F53
<5>F9B?>>5=5>D 5D B53I3<12<5C
945Jf>?EC U B53I3<5B <5=21<<175 5>
B5C@53D1>D <5>F9B?>>5=5>D
'?EB C1F?9B 3?==5>D F?EC 4Z21BB1CC5B
45 <5=21<<175 F5E9<<5J 3?>CE<D5B F?DB5
B5F5>45EB ?E <5C C5BF935C 14=9>9CDB1D96C
45 F?DB5 =19B95
!
BB3<B7=<
F1>D 45 =5DDB5 1E B52ED <1@@1B59< AE9 >5
C5BD @<EC
Z2B1>385J <1 69385 =V<5 45 <1 @B9C5
453?EB1>D
*53D9?>>5J <5 3?B4?> 41<9=5>D1D9?>
@E9C 5><5F5Jf<5 1F53 <1 69385 =V<5
#5C 1@@1B59<C 6B97?B969AE5C 3?>D95>>5>D 45C
6<E945C 6B97?B97Y>5C 5D 45C 71J 9C?<1>DC AE9
>Z35CC9D5>D E>5 =9C5 1E B52ED 14ZAE1D5
-59<<5J U 35 AE5 <5C DEI1EH 4E 39B3E9D
6B97?B969AE5 45 F?DB5 1@@1B59< >5 C?95>D @1C
5>4?==17ZC :ECAEU C?> Z<9=9>1D9?>
41>C <5C BY7<5C 45 <1BD
!ECAEU
<5><YF5=5>D 45 <1@@1B59< F59<<5J 295> U
35 AE5 C?> 39B3E9D 6B97?B969AE5 >5 C?9D @1C
5>4?==17Z
x #7A3 /C @30CB 23 :/<173<
/>>/@37:
#5C 1@@1B59<C EC17ZC >5 C?>D @1C 45C
4Z385DC C1>C F1<5EB
#5EB Z<9=9>1D9?> 41>C <5 B5C@53D 45
<5>F9B?>>5=5>D @5B=5D 45> BZ3E@ZB5B
45 @BZ395EC5C =1D9YB5C @B5=9YB5C
5D 1@@1B59< 5CD =1BAEZ C5<?> <1
49B53D9F5 5EB?@Z5>>5 B5<1D9F5 1EH 1@@1B59<C Z<53DB9AE5C
5DZ<53DB?>9AE5C EC17ZC G1CD5
5<53DB931< 1>4 5<53DB?>93 5AE9@=5>D g
.
#1 49B53D9F5 4Z69>9D <5 314B5 @?EB E>5
B5@B9C5 5D E>5 BZ3E@ZB1D9?> 45C
1@@1B59<C EC17ZC 1@@<9312<5C 41>C
<5C @1IC 45 <1 31
4@
=<A75<3A 23 AS1C@7BS
3B /D3@B7AA3;3<BA
D/>/@37:
3< A3@D713
-5E9<<5J <9B5 1DD5>D9F5=5>D 5D 5>D9YB5=5>D
<5C 9>6?B=1D9?>C 697EB1>D 41>C <5C >?D935C
4ED9<9C1D9?> 5D 45 =?>D175
<<5 3?>D95>>5>D 45C B5=1BAE5C
9=@?BD1>D5C 3?>35B>1>D <9>CD1<<1D9?>
<ED9<9C1D9?> 5D <5>DB5D95> 45 <1@@1B59<
?>C5BF5J D?ED5 <1 4?3E=5>D1D9?> @?EB
@?EF?9B <1 3?>CE<D5B U >?EF51E
E<DZB95EB5=5>D ?E C9 <1@@1B59< 4?9D
381>75B E> :?EB 45 @B?@B9ZD19B5
)S1C@7BS B316<7?C3
S 5D 1@@1B59< 3?>D95>D E>5 @5D9D5 AE1>D9DZ
4E> 6<E945 BZ6B97ZB1>D Z3?<?79AE5 =19C
9>6<1==12<5 <5 ) 1
'5>41>D <5
DB1>C@?BD 5D <1 =9C5 5> @<135 45
<1@@1B59< F59<<5J U >5 @1C 5>4?==175B
<5C DEI1ED5B95C 4E 39B3E9D 6B97?B969AE5
*9<5 6<E945 BZ6B97ZB1>D :19<<9D 9< @5ED
@B?F?AE5B 45C <ZC9?>C ?3E<19B5C ?E
C5>6<1==5B
)7 :/>>/@37: 3AB 3<2=;;/5S
5 <1@@1B59< Z<?97>5J D?ED5 6<1==5
>E5 ?E C?EB35 49>6<1==1D9?>
ZB5J 295> <1 @9Y35 @5>41>D AE5<AE5C
=9>ED5C
QD597>5J <1@@1B59< 4Z2B1>385J C1
69385 =V<5 ?E B1=5>5J <5 49C:?>3D5EB
5> @?C9D9?> ZD59>D5
'BZF5>5J <5 C5BF935 1@BYCfF5>D5
'<EC <1@@1B59< 3?>D95>D 4E 6<E945
BZ6B97ZB1>D 5D @<EC 7B1>45 4?9D [DB5 <1
@9Y35 41>C <1AE5<<5 9< C5 DB?EF5
1>C <5C
@9Y35C DB?@ @5D9D5C E> =Z<1>75 71Jf19B
9>6<1==12<5 @5ED C5 6?B=5B 5> 31C 45
6E9D5
32
?=@D5J = 45 F?<E=5 =9>9=E= 45
<1 @9Y35 @?EB 7 45 6<E945 BZ6B97ZB1>D
#1AE1>D9DZ 45 6<E945 @BZC5>D5 41>C
<1@@1B59< 5CD 9>49AEZ5 CEB <1 @<1AE5
C97>1<ZD9AE5 C9DEZ5 U <9>DZB95EB 45 35
45B>95B
S #5 381>75=5>D 45 3?B4?> 41<9=5>D1f
D9?> 5D 41EDB5C BZ@1B1D9?>C C?>D
5H3<EC9F5=5>D BZC5BFZ5C 1E C5BF935
1@BYCfF5>D5
#5C 9>CD1<<1D9?>C 5D BZ@1f
B1D9?>C 9>5H@5BD5C @5EF5>D 5>75>4B5B
45C B9CAE5C 3?>C94ZB12<5C @?EB
<ED9<9C1D5EB
&3<2/DZB95EB 45 <1@@1B59< @1B5H
45C
1@@1B59<C 45 381E66175 C?B25D9YB5C
Z<53DB9AE5C 5D3
(7A?C3 23F>:=A7=< S %5 4Z79FB5J >9 >5 >5DD?I5J :1=19C
<1@@1B59< 1F53 E> >5DD?I5EB U F1@5EB
#1 F1@5EB B9CAE5 41DD59>4B5 45C @9Y35C
Z<53DB9AE5C 5D 45 @B?F?AE5B E> 3?EBDf
39B3E9D
(7A?C3A 2S:31B@=1CB7=< S '?EB 4ZD1385B <5 79FB5 ?E <5C 3?E385C
45 7<135 >ED9<9C5J :1=19C 4?2:5DC
@?9>DEC ?E @BZC5>D1>D 45C 1B[D5C F9F5C
-?EC B9CAE5B95J 45>4?==175B <5C
DEI1EH 45 6<E945 BZ6B97ZB1>D
#5 6<E945
BZ6B97ZB1>D 5> DB19> 45 :19<<9B B9CAE5 45
C5>6<1==5B ?E 45 @B?F?AE5B 45C
<ZC9?>C ?3E<19B5C
S %5 CD?3;5J 41>C <1@@1B59< >9 @B?4E9DC
3?>D5>1>D 45C 71J @B?@E<C5EBC 9>6<1=f
=12<5C @1B5H
2?=25C 1ZB?C?<C >9
@B?4E9DC 5H@<?C96C
(7A?C3 23F>:=A7=< S %5 F?EC C5BF5J @1C 45C C?3<5C
3<1I5DD5C 5D @?BD5C 3?==5 =1B385f
@954C ?E@?EB F?EC 1@@EI5B
4@
S '?EB 4Z79FB5B 5D >5DD?I5B ZD597>5J
<1@@1B59< 4Z2B1>385J <1 69385 =V<5
45<1 @B9C5 45 3?EB1>D ?E B1=5>5J <5
6EC92<549C:?>3D5EB 5> @?C9D9?> ZD59>D5
'?EB 4Z2B1>385B C19C9CC5J <1 69385
=V<5 >5 D9B5J :1=19C <5 3?B4?>
41<9=5>D1D9?> U F?EC
"3A 3<4/<BA 3B :/>>/@37:
S *D?3;5J <5C 2?9CC?>C 6?BD5=5>D
1<3??<9CZ5C 5> @?C9D9?> F5BD931<5 41>C
45C BZ39@95>DC 295> 65B=ZC
S #1@@1B59< >5CD @1C E> :?E5D Z<?97>5J
<5C 5>61>DC
S #8E9<5 5D <1 7B19CC5 >5 4?9F5>D @1C
5>DB5B 5> 3?>D13D 1F53 <5C @1BD95C 5>
=1D9YB5C @<1CD9AE5C 5D <5 :?9>D 45 @?BD5
35C 45B>95BC @?EBB195>D C9>?> 45F5>9B
@?B5EH
S %5 B53?EFB5J 5D >?2CDBE5J :1=19C <5C
?B96935C 45 F5>D9<1D9?> 45 <1@@1B59<
S #ED9<9C1D9?> 45 35D 1@@1B59< @1B 45C
@5BC?>>5C @BZC5>D1>D 45C 31@139DZC
@8IC9AE5C C5>C?B95<<5C ?E @CI389AE5C
B5CDB59>D5C ?E >5 4ZD5>1>D @1C <5C
3?>>19CC1>35C F?E<E5C 45FB1 C5
4ZB?E<5B C?EC CEBF59<<1>35 ?E 1@BYC <5EB
1F?9B 6?EB>9 45C 9>CDBE3D9?>C 4ZD19<<Z5C
S %5 @5B=5DD5J :1=19C 1EH 5>61>DC 45
:?E5B 1F53 <5=21<<175 5D C5C @9Y35C
3?>CD9DED9F5C
<C B9CAE5>D 45 CZD?E665B
1F53 <5C 31BD?>C @<91>DC 5D <5C 65E9<<5C
45@<1CD9AE5 S *9 <1@@1B59< 5CD ZAE9@Z 4E>5 C5BBEB5
B1>75J <1 3<Z 8?BC 45 @?BDZ5 45C
5>61>DC
7A>=A7B7=<A 5S<S@/:3A
#1@@1B59< 3?>F95>D @?EB BZ6B97ZB5B
5D3?>75<5B 45C @B?4E9DC 1<9=5>D19B5C
5D@?EB @BZ@1B5B 45C 7<1X?>C
5D1@@1B59< 5CD 45CD9>Z U E> EC175
4?=5CD9AE5
#1@@1B59< 1 ZDZ 1>D9@1B1C9DZ 3?>6?B=Zf
=5>D U <1 49B53D9F5 , #5 39B3E9D 6B97?B969AE5 1 CE29 E> 3?>DBa<5
4ZD1>38Z9DZ
5 @B?4E9D 5CD 3?>6?B=5 1EH 49C@?C9D9?>C
45 CZ3EB9DZ 1@@<9312<5C 1EH 1@@1B59<C
Z<53DB9AE5C %
33
4@
&@SA3<B/B7=<
23:/>>/@37:
"3 AGABR;3 $= @=AB @=AB@33
3<B7R@3;3T163
:357D@3 23 A34=@;3@ O :7<BS@73C@ 23
:/>>/@37:
:<3AB >:CA <S13AA/7@3 23
:32S57D@3@
&@7<17>3 23 4=<1B7=<<3;37Z<1D9?> 45C 1<9=5>DC 1 <95E 1E
3?>D13D 4E> 6<EH 419B 6B?94
#ZF1@?B1D5EB
ZAE9@1>D <5 CICDY=5 %? B?CD B56B?949D <19B
@BZC5>D 41>C <1@@1B59<
,> F5>D9<1D5EB
9>DZ7BZ 41>C <1@@1B59< BZ@1BD9D <19B 6B?94
#8E=949DZ 41>C <19B C5 3?>45>C5 1E
3?>D13D 45 <ZF1@?B1D5EB
5 45B>95B
4Z79FB5 45 61X?> 5>D9YB5=5>D 1ED?f
=1D9AE5 CE9F1>D 25C?9>
#51E 45 4Z79FB175 5CD 5>F?IZ5 U <E>9DZ
6B97?B9AE5 5D CI ZF1@?B5
#5 3?=@1BD9f
=5>D 3?>7Z<1D5EB 5D <5C @B?4E9DC 3?>75<ZC
AE9< 3?>D95>D >5 C5 3?EFB5>D @1C 45 7<135
-5E9<<5J 4Z@<95B <1 45B>9YB5 @175 9<<ECDBZ5
45 <1 >?D935
#1 @BZC5>D5 >?D935
4ED9<9C1D9?> F1ED @?EB @<EC95EBC =?4Y<5C
*5<?> <5 =?4Y<5 <1@@1B59< @5ED 4966ZB5B
4E3?>D5>E 45C 9<<ECDB1D9?>C
34
75
1
C5<?> <5 =?4Y<5
/<23/C 23 1=;;/<23
*=C163 #/@163 @@TB
<B3@@C>B3C@ 2S1:/7@/53 2C
1=;>/@B7;3/@B7;3723
7AB@70CB3C@ 23 5:/Q=<A
"3 0/1 O 5:/13 >=C@ :3A 5:/Q=<A
<B3@@C>B3C@ 2S1:/7@/53 2C
1=;>/@B7;3/@B7;3/@B7;3/@B7;3>=@B >=C@ >@=2C7BA 1=<53:SA
/A73@ O 03C@@3 3B O 4@=;/53
/:1=<<3B O =3C4A
)C>>=@B >=C@ BC03A 3B >3B7B3A
0=UB3A 23 1=<A3@D3
:/G3BB3 O 5@/<23A 0=CB37::3A
7:B@3A O 16/@0=< /1B74
=;>/@B7;3/@B7;3 C5BF935 45 <1@@1B59<
/<23/C
231=;;/<23
S -?EC F5>5J 45 B1>75B 45 7B1>45C
AE1>D9DZC 45 @B?4E9DC 1<9=5>D19B5C
6B19C
75
2
*=C163 23 @S5:/53 2C
1=;>/@B7;3D 3?>f
7Z<1D5EB 5CD B5CDZ5 DB?@ <?>7D5=@C
?EF5BD5
#1 D5=@ZB1DEB5 4E 3?=@1BD9=5>D
BZ6B97ZB1D5EB C5 <19CC5 BZ7<5B 5>DB5 M
5D M
@@EI5J CEB <1 D?E385 :ECAEU 35 AE5
<5 F?I1>D 3?BB5C@?>41>D U <1 D5=@Zf
B1DEB5 4ZC9BZ5 C1<<E=5
*=C163 23 @S5:/53 2C
1=;>/@B7;3D 3?>f
7Z<1D5EB C5 <19CC5 BZ7<5B 5>DB5 M 5D
M
S F1>D 45 B1>75B 45 7B1>45C
AE1>D9DZC 41<9=5>DC
S '?EB B56B?949B B1@945=5>D 45C
2?9CC?>C
"/ B=C163 :/@;3
5DD5 D?E385 C5BD U 3?E@5B <1<1B=5
C?>?B5 16653DZ5 U <1 D5=@ZB1DEB5
5DU<1 @?BD5
#1<1B=5 C?>?B5 45 D5=@ZB1DEB5
B5D5>D9D <?BCAE5 35DD5 45B>9YB5 =?>D5
DB?@ 41>C <5 3?=@1BD9=5>D 3?>7Zf
<1D5EB
*9 5> @<EC <1 D?E385 41<1B=5 3<97>?D5
3539 C97>9695 AE5 <5C @B?4E9DC 3?>75<ZC
B9CAE5>D 45 C12^=5B
#1 =9C5 5> C5BF935 5CD C97>1<Z5 @1B
<9<<E=9>1D9?> 45 <1 D?E385
'5>41>D
<1CE@5BfBZ6B97ZB1D9?> <1 D5=@ZB1DEB5
41>C <5 3?=@1BD9=5>D BZ6B97ZB1D5EB
45C35>4 <5 @<EC 21C @?CC92<5 @5>41>D
5>F
85EB5C
>CE9D5 <1@@1B59<
3?==ED5 CEB <1 D5=@ZB1DEB5 BZ7<Z5
1F1>D AE5 F?EC >13D9F95J <1
CE@5BfBZ6B97ZB1D9?>
>3<5>385J <1 CE@5BfBZ6B97ZB1D9?>
@1B5H
41>C <5C 31C CE9F1>DC
@@EI5J CEB <1 D?E385 :ECAEU 35 AE5
<5 F?I1>D 3?BB5C@?>41>D U <1 D5=@Zf
B1DEB5 4ZC9BZ5 C1<<E=5
*=C163 )C>3@[@S4@75S@/B7=<
44716/53 23 :/ B3;>S@/BC@3
@S5<//@B7;3DC 1EH F?I1>DC
45D5=@ZB1DEB5 B5@BZC5>D5>D <5C
D5=@ZB1DEB5C @?CC92<5C 5> M 41>C
<53?=@1BD9=5>D BZ6B97ZB1D5EB
#5 F?I1>D 1<<E=Z 9>49AE5 <1 D5=@Zf
B1DEB5 1:ECDZ5
#5 C97>1< C?>?B5 41F5BD9CC5=5>D
C13D9F5 C9 <1 @?BD5 45 <1@@1B59< 5CD
B5CDZ5 ?EF5BD5 DB?@ <?>7D5=@C
#1<1B=5 C?>?B5 @5ED C1>C AE5 35<1
C97>9695 AE9D9B 41>C <5C 31C
CE9F1>DC
35
4@
*=C163 )C>3@1=<5S:/B7=<
5DD5 D?E385 C5BD U 1<<E=5B 5D ZD59>4B5
<1 CE@5B3?>7Z<1D9?>
>3<5>385J <1 CE@5B3?>7Z<1D9?> 1F1>D
45 B1>75B 45 7B1>45C AE1>D9DZC 45
@B?4E9DC 1<9=5>D19B5C 6B19C @<EC 45
;7
U 85EB5C CE669C5>D 7Z>ZB1<5=5>D
'?EB @B?69D5B 45 <1 31@139DZ 45
3?>7Z<1D9?> =1H9=1<5 5>3<5>385J
<1CE@5B3?>7Z<1D9?> 85EB5C
1E@1B1F1>D
E 2?ED 45 :?EBC 5D 45=9 5>F9B?>
<1@@1B59< 3?==ED5 1ED?=1D9AE5=5>D
45 <1 CE@5B3?>7Z<1D9?> CEB <1 D5=@Zf
B1DEB5 AE5 F?EC 1F95J BZ7<Z5
44716/53 23 :/ B3;>S@/BC@3
@S5<//@B7;3DC 1EH F?I1>DC
45D5=@ZB1DEB5 B5@BZC5>D5>D <5C
D5=@ZB1DEB5C @?CC92<5C 5>M 41>C
<53?=@1BD9=5>D 3?>7Z<1D5EB
#5 F?I1>D 1<<E=Z 9>49AE5 <1 D5=@Zf
B1DEB5 1:ECDZ5
36
<AB/::/B7=<
23:/>>/@37:
,> <?31< C53 5D 1ZB12<5 3?>F95>D @?EB
9>CD1<<5B <1@@1B59<
F9D5J 45 @<135B
<1@@1B59 5>4B?9D 49B53D5=5>D 5H@?CZ
1EH B1I?>C C?<19B5C ?E U @B?H9=9DZ 4E>5
C?EB35 45 381<5EB D5<<5 E>5 3E9C9>9YB5 E>
B1491D5EB 5D3
*9 <9>CD1<<1D9?> @BYC 4E>5
C?EB35 45 381<5EB 5CD 9>ZF9D12<5 ED9<9C5J
E>5 @<1AE5 9C?<1>D5 1@@B?@B9Z5 ?E
B5C@53D5J <5C 49CD1>35C =9>9=1<5C
CE9F1>D5C
3= @1B B1@@?BD U E>5 3E9C9>9YB5
Z<53DB9AE5
3= @1B B1@@?BD U E> 1@@1B59< 45
381E66175 1E 6E5< ?E 1E 381B2?>
#5C 1@@1B59<C U @?97>Z5 C19<<1>D5 ?>D
25C?9> 4E 3aDZ 45C 381B>9YB5C 4E>
5C@135 45 == =9>9=E= @1B B1@@?BD
1E =EB 3539 169> AE5 <1 @?BD5 @E9CC5
C?EFB9B U M
*3;>S@/BC@3 /;07/<B3
#1 31DZ7?B95 3<9=1D9AE5 45 <1@@1B59< 697EB5
CEB C1 @<1AE5 C97>1<ZD9AE5
<<5 9>49AE5 <5C
D5=@ZB1DEB5C 1=291>D5C 41>C <5CAE5<<5C
<1@@1B59< @5ED 6?>3D9?>>5B
-6 (+" %"&-"*.
&)6+-.+
&"'- &",,"%
M H M
M H M
M H M
M H M
4@
S@/B7=<
