Download Bosch WTMC5521 User's Manual

)12<5 ?6 ?>D5>DC
569>9D9?>C "%$')#) (). #()'*)$#( +(.'"' "',-+.-"(', #()!!)$# #()'*)$#( "BHFC8I7H=CB "B:CFA5H=CB 7CB79FB=B; K5GH9 8=GDCG5@ 9:CF9 =BGH5@@=B; H<98FM9F @97HF=75@ 7CBB97H=CB 55 7CBB97H=CB L<5IGH 5=F 7CBB97H=CB 779GGCF=9G "BGH5@@5H=CB r GH9D6MGH9D <97? @=GH 69:CF9 IG=B; H<9 8FM9F )F9D5F=B; HC HF5BGDCFH H<9 8FM9F r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
CG7< 7@CH<9G 8FM9F H<9 7<C=79 C:
H<CG9 H<5H 89A5B8 9L79DH=CB5@
D9F:CFA5B79 :FCA H<9=F 7@CH<9G 8FM9F
-<=G 8FM9F 7CAD@=9G K=H<
'," 3
q @CH<9G
FM9FG /C@
"
8=GH=B7H=J9 :95HIF9 C: MCIF 8FM9F =G @CK
9B9F;M 7CBGIADH=CB
B 95GM CD9F5H=CB D<=@CGCD<M 5J5F=9HM
C: 7IGHCA=N98 8FM=B; DFC;F5AG 5B8 5
GC@=8 HCI7< 5B8 :99@ A5?9 H<=G
5DD@=5B79 5 IG9Fq:F=9B8@M 5GG=GH5BH =B
MCIF <CIG9<C@8
-<9 CG7< 8FM9F C::9FG H<9 :C@@CK=B;
GH5B85F8 :95HIF9G
!=;< 9::=7=9B7M DF97=G=CB 8FM=B;
GMGH9A
%5F;9 7I
:H
@ GH5=B@9GG
GH99@ 8FIA K=H< 575D57=HM ID HC
@6G ?; @C58
%5F;9 DCFH <C@9 AA
8CCF @C7? K=H< 5IHCA5H=7 8FIA
GHCD :IB7H=CB
L79DH=CB5@@M EI=9H CD9F5H=CB
,9BGCF 7CBHFC@@98 5IHC 7M7@9G
-=A98 7M7@9G :FCA
HCA=BIH9G
57< 8FM9F K<=7< @95J9G CIF :57HCFM
<5G IB89F;CB9 5 H<CFCI;<
D9F:CFA5B79 H9GH 5B8 =G =B :I@@ KCF?=B;
7CB8=H=CB
": MCI <5J9 5BM EI9GH=CBG
9GD97=5@@M 7CB79FB=B; =BGH5@@5H=CB C: H<9
8FM9F CIF 7IGHCA9F G9FJ=79 H95A K=@@
69 <5DDM HC 58J=G9 MCI
IFH<9F =B:CFA5H=CB 5B8 5 G9@97H=CB C:
CIF DFC8I7HG 75B 69 :CIB8 CB CIF K96
G=H9
KKK
6CG7<5DD@=5B79G
7CA
>6?B=1D9?>
)@95G9 F958 5B8 :C@@CK H<9G9 CD9F5H=B;
5B8 =BGH5@@5H=CB =BGHFI7H=CBG 5B8 5@@
CH<9F =B:CFA5H=CB 9B7@CG98 K=H< H<9
8FM9F
*)$#
*)$# )@95G9 F9:9F HC H<9
F5H=B; D@5H9 HC =BGIF9 H<5H MCIF 8FM9F
=G 89G=;B98 :CF MCIF :I9@ GCIF79
569>9D9?>C
,'## ,'## -<=G =B8=75H9G H<5H
895H< CF G9F=CIG =B>IF=9G A5M
C77IF 5G 5 F9GI@H C:
BCBqC6G9FJ5B79 C: H<=G K5FB=B;
*)$#
*)$# -<=G =B8=75H9G H<5H
=B>IF=9G A5M C77IF 5G 5 F9GI@H C:
BCBqC6G9FJ5B79 C: H<=G K5FB=B;
))#)$#
))#)$# -<=G =B8=75H9G
H<5H 85A5;9 A5M C77IF 5G 5
F9GI@H C: BCBqC6G9FJ5B79 C: H<=G
K5FB=B;
i -<=G GMA6C@ =G IG98 HC 8F5K H<9
IG9FG 5HH9BH=CB HC =ADCFH5BH
A5HH9FG
,'## ?B I?EB C165DI D85 9>6?B=1D9?> 9> D89C =1>E1< =ECD 25 6?<<?G54 D? =9>9=9J5
D85B9C; ?6 69B5 ?B 5H@<?C9?> ?B D? @B5F5>D @B?@5BDI 41=175 @5BC?>1< 9>:EBI ?B 451D8
? >?D CD?B5 ?B EC5 71C?<9>5 ?B ?D85B 6<1==12<5 F1@?BC 1>4 <9AE94C 9> D85 F939>9DI ?6 D89C
?B 1>I ?D85B 1@@<91>35
,) )$ $ .$* ("!! (
q
q
q
q
q
? >?D DBI D? <978D 1>I 1@@<91>35
? >?D D?E38 1>I 5<53DB931< CG9D38 ? >?D EC5 1>I @8?>5 9> I?EB 2E9<49>7
<51B D85 B??= 2E9<49>7 ?B 1B51 ?6 1<< ?33E@1>DC
==5491D5<I 31<< I?EB 71C CE@@<95B 6B?= 1 >59782?BC @8?>5 ?<<?G D85 71C
CE@@<95BC 9>CDBE3D9?>C
6 I?E 31>>?D B5138 I?EB 71C CE@@<95B 31<< D85 69B5 45@1BD=5>D
>CD1<<1D9?> 1>4 C5BF935 =ECD 25 @5B6?B=54 2I 1 AE1<96954 9>CD1<<5B C5BF935 175>3I ?B
D85 71C CE@@<95B
"%$')#) (). #()'*)$#(
+958 5@@ =BGHFI7H=CBG 69:CF9 IG=B;
H<9 8FM9F
CG7< 8FM9FG 5F9
DFCJ=898 K=H< (D9F5H=B; 5F9 5B8
"BGH5@@5H=CB "BGHFI7H=CBG
C BCH 8FM 5FH=7@9G H<5H <5J9 699B
DF9J=CIG@M 7@95B98 K5G<98
GC5?98 CF GDCHH98 K=H< ;5GC@=B9
8FM 7@95B=B; GC@J9BHG CH<9F
:@5AA56@9 CF 9LD@CG=J9
GI6GH5B79G 5G H<9M ;=J9 C:: J5DCFG
H<5H 7CI@8 =;B=H9 CF 9LD@C89
C BCH 5@@CK 7<=@8F9B HC D@5M CB CF
K=H< H<9 5DD@=5B79
@CG9
GID9FJ=G=CB C: 7<=@8F9B =G
B979GG5FM K<9B H<9 5DD@=5B79 =G
IG98 B95F 7<=@8F9B
0<9B 7<=@8F9B 697CA9 C@8
9BCI;< HC CD9F5H9 H<9 5DD@=5B79 =H
=G H<9 @9;5@ F9GDCBG=6=@=HM C: H<9
D5F9BHG CF @9;5@ ;I5F8=5BG HC
9BGIF9 H<5H H<9M 5F9 =BGHFI7H98 =B
G5:9 DF57H=79G 6M EI5@=:=98
D9FGCBG
C BCH F957< =BHC H<9 5DD@=5B79 =:
H<9 8FIA =G FCH5H=B;
C BCH =BGH5@@ CF GHCF9 H<=G
5DD@=5B79 K<9F9 =H K=@@ 69 9LDCG98
HC H<9 K95H<9F
C BCH H5AD9F K=H< H<9 7CBHFC@G
C BCH F9D5=F CF F9D@579 5BM D5FH C:
H<9 5DD@=5B79 CF 5HH9ADH 5BM
G9FJ=79 IB@9GG GD97=:=75@@M
F97CAA9B898 =B H<9
IG9FqA5=BH9B5B79 =BGHFI7H=CBG CF
=B DI6@=G<98 IG9F F9D5=F
=BGHFI7H=CBG H<5H MCI IB89FGH5B8
5B8 <5J9 H<9 G?=@@G HC 75FFM CIH
C BCH IG9 :56F=7 GC:H9B9FG CF
DFC8I7HG HC 9@=A=B5H9 GH5H=7 IB@9GG
F97CAA9B898 6M H<9 :56F=7
A5BI:57HIF9F
C BCH IG9 <95H HC 8FM 5FH=7@9G
7CBH5=B=B; :C5A FI669F CF G=A=@5F@M
H9LHIF98 FI669Fq@=?9 A5H9F=5@G
C5A FI669F A5H9F=5@G 75B =;B=H9
K<9B <95H98
@95B @=BH G7F99B 69:CF9 CF 5:H9F
957< @C58
$99D 5F95 5FCIB8 H<9 9L<5IGH
CD9B=B; 5B8 58>579BH GIFFCIB8=B;
5F95G :F99 :FCA H<9 577IAI@5H=CB
C: @=BH 8IGH 5B8 8=FH
B C6GHFI7H98
DCFH A=;<H F98I79 H<9 5=F:@CK 5B8
75IG9 CJ9F <95H=B;
-<9 =BH9F=CF C: H<9 A57<=B9 5B8
9L<5IGH 8I7H G<CI@8 69 7@95B98
D9F=C8=75@@M 6M EI5@=:=98 G9FJ=79
D9FGCBB9@
+9ACJ=B; 5BM D5B9@ CF 7CJ9F
=B7@I8=B; H<9 @=;<H 7CJ9F A5M
9LDCG9 @=J9 9@97HF=75@ 7=F7I=HG
@K5MG IBD@I; H<9 8FM9F :FCA H<9
9@97HF=75@ GIDD@M 69:CF9 5HH9ADH=B;
5BM G9FJ=79
,HCF9 5@@ @5IB8FM 7<9A=75@G 5B8
5=8G =B 5 7CC@ 8FM D@579 577CF8=B;
HC H<9 A5BI:57HIF9FG =BGHFI7H=CBG
&5?9GIF9 7<=@8F9B 75BBCH F957<
H<9A
-C F98I79 H<9 F=G? C: :=F9 7@CH<9G
7@95B=B; F5;G ACD <958G 5B8 H<9
@=?9 K<=7< <5J9 HF579G C: 5BM
:@5AA56@9 GI6GH5B79 GI7< 5G
J9;9H56@9 C=@ 7CC?=B; C=@
D9HFC@9IA 65G98 C=@G CF 8=GH=@@5H9G
K5L9G :5HG 9H7
AIGH BCH 69
D@5798 =BH<9 8FM9F
-<9G9 =H9AG
A5M 7CBH5=B GCA9 :@5AA56@9
GI6GH5B79G 9J9B 5:H9F K5G<=B;
CA6IGH=6@9 A5H9F=5@G ;5GC@=B9
5B8 CH<9F :@5AA56@9 J5DCFG 5B8
@=EI=8G AIGH BCH 69 GHCF98 B95F H<9
8FM9F
C BCH D@579 =H9AG 9LDCG98 HC
7CC?=B; C=@G =B MCIF 8FM9F
"H9AG
7CBH5A=B5H98 K=H< 7CC?=B; C=@G
A5M 7CBHF=6IH9 HC 5 7<9A=75@
F957H=CB H<5H 7CI@8 75IG9 5@C58 HC
75H7< :=F9
C BCH 7@=A6 CF G=H CB HCD C:
H<98FM9F
-C F98I79 H<9 F=G? C: :=F9 CF
9@97HF=75@ G<C7? ( '(- IG9 5B
9LH9BG=CB 7CF8 CF 5B 585DH9F HC
7CBB97H H<9 8FM9F HC H<9 9@97HF=75@
DCK9F GIDD@M
-<9 8FM9F AIGH CB@M 69 IG98 :CF =HG
=BH9B898 DIFDCG9
@K5MG 7<97? DC7?9HG 5B8 F9ACJ9
5BM C6>97HG
=;5F9HH9 @=;<H9FG 5F9
D5FH=7I@5F@M <5N5F8CIG
C BCH CD9F5H9 IBH=@ KCFB CIH
DCK9F 7CF8G 5B8CF @CCG9 D@I;G
5F9 F9D@5798
C BCH CD9F5H9 H<9 8FM9F =: 5BM
;I5F8G 5B8CF D5B9@G <5J9 699B
F9ACJ98
C BCH CD9F5H9 H<9 8FM9F =: 5BM
D5FHG 5F9 A=GG=B; CF 6FC?9B
C BCH 6MD5GG 5BM G5:9HM 89J=79G
C BCH IG9 5 D@5GH=7 CF BCBqA9H5@
:@9L=6@9 8I7H K=H< H<=G 8FM9F
)@5GH=7
CF BCBqA9H5@ :@9L=6@9 8I7H 5F9 5
DCH9BH=5@ :=F9 <5N5F8
C BCH CD9F5H9 H<=G 8FM9F IBH=@ MCI
5F9 GIF9 H<5H H<9 8FM9F <5G699B
=BGH5@@98 577CF8=B; HCH<9
"',-%%-"(' "',-+.-"(',
5B8 H<5H =BGH5@@5H=CB 5B8 ;FCIB8=B;
5F9 =B 7CAD@=5B79 K=H< 5@@ @C75@
F9;I@5H=CBG 5B8CF CH<9F 5DD@=756@9
F9;I@5H=CBG 5B8 F9EI=F9A9BHG
5=@IF9 HC =BGH5@@ A5=BH5=B 5B8CF
CD9F5H9 H<9 8FM9F 577CF8=B; HC
H<9A5BI:57q HIF9FG =BGHFI7H=CBG
A5M F9GI@H =B=B>IFM 5B8CF
85A5;9
$' ) %%!# (
'"$+ '$" ('+ $'
(' '"$+ )
$$' )$ ) '.#
$"%')"#)
-C 5JC=8 :@CCF 85A5;9 5B8 AC@8
;FCKH< 8C BCH @9H GD=@@G CF
GD@5G<CIH 75IG9 GH5B8=B; K5H9F
5FCIB8 CF IB89F H<9 5DD@=5B79
'C CH<9F :I9@q6IFB=B; 5DD@=5B79G
G<5@@ 69 =BGH5@@98 =B H<9 G5A9
7@CG9H 5G H<9 8FM9F
+9ACJ=B; 5BM D5B9@ =B7@I8=B;
H<9 FCIB8 G9FJ=79 D5B9@ =B H<9
:FCBH 75B 9LDCG9 G<5FD 98;9G
5B8 DC=BHG 9@97HF=75@
7CBB97H=CBG 5B8 <CH GIF:579G
#?D5C
-<9 "&)(+-', .+, 5B8
0+'"' , DF9G9BH98 =B H<=G
A5BI5@ 8C BCH 7CJ9F 5@@
DCGG=6@9 7CB8=H=CBG H<5H A5M
C77IF
CAACB G9BG9 75IH=CB 5B8
75F9 AIGH 69 9L9F7=G98 K<9B
=BGH5@@=B; A5=BH5=B=B; CF
CD9F5H=B; H<9 8FM9F
@K5MG 7CBH57H MCIF 895@9F
8=GHF=6IHCF G9FJ=79 5;9BH CF
H<9 A5BI:57HIF9F 56CIH 5BM
DFC6@9AG CF 7CB8=H=CBG H<5H
MCI 8C BCH IB89FGH5B8
C@@CK 5@GC H<9 ,5:9HM
"B:CFA5H=CB =B H<9
"',-%%-"('
"',-+.-"(', 5B8 H<9
()+-"'
"',-+.-"(',
'$*##
#()'*)$#(
-<=G 5DD@=5B79 AIGH 69 ;FCIB898
"B
H<9 9J9BH C: A5@:IB7H=CB CF 6F95?8CKB
;FCIB8=B; K=@@ F98I79 H<9 F=G? C: 9@97HF=7
G<C7? 6M DFCJ=8=B; 5 D5H< C: @95GH
F9G=GH5B79 :CF H<9 9@97HF=7 7IFF9BH
-<=G
5DD@=5B79 =G 9EI=DD98 K=H< 5 7CF8
<5J=B; 5B 9EI=DA9BHq;FCIB8=B;
7CB8I7HCF 5B8 5 ;FCIB8=B; D@I;
-<9
D@I; AIGH 69 D@I;;98 =BHC 5B
5DDFCDF=5H9 CIH@9H H<5H =G DFCD9F@M
=BGH5@@98 5B8 ;FCIB898 =B 577CF85B79
K=H< 5@@ @C75@ 7C89G 5B8 CF8=B5B79G
?B D85 (D1D5 ?6 "1CC138EC5DDC >]
CD1<<1D9?>C
"BGH5@@5H=CB AIGH 69 D9F:CFA98 6M
5 @=79BG98 D@IA69F CF ;5G :=HH9F @=q
79BG98 6M H<9 GH5H9 DFCJ=B79 CF F9q
;=CB K<9F9 H<=G 5DD@=5B79 =G 69=B;
=BGH5@@98
,<IHC:: J5@J9 AIGH 69 5 Q- <5B8q
@9 ;5G 7C7?
@9L=6@9 ;5G 7CBB97HCF AIGH BCH 69
@CB;9F H<5B =B7<9G
,'##
"ADFCD9F 7CBB97H=CB C: H<9
9EI=DA9BH ;FCIB8=B; 7CB8I7HCF
75B F9GI@H =B 5 F=G? C: 9@97HF=7 G<C7?
<97? K=H< 5 EI5@=:=98 9@97HF=7=5B CF
G9FJ=79 D9FGCB =: MCI 5F9 =B 8CI6H 5G
HC K<9H<9F H<9 8FM9F =G DFCD9F@M
;FCIB898
( '(- AC8=:M H<9 D@I; DFCJ=898
K=H< H<9 5DD@=5B79 r =:=HK=@@ BCH :=H
H<9 CIH@9H <5J9 5DFCD9F CIH@9H
=BGH5@@98 6M 5EI5@=:=98 9@97HF=7=5B CF
9L7<5B;9 H<9 7CF8 K=H< 5B
5DDFCDF=5H9 CB9 F5H98 :CF H<9 8FM9F
% )(
#()'*)$#( $'
*)*' ''#
(+ )(
#()'*)$#(
"B 75G9 C: 7<5B;9 C: CKB9FG<=D
A5BI5@ G<CI@8 69 7CBJ9M98 K=H< H<9
8FM9F
#()!!)$# #()'*)$#(
>DB?4E3D9?>
+958 H<9G9 =BGH5@@5H=CB =BGHFI7H=CBG
7CAD@9H9@M 5B8 75F9:I@@M
-<9M K=@@ G5J9
MCI H=A9 5B8 9::CFH 5B8 <9@D HC 9BGIF9
CDH=AIA 8FM9F D9F:CFA5B79
9 GIF9 HC
C6G9FJ9 5@@ @=GH98 K5FB=B;G 5B8
75IH=CBG
-<9G9 =BGH5@@5H=CB =BGHFI7H=CBG 5F9
=BH9B898 :CF IG9 6M EI5@=:=98 =BGH5@@9FG
"B 588=H=CB HC H<9G9 =BGHFI7H=CBG H<9
8FM9F AIGH 69 =BGH5@@98
"B H<9 *(
=B 577CF85B79 K=H<
H<9 '5H=CB5@ @97HF=7 C89
',"') r @5H9GH
98=H=CB,H5H9 5B8 &IB=7=D5@ 7C89G
5B8CF @C75@ 7C89G
"B 1>141 =B 577CF85B79 K=H< H<9
5B58=5B @97HF=7 C89 r
@5H9GH 98=H=CB)FCJ=B7=5@ 5B8
&IB=7=D5@ 7C89G 5B8CF @C75@
7C89G
-<9 ;5G =BGH5@@5H=CB AIGH 7CB:CFA K=H<
@C75@ 7C89G CF =B 56G9B79 C: @C75@
7C89G K=H< H<9 '5H=CB5@ I9@ 5G
C89 '," 3
') CF H<9
',q
"BGH5@@5H=CB C89G
#?D5
-<=G ;5G 8FM9F <5G 699B .% 5B8 .%
@=GH98 :CF G5:9 CD9F5H=CB ID HC 5 <9=;<H
C: :H
K=H<CIH 5BM AC8=:=75H=CBG HC
7CADCB9BHG :CF B5HIF5@ CF DFCD5B9
;5G
>6?B=1D9?> 3?>35B>9>7
G1CD5 49C@?C1<
9C@?C1< ?6 D85 @13;179>7
,'##
$99D 7<=@8F9B 5K5M :FCA G<=DD=B;
75FHCB 5B8 D57?5;=B; 7CADCB9BHG
5B;9F C: GI::C75H=CB :FCA D@5GH=7
:C=@ 5B8 :C@8=B; 75FHCBG
@@ D57?5;=B; A5H9F=5@G 5F9
9BJ=FCBA9BH5@@M :F=9B8@M 5B8 75B 69
F9IG98
)@95G9 8=GDCG9 C: D57?5;=B; =B
5B 9BJ=FCBA9BH5@@M :F=9B8@M A5BB9F
)@95G9 5G? MCIF 895@9F CF =BEI=F9 5H
MCIF @C75@ 5IH<CF=HM 56CIH 7IFF9BH
A95BG C: 8=GDCG5@
9C@?C1< ?6 D85 1@@<91>35
,'##
": 5DD@=5B79 =G BC @CB;9F IG56@9 DI@@
CIH A5=B D@I; 7IH C:: DCK9F 7CF8
5B8 8=G75F8 K=H< A5=B D@I;
-C DF9J9BH 7<=@8F9B :FCA @C7?=B;
H<9AG9@J9G =B H<9 5DD@=5B79 F9ACJ9
H<9 8CCF
(@8 5DD@=5B79G 5F9 BCH KCFH<@9GG
FI66=G< /5@I56@9 F5K A5H9F=5@G 75B 69
F97@5=A98 :FCA 9BJ=FCBA9BH5@@M :F=9B8@M
F97M7@=B;
)@95G9 5G? MCIF 895@9F CF =BEI=F9 5H
MCIF @C75@ 5IH<CF=HM 56CIH 7IFF9BH
A95BG C: 8=GDCG5@
56?B5 9>CD1<<9>7 D854BI5B
*>@13;9>7 D85 1@@<91>35
*)$#
-<9 8FM9F =G J9FM <95JM
C BCH @=:H =H
6M MCIFG9@:
C BCH @=:H H<9 5DD@=5B79
6M DFC>97H=B; 7CADCB9BHG 9
;
8CCF r 8I9 HC F=G? C: 6F95?5;9
))#)$#
+9ACJ9 H<9 5DD@=5B79 D57?5;=B;
75F9:I@@M HC DF9J9BH 85A5;9 HC H<9
GIF:579G
<97? H<9 8FM9F :CF HF5BGDCFH5H=CB
85A5;9
C BCH 7CBB97H 5 8FM9F K<=7<
=G J=G=6@M 85A5;98
": =B 8CI6H 7CBH57H
MCIF 895@9F
(E@@<954 3?=@?>5>DC
))#)$#
:H9F F9ACJ=B; H<9 D57?5;=B;
=AA98=5H9@M F9ACJ9 5BM C6>97HG
:FCA H<9 8FIA
-<9 8FM9F =G 89@=J9F98 5G 5 7CAD@9H9
IB=H
-<9 CD9F5H=B; =BGHFI7H=CBG 5B8
GIDD@=98 5779GGCF=9G 75B 69 :CIB8 =B
H<9 8FIA
>CD1<<1D9?> <?31D9?>
,'##
C BCH =BGH5@@ H<9 8FM9F
CIH8CCFG
=B 5B 9BJ=FCBA9BH K=H< 8F=DD=B;
K5H9F
B95F :@5AA56@9 A5H9F=5@G
=B FCCAG K<=7< 5F9 5H F=G? C: :FCGH
=B FCCAG K<=7< A5M 7CBH5=B ;5G
CF CH<9F :I9@G
=B 7ID6C5F8G K=H< @C7?56@9 8CCFG
CF =B 5@7CJ9G
K=H< CH<9F :I9@q6IFB=B; 5DD@=5B79
=B H<9 G5A9 7@CG9H
-<9 =BGH5@@5H=CB FCCA AIGH 69 K9@@
J9BH=@5H98 CH<9FK=G9 H<9 8FM9F K=@@
CD9F5H9 69@CK CDH=AIA D9F:CFA5B79
C BCH CD9F5H9 H<9 8FM9F 5H
H9AD9F5HIF9G 56CJ9 ° ° 5B8
69@CK ° °
%CK H9AD9F5HIF9G
5::97H H<9 5IHCA5H=7 DFC;F5A G9EI9B79
5B8 A5M DFC@CB; H<9 8FM=B; H=A9G
-<9 =BGH5@@5H=CB GIF:579 :CF H<9 8FM9F
AIGH 69 7@95B @9J9@ 5B8 :=FA
C BCH
=BGH5@@ H<9 5DD@=5B79 CB 75FD9HG
CAD9BG5H9 :CF IB9J9B :@CCFG K=H< H<9
<9=;<Hq58>IGH56@9 :99H
"BGH5@@ H<9 8FM9F 5B8 @9J9@ G=89 HCG=89
5B8 :FCBH HC 657?
.G956I66@9 @9J9@
'9J9F F9ACJ9 H<9 <9=;<Hq58>IGH56@9
:99H
-<9 G=N9 C: H<9 =BGH5@@5H=CB 5F95
89D9B8G CB H<9 8=A9BG=CBG C: H<9
8FM9F
BGIF9 H<5H H<9F9 =G 589EI5H9
FCCA :CF H<9 GK=J9@ F5B;9 C: H<9 8CCF
,'##
": =BGH5@@98 =B 5 ;5F5;9 H<9 8FM9F
AIGH 69 =BGH5@@98 CB 5 GI6GH5BH=5@
D@5H:CFA 5H @95GH =B7<9G 56CJ9
H<9 :@CCF HC F98I79 H<9 @=?@=<CC8 C:
=;B=H=B; :@5AA56@9 J5DCFG 5B8 69
@C75H98 CF DFCH97H98 GC =H 75BBCH 69
85A5;98 6M 5 ACJ=B; J9<=7@9
588=H=CB5@ A=B=AIA 8=GH5B79 C:
V =B7< 7A AIGH 69 DFCJ=898
CB H<=G G=89 :CF D=D9G6F57?9HG G99
D5;9 =GH5B79G 56CJ9 H<9 =B8=75H98
A=B=AIA 8=A9BG=CBG F98I79 H<9
F=G? C: AC@8 :CFA5H=CB 69<=B8 H<9
5DD@=5B79
88=H=CB5@ 8=GH5B79G F98I79 BC=G9
HF5BGA=GG=CB
88=H=CB5@ 8=GH5B79G :57=@=H5H9
=BGH5@@5H=CB 5B8 G9FJ=79
577CF85B79 K=H< 5@@ @C75@ F9;I@5H=CBG
5B8 CF8=B5B79G
,'##
"ADFCD9F 7CBB97H=CB C: H<9
9EI=DA9BH ;FCIB8=B; 7CB8I7HCF
A5M F9GI@H =B 9@97HF=7 G<C7?
!5J9
H<9 5DD@=5B79 7<97?98 6M
5EI5@=:=98 9@97HF=7=5B CF G9FJ=79
H97<B=7=5B =: MCI 5F9 =B 8CI6H 5G HC
K<9H<9F H<9 8FM9F <5G 699B DFCD9F@M
;FCIB898
C BCH AC8=:M H<9 D@I; DFCJ=898 K=H<
H<9 5DD@=5B79 =: =H K=@@ BCH :=H =B H<9
CIH@9H <5J9 5 DFCD9F CIH@9H =BGH5@@98 6M
5 EI5@=:=98 9@97HF=7=5B CF 9L7<5B;9 H<9
7CF8 K=H< 5B 5DDFCDF=5H9 CB9 F5H98 :CF
H<9 8FM9F
,'##
-<9 8FM9F AIGH CB@M 69 7CBB97H98
HC 5B =B8=J=8I5@ 6F5B7< 7=F7I=H J=5 5
GC7?9H K<=7< <5G 699B DFCD9F@M
=BGH5@@98 5B8 ;FCIB898
-<9 <CIG9<C@8 9@97HF=75@ JC@H5;9 AIGH
7CFF9GDCB8 HC H<9 JC@H5;9 GD97=:=75H=CB
CB H<9 8FM9F F5H=B; D@5H9
2CI K=@@ :=B8 H<9 F5H=B; D@5H9 CB H<9
=BG=89 C: H<9 :FCBH D5B9@
')#*/'+*
#'%&0
.
::
/
::
9/@
84
0
::
1
.;492
::
J
D6A5
=.08.46;4
9/@
84
": =BGH5@@=B; H<9 8FM9F =B 5 7@CG9H C6G9FJ9
H<9 A=B=AIA 8=GH5B79G 577CF8=B; HC
H<9 :C@@CK=B; H56@9
&=B=AIA "BGH5@@5H=CB @95F5B79G
(+/#0
(612@
)<=
'2.?
$ ::
$ ::
$ ::
.@ 09<@2 A< D.99 .@ 4.@Y=6=6;4 .;1 C2;A6;4
D699 .99<D
"ADCFH5BH =B:CFA5H=CB 7CB79FB=B;
A=B=AIA 8=GH5B79G
9D9B8=B; CB H<9 @C75H=CB C: H<9
9L<5IGH 5=F 7CBB97H=CB 5B
": H<9 8FM9F =G =BGH5@@98 =B 5 GA5@@
FCCA H<9 8CCFG C: H<9 FCCA AIGH
69 :=HH98 K=H< J9BHG C: 5GD97=:=98
A=B=AIA G=N9
-<9 8FM9F 8CCF =G 89@=J9F98 K=H< <=B;9G
CB H<9 F=;<H
": F9EI=F98 H<9 8CCF <=B;9G
75B 69 GK=H7<98 HC H<9 @9:H G=89
": H<9 8CCF <=B;9G 5F9 HC 69 7<5B;98
CJ9F D@95G9 7CBH57H MCIF 895@9F CF CIF
7IGHCA9F G9FJ=79 H95A G99D5;9
<53DB931< 3?>>53D9?>
'$*## #()'*)$#(
-<=G 5DD@=5B79 AIGH 69 ;FCIB898
"B
H<9 9J9BH C: 5 A5@:IB7H=CB CF
6F95?8CKB ;FCIB8=B; K=@@ F98I79 H<9
F=G? C: 9@97HF=75@ G<C7? 6M DFCJ=8=B; 5
D5H< C: @95GH F9G=GH5B79 :CF H<9 9@97HF=7
7IFF9BH
-<=G5DD@=5B79 :95HIF9G 5 7CF8
K=H< 5B 9EI=DA9BHq;FCIB8=B;
7CB8I7HCF 5B8 5 ;FCIB8=B; D@I;
-<9
D@I; AIGH 69 D@I;;98 =BHC 5B
5DDFCDF=5H9 CIH@9H K<=7< <5G 699B
DFCD9F@M =BGH5@@98 5B8 ;FCIB898 =B
CBB97H=CB GD97=:=75H=CBG 5G K9@@ 5G
H<9 9@97HF=75@ F9EI=F9A9BHG 5F9
GH=DI@5H98 CB H<9 5DD@=5B79 B5A9D@5H9
&5?9 GIF9 H<5H
H<9 DCK9F 7CF8 D@I; :=HG =BHC H<9
GC7?9H
H<9 DCK9F 7CF8 =G 5779DH56@9 :CF
IG9 =B H<=G 5DD@=75H=CB
H<9 ;FCIB8=B; GMGH9A =G DFCD9F@M
=BGH5@@98
-<9 DCK9F 7CF8 A5M 69 F9D@5798 6M 5B
9@97HF=7=5B CB@M
+9D@579A9BH DCK9F 7CF8G 5F9 5J5=@56@9
:FCA IGHCA9F ,9FJ=79
+(0/
#.06
),#.#/
00/
1C 3?>>53D9?>
,'##
LD@CG=CB <5N5F8
.G9 5 B9K CF , 5DDFCJ98
;5G GIDD@M @=B9
"BGH5@@ 5 G<IHqC:: J5@J9
,97IF9@M H=;<H9B 5@@ ;5G
7CBB97H=CBG
!5J9 5 EI5@=:=98 D9FGCB A5?9 GIF9
;5G DF9GGIF9 8C9G BCH 9L7998
=B
0
?)5 DG=;
'5HIF5@ 5B8 )FCD5B9 5G
L5AD@9 C: 5 EI5@=:=98 D9FGCB
=B7@I89
@=79BG98 <95H=B; D9FGCBB9@
5IH<CF=N98 ;5G GIDD@=9F D9FGCBB9@
5IH<CF=N98 G9FJ=79 D9FGCBB9@
5=@IF9 HC 8C 75B F9GI@H =B 9LD@CG=CB
CF :=F9
+=G? C: 895H< CF =B>IFM
@@ ;5G @=B9 7CBB97H=CBG AIGH 69 H9q
GH98 :CF @95?G DF=CF HC 5DD@=5B79
CD9F5H=CB
DD@M GC5DM K5H9F HC ;5G
@=B9 7CBB97H=CBG 5B8 7<97? :CF :CFq
A5H=CB C: B9K 6I66@9G
I66@9G =Bq
8=75H9 @95?
0<9B =BGH5@@=B; H<9 ;5G GIDD@M HC H<9
;5G 8FM9F =B@9H D=D9 8C BCH 9L7998 @6: =B 'A
,'##
'9J9F IG9 5B CD9B :@5A9 HC H9GH :CF
;5G @95?G
1C DI@5
-<=G ;5G 8FM9F K<9B 9EI=DD98 :CF IG9
K=H< '-.+% , K=@@ 9AD@CM 5B
CF=:=79 G=N9 5B8 <5J9 5 ;5G CIH@9H
DF9GGIF9 C: =B
0
-<=G ;5G 8FM9F
K<9B 9EI=DD98 :CF IG9 K=H< )+()'
, K=@@ 9AD@CM 5B CF=:=79 G=N9 C: AA 5B8 <5J9 5 ;5G CIH@9H DF9GGIF9 C:
=B
0
2CIF 8FM9F AIGH <5J9 H<9 7CFF97H J5@J9
:CF H<9 HMD9 C: ;5G =B MCIF <CA9
/5@J9
=B:CFA5H=CB =G @C75H98 CB H<9 F5H=B;
D@5H9 69<=B8 H<9 8CCF 69@CK H<9 8FIA
": H<9 F5H=B;qD@5H9 =B:CFA5H=CB 8C9G BCH
5;F99 K=H< H<9 HMD9 C: ;5G 5J5=@56@9
7CBH57H MCIF 895@9F CF CIF 7IGHCA9F
G9FJ=79 H95A G99D5;9
1C CE@@<I <9>5
"
D=D9 =G F97CAA9B898
5DDFCJ98
HI6=B; =G 5779DH56@9 :CF
@9B;H<G IB89F :H A =: @C75@
7C89G 5B8 ;5G GIDD@=9F D9FA=H
&IGH =B7@I89 ')- D@I;;98
H5DD=B; =AA98=5H9@M IDGHF95A C: H<9
;5G 7CBB97H=CB
G<IH C:: J5@J9 AIGH 69 =B7@I898
*(
B =B8=J=8I5@ A5BI5@ G<IHqC:: J5@J9
AIGH 69 =BGH5@@98 K=H<=B :H A
C: H<9 8FM9F =B 577CF85B79 K=H< H<9
'5H=CB5@ I9@ 5G C89 ',"
3
1>141
B =B8=J=8I5@ A5BI5@ G<IHqC:: J5@J9
AIGH 69 =BGH5@@98 =B 577CF85B79
K=H< H<9 "BGH5@@5H=CB C89G
', 5B8 ',
"H =G F97CAA9B898 H<5H 5B
=B8=J=8I5@ A5BI5@ G<IHqC:: J5@J9 69
=BGH5@@98 K=H<=B :H A C: H<9
8FM9F
H81ECD 19B 3?>>53D9?>
Z #%) 4.@ @B==9F 96;2
Z .@ @5BAY<33 C.9C2
Z #%) =9B4421 A.==6;4
Z =6=2 A< 39.?2 .1.=A2? 36AA6;4
Z 392E6/92 4.@ 0<;;20A<? A< A52 1?F2?
-<9 G<IHqC:: J5@J9 G<CI@8 69 95GM HC
F957< :CF CD9B=B; 5B8 7@CG=B;
#?D5
-<9 8FM9F AIGH 69 7<97?98 :CF DFCD9F
CD9F5H=CB K<9B9J9F H<9 ;5G
7CBB97H=CBG <5J9 699B 6FC?9B
BI5B 71C @9@5
-<9 ;5G D=D9 H<5H 7CA9G CIH H<FCI;<
H<9 F95F C: H<9 8FM9F <5G 5 A5@9
D=D9 H<F958
?>>53D9?> ?6 D85 4BI5B
*)$#
CBB97H=CB AIGH 69 A589 6M
5EI5@=:=98 H97<B=7=5B
-<9 8FM9F AIGH 69 8=G7CBB97H98
:FCA H<9 ;5G GIDD@M D=D=B; GMGH9A
8IF=B; H9GH=B; DF9GGIF9
0<9B IG=B; :CF H<9 :=FGH H=A9 A5?9
GIF9 H<5H H<9F9 =G BC 5=F =B H<9 D=D=B;
GMGH9A
,'##
-C F98I79 H<9 8=GH5B79 69HK99B 6C8M
G<99H 5B8 K5@@ =BGH5@@ 59@6CK CB
H<9 ;5G D=D9 C: H<9 8FM9F
Z 4.@ =6=2 :.92 =6=2 A5?2.1
Z 29/<D
C BCH IG9 7CDD9F D=D9G 5B8 HI6=B;
=: 7CBB97H98 HC B5HIF5@ ;5G
-<9 7CBB97H=CB A5M 69 8=::9F9BH
577CF8=B; HC H<9 GIDD@M @=B9 HMD9 G=N9
5B8 @C75H=CB
": @C75@ 7C89G D9FA=H IG9 5 :@9L=6@9
GH5=B@9GG GH99@ 7CBB97HCF 9G=;B
79FH=:=98 6M H<9 A9F=75 5G
GGC7=5H=CB CF , "BH9FB5H=CB5@
HC7CBB97H H<9 8FM9F
,'##
-C F98I79 H<9 F=G? C: :=F9 H<=G 8FM9F
&.,- 1!.,-
(.-((+,
-C F98I79 H<9 F=G? C: :=F9 8C BCH
IG9 8I7HKCF? @CB;9F H<5B
F97CAA9B898
( '(- IG9 5 D@5GH=7 CF
BCBqA9H5@ 8I7H K=H< H<=G 8FM9F
( '(- IG9 5 8I7H GA5@@9F H<5B =B7<9G =B 8=5A9H9F
( '(- IG9 9L<5IGH <CC8G K=H<
A5;B9H=7 @5H7<9G
( '(- 9L<5IGH H<9 8FM9F =BHC 5
7<=AB9M :IFB579 7C@8 5=F 8I7H
5HH=7 7F5K@ GD579 CF 5BM CH<9F
8I7HKCF? IG98 :CF J9BH=B;
( '(- =BGH5@@ 5 :@9L=6@9 8I7H =B 5B
9B7@CG98 K5@@ 79=@=B; CF :@CCF
( '(- 7FIG< CF ?=B? H<9 8I7H
C 7@95B 5B8 =BGD97H H<9 9L<5IGH
GMGH9A CB 5 F9;I@5F 65G=G 5H @95GH
CB79 5 M95F
-<9 9L<5IGH 8I7H AIGH H9FA=B5H9
=B 5 A5BB9F HC DF9J9BH 657? 8F5:HG
CF 9BHFM C: 6=F8G CF CH<9F K=@8@=:9
-<9 CG7< 8FM9F AIGH 69 J9BH98
CIH8CCFG
-C DF9J9BH 6I=@8qID C:
AC=GHIF9 5B8 577IAI@5H=CB C: @=BH
=B8CCFG 5G K9@@ 5G HC A5=BH5=B
A5L=AIA 8FM=B; 9::=7=9B7M =H =G
F97CAA9B898 H<5H H<9 8FM9F =G J9BH98
CIH8CCFG
H81ECD 19B ?ED<5D ?> D85 4BI5B
-<9 8FM9F =G 89@=J9F98 K=H< 5B 9L<5IGH
5=F CIH@9H CB H<9 F95F C: H<9 5DD@=5B79
-C H5?9 577CIBH C: H<9 GD5H=5@
F9EI=F9A9BHG 5B8 5B 9L=GH=B; 9L<5IGH
5=F GMGH9A H<9 :C@@CK=B; 7CBB97H=CB
CDH=CBG 5F9 DCGG=6@9 :CF H<9 9L<5IGH 5=F
CIH@9H
CB F=;<H G=89 C: H<9 5DD@=5B79
CB H<9 IB89FG=89 C: H<9 5DD@=5B79
H81ECD F5>D 8??4
-<9 9L<5IGH 8I7H AIGH 9B8 K=H< 5B
5DDFCJ98 9L<5IGH J9BH <CC8 K=H<
GK=B; CIH 85AD9FG
( '(- IG9 5B
9L<5IGH J9BH <CC8 K=H< A5;B9H=7
@5H7<9G
-C 5JC=8 9L<5IGH F9GHF=7H=CB H<9 CIH@9H
AIGH 69 5 A=B=AIA C: =B7<9G 7A 56CJ9 ;FCIB8 @9J9@ CF 5BM CH<9F
C6GHFI7H=B; GIF:579
Z E5.B@A .6? <BA92A <; A52 ?2.? <3 A52
.==96.;02 @A.;1.?1
Z E5.B@A .6? <BA92A <; A52 @612 <=A6<;.9
Z E5.B@A .6? <BA92A <; A52 B;12?@612 <3 A52
.==96.;02 <=A6<;.9
,D97=5@ 9L<5IGH 5=F 7CBB97H=CBG AIGH
69 C6H5=B98 :FCA CIF 7IGHCA9F G9FJ=79
:CF 9=H<9F 7CBB97H=CB HMD9 G99
D5;9
,=89 5=F 9L<5IGH
CHHCA 5=F 9L<5IGH
EI5@=:=98 H97<B=7=5B G<CI@8 7<5B;9
H<9 9L<5IGH 5=F CIH@9H HC H<9 CDH=CB5@
7CBB97H=CB @C75H=CB
E3DG?B;
@@ >C=BHG G<CI@8 69 H=;<H HC 5JC=8 @95?G
-<9 A5@9 9B8 C: 957< 8I7H G97H=CB
AIGH DC=BH 5K5M :FCA H<9 8FM9F
0<9H<9F 7CBB97H=B; HC 5B 9L=GH=B;
J9BH=B; GMGH9A CF 5 B9K J9BH=B;
GMGH9A A5?9 GIF9 H<5H 5@@ 8I7H=B; =G
7@95B 5B8 :F99 C: @=BH
-<9 A5L=AIA D9FA=HH98 @9B;H< :CF 6CH<
F=;=8 5B8 :@9L=6@9 A9H5@ 8I7H =G G<CKB =B
H<9 H56@9 69@CK
1) #. +$
8 1.*/
+. ( +3/
-C 9BGIF9 CDH=AIA D9F:CFA5B79 H<9
8I7H=B; GMGH9A C: H<9 8FM9F G<CI@8 69
5G G<CFH 5G DCGG=6@9 K=H< 5 A=B=AIA
BIA69F C: 9@6CKG
2CIF8FM9F K=@@ KCF?
69GH K<9B H<9 J9BH=B; GMGH9A <5G 5G
:9K 5=F :@CK F9GHF=7H=CBG 5G DCGG=6@9
L<5IGH 8I7H=B; K<=7< =G @CB;9F H<5B
F97CAA9B898 A5M 9LH9B8 8FM=B; H=A9
75IG9 @=BH HC 577IAI@5H9 5B8 5::97H
8FM9F D9F:CFA5B79 5B8 8FM9F @=:9
CIFq=B7< 5DDFCL
AA 8=5A9H9F
8I7H=B; G<CI@8 69 IG98
.G9 9=H<9F
F=;=8 A9H5@ CF :@9L=6@9 A9H5@ 8I7H=B;
A5H9F=5@
( '(- IG9 D@5GH=7 CF
BCBqA9H5@ 8I7H K=H< H<=G 8FM9F
( '(- 5GG9A6@9 H<9 8I7HKCF? K=H<
G7F9KG CF :5GH9B9FG H<5H 9LH9B8 =BHC H<9
8I7H
-<9M K=@@ G9FJ9 5G 5B
577IAI@5H=CB DC=BH :CF @=BH
#C=BHG G<CI@8 69 G97IF98 K=H<
5@IA=B=IA H5D9
'%'" 1!0
3A
0:
3A
0:
3A
0:
3A
0:
3A
0:
(#4' (# 1!0
3A
0:
3A
0:
3A
0:
3A
0:
3A
0:
#?D5
,=89 5B8 6CHHCA 9L<5IGH =BGH5@@5H=CBG
<5J9 5 T HIFB =BG=89 H<9 8FM9F
-C
89H9FA=B9 A5L=AIA 9L<5IGH @9B;H<
588 CB9 T HIFB HC H<9 7<5FH
&CF9 H<5B HKC ° HIFBG 5F9 BCH
F97CAA9B898
CF 69GH D9F:CFA5B79
G9D5F5H9 5@@ HIFBG 6M 5H @95GH :H
C:
GHF5=;<H 8I7H =B7@I8=B; 8=GH5B79
69HK99B @5GH HIFB 5B8 9L<5IGH <CC8
'5AE9B54 @1BDC
-<9 D5FHG F9EI=F98 :CF H<9 9L<5IGH 5=F
GMGH9A 9@6CKG @=B9G 9L<5IGH 5=F
CIH@9HG 5F9 BCH =B7@I898 =B GH5B85F8
89@=J9FM C: H<9 8FM9F
335CC?B95C
-<9 D5FHG F9EI=F98 :CF H<9 9L<5IGH 5=F
GMGH9A 75B 69 C6H5=B98 :FCA 7IGHCA9F
G9FJ=79 CF MCIF @C75@ 895@9F
)@95G9
:C@@CK H<9 =BGH5@@5H=CB =BGHFI7H=CBG
GIDD@=98 6M H<9 5DDFCDF=5H9
A5BI:57HIF9F
(945 5H81ECD ;9D
D5FH BC
,)/ #?D5
-<9 A5L=AIA D9FA=HH98 BIA69F C: T
9@6CKG =B7@I8=B; H<=G G=89 9L<5IGH ?=H
=G :CIF
i ,D97=5@ HCC@ :CF 7IHH=B; H<9 <C@9 =B
DF9D5F98 G=89 D5B9@ =G F9EI=F98
CBH57H @C75@ 895@9F
!% 1C 9D
!56D 89>75 ;9D
D5FH BC
,)/ :CF 5@@ 8FM9FG 9L79DH
G=@J9F 5B8 8IC HCB9 G=@J9F
D5FH BC
,)/ ( :CF G=@J9F 5B8 8IC
HCB9 G=@J9F 8FM9FG
-<9 8CCF 75H7< 75B 69 F9J9FG98 =:
B979GG5FM
-<9 8CCF =G <=B;98 CB H<9
F=;<H 5H H<9 :57HCFM
%545CD1< "?E>D9>7 9D
D5FH BC
,)/
-<9 D5FHG F9EI=F98 :CF H<9 %) J9FG=CB
75B 69 C6H5=B98 :FCA MCIF @C75@ 895@9F
)@95G9 :C@@CK H<9 =BGH5@@5H=CB
=BGHFI7H=CBG GIDD@=98 6M H<9 5DDFCDF=5H9
A5BI:57HIF9F
": MCI <5J9 5 DFCD5B9 ;5G 8FM9F 5B8
B998 HC 7CBJ9FH =H HC B5HIF5@ ;5G
,9FJ=79 $=H D@95G9 7CBGI@H
MCIF 7IGHCA9F G9FJ=79 5;9BH :CF
5GG=GH5B79
#?D5
FM9F AIGH 69 7<97?98 :CF DFCD9F
CD9F5H=CB K<9B9J9F H<9 ;5G
7CBB97H=CBG <5J9 699B 6FC?9B
?DD?= 5H81ECD ;9D
D5FH BC
,)/
#?D5
-<9 A5L=AIA D9FA=HH98 BIA69F C: T
9@6CKG =B7@I8=B; H<=G G=89 9L<5IGH ?=H
=G :CIF
BI5B B13;
D5FH BC
,)/ 0<=H9 FM9FG
D5FH BC
,)/ ( ,=@J9F FM9FG
D5FH
BC
,)/ % IC HCB9 ,=@J9F
D5FH
BC
,)/ ' IC HCB9 +98
": ACIBH=B; H<9 8FM9F CB H<9 D989GH5@
:C@@CK H<9 =BGHFI7H=CBG GIDD@=98 K=H< H<9
D989GH5@
"?29<5 8?=5 ;9D
D5FH BC
,)/ #?D5
)@95G9 7<97? K=H< H<9 IH<CF=HM !5J=B;
#IF=G8=7H=CB =B MCIF 5F95 HC J9F=:M =: 5 ;5G
8FM9F 75B 69 =BGH5@@98 =B MCIF AC6=@9
<CA9
(B79 H<5H <5G 699B J9F=:=98
=BGH5@@5H=CB C: H<9 8FM9F G<5@@ 7CB:CFA HC
H<9 &5BI:57HIF98 !CA9 CBGHFI7H=CB
5B8 ,5:9HM ,H5B85F8 -=H@9 + )5FH
O:CFA9F@M H<9 989F5@ ,H5B85F8 :CF
&C6=@9 !CA9 CBGHFI7H=CB 5B8 ,5:9HM
-=H@9 !. )5FH P 5B8CF
,H5B85F8 ',q3 &!
)@95G9 IG9 AC6=@9 <CA9 ?=H BIA69F
,)/ :CF A95BG HC G97IF9 H<9
8FM9F HC H<9 GHFI7HIF9
,99 D5;9 QL<5IGH =F CBB97H=CB
:CF H<9 9L<5IGH 8I7H =BGH5@@5H=CB
=BGHFI7H=CBG
-<9 9L<5IGH 8I7H AIGH 69 G97IF9@M
:5GH9B98 HC 5 BCB7CA6IGH=6@9 DCFH=CB
C: H<9 AC6=@9 <CA9 GHFI7HIF9 5B8 AIGH
BCH H9FA=B5H9 69B95H< H<9 AC6=@9
<CA9
B CD9B=B; HC H<9 CIHG=89 AIGH 69
DFCJ=898 8IF=B; =BGH5@@5H=CB
"BGIF9 H<5H
H<9 :F99 5F95 C: H<9 CD9B=B; :CF H<9
=BHFC8I7H=CB C: CIHG=89 5=F =G BCH @9GG
H<5B HK=79 H<9 5F95 C: H<9 8FM9F 9L<5IGH
CIH@9H CF IG9 5H @95GH 5 =B7< 8=5A9H9F
9L<5IGH CF 5H @95GH 5 =B GEI5F9
9L<5IGH 8I7H :CF H<9 CD9B=B;
>CD1<<1D9?> ^ CD5@2ICD5@
D5FH BC
,)/ .G9 H<9 8FM9F F57? HC 8FM K5G<56@9
KCC@9B H9LH=@9G 9
;
GK95H9FG 5B8
G<C9G
.BD57? H<9 8FM9F
+9ACJ9 5@@ C6>97HG :FCA H<9 8FIA
<97? H<9 8FM9F :CF J=G=6@9
85A5;9
)CG=H=CB H<9 8FM9F B95F H<9
=BGH5@@5H=CB @C75H=CB
": F9EI=F98 <5J9 7IGHCA9F G9FJ=79
7<5B;9 H<9 8CCF <=B;9G HC H<9 @9:H
G99 D5;9 ": F9EI=F98 <5J9 7IGHCA9F G9FJ=79
=BGH5@@ H<9 9L<5IGH 5=F CIH@9H CB H<9
8FM9F G99D5;9
!5J9 H<9 ;5G GIDD@M 7CBB97H98 6M
5B EI5@=:=98 H97<B=7=5B G99 D5;9
"BGH5@@ 9L<5IGH 8I7H =:B979GG5FM
C@@CK H<9 =BGH5@@5H=CB =BGHFI7H=CBG
GIDD@=98 6M H<9 5DDFCDF=5H9
A5BI:57HIF9F
i ": GD579 =G J9FM F9GHF=7H98 =H =G
F97CAA9B898 HC :=H H<9 =B=H=5@ D5FHG
C: H<9 9L<5IGH 8I7H HC H<9 8FM9F
69:CF9 H<9 8FM9F =G ACJ98 HC =HG
:=B5@ =BGH5@@5H=CB @C75H=CB
&CJ9 H<9 8FM9F HC =HG :=B5@ @C75H=CB
5B8 5@=;B
))#)$#
C BCH G@=89 8FM9F 57FCGG H<9 :@CCF =:
<9=;<Hq58>IGH56@9 :99H <5J9 699B
9LH9B898
99H 5B8CF 8FM9F 65G9
A5M 69 85A5;98 =: 8FM9F =G G@=8
57FCGG :@CCF K=H< <9=;<Hq58>IGH56@9
:99H 9LH9B898
)CG=H=CB 5B8 H<9B @9J9@ H<9 8FM9F
-<9 8FM9F G<CI@8 69 @9J9@ K=H< 5@@
:CIF :99H :=FA@M CB H<9 ;FCIB8
-<9
8FM9F AIGH BCH KC66@9
":H<9 8FM9F
=G BCH @9J9@ CF =: =H 8C9G KC66@9 H<9
:99H AIGH 69 58>IGH98
8>IGH H<9
<9=;<Hq58>IGH56@9 :99H IBH=@ H<9
8FM9F 8C9G BCH FC7? 5B8 =G @9J9@
6CH< :FCBHqHCq657? 5B8
G=89qHCqG=89
CBB97H H<9 9L<5IGH 8I7H HC H<9
9L<5IGH 5=F CIH@9H CB H<9 8FM9F
"BG9FH D@I; =BHC H<9 K5@@ F979DH57@9
853; <9CD 256?B5 EC9>7
D85 4BI5B
<97? H<5H GH9DG <5J9 699B
=AD@9A9BH98 DFCD9F@M
BGIF9 H<5H H<9 8FM9F =G 7CBB97H98
HC H<9 DCK9F GIDD@M
(D9B H<9 G<IHC::qJ5@J9
+958 H<9 CD9F5H=B; =BGHFI7H=CBG HC
IB89FGH5B8 <CK MCIF 8FM9F
CD9F5H9G
CB8I7H 5B 5DD@=5B79 H9GH
q <97? H<5H H<9 8FIA =G 9ADHM
q @CG9 H<9 8FM9F 8CCF
q ,K=H7< H<9 8FM9F HC QLHF5 FM
5B8 H<9B DF9GG H<9 ,H5FH
6IHHCB
q :H9F A=BIH9G DF9GG H<9
,HCD 6IHHCB 5B8 CD9B H<9 8CCF
": H<9 =BH9F=CF C: H<9 8FM9F :99@G
K5FA H<9 8FM9F <5G 699B
7CBB97H98 DFCD9F@M
,K=H7< H<9 8FM9F HC Q(::
": H<9 8FM9F 8C9G BCH KCF? GK=H7<
H<9 8FM9F HC Q(::
%CC? =B H<9 HFCI6@9G<CCH=B;
G97H=CB D5;9 C: H<9
()+-"' "',-+.-"(', 5B8
:=B8 H<9 :5I@H
%B5@1B9>7 D? DB1>C@?BD D85
4BI5B ^ CD5@ 2ICD5@
@CG9 H<9 G<IHqC:: J5@J9
+CH5H9 H<9 DFC;F5A G9@97HCF HC
Q(::
)I@@ CIH H<9 DCK9F GIDD@M D@I;
CF
HIFB C:: H<9 7=F7I=H 6F95?9F
=G7CBB97H ;5G GIDD@M
=G7CBB97H H<9 9L<5IGH 8I7H :FCA
H<9 9L<5IGH 5=F CIH@9H CB H<9 8FM9F
)@579 5BM 5779GGCF=9G =B H<9 8FIA
@CG9 H<9 8CCF 5B8 G97IF9 K=H<
58<9G=J9 H5D9
,7F9K H<9 <9=;<Hq58>IGH56@9 :99H C:
H<9 8FM9F =BHC H<9 <CIG=B; HC
DF9J9BH H<9A :FCA 69=B; 85A5;98
8IF=B; HF5BGDCFH5H=CB
$%')# #()'*)$#(
.?EB >5G 4BI5B
(D9BH<98CCF
7C@CF98A5F?=B;
5B87@CG9H<98CCF
%=BH:=@H9F
*)$#
)85 1335CC @1>5< <?31D54 ?> D85 2?DD?= <56D ?6 D85 4BI5B 9C 6?B (5BF935 335CC 1>4 9C
?><I D? 25 ?@5>54 2I 1> ED8?B9J54 ?B &E1<96954 (5BF935 )538>9391>
?>DB?< %1>5<
(D1BD
(D?@ 2EDD?>
,H5FHG =BH9FFIDHG 5B8 9B8G H<9 8FM=B; DFC79GG
EDD?>C 6?B $@D9?>C =B 588=H=CB HC H<9 DFC;F5A =:
F9EI=F98
,99 D5;9 45<931D5C <?G D5=@
)F9GG :CF H9AD9F5HIF9qG9BG=H=J9 H9LH=@9G
9
;
57FM@=7 :=69FG
-<9 H9AD9F5HIF9 C: H<9 8FM=B;
DFC79GG =G F98I798 H<9 8FM=B; H=A9 =G 9LH9B898
7CFF9GDCB8=B;@M
(97>1<
B 57CIGH=7 G=;B5@ =B8=75H9G H<9 9B8 C: H<9
DFC;F5A
9C@<1I
"B8=75H9G H<9 9GH=A5H98 F9A5=B=B; H=A9 C: DFC;F5AG
C 1> >4931D?B
,9FJ9G 5G 5 F9A=B89F HC 7@95B H<9 @=BH :=@H9F
%B?7B1= C5<53D?B
,9@97HG 5 DFC;F5A
,99 D5;9 5B
69 FCH5H98 =B 6CH< 8=F97H=CBG
-C GK=H7< C:: H<9 8FM9F FCH5H9 H<9
DFC;F5A G9@97HCF HC (::
>4931D?B <978DC !
"B8=75H9 H<9 7IFF9BH GH5H9 C:
H<9 8FM=B; DFC79GG
(5<53D9>7 1 @B?7B1=
(E==1BI ?6
9>CDBE3D9?>C
*C9>7 D85 4BI5B B13;
$@D9?> C55 @175 *)$#
9:CF9 IG=B; MCIF 8FM9F F958 5B8
:C@@CK 5@@ =BGH5@@5H=CB 5B8 CD9F5Hq
=B; =BGHFI7H=CBG
%B5@1B9>7 D85 4BI5B
8??C5 1> ?@D9?>
i <97? H<9 @=BH :=@H9F
-<9 :=@H9F
G<CI@8 69 7@95B98 69:CF9 5B8 5:H9F
9J9FM 8FM=B; DFC79GG
1>4 CD1BD D85 4BI5B
(G9D38 ?66 D85 4BI5B
*C9>7 D85 4BI5B
(165DI 9>6?B=1D9?>
,'##
@K5MG :C@@CK H<9 "&)(+-',-2 "',-+.-"(',
G99 D5;9 ,'##
)$ +$
-%!$($# /'
$99D :@5AA56@9 A5H9F=5@G 5B8
J5DCFG GI7< 5G ;5GC@=B9 5K5M
:FCA H<9 8FM9F
C BCH 8FM 5BMH<=B; H<5H <5G 9J9F
<58 5BMH<=B; :@5AA56@9 CB =H
9J9B 5:H9F K5G<=B;
C BCH 8FM 5BMH<=B; H<5H <5G 9J9F
<58 5BM HMD9 C: C=@ CB =H =B7@I8=B;
7CC?=B; C=@G
"H9AG 7CBH5=B=B; :C5A FI669F CF
D@5GH=7 AIGH 69 8F=98 CB
57@CH<9Gq@=B9 CF 6M IG=B; 5B
=F:@I::'C <95Hq7M7@9
C BCH 5@@CK =H9AG 7CBH5=B=B;
:@5AA56@9 A5H9F=5@G GI7< 5G
@=;<H9FG HC F9A5=B =B 7@CH<9G
K<=@9 8FM=B;
5=@IF9 HC :C@@CK H<9G9
=BGHFI7H=CBG A5M F9GI@H =B
9LD@CG=CB CF :=F9
)? 1F?94 B9C; ?6 451D8
?B 9>:EBI
.G9 H<9 8FM9F CB@M =B H<9 <CIG9 CF H<9
;5F5;9 :CF 8FM=B; BCFA5@ 5ACIBHG C:
@5IB8FM :CF H<9 <CIG9<C@8
.G9 CB@M :CF 8FM=B; H9LH=@9G K<=7< K9F9
K5G<98 K=H< K5H9F
'9J9F CD9F5H9 H<9 8FM9F K=H<CIH H<9
:FCBH 7CJ9F D@5H9 =B D@579
56?B5 CG9D389>7 ?>D85
4BI5B
"BGH5@@ H<9 8FM9F =B 577CF85B79 K=H<H<9
=BGH5@@5H=CB =BGHFI7H=CBG :FCA D5;9 C BCH IG9 5 8FM9F K<=7< =G J=G=6@M
85A5;98
": =B 8CI6H 7CBH57H MCIF
895@9F
C BCH @95J9 7<=@8F9B IBGID9FJ=G98
B95F H<9 8FM9F
$99D D9HG 5K5M :FCA H<9 8FM9F
9:CF9
7@CG=B; H<9 8CCF 7<97? H<9 7CBH9BHG C:
H<9 8FIA
+9ACJ9 5@@ C6>97HG :FCA DC7?9HG
%=;<H9FG 5F9 D5FH=7I@5F@M <5N5F8CIG
'9C; ?6 5H@<?C9?>
,K=H7< C:: H<9 8FM9F 5H H<9 9B8 C: H<9
DFC;F5A
%B?D53D9>7 D85 4BI5B
C BCH 7@=A6 CB H<9 8FM9F
C BCH @95B CF G=H CB H<9 8CCF
'9C; ?6 4BI5B D9@@9>7 ?F5B
C BCH GHCF9 CF IG9 GC@J9BH 89H9F;9BH
6CCGH9FG CF GH5=B F9ACJ9F =B H<9 J=7=B=HM
C: H<9 8FM9F
-<9 8FM9F 7CI@8 69 85A5;98
C BCH @=:H H<9 8FM9F 6M DFC>97H=B;
7CADCB9BHG
'9C; ?6 2B51;175
%B?D53D9?> ?6D85
5>F9B?>=5>D
)9@C ?> C1F9>7 5>5B7I
-C G5J9 9B9F;M ACB9M 5B8 H=A9
CG7< F97CAA9B8G H<9 :C@@CK=B;
B19> D85 <1E>4BI D8?B?E78<I
9:CF9 8FM=B; GD=B H<9 @5IB8FM
H<CFCI;<@M =B H<9 K5G<=B;
A57<=B9
.G9 H<9 <=;<9GH DCGG=6@9
GD=B GD998 :CF H<9 HMD9 C: @5IB8FM
!=;<9F GD=B GD998G F98I79 H<9
8FM=B; H=A9 5B8 H<9 9B9F;M
7CBGIADH=CB
*C5 ?@D9=E= <?14
.G9 A5L=AIA F97CAA9B898
@C58G
!CK9J9F 8C BCH 9L7998
@C58G
<51> 69<D5B
@95B H<9 :=@H9F 69:CF9 5B8 5:H9F
957< 8FM=B; DFC79GG
G99D5;9
+5>D9<1D5 D85 B??=
IF=B; H<9 8FM=B; DFC79GG DFCJ=89
5B 589EI5H9 GIDD@M C::F9G< 5=F
? >?D 4BI E>CE9D12<5 =1D5B91<C
C BCH 8FM FI669F=N98 CF 5=FqH=;<H
=H9AG
? 3<51> 1>4 9>C@53D D85
5H81ECD CICD5= ?> 1 B57E<1B
21C9C
@C7?5;9G A5M 9LH9B8 8FM=B;
H=A9
56?B5 EC9>7 D85
4BI5B 6?B D85 69BCD
D9=5
9:CF9 MCI IG9 H<9 8FM9F :CF H<9 :=FGH
H=A9
+958 H<9G9 CD9F5H=B; =BGHFI7H=CBG
75F9:I@@M
<97? H<5H H<9 GIDD@M JC@H5;9
7CFF9GDCB8G K=H< H<9 JC@H5;9
GD97=:=75H=CBG CB H<9 F5H=B; D@5H9 C:
H<9 8FM9F G99 D=7HIF9 D5;9 <97? H<5H H<9 ;5G HMD9
7CFF9GDCB8G K=H< GD97=:=75H=CBG CB
H<9 F5H=B; D@5H9 C: H<9 8FM9F G99
D=7HIF9 D5;9 !5J9 5 EI5@=:=98 D9FGCB A5?9 GIF9
;5G DF9GGIF9 8C9G BCH 9L7998
=B
0 ?)5 DG=;
'5HIF5@ 5B8 )FCD5B9 5G
+9ACJ9 5@@ C6>97HG :FCA H<9 8FIA
<97? H<9 8FM9F :CF J=G=6@9
85A5;9
": 85A5;9G :CIB8
7CBH57H MCIF 895@9F
0=D9 H<9 =BG=89 C: H<9 8FIA K=H< 5
85AD 7@CH<
CB8I7H 5B 5DD@=5B79 H9GH G99
D5;9 ": H<9 8FM9F 8C9G BCH KCF? GK=H7<
H<9 8FM9F HC (::
%CC? =B H<9 HFCI6@9G<CCH=B;
G97H=CB D5;9 C: H<9 CD9F5H=B;
=BGHFI7H=CBG 5B8 :=B8 H<9 :5I@H
)5=@?B1BI
49C3?>>53D9?> ?6
D85 4BI5B
(D9F5H9 MCIF 8FM9F CB@M K<9B MCI 5F9
5H <CA9
": MCI =BH9B8 ;C=B; CB
J575H=CB CF 5F9 BCH IG=B; MCIF 8FM9F :CF
5B 9LH9B898 D9F=C8 C: H=A9 MCI
G<CI@8
-IFB C:: H<9 7=F7I=H 6F95?9F
@CG9 H<9 G<IHqC:: J5@J9
)I@@ CIH H<9 DCK9F GIDD@M D@I; =:
DCGG=6@9
@95B H<9 @=BH :=@H9F
'57E<1B
?DD?> $(#($'
)F9GG H<9 9@=75H9G @CK H9AD
6IHHCB
:CF H9AD9F5HIF9 G9BG=H=J9 H9LH=@9G
(6G9FJ9 H<9 75F9 =B:CFA5H=CB CF
GMA6C@G CB H<9 H9LH=@9G
-<9
H9AD9F5HIF9 C: H<9 8FM=B; DFC79GG =G
F98I798 H<9 8FM=B; H=A9 =G 9LH9B898
!1E>4BI
45>D96931D9?> ?6612B93C
(6G9FJ9 H<9 HF95HA9BH GMA6C@G CB H<9
H9LH=@9 @569@G
-<9M DFCJ=89 J5@I56@9
=B:CFA5H=CB 5G K9@@ 5G @=A=H5H=CBG 56CIH
H<9 8FM=B; DFC79GG
C BCH 8FM H<9 :C@@CK=B; H9LH=@9G =B H<9
8FM9F
=FqH=;<H H9LH=@9G 9
;
FI669F=N98
9@=75H9 :56F=7G G=@? GMBH<9H=7
7IFH5=BG
(97>1<
2CIF 8FM9F CIHDIHG 8=::9F9BH G=;B5@G =:
H<9 ,=;B5@ 6IHHCB =G DF9GG98
%5B=1>5>D %B5CC i FM KCC@9B CF KCC@qF=7< H9LH=@9G
K=H< 8FM9F F57? CB@M
i .G9 H<9 H=A9 DFC;F5A Q=F :@I::'C
<95H HC 8FM 5FH=7@9G 7CBH5=B=B;
:C5A FI669F CF G=A=@5F@M H9LHIF98
FI669Fq@=?9 A5H9F=5@G
BI9>7 D9@C
"B DF=B7=D@9 H<9 :C@@CK=B; 5DD@=9G HC 5@@
8FM=B; DFC;F5AG
-C 9BGIF9 5 IB=:CFA 8FM=B; F9GI@H
GCFH H<9 @5IB8FM 577CF8=B; HC :56F=7
HMD9 5B8 8FM=B; DFC;F5A
5GH9B N=DD9FG <CC?G 5B8 9M9G
5GH9B @CCG9 69@HG 5DFCBGHF=B;G
9H7
C BCH CJ9F8FM 95GMq75F9 @5IB8FM r
F=G? C: KF=B?@=B; %95J9 @5IB8FM HC
8FM =B H<9 5=F
C BCH =FCB @5IB8FM =AA98=5H9@M
5:H9F 8FM=B;
)@579 H<9 @5IB8FM =B 5
D=@9 :CF 5 G<CFH K<=@9
+9G=8I5@
AC=GHIF9 K=@@ H<9B 69 8=GHF=6IH98
IB=:CFA@M
$B=HH98 H9LH=@9G 9
;
-qG<=FHG
7CHHCB >9FG9M @5IB8FM C:H9B G<F=B?
K<9B 8F=98 :CF H<9 :=FGH H=A9
C
BCH IG9 H<9 /9FM 8FMLHF5 8FM
DFC;F5A
%B?7B1= C5<53D9?>
CF CDH=AIA 8FM=B; F9GI@HG MCIF 8FM9F
C::9FG G9J9F5@ DFC;F5A ;FCIDG 5B8
588=H=CB5@ CDH=CBG
,9@97H H<9 F9EI=F98 8FM=B; DFC;F5A
:FCA H<9 DFC;F5A H56@9 577CF8=B; HC
H<9 9L5AD@9G G99 D5;9 ED?=1D93 @B?7B1=C
-<9F9 5F9 5IHCA5H=7 DFC;F5AG :CF
8=::9F9BH HMD9G C: H9LH=@9G
+9;I@5FCHHCB (,',(+ CF
)9FA5B9BH DF9GG $(#($'
5<931D5C <?G D5=@
'%*(
5,#
(A.?A
(5<?A A<;2
;1
(2>B2;02 <3 @5<?A
A<;2@
".9Y<=2?.A6<;
(2>B2;02 <3 9<;4 A<;2@
,.?;6;4 <3
:.93B;0A6<;
(2>B2;02 <3 9<;4 A<;2@
i -<9 G=;B5@
Q05FB=B; C: A5@:IB7H=CB =G 57H=J9
=B 5BM 75G9
-<9 DFC;F5A G9EI9B79 C: 5IHCA5H=7
DFC;F5AG =G 7CBHFC@@98 J=5 G9BGCFG
-<9
8IF5H=CB C: H<9 DFC;F5A 89D9B8G CB
H<9 A95GIF98 89;F99 C: AC=GHIF9 =B H<9
@5IB8FM 5B8 CB H<9 G9@97H98 89;F99 C:
8FMB9GG 9
;
5AD 8FM CF LHF5 8FM
)9=5 @B?7B1=C
>4931D?B ?6 @B?7B1=
C5AE5>35
-<9 8FM9F IG9G 5B 9@97HFCB=7 G75BB=B;
GMGH9A :CF 5@@ DFC;F5AG 9L79DH H<9 H=A9
DFC;F5AG AC=GHIF9 G9BGCF
7CBH=BICIG@M 7<97?G H<9 AC=GHIF9 =B H<9
@5IB8FM
FM=B; 9B8G 5IHCA5H=75@@M 5G
GCCB 5G H<9 G9@97H98 89;F99 C: 8FMB9GG
<5G 699B F957<98
-<9 8FIA 7CBH=BI9G HC FCH5H9 5H
GD97=:=7 =BH9FJ5@G :CF CB9 <CIF HC
DF9J9BH 7F95G=B;
-<9 7IFF9BH 89;F99 C: 8FM=B; 5B8 H<9
@9J9@ F957<98 8IF=B; H<9 DFC;F5A
G9EI9B79 =G =B8=75H98 J=5=B8=75HCF
@=;<HG FM=B; 5AD 8FM +9;I@5F 8FM
0F=B?@9 6@C7?
-=A9 DFC;F5AG FIB :CF 5 GD97=:=7 H=A9
A=BIH9G
"B H<9 =F :@I::'C <95H GH5;9 H<9 8FM9F
FIBG CB 5A6=9BH 5=F K=H<CIH 5 <95H
GIDD@M :CF A=BIH9G
i FM KCC@9B CF KCC@F=7< H9LH=@9G
K=H< 8FM9F F57? CB@M
$@D9?>C
i ": H<9 =B8=75HCF @=;<H Q0F=B?@9 6@C7?
=@@IA=B5H9G K<9B H<9 DFC;F5A
G9@97HCF =G =B (::)CG=H=CB HIFB C::
H<9 7=F7I=H 6F95?9F 5B8 75@@ :CF
7IGHCA9F G9FJ=79
%B?7B1= C5<53D9?> D12<5
10+)0'! ,.+%.)/
<? <AA<;@ .;1 0<9<?21@ :.12 <3 0<AA<; <? 96;2;
%?2@@ H2960.A2@ 9<D A2:=
/BAA<; 3<? A2:=2?.AB?2Y@2;@6A6C2 A2EA692@
7#%1(.+00+*/
$(#($'
BA<:.A60 =?<4?.:
+. (1*".5
21 96;2; A./92 96;2; A<D29@
21 96;2; .;1 A./92 96;2; A<D29@ )Y@56?A@ @=<?A@ @56?A@ <C2?.99@
)Y@56?A@ @=<?A@ @56?A@ 1?2@@2@ A?<B@2?@ <C2?.99@ B;12?D2.?
)2??F A<D29@ 86A052; A<D29@ 5.;1 A<D29@ /21 96;2; B;12?D2.? 0<AA<;
@<08@
)2??F A<D29@ 86A052; A<D29@ 5.;1 A<D29@ /21 96;2; B;12?D2.? 0<AA<;
@<08@
)2??F /.A5?</2@ .;1 A2??F /21 96;2;
D5605 6@ A< /2 6?<;21
.:= 1?F
D5605 6@ ;<A A< /2 6?<;21
'24B9.? 1?F
D5605 6@ ;<A A< /2 6?<;21 A5608
:B9A6Y=9F
D5605 6@ =.?A60B9.?9F A5608 <?
:B9A6Y=9F
.@FY0.?2 1?6=Y1?F 9.B;1?F :.12 <3 @F;A52A60 .;1 /92;121 3./?60 0<AA<; 2
4
=<9F2@A2?
%?2@@ A52 H2960.A2@ 9<D A2:=
/BAA<; 3<? C2?F A2:=2?.AB?2Y@2;@6A6C2 A2EA692@
+2?F 1?F
EA?. 1?F
7#.)*#*0 .#//
$(#($'
BA<:.A60 =?<4?.:
+. (1*".5
)?<B@2?@ 1?2@@2@ @86?A@ @56?A@ /9<B@2@ 92446;4@ @=<?A@ 09<A56;4 D6A5
@F;A52A60Y?605 36/2?@ 96;42?62
(56?A@ /9<B@2@ @=<?A@ 09<A56;4
21 96;2; .;1 A./92 96;2; A?.08 @B6A@ 0<:3<?A2?@ /9.;82A@
D5605 6@ ;<A A< /2 6?<;21 <? <;9F
9645A9F 6?<;21
D5605 6@ ;<A A< /2 6?<;21
D5605 6@ ;<A A< /2 6?<;21 A5608
:B9A6Y=9F
.:= 1?F
'24B9.? 1?F
+2?F 1?F
')# ,.+%.)/
7')# .5
%?2Y1?621 A2EA692@ D6A5 9<D :<6@AB?2 0<;A2;A 6;16C61B.9 @:.99 6A2:@ 2
4
/.A5 A<D29@ /.A56;4 @B6A@ 16@5 09<A5@
<? A52 @:.992@A 9<.16;4 0<;16A6<; 3?<: 9/ Z 9/ 6
2
<;2 @:.99 A<D29 3<? A56@ . A6:2 1?F =?<4?.: @5<B91
/2 @2920A21
%?2@@ A52 H2960.A2@ 9<D A2:=
/BAA<; 3<? A2:=2?.AB?2Y@2;@6A6C2 A2EA692@ <AA<;@ .;1 0<9<?21@ :.12 <3 0<AA<; <? 96;2;
:6;
)2:=2?.AB?2Y@2;@6A6C2 A2EA692@
:6;
?2@52;6;4 <? .6?6;4 96AA92 D<?; 6A2:@ <3 09<A56;4 .;1 1?F6;4 <3 2EA?2:2 @2;@6A6C2 A2EA692@
6? 39B33#< 52.A
<? .99 A2EA692 AF=2@ 6;09B@6C2 3<.: ?B//2? 2
4
=699<D@ @AB3321 A<F@ =9.@A60 2
4
@5<D2? 0B?A.6;@ A./92 09<A52@
?B//2? 2
4
/.0821 ?B4@ @522? ;F9<; =<9F=?<=F92;2
i -<9 ,H5FH,HCD =B8=75HCF @=;<H
$@5B1D9?>
GH5FHG :@5G<=B;
i -<9 DFC;F5A GH5FHG K=H< 5B
*C9>7 D85 4BI5B
(D9B H<9 8CCF
)F9GG H<9 Q(D1BD,HCD 6IHHCB
-<9
Q,H5FH,HCD =B8=75HCF @=;<H
=@@IA=B5H9G
57CIGH=7 G=;B5@ =: G9H
": 5 GH5B85F8 DFC;F5A <5G 699B
G9@97H98 H<9 =B8=75HCF @=;<HG =B8=75H9
H<9 DFC;F9GG C: H<9 DFC;F5A G9EI9B79
": F9EI=F98 G9@97H Q(DH=CB 6M
DF9GG=B; H<9 6IHHCB
-<9 (DH=CBG 5F9 9LD@5=B98 CB
D5;9 i H DFC;F5A 9B8 5B 57CIGH=7 G=;B5@
=G 9A=HH98 =: G9H 5B8 H<9 %
Q0F=B?@9 6@C7? =@@IA=B5H9G
i 0<9B H<9 8FM=B; DFC79GG =G
<97? @=BH :=@H9F
-<9 :=@H9F G<CI@8 69 7@95B98 5:H9F
5B8 69:CF9 9J9FM 8FM=B; DFC79GG
@95B=B; H<9 :=@H9F F98I79G H<9
8FM=B; H=A9 5B8 G5J9G 9B9F;M
i @957< A5M 75IG9 8=G7C@CF5H=CB C:
H<9 8FM9FG 7C@CF98 GIF:579
-<9F9:CF9 =H =G =ADCFH5BH HC ?99D
H<9 6@957< 5K5M :FCA H<9 7C@CF98
GIF:579 C: MCIF 8FM9F
": 5BM 6@957<
GD=@@G CB H<9 GIF:579 IG9 5 AC=GH
D5D9F HCK9@ HC H<CFCI;<@M 7@95B =H
=AA98=5H9@M
)@579 @5IB8FM =B H<9 9ADHM 8FIA
)IH 957< D=979 C: @5IB8FM =BHC H<9
A57<=B9 G9D5F5H9@M
CF 69GH F9GI@HG H<9 @5IB8FM HC 69
8F=98 AIGH 69 GCFH98 577CF8=B; HC
HMD9 C: @5IB8FM 5B8 89G=F98 89;F99
C: 8FM=B;
CF :IFH<9F =B:CFA5H=CB
G99 D5;9
7CAD@9H9 DFC;F5A CF G9@97H98
H=A9 DFC;F5A 9B898 H<9 8FIA
FCH5H9G 5H GD97=:=7 =BH9FJ5@G :CF
<CIF
-<=G DF9J9BHG H<9 @5IB8FM :FCA
7F95G=B;
-<9 @5IB8FM F9A5=BG
@CCG9 5B8 :@I::M IBH=@ =H =G F9ACJ98
-<9 @5IB8FM G<CI@8 69 F9ACJ98
69:CF9 H<=G H=A9 <5G 9@5DG98
i (6G9FJ9 8FM=B; GMA6C@G C: H<9
@5IB8FM A5BI:57HIF9F
": 8FM=B;
KCC@9B 7@CH<=B; 5B8 G<C9G G99
H<9 =B:CFA5H=CB CB D5;9 BGIF9 H<5H H<9F9 =G CB@M @5IB8FM =B H<9
8FIA
<97? H<5H 5@@ =H9AG 5F9
7CAD@9H9@M =B H<9 8FIA
@CG9 H<9 8CCF
-<9 Q,H5FH,HCD =B8=75HCF @=;<H
7CBH=BI9G :@5G<=B;
(D9B H<9 8CCF
-5?9 H<9 @5IB8FM CIH C: H<9 8FM9F
i ": H<9 8CCF <5G BCH 699B 7@CG98
DFCD9F@M H<9 8FM9F K=@@ BCH GH5FH
+CH5H9 DFC;F5A G9@97HCF HC H<9
89G=F98 DFC;F5A
,9@97H H<9 DFC;F5A K<=7<
7CFF9GDCB8G HC H<9 @5IB8FM =B H<9
8FM9F :FCA H<9 DFC;F5A G9@97H=CB
H56@9 G99 D5;9 -<9 8FM9F @=;<H HIFBG CB =BG=89 H<9
8FIA
+CH5H9 H<9 DFC;F5A G9@97HCF
HCQ(::
-<9 8FM9F @=;<H ;C9G CIH
@95B H<9 :=@H9F
-<9 :=@H9F G<CI@8 69 7@95B98 5:H9F
957< 8FM=B; DFC79GG
@95B=B; H<9
:=@H9F F98I79G H<9 8FM=B; H=A9 5B8
G5J9G 9B9F;M
@CG9 H<9 8CCF
q +9ACJ9 =BGC@9G 5B8 <99@ D58G
*C9>7 D85 4BI5B B13;
$@D9?> C55 @175 .G9 H<9 8FM9F F57? HC 8FM K5G<56@9
KCC@9B H9LH=@9G 9
;
GK95H9FG 5B8
G<C9G
-<9 8FM9F F57? F9A5=BG
GH5H=CB5FM K<=@9 H<9 8FIA FCH5H9G
5AD KCC@ G<CI@8 BCH 69 ACJ98 5G =H
<5G 5 H9B89B7M HC A5HH
FM=B; G<C9G
K=H<CIH 5 F57? 7CI@8 85A5;9 H<9 8FIA
)@579 H<9 8FM9F F57? GC H<5H H<9
75H7<9G 5F9 =BG9FH98 5H H<9 :FCBH =B
H<9 @C75H=B; <C@9G
)@579 G<C9G CB H<9 F57?
q =F97H@M CB H<9 8FM9F F57?
CF
*)$#
FM CB@M CB9 =H9A C: 7@CH<=B; CF
CB9 D5=F C: G<C9G A5L=A5@ 8FM
@C58 @6G ?; -<9 @5IB8FM
AIGH <5J9 699B GDIB (B@M 8FM
DF9K5G<98 G<C9G -<9 @5IB8FM
AIGH BCH HCI7< H<9 8FIA "H
7CI@8 >5A 5B8 69 85A5;98
:H9F IG=B; H<9 8FM9F F57? H5?9 =H
CIH C: H<9 8FM9F =AA98=5H9@M
>C5BD9>7 D85 4BI5B B13;
(D9B H<9 8FM9F 8CCF
<97? H<5H H<9 8FIA =G 9ADHM
+9ACJ9 H<9 @=BH :=@H9F
"BG9FH H<9 @=BH :=@H9F
-<9 @=BH :=@H9F AIGH 69 =BG9FH98 :@IG<
K=H< H<9 8FIA 98;9
BI9>7 <1E>4BI 9D5=C ?> D85 4BI5B
B13;
C@8 @5IB8FM HC :=H H<9 8FM9F F57?
)@579 @5IB8FM @CCG9@M CB H<9
65G?9H
C BCH 7FIG< %5IB8FM
AIGH BCH HCI7< H<9 8FIA C BCH
5@@CK =H9AG HC <5B; CJ9F H<9 8FM9F
F57?
@CG9 H<9 8CCF
C@@CK 8=F97H=CBG :CF H=A9 DFC;F5A
CB B9LH D5;9
q +C@@ ID 5 HCK9@ 5B8 D@579 H<9
<99@G C: H<9 G<C9G CB H<9 HCK9@
-<=G K=@@ 9BGIF9 5 ACF9 IB=:CFA
8FM=B; F9GI@H
@CG9 H<9 8CCF
8??C5 1 D9=5 @B?7B1=
BI9>7 C8?5C ?> D85 4BI5B B13;
%=:H H<9 8FM9F F57? <CF=NCBH5@@M =BHC
H<9 8FIA
)F9D5F9 G<C9G
q @95B G<C9G HC DF9J9BH H<9 8FIA
:FCA 697CA=B; GC=@98
q ": DF9D5F=B; GDCFHG G<C9G 9LH9B8
H<9 HCB;I9
q %CCG9B CF F9ACJ9 G<C9q@579G
+CH5H9 DFC;F5A G9@97HCF HC Q-=A9
8FM
A=B
,9@97H H<9 8FM=B; H=A9 :FCA H<9
:C@@CK=B; H56@9 577CF8=B; HC H<9
@5IB8FM HMD9
1*".5 05,#
#-1'.#" ".5'*% 0')#
)56; D<<92; =B99<C2? :6;
.==?<E
9/@ 4 2
4
:6;
)5608 D<<92; =B99<C2? :6;
.==?<E
9/@ 4 2
4
:6;
(86?A
:6;
)?<B@2?@
:6;
(:.99 6A2:@
2
4
49<C2@
:6;
(5<2@
:6;
)F9GG H<9 Q(D1BD,HCD 6IHHCB
-<9
Q,H5FH,HCD =B8=75HCF @=;<H
=@@IA=B5H9G
": H<9 =H9A C: 7@CH<=B; GH=@@ 7CBH5=BG
F9G=8I5@ AC=GHIF9 5:H9F H<9
=B8=75H98 8FM=B; H=A9
q C@8 H<9 =H9A C: 7@CH<=B; GC H<5H
H<9 85AD D5FHG 5F9 CB H<9
CIHG=89
q +9GH5FH H<9 DFC;F5A 5B8 F98I79
H<9 8FM=B; 8IF5H=CB 89D9B8=B;
CB H<9 89;F99 C: F9G=8I5@
AC=GHIF9
:H9F 8FM=B; GDF958 CIH H<9
@5IB8FM 5H 5=F :CF 5DDFCL
A=B
G<C9G :CF 5DDFCL
A=B
+9ACJ9 H<9 @=BH :=@H9F
<51>9>7 1>4 31B5
<51>9>7 D85 4BI5B
,'##
)$ +$
'( $ -%!$($#
'9J9F IG9 GC@J9BHG CF <=;<@M
:@5AA56@9 @=EI=8G :CF 7@95B=B;
))#)$#
"B7CFF97H 7@95B=B; A5M 85A5;9
H<9 8FM9F
C BCH GDF5M K=H< 5
K5H9F >9H
C BCH IG9 G7CIF=B;
5;9BHG CF 5@@qDIFDCG9 7@95B9FG
C BCH IG9 GH95A 7@95B9FG
0=D9 H<9 <CIG=B; 5B8 :5G7=5 K=H< 5 GC:H
7@CH< 5B8 GC5DM K5H9F CB@M
0=D9 H<9 8FIA 8CCF G95@ 5B8 =BG=89 C:
H<9 8CCF K=H< 5 85AD 7@CH< CB@M
<51>9>7 D85 <9>D 69<D5B
8=FHM :=@H9F 9LH9B8G H<9 8FM=B; H=A9 5B8
=B7F95G9G 9B9F;M 7CBGIADH=CB
-<9 :=@H9F G<CI@8 69 7@95B98 69:CF9 5B8
5:H9F 957< 8FM=B; DFC79GG
": 5 K5FB=B; G=;B5@ 5B8 5B K5FB=B;
A9GG5;9 5F9 9A=HH98 8IF=B; 5 8FM=B;
DFC;F5A 7@95B H<9 :=@H9F =AA98=5H9@M
5B8 7<97? H<9 9L<5IGH 8I7H
i -<9 DFC;F5A =BH9FFIDHG
5IHCA5H=75@@M
,K=H7< C:: H<9 8FM9F
)FC;F5A
G9@97HCF HC Q(::
-5?9 H<9 8FM9F F57? CIH C: H<9
8FIA
+9ACJ9 @=BH 6M GHFC?=B; MCIF <5B8
CJ9F H<9 :=@H9F
-<9 :=@H9F G<CI@8 69 @=;<H@M G7FI6698
HK=79 5 M95F K=H< K5FA GC5DM K5H9F
-<9 :=@H9F =G 7@95B98 K<9B =H BC @CB;9F
<C@8G K5H9F
-<9 :=@H9F AIGH 69 8F=98
H<CFCI;<@M 69:CF9 69=B; F9D@5798
*)$#
-<9 =BG=89 C: H<9 8CCF <95HG ID
8IF=B; H<9 8FM=B; DFC79GG
(D9B H<9 8CCF
"BG9FH H<9 :=@H9F
@CG9 H<9 8CCF
<51>9>7 D85 5H81ECD 4E3D
"BGD97H 5B8 7@95B H<9 9L<5IGH 8I7H=B;
5H @95GH CB79 5 M95F HC DF9J9BH
7@C;;=B;
D5FH=5@@M 7@C;;98 9L<5IGH
75B @9B;H<9B H<9 8FM=B; H=A9
q -IFB C:: H<9 7=F7I=H 6F95?9F
q )I@@ CIH DCK9F GIDD@M D@I;
q @CG9 H<9 G<IHqC:: J5@J9
q =G7CBB97H H<9 8I7H :FCA H<9
8FM9F
q /57IIA 5B8 F97CBB97H H<9 8I7H
,'##
+9ACJ9 ;5G 7CBB97H=CB 69:CF9
ACJ=B; H<9 8FM9F HC 7@95B H<9 8I7H
9 75F9:I@ BCH HC 89GHFCM H<9 ;5G
7CBB97H=CB K<9B 7@95B=B; H<9 8I7H
<51>9>7 D85 =?9CDEB5
C5>C?B
-<9 AC=GHIF9 G9BGCF <5G HC 69 7@95B98
6975IG9 5 :=B9 @5M9F C: HF5BGD5F9BH
6I=@8ID =G 89DCG=H98 CBH<9 G9BGCFG
+9q=BG9FH H<9 @=BH :=@H9F
+9ACJ9 H<9 @=BH :=@H9F
-<=G 89DCG=H 75B 95G=@M 69 F9ACJ98 6M
K=D=B; H<9 G9BGCFG H<9 HKC 65FG B9LH
HC H<9 @=BH :=@H9F K=H< 5 7@CH< 5B8 5@=HH@9
K<=H9 J=B9;5F
.G9 K<=H9 J=B9;5F CB@M
@95B H<9 AC=GHIF9 G9BGCF CB79 5
ACBH<
<51>9>7 D85 251B9>7
C895<4
(J9F H=A9 :@I:: :FCA H<9 8FM=B; DFC79GG
7C@@97HG =B H<9 695F=B; G<=9@8
)B?E2<5C8??D9>7
,'## -( /(" +",$ (
%-+"% ,!($ -( /(" 1)%(,"('
!3+
+9D5=FG CF F9D@579A9BH C: D5FHG A5M
69 75FF=98 CIH 6M 5IH<CF=N98
H97<B=7=5BG CB@M
.+ (#)
?F2? 1<2@ ;<A @A.?A
H(A.?A(A<= 6;160.A<? 9645A 1<2@ ;<A
699B:6;.A2
!.B;1?F 6@ D2A .3A2? 1?F6;4
%?<4?.: 5.@ /22; 6;A2??B=A21
D.?;6;4 @64;.9 6@ 2:6AA21 .;1 A52
16@=9.F @5<D@ HE:01
-<=G :@I:: 75B 69 95G=@M F9ACJ98 IG=B;
MCIF J57IIA 7@95B9F 5H @95GH CB79 5
ACBH<
81>75 D85 <978D 2E<2
-<9 8FM9F @=;<H HIFBG CB =BG=89 H<9 8FIA
K<9B MCI CD9B H<9 8CCF
-C 7<5B;9 H<9 @=;<H 6I@6
q ,9H DFC;F5A G9@97HCF HC QC::
q
-IFB C:: H<9 7=F7I=H 6F95?9F
q
)I@@ CIH DCK9F GIDD@M D@I;
q
(D9B H<9 8CCF 5B8 @C75H9 H<9 @=;<H
6I@6 CB H<9 IDD9F @9:H G=89 C: H<9
G95@
9:CF9 75@@=B; H<9 7IGHCA9F G9FJ=79
7<97? K<9H<9F MCI 75B F97H=:M H<9 :5I@H
MCIFG9@: 6M A95BG C: H<9 :C@@CK=B;
H56@9
": 5 :5I@H 75BBCH 69 F97H=:=98 CF 5F9D5=F
=G F9EI=F98
+//' (# !1/#
".6; =9B4 ;<A 6;@2?A21 .A .99 <? ;<A 6;@2?A21 0<??20A9F
3B@2 <3 =<D2? @B==9F 5.@ A?6==21
H(A.?A(A<= /BAA<; ;<A =?2@@21
#< =?<4?.: @2920A21
<<? ;<A 09<@21
:/62;A A2:=2?.AB?2 /29<D ° °
)52 @5BAY<33 C.9C2 6@ 09<@21
!6;A 369A2? 16?AF
E5.B@A .6? 1B0A 6@ /9<0821 <? A<< 9<;4
.B9A 6; =?<4?.: @2>B2;02 <? :.93B;0A6<;
)52 ?<<:0./6;2A 6@ ;<A .12>B.A29F C2;A69.A21
q
%CCG9B H<9 G7F9K C: H<9 7CJ9F 5B8
CD9B H<9 7CJ9F
q
-IFB 6I@6 7CIBH9F7@C7?K=G9
+9D@579 H<9 6I@6 K=H< 5 B9K
5DD@=5B79 6I@6 CB@M C6H5=B56@9
H<FCI;< D5FHG 89D5FHA9BH
q
+9D@579 H<9 7CJ9F 5B8 G97IF9 K=H<
H<9 G7F9K
q
)@I; =B 8FM9F CF F97CBB97H DCK9F
GIDD@M
,9H DFC;F5A G9@97HCF HC Q(::
-IFB C:: H<9 7=F7I=H 6F95?9F
)I@@ H<9 A5=B D@I; CIH C: H<9
GC7?9H
@CG9 H<9 G<IHqC:: J5@J9
5@@ 7IGHCA9F G9FJ=79
G99D5;9
#)#"'( !0'+*
;@2?A :.6; =9B4 0<??20A9F
'2=9.02@D6A05 <; 3B@2
%?2@@ H(A.?A(A<= /BAA<;
(2920A =?<4?.:
9<@2 1<<?
;0?2.@2 ?<<: A2:=2?.AB?2
$=2; A52 @5BAY<33 C.9C2
92.; 369A2? .@ 12@0?6/21 <; =.42 (D6A05 <33@D6A05 <; .4.6;
92.; 2E5.B@A .6? 1B0A
'21B02 2E5.B@A .6? 1B0A A<
:.E6:B: 92;4A5 .@ 12@0?6/21 <; =.42 (D6A05 <33@D6A05 <; .4.6;
(D6A05 <33 1?F2? 92.C2 A< 0<<9 1<D; 3<? :6;
@D6A05 <; .4.6;
'2@A.?A =?<4?.:
%?<C612 .; .12>B.A2 @B==9F <3 3?2@5 .6?