75
3
#19B 5>DB1>D 5> 3?>D13D 1F53 <1 @1B?9
1BB9YB5 45 <1@@1B59< C5 BZ381E665
5D
19B381E4 4?9D @?EF?9B CZ381@@5B C1>C
?2CD13<5
*9< >5 <5 @5ED @1C <5 7B?E@5
6B97?B969AE5 4?9D 6?>3D9?>>5B @<EC
<?>7D5=@C 35 AE9 1E7=5>D5 <1
3?>C?==1D9?> 45 3?EB1>D
'?EB 35DD5 B19C?> >5 B53?EFB5J >9
>?2CDBE5J :1=19C <5C ?B96935C 41ZB1D9?>
45 <1@@1B59<
@/<163;3>/@37:
@BYC <9>CD1<<1D9?> 45 <1@@1B59< 5>
@?C9D9?> F5BD931<5 1DD5>45J 1E =?9>C E>5
45=9f85EB5 1F1>D 45 <5 =5DDB5 5> C5BF935
< @5ED 5> 5665D 1BB9F5B @5>41>D <5
DB1>C@?BD AE5 <8E9<5 @BZC5>D5 41>C <5
3?=@B5CC5EB C5 4Z@<135 F5BC <5 39B3E9D
6B97?B969AE5
F1>D <1 @B5=9YB5 =9C5 5> C5BF935
>5DD?I5J <5 3?=@1BD9=5>D 9>DZB95EB 45
<1@@1B59< F?9B %5DD?I175
#1 @B9C5 45 3?EB1>D 4?9D B5CD5B 6139<5=5>D
1335CC92<5
B1>385J <1 69385 =V<5 45 <1@@1B59< 41>C
E>5 @B9C5 C53D5EB 5> - J
BZ7<5=5>D19B5=5>D B5<9Z5 U <1 D5BB5
5DD5
@B9C5 4?9D [DB5 @B?DZ7Z5 @1B E> 6EC92<5
49C:?>3D5EB CE@@?BD1>D E> 1=@ZB175
45 ?E @<EC
)C@ :3A />>/@37:A 23AB7<SA /CF >/GA
<=< 3C@=>S3<A DS@7473H A7 :/ B3<A7=<
230@/<163;33 23 1=C@/S1747SA AC@ :/ >:/?C3 A75</:SB7?C3
1=<1=@23/@
:3 A31B3C@ 2C >/GA 1=<13@<S
"/>:/?C3 A75</:SB7?C3 A3 B@=CD3 3<
0/A O 5/C163 2/<A :/>>/@37:
)7: 4/CB
16/<53@ :3 1=@2=< 2/:7;3<B/B7=<
A31B3C@ <3 1=<473H 13BB3 =>S@/B7=<
?CO C< A>S17/:7AB3
<1:3<163;3>/@37:
@@EI5J CEB <1 D?E385 $1B385 BB[D
75
1
#1<1B=5 C?>?B5 B5D5>D9D
#1<1B=5 C?>?B5
35CC5 45 B5D5>D9D 1@BYC 1F?9B 1@@EIZ CEB
<1D?E385 41<1B=5
#1 D?E385 <1B=5 C1<<E=5 :ECAEU 35 AE5
<1 D5=@ZB1DEB5 BZ7<Z5 C?9D 1DD59>D5
(S5:/53 23 :/ B3;>S@/BC@3
@@EI5J @<EC95EBC 6?9C CEB <1 D?E385 45
BZ7<175 45 <1 D5=@ZB1DEB5 4E 3?=@1BD9f
=5>D BZ6B97ZB1D5EB ?E 3?>7Z<1D5EB :ECAEU
35 AE5 <5 F?I1>D 3?BB5C@?>41>D U <1
D5=@ZB1DEB5 C?E819DZ5 C1<<E=5
%?EC B53?==1>4?>C <5C D5=@ZB1DEB5C
CE9F1>D5C BZ7<Z5C @1B 19<<5EBC U <1
612B931D9?>
?=@1BD9=5>D BZ6B97ZB1D5EB
M
?=@1BD9=5>D 3?>7Z<1D5EB
M
F9D5J 45 CD?3;5B <5C @B?4E9DC 1<9=5>D19B5C
4Z<931DC U E>5 D5=@ZB1DEB5 CE@ZB95EB5
UM
37
4@
#=23 M1=<=;73 2S<3@573
*9 <1@@1B59< 5CD B5CDZ 5>F9B?> 85EB5C
C1>C C5BF9B <166938175 CEB <5 21>451E 45
3?==1>45 @1CC5 5> =?45 Q3?>?=95
4Z>5B795
*5E<C B5CD5>D 1<<E=ZC <5C @5D9DC F?I1>DC
>Z35CC19B5C =19C 1F53 E>5 <E=9>?C9DZ
BZ4E9D5
YC AE5 F?EC BZED9<9C5J <1@@1B59< @1B
5H5=@<5 4YC AE5 F?EC ?EFB5J E>5 @?BD5
<166938175 B5F95>D CEB C1 <E=9>?C9DZ
>?B=1<5
(3;/@?C3A 1=<13@</>/@37:
?C7>3;335=5>D 45C
3<1I5DD5C 41>C <5 3?=@1BD9=5>D 9>DZB95EB
5D <175>35=5>D 45C BZ39@95>DC 5>
3?>DB5f@?BD5 D9B5J <1 3<1I5DD5 5> 1F1>D
1219CC5Jf<1 5D 619D5C <1 21C3E<5B
<1DZB1<5=5>D @?EB <5HDB19B5
*?E<5F5J <5 213 @E9C C?BD5Jf<5
=;>/@B7;34 4E 31C95B 5> 1F1>D
#1 DB1@@5
C?EFB5
S #5 CICDY=5 %?6B?CD 5>D9YB5=5>D
1ED?=1D9AE5 619D AE5 <5 3?=@1BD9=5>D
3?>7Z<1D5EB 5D <5 3?=@1BD9=5>D
BZ6B97ZB1D5EB >5 C5 79FB5>D @1C
#1>Z35CC9DZ 45 4Z79FB5B 49C@1B1^D
1>C <5 3?=@1BD9=5>D 6B1^385EB 9< BY7>5
45C D5=@ZB1DEB5C @<EC 21CC5C AE5 41>C
<5 3?=@1BD9=5>D BZ6B97ZB1D5EB
#5C
D5=@ZB1DEB5C @BZC5>D5C @5EF5>D [DB5
9>6ZB95EB5C U M
S #1@@1B59< 381E665 <Z7YB5=5>D E>5
@1BD95 45 C5C CEB6135C 6B?>D1<5C @?EB
5=@[385B E>5 3?>45>C1D9?> 451E
41>C <1 J?>5 4E :?9>D 45 @?BD5
4Z1< @?EB B1>75B <5 @?9CC?> <1 F91>45
5D<1 381B3ED5B95
%5 3?>F95>D @1C @?EB
<5CC1<145C <5C <Z7E=5C 5D <5C @B?4E9DC
1<9=5>D19B5C AE9 3B197>5>D <5 6B?94
S *9 1@BYC 1F?9B B565B=Z <5 3?=@1BD9=5>D
3?>7Z<1D5EB <1 @?BD5 B56EC5 45 C?EFB9B
U>?EF51E 1DD5>45J C
F
@ U =9>ED5C
D5=@C >Z35CC19B5 U <1 4Z@B5CC9?> 41>C
<5 3?=@1BD9=5>D @?EB C5 BZC?B25B
7AB@70CB3C@ 23 5:/Q=<A
75
5
HDB1I5J <5 213 U 7<1X?>C B5=@<9CC5Jf
<5 451E 1EH P @E9C B5=5DD5Jf<5 5>
@<135
,>5 6?9C AE5 <5C 7<1X?>C C5 C?>D
6?B=ZC D?EB>5J <5C @?97>ZC 45C 213C
U7<1X?>C @<EC95EBC 6?9C F5BC <1 4B?9D5
@E9C B5<V385Jf<5C
#5C 7<1X?>C C5 4ZD1385>D 5D D?=25>D
41>C <5 213 U 7<135
*?BD5J <5C 7<1X?>C 4E 213 U 7<135
38
4@
*7@=7@ O 5:7AA7R@3A
75
6
-?EC @?EF5J B5D9B5B <5 D9B?9B @?EB <5 B5=@<9B
5D <5 F945B
'?EB 35 619B5 C?E<5F5J <5 D9B?9B
#1 69H1D9?> 4E D9B?9B 5CD F1B912<5
:/G3BB3 O 0=CB37::3A
75
7
5DD5 3<1I5DD5 @5B=5D 45 B1>75B 45C
2?ED59<<5C 45 =1>9YB5 CdB5
(S5C:/B3C@ 23 B3;>S@/BC@3
3B 26C;727BS >=C@ :3 0/1
O:S5C;3A
75
8
> 31C 45 AB=19/53 :=<5C3 2C@S3 45
6BE9DC <Z7E=5C 5D C1<145C @?ECC5J <5
BZ7E<1D5EB 48E=949DZ 3?=@<YD5=5>D U
4B?9D5
#?B96935 45 F5>D9<1D9?> 5CD ?EF5BD g
#19B 5CD =?9>C 8E=945 g #1 D5=@ZB1DEB5
49=9>E5
> 31C 45 AB=19/53 23 1=C@B3 2C@S3
@?ECC5J <5 BZ7E<1D5EB 48E=949DZ U
71E385
5 75CD5 B565B=5 <5C ?B96935C
41ZB1D9?>
#1 D5=@ZB1DEB5 1E7=5>D5
41>C <5 213
(/<53;3@=2C7BA /:7;3<B/7@3A
"=@A 2C @/<53;375J <5C 1<9=5>DC C9 @?CC92<5 295>
5=21<<ZC ?E 295> 3?EF5BDC
<C 71B45B?>D
19>C9 1Ba=5 3?E<5EB 5D 6B1^385EB
539 5=@[385 5> ?EDB5 AE5 35BD19>C
1<9=5>DC >5 3?==E>9AE5>D <5EB 7?dD U
41EDB5C 5D AE5 <5C @9Y35C 5> @<1CD9AE5
381>75>D 1>?B=1<5=5>D 45 3?E<5EB
S DD5>45J AE5 <5C 2?9CC?>C 5D 1<9=5>DC
381E4C 195>D B56B?949 U <1 D5=@ZB1DEB5
45 <1 @9Y35 1F1>D 45 <5C B1>75B 41>C
<53?=@1BD9=5>D 3?>7Z<1D5EB
S 1>C <5 3?=@1BD9=5>D BZ6B97ZB1D5EB
F59<<5J U 35 AE5 <5C @B?4E9DC 1<9=5>D19B5C
>?2CDBE5>D @1C <5C ?B96935C 45 C?BD95
419B 31B 35<1 7[>5B19D C1 39B3E<1D9?>
#5C @B?4E9DC 1<9=5>D19B5C B1>7Z5C
49B53D5=5>D 45F1>D <5C ?B96935C 45 C?BD95
419B @5EF5>D 75<5B 1E 3?>D13D 45 <19B
6B?94 166<E1>D
7:B@3A O 16/@0=< /1B74
75
1
5 69<DB5 C5BD U BZ4E9B5 <5C ?45EBC
4ZC17BZ12<5C 41>C <5 3?=@1BD9=5>D
BZ6B97ZB1D5EB
39
4@
$=CA @31=;;/<2=<A 23 @/<53@ :3A
>@=2C7BA /:7;3<B/7@3A 1=;;3 AC7B
S 1>C <5 3?=@1BD9=5>D 3?>7Z<1D5EB
@B?4E9DC CEB75<ZC 7<1X?>C 7<135C
1<9=5>D19B5C
&@3A1@7>B7=<A D7A/C <5 3?=@1BD9=5>D 6B1^385EB
@?9CC?> F91>45 5D 381B3ED5B95
'B5C3B9@D9?>C 48I79Y>5 1<9=5>D19B5 g
B1>35 E>9AE5=5>D
S *EB <5C 3<1I5DD5C 4E 3?=@1BD9=5>D
BZ6B97ZB1D5EB 45 81ED 5> 21C
@VD9CC5B95C @<1DC @BZ3E9C9>ZC @B?4E9DC
<19D95BC F91>45 5D 381B3ED5B95
8YB5 3<95>D5 385B 3<95>D
S 1>C <5 213 U <Z7E=5C
BE9DC 5D <Z7E=5C I 3?=@B9C <5C
C1<145C
S > 3?>DB5f@?BD5 45 81ED 5> 21C
25EBB5 6B?=175 iE6C DE25C @5D9D5C
2?ED59<<5C 7B1>45C 2?ED59<<5C <19D :EC
5>C1385DC
=<B3</<13 CB7:3
-?EC DB?EF5B5J <5C 9>4931D9?>C B5<1D9F5C U
<1 3?>D5>1>35 ED9<5 CEB <1 @<1AE5
C97>1<ZD9AE5 45 F?DB5 1@@1B59<
?>6?B=Z=5>D U <1 BZ7<5=5>D1D9?>
6B1>X19C5 F9C1>D U 5=@[385B <1 @BZC5>35
45 <9CDZB95C 41>C <5 3?=@1BD9=5>D
BZ6B97ZB1D5EB >?EC F?EC B5=5B39?>C 45
B5C@53D5B <5C 3?>C97>5C CE9F1>D5C S %5DD?I5J 6BZAE5==5>D <9>DZB95EB 4E
BZ6B97ZB1D5EB U <1945 4E> 4ZD5B75>D
4?EH >5 B9CAE1>D @1C 45 @B?F?AE5B
<?HI41D9?> 45C @9Y35C =ZD1<<9AE5C
ED9<9C5J @1B 5H5=@<5 45<51E D9Y45 5D E>
@5E 45 @B?4E9D U F19CC5<<5
>CE9D5 4ZC9>653D5J 1F53 45 <51E
1449D9?>>Z5 45 F9>197B5 ?E 45 :EC 45
39DB?> <5C CEB6135C AE5 F?EC 1F5J
@BZ1<12<5=5>D >5DD?IZ5C ?E ED9<9C5J E>
@B?4E9D 75B=93945 5>F5>D5 8129DE5<<5
41>C <5 3?==5B35 5D 141@DZ 1EH
BZ6B97ZB1D5EBC 1F1>D 4ED9<9C5B 35@B?4E9D
CEB <5C @9Y35C =ZD1<<9AE5C 619D5C E> D5CD
45 3?=@1D929<9DZ U E> 5>4B?9D @5E
F9C92<5
S ><5F5J <5C 5=21<<175C 3?==5B391EH
1F1>D 45 =5DDB5 <5C @B?4E9DC
1<9=5>D19B5C 41>C <5 3?=@1BD9=5>D
BZ6B97ZB1D5EB @1B 5H
<5 31BD?> AE9 BZE>9D
<5C @?DC 45 I1?EBD
40
4@
S '?EB AE5 <1 D5=@ZB1DEB5 >5 =?>D5 @1C
DB?@ 41>C <5 3?=@1BD9=5>D BZ6B97ZB1D5EB
<19CC5J <5C @<1DC AE5 F?EC F5>5J 45 619B5
3E9B5 B5F5>9B U <1 D5=@ZB1DEB5 1=291>D5
1F1>D 45 <5C B1>75B
%?EFB5J @1C <1 @?BD5 9>ED9<5=5>D 5D >5
<1 <19CC5J @1C DB?@ <?>7D5=@C ?EF5BD5
)1>75J <5C @B?4E9DC 1<9=5>D19B5C 45
C?BD5 AE5 <19B @E9CC5 39B3E<5B <92B5=5>D
U<9>DZB95EB 45 <1@@1B59<
S '?EB ZF9D5B D?ED5 3?>D1=9>1D9?> 5>DB5
45C @B?4E9DC 1<9=5>D19B5C 45 >1DEB5
4966ZB5>D5 B1>75Jf<5C 295> CZ@1BZC <5C
E>C 45C 1EDB5C 295> 5=21<<ZC ?E
B1>7ZC 41>C 45C BZ39@95>DC U 3?EF5B3<5
S F1>D 45 @BZ@1B5B 45C @<1DC 5D 45 C19C9B
45C @B?4E9DC 1<9=5>D19B5C <1F5JfF?EC
<5C =19>C
F1>D 45 @BZ@1B5B 41EDB5C
@<1DC <1F5JfF?EC U >?EF51E <5C =19>C
#1F5Jf<5C 5>3?B5 E>5 6?9C 1F1>D 45
@B5>4B5 E> B5@1C
S #1F5J <5C ECD5>C9<5C 45 3E9C9>5 4?>D
F?EC F5>5J 45 F?EC C5BF9B 1F1>D 45 <5C
BZED9<9C5B 3E9<<YB5 5> 2?9C @<1>385 45
4Z3?E@5 3?ED51E 45 3E9C9>5 5D3
<271/B3C@
23B3;>S@/BC@3
*5<?> <5 =?4Y<5
"7<271/B3C@ 23 B3;>S@/BC@3 /447163
:3AB3;>S@/BC@3A 7<4S@73C@3A O M
<C5BDU4ZD5B=9>5B <5 BZ7<175 >Z35CC19B5
4E D85B=?CD1D
*E9F1>D <1 D5=@ZB1DEB5
1=291>D5 BZ7<5J <5 D85B=?CD1D 5>DB5 <5C
38966B5C 5D *9 <5 D85B=?CD1D @5B=5D
45BZ7<5B 1E 457BZ @BYC BZ7<5J<5 CEB
M ?E E>5 D5=@ZB1DEB5 9>6ZB95EB5
>F9B?> 85EB5C @<EC D1B4 1@BYC AE5 <1
D5=@ZB1DEB5 5CD 45C35>4E5 5> 45CC?EC
45 M <1 =5>D9?> J%!L C1669385 C935
>5CD @1C <5 31C BZ7<5J <1 D5=@ZB1DEB5
@B?7B5CC9F5=5>D CEB E>5F1<5EB @<EC
21CC5
(S5:/53 1=@@31B
*3;>S@/BC@3 B@=>
S:3DS3
(S5:3H :/ B3;>S[
@/BC@3 AC@ C<3
D/:3C@ >:CA 0/AA3
41
4@
=<5S:/B7=<
23>@=2C7BA 4@/7A
=<53:3@ A=7[;T;3 :3A
/:7;3<BA
'?EB 3?>75<5B <5C 1<9=5>DC >ED9<9C5J
AE545C 1<9=5>DC 6B19C 5D 4E> 1C@53D
9=@53312<5
&@=2C7BA 1=<53:/0:3A
#1 F91>45 5D <1 381B3ED5B95 <5C F?<19<<5C
5D<5 79295B <5 @?9CC?> <5C <Z7E=5C <5C
85B25C 1B?=1D9AE5C <5C 6BE9DC <5C
@VD9CC5B95C <5C @9JJ1C <5C @<1D 3E9C9>ZC
<5C B5CD5C 45 @<1D <5 :1E>5 4?5E6 <5 2<1>3
4?5E6
&@=2C7BA <=< 1=<53:/0:3A
#5C ?5E6C 5>D95BC 41>C <5EB 3?AE9<<5 <1
3BY=5 6B1^385 5D <1 =1I?>>19C5 <1 C1<145
F5BD5 <5C B149C 5D <5C ?97>?>C
:/<167;3389CC5J <5C 6BE9DC 5D <Z7E=5C 1F1>D <1
3?>7Z<1D9?> 169> AE9<C 3?>C5BF5>D 3?E<5EB
1Ba=5 7?dD 5D F9D1=9>5 '?EB 35 619B5 @<?>75J <5C 6BE9DC 5D <Z7E=5C
AE5<AE5C 9>CD1>DC 41>C 45 <51E
2?E9<<1>D5
-?EC DB?EF5B5J 45C <9FB5C CEB <1 3?>7Zf
<1D9?> 5D <5 2<1>389=5>D 385J F?DB5 <92B19B5
42
;0/::/53 23A /:7;3<BA
'<135J <5C 1<9=5>DC 41>C <5=21<<175
81CC5J 3?=@<YD5=5>D <19B 45
<5=21<<175
&2DEB5J <5=21<<175 85B=ZD9AE5=5>D
>C3B9F5J CEB <5=21<<175 <5 >?= 4E
3?>D5>E 5D <1 41D5 45 3?>7Z<1D9?>
;0/::/53 /2/>BS
5E9<<5C 5> @<1CD9AE5 65E9<<5Cf2?I1EH 5>
@?<IZD8I<Y>5 65E9<<5C 41<E=9>9E= 2?^D5C
45 3?>7Z<1D9?>
5C @B?4E9DC C?>D 5> F5>D5 41>C <5
3?==5B35 C@Z391<9CZ
;0/::/53 <=< /2/>BS
'1@95B 45=21<<175 @1@95B CE<6EB9CZ
35<<?@81>5 C13Cf@?E25<<5C C13C 41381D
4Z:U ED9<9CZC
&=C@ =0BC@3@ :3A 3;0/::/53A CB7:7A3H
23A
1?ED38?E3C 3<9@C 5> @<1CD9AE5 6935<<5C