(D6A05 <33@D6A05 <; .4.6;
24?22 <3 1?F6;4 5.@ ;<A /22; ?2.0521
<? A52 1?F6;4 A6:2 6@ A<< 9<;4
6@=9.F :.F 6;160.A2 HE:03
"<6@AB?2 @2;@<? 16?AF
E5.B@A .6? 1B0A 6@ /9<0821 <? A<< 9<;4
!6;A 369A2? 16?AF
!.B;1?F D.@ A<< D2A
*;@B6A./92 =?<4?.: @2920A21
".E6:B: 1?F6;4 A6:2 D.@ 2E022121
"<A<? 96:6A A2:=2?.AB?2 D.@ 2E022121
?B: 9645A 1<2@ ;<A 3B;0A6<;
#< =?<4?.: @2920A21
!645A /B9/ 12320A6C2 9645A /B9/ /B?;21 <BA
#< =<D2? @B==9F
!6435A /B9/ 6@ 9<<@2
H(A.?A(A<= 6;160.A<? 9645A 1<2@ ;<A
699B:6;.A2 H,?6;892 /9<08 6;160.A<?
9645A@
)52 16@=9.F @5<D@ H000
.B9A 6; =?<4?.: @2>B2;02 <? :.93B;0A6<;
!6;A 369A2? ! 6@ /96;86;4 .3A2? 96;A 369A2?
5.@ /22; 092.;21
96;86;4 <3 96;A 369A2? ! 6@ ;<A .; 6;160.A6<; <3 .
=?</92:
A 6@ B@21 <;9F .@ . ?2:6;12?
92.; :<6@AB?2 @2;@<? .@ 12@0?6/21 <; =.42 (D6A05 <33@D6A05 <; .4.6;
92.; 2E5.B@A .6? 2EA?.0A6<;
'21B02 2E5.B@A .6? 1B0A
A< :.E6:B: 92;4A5 .@ 12@0?6/21 <; =.42 (D6A05 <33@D6A05 <; .4.6;
92.; 369A2? .@ 12@0?6/21 <; =.42 (D6A05 <33@D6A05 <; .4.6;
(=6; 9.B;1?F .A 56452? @=221 6; A52 D.@56;4
:.056;2
(D6A05 <33@D6A05 <; .4.6;
(2920A =?<4?.: D6A5 .61 <3 A52 =?<4?.: @2920A6<;
A./92 @22 =.42 (D6A05 <33@D6A05 <; .4.6;
92.; 96;A 369A2? @22 =.42 5208 2E5.B@A .6? 2EA?.0A6<;
(=6; 9.B;1?F .A . 56452? @=221 6; F<B? D.@52?
(D6A05 <33 1?F2? 92.C2 A< 0<<9 1<D; 3<? :6;
(D6A05 <; .4.6;
(A.?A =?<4?.:
(2920A =?<4?.:
5.;42 9645A /B9/ @22 =.42 B.?.;A22 =<D2? @B==9F
)645A2; 9645A /B9/
'2:<C2 .;1 ?26;@A.99 A52 0<C2? .@
16?20A21 <; =.42 (D6A05 <33 1?F2? 92.C2 A< 0<<9 1<D; 3<? :6;
@D6A05 <; .4.6;
'2@A.?A =?<4?.:
#< .0A6<; ?2>B6?21
!645A D699 @A<= /96;86;4
('+ 1>4 '%'
*)$#
*)$# %569@ 5@@ K=F9G DF=CF
HC 8=G7CBB97H=CB K<9B G9FJ=7=B;
7CBHFC@G
0=F=B; 9FFCFG 75B 75IG9
=ADFCD9F 5B8 85B;9FCIG
CD9F5H=CB
J9F=:M DFCD9F
CD9F5H=CB 5:H9F G9FJ=7=B;
-<9 CG7< 8FM9FG F9EI=F9 BC GD97=5@
75F9 CH<9F H<5B H<9 75F9 5B8 7@95B=B;
BCH98 56CJ9
i ": MCI 5F9 <5J=B; 5 DFC6@9A K=H<
MCIF 8FM9F 69:CF9 75@@=B; :CF
G9FJ=79 D@95G9 F9:9F HC -56@9 CB
D5;9 :C@@CK=B;
": G9FJ=79 697CA9G B979GG5FM 7CBH57H
MCIF 895@9F CF =BGH5@@9F CF 5B 5IH<CF=N98
G9FJ=79 79BH9F
C BCH 5HH9ADH HC F9D5=F
H<9 5DD@=5B79 MCIFG9@:
BM KCF?
D9F:CFA98 6M IB5IH<CF=N98 D9FGCBB9@
A5M JC=8 H<9 K5FF5BHM
": MCI 5F9 <5J=B; 5 DFC6@9A K=H< MCIF
CG7< 8FM9F 5B8 5F9 BCH D@95G98 K=H<
H<9 G9FJ=79 MCI <5J9 F979=J98
=FGH D@95G9 7CBH57H MCIF =BGH5@@9F
CF H<9 CG7< IH<CF=N98 ,9FJ=79
CBHF57HCF =B MCIF 5F95 5B8
9LD@5=B HC H<9A K<M MCI 5F9 BCH
G5H=G:=98
-<=G K=@@ IGI5@@M 7CFF97H
H<9 DFC6@9A
": 5:H9F KCF?=B; K=H< MCIF =BGH5@@9F
CF G9FJ=79 D9FGCB H<9 DFC6@9A GH=@@
<5G BCH 699B F9GC@J98 HC MCIF
G5H=G:57H=CB D@95G9 @9H IG ?BCK 6M
9=H<9F KF=H=B; HC IG 5H
,! !CA9 DD@=5B79G
&75889B J9BI9
!IBH=B;HCB 957< )@95G9 69 GIF9 HC =B7@I89 =: KF=H=B; CF
<5J9 5J5=@56@9 =: 75@@=B; H<9 :C@@CK=B;
=B:CFA5H=CB
&C89@ 'IA69F
,9F=5@ 'IA69F
5H9 C: (F=;=B5@ )IF7<5G9
5H9 )FC6@9A (F=;=B5H98
LD@5B5H=CB C: )FC6@9A
@GC =: KF=H=B; D@95G9 69 GIF9 HC
=B7@I89 5 85MH=A9 H9@9D<CB9 BIA69F
5B8 5 7CDM C: H<9 G5@9G =BJC=79
2CI K=@@ :=B8 H<9 AC89@ BIA69F 5B8
G9F=5@ BIA69F =B:CFA5H=CB CB H<9 F5H=B;
D@5H9 @C75H98 CB H<9 =BG=89 C: H<9 :FCBH
D5B9@
CF 75@@=B; IG 5H
]]]
())"#) $ ,''#)( $( !$)( '.'(
-<9 K5FF5BH=9G DFCJ=898 6M ,! !CA9
DD@=5B79G 44CG7< =B H<=G ,H5H9A9BH
C: 05FF5BH=9G 5DD@M CB@M HC CG7<
@CH<9G 8FM9FG GC@8 HC H<9 :=FGH IG=B;
DIF7<5G9F 6M CG7< CF =HG 5IH<CF=N98
895@9FG F9H5=@9FG CF G9FJ=79 79BH9FG =B
H<9 .B=H98 ,H5H9G CF 5B585
-<9
05FF5BH=9G DFCJ=898 <9F9=B 5F9 BCH
HF5BG:9F56@9
-2.? B99 !6:6A21 ,.??.;AF
?<: .A2 <3 ;@A.99.A6<;
<@05 D699 ?2=.6? <? ?2=9.02 3?22 <3 05.?42 .;F 0<:=<;2;A =.?A A5.A 6@
=?<C2; 12320A6C2 B;12? 0<;16A6<;@ <3 ;<?:.9 5<:2 B@2 9./<? .;1
@56==6;4 0<@A@ 6;09B121
,.??.;AF ?2=.6? @2?C602 :B@A /2 =2?3<?:21 /F
.; .BA5<?6G21 <@05 (2?C602 2;A2?
-2.? !6:6A21 ,.??.;AF
?<: .A2 <3 ;@A.99.A6<;
<@05 D699 =?<C612 ?2=9.02:2;A =.?A@ 3?22 <3 05.?42 3<? .;F 0<:=<;2;A
=.?A A5.A 6@ =?<C2; 12320A6C2 B;12? 0<;16A6<;@ <3 ;<?:.9 5<:2 B@2
@56==6;4 0<@A@ 6;09B121 9./<? 05.?42@ 2E09B121
-2.? !6:6A21 ,.??.;AF <; 920A?<;60@
?<: .A2 <3 ;@A.99.A6<;
<@05 D699 ?2=.6? <? ?2=9.02 3?22 <3 05.?42 .;F :60?<=?<02@@<? <? =?6;A21
06?0B6A /<.?1 A5.A 6@ =?<C2; 12320A6C2 B;12? 0<;16A6<;@ <3 ;<?:.9 5<:2
B@2 1B?6;4 A52 36?@A A5?<B45 @20<;1 F2.? 3?<: A52 1.A2 <3 <?646;.9
6;@A.99.A6<; 9./<? 05.?42@ 2E09B121
-2.? !6:6A21 ,.??.;AF <; "<A<?
?<: .A2 <3 ;@A.99.A6<;
<@05 D699 ?2=.6? <? ?2=9.02 3?22 <3 05.?42 .;F :<A<? <? 0<:=<;2;A =.?A
<3 A52 :<A<? A5.A 6@ =?<C2; 12320A6C2 B;12? 0<;16A6<;@ <3 ;<?:.9 5<:2
B@2 1B?6;4 A52 36?@A A5?<B45 @20<;1 F2.? 3?<: A52 1.A2 <3 <?646;.9
6;@A.99.A6<; 9./<? 05.?42@ 2E09B121
.A2 <3 6;@A.99.A6<; @5.99 ?232? A< A52 2.?962? <3 A52 1.A2 A52 09<A52@ 1?F2? 6@ 6;@A.9921 <? A2; /B@6;2@@ 1.F@ .3A2? A52 1296C2?F 1.A2
H3<EC9?>C
-<=G K5FF5BHM 8C9G BCH 7CJ9F G9FJ=79
75@@G CF F9D5=FG HC 7CFF97H H<9 =BGH5@@5H=CB
C: H<9 7@CH<9G 8FM9F HC DFCJ=89
=BGHFI7H=CBG CB H<9 IG9 C: MCIF 7@CH<9G
8FM9F HC F9D@579 <CIG9 :IG9G CF 7CFF97H
D@IA6=B; CF H<9 9@97HF=7 K=F=B; =B MCIF
<CA9 CF HC F9D5=F 5BM 7@CH<9G 8FM9F
H<5HG IG9 K5G =B 5 A5BB9F CH<9F H<5B
K<5H =G BCFA5@ 5B8 7IGHCA5FM :CF <CA9
IG9
"B 588=H=CB H<9 K5FF5BH=9G
DFCJ=898 =B H<=G ,H5H9A9BH 9L7@I89 5BM
89:97HG CF 85A5;9 5F=G=B; :FCA
577=89BH 5@H9F5H=CB A=GIG9 56IG9
=ADFCD9F =BGH5@@5H=CB IB5IH<CF=N98
G9FJ=79 KCF? 9LH9FB5@ :CF79G 69MCB8
CG7<G 7CBHFC@ GI7< 5G :=F9 :@CC8
5B8 CH<9F 57HG C: C8 CF =BGH5@@5H=CB
BCH =B 577CF85B79 K=H< @C75@ 9@97HF=75@
5B8 D@IA6=B; 7C89G
%56CF 7<5F;9G
=B7IFF98 =B H<9 F9D5=F CF F9D@579A9BH C:
5BM 7@CH<9G 8FM9F 5:H9F 5 D9F=C8 C: CB9
M95F :FCA 85H9 C: =BGH5@@5H=CB G<5@@ BCH
69 7CJ9F98 6M H<=G K5FF5BHM
BM 5B8
5@@ F9D@5798 5B8CF F9D5=F98 D5FHG G<5@@
5GGIA9 H<9 =89BH=HM C: H<9 CF=;=B5@ :CF
DIFDCG9G C: H<9 5DD@=756@9 K5FF5BHM
D9F=C8
-( -! 1-'- )+&"--
2 %0 -!", 0++'-2 ", "' %".
( %% (-!+ 1)+,, '
"&)%" 0++'-", "'%."'
-! "&)%" 0++'-", (
&+!'-"%"-2 ' "-',,
(+ )+-".%+ ).+)(,
(,! (, '(- ,,.& '2
+,)(',""%"-2 (+ "'"'-%
(+ (',*.'-"% & ,
-(
(-"' 0++'-2 ,+/"
('-- -! '+,- (,!
.-!(+"3 ,+/" '-+ (+
%% qqq (+ 0+"- -(
,! !(& ))%"', (+)
& ' /'.
!.'-"' -(' !
,.+ -( )+(/" 2(.+
%(-!, +2+, &(% ,+"%
'.&+ ).+!, - '
-! ,%%+, '&
+,,
' ()2 ( -!
,%, "'/("
)12<5 45C =1D9TB5C
U69>9D9?>C #()'*)$#( (M*')M "%$')#)( "BGHFI7H=CBG 89 A=G9 `@5 H9FF9 >CDBE3D9?>C 49>CD1<<1D9?> "BHFC8I7H=CB "B:CFA5H=CBG GIF @5 A=G9 5I F96IH J5BH 8=BGH5@@9F @9 Gd7<9q@=B;9 F5B7<9A9BH e@97HF=EI9 F5B7<9A9BH 8I ;5N +577CF89A9BH 8I 7CB8I=H 8e7<5DD9A9BH 779GGC=F9G "BGH5@@5H=CB D5G ` D5G <97?q@=GH DFe5@56@9 ` @9AD@C= 8I Gd7<9q@=B;9 )FeD5F5H=CB D5G ` D5G 5I HF5BGDCFH 8I Gd7<9q@=B;9 #()'*)$#( *)!()$# )FeG9BH5H=CB 89 JCHF9 BCIJ95I Gd7<9q@=B;9
%9 65B895I 89 7CAA5B89 'UCE=U 45C 9>CDBE3D9?>C >6?B=1D9?>C 45 CU3EB9DU J5BH 85@@IA9F @9 Gd7<9q@=B;9 .H=@=G5H=CB 8I Gd7<9q@=B;9 )FCH97H=CB 8I Gd7<9q@=B;9 %B?D53D9?> 45 <5>F9B?>>5=5>D F1>D 4ED9<9C5B <5 CT385]<9>75 @?EB <1 @B5=9TB5 6?9C U2B1>385=5>D D5=@?B19B5 4E CT385]<9>75 !9>75 eH9FA=B5H=CB 89 @5 B5HIF9 8I H=GGI CBG9=@G DCIF @9 Ge7<5;9 (U<53D9?> 4E @B?7B1==5 )FC;F5AA9G 5IHCA5H=EI9G )FC;F5AA9G 5GGCFH=G 8IB9 8IFe9 (DH=CBG "B8=75H9IF 89 8eFCI@9A9BH 8I DFC;F5AA9 )12<51E 45 CU<53D9?> 45C @B?7B1==5C *D9<9C1D9?> .H=@=G5H=CB 8I Gd7<9q@=B;9 .H=@=G5H=CB 8I H=FC=F 89 Ge7<5;9 CDH=CB #5DD?I175 5D 5>DB5D95> '9HHCM5;9 8I Gd7<9q@=B;9 '9HHCM5;9 8I :=@HF9 ` D9@I7<9G '9HHCM5;9 8I 7CB8I=H 8e7<5DD9A9BH '9HHCM5;9 89G 75DH9IFG 8<IA=8=He '9HHCM5;9 89 @5 :@5GEI9 <5B;9F @5ADCI@9 89 @e7@5=F5;9 UB1>75=5>D 5D B5=T45C ,+/" - +Z)+-"(', !')$# ( '#)( (]!# $( L7@IG=CBG 89 ;5F5BH=9 /CIG J9B9N 857<9H9F IB Gd7<9q@=B;9
CG7< 9H BCIG JCIG 9B:e@=7=HCBG
/CIG
J9B9N 89 :5=F9 @9AfA9 7<C=L EI9 :CBH
HCIG @9G 7CBGCAA5H9IFG 5HH9B85BH 89
@9IF Gd7<9q@=B;9 89G D9F:CFA5B79G
9L79DH=CBB9@@9G
9 Gd7<9q@=B;9 G9 7CB:CFA9 ` @5 BCFA9
'," 3
q
DD5F9=@G 89 Ge7<5;9 89G JfH9A9BHG
/C@
9 Gd7<9pop@=B;9 C::F9 IB9
75F57HeF=GH=EI9 D5FH=7I@=dF9A9BH
=BHeF9GG5BH9 =@ 7CBGCAA9 D9I
8eB9F;=9
.B9 D<=@CGCD<=9 89 :CB7H=CBB9A9BH
G=AD@9 HCIH IB eJ9BH5=@ 89 DFC;F5AA9G
89 Ge7<5;9 D9FGCBB5@=GeG 9H IB
5;Fe56@9 F9HCIF <5DH=EI9 5HH9GH5BH 89 @5
FC6IGH9GG9 89 @5DD5F9=@ :CBH 89 79
89FB=9F IB 5GG=GH5BH DF5H=EI9 5I G9FJ=79
89JCHF9 :CM9F
9 Gd7<9q@=B;9 CG7< C::F9 @9G
75F57HeF=GH=EI9G GH5B85F8 GI=J5BH9G
,MGHdA9 89 Ge7<5;9 <5IH9A9BH
9::=7579 9H DFe7=G
F5B8 H5A6CIF 8IB9 7CBH9B5B79
89 D=98G 7I69G @=HF9G
75D56@9 89 F979JC=F >IGEI` @6G ?; 89 @=B;9
F5B8 CF=:=79 8577dG AA J9FFCI=@@5;9 89 @5DCFH9
5J97 :CB7H=CB 85FFfH 5I89 @5
DCFH9
CB7H=CBB9A9BH 9LHFfA9A9BH
G=@9B7=9IL
M7@9G 5IHCA5H=EI9G 7CBHFk@eG D5F
89G 75DH9IFG
M7@9G 7<FCBCAeHFeG
9H A=BIH9G
<5EI9 Gd7<9q@=B;9 EI=HH5BH BCHF9
IG=B9 5 GI6= 89G H9GHG 7CAD@9HG 89
D9F:CFA5B79G 9H G9 HFCIJ9 9B D5F:5=H
eH5H 89 A5F7<9
,= JCIG GCI<5=H9N
:CFAI@9F EI9@EI9 EI9GH=CB EI9 79 GC=H
BCH5AA9BH GIF @=BGH5@@5H=CB 89 JCHF9
Gd7<9q@=B;9 BCHF9 eEI=D9 8I G9FJ=79
5DFdGqJ9BH9 G9 :9F5 IB D@5=G=F 8M
FeDCB8F9
/CIG HFCIJ9F9N 85IHF9G =B:CFA5H=CBG 9H
HCIH IB 7<C=L 89 BCG DFC8I=HG GIF @9 G=H9
096 GI=J5BH
KKK
6CG7<5DD@=5B79G
7CA
>6?B=1D9?>
/9I=@@9N G
J
D
@=F9 9H F9GD97H9F
@=BHe;F5@=He 89 79HH9 BCH=79 8=BGH5@@5H=CB
9H 8IH=@=G5H=CB 5=BG= EI9 HCIH9G @9G
=B:CFA5H=CBG EI= CBH eHe :CIFB=9G 5J97
79 Gd7<9q@=B;9
%'*#
%'*# /9I=@@9N JCIG
F9DCFH9F ` @5 D@5EI9 G=;B5@eH=EI9
5:=B 89 JeF=:=9F DCIF EI9@ HMD9 89
7CA6IGH=6@9 JCHF9 Ge7<9@=B;9 5 eHe
7CB7I
U69>9D9?>C
+')((
"#)
F5BD9CC5=5>D 9 GMA6C@9
JCIG DFeJ=9BH 8IB 85B;9F 89
ACFH CI 8IB F=GEI9 89 6@9GGIF9G
;F5J9G G= JCIG B9 F9GD97H9N D5G
@5J9FH=GG9A9BH EI=
@577CAD5;B9
%'*#
%BE45>35 9 GMA6C@9 JCIG
DFeJ=9BH 8IB F=GEI9 89 6@9GGIF9G
G= JCIG B9 F9GD97H9N D5G
@5J9FH=GG9A9BH EI=
@577CAD5;B9
%'*#
%BE45>35 9 GMA6C@9 JCIG
DFeJ=9BH 8IB F=GEI9 89 8e;bHG
A5HeF=9@G G= JCIG B9 F9GD97H9N
D5G @5J9FH=GG9A9BH EI=
@577CAD5;B9
i 9 GMA6C@9 9GH 89GH=Be ` 5HH=F9F
JCHF9 5HH9BH=CB GIF EI9@EI9 7<CG9
89 D5FH=7I@=9F
+')(("#) CCEB5JF?EC 45 295> CE9FB5 <5C 9>CDBE3D9?>C 4?>>U5C 41>C 35DD5 >?D935
@?EB BU4E9B5 1E =9>9=E= <5 B9CAE5 49>35>495 ?E 45H@<?C9?> ?E @?EB UF9D5B D?ED 4?==175
=1DUB95< D?ED5 2<5CCEB5 ?E <1 =?BD
#5>DB5@?C5B @1C 5D >ED9<9C5J @1C 45CC5>35 >9 41EDB5C F1@5EBC ?E <9AE945C 9>6<1=]
=12<5C 41>C <5 F?9C9>175 45 35D 1@@1B59< 5D 45 D?ED 1EDB5 1@@1B59<
&* ' ( +$*( (#)/ *# $*' /
q
#5 D5>D5J @1C 41<<E=5B 41@@1B59<
q
#5 D?E385J P 1E3E> 9>D5BBE@D5EB #5 F?EC C5BF5J @1C 45C DU<U@8?>5C C5 DB?EF1>D
41>C <5 2RD9=5>D ?[ F?EC F?EC DB?EF5J
F13E5J <1 @9T35 <5 2RD9=5>D ?E <1J?>5
@@5<5J 9==U491D5=5>D F?DB5 6?EB>9CC5EB 45 71J 45@E9C E> F?9C9> (E9F5J <5C
9>CDBE3D9?>C 4E 6?EB>9CC5EB
(9 F?EC >5 @?EF5J B5:?9>4B5 <5 6?EB>9CC5EB 45 71J 1@@5<5J <5 C5BF935 45C 9>35>495C
q
q
q
!9>CD1<<1D9?> 5D <5>DB5D95> 4?9F5>D 5DB5 1CCEBUC@1B E> 9>CD1<<1D5EB ?E E> C5BF935 45>DB5]
D95> AE1<969U ?E @1B <5 6?EB>9CC5EB 4571J
#()'*)$#( (M*')M "%$')#)(
/9I=@@9N @=F9 HCIH9G @9G =BGHFI7H=CBG
:=;IF5BH 85BG 79HH9 BCH=79 5J5BH
8IH=@=G9F @9 Gd7<9q@=B;9
@5
@=JF5=GCB @9GGd7<9q@=B;9 CG7<
GCBH 577CAD5;Be9G 8IB9 BCH=79
8IH=@=G5H=CB 89 A5=BH9B5B79 9H
8=BGH5@@5H=CB
'9 :5=H9G D5G Ge7<9F 89 D=d79G 89
@=B;9 EI= CBH eHe DFe5@56@9A9BH
B9HHCMe9G @5Je9G 9H H57<e9G 5J97
CI HF9ADe9G 85BG 89 @9GG9B79
89G GC@J5BHG 89 8e;F5=GG5;9 `G97
CI 85IHF9G GI6GH5B79G
9LD@CG=J9G 75F HCIH9G 79G
GI6GH5B79G 8e;5;9BH 89G J5D9IFG
GIG79DH=6@9G 89 G9B:@5AA9F CI
89LD@CG9F
'9 @5=GG9N D5G @9G 9B:5BHG >CI9F
85BG CI GIF @5DD5F9=@
"@ 9GH
=ADCFH5BH 89 GIFJ9=@@9N eHFC=H9A9BH
@9G 9B:5BHG @CFGEI9 @5DD5F9=@ 9GH
IH=@=Ge BCB @C=B 89B:5BHG %CFGEI9 @9G 9B:5BHG 5FF=J9BH ` @b;9
89 :5=F9 A5F7<9F @5DD5F9=@ @9IFG
D5F9BHG CI HIH9IFG @e;5IL CBH @5
F9GDCBG56=@=He 89 J9=@@9F ` 79 EI9
89G D9FGCBB9G EI5@=:=e9G @9IF
9BG9=;B9BH 89G AeH<C89G
8IH=@=G5H=CB GnF9G '=BHFC8I=G9N D5G @9G A5=BG 85BG
@5DD5F9=@ H5B8=G EI9 @9 H5A6CIF
HCIFB9
'=BGH5@@9N B= B9 GHC7?9N D5G
@5DD5F9=@ 85BG IB 9B8FC=H 9LDCGe
5IL =BH9ADeF=9G
'9 7<9F7<9N D5G ` AC8=:=9F @9G
7CAA5B89G 89 @5DD5F9=@
'9 H9BH9N D5G 89 FeD5F9F B=
F9AD@579F EI9@EI9 D=d79 EI9 79
GC=H 89 @5DD5F9=@ B9 @9 GCIA9HH9N
D5G ` 89G CDeF5H=CBG 89
A5=BH9B5B79 5IHF9G EI9 79@@9G
GDe7=:=EI9A9BH =B8=EIe9G 85BG @9G
=BGHFI7H=CBG 89 A5=BH9B5B79 CI 89
FeD5F5H=CB 9H D9FA=G9G
`@IH=@=G5H9IF 797= ` 7CB8=H=CB EI9
JCIG 9B 7CADF9B=9N @9 7CBH9BI 9H
5M9N @<56=@=He F9EI=G9 DCIF Fe5@=G9F
79G CDeF5H=CBG
)CIF GIDDF=A9F @e@97HF=7=He
GH5H=EI9 BIH=@=G9N D5G
858CI7=GG5BH CI DFC8I=H DCIF
H=GGI G5I: G= @9 :56F=75BH @9
F97CAA5B89
'9 JCIG G9FJ9N D5G 89 @5 7<5@9IF
DCIF Ge7<9F 89G 5FH=7@9G 7CBH9B5BH
8I 75CIH7<CI7 ACIGG9 IB9
eH=EI9HH9 D9IH =B8=EI9F @5 DFeG9B79
89 ACIGG9 89 @5H9L CI 89G
A5HeF=5IL 9B 75CIH7<CI7 H9LHIFeG
89 :5cCB G=A=@5=F9
%9G A5HeF=5IL
7CBH9B5BH 8I 75CIH7<CI7 ACIGG9
D9IJ9BH 85BG 79FH5=B9G
7=F7CBGH5B79G G9B:@5AA9F 9H
6Fn@9F GDCBH5BeA9BH @CFGEI9
e7<5I::eG
J5BH 9H 5DFdG @9 D5GG5;9
B9HHCM9N @9G D9@I7<9G 8eDCGe9G
GIF @9 :=@HF9
/9=@@9N ` 79 EI9 @5 NCB9 G=HIe9
5IHCIF 89 @CF=:=79 89 GCFH=9 9H @9G
NCB9G JC=G=B9G GC=9BH 9L9ADH9G 89
6CIFF9G D9@I7<9G DCIGG=dF9G
577IAI@e9G
.B CF=:=79 C6GHFIe
D9IH Fe8I=F9 @9 :@IL 85=F 9H
DFCJCEI9F IB9 GIF7<5I::9
"@ :5I8F5=H EI9 @9 D9FGCBB9@ 89
G9FJ=79 5DFdGqJ9BH9 EI5@=:=e B9HHC=9
Fe;I@=dF9A9BH @=BHeF=9IF 89 @5
A57<=B9 9H @9 7CB8I=H
8e7<5DD9A9BH 85=F
,= JCIG kH9N IB EI9@7CBEI9
D5BB95I CI 75DCH M 7CADF=G
@9757<9 89 @5 @5AD9 JCIG F=GEI9N
89 A9HHF9 ` BI 89G 7=F7I=HG
e@97HF=EI9G GCIG H9BG=CB
+5B;9N HCIG @9G DFC8I=HG
7<=A=EI9G 9H 5779GGC=F9G 89
HF5=H9A9BH 8I @=B;9 85BG IB 9B8FC=H
G97 9H :F5=G 9B F9GD97H5BH @9G
=BGHFI7H=CBG DI6@=e9G D5F @9IFG
:56F=75BHG
9H 9B8FC=H 8C=H G9
HFCIJ9F <CFG 89 DCFHe9 89G
9B:5BHG
)CIF Fe8I=F9 @9 F=GEI9 8=B79B8=9
B9 A9HH9N >5A5=G 85BG @9
Gd7<9q@=B;9 89G JfH9A9BHG
7<=::CBG 89 B9HHCM5;9 5779GGC=F9G
89 B9HHCM5;9G ` :F5B;9G
7CADCFH5BH 89G HF579G 89 HCIH9
GI6GH5B79 =B:@5AA56@9 7CAA9
@<I=@9 Je;eH5@9 @<I=@9 89 7I=G=B9
@9G <I=@9G CI DFC8I=HG 8=GH=@@eG `
65G9 89 DeHFC@9 @9G7=F9G
;F5=GG9G 9H7
.B9 CI D@IG=9IFG
GI6GH5B79G =B:@5AA56@9G D9IJ9BH
fHF9 F9GHe9G GIF 79G D=d79G 89
@=B;9 AfA9 5DFdG @9 @5J5;9
"@ 9GH =BH9F8=H 89 GHC7?9F DFdG 8I
Ge7<C=F 89G A5HeF=5IL
7CA6IGH=6@9G 89 @9GG9B79 CI
85IHF9G J5D9IFG CI @=EI=89G
=B:@5AA56@9G
'9 A9HH9N D5G ` Ge7<9F 85BG
@5DD5F9=@ 89G D=d79G 89 @=B;9
9LDCGe9G 5IL <I=@9G 89 7I=GGCB
9G D=d79G 89 @=B;9 7CBH5A=Be9G
D5F @9G <I=@9G 89 7I=GGCB D9IJ9BH
7CBHF=6I9F ` IB9 Fe57H=CB 7<=A=EI9
EI= :9F5=H DF9B8F9 :9I ` @5 7<5F;9
89 @=B;9
'9 JCIG 5GG9M9N D5G GIF @9
Gd7<9q@=B;9
)CIF Fe8I=F9 @9 F=GEI9 8=B79B8=9
CI 89 7<C7 e@97HF=EI9 '.-"%",3
), 89 DFC@CB;5H9IF B=
8585DH5H9IF DCIF F577CF89F @9
Gd7<9q@=B;9 ` IB9 DF=G9 8I G97H9IF
e@97HF=EI9
'IH=@=G9N 79 Gd7<9q@=B;9 EI9
7CB:CFAeA9BH ` G5 89GH=B5H=CB
/eF=:=9N HCI>CIFG @9 7CBH9BI 89G
DC7<9G 9H F9H=F9N HCIG @9G C6>9HG
HFCIJeG
%9G 6F=EI9HG `7=;5F9HH9G
GCBH D5FH=7I@=dF9A9BH 85B;9F9IL
'9 :5=H9G D5G :CB7H=CBB9F @9
Ge7<C=F 5J5BH 89 F9AD@579F @9G
7CF8CBG 85@=A9BH5H=CB IGeG 9HCI
@9G :=7<9G Ab@9G 89GG9FFe9G
'9 :5=H9G D5G A5F7<9F
@9Gd7<9q@=B;9 H5BH EI9 HCIH
7CIJ9F7@9 9HCI D5BB95I 9B@9Je
B5 D5G eHe F9A=G 9BD@579
'9 :5=H9G D5G A5F7<9F @9
Gd7<9q@=B;9 G=@ @I= A5BEI9 89G
D=d79G CI G= 9@@9G GCBH 75GGe9G
'9 H9BH9N D5G 89 7CBHCIFB9F
IB8=GDCG=H=: 89 Ge7IF=He
EI9@7CBEI9
J97 79 Gd7<9q@=B;9 BIH=@=G9N D5G
89 7CB8I=H :@9L=6@9 9B D@5GH=EI9 CI
85BG IB A5HeF=5I BCB AeH5@@=EI9
%9G 7CB8I=H9G :@9L=6@9G 9B
D@5GH=EI9 CI 85BG HCIH A5HeF=5I
BCB AeH5@@=EI9 9B;9B8F9BH IB
F=GEI9 DCH9BH=9@ 8=B79B8=9
'9 :5=H9G D5G A5F7<9F
@9Gd7<9q@=B;9 H5BH EI9 JCIG BfH9G
D5G GnF G= @9 Gd7<9q@=B;9 5 eHe
=BGH5@@e 7CB:CFAeA9BH 5IL
=BGHFI7H=CBG =BGH5@@5H=CB 9H EI9
@=BGH5@@5H=CB 5=BG= EI9
@9F577CF89A9BH ` @5 H9FF9 G9
7CB:CFA9 ` HCIG @9G 5FFfHeG
AIB=7=D5IL 9HCI @9G 5IHF9G
Fd;@9A9BHG 9H 9L=;9B79G
5DD@=756@9G
-CIH A5BEI9A9BH ` =BGH5@@9F
9BHF9H9B=F 9HCI :5=F9 A5F7<9F
@9Gd7<9q@=B;9 9B 7CB:CFA=He 5J97
@9G =BGHFI7H=CBG 8I :56F=75BH D9IH
DFCJCEI9F 89G 8CAA5;9G
7CFDCF9@G 9HCI 89G 8e;bHG
A5HeF=9@G
+#) "))'
!%%'! $'( ('+
$* * '*) ')'/ !
%$') * $"%')"#)
(
)CIF eJ=H9F 89B8CAA5;9F @9GC@
CI @5 DFC@=:eF5H=CB 89 AC=G=GGIF9G
B9 @5=GG9N D5G @95I FeD5B8I9 CI
@9G e7@56CIGGIF9G 9B D9FA5B9B79
5IHCIF 89 @5DD5F9=@ CI GCIG
79@I=q7=
'=BGH5@@9N D5G 85DD5F9=@ 5I :I9@
85BG @9 D@575F8 8I Ge7<C=F
%9 :5=H 89B@9J9F HCIH D5BB95I M
7CADF=G @9 D5BB95I 89 G9FJ=79
7=F7I@5=F9 ` @5J5BH JCIG 9LDCG9 `
IB F=GEI9 89BHF9F 9B 7CBH57H 5J97
89G 5FfH9G CI DC=BH9G 7CID5BH9G
89G 7CBB9L=CBG e@97HF=EI9G 9H 89G
GIF:579G HFdG 7<5I89G
'5=1BAE5C %9G &",, ' + 9H
/+-",,&'-,
"&)(+-'-, :=;IF5BH 85BG @9
DFeG9BH A5BI9@ B9 G5IF5=9BH
9BJ=G5;9F HCIH9G @9G G=HI5H=CBG
DCGG=6@9G 9H =A5;=B56@9G
5=H9G DF9IJ9 89 6CB G9BG 89
DFI89B79 9H 89 GC=B D9B85BH
@=BGH5@@5H=CB @9BHF9H=9B 9H
@IH=@=G5H=CB 89 79 Gd7<9q@=B;9
CBH57H9N HCI>CIFG JCHF9
F9J9B89IF 8=GHF=6IH9IF 5;9BH
8I G9FJ=79 5DFdGqJ9BH9 ,/
CI @9 :56F=75BH 9B DFeG9B79 89
DFC6@dA9G CI G=HI5H=CBG JCIG
D5F5=GG5BH
=B7CADFe<9BG=6@9G
+9GD97H9N e;5@9A9BH @9G
=B:CFA5H=CBG 89 Ge7IF=He
=B7@IG9G 85BG @9G
"',-+.-"(',
"',-%%-"(' 9H @9G
"',-+.-"(',
.-"%",-"('
>CDBE3D9?>C 45 =9C5 P<1
D5BB5
"@ :5IH =ADeF5H=J9A9BH F577CF89F
79Gd7<9q@=B;9 ` @5 H9FF9
B 75G 89
8MG:CB7H=CBB9A9BH CI 89 D5BB9
G5@=5=GCB 5J97 @5 H9FF9 Fe8I=F5 @9F=GEI9
89 7<C7 e@97HF=EI9 9B :CIFB=GG5BH 5I
7CIF5BH e@97HF=EI9 IB7<9A=B 89
D5GG5;9 ` FeG=GH5B79 e@97HF=EI9 HFdG
Fe8I=H9
9H 5DD5F9=@ 9GH eEI=De 8IB
7CF8CB 85@=A9BH5H=CB 5J97 :=@ =BHe;Fe
89F577CF89A9BH 89 @5DD5F9=@
`@5H9FF9 9H 8IB9 :=7<9 89
F577CF89A9BH ` @5 H9FF9
"@ :5I8F5 6F5B7<9F @5 :=7<9 85BG
IB9DF=G9 :9A9@@9 5DDFCDF=e9 F9@=e9 ` @5
H9FF9 7CB:CFAeA9BH `@5Fe;@9A9BH5H=CB
9H 5IL 8e7F9HG@C75IL
+')((]
"#)
%9 6F5B7<9A9BH =B9LD9FH 8I :=@
7<5F;e 89 F577CF89F @5DD5F9=@ `@5
H9FF9 D9IH 9B;9B8F9F IB F=GEI9 89
7<C7 e@97HF=EI9
J97 @5=89 8IB e@97HF=7=9B 5;Fee CI
8IB H97<B=7=9B 8I G9FJ=79
5DFdGqJ9BH9 ,/ JeF=:=9N 9B 75G 89
8CIH9 EI9 @9 Gd7<9q@=B;9 9GH 6=9B
F577CF8e ` @5 H9FF9
' &(""3 ), % "! &X%
577CAD5;B5BH @5DD5F9=@
,= 9@@9 B9
F9BHF9 D5G 85BG @5DF=G9 89A5B89N
` IB e@97HF=7=9B 5;Fee 89 JCIG
=BGH5@@9F IB9 DF=G9 :9A9@@9
5DDFCDF=e9 `79Gd7<9q@=B;9
$#('+/ ))
#$) # %$*+$' !
$#(*!)' L#$*+*
*!)M'*'"#)
,= @5DD5F9=@ 8C=H IB >CIF 7<5B;9F 89
DFCDF=eH5=F9 F9A9HH9Nq@I= @9 A5BI9@ 9B
AfA9 H9ADG EI9 @9 Gd7<9q@=B;9
$#('+/ !(
%'M(#)(
#()'*)$#(
>CDBE3D9?>C
49>CD1<<1D9?>
>DB?4E3D9?>
/9I=@@9N @=F9 79G =BGHFI7H=CBG
8=BGH5@@5H=CB 9BH=dF9A9BH 9H
GC=;B9IG9A9BH
@@9G JCIG :9FCBH
e7CBCA=G9F 8I H9ADG 9H 89G 9::CFHG 9H
JCIG 5=89FCBH ` C6H9B=F 89G
D9F:CFA5B79G CDH=A5@9G 89 JCHF9
Gd7<9q@=B;9
/9=@@9N ` 6=9B F9GD97H9F
HCIG @9G 5J9FH=GG9A9BHG 9H A=G9G 9B
;5F89 eBCB7eG
%9G DFeG9BH9G =BGHFI7H=CBG 8IH=@=G5H=CB
GCBH 89GH=Be9G ` 89G =BGH5@@5H9IFG
EI5@=:=eG
(IHF9 @9 F9GD97H 89 79G
=BGHFI7H=CBG JCIG 89J9N =BGH5@@9F @9
Ge7<C=F 7CB:CFAeA9BH ` HCIH9G @9G
Fe;@9A9BH5H=CBG @C75@9G CI 6=9B 9B
@56G9B79 89 H9@@9G F97CAA5B85H=CBG
IL D1DC]*>9C 7CB:CFA9NqJCIG
5I '5H=CB5@ @97HF=7 C89
',"') q 9B GCB e8=H=CB @5
D@IG Fe79BH9 9B 7CB:CFA=He 5J97
@5 Fe;@9A9BH5H=CB e8=7He9 D5F @H5H
89 FeG=89B79 @5 Fe;@9A9BH5H=CB
AIB=7=D5@9 9HCI @C75@9
I 1>141 7CB:CFA9NqJCIG 5I
C89 @97HF=EI9 5B58=9B q
9B GCB e8=H=CB @5 D@IG Fe79BH9 9B
7CB:CFA=He 5J97 @5 Fe;@9A9BH5H=CB
e8=7He9 D5F @5 DFCJ=B79 89
FeG=89B79 @5 Fe;@9A9BH5H=CB
AIB=7=D5@9 9HCI @C75@9
%=BGH5@@5H=CB 89 ;5N 8C=H G9 7CB:CFA9F
5IL Fe;@9A9BH5H=CBG @C75@9G CI 9B
@56G9B79 89 79G Fe;@9A9BH5H=CBG ` @5
Fe;@9A9BH5H=CB B5H=CB5@9 GIF @9 ;5N
7CA6IGH=6@9 '5H=CB5@ I9@ 5G C89
` @5 BCFA9 '," 3
') CI `
@5 BCFA9 ',q
9H 5IL
Fd;@9A9BHG 8=BGH5@@5H=CB
'5=1BAE5 9 Gd7<9q@=B;9 :=;IF9 85BG @5 @=GH9 .% 9H
q.% 9H C::F9 IB :CB7H=CBq
B9A9BH GnF >IGEI` IB9 5@H=HI89
89 D=98G A G5BG EI=@B9
:5=@@9 AC8=:=9F EIC= EI9 79 GC=H 5IL
CF;5B9G HF5J9FGe D5F @9;5NB5HIF9@ CI
;5N DFCD5B9
>6?B=1D9?>C CEB <1=9C5
1E B52ED
"9C5 1E B52ED 45 <5=21<<175
+')((]
"#)
@C=;B9N @9G 9B:5BHG 89 HCIH
75FHCB 89A65@@5;9 9H
7CADCG5BHG 89A65@@5;9
%9G:9I=@@9G 9B D@5GH=EI9 9H @9G
75FHCBG D@=5BHG 7CADCFH9BH
IBF=GEI9 8eHCI::9A9BH
-CIG @9G A5HeF=5IL 7CADCG5BH
@9A65@@5;9 GCBH e7C@C;=EI9G 9H
F97M7@56@9G
)CIF 7CBHF=6I9F JCIG 5IGG=
` @5 DFCH97H=CB 89 @5 B5HIF9 A9HH9N @9G
A5HeF=5IL 89A65@@5;9 5I F96IH 89
:5cCB F9GD97HI9IG9
89@9BJ=FCBB9A9BH
)CIF 7CBB5hHF9 @9G 7=F7I=HG 89 A=G9 5I
F96IH J9I=@@9N 7CBGI@H9F JCHF9
F9J9B89IF CI @9G G9FJ=79G 7CADeH9BHG
89 JCHF9 A5=F=9
9 Gd7<9q@=B;9 5 eHe @=JFe 9B H5BH
EI5DD5F9=@ 7CAD@9H
/CIG HFCIJ9F9N @5
BCH=79 8IH=@=G5H=CB 9H@9G 5779GGC=F9G
8CF=;=B9 85BG @9H5A6CIF
"9C5 1E B52ED 45 <1@@1B59<
!95E 49>CD1<<1D9?>
+')((]
"#)
,= @5DD5F9=@ B9 8C=H D@IG >5A5=G
G9FJ=F 8e6F5B7<9N G5 :=7<9 Ab@9
89 @5 DF=G9 89 7CIF5BH 7CID9N
GCB 7CF8CB 85@=A9BH5H=CB
9H>9H9Nq@9 5J97 @5 :=7<9 Ab@9
)CIF 9ADf7<9F EI9 89G 9B:5BHG B9
G9B:9FA9BH 85BG @5B7=9B 5DD5F9=@ 9H
F=GEI9BH @9IF J=9 8eHFI=G9N @9GMGHdA9
89 :9FA9HIF9 8I <I6@CH CIF9H=F9N 79
89FB=9F
%9G 5DD5F9=@G 5B7=9BG B9 GCBH D5G89G
8e7<9HG G5BG J5@9IF .BF97M7@5;9
F9GD97HI9IL 89@9BJ=FCBB9A9BH
D9FA9H 89Fe7IDeF9F 89 DFe7=9IG9G
A5H=dF9GDF9A=dF9G
)CIF 7CBB5hHF9 @9G 7=F7I=HG 89 A=G9 5I
F96IH J9I=@@9N 7CBGI@H9F JCHF9
F9J9B89IF CI @9G G9FJ=79G 7CADeH9BHG
89 JCHF9 A5=F=9
F1>D 49>CD1<<5B
<5CT385]<9>75
U21<<175 45 <1@@1B59<
%'*#
9 Gd7<9q@=B;9 9GH HFdG @CIF8
'9H9BH9N D5G 89 @9 GCI@9J9F
'9H9BH9N D5G 89 GCI@9J9F
@5DD5F9=@ D5F 79FH5=B9G D5FH=9G
G5=@@5BH9G G5 DCFH9 D5F 9L
/CIGF=GEI9F=9N 89 @9G 75GG9F
%'*#
+9H=F9N GC=;B9IG9A9BH HCIH
@9A65@@5;9 89 @5DD5F9=@ 797=
DCIF 9ADf7<9F 89B8CAA5;9F
89G GIF:579G
/eF=:=9N G= @9 Gd7<9q@=B;9 5 GI6=
89G8e;bHG 9B 7CIFG 89 HF5BGDCFH
'96F5B7<9N D5G IB Gd7<9q@=B;9
J=G=6@9A9BH 9B8CAA5;e
B 75G 89
8CIH9 7CBH57H9N JCHF9 F9J9B89IF
335CC?9B5C 6?EB>9C
%'*#
DFdG 5JC=F F9H=Fe @9A65@@5;9
GCFH9N HCIG @9G C6>9HG
eJ9BHI9@@9A9BH DFeG9BHG 85BG @9
H5A6CIF
+')((]
"#)
'=BGH5@@9N D5G 79 Gd7<9q@=B;9
<CFG 89 @C75IL :9FAeG D5F IB9
DCFH9
85BG IB 9BJ=FCBB9A9BH Cl
89@95I ;CIHH9
DFdG 89 A5HeF=5IL =B:@5AA56@9G
85BG 89G @C75IL 7CADCFH5BH IB
F=GEI9 89 ;9@
85BG 89G @C75IL DCIJ5BH 7CBH9B=F
8I ;5N 89 @9GG9B79 CI 85IHF9G
7CA6IGH=6@9G
85BG 89G D@575F8G ` DCFH9G
:9FA5BH ` 7@e 9H 85BG 89G 5@7kJ9G
5J97 85IHF9G 5DD5F9=@G 6Fn@5BH 8I
7CA6IGH=6@9 9H D@57eG 85BG @9
AfA9 Fe8I=H
%9 @C75@ 8=BGH5@@5H=CB 8C=H fHF9 6=9B
5eFe G=BCB @9 Gd7<9q@=B;9 :CB7H=CBB9F5
9B 89GGCIG 89 G9G D9F:CFA5B79G
CDH=A5@9G
'9 :5=H9G D5G A5F7<9F @9 Gd7<9q@=B;9 `
89G H9ADeF5HIF9G GIDeF=9IF9G ` °
° 9H =B:eF=9IF9G ` ° °
%9G
65GG9G H9ADeF5HIF9G 5::97H9BH @9
GeEI9B79A9BH 5IHCA5H=EI9 89G
DFC;F5AA9G 9H D9IJ9BH 5@@CB;9F
@58IFe9 89 Ge7<5;9
%5 GIF:579 GIF @5EI9@@9 G9 HFCIJ9
@9Gd7<9q@=B;9 8C=H fHF9 DFCDF9
<CF=NCBH5@9 9H 8IF9
'=BGH5@@9N >5A5=G
@5DD5F9=@ GIF 89G H5D=G 9H ACEI9HH9G
CAD9BG9N @9G =FFe;I@5F=HeG 8I GC@ D5F
G9G D=98G Fe;@56@9G 9B <5IH9IF
"BGH5@@9N @9 Ge7<C=F DI=G 5GGIF9N G5
D@5Be=He @5HeF5@9A9BH 9H 85J5BH 9B
5FF=dF9
.H=@=G9N IB B=J95I `6I@@9
'9B@9J9N >5A5=G @9G D=98G Fe;@56@9G 9B
<5IH9IF
%9G 8=A9BG=CBG 89 @5 GIF:579
8=BGH5@@5H=CB 8eD9B89BH 89 79@@9G 8I
Gd7<9q@=B;9
/eF=:=9N EI=@ F9GH9
GI::=G5AA9BH 89 D@579 DCIF EI9 G5
DCFH9 DI=GG9 HCIFB9F
+')((]
"#)
,= @9 Gd7<9q@=B;9 5 eHe =BGH5@@e 85BG
IB ;5F5;9 =@ :5IH @9 D@579F GIF IB9
D@5H9:CFA9 D@IG <5IH9 85I AC=BG
DCI79G EI9 @9 GC@ 9BJ=FCBB5BH
797= DCIF GIDDF=A9F HCIH F=GEI9 EI9
89G J5D9IFG =B:@5AA56@9G B9
DF9BB9BH :9I
"@ :5I8F5 9B CIHF9 @9
DCG=H=CBB9F 9H @9 DFCHe;9F 89 GCFH9
EI5I7IB Je<=7I@9 B9 DI=GG9
@9B8CAA5;9F
.