BE21>C 148ZC96C BZC9CD1>DC 1E 6B?94 ?E
1CC9=9<ZC
-?EC @?EF5J 65B=5B <5C C1385DC 5D
65E9<<5Cf2?I1EH 5> @?<IZD8I<Y>5 1E =?I5>
4E> 1@@1B59@=2C7BA AC@53:SA
S -ZB9695J C9 <5=21<<175 5CD 5>4?==17Z
S -ZB9695J <1 41D5 <9=9D5 45 3?>C?==1D9?>
B53?==1>4Z5
S #1 D5=@ZB1DEB5 9>49AEZ5 @1B <5 D85B=?f
=YDB5 4E 3?>7Z<1D5EB 3?==5B391< 4?9D
[DB5 45 M =9>9=E=
*9 35 >5CD @1C
<5 31C <1 4EBZ5 45 3?>C5BF1D9?>
45C@B?4E9DC CEB75<ZC 49=9>E5 5> 3?>f
CZAE5>35
S ,D9<9C5J 45 @BZ6ZB5>35 E> C13 9C?D85B=5
@?EB <5 DB1>C@?BD @E9C B1>75J <5C
@B?4E9DC <5 @<EC B1@945=5>D @?CC92<5
41>C <5 3?=@1BD9=5>D 3?>7Z<1D5EB
(/<53;3@=2C7BA
/:7;3<B/7@3A
*9< 61ED 3?>75<5B 45 7B1>45C AE1>D9DZC
45@B?4E9DC 1<9=5>D19B5C ED9<9C5J 45 @BZf
6ZB5>35 <5 3?=@1BD9=5>D 45 3?>7Z<1D9?>
B1@945 9<C I C5B?>D 3?>75<ZC U <1 6?9C DBYC
F9D5 5D 5> 4?E35EB
*9 F?EC 45F5J B1>75B
E>5 DBYC 7B1>45 AE1>D9DZ 45 @B?4E9DC
1<9=5>D19B5C F?EC @?EF5J B5D9B5B <5
49CDB92ED5EB 45 7<1X?>C
75
9
-59<<5J U 35 AE5 <5C @B?4E9DC 3?>75<ZC
>5>DB5>D @1C 5> 3?>D13D 1F53 45C
@B?4E9DC 6B19C
)C>3@1=<5S:/B7=<
'?EB AE9< >5 C5 @B?4E9C5 @1C 41E7=5>f
D1D9?> 9>4ZC9B12<5 45 <1 D5=@ZB1DEB5
<?BCAE5 F?EC B1>75J 45C @B?4E9DC
1<9=5>D19B5C 6B19C 1@@EI5J CEB <1 D?E385
45 CE@5B3?>7Z<1D9?> AE5<AE5C 85EB5C
1F1>D 45 <5C B1>75B
75
2
U 85EB5C CE669C5>D 7Z>ZB1<5=5>D
5@5>41>D C9 F?EC 4ZC9B5J 3?>75<5B 45C
AE1>D9DZC 3?BB5C@?>41>D U <1 31@139DZ
453?>7Z<1D9?> =1H9=1<5 F?EC 45FB5J
5>3<5>385B <1 CE@5B3?>7Z<1D9?> 85EB5C
1F1>D
#1 CE@5B3?>7Z<1D9?> CZD59>D 1ED?=1f
D9AE5=5>D 45EH :?EBC 5D45=9 1@BYC
1E@<EC D1B4
)C>3@[@S4@75S@/B7=<
'5>41>D <1 CE@5BfBZ6B97ZB1D9?> <1
D5=@ZB1DEB5 41>C <5 3?=@1BD9=5>D
BZ6B97ZB1D5EB 45C35>4 <5 @<EC 21C @?CC92<5
@5>41>D 5>F
85EB5C
>CE9D5 <1@@1B59<
3?==ED5 CEB <1 D5=@ZB1DEB5 BZ7<Z5 1F1>D
AE5 F?EC >13D9F95J <1 CE@5BfBZ6B97ZB1D9?>
3D9F5J <1 CE@5BBZ6B97ZB1D9?> @1B5H5=@<5
S F1>D 45 B1>75B 45 7B1>45C AE1>D9DZC
41<9=5>DC
S '?EB B56B?949B B1@945=5>D 45C 2?9CC?>C
(/<53;3@=2C7BA
AC@53:SA
'?EB >5 @1C 7[>5B <1 39B3E<1D9?> 45 <19B
>5=@9<5J @1C <5C @B?4E9DC 1<9=5>D19B5C
1Ef45 <5
=?4Y<5
43
4@
/>/17BS 23
1=<5S:/B7=< ;/F7;/:3
@@TB 3B @3;7A/53
23:/>>/@37:
#5C 1<9=5>DC 4?9F5>D 3?>75<5B U 3?5EB
1ECC9 F9D5 AE5 @?CC92<5 @?EB AE9<C
3?>C5BF5>D F9D1=9>5C F1<5EB >EDB9D9F5
1C@53D 5D 7?dD
'?EB 35DD5 B19C?> >5
4Z@1CC5J @1C <1 31@139DZ 45 3?>7Z<1D9?>
=1H9=1<5 45 F?DB5 1@@1B59<
*E9F1>D <5
DI@5 41@@1B59< F?EC @?EF5J =5DDB5
U3?>75<5B 5> E>5 6?9C <5C AE1>D9DZC
=C>C@3 23 :/>>/@37:
*EB <1 @<1AE5DD5 C97>1<ZD9AE5 F?EC
DB?EF5B5J 45C 9>4931D9?>C 3?>35B>1>D
<131@139DZ 45 3?>7Z<1D9?> =1H9=1<5
5>85EB5C
@@EI5J CEB <1 D?E385 $1B385 BB[D
75
1
(3;7A/53 23 :/>>/@37:
*9 <1@@1B59< 4?9D B5CD5B <?>7D5=@C C1>C
C5BF9B
Z2B1>385J <1 69385 =V<5 45 <1 @B9C5
453?EB1>D
%5DD?I5J <1@@1B59<
#19CC5J <5C @?BD5C 45 <1@@1B59< ?EF5BD5
S1=<5S:/B7=<
23A>@=2C7BA
*5<?> <1 >1DEB5 5D <ED9<9C1D9?> 45C @B?4E9DC
CEB75<ZC F?EC @?EF5J 38?9C9B 5>DB5
@<EC95EBC @?CC929<9DZC
S <1 D5=@ZB1DEB5 1=291>D5
S 1>C <5 BZ6B97ZB1D5EB
S 1>C <5 6?EB Z<53DB9AE5 1F53 C1>C
F5>D9<1D5EB U 19B 381E4
S 1>C <5 =93B?f?>45C
(3;/@?C3
%5 B5=5DD5J @1C U 3?>75<5B 45C @B?4E9DC
1<9=5>D19B5C @1BD95<<5=5>D ?E 5>D9YB5=5>D
4Z3?>75<ZC
-?EC @?EBB5J <5C B53?>75<5B
E>9AE5=5>D 1@BYC <5C 1F?9B DB1>C6?B=ZC
5> @<1DC @BZf3E9C9>ZC @1B 3E9CC?> ?E
BaD9CC175
1>C 35 31C 3?>C?==5Jf<5C >5DD5=5>D
1F1>D <1 41D5 <9=9D5 45 3?>C5BF1D9?>
44
$3BB=G/53 23 :/>>/@37:
Z2B1>385J <1 69385 =V<5 4E C53D5EB
?E B1=5>5J <5 49C:?>3D5EB 5> @?C9D9?>
ZD59>D5
%5CCEI5J <5 :?9>D 45 @?BD5 AE1F53
E>38966?> 5D 45 <51E @B?@B5 5>CE9D5
CZ385Jf<5 U 6?>4
%5DD?I5J <1@@1B59< 1F53 45 <51E D9Y45
1449D9?>>Z5 4E> @5E 45 @B?4E9D
UF19CC5<<5
@BYC <5 >5DD?I175 B52B1>385J <1 69385
=V<5 45 <1@@1B59< @E9C BZ5>3<5>385Jf<5
4@
BB3<B7=< %5=@<?I5J @1C 45 @B?4E9DC 45 >5DD?I175
?E C?<F1>DC 3?>D5>1>D 4E C12<5 ?E 45C
13945C
@C7BA
234=<1B7=<<3;35DD?I175 >5 4?9D @1C @Z>ZDB5B
41>C
S <5C 65>D5C C9DEZ5C 41>C <1 @1BD95 1F1>D
4E 6?>4 4E 3?=@1BD9=5>D 3?>7Z<1D5EB
S 41>C <5 21>451E 45 3?==1>45
S 5D <Z3<19B175
@C7BA >/@4/7B3;35DD?I5J :1=19C <5C 3<1I5DD5C 5D <5C
213C 1E <1F5fF19CC5<<5
5C @9Y35C
@?EBB195>D C5 4Z6?B=5B
/@5=C7::7A 1:/>=B7A <Z75BC ?E 0=C@2=<[
<3;3<BA E 6<E945 BZ6B97ZB1>D 39B3E<5
41>C <5C C5B@5>D9>C
1=<=;73A 2S<3@573
S '<135J F?DB5 1@@1B59< 41>C E> 5>4B?9D
6B19C 5D 295> 1ZBZ
-59<<5J U 35 AE9< >5
C?9D @1C 5H@?CZ 1EH B1I?>C C?<19B5C 5D
AE9< >5 C5 DB?EF5 @1C U @B?H9=9DZ 4E>5
C?EB35 45 381<5EB B1491D5EB 5D3
#19CC5J B56B?949B <5C 2?9CC?>C 5D 1<9=5>DC
381E4C 8?BC 45 <1@@1B59<
S '<135J <5C @B?4E9DC U 4Z3?>75<5B 41>C
<53?=@1BD9=5>D BZ6B97ZB1D5EB
S -?EC @?EF5J ED9<9C5B <5 6B?94 AE9<C ?>D
5==171C9>Z @?EB B56B?949B <5C 1<9=5>DC
CD?3;ZC 41>C <5 BZ6B97ZB1D5EB
,D9<9C5J
<5H3Z45>D 45 6B?94 @?EB B56B?949B <5C
1<9=5>DC
S %?EFB5J <1 @?BD5 45 <1@@1B59< AE5 <5
@<EC 2B9YF5=5>D @?CC92<5
S 5 D5=@C 5> D5=@C >5DD?I5J <5 4?C
45<1@@1B59< 1F53 E> 1C@9B1D5EB ?E E>
@9>351E 3539 @?EB ZF9D5B E>5 81ECC5
45<1 3?>C?==1D9?> 4Z<53DB939DZ
=C@2=<<3;3<BA SB=C44SA 35C 2BE9DC
>?B=1EH C5 6?>D 5>D5>4B5 @5>41>D AE5 <5
3?=@B5CC5EB 5CD 5> =1B385
:7?C3B7A 9<C C?>D 1E492<5C <?BCAE5 <5
=?D5EB C5 =5D 5> =1B385 ?E C1BB[D5
@/?C3;3>@7;3@
"/>>/@37: <3 @3>=A3 >/A 2/>:=;0
-ZB9695J <8?B9J?>D1<9DZ 45 <1@@1B59 >9F51E U 2E<<5
:ECD5J 5>CE9D5
<8?B9J?>D1<9DZ @1B <5C @954C U F9C ?E @<135J
E> ?2:5D 45CC?EC
"/>>/@37: B=C163 ?C3:?C3 16=A3
<?97>5J <1@@1B59< 45 =5E2<5C ?E
41@@1B59<C F?9C9>C
3A B7@=7@A >/<73@A =C AC@4/13A 23
@/<53;3 @<135 3?BB53D5=5>D
3A @S17>73<BA A3 B=C1635J <Z7YB5=5>D <5C 2?ED59<<5C ?E
BZ39@95>DC <5C E>C 45C 1EDB5C
45
4@
(3;S273@ A=7 ;T;3 /CF >3B7B3A >/<<3A
D/>3:3@ :3 A3@D713 />@RA[D3<B3
-ZB9695J CF@ C9 F?EC >5 @?EF5J @1C B5=Z495B F?ECf=[=5 1E 4ZB1>75=5>D U <1945 45C
9>CDBE3D9?>C AE9 CE9F5>D
*9 F?EC 619D5C F5>9B <5 D538>9395> C5C 3?>C59<C F?EC C5B?>D 613DEBZC =[=5 @5>41>D <1
@ZB9?45 45 71B1>D95
6+' &'-
., )(,,"%
&5
+8= -/<>+38= -+= 36 =?003<+
.M>/38.</ 6+::+</36 :/8.+8>
738?>/=
-&)6+-.+ 6/"
(+-&'- )+ +))(+- .
+6 % %3 6/ <M=?6>+> /=> 8M1+>30 <M:M>/D
6/==+3 ?8/ 2/?</ +:<L=
%3 6+ >/7:M<+>?</ /=> ><9: 6%/6
@M<303/D +? ,9?> ./ =/?6/7/8>
;?/6;?/= 2/?</= =3 ?8
<+::<9-2/7/8> ./ 6+ >/7:M<+>?</
+/? 63/?
%3 6+ >/7:M<+>?</ /=> ><9: ,,
@M<303/D H 89?@/+? 6+ >/7:M<+>?</
6/6/8./7+38
6%"+ ' ('-"(''
),
+7:9?6/ .? -97:+<>37/8>
<M0<31M<+>/?< 9? .?
-97:+<>37/8> -981M6+>/?< /=>
.M0/->?/?=/
2+81/D 6+7:9?6/ " 0
M,<+8-2/D 6+ 03-2/ 7I6/ ./ 6+
:<3=/ ./ -9?<+8> />9? <+7/8/D
6/ .3=498->/?< /8 :9=3>398
M>/38>/
2+81/D 6+7:9?6/
+7:9?6/ ./ </-2+81/ )
7+B ( -9?<+8>
+6>/<8+>30 -?69> "! . '. (&&' ,- 6%"+6 &",
/ .' %.&"'(,"-6
+6."-
46
38>/<<?:>/?< ./ 6M-6+3<+1/ /=>
-938-M " 1 (. 1
(M<303/D =36 =/ 6+3==/ ,9?1/<
%3 6+::+</36 /=> </=>M /8@3<98 2/?</= =+8= =/<@3< 6+003-2+1/
=?< 6/ ,+8./+? ./ -977+8./
:+==/ /8 79./ E-98973/
.M8/<13/
L= ;?/ @9?= <M?>363=/D 6+::+</36
:+< /B/7:6/ .L= ;?/ @9?= 9?@</D
?8/ :9<>/ 6+003-2+1/ </@3/8> =?<
=+6?7389=3>M 89<7+6/
4@
6+' &'-
., )(,,"%
..' /(1'- ' ,%%.&
9?:?</ ./ -9?<+8> .3=498->/?< (M<303/D =3 6+ :<3=/ /=> =9?= >/8=398
.3=498->M 03-2/ 7I6/ :+=
/ .3=498->/?< .93> =/ ><9?@/< /8
-97:6L>/7/8> ,<+8-2M/ .+8=
:9=3>398 +<7M/
6+:<3=/
S "9<>/ .? -97:+<>37/8>
-&)6+-.+ +6 ''-981M6+>/?< 9?@/<>/
', % (&)+-"&'(' 6%-.+ ,- -+() 6%/6
S /= 9<303-/= .+::9<> />
.M@+-?+>398 .+3< =98>
</-9?@/<>= :+< ./= 9,4/>=
0+3=+8> 9,=>+-6/
)(+- . (&)+-"&'(' 6%-.+ ,- +,-6
%(' -&), (./+- %(&)+-"&'(' 6%-.+ '--"'- )%.,
%-&)6+-.+
&5
/<7/D 6+ :9<>/
(/366/D H -/ ;?/ 6+3< :?3==/ /8></<
/> =9<>3< 63,</7/8>
S (9?= +@/D 73= .?8 -9?: ><9:
./ :<9.?3>= H -981/6/<
/ .M:+==/D :+= 6+ -+:+-3>M
./-981M6+>398 7+B37+6/
M@+:9<+>/?< 6/ 1M8M<+>/?<
./0<93. M;?3:+8> 6/ =C=>L7/
9<9=> /=> >/66/7/8> 13@<M ;?36
8/ :/?> :6?= =/ .M13@</< ./
0+K98 /8>3L</7/8> +?>97+>3;?/
"9?< .M13@</< 6M@+:9<+>/?< =9<>/D
6/= :<9.?3>= +637/8>+3</= .+8= 6/?<=
-+=3/<= /> <+81/DR6/= ,3/8 3=96M=
.+8= ?8 /8.<93> 0<+3=
>/318/D 6+::+</36 /> M69318/DR6/ .?
7?< +3==/D 6+ :9<>/ ./ 6+::+</36
9?@/<>/
? ,9?> ./
738?>/= /8@3<98
6/+? ./ .M13@<+1/ -977/8-/
H-9?6/< .+8= 6/ ,+- .M@+:9<+>398
" q +? .9= ./ 6+::+</36
"9?<M@3>/< .+8= -/ -+= ;?/ 6/ ,+.M@+:9<+>398 8/ .M,9<./
<M-?:M</D -/>>/ /+? H 6+3./ .?8/
M:981/
M@+:9<+>/?< /=> /8>3L</7/8>
.M13@<M 69<=;?36 8/ -9?6/ :6?=
./+? ./ .M13@<+1/ .+8= 6/ ,+.M@+:9<+>398 />>9C/D 6/
-97:+<>37/8> 38>M<3/?< $/7/>>/D
/8=?3>/ 6+::+</36 /8 =/<@3-/
47
4@
)3@D713 />@RA[D3<B3
'?EB 3?>>1^DB5 <5 C5BF935 1@BYCfF5>D5 C9DEZ
<5 @<EC @BYC 45 385J F?EC 3?>CE<D5J
<1>>E19B5 DZ<Z@8?>9AE5 ?E <5 BZ@5BD?9B5
45C C5BF935C 1@BYCfF5>D5 *-
-5E9<<5J
9>49AE5B 1E *- <5 >E=ZB? 45 CZB95 f%B
45 <1@@1B59< 5D C?> >E=ZB? 45 612B931D9?>
48
-?EC DB?EF5B5J 35C 9>4931D9?>C CEB <1
@<1AE5 C97>1<ZD9AE5
75
w
945Jf>?EC U ZF9D5B 45C 4Z@<135=5>DC
9>ED9<5C 9>49AE5J <5C >E=ZB?C 45 CZB95 5D
45 612B931D9?>
-?EC Z3?>?=9C5B5J 19>C9
45C CE@@<Z=5>DC 45 6B19C 9>ED9<5C
7B
DD3@B3<H3 >3@
:=A;/:B7;3<B=
x );/:B7;3<B=
23::7;0/::/557=
#9=21<<1779? @B?D5775 9< F?CDB? 1@@1B53f
389? 41 41>>9 49 DB1C@?BD?
+EDD9 9 =1D5B91<9
9=@9571D9 C?>? 3?=@1D929<9 3?> <1=295>D5
5 B9393<129<9
-9 @B57891=? 49 3?<<12?B1B5
C=1<D9D5 <9=21<<1779? >5< B9C@5DD?
45<<1=295>D5
*95D5 @B571D9 49>6?B=1BF9 @B5CC? 9< F?CDB?
B9F5>49D?B5 C@5391<9JJ1D? ? @B5CC? <1 F?CDB1
1==9>9CDB1J9?>5 =E>939@1<5 CE<<5 1DDE1<9
@?CC929<9DU 49 C=1<D9=5>D?
!
&3@71=:=
> 31C? 49 1@@1B53389 6E?B9 EC?
CDB1BB5 <1 C@9>1 41<9=5>D1J9?>5
+17<91B5 5 C=1<D9B5 9< 31F? 49 3?<<571f
=5>D? 3?> <1 C@9>1 41<9=5>D1J9?>5
<9 1@@1B53389 6B97?B965B9 3?>D5>7?>?
B56B975B1>D5 5 >5<<9C?<1=5>D? 71C
<B56B975B1>D5 54 9 71C B938954?>? E>?
C=1<D9=5>D? 1@@B?@B91D?
9>? 1<<? C=1<D9=5>D? 1@@B?@B91D? >?>
41>>57791B5 9 DE29 45< 39B3E9D? B56B975B1>D5
DD3@B3<H3
27A71C@3HH/ 3 >3@71=:=
x (=BB/;/H7=<3
23::/>>/@31167= 4C=@7 CA=
&@7;/ 27 ;3BB3@3 7< 4C<H7=<3
:/>>/@31167=
<9 1@@1B53389 49C=5CC9 >?> C?>? B969ED9
C5>J1 F1<?B5
DDB1F5BC? E>? C=1<D9=5>D? 53?<?793?
3?BB5DD? C9 @?CC?>? B53E@5B1B5 =1D5B95
@B9=5 @B5791D5
#5775B5 1DD5>D1=5>D5 DEDD5 <5 9CDBEJ9?>9
@5B <EC? 54 9< =?>D1779?