')#*/'+*/
::
/
::
0
::
1
.;492
::
Y J
+'"/
9/@
84
.C20
92:/.99.42
9/@
84
,= JCIG =BGH5@@9N @9 Gd7<9q@=B;9 85BG IB
D@575F8 89B75GHF9A9BH F9GD97H9N @9G
8=GH5B79G A=B=AIAG 7CB:CFAeA9BH 5I
H56@95I 7=q89GGCIG =GH5B79 A=B=AIA ` F9GD97H9F @CFG 89
@=BGH5@@5H=CB
WAQ@
2@@B@
??6P?2
(!."
::
::
::
92 =9B@ =?P@ =<@@6/92 1B :B? 2; A2;.;A
0<:=A2 12 9. ABF.BA2?62 12 4.G 2A 1B @F@AP:2
1.Q?.A6<;
"B:CFA5H=CBG =ADCFH5BH9G GIF @9G
8=GH5B79G A=B=AIAG
,I=J5BH @9 7kHe 89 @5DD5F9=@ GIF
@9EI9@ 5 eHe F577CF8e @9 7CB8I=H
8e7<5DD9A9BH =@ :5I8F5 DFeJC=F
IB 9GD579 @=6F9 85I A=B=AIA V
DCI79G 7A DCIF :5=F9 D5GG9F
@9 7CB8I=H@9G :=L5H=CBG JC=F D5;9
9G 8=GH5B79G GIDeF=9IF9G 5IL
8=GH5B79G A=B=AIAG =B8=EIe9G
Fe8I=G9BH @9 F=GEI9 85DD5F=H=CB 89
AC=G=GGIF9G ` @5FF=dF9 89
@5DD5F9=@
9G 8=GH5B79G GIDeF=9IF9G
Fe8I=G9BH @5 DFCD5;5H=CB 8I 6FI=H
9G 8=GH5B79G GIDeF=9IF9G
:57=@=H9BH @=BGH5@@5H=CB 9H @9G
CDeF5H=CBG 89 A5=BH9B5B79
,= @9 Gd7<9q@=B;9 5 eHe =BGH5@@e 85BG
IB @C75@ 9L=;I =@ :5I8F5 DFeJC=F GIF
@5 DCFH9 89G CF=:=79G 85eF5H=CB
5M5BH @5 H5=@@9 A=B=AIA GDe7=:=e9
'9 AC8=:=9N >5A5=G @5 :=7<9 Ab@9 :CIFB=9
5J97 @5DD5F9=@
,= 9@@9 F9:IG9 89 F9BHF9F
85BG @5 DF=G9 :9A9@@9 :5=H9Gq9B =BGH5@@9F
IB9 5DDFCDF=e9 D5F IB e@97HF=7=9B 5;Fee
CI F9AD@579N @9 7CF8CB D5F IB 5IHF9
<CAC@C;Ie DCIF @9 Ge7<C=F
+')((]
"#)
"@ :5IH F577CF89F @9 Gd7<9q@=B;9 `IB9
@=;B9 GDe7=:=EI9 8eF=Je9 8I G97H9IF
9H G9 H9FA=B5BH D5F IB9 DF=G9 :9A9@@9
Fe;@9A9BH5=F9A9BH =BGH5@@e9 9H
F577CF8e9 ` @5 H9FF9
%5 H9BG=CB e@97HF=EI9 DFeG9BH9 85BG
JCHF9 :CM9F 8C=H 7CFF9GDCB8F9 ` @5
H9BG=CB GDe7=:=e9 GIF @9 Gd7<9q@=B;9 JC=F
G5 D@5EI9 G=;B5@eH=EI9
/CIG HFCIJ9F9N @5 D@5EI9 G=;B5@eH=EI9
GIF @5 :579 =BHeF=9IF9 8I D5BB95I
:FCBH5@
%5 DCFH9 8I Gd7<9q@=B;9 5 eHe :CIFB=9
5J97 89G 7<5FB=dF9G GIF @5 8FC=H9
,=
Be79GG5=F9 79G 7<5FB=dF9G G9 @5=GG9BH
HF5BG:eF9F GIF @9 7kHe ;5I7<9
J5BH 89 AC8=:=9F @9 G9BG 8CIJ9FHIF9
89 @5 DCFH9 J9I=@@9N G
J
D
7CBH57H9F
JCHF9 F9J9B89IF CI @eEI=D9 8I ,/
JC=FD5;9 B1>385=5>D U<53DB9AE5
>CDBE3D9?>C 45 =9C5 1 D5BB5
"@ :5IH =ADeF5H=J9A9BH F577CF89F
79Gd7<9q@=B;9 ` @5 H9FF9
,= IB
8MG:CB7H=CBB9A9BH CI IB9 D5BB9 G9
DFC8I=H @9 F577CF89A9BH ` @5 H9FF9
Fe8I=F5 @9 F=GEI9 89 7<C7 e@97HF=EI9 JI
EI9 @9 7CIF5BH DCIFF5 Ge7<5DD9F D5F
IB :=@ C::F5BH IB9 :5=6@9 FeG=GH5B79
e@97HF=EI9
9H 5DD5F9=@ 9GH eEI=De 8IB
7CF8CB 85@=A9BH5H=CB =BHe;F5BH IB :=@
89 H9FF9 9H IB9 :=7<9 89 H9FF9
"@ :5IH
F577CF89F @5 :=7<9 ` IB9 DF=G9 :9A9@@9
Fe;@9A9BH5=F9A9BH =BGH5@@e9 9H 8CHe9 89
7CBH57HG 9ILqAfA9G F577CF8eG ` @5
H9FF9 797= 9B 7CB:CFA=He 5J97 @5
Fe;@9A9BH5H=CB 9H @9G CF8CBB5B79G
@C75@9G
+')((]
"#)
.B F577CF89A9BH =B7CFF97H 89
@5DD5F9=@ ` @5 H9FF9 9B;9B8F9 IB
F=GEI9 89 7<C7 e@97HF=EI9
,=JCIG
BfH9G D5G 79FH5=B EI9@9
Gd7<9q@=B;9 5 eHe 7CFF97H9A9BH
F577CF8e `@5H9FF9 7CB:=9N @5
JeF=:=75H=CB 89 @5DD5F9=@ ` IB
e@97HF=7=9B 5;Fee CI ` IB H97<B=7=9B
8IG9FJ=79 5DFdGqJ9BH9
%9G GDe7=:=75H=CBG 89 6F5B7<9A9BH 9H
@5ADeF5;9 F9EI=G 89G :IG=6@9G 8=G>CB7H9IFG :=;IF9BH GIF @5 D@5EI9
BCA=B5H=J9 89 @5DD5F9=@
GGIF9NqJCIG EI9 %5 :=7<9 Ab@9 8I 7CF8CB
85@=A9BH5H=CB 9GH 6=9B :=Le9 85BG
@5 DF=G9
%9 7CF8CB 85@=A9BH5H=CB 9GH 6=9B
585DHe ` 79HH9 5DD@=75H=CB
%9 7=F7I=H 89 F577CF89A9BH
`@5H9FF9 5 eHe 7CFF97H9A9BH
=BGH5@@e
,9I@ IB e@97HF=7=9B 5;Fee 9GH <56=@=He `
F9AD@579F IB 7b6@9 89 G97H9IF
9G 7b6@9G G97H9IF 89 F97<5B;9 GCBH
8=GDCB=6@9G 5IDFdG 8I G9FJ=79
5DFdGqJ9BH9
+(0/
#.06
),=.#/
00/
B1>385=5>D 4E 71J
+')((]
"#)
%$* +)'
'(&* -%!$($#
.H=@=G9N IB HIM5I 85@=A9BH5H=CB 9B
;5N B9I: 9H <CAC@C;Ie CI
,
"BGH5@@9N IB FC6=B9H 89 :9FA9HIF9
,9FF9N 89 A5B=dF9 GnF9 HCIG
@9GF577CF8G 89 ;5N
9A5B89N ` IB9 D9FGCBB9 EI5@=:=e9
89 JeF=:=9F EI9 @5 DF9GG=CB 8I ;5N B9
8eD5GG9 D5G 7C@CBB9 895I
?)5DG=; 3 '-.+%
(. 3 )+()'
9HH9 D9FGCBB9 EI5@=:=e9 D9IH fHF9
D5F 9L9AD@9 IB H97<B=7=9B 8eH9BH9IF 8IB9
@=79B79 89BHF9H=9B 89G 5DD5F9=@G
89 7<5I::5;9
@9 D9FGCBB9@ 5;Fee 8I :CIFB=GG9IF
8I ;5N
@9 D9FGCBB9@ 5;Fee 8I G9FJ=79
5DFdGqJ9BH9
,= JCIG B9 DF9B9N D5G 79G
DFe75IH=CBG JCIG JCIG 9LDCG9N `
IB F=GEI9 89LD@CG=CB CI 8=B79B8=9
5B;9F 89 ACFH CI 89 6@9GGIF9G
-CIG @9G F577CF8G G=HIeG GIF @5
7CB8I=H9 85@=A9BH5H=CB 9B ;5N
89JF5=9BH :5=F9 @C6>9H 8IB 7CBHFk@9
8eH5B7<e=He 5J5BH 89 :5=F9 A5F7<9F
@5DD5F9=@
DD@=EI9N 89 @95I
G5JCBB9IG9 GIF HCIG @9G F577CF8G 9H
JeF=:=9N @5 :CFA5H=CB 89 BCIJ9@@9G
6I@@9G
9G 6I@@9G FeJd@9BH @5
DFeG9B79 8IB9 :I=H9 %CFGEI9 JCIG F577CF89N @9 ;5N
5IHIM5I 89BHFe9 8I ;5N 85BG @9
Gd7<9q@=B;9 B9 G9FF9N D5G ` IB 7CID@9
89 D@IG 89 @6: =B 'A
+')((]
"#)
'IH=@=G9N >5A5=G 89 :@5AA9 BI9
DCIF 8eH97H9F @5 DFeG9B79 89 :I=H9G
89 ;5N
)I@5 45 71J
9 ;5N D@IG G97 EI5B8 eEI=De :DCIF
@IG5;9 5J97 % 3 '-.+%
9AD@C=9F5 IB9 H5=@@9 8CF=:=79 9H 5 IB9
DF9GG=CB 89 GCFH=9 89 ;5N 89 85BG
0
7
9 ;5N D@IG G97 EI5B8 eEI=De
DCIF @IG5;9 5J97 @9 3 )+()' 9AD@C=9F5 IB9 H5=@@9
8CF=:=79 AA 9H IB9 DF9GG=CB 89
GCFH=9 89 ;5N 89 85BG
0
/CHF9 Gd7<9q@=B;9 8C=H 5JC=F eHe eEI=De
5J97 @5 J5BB9 585DHe9 5I HMD9 89 ;5N
8=GDCB=6@9 7<9N JCIG
%9G =B:CFA5H=CBG
GIF @5 J5BB9 G9 HFCIJ9BH GIF @5 D@5EI9
G=;B5@eH=EI9 9@@9qAfA9 G=HIe9 89FF=dF9
@5 DCFH9 5I 65G 89 @CF=:=79
,= @9G =B:CFA5H=CBG :=;IF5BH GIF @5
D@5EI9 G=;B5@eH=EI9 B9 7CB7CF89BH D5G
5J97 @9 HMD9 89 ;5N 8=GDCB=6@9 J9I=@@9N
7CBH57H9F JCHF9 F9J9B89IF CI BCHF9
eEI=D9 8I G9FJ=79 5DFdGqJ9BH9 JC=F
D5;9
?>4E9D5 41<9=5>D1D9?> 5> 71J
'CIG F97CAA5B8CBG @9AD@C= 8IB9
7CB8I=H9 :5=G5BH 89 8=5AdHF9
=BHeF=9IF
%9G 7CB8I=H9G 89 GCBH 58A=G9G 5IL
7CB8=H=CBG GI=J5BH9G @57CB8I=H9 8C=H
:5=F9 AC=BG 89 D=98G 89 @CB; A
G= @5 Fe;@9A9BH5H=CB @C75@9 9H @9
:CIFB=GG9IF 89 ;5N 58A9HH9BH 89H9@@9G
7CB8I=H9G
%5 7CB8I=H9 8C=H 7CADF9B8F9 IB9
8eF=J5H=CB 9B:=7<e9 ` :=@9H5;9 ')-
9B 5ACBH 89 @5 7CBB9L=CB 8I;5N
)FeJCM9N IB FC6=B9H 89 :9FA9HIF9 D1DC]*>9C "@ :5IH =BGH5@@9F IB FC6=B9H =B8=J=8I9@
89 :9FA9HIF9 A5BI9@@9 ` D=98G
A 8I Ge7<C=F 797=
7CB:CFAeA9BH 5I'5H=CB5@ I9@
5G C89 C89B5H=CB5@ GIF @9
;5N 7CA6IGH=6@9 '," 3
1>141 "@ :5IH =BGH5@@9F IB FC6=B9H =B8=J=8I9@
89 :9FA9HIF9 A5BI9@@9
7CB:CFAeA9BH ` 5IL
Fd;@9A9BHG 8=BGH5@@5H=CB `
', 9H ',
'CIG F97CAA5B8CBG
8=BGH5@@9F IB FC6=B9H =B8=J=8I9@ 89
:9FA9HIF9 A5BI9@@9 `D=98G A 8I Ge7<C=F
"@ :5IH EI9 @9 FC6=B9H 89 :9FA9HIF9 F9GH9
5=GeA9BH 5779GG=6@9 DCIF DCIJC=F
@CIJF=F 9H @9 :9FA9F 7<5EI9 :C=G EI9
Be79GG5=F9
?>4E9D5 45 71J 4E CT385]<9>75
%5 7CB8I=H9 89 ;5N EI= GCFH D5F @5FF=dF9
8I Gd7<9q@=B;9 DFeG9BH9 IB :=@9H5;9
Ab@9 89 '5=1BAE5 ,= @9G F577CF8G ` ;5N G9 GCBH 75GGeG
JeF=:=9N 9BGI=H9 EI9 @9 Ge7<C=F
:CB7H=CBB9 7CFF97H9A9BH
B1>385=5>D 4E CT385]<9>75
%'*#
%9 6F5B7<9A9BH 9GH 9L7@IG=J9A9BH
FeG9FJe ` IB H97<B=7=9B 5;Fee
J5BH 89::97HI9F @9GG5= GCIG
DF9GG=CB =@ :5IH 8e6F5B7<9F @9
Gd7<9q@=B;9 8I FeG95I
85@=A9BH5H=CB 9B ;5N
%CFG 8I DF9A=9F 9AD@C= 8I
Gd7<9q@=B;9 5GGIF9NqJCIG EI=@ BM 5
D5G 85=F 85BG @9 FeG95I 89
7CB8I=H9G
+')((]
"#)
,= @5DD5F9=@ 8C=H fHF9 F577CF8e 5I
;5N B5HIF9@ BIH=@=G9N D5G 89
7CB8I=H9G 9H HI69G 9B 7I=JF9
%9G AC85@=HeG 89 6F5B7<9A9BH
D9IJ9BH 8=::eF9F GI=J5BH @9 HMD9
897CB8I=H9 85@=A9BH5H=CB G5 H5=@@9 9H
GCB 9AD@579A9BH
,= @5 Fe;@9A9BH5H=CB @C75@9 @9D9FA9H
G9FJ9NqJCIG DCIF F577CF89F @9
Gd7<9q@=B;9 8IB F577CF8 :@9L=6@9 9B
57=9F =BCLM856@9 8IB9 7CB79DH=CB
5;Fee9 D5F @A9F=75B 5G GGC7=5H=CB
CI D5F, "BH9FB5H=CB5@
Z <;1B6A2 1.96:2;A.A6<; 2; 4.G L 3692A.42
#%)
Z '</6;2A 12 32?:2AB?2 1B 4.G
Z Q?6C.A6<; 2;3605Q2 L 3692A.42 #%)
Z <;1B6A2 ./<BA6@@.;A L 9.
?</6;2AA2?62 .1.=A.A?602
Z '.00<?1 392E6/92 L 4.G C2?@ 92
@P052Y96;42
'133?B45=5>D 4E 3?>4E9D
4U381@@5=5>D
+')((]
"#)
)CIF Fe8I=F9 @9 F=GEI9 8=B79B8=9 =@
:5IH EI9 @9 7CB8I=H
8e7<5DD9A9BH 89 79 Gd7<9q@=B;9
56CIH=GG9 9B D@9=B 5=F
)CIF Fe8I=F9 @9 F=GEI9 8=B79B8=9
BIH=@=G9N D5G 89 7CB8I=HG
8e7<5DD9A9BH 8IB9 @CB;I9IF
GIDeF=9IF9 `79@@9 F97CAA5B8e9
J97 79 Gd7<9q@=B;9 '.-"%",3
), 89 7CB8I=H 9B D@5GH=EI9 CI
BCB AeH5@@=EI9
%9 8=5AdHF9 8I 7CB8I=H
8e7<5DD9A9BH ' ("- ),
[-+ "'Z+".+ ` DCI79G
'.-"%",3 ), 89 <CHH9G
5GD=F5BH9G eEI=De9G 89
:9FA9HIF9G A5;BeH=EI9G
' "-, ), (.-"+ @9
7CB8I=H 8e7<5DD9A9BH 85BG IB9
7<9A=Be9 85BG @9 7CB8I=H 85=F
:FC=8 8IB9 7<5I8=dF9 D5F IB9
@I75FB9 IB 9GD579 5779GG=6@9
IB=EI9A9BH 9B F5AD5BH CI HCIH
5IHF9 7CB8I=H IH=@=Ge DCIF 5eFe
'"',-%%3 ), IB 7CB8I=H
:@9L=6@9 85BG IB AIF D@5:CB8 CI
D@5B7<9F G=HIe 85BG IB9 9B79=BH9
'Z+,3 - ' JF=@@9N D5G @9
7CB8I=H
'9HHCM9N 9H JeF=:=9N @9 7=F7I=H
8e7<5DD9A9BH 89 :5cCB
Fe;I@=dF9 5I A=B=AIA IB9 :C=G D5F
5B
%9 7CB8I=H 8e7<5DD9A9BH 8C=H G9
H9FA=B9F 89 A5B=dF9 `9ADf7<9F
HCIH F9:CI@9A9BH 85=F CI @5
DeBeHF5H=CB 8C=G95IL CI
85B=A5IL BCB 8CA9GH=EIeG
%9G Gd7<9q@=B;9 CG7< CBH eHe 7CBcIG
DCIF F9>9H9F @5 7<5@9IF 9H @5 J5D9IF 9B
D@9=B 5=F
)CIF 9ADf7<9F @5DD5F=H=CB 89
AC=G=GGIF9 CI @577IAI@5H=CB 89
D9@I7<9G 85BG @9 @C75@ 8=BGH5@@5H=CB
A5=G 5IGG= DCIF A5=BH9B=F IB9 9::=757=He
89 Ge7<5;9 A5L=A5@9 BCIG
F97CAA5B8CBG EI9 @9 7CB8I=H
8e7<5DD9A9BH 8e6CI7<9 9B D@9=B 5=F
$B96935 45 C?BD95 419B CEB <5
CT385]<9>75
)CIF Fe8I=F9 @5 8=GH5B79 9BHF9 @5 Hk@9 8I
7CFDG 9H @9 AIF =BGH5@@9N IB 7CI89 89
GIF @5 7CB8I=H9 89 ;5N 8I
Gd7<9q@=B;9
Z <;1B6A2 12 4.G L 3692A.42 :N92 Z <B12 9 Gd7<9q@=B;9 5 eHe @=JFe 5J97 IB
CF=:=79 89 GCFH=9 85=F ` @5FF=dF9
)CIF H9B=F 7CADH9 89G =ADeF5H=:G
5F7<=H97HIF5IL 9H 89 @5 DFeG9B79 8IB
GMGHdA9 DFe9L=GH5BH 8e7<5DD9A9BH
89 @5=F =@ 9GH DCGG=6@9 89 D@579F @CF=:=79
89 GCFH=9 ` 85IHF9G 9B8FC=HG ,IF @9 7kHe 8FC=H 89 @5DD5F9=@
,IF @5 :579 =B:eF=9IF9 89 @5DD5F9=@
Z $?63602 12 @<?A62 1.6? @6ABQ L 9.??6P?2 12
9.==.?269 @A.;1.?1
"@ :5I8F5=H IH=@=G9F IB 7CB8I=H :5=G5BH
EI5HF9 DCI79G 89 8=5AdHF9 9BJ
AA
.H=@=G9N GC=H IB 7CB8I=H 9B AeH5@
F=;=89 GC=H IB :@9L=6@9 GCID@9 9B AeH5@
J97 79 Gd7<9q@=B;9 '.-"%",3 ),
89 7CB8I=H 9B D@5GH=EI9 CI 85BG IB
A5HeF=5I BCB AeH5@@=EI9
',,&%3 ), @9 7CB8I=H
8e7<5DD9A9BH 5J97 89G J=G CI 89G
:=L5H=CBG GIG79DH=6@9G 89 :5=F9 G5=@@=9 `
@=BHeF=9IF 8I 7CB8I=H
9G C6GH57@9G
G9F5=9BH 5IH5BH 89 DC=BH
8577IAI@5H=CB 89G D9@I7<9G
"AAC6=@=G9N @9G >CB7H=CBG 5J97 8I
5@IA=B=IA 58<eG=: DCIF 7CB8I=H
8eH9FA=B9F @5 @CB;I9IF A5L=A5@9 8I
7CB8I=H 8e7<5DD9A9BH 5>CIH9N IB
7CI89 ` T 85BG @9 H56@95I
)@IG 89 89IL 7CI89G ` ° GCBH
8e7CBG9=@@eG
)CIF C6H9B=F @9G
A9=@@9IF9G D9F:CFA5B79G J9=@@9N `79
EI9 HCIG @9G J=F5;9G GC=9BH 8=GH5BHG
85I AC=BG D=98G @9G IBG 89G 5IHF9G
M 7CADF=G @5 8=GH5B79 9BHF9 @9 89FB=9F
J=F5;9 9H @5 <CHH9 8e7<5DD9A9BH
Z $?63602 12 @<?A62 1.6? @B? 92 0WAQ <=A6<;
Z $?63602 12 @<?A62 1.6? @B? 9. 3.02
6;3Q?62B?2 <=A6<;
JCHF9 F9J9B89IF CI :CIFB=GG9IF 89
D=d79G =@ :5I8F5 89A5B89F 89G
F577CF8G 89 GCFH=9 85=F GDe7=5IL DCIF
F577CF89F @9 7CB8I=H 8e7<5DD9A9BH `
@IB CI @5IHF9 CF=:=79 9B CDH=CB JC=F
D5;9 $=H 89 GCFH=9 D5F @9 7kHe
$=H 89 GCFH=9 D5F @9 65G
"@ :5I8F5=H 7CB:=9F @9 7<5B;9A9BH
8CF=:=79 89 GCFH=9 85=F D5GG5;9 89
@CF=:=79 GH5B85F8 ` IB CF=:=79 9B CDH=CB
` IB H97<B=7=9B EI5@=:=e
?>4E9D 4U381@@5=5>D
?DD5 4U381@@5=5>D
"@ :5I8F5=H EI9 HCIH9G @9G >CB7H=CBG GC=H
eH5B7<9G DCIF eJ=H9F @9G :I=H9G
%5
D5FH=9 Ab@9 89 7<5EI9 G9;A9BH 89
7CB8I=H 8C=H F9;5F89F 9B 8=F97H=CB
CDDCGe9 ` 79@@9 8I Gd7<9q@=B;9
*I9 JCIG F577CF8=9N @9 7CB8I=H ` IB
GMGHdA9 85eF5H=CB DFe9L=GH5BH CI `IB
BCIJ95I GMGHdA9 5GGIF9NqJCIG EI9
@=BHeF=9IF 8I 7CB8I=H 9GH =BHe;F5@9A9BH
DFCDF9 9H 9L9ADH 89 D9@I7<9G
%5 @CB;I9IF A5L=A5@9 D9FA=G9 89G
7CB8I=HG F=;=89G 9H :@9L=6@9G 9B AeH5@
:=;IF9 85BG @9 H56@95I 7=q89GGCIG
+) .# "#
+*"1'0
2'.%#/ +1
.'%'"#
!+1"#/ ; 8
)CIF EI9 @5DD5F9=@ C::F9 89G
D9F:CFA5B79G CDH=A5@9G =@ :5I8F5=H EI9
@9 7CB8I=H 8e7<5DD9A9BH GC=H @9 D@IG
7CIFH DCGG=6@9 9H 7CADCFH9F 5IGG= D9I
89 7CI89G EI9 DCGG=6@9
/CHF9
Gd7<9q@=B;9 :CB7H=CBB9F5 89 A5B=dF9
CDH=A5@9 G= @9 :@IL 85=F F9B7CBHF9 @9
AC=BG 8C6GH57@9G DCGG=6@9
.B 7CB8I=H
8e7<5DD9A9BH 8IB9 @CB;I9IF
GIDeF=9IF9 ` 79@@9 F97CAA5B8e9 F=GEI9
85@@CB;9F @5 8IFe9 89 Ge7<5;9
DFCJCEI9F IB9 577IAI@5H=CB 89
D9@I7<9G DeB5@=G9F @9G D9F:CFA5B79G
8I Gd7<9q@=B;9 9H G5 8IFe9 89 J=9
%9 7CB8I=H 8C=H G9 H9FA=B9F D5F IB9
<CHH9 8e7<5DD9A9BH <CAC@C;Ie9
DFeG9BH5BH IB CI D@IG=9IFG JC@9HG
D=JCH5BH
'.-"%",3 ), 89 <CHH9
8e7<5DD9A9BH ` :9FA9HIF9G
A5;BeH=EI9G
)CIF eJ=H9F HCIH :F9=B5;9 89 @5=F GCFH5BH
=@ :5I8F5=H EI9 @5 6CI7<9 89 GCFH=9 G9
HFCIJ9 5I A=B=AIA DCI79G 7A
5Iq89GGIG 8I B=J95I 8I GC@ CI 89 HCIH9
GIF:579 :5=G5BH C6GHFI7H=CB
+*"1'0
$(#4' (#
3A
0:
3A
0:
3A
0:
3A
0:
3A
0:
3A
0:
3A
0:
3A
0:
3A
0:
3A
0:
'5=1BAE5 %9G 7CB8I=HG 8e7<5DD9A9BH
F577CF8eG ` @CF=:=79 89 GCFH=9 @5HeF5@ CI
D5F @9 :CB8 89 @5DD5F9=@ :CFA9BH IB
7CI89 ` T 85BG 79@I=q7=
)CIF
%9T35C B5AE9C5C
%9G D=d79G 5::97He9G 5I GMGHdA9
8e7<5DD9A9BH 89 @5=F 7CI89G @=;B9G
6CI7<9G 89 GCFH=9 85=F B9 GCBH D5G
@=JFe9G 8CF=;=B9 5J97 @9 Gd7<9q@=B;9
335CC?9B5C
/CIG DCIJ9N JCIG DFC7IF9F @9G D=d79G
F9EI=G9G D5F @9 GMGHdA9
8e7<5DD9A9BH 85=F 5IDFdG 8I G9FJ=79
5DFdGqJ9BH9 CI 89 JCHF9 F9J9B89IF
@C75@
/9I=@@9N G
J
D
F9GD97H9F @9G
=BGHFI7H=CBG 89 DCG9 :CIFB=9G D5F @9
:56F=75BH 7CB79FBe
9D 45 C?BD95 @1B <5 3ZDU
'T 89 Fe:
,)/ '5=1BAE5 %9 BCA6F9 A5L=A5@ D9FA=G 89 7CI89G
` T M 7CADF=G 79@I= :CFAe D5F 79 ?=H
89 GCFH=9 @5HeF5@9 9GH 89 EI5HF9
i %9 8e7CID5;9 8I HFCI 85BG @9
D5BB95I @5HeF5@ DFeD5Fe ` 79H 9::9H
F9EI=9FH IB CIH=@ GDe7=5@
CBH57H9N
JCHF9 F9J9B89IF @C75@
9D 45 C?BD95 @1B <5 21C
'5=1BAE5 J97 @9G 5IHCF=HeG 7CADeH9BH9G 85BG
JCHF9 Fe;=CB J9I=@@9N JeF=:=9F G=@ 9GH
D9FA=G 8=BGH5@@9F IB Gd7<9q@=B;9 85BG
JCHF9 AC6=@9q<CA9
.B9 :C=G 79HH9
JeF=:=75H=CB :5=H9 @=BGH5@@5H=CB G9F5
7CB:CFA9 5I &5BI:57HIF98 !CA9
CBGHFI7H=CB 5B8 ,5:9HM GH5B85F8 H=HF9
+ G97H=CB 5B7=9BB9A9BH
989F5@ ,H5B85F8 :CF &C6=@9 !CA9
CBGHFI7H=CB 5B8 ,5:9HM H=HF9 !.
G97H=CB 9HCI 5I GH5B85F8
', q 3 &!
/9I=@@9N G
J
D
IH=@=G9F @9 ?=H DCIF
AC6=@9q<CA9 DCFH5BH @9 BT 89 Fe:
,)/ 5:=B 89 Ge7IF=G9F @9
Gd7<9q@=B;9 7CBHF9 @5 GHFI7HIF9 8I
AC6=@9q<CA9
+9DCFH9NqJCIG ` @5 D5;9
S+577CF89A9BH 8I 7CB8I=H
8e7<5DD9A9BH 85=FU DCIF 7CBB5hHF9
@9G =BGHFI7H=CBG GIF @=BGH5@@5H=CB 89 79
7CB8I=H
"@ :5I8F5 :=L9F @9 7CB8I=H 8e7<5DD9A9BH
` IB9 D5FH=9 BCB 7CA6IGH=6@9 89 @5
GHFI7HIF9 8I AC6=@9q<CA9 9H @9 7CB8I=H
B9 8C=H D5G 8e6CI7<9F D5F @9 65G 8I
AC6=@9q<CA9
)9B85BH @=BGH5@@5H=CB =@ :5I8F5 AeB5;9F
IB9 CIJ9FHIF9 J9FG @9LHeF=9IF
GGIF9NqJCIG EI9 @5 GIF:579 @=6F9 89
@CIJ9FHIF9 G9FJ5BH ` @58A=GG=CB 85=F
9LHeF=9IF B9GH D5G =B:eF=9IF9 ` 89IL :C=G
@5 GIF:579 89 @5 6CI7<9
8e7<5DD9A9BH 85=F 8I Gd7<9q@=B;9
CI IH=@=G9N 85BG 79H CF=:=79 IB 7CB8I=H
8e7<5DD9A9BH :5=G5BH 5I AC=BG DCI79G 89 8=5AdHF9 CI 5I AC=BG DCI79G 75FFeG
9D 45 !%1J
'5=1BAE5 ,= @9G F577CF8G ` ;5N G9 GCBH 75GGeG
JeF=:=9N 9BGI=H9 EI9 @9 Ge7<C=F
:CB7H=CBB9 7CFF97H9A9BH
)9B?9B 45 CU38175
'T 89 Fe:
,)/ ,9FJ9NqJCIG 8I H=FC=F 89 Ge7<5;9 DCIF
Ge7<9F @9G H9LH=@9G @5J56@9G 9B @5=B9 @9G
7<5B85=@G D5F 9L
9H @9G 7<5IGGIF9G
81B>9TB5C 71E385C 5> ;9D
'T 89 Fe:
,)/ DCIF HCIG @9G
Gd7<9@=B;9 9L79DHe @5F;9BH 9H @5F;9BH
89 HCB5@=He 89 8IC
'T 89 Fe:
,)/ ( DCIF 89G
Gd7<9@=B;9 @5F;9BH 9H 85F;9BH 89
HCB5@=He 89 8IC
,= Be79GG5=F9 JCIG DCIJ9N 7<5B;9F @9
G9BG 8CIJ9FHIF9 89 DCFH9
@5 :56F=75H=CB @5 DCFH9 5 eHe ACBHe9
GIF 7<5FB=dF9 8I 7kHe 8FC=H
"?>D175 CEB 5CDB145
'T 89 Fe:
,)/ ,d7<9%=B;9
@5B7G
'T 89 Fe:
,)/ ( ,d7<9%=B;9
89 F;9BHeG
'T 89 Fe:
,)/ % ,d7<9%=B;9
89 HCB5@=He 89 8IC 89 F;9BHeG
'T 89 Fe:
,)/ ' ,d7<9%=B;9
89 HCB5@=He 89 8IC 89 +CI;9
)CIF ACBH9F @9 Gd7<9@=B;9 GIF
@9GHF589 J9I=@@9N GI=JF9 @5 BCH=79
8=BGHFI7H=CBG 577CAD5;B5BH 79H
5779GGC=F9
>CD1<<1D9?> @1C P @1C
'T 89 Fe:
,)/ '5=1BAE5 %9 BCA6F9 A5L=A5@ D9FA=G 89 7CI89G
` T M 7CADF=G 79@I= :CFAe D5F 79 ?=H
89 GCFH=9 @5HeF5@9 9GH 89 EI5HF9
9D @?EB =?29<5]8?=5
'T 89 Fe:
,)/ 'T 89 Fe:
,)/ %9G D=d79G Be79GG5=F9G DCIF @5
7CBJ9FG=CB 5I D@ DCIFFCBH JCIG eHF9
:CIFB=9G D5F JCHF9 F9J9B89IF @C75@
/9I=@@9N G
J
D
GI=JF9 @9G =BGHFI7H=CBG
8=BGH5@@5H=CB DI6@=e9G D5F @9 :56F=75BH
7CFF9GDCB85BH
,= JCIG DCGGe89N IB Gd7<9q@=B;9 5I
DFCD5B9 9H GCI<5=H9N @9 7CBJ9FH=F 5I
;5N B5HIF9@ ,9FJ=79 $=H J9I=@@9N 89A5B89F 7CBG9=@ 9H 5GG=GH5B79
` JCHF9 5;9BH 8I G9FJ=79 5DFdGJ9BH9
e65@@9N @9 Gd7<9q@=B;9
+9H=F9N HCIG @9G C6>9HG DFeG9BHG
85BG @9 H5A6CIF
/eF=:=9N @56G9B79 89 8e;bHG
5DD5F9BHG GIF @9 Gd7<9q@=B;9
)@579N @9 Gd7<9q@=B;9 `DFCL=A=He
89 GCB 9AD@579A9BH 8e:=B=H=:
,= Be79GG5=F9 89A5B89N 5I
G9FJ=79 5DFdGqJ9BH9 8=BGH5@@9F @9G
7<5FB=dF9G GIF @9 7kHe 8FC=H JC=F
D5;9 ,= Be79GG5=F9 89A5B89N 5I
G9FJ=79 5DFdGqJ9BH9 8=BGH5@@9F
@CF=:=79 89 GCFH=9 89 @5=F
8e7<5DD9A9BH GIF @9 Gd7<9q@=B;9
JC=F D5;9
CB:=9N @9 F577CF89A9BH 89
@5@=A9BH5H=CB 9B ;5N ` IB
H97<B=7=9B EI5@=:=e
JC=F D5;9 "BGH5@@5H=CB @9 7CB8I=H
8e7<5DD9A9BH G= Be79GG5=F9
+9GD97H9N @9G =BGHFI7H=CBG
8=BGH5@@5H=CB DI6@=e9G D5F
@9:56F=75BH 8I A5HeF=9@
7CFF9GDCB85BH
i B DFeG9B79 8IB 9GD579 HFdG
9L=;I BCIG F97CAA5B8CBG 89
:=L9F @CF=:=79 89 8eD5FH 8I 7CB8I=H
8e7<5DD9A9BH GIF @9 Gd7<9q@=B;9
5J5BH 85A9B9F @9 Gd7<9q@=B;9 GIF
GCB 9AD@579A9BH 8e:=B=H=:
A9B9N @9 Gd7<9q@=B;9 GIF GCB
9AD@579A9BH 8e:=B=H=: DI=G 5>IGH9N
GCB <CF=NCBH5@=He
%'*#
'9 :5=H9G D5G ;@=GG9F @9
Gd7<9q@=B;9 GIF @9 GC@ G= G9G D=98G
Fe;@56@9G 9B <5IH9IF G9 HFCIJ9BH
9B DCG=H=CB GCFH=9
/CIG F=GEI9N
89B8CAA5;9F @9G D=98G 9HCI
@565G9 8I Gd7<9q@=B;9 G= JCIG
@9:5=H9G ;@=GG9F GIF @9 GC@ 5J97
@9GD=98G 9B DCG=H=CB GCFH=9
)CG=H=CBB9N @9 Gd7<9q@=B;9 DI=G
5>IGH9N GCB <CF=NCBH5@=He
"@ :5I8F5=H EI9 @9 Gd7<9q@=B;9 G9
F9HFCIJ9 6=9B ` @<CF=NCBH5@9 5J97
G9G EI5HF9 D=98G :9FA9A9BH 9B
5DDI= GIF @9 GC@
%9 Gd7<9q@=B;9 B9
8C=H D5G CG7=@@9F
,=@ B9GH D5G
D5F:5=H9A9BH ` @<CF=NCBH5@9 CI G=@
CG7=@@9 =@ :5I8F5 7CFF=;9F @9 Fe;@5;9
89G D=98G
/=GG9N CI 8eJ=GG9N @9G
D=98G Fe;@56@9G 9B <5IH9IF >IGEI`
79 EI9 @9 Gd7<9q@=B;9 79GG9 89
G5;=H9F 9H G9 HFCIJ9 D5F:5=H9A9BH
`@<CF=NCBH5@9 H5BH 89 @5J5BH J9FG
@5FF=dF9 EI9 8IB 7kHe `@5IHF9
+577CF89N @9 7CB8I=H
8e7<5DD9A9BH ` @CF=:=79 DFeJI `
79H 9::9H GIF @9 Gd7<9q@=B;9
F5B7<9N @5 :=7<9 Ab@9 85BG
@5DF=G9 89 7CIF5BH AIF5@9
853;]<9CD @BU1<12<5
P<5=@<?9 4E CT385]<9>75
/eF=:=9N EI9 @9G eH5D9G ` CBH
eHe 7CFF97H9A9BH Fe5@=Ge9G
GGIF9NqJCIG EI9 @9 Gd7<9q@=B;9
9GH F577CF8e `@5@=A9BH5H=CB
e@97HF=EI9
(IJF9N @9 FC6=B9H 89 ;5N
/9I=@@9N @=F9 @9G =BGHFI7H=CBG
8IH=@=G5H=CB DCIF 7CADF9B8F9
7CAA9 JCHF9 Gd7<9q@=B;9
:CB7H=CBB9
,CIA9HH9N @5DD5F9=@ ` IB H9GH
q /eF=:=9N EI9 @9 H5A6CIF 9GH
J=89
q 9FA9N @5 DCFH9 8I Gd7<9q@=B;9
q CAAIH9N @9 Gd7<9q@=B;9 GIF
SLHF5 FMU -FdG G97 DI=G
5DDIM9N GIF @9 6CIHCB ,H5FH
q ` A=BIH9G D@IG H5F8
5DDIM9N GIF @9 6CIHCB ,HCD
DI=G CIJF9N @5 DCFH9
,= @=BHeF=9IF 8I H5A6CIF D5F5hH
7<5I8 797= G=;B=:=9 EI9 JCIG 5J9N
7CBB97He @9 Gd7<9q@=B;9
7CFF97H9A9BH
CAAIH9N @=BH9FFIDH9IF GIF S(::U
,= @9 Gd7<9q@=B;9 B9 :CB7H=CBB9
D5G F5A9B9N @9 DFC;F5Aq
A5H9IF GIF S(::U
CBGI@H9N @5
G97H=CB 89 79G "',-+.-"(',
.-"%",-"(' 7CBG57Fe9 5I
8eD5BB5;9 D5;9 9H 9GG5M9N
89 @C75@=G9F @9 8eF5B;9A9BH
%BU@1B1D9?> @1C P @1C 1E
DB1>C@?BD 4E CT385]<9>75
9FA9N @9 FC6=B9H 89 ;5N
A9B9N @9 DFC;F5AA5H9IF GIF
S(::U
e6F5B7<9N @5 :=7<9 Ab@9 89
@5DF=G9 89 7CIF5BH
e6F5B7<9N @9 7CB8I=H 89 5N
e6F5B7<9N @9 7CB8I=H 89 @CF=:=79
8e7<5DD9A9BH 85=F G=HIe 7CBHF9
@5DD5F9=@
)@579N @9G 5779GGC=F9G G=
DFeG9BHG 85BG @9 H5A6CIF
9FA9N @5 DCFH9 9H A5=BH9B9Nq@5
:9FAe9 5J97 8I FI65B 58<eG=:
+9J=GG9N @9G D=98G Fe;@56@9G 9B
<5IH9IF 85BG @9 7CFDG 89 @5DD5F9=@
DCIF 9ADf7<9F EI=@G GC=9BH
9B8CAA5;eG D9B85BH
@9HF5BGDCFH
#()'*)$#( *)!()$#
%BUC5>D1D9?> 45 F?DB5
>?EF51E CT385]<9>75
$EFB5J<1@?BD5B5@TB55>3?E<5EB
@E9C65B=5J<1
9<DB5P@5<E385C
%'*# !1 DB1@@5 4133TC C9DEU5 5> 21C P 71E385 4E C538U]<9>75 5CD BUC5BFU5 1E
@5BC?>>5< 45>DB5D95> <<5 >5 4?9D VDB5 ?EF5BD5 AE5 @1B E> D538>9395> 45>DB5D95> 17BUU ?E AE1<969U
!5 21>451E 45
3?==1>45
?ED?> (D1BD
%1EC5
9 6CIHCB G9FH ` :5=F9 8eA5FF9F `
=BH9FFCADF9 9H ` A9HHF9 :=B 5I
DFC79GGIG 89 Ge7<5;9
?ED?>C 45C ?@D9?>C 79G CDH=CBG J=9BB9BH
7CAD@eH9F IB DFC;F5AA9 G= JCIG @9 GCI<5=H9N
/C=F D5;9 5<931D5C <?G D5=@ e@=75HG 65GG9
H9ADeF5HIF9
DDIM9N GIF 79 6CIHCB G= JCIG JCI@9N Ge7<9F 89G
H9LH=@9G 8e@=75HG G9BG=6@9G ` @5 7<5@9IF D5F 9L
@9G
:=6F9G 57FM@=EI9G
%5 H9ADeF5HIF9 8I DFC79GGIG
89 Ge7<5;9 8=A=BI9 @5 8IFe9 89 Ge7<5;9
5I;A9BH9 9B 7CBGeEI9B79
(97>1< ,=;B5@
.B G=;B5@ GCBCF9 JCIG =B8=EI9 @5 :=B 8I
DFC;F5AA9
3B1>
"@ =B8=EI9 @5 8IFe9 5DDFCL=A5H=J9 F9GH5BH9 89G DFC;F5AA9G
+?I1>D 9>4931D5EB !
,9FJ=F 89 F5DD9@ DCIF B9HHCM9F @9 :=@HF9 89 :=6F9
+?I1>D 9>4931D5EB !