CC5 3?>D5>7?>? 9=@?BD1>D9 9>6?B=1J9?>9
@5B <9>CD1<<1J9?>5 <EC? 5<1 =1>ED5>J9?>5
45<<1@@1B53389?
?>C5BF1B5 DEDD1 <1 4?3E=5>D1J9?>5
@5B<EC? CE335CC9F? ? @5B CE335CC9F9
@B?@B95D1B9
(E5CD? 1@@1B53389? 49C@?>5 49
3?>DB1CC57>? 19 C5>C9 45<<1 49B5DD9F1
5EB?@51 9> =1D5B91
491@@1B53389 5<5DDB939 54 5<5DDB?>939
G1CD5 5<53DB931< 1>4 5<53DB?>93
5AE9@=5>D g .
(E5CD1 49B5DD9F1 4569>9C35 <5 >?B=5
@5B <1 B133?<D1 5 9< B9393<1779? 457<9
1@@1B53389 49C=5CC9 F1<945 CE DEDD?
9<D5BB9D?B9? 45<<,>9?>5 EB?@51
49
7B
)71C@3HH/ B31<71/
$3::CA=
S (E5CD1@@1B53389? 3?>D95>5 E>1 @93f
3?<1 AE1>D9DU 49 B56B975B1>D5 )1
E>71C 3?=@1D929<5 3?> <1=295>D5
=19>691==129<5
DD5>J9?>5 4EB1>D5
9<DB1C@?BD? 5 <9>CD1<<1J9?>5 45<<1@@1f
B53389? 1 >?> 41>>57791B5 9 DE29 45<
39B3E9D? 45< B56B975B1>D5
< B56B975B1>D5
6E?B9EC39D? 1 @B5CC9?>5 @E_ 41>>57791B5
7<9 ?3389 ?@@EB5 9>35>491BC9
S %?> EC1B5 =19 1@@1B53389 5<5DDB939
>5<<9>D5B>? 49 AE5CD? 1@@1B53389?
@5B5C
1@@1B53389 49 B9C31<41=5>D?
@B?4EDD?B9 49 7891339? 5<5DDB939 533
&3@71=:= 27 3A>:=A7=<3
< 1/A= 27 2/<<7
+5>5B5 <?>D1>? 41<<1@@1B53389?
691==1 ? 6?>D9 49 1335>C9?>5
-5>D9<1B5 25>5 <1=295>D5 @5B 1<3E>9
=9>ED9
*@57>5B5 <1@@1B53389? 5CDB1BB5 <1
C@9>1 49 1<9=5>D1J9?>5 ? 49C9>C5B9B5
9<49C@?C9D9F? 49 C93EB5JJ1
>6?B=1B5 9< C5BF9J9? 1CC9CD5>J1 3<95>D9
(E1>D? @9c B56B975B1>D5 3?>D95>5 E>
1@@1B53389? D1>D? @9c 7B1>45 45F5
5CC5B5 <1=295>D5 >5< AE1<5 C9 DB?F1
<1@@1B53389?
> 1=295>D9 DB?@@?
@933?<9 9> 31C? 49 6E71 C9 @E_ 6?B=1B5
E>1 =9C35<1 9>691==129<5 41B91 5 71C
&7>9 7 49 B56B975B1>D5 <1=295>D5 45F5
49C@?BB5 49 E> F?<E=5 =9>9=? 49=
#1 AE1>D9DU 49 B56B975B1>D5 45< F?CDB?
1@@1B53389? Y 9>4931D1 CE<<1 D1B785DD1
4945>D96931J9?>5 >5<<9>D5B>?
45<<1@@1B53389?
S #1 C?CD9DEJ9?>5 45< 31F? 49 1<9=5>D1f
J9?>5 54 1<DB5 B9@1B1J9?>9 45F?>? 5CC5B5
5C57E9D5 C?<? 41< C5BF9J9? 1CC9CD5>J1
3<95>D9
#5 9>CD1<<1J9?>9 5 B9@1B1J9?>9
9>3?=@5D5>D9 @?CC?>? 3B51B5 >?D5F?<9
@5B93?<? @5B <ED5>D5
50
S %?> C2B9>1B5 ? @E<9B5 =19 <1@@1B53389?
3?> E>1 @E<9DB935 1 F1@?B5
< F1@?B5 @E_
B1779E>75B5 @1BD9 5<5DDB9385 5 @B?F?31B5
E> 3?BD?39B3E9D?
&3@71=:= 27 A1/@71/ 3:3BB@71/
S %?> ED9<9JJ1B5 ?775DD9 1@@E>D9D9 ? 1669<1D9
@5B B9=E?F5B5 7<9 CDB1D9 49 2B9>1 5 49
7891339?
?C] 6135>4? C9 @?CC?>? 41>>57791B5
9DE29 45< B56B975B1>D5
< B56B975B1>D5 385
6E?B95C35 1 C@BEJJ9 @E_ 9>35>491BC9
?65B9B5 7<9 ?3389
S %?> 3?>C5BF1B5 >5<<1@@1B53389?
@B?4?DD9 3?>D5>5>D9 @B?@5<<5>D9 71CC?C9
3?=2ECD929<9 @5B5C
2?=2?<5DD5 C@B1I
5 C?CD1>J5 5C@<?C9F5
&3@71=:= 27 3A>:=A7=<3
S %?> EC1B5 9=@B?@B91=5>D5 <? J?33?<?
931CC5DD9 5CDB1929<9 <5 @?BD5 533
3?=5
@541>1 41@@?779? ?@@EB5 3?=5
C?CD57>?
S '5B <? C2B9>1=5>D? 5 <1 @E<9J91
45<<1@@1B53389? C@57>5B5 5CDB1BB5
<1C@9>1 49 1<9=5>D1J9?>5 ? 49C9>C5B9B5
9<49C@?C9D9F? 49 C93EB5JJ1
+9B1B5 49B5DD1=5>D5 <1 C@9>1 >?> 9< 31F?
49 1<9=5>D1J9?>5
S ?>C5BF1B5 1<3??< 14 1<D1 7B141J9?>5
C?<? 5B=5D931=5>D5 389EC? 54 9> @?C9f
J9?>5 F5BD931<5
S %?> C@?B31B5 <5 @1BD9 49 =1D5B91<5 @<1Cf
D93? 5 <1 7E1B>9J9?>5 45<<1 @?BD1 3?> ?<9?
? 7B1CC?
<DB9=5>D9 <5 @1BD9 49 =1D5B91<5
@<1CD93? 5 <1 7E1B>9J9?>5 45<<1 @?BD1
49F5>D1>? @?B?C5
7B
S %?> 3?@B9B5 >Z ?CDBE9B5 <5 1@5BDEB5
495>DB1D1 54 EC39D1 45<<1B91 @5B
<1@@1B53389?
S #5 @5BC?>5 3?> B94?DD5 31@139DU 69C9385
C5>C?B91<9 ? @C9389385 ? 3?> 9>CE669395>D9
3?>?C35>J5 45F?>? EC1B5 AE5CD?
1@@1B53389? C?<? C?DD? C?BF57<91>J1
?3?>45DD17<91D5 9CDBEJ9?>9
/;07<7 7< 1/A/
S %?> 1221>4?>1B5 <9=21<<1779? 5 CE5
@1BD9 1<<1 =5B3Z 49 21=29>9
'5B93?<?
49C?66?31=5>D? 41 C31D?<5 49 31BD?>5
@95785F?<9 5 6?7<9 49 @<1CD931
S #1@@1B53389? >?> Y E> 79?31DD?<?
@5B21=29>9
S '5B 7<9 1@@1B53389 3?> C5BB1DEB1 45<<1
@?BD1 3?>C5BF1B5 <1 3891F5 6E?B9 45<<1
@?BD1D1 459 21=29>9
$=@;3 53<3@/:7
#1@@1B53389? Y 94?>5? @5B B166B5441B5
53?>75<1B5 1<9=5>D9 5 @5B @B?4EBB5
7891339?
#1@@1B53389? Y 45CD9>1D?
1<<EC? 4?=5CD93?
#1@@1B53389? Y C385B=1D? 3?>DB?
9B149?49CDEB29 C53?>4? <1 49B5DD9F1
,
#5B=5D939DU 45< 39B3E9D? 49 B166B5441=5>D?
Y CD1D1 3?>DB?<<1D1
(E5CD? @B?4?DD? Y 3?>6?B=5 1<<5
@5BD9>5>D9 >?B=5 49 C93EB5JJ1 @5B 7<9
1@@1B53389 5<5DDB939 %
51
7B
=<=A13@3
:/>>/@31167=
75C@/1
>?> 9> DEDD9 9 =?45<<9
&/<<3::= 1=;/<27
: A7AB3;/ /CB=;/B71= $= @=AB
@=AB@33 7;>327A13 :/ 4=@;/H7=<3
27 567/117= <3::/>>/@31167=
+<=
A0@7</;3<B= <=< R >7W <313AA/@7=
&C:A/<B3 /113A=A>3<B=
<B3@@CBB=@3 :C13 23: 1=<53:/B=@3
=<53:/B=@3 @/>72=
11= 1=;3 4C<H7=</
&@=2CBB=@3 27 567/117=
<9 1<9=5>D9 F5>7?>? 3?>75<1D9 41 E>1
3?BB5>D5 49 1B91 6B5441
#5F1@?B1D?B5
>5<C9CD5=1 %? B?CD B166B5441 <1B91
>5<<1@@1B53389?
#1B91 6B5441 F95>5
49CDB92E9D1 >5<<1@@1B53389? 41 E>1
F5>D?<1
#E=949DU 45<<1B91 C9 3?>45>C1
CE<<5F1@?B1D?B5 385 C9 C2B9>1 1ED?f
=1D931=5>D5 AE1>4? Y >535CC1B9?
=<B3<7B=@3 >3@ 1C03BB7
27567/117=
<B3@@CBB=@3 :C13 4@75=@743@=
,/<= 167::3@
>3@BC@/ 27 CA17B/ 23::/@7/
::C;7</H7=<3 7<B3@</
#13AE1 49 C2B9>1=5>D? C3?BB5 CE<<E>9DU
49 B166B5441=5>D? 5 AE9 5F1@?B1
#E>9DU
49 B166B5441=5>D? 5 7<9 1<9=5>D9 3?>75<1D9
3?>D5>ED9 C9 =1>D5>7?>? <925B9 41<
7891339?
(7>7/<7 <3: 4@75=@743@=
(7>7/<= 0=BB75:73
/AA3BB= 3AB@/707:3
=<B3<7B=@3 >3@ 4@CBB/ 3 D3@2C@/
&7327<7 / D7B3
::C;7</H7=<3 1=<53:/B=@3
/:1=<17<= >3@ AC@53:/B7
)1=;>/@B= >3@ 0C@@=
34=@;/557=
/:1=<17<7 >3@ C=D/
@B9B5 <E<D9=1 @179>1 3?> <5 697EB5
(E5CD? <92B5DD? 49CDBEJ9?>9 @5B <EC?
YF1<94? @5B 49F5BC9 =?45<<9
/:1=<17<7 >3@ BC03BB7 3 :/BB7<3
(7>7/<= >3@ 0=BB75:73 5@/<27
%5<<5 697EB5 C?>? @?CC929<9 49665B5>J5 >5<<5
697EB5
7:B@7 / 1/@0=<3 /BB7D=
=<53:/B=@3
@75=@743@=
52
7B
&/<<3::= 1=;/<27
&C:A/<B3 (/44@322/;3<B= @/>72=
#1 =5CC1 9> 6E>J9?>5 Y 9>4931D1 41<f
<1335>45BC9 45< @E<C1>D5
EB1>D5 9<
B166B5441=5>D? B1@94? 9< F1>? 6B97?f
B965B? YB166B5441D? AE1>D? @9c @?Cf
C929<5 @5B 31
?B5
> C57E9D? F95>5
B57?<1D? 1ED?=1D931=5>D5 1<<1
D5=@5B1DEB1 9=@?CD1D1 @B9=1 45<
B166B5441=5>D? B1@94?
>C5B9B5 9< B166B5441=5>D? B1@94? @5B
5C
S 'B9=1 49>DB?4EBB5 7B1>49 AE1>D9DU
491<9=5>D9
S '5B 9< B166B5441=5>D? B1@94? 49
25F1>45
<271/B=@3 B3;>3@/BC@/ 4@75=@743@=
>E=5B9 @B5CC? <5 C@95 49 D5=@5B1DEB1
3?BB9C@?>4?>? 1 D5=@5B1DEB5 45<
6B97?B965B? 9>M
#1 C@91 1335C1 9>4931 <1 D5=@5B1DEB1
B57?<1D1
&C:A/<B3 )C>3@4@33H3@
75C@/2
&C:A/<B3 27 @35=:/H7=<3 4@75=@743@=
#1 D5=@5B1DEB1 45< 6B97?B965B? @E_
5CC5B5 B57?<1D1 41 M 1 M
'B5=5B5 B9@5DED1=5>D5 9< @E<C1>D5
69>38Z <1 C@91 49 D5=@5B1DEB1
45C945B1D1 >?> C9 1335>45
&C:A/<B3 27 @35=:/H7=<3
1=<53:/B=@3
#1 D5=@5B1DEB1 45< 3?>75<1D?B5 @E_
5CC5B5 B57?<1D1 41 M 1 M
'B5=5B5 B9@5DED1=5>D5 9< @E<C1>D5
69>38Z <1 C@91 49 D5=@5B1DEB1 45C945f
B1D1 >?> C9 1335>45
&C:A/<B3 27 /::/@;3
*5BF5 @5B 49C9>C5B9B5 <1<<1B=5 13ECD93?
D5=@5B1DEB1 5 @?BD1
#1<<1B=5 13ECD93? D5=@5B1DEB1 C9
1DD9F1 AE1>4? <1 D5=@5B1DEB1 >5<
3?>75<1D?B5 1E=5>D1 DB?@@?
*5 1>385 9< @E<C1>D5 1<<1B=5 <1=@57f
791 9 CEB75<1D9 C?>? 9> @5B93?<?
*5 E>1 45<<5 @?BD5 45<<1@@1B53389?
B5CD1 1@5BD1 DB?@@? 1 <E>7? C9 1DD9F1
9<C57>1<5 13ECD93? 45<<1 @?BD1
*5>J1 @5B93?<? @5B 7<9 1<9=5>D9
3?>75<1D9 <1<<1B=5 13ECD93? @E_
1DD9F1BC9 >59 C57E5>D9 31C9
S <<1 =5CC1 9> 6E>J9?>5
45<<1@@1B53389?
S >DB?4EJ9?>5 49 7B1>49 AE1>D9DU
491<9=5>D9 6B5C389
S #1 @?BD1 45< 3?>75<1D?B5 Y B9=1CD1
1@5BD1 DB?@@? 1 <E>7?
*5BF5 @5B 9>C5B9B5 5 49C9>C5B9B5
9<CE@5B6B55J5B
335>45B5 9< CE@5B6B55J5B @B9=1
45<<9>DB?4EJ9?>5 49 7B1>49 AE1>D9DU
41<9=5>D9 6B5C389 ?<DB5 ;7
> 75>5B1<5 21CD1>? ?B5
'5BC6BEDD1B5 <1 =1CC9=1 @?CC929<9DU
493?>75<1=5>D? 1335>45B5
9<CE@5B6B55J5B 79U ?B5 @B9=1
?@? 31
O79?B>9 1FF95>5 49 >E?F?
1ED?=1D931=5>D5 <1 3?==ED1J9?>5
1<<1 D5=@5B1DEB1 B57?<1D1 @B9=1 45<
CE@5B6B55J5B
<271/B=@3 B3;>3@/BC@/ 23:
1=<53:/B=@3
>E=5B9 @B5CC? <5 C@95 49 D5=@5B1DEB1
3?BB9C@?>4?>? 1<<5 D5=@5B1DEB5 >5<
3?>75<1D?B5 9>M
#1 C@91 1335C1 9>4931 <1 D5=@5B1DEB1
B57?<1D1
53
7B
,3<B7:/H7=<3
<AB/::/H7=<3
23::/>>/@31167=
'5B <9>CD1<<1J9?>5 Y 94?>5? E> 1=295>D5
1C39EDD? F5>D9<129<5
< <E?7? 49>CD1<<1J9?>5
>?> 45F5 5CC5B5 5C@?CD? 1<<9BB1491J9?>5
C?<1B5 49B5DD1 5 >?> 5CC5B5 F939>? 14 E>1
6?>D5 49 31<?B5 3?=5 CDE61 31<?B965B? 533
*5 Y 9>5F9D129<5 <9>CD1<<1J9?>5 1331>D? 14
E>1 6?>D5 49 31<?B5 ED9<9JJ1B5 E> 94?>5?
@1>>5<<? 9C?<1>D5 ?@@EB5 B9C@5DD1D5
<5C57E5>D9 49CD1>J5 =9>9=5 41<<1 6?>D5
4931<?B5
1 CDE65 5<5DDB9385
1 CDE65 14 ?<9? ? 1 31B2?>5
3=
3=
'5B 1@B9B5 <1 @?BD1 1 M 7<9 1@@1B53389
3?> =1>97<95 C?FB1@@?CD5 81>>? 29C?7>?
CE< <1D? 45<<5 35B>95B5 49 E>1 49CD1>J1
=9>9=1 41< =EB? 49 ==
*3;>3@/BC@/ /;073<B3
#1 3<1CC5 3<9=1D931 Y B9@?BD1D1 CE<<1
D1B785DD1 4945>D96931J9?>5
CC1 9>4931
9<9=9D9 49 D5=@5B1DEB1 5>DB? 9 AE1<9
<1@@1B53389? @E_ 5CC5B5 EC1D?
%,, %"&-"
&)+-.+
&"'- &&,,
M + M
M + M
M + M
M + M
54
75C@/3
#1B91 CE<<1 @1B5D5 @?CD5B9?B5 45<<1@@1B53f
389? C9 B9C31<41
#1B91 31<41 45F5 @?D5B
456<E9B5 <925B1=5>D5
<DB9=5>D9 9< B56B975f
B1D?B5 45F5 <1F?B1B5 @9c 1 <E>7?
9_
1E=5>D1 9< 3?>CE=? 49 5>5B791 5<5DDB931
'5B39_ 5F9D1B5 1CC?<ED1=5>D5 49 3?@B9B5
?49 ?CDBE9B5 <5 1@5BDEB5 49 166<ECC?
5456<ECC? 45<<1B91
=::35/@3
:/>>/@31167=
?@? 1F5B5 3?<<?31D? <1@@1B53389?
1DD5>45B5 1<=5>? O ?B1 @B9=1 49 =5DD5B<?
9> 6E>J9?>5
EB1>D5 9< DB1C@?BD? @E_
133145B5 385 <?<9? 3?>D5>ED? >5<
3?=@B5CC?B5 @5>5DB9 >5< C9CD5=1
49B166B5441=5>D?
'B9=1 49 EC1B5 <1@@1B53389? <1 @B9=1
F?<D1 @E<9B5 9< F1>? 9>D5B>? 45<<1@@1B53f
389? F549L'E<9J91N
#1 @B5C1 4?FB5225 5CC5B5 <925B1=5>D5
1335CC929<5
?<<571B5 <1@@1B53389? 1 3?BB5>D5
1<D5B>1D1 1 - J DB1=9D5
E>1@B5C1 9>CD1<<1D1 1 >?B=1
#1 @B5C1
45F5 5CC5B5 @B?D5DD1 3?> E> 49C@?C9D9F?
49C93EB5JJ1 41 ? CE@5B9?B5
&3@ 5:7 />>/@31167 23AB7</B7 /::CA=
7<>/3A7 <=< 3C@=>37 R <313AA/@7=
D3@7471/@3 AC::/ B/@563BB/ 2723<B7471/[
H7=<3 A3 :/ B3<A7=<3 32 7: B7>=
271=@@3<B3 7<271/B7 1=@@7A>=<2=<=
/7D/:=@7 23::/ @3B3 3:3BB@71/ :=1/:3
"/B/@563BB/ 2723<B7471/H7=<3 A7 B@=D/
7< 0/AA= / A7<7AB@/ <3::/>>/@31167=
"/A=AB7BCH7=<3 23: 1/D= 27 /:7;3<B/[
H7=<3 A3 <313AA/@7/ 23D3 3AA3@3
3A35C7B/ A=:= 2/ C< B31<71=
7B
AB@CH7=<7 >3@
7:4C<H7=</;3<B=
113<23@3
:/>>/@31167=
< @E<C1>D5 335C?*@5>D?
75C@/1
-95>5 5=5CC? 9< C57>1<5 13ECD93?
'B5=5>4? 9< @E<C1>D5 49 1<<1B=5 9< C57>1<5
13ECD93? 35CC1
< @E<C1>D5 1<<1B=5 B5CD1 1335C? 69>38Z
<1D5=@5B1DEB1 B57?<1D1 >?> Y CD1D1
B1779E>D1
(35=:/@3 :/ B3;>3@/BC@/
'B5=5B5 B9@5DED1=5>D5 9< @E<C1>D5 B57?<1f
J9?>5 D5=@5B1DEB1 @5B 9< 6B97?B965B? ? 9<
3?>75<1D?B5 69>38Z <1 C@91 49 D5=@5B1DEB1
45C945B1D1 >?> C9 1335>45
<<?B979>5 C?>? 9=@?CD1D5 5 3?>C97<91D5
<5 C57E5>D9 D5=@5B1DEB5
B97?B965B?
?>75<1D?B5
M
M
<9 1<9=5>D9 45<931D9 >?> 45F?>? 5CC5B5
3?>C5BF1D9 1 D5=@5B1DEB1 CE@5B9?B5 M
#=2= @7A>/@;7= 3<3@53B71=
*5 <1@@1B53389? B5CD1 9>ED9<9JJ1D? @5B
39B31 ?B5 <9>4931J9?>5 45< @1>>5<<?
3?=1>49 @1CC1 1 =?4? B9C@1B=9?
5>5B75D93?
)5CD1>? 1335C5 1>3?B1 C?<? <5 <1=@149>5
>535CC1B95 3?> E>1 <E=9>?C9DU B94?DD1
%?> 1@@5>1 <1@@1B53389? Y 49 >E?F?
9>EC? @5B 5C
9> 31C? 49 1@5BDEB1 45<<1
@?BD1 <9>4931J9?>5 C9 B91335>45 3?>
9<<E=9>1J9?>5 >?B=1<5
S B1J95 1< C9CD5=1 1ED?=1D93? %?6B?CD
9<3?>75<1D?B5 54 9< 6B97?B965B? B5CD1>?
<925B9 41< 7891339?
%?> Y >535CC1B9?
E>? C2B9>1=5>D?
S < <1D? 1>D5B9?B5 45<<1@@1B53389? Y 9>
@1BD5 <5775B=5>D5 B9C31<41D? AE5CD?
9=@549C35 <1 6?B=1J9?>5 49 3?>45>C1
>5<<1 J?>1 45<<1 7E1B>9J9?>5 45<<1 @?BD1
S *5 4?@? <1 389ECEB1 45< 3?>75<1D?B5
<1@?BD1 4?F5CC5 B5C9CD5B5 14 E>1 >E?F1
9==5491D1 1@5BDEB1 Y >535CC1B9?
1DD5>45B5 4E5 ? DB5 =9>ED9 69>38Z >?>
C93?=@5>C1 <1 45@B5CC9?>5 6?B=1D1C9
>5<<9>D5B>?
=B/H7=<3
(7>7/<7/:1=<17<7
*5 >535CC1B9? 9 B9@91>9 45< F1>? 9>D5B>?
549 21<3?>39>9 45<<1 @?BD1 @?CC?>? 5CC5B5
C@?CD1D9 D9B1B5 9 B9@91>9 9> 1F1>D9 1221CC1B<9
5 BE?D1B<9 <1D5B1<=5>D5
*?<<5F1B5 9< 3?>D5>9D?B5 54 5CDB1B<?
,/<= 167::3@
75C@/4
+9B1B5 F5BC? 1F1>D9 9< 6?>4? 45<<? C3?=f
@1BD? <? C@?BD5<<? C9 1@B5
#5 D5=@5B1DEB5 >5< F1>? 389<<5B C?>? @9c
21CC5 B9C@5DD? 1< F1>? 6B97?B965B?
'?CC?>?
3?=@1B9B5 1>385 D5=@5B1DEB5 9>65B9?B9
1M
451<5 @5B <1 3?>C5BF1J9?>5 49 @5C35
31B>5 5 C1<C93391
%?> Y 94?>5? @5B
9>C1<1D5 F5B4EB1 5 @B?4?DD9 C5>C929<9 1<
6B544?
55
7B
&@=2CBB=@3 27 567/117=
7:B@7 / 1/@0=<3 /BB7D=
75C@/5
CDB1BB5 <1 F1C385DD1 @5B 7891339?
B95=@9B<1 @5B P 3?> 13AE1 54 9>DB?4EB<1
49 >E?F?
75C@/1
?> AE5CD? 69<DB? C9 B94E3?>? 7<9 ?4?B9
C7B145F?<9 >5< 6B97?B965B?
(E1>4? 9 3E25DD9 C9 C?>? 3?>C?<941D9
BE?D1B5 B9@5DED1=5>D5 <5 =1>?@?<5
45<<5 F1C385DD5 @5B 7891339? F5BC?
45CDB1 5 <1C391B<5
3E25DD9 49 7891339? C9 CD1331>? 5
314?>? >5< 3?>D5>9D?B5 49 B133?<D1
'B5<5F1B5 9 3E25DD9 49 7891339? 41<
3?>D5>9D?B5 49 B133?<D1
/AA3BB= 3AB@/707:3
75C@/6
< 31CC5DD? @E_ 5CC5B5 5CDB1DD? @5B
9<B95=@9=5>D? 5 <? CFE?D1=5>D?
D1< 69>5 C?<<5F1B5 9< 31CC5DD?
< CE@@?BD?
45< 31CC5DD? Y F1B9129<5
(7>7/<= 0=BB75:73
75C@/7
*E< B9@91>? 2?DD97<95 C9 @?CC?>? 45@?BB5
9>C93EB5JJ1 <5 2?DD97<95
(35=:/B=@3 27 B3;>3@/BC@/
3C;727BO 23: 1/AA3BB= >3@
D3@2C@3
75C@/8
> 31C? 49 1=<A3@D/H7=<3 / :C<5=
B3@;7<3 49 F5B4EB1 9>C1<1D1 6BEDD1
C@?CD1B5 9< B57?<1D?B5 3?=@<5D1=5>D5
145CDB1
#1@5BDEB1 415B1J9?>5 Y 1@5BD1
g E=949DU 45<<1B91 9>65B9?B5 g <1 D5=@5B1f
DEB1 C9 1221CC1
'5B <1 1=<A3@D/H7=<3 27 0@3D3 >3@7=2=
C@9>75B5 9< B57?<1D?B5 F5BC? C9>9CDB1
#1@5BDEB1 49 F5>D9<1J9?>5 Y 389EC1 1<D1E=949DU 45<<1B91 <1 D5=@5B1DEB1
1E=5>D1
56
)7AB3;/@3 5:7 /:7;3<B7
'C/<2= A7 @7>=<5=<= 5:7 /:7;3<B7
<3:4@75=@743@=
S *9CD5=1B5 7<9 1<9=5>D9 25> 3?>65J9?>1D9
?@@EB5 3?@5BD9
?C] C9 3?>C5BF1>?
<1B?=1 9< 3?<?B5 5 <1 6B5C385JJ1
>?<DB5 C9 5F9D1>? @1CC1779 49 7ECD?
541<D5B1J9?>9 49 3?<?B5 45<<5 @1BD9 49
@<1CD931
S 1B5 @B9=1 B166B5441B5 7<9 1<9=5>D9
5<525F1>45 31<49 @?9 =5DD5B<9 >5<
6B97?B965B?
S '5B >?> @B579E4931B5 <1 39B3?<1J9?>5
45<<1B91 >?> ?CDBE9B5 <5 1@5BDEB5
49EC39D1 45<<1B91 3?> 1<9=5>D9
<9 1<9=5>D9 385 C?>? 3?>C5BF1D9
49B5DD1=5>D5 9>>1>J9 1<<5 1@5BDEB5
49EC39D1 45<<1B91 @?CC?>? 1>385
5CC5B5 3?>75<1D9 41<<1B91 6B5441
3855C35
7B
=<A75:7/;= 27 A7AB3;/@3 5:7 /:7;3<B7
1=;3 A35C3
S %5< 3?>75<1D?B5
CEB75<1D9 3E25DD9 49 7891339? 75<1D?
S %5< F1>? 389<<5B
@5C35 31B>5 5 C1<C93391
S *E9 B9@91>9 >5< 6B97?B965B? 41<<1<D? F5BC?
9<21CC?
@B?4?DD9 41 6?B>? 3929 @B?>D9 <1DD939>9
31B>5 5 C1<E=9
S %5< 31CC5DD? 45<<5 F5B4EB5
F5B4EB1 9>C1<1D1 6BEDD1
S %5<<? C3?=@1BD? @?BD1 41<<1<D? F5BC? 9<
21CC?
2EBB? 6?B=1779? E?F1 @B?4?DD9 9>
DE25DD? 2?DD97<95 @933?<5 2?DD97<95
7B1>49 <1DD5 CE3389 49 6BEDD1
<271/B=@3
27B3;>3@/BC@/
>?> 9> DEDD9 9 =?45<<9
"7<271/B=@3 27 B3;>3@/BC@/ 7<271/
B3;>3@/BC@3 7<43@7=@7 / M 5 C5BF5
@5B1335BD1B5 <1 >535CC1B91 B57?<1J9?>5
45< B57?<1D?B5 49 D5=@5B1DEB1
9C@?BB5 9< B57?<1D?B5 49 D5=@5B1DEB1
1C53?>41 45<<1 D5=@5B1DEB1 1=295>D5
DB1 9 >E=5B9 5 ?> @?CC929<9DU 49
B57?<1J9?>5 @B539C1 1< 7B14? B57?<1B5
CEM ? =5>?
?@? ?B5 AE1>4? <1 D5=@5B1DEB1
C9Y1221CC1D1 C?DD? ° F95>5
F9CE1<9JJ1D? J%!L 9> 31C? 3?>DB1B9?
B94EBB57B14E1<=5>D5 <1 D5=@5B1DEB1
/>/17BO CB7:3 B=B/:3
41D9 45< F?<E=5 ED9<5 C?>? 9>4931D9
CE<<1D1B785DD1 4945>D96931J9?>5
45<<1@@1B53389?
(35=:/H7=<3
1=@@3BB/
*3;>3@/BC@/
B@=>>= /:B/
(35=:/@3 :/
B3;>3@/BC@/ / C<
D/:=@3 7<43@7=@3
57
7B
=<53:/;3<B=
27/:7;3<B7 4@3A167
=<53:/@3 7< >@=>@7=
/:7;3<B7
'5B 3?>75<1B5 1<9=5>D9 9> @B?@B9? ED9<9JJ1B5
C?<? @B?4?DD9 6B5C389 5 9>D57B9
)=<= 72=<37 >3@ 7: 1=<53:/;3<B=
31B>9 54 9>C1331D9 49 31B>5 @?<<1=5 5 C5<f
F1779>1 @5C35 F5B4EB1 5B25 1B?=1f
D9385 6BEDD1 @B?4?DD9 41 6?B>? @9JJ1 3929
@B?>D9 B5CD9 49 1<9=5>D9 B?CC? 5 291>3?
4E?F?
$=< A=<= 72=<37 >3@ 7: 1=<53:/;3<B=
E?F1 9>D5B5 >5<<1 2E3391 @1>>1 13941
5=19?>5C5 9>C1<1D5 9> 6?7<91 B1F1>5<<9
B161>9 5 39@?<<5
)1=BB/@3 D3@2C@/ 3 4@CBB/
'5B 3?>C5BF1B5 3?<?B5 7ECD? 1B?=1
5F9D1=9>1 LN C3?DD1B5 <1 F5B4EB1 5 <1
6BEDD1 @B9=1 45< 3?>75<1=5>D?
'5B <1 C3?DD1DEB1 9==5B75B5 F5B4EB1 5
6BEDD1 @5B 2B5F5 D5=@? 9> 13AE1 2?<<5>D5
> <92B5B91 C?>? 9> F5>49D1 @E22<931J9?>9 CE<
3?>75<1=5>D? >5<<5 AE1<9 C9 45C3B9F5
1>385 9< @B?3549=5>D? 49 C3?DD1DEB1
58
=<43H7=</@3 /:7;3<B7
>DB?4EBB5 <1<9=5>D? >5<<1 3?>65J9?>5
1B5 EC39B5 3?=@<5D1=5>D5 <1B91
89E45B5 <1 3?>65J9?>5 5B=5D931=5>D5
*3B9F5B5 CE<<1 3?>65J9?>5 9< 3?>D5>ED?
5<1 41D1 49 3?>75<1=5>D?
;0/::/557= 72=<3=
6?7<9 49 @<1CD931 6?7<9 DE2?<1B9 49 @?<95D9<5>5
6?7<9 49 1<<E=9>9? 3?>D5>9D?B9 @5B CEB75<1D9
(E5CD9 @B?4?DD9 C?>? 49C@?>929<9 >59 >57?J9
C@5391<9JJ1D9
;0/::/557= <=< 72=<3=
31BD1 @5B 9=21<<1779? 31BD1 @5B71=5>1
35<<?61> C13385DD9 @5B B969ED9 C13385DD9 @5B
<1 C@5C1 EC1D9
#/B3@7/:7 /2/BB7 >3@ :/ 167CAC@/
1>5<<9 49 7?==1 3<9@ 49 @<1CD931 69<9 @5B
<571B5 >1CDB9 145C9F9 B5C9CD5>D9 1< 6B544?
5C9=9<9
C13385DD9 54 9 6?7<9 DE2?<1B9 49 @?<95D9<5>5
@?CC?>? 5CC5B5 C1<41D9 3?> E> C1<41D?B5
@5B 6?7<9 49 @<1CD931
7B
=<53:/@3
31=<A3@D/@3
1?C7AB/@3 AC@53:/B7
S ?>DB?<<1B5 385 <1 3?>65J9?>5 >?> C91
41>>57791D1
S ?>DB?<<1B5 <1 41D1 49 C3145>J1
S #1 D5=@5B1DEB1 >5<<5C@?C9D?B5f
3?>75<1D?B5 49 F5>49D1 45F5 5CC5B5
9>65B9?B5 1 M
<DB9=5>D9 <1 4EB1D1
493?>C5BF1J9?>5 49F5>D1 @9c 2B5F5
S +B1C@?BD1B5 7<9 1<9=5>D9 CEB75<1D9
@?CC929<=5>D5 9> E>1 2?BC1 D5B=931
53?>C5BF1B<9 @?9 1< @9c @B5CD? @?CC929<5
>5< 3?>75<1D?B5
)7AB3;/@3 5:7 /:7;3<B7
?>75<1B5 @B565B929<=5>D5 >5< 3?>75<1D?B5
B1@94? 7B1>49 AE1>D9DU 49 1<9=5>D9 AE5CD9 C9
3?>75<1>? AE9 =?<D? B1@941=5>D5 5 AE9>49
1>385 45<931D1=5>D5
*5 45F?>? 5CC5B5
3?>C5BF1D9 =?<D9CC9=9 1<9=5>D9 C9 @E_
5CDB1BB5 9< @B?4EDD?B5 49 7891339?
75C@/9
<9 1<9=5>D9 79U 3?>75<1D9 >?> 45F?>?
5>DB1B5 9> 3?>D1DD? 3?> 7<9 1<9=5>D9 41
3?>75<1B5
)C>3@4@33H3@
669>38Z >5<<9>DB?4EJ9?>5 49 1<9=5>D9
6B5C389 >?> F9 C91 E> 9>45C945B1D? 1E=5>D?
45<<1 D5=@5B1DEB1 @B5=5B5 9< @E<C1>D5
CE@5B6B55J5B AE1<385 ?B1 @B9=1 49
9>DB?4EBB5 7<9 1<9=5>D9 6B5C389
75C@/2
> 75>5B1<5 21CD1>? ?B5
*5 C9 FE?<5
C6BEDD1B5 <1 =1H
@?D5>J1 49 3?>75<1f
=5>D? C?>? >535CC1B95 ?B5
< CE@5B6B55J5B C9 C@57>5 1ED?=1D931f
=5>D5 4?@? =1CC9=? O 79?B>9
(/44@322/;3<B= @/>72=
EB1>D5 9< B166B5441=5>D? B1@94? 9< F1>?
6B97?B965B? YB166B5441D? AE1>D? @9c
@?CC929<5 @5B 31
?B5
> C57E9D? F95>5
B57?<1D? 1ED?=1D931=5>D5 1<<1
D5=@5B1DEB1 9=@?CD1D1 @B9=1 45<
B166B5441=5>D? B1@94?
>C5B9B5 9< B166B5441=5>D? B1@94? @5B5C
S 'B9=1 49>DB?4EBB5 7B1>49 AE1>D9DU 49
1<9=5>D9
S '5B 9< B166B5441=5>D? B1@94? 49 25F1>45
=<A3@D/H7=<3 235:7
/:7;3<B7 1=<53:/B7
'5B >?> @B579E4931B5 <1 39B3?<1J9?>5
45<<1B91 >5<<1@@1B53389? >?>
1331D1CD1B5 7<9 1<9=5>D9 ?<DB5 9< <9=9D5
CE@5B9?B5 49 31B93? >?> 9> DEDD9 9 =?45<<9
59
7B
#/AA7;/ >=AA707:7BO
271=<53:/;3<B=
<9 1<9=5>D9 45F?>? 5CC5B5 3?>75<1D9
>5<=9>?B D5=@? @?CC929<5 1>385 >5< <?B?
9>D5B>?
*?<? 3?C] C9 3?>C5BF1>? <5
F9D1=9>5 9< @?D5B5 >EDB9D9F? <1C@5DD? 54
9<7ECD?
'5B39_ >?> CE@5B1B5 <1 31@139DU
=1CC9=1 49 3?>75<1=5>D? 45<<1@@1B53f
389?
>4931J9?>9 CE<<1 =1H
@?CC929<9DU 49 3?>75f
<1=5>D? 9> ?B5 C?>? B9@?BD1D5 CE<<1
D1B785DD1 4945>D96931J9?>5
)>35<3@3 3 ;3BB3@3
4C=@7 A3@D7H7=
:/>>/@31167=
)>35<3@3 :/>>/@31167=
< @E<C1>D5 335C?*@5>D?
75C@/1
#3BB3@3 4C=@7 A3@D7H7=
:/>>/@31167=
*5 <1@@1B53389? B5CD1 9>ED9<9JJ1D? @5B
E><E>7? @5B9?4?
CDB1BB5 <1 C@9>1 41<9=5>D1J9?>5
)1=<53:/;3<B=
237>@=2=BB7 1=<53:/B7
*53?>4? 9< D9@? 5 <? C3?@? 4EC?
Y@?CC929<5 C357<95B5 6B1 <5 C57E5>D9
@?CC929<9DU
S 1 D5=@5B1DEB1 1=295>D5
S >5< 6B97?B965B?
S >5< 6?B>? 5<5DDB93? 3?>C5>J1 F5>D?<1
1B91 31<41
S >5< 6?B>? 1 =93B??>45
DD3@B3<H/
%?> 3?>75<1B5 49 >E?F? 7<9 1<9=5>D9
@1BJ91<=5>D5 5 3?=@<5D1=5>D5
C3?>75<1D9
CC9 @?CC?>? 5CC5B5 49 >E?F?
3?>75<1D9 C?<? 4?@? 1F5B5 @B5@1B1D? 3?>
5CC9 =5491>D5 AE1<C91C9 D9@? 49 3?DDEB1
3929 @B?>D9
%?> ED9<9JJ1B5 @9c 9>D5B1=5>D5 <1 4EB1D1
=1H
49 3?>C5BF1J9?>5
60
'E<9B5 <1@@1B53389?
#1C391B5 1@5BD1 <1 @?BD1 45<<1@@1B53f
389?
&C:7@3 :/>>/@31167=
CDB1BB5 <1 C@9>1 49 1<9=5>D1J9?>5 ?
49C9>C5B9B5 9< 49C@?C9D9F? 49 C93EB5JJ1
#1F1B5 <1 7E1B>9J9?>5 45<<1 @?BD1 C?<?
3?> 13AE1 @E<9D1 5 @?9 1C39E71B<1 3?>
3EB1
#1F1B5 <1@@1B53389? 3?> 13AE1 D95@941
5 @?3? 45D5BC9F?
?@? <1 @E<9J91 B93?<<571B5 54 1335>f
45B5 <1@@1B53389?
BB3<H7=<3
%?> EC1B5 @B?4?DD9 @5B @E<9J91 5 C?<F5>D9
389=939 3?>D5>5>D9 C12291 ? 13949
#13AE1 49 @E<9J91 >?> 45F5 @5>5DB1B5
>5<<5 65CCEB5
S >5<<1 @1BD5 1>D5B9?B5 45< 6?>4? >5<
3?>75<1D?B5
S @1>>5<<? 3?=1>49
S 5 >5<<9<<E=9>1J9?>5
%?> <1F1B5 =19 9 B9@91>9 54 9 3?>D5>9D?B9
>5<<1 <1F1CD?F97<95
(E5CD9 5<5=5>D9 C9
@?CC?>? 456?B=1B5
7B
(7A>/@;7/@3 3<3@57/
S >CD1<<1B5 <1@@1B53389? E> 9> 1=295>D5