"@G =B8=EI9BH @9 GH589 57HI9@
85J5B79A9BH 8I Ge7<5;9
%B?7B1==1D5EB
,e@97H=CBB9N IB DFC;F5AA9
/C=F
D5;9 /CIG DCIJ9N @9 :5=F9 HCIFB9F 85BG
@9G 89IL 8=F97H=CBG
)CIF eH9=B8F9 @9 Gd7<9q@=B;9
F5A9B9N @9 DFC;F5AA5H9IF GIF @5
DCG=H=CB S(::U
(U<53D9?> 4E> @B?7B1==5
'UCE=U 45C
9>CDBE3D9?>C
*D9<9C1D9?> 4E D9B?9B 45
CU38175
335CC?9B5 F?9B @175 %'*#
J5BH 8IH=@=G9F JCHF9 Gd7<9q@=B;9
J9I=@@9N @=F9 9H F9GD97H9F HCIH9G
@9G =BGHFI7H=CBG 8=BGH5@@5H=CB 9H
8IH=@=G5H=CB
%BU@1B1D9?> 4E
CT385]<9>75
8?9C9B E>5 ?@D9?>
i /eF=:=9N @9 :=@HF9 ` D9@I7<9G
"@:5IH
B9HHCM9F @9 :=@HF9 5DFdG 9H 5J5BH
7<5EI9 Ge7<5;9
5D 619B5 4U=1BB5B <5
CT385]<9>75
D59>4B5 <5 CT385]<9>75
*D9<9C1D9?> 4E CT385]<9>75
>6?B=1D9?>C 45
CU3EB9DU
+')((
"#)
+9GD97H9N HCI>CIFG @9G
"',-+.-"(', ,Z.+"-Z
"&)(+-'-, JC=F D5;9 +')((
"#)
%$* +)'
'(&* -%!$($# I Gd7<9q@=B;9 e@C=;B9N @9G
A5HeF=5IL =B:@5AA56@9G 7CAA9
@9GG9B79 9H @9G J5D9IFG EI=@G
8e;5;9BH
@C=;B9N HCIH9G @9G A5H=dF9G 9H
J5D9IFG =B:@5AA56@9G 8I
Gd7<9q@=B;9 7CAA9 @9GG9B79
D5F 9L9AD@9
'9 Ge7<9N >5A5=G 85BG @5DD5F9=@
89G C6>9HG EI= ` IB ACA9BH CI
`IB 5IHF9 CBH eHe 9B 7CBH57H
5J97 IB9 A5H=dF9 =B:@5AA56@9
<I=@9 89 7I=G=B9 7CADF=G9 9H
AfA9 5DFdG @9G 5JC=F @5JeG
"@ :5I8F5 :5=F9 Ge7<9F @9G D=d79G
89 @=B;9 7CBH9B5BH 89 @5 ACIGG9
8I 75CIH7<CI7 CI 8I D@5GH=EI9
GIF IB :=@ ` @=B;9 CI 9B JCIG
G9FJ5BH 8IB 7M7@9 89 8e:CI@5;9
8I @=B;95I7IB9 7<5@9IF
'9 @5=GG9N D5G 85BG @9G
JfH9A9BHG EI= Gd7<9BH 89G
C6>9HG 7CBH9B5BH 89G A5HeF=5IL
=B:@5AA56@9G H9@G EI9 89G
6F=EI9HG
%9 BCBqF9GD97H 89 79G
=BGHFI7H=CBG D9IH 9B;9B8F9F IB
F=GEI9 89LD@CG=CB CI 8=B79B8=9
%?E5 5F9D5B
1>75B 45 =?BD ?E 45
2<5CCEB5C 'IH=@=G9N 79 Gd7<9q@=B;9 EI9 85BG @5
A5=GCB 9H DCIF Ge7<9F 89G EI5BH=HeG
BCFA5@9G 89 @=B;9 85BG JCHF9 AeB5;9
'9 JCIG 9B G9FJ9N EI9 DCIF Ge7<9F 8I
@=B;9 EI= 5 eHe @5Je ` @95I
'9 :5=H9G
>5A5=G A5F7<9F @9 Gd7<9q@=B;9 G5BG GCB
75DCH :FCBH5@ 9B D@579
F1>D 41<<E=5B <5
CT385]<9>75
"BGH5@@9N @9 Gd7<9q@=B;9 7CB:CFAeA9BH
5IL =BGHFI7H=CBG 8=BGH5@@5H=CB ` D5FH=F
89 @5 D5;9 'IH=@=G9N D5G @9 Gd7<9q@=B;9 G=@ 9GH
J=G=6@9A9BH 9B8CAA5;e
B 75G 89
8CIH9 7CBH57H9N JCHF9 F9J9B89IF
'9 @5=GG9N D5G @9G 9B:5BHG >CI9F G5BG
GIFJ9=@@5B79 DFdG 89 @5DD5F9=@
@C=;B9N @9G 5B=A5IL 89 7CAD5;B=9 89
@5DD5F9=@
J5BH 89 F9:9FA9F @5 DCFH9
JeF=:=9N @9 7CBH9BI 8I H5A6CIF
B@9J9N HCIG @9G C6>9HG DFeG9BHG 85BG
@9G DC7<9G
%9G 6F=EI9HG F9GHeG 8985BG GCBH
D5FH=7I@=dF9A9BH 85B;9F9IL
'9CAE5
45H@<?C9?> H9=;B9N @9 Gd7<9q@=B;9 ` @5 :=B 8I
DFC;F5AA9
%B?D53D9?> 4E CT385]<9>75
'9 ACBH9N D5G GIF @9 Gd7<9q@=B;9
'9 JCIG 5DDIM9N D5G GIF @5 DCFH9 9H B9
JCIG 5GG9M9N D5G 89GGIG
!5 CT385]<9>75 B9CAE5 45 C5
B5>F5BC5B
'9 F5B;9N D5G ` DFCL=A=He 89 @5DD5F9=@
89G 5IL=@=5=F9G 89 B9HHCM5;9 7CBH9B5BH
89G GC@J5BHG CI 89G DFC8I=HG
8eH57<5BHG
/CIG F=GEI9F=9N 89B8CAA5;9F @9
Gd7<9q@=B;9
'9 H9BH9N D5G 89 @9 GCI@9J9F D5F G9G
D5FH=9G G5=@@5BH9G
'9CAE5 45 BE@DEB5
%B?D53D9?> 45
<5>F9B?>>5]
=5>D
?>C59<C @?EB U3?>?=9C5B 45
<U>5B795
)CIF e7CBCA=G9F 89 @eB9F;=9 89
@5F;9BH 9H 8I H9ADG CG7< JCIG
F97CAA5B89 797= CC?B5J CE669C1==5>D <5 <9>75
J5BH @9 Ge7<5;9 :5=H9G 6=9B
9GGCF9F @9 @=B;9 85BG @9 @5J9q@=B;9
,9FJ9NqJCIG 89 @5 D@IG <5IH9
J=H9GG9 89GGCF5;9 DCGG=6@9
585DHe9 5I HMD9 89 @=B;9
.B9
J=H9GG9 89GGCF5;9 5GG9N e@9Je9
Fe8I=H @5 8IFe9 8IGe7<5;9 9H @5
7CBGCAA5H=CB 8eB9F;=9
"5DD5J <1 381B75 =1H9=1<5 45
<9>75
&9HH9N IB9 7<5F;9 89 @=B;9
7CFF9GDCB85BH 5I A5L=AIA
F97CAA5B8e
'9 7<5F;9N
HCIH9:C=G D5G 89 EI5BH=HeG
9L79GG=J9G 89 @=B;9
#5DD?I5J <5 69<DB5
'9HHCM9N @9 :=@HF9 5J5BH 9H 5DFdG
7<5EI9 Ge5B79 89 Ge7<5;9
JC=FD5;9 UB5J <1 @9T35
)9B85BH @5 Ge5B79 89 Ge7<5;9
J9=@@9N ` 79 EI=@ 5FF=J9
GI::=G5AA9BH 85=F :F5=G 85BG
@5D=d79
#5 CU385J @1C 45 =1DUB91EH
9>141@DUC
'9 :5=H9G D5G Ge7<9F 89 D=d79G 89
@=B;9 9BFC6e9G 89 75CIH7<CI7 CI
<9FAeH=EI9G
#5DD?I5J 5D FUB9695J <5 3?>4E9D
4U381@@5=5>D 419B 45 61S?>
BU7E<9TB5
%9G C6GHFI7H=CBG DCIFF5=9BH
9B9::9H 5@@CB;9F @5 8IFe9
89Ge7<5;9
F1>D 4ED9<9C5B <5
CT385]<9>75 @?EB
<1 @B5=9TB5 6?9C
J5BH 89 JCIG G9FJ=F 8I Gd7<9q@=B;9
DCIF @5 DF9A=dF9 :C=G /9I=@@9N @=F9 5HH9BH=J9A9BH @9G
DFeG9BH9G =BGHFI7H=CBG 8IH=@=G5H=CB
/eF=:=9N EI9 @5 H9BG=CB 8I G97H9IF
89 JCHF9 8CA=7=@9 7CFF9GDCB8 5J97
@5 H9BG=CB GDe7=:=e9 GIF @5 D@5EI9
G=;B5@eH=EI9 8I Gd7<9q@=B;9 JC=F
@=@@IGHF5H=CB D5;9 /eF=:=9N EI9 @9 HMD9 89 ;5N
7CFF9GDCB8 6=9B 5IL GDe7=:=75H=CBG
:=;IF5BH GIF @5D@5EI9 G=;B5@eH=EI9
JC=F @=@@IGHF5H=CB D5;9 9A5B89N ` IB9 D9FGCBB9
EI5@=:=e9 89 G5GGIF9F EI9 @5
DF9GG=CB 8I ;5N B9 8eD5GG9F5 D5G
7C@CBB9 895I ?)5 DG=; 5N '5HIF9@ CI 5I
)FCD5B9
+9H=F9N HCIG @9G C6>9HG DFeG9BHG
85BG @9 H5A6CIF
/eF=:=9N @56G9B79 89 8e;bHG
5DD5F9BHG GIF @9 Gd7<9q@=B;9
,=JCIG 9B HFCIJ9N DFeJ9B9N JCHF9
F9J9B89IF
GGIM9N @=BHeF=9IF 8I H5A6CIF `
@5=89 8IB 7<=::CB <IA=89
,CIA9HH9N @5DD5F9=@ ` IB H9GH
/C=F
D5;9 ,= @9 Gd7<9q@=B;9 B9 :CB7H=CBB9
D5G F5A9B9N @9 DFC;F5Aq A5H9IF
GIF S(::U
+9DCFH9NqJCIG ` @5 G97H=CB 89G
=BGHFI7H=CBG 8IH=@=G5H=CB 7CBG5q
7Fe9 5I 8eD5BB5;9 D5;9 9H
8eH9FA=B9N @5 B5HIF9 8I8e:5IH
U2B1>385]=5>D
D5=@?B19B5 4E
CT385]<9>75
'9 :5=H9G A5F7<9F JCHF9 Gd7<9q@=B;9
EI9 D9B85BH EI9 JCIG JCIG HFCIJ9N `
JCHF9 8CA=7=@9
B DFeJ=G=CB 8IB 8eD5FH
9B J575B79G CI G= JCIG 89J9N B9 D5G
IH=@=G9F @9 Gd7<9q@=B;9 D9B85BH IB9
DeF=C89 DFC@CB;e9 JCIG 89JF9N +5A9B9F @9 8=G>CB7H9IF 9B DCG=H=CB
eH9=BH9
9FA9N @9 FC6=B9H 89 ;5N
e6F5B7<9F @5 :=7<9 Ab@9 89
@5DF=G9 89 7CIF5BH G= DCGG=6@9
'9HHCM9F @9 :=@HF9 ` D9@I7<9G
!9>75
UD5B=9>1D9?> 45 <1 >1DEB5
4E D9CCE
/9I=@@9N F9GD97H9F @9G GMA6C@9G 89
HF5=H9A9BH :=;IF5BH GIF @9G eH=EI9HH9G
89G D=d79G 89 @=B;9
@@9G 7CBH=9BB9BH
89G =B:CFA5H=CBG DFe7=9IG9G 5=BG= EI9
89G F9GHF=7H=CBG EI5BH 5I DFC79GGIG 89
Ge7<5;9
J97 79H 5DD5F9=@ B9 Ge7<9N D5G @9G
H9LH=@9G GI=J5BHG -9LH=@9G eH5B7<9G D5F 9L
9BFC6eG
89 75CIH7<CI7
%9G H9LH=@9G 8e@=75HG GC=9 JC=@5;9G
GMBH<eH=EI9G
i ,e7<9N @9G H9LH=@9G 9B @5=B9
CI`:CFH9 DFCDCFH=CB 89 @5=B9
IB=EI9A9BH 85BG @9 H=FC=F 89
Ge7<5;9
8eH57<e9G @9G @5B=dF9G 89G
H56@=9FG 9H7
'9 Ge7<9N D5G ` @9L7dG @9 @=B;9
GMBH<eH=EI9 F=GEI9 89 @9 :FC=GG9F %5=GG9N 79 @=B;9 :=B=F 89 Ge7<9F `
@5=F
'9 F9D5GG9N D5G @9 @=B;9
=AAe8=5H9A9BH 5DFdG @9 Ge7<5;9
%5=GG9N @9 @=B;9 F9DCG9F 9B D=@9
D9B85BH IB D9H=H ACA9BH
97=
D9FA9HHF5 `@<IA=8=He FeG=8I9@@9
89 G9 FeD5FH=F IB=:CFAeA9BH
%9G H9LH=@9G ` A5=@@9G D5F 9L
@9G
HqG<=FHG @9 @=B;9 9B 7CHCB HF=7CHe 9B
>9FG9M FeHFe7=H GCIJ9BH @CFG 8I
DF9A=9F Ge7<5;9 5I Gd7<9q@=B;9
'IH=@=G9N D5G @9 DFC;F5AA9 S/9FM
8FMLHF5 8FMU -FdG G97LHF5 G97
(U<53D9?> 4E
@B?7B1==5
)CIF C6H9B=F 89G FeGI@H5HG 89 Ge7<5;9
CDH=A5IL JCHF9 Gd7<9q@=B;9 C::F9
8=::eF9BHG ;FCID9G 89 DFC;F5AA9G 9H
CDH=CBG 588=H=CBB9@@9G
,e@97H=CBB9N @9 DFC;F5AA9 89
Ge7<5;9 F9EI=G 85BG @9 H56@95I 89G
DFC;F5AA9G 9B :CB7H=CB 89G
9L9AD@9G JC=F D5;9 %B?7B1==5C
1ED?=1D9AE5C
"@ 9L=GH9 89G DFC;F5AA9G 5IHCA5H=EI9G
585DHeG 5IL 8=::eF9BHG HMD9G 89 H9LH=@9G
+9;I@5FCHHCB $(#($' 9H
)9FA5B9BH )F9GG $(#($' %=B;9
BCFA5@CHCB CI =B:FC=GG56@9 '57E<1B
?DD?> %=B;9 BCFA5@CHCB
%9 8eFCI@9A9BH 89G DFC;F5AA9G
5IHCA5H=EI9G 9GH GIFJ9=@@e D5F 89G
75DH9IFG
%5 8IFe9 8I DFC;F5AA9
8eD9B8 8I 89;Fe 8<IA=8=He A9GIFe
85BG @9 @=B;9 9H 8I 89;Fe 89 Ge7<5;9
Ge@97H=CBBe D5F 9L
1=@ 4BI CI
HDB1 4BI !IA=89 CI LHF5 G97
%B?7B1==5C 1CC?BD9C
4E>5 4EBU5
%9G DFC;F5AA9G ` 8IFe9 Fe;@56@9
A5F7<9BH D9B85BH @5 8IFe9 GDe7=:=e9
A=BIH9G
,IF @5 DCG=H=CB S=F @I::'C <95HU
8e:CI@5;9 ` @5=F5I7IB9 7<5@9IF @9
Gd7<9q@=B;9 :5=H DeBeHF9F @5=F 5A6=5BH
85BG @9 H5A6CIF G5BG 5>CIH 89 7<5@9IF
D9B85BH A=BIH9G
i ,e7<9N @9G H9LH=@9G 9B @5=B9 CI `
:CFH9 DFCDCFH=CB 89 @5=B9
IB=EI9A9BH 85BG @9 H=FC=F 89
Ge7<5;9
$@D9?>C
i ,9FJ9NqJCIG 8I DFC;F5AA9
`8IFe9 @=A=He9 S=F :@I::'C <95HU
8e:CI@5;9 ` @5=F5I7IB9 7<5@9IF
DCIF Ge7<9F @9G 5FH=7@9G 7CBH9B5BH
8I 75CIH7<CI7 ACIGG9 CI 89G
5FH=7@9G ` H9LHIF9 G=A=@5=F9 `79@@9
8I 75CIH7<CI7
?>C59<C @?EB <5 CU38175
B DF=B7=D9 @9G =BGHFI7H=CBG GI=J5BH9G
G5DD@=EI9BH ` HCIG @9G DFC;F5AA9G 89
Ge7<5;9 )CIF 5GGIF9F IB FeGI@H5H 89
Ge7<5;9 IB=:CFA9 HF=9N @9 @=B;9
7CB:CFAeA9BH 5IL HMD9G 89 H=GGI
9H 5I DFC;F5AA9 JCI@I
+9:9FA9N @9G :9FA9HIF9G
`;@=GG=dF9G @9G 7FC7<9HG 9H @9G
s=@@9HG
=L9N @9G 79=BHIF9G
5<931D5C <?G D5=@ e@=75HG
65GG9 H9ADeF5HIF9
%5B=1>5>D %B5CC DDIM9N GIF @9 6CIHCB S9@=75H9G @CK
H9AD
S e@=75HG 65GG9 H9ADeF5HIF9
DCIF Ge7<9F @9G H9LH=@9G 7F5=;B5BH @5
7<5@9IF
+9GD97H9N @9G 7CBG9=@G CI
GMA6C@9G 89BHF9H=9B :=;IF5BH GIF 79G
H9LH=@9G
%5H9ADeF5HIF9 8I DFC79GGIG
89 Ge7<5;9 8=A=BI9 @5 8IFe9 89
Ge7<5;9 5I;A9BH9
(97>1< ,=;B5@ GCBCF9
/CHF9 Gd7<9q@=B;9 eA9H 8=::eF9BHG
G=;B5IL G= JCIG 5J9N 5DDIMe GIF @9
6CIHCB S,=;B5@U
'%*(
5,#
Q=.?A
(64;.9 /?23
6;
(Q>B2;02 12 A<;@
0<B?A@
F@3<;0A6<;;2Y
:2;A
9.?:2 12
1Q?.;42:2;A
(Q>B2;02 12 A<;@
9<;4@
(Q>B2;02 12 A<;@
9<;4@
i %9 G=;B5@ S5@5FA9 89
8eF5B;9A9BHU :CB7H=CBB9 85BG
HCIG @9G 75G
>4931D5EB 45 4UB?E<5=5>D
4E @B?7B1==5
%9 Gd7<9q@=B;9 IH=@=G9 IB GMGHdA9 89
G75BBeF=G5H=CB e@97HFCB=EI9 85BG HCIG
@9G DFC;F5AA9G 9L79DHe @9G
DFC;F5AA9G ` 8IFe9 Fe;@56@9
.B
75DH9IF 8<IA=8=He JeF=:=9
7CBGH5AA9BH @<IA=8=He DFeG9BH9 85BG
@9 @=B;9
%9 Ge7<5;9 DF9B8 :=B
5IHCA5H=EI9A9BH 8dG EI9 @9 89;Fe 89
Ge7<5;9 Ge@97H=CBBe 5 eHe 5HH9=BH
%9 H5A6CIF 7CBH=BI9 D9B85BH IB9
<9IF9 89 HCIFB9F G9@CB IB9
=BH9FA=HH9B79 GDe7=:=EI9 5:=B
89ADf7<9F @9 @=B;9 89 G9 :FC=GG9F
%9G JCM5BHG F9BG9=;B9BH GIF @9 89;Fe
89 Ge7<5;9 57HI9@ 9H @9 B=J95I 5HH9=BH
D9B85BH @9 8eFCI@9A9BH 8I DFC;F5AA9
79G JCM5BHG 7CFF9GDCB89BH `
D@IG=9IFG 89;FeG 89 Ge7<5;9 8FM=B;
Ge7<5;9 9B 7CIFG 5AD 8FM
!IA=89 +9;I@5F 8FM 'CFA5@9A9BH
G97 0F=B?@9 6@C7? BH=q:FC=GG5;9
i ,= @9 JCM5BH S0F=B?@9 6@C7?U 6@C7
5BH=q:FC=GG5;9 G5@@IA9 IB9 :C=G
EI9 @9 DFC;F5AA5H9IF G9 HFCIJ9
GIF @5 DCG=H=CB (:: F5A9B9N @9
8=G>CB7H9IF 9B DCG=H=CB eH9=BH9 9H
DFeJ9B9N @9G9FJ=79 5DFdGqJ9BH9
)12<51E 45 CU<53D9?> 45C @B?7B1==5C
.+%.))#/ 10+)0'-1#/
%<B? 92 0<A<;@ 2A 92 96;42 12 0<B92B? 2; 0<A<; <B 2; 96; ==BF2G @B? 92 /<BA<; I2960.A2@ 9<D A2:=
K =<B? @Q052?
92@ A2EA692@ 0?.64;.;A 9. 05.92B?
+1. (# ('*%#
!6;42?62 12 96A 2A 12 A./92
!6;42?62 12 96A 2A 12 A./92 @2?C62AA2@ )Y@56?A@ :.699<A@ 12 @=<?A A./962?@
)Y@56?A@ :.699<A@ 12 @=<?A A2;B2@ =.;A.9<;@ A./962?@ 96;42?62 12 0<?=@
(2?C62AA2@ 2; A6@@B Q=<;42 @2?C62AA2@ 12 0B6@6;2 2A L :.6;@ 96;42?62 12 96A
96;42?62 12 0<?=@ 05.B@@2AA2@ 2; 0<A<;
(2?C62AA2@ 2; A6@@B Q=<;42 @2?C62AA2@ 12 0B6@6;2 2A L :.6;@ 96;42?62 12 96A
96;42?62 12 0<?=@ 05.B@@2AA2@ 2; 0<A<;
%264;<6?@ 12 /.6; 2; A6@@B Q=<;42 96;42 12 96A 2; A6@@B Q=<;42
#%1(.+00+*/ !6;42 ;<?:.9<A<;
>B69 3.BA ?2=.@@2?
), ".5 B:612
>B69 ;2 3.BA =.@ ?2=.@@2?
#%1(. ".5 #<?:.92:2;A @20
>B69 ;2 3.BA =.@ ?2=.@@2?
L=9B@62B?@ 0<B052@ Q=.6@@2@
=.?A60B96P?2:2;A Q=.6@ <B
0<:=<?A.;A =9B@62B?@ 0<B052@
!6;42 3.0692 L 2;A?2A2;6? 2;0<?2 4<BAA.;A L /.@2 12 A6@@B@ @F;A5QA6>B2@ 2A :6EA2@ 12 0<A<; 2; =<9F2@A2? =.? 2E
==BF2G @B? 92 /<BA<; I2960.A2@ 9<D A2:=
K =<B? @Q052? 92@ A2EA692@ A?P@ @2;@6/92@ L 9. 05.92B?
+1. (# ('*%#
#.5 ".5 )?P@ @20
%.;A.9<;@ A2;B2@ 7B=2@ 052:6@2@ 052:6@62?@ 92446;4@ A2;B2@ 12 @=<?A
2A 36/?2@ L 3<?A =<B?02;A.42 @F;A5QA6>B2 96;42?62
52:6@2@ 052:6@62?@ A2;B2@ 12 @=<?A
!6;42?62 12 96A 2A 12 A./92 @B?CRA2:2;A@ .;<?.8@ 1?.=@
), ".5 B:612
.+%.))#/ //+.0'/ "1*# "1.>#
>B69 ;2 3.BA =.@ ?2=.@@2? <B .9<?@
@2B92:2;A 9Q4P?2:2;A
>B69 ;2 3.BA =.@ ?2=.@@2?
>B69 ;2 3.BA =.@ ?2=.@@2?
L=9B@62B?@ 0<B052@ Q=.6@@2@
40. ".5 EA?. @20
#.)*#*0 .#// ;3?<6@@./92
#%1(. ".5 #<?:.92:2;A @20
#.5 ".5 )?P@ @20
')# ".5
(Q05.42 L 1B?Q2 ?Q49./92
)2EA692@ =?QY@Q05Q@ L 3.6/92 A2;2B? 2; 5B:616AQ =2A6A@ .?A6092@ =2?@<;;29@ 0<::2 =.? 2E
92@ @2?C62AA2@ 12 /.6;
92@ A2;B2@ 12 /.6; 92@ @2?C62AA2@ 12 A./92
(6 C<B@ BA696@2G 9. =9B@ =2A6A2 05.?42 .99.;A 12 L 96C?2 =.?
2E2:=92 B;2 =2A6A2 @2?C62AA2 12 A<692AA2 @Q920A6<;;2G B; =?<4?.::2 12 @Q05.42 12 1B?Q2
==BF2G @B? 92 /<BA<;
I2960.A2@ 9<D A2:=
K @6 02@ A2EA692@
<A<;@ 2A CRA2:2;A@ A26;AQ@ 2;0<A<; <B 2; 96;
)'* )'* )'*
)2EA692@ @2;@6/92@ L 9. 05.92B?
)'* )'* )'*
'.3?.T056@@2:2;A <B .Q?.A6<; 12 9. 96;42?62 =2B =<?AQ2 2A @Q05.42 12 A2EA692@ 0?.64;.;A /2.B0<B= 9. 05.92B?
'. $(1$$+ &#0 1Q3<B92? L
%<B?A<B@ 92@ AF=2@ 12 A2EA692@ F 0<:=?6@ 92 0.<BA05<B0 :<B@@2 =.? 2E
92@ <?26992?@ 92@ 7<B2A@ ?2:/<B??Q@
9.6?.B0B;2 05.92B?
92=9.@A6>B2 =.? 2E
92@ ?612.BE 12 1<B052 92@ @2?C62AA2@ 12 A./92 92 0.<BA05<B0 =.? 2E
92@ ;.AA2@ L 1<@
2;0.<BA05<B0 92 ;F9<; @2B9 92 =<9F=?<=F9P;2
*D9<9C1D9?>
*D9<9C1D9?> 4E CT385]<9>75
A9B9N @9 DFC;F5AA5H9IF GIF @9
DFC;F5AA9 JCI@I
@5=89
8IH56@95I 89 Ge@97H=CB 7<C=G=GG9N
IB DFC;F5AA9 585DHe 5I @=B;9
DFeG9BH 85BG @9 H5A6CIF JC=F D5;9
%e7@5=F5;9 8I Gd7<9q@=B;9
G5@@IA9 85BG @9 H5A6CIF
i %9 JCM5BH ,H5FH,HCD G9 A9H
` 7@=;BCH9F
GGIF9NqJCIG EI=@ BM 5 EI9 8I @=B;9
85BG @9 H5A6CIF
/eF=:=9N EI9 HCIH9G @9G
D=d79G 89 @=B;9 G9 HFCIJ9BH 9BH=dF9A9BH
85BG @9H5A6CIF
+9:9FA9N @5 DCFH9
%9 JCM5BH S,H5FH,HCDU 89G=;B5@=G5H=CB
7CBH=BI9 89
i ,= JCIG B5J9N D5G :9FAe @5DCFH9
7CFF97H9A9BH @9Gd7<9q@=B;9 B9
8eA5FF9F5 D5G
(IJF9N @5 DCFH9
/eF=:=9N @9 :=@HF9 ` D9@I7<9G
"@:5IH
B9HHCM9F @9 :=@HF9 5DFdG 9H 5J5BH
7<5EI9 Ge7<5;9
%9B9HHCM5;9 8I
:=@HF9 Fe8I=H @58IFe9 89 Ge7<5;9 9H
D9FA9H 8e7CBCA=G9F 89 @eB9F;=9
,= Be79GG5=F9 Ge@97H=CBB9N
S(DH=CBU 9B 5DDIM5BH GIF @9
6CIHCB
%9LD@=75H=CB 89G CDH=CBG
:=;IF9 ` @5 D5;9 i %5DD5F9=@ 57HI5@=G9 @9GH=A5H=CB 89
@5 8IFe9 F9GH5BH9
DDIM9N GIF @9 6CIHCB
S(D1BD,HCDU
%9 JCM5BH
S,H5FH,HCDU G5@@IA9
i %9 DFC;F5AA9 8eA5FF9 5J97
eA=GG=CB 8IB G=;B5@ GCBCF9
G=JCIG @5J9N Fe;@e
i %5 >5J9@ D9IH 8e7C@CF9F @5 :579
9LH9FB9 9B 7CI@9IF 89 Gd7<9q@=B;9
)CIF 79HH9 F5=GCB =@ 9GH =ADCFH5BH
89 B9 D5G :5=F9 9BHF9F 9B 7CBH57H @5
:579 9LH9FB9 9B 7CI@9IF 89 JCHF9
Gd7<9q@=B;9 5J97 89 @5 >5J9@
,=
JCIG :5=H9G HCA69F 89 @5 >5J9@ GIF
G5 :579 9LH9FB9 B9HHCM9N 79HH9
89FB=eF9 =AAe8=5H9A9BH 9H 5J97
GC=B ` @5=89 8IB 9GGI=HCIH
<IA=89
"BHFC8I=G9N @9 @=B;9 85BG @9
H5A6CIF J=89
)@579N
=B8=J=8I9@@9A9BH 7<5EI9 D=d79 89
@=B;9 85BG @5 A57<=B9
)CIF C6H9B=F @9G A9=@@9IFG FeGI@H5HG
HF=9N 856CF8 @9 @=B;9 9B :CB7H=CB
8I HMD9 89 @=B;9 9H 8I 89;Fe 89
Ge7<5;9 F9EI=G
%5D5;9 7CBH=9BH 89G =B:CFA5H=CBG D@IG
8eH5=@@e9G
i +9GD97H9N @9G GMA6C@9G 89
Ge7<5;9 IH=@=GeG D5F @9 :56F=75BH 8I
@=B;9
,= JCIG JCI@9N Ge7<9F 89G
JfH9A9BHG 9B @5=B9 CI 89G
7<5IGGIF9G F9DCFH9NqJCIG 5IL
=B:CFA5H=CBG :=;IF5BH 5IL D5;9
,= JCIG 5J9N Ge@97H=CBBe IB
DFC;F5AA9 GH5B85F8 @9G JCM5BHG
=B8=EI9BH @9 GH589 8eFCI@9A9BH 8I
DFC;F5AA9
i @5 :=B 8I DFC;F5AA9 @5DD5F9=@
eA9H IB G=;B5@ GCBCF9 G= JCIG
@5J9N Fe;@e 9H @9 JCM5BH @IA=B9IL
S0F=B?@9 6@C7?U DFCH97H=CB
5BH=F=89 G5@@IA9
i .B9 :C=G @9 DFC79GGIG 89 Ge7<5;9
H9FA=Be @9 DFC;F5AA9 CI @9
DFC;F5AA9 ` 8IFe9 Fe;@56@9 5 DF=G
:=B @9 H5A6CIF 7CBH=BI9 89
HCIFB9F D5F =BH9FA=HH9B79 D9B85BH
<9IF9
97= 9ADf7<9 @9 @=B;9 89 G9
:FC=GG9F
%9 @=B;9 F9DCG9 BCB H5GGe
9H 6=9B 8e:CI@e 85BG @9 H5A6CIF
>IGEI` 79 EI9 JCIG @9B@9J=9N
"@ :5I8F5=H F9H=F9F @9 @=B;9 5I D@IG
H5F8 IB9 :C=G 79HH9 DeF=C89
e7CI@e9
%'*#
'9 :5=H9G Ge7<9F EIIB JfH9A9BH CI
IB9 D5=F9 89 7<5IGGIF9 ` @5 :C=G
7<5F;9 A5L=A5@9 89 @=B;9 G97
@6G ?;
"@ :5IH EI9 @9 @=B;9 5=H
eHe 9GGCFe
'9 Ge7<9N EI9 89G
7<5IGGIF9G DFe5@56@9A9BH @5Je9G
%9 @=B;9 B9 8C=H D5G HCI7<9F @9
H5A6CIF 75F =@ DCIFF5=H G9 7C=B79F 9H
fHF9 9B8CAA5;e D5F @9 H5A6CIF
DFdG 5JC=F IH=@=Ge @9 H=FC=F 89
Ge7<5;9 F9H=F9Nq@9 =AAe8=5H9A9BH
8I Gd7<9q@=B;9
>C5BD9?> 4E D9B?9B 45 CU38175
(IJF9N @5 DCFH9 8I Gd7<9q@=B;9
/eF=:=9N EI9 @9 H5A6CIF 9GH J=89
(IJF9N @5 DCFH9
,CFH9N @9 @=B;9 8I Gd7<9q@=B;9
"BGeF9N @9 :=@HF9 ` D9@I7<9G
"BHFC8I=G9N @9 :=@HF9 9B J9=@@5BH `79
EI=@ GC=H 6=9B 5@=;Be GIF @9 6CF8 8I
H5A6CIF
(U385B 45C @9T35C 45 <9>75 CEB <5
D9B?9B
)@=9N @9 @=B;9 DCIF EI=@ F9BHF9 85BG
@9 H=FC=F
+9H=F9N @9 :=@HF9 ` D9@I7<9G
A9B9N @9 DFC;F5AA5H9IF
GIFS(::U
%e7@5=F5;9 8I Gd7<9q@=B;9
GeH9=BH
'9HHCM9N @9 :=@HF9
"@ :5I8F5=H B9HHCM9F
@9 :=@HF9 5DFdG 7<5EI9 Ge5B79 89
Ge7<5;9
%9B9HHCM5;9 8I :=@HF9
Fe8I=H @5 8IFe9 89 Ge7<5;9 9H
D9FA9H 8e7CBCA=G9F 89 @eB9F;=9
+9:9FA9N @9 <I6@CH
*D9<9C1D9?> 4E D9B?9B 45
CU38175
)@579N @9 @=B;9 BCB H5GGe 85BG @9
D5B=9F
'5DDIM9N D5G GIF @9 @=B;9
9 89FB=9F B9 8C=H D5G HCI7<9F @9
H5A6CIF
/9=@@9N `79EI5I7IB9
D=d79 89 @=B;9 B9 D9B89 8I H=FC=F
+9:9FA9N @9 <I6@CH
)CIF IH=@=G9F IB DFC;F5AA9 89
8IFe9 GI=J9N @9G =BGHFI7H=CBG 89 @5
D5;9 GI=J5BH9
,CI@9J9N @9 H=FC=F 89 Ge7<5;9
<CF=NCBH5@9A9BH DCIF @=BHFC8I=F9
85BG @9 H5A6CIF
335CC?9B5 F?9B @175 ,9FJ9NqJCIG 8I H=FC=F 89 Ge7<5;9 DCIF
Ge7<9F @9G H9LH=@9G @5J56@9G 9B @5=B9 @9G
7<5B85=@G D5F 9L
9H @9G 7<5IGGIF9G
%9
H=FC=F 89 Ge7<5;9 F9GH9 =AAC6=@9 H5B8=G
EI9 @9 H5A6CIF HCIFB9
'9 6CI;9N D5G
@5 @5=B9 <IA=89 75F 9@@9 5 H9B85B79 `
:9IHF9F
%9 Ge7<5;9 89 7<5IGGIF9G
G5BG IH=@=G9F @9 H=FC=F DCIFF5=H
9B8CAA5;9F @9 H5A6CIF
)FeD5F9N @9G 7<5IGGIF9G
q '9HHCM9N @9G 7<5IGGIF9G DCIF
9ADf7<9F @9 H5A6CIF 89 G9 G5@=F
q ,= JCIG DFeD5F9N 89G
7<5IGGIF9G 89 GDCFH eH=F9N @9IF
@5B;I9HH9
q 9GG9FF9N CI F9H=F9N @9G @579HG
)@579N @9 H=FC=F 89 Ge7<5;9 89 H9@@9
GCFH9 EI9 @9G H=;9G DeBdHF9BH 85BG
@9G HFCIG 89 DCG=H=CBB9A9BH G=HIeG
` @5J5BH
(U38175 45 381ECCEB5C CEB <5
D9B?9B q +9H=F9N @9G G9A9@@9G =BHeF=9IF9G
9H @9G H5@CBB9HH9G
)@579N @9G 7<5IGGIF9G GIF @9
D5B=9F
q =F97H9A9BH GIF @9 H=FC=F 89
Ge7<5;9
CI
8?9C9CC5J E> @B?7B1==5
P4EBU5 4U69>9CC12<5
A9B9N @9 DFC;F5AA5H9IF GIF
S-=A9 8FM
A=BU ,e7<5;9
`8IFe9 Fe;@56@9
A=B
,e@97H=CBB9N @5 8IFe9 89 Ge7<5;9
` D5FH=F 8I H56@95I GI=J5BH 9B
F9GD97H5BH @9 HMD9 89 @=B;9
5,# "# ('*%#
1.># "# />!&%#
%B99<C2? 2; 9.6;2 :6;02 :6;
.==?<E
9/@ 4 =.? 2E
:;
%B99<C2? 2; 9.6;2 Q=.6@ Y :6;
.==?<E
9/@ 4 =.? 2E
:;
B=2
q BFCI@9N IB9 G9FJ=9HH9 9H D@579N
@9G H5@CBG 89GGIG
97= D9FA9HHF5 8C6H9B=F IB
FeGI@H5H 89 Ge7<5;9 D@IG
IB=:CFA9
+9:9FA9N @5 DCFH9
Y :6;
%.;A.9<;@
Y :6;
%2A6A@ .?A6092@
4.;A@=.? 2E
:6;
5.B@@B?2@
:6;
DDIM9N GIF @9 6CIHCB
S(D1BD,HCDU
%9 JCM5BH
S,H5FH,HCDU G5@@IA9
,= @5 D=d79 89 @=B;9 7CB79FBe9
7CBH=9BH 9B7CF9 IB9 <IA=8=He
FeG=8I9@@9 IB9 :C=G e7CI@e9 @5
8IFe9 89 Ge7<5;9 =B8=EIe9 q )@=9N 79HH9 D=d79 89 @=B;9 89
GCFH9 EI9 @9G D5FH=9G <IA=89G G9
F9HFCIJ9BH 9LDCGe9G
q +9@5B79N @9 DFC;F5AA9 9H
Fe8I=G9N @5 8IFe9 8I Ge7<5;9 9B
:CB7H=CB 8I 89;Fe 8<IA=8=He
FeG=8I9@ F9EI=G
DFdG @9 Ge7<5;9 eH5@9N @9 @=B;9 `
@5=F D9B85BH 5DDFCL=A5H=J9A9BH
A=B
@9G7<5IGGIF9G D9B85BH
9BJ
A=B
+9H=F9N @9 :=@HF9 ` D9@I7<9G
,CFH9N @9 H=FC=F 89 Ge7<5;9 8I
H5A6CIF
"BGeF9N ` BCIJ95I @9 :=@HF9
`D9@I7<9G
#5DD?I175 5D
5>DB5D95>
#5DD?I175 4E CT385]<9>75
+')((
"#)
%$* +)'
'(&* -%!$($# )CIF B9HHCM9F BIH=@=G9N >5A5=G
89 GC@J5BHG CI 89 @=EI=89G
=B:@5AA56@9G
%'*#
.B B9HHCM5;9 =B7CFF97H D9IH
9B8CAA5;9F @9 Gd7<9q@=B;9
'9
@9 B9HHCM9N D5G 5J97 IB >9H
895I
'IH=@=G9N D5G 89 DFC8I=HG
Fe7IF5BHG CI 89 8eH9F;9BHG
AI@H=qIG5;9
'IH=@=G9N D5G BCB
D@IG 89 B9HHCM9IFG ` J5D9IF
GGIM9N @9 7CFDG 89 @5DD5F9=@ 9H @9
65B895I IB=EI9A9BH 5J97 IB 7<=::CB
8CIL 588=H=CBBe 8IB D9I 895I
G5JCBB9IG9
GGIM9N @9 H5A6CIF @9 >C=BH 89 @5 DCFH9
9H @=BHeF=9IF 89 @5 DCFH9 IB=EI9A9BH
5J97 IB 7<=::CB <IA=89
#5DD?I175 4E 69<DB5
P@5<E385C
.B :=@HF9 G5@9 577FChH @5 8IFe9 89
Ge7<5;9 5=BG= EI9 @5 7CBGCAA5H=CB
8eB9F;=9
"@ :5I8F5=H B9HHCM9F @9 :=@HF9 5J5BH 9H 5DFdG
7<5EI9 Ge5B79 89 Ge7<5;9
,= IB G=;B5@ 85@5FA9 9H IB A9GG5;9
5J9FH=GG9A9BH GCBH dA=G D9B85BH
IB DFC;F5AA9 89 Ge7<5;9 B9HHCM9N @9
:=@HF9 =AAe8=5H9A9BH 9H JeF=:=9N @9
7CB8I=H 897<5DD9A9BH
i %9 DFC;F5AA9 G=BH9FFCADH
5IHCA5H=EI9A9BH
H9=;B9N @9 Gd7<9q@=B;9
+5A9B9N
@9 DFC;F5AA5H9IF GIFS(::U
%'*#
%=BHeF=9IF 89 @5 DCFH9 Ge7<5I::9
D9B85BH @9 Ge7<5;9
(IJF9N @5 DCFH9
#5DD?I175 4E 3?>4E9D
4U381@@5=5>D
"BGD97H9N 9H B9HHCM9N @9 7CB8I=H
8e7<5DD9A9BH 5I AC=BG IB9 :C=G D5F
5B DCIF 9ADf7<9F EI=@ B9 G9 6CI7<9
.B 7CB8I=H 8e7<5DD9A9BH
D5FH=9@@9A9BH C6GHFIe 5@@CB;9 @5 8IFe9
89 Ge7<5;9
q +5A9B9F @9 8=G>CB7H9IF 9B DCG=H=CB
eH9=BH9
q e6F5B7<9N @5 :=7<9 Ab@9 89
@5DF=G9 89 7CIF5BH
q 9FA9N @9 FC6=B9H 89 ;5N
q e6F5B7<9N @9 7CB8I=H 8I
Gd7<9q@=B;9
q )5GG9N @9 7CB8I=H ` @5GD=F5H9IF
DI=G F96F5B7<9Nq@9
+')((]
"#)
e:5=H9G @9 6F5B7<9A9BH 8I ;5N
5J5BH 89 8eD?579F @9 Gd7<9@=B;9
DCIF B9HHCM9F @9 7CB8I=H
/9=@@9N ` B9
D5G 8eHFI=F9 @9 F577CF8 8I ;5N
@CFGEI9 JCIG B9HHCM9N @9 7CB8I=H
+9H=F9N @9 :=@HF9 ` D9@I7<9G
+9H=F9N @9G D9@I7<9G 9B D5GG5BH @5
A5=B GIF @9 :=@HF9
%9 :=@HF9 89JF5=H fHF9 @e;dF9A9BH :FCHHe
89IL :C=G D5F 5B 5J97 89 @95I
G5JCBB95IL 7<5I8
%9 :=@HF9 9GH
B9HHCMe EI5B8 =@ B9 H=9BH D@IG @95I
,e7<9N 6=9B @9 :=@HF9 5J5BH 89 @9
F9A9HHF9 9B D@579
#5DD?I175 45C 31@D5EBC
48E=949DU
"@ :5IH B9HHCM9F @9G 75DH9IFG 8<IA=8=He
89 H9ADG 9B H9ADG JI EIIB9 7CI7<9
:=B9 89 A5H=dF9 HF5BGD5F9BH9 G9 8eDCG9
89GGIG
9 8eDkH G9B@dJ9 :57=@9A9BH 9B
9GGIM5BH @9G 75DH9IFG =@ G5;=H 89G 89IL
65FF9G G=HIe9G ` 7kHe 8I :=@HF9
`D9@I7<9G 5I ACM9B 8IB 7<=::CB 9H
8IB D9I 89 J=B5=;F9 6@5B7
'IH=@=G9N EI9 8I J=B5=;F9 6@5B7
'9HHCM9N @9 75DH9IF 8<IA=8=He IB9 :C=G
D5F AC=G
@5 @CB;I9 @9G D@I7<9G 7Fee9G D5F @9
DFC79GGIG 89 Ge7<5;9 G9 F5GG9A6@9BH
85BG @5 :@5GEI9
81>75B <1=@?E<5 45
<U3<19B175
%CFGEI9 JCIG CIJF9N @5 DCFH9
@e7@5=F5;9 8I H5A6CIF G5@@IA9
`@=BHeF=9IF 8I H5A6CIF
)CIF 7<5B;9F @5ADCI@9 q )@579N @9 Ge@97H9IF 89 DFC;F5AA9
` QC::
q +5A9B9F @9 8=G>CB7H9IF 9B DCG=H=CB
eH9=BH9
q e6F5B7<9N @5 :=7<9 Ab@9 89 @5
DF=G9 89 7CIF5BH
q (IJF9N @5 DCFH9 9H @C75@=G9N
@5ADCI@9 GIF @9 7kHe GIDeF=9IF
;5I7<9 8I >C=BH
q
#5DD?I175 45 <16<1CAE5
+9A9HH9N @9 :=@HF9 9B D@579
+9:9FA9N @5 DCFH9
9G D@I7<9G G9B@dJ9BH :57=@9A9BH 5J97
@5GD=F5H9IF B9HHCM9N 5I AC=BG IB9 :C=G
D5F AC=G
q
q
q
9GG9FF9N @5 J=G 8I 7CIJ9F7@9 DI=G
CIJF9N 79 89FB=9F
-CIFB9N @5ADCI@9 9B G9BG =BJ9FG9
89G 5=;I=@@9G 8IB9 ACBHF9
+9AD@579Nq@5 D5F IB9 5ADCI@9
B9IJ9 585DHe9 ` @5DD5F9=@ :CIFB=9
D5F @9 G9FJ=79 5DFdGqJ9BH9
+9A9HH9N @9 7CIJ9F7@9 9B D@579
DI=G :=L9Nq@9 9B DCG=H=CB ` @5=89 89
@5 J=G
+96F5B7<9N @5 :=7<9 Ab@9 8I
Gd7<9q@=B;9 85BG IB9 DF=G9 89
7CIF5BH
UB1>75=5>D 5D B5=T45C
+')((
"#)
)(. /"-+
+",*. !(
)(. /"-+
%-+"*. +",*.
1)%(,"(' %9G FeD5F5H=CBG 9H @9 F9AD@579BH
89 D=d79G GCBH 89G CDeF5H=CBG
FeG9FJe9G IB=EI9A9BH ` 89G
H97<B=7=9BG 5;FeeG
J5BH 85DD9@9F @9 G9FJ=79 5DFdGqJ9BH9
JeF=:=9N G= JCIG B9 DCIJ9N D5G
GIDDF=A9F @5 D5BB9 JCIGqAfA9 9B
JCIG G9FJ5BH 8I H56@95I 7=q89GGCIG
,= JCIG B9 D5FJ9B9N D5G ` @5 GIDDF=A9F
CI G= IB9 FeD5F5H=CB G=ADCG9 .+ (=)#
!2 @P052Y96;42 ;2 1Q:.??2 =.@
1/# ,+//' (#
6052 :N92 =.@ /?.;05Q2 1B A<BA <B .9<?@
!2 C<F.;A I(A.?A(A<=K ;2 @.99B:2 =.@
6;0<??20A2:2;A 1.;@ 9. =?6@2 12 0<B?.;A
*; 3B@6/92 16@7<;0A2B? =?<AQ42.;A 92 @20A2B? 12 9.
:.6@<; . 4?699Q 16@7<;0AQ
+<B@ ;.C2G =.@ .==BFQ @B? 92 /<BA<; I(A.?A(A<=K
+<B@ ;.C2G =.@ @Q920A6<;;Q 12 =?<4?.::2
%<?A2 =.@ 32?:Q2
)2:=Q?.AB?2 .:/6.;A2 6;3Q?62B?2 L ° °
!6;42 ?2@AQ :<B6992 .=?P@ 92 @Q05.42
!2 ?</6;2A 12 4.G QA.6A 2?:Q
!2 369A?2 L =29B052@ 2@A @.92
!2 =?<4?.::2 . QAQ 6;A2??<:=B
!.==.?269 Q:2A B; @64;.9
1.C2?A6@@2:2;A 2A 9. :2;A6<; IE:01K
<;1B6A 1Q05.==2:2;A 1.6? </@A?BQ <B A?<= 9<;4
@.336052 @B? 9Q0?.;
Q3.BA 1.;@ 92 1Q?<B92:2;A 1B =?<4?.::2 <B
1F@3<;0A6<;;2:2;A
!. =6P02 92 ?Q1B6A ;2@A =.@ 0<??20A2:2;A .Q?Q
24?Q 12 @Q05.42 =.@ .AA26;A <B 1B?Q2
12 @Q05.42 A?<= 9<;4B2
!. :2;A6<; IE:03K =2BA @.336052? @B?
9Q0?.;
.=A2B? 15B:616AQ @.92
<;1B6A 1Q05.==2:2;A 1.6? </@A?BQ <B A?<= 9<;4
!2 369A?2 L =29B052@ 2@A @.92
!6;42 A?<= 5B:612
(Q920A6<; 1B; =?<4?.::2 6;.1.=AQ
Q=.@@2:2;A 12 9. 1B?Q2 :.E6:.92 12 @Q05.42
Q=.@@2:2;A 12 9. A2:=Q?.AB?2 96:6A2 1B :<A2B?
+e;@9N @9 Ge@97H9IF 89 DFC;F5AA9
GIF S(::U
+5A9B9F @9 8=G7CB97H9IF 9B
DCG=H=CB eH9=BH9
e6F5B7<9N @5 :=7<9 Ab@9 89 @5
DF=G9 89 7CIF5BH
9FA9N @9 FC6=B9H 89 ;5N
DD9@9N @9 G9FJ=79 5DFdGqJ9BH9
JC=F D5;9 #)="#
?.;052G 9. 36052 :N92 0<??20A2:2;A 1.;@ 9. =?6@2 12
0<B?.;A
'2:=9.02G 92 3B@6/92 'Q.?:2G 92 16@7<;0A2B?
==BF2G @B? 92 /<BA<; I(A.?A(A<=K
(Q920A6<;;2G B; =?<4?.::2
'232?:2G 9. =<?A2
00?<6@@2G 9. A2:=Q?.AB?2 12 9. =6P02
$BC?2G 92 ?</6;2A 12 4.G
#2AA<F2G 92 369A?2 0<::2 1Q0?6A L 9. =.42 A264;2G 9.==.?269 =B6@ ?.99B:2GY92 2;@B6A2
#2AA<F2G 92 0<;1B6A 1Q05.==2:2;A
'.:2;2G 9.
9<;4B2B? 1B 0<;1B6A 1Q05.==2:2;A L 9. 9<;4B2B?
:.E6:.92 0<::2 1Q0?6A L 9. =.42 A264;2G9.==.?269 =B6@ ?.99B:2GY92 2;@B6A2
A264;2G 92 @P052Y96;42 9.6@@2GY92 ?23?<616? =2;1.;A
:6;BA2@ =B6@ ?.99B:2GY92
'29.;02G 2;@B6A2 92 =?<4?.::2
%?QC<F2G B; .==<?A @B336@.;A 1.6? 3?.6@
A264;2G9.==.?269 =B6@ ?.99B:2GY92 2;@B6A2
#2AA<F2G 92 0.=A2B? 15B:616AQ 0<::2 1Q0?6A L9.