1C39EDD? F5>D9<129<5 >?> 5C@?B<?
49B5DD1=5>D5 1< C?<5 ? F939>? 14 E>1
6?>D5 49 31<?B5 @5B 5C
31<?B965B? CDE61
<DB9=5>D9 EC1B5 E> @1>>5<<? 9C?<1>D5
S #1C391B5 B166B5441B5 6E?B9
45<<1@@1B53389? 7<9 1<9=5>D9 5 <5
25F1>45 31<49
S '5B C3?>75<1B5 9 CEB75<1D9 =5DD5B<9 >5<
6B97?B965B?
*9 ED9<9JJ1 3?C] 9< 6B544?
45<<1<9=5>D? 3?>75<1D? @5B B166B5441B5
7<9 1<9=5>D9 >5< 6B97?B965B?
S @B9B5 <1 @?BD1 45<<1@@1B53389? 9< D5=@?
@9c 2B5F5 @?CC929<5
S '5B 5F9D1B5 E> =1779?B5 3?>CE=? 49
5>5B791 5<5DDB931 <1 @1BD5 @?CD5B9?B5
45<<1@@1B53389? 4?FB5225 5CC5B5 @E<9D1
?7>9 D1>D? 3?> E> 1C@9B1@?<F5B5 ? 3?>
E> @5>>5<<?
(C;=@7
274C<H7=</;3<B=
(C;=@7 <=@;/:7
(=<H7= 9< 7BE@@? 6B97?B965B? Y 9> 6E>J9?>5
=@5=5:7= A1@=A17= ? @=<H7= 45B9F1>?
41< B56B975B1>D5 385 C3?BB5 1DDB1F5BC?
9DE29
)1/BB= 9< =?D?B5 C9 1335>45 ? C9
C@57>5
@3>7B7= Y 9> 3?BC? <? C2B9>1=5>D?
1ED?=1D93?
(C;=@7 4/17:7 2/ 3:7;7</@3
"/>>=557= 23::/>>/@31167= <=<
RAB/07:3
#9F5<<1B5 <1@@1B53389? @5B =5JJ? 49 E>1
<9F5<<1 1 2?<<1 41B91
,D9<9JJ1B5 1 D1< 69>5
9@9549>9 1 F9D5 ?@@EB5 9>C5B9B5 C@5CC?B9
C?DD? 9 @9549>9
"/>>/@31167= R 7< 1=<B/BB= :/B3@/:3
<<?>D1>1B5 <1@@1B53389? 419 =?29<9
?1@@1B53389 3?> 9 AE1<9 Y 9> 3?>D1DD?
/AA3BB7 13AB7 = @7>7/<7 D70@/<= = A=<=
7<1/AB@/B7
?>DB?<<1B5 7<9 5<5=5>D9 5CDB1929<9 54
5F5>DE1<=5>D5 B9@?C9J9?>1B<9
=BB75:73 3 1=<B3<7B=@7 A7 B=11/<= 4@/
:=@=
*5@1B1B5 <5 2?DD97<95 ? 9 3?>D5>9D?B9
61
7B
:7;7</@3 2/ A=:7 >711=:7 5C/AB7
&@7;/ 27 @7D=:53@A7 /: A3@D7H7= /AA7AB3<H/ 1:73<B7
@B?F1B5 14 5<9=9>1B5 1ED?>?=1=5>D5 <9>3?>F5>95>D5 3?> <19ED? 45<<5 C57E5>D9
9CDBEJ9?>9
> 31C? 49>D5BF5>D? 45< C5BF9J9? 1CC9CD5>J1 3<95>D9 1>385 4EB1>D5 9< @5B9?4? 49 71B1>J91
9< 49B9DD? 69CC? 49 3891=1D1 45< D53>93? Y 1 31B93? 45< 3<95>D5
.,-(
., )(,,""%
"&"(
8 +6-?83 -+=3 ,+=>+ =:/18/</
6+::+</--239 :/< 738?>3
-&)+-.+ ,"
",(,- '(-/(%&'-
%% "&)(,-2"('"
"'"2"%"
8 -+=9 .3 38=?--/==9 <3:<9@+</ .9:9
?89<+
%/ 6+ >/7:/<+>?<+ L ><9::9 %-
-98><966+</ .9:9 ;?+6-2/ 9<+ =/
@3L=>+>+ ?8+ 89<7+63DD+D398/ ./66+
>/7:/<+>?<+
%/ 6+ >/7:/<+>?<+ L ><9::9 ,,
<3-98><966+</ 6+ >/7:/<+>?<+ 36 139<89
=/1?/8>/
"%%.&"'2"(' '('
.'2"('
+ 6+7:+.+ + 38-+8./=-/8D+
8/60<319<30/<9 9 8/6 -981/6+>9</
L0?6738+>+
%9=>3>?3</ 6+ 6+7:+.38+ +.
38-+8./=-/8D+ " .+0
=><+<</ 6+ =:38+ .+637/8>+R
D398/ 9::?</ .3=38=/<3</
36.3=:9=3>3@9 .3 =3-?</DD+
%9=>3>?3</ 6+ 6+7:+.38+
6+7:+.38+ .3 <3-+7,39 7+B
) ( -9<</8>/
+6>/<8+>+ :9<>+6+7:+.+ 8>/<<?>>9</ ,69--+>9
" .+1( 1
98><966+</ =/ =3 7?9@/
"'"2"(' %
)''%%( (&'"
5, (' %.&"'(,"-3
+"(--
%/ 6+::+</--239 </=>+ 38?>363DD+>9
:/< -3<-+ 9</ 638.3-+D398/ ./6
:+88/669 -97+8.3 :+==+ + 79.9
<3=:+<739 /8/<1/>3-9
98 +::/8+ 6+::+</--239 L .3 8?9@9
38 ?=9 :/< /= 38 -+=9 .3 +:/<>?<+
./66+ :9<>+ 638.3-+D398/ =3<3+--/8./
-98 366?738+D398/ 89<7+6/
.-- % ,)" ,)'-
8>/<<?D398/ ./66/8/<13+ /6/>><3-+
L =-+>>+>9 36 .3=:9=3>3@9 .3 =3-?R
</DD+ 6+ =:38+ .+637/8>+D398/
898 L 38=/<3>+ -9<</>>+7/8>/
98><966+</ =/ @3 L /8/<13+ /6/>><3-+
36.3=:9=3>3@9 .3 =3-?</DD+ ./@/ /==/</
38=/<3>9
62
7B
.,-(
., )(,,""%
"&"(
-&)+-.+ '%
(' %-(+ 5 -+())(
%-
S "9<>+ ./6 -981/6+>9</ +:/<>+
23?./</ 6+ :9<>+
S / +:/<>?</ .3 +006?==9 /./R
06?==9 ./66+<3+ =989 9=><?3>/
"<9@@/./</ +6 -9<</>>9 +006?==9
/./06?==9 ./66+<3+
S %989 =>+>3 -98=/<@+>3 ><9::3
+637/8>3 0</=-23 .+ -981/6+</
38?8+ =96+ @96>+
98 =?:/<+</ 6+ :9==3,363>H .3-981/6+R
7/8>9 7+==37+
/@+:9<+>9</ 1/8/<+>9</
./60</..9 8/6 =3=>/7+ 9<9=>
L>+67/8>/ 123+--3+>9 -2/
898<3/=-/ :3P + =,<38+<=3
+?>97+>3-+7/8>/
"/< =,<38+</ 6/@+:9<+>9</ /=><+<</
163+637/8>3 -981/6+>3 -98 3 -98>/83>9<3
/./:9<63 ,/8 3=96+>3 38 ?8 6?919 0</=-9
)(+- % (' %-(+
5+"&,- )+- -+())(
%.' ( '(' 5 )"8
)(,,""% + ".' +
%-&)+-.+
%:/18/</ 6+::+</--239 /.
+6698>+8+<69 .+6 7?<9 +=-3+</ +:/<>+
6+ :9<>+ ./66+::+</--239
9:9 -+
738 6+-;?+ .3 =,<38+R
7/8>9 -9738-3+ + 19--396+</ 8/66+
@+=-2/>>+ ./@+:9<+D398/ " .+q
=?6 6+>9 :9=>/<39</ ./66+::+</--239
"/< /@3>+</ 38;?/=>9 -+=9 -2/ 6+
@+=-2/>>+ ./@+:9<+D398/ ><+,9--23
+==9<,3</ 6+-;?+ .3 =,<38+7/8>9 -98
?8+ =:?18+
#?+8.9 8/66+ @+=-2/>>+ ./@+:9<+R
D398/ 898 =-9<</ :3P +-;?+ .3 =,<38+R
7/8>9 6/@+:9<+>9</ L =,<38+>9
"?63</36 @+89 38>/<89 $37/>>/</
6+::+</--239 38 0?8D398/
)3@D7H7= /AA7AB3<H/
1:73<B7
45< @B?4?DD? f%B
5 9< >E=5B? 49
6122B931J9?>5 45<<1@@1B53389?
+B?F1D5 AE5CD9 41D9 CE<<1 D1B785DD1
4945>D96931J9?>5
75C@/w
+B?F1D5 E> 35>DB? 41CC9CD5>J1 3<95>D9
>4931>4? <1 C97<1 45< @B?4?DD? 54
1F?9F939>? >5<<5<5>3? D5<56?>93? ?@@EB5
9<>E=5B? 49 6122B931J9?>5 3?>DB92E9D5
>5<<5<5>3? 45< C5BF9J9? 1CC9CD5>J1 3<95>D9
145F9D1B39 9>D5BF5>D9 9>ED9<9
)9C@1B=91D5
>4931D5 1< C5BF9J9? 1CC9CD5>J1 3<95>D9 <1 C97<1
3?C] <1 B5<1D9F1 =1779?B5 C@5C1
63
<:
/<E78H7<53< =D3@
23/4D=3@
x 4D=3@3< D/< 23
D3@>/997<5 D/< CE <73CE3
/>>/@//B
5 F5B@1;;9>7 25C385B=D EG 1@@1B11D
D575> DB1>C@?BDC38145
5 752BE9;D5
=1D5B91<5> J9:> ?>C38145<9:; F??B 85D
=9<95E 5> ;E>>5> ?@>95EG G?B45>
752BE9;D
5<@ 411B?= =55 5> J?B7 41D
45 F5B@1;;9>7 =9<95EFB95>45<9:; G?B4D
1675F?5B4
!
-//@A16CE7<5
9: 167541>;D5 1@@1B1D5>
*D5;;5B E9D 85D CD?@3?>D13D DB5;;5>
1>C<E9D;125< 4??B;>9@@5> 5> C1=5>
=5D 45 CD5;;5B F5BG9:45B5>
"?5<1@@1B1D5> 25F1DD5> ;?5<=9445< 5>
9>45 9C?<1D95 71C
495 J?B7FE<497 =?5D5>
G?B45> 1675F?5B4
$5D 85D ??7 ?@ 55>
4?5<=1D975 5> =9<95EFB95>45<9:;5 16F?5B
=?75> 45 <5949>75> F1> 85D ;?5<39B3E9D D?D
85D =?=5>D F1> DB1>C@?BD >95D
25C3814974 G?B45>
, ;E>D 29: EG <5F5B1>395B ?6 29: 45
B59>979>7C495>CD 9> EG 75=55>D5
9>6?B=5B5> 8?5 E EG ?E45 1@@1B11D 5>
85D F5B@1;;9>7C=1D5B911< F1> 85D >95EG5
1@@1B11D ;E>D <1D5> 16F?5B5> F??B 55>
=9<95EFB95>45<9:;5 F5BG5B;9>7
,37:756372A03>/:7<53<
3< E//@A16CE7<53<
x 4D=3@ D/< 63B =C23
/>>/@//B
#55C 45 752BE9;C11>G9:J9>7 5> 85D
9>CD1<<1D95F??BC38B96D >1EG;5EB97 4??B
, F9>4D 411B9> 25<1>7B9:;5 9>6?B=1D95 ?F5B
@<11DC9>7 752BE9; 5> ?>45B8?E4 F1> 85D
1@@1B11D
5G11B 45 752BE9;C11>G9:J9>7 5> 85D
=?>D175F??BC38B96D F??B <1D5B 752BE9;
?6F??B 55> 5F5>DE5<5 <1D5B5 25J9DD5B
&E45 1@@1B1D5> J9:> 755> G11B45<??C
16F1<
??B 55> =9<95EFB95>45<9:;5 16F?5B ;E>>5>
G11B45F?<<5 7B?>4CD?665> G?B45>
D5BE775G?>>5>
9D 1@@1B11D 9C 75;5>=5B;D 9>
?F5B55>CD5==9>7 =5D 45 EB?@5C5
B938D<9:> 25DB5665>45
167541>;D5 5<5;DB9C385 5>
5<5;DB?>9C385 1@@1B1DEEB G1CD5
5<53DB931< 1>4 5<53DB?>93 5AE9@=5>D g
.
5J5 B938D<9:> 7556D 85D ;145B 11>
F??B 55> 9> 45 , 75<45>45
D5BE7>1=5 5> F5BG5B;9>7 F1> ?E45
1@@1B1D5>
64
,==@2/B C 63B />>/@//B
7<530@C79 <33;B
<:
*316<7A163 D37:756372
78 63B 530@C79
S 5D 1@@1B11D 25F1D 55> 75B9>75
8?5F55<8594 F1> 85D =9<95EFB95>45<9:;5
=11B 2B1>421B5 ;?5<=9445< )1
#5D
5B?@ 41D 45 <5949>75> F1> 85D ;?5<39B3E9D
29: 85D DB1>C@?BD ?6 45 9>CD1<<1D95 >95D
25C3814974 G?B45>
"?5<=9445< 41D
>11B 2E9D5> C@E9D ;1> F<1= F1DD5> ?6 D?D
??7<5DC5< <5945>
S %??9D 5<5;DB9C385 1@@1B1D5> 9> 85D
1@@1B11D 752BE9;5> 29:F
F5BG1B=9>7Cf
1@@1B1D5> 5<5;DB9C385 9:C25B5945B 5D3
!/<A => 3F>:=A73
78 03A16/2757<5
&@5> FEEB ?6 1>45B5 ?>DCD5;9>7Cf
2B?>>5> E9D 45 2EEBD F1> 85D 1@@1B11D
8?E45>
)E9=D5 754EB5>45 55> @11B =9>ED5>
7?54 <E38D5>
@@1B11D E9DC381;5<5> 5> 45 CD5;;5B
E9D 85D CD?@3?>D13D DB5;;5>
?>D13D ?@>5=5> =5D 45
*5BF935495>CD
?5 =55B ;?5<=9445< 85D 1@@1B11D
25F1D 45C D5 7B?D5B =?5D 45 BE9=D5 J9:>
G11B9> 85D 1@@1B11D G?B4D ?@75CD5<4
>55> D5 ;<59>5 BE9=D5 ;1> 29: 55> <5;
55> ?>DF<1=211B =5>7C5< F1> 71C 5>
<E38D ?>DCD11>
'5B 7 ;?5<=9445< =?5D 45 BE9=D5
=9>9=11< = 7B??D J9:>
58?5F55<8594 ;?5<=9445< 9> EG
1@@1B11D F9>4D E ?@ 85D DI@5@<11D:5
11>45 29>>5>;1>D F1> 85D 1@@1B11D
S 5D F5BF1>75> F1> 45 5<5;DB9C385 ;125<
5> 1>45B5 B5@1B1D95C =?75> 1<<55> 4??B
45 *5BF935495>CD G?B45> E9D75F?5B4
&>F1;;E>4975 9>CD1<<1D95 5> B5@1B1D95C
;E>>5> 7B??D 75F11B ?@<5F5B5> F??B 45
25J9DD5B
S 5D 1@@1B11D >??9D =5D 55> CD??=f
B59>975B ?>D4??95> ?6 C38??>=1;5>
585D5 CD??= ;1> 9> 45 5<5;DB9C385
?>45B45<5> D5B538D;?=5> 5> ;?BDf
C<E9D9>7 F5B??BJ1;5>
!/<A => 33< 3:39B@7A163 A16=9
S 52BE9; 755> @E>D975 ?6 C385B@5
F??BG5B@5> ?= 55> <117 9:C ?6 B9:@
D5F5BG9:45B5>
95B4??B ;E>D E 45 ;?5<<5949>75>
25C3814975>
"?5<=9445< 41D >11B
2E9D5> C@E9D ;1> F<1= F1DD5> ?6 D?D
??7<5DC5< <5945>
S 55> @B?4E3D5> =5D 2B1>421B5 4B9:6f
71CC5> 29:F
C@E9D2ECC5> 5> 755>
5H@<?C95F5 CD?665> 9> 85D 1@@1B11D
?@C<11>
3D//@ D==@ 3F>:=A73
S '<9>D E9DDB5;21B5 =1>45> ?6 <145>
45EB5> 5D3
>95D 1<C ?@CD1@:5 752BE9;5>
?6 ?= ?@ D5 <5E>5>
S B1>;5> =5D 55> 8??7 1<3?8?<@5B35>f
D175 1<D9:4 7?54 1675C<?D5> 5> CD11>4
25G1B5>
S &= D5 ?>D4??95> ?6 D5 B59>975> 85D
1@@1B11D E9DC381;5<5> CD5;;5B E9D 85D
CD?@3?>D13D DB5;;5> ?6 45 J5;5B9>7
E9DC381;5<5> B5C@
<?C4B1195>
<D9:4 11> 45 CD5;;5B DB5;;5> >??9D
11>45 11>C<E9D;125<
S 0?B7 41D 45 ;E>CDCD?6 45<5> 5> 45
45EB164938D9>7 >95D =5D ?<95 ?6 F5D 9>
11>B1;9>7 ;?=5>
05 ;E>>5> @?B5EC
G?B45>
S 5 25f 5> ?>D<E38D9>7C?@5>9>75> F1>
85D 1@@1B11D >??9D 1645;;5>
65
<:
S 9D 1@@1B11D =17 4??B @5BC?>5> =5D
25@5B;D5 <9381=5<9:;5 ?6 755CD5<9:;5
F5B=?75>C =?D?B9C385 CD?B9>75> ?6
752B5;;975 ;5>>9C 1<<55> ?>45B D?5J938D
?6>1 E9DF?5B975 9>CDBE3D95 752BE9;D
G?B45>
!7<23@3< 7< 63B 6C7A6=C23<
S -5B@1;;9>7C=1D5B911< 5> ?>45B45<5>
5BF1> J9:> 755> C@55<7?54 F??B
;9>45B5>
-5BCD9;;9>7C75F11B 4??B
?@F?EG21B5 ;1BD?>>5> 4?J5> 5> 6?<95
S 5D 1@@1B11D 9C 755> C@55<7?54 F??B
;9>45B5>
S 9: 55> 1@@1B11D =5D 45EBC<?D C<5ED5<
2E9D5> 85D 25B59; F1> ;9>45B5> 25G1B5>
:53;3<3 03>/:7<53<
5D 1@@1B11D 9C 75C389;D F??B 85D ;?5<5>
5> 9>FB95J5> F1> <5F5>C=9445<5> 5> F??B
85D 25B5945> F1> 9:C
5D 1@@1B11D 9C
25CD5=4 F??B 8E9C8?E45<9:; 752BE9;
5D 1@@1B11D 9C ?>DCD??B4 F?<75>C
,fB938D<9:> 5D ;?5<39B3E9D 9C ?@ 4938D8594 753?>f
DB?<55B4
9D 1@@1B11D F?<4?5D 11> 45 F59<97f
8594C25@1<9>75> F??B 5<5;DB9C385
1@@1B1D5> %
66
<:
!3<<7A;/97<5 ;3B 63B
/>>/@//B
40
1
>95D 29: 1<<5 =?45<<5>
3273<7<5A>/<33:
3B D=:/CB=;/B7A163 $=@=AB[AGAB33;
@=AB@33 D==@9=;B 2/B H716 78A
D=@;B 7< 63B />>/@//B
%<B2==73<
7A<73B ;33@ <==2H/93:789
*=3BA /<+7B
"716BA16/93://@ D@73AD/9
)<3:D@73AD/9
< H= 4C<1B7=<33@B 63B
A03@3723@
5 <5F5>C=9445<5> G?B45> 4??B 55>
CDB??= ;?E45 <E38D 9>75FB?B5>
5 F5Bf
41=@5B 9> 85D %?B?CDfCICD55= ;?5<D 45
<E38D 9> 85D 1@@1B11D
5 ;?E45 <E38D
G?B4D 4??B 55> F5>D9<1D?B 9> 85D 1@@1B11D
F5B455<4
5 F?38D978594 9> 45 <E38D 3?>f
45>C55BD ?@ 45 F5B41=@5B 495 9>495>
>?497 F?<1ED?=1D9C38 ?>D4??94 G?B4D
,==@@//20/983 D==@ 78A0:=983A
"716BA16/93://@ 9=3:@C7;B3
67::3@D/9
"C16B=>3<7<5
7<<3<D3@:716B7<5
"35@==AB3@A
&:/B3/CA 7< 23 9=3:@C7;B3
:3AA3<@39
+7BB@390/@3 :/23
@=3<B3[ 3< 4@C7B:/23
)16@=34D=3B83A
,3@:716B7<5 273>D@73A@C7;B3
,==@@//2D/9 D==@ 273>D@73AE/@3<
=B3@[ 3< 9//AD/9
5D 4??9G1D5B G?B4D >11B 45 ;?5<E>9D
75<594 G11B 85D F5B41=@D
5 495@FB95Cf
BE9=D5 5> 45 495@FB95CG1B5> 495 J938
411B9> 25F9>45> G?B45> 9:CFB9: 758?E45>
73@@3983
5 <11DCD5 2<14J9:45 =5D 45 16255<49>75>
E9D;<1@@5>
5J5 752BE9;C11>G9:J9>7 9C
?@=55B 41> ZZ> DI@5 F1> D?5@1CC9>7
,==@@//2D/9 D==@ BC03A 3< 0:7983A
,/9 D==@ 5@=B3 4:3AA3<
"<59>5 16G9:;9>75> 9> 45 16255<49>75> J9:>
=?75<9:;
!==:AB=447:B3@A
3B D@73AD/9
!=3:@C7;B3
67
<:
S 29: 85D 9> 752BE9; >5=5> F1> 85D
1@@1B11D
3273<7<5A>/<33:
S 9: 85D 9><145> F1> 7B?D5 8?5F55<f
8545> F5BC5 <5F5>C=9445<5>
40
2
<AB3:B=3BA D==@ 23 9=3:@C7;B3
5 D5=@5B1DEEB 9> 45 ;?5<BE9=D5 ;1>
F1> M D?D M G?B45> 9>75CD5<4
5 D?5DC >5D J? F11; 9>4BE;;5> D?D 85D
75G5>CD5 D5=@5B1DEEB9>4931D95f<1=@:5
2B1>4D
S <C 45 45EB F1> 45 495@FB95CBE9=D5
D5<1>7 ?@5>CD11D
5D 2B1>45>45 <1=@:5 7556D 11> 41D
85D CE@5BFB95CCICD55= 9C 9>75f
C381;5<4
+9:45>C 85D CE@5B;?5<5>
G?B4D 45 ;?5<BE9=D5 31
<1>7 J?
;?E4 =?75<9:; 75;?5<4
95B>1 G?B4D
1ED?=1D9C38 ?=75C381;5<4 >11B
45F``B 85D CE@5B;?5<5> 9>75CD5<45
D5=@5B1DEEB
<AB3:B=3BA D==@ 23 273>D@73A@C7;B3
5 D5=@5B1DEEB 9> 45 495@FB95CBE9=D5
;1> F1> M D?D M G?B45>
9>75CD5<4
5 D?5DC >5D J? F11; 9>4BE;;5> D?D 85D
75G5>CD5 D5=@5B1DEEB9>4931D95f<1=@:5
2B1>4D
5D D5=@5B1DEEB1<1B=C97>11< G?B4D
1ED?=1D9C38 9>75C381;5<4 1<C 85D 9>
45 495@FB95CBE9=D5 D5 G1B= 9C
<C 2?F5>495> 45 1<1B=D?5DC ;>9@@5BD
41> J9:> 45 495@FB95CG1B5> 9> 75F11B
5D 45EBf1<1B=C97>11< G?B4D
9>75C381;5<4 1<C 55> F1> 45 45EB5>
F1> 85D 1@@1B11D D5 <1>7 ?@5>CD11D
0?>45B 75F11B F??B 45 495@FB95CG1B5>
;1> 85D 1<1B=C97>11< D5 8?B5> J9:>
68
5D CE@5B;?5<CICD55= 9>C381;5<5>
29:F
S -``B 85D 9><145> F1> 7B?D5
8?5F55<8545> <5F5>C=9445<5>
:/@;B=3BA
&= 85D D5=@5B1DEEBf1<1B=C97>11<
5>85D 45EBf1<1B=C97>11< E9D D5
C381;5<5>
)C>3@9=3:3< *=3BA
S &= 4B1>;5> C>5< D5 ;?5<5>
*3;>3@/BCC@7<271/B73 !=3:@C7;B3
5 39:65BC 29: 85D D5=@5B1DEEB9>4931D95f
<1=@:5 ;?=5> ?F5B55> =5D 45
D5=@5B1DEB5> 9> 45 ;?5<BE9=D5 9>M
5D 2B1>45>45 <1=@:5 7556D 45
9>75CD5<45 D5=@5B1DEEB 11>
<:
)C>3@D@73H3< *=3BA
&= 85D CE@5BFB95CCICD55= 9> 5> E9D D5
C381;5<5>
-``B 85D 9><145> F1> 7B?D5 8?5F55<f
8545> F5BC5 <5F5>C=9445<5> =55B
41> ;7 85D CE@5BFB95CCICD55=
9>C381;5<5>
??B711>C 9C EEB F1> D5F?B5>
F?<4?5>45
.9<D E 45 9>FB95C31@139D59D
D5> F?<<5 25>EDD5> 41> =?5D 85D
CE@5BFB95CCICD55= 1< EEB D5F?B5>
G?B45> 9>75C381;5<4
%1 31
O4175> C381;5<D 85D
1@@1B11D 1ED?=1D9C38 ?= >11B 45
F``B 85D CE@5BFB95J5> 9>75CD5<45
D5=@5B1DEEB
*3;>3@/BCC@7<271/B73
73>D@73A@C7;B3
5 39:65BC 29: 45 D5=@5B1DEEB9>4931D95f
<1=@:5C ;?=5> ?F5B55> =5D 45
D5=@5B1DEB5> 9>M 9> 45 495@FB95Cf
BE9=D5
5D 2B1>45>45 <1=@:5 7556D 45
9>75CD5<45 D5=@5B1DEEB 11>
>>/@//B =>AB3::3<
5C389;D F??B 85D ?@CD5<<5> J9:> 4B?75
F5>D9<55B21B5 F5BDB5;;5>
5D 1@@1B11D
<956CD >95D 49B53D 9> 45 J?> ?6 >11CD 55>
6?B>E9C F5BG1B=9>7CB1491D?B ?6 1>45B5
G1B=D52B?> @<11DC5>
C @<11DC9>7 >11CD
55> G1B=D52B?> >95D D5 F5B=9:45> =11;
41> 752BE9; F1> 55> 9C?<5B5>45 @<11D ?6
>55= 45 F?<75>45 =9>9=E=16CD1>45> 9>
138D
>11CD 55> 5<5;DB9C38 6?B>E9C
>11CD 55> -f9>CD1<<1D95
3=
3=
@@1B1D5> =5D 11>752B138D5 81>4f
7B5@5> =?5D5> 11> 45 11>C<17J9:45
=9>CD5>C == 16CD1>4 D?D 45 =EEB
85225> J?41D 45 45EB M ;1> G?B45>
75?@5>4
%;53D7<5AB3;>3@/BCC@
5 ;<9=11D;<1CC5 CD11D ?@ 85D DI@5@<11D:5
95B4??B G?B4D 11>7575F5> 29>>5> G5<;5
?=75F9>7CD5=@5B1DEB5> 85D 1@@1B11D
752BE9;D ;1> G?B45>
$%"&-$%,,
-( ,-'
$&+-&)+-..+
M >9> M
M >9> M
M >9> M
M >9> M
69
<:
3:C16B7<5
40
3
5 <E38D 11> 45 138D5BJ9:45 F1> 85D
1@@1B11D G?B4D G1B=
5 F5BG1B=45
<E38D =?5D ?>7589>45B4 1675F?5B4
;E>>5> G?B45>
>45BC =?5D 45
;?5<=1389>5 =55B @B5CD5B5> G11B4??B
85D 5>5B795F5B2BE9; D?5>55=D
5 25 5> ?>D<E38D9>7C?@5>9>75> =?75>
41> ??; >??9D G?B45> 167545;D
>>/@//B //<A:C7B3<
%1 85D ?@CD5<<5> F1> 85D 1@@1B11D 495>D
=5> =9>CD5>C
OEEB D5 G138D5> 1<F?B5>C
85D 9> 752BE9; D5 >5=5>
+9:45>C 85D
DB1>C@?BD ;1> 85D 7525EB5> 41D 45 ?<95
F1> 45 3?=@B5CC?B 9> 85D ;?5<CICD55=
D5B538D ;?=D
-??B41D E 85D 1@@1B11D F??B 85D 55BCD
9>752BE9; >55=D 45 29>>5>;1>D F1> 85D
1@@1B11D C38??>=1;5>
J95*38??>=1;5>
5D CD?@3?>D13D =?5D 75=1;;5<9:; D5
25B59;5> J9:>
5D 1@@1B11D E9DC<E9D5>4 F91 55> F?<75>C
45 F??BC38B96D5> 11>752B138D B1>4f
7511B4 CD?@3?>D13D =5D 55> J5;5B9>7 F1>
1=@YB5 ?6 =55B ?@ g - J
G9CC5<CDB??= 11>C<E9D5>
5D CD?@3?>D13D
=?5D J9:> 25F59<974 =5D 55> J5;5B9>7 F1>
?6 =55B
78 />>/@/B3< 273 7< <73B C@=>3A3
:/<23< E=@23< 530@C79B => 63B BG>3[
>://B83 1=<B@=:3@3< =4 23 //<A:C7B[
A>/<<7<5 3< 23 AB@==;A==@B
=D3@33<9=;3< ;3B 23 E//@23< D/<
CE 3:39B@717B37BA<3B
3B BG>3>://B83
03D7<2B H716 :7<9A =<23@//< 7< 63B
/>>/@//B
3< 3D3<BC33: <==2H/93:7893
D3@D/<57<5 D/< 23 //<A:C7B9/03: ;/5
/::33< 2==@ 33< D/99C<275 ;=<B3C@
E=@23< C7B53D=3@2
70
<A16/93:3< D/<
63B/>>/@//B
+?5DCf1>,9D 40
1 9>4BE;;5>
5D 1<1B=C97>11< 9C D5 8?B5>
??B
451<1B=D?5DC 9> D5 4BE;;5> 711D 85D
1<1B=C97>11< E9D
5 1<1B=D?5DC 2B1>4D D?D 45 9>75CD5<45
D5=@5B1DEEB 9C 25B59;D
<AB3::3< D/< 23 B3;>3@/BCC@
>CD5<D?5DC F??B 45 D5=@5B1DEEB 9> 45 ;?5<f
?6 495@FB95CBE9=D5 55> 11>D1< ;5B5>
9>4BE;;5> D?D 85D 75G5>CD5 D5=@5B1DEEBf
<1=@:5 2B1>4D
??B 45 612B95; J9:> 45 F?<75>45
D5=@5B1DEB5> 11>25F?<5> 5> 1<C J?41>97
9>75CD5<4
"?5<BE9=D5
95@FB95CBE9=D5
M
M
5F?5<975 <5F5>C=9445<5> >95D G1B=5B
41> 29: M 25G1B5>
<:
<3@57303A>/@7<5A;=2CA
<C 85D 1@@1B11D 31
EEB >95D 752BE9;D
G?B4D C381;5<D 45 9>4931D95 F1> 85D
25495>9>7C@1>55< ?@ 45 5>5B79525f
C@1B9>7C=?4EC ?=
<<55> 45 >??4J1;5<9:;5 <1=@:5C 2B1>45>
>?7 =5D F5B=9>45B45 <938DCD5B;D5
0?4B1 85D 1@@1B11D G55B 9> 752BE9; 9C
29:F
29: 85D ?@5>5> F1> 45 45EB C381;5<D
45 9>4931D95 G55B ?@ 45 >?B=1<5
F5B<938D9>7 ?=
+7BD=3@7<5
"35>:/B3/CA
,==@@//2D/993<
, ;E>D 45 <57@<1D51EC 9> 45 29>>5>BE9=D5
5> 45 F??BB114F1;;5> 9> 45 45EB g 9>495>
>?497 g F1B9\B5> <57@<1D51E >11B F?B5>
DB5;;5> 95DC <1D5> J1;;5> 5> J9:45<9>7C
5BE9D JG5>;5>
-??BB114F1; 95DC ?@D9<<5>
5> 5BE9D 81<5>
/<E78H7<53< 078 63B 530@C79 67::3@D/9
S ??B 85D F?<1ED?=1D9C385 %?6B?CDf
CICD55= 2<9:F5> 45 495@FB95CBE9=D5 5>
45 ;?5<BE9=D5 9:CFB9:
&>D4??95> 9C >95D
>?497
S 5 F??BJ9:45 F1> 85D 1@@1B11D 138D5B
4545EB G?B4D 75455<D5<9:; <938D
F5BG1B=4 G11B4??B 45 F?B=9>7 F1>
3?>45>CG1D5B 9> 45 2EEBD F1> 45
45EB164938D9>7 G?B4D F??B;?=5>
S <C 45 45EB F1> 45 495@FB95CBE9=D5 >1
85D C<E9D5> >95D =5D55> G55B 75?@5>4
;1> G?B45> DG55 D?D 4B95 =9>ED5>
G138D5> D?D 45 ?>DCD1>5 ?>45B4BE; 9C
?@7585F5>
40
4
5 2?45= F1> 85D F1; >11B F?B5>
DB5;;5>
5 ;<5@ 711D ?@5>
> 85D 389<<5BF1; 855BC5> <175B5 D5=@5f
B1DEB5> 41> 9> 45 ;?5<BE9=D5
B;E>>5>
??; D5=@5B1DEB5> ?>45B M ?@DB545>
4511< F??B 85D 25G1B5> F1> F9C F<55C 5>
G?BCD
%95D 75C389;D F??B C1<145C 7B?5>D5
5> ;?E4575F?5<975 <5F5>C=9445<5>
A03@3723@
40
5
5D 9:C21;:5 5BE9D 81<5> F??B P =5D
G1D5B FE<<5> 5> G55B 9> 45 495@FB95Cf
BE9=D5 J5DD5>
<C 45 9:C2<?;:5C 25FB?B5> J9:> 45
4B1197B5@5> F1> 45 9:C21;:5C 55> 11>D1<
;5B5> >11B B538DC 4B1195> 5> <?C<1D5>
5 9:C2<?;:5C <1D5> <?C 5> F1<<5> 9> 85D
F??BB11421;:5
!C2<?;:5C E9D 85D F??BB11421;:5 81<5>
71
<:
+7BB@390/@3 D==@@//2:/23
40
6
&= 45 <145 D5 FE<<5> ?6 <557 D5 =1;5>
;E>D E 85= F5BG9:45B5>
11BD?5 D9<D E
45<145 ?@
5 8?E45B F1> 45 <145 9C
F1B9125<
:3AA3<@39
40
7
> 45 6<5CC5>B5; ;E>>5> 6<5CC5> F59<97
G?B45> 25G11B4
*3;>3@/BCC@[ 3<
D=16B756372A@353://@
D==@5@=3<B3:/23
40
8
9: 85D :/<52C@75 =>A://< F1> 7B?5>D5
C<1 6BE9D 45 B575<11B 85<5=11< >11B B538DC
C38E9F5>
5 25<E38D9>7C?@5>9>7 9C ?@5>
g <175 <E38DF?38D978594 g 45 D5=@5B1DEEB
G?B4D ;?E45B
9: 9=@BAB=<275 =>A://< 45 B575<11B >11B
<9>;C C38E9F5>
5 F5>D9<1D95?@5>9>7 9C
75C<?D5> 8?75 <E38DF?38D978594 45
D5=@5B1DEEB G?B4D 8?75B
!==:AB=447:B3@A
40
1
$5D 49D 69<D5B G?B45> ?>11>75>1=5
<E38D:5C 9> 45 ;?5<BE9=D5 75B54E355B4
72
"3D3<A;7223:3<
7<@C7;3<
BB3<B73 078 63B 7<@C7;3<
S 5 <5F5>C=9445<5> 7?54 F5B@1;D ?6
167545;D 9>BE9=5>
95B4??B 2<9:F5>
75EB ;<5EB 5> F5BC8594 258?E45>
?F5>495> G?B4D F??B;?=5> 41D 45
<5F5>C=9445<5> >11B 5<;11B 711>
C=1;5> 5> 45 ;E>CDCD?6 ?>45B45<5>
F5B;<5EB5>
S .1B=5 75B538D5> 5> 4B1>;5> 55BCD
<1D5> 16;?5<5> 5> @1C 411B>1 9> 85D
1@@1B11D J5DD5>
S 5 <E38D?@5>9>75> >95D =5D <5F5>Cf
=9445<5> 2<?;;5B5> J?41D 45
<E38D39B3E<1D95 >95D F5B=9>45BD
#5F5>C=9445<5> 495 49B53D F??B 45
<E38D?@5>9>75> G?B45> ?@75C<175>
;E>>5> 4??B 45 E9DCDB?=5>45 ;?E45
<E38D 25FB95J5>
<:
-78 /2D7A3@3< 23 :3D3<A;7223:3<
/:AD=:5B 7< B3 @C7;3<
S > 85D FB95CF1;
495@FB95CG1B5> 9:C2<?;:5C
3?>CE=@D95f9:C
S > 85D 389<<5BF1;
F9C F<55C 5> G?BCD
S &@ 45 <57B??CD5BC@<1D51EC 9> 45
;?5<BE9=D5 F1> 2?F5> >11B 25>545>
2B??4 5> 7521; ;<11B75=11;D5
75B538D5> JE9F5<@B?4E3D5> F<55C 5>
G?BCD
S > 45 7B?5>D5<145
7B?5>D5 C<1 6BE9D
S > 45 45EB F1> 2?F5> >11B 25>545>
2?D5B ;11C 595B5> DE25C ;<59>5 6<5C:5C
7B?D5 6<5CC5> =5<; @1;;5>
FBE38D5>C1@
*3;>3@/BCC@7<271/B=@
%95D 29: 1<<5 =?45<<5>
5 B3;>3@/BCC@7<271/B=@ 5334B
B3;>3@/BC@3< =<23@ 23 M
//<5>495>D F??B 85D25@1<5> F1>
45>??4J1;5<9:;5 9>CD5<<9>7 F1> 45
D5=@5B1DEEBB575<11B
+5=@5B1DEEBB575<11B 1681>;5<9:; F1>
45?=75F9>7CD5=@5B1DEEB DECC5> 39:65B
5> 9>CD5<<5>
9: D?D ?@ 45 7B114 5H13D5
9>CD5<<9>7C=?75<9:;8594 ?@ M ?6 ;?E45B
9>CD5<<5>
1
EEB >141D 45 D5=@5B1DEEB ?>45B
M 9C 75411<4 G?B4D \%! 11>7575F5>
1<C 49D >95D 85D 75F1< 9C 45 D5=@5B1DEEB
CD1@ F??B CD1@ ;?E45B 9>CD5<<5>
$3BB=[7<6=C2
5 7575F5>C ?F5B 45 >5DD?f9>8?E4 F9>4D E
?@ 85D DI@5@<11D:5 9> EG 1@@1B11D
=@@31B3 7<AB3::7<5 *3;>3@/BCC@
B36==5
*3;>3@/BCC@ /@