=.42 A264;2G 9.==.?269 =B6@ ?.99B:2GY92 2;@B6A2
#2AA<F2G 9<?63602 12 @<?A62 1B 0<;1B6A
1Q05.==2:2;A
'.:2;2G 9. 9<;4B2B? 1B 0<;1B6A
1Q05.==2:2;A L 9. 9<;4B2B? :.E6:.92 0<::2
1Q0?6A L 9. =.42 A264;2G 9.==.?269 =B6@
?.99B:2GY92 2;@B6A2
#2AA<F2G 92 369A?2 0<::2 1Q0?6A L 9. =.42
A264;2G
9.==.?269 =B6@ ?.99B:2GY92 2;@B6A2
.;@ 92 9.C2Y96;42 2@@<?2G 92 96;42 L B;2 C6A2@@2 =9B@
Q92CQ2
A264;2G 9.==.?269 =B6@ ?.99B:2GY92 2;@B6A2
(Q920A6<;;2G 92 =?<4?.::2 2; C<B@ @2?C.;A 1B
A./92.B 12 @Q920A6<; 12@ =?<4?.::2@ C<6? =.42 A264;2G 9.==.?269 =B6@ ?.99B:2GY92 2;@B6A2
#2AA<F2G 92 369A?2 C<6? =.42 +Q?6362G 9<?63602 12 @<?A62 1B 0<;1B6A 1Q05.==2:2;A
.;@ 92 9.C2Y96;42 2@@<?2G 92 96;42 L B;2 C6A2@@2 =9B@
Q92CQ2
A264;2G 92 @P052Y96;42 9.6@@2GY92 ?23?<616? =2;1.;A
:6;BA2@
'.99B:2GY92 2;@B6A2
.6A2@ 1Q:.??2? B;
=?<4?.::2
.+ (=)#
!Q09.6?.42 1B A.:/<B? ;2 3<;0A6<;;2
=.@
1/# ,+//' (#
+<B@ ;.C2G =.@ @Q920A6<;;Q 12 =?<4?.::2
!.:=2 1Q320AB2B@2 .:=<B92 4?699Q2
!Q09.6?.42 ;2 ?2O<6A =.@ 1Q920A?606AQ
!.:=<B92 2@A 9N05Q
!2 C<F.;A I(A.?A(A<= ;2 @.99B:2 =.@
!2C<F.;A ID?6;892 /9<08K 2@A .99B:Q
!. :2;A6<; I000K @.336052 @B? 9Q0?.;
Q3.BA 1.;@ 92 1Q?<B92:2;A 1B =?<4?.::2 <B
1F@3<;0A6<;;2:2;A
!2 369A?2 ! 12 36/?2 0964;<A2 .=?P@ >B2 !2 0964;<A2:2;A 1B 369A?2 ! 12 36/?2 ;2@A =.@ B;2
92 369A?2 12 36/?2 .6A QAQ ;2AA<FQ
6;10.A6<; 1B; =?</9P:2
9 2@A 2:=9<FQ @2B92:2;A
0<::2 ?.==29 =<B? ;2AA<F2? 92 369A?2 12 36?2
#)="#
(Q920A6<;;2G B; =?<4?.::2
5.;42G 9.:=<B92 C<6? =.42 +26992G L 02 >B2 9Q920A?606AQ .??6C2
(2??2G 9.:=<B92
;92C2G 2A ?Q6;@A.992G 9. 0<BC2?AB?2
0<::2 16?64Q L 9. =.42 A264;2G 92 @P052Y96;42 9.6@@2GY92 ?23?<616? =2;1.;A
:6;BA2@ =B6@ ?.99B:2GY92
'29.;02G 2;@B6A2 92 =?<4?.::2
B0B;2 .0A6<; ?2>B6@2
!. ! 02@@2?. 92
0964;<A2:2;A
('+ ) 'M%')$#(
%'*#
%'*# H=EI9H9N HCIG @9G :=@G
5J5BH 89 @9G 8e6F5B7<9F @CFGEI9
JCIG 9::97HI9N 89G 7CBHFk@9G 89
G9FJ=79
9G 9FF9IFG 89 7b6@5;9
D9IJ9BH 9B;9B8F9F IB
:CB7H=CBB9A9BH =B58eEI5H 9H 89G
G=HI5H=CBG 85B;9F9IG9G
DFdG 5JC=F
GCIA=G @5DD5F9=@ `IB9 CDeF5H=CB 89
G9FJ=79 JeF=:=9N EI=@ :CB7H=CBB9
7CFF97H9A9BH
9 Gd7<9q@=B;9 B9 89A5B89 5I7IB
9BHF9H=9B D5FH=7I@=9F 5IHF9 EI9 @9G
CDeF5H=CBG 89 B9HHCM5;9 9H 9BHF9H=9B
DFe7e89AA9BH A9BH=CBBe9G
i ,= JCHF9 Gd7<9q@=B;9 JCIG 75IG9
89G DFC6@dA9G F9DCFH9NqJCIG 5I
H56@95I 89 @5 D5;9 5J5BH
85DD9@9F @9 G9FJ=79 5DFdGqJ9BH9
,/
,= 89G CDeF5H=CBG 89 ,/ G5JdF9BH
Be79GG5=F9G J9I=@@9N 7CBH57H9F JCHF9
=BGH5@@5H9IF CI IB DC=BH 89 ,/ 5;Fee
'9 H9BH9N D5G 89 FeD5F9F @5DD5F9=@ D5F
JCG DFCDF9G ACM9BG
-CIH9 FeD5F5H=CB
577CAD@=9 D5F 89G D9FGCBB9G BCB
5IHCF=Ge9G F=GEI9 89 JCIG :5=F9 D9F8F9
@9 6eBe:=79 89 @5 ;5F5BH=9
,= @9 Gd7<9q@=B;9 JCIG 75IG9 IB
DFC6@dA9 EI9@7CBEI9 9H G= @9G
DF9GH5H=CBG F9cI9G B9 JCIG CBH D5G
G5H=G:5=H
CAA9B79N G
J
D
D5F 7CBH57H9F
JCHF9 =BGH5@@5H9IF CI @9BHF9DF=G9 89
,/ CG7< 5;Fee9 G=HIe9 85BG
JCHF9 Fe;=CB 9H 9LD@=EI9Nq@I= @9G
F5=GCBG 89 JCHF9 Ae7CBH9Bq
H9A9BH
97= GI::=F5 BCFA5@9A9BH
` FeGCI8F9 @9 DFC6@dA9
,= @9 DFC6@dA9 D9FG=GH9 5DFdG 5JC=F
7C@@56CFe 5J97 JCHF9 =BGH5@@5H9IF CI
5J97 @9 H97<B=7=9B 8I ,/
:5=H9GqBCIG @9 G5JC=F GC=H 9B BCIG
e7F=J5BH `@58F9GG9 GI=J5BH9
,! !CA9 DD@=5B79G
&75889B J9
!IBH=B;HCB 957<
.,
GC=H 9B BCIG 5DD9@5BH 5I BIAeFC
GI=J5BH ]]]
,= JCIG BCIG e7F=J9N BCI6@=9N D5G 89
>C=B8F9 ,= JCIG BCIG 5DD9@9N
BCI6@=9N D5G 89 DFeD5F9F
@9G=B:CFA5H=CBG GI=J5BH9G %9 BIAeFC 8I AC8d@9
%9 BIAeFC 89 GeF=9
%5 85H9 857<5H 8CF=;=B9
%5 85H9 85DD5F=H=CB 8I DFC6@dA9
.B9 89G7F=DH=CB 8I DFC6@dA9
9 AfA9 G= JCIG BCIG e7F=J9N J9I=@@9N
>C=B8F9 IB9 7CD=9 89 @5 :57HIF9 9H BCIG
=B8=EI9F IB BIAeFC 89 He@eD<CB9 Cl
BCIG DCIJCBG JCIG >C=B8F9 85BG @5
>CIFBe9
/CIG HFCIJ9F9N @9 BIAeFC 8I AC8d@9 9H
@9 BIAeFC 89 GeF=9 GIF @5 D@5EI9
G=;B5@eH=EI9 G=HIe9 GIF @5 :579 =BHeF=9IF9
8I D5BB95I 5J5BH
!')$# ( '#)(
(]!# $(
%9G ;5F5BH=9G :CIFB=9G D5F ,! !CA9
DD@=5B79G 7=q5DFdG 8eBCAAe
SCG7<U 85BG @5 DFeG9BH9 8e7@5F5H=CB
G5DD@=EI9BH 9L7@IG=J9A9BH 5IL
Gd7<9q@=B;9 CG7< J9B8IG D5F CG7<
5I DF9A=9F 57<9H9IF D5F CG7< CI D5F
G9G F9J9B89IFG 5;FeeG G9G 8eH5=@@5BHG
CI 79BHF9G 89 G9FJ=79 5DFdGqJ9BH9 5IL
H5HGq.B=G CI 5I 5B585
%9G
;5F5BH=9G :=;IF5BH 85BG 79HH9
8e7@5F5H=CB B9 GCBH D5G HF5BG:eF56@9G
%9G ;5F5BH=9G :=;IF5BH 85BG 79HH9
8e7@5F5H=CB B9 GCBH D5G HF5BG:eF56@9G
.; 12 4.?.;A62 96:6AQ2 0<:=9PA2
L 0<:=A2? 12 9. 1.A2 16;@A.99.A6<;
<@05 ?Q=.?2?. <B ?2:=9.02?. 4?.AB6A2:2;A A<BA2 =6P02 @.CQ?.;A
1Q3.699.;A2 1.;@ 92@ 0<;16A6<;@ ;<?:.92@ [email protected]<; 1<:2@A6>B2 3?.6@ 12
:.6; 1[BC?2 2A 12E=Q16A6<; 6;09B@
!2@ ?Q=.?.A6<;@ @<B@ 4.?.;A62
12C?<;A RA?2 23320ABQ2@ =.? B; 2;A?2 <@05 1B (2?C602 =?P@Y+2;A2
(+
.;@ 12 4.?.;A62 96:6AQ2
L 0<:=A2? 12 9. 1.A2 16;@A.99.A6<;
<@05 3<B?;6?. 4?.AB6A2:2;A 92@ =6P02@ 12 ?205.;42 12 A<BA2 =6P02
@.CQ?.;A 1Q3.699.;A2 1.;@ 92@ 0<;16A6<;@ ;<?:.92@ [email protected]<;
1<:2@A6>B2 3?.6@ 12E=Q16A6<;@ 6;09B@
.;@ 12 4.?.;A62 96:6AQ2 @B? 9Q920A?<;6>B2
L 0<:=A2? 12 9. 1.A2 16;@A.99.A6<;
<@05 ?Q=.?2?. <B ?2:=9.02?. 4?.AB6A2:2;A A<BA :60?<=?<02@@2B? <B
0.?A2 L 06?0B6A@ 6:=?6:Q@ @.CQ?.;A 1Q3.699.;A2 1.;@ 92@ 0<;16A6<;@
;<?:.92@ [email protected]<; 1<:2@A6>B2 @B? B;2 =Q?6<12 12 12BE .;@ 0<B?.;A
12=B6@ 9. 1.A2 16;@A.99.A6<; 1<?646;2 3?.6@ 12 :.6; 1<2BC?2 2E09B@
.;@ 12 4.?.;A62 96:6AQ2 @B? 92 :<A2B?
L 0<:=A2? 12 9. 1.A2 16;@A.99.A6<;
<@05 ?Q=.?2?. <B ?2:=9.02?. 4?.AB6A2:2;A A<BA :<A2B? <B 0<:=<@.;A
1B :<A2B? @.CQ?.;A 1Q3.699.;A 1.;@ 92@ 0<;16A6<;@ ;<?:.92@ [email protected]<;
1<:2@A6>B2 @B? B;2 =Q?6<12 12 12BE .;@ 0<B?.;A 12=B6@ 9. 1.A2
16;@A.99.A6<; 1<?646;2 3?.6@ 12 :.6; 1<2BC?2 2E09B@
!. 1.A2 16;@A.99.A6<; @2?. ?Q=BAQ2 9. =9B@ =?Q0<02 12@ 12BE 1.A2@ @B6C.;A2@ @<6A 9. 1.A2 L 9.>B2992 92 @P052Y96;42 . QAQ 6;@A.99Q @<6A 16E 7<B?@
<BC?./92@ .=?P@ 9. 1.A2 12 96C?.6@<;
H3<EC9?>C 45 71B1>D95
%5 DFeG9BH9 ;5F5BH=9 B9 7CIJF9 D5G @9G
5DD9@G 8I ,/ 9H @9G FeD5F5H=CBG
Be79GG5=F9G DCIF F97H=:=9F @=BGH5@@5H=CB
8I Gd7<9q@=B;9 DCIF :CIFB=F 89G
=BGHFI7H=CBG GIF @IH=@=G5H=CB 89 79H
5DD5F9=@ DCIF F9AD@579F @9G :IG=6@9G
8=G>CB7H9IFG CI JCG @=;B9G e@97HF=EI9G
8CA9GH=EI9G CI DCIF FeD5F9F IB
Gd7<9q@=B;9 EI= 5 eHe IH=@=Ge 8IB9 :5cCB
BCB 7CB:CFA9 5I AC89 8IH=@=G5H=CB
8CA9GH=EI9 BCFA5@ CI <56=HI9@
B CIHF9 @9G ;5F5BH=9G :CIFB=9G 85BG @5
DFeG9BH9 8e7@5F5H=CB 9L7@I9BH HCIH
8e:5IH CI 8CAA5;9 9B;9B8Fe D5F IB
577=89BH IB9 AC8=:=75H=CB IB9
IH=@=G5H=CB =B9LD9FH9 CI 56IG=J9 IB9
=BGH5@@5H=CB =B7CFF97H9 89G HF5J5IL
89BHF9H=9B D5F 89G D9FGCBB9G BCB
5IHCF=Ge9G 9H 89G :57H9IFG 9LH9FB9G
e7<5DD5BH ` HCIH9 =B:@I9B79 89 CG7<
H9@G EIIB =B79B8=9 IB9 =BCB85H=CB 9H
@5 :CF79 A5>9IF9 CI IB9 =BGH5@@5H=CB
BCB 7CB:CFA9 5J97 @5 Fe;@9A9BH5H=CB
@C75@9 5DD@=756@9 5IL @=;B9G e@97HF=EI9G
9H 5IL :IG=6@9G 89 DFCH97H=CB
%9G :F5=G
89 A5=Bq8sIJF9 9B;9B8FeG D5F @9G
FeD5F5H=CBG CI @9 F9AD@579A9BH 89 HCIH
Gd7<9q@=B;9 5DFdG IB9 DeF=C89 8IB 5B
7CIF5BH 89DI=G @5 85H9 8=BGH5@@5H=CB B9
G9FCBH D@IG 7CIJ9FHG D5F @5 DFeG9BH9
;5F5BH=9
-CIH9G D=d79G F9AD@57e9G 9HCI
FeD5Fe9G 57EI9FFCBH @9 GH5HIH 89G
D=d79G 8CF=;=B9 5IL :=BG 89 @5 DeF=C89
89 ;5F5BH=9 5DD@=756@9 9@@9G
B9B;9B8F9FCBH 5I7IB9 DFC@CB;5H=CB
89 @5 DeF=C89 89 ;5F5BH=9
,.
1)-"(' % % % )+,'-
+'-" +&)% -(.-,
.-+, +'-", 1)%""-, (.
"&)%""-, 2 (&)+", %,
+'-", "&)%""-, (&&+"%","%"- *.-"(' .' .- )+",
(,! %"' -(.-
+,)(',"%"- , (&& ,
,,("+, - (',.-",
)(.+ Z'Z""+ ,
)+,--"(', ' +'-"
/."%%3 ('--+ % '-+
,+/" )+Y,q/'- % )%.,
)+(! (. ))%3 %
qqq (. Z+"/3 W
%+,, ,."/'- ,! !(&
))%"', (+)
&' /'.
!.'-"' -(' !
/"%%3 W "' "'"*.+ %
'.&Z+( . &(Y% ,Y!q%"' ,(' '.&Z+( ,Z+" % - !- % '(&
- %+,, . +/'.+
"'," *..' ()" %
-.+
N>4935
569>939?>5C #()'*$#( "%$')#)( (*' "',-+."(', )+ % ).,- -"++ #()'*$#( %' ! #()!O# "BHFC8I77=jB "B:CFA57=jB GC6F9 9@=A=B57=jB 89 F9G=8ICG BH9G 89 =BGH5@5F 9@ G9758CF CB9L=jB 9@e7HF=75 CB9L=jB 89 ;5N CB9L=jB 89@ HI6C 89 5=F9 89 G5@=85 779GCF=CG %5 =BGH5@57=jB D5GC 5D5GC %=GH5 5 7CBHFC@5F 5BH9G 89 IG5F 9@ G9758CF )F9D5F5F 9@ G9758CF D5F5 9@ HF5BGDCFH9 D5GC 5 D5GC #()'*$#( *#$#"#)$ ,I BI9JC G9758CF )5B9@ 89 A5B9>C '5CE=5> 45 9>CDBE339?>5C >6?B=139?>5C @1B1 CE C57EB9414 BH9G 89 9B79B89F GI G9758CF .GC 89@ G9758CF )FCH977=jB 89@ G9758CF %B?D5339Y> 45<=549? 1=295>D5 >D5C 45 EC1B 5< C5314?B @?B @B9=5B1 F5J 5C3?>5H9Y> D5=@?B1< 45< C5314?B '?@1 "89BH=:=757=jB 89 DF9B85G CBG9>CG D5F5 9@ G9758C (5<5339Y> 45< @B?7B1=1 )FC;F5A5G 5IHCAaH=7CG )FC;F5A5G H9ADCF=N58CG (D7=CB9G "B8=758CF 89 9GH58C 89@ DFC;F5A5 )12<1 45 C5<5339Y> 45 @B?7B1=1C E>39?>1=95>D? .GC 89@ G9758CF .GC 89 @5 75B5GH=@@5 CD7=CB9G !9=@95J1 I 3E9414? %=AD=9N5 89@ G9758CF %=AD=5F 9@ :=@HFC D5F5 D9@IG5G %=AD=5F 9@ HI6C 89 5=F9 89 G5@=85 %=AD=5F 9@ G9BGCF 89 <IA9858 %=AD=9N5 89 @5 DFCH977=jB 89@ FC85A=9BHC 5A6=5F @5 @5AD5F=@@5 !?31<9J139Y> 45 61<<?C ,+/""( M +)+"(', !'O# '#)N %' ($'( %' '$% $( L7@IG=CB9G %C :9@=7=H5ACG DCF <569F G9@977=CB58C
IB G9758CF 89 FCD5 CG7< EI9 9@=;9B
HC8CG 5EI9@@CG EI9 F9EI=9F9B IB
F9B8=A=9BHC 9L79D7=CB5@ 9B GIG
G9758CF 89 FCD5
@ G9758CF 7IAD@9 7CB @5 BCFA5
',"3
q
,9758CF9G 89 FCD5 /C@
.BC 89 @5G 75F57H9FgGH=75G
:IB85A9BH5@9G 89 GI G9758CF 9G 9@
65>C 7CBGIAC 89 9B9F;g5
.B5 :=@CGC:g5 :a7=@ 9B 9@ A5B9>C
IB5;F5B J5F=9858 89 DFC;F5A5G 89
@5J58C M IB5 G9BG57=jB 89 GC@=89N
<579B 89 9GH9 G9758CF IB 5G=GH9BH9
GIA5A9BH9 mH=@ 9B GI <C;5F
@ G9758CF CG7< DF9G9BH5 @5G
G=;I=9BH9G 75F57H9FgGH=75G 9GHaB85F
IB G=GH9A5 89 G9758C 89 5@HC
F9B8=A=9BHC
IB H5A6CF 89 579FC =BCL=856@9
;F5B89 89 D=9G 7m6=7CG @
7CB IB5 75D57=858 <5GH5 @6G
?;
;F5B 569FHIF5 89 75F;5 AA 7CB IB G=GH9A5 89 HF565 D5F5
@5 DI9FH5 7CB D5FC 5IHCAaH=7C 89
H5A6CF
:IB7=CB5A=9BHC 9L79D7=CB5@A9BH9
G9F9BC
7=7@CG 5IHCAaH=7CG 7CBHFC@58CG
DCF G9BGCF
=7@CG H9ADCF=N58CG 89
M A=BIHCG
-C8C G9758CF EI9 89>5 BI9GHF5 D@5BH5
<5 5DFC658C IB 7CBHFC@ 89F9B8=A=9BHC
F95@gGH=7C M 9GHa 9BD9F:97H5G
7CB8=7=CB9G 89:IB7=CB5A=9BHC
,= H=9B97I5@EI=9F DF9;IBH5 F9GD97HC 89
@5 =BGH5@57=jB 89 BI9GHFCG G9758CF9G
BI9GHFC ;FIDC89 G9FJ=7=C 5 7@=9BH9G
;IGHCG5A9BH9 @9 F9GDCB89Fa
B BI9GHF5 Da;=B5 89 K96 9B7CBHF5Fa
AaG =B:CFA57=jB F9:9F=85 5 BI9GHFCG
DFC8I7HCG MGIG9@977=jB
KKK
6CG7<5DD@=5B79G
7CA
>6?B=139Y>
+C;5ACG @99F M G9;I=F 9GH5G
=BGHFI77=CB9G 89 :IB7=CB5A=9BHC
9=BGH5@57=jB 7CB>IBH5A9BH9 7CB HC85G
5EI9@@5G =B:CFA57=CB9G 9BHF9;585G 7CB
BI9GHF5 AaEI=B5 89 @5J5F
*$
*$ r 5JCF 89 7CBGI@H5F
@5G D@575 89 75F57H9F=GHg75G D5F5
5G9;IF5FG9 F9GD97HC 89@
7CA6IGH=6@9 D5F5 9@ 7I5@ 9GHa
:56F=758C GI G9758CF
569>939?>5C
+')#]
+')# r GHC G=;B=:=75
EI9 DI989 F9GI@H5F @5 AI9FH9 C
@9G=CB9G ;F5J9G 896=8C 5 @5
=BC6G9FJ5B7=5 89 9GH5
58J9FH9B7=5
*$
*$ r GHC G=;B=:=75 EI9
DI989B F9GI@H5F @9G=CB9G 896=8C
5 @5 =BC6G9FJ5B7=5 89 9GH5
58J9FH9B7=5
*$
*$ r GHC G=;B=:=75 EI9
DI989B F9GI@H5F 85iCG 896=8C 5
@5 =BC6G9FJ5B7=5 89 9GH5
58J9FH9B7=5
i GH9 GgA6C@C G9 IH=@=N5 D5F5 @@5A5F
@5 5H9B7=jB 89@ IGI5F=C F9GD97HC 89
5@;C 9B D5FH=7I@5F
+')# %?B CE C57EB9414 <1C 9>6?B=139?>5C 3?>D5>941C 5> 5CD5 =1>E1< 4525>
D5>5BC5 5> 3E5>D1 1 69> 45 =9>9=9J1B 5< B95C7? 45 9>35>49?C 5H@<?C9Y> ?45 @B5F5>9B
41X?C 1 <1 @B?@95414 @5BC?>1<5C ?<1=E5BD5
#? 1<=135>5 >9 ED9<935 71C?<9>1 E?DB?C 71C5C ? <WAE94?C 9>6<1=12<5C 5> <1 35B31>W1
45UCD5 E ?DB?C 5<53DB?4?=UCD93?C
( (#) $!$' (
q
q
q
q
q
#? 9>D5>D5 5>35>45B >9>7\> 5<53DB?4?=UCD93?
#? D?AE5 3?>=ED14?B 5<U3DB93? 1<7E>? #? ED9<935 >9>7\> D5<U6?>? 45>DB? 45 CEC
5496939?
F13E5 D?41C <1C @5BC?>1C 45< 1=295>D5 5496939? ? J?>1
!<1=5 9>=5491D1=5>D5 1 CE @B?F554?B 45 71C 45C45 5< D5<U6?>? 45 E>1 31C1 F539>1
(971 <1C 9>CDBE339?>5C 45 CE @B?F554?B 45 71C
(9 >? @E545 3?=E>931BC5 3?> CE @B?F554?B 45 71C <<1=5 1<?C 2?=25B?C
!1 9>CD1<139Y> I 5< C5BF939? 4525> 5653DE1B<?C E> 9>CD1<14?B 31<969314? E>1 175>391
45C5BF939? ? 5< @B?F554?B 45 71C
#()'*$#( "%$')#)( (*'
%95 HC85G @5G =BGHFI77=CB9G 5BH9G
89 IH=@=N5F 9@ G9758CF
%CGG9758CF9G CG7< G9 9BHF9;5B
7CB =BGHFI77=CB9G 89 A5B9>C
7I=858C 9 =BGH5@57=jB
'C G9EI9 DF9B85G EI9
5BH9F=CFA9BH9 <5M5B G=8C
@=AD=585G @5J585G F9AC>585G C
G9 @9 <5M5B EI=H58C @5G A5B7<5G
7CB ;5GC@=B5 @=AD=58CF9G 9B G97C
GC@J9BH9G CHFCG DFC8I7HCG
=B:@5A56@9G C9LD@CG=J5G 89 @5G
7I5@9G DI985B 89GDF9B89FG9
J5DCF9G EI9 DI985B 9B79B89FG9
C9LD@CH5F
'C D9FA=H5 EI9 @CG B=iCG >I9;I9B
9B C 7CB 9@ G9758CF
969
9>9F79FG9 IB5 GID9FJ=G=jB 9GHF=7H5
7I5B8C eGHCG G9 9B7I9BHF5B 79F75
89@ G9758CF
I5B8C @CG B=iCG @@9;5B 5 IB5
9858 5897I585 D5F5 CD9F5F
9EI=DCG 9@97HFC8CAeGH=7CG 9G
F9GDCBG56=@=858 @9;5@ 89 @CG
D58F9G C F9DCBG56@9G @9;5@9G
<579F@CG =BGHFI=F DCF D9FGCB5@
5897I585A9BH9 75@=:5758C
F9GD97HC 89 @5G A98=85G 89
G9;IF=858 7CFF9GDCB8=9BH9G
'C =BHFC8IN75 @5G A5BCG 9B 9@
9@97HFC8CAeGH=7C A=9BHF5G 9@
H5A6CF 9GHa ;=F5B8C
'C =BGH5@9 C 5@A579B9 9GH9
9@97HFC8CAeGH=7C 5 @5 =BH9AD9F=9
'C >I9;I9 7CB @CG 7CBHFC@9G
'C F9D5F5F C F99AD@5N5F B=B;IB5
D5FH9 89@ G9758CF B==BH9BH5F
7I5@EI=9F H=DC 89 G9FJ=7=C 5 A9BCG
EI9 <5M5 G=8C F97CA9B858C 9B
@5G =BGHFI7q 7=CB9G 89
A5BH9B=A=9BHC C9B=BGHFI77=CB9G
89 F9D5F57=jB D5F5 IGI5F=CG
EI9G9 <5M5B 7CADF9B8=8C
D@9B5A9BH9 MD5F5 @5G EI9 G9
8=GDCB;5 89 <56=@=858
'C IH=@=79 GI5J=N58CF9G D5F5
DF9B85G I CHFCG DFC8I7HCG D5F5
9@=A=B5F @5G 75F;5G 9GHaH=75G G5@JC
EI9 9GHeB F97CA9B858CG DCF 9@
:56F=75BH9 89 @5G DF9B85G
'C G9EI9 7CB 75@CF 5FHg7I@CG EI9
7CBH9B;5B 9GDIA5 89 ;CA5
DI989 89BCA=B5FG9 9GDIA5 89
@5H9L I CHFCG A5H9F=5@9G EI9 G9
D5F9N75B 5@CG A9B7=CB58CG
%5G
9GDIA5G 89 ;CA5 DI989B
9B79B89FG9 DCF 5IHC=;B=7=jB
7I5B8C G9 @CG 75@=9BH5 65>C 7=9FH5G
7=F7IBGH5B7=5G
%=AD=9 9@ :=@HFC D5F5 D9@IG5G 5BH9G
C 89GDIeG 89 7585 75F;5
&5BH9B;5 9@ aF95 5@F9898CF 89 @5
G5@=85 89 5=F9 89GD9>585 M @5G
NCB5G 58M579BH9G @=6F9G 89
D9@IG5G GI7=9858 M DC@JC
%5C6GHFI77=jB 89 @5 569FHIF5
F98I79 9@ :@I>C 89 5=F9 M DFC8I79
IB GC6F975@9BH5A=9BHC
@ =BH9F=CF 89 @5 AaEI=B5 M 89
@5G5@=85 89 5=F9 8969 @=AD=5FG9
D9F=j8=75A9BH9 DCF D9FGCB5@
75@=:=758C
%5 :5@H5 89 7I5@EI=9F5 89 @CG
D5B9@9G C 7C69FHIF5G =B7@IM9B8C
@5 7C69FHIF5 89 @5@IN DI989 89>5F
5@ 89G7I6=9FHC 7=F7I=HCG 9@e7HF=7CG
EI9 DCB9B 9B D9@=;FC @5 J=85
@A579B9 HC8CG @CG DFC8I7HCG
EIgA=7CG M 58=H=JCG 9B IB @I;5F
:F9G7C M G97C 89 57I9F8C 7CB @5G
F97CA9B857=CB9G 89@ :56F=75BH9 M
89 AC8C EI9 BC 9GHeB 5@ 5@75B79
89 @CG B=iCG
:=B 89 F98I7=F 9@ D9@=;FC 89
=B79B8=CG BC DCB;5 FCD5 D5iCG
D5F5 @5 @=AD=9N5 9GHFCD5>CG C
7CG5G G=A=@5F9G 9B 9@ G9758CF G=
7CBH=9B9B GIGH5B7=5G =B:@5A56@9G
7CAC 579=H9G J9;9H5@9G 579=H9 89
7C7=B5 579=H9G A=B9F5@9G
C89GH=@58CG 89 eGHCG 79F5G
;F5G5G 9H7
9B 9@ G9758CF
GH5G
DF9B85G DI989B 7CBH9B9F
GIGH5B7=5G =B:@5A56@9G 5mB EI9
DI989B DFC8I7=F <IAC C
=B79B8=5FG9 9GDCBHaB95A9BH9 5mB
89GDIeG 89 <569F@5G @5J58C
'C 8969B 5@A579B5FG9 A5H9F=5@9G
7CA6IGH=6@9G ;5GC@=B5 M CHFCG
;5G9G C @gEI=8CG =B:@5A56@9G 79F75
89@ G9758CF
'C I6=EI9 DF9B85G GI7=5G 7CB
579=H9 89 7C7=B5 9B GI G9758CF
)F9B85G 7CB 9GH9 H=DC 89 GI7=9858
DI989B 7CBHF=6I=F 5F9577=CB9G
EIgA=75G EI9 DI989B 75IG5F IB
=B79B8=C
'C G9 G=9BH9 GC6F9 9@ G9758CF
:=B 89 9J=H5F =B79B8=CG
'(.-"%" 756@9G 89
DFC@CB;57=jB D5F5 7CB97H5F
9@G9758CF 5 @5 5@=A9BH57=jB
899B9F;g5 9@e7HF=75
@ G9758CF 8969 IG5FG9
mB=75A9BH9 D5F5 @C EI9 :I9
8=G9i58C
CBHFC@9 G=9ADF9 @CG 6C@G=@@CG
MEI=H9 HC8CG @CG C6>9HCG
7CBH9B=8CG 9B eGHCG
GD97=5@A9BH9 D9@=;FCGCG GCB @CG
7=;5FF=@@CG M 9B79B898CF9G
'C DCB;5 9B :IB7=CB5A=9BHC
<5GH5 H5BHC G9 75A6=9B 756@9G 89
DCH9B7=5 M C 9B7<I:9G
89:97HICGCG
'C IH=@=79 9@ G9758CF G= G9EI=H5FCB
D5B9@9G CDFCH977=CB9G
'C IH=@=79 9@ G9758CF G= :5@H5B
D=9N5G C 9GHaB FCH5G
'C 9@=A=B9 @5 :IB7=jB 89 @CG
8=GDCG=H=JCG 89 G9;IF=858
'C IH=@=79 7CB8I7HCG 89 A5H9F=5@
D@aGH=7C C A5H9F=5@9G :@9L=6@9G BC
A9Ha@=7CG
GHCG A5H9F=5@9G
DI989B DF9G9BH5F D9@=;FCG 89
=B79B8=CG
'C <5;5 :IB7=CB5F 9@ G9758CF
5BH9G 89 5G9;IF5FG9 EI9 :I9
=BGH5@58C 89 57I9F8C7CB @5G
"',-+."(', .'"('"'-( M EI9
@5=BGH5@57=jB M DI9GH5 5 H=9FF5
7IAD@9B 7CB HC8CG @CG
F9;@5A9BHCG @C75@9G MI CHF5G
F9;@5G M F9EI9F=A=9BHCG 89
5D@=757=jB
5@@CG 9B @5 =BGH5@57=jB
9@A5BH9B=A=9BHC MC CD9F57=jB
89@ G9758CF F9GD97HC 89 @5
=BGHFI77=CB9G 89@ :56F=75BH9
DI989B G9F 75IG5 89 @9G=CB9G
C85iCG
#)( (' !
!)'$$"()$ ('+$ &*) ! %*')
($ !
$"%')"#)$ ($
)5F5 9J=H5F 85iCG 9B 9@ D=GC
MH5A6=eB 9B 9@ 7F97=A=9BHC 89
AC<C BC D9FA=H5 EI9
G5@D=758IF5G C 89FF5A5A=9BHCG 89
5;I5 G9 57IAI@9B 5@F9898CF C
8965>C 89@ G9758CF
'C 8969B =BGH5@5FG9 CHFCG 9EI=DCG
89 IGC 8CAeGH=7C EI9:IB7=CB9B
EI9A5B8C 7CA6IGH=6@9G 9B 9@
A=GAC 5A6=9BH9
9GACBH5B8C 7I5@EI=9F 89 @CG
D5B9@9G =B7@IM9B8C 9@ D5B9@ 89
A5B9>C F98CB8C I6=758C 9B 9@
:F9BH9 DI989B EI985F 9LDI9GH9G
75BHCG M DIBHCG :=@CGCG
7CB9L=CB9G 9@e7HF=75G M GID9F:=7=9G
75@=9BH9G
#?D1C
%5G "',-+."(',
"&)(+-'-, , .+" M @CG
%%&(, -'"^'
EI9 G9 DF9G9BH5B 9B 9GH9
A5BI5@ BC 7I6F9B HC85G @5G
G=HI57=CB9G DCG=6@9G EI9
DI989B H9B9F @I;5F
969B 5D@=75FG9 9@ G9BH=8C
7CAmB DF975I7=jB M7I=858C
5@ =BGH5@5F A5BH9B9F C <579F
:IB7=CB5F 9@ G9758CF
CBGI@H5F G=9ADF9 7CB 9@
7CA9F7=5BH9 8=GHF=6I=8CF
5;9BH9 89 G9FJ=7=C
C:56F=75BH9 7I5@EI=9F
DFC6@9A5 C 6=9B 7CB8=7=CB9G
EI9 BC G9 <5B 7CADF9B8=8C
7CAD@9H5A9BH9
-9B;5 9B 7I9BH5 H5A6=eB @5G
=B:CFA57=CB9G 89 G9;IF=858
9B @5G "',-+."(', "',-%"^' M @5G
"',-+."(', .'"('&"'-(
Jg5 89 65>5 F9G=GH9B7=5 DCF @5 EI9 DI989
:@I=F @5 7CFF=9BH9
GH9 9@97HFCq
8CAeGH=7C 9GHa DFCJ=GHC 89 IB 756@9 89
7CB9L=jB 7CB IB 7CB8I7HCF 89 H=9FF5 M
9@ HCA57CFF=9BH9 7CB @5 HCA5 89 H=9FF5
7CFF9GDCB8=9BH9
@ HCA57CFF=9BH9
8969 7CB97H5FG9 9B IB 9B7<I:9
5897I58C EI9 9GHe 89 57I9F8C 7CB
HC8CG @CG F9;@5A9BHCG MCF89B5BN5G
@C75@9G
$#('+ ()(
#()'*$#( %'
$#(*!)(
%$()'$'(
+')#]
%5 7CB9L=jB =B5897I585 89 @5
DI9GH5 5 H=9FF5 89 9GH9 9EI=DC
DI989 7CB8I7=F 5 IB F=9G;C 9@9J58C
89 89G75F;5G 9@e7HF=75G
!5;5 7CBHFC@5F @5 =BGH5@57=jB DCF IB
9@97HF=7=GH5 75@=:=758C G= H=9B9 8I85G
5 :=B 89 89H9FA=B5F EI9 9@ G9758CF
9GHe 7CFF97H5A9BH9 7CB97H585 5
H=9FF5
'( AC8=:=EI9 9@ 9B7<I:9
GIA=B=GHF58C 7CB 9@ G9758CF
,=BC9G 5897I58C 5@ HCA57CFF=9BH9
<5;5 =BGH5@5F IB HCA57CFF=9BH9
5897I58C DCF IB 9@97HF=7=GH5
75@=:=758C C 75A6=9 9@ 756@9 DCF IBC
EI9 G95 5897I58C 5@ G9758CF
B 75GC 89 IB 75A6=C 89 DFCD=9H5F=C
9GH9 A5BI5@ 8969 9BHF9;5FG9
7CB>IBH5A9BH9 7CB 9@ G9758CF
#()'*$#( %'
! %*() )''
GH9 9@97HFC8CAeGH=7C 8969
7CB97HaFG9@C 5 H=9FF5
B 75GC 89 :5@@CG
9B 9@ :IB7=CB5A=9BHC CFCHIF5G @5
7CB9L=jB 5 H=9FF5 F98I79 9@ F=9G;C 89
89G75F;5G 9@e7HF=75G DF9G9BH5B8C IB5
K$#('+ ()( #()'*$#(
#()'*$#( %' ! #()!O#
>DB?4E339Y>
%95 9GH5G =BGHFI77=CB9G 7CAD@9H5q
A9BH9 M 7CB 7I=858C
GHC J5 59J=H5F
EI9 D=9F85 H=9ADC M9G:I9FNC
D9FA=H=9B8C @C;F5F IB:IB7=CB5A=9BHC
jDH=AC 89@ G9758CF
G9;mF9G9 89
H9B9F 9B 7I9BH5 HC85G @5G 58J9FH9B7=5G
MDF975I7=CB9G
GH5G =BGHFI77=CB9G D5F5 @5 =BGH5@5q
7=jB 9GHaB 89GH=B585G D5F5 G9F IG585G
DCF D9FGCB5@ 75@=:=758C
8=7=CB5@A9BH9
5 9GH5G =BGHFI7q
7=CB9G 9@ G9758CF 8969 =BGH5@5FG9 89
57I9F8C 7CB HC85G @5G F9;@5G @C75@9G C
6=9B 9B GI 5IG9B7=5 7CB
9B @CG CD14?C *>94?C
9@'5H=CB5@ @97HF=7 C89
',"') 9B GI m@H=A5 98=7=jB
M @5G F9;@5G AIB=7=D5@9G MC @C75@9G
J=;9BH9G
B 1>14Q 9@ 5B58=5B @97q
HF=75@ C89 9B GI m@H=A5
98=7=jB M @5G F9;@5G AIB=7=D5@9G
MC @C75@9G J=;9BH9G
%5 =BGH5@57=jB 89 ;5G 8969 7IAD@=F @CG
F9;@5A9BHCG @C75@9G C 6=9B
9B5IG9B7=5 89 eGHCG
9@ '5H=CB5@ I9@ 5G C89
',"3
') C 6=9B
',
89@ 7j8=;C
89=BGH5@57=CB9G
#?D1
GH9 G9758CF DCG99 @5 5DFC657=jB .% M
.% D5F5 IB :IB7=CB5A=9BHC G9;IFC
<5GH5 5@HIF5G 89 :H A G=B
AaG AC8=:=757=CB9G 9B@CG
7CADCB9BH9G 89 ;5G B5HIF5@ C ;5G
DFCD5BC
>6?B=139Y> C?2B5
5<9=9>139Y> 45 B5C94E?C
<9=9>139Y> 45< 5=21<1:5
+')#]
&5BH9B;5 5@9>58CG 5 @CG B=iCG H5BHC
89@ 75FHjB 7CAC 89 @CG 89AaG
7CADCB9BH9G 89@ 9A65@5>9
L=GH9
D9@=;FC 89 5G:=L=5 7CB @5 @aA=B5
D@aGH=75 M7CB @CG 75FHCB9G
D@9;58CG
'=B;IBC 89 @CG A5H9F=5@9G 89@ 9A65@5>9
9G 85i=BC D5F5 9@ A98=C 5A6=9BH9 M
DI989B F97=7@5FG9
+C;5ACG
9@=A=B5F@CG G9;mB @5G BCFA5G 89
DFCH977=jB 89@ A=GAC
+C;5ACG DCB9FG9 9B 7CBH57HC 7CB GI
J9B898CF C @5 5IHCF=858 7CAD9H9BH9
F9GD97HC 89 @5G 8=GDCG=7=CB9G J=;9BH9G
5C538? 45 5<53DB?4?=UCD93?C
+')#]
B @CG 5FH9:57HCG EI9 G9 J5B 5DCB9F
:I9F5 89 G9FJ=7=C 89G7CB97H9 9@
9B7<I:9 DF=B7=D5@ 7CFH9 9@ 756@9 89
F98 M 9@=A=B9 9@ 756@9 >IBHC 7CB 9@
9B7<I:9
)5F5 9J=H5F EI9 @CG B=iCG 5@ >I;5F G9
DCB;5B 9B D9@=;FC 5@ EI985F 5HF5D58CG
5G9;IF5FG9 89 EI9 9@ A975B=GAC 89
7=9FF9 89 @5 DI9FH5 9GHe 89G57H=J58C C
89GACBH9 @5DI9FH5
R%CG 9@97HFC8CAeGH=7CG J=9>CG BCGCB
65GIF5 )I989B IH=@=N5FG9 A5H9F=5G
DF=A5G J5@=CG5G 9B IBF97=7@58C
5897I58C 5@ A98=C 5A6=9BH9
+C;5ACG DCB9FG9 9B 7CBH57HC 7CB GI
J9B898CF C @5 5IHCF=858 7CAD9H9BH9
F9GD97HC 89 @5G 8=GDCG=7=CB9G J=;9BH9G
>D5C 45 9>CD1<1B 5<
C5314?B
5C5=21<1:5 45<
5<53DB?4?=UCD93?
*$
@ G9758CF 9G GIA5A9BH9
D9G58C
'C @9J5BH9 9@ 9@97HFCq
8CAeGH=7C D9FGCB5@A9BH9
-5ADC7C 8969 @9J5BHaFG9@C 89
D5FH9G DFCHI69F5BH9G 896=8C 5@
F=9G;C 89 EI96F58IF5G
*$
*I=H9 9@ 9A65@5>9
7I=858CG5A9BH9 D5F5 9J=H5F
85iCG 9B @5G GID9F:=7=9G
CBHFC@9 G= 9@ G9758CF G9 <5 85i58C
8IF5BH9 9@ HF5BGDCFH9
'C 7CB97H9 IB
G9758CF J=G=6@9A9BH9 85i58C
B
75GCG 89 8I85 7CBGI@H9 7CB GI
J9B898CF
+?<E=5> 45 5>DB571
*$
.B5 J9N 9@=A=B58C 9@ 9A65@5>9 EI=H9
=BA98=5H5A9BH9 HC8CG @CG C6>9HCG
7CBH9B=8CG 9B 9@ H5A6CF
@ G9758CF G9 9BHF9;5 7CAC IB=858
7CAD@9H5
%5G =BGHFI77=CB9G 89
:IB7=CB5A=9BHC M @CG 5779GCF=CG EI9
:CFA5B D5FH9 89@ JC@IA9B 89 9BHF9;5
G9 9B7I9BHF5B 9B 9@ H5A6CF
=@<1J1=95>D?
+')#
'C =BGH5@9 9@ G9758CF
9B 9@ 9LH9F=CF
9B 5A6=9BH9G 8CB89 ;CH95
9@5;I5
7975 89 A5H9F=5@9G =B:@5A56@9G
9B 5A6=9BH9G 7CB F=9G;C 89
7CB;9@5A=9BHC
9B 5A6=9BH9G 8CB89 DI989 <569F
;5G I CHFCG 7CA6IGH=6@9G
9B 5FA5F=CG 7CB DI9FH5G EI9 G9
DI985B HF565F C 9B B=7<CG
7CB CHFC 9EI=DC 5 EI9A58CF 89
7CA6IGH=6@9 9B 9@ A=GAC F9HF9H9
@ 5A6=9BH9 89 9AD@5N5A=9BHC 8969
DCG99F IB5 6I9B5 J9BH=@57=jB 89 CHFC
AC8C 9@ G9758CF HF565>5Fa 7CB
F9B8=A=9BHC F98I7=8C
'C CD9F9 9@ G9758CF 5 H9AD9F5HIF5G
GID9F=CF9G 5 @CG ° °
C8965>C 89 ° °
%5G H9Aq
D9F5HIF5G 65>5G DI989B 5:97H5F @5
G97I9B7=5 9@ DFC;F5A5 5IHCAaH=7C M
DI989B DFC@CB;5F @CG H=9ADCG 89@
G9758C
%5 GID9F:=7=9 8CB89 G9 J5M5 5 =BGH5@5F 9@
G9758CF 8969B 9GH5F @=AD=5G D5F9>5G M
:=FA9G
R'C =BGH5@9 9@ G9758CF GC6F9
5@:CA6F5G CAD9BG9 @5G
=FF9;I@5F=8589G 9B 9@ D=GC A98=5BH9 @CG
D=9G 5>IGH56@9G 9B 5@HIF5
"BGH5@9 9@ G9758CF M B=Je@9@C IB @58C
F9GD97HC 89@ CHFC M @5 D5FH9 5BH9F=CF
F9GD97HC 89 @5 D5FH9 DCGH9F=CF
.H=@=79IB B=J9@ 89 5@7C<C@
R'IB7589G9BFCGEI9 HCH5@A9BH9 @CG
D=9G 5>IGH56@9G
@ H5A5iC 89@ aF95 89 =BGH5@57=jB
89D9B89 89 @5G A98=85G 89@ G9758CF
RG9;mF9G9 EI9 9L=GH5 9GD57=C
GI:=7=9BH9 D5F5 9@ aF95 89 ;=FC 89 @5
DI9FH5
+')#
,= G9 89G95 <579F :IB7=CB5F 9@
G9758CF 9B IB ;5F5>9 8969 =BGH5@
aFG9@C GC6F9 IB5 65G9 Gj@=85 7CB
IB5 9@9J57=jB 89 DCF @C A9BCG DI@;585G GC6F9 9@ B=J9@ 89@ GI9@C 5
:=B 89 F98I7=F @5 DFC656=@=858 89 EI9
J5DCF9G =B:@5A56@9G G9 =B79B8=9B M
589AaG D5F5 5G9;IF5F@C 7CBHF5
85iCG DFC8I7=8CG DCF 9@ 9J9BHI5@
ACJ=A=9BHC 89 J9<g7I@CG
#"'"/
#/+
.
::
/
::
9/@
84
0
::
1
M;4B9<
::
J
0<;
2:/.9.72
9/@
84
,= =BGH5@5 9@ G9758CF 9B IB F9HF9H9
C6G9FJ9 9@ 7IAD@=A=9BHC 89 @5G
8=GH5B7=5G AgB=A5G 89 57I9F8C 7CB @5
G=;I=9BH9 H56@5
=GH5B7=5G 89 =BGH5@57=jB AgB=A5G
#0.#0#
9<@ 9.1<@
::
??6/.