9=C23@ 7<AB3::3<
73
<:
,3@A3 :3D3<A;7223:3<
7<D@73H3<
"3D3<A;7223:3< H3:4
7<D@73H3<
<C E J5<6 <5F5>C=9445<5> G9<D 9>FB95J5>
752BE9; 41> 1<<55> F5BC5 <5F5>C=9445<5>
5C389;D =; 7< B3 FB95J5>
F<55C 5> G?BCD 75F?75<D5 5> G9<4 F9C
7B?5>D5 ;BE945> 6BE9D 2B??4 5> 7521;
@9JJ1 ;<11B75=11;D5 75B538D5> ;<95;:5C
595B4??95BC 5> 59G9D
%95D 53A1679B =; 7< B3 FB95J5>
595B5> =5D C3811< JEB5 B??= 5>
=1I?>19C5 ;B?@C<1 B149:C:5C B1==5>1C
5> B5DD938 E95>
:/<163@3< D/< 5@=3<B3 3< 4@C7B
7B?5>D5 5> 6BE9D =?5D5> F``B 85D 9>FB95J5>
752<1>3855B4 G?B45> ?= D5 F??B;?=5>
41D ;<5EB C=11; 1B?=1 5> F9D1=9>5 F5B<?B5> 711>
9: 85D 2<1>385B5> G?B4D 45 7B?5>D5 ?6 85D
6BE9D ;?BD 9> ;?;5>4 G1D5B 754?=@5<4
> 45 2?5;81>45< J9:> 2?5;5> ?F5B
9>FB95J5> F5B;B9:7211B G11B9> ??;
2<1>385B5> G?B4D 25C38B5F5>
74
"3D3<A;7223:3< D3@>/993<
#5F5>C=9445<5> 9> 45 F5B@1;;9>7
<5775>
5 <E38D 5BE9D @5BC5>
5D 75855< F1> 55> 7?545 C<E9D9>7
F??BJ95>
-5B=5<4 ?@ 45 @1;:5C 9>8?E4 5>
41DE=
:A D3@>/997<5 53A1679B
;E>CDCD?6f @?<I5D855>f 5> 1<E=9>9E=6?<95
495@FB95C4?J5>
5J5 @B?4E3D5> J9:> 9> 45 81>45<
F5B;B9:7211B
$73B 53A1679B /:A D3@>/997<5
@1;@1@95B F5DFB9: @1@95B 35<<?611>
FE9<>9CJ1;;5> 5> 752BE9;D5
2??4C381@@5>D1C:5C
:A A:C7B7<5 53A1679B
5<1CD95;:5C 3<9@C F1> ;E>CDCD?6 D?EGD:5C
;?E4525CD5>497 @<1;21>4 5
4
01;:5C 5> 6?<95 F1> @?<I5D855> ;E>>5> =5D
55> 6?<95f<1C1@@1B11D G?B45> 4938D75<1CD
<:
<D@73H3< 3< =>A://<
)C>3@D@73H3<
<9=>3< D/<
273>D@73A>@=2C1B3<
5> @11B EEB F??B 85D 9><145> F1> F5BC5
G1B5> 45 CE@5BFB95CD?5DC 9>4BE;;5> J?41D
45 D5=@5B1DEEB D9:45>C 85D 9><145> F1> 45
F5BC5 <5F5>C=9445<5> >95D ?>75G5>CD
CD9:7D
40
2
??B711>C 9C EEB F1> D5F?B5>
F?<4?5>45
.9<D E 45 =1H9=1<5 9>FB95Cf
31@139D59D 25>EDD5> 41> =?5D 85D
CE@5BFB95CCICD55= EEB F1> D5F?B5>
G?B45> 9>75C381;5<4
5D CE@5BFB95CCICD55= G?B4D E9D5B<9:; >1
O 417 1ED?=1D9C38 E9D75C381;5<4
S #5D 5B?@ 41D 45 F5B@1;;9>7 >95D
25C3814974 9C
S ?>DB?<55B 45 8?E4211B8594C41DE=
S > 45 G9>;5< =?5D 45 D5=@5B1DEEB 9>
45495@FB95C;9CD M ?6 ;?E45B J9:>
0?>95D 41> G?B4D 45 25G11BD9:4 F1>
45495@FB95C@B?4E3D5> 25;?BD
S 5 495@FB95C@B?4E3D5> <956CD 9> 55>
;?5<D1C DB1>C@?BD5B5> 5> C>5< 9> 45
495@FB95CBE9=D5 <5775>
"3D3<A;7223:3< 7<@C7;3<
B?D5B5 8?5F55<8545> <5F5>C=9445<5>
29:F??B;5EB 9> 85D C>5<FB95CF1; 9>FB95J5>
11B G?B45> J5 855< C>5< 5> 411B4??B
F??BJ938D97 9>75FB?B5>
<C 5B 855< F55<
<5F5>C=9445<5> =?5D5> G?B45>
?>45B752B138D 41> ;E>D E 45 9:C25B5945B
5BE9D 81<5>
40
9
5 F5BC 9> D5 FB95J5> <5F5>C=9445<5>
=?75> >95D =5D 45 1< 9>75FB?B5>
<5F5>C=9445<5> 9> 11>B1;9>7 ;?=5>
73>D@73AE/@3< =>A://<
5 <5F5>C=9445<5> >95D ?F5B 45 CD1@5<f
7B5>C 855> >95D 29: 1<<5 =?45<<5> CD1@5<5>
J?41D 45 <E38D39B3E<1D95 9> 85D 1@@1B11D
>95D F5B=9>45B4 G?B4D
)C>3@9=3:3<
+9:45>C 85D CE@5B;?5<5> G?B4D 45
;?5<BE9=D5 31
<1>7 J? ;?E4 =?75<9:;
75;?5<4
95B>1 G?B4D 1ED?=1D9C38
?=75C381;5<4 >11B 45 F``B 85D
CE@5B;?5<5> 9>75CD5<45 D5=@5B1DEEB
5D CE@5B;?5<CICD55= 9>C381;5<5> 29:F
S -``B 85D 9><145> F1> 7B?D5
8?5F55<8545> <5F5>C=9445<5>
S &= 4B1>;5> C>5< D5 ;?5<5>
#/F7;/:3
7<D@73A1/>/17B37B
5 <5F5>C=9445<5> =?5D5> J? C>5<
=?75<9:; 4??B 5> 4??B G?B45> 9>75FB?B5>
<<55> J? 2<9:F5> F9D1=9>5C F?549>7Cf
G11B45 ;<5EB 5> C=11; 258?E45>
11B?= =17 45 =1H9=1<5 9>FB95Cf
31@139D59D F1> EG 1@@1B11D >95D
?F5BC38B545> G?B45>
575F5>C ?F5B 45 =1H9=1<5 9>FB95Cf
31@139D59D 29>>5> EEB F9>4D E ?@ 85D
DI@5@<11D:5
75
<:
%<B2==73< D/<
273>D@73AE/@3<
)16==<;/93< D/< 63B
/>>/@//B
681>;5<9:; F1> C??BD 5> 25B5949>7CG9:J5
F1> 45 <5F5>C=9445<5> ;E>D E ;95J5> E9D
45 F?<75>45 =?75<9:;8545>
*D5;;5B E9D 85D CD?@3?>D13D DB5;;5> ?6
45 J5;5B9>7 <?C4B1195> B5C@
E9DC381;5<5>
5EB164938D9>7 1<<55> =5D C38??>
G1D5B C38??>=1;5> 5> 7B?>497
4B??7GB9:F5>
5D 1@@1B11D =5D <1EG G1D5B =5D 55>
C385ED:5 16G1C=9445< C38??>=1;5>
%1 85D C38??>=1;5> 1@@1B11D G55B
11>C<E9D5> 5> 9>C381;5<5>
S 29: ?=75F9>7CD5=@5B1DEEB
S 9> 45 ;?5<;1CD
S 9> 45 5<5;DB9C385 ?F5> =5DJ?>45B
85D5<E38DF5>D9<1D?B
S 9> 45 =17>5DB?>
BB3<B73
1<6 ?6 75855< ?>D4??945 495@FB95CG1B5>
>95D ?@>95EG 9>FB95J5>
'1C >1 85D ;?;5>
?6 2B145> D?D 55> ;1>Df5>f;<11B75B538D
;E>>5> J5 ?@>95EG G?B45> 9>75FB?B5>
BB3<B73
5 =1H9=1<5 25G11BD9:4 G?B4D 895B4??B
25;?BD
5D C?@ =17 >95D D5B538D;?=5> 9>
S 45 ?@5>9>7CC<5E6 11> 45 F??B;1>D 9>
452?45= F1> 85D FB95CF1;
S 25495>9>7C@1>55<
S 5> 45 F5B<938D9>7
>>/@//B C7BA16/93:3<
3< 0C7B3< E3@97<5
AB3::3<
+7BA16/93:3< D/< 63B
/>>/@//B
+?5DCf1>,9D 40
1 9>4BE;;5>
C7B3< E3@97<5 AB3::3< D/<
63B />>/@//B
<C 85D 1@@1B11D <1>75B5 D9:4 >95D G?B4D
752BE9;D
*D5;;5B E9D 85D CD?@3?>D13D DB5;;5>
@@1B11D C38??>=1;5>
5EB F1> 85D 1@@1B11D ?@5> <1D5>
CD11>
76
55> C38??>=11;=9445<5> 752BE9;5>
495 C38EEB=9445<5> J1>4 ?6 JEB5> B5C@
385=9C385 ?@<?C=9445<5> 25F1DD5>
5 <57@<1D51EC 5> F??BB114F1;;5> =?75>
>95D 9> 45 16G1C1ED?=11D 75B59>974
G?B45>
05 ;E>>5> F5BF?B=5>
<:
<3@573 03A>/@3<
32@784A53:C723<
S 5D 1@@1B11D 9> 55> 4B?75 7?54 D5
F5>D9<5B5> BE9=D5 @<11DC5>
%95D 49B53D
9>45 J?> ?6 9> 45 2EEBD F1> 55>
G1B=D52B?> F5BG1B=9>7CB1491D?B
6?B>E9C 5D3
>45BC 55> 9C?<5B5>45
@<11D 752BE9;5>
S .1B=5 75B538D5> 5> 4B1>;5> 2E9D5>
85D 1@@1B11D <1D5> 16;?5<5>
S 5 495@FB95CG1B5> ?= D5 ?>D4??95> 9>
45 ;?5<;1CD <5775>
5 ;?E45 F1> 45
495@FB95CG1B5> 25>EDD5> ?= <5F5>Cf
=9445<5> D5 ;?5<5>
S 5EB F1> 85D 1@@1B11D J? ;?BD =?75<9:;
?@5>5>
33: <=@;/:3 53:C723<
S 5 138D5B;1>D F1> 85D 1@@1B11D 16 5>
D?5 =5D =5D 55> CD?6JE975B ?6 2?BCD5<
B59>975> ?= D?5>1=5 F1> 85D 5>5B795f
F5B2BE9; D5 F??B;?=5>
30@=; 45 ;?5<=1389>5 <??@D
30=@@3: 530@C7A ?6 539:=9 85D
;?5<=9445< CDB??=D 4??B 45 <5949>75>
39:79 45 =?D?B G?B4D 9>f ?6 E9D75f
C381;5<4
!</993<23 53:C723< 85D 1ED?=1D9C385
?>D4??9CICD55= DB554D 9> G5B;9>7
3:C723< 273 53;/993:789
D3@6=:>3< 9C<<3< E=@23<
3B />>/@//B AB//B <73B E/B3@>/A
5D 1@@1B11D =5D 258E<@ F1> 55>
G1D5B@1C CD5<<5>
52BE9; 895BF??B 45
C38B?56F?5D:5C ?6 <57 95DC ?>45B 85D
1@@1B11D
3B />>/@//B AB//B B353< 33< /<23@
;3C03: =4 />>/@//B
5D 1@@1B11D F1> 85D =5E25< ?6 1@@1B11D
5B>11CD G57C38E9F5>
"/23< ;/<23< =4 :35@==AB3@A
[>:/B3/CA E7303:3< =4 9:3;;3<
?>DB?<55B 45 45<5> 495 5BE9D 75811<4
;E>>5> G?B45> 5> J5D J5 5F5>DE55<
?@>95EG 9> 85D 1@@1B11D
:3AA3< =4 A3@D73A5=32 @/93< 3:9//@
5 6<5CC5> ?6 85D C5BF95C7?54 <?C F1>
5<;11B J5DD5>
77
<:
!:37<3 AB=@7<53< H3:4 D3@63:>3<
:D=@3<A 23 )3@D713273<AB 7< B3 A16/93:3<
1 11> 45 81>4 F1> 45 F?<75>45 @E>D5> 55BCD 5F5> >1 ?6 E 45 CD?B9>7 J5<6 ;E>D
F5B85<@5>
<C E ?= 55> =?>D5EB FB117D 5> 85D 2<9:;D 41D 89: 1<<55> =11B 55> 14F95C 29:F
?F5B 45
25495>9>7 ?6 85D ?>45B8?E4 F1> 85D 1@@1B11D 8?56D D5 75F5> ?= 45 CD?B9>7 D5 F5B85<@5>
41> =?5D E ??; 9> 45 71B1>D95D9:4 45 F?<<54975 ;?CD5> F1> 41D 25J?5; 25D1<5>
-(+"'
/'-.% ((+2$
8 =97731/ 1/@+66/8 3= 2/>
@96.9/8./ 97 2/> +::+<++>
1/.?</8./ 738?>/8 ?3> >/
=-2+5/6/8
34 //8 8/1+>3/0 </=?6>++> 8+ //8
??< 8917++6= :<9,/</8
6= ./ >/7:/<+>??< >/ 0+& 3=
8+/85/6/ ?</8 -98><96/</8 90 ./
>/7:/<+>??< ./ >/7:/<+>??<R
38=>/66381 1/8+./<. 3=
6= ./ >/7:/<+>??< >/ $(. 3=
./@961/8./ .+1 ./ >/7:/<+>??<
8917++6= -98><96/</8
-&)+-..+ 0"#$- + /' "',-%%"' /+%"!-"' .'-"('+'"-
)%(,,"'
/> 6+7:4/ 38 ./ 59/6<?37>/ 90
2/> @<3/=@+5 3= ./0/->
69/36+7:4/ @/<@+81/8 0
%>/55/< ?3> 2/> =>9:-98>+->
></55/8 </=: D/5/<381
?3>=-2+5/6/8 90 69=.<++3/8
+7:4/ @/<@+81/8
7+B ) (
A3==/6=><997 03>>381 / 63-2>=-2+5/6++< 56/7>
1 ( 1
98><96//< 90 /< ,/A/1381 38 D3>
"'"-" /' !"'"' ,)'% +'&- /+&"'+
%"!-,-+$-
6= 2/> +::+<++> -+ ??< 83/>
1/,<?35> A9<.> =-2+5/6> ./ 38.3R
-+>3/ @+8 2/> ,/.3/8381=:+8//6
9: ./ /8/<13/,/=:+<381=79.?=
97
*9.<+ 2/> +::+<++> A//< 38 1/,<?35
3= ,34@ ,34 2/> 9:/8/8 @+8 ./ ./?<
=-2+5/6> ./ 38.3-+>3/ A//< 9: ./
89<7+6/ @/<63-2>381 97
' '$% "'"-"
+'-
%><997?3>@+6 ./ D/5/<381 3=
98><96//< 90 /< =><997 3=
?3>1/=-2+5/6. ./ =>/55/< D3> 83/> /D/5/<381 79/> D348 381/=-2+5/6.
19/. 38 2/> =>9:-98>+->
78
<:
-(+"'
/'-.% ((+2$
)%(,,"'
-&)+-..+ "' ")/+",+."&- ", - 0+&
S / ./?< @+8 ./
.3/:@<3/=<?37>/ 3= 9:/8
/?< =6?3>/8
S / ,/R /8 98>6?-2>381=R
9:/8381/8 D348 +01/./5>
0./55381 @/<A34./</8
S < A/<./8 >/ @//6
6/@/8=73../6/8 38 MM8 5//<
381/6+./8 97 38 >/ @<3/D/8
+B 38@<3/=-+:+-3>3/> 83/>
9@/<=-2<34./8
< D3> D9 @//6 34= 9: ./
@/<.+7:/< .+> 2/>
9<9=>R=C=>//7 83/> 7//<
@96+?>97+>3=-2 98>.993>
!7 ./ @/<.+7:/< >/ 98>.993/8
./6+./8 7/> .3/:@<3/=A+</8 /<?3>
2+6/8 /8 19/. 1/N=96//<. 9: //8
59/6/ :6++>= ,/A+</8
::+<++> ?3>=-2+5/6/8 /8 @+8 ./
A+8. A/1=-2?3@/8 /?< @+8 2/>
+::+<+> 9:/8 6+>/8
+ -+
738?>/8 ,/138> 2/>
.993A+>/< 38 ./ .993A+>/<R
9:@+8=-2++6 q ++8 ./
+-2>/<A+8. @+8 2/> +::+<++> >/
69:/8 !7 >/ @99<597/8 .+> ./
.993A+>/<9:@+81=-2++6 9@/<699:>
2/> .993A+>/< 7/> //8 =:98=
9:8/7/8
6= /< 1//8 .993A+>/< 7//< 38 ./
9:@+81=-2++6 699:> 3= ./ @/<R
.+7:/< 98>.993. 388/85+8> @+8
./ .3/:@<3/=<?37>/ =-29987+5/8
/> +::+<++> A//< 38 A/<5381
=>/66/8
.+ /' ")/+",+."&- ,-(' -
%' ()' -&)+-..+
0(+- '"- &+ +"$-
)3@D713273<AB
4B5C 5> D5<56??>>E==5B F1> 45 *5BF935f
495>CD 9> EG ?=75F9>7 ;E>D E F9>45> 9> 85D
D5<56??>2?5; ?6 9> 45 =5575<5F5B45
2B?38EB5 =5D C5BF935f14B5CC5>
556
1
E
2
11> 45 *5BF935495>CD 85D f>E==5B
f%B
5> 85D f>E==5B F1> 85D
1@@1B11D ?@
, F9>4D 45J5 7575F5>C ?@ 85D DI@5@<11D:5
40
w
??B 45J5 >E==5BC 11> 45 *5BF935495>CD
4??B D5 75F5> F??B;?=D E ?>>?497 855>
5> G55B B9:45> F1> 45 =?>D5EB 5> 45
895B11> F5B2?>45> ;?CD5>
5> 45 895B11>
F5B2?>45> ;?CD5>
79
1
¡C
0
0
0
0
0
0
0
0
0
0
2
A
3
4
5
6
16
17
7
8
9
10
11
12
B
18
19
20
13
21
14
22
15
1
°C
-16
-18
7
-20
-22
-24
6
8
6
5
5
4
2
4
3
2
1
2
3
4
5
6
7
8
9
0
q
w
)73;3<A[:31B@=53@PB3 ;0
/@:[-3@G[)B@
#X<163<
E *95=5>Cf<53DB?75BWD5 =2
EEE
A73;3<A[6=;3/>>:7/<13A
1=;

Top types

Top brands

Top types

Top brands

Top types

Top brands

Top types

Top brands

Top types

Top brands

Top types

Top brands

Top types

Top brands

Top types

Top brands

Top types

Top brands

Top types

Top brands

Top types

Top brands

Top types

Top brands

Top types

Top brands

Download de Gebrauchsanleitung en Operating instructions fr