::
2A?M@
::
A.; 02?0. 12 9. =.?21 0<:< 9< =2?:6A. 9.
AB/2?S. 12 4.@ F 12 C2;A69.06V;
"B:CFA57=jB =ADCFH5BH9 F9GD97HC 89 @5G
8=GH5B7=5G AgB=A5G
9D9B8=9B8C 89 @5 I6=757=jB 89 @5
G5@=85 89 5=F9 8969 GIA5FG9 IB5
8=GH5B7=5 58=7=CB5@ AgB=A5 89 V
7A GC6F9 9GH9 @58C D5F5 9@
HI6C M @5G 56F5N589F5G J9FDa;=B5
=GH5B7=5G GID9F=CF9G 5 @5G
=B8=7585G F98I79B @5 DFC656=@=858
EI9 G9 DFC8IN75 AC<C 89HFaG 89@
G9758CF
=GH5B7=5G 58=7=CB5@9G F98I79B @5
HF5BGA=G=jB 89@ FI=8C
=GH5B7=5G 58=7=CB5@9G :57=@=H5B @5
=BGH5@57=jB M 9@ A5BH9B=A=9BHC
,= G9 =BGH5@5 9@ G9758CF 9B
5A6=9BH9G F98I7=8CG @5G DI9FH5G
89@ 5A6=9BH9 8969FaB 9GH5F
9EI=D585G 7CB J9BH=@57=CB9G 89
8=A9BG=CB9G AgB=A5G
9GH56@97=85G
'C AC8=:=EI9 9@ 9B7<I:9 EI9 G9 DFCJ99
7CB 9@ 9EI=DC
,= BC 7569 9B9@
HCA57CFF=9BH9G <5;5 =BGH5@5F IB
HCA57CFF=9BH9G 5897I58C DCF
IB9@97HF=7=GH5 75@=:=758C C 6=9B <5;5
75A6=5F 9@ 756@9 DCF IBC 5897I58C
5IHCF=N58C D5F5 9@ IGC 7CB 9@ G9758CF
+')#]
@ G9758CF 8969 7CB97H5FG9
5IBF5A5@ =B8=J=8I5@ 89@ 7=F7I=HC
9@e7HF=7C A98=5BH9 IB 9B7<I:9 EI9
<5 G=8C 896=85A9BH9 7CB97H58C 5@
GIA=B=GHFC 89 9B9F;g5 9@e7HF=75 M 5
H=9FF5
%5 DI9FH5 89@ G9758CF G9 DFCJ99 7CB
6=G5;F5G GC6F9 9@ @58C 89F97<C
,= 5Gg
G9 @C F9EI=9F9 @5G 6=G5;F5G DI989B
75A6=5FG9 5@ @58C 89F97<C
,= B979G=H5 75A6=5F @5G 6=G5;F5G 89
@58C DjB;5G9 9B 7CBH57HC 7CB GI
J9B898CF C 9@ G9FJ=7=C He7B=7C
57@=9BH9G J9F Da;=B5
@ JC@H5>9 89@ 8CA=7=@=C 8969
7CFF9GDCB89F 5 5EIe@ 89 @5G
9GD97=:=757=CB9G 89@ G9758CF 7<5D5 89
75F57H9FgGH=75G
%5 7<5D5 89 75F57H9FgGH=75G
@59B7CBHF5Fa 9B @5 D5FH9 =BH9F=CF
89@D5B9@ :FCBH5@
?>5H9Y> 5<U3DB931
#()'*$#( %' !
%*() )''
GH9 9@97HFC8CAeGH=7C 8969
7CB97HaFG9@C 5 H=9FF5
B 75GC 89:5@@CG
9B 9@ :IB7=CB5A=9BHC CFIDHIF5G @5
7CB9L=jB 89 DI9GH5 5H=9FF5 F98I7=Fa 9@
D9@=;FC 89 89G75F;5G 9@e7HF=75G
DFCJ9M9B8C IB5 Jg5 89 A9BCF
F9G=GH9B7=5 5@57CFF=9BH9
GH5 AaEI=B5
9GHa 9EI=D585 7CB IB 756@9 EI9
7CBH=9B9 IB 7CB8I7HCF 89 DI9GH5
5H=9FF5 M IB 9B7<I:9 7CB @5 7CB9L=jB
7CFF9GDCB8=9BH9
@HCA57CFF=9BH9
8969 7CB97H5FG9 9B IB 9B7<I:9
5897I58C EI9 9GHe 89 57I9F8C 7CB
HC8CG @CG F9;@5q A9BHCG M CF89B5BN5G
@C75@9G
+')#]
%5 7CB9L=jB =B7CFF97H5 5 H=9FF5 89@
756@9 7CFF9GDCB8=9BH9 89@ 9EI=DC
DI989 G9F 75IG5 89 89G75F;5G
@e7HF=75G
!5;5 7CBHFC@5F 9@ 9EI=DC
DCF IB 9@97HF=7=GH5 75@=:=758C G= H=9B9
8I85G F9GD97HC 89 @5 7CFF97H5
DI9GH5 5 H=9FF5 89@ G9758CF
%5G 9GD97=:=757=CB9G 89 @5 7CB9L=jB 5@
=;I5@ EI9 @CG :IG=6@9G B979G5F=CG G9
9GD97=:=75B 9B @5 D@575 89
=89BH=:=757=jB 89@ 9@97HFC8CAeGH=7C
G9;mF9G9 EI9
9@ 9B7<I:9 89 5@=A9BH57=jB
7CFF9GDCB85 5@ 9B7<I:9
9@ 756@9 89 5@=A9BH57=jB 9G
5897I58C 5@ G9758CF
9@ G=GH9A5 89 DI9GH5 9 H=9FF5 9GHe
7CFF97H5A9BH9 =BGH5@58C
@ 756@9 89 5@=A9BH57=jB 8969
F99AD@5N5F@C 9L7@IG=J5A9BH9
IB9@97HF=7=GH5
@ G9FJ=7=C 5 7@=9BH9G 8=GDCB9 89756@9G
D5F5 9@ F975A6=C
+(0/
#.06
),#.#/
0'+/
?>5H9Y> 45 71C
+')#]
")+ /"-+
)%" +( 1)%(,"(',
.H=@=79 IB5 @gB95 89 ;5G BI9J5
5DFC6585 DCF C , D5F5
@55@=A9BH57=jB
"BGH5@9 IB5 Ja@JI@5 89 D5GC
,I>9H9 :=FA9A9BH9 HC85G @5G
7CB9L=CB9G 89 ;5G
!5;5 7CBHFC@5F DCF D9FGCB5@
75@=:=758C EI9 @5 DF9G=jB 89 ;5G BC
9L7985 =B
0
?)5
DG=;
, '-.+% ( ,
)+()'(
.B 9>9AD@C 89 D9FGCB5@ 75@=:=758C
=B7@IM9
D9FGCB5@ 5IHCF=N58C 89
75@9:577=jB
D9FGCB5@ 89 DFCJ998CF 89 ;5G
5IHCF=N58C
D9FGCB5@ 89 G9FJ=7=C 5IHCF=N58C
5@@5G 9B 9GHCG 75GCG DI989B
75IG5F 9LD@CG=CB9G C :I9;C
R)9@=;FC 89 AI9FHC C @9G=CB9G
969 7CBHFC@5FG9 EI9 BC <5M
DeF8=85G 9B HC85G @5G @gB95G 5BH9G
89 DCB9F 9B :IB7=CB5A=9BHC 9@
9@97HFC8CAeGH=7C
D@=EI9 5;I5
>56CBCG5 9B @5G IB=CB9G M 7CBHFC@9
G= G9 :CFA5B 6IF6I>5G BI9J5G
RZGH5G G9i5@5B @5G DeF8=85G
I5B8C =BGH5@9 @5 5@=A9BH57=jB 89 ;5G
5@ HI6C 89 =B;F9GC 89 ;5G 89@ G9758CF
BC 9L7985 @6: =B 'A
+')#]
'IB75 IG9 IB5 @@5A5 56=9FH5 D5F5
89H9FA=B5F DeF8=85G 89 ;5G
)9@ 45 71C
GH9 G9758CF 89 ;5G 7I5B8C 9EI=D58C
D5F5 9@ IGC 7CB , '-.+%
9AD@95Fa IB H5A5iC 89 CF=:=7=C M
H=9B9 IB5 DF9G=jB 89 G5@=85 89 ;5G 89
9B
0
GH9 G9758CF 89@ ;5G
7I5B8C 9EI=D58C D5F5 9@ IGC 7CB ,
89 )+()'( 9AD@95Fa IB H5A5iC 89
CF=:=7=C &A M H=9B9 IB5 DF9G=jB 89
G5@=85 89 ;5G 89 9B 0
,I G9758CF 8969 H9B9F @5 Ja@JI@5
5897I585 D5F5 9@ H=DC 89 ;5G EI9 H=9B9
9B GI <C;5F
%5 =B:CFA57=jB F9:9F9BH9 5
@5 Ja@JI@5 G9 9B7I9BHF5 9B @5 7<5D5 89
75F57H9FgGH=75G 89HFaG 89 @5 DI9FH5
8965>C 89@ CF=:=7=C 89 @5 A=GA5
,= @5G =B8=757=CB9G 5BH98=7<5G BC
7CB7I9F85B 7CB 9@ H=DC 89 ;5G
58=GDCG=7=jB 7CBGI@H9 7CB GI
!W>51 45 1<9=5>D139Y> 45 71C
,9 F97CA=9B85 IB HI6C 89 89
8=aA9HFC =BH9F=CF
,9 579DH5 IB HI6C 89 9B
@CB;=HI89G =B:9F=CF9G 5 @C :H A G=
@C D9FA=H9B @5G F9;@5A9BH57=CB9G
@C75@9G M 9@ DFCJ998CF 89 ;5G
%5 @gB95 8969 DCG99F IB5 569FHIF5 89
=BGD977=jB 89 7CB H5D5
=BA98=5H5A9BH9 5BH9G 89 @5 7CB9L=jB
89 ;5G
969 =BGH5@5FG9
> *(
IB5 Ja@JI@5 89 D5GC A5BI5@ 89BHFC
89 @CG :H A 5BH9G 89@
G9758CF G9;mB 9@ '5H=CB5@ I9@
C89 '," 3
> 1>14Q
IB5 Ja@JI@5 89 D5GC A5BI5@ 89
57I9F8C 7CB 9@ 89@
"BGH5@5H=CB C89 ',
M ', ,9
F97CA=9B85 =BGH5@5F IB5 Ja@JI@5 89
D5GC A5BI5@ 89BHFC 89 @CG :H A 5BH9G 89@ G9758CF
?>5H9Y> 45< DE2? 45 19B5
45 C1<941
?>5H9Y> 45< C5314?B
J9B898CF C 6=9B BI9GHFC 9EI=DC 89
G9FJ=7=C 5 7@=9BH9G J9FDa;=B5
*$
%5 7CB9L=jB 8969 <579F@5 D9FGCB5@
75@=:=758C
@ G9758CF 8969 9GH5F
89G7CB97H58C 89 @5 5@=A9BH57=jB 89
;5G A=9BHF5G G9 F95@=79B @5G
7CADFC657=CB9G 89 DF9G=jB
I5B8C G9 @C IH=@=79 DCF DF=A9F5 J9N
8969 5G9;IF5FG9 EI9 BC <5M5 5=F9
9B @5 @gB95
+')#]
'C IH=@=79 @gB95G M HI6CG 89 7C6F9
7I5B8C <5;5 @5 7CB9L=jB 5@ ;5G
B5HIF5@
%5 7CB9L=jB DI989 AC8=:=75FG9 G= 9@
H=DC 89 @5 @gB95 89 5@=A9BH57=jB
GIH5A5iC M @C75@=N57=jB 75A6=5B
,= @5G F9;@5A9BH57=CB9G @C75@9G
@CD9FA=H9B IH=@=79 IB 7CB97HCF :@9L=6@9
89 579FC =BCL=856@9 8=G9iC 79FH=:=758C
DCF @5 A9F=75B 5G GC7=5H=CB C ,
"BH9FB5H=CB5@ D5F5 @5 7CB9L=jB 89@
G9758CF
Z !S;2. 12 4.@ 12
Z +M9CB9. 12 =.@< =.?. 4.@
Z /2?AB?. 12 6;@=2006V; 0<; A.=. 12 Z <;2E6V; .1.=A.1<?. 12 Z <;20A<? 12 4.@ 392E6/92 12 5.06. 29 @20.1<?
%5 Ja@JI@5 89 D5GC 8969 G9F 89 :a7=@
5779GC D5F5 @5 5D9FHIF5 M 9@ 7=9FF9
#?D1
@ G9758CF 8969 :IB7=CB5F
7CFF97H5A9BH9 G=9ADF9 EI9 G9
=BH9FFIAD9 @5 7CB9L=jB 89 ;5G
)E2? 45 71C @1B1 5< C5314?B
@ HI6C 89 ;5G EI9 G5@9 89 @5 D5FH9
DCGH9F=CF 89@ G9758CF 9G 89@ H=DC A57<C
89 )5F5 F98I7=F @5 8=GH5B7=5 9BHF9 9@ :F9BH9
89@ 9EI=DC M @5 D5F98 IH=@=79 IB 7C8C
89 D5F5 577989F 5@ HI6C 89 ;5G 89@
G9758CF
Z AB/< 12 4.@ AB/< :.05<
Z <1< 12 +')#
:=B 89 F98I7=F 9@ D9@=;FC 89
=B79B8=C 9@ 5=F9 89 G5@=85 89 9GH9
9@97HFC8CAeGH=7C ('."+, % 1-+"(+
:=B 89 F98I7=F 9@ D9@=;FC 89
=B79B8=C BC IH=@=79 @5G HI69Fg5G
AaG @5F;5G EI9 @C F97CA9B858C
'( IH=@=79 HI6CG 89 A5H9F=5@
D@aGH=7C C BC A9Ha@=7CG 7CB 9GH9
G9758CF
'( IH=@=79 IB HI6C 89 IB 8=aA9HFC
=B:9F=CF 5 DI@;585G
'C IH=@=79 GCA6F9F9H9G 7CB
G9;IFCG A5;BeH=7CG
'( 7CB8IN75 9@ 5=F9 89 G5@=85 5@
=BH9F=CF 89 IB5 7<=A9B95
7CB8I7HC 89 J9BH=@57=jB 5@H=@@CI
CHF5 HI69Fg5 IH=@=N585 D5F5 :=B9G 89
J9BH=@57=jB
'C =BGH5@9 IB HI6C :@9L=6@9
9ADCHF58C 9B @5 D5F98
IB7=9@CFF5GC C D=GC
'( F9HI9FN5 B= 8C6@9 9@ HI6C
CBHFC@9 M @=AD=9 @5 HI69Fg5
F9;I@5FA9BH9
CAC AgB=AC IB5
J9N 5@ 5iC
@ HI6C 89 G5@=85 89 5=F9 8969
H9FA=B5F 89 AC8C 89 9J=H5F @5
7=F7I@57=jB =BJ9FG5 @5 9BHF585 89
Da>5FCG I CHFCG 5B=A5@9G
%CG G9758CF9G CG7< G9 <5B
7CBGHFI=8C D5F5 EI9 9@ 5=F9 89 G9758C
G95 7CB8I7=8C 5@ 9LH9F=CF
)5F5 9J=H5F @5
:CFA57=jB 89 AC<C M@5 57IAI@57=jB
89 D9@IG5G MH5A6=eB D5F5 ;5F5BH=N5F
IB F9B8=A=9BHC AaL=AC 9@ 5=F9 89
G9758C 8969 7CB8I7=FG9 5@ 9LH9F=CF
(1<941 45 19B5 45< C5314?B
@ G9758CF G9 DFCJ99 7CB IB5 G5@=85 89
5=F9 I6=7585 9B @5 D5FH9 DCGH9F=CF 89@
A=GAC
)5F5 H9B9F 9B 7I9BH5 @CG F9EI9F=q
A=9BHCG 89 9GD57=C MIBG=GH9A5
89J9BH=@57=jB 9J9BHI5@A9BH9 9L=GH9BH9
G9 DCG=6=@=H5B @5G G=;I=9BH9G CD7=CB9G
89 7CB9L=jB
9B 9@ @58C 89F97<C 89@
9@97HFC8CAeGH=7C
9B @5 D5FH9 =B:9F=CF 89@
9@97HFC8CAeGH=7C
%5G >IBHIF5G 89 @CG HI6CG 8969FaB
5G9;IF5FG9 7CB IB5 7=BH5 58<9G=J5 89
5@IA=B=C
(?=2B5B5D5 45 F5>D9<139Y>
Z (.961. 12 .6?2 2; 9. =.?A2 =<@A2?6<? 129
2920A?<1<:Q@A60< 2@AM;1.?
Z (.961. 12 .6?2 2; 29 0<@A.1< 129
2920A?<1<:Q@A60< <=06V;
Z (.961. 12 .6?2 2; 9. =.?A2 6;32?6<? 129
2920A?<1<:Q@A60< <=06V;
%5G 7CB9L=CB9G 9GD97=5@9G D5F5 9@5=F9
89 G5@=85 G9 C6H=9B9B 89@ G9FJ=7=C
He7B=7C D5F5 7585 H=DC 897CB9L=jB J9F
Da;=B5 ,5@=85 89 5=F9 @5H9F5@
,5@=85 89 5=F9 DCF @5 D5FH9 =B:9F=CF
@ 75A6=C 89 @5 G5@=85 89 5=F9 M IB5
7CB9L=jB CD7=CB5@ 8969 9:97HI5F@5 IB
He7B=7C 75@=:=758C
)E25BW1
)5F5 5G9;IF5F IB F9B8=A=9BHC AaL=AC
@5 HI69Fg5 89@ G9758CF 8969 G9F H5B
7CFH5 7CAC DCG=6@9 M7CB @5 A9BCF
75BH=858 89 7C8CG
,I G9758CF
HF565>5Fa 9B @5G A9>CF9G 7CB8=7=CB9G G=
@5 HI69Fg5 DF9G9BH5 @5 A9BCF 75BH=858
89 9GHCF6CG D5F5 @5 7=F7I@57=jB DCG=6@9
-I69Fg5G AaG @5F;5G EI9 @5G
F97CA9B8585G DFC@CB;5B 9@ H=9ADC 89
G9758C 75IG5B @5 57IAI@57=jB 89
D9@IG5G M57CFH5B @5 J=85 mH=@ 89@
G9758CF
969 IH=@=N5FG9 IB HI6C 89 7I5HFC
DI@;585G 5DFCL
AA
.H=@=79
HI6CG 89 A9H5@ Fg;=8CG C 6=9B :@9L=6@9G
'( IH=@=79 HI6CG 89 A5H9F=5@ D@aGH=7C C
A5H9F=5@9G BCA9Ha@=7CG 7CB 9GH9
G9758CF
'( IH=@=79 HCFB=@@CG C GI>9H58CF9G 9B 9@
9BG5A6@9 89 @5 HI69Fg5 EI9 G9
DFC@CB;I9B <57=5 9@ =BH9F=CF 89
@5A=GA5
IB7=CB5FaB 7CAC DIBHCG
89 7CB79BHF57=jB 89 D9@IG5G
-C85G @5G >IBHIF5G 89 @CG HI6CG 8969B
G9@@5FG9 D5F5 EI9 BC DF9G9BH9B
DeF8=85G
@ 9LHF9AC 89@ HI6C 89 A9BCF
8=aA9HFC 8969Fa G9i5@5F 9B 9@ G9BH=8C
89 7=F7I@57=jB 89@ 5=F9
"B89D9B8=9BH9A9BH9 89 7CB97H5F
@5HI69Fg5 5 IB G=GH9A5 9L=GH9BH9
CBI9JC 5G9;IF9 EI9 9GHe @=6F9
89D9@IG5G
B @5 H56@5 G=;I=9BH9 G9 =B8=75B
@5G@CB;=HI89G AaL=A5G D9FA=H=85G
H5BHC D5F5 HI69Fg5G Fg;=85G 7CAC D5F5
5EI9@@5G :@9L=6@9G
A)#.+ "#
1 + .?%'"+
!+"+/ "# 8
3A
0:
@ HI6C 89 J9BH=@57=jB 8969 H9FA=B5F 9B
IB GCA6F9F9H9 89 J9BH=@57=jB 5DFC658C
7CB @5A=B=@@5G 89 7=9FF9 5ACFH=;I58C
'( IH=@=79 IB GCA6F9F9H9 7CB G9;IFCG
A5;BeH=7CG
)5F5 9J=H5F F9GHF=77=CB9G 9B @5
J9BH=@57=jB @5 G5@=85 8969 DF9G9BH5F IB
8=GH5B7=5 AgB=A5 89 DI@;585G 7A GC6F9 9@ GI9@C ICHF5 GID9F:=7=9 89
C6GHFI77=jB
1 + $(#4' (#
3A
0:
3A
0:
3A
0:
3A
0:
3A
0:
3A
0:
3A
0:
3A
0:
3A
0:
#?D1
%5 G5@=85 @5H9F5@ 9 =B:9F=CF M5 H=9B9B IB
7C8C 89 T 9B 9@ =BH9F=CF 89@ G9758CF
)5F5 89H9FA=B5F @5 @CB;=HI8 AaL=A5
8969Fa 5;F9;5F DCF @C H5BHC IB 7C8C
9B @5 H56@5 5BH9F=CF
'C G9 F97CA=9B85 9@ IGC 89 AaG 89 7C8CG 89 °
)5F5 IB F9GI@H58C
jDH=AC G9D5F9 @CG 7C8CG DCF @C A9BCG
7CB D=9G 89 HI69Fg5 F97H5 =B7@IM9B8C
9B 9@@C @5 8=GH5B7=5 9BHF9 9@ m@H=AC 7C8C
M 9@ GCA6F9F9H9
%1BD5C >535C1B91C
%5G D5FH9G EI9 G9 B979G=H5B D5F5
9@G=GH9A5 89 J9BH=@57=jB 7C8CG
HI6CG G5@=85G D5F5 @5 HI69Fg5
BC:CFA5B D5FH9 89@ JC@IA9B
899BHF9;5 89@ G9758CF
335C?B9?C
%5G D5FH9G B979G5F=5G D5F5 9@ G=GH9A5
89 J9BH=@57=jB DI989B 58EI=F=FG9 9B 9@
G9FJ=7=C 5 7@=9BH9G C6=9B 9B GI
J9B898CF @C75@
R+C;5ACG H9B9F 9B
7I9BH5 @5G =BGHFI77=CB9G 89 =BGH5@57=jB
EI9 DFCJ99 9@ :56F=75BH9
E57? @1B1 C1<941 <1D5B1<
'T 89 D5FH9 ,)/
#?D1
R@ BmA9FC AaL=AC 89 7C8CG 89 T
D9FA=H=8C 9G G9 =B7@IM9 5EIg 9@89@
>I9;C 89 585DH57=jB
i ,9 F9EI=9F9 89 IB5 <9FF5A=9BH5
9GD97=5@ D5F5 56F=F 9@ CF=:=7=C 9B 9@
D5B9@ @5H9F5@
R)jB;5G9 9B 7CBH57HC 7CB
9@J9B898CF 89 GI NCB5
E57? 45 C1<941 9>65B9?B
969 9L=GH=F IB 5D9FHIF5 <57=5
9@9LH9F=CF 8IF5BH9 @5 =BGH5@57=jB
G9;mF9G9 EI9 9@ aF95 89 @5 5D9FHIF5
D5F5 9@ =B;F9GC 89 5=F9 89@9LH9F=CF G95
89 DCF @C A9BCG 8CG J979G 9@ aF95 89 @5
G5@=85 89 5=F9 89@ G9758CF C IH=@=79 IB
HI6C 89DCF @C A9BCG 89 8=aA9HFC
C7CAC AgB=AC =B 89 HI6C
89G5@=85 D5F5 @5 569FHIF5
1>1CD9<<1 @1B1 C531B
'T 89 D5FH9 ,)/
%5G D5FH9G B979G5F=5G D5F5 @5
7CBJ9FG=jB @D DI989B C6H9B9FG9 89@
7CA9F7=5BH9 89 @5 NCB5
R+C;5ACG G9
H9B;5B 9B 7I9BH5 @5G =BGHFI77=CB9G
GIA=B=GHF585G DCF 9@ :56F=75BH9
5897I58C
,= IGH98 DCG99 IB G9758CF 5 ;5G
DFCD5BC M 89G95 7CBJ9FH=F@C 5 ;5G
B5HIF5 ,9FJ=79 $=H FC;5ACG
7CBGI@H9 7CB GI G9FJ=7=C He7B=7C
#?D1
@ G9758CF 8969 :IB7=CB5F
7CFF97H5A9BH9 G=9ADF9 EI9 G9
=BH9FFIAD9 @5 7CB9L=jB 89 ;5G
!1 9>CD1<139Y> @1C?
1@1C?
'T 89 D5FH9 ,)/
#?D1
R@ BmA9FC AaL=AC 89 7C8CG 89 T
D9FA=H=8C 9G G9 =B7@IM9 5EIg 9@89@
>I9;C 89 585DH57=jB
E57? 4?=939<91B9? =YF9<
'T 89 D5FH9 ,)/
#?D1
+C;5ACG <579F 7CBHFC@5F DCF @5
5IHCF=858 7CAD9H9BH9 89 GI NCB5 G=
DI989 =BGH5@5FG9 IB G9758CF 5 ;5G 9B
GI J=J=9B85 AjJ=@
.B5 J9N J9F=:=758C @5
=BGH5@57=jB 89@ G9758CF 8969 F95@=N5FG9
89 57I9F8C 7CB 9@ &5BI:57HIF98 !CA9
CBGHFI7H=CB B ,5:9HM GH5B85F8 -gHI@C
+ D5FH9 :CFA9F@M H<9
:989F5@ ,H5B85F8 :CF &C6=@9 !CA9
CBGHFI7H=CB 5B8 ,5:9HM HgHI@C !.
D5FH9 MC,H5B85F8
',3 &!
+C;5ACG IH=@=N5F 9@ >I9;C D5F5
J=J=9B85G AjJ=@9G ,)/
D5F55G9;IF5F 9@ G9758CF 9B
@59GHFI7HIF5
/9F Da;=B5 SCB9L=jB 89@ HI6C 89
5=F9 89 G5@=85U D5F5 @5 =BGH5@57=jB 89@
HI6C 7CFF9GDCB8=9BH9
@ HI6C 89 5=F9 89 G5@=85 8969 9GH5F
GI>9HC 5 IB5 D5FH9 BC =B:@5A56@9 89 @5
J=J=9B85 AjJ=@ M BC 8969 H9FA=B5F
8965>C 89 @5 A=GA5
'T 89 D5FH9 ,)/
.H=@=79 @5 75B5GH=@@5 D5F5 G975F DF9B85G
89 @5B5 @5J56@9G D
9>
GIeH9F9G M
75@N58CG
E57? 45 C1<941 @?B <1 9JAE95B41
'T 89 Fe:
,)/ DCIF HCIG @9G
Gd7<9@=B;9 9L79DHe @5F;9BH 9H @5F;9BH
89 HCB5@=He 89 8IC
'T 89 Fe:
,)/ ( DCIF 89G
Gd7<9@=B;9 @5F;9BH 9H 85F;9BH 89
HCB5@=He 89 8IC
@ <5N5 89 @5 DI9FH5 DI989 75A6=5FG9
5@ @58C CDI9GHC
9:a6F=75 @5 DI9FH5
DF9G9BH5 @5G6=G5;F5G 5 @5 89F97<5
"?>D:5 C?2B5 @545CD1<
'T 89 D5FH9 ,)/ ,97C8CF9G 89
@5B7CG
'T 89 D5FH9 ,)/ ( ,97C8CF9G
89 )@5H5
'T 89 D5FH9 ,)/ % ,97C8CF9G
89@ HCBC 89 8IC 89 )@5H5
'T 89 D5FH9 ,)/ ' ,97C8CF9G
89@ HCBC 89 8IC 89 +C>C
,= ACBH5 9@ G9758CF ,C6F9 IB D989GH5@
89 CG7< G=;5 @5G =BGHFI77=CB9G
GIA=B=GHF585G 7CB 9@ D989GH5@
E57? !% 9D
*I=H9 9@ G9758CF 89 GI 9A65@5>9
*I=H9 HC8CG @CG C6>9HCG 89@
H5A6CF
CBHFC@9 G= 9@ G9758CF DF9G9BH5
85iCG J=G=6@9G
.6=EI9 9@ G9758CF 79F75 89@ G=H=C
89 9AD@5N5A=9BHC
,= <579 :5@H5 <5;5 75A6=5F @5G
6=G5;F5G 5 =NEI=9F8C DCF 9@ G9FJ=7=C
He7B=7C J9F Da;=B5 ,= <579 :5@H5 <5;5 =BGH5@5F @5 G5@=85
89 5=F9 89@ G9758CF 5@ 9LH9F=CF DCF
9@ G9FJ=7=C 57@=9BH9G J9F Da;=B5
!5;5 7CB97H5F @5 5@=A9BH57=jB 89
;5G DCF IB He7B=7C 75@=:=758C J9F
Da;=B5 "BGH5@9 @5 HI69Fg5 89 J9BH=@57=jB G=
<579 :5@H5
,=;5 @5G =BGHFI77=CB9G 89
=BGH5@57=jB 89@ :56F=75BH9
5DFCD=58C
i ,= @5G 7CB8=7=CB9G 89 9GD57=C GCB
AIM F98I7=85G G9F97CA=9B85
ACBH5F @5G DF=A9F5G D5FH9G 89 @5
HI69Fg5 5BH9G 89 I6=75F 9@ G9758CF
9B GI G=H=C 89 9AD@5N5A=9BHC
89:=B=H=JC
.6=EI9 9@ G9758CF 9B GI G=H=C 89
9AD@5N5A=9BHC 89:=B=H=JC
*$
'C 5FF5GHF9 9@ G9758CF DCF 9@ GI9@C
G= @CG D=9G 5>IGH56@9G :I9FCB
9LH9B8=8CG
B 9GH9 75GC G9
85i5Fg5B H5BHC @CG D=9G 5>IGH56@9G
7CAC @5 D5FH9 =B:9F=CF 89@ G9758CF
)CG=7=CB9 M B=J9@9 @I9;C 9@
G9758CF
@ G9758CF 8969 B=J9@5FG9 7CB
HC8CG @CG D=9G 5>IGH56@9G
:=FA9A9BH9 5G9BH58CG 9B 9@ D=GC
'C 8969 H5A65@95FG9
,=9@
G9758CF BC 9GHa B=J9@58C CG= G9
H5A65@95 8969B F9;I@5FG9 @CG D=9G
5>IGH56@9G
%CG D=9G 8969B
5>IGH5FG9 <5GH5 EI9 9@ G9758CF BC
G9 65A6C@95 M 9GHa B=J9@58C H5BHC
89 IB @58C F9GD97HC 89@ CHFC
7CAC 89 5HFaG F9GD97HC 89
589@5BH9
!9CD1 1 3?>DB?<1B 1>D5C 45
EC1B 5< C5314?B
CBHFC@9 EI9 @CG D5GCG 5 <5M5B G=8C 9:97HI58CG
7CFF97H5A9BH9
G9;IF9 EI9 9@ G9758CF 9GHa
7CB97H58C 5 @5 5@=A9BH57=jB
6F5 @5 Ja@JI@5 89 D5GC
%95 @G =BGHFI77=CB9G 89
:IB7=CB5A=9BHC D5F5 9BH9F5FG9
7CAC :IB7=CB5 GI G9758CF
:97Hm9 IB 7CBHFC@ 89@
9@97HFC8CAeGH=7C
q CBHFC@9 EI9 9@ H5A6CF 9GHe
J57gC
q =9FF9 @5 DI9FH5 89@ G9758CF
q CBAIH9 9@ G9758CF 5 SLHF5
8FMU LHF5 G97C M 9B7=eB85@C
q )aF9@C 89GDIeG 89 5DFCL=q
A585A9BH9 5 A=BIHCG
M56F5 @5 DI9FH5
,= 9@ =BH9F=CF 89@ G9758CF 9GHa H=6=C
G=;B=:=75 EI9 9GHa 7CFF97H5A9BH9
7CB97H58C
D5;I9 9@ G9758CF
,= 9@ G9758CF BC :IB7=CB5
7CBAmH9@C 5 S(::U
CBGI@H9 9B @5 @C75@=N57=jB 89
:5@@CG J9F Da;=B5 89 @5G
"',-+."(', .'"('&"'-( M89H9FA=B9 9@
:5@@C
%B5@1B1B 5< C5314?B @1B1
5< DB1>C@?BD5 @1C? 1 @1C?
=9FF9 @5 Ja@JI@5 89 D5GC
=F9 9@ G9@97HCF 89 DFC;F5A5G 5@5
DCG=7=jB S(::U
9G7CB97H9 9@ 9B7<I:9
895@=A9BH57=jB
9G7CB97H9 9@ 5@=A9BH57=jB 89
;5G
9G7CB97H9 9@ HI6C 89 J9BH=@57=jB
89 @5 G5@=85 7CFF9GDCB8=9BH9 9B 9@
G9758CF
C@CEI9 HC8CG @CG 5779GCF=CG 9B
9@ H5A6CF
=9FF9 @5 DI9FH5 M 5G9;mF9@5 7CB
7=BH5 58<9G=J5
HCFB=@@9 @CG D=9G 5>IGH56@9G 9B
5@HIF5 <5GH5 EI9 EI989B 89BHFC 89
@5 75F75G5 D5F5 9J=H5F EI9 G9
85i9B 8IF5BH9 9@ HF5BGDCFH9
CB97H9 9@ HI6C 89 J9BH=@57=jB 5 @5
G5@=85 89 5=F9 89@ G9758CF
CB97H9 9@ HCA57CFF=9BH9 9B 9@
9B7<I:9 7CFF9GDCB8=9BH9
#()'*$#( *#$#"#)$
(E >E5F? C5314?B
2B1<1@E5BD13?><1=1B315>3?<?B5
I395BB5<1@E5BD1
9<DB?45@5<EC1C
*$ 5< @1>5< 45 1335C? E29314? 5> <1 @1BD5 9>65B9?B 9JAE95B41 45 <1 C5314?B1 5C
5H3<EC9F1] =5>D5 @1B1 D1B51C 45 C5BF935 I 4525 C5B 1295BD? C?<1=5>D5 @?B @5BC?>1< 452941=5>D5
1ED?B9J1] 4? I 31@139D14?
%1>5< 45 =1>5:?
?DY> (D1BD
(D?@ FF5BEI9 M D5F585
FF5B75 =BH9FFIAD9 M D5F5 9@ DFC79GC 89
G9758C
?D?>5C @1B1 C5<5339?>1B <1C ?@39?>5C
58=7=CB5@9G 5 @CG DFC;F5A5G G= 5Gg G9 @C F9EI=9F9
/9F Da;=B5 5<931D5C <?G D5=@ '?@1 69>1 21:1 D5=@5B1DEB1
77=CB9 9GH9 6CHjB 7I5B8C G9 HF5H5 89 FCD5 G9BG=6@9
5 @5 H9AD9F5HIF5 D
9>
:=6F5 57Fg@=75G
%5H9AD9F5HIF5
89@ DFC79GC 89 G9758C G9 F98I79 M 9@ H=9ADC G9
DFC@CB;5 7CFF9GDCB8=9BH9A9BH9
(97>1< (5X1<
.B5 G9i5@ 57mGH=75 =B8=75 9@ :=B5@ 89@ DFC;F5A5
9C@<1I
"B8=75 9@ H=9ADC F9A5B9BH9 9GH=A58C D5F5 @5 :=B5@=N57=jB 89 @CG
DFC;F5A5G
!EJ 9>49314?B1 !
,=FJ9 7CAC IB F97CF85HCF=C D5F5 @=AD=5F 9@ :=@HFC 89
@5 D9@IG5
(5<53D?B 45 @B?7B1=1
,9@977=CB5 9@ DFC;F5A5
/9F Da;=B5 )I989 ;=FaFG9@C 9B 5A65G 8=F977=CB9G
)5F5 5D5;5F 9@ G9758CF 7CBAIH5F 9@
G9@97HCF 89 DFC;F5A5 5 S(::U
!E35C 9>49314?B1C
"B8=75 9@ 9GH58C J=;9BH9 89@
DFC79GC 89 G9758C
(5<5339Y> 45 E> @B?7B1=1
'5CE=5> 45
9>CDBE339?>5C
335C?B9? F5B @Q79>1 *$
BH9G 89 IG5F GI G9758CF @95
MH9B;5 9B 7I9BH5 HC85G @5G
=BGHFI77=CB9G 89 =BGH5@57=jB
M:IB7=CB5A=9BHC
%B5@1B139Y> 45< C5314?B
(5<5339?>1B E>1 ?@39Y>
i CBHFC@9 9@ :=@HFC 89 D9@IG5G
969
@=AD=aFG9@C 5BH9G M89GDIeG 89
7585 DFC79GC 89G9758C
1 @?>5B 5>
6E>39?>1=95>D? 5<
C5314?B
@171B 5< C5314?B
*C? 45 <1 31>1CD9<<1
*C? 45< C5314?B
>6?B=139?>5C
@1B1 CE C57EB9414
+')#
-9B;5 G=9ADF9 9B 7I9BH5 @5G
"',-+."(', , .+" "&)(+-'-,
/9F Da;=B5 +')#
%' +)'
K%!'$ -%!$(O#(
&5BH9B;5 5@9>585G 89@ G9758CF
A5H9F=5@9G =B:@5A56@9G M J5DCF9G
7CAC @5 ;5GC@=B5
'IB75 G9EI9 DF9B85G EI9
9GHIJ=9FCB 9B 7CBH57HC 5@;IB5
J9N 7CB A5H9F=5@9G =B:@5A56@9G
5mB 89GDIeG 89 @5J5F@5G
'IB75 G9EI9 C6>9HCG EI9 <5M5B
9GH58C 9B 7CBH57HC 7CB 579=H9G
89 B=B;mB H=DC =B7@IM9B8C 579=H9
D5F5 7C7=B5F
)F9B85G EI9 7CBH9B;5B
9GDIA5G ;CA5 C D@aGH=7C
8969B G975FG9 GC6F9 @5 GC;5
C6=9B 7CB IB 7=7@C 89 GI5J=N58C
7CB 5=F9'=B;mB 75@CF
'C 9GHa D9FA=H=8C 89>5F DF9B85G
EI9 7CBH9B;5B A5H9F=5@9G
=B:@5A56@9G 7CAC
9B79B898CF9G 8IF5BH9 9@
G9758C
@ =B7IAD@=A=9BHC 89 9GH5G
=BGHFI77=CB9G DI989 G9F 75IG5
89 9LD@CG=CB9G C =B79B8=CG
K%1B1 5F9D1B
%5<97B? 45 =E5BD? ? <5C9?>5C
.H=@=79 9@ G9758CF mB=75A9BH9 5B=J9@
8CAeGH=7C M 7CB 75BH=8589G 89 FCD5
8CA=7=@=5F=5G
969 IG5FG9 9GH9 G9758CF mB=75A9BH9
7CB H9LH=@9G @5J58CG 7CB 5;I5
'IB75 <5;5 :IB7H=CB5F 9@ G9758CF
G=BEI9 @5 D@575 :FCBH5@ 89 7C69FHIF5
9GHe 7C@C7585
>D5C 45 5>35>45B CE
C5314?B
"BGH5@9 9@ G9758CF 89 57I9F8C 7CB @5G
=BGHFI77=CB9G 89 =BGH5@57=jB J9FDa;=B5
'C IH=@=79 IB G9758CF G= eGH9 DF9G9BH5
85iCG J=G=6@9G
B 75GCG 89 8I85
7CBGI@H9 7CB GI J9B898CF
'C 89>9 EI9 B=iCG >I9;I9B G=B
J=;=@5B7=5 9B @5G 79F75Bg5G 89@ G9758CF
&5BH9B;5 5@9>58CG 89@ G9758CF 5@CG
5B=A5@9G 75G9FCG
BH9G 89 79FF5F @5
DI9FH5 7CBHFC@9 9@ 7CBH9B=8C 89@
H5A6CF
*I=H9 HC8CG @CG C6>9HCG 89 @CG 6C@G=@@CG
%CG 9B79B898CF9G D5F5 7=;5FF=@@CG GCB
9GD97=5@A9BH9 D9@=;FCGCG
K%5<97B? 45 5H@<?C9Y>
D5;I9 9@ G9758CF 7I5B8C H9FA=B5 9@
DFC;F5A5
%B?D5339Y> 45< C5314?B
'C G9 GI65 5@ G9758CF
'C G9 5DCM9 B= G=9BH9 GC6F9 @5 DI9FH5
KH9CD5 @5<97B? 45 FE5<3? @1B1 5<
C5314?B
'C IG9 B= 5@A579B9 GC@J9BH9G
DCH9B7=58CF9G D5F5 89H9F;9BH9G
CEI=H5A5B7<5G 9B @5G 79F75Bg5G 89@
G9758CF
)I989 85i5FG9 9@ G9758CF
'C @9J5BH9 9@ G9758CF GI>9HaB8C@C 89
D5FH9G GC6F9G5@=9BH9G 89@ A=GAC
K%5<97B? 45 AE52B14EB1C
%B?D5339Y>
45<=549?
1=295>D5
?>C5:?C @1B1 <1 B139?>1<9J139Y> 45
5>5B7W1
CG7< F97CA=9B8C @C G=;I=9BH9 D5F5
F57=CB5@=N5F 9B9F;g5 8=B9FC MH=9ADC
KC3EBB1 <1 B?@1 @B?<9:1=5>D5
BH9G 89@ G9758C 79BHF=:I;I9 @5
FCD5 DFC@=>5A9BH9 9B @5 AaEI=B5
89 @5J5F
R.H=@=79 @5 J9@C7=858 89
79BHF=:I;58C AaL=A5 58A=G=6@9
D5F5 9@ H=DC 89 FCD5 9B 7I9GH=jB
/9@C7=8589G 89 79BHF=:I;58C
9@9J585G F98I79B 9@ H=9ADC 89
G9758C M 9@ 7CBGIAC 89 9B9F;g5
K*D9<935 <1 31B71 Y@D9=1
.G9 @5 75F;5 AaL=A5
F97CA9B8585
,=B 9A65F;C BC
8969 9L798eFG9@5
K!9=@95 5< 69<DB?
%=AD=9 9@ :=@HFC 5BH9G M 89GDIeG 89
7585 DFC79GC 89 G9758C J9F
Da;=B5
K+5>D9<5 5< 1=295>D5 45
5=@<1J1=95>D?
)FCJ95 IB5 GIA=B=GHFC 5897I58C
89 5=F9 :F9G7C 8IF5BH9 9@ DFC79GC
89 G9758C
K#? C5AE5 =1D5B91<5C
9>1453E14?C
'C G9EI9 DF9B85G 9B;CA585G C
=AD9FA956@9G
K!9=@95 5 9>C@5339?>5 5<
C9CD5=1 45 C1<941 45 19B5
B57E<1B=5>D5
(6GHFI77=CB9G 9B 9GH9 G=GH9A5
DFC@CB;5B 9@ H=9ADC 89 G9758C
>D5C 45 EC1B 5<
C5314?B @?B
@B9=5B1 F5J
BH9G 89 IG5F GI G9758CF DCF DF=A9F5
J9N
%95 9GH9 A5BI5@ 89 =BGHFI77=CB9G
7I=858CG5A9BH9
CBHFC@9 EI9 9@ JC@H5>9 89
5@=A9BH57=jB 9GHe 89 57I9F8C 7CB
5EIe@ =B8=758C 9B @5 7<5D5 89
75F57H9FgGH=75G
/9F @5 :=;IF5 9B
Da;=B5 CBHFC@9 EI9 9@ H=DC 89 ;5G
7CFF9GDCB85 7CB 5EIe@ =B8=q 758C
9B @5 7<5D5 89 75F57q H9FgGH=75G 89@
G9758CF
CBGI@H9 @5 :=;IF5 9B @5
Da;=B5
!5;5 7CBHFC@5F DCF IB5 D9FGCB5
75@=:=7585 EI9 @5 DF9G=jB BC
9L7985 =B
0
?)5
DG=;
5G '5HIF5@ C 5G
)FCD5BC
*I=H9 HC8CG @CG C6>9HCG 89@
H5A6CF
CBHFC@9 G= 9@ G9758CF DF9G9BH5
85iCG J=G=6@9G
,= 9B7CBHF5F5
5@;IBC DjB;5G9 9B 7CBH57HC 7CB
GI J9B898CF
F=9;I9 9@ =BH9F=CF 89@ H5A6CF 7CB
IB D5iC <mA98C
:97Hm9 IB 7CBHFC@ 89@ 9@97HFCq
8CAeGH=7C
/9F Da;=B5 ,= 9@ G9758CF BC :IB7=CB5
7CBAmH9@C 5 S(::U
CBGI@H9 @5 G977=jB 89 @C75@=N57=jB
89 :5@@CG A9BCF9G Da;=B5 9B 9@
A5BI5@ 89 =BGHFI77=CB9G M
89H9FA=B9 @575IG5
5C3?>5H9Y>
D5=@?B1< 45<
C5314?B
!5;5 :IB7=CB5F GI G9758CF mB=75A9BH9
7I5B8C 9GHa 9B GI 75G5
,= H=9B9
=BH9B7=jB 89 =FG9 89 J5757=CB9G C BC J5
5 IG5F 9@ G9758CF DCF IB H=9ADC
DFC@CB;58C
CFH9 9@ 7CBAIH58CF 89
5@=A9BH57=jB
=9FF9 @5 Ja@JI@5 89 D5GC
,= 9G DCG=6@9 89G7CB97H9
9@9B7<I:9 89 5@=A9BH57=jB
%=AD=9 9@ :=@HFC 89 D9@IG5G
'?@1
45>D9693139Y> 45 @B5>41C
(6G9FJ9 9@ GgA6C@C EI9 89H9FA=B5 9@
HF5H5A=9BHC 9B @5G 9H=EI9H5G 89 @5G
DF9B85G
ZGH5G DFCJ99B =B:CFA57=jB
=ADCFH5BH9 F9GD97HC 89 9J9BHI5@9G
@=A=H57=CB9G 7CB79FB=9BH9G 5@ DFC79GC
89 G9758C
'C G9EI9 H9LH=@9G 89 @CG G=;I=9BH9G
H=DCG
"AD9FA956@9G
D
9> 9B;CA585G
+CD5 :=B5 G985 7CFH=B5G
G=BHeH=75G
'C D@5B7<9 @5 FCD5 =BA98=5H5A9BH9
89GDIeG 89 G975F@5
9>9 @5 FCD5
5D=@585 DCF IB ACA9BHC
9 9GH5
A5B9F5 G9 8=GHF=6IM9 89 AC8C
D5F9>C @5 <IA9858
-F565>CG 89 DIBHC D
9>
75A=G5G
DF9B85G 89 >9FG9M AI7<5G J979G
9B7C;9B 7I5B8C G9 @5G G975 DCF
DF=A9F5 J9N
'C IH=@=79 9@ DFC;F5A5
S/9FM 8FMLHF5 8FMU &IM
G97CLHF5 G97C
(5<5339Y> 45<
@B?7B1=1
)5F5 IB G9758C jDH=AC GI G9758CF
C:F979 8=J9FGCG ;FIDCG 89 DFC;F5A5G M
CD7=CB9G 58=7=CB5@9G
,9@977=CB9 9@ DFC;F5A5 89 G9758C
B979G5F=C 89 @5 H56@5 89 57I9F8C 7CB
@CG 9>9AD@CG J9F Da;=B5 %B?7B1=1C 1ED?=QD93?C
!5M 8=J9FGCG DFC;F5A5G 5IHCAaH=7CG
D5F5 @CG 8=:9F9BH9G H=DCG 89 H9LH=@9G
'57E<1B
?DD?> (,',(+
'CFA5@@;C8jB C %5B=1>5>D %B5CC
(,',(+ GH5AD58CG
'57E<1B
?DD?> $(#($'
%5B=1>5>D %B5CC $(#($'
CD1=@14?C
?>C5:?C @1B1 5< C5314?
B DF=B7=D=C @C G=;I=9BH9 9B7I9BHF5
5D@=757=jB 9B HC8CG @CG DFC;F5A5G
)5F5 @C;F5F IB G9758C IB=:CFA9
G9@977=CB9 @5 FCD5 89 57I9F8C 5@
H=DC 89 DF9B85 M 5@ DFC;F5A5 5
IH=@=N5F
=9FF9 7=9FF9G ;5B7<CG M 6CHCB9G
,I>9H9 7=BH5G GI9@H5G 89@5BH5@9G
7CF89@9G 9H7
'C G9EI9 89A5G=58C DF9B85G 89
:a7=@ 7I=858C
RL=GH9 9@ D9@=;FC EI9
G9 5FFI;I9B 9>9 EI9 9GH5G
DF9B85G G9 G9EI9B 5@ 5=F9 @=6F9
i ,9EI9 DF9B85G 89 @5B5 C 7CB 5@HC
7CBH9B=8C 89 @5B5 mB=75A9BH9
GC6F9 @5 79GH;5
$@39?>5C
5<931D5C <?G D5=@ '?@1 69>1
21:1 D5=@5B1DEB1
7CBH9B=8C 89 @5B5 mB=75A9BH9
GC6F9 @5 79GH5
<95HU GI5J=N58C 5 5=F9'=B;mB
75@CF D5F5 G975F A5H9F=5@9G 89
9GDIA5 89 ;CA5 C G=A=@5F9G
%CG DFC;F5A5G 89 H=9ADC H=9B9B IB5
8IF57=jB 9GD97g:=75
C A=BIHCG
B @5 9H5D5 89 S=F :@I::'C <95HU
,I5J=N58C 5 5=F9'=B;mB 75@CF 9@
G9758CF :IB7=CB5 DCF A=BIHCG 7CB
5=F9 89@ A98=C 5A6=9BH9 M G=B
GIA=B=GHFC 89 75@CF
#?B=1<
<7?4Y>
i R,9EI9 DF9B85G 89 @5B5 C 7CB 5@HC
i .H=@=79 @9 DFC;F5A5 S=F :@I::'C
%B?7B1=1C D5=@?B9J14?C
@ 5J5B79 89 @CG DFC;F5A5G
5IHCAaH=7CG G9 7CBHFC@5 5 HF5JeG 89
G9BGCF9G
%5 8IF57=jB 89 @CG
DFC;F5A5G 89D9B89 89@ ;F5C 89
<IA9858 A98=8C 9B @5 FCD5 M 89@
;F58C 89 <IA9858 G9@977=CB58C D
9>
S5AD 8FMU <mA98C G97C CSLHF5
8FMU 9LHF5 G97C
)F9G=CB9 9@ 6CHjB S9@=75H9G @CK
H9AD
U +CD5 :=B5 65>5 H9FAD9F5HIF5
D5F5 HF5H5F DF9B85G G9BG=6@9G 5 @5
H9AD9F5HIF5
-9B;5 9B 7I9BH5 @5G
=B:CFA57=CB9G 89 7I=858C C @CG
GgA6C@CG GC6F9 @5G DF9B85G
,9F98I79
@5 H9AD9F5HIF5 M G9 DFC@CB;5 9@ H=9ADC
EI9 8IF5 9@ DFC79GC 89 G9758C
(97>1< (5X1<
,I G9758CF 9A=H9 8=J9FGCG GCB=8CG G=
G9 DF9G=CB5 9@ 6CHjB SG9i5@U
#@(
',+
??.;>B2
(<;61< 0<?A<
6; 12 =?<4?.:.
(20B2;06. 12
@<;61<@ 0<?A<@
.99< 2; 29
3B;06<;.:62;A<
(20B2;06. 12
@<;61<@ =?<9<;4.1<@
1C2?A2;06. 12 :.9
3B;06<;.:62;A<
(20B2;06. 12
@<;61<@ =?<9<;4.1<@
i %5 G9i5@ S8J9FH9B7=5 89 A5@
:IB7=CB5A=9BHCU 9GHa G=9ADF9
57H=J5
>49314?B 45 5CD14? 45<
@B?7B1=1
@ G9758CF IH=@=N5 IB G=GH9A5 89
G9;I=A=9BHC D5F5 HC8CG @CG DFC;F5A5G
9L79DHC @CG DFC;F5A5G 89 H=9ADC
.B
G9BGCF 89 <IA9858 7CBHFC@5
D9FA5B9BH9A9BH9 9@ ;F58C 89
<IA9858 89 @5 FCD5
@ G9758C
7CB7@IM9 =BA98=5H5A9BH9 9B 7I5BHC
G9 @C;F5 9@ ;F58C 89 <IA9858
5>IGH58C
@ H5A6CF G=;I9 ;=F5B8C DCF IB5 <CF5 5
=BH9FJ5@CG 9GD97g:=7CG 5 :=B 89 9J=H5F
EI9 @5 FCD5 G9 5FFI;I9
@ ;F58C 89 <IA9858 J=;9BH9 M 9@ B=J9@
@C;F58C 8IF5BH9 @5 G97I9B7=5 89@
DFC;F5A5 G9 =B8=75 5 HF5JeG 89 @I79G
=B8=758CF5G FM=B; G9758C 5AD 8FM
BC AIM G97C +9;I@5F 8FM G9758C
BCFA5@ M 0F=B?@9 6@C7? DFCH977=jB
7CBHF5 5FFI;58C
i ,= G9 9B7=9B89 9@ =B8=758CF
@IA=BCGC S0F=B?@9 6@C7?U A=9BHF5G
9@ G9@97HCF 89 DFC;F5A5G 9GHa 9B@5
DCG=7=jB (:: 7CFH9 9@ GIA=B=GHFC 89
9B9F;g5 9@e7HF=75 5D5;5B8C 9@
7CBAIH58CF 7CFF9GDCB8=9BH9 M
@@5A9 5@ G9FJ=7=C 5 7@=9BH9G
)12<1 45 C5<5339Y> 45 @B?7B1=1C
.+%.)/ 10+)<0'!+/
%.?. .94<1V; F ?<=. 12 0<9<? 5205. 12 .94<1V; < 96;<
%?2@6<;2 I2960.A2@ 9<D A2:=
K '<=. 36;. /.7. A2:=2?.AB?. =.?. ?<=. @2;@6/92 . .9A.@ A2:=2?.AB?.@
. .+, -1#
(M/.;.@ :.;A292@ F A<.99.@
(M/.;.@ :.;A292@ F A<.99.@ 0.:6@.@ 0.:6@.@ 12=<?A6C.@ ?<=. 12 A?./.7<
.:6@.@ 0.:6@.@ 12=<?A6C.@ A?.72@ =.;A.9<;2@ ?<=. 12 A?./.7< 2 6;A2?6<?
)<.99.@ 12 ?6G< [email protected]<?2@ F A<.99.@ 12 :.;< @M/.;.@ ?<=. 6;A2?6<?
@<>B2A2@ 12 .94<1V;
)<.99.@ 12 ?6G< [email protected]<?2@ F A<.99.@ 12 :.;< @M/.;.@ ?<=. 6;A2?6<?
@<>B2A2@ 12 .94<1V;
(.961.@ 12 /.U< 12 ?6G< F @M/.;.@ 12 ?6G<
#%1(.+00+* #<?:.9.94<1V;
12/2 =9.;05.?@2
), ".5 X:21< @20<
>B2 ;< 12/2 =9.;05.?@2
#%1(. ".5 "216.;.:2;A2 @20<
>B2 ;< 12/2 =9.;05.?@2 4?B2@<@
:B9A60.=.
=.?A60B9.?:2;A2 4?B2@.@
<:B9A60.=.
'<=. 12 3M069 0B61.1< @6; 02;A?63B4.? 12 36/?. @6;AQA60. < :2G09. .94<1V; 0<; =<96Q@A2?
%?2@6<;2 29 /<AV; I2960.A2@ 9<D A2:=
K =.?. =?2;1.@ 2EA?2:.1.:2;A2 @2;@6/92@ . .9A.@ A2:=2?.AB?.@
. .+, -1#
#.5 ".5 "BF @20<
%.;A.9<;2@ A?.72@ 3.91.@ 0.:6@.@ /9B@.@ 72.;@ ?<=. 12=<?A6C. 0<;
./B;1.;A2 36/?. @6;AQA60. 92;02?S.
.:6@.@ /9B@.@ ?<=. 12=<?A6C.
(M/.;.@ F :.;A292@ 2>B6=<@ 12 46:;.@6. .;<?.8@ 3?.G.1.@
), ".5 X:21< @20<
>B2 ;< 12/2 =9.;05.?@2 < @<9<
9642?.:2;A2
>B2 ;< 12/2 =9.;05.?@2
>B2 ;< 12/2 =9.;05.?@2 4?B2@<@
:B9A60.=.
.+%.)/ 0#),+.'6"+/
%?2;1.@ 02;A?63B4.1.@ 0<; /.7< 0<;A2;61< 12 5B:21.1 =?2;1.@ =2>B2U.@ 0<:< A<.99.@ 12 /.U< ?<=. 12 /.U<
[email protected]<?2@
; 29 0.@< 12 0.?4.@ :S;6:.@ 12 . 9/ 2@A< 2@ 2; B; A.:/<? =2>B2U< 12/2?M
@292006<;.?@2 B; =?<4?.:. 12 @20.1< 0<;A?<9.1< =<? A62:=<
%?2@6<;2 29 /<AV; I2960.A2@ 9<D A2:=
K =.?. ?<=.@ :BF @2;@6/92 . A2:=2?.AB?.@
%.?. .94<1V; F ?<=. 12 0<9<? 5205. 12 .94<1V; < 96;<
)2EA692@ @2;@6/92@ . .9A.@ A2:=2?.AB?.@
'[email protected]< < C2;A69.06V; 12 =?2;1.@ 0<; =<0< B@< F @20.1< 12 A2EA692@ :BF 12960.1<@
%.?. A<1<@ 9<@ A6=<@ 12 =?2;1.@ 6;09BF2;1< 4<:. 2@=B:. =
27
.9:<5.1.@ .;6:.92@ 12 =29B052 =9M@A60<
=
27
0<?A6;.@ 12 /.U< :.;A292@ 4<:. =
27
.93<:/?699.@ ;F9<; =B?< =<96=?<=692;<
40. ".5 EA?. @20<
#.)*#*0 .#// @A.:=.1<@
#%1(. ".5 "216.;.:2;A2 @20<
#.5 ".5 :BF @20<
')# ".5 )62:=< 12 @20.1<
)'* )'* )'*
)'* )'* )'*
'. $(1$$+ &#0 @B.C6G.1< .
.6?2#6;4X; 0.9<?
E>39?>1=95>D?
*C? 45< C5314?B
=F9 9@ G9@97HCF 89 DFC;F5A5G
5@DFC;F5A5 89G958C
,9@977=CB9G
9@ DFC;F5A5 EI9 7CFF9GDCB85 5 @5
FCD5 7C@C7585 9B 9@ G9758CF 89 @5
H56@5 7CFF9GDCB8=9BH9 J9F
Da;=B5
,9 9B7=9B89 @5 @IN 9B
9@ =BH9F=CF 89@ G9758CF
i ,= @5 DI9FH5 BC :I9 79FF585
7CFF97H5A9BH9 9@ G9758CF BC
5FF5B75Fa
i %5 @IN =B8=758CF5 S,H5FH,HCDU
7CA=9BN5 5 79BH9@@95F
)F9G=CB9 9@ 6CHjB S(D1BD,HCDU
%9
@IN =B8=758CF5 S,H5FH,HCDU
EI985Fa 9B79B8=85
D9FA5B9BH9A9BH9
6F5 @5 DI9FH5
i @ DFC;F5A5 7CA=9BN5 7CB IB5
,= <579 :5@H5 G9@977=CB9 S(DH=CBU
DF9G=CB5B8C 9@ 6CHjB
%5G S(D7=CB9GU G9 9LD@=75B 9@ @5
Da;=B5 G9i5@ 57mGH=75 G= 5Gg :I9 5>IGH58C
,= :I9 G9@977=CB58C IB DFC;F5A5
9GHaB85F @5G @I79G =B8=758CF5G G9i5@5B
9@ 5J5B79 89 @5 G97I9B7=5 89@
DFC;F5A5
CBHFC@9 9@ :=@HFC
@ :=@HFC 8969 @=AD=5FG9 5BH9G
M89GDIeG 89 7585 DFC79GC 89
G9758C
.B :=@HFC @=AD=C F98I79 9@
H=9ADC 89 G9758C M 5<CFF5
9B9F;g5
i ,= @5G GID9F:=7=9G 7C@CF9585G 89 @5
G9758CF 9BHF5B 9B 7CBH57HC 7CB 9@
6@5BEI958CF DI989 C7IFF=F EI9
eGH5G G9 897C@CF9B
)CF 9@@C 9G
=ADCFH5BH9 EI9 9@ 6@5BEI958CF BC
9BHF9 9B 7CBH57HC 7CB @5G
GID9F:=7=9G A9B7=CB585G
,= G9
89GD5FF5A5F5 6@5BEI958CF GC6F9
@5G GID9F:=7=9G 7C@CF9585G @=AD=9
=BA98=5H5A9BH9 7CB IB D5iC 89
D5D9@ <mA98C CB @5 A5MCF
DFC@=>=858
C@CEI9 @5 FCD5 9B 9@ H5A6CF
J57gC
C@CEI9 7585 DF9B85 DCF
G9D5F58C 9B 9@ =BH9F=CF 89 @5
AaEI=B5
)5F5 IB F9GI@H58C jDH=AC 8969
G9D5F5FG9 @5 FCD5 9B :IB7=jB 89 GI
H=DC M 9@ ;F58C 89 <IA9858
F9G=8I5@ 89G958C
)5F5 AaG
=B:CFA57=jB 7CBGI@H9 @5
Da;=B5
i -9B;5 9B 7I9BH5 @CG GgA6C@CG D5F5
9@ G9758C 89 @5 FCD5 7C@C758CG
DCF 9@ :56F=75BH9
,=9GHa DCF G975F
DF9B85G 89 @5B5 M 75@N58CG
7CBGI@H9 @5 Da;=B5 G9;mF9G9 EI9 <5M5 GC@5A9BH9 FCD5
9B 9@ H5A6CF
CBHFC@9 EI9 HC85G @5G
DF9B85G 9GHeB 7CAD@9H5A9BH9 89BHFC
89@ H5A6CF
=9FF9 @5 DI9FH5
%5 @IN =B8=758CF5 S,H5FH,HCDU 7CBH=Bm5
5 79BH9@@95F
i @ :=B5@=N5F 9@ DFC;F5A5 G9 9A=H9
IB5 G9i5@ 57mGH=75 G= 5Gg :I9
5>IGH58C M G9 9B7=9B89 9@ %
S0F=B?@9 6@C7?U DFCH977=jB 7CBHF5
5FFI;58C
i .B5 J9N EI9 9@ DFC79GC 89 G9758C
<5 :=B5@=N58C 9@ DFC;F5A5 C 9@
DFC;F5A5 89H=9ADC <5B
7CB7@I=8C 9@H5A6CF ;=F5 9B
=BH9FJ5@CG 9GD97g:=7CG 8IF5BH9 <CF5
GHC 9J=H5 EI9 @5 FCD5 G9 5FFI;I9
%5 FCD5 D9FA5B979 GI9@H5 M GI5J9
<5GH5 EI9 G9 @5EI=H5
969Fa EI=H5FG9 @5 FCD5 7CAC
AaL=AC IB5 J9N 7CB7@I=8C 9GH9
H=9ADC
CBHFC@9 EI9 9@ H5A6CF 9GHe J57gC
(531B @B5>41C 45 B?@1 C?2B5
<131>1CD9<<1
)@=9;I9 @5 FCD5 89 AC8C EI9
EI9D5 9B @5 75B5GH=@@5
6F5 @5 DI9FH5
,5EI9 @5 FCD5 89@ G9758CF
=F9 9@ G9@97HCF 89 DFC;F5A5G 5@5
DCG=7=jB S(::U
%5 @IN 89@ G9758CF G9 5D5;5
%=AD=9 9@ :=@HFC
@ :=@HFC 8969 @=AD=5FG9 89GDIeG 89
7585 DFC79GC 89 G9758C
.B :=@HFC
@=AD=C F98I79 9@ H=9ADC 89 G9758C
M 5<CFF5 9B9F;g5
=9FF9 @5 DI9FH5
*I=H9 9@ :=@HFC
"BG9FH9 @5 75B5GH=@@5 D5F5 G975F
<CF=NCBH5@A9BH9 9B 9@ H5A6CF
q @ DF9D5F5F 9@ 75@N58C 9LH=9B85
@5 @9B;I5 89 @CG A=GACG
q :@C>9 C EI=H9 @CG 7CF8CB9G
q LHF5=;5 D5FH9G 58=7=CB5@9G
7CAC D@5BH=@@5G
335C?B9? F5B @Q79>1 (531B 31<J14? C?2B5 <1 31>CD9<<1
)F9D5F9 9@ 75@N58C
q %=AD=9 9@ 75@N58C D5F5 9J=H5F EI9
9@ H5A6CF G9 9BGI7=9
*C? 45 <1 31>1CD9<<1
.H=@=79 @5 75B5GH=@@5 D5F5 G975F DF9B85G
89 @5B5 @5J56@9G D
9>
GIeH9F9G M
75@N58CG
%575B5GH=@@5 D5F5 G975F
D9FA5B979 EI=9H5 A=9BHF5G 9@ H5A6CF
;=F5
%5@5B5 <mA985 BC 8969
ACJ9FG9 M5 EI9 7CFF9 D9@=;FC 89
5:9@HF5FG9
,975F 75@N58CG G=B @5
75B5GH=@@5 DI989 85i5F 9@ H5A6CF
C@CEI9 @5 FCD5 GI9@H9 GC6F9 @5
75B5GH=@@5
R'C @5 5D@5GH9 R%5FCD5
BC 8969 HC75F 9@ H5A6CF R'C
D9FA=H5 EI9 @5 FCD5 7I9@;I9 :I9F5
89 @5 75BG5GH=@@5
=9FF9 @5 DI9FH5
,=;5 @5G =BGHFI77=CB9G D5F5 IB
DFC;F5A5 7CBHFC@58C DCF H=9ADC
G9;mB G9 89G7F=69 9B S,9@977=CB9
IB DFC;F5A5 89H=9ADCU
C@CEI9 @5 75B5GH=@@5 D5F5 G975F
89 AC8C EI9 @CG GCDCFH9G
D9B9HF9B 9B @CG 5@C>5A=9BHCG
:FCBH5@9G DF9J=GHCG 5 H5@ :=B
*$
R,9EI9 GC@5A9BH9 IB5 DF9B85
CIB D5F 89 N5D5HCG DCF J9N
R%575F;5 AaL=A5 D5F5 G975F 9G
89@6G ?; R%5 FCD5 8969
<569FG9 79BHF=:I;58C
R@75@N58C 5 G975F 8969
DF9G9BH5F GC@5A9BH9 @5 <IA9858
F9G=8I5@ 89GDIeG 89 IB @5J58C
R%5 FCD5 BC 8969 HC75F 9@
H5A6CF )I989 9B;5B7<5FG9 9B
eGH9 M 85i5FG9
.B5 J9N IH=@=N585
@5 75B5GH=@@5 D5F5 G975F GaEI9@5
=BA98=5H5A9BH9 89@ G9758CF
C@CEI9 9@ 75@N58C GC6F9 @5
75B5GH=@@5
q =F97H5A9BH9 GC6F9 @5 75B5GH=@@5
C 6=9B
C@CEI9 9@ :=@HFC D5F5 @5 D9@IG5
ZGH9 8969 =BG9FH5FG9 89 AC8C
EI9 EI989 5@=B958C 7CB 9@ 6CF89
89@ H5A6CF
?<?31B <1 31>1CD9<<1 @1B1 C531B
6F5 @5 DI9FH5 89@ G9758CF
(5<5339?>5 E> @B?7B1=1
45D95=@?
q C@CEI9 IB5 HC5@@5 M GC6F9 eGH5
@CG H57CG 89@ 75@N58C
GHC 7CB8I7=Fa 5 IB F9GI@H58C
AaG IB=:CFA9 89@ G9758C
,= @5 DF9B85 5mB DF9G9BH5 IB5
<IA9858 F9G=8I5@ 89GDIeG 89@
G9758C
q D@=9;I9 @5 DF9B85 89 AC8C EI9
@5G D5FH9G <mA985G 9GHaB <57=5
:I9F5
q JI9@J5 5 <579F 5FF5B75F
9@DFC79GC 89 G9758C
MG9@977=CB9G IB H=9ADC 89
G9758C A9BCF G9;mB 9@ ;F58C
89 <IA9858 F9G=8I5@
=F9 9@ G9@97HCF 89 DFC;F5A5G 5
S-=A9 8FM
A=BU
,9@977=CB9 9@ H=9ADC 89 G9758C
G9;mB @5 H56@5 G=;I=9BH9 M 89
57I9F8C 7CB 9@ H=DC 89 FCD5
9GDIeG 89@ G9758C 9LH=9B85 @5
FCD5 5@ 5=F9 @=6F9 DCF
5DFCL=A585A9BH9 A=BIHCG
75@N58C DCF 5DFCL
A=B
*I=H9 9@ :=@HFC
'#),+ "# /#!"+
.#-1#.'"+
',+ "# .+,
(BQA2? 12 9.;. 36;.
:6;
.=?<E
9/@ 4? =
27
:6;
(BQA2? 12 9.;. 4?B2@. . :6;
.=?<E
9/@ 4? =
27
:6;
=9FF9 @5 DI9FH5
.91.@
. :6;
%.;A.9<;2@
. :6;
%?2;1.@ =2>B2U.@
=
27
4B.;A2@
:6;
.9G.1<
:6;
LHF5=;5 @5 75B5GH=@@5 89@ H5A6CF
)F9G=CB9 9@ 6CHjB S(D1BD,HCDU
%9
@IN =B8=758CF5 S,H5FH,HCDU
EI985Fa 9B79B8=85
D9FA5B9BH9A9BH9
/I9@J5 5 7C@C75F 9@ :=@HFC D5F5 @5G
D9@IG5G
!9=@95J1 I 3E9414?
!9=@95J1 45< C5314?B
+')#
K%' +)' %!'$ -%!$($#(
'IB75 IH=@=79 GC@J9BH9G
C@gEI=8CG 5@H5A9BH9 =B:@5A56@9G
D5F5 @5 @=AD=9N5
*$
.B5 @=AD=9N5 =B7CFF97H5 DI989
85i5F 9@ G9758CF
'C @=AD=9 7CB
7<CFFC 89 5;I5 5 DF9G=jB
'C
IH=@=79 5;9BH9G 5;F9G=JCG C
@=AD=58CF9G AI@H=IGC
'C IH=@=79
@=AD=58CF9G 5 J5DCF
F=9;I9 @5 75F75G5 M 9@ :F9BH9 7CB IB
D5iC GI5J9 M 5;I5 7CB >56jB
F=9;I9 9@ H5A6CF @5 >IBH5 89 @5 DI9FH5
M 9@ =BH9F=CF 89@ A=GAC GC@5A9BH9 7CB
IB D5iC <mA98C
!9=@91B 5< 69<DB? @1B1
@5<EC1C
.B :=@HFC GI7=C =B7F9A9BH5 9@ H=9ADC 89
G9758C M 5IA9BH5 9@ 7CBGIAC 89
9B9F;g5
@ :=@HFC 8969 @=AD=5FG9 5BH9G M 89GDIeG
89 7585 DFC79GC 89 G9758C C 5 AaG
H5F85F
,= H5BHC @5 G9i5@ 7CAC 9@ A9BG5>9 89
5@9FH5 GCB CA=H=8CG 8IF5BH9 5@;mB
7=7@C 89 G9758C @=AD=9 9@ :=@HFC
=BA98=5H5A9BH9 M 7<9EI99 9@ 8I7HC 89
9G75D9
i @ DFC;F5A5 G9 =BH9FFIAD9
5IHCAaH=75A9BH9
D5;I9 9@ G9758CF
C@CEI9 9@
G9@97HCF 89 DFC;F5A5G 9B S(::U
*$
%5 D5FH9 =BH9F=CF 89 @5 DI9FH5 G9
75@=9BH5 8IF5BH9 9@ DFC79GC
6F5 @5 DI9FH5
!9=@91B 5< DE2? 45 19B5 45
C1<941
"BGD977=CB9 M @=AD=9 @5 HI69Fg5 89 5=F9
89 G5@=85 7CAC AgB=AC IB5 J9N 5@ 5iC
D5F5 9J=H5F C6HIF57=CB9G
.B HI6C 89
5=F9 89 G5@=85 D5F7=5@A9BH9 C6HIF58C
DI989 DFC@CB;5F @CG H=9ADCG 89
G9758C
q CFH9 9@ 7CBAIH58CF 89
5@=A9BH57=jB
9G7CB97H9 9@ 9B7<I:9 89
5@=A9BH57=jB
q
=9FF9 @5 Ja@JI@5 89 D5GC
q
9G7CB97H9 9@ HI6C 89@ G9758CF
q
/57g9 9@ HI6C M JIe@J5@C
57CB97H5F
*I=H9 9@ :=@HFC
GH5 D9@IG5 DI989 9@=A=B5FG9
:a7=@A9BH9 IH=@=N5B8C @5 5GD=F58CF5 DCF
@C A9BCG IB5 J9N 5@ A9G
q
+')#]
9G7CB97H9 @5G 7CB9L=CB9G 89 ;5G
5BH9G 89 ACJ9F 9@ G9758CF 5 :=B 89
@=AD=5F 9@ 7CB8I7HC
,95 7I=858CGC
89 BC 89GHFI=F @5 7CB9L=jB 89 ;5G
8IF5BH9 @5 @=AD=9N5 89@ 7CB8I7HC
!9=@91B 5< C5>C?B 45
8E=5414
1=291B <1 <1=@1B9<<1
%5 @IN 89@ G9758CF G9 9B7=9B89
7I5B8C 56F9 @5 DI9FH5 89@ A=GAC
)5F5 75A6=5F @5 @5AD5F=@@5
q =>9 9@ G9@97HCF 89@ DFC;F5A5 5
QC::
q CFH9 9@ 7CBAIH58CF 89
5@=A9BH57=jB
q 9G7CB97H9 9@ 9B7<I:9
895@=A9BH57=jB
q 6F5 @5 DI9FH5 M @C75@=79 @5
@5AD5F=@@5 9B @5 D5FH9 GID9F=CF
=NEI=9F85 89@ @5 >IBH5
(75G=CB5@A9BH9 8969 @=AD=5FG9 9@
G9BGCF 89 <IA9858 M5 EI9 G9 ;9B9F5
IB5 75D5 :=B5 89 89DjG=HCG GC6F9 @5
GID9F:=7=9 89@ A=GAC
*I=H9 @5G D9@IG5G D5G5B8C @5
A5BC GC6F9 9@ :=@HFC
@ :=@HFC 8969 G9F F9GHF9;58C
GI5J9A9BH9 8CG J979G 5@ 5iC 7CB 5;I5
H=6=5 9B>56CB585
@ :=@HFC 8969 G9F
@=AD=58C 7I5B8C BC 9G 75D5N 89
A5BH9B9F 9@ 5;I5
@ :=@HFC 8969 9GH9F
6=9B G97C 5BH9G 89 EI9 G95
F99AD@5N58C
q
q
@ 89DjG=HC DI989 9@=A=B5FG9
:a7=@A9BH9 :F9;5B8C 9@ G9BGCF @5G8CG
65FF5G DFjL=A5G 5@ :=@HFC D5F5 D9@IG5G
A98=5BH9 IB D5iC MIB DC7C 89
J=B5;F9 6@5B7C
R.H=@=79 GC@5A9BH9 J=B5;F9 6@5B7C
%=AD=9 9@ G9BGCF 89 <IA9858 IB5J9N
5@ A9G
C@CEI9 9@ :=@HFC
=9FF9 @5 DI9FH5
q
q
:@C>9 9@ HCFB=@@C 89 @5 7C69FHIF5 M
a6F5@5
=F9 @5 @5AD5F=@@5 9B 9@ G9BH=8C
CDI9GHC 5 @5G 5;I>5G 89@ F9@C>
+99AD@579 @5 @5AD5F=@@5
mB=75A9BH9 DCF IB5 89@ H=DC D5F5
9@97HFC8CAeGH=7CG G9 58EI=9F9 9B
9@ G9FJ=7=C 57@=9BH9G
/I9@J5 5 7C@C75F @5 7I6=9FH5
MGI>eH9@5 A98=5BH9 9@ HCFB=@@C
/I9@J5 5 9B7<I:5F 9@ G9758CF C5
7CB97H5F @5 5@=A9BH57=jB
!9=@95J1 45 <1 @B?D5339Y>
45< B?41=95>D?
HF5JeG 89@ H=9ADC G9 >IBH5 D9@IG5
F9GI@H5BH9 89 @CG GI79G=JCG DFC79GCG
89 G9758C 9B @5 DFCH977=jB 89@
FC85A=9BHC
!?31<9J139Y> 45 61<<?C
+')#
RL=GH9 F=9G;C 89 89G75F;5G
9@e7HF=75G R)9@=;FC 89
9LD@CG=CB9G J9BHI5@9G
F9D5F57=CB9G 8969 9:97HI5F@5G
9L7@IG=J5A9BH9 IB He7B=7C
5IHCF=N58C
.+ (#)
9 @20.1<? ;< .??.;0.
#< @2 2;062;12 9. 9BG 6;160.1<?.
I(A.?A(A<=K
!. ?<=. 2@AM :<7.1. 12@=BQ@ 129
@20.1<
B2 6;A2??B:=61< 29 =?<4?.:.
(2 2:6A2 B;. @2U.9 12 .1C2?A2;06. F 29
16@=9.F 6;160.IE:01K
BH9G 89 @@5A5F 9@ G9FJ=7=C 57@=9BH9G
7CBHFC@9 G= BC DI989 F9D5F5F 9@ :5@@C
IGH98 A=GAC 7CBGI@H5B8C @5 9GH5
H56@5
,= 9G B979G5F=C 9:97HI5F F9D5F57=CB9G M
IGH98 BC DI989 9@=A=B5F 9@ :5@@C
A98=5BH9 @5 H56@5 G=;I=9BH9
1/ ,+/' (#
9 2;05B32 ;< 2@AM 0<;20A.1< < 6;0<??20A.:2;A2
0<;20A.1<
(2 5. >B2:.1< B; 3B@6/92 12 9. .96:2;A.06V;
#< 3B2 [email protected]< 29 /<AV; I(A.?A(A<=K
#< 3B2 @292006<;.1< =?<4?.:. .94B;<
!. =B2?A. ;< 2@AM 02??.1.
!. A2:=2?.AB?. .:/62;A2 2@AM 12/.7<
12 9<@ ° °
!. CM9CB9. 12 =.@< 2@AM 02??.1.
#)#"'+
<;20A2 29 2;05B32 0<??20A.:2;A2
9 369A?< =.?. =29B@.@ 2@AM @B06<
!6:=62 29 369A?< =.?. =29B@.@ @24X; @2 12@0?6/2 2;
=M46;. =.4B2 F CB29C. . 2;02;12? 2>B6=<
!6:=62 29 AB/< 12 .6?2 12 @.961.
'21BG0. 9. 9<;46AB1
129 AB/< 12 .6?2 12 @.961. . @B 9<;46AB1 :ME6:.
@24X; @2 12@0?6/2 2; =M46;. =.4B2 F CB29C. . 2;02;12? 2>B6=<
=.4B2 29 @20.1<? 1Q729< 2;3?6.? =<? :6;BA<@
FCB29C. . 2;02;12?9<
.4. .??.;0.? ;B2C.:2;A2 29 =?<4?.:.
%?<C2. B; .002@< 12 .6?2 3?2@0< @B36062;A2
=.4B2 F CB29C. . 2;02;12? 2>B6=<
!6:=62 29 @2;@<? 12 5B:21.1 @2>X; @2 12@0?6/2 2;
9. =M46;. =.>B2 F CB29C. . 2;02;12? 29 2>B6=<
9 AB/< 12 .6?2 12 @.961. 2@AM </@A?B61< < 2@
12:[email protected]< 9.?4<
??<? 2; 29 12@.??<99< 129 =?<4?.:. < 3.99< 2;
9.:M>B6;.
#< @2 5. 9<4?.1< 29 4?.1< 12 5B:21.1
[email protected]< < 29 A62:=< 12 @20.1< 2@
12:[email protected]< 9.?4<
9 16@=9.F 6;160. IE:03K
9 .:/62;A2 < 4./6;2A2 ;< =<@22 9. C2;A69.06V;
@B36062;A2
@AM @B06< 29 @2;@<? 12 5B:21.1
9 AB/< 12 .6?2 12 @.961. 2@AM </@A?B61< < 2@
12:[email protected]< 9.?4<
9 369A?< =.?. =29B@.@ 2@AM @B06<
!. ?<=. 2@AM 12:[email protected]< :<7.1.
(2 5. @292006<;.1< B; =?<4?.:. ;< .1:6@6/92
(2 2E0212 29 A62:=< 12 @20.1< :ME6:<
9 :<A<? 5. 2E02161< 9. A2:=2?.AB?. :ME6:.
=F9 9@ G9@97HCF 89 DFC;F5A5G
5S(::U
CFH9 9@ 7CBAIH58CF 89
5@=A9BH57=jB
9G7CB97H9 9@ 9B7<I:9 89@
HCA57CFF=9BH9
=9FF9 @5 Ja@JI@5 89 D5GC
%@5A9 5@ G9FJ=7=C D5F5 7@=9BH9G
7CBGI@H9 @5 Da;=B5
.:/62 < ?2=<;4. 29 3B@6/92
%?2@6<;2 29 /<AV; I(A.?A(A<=K
(292006<;2 B; =?<4?.:.
62??2 9. =B2?A.
B:2;A2 9. A2:=2?.AB?. 129 .:/62;A2
/?. 9. CM9CB9. 12 =.@<
!6:=62 29 AB/< 12 .6?2 12 @.961.
'21BG0. 9. 9<;46AB1
129 AB/< 12 .6?2 12 @.961. . @B 9<;46AB1 :ME6:.
@24X; @2 12@0?6/2 2; =M46;. =.4B2 F CB29C. . 2;02;12? 2>B6=<
!6:=62 29 369A?< =.?. =29B@.@ @24X; @2 12@0?6/2 2;
=M46;. =.4B2 F CB29C. . 2;02;12? 2>B6=<
2;A?63B4B2 9. ?<=. . :.F<? C29<061.1 2; 9. :M>B6;.
12 9.C.?
=.4B2 F CB29C. . 2;02;12? 29 2>B6=<
(292006<;2 29 =?<4?.:. 0<; .FB1. 12 9. A./9.
0<??2@=<;162;A2 C2? =M46;. =.4B2 F CB29C.
.2;02;12? 29 2>B6=<
!6:=62 29 369A?< =.?. =29B@.@ C2? =M46;. <;A?<92 9. @.961. 12 .6?2
2;A?63B4B2 9. ?<=. . :.F<? C29<061.1 2; @B
9.C.1<?.
=.4B2 29 @20.1<? 1Q729< 2;3?6.? =<? :6;BA<@
FCB29C. . 2;02;12?9<
.4. .??.;0.? 29 =?<4?.:.
#< 3B;06<;. 9. 9BG 2; 29 A.:/<?
#< 3B2 @292006<;.1< =?<4?.:. .94B;<
!. 9.:=.?699. 2@AM 12320AB<@. < >B2:.1.
#< 5.F .96:2;A.06V; 12 2;2?4S.
!. /<:/699. 2@ 39<7.
!. 9BG 6;160.1<?. I(A.?A(A<=K ;< 2@AM
2;02;161.
!.9BG 6;160.1<?. H,?6;892
/9<08H =?<A2006V; 0<;A?. .??B4.1<
2@AM 2;02;161.
! 16@=9.F 6;160. I000K
9 369A?< 12 9. =29B@. ! 2@A.
6;A2?:6A2;A2 12@=BQ 12 >B2 29 369A?< 5.
@61< 0.:/6.1<
??<? 2; 29 12@.??<99< 129 =?<4?.:. < 3.99< 2;
9.:M>B6;.
!. 6;A2?:6A2;06. 129 369A?< 12 9. =29B@. ! ;< 2@
6;160.06V; 12 >B2 5.F B; =?</92:.
(<9< 2@ [email protected]<
0<:< B; ?20<?1.A<?6< =.?. 96:=6.? 29 369A?< 12 9.
=29B@.
('+$ I
'%'$#(
*$
*$ r "89BH=:=EI9 HC8CG
@CG 756@9G 5BH9G 89
89G7CB97H5F@CG 7I5B8C G9
9:97Hm5B HF565>CG 89 G9FJ=7=C
FFCF9G 9B 9@ 756@958C DI989B
75IG5F IB :IB7=CB5A=9BHC
=B7CFF97HC M D9@=;FCGC
CBHFC@9
9@ 7CFF97HC :IB7=CB5A=9BHC
89GDIeG 89 <569FG9 F95@=N58C
HF565>CG 89 G9FJ=7=C
@ G9758CF BC F9EI=9F9 89 CHFCG
7I=858CG 9GD97=5@9G 5D5FH9 89
5EI9@@CG 9GD97=:=758CG AaG 5FF=65
i ,= H=9B9 IB DFC6@9A5 7CB GI
G9758CF 5BH9G 89 @@5A5F 9@
G9FJ=7=C 5 7@=9BH9G 7CBGI@H9 @5
H56@5 9B Da;=B5 ,= G9 <579 B979G5F=C IB G9FJ=7=C
DjB;5G9 9B 7CBH57HC 7CB GI J9B898CF
=BGH5@58CF I CHFC 79BHFC 89 G9FJ=7=CG
5IHCF=N58C
'C =BH9BH9 F9D5F5 9@
9@97HFC8CAeGH=7C IGH98 A=GAC
I5@EI=9F HF565>C F95@=N58C DCF
D9FGCB5@ BC 5IHCF=N58C <5Fa758I75F
@5 ;5F5BHg5
(292006<;2 B; =?<4?.:.
.:/62 9. 9.:=.?699. @24X; @2 6;160. 2; 9. =M46;.
<;A?<92 >B2 9. .96:2;A.06V; 12 2;2?4S. 3B;06<;2
0<??20A.:2;A2
=?62A2 9. /<:/699.
&B6A2 F ?26;@A.92 9. 0B/62?A.
@24X; 9< 16?6461< 2; 9. =L46;. =.4B2 29 @20.1<? 1Q729< 2;3?6.? =<? :6;BA<@
FCB29C. . 2;02;12?9<
.4. .??.;0.? ;B2C.:2;A2 29 =?<4?.:.
#< ?2>B62?2 12 ;6;4B;. .006V;
! 127.?. 12 2@A.?
6;A2?:6A2;A2
,= H=9B9 DFC6@9A5G M BC 9GHa 7CB:CFA5
7CB 9@ G9FJ=7=C F97=6=8C
)F=A9FC FC;5ACG DCB9FG9 9B
7CBH57HC 7CB GI =BGH5@58CF C6=9B
9@ G9FJ=7=C 5IHCF=N58C M7CBHF5H58C
CG7< 89 GI NCB5 9LD@=75B8C
DCFEI9 BC 9GHa 7CB:CFA9
9LD@=75B8C 5EI9 G9 8969 GI
8=G7CB:CFA=858
,= 89GDIeG 89@ HF565>C F95@=N58C
DCF GI =BGH5@58CF C He7B=7C 89
G9FJ=7=C 9@ DFC6@9A5 BC <5 G=8C
GC@I7=CB58C 5 GI G5H=G:577=jB
<a;5BCG@C G569F C 6=9B
9G7F=6=9B8C 5
,! !CA9 DD@=5B79G
&75889B J9
!IBH=B;HCB 957< -5BHC 9B 75GC 89 9G7F=6=F C 89 @@5A5F
5G9;mF9G9 89 =B7@I=F C H9B9F 5 A5BC @5
G=;I=9BH9 =B:CFA57=jB
'mA9FC 89 AC89@C
'mA9FC 89 G9F=9
97<5 89 7CADF5 CF=;=B5@
97<5 9B @5 7I5@ <5 C7IFF=8C 9@
DFC6@9A5
LD@=757=jB 89@ DFC6@9A5
B 75GC EI9 BCG 9G7F=65 FC;5ACG
=B7@I=F H5A6=eB IB BmA9FC H9@9:jB=7C
8=IFBC M IB5 7CD=5 89 @5 :57HIF5 89
7CADF5
B7CBHF5Fa @5 =B:CFA57=jB F9GD97HC 89@
BmA9FC 89 AC89@C M 89 G9F=9 GC6F9 @5
7<5D5 89 75F57H9FgGH=75G I6=7585 9B 9@
=BH9F=CF 89@ D5B9@ :FCBH5@
( 6=9B @@aA9BCG 5
]]]
!'O# '#)N %' ($'( %'
'$% $(
%5G ;5F5BHg5G 6F=B8585G DCF ,!
!CA9 DD@=5B79G SCG7<U 9B 9GH5
897@5F57=jB GCB 5D@=756@9G mB=75A9BH9
5 G9758CF9G CG7< J9B8=8CG 5@
7CBGIA=8CF :=B5@ DCF CG7< C GIG
7CA9F7=5BH9G 5IHCF=N58CG
F9J9B898CF9G C 79BHFCG 89 G9FJ=7=C 9B
@CG GH58CG .B=8CG C 5B58a
%5G
;5F5BHg5G 5EIg 89G7F=DH5G BC GCB
HF5BG:9F=6@9G
: 9
(!*!#/ "# ( %.*0?
:=96. 4.?.;AS. 96:6A.1. . B; .U<
. =.?A6? 12 9. 3205. 12 6;@A.9.06V; <@05 @2 5.?M 0.?4< 96/?2 12 0<@A<@ 12 9. ?2=.?.06V; < ?22:=9.G< 12
0B.9>B62? 0<:=<;2;A2 >B2 =?2@2;A2 12320A<@ 2; 0<;1606<;2@ 12 B@<
1<:60696.?6< ;<?:.9 6;09BF2;1< 9<@ 0<@A<@ 12 :.;< 12 </?. F A?.;@=<?A2
!. ?2=.?.06V; 0B/62?A. =<? 9. 4.?.;AS. 12/2?M 2320AB.?@2 2; B; 2;A?< 12
(2?C606< BA<?6G.1< <@05
.?.;AS. 96:6A.1. . .U<@
. =.?A6? 12 9. 3205. 12 6;@A.9.06V; <@05 =?<C22?M =62G.@ 12 ?20.:/6< 96/?2 12 0<@A<@ =.?. 0B.9>B62?
0<:=<;2;A2 >B2 =?2@2;A2 12320A<@ 2; 0<;1606<;2@ 12 B@< 1<:60696.?6<
;<?:.9 2E09BF2;1< 9<@ 0<@A<@ :.;< 12 </?.
.?.;AS. 96:6A.1. . 0<:=<;2;A2@ 2920A?V;60<@ =<? .U<@
. =.?A6? 12 9. 3205. 12 6;@A.9.06V; <@05 @2 5.?M 0.?4< 96/?2 12 0<@A<@ 12 9. ?2=.?.06V; < ?22:=9.G< 12
=9.0.@ 12 :60?<=?<[email protected]<?2@ < 6:=?2@.@ >B2 =?2@2;A2; 12320A<@ 2;
0<;1606<;2@ 12 B@< 1<:60696.?6< ;<?:.9 12@12 29 @24B;1< .9 1<@ .U<@
.=.?A6? 12 9. 3205. 12 @B =?6:2?. 6;@A.9.06V; 2E09BF2;1< 0<@A<@ 12 :.;<
12 </?.
.?.;AS. 96:6A.1. .9 :<A<? =<? .U<@
. =.?A6? 12 9. 3205. 12 6;@A.9.06V; <@05 @2 5.?M 0.?4< 96/?2 12 0<@A<@ 12 9. ?2=.?.06V; < ?22:=9.G< 12
A<1< :<A<? < 0<:=<;2;A2 129 :6@:< >B2 =?2@2;A2 12320A<@ 2;
0<;1606<;2@ 12 B@< 1<:60696.?6< ;<?:.9 12@12 29 @24B;1< .9 1<@ .U<@
.=.?A6? 12 9. 3205. 12 @B =?6:2?. 6;@A.9.06V; 2E09BF2;1< 0<@A<@ 12 :.;<
12 </?.
!. 3205. 12 6;@A.9.06V; @2 ?2362?2 < /62; . 9. 3205. 12 6;@A.9.06V; 129 @20.1<? =?<=6.:2;A2 1605. < . 162G 1S.@ 5M/692@ . =.?A6? 12 9. 3205. 12
2;A?24.
H3<EC9?>5C
GH5 ;5F5BHg5 BC 7I6F9 @@5A585G 89
G9FJ=7=C C F9D5F57=CB9G D5F5 7CFF9;=F @5
=BGH5@57=jB 89@ G9758CF GIA=B=GHF5F
=BGHFI77=CB9G F9:9F9BH9G 5@ IGC 89@
A=GAC F99AD@5N5F :IG=6@9G
8CA=7=@=5F=CG C F9D5F5q 7=CB9G 89
D@CA9Fg5 C 756@958C 9B 9@ 8CA=7=@=C 89@
IGI5F=C C D5F5 F9D5F5F 7I5@EI=9F
G9758CF EI9 :I9 IG585 9B :CFA5
8=:9F9BH9 5 @5 BCFA5@ C IGI5@ 5 @5
8CA=7=@=5F=5
8=7=CB5@A9BH9 @5G ;5F5BHg5G DFCJ=GH5G
9B 9GH5 897@5F57=jB 9L7@IM9B HC8C
89:97HC C 85iC DFCJ9B=9BH9 89
577=89BH9 5@H9F57=jB IGC =B5897I58C
56IGC =BGH5@57=jB =B5897I585
HF565>CG 89 G9FJ=7=C BC 5IHCF=N58C
=B:@I9B7=5G 9LH9FB5G AaG 5@@a 89 @CG
5@75B79G 89 CG7< 7CAC :I9;C
=BIB857=CB9G :I9FN5 A5MCF
C=BGH5@57=jB 9B 89G57I9F8C 7CB F9;@5G
@C75@9G 89 D@CA9Fg5 M9@97HF=7=858
CGHCG 89 A5BC 89 C6F5 DFC8I7=8CG
DCF @5 F9D5F57=jB CF99AD@5NC 89 @CG
G9758CF9G 89GDIeG 89 IB D9FgC8C 89
IB 5iC 5D5FH=F 89 @5 :97<5 89
=BGH5@57=jB DI989B BC 9GH5F 7I6=9FH5G
DCF 9GH5 ;5F5BHg5
-C85G M 7585 IB5 89
@5 D=9N5G F9D5F585G MC 75A6=585G
8969FaB G9F CF=;=B5@9G C5IHCF=N585G 5
@CG :=B9G 89 5D@=757=jB 89@ D9FgC8C 89
;5F5BHg5
'-+( % &+( %
%2 ,- +'-\ /% '
%. + -( (-+ +'-\
"&)%\"- ( 1)%\"-
"'%.2'( %, +'-\,
"&)%\"-, (&+"q
%"3"^' 2 )-"-. )+ .,(,
)+-".%+,
(,! '( ,.&
+,)(',"%" % .' )(+
](, "'"'-%,
(+"/(,
)+ ,(%""-+ ,+/""(, +'-\ "+" "+, % '-+(
,+/""( (,! &,
+'( ( %%&+ %
( ,+""+ ,! !(& ))%"', (+)
& ' /'.
!.' -"' -(' !
, _+, "'"+ %
&(%( ,. ,(+
%'.&+( ,+" !
*.",""^' '(&+
2"+"^' % /'(